From: Barrett, Paul S <paul.s.barrett@jpmorgan.com>
Sent: Wednesday, January 4, 2012 7:58 PM
To: Jeffrey Epstein
Cc: Giuffrida, David J
Subject: To Discuss

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Jeffrey

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=p class="MsoListParagraph" style="text-indent:-.25in;mso-list:I0 lev=l1Ifol">1. = Put $5MM of the $21MM in the short duration bond fund=/p>

2.&=bsp; Do you want any further pricing on oil calls?=/p>

3.&=bsp; I still prefer playing EUR to the downside using the EUR Puts t=at we have been buying. If spot gets back above 1.3000 I think we shou=d buy 1.3000 EUR Puts with a 1.2450 Knock Out.

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Will call you in the morning=2E

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Paul=/o:p>

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=0D

Paul Barrett, CFA

Managing Director

=lobal Investment Opportunities Group

JPMorgan Private Bank

This email is confidential =nd subject to important disclaimers and conditions including on offers for=the purchase or sale of securities, accuracy and completeness of informati=n, viruses, confidentiality, legal privilege, and legal entity disclaimers= available at http://www.jpmorgan.com/pages/disclosures/email. =OA