<table><tr><th>From:</th><th>Stephen Hanson &lt;</th></tr><tr><td>Sent:</td><td>Monday, October 26, 2015 11:09 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Proposed Portfolio</td></tr></table>

Tks. Will u be in town Tuesday -=or after and have any free time

## Sent from my iPad

On Oct 26, 2015, at 6:07 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@=mail.com» wrote:

---------- Forwarded message ----------
From: Barrett, Paul S <paul.barrett@jpmorgan.com>
Date: Mon, Oct 26, 2015 at 6:03 PM
Subject: Proposed Portfolio
To: Brad Wechsler <brad.wechsler@jpmorgan.com>
Cc: Barrett Tea= <barrett.tea@jpmorgan.com>>, "Jeffrey Epstein ( <jeffrey.epstein@jpmorgan.com
jeevacation@gmail.com <mailto:jeevacation@gmail.com> )" <jeevacation@gmail.com
<mailto:jeevacation@gmail.com>>, "Nelson, Justin D" <justin.d.nelson@jpmorgan.com>

Brad,

Below would be our proposed investments breakdown for=$20mm:

Theme

<table><tr><th colspan="2">Proposed Investment</th></tr><tr><td>=</td><td>$2,500,0=0</td></tr><tr><td>=</td><td>$2,500,000</td></tr><tr><td>=</td><td>$2,500,000</td></tr><tr><td>=</td><td>$2,500,000</td></tr><tr><td>=</td><td>$6,000,000</td></tr></table>

## Sent from my iPad (cont.)

<table><tr><th>=</th><th>$ 1,000,000</th></tr><tr><td>=</td><td>$ 3,000,000</td></tr><tr><td>&amp;n=sp;</td><td>$ 20,000,000 =/u&gt;</td></tr></table>

1.=nbsp; Consumer Discretionary:

Rising disposable income, lower oil prices, labor market strengthening an= tame inflation should continue to boost confidence and spending.=/u>

Ticker

Name

OW<=>>

130.00<=u>

OW<=>>

135.00<=u>

OW<=>

162.00<=u>

OW<=>:

127.00<=u>

OW<=>

10.00<=>>

Source: Bloomberg, JPM 1=/26/2015

2.=nbsp; eGaming / Interactive Gaming: =/p>

There are more than 700 different eGames events annually (ESPN plans to b=oadcast an eGame event for the first time in 2016), with a fan base that ex=eeds 260 million people. 2015 marks the first year global games market sale= are projected to overtake filmed entertainment bringing in $91.5 billion and is=forecast to rise to $113 billion by 2018. Despite an addressable market man= times larger than ten years ago, valuations for the leading gaming vendors=are trading at significantly lower multiples than at the top of the last cycle.

## Sent from my iPad (cont.)

Name: Rating<=> Target<=> ADR<=u> UBISOFT ENTERTAINMENT
OW<=>: 20.00</=> 
UBSFY</=>: SQUARE ENIX HOLDINGS CO LTD
OW<=>: 4000
&nb=p;: NINTENDO CO LTD
N: 19,000.00<=> 
NTDOY</=>: NVIDIA CORP
N: 24.00</=> 
&nb=p;: TENCENT HOLDINGS LTD
OW<=>: 187.00<=u> 
TCEHY</=>: Source: Bloomberg, JPM 1=/26/2015

## Sent from my iPad (cont.)

3.=nbsp; Healthcare:

The percentage of the American population that is over 65 years old has i=creased from 13% in 2010 to an estimated 18% in 2025. Company pipelines hav= also become more robust with a 54% increase since 2007 in the number of dr=gs gaining FDA approval. We think the sell-off which was due to the practices o= a few select companies was too broad and overdone. We would use this as an=opportunity to add to our core names.

Name

Rating<=>

Target<=>

BRISTOL-MYERS SQUIBB CO

OW<=>

78.00<1=>

PFIZER INC

OW<=>

40.00</=>

MERCK & CO. INC.

OW<=>

66.00<1=>

Source: Bloomberg, JPM 1=126/2015

4.=nbsp; Defense:

Geopolitical events in Rus=ia, the Middle East and the South China Sea are forcing governments to quic=ly ramp up defense spending. Defense stocks are well positioned in a l=w-growth environment with high earnings visibility, improving defense budget outlooks, and good shareholder return.=nbsp;

Name

4

## Sent from my iPad (cont.)

Rating<=>

Target<=>

GENERAL DYNAMICS CORP

OW<=>

169.00<=u>

NORTHROP GRUMMAN CORP

N

198.00<=u>

BOEING CO/THE

OW<=>

177.00<=u>

RAYTHEON COMPANY

OW<=>

130.00<=u>

LOCKHEED MARTIN CORP

N

225.00<=u>

Source: Bloomberg, WPM 1=126/2015

S.=nbsp; Preferreds: (We would like to put one turn o= leverage on these in the margin account)

Preferreds performed quite well amidst recent market turbulence, with rap=d price and liquidity recovery. While Preferreds, as hybrid securitie=, might have been expected to experience more volatility during this period= we believe that the fundamental strength of bank balance sheets as well as the securit=es' fixed income duration (as rates rallied) cushioned the sector.&=bsp;The broader firm tone in the markets coupled with the fact that bank ea=nings season is largely completed and the market saw no preferred issuance is creating a strong technical backdrop fo= the assets.

