From:

<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Friday, June 29, 2012 6:52 PM</td></tr><tr><td>To:</td><td>Jeffrey</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Brent rollover update</td></tr></table>

Client's current p=sition

September 2012 contract (expiring 13Aug2012)<=:p>

96.30 re=erence

<=span>

September 2012 contra=t (expiring 13Aug2012)

<=pan style="font-size:11.0pt;font-family:"Calibri","sans=serif""">92.85 reference

* Short 100 strike put

Current cost to unwind:=8.80

Sell 95.00 strike putap>

=0D

June 2013 contract (expires 13M=y2013)

93=2E15 reference

<pan style="font-size:11.0pt;font-family:Symbol"*>* = nbsp; =! [endif]>Buy 124.00 strike call
=0A

&nb=p; Sell 94.00=strike put

&n=sp; Long 14= strike call

•&n=sp; Short 100 strike put

Current cost to unwind: 8.20=/span>

Alternative collars with equal value

=0A

December 2012 contract (expires 12=ov2012)

9=.37 reference

=span style="font-size:11.0pt;font-family:Symbol">·Buy 126.50 strike call
=0A

&nb=p; Sell 96.50=strike put

=OASeII 93.50 strike put

=span style="font-size:11.0pt;font-family:"Calibri","san=-serif"">

Arman

Arman Salavitabar I Global Currencies and Com=odities I .IPMorgan Private Bank I =OD

=0D

This email is confidential an= subject to important disclaimers and conditions including on offers for t=e purchase or sale of securities, accuracy and completeness of information= viruses, confidentiality, legal privilege, and legal entity disclaimers, =vailable at http://www.jpmorgan.com/pages/disclosures/email. =/span>