<table><tr><th>From:</th><th>Wolf, Nicole</th></tr><tr><td>Sent:</td><td>Thursday, November 5, 2015 3:02 PM</td></tr><tr><td>To:</td><td>Brad Wechsler</td></tr><tr><td>Cc:</td><td>Barrett Team; Jeffrey Epstein (jeevacation@gmail.com)</td></tr><tr><td>Subject:</td><td>The STOXX Europe 600 Real Estate Index (SX86P)</td></tr></table>

Brad,

The STOXX Europe 600 Real Estate Index (SX86P) is a c=pitalization weighted index which includes European companies that are invo=ved in the real estate sector. As yields are likely to remain depressed in=the Eurozone on the back of low inflation and additional QE, we think Real estate and REITs offer an attrac=ive opportunity. The SX86P has a dividend yield of 3% vs. 10yr German bunds=which yield 45 bps. Given the continued search for yield, we would look to=do a total return swap on the index to obtain long exposure.

Best,

Nicole

lyr STOXX Europe 600 Real Estate Index

Source: Bloomberg 11/05/2015

Best,

Nicole

Nicole Wolf | J.P. Morgan Securitie= LLC | J.P. Morgan Private Bank | JP Morgan Chase Bank, N.A. | 320 Park Ave,=Floor 14, New York, NY 10022 | T: 

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