From: Richard Henriques <[email protected]>

From: Richard Henriques <[email protected]> To: Jeffrey Epstein <jeevacation(Smail.com> Subject: RE: Donor vehicle Date: Tue, IS Apr 2014 15:26:31 +0000 We use the term "silo" to refer to the areas of Gates Foundation expertise. We will be more clear as the alternatives are refined. Front: Jeffrey Epstein imailto:[email protected] Sent: Friday, April 11, 2014 4:18 PM To: Richard Henriques Subject: Re: Donor vehicle why the need for the silo Illc ? On Fri, Apr 11, 2014 at 3:03 PM, Richard Henriques <[email protected]> wrote: Thought to keep it simple in the first email and sufficient to address the question. At this point, there Is just one other scenario which represents less control by the foundation, yet still consistent with the assumptions we have been discussing: BIAGF creates new 1Vashigion slate ronproft corporation too:pally as a pink chanty ooh the IRS (NnCop: NewCo would have an ndependent board of dreads (or oxkl time a wary of BMGF bord members). M a public derby. NeaCo cat sponsor DAR NewCo creates new smiled liabdly company subs/defy, Though %study-owned by Nest*. the LLC mould be nunager-msnaged and BIAGF would send as the manager. The LLC meld rod all &ydsdonate:I to Neste that ere allocated to eairA sibs. NewCo hods. invests. dames. reports at and othemse admnsters Mac( advised funds. LLC holds invests. disburses. reports on. and othenvise administers direct &named Moutons of furids from me OAPs with respect to 814G1 Primly Benefits: Separates BM& from admnstration d DAFs: OAF investments not aggregated with BIAGF.Sit for securids La• purposes. Primary Challenges. Poteroal lot LLC level imestmenis to be aggregated with BLGF/Sfl brsecuoes law purposes. idemfpng pcnernal board members: Keener for dsagreement batmen operation of NenCo and LLC and removal of BIAGF as LLC miragge,. tenures sterg and estadisting es ore, procedures 53I admnstration d OAFs and SG&F sax. From: Jeffrey Epstein [mailto:jnevacationegcoalcom] Sent Friday, Apri 11, 2014 11:24 AN To: Richard Henriques Subject Re: Donor vehicle i thought you had three proposals. ? On Fri, Apr II, 2014 at 12:12 PM, Richard Henriques <Richard.Henriquesegatesfoundation.org> wrote: Following up on our discussion Weds, below is a description of one of the structural scenarios we arc considering. This is clearly a work in progress and your input at this point would be very helpful. This scenario represents a structure with the highest degree of control for the foundation. A key question : Would the 10-12 potential clients you have in mind be comfortable with this approach? KEY OBJECTIVES: • Create a private donor vehicle thermaye to a pnvale kundebon tel ail attract substamal sums to sob. global neonates tat 'shoved by a trussed organza:ion nth deep expertise in managing large. nib-faceted philanthropic investmeres in a strategc and measureable wavy • Provide maomu-n tax efficiency sir donors and minimize impact on kurdabodassel bust payout and nose tax (for these reasons. al or:Conspresented ruotve a pubic chanty and do not include gifts directly or indrecey to the (oonelahon or me asset Mel) • Accommodm doncr-admed funds. but sInxbse for BIAGF conirci over disbisemen and management of kinds for select foundation strategies lac 'sibs') New"e"IPPublic Chantyeia MGT or BAY end eteNnda Controllks, BMGF creates new Washington state nonmok caporal:on tower* as a pi k chanty nit de IRS rNesto"). Ma pubic chem. Newts can sponsor DAFs. Newer) has two classes of membersrip: BMGF.88fil MI told the membership interests with voting OgNs (oardrdlig Interest) and other bundatcre or more could be added as nornotng members to provkle a greaBY connection to ma organizaten for nose who are rcerested. BIAGFE.Sfil. as the voting member has the nghtbamxinsterrove al or a meaty of the toad of drectors. fadeGFinlif card choose to apnea EAIGF personnel or Independent drecers (or a rrix). Rights could also etude (i) approving the apporntrrent of indmduals to certain key management positions of Neste: and 00 approvng the err ual budget. BMGF card make annual comb:Mons to Ne'*Co. Primary Benefits: Maorrarn control over all aspects d the erety: high level ol cortrol atom for more suearrlined governance. can give donors/ahem advisory porters for overall entity. not past the donor advised funds: easiest stnxb.re to gude his devebpmety. and interacten with 81401 programs and to gel programsinvested in supporang win nee expanse Primary Challenges Time to create a new legal Kay end seek IRS approval: aggregated seaJnbesrepcoing wan BMGFiS/Uk repeal deceptive enter to pretreat donors: potented repulatcnal reins assodeted with 'to rapt 'Muerte% members do not usualy hale 10.)J:dry dutea but control eiwaA creates potentd risk: requires starring and estabisTing as own oroceduee for adMdstrason of DAFs and EIGIAF sloe EFTA00684024 The information contained in this communication is confidential. may be attorney-client privileged. may constitute inside information, and is intended only for the use of the addressee. 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