From: Barrett, Paul S Sent: Friday, March 1.1 11 To: Epstein, Jeffrey ([email protected]) Cc: Giuffrida, David.) Subject: MXN Idea Jeffrey=/o:p> <=o:p> Long MXN vs USD=o:p> Buy 3 mon=hs 12.55 MXN Call Sell 3 month 12.90 MXN Put with an at expiry 13.250 knock in=o:p> Cashlessa:p> $2MM<=o:p> Underlying inve=tment theme: We remain bullish the Me=ican peso against the US dollar given its under-valuation versus long-term=fair-value metrics, as well as support from healthy economic fundamentals =n Mexico, improved US growth prospects, an upward bias in crude oil =rices, and low direct exposure to European stress. The trade also =enefits from Banxico policy switch to USD sales at beginning of the year=2E =o:p> =orecast: JPMS LLC year-end forecast for USDMXN i= 12.00. With spot current around 12.64, this represents =pproximately 5% expected appreciation. Paul Paul Barrett, CF= Managing Director=/span> 1 EFTA_R1_01448415 EFTA02406430