EFTA01965938.pdf

To: epstein, jeffrey (jeevacationepgmail.com)lepstein, jeffrey (jeevacation©gmail.com)]; jeevacationekjmail. Cc: Barrett P From: Barrett, Pau Sent Tue 7/16/2013 2:52:29 PM Subject: Dual Directional Oil Note Jeffrey An Interesting idea from our oil desk. Dual directional note that works as follows: WTI Dual Directional CL1 is reference at maturity (front month WTI) 53 weeks Uncapped upside 21.5% at expiry barrier (at expiry client receives absolute value of underlying return if above the barrier/client receives underlying return if below the barrier) 100% max loss 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 EFTA_R1_00443863 EFTA01965938 Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Private Bank I 320 Park Avenue, 14"' Floor, New York, NY 10022 I T: (212) 622-2770 I F: (212) 310-0108 I NMLS IDA 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_00443884 EFTA01965939