<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Friday, March 16, 2012 5:30 PM</td></tr><tr><td>To:</td><td>Epstein, Jeffrey (jeevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>MXN Idea</td></tr></table>

Jeffrey=/o:p>

<=0:p>

Long MXN vs USD=o:p>

Buy 3 mon=hs 12.55 MXN Call

Sell 3 month 12.90 MXN Put with an at expiry 13.250 knock in=o:p>

Cashless<=:p>

$2MM<=o:p>

Underlying inve=tment theme: We remain bullish the Me=ican peso against the US dollar given its under-valuation versus long-term=fair-value metrics, as well as support from healthy economic fundamentals =n Mexico, improved US growth prospects, an upward bias in crude oil =rices, and low direct exposure to European stress. The trade also =enefits from Banxico policy switch to USD sales at beginning of the year=2E

=o:p>

=orecast: JPMS LLC year-end forecast for USDMXN i= 12.00. With spot current around 12.64, this represents =pproximately 5% expected appreciation.

Paul

Paul Barrett, CF=

Managing Director=/span>

Global Investment Opportunities Group

JPMorgan Private Bank=/span>

320 Park Avenue, 14th Floor, New York, N= 10022

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