EFTA00755688.pdf

From: Jeffrey M Matusow < To: Jeevacation <jeevacation(kgmail.com> Subject: Update Date: Fri, 21 May 2010 13:35:35 +0000 Markets feeling soft agaiin this morning - European stock markets down —2% US market opened down 1% The Euro is holding up - 1.2550 - on fear of intervention and position squaring ahead of the wknd. GBP also holding up - trading around 1.44. The 2012 dividends are marked down to 83 today. The 2011 are trading at 91. I think this is a result of less liquidity in the 2012's. The 2010 futures are still trading at 110 (and the actual dividends paid so far this year are 65). The other position that has moved dramatically against us is the 30year swap rate which is down from 3.90% to 3.75%. We have a maturity on Monday which we will roll Monday morning. We were able to get the 1 year Ford bonds at par to yield Libor + 5.25%. Libor continues to rise so the current yield is 5.75%. Gold is hanging around $1180. GS closed at $136. The Senate passed a financial industry overhaul bill. It must be reconciled with the House version before final passage. Call me when you can. Jeff Jeffrey M. Matusow JPMorgan Private Bank 140 West 57th Street, 33rd Floor, New York, NY 10019 I Email: IRS Circular 230 Disclosure: EFTA00755688 JI'Morgan 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 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. EFTA00755689