EFTA02550922

From: Barrett, Paul S < Sent: Monday, March 12, 2012 3:11 PM To: Epstein, Jeffrey [email protected]) Cc: Giuffrida, David Subject: To Do Jeffrey=/o:p> <=o: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 =OA =p class="MsoNormal"> =OD Managing Di=ector Global Investment Oppor=unities Group JPMorgan Privat= Bank 320 Park Avenue, 14th F=oor, New York, NY 10022 EFTA_R1_01706753 EFTA02550922 =span style="font-size:10.5ptfont-family:Consolas;color:81F497D" (F) NM1.5 KM 853441 <=div> </=ody> This email is confidential and subject to important dirclaimers and conditions including on offers for the purchase or sale of se=urities, accuracy and completeness of information, viruses, confidentialit=, legal privilege, and legal entity disclaimers, available at http://www=2Ejpmorgan.com/pages/disclosures/email. 2 EFTA_R1_01706754 EFTA02550923