From: Richard Henriques <Richard.Henriques€gatesfoundation.ors>

From: Richard Henriques <Richard.Henriques€gatesfoundation.ors> To: "[email protected]" <[email protected]> Subject: Donor vchicic Date: Fri, 11 Apr 2014 16:12:51 +0000 Following up on our discussion Weds, below Isa desoription of one of the structural scenarlos we are considering. This Is clearly a work In progress and your Input at [hts point would be very helpful. This scenario represents a strutture with the highest degree of control for the foundation. A key guestion : Would the 10-12 potential dients you have in mind be comfortable with this approach? Kav OcueCnvete: • treste a private (knor ventte altemet/re to a ovale Soundabon tel wil eend substantie' sums ke øfre grotal homes hl a Instad by a trustedorganaabon wmdeepeieibse n managrg large. mAi4aosted pblenhopic investments ma strategieand measureable way • Prcnide maxburn tax efficercy br donors and mnimize neen on kundationtnset trust payoul and oxise (br these reasons. ad cabans presemed invet.. a public Marty and do not ritude gRs dredly or Meed.; to he budmon or tre esse: kog • Accommodatie dcooreheed iaxls. bul Pitchte far BIAGF contra over disbusement and menageren cl fi.n% to, select lOurrW iet St'alehtS reu, 'staa) New Membersnm Public Chanty BAIGF or BAY and MOM& ControliMg &obers BIAGF creatie nes Wasnnglon state nonproft comorabon to cpalfy as a Øc dianty wiet ha IRS [Nena) M a subic tranly. NewCo can sponsor DAFs learaCo has boaclassesot merrbuship: BIAGF/B8M wit tokt the merrbership inrests sum ming nghts fortofing meresp and ober fcundabons or donors OM be adced as nonobrg menters topmide a greater oonnecton to he ogenbaten br these who are inieren‘d. BidGF/B/114. as te worg meneec has me rght to apsontitemcne al a a maicay oe the board d drectrs, BMGFIB&IA tould choose to appoint EIM3F perse melon independert OSSOIUS (Or amer). kilts tokt alOO «rade 49revanlite aPPaanierc of irdvduab to celen key aannemer& pabbons of NenCo: and (s) approvrg me amual budget BkIGF card nam annal conlaxecos to NewCo. Pdmary Benefit; klexmum ontrol orer all aspect' of the enely. Isgh level of MOOI alows br more slreamlnad govemance: can pe duxrs,olfers advscrypmdeges for overal enbty, not pst the doomechtst] lunds; teveel stnxbre togode ts cemicsmem ard ideaction win BMGF programand toget programs invesled in suspoding win ter expertise Primary Cheitenges: Time »omsta a new lege mrt and snek IRS approval: aggregat seasno repuing ntth (paGESIM: arosalora careve enaY bpcentab dwars; Wentel ~Maal naesaseocemdwit 100 rroch tamme: (camber, dool LSualli. ham* kist ary Cb591. thrl control a ways crames pctented ok: rooms starling and evabisning mum socecbres lor ednunistrabon of DAFs and BGMF dos EFTA00684084