From: Barrett, Paul S < Sent: Monday, March 12, 2012 3:11 PM To: Epstein, Jeffrey [email protected]) Cc: Giuffrida, David Subject: To Do Jeffrey=/o:p> <=o:p> RBS just issued=a new bond RBS 13.125% 2022 in AUD. I think we should buy $2MM of this and he=ge it back into USD. The yield in AUD is 12.57%. Hedge cost is=around 4% so we are looking at 8.57% yield in USD. Let me know =/P> Paul =OD =OA =p class="MsoNormal"> =OD Managing Di=ector Global Investment Oppor=unities Group JPMorgan Privat= Bank 320 Park Avenue, 14th F=oor, New York, NY 10022 EFTA_R1_01706753 EFTA02550922

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