<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Monday, January 7, 2013 9:03 PM</td></tr><tr><td>To:</td><td>Epstein, Jeffrey (jeevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Giuffrida, David J; Weissend, Renee E</td></tr><tr><td>Subject:</td><td>Another idea</td></tr></table>

Jeffrey

=0D

As a second idea we also like = gaining exposure to CNH (Chinese offshore currency) via a structured note=2E The note offers 5x leverage to the upside and lx leverage to the =ownside. We think the new government will achieve 7%-8% growth while tar=eting domestic consumption as the next major initiative. A stronger curr=ncy should help. We expect 3% CNH appreciation this year. The note off=rs 5x leverage to that upside.

CNH Leveraged Note

		=0AHSBC issued

	&nbs=; 12 months</=>

-<=pan style="font:7.0pt "Times New Roman""> &=bsp; Ups=de exposure:

- o =span style="font-size:11.0pt; font-family:"Calibri","sa=s-serif"" >1 for 1 with CNH

- o 5 times leverage

<=pan style="font-size:11.0pt; font-family:"Courier New"">o&nbsp; uncapped

=0A

Paul

Paul Barr=tt I Managing Director I Gl=bal Investment Opportunities Group I J.P. Morgan Private Bank =/b>I

320 Park Avenue, 14th Floor, New York, NY 10022 I NMLS IDES 853441

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