From: Jeffrey Epstein <[email protected]>

From: Jeffrey Epstein <[email protected]> To: Paul S Barrett Subject: Re: FW: Wheat Date: Mon, 16 Aug 2010 13:19:24 +0000 yes„ I am frustrated„ the directive for the account was to take early losses.. the three main JPM economic suggestions have been very very wrong. interest rates, yen, and euro div. the other small bond positions have traded as they were rated to, no surprises. Jeff and I discusses the view that interest rates were going to stay low or go lower. I said that Jes and I had agreed . I was told that the analyst felt very strongly , that that was not the case. On Mon, Aug 16, 2010 at 7:05 AM, Paul S Barrett c:a wrote: Jeffrey Are you available today? We need to discuss the 30yr swap exposure. Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) From: Paul S Barrett Seat: Friday, August 13, 2010 10:49 AM To: leevacation' Cc: Jeffrey M Matusow Subject: RE: Wheat Jeffrey EFTA00779366 Please call in. We have a swaption expiring at I lam. I think we should cash settle and reduce our 30yr swap exposure. If we don't hear from you we will take physical delivery of the swap and then we can unwind it later. The new QE2 from the Fed changes the game on rates and I think it is going to take a longer time for long rates to sell off. Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) From: Jeevacation [mailto:jecvacationtegmail.com] Sent: Monday, August 09, 2010 11:17 AM To: Paul S Barrett Subject: Re: Wheat This week Sent from my iPhone On Aug 9, 2010, at 11:08 AM, Paul S Barrett < wrote: Hi Jeffrey Tried calling your 212 number. Jeff M mentioned you may have some interest in wheat. Let me know if you need anything. EFTA00779367 We bought some 600 puts on the Dec10 contract last week. Paid 2.90%. Implied vol around 44%. Paul Paul Barrett, CFA Managing Director 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 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], and destroy this communication and all copies thereof, including all attachments. EFTA00779368