DATE TIME: WIRETAP: CA ROM: CALL TO: OTHER PARTICIPANTS: KEY: GOVERNMENT September 12, 2008 EXHIBIT 617-T 9:59 AM eo OVER 917-907-2350 IAN HOROWITZ (212-371-3431) RAJ RAJARATNAM (917-907-2350) UNIDENTIFIED FEMALE Unintelligible: UL Inaudible: 1A Phonetic Spelling: PH Voice Overlap: 7] UNIDENTIFIED FEMALE: RAJ RAJARATNAM: IAN HOROWITZ: RAJ RAJARATNAM: [0 min 8 sec] IAN HOROWITZ: Galleon, Hi. Jan please, its Raj. Yeah, I got it, hi boss. Hey Ian, What's going on? Same thing when you left, S&P is down 12, NASY is down about 26, Apple’s down about 3 and change. Financials are actually catching a litle bit of a bid here. AIG is still down 330, Lehman is trading at 380 right now. There’s a story coming out of the Financial Times that AIG, that CIC, Bank of Ametica and another bank I've never heard of are gonna split the assets, Apple just popped. It just went up a dollar, dollar and a half. Michigan centiment just came out as a little bit better. Solar's acting much better today, its up, First Solar is up about 5. Solar is green across the board. Thave a scale alittle bit up at like 10,000, First Solar that we bought at 203, I have it out there for sale. OTH is about up 2 and change right now. Crude is up about a dollar. S&P?s are hanging a little bit better, the money centers, Bank of America is down maybe 50 bips, JP Morgan is down about 70 cents, 1-1/2 1RAJ RAJARATNAM: IAN HOROWITZ: RAJ RAJARATNAM: IAN HOROWITZ: RAJ RAJARATNAM: IAN HOROWITZ: [1 min 44 sec] RAJ RAJARATNAM: IAN HOROWITZ: RAI RAJARATNAM: IAN HOROWITZ: RAJ RAJARATNAM: IAN HOROWITZ: RAJ RAJARATNAM: IAN HOROWITZ: RAJ RAJARATNAM: percent, Citigroup is down about 2.2%. Retail isa litle bit heavy across the board, NDRX is down about 3 and change right now in dollar terms. Okay, How’s our P&L? We're down 2.1 million, Okay, How's uhh Div? Div is, listen, our P&L is Apple, you know. That’s our thing tight now. Div is, Div is up 880 thousand dollars. Biggest winners are the XRT short, Panera, XLE’s and XLF's. Biggest losers, Baidu, ‘Apple, AMD. Baidu, Pacrest said cut numbers, but went from 420 {0 360 price target's saying they think this quarter is gonna be fine, but then you have to short it after that quarter, Okay, where is Baidu down? Baidu’s down about 10 right now at 272. And where is AMD? AMD is 563, down 8 cents. Okay, You know at 575 if you'd bought something previously, Just to reduce the exposure, nothing else, ‘Yeah, I understood, I will sell like a million or two there, I understand, Yeah. fit gots there, if it gets there... after... Tthought we had (UD), after next week, but it seems like it's pushed out, Nothing is changed, it’s just a couple of paperwork, you know. However you say, you know, I'l just be smart about it, Yeah. It’s best to, why take mark to market. It gives us.. 2u 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 IAN HOROWITZ: RAJ RAJARATNAM: IAN HOROWITZ: RAJ RAJARATNAM: JAN HOROWITZ: RAJ RAJARATNAM: IAN HOROWITZ: RAJ RAJARATNAM: IAN HOROWITZ: RAJ RAJARATNAM: JAN HOROWITZ: RAJ RAJARATNAM: It’s retarded, you know. Especially, we have enough on the books, everything is clean, and if we ean do that and move our feet a little bit just to reduce risk Only in, in our book, right? Because the rest, we can just keep out of it, right? Asof. Yeah. And then we just reduce it and then, And then play around. Pil get a heads up, 48 hours before we can buy 3, 5 million. (UD Exactly. Okay, Allright. ‘And good lu huh? Thanks boss. ‘Thanks. Bye, {END OF CALL]