Form 990-PF Return of Private Foundation OMB No 1545-0052 or Section 4947(a)(1) Nonexempt Charitable Trust Department of the Treasury Treated as a Private Foundation Internal Revenue Service (77) Note The foundation may be able to use a copy of this return to satisfy state reporting requirements 200 7 For calendar year 2007 , or tax year beginning MAR 1, 2007 , and ending FEB 29, 2008 G Check all that aMIV n Initial return n Final return n Amended return n Address channe 1 1 Name channe Name of identification number Use the IRS foundation A Employer label Otherwise , ONRAD N. HILTON FOUNDATION 94-3100217 print Number and street (or P O box number if mail is not delivered to street address) Room/suite B Telephone number ortype 100 W. LIBERTY STREET 1840 ( 775 ) 323-4221 See Specific or town, state, and ZIP code Instructions . City C If exemption application is pending, check here ENO, NV 895 D 1. 01 Foreign organizations , check here ► 0 2. Foreign organizations meeting the 85 % test, ► H Check type of organization X Section 501 ()()c 3 exempt private foundation check here and attach computation E:J Section 4947 (a )( 1 ) nonexem pt charitable trust El Other taxable p rivate foundation E If private foun dation status was terminated I Fair market value of all assets at end of year J Accounting method Li Cash OX Accrual under section 507(b)(1)(A), check here 0 (from Part ll, col (c), line 16) = Other ( specify ) F If the foundation is in a 60-month termination $ 1 , 107 , 953 . (Part 1, column (d) must be on cash basis ) under ► , 389 section 507 ( b )( 1 ) B), check here ► 0 pad 1 Analysis of Revenue and Expenses ( a) Revenue and (b ) Net investment (c) Adjusted net ( d ) Disbursements (The total of amounts in columns ( b), (c), and (d) may not for charitable purposes necessarily equal the amounts in column (a)) expenses p er books income income in basis only) 1 Contributions , gifts, grants , etc , received 31,091,024 . N/ A STATEMENT 1

2 Check ► O if the foundation is not required to attach Sch B 3 Interest on savings and temporary . cash investments 825 825 . 4 Dividends and interest from securities 23,611,769 . 25,565, 743. STATEMENT 2 5a Gross rents

b Net rental income or (loss)

6a Net gain or (loss) from sale of assets not on line 10 116301685. Gross sales price for all C b assets on line 6a 255274000. 7 Capital gain net income (from Part IV, line 2) 121006301. 8 Net short-term capital gain 9 Income modifications Gross sales less returns 10a and allowances b Less Cost of goods sold c Gross profit or (loss) 11 Other income 4,683,255. 4,685,198. STATEMENT 3 12 Total Addlines 1throu g h 11 175688558. 151258067. 13 Compensation of officers, directors, trustees, etc 1, 2 3 7 , 517. 247 , 503 . 990 , 014 . 14 Other employee salaries and wages 802, 758. 160, 552 . 642, 206 . 15 Pension plans, employee benefits 603, 773. 120, 755 . 494, 603. 16a Legal fees STMT 4 63,654. 12,731. 50,923. STMT 5 72,210. C1 b Accounting fees 14,442 . 59, 848. W c Other professional fees STMT 6 3,021,696. 2, 847,636 . 78,637. A.4) 17 Interest .E 18 Taxes STMT 7 2, 267, 971. 34,594. 138, 377 . ^5 19 Depreciation and depletion STMT 18 42 , 108 . 0 . E 20 Oc 532, 112. 106 422. 428,408. R 21 Tra el, o e V 233, 411. 46,682. 189,074. 22 Prii and publications V) 24 , 539 . 4 , 9 0 8 . 19, 631 . 23 Ot penyAN g0 200 8 1,206,918. 1,834,724. 1,079,209. - 24 Tot eratmg and administrative U) CIL ex ns 10 , 108 , 667. 5 , 430 , 949 . 4 170 , 930. 25 Co tnbutloci QQF, T 24, 472, 069. 42,436,802. 0 26 Total expenses and disbursements Add lines 24 and 25 34 580 736. 5 430 949. 46 , 607 , 732. 27 Subtract line 26 from line 12

a Excess of revenue over expenses and disbursements 141107822 . b Net investment income of negative, enter -o-> 145827118.

c Adjusted net income if n eg ative , enter -0- ) N/A LHA For Privacy Act and Paperwork Reduction Act Notice , see the instructions Form 990-PF (2007) 723501 02-20-08 1114 1 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 94 1 Form 990-PF (20071 CONRAD N. HILTON FOUNDATION 94-3100217 Panel Beginning of year End of year p jf Balance Sheets Attachedschedules andamounts inthedescripbon column should beforend-ol-)ear amounts only ( a) Book Value ( b) Book Value (c) Fair Market Value 1 Cash - non-Interest-bearing 6 99. 700. 700. 2 Savings and temporary cash investments 39,867,495 . 79,135,627. 79,135,627. 3 Accounts receivable ► Less allowance for doubtful accounts ► 4 Pledges receivable ► Less allowance for doubtful accounts ► 5 Grants receivable 6 Receivables due from officers , directors , trustees, and other disqualified persons 7 Other notes and loans rrtervable STMT 19 ► 25,050,000. Less allowance for doubtful accounts ► 24,100,000. 25,050,000. 25,050 , 000. , 8 Inventories for sale or use 9 Prepaid expenses and deferred charges 42,515. 40,870. 40 ,870. 10a Investments - U S and state government obligations STMT 11 30,432, 149. 15,419,671. 15,505 , 983. b Investments - corporate stock STMT 12 290,277,757. 337,623,169. 331,350,850. c Investments - corporate bonds STMT 13 41,801,458. 172 , 433,867. 156,618,251.

11 Investments - land, buildings , and equipment basis ►

Less. accumulated depreciation ► 12 Investments - mortgage loans 13 Investments - other STMT 14 564, 292, 885. 475, 862, 364. 491, 842 , 990 . 14 6, 4 12 , 7 4 7 . Land , buildings , and equipment basis ► Less accumulated depreciation STMT 18. ► 621,231 . 76,853. 5,791,516. 5,791,516. 15 Other assets (describe ► STATEMENT 15 ) 3, 613, 716. 2, 616, 602. 2,616,602.

16 Total assets to be com pleted by all filers 994 , 505 , 527. 1 , 113 , 974 , 386. 1 1 107 , 953 , 389. 17 Accounts payable and accrued expenses 829 , 047. 983,658. 18 Grants payable 78, 862, 474. 60, 291, 263. 19 Deferred revenue

20 Loans from officers , directors, trustees , and other disqualified persons 21 Mortgages and other notes payable 22 Other liabilities (describe ► STATEMENT 16 ) 2,818,394. 1,461,771.

23 Total liabilities add lines 17throu h 22 ) 82 509 915. 62 , 736 , 692. Foundations that follow SFAS 117, check here ► X and complete lines 24 through 26 and lines 30 and 31. 24 Unrestricted 911,995,612. 1 , 051 , 237 694. 25 Temporarily restricted m co 26 Permanently restricted C Foundations that not do follow SFAS 117, check here ► LL and complete lines 27 through 31. 0 27 Capital stock , trust principal , or current funds 28 Paid-in or capital surplus, or land , bldg , and equipment fund a 29 Retained earnings, accumulated income , endowment , or other funds Z 30 Total net assets or fund balances 911,995,612. 1 , 051 237 694.

31 Total liabilities and net assets and balances 994 , 505 , 527. 1 , 113 , 974 , 386. Part m Analysis of Changes in Net Assets or Fund Balances

1 Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree with end-of-year figure reported on prior year's return) 911,995,612. 2 Enter amount from Part I, line 27a 141,107,822. Other not 3 increases included in line 2 (itemize) ► SEE STATEMENT 9 161,483. 4 Add lines 1, 2, and 3 1,053 264,917. 5 Decreases not included in line 2 (itemize) ► SEE STATEMENT 10 2,027,223. 6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b), line 30 1,051 , 237,694. Form 990-PF (2007) 723511 02-20-08 2 14501104 099862 HILTONFDN 2007.06050 CONRAD N. HILTON FOUNDATION HILTON04 Form 990-PF (2007) CONRAD N. HILTON FOUNDATION 94-3100217 Pag e 3 Part IV Capital Gains and Losses for Tax on Investment Income (a) List and describe the kind (s) of property sold (e g , real estate, (b How acquired (c) Date acquired (d) Date sold Purchase (mo r 2-story brick warehouse, or common stock , 200 shs MLC Co D - Donation , day, y ) (mo day, yr ) 1a b SEE ATTACHED STATEMENTS (CONTINUATION OF PART IV) C d e (f) Depreciation ( e) Gross sales price allowed ( g) Cost or other basis ()(h) Gain or (loss) (or allowable ) plus expense of sale (e) plus (f) minus (g) a b c d e 255,274,000. 1 1 134,267,699. 121,006,301. Complete only for assets showing gain in column ( h) and owned by the foundation on 12/31 /69 (I) Gains (Col (h) gain minus (j) Adjusted basis (k) Excess of col (i) col (k), but not less than -0-) or (i) F M V as of 12/31 /69 as of 12/31/69 over col (j), if any Losses (from col (h)) a b c d e 121,006,301.

If enter in Part I, line 7 2 Capital gain net income or (net capital loss ) If ?loss),loss), enter -0- in Part I , line 7 2 12 1 0 0 6 r 3 0 1 . 3 Net short-term capital gain or (loss) as defined in sections 1222 (5) and (6) If gain, also enter in Part I, line 8, column (c) If (loss), enter -0- in Part I , line 8 3 N/A I Part V I Qualification Under Section 4940 (e) for Reduced Tax on Net Investment Income (For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income )

If section 4940(d)(2) applies, leave this part blank

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base periods Yes MX No If 'Yes," the foundation does not qualify under section 4940 (e) Do not complete this part 1 Enter the appropriate amount in each column for each year , see instructions before making any entries

Base period years (c ) Distribution ratio Calendar ear or tax year beg innin g in ) Adjusted q ualify(tinin g distributions Net value of noncharitable -use assets (col (b) divided by col (c)) 2006 43,037,677. 906,892 289. .047456 2005 41,910,293. 805,422 712. .052035 2004 32,192,327. 690,358,427. .046631 2003 30,758,800. 653,673,009. .047055 2002 29 677 138. 618 252 962. .048002

2 Total of line 1, column (d) 2 . 2 4 1 1 7 9 3 Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by the number of years the foundation has been in existence it less than 5 years 3 . 0 4 8 2 3 6

4 Enter the net value of nonchantable -use assets for 2007 from Part X , line 5 4 1 , 0 8 7 , 16 7 , 6 8 7 .

5 Multiply line 4 by line 3 5 52,440,621.

6 Enter 1 % of net investment income ( 1% of Part I , line 27b) 6 1 , 458 , 271.

7 Add lines 5 and 6 7 53,898,892.

8 Enter qualifying distributions from Part XII, line 4 8 53,364,503. If line 8 is equal to or greater than line 7, check the box in Part VI, line 1b, and complete that part using a 1% tax rate See the Part VI instructions 723521/02-20-08 Form 990-PF (2007) 3 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 A

Form 990-PF (2007 ) CONRAD N. HILTON FOUNDATION 94-3 100217 Page 4 Part Vl Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948 - see instructions) 1 a Exempt operating foundations described in section 4940(d)(2), check here ► ED and enter 'N/A' on line 1 Date of ruling letter (attach copy of ruling letter if necessary -see instructions) 2,916,542. b Domestic foundations that meet the section 4940(e) requirements in Part V, check here ► 0 and enter 1% 1 of Part I, line 27b c All other domestic foundations enter 2% of line 27b Exempt foreign organizations enter 4% of Part I, line 12, cot (b) 2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only Others enter -0-) 2 0. 3 Add lines 1 and 2 3 2,916,542. 4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only Others enter -0-) 4 0. 5 Tax based on investment income . Subtract line 4 from line 3 If zero or less, enter -0- 5 2 , 916,542. 6 Credits/Payments a 2007 estimated tax payments and 2006 overpayment credited to 2007 6a 2,400,097. b Exempt foreign organizations - tax withheld at source 5b c Tax paid with application for extension of time to file (Form 8868) 6c 4 9 5 , 0 0 0 . d Backup withholding erroneously withheld 6d 7 Total credits and payments Add lines 6a through 6d 7 2,895,097. 8 Enter any penalty for underpayment of estimated tax Check here 0 if Form 2220 is attached 8 2,318. 9 Tax due . If the total of lines 5 and 8 is more than line 7, enter amount owed ► 9 23,763. 10 Overpayment . If line 7 is more than the total of lines 5 and 8, enter the amount overpaid ► 10 11 Enter the amount of line 10 to be Credited to 2008 estimated tax ► Refunded ► 11 Part VII-A Statements Regarding Activities 1a During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in Yes No any political campaign? 1 a X b Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see instructions for definition)? 1 b X If the answer is "Yes" to 1 a or 1 b, attach a detailed description of the activities and copies of any materials published or distributed by the foundation in connection with the activities c Did the foundation file Form 1120-POL for this year? 1 c X d Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year 0. (1) On the foundation ► $ (2) On foundation managers ► $ 0. e Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed on foundation 0. managers ► $ 2 Has the foundation engaged in any activities that have not previously been reported to the IRS? 2 X If "Yes, " attach a detailed description of the activities. 3 Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of incorporation, or bylaws, or other similar instruments? If "Yes, " attach a conformed copy of the changes 3 X 4a Did the foundation have unrelated business gross income of $1,000 or more during the year? 4a X b If "Yes," has it filed a tax return on Form 990-T for this year? 4b X 5 Was there a liquidation, termination, dissolution, or substantial contraction during the year? 5 X If "Yes," attach the statement required by General Instruction T 6 Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either • By language in the governing instrument, or • By state legislation that effectively amends the governing instrument so that no mandatory directions that conflict with the state law remain in the governing instrument? 6 X 7 Did the foundation have at least $5,000 in assets at any time during the year? 7 X If "Yes, " complete Part ll, co! (c), and Part XV 8a Enter the states to which the foundation reports or with which it is registered (see instructions) ► NV, CA b If the answer is Yes to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney General (or designate) of each state as required by General Instruction G2 If "No, " attach explanation 8b X 9 Is the foundation claiming status as a private operating foundation within the meaning of section 4942(l)(3) or 4942(l)(5) for calendar year 2007 or the taxable year beginning in 2007 (see instructions for Part XIV)' If "Yes," complete Part XIV 9 X 10 Did any oersons become substantial contributors during the tax vear? If -Yes. - attach a schedule list;na their names and addresses 10 X Form 990-PF (2007)

723531 02-20-oe 4 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 G I

Form 990-PF (2007) CONRAD N. HILTON FOUNDATION 94-3100217 Page 5 Part VILA Statements Regarding Activities (continued) 11a At any time during the year, did the foundation , directly or indirectly , own a controlled entity within the meaning of section 512(b)(13)) If "Yes, attach schedule (see instructions) _ 11a X b If 'Yes , did the foundation have a binding written contract in effect on August 17, 2006, covering the interest , rents , royalties, and annuities described in the attachment for line 1 la? N/A 11b 12 Did the foundation acquire a direct or indirect interest in any applicable insurance contract? 12 X 13 Did the foundation comply with the public inspection requirements for its annual returns and exemption application? 13 X Website address ► WWW. HILTONFOUNDAT ION. ORG MARC IA TRUJILLO-PENMAN 14 The books are in care of ► Telephone no ► (775)323-4221 100 WEST LIBERTY STREET, SUITE 840, Locatedat ► RENO, NV ZIP+4 ►89501 15 Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 - Check here ► and enter the amount of tax-exempt interest received or accrued durin q_ the year 10- 1 15 N/A Part VU-B Statements Regarding Activities for Which Form 4720 May Be Required File Form 4720 if any item is checked in the "Yes" column , unless an exception applies. Yes No 1 a During the year did the foundation (either directly or indirectly): (1) Engage in the sale or exchange , or leasing of property with a disqualified person? 1 Yes 0 No (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person? - 0 Yes FX No (3) Furnish goods , services , or facilities to (or accept them from) a disqualified person? Yes ^X No (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person' SEE PART VIII OX Yes No (5) Transfer any income or assets to a disqualified person ( or make any of either available for the benefit or use of a disqualified person ) Yes EX No (5) Agree to pay money or property to a government official') ( Exception . Check 'No' if the foundation agreed to make a grant to or to employ the official for a period after termination of government service , if terminating within 90 days ) Yes FX No b If any answer is'Yes' to la(1)-(6), did any of the acts fad to quality under the exceptions described in Regulations section 53 4941( d)-3 or in a current notice regarding disaster assistance ( see page 22 of the instructions)' lb X Organizations relying on current a notice regarding disaster assistance check here ► 0 c Did the foundation engage in a prior year in any of the acts described in la, other than excepted acts , that were not corrected before the first day of the tax year beginning in 2007' 1 c X 2 Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private operating foundation defined in section 4942 (j)(3) or 4942 ())(5)) a At the end of tax year 2007, did the foundation have any undistributed income ( lines 6d and 6e, Part XIII ) for tax year(s) beginning before 2007' Li Yes LI No If -Yes," list the years ► b Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942 (a)(2) (relating to incorrect valuation of assets ) to the year' s undistributed income? ( If applying section 4942(a)(2) to all years listed, answer "No' and attach statement - see instructions ) N/A 2b c If the provisions of section 4942 (a)(2) are being applied to any of the years listed in 2a, list the years here

3a Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year? Li Yes EXI No b If "Yes , did it have excess business holdings in 2007 as a result of (1) any purchase by the foundation or disqualified persons after May 26 , 1969, (2 ) the lapse of the 5-year period (or longer period approved by the Commissioner under section 4943 (c)(7)) to dispose of holdings acquired by gift or bequest , or (3) the lapse of the 10- , 15-, or 20-year first phase holding period' (Use Schedule C, Form 4720, to determine if the foundation had excess business holdings in 2007) N/A 3b 4a Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes') 4a X b Did the foundation make any investment in a prior year (but after December 31, 1969 ) that could jeopardize its charitable purpose that had not been removed from jeopardy before the first day of the tax year beg innin g in 20079 4b Form 990-PF (2007)

723541 02-20-07 5 13230908 099862 HILTONFDN 2007.06020 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION 94-31002 17 I Part VII-8 I Statements Regarding Activities for Which Form 4720 May Be Required (continued) 5a During the year did the foundation pay or incur any amount to (1) Carry on propaganda , or otherwise attempt to influence legislation ( section 4945 (e))' E] Yes EKI No (2) Influence the outcome of any specific public election (see section 4955 ), or to carry on , directly or indirectly, any voter registration drive? 0 Yes 0 No (3) Provide a grant to an individual for travel , study, or other similar purposes 0 Yes EKI No (4) Provide a grant to an organization other than a charitable , etc , organization described in section 509(a )( 1), (2), or ( 3), or section 4940 (d)(2)' [ Yes No (5) Provide for any purpose other than religious, charitable , scientific, literary , or educational purposes, or for the prevention of cruelty to children or animals 0 Yes No b If any answer is 'Yes' to 5a ( 1)-(5), did any of the transactions fail to qualify under the exceptions described in Regulations section 53 4945 or in a current notice regarding disaster assistance (see instructions)? 5b X Organizations relying on a current notice regarding disaster assistance check here ► 0 c If the answer is 'Yes* to question 5a(4), does the foundation claim exemption from the tax because it maintained expenditure responsibility for the grant? STMT 20 Yes No If "Yes, " attach the statement required by Regulations section 53.4945-5(c 6a Did the foundation , during the year , receive any funds , directly or indirectly , to pay premiums on a personal benefit contract? Yes 0 No b Did the foundation , during the year, pay premiums , directly or indirectly, on a personal benefit contract9 6b X If you answered "Yes" to 6b, also file Form 8870. 7a At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction? Yes 0 No b If ves, did the foundation receive any proceeds or have any net income attributable to the transaction? N/A 7b Information About Officers, Directors, Trustees, Foundation Managers , Highly Part Vii Paid Employees, and Contractors 1 List all officers. directors, trustees, foundation managers and their compensation. (b) Title, and avera ge (c) Compensation (d) Contnbubons to (e) Expense empoi benefit cans (a) Name and address hours per week devoted If not p aid , account, other to position ( enter -0 comp`ssan^ allowances SEE STATEMENT 25

0.00 1 , 237 , 517. 175823. 0.

z L omaensatron of live mpnest-oats employees roiner than those included on line ii. it none. enter "NONt." (b) Title and average (d)Contnbuuonsto (e) Expense (a) Name and address of each employee paid more than $50 ,000 hours per week (c) Compensation en°;denetu"s account, other devoted to position compensanon allowances SEE STATEMENT 26 0.00 369,259. 58,433. 0.

Total number of other employees paid over $50,000 ► 1 1 Form 990-PF (2007)

723551 02-20-08 6 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 Form 990-PF (2007) CONRAD N. HILTON FOUNDATION 94-3100217 Pagel Information About Officers, Directors, Trustees, Foundation Managers, Highly P Vtll Paid Employees, and Contractors (continued) 3 Five highest- paid independent contractors for professional services. If none, enter " NONE." (a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation SEE STATEMENT 27 1 . 831 156

Total number of others receivin g over $50 ,000 for p rofessional services 11110. 9 part IXA Summary of Direct Charitable Activities ' four largest direct charitable activities during the tax year Include relevant statistical information such as the List the foundation s Expenses number of organizations and other beneficiaries served , conferences convened , research papers produced, etc 1SEE STATEMENT 29

617,638. 2

3

4

Part IX-B Summary of Program - Related Investments Describe the two largest program - related investments made by the foundation during the tax year on lines 1 and 2 Amount 1SEE STATEMENT 19

1,000,000. 2

All other program-related investments See instructions 3

Total . Add lines 1 through 3 11110. 1 , 000 , 000 . Form 990-PF (2007)

723561 02-20-08 7 HILTONF4 17590108 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION Form 990-PF (2007) CONRAD N. HILTON FOUNDATION 94-3100217 Page8

Phi t X Minimum Investment Return (All domestic foundations must complete this part Foreign foundations , see instructions)

1 Fair market value of assets not used (or held for use) directly in carrying out charitable , etc , purposes a Average monthly fair market value of securities la 1 1,099 , 631 ,899 . b Average of monthly cash balances 1b 1,434,169 . c Fair market value of all other assets 1 c 2 , 657 , 472 . d Total (add lines la , b, and c) 1d 1,103 , 723,540. e Reduction claimed for blockage or other factors reported on lines la and 1c (attach detailed explanation) le 0. 2 Acquisition indebtedness applicable to line 1 assets 2 0 . 3 Subtract line 2 from line 1d 3 1,103, 72 3 540. 4 Cash deemed held for charitable activities Enter 1 1/2% of line 3 (for greater amount , see instructions ) 4 16, 555 , 853 . 5 Net value of noncharitable -use assets . Subtract line 4 from line 3 Enter here and on Part V, line 4 5 1,087 , 167, 687 . 6 Minimum investment return. Enter 5% of line 5 6 54 , 358 , 384 . p X, Distributable Amount (see instructions) (Section 4942(1)(3) and (1)(5) private operating foundations and certain foreign organizations check here ► = and do not complete this part ) 1 Minimum investment return from Part X , line 6 1 54, 358, 384 . 2a Tax on investment income for 2007 from Part VI , line 5 2a 2 , 916,542. b Income tax for 2007 ( This does not include the tax from Part VI) 2b c Add lines 2a and 2b 2c 2 916 , 542 . 3 Distributable amount before adjustments Subtract line 2c from line 1 3 51, 441, 842 . 4 Recoveries of amounts treated as qualifying distributions 4 251 , 659 . 5 Add lines 3 and 4 5 51,693,501 . 6 Deduction from distributable amount (see instructions) 6 0 . 7 Distributable amount as adjusted Subtract line 6 from line 5 Enter here and on Part XIII , line 1 7 51 , 693 , 501 .

