To: Jeevacation[[email protected]] From: Paul S Barrett Sent: Wed 11/10/2010 11:20:03 PM Subject: RE: Line of Credit OK - no trade will ever happen on this account without a clear OK from you. We did send Harry the docs for the LoC if you decide to proceed. Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 From: Jeevacation [mailto:[email protected]] Sent: Wednesday, November 10, 2010 3:17 PM To: Paul S Barrett Subject: Re: Line of Credit Not until we speak Sorry for all the typos .Sent from my iPhone On Nov 10, 2010, at 5:37 PM, Paul S Barrett HI Jeffrey rote: EFTA_R1_01480241 EFTA02416198

We have been approved for a 50MM line of credit - we will use this for doing swap spread trades (where we buy treasuries and pay fixed in swaps - makes money if swap rates go higher vs treasuries). We are hedged for parallel shifts in the curve. Right now the spread is at +14bps. I would like to do 50MM notional at +12bps. This leaves us at 40,000/basis point. We sent the dots to Harry. Thanks Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group 7PMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 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 hitp://www.ipmoruan.com/pages/disclosures/email. EFTA_R1_01480242 EFTA02416199