<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:
To:</td><td>Tuesday, January 31, 2012 4:59 PM
Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Ens, Amanda; Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Hong Kong HSI Risk Reversal</td></tr></table>

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

## NMLS ID# 853441

=p class="MsoNormal">paul.s.barrett@jpmorgan.com <mailto:paul.s.barrett@jpmorgan.com>

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