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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 WOO( Fax Email. 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 written 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-related penalties. EFTA_R1_01468998 EFTA02409025