From: Barrett, Paul S
Sent: Tuesday, April 24, 2012 2:27 PM
To: Epstein, Jeffrey (jeevacation@gmail.com)
Cc: Ens, Amanda
Subject: BRL
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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
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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.
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