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To: Jeffrey [email protected]] From: Barrett, Paul S Sent Tue 7/16/2013 10:51:49 PM Subject RE: Dual Directional Oil Note Initial level at 105 If oil at 80 you are down 25 If oil at 85 you are up 20 If oil at 120 you are up 15 If oil at 150 you arc up 45 All at expiry Original Message From: Jeffrey Epstein [email protected] Sent: Tuesday, July 16, 2013 06:27 PM Eastern Standard Time To: Barrett, Paul S Subject: Re: Dual Directional Oil Note work sample if oil spikes , ? if oil is 80 120 150? when On Tue, Jul 16, 2013 at 10:52 AM, Barrett, Paul S c wrote: Jeffrey An Interesting idea from our oil desk. Dual directional note that works as follows: WTI Dual Directional CL I is reference at maturity (front month WTI) 53 weeks Uncapped upside 21.5% at expiry bather (at expiry client receives absolute value of underlying return if above the barrier/client receives underlying return if below the barrier) 100% max loss EFTA_R1_00442172 EFTA01965001 If oil is up 20% you are up 20% If it is flat you are flat If it is down 20% you are up 20% If it is down 22%, you are down 22% Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I ).P. Morgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 I I NMLS ID# 853441 This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at httiOwwwjpmorgan.comipagcs/disclosurcsiemail. *********************************************************** EFTA_R1_00442173 EFTA01965002 The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return c-mail or by e-mail to [email protected] and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email. EFTA_R1_00442174 EFTA01965003