From: Barrett, Paul S
Sent: Thursday, September 6, 2012 2:00 PM
To: Epstein, Jeffrey (eevacation@gmail.com)
Cc: Giuffrida, David J; Schaffer, Susannah
Subject: To Do

Hi Jeffrey

=/o:p>

We like the =dea of receiving fixed in forward starting interest rate swaps in Europe=2E The deleveraging process in Europe will take years which will likely ke=p short dated rates low for an extended period of time. We would r=ceive fixed in a lyr interest rate swap starting in 3yrs at 1.33%. Wou=d do 100MM notional which gives you exposure of 10K per basis point. Pos=tive carry on this trade would be around 490K per year. Collateral =of 1%.

=0:p>

Let=me know

<=:p>

Paul=o:p>

&nbs=;

<o:p></o:p>

Paul Barrett, CFA

Managing Director

JPMorgan Private Bank

## NMLS ID# 853441

&nb=p;

## NMLS ID# 853441 (cont.)

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