To: Jeffrey Epsteinfieevacation©gmail.com]
From: Jeffrey M Matusow
Sent: Thur 7/29/2010 2:34:02 PM
Subject: JPM preferreds

Jeffrey,

You own $20MM of the JPM 6.7% preferreds at $24.975

After a trading down below $23 they are trading back at $24.70 as rates have fallen. I think we should look to sell half the position. You received a $0.42 dividend, so a sale at $24.70 is a net gain of 14 cents. There are cheaper bank preferreds that we can swap into like the BAC 7% which are yielding 7.35% to maturity and 11.2% to the call in Nov-11.

Let me know.

Jeff

Jeffrey M. Matusow

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

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