On the Funding of the Peterson Institute for International Economics

STATEMENT OF PRINCIPLES

The Peterson Institute for International Economics (PIIE) is an independent nonprofit, nonpartisan research organization dedicated to strengthening prosperity and human welfare in the global economy through expert analysis and practical policy solu- tions. We believe that economic policies that advance responsible and sustainable global economic integration benefit everyone. The president and senior fellows of the Peterson Institute independently set our research agenda and evaluate the analysis and conclusions of any particular study and, ultimately, the economic policies our scholars advocate and criticize. As an international think tank based in Washington, DC, we are proud to have a wide range of supporters including a large and highly diversified group of individuals, multinational companies, philanthropic foundations, and public institutions from around the world. To fulfill its commitment to intellectual integrity and independence, the Peterson Institute adheres to the following principles:

Objectivity. The Institute’s extensive evaluation process subjects all its research to peer review prior to publication, both internal and, for longer works, external. Authors must make all data and computations used in their research publicly available and allow for replication of results. Individual authors are responsible for their own views, but the Institute takes responsibility for subjecting their scholarship and writing to rigorous and consistent quality control.

Transparency. All sources of funding dedicated to a specific study are disclosed, along with any affiliations or consulting contracts of authors that are relevant to that study. This standard applies to all authors of any PIIE publication, including all external authors and coauthors. All authors must sign a transparency and disclosure form governing their identification with the Institute. A complete list of Institute supporters for preceding years, along with category of support given, is provided below. The list includes all contributors to general support and to our capital fund.

Diversity of stakeholders. The Institute’s independence is strengthened by its reliance on a diversity of funding sources, including corporate support, foundation grants, individual donations, and support from public institutions in the United States and abroad, as well as income derived from our capital fund and publication sales.

Identity as a research institution. We are proud to be a think tank known for its scholarly integrity and for advocacy that is limited to the forceful expression of our individual scholars’ research-based views. We adhere to the letter and the spirit of all applicable US law and consciously avoid any activities that may be construed as lobbying.

1750 Massachusetts Avenue, NW Washington, DC 20036-1903 +1.202.328.9000 www.piie.com

3-30-2021 1 2020

FACTS ABOUT OUR FUNDING INSTITUTE’S TOTAL BUDGET IN 2020: $13 MILLION

FINANCIAL SUPPORT FOR THE PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS Share of overall funding

Financial support for the Institute’s operations is provided through donations and Supporters at 35% grants from corporations, individuals, private foundations, and public institutions, as $100,000+ Level Anonymous Supporters well as income from the Institute’s capital fund and from publishing revenues. We are 5% (4 supporters) proud to meet the market test of having to raise well over half of our funding every year. 12% Non-US Sources Institute supporters vary in their level of engagement and financial contribution. 17% Five Largest Donors Valuable support comes from donors at a range of financial commitments. Donations made at the $100,000+ level across all categories of supporters made up less than Revenue percentages by source category half (35 percent) of the Institute’s overall budget for 2020. Only 9 percent of total donations in 2020 were made by supporters who requested that their gifts be public- Endowment Income/ 38% Publishing Revenues ly attributed as anonymous. 35% Corporations Ninety-five percent of total revenues in 2020 were provided without substantive restriction, allowing the support to be used at the Institute’s discretion to fund ongo- 9% Foundations ing programs rather than being earmarked for particular research projects. While 13% Individuals some donor funds—particularly foundation grants—are restricted to support of indi- vidual research projects, donors do not influence the conclusions or policy implica- 4% Public Institutions tions drawn from Institute research. All Institute research is independent and held to strict standards of replicability and academic integrity. No revenue earmarked for Restrictions on support by project particular research projects is from donors who request to remain anonymous. All Institute books, Policy Briefs, Briefings, and Working Papers acknowledge 95% Unrestricted any direct funding sources, and web pages for these publications provide links to underlying data files or sources to allow independent replication of analyses. Author 3% Restricted (Foundations) disclosures include employment, consulting, or ownership relationships with firms or 2% Restricted public institutions that could be substantially affected by their research. This require- (Public/Corporate) ment applies to relationships that have been active three years prior to publication and includes all coauthors of PIIE publications, not just PIIE staff. Authors must also disclose any potential conflict of interest to the Institute that might arise as a result of leadership positions or board memberships in advocacy groups.

