F I S C A L Y E A R 2 0 1 7 ANNUAL REPORT

YOUR SUPPORT AND HOW IT WAS USED FY 2017 BOARD OF DIRECTORS

CHAIR Angel L. Iscovich, MD VICE CHAIR Mark Schwartz CONTENTS SECRETARY James Selbert ASSISTANT SECRETARY Elizabeth Green, RN TREASURER Linda J. Gluck 01 22 Steve Ainsley • Patricia Aoyama The Fiscal Year in Review Corporate Parnerships

Bitsy Becton Bacon • Kendall Bishop

Jeffrey Branch • David A. Brown Les Charles • Dante Di Loreto 05 24 Charles Fenzi, MD • Patrick Fitzgerald How Direct Relief was Funded Strategic Foundation Partnerships

Gregg Foster • Pamela Gann • Ernest Getto FISCAL YEAR 2017 ANNUAL REPORT David Lee Gibbs, PhD • J. Michael Giles Bert Green, MD • Michael Kelly • Mark Linehan 09 26

27 S. La Patera Lane, Santa Barbara, CA 93117 Siri Marshall • Jane Olson • Byron Scott, MD How Your Support was Used Investors

T: 805-964-4767 | TOLL-FREE: 800-676-1638 Steven A. Weintraub • Thomas Weisenburger, MD F: 805-681-4838 | DirectRelief.org INTERNATIONAL ADVISORY BOARD 18 37 Financial Statements In Memoriam

Lawrence R. Glenn • E. Carmack Holmes, MD

IMPROVING S. Roger Horchow • Stanley S. Hubbard

Donald E. Petersen • John W. Sweetland THE HEALTH MEDICAL ADVISORY BOARD Laurinda Marshall, RN • Sofia Merajver, MD, PhD AND Juan Carlos Alvarenga, MD Carol Millage, PharmD • Charles Nicholson, MD Federico Antillon, MD, PhD Raj Panjabi, MD, MPH • Bakht Sarwar, MD, MS LIVES Steve Arrowsmith, MD Ayesha Shaikh, MD, OB/GYN Hon. Regina Benjamin, MD, MBA Hambardzum Simonyan, MD Elizabeth Duarte, MD Tom Stern, MD • Larry Stock, MD, FACEP OF PEOPLE Georges Dubuche, MD, MPH Elizabeth A. Toro, MD, MPH, OB/GYN Adrian Ebner, MD • Paul Farmer, MD, PhD David S. Walton, MD, MPH AFFECTED Charles Fenzi, MD • Daron Ferris, MD Thomas Weisenburger, MD Charles Filipi, MD • Lynn Fitzgibbons, MD Beatrice Wiafe Addai, MD, PhD Susan Fleischman, MD • Grace Floutsis, MD ON THE COVER: BY Henri Ford, MD, MHA, FACS, FAAP CHAIR EMERITI A young patient is treated Hon. Jaime Galvez Tan, MD, MPH at the Zaatari refugee POVERTY Paul Giboney, MD Thomas J. Cusack • Richard Godfrey camp in Jordan through the William C. Gong, Pharm D, FASHP, FCSHP Stanley C. Hatch • Dorothy F. Largay, PhD

Bert Green, MD • Elizabeth Green, RN Rita Moya • John Romo • Denis Sanan Vaseline Healing Project, OR Dan Greenfield, MD • Douglas S. Gross, MD, PhD Nancy B. Schlosser a partnership between Angel L. Iscovich, MD • Rosie Jadidian, PharmD PRESIDENT EMERITUS Sylvia Karczag Unilever and Direct Relief. EMERGENCIES Karen Lamp, MD • Michael Maguire, MD PRESIDENT & CEO Thomas Tighe Photo by: Mark Semegen THE FISCAL YEAR IN REVIEW

Explore and learn more about these highlights from July 1, 2016 through June 30, 2017 in the online version of this report at DIRECTRELIEF.ORG/ANNUALREPORT/FY2017

AUGUST 15, 2016 DIRECT RELIEF RESPONDS TO DEADLY LOUISIANA FLOODING Emergency shipments of tetanus vaccines, insulin, for diabetes management supplies, and medical outreach packs were delivered to health centers in flood-inundated communities.

FISCAL YEAR 2017 | ANNUAL REPORT 1 ANDREW FLETCHER FY 2017 YEAR IN REVIEW CONTINUED BIMARIAN FILMS BAXTER INTERNATIONAL FOUNDATION INTERNATIONAL BAXTER

SEPTEMBER 22, 2016 MEDICAL SERVICES BROUGHT TO HUNDREDS OF THOUSANDS IN MEXICO CITY Beginning a three-year effort, Baxter International Foundation and Direct Relief’s partnership is providing healthcare access to many who lack it.

AUGUST 29, 2016 10 COMMUNITY HEALTH CENTERS RECOGNIZED WITH ISAAC HERNANDEZ ISAAC NATIONAL AWARD FOR INNOVATION IN DIABETES CARE In the photo above, a young patient is seen at the Direct Relief-supported Santa Barbara Neighborhood Clinic; one of 10 awarded for its innovative approach to treating patients with diabetes.

SEPTEMBER 6, 2016 400 INFANTS & PRETERM MMHRC BABIES SURVIVE SEPTEMBER 26, 2016 RESPIRATORY DISTRESS DIRECT RELIEF GAMING: SYNDROME NEW WAYS TO ENGAGE AbbVie donated Survanta GAMERS IN PHILANTHROPY to Direct Relief, which Direct Relief harnesses the SEPTEMBER 29, 2016 distributed the critically power of live-stream gaming DIRECT RELIEF BREAKS GROUND needed drug for premature to engage a new generation ON NEW FACILITY babies to hospitals in India. in giving. Expansion will enable more deliveries of critical medical aid sent around the world.

2 ANNUAL REPORT | FISCAL YEAR 2017 DECEMBER 28, 2016 HAITI RECEIVES 82 TONS OF URGENTLY NEEDED MEDICAL AID MASON POOLE MASON The largest shipment in ANDREW FLETCHER Direct Relief’s 69-year history travelled by chartered cargo jet from Los Angeles to Port-au-Prince.

JANUARY 30, 2017 “TEN OF THE BEST CHARITIES EVERYONE’S HEARD OF” Direct Relief was named No. 1 on Charity Navigator’s 2017 list of the “10 Best Charities,” OCTOBER 6, 2016 which accounts for financial performance, HURRICANE MATTHEW: DIRECT RELIEF RESPONDS IN U.S., HAITI transparency, and accountability. In the first month after the hurricane, Direct Relief delivered five tons of medicines and medical supplies worth $1.3 million.

NOVEMBER 17, 2016 DIRECT RELIEF TO PROVIDE ASEAN WITH PREPOSITIONED MEDICAL AID The disaster relief agency of the Association of Southeast Asian Nations, or ASEAN, partnered with Direct Relief to stage medical supplies in the disaster- prone “Ring of Fire” region. LAKE COUNTY HEALTH SERVICES DEPARTMENT

DECEMBER 20, 2016 HELPING WOMEN IN PERU SURVIVE CERVICAL CANCER Outreach and screening in the

CYDNEY JUSTMAN Andes connected more women FEBRUARY 22, 2017 to treatment for the disease. DIRECT RELIEF RESPONDS TO NORTHERN CALIFORNIA FLOODING Shipments containing items such as prescription medication and hygiene products were sent to health partners after severe weather and record-setting flooding devastated parts of Northern California.

FISCAL YEAR 2017 | ANNUAL REPORT 3 FY 2017 YEAR IN REVIEW CONTINUED JUNE 7, 2017 THREATENED COMMUNITIES STOCKED WITH EMERGENCY MARCH 24, 2017 MEDICINE AT HURRICANE DIRECT RELIEF SEASON’S START DELIVERS EMERGENCY AID TO PERU, BRIEFS In advance of a devastating PERUVIAN CONSUL 2017 Atlantic hurricane GENERAL ON FLOOD season, Direct Relief staged RESPONSE medical supplies at clinics in In response to deadly hurricane-prone places. flooding in Peru, Direct Relief mobilized medical aid to the country.

JUNE 19, 2017 DIRECT RELIEF BOLSTERS YEMENI HOSPITALS WITH MUCH-NEEDED MEDICINES Almost 5,000 pounds of medical aid from Direct Relief was sent

ANDREW CURTIS, HITCHHIKER PICTURES HITCHHIKER ANDREW CURTIS, to Yemen, including critical medicines and supplies requested by healthcare workers on the frontlines of the war-torn country. LARA COOPER LARA COOPER

JUNE 23, 2017 DIRECT RELIEF DELIVERS CHEMICAL-WEAPONS MAY 25, 2017 ANTIDOTES, PROTECTIVE PROVIDING OVERDOSE-REVERSING NALOXONE TO GEAR REQUESTED BY SAFETY-NET HEALTH CLINICS NATIONWIDE SYRIAN DOCTORS In response to the U.S. opioid epidemic, Direct Relief worked After a deadly series of attacks with Pfizer to make up to 1 million doses of overdose- on Syrian hospitals, doctors in reversing Naloxone available at no cost to community the country requested nerve gas health centers, free and charitable clinics, public health antidote and other protective departments, and other nonprofit providers nationwide. equipment. SYRIAN AMERICAN MEDICAL SOCIETY

4 ANNUAL REPORT | FISCAL YEAR 2017 HOW DIRECT RELIEF WAS FUNDED

[ FY 2017]

Nongovernmental, nonsectarian, and not-for-profit, Direct Relief provides assistance to people and communities without regard to politics, religious beliefs, or ethnic identities. Direct Relief relies entirely on private contributions. In Fiscal Year 2017 (July 1, 2016 – June 30, 2017), more than 20,000 individuals, companies, and foundations gave in-kind and cash contributions to Direct Relief. Businesses and organizations provided products and expertise needed and leveraged for humanitarian purposes, and generous cash donations helped keep Direct Relief independent from external interests, maintaining the flexibility of its work. CASH AND IN-KIND CONTRIBUTIONS are used to cover internal costs and for goods and services businesses, organizations, and foundations was spent. To fulfill its mission and program objectives, Direct to advance the organization’s mission and that cannot be Direct Relief’s activities are planned and executed Relief has long sought partnerships with businesses and obtained through in-kind donations. on an operating (or cash) budget that is approved by the organizations with particular expertise that is needed The strategic pursuit of in-kind resources enables Direct Board of Directors prior to the onset of the fiscal year. The and can be leveraged for humanitarian purposes. This Relief to provide far more humanitarian assistance than cash budget is not directly affected by the value of in-kind approach has led to 200+ healthcare manufacturers and would be possible in a model that relied entirely upon medical product contributions. Cash support—as distinct other corporations, in sectors ranging from technology raising cash and then converting the cash into goods and from the value of contributed products—is used to pay to transportation, providing in-kind contributions in the services. It makes little economic sense to incur the expense for the logistics, warehousing, transportation, program form of needed goods (primarily medical products) and involved in raising funds to then purchase something that oversight, program and administrative staff salaries, services that would otherwise have to be purchased. Direct a business may be willing and able to provide directly and purchasing of essential medical products, acquisition of Relief also solicits and receives cash contributions, which more efficiently as its charitable contribution. donated medical products, and all other program expenses. Direct Relief’s financial statements must account for In response to several years of dramatic growth, a $40 both cash and in-kind contributions that are entrusted to million Campaign for Direct Relief was launched in 2015 to 97% the organization to fulfill its humanitarian mission. In Fiscal raise funds to purchase 7.99 acres of land and build Direct IN-KIND Year 2017, over 97 percent of its total public support of Relief a 155,000 square-foot state-of-the-art facility—with $1.1 B $1.1 billion was received in the form of in-kind medical a 128,000 square-foot warehouse and a 27,000 square- products and certain other donated goods and services (such foot office and meeting space—certified for pharmaceutical as transportation services from FedEx, online advertising distribution. The new facility will improve capacity and from Google, and donated data analytics software from enable more expansive responses to healthcare challenges. 3% Qlik). The previous pages explain where and why the in- This capital campaign raised $5.8 million in cash and CASH $28.3M kind medical products were provided by the organization to pledges in FY 2017 to total $19.2 million in funds raised as its partners around the world and in the United States. of June 2017. The Campaign will also receive the proceeds FY 2017 CONTRIBUTED SUPPORT: Merging cash and in-kind contributions in accordance of the sale of Direct Relief’s current facility which is under $1.1 B with Generally Accepted Accounting Principles (GAAP) can a purchase and sale contract to the City of Goleta that be confusing to non-accountants. These notes following is expected to close after the move to the new building is the financial statements are to assist you in understanding completed in 2018, as well as additional contribution from how Direct Relief’s program model is financed and works, Direct Relief’s operating reserves. 1,200 to explain the state of the organization’s financial health, On March 9, 2017, Direct Relief established DR $1,10 9M and to inform you about how money that was generously Property 1. LLC (LLC) for the purpose of holding title to 1,000 donated to Direct Relief in FY 2017 by individuals, the 7.99 acres of land and the new facility that is CONT’D $89 7M

