From: Jeffrey Epstein <jeevacation@gmail.com>

From: Jeffrey Epstein <jeevacation@gmail.com> To: Paul S Barrett Subject: Fwd: Account P&L - JP Morgan FTC Date: Thu, 22 Dec 2011 18:25:20 +0000 Forwarded message From: Harry Beller Date: Thu, Dec 22, 2011 at 1:22 PM Subject: Account P&L - JP Morgan FTC To: Jeffrey Epstein <jeevacation@gmail.com> I disagree. As of year end 2010 the account was down approximately 1.5 million (total of realized 7 Million loss, and unrealized 5.5 million gain). On December 16,2011 the account is down since inception a total of 4 million (total of realized and unrealized P&I). Thus the account is down approximately 2.5 million for 2011. Paul's computation calculated 2010 P&L as 7 million loss ( only the realized P&L). He did not include unrealized P&L of 5.5 million on open positions. Therefore he understated to you the 2010 P&l by 5.5 million, thereby overstating 2011 total P&L by 5.5 million. This would account for the difference. Paul is calculating 3 million profit for 2011 and I am calculating a 2.5 million dollar loss for 2011. Hany On Dec 22, 2011, at 11:57 AM, Jeffrey Epstein wrote: is this not right? Forwarded message From: Barrett, Paul S 4 Date: Fri, Dec 16, 2011 at 12:18 PM Subject: ING Pfds To: Jeffrey Epstein <jeevacation@gmail.com> Cc: "Giuffrida, David J" Jeffrey We still own $2.5MM of the ING Pfds that we decided to hold when the market sold 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 accept the tender offer. European sovereigns will need to re-finance on average $4.5BIn per day for the entire year in 2012 so reducing our Europe specific exposure makes sense. Loss would be $373K. EFTA00925839 Account has been stable this month — Now up $3MM ytd. Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank (W) (F) NMLS ID# 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://wwwjpmorgan.cornipages/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. copyright -all rights reserved EFTA00925840 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. copyright -all rights reserved EFTA00925841