From: Barrett, Paul S < Sent: Tuesday, May 8, 2012 3:34 PM To: Jeffrey Epstein Cc: Ens, Amanda; Giuffrida, David Subject: RE: Oil Pricing Jeffrey 4 things: 1. So we like short EUR v CAD outright 2. We should buy 1.5MM of the RBS 9.875% bonds. They have a yield to call of 7.30%. If they don't call it in 2016 it switches to Syr swaps plus 850bps. 3. We should spend the remaining 750K of cash in Haze on another non-agency mortgage 4. I would like to start trading calendar option spreads around earnings (selling the near dated call and buying the next expiry call with same strike; take advantage of the vol skew where available). Can walk you through some examples. Let me know Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank New York, NY 10022 EFTA_R1_01710969 EFTA02553842