800 $77 9M SOURCES OF CASH REVENUE: $28.3 M CATEGORIES OF CASH SUPPORT: $28.3M

600 15% 13% 1,081 8% DISASTERS/OTHER CAPITAL CAMPAIGN $45 5M $ MILLIONS 865 FOUNDATIONS DESIGNATED $3.8 $4.1 M

$39 2M $2.2 M 400 750 48% INDIVIDUALS 7% 435 $13.7 M BEQUESTS 200 378 $1.9 M

14 20 32 29 28 0 FY 13 FY 14 FY 15 FY 16 FY 17 44% CORPORATIONS $12.4 M 65% CASH SUPPORT IN-KIND SUPPORT UNDESIGNATED $18.5M

6 ANNUAL REPORT | FISCAL YEAR 2017 currently under construction at 6100 Wallace Becknell Road during the year. This resulted in decrease in net assets (or net When Direct Relief receives an in- HOW in Santa Barbara. Direct Relief is the sole member of the operating “deficit”) for that year. kind donation, accounting standards D I R E C T R E L I E F LLC. The 7.99 acre parcel was purchased in August 2016 For FY 2017, the organization reported a change in net require a “fair market value” to be WAS FUNDED for $8.7 million. The building construction commenced assets of $101.2 million. As described above, this was driven assigned to the donation. Donations FY 2017 in October 2016 and is expected to be completed by May by a higher value of donated product received, $1.1 billion, of medicines, medical equipment, and 2018. The estimated cost to complete the construction of than the value of product distributed, $921.4 million (and medical supplies have long been an integral part of Direct the new building is $29.2 million. The total project cost, disposals of expired products valued at $62.1 million). This Relief’s humanitarian assistance programs. In assigning a including the cost of the land is budgeted at $37.9 million. is purely a function of the timing difference of the receipts fair market value to the in-kind medical donations received, To finance the construction during the Campaign, Direct from donor companies versus the shipments sent out to Direct Relief uses a careful, conservative approach that Relief secured a $25 million non-revolving line of credit healthcare partners. complies with the relevant accounting standards, and from a local bank. The line of credit matures in August the spirit and purpose of disclosure, transparency, and 2021 and is secured by all the assets of Direct Relief, the POLICY ON DESIGNATED CONTRIBUTIONS accountability to the public. Direct Relief Foundation and the LLC. As of June 30, Direct Relief has adopted a strict policy to ensure that Direct Relief uses the following methodology in 2017, $19 million remained to be drawn to complete the 100 percent of all designated contributions for a specific determining the fair market value of in-kind medical construction of the building. program or emergency response are used only on expenses donations: U.S. Food and Drug Administration approved When taking an annual snapshot at the end of a fiscal related to supporting that program or response. Direct pharmaceuticals, branded and generic, are recorded at year, several factors can distort a realistic picture of Direct Relief has used similar policies for all disaster responses in estimated wholesale value, which approximates fair value, Relief’s (or any nonprofit organization’s) financial health the last few years, including responses to the Syrian refugee on the date received, based on the Wholesale Acquisition and activities. Since the purpose of this report is to inform crisis, Ebola outbreak in West Africa, Hurricanes Sandy, Cost (WAC) as in the RED BOOK™ published by Truven you, it is important to call your attention to some of these Katrina, and Rita, and earthquakes in Ecuador, Nepal, Health Analytics/IBM Watson Health. The RED BOOK© is factors. Japan, Haiti, Pakistan, Peru, China, and Chile. an industry recognized drug and pricing reference guide for This approach is appropriate for honoring precisely pharmaceuticals in the United States. The organization uses TIMING OF REVENUE RECOGNITION the clear intent of generous donors who responded to monthly pricing information available from the RED BOOK™ AND EXPENSES these tragedies and to preserve the maximum benefit for online service provided by Truven Health Analytics, to ensure First is the timing of donations being received and the the survivors for whose benefit the funds were entrusted to the most accurate and current valuation of pharmaceuticals expenditure of those donations, whether in the form of Direct Relief. donated to the organization. cash or in-kind medical products. Donations—including WAC is the standard used by many U.S. states as the those received to conduct specific activities—are recorded VALUATION OF IN-KIND RESOURCES Federal Upper Limit pricing for drugs purchased under the as revenue when they are received or promised, even if Direct Relief is the only nonprofit organization in the Medicaid program. Alternative methods of valuing a drug the activities are to be conducted in a future year. The United States that has received accreditation from the donation would result in a higher valuation. For example, in-kind product donations are also recorded in inventory National Association of Boards of Pharmacy as a Verified- the commonly cited Average Wholesale Price (AWP), which upon receipt. Direct Relief’s policy is to distribute products Accredited Wholesale Distributor (VAWD) licensed to also is published in the RED BOOK©, is approximately at the earliest practicable date, consistent with sound distribute prescription medicines in all 50 U.S. states, and is twenty-five percent higher than WAC for a particular programmatic principles. While the distribution often among the largest-volume providers of medical donations product according to the RED BOOK©. Direct Relief occurs in the same fiscal year of receipt, it may occur in the to its partners worldwide. Direct Relief’s programs determined that WAC is the more appropriate measure. following fiscal year. An expense is recorded and inventory involve a wide range of functions, several of which require Because pricing differences exist for generic and branded is reduced when the products are shipped out to partners. specialized expertise and licensing. Among these functions products, it is important to note Direct Relief applies WAC In FY 2017, Direct Relief received more value in are identifying key local providers of health services in value to each specific product’s National Drug Code, which product donations than was shipped out to its partner such areas; working to identify the unmet needs of people relates to the specific manufacturer and formulation of a network. When the fiscal year ended, the product in the areas; mobilizing essential medicines, supplies, and drug. This distinction is significant because it reflects, for inventories that had not been “spent” were reported as equipment that are requested and appropriate for the example, the lower price (and fair market value) of a generic an increase in net assets (or net operating “surplus”). The circumstances; and managing the many details inherent in product received through donation, compared to higher- opposite was true in FY 2016, when the value of product storing, transporting, and distributing such goods to the priced branded product. donations was less than the humanitarian aid distributed partner organizations in the most efficient manner possible. For non-FDA-approved pharmaceuticals, for CONT’D FISCAL YEAR 2017 | ANNUAL REPORT 7

HOW example, products manufactured and public disclosures ensure that these distinctions are Investment Committee, which meets quarterly and oversees D I R E C T R E L I E F for use in non-U.S. markets, the clearly documented, and that the organization’s financial investment policy and performance. WAS FUNDED organization uses independent reporting precisely and accurately reflects the fair market The Board has adopted investment and spending FY 2017 pricing guides to determine the value of the specific items received through donation. policies for the BRIF assets that attempt to provide a fair market value of the particular If a low-cost generic medication is received through predictable stream of funding to Direct Relief while seeking manufacturer’s specific formulation. As is the case with donation, its value is properly recorded as that of the to maintain the purchasing power of these assets. Under FDA-approved formulations, the value relates to the specific generic medication. Similarly, if a more expensive branded this policy, as approved by the Trustees of the Foundation, product from the specific manufacturer. The sources of such product is received through donation, its value is registered the BRIF assets are invested in a manner that is intended to pricing information vary, but relevant information may as that of a branded product. produce results that provide a reasonable balance between include the price paid by wholesalers or other third-party As noted above, Direct Relief has long sought the the quest for growth and the need to protect principal. The buyers, a favorable price negotiated by an organization for a contribution of needed goods and services to use for Foundation expects its BRIF funds, over time, to provide particular drug, or other such reasonable bases. humanitarian purposes because of the efficiencies and an average rate of return of approximately five percent For medical supplies and equipment, the organization other benefits that result. The organization, and (more annually. Actual returns in any given year may vary from determines wholesale value by reviewing the pricing importantly) the people it serves, benefit from the lowest- this amount. information on the specific item listed for sale in trade cost, most efficient use of resources. Financial contributors The Foundation, to satisfy its long-term rate-of- publications, through online pricing, and through its own benefit also, since their financial contributions are not return objectives, relies on a total return strategy in procurement history when purchasing. Such valuations are being used to purchase goods or services that can be which investment returns are achieved through both lower typically than published retail prices. obtained directly through donations. Therefore, when it capital appreciation (realized and unrealized) and current Different prices for similar products or services in comes to accounting for, documenting, and reporting any yield (interest and dividends). The organization targets a different geographic areas can cause confusion. The specifics contributions it is very important to get it right. diversified asset allocation balanced between equity and of Direct Relief’s valuation methodology are noted here in A strong incentive exists to use higher valuation sources, fixed income investments to achieve its short-term spending recognition of the confusion that can arise with the value of such as retail prices, or use branded product values for needs as well as long-term objectives within prudent risk contributed goods and services. generic donations. However, a conservative approach constraints. One source of confusion stems from the significant provides the most accurate, easy-to-understand basis and is The Foundation has a policy of appropriating for pricing (and therefore valuation) differences that exist best to instill public confidence in Direct Relief’s financial distribution each year an amount up to five percent of the in different parts of the world for similar products. reporting. assets of the BRIF. In some instances, the Board may decide With regard to pharmaceuticals, significant differences to appropriate an amount greater than its stated policy exist between a branded drug and a generic equivalent DIRECT RELIEF FOUNDATION AND THE if it is specifically deemed prudent to do so. The BRIF is formulation even within the same market, including the BOARD-RESTRICTED INVESTMENT FUND authorized to distribute its portfolio assets to pay for Direct U.S. Because Direct Relief operates on a global scale, In 1998, Direct Relief’s Board of Directors established a Relief’s fundraising expenses and the salary of the President such differences must be considered and reflected in the Board-Restricted Investment Fund (“BRIF”) to help secure and CEO as well as advance emergency relief funding as accounting and reporting of contributions. the organization’s financial future and provide a reserve determined by the President and CEO. Of course, similar pricing and valuation differences for future operations. The BRIF, established with assets For the Fiscal Year 2017, the Foundation Trustees also exist for other commodities and services beyond valued at $774 thousand, draws resources from Board- approved a distribution of $1.6 million to pay for Direct pharmaceuticals. In the U.S., for example, 12 ounces of designated unrestricted bequests and gifts, and returns Relief’s fundraising expenses and the salary of the President water is free from a public tap but can be several dollars if on portfolio assets. and CEO. The Foundation also distributed $4.2 million to it comes in a branded bottle. In October 2006, the Direct Relief Foundation was Direct Relief that has been approved in prior years for the Similar pricing differences exist for services as well. The formed and incorporated in the State of California as a same purpose. Upon a majority vote by the Board, the BRIF outsourcing and off-shoring phenomena reflect that even separate, wholly controlled, supporting organization of may also be utilized to meet other general operational costs highly skilled services—surgery, computer programming, Direct Relief. Effective April 1, 2007, assets in the BRIF and extraordinary capital expenses. research conducted by Ph.D.s— are done at vastly different were transferred to the Foundation. The Foundation’s prices in different countries. investments are managed by SEI Private Trust Company, Direct Relief’s internal processes, information systems, an investment firm under the direction of the Foundation’s

8 ANNUAL REPORT | FISCAL YEAR 2017

HOW YOUR SUPPORT WAS USED

[ FY 2017]

Thanks to your participation, Direct Relief helped more people in more places than ever before in its 69-year history in FY 2017.

The organization received $1.1 billion in private support and provided a record $926.6 million in assistance around the world (including $5.2 million in financial assistance). EXPANDING ACCESS + QUALITY HEALTH CARE NORTH CENTRAL FOR AMERICA AMERICA & THE CARIBBEAN MILLIONS $144,236,689 63,442,980 DDD* $239,225,714 1,625,339 lbs. 107,029,550 DDD* 115,959 cu. ft. OF PEOPLE 1,282,925 lbs. 106,490 cu. ft. AROUND SOUTH THE AMERICA $81,336,235 26,371,764 DDD* WORLD 239,198 lbs. 23,662 cu. ft.

KEY

To ta l Wholesale Value * THE DEFINED DAILY DOSE (DDD) is a measure of drug utilization developed by the World Health Organization (WHO) and maintained by the WHO Collaborating Center for Drug Statistics Defined Daily Dose* Methodology at the University of Norway in Oslo. The DDD value — essentially a daily treatment To ta l Weight (in pounds) measure — indicates “the assumed average maintenance dose per day for a drug used for its main indication in adults.” It is intended as an international average, for the sake of standardization and To ta l Volume (in cubic feet) comparison between national contexts, not as a guide to actual prescriptions.

10 ANNUAL REPORT | FISCAL YEAR 2017 EUROPE TOP 10 COUNTRIES in Value of Aid Received United States 129.0 & OTHER South Africa 80.3 Haiti 78.7 $9,978,850 Ghana 46.3 Uganda 43.7 3,811,039 DDD* Malawi 38.9 88,217 lbs. Honduras 38.9 7,623 cu. ft. Zimbabwe 37.7 Nicaragua 35.8 Dominican 35.6 Republic 0 50 100 150 150 IN $ MILLIONS

FY17 ASSISTANCE TOTALS

$921,378,495 in medical aid, amounting to

276,023,377 Defined Daily Doses 13,547 ASIA deliveries weighing 4,218,383 $105,356,513 pounds and taking up 30,927,370 DDD* 343,492 431,061 lbs. cubic feet in volume 41,415 cu. ft.

