EFTA00764388.txt

"From: Jes Staley To: [email protected] <[email protected]> Subject: Fw: Sunday Times on Sempra Date: Sun, 31 Jan 2010 11:57:28 +0000"

"David Wells, J.P. Morgan, Head of Marketing and Communications for EMEA"

"From: David M Wells To: Blythe Masters; Kristin C Lemkau Sent: Sat Jan 30 18:36:10 2010"

"It clearly says that we are not trying to go against the President. To the contrary. Jes"

"From: Blythe Masters To: Jes Staley; Mike Cavanagh Sent: Sat Jan 30 19:45:45 2010"

"JP MORGAN... 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... is being renegotiated in light of the crackdown on bank trading operations announced by President Barack Obama."

"RBS was ordered to put the business up for sale by European competition authorities."