To: Jeffrey Epsteinueev i n m il. m Cc: Giuffrida, David J From: Barrett, Paul S Sent: Tue 10/11/2011 6:56:03 PM Subject: Update 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 5P500 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 lPMorgan Private Bank paul.s.barrettpipmorgan.com EFTA_R1_00248442 EFTA01853084