<table><tr><th>From: </th><th></th></tr><tr><td>Sent:</td><td>Monday, January 31, 2011 11:00 PM</td></tr><tr><td>To:</td><td>Jeffrey Epstein</td></tr><tr><td>Subject:</td><td>DRAFT for your approval/comments</td></tr></table>

DRAFT for your approval/comments:

Jes,

Thanks for your mail!

I had a very interesting and enjoyable lunch with Emilio.

The discussion made it clearer where the issues seem to be and what may need to be addressed to build a strong China angle for Morgan.

I would of course be delighted to meet you to discuss this further. Once the right platform is established I am quite sure Morgan can - and should - become the leader of the international banks dealing with China related deals.

All the best from Beijing

David
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