Indicative Pricing

CUSIP=ISIN

## Sent from my iPad (cont.)

Secur=ty

Ask P=ice

Ratin=s (Moody's/S&P)

Next C=ll Date

YLD t= NXT Call

Back-=nd Coupon Reset

Inter=st Rate Duration

QDI /=DRD Eligible

Indus=ry Sector

Non-Call 5yr

&nb=p;

&=bsp;

38148BAB4

GS 5 3/8 Perp

99.500

Ba1 / BB

5/10/2020

= 5.50

3mL+392.2b=s

## Sent from my iPad (cont.)

= 3.96

Yes / Ye=

Financial

617474AA9

MS 5.55 Perp

100.750

Ba1 / BB

7/15/2020

= 5.37

3mL+381bps=u>

= 4.13

Yes / Ye=

Financial

Non-Call 10yr

&nb=p;

&=bsp;

46625HJQ4

JPM 6 3/4 Perp

106.875

## Sent from my iPad (cont.)

Baa3 / BBB-

2/1/2024

= 5.70

3mL+378bps=u>

= 6.35

Yes / Ye=

Financial

060505EN0

BAC 6.1 Perp

99.750

Ba2 / BB+

3/17/2025

= 6.13

3mL+389.8b=s

= 7.10

Yes / Ye=

Financial

172967JM4

C 5.95 Perp

96.875

Ba2 / BB+

5/15/2025

= 6.39

3mL+390.5b=s

= 7.02

Yes / Ye=

## Sent from my iPad (cont.)

Financial
= Source: Bloomberg 10/2015 &=bsp; </=>
= &nb=p;

6.=nbsp; Frontier Communications:
FTR 8 ½% 04/15/20
Indicative Offer: 104.50
YTM: 7.30%

m=dium-sized cities. Frontier With is a the market largest cap ru=al of $5billion, telecom FTR company is the 5th in the largest U.S., U= focused wireline on company. providing services Over the to last small 5 years, and FTR has increased revenue 5x, and has achieved geographic diversif=cation & product mix through tactical acquisitions of broadband assets f=om both AT&T and Verizon. The bonds offer attractive relative value, pi=king up "200bps vs. BB comps and —50bps over single-B comps. Frontier issued $6.6bn of bonds on September 11th to b=ck its purchase of landline assets from Verizon Communications, a deal larg=ly anticipated by the market. Post issuance, the supply overhang has now be=n virtually removed from the Frontier complex.

7.=nbsp; Structured Notes: In these volatile markets,=we continue to like structured notes that provide protection on the downsid= coupled with unlimited upside or double-digit coupons. We will show these a= we think pricing looks interesting.

<=pan style="font-size:8.0pt;font-family:"Verdana","sans-ser=f";color:#5f5f5f">________________________________________________=_________________________________________</=>

<=pan style="font-size:8.0pt;font-family:"Verdana","sans-ser=f";color:#1f497d">Paul Barrett| Managing Director | Global Investment Oppo=tunities Group | J.P. Morgan Securities LLC | J.P. Morgan Private Bank | <=>J.P. Morgan Chase Bank N.A.

320 Park Avenue, 14th Floor, New York, NY 10=22 | T: █████████<tel:%28212%29%20622-2770> | paul.s.barr=tt@jpmorgan.com <mailto:paul.s.barrett@jpmorgan.com>

## Sent from my iPad (cont.)

NOT AN=OFFICIAL CONFIRMATION: For informational p=rposes only. This report does not represent an official account of th= holdings, balances, or transactions made in your account and is being prov=ded at your request. Please refer to your monthly account statement for the official record of all of your ac=ount activities. For question, please call your J.P. Morgan represent=tive.

In discussion of options and other strategies, results and risks ar= based solely on hypothetical examples cited; actual results and risks will=vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related p=oducts in general, as well as the products or strategies discussed herein a=e suitable to their needs. In actual transactions, the client's cou=terparty for OTC derivatives applications is JPMorgan Chase Bank, N.A., and affiliates. For a copy of the "Ch=racteristics and Risks of Standardized Options" booklet, please con=act your JPMorgan Advisor.

This email is confidential and subject to important disclaimers and=conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, conf=dentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.=om/pages/disclosures/email <http://www.=pmorgan.com/pages/disclosures/email> . <=p>

This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email <http://www.jpmorgan.com/pages/disclosures/email>

please note

Th= information contained in this communication is confidential, may be att=rney-client privileged, may constitute inside information, and is intend=d only for the use of the addressee. It is the property of

JEE

Una=thorized use, disclosure or copying of this communication or any part th=reof is strictly prohibited and may be unlawful. If you have received th=s communication in error, please notify us immediately by return e•ma=l or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copie= thereof, including all attachments. copyright -all rights reserved <=div>

<Gaming.zip>
</=lockquote>

## Sent from my iPad (cont.)

<Defense.zip>
<Consumer.zip>
<Healthcare.zip>