EFTA01772602

From: Barrett, Paul S < Sent: Wednesday, December 21, 2011 3:06 PM To: Epstein, Jeffrey ([email protected]) Cc: Giuffrida, David Subject: EUR =OA =effrey The o=ly short EUR exposure we have is the 1.3075 EUR Put with a knock out at =.2450. We spent $100K in premium. Unwind bid is at $85K. We made $=0K on the first tranche. =span style="font-size:11.0pt;font-family:"Calibri","san=-serir">Let me know if you would like to unwind it. <=span> I personally like hav=ng it on as Europe remains the big headwind and it is nice having this on =s a hedge to our other positions. Your call. =OA =p class="MsoNormal">Paul =p class="MsoNormal"> =span style="font-size:10.5ptfont-family:Consolas;color:#1F4970">Paul =arrett, CFA Managing Directo= Global Investment Opportunit=es Group JPMorgan Private Ban= EFTA_R1_00084867 EFTA01772602 NMLS ID# 853441 This email is confidential and subject to important discla=mers and conditions including on offers for the purchase or sale of securi=ies, accuracy and completeness of information, viruses, confidentiality, l=gal privilege, and legal entity disclaimers, available at http://www.jpm=rgan.com/pages/disclosures/email. 2 EFTA_R1_00084868 EFTA01772603