EFTA01789927

From: Giuffrida, David J Sent: Wednesday, June 8, 2011 8:00 PM To: Epstein, Jeffrey ([email protected]) Cc: Barrett, Paul S Subject: Trade Details Jeffrey, =o:p> You sold the PFE note up 17.1= ($513,000) c=p> Sold $5 MM / bought CNY 1 year forward (06/11/2012) @ 6=2E3636 Bought 2.5 MM of the ING FRN Preferreds (CUSIP 44978NAA3) @=97. Purchased for June 15th, 2011 settlement (maturity =f the 5 MM Ford bonds) =0:p> Let me know if you have any questions. Thanks again. David J. Giuffrida J.P. Morgan I Globa= Investment Opportunities Group IRS Circular 230 Disclosure: 1 EFTA_R1_00117058 EFTA01789927 JPMorgan Chase & Co. and its affiliates do not provi=e tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is no= intended or written to be used, and cannot be used, in connection with th= promotion, marketing or recommendation by anyone unaffiliated with JPMorg=n Chase & Co. of any of the matters addressed herein or for the purp=se of avoiding U.S. tax-related penalties. &n=sp; =span style=sfont-size:11.0ptfont-family:"Calibri","sans-serif";color:=1F497D5 &nb=p; c=p> <=span> From: Barrett, Paul S Sent: Wednesday, June 08,=2011 12:16 PM To: Jeffrey Epstein Cc: Giuffrida, David=J Subject: Pfizer Hi Jeffrey<A> Our Pfizer ma=ket plus has been a big beneficiary of the defensive sector rotation. We=are up 17% on the $3MM and we feel that it is a good time to take profits=2E Also lyr CNY forward points have come into less than a 2% premi=m and I think we should add $5MM to our $10MM position. 2 EFTA_R1_00117059 EFTA01789928 Our =5MM of Ford bonds mature next week. As a replacement I would add $2.5M= ING Pfds at 97.00. We think these could get called at 100 next year=2E The balance we should leave in cash for now. Paul<=span> =span style='font-size:10.5pt;font-family:COnsolas;color:ff1F497D'>Paul =arrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank =p class=MsoNormal> This communicati=n is for informational purposes only. It is not intended as an offer or =olicitation for the purchase or sale of any financial instrument or as an =fficial confirmation of any transaction. All market prices, data and oth=r information are not warranted as to completeness or accuracy and are sub=ect to change without notice. Any comments or statements made herein do =ot necessarily reflect those of JPMorgan Chase & Co., its subsidiaries a=d affiliates. This transmission may contain information that =s privileged, confidential, legally privileged, and/or exempt from disclos=re under applicable law. If you are not the intended recipient, you are =ereby notified that any disclosure, copying, distribution, or use of the i=formation contained herein (including any reliance thereon) is STRICTLY PR=HIBITED. Although this transmission and any attachments are believed to =e free of any virus or other defect that might affect any computer system =nto which it is received and opened, it is the responsibility of the recip=ent to ensure that it is virus free and no responsibility is accepted by J=Morgan Chase & Co., its subsidiaries and affiliates, as applicable, for =ny loss or damage arising in any way from its use. If you received this =ransmission in error, please immediately contact the sender and destroy th= material in its entirety, whether in electronic or hard copy format. Th=nk you. Please refer to http://www.jpmorgan.com/pages/dis=losures for disclosures relating to European legal entities. 3 EFTA_R1_00117060 EFTA01789929