To: jeevacation&mail.com[jeevacation@gmail.com]; jeffrey epsteinlieevacation©gmail.com] From: Barrett, Paul S Sent: Wed 1/5/2011 8:10:29 PM Subject: RE: Oil Idea We had 100,000 barrels on the most recent expiry. I would do 50,000 barrels in this structure. And then another 50,000 as an outright risk reversal if we see a move back to 85.00. Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 From: jeffrey epstein [mailto:jeevacation@gmail.com] Sent: Wednesday, January 05, 2011 3:07 PM To: Barrett, Paul Subject: Re: Oil Idea I like it Sorry for all the typos .Scut from my iPhonc On Jan 5, 2011, at 2:51 PM, "Barrett, Paul S" wrote: Jeffrey As a replacement for our oil risk reversal that came off what do you think of this: EFTA_R1_00540963 EFTA02030984 Bullish 3-Month WTI trade Option Expiry: 14Apr11 Buy a 92 x 99 WTI call-spread (7.5% max-return) Short a 92 WTI put, with Knock-In: 71 cashless Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at Imp: wwv..jpinorgan.com 'pagesAisclostires email. EFTA_R1_00540964 EFTA02030985