Epstein Secrets

ll. We have 2MM worth. I think we pick up another $1MM. Currently trading at 24.85 (ytw 7.30%). We own them at 23.75 and 24.44. Let me know. Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Private Bank I 320 Park Avenue, 14th Floor, New York, NY 10022 ID# 853441

They recently redeemed a few of their subordinated bonds. We still like the story and these bonds still trade cheap relative to their peers such as Lloyds. Let me know. Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Private Bank I 320 Park Avenue, le Floo

this week into Haze. This will still leave us with 800K in cash. You could add that to the Lloyds bond and make it an even 2MM. Let me know Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 (W) (F) NML

J" Subject: To Do in Haze Date: Thu, 03 May 2012 16:02:18 +0000 , "Ens, Amanda" Hi Jeffrey I think we should switch our Peabody Coal bonds into Lloyds. The structural shift from coal into natural gas combined with the environmental headwind makes us less comfortable with the Peabody bonds. We are u

of their subordinated bonds. We still like the story and these bonds still trade cheap relative to their peers such as Lloyds. Let me know. Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I IP. Morgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 I T F: ID# 8

They recently redeemed a few of their subordinated bonds. We still like the story and these bonds still trade cheap relative to their peers such as Lloyds. Let me know. Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I IP. Morgan Private Bank 320 Park Avenue, 14th Floor