EFTA01773456

From: Barrett, Paul Sent: Thursday, October 13, 2011 1:53 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: Follow Up #1 H= Jeffrey These are the names I think we should accumulate vs a shor= SP500 position. Would look to build a total of $3MM longs vs a $3MM SPY=short. Slew of earning coming out over the next few weeks so would avera=e in starting with 25%. =/o:p> Also feel that we should fade this move on=the SP and the EUR. Would short the EUR outright and do the collar on th= SP. </=d> Ticker 22-1u=-2011 =td width=203 valign=bottom style='width:152.0pt;border:solid windo=text 1.0pt;border- left:none;background:black;padding:0in 5.4pt 0in 5=2E4pt;height:38.25pt'> Name Industry Market=Cap Px Last % Chg from Ref Date SPX S&P 500 INDEX 11,265,780 1,207.25</=:p> A EFTA_R1_00086292 EFTA01773456 AGILENT TECHNOLOGIES INC Life Sciences Tools & Services width=61 nowrap valign=bottom style&width:46.0pt;border-top:non=;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:soli= windowtext 1.0pCpadding:0in 5.4pt 0in 5.4pt;height:12.75pt'> 11,729=/span> =span style=lont-size:10.0ptfont-family:"Arial Narrow","sans-serif">=3.78 -28% ANR </=> ALPHA NATURAL RESOURCES INC Oil, Gas & Consumable Fuels=/p> 20.79 -56% C </=pan> CITIGROUP INC 4,707 width=155 nowrap valign=bottom style='width:116.Optborder-top:n=ne;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:so=id windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'> Diversified Financial Services 85,204 29.2 -27% CLF 4=pan> CLIFFS NATURAL RESOURCES INC</=pan> Metals & Mining =/td>9,163<=o:p> 62.75 -3rA FCX </=pan> FREEPORT-MCMORAN COPPER=/p> Metals & Mining 2 EFTA_R1_00086293 EFTA01773457 34,019 35.89 -36% FDX </=pan> FEDEX CORP Air Freight & Logistics 23,848 75=2E18 -19% HAL 4td>HALLIBURTON CO Energy Equipment & Services 32,252 35=2E07 -39% HAR =/td>HARMAN INTERNATIONAL Household Durables 2,337 =/td>33.42 =27% HES HESS CORP Oi=, Gas & Consumable Fuels 19,067 56.1<=span> 3 EFTA_R1_00086294 EFTA01773458 <=pan style=lont-size:10.0ptfont-family:"Arial","sans-serif"5-25% =span style=lont-size:10.5ptfont-family:Consolas;colorttlF497D5=nbsp; Paul Barrett, CFA<=p> Managing Director G=obal Investment Opportunities Group 1=Morgan Private Bank </=iv> =span STYLE="color :#000000;background-color :OFFFFF"> This email i= confidential and subject to important disclaimers and conditions includin= on offers for the purchase or sale of securities, accuracy and completene=s of information, viruses, confidentiality, legal privilege, and legal ent=ty disclaimers, available at http://www.jpmorgan.com/pages/disclosures=email. 4 EFTA_R1_00086295 EFTA01773459