EFTA02423790

To: Jeffrey Epsteinfieevacation©gmail.com] From: Rich Kahn Sent: Tue 8/24/2010 12:31:38 PM Subject: FW: Attractive MS Step Up This looks very interesting as an alternative to money market if you are comfortable with Morgan Stanley credit Years 1&2 yields of 275 basis points are 255 basis points more than current JPM money market yield of 20 basis points Please advise From: Ian E Hirschfield Sent: Tuesday, August 24, 2010 8:18 AM To: Rich Kahn Subject: Attractive MS Step Up Rich — This is a 7 year step up on Morgan Stanley that we like. It pays a nice above market coupon for the first 2 years and then steps up if it is not called. It is callable in 1 year, and quarterly thereafter. These are senior unsecured notes. The IRR is 4.12%. Years 1-2 2.75% Yield Years 3-4 4.00% Yield Years 5-6 5.00% Yield Year 7 6% Yield Let me know your thoughts. EFTA_R1_01490938 EFTA02423790 Ian Hirschfield JPMorgan Private Bank 40 West 57th Street 33rd Floor NY, NY 10019 This transmission may contain information that is privileged, confidential, legally privileged, and/or exempt from disclosure under applicable law. If you are not the intended recipient, you are hereby notified that any disclosure, copying, distribution, or use of the information contained herein (including any reliance thereon) is STRICTLY PROHIBITED. Although this transmission and any attachments are believed to be free of any virus or other defect that might affect any computer system into which it is received and opened, it is the responsibility of the recipient to ensure that it is virus free and no responsibility is accepted by JPMorgan Chase & Co., its subsidiaries and affiliates, as applicable, for any loss or damage arising in any way from its use. If you received this transmission in error, please immediately contact the sender and destroy the material in its entirety, whether in electronic or hard copy format. Thank you. EFTA_R1_01490939 EFTA02423791