EFTA02423351.pdf

To: epstein. Jeffrey (jeevacationepgmail.com)(epstein, Jeffrey (jeevacation©gmail.com)j; jeevacationiagmail.comueevacation@gmail.comj From: Paul S Barrett Sent Mon 8/16/2010 1:05:04 PM Subject: FW: Wheat Jeffrey Are you available today? We need to discuss the 30yr swap exposure. Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 From: Paul S Barrett Sent: Friday, August 13, 2010 10:49 AM To: leevacation' Cc: Jeffrey M Matusow Subject: RE: Wheat Jeffrey Please call in. We have a swaption expiring at 11am. I think we should cash settle and reduce our 30yr swap exposure. If we don't hear from you we will take physical delivery of the swap and then we can unwind it later. The new QE2 from the Fed changes the game on rates and I think it is going to take a longer time for long rates to sell off. EFTA_R1_01490320 EFTA02423351 Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group JPMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 From: Jeevacation [mailto:jeevacation@gmail.com] Sent: Monday, August 09, 2010 11:17 AM To: Paul S Barrett Subject: Re: Wheat This week 561 601-4569 or 340-775-8111 Sent from my iPhonc On Aug 9, 2010, at 11:08 AM, Paul S Barrett wrote: Hi Jeffrey Tried calling your 212 number. Jeff M mentioned you may have some interest in wheat. Let me know if you need anything. EFTA_R1_01490321 EFTA02423352 We bought some 600 puts on the Dec10 contract last week. Paid 2.90%. Implied vol around 44%. Paul Paul Barrett, CFA Managing Director Global Investment Opportunities Group 7PMorgan Private Bank 40W 57th Street, 33rd Floor, New York, NY 10019 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 hup://www.jvmorgan.comipagcsidiselosurcs/email. EFTA_R1_01490322 EFTA02423353