EFTA01301134

DRAFT 9/11/2019 Version 18 Wednesday. August 3 I.201I PROJECT MOLECULE — CLIENT DRAFT knesanent produce.: Not MK insured . No bank guarantee • May lose value S T. Nentieelayonant lomviun at se entl ult. is pMUYin J. P. Morgan SDNY_GM_00078555 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001682 EFTA_00189022 EFTA01301134 Conine Cellragswortlt General Cosner and Seartary. Fosiodatioa Operations owol counwlaewl 'tierces teals die annotwocin's INA wan Row .o twn% die totowatnits. .he Waf drill'''. ea die Haitian Preston (JIM & It, LIP aid wa to-than or Said Wane Parham. aSralteawad.rnHata organaia, dui to-won on V•11.11.IIIdelIVIMIIIIKIFItil ma% rallinietworth was coaander and loos orewit "rerwiltre and hard awnibet Hi Ow hawk Aswan Mooed al Hari !wid MIC t untidy an +Newry lwaid intwilvt ol Anew,. Correa° and the National Casten° lialanthropy awl dot Law. Nit a aka a member ot the lawn erneW Pureell iirentary<ontaiwr lot kyle rebind M lot ad %a on die orkafroll4011•11SOP inc Si. Waal, H rtan.Publn Senn. law St Itr.labor Parstan Collanitiwitt ON rand a SA Inn Andrew. thew/my. a rine dr Ilninnairy el MeltatoLa. aid A Li MI mirinvtAtienAl Mann, legal writtenhow der IlInnendiy d toner. Englaal &triad Hemmer.. Chita Haase ea! War. FeandatWn Operations a hail Ilenniptro nwtweo imam e aid At 1.‘10111% 'MAIN of Plestemv 44aler Planing kn. n PlanniratandlittPOIYIN•111. Aid W.W. tr. Mate Puw.fdw In.daw.Il.mpr.wentMTM Imam eatol 10er1.41/ • entrain Al Mehl to aro. of erring me lade willows trattrallinhip aid p 'entrant. grown Flamm% prnontrunt r mantretwatt and row nouuserantr mule Outlast-tan al aid plmnway browse err nine mew .1O.M1IIIM1 Henriques ha, de reeved on doe hoard el ,coral IMItrift Olt Plidadelrla• area lamina Naha VILA dr lean The lHoanon Slhadar din Unita" a Itennylvania Gabrielle klegeteid. &Haien Oirearte. Policy mod Advocacy. Global Health Para Gnaw* wry rald die awn. (Herein lor tatotul Health Pale y& Mveawy thin BA& Lielinda Gain ratiwrinton She °wean, remononicrinions. Fakir reeky. and inownation.4 iiIMIKt let din Global Ifrahli Prows In din aivitity.Fteptrald mann • paltry and seaway gemination torrid.. and owetnr. FA mans with ge V/ PM I IN oweigawrniarroalotervainoin the twinge wait inuallnetal regantranons. and other taunts.. Pant In pnnnnq dr atimottnan ktrytild you a in, W.10.11 thin it l army lot learnmartml Pearlopatie 'VIAL) laity Hid MIA a Vane( n Pablo itC1O Hie Waverer Sawed al Syracuse lareartury. and a BA Van Arno. I imam, inWooing/lea tit 0 SDNY_GM_00078556 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001683 EFTA_00 189023 EFTA01301135 Agenda • A unique opponunity • A unique approach • How would it work — Donor case studies — Investments — Philanthropy • Next steps • Appendix J.P. Morgan SDNY_GM_00078557 Confidential Treatment Requested by JPMorgan Chase JPNI-SDNY-00001684 EFTA J00189024 EFTA01301136 Esetudve Summary Opportunity • The Gates Foundation has established a leadership position in global philanthropy with over $258 made in commitments since its inception • There is an opportunity for the Gates Foundation to provide transformational philanthropic leadership for unprecedented dollars committed via the Giving Pledge and by other donors • Donors globally have expressed strong interest in supporting their long-term philanthropic intentions with a sustainable framework for investment and governance, as well as opportunities for collaborative giving to optimize philanthropic strategy and impact • I.P. Morgan can establish an institutional bridge to link donors globally with forums, networks and processes for donor engagement, collaboration, and pooled giving • I.P. Morgan can support the philanthropic missions for individual and collaborating donors with global reach and world class capabilities in investment management, individual wealth planning. and fiduciary governance • I.P. Morgan can establish and perpetuate the institutional framework to sustain these missions in the future J.P.Morgan SDNY_GM_00078558 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001685 EFTA 00189025 EFTA01301137 Esetudve Summary Objectives • Leverage j.P. Morgan's global reach, infrastructure, investment management and individual wealth planning capabilities • Create a structure for governance of individual and pooled philanthropy and investing • Allow for perpetual operation and governance succession • Optimize structure, flexibility and tax benefits for global donors • Accept, manage and