From: Jeffrey Epstein <[email protected]>

From: Jeffrey Epstein <[email protected]> To: Jeffrey M Matusow Subject: Re: Update Date: Tue, 20 Apr 2010 15:26:28 +0000 ok on poland On Tue, Apr 20, 2010 at 11:17 AM, Jeffrey M Matusow Jeffrey, wrote: India raised rates by 25bps overnight - as expected although less than JPM had been calling for. Nevertheless INR strengthened by 0.5%. Gold is back above $1140. We sold puts last week on the dip to $1135. Most of the positions are in the money as risk appetite is back after the dip on Friday. Positions that aren't working - JPM Preferreds - trading at $24.11 GM - down $1.50 despite news that the company is paying back the gov't sooner than planned I want to go long Polish Zloty vs. Euro. Poland is the only country in Europe that grew last year. We expect rates to rise in 4Q 10 and 1Q II, while we don't expect any ECB hikes this year. The PLN sold off on the plane crash. I want to put on a 1 year forward extra. Let me know. I'm waiting for levels to go short JPY again. Jeff Jeffrey M. Matusow JPMorgan Private Bank I Work: Fax: I Email: J IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained heroin (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. EFTA00890931 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 The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. EFTA00890932