P Xfl Qualifying Distributions (see instructions)

1 Amounts paid ( including administrative expenses ) to accomplish charitable , etc , purposes a Expenses , contributions , gifts, etc - total from Part I, column (d), line 26 l a 46,607 , 732 . b Program-related investments - total from Part IX-8 11b 1,000,000 . 2 Amounts paid to acquire assets used ( or held for use ) directly in carrying out charitable , etc , purposes 2 5,756,771 . 3 Amounts set aside for specific charitable projects that satisfy the a Suitability test (prior IRS approval required) 3a b Cash distribution test (attach the required schedule) 3b 4 Qualifying distributions . Add lines la through 3b Enter here and on Part V, line 8 , and Part XIII , line 4 4 53,364,503 . 5 Foundations that qualify under section 4940 (e) for the reduced rate of tax on net investment income Enter 1% of Part I , line 27b 5 0 6 Adjusted qualifying distributions . Subtract line 5 from line 4 6 53 , 364,503 . Note: The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation qualifies for the section 4940(e) reduction of tax in those years. Form 990-PF (2007)

723571 02-20-08 8 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 i ,

Form 990-PF (2007) CONRAD N. HILTON FOUNDATION 94-3100217 Page 9

Part 9011 Undistributed Income (see instructions)

(a) (b) (c) (d) Corpus Years prior to 2006 2006 2007 1 Distributable amount for 2007 from Part XI, line 7 51,693,501. 2 Undistributed income, if any, as of the end of 2006 a Enter amount for 2006 only 487,795. b Total for prior years 0. 3 Excess distributions carryover, if any, to 2007 a From 2002 b From 2003 c From 2004 d From 2005 e From 2006 f Total of lines 3a through e 0. 4 Qualifying distributions for 2007 from Part Xll,line 4 53, 364, 503. a Applied to 2006, but not more than line 2a 487,795. b Applied to undistributed income of prior years (Election required - see instructions) 0. c Treated as distributions out of corpus (Election required - see instructions) 0. d Applied to 2007 distributable amount 51,693,501. e Remaining amount distributed out of corpus 1,183 207. 5 Excess distributions carryover applied to 2007 0. 0. (If an amount appears in column (d), the same amount must be shown in column (a) ) 6 Enter the net total of each column as indicated below:

a Corpus Add lines 3f, 4c, and 4e Subtract line 5 1,183,207. b Prior years' undistributed income Subtract line 4b from line 2b 0. c Enter the amount of prior years' undistributed income for which a notice of deficiency has been issued, or on which the section 4942(a) tax has been previously assessed 0. d Subtract line 6c from line 6b Taxable amount - see instructions 0. e Undistributed income for 2006 Subtract line 4a from line 2a Taxable amount - see instr 0. t Undistributed income for 2007 Subtract lines 4d and 5 from line 1 This amount must be distributed in 2008 0. 7 Amounts treated as distributions out of corpus to satisfy requirements imposed by section 170(b)(1)(F) or 4942(g)(3) 0. 8 Excess distributions carryover from 2002 not applied on line 5 or line 7 0. 9 Excess distributions carryover to 2008 Subtract lines 7 and 8 from line 6a 1,183,207. 10 Analysis of line 9 a Excess from 2003 b Excess from 2004 c Excess from 2005 d Excess from 2006 e Excess from 2007 1.183.207. Form 990-NF (2007) 723581 02-20-08 9 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 CONRAD N. HILTON FOUNDATION 94-3100217 Page10 Private Operating Foundations (see instructions and Part VII-A, question 9) N/A 1 a If the foundation has received a ruling or determination letter that it is a private operating foundation , and the ruling is effective for 2007 , enter the date of the ruling 111110. b Check box to indicate whether the foundation is a private operating foundation described in section 4942 (i)(3) or 0 4942(1)(5) 2 a Enter the lesser of the adjusted net Tax year Prior 3 years income from Part I or the minimum (a) 2007 (b) 2006 (c) 2005 (d) 2004 (e) Total investment return from Part X for each year listed b 85% of line 2a c Qualifying distributions from Part XII, line 4 for each year listed d Amounts included in line 2c not used directly for active conduct of exempt activities e Qualifying distributions made directly for active conduct of exempt activities Subtract line 2d from line 2c Complete 3a, b, or c for the alternative test relied upon a 'Assets' alternative test - enter (1) Value of all assets (2) Value of assets qualifying under section 4942(I)(3)(B)(i) b "Endowment' alternative test - enter 2/3 of minimum investment return shown in Part X, line 6 for each year listed c 'Support' alternative test - enter (1) Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties) (2) Support from general public and 5 or more exempt organizations as provided in section 4942(I)(3)(B)(ni) (3) Largest amount of support from an exempt organization 4 Gross investment income Part XV Supplementary Information (Complete this part only if the foundation had $5,000 or more in assets at any time during the year-see the instructions.) 1 Information Regarding Foundation Managers: a List any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2) ) NONE b List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the ownership of a partnership or other entity) of which the foundation has a 10% or greater interest NONE 2 Information Regarding Contribution , Grant, Gift, Loan, Scholarship , etc., Programs: Check here 01 0 if the foundation only makes contributions to preselected charitable organizations and does not accept unsolicited requests for funds If the foundation makes gifts, grants , etc (see instructions ) to individuals or organizations under other conditions, complete items 2a, b, c, and d. a The name , address , and telephone number of the person to whom applications should be addressed SEE STATEMENT 28

b The form in which applications should be submitted and information and materials they should include. SEE STATEMENT 21 c Any submission deadlines NONE d Any restrictions or limitations on awards , such as by geographical areas, charitable fields , kinds of institutions , or other factors SEE STATEMENT 24

723601 /02-20-08 Form 990-PF (2007) 10 17590108 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 Form 990-PF (2007) CONRAD N. HILTON FOUNDATION 94-3100217 Page 11 Part XY Supplementary Information (continued) 3 carancs ana coninouuons iraia uunn ine y ear or a roves Tor ruture ra menz Recipient If recipient is an individual, show any relationship to Foundation Purpose of grant or status of contribution Amount Name and address (home or business) any foun dation manager or substantial contributor recipient a Paid dunng the year

SEE STATEMENT 22 42,436,802.

Total 3a 42 436 802. b Approved for future payment SEE STATEMENT 23 61,577,536.

61,577,536. Total ► 3b I 723611/02- 20-08 Form 990-PF (2007) 11 HILTONF4 17590108 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION Form 990-PF (2007) CONRAD N. HILTON FOUNDATION 94-3100217 Page 12 Part XVI-A Analysis of Income- Producing Activities

Enter cboss amounts unless otherwise indicated Unrelated business income Excluded by section 512 , 513 , or 514 (e) (a) (b) Exc „- ( d) Related or exempt Business Amount soon function 1 Pro gram service revenue code code Amount income a b c d e f 9 Fees and contracts from government agencies 2 Me mbership dues and assessments 3 IntB rest on savings and temporary cash myestments 14 825. 4 Dividends and interest from securities 14 23,611, 769. 5 Net rental income or (loss ) from real estate. a Debt-financed property b Not debt-financed property 6 Net rental income or (loss) from personal pro pe rty 7 Other investment income 8 Gal n or (loss ) from sales of assets other tha n inventory 18 116 , 3 01, 6 8 5. 9 Net income or (loss ) from special events 10 Gross profit or (loss ) from sales of inventory 11 Ot h er revenue a SEE STATEMENT 17 -1,943. 4,123,948. 561 250. b c d e 12 Su btotal Add columns (b), (d), and (e) -1 , 943. 1 144 , 038 , 22 7. 561 , 250. 13 Total . Add line 12 , columns ( b), (d), and (e) 13 144,597,534. (See worksheet in line 13 instructions to verity calculations Part XVI-B Relationship of Activities to the Accomplishment of Exempt Purposes

Line No . Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to the accomplishment of y the foundation ' s exempt purposes ( other than by providing funds for such purposes) 11A INTEREST INCOME RECEIVED FROM PROGRAM RELATED INVESTMENT LOANS (SEE STATEMENT 19 FOR DETAILS)

723621 02-20-08 Form 990-PF (2007) 12 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 Form 990-PF (2007) CONRAD N. HILTON FOUNDATION 94-3100217 Page 13 Part XVII Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of Yes No the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations? a Transfers from the reporting foundation to a nonchantable exempt organization of (1) Cash la (l ) X (2) Other assets - 1a 2 X b Other transactions (1) Sales of assets to a nonchantable exempt organization 1 b (l ) X (2) Purchases of assets from a nonchantable exempt organization X (3) Rental of facilities, equipment, or other assets N1 b ( 3 ) X (4) Reimbursement arrangements X (5) Loans or loan guarantees X (6) Performance of services or membership or fundraising solicitations X c Sharing of facilities, equipment, mailing lists, other assets, or paid employees X d If the answer to any of the above is "Yes' complete the following schedule Column (b) should always show the fair market value of the goods, other assets, or services given by the reporting foundation If the foundation received less than fair market value in any transaction or sharing arrangement, sh ow in

2a Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations described in section 501(c) of the Code (other than section 501(c)(3)) or in section 527? Yes ® No b If "Yes." complete the followfno schedule (a) Name of organization (b) Type of organization (c) Description of relationship N/A

Under penalties of perjury, I d e th an ammed this r g accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete Declare of preps r (other axpa fiduciary) is ba on all information of which preparer has any knowledge c a o Ak0 L^-

d ' Signature of officer rustee Preparers' /1w ^,N si nature ^/'weu '0 ` O g a q „ Firm's narm (or yours DELOITTE TA LLP aj if self-emplood), ' 701 "B" STR ET, UITE 1 address, andZ(Pcode SAN DIEGO , CA 92101-819

723622 02-20-08

17000105 099862 HILTONFDN 2007.07040 Schedule B Schedule of Contributors OMB No 1545-0047 (Form 990 , 990-EZ, or 990-PF) Supplementary Information for Department of the Treasury line 1 of Form 990, 990-EZ, and 990-PF (see instructions) 2007 Internal Revenue Service Name of organization Employer identification number

CONRAD N. HILTON FOUNDATION 94-3100217 Organization type (check one).

Filers of: Section:

Form 990 or 990-EZ El 501(c)( ) (enter number) organization

0 4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF 0 501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

0 501 (c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule. (Note: Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule-see instructions)

General Rule-

O For organizations filing Form 990 , 990-EZ , or 990-PF that received, during the year, $5,000 or more (in money or property ) from any one contributor (Complete Parts I and II.)

Special Rules-

For a section 501(c)(3) organization filing Form 990 , or Form 990-EZ, that met the 33 1/3% support test of the regulations under sections 509(a)(1)/170(b)(1)(A)(vl), and received from any one contributor, during the year , a contribution of the greater of $5,000 or 2% of the amount on line 1 of these forms (Complete Parts I and II )

0 For a section 501(c)(7),(8), or (10) organization filing Form 990 , or Form 990-EZ, that received from any one contributor , during the year, aggregate contributions or bequests of more than $ 1,000 for use exclusively for religious , charitable , scientific, literary , or educational purposes, or the prevention of cruelty to children or animals. (Complete Parts I, II, and III )

For a section 501(c)(7), (8), or (10) organization filing Form 990 , or Form 990-EZ, that received from any one contributor, during the year some contributions for use exclusively for religious , charitable , etc., purposes , but these contributions did not aggregate to more than $1,000 (If this box is checked , enter here the total contributions that were received during the year for an exclusively religious, charitable , etc , purpose. Do not complete any of the Parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable , etc , contributions of $5,000 or more during the year) ► $

Caution : Organizations that are not covered by the General Rule and/or the Special Rules do not file Schedule B (Form 990, 990-EZ, or 990-PF), but they must check the box in the heading of their Form 990, Form 990-EZ, or on line 2 of their Form 990-PF, to certify that they do not meet the filing requirements of Schedule B (Form 990, 990-EZ, or 990-PF)

LHA For Paperwork Reduction Act Notice, see the Instructions Schedule B (Form 990, 990 -EZ, or 990-PF ) (2007) for Form 990 , Form 990- EZ, and Form 990-PF.

723451 12-27-07 14 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 Schedule B (Form 990, 990-EZ, or Name of organization Employer identification number

CONRAD N. HILTON FOUNDATION 94-3100217

Part I Contributors (See Specific Instructions)

(a) (b) (c) (d) No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution

1 SEE STATEMENT 1 Person OX Payroll 0 $ 31,091,024. Noncash ED (Complete Part II if there is a noncash contribution.)

(a) (b) (c) (d) No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution

2 Person X Payroll $ Noncash (Complete Part II if there is a noncash contribution )

(a) (b) (c) (d) No. Name, address, and ZIP + 4 Aggregate contributions Type of contribution

Person Payroll $ Noncash (Complete Part II if there is a noncash contribution )

(a) (b) (c) (d) No. Name , address, and ZIP + 4 Aggregate contributions Type of contribution

Person Payroll $ Noncash 0 (Complete Part II if there is a noncash contribution

(a) (b) (c) (d) No. Name , address, and ZIP + 4 Aggregate contributions Type of contribution

Person Payroll 0 $ Noncash (Complete Part II if there is a noncash contribution ;

(a) (b) (c) (d) No. Name , address , and ZIP + 4 Aggregate contributions Type of contribution

Person Payroll $ Noncash (Complete Part II if there is a noncash contribution ;

771459 12-27.07 Schedule B (Form 990. 990-EZ. or 990 -PF) (2007) 15 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 Conrad N. Hilton Foundation 990PF - FYE 2/29/08 94-3100217

Part I. Line 1 - Schedule of Contributions, Gifts, Grants, Etc.

The Contributions Were Received From: Date Received Amount

William Barron Hilton Charitable Remainder Unitrust * 06/20/07 $ 5,200,000 9336 Civic Center Drive 09/24/07 8,172,425 Beverly Hills, CA 90210 09/30/07 5,200,000 12/06/07 4,000,000 02/12/08 7,200,000

Conrad N. Hilton-Francis K . Hilton Trust 05/09/07 1,220,898 c/o JPMorgan Chase 07/11/07 97,570 Trust Department 09/24/07 131 Post Office Box 2558 Houston, TX 77252-2558

Total: $ 31, 091, 024

*NOTE: The trust is not a split interest trust within the meaning of IRC Sec. 4947(a)(2).

STATEMENT 1 . CONTINUATION FOR 990-PF, PART IV CONRAD N. HILTON FOUNDATION 94-3100217 PAGE 1 OF 2 Part IV Capital Gains and Losses for Tax on Investment Income (a) List and describe the kind(s) of property sold, e g , real estate , ( b How acquired ( c) Date acquired (d) Date sold - Pu (mo day, yr ) 2-story brick warehouse , or common stock, 200 shs MLC Co D - Dorchasenation , ( mo, day, yr ) la WILLIAM D. WITTER, INC. - PUB. TRADED SECURITIES P VARIOUS VARIOUS b D.G.H.M & CO. - PUB. TRADED SECURITIES P VARIOUS VARIOUS c MS DW INV MGMT - PUB. TRADED SECURITIES P VARIOUS VARIOUS d G.M.V.O. & CO - PUB. TRADED SECURITIES P VARIOUS VARIOUS e NON US EQUITY - PUB. TRADED SECURITIES P VARIOUS VARIOUS f BARROW HANLEY - PUB. TRADED SECURITIES P VARIOUS VARIO US TRANSAMERICA - PUB. TRADED SECURITIES P VARIOUS VARIOUS h IN-HOUSE ACCOUNT - PUB. TRADED SECURITIES P VARIOUS VARIOUS i INFLATION HEDGE - PUB. TRADED SECURITIES P VARIOUS VARIOUS SECURITY CAP. RESEARCH - PUB. TRADED SECURITIES P VARIOUS VARIOUS k TUKMAN CAPITAL MGMT - PUB. TRADED SECURITIES P VARIOUS VARIOUS I U.S. EQUITY FUND - PUB. TRADED SECURITIES P VARIOUS VARIOUS m COMMONFUND INTERNATIONAL IV P VARIOUS VARIOUS n COMMONFUND INTERNATIONAL V P VARIOUS VARIOUS o COMMONFUND PRIVATE EQUITY FUND V P VARIOUS VARIOUS f) Depreciation allowed (g) Cost or other basis (h) Gain or (loss) (e) Gross sales price ( (or allowable) plus expense of sale (e) plus (f) minus (g) a 575,927. 1,185,806. -609,879. b 130,527 137. 115,483,541. 15 043 596. c -4,008,426. 4,008,426. d -54,350,166. 54,350,166. e -12,421,035. 12,421,035. f 37,613,728. 34,028,669. 3,585,059. 9,802 861. 8,863,266. 939,595. h 64,589,075. 37,352,882. 27,236,193. -869,737. 869,737. 9,732,949. 11,152,305. -1,419 , 356. k 2,316 547. 2 , 440,596. -124 , 049. 115,776. 114,614. 1,162. m -189,389. 189 389. n -33,046. 33,046. 0 -172,266. 172 266. Complete only for assets showing gain in column ( h) and owned by the foundation on 12/31/69 (I) Losses (from col (h)) (j) Adjusted basis ( k) Excess of col (i) Gains ( excess of col (h) gain over col (k), (i) F M V as of 12/31/69 as of 12/31/69 over col (I), if any but not less than "-0-') a -609,879. b 15,043,596. c 4,008,426. d 54,350,166. e 12,421,035. f 3,585,059. 939,595. h 27,236,193. 869,737. -1,419,356. k -124,049. 1,162. m 189,389. n 33,046. 0 172,266.

/ If ain, also enter in Part I, line 7 2 Capital gain net income or ( net capital loss) If (loss ) , enter °-0= in Part ,, line 7 f 2 3 Net short-term capital gain or ( loss) as defined in sections 1222 ( 5) and (6) It gain, also enter in Part I, line 8, column (c) If (loss), enter °-0-" in Part I, line 8 3

723591 04-27-07 16 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 CONTINUATION FOR 990-PF, PART IV CONRAD N. HILTON FOUNDATION 94-3100217 PAGE 2 OF 2 Part 1V Capital Gains and Losses for Tax on Investment Income a List and describe the kind (s ) of p rope rty sold , e real estate , ( b1 How acquired (c Date acquired d Date sold ( ) g ' P - Purchase mo , day, yr ) ( ) 2-story brick warehouse, or common stock , 200 shs MLC Co D - Donation (mo , day, yr ) la COMMONFUND PRIVATE EQUITY FUND VI P VARIOUS VARIOUS b COMMONFUND VENTURES PARTNERS VI P VARIOUS VARIOUS c COMMONFUND CAPITAL VENTURES PARTNERS VII P VARIOUS VARIOUS d NORTHGATE VENTURES PARTNERS III, LP P VARIOUS VARIOUS e AXA ROSENBERG P VARIOUS VARIOUS f WTC-CTF DIVERSIFIED INFLATION P VARIOUS VARIOUS COMMONFUND CAPITAL NATURAL RESOURCE PART. VII, LP P VARIOUS VARIOUS _ h NORTHGATE PRIVATE EQUITY PARTNERS III P VARIOUS VARIOUS i NORTHGATE GLOBAL EMERGING MARKETS LP P VARIOUS VARIOUS GMO ALTERNATIVE ASSET OPPORTUNITY FUND P VARIOUS VARIOUS k

m n 0 f) Depreciation allowed ( g) Cost or other basis ( h) Gain or (loss) (e) Gross sales price ( (or allowable ) plus expense of sale (e) plus (f) minus (g) a 2,645. -2,645. b -37,518. 37,518. c -16,465. 16,465. d -94,858. 94 , 858. e 1,099,222. -1,099 , 222. f -5,009,915. 5,009,915. -6,087. 6,087. h -26,318. 26 , 318. -93,445. 93 , 445._ -127,176. 127 176. k

m n 0 Complete only for assets showing gain in column ( h) and owned by the foundation on 12/31/69 (I) Losses (from col (h)) (t) Adjusted basis ( k) Excess of col (i) Gains (excess of col (h) gain over col (k), (i) F M V as of 12/31/69 as of 12/31/69 over col (j), if any but not less than '-0-*) a -2,645. b 37,518. c 16,465. d 94,858. e -1,099,222. f 5,009,915. 6,087. h 26,318. 93,445. 127 176. k

m n 0

If (lain, also enter in Part I, line 7 2 2 Capital gain net income or ( net capital loss ) If loss) , enter "-0=in Part I , line 7 1 121,006,301. 3 Net short -term capital gain or (loss ) as defined in sections 1222(5 ) and (6) If gain, also enter in Part I, line 8, column (c) If (loss), enter "-0- in Part I , line 8 3 N/A

723591 04-27-07 17 17000105 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION HILTONF4 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF DIVIDENDS AND INTEREST FROM SECURITIES STATEMENT 2

CAPITAL GAINS COLUMN (A) SOURCE GROSS AMOUNT DIVIDENDS AMOUNT

STATE STREET 23,611,769. 0. 23,611,769.

TOTAL TO FM 990-PF, PART I, LN 4 23,611,769. 0. 23,611,769.

25 STATEMENT(S) 2 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CONRAI N. HILTON FOUNDATION 94-3100217

FORM 990-PF OTHER INCOME STATEMENT 3

(A) (B) (C) REVENUE NET INVEST- ADJUSTED DESCRIPTION PER BOOKS MENT INCOME NET INCOME

INTEREST ON PROGRAM RELATED INVESTMENTS 561,250. 561,250. INVESTMENT INCOME - STATE STREET 2,095,557. 2,095,557. COMMONFUND INTERNATIONAL IV 6,852. 3,670. COMMONFUND INTERNATIONAL V -14,960. -14,186. COMMONFUND PRIVATE EQUITY V 22,413. 5,427. COMMONFUND VENTURE PARTNERS VI 68. 68. PARK STREET CAPITAL NATURE RESOURCE FUND III 24,280. 30,328. NORTHGATE VENTURE PARTNERS III, LP -1,859. 59. NORTHGATE PRIVATE EQUITY PARTNERS III, LP -20,949. -5,604. COMMONFUND PRIVATE EQUITY VI 5,250. 2,253. COMMONFUND CAPITAL VENTURE PARTNERS VII 1,241. 1,241. AXA ROSENBERG 18,942. 18,942. NCD PARTNERS V, LP 162. 0. WTC-CTF DIVERSIFIED INFLATION 1,986,508. 1,986,508. COMMONFUND CAPITAL INTERNATIONAL PARTNERS VI, LP -699. -359. NORTHGATE GLOBAL EMERGING MARKETS, LP -801. 44.

TOTAL TO FORM 990-PF, PART I, LINE 11 4,683,255. 4,685,198.

26 STATEMENT(S) 3 09061106 099862 HILTONFDN 2007.06050 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF LEGAL FEES STATEMENT 4

(A) (B) (C) (D) EXPENSES NET INVEST- ADJUSTED CHARITABLE DESCRIPTION PER BOOKS MENT INCOME NET INCOME PURPOSES

LEGAL FEES 63,654. 12,731. 50,923.

TO FM 990-PF, PG 1, LN 16A 63,654. 12,731. 50,923.

27 STATEMENT(S) 4 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF ACCOUNTING FEES STATEMENT 5

(A) (B) (C) (D) EXPENSES NET INVEST- ADJUSTED CHARITABLE DESCRIPTION PER BOOKS MENT INCOME NET INCOME PURPOSES

ACCOUNTING FEES 72,210. 14,442. 59,848.

TO FORM 990-PF, PG 1, LN 16B 72,210. 14,442. 59,848.

28 STATEMENT(S) 5 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF OTHER PROFESSIONAL FEES STATEMENT 6

(A) (B) (C) (D) EXPENSES NET INVEST- ADJUSTED CHARITABLE DESCRIPTION PER BOOKS MENT INCOME NET INCOME PURPOSES

INVESTMENT MANAGEMENT EXPENSE 2,804,121. 2,804,121. 0. OTHER PROFESSIONAL FEES 217,575. 43,515. 78,637.

