<table><tr><th>From:</th><th>Barrett, Paul S &lt;</th></tr><tr><td>Sent:</td><td>Thursday, May 10, 2012 2:33 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>RE:</td></tr></table>

I know — you have to do a portfolio approach for these. On $50= premiums spent: PCLN we unwound for a$20K profit; CSCO lost $40K. We ha=e done 8 so far this earnings season and 6 have been winners. Lose=s have been bigger than the winners but overall positive on the strategy=2E

=p class="MsoNormal">

=span style="font-size:10.5pt;font-family:Consolas;color:#1F497D">Paul =arrett, CFA

Managing Directo=

Global Investment Opportunit=es Group

JPMorgan Private Ban=

320 Park Avenue, 14th Floor,=New York, NY 10022

NMLS ID# 853441

From: Jeffrey =pstein Imailto:jeevacation@gmail.coml
Sent: Thursd=y, May 10, 2012 10:05 AM
To: Barrett, Paul S
S=bject:

=o:p>

looks like the cisco trade was a born loser =br> --
***************************************************_*******

The information contained in this communication is =0Aconfidential, may be attorney-client privileged, may constitute=inside information, and is intended only for the use of the addre=see. It is the property of Jeffrey Epstein

Unauthoriz=d use, disclosure or copying of this communication or any part th=reof is strictly prohibited and may be unlawful. If you have re=eived this communication in error, please notify us immediately b= return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmai=.com> , and =estroy this communication and all copies thereof, including all a=tachments. copyright -all rights reserved

=0A

This email is confidential and subject to importa=t disclaimers and conditions including on offers for the purchase or sale =f securities, accuracy and completeness of information, viruses, confident=ality, legal privilege, and legal entity disclaimers, available at http://=ww.jpmorgan.com/pages/disclosures/email.