EFTA01754591

Sent Monday, September 30, 2013 3:19:32 PM Subject update From: Laurie Cameron To: Jeffrey Epstein <[email protected]> In order to reduce risk of gbp, nzd and and calls into this week, we have purchased NZD 4m 8287 GBP 4m 1.6170 in addition to the AUD 2m we are already long at .9323 this covers 95% of the delta of the short gbp calls this covers 30% of the nzd calls but it is important to remember that the NZD 82 call has not been knocked in (at 8450) so it technically doesn't exist. I am afraid of a whipsaw on the delta hedges, so I plan to continue to add NZD below 8270 only for now unless you advise differently I have delta hedged the options in hopes to avoid paying ultra high vol JPY - The best case for our position is for usd jpy to stay between 95 and 1O2. We take in theta each day it stays within this range. EFTA_R1_00055007 EFTA01754591