From: David Stern

From: David Stern To: Jeffrey Epstein <[email protected]> Subject: Fwd: Deutsche Bahn Date: Fri, 25 Feb 2011 11:35:05 +0000 Begin forwarded message: From: "Slaughter, Lawrence" Date: 25 February 2011 11:33:46 GMT To: " " < Subject: Re: Deutsche Bahn CS , Following my specific question, they have stated that they have not contacted anyone nor spoken to anyone regarding this topic. The combination of travel, Chinese New Year and goal of having an in-person meeting means that no contact was made regarding this potential idea. I will send you an email shortly containing an outline for this concept Original Messa e From: David Stern To: Slaughter, Lawrence Sent: Fri Feb 25 11:27:47 2011 Subject: Re: Deutsche Bahn Larry, Thank you for your mail. The first practical step is to find out exactly what your colleagues in HK or China did do. Since you gave them instructions three weeks ago I am sure they must have done something? This is critical for me to know, in order to ensure we keep the communication and reporting lines on the Chinese side in order. I will be in Beijing on Monday and Tuesday and it might be best if I speak to your colleagues directly? In addition your suggestion to send me the basic concept and parameters is certainly helpful. All the best David On 25 Feb 2011, at 08:09, Slaughter, Lawrence wrote: David, EFTA00696696 With regards to Deutsche Bahn, I have asked my Beijing colleagues to stand down. They have stated that they have not spoken to anyone at CIC with regards this topic. Is this a practical case of where we could see if your approach makes sense? If so, what is a concrete next step? I could send you a few pages which sets forth the basic concept as well as some parameters. Let me know what you think. Regards, Lany Original Message From: Slaughter, Lawrence To: Sent: Mon Feb 21 17:18:22 2011 Subject: Re: China David, It was a very interesting session - thanks for your time. As a practical next step, let us keep talking about Deutsche Bahn. Regards, Lany EFTA00696697 Original Message From: To: Slaughter, Lawrence Sent: Mon Feb 21 16:11:40 2011 Subject: China Larry, Great pleasure meeting you. Thank you for your time. All the best David 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 http://www.jpmorgan.com/pages/disclosures/email. EFTA00696698