EFTA02409612.pdf

To: epstein, Jeffrey ([email protected], Jeffrey ([email protected])]: [email protected][jeeyacation mail.com Cc: David J Giuffridafdavid.i. Michael A Taormina From: Paul S Barrett Sent: Mon 11/22/2010 2:02:18 PM Subject: SPX Jeffrey We had the short SP500 1170 call option exercise against us on Friday (this was sold against the SP500 Market Plus Note). So we are short the SP from 1170. Net of premium we are around breakeven (at current SP500 futures exactly at breakeven). I think we take it off. I want to maintain naked SP500 upside exposure via the structure. Please let me know. Thanks Pau Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 EFTA_R1_01469965 EFTA02409612