From: Jeffrey Epstein <jeeyacationggmail.eom>

From: Jeffrey Epstein <jeeyacationggmail.eom> To: "Barrett, Paul S" < Subject: Re: FW: TO Do and Iran Date: Thu, 09 Feb 2012 01:06:12 +0000 1-3 ok On Wed, Feb 8, 2012 at 7:29 PM, Barrett, Paul S Jeffrey > wrote: 1. We should buy another $2MM of the Ally Pfds. We bought some last week (up 2% since then) but it sounds like they could rid themselves of the Rescap liabilities which could be good for the pfds. 2. We should also take profits on the remaining 2.5MM SGD forward. It has had a nice run and it seems to be losing some steam. 3. Out CIT bonds in Haze trust will be called at par in a few weeks. Will need to find a replacement when it happens. 4. Portfolio is up 4.75% YTD. I feel like we are underweight equity risk. I would like to add $SMM of single name equities and simultaneously buy a) $SMM of a 6 month 95% SP500 put with a 1020 knock out. The vol skew is making this very attractive right now. Cost is 1.65% and b) Buy 5MM of a 1350/1250 Put spread and sell a 1425 call. Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 (W) (F) NMLS ID# 853441 EFTA00929628 From: Barrett, Paul S Sent: Thursday, February 02, 2012 5:51 PM To: 'Jeffrey Epstein' Cc: Giuffrida, David 3; Ens, Amanda Subject: TO Do and Iran Jeffrey I think we should buy $1MM of the Ally Preferreds. This is the former GMAC. ABS continues to tighten which should help their business. Right now the Allys yield 11% ytw On IRAN: - You could buy a $115 WTI call option that is contingent on the SP500 being below 1260 at maturity. Cost is 1.350% for 6 months OR - Buy credit default protection on Saudi Arabia for 145bps Will call to discuss Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 (W) (F) NMLS ID# 853441 EFTA00929629 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. copyright -all rights reserved EFTA00929630