EFTA02405019

From: Barrett, Paul S Sent: Wednesday, March 14, 2012 2:21 PM To: Epstein, Jeffrey ([email protected]) Cc: Giuffrida, David Subject: Time to do the BRL trade <=iv class="WordSectionl"> Jeff=ey =o:p> 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; =OA Pa=l Barrett, CFA Managing Direc=or 1 EFTA_R1_01445200 EFTA02405019 Global Investment Opportun=ties Group JPMorgan Private=Bank 320 Park Avenue, 14th Fl=or, New York, NY 10022 c=pan style="font-size:10.5pt;font-family:Consolas;color:#1F497D">212-62=-2770 (W) 212-310-0108 (F) NMLSID# 853441 c/=iv> This email is confidential and subject to important dis=laimers and conditions including on offers for the purchase or sale of sec=rities, accuracy and completeness of information, viruses, confidentiality= legal privilege, and legal entity disclaimers, available at http://www.=pmorgan.com/pages/disclosures/email. 2 EFTA_R1_01445201 EFTA02405020