EFTA02410712

To: Jeevacation[jeevacation@gmailcom] From: Jeffrey M Matusow Sent: Thur 7/1/2010 2:06:43 PM Subject: Euro The Euro is trading at 1.2450. It hasn't closed above 1.24 since late May. This is against a backdrop of 'risk off' - Dow down, S+P down, Europe markets down - 1%, CHF up, JPY up, poor US economic data etc. I think we should reinstate a short Euro position. 6 month cashless risk reversal long 1.2225 euro put short 1.2500 euro call that knocks in at 1.2750 Let me know. Jeff Jeffrey M. Matusow JPMorgan Private Sank 140 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-related penalties. EFTA_R1_01471699 EFTA02410712