Epstein Secrets

yst 122.0 129.8 142.6 Consensus Bear 102.1 106.8 105.0 Dividend Future 109.1 91.6 86.2 EFTA00661245 Financials (IBES) 93A 98A 103.6 Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank NY 10019 This email is confidential and subject to important

xpected to contribute —2 points to 2012 dividends and - 2.5 points to 2013 dividends. Most other banks have reported already (namely Santander) but Telefonica reports on Friday and at 9-10% of dividend expectations is worth keeping an eye on even if it isn't a bank. The linked spreadsheet contains a bottom

on a 1 month put. If China fears accelerate there could be significant downside from here and would like to protect these gains. Let me know Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group 7PMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 From: Jeffrey

Pfds we own. Same story —just looking to reduce financial pfd exposure. Paid 93.50. Would work 83.00 to sell. We have protection on half our MS and Telefonica positions. Corn was down 5% on Friday's inventory report. We are still up $1.5MM on this position. I think we spend some of these profits on a 1 mo

with Knock-In: 71 Cashless We will also have the book open for the Telefonica market plus note on Monday. Will call you to discuss. Thanks Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group 7PMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) EFT

14Apr11 Buy a 92 x 100 WTI call-spread (8.70% max return) Short a 92 WTI put, with Knock-In: 71 Cashless We will also have the book open for the Telefonica market plus note on Monday. Will call you to discuss. Thanks Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group 7PM