From: To: CC: Sent: Subject: Jeffrey Epstein < evacation mail.com> Jes Staley < :Erdoes. Mary r < Boris Nikolic > 7/28/2011 12:41:41 AM outline Private Foundation gates /jpm Fair Market Value Fair Market Value 50% for cash, 30% for appreciated assets Valuation for charitable deduction: closely held stock s corp or c corp. or real estate„ Cost Basis Fair Market Value 30% for cash, 20% for appreciated assets Valuation of publicly traded securities Income tax deduction - percentage of AGI, with 5 year carry over Excise tax on investment Income 1-2% of income No excise tax Set up expense and operations takes money away from charity, Time consuming Je will pay set up. jpm operations none None IRS approval process Annual distribution requirement 5% Investment options need to hire , or use someone elses worlds best managers, silos. Preparation of tax returns, IRS compliance, accounting, grants management, fiduciary oversight, legal and audit , trustees , estate planning Donor must arrange for these services Provided by jpm world s most respected bank Confidentiality *None - All information is publicly available via form 990-PF Donor has flexible options: Full recognition, or partial, or full anonymity *Private foundations provide little confidentiality. . Today, anyone can access Guidestar (www.auidestar.orq) to gain information on any private foundation, including a scanned version of its 990-PF. Available information includes balance sheet detail (including investment holdings, a listing of directors (including contact information), every grant that is made (organization name and amount), and detail of administrative and investment management expenses. *********************************************************** 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. I