EFTA00737337.pdf

From: Jeffrey Epstein <jeevacation®gmail.com> To: Jeffrey M Matusow Subject: Re: Update Date: Tue, 03 Aug 2010 10:07:09 +0000 Im back in new york 212 772 9416 On Mon, Aug 2, 2010 at 2:51 PM, Jeffrey M Matusow c > wrote: Good day for the markets — Dow up 200 points, S+P up 23 pts. Oil is above $80 for the first time since early May — trading at $81.40 Corn was up another point this morning, although it has since sold off to Friday's level. CAD, INR, AUD all at new recent highs; On the down side the JPY continues to be strong. EUR and GBP also at new highs. We doubled down on the Venezuela position last week and the whole position is now at breakeven. The 2012 dividends traded above 100 this morning. 2011 is at 105. Ford was upgraded by S+P to B+. We have been selling the JPM Preferreds at prices above $24.70. BP and Goldman hitting new post-crisis highs. I think we should use this rally to put on some protection. I like buying a put on an equally weighted basket of AUD, CAD and NZD. In 2008 these currencies fell by 30%+ vs the USD. They have now recovered to within 2-3% of their post-Lehman highs. If we have another big retreat from risk, this should act as a shock absorber for the risk positions (dividends, INR, Ford, Venezuela, oil etc.). Let me know what you think. EFTA00737337  Jeff Jeffrey M. Matusow JPMorgan Private Bank I 40 West 57th Street, 33rd Floor, New York, NY 10019 Work: 212.622.7053 I Fax: 212.310.01081 Email: IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained heroin (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. 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 http://www.jpmorgan.com/pages/disclosures/email. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. EFTA00737338