AFRICA OCEANIA

$336,166,731 $4,624,746 42,362,419 DDD* 2,078,254 DDD* 523,524 lbs. 28,050 lbs. 45,485 cu. ft. 2,858 cu. ft.

FISCAL YEAR 2017 | ANNUAL REPORT 11 USA INTERNATIONAL

15,000

14,000 13,547

13,000 MATERIAL704 ASSISTANCE

12,000 11,146 11,000 Advancing its mission to improve the health 692 and lives of people affected by poverty or 10,000 emergencies—without regard to politics, USA INTERNATIONAL religious beliefs, or ethnic identities— 9,000 Direct Relief delivered 13,547 shipments 900 $921 M The 2,070 tons (over 4.1 million

8,000 of humanitarian material aid in FY 2017 pounds) of pharmaceuticals, 800 $760 M

7,333 to 86 countries and all 50 U.S. states. 7,213 medical supplies, and medical 7,000

534 equipment that were furnished

741 700 USA INTERNATIONAL to local health programs had $610 M

6,000 12,843 600 a combined wholesale value of 5,552 15,000

) $921.4 million. $503 M 5,000 511 10,454 14,000 500

13,547 635.6 792.4 4,000 400 13,000 704 $342 M 6,472

3,000 6,799

300 $274 M $275M 12,000 435 545.8 5,041 2,000 11,146 200 282 11,000 230 211 692 1,000 100 10,000 124.7 129.0

NUMBER OF SHIPMENTS 0 43.9 64.4 60.2 68.3 64.8 USA INTERNATIONAL VALUE OF MATERIAL AID ( IN $ MILLIONS FY 13 FY 14 FY 15 FY 16 FY 17 0 9,000 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 900 $921 M

8,000 800 $760 M 7,333 7,213 7,000 534

741 700 $610 M

6,000 12,843 The medical aid contained in these shipments was 400 600 5,552 sufficient to provide 276 million Defined Daily Doses 362.2 M ) $503 M 5,000 511 MILLIONS) (DDD) for people who may have otherwise lacked 10,454 500 302.4 M 300 access to quality health care. 278.9 M

276.0 M 635.6 792.4 4,000 400 DDD is a measure of drug utilization developed by $342 M 223.8 M the World Health Organization (WHO) and maintained 6,472

3,000 6,799 200

300 $274 M $275M by the WHO435 Collaborating545.8 Center for Drug Statistics 5,041 2,000 138.6 M methodology at the University of Norway in Oslo. 200 282 Direct Relief uses this as a measure of pharmaceutical 100 230 211 1,000 aid provided. 100 124.7 129.0 DEFINED DAILY DOSES PROVIDED (IN NUMBER OF SHIPMENTS 0 43.9 64.4 60.2 68.3 64.8

0 VALUE OF MATERIAL AID ( IN $ MILLIONS FY 13 FY 14 FY 15 FY 16 FY 17 FY 12 FY 13 FY 14 FY 15 FY 16 FY0 17 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17

12 ANNUAL REPORT | FISCAL YEAR 2017 A young patient in the pediatric oncology FINANCIAL ASSISTANCE program sponsored In addition to providing more essential medical material resources than by AbbVie and Direct Relief in Chiapas, ever before, this year Direct Relief furnished $5.2 million in critically Mexico. needed funding to support the efforts of locally-run, non-governmental health facilities in the U.S. and internationally as they responded to crises, rebuilt damaged facilities, trained frontline health workers, and extended care to more patients. Grant recipients included community-based groups responding to or recovering from emergencies, including the Nepal Earthquake ($808k), the Louisiana flooding ($641k), Typhoon Haiyan in the Philippines ($469k), Hurricane Matthew ($433k), Syrian Refugee Crisis ($190k), and the Ebola outbreak in West Africa ($186k). Additional funding supported the innovative care and treatment programs of 10 community health centers in the U.S. ($1 million) and the on-going efforts of numerous other partners to address the chronic health needs of vulnerable people in their communities.

STAFFING & EXECUTIVE COMPENSATION

The $926.6 million in humanitarian assistance Direct Relief provided in FY 2017 across the U.S. and around the world was done so with a staff which, as of June 30, 2017, comprised 81 positions (75 full- time, 6 part-time). Measured on a full-time equivalent (FTE) basis, the total staffing over the course of the year was 73. This figure is derived by dividing the total hours worked by 2,080, the number of work hours of a full-time employee in one year. Two persons each working half-time, for example, would count as one FTE. In general, staff functions relate to three basic business functions: programmatic activity, fundraising, and general administration. The following sections describe the financial cost of the organizational activities, how resources are spent, and how donor funds are leveraged to provide assistance to people in need throughout the world. The President and CEO’s compensation is paid from funds provided by Direct Relief Foundation. His compensation is allocated 50 percent to administration and 50 percent to fundraising. WILLIAM VAZQUEZ

FISCAL YEAR 2017 | ANNUAL REPORT 13 TOTAL EXPENSES PROGRAM EXPENSES

To implement its humanitarian programs ($921.4 million in medical material aid), Direct Relief spent $20.5 million (excluding $5.2 million in cash grants) in FY 2017, $4.9 million of which paid for salaries, related TOTAL EXPENSES: $26.6M benefits (health, dental, long-term disability insurance, and retirement-plan matching contributions), and 16% mandatory employer paid taxes (Social Security, Medicare, workers’ compensation, and state unemployment ADMIN EXPENSES M insurance) for 44 full-time and three part-time employees engaged in programmatic functions. $4.2 M 6M $2 6. 26 $26.1 60% DISASTER RESPONSE

PROGRAM M 1.9 DISASTER RESPONSE 2.3 EXPENSES 7% PROGRAM EXPENSES 24 PROGRAM EXPENSES

FUNDRAISING$23.1 $16M DONATED FREIGHT

$22. 2M EXPENSES DONATED FREIGHT 22 M 2.0 3.9 $1.9M 4.2 22.3 1.7 PROGRAM EXPENSES BY FUNCTION: $20.5 M 22 22.3 $20.3 22 20 20.3 1.5 3.1 20.5 20.3 2.7 20 20.5 4.6 17% 5% 20 4.6 1.7 18 18.8 1.7 2.3 DISASTER OTHER (NON PERSONNEL) 18.8 RESPONSE 9% $980K 18 4.5 18 18 18 16 $4.5 M 4.5 FACILITY/UTILITIES/ 3.7 2.0 3.7 2.0 4.5 WEB HOSTING 24% 16 4.5 14 $1.8 M SALARIES & BENEFITS 16 4.6 $4.9 M 4.6 15.2 16.0 14 3.6 3.9 12 14 3.6 3.9 $ MILLIONS 14.2 18% 4.6 11.8 14.1 4.6 FREIGHT & 12 10 12 $ MILLION

TRANSPORTATION $ MILLION $3.8 M 8 M 10 6M 25% 10 $2 6. DISASTER RESPONSE 266 $26.1 8 11% CASH GRANTS 8

M 1.9 DONATED GOODS & $5.2 M PROGRAM EXPENSES 2.3 4 13.1 24 SERVICES 6 12.4 13.1 6 12.4 12.1 14.3 ADMIN EXPENSES $23.1 $2.2M 10.5 12.1 14.3

$22. 2M 10.5 222 4.M 6 3.6 4.6 3.9 4.5 3% FUNDRAISING EXPENSES 2.0 4.2 4% 4 1.7 3.9 TRAVEL/ 1% 4

0 $20.3 CONTRACT SERVICES 20 MEETINGS EQUIPMENT/SOFTWARE FY 13 FY 14 FY 15 FY 16 FY 17 $877K 2 1.5 3.1 $544K RENTAL & MAINTENANCE 2 2.7 $242K 18 0 0 2.3 FY 13 FY 14 FY 15 FY 16 FY 17 FY 13 FY 14 FY 15 FY 16 FY 17 16

14 PROGRAM EXPENSES ALSO INCLUDE >> 12 15.2 16.0 $ MILLIONS 14.2 11.8 14.1 10 Ocean/air freight and trucking for outbound materials and supplies ($453 thousand); and shipments to partners, in-country transportation disposal costs for expired pharmaceuticals ($147 8 and inbound product donations ($5.5 million, of thousand) 6 DISASTER RESPONSE which $1.7 million was donated) The value of expired products disposed of PROGRAM EXPENSES 4 Travel for oversight and evaluation ($428 ($62.1 million) ADMIN EXPENSES 2 thousand); contract services ($948 thousand, A pro-rata portion of other allocable costs FUNDRAISING EXPENSES 4.6 3.6 4.6 3.9 4.5 of which $71 thousand was donated); packing (see page 17) 0 FY 13 FY 14 FY 15 FY 16 FY 17

14 ANNUAL REPORT | FISCAL YEAR 2017 BIMARIAN FILMS FISCAL YEAR 2017|ANNUAL REPORT 15 FUNDRAISING EXPENSES

Direct Relief spent $1.9 million on fundraising in FY 2017. These FUNDRAISING EXPENSES BY FUNCTION: $1.9 M expenses (other than donated services) were paid from funds received out of the assets of the Direct Relief Foundation. A total of $1.2 7% OTHER (NON PERSONNEL) million was spent for salaries, related benefits, and taxes for 10 full- $123K time employees and 1 part-time employee. 4% 63% FACILITY / UTILITY / WEB HOSTING SALARIES $70K & BENEFITS 2% $1.2 M EQUIPMENT / SOFTWARE RENTAL + MAINTENANCE $30K FUNDRAISING EXPENSES 14% ALSO INCLUDE >> DONATED GOODS / SERVICES $265K 6% $37 thousand for the production, SPECIAL EVENTS / TRAVEL + MEETING EXPENSES printing, and mailing of the annual $113K report, tax-receipt letters to contributors, 2% fundraising solicitations, and 2% PRINTING, POSTAGE, MAIL, ETC. CONTRACT SERVICES $37K informational materials $35K $31 thousand in advertising and marketing costs $113 thousand in travel and meeting/ conference expenses 2.5 $2. 4M

$159 thousand in contract services 0.3 ($124 thousand of which were 2.0 $2 M

donated services) $1.9 M 0.3

$20 thousand in supplies in support of $1.7 M 0.3

$1.5M 0.1 the fundraising staff 1.5 0.0 $35 thousand in outside computer services related to fundraising $ MILLIONS A pro-rata portion of other allocable 1.0 2.1 costs (see page 17) 1.6 1.7 1.6 1.5

0.5

DONATED SERVICES

FUNDRAISING CASH EXPENSES 0.0 FY 13 FY 14 FY 15 FY 16 FY 17

16 ANNUAL REPORT | FISCAL YEAR 2017 MANAGEMENT & MANAGEMENT + GENERAL EXPENSES BY FUNCTION: $4.2M GENERAL EXPENSES

Direct Relief spent $4.2 million on administration in FY 2017. Administration expenses 15% OTHER $619 K are those that relate to financial and human resource management, information technology, communications, public relations, and general office management. A total of $2.2 million was 4% 52% FACILITY / UTILITY / WEB HOSTING for salaries, related benefits, and taxes for 21 full-time employees and 2 part-time employees SALARIES $182 K & BENEFITS engaged in administration and financial management. $2.2M 4% TRAVEL $145 K <1% EQUIPMENT / SOFTWARE RENTAL / MAINTENANCE MANAGEMENT & GENERAL EXPENSES ALSO INCLUDE >> $10 K 12% $152 thousand in credit card and banking fees DONATED GOODS / SERVICES 13% $522K CONTRACT SERVICES $145 thousand for travel, meetings and conferences $541K <1% PRINTING, POSTAGE, MAIL, ETC. $890 thousand in contract services ($349 thousand of which were donated services) $13 K $126 in accounting fees for the annual CPA audit, payroll processing and reporting, and other financial services ($29 of which were donated services) $96 in legal fees, of which $24 was provided pro bono for legal representation related $4.2M 4.0 $3.9M to general corporate matters 0.5 $151 thousand in press releases and online advertising 3.5 0.9 $31 thousand in taxes, licenses, and permits (Direct Relief is registered as an exempt organization in each U.S. state requiring such registration) $3.1M 3.0 0.4 A pro-rata portion of other allocable costs (see below) $2.7M 0.2 2.5 $2.3M 0.1

2.0 3.7 OTHER ALLOCABLE COSTS $ MILLIONS 1.5 3.0 2.5 2.7 Direct Relief owns and operates a 40,000-square-foot warehouse facility that serves as its 2.2 headquarters and leases another 38,000 square-feet of warehouse space. Costs to maintain these 1.0 facilities include mortgage interest, depreciation, utilities, insurance, repairs, maintenance, and supplies. These costs are allocated based on the square footage devoted to respective functions 0.5 DONATED SERVICES (e.g., fundraising expenses described earlier include the proportional share of these costs CASH EXPENSES associated with the space occupied by fundraising staff). The cost of information technology 0.0 services is primarily related to the activities of the respective functions described above. These FY 13 FY 14 FY 15 FY 16 FY 17 costs are allocated based on the headcount devoted to the respective functions.

