<table><tr><th>From:</th><th>Barrett, Paul S &lt;</th></tr><tr><td>Sent:</td><td>Friday, April 20, 2012 6:13 PM</td></tr><tr><td>To:</td><td>Epstein, Jeffrey (jeevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Ens, Amanda</td></tr><tr><td>Subject:</td><td>Oil pricing</td></tr></table>

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Hi Jeffrey

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We priced up some opti=ns on the August contract (expiring in July)

Indicative pricing:

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Premiums are in Sibbl</=pan>

August 2012 contract (=1Jul2012 expiry) ref 118.00 on Brent

Client buys Brent calls<=o:p>

150 strike; 0=2E45 offer

175 strike; 0.40 offer

200 strike; 0.28 offer

Client buys Brent call with Kl<=u>

125 strike; 3.20 offer

125 strike; 150 continuous KI; 1.50 offer

- 125 strike;=175 continuous KI; 0.45 offer

Client buys Brent put with KI

=span style="font-size:11.0pt;font-family:"Calibri","san=-serif""">175 strike; 150 continuous KI; 1.60 offer

200 strike; 175 continuous=Kl; 0.45 offer

We can price these up for June expiry as well if you like a particular=version.

212-622-2770 (W)&nb=p; 212-310-0108 (F)

NML= ID# 853441

paul.s.barrett@jpmorgan.com<=:p>

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This e=ail is confidential and subject to important disclaimers and conditions in=luding on offers for the purchase or sale of securities, accuracy and comp=eteness of information, viruses, confidentiality, legal privilege, and leg=l entity disclaimers, available at http://www.jpmorgan.com/pages/discl=sures/email.