EFTA01782114

From: Barrett, Paul S < > Sent: Tuesday, October 27, 2015 3:50 PM To: Brad Wechsler; Jeffrey Epstein ([email protected]) Cc: Barrett Team Subject: Saudi rates and CDS Saudi Rates and CDS Chart 1 below shows=the spread between Syr Saudi and Syr US swap rates. As the country begins t= face a budget shortfall, it's possible the government will have to s=art issuing more debt and therefore putting pressure on rates. The spread has already widened 50bps to 92bps. Chart 2 below shows=Saudi CDS Syr Saudi CDS apan style="font-size:8.Optfont-family:"Verdana","sans- ser=f";color:05FSFSF"> <=pan style="font-size:8.0pt;font-family:"Verdana","sans-ser=f"">Paul Barrett Managing Director I Global Investment Opportunities Group J.P. Morgan Securities LLC I J.P. Morgan Private Bank (=1.P. Morgan Chase Bank N.A. 320 Park Avenue, 14th Floor, New York, NY 10022 I (212)=622-2770 I F: (212) 310-0108 This email is confidential and subject to important disclaimers and conditio=s including on offers for the purchase or sale of securities, accuracy and=completeness of information, viruses, confidentiality, legal privilege, and=legal entity EFTA_R1_00101647 EFTA01782114 disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email <http://www.jpmorgan.com/p=ges/disclosures/email> <=span> 2 EFTA_R1_00101648 EFTA01782115