From: "Barrett, Paul S"

From: "Barrett, Paul S" To: Jeffrey Epstein <[email protected]> Subject: Hi Date: Wed, 20 Apr 2011 18:46:46 +0000 Hi Jeffrey I think we should pay fixed in 30yr interest rate swaps. The 30yr rate is at 4.22%. The Fed has accounted for close to 90% of net new issuance and when QE2 ends in June I would like to be positioned for a move higher in rates. On $10MM notional we would run around $17,000 per basis point of risk. SGD continues to move higher. I do think we should double our Chinese CNY forward. The central bank has indicated that faster currency appreciation is necessary to tame inflation. We have $10MM exposure. We should do another $10MM. Let me know Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://wwwjpmorgan.corn/pages/disclosures/email. EFTA00683242