From: "Barrett, Paul S" <

From: "Barrett, Paul S" < To: "Epstein, Jeffrey ([email protected])" <[email protected]> CC: "Ens, Amanda" Subject: Idea Date: Wed, 22 Aug 2012 17:52:01 +0000 Jeffrey We have $2MM of a SP500 linked note that is up $220K with protection kicking in at 1260 (10% below current market). I think we should unwind this and go into a new note: 18 months SP500 Linked 0% coupon 22% buffer monitored at expiry only (SP500 needs to close below 1099 for your buffer to knock out) Unlimited upside exposure So we are simply raising the buffer level to kick in at today's levels as opposed to 1260. Let me know Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank , New York, NY 10022 (W) (F) 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 hup://www.jpmorgan.comtpagesedisclosurestemail. EFTA00712126