12/284202

12/284202 5 Venion 18 t`e,gdniM.W. August M. 2011 PROJECT MOLECULE - CLIENT DRAFT •1••••,••••••••••• • • •• • Imp.e.m.e. J.RMorgan &es for the attendees. Gallanronh. Gmand Gavl and Santo» Foondmion Optemion• ecriniv Collingitwith. paw tal onime I and 'creamy. had. a. t.:undtr.n'. !pi kam. Pran to p.m,, ram,. a the law Cann Pea~ Gan. & EII. LIP and maim dime dSmol Unsure Pitmen. a Seattle hand nonprofit ormniution that fat um on tot isl and rm.:amnia! imam rth rims. founder and hat .nol at president and board member Car tie rensh Ame an 5.1..1 d Pupal Sound. Si. mainendy an mhigory hand mainly of /wen. °notational:4 die National end., hupy and the Lem %a it al. • manly d the !manila:cal Program Advigory Carnation: 6. Independent Sonar and »Oa an IL: telecimi ..emden for the William It. Gant P.M. !knit* Law Seerlady 41ingroonth moved a BA (mm Andre.. Uniwnity. a JD From aim Uniwnity of Nebula. and • LLM in imernationd Imam. kyl ~is from the Unmenity d Exeter. Emdtend. Itirlaa4 ~Lye" aid %arid 4:lifs, Opais ShAtrd m imam man« /lama and Attpuntior, Fnuntol Plemani: and Anabpaa. S4~ Pleina,,,, Impact Planning and Imiono~. and metal "anal unman.. &Sty imronb. he {maim rm. Ile nrnitaaat .r VP of Antrim and corporate nominee at Ment Ili' ammo/arm:melt& rorponne mumlh.dtip and regnant.. snag. planning. p.c....N....n...4 ene manspanent. pen ...lady in the pkammeemml and pharmacy Emetit management indtotrom licrimmit Ism alo tend on the hoard* d reml nmrGe. m t6 Pi.b.ktrhpa • holds a MBA dogrog. (mm The Wharton School at the Unimmey of Rennes Imema. Gahrio2ri Fitagorahl Unarm Dieøm. Pdac" y End Advocary. Global Hold, Proinan itspa.dd th, INtga.±, c41. Pulny M Ad...4y a th. Bill & Melinda Cam Fmndatiark She momn no:monies tam. Nks, palmy. and int....tom/I (Mann: for Ohba I !ebb Pnwain. In thi • cap« ay. Fittgaaid manages a policy and adroca.-y ',mortal Ms portfolio. and owe.. Maim. xith rrunabne....&w.“....,..-mal «gamut mo F.. prom: meow. nitiltilaural ration& and wlecr Coundalion.. Prim In rinins th. Coundalion. Raprad.pmt for yearn* the US Army kor International Dmiopmmt IUSAIDl Fitzgerald hold; • Mori d Public Adm....e.~ from Th. Alannll Salami al Byrn.* Uninnity. and a BA Ras Amnion Uniwnity in Wuhinp on DC. EFTA01168452 Agenda A unique opportunity A unique approach How would it work - Donor case studies - Investments - Philanthropy • Next steps Appendix J.RMorgan EFTA01168453 Opportunity • The Gates Foundation has established a leadership position in global philanthropy with over $258 made n 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 intenticri with a sustainable framework for investment and governance. as well as opportunities for collaborative giving to optimize philanthropic strategy and impact • J.P. Morgan can establish an inatihrtinnal bridge to ink donors globally with forums, networks and processes for donor engagement, collaboration, and pooled giving • J.P. Morgan can support the philanthropic missions for individual and collaborating donors with plobal reach and world class capabilities in investment management, individual wealth planning. and fiduciary governance • J.P. Morgan can establish and perpinualeibtinStiluliCtnalialnelfalOo sustain these missions in the future IRMorgan EFTA01168454 Objectives • Leverage J.P. Morgan's global math, 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 IRMorgan EFTA01168455 Proposed structure The J.P. Morgan Charitable Giving Fund no LP. bays OSM& Goa fist 71,0 J P. Mer Uwitale Gwint Fuvi Ds Th.1 P. Wes Clant.gt:. Cane boa bismabonal RE ItOomm. .or. CC L. 11•11:6•••• .CJ. ew.