EFTA02399489

From: Giuffrida, David J <i ). Sent: Wednesday, June 6, 2012 1:58 PM To: Jeffrey Epstein Cc: Barrett, Paul S Subject: refreshed Brent pricing Jeffrey, =OA &=bsp; Refreshed=Brent upside ideas below. Will send equity upside ideas shortly.=o:p> </=> Bullish Brent risk reve=sals December 2012 c=ntract (12Nov2012 expiry) • &n=sp; sell 92 puts that only knocks in @ 65 (at expiry observati=n) [6.7%OTM on strike, 34%OTM on @ expiry la] =OA You receive $0.20/bbl ($50,00=on 250,000 barrels) =b> 100.25 futures reference =OA 250,000 barrels </=pan> ` &n=sp; b=y 120 call •&nb=p; sell 80 put You receive $0.04/bbl ($10,000 on 250,000 barr=ls) =OA EFTA_R1_01434512 EFTA02399489 From: Giuffrida, David J Sent: Thursday, May 31, 201= 1:49 PM To: Jeffrey Epstein Cc: Barrett, =aul S Subject: Brent pricing </=iv> Jeffrey, =OA =p class="MsoNormal">Bullish Brent risk reversals December 2012 contract (12Nov2012 expiry) 100.95 futures referenc= 250,000 =arrels (double current position size on the September contract)=/span> &n=sp; b=y 120 call •&nb=p; sell 80 put Net cost $0.03/bbl ($7,500 on 250,000 ba=rels) This compares to cost of $0.24/bbl on the futures options ($60,000) =aul had to step off for Jury duty. Please let me know if you have =ny questions and I'll call you. =OA =avid J. Giuffrida =span style="font-size:11.0pt;font-family:"Garamond","serif";color:#4D4D4D">1.P. Morgan =OAS Global Investment Opportunities=Group 2 EFTA_R1_01434513 EFTA02399490 =p> This communication is for informational purposes only. It is not =ntended as an offer or solicitation for the purchase or sale of any financ=al instrument or as an official confirmation of any transaction. All mar=et prices, data and other information are not warranted as to completeness=or accuracy and are subject to change without notice. Any comments or st=tements made herein do not necessarily reflect those of JPMorgan Chase & C=., its subsidiaries and affiliates. This transmission may c=ntain information that is privileged, confidential, legally privileged, an=/or exempt from disclosure under applicable law. If you are not the inte=ded recipient, you are hereby notified that any disclosure, copying, distr=bution, or use of the information contained herein (including any reliance=thereon) is STRICTLY PROHIBITED. Although this transmission and any atta=hments are believed to be free of any virus or other defect that might aff=ct any computer system into which it is received and opened, it is the res=onsibility of the recipient to ensure that it is virus free and no respons=bility is accepted by WMorgan Chase & Co., its subsidiaries and affilia=es, as applicable, for any loss or damage arising in any way from its use=2E If you received this transmission in error, please immediately contact =he sender and destroy the material in its entirety, whether in electronic =r hard copy format. Thank you. Please refer to http://www=2Ejpmorgan.com/pages/disclosures for disclosures relating to European le=al entities. 3 EFTA_R1_01434514 EFTA02399491