TO FORM 990-PF, PG 1, LN 16C 3,021,696. 2,847,636. 78,637.

29 STATEMENT(S) 6 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF TAXES STATEMENT 7

(A) (B) (C) (D) EXPENSES NET INVEST- ADJUSTED CHARITABLE DESCRIPTION PER BOOKS MENT INCOME NET INCOME PURPOSES

PAYROLL TAXES 109,715. 21,943. 87,772. FEDERAL EXCISE TAX 2,095,000. 0. 0. PROPERTY TAXES 63,256. 12,651. 50,605.

TO FORM 990-PF, PG 1, LN 18 2,267,971. 34,594. 138,377.

30 STATEMENT(S) 7 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF OTHER EXPENSES STATEMENT 8

(A) (B) (C) (D) EXPENSES NET INVEST- ADJUSTED CHARITABLE DESCRIPTION PER BOOKS MENT INCOME NET INCOME PURPOSES

ADVERTISING & PROMOTION HUMANITARIAN AWARD 80,586. 0. 80,586. TRAVEL & HOTEL - HUMANITARIAN AWARD 144,457. 0. 144,457. CONFERENCE EVENT EXPENSES - HUMANITARIAN AWARD 279,835. 0. 279,835. CONSULTING & JURY FEES - HUMANITARIAN AWARD 112,760. 0. 112,760. BOOKS 1,949. 390. 1,581. CONSULTANT FEES 81,893. 16,379. 67,029. DUES & SUBSCRIPTIONS 35,617. 7,123. 28,494. ENTERTAINMENT 18,098. 3,620. 14,570. INSURANCE 46,663. 9,333. 36,014. MISCELLANEOUS 9,418. 1,884. 3,258. OUTSIDE TEMPORARY SERVICES 9,366. 1,873. 7,493. PARKING 52,438. 10,488. 41,936. POSTAGE & SHIPPING 32,935. 6,587. 27,003. REPAIRS & MAINTENANCE 18,972. 3,794. 14,765. STATIONARY & SUPPLIES 46,757. 9,351. 28,426. RENT - EQUIPMENT 18,236. 3,647. 14,589. TECHNOLOGY 114,403. 22,881. 94,462. ANNUAL REPORT 18,378. 3,676. 14,702. DIRECTORS AND OFFICERS LIABILITY INSURANCE 28,103. 5,621. 22,482. TELEPHONE 25,380. 5,076. 20,228. HILTON FOUNDATION BOOK 30,674. 6,135. 24,539. COMMONFUND CAPITAL INTERNATIONAL PARTNERS IV, LP 0. 38,500. 0. COMMONFUND CAPITAL INTERNATIONAL PARTNERS V, LP 0. 55,079. 0. COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VI, LP 0. 96,361. 0. COMMONFUND CAPITAL VENTURE PARTNERS VII, L.P. 0. 66,258. 0. RMS OPPORTUNITY FUND 1 0. 67,759. 0. PARK STREET CAPITAL NATURE RESOURCE FUND 0. 99,493. 0. NORTHGATE VENTURE PARTNERS III, LP 0. 318,424. 0. NORTHGATE PRIVATE EQUITY PARTNERS III, LP 0. 376,531. 0. NORTHGATE GLOBAL EMERGING MARKETS, LP 0. 21,412. 0. GMO ALTERNATIVE ASSET OPPORTUNITY FUND 0. 0. 0.

31 STATEMENT(S) 8 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CONRAID N. HILTON FOUNDATION 94-3100217

COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS V, LP 0. 90,983. 0. COMMONFUND CAPITAL VENTURE PARTNERS VI, L.P. 0. 51,236. 0. AXA ROSENBERG 0. 8,420. 0. NCD PARTNERS V, LP 0. 10,657. 0. WTC-CTF DIVERSIFIED INFLATION 0. 374,484. 0. COMMONFUND CAPITAL INTERNATIONAL PARTNERS VI, LP 0. 6,585. 0. COMMONFUND CAPITAL NATURAL RESOURCES PARTNERS VII, LP 0. 28,411. 0. COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VII, LP 0. 6,273. 0.

TO FORM 990-PF, PG 1, LN 23 1,206,918. 1,834,724. 1,079,209.

32 STATEMENT(S) 8 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CbNRAET N. HILTON FOUNDATION 94-3100217

FORM 990-PF OTHER INCREASES IN NET ASSETS OR FUND BALANCES STATEMENT 9

DESCRIPTION AMOUNT

TIMING ADJ DUE TO ACCOUNTING METHOD DIFFERENCES OF MANAGERS AND STATE STREET 161,483.

TOTAL TO FORM 990-PF, PART III, LINE 3 161,483.

I,)1

33 STATEMENT(S) 9 14501104 099862 HILTONFDN 2007.06050 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF OTHER DECREASES IN NET ASSETS OR FUND BALANCES STATEMENT 10

DESCRIPTION AMOUNT

PARTNERSHIP INCOME FOR TAX, NOT BOOK PURPOSES 2,027,223.

TOTAL TO FORM 990-PF, PART III, LINE 5 2,027,223.

34 STATEMENT(S) 10 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION (A Nevada Nonprofit Corporation)

SUPPLEMENTAL SCHEDULE OF LONG-TERM INVESTMENTS FEBRUARY 29, 2008

GOVERNMENT OBLIGATIONS Face Value Cost Market Value FEDERAL HOME LN BK CONS DSC NT 00A3 99 824820 5,600,000.000 5,587,456.00 5,590,189.92 UNITED STATES TREAS BDS 00A3 113.968750 6,950,000.000 7,857,849.67 7,920, 828.13 UNITED STATES TREAS NTS 4 25PCT 15NOV14 00A3 107.835940 1,850,000 000 1,974,365. 21 1,994,964 89 TOTAL GOVERNMENT OBLIGATIONS 14,400,000.000 15,419,670 88 15,505,982.94

STATEMENT 11 CONRAD N. HILTON FOUNDATION (A Nevada Nonprofit Corporation)

SUPPLEMENTAL SCHEDULE OF LONG-TERM INVESTMENTS FEBRUARY 29, 2008

DOMESTIC STOCKS Shares Cost Market Value 001 63T1 09 AMB PPTY CORP COM OOAQ 50180000 9,200.000 559,909 80 461,656.00 002068102 AT+T INC COM Total 93,477.000 3,240,605.99 3,255,803.91 005118938 ACUSPHERE INC WTS EXP 12APR11 00A1 0.000000 22,710.000 0.00 0.00 008252108 AFFILIATED MANAGERS GROUP INC COM 00A2 96.350000 35.360.000 4,317,868.34 3,406,936.00 018490102 ALLERGAN INC COM 00A5 59.230000 9,980.000 563,556.58 591,115.40 020002101 ALLSTATE CORP COM OOAO 47.730000 36,300.000 1,907,107.12 1.732,599.00 022095103 ALTRIA GROUP INC COM OOAO 73 140000 45.700.000 1,574,523 59 3,342.498.00 025816109 AMERICAN EXPRESS CO COM Total 60,195.000 3,354,281 35 2,546.248 50 026874107 AMERICAN INTL GROUP INC COM Total 83,010.000 5,511,908.23 3,889,848 60 03076C106 AMERIPRISE FINL INC COM 00A5 50.640000 10.230.000 466.535.44 518,047.20 035229103 ANHEUSER BUSCH COS INC COM Total 73,200.000 3,536,989.83 3,446,988.00 037833100 APPLE INC COM NPV 00A5 125.020000 7,565.000 504,206.72 945,776 30 038222105 APPLIED MATERIALS INC COM OOAO 19170000 57,100 000 1.159,067.63 1,094.607 00 052800109 AUTOLIV COM 00A2 49.900000 43,090.000 2,235,999.06 2,150,191 00 053015103 AUTOMATIC DATA PROCESSING INC COM OOAS 39.950000 40,700.000 1,822,664.58 1,625,965.00 053484101 AVALONBAY CMNTYS INC COM 00AQ 92 430000 10.700 000 1,559,511 09 989,001.00 060505104 BANK AMER CORP COM Total 155,400.000 6,973,076.51 6,175,596.00 071813109 BAXTER INTL INC COM OOAO 69 020000 40,400.000 1,641,957 77 2,384,408.00 073902108 BEAR STEARNS COS INC COM OOAO 79.860000 17,300.000 2,223,186 31 1,381,578.00 075887109 BECTON DICKINSON + CO COM 00A5 90.420000 2,220 000 197,947 60 200,732.40 084670207 BERKSHIRE HATHAWAY INC DEL CL B OOAS 4,674.500000 140.000 508,867.80 654,430.00 097023105 BOEING CO COM 00A5 82.790000 5,235.000 531,813.18 433,405.65 101121101 BOSTON PPTYS INC COM OOAQ 86.170000 17,000 000 1,929.203 94 1,464,890.00 109641100 BRINKER INTL INC COM 00A2 18.440000 114,900.000 2,168,497.76 2,118,766.00 110122108 BRISTOL MYERS SQUIBB CO COM OOAO 22.610000 94.100.000 2,276,212.27 2,127,601.00 12189T104 BURLINGTON NORTHN SANTA FE COM OOAO 87.780000 23,300.000 1,947,976.75 2,045,274.00 125509109 CIGNA CORP COM 00A2 44.580000 68,140000 2,866,758.98 3,037,681.20 125720105 CME GROUP INC COM 00A5 513.300000 1.515.000 588,288.28 777,649.50 133131102 CAMDEN PPTY TR COM OOAQ 47.490000 11,300 000 538,420.55 536,637.00 1404OH105 CAPITAL ONE FINL CORP COM 00A0 46.030000 25,500.000 1,996,51720 1,173,765.00 143658300 CARNIVAL CORP PAIRED I COM CARN +1 TR SH BEN OOAO 39.350000 63,900.000 2,769,700 17 2,514,465.00 149123101 CATERPILLAR INC COM 00A5 72 330000 7,500.000 467,732 61 542,47500 156700106 CENTURYTEL INC COM 00A2 36190000 58,9DO 000 2,494,114.90 2,131,591.00 166764100 CHEVRON CORP COM OOAO 86.660000 13,500000 845,945.31 1,169,910.00 17275R102 CISCO SYS INC COM 00A2 24.370000 65,700.000 1,232,741.60 1,601,109.00 172967101 CITIGROUP INC COM 00A0 23.710000 67,300.000 3,218,205.69 1,595,683.00 191216100 COCA COLA CO COM OOAS 58.460000 24.500.000 1,183,283.85 1,432,270.00 2003ON200 COMCAST CORP NEW CL A SPL 00A2 19.350000 126,081.000 2,304.415.66 2,439,667.35 20825C104 CONOCOPHILLIPS COM OOAO 82.710000 47,300000 3,084,427.65 3,912,183.00 22002T108 CORPORATE OFFICE PPTYS TR COM OOAQ 30 640000 22,000.000 1,213,390.20 674,080.00 23918K108 DAVITA INC COM 00A2 49.630000 66,970.000 3,590,134.64 3,323,721.10 254687106 DISNEY WALT CO DISNEY COM OOAS 32.410000 31,300 000 1,063,11313 1,014,433 00 25746U109 DOMINION RES INC VA NEW COM OOAO 39.940000 51,000000 1,983,091 32 2,036,940 00 263534109 DU PONT E I DE NEMOURS + CO COM OOAO 46.420000 44,800.000 1,995,847.53 2,079,61600 26441C105 DUKE ENERGY HLDG CORP COM Total 264,220.000 5,062,557.97 4,634,418 80 278865100 ECOLAB INC COM 00A5 46.790000 8,135.000 404,014 47 380,636 65 285512109 ELECTRONIC ARTS INC COM 00A5 47290000 12,485.000 663,036.97 590,415.65 291011104 EMERSON ELEC CO COM 00A0 50960000 39,400.000 1,655,811.79 2,007,824.00 292505104 ENCANA CORP COM 00A2 76.210000 59,930.000 3,036,771.55 4,567,265.30 29364G103 ENTERGY CORP NEW COM OOAO 102.740000 26,900.000 1,871,811.06 2,763,706.00 29381P102 ENTERRA ENERGY TB TB UNIT 00A1 2.220000 21,700.000 244,125.00 48,174.00 294761-107 EQUITY RESIDENTIAL SH BEN INT OOAQ 38.180000 37,500.000 1.734,628 80 1.431,750 00 297178105 ESSEX PROPERTY TRUST COM OOAQ 105.040000 6.200.000 871.170 60 651,248.00 302130109 EXPEDITORS INTL WA INC COM 00A5 39.320000 14,000.000 573,954 35 550,480.00 30225T102 EXTRA SPACE STORAGE INC COM OOAQ 15 070000 36,900.000 741,782.25 556,083.00 313747206 FEDERAL RLTY INVT TR SH BEN INT NEW OOAQ 71.680000 11,000 000 941,904.15 788,480.00 337932107 FIRSTENERGY CORP COM 00A2 67 590000 50,030.000 3,292,213 22 3,381,527.70 364730101 GANNETT INC COM Total 28,800000 1,628,317 63 868,320.00 369550108 GENERAL DYNAMICS CORP COM 00A2 81.850000 44,710000 3,972,793 08 3.659,513.50 369604103 GENERAL ELEC CO COM Total 72,530 000 2,588,656 78 2,403,644.20 STATEMENT 12 CONRAD N. HILTON FOUNDATION (A Nevada Nonprofit Corporation)

SUPPLEMENTAL SCHEDULE OF LONG-TERM INVESTMENTS FEBRUARY 29, 2008

375558103 GILEAD SCIENCES INC COM 00A5 47.320000 13,125.000 549,836.12 621,075.00 38141G104 GOLDMAN SACHS GROUP INC COM Total 21,160.000 4,826,297.18 3,589,370.80 38259P508 GOOGLE INC CL A 00A5 471 180000 1,500.000 763,211.14 706,770.00 40414L109 HCP INC COM OOAQ 29.180000 18,700.000 562,913 30 545,666.00 416515104 HARTFORD FINANCIAL SVCS GRP COM OOAO 69.900000 19,300.000 1,565,637.32 1,349,070.00 4234 521 01 HELMERICH AND PAYNE INC COM 00A2 44 830000 60.330.000 1,880,720.85 2,704,593.90 437076102 HOME DEPOT INC COM OOAO 26.550000 30,000 000 1,145,181.32 796,500.00 438516106 HONEYWELL INTL INC COM OOAO 57.540000 51,300.000 2,213,756.70 2,951,802.00 440327104 HORACE MANN EDUCATORS CORP NEW NEW COM 00A2 17.380000 185,890 000 3,671,784 13 3.230,768.20 452308109 ILLINOIS TOOL WKS INC COM 00A0 49.070000 61,100.000 2,845,418.52 2,998,177.00 459200101 INTERNATIONAL BUSINESS MACHS COM Total 50,600.000 5,368,703.66 5,761.316.00 46625H100 JPMORGAN CHASE + CO COM Total 101,760 000 4,636,190 90 4,136,544 00 469814107 JACOBS ENGR GROUP INC COM 00A5 80 290000 12,365 000 280,956 43 992.785.85 478160104 JOHNSON + JOHNSON COM 00AS 61.960000 26,100.000 1,592,72802 1,617,156.00 478366107 JOHNSON CTLS INC COM 00A5 32 860000 18,450.000 712,678.36 606,26700 487836108 KELLOGG CO COM 00A2 50.720000 51,700 000 2,378,232.14 2,622,224.00 50075N104 KRAFT FOODS INC CL A OOAO 31 170000 45,925 000 986,748.24 1,431.482.25 501044101 KROGER CO COM 00A2 24.250000 105,780.000 2,396,820.46 2,565.165.00 502424104 L 3 COMMUNICATIONS HLDG CORP COM OOAO 106.290000 14,300.000 1,160,103.98 1.519,947.00 524901105 LEGG MASON INC COM OOAS 66.040000 9.900 000 919,031.62 653,79600 548661107 LOW ES COS INC USDO 50 OOAS 23 970000 20,800.000 473.540 60 498,576.00 552953101 MGM MIRAGEINC COM 00A5 61 590000 5,151 000 260,873 44 317,250.09 554382101 MACERICH CO COM OOAQ 64 000000 10,900.000 1,045,199.96 697,600.00 554489104 MACK CA RLTY CORP COM OOAQ 34 490000 24,800.000 1,247,442.46 855,352.00 580645109 MCGRAW HILL COS INC COM 00A5 40.930000 6,980 000 356,036 89 285,691.40 594918104 MICROSOFT CORP COM Total 60,155 000 1,673,791.29 1.637,419.10 624756102 MUELLER INDS INC 00A2 28 730DOO 95,330.000 3,481,209.96 2,738,83090 626717102 MURPHY OIL CORP COM OOAO 80 380000 8,600.000 463,686.45 691,268.00 655664100 NORDSTROM INC COM 00A5 37030000 11,680.000 475,535.66 432,510 40 674599105 OCCIDENTAL PETE CORP COM Total 110,580.000 4,821,106.72 8,555,574 60 676220106 OFFICE DEPOT INC COM OOAO 11.370000 31,100.000 1,054,829 74 353,607.00 678026105 OIL STATES INTL INC COM 00A2 42 160000 82,810 000 3,256,268.06 3,491,269.60 680033107 OLD NAIL BANCORP IND COM RTS CALLABLE THRU 3/2/20 00A2 15.520000 180.030.000 2,843,709 29 2,794,065 60 693506107 PPG INDS INC COM 00A2 61.980000 56,980 000 4,178,701 87 3,531.620 40 693718108 PACCAR INC COM 00A5 43 380000 11,975 000 688,883.56 519,475.50 713448108 PEPSICO INC COM OOAS 69 560000 20.600 000 1,320,527.98 1.432,936 00 717081103 PFIZER INC COM OOAO 22.280000 130,500000 3,067,523 60 2,907,540.00 724479100 PITNEY BOWES INC COM OOAO 35.780000 20,400.000 921,323.90 729,912.00 74005P104 PRAXAIR INC COM 00A5 80.280000 12,000000 597,672.58 963,360.00 74144T108 PRICE T ROW E GROUP INC COM 00A5 50530000 1,840 000 96,704.14 92,975.20 742718109 PROCTER AND GAMBLE CO COM OOAS 66 180000 19,500000 1,262,730 98 1,290,510.00 743410102 PROLOGIS SH BEN INT OOAQ 53 880000 25,300 000 1,734,413 27 1,363,164.00 74460D109 PUBLIC STORAGE COM OOAQ 81 360000 7,600.000 847,529.72 618,33600 747525103 QUALCOMM INC COM 00A5 42 370000 11,215.000 517,752.51 475,179 55 755111507 RAYTHEON CO COM NEW OOAS 64.840000 10,345.000 655,766 68 670,769 80 758766109 REGAL ENTMT GROUP CL A 00A2 19 730000 108,100.000 2,221,706 24 2,132,813 00 760975102 RESEARCH IN MOTION LTD COM 0OA5 103.800000 7,505.000 368,978 56 779,01900 776349201 ROO GROUP INC COM NEW 00A1 0.160000 380,000 000 570,000 00 60,800.00 78440X101 SL GREEN RLTY CORP COM OOAQ 91.500000 8,700000 1,213,317 68 796,050.00 78442P106 SLM CORP COM OOAO 19 610000 110,100 000 4,068,667 64 2,159,061 00 806857108 SCHLUMBERGER LTD COM 00A5 86 450000 3,800.000 191,866 99 328,51000 826552101 SIGMA ALDRICH COM 00A5 55 020000 6,920 000 375,582 95 380,738 40 828806109 SIMON PPTY GROUP INC NEW COM OOAQ 83.800000 18,200 000 2,076,088.41 1,525,160 00 847560109 SPECTRA ENERGY CORP COM OOAO 23 110000 72,400 000 1,765,847 56 1,673,164 00 83499Z9R9 SSGA FUNDS SSGA TREASURY FUND OOAQ 100.000000 322,126 710 322,126 71 322.126 71 854616109 STANLEY WORKS COM OOAO 48 540000 43,700 000 2,122,780 48 2,121,198 00 8559OA401 STARWOOD HOTELS + RESORTS INC COM OOAQ 47.330000 23,100 000 1,559,024 17 1,093,323 00 857477103 STATE STREET CORPORATION COM 00A5 78 550000 8,380 000 542,390 48 658,249 00 862727106 STRATEGIC HOTELS + RESORTS INC COM OOAQ 14.240000 32,900 000 715,913 87 468,49600 872540109 TJX COS INC NEW COM 00A2 32 000000 68,280 000 1,947,955.08 2,184,960.00 876664103 TAUBMAN CENTERS INC REIT OOAQ 48 750000 12,400 000 761,906.31 604,500 00 STATEMENT 12 CONRAD N. HILTON FOUNDATION (A Nevada Nonprofit Corporation)

SUPPLEMENTAL SCHEDULE OF LONG-TERM INVESTMENTS FEBRUARY 29, 2008

879369106 TELEFLEX INC COM 00A2 56.550000 37,400.000 2,591,259.74 2,114,970 00 88076W103 TERADATA CORP DEL COM 00A2 25230000 74,920.000 2,103,811.39 1,890,231 60 88579Y101 3M CO COM 00A2 78.400000 51,840 000 4.113,841.01 4,064,256 00 887317105 TIME WARNER INC NEW COM 00A2 15.610000 135,470 000 2,136,766.02 2,114,686.70 902653104 UDR INC COM 00A2 22 350000 129,200 000 2,963,999.04 2,887,620.00 902911106 UST INC COM USD0.50 OOAO 54.290000 40,400 000 1,726,086.95 2,193,31600 90391 4 1 09 ULTRA PETE CORP COM 00A2 78.470000 54,140000 2,983,131.29 4,248,365.80 907818108 UNION PAC CORP COM 00A5 124.760000 755 000 97,577.56 94,193.80 91324P102 UNITEDHEALTH GROUP INC COM OOAO 46.480000 54,500 000 2,693,856.75 2,533,160 00 92220P105 VARIAN MED SYS INC COM 00A5 52.450000 9.060.000 432,812 51 475,197.00 92276F100 VENTAS INC COM OOAQ 41.820000 18,300.000 801,345.91 765,306.00 92343V104 VERIZON COMMUNICATIONS COM USD 500 OOAO 36 320000 89,800.000 2,874,702 77 3,261,536 00 929042109 VORNADO RLTY TR COM OOAQ 83.560000 4,200 000 364,905 85 350,95200 931142103 WAL MART STORES INC COM OOAS 49.590000 36,300 000 1,743,822.96 1,800.11700 939322103 WASHINGTON MIT INC COM OOAO 14.800000 47,400.000 580,616 64 701,520 00 948741103 WEINGARTEN RLTY INVS SH BEN INT 00AQ 32.110000 23,200 000 1,060,427 67 744,952.00 94973V107 W ELLPOINT INC COM 00A0 70.080000 47,000.000 3,607,311 67 3,293,760 00 949746101 WELLS FARGO + CO NEW COM Total 106,100 000 3,562,159.00 3,101,303.00 983024100 WYETH COM 00A0 43 620000 49,300 000 2,218,088.94 2,150,466 00 0491 BT108 INVESCO LTD COM 00A2 25.610000 125,830.000 2,374,558 92 3, 222, 506.30 TOTAL DOMESTIC STOCKS 6.878,340.710 255,088,100 60 248,903,167 36