Funders are never given the right to final review of any Institute publication prior to its release. Sources of financial support for the Institute have been listed annually on the PIIE website since June 2013. We provide annual listings for 2010–20.

2 2020

INSTITUTE’S TOTAL BUDGET IN 2020: $13 MILLION

Share of overall funding

Supporters at 35% $100,000+ Level Anonymous Supporters 5% (4 supporters)

12% Non-US Sources

17% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 38% Publishing Revenues

35% Corporations

9% Foundations

13% Individuals

4% Public Institutions

Restrictions on support by project

95% Unrestricted

3% Restricted (Foundations) 2% Restricted (Public/Corporate)

3 2019

2020

$250,000 and above $50,000 to $74,999 Up to $24,999 INSTITUTE’S TOTAL BUDGET IN 2019: $12.5 MILLION EY Bank of Singapore Ltd. Caroline Atkinson Ministry of Economy and Frank Brosens C. Fred Bergsten Share of overall funding Finance of Korea Chevron Corporation Neeti Bhalla Johnson Peter G. Peterson Foundation* Citadel Americas LLC Central Bank of China, Taipei Supporters at $100,000+ The Estate of David Rockefeller* Council for the United Ellen Cleary 41% Level Anonymous Donor States and Italy Susan Collins Anonymous Supporters Duquesne Family Office Jessica and Robert Einhorn 6% (6 supporters) $100,000 to $249,999 Element Capital Management LLC The Elson Family Charitable Aflac, Inc. Elliott Management Corporation Fund European Parliament 14% Non-US Sources Balyasny Asset Management GIC Private Ltd. Exxon Mobil Corporation BlackRock Financial IBM Corporation Peter R. Fisher 20% Five Largest Donors Management Inc. JP Morgan Chase William Franklin BNP Paribas Asset Management Andrew Liveris R. Michael Gadbaw Caterpillar, Inc. The Olayan Group GE Foundation Charles Koch Institute James Owens Robert Granieri Revenue percentages by source category Chubb Limited Rokos Capital Management Hills & Company Cyrus Capital Partners, L.P. Symmetry Investments Japan Bank for International Endowment Income/ Eranda Rothschild Foundation Taconic Capital Advisors, LP Cooperation 32% Publishing Revenues Stephen Freidheim Two Sigma Investments, LP Kikkoman Foods, Inc. GoldenTree Asset Management Visa Inc. Korea International 45% Corporations* Lorin Gu William von Mueffling Trade Association Janine and J. Tomilson Wells Fargo & Co. LG Economic Research Institute 12% Foundations Hill Family Trust Two Anonymous Donors Embassy of Liechtenstein HSBC Holdings plc Eduardo Martinez 8% Individuals Jay Jacobs $25,000 to $49,999 Donald McHenry Michael Klein Capital Group McLarty Companies Mastercard Inc. Cheryl Cui Eloise Mitchell 3% Public Institutions Morgan Stanley Dai-ichi Life Insurance Mitsui & Co. (U.S.A.) Inc. Norges Bank Investment Deere & Company Monetary Authority of Singapore Management FedEx Corporation Research Institute for PepsiCo, Inc. Lee and Juliet Folger Fund Housing America Restrictions on support by project Joseph E. Robert, Jr. Ford Motor Company Sumitomo Corporation Charitable Trust General Motors Company Taipei Foreign Exchange Market 90% Unrestricted 8% Royal Danish Embassy Sumaer Grewal Development Foundation Toyota Motor Corporation Kent Ho UBS AG Anonymous Donor Stephen and Katherine Howe William M. Keck, Jr. Foundation Restricted Hyundai Motor Company Robert B. Zoellick (Foundations) $75,000 to $99,999 Intesa Sanpaolo SpA 2% Restricted Aegon Asset Management ITOCHU Corporation (Public/Corporate) Cathay Capital Europe S.à.r.l. Alexandra Jameson *Endowment Contribution Caxton Associates LP Christopher Jin Goldman Sachs Group, Inc. Marcelo Lima Lazard, Ltd. Marubeni America Corporation David Leuschen Microsoft Corporation Liberty Mutual Group, Inc. Mitsubishi Corporation *Donations from foundations closely aliated with corporations are coded as corporate Moody’s Investors Service, Inc. MUFG Bank, Ltd. Nordic American Tankers Peter R. Orszag Royal Dutch Shell plc Procter & Gamble James Stanard Richard E. Salomon Michael Stuenkel Swiss National Bank Wenbin Tao Temasek Private Ltd. Tudor Investment Corporation Sam Weatherford