liquidate unique and/or illiquid assets • Extend global networks, collaboration and philanthropic impact • There are opportunities for j.P. Morgan and the Gates Foundation to collaborate: — Provide targeted forums, focused engagement, and mutual advisory committee roles for significant donors — Share philanthropic expertise and leverage program strategy and giving J.P.Morgan SDNY_GM_00078559 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001686 EFTA_00189026 EFTA01301138 NtiutEulc Proposed structure The J.P. Morgan Charitable Giving Fund Governing Board of Directors (B- 10 baud molders) The J.P. Morgan Charitable Giving Fund Dponsontyptelnorynuamoi US The J.P. Morgan Charitable Giving Fund lf Dunn* ptniatechantabk foundation, The I.P. Morgan Charitable Giving Fund (Domestic qualifystigrotory International 1 3 S 7 9 2 4 6 S 10 (Donor Advised Fund subeccounts) 1nel US Donor US Dore US Donor Intl Donor County COUIllty Donor A Conduit II CASA C Conduit A Conduit A Conduit 8Conduit BConduk J.P.Morg an • Tax neutralsonsemon (Type 1 SupponingOrganizations) (Offshoredonors) (Domestic donors) SDNY_GM_00078560 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001687 EFTA_00189027 EFTA01301139 • Arum ecanbese usingdumabkentwv opnons m a unique combination to accommodate.. globaldonor basa • VilvsaparateU S. and muinauonal components' US • %leo requnememstomaumuell S tat deductibility for U S swats • Awds tws-border lundingtomplaanons(us..reguLuory) Imeinatronal • Moak US. reporting drulostue and annowegulasoryoven# lot non4J S. donors • Join greater Ae•MMyolligMha new-regulated loiter chantabkiegmes • Vhtty a public 'umbrella' away' (the sponsonngpubbc agony...Non) Pubbr chanars ;wade donors wth • ltglIn ca.deductibility • More Ilt ability al awes coniwbuied • lessor. atmgconstmonts(c g S" annual payout) • %%by 2 'channels under the put& entity' • To achaw and sawn public Haw art, need to have tonisnuengbroad bwed public support I Moo, Advised Fund ( DAF)olklingang ba mmlaud to a large ‘alume of mai downs ▪ SupporortgOrganaaon O -1 a Mope hanged number of *unite 'club' downs b Donors at the GransPledge or WO amount level man haw a Gremeropporrunav for mahatma vu 5O Bawd and OlAdmory Committees b Cachet ol a donor gioopoirsongues bed front andengard ai a drifwent level than OAF pro/pants To w Neve the benefit of pub& maws for Inge donors (5.O.) we need to obtain the broad based suppan provided by by small donors (DAF) 4 Confidential Treatment Requested by JPMorgan Chase SDNY_GM_00078561 JPM-SDNY-00001688 EFTA_00189028 EFTA01301140 Structure Alternative structure The Gates GI.P. Morgan Charitable Giving Fund Governing Board of Directors (s- 10 baud members) The Gates &).P. Morgan Charitable Giving Fund (Sponsonnspubhcorgannanon) US The Gates &I.P. Morgan Charitable Giving Fund CC Dunn* pnvate chattrable foundation) The Gates & J.P. Morgan Charitable Giving Fund Monteusrquablyingennee International 3 S 7 9 4 6 S 10 (Donor Advised Fund subarronnts) Inel US Donor US Dore US Donor Intl Donor County COUIllty Donor A Conduit II Dna C Conduit A Conduit A Conduit B Conduit 9Condon J.P.Morg an • Tax neutripmenion Confidential Treatment Requested by JPMorgan Chase (Type 1 SupponingOaganizarions) (Offshoredonors) (Dornesik donors) SDNY_GM_00078562 JPM-SDNY-00001689 EFTA_00189029 EFTA01301141 • Arum ecanbese usingdumabkentwv opnons m a unique combination to accommodate.. globaldonor basa • VilvsaparateU S. and muinauonal components' US • %leo requnememstomaumuell S tat deductibility for U S swats • Awds tws-border lundingtomplaanons(us..reguLuory) Imeinatronal • Moak US. reporting drulostue and annowegulasoryoven# lot non.0 S. donors • Join greater Ae•MMyolligMha new-regulated loiter chantabkiegmes • Vhtty a public 'umbrella' away' (the sponsonngpubbc agony...Non) Pubbr chanars ;wade donors wth • ltglvt ca.deductibility • More Ilt ability al awes coniwbuled • lessor. atmgconstmonts(c g S" annual payout) • %%by 2 'channels under the put& entity' • To achaw and sawn public Haw art, need to have tonisnuengbroad bwed public support I Moo, Advised Fund ( DAF)olklingang ba mmlaud to a large ‘alume of mai downs ▪ SupporortgOrganaaon O -1 a Mope hanged number of *unite 'club' downs b Donors at the GransPledge or WO amount level man haw a Gremeropporrunav for mahatma vu 5O Bawd and OlAdmory Committees b Cachet ol a donor gioopoirsongues bed front andengard ai a drifwent level than OAF pro/pants To w Neve the benefit of pub& maws for Inge donors (5.O.) we