FISCAL YEAR 2018 ANNUAL REPORT

YOUR SUPPORT AND HOW IT WAS USED FISCAL YEAR 2018 | ANNUAL REPORT 1 FY 2018 BOARD OF DIRECTORS

CHAIR Angel L. Iscovich, MD VICE CHAIR Mark Schwartz CONTENTS SECRETARY James Selbert ASSISTANT SECRETARY Pamela Gann TREASURER Linda J. Gluck 03 18 Steve Ainsley • Steven Amerikaner How Direct Relief was Funded Strategic Foundation Partnerships Patricia Aoyama • Bitsy Becton Bacon

Jeffrey Branch • David A. Brown Dante Di Loreto • Charles Fenzi, MD 07 20 Patrick Fitzgerald • David Lee Gibbs, PhD How Your Support was Used Investors Elizabeth Green, RN • Michael Kelly FISCAL YEAR 2018 ANNUAL REPORT Mark Linehan • Siri Marshall Jane Olson • Jamie Ruffing, PhD 13 34 27 S. La Patera Lane, Santa Barbara, CA 93117 Byron Scott, MD • Thomas Sturgess Financial Statements In Memoriam

T: 805-964-4767 | TOLL-FREE: 800-676-1638 Steven A. Weintraub • Thomas Weisenburger, MD F: 805-681-4838 | DirectRelief.org

INTERNATIONAL ADVISORY BOARD 16 35 Corporate Parnerships Guiding Principles IMPROVING E. Carmack Holmes, MD • S. Roger Horchow Donald E. Petersen • John W. Sweetland

THE HEALTH MEDICAL ADVISORY BOARD AND Juan Carlos Alvarenga, MD Sofia Merajver, MD, PhD • Carol Millage, PharmD Federico Antillon, MD, PhD Charles Nicholson, MD • Raj Panjabi, MD, MPH Steve Arrowsmith, MD Bakht Sarwar, MD, MS LIVES Hon. Regina Benjamin, MD, MBA Ayesha Shaikh, MD, OB/GYN Elizabeth Duarte, MD Hambardzum Simonyan, MD OF PEOPLE Georges Dubuche, MD, MPH Tom Stern, MD • Larry Stock, MD, FACEP Adrian Ebner, MD • Paul Farmer, MD, PhD Elizabeth A. Toro, MD, MPH, OB/GYN

Charles Fenzi, MD • Daron Ferris, MD David S. Walton, MD, MPH AFFECTED Charles Filipi, MD • Lynn Fitzgibbons, MD Thomas Weisenburger, MD Susan Fleischman, MD • Grace Floutsis, MD Beatrice Wiafe Addai, MD, PhD BY Henri Ford, MD, MHA, FACS, FAAP Hon. Jaime Galvez Tan, MD, MPH CHAIR EMERITI Paul Giboney, MD POVERTY William C. Gong, Pharm D, FASHP, FCSHP Thomas J. Cusack • Richard Godfrey ON THE COVER: Bert Green, MD • Elizabeth Green, RN Stanley C. Hatch • Dorothy F. Largay, PhD In the wake of Hurricane Harvey,

Nancy Lessner • Rita Moya • John Romo Direct Relief emergency medical OR Dan Greenfield, MD • Douglas S. Gross, MD, PhD Angel L. Iscovich, MD • Rosie Jadidian, PharmD Denis Sanan • Nancy B. Schlosser supplies are delivered to Gulf Coast

Karen Lamp, MD • Michael Maguire, MD PRESIDENT EMERITUS Sylvia Karczag Health Center in Beaumont, Texas. EMERGENCIES Laurinda Marshall, RN PRESIDENT & CEO Thomas Tighe PHOTO: Bimarian Films

2 ANNUAL REPORT | FISCAL YEAR 2018 HOW DIRECT RELIEF WAS FUNDED

[ FY 2018 ]

Nongovernmental, nonsectarian, and not-for-profit, Direct Relief provides assistance to people and communities without regard to politics, religious beliefs, or ethnic identities. Direct Relief relies entirely on private contributions.

In Fiscal Year 2018 (July 1, 2017, through June 30, 2018), nearly 95,000 individuals, companies, and foundations gave in-kind and cash contributions to Direct Relief. Businesses and organizations provided products and expertise needed and leveraged for humanitarian purposes, and generous cash donations helped keep Direct Relief independent from external interests, maintaining the flexibility of its work.

FISCAL YEAR 2018 | ANNUAL REPORT 3 92% 8% IN-KIND CASH $1.1 B $93.9M CASH AND IN-KIND CONTRIBUTIONS are used to cover internal costs and for goods and services foundations was spent. To fulfill its mission and program objectives, Direct to advance the organization’s mission and that cannot be Direct Relief’s activities are planned and executed Relief has long sought partnerships with businesses and obtained through in-kind donations. on an operating (or cash) budget that is approved by the organizations with particular expertise that is needed The strategic pursuit of in-kind resources enables Board of Directors prior to the onset of the fiscal year. The and can be leveraged for humanitarian purposes. This Direct Relief to provide far more humanitarian assistance cash budget is not directly affected by the value of in-kind approach has led to 200+ healthcare manufacturers and than would be possible in a model that relied entirely medical product contributions. Cash support—as distinct other corporations, in sectors ranging from technology upon raising cash and then converting the cash into from the value of contributed products—is used to pay goods and services. It makes little economic sense to incur for the logistics, warehousing, transportation, program to transportation,FY 2018 CO providingNTRIBUTED in-kind SUPPOR contributionsT: in the form of needed goods (primarily medical products) and the expense involved in raising funds to then purchase oversight, program and administrative staff salaries, $ 1.2B services that would otherwise have to be purchased. Direct something that a business may be willing and able to purchasing of essential medical products, acquisition Relief also solicits and receives cash contributions, which provide directly and more efficiently as its charitable of donated medical products, and all other program contribution. expenses. Direct Relief’s financial statements must account for In May of 2018 Direct Relief moved into a new 92% 8% both cash and in-kind contributions that are entrusted 155,000 square-foot state-of-the-art facility—with a IN-KIND CASH to the organization to fulfill its humanitarian mission. 128,000 square-foot warehouse and a 27,000 square- $1.1 B $93.9M In Fiscal Year 2018, over 92 percent of its total public foot office and meeting space—certified for domestic and support of $1.1 billion was received in the form of international pharmaceutical distribution. As of June 30, in-kind medical products and certain other donated 2018, the total project cost, including the cost of the land goods and services (such as transportation services from was $37.9 million. FedEx, online advertising from Google, and donated data The new Direct Relief headquarters was made possible analytics software from Qlik). through generous donations from individual donors and Merging cash and in-kind contributions in accordance our valued corporate supporters. Nearly four million FY 2018 CONTRIBUTED SUPPORT: with Generally Accepted Accounting Principles (GAAP) dollars in cash and pledges were raised in FY 2018, $ 1.2B can be confusing to non-accountants. These notes, in bringing the total campaign funds raised to $36 million addition to the financial statements on page 13, are to as of June 2018. To finance working capital needs for the assist you in understanding how Direct Relief’s program facility construction, Direct Relief secured a $25 million

$1,23 0M model is financed and works, to explain the state of the line of credit which is secured by all the assets of Direct 1,200 organization’s financial health, and to inform you about Relief, the Direct Relief Foundation, and the LLC. As of $1,10 9M how the money generously donated to Direct Relief in June 30, 2018, $13.4 million had been drawn to complete

1,000 FY 2018 by individuals, businesses, organizations, and the construction of the building. CONT’D $89 7M

800 $77 9M SOURCES OF CASH REVENUE: $93.9 M CATEGORIES OF CASH SUPPORT: $93.9 M

600 1% 1,081 1,136 18% 61% BEQUESTS $45 5M $ MILLIONS 865 FOUNDATIONS DESIGNATED / $1.1M $17.1 M OTHER DESIGNATED 400 750 48% $57.4M INDIVIDUALS 34% 435 $45.1 M UNDESIGNATED $31.6M

200 $1,23 0M 1,200 $1,10 9M 94 20 32 29 28 1,000 0 34% FY 14 FY 15 FY 16 FY 17 FY 18 $89 7M CORPORATIONS $31.7 M 800 CASH SUPPORT IN-KIND SUPPORT $77 9M 4% CAPITAL CAMPAIGN 600 $3.8 4 ANNUAL REPORT | FISCAL YEAR1,081 2018 1,136 $45 5M $ MILLIONS 865 400 750

435 200

94 20 32 29 28 0 FY 14 FY 15 FY 16 FY 17 FY 18

CASH SUPPORT IN-KIND SUPPORT When taking an annual snapshot at the end of a fiscal to when humanitarian aid or cash is granted (subsequent an integral part of Direct Relief’s HOW year, several factors can distort a realistic picture of our fiscal years). humanitarian assistance programs. DIRECT RELIEF (or any nonprofit organization’s) financial health and In assigning a fair market value WAS FUNDED activities. Since the purpose of this report is to inform you, POLICY ON DESIGNATED to the in-kind medical donations FY 2018 we think it is important to call your attention to some of CONTRIBUTIONS received, Direct Relief uses a careful, these factors. Direct Relief has adopted a strict policy to ensure that conservative approach that complies with the relevant 100 percent of all designated contributions for a specific accounting standards, and the spirit and purpose of TIMING OF REVENUE RECOGNITION program or emergency response are used only on expenses disclosure, transparency, and accountability to the public. & EXPENSES related to supporting that program or response. Direct Direct Relief uses the following methodology in First is the timing of donations being received and the Relief has used similar policies for all disaster responses determining the fair market value of in-kind medical expenditure of those donations, whether in the form of in the last few years, including responses to the fires donations: U.S. Food and Drug Administration approved cash or in-kind medical products. Donations—including and mudslides in California, Syrian refugee crisis, Ebola pharmaceuticals, branded and generic, are recorded at those received to conduct specific activities—are recorded outbreak in West Africa, Hurricanes Maria, Irma, Harvey, estimated wholesale value, which approximates fair value, as revenue when they are received or promised, even if the Sandy, Katrina, and Rita, and earthquakes in Mexico, on the date received, based on the Wholesale Acquisition activities are to be conducted in a future year. The in-kind Ecuador, Nepal, Japan, Haiti, Pakistan, Peru, China, and Cost (WAC) as in the RED BOOK™ published by Truven product donations are also recorded in inventory upon Chile. Health Analytics/IBM Watson Health. The RED BOOK© receipt. Direct Relief’s policy is to distribute products This approach is appropriate for honoring precisely is an industry recognized drug and pricing reference at the earliest practicable date, consistent with sound the clear intent of generous donors who responded to guide for pharmaceuticals in the United States. The programmatic principles. While the distribution often these tragedies and to preserve the maximum benefit for organization uses monthly pricing information available occurs in the same fiscal year of receipt, it may occur the survivors for whose benefit the funds were entrusted to from the RED BOOK™ online service provided by Truven in the following fiscal year. An expense is recorded and Direct Relief. Health Analytics, to ensure the most accurate and current inventory is reduced when the products are shipped to valuation of pharmaceuticals donated to the organization. healthcare partners. VALUATION OF IN-KIND RESOURCES WAC is the standard used by many U.S. states as the In FY 2018, Direct Relief received less value in Direct Relief is the only nonprofit organization in the Federal Upper Limit pricing for drugs purchased under product donations than was shipped out to its partner United States that has received accreditation from the the Medicaid program. Alternative methods of valuing network. When the fiscal year ended, the product National Association of Boards of Pharmacy as a Verified- a drug donation would result in a higher valuation. For inventories that had been “spent” were reported as a Accredited Wholesale Distributor (VAWD) licensed to example, the commonly cited Average Wholesale Price decrease in net assets (or net operating “deficit”). The distribute pharmaceutical products in all 50 U.S. states, (AWP), which also is published in the RED BOOK©, is opposite was true in FY 2017, when the value of product and is among the largest-volume providers of medical approximately twenty-five percent higher than WAC for a donations was more than the humanitarian aid distributed donations to its partners worldwide. Direct Relief’s particular product according to the RED BOOK©. Direct during the year. This resulted in an increase in net assets programs involve a wide range of functions, several of Relief determined that WAC is the more appropriate (or net operating “surplus”) for that year. which require specialized expertise and licensing. Among measure. Because pricing differences exist for generic and In FY 2018, Direct Relief received public support these functions are identifying key local providers of branded products, it is important to note Direct Relief and revenue of $1.13 billion in product donations, $93.9 health services in such areas; working to identify the applies WAC value to each specific product’s National million in cash donations and a $6.4 million gain on unmet needs of people in the areas; mobilizing essential Drug Code, which relates to the specific manufacturer investments/sale of assets. In the same period Direct Relief medicines, supplies, and equipment that are requested and formulation of a drug. This distinction is significant provided program services including pharmaceuticals, and appropriate for the circumstances; and managing because it reflects, for example, the lower price (and medical supplies, equipment and related expenses of $1.23 the many details inherent in storing, transporting, and fair market value) of a generic product received through billion, administrative support services of $5.4 million and distributing such goods to the partner organizations in the donation, compared to higher-priced branded product. fundraising costs of $2.7 million. For FY 2018, the change most efficient manner possible. For non-FDA-approved pharmaceuticals, for example, in net assets was a ($3.8) million net operating “deficit.” When Direct Relief receives an in-kind donation, products manufactured for use in non-U.S. markets, the A fiscal yearend net operating “surplus” or “deficit” is accounting standards require a “fair market value” to organization uses independent pricing guides to determine often due to the timing difference of when public support be assigned to the donation. Donations of medicines, the fair market value of the particular manufacturer’s is received and recorded (current fiscal year) compared medical equipment, and medical supplies have long been specific formulation. As is the case with FDA- CONT’D FISCAL YEAR 2018 | ANNUAL REPORT 5

