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

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