From: Barrett, Paul S Sent: Monday, January 7, 2013 9:03 PM To: Epstein, Jeffrey ([email protected]) Cc: Giuffrida, David J; Weissend, Renee E Subject: Another idea Jeffrey =OD As a second idea we also like = gaining exposure to CNH (Chinese offshore currency) via a structured note=2E The note offers 5x leverage to the upside and lx leverage to the =ownside. We think the new government will achieve 7%-8% growth while tar=eting domestic consumption as the next major initiative. A stronger curr=ncy should help. We expect 3% CNH appreciation this year. The note off=rs 5x leverage to that upside. CNH Leveraged Note =0AHSBC issued &nbs=; 12 months</=> -<=pan style="font:7.0pt "Times New Roman""> &=bsp; Ups=de exposure: o =span style="font-size:ll.0pt; font-family:"Calibri","sa=s-serif"">1 for 1 with CNH o 5 times leverage <=pan style="font-size:11.0pt; font-family:"Courier New"">o&nbs=; uncapped =OA Paul Paul Barr=tt I Managing Director I Gl=bal Investment Opportunities Group I J.P. Morgan Private Bank =/b> I 320 Park Avenue, 14th Floor, New York, NY 10022 I NMLS IDES 853441 EFTA_R1_01405312 EFTA02385956

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