HOW approved formulations, the value If a low-cost generic medication is received through predictable stream of funding to Direct Relief while DIRECT RELIEF relates to the specific product from donation, its value is properly recorded as that of the seeking to maintain the purchasing power of these assets. WAS FUNDED the specific manufacturer. The generic medication. Similarly, if a more expensive Under this policy, as approved by the Trustees of the FY 2018 sources of such pricing information branded product is received through donation, its value is Foundation, the BRIF assets are invested in a manner that vary, but relevant information may registered as that of a branded product. is intended to produce results that provide a reasonable include the price paid by wholesalers or other third-party As noted above, Direct Relief has long sought the balance between the quest for growth and the need buyers, a favorable price negotiated by an organization for contribution of needed goods and services to use for to protect principal. The Foundation expects its BRIF a particular drug, or other such reasonable bases. humanitarian purposes because of the efficiencies and funds, over time, to provide an average rate of return of For medical supplies and equipment, the organization other benefits that result. The organization, and (more approximately six percent annually. Actual returns in any determines wholesale value by reviewing the pricing importantly) the people it serves, benefit from the lowest- given year may vary from this amount. information on the specific item listed for sale in trade cost, most efficient use of resources. Financial contributors The Foundation, to satisfy its long-term rate-of- publications, through online pricing, and through its own benefit also, since their financial contributions are not return objectives, relies on a total return strategy in procurement history when purchasing. Such valuations are being used to purchase goods or services that can be which investment returns are achieved through both lower typically than published retail prices. obtained directly through donations. Therefore, when it capital appreciation (realized and unrealized) and current Different prices for similar products or services in different comes to accounting for, documenting, and reporting any yield (interest and dividends). The organization targets geographic areas can cause confusion. The specifics of contributions it is very important to get it right. a diversified asset allocation balanced between equity Direct Relief’s valuation methodology are noted here in A strong incentive exists to use higher valuation and fixed income investments to achieve its short-term recognition of the confusion that can arise with the value sources, such as retail prices, or use branded product spending needs as well as long-term objectives within of contributed goods and services. values for generic donations. However, a conservative prudent risk constraints. One source of confusion stems from the significant approach provides the most accurate, easy-to-understand The Foundation has a policy of appropriating for pricing (and therefore valuation) differences that exist basis and is best to instill public confidence in Direct distribution each year an amount up to five percent of in different parts of the world for similar products. Relief’s financial reporting. the assets of the BRIF. In some instances, the Board may With regard to pharmaceuticals, significant differences decide to appropriate an amount greater than its stated exist between a branded drug and a generic equivalent DIRECT RELIEF FOUNDATION AND THE policy if it is specifically deemed prudent to do so. The formulation even within the same market, including the BOARD-RESTRICTED INVESTMENT FUND BRIF is authorized to distribute its portfolio assets to pay U.S. Because Direct Relief operates on a global scale, In 1998, Direct Relief’s Board of Directors established a for Direct Relief’s fundraising expenses and the salary of such differences must be considered and reflected in the Board-Restricted Investment Fund (“BRIF”) to help secure the President and CEO as well as advance emergency relief accounting and reporting of contributions. the organization’s financial future and provide a reserve funding as determined by the President and CEO. Of course, similar pricing and valuation differences for future operations. The BRIF, established with assets For the Fiscal Year 2018, the Foundation Trustees also exist for other commodities and services beyond valued at $774 thousand, draws resources from Board- approved a distribution of $2.3 million to pay for Direct pharmaceuticals. In the U.S., for example, 12 ounces of designated unrestricted bequests and gifts, and returns on Relief’s fundraising expenses and the salary of the water is free from a public tap but can be several dollars if portfolio assets. President and CEO. The Foundation also distributed $385 it comes in a branded bottle. In October 2006, the Direct Relief Foundation was thousand to Direct Relief that had been approved in prior Similar pricing differences exist for services as well. formed and incorporated in the State of California as a years for the same purpose. Upon a majority vote by the The outsourcing and off-shoring phenomena reflect separate, wholly controlled, supporting organization of Board, the BRIF may also be utilized to meet other general that even highly skilled services—surgery, computer Direct Relief. Effective April 1, 2007, assets in the BRIF operational costs and extraordinary capital expenses. programming, research conducted by Ph.D.s— are done at were transferred to the Foundation. The Foundation’s vastly different prices in different countries. investments are managed by SEI Private Trust Company, Direct Relief’s internal processes, information systems, an investment firm under the direction of the Foundation’s and public disclosures ensure that these distinctions are Investment Committee, which meets quarterly and clearly documented, and that the organization’s financial oversees investment policy and performance. reporting precisely and accurately reflects the fair market The Board has adopted investment and spending value of the specific items received through donation. policies for the BRIF assets that attempt to provide a

6 ANNUAL REPORT | FISCAL YEAR 2018

HOW YOUR SUPPORT WAS USED

[ FY 2018 ]

Thanks to your participation, Direct Relief helped more people in more places than ever before in its 70-year history in FY 2018.

The organization received $1.23 billion in public support and provided a record $1.078 billion in assistance around the world (including $16.3 million in financial assistance).

FISCAL YEAR 2018 | ANNUAL REPORT 7 USA INTERNATIONAL

14,000 13,547

13,000 MATERIAL704 ASSISTANCE

12,000

11,146 Advancing its mission to improve the health 11,000 11,076 692 and lives of people affected by poverty or 682 1,100 emergencies—without regard to politics, religious $1,06 0M The 1,764 tons (over 3.5 million 10,000 pounds) of pharmaceuticals, beliefs, or ethnic identities—Direct Relief 1,000 delivered 11,076 shipments of humanitarian medical supplies, and medical 9,000 $921 M material aid in FY 2018 to 97 countries and all 900 equipment that were furnished

8,000 50 U.S. states and 3 U.S. territories. to local health programs had a

800 $760 M

7,333 combined wholesale value of 7,213 7,000 534 $1.06 billion. 741 700 12,843 818.6 6,000 $611 M USA INTERNATIONAL

5,552 600

511 10,454 10,394 ) 5,000 $503 M 14,000 500

13,547 635.6 792.4 4,000 13,000 704 400 $342 M 6,799 6,472 3,000 12,000 300 $274 M $275M 435 545.8 5,041 11,146

2,000 11,076 11,000 200 282 692 682 230 211 1,100 $1,06 0M 1,000 10,000 141.7 100 INTERNATIONAL 1,000 124.7 129.0 USA NUMBER OF SHIPMENTS 43.9 64.4 60.2 68.3 64.8 0 $921 M 9,000 VALUE OF MATERIAL AID ( IN $ MILLIONS FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 0 FY 11 FY 12 FY 13 FY 14 FY900 15 FY 16 FY 17 FY 18

8,000

800 $760 M 7,333 7,213 7,000 534 741 700 12,843 818.6 6,000 400 The$611 M medical aid contained in these shipments 5,552 600 362.2 M was sufficient to provide 217.2 million Defined ) 511 10,454 10,394 MILLIONS) 5,000 $503 M Daily Doses (DDD) for people who may have 302.4 M 500 300 278.9 M 276.0 M M otherwise635.6 lacked792.4 access to quality health care.

4,000 .5 400 DDD is a measure of drug utilization 223.8 M 217 $342 M 6,799 6,472 developed by the World Health Organization 3,000 200

300 $274 M $275M 435 (WHO)545.8 and maintained by the WHO 5,041 138.6 M 2,000 Collaborating Center for Drug Statistics 200 282 methodology at the University of Norway in 100 230 211 1,000 Oslo. Direct Relief uses141.7 this as a measure of 100 INTERNATIONAL pharmaceutical124.7 129.0 aid provided. USA DEFINED DAILY DOSES PROVIDED (IN NUMBER OF SHIPMENTS 0 43.9 64.4 60.2 68.3 64.8 0 VALUE OF MATERIAL AID ( IN $ MILLIONS FY 13 FY 14 FY 15 FY 16 FY 17 FY 18 0 FY 12 FY 13 FY 14 FY 15 FY 16FY 11FY FY17 12FY FY 18 13 FY 14 FY 15 FY 16 FY 17 FY 18

8 ANNUAL REPORT | FISCAL YEAR 2018 FINANCIAL ASSISTANCE

In addition to providing more essential medical material resources than ever before, Direct Relief furnished $16.3 million in critically needed funding in FY 2018 to support the efforts of locally-run, non-governmental health facilities in the U.S. and internationally as they responded to crises, rebuilt damaged facilities, trained frontline health workers, and extended care to more patients. Grant recipients included community-based groups responding to or recovering from emergencies, including the Hurricane Community Health Fund ($8.2m) Hurricane Harvey ($808k), Hurricane Maria ($1.38m), Wildfire response ($1.24m), Mudslide Victims Fund ($928k), the Nepal Earthquake ($614k), Typhoon Haiyan in the Philippines ($205k), Syrian Refugee Crisis ($120k), Rohingya Refugee Crisis ($63k) and the Ebola outbreak in West Africa ($95k). Additional funding supported the innovative care and treatment programs of 10 community health centers in the U.S. ($1 million) and the on-going efforts of numerous other partners to address the chronic health needs of vulnerable people in their communities.

