From: Barrett, Paul
Sent: Thursday, October 13, 2011 1:53 PM
To: Jeffrey Epstein
Cc: Giuffrida, David
Subject: Follow Up #1
H= Jeffrey
These are the names I think we should accumulate vs a shor= SP500 position. Would look to build a total of $3MM longs
vs a $3MM SPY=short. Slew of earning coming out over the next few weeks so would avera=e in starting with 25%.
=/o:p>
Also feel that we should fade this move on=the SP and the EUR. Would short the EUR outright and do the collar on th=
SP.
</=d> 22-1u=-2011
Ticker
=td width=203 valign=bottom style='width:152.0pt;border:solid windo=text 1.0pt;border-
left:none;background:black;padding:0in 5.4pt 0in 5=2E4pt;height:38.25pt'>
Name
Industry
Market=Cap
Px Last
% Chg from Ref Date
SPX
S&P 500 INDEX
11,265,780
1,207.25</=:p>
A
EFTA_R1_00086292
EFTA01773456
AGILENT TECHNOLOGIES INC
Life Sciences Tools & Services
width=61 nowrap valign=bottom style&width:46.0pt;border-top:non=;border-left:none;border-bottom:solid
windowtext 1.0pt;border-right:soli= windowtext 1.0pCpadding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
11,729=/span>
=span style=lont-size:10.0ptfont-family:"Arial Narrow","sans-serif">=3.78
-28%
ANR </=> ALPHA NATURAL RESOURCES INC
Oil, Gas & Consumable Fuels=/p> 4,707
20.79
-56%
C </=pan>
CITIGROUP INC
width=155 nowrap valign=bottom style='width:116.Optborder-top:n=ne;border-left:none;border-bottom:solid
windowtext 1.0pt;border-right:so=id windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.75pt'>
Diversified Financial Services
85,204
29.2
-27%
CLF 4=pan>
CLIFFS NATURAL RESOURCES INC</=pan>
Metals & Mining
=/td>9,163<=o:p>
62.75
-3rA
FCX </=pan>
FREEPORT-MCMORAN COPPER=/p> Metals & Mining
2
EFTA_R1_00086293
EFTA01773457
34,019
35.89
-36%
FDX </=pan>
FEDEX CORP
Air Freight & Logistics
23,848
75=2E18
-19%
HAL
4td>HALLIBURTON CO
Energy Equipment & Services
32,252
35=2E07
-39%
HAR
=/td>HARMAN INTERNATIONAL
Household Durables
2,337
=/td>33.42
=27%
HES
HESS CORP
Oi=, Gas & Consumable Fuels
19,067
56.1<=span>
3
EFTA_R1_00086294
EFTA01773458
<=pan style=lont-size:10.0ptfont-family:"Arial","sans-serif"5-25%
=span style=lont-size:10.5ptfont-family:Consolas;colorttlF497D5=nbsp;
Paul Barrett, CFA<=p>
Managing Director
G=obal Investment Opportunities Group
1=Morgan Private Bank
</=iv>
=span STYLE="color :#000000;background-color :OFFFFF"> This email i= confidential and subject to important
disclaimers and conditions includin= on offers for the purchase or sale of securities, accuracy and completene=s of
information, viruses, confidentiality, legal privilege, and legal ent=ty disclaimers, available at
http://www.jpmorgan.com/pages/disclosures=email.
4
EFTA_R1_00086295
EFTA01773459