<table><tr><th>From:</th><th>Barrett, Paul S &lt;</th></tr><tr><td>Sent:</td><td>Wednesday, May 9, 2012 1:34 AM</td></tr><tr><td>To:</td><td>jeevacation@gmail.com*</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>If you like Apple</td></tr></table>

Jeffrey

This is a different way to gain apple exposure at a 15% =iscount to spot.

Ref: $568.18

252 day Accu=ulator on AAPL

$3-5mm

110% KO ("$625)

10 =usiness day share settlement

With 4 settlement period shares gu=ranteed

With 2x Leverage

Strike: 84.45% ($479=2E83)

Will walk you through the trade tomorrow.

P=ul

Paul Barrett, CFA

Managing Director
Global l=vestment Opportunities Group
1PMorgan Private Bank

<u>NMLS ID#</u>

[ ]

This email is confidential and subject to important disclaimers an= conditions including on offers for the purchase or sale of secu=ities, accuracy and completeness of information, viruses, confidentia=ity, legal privilege, and legal entity disclaimers, available at http=//www.jpmorgan.com/pages/disclosures/email. <?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd"> <plist version=.0"> <dict>

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