4 2019

INSTITUTE’S TOTAL BUDGET IN 2019: $12.5 MILLION

Share of overall funding

Supporters at $100,000+ 41% Level Anonymous Supporters 6% (6 supporters)

14% Non-US Sources

20% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 32% Publishing Revenues

45% Corporations*

12% Foundations

8% Individuals

3% Public Institutions

Restrictions on support by project

90% Unrestricted 8%

Restricted (Foundations) 2% Restricted (Public/Corporate)

*Donations from foundations closely aliated with corporations are coded as corporate

5 2018

2019

$1,000,000 and above $50,000 to $74,999 Up to $24,999 INSTITUTE’S TOTAL BUDGET IN 2018: $12.5 MILLION Peter G. Peterson Foundation* All Nippon Airways Co., Ltd. Caroline Atkinson The Estate of David Rockefeller* BNP Paribas C. Fred Bergsten Share of overall funding Frank Brosens Neeti Bhalla Johnson $250,000 to $999,000 Citadel Americas LLC Central Bank of China, Taipei Supporters at EY D. E. Shaw & Co., L.P. Phebe Condict Miller* 36% $100,000+ Level Open Philanthropy Project Fund Duquesne Family Office Jessica and Robert Einhorn Anonymous Supporters Toyota Motor Corporation Element Capital Management LLC Anthony R. Elson 2% (2 supporters) 1 Anonymous Contributor Elliott Management Corporation European Parliament FedEx Corporation Peter Fisher 15% Non-US Sources $100,000 to $249,999 Joan Ganz Cooney R. Michael Gadbaw General Electric GE Foundation Aflac, Inc. 19% Five Largest Donors BlackRock Financial GIC Private Ltd. Robert Granieri Management Inc. Lorin Gu Hills & Company Caterpillar, Inc. JP Morgan Chase Japan Bank for International Chevron Corporation The Olayan Group Cooperation Revenue percentages by source category Chubb Limited James Owens Kikkoman Foods Inc. Council for the United Pretium Partners LLC Korea International Endowment Income/ States and Italy Rokos Capital Management Trade Association 38% Publishing Revenues Cyrus Capital Partners, L.P. Lawrence H. Summers Embassy of Liechtenstein Eranda Rothschild Foundation and Elisa F. New Donald McHenry 44% Corporations* Stephen Freidheim Symmetry Investments McLarty Companies GoldenTree Asset Management Taconic Capital Advisors LP Mitsui & Co. (USA) Inc. 9% Foundations HSBC Holdings plc Visa, Inc. Monetary Authority of Singapore IBM International Foundation William Von Mueffling Peter Orszag 6% Individuals Jay Jacobs Wells Fargo & Co. Research Institute for Michael Klein 3 Anonymous Contributors Housing America Mastercard Inc. Richard Salomon 3% Public Institutions Morgan Stanley $25,000 to $49,999 Sumitomo Corporation Norges Bank Investment Aramco Services Company Taipei Foreign Exchange Market Management Capital Group Development Foundation Restrictions on support by project PepsiCo, Inc. Dai-ichi Life Insurance UBS AG Joseph E. Robert Jr. Charitable Trust Company, Ltd. Robert Zoellick Stavros Niarchos Foundation Deere & Company 95% Unrestricted 4% 2 Anonymous Contributors Exxon Mobil Lee and Juliet Folger $75,000 to $99,999 Ford Motor Company *Contribution towards PIIE’s Endowment Restricted Aegon Asset Management General Motors Company (Foundations) Kent Ho Bessemer Trust 1% Restricted Cathay Capital Europe S.à.r.l Stephen and Katherine Howe (Public/Corporate) Caxton Associates LP ING Wholesale Banking Goldman Sachs Group, Inc. Intesa Sanpaolo SpA Graticule Asset Management ITOCHU Corporation Asia, LLC Japanese Ministry of Economy, Lazard, Ltd Trade and Industry David Leuschen Christopher Jin *Donations from foundations closely a
liated with corporations are coded as corporate Liberty Mutual Group, Inc. Marubeni Americas Corporation McKinsey & Company Microsoft Corporation Moody’s Investors Service, Inc. Mitsubishi Corporation Nordic American Tankers MUFG Bank, Ltd Royal Dutch Shell plc Procter and Gamble Sybiel B. Berkman Foundation Michael Stuenkel Swiss National Bank Temasek Private Ltd. Tudor Investment Corporation Sam Weatherford William M. Keck, Jr. Foundation

