From: Jeffrey M Matusow Sent: Tuesday, April 6, 2010 10:14 PM To: Jeffrey Epstein ([email protected]) Cc: Paul S Barrett Subject: EuroStoxx Dividend Swaps Attachments: Euro Stoxx 50 dividend analysis_06-Apr-10_external.xls Jeffrey, Attached is the index dividend analysis for th= Euro Stoxx 50. The thesis is that the market is significantly =nderestimating dividends in 2011 and 2012. Our analyst expects actu=l dividends to be 20% higher in 2011 and 35% higher in 2012 than the =utures market is predicting. Interestingly, even the consensus bear=estimates are 4-12% higher. =OA Bottom-Up Estimates 2009 2010 <=pan style=lont-size:10.0ptfont-family:"Arial","sans-serif"52=11 2012 DaDD 115.7=/span> 123.7 132.3qp =OA 145.2<=:p> IB=S 1 EFTA_R1_02000648 EFTA02683460