# EXHIBIT 254
From: cutler, stephen m [cutler, stephen m]

Sent: 7/20/2011 1:16:36 AM

To: Condren, lames ljames.condren@chase.cont Staley, les [jes.staley@jpmorgan.com]; Erdoes, Mary E

[mary.erdoeseaMmorgan.com]; Shenker, Nina O [nina.o.shenker@jprnorgan.corn]

Subject: RE: Jeffrey Epstein PRIVILEGED AND CONFIDENTIAL

This is not an honorable person in any way. He should not be a client.

original message

From: condren, James

Sent: Tuesday, July 19, 2011 5:53 PM

To: Staley, Jes; Erdoes, Mary E; cutler, Stephen M; Shenker, Nina 0

Subject: Jeffrey Epstein PRIVILEGED AND CONFIDENTIAL

I just conveyed to Mr. Epstein our response to his proposal to settle his High Grade Fund and Rear M I claims together for S21 million s --- —Redacted Prl /hied"

Redacted - Privileged