To: Jeffrey [email protected]] From: Barrett, Paul S Sent: Thur 5/10/2012 2:32:45 PM Subject: RE: I know — you have to do a portfolio approach for these. On $50K premiums spent: PCLN we unwound for a$20K profit; CSCO lost $40K. We have done 8 so far this earnings season and 6 have been winners. Losers have been bigger than the winners but overall positive on the strategy. Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank From: Jeffrey Epstein [mailto:[email protected]] Sent: Thursday, May 10, 2012 10:05 AM To: Barrett, Paul S Subject: looks like the cisco trade was a born loser The information contained in this communication is confidential, may be attorney-client privileged, may EFTA_R1_00299938 EFTA01884857

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