FISCAL YEAR 2017 | ANNUAL REPORT 17 COMBINED STATEMENT OF FINANCIAL POSITION For the fiscal year ended June 30, 2017 with summarized totals for FY 2016. Amounts are presented in the thousands.

FY 2017 FY 2016

Direct Relief Direct Relief Direct Relief Direct Relief Direct Relief Inter-Organization Consolidated Consolidated Foundation Mexico* South Africa** Property Transaction To t a l Total Eliminations

$ IN THOUSANDS ASSETS Cash & cash equivalents $ 1,550 $ 1,975 $ 62 $ 5 $ 950 $ - $ 4,542 $ 8,278 Investments 6,234 30,624 - - - - 36,858 35,573 Contributions and other receivables 4,134 8,261 - - - (2,102) 10,293 12,021 Inventories 241,328 - - - - - 241,328 144,776 Prepaid expenses 405 - - - - - 405 454 Property & equipment - net of accumulated depreciation of $7,669 for 2017 and $6,914 for 2016 4,390 - - - 18,210 - 22,600 5,755 Investment in subsidiary 17,677 - - - - (17,677) - - Other assets 22 - - - - - 22 524 Total assets $ 275,740 $ 40,860 $ 62 $ 5 $ 19,160 $ (19,779) $ 316,048 $ 207,381

LIABILITIES Accounts payable $ 694 $ - $ - $ - $ 1,484 $ - $ 2,178 $ 635 Other current liabilities 2,468 2,102 7 1 - (2,102) 2,476 1,261 Long-term debt 6,000 - - - - - 6,000 1,252 Deferred compensation 9 - - - - - 9 19 Distribution payable - split-interest agreements ------12 Total liabilities $ 9,171 $ 2,102 $ 7 $ 1 $ 1,484 $ (2,102) $ 10,663 $ 3,179

NET ASSETS Unrestricted restricted assets, undesignated 256,466 28,522 - 4 17,676 (17,677) 284,991 178,417 Temporarily restricted assets 10,103 10,236 55 - - - 20,394 25,785 To t a l n e t a ss e t s 266,569 38,758 55 4 17,676 (17,677) 305,385 204,202 Total liabilities and net assets $ 275,740 $ 40,860 $ 62 $ 5 $ 19,160 $ (19,779) $ 316,048 $ 207,381

* Direct Relief-Mexico is a wholly owned subsidiary of Direct Relief and commenced operations in Mexico on August 1, 2014. Direct Relief-Mexico was registered in Mexico as a public benefit corporation in July 2014.

** Direct Relief-South Africa is a wholly owned subsidiary of Direct Relief and commenced operations in the Republic of South Africa on July 1, 2009. Direct Relief-South Africa was registered in South Africa as a public benefit corporation in October 2007.

18 ANNUAL REPORT | FISCAL YEAR 2017 COMBINED STATEMENT OF ACTIVITIES For the fiscal year ended June 30, 2017 with summarized totals for FY 2016. Amounts are presented in the thousands.

FY 2017 FY 2016 Direct Relief Direct Relief Direct Relief Direct Relief Direct Relief Inter-Organization Consolidated Consolidated Foundation Mexico* South Africa** Property Transaction To t a l Total Eliminations

$ IN THOUSANDS

PUBLIC SUPPORT In cash and securities: Contributions $ 24,243 $ 4,636 $ 518 $ 60 - $ (15,589) $ 13,868 $ 15,589 Business and foundation grants 11,955 1,975 - 12 - - 13,942 13,301 Workplace giving campaigns 483 - - - - - 483 336 Special events 3 - - - - - 3 139 Total public support from cash & securities 36,684 6,611 518 72 - (15,589) 28,296 29,365

From contributed goods & services: Pharmaceuticals, medical supplies & equipment 1,077,440 - 499 - - - 1,077,939 746,678 Contributed freight 1,687 - - - - - 1,687 1,841 Contributed goods - other 596 - - - - - 596 64 Professional services received 595 2 - - - - 597 960 Total from contributed goods and services 1,080,318 2 499 - - - 1,080,819 749,543 Total public support 1,117,002 6,613 1,017 - - - 1,109,115 778,908

REVENUE Investment income 63 564 - - - - 627 642 Realized loss on sale of investments 1 1,073 - - - - 1,074 864 Unrealized gain on investments (129) 570 - - - - 441 (1,506) Program service fees ------201 Total revenue (65) 2,207 - 72 - (15,589) 2,142 201 Net assets released from restrictions ------Total public support and revenue 1,116,937 8,820 1,017 72 - (15,589) 1,111,257 779,109

PROGRAM SERVICES Medical supplies and related expenses 1,006,122 12,208 1,190 75 - (15,589) 1,004,006 888,544

SUPPORTING SERVICES Administration 4,002 201 19 - - - 4,222 3,057 Fundraising 1,689 157 - - - - 1,846 1,981 Total supporting services 5,691 358 19 - - 6,068 5,038 Total expenses 1,011,813 12,566 1,209 75 - (15,589) 1,010,074 893,582 CHANGE IN NET ASSETS $ 105,124 $ (3,746) $ (192) $ (3) - $ - $ 101,183 $ (114,473)

FISCAL YEAR 2017 | ANNUAL REPORT 19 COMBINED STATEMENT OF FUNCTIONAL EXPENSES FY 2017 FY 2017 FY 2016 For the fiscal year ended June 30, 2017 PROGRAM SERVICES: Pharmaceuticals, Medical TOTAL TOTAL SUPPORTING SERVICES with summarized totals for FY 2016. Supplies, Equipment & Related Expenses PROGRAM & PROGRAM & Amounts are presented in the thousands. SUPPORTING SUPPORTING USA International Total Administration Fundraising SERVICES SERVICES

$ IN THOUSANDS COMPENSATION AND RELATED BENEFITS Salaries $ 1,332 $ 2,670 $ 4,002 $ 1,781 $ 949 $ 6,732 $ 6,128 Payroll taxes 92 182 274 113 66 453 388 Employee benefits 231 440 671 295 158 1,124 1,016 Total compensation and related benefits 1,655 3,292 4,947 2,189 1,173 8,309 7,532

OTHER EXPENSES Pharmaceuticals, medical equipment and 128,642 790,654 919,296 - - 919,296 757,871 supplies distributed - donated Pharmaceuticals, medical equipment and 371 1,711 2,082 - - 2,082 2,438 supplies distributed - procured Inventory adjustment (expired pharmaceuticals) 20,722 41,404 62,126 - - 62,126 110,222 Accounting and legal fees 11 30 41 169 4 214 176 Advertising 8 - 8 151 31 190 88 Bank charges 20 40 60 152 3 215 97 Contract services 350 527 877 541 35 1,453 1,265 Contributed services 25 46 71 402 124 597 959 Contributed freight 555 1,145 1,700 - - 1,700 2,012 Contributed goods 136 245 381 119 141 641 21 Disposal costs (expired pharmaceuticals) 81 66 147 - - 147 229 Dues and subscriptions 35 45 80 43 21 144 80 Duplicating and printing 7 14 21 12 24 57 68 Equipment and software maintenance 67 126 193 9 28 230 210 Equipment rental 19 29 48 1 1 50 22 Freight and transportation 1,254 2,519 3,773 - - 3,773 2,472 Grants and stipends 1,510 3,667 5,177 - - 5,177 4,375 Insurance 16 35 51 31 2 84 93 Interest 40 72 112 10 6 128 43 Meetings, conferences, special events 44 72 116 55 74 245 134 Miscellaneous 21 9 30 10 1 41 34 Outside computer services - 1 1 11 35 47 33 Postage and mailing services 12 12 24 2 13 39 35 Rent and other occupancy 223 490 713 12 12 737 721 Supplies 289 164 453 27 20 500 459 Taxes, licenses and fees - - - 31 - 31 10 Training and education 2 - 2 15 3 20 18 Travel and automobile 94 334 428 90 39 557 610 Utilities and telephone 43 100 143 21 13 177 176 Web hosting 96 175 271 41 1 313 264 Total expenses before depreciation 154,693 843,732 998,425 1,955 631 1,001,011 885,235 Depreciation and amortization 222 412 634 78 42 754 815

Total functional expenses June 30, 2017 $ 156,570 $ 847,436 $ 1,004,006 $ 4,222 $ 1,846 $ 1,010,074 Total functional expenses June 30, 2016 $ 145,159 $ 743,385 $ 888,544 $ 3,057 $ 1,981 $ 893,582

20 ANNUAL REPORT | FISCAL YEAR 2017 DIRECT RELIEF 21 CORPORATE PARTNERSHIPS [ FY 2017]

To fulfill its mission, Direct Relief has long sought partnerships with businesses and organizations with particular expertise that is needed and can be leveraged for humanitarian purposes. This approach has led to 175+ healthcare manufacturers and other corporations, in sectors ranging from technology to transportation, providing in-kind contributions in the form of needed goods (primarily medical products) and services that would otherwise have to be purchased.

22 ANNUAL REPORT | FISCAL YEAR 2017 CORPORATE PARTNERSHIPS

MANUFACTURERS AND DISTRIBUTORS PROVIDING MEDICAL DONATIONS

3M Boehringer Ingelheim Cares Janssen Pharmaceuticals, Inc. Prestige Brands Abbott Bristol-Myers Squibb Johnson & Johnson Patient Assistance Pro2 Solutions Inc. Abbott International C.R. Bard Medical Division Foundation Purdue Pharma, L.P. AbbVie Capris Medica Johnson & Johnson Consumer QIAGEN Pty Ltd Actavis Pharma, Inc. Carlsbad Technology, Inc. Companies Raw Sugar Living Alcon Laboratories, Inc. Cipla Pharmaceuticals, Ltd. Kirk Humanitarian Re:iimmune Allergan, Inc. Coloplast KVK-Tech Sagent Pharmaceuticals Ansell Healthcare CVS Corporation LifeScan, Inc. Sanofi Foundation for North America Apotex Inc. DayOne Response Magno-Humphries Labs, Inc. Sappo Hill Soapworks Ascend Laboratories Eli Lilly & Company McKesson Medical-Surgical Shire AstraZeneca Equal Health Medical Express Trading, LLC Soap Box Soaps Baxalta US, Inc. Ethicon, Inc. Medtronic Sundial Brands Baxter International Inc. Genzyme Corporation Medvantx Incorporated Teva Pharmaceuticals Bayer GSK Merck & Co., Inc. Tifie Humanitarian Bayer de Mexico, S.A. de C.V. GSMS Incorporated Midmark Corporation Trividia Health BD Harris Pharmaceuticals Mylan Unilever - Vaseline Beautycounter LLC Henry Schein, Inc. Nisim International Unite to Light, Inc. Belmora LLC Hyperbiotics Noble Laboratories, Inc. Wisconsin Pharmacal Company, LLC Biogen Idec IMEC America Novartis Corporation Zimmer Biomet Surgical BionPharma Integra LifeSciences Omron Healthcare, Inc. Blue Gem Wholesale Sunglasses InTouch Health Pfizer, Inc.

CORPORATIONS, ORGANIZATIONS, MEDICAL FACILITIES, INSTITUTIONS & INDIVIDUALS PROVIDING IN-KIND SUPPORT

AdMark Database Marketing Inc. Mrs. Christine L. Feldman Mr. and Mrs. Hank Mitchel The Channel Cat Bacara Resort & Spa Foremost Promotions Moss-Adams LLP The Vineyard House Mr. and Mrs. Steve Beckmen Google Mr. Gerald Peifer and TimeXTender Bob’s Well Bread Mr. and Mrs. Brett G. Grimes Ms. Erica Earle-Peifer Mr. Gene Urban Brownstein Hyatt Farber Schreck, LLP Halper Fine Art Qlik Technologies Inc. Dushka Zapata Mr. and Mrs. Gary Brusse Mrs. Candice Hedrick Mrs. Mary Romo Ms. Dale Zurawski and Brylen Technologies, Inc. Mr. Mark D. Linehan and Santa Barbara Airbus Mr. Geoff Slaff Classic Event Rentals Ms. Kimberly Schizas Solvang Conference & Visitors Bureau El Encanto Hotel Mapbox SPARK Creative Events Mr. and Mrs. Patrick Enthoven MarBorg Industries Starbucks - Santa Barbara FedEx Martian Ranch & Vineyard Sunstone Winery

FISCAL YEAR 2017 | ANNUAL REPORT 23 STRATEGIC FOUNDATION PARTNERSHIPS [ FY 2017]

Direct Relief was able to provide more help to more people than ever before this fiscal year due in part to coordinated efforts with these leading foundations that share commitments to improve health and lives across the U.S. and around the world.