* OCaskot RE REI (Donor Advised Fund subactounb) J.P.Morgan (Type I Supporting Organizations) • Tea nftArdlIJM4 ; (Offshore donors) (Domestic donors) • ]Stusnute combines Mani% charitabk entity oplotu in a more combination to accommodate a global Jonom but • %%y separate U.S. and international components? US: • Meet requitement/ to susania° US. tax deductibility for US. ros • Avoids moss -bade' funding complication (lax. ugulatogy) International: • Avoids US. tepoultig. dolomite and entity 'cytology menisk for nomU.S. Jonas • Altars greater nobility of lightly 01 nonsegulotof foreign chatitable regimes • Why a public unnatelle entity? (the sponsoring public organization) Public amities ptcnille donors with: • Higher tax deductibility • MOM noibIWy in assets conitibuted • Lea operating COltigfaillti (0, 5% annual payout) • Why 2 'channels' uniki the public entity? • To achieve and sustain public mono we nod to have continuing kamilom( public support. Donor Abisal Fund (-DAF') offering will be marketed to a huge volume of roan donors II. Supporting Organization ('SO.') a. More limited nimbem of outsize 'club" &WIS b. Donors at the Giving Pledge WSI® amount level will have a. GINitt oppottunity 6t Influence su S.O. good and( os Advisor)' Committees b. Cachet of • Janos group dimingutihed from and engaged ai a bacom level dun DAF pathelpints To itchier* the bawet of public wow kw larg. deem (SO.) en med te obok the broad bawd sopp:at 'needed by by sea deem (DM) EFTA01168456 Alternative structure The Gates 8 J.P. Morgan Charitable Giving Fund TI.. Gen & J.P. Wipe Ch ime,le Owing FoJ ■ US ■ Th. C... A P . Mar Cnant. . chug P.4 (Donor Advised Fund subsccounts) J.P.Morgan .,‘„, maw •C.I4 (Typo I Supporting Organizations) ivntdoCt re: TS Geis & J.P. meek aweadida Chin &at Intimation& 0•••• *OWL Comity A Gas (Offslmee donors) (Domestic donors) • AintuIC combines existing charitable entity options in • unique combination to accommodate • global J01101 bet • Why separate U.S. and international cceipanents? US: • Meet requirements to maxima= US. tax deductibility for US. eves • Avoids clots-bonier funding complications (tax. &guide") International: • Avoids US. reporting. 1:41.1.11t and entity egulatoey eyesight for non.U.S. dons • Allows greater nobility of lightly or mankeguldel foreign &Made regimes • Why • public -umbielle entity? (the sponsoring public organkation) Public derides provide Boron with: Higher tax deductibility More flexibility in avers coneibuted Lew operating ablIglaillti (eg. 5% annual payout) • Why 2 'channel,' under the public entity( • To achieve and sustain public status. we need to have continuing bigailyiks4 public supple. Donor Advised Fund (DAF) offering will be marketed to a huge volume of small donors II. Supporting Olganintion (*S.0.-) a. More limited numbest of outsize 'club' Jowls Donors at the Giving Pledge Of Si® amount level wall have a. GINitt opportunity be influence by S.O. loud and/as Advisory Committees Cachet of • dons poop dastingitaihed from and engaged at a different level dun DAF paitaffpints To whine the benefit d public as s for large deems (SO.) we .ed to abides the bad tweed sopped aided by by al deem (DAF) 5 EFTA01168457 Benefits and attributes of recommended structure • A trOsndbreaking structure combines poserve atubules of public and pirate philanthrope vehicles for U.S. donee. and customized solutions for internobonai donors V.S. public charity benefits • • • • • - •••• Intematponal entity benefits' • SruSure n a P. nova pito:Ewen crease enaerrem mare/ h' awccnato canon. • Corti-frac embeccoms ninonCoon