EFTA02411699

To: Jeeyacation[[email protected]] From: Jeffrey M Matusow Sent: Mon 6/21/2010 2:57:45 PM Subject: AUD Australia will also benefit from a stronger Chinese currency. AUD/USD spot is 0.8825. We can put on a cashless 3 month bullish AUD position: Buy 0.8825 AUD call and Sell 0.9400 AUD put Sell 0.8650 AUD put that knocks in at 0.8300 You get long exposure at the current spot rate and max gain of 6.5% in 3 months. No loss unless AUD falls 6%. Let me know what you think. Jeff Jeffrey M. Matusow JPMorgan Private Bank i New York. NY 10019 IRS Circular 230 Disclosure- JPktorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly. any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used. and cannot be used, in connection with the promotion. marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. EFTA_R1_01473151 EFTA02411699