STAFFING & EXECUTIVE COMPENSATION

The $1.078 billion in humanitarian assistance Direct Relief provided in FY 2018 across the U.S. and around the world was done so with a staff which, as of June 30, 2018, comprised 89 positions (84 full-time, 5 part-time). Measured on a full-time equivalent (FTE) basis, the total staffing over the course of the year was 84. This figure is derived by dividing the total hours worked by 2,080, the number of work hours of a full-time employee in one year. Two persons each working half-time, for example, would count as one FTE. In general, staff functions relate to three basic business functions: programmatic activity, fundraising, and general administration. The following sections describe the financial cost Direct Relief’s activities and how resources are spent to provide assistance to people in need throughout the world. The President and CEO’s compensation is paid from funds provided by Direct Relief Foundation. His compensation is allocated 50 percent to administration and 50 percent to fundraising. DONNIE HEDDEN

FISCAL YEAR 2018 | ANNUAL REPORT 9 TOTAL CASH EXPENSES PROGRAM EXPENSES M TOTAL CASH To implement its humanitarian programs ($1.06 billion in medical EXPENSES: $32.7 46% material aid), Direct Relief spent $32.7 million (excluding $16.3 DISASTER RESPONSE 1.5 $40.8M PROGRAM EXPENSES (DISASTER RESPONSE) million in cash grants) in FY 2018, $5.2 million of which paid PROGRAM EXPENSES $18.8M for salaries, related benefits (health, dental, long-term disability DONATED FREIGHT insurance, and retirement-plan matching contributions), and 7% mandatory employer paid taxes (Social Security, Medicare, workers’ FUNDRAISING 34% EXPENSES PROGRAM EXPENSES compensation, and state unemployment insurance) for 50 full-time M $2.7M (ONGOING HEALTH ACTIVITIES) and one part-time employees engaged in programmatic functions. $22.3 M $13.9 M 22 M 13% 18.8 $20.5 ADMIN EXPENSES $20.5 20 $5.4 M PROGRAM EXPENSES BY FUNCTION: $32.7 M 4.6 1.7 M

18 $18. 0M $40.8 4.5 40 6% 2% 2.0 4.5 2.7 FACILITY/ UTILITIES/ OTHER (NON PERSONNEL) 16 WEB HOSTING $1.8 M $716 K 38 4.6 16% 12% 14 3.6 3.9 36 FREIGHT & SALARIES & BENEFITS 5.4 TRANSPORTATION $5.2 M 12 34 $4.0 M

3% 10 32 SUPPLIES, FURNITURE $ MILLION & FIXTURES $1 M 30 8 5% 50%

M DONATED GOODS & 13.1 28 M CASH GRANTS 12.4 SERVICES $1.8 M 6 12.1 14.3 12.5 $16.3 M $26.6 26 $26.1 2% 13.9 4 M 1.9 TRAVEL/ 1% 2.3 MEETINGS 24 M EQUIPMENT/ $648 K 2 $23.1 SOFTWARE RENTAL 3%

$22.2 & MAINTENANCE $317K CONTRACT SERVICES $952 K 22 2.0 4.2 1.7 3.9 0 FY 14 FY 15 FY 16 FY 17 FY 18 20 3.1 2.7 18 PROGRAM EXPENSES ALSO INCLUDE >> 16   Ocean/air freight and trucking for outbound  The value of expired products disposed of 14 shipments to partners, in-country transportation ($137.7 million) 12 15.2 16.0 and inbound product donations ($5.5 million, of $ MILLIONS 14.2   14.1 A pro-rata portion of other allocable costs 10 18.8 which $1.5 million was donated) (see page 12)   8 Travel for oversight and evaluation ($526 PROGRAM EXPENSES thousand); contract services ($1.2 million, of (DISASTER RESPONSE) 6 which $313 thousand was donated); packing PROGRAM EXPENSES (ONGOING HEALTH ACTIVITIES) 4 materials and supplies ($578 thousand); furniture ADMIN EXPENSES ($328 thousand) and disposal costs for expired 2 3.6 4.6 3.9 4.5 FUNDRAISING EXPENSES pharmaceuticals ($153 thousand) 0 FY 14 FY 15 FY 16 FY 17 FY 18

10 ANNUAL REPORT | FISCAL YEAR 2018 FUNDRAISING EXPENSES FUNDRAISING EXPENSES BY FUNCTION: $2.7M

Direct Relief spent $2.69 million on fundraising in FY 2018. These 12% OTHER (NON PERSONNEL) $332 K expenses (other than donated services) were paid from funds received 2% FACILITY / UTILITY / WEB HOSTING $57 K out of the assets of the Direct Relief Foundation. A total of $1.52 2% EQUIPMENT / SOFTWARE RENTAL million was spent for salaries, related benefits, and taxes for 9 full- 57% + MAINTENANCE $54 K time employees and one part-time employees. SALARIES & BENEFITS 4% SUPPLIES / FURNITURE + $1.5 M FIXTURES $112 K

14% DONATED GOODS / SERVICES $386K FUNDRAISING EXPENSES

ALSO INCLUDE >> 3% SPECIAL EVENTS / TRAVEL + MEETING EXPENSEES $74 K  $22 thousand for the production, 1% PRINTING, POSTAGE, MAIL, ETC. $22K printing, and mailing of the annual 5% report, tax-receipt letters to contributors, CONTRACT SERVICES $133 K fundraising solicitations, and informational materials  $226 thousand in advertising and 3.0 marketing costs $2.7 M  $73 thousand in travel and meeting/ conference expenses 2.5 0.4 $2.4 M  $506 thousand in contract services ($372 0.3 thousand of which were donated services) 2.0 $2 .0M  $1. 9M $112 thousand in supplies and furniture 0.3

in support of the fundraising staff $1. 7M 0.3 0.1  $50 thousand in outside computer 1.5 services related to fundraising 

A pro-rata portion of other allocable $ MILLIONS 2.3 costs (see page 12) 1.0 2.1 1.6 1.7 1.6

0.5

DONATED SERVICES

FUNDRAISING CASH EXPENSES 0.0 FY 14 FY 15 FY 16 FY 17 FY 18

FISCAL YEAR 2018 | ANNUAL REPORT 11 MANAGEMENT & MANAGEMENT + GENERAL EXPENSES BY FUNCTION: $5.4 M GENERAL EXPENSES 3% SUPPLIES, FURNITURE + FIXTURES $177 K

Direct Relief spent $5.4 million on administration in FY 2018. Administration expenses 9% OTHER $505 K are those that relate to financial and human resource management, information 47% technology, communications, public relations, and general office management. A total SALARIES & BENEFITS of $2.6 million was for salaries, related benefits, and taxes for 25 full-time employees $2.6 M 10% BANK & CREDIT CARD FEES $536K and 3 part-time employees engaged in administration and financial management. 3% FACILITY / UTILITY / WEB HOSTING $155K

4% TRAVEL $190 K MANAGEMENT & GENERAL EXPENSES ALSO INCLUDE >> <1% EQUIPMENT / SOFTWARE RENTAL / 17% 6% MAINTENANCE $14 K  $536 thousand in credit card and banking fees CONTRACT SERVICES DONATED GOODS / $916 K SERVICES $316K  $191 thousand for travel, meetings, and conferences 1% PRINTING, POSTAGE,  $976 thousand in contract services ($242 thousand of which were donated services) MAIL, ETC. $27 K  $83 thousand in accounting fees for the annual CPA audit, payroll processing and reporting, and other financial services ($20 thousand of which were donated services)  $252 thousand in legal fees, of which $36 thousand was provided pro bono for legal representation related to general corporate matters  $87 thousand in press releases and online advertising  $42 thousand in taxes, licenses, and permits (Direct Relief is registered as an exempt

organization in each U.S. state requiring such registration) 6.0 M

 A pro-rata portion of other allocable costs (see below) $5 .4 0.3 0.2 5.0 M M 4.2 $ 3.9 OTHER ALLOCABLE COSTS 4.0 $ 0.5 M 0.9 3.1 M $ 3.0 2.7

Direct Relief owns and operates a 155,000-square-foot warehouse facility that serves as its $ 0.4 5.1 headquarters. Costs to maintain this facility includes interest on a line of credit, depreciation, $ MILLIONS 0.2 2.0 utilities, insurance, maintenance, and supplies. These costs are allocated based on the square 3.7 footage devoted to respective functions (e.g., fundraising expenses described earlier include 3.0 2.5 2.7 the proportional share of these costs associated with the space occupied by fundraising staff). 1.0 DONATED SERVICES The cost of information technology services is primarily related to the activities of the respective functions described above. These costs are allocated based on the headcount devoted to the CASH EXPENSES 0.0 respective functions. FY 14 FY 15 FY 16 FY 17 FY 18

12 ANNUAL REPORT | FISCAL YEAR 2018 COMBINED STATEMENT OF FINANCIAL POSITION For the fiscal year ended June 30, 2018 with summarized totals for FY 2017. Amounts are presented in the thousands.

FY 2018 FY 2017

Direct Relief Direct Relief Direct Relief Direct Relief Direct Relief Inter-Organization Consolidated Consolidated Foundation Mexico* South Africa** Property Transaction Total Total Eliminations

$ IN THOUSANDS ASSETS Cash & cash equivalents $ 39,941 $ 7,072 $ 315 $ 4 $ 28 $ - $ 47,360 $ 4,542 Investments 16,341 32,681 - - - - 49,022 36,858 Contributions and other receivables 7,504 6,742 - - 914 (4,922) 10,238 10,293 Inventories 178,180 - - - - - 178,180 241,328 Prepaid expenses 904 - 7 - - - 911 405 Property & equipment - net of accumulated 1,164 - - - 37,860 - 39,024 22,600 Investment in subsidiary 34,652 - - - - (34,652) - - Other assets 369 - 3 - - - 372 22 Total assets $ 279,055 $ 46,495 $ 325 $ 4 $ 38,802 $ (39,574) $ 325,107 $ 316,048

LIABILITIES Accounts payable $ 4,366 $ - $ - $ - $ 1,618 $ - $ 5,984 $ 2,178 Other current liabilities 1,458 4,922 6 - 2,639 (4,922) 4,103 2,476 Long-term debt 13,400 - - - - - 13,400 6,000 Deferred compensation 0 ------9 Total liabilities $ 19,224 $ 4,922 $ 6 $ - $ 4,257 $ (4,922) $ 23,487 $ 10,663

NET ASSETS Unrestricted restricted assets, undesignated $ 211,819 $ 27,759 $ 4 $ 4 $ 34,517 $ (34,652) $ 239,451 $ 284,991 Temporarily restricted assets 48,012 13,814 315 - 28 62,169 20,394 Total net assets 259,831 41,573 319 4 34,545 (34,652) 301,620 305,385 Total liabilities and net assets $ 279,055 $ 46,495 $ 325 $ 4 $ 38,802 $ (39,574) $ 325,107 $ 316,048

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

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

FISCAL YEAR 2018 | ANNUAL REPORT 13 COMBINED STATEMENT OF ACTIVITIES For the fiscal year ended June 30, 2018 with summarized totals for FY 2017. Amounts are presented in the thousands.

