<table><tr><th>From:</th><th>Jes Staley</th></tr><tr><td>Sent:</td><td>Saturday, July 11, 2015 11:21 PM</td></tr><tr><td>To:</td><td>Jeffrey E.</td></tr><tr><td>Subject:</td><td>Re: Developments</td></tr></table>

I have not met MacFarlen, the Chairman. It is his call.

Sent from my iPhone

On Jul 11, 2015, at 4:43 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@g=ail.com> > wrote:

if you are there choice why hire spencer?

On <u>Sat, Jul</u> 11, 2015 at 12:56 PM. <u>Jes</u> Staley <
>> wrote:

Spencer will hear if they are hired on Monday. I got a call from=another hunter, Mark Woodward, who says he spoke with Chairman last week. =hairman is on vacation next week.

Sense is that MacFarlan will want to run the company for a bit, and th=n pick. All the better because I think BNY is going to make a move a= some point. I had lunch with a board member on Friday, and he asked=some interesting questions.

About to barbecue

Jes

Sent from my iPad

On Jul 10, 2015, at 11:10 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@=mail.com»

wrote:

Any color from spencer Stewart

On Friday, July 10, 2015, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gmai=.com>>

wrote:

Good

On Friday, July 10, 2015, Jes Staley > wrote:

Here we go.

Sent from my iPhone

Begin forwarded message:

From: Reuben Jeffery
Date: July 10, 2015 at 7:15:40 PM EDT
To:
SubJec : P  eve opmen s

Dear Jes

So nice to hear from you

Much to discuss.

Are you around nyc this summer ?

reuben

rjeffery3

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please note

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. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved

please note

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. It is the property of JEE

Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailtoleevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved