From: Jeffrey Epstein <[email protected]>

From: Jeffrey Epstein <[email protected]> To: "Barrett, Paul S" Subject: Re: European Equities Date: Wed, 31 Jul 2013 14:06:10 +0000 I n ne-I mages: image001.png i beleive more in an oil spike in the bext couple of months, lets look at cashelss in many variations. On Wed, Jul 31, 2013 at 10:03 AM, Barrett, Paul S 4 wrote: Jeffrey We have $2MM exposure to the Eurostroxx 50 Index via a structured note. We have recently gone overweight Europe based on improving economic data, a 17% PIE discount to the US and large European underweight positions within client portfolios. I think we should build a portfolio of single name stocks that we think will benefit from an improving domestic story. We would recommend spending $2MM across these 12 names. Brokerage - diversified basket of early-cycle quality names DEC FP K DECAUX ADEN VX ADECCO France Switzerland Outdoor Adverstising Employment Staffing 5.2 11.2 1.9% 3.10/0 20.9 x 13.4 x OW OW 65% 52% F, V F,V VOW3 GR VOLKSWAGEN Germany Autos 79.9 2.0% 7.2 x OW 65% F,V LLOY LN LLOYDS Britain Banking 48.2 0.0% 11.6x N 100% CA FP CARREFOUR France Food Retail 16.8 2.5% 14.5 x OW 73% F,V CCH LN COCA-COLA HBC Switzerland Beverages 6.1 1.7% 18.6x OW 74% F.V AGL IM AUTOGRILL Italy Travel Retail, Foodservice 2.9 0.0% 23.9x N 63% F,V AC FP ACCOR France Hotels 6.5 2.7% 17.6x OW 76% F,V RNO FP RENAULT France Autos 17.7 2.9% 63x N 65% F.V COMPAGNIE DE SAINT- SGO FP GOBAIN France Construction Materials 18.7 3.7% 12.7x OW 69% F.V BNP FP BNP PARIBAS France Banking 59.6 3.1% 9x N 63% F.V FRAPORT AG FRA GR FRANKFURT AIRPORT Germany Travel/Leisure 4.5 2.6% 17.1 x OW 84% F,V EFTA01142652 Paul Barrett I Managing Director I Global Investment Opportunities Group I ).P. Morgan Private Bank I 320 Park Avenue, 14th Floor, New York, NY 10022 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 [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01142653