<table><tr><th>From:</th><th>Barrett, Paul S &lt;p</th></tr><tr><td>Sent:</td><td>Thursday, July 26, 2012 4:10 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>FW: Revised Portfolio</td></tr></table>

<=iv class="WordSection1">

Hi Jeffrey

I left a message with

Do you need any additional follow up regarding the portfolio?=o:p>

Paul

Paul Barrett, CFA

Managing =irector

Global Investment Opp=rtunities Group

JPMorgan Priv=te Bank

From:</=pan> Barrett, Paul S
Sent: Tuesday= July 17, 2012 3:55 PM
To: 'Jeffrey Epstein'
C=: Giuffrida, David
Subject: Revised Portfolic4=:p>

&n=sp;

Hi Jeffrey</=:p>

Here is a revised p=rtfolio sample that does not employ leverage. We added some gold exposur= and increased the oil
weighting. Remember that the coupons on a structu=ed note will knock out if we hit the buffer level (continuous) or
fi=ish below the buffer (at expiry).

=p class="MsoNormal">

=0A

=

=/span>

=0D

=0D

=0A=span style="font-size:10.0pt;font-family:"Arial","sans-=erif";color:black">
&n=sp;
=/o:p>
<=tr>
=0A =0A Leveraged Weigh=
=o:p>
High Yield
=0D =0D

=0:p>

=span style="font-size:10.0pt;font-family:"Arial","sans-=erif";color:black">

<=td> 20.00%<=o:p>

=0D

<=pan style="font-size:10.0pt;font-family:"Arial","sans-s=rif";color:black">Yield

=0D

=0A =/td>

20.00%

<=td> &n=sp;

=0A =0A =0D

<=pan style="font-size:10.0pt;font-family:"Arial","sans-s=rif";color:black">

</=d>
Bank Preferreds/Lower Tier II Bonds

=0D <=o:p>

=0D Yield

=0ARBS 7.25% Pfds

<=td> =td width="78" nowrap="" valign="bottom" style="width:58.15pt;pad=ing:0in 5.4pt 0in 5.4pt;height:12.75pt">
4=2E00%

8.50%

=0AAlly B Pfds
=0D <=pan style="font-size:10.0pt;font-family:"Arial","sans-s=rif";color:black">Rabobank 8.40% Pfds
</=d> =td width="78" nowrap="" valign="bottom" style="width:58.15pt;pad=ing:0in 5.4pt 0in 5.4pt;height:12.75pt">
3.00%
7.85%
=0ABank of America 8.125% Pfd=0D
=0A 2.00%=/span>
6.60%
=0A
GE 7.125% Pfd
2.00%
=0A =0A
=0A </=>
Emerging Markets
=0D =0A
=/p> <=:p>
=span style="font-size:10.0pt;font-family:"Arial","sans-=erif";color:black">
10.00%
=0D Yield
PDVSA 5% 2015 (USD Denominated)=/span>
=0D =0D 5.00%
=0D 11.75%

4

=o:p>

BRL Linked Market Plus Note (8% coupon / 25% At expiry Buffer)</=:p>

5.00%

=0A =0A

=0A </=>

Equity Linked Notes

</=d> &n=sp;

<=d width="87" nowrap="" valign="bottom" style="width:65.0pt;borde=-top:none;border-left:solid windowtext
1.0pt;border-bottom:none;border-r=ght:solid windowtext 1.0pt;background:#A5A5A5;padding:0in 5.4pt 0in
5=2E4pt;height:12.75pt">

22.50%=/p> Coupon

=0ASP500 Linked CBEN (10% Coupon = 10% cap / 23% buffer)

12.50%

=0D

<=pan style="font-size:10.0pt;font-family:"Arial","sans-s=rif";color:black">10.00%

=0A <=d width="87" nowrap="" valign="bottom" style="width:65.0pt;borde=:solid windowtext 1.0pt;border-
top:none;padding:0in 5.4pt 0in 5.4pt;=eight:12.75pt">

5.00%

=0A 10.00%

=0D

8.00%

=0A =0A
=0A </=>
Commodities
=0A=p class="MsoNormal">
<=o:p>
7.50%
=/td> =oupon
Oil (Brent) Linked CBEN Note (13% coup/20% at =xpiry buffer)
7.50=
13.00%
Gold Linked CBEN (5% coup/15% at e=piry buffer)
5.00%
<=:p>
=0A =0A
=0A </=>
Alternatives
=0A=p class="MsoNormal">
<=o:p>
25.00%

6

=0A Estimate

DoubleLine Mortgage Fund

=0A
=0A
=0A

15.00%

14.00%

</=d>
Blacksto=e GSO Rescue Lending Fund

10.00%

12.00%

<=r style="height:12.75pt">

=0D
=0D

<=span>

=0A

=/span>

=0A10.08%<=:p>

Leveraged Gross Return

=0D

<=td>

=0A<=pan style="font-size:10.0pt;font-family:"Arial","sans-s=rif";color:black">

=/p> Leverage

Borrow =sing a line of credit at a rate of

<=d width="78" nowrap="" valign="bottom" style="width:58.15pt;bord=r:none;border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.=pt;height:12.75pt">

0%<=span>

<=span>

=td width="249" nowrap="" colspan="2" valign="bottom" style="widt=:186.9pt;border-top:none;border-left:solid windowtext 1.0pt;border-bot=om:solid windowtext 1.0pt;border-right:none;background:#B6DDE8;padding:0=n 5.4pt 0in 5.4pt;height:12.75pt">

Leveraged Net Return
=/td>
</=d>
</=d>
</=d>
10.08%
=0D
<=o:p>

<= class="MsoNormal">

<=pan style="font-size:10.5pt;font-family:Consolas;color:#1F497D">Paul B=rrett, CFA

Managing Directo=

Global Investment Opportunit=es Group

WMorgan Private Ban=

320 Park Avenue, 14th Floor,=New York, NY 10022

212-622-27=0 (W) 212-310-0108 (F)

NMLS lD# 853441

pauI.s.barrett@jpmor=an.com <mailto:paul.s.barrett@jpmorgan.com>

=span STYLE="color :#000000; font-size: 8pt; background-color :#FFFFFF">=0D This email is confidential and subject to important disclaimers and c=nditions including on offers for the purchase or sale of securities, accur=cy and completeness of information, viruses, confidentiality, legal privil=ge, and legal entity disclaimers, available at http://www.jpmorgan.com=pages/disclosures/email.