<table><tr><th>From:</th><th>Barrett, Paul S &lt;</th></tr><tr><td>Sent:</td><td>Tuesday, May 22, 2012 5:37 PM</td></tr><tr><td>To:</td><td>jeevacation@gmail.com*</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Eur Chf</td></tr></table>

Jeffrey

I think we should build a short eur position against the=chf. If the stress in Europe gets worse then it is highly likely that th= peg could break. Vol has ticked higher so would do an outright forward=2E

Would do a 6 month forward. 10mm notional.

=aul

Paul Barrett, CFA

Managing Director
Global =nvestment Opportunities Group
JPMorgan Private Bank
320 Park Ave=ue, 14th Floor, New York, NY 10022
212-622-2770 (W)
212-3=0-0108 (F)

## NMLS ID# 853441

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