Epstein Secrets

atters addressed herein or for the purpose of avoiding U.S. tax-related penathes From: Jeffrey M Matusow Sent: Friday, May 28, 2010 12:09 PM To: 'Jeffrey Epstein' Subject: RE: Dividend hedge The iTraxx is meltdown insurance - for a 100% hedge you'd have to do multiples of the notional - probably 4-5x. But if

could make money on both trades. Jeffrey M. Matusow JPMorgan Pnvate Bank 140 West 57th Street. 33rd Floor. New York. NY 10019 Work I Fax* Ema.i Jeffrey m matusow@rpmorgan cool IRS Circular 230 Disclosure. JPMorgan Chase & Co and its affiliates do not provide tax advice. Accordingly, any discussion o

To: Jeffrey Epstein[[email protected]] From: Jeffrey M Matusow

1.3150. If the Euro is back above 1.3150 the dividend trade will be much higher. Let me know. A good data point on the iTraxx Europe index vs the Dividend index: Friday close Tuesday open % chancre 2012 Dividends 94.50 90.50 4% iTraxx Europe 120 127 5.8% The iTraxx acted as a good hedge for

To: epstein, Jeffrey ([email protected])[epstein, Jeffrey ([email protected])]: [email protected][[email protected]] From: Jeffrey M Matusow Sent: Tu

k above $1225. The index I mentioned this morning - iTraxx Europe - consists of 125 large European corporates. We should buy this as a hedge to the Dividend position. It costs 1.2% a year. If Europe blows up it will trade higher to offset a fall in the Dividends. If Europe ends up ok and the iTraxx Europ

To: epstein, Jeffrey ([email protected], Jeffrey ([email protected])]; [email protected][[email protected]] Cc: Paul S Barre harry beller Gra

points as Europe failed to provide clarity on a rescue plan. Attached is the spread sheet that we sent to Harry with all of the open positions. The Dividend futures positions are marked down $3MM. Dealer quotes have widened out so we are marking it conservatively. We still like the trade. Based on JPM's