From: Barrett, Paul S Sent: Thursday, October 27, 2011 3:29 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: Brazil Jeffrey Another relative valu= trade idea: =/p> Brazil has underperformed the SP500 by 15% YTD. We th=nk this gap will close into year end. Locals in Brazil appear to be very=overweight cash and we think this could be a nice trade into year-end. </=pan>We should buy $1MM Brazil EWZ =p class=MsoListParagraph style=itext-indent:-.25immso-list:I0 level=1102'>- &nbs=; Short 51MM of the SP500 Paul<=o:p> <=p> Paul Barrett, CFA M=naging Director Global Investment Opp=rtunities Group JPMorgan Private Bank=o:p> 40W 57th Street, 33rd Floor, New York= NY 10019 <mailto EFTA_R1_00083873 EFTA01771831 This email is confidential and subject to important disclaimers and=conditions including on offers for the purchase or sale of securities, acc=racy and completeness of information, viruses, confidentiality, legal priv=lege, and legal entity disclaimers, available at http://www.jpmorgan.c=m/pages/disclosures/email. 2 EFTA_R1_00083674 EFTA01771832