EFTA02413619

To: Jeffrey Epsteailliami. Cc: Paul S Barrett Justin X Gratz From: Jeffrey M Matusow Sent: Wed 6/2/2010 10:05:52 PM Subject: Update Nice recovery in the market today. S+P rallied at the end of the day to close up 28 points (Dow up 225 pts) Euro closed at the high - 1.2250. GBP holding its gains at 1.4650. JPY weaker at 92.20 on the resignation of the PM. The Dividends finished up a few points. 2011 at 97 and 2012 at 92. Goldman issued a report recommending clients buy both 2011 and 2012 - they see limited downside from here, even under worst case scenarios. GS up $3 at $144.85. OIL closed marginally higher at $73.60 Swap rates higher on the rally in the equity markets. I still think we should add to our Euro short. We are dipping our toes back into risk trades - buying CAD, Selling 4% swaptions, buying BRI. Call me tomm. Jeff Jeffrey M. Matusow JPMorgan Private Bank 140 West 57th Street. 33rd Floor. New York. NY 10019 Work. I Fax. Email. EFTA_R1_01476199 EFTA02413619 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 avoichrbg U.S. tax-related penalties. EFTA_R1_01476200 EFTA02413620