To: Jeffrey [email protected]] From: Jeffrey M Matusow Sent: Thur 5/6/2010 7:21:49 PM Subject: Market 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 Pnvate Bank 140 West 57th Sheet. 33rd Root. New Vot. NY 10019 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 wntten 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-relaled penalties EFTA_R1_01493320 EFTA02425105