To: jeffrey epstein (jeevacation@gmail.com)[jeffrey epstein (jeevacation@gmail.com)]; jeevacation@gmail.com[jeevacation@gmail.com]

Cc: Paul S Barrett] ; Justin X Gratz .com] From: Jeffrey M Matusow Sent: Tue 3/23/2010 7:07:37 PM Subject: Trade idea

Jeff,

With today's back up in rates, we are selling 1month receiver swaptions on the 30yr swap rate. The 30y swap is 4.39%.

I am selling 4.35% strikes for premium of 95bps. Your breakeven at maturity is 4.29%.

Give us a call

Jeff

Jeffrey M. Matusow

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

Work: 212.622.7053 | Fax: 212.310.0108 | Email: jeffrey.m.matusow@jpmorgan.com

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