To: jeevacation@gmail.com[jeevacation@gmail.com]; jeevacation@gmail.com[jeevacation@gmail.com] From: Barren, Paul S Sent: Fri 2/3/2012 2:40:45 AM Subject: Re: TO Do and Iran 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 [mailto:jeevacation@gmail.com] 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 c wrote: What do you think of the Iran option? Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank From: Jeffrey Epstein [mailto:leeyacationegmail.com] Sent: Thursday, February 02, 2012 5:53 PM To: Barrett, Paul S Subject: Re: TO Do and Iran EFTA_R1_00543537 EFTA02032730 ok On Thu, Feb 2, 2012 at 6:51 PM, Barrett, Paul S < wrote: Jeffrey 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 EFTA_R1_00543538 EFTA02032731 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 h up.ilwwu jimorean corn tpauesldisclosures'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 c-mail or bye-mail toice%acation (Lumw I coin, 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://wwwjpmorgan.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 icevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_00543539 EFTA02032732