From: Brad Wechsler < To: Paul Barrett CC: Jeffrey Epstein <jeevacation grim .com> Subject: Re: Buying Europe on the dip Date: Mon, 13 Jul 2015 14:39:49 +0000 Ditto Sent from my Verizon Wireless BlackBerry From: "Barrett, Paul S" Date: Thu, 9 Jul 2015 18:36:55 +0000 To: 'Brad Wechsler' Cc• ; 'Richard Joslin' ; Nelson, Justin Subject: Buying Europe on the dip Brad We should take advantage of the weakness in Europe by doing the following: 1. $250K in a 3yr SXSE Call Warrant - 12.75% premium - currency hedged. This equates to $1.96MM of notional. 2. $1mm in a structured note: 15.00% contingent buffer (@ maturity) - 22.50% cap - currency hedged - 12 months plus 2 weeks maturity 3. We would then look to buy a hedged ETF if we saw further weakness over the coming weeks. Rationale: The Euro Stoxx 50 is up 9% YTD, off about 11% from its highs. While there may be near-term volatility due to Greece, we believe contagion risk is contained and regardless of the outcome, the European growth story is still very much intact. • ECB policy actions are lowering the cost of credit which is showing up in positive lending growth • Export growth is responding well to the weaker Euro • PMIs are coming in at or above expectations and Spanish GDP is tracking near 3% Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I J.P. Morgan Chase Bank N.A. 320 Park Avenue, 14th Floor, New York, NY 10022 I T: 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 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 EFTA00677021

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