From: Jeffrey Epstein <[email protected]>

From: Jeffrey Epstein <[email protected]> To: "Barrett, Paul S" Subject: Re: Pfizer Date: Wed, 08 Jun 2011 16:23:02 +0000 ok to all On Wed, Jun 8, 2011 at 6:16 PM, Barrett, Paul S Hi Jeffrey > wrote: Our Pfizer market 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. Also lyr CNY forward points have come into less than a 2% premium and I think we should add $5MM to our $10MM position. Our $5MM of Ford bonds mature next week. As a replacement I would add $2.5MM ING Pfds at 97.00. We think these could get called at 100 next year. The balance we should leave in cash for now. Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 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://wwwjpmorgan.com/pages/disclosures/email. EFTA00912504 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 EFTA00912505