6 2018

INSTITUTE’S TOTAL BUDGET IN 2018: $12.5 MILLION

Share of overall funding

Supporters at 36% $100,000+ Level Anonymous Supporters 2% (2 supporters)

15% Non-US Sources

19% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 38% Publishing Revenues

44% Corporations*

9% Foundations

6% Individuals

3% Public Institutions

Restrictions on support by project

95% Unrestricted 4%

Restricted (Foundations) 1% Restricted (Public/Corporate)

*Donations from foundations closely a
liated with corporations are coded as corporate

7 2018

$1,000,000 and above $50,000 to $74,999 Hills & Company Peter G. Peterson Foundation* All Nippon Airways Co., Ltd. Japan Bank for International The Estate of David Rockefeller* BlackRock Financial Cooperation Management Inc. Kikkoman Foods Inc. $250,000 to $999,000 Brosens, Frank Korea International EY Chan, Ronnie Trade Association Toyota Motor Corporation Element Capital Liechtenstein, Embassy of 1 Anonymous Contributor Elliott Management Corporation McHenry, Donald FedEx Corporation McLarty Companies $100,000 to $249,999 GIC Private Ltd. Mitsui & Co. (USA) Inc. Monetary Authority of Singapore Aetna, Inc. JP Morgan Chase Procter and Gamble Aflac, Inc. The Olayan Group Salomon, Richard Caterpillar, Inc. Owens, James Sasakawa Peace Foundation, USA Caxton Associates LP Rokos Capital Taipei Foreign Exchange Market Chevron Corporation C.V. Starr Foundation Development Foundation Chubb Limited Symmetry Investments Zoellick, Robert Council for the United Taconic Capital Advisors LP States and Italy 1 Anonymous Contributor Cyrus Capital Partners, L.P. $25,000 to $49,999 Eranda Rothschild Foundation *Contribution towards PIIE’s Endowment Freidheim, Stephen Aramco Services Company GoldenTree Asset Management Blackstone **Since 2018, PIIE has ended its BNP Paribas Asset Management relationship with the Decision Support HSBC Holdings plc Center and Huawei Technologies Huawei Technologies** Capital Group The International Monetary Fund Centre for International Jacobs, Jay Governance Innovation Klein, Michael Dai-ichi Life Insurance Mastercard Inc. Company, Ltd. Morgan Stanley Deere & Company Norges Bank Investment Exxon Mobil Management Folger, Lee and Juliet PepsiCo, Inc. Ford Motor Company Robert Charitable Trust, General Motors Company Joseph E., Jr. Hyundai Motor Corporation Stavros Niarchos Foundation Intesa Sanpaolo SpA UBS AG ITOCHU Corporation 1 Anonymous Contributor Microsoft Corporation Mitsubishi Corporation $75,000 to $99,999 MUFG Bank, Ltd Aegon Asset Management Swiss National Bank Bessemer Trust Temasek Private Ltd. Decision Support Center, Tudor Investment Corporation Kingdom of Saudi Arabia** General Electric Up to $24,999 Goldman Sachs Group, Inc. Belofsky, Patrice and Jerald Graticule Asset Management Bhalla Johnson, Neeti Asia, LLC Central Bank of China, Taipei IBM International Foundation Dismal Science Norway Lazard, Ltd Einhorn, Jessica and Robert Liberty Mutual Group, Inc. Elson, R. Anthony McKinsey & Company Gadbaw, R. Michael Moody’s Investors Service, Inc. GE Foundation Nordic American Tankers Gold, Irwin Leuschen, David Royal Dutch Shell plc Sybiel B. Berkman Foundation

