<table><tr><th>From:</th><th>Jeffrey Epstein &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:
To:</td><td>Wednesday, July 31, 2013 2:24 PM
Barrett, Paul S</td></tr><tr><td>Subject:</td><td>Re: European Equities</td></tr></table>

both

On Wed, Jul 31, 2013 at 10:06 AM, Barrett, Paul S > wrote:

Brent or WTI?</=>

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=span style="font-size:8.0pt;font-family:"Verdana","sans-
s=rif";color:#5f5f5f"><empty>=<empty>

=span style="font-size:8.0pt;font-family:"Verdana","sans-s=rif";color:#5f5f5f">Paul Barrett= | Managing Director
| Global Investment Opportunities Group | J.P. Morgan Private =ank |

320 Park Avenue, 14th Floor, New York, NY=10022 | T: (212) 622-2770 <tel:%28212%29%20622-2770> | F: (212) 310-0108 <tel:%28212%29%20310-0108> | NMIS ID# 853441

From: Jeffrey =pstein (mailto:=eevacation@gmail.com <mailto:jeevacation@gmail.com> J Sent: Wednesday, July 31, 2013 10:06 AM To: Barrett, Paul S Subject: Re: European Equities

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 &lt;Paul.S.Barrett@nrcan.gc.ca&gt; wrote:

Jeffrey

We have $2MM exposure to the Eurostroxx 50 Index via=a structured note. We have recently gone overweight Europe based on improv=ng economic data, a 17% P/E discount to the US and large European underweight positions within client portfolios. au>

I think we should build a portfolio of single name s=ocks that we think will benefit from an improving domestic story. We would=recommend spending $2MM across these 12 names.

Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Private Bank I

320 Park Avenue 14th Floor New York,=NY 10022 | T: (212) 622-2770 <tel:%28212%29%20622-2770> | =F: 
NMLS ID# 853441

This email is confidential and subject to important disclaimers and cond=tions 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 <http://www.jpmorgan.com/pages/disdosures/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 jeevacation@gmail.com <mailto:jeevacation@gmail.com> , 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 conditi=ns including on offers for the purchase or sale of securities, accuracy an= completeness of information, viruses, confidentiality, legal privilege, a=d legal entity disclaimers, available at http://www.jpmorgan.com/pages/=isclosures/email <http://www.jpmorgan.coqpages/disclosures/email> .

***********************_*************** *******************

The information contained in this c=mmunication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the a=dressee. It is the property of Jeffrey Epstein Unauthorized use, di=closure or copying of this communication or any part thereof is strictl= prohibited and may be unlawful. If you have received this communication in error, p=ease notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, =nd destroy this communication and all copies thereof, including all attachm=nts. copyright -all rights reserved