24 ANNUAL REPORT | FISCAL YEAR 2017 STRATEGIC FOUNDATION PARTNERSHIPS

Beaver Family Foundation Samuel B. and Margaret C. Mosher The Ralph M. Parsons Foundation California Community Foundation Foundation The Rivendell Foundation Conrad N. Hilton Foundation Schleyer Foundation The Rose Hills Foundation Crown Family Philanthropies Schuler Family Foundation The Schow Foundation George & Dorothy Babare Family Schultz Family Foundation The Shanbrom Family Foundation Foundation Task Foundation Inc. The Skolnick Foundation Goodwin Family Memorial Trust The Ann Jackson Family Foundation The Wasily Family Foundation Hutton Parker Foundation The Ayudar Foundation Tomchin Family Charitable Foundation Izumi Foundation The California Endowment W. M. Keck Foundation John F. Smiekel Foundation The Chrinian Foundation Wallace Genetic Foundation Josephine Herbert Gleis Foundation The Fistula Foundation Walter J. and Holly O. Thomson Fund Margaret A. Cargill Philanthropies The Florence and Laurence Spungen Margaret E. Dickins Foundation Family Foundation Mary Alice Fortin Foundation, Inc. The Hexberg Family Foundation Orange County Community The Julia Stearns Dockweiler Foundation Charitable Foundation Otis Booth Foundation The Linden Family Foundation Outhwaite Foundation The Llewellyn Foundation Raintree Foundation The Peter and Carmen Lucia Buck Roger S. Firestone Foundation Foundation

FISCAL YEAR 2017 | ANNUAL REPORT 25 INVESTORS [ FY 2017]

Our deepest thanks to Direct Relief’s investors, whose generosity has enabled service to millions of people throughout the world.

26 ANNUAL REPORT | FISCAL YEAR 2017 FOUNDERS’ SOCIETY

We are honored to recognize members of Direct Relief’s Founders’ Society. Through their leadership and commitments over the years of $100,000 or more, these extraordinary individuals and family foundations have championed Direct Relief and enabled program innovation and expansion.

Mr. and Mrs. David H. Anderson Mrs. Barbara Hunter Foster / Ms. Mer James Mr. Steven W. Rapp The Susanne and Gary Tobey Judy and Bruce Anticouni The Pacer Foundation Mr. Michael Jenkins Mr. Randy Rettig and Family Foundation Mrs. Patricia Aoyama Mr. and Mrs. Gregg L. Foster Mr. and Mrs. Peter O. Johnson, Sr. Ms. Ashley Williams Rettig Ms. Cheryl Tomchin / Mr. and Mrs. Denny Bacon Mr. and Mrs. Michael Gabrielson Ms. Wendy E. Jordan Mr. and Mrs. Charles D. Rikel Tomchin Family Charitable Mr. and Mrs. Philip Berber Mrs. Louise B. Gaylord Mrs. Sylvia Karczag Mr. and Mrs. James J. Roehrig / Foundation Mr. and Mrs. Kendall R. Bishop Mr. Allen Gersho Mr. and Mrs. Herbert Kendall Roehrig Family Foundation Michael and Anne Towbes Mrs. Beatrice (Brownie) Borden David L. Gibbs, Ph.D. Mr. and Mrs. Donald S. Kennedy Mr. and Mrs. John B. Romo Mrs. Evan S. Turpin / Dr. and Mrs. David Bradford Mr. and Mrs. J. Michael Giles / Jay W. Lang, M.D. and Mr. Wayne Rosing and Turpin Family Charitable Mr. and Mrs. Tim Bradley The Giles Family Foundation Mrs. Eleanor Lang Dr. Dorothy Largay Foundation Mr. Kyle Brown Mr. and Mrs. Frederick W. Gluck Shirley and Seymour Lehrer / Barbara and Gerrold Rubin / Mrs. Pauline Turpin / Mr. and Mrs. David A. Brown Kate and Dick Godfrey The Lehrer Family Foundation Barbara N. Rubin Foundation Turpin Family Charitable François and Sheila Johnson Brütsch Mr. and Mrs. Martin Gore Nancy Lessner Mr. Nick Runnebohm Foundation Mr. Bruce Campbell Dr. Bert Green and Ms. Alexandra Mr. and Mrs. Fredric C. Leutheuser Mr. Ummul Ruthbah Mr. and Mrs. Guhan Viswanathan Dolores and Robert Cathcart / Brookshire / Brookshire Green Mrs. Lillian P. Lovelace Mr. and Mrs. Denis R. Sanan Mr. Harold S. Wayne Cathcart Millenium Foundation Judith and Glenn Lukos Mrs. Maryan S. Schall Mr. Karl Weis and Foundation Inc. Elizabeth and Steven Green Mr. Richard E. Lunquist Mrs. Nancy B. Schlosser / Mrs. Kristen Klingbeil-Weis Mrs. Bettina W. Chandler Dr. Catherine Grotelueschen and Siri and Bob Marshall Nancy B. & C. William Schlosser Mr. Dana White Mr. and Mrs. Leslie Charles Mr. James H. Grotelueschen Mr. Ken Maytag / Fred Maytag Family Foundation Mr. and Mrs. Cooper Williams Mr. and Mrs. William C. Clarke III Mr. and Mrs. William T. Hammond Family Foundation Mrs. Michiyo Schmidt-Petersen Mr. and Mrs. Frank M. Wilson III Mr. and Mrs. Jamie W. Constance Mr. Chip Harlow / Precision Strip The Nurture Foundation Mr. Edgar H. Schollmaier / Mr. and Mrs. George S. Writer, Jr. / Ms. Laurie Converse Mrs. Mary Harvey Hank and Mari Mitchel Schollmaier Foundation The Writer Family Foundation Mrs. Caryl Crahan / The Julia Stearns Mrs. Raye Haskell / The Haskell Fund Ms. Patricia Mitchell Mrs. Nan Schow / Mr. David A. Yawitz Dockweiler Charitable Foundation Betty and Stan Hatch Mr. Steve Moya and Ms. Rita Moya / The Schow Foundation Mr. and Mrs. John D. Curtis Mr. Richard Hausman The M Fund Ms. Rachael Schultz Mr. and Mrs. Thomas J. Cusack Priscilla Higgins, Ph.D. and Mr. Roger Mr. and Mrs. Robert Nakasone / Mr. and Mrs. Mark J. Schwartz Mr. and Mrs. Thomas H. Dittmer W. Higgins / Higgins-Trapnell Nakasone Family Foundation Patricia and Jim Selbert Peggy and Steve Dow Family Foundation Mr. and Mrs. Gary S. Newman Mohammed Shaikh, Ph.D. and Ayesha Mr. and Mrs. James Drasdo Dr. Linus Ho Mr. and Mrs. Frank R. Ostini / Shaikh, M.D. Dr. and Mrs. Ernest H. Drew Brett and Natalie Hodges / The Hitching Post & Hitching Mr. William Shanbrom / Christine and Dan Durland WWW Foundation Post Wines The Shanbrom Family Foundation Tom and Nancy Elsaesser / Mr. and Mrs. Brian Hodges / Mrs. Marcella R. Parker Mrs. Harold Simmons / Tom and Nancy Elsaesser WWW Foundation Donald E. and Jo Anne Petersen / Harold Simmons Foundation Foundation Mr. Gerhart Hoffmeister The Donald E. and Jo Anne Mr. Thomas E. Simondi Dr. and Mrs. Thomas E. Everhart Mr. Erland G. Holm Petersen Foundation Mrs. Krishan G. Singh Mr. and Mrs. Richard B. Fields Mrs. Jackie Inskeep Alan R. Porter Eunice M. Stephens Peggy and Gary Finefrock Mr. and Mrs. James H. Jackson / Mr. John Powell and Stone Family Fund Mr. and Mrs. Brooks Firestone The Ann Jackson Family Ms. Melinda Lerner Mr. and Mrs. John W. Sweetland Mr. and Dr. Jeremy B. Fletcher Foundation Mr. and Mrs. Alexander M. Power Mr. John F. Swift John and Marie Foley Mr. Rehan A. Jaffer Mr. and Mrs. Michael E. Pulitzer Mr. and Mrs. Gary R. Tobey /

FISCAL YEAR 2017 | ANNUAL REPORT 27 EXPANDING FOR THE FUTURE

Direct Relief’s new state-of-the-art distribution center, ANDREW FLETCHER meeting heightened federal requirements for security and storage of prescription medications, will be 155,000 square feet, making it the largest distribution hub for humanitarian medical aid in the nation.

28 ANNUAL REPORT | FISCAL YEAR 2017 THE CAMPAIGN FOR DIRECT RELIEF

Direct Relief is building a new facility—a project about more than the walls, windows, and roof that make a building. It is about the organization’s continued ability to pursue its mission of improving the lives of people affected by poverty or emergencies. It is about expanding humanitarian activities for the benefit of thousands of communities throughout the United States and the world. And it is about extending health services to millions of people for the first time, helping them to realize their inherent potential and to live fulfilling lives.

We humbly thank these leaders for their contributions to the Campaign for Direct Relief and for their generosity in helping build a better world.

Abbott Fund Mr. and Mrs. Brooks Firestone The Ann Jackson Family Foundation Mr. and Mrs. John Pillsbury III Walter J. and Holly O. Thomson Fund Adams Legacy Foundation Roger S. Firestone Foundation Hollye & Jeffrey Jacobs / Mr. Alan R. Porter Mr. and Mrs. Thomas Tighe Mr. Vernon Alferd Susan C. Firestone Foundation The Jacobs Endeavors Ltd. Mr. and Mrs. Alexander M. Power Mr. and Mrs. Gary R. Tobey / David and Lyn Anderson Mr. and Mrs. Fletcher Hayley Firestone Jessup Ms. Julie Rabinovitz The Susanne and Gary Tobey Anonymous Suzanne and Gerald Flynn Mr. and Mrs. Richard A. Johnson Mr. Michael Raila Family Foundation Joanna Kerns & Marc Appleton Kee and Paul Flynn Elaine and Herbert Kendall Raintree Foundation Dr. Elizabeth Toro and Patricia Aoyama & Chris Kleveland Penelope D. Foley Mr. and Mrs. Alan E. Kesler Mr. and Mrs. Jeffrey R. Rand Mr. Mark Hauser BD Mr. and Mrs. Gregg L. Foster Mr. Larry Koppelman and Mr. and Mrs. Michael B. Randolph Anne and Michael Towbes B&B Foundation Pamela Gann Mrs. Nancy Walker Koppelman John and Mary Romo Town & Country Women’s Club of Bitsy Becton Bacon The Geiger Family: Devon Geiger Dorothy Largay & Wayne Rosing Barbara and Gerrold Rubin Santa Barbara Mr. and Mrs. Arnold Bellowe Nielson, Beth and Dodd Geiger, Ms. Louise A. LaMothe / Joan Salat Ms. Betty Trotta Mr. Charles Bezousek Debra P. Geiger & Elliot Crowley Kaplan Family Santa Barbara Foundation Alice Tweed Tuohy Foundation Ashish and Leslie Bhutani Ernie and Judy Getto Janice and Fritz Leutheuser Maryan Schall Mrs. Pauline Turpin / Turpin Family Mr. and Mrs. Kendall R. Bishop David L. Gibbs, Ph.D. Mark Linehan Mrs. Nancy B. Schlosser / Charitable Foundation Otis Booth Foundation Diane and Mike Giles Ms. Patricia Lockwood Nancy B. & C. William Schlosser Mr. and Mrs. Mike Walker Dr. and Mrs. David Bradford / Linda and Fred Gluck Lillian P. Lovelace Family Foundation Susan and Steven Weintraub WWW Foundation Kate and Dick Godfrey Mr. and Mrs. Thad C. MacMillan Mr. Edgar H. Schollmaier / Karl Weis and Kristen Klingbeil-Weis Mr. William S. Burtness Dr. Bert Green and Ms. Alexandra Mrs. Melinda Mars Schollmaier Foundation Tom and Diane Weisenburger California Community Foundation Brookshire / Brookshire Green Siri and Bob Marshall Mr. and Mrs. Ernest G. Schroeder West Coast Financial LLC The California Endowment Foundation Alixe and Mark Mattingly Lynda and Mark Schwartz Westar Associates Mrs. Louise T. Casey Elizabeth and Steven Green Mr. and Mrs. Brian McWilliams Deborah and Byron Scott Dana White Carolyn Chandler Michael Greene Ms. Megan Merenda Sandy and Eric Seale Douglas E. Wilson Plumbing Inc. Otis and Bettina Chandler Foundation Mr. and Mrs. Erik Gregersen Mari and Hank Mitchel Mrs. Judy Seborg Zegar Family Foundation Zora and Les Charles Betty and Stan Hatch Patricia Mitchell Patricia and Jim Selbert Paul S. Clay Priscilla Higgins, Ph.D. and Ms. Susanne Mori Susan and Daniel Semegen Mr. and Mrs. Jamie W. Constance / Mr. Roger W. Higgins / Mosher Foundation Mark Semegen WWW Foundation Higgins-Trapnell Family Rita and Steve Moya Jim and Ingrid Shattuck Sheila and Tom Cullen Foundation Mr. and Mrs. Robert Nakasone / George and Christy Van Hook Short Lawrence W. Dam and Betsy Jones Conrad N. Hilton Foundation Nakasone Family Foundation Bhupi Singh and Gurinder Kaur Ms. Gwen Taylor Dawson Brett and Natalie Hodges Jeanne and Gary Newman Mr. Gene Sinser and Mr. Robert A. Day, Jr. / Mr. and Mrs. Brian Hodges Mr. and Mrs. Joel L. Nofziger Ms. Patty DeDominic W.M. Keck Foundation Carolyn and Roger Horchow / OneHope Foundation Mrs. Tana Sommer-Belin Mr. Ernest O. Ellison The Horchow Family Charitable Orfalea Foundation The Florence and Laurence Spungen Sally and Patrick Enthoven Foundation Outhwaite Foundation Family Foundation FedEx Hutton Parker Foundation Donald E. and Jo Anne Petersen / Elizabeth Stern Charles C. Fenzi, M.D. & Angel Iscovich, M.D. and Mrs. Lisa The Donald E. and Jo Anne Mr. and Mrs. Greg Stoney Mrs. Vera Fenzi Iscovich / The Iscovich Foundation Petersen Foundation Kim and Michael Thomas

FISCAL YEAR 2017 | ANNUAL REPORT 29 LEGACY SOCIETY

The Legacy Society exclusively recognizes those caring individuals who have included Direct Relief in their estate plans. Their commitment and dedication are shining examples of generosity that will help Direct Relief continue its efforts to improve health and lives of people affected by poverty or emergency situations by mobilizing and providing essential medical resources needed for their care.

