From: "Barrett, Paul S"

From: "Barrett, Paul S" To: Jeffrey Epstein <[email protected]> Subject: RE: Brent pricing Date: Tue, 01 May 2012 13:36:26 +0000 > So confirm - you would like to do the Sept contract on 250,000 barrels. Would you like to keep the premium or rather go cashless and increase the notional on the upside? Paul Barrett, CFA Managing Director Global Investment Opportunities Group 7PMorgan Private Bank 320 Park Avenue. 14th Floor. New York, NY 10022 NMLS ID# 853441 From: Jeffrey Epstein [mallto:[email protected]] Sent: Tuesday, May 01, 2012 9:33 AM To: Barrett, Paul Subject: Re: Brent pddng no benefit to do aug On Tue, May 1, 2012 at 9:30 AM, Barrett, Paul S < > wrote: Jeffrey Why don't we do 125,000 barrels of each date. Spread it out a little. Bullish Brent risk reversals August 2012 contract (11Jul2012 expiry) 118.30 reference 1) client buys 140 call 2) client sells 100 put Net premium: client receives $0.05/bbl September 2012 contract (13Aug2012 expiry) 117.85 reference 1) client buys 140 call 2) client sells 100 put Net premium: client receives $0.29/bbl Paul Barrett, CFA Managing Director Global Investment Opportunities Group EFTA00656245 3PMorgan Private Bank 170 Park Avenue 14th Floor New York, NY 10022 NMLS ID4 853441 This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http:f/www.jpmorgan.com/pages/disclosures/email. #########################################################*t The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email. EFTA00656246