From: Barrett, Paul S
Sent: Wednesday, October , :
To: Jeffrey Epstein
Cc: Giuffrida, David
Subject: Equity Ideas/INR/Middle East
H= Jeffrey
=p class=MsoNormal>111 — I think we should leg into 1/3 of our long stock= vs short S&P position. The lists of names
below are down on average=32% vs the S&P since July 22nd. $1MM first tranche=2E
4=d> 22-Ju=-2011
<=td> JPMS LLC Ratings
Ticker
Name
Industry
Market Cap
Px Last
% Chg =rom Ref Date
Div Yl=
</=pan>
Rating
<=td>.IPMSI Target
Upside / Dwnside
SPX
S&P 500 INDEX
1,226.16
EFTA_R1_00086029
EFTA01773307
-9%
A
AGILENT TECHNOLOGIES INC
Life Sciences Tools & Services
width=68 nowrap valign=bottom style&width:51.3pt;border-top:non=;border-left:none;border-bottom:solid
windowtext 1.0pt;border-right:soli= windowtext 1.OpCpadding:0in 5.4pt 0in 5.4ptheight:12.75pe>
11,618=/span>
=span style=sfont-size:10.0ptfont-family:"Arial Narrow","sans-serif">=3.46
-29%
0.00
</=d>
OW
50.00
49%
class=MsoNormal>ANR
ALPH= NATURAL RESOURCES INC
Oil, =as & Consumable Fuels
4,875
21.53
-54%
0.00
2
EFTA_R1_00086030
EFTA01773308
=p class=MsoNormal align=right style='text-align:right'> 40:p>
N
34.00
58%
C
CITIGROUP INC=/span>
Diversified Financial Services</=:p>
88,180
30.22
-25%<=p> 0.13
OW
<= class=MsoNormal align=right style=lext-align:right554.00</=:p>
79%
CLF
<=td>CLIFFS NATURAL RESOURCES INC
<=td>Metals & Mining
8,762
60=2E01
-40%
1.87
OW
119.00
98%
=p class=MsoNormal>FCX
3
EFTA_R1_00086031
EFTA01773309
FRE=PORT-MCMORAN COPPER
Metals &=mp; Mining
33,460
35.3
<=d width=81 nowrap valign=bottom style&width:61.0pt;border-top:non=;border-left:none;border-bottom:solid
windowtext 1.0pt;border-right:soli= windowtext 1.0pt;background:#F2DDDC;padding:0in 5.4pt 0in
5.4pthei=ht:12.75O>
2.83
<=p> OW=io:p>
63.00
78%
FDX <=o:p>
FEDEX CORP
<=td>Air Freight & Logistics
</=d>=p class=MsoNormal align=right style='text-align:right'>24,080=/o:p>
75.91
-18%
0.69
OW
105.00<=p> 38%
HAL
HALLIBURTON CO
Energy=Equipment & Services
31,792
34.57
4
EFTA_R1_00086032
EFTA01773310
-40%
1.04
=p class=MsoNormal align=right style='text-align:right'> =/o:p>
OW
65.00
88%
HAR
HARMAN INTERNATIO=AL
Household Durablesao:p>
2,529
36.16
-21%
0=2E83
OWap> 50.00a:p>
38%
HES </a HESS CORP
Oil, Gas & Consumable Fuels
19,749<=p> 58.105=o:p>
-22%
0.69
apan style='font-size:10.Opt;font-family:"Aria) Narrow","sans-serif">&=bsp;
OW
89.00
53%
Average
5
EFTA_R1_00086033
EFTA01773311
•32%
=td width=49 nowrap valign=bottom style='width:37.05pt;padding:0in =.4pt 0in 5.4pt;height:12.75pt'>
#2 — We should re=establish a long INR strategy. We were long outright. I think we shoul= enter into a risk reversal (buy
3 month 48.50 INR call and sell 51.50=INR Put)
=p class=MsoNormal>#3 — Do you want me to refresh the middle east pricin=?
Paul
=/P>
=/o:p>
Paul Barrett, CFA
Managing Dir=ctor
Global Investment Opportunities =roup
JPMorgan Private Bank=/span>
84n=sp;
This email is confidential and subject to im=ortant disclaimers and conditions including on offers for the purchase or =ale
of securities, accuracy and completeness of information, viruses, conf=dentiality, legal privilege, and legal entity
disclaimers, available at ht=p://www.jpmorgan.com/pages/disclosures/email.
6
EFTA_R1_00086034
EFTA01773312