EFTA01774070

From: Barrett, Paul S > Sent: Friday, October To: Jeffrey Epstein Cc: Giuffrida, David 1 Subject: RE: Tax Loss Switches Jeffrey ao:p> Let me know if you would like=to do this switch. Paul Paul Barret Managing Director From: =arrett, Paul S Sent: Thursday, October 06, 2011 11:36 AM =o: 'Jeffrey Epstein' Cc: Giuffrida, David J Subject: </=> Tax Loss Switches =o:p> Jeffrey We own $6MM (in FT and =aze) of the BAC 8.125% 2049. Currently trading around 80. You could =ealize the loss and buy the BAC 8% 2049 with similar call/floating feature=. See below: EFTA_R1_00087302 EFTA01774070 SELL ISSUER: &n=sp; BANK OF AMERICA CORP TICKER: &n=sp; &n=sp; BAC 8.125 12/29/49 PRICE:&nb=p; =nbsp; &nb=p; 79.50 YIELD TO CALL &nb=p; =12.82% CURRENT YIELD: =nbsp; 10=2E22% CUSIP: &nb=p; =nbsp; &nb=p; 060505DT8 BUY ISSUER: &=bsp; &nbs=; BANK O= AMERICA CORP TICKER: &nbs=; &=bsp; &nbs=; BAC 8.000 12/29/49 YIELD TO CALL &=bsp; 12.57%</=:p> CURRENT YIELD: &nbs=; 9.94%=/span> CUSIP: &n=sp; &n=sp; 060505DT8 I would also like to propose that we switch out=of GM into a basket of cyclical names that have been beaten down lately (F=X, HAL, FDX). When you have time I would like to walk you through the ra=ionale. Paul Paul Barret= 2 EFTA_R1_00087303 EFTA01774071 =OD Thi= email is confidential and subject to important disclaimers and conditions=including on offers for the purchase or sale of securities, accuracy and c=mpleteness of information, viruses, confidentiality, legal privilege, and =egal entity disclaimers, available at http://www.jpmorgan.com/pages/di=closures/email. 3 EFTA_R1_00087304 EFTA01774072