<table><tr><th>From:</th><th>Barrett, Paul S IM= </th></tr><tr><td>Sent:</td><td>Friday, May 17, 2013 12:39 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein (jeevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Barrett Pod</td></tr><tr><td>Subject:</td><td>Energy Options</td></tr></table>

=OD

Jeffrey

=p class="MsoNormal">

Op=ions look expensive. But my top picks remain Cabot, Tesoro, Holly and Sc=lumberger.

c=p>

Continental Resources (CLR) — using $84.80

=0A

&=bsp; Dec 21, 2013 expiry &n=sp; 85.00 strike calls &n=sp; $8=2E50 (break-even 93.30) (break-even &n=sp; 96.20) &=bsp; &nb=p; =nbsp; 90.00 strike calls =nbsp; $6.20 &=bsp; =nbsp;

Cabot Oil and Gas (COG) — using $68.25

&nbs=; Oct 19, 2013 expiry = 70.00 strike calls = &n=sp; $5.70 (break-even 75.70)<=p &=bsp; &nbs=; =nbsp; &nb=p; = 75.00 strike calls = $3.70 =nbsp; (break-even 78.70)

Tesoro (TSO) R=1; using 56.65

&n=sp;       = Nov 16, 2013 expiry       60.=0 strike calls       =nbsp;    $5.30    (break-even =5.30)

=       &n=sp;       =       &=bsp;       &nb=p;       65.00 strike calls &nb=p;       =nbsp; $3.60    (break-even
68.60)

=0D

Holly Frontier (HFC)— using 47.80

=nbsp; Dec 21, 2013 expiry &=bsp; 50.00 strike calls &=bsp; $4.40 &n=sp; (break-even 54.40) &nb=p; =nbsp; &n=sp; &nbs=; =5.00 strike calls 8t=bsp; $2.75 (break-=ven 57.75) <=p>

Plains All America (PAA) — using 57=2E80

&n=sp; Nov 16, 20=3 expiry 60.00 strike ca=ls =nbsp; $1.65 (break-even 61.65)
= &n=sp; = &=bsp; &nb=p; 62.50 strike calls &nb=p; $1.=0 (break-even 63.50)

National =ilwell Varco (NOV) — using 67.50

= Nov 16, 2013 expiry =nbsp; 67.50 strike calls =nbsp; $5.15 &=bsp; (break-even 72.65)

=0D

Schlumberger (SLB) — using 75.60 =nbsp; Nov 16, 2013 expiry 8c=bsp; 75.00 strike calls &=bsp; $5.35 8in=sp; (break-even 80.35) &nb=p; =nbsp; &n=sp; &nbs=; =7.50 strike calls &=bsp; $4.10 (break-=ven 81.60 </=>

=nbsp;

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