From: Jes Staley CE M> To: '[email protected] <[email protected]> Sent: 5/8/2009 8:37:20 PM Subject: Fw: you must read this 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 Email: Phone: Fax: Forwarded by Seth P. Bernstein/JPMCHASE on 05/0812009 03:29 PM Michael Cembaleat/MICHASE 05/08/2009 09:37 AM cc Sub jeetvon 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 no all the days of my life And I will dwell in the house in Greenwich forever. SDNY_GM_00077153 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00000280 EFTA_00187625 EFTA01300148