<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Thursday, June 7, 2012 3:50 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>RE: SP500 and Apple Notes</td></tr></table>

Paul Barrett, CFA=/o:p>

Managing Director

Global Investment Opportunities Group</=:p>

The image shows the logo of JPMorgan Private Bank. The rest of the content is obscured by black boxes.

From: Barrett, Paul S
Sent: Wednesday, June 06, 2012 1=:28 AM
To: 'Jeffrey Epstein'
Cc: Giuffrida= David J
Subject: SP500 and Apple Notes<=p>

</=>

## 12M SPX CBEN

1. 80% barrier (at expiry), 5% contingent coupon, 14.=5% cap — UBS

2. = 72.5% barrier (daily=close), 10% contingent coupon, 10% Cap — DB =OA

3. &n=sp; 80% barrier (daily close), 15% contingent coupon, 15% cap — JPW=:p>

## 12M SPX CBEN (cont.)

=0A

## NMLS ID# 853441

</=iv>

</=:p>

<=>From: Giuffrida, David J
=OD Sent: Wednesday, June 06, 2012 9:58 AM
To: Jef=rey Epstein
Cc: Barrett, Paul S
Subject: r=freshed Brent pricing

=p class="MsoNormal">

Jeffrey,

=span style="font-size:11.0pt;font-family:"Calibri","san=-serif""">Refreshed Brent upside ideas below. Will send equity=upside ideas shortly.

=b>

* </=pan>sell 92 puts that only knocks in @ 65 =at expiry observation) [6.7%OTM on strike, 34%OTM on @ expiry KIJ=io:p>

You receive=$0.20/bbl ($50,00 on 250,000 barrels)

=0A

From: Giuffrida, David J
=b>Sent: Thursday, May 31, 2012 3:40 PM
To: 'Jeffrey Ep=tein'
Cc: Barrett, Paul S

## NMLS ID# 853441 (cont.)

Subject: refresh=d pricing

· =nbsp; buy 120 call
* sell 80 put
=0D
You receive $0.04/bbl ($10=000 on 250,000 barrels)

=div style="border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt =in 0in 0in">

=/o:p>

From: Giuffrida, David.'
Sent: Thurs=ay, May 31, 2012 1:49 PM
To: Jeffrey Epstein
C=: Barrett, Paul S
Subject: Brent pricing

Jeffrey,

</=pan>

Bullish Brent ri=k reversals

December 2012 contract (12Nov2012 expiry)<=:p>

100.95 f=tures reference

250,000 barrels (double current position size on the September contr=ct)

=middot; &nbs=; =span style="font-size:11.0ptfont-family:"Calibri","san=-serif"">buy 120 call

</=pan>sell 80 put

=OA

Net cost $0.03/bbl ($7,50= on 250,000 barrels)

## NMLS ID# 853441 (cont.)

This compares to cost of $0.24/bbl on the futures opti=ns ($60,000)

=span style="font-size:11.0pt;font-family:"Calibri","san=-serir">Paul had to step off for Jury duty. Please let me kn=w if you have any questions and I'll call you.

David J. Giuffrida

J.P. Morgan I Global Investmen= Opportunities Group

320 Park Avenue, 14th Floor </=>

New York, NY 10022<=:p>

This email is confidential and subject to important =isclaimers and conditions including on offers for the purchase or sale of =ecurities, accuracy and completeness of information, viruses, confidential=ty, legal privilege, and legal entity disclaimers, available at http://www=2Ejpmorgan.com/pages/disclosures/email.

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