need to obtain the broad based suppan provided by by small donors (DAF) Confidential Treatment Requested by JPMorgan Chase SDNY_GM_00078563 JPM-SDNY-00001680 EFTA_00189030 EFTA01301142 Samna Benefits and attributes of recommended structure • A groundbreaking structure combines positive attributes of public and pnvate philanthropic vehicles for U.S donors and customized solutions for international donors U.S. public charity benefits • MasnnacsU S 41‘ &AK Obeid, • NoImitationontypesof ptopetty woo pinned • Occommodattmlonanons from pookte loundasuom • Ave•ds pow:0 loundaoco conutam S'T, annual payout ys,<caree la At-Tenafly Telldealingeukt • font Advised Fund option potion" anonymity suppcmcgotpurzationabowsiercsano. bond postoons ':.ac IP Morgan ClusevNll goo& broad public funtiralung International entity benefits' • SIIUMICM pcovidemammumBembilicvloirJppropeatederwes • • • Courstrt.speuIR emirvopocils lo meet dQuro., 1.1, and resulacoiv tom.dee au moo, Factlicate, eras:border philanthrope guvingancicolLkonint panotnhipt Clumable foundation pens donor ailouvntiry • Foreign private &anti* foundations and counurspecific moon Structural benefits • allows ler pompom by Woad range of domes and pledged vying • Allow for donor influencefor grans • , upports donor collaboration .alarm. to inpertoo • Pioodts rah. suonal instounonaced hallb•WOIT IOC Icapc••tyand board succession Investment benefits • Tutored orseument recommendancos 4km...stead, donor to move cumuli:a ponfolso ceostrucoen and to make asset allocation recommendattoos • Nommen. performance 010.10 donor's contribution is scripted from other pools. mmanizingdraudowns and preservinggawonatingabbry • More rouble dortulicamon tquecmcnt (miaow co rotate fount:boon.) Should allow Icy concrotration rot to be tomplcco4 at public chanty cotmohdatcyl Allows for illiquid mugs to be maintained of liquidated owe Moore tonehne Revl.wory framovoxt resaidongicopord.onsonotianwon. e 'Leon bus mom holding'. nnsc LIACS. and dotutoutsoo rquircloontmlo not *ply to Type I Tuppotnogotsawatans S.P.Morgan SDNY_G M _00078564 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001691 EFTA 001890;1 EFTA01301143 Gevensam Legal and organizational governance — U.S. ThetPJAorganCharimbkGivingFund (SpornoungPublit Otsunuanoni Governing Board of Dime con: MAO L.a.l nru4..1 • Gait. aril Lynam. • Comflut *waft • ney ratinneerinie• • weer plariertaiearcim • *tharnmitwear• hens • wows rd wt tiles t lawman, Comeowte 1B.-•.04 Akin*" ,Aewilv•./ • Origian onw,rment awls • fam•olait.owoN lownorwitii•ot. airipirkirm • Mime die fermi. ke (aelpLIM(0. min pit on and le, aiming rdeasante elyv Saank Propos /Gem and Discremern Camerae & Mem t lobe a) • Ream a a malt le•rir ibecluirts rattan inflames so are dry %wpm ilia memo • Maur Jaye,tn aniiiirrit hunk onvank vritarrJ (tunable frt wrens Matarerat and Cernmance Commit (Mud az Merry alcinirro) • Assn Brad at MIAs* maven irminaliiimir meal aloito•rg< Imitable swore • Revirestommerempneanoia peemicil robin Month. Directer • Cormier( miming miliAnyeirday maenad • !man IlhIndriatIVI • Slimy erononosire /de awn miner Mance /Ads COOMINUM itioallagetil Moothro.) • (*cynic respnitory intuiting iNICIal reportm umnal (mot andat.IIII von. • Romer ?mains policy AM Mir • %los lm amine • Soh *Ricci •••4•••••••• DonorAdvised Fund DM *taco* is 1 3 S 7 9 4 6 B 10 I Type I Supporting Organizations (S.0.) (6100MM+ donors) A Caaduk's board Conduits bead C Candthes beard Us Donor A Conduit 5. Donor B Conduit US Donor C Combat SO has& make tefelTIOICIMIMMIS m Mee Manion. • ifive*•••• • disrntunons • who SO Iwo.. J.P Morg an 96 or...0*y el the &men alee boadrusi Inpfroired attend by the Spowsnrobk Ortnun SDNY_GM_00078565 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001692 EFTA 001890;2 EFTA01301144 • Contributions of concentrated positions. if good investments. may be retained if the aggregate public chanty asset allocation is prudently diversified. although DAFsare su Ellett to excess business holdings rules • A majority of the public sponsonng organizations board must be independent • A majority of directors of the supporting organization must be appointed or elected by the sponsoring public organization. Members of the supporting organization's board do not have to be actually compnsed of the sponsonng public organizations board, but may be their designees, including officers of the public chanty who are not board members • Supponing organization boards may delegate responsibility