EFTA01965775

To: Jeffrey Epsteinueevacationagmail.com) From: Laurie Cameron Sent Fri 8/9/2013 9:58:21 PM Subject 9 Aug 2013 STC positions AUG9tc.xls Please see below STC's position as of this afternoon The position is set to take advantage of AUD - short-term (one month) move to .93-.94; medium term (six months) move down to .88 NZD - short-term move to .81-.82; medium term move down to .7680 GBP - short/medium term move to 1.53 JPY - medium term move to 1O1 CAD - medium term move above 1.O2 ST =1 month MT= 3-6 months The USD followed the stock market down yesterday and today. Worse than expected Canadian unemployment data this morning confirmed view that US will continue to outperform Canada. We re-initiated short CAD/long position by selling a 6m USD put when spot was at 1.0290. Volatility has been higher than usual in GBP/USD and USD/JPY. Volatility in AUD, NZD is slightly above historical vol and CAD vol is slightly below historical prices. All of these options have been initiated due to favorable underlying prices moreso than volatility. The short GLL put was initiated because volatility was significantly above historical levels. P/L was down approx $135k today, mostly due to weaker than expected USD JPY. This could continue for a few weeks and it would not change our view that the Japanese govt, the BOJ and Japanese multinationals all want and need a weaker JPY. Enjoy your weekend. I will be away from home next week but will be reachable by phone and email. I will send the next p/I update on August 19 when I have reliable prices again. EFTA_R1_00443483 EFTA01965775 Kind regards, Laurie EFTA_R1_00443464 EFTA01965776