<table><tr><th>From:</th><th>Barrett, Paul S</th></tr><tr><td>Sent:</td><td>Monday, April 30, 2012 8:24 PM</td></tr><tr><td>To:</td><td>Epstein, Jeffrey (eevacation@gmail.com)</td></tr><tr><td>Cc:</td><td>Giuffrida, David J</td></tr><tr><td>Subject:</td><td>Brent pricing</td></tr></table>

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Aug12 ref: 118.80<=:p>

Sep12 ref:=118.32

=ct12 ref: 117.73

Clie=t buys Brent calls

Offers =n $/bbl

130 strike

<=pan style="font-size:11.0pt;font-family:"Calibri","sans=serif"">140 strike

<=r>=0D

August 2012<=> =0A

1.37

=/td> 0.50

=0A

September 2012

2.08<=span>

0.84

=0D

Octo=er 2012

2.58

1.15<=span>

Clie=t sells Brent puts

Bids in=$/bbl

110 strike

100 strike

=0A

August 2012

=0D <= class="MsoNormal">1.85

0.47

September 2012

2.96

=0D

1.11

=0A
Octob=r 2012

3.88

1.73<=span>

I like the combination of 1) buying Aug 130 calls a=d selling 110 puts for a net credit of $0.48 2) buying 140 calls and
sel=ing 100 puts for a net credit of $0.27. We can always spend the =et credit to increase the notional on the calls such
that it is cashless=2E For example we buy 1.35x notional on the topside on the August contra=t.

Paul

Paul Barret=, CFA
Managing Director<=o:p>

Global Investment Opportunities Gro=p

- Organization: "JPMorgan Private Bank<=o:p>"
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