From: Barrett, Paul S Sent: Wednesday, June , : To: Jeffrey Epstein Cc: Giuffrida, David Subject: Pfizer Hi Jeffrey=o:p> Our Pfizer market plus has been a big beneficiary of the defensive =ector rotation. We are up 17% on the $3MM and we feel that it is a good =ime to take profits. Also lyr CNY forward points have come into l=ss than a 2% premium and I think we should add $5MM to our $10MM position=2E Our $5MM of Ford bonds mature next week. As a replacemen= I would add $2.5MM ING Pfds at 97.00. We think these could get call=d at 100 next year. The balance we should leave in cash for now.<=o:p> Paul Barrett, CFA Managing=Director Global Investment Opportunit=es Group JPMorgan Private Bank</=:p> This email is confidential and subje=t to important disclaimers and conditions including on offers for the purc=ase or sale of securities, accuracy and completeness of information, virus=s, confidentiality, legal privilege, and legal entity disclaimers, availab=e at http://www.jpmorgan.com/pages/disclosures/email. EFTA_R1_01688423 EFTA02539825