<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Tuesday, May 1, 2012 1:31 PM</td></tr><tr><td>To:</td><td>Epstein, Jeffrey (eevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Brent pricing</td></tr></table>

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Jeffrey</=pan>

Why don't we do 125=000 barrels of each date. Spread it out a little.

=0A

Bullish Brent risk reversals=/span>

August 2012 contract (11Ju12012 expiry)

118.30 reference

1) client b=ys 140 call

2) client sells 100 put

Net premium: client receives $0.05/bbl

<=>>

September 2012 contract (1=Aug2012 expiry)

117.85 reference

1) client buys 140 call

2) client sells 100 put=/p>

Net premium: client receive= $0.29/bbl

Paul Barrett, CFA

Managing Director

Global Investment Opportunities Group</=:p>

- Organization: JPMorgan Private Bank  
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- Location: New York, NY — image text reads "New York, NY 10=22" (likely "10022")  
- Contact labels visible: (W) and (F) (work and fax) — corresponding values redacted  
- NMLS=ID# label present — value redacted  
- Several additional lines (name/title, address, phone/email) are fully redacted with black bars

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