From: "jeffrey E." <[email protected]>

From: "jeffrey E." <[email protected]> To: Richard Kahn Subject: Re: Pfd idea Date: Mon, 09 May 2016 20:02:03 +0000 bid 73 On Mon, May 9, 2016 at 3:52 PM, Richard Kahn < quoted from both Merrill and Morgan Stanley with same results bid ask is 72.75 / 73.75 what number should i use as limit to fill 3,000,000 order please advise thank you Richard Kahn HBRK Associates Inc. e fax cel On May 9, 2016, at 3:25 PM, jeffrey E. <[email protected]> wrote: Forwarded message From: Barrett, Paul S 4 > Date: Mon, May 9, 2016 at 3:12 PM Subject: FW: Pfd idea To: "Jeffrey Epstein ([email protected])" <[email protected]> CUSIP: 381427AA1 wrote: Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I ■. Morgan Private Bank I J.P. Morgan Chase Bank N.A. NOT AN OFFICIAL CONFIRMATION: For informational purposes only. This report does not represent an official account of the holdings, balances, or transactions made in your account and is being provided at your request. Please refer to your monthly EFTA00828023 account statement for the official record of all of your account activities. For question, please call your J.P. Morgan representative. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in general, as well as the products or strategies discussed herein are suitable to their needs. In actual transactions, the client's counterparty for OTC derivatives applications is JPMorgan Chase Bank, N.A., and affiliates. For a copy of the "Characteristics and Risks of Standardized Options" booklet, please contact your JPMorgan Advisor. 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 I think we should consider buying the GS Cap II (381427AA1) @ 72.50 (-5.5% Current Yield).They recently tendered $600MM at $75.00. We believe there is a chance that they come back and tender for more at $75-$77. When a bank is able to redeem pfds at a discount, that discount accrues to their Income Statement. There remains $1.2 BLN outstanding - so they could issue another pfd to pay for the remaining $1.2B1n and book another $300MM to income. Paul Paul Barrett I Hanaging Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I J.P. Morgan Chase Bank N.A. NOT AN OFFICIAL CONFIRMATION: For informational purposes only. This report does not represent an official account of the holdings, balances, or transactions made in your account and is being provided at your request. Please refer to your monthly account statement for the official record of all of your account activities. For question, please call your J.P. Morgan representative. In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in general, as well as the products or strategies discussed herein are suitable to their needs. In actual transactions, the client's counterparty for OTC derivatives applications is JPMorgan Chase Bank, M., and affiliates. For a copy of the "Characteristics and Risks of Standardized Options" booklet, please contact your JPMorgan Advisor. 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 EFTA00828024 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 please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. 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