From: Jeffrey Epstein <jeevacationggmail.corn>

From: Jeffrey Epstein <jeevacationggmail.corn> To: "Barrett, Paul S" < Subject: Re: To Do Date: Wed, 24 Apr 2013 22:49:00 +0000 ok On Wed, Apr 24, 2013 at 3:43 PM, Barrett, Paul S < > wrote: Jeffrey I think we should put some money into the JPM Latin America Equity Fund. This is a good way to capture the small and mid cap story in Mexico and Brazil without owning the indices which are dominated by the likes of Vale, Petrobras etc. o Implementation: JPM Latin America Fund o Fund focuses on small and mid cap companies benefiting from consumption and internal growth (vs. commodities exporters) o Top Sectors: Financials (28.9%); Industrials (19.8%); Consumer Staples (14.9%) (Daily liquidity mutual fund) I think we do $1MM. Let me know Paul EFTA00959736 • Latin America Equity Fund o Performance Laggard: Over past 3 years, MSCI Lat Am is up only 2.7% (cumulative) vs. 22% for MSCI Asia Ex. Japan and 32% for MSCI World o Intra-EM Rotation: Weakening Yen putting pressure on other EM Asia exporters. Consequently, for investors who have/want EM exposure we're recommending shifting a portion of the exposure from Asia to Latin America o Latin America Fundamentals Improving o Region shifting from a commodities led economy to one focused on internal consumption and infrastructure building. Consumption is now 60% of the region's GDP o Continues to benefit from strong balance sheets (both sovereign and private) and benign inflation Implementation: WPM Latin America Fund o Fund focuses on small and mid cap companies benefiting from consumption and internal growth (vs. commodities exporters) o Top Sectors: Financials (28.9%); Industrials (19.8%); Consumer Staples (14.9%) Attachment: Latam Investment case & Fund factsheet Paul Barrett I Managing Director I Global Investment Opportunities Group 13.P. Morgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 I T: I F: 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 http://www.jpmorgan.com/pages/disclosures/email. 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 Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited EFTA00959737 and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00959738