EFTA01168452.pdf

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 onimeI 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 fatum 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 mimam man« /lama and Attpuntior, Fnuntol Plemani: and Anabpaa. S4~ Pleina,,,, Impact Planning and Imiono~. and metal "anal unman.. &Sty imronb. he {maimrm. Ilenrnitaaat .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 RennesImema. 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 ',mortalMs 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 71,0 J P. Mer Uwitale Gwint Fuvi Th.1P. Wes no LP. bays Clant.gt:. Cane boa OSM& Goa fist ; Ds bismabonal RE ItOomm. 11•11:6•••• ew.* .or. CCL. .CJ. OCaskot RE REI (Donor Advised (Type I Supporting (Offshore donors) (Domestic donors) Fund subactounb) Organizations) J.P.Morgan • Tea nftArdlIJM4 • ]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 Th. C... A P . Mar TS Geis & J.P. meek Cnant. . chug P.4 aweadida Chin &at ■ US ■ Intimation& maw 0•••• Comity •C.I4 A Gas *OWL (Donor Advised (Typo I Supporting (Offslmee donors) (Domestic donors) Fund subsccounts) Organizations) J.P.Morgan .,‘„, ivntdoCt re: • 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 pwit01.6X1by 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 lentlwent Gement ‘toord&M.voary tarts.) Ala ikatiaiiik!tragic Program (Irani and Ok111butba Ceenelatle• Mataptintiol and Crev•Manfolp Cdnetitto• name., AA I Cenn.Xlee iltomil se el Pubsor, Yu...An) 'Bard* hheth4n) 03.4n, SAINticey • Onntos ....,Wolf Welt • O....we ',awry...tail m.)3.3.) • Cun•Aros. °Aral Women tril ',Hes • Retl.11 SY•PINCON. Iteffill11.1 • ...4.•Ain Say: r • SOitro cmr•are rtp”,50....inneccrerci ttoyanne40.int, owns tee( resIXerlfin•nant..na<1.4.n) OA, CY.XOSS • PAnWrlie oM.Yo p>c rptIlyil(n 0•13•Ot12/ 00:014. Rem.. sa(0, 010,c, (Woos ave .."' necer.2 • CO CU) d'hytece cr• croppe<tfuln • All 0.1 G004,0X0 C.C•li(41141-C•I • Ucenn.sy<oryWci• watosse4K-olchalUtiereca..rts priCenplp0005. • &Is o'r[m c<ntersibt, • taeo•••• Dinar • Cei"ailne meerint Ma a,rods, 441, 599 • Seal nurw,nner. • Straw. or..appnwr. Donor Advised fund Typo I Supporting Organaguons IS O1 (51O0inm• donors) re01•34•M EN C••••••• ‘w•I 00 b••••••• NC Cush& Csfn w C *eau Voisin WI. tanning • • 11.1 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 Risk Management disciplines eonsideratkm • Loader • TramperenSy • Strive tomaximize riskw4usted JP. Morgan Cluxithble Giving Fund • Simard:re return • orawaohn • Annual potentlences • Being a full perspective pcsgal. lax. philanthropy. dent) and • Papstreminaments institutional approach (rigorous • Due Mathes proem! analylics and leverage of glebe/ Ja Malan CtallabaCtala ana c• • USAF*. UPNIFA. team and insights) to dedsica LINA making FCtil< • Prudent invest:fru/es ale relevant standards ItaInaenia Fiduciary and other 11 considerations • Madsen Portfolio Theory and • Sell death* elversilicaticn infirm decidon • Texeitte expendwel making • sabre to <MINI@ • Cleary delineate • Commenewski respcnsibfihes and authority spading last • VBTI • Formulate policies and • Deciceure processes for fiduciary nwviemems oversigst and risk management • PR aeons • Implement risk management • ireermedble sarelbn dsophnes. control and review nobs at mullple levels of investment • Ornate WON process Inaba • Excess badness • swidings ' Tax reutrard.insdet EFTA01168460 Managing risk and fiduciary responsibilities for over 160 years Vutable markets and rigorous. changng regulatory and lax environments have caused many exi foundation IC evaluate current pubes and phlanthropists to reconsider charitable entity options Ms; Management Risk Management disciplines considerations alasUmun • LepiaIty • rtallINCOUCy • "I. "1• •••••••• JP. Morgan Charade Owing Fund • SeenReno •Inralked ••••••••I•jr•••M•rm• • Orawdoan •• t•.