EFTA02434625

To: Jeffrey EpsteinueevacationCOgmail.com] From: David Stem Sent Sun 11/1/2009 10:54:31 PM Subject constantly thinking about it, so.... The more i think about it, the best might be to have an investment office in London - connected to JPM - that has no "obvious" link to China to the outside, but is extremely China focused with an office in Beijing. This discreetness will allow major co-investments with Chinese SOEs and funds internationally and can lead to a discreet asset management firm for Chinese, including recently created billionaires. Additional advantages may be I. less threatening to European assets (scared of China) and 2. no conflict with the existing JPM China investment banking operations, since it would compliment it. Just a thought.... This message is confidential. It may also be privileged or otherwise protected by work product immunity or other legal rules. If you have received it by mistake please let us know by reply and then delete it from your system; you should not copy the message or disclose its contents to anyone. Opinions, conclusions and other information in this message that do not relate to the official business of Asia Gateway Ltd. shall be understood as neither given nor endorsed by it. Asia Gateway Ltd. Michelin House 81 Fulham Road London SW3 6RD EFTA_R1_0 1506346 EFTA02434625