b. irdn9Aftin “f1sidtraliani • Facato“ orrys born, pnievescoe ovng a'4 coMberarve orreries.; • Chatbq rounsta, permtscbrot anCeiteMY fore go crinalICVirlater• 10-nlatrafOnd COUW), IPKISCentr Sauctursibenefas • AtOos to pwit 01.6X1 by brood (AV) et 6.1•44% P1441039 tin? • Aide o} Ayer VillIONO1-rqtaris • SuPPVII Ctrfe Of•lerdiKri and ...110,M bOVVIst• • Prt•Mai prolessonal itGituti:nairoa tratn*ACta lo• aV bead $uCie$S.On Investment benetts • Taib-v01 Outfit/WC ea: *TIT 1161.150% akming or-hdOntr boa:also CuitOtTiJOI poribloconitruolon ard nmil4 awn aite.slon ago•rirr ndabom. • ineseennel oteroverce el ensconces 0:411n.a./.:•••$ 4 teffegatdd from Ore roders, tri-onzag trood-An, and p••••ervng • MOM noxtiochortaolon rap/anon: (Math* >a Oval. larAilk:051 J.I.Morgan EFTA01168458 Legal and organizational governance - U.S. J.P. Morgan Charitable Giving Fund (SPC.Iiilna we c O,:caah:ri Ala ikatiaiiik lentlwent Gement ‘toord&M.voary tarts.) • Onntos ....,Wolf Welt • Cu n•Aros. °Aral Women tril ',Hes • PAnWrlie oM.Yo (Woos ave.."' necer.2 !tragic Program (Irani and Ok111butba Ceenelatle• 'Bard* hheth4n) • Retl.11 SY•PINCON. Iteffill11.1 ttoyanne40.int, owns tee( p>c rptIlyil(n • CO CU) d'hytece cr• croppe<tfuln watosse4K-olchalUtiereca..rts Mataptintiol and Crev•Manfolp Cdnetitto• 03.4n, SAINticey • ...4.•Ain Say: r • SO itro cmr•are resIXerlf in•nant..na<1.4.n) 0•13•Ot1/2 00:014. • All 0.1 G004,0X0 C.C•li(41141-C•I priCenplp0005. taeo•••• Dinar • Cei"ailne meerint Ma a,rods, 441, 599 • Seal nurw,nner. • Straw. or..appnwr. name., AA I Cenn.Xlee iltomil se el Pubsor, Yu...An) • O....we ',awry...tail m.)3.3.) rtp”,50....inneccrerci OA, CY.XOSS Rem.. sa(0,010,c, • Ucenn.sy<oryWci• • &Is o'r[m c<ntersibt, • Donor Advised fund Typo I Supporting Organaguons IS O1 (51O0inm• donors) re 01•34•M EN 00 NC 11.1 C••••••• ‘w•I Cush& Csfn b••••••• w C *eau Voisin WI. tanning • • J.P.Morgan • Contributions of concentrated positions, if good investments. may be retained if the aggregate public charity asset allocation is prudently diversified. although DAFs are subject to excess business holdings rules • A majority of the public sponsoring organization's 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 comprised of the sponsoring public organization's board, but may be their designees. including officers of the public charity who are not board members. • Supporting 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 S.O. subcommittees with regard to investments and grantmaking • Fonn 1023 and related correspondence will be available for public inspection, not just the determination letter as will the state exempt corporate filings • S.O.s are necessary if donors want to main 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 S.as allow for: • Segregated risk with respect to contributed amounts • Donors to serve on their own boards • Donor control over investments. and • Donor advisory on grants 7 EFTA01168459 J.P. Morgan has been managing risk and fiduciary responsibilities for over 160 years Volatile markets and rigorous. changng regulatory and lax environments have caused many existing foundations to re. evaluate current poices and philanthropists to reconsider charitable entity options Risk Management eonsideratkm • Loader • TramperenSy • Simard:re • orawaohn • Annual potentlences • Papstreminaments • Due Mathes proem! • USAF*. UPNIFA. LINA Fiduciary and other considerations • Sell death* • Texeitte expendwel • sabre to <MINI@ • Commenewski spading last • VBTI • Deciceure nwviemems • PR aeons • ireermedble sarelbn nobs • Ornate WON Inaba • Excess badness swidings