EFTA01879210

To: Barrett. Paul From: Jeffrey Sent: Wed 6/27/2012 4:34:17 PM Subject: Re: To Do Also let's look at rolling out months on our current position Sorry for all the typos .Scnt from my iPhonc On Jun 27, 2012, at 6:23 PM, "Barrett, Paul S" <a wrote: I refreshed Brent pricing Spot ref on Dec2012 contract 93.50 Buy 109 Brent Call Sell 79 Brent Put Cashless Right now we are short the 100 Put expiring 13Aug2012 on 250,000 barrels Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 (W) (F) From: Jeffrey [mailto:[email protected]] Sent: Wednesday, June 27, 2012 11:55 AM To: Barrett, Paul S Subject: Re: To Do Ok Sorry for all the typos .Sent from my iPhone On Jun 27, 2012, at 5:38 PM, "Barrett, Paul S" wrote: Hi Jeffrey I think we should buy 2MM of these GE preferreds. They are trading cheap to their comps. We are looking for 2-3 points of upside. EFTA_R1_00290650 EFTA01879210 1 Can offer 10mm of : Issuer: GENERAL ELEC CAP CORP Ticker: GE Ratings: Baal/AA- (expected) Ranking: Fixed to floating rate non-cumulative pld stock Coupon: 7.125 to 6/15/22; then 3mL+529.6 bps Maturity: Perp Price: SI05.75 YTC: 6.34% Cusip: 3696225146 Sector: Financial Relative Value: GE 4.65 SNR 10/21 @ 3.25% YTM (Pickup over 300 bps to call) WM 7.9 PFD @ 5.90% YTC WFC 7.98 PFD @ 5.67% YTC PNC 6.75 PFD @ 5.89% YTC SCHW 7 PFD @ 5.83% YTC USB 6.5 PFD @ 5.14% YTC GE 6.375 67 @ 5.56% YTC (L+228.9bps backend) Paul Barrett, CFA Managing Director Global Investment Opportunities Group ]PMorgan Private Bank 320 Park Avenue, 14th Floor New York, NY 10022 (W) (F) MKS ID# 853441 This email is confidential and subject to important disclaimers and conditions including on offers for the privilege, and legal entity disclaimers, available at Imp:-AMU" eckii lire. email. EFTA_R1_00290651 EFTA01879211