FOREIGN STOCKS Shares Cost Market Value G0070K103 ACE LTD COM 00A2 56.240000 61,115.000 3,766,693 56 3.437,107 60 140994914 CAPITAL INTL EMG MKTS GRWTH FD 00AP 13 870000 3,536.709 070 50,327,259.98 49,054,154 80 D1668R123 DAIMLER AG REG SHS 00A5 83.190000 7,725.000 702,757.67 642,642.75 453142101 IMPERIAL TOB GROUP PLC SPONSORED ADR OOAO 92.450000 46,300.000 2,787,190.19 4,280,435 00 654902204 NOKIA CORP SPONSORED ADR OOAO 36.010000 57,100 000 1,198,524.96 2,056,171 00 481990976 SILCHESTER INTL VALUE EQUITY TRUST OOAP 60.812600 299,732.500 17,989,281.19 18,227,512.63 G9144P105 TYCO ELECTRONICS LTD SHS OOAS 32 900000 18,385 000 689,749,84 604,866.50 92857W209 VODAFONE GROUP PLC NEW SPONSORED ADR NEW 00A2 32 230000 106,000.000 3,748.756 88 3,416,380 00 G98255105 XL CAPITAL LTD SHS A OOAO 36 060000 20,200,000 1,324,853.86 728,412.00 TOTAL FOREIGN STOCKS 4,153,266 570 82,535.068.13 82,447,682.28

TOTAL DOMESTIC & FOREIGN STOCKS 11.031,607 280 337,623,168.73 331,350,849 64

STATEMENT 12 CONRAD N. HILTON FOUNDATION (A Nevada Nonprofit Corporation)

SUPPLEMENTAL SCHEDULE OF LONG-TERM INVESTMENTS FEBRUARY 29, 2008

Base Currency : USD - US DOLLAR Asset ID Fund Unit Price Face Value Cost Market Value

CORPORATE BONDS Face Value Cost Market Value 00138OAA5 AIG SUNAMERICA GLOBAL FING VI SR NT 144A 00A3 105.770140 630,000 000 629,074 666,352 001957BDO AT + T CORP ACQUIRED USD SR NT 00A3 119.679030 430,000 000 493,928 514,620 004421CP6 ACE SECS CORP HOME EQUITY LN 2003 NC1 PASSTHRU CTF CL A ' 00A3 75.546900 60,773 300 60,830 45,912 02582JCL2 AMERICAN EXPRESS CR ACCOUNT 2003 3 ASSET BKD CTF CL A 00A3 99937500 1.650,000 000 1,655,865 1,648,969 02635PSF1 AMERICAN GEN FIN CORP MTN TRANCHE TR 00390 00A3 100.445130 180,000.000 175 .259 180,801 03076MABO AMERIQUEST MTG SECS INC ASSET 2006 M3 MTG PASS CTF CL A 2 00A3 98 765600 647,231.010 647,231 639,242 037735CH8 APPALACHIAN PW R CO SR NT SER 0 00A3 106.969950 100,000 000 99,820 106,970 039483AY8 ARCHER DANIELS MIDLAND CO NT 00A3 100.925000 170,000 000 169,997 171,573 040555CG7 ARIZONA PUB SVC CO NT 00A3 101.554830 265,000000 265,821 269,120 043353AA9 ARVINMERITOR INC NT 12/03101 8.750 00A3 91 000000 255,000.000 257.200 232,050 060505DP6 BANK AMER CORP SR NT 00A3 104.183050 370,000.000 367.886 385,477 073902PN2 BEAR STEARNS COS INC SUB GLOBAL NT 00A3 86.891000 305,000000 274,590 265,018 073902RU4 BEAR STEARNS COS INC SR GLOBAL NT 00A3 99.384470 190,000 000 189,479 188,830 09062XAB9 BIOGEN IDEC INC SR NT 00A3 100.710258 210,000.000 208,286 211,492 10549PAC5 BRASCAN CORP NT 00A3 102 435650 45.000 000 48.463 46.096 10549PAE1 BRASCAN CORP NT 0043 102.848280 250,000 000 277,564 257,121 112585ABO BROOKFIELD A M NT 00A3 90.054200 180,000 000 179,514 162,098 1266506D1 CVS CORP SR NT 0043 106043320 80,000 000 79,856 84,635 1266506F6 CVS CAREMARK CORP PASSTHRU CTF 144A 0043 99.368380 121,738.390 122,540 120.969 126650BH2 CVS CAREMARK CORP SR NT 0043 104.001330 80,000 000 79.161 83,201 126683AA9 CW HEO HOME EQUITY LN TR SER 2006 S5 ASSET BKD CTF Al 00A3 85445260 0090 0 0 13973AAE3 CAP AUTO RECVBLS AST TR 2006 2 CL A3B 00A3 99.312500 1,425,000.000 1,425,000 1,415,203 140661AA7 CAPMARK FINL GROUP INC SR NT 144A 0043 70.622610 105,000.000 104,831 74,154 140661AE9 CAPMARK FINL GROUP INC SR NT 144A 00A3 69.587730 255,000 000 254,890 177,449 149206AA2 CATLIN INS CO LTD PERP PFD SHS 144A 0043 89.271000 325,000 000 329,379 290,131 15189YAB2 CENTERPOINT ENERGY RES CORP SR NT 00A3 113.808320 50,000.000 54,341 56,904 15189YAD8 CENTERPOINT ENERGY RES CORP SR NT 0043 97662920 80,000.000 79,625 78,130 16161ABX5 CHASE MANHATTAN CORP NEW SUB NT 00A3 105.971870 370,000.000 370,861 392,096 172967EC1 CITIGROUP INC GLOBAL SR NT 00A3 90.085830 200,000.000 180,464 180,172 17305E0P7 CITIBANK CR CARD ISSUANCE TR SER 2007 At CL Al 0043 98.578100 1,000,000 000 1,000,000 985,781 17305EDY8 CITIBANK CR CARD ISSUANCE TR SER 2007 A8 NT CL A8 0043 99.921900 665,000 000 661,243 664,481 196522AK2 COLORADO INTST GAS CO SR NT 0043 105.286000 85,000 000 88,878 89,493 20029PAL3 COMCAST CABLE COMMUNICATIONS NT 11101/30 6.750 00A3 106.319290 170.000000 181,550 180,743 205887AR3 CONAGRA INC DEB 0043 103.118810 80.000000 85.719 82,495 205887AXO CONAGRA INC NT 00A3 121.235770 135,000.000 165,767 163,668 209615BXO CONSOLIDATED NAT GAS CO SR NT SER C 00A3 107.760940 120,000.000 125,535 129,313 210518BW5 CONSUMERS ENERGY CO 1ST MTG BD SER F 00A3 101.359330 125,000.000 123,653 126,699 210518BX3 CONSUMERS ENERGY CO 1ST MTG BD SER H 00A3 101.355500 135,000 000 134,694 136,830 216871A89 COOPER U S INC GTD SR NT 00A3 105.395120 230,000000 230,183 242,409 22237LNR9 COUNTRYWIDE FOG CORP MTN TRANCHE TR 00304 0043 97.083410 195,000 000 194.830 189,313 233835AQ0 DAIMLER CHRYSLER HLDGS NT 0043 121.710000 165,000000 180,480 200,822 246688AF2 DELHAIZE AMER INC DEB 0043 121 267000 337,000.000 393,422 408.670 250847DS6 DETROIT EDISON CO 00A3 107.347130 180,000.000 183,597 193,225 27876GAQ1 ECHOSTAR DBS NT 0043 98.500000 320,000.000 318,863 315,200 27876GAY4 ECHOSTAR DBS CORP SR NT 0043 96 250000 35.000 000 34,213 33,688 29364LAH5 ENTERGY GULF STS INC 1ST MTG BD 00A3 99.989890 95,000 000 93,267 94,990 29364LAR3 ENTERGY GULF STS INC 1ST MTG BD 0043 97.739000 150,000.000 149,643 146,609 29364LAW2 ENTERGY GULF STS INC 1ST MTG BD 144A 0043 100.244000 275,000000 275,034 275,671 29444GAHO EQUITABLE COS INC SR NT 00A3 100.277770 160,000 000 167,347 160,444 309601AAO FARMERS INS EXCH SURPLUS NT 144A 00A3 111.403030 500,000 000 490.460 557,015 32028HAB9 FIRST FRANKLIN MTG LN TR 2006 FF10 PASTHRU CT CL A2 00A3 98.468800 402,908770 402,877 396,739 32029GABO FIRST FRANKLIN MTG LOAN 0043 98.062500 707,470030 707,470 693,763 337738AG3 FISERV INC SR NT 0043 106.369660 260,000000 259,145 276,561 35177PAL1 FRANCE TELECOM SA 8.5PCT 01MAR31 00A3 127673590 285,000000 377,401 363,870 35729TAC6 FREMONT HOME LN TR 2006 C MTG PASS CTF CL 2A1 00A3 98 625000 660,006 760 660,007 650,932 3622M8AB2 GSAMP TRUST 2006 HE8 PASSTHRU CTF CL A2A 0043 98 187500 500,007.950 500.008 490,945 362440AB5 GSAMP TR 2007 HE2 MTG PASSTHRU CTF CLA2 0043 97.562500 828,731 370 828,731 808,531 369604BC6 GENERAL ELEC CO NT 00A3 100 704360 855,000000 848,612 861.022 36962GE75 GENERAL ELEC CAP CORP MTN TRANCHE TR 00614 0043 102.201500 135,000 000 134,321 137.972 STATEMENT 13 CONRAD N. HILTON FOUNDATION (A Nevada Nonprofit Corporation)

SUPPLEMENTAL SCHEDULE OF LONG-TERM INVESTMENTS FEBRUARY 29, 2008

36962GXS8 GENERAL ELEC CAP CORP MTN TRANCHE TR 00521 MTN A 00A3 107.654600 40,000.000 42,803 43,062 3782759B9 GLENCORE NICKEL PTY LIMITED 00A3 0000000 310,000.000 0 0 38141GFD1 GOLDMAN SACHS GROUP INC SUB NT 00A3 94.544310 350,000.000 343,963 330,905 38199B9E8 GOLDEN STATE MUTUAL LIFE INS CTF OF CONTRIBUTION GSM 00A4 100.000000 10,000.000 10,000 10,000 40429CAAO HSBC FIN CORP NT 00A3 105.700980 50.000.000 53,021 52,850 428236AS2 HEWLETT PACKARD CO GLOBAL NT 00A3 102.737250 85,000.000 84,942 87,327 437076AP7 HOME DEPOT INC SR NT 00A3 94.237000 200,000.000 185.569 188,474 437076405 HOME DEPOT INC SR NT 00A3 96.236000 415,000.000 414,525 399,379 438516AX4 HONEYWELL INTL INC SR NT 00A3 102.652000 50,000.000 49.820 51,326 441060A65 HOSPIRA INC NT 00A3 97.806000 365,000.000 365,000 356,992 441812FY5 HOUSEHOLD FIN CORP NT 0043 100.706230 175,000.000 178,484 176.236 441812GE8 HOUSEHOLD FIN CORP SR NT 00A3 101.768700 495,000.000 466,012 503,755 441812KFO HOUSEHOLD FIN CORP NT 0043 100.203650 95,000.000 94,727 95,193 448096AG2 HUSKY OIL LTD CAP SECS 0043 101.318000 85.000.000 86,169 86,120 460690AV2 INTERPUBLIC GROUP COS INC NT 00A3 80.000000 175,000.000 160,469 140,000 49455WAD8 KINDER MORGAN FIN CORP GTD NT 00A3 93.000000 285,000.000 252,938 265.050 501044CG4 KROGER CO SR NT 00A3 106.792490 80,000 000 79,552 85,434 524908R36 LEHMAN BROS HLDGS INC SUB NT 00A3 103.268810 260,000.000 259,629 268,499 524908R44 LEHMAN BROS HLDGS INC SUB NT 00A3 98 032910 435,000.000 410,709 426,443 524908U64 LEHMAN BROS HLDGS INC SUB NT 00A3 98.698460 200,000.000 189,248 197.397 542514OS6 LONG BEACH MTG LN TR 2006 W L1 ASSET BKD CL IIA1 00A3 99968800 28,070.040 28.074 28.061 55262TEB5 MBNA MASTER CR CARD TR 11 19996 ASSET BKD CTF CL A 0043 102.562500 510,000 000 496,852 523,069 552621FJ7 MBNA MASTER CR CARD TR 11 SER 2000 E ABS NT CL A 00A3 109 250000 645,000 000 673,295 704,663 55263ECM5 MBNA CORP SR MTN TRANCHE SR 00060 00A3 100.021550 310,000 000 310,000 310,067 565849AD8 MARATHON OIL CORP SR NT 00A3 104.616420 150,000000 154,251 156,925 600388AAO MILLER BREWING CO GTD NT 144A 00A3 100.534880 265,000.000 263,632 266,417 617440763 MORGAN STANLEY INSTL FD TR ADVISORY MTG PORTFOLIO INST ( 00A3 8.820000 12,709,487 706 127,314,910.35 112,097,681.57 617440789 MORGAN STANLEY INSTL FD TR ADVISORY FRGN FXD INC PRT INS 00A3 3.410000 1,707,219.213 5,908,663.68 5.821,617 52 63859UAU7 NATIONWIDE BLDG SOC TRANCHE SR 00019144A 00A3 100.300150 360,000.000 355,473 361,081 63860FAA1 NATIONSTAR HOME EQUITY LN 2006 B LN ASSET BKD CTF CL AV1 00A3 99.109400 277,937.060 277,937 275,462 64352VFX4 NEW CENTURY HOME EQUITY LN TR SER 2004 2 CL A2 00A3 89.546900 48,852370 48,921 43,746 65106FABB NEWCASTLE MTG SER 2007 1 CL 2 A 1 00A3 96.656300 534,371.500 530,030 516,504 65473QAJ2 NISOURCE FIN CORP GTD NT 00A3 108.918100 280,000 000 299,208 304,971 65473QAP8 NISOURCE FIN CORP GTD NT 00A3 96.511000 160,000.000 160,000 154,418 677347CD6 OHIO EDISON CO SR NT 0043 105.332070 135,000.000 138,641 142,198 677415CL3 OHIO PW R CO SR NT SER K 00A3 104 708990 255,000.000 254,297 267,008 693304A11 PECO ENERGY CO 1ST+ REF MTG BD 0043 102.567000 96,000.000 94,999 97,439 721467AE8 PILGRIMS PRIDE CORP SR NT 15/05/01 7.625 00A3 95.500000 140,000.000 140,044 133,700 72650RAM4 PLAINS ALL AMERN PIPELINE LP SR NT 00A3 99.700330 260,000 000 258,818 259,221 72766CAD8 PLATINUM UNDERWRITERS FIN INC GTD NT SER B 00A3 99.786000 200,000 000 199,972 199,572 744320BD6 PRUDENTIAL FINL INC TRANCHE TR 00028 0043 97.961100 135,000.000 134,213 132,247 75156MAA3 RESIDENTAL ASSET MORTGAGE PROD 2006 RZ3 MTG ASSE BKD C' OOA3 98 421900 548,993.710 548,994 540,330 76112B3C2 RESIDENTIA ASSET MTG PRODS IN 2006 SP1 ASSET MTG PASS CL 00A3 99 750000 50,712.980 50,713 50,586 78387GA06 SBC COMMUNICATIONS INC GLOBAL NT 34/09/15 6 150 0043 97 479800 155,000.000 150,091 151,094 78442FDE5 SLM CORP MEDIUM TERM NTS BOOK TRANCHE TR 00077 OOA3 96.598910 240,000.000 238,654 231,837 78443YAA4 SUVA STUDENT LN TR 2007 3 MTG PASSTHRU CTF CLA1 00A3 99359400 629,930.540 629,931 625,895 83612NAC9 SOUNDVIEW HOME LN TR 2007 WMC1 AST BKD CTF CL IIIA1 00A3 92 660290 755,499 770 755,500 700.048 84752CAB3 SPECIALTY UNDERWRITING + RESID 2007 AB1 ASST BACKED CTF ( OOA3 97.312500 522,342 390 518,098 508,304 852060AT9 SPRINT CAP CORP 8.75PCT 15MAR32 0043 78.098770 190,000 000 218,394 148,388 86358EC61 STRUCTURED ASSET INVT LN TR 2006 BNC1 MTG PASSTHR CTF CL 00A3 99687500 92,480740 92,481 92,192 86358EEZ5 STRUCTURED ASSET INVT LN TR 2003 BC13 MTG PASSTHRU CL 3A 00A3 93.296900 18,584030 18,611 17,338 87203RAAO SYSTEMS 2001 A T LLC ASSET PASSTHRU CTF CL G 144A 0043 104.370000 277,060 590 280,837 289,168 87316YA67 TXU ELEC DELIVERY TRANSITION SR 2004 1 BD CL A 2 00A3 103.890600 200,000 000 199,748 207,781 881561T53 TERWIN MTG TR 2006 3 ASSET BKD I A 1 144A 00A3 99.562500 359,296.060 357,949 357,724 882389CC1 TEXAS EASTN TRANSMISSION CORP SR NT 00A3 107.405260 145,000 000 160,094 155,738 887317AA3 TIME WARNER INC NEW NT FLTG RATE 0043 97.109040 515,000.000 515,009 500,112 895953AD9 TRICON GLOBAL RESTAURANTS INC SR NT 00A3 113399160 220,000 000 245.775 249,478 90212EAA2 TWO ROCK PASS THROUGH TR ASSET BKD CAP SECS 144A 00A3 20.000000 245,000 000 244.100 49,000 906548CEO UNION ELEC CO SR SECD NT 00A3 107 780560 245,000 000 244,784 264,062 91324PBJO UNITEDHEALTH GROUP INC SR NT 0043 101.416000 230,000 000 229,791 233,257 92343VAL8 VERIZON COMMUNICATIONS INC NT 0043 101.090330 250,000.000 249,488 252.726 92344RAAO VERIZON NEW ENG INC DEB 0043 106 453760 90,000 000 89.797 95,808 925524AX8 VIACOM INC SR DEB 0043 96820840 265,000000 260,468 256,575 92978AAAO WACHOVIA CAP TR III PERP WACHOVIA INC TR SECS 00A3 78 750000 650.000 000 642.475 511,875 STATEMENT 13 CONRAD N. HILTON FOUNDATION (A Nevada Nonprofit Corporation)

SUPPLEMENTAL SCHEDULE OF LONG-TERM INVESTMENTS FEBRUARY 29, 2008

939322AE3 WASHINGTON MUT INC SUB NT 00A3 97.795450 360,000.000 384,375 352,064 93935JAA1 WASHINGTON MUT PFD FDG TR II PERP TR SECS 2006 C 144A 00A3 65.000000 300,000.000 300,000 195,000 94973VAF4 W ELLPOINT INC NT 00A3 101 437990 90,000.000 89,815 91,294 949746NX5 WELLS FARGO + CO NEW SR UNSECD NT 00A3 104 098920 375,000.000 373,440 390,371 981468AA9 WORLD FINL PPTYS TOWER B SER 1996 WFP B PASS THRU 00A3 98 227360 304,749 720 304,750 299,348 981469AA7 WORLD FINL PPTYS TOWER D FIN SER 1996 WFP D PT CTF 144A 00A3 98 327640 151,351.400 148,527 148,820 983024AJ9 W YETH NT 00A3 104 645820 45,000.000 45,794 47,091 983024AM2 WYETH NT 0043 103.099660 110,000.000 111,635 113,410 98374PAZ9 )0_UAC GLOBAL FDG SR TRANCHE TR 00024 0043 100.647000 360,000.000 358,783 362,329 TOTAL CORPORATE BONDS 51,177,807.489 169,907,410 154,052,429

FOREIGN BONDS Face Value Cost Market Value 22541HCC4 CREDIT SUISSE N Y SUB NT 0043 102.052480 400,000.000 399,346 408,210 30239XAC1 FBG FIN LTD GTD NT 144A 0043 100.147800 250,000.000 248,810 250,370 449909AK6 ICI WILMINGTON INC GTD NT 0043 99.824630 110,000.000 109,671 109,807 501860AA1 LG ELECTRONICS INC NEW NT 144A 0043 98.846000 175.000.000 173,311 172,981 56460EAA2 MANTIS REEF LTD ABC SECS 144A 3C7 00A3 100.823000 320,000.000 320,000 322,634 87927VADO TELECOM ITAUA CAP GTD SR NT SER A 00A3 99.648730 85,000.000 86,053 84,701 87927VAK4 TELECOM ITALIA CAP GTD SR NT 0043 99.163510 285,000.000 276,713 282,616 879385AD4 TELEFONICA EUROPE BV US NT 0043 120.988560 300,000.000 342,553 362,966 90466EAA5 UNICREDIT LUXEMBOURG FIN TRANCHE SR 00001 0043 100.269810 570,000.000 570,000 571,538 TOTAL FOREIGN BONDS 2,495,000.000 2,526.457 2,565.822

TOTAL CORPORATE BONDS 53,672,807. 489 172,433,867 .490 156 ,618,250.200

STATEMENT 13 CONRAD N. HILTON FOUNDATION (A Nevada Nonprofit Corporation)

SUPPLEMENTAL SCHEDULE OF LONG-TERM INVESTMENTS FEBRUARY 29, 2008

Base Currency : USD - US DOLLAR Asset ID Fund Unit Price Face Value Cost Market Value

AUDIT ADJUSTMENTS: Witter Tax reclaim receivable 00A1 1,29255 Witter Income rece ivable OOA1 579.21 Dallon Tax reclaim receivable 00A2 8,614.51 Dallon Income receivable 00A2 251.31 Transam Tax reclaim receivable WAS 217.87 Transam Income receivable 00A5 10.66 TOTAL AUDIT ADJUSTMENTS 10,966.11

COMMINGLED FUNDS Face Value Cost Market Value 02099C937 ALPHA ONLY FUND III 00A6 11.110000 231 ,636.317 2,497,039.50 2,573,479.48 068995927 AXA ROSENBERG INTL SMALL CAP INSTITUTIONAL FUND OOAV 12031978 1,510,166.546 19,865,386.17 18,170,290.66 091937284 BLACKROCK FDS ALL CP GLBL RES PTFLO INSTL OOAR 21.460000 2,961,001 451 45,561,466.57 63,543,091.14 12613Y919 CF CAP NATURAL RESOURCES VII OOAY 0.980599 1,440,000.000 1,440,000 00 1,412,062.56 200999985 COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS Vii LP 00AY 0.998007 134,000.000 134,00000 133,732.94 20099M945 COMMONFUND CAP INTL PTNRS VI LP OOAY 0.963422 455,934.000 455,93400 439, 256.85 202995932 COMMONFUND INTL PRIVATE IV OOAY 1.228204 1,288,701. 190 1 ,288,701.19 1,582,787.96 20299A915 COMMONFUND CAPITAL PRIVATE EQUITY PARTNERS VI, LP OQAY 0.962533 3,405,580000 3,405,580.00 3,277,983.13 202998954 COMMONFUND CAPITAL PRIVATE OOAY 1.248307 3,218,543.160 3,218,543.16 4,017,729.96 202998996 COMMONFUND CAPITAL VENTURES PARTNERS VI LP OOAY 1.048371 1,337,434.130 1,337.434.13 1,402,127.16 202990910 COMMONFUND CAPITAL VENTURES PARTNERS Vii LP OOAY 0.953896 1,565,000.000 1,565.000.00 1,492,847.24 20299Z910 COMMONFUND CAPTL VENTURES PARTNERS VIII LP OOAY 1.000000 178,125 000 178,12500 178,125.00 20599E914 COMMONFUND CAPITAL INTL PAT V L.P OOAY 0945582 2,128,198.840 2,128,198 84 2,012,386.52 256206103 DODGE + COX FDS INTL STK FD OOAP 41.740000 415, 885.032 19,083,453.24 17,359,041.24 625995923 GMO MULTI STRATEGY FD OFFSHORE 00A6 4133801 7,818,564.565 25,878,455. 88 32,320,390.02 4629913997 GMO INTL GRTH EOTY FUND IV 00A6 27.700000 1,056,405.055 31,994,116.18 29.262,420.02 365998970 GMO USD CORE EQUEITY IV 00A6 12.020000 3,082,152.409 44,653,475 25 37,047,471.96 36099A921 GMO FOREIGN FUND II WAS 16.530000 1,332,128.017 21,154,192.91 22,020,076.12 36188X915 GMO INTERNATIONAL INTRINSIC VALUE FUND IV 0056 29.960000 952,971 785 31,116,659.49 28,551,034.68 362008799 GMO TR EMERGING MKTS FD CL IV 0056 20.400000 1,857,997 172 45,011,056.14 37,903,142.31 36399H972 GMO US QUALITY EQUITY FUND IV 00A6 20.570000 3,272,472 657 67,511 ,110.91 67,314,762.55 36399V963 GMO EMERGING COUNTRY DEBT FUND III 0056 10060000 91,245.140 939,938 82 917,926.11 83499Z9R9 SSGA FUNDS SSGA TREASURY FUND 00A6 100.000000 6,893,046.980 6,893,046 98 6,893,046.98 411301302 HANSBERGER INSTL SER INTL GROWTH FD 00AP 18.890000 1,237,751.418 24,000,000.00 23,381,124.29 658996929 NCD PARTNERS V L P OOAY 1.000000 1,787,500.000 1,787,500.00 1,787,500.00 666426937 NORTHGATE PRIVATE EQUITY PARTNERS Ill. LP WAY 1000000 6,250,000.000 6,250,000 00 6.250.000.00 66699A948 NORTHGATE VENTURES Ill LP OOAY 1 000000 3,900,000.000 3,900,000 00 3,900,000.00 66699A963 NORTHGATE GLOBAL EMERGING MARKETS LP OOAY 1.000000 1,600,000.000 1.600,000.00 1,600,000.00 70099Z933 PARK STREET CAPITAL NATURAL RESOURCE FUND Ill LP OOAY 0.995543 3,250,000 000 3,250,000.00 3,235.514.75 75099H965 RMS OPPORTUNITIES I LIMITED PARTNERSHIP ODAY 1.000000 9,839,743 190 9.839,743.19 9,839,743.19 83499Z9R9 SSGA FUNDS SSGA TREASURY FUND OOAY 100.000000 2,833,421 210 2,833,421.21 2,833,421.21 947998921 WTC CTF DIV INFLTN HEDGE PRTFL DIVERSIFIED OOAR 19.199991 3,082,267.553 45,090,785 57 59,1 79,509 28 TOTAL COMMINGLED FUNDS 80,407,872.817 475,862 ,364.33 491,832,025.31

TOTAL OTHER INVESTMENTS 80,407,872.82 475,862,364.33 491,842,991.42

STATEMENT 14 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF OTHER ASSETS STATEMENT 15

BEGINNING OF END OF YEAR FAIR MARKET DESCRIPTION YR BOOK VALUE BOOK VALUE VALUE

DIVIDENDS & INTEREST RECEIVABLE 1,682,608. 1 , 429,383. 1,429,383. RECEIVABLE FROM SALE OF INVESTMENTS 1,803,544. 1,072,975. 1,072,975. OTHER 127,564. 114, 244. 114,244.

