EFTA01768699

From: Barrett, Paul S < Sent: Wednesday, June 6,2012 2:28 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: SP500 and Apple Notes 12M SPX CBEN=/p> 1. 1. </=pan>80% barrier (at expiry), 18.5= contingent coupon, 18.5% Cap — CS, indicative pricing<=span> &n=sp; Will call to discuss =span style="font-size:11.0pt;font-family:"Calibri","san=-serir;color:#1F497D"> Paul </=> Paul Barrett, CFA Managing Director JPMorgan Private Bank December <=b>2012 contract (12Nov2012 expiry) =OA 98.60 future reference 250,000 barr=ls =o:p> &nb=p; buy 113.50 call (15.1% OTM) =p class="MsoListParagraph" style="text-indent:-.25in;mso-list:I0 lev=Illfo2"). &=bsp; sell 83.50 put (=5.3% OTM) You receive $0.05/bbl ($12,500 on 250,000 barrels) EFTA_R1_00078780 EFTA01768699 * =nbsp; =OA =p class="MsoNormal">NYMEX is closed right now so we may h=ve to work an order. Bullish Brent risk reversals <=pan style="font-size:11.0ptfont-family:"Calibri","sans=serif"">December 2012 contract (12Nov2=12 expiry) 100.35 futures reference 250,000 barrels =0D buy 120 call=/span> &n=sp; sail 80 put You receive $0.02/bbl ($5,000 on 250,000 barrels)</=> January 2012 contract (11Dec2012 expiry) =OD 100.25 futures reference=/o:p> 250,000 barr=ls • =nbsp; buy 120 call sell 80 put =OD You receive $0.04/bbl ($10=000 on 250,000 barrels) =div style="border:none;border•top:solid #B5C4DF 1.0pt;padding:3.0pt =in Oin Oin"> 2 EFTA_R1_00078781 EFTA01768700 =/o:p> From: Giuffrida, David Sent: Thurs=ay, May 31, 2012 1:49 PM To: Jeffrey Epstein C=: Barrett, Paul S Subject: Brent pricing Jeffrey, </=pan> Bullish Brent ri=k reversals December 2012 contract (12Nov2O12 expiry)<=:p> 100.95 f=tures reference 250,000 barrels (double current position size on the September contr=ct) =middot; &nbs=; =span style="font-size:11.0pt;font-family:"Calibri","san.-serif"">buy 120 call </=pan>sell 80 put =OA Net cost $0.03/bbl ($7,50= on 250,000 barrels) This compares to cost of $0.24/bbl on the futures opti=ns ($60,000) =span style="font-size:11.0pt;font-family:"Calibri","san=-serir">Paul had to step off for Jury duty. Please let me kn=w if you have any questions and I'll call you. David J. Giuffrida J.P. Morgan I Global Investmen= Opportunities Group 3 EFTA_R1_00078782 EFTA01768701 F: 212-310-0108 This email is confidential and subject to important =isclaimers and conditions including on offers for the purchase or sale of =ecurities, accuracy and completeness of information, viruses, confidential=ty, legal privilege, and legal entity disclaimers, available at http://www=2Ejpmorgan.com/pages/disclosures/email. 4 EFTA_R1_00078783 EFTA01768702