Risk Management disciplines • Strive tomaximize riskw4usted return • Being a full perspective pcsgal. lax. philanthropy. dent) and institutional approach (rigorous analylics and leverage of glebe/ team and insights) to dedsica making • Prudent invest:fru/es ale relevant standards • Madsen Portfolio Theory and elversilicaticn infirm decidon making • Cleary delineate respcnsibfihes and authority • Formulate policies and processes for fiduciary oversigst and risk management • Implement risk management dsophnes. control and review at mullple levels of investment process • JP. Morgan Cluxithble Giving Fund Ja Malan CtallabaCtala ana FCtil< ' Tax reutrard.insdet c• ItaInaenia 11 EFTA01168460 Managing risk and fiduciary responsibilities for over 160 years Vutable markets and rigorous. changng regulatory and lax environments have caused many exi evaluate current pubes and phlanthropists to reconsider charitable entity options Ms; Management considerations • LepiaIty • rtallINCOUCy • Seen Reno • Orawdoan • annual oatmeal ion • POONA f0.1(00/1101S • NO Often. vixens • UMIFA. L/PMICA. UNA • RegulabryornplarCe Fiduciary and ether ccosklerstions • 34adiestag • Taxable experaltures • Feature Oa Pianaxder • Commensurate ept0Pral Red • Ugh • Dadosura requInarnala • PRI oiled/ • Prna* enesimeni ortettalron • Priyamoomittiimmuon • Excess anions takings J.PMorgan Risk Management disciplines alasUmun • "I. "1• •••••••• •Inralked ••••••••I•jr•••M•rm• ••t•.• -a Mo. l6....1.•••••1 Uwe.. _. • nulut rms. nioso• slurs • Wiwi. PootU• Vs*, del am. ••••• udleu • Orr', Muse • tuudau uk-us au pakuoloce •U alp asqp•mi foundation IC JP. Morgan Charade Owing Fund , Mu, Ouulib0.11. US. lUumr•to INsuna avolshauu ni Onsia/daul ledsati$0.1 IONS*, soney °nowt 01••••) EFTA01168461 Thee donors -Than pathways Dow Alan* • Ve. 60" •wonrou, y 1/44.01406 •PE • Corte.40. nip fott1•40.• lyam PAO MOM EON .Antos/alum J.P.Morgan 10 EFTA01168462 Individual philanthropists can leverage the deep resources and experience of J.P. Morgan to forge powerful global partnerships in philanthropy Deno/ Astets PitIlan°vols.< Objectives ONInuit:ropy Clue Study I: us. kildik 5100 5100 SI nalmatoisal= Saw Study t: US ram?, MUM OSP dartql n e tfluuts <WV tint S2CSIM itYluady Sir Nola eduCuldn CICISOSI Nonu S , tdOSSIM oldradforeeddi mut eroad DOWN anrmay br bean- eds. Stt. cteldrenn Alma isSolAt 1201111 330111.1 JP, mown PwbrN.op$c ServiCed NMMe PIA:AmongNO vaKeei 10P/In Iddtensut • J P party., eiI .":0,31 blue, Ct. , ' dawn Iron rt.. (dm tudotutt clef Ititattntdite. bibm•••• SOMA P r y ow pot tOPV) n Rae , • Odd rOJ ItsuS CI utpttstrat buddy t. J ftudtuy iltsvalthp ol clot[ AILEY NOW rotate r e yn taWCS reN•cnni Pascur, ROW Ds. w lArNWID: In African nt -.." bet SWIM Piathrle.,,NrJr•E•yen tar Anted:SW ital JTAlorgan • Thu phiatett.01/0•40,5 utori; J P. Move-, 6 cirif reb:ct a 50 'eel tradnon IP.CCOM- g Ort> phlarrap.: en5C•axn. OW:GAN an .u*eas at SIOOkiLi ann.a), Puma bad, of $28 olchrtabl, tn..tos evl lourrbinns EFTA01168463 Individual philanthropists can leverage the deep resources and experience of the Gates Foundation and J.P. Morgan to forge powerful global partnerships in philanthropy Clonw An nets PipilanIlvopc Objectives Within°vow t o.._ Con abaft Erk.- Ci • mu end Mtl.xle Gatti !MISS The minimum Ginn at J.P. Morgan J.PNlorgitn MILCan SOS 2: =Li ONO nAkpownin MAW Nal* a pCiO,PC.V. IOM OPJAMP UMW Fiume re ot•Olsec*Aenom n Pamir. $20.