From: Jes Staley

From: Jes Staley To: mjeevacation@gmail.comm <jeevacation@gmail.com> Subject: Fw: Sunday Times on Sempra Date: Sun, 31 Jan 2010 11:57:28 +0000 Fyi Original Message From: Jes Staley To: Blythe Masters; Mike Cavanagh Cc: Kristin C Lemkau Sent: Sat Jan 30 23:18:17 2010 Subject: Re: Sunday Times on Sempra Its good. It clearly says that we are not trying to go against the President. To the contrary. Jes Original Message From: Blythe Masters To: Jes Staley; Mike Cavanagh Sent: Sat Jan 30 19:45:45 2010 Subject: Fw: Sunday Times on Sempra Fyi Original Message From: David M Wells To: Blythe Masters; Kristin C Lemkau Sent: Sat Jan 30 18:36:10 2010 Subject: Sunday Times on Sempra The story below is on their website now and doesn't reflect our guidance. I will let you know tomorrow if the paper version is different. From The Sunday Times January 31, 2010 Barack Obama curbs thwart RBS American sale lain Dey JP MORGAN, the American financial giant, has derailed the sale of Royal Bank of Scotland's commodity-trading arm after refusing to buy its American operations. The £2.5 billion sale of the British bank's 51% stake in RBS Sempra is being renegotiated in light of the crackdown on bank trading operations announced by President Barack Obama. Under the terms of the revised deal, JP Morgan will still buy the European operations of the joint venture and the international oil-trading business. However, the giant banking group has gone cool on buying RBS Sempra's American gas and power division, which accounts for a large chunk of the business's profits. The American operation engages in proprietary trading — a practice American banks will be barred from under Obama's reforms. One alternative being considered would see Sempra Energy, the trading firm that owns the other 49% of the joint venture, buy back the other half of the American business from RBS. JP EFTA00764388 Morgan was named as an exclusive bidder for the business just days before the Obama bank reforms were announced. RBS was ordered to put the business up for sale by European competition authorities. The revised deal is still considered to be significant for JP Morgan. Victor Kremer, co- editor of Spark Spread, the energy intelligence service, said: "Acquiring RBS Sempra's European business would give JP Morgan the City's premier metals trading business." David Wells, J.P. Morgan, Head of Marketing and Communications for EMEA, +442073258504 work, +447795645402 mobile 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. EFTA00764389