From: Jeevacation <jeevacation®gmail.com>

From: Jeevacation <jeevacation®gmail.com> To: Jeffrey M Matusow Subject: Re: Market Date: Thu, 06 May 2010 19:34:47 +0000 Ok Sent from my iPhone On May 6, 2010, at 3:21 PM, Jeffrey M Matusow wrote: Markets continuing lower. We are long Palladium from $525 and it is trading at $495. I think we should close out the position. On the 30 year swaps we are long via options at 4.35% and the rate now is at 3.95%. I think we should cut half the position in case this escalates. At the height of the crisis the rate hit a low of 2.50%. Jeff Jeffrey M. Matusow JPMorgan Private Bank 140 West 57th Street, 33rd Floor, New York, NY 10019 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. This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities, accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at http://www.j morgan.corn/pages/disclosures/email. EFTA00733803