to S O subcommittees Subcommittees may confer with external advisors and make recommendations back to board • DAF may delegate to or accept recommendations from 5O. subcommittees with regard to investments and grantmaking • Form 1023 and related correspondence will be available for public inspection, not lust the determination letter as will the state exempt corporate filings • S 0.s are necessary if donors want to retain some degree of control/ability to recommend customized investment allocations and potentially greater influence over grants; donors may be on the board of their S.O. • Individual per donor 5.O.s allow for • Segregated riskwith respect to contributed amounts • Donors to serve on their own boards • Donor control over investments. and • Donor advisory on grants SDNY_GM_00078566 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001693 EFTA_00 189033 EFTA01301145 GOSibilsitt J.P. Morgan has been managing risk and fiduciary responsibilities for over 160 years Volatile markets and rigorous.changing regulatory and tax environments have caused many existing foundations to re-evaluate current policies and philanthropists to reconsidercharitable entity options Risk Management consideration • Liquidity • Tranyarenty • 9mstesting • Orawdown • Annual potential loss • Payout requnenweis • Out, dilerncttrate,s • UMIFA UPMIFA UPIA I idociary and other considerations • Self &alms • la.ableepondstutes • Failtne todisersbne • (omrowtnutair sr-Moistest • UBTI • Otakratile requeremmo • PRICOMO • Incermethate saewtiomulcs • Pilvalf beneleclummaton • t•tetsbusines,holdings Risk Management disciplines • Strive to maximize nsk•adiusted return • Bring a full perspective (legal, tax. philanthropy, client) and institutional approach (rigorous analytics and leverage of global team and insights) to decision making • Prudent investor rules are relevant standards • Modem Portfolio Theory and diversification inform decision making • Clearly delineate responsibilities and authority • Formulate policies and processes for fiduciary oversight and risk management • Implement risk management disciplines.control and review at multiple levels of investment process I I.P. . \toggan (hantAble Giving Fond Gowns Bead el Diencon 18.101kurdsrhen) I.r Mans C Asouble Gmnit feed OfsrwilypakeyesSI to The War mast subpar lionlie phut bald- lowdmia) 11m3RiSses art ge abeam. MattleisiNfrs EH EIS US Ds US IS 1.13.0~ lelare AOSt hef Cots AGM. Get liSon 1111 011 AGSM 1••••••••1 BOOM MESS <GSM •••••••••illir Cial•••••0 &Cola! Otaeo••••••• 41.0•.• diammfm• ES • Ta. neuttAlutodkir,ti ri ,..r.noir•SIS eallSeemS (Dsoludoosi SDNY_GM_00078567 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001694 EFTA_00 189034 EFTA01301146 GOSNI•litt Managing risk and fiduciary responsibilities for over 160 years Volatile markets and rigorous.changing regulatory and tax environments have caused many existing foundations to re-evaluate current policies and philanthropists to reconsidercharitable entity options Risk Management considerations • Liquidity • Tompareuxy • kresstesung • 0r.hrdown • Annual potential loss • Payout requeienwnis • Due diligence process • WAIF A. 1.19111FA LIPIA • Replan:4v onpleance Aduciaryand other considerations • SclIdeakng • Ta•abkelendwuret • Faun, ro dignbuce • Commomutar spending teu • UBTI • Orr( iOstuf requetements • PRI outgo • Privareinwumeni prohibinou • Pnvartbenelichmaaoon • E %cots business holdings J.P.Morgan Risk Management disciplines • Strivesomaximize risk-adjusted retum • Ciringa full perspective (legal. tax. philanthropy. chent)ancl immunonalapproach(ngorousanalmics and leverage of global teamand insights) todecimon making • Prudent investor rulesare relevant standards • ModernPortfolio Theoryand diversification inform decision mating • Ckaily delineate cesponsibilmesandauthorny • Formulate policies and processes for fiduciary oversight and risk management • Implement risk management disciplines. comioland review at multiple levels of investment process I-P. Morgan Charitable GevingFund GOVeilinIe d.f DilfdlOt• i610 bard worben) P %lova Gtvovsledd Opaffirwingpak eyettit...) us TAsKMfli anmstawbnes (rote pbet drub —Wes) The P Chan.P.4..q load IDowea gallops ."kid horamismi Diwce A Gni•• US Dow BGPIM <WM ONINSSIlir in-i•vv--vniv•mitm) Miami* ACalst als•••••0 Aa GS JIGS lenkrarJ Caw, AceS wY Cr, BC•ralii (DSoludeS SDNY_GM_00078568 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001695 ETTA_00 189035 EFTA01301147 n Cala Study Three