EFTA01768266

From: Barrett, Paul S Sent: Tuesday, April 24, 2012 2:27 PM To: Epstein, Jeffrey ([email protected]) Cc: Ens, Amanda Subject: BRL =body lang="EN-US" link="blue" vlink="purple"> Hi Jeffrey </=pan> I think the best way o= playing BRL up here is to use a market plus note (same as the 5P500 notes=we have done in the past) which pays you the greater of a 8.25% coupon o= the upside on SRL so long as we do not finish weaker than 2.2500 =n 53 weeks time. If we are weaker than 2.2500 then you are simply long=BRL from current levels (1.8800) and lose the 8.25% coupon. This is =axed as long term capital gains. =u>. </=:p> BR= market plus 53 weeks 8.25% coupon 20% at expiry barrier Would d= $1.SMM in this. Paul =OD =OA =p class="MsoNormal"> 1 EFTA_R1_00078006 EFTA01768266 Paul Barrett, CFA Managing =irector Global Investment Opp=rtunities Group JPMorgan Priv=te Bank 320 Park Avenue, 14th=Floor, New York, NY 10022 This email =s confidential and subject to important disclaimers and conditions includi=g on offers for the purchase or sale of securities, accuracy and completen=ss of information, viruses, confidentiality, legal privilege, and legal en=ity disclaimers, available at http://www.jpmorgan.com/pages/disclosure=/email. 2 EFTA_R1_00078007 EFTA01768267