From: Laurie Cameron alEll

From: Laurie Cameron alEll > To: Jeffrey Epstein <[email protected]> Subject: 20 Sept 2013 position Date: Sat, 21 Sep 2013 03:51:43 +0000 Attachments: SEPT_20.xls Hi It has indeed been a long week. Even though the FOMC did what they told us they would do (begin tapering when unemployment was at 7%), they had the stage and the prepared audience who would have warnly received a first gesture b the Fed as a $io bn monthly decrease in bond purchases was priced into most markets. The immediate reaction was a sell off in the USD and I covered some short currency delta hedges that we had on and bought small AUD, NZD and GBP. It was clear by Thursday that the USD sell off was too much and I dosed out the small excess long currency/short USD position. There are four main casualties in our position 1) a 92 AUD put which was kicked in (and thanks to the move to 9368 in AUD) which has become expensive. I asked JPM for prices Thursday to roll this position up to a 95 rki 98 but they will no longer let me trade anything unless I am closing a position. approx unrealized loss $147k 2) a short 1.57 Gbp call for next Feb which i have not alizedsufficiently covered with a delta hedge. this has an unrealized loss of approx $185k. 3) a 82 nzd call rki 8450 ko 7689 has suffered frim the USD fall - $164k 4) a realized gain in the nzd forward contract of $188k. This is deeply disappointing, but i will work my way out of this in the months ahead. Overall the position does not look good. If I can use trading tactics to roll up the and and gbp trades, the position will do well even if we stay at current levels into year end. I feel strongly the the USD will slowly creep back to mid Auust levels in the weeks ahead. Strong technical signals on T0uesday which were not negated after Fed Wed supports the idea that NZD and GBP and AUD are due for a correction lower. Now that JPM will no longer let me manage the positions unless I am closing them has changed how I will work with them. I am now focused on getting Autobahn and being able to trade electronically with DB. My hands are tied with JPM. I'm sorry that it has been a disappointing week. It has been a tricky market to trade. The bid offer spreads at jpm (con2o onbps) make it hard to actively trade positions. Next week will be better. EFTA00971040