<table><tr><th>From:</th><th>Barrett, Paul S &lt;</th></tr><tr><td>Sent:</td><td>Wednesday, February 8, 2012 11:30 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>FW: TO Do and Iran</td></tr></table>

Jeffrey

1.&n=sp; We should buy another $2MM of the Ally Pfds. We =ought some last week (up 2% since then) but it sounds like they could rid =hemselves of the Rescap liabilities which could be good for the pfds=2E

2. = We=should also take profits on the remaining 2.5MM SGD forward. It has ha= a nice run and it seems to be losing some steam.

=0D

=

3. Out CIT bonds in Haze=trust will be called at par in a few weeks. Will need to find a replacem=nt when it happens.

4.&nbs=; Portfolio is up 4.75% YTD. I feel like we are un=erweight equity risk. I would like to add $SMM of single name equities a=d simultaneously buy a) $SMM of a 6 month 95% SP500 put with a 1020 =nock out. The vol skew is making this very attractive right now. Cost =s 1.65% and b) Buy 5MM of a 1350/1250 Put spread and sell a 1425 call.=nbsp;

=span style="font-size:11.0pt;font-family:"Calibri","san=-serif";color:#1F497D">Paul

<=>:

Paul Barrett, CFA

Managing Director

Global Inv=stment Opportunities Group

JP=organ Private Bank

320 Park A=enue, 14th Floor, New York, NY 10022

Key information extracted from the image:

*   Phone Number (W) : [Redacted]
*   Fax Number (F) : [Redacted]
*   NMLS ID: [Redacted]
*   Email: [Redacted]

=0D

From: Barrett, Paul S
Sent:</=> Thursday, February 02, 2012 5:51PM
To: 'Jeffrey Epstein=
Cc: Giuffrida, David J; Ens, Amanda
Subject:<=b> TO Do and Iran

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:

=span style="font-size:11.0pt;font-family:"Calibri","san=-serif"">

=nbsp; You could buy a $115 WTI call option that is contingent =n the SP500 being below 1260 at maturity. Cost is 1.350% for 6 months =R

= Buy credit default protection on Saudi Arabia for 145bps

=/p>

Will call to discuss</=:p>

Paul

=0A

Paul Barrett, CFA

Managing Director

GI-bal Investment Opportunities Group

JPMorgan Private Bank

| Field | Value |
|---|---|
| Organization | JPMorgan Private Bank |
| Address | 32= Park Avenue, 14th Floor, New York, NY 10022 |
| Contact (W) | [redacted] (black box) |
| Contact (F) | [redacted] (black box) |
| NMLS ID# | [redacted] (black box) |
| Email / mailto | [redacted] (black box) |
| Other visible text | "=p class=\"MsoNormal\"" (HTML fragment) |

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