EFTA02556786

From: Barrett, Paul S Sent: Friday, June 29, 2012 6:52 PM To: Jeffrey Cc: Giuffrida, David Subject: Brent rollover update Client's current p=sition September 2012 contract (expiring 13Aug2012)<=:p> 96.30 re=erence aspan> September 2012 contra=t (expiring 13Aug2012) apan style="font-size:11.0pt;font-family:"Calibri","sans=serif"">92.85 reference Short 100 strike put Current cost to unwind:=8.80 Sell 95.00 strike putap> =OD June 2013 contract (expires 13M=y2013) 93=2E15 reference <=pan style="font-size:11.0ptfont-family:Symbol">*=nbsp; =!(endifj>Buy 124.00 strike call =OA • &nb=p; Sell 94.00=strike put &n=sp; Long 14= strike call •&n=sp; Short 100 strike put Current cost to unwind: 8.20=/span> EFTA_R1_01715539 EFTA02556786 Alternative collars with equal value =OA December 2012 contract (expires 12=ov2012) 9=.37 reference =span style="font-size:11.0ptfont-family:Symbol">-Buy 126.50 strike call =OA • &nb=p; Sell 96.50=strike put =OASeII 93.50 strike put =span style="font-size:11.0ptfont-family:"Calibri","sanr-serifun> Arman Arman Salavitabar I Global Currencies and Com=odities I .IPMorgan Private Bank I =OD =00 This email is confidential an= subject to important disclaimers and conditions including on offers for t=e purchase or sale of securities, accuracy and completeness of information= viruses, confidentiality, legal privilege, and legal entity disclaimers, =vailable at http://www.jpmorgan.com/pages/disclosures/email. =/span> 2 EFTA_R1_01715540 EFTA02556787