FY 2018 FY 2017 Direct Relief Direct Relief Direct Relief Direct Relief Direct Relief Inter-Organization Consolidated Consolidated Foundation Mexico* South Africa** Property Transaction Total Total Eliminations

$ IN THOUSANDS

PUBLIC SUPPORT In cash and securities: Contributions $ 49,362 $ 9,340 $ 1,185 $ 59 - $ (17,567) $ 42,379 $ 13,868 Business and foundation grants 47,654 1,185 - - - - 48,839 13,942 Workplace giving campaigns 2,677 - - - - - 2,677 483 Special events ------3 Total public support from cash & securities $ 99,693 $ 10,525 $ 1,185 $ 59 - $ (17,567) $ 93,895 $ 28,296

From contributed goods & services: Pharmaceuticals, medical supplies & equipment 1,131,363 - 1,638 - - - 1,133,001 1,077,939 Contributed freight 1,787 - - - - - 1,787 1,687 Contributed goods - other 244 - - - - - 244 596 Professional services received 644 170 - - - - 814 597 Total from contributed goods and services 1,134,038 170 1,638 - - - 1,135,846 1,080,819 Total public support $ 1,233,731 $ 10,695 $ 2,823 $ 59 - $ (17,567) $ 1,229,741 $ 1,109,115

REVENUE Investment income 490 714 - - - - 1,204 627 Realized loss on sale of investments - 405 - - - - 405 1,074 Unrealized gain on investments 10 1,141 - - - - 1,151 441 Program service fees 3,724 - - - - - 3,724 - Total revenue 4,224 2,260 2,823 59 - (17,567) 6,484 2,142 Net assets released from restrictions ------Total public support and revenue $ 1,237,955 $ 12,955 $ 2,823 $ 59 - $ (17,567) $ 1,236,225 $ 1,111,257

PROGRAM SERVICES Program related expenses 1,237,086 9,653 2,559 60 100 (17,567) 1,231,891 1,004,006

SUPPORTING SERVICES Administration 5,199 204 (1) - 4 - 5,406 4,222 Fundraising 2,408 282 - - 3 - 2,693 1,846 Total supporting services 7,607 486 (1) - 7 - 8,099 6,068 Total expenses $ 1,244,693 $ 10,139 $ 2,558 $ 60 $ 107 $ (17,567) $ 1,239,990 $ 1,010,074 CHANGE IN NET ASSETS $ (6,738) $ 2,816 $ 265 $ (1) $ (107) $ - ($ 3,765) $ 101,183

14 ANNUAL REPORT | FISCAL YEAR 2018 COMBINED STATEMENT OF FUNCTIONAL EXPENSES FY 2018 FY 2018 FY 2017 For the fiscal year ended June 30, 2018 PROGRAM SERVICES: Pharmaceuticals, Medical TOTAL TOTAL SUPPORTING SERVICES with summarized totals for FY 2017. Supplies, Equipment & Related Expenses PROGRAM & PROGRAM & Amounts are presented in the thousands. SUPPORTING SUPPORTING USA International Total Administration Fundraising SERVICES SERVICES

$ IN THOUSANDS COMPENSATION AND RELATED BENEFITS Salaries $ 1,863 $ 2,372 $ 4,235 $ 2,106 $ 1,243 $ 7,584 $ 6,732 Payroll taxes 123 150 273 134 80 487 453 Employee benefits 309 382 691 328 201 1,220 1,124 Total compensation and related benefits 2,295 2,904 5,199 2,568 1,524 9,291 8,309

OTHER EXPENSES Pharmaceuticals, medical equipment and 240,548 818,154 1,058,702 - - 1,058,702 919,296 supplies distributed - donated Pharmaceuticals, medical equipment and 1,699 1,016 2,715 - - 2,715 2,082 supplies distributed - procured Inventory adjustment (expired pharmaceuticals) 65,466 72,280 137,746 - - 137,746 62,126 Accounting and legal fees 6 18 24 313 3 340 214 Advertising 1 - 1 87 226 314 190 Bank charges - 3 3 536 - 539 215 Contract services 494 458 952 916 134 2,002 1,453 Contributed services 115 137 252 298 372 922 597 Contributed freight 687 770 1,457 - - 1,457 1,700 Contributed goods 29 32 61 18 14 93 641 Disposal costs (expired pharmaceuticals) 96 57 153 - - 153 147 Dues and subscriptions 44 59 103 54 26 183 144 Duplicating and printing 12 14 26 9 6 41 57 Equipment and software maintenance 89 113 202 12 52 266 230 Equipment rental 84 30 114 2 2 118 50 Freight and transportation 1,891 2,118 4,009 - - 4,009 3,773 Grants and stipends 13,787 2,501 16,288 - - 16,288 5,177 Insurance 28 37 65 39 3 107 84 Interest 128 149 277 22 14 313 128 Meetings, conferences, special events 77 45 122 42 40 204 245 Miscellaneous 8 27 35 16 13 64 41 Outside computer services 1 1 2 - 50 52 47 Postage and mailing services 23 17 40 19 16 75 39 Rent and other occupancy 287 378 665 8 5 678 737 Supplies 607 399 1,006 177 112 1,295 500 Taxes, licenses and fees 30 - 30 3 - 33 31 Training and education 6 6 12 9 1 22 20 Travel and automobile 243 283 526 149 33 708 557 Utilities and telephone 82 97 179 24 15 218 177 Web hosting 105 143 248 29 2 279 313 Total expenses before depreciation 326,673 899,342 1,226,015 2,782 1,139 1,229,936 1,001,011 Depreciation and amortization 302 376 678 56 31 765 754

Total functional expenses June 30, 2017 $ 329,270 $ 902,622 $ 1,231,892 $ 5,406 $ 2,694 $ 1,239,992 Total functional expenses June 30, 2016 $ 156,570 $ 847,436 $ 1,004,006 $ 4,222 $ 1,846 $ 1,010,074

FISCAL YEAR 2018 | ANNUAL REPORT 15 CORPORATE PARTNERSHIPS [ FY 2018 ]

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

16 ANNUAL REPORT | FISCAL YEAR 2018 CORPORATE PARTNERSHIPS

MANUFACTURERS & DISTRIBUTORS PROVIDING MEDICAL DONATIONS

3M ConvaTec Kaleo Pharma Sagent Pharmaceuticals Abbott Coola Suncare Kirk Humanitarian Sandoz Inc. AbbVie CryoPen, Inc. Laboratorio Valdecasa, S.A. Sanofi Foundation for North America Alcon Laboratories, Inc. CVS LifeScan, Inc. Sappo Hill Soapworks Allergan, Inc. DayOne Response Liquid IV Seqirus Allied Healthcare Products, Inc Dollar Shave Club Magno-Humphries Labs, Inc. Shire Amneal Pharmaceuticals Dr. Reddy’s Laboratories LTD. McKesson Medical-Surgical Siemens Healthineers Animas Corporation Eli Lilly & Company Medtronic Summers Laboratories, Inc. Ansell Healthcare Energy Equality For All Menarini Mexico Sundial Brands Apotex Inc. Essential Oxygen Merck & Co., Inc. Sunverge Energy Australia Pty. Ltd. AstraZeneca Ethicon, Inc. Midmark Corporation Surgistar Inc. Baxter International Inc. Fine Science Tools (USA) Inc. MSR Global Health Takeda Pharmaceuticals USA, Inc. Bayer GenDose Pharma Mylan Teva Pharmaceuticals, International BD Genzyme Corporation Myoderm Teva Pharmaceuticals, USA Beautycounter LLC GSK Nephron Pharmaceuticals TG Medical (USA) Inc. Bioverativ GSMS Incorporated Nisim International Tifie Humanitarian Blue Gem Wholesale Sunglasses Guardian Survival Gear Novartis Corporation Trividia Health Boehringer Ingelheim Cares Heat Holders Omron Healthcare, Inc. UG Healthcare Bristol-Myers Squibb Henry Schein, Inc. Pfizer, Inc. Unilever C.R. Bard Medical Division Hyperbiotics Prestige Brands Unite to Light, Inc. Cardinal Health Integra LifeSciences Pro2 Solutions Inc. Virtus Pharmaceuticals Cera Products, Inc. InTouch Health Probiomed, S.A. de C.V. We Care Solar Cipla Pharmaceuticals, Ltd. Janssen Pharmaceuticals, Inc. Procter & Gamble Westminster Pharmaceuticals CLEAN International Johnson & Johnson Consumer Purdue Pharma, L.P. Wisconsin Pharmacal Company, LLC Colgate Oral Pharmaceuticals, Inc. Companies Raw Sugar Living

BUSINESSES & INDIVIDUALS PROVIDING IN-KIND SUPPORT

A2iA Corp. Carbonite Jensen Audio Visual Rainbird Acoustical Concrete Floor Systems Inc. Cireson Kyle’s Kitchen County of Santa Barbara AdMark Database Marketing Inc. DocuProducts Corporation Mr. and Mrs. Mark D. Linehan Softbox Alliance Industrial Refrigeration Facebook, Inc. Lunchbox Sungard Availability Services Services Inc. FedEx Trung Mai TimeXTender Boone Graphics The Flag Factory Microsoft Corporation Vanguard Print Design Bright Event Rentals Google Morrison Foerster Zack Warburg Photography Brownstein Hyatt Farber Schreck, LLP Graydaze Contracting Moss-Adams LLP Mr. and Mrs. Gary Brusse Lori Hassan Qlik Technologies Inc. Brylen Technologies, Inc. Jeannine’s Restaurant & Bakery Qualtrics

FISCAL YEAR 2018 | ANNUAL REPORT 17 STRATEGIC FOUNDATION PARTNERSHIPS [ FY 2018 ]

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

18 ANNUAL REPORT | FISCAL YEAR 2018 STRATEGIC FOUNDATION PARTNERSHIPS

Afia Foundation The Farvue Foundation, Inc. Posner Foundation of Pittsburgh All Within My Hands Foundation Roger S. Firestone Foundation Raintree Foundation The Herb Alpert Foundation Audrey Hillman Fisher Foundation Rock Paper Scissors Foundation The Annenberg Foundation The Errett Fisher Foundation Santa Ynez Band of Chumash Indians The Apatow-Mann Family Mary Alice Fortin Foundation, Inc. Foundation Foundation Inc. Global Giving Foundation Inc. Santa Ynez Valley Foundation Micky and Madeleine Arison Gratis Foundation Schuler Family Foundation Family Foundation The Green Foundation Schultz Family Foundation The Ayudar Foundation The Hexberg Family Foundation SG Foundation Beaver Family Foundation Conrad N. Hilton Foundation Skoll Global Threats Fund Paul Bechtner Foundation Hutton Parker Foundation The Skolnick Foundation Boston Foundation Izumi Foundation The Florence and Laurence Spungen Bright Funds Foundation The Ann Jackson Family Foundation Family Foundation The Peter and Carmen Lucia Buck Jadetree Foundation Walter J. and Holly O. Thomson Fund Foundation Robert Wood Johnson Foundation Together Rising Cacique Foundation Kauffman Foundation Alice Tweed Tuohy Foundation California Community Foundation The Kemmerer Family Foundation UniHealth Foundation California HealthCare Foundation LifePlus Foundation The David Vickter Foundation Johnny Carson Foundation The Linden Family Foundation Wallace Genetic Foundation The Annie E. Casey Foundation The George Link, Jr. Foundation The Wasily Family Foundation Cesar Chavez Foundation The Looker Foundation Weingart Foundation The Chrinian Foundation The John D. and Catherine T. The Yardi Foundation The Clinton Family Foundation MacArthur Foundation Zegar Family Foundation Comic Relief USA McAllister Foundation Inc. David C. Copley Foundation New Venture Fund The Crown Family Outhwaite Foundation The Eisner Foundation, Inc. Pettit Foundation

FISCAL YEAR 2018 | ANNUAL REPORT 19 INVESTORS [ FY 2018 ]

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

20 ANNUAL REPORT | FISCAL YEAR 2018 LEGACY SOCIETY

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

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

FISCAL YEAR 2018 | ANNUAL REPORT 21 EXPANDING Direct Relief’s new state-of-the-art distribution center, meeting heightened federal requirements for security and FOR THE FUTURE storage of prescription medications, is 155,000 square feet, making it the largest distribution hub for humanitarian medical aid in the nation. DONNIE HEDDEN

