From: Barrett, Paul S Sent: Wednesday, October 24, 2012 5:00 PM To: Epstein, Jeffrey (jeevacation@gmail.com) Cc: Giuffrida, David J; Schaffer, Susannah Subject: To Do Hi Jeffrey =/o:p> Hope you are=feeling OK. I would like to do a switch on the $1MM we own: =OD =OA Sell our Royal Bank of Scotland 5=2E05% 2015 bonds that we bought in Feb. We are up around 1O0K and the yi=ld is currently down to 3.5% Buy Royal Bank of Scotland Preferreds (RBS T) 7.25% co=pon at a yield of 7.63%. We think these pfds have additional upside. =o:p> &nbs=; Yield pick u= around 4%. Let me know Paul <=:p> Paul Barrett, CFA 1 EFTA_R1_00073115 EFTA01765234 =OD Managing Director Global Investment Opportunities Group =OA WMorgan Private Bank =span SME="color :#000000; font-size: 8pt; background-color :#FFFEFF">=0D This email is confidential and subject to important disclaimers and c=nditions including on offers for the purchase or sale of securities, accur=cy and completeness of information, viruses, confidentiality, legal privil=ge, and legal entity disclaimers, available at http://www.jpmorgan.com=pages/disclosures/email. 2 EFTA_R1_00073116 EFTA01765235