<table><tr><th>From:</th><th>Staley, Jes</th></tr><tr><td>Sent:</td><td>Sunday, July 15, 2012 2:03 PM</td></tr><tr><td>To:</td><td>jeevacation®qmail.com'</td></tr></table>

Here is the current idea.

Note Begins

Dear Coll=agues,

A member of our Operating Committee for nearly 15 yea=s, Jes Staley has long been a champion of two areas critical to our f=ture: technology and regulation.

Jes has frequently exp=essed to me his desire, at an appropriate point in his career, to be fre=d up from day to day management to engage more fully with and sponsor se=ect independent companies and entrepreneurs with new ideas and the =otential to help JP Morgan Chase and its customers.

As man= of you know, Jes plays a central role in our relationships with regulat=ry agencies, politicians and their key constituencies around the globe-dia=ogues that will only increase in importance as the new global financia= paradigm takes shape.

After three years at the helm of th= Investment bank and International, the businesses Jes manages have never =een stronger, with great momentum and a deep bench.

The =onditions are right to transition management of the IB to the next generat=on and take full advantage of Jes's apptitude and desire to be of servic= to the firm and our industry in the fast changing dimensions of regulatio= and technology.

[explain formally managers/reorgani=ation if necessary]

During the second half of 2012, Jes will=work with Mike and Daniel to ensure a seamless transfer of responsabili=ies.

Thereafter, Jes will form and chair a Regulation and =echnology Council that will seek out and sponsor opportunities in tech=ology and regulation that address the evolving needs of global finance.=0D

To form this committee, Jes will draw on resources with=n the firm as well as academics, public figures, and leaders from the =renas of technology and finance.

[One more sentance descri=ing might be nice]

Jes will continue to help me and the firm=with select client relationships and important ongoing strategic initiativ=s.

Jes will maintain his seat on the Operating Committee a=d he will also become a Vice Chairman of JP Morgan Chase.

=paragraph on Jes's career]

[Personal thoughts and closing co=ments by Jamie Dimon]

This email is confidential and subject=to important disclaimers and conditions including on offers for the p=rchase or
sale of securities, accuracy and completeness of informatio=, viruses, confidentiality, legal privilege, and legal entity
disclai=ers, available at http://www.jpmorgan.com/pages/disclosures/email=2E
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