22 ANNUAL REPORT | FISCAL YEAR 2018 THE CAMPAIGN FOR DIRECT RELIEF

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

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

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

FISCAL YEAR 2018 | ANNUAL REPORT 23 LINDSEY POLLACZEK LINDSEY

24 ANNUAL REPORT | FISCAL YEAR 2018 FY 2018 INVESTORS Contributors to Direct Relief from July 1, 2017, to June 30, 2018

HONORARY CHAIR Bain Capital Relief Fund UnitedHealth Group Irell & Manella LLP CHAMPION $5,000,000 + Bayer Healthcare Wageworks Inc. Jackson Family Enterprises, Inc. ($25,000 +) Paul Bechtner Foundation Mr. and Mrs. Dave Wentz The Ann Jackson Family Foundation AbbVie Foundation BNY Mellon Foundation Jadetree Foundation ACBL Charity Foundation Comic Relief USA The Bristol-Myers Squibb Company ADVISER Kaplan, Inc. The Adrian Family Foundation Gilbert Buker / George E. Buker Trust Kent Farrington LLC ($50,000 +) AEG Presents Coach Foundation KSM Business Services Mr. and Mrs. David H. Anderson VISIONARY Ethicon Inc. Life For A Child USA Inc. Aetna Foundation, Inc. The Annenberg Foundation $1,000,000 + The Farvue Foundation, Inc. Daniel J. Liff Ansell FHL Bank Dallas American College of The George Link, Jr. Foundation Gastroenterology Anthem Foundation Abbott Fund The Errett Fisher Foundation Mr. Kyle Long Apolis Amgen Foundation Fluxx LLC The Angelo Family Charitable Massachusetts Medical Society Foundation AstraZeneca Micky and Madeleine Arison Mr. and Mrs. Gregg L. Foster Mr. Ken Maytag / Fred Maytag Ayco Charitable Foundation Family Foundation GlaxoSmithKline Foundation Anthem Blue Cross Family Foundation Mrs. Patricia Aoyama and The Ayudar Foundation BD David A. Gray Hank and Mari Mitchel Balanced Body FedEx Gregory Family Charitable Fund Mr. Chris Kleveland Isidore C. & Penny W. Myers Atlas Air, Inc. Andrew L. Ball Shire Patrick T. Hackett Fund Foundation Mr. and Mrs. Philip Bernstein / Unilever-Vaseline Betty and Stan Hatch Mr. and Mrs. William P. Becker Norsco Attachments Inc. Biogen Idec Foundation Bernstein Family Fund IPSEN Biopharmaceuticals, Inc. The Organization Support Fund Mr. and Mrs. Ashish Bhutani Mr. Michael Jenkins Boehringer Ingelheim Cares Outhwaite Charitable Trust LUMINARY Foundation Dr. and Mrs. David Bradford Mrs. Jennifer S. Krach Travis Owen Mr. and Mrs. Tim Bradley ($250,000 +) Mrs. Lillian P. Lovelace The Peter and Carmen Lucia Buck Pettit Foundation Foundation Brillo-Sonnino Family Foundation Mr. and Mrs. Fred Lukas Qualitas Manufacturing Phillip Brown Ms. Judith Babcock C. R. Bard Foundation Mr. Richard E. Lunquist Incorporated Mr. and Mrs. David A. Brown Baxter International Foundation Cacique Foundation Trung and Phuong Mai Represent Holdings LLC Buddhist Churches of America The Bungie Foundation Scott Cawthon Siri and Bob Marshall Rhoda Family Charitable Al & Nancy Burnett Charitable California Community Foundation Ms. Jacqueline Anne Cooke McKesson Corporation Foundation Foundation, Inc. Otis and Bettina Chandler Foundation David C. Copley Foundation Merck & Co., Inc. Rock Paper Scissors Foundation Mr. and Mrs. Andrew Busch Estate of Ray Freeze and Carol Costanzo Family Charitable Trust Mr. Steve Moya and Ms. Rita Moya / Rodgers Melnick Family Fund Calico Fund Georgopoulos The Crown Family The M Fund Schlein Family Foundation Cardinals Charities Genentech, Inc. Roy R. and Laurie M. Cummins Ms. Judith A. Mullikin The Schow Foundation Johnny Carson Foundation Humble Bundle Fund of The Oregon Community Estate of Robert E. and SemGroup Litigation Trust Dolores and Robert Cathcart / Johnson & Johnson Family of Foundation Helene S. Mussbach Sempra Energy Foundation Cathcart Millenium Companies Dodge & Cox NBA Cares Joel Spolsky & Jared Samet Foundation Inc. Robert Wood Johnson Foundation Roy and Ida Eagle Foundation NBCUniversal Charitable Gift Fund Cesar Chavez Foundation Mr. and Mrs. Fredric C. Leutheuser Jack and Marie Eiting Foundation The P&G Fund of The Greater Catherine M. Stayer Family The Chrinian Foundation Medtronic Philanthropy through Eli Lilly & Company Foundation Cincinnati Foundation Foundation The Clinton Family Foundation Medtronic Foundation Tom and Nancy Elsaesser / Posner Foundation of Pittsburgh Michael Stayer-Suprick CMedia Rick and Nancy Moskovitz Foundation Tom and Nancy Elsaesser Raintree Foundation Stone Family Fund College of Healthcare Information Pfizer, Inc. Foundation Allen and Evelyn Reitz Stone Brewing Co LLC Management Executives Santa Barbara Vintners Foundation Fairway Community Foundation Sanofi US Foundation for The SWIG Company Mrs. Marcia Constance Together Rising Audrey Hillman Fisher Foundation North America Tiffany and Company ConvaTec, Inc Wallace Genetic Foundation April C. Freilich Santa Barbara Firefighters Alliance Mrs. Anne Towbes / Corning Incorporated Foundation Zegar Family Foundation David L. Gibbs, Ph.D. John D. Schneider and Minnie R. Towbes Foundation The Daphne Seybolt Culpeper Schneider Trust Mr. and Mrs. J. Michael Giles / Alice Tweed Tuohy Foundation The Giles Family Foundation Foundation AMBASSADOR Mr. Edgar H. Schollmaier / Union Bank Foundation Carrie Ohly-Cusack and Tom Cusack Schollmaier Foundation The John & Marcia Goldman Union Congregational Church ($100,000 +) Foundation Mr. Lawrence W. Dam and Schuler Family Foundation Gary and Elizabeth Vaynerchuk Ms. Betsy Jones Supercell, Inc. Grifols, USA, LLC. Mr. and Mrs. Guhan Viswanathan 3M Foundation, Inc. Conrad N. Hilton Foundation Deborah David and Norman Kurland / Teva Pharmaceuticals USA The Wasily Family Foundation The Kurland / David Trust All Within My Hands Foundation Walter J. and Holly O. Thomson Fund Home Box Office, Inc. Wine Warehouse Allergan, Inc. Hutton Parker Foundation Brian and Meg Dietz The Sofi Tucker Foundation The Yardi Foundation Arthur S. Dover, M.D. Bitsy Becton Bacon Unilever Australia Invicta Watch Company Zynga Game Network

FISCAL YEAR 2018 | ANNUAL REPORT 25 FY 2018 INVESTORS

Hailee and Justin Dover Mr. and Mrs. Herbert Kendall / Mrs. Maryan S. Schall Mr. Andrew Adesman Michael Bronner Peggy and Steve Dow Herbert and Elaine Kendall Ms. Rachael Schultz Afia Foundation Patricia A. Brown Christine and Dan Durland Charitable Foundation Schultz Family Foundation Mr. and Mrs. Robert E. Alberti David L. Brown Mr. and Mrs. Paul Einbinder Carolyn Kerby Mr. and Mrs. Mark J. Schwartz Lynn and Scott Alexander Milton and Fannie Brown Family Robert M. Ellsworth, M.D. Kitchell Employee Foundation Patricia and Jim Selbert Ken Alexander Foundation Mr. and Mrs. Robert L. Emery The Kling Family Foundation Sev1Tech AllPoints The Arnold & Pat Brown Family Fund Evercore Trust Company Lamb & Barnosky LLP SG Foundation Donald Amen Buchanan Grosshans Charitable Fund Dr. and Mrs. Thomas E. Everhart Ms. Louise A. LaMothe Mr. William Shanbrom / Gene and Agnes Ang Mr. Timothy Burke Facepunch Studios Ltd Mrs. Sonja Lane The Shanbrom Family Foundation Natalya Antonova Ms. Laura Burkhart Sebekos Fenimore Asset Management, Inc. Alice Lawrence Foundation Inc The Sharma Foundation Apter Foundation Robert A. Buzzelli Charitable Fifth Generation, Inc. LifePlus Foundation Mrs. Judy A. Shea Armanino Foundation Foundation Peter Francis Mr. and Mrs. Mark Linehan The Skolnick Foundation Mr. and Mrs. Tim Armour M. Campbell Mr. Patrick Gale and LogMeIn USA, Inc. Mrs. Barbara Spaulding Mr. and Mrs. Anderson J. Arnold The Capital Group Companies Mrs. Sarah Gale-Yang / Mrs. Pamela Lopker / Mr. Richard K. Squire Steven Arteaga Charitable Foundation The Gale Family Foundation The Lopker Family Foundation Nancy Stagliano Aspiration Partners Inc. Collette Caskey Rebecca Gaples Lucy’s Giving Fund Steffi and James Stevenson Associates for Oral & Maxillofacial Causecast Foundation Gerondelis Foundation Magic Charitable Foundation The James M. and Surgery CBRE Foundation Giorgi Companies Inc. Joe McGarry Margaret V. Stine Foundation Au Bon Climat LLC Celgene Corporation Kate and Dick Godfrey Menlo Park Presbyterian Church Thomas and Heather Sturgess AugustOne Foundation Mr. and Mrs. James M. Celmayster Goldman Sachs Philanthropy Fund Mr. Christopher Miles Mr. and Mrs. Mark Stutzman Auto Data Direct, Inc. Mr. Gordon C. Chaffee and Gratis Foundation Mimedx Group, Inc. Task Foundation Inc. Axis Communications, Inc. Ms. Nancy Kedzierski Dr. and Mrs. Steven Green Patricia McNulty Mitchell Tito’s Vodka George & Dorothy Babare The Clifford Chance Foundation, Inc. Dr. Bert Green and Mr. and Mrs. Robert Nakasone / Mr. and Mrs. Gary R. Tobey / Family Foundation Carolyn Chandler Ms. Alexandra Brookshire / Nakasone Family Foundation The Susanne and Gary Tobey Baker & McKenzie LLP Mr. and Mrs. Leslie Charles Brookshire Green Foundation National Cartoonists Society Family Foundation Russell Baldocchi The Chartis Foundation The Green Foundation Foundation Ms. Cheryl Tomchin / Terri Baldwin The Cheeryble Foundation Hammer Family Fund David Neaderland Tomchin Family Foundation BAM Charitable Fund Chemonics International Head Family Charitable Foundation Dellora A. And Lester J. Norris Tres Chicas Abby Barker Cipla Mr. Magnus Hedlund Foundation Donald J. Trump Barnum Family Fund William Claiborn Henry Schein, Inc. Novartis Services, Inc. Unilever UK The Beane Family Foundation Mr. and Mrs. John R. Cleveland The Hexberg Family Foundation Nvidia University of Miami William and Kathleen Beattie The Clowes Fund Inc. William Talbott Hillman OfferUp, Inc. The David Vickter Foundation Beaver Family Foundation Ms. Gladys G. Cofrin and Foundation Ms. Mary M. O’Hern Bruce & Marilyn Wallace Foundation Mr. and Mrs. Bob Bejan Mr. Daniel P. Logan Brett and Natalie Hodges / Mr. and Mrs. Robert J. O’Shea / Walt Disney Company Belevedere Cares, Inc. Doug and Shannon Cogen WWW Foundation The O’Shea Family Foundation Mr. C. Dana White Ms. Laurie M. Berg Elizabeth Coleman Mr. and Mrs. Brian Hodges / Pall Corporation Mr. David C. Whitney Mr. and Mrs. James R. Bickel Mr. and Mrs. David P. Compton WWW Foundation Partners Healthcare Whittier Trust Company Biella Foundation Comtrade Software Dr. Gerhart Hoffmeister Peloton Interactive Inc. Winston & Strawn LLP Bill Rapp, Inc. Ms. Helen F. Cooper Honzel Family Foundation John Phelan Workday Foundation BioInformatics LLC Cornerstone Research, Inc. Hunt Advantage Group, LLC Plus 1 USA Ben Bisconti CoverMyMeds LLC Lawrence Impett Eric Prebys ADVOCATE Mr. and Mrs. Kendall R. Bishop Coverys Community Healthcare Integra LifeSciences Corporation PSN Family Charitable Trust Bland Family Foundation Foundation Angel Iscovich, M.D. and Mr. Steven W. Rapp ($10,000 +) Terry G. Blanken and Ms. Michelle Cozens Mrs. Lisa Iscovich / RBG, Inc. Dennis P. Swartzlander Janet Cragg The Iscovich Foundation Mr. and Mrs. Charles D. Rikel 18 Birdies LLC Ms. Victoria H. Blatter William Cullen Mr. Rehan A. Jaffer Rodin Family Charitable Trust 340B Health Ms. Jennifer Bloom Alison D’Agostino Latika and Rajiv Jain Foundation Mr. and Mrs. Gerrold R. Rubin / Ashraf Abou-Elella Sarah Boardman The Dammann Fund, Inc. Gordon and Mary Johnson Barbara N. Rubin Foundation Abt Associates Inc Bodine Charitable Gift Fund Toan Dang Jones Lang Lasalle Americas Greg Ruvolo Accreditation Commission for Health Mr. David Boettiger Lawrence DAngelo W. M. Keck Foundation Ryan Memorial Foundation ACIG Insurance Company Boostability Mark Darrigo Dr. and Mrs. John P. J. Kelly Santa Ynez Band of Chumash Indians Mr. Philip C. Adams and Maria Borghesi Mr. and Mrs. Robert F. Davey The Kemmerer Family Foundation Foundation Mrs. Tucker H. Adams Mr. Mark G. Bracco Tal Davidson Donor Advised Fund