donors — Three pathways Case Study 1: Donor Case Study 2: I Case Study U S Individual l U.5.Family Non-US Family Assets 5108 of remitted stork S3OOMM oftP interest in a roue equity Fund I 540051M ofdliquidcommerculreal estate Contribution Management • IPMWorld Class Restricted Stock Specialists • IPMInstinnional Private Equity Group • Wdlamerte Management • Duff and Phelps Pt.,. iv r cetr,ktalit Asset Allocation Contribution Dining Liquidation I tillvtlorroili. It% Maw MA el I **inward heRa To, ss: OUR APPROACH TO INVESTING caveat tqahao 12A ss as • IPMGlobal Real Asset Group • Cassie Tinley Innairea Iralalmats fdr livrollftWeal I los %ash/wavers t0 04. El US Equity Q InCemsbOlul Coons spicasc Funds APE a Real t,tatC o CCairneditle> 9 US Aced Income al tion-US Fned income "Arab /resumed Stock J.P.Morgan II4 SDNY_GM_00078569 Confidential Treatment Requested by JPMorgan Chase JPNI-SDNY-00001696 EFTA_00 189036 EFTA01301148 CastStudy Individual philanthropists can leverage the deep resources and experience of E.P. Morgan to forge powerful global partnerships in philanthropy Case Study 1: Donor U 5 Indundual Axis S1OB of toed stock Philanthropic Objectives Philanthropy: SIOONirst annually for health Plulanditopit Experthe I P Montan Philaruhroek Semites I nilri••••••.1. hanJuale•Wpp J.P.Morgan Case Study 2: I Case Study 3: US Family S300bAM Of LP interest m a private equity fund S20XiNi annually for health. education globally S2OMM Collaborative Philanthropt MOW,. Potat...•••••1p..I. v. (4%)n AlglunniaiNNN S1OMM Pon haw atal polio va.cines0104 i PAM•111 SZMIM Faun. the sunmalagat earmal..“ Kaman S2OMM 11eliwl %MAIN. m Nn uuiriwgwi. lit S3OMM 1‘..Imenanamm<aprm lain a.m. a iat Non-U S. Family S4OOMM of inn:lord <011110eff lai teal estate S3OMM annually for healthcare for children in Africa S3OMM Global Donor teach • I P Nbrgarmillaccess broad donor support horn the hmt's global client relationships • Ores 160 ve.vsolemeticnteundcrpiml P .Hagan s fiduciary umvardaupof client-mos • The plulanduopy mperis wrong' P %law 'damn Narita SO vear tradition of tuppoinngchont s philanthropic endeavors thunbunsigan averaged SIOON0.1 annuity froma bate of 528 of chaniabk trusts and foundations SDNY_GM_00078570 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001697 EFTA_00 189037 EFTA01301149 Cow Study Individual philanthropists can leverage the deep resources and experience of the Gates Foundation and J.P. Morgan to forge powerful global partnerships in philanthropy Donor PhiLWthrow( Objectives Philanthropy: Case Study 1: Case Study 2: Case Study 3: U S Individual I I US Family Non-U S. Family SLOB afreshwird stork S3OOMM of LP interest m a pewit equity fund 5400MM of illiquid commercial teal estate SIOON1M annually for health S2OMM annually for health. education globally S3OMM annually tot healthcare lot child ion m -Utica Philanthropic f xpercise L till and Melinda Gate, Foundation Measure Progress A Adjust Strategy The Philanthropy (enteral) P. ‘ioreaii J.P.Morgan Confidential Treatment Requested by JPMorgan Chase S2OMM Collaborative Philanthropy MOM, Potat...•••••1 (01%)it Alglunnti> SiOMM Pon haw 44.4 polio %unit. O ifY)n PAM•1111 SZIAMM e the sonotme iichvws. a Paraan S20 NM IYiwe mnistiva, a ato ...mown. hilt S30mM IV ahot na,noin wwrwew taboraiinw a l.w3 S3OMM Global Donor Reach • The Gates Foundation • o, ntingnemoti will be augmented by I P Morgan a global bmineal pie:once and outieach • IP Morgan all access broad donor support !manly finis global client relationships • 0 Wi 160 yran ole.ponenre underpin I P ‘lorgan's fiduciary siewardshipoltheiwassets • The philanthropy experts servinglP Silorgans &eon reflrata 50year traditionolsuppolungthent'sphdamhropieendrityors distributingan average of SIOOMM annually from a base of S2Boltharitabletrints and foundations SDNY_GM_00078571 JPNI-SDNY-00001698 EFTA_00189038 EFTA01301150 Harnessing a global network of investment insight and solutions Investment resources • Worldwide nttuoll. of rofesnonalsoptiatingin 23 commies w•th realome access co kcal Insitisand inn-stment Opponunit•-s • 5538 inanasid by Global RealAssets warns, intkiclinsGlobalRealAsstiGroup Intuits Rea/ Estate Partricts.and Scanty Capital • $808n managed by our world class akentatrve invoiments tern k.tto pc tnntk atettsw top [ter Indy fund and pnvate equity managers includongHislmbndr Capwaland Gaacalnationwatos Mwh swts clients access to Nyasa investments in Stant • S369Bn managed by out equity teams manage anon domestic