%1 DOM IhrMlipp. In Mitan nipp.hgni eta. SWAM INOthnennoNS.M.V01.40, Aver.) b0 ,turi •. I rn appowpw.dwJ P Itoo;on s CIPPY.4 IlutproWS peWPWO and 0,01.1Cil • J P anwp ..51 MOP'S PPIXT$ COMP %MOM from fm 00..."1 cioni iciazon044 • 0.et 160 yeah of upwkixouldel.r= J P kPrtpa (*.colt slegArdshr Cr. arnell. • TIV prapPin43y074,2e4 WMQ JP Mown, s ren,Cla 50101st trudri • Cl vppplM thtni I P. OreiV0PC anciossces acttaeg an ofinapool SIGMA wewly from a ezeas2so Crorratte INWS fel fOreltibra .2 EFTA01168464 Harnessing a global network of investment insight and solutions freraterws • Woldarde nnfort of grotevorals ownaingn 23, couvren ow. Non let. if ONS Id I.V.0 martali and -nuaraervinlOanOrrunbn • S538 maAagoa Dl Ottal Final ketati hard. nauang Gutai Gag. Ani.4 NalEilaCO Ratan. and SaCiat'• Cattal • SIX,Bn managed by Pa wand CL %i abittlaChe end4Irniel4 Warn vorn. Mock &aced" 10 OM fra hedge &old ace pnaneed0r/ •nann9rd rdtaing ihrbera;•• Capal and Gated Imetirrornan unnn gm. Malt aCCid.4 U pituta endalredeta in Ban • 'men ranagOI by Cut aqui), %Wed ena,Naga wrcees danloada awnatianal and orrandna manna. • taxon ininagol the txol ',cam* doth wOo once Chintl anastmont Caplet.. nee floss 3 Wand say 01 rater. Global Petit Gosilnidlon Apax ICC/04 VVATIIIR EAGLE J.P.Morgan Exclommob Foundelones 914Finotimer ■ Calvert 167 kwasiner• Paretiantl‘. an nacos al imoLtnen Prannowns• GOSS Hai AMA MIIIMOTOMQ04) IKER 1.11PSY cartra. SILVERLAKE • ris C. alas..cnn EFTA01168465 z J.P. Morgan advises each donor as their own CIO J.P. Morgan ham. Neal Mmes. Mi• E . MilwalhOs Ir•inny.Ctota. l4 = N... on The JP. Morgan Charitade Geeing Fund F el Drec•ans tit Commillot Cullman iluntas 111==i1fl J.P.Morgart Ari to update EFTA01168466 J.P. Morgan's deep expertise and integrated capabilities enable donors globally to define. structure and execute their philanthropic objectives THE PHILANTHROPY CENTRE • Dudesdons group 0e manyasp:cis of [mane end rnanfting a pored. foundation end deuelocing mei; proimnimordostretedee • Ofgendee thought lemiertho forums globally ghing insigN into the mei up-to-dale trends and innovation in prilarehroPY • Creates collaboralma *embrace for pea to peer exchanpus • Advige$ ehenIS In 'SOU S. Etn0040. ISM Arabia end AV8 TRUSTS E. ESTATES • Pewees fount:won aonnelrateM1 grant-making geNioes. Ord /maws, let geNioes • Program officers make grenl.meking CabosiOns on behalf olouel6Okfmey fgvnlaboie3. Dvin9 $100 miloon par year • AcKauro tha worlds wdatimm& Iambus for oar leg yoars • Oversees 666 bllon of gdociefy 'meets • Opegetes in Cner 35 V.S Ord nlenialiOnal judedktons • Global fccbannt wen offices in 9 canines and 10 U.S. Mato: WEALTH ADVISORY • CI"e-, nio eiwiaue sinnucos. €4" 868 leilaCypbming end unglegstendS *CPI end len 'epergne feeknemenW • H90 /-0,83gged eAperierceO Wealth Achiasi %was wth Clienla end 'Spit achisors to developand moment tat-effictorn wealth transfer Canna*: • INNaats Advisors are leaner partner-knel o:tale gamine tWIorneyswiet sgnifigeeC b9 rim excenence. ceding- edge end kequert 'dee nevi among Wealth Achitren, brings t'en's Ise OW ideas end Sealegaal fa" SlObinO the wt•kl J. P Morgan ENDOWMENTS & FOUNDATIONS GROJ, • Advees and manage.. of Ito lop 25 US endOvonetes tOP SO U S • Tialaia .1 P NS:.; .• ifnabbneril stralayualL, °onward reeds • Manages the J P. Mama r Charitable Omni; Fun] • Advees dents a the Europe. Lyn America: Asia EFTA01168467 J.P. Morgans global Wealth Advisory team provides global reach and deep experience in advising clients on customized giving strategies Singing sal tomes • W. M Jtw.rJ r. thlanienl. 4.1•.