26 ANNUAL REPORT | FISCAL YEAR 2018 DONNIE HEDDEN FISCAL YEAR 2018|ANNUAL REPORT 27 FY 2018 INVESTORS CONTINUED

Leonard and Sophie Davis Fund FLIR Systems, Inc. HLTB Fund The Kors Le Pere Foundation Mr. and Mrs. Anthony F. Mills Mary Jane Dean John and Marie Foley / Foley Family Dr. Linus Ho Ms. Jean LeBreck Evan Mirapaul Deckers Outdoor Corporation Charitable Foundation Honeyfund Com Inc Ms. Crystine Lee The Cynthia and George Mitchell The Corwin D. Denney Foundation Thomas Foo Ms. Mary Cassilly Hopkins William Lefavre Fund Foundation The Denver Foundation Mary Alice Fortin Foundation, Inc. Hueber-Breuer Construction Company Shirley and Seymour Lehrer / Modak Family Fund Whitney G. Dickson Solution Foundry IBM Corporation The Lehrer Family Foundation Montecito Bank & Trust Wendy L. Dickson Chris Fowler and Jennifer Dempster ImageFIRST Uniform Rental Lauren Leichtman Mr. Bill Morris Jr. Markham A. Dickson III Foundation Services, Inc. Mr. and Mrs. David LeRoux MSG Sports and Entertainment, LLC. Mr. Matthew J. Dircks and G.A. Fowler Family Foundation Ina Kay Foundation Liberty Mutual MTE Fund Ms. Julia Welch Fox Foundation Mrs. Jackie Inskeep Brigid and William Lichtenberger Mr. Larry Mullinax Jonah Disend Mr. and Mrs. Philip Franklin Mr. John Irish Charles and Helgard Liechti Peter Murray The Julia Stearns Dockweiler Fredman Family Foundation, Inc. Charles B. Irvin Family Fund Ms. Sarah Jane Lind NAF Financial Services Charitable Foundation / The Frick Collection Ivie & Associates Inc The Linden Family Foundation Jana and Brian Neff Mrs. Caryl Crahan Mr. Edward C. Friedel Chandresh Iyer Mr. Mack C. Lindsey A. Nesbum and C. Kenney Peter and Amanda Docter Friedlander Family Fund Izumi Foundation Linked Foundation Charitable Fund Jerry Doherty Mr. and Mrs. Robert Fronk Beth Jacobs-Ward and Robert M. Ward Sarah and Peter Lion Mr. and Ms. Anthony B. Nesburn John and Eileen Doherty Foundation Johnson Gift Fund Janci Foundation Lisa Foundation Mr. and Mrs. Henry M. Nevins Mr. and Mrs. John Doordan Mr. and Mrs. Michael Gabrielson Katherine Janson Mr. Igor Liskovets and New Horizons Gift Fund William C. Dowling Jr. Foundation Gap Inc Mr. Jon R. Jensen Ms. Bianca Ling Noah Clothing LLC Mr. and Mrs. James Drasdo GE Foundation Mr. Joshua Jernigan LLH/LHM Foundation Najma and Amjad Noorani Allan Drazen Gelson’s Market Johns Hopkins University LLR Inc Mr. and Mrs. Jack Norqual Dreman Foundation General Porpoise LLC Mr. James W. Johnson Michelle Long NOW Health Group, Inc. The Dunagan Foundation, Inc. Genzyme Corporation Richard P. Johnson and Sharon V. Agar Adrienne Long Emily Nugent Ronald Duncan Mr. Allen Gersho Karl Storz Imaging, Inc. The Looker Foundation O’Callaghan Family Foundation Mr. Michael R. Duncan and Anna Getty The Katzenberger Foundation, Inc. Denise Ludwig T. Michael O’Connor Mrs. Jill M. Duncan Josephine Herbert Gleis Foundation Kauffman Foundation Willem Luijt OMAZE Inc., a Donor Advised Durkee Charitable Fund Glenn Lukos Associates Keith Family Fund Judith and Glenn Lukos Fund of Renaissance Charitable Jerrold Eberhardt Zachary Goldberg Mr. Colin Kelley Ms. Jane M. Lynch Foundation John Eckert Ms. Nancy Field Goldsholl Mr. Brian Kelly and Mrs. Patricia The M & M Foundation Oppenheimer & Co, Inc Electronic Arts, Inc. Leonard C. Goodman Kaneb Kelly M&W NYE Fund Leslie Ordway Victoria Elenowitz Mr. and Mrs. Martin Gore Danny and Sheila Kelly Ms. Florence M. Magassy Ornell Charitable Trust William David Ellrich and Jonathan Graham Kelly Family Charitable Fund Abdul I. Marafie Mr. and Mrs. Frank R. Ostini / Becky B Moore Advised Fund Ms. Cheryl L. Graunke Kensington & Sons Calvin and Phyllis Marble The Hitching Post & Mr. and Mrs. Richard S. Erhardt John Gray Kessel-Frankenburg Family Fund Kim Margolin, M.D. Hitching Post Wines Erickson Family Charitable Foundation Grousemont Foundation Keysight Technologies Matilda Jane Clothing Lisa Oz James Evans The Bob and Maureen Grubbs Kiit, Inc. Charitable Gift Fund G. E. Mauser and D. H. Mauser Laura A Pahler John and Marie Evans Charitable Fund The Klingbeil Family Foundation Karen Maxfield The Pajadoro Family Foundation Mr. Ted Ewing Haeger Foundation Mr. and Mrs. Theo R. Klopper Sandy Mayer Paramount Export Company Family and Beyond Haines Family Gift Fund Knowledge Freedom Foundation Tom Mayer Paramount Pictures Jansie Farris Mr. and Mrs. John F. Hall Ms. Carolyn Kohrs Mr. and Mrs. Thomas R. McCarthy Fess Parker Family Fund Fastly, Inc. Mr. William T. Hammond Mr. John Kriendler / Mr. Timothy W. McCormick Parnassus Investments Mr. and Mrs. Dennis Fenton / Ms. Marcia Hammonds Jeannette and H. Peter Kriendler Patricia McDonnell Matthew Pasts Fenton Family Charitable Fund Hand in Hand USA Charitable Trust McMaster-Carr Supply Co. Dr. Jack P. Patterson Jane Feusier Hart Giving Fund Lillian La Brian & Gillian McNamee Foundation Arleen Paulino Fibrogen, Inc. Robin Hassani Mr. Frank Ladner / Frank S. and Julia Daniel McNaughton Mr. and Mrs. David T. Peirce Mr. and Mrs. Richard B. Fields Elizabeth Hastings, M.D. M. Ladner Family Foundation Elizabeth McPhaul Mr. David Perez Peggy and Gary Finefrock Mr. Richard Hausman Lam Research Foundation Medallion Bank Performing Arts Center David Finkel Healthequity Mr. Laird Landmann Naresh Mehta San Luis Obispo Mr. and Mrs. Brooks Firestone Hearthstone Charitable Foundation Dorothy Largay and Wayne Rosing Patricia and Helmut Meissner Pershing Joint Account Roger S. Firestone Foundation Hellmann Family Fund Louise Larsen Gary Mich and Deborah Drehmel Markus Persson First Dollar Foundation Mr. Frank Herringer Mr. and Mrs. George Larson Ms. Martha Michelbacher The John O. Peterson Charitable Carolyn and Andrew Fitzgerald Mr. and Mrs. Frederick C. Herzog III Rhett Lawrence Miller & Chevalier Chartered Trust Fund

