From: Jeffrey Epstein <jeevacation®gmail.com>

From: Jeffrey Epstein <jeevacation®gmail.com> To: "Barrett, Paul S" Subject: Re: ING Pfds Date: Fri, 16 Dec 2011 17:42:23 +0000 yes.. On Fri, Dec 16, 2011 at 12:18 PM, Barrett, Paul S Jeffrey wrote: We still own $2.5MM 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 Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 (W) (F) NMLS ID# 853441 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 EFTA00926538 privilege, and legal entity disclaimers, available at http://www.jpmo an.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 EFTA00926539