8 2017

INSTITUTE’S TOTAL BUDGET IN 2017: $12.5 MILLION

Share of overall funding

Supporters at 33% $100,000+ Level Anonymous Supporters 3% (3 supporters)

15% Non-US Sources

15% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 43% Publishing Revenues

40% Corporations*

10% Foundations

5% Individuals

2% Public Institutions

Restrictions on support by project

89% Unrestricted 8%

Restricted (Foundations) 3% Restricted (Public/Corporate)

*Donations from foundations closely a liated with corporations are coded as corporate

9 2017

$100,000 to $999,999 $50,000 to $74,999 Up to $24,999 Aetna, Inc. All Nippon Airways Co., Ltd. Belofsky, Patrice and Jerald Aflac, Inc. BlackRock Financial BTIF, LLC Caxton Associates LP Management Inc. Caterpillar Foundation Chevron Corporation Brosens, Frank CENTRA Technologies Chubb Limited Caterpillar, Inc. Central Bank of China, Taipei Council for the United Chan, Ronnie Einhorn, Jessica and Robert States and Italy David, George Elson, R. Anthony Cyrus Capital Partners, L.P. Elliott Management Corporation European Parliament Dow Chemical Company European Commission Gadbaw, R. Michael Dracopoulos, Andreas FedEx Corporation Granieri, Robert Eranda Rothschild Foundation GIC Private Ltd. Istituto Affari Internazionali EY Norges Bank Investment Japan Bank for International GE Foundation Management Cooperation Google Foundation of the The Olayan Group Kikkoman Foods Inc. Tides Foundation Taconic Capital Advisors LP Korea International HSBC Holdings plc Visa, Inc. Trade Association Huawei Technologies 1 Anonymous Contributor Liechtenstein, Embassy of Jacobs, Jay McHenry, Donald Klein, Michael $25,000 to $49,999 McLarty Companies PepsiCo, Inc. Alcoa Foundation Massachusetts Institute of Peter G. Peterson Foundation Aramco Services Company Technology—Sloan School Morgan Stanley bgC3 LLC of Management Robert Charitable Trust, BNP Paribas Asset Management Mitsui & Co. (USA) Inc. Joseph E., Jr. Capital Group Monetary Authority of Singapore Smith Richardson Foundation Dai-ichi Life Insurance Procter and Gamble Stavros Niarchos Foundation Company, Ltd. Skandinaviska Enskilda Banken AB Toyota Motor Corporation Deere & Company Sumitomo Corporation UBS AG Exxon Mobil Taipei Foreign Exchange Market 3 Anonymous Contributors Folger, Lee and Juliet Development Foundation Ford Motor Company William M. Keck, Jr. Foundation $75,000 to $99,999 General Motors Company Zoellick, Robert Aegon Asset Management Herman Global LLC Bessemer Trust Hills & Company Centre for International Intesa Sanpaolo SpA Governance Innovation ITOCHU Corporation GoldenTree Asset Management, LP Korea Institute for International Goldman Sachs Group, Inc. Economic Policy Graticule Asset Management Microsoft Corporation Asia, LLC Mitsubishi Corporation IBM International Foundation MUFG Bank, Ltd (Formerly Bank Lazard, Ltd of Tokyo-Mitsubishi UFJ Ltd.) Liberty Mutual Group, Inc. Salomon, Richard McKinsey & Company Samsung Technologies Moody’s Investors Service, Inc. Sasakawa Peace Foundation Nordic American Tankers Starr Foundation Royal Dutch Shell plc Swiss National Bank Temasek Private Ltd. Tudor Investment Corporation UPS

