EFTA01776731

From: Barrett, Paul S Sent: Thursday, July 14, 2011 8:11 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: MS Note Hi Jeffrey=o:p> We should buy $1MM of a note linked to Morgan Stanley. The note p=ys the greater of 12% or the upside of the stock capped at 30% so long tha= the stock does not trade down 25% from here. We will trade this tomorro=. 1 yr maturity. Taxed at long term capital gains.=/p> I can walk =ou through this trade when you have time. I recommend $1MM.=/span> Paul=o:p> Paul Barrett, CFA Managing Director Global Inves=ment Opportunities Group JPMorgan Pri=ate Bank 40W 57th Street, 33rd Floor,=New York, NY 10019 212-622-2770 (W)=nbsp; 212-310-0108 (F) This email is confide=tial and subject to important disclaimers and conditions including on offe=s for the purchase or sale of securities, accuracy and completeness of inf=rmation, viruses, confidentiality, legal privilege, and legal entity discl=imers, available at http://www.jpmorgan.com/pages/disclosures/email.= EFTA_R1_00091565 EFTA01776731