EFTA02001790

To: jeevacationftmaitcompeevacation©gmail.com]; Jeffrey Epsteinbeevacation©gmail.com] From: Harry Beller Sent Thur 12/22/2011 5:51:42 PM Subject: Re: ING Pfds Jeffrey 2.5M ING Pfds were purchased by FTC in June 2011 at 97. ($2,425,000). They were tendered on Dec 20,2011 at 80. (proceeds $2,000,000). The total interest earned was 53,741. Thus the total loss on this position was net $371,259 ( 425,000 capital loss, & interest earned 53,741. Net loss was 371,259). Harry On Dec 22, 2011, at 11:57 AM, Jeffrey Epstein wrote: is this not right? Forwarded messa e From: Barrett, Paul S Date: Fri, Dec 16, 2011 at 12:18 PM Subject: ING Pfds To: Jeffrey Epstein <cevacation ail.com> Cc: "Giuffrida, David J" Jeffrey We still own $2.SMM of the ING Pfds that we decided to hold when the market sold off in Sept. The company is tendering for the pfds at $80 (they traded as low as 68). We paid 97.00 back in June. I am inclined to accept the tender offer. European sovereigns will need to re-finance on average $4.5BIn per day for the entire year in 2012 so reducing our Europe specific exposure makes sense. Loss would be $373K. Account has been stable this month — Now up $3MM ytd. Paul EFTA_R1_00498811 EFTA02001790 Paul Barrett, CFA Managing Director Global Investment Opportunities Group 7PMorgan Private Bank 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 http://www.ipmorgan.com/pages/disclosures/email. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_00498812 EFTA02001791