TO FORM 990-PF, PART II, LINE 15 3,613,716. 2,616 ,602. 2,616,602.

39 STATEMENT(S) 15 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF OTHER LIABILITIES STATEMENT 16

DESCRIPTION BOY AMOUNT EOY AMOUNT

AMOUNTS PAYABLE FOR PURCHASE OF INVESTMENTS 2,818 ,394. 1,461,771.

TOTAL TO FORM 990-PF, PART II, LINE 22 2,818 ,394. 1,461,771.

40 STATEMENT(S) 16 13481014 099862 HILTONFDN 2007.06030 CONRAD N. HILTON FOUNDATION HILTON04 CONRAD N. HILTON FOUNDATION 94-3100217

FORM 990-PF OTHER REVENUE STATEMENT 17

RELATED OR BUS UNRELATED EXCL EXCLUDED EXEMPT FUNC- DESCRIPTION CODE BUSINESS INC CODE AMOUNT TION INCOME

INTEREST ON PROGRAM RELATED INVESTMENTS 561,250. INVESTMENT INCOME - STATE STREET 14 2,095,557. COMMONFUND INTERNATIONAL 900000 IV 3,182. 14 3,670. COMMONFUND INTERNATIONAL 900000 V -774. 14 -14,186. COMMONFUND PRIVATE EQUITY 900000 V 16,986. 14 5,427. COMMONFUND VENTURE PARTNERS VI 14 68. PARK STREET CAPITAL 900000 NATURE RESOURCE FUND III -6,048. 14 30,328. NORTHGATE VENTURE 900000 PARTNERS III, LP -1,918. 14 59. NORTHGATE PRIVATE EQUITY PARTNERS III, LP -15,345. 14 -5,604. GMO ALTERNATIVE ASSET OPPORTUNITY FUND 14 COMMONFUND PRIVATE EQUITY 900000 VI 2,997. 14 2,253. COMMONFUND CAPITAL VENTURE PARTNERS VII 14 1,241. AXA ROSENBERG 14 18,942. NCD PARTNERS V, LP 900000 162. WTC-CTF DIVERSIFIED INFLATION 14 1,986,508. COMMONFUND CAPITAL 900000 INTERNATIONAL PARTNERS VI, LP -340. 14 -359. NORTHGATE GLOBAL EMERGING 900000 MARKETS, LP -845. 14 44.

TOTAL TO FORM 990-PF, PG 12, LN 11 -1,943. 4,123,948. 561,250.

41 STATEMENT(S) 17 HILTONF4 15280109 099862 HILTONFDN 2007.07040 CONRAD N. HILTON FOUNDATION CONRAD N. HILTON FOUNDATION 94-3100217 FORM 990-PF, PART I, LINE 19 FEBRUARY 29, 2008 Date Placed Beginning Ending PY Ending Method Ending Depreciation Line 19, Column A Depreciation In Service Cost Basis Disposals Addition Cost Basis Acc/Deprec and Life AcclDeprec Expense

Furniture & Equipment Varies 510,009 (50,325) 71.710 531.394 487.680 SL 7 yr. 446, 618 9.263

Computers Varies 51,628 - 86,568 138 , 186 36,158 SL 5/3 yr. 54,384 18,228

Leasehold Improvements Varies 144,684 144.664 105.610 SL 10 yr. 120,229 14,619

TOTAL 706,301 (50,325) 158,278 _ 8 629,448 621,231 42,108.0 Land 5,598,493 6,412,747

STATEMENT 18 CONRAD N. HILTON FOUNDATION FORM 990PF, PART II, LINE 7 FEBRUARY 29, 2008 94-3100217

SECURITY DESCRIPTION AND BORROWER ' S NAME & ORIGINAL BALANCE DATE OF MATURITY INT. PROVIDED BY FMV OF TITLE AMOUNT DUE NOTE DATE REPAYMENT TERMS RATE BORROWER PURPOSE CONSIDERATION

MOUNT ST MARY' S 500 , 000 $ 50,000 Jun-94 Mar-08 Interest on principal - 2% per 2% NONE Library Renovation CASH COLLEGE annum, payable quarterly; $ 50,000 Foundation agreed to forgive principal at rate of $50,000 per annum, commencing 4/1998

PERKINS SCHOOL FOR THE 15,000,000 15,000,000 Feb-94 Mar-09 Interest on principal - 2% per 2% NONE Programs that benefit CASH BLIND annum, payable quarterly; multi-handicapped $15,000,000 First $5 million was advanced blind children on February 28, 1994, second $5 million was advanced on March 1, 1999, and the third $5 million was advanced on February 27, 2004. 15 year grant - outstanding principal balance is due on 3/01/09 No forgiveness,

ARCHDIOCESE OF LOS ANGELES 5,000,000 5,000,000 Jan-99 Dec-18 Interest on principal - 3% per 3% NONE Construction of CASH annum, payable quarterly. Cathedral $5,000,000 The loan consists of five individual promissory notes of $1 million each. One promissory note Is due per year beginning December 31, 2014 The note agreements contain a provision, which forgives the principal of such notes on the due dates, if the Archdiocese meets certain reporting require- ments and Is current on all interest payments.

tid

H 41

CONRAD N . HILTON FOUNDATION FORM 990PF , PART II, LINE 7 FEBRUARY 29, 2008 94-3100217

SECURITY DESCRIPTION AND BORROWER 'S NAME & ORIGINAL BALANCE DATE OF MATURITY INT. PROVIDED BY FMV OF TITLE AMOUNT DUE NOTE DATE REPAYMENT TERMS RATE BORROWER PURPOSE CONSIDERATION

ST JOHN'S HEALTH 2, 000,000 2 ,000,000 Mar-00 Mar-15 Interest on principal - 3% per 3% NONE Renovation/ CASH CENTER FOUNDATION annum , payable quarterly. construction of $2,000,000 The note agreements contain St John's Health Center a provision, which forgives the principal of such notes if St John's remains a non- profit tax exempt institution, with majority control of ownership vested with the Sisters of Charity of Leavonworth Services Corporation , and is current on all Interest payments.

CORPORATION FOR 1,000,000 1,000,000 Oct-04 Nov-09 Interest on principal - 2% per 2% NONE To support the Los Angeles CASH SUPPORTIVE HOUSING annum, payable quarterly. Target of Opportunity Loan $1,000,000 No forgiveness. Pool

OPPORTUNITY 1,000 , 000 1 , 000,000 Mar-05 Apr-10 Interest on principal - 2% per 2% NONE To support the Grassroots CASH INTERNATIONAL annum , payable quarterly Entrepreneurial Alliance $1,000,000 No forgiveness. micro-credit lending program

ST JOSEPH'S CENTER 1,000,000 1.000.000 Jul-07 Jul-12 Interest on principal - 2% per 2% NONE Toward the capital campaign CASH annum, payable quarterly. for a new headquarters $1,000, 000 No forgiveness. facility

TOTAL OTHER NOTES AND LOAN RECEIVABLES rn q H

Wz

w CONRAD N . HILTON FOUNDATION EIN 94-3100217

A STATEMENT ATTACHED TO AND MADE PART OF FEDERAL RETURN OF PRIVATE FOUNDATION EXEMPT FROM INCOME TAX FOR THE FISCAL YEAR ENDED FEBRUARY 29, 2008

EXPENDITURE RESPONSIBILITY GRANTS - PART VII - B, LINE 5C

In accordance with IRS regulations section 53.4945-5(d), the following information is provided regarding the grants made or approved by the Conrad N. Hilton Foundation to organizations that are not exempt under sections 509(a) (1) or (2) or section 4940(d) (2). The Foundation exercises expenditure responsibility over these grants The information provided includes grantee name and address, grant date and amount, payment dates, purpose, amount spent, and report dates. For grants approved or paid in the current tax year, information regarding the nature and amount of expenditures incurred by the grantees will be provided upon receipt of the grantees' annual reports which are generally due one year after payment of the grant. To the best of our knowledge, no grantee has diverted any portion of the funds from the purpose of the grant. We have received ample progress reports and are satisfied with the work being carried out and that all funds have been properly expended to carry out charitable activities.

APPROVED OR PAID IN THE FISCAL YEAR ENDING FEBRUARY 29, 2008

Grantee : ALTERNATIVAS Y PROCESOS DE PARTICIPACION SOCIAL A.C.

Calle Vicente Guerrero 601 Apartado P. 141 Tehuacan 75850 Puebla, Mexico Grant date: 11/18/04 Amount: $2,000,000 Payments: $250,000 paid 1/18/05 $250,000 paid 11 / 10/06 $250,000 paid 6/19/06 $250,000 paid 10/19/06 $250,000 paid 4/3/07 $250,000 paid 8/22/07 $250,000 paid 2/27/08 Purpose: Phase III of Water Forever Project to develop potable water sources for im p overished peo p le of Mixteca re g ion of southern Mexico Amount $1,750,000 S p ent. Report 10/17/05, 4/10/06, 8/31/06, 2/27/07, 7/26/07, 1 /21 /08, 9/5/08 Dates:

STATEMENT 20 Grantee: AMERICAN HUMAN DEVELOPMENT REPORT, LLC

290 Conover Street Brooklyn, NY 11231 Grant Date: 1 1 /30/06 Amount: $250,000 Payments: $50,000 paid 1/16/07 $100,000 paid 5/10/07 $100,000 paid 8/21/07 Purpose Production and launchin g of American Human Develo p ment Re p ort. Amount $250,000 S pent: Report 5/8/07,8/13/07,10/14/08 Dates-

Grantee : THE BEST FOUNDATION FOR A DRUG FREE TOMORROW

725 South Figueroa St., Suite 1825 Los An g eles, CA 90017 Grant Date: 2/20/03 Amount $10,000,000 Payments: $600,000 paid 1/29/04 $1,475,000 paid 2/28/06 $600,000 paid 4/1/04 $525,000 paid 1/16/07 $400,000 paid 6/25/04 $600,000 paid 3/22/07 $400,000 paid 10/12/04 $400,000 paid 6/27/07 $600,000 paid 1/ 17/05 $400,000 paid 10/10/07 $600,000 paid 4/1 1/05 $600,000 paid 12/5/07 $400,000 paid 6/28/05 $400,000 paid 9/30/05 $600,000 paid 12/14/05 Purpose: To disseminate Project ALERT substance abuse prevention program notionally . Amount $8,600,000 S p ent: Report 6/15/04, 6/20/05, 6/11. 5106, 6/8/07, 6/12/08 Dates:

Grantee : THE BEST FOUNDATION FOR A DRUG FREE TOMORROW

725 South Figueroa St., Suite 1825 Los An g eles, CA 90017 Grant Date: 1 1 /28/07 Amount: $10,000,000 commencin g 1/1/09 Pa y ments: None Purpose: To disseminate Project ALERT substance abuse prevention program nationally.

STATEMENT 20 Amount $0 Spent: Re p orts: due 6/1/09

Grantee : CONRAD N. HILTON MEMORIAL PARK & COMMUNITY CENTER

4TH Street at Conrad Hilton Avenue PO Box 350 Cisco, TX 76437 Grant Date: 6/28/06 Amount: $25,000 Pa y ment: $25,000 paid 7/28/06 Purp ose: Purchase and installation of a monument si g n for the Center. Amount $25,000 S p ent: Report 9/17/07 - Grant Closed Date:

Grantee : DAGMAR AND VACLAV HAVEL FOUNDATION VIZE 97

Vorsilska 10 110 00 Prague 1 Czech Re p ublic Grant Date: 1 1 /30/06 Amount: $70,000 Payment. $70,000 p aid 2/27/07 Purpose- Renovation of the Pra g ue Crossroads, an international spiritual center. Amount $70,000 S p ent- Report 3/25/08, 10/20/08 Dates:

Grantee : FONDAZIONE IL FARO

Via Virginia Agnelli 21 Rome, Italy 00151 Grant Date: 5/19/06 Amount: $25,000 Payment $25,000 paid 8/15/06

Purpose. Program support to provide street and immigrant children with vocational and life skills Amount $25,000 Spent: Report 4/2/07 - Grant Closed Date

STATEMENT 20 Grantee: HIMALAYAN INSTITUTE HOSPITAL TRUST

Doiwala Dehradun Uttaranchal, India 248001 Grant Date: 8/17/06 Amount: $100,000 Payments- $50,000 paid 12/12/06 $50,000 paid 7/ 1 1 /07 Purpose: Himmothan Phase II planning to improve health through environmental im provements. Amount $100,000 Spent. Report 7/6/07, 6/9/08 Dates:

Grantee : LUFTFAHRT OHNE GRENZEN ( AVIATION WITHOUT BORDERS)

Cargo City Sud - Building 555c 60549 Frankfurt Airport Frankfurt, Germany Grant Date: 2/10/04 Amount: $200,000 Payment $50,000 paid 4/22/04 $50,000 paid 9/30/05 $50,000 paid 12/12/06 $50,000 paid 7/11/07 Purpose General operating support to provide medical supplies and food aid to develo p in g countries Amount $200,000 Spent- Report 9/12/05,11/9/06,4/24/07,8/6/08 Dates:

Grantee : LUFTFAHRT OHNE GRENZEN (AVIATION WITHOUT BORDERS)

Cargo City Sud - Building 555c 60549 Frankfurt Airport Frankfurt, German y Grant Date 8/21/07 Amount $100,000 Payment $100,000 paid 9/10/07

Purp ose. To su pp ort the trans p ort of relief su pp lies to earth q uake-affected Peru

STATEMENT 20 Amount $100,000 S pent: Report 10/17/08 Date:

Grantee : LUFTFAHRT OHNE GRENZEN (AVIATION WITHOUT BORDERS)

Cargo City Sud - Building 555c 60549 Frankfurt Airport Frankfurt, Germany Grant Date: 1 1 /28/07 Amount: $100,000 Payment: $100,000 paid 12/14/07

Purp ose. To su pport the trans port of relief su pp lies to cyclone-affected Ban g ladesh. Amount $0 S p ent- Report: due 12/31 /08

Grantee : PARADISE KIDS (a Division of Hopewell Hospice Services, Inc.)

P O Box 1290 Runaway Bay QLD 4216, Australia Grant Date: 7/3/07 Amount: $15,000 Payment: $15,000 paid 8/6/07

Purpose: General o p eratin g su pp ort. Amount $15,000 S p ent- Report 11/12/08 Date:

Grantee : PAULIST PRODUCTIONS

Post Office Box 1057 17575 Pacific Coast Highway Pacific Palisades, CA 90272

Grant Date: 2/16/06 Amount $125,000 Pa y ment- $125,000 p aid 4/18/06 Purp ose Production costs of full-len g th documenta ry film on Forg iveness Amount $125,000 Spent.

STATEMENT 20 Report 9 /14/07 - Grant Closed Date:

Grantee : THE SHOOTING STAR TRUST

Fundraising Office Kathryn House, The Mews 53 High Street, Hampton Hill Middlesex, United Kin g dom TW 12 I ND Grant Date- 1 1 /7/06 Amount: $25,000 Payment: $25,000 paid 1117106

Amount $25,000 S pent* Report 2/14/08-Grant Closed Date:

Grantee: SLEEPING CHILDREN AROUND THE WORLD

28 Pinehurst Crescent Toronto, ON M9A 3A5, Canada Grant Date: 1 1 /28/07 Amount: $75,000 Pa y ment: $75,000 p aid 1 /21 /08 Purpose: To provide bed kits to need y children in develo pin g countries Amount $0 S pent: Re p ort: due 12/ 1 /08

Grantee : THE VACLAV HAVEL LIBRARY

Vorsilska 10 1 10 00 Praha 1 Czech Re p ublic Grant Date: 1 1 /30/06 Amount: $30,000 Payment: $30,000 paid 2/5/07

Purpose: Support for public readings/debates and the collection/preservation of V Havel's works Amount $30,000

STATEMENT 20 S p ent: Report 1/25/08 - Grant Closed Date:

Grantee: WINDS OF HOPE FOUNDATION

20, Avenue Florimont 1006 Lausanne, Switzerland Grant Date: 11/18/04 Amount: $100,000 Payments: $25,000 paid 12/29/04 $25,000 paid 1/16/06 $25,000 paid 1/30/07 $25,000 paid 1 /21 /08 Purp ose- To su pp ort Noma disease eradication efforts in Africa. Amount 75,000 S p ent Report 12/15/05,12/22/06,12/27/07 Dates:

STATEMENT 20 The Foundation generally does not encourage unsolicited proposals for funding. Instead, it identifies critical societal needs, then proactively initiates major, long-term projects with appropriate partner organizations to implement them. In accordance with Conrad N. Hilton's Last Will and Testament, the Foundation seeks to alleviate the suffering of the world's most disadvantaged, with a special emphasis on children and support for the work of the Roman Catholic Sisters. Key program areas include:

Safe Water Development Blindness-related Services & Prevention Housing for the Mentally III Homeless Global Work of the Catholic Sisters Early Childhood Development Substance Abuse Prevention Hotel & Restaurant Management Education

STATEMENT 21 CONRAD N . HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an individual, show any relationship to any . Foundation Manager or Substantial Foundation Status of Contributor Grantee Recipient Purpose of Grant or Contribution Amount Paid

Advancement Project N/A Public Early Childhood Development $ 15,000 Los Angeles, CA Aga Khan Foundation. USA N/A Public Social Services & Welfare 1,000 Washington, DC AIDS Project Los Angeles, Ina N/A Public Health 1,200 Los Angeles, CA Alexandria House N/A Public Social Services & Welfare 10,000 Los Angeles, CA Alkebu-Ian Cultural Center N/A Public Arts & Humanities 1,000 Pasadena, CA AU Saints' Episcopal Church N/A Public Religion-Related Causes 9,800 Bevery Hills, CA Alliance for College-Ready Public Schools N/A Public Education 5,000 Los Angeles, CA Alternatives N/A Foreign Charity Water Development 750.000 Tehuacan , Mexico (Expenditure Responsibility Grant) American Diabetes Association, Inc. N/A Public Health 2,500 Maitland, FL American Foundation for Suicide Prevention N/A Public Social Services & Welfare 2,000 New York, NY American Foundation for the Blind, Inc N/A Public Blindness PreventionlTreatment 135,000 New York, NY American Friends of London School of Hygiene & Tropical Medicine N/A Public Blindness Prevention/Treatment 53,000 London, England American Human Development Report, LLC N/A Limited Liability Corp. Social Services & Welfare 200,000 Brooklyn, NY (Expenditure Responsibility Grant) c American Leprosy Missions N/A Public Health 1,000 Greenville, SC i American University N/A Public Education 8,000 tT1 Washington, DC to CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29,2008 94,3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient is an individual, show any relationship to any Foundation Manager or Substantial Foundation Status of Contributor Grantee Redolent Purpose of Grantor Contribution Amount Paid

Amyotrophic Lateral Sclerosis Association , LA Chapter N/A Public Health 2,000 Agoura Hills, CA Animal Ark WA Public Conservation & Environment 1,000 Reno, NV Artists for a New South Africa WA Public Social Services & Welfare 1,000 Los Angeles, CA Autism Research Institute N/A Public Health 1,500 San Diego, CA Autism Speaks, Ina N/A Public Health 1,500 Allison Park, PA Avarice, Inc. N/A Public Early Childhood Development 125,000 San Antonio, TX 7 Baraka Foundation Caring for Children In Need N/A Public Social Services & Welfare 500 Camarillo, CA Baylor College of Medicine N/A Public Education 25,000 Houston, TX BBB Wise Giving Alliance N/A Public Other 2,500 Arrington, VA The BEST Foundation for a Drug Free Tomorrow N/A Private Foundation Drug Abuse Prevention 2,000,000 Los Angeles, CA (Expenditure Responsibility Grant) Bishop Manogue Catholic High School N/A Public Education 15,000 Reno, NV I BoardSource N/A Public Other 5,000 Washington, DC Boy Scouts of America, Greater New York Councils N/A Public Soda[ Services and Welfare 25,000 New York, NY Boy Scouts of America, Los Angeles Area Council N/A Public Social Services and Welfare 50,000 Cn Los Angeles, CA 1-3 Boys and Girls Club of Mason Valley WA Public Social Services and Welfare 5,000 > Yerington, NV M BRAC N/A Public Disaster Relief & Recovery 200,000 Dhaka, Bangladesh Brain Trauma Foundation, Inc. N/A Public Health 1,250 New York, NY CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 943100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient is an Individual, show any relationship to any Foundation Manager or Substantial Status of Contributor Foundation Grantee Recipient Purpose of Grantor Contribution Amount Paid

Bread for the World Institute, Ina N/A Public Social Services & Welfare 1,000 Washington, DC Brookings Institution N/A Public Other 10,000 Washington, DC Brothers of Saint Patrick N/A Public Religion -Related Causes 14,000 Midway City, CA Brunswick School N/A Public Education 2,500 Greenwich, CT Bumon, Inc. (Rubicon Theatre Company) N/A Public Arts & Humanities 750 Ventura, CA

