From: Jes Staley

From: Jes Staley To: [email protected] <[email protected]> Subject: Fw: you must read this Date: Fri, 08 May 2009 19:37:20 +0000 Inline-Images: ecblank.gif A must read. From: Seth P. Bernstein To: Jes Staley Sent: Fri May 08 15:29:44 2009 Subject: Fw: you must read this Seth P. Bernstein JPMorgan Asset Management 245 Park Avenue, 5th Floor New York, NY 10167 Forwarded by Seth P. BernsteinCIPMCHASE on 05/08/2009 03:29 PM Michael Toseth.p.bernsteingpmorgan.com, Eric S CembalestaPMCHASE Rosen/WMCHASEVPMCHASEI CC 05/08/2009 09:37 AM Subjectyou must read this Yea though I walk through the Valley of the Shadow of Debt I shall fear no default rates; for thou art with me Thy printing presses and stress tests comfort me Thou preparest a bull market for me in the presence of Roubini, Taleb and Grant Thou annointest my portfolio with liquidity; my wallet runneth over Surely bonuses and bailouts shall follow me all the days of my life And I will dwell in the house in Greenwich forever. EFTA00774683