EFTA02393683

From: Barrett, Paul S Sent: Monday, April 30, 2012 8:24 PM To: Epstein, Jeffrey (eevacation@gmail.com) Cc: Giuffrida, David Subject: Brent pricing =body lang="EN-US" link="blue" vlink="purple"> Aug12 ref: 118.80a:p> Sep12 ref:=118.32 =ct12 ref: 117.73 Clie=t buys Brent calls Offers =n $/bbl 130 strike <=pan style="font-size:11.0ptfont-family:"Calibri","sans=serif"">140 strike <=r> -40D August 20124=> =OA 1.37 =/td> 0.50 =OA September 2012 2.08<=span> 0.84 =OD Octo=er 2012 2.58 1.15<=span> 1 EFTA_R1_01422456 EFTA02393683 Clie=t sells Brent puts Bids in=$/bbl 110 strike 100 strike =OA August 2012 =OD <= class="MsoNormalk>1.85 0.47 September 2012 2.96 =OD =OA 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> 2 EFTA_R1_01422457 EFTA02393684 Global Investment Opportunities Gro=p WMorgan Private Bank<=o:p> This email is c=nfidential and subject to important disclaimers and conditions including o= offers for the purchase or sale of securities, accuracy and completeness =f information, viruses, confidentiality, legal privilege, and legal entity=disclaimers, available at http://www.jpmorgan.com/pages/disclosures/em=il. 3 EFTA_R1_01422458 EFTA02393685