The Estate of Dotsy and Jack Adams Lawrence W. Dam Estate of Sibyl Wilma Holder Kathleen and Bruce McBroom Kevin Segall Peter and Rebecca Adams Estate of Margaret E. Davis Terrence Joseph Hughes McMahan Estate Mr. and Mrs. Philip M. Sheridan Jane H. Alexander Trust Estate of Peter M. Dearden Estate of Dorothy Humiston Ms. Estelle Meadoff Harold and Carol Shrout Ms. Rose A. Ament Estate of H. Guy Di Stefano Estate of Wendell Ing Mr. Michael Mendelson Sledge Family Trust Anner Trust Bobbi and Paul Didier Mr. and Mrs. Donald Jackson Mr. and Mrs. Frank B. Miles Connie Smith The Romuald Anthony and Dr. Wilton A. Doane The Estate of Virginia E. James Patricia McNulty Mitchell Estate of Margaret H. Smith Barbara R. Anthony Mr. Philip M. Dorrington Mrs. Christine Jent Charles J. and Esther R. Mlynek Trust Estate of Thelma R. Smith Revocable Trust Ms. Linda Duggan Ellen and Peter Johnson Estate of Velma Morrell Mr. Scott Smoot Estate of Rhea Applewhite Grant C. Ehrlich Trust Pat and *Dick Johnson Helga Morris Estate of Robert H. Sommer Dr. and Mrs. Gilbert L. Ashor Ted Ewing in honor of his wife, Ms. Beverly A. Jones Estate of Regis J. Morris Estate of Charles H. Sparkes Bitsy Becton Bacon Angelica Ewing* Estate of Judith Jones Rita Moya Estate of Mary Joan Staves Estate of Miriam and William Bailey Estate of Elsie Feibes Mr. and Mrs. Herbert Kendall Estate of Robert E. and Estate of K. Walter Stawicki Jane E. Ballard Estate of Florence Feiler Estate of Dale E. Kern Helene S. Mussbach Estate of Elaine F. Stepanek Estate of Charles H. Bell Dr. Julie Feinsilver Dr. Laurence P. Kerrigan Estate of Dorothy and Graham Nash Walter and Mae Stern Trust Elizabeth Bertuccelli Family Trust Estate of Howard C. Fenton Mr. and Mrs. Hong Kim Ms. Juel Ann North The Anna Stuurmans Revocable Trust Merle Betz, Jr. Peggy and Gary Finefrock Mrs. Marvel Kirby Angeline M. O’Meara Trust Mr. Robert Tauckus Estate of D. Craig Bigelow Estate of June Breton Fisher Estate of Wendy Klodt Mr. Michael P. O’Neill and Estate of Henry A. Thedick, Jr. Mr. Joseph F. Bleckel Estate of Julia Flynn Mr. and Mrs. John A. Knox-Johnston Mrs. Sarah M. O’Neill* Estate of Wilbur H. Thies, Sr. and Ms. Patricia Boardman Mr. Harvey Foo John Michael Koelsch Estate of James Orr Emily P. Thies Mr. Phillip Brant Mr. and Mrs. Gregg L. Foster Mr. James Kohn Estate of Harold A. Parma Estate of Elna Theusen Jayne Brechwald & Gary Elkins Trust Estate of Mario J. Frosali The Anette La Hough Trust Estate of William J. Partridge Estate of Grace A. Tickner Mr. Martin Breslauer Mildred K. Fusco Trust Waltlan Revocable Trust Jody and Don Petersen Tilton Family Foundation Mr. and Mrs. Herbert Brody Estate of Hannah Monica Gallagher Dorothy Largay and Wayne Rosing Martin and Lillian Platsko Trust Donn V. Tognazzini Mrs. Helen J. Brown Sandra K. Garcia Mr. Chris Le Blanc Mark and Josephine Polakoff Carol Van den Assem Trust Estate of Marguerite Bulf Mrs. Pearl Garcia-Baker Shirley and Seymour Lehrer Alan R. Porter Estate of Marie L. Van Schie Don Bullick Estate of June Gaudy Estate of the Lensch Family Mr. Juan Posada Liz Vaughn Robert A. and Lynn T.* Burtness Gilkeson Family Trust Estate of Daniel J. Liff Estate of Sheryl A. Randall Bettine* and Lawrence Wallin Family Trust Linda and Fred Gluck Kenneth R. Loh Estate of Robert J. Regis Mr. C. Dana White William S. Burtness Dick & Kate Godfrey Estate of Barbara Jeanne Lotz Estate of Nancy Roberts Mrs. Dorothy D. Winkey Andrew and Elizabeth Butcher Joe Godwin in Honor of Les Gleissman Lawrence Lu Estate of Paul N. Roberts Estate of Simone G. Woodcock Mr. Marvin Campbell Miriam Greenwood, Trustee, Estate of Yvonne C. Lucassen Regina and Rick Roney The Wurzel Trust Ms. Carol Carson Virginia Greenwood Living Trust Evelyn C. Lund Charitable Mr. and Mrs. Rodney Rose Linda Seltzer Yawitz Cathy Cash Ms. Pamela Gunther Remainder Trust Estate of Maria Rosmann Marjorie Lynn Zinner Estate of Charlotte Castalde Estate of Linda M. Hanson Mr. John A. Magnuson* and The Babette L. Roth Irrevocable Trust CD Estate of Margret S. Hart Mrs. Dorothy MacCulloch Natalie and Matthew Rowe * deceased Estate of June M. Celmayster Ed and Mary Harvey Trust Estate of Mary C. MacEwan Mr. Thomas J. Ryder Estate of Richard Certo Mrs. Raye Haskell Estate of Robert Maclean Mr. and Mrs. Ernest J. Salomon Ms. Patricia J. Clancy Thomas Newlin Hastings and Marilyn and Frank* Magid Maryan and Richard* Schall The Crosby Fund Elizabeth Caldwell Hastings Trust Estate of Glenda Martin The Petar Schepanovich* and Marjorie B. Cullman Trust Betty and Stan Hatch Audrey E. Martinson Kathleen Schepanovich Trust Mr. and Mrs. Robert A. Culp Estate of Dorothy S. Hitchcock Martone Family Trust Nancy and Bill* Schlosser Roy R. and Laurie M. Cummins Fund Gerhart Hoffmeister Alixe Reed Mattingly Estate of June H. Schuerch

30 ANNUAL REPORT | FISCAL YEAR 2017 ENRIQUE CASTRO-MENDIVIL for Direct Relief FISCAL YEAR 2017|ANNUAL REPORT 31 FY 2017 INVESTORS Contributors to Direct Relief from July 1, 2016, to June 30, 2017

HONORARY CHAIR The P&G Fund of The Greater Biogen Idec Foundation Sanofi US Foundation for Mrs. Caryl Crahan / The Julia Stearns $1,000,000 + Cincinnati Foundation BNY Mellon Foundation North America Dockweiler Charitable Foundation Raintree Foundation Dr. and Mrs. David Bradford Mrs. Maryan S. Schall Dancing Tides Foundation Mr. and Mrs. Robert F. Davey AbbVie Foundation WWW Foundation The Bristol-Myers Squibb Company Mr. Edgar H. Schollmaier / The Dayton Family Fund Baxter International Brown Brothers Harriman & Co. Schollmaier Foundation Deckers Outdoor Corporation BD AMBASSADOR Dolores and Robert Cathcart / Ms. Rachael Schultz The Corwin D. Denney Foundation FedEx Cathcart Millenium Schultz Family Foundation ($50,000 +) Margaret E. Dickins Foundation Unilever-Vaseline Foundation Inc. Mr. and Mrs. Mark J. Schwartz The Chrinian Foundation Patricia and Jim Selbert Mr. and Mrs. John Doordan AARP Foundation Mr. and Mrs. Martin R. Cobb Mr. William Shanbrom / Mr. and Mrs. James Drasdo VISIONARY AbbVie Foundation Mr. and Mrs. Jamie W. Constance The Shanbrom Family Dreman Foundation ($250,000 +) Jane H. Alexander Trust Cost Plus World Market Foundation Edelman USA Boehringer Ingelheim Cares Foundation Mr. and Mrs. Thomas J. Cusack Task Foundation Inc. Mrs. Barbara A. Eliasen Abbott Fund Otis Booth Foundation Mr. Robert A. Day, Jr. Walter J. and Holly O. Thomson Fund Mr. and Mrs. Robert L. Emery The California Endowment Roy R. and Laurie M. Cummins Christine and Dan Durland Mr. and Mrs. Gary R. Tobey / E. Joseph Evans Charitable Trust Mrs. Bettina W. Chandler Fund of The Oregon Tom and Nancy Elsaesser / The Susanne and Gary Tobey Fenton Family Charitable Fund Humble Bundle Community Foundation Tom and Nancy Elsaesser Family Foundation Mr. and Mrs. Richard B. Fields Mr. Daniel J. Liff Dodge & Cox Foundation Workday Foundation Mr. Stephane H. Finkenbeiner McMahan Estate Hutton Parker Foundation Dr. and Mrs. Thomas E. Everhart Roger S. Firestone Foundation The Ann Jackson Family Foundation Pfizer, Inc. Mr. and Dr. Jeremy B. Fletcher ADVOCATE Carolyn and Andrew Fitzgerald Estate of Sheryl A. Randall W. M. Keck Foundation Mr. Richard Freeman John and Marie Foley Mr. Wayne Rosing and Mr. and Mrs. Fredric C. Leutheuser Mr. Allen Gersho ($10,000 +) Mary Alice Fortin Foundation, Inc. Dr. Dorothy Largay Mr. Richard E. Lunquist David L. Gibbs, Ph.D. Fredman Family Foundation Barbara and Gerrold Rubin / Mrs. Jane Lynch Mr. and Mrs. J. Michael Giles / Mr. and Mrs. Jeffrey A. Adams Frontier Natural Products Co-op Barbara N. Rubin Foundation Siri and Bob Marshall The Giles Family Foundation Mr. Andrew Adesman Fukushima Family Fund Shire Merck & Co., Inc. Kate and Dick Godfrey Ms. Sharon Agar and Mr. and Mrs. Michael Gabrielson Teva Pharmaceuticals USA Samuel B. and Margaret C. Mosher Mr. Alfred W. Goebel Mr. Richard Johnson Rebecca Gaples Wallace Genetic Foundation Foundation Elizabeth and Steven Green Lynn and Scott Alexander Genzyme Corporation Walmart Foundation Mr. Steve Moya and Ms. Rita Moya / Mr. Eric S. Gunther Mr. and Mrs. Tim Armour Mr. and Mrs. Owen B. Gilmore Zegar Family Foundation The M Fund Patrick T. Hackett Fund AugustOne Foundation Josephine Herbert Gleis Foundation Outhwaite Foundation James & Gayle Halperin Foundation Ayudar Foundation Mr. and Mrs. Frederick W. Gluck The Ralph M. Parsons Foundation The Hexberg Family Foundation George & Dorothy Babare Goodwin Family Memorial Trust LUMINARY PayPal, Inc. Brett and Natalie Hodges / Family Foundation Dr. Bert Green and Ms. Alexandra ($100,000 +) Alan R. Porter WWW Foundation William and Kathleen Beattie Brookshire / Brookshire Green The Price Is Right Productions Mr. and Mrs. Brian Hodges / Mr. Merle E. Betz, Jr. Foundation 3M Foundation, Inc. Rock Paper Scissors Foundation WWW Foundation Mr. and Mrs. Ashish Bhutani Jacqueline D. Green, M.D. and Amgen Foundation, Inc. The Rose Hills Foundation Mrs. Ruth Grace Jervis Mr. and Mrs. James R. Bickel John A. I. Grossman, M.D. Mr. and Mrs. David H. Anderson The Schow Foundation Mr. and Mrs. Herbert Kendall / The Birk Family Foundation Mr. and Mrs. William T. Hammond Mrs. Patricia Aoyama Schuler Family Foundation Herbert and Elaine Kendall Mr. and Mrs. Kendall R. Bishop The Hanley Foundation Mr. and Mrs. Denny Bacon Stone Family Fund Charitable Foundation Terry G. Blanken and Estate of Margret S. Hart The Peter and Carmen Lucia Buck Mikal and Lynn Thomsen / Ms. Sonya Lane Dennis P. Swartzlander Mr. Richard Hausman Foundation The Thomsen Foundation T. June and Simon K.C. Li Ms. Victoria H. Blatter Jay Hellman The Crown Family Michael and Anne Towbes Charitable Fund Mr. and Mrs. Christopher Blau Henry Schein, Inc. Fistula Foundation Tres Chicas Mr. Mark D. Linehan and Mr. and Mrs. Tim Bradley Mr. and Mrs. Frederick J. Herzog Betty and Stan Hatch The Wasily Family Foundation Ms. Kimberly Schizas Mr. Robert Breard Priscilla Higgins, Ph.D. and Conrad N. Hilton Foundation Zynga Game Network Ms. Myra Malkin Mr. and Mrs. David A. Brown Mr. Roger W. Higgins / Izumi Foundation Hank and Mari Mitchel Bungie Foundation Higgins-Trapnell Family Ms. Virginia E. James ADVISER Mr. William C. Okerlund Mr. Timothy Burke Foundation Johnson & Johnson Family of C. R. Bard Foundation ($25,000 +) Mr. and Mrs. Robert J. O’Shea / Dr. Linus Ho Companies The O’Shea Family Foundation Mr. and Mrs. Leslie Charles Mr. Gerhart Hoffmeister Mrs. Lillian P. Lovelace Mr. Steven W. Rapp The Cheeryble Foundation Mr. Kenneth Hughes and Ms. Denise S. AstraZeneca Estate of Robert E. and Mr. and Mrs. Charles D. Rikel Nihara Choudhri Chedester Beaver Family Foundation Helene S. Mussbach S E Pipe Line Construction Co. Mr. and Mrs. David P. Compton Mr. John Irish

