From: "Barrett, Paul S"

From: "Barrett, Paul S" To: "Epstein, Jeffrey ([email protected])" <[email protected]> CC: "Weissend, Renee E" , "Giuffrida David J" , "Ens, Amanda" Subject: AAPL Date: Mon, 17 Dec 2012 14:37:21 +0000 Hi Jeffrey With AAPL trading close to $500 I wanted to remind you of our exposure: FT — $3MM of an outright total return swap Haze - $3MM in a structured note that pays an 18% coupon so long as AAPL is above $457 on June 21st, 2013 (10% below current levels) Our analyst still believes in the long term story with a $770 price target. C and UBS reduced their price targets this morning due to margin pressures and lower iPhone 5 estimates. Earnings are due out Jan 24th. I recommend we hold our positions for now. Paul Paul Barrett I Managing Director I Global Investment O ortunities Group 13.P. Morgan Private Bank I 320 Park Avenue, 14th Floor, New York, NY 10022 I T ID# 853441 NMLS This email is confidential and subject to important disclaimers and conditions including on offers for thepurchase or sale of securities accurac and completeness of information. viruses, confidentiality. legal privilege, and legal entity disclaimers. available at EFTA00701008