• -a Mo.l6....1.•••••1 Uwe.. • annual oatmeal ion _. • POONA f0.1(00/1101S • nulut rms. nioso• slurs • NO Often. vixens • Wiwi. PootU• Vs*, del , Mu,Ouulib0.11. • UMIFA. L/PMICA. UNA am. ••••• udleu • RegulabryornplarCe • Orr', Muse • tuudau uk-us au pakuoloce Fiduciary and ether US. ledsati$0.1 •U alp asqp•mi ccosklerstions • 34adiestag • Taxable experaltures • Feature Oa Pianaxder • Commensurate ept0Pral Red • Ugh • Dadosura requInarnala lUumr•to INsuna IONS*, °nowt • PRI oiled/ avolsha uu ni Onsia/daul soney 01••••) • Prna* enesimeni ortettalron • Priyamoomittiimmuon • Excess anions takings J.PMorgan EFTA01168461 Thee donors -Than pathways Dow Alan* • Ve. 60" •wonrou, y 1/44.01406 •PE • Corte.40. nip fott1•40.• lyam PAO MOM EON .Antos/alum J.P.Morgan 10 EFTA01168462  Individual philanthropists can leverage the deep resources and experience of J.P. Morgan to forge powerful global partnerships in philanthropy Clue Study I: Saw Study t: Deno/ us. kildik US ram?, Nonu S , MUM OSP dartql n e tfluuts tdOSSIM oldradforeeddi mut Astets 5100 <WV tint eroad PitIlan°vols.< S2CSIM itYluady Sir Nola eduCuldn DOWN anrmay br bean- eds. Stt. Objectives 5100 CICISOSI cteldrenn Alma ONInuit:ropy SI 1201111 330111.1 isSolAt nalmatoisal= JP, mown PwbrN.op$c ServiCed NMMe • J P party., eiI .":0,31 blue, Ct. , ' PIA:AmongNO vaKeei dawn Iron rt.. (dm tudotutt clef 10P/In Iddtensut Ititattntdite. SOMA bibm•••• • Odd rOJItsuS CI utpttstrat buddy t. Pr y ow pot tOPV) n Rae , J ftudtuy iltsvalthp ol clot[ AILEY NOW • Thu phiatett.01/0•40,5 utori; J P. rotate r e yn taWCS reN•cnni Pascur, Move-, 6 cirifreb:ct a 50 'eel tradnon IP.CCOM- g Ort> phlarrap.: en5C•axn. OW:GAN an ROW Ds. w lArNWID: In African nt -.." bet .u*eas at SIOOkiLi ann.a), Puma bad, of $28 olchrtabl, tn..tos evl lourrbinns SWIM Piathrle.,,NrJr•E•yen tar Anted:SW ital JTAlorgan EFTA01168463  Individual philanthropists can leverage the deep resources and experience of the Gates Foundation and J.P. Morgan to forge powerful global partnerships in philanthropy t o.._ Conabaft MIL Can SOS2: Clonw Erk.- =Li Annets PipilanIlvopc Objectives Within°vow Ci • mu end Mtl.xle Gatti !MISS •. I rn appowpw.dwJ P Itoo;on s CIPPY.4 ONO nAkpownin IlutproWS peWPWO and 0,01.1Cil MAW • J P anwp ..51MOP'S PPIXT$ COMP Nal* a pCiO,PC.V.IOM OPJAMP %MOM from fm 00..."1 cioni iciazon044 UMW • 0.et 160 yeah of upwkixouldel.r= Fiume re ot•Olsec*Aenom n Pamir. J P kPrtpa (*.colt slegArdshr Cr. arnell. $20.%1 • TIV prapPin43y074,2e4 WMQ JP DOMIhrMlipp.In Mitan nipp.hgni eta. Mown, s ren,Cla 50101st trudri • Cl vp pplM thtni I P. OreiV0PC SWAM anciossces acttaeg an ofinapool INOthnennoNS.M.V01.40, SIGMA wewly from a ezeas2so The minimum Ginn at J.P. Morgan Aver.) b0 ,turi Crorratte INWS fel fOreltibra J.PNlorgitn .2 EFTA01168464 Harnessing a global network of investment insight and solutions • 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. freraterws Mock &aced" 10 OM fra hedge &old ace pnaneed0r/ •nann9rd 167 kwasiner• rdtaing ihrbera;•• Capal and Gated Imetirrornan unnn gm. Paretiantl‘. Malt aCCid.4 U pituta endalredeta in Ban annacos • 'men ranagOI by Cut aqui), %Wed ena,Naga wrcees danloada al imoLtnen awnatianal and orrandna manna. Prannowns• • taxon ininagol the txol ', cam* doth wOo