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From: Jeffrey Epstein <* evacatio mail.com> To: Jes Staley < Sent: 10/19/2009 12:53:43 PM Subject: china is too important for such glib westernized answers. Lighte: But our agenda differ profoundly. We are not entering the retail Space outside of the U.S. for now. TAB: Right, so I'm wondering for J.P. Morgan, which is not doing retail, so therefore there is no correlation? Lighte: Retail is a completely different animal; thus, our different experience with the regulators who have been both welcoming, reasonable and helpful to us. TAB: What's your view on the business landscape in China, especially for US banks in light of the events of the last couple of months. Lighte: I think there's been a flight to quality, for example. It's been easier to market to clients because of the difficulties other banks are having; but, I've also learned that business of bankers is cycles, but no banker ever believes he's in one. But, I have enough experience to know that arrogance can turn right around and bite us right in the neck. So, I am loathe to be haughty these days because it can happen to anybody, I really mean that. That being said, I am quietly proud of how J.P. Morgan is going about our business. We are fortunate in enjoying some good publicity, these days; and I cannot help but feel that it's much better for other people to say good things about us than for us to say it about ourselves. I remember when I was a kid, an aunt of mine used to talk about her daughter all the time; and I once asked my mother, "why don't you talk alot about me?" She replied with a smiile, "I prefer to let other people do that." It's exactly the same thing. *********************************************************** The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. SONY_GM_00077345 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00000472 EFIA_00187817 EFTA01300296