EFTA02363127

From: Sent: To: Cc: Subject: Barrett, Paul S Thursday, April 26, 201 Barrett, Paul S; Epstein, Ens, Amanda; Giuffrida RE: BRL Jeffrey This is closing today. Would you like to do $1MM? <=0:p> P=ul Paul Barrett, CF= Managing Director=/span> Global Investment Opportunities Group JPMorgan Private Bank=/span> 320 Park Avenue, 14th Floor, New York, N= 10022 =MLS ID# 853441 [email protected] From: Barrett, Paul S Sent: Tuesday, April 24, 2012 10=27 AM To: 'Epstein, Jeffrey [email protected] =OD Cc: Ens, Amanda Subject: BRL=/p> Hi Jeffrey=/p> JV 2 2:26 PM Jeffrey ([email protected]) , David 1 EFTA_R1_01356208 EFTA02363127 I think the best way of playin= BRL up here is to use a market plus note (same as the SP500 notes we have=done in the past) which pays you the greater of a 8.25% coupon or =he upside on BRL so long as we do not finish weaker than 2.2500 in 53 weeks time. If we are weaker than 2.2500 then you are simply long BRL fro= current levels (1.8800) and lose the 8.25% coupon. This is taxed as=long term capital gains. &nb=p; BRL market=plus 53 weeks 8.25% coupon 20% at expiry barrier <frP> Would do $1.5M= in this. Paul <= class="MsoNormal"> =p class="MsoNormal"> =span style="font-size:10.5ptfont-family:Consolas;color:#1F497D">Paul =arrett, CFA Managing Directo= Global Investment Opportunit=es Group WMorgan Private Ban= 320 Park Avenue, 14th Floor,=New York, NY 10022 NMLS IDS! 853441 paul.s.barrett@jpmorgan=2Ecom 2 EFTA_R1_01356209 EFTA02363128 This email is c=nfidential and subject to important disclaimers and conditions including o= offers for the purchase or sale of securities, accuracy and completeness =f information, viruses, confidentiality, legal privilege, and legal entity=disclaimers, available at http://www.jpmorgan.com/pages/disclosures/em=il. 3 EFTA_R1_01356210 EFTA02363129