<table><tr><th>From:</th><th>Giuffrida, David J &lt;i</th></tr><tr><td>Sent:</td><td>Wednesday, June 6, 2012 1:58 PM</td></tr><tr><td>To:
Cc:</td><td>Jeffrey Epstein
Barrett, Paul S</td></tr><tr><td>Subject:</td><td>refreshed Brent pricing</td></tr></table>

Jeffrey, =0A

&=bsp;

Refreshed=Brent upside ideas below. Will send equity upside ideas shortly.=o:p>

<=>:

Bullish Brent risk reve=sals

December 2012 c=ntract (12Nov2012 expiry)

• &n=sp; sell 92 puts that only knocks in @ 65 (at expiry observati=n) [6.7%OTM on strike, 34%OTM on @ expiry la] =OA

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

=b>

100.25 futures reference

=0A

250,000 barrels </=pan>

` &n=sp; b=y 120 call

•&nb=p; sell 80 put

You receive $0.04/bbl ($10,000 on 250,000 barr=ls)

=0A

From: Giuffrida, David J
Sent: Thursday, May 31, 201= 1:49 PM
To: Jeffrey Epstein
Cc: Barrett, =aul S
Subject: Brent pricing

</=iv>

Jeffrey,

=0A

=p class="MsoNormal">Bullish Brent risk reversals

December 2012 contract (12Nov2012 expiry)

100.95 futures referenc=

250,000 =arrels (double current position size on the September contract)=/span>

* &n=sp; b=y 120 call

•&nb=p; sell 80 put

Net cost $0.03/bbl ($7,500 on 250,000 ba=rels)

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

=aul had to step off for Jury duty. Please let me know if you have =ny questions and I'll call you.

=0A

=avid J. Giuffrida

=span style="font-size:11.0pt;font-family:"Garamond","se=if";color:#4D4D4D">J.P. Morgan =0A| Global Investment
Opportunities=Group

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