inutnauonal and onergingmatien • 93008n !lunar! the turdmcrmrdesLwhoofleclien investment oppottunsurs across a broad array ot waters 167 lavestinc41 4411avestownt Proleattonah Profelponals Am And Austialma 124 Investment Professionals Accessto industry leading Customized solutions Global Portfolio Contouction J Rtuncted Stock Sp-coleus p ind°"Thtnisid°undanerKC" E Unage, Scleg non and Doe Hien& p CloselyHeld Asset Management Group Access to top tier third party managers Apa> NI 11 S. - BRIDGEWATER EAGLE SOLI Investment Advisgara.a. A POI IC I C AL A tsa OS FIDUCIARY MANA0ENIEPCI.C4C. Investment Cetera AAAAA %%WI I AAAAA MINI% SILVERLAKE J.P. Morgan ARTISAN FUNDS Calvert ()Skarn booths/mai 'ill Clutha' Gi nlizin- ICI PERRY CAPITAL • IIRO POINT II:..,scar Matthews Asia' I' I NI C 0 1. 1.1 INCJTOM iallOmme I Coani•Otwelesani OCH-ZIFF Ca-, .... UNE CE1= M A N EM SDNY_GM_00078572 Confidential Treatment Requested by JPMorgan Chase JPNI-SDNY-00001699 EFTA_00 189039 EFTA01301151 J.P. Morgan advises each donor as their own CIO J.P. Morgan Global Asset Management: Michael Cembalest Heal el Card1O(01W. Ilemlot Manor Medd Parkin. R.'S WA oi Eton. 14..1.4 Met Judea+ Cord. Menial Cm /maim he JP.PAser• Gamble Ghligked Dior Inseadrodallit 1101.PAsep• Gamble Oft keiDeat OPT*" May Works with The J.P. Morgan Charitable Giving Fund and of DirectorsInvestment Commi Conn/Otte Member% Voting • Matmational CEO • Global Real Exact Developer Mon- voting • ASI4 Pr Ivaco Equity Prmopal • Heade' US Umverum • Mulnainocul CFO • Mot Global MulteindusrmCompany 5.O.1nwsantatCommItive The J.P. Morgan Chartable Giving Fund Donor J.P.Morgan 14 SDNY_GM_00078573 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001700 EFTA_00I89040 EFTA01301152 An to update Confidential Treatment Requested by JPMorgan Chase 14 SDNY_GM_00078574 JPM-SDNY-00001701 EFTA_OOI 89041 EFTA01301153 J.P. Morgan's deep expertise and integrated capabilities enable donors globally to define, structure and execute their philanthropic objectives rolosarany THE PHILANTHROPY CENTRE TRUSTS & ESTATES WEALTH ADVISORY ENDOWMENTS & FOUNDATIONS GROUP • Guides clients through the many aspects • Provides foundation administration. • Offers insights into chantable structures. • Advises and manages 20% of the top 25 of creating and managing a private grant-making services. and foundation advises on legacy planning and U S. endowments and 40% of the top 50 foundation and developingtheir philanthropic strategies tax services understands legal and tax reporting requirements. U S. foundations • Program officers make grant-making • Tailorsl.P. Morgan investment strategies • Organizes thought leadershipforums decisions on behalf of over 60 family • Highly-qualified and expenenced Wealth to nonprofit needs globallygivinginsight into the most up- foundations. givingover S100 million per Advisor works with clients and their to-date trends and innovation in year advisors to develop and implement tax- • Manages the FP. Morgan Chantable philanthropy efficient wealth transfer techniques Giving Fund • Advising the worlds wealthiest families • Creates collaborative opportunities for for over 160years • Wealth Advisors are former panner-level • Advneschents in the U.S. Europe. Latin peer to peer exchanges • Advises clients in the U S Europe. Latin • Oversees 586 billion of fiduciary assets estate planning attorneys with significant big firm experience. cutting-edge and frequent "idea flow' among Wealth America and Asia America and Asia • Operates in over 35 U.S. and international jurisdictions Advisors brings clients thc best ideas and strategies from around the world • Global footprint with offices in 9 countries and 10 US. states J.P.Morgan SDNY_GM_00078575 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001702 EFTA 00189042 EFTA01301154 S T. L.P. Morgan's global Wealth Advisory team provides global reach and deep experience in advising clients on customized giving strategies niamanoy Donor requirements Structuringand tax concerns • Wealth to be allocated to philanthropic endeavors • Timing of donations — One-time or overtime - During life or at death • Degree of control to be maintained over invested assets — Cash and philanthropic grants — Public securities • Choice of charitable legal entity Private company stock • Governanceoptions — Illiquid assets Family — Planning across boarders for families in multi-jurisdictions • Time horizon — Spend down or in perpetuity — One or multiple generations • Source of funding — Experts — Individual or shared Wealth Advisory resources and solutions • Average of 17 years experience as tax. trust, and estate planning lanyers • Deep expertise in optimizing tax benefits for donors • Multi-jurisdictional expertise and integrated approach to multi-jurisdictional wealth planning • Provide integrated solutionsfor lifetime and testamentary planning • Work in partnership with network of advisors in generating and shanng wealth planning solutions • Advice Lab is dedicated to developing leading-edge, world class intellectual capital and analytical tools around the unique challenges wealthy families face includingtaxes and gifting J. P. Morgan 60 Wealth Advisors worldwide covering over 50 countries SDNY_GM_00078576 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001703 EFTA_00 89043 EFTA01301155 Next steps 0 Q3 Finalize legal options Q1 File public charity application J.P.Morgan Q4 Finalize business, infrastructure and organizational plans Draft public charity application Q2 Create international charitable entities Determine Board of Directors Q3/4 Formal launch and fundraising SDNY_GM_00078577 Confidential Treatment Requested by JPMorgan Chase JPNI-SDNY-00001704 EFTA 00189044 EFTA01301156 Appendix J. P. Morgan SDNY_GM_00078578 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001705 EFTA_001 89045 EFTA01301157 E.P. Morgan -A market-leading global franchise Investment Bank • A leading global investment bank with one o the largest client bases in the world • Offers a complete range of financial servicesto help chentsachieve their goals • Serving clients in 120+ countries • 89% of fortune 100 companies 120+ sovereign government clients Treasury& SecuritiesServices • A global leader in transaction, investment and information services • Serving —25.000corporations. financial ensinutions.governments and municipalities in over 140 countnes and terntones J.P.Morgan Asset Management • A global leader in investment and wealth management with assets under management of S1.3 trillion • Footprint spans over 30 countries with employees in over 200 locations • 130.000Privatc Banking clients Commercial Banking • Serves nearly 25.000 clients in the U.S.. includingcorporations. municipalities.financial institunonsand not-for-profit entities SDNY_GM_00078579 Confidential Treatment Requested by JPMorgan Chase JPNI-SDNY-00001706 EFTA_00189046 EFTA01301158 Team taroks Team biographies lames E. ties) Staley Chief Executive Officer. Investment Bank les Staley is the CEO of I.P. Morgan's Investment Bank and is responsiblefor overseeing and coordinatingthe firm's international efforts across all lines of business. He is a member of the firms Operating Committee and ExecutiveCommittee. Mr Staley was most recentlyCEO of I.P. Morgan Asset Management from 2001 to 2009. Under his leadership. the division grew assets under management from $605 billion to S1.25 trillion. He also led I.P. Morgan's expansion unto alternative investments. includingl.P. Morgan's strategic partnership with Highbridge Capital Management in 2004. Mr. Staley joined I P. Morgan in 1979 after graduating from Bowdoin College with a degree in economics. From 1980 to 1989. he worked in the bank's Latin America divesion.where he served as head of corporate finance for Brazil and general manager of the firm's Brazilian brokerage firm. Mr. Staley spent eight of these years in Slo Paulo. Mr. Staley was one of the founding members of 1 P Morgan's equities business in the early 1990s. running Equity Capital Markets and Syndicate. He was named head of I.P. Morgan's Pnvate Bank in 1999 and under his leadership. improved profitability 300%in two years Late in 2001. Mr. Staley assumed responsibilityfor the Asset Management business. in addition to his role as head of the Private Bank Mr. Staley serves on the Board of Directors of the Institute of International Finance. Robin Hood Foundation. Council on Foreign Relations. United States•China Business Council and the Board of Trustees of Bowdoin College. Mr. Staley and his wife have two daughters and live in Manhattan. J. P. Morgan SD NY_G M_00078580 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001707 EFTA_001 89047 EFTA01301159 Teat.;pelages Team Biographies S T. Maiy Callahan Erdoes Chief Executive Of ficer,Asset Management Mary Callahan Erdoes is Chief Executive Officer of I P Morgan's Asset Management division, a global leader in investment management and private banking with more than SI 9 trillion in assets under