EFTA02011631.pdf

Jeffrey, You sold the PFE note up 17.1% ($513,000) Sold $5 MM / bought CNY 1 year forward (06/11/2012) @ 6.3636 Bought 2.5 MM of the ING FRN Preferreds (CUSIP 44978NAA3) @ 97. Purchased for June 15th, 2011 settlement (maturity of the 5 MM Ford bonds) Let me know if you have any questions. Thanks again. David J. Giuffrida J.P. Morgan I Global Investment Opportunities Group 40 West 57th Street, Floor 33 New York, NY 10019 IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. EFTA_R1_00513350 EFTA02011631 This is not an official confirmation. From: Barrett, Paul Sent: Wednesday, June 08, 2011 12:16 PM To: Jeffrey Epstein Cc: Giuffrida, David J Subject: Pfizer Hi Jeffrey EFTA_R1_00513351 EFTA02011632 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 $SMM to our $l0MM position. Our $5mm of Ford bonds mature next week. As a replacement I would add $2.SMM 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 212-622-2770 (W) 212-310-0108 (F) paul.s.barrettfripmorgan.com EFTA_R1_00513352 EFTA02011633