To: [email protected][[email protected]]; Jeffrey Epstein[[email protected]] From: Barrett Paul S Sent: Thur 5/10/2012 2:39:39 PM Subject: RE: Re: Nope Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank From: Jeffrey Epstein [mailto:[email protected]] Sent: Thursday, May 10, 2012 10:34 AM To: Barrett, Paul S Subject: Re: we didn't do csco did we?? On Thu, May 10, 2012 at 10:32 AM, Barrett, Paul S <[email protected]> wrote: I know - you have to do a portfolio approach for these. On $50K premiums spent: PCLN we unwound for a$2UK 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. EFTA_R1_02211142 EFTA02724337

Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank From: Jeffrey Epstein [mailtoueeyacation(d'ornall.com] 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 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 [email protected], 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 conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, EFTA_R1_02211143 EFTA02724338

confidentiality, legal privilege, and legal entity disclaimers, available at http://www.ipmorgan.com/pages/disclosures/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 [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_02211144 EFTA02724339