From: Jeffrey M Matusow

From: Jeffrey M Matusow To: Jeffrey Epstein <[email protected]> Subject: BP Date: Fri, 11 Jun 2010 17:03:11 +0000 Attachments: JPM_J.P._Morgan_Cazenove_UK_FTM_2O1O-06-11_4269O8.pdf Jeffrey, JPM research believes that the sell off in BP is way over done. I attached their analysis. They estimate worst case total cost from clean up, fines and litigation at $29bn. The stock has lost over $80bn of market capitalization since April 20th. I have seen a couple of clients who are in the energy/commodities business buying BP today and yesterday. The stock is trading at $33.70 today which is a 5.5x multiple on 2010 and 4.8x 2011 estimates. Oil is off $2 today at $73.50 on some weak retail sales numbers. Jeff Jeffrey M. Matusow JPMorgan Private Bank 140 West 57th Street, 33rd Floor, Now York, NY 10019 Work: I Fax: Email: IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. EFTA00750019