From: Jeffrey Epstein <jeevacation®gmail.com>

From: Jeffrey Epstein <jeevacation®gmail.com> To: "Barrett, Paul S" Subject: Re: Update Date: Mon, 19 Sep 2011 14:19:51 +0000 do it On Mon, Sep 19, 2011 at 10:08 AM, Barrett, Paul S < Hi Jeffrey > wrote: We are long $I0MM worth of Indian Rupee and Singapore Dollar. Both currencies have sold off recently (SGD 5% and INR 3%) since Sept Ist on liquidation and position squaring. I am worried that things will get worse in the near term before recovering. So I think we switch from outright forwards into options. Our recommendation is: - Unwind SGD forward and enter into a 1 month SGD call option. We are back to breakeven on this position and I do not want to go into a loss. A 1 month SGD call will cost 1.2%. If it snaps back then we are long but if the unwind continues we have no more downside exposure - Unwind INR Forward. We are now down $150K on the position since inception. INR has sold off 8% since early Aug. I do think INR is cheap but remains vulnerable to worse macro news. We would recommend unwinding the forward and buying a 47.00 Call on $20MM (twice what we have on via the forward) notional. Cost around 50bps. Are you free to discuss? Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 EFTA00919975 212-622-2770 (w) 212-310-0108 (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 The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00919976