<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:
To:</td><td>Wednesday, March 14, 2012 2:21 PM
Epstein, Jeffrey (eevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Time to do the BRL trade</td></tr></table>

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Jeff=ey

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I t=ink we should do $SMM of this.

Bearish USD / bullish BRL forward extra

<=pan style="font-size:11.0pt;font-family:"Calibri","sans=serif"">1) </=pan>Client buys USD put/ BRL call @ 1.7= =span style="mso-list:lgnore">2) Client sells USD call / BRL put @ 1.78 with <=>at expiry RKI @ 1.95 Costless

let me know

Paul

&n=sp;

=0A

Pa=l Barrett, CFA

Managing Direc=or

Global Investment Opportun=ties Group

JPMorgan Private=Bank

320 Park Avenue, 14th Fl=or, New York, NY 10022

<=pan style="font-size:10.5pt;font-family:Consolas;color:#1F497D">212-62=-2770 (W) 212-310-0108 (F)

NMLS ID# 853441

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