10 2016

INSTITUTE’S TOTAL BUDGET IN 2016: $12.5 MILLION

Share of overall funding

Supporters at 30% $100,000+ Level Anonymous Supporters 3% (3 supporters)

14% Non-US Sources

12% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 46% Publishing Revenues

39% Corporations*

8% Foundations

5% Individuals

2% Public Institutions

Restrictions on support by project

93% Unrestricted 6%

Restricted (Foundations) 1% Restricted (Public/Corporate)

*Donations from foundations closely aliated with corporations are coded as corporate

11 2016

$100,000 to $999,999 FedEx Corporation Korea International Aetna Inc. Ford Motor Company Trade Association Aflac Inc. GIC Private Ltd. Liechtenstein, Embassy of Caxton Associates LP Herman Global LLC Massachusetts Institute of Chevron Corporation JPMorgan Chase & Company Technology—Sloan School Council for the United Mathias, Edward and Dale of Management States and Italy Mizuho Securities Co., Ltd. McHenry, Donald Cyrus Capital Partners, L.P. Norges Bank Investment McLarty Companies Dow Chemical Company Management Mitsui & Co. (USA) Inc. Dracopoulos, Andreas The Olayan Group Monetary Authority of Singapore EY Salomon, Richard Procter and Gamble GE Foundation Taconic Capital Advisors LP Sumitomo Corporation Good Ventures Foundation– Visa Inc. Taipei Foreign Exchange Market Open Philanthropy Project Development Foundation HSBC Holdings plc $25,000 to $49,999 Zoellick, Robert Huawei Technologies Aramco Services Company Klein, Michael Bank of Tokyo–Mitsubishi UFJ Ltd. Morgan Stanley Capital Group PepsiCo, Inc. Chubb Limited Robert Jr. Charitable Dai-ichi Life Insurance Trust, Joseph E. Company, Ltd. Stavros Niarchos Foundation Deere & Company Toyota Motor Corporation Exxon Mobil UBS AG Fischer Francis Trees & Watts United Technologies Corporation Folger, Lee and Juliet 2 Anonymous Contributors General Motors Company Intesa Sanpaolo SpA $75,000 to $99,999 ITOCHU Corporation Aegon/Transamerica Korea Institute for International Caterpillar Inc. Economic Policy Centre for International MetLife, Inc. Governance Innovation Microsoft Corporation GoldenTree Asset Management, LP Mitsubishi Corporation Goldman Sachs Group, Inc. Samsung Technologies Graticule Asset Management Sarasin & Partners LLP Asia, LLC Swiss National Bank Hansson, Herbjorn Tudor Investment Corporation IBM International Foundation UPS Liberty Mutual Insurance William M. Keck, Jr. Foundation McKinsey & Company Moody’s Investors Service, Inc. Up to $24,999 OCP Policy Center Andrea, David Royal Dutch Shell plc Belofsky, Patrice and Jerald 1 Anonymous Contributor Central Bank of China, Taipei Danske Bank $50,000 to $74,999 Einhorn, Jessica All Nippon Airways Co., Ltd. European Parliament BlackRock Financial Gadbaw, R. Michael Management Inc. Hills & Company Brosens, Frank Japan Bank for International Chan, Ronnie Cooperation David, George Kikkoman Foods Inc. Elliott Management Corporation Korea Development Institute Evercore ISI

