From: Jeffrey Epstein <jeevacationggmail.com>

From: Jeffrey Epstein <jeevacationggmail.com> To: "Barrett, Paul S" < Subject: Re: TO Do and Iran Date: Fri, 03 Feb 2012 13:19:53 +0000 ok On Thu, Feb 2, 2012 at 10:40 PM, Barrett, Paul S < wrote: Would you like to see any other Iran ideas? I do like the CDS on Saudi. Also vol has come way down and we should look at buying volatility both in equities and fx. I will send you some ideas. Paul From: Jeffrey Epstein [rnailto:jeeyacationOgrnail.corn] Sent: Thursday, February 02, 2012 06:05 PM To: Barrett, Paul S Subject: Re: TO Do and Iran no On Thu, Feb 2, 2012 at 7:05 PM, Barrett, Paul S < What do you think of the Iran option? 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 From: Jeffrey Epstein [mailto:jeeyacationgrnail.corn] Sent: Thursday, February 02, 2012 5:53 PM To: Barrett, Paul S Subject: Re: TO Do and Iran > wrote: EFTA00928951 ok On Thu, Feb 2, 2012 at 6:51 PM, Barrett, Paul S < Jeffrey wrote: 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 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 lutp://www1pmoraan.com/pages/disclosures/email. EFTA00928952 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. 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. 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 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 EFTA00928953