<table><tr><th>From:</th><th>Barrett, Paul S&lt;</th></tr><tr><td>Sent:</td><td>Monday, December 12, 2011 3:19 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Oil Options</td></tr></table>

=0A

=effrey

We pr=ced up some oil options:

WTI oil exotic risk reversal

Decem=er 2012 contract (expires 13Nov2012)

97.25 reference rate

=0D

1) client buys 120 strike call =ption

2) =lient sells 86 strike put with continuous reverse knock-in @ 51.00<=o:p>

Net cost: cashl=ss

&=bsp;

Cli=nt buys WTI oil call option

December 2012 contract (ex=ires 13Nov2012)

97.25 reference rate

Paul

Paul Barrett,=CFA

Managing Director

Global Investment Opportunities Group=o:p>

JPMorgan Private Bank

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

<=div>

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