32 ANNUAL REPORT | FISCAL YEAR 2017 FY 2017 INVESTORS

Mr. Jon R. Jensen Mr. Randy Rettig and ($5,000 +) Mr. Stanley S. Edwards Estate of Wendy Klodt Mr. Joshua Jernigan Ms. Ashley Williams Rettig Mr. Ernest O. Ellison La Costa Verde LLC Johnson Charitable Gift Fund Michael T. Riordan Family 70000 Tons of Metal Ms. Mary Ann Endo Mr. and Mrs. Eugene J. Lauer Mr. Lance Jones Foundation Action Wholesale Products Erickson Family Charitable Foundation Ms. Karen Lehrer / The Morton and Merle Kane Family Ms. Sarah Roach Ms. Patricia E. Adams Rhea Espino The Lehrer Family Foundation Philanthropic Fund Roger Waters Music Overseas Ltd. Adams Legacy Foundation Facebook, Inc. Ms. Pamela D. Levin Mr. Bernard H. Kastory Tony and Kyra Rogers Foundation Amazon Smile Foundation Family and Beyond Liberty Mutual Mr. Mark B. Kastory Mr. and Mrs. J. Paul Roston Corey and Jill Anderson First Dollar Foundation Mr. Andrew B. Lim Kastory Family Foundation Mr. Sterling Ruby Mr. and Mrs. Ray Anderson Warren and Deb Fisher Charitable Ms. Shirley H. Lincoln The Kauffmann Foundation Mr. Nick Runnebohm Mr. and Mrs. Anderson J. Arnold Fund at Schwab Charitable Mark Linnen Ms. Barbara A. Kelley Mr. and Mrs. Scott D. Sandell Ms. Laurie Ashton and Mr. Lynn Sarko Mr. and Mrs. Arnold Fishman Little One Foundation Kiran Analytics Inc. Mr. and Mrs. John Schnagl AT&T Community Giving Program Mr. and Mrs. Gerald Flynn The Looker Foundation Mrs. Kristin Kirby/ Stephen B. Schott B & B Foundation Terence Foo Mrs. Pamela Lopker and Mr. Karl The Kirby Foundation Byron C. Scott, M.D. and Mr. William R. Bacon Thomas Foo Lopker / Lopker Family Foundation Knowledge Freedom Foundation Mrs. Deborah Scott Mr. William Becker Mr. Eric Forbes Mr. and Mrs. William B. Lydens Ms. Carolyn Kohrs Mr. and Mrs. Michael Sharp Mr. John S. Behrmann and Andy Ford Matthew Maas Mr. John Kriendler / Jeannette and H. Jim and Ingrid Shattuck Ms. Mari F. Rosario Mr. and Mrs. Vincent Forlenza Mr. Joseph MacDougald Peter Kriendler Charitable Trust Ruth and Jay Shobe Dr. Paul Bessette Frankston Family Fund, Jeff and Magno-Humphries Laboratories, Inc. Kyndle Enterprises LLC Mr. and Mrs. Bhupi Singh Big Hill Fund Sherri Frankston Daniel Maltz Donor Advised Fund of Frank S. and Julia M. Ladner Philip Skeete Francis Bogdan Michelle Gamboa the Jewish Federation of Cleveland Family Foundation The Skolnick Foundation Mae Casali Bonvicini Charity Christian Garcia Kim Margolin, M.D. Shirley and Seymour Lehrer / Mr. and Mrs. Patrick Smiekel / Foundation Mr. Robert Gaunt Tami and Matthew Matias The Lehrer Family Foundation John F. Smiekel Foundation Mr. Scott Booker Mrs. Louise B. Gaylord Ms. Deann Mays LeRoux Family Charitable Fund Michael Smith Paola Bronson Debra P. Geiger and Eliot Crowley Mr. Timothy McCormick Charles and Helgard Liechti Fred R. Smith Fund Bruce Allen Kleist Fund Ms. Audrey E. George and Mr. William McCune The Linden Family Foundation Mrs. Tana Sommer-Belin Burns Family Fund Mr. Kurt Knutzen Doneen McDowell Mr. Igor Liskovets and Mr. Jeffrey Spaulding William S. Burtness Mr. Jere J. Gerszewski Wanda McLure Ms. Bianca Ling The Florence and Laurence Spungen Catriona Cairns Mr. and Mrs. Ernest J. Getto Mr. Cal Meeker The Llewellyn Foundation Family Foundation The Capital Group Companies Ms. Roberta D. Godfrey Mr. Craig Meyer Luke Family Fund Mr. Richard K. Squire Charitable Foundation Goldman Sachs Philanthropy Fund Edward and Sandra Meyer Foundation Mr. and Mrs. Thad C. MacMillan Eunice M. Stephens Jose Cardenas Matthew and Jamila Gonzalez Robert Meza-Ehlert Ms. Florence M. Magassy The James M. and Mr. and Mrs. Timothy P. Casey Mrs. Janet Gothro Mrs. Deanna Miller Ms. Marcia Millen Margaret V. Stine Foundation Cat and Pat Charitable Fund Bindu Gottipati Mr. Jeff Moat Montecito Bank & Trust Mr. John F. Swift Jefferson Chen Mr. and Mrs. Randall Greer Reverie Moon Mr. Peter Muller and Mrs. Jillian TIF Foundation Fund William Cipriano Mr. and Mrs. Erik Gregersen Mr. and Mrs. J. Roger Morrison Muller Mr. and Mrs. Thomas Tighe Mr. and Mrs. Daniel Cohen Ms. Jennifer Greiner Mr. David K. Mowery Mr. Larry Mullinax Turpin Family Charitable Foundation AJ and Jessica Collette Mr. and Mrs. Philip E. Haight Peter Murray Ms. Jane Nadeau UBS Financial Services, Inc. Mr. and Mrs. Brian Coryat Susan and Richard Hare Family Dr. and Mrs. Peter Nelson Mr. and Mrs. Robert Nakasone / The David Vickter Foundation Cottage Health Systems Foundation Michael Obilade Nakasone Family Foundation Mr. Harold S. Wayne Ms. Laura E. Courter Ms. Babette Heimbuch / Jacqueline Olds David Neaderland Mr. Karl Weis and Mr. Michael Crum Heimbuch Family Foundation Mr. Richard Olivas Dorothy and Mark Nelkin Mrs. Kristen Klingbeil-Weis / The Curvature 2016 Customers Dr. James M. Hirshberg Mrs. Janice Casserly Olivas Charitable Fund The Klingbeil Family Foundation Vincent Dailey John Ho Mr. and Mrs. Ronald Olson Mr. and Mrs. Henry M. Nevins Westwood Charitable Founder’s Fund Mr. Lawrence W. Dam and Daniel Hulseberg OMRON Foundation, Inc. The Pajadoro Family Foundation Mr. Dana White Ms. Betsy Jones IBM Corporation Stephen O’Neil Pall Corporation Mr. and Mrs. Cooper Williams Ms. Jane Divinski Illinois Tool Works Foundation Ms. Ellen Lehrer Orlando / J.W. Pepper & Son, Inc. Mr. and Mrs. Frank M. Wilson III Dockendorff Family Charitable Gift InFaith Community Foundation The Lehrer Family Foundation RBW Enterprises Wisconsin Evangelical Lutheran Fund of the Bank of America Brett Irwin Annette and Emre Ozaltin Mr. Lowell A. Read Synod - WELS Charitable Gift Fund JESY Foundation Ms. Hyesuk Park and Mr. Hackbin Mr. and Mrs. Garland Reiter / Mr. and Mrs. George S. Writer, Jr. / Kerry P. Doyle Mr. Bruce A. Johnson Kim Garland and Brenda Reiter The Writer Family Foundation DuBose Family Foundation Mr. and Mrs. Garnett Keith Mr. Samir A. Patel Family Foundation The Yardi Foundation Mrs. Suzanne Duca Jasvinder Khaira Mr. and Mrs. William C. Pattison

