From: Jeffrey Epstein <[email protected]>

From: Jeffrey Epstein <[email protected]> To: "Barrett, Paul S" Subject: Re: Brent pricing Date: Mon, 30 Apr 2012 20:57:51 +0000 lets start with 250.000. 140 ,100 On Mon, Apr 30, 2012 at 4:23 PM, Barrett, Paul S < Aug12 ref: 118.80 Sep12 ref: 118.32 Oct12 ref: 117.73 Client buys Brent calls > wrote: Offers in $/bbl 130 strike 140 strike August 2012 1.37 0.50 September 2012 2.08 0.84 October 2012 2.58 1.15 Client sells Brent puts Bids in $/bbl 110 strike 100 strike August 2012 1.85 0.47 September 2012 2.96 1.11 October 2012 3.88 1.73 I like the combination of 1) buying Aug 130 calls and selling 110 puts for a net credit of $0.48 2) buying 140 calls and selling 100 puts for a net credit of $0.27. We can always spend the net credit to increase the notional on the calls such that it is cashless. For example we buy 1.35x notional on the topside on the August contract. Paul Paul Barrett, CFA EFTA00933685 Managing Director Global Investment Opportunities Group JPMorgan Private Bank 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. 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 EFTA00933686