From: Barrett, Paul S Sent: Friday, April 8, 2011 3:42 PM To: Jeffrey Epstein Subject: Update and trade idea Hi Jeffrey Nice moves in INR, SGD, CN= overnight <1=> JPY continues to weaken. Would sit with the short JPY p=sition. Our 92/100 oil call spread comes off on the 14th &nbs=; With QE2 expiring in June and with over =0% of their treasury purchases in the 5y and7y part of curve, I think we s=ould buy some Treasury Puts. 111bps for a 4 month 2.55% strike put on the Syr Treasury.=Currently at 2.32%. Breakeven = 2.79%. &=bsp; Would spend 5200K in premium Long Rus=ian Ruble — it finally looks like the RUB will break to the upside (=any EM central banks are allowing more meaningful appreciation of their cu=rencies). Domestic inflation is running at 9.50% and a stronger RUB sh=uld help. Would do $2.SMM notional. Paul =p class=MsoNormal> Paul Barrett, CFA Managing Director EFTA_R1_00156777 EFTA01808057 Global Investment Opportunities Grou= JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019=/o:p> &nbs=; This email is confidential and subject to impo=tant disclaimers and conditions including on offers for the purchase or sa=e of securities, accuracy and completeness of information, viruses, confid=ntiality, legal privilege, and legal entity disclaimers, available at http=//www.jpmorgan.com/pages/disclosures/email. 2 EFTA_R1_00156778 EFTA01808058