California Community Foundation N/A Public Education 15,000 Los Angeles, CA California Lutheran University N/A Public Education 25,000 Thousand Oaks, CA California Pacific Medical Center Foundation N/A Public Health 1,000 San Francisco, CA California State University, Fresno Foundation N/A Public Education 8,300 Fresno, CA California State University, Los Angeles Foundation N/A Public Education 13,400 Los Angeles, CA Cardomia-Pacific United Methodist Foundation, Inc. N/A Public Religion-Related Causes 1,000 Pasadena, CA California Surf Museum Encinitas N/A Public Education 10,000 Oceanside, CA Cambodian Children's Fund N/A Public Social Services & Welfare 300 Marina del Rey, CA Cancer Research Fund of the Damon Runyon- Walter Winchell Foundation N/A Public Health 140,000 New York, NY Canterbury School Incorporated N/A Public Education 2,500 New Milford, CT b7

i CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29.2008 943100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an indlvldual, show any relationship to any Foundation Manager or Substantial Foundation Status of Contributor Grantee Recipient Purpose of Grant or Contribution Amount Paid

The Carter Center, Inc. WA Public Health/Blindness 3,321,094 Atlanta, GA The Carter Center, Inc. N/A Public Health/Water Development 250,000 Atlanta, GA Catholic Charities of the Archdiocese of New York N/A Public Social Services & Welfare 2,500 New York, NY Catholic Community Services of Northern Nevada WA Public Social Services & Welfare 400 Reno, NV Catholic Education Foundation N/A Public Education 50,000 Los Angeles, CA Cedars-Sinai Medical Center N/A Public Health 5,000 Los Angeles, CA Center for Creative Education N/A Public Education 300,000 West Palm Beach, FL Center for Global Development N/A Public Social Services & Welfare 500,000 Washington, DC Charity West Pakn, Inc. N/A Public Social Services & Welfare 4,000 Palm Beach, FL Chef for Kids N/A Public Education 10,000 Las Vegas, NV Chicago Lighthouse for People Who Are Blind or Visually Impaired N/A Public Education/Blindness 10,000 Chicago, IL I Child and Family Guidance Center N/A Public Social Services & Welfare 500 Northridge, CA Children's Hospice & Palliative Care Coalition N/A Public Health 12,000 Watsonville, CA Christ Chun N/A Public Religion-Related Causes 1,500 rn New Brunswick, NJ Church of the Good Shepherd N/A Public, Religion-Related Causes 100,000 1 Beverly Hills, CA City of Hope N/A Public Health 400,000 Duarte, CA Z City of Malibu N/A Public Conservation & Environment 5,000 Malibu, CA CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient is an Individual, show any relatIonshIp to any Foundation Manager , or Substantial Foundation Status of Contributor Grantee Recipient Purpose of Grant or Contribution Amount Paid

Clark County Parent Cooperative, Inc. N/A Public Early Childhood Development 12,500 Las Vegas, NV Colleges of the Seneca N/A Public Education 200 Geneva, NY Committee on the Shelterless N/A Public Homelessness 1,000 Petaluma, CA Community for Education Foundation N/A Public Education 35,000 New York, NY Community Partners N/A Public Education 1,000 Los Angeles, CA Concern America N/A Public Social Services & Welfare 100,000 Santa Ana, CA Concern Worldwide U.S., Inc. N/A Public Social Services & Welfare 2,500 New York, NY Conejo Hospice, Inc, N/A Public Health 9,000 Thousand Oaks, CA Cooperative for Assistance and Relief Everywhere (CARE) N/A Public Health/Water Development 550,000 Atlanta, GA Cornell University N/A Public Health/Water Development 95,000 Ithaca, NY Cornell University N/A Public Hotel/Restaurant Management Education 15,000 Ithaca, NY Corporation for Supportive Housing N/A Public Homeless Mentally III 2,444,467 I Oakland, CA Council of State Goverments N/A Public Homeless Mentally III 75,000 New York, NY Council on Foundations N/A Public Other 44,500 Washington, DC Criminal Justice Legal Foundation N/A Public Other 50,000 H Sacramento, CA a Criminon West U.S. N/A Public Other 2,000 1717 Glendale, CA K Crossroads, Inc. N/A Public Sisters 20,000 Z Claremont, CA

N N I CONRAD N, HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29,2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Contributor Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

Daughters of Mary and Joseph N/A Public Sisters 20,000 Los Angeles, CA Do La Salle Institute WA Public Education 250,000 Chicago, IL Deep Roots, Inc. N/A Public Education 1,000 Seattle, WA DePaul University N/A Public Sisters 127,000 Chicago, IL Desert Research Institute, Nevada System of N/A Public HealtMNater Development 243,214 Higher Education, Reno, NV Desert Youth Hockey Association, Inc, N/A Public Social Services & Welfare 1,500 Tempe, AZ Didi Hirsch Psychiatric Service N/A Public Health 10,000 Culver City, CA Diocese of Las Vegas, St. Francis of Assist Catholic Church N/A Public Religion-Related Causes 250,000 Las Vegas. CA Diocese of Spokane Detention Ministry WA Public Social Services & Welfare 1,000 Spokane, WA Doheny Eye Institute N/A Public Blindness Prevention/Treatment 25,000 Los Angeles, CA Don Bosco Technical Institute N/A Public Education 2,500 Rosemead, CA

Eisenhower Medical Center N/A Public Health 200,000 Rancho Mirage, CA Elizabeth Pierce Olmsted, M.D. Center for the Visually Impaired N/A Public Blindness Prevention/Treatment/Services 200,000 Buffalo, NY & y Elizabeth Seton Pediatric Center N/A Public Health 10,000 New York, NY Epidermolysis Bullosa Medical Research Foundation N/A Public Health 1.000 z Beverly Hills, CA

Faith Lutheran Junlor/Senior High School N/A Public Education 3,000 Las Vegas, NV CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient is an Individual, show any relationship to any Foundation Manager or Substantial cnnfrthuutor Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

Fellowship of Christian Athletes N/A Public Religion-Related Causes 5,000 Carson, CA Focus on the Masters N/A Public Arts & Humanities 1,600 Ventura, CA Foundation Center N/A Public Other 10,000 New York, NY Foundation for a Smoke Free America N/A Public Drug Abuse Prevention i0,000 Los Angeles, CA Foundation for American Communications N/A Public Other 2,000 Pasadena, CA Friends Around N/A Public Social Services & Welfare 5,000 Los Angeles, CA Friends of Malibu Urgent Care Center N/A Public Health 4,000 Beverly Hills, CA Friends of Nathaniel Wkherell, Inc. N/A Public Health 2,000 Greenwich, CT The Fulfillment Fund N/A Public Education 70,000 Los Angeles, CA

Geffen Playhouse, Inc. N/A Public Arts & Humanities 15,000 Los Angeles, CA General Doughlas MacArthur Foundation N/A Public Education 15,000 Norfolk, VA Global Fund for Children N/A Public Social Services & Welfare 20,000 Washington, DC Global Hunger Project N/A Public Social Services & Welfare 27,500 New York, NY Global Partnerships N/A Public Social Services & Welfare 2,000 Seattle, WA Cn H Grantmakers for Children, Youth & Families Inc. WA Publig Other 10,000 > Silver Spring, MD The Greater New Orleans Foundation N/A Public Disaster Relief & Recovery 500,000 New Orleans, LA trlz

N N CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Foundation Status of Contributor Grantee Recipient Purpose of Grant or Contribution Amount Paid

Haiti Fund, Inc. N/A Public Social Services & Welfare 10,000 Fairfield, CT The Haitian Health Foundation N/A Public Sisters 100,000 Norwich, CT Headington Institute N/A Public Social Services & Welfare 10,000 Pasadena. CA Heal the Bay N/A Public Conservation & Environment 3,000 Santa Monica, CA Himalayan Institute Hospital Trust N/A Foreign Charity Water Development 50,000 Uttaranchal, India (Expenditure Responsibility Grant) Holy Angels Parish of the Deaf WA Public Religion-Related Causes 3,000 Vernon, CA Holy Family Hospital of Bethlehem Foundation N/A Public Health 50,000 Washington, DC Homeboy Industries N/A Public Social Services & Welfare 125,000 Los Angeles, CA House Ear Institute N/A Public Health 5,000 Los Angeles, CA Huo-Skirball Cultural Center N/A Public Arts & Humanities 15,000 Los Angeles, CA Hugh O'Brian Youth Leadership N/A Public Education 30,000 Los Angeles, CA

Intercommunity Education Association N/A Public Sisters 60,000 (Marian Middle School) St Louis, MO Interational Medical Corps N/A Public Health 600,000 Santa Monica, CA Cn International Rescue Committee N/A Public Health/Blindness 90,000 New Yorlc NY

M James J. McBride School N/A Public Education 28,000 Los Angeles, CA Japanese American National Museum N/A Public Education 140,000 Los Angeles, CA

7 CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29,2008 943100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Contributor Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

Joe Foss Institute, Inc N/A Public Education 50,000 Scottsdale, AZ Johns Hopkins University N/A Public Blindness Prevention/Treatment 53,575 Baltimore, MD Just One Break, Ina N/A Public Social Services & Welfare 10.000 New York, NY

Learning with a Difference, Ina N/A Public Education 5,000 Encino, CA Lebanese Ladies Cultural Society N/A Public Education 5,000 San Marino, CA Liberty Hill Foundation N/A Public Homelessness 25,000 Santa Monica, CA Little Company of Mary Community Health Foundation N/A Public Health 1,000 Torrance, CA Living Water International WA Public Water Development 450,000 Houston, TX Los Angeles Biomedical Research Institute at Harbor-UCLA Medical Center N/A Public Health 25,000 Torrance, CA Los Angeles County Education Foundation N/A Public Early Childhood Development 150,000 Downey, CA Los Angeles Music and Art School N/A Public Arts & Humanities 25,000 Los Angeles, CA Los Angeles Orphans' Home Society N/A Public Social Services & Welfare 5.000 Downey, CA Los Angeles Police Memorial Foundation N/A Public Other 3,500 Los Angeles, CA Los Angeles World Affairs Council N/A Public Other 5,000 I Los Angeles, CA m Louisiana Disaster Recovery Foundation, Inc. N/A Public Disaster Relief & Recovery 25,000 Baton Rouge, LA tTj Loving Heart Hospice Foundation N/A Public Health 5,000 Moorpark, CA Loyola High School N/A Public Education 5,000 N Los Angeles, CA CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Contributor Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

Loyola Marymount University N/A Public Education 202,700 Los Angeles, CA Loyola University of Chicago N/A Public Religion-Related Causes 20,000 Chicago, IL Ludwig Institute for Cancer Research N/A Public Health 1,500,000 New York, NY Luftfahrt ohne Grenzen N/A Foreign Charity Disaster Relief and Recovery 250,000 Frankfurt, Germany (Expenditure Responsibility)

Major General Marion Carl Foundation N/A Public Education 3,000 Roseburg, OR Malta House of Good Counsel N/A Public Social Services & Welfare 2.500 Norwalk, CT March of Dimes Foundation, Palm Beach Div. N/A Public Health 10,000 West Palm Beach, FL Marywood University WA Public Sisters 589,000 Scranton, PA Max of a Million Dreams Foundation for Cancer Research N/A Public Health 9,000 Calabasas, CA MedStar - Georgetown Medical Center, Inc. N/A Public Health 25,000 Washington, DC Messiah College N/A Public Health/Water Development 50,000 Grantham, PA Michigan State University N/A' Public Education 16,600 East Lansing, MI Midnight Mission N/A Public Homelessness 10,000 Los Angeles, CA Miles Jesu N/A Public Social Services & Welfare 10,000 Chicago, IL ^-i Moonlight Cancer Foundation N/A Publi? Health 2,000 > Encinitas, CA Mosaic N/A Public Religion-Related Causes 2,400 Pasadena, CA Mountain View Lutheran Church NIA Public Education 6,000 Las Vegas, NV

N 1 CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Contributor Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

My Stuff Bags Foundation WA Public Social Services & Welfare 5,000 Westlake Village, CA

The National Alliance to End Homelessness N/A Public Homeless Mentally III 50,000 Washington, DC National Audubon Society N/A Public Conservation & Environment 5,000 Los Angeles. CA National Braille Press, Ina N/A Public Education/Blindness 10.000 Boston, MA National Center for Family Philanthropy N/A Public Other 5,000 Washington, DC National Center on Addictions and Substance Abuse N/A Public Homelessness 447,300 at Columbia University, New York, NY National Center on Family Homelessness, Inc. N/A Public Homeless Young Mothers 1,236,000 Newton Centre, MA National Multiple Sclerosis Society, Central New England N/A Public Multiple Sclerosis Research/Treatment 1,500 Waltham, MA National Multiple Sclerosis Society, Pac. South Coast NIA Public Multiple Sclerosis Research/Treatment 1,000 Carlsbad, CA National Multiple Sclerosis Society, Southern CA Chapter N/A Public Multiple Sclerosis Research/Treatment 381,500 Los Angeles, CA National Philanthropic Trust N/A Public Health 100 I Jenkintown, PA Nativity Prep Academy of San Diego, Inc. N/A Public Education 2,500 San Diego, CA Nevada Cancer Institute N/A Public Health 200,000 Las Vegas, NV Nevada Community Foundation (ibo Three Square) N/A Public Social Services & Welfare 510,000 rn Las Vegas, NV Nevada Humane Society, Ina N/A Publir9 Other 5.000 I Reno, NV rT' Nurturing Network, Ina N/A Public Social Services & Welfare 15,000 White Salmon, WA z Our Lady of Loretto School N/A Public Education 2,500 N Los Angeles, CA a CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

. SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Centrihutor Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

Qur Lady of Wisdom Byzantine Catholic Church N/A Public Religion-Related Causes 148,000 Las Vegas, NV Our Lady of the Star Parish N/A Public Health 11,200 Huguenot Park, NY Our Task, Inc. N/A Public Conservation & Environment 10,000 Arington, VA

Pacific Aviation Museum Pearl Harbor N/A Public Education 300,000 Honolulu, HI Pacific Council on International Policy N/A Public Social Services & Welfare 100,000 Los Angeles, CA Pacific Institute for Studies In Development, Environment and Security N/A Public Water Development 5,000 Oakland, CA Pacific Lutheran University N/A Public Education 2,000 Tacoma, WA Palm Beach County Reef Rescue, Inc N/A Public Conservation & Environment 5,000 Boynton Beach, FL Panes Hospital, 8th CEPAC Community of Pentecostal Churches In Central Africa N/A Public Health 100,000 South Kivu, Democratic Republic of the Congo Paradise Kids N/A Foreign Charity Social Services & Welfare 15,000 Runaway Bay, Australia (Expenditure Responsibility Grant) Partners In Health N/A Public Health 10,000 Boston, MA Pasadena City College Foundation, Inc. N/A Public Education 7,800 Pasadena, CA Pepperdine University N/A Public Homeless Mentally Iii 200,000 Malibu, CA Pepperdine University N/A Publif Education 20,000 Malibu, CA Pepperdine University N/A Public Arts & Humanities 1,960 Malibu, CA tT1 z Perkins School for the Blind N/A Public Education/Blindness 2,035,660 Watertown, MA CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual , show any relationship to any Foundation Manager or Substantial irnnfrih,nr Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

Pet Orphans of Southern California N/A Public Other 1,500 Van Nuys, CA Philanthropy Roundtable N/A Public Other 5,000 Washington, DC Project HOPE, the People to People Health Foundation N/A Public Health 50,000 Millwood, VA Project Orbis International N/A Public Health/Blindness 125,000 New York. NY Protestant Episcopal Cathedral Foundation of DC N/A Public Social Services & Welfare 25,000 Washington, DC Prototypes A Center for Innovation in Health, Mental Health, and Social Services N/A Public Social Services & Welfare 5,000 Culver City, CA Purdue University N/A Public Education 25,000 West Lafayette, IN

Quo Vadis Theatre Company N/A Public Arts & Humanities 1,000 San Jose, CA

Regents of the Univ. of Cafd., San Diego N/A Public Education 375,000 La Jolla, CA River Fund New York N/A Public Social Services & Welfare 3,000 Richmond Hill, NY Rocky Mountain Institute N/A Public Conservation & Environment 3,000 Snowmass, CO Rollins College N/A Public Education 5,000 Winter Park, FL Rosoomare School Booster Club N/A Public Education 1,000 Los Angeles, CA Rx For Reading N/A Publi? Education 100,000 Los Angeles, CA yM San Diego State Univ., Campanile Foundation N/A Public Hotel/Restaurant Management Education 100,000 San Diego, CA San Diego State Univ., Campanile Foundation N/A Public Education 10,000 San Diego, CA CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29,2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an individual, show any relationship to any Foundation Manager or Substantial Contributor Foundation Status of Grantee Recipient Purpose of Grantor Contribution Amount Paid

The San Diego Foundation N/A Public Disaster Relief & Recovery 250,000 San Diego, CA The San Diego Foundation N/A Public Other 1,500 San Diego, CA Santa Clarita Master Chorale, Inc. N/A Public Arts & Humanities 1,000 Santa Clarita, CA Santa Clarita Valley Family YMCA N/A Public Religion- auses 2,000 Valencia, CA Santa Monica Foursquare Church WA Public Health 3,000 Santa Monica, CA Service Campaign Corporation N/A Public Religion-Related Causes 2,000 Las Vegas, NV The Shark Fund (Malibu High School PTSA) N/A Public Education 5,000 Malibu, CA Sisters Servants of Mary, Ministers of the Sick N/A Public Sisters 15,000 Los Angeles, CA Sisters, Servants of the Immaculate Heart of Mary N/A Public Sisters 15,000 Immaculata, PA Sleeping Children Around the World N/A Foreign Charity Social Services & Welfare 75.000 Toronto, Ontario (Expenditure Responsibility Grants) Smithsonian Institution N/A Public Education 5,003,500 Washington, DC Society of St Vincent de Paul, Council of Los Angeles N/A Public Social Services & Welfare 25,000 Los Angeles, CA Sonoma State University N/A Public Early Childhood Development 363,341 (Caliifomia Institute on Human Services) Rohnert Park, CA SOS Children's Villages-USA, Inc. N/A Public Social Services & Welfare 6,000 Washington, DC Cn .-3 Sound Body Sound Mind Foundation N/A Public Social Services & Welfare 25,000 Los Angeles, CA r^rf South Africa Development Fund, Inc, WA Public Health 1,000 Boston, MA Southern California Grantmakers N/A Public Other 8,300 Los Angeles, CA CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 943100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an IndhMidual, show any relationship to any Foundation Manager or Substantial Status Contributor Foundation of Grantee Recipient Purpose of Grant or Contribution Amount Paid

Special Olympics Florida, Inc. N/A Public Social Services & Welfare 7,500 Clermont, FL St Andrew's Abbey N/A Public Religion-Related Causes 250,000 Valyermo, CA - St Bartholomew's Church N/A Public Religion-Related Causes 250,000 New York, NY St Francis Center N/A Public Social Services & Welfare 1.000 Los Angeles, CA St John's Hospital and Health Center Foundation N/A Public Health 3,000 Santa Monica, CA St Joseph Center WA Public Social Services & Welfare 30,634 Venice, CA St Justin Education Fund for Los Angeles N/A Public Education 10,000 Los Angeles, CA St Luke's Community Services, Inc. N/A Public Homelessness 4,000 Stamford, CT St Mary of the Springs, Dominican Sisters WA Public Sisters 20.000 Columbus, OH St. Paul the Apostle School N/A Public Education 8,000 Los Angeles, CA St Paul's School N/A Public Education 25,000 Concord, NH St Timothy Church N/A Public Religion-Related Causes 5,250 I Los Angeles, CA St Timothy School N/A Public Education 1,000 Los Angeles, CA St Victor's Catholic Church N/A Public Religion-Related Causes 1,000 West Hollywood, CA H Step Up on Second Stmt, Inc. N/A Public Homeless Mentally III 5,000 i Santa Monica, CA ^• ' Street Kids International, Inc. N/A Public Social Services & Welfare 25,000 Toronto, Ontario Student Sponsor Partnership, Inc. N/A Public Education 26,000 New York, NY Z Students Run America N/A Public Social Services & Welfare 10,000 N Reseda, CA CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Contributor Foundation Status of Grantee Recipient Purpose of Grantor Contribution Amount Paid

Support Our Aging Religious N/A Public Sisters 10,000 Washington, DC Surf Aid International USA N/A Public Health 10,000 Encinitas, CA Surf Aid International USA N/A Public Disaster Relief and Recovery 10,000 Encinitas, CA Surfrider Foundation N/A Public Conservation & Environment 1,500 San Clemente, CA Susan G. Komen Breast Cancer Foundation, Dallas N/A Public Health 1,500 Dallas, TX Susan G. Komen Breast Cancer Foundation , Oregon and SW Washington Affilliate N/A Public Health 2,000 Portland, OR Synergos Institute , Inc. N/A Public Social Services & Welfare 5,000 New York, NY

Temple Akiba of Culver City N/A Public Religion-Related Causes 1,000 Culver City, CA Thai Community Development Center WA Public Social Services & Welfare 300 Los Angeles Three Square N/A Public Social Services & Welfare 500,000 Las Vegas, NV r Tides Center N/A Public Social Services & Welfare 20,000 San Francisco, CA Tostan, Inc. N/A Pubic Health 1,500,000 Washington, DC Tostan, Inc. N/A Public Health 4,000 Washington, DC Touch Foundation, Inc. N/A Public Health 10,000 New York, NY i Transport Group, Inc. N/A Public Arts & Humanities - 2,000 New York, NY Cn Z Uganda AIDS Orphan Children Foundation , Inc. N/A Public Social Services & Welfare 16,000 Los Angeles, CA CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Contributor Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

UU Foundation N/A Public Other 4,000 Washington, DC United Methodist Church N/A Public Religion-Related Causes 7,000 Valencia, CA United Nations Children's Fund (UNICEF) N/A Public Water Development 1,720,000 New York, NY United Nations Children's Fund (UNICEF) N/A Public Social Services & Welfare 12,000 New York, NY United Way for the Greater New Orleans Area N/A Public Disaster Relief & Recovery 25,000 New Orleans, LA United Way of Greenwich, Inc. N/A Public Social Services & Welfare 2,000 Greenwich, CT United Way of Greater Los Angeles N/A Public Soda[ Services & Welfare 10,000 Los Angeles, CA Unity for the Homeless, Inc. N/A Public Disaster Relief & Recovery 25,000 New Orleans, LA University of Denver, Colorado Seminary N/A Public Hotel/Rest Management Education 750,000 Denver, CO University of Houston, School of Communication WA Public Education 100,000 Houston, TX University of Houston (Conrad N. Hilton College of Hotel N/A Public Hotel/Rest Management Education 541,067 and Restaurant Management) Houston, TX University of Houston Foundation (Conrad N. Hilton N/A Public Hotel/Rest. Management Education 538,056 College of Hotel and Restaurant Management) Houston, TX University of Pennsylvania, Trustees of N/A Public Homeless Young Mothers 164,000 Philadelphia, PA

Valley Village N/A Publip Social Services & Welfare 2,500 H Winnetka, CA Vashon United Methodist Church N/A Public Education 30,000 M Vashon Island, WA Vashon United Methodist Church N/A Public Religion-Related Causes 4,000 Vashon Island, WA CONRAD N. HILTON FOUNDATION FORM 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an individual, show any relationship to any Foundation Manager or Substantial Contributor Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

Ventura County Community Foundation N/A Public Education 7,500 Camarillo, CA Ventura County Museum of History and Art N/A Public Arts & Humanities 1,300 Ventura, CA Ventura Music Festival Association, Inc. N/A Public Arts & Humanities 750 Ventura, CA Visually Handicapped Scholarship Fund N/A Public Education 3,000 Los Angeles, CA Voices in Harmony N/A Public Social Services & Welfare 10,000 Encino, CA

Washington State University Foundation N/A Public Education 1.500 Pullman, WA Water Education Foundation N/A Public Education 25,000 Sacramento, CA WaterAid America, Inc, N/A Public Water Development 449,266 New York, NY Waterside School, Inc. N/A Public Education 5,000 Stamford, CT The Wellness Community Valley Ventura, Inc. N/A Public Health 5,000 Westlake Village, CA Westside Children's Center, Inc. N/A Public Early Childhood Development 100,000 Portland, OR Westside Pregnancy Clinic, Inc. N/A Public Health 1,000 Los Angeles, CA Westwood Hills Congregational Church N/A Public Religion-Related Causes 25,000 Los Angeles. CA Wilson College N/A Public Education 11,400 Chambersburg, PA > Winds of Hope Foundation N/A Foreign Clarity Health 25,000 -l Luasanne, Switzerland (Expenditure Responsibility Grant) Women for Women International WA Public Social Services & Welfare 648 Cn Washington, DC World Vision, Inc. N/A Public Water Development, Blindness 3,290,720 Federal Way, WA Prevention/Treatment, Health N

i CO. lAD N. HILTON FOUNDATION FOnS 990, PART XV FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS PAID DURING THE YEAR

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Contributor Foundation Status of Grantee Recipient Purpose of Grant or Contribution Amount Paid

Young at Heart Project N/A Public Arts & Humanities 5,000 Saratoga, CA Young Life WA Public Religion-Related Causes 25,000 Colorado Springs, CO

Total $42,436,802

UNLESS NOTED ABOVE, ALL GRANT RECIPIENTS ARE PUBLIC CHARITIES. THEIR REASON FOR NON-PRIVATE FOUNDATION STATUS IS EITHER §509(a)(1) or (2).

