To: Barrett, Paul S From: Jeffrey Epstein Sent Wed 10/12/2011 7:31:10 AM Subject: Re: Update I believe that oil will spike, should we put on cashless, spreads. buy outfights. . I would like option pricing on gold, oil. On Tue, Oct 11, 2011 at 2:56 PM, Barrett, Paul S ‹ > wrote: 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 S7th Street, 33rd Floor, New York, NY 10019 (W) (F) EFTA_R1_00245202 EFTA01851472 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.uwwujimorean comtpauesIdisclosures'email. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return c-mail or by e-mail to ico, acatioiv(Lumw I coin, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA_R1_00245203 EFTA01851473