To: Jeevacationueevacation mail.com)
Cc: Paul S Barrett[
From: Jeffrey M Matu
Sent: Fri 4/23/2010 6:48:05 PM
Subject: Accumulator

Jeffrey,

An Accumulator is another way to get exposure to a stock without putting up cash. It works for a sideways to bullish view on the stock.

For a one year trade you get 1/24th of the amount of shares every 2 weeks at a discount to the original stock value, as long as the stock is not up 10%. If it closes above 10% on any day the trade terminates. You get shares every 2 weeks (you can hold or sell them). You are guaranteed at least one month's worth of stock at the discount price, even if the stock trades up 10% immediately.

For example:

Stock Goldman Sachs

Term 1 year

Shares 120,000 (480 shares per trading day)

Reference Price $157

Discounted Price $136.67 (87.05%)

Knock Out Price $172.70 (110%)

Bi-weekly Shares 5,000 at $136.67 until Knock Out

You are guaranteed to receive at least 10,000 shares at $136.67 (even if the stock is up 10% on Day 1).

Let me know what you think.

Jeff

Jeffrey M. Matusow

JPMorgan Private Bank 140 West 57th Street. 33rd Floor, New York. NY 10019

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