Cn zCn

N CONRAD N. HILTON FOUNDATION FORM 990, PART XV - LINE 3(b) FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS APPROVED FOR FUTURE PAYMENT

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Foundation Status of ttor Grantee Recipient Purpose of Grant or Contribution Amount

Altemativas (1) N/A Foreign Charity Water Development 250,000 Tehuacan, Mexico (Expenditure Responsibility Grant) American Friends of London School of Hygiene and Tropical Medicine N/A Public Blindness Prevention/Treatment 53,000 London, England Avarice, Inc. N/A Public Early Childhood Development 250,000 San Antonio, TX

The BEST Foundation for a Drug Free Tomorrow (1) N/A Private Foundation Drug Abuse Prevention/Treatment 1,400,000 Los Angeles, CA (Expenditure Responsibility Grant) The BEST Foundation for a Drug Free Tomorrow (1) Private Foundation 10,000,000 Los Angeles, CA (Expenditure Responsibility Grant) Boy Scouts of America, Los Angeles Area Council (2) N/A Public Social Services & Welfare 150,000 Los Angeles, CA

The Carter Center, Inc. (2) N/A Public Health 250,000 Atlanta, GA Catholic Education Foundation N/A Public Religion-Related Causes 100,000 Los Angeles, CA Catholic Relief Services (2) N/A Public Water Development 500,000 Baltimore, MD Center for Creative Education N/A Public Education 1,200,000 West Palm Beach, FL Center for Global Development N/A Public Social Services & Welfare 500,000 Washington, DC City of Hope N/A Public Health 1,600,000 Duarte, CA Community for Education Foundation N/A Public Education 35,000 .-j New York, NY Cooperative for Assistance and Relief IM Everywhere (CARE) N/A Public Water Development 1,052,124 Atlanta, GA K Cooperative for Assistance and Relief Everywhere (CARE) (2) N/A Public Early Childhood Development 500,000 Atlanta, GA -3 Cornell University (2) N/A Public Water Development 146,000 ^,, Ithaca, NY CONRAD N. HILTON FOUNDATION FORM 990, PART XV - UNE 3(b) FEBRUARY 29, 2008 943100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS APPROVED FOR FUTURE PAYMENT

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Foundation Status of ConWbutor Grantee Recipient Purpose of Grant or Contribution Amount

Corporation for Supportive Housing N/A Public Homeless Mentally III 2,779,097 Oakland, CA Council of State Governments N/A Public Homeless Mentally ill 175,000 Washington, DC Criminal Justice Legal Foundation N/A Public Other 100,000 Sacramento, CA Crossroads, Inc. (2) N/A Public Sisters 20,000 Claremont, CA Daughters of Mary and Joseph WA Public Sisters 60,000 Los Angeles, CA Do La Salle Institute N/A Public Education 500,000 Chicago, IL DePaul University N/A Public Sisters 290,000 Chicago, IL

Desert Research Institute, Nevada System of Higher N/A Public Water Development 29,000 Education, Reno, NV Diocese of Las Vegas N/A Public Religion-Related Causes 750,000 Las Vegas, NV

Eisenhower Medical Center WA Public Health 200.000 Rancho Mirage, CA

The Greater New Orleans Foundation N/A Public Disaster Relief & Recovery 2,000,000 New Orleans, LA

Harlem Day Charter School N/A Public Education 100,000 a New York, NY y Holy Family Hospital of Bethlehem Foundation N/A Public Health 50,000 Washington, DC M K Homeboy Industries (2) N/A Public Social Services and Welfare 250,000 rn Los Angeles, CA Hugh O'Brian Youth Leadership N/A Public Education 60,000 Los Angeles, CA CONRAD N. HILTON FOUNDATION FORM 990, PART XV - LINE 3(b) FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS APPROVED FOR FUTURE PAYMENT

If Recipient Is an individual, show any relationship to any Foundation Manager or Substantial Foundation Status of Gra^ee Contributor Rae1plent Purpose of Grant or P.ontrIbutlon A-ount

Interoommunity Education Association N/A Public Sisters 120,000 (Marian Middle School) St. Louis, MO International Rescue Committee N/A Public Blindness PreventionlTreatment 188,500 New York, NY

Japanese American National Museum N/A Public Education 125,000 Los Angeles, CA Joe Foss Institute N/A Public Education 50.000 Scottsdale, AZ Johns Hopkins University N/A Public Blindness Prevention/Treatment 92.389 Baltimore, MD

Lions Clubs International Foundation (2) N/A Public Blindness Prevention/Treatment-Trachoma 30.000 Oak Brook, IL lions Clubs International Foundation (2) WA Public Blindness Prevention/Treatment-Trachoma 30,000 Oak Brook, IL Little League Baseball, Inc. (2) WA Public Social Services & Welfare 200,000 Willamsport, PA Living Water international (2) N/A Public Water Development 1,471,146 Houston, TX Los Angeles Music and As School N/A Public Arts & Humanities 50,000 Los Angeles, CA Loyola Marymount University (2) N/A Public Education 400,000 Los Angeles, CA Ludwig Institute for Cancer Research N/A Public Health 3,000,000 New York, NY

> Malibu Little League N/A Public Social Services and Welfare 66,900 M Malibu, CA Marywood University N/A Public Sisters 1,411,000 Scranton, PA 3 Messiah College WA Public Water Development 50,000 W Grantham, PA CONRAD N. HILTON FOUNDATION FORM 990, PART XV - LINE 3(b) FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS APPROVED FOR FUTURE PAYMENT

If Recipient is an individual, show any relationship to any Foundation Manager or Substantial Foundation Status of Contributor Grantee Recipient Purpose of Grant or Contribution Amount

San Diego State Univ., Campanile Foundation (2) NIA Public Hotel/Restaurant Management Education 200,000 San Diego, CA San Diego State Univ., Campanile Foundation N/A Public Education 100,000 San Diego, CA Smithsonian Institution N/A Public Education 750,000 Washington, DC St Bartholomew's Church N/A Public Religion-Related Causes 750,000 New York, NY St Mary in the Mountains, Diocese of Reno (2) N/A Public Religion-Related Causes 200,000 Reno, NV

Three Square N/A Public Social Services & Welfare 500,000 Las Vegas, NV TLC Foundation for the Blind N/A Public Blindness Prevention/Treatment 4,024,623 Reseda, CA

United Nations Children's Fund (2) N/A Public Water Development 430,000 New York, NY United Nations Children's Fund (2) N/A Public Water Development 1,300,000 New York, NY University of Denver, Colorado Seminary N/A Public Hotel/Restaurant Management Education 750,000 Denver, CO University of Houston/Univ. of Houston Foundation (Conrad N. Hilton College) (2) WA Public Hotel/Restaurant Management Education 1,680,806 Houston, TX University San Diego (2) N/A Public Education 1,000,000 San Diego, CA

Viewpoint Educational Foundation N/A Public Education 100,000 Calabasas, CA

M WaterAid America, Ina (2) N/A Public Water Development 110,000 New York, NY WaterAid America, Inc, (2) N/A Public Water Development 135,402 New York, NY CONRAD N. HILTON FOUNDATION FORM 990, PART XV - LINE 3(b) FEBRUARY 29, 2008 94-3100217

SCHEDULE OF GRANTS AND CONTRIBUTIONS APPROVED FOR FUTURE PAYMENT

If Recipient Is an Individual, show any relationship to any Foundation Manager or Substantial Foundation Status of Contributor Grantee Reciplerrt Purpose oS Grant or contribuuon Amount

Westside Children's Center N/A Public Early Childhood Development 200,000 Culver City, CA World Health Organization N/A Public Blindness Prevention/Treatment 212,210 Geneva, Switzerland World Vision , Ina (2) N/A Public Water Development 375,000 Federal Way, WA World Vision, Inc (2) NA Public Water Development 250,000 Federal Way, WA World Vision, Inc. (2) N/A Public Water Development 25,000 Federal Way, WA World Vision, Inc. (2) NIA Public Water Development 46,000 Federal Way, WA World Vision, Inc. (2) N/A Public Water Development 975,000 Federal Way, WA Xavier College Preparatory High School (2) N/A Public Education 1,600,000 Palm Desert, CA

Total Grants Payable $ 61,577,536

(1) Expenditure Responsibility Grant UNLESS NOTED ABOVE, ALL GRANT RECIPIENTS ARE (2) Subject to matching requirements or contingencies PUBLIC CHARITIES. THEIR REASON FOR NON-PRIVATE FOUNDATION STATUS IS EITHER §509(a)(1) or (2).

v7

Ch zCn

W

i CONRAD N. HILTON FOUNDATION 943100217 FORM 990-PF, PART XV - UNE 2d FEBRUARY 29, 2008

RESTRICTIONS OR LIMITATIONS ON REWARDS

The Conrad N. Hilton Foundation will not support political, lobbying, or legislative activities, nor will It support any form of violent political activity, terrorists, or terrorists organizations.

The Conrad N. Hilton Foundation does not provide grants to individuals.

STATEMENT 24 CONRAD N . HILTON FOUNDATION 94-3100217 RENO, NEVADA 89601 FYE 02/29/08

FORM 990PF - PART VIII - LIST OF OFFICERS , DIRECTORS , AND TRUSTEES

CONTRIBUTIONS TIME DEVOTED TO EMPLOYEE EXPENSE NAME AND ADDRESS TITLE TO POSITION COMPENSATION BENEFIT PLANS ACCOUNT

EDMUND J. CAIN VP/GRANT 37. 6 HRS/WK 208 ,800 39,385 NONE 10100 SANTA MONICA BLVD. PROGRAMS SUITE 1000 LOS ANGELES, CA 90067

STEVEN M. HILTON PRESIDENT/CEO 37.6 HRSIWK 287,000 42,872 NONE 10100 SANTA MONICA BLVD. DIRECTOR SUITE 1000 LOS ANGELES, CA 90067

JUDY MILLER VP/DIRECTOR 37.6 HRSIWK 206,200 38,826 NONE 10100 SANTA MONICA BLVD. PRIZE PROGRAM SUITE 1000 LOS ANGELES, CA 90067

PATRICK J. MODUGNO VP/ADMIN 37.6 HRSIWK 236,600 42,872 NONE 10100 SANTA MONICA BLVD. CFO SUITE 1000 LOS ANGELES, CA 90067

TIMOTHY J. ORTEZ TREASURER 37.6 HRSIWK 31,667 0 NONE 100 WEST LIBERTY STREET (Hired 01/01/08) SUITE 840 RENO, NV 89601 rn MARCIA C. TRUJILLO-PENMAN CORPORATE 37.5 HRS/WK 76,000 11 ,868 NONE 100 WEST LIBERTY STREET SECRETARY/ SUITE 840 t1j ASSISTANT RENO, NV 89501 TREASURER 4 N 01 CONRAD N. HILTON FOUNDATION 94-3100217 RENO , NEVADA 89501 FYE 02/29/08

FORM 990PF - PART VIII - LIST OF OFFICERS , DIRECTORS , AND TRUSTEES

CONTRIBUTIONS TIME DEVOTED TO EMPLOYEE NAME AND ADDRESS TITLE TO POSITION COMPENSATION BENEFIT PLANS ACCOUNT

ROBERT BUCKLEY, M.D. DIRECTOR 3 HRS/WK 4,600 NONE NONE 100 WEST LIBERTY STREET (Deceased 04/09/07) SUITE 840 RENO, NV 89601

GREGORY R. DILLON DIRECTOR 3 HRSIWK 26,000 NONE NONE 10100 SANTA MONICA BLVD. SUITE 1000 LOS ANGELES , CA 90067

WILLIAM H. FOEGE , M.D. DIRECTOR 3 HRS /WK 4,250 NONE NONE 10100 SANTA MONICA BLVD. SUITE 1000 LOS ANGELES , CA 90067

JAMES R. GALBRAITH DIRECTOR 3 HRSIWK 30 ,000 NONE NONE 10100 SANTA MONICA BLVD. SUITE 1000 LOS ANGELES , CA 90067

BARRON HILTON CHAIRMAN, 3 HRS/WK NONE NONE NONE 10100 SANTA MONICA BLVD . DIRECTOR SUITE 1000 LOS ANGELES , CA 90067

CONRAD N. HILTON III DIRECTOR 3 HRS/WK 22,000 NONE NONE 10100 SANTA MONICA BLVD. SUITE 1000 m LOS ANGELES, CA 90067

N 01 CONRAD N. HILTON FOUNDATION 94-3100217 RENO , NEVADA 89501 FYE 02129108

FORM 990PF - PART VIII - LIST OF OFFICERS , DIRECTORS, AND TRUSTEES

CONTRIBUTIONS TIME DEVOTED TO EMPLOYEE NAME AND ADDRESS TITLE TO POSITION COMPENSATION BENEFIT PLANS ACCOUNT

ERIC M. HILTON DIRECTOR 3 HRSIWK 29,600 NONE NONE 100 WEST LIBERTY ST. SUITE 840 RENO , NV 89501

WM. BARRON HILTON, JR. DIRECTOR 3 HRSIWK 26 ,000 NONE NONE 10100 SANTA MONICA BLVD. SUITE 1000 LOS ANGELES , CA 90067

HAWLEY HILTON MCAULIFFE DIRECTOR 3 HRS/WK 24,000 NONE NONE 10100 SANTA MONICA BLVD. SUITE 1000 LOS ANGELES , CA 90067

JOHN L. NOTTER DIRECTOR 3 HRS/WK NONE NONE NONE 10100 SANTA MONICA BLVD. SUITE 1000 LOS ANGELES , CA 90067

WILLIAM G . OUCHI DIRECTOR 3 HRSIWK 27,000 NONE NONE 10100 SANTA MONICA BLVD. SUITE 1000 LOS ANGELES . CA 90067

TOTAL COMPENSATION 1,237,617 175,823 En & CONTRIBUTIONS TO H EMPLOYEE BENEFIT PLAN tzj

N 111 CONRAD N. HILTON FOUNDATION 94-3100217 RENO, NEVADA 89601 FYE 02/29/08

FORM 990PF - PART VIII(2) - COMPENSATION OF FIVE HIGHEST PAID EMPLOYEES

CONTRIBUTIONS TIME DEVOTED TO EMPLOYEE EXPENSE NAME AND ADDRESS TITLE TO POSITION COMPENSATION BENEFIT PLANS ACCOUNT

SHAHEEN KASSIM-LAKHA SENIOR PROGRAM 37.5 HRS/WK 94,138 14,897 NONE 10100 SANTA MONICA BLVD. OFFICER SUITE 1000 LOS ANGELES, CA 90067

CASEY ROGERS SENIOR PROGRAM 37.6 HRS/WK 79,878 12,640 NONE 10100 SANTA MONICA BLVD. OFFICER SUITE 1000 LOS ANGELES , CA 90067

JEAN-MARC MOORGHEN MANAGER- 37.6 HRS/WK 70,900 11,219 NONE 10100 SANTA MONICA BLVD. HUMANITARIAN PRIZE SUITE 1000 LOS ANGELES, CA 90067

ROSE ARNOLD GRANTS MANAGER 37.6 HRSIWK 63,043 9,976 NONE 10100 SANTA MONICA BLVD. SUITE 1000 LOS ANGELES, CA 90067

JENNIFER LIEBERSTEIN PROGRAM OFFICER 37.6 HRS/WK 61,300 9,700 NONE 10100 SANTA MONICA BLVD. SUITE 1000 LOS ANGELES, CA 90067 369,269 58,433

En q tij There was one additional employee who was paid more than $50,000, other than those employees previously included in Part VIII, line 1. tzii

01 Conrad N. Hilton Foundation 990 PF - FYE 2/29/08 94-3100217

Page 6, Part VIII 3 - Five Highest Paid Independent Contractors For Professional Services

Tvpe of Service Compensation Dalton, Greiner, Hartman , Maher & Co . Investment $ 434,967.00 3001 Tamiami Trail North , #206 Management Naples , FL 34103-4172

Wellington Trust Company, NA Investment $ 421,349.00 75 State Street Management Boston , MA 02109

Morgan Stanley Investments , LP Investment $ 415,310.00 One Tower Bridge , 100 Front Street, Suite 1100 Management West Conshohocken , PA 19428-2881

Barrow, Hanley, Mewhinney & Strauss , Inc. Investment $ 327,988.00 2200 Ross Avenue , 31st Floor Management Dallas, TX 75201

Cambridge Associates, LLC Investment $ 231,543.63 100 Summer Street Consultants Boston, MA 02110-2112

TOTAL: $ 1,831 , 157.63

Total number of others receiving over $50,000 for professional services: Nine (9)

STATEMENT 27 CONRAD N. HILTON FOUNDATION 94-3100217 FORM 990-PF, PART XV - LINE 2a FEBRUARY 29, 2008

INFORMATION REGARDING PERSON TO WHOM TO SEND APPLICATION INFORMATION

Steven M. Hilton President & CEO Conrad N . Hilton Foundation 100 West Liberty Street, Suite 840 Reno , NV 89501 (775) 323-4221

STATEMENT 28 CONRAD N. HILTON FOUNDATION 94-3100217 FORM 990-PF, PART IX-A, LINE I FEBRUARY 29, 2008

SUMMARY OF DIRECT CHARITABLE ACTMTIES

Annually, the Foundation awards the world's largest humanitarian prize, the Conrad N. Hilton Humanitarian Prize. During the fiscal year, the $1,500,000 award was presented to Tostan, Inc. at a ceremony held on September 12, 2007, in New York attended by 334 people. A. humanitarian symposium titled, 'he Changing Face of Philanthrvpy.• Evolution or Revolution?" attended by 275 people was held in conjunction with the event. The symposium and award ceremony were both webcast and a conference report and executive summaries were produced and mailed. The executive summary was mailed to 1,796 people . The conference report and executive summary (both) were mailed to 1,454 people.

SEE STATEMENT 30 FOR DETAILS

STATEMENT 29 THE CHANGING `ACE OF PHILANTHROPY: EVOLUTION OR REVOLUTION?

r+'REcuTIM SUMMARY OF SYMPosu mi PROCEEDINGS

SPONSORED Sy Tilk CONRAD N. HILTON FOIINDATION

THE WALRORP ASTORIA NEW YORg Cn ti EfZP1* ER it, 2007

This ninth international humanitarian symposium sponsored by the Conrad N. Hilton Foundation brought together leaders from governments, non-governmental organizations (NGOs), foundations, corporations, multilateral institutions and the media to reflect on the changing face of philanthropy; whether it is the result of evolution or revolution; and where it is taking humanitarian activity. As in previous years, the symposium was broadcast on the Internet. Its complete proceedings are published and distributed to world leaders and are also available on the Hilton Foundation website.

The symposium was held in conjunction with the twelfth annual presentation of the Conrad N. Hilton Humanitarian Prize. Ban Ki-moon, UN Secretary-General, was the keynote speaker at the Prize ceremony honoring 2007 Hilton Prize recipient, Tostan, at a dinner following the day-long symposium. Tostan is a Senegal-based literacy organization whose community empowerment programs are centered on a foundation of human rights and democracy. Tostan, which means "breakthrough" in Wolof, has brought about dramatic changes in thousands of villages, ending domestic violence and exploitation of children, empowering women, and shattering harmful cultural traditions such as female genital cutting and child marriages. Founded in 1991, it has worked in nine countries in Africa and teaches in 16 languages. SPEAKERS

SY1OOSIUM MODE" rOR PANEL THREE Ralph Begleiter "Making Hope Happen-Challenges in Providing Distinguished Journalist in Residence, University of Humanitarian Assistance" Delaware and former CNN World Affairs Correspondent Sir John Holmes UN Under-Secretary-General for Humanitarian PANEL ONE Affairs & Emergency Relief Coordinator

"The Facebook Generation: "The Changing Face of U. S. Foreign Assistance" Philanthropy" Their Impact on the Future of Steven Radelet Tom Watson Senior Fellow, Center for Global Development Chief Strategy Officer, Changing Our World, Inc. PANEL POUR "Ethos Water and the Imperative of Ethical Brands" Jonathan Greenblatt "Partnering for Change: Philanthropy for Sustainable Founder, Ethos Water Development" Helene Gayle PANEL TWO President and CEO, CARE "How Social Entrepreneurship is Changing the World" Susan Davis "Thinking Big and Scaling Up: The BRAC Approach to Vice President, Ashoka; President & CEO, BRAC USA Poverty Alleviation" Fazle Hasan Abed "Innovative People need Innovative Founder and Chairperson, BRAC Capital-Financing Social Entrepreneurs" David Bornstein "40 Years, 40 Countries, 400 Million Heroes" Author of "How to Change the World: Tim Hanstad Social Entrepreneurs & the Power of New Ideas" President and CEO, Rural Development Institute STATEMENT 30

SUMMARY PROCEEDINGS OF "THE CHANGING FACE OF PHILANTHROPY : EVOLUTION OR REVOLUTION?" PAGE 1 SYMPOSIUM SYNOPSIS

We are witnessing an unprecedented amount of attention placed on the problems that we as humanitarians confront. And what is heartening, it is not just an academic focus, but a human response. People want to be engaged. New ideas, new players, and new partnerships are coining together. People in business, in the media, in entertainment, and individuals in the generalpublic arepaying attention, making demands on world leaders and international institutions and, more importantly, putting demands on themselves to participate. These are new and desperately needed resources. This new energy and commitment, and the new relationships it will help forge, comes at a time when a breakthrough is needed" -StCven M Hilton President and CEO, Conrad N. Hilton-Pounddi n

The Changing Face of Philanthropy: Evolution or aim than achieving true and lasting development for Revolution? brought together 275 participants- all...And let us recall that all of usfrom the United leaders, policymakers and activists in the fields of Nations to theprivate sector, from the local to the global- humanitarianism and human rights. They represented share the responsibility offulfilling these objectives. " governments, non-governmental organizations (NGOs), foundations, corporations, multilateral institutions The speakers covered a wide range of issues, but in and the media. their presentations and the remarks of symposium participants, several themes kept emerging: We are living in an era of change in philanthropy, caused by developments in technology and communications. Now is the time for systemic change. Organized After the 60 years of intensive humanitarian work in worldwide humanitarian efforts aimed at relief and disaster relief and development that have occurred development, and beyond that poverty reduction in since the end of World War H, much has been done and the developing world, have been ongoing since the many have benefited. Yet the enormity of the challenges end of World War II. For all the mistakes, failures that remain and, in fact, are still developing threaten to and money wasted or diverted, there have been overwhelm us. No one stated the urgency of the times lessons learned and progress in meeting needs-in more succinctly than Secretary-General Ban Ki-moon health, education, economic development and the at the end of the day: "Civilians continue to bear the development of democratic political practices. Yet intolerable brunt ofconflicts not of their own making." the needs keep increasing, some of them chronic and others only recently manifesting themselves. This will In fact, perhaps inadvertently, the Secretary-General's be an endless cycle unless and until the underlying speech amounted to a simple yet eloquent summary causes of those needs are addressed and systemic of the panelists messages at the symposium. The day change achieved. had been full of talk of the instant access we have to the events and people of the world; "not knowing" is The work ahead demands scaling up of efforts and harder and harder to offer as a defense for no action, pooling of resources . If we are to be serious about yet we do not always behave as a global village. This this, small, successful efforts must be extended is the necessary next step and the Secretary-General or scaled up to national, regional and sometimes offered the inspiration: even worldwide efforts. No NGO or government or donor can do this alone. "Ownership" of models and "Dear friends, in the 60 years since the founding of the resources must yield to cooperation and coordination. Conrad N. Hilton Foundation, just one year before the Ways must be found to work with new players-be founding ofthe United Nations... the world has, in many they celebrities, corporations, or young "net natives" ways, evolved faster than we could have imagined. who engage through the Internet. And, even more Today, just as our interconnectedness means that our difficult, will be coming to terms with the realization challenges are global, so too should we strive to ensure that resources-of funds, commodities, knowledge that our successes are global. There can be no greater and expertise-will have to be pooled and targeted. STATEMENT 30

PAGE 2 SUMMARY PROCEEDINGS OF "THE CHANGING FACE OF PHILANTHROPY: EVOLUTION OR REVOLUTION?" 0 Donors need to engage strategic philanthropy. Donors have a chance to really make a difference, but only those who are willing to give up the "quick fix" or the visible and touted "branding" of their efforts and take a risk. This is the time for strategic philanthropy-long term investments, from-the-planning-phase-up partnerships with implementers and fellow donors, long term funding cycles that do not require constant reporting and do not rule out the overhead costs that permit research, training and staff development and experimentation.

