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From: Barrett, Paul S < Sent: Tuesday, May 8, 2012 3:34 PM To: Jeffrey Epstein Cc: Ens, Amanda; Giuffrida, David Subject: RE: Oil Pricing Jeffrey 4 things: 1. So we like short EUR v CAD outright 2. We should buy 1.5MM of the RBS 9.875% bonds. They have a yield to call of 7.30%. If they don't call it in 2016 it switches to Syr swaps plus 850bps. 3. We should spend the remaining 750K of cash in Haze on another non-agency mortgage 4. I would like to start trading calendar option spreads around earnings (selling the near dated call and buying the next expiry call with same strike; take advantage of the vol skew where available). Can walk you through some examples. Let me know Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank New York, NY 10022 EFTA_R1_01710969 EFTA02553842 <mailto From: Giuffrida, David., Sent: Tuesday, May 08, 2012 9:15 AM To: Jeffrey Epstein Cc: Ens, Amanda; Barrett, Paul S Subject: RE: Oil Pricing Jeffrey, Bullish Brent risk reversals September 2012 contract (13Aug2012 expiry) 111.10 reference 1) buy 140 call sell 100 put Net credit $1.87/bbl (Same trade you put on last week. When Brent was 118 you received $0.29/bbl on 250,000 bbls) 2) buy 130 call sell 93 put COSTLESS 2 EFTA_R1_01710970 EFTA02553843 From: Barrett, Paul S Sent: Tuesday, May 08, 2012 08:32 AM To: [email protected] <[email protected] <mailto:[email protected]» Cc: Giuffrida, David J Subject: Re: Ok Will come back with some pricing Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank New York, NY 10022 <mailto From: Jeffrey Epstein (mailto:[email protected] Sent: Tuesday, May 08, 2012 08:25 AM To: Barrett, Paul S Subject: lets look at more oil spreads 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 [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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. 3 EFTA_R1_01710971 EFTA02553844