From: Jeffrey Epstein <[email protected]>

From: Jeffrey Epstein <[email protected]> To: Jeffrey M Matusow Subject: Re: S+P 500 Date: Mon, 27 Sep 2010 18:12:38 +0000 Yes On Mon, Sep 27, 2010 at 7:03 PM, Jeffrey M Matusow < Jeffrey, > wrote: You are long the S+P via a structured note maturing in Jan-12. The index is up 5% since we bought the note. The market has rallied —10% in Sept. I think we should sell covered calls against the position. The Nov-11 1170 calls bring in 2% of premium (13.5% annualized). If we get called away it is 4% of additional return (26.9% annualized). If we end up above the strike we can roll the options forward and take in more premium. Jeff Jeffrey M. Matusow JPMorgan Private Bank I 40 West 57th Street, 33rd Floor, New York, NY 10019 I Email: IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. 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.jpmo an.com/pages/disclosures/email. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for EFTA00732017 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 e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. EFTA00732018