AAPL accumulator

Barrett, Paul S

Jeffrey Epstein

Jeffrey,

Live levels on an AAPL accumulator are below.

Let me know if you have any questions.

1 year (252 business day) Accumulator on Air Lease Spot reference $555 knocks out @ 110% ($610.50) 83.40% strike ($462.87)

If knocked out (daily observation), you are guaranteed to buy 8 weeks worth of AAPL @ 83.4% ($462.87) of your reference.

For everyday that AAPL trades between $462.87 and $610.50, you continue to buy shares @ $462.847/share. You size your notional so if you accumulate shares everyday for 1 year, you wind up with a total cost basis of that $ notional.

Every day that AAPL trades below 462.87, you buy twice as many shares of AAPL @ $462.87/share. I.E If AAPL immediately trades down below 462.87 and stays below $462.87 for the whole year; you will ultimately have twice the notional.

David J. Giuffrida
J.P. Morgan
Global Investment Opportunities Group

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