<table><tr><th>From:</th><th>Barrett, Paul <change><s>Spaansba jpmorgan.com</s></change></th></tr><tr><td>Sent:</td><td>Thursday, April 26, 2012 2:26 PM</td></tr><tr><td>To:</td><td>Barrett, Paul S; Epstein, Jeffrey (jeevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Ens, Amanda; Giuffrida, David J</td></tr><tr><td>Subject:</td><td>RE: BRL</td></tr></table>

Jeffrey

This is closing today. Would you like to do $1MM?

<=0:p>

P=ul

Paul Barrett, CF=

Managing Director=/span>

Global Investment Opportunities Group

JPMorgan Private Bank=/span>

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

=MLS ID# 853441

paul.s.barrett@jpmorgan.com

From: Barrett, Paul S
Sent: Tuesday, April 24, 2012 10=27 AM
To: 'Epstein, Jeffrey Deevacation@gmail.comr
=OD Cc: Ens, Amanda
Subject: BRL=/p>

<=p>

Hi Jeffrey=/p>

I think the best way of playin= BRL up here is to use a market plus note (same as the SP500 notes we have=done in the past) which pays you the greater of a 8.25% coupon or =he upside on BRL so long as we do not finish weaker than 2.2500 in 53 weeks time. If we are weaker than 2.2500 then you are simply long BRL fro= current levels (1.8800) and lose the 8.25% coupon. This is taxed as=long term capital gains.

&nb=p;

BRL market=plus

53 weeks

8.25% coupon

20% at expiry barrier

<frP>

Would do $1.5M= in this.

Paul

<= class="MsoNormal">

=p class="MsoNormal">

=span style="font-size:10.5pt;font-family:Consolas;color:#1F497D">Paul =arrett, CFA

Managing Directo=

Global Investment Opportunit=es Group

WMorgan Private Ban=

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

NMLS ID# 853441

paul.s.barrett@jpmorgan=2Ecom

This email is c=nfidential and subject to important disclaimers and conditions including o= offers for the purchase or sale of securities, accuracy and completeness =f information, viruses, confidentiality, legal privilege, and legal entity=disclaimers, available at http://www.jpmorgan.com/pages/disclosures/em=il.