28 ANNUAL REPORT | FISCAL YEAR 2017 FY 2018 INVESTORS CONTINUED

PG & E Corporation Campaign for Ruth and Jay Shobe Vietnamese Buddhism Study Temple Glen Allison Jill H. Berliner the Community Mr. and Mrs. George Short Thomas Vollers Alma Rosa Winery Katherine Berzine Mr. and Mrs. Nicholas Pihakis Derri Shtasel Elizabeth Wachs Mr. Warren Alpern Dr. Paul Bessette Mr. and Mrs. John S. Pillsbury III Carol K. Sigelman Wayne and Beth Waggoner The Herb Alpert Foundation Mr. Antoine Bethea Polak Charitable Foundation Mr. and Mrs. Bhupi Singh David Waldock Amazon Smile Foundation Cass Bird Polycomp Trust Company Philip Skeete Mr. and Mrs. Walker J. Wallace The American Gift Fund The Birk Family Foundation Precision Medicine Group Mr. and Mrs. Patrick Smiekel Peter and Denise Walsh American Institute for Foreign Study Galya Blachman Presqu’ile Winery Ms. Karen Chase Smith Mr. and Mrs. David Waltz American Society for Peripheral Nerve Marc Blackstein Prime Finance Fred R. Smith Foundation Mr. Victor Wang Amistad Canada Judy & Jim Bloom Charitable Fund Mr. and Mrs. Ron Pulice Mr. Tim Snider and Mrs. Ashley Ms. Barbara Wank Vikram Anandan BlueScope Foundation Qlik Technologies Inc. Parker Snider Weingart Foundation Corey and Jill Anderson Ms. Lisa Popick Blum Qualcomm Inc. Mr. and Mrs. Randall V. Solakian Wells Fargo Bank Mrs. Sally M. Anderson The Bodnar Family Charitable Fund R.K. Squire Company Mr. Jeffrey Spaulding The Wenden Foundation Aziz Ansari Mr. and Mrs. Ronald J. Boehm rag & bone industries The Florence and Laurence Spungen West-Ward Pharmaceuticals Arlen and Anna Fund Boeing Company Rayati Family Giving Fund Family Foundation Mr. Paul A. White and Ms. Laurie Ashton and Alex Bogusky Real Deal Fitness Inc Spurlino Family Fund III Mrs. Erika K. White Mr. Lynn Sarko Jennie Bonney and Isaac Shapiro Red Bank Rivercenter St. Louis Community Foundation Eleanor Wilder Association of Gaming Equipment Ms. Elizabeth S. Bowles Reimers Family Fund E. Warren Stadler Gift Fund Cheryl Wilton Manufacturers Mr. and Mrs. David F. Boyd Joseph H. Rice Fund Corina Stanescu Ralph and Ann Winn AT&T Community Giving Program Paul and Gail Bradbury The Grace Jones Richardson Trust Steele Family Foundation Zekarias Wondu Ataccama Corp. Chuck Bradkey Ms. Penny Ridgeway Eunice M. Stephens Mr. and Mrs. George S. Writer, Jr. / Austrian American Council West David Bradley and Lorie Hewitt Robert W. Baird & Co. Inc. Steps Apparel Group Inc The Writer Family Foundation Gokhan and Esin Avkarogullari Judith Brakebush Jeffrey and Wendy Robinson Arthur & Edith Stern Family Mr. and Mrs. Ray Wurwand / B & B Foundation Mr. and Mrs. Jeffrey Branch Mr. and Mrs. Joseph Roda Foundation Wurwand Family Fund Bachman Family Charitable Fund Mr. Fred Brander Tony and Kyra Rogers Foundation Mr. and Mrs. Sebastiano Sterpa Tony Yanow John Baldessari Family John and Susan Brands Foundation Mr. and Mrs. John B. Romo Larry S. Stolzenburg Mr. David M. Yocum IV Foundation Inc. Jeff and Kimberly Brantley Robert Roston Mr. Jamie Strong Peter and Susan Young Ballew Family Charitable Fund Mr. Robert Breard Mr. and Mrs. J. Paul Roston J. William and Helen D. Stuart Family Fund The Barberi Family Trust Neal Brennan Mr. Sterling Ruby Foundation Z Justin Management Mr. Samuel P. Bartlett Kevin R. Brine Salient CRGT, Inc. Patrick Stumberg Zeta Interactive Corp. Ms. Kara L. Barton Gayle Brock Ms. Marilyn G. Salon Sidney Suggs Ms. Augusta Zimmerman Bauta Family Donor Advised Fund Juanita Brooks Jeffrey and Maryam Salon Sunrun Incorporated Zisson Foundation, Inc. Bay Area Air Quality Management Cornelis Brouwer Mr. and Mrs. Richard Sanford Mr. and Mrs. John W. Sweetland Elizabeth Zitrin District Ms. Patricia Browning Ethel Josephine Scantland Ms. Roselyne C. Swig Mr. Bob Zuckerman Mary Ellen Bayer Mr. and Mrs. Rinaldo S. Brutoco Foundation, Inc. Symantec Corporation Ginger Zuidgeest Ms. Barbara Becker Romia Bual Mr. Wido L. Schaefer Richard Talmadge Dr. George L. Becker Jr. Deborah Bunin Mr. and Mrs. John Schnagl Team Belvedere LLC ($5,000 +) Mr. Steve Beckmen Kevin Bunker Stephen B. Schott TIF Foundation Fund Mr. and Mrs. John R. Behrmann Douglas Burger Mr. Gage A. Schubert Ms. Mary P. Tighe and 1 Timothy 6:17 Foundation Mary Beitner Burketriolo Family Foundation Ms. Margaret Schultz Mr. Andrew M. Liepman A. Philip and Maureen M. Handel Justin Bell Mr. William S. Burtness The Scoob Trust Foundation The Tomeo Family Charitable Fund Charitable Fund Ms. Elizabeth S. Bellamy Michael Burton Byron C. Scott, M.D. and Torchmark Corporation Action Wholesale Products Mr. and Mrs. Arnold Bellowe / Mr. Bart W. Bussink and Mrs. Deborah Scott TravelStore Inc. Mr. and Mrs. Jeffrey Adams The Arnold and Jill Bellowe Ms. Ann Jenkins Select Equity Group Foundation Silvia Trillo Adventure Credit Union Family Foundation Grant Butler Sempra Employee Giving Turpin Family Adeel Afzal James Belt Thomas Butler Network Charitable Foundation Agilent Technologies, Inc. Mr. and Mrs. William Bennett Mr. and Mrs. Frederic Byrnes Mr. and Mrs. Michael Sharp UniHealth Foundation Ehsaan Akhtar Rachel Benson C. Grace Grier LLC Shaw Family Charitable Fund US Joiner Llc Aldrich Family Charitable Foundation Joan K. Benziger Foundation Cornelia Cain Ms. Judith W. Shehan Mr. Raymond Valdes Alexandra Chasin Gift Exchange Kathryn W. Berenson Mr. and Mrs. Jack Camiel Shell Oil Company Virginia S. Vasquez Michael Alford K. Berger Cap Food Services Company Shelley Family Foundation Vatera Holdings, LLC Mr. and Mrs. Kent Allebrand / Turpin Ms. Tori Moray and Carbonite Mr. William Shihara Nancy Verghese Family Charitable Foundation Ms. Kristin Bergstrom Cardno Inc. Infrastructure

FISCAL YEAR 2018 | ANNUAL REPORT 29 WILLIAM VAZQUEZ 30 |FISCALYEAR 2018 ANNUAL REPORT FY 2018 INVESTORS CONTINUED

Cardthartic, LLC Mr. Matthew J. Currie and Boni Fine The Glickfeld Family Charitable Fund Mr. and Mrs. Ralph Hoffman Catherine Carlile Ms. Lourdes L. Pique Mr. Stephane H. Finkenbeiner Ms. Roberta D. Godfrey Peter and Nan Holmes Brian Carlson Joshua Dahlby Fire Monkey Fund of RSF Goertzel Family Fund Jennifer Hom The Carney Family Charitable Vincent Dailey Social Finance Goodwin Family Memorial Trust Teri J. Hoops Foundation D’Augustine Foundation First Congregational Church of Rich Davis and Tylynn Gordon J. Hoyt Mrs. Doris Carter Mary Ellen Davidson Fall River Charitable Fund Joseph Hrapek Cell Signaling Technology, Inc. Davita Village Trust, Inc. Firstborn Ms. Danielle Goulette Mr. Ken Hughes Ceres Foundation Mr. Alan P. Dayton David and Kathleen Fischhoff Fund Gil Graham Mr. Peter D. Hunt Chatham Financial Foundation The Dayton Family Fund Fish & Richardson PC The Grassini Family Kelly Hunter Ms. Denise S. Chedester Ms. Suzanne Dean James Fishkin and Charitable Foundation ICON PLC Eric Cheng Carol Debord Shelley Fisher Fishkin Grassini Family Vineyards Ms. Mary C. Ilkka Chevron Global Fund Ruth Decker Flagler Hospital St. Augustine Mr. Gary Gray Illinois Tool Works Foundation Adam and Lin Cheyer Ms. Barbara Delaune-Warren Mr. Jody Fleischer Ms. Jennifer Greiner India Association of Nashville Mr. Ted F. Chiang Carlos Delgado William Flynn Morton Grosz Inner Circle Club of Boston Mr. Craig B. Chisholm Debbie DeSantis The James A. and Jane C. Folger Ms. Nancy Gunzberg Interlude Home Inc. The Carol Chow Charitable Fund Ms. Ann Detrick Foundation Mrs. Ruth L. Guthrie InTouch Technologies, Inc. Chubb Charitable Foundation Mr. and Mrs. R.B. Dettmer Majorie O. Follette Peter and Leslie Hadden Family Fund Mr. and Mrs. Jack Intrator Ciner Resources Corp. Melissa Dickens Brian Foo The Paula and Stephen Hamon Fund Invoca William Cipriano Mr. and Mrs. Timothy C. Dittmann Mr. Eric Forbes Aman Handa Iroquois Avenue Foundation Mr. and Mrs. Doug Circle Larry Dittmar Andy Ford The Hanley Foundation Mr. Rick Iwamoto Mr. and Mrs. Bill Clapp Michele and Todd Dominick Fred Forster Hanson Bridgett LLP Mr. James H. Jacobs Mrs. Amy Sue Clawson Mr. and Mrs. William B. Doty Foxen Vineyard, Inc. Mr. Michael Harley Daniel M. Jacobson Mark Clement Kerry P. Doyle Frank Fletcher Fund Grace and John T. Harrington Alexander Jedynski Mr. Jon Coffin DriveWise Auto Donna and Harley Frank Fund Foundation Jenny Schatzle, Inc. Mr. Jerome Cohen and Cameron Drummond Franklin Philanthropic Foundation Lu-Ann Harris Carol Joffe Ms. Madeleine Delman Duane Morris, LLP. Attorneys at Law Frankston Family Fund, Jeff and Roger Clive Harris William Johnson The Peter A. And Elizabeth S. Cohn DuBose Family Foundation Sherri Frankston Harte Hanks Jenny Johnson Foundation, Inc. Thea Duell Ms. Rebecca Freeman Harvard University Roberta Jordan Coldwell Banker Residential Brokerage Kathy Dye Mr. and Mrs. Paul Frey Hayes Family Charitable Fund Ruth Jordan Community Foundation E T Friedman Family Fund Philip Hazel Robert Joyce Marilyn and Schuyler Cole Edmonds School District- No.15 Dorothy Castle Fritze Mr. and Mrs. Lawrence D. Hazzard Jenny Jungeblut Charitable Account Egbert-Gilroy Fund Colby Fry Kathleen Healy Andrew Just AJ and Jessica Collette George Ehrhardt Fulcrum Gift Fund Ms. Babette Heimbuch Min Kahng Jerod Collins The Eisner Foundation, Inc. Gabbard Family Giving Fund Heimbuch Family Foundation Steven Kantor Jason Conaway Lior Elazary The Frane Gabert Charitable Fund Richard and Shirley Hemingway Mr. Charles Kaplan The Congregational Church of Ashraf A. Elella Georgiana Gagnon Foundation William Kargman Middlebury UCC Elkay Companies Kristine and Matthew Gaier John Henderson Ms. Ellen Kaufer Charles Cooper Mr. Robert Elliott Marisa Gallagher Matthew Hernandez Kenneth Kaufman Dr. Kay L. Cooper Ms. Mary Ann Endo Mr. and Ms. William S. Gaud Christine Hertz Kaufman Family Foundation Core Academy Enlightened Equipment Mr. Robert Gaunt Priscilla Higgins, Ph.D. and Kayne LLC Kenneth Corhan Mr. and Mrs. Patrick R. Enthoven Mrs. Louise B. Gaylord Mr. Roger W. Higgins / KCRW Foundation, Inc. Ann and Chris Cottrell Patricia Farquhar Leo M. Gaynor Higgins-Trapnell Family John Keenan Cowan Liebowitz & Latman, PC Mr. Steven H. Feder Mr. Timothy Gebard Foundation Bob Kehlor Crane Country Day School Mr. and Mrs. Thomas V. Fehsenfeld Ms. Audrey E. George and Sarah Hile Mr. and Mrs. Garnett Keith Matthew Cressa Dr. Julie Feinsilver Mr. Kurt Knutzen Paige Hill Ms. Amy Kelley Kevin Crowe Mr. John Felsenthal Kenneth Germer Hirsch Family Foundation Charles Kelly Crowley Cares Foundation The Felsenthal Family Fund Mr. Jon Gillette Dr. James M. Hirshberg Ethel Kennedy Foundation Mr. Michael Crum Fenwick & West LLP Mr. and Mrs. Owen B. Gilmore Jeremy Hitzig Kenney Family Foundation, Inc. Csurilla/Craighead Fund Mr. and Mrs. Seth P. Ferguson Mr. Edwin Giron Yvonne Ho Nancy Kim Mr. and Mrs. Brian L. Cummings Ferrante Charitable Gift Fund Glendale Kiwanis Foundation Hobson Motzer Incorporated Matthew Kirsch Mr. Stephen Cummings Fields Family Charitable Fund Mr. James Glenn Mr. Daniel Hochman Roderick G. Kish Mr. Rich Curd GEP Finance Judith Gleysteen Mr. and Mrs. Joseph A. Hoffman Bruce Allen Kleist Fund

