From: Barrett, Paul S Sent: Monday, January 3, 2011 8:48 PM To: jeffrey epstein Cc: Giuffrida, David Subject: Telefonica =span style=lont-size:11.0pt;font-family:"Calibri","sans-serif .>Jeffr=y Got pricing: 18M Market Plus Note Telefonica Quanto USD so no=FX risk Uncapped upside 25% Contingent buffer — monitored daily COB Solve for coupon? <=pan style=lont-family:Wingdings5a 25% (so you get the greater of the stock u=side or 25% as long as it does not close down by more than 25%)=/span> Stock is at EUR 17.00=2E We have a 21.50 px target. 25% buffer takes us below the March 09 e=uity lows. I would recommend =A02-3MM in this. Paulao:p> Paul Barrett, CFA Managing Director Global Investment Opportunities Group 1 EFTA_R1_00144067 EFTA01802306 JPMorgan Private Bank <=pan style=lont-size:10.5ptfont-family:Consolas;color:#1F497D540W 57=h Street, 33rd Floor, New York, NY 10019 W) F) <mailto: Th=s email is confidential and subject to important disclaimers and condition= including on offers for the purchase or sale of securities, accuracy and =ompleteness of information, viruses, confidentiality, legal privilege, and=legal entity disclaimers, available at http://www.jpmorgan.com/pages/drsclosuregemail. 2 EFTA_R1_00144068 EFTA01802307