From: "Barrett, Paul S"

From: "Barrett, Paul S" To: "Epstein, Jeffrey ([email protected])" <[email protected]> CC: "Giuffrida, David J" , "Weissend, Renee E" Subject: To Do Date: Mon, 07 Jan 2013 20:52:36 +0000 Hi Jeffrey I think we should buy another $1MM worth of the RBS 7.25% Preferred (r). We own $1MM at 23.75. Currently trading at 24.45 (ytw 7.41%). They recently redeemed a few of their subordinated bonds. We still like the story and these bonds still trade cheap relative to their peers such as Lloyds. Let me know. Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I IP. Morgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 I T F: ID# 853441 Disclosures regarding email content of the Sales and Trading Department are available at http://www.jpmorgan.com/pages/disclosures/GWM_Disclosures NMLS This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at hup://www.jpmorgan.comrpagesedisclosuresiemail. EFTA00693086