EFTA02443577

To: M rm Riccardo Jay Petsc Epstein •eevacation mail.com] Jeffrey Zelin ; Jim Wint From: Zelin, Barry Sent: Wed 6/10/2009 5:20:06 PM ; Jeffrey THE VELOCITY OF MONEY or WHAT THE BUSINESS CYCLE HAS COME TO. It is a slow day in the East Texas town of Madisonville. It is raining, and the little town looks deserted. Times are tough and everyone is in debt and everyone lives on credit. On this particular day a rich tourist is driving through town. He enters the only hotel in this sleepy little town and lays a hundred dollar bill on the desk stating he wants to inspect the rooms upstairs in order to pick one to spend the night. As soon as the tourist walks up the stairs, the hotel proprietor takes the hundred dollar bill and runs next door to pay his debt to the butcher. The butcher takes the $100 and runs down the street to pay his debt to the pig farmer. The pig farmer takes the $100 and heads off to pay his debt to the supplier of feed and fuel. The guy at the Farmers Co-Op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her "services" on credit. The hooker runs to the hotel with the $100 to pay her debts for the rooms she used when working. The hotel proprietor then lays the $100 on the counter so the rich tourist will not suspect anything. At that moment, the tourist walks down the stairs after inspecting the rooms. He picks up the 5100 and states that the rooms are not satisfactory, pockets the money and walks out the door and leaves town. No one earned anything. However, the town is out of debt and looks to the future with optimism. EFTA_R1_01518996 EFTA02443577 Welcome to our now. Barry W. Zelin Axiom Capital Management 780 Third Avenue, 43rd Floor NY, NY 10017 This email message is for the individual use of the intended recipient's and may contain corfidential and prwileged information. Any unauthorized review, use, disclosure or distribution Is prohibited. If you are not the intended recipient, please contact the sender by reply email and destroy all copies of the original message. Any views expressed in this message are those of the individual sender, except where the sender specifically states them to be the views of Axiom Capital Management. Axiom Capital Management Inc. reviews and archives outgoing and incoming email. Such may be produced at the request of regulators and/or in connection with judicial/arbitral proceedings. Sender accepts no liability fcr any errors or omissions arising as a result of transmission. Use by other than intended recipients is prohibited. This transmission is neither an offer nor a solicitation of an offer to purchase or liquidate securities. Opinions or estimates constitute Axiom Capital Management Inc.'s views, beliefs and judgment at this moment and are subject to change without notice. Information upon which the material contained in this transmission is based was obtained from sources believed to be reliable but has not been verified. Additional information is available upon request. Axiom Capital Management Inc., its affiliates and respective directors, officers and employees may purchase or liquidate securities mentioned herein as agent or principal. EFTA_R1_01518997 EFTA02443578