To: jeevacation@g " " • ffrey Epsteinueevacation@gmail.com] Cc: Giuffrida, David 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 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 3PMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 EFTA_R1_00513831 EFTA02012029