EFTA02354796

From: Barrett, Paul S Sent: Thursday, May 24, 2012 11:37 AM To: Jeffrey Epstein Cc: Giuffrida, David Subject: FW: AAPL accumulator Jeffrey<=o:p> A=e you available to catch up: -=span style="font:7.0pt "Times New Roman""> =nbsp; AAPL accumulator -&nbs=; Short EUR v CHF<=p> Paul Barrett, CFA Managing Director Global Investment Opportunities Group =OA JPMorgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 F= NMLS ID# 853441</=:p> mailto From: Giuffrida, David J=OD Sent: Monday, May 21, 2012 3:24 PM To: </=> Jeffrey Epstein Cc: Barrett, Paul S Subject: =/b> AAPL accumulator Jeffrey, EFTA_R1_01337519 EFTA02354796 live levels on an AAPL accumulator are below. Let me know if =ou have any questions. 1 year (252 business day) Accumulator on Air Lease Spot=reference $555 knocks out @ 110% ($610.50) 83.40% strike ($462.87) =OD • 84=bsp; If knocked o=t (daily observation), you are guaranteed to buy 8 week's worth of A=PL @ 83.4% ($462.87) of your reference. •&=bsp; <=(endif)>For everyday that AAPL trades between $462.87 and=$610.50, you continue to buy shares @ $462.847/share. You size=your notional so if you accumulate shares everyday for 1 year, you w=nd up with a total cost basis of that $ notional. • = Ever= day that AAPL trades below 462.87, you buy twice as many shares of AAPL=@ $462.87/share. I.E If AAPL immediately trades down below 462=2E87 and stays below $462.87 for the whole year; you will ultimate=y have twice the notional. =OD David J. G=uffrida J.P. Morgan I </=pan> Global Investment Opportunities Group</=:p> 320 Pa=k Avenue, 14th Floor New York, NY 10022 <= class="MsoNormal">T: 212-622-2972</=pan> F: 212-310-0=08 &=bsp; 2 EFTA_R1_01337520 EFTA02354797 <=div> </=ody> This email is confidential and subject to important dirclaimers and conditions including on offers for the purchase or sale of se=urities, accuracy and completeness of information, viruses, confidentialit=, legal privilege, and legal entity disclaimers, available at http://www=2Ejpmorgan.com/pages/disclosures/email. 3 EFTA_R1_01337521 EFTA02354798