once Chintl anastmont Caplet.. nee floss 3 Wand say 01 rater. GlobalPetit Gosilnidlon Exclommob GOSS Hai AMA Foundelones MIIIMOTOMQ04) Apax ■ Calvert ICC/04 VVATIIIR 914Finotimer EAGLE IKER 1.11PSY cartra. SILVERLAKE ris • C. alas..cnn J.P.Morgan EFTA01168465  J.P. Morgan advises each donor as their own CIO z J.P. Morgan The JP. Morgan Charitade Geeing Fund F l4 ham. Neal Mmes. el Drec•ans Mi• E . MilwalhOs tit Commillot = Cullman iluntas Ir•inny.Ctota. N... on 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 ENDOWMENTS & TRUSTS E. ESTATES WEALTH ADVISORY CENTRE FOUNDATIONS GROJ , • Dudesdons group 0e • Pewees fount:won • CI"e-, nio • Advees and manage.. manyasp:cis of [mane aonnelrateM1 grant-making eiwiaue sinnucos. of Ito lop 25 US end rnanfting a pored. geNioes. Ord /maws , let leilaCypbming endOvonetes €4" 868 foundation end deuelocing geNioes end unglegstendS *CPI end tOP SO U S mei; proimnimordostretedee len 'epergne feeknemenW • Program officers make • Tialaia .1 P NS:.; .• • Ofgendee thought grenl.meking CabosiOns on • H90 /-0,83gged ifnabbneril stralayualL, lemiertho forums globally behalf olouel6Okfmey eAperierceO Wealth Achiasi °onward reeds ghing insigN into the mei fgvnlaboie3. Dvin9 %was wth Clienla end 'Spit up-to-dale trends and $100 miloon par year achisors to developand • Manages the J P. Mama r innovation in prilarehroPY moment tat-effictorn Charitable Omni; Fun] • AcKauro tha worlds wealth transfer Canna*: • Creates collaboralma wdatimm& Iambus for oar • Advees dents a the *embrace for pea to leg yoars • INNaats Advisors are leaner Europe. Lyn America: peer exchanpus partner-knel o:tale gamine Asia • Oversees 666 bllon of tWIorneyswiet sgnifigeeC b9 • Advige$ ehenIS In 'SOU S. gdociefy 'meets rim excenence. ceding- Etn0040. ISM Arabia end edge end kequert 'dee AV8 • Opegetes in Cner 35 V.S nevi among Wealth Ord nlenialiOnal Achitren, brings t'en's Ise judedktons OW ideas end Sealegaal fa" SlObinO the wt•kl • Global fccbannt wen offices in 9 canines and 10 U.S. Mato: J. P Morgan 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. — Spada... app.. — 0.40a — Ouunty4 - li• ova. &al • ]um disl • liegra ##### J u, Iv sudna1.1.vr pl..t.d.r. - IV•14 &nu,. • 13.1. it (144.114 Lpl.mry — Pa. cone, owl • - 114.41 au. —•ul Jul, — ILn.Iy a...Alva. 64 dual.. 4•410 — - 1.1••1•83.3. am, Woith Abisn wilZst• Mt i> C014.1.• • 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 JSas i•••• os J.P.Morgan xi EFTA01168468 EFTA01168469 Appendix IRMorgan EFTA01168470 J.P. Morgan —A market-leading global franchise Investmern Bank Asset Management • A leading global investment bank with one of • A Octal leader in investment and wealth the largest client bases in the world management vath assets under management of S1.7 trillion • Offers a complete range of financial services to help clients achieve goals • Footprint spans over 30 countries wan employees in over 200 locatens • Serving dents in 120* countries • 130.000 Private Banking clients • 89% of fortune 100 companies • 120. sovereign gcnomment clients Treasury & Securities Services Commercial Banking • A global leader in transaction. ',vestment • Serves nearly 25.000 clients in the U 5.. and information services indudng corporations. municipalities. financial insbtutons and nukfor-prc44 enbbes • Serving -25000 corporations. financial institutions. governments and municipalities in over 140 countries and territories J.PMorgan 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 Brazilan 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