From: Barrett, Paul S Sent: Wednesday, October , : To: Jeffrey Epstein Cc: Giuffrida, David Subject: Equity Ideas/INR/Middle East H= Jeffrey =p class=MsoNormal>111 — I think we should leg into 1/3 of our long stock= vs short S&P position. The lists of names below are down on average=32% vs the S&P since July 22nd. $1MM first tranche=2E 4=d> <=td> JPMS LLC Ratings Ticker Name Industry Market Cap Px Last % Chg =rom Ref Date Div Yl= </=pan> Rating <=td>.IPMSI Target Upside / Dwnside SPX S&P 500 INDEX 1,226.16 22-Ju=-2011 EFTA_R1_00086029 EFTA01773307 -9% A AGILENT TECHNOLOGIES INC Life Sciences Tools & Services width=68 nowrap valign=bottom style&width:51.3pt;border-top:non=;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:soli= windowtext 1.OpCpadding:0in 5.4pt 0in 5.4ptheight:12.75pe> 11,618=/span> =span style=sfont-size:10.0ptfont-family:"Arial Narrow","sans-serif">=3.46 -29% 0.00 </=d> OW 50.00 49% class=MsoNormal>ANR ALPH= NATURAL RESOURCES INC Oil, =as & Consumable Fuels 4,875 21.53 -54% 0.00 2 EFTA_R1_00086030 EFTA01773308 =p class=MsoNormal align=right style='text-align:right'> 40:p> N 34.00 58% C CITIGROUP INC=/span> Diversified Financial Services</=:p> 88,180 30.22 -25%<=p> 0.13 OW <= class=MsoNormal align=right style=lext-align:right554.00</=:p> 79% CLF <=td>CLIFFS NATURAL RESOURCES INC <=td>Metals & Mining 8,762 60=2E01 -40% 1.87 OW 119.00 98% =p class=MsoNormal>FCX 3 EFTA_R1_00086031 EFTA01773309 FRE=PORT-MCMORAN COPPER Metals &=mp; Mining 33,460 35.3 <=d width=81 nowrap valign=bottom style&width:61.0pt;border-top:non=;border-left:none;border-bottom:solid windowtext 1.0pt;border-right:soli= windowtext 1.0pt;background:#F2DDDC;padding:0in 5.4pt 0in 5.4pthei=ht:12.75O> 2.83 <=p> OW=io:p> 63.00 78% FDX <=o:p> FEDEX CORP <=td>Air Freight & Logistics </=d>=p class=MsoNormal align=right style='text-align:right'>24,080=/o:p> 75.91 -18% 0.69 OW 105.00<=p> 38% HAL HALLIBURTON CO Energy=Equipment & Services 31,792 34.57 4 EFTA_R1_00086032 EFTA01773310 -40% 1.04 =p class=MsoNormal align=right style='text-align:right'> =/o:p> OW 65.00 88% HAR HARMAN INTERNATIO=AL Household Durablesao:p> 2,529 36.16 -21% 0=2E83 OWap> 50.00a:p> 38% HES </a HESS CORP Oil, Gas & Consumable Fuels 19,749<=p> 58.105=o:p> -22% 0.69 apan style='font-size:10.Opt;font-family:"Aria) Narrow","sans-serif">&=bsp; OW 89.00 53% Average 5 EFTA_R1_00086033 EFTA01773311 •32% =td width=49 nowrap valign=bottom style='width:37.05pt;padding:0in =.4pt 0in 5.4pt;height:12.75pt'> #2 — We should re=establish a long INR strategy. We were long outright. I think we shoul= enter into a risk reversal (buy 3 month 48.50 INR call and sell 51.50=INR Put) =p class=MsoNormal>#3 — Do you want me to refresh the middle east pricin=? Paul =/P> =/o:p> Paul Barrett, CFA Managing Dir=ctor Global Investment Opportunities =roup JPMorgan Private Bank=/span> 84n=sp; This email is confidential and subject to im=ortant disclaimers and conditions including on offers for the purchase or =ale of securities, accuracy and completeness of information, viruses, conf=dentiality, legal privilege, and legal entity disclaimers, available at ht=p://www.jpmorgan.com/pages/disclosures/email. 6 EFTA_R1_00086034 EFTA01773312