From: Barrett, Paul S < Sent: Tuesday, June 14, 2011 9:05 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: Switch Idea Hi Jeffrey=o:p> We own 400,000 of the JPM 6.70% Pfd that we bought at issue last =ear. This is a fixed coupon preferred that I think we should sell and bu= the JPM 7.90% Pfd which is a fixed-to float structure: Sell =nbsp; JPM 6.70% Pfd; ytw 6.50%, ta=able as ordinary income Buy &nbs=; JPM 7.90% Pfd fixed for 7yrs and then fl=ats to L+ 347bps; ytw 6.37%; taxable as dividend income We bough= the 6.70s at 24.95. Currently at 25.50. The JPM 7.90:=17;s have sold off 3 points since mid May. Let me know<=span> =span style='font-size:ll.Opt;font-family:"Calibri","sans-serif">Paul<=:p> =span style=lont-size:10.5pt;font-family:Consolas;color:#1F497Cr>Paul =arrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 EFTA_R1_01358586 EFTA02364533 (W) (F)<=o:p> This email is confidential and subject to important discl=imers and conditions including on offers for the purchase or sale of secur=ties, accuracy and completeness of information, viruses, confidentiality, =egal privilege, and legal entity disclaimers, available at http://www.jp=organ.com/pages/disclosures/email. 2 EFTA_R1_01358587 EFTA02364534