Trust, transparency and accountability are prerequisites. It would be foolhardy to consider long- term grants, eased reporting restrictions, joint efforts and pooled resources without demanding and verifying transparency and accountability on the part of all players-implementer grantees, NGOs, foundations, The 2007 Conrad N. Hilton Humanitarian Symposium bilateral and multilateral donors and agencies, and held at The Waldorf--Astoria, New York City host governments.

EXCERPTS FROM BAN KI-MOON PRIZE CEREMONY KEYNOTE SPEAKER

"Conrad Hilton was a true ally ofthe United Nations, a man who embodied the spirit ofthe United Nations Charter. When Conrad Hilton created the foundation, the world did not yet possess the technology to. channel every major emergency occurring. around the world into our homes. And yet, he had the foresight and conscience to place himselffront and center in the movement to combat national and global- inequities. He felt equally strongly abput causes at home and abroad. When he spoke of the `natural law- that obliges you and nw to relieve the, suffering of the distressed and the destitute,' he made no distinction aca4.rding to geogrdphica boundtziies. its compassigtt was as global as his business sense. Today, we liv •tn a world'wltere bdundartes count for less and less. An emergency unfolding on one sid :ofthe world- is Watched live 4n lIyin room. on the opposite side through communications facilities. If;ConraddM%ton cot4d honor, the_ na ural law 'ofobl ,ation without that instant knowledge ofcrises in his time, we should std et^y.have-no excrse n't,t&,hgnor.it in ours.

Presentation of the 2007 Conrad N. Hilton Humanitarian Prize 9 to r): Keynote speaker, UN Secretary-General Ban Ki-moon; Matick Diagne, Tostan Director for Africa; Ourdye Sall, Former Traditional C rcumciser and Tostan Activist; Molly Meiching, Founder and Executive Director of Tostan; and Steven Hilton UN Secretary-General Ban Ki-moon STATEMENT 30

SUMMARY PROCEEDINGS OF "THE CHANGING FACE OF PHILANTHROPY: EVOLUTION OR REVOLUTION?" PAGE 3 0 PANEL ONE

This was a panel about the future, a future that has international micro-enterprise network, a website and already arrived, not fully recognized by most, but a community of users, on the ground support and, on fully inhabited by young people. It is a place where top of that, there are myriad blogs and a Facebook technology, communications and information are group of lenders.. .1 thought... this is the changing face transforming the way people think and act. Where of philanthropy. [Net natives] live life online, their some might see superficiality, consumerism and causes are online, there is no separation between real trendiness, the speakers see hope and positive change. and virtual. If you want to know where philanthropy is Technology, consumerism, trendiness co-exist with going, watch what they're doing." Tom Watson, Chief awareness and caring. Young people have access Strategy Officer, Changing Our World, Inc. to the rest of the world and the problems of people everywhere. They want to do something. They want The 7acebook Generation: Their -Impact Qn the to be involved personally and they want results. Not Future ofPhi lanthropy surprisingly, they see no contradictions between these ideals and the high-tech consumer lives they lead. Starting with a desire to change This is how they get involved and make a contribution. the world, and a confidence that They will not only give on-line-they will organize and he could do so, the speaker, when advocate on-line; they will buy and wear the cause- just 10 years out of college, chose related T-shirt and patronize the companies and the lack of access to clean water products they deem ethical. and sanitation as his target and water itself as the vehicle to reach .The , Facebook Generation: Their, Impact , on the it. Fully embracing the current More ,of:,R1^%i iclrnthropy social trends of consumerism and convenience, he turned them The future of philanthropy is in around and made bottled drinking Jonathan Greenblatt the hands of young people and water the means by which he they do things differently. Not would raise money and awareness, and mobilize since the student movement of the people to provide poor people access to safe water. T 1960s, according to the speaker, The model is a paradigm for social entrepreneurs and has there been such a tendency those who would "think outside the box" in problem among the young to espouse solving. Not only are consumers willing to pay more causes and wear them openly, for this brand of bottled water; large corporations only, as opposed to the '60s, rather such as Starbucks, and, in the near future, PepsiCo, than destroy the Establishment, have embraced the product and the concept, helping Tom Watson these young people seek to own it to achieve the scale needed to make a difference. and transform it. They do not yet give much money, but they do give, they advocate and ""..Few Americans realize that over a billion people on participate, proudly making their causes part of their this planet lack clean drinking water, that two and a identities, helping to define and publicize who they are. half billion don't have adequate sanitation, and that in Although their giving is not significant yet in terms of rural Africa, women-often with their children-can walk individual contributions, the sheer numbers of young up to 16 miles a day to retrieve water for their families. people who take on causes, demand transparency These aren't casual strolls down Park Avenue. These and who easily link their consumerism to the support are dif7Icult journeys that these women undertake at of ethical products indicate that we are at what the great peril and at great costs, just to get their families speaker called "an inflection point," an influx of water, which tends to sicken their children. Today in massive change and increase in philanthropy. hospitals across this planet, there are more people bed- ridden due to water-related diseases than due to AIDS, Speaking of his 15-year old daughter's contribution via HIV, tuberculosis and malaria combined. And what's Internet to a small business owner in Mexico through the leading cause of death in children under the age of a philanthropy called Kiva.org: "Like her friends and five?.. .diarrhea. I have two young children at home and kids her age everywhere, she lives her life online. She's I refuse to tolerate that anywhere in this planet, at this part of the generation... known as the "net natives," a moment in time, we should tolerate a child dying from potentially potent group of consumers who have never diarrhea. It's just not acceptable. That was really the known life without a highly developed online network impetus for Ethos water; how can we change the way ...I was struck by a new kind of connection. Here's a people think about water and help children get clean small shop in a poor area of a struggling country, an water?" Jonathan Greenblatt, Founder, Ethos Water STATEMENT 30

OR REVOLUTION?" PAGE 4 SUMMARY PROCEEDINGS OF "THE CHANGING FACE OF PHILANTHROPY: EVOLUTION 4D PANEL TWO

This panel focused on social entrepreneurs and compassion and of caring. I think what is happening, venture philanthropists. The former are innovators though, is that even people on that side of the out to change the world, and to do so on a grand spectrum are migrating, influenced by the rise of scale. They need to be visionaries, but they also need social entrepreneurship and the desire to solve these to be able to build an institution and a movement, to problems, to jujitsu philanthropy' which comes out of bring together teams of highly motivated people who the tradition of strategic philanthropy. It's all about share a belief and goal. Social entrepreneurs may finding that point of highest leverage to try to create be a relatively new term used in philanthropy, but system change." Susan Davis, Vice President, social entrepreneurs have always been there, behind Ashoka and President & CEO, BRAC USA all of the transformation and evolution in society. They suit this age, thought, where technology and Innovative People Need Innovative Capital mass communications have led us to a global village. Financing Social• Entrepreneurs Behind social entrepreneurs there is often a venture philanthropist, an individual or foundation with Although micro-finance, particularly resources and understanding of the need for large the Grameen Bank in Bangladesh, scale approaches and willingness to take on risk. has come to symbolize what social Entrepreneurs play similar roles in the social sector as entrepreneurs can bring about they do in the business sector; they both need support in the fight against poverty, the and investment from the financial sector, whether in process that produced the bank is the form of a banker or philanthrdpist, and freedom a more general process applicable from government to operate. to other endeavors--dealing with disability, providing high quality Hpiu;Sgcja'l.Etttrepreneutship is Changing the World education, delivering food of high nutritional value at low prices. All David Bornstein Social entrepreneurship is an old it takes is the entrepreneurs. In phenomenon but it is accelerating any of these examples, the entrepreneur hopes not so now, driven by individuals but much solve the problems for the rest of society as serve at the same time reaching to as a mechanism that brings people together to focus on scale up, not pare down, efforts a common goal and agenda. The financing needs to be to national and global scales. At just as innovative-how can those relatively few dollars times social entrepreneurs affect influence the way government and the private sector more than the problems they spends its money, how can it unleash the power of the target: microfinance is a concept whole society to think and act differently. that has spread from poor rural Susan Davis villages to Wall Street and capital About Muhammad Yunus and the Grameen Bank markets where funds are being in Bangladesh: "I was surprised to see that it had created to support new strategies. The implications been started by just one person-an entrepreneur, a this acceleration has for philanthropy are not so much Conrad Hilton or Bill Gates-someone who was good a question of evolution or revolution, but at times, at building things, and he had done all the same of devolution as well-user-centered philanthropy. things that entrepreneurs that we know about in They are attracting venture philanthropists who are every field of business do. He was a visionary. He interested in investing in both for-profits and not-for saw beyond the horizon to an idea... something that profits. The times call for changing how everyone works wasn't happening that could happen. He built a team, together, building bridges between philanthropy and he mobilized resources, he executed and... initially, you capital markets, to approach the common problems make all kinds of mistakes, you realize that all your that ultimately touch all of us. assumptions were flawed... and created this process of self-correction, constantly driving the train at full speed "...It's not the person fishing or even the person while the track was being laid in front of him. This teaching to fish. We are looking for the person trying is the temperamental quality that's most interesting to revolutionize the fishing industry. Or to create the about entrepreneurs, this growth-orientation-moving missing industries, whole new industries that give forward, even while you're still laying the track in front rise to this kind of innovation...I think the shift is of you-this belief in your idea even before it has been coming between `palliative philanthropy' and jujitsu built. And that belief is really... what propels a lot of philanthropy.' Palliative philanthropy is really about social change in the world." David Bornstein, Author how to relieve suffering and save lives... motivated of "How to Change the World: Social Entrepreneurs by a deep sense of moral outrage at inlusiice, of thq Power of New Ideas STATEMENT 30

SUMMARY PROCEEDINGS OF THE CHANGING FACE OF PHILANTHROPY: EVOLUTION OR REVOLUTION?" PAGE 5 0 PANEL THREE

The topic, without its being stated in so many words, The truth of this, obvious though it may seem, has been was the politics of foreign aid, be it for humanitarian borne out on me in every major humanitarian arena I emergencies or development-politics that usually go have visited. Humanitarian aid is only, can only be, a unacknowledged. All of the tensions of the world that sticking plaster on an open wound while the solutions have so great an impact on humanitarian problems to the underlying problems are sought. There can be and on responses to humanitarian crises have to no avoiding our obligation and the moral imperative to some degree a political genesis, as well as political provide that sticking plaster to save lives and afford implications at all stages of implementation. Some those affected at least a modicum of human dignity... countries, such as the U.S., often tie assistance The biggest challenge is...in the field of protecting closely to political alliances and objectives; at other civilians... These people desperately want us to make times, in the beneficiary country, different political hope happen. We have a responsibility not to let them factions may use NGOs, and the whole development down." Sir John Holmes, UN Under-Secretary- process, to their own ends, or even divert funds for General for Humanitarian Affairs & Emergency their own gain. None of this is likely to change in Relief Coordinator the foreseeable future, so humanitarian work must The Changing Face of U. S. Foreign Assistance proceed within this context. Working in partnership with the larger humanitarian community and being as There is no way to divorce politics open, transparent and accountable as possible, while from bilateral foreign assistance. demanding it in others, is the best way to proceed. Nowhere is that more the case than with U.S. foreign aid. First Making Hope Happen-Challenges in Providing and foremost, foreign aid supports Humanitarian Assistance what is perceived as the national interest. It is used as a political tool. For the past 15 years, the UN Now especially, when foreign aid is has made a concerted effort to actually a serious and important coordinate the international matter of discussion among the effort - improving partnerships U.S. presidential candidates, the Steven Radelet between the UN agencies and non- timing is crucial for the private UN donors and implementers; to sector to act. Rather than fight the U.S. government's act as an international, single voice foreign aid agenda, the challenge is to work with it, and for the humanitarian community around it, depending on the country and on the project. and to be at the intellectual and And then, to focus on how the public and private sector policy forefront to adopt and might best work together. Beyond supporting specific Sir John Holmes implement appropriate response projects in poor countries around the world, private to humanitarian disasters. This organizations can influence the broader debate, the effort comes at a crucial time. All indicators point policy dialogue, by working with organizations in the to growing demands for humanitarian relief, due to U.S. that are seeking to develop new ideas and educate increased natural disasters, stemming in large part Americans at the grassroots to influence the debate. from climate change, and increased internal conflicts and civil wars, as religious and ethnic tensions intensify 'We need to figure out ways to work better with both and globalization extends its impact. The humanitarian public and private philanthropy. A lot ofpeople think response cannot be coordinated in a vacuum. At its core one is a substitute for the other. That's nonsense. is the responsibility to protect civilians and this is at the There are things, as Sir John pointed out, certain crux of an ideological, and very political, debate between organizations can do that others cannot. I think a real the proponents of humanitarian intervention and those challenge, as we see this growth in philanthropy that's determined to protect national sovereignty at any price. come around in the last decade or so, is to figure out the best ways ofgetting the public and the private sector to "(There is an] integral link between humanitarian work together... as these new ideas come around and crises and politics, despite the profound wish of the people are rethinking how U.S. foreign aid can increase humanitarian actors to steer clear of the nasty political and be reconfigured, (we need to) think how we can world... Someone remarked to me early on that there take advantage of the rise in private philanthropy... is no such thing, at least in the conflict area, as a to make them work better with the U.S. government humanitarian crisis. Rather what we face are political agencies and other official donors.' Steven Radelet, and security crises, with humanitarian consequences... Senior Fellow, Center for Global Development

STATEMENT 30

OR REVOLUTION?" PAGE SUMMARY PROCEEDINGS OF 'THE CHANGING FACE OF PHILANTHROPY: EVOLUTION 40 -tl

PANEL FOUR

The three panelists, all non-profit non-governmental More and more people are talking about the concept of organizations, talked about the need for systemic change the triple bottom line, that you can have a social return, and necessity to scale up activities in order to bring about you can have an economic return and you can also have that change. Clearly humanitarian work has reached an environmental return if you're thinking about those the point where service delivery, whether for relief or things in a partnership way. Obviously, businesses that development is no longer the only point. All concerned- are in the business of making money have something to implementers, donors, governments and international say and contribute to afield where economics have to be agencies-have built up the track record and the know- part ofit. Growing economies enabling the bottom billion how to respond effectively. The point is not to have to to actually change their economic picture, there has to be respond endlessly and that means systemic change that some opportunity for merging those and thinking about goes to the heart of the crises. Rather large or small, ways that we can do that better.. .it's actually a very the players who would work for systemic change must exciting time...I think there are more actors in it today scale up the scope of their work and extend its reach. that allow us to think much more creatively." Helene It means finding partners and pooling resources. This Gayle, President and CEO, CARE cooperation extends not just to agencies on the ground, but donors, many of whom want their individual brand Thinking Big and Scaling Up: The BRAC Approach and recognition for their activities and accomplishments. to Poverty Alleviation This change is, and perhaps will be, a painful one, but certainly part of a maturing process., Just as corporations grow as a matter of course, operate on a large Partn0ring -for Change: Philanthropy for scale and think big, so should, and must, ^L 4`_;rime Ijivelopth ent NGOs be prepared to do the same in the non-commercial Even a large worldwide NGO with world. NGOs must be prepared a staff of thousands and budget to do so, and to do so effectively, in the hundreds of millions, can if they are to contribute to hardly make a dent in what needs poverty alleviation. To be effective to be done to provide relief and involves serious and systematic reduce poverty. The first task is work. Targets must be identified; F.H. Abed to respond to immediate needs, methods developed, adapted, re- but it is self-evident by now, examined and perfected, people trained and re-trained, that even if such responses were and the model constantly corrected. None of this will adequate, their impact would be happen if an NGO, no matter how big and impressive, Helene Gayle short term. Beyond the need are acts alone. There must be partnership and sharing, the underlying causes of poverty, and, if the NGO is truly operating on a major scale inequities of power, such as gender inequality, social to address a country's problems completely, one of exclusion and marginalization, as well as wrong those partners must be government. The NGO must policies, such as poor governance, corruption and lack be careful not to take government off the hook and of rights. No NGO can deliver on all of these fronts do the job government should do; at the same time, it alone. The individual NGO can face these challenges must not put the government to shame, outstripping with innovation; and then, having demonstrated what it. Rather a healthy competition, which seeks to fill works, form partnerships with both the private and in the gap that government cannot address, and to public sector, to scale up what's possible, and finally, influence government policy, methodology and practice develop the capacity of indigenous NGOs on the ground by example can make a significant contribution. to carry on the work. Developing capacity on the ground, particularly by focusing on women and girls, 'I started quite small (with BRAC)...I've always believed creates its own multiplier effect, because changing the that you first need to be effective, then you need to life of a woman also changes her family, the future of become ofcient; (then) you can grow. Large-scalepoverty her children and ultimately the community. alleviation needs different kinds of input and activities and support, which BRAC is trying to do in all sectors- "...we have a much broader array of different kinds of health, education, micro-finance, income and employment. donors today, and looking at abetter way ofcoordinating, Suppose in a village you provide 200 families with micro- what can private philanthropy do? What can public finance, but there are no opportunities to use this money sector funding do? What can corporate giving-which is to get employment. So, we decided that if there are no increasingly more and more important in this mix-do?... opportunities, we needed to create opportunities for them STATEMENT 30

SUMMARY PROCEEDINGS OF THE CHANGING FACE OF PHILANTHROPY: EVOLUTION OR REVOLUTION? PAGE 7 to use money and get into jobs...In order to scale up, you strategic philanthropy. Strategic philanthropy involves not only have to test it, but you also need support. First solutions that take time-for example, notjust delivering of all, the financial support. Secondly, infrastructure. a parcel of land to one family or village, but changing BRAC has 50,000 nonformal primary schools... 50,000 laws and policies regarding land ownership to deliver teachers... and more than 1.5 million children. But we large scale, generational and sustainable results. All couldn't expand these programs without first building involved need to understand their long-term solution, infrastructurefor training... Secondly...all kinds ofsupport no matter how successful, will be no silver bullet; work services have to be built together withfnancial resources, must proceed on several fronts, and all must involve to be able to scale up the program. ° Fazle Hasan Abed, the larger, structural issues that impede progress. Founder and Chairperson, BRAC "Based on 40 years of experience and working in over 40 40 Years, 40 Countries, 400 Million Heroes countries on changes that have impacted over 400 million lives, we at RDI have great confidence that providing the Secure land rights have a vitally rural poor with secure land rights works...It can change important role in alleviating entire communities and, indeed, entire nations...due to poverty and even small non-profits the fundgmental ability and readiness of poor people can partner to achieve large scale- in developing countries...to work hard, to be creative, systemic reforms and change. It to find ingenious solutions, especially when they have requires, however, having many the confidence that their fami lies will beneft .we at RDI stakeholders, including the have learned many lessons-lessons about what it takes beneficiaries. The beneficiaries to effect structural changes, changes that have positive have to be willing to work hard, multiplier effects. Law andpolicy have Leverage ..Long-term but also they must have a vision solutions require long-term philanthropic support... success Tim Hanstad and that encompasses the long in achieving systemic change requires partnerships...One term. Systemic change requires must avoid the temptation to identify cookie-cuttersolutions... the cooperation of people within the system one no single change is a silver bullet... Work must proceed on would change-both courageous political leaders and several fronts... Solutions for extreme poverty are always government bureaucrats, professionals, who have vision much more than land rights. However, they are rarely and courage. Beyond that, it is absolutely necessary less; especially in settings where most poverty is rural and to have the support of philanthropic people and where land remains the most important source ofnutrition, organizations who have the vision to go beyond short- of income, of wealth, power and status." Tim Hanstad, term fixes to the risky business of strategic investments, President and CEO, Rural Development Institute CONCLUSION This symposium had a different sound than previous ones. It had a language of its own: network natives, life online, venture philanthropists, social entrepreneurs, branding, scaling up and sustainability, strategic philanthropy-to say nothing of blogs, Facebook, orgs and coms. It is not that the words or concepts were entirely new or unknown. It was the combined impact of their presence. Change is here. It is not going away. Like it or not, the face of philanthropy is changing.

For the most part, the speakers found reassurance and even comfort in these new developments. People are engaged. The humanitarian impulse is thriving in the new millennium. It is up to those who are in the field to find ways to accommodate the new players, to make them welcome, to adopt and adapt their methods, and to insist on adherence to the same underlying principles that have always driven humanitarian work at its best: all concerned want to relieve human suffering and make the world a better place. It is that simple. The hard part; the greatest challenge, is absorbing the growing realization that if humanitarians really are to alleviate global suffering, scaling up is essential to achieve generational and sustainable results. Fortunately, the day's speakers laid out several paths to follow to reach that goal. FOR MORE INFORMATION

If you would like to receive a full transcript of the symposium, please contact Danielle Fuller via e-mail at [email protected]. For any additional information, contact Judy Miller, Director, Conrad N. Hilton Humanitarian Prize at [email protected], or visit www.hiltonfoundation.org

CONRAD N. HILTON FOUNDATION 10100 Santa Monica Boulevard, Ste. 1000 Los Angeles, California 90067-4011 Telephone: (310) 556-4694 STATEMENT 30

PAGE 8 SUMMARY PROCEEDINGS OF 'THE CHANGING FACE OF PHILANTHROPY: EVOLUTION OR REVOLUTION?"