0? ?Olt ec? Av ,PM::iccir 6?". Please excuse typos poor punctuation etc etc as this was sent from my I Pad On Aug 3, 2011, at 9:30, "Hirschfield, Ian E" 'MEM.... wrote: On the dividend portfolio, we wanted to do $1mm total. Lets start slowly with $1.50k? Ian Hirschfield Vice President, JP Morgan Private Bank 40 West 57th Street - 33rd Floor , New York, NY 10019 Ph°nea From: Gmax Dra Sent: Wednesday, August 03, 2011 6:39 AM To: Hirschfield, Ian E Subject Re: Update Yes let's start to dip into dividend market - v slowly though as I still think the market will sell off a bit more.. I'll call you today or tomorrow Best Please note that this e-mail and any files transmitted with it may be privileged, confidential, and protected from disclosure under applicable law. If the reader of this message is not the intended recipient, you are hereby notified that any reading, dissemination, distribution, copying, or other use of this conununication is strictly prohibited. Original Message From: Hirschfield, Ian To: Gmax Sent: lbe Aug 02 18:44:00 2011 Subject: Update Ghislaine - Big move in rates today - Treasuries extended gains across the board. There is growing concern about the outlook for growth and earnings. The 10yr note fell -13bps to 2.62, 30yr yields moved lower by 161:Ts to 3.92 and 2yr notes moved down —5bps to 0.32. Seems a bit overdone, but if economic data continues to come in weak we could move lower in yields. Investment grade corporates have been trading well, high yield bonds are off slightly. Are you around to catch up this week? At some point we should start to slowly dip our toe into the high quality 2 ID: 036108031490405 DATE: 08/032011 13-..54:00 Page 2 of 2 DID: 8887316607 CSID: 302-634-5955 INDEX1: INDEX2: Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00059050 EFTA01579831