From: Barrett, Paul S < Sent: Monday, September 19, 2011 2:09 PM To: Jeffrey Epstein Cc: Ens, Amanda; Giuffrida, David Subject: Update Hi Jeffrey We are long $10MM worth of India= Rupee and Singapore Dollar. Both currencies have sold off recently (SGD=5% and INR 3%) since Sept 1st on liquidation and position squar=ng. I am worried that things will get worse in the near term before reco=ering. So I think we switch from outright forwards into options.<=o:p> - &n=sp; Unwind SGD forward and ent=r into a 1 month SGD call option. We are back to breakeven on this posit=on and I do not want to go into a loss. A 1 month SGD call will cost 1=2E2%. If it snaps back then we are long but if the unwind continues we h=ve no more downside exposure =span style='mso-list:lgnore'>- <=span>Unwind INR Forward. We are now down $150K on the position sinc= inception. INR has sold off 8% since early Aug. I do think INR is che=p but remains vulnerable to worse macro news. We would recommend unwindi=g the forward and buying a 47.00 Call on $20MM (twice what we have on vi= the forward) notional. Cost around 50bps. Are you free to discu=s? Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 1 EFTA_R1_00089975 EFTA01775776 =p> This emai= is confidential and subject to important disclaimers and conditions inclu=ing on offers for the purchase or sale of securities, accuracy and complet=ness of information, viruses, confidentiality, legal privilege, and legal =ntity disclaimers, available at http://www.jpmorgan.com/pages/disclosu=es/email. 2 EFTA_R1_00089976 EFTA01775777