From: Barrett, Paul S Sent: Tuesday, August 9, 2011 1:52 PM To: Jeffrey Epstein Subject: Our Top Equity picks right now Near-term, we think quality multinationals with =xposure to EM, solid balance sheets, record cash positions, and dividends =re most attractive. Below are 4 top picks: 1.&=bsp; Apple/AAPL <=b>(no dividend yield, but 23%+ cash yield, -12% pullback from recent peak)=o:p> = McDonald's/MCD (3.0% d=vidend yield, -15% pullback) 3. Yum B=ands/YUM (2.1% dividend yield, -16% pullback) =!(if isupportLists)>4. </=pan>Pfizer/PFE (4.8% dividend yield, -22% pullback) F=r clients with higher risk tolerance and a longer time horizon looking for=our top picks among more cyclically-exposed stocks that have signif=cantly pulled back, we highlight the following: 1. &n=sp; ConocoPhillips/COP =4.3% dividend yield, -19% pullback) 2. Freeport McMoRan/FCX (2.4% dividend yield, -23% pullba=k) 3. &=bsp; CVS/CVS (1.6= dividend yield, -16% pullback) 4. De=re/DE (2.5% dividend yield, -31% pullback) 5. Dow/DOW (3.7% dividend yield, -24% pullback) Paul Barrett, CFA Managing Dir=ctor Global Investment Opportunities =roup JPMorgan Private Bank=/span> EFTA_R1_00146636 EFTA01803153 40W 57th Street, 33rd Floor, New York, NY 10019<=:p> &n=sp; This email is confidential and subject to im=ortant disclaimers and conditions including on offers for the purchase or =ale of securities, accuracy and completeness of information, viruses, conf=dentiality, legal privilege, and legal entity disclaimers, available at ht=p://www.jpmorgan.com/pages/disclosures/email. 2 EFTA_R1_00146637 EFTA01803154