From: Barrett, Paul S Sent: Tuesday, May 1, 2012 1:31 PM To: Epstein, Jeffrey (eevacation@gmail.com) Cc: Giuffrida, David Subject: Brent pricing =body lang="EN-US" link="blue" vlink="purple"> Jeffrey4=pan> Why don't we do 125=000 barrels of each date. Spread it out a little. =OA Bullish Brent risk reversals=/span> August 2012 contract (11Ju12012 expiry) 118.30 reference 1) client b=ys 140 call 2) client sells 100 put Net premium: client receives $0.05/bbl </=> September 2012 contract (1=Aug2012 expiry) 117.85 reference 1) client buys 140 call 2) client sells 100 put=/p> Net premium: client receive= $0.29/bbl 1 EFTA_R1_01348869 EFTA02359587 Paul Barrett, CFA Managing Director Global Investment Opportunities Group</=:p> JPMorgan Private Bank New York, NY 10=22 W) &nbs=; (F) NMLS=lDI =span style="font-size:11.0pt;font-family:"Calibri","san=-serir> <=html> This email is confidential and subject to important disclaimers an= conditions including on offers for the purchase or sale of securities, ac=uracy and completeness of information, viruses, confidentiality, legal pri=ilege, and legal entity disclaimers, available at http://www.jpmorgan.=om/pages/disclosures/email. 2 EFTA_R1_01348870 EFTA02359588