EFTA01792813

From: Barrett, Paul S Sent: Monday, January 10, 2011 7:31 PM To: Jeffrey Epstein Subject: RE: Ideas Confirmed=o:p> <=p> Buy 2MM in Telefonica Note=/p> Buy 2MM of the BoA Pfdsc/=> Thanks &nb=p; Paul=Barrett, CFA Managing Director Global Investment Opportunities Group=/span> JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (VV) F) mailto <=:p> From: Jeffrey Epstei= [mailto:jeevacation@gmail.com) Sent: Monday, January 10, 2011 =:27 PM To: Barrett, Paul S Subject: Re: Ideas no to the sale of amr. ok for t=e tef,no to sander. yes to bam 2 million bam EFTA_R1_00124899 EFTA01792813 On Mon, Jan 10, 2011 at 2:25 PM, Barrett, Paul S Hi =effrey =/span> Tried calling= =wrote: The AMR Converts we=bought at 113.00 in December are at 121.50. I think we should take profits= Also we now have t=e Market Plus note linked to Telefonica. 18M Market Plus</=> TEF SM Quanto USD Uncappe= upside 25% Contingent buffer — monitored daily COB<=p> Coupon? --> 25.50%<=p> You get the greater of 25.5% or =he upside so long as the stock is not down 25%. If the stock is down 25% o= any day, we lose the coupon and get long the stock at today's level= I think we should d= $2MM. =1span> Also we have =lose to $15MM in cash. I think we should put some of this to work:<=:p> $1MM in the Santander Pfds 1=.50% Coupon; ytm 9.70%, QDI $1MM in the Bank of America Pfds 8.125% Coupon; ytc 7.55%; Q=l let me know=o:p> </=:p> Paul 2 EFTA_R1_00124900 EFTA01792814 <= class=MsoNormal style='mso-margin-top-alt:auto;mso-margin-bottom-alt:=uto'> <=pan style='font-size:11.Opt'> Paul Barrett, CFA Global Investment Opportunities Gro=p JPMorgan Private Bank <=pan style=lont-size:10.5ptfont-family:Consolas;color:#1F497D'>40W 57th=Street, 33rd Floor, New York, NY 10019 =) (F) mailt <=span> This email is confidential and subj=ct to important disclaimers and conditions including on offers for the pur=hase or sale of securities, accuracy and completeness of information, viru=es, confidentiality, legal privilege, and legal entity disclaimers, availa=le at http://www.jpmorgan.com/pages/disclosures/email. <=r clear=all> The information contained in this communication is confide=tial, may be attorney-client privileged, may constitute inside informat=on, and is intended only for the use of the addressee. It is the proper=y of Jeffrey Epstein Unauthorized use, disclosure or copying of thi= communication or any part thereof is strictly prohibited and may be=unlawful. If you have received this communication in error, please noti=y us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jee=acation@gmail.com> , and des=roy this communication and all copies thereof, including all attachment=. copyright -all rights reserved 3 EFTA_R1_00124901 EFTA01792815