From: Barrett, Paul S Sent: Wednesday, July 31, 2013 2:04 PM To: 'Jeffrey Epstein' Cc: Barrett Team Subject: European Equities Jeffrey We have $2MM exposure to the Eurostroxx 50 Index via=a structured note. We have recently gone overweight Europe based on improvi=g economic data, a 17% P/E discount to the US and large European underweigh= positions within client portfolios. I think we should build a portfolio of single name st=cks that we think will benefit from an improving domestic story. We would r=commend spending $2MM across these 12 names. <=pan style="font-size:8.0pt;font-family:"Verdana","sansser=f;color:#5FSFSF"> <=pan style="font-size:8.0pt;font-family:"Verdana","sans-ser=f";color:#5F5F5F">Paul Barrett I M=naging Director Global Investment Opportunities Group I J.P. Morgan Private B=nk I 320 Park Avenue, 14th Floor, New York, NY 10=22 I T: (212) 622-2770 I F: (212) 310-0108 pa=l.s.barrett@jpmorgan.com <mailto:paul.s.barrett@jpmorgan.com> I NMLS ID# 853441 This email is confidential and subject to important disclaimers and conditio=s 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/disclo=ures/email. EFTA_R1_00057507 EFTA01756230