<table><tr><th>From:</th><th>Jeffrey Epstein &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, September 28, 2011 9:57 AM</td></tr><tr><td>To:</td><td>Erdoes, Mary E; Jes Staley</td></tr></table>

The proposal that Bill gets reduced fees, and then channels the discount t= me, is an idea that is still born for many of the reasons that we discuss=d. I think the solution is quite simple. JPM engage an entity , ( a =aw firm , bank, trust co .etc► that it pays a percentage of its profit= on the DAF every year. This amount could be supplemented or decreased =y other business directly related to that entity ( kazzak govt for exam=le ).. The only issues would be what type of entity and the re=evant rules and reporting requirements. and the amounts and how they are c=lculated. AS I had proposed , I stand willing to pay my share of costs . l=gal etc. / An early iteration was that A bill entitty simply hire= JPM to do the administration for his DAF. I didn;t think that was the =ight structure, as the profits would mostly stay in his entity, but mayb= that can be revisited.

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