From: "Barrett, Paul S" < To: Jeffrey Epstein <jecvacation0::gmail.com> CC: "Giuffrida, David J" Subject: Update Date: Tue, 11 Oct 2011 18:56:03 +0000 Jeffrey +2.5MM YTD -4.4MM since inception We have seen a nice rally in the SP500 and Corn. HY lagging. I think we should take advantage of this rally by collaring the SP500 for a month — buy 1150 puts and sell 1230 calls. Would do it on $3MM. Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 3 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 http://www.jpmorgan.com/pages/disclosures/email. EFTA00687724