From: Barrett, Paul S Sent: Thursday, January 13, 2011 4:55 PM To: Jeffrey Epstein Subject: Idea Hi Jeffrey=o:p> Two ideas to consider: &n=sp; Buy $1MM of the Barclays 8.125% Pfd =ith a ytc of 7.60%. Dividend income. With Chinese inflation =unning above 5%, we think the central bank will be forced allow for quicke= CNY currency appreciation. The 12 month forwards are pricing in a 2.7= premium. We should sell $10MM USD and buy CNY via a 12 month forward.=o:p> Will call to discuss. <=pan style=ifont-size:11.0pt;font-family:"Calibri","sans-serif">&=bsp; Paul <1=> Paul Barrett, CFA Managing Director Global Investmen= Opportunities Group JPMorgan Private=Bank 40W 57th Street, 33rd Floor, New=York, NY 10019 EFTA_R1_00125432 EFTA01793076 This email is confidential =nd subject to important disclaimers and conditions including on offers for=the purchase or sale of securities, accuracy and completeness of informati=n, viruses, confidentiality, legal privilege, and legal entity disclaimers= available at http://www.jpmorgan.com/pages/disclosures/email. =OA 2 EFTA_R1_00125433 EFTA01793077