From: "Barrett, Paul S"

From: "Barrett, Paul S" To: "Epstein, Jeffre CC: "Ens. Amanda" Subject: Date: Thu, 31 Jan 2013 16:36:56 +0000 eevacation ail.com)" < eevacationggmaiLcom> , "Weissend, Renee E" Want to keep you updated on our Apple exposure: FT — $3MM of an outright total return swap — long from $339 Haze - $3MM in a structured note that pays an 18% coupon so long as AAPL is above $457 on June 21st, 2013 Guidance was disappointing in their most recent quarter; stock down 10% since earnings. At this point I recommend we hold. People have become so bearish on the stock and it does feel overdone. Our analysts still have a $725 px target. Paul Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Private Bank I 320 Park Avenue, 14th Floor, New York, NY 10022 I T: I F ID# 853441 From: Barrett, Paul S Sent: Monday, December 17, 2012 9:37 AM To: Epstein, Jeffrey ([email protected]) Cc: Weissend, Renee E; Giuffrida, David J; Ens, Amanda Subject: AAPL Hi Jeffrey With AAPL trading close to $500 I wanted to remind you of our exposure: I NMLS 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 Opportunities Group I J.P. Morgan Private Bank 320 Park Avenue, 14th Floor, New York, NY 10022 I T I F: ID# 853441 NMLS EFTA00714486 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.comMagesedisclosurestemail. EFTA00714487