EFTA02032520

To: jeevacation mail.com 'eevacation mail.com • Jeffre E stein '[email protected]] Cc: rom: arre , au Sent: Thur 8/25/2011 11:58:46 AM Subject: Haze Trust Jeffrey Update on Haze: HY spreads have widened around 200bps since July which has hurt the mtm on our bond and pfd positions. The biggest selloff has been with the Bank of America Pfds which are down almost 25% since we bought them. From a capital perspective they are well positioned to meet Basel Ill capital requirements. Any common equity capital raise would be good for our pfds. BAC Pfd down 740K HY Bond Fund down 426K Account down $1.6MM We remain comfortable with the names we own but will re-asses these positions in early September. Illiquidity has exacerbated many of these recent moves. Paul Paul Barrett, CFA EFTA_R1_00543253 EFTA02032520 Managing Director Global Investment Opportunities Group 7PMorgan Private Bank EFTA_R1_00543254 EFTA02032521