<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Wednesday, June 8, 2011 4:16 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Pfizer</td></tr></table>

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.

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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>

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