<table><tr><th>From:</th><th>Barrett, Paul S &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, June 14, 2011 9:05 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>Switch Idea</td></tr></table>

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:11.0pt;font-family:"Calibri","sans-serif"'>Paul<=:p>

=span style='font-size:10.5pt;font-family:Consolas;color:#1F497D'>Paul =arrett, CFA

Managing Director

Global Investment Opportunities Group

JPMorgan Private Bank

40W 57th Street, 33rd Floor, New York, NY 10019

(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.