<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Thursday, May 24, 2012 11:37 AM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>FW: AAPL accumulator</td></tr></table>

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

=0A

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,

live levels on an AAPL accumulator are below.

<=o:p>

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)

=0D

• 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 1year, 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.

=0D

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;

<=div>

## </=ody>

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