<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Monday, August 1, 2011 4:05 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>WTI options with knock ins</td></tr></table>

Jeffrey

To buy $190/bbl Puts that knock in at $1=0/bbl:

- Dec11 $=.65

- Jan12 $0.67<=:p>

- Feb12 $0.70

Paul</=:p>

=0:p>

<= class=MsoNormal>Paul Barrett, CFA

=span style='font-size:10.5pt;font-family:Consolas;color:#1F497D'>Manag=ng Director

Global Investment Opportu=ities Group

JPMorgan Private Bank

40W 57th Street, 33rd Floor, New York, NY=10019

Amanda Ens =/p>

J.P.Morgan I Global Investment Opportunities G=oup

40 W 57th Street, 33rd Floor, New =ork, NY 10019

<=> This email=is confidential and subject to important disclaimers and conditions includ=ng on offers for the purchase or sale of securities, accuracy and complete=ess of information, viruses, confidentiality, legal privilege, and legal e=tity disclaimers, available at http://www.jpmorgan.com/pages/disclosur=s/email.