From: Barrett, Paul S <

Sent: Monday, March 12, 2012 3:11 PM

To: Epstein, Jeffrey eeevacation@gmail.com)

Cc: Giuffrida, David

Subject: To Do

Jeffrey=/o:p>

<=0:p>

RBS just issued=a new bond

RBS 13.125% 2022 in AUD. I think we should buy $2MM of this and he=ge it back into USD. The yield in AUD is 12.57%. Hedge cost is=around 4% so we are looking at 8.57% yield in USD.

Let me know

=/p>

Paul

=OD

=0A

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=0D

Managing Di=ector

Global Investment Oppor=unities Group

JPMorgan Privat= Bank

320 Park Avenue, 14th F=oor, New York, NY 10022

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