supervision. In addition to being a member of IPMorgan Chase & Co 's Operating and Executive Committees. Ms Erdoes leads the firm's strategic partnership with Highbridge Capital Management and Givea Investimentos. Ms. Erdoes loaned LP. Morgan in 1996 from Meredith, Martin & Kaye. a fixed income specialty advisory firm Previousty,she worked at Bankers Trust in corporate finance. merchant banking and highyteld debt underwnting A graduate of Georgetown University (BS.) and Harvard Business School (M.B.A.),she is also a board member of the US. Fund for UNICEF. She ranks among Forbes and Fortune magazines' most receneWorkts 100 Most Powerful Women" and "SO Most Powerful Women in Businesslists, respectively. Ms. Erdoes lives in New York Ciry with her husband and three daughters. J. P. Morgan SDNY_GM_00078581 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001708 EFTA_00189048 EFTA01301160 Teat.;pelages Team Biographies Debra B. Trey: Head of International Wealth Advisory Debra Trcyz is the head of International Wealth Advisoryfor l.P. Morgan. In this role, she is responsiblefor the wealth planning serving I P Morgan's Pnvate Bank clients across the globe. Ms. Treyz and her team advise I P Morgan's clients in 50 countries and in cross•border situations on wealth transfer, transition event and philanthropic giving. Ms. Treys has previously served as CEO of I.P. Morgan Pnvate Bank's Europe. Middle East and Africa region and CEO of the firm's Global Trusts & Estates practice. Ms. Treyz is a graduate of Vassar College (BA) and Albany Law School (I.D.). She and her husband lames have two daughters. J. P. Morgan SDNY_GM_00078582 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001709 EFTA_OOI 89049 EFTA01301161 Towitargrapbses Team Biographies Monica Issar Head of the I.P. Morgan Asset Management Endowments A nd Foundat ions Group Monica Inn is the head of the I.P. Morgan Asset Management Endowments & Foundations Group. Ms. Issar leads a train of experienced investment specialists. across the firm's Investment Management and Private Banking divisions.who provide customized advisory services and cross asset class investment strategies to public and private endowments and foundations. Ms Issar pined I P Morgan Investment Management in 1996. where she worked in the equities business in IPMIM She then moved to the firm's Private Bank as a senior investment specialist. In this role. she worked with public company CEOs. hedge fund managers and endowment and foundations to create and implement investments strategies to sustain and grow their wealth. She has counseled some of the world's largest chantable organizations on how to successfullynavigate complex market environments to ensure they meet their goals. Ms !star is a founding member of I P Morgan's Foundation Research and Investment Center, a global multpcbsciplenarygroup focused on providing foundations with insightsand services to help them meet theirfinancial and philanthropic goals She is also a member of the Board of Directorsof Community Resource Exchange (CRE), a nonprofit social change consultingfirm. and the South Asian Women's Leadership Forum, (SAW), In 2009, Ms. Issar was named one of "the Top 1.000 Advisors in the U S for New York.,' by Barron's magazine Ms !star earned both a Bachelor of Science and a Masters of Business Administration from New York Univeisity. She lives in New York City with her husband and two children S T. J. P. Morgan SDNY_GM_00078583 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001710 EFTA_001 89050 EFTA01301162 Teaniourpoies Team Biographies J. P. Morgan Thomas C. McGraw. Ir. Advice Lab. Tax Advisory Thomas McGraw is a senior member of LP. Morgan Private Bank's Advice Lab. a multidisciplinaryteam of experts who develop innovative strategies, Mr. McGraw's areas of expertise include tax and fiduciary matters. Mr. McGraw was formerly a group head in I.P. Morgan Private Bank's trust department. which he pained in 1988 after five years leading groups in tax advisory, compliance and fiduciary services within I.P. Morgan's Tax Department. Prior to joining the firm in 1983. Mr. McGraw worked at the Internal Revenue Sconce. serving as a staff assistant in the CommessioneesOffoce and later as an attorney in the Central Region &met counsel's office. Mr McGraw received his B.S from Villanova University and his 1.0. from the University of Kentucky SDNY_GM_00078584 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00001711 EFTA_001 89051 EFTA01301163