EFTA01772745

From: Barrett, Paul S Sent: Friday, December 16, 2011 5:19 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: ING Pfds =OA =effrey We st=ll own $2.5MM of the ING Pfds that we decided to hold when the market so=d off in Sept. The company is tendering for the pfds at $80 (they traded=as low as 68). We paid 97.00 back in June. I am inclined to ac=ept the tender offer. European sovereigns will need to re-finance on ave=age $4.5BIn per day for the entire year in 2012 so reducing our Europe s=ecific exposure makes sense. Loss would be $373K. =OD Account has been stable this mo=th — Now up $3MM ytd. Paul =span style="font-size:10.5pt;font-family:COnsolas;color:111F497D">=nbsp; Paul Barrett, CFA=/span> Managing Director =OD Global Investment Opportunities Group JPMorgan Private Bank =OD 320 Park Avenue, 14th Floor, New York, NY 10022 EFTA_R1_00085114 EFTA01772745 (F) NMLS ID# 853441<=:p> =OA This e=ail is confidential and subject to important disclaimers and conditions in=luding on offers for the purchase or sale of securities, accuracy and comp=eteness of information, viruses, confidentiality, legal privilege, and leg=l entity disclaimers, available at http://www.jpmorgan.com/pages/discl=sures/email. 2 EFTA_R1_00085115 EFTA01772746