FISCAL YEAR 2017 | ANNUAL REPORT 33

MARK SEMEGAN

| FISCAL YEAR 2017 YEAR FISCAL | ANNUAL REPORT 34 FY 2017 INVESTORS CONTINUED

Paul Global Benefits Inc. Mr. Christopher Suozzo Renee Alexandre Albert R. Christian, Jr. The Fund for HHC Mr. and Mrs. Joseph A. Paulucci Mr. and Mrs. Steven Swanson Lindsay S. Alger M.D. Clark Family Foundation Mr. and Mrs. Ted Funsten Payne-Brodeur Giving Fund Tableau Foundation Employee Christine Allen Mr. and Mrs. Barton E. Clemens, Jr. Ms. Monica Gallion Ashley Pease Engagement Mr. John Ambrose Clark Coffman Ms. Pamela Brooks Gann Mr. David Perez Ms. Grace Helen Thomas Donald C. Anderson, M.D. Jerod Collins GE Foundation Donald E. and Jo Anne Petersen / Mr. John G. Thompson Eugenius Ang Combs Family Fund Mr. and Mrs. J. Thomas Gerig The Donald E. and Jo Anne Ms. Mary P. Tighe and Mr. Andrew Arnovitz Family LTD Seamus Connolly Sean Germaine Petersen Foundation Liepman Mr. Omer R. Atay Charles Cooper Mr. David Gilbertz Leo Pevzner Karen Tolleshaug Babich Family Foundation Stephen Cooper GlaxoSmithKline Foundation Mr. and Mrs. John S. Pillsbury III Ms. Cheryl Tomchin / Mr. Thomas Bainbridge The Ken and Lynn Cox Family Fund Mr. and Mrs. Christopher P. Gorton Ms. Mary L. Porbeck Tomchin Family Charitable Cynthia W. Ballard Cox Farms Virginia, Inc. Kirk Gradin Post Family Fund Foundation Jane Barbeau Jose Cruz Mr. Robert E. Grady III The Prentice Foundation The Tomeo Family Charitable Fund Mr. and Mrs. Gustav K. Barkett CTC Trading Group, LLC Mr. and Mrs. Robert S. Gray The Louis and Harold Price Ms. Lila E. Trachtenberg and Mr. Mr. and Mrs. Daniel E. Barnett Mr. and Mrs. Brian L. Cummings Mr. Gary Gray Foundation George S. Handler Beverly Barrett Mr. Matthew J. Currie and Ms. Frances B. Gray Mr. and Mrs. Ron Pulice Suzanne Trainor William Barron Ms. Lourdes L. Pique Mr. and Mrs. Brett G. Grimes Roberto Quintana Mrs. Evan S. Turpin / Kristen Battles Mr. David E. Dalbo Dr. and Mrs. Brett Grube RAC Investments LP Turpin Family Charitable Dr. Jonathan Bazeley Mr. Gregory Danforth Ingrid Guch Prabhakar and Harpreet Ram Foundation Mary Beitner Mr. and Mrs. George H. Davis, Jr. Mr. Stuart Haber and Ganesh Ramanarayanan Mrs. Pauline Turpin / Bonne Bejan Mr. Glenn Day Ms. Ellen Matathia Ms. Barbara Reskin Turpin Family Charitable Michael Bell Mr. Charles De Marais Mr. and Mrs. William Bradford Hamre Mr. Douglas Rigg Foundation Mr. John Bencosme Joseph M. De Sarla Dr. A. Philip and Mr. and Mrs. David B. Roe United Technologies Corporation Rakesh Bhalla Dell Direct Giving Campaign Ms. Maureen M. Handel Ms. Lois M. Rozet Henrique Vale Karen Black Della Calce Private Foundation Mr. Charles Harding The Mortimer D. Sackler Dieter Vandenbussche Mr. Matthew Bowden Andres DeLuna Mr. Peter Harrington and Ms. Dinh Ha Foundation, Inc. Vanderbilt University Mr. and Mrs. David F. Boyd Ms. Jacqueline DeRosa Zavala Harris Charitable Fund Mr. Jack Sankey Nancy Verghese Dave Bradley Ms. Susan C. DeWit Dana Hart Schleyer Foundation Ms. Rebecca Villeda Mrs. Hannah G. Bradley Mr. Tom Dillon Mrs. Raye Haskell / Mr. Daniel Schneegas Harvey & Leslie Wagner Foundation Brillo-Sonnino Family Foundation The Doehring Foundation The Haskell Fund Mr. William Schwartz Wagon Mountain Foundation Mr. and Mrs. Ralph Brown Allan Drazen Simon Haworth Mr. and Mrs. Edmund O. Schweitzer III Mr. Victor Wang Mr. Edward E. Brown Keenan Drenning Hazzard Trust Mr. and Mrs. Eric C. Seale Mr. John L. Warren and Mr. Kyle Brown Mr. and Mrs. William Dreschel Mr. George M. Helmkamp, Jr. SEI Cares Fund Dr. Bronwen G. Brindley Kameron Bryn Edmond F. Ducommun Foundation Mr. Lee G. Hendricks Laura Severance Mr. Dennis W. White Mr. Michael Brzozowski Ms. Bonnie J. Dunlop Mr. and Mrs. Robert W. Hirsch Mr. and Mrs. Jerold M. Shea Scott and Michele White Kevin Burge eBay Foundation Mr. Joseph A. Hoffman Zhixian Shen Mr. and Mrs. Paul F. Whyano Mr. Bart W. Bussink and Thomas Eisenberg Nikki Holbrook Mr. Michael Shoffeitt Ms. Nancy Williams Ms. Ann H. Jenkins The Emmaus Community John Holzgraefe Diana Singleton Mrs. Dorothy D. Winkey Bruce Butts Ms. Cathy Enlow Honeywell, Inc. Mr. and Mrs. Tim Snider Mr. and Mrs. Clifford Wyatt Christopher Buzachero Carlos Estrada Ms. Katherine L. Hufnagel Societe Generale Mr. and Mrs. Phillip Wyatt Cambrian Consultants America Mr. and Mrs. Delbert J. Etter Mr. and Mrs. Robin Hunt South Coast Emergency Medical Group Megan Yu Philip Camill Mr. Ted Ewing Mr. Joseph P. Iser The Norman F. Sprague Jr. Foundation Mustafa Zaheer Mrs. Helga R. Carden John Fager Islamic Society of Central Jersey Mr. and Mrs. Warren Staley Esmail and Mary Zirakparvar Mr. Antonio J. Carneros Saba Faridi Ms. Karen Iverson Ms. Madelyn F. Stapp Family Fund Carpinteria Storage LLC Dr. Julie Feinsilver Mr. Stephen C. Johnson Sidney Stern Memorial Trust Mr. and Mrs. William M. Zoffer Mr. John Catlett Lynn Feldman The K Foundation Dr. and Mrs. John F. Stoll Ms. Dale Zurawski and Mr. Geoff Slaff Ms. Diane Cavuoto Mike Feuersinger Mr. Adam Kan Jennifer Stone Kenneth H. Centurion Ms. Jody Fleischer David Kaplan Roger and Susan Stone Family ($2,500 +) Carolyn Chandler Garrett Floyd Nancy Kaplan Foundation Mrs. Jennifer Chang FMCK Lee Foundation Shlomo E. Katz Strategic Sourcing Acme Account Ms. Barbara Chase Kyle Fredricks Christoph Kemnade Ms. Rosalind C. Stubenberg Mr. and Mrs. Philip C. Adams Ms. Martha Cheung Frenkel Family Foundation Mr. and Mrs. Peter Kenez Mr. Eugene Sun Mr. and Mrs. Steve Ainsley Chevron Corporation Ms. Gail S. Fuller Ethel Kennedy Foundation

FISCAL YEAR 2017 | ANNUAL REPORT 35 FY 2017 INVESTORS CONTINUED

Mr. Jeffrey B. Kent Mr. J. Vincent Moskaitis Mr. John Shutter Ms. Virginia Ho Wang Samson Kim Charles Stewart Mott Foundation Mr. and Mrs. Marc Silver The Wardlaw-Hartridge School Ms. Mary J. Kirkland MTE Fund The Silver Tie Fund Waterman Family Foundation Mr. and Mrs. David L. Kluger Paul Mueller Georgia Simon Elsie W. Weiler Boris Kochergin Trent Mueller Jagmeet Singh Mr. and Mrs. Steven A. Weintraub Ms. Durema F. Kohl Sabina Mushtaq Chris Sloan Mary Ann Weisberg and Ms. Elizabeth P. Kohn John Nakatani Connie Smith Bryce Perry Charitable Foundation Mr. Marshall Koval Judy Neil Mike and Carolyn Smith Thomas H. Weisenburger, M.D. and Miss Cornelia J. Kyle Mr. and Mrs. Gary L. Nett Miss Kathleen A. Smith Mrs. Diane Weisenburger Labaton Sucharow LLP New Day Marketing, Ltd. Mr. and Mrs. Marion D. Smith White & Grube Orthodontics Pierre-Antoine LaFayette Terri Noll Ms. Mary H. Smith / Jeffrey and Mary Mr. and Mrs. Russell F. Whitford Stefanie L. Lancaster Charitable Sunil J. Noronha and Chitra Dorai Smith Family Foundation Aaron Wielenberg Foundation Robert Notarangelo Ms. Abby Soven Mr. and Mrs. Benjamin R. Wiener Ms. Kathleen Landkammer Ms. Sandra Nowicki Mr. Bruce H. Spector Mr. and Mrs. James K. Williams Mr. Patrick S. Lane Ms. Lee Opresko Mr. Stephen Spellman Jr. Mr. and Mrs. John Williams Victoria & Sidney Lansburgh Mr. Christos Papadimitriou Annette Spendel Dr. and Mrs. John P. Wilson Charitable Foundation Parasol Tahoe Community Foundation St. Elizabeth’s Church Richard Winter Ms. Geraldine Lanzernoerfer Pasadena Community Foundation Mr. Landon Stableford Joan Wisniewski Kevin Le Mr. and Mrs. Carl Payatt Keith Stankiewicz Tony Wolff Joy Leach Ms. Leticia Petropoulos Steele Family Foundation Sonja Wong Mr. Erik Leon PG & E Corporation Campaign for Ms. Irene V. Steinman Dan Woodard Miss Anne Lieu the Community Ms. Phyllis Frey Stewart The Woods and Gil Family Foundation Sheldon Lim Hanh Pham Lauren Stone Yellow-Crowned Foundation Mr. Christopher Line Dr. Linda K. Phillips Cecilia Stroede Young Family Foundation LinkedIn Matching Gifts Program Mr. and Mrs. John S. Platt Mr. Neil Subin Brian Zeltzer Sarah and Peter Lion Don Popma Surety Systems Inc. Ms. Kimberly Zimmerman Leonard M. Lipman, M.D. Christopher Poronsky Mr. Clifford Swan Mr. and Mrs. Wilhelm A. Zuelzer Stefanie and Ruben Lopez Pro Packing, Inc. Mr. and Mrs. Tim Swoboda Mr. Carl H. Ludwig The Progress Family Foundation Mr. and Mrs. Richard M. Taniguchi The M & M Foundation Qualcomm Inc. Ross Taniguchi Dr. Trieu Mai Lindsay Quandt Mr. and Mrs. Thomas J. Tella II Ms. Ashley Makar The Raynie Foundation The Lee and Carol Tager Family Mr. Paul J. Mandabach Razoo Foundation Charity Fund Calvin and Phyllis Marble Mr. Steven Ridgeway Therapist Development Center LLC MathWorks Mr. and Mrs. John B. Romo Roy Thomas Mr. Jan W. Matousek Ms. Jeanne Ross Dr. Bruce T. Thompson Mr. Richard D. Maxwell Mr. and Mrs. David Rubin Ms. Barbara J. Tigert David McDevitt Ms. June M. Sambrowski Mr. and Mrs. Patrick Toth Patricia McDonnell Corey Sarcu The Trade Desk, Inc. Mr. and Mrs. Leo McIntyre Berge Sarkissian Mr. Amit Trivedi Mrs. Joann Meredith Mr. Jefferson Scher Joshua Tseng Jerry Metz Jody and Dennis Schoen Matthew Turk Mr. and Mrs. Richard Meurer Mr. and Mrs. Taylor E. Schollmaier United Universalists Church Mr. Ronald Milano Mr. and Mrs. Steven W. Scroggs of Vancouver Rowland Miller Steven Seber Tom and Nancy Upton Mr. and Mrs. Anthony F. Mills Sempra Employee Giving Network US Charitable Gift Trust Mississippi National Baptist State Mr. Anthony J. Serpa Mr. Raymond Valdes Convention Mr. and Mrs. Gaurang Shah Gloria Van Doren The Cynthia and George Mitchell Moniza Shaikh Andrew F. Van Zandt Foundation Mr. Jeffrey Sherman Ms. Joannemarie Vanderbilt Mark Mittelman Shomos Family Foundation Mr. Philip Verghese Timothy Moon Lee Shough Voglewede Walker Family Foundation

36 ANNUAL REPORT | FISCAL YEAR 2017 IN MEMORIAM

For their extraordinary generosity, personal kindness, passionate guidance, and bountiful energy, and for their dedication to the health and welfare of people everywhere. They will be greatly missed.

Ruggero J. Aldisert Richard Freeman Victoria G. Pauley A. Louise Andrae Frances Gray Howard Quilling Edwin Aspinwall Elizabeth Hastings Bill Redding Judith Babcock Roy W. Hendrick Edward Shea Robert Beckham Arthur A. Henzell Rose Skytt Stephen W. Berman Virginia E. James Tom Stern Larry Crandell Geoffrey Johnson Michael Towbes Andrew Darke Francis B. Karzag Stokley P. Towles Silvio Di Loreto Nancy Koppelman Wilton A. Doane Lee Mecham Lester R. Ford Gena-Vera Niblack SERVE PEOPLE ENSURE VALUE FOR MONEY

Improve the health of people living in Generate efficiencies, leverage resources, high-need areas by strengthening fragile and maximize health improvement for GUIDING health systems and increasing access to people with every dollar spent. Maintain quality health care. modest fundraising and administrative expenses. LIFT FROM THE BOTTOM, PRINCIPLES PULL FROM THE TOP BE A GOOD PARTNER & ADVOCATE Focus on serving the most medically underserved communities in the U.S. and Give credit where due, listen carefully, abroad, working with the world’s leading and respect those served and those companies, greatest thinkers, and best contributing resources. institutions. RESPOND FAST BUILD UPON WHAT EXISTS WHILE LOOKING AHEAD

Identify, qualify, and support existing Support the immediate needs of healthcare providers over the long- survivors by working with local partners term and serve as a catalyst for other best situated to assess, respond, and resources. prepare for the long-term recovery.

REMOVE BARRIERS DO NOT DISCRIMINATE

Create transparent, reliable, and cost- Deliver aid without regard to race, effective channels to enable medically ethnicity, political or religious affiliation, underserved communities access to gender, sexual orientation, or ability essential medical resources (particularly to pay. medicines, supplies, and equipment). AIM HIGH

PLAY TO STRENGTHS, Combine the best of business, PARTNER FOR OTHER NEEDS technology, and public policy approaches for the benefit of people in need. Engage in activities that address a compelling need and align with our core competencies and areas of excellence. Ally with an expanded network of strategic partners who are working on related causes and complementary interventions to leverage resources.