•• • Ina, et lovuos. — 0.40a - li• ova. &al • liegra ##### J u, Iv sudna1.1.vr pl..t.d.r. • 13.1. it (144.114 Lpl.mry • —•ul Jul, — - 1.1••1•83.3. am, • — Spada... app.. — Ouunty4 • ]um disl - IV•14 &nu,. — Pa. cone, owl - 114.41 au. — ILn.Iy a...Alva. 64 dual.. 4•410 • Atwg• eve. •••1 (4•••••.1.,.. • S., .lust iv 4..1u Ir J.. • HA. 0.1.hail neg.. •.1.4opea 'Lew, • ho4b ....au oil... 1.e. has ...ant, ilmoov • w•A •• pauraft.A aa • aa •S•••• • Sou Lb maoh..d.L.Intsiv..44... Jyal .14.44...1 a•l• s•••3 Ova, • .6.1. • s ••.N• &SSA • • • .4 J Sas i•••• os J.P.Morgan Woith Abisn wilZst• Mt i> C014.1.• xi EFTA01168468 EFTA01168469 Appendix IRMorgan EFTA01168470 J.P. Morgan —A market-leading global franchise Investmern Bank • A leading global investment bank with one of the largest client bases in the world • Offers a complete range of financial services to help clients achieve goals • Serving dents in 120* countries • 89% of fortune 100 companies • 120. sovereign gcnomment clients Treasury & Securities Services • A global leader in transaction. ',vestment and information services • Serving -25000 corporations. financial institutions. governments and municipalities in over 140 countries and territories J.PMorgan Asset Management • A Octal leader in investment and wealth management vath assets under management of S1.7 trillion • Footprint spans over 30 countries wan employees in over 200 locatens • 130.000 Private Banking clients Commercial Banking • Serves nearly 25.000 clients in the U 5.. indudng corporations. municipalities. financial insbtutons and nukfor-prc44 enbbes EFTA01168471 Team biographies James E. Iles) Staley Chief Executive Officer. Investment Bank Jet Staley is the CEO of J P Wigan's Investment Bank and is responsible for overseeng and cixiedinatng the firms international efforts aaoss entities of busness. lie is a member of the Rim's 0ptrating Committee and Executive Committee. Mr. Staley was most recently CEO of JP Morgan Asset Management from 2001 to 2009. Under hr. leadership, the drnsen grew assets under management from $805 bitlon to SI 25 baton He alto JP. Morgan's expansion into alternative investments. ncluding JP Morgan's strategic partnership welt lighbridge Capital Management in 2004 Mr. Staley pined J.P. Morgan it 1979 alter graduating from Bowdoin College with a degree in economics. From 1980 to 1989, he worked in the bank's Latin America division. where he served as head of corporate finance for Brazil and general manager of the limit Brazil an brokerage firm. Mr. Staley spent eight of these years it SSo Paulo. Mr. Staley was one of the founding members of J.P. lAorgan's equities business in the early 1990s. running Equity Capital Markets and Syndicate. He was named head ofJ.P Morgan's Private Bank in 1999 and under his leadership, improved proffability 300% in two years. Late it 2001, Mr. Staley assumed responsibility for the Asset Management business, in addten 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. Counal on Foreign Relations. Untied Slates-China Business Counci and the Board of Trustees of Bowdcin College. Mr. Staley and his wife have two daughters and Int in Manhattan. J.PMorgan EFTA01168472 Team Biographies Mary Callahan Erdoes Chief Executive Officer. Asset Management Mary Callahan Erdoes is Chief Executive Officer of J.P. Morgan's Asset Management dmision, a glob, leader in investment management and private banking with more than 51.9 trillion in assets under supervision. In addition to being a member of !Morgan Chase I Co.'s Operating and Executive Committees. Ms. Erdoes leads the firm's strategic partneraiip with Highbridge Capital hbnagernent and Gthve.s Investimentos. Ms. Erdoes pined J.P, Morgan n 1996 from Meredith. Martin I Kaye. a fixed income specially advisory