EFTA02549953

From: Barrett, Paul S Sent: Tuesday, January 31, 2012 4:59 PM To: Jeffrey Epstein Cc: Ens, Amanda; Giuffrida, David J Subject: Hong Kong HSI Risk Reversal Jeffrey This is an interesting way to play a long position on the Hang Seng.=nbsp; The vol skew is making puts expensive vs calls which is good for us=2E I would like to do it when we have a 3-5% down move on the SP500=2E &=bsp; <=pan style="mso-list:Ignore">- <=span>Last year HSI was down 20% Central bank tightening in 2011 wi=l likely be reversed in 2012 -Long Risk Reversal Sel= Put Strike: 92.00% Buy Call Strike: 105%<=o:p> Tenor: &nb=p; =nbsp; 6 months Premium: &=bsp; 0% &nbs=; =OA Paul Barrett, CFA Managing Director Gl=bal Investment Opportunities Group JPMorgan Private Bank 32= Park Avenue, 14th Floor, New York, NY 10022 EFTA_R1_01705372 EFTA02549953 212-622-2770 (W) 212-310-0108 (F) NMLS KM 853441 =p class="MsoNormal">[email protected] <mailto:[email protected]> This email is confidential and su=ject to important disclaimers and conditions including on offers for the p=rchase or sale of securities, accuracy and completeness of information, vi=uses, confidentiality, legal privilege, and legal entity disclaimers, avai=able at http://www.jpmorgan.com/pages/disclosures/email. 2 EFTA_R1_01705373 EFTA02549954