From: Jeffrey Epstein <jeevacation@gmail.com>

From: Jeffrey Epstein <jeevacation@gmail.com> To: Paul S Barrett Subject: Re: Oil Date: Thu, 09 Dec 2010 16:41:41 +0000 yes, paul that seems to be the position on many of the things that we have bought over the past year. with much buying and sellling you must look at the results . same issue on the sm bond„ if it moves against you, why not take the quick loss. dividends etc.. instead of trying to double downon positions that have gone against the view. On Thu, Dec 9, 2010 at 11:38 AM, Paul S Barrett < > wrote: The switch into the GM Convert is a better place holder...earn a coupon and keep the upside. We still feel that we will make money on this position. Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) From: Jeffrey Epstein [mailto:jeevacationtegmail.com Sent: Thursday, December 09, 2010 11:33 AM To: Paul S Barrett Subject: Re: Oil a loss on the corn colloar a loss on the gm bonds„ what should we do. On Thu, Dec 9, 2010 at 11:30 AM, Paul S Barrett $30,000 - $119,000 > wrote: EFTA00898820 Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) From: Jeffrey Epstein [mailto:jcevacation4ismail.com] Sent: Thursday, December 09, 2010 I I :27 AM To: Paul S Barrett Subject: Re: Oil no the range of the calls On Thu, Dec 9, 2010 at 11:25 AM, Paul S Barrett < 90.85 on the 7ih of Dec Range has been 80 — 90.85 over the past 30days Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) > wrote: EFTA00898821 From: Jeffrey Epstein [mailtojeevacation@gmail.com Sent: Thursday, December 09, 2010 II :23 AM To: Paul S Barrett Subject: Re: Oil how high did it get in the past two weeks„ On Thu, Dec 9, 2010 at 11:06 AM, Paul S Barrett We can sell the 90 oil call that expires next week for 30,000. Was cashless upfront. New risk reversal would be: Aug2011 contract 100 Call 81.25 Put Or 105 Call 77.25 Put Both cashless I like the 1st strategy Paul Barrett, CFA > wrote: Managing Director EFTA00898822 Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. EFTA00898823 This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmo an.com/pages/disclosures/email. *********************************************************** The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. EFTA00898824