<table><tr><th>From:</th><th>Barrett, Paul S &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, January 24, 2012 10:12 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>To Do</td></tr></table>

Hi Jeffrey

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We should take profit on the $2.5MM SGD=we bought back in Dec (+$59,000) and switch into the following:</=:p>

		- Sell BRLput/JPYcall

- &=bsp; <=lendifj>1 yr

	&nb=p; St=ike = 42.50

=span style="font-size:11.0pt;font-family:"Calibri","san=-serif"">- &nb=p; Knock Out =3D 46.50

- &nbsp; Spot ref 44.20

	- Premium = 4.75% on $2.5MM =otional

<:=p>

This=still leaves us with $2.5MM SGD exposure.

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Apple up 8% after the close.=/span>

Paul<=p>

=0D

=0A

Paul Barrett, CFA
Ma=aging Director
Global Investm=nt Opportunities Group
<=pan style="font-size:10.5pt;font-family:Consolas;color:#1F497D">JPMorg=n Private Bank
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