To: Jeffrey Epsteinfleevacation©gmail.com]
From: Jeffrey M Matusow
Sent: Thur 5/6/2010 7:21:49 PM
Subject: Market

Markets continuing lower.

We are long Palladium from $525 and it is trading at $495. I think we should close out the position.

On the 30 year swaps we are long via options at 4.35% and the rate now is at 3.95%. I think we should cut half the position in case this escalates. At the height of the crisis the rate hit a low of 2.50%.

Jeff

Jeffrey M. Matusow

JPMorgan Private Bank | 40 West 57th Street, 33rd Floor, New York, NY 10019

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 wntten 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-relaled penalties