To: Jeffrey M Matusowl 1 From: Jeffrey Epstein Sent Tue 4/20/2010 3:26:28 PM Subject Re: Update ok on poland On Tuc, Apr 20, 2010 at 11:17 AM, Jeffrey M Matusow wrote: Jeffrey, India raised rates by 25bps overnight - as expected although less than JPM had been calling for. Nevertheless INR strengthened by 0.5%. Gold is back above $1140. We sold puts last week on the dip to $1135. Most of the positions are in the money as risk appetite is back after the dip on Friday. Positions that aren't working - JPM Preferrcds - trading at $24.11 GM - down $1.50 despite news that the company is paying back the gov't sooner than planned I want to go long Polish Zloty vs. Euro. Poland is the only country in Europe that grew last year. We expect rates to rise in 4Q 10 and IQ II, while we don't expect any ECB hikes this year. The PLN sold off on the plane crash. I want to put on a 1 year forward extra. Let me know. I'm waiting for levels to go short JPY again. Jeff Jeffrey M. Matusow JPMorgan Pnvate Bank 140 West 57th Street. 33rd Roor. New York. NY 10019 Work. 212 622 70531 Fax. 212 310 0108 1 Email. EFTA_R1_00180881 EFTA01811227