From: "Barrett, Paul S"

From: "Barrett, Paul S" To: Brad Wechsler <1 CC: Barrett Team <1 k "Jeffrey Epstein ([email protected])" [email protected]>, "Nelson, Justin D" czi Subject: To Do Date: Tue, 03 Jan 2017 18:54:26 +0000 Hi Brad Happy New Year! Hope you got some nice sun in Miami. • I think we should consider buying $2MM of these for Leon. LSC Communications Inc (EC: LKSD) offers print and print-related services, focused on magazines, catalogs, books, and directories, with top customers in the publishing and retail segments. LSC generates almost $400mm of EBITDA and over $200mm of FCF annually. EBITDA margins have held constant over the last three years, close to 11%, as net sales of $3.7B have been resilient since 2013. Total leverage measures at 2.0x, low for its rating. LSCCOM 8.75 10/15/23 Issuer: LSC Communications, Inc. Ticker: LSCCOM (EQ: LKSD) Ratings: Ba3/B Ranking: Sr Secured Coupon: 8.750 Maturity: 10/15/2023 Price: $102.50 Yield: YTM: 8.19% YTW: 8.19% (10/15/2022) Min Denom 2,000 I SIN: USU54634AA51 Sector: Communications Make whole ®50bp Paul Barrett I Managing Director I Global Investment Opportunities Group 13.P. Morgan Securities LLC I 3.P. Morgan Private Bank 13.P. Morgan Chase Bank N.A. 320 Park Avenue, 14th Floor, New York, NY 10022 I T: F 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 EFTA01057474 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 f p://www.jpmorgan.com/pages/disclosures/email. 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://wwwjpmorgan.corn/pages/disclosures/email EFTA01057475