EFTA01799524

From: Barrett, Paul S < Sent: Monday, January 31, 2011 5:49 PM To: Jeffrey Epstein; Staley, Jes Subject: RE: Je=frey <=span> Ideas: =span style=lont-size:11.0ptfont-family:"Calibri","sans-serif";color:=1F49701>Israeli Shekel: % return since 15Jan11 = -5% % return last 12 months = +0.50% <=pan style=lont-size:11.0ptfont-family:"Calibri","sans-serir;color:#=F497D5Indicative Pricing: 3 month ATM ILS put = 1.90% 6 month ATM ILS put = 2.65% 12 month ATM ILS put = 3.85% Alternatively if you wanted disaster insurance I would recomm=nd buying 10% out the money puts: 3 mont= 10% OTM ILS put = 0.30% 6 month 10% OTM ILS put = 0.67% 12 month 10% OTM ILS put = 1.33% Israel CDS <=pan style=mfont-size:11.0pt;font-family:"Calibri","sans-serir;color:#=F497D5Syr CDS at 150bps 23junll 5% ou= of the money European Puts @ 3.13% EFTA_R1_00138299 EFTA01799524 23jun11 100%/93% European Put Spreads @ 2.42% We have the oil call options in place so alternatively we should consi=er buying protection on Turkey. Their Syr CDS is at 168bps (was 135bps i= early December). We are also looking at Indonesia at 173bps. Paul =aul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank<=p> 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F)<= P> <mailto:paul.s.barrett@j=morgan.com> <= class=MsoNormal> From: Jeffrey Epstein (mailto:[email protected] Sent: Sunday, January 30, 2011 6:53 AM To: Barrett, Paul=S; Staley, les Subject: I think we should prepare to short the israeli market.. lets f=nd a good way to play the uncertainty in the area The inform=tion contained in this communication is confidential, may be attorney-c=ient privileged, may constitute inside information, and is intended onl= for the use of the addressee. It is the property of Jeffrey Epste=n Unauthorized use, disclosure or copying of this communication or =ny part thereof is strictly prohibited and may be unlawful. If you ha=e received this communication in error, please notify us immediately by=br>return e-mail or by e-mail to 2 EFTA_R1_00138300 EFTA01799525 [email protected] <mailto:[email protected]= target.> , and destroy this commun=cation and all copies thereof, including all attachments. copyright -=11 rights reserved This email is confident=al and subject to important disclaimers and conditions including on offers=for the purchase or sale of securities, accuracy and completeness of infor=ation, viruses, confidentiality, legal privilege, and legal entity disclai=ers, available at http://www.jpmorgan.com/pages/disclosures/email. =OD 3 EFTA_R1_00138301 EFTA01799526