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To: Jeffrey Epsteinueevacationagmail.comj From: David Stem Sent Fri 2/25/2011 11:35:05 AM Subject: Fwd: Deutsche Bahn Begin forwarded message: From: "Slaughter, Lawrence" < Date: 25 Februa 2011 11:33.46 GMT To: "' Subjec : e: eu sc e a n 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 Message From: David Stem < 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 ifI 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: EFTA_R1_00217138 EFTA01836323 David, 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, Larry 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 13ahn. Regards, EFTA_R1_00217139 EFTA01836324 Larry 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,ipmorgan.com/pages/disclosures/email. EFTA_R1_00217140 EFTA01836325