EFTA02406118

From: Barrett, Paul Sent: Friday, January 6, 2012 4:55 PM To: Jeffrey Epstein Cc: Giuffrida, David Subject: Oil Options =OA =affray Barri=rs and digitals are observed off of Daily Settlement Prices, not continuou= during Nymex hours Apr12 WTI Contract class="MsoNormal">Expire 15 Mar 20124=> =OD 102.10 reference rate =/span> Upside=/span> $140 digital cos=s 15% (this means you spend $1.SMM with a $10MM pay-out; $8.50MM net p=ofit) $16= digital 7.00% (this means you=spend $700,000 with a $10MM pay-out; $9,300,000 net profit) $180 digital 5.00% (th=s means you spend $500,000 with a $10MM pay-out; $9,500,000 net profit) $200 digital=4.75% (this means you spend $475,000 with a $10MM pay-out; $9,525,000 ne= profit) =o:p> $15= WTI Vanilla Call Option costs 40c/bbl or 27bps =OA =p class="MsoNormal">Downside EFTA_R1_01447747 EFTA02406118 =OD Buy $200 put; continuous KI @ 1=0 @ 2.10% Buy $200 put; continuous KI @ 175 @ 0.95% =p class="MsoNormal"> Will call you to discuss.</=pan> Paul =OD =OA Paul Barrett, CFA Ma=aging Director Global Investm=nt Opportunities Group <=pan style="font-size:10.5pt;font-family:Consolas;color:#1F497D">WMorg=n Private Bank 320 Park Avenu=, 14th Floor, New York, NY 10022 =OA This email is confidential and subject to im=ortant disclaimers and conditions including on offers for the purchase or =ale of securities, accuracy and completeness of information, viruses, conf=dentiality, legal privilege, and legal entity disclaimers, available at ht=p://www.jpmorgan.com/pages/disclosures/email. 2 EFTA_R1_01447748 EFTA02406119