<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Monday, May 14, 2012 6:02 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>EURCHF</td></tr></table>

With eurozone pressures mounting, it's not a bad =dea to have some sort of EURCHF downside trade on in case there is a marke= run on the peg.

Also ti=ely because:

-Currently spot is very cl=se to the floor

Paul Barrett, CFA<=>>

Managing Director

Global Investment Opportunities Group

=0D

JPMorgan Private Bank

Key entities:

*   Location: New York, NY 10022
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*   NMLS ID is present.

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