firm. Previously, she worked at Bankers Trust in corporate finance. merchant banking and high yield debt undenvnbng A graduate of Georgetown Unrcersity (BS.) and Harvard Business School (MBA). she is also a board member of the U.S. Fund for UNICEF She ranks among Forbes and Fortune rroguineS most recent 'Worlds 100 Most Powerlul Women and 'SO Most Powerful Women in Business' lists, respectively. Ms. Erdoes lives in New York City with her husband and three daughters. J.PMorgan EFTA01168473 Team Biographies Debra B. Treyz Head of International Wealth Advisory Debra TIV/Z is the head of Internattonal 'Nealth Advisory Poe J P Morgan. In this role, she is responsble for the wealth plannng sennng J.P. Morgans Private Bank clients across the globe. Ms. Treyz and her learn ad.'s& J P Morgan's chants in SO countries and in aoss.border situations on Hearth transfer. transition event and philanthropic tying. Ms. Treyz has pre'ously served as CEO of J P. Morgan Private Banks Europe. Mdde East and Al raison and CEO of the Eons Global Trusts L Estates practice. It, Treyz is a graduate of Vassar Cotege (BA ) and Albany Law School (J.D.). She and her hush, James have two daughters. J.PMorgan EFTA01168474 Team Biographies Monica Ism, Head of the J.P. Morgan Asset Management Endowments and Foundations Group Monica Issar is the head of the J.P. Morgan Asset Managemenl Endowments & Foundations Group. Issar leads a team of experienced investmenl specialists. across the limes Investment Management and Private Banking divisions. 3,3 wand* customized advisory services and cross asset dass investment strategies to pubic and private endowments and foendatons. Ms. !tsar joined J.P. Morgan Investrnent Management in 1996. where she worked in the equbes business in JP/AIM. She awn mewed to the 1.313.5 Private Bark 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 strategos to sustain and grow thei wealth. She has counseled scene of the world's largest charitable aganuatons an hew to successfully navigate complex market environments to ensue they meet their goats. Ms. Issar is a founding member of J.P. Morgans Foundation Research and Investment Center. a global rnulti-discipinary group focused on providing foundations wth insights and services to help them meet Choir financial and phlanthropic goals. She is also a member of the Board of Directors of Commonly Reroute Exchange (CREI• a nonprofit social change consulting firm, and the South AOan Women's Leadership Forum, (SAMS). In 2009. Ms. !tsar was named one of 'the Top 1.0)0 Advisors in the U.S for New York' by Barron's magazine. Ms. !tsar earned both a Bachelor of Science and a Masters of Business Admnistrabon from New York Univeraty. She lives in New York City with her husband and two children. J.P.Morgan EFTA01168475 Team Biographies Thomas C. McGraw, Jr. Advice Lab, Tax Advises). Thomas McGrew a a senior member of J.P. Morgan Private Barks Advice Lab. a multidisciplinary learn of experts who develop innovative strategies. Mr. McGrew/a areas of weenie include lax and fiduciary Mallen. Ph. McGraw was (comedy a group head in J.P. Morgan Private Bank's trust department. which he joined in 1988 after five yews leading groups in tax advisory compliance and fiduciary services with. J.P. Megan's Tax Department. Prior opining the firm in 1983. Me McGraw waked at the Internal Revenue Senice. serving as a stall assistant in the Commissievierb Office and later as an attorney in the Central Region district counsel's ogee. Mr. McGraw received Ns B.S. from Vtilanova University and his J.D. from Uri Univerhty of Kentucky. IRMorgan EFTA01168476