FISCAL YEAR 2018 | ANNUAL REPORT 31 FY 2018 INVESTORS CONTINUED

Mr. Alan E. Kligerman Mr. Joseph MacDougald The National Institute for the Veliz Perez Patricia A.M. Riley 2013 Trust Mr. and Mrs. David L. Kluger Brendan MacLean Clinical Application Jamie Perez Riley’s World Inc. Alexa Knight The Stephen and Emily Magowan Charles Neal Carol Perry Maureen and Frank Riordan Jennifer Komitee Family Charitable Giving Fund Nelson Family Giving Fund Shawn Petersen Ritter Family Charitable Fund Jessica Koslow Mr. and Mrs. Steve Mankoff Mr. and Mrs. Gary L. Nett Donald E. and Jo Anne Petersen / William Rivoir Richard A. Kraft Suzanne and Steve Mankoff New England Biolabs, Inc. The Donald E. and Rock Star Salon LLC Ms. Alyssa Kreider and Charitable Fund New West Catering Jo Anne Petersen Foundation Larissa Rodriguez Mr. William Sunderland Gideon Marcus Steven & Lenore Newman Janet Peterson Mr. and Mrs. David B. Roe Vincent Kueffner Marcus Family Charitable Fund Family Foundation Leo Pevzner Sunny & Abe Rosenberg Julie and Marc Kummel Sharla Martinez Tracy Nicholas The Phantom Laboratory, Inc. Foundation, Inc. John and Laurie Kurtzer Mary’s Court Foundation Michael Nielsen Robert and Janice Piatak Mr. Melvin Rosenfeld and La Carnita Canteen, Inc. Gudrun Mason Mr. Jeremy Nighohossian Tami Pilot-Matias Mrs. Mary G. Kimble-Rosenfeld La Costa Verde LLC Arthur J. Matas John Nilles Joseph and Nancy Poekert Sheldon Rosenzweig Lisa Labowitz Carl Mattiola Aaron Nivert Politics and Prose Ms. Lois M. Rozet Filipe Lacerda McAllister Foundation Inc Charlie Nolan Polygon US Corporation RSF Social Finance Kristen and Dennis Lacroix John P. McCaskey Foundation NonBelief Relief Dr. and Mrs. Stephen B. Pope Phil Ruppanner Dr. and Mrs. David Ladden Megan McConnell Sunil J. Noronha and Chitra Dorai Ms. Mary L. Porbeck Vicki Rytel Wang Chee Lam John and Mary Beth McGreevy North Texas Ace Foundation Post Family Fund Crystal Sacca Ann Lampert Arnold McKinnon Mark Noseworthy Tabatha Pott Christopher Sacca Caroline and John Langan McKool Smith K. O’Connell The Louis and Mr. Chris Saccheri Charitable Fund Mr. Douglas J. McMahon William and K.C. O’Donnell Harold Price Foundation Chong Hwa Saint Tao Yuan Philip Largay Ms. Mary A. McRae Mrs. Janice Casserly Olivas The Principio Foundation Janice Sakkal Mr. and Mrs. Eugene J. Lauer Mr. Cal Meeker OMAM Charitable Foundation, Inc. Ken and Marilyn Prindle Ron Saks Deborah Lawler Katherine Meier O’Melveny & Myers LLP John and Donna Pruett Salesforce Foundation Mr. Larry O. Lawrence Meiychang Foundation Ms. Lee K. Opresko Ms. Marilyn Pugh Richard & Bette Saltzman Foundation Lazer-Walker Charitable Fund Mr. Matt Mendelsohn and Ms. Ellen Lehrer Orlando Q & V Peterson Charitable Foundation Mr. Joseph A. Sanford Jr. LDA Memorial Tournament Ms. Elizabeth Mitchell Orpheus Fund Lindsay Quandt Sanford Winery Esther T. Le Menhall, Inc. The Aline Underhill Orten Ms. Angela Rabkin Santa Barbara Home Improvement James and Katherine Ledwith The Mentholatum Company, Inc. Foundation Inc. Pennee Raffetto Center Charitable Fund Mr. Craig Meyer Kristin L. Otis E Carmen Ramirez Santa Barbara Music Foundation Douglas Lee Lori Meyer The Overall Family Foundation Polly Rattner Esteban Santos Ms. Karen Lehrer Midwest Petroleum Pagny Health & Research Foundaiton The Raynie Foundation Ms. Susie L. Saxten Lawrence Leibowitz Billy Mikelson Paragon Vineyard Co Inc Mr. Lowell A. Read Ms. Elizabeth Ford Sayman The Lennox Hotel LLC Pauline H. Milius Ross Parke Reddick Property Investments Dr. Andrew Schachter and Anthony M. Leonardi-Cattolica Gregory and EJ Milken Foundation Carol Parrot Charles Redlick Mrs. Jean Schachter Heidi LeVay Donor Advised Fund The Gerrish H. Milliken Mr. John Parry and Mrs. Julia Parry David Redlick Peter Scheibel Kenneth Levine Foundation Partner Engineering and Science Regions Financial Corporation The Schleyer Foundation LGS Innovations LLC Christopher Minunni Mr. Samir A. Patel Mr. and Mrs. Garland Reiter / Schlinger Family Foundation Sibyl Liedtke Mia Mitchel Ms. Kylie Patterson Garland and Brenda Reiter Michael Schmitt Jonathan Light David and Agatha Moll Iris Pattillo Family Foundation Jennifer Scholler Mr. Andrew B. Lim Charitable Fund Mr. and Mrs. William C. Pattison Garland and Brenda Reiter Mr. and Mrs. Taylor E. Schollmaier Sheldon Lim Carolyn Moon Diane L Paul Donor Advised Fund Family Foundation Mr. Robert Schwartz and Ben Lin Perry Moorman Paul Global Benefits Inc. Millie Reith Mrs. Jane Zwisohn Schwartz Holly Lind Moran Family Charitable Fund Mr. and Mrs. Carl Payatt Mr. Randy Rettig and Science of Spirituality, Inc. Lindsay Corp. Ms. Rebecca J. Morr Payne-Brodeur Giving Fund Ms. Ashley Williams Rettig Edward Scott The Liu 1992 Family Trust Mr. and Mrs. Anthony Morris Michael M. Peacock Foundation Reverie Moon Ed Scripps Loeks Family Fund Joseph Morrison Lisa Pedersen Mr. Herbert F. Riband and Sea Forward Fund Roland Lokre Michelle M. Mueller Pegasus Family Foundation Mrs. Jeanine T. Riband SeaView Carey Lovelace Joan Mueth Bryan Pelz Holly Rice Lee Seham Michael Lowe Myra Munson Penguin Random House Robert Rich Mr. John Seiberlich LTK Engineering Services Mutual of America Foundation Pennsylvania State Employees Mr. Steve E. Richman Severns Family Foundation Mr. and Mrs. William B. Lydens National Electrical Carbon Products Credit Union Mr. Douglas Rigg BRV Sharma Family Foundation Inc.

32 ANNUAL REPORT | FISCAL YEAR 2018 FY 2018 INVESTORS CONTINUED

Mr. and Mrs. Jerold M. Shea Patricia Tanner Weinstock Mos Charitable Gift Fund Zhixian Shen Ira and Shelley Taub Gift Fund Weymouth High School Sher Holdings, Inc. Tyrod Taylor Monica and Marvin Wheat Mr. Michael Shoffeitt The TCW Group, Inc. Gary Wheeler Lee F. Shough Ms. Grace Helen Thomas John Whitaker Ms. Jacqueline B. Shrago Mr. and Mrs. Ray Thomas Barbara & David Whitcraft & Heinsler Hua Zang Si Mr. John G. Thompson Lynne and Hunter White Sidewater Family Foundation Robert Thornton Mr. and Mrs. Russell F. Whitford Scott L. Siegal Thunderridge High School Mr. Claude P. Whitworth Ms. Carol G. Siegel Mr. and Mrs. Thomas E. Tighe Mr. Paul F. Whyano Mr. and Mrs. Marc Silver Edwin Tolles Richard Wilson Georgia Simon Karen Tolleshaug Mr. and Mrs. Michael R. Wilson Skoll Global Threats Fund Judy and Mark Townsend Frank Wilson and Deborah Wilson Ms. Janet C. Chubb Slagle Ms. Lila E. Trachtenberg and James Wilson Solot and Karp Family Foundation Mr. George S. Handler Winfield Foundation Somashekar Ketz Fund Treatt USA Inc. Mrs. Dorothy D. Winkey Ms. Vikki M. Spencer TriNet Cares Winky Foundation The Norman F. Sprague Jr. Foundation Alisa Trisorus Alison H. Wintman St. Anne’s Belfield, Inc. Joshua Tseng Wisconsin Evangelical Lutheran Synod St. Anthony’s Community Association Mrs. Evan S. Turpin / Turpin Family - WELS St. Elizabeth’s Church Charitable Foundation Zoe Nightingale Wiseman St. Francis of Assisi Episcopal Church Twitch Interactive Sharon and James Wright Mr. Landon Stableford Mr. and Mrs. John Tynan Nancy Wright Mr. and Mrs. Warren R. Staley Elizabeth Tyson Mr. and Mrs. Clifford Wyatt Starker Forests Inc. UBS Ms. Ann S. Wyman David A. Staudt Memorial Fund Donald Unger Mr. and Mrs. Richard B. Wyman Steele Family Foundation Unity Health Care The Yeetee LLC Aaron Stern University of Southern California Yesware Engineering Stern Family Foundation Upperquad LLC. Yogi John Stevenson Tom and Nancy Upton Mr. and Mrs. Christian V. Young Dr. and Mrs. John F. Stoll US Fitness YPO - Santa Barbara Chapter, Inc. Ms. Jill A. Stone and Mr. Kurt James Valatakas Mr. Chong Hwa S. T. Yuan Hoglund Clark Van Epps Saqib Zahid Zahid Roger and Susan Stone Dieter Vandenbussche Mr. Stanley Zanarotti Family Foundation Beverly J. Vaughan Zevenbergen Capital Investments LLC Clinton Strong Venado Middle School Zhu Enterprises, Inc. / Ms. Rosalind C. Stubenberg Mr. Rohit Vidwans MyGiftStop.com Mr. and Mrs. Selby W. Sullivan Virginia Mason Medical Center Mr. Stephen Zimmerman James Sullivan Voglewede Walker Family Foundation Mr. and Mrs. Dick Zylstra Mr. Eugene Sun Voler Subodhkumar Sundaram Jerry C. Wagner JD The Margot Sundheimer Foundation Harvey & Leslie Wagner Foundation Mr. Christopher Suozzo Mr. and Mrs. David Walker James A. Sweigard Clarence Wallace & Dolores Lynch Steven Swig Wallace Family Foundation Marjorie Swig Marc Wangsgard Kimberlee Swig Waterman Family Giving Fund Mary Taddeo Mr. Harold S. Wayne Austin Taghavi WCR/Economy Data Foundation Stella Taglyan Sarah Weible Talley Donor Advised Fund Andrew Weigel Tang and Gau Global Fund Irvin and Elayne Weinstock

FISCAL YEAR 2018 | ANNUAL REPORT 33 MARK SEMEGEN

34 ANNUAL REPORT | FISCAL YEAR 2018 IN MEMORIAM

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

Julia Allen Sylvia Karczag Harris W. Seed Howard C. Arvey Seth Kunin Jeffrey Sherman Gilbert L. Ashor Sam Lane Esther M. Smith Laurie M. Berg Lawrence Lu Barbara Spaulding Joseph F. Bleckel John McManigal Hilton M. Sumida Jerry Brownfield James Mitchell Sandy Techavalitpongse Laurie Converse Mark T. Montgomery McLane Tilton Frank J. Cosenza Richard Olivas Jill Vander Hoof Lue Cramblit Janice L. Pegram Bets Wienecke Allan Ghitterman Thomas Pojunas Brett W. Wilson Josephine Gower Clara R. Priest Peter K. Wilson Elliot T. Grant Penny Ridgeway Margaret Wright Joseph E. Jannotta Rebecca Riskin Richard A. Johnson Henry B. Schoenberger

FISCAL YEAR 2018 | ANNUAL REPORT 35 SERVE PEOPLE ENSURE VALUE FOR MONEY

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

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

REMOVE BARRIERS DO NOT DISCRIMINATE

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

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

36 ANNUAL REPORT | FISCAL YEAR 2018