To: Barrett, Paul From: Jeffrey Epstein Sent: Wed 5/9/2012 7:22:59 PM Subject: Re: Calendar Spreads you didn't provide stock price or all options On Wcd, May 9, 2012 at 3:10 PM, Barrett, Paul S < > wrote: Calendar Spreads — would do CSCO and PCLN as they report tonight. On CSCO we would sell the May 19 Calls and buy the June 19 Calls for a net cost of $0.21 On PCLN we would sell the May 720 Calls and buy the June 720 Calls for a net cost of $12.00 Would look to spend $50,000 in premium per name Implied Next 1 day Earnings move on Date earning s 1st Month 2nd Month 1st/2nd Average ATM ATM ATM historical Implied Implied Vol Implied Vol Vol spread Vol 05/09/201 CSCO Cisco Systems Inc 2 6.16 47.9 32.0 15.9 32.1 05/09/201 PCLN priceline.com Inc 2 9.13 70.7 46.9 23.8 46.9 05/10/201 MCP Molycorp Inc 2 9.52 87.0 68.9 18.2 68.9 05/11/201 NVDA NVIDIA Corp 2 7.67 64.4 47.3 17.1 47.5 Paul Barrett, CFA Managing Director EFTA_R1_00297340 EFTA01883274 Global Investment Opportunities Group JPMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 (4) (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 http://www.jomorgan.contipages/disclosurcskmail. 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 jeep acation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_00297341 EFTA01883275