To: [email protected][[email protected]] From: Barrett Paul S Sent: Fri 1/7/2011 8:00:36 PM Subject: RE: Oil Idea Hi Jeffrey We are done on 50,000 bbls of the following strategy: Bullish 3-Month WTI trade Option Expiry: 14Apr11 Buy a 92 x 100 WTI call-spread (8.70% max return) Short a 92 WTI put, with Knock-In: 71 Cashless We will also have the book open for the Telefonica market plus note on Monday. Will call you to discuss. Thanks Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group 7PMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 (W) (F) EFTA_R1_00208222 EFTA01831292

From: Giuffrida, David Sent: Friday, January 07, 2011 1:16 PM To: [email protected] Cc: Barrett, Paul S Subject: RE: Oil Idea Jeffrey, We can get done on this at a better level right now; Bullish 3-Month WTI trade Option Expiry: 14Apr11 Buy a 92 x 100 WTI call-spread (8.70% max return) Short a 92 WTI put, with Knock-In: 71 Cashless Paul was recommending 50,000 barrels. Let us know what you want to do. Thanks From: Jeffrey epstein [mailto:[email protected] Sent: Wednesday, January 05, 2011 3:07 PM To: Barrett, Paul Subject: Re: Oil Idea I like it Sorry for all the typos .Sent from my iPhone On Jan 5, 2011, at 2:51 PM, "Barrett, Paul S" < wrote: EFTA_R1_00208223 EFTA01831293

Jeffrey As a replacement for our oil risk reversal that came off what do you think of this: 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 (W) (F) 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 Impliwww.jomorgan.comioagesidiselosuresiemail. EFTA_R1_00208224 EFTA01831294