12 2015

INSTITUTE’S TOTAL BUDGET IN 2015: $12.5 MILLION

Share of overall funding

Supporters at $100,000+ 27% Level Anonymous Supporters 3% (3 supporters)

22% Non-US Sources

12% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 37% Publishing Revenues

44% Corporations*

9% Foundations

4% Individuals

6% Public Institutions

Restrictions on support by project

89% Unrestricted 6% 5%

Restricted (Foundations) Restricted (Public/Corporate)

*Donations from foundations closely a liated with corporations are coded as corporate

13 2014

2015

$1,000,000 and above IBM International Foundation Fraga, Arminio* INSTITUTE’S TOTAL BUDGET IN 2014: $12 MILLION Peter G. Peterson Foundation* JPMorgan Chase & Company Gadbaw, R. Michael Korea Institute for International Greene, Edward* Share of overall funding $100,000 to $999,999 Economic Policy Hills & Company Klein, Michael S. Aetna, Inc. HM Treasury Norges Bank Supporters at Aflac Inc. Japan Bank for International 34% $100,000+ Level The Olayan Group Cooperation Asian Development Bank Owens, James* Kikkoman Foods Inc. Anonymous Supporters Caterpillar Inc. 4% Sarasin & Partners LLP Korea International Trade (5 supporters) Caxton Associates LP Sasakawa Peace Foundation Association Centre for International Governance Liechtenstein, Embassy of 22% Non-US Sources Innovation Taconic Capital Advisors LP McHenry, Donald Chevron Corporation Taipei Economic & Cultural Representative Office McLarty Companies 12% Five Largest Donors Council for the United States and Italy Toyota Motor North America, Inc. Ministry of Economic Affairs, R.O.C. Cyrus Capital Partners, L.P. Visa Inc. Massachusetts Institute of Technology—Sloan School of Dow Chemical Company 3 Anonymous Contributors Management Revenue percentages by source category Dracopoulos, Andreas $25,000 to $49,999 Mitsui & Co. (USA) Inc. ERANDA Foundation Monetary Authority of Singapore Endowment Income/ EY Aramco Services Company 37% Owens, James Publishing Revenues GE Foundation Banco Santander Procter and Gamble HSBC Holdings plc Bank of Tokyo–Mitsubishi UFJ Ltd. The Starr Foundation 43% Corporations* Moody’s Investors Service, Inc. Bergsten, Virginia and Mark* Sumitomo Corporation The Olayan Group* Capital Group CEMEX Taipei Foreign Exchange Market 12% Foundations PepsiCo, Inc. Development Foundation Stavros Niarchos Foundation Chubb Limited Dai-ichi Life Insurance Truman, Edwin and Tracy 4% Individuals Toyota Motor Corporation Watts III, John H. & Martha* UBS AG Company, Ltd. Deere & Company Whitman Family Foundation* United Technologies Corporation William M. Keck, Jr. Foundation 4% Public Institutions 1 Anonymous Contributor Duquesne Capital Management, LLC Eni S.P.A. Zoellick, Robert $75,000 to $99,999 European Parliament Aegon/Transamerica Fischer Francis Trees & Watts Restrictions on support by project Folger, Lee GoldenTree Asset Management, LP *Donated to the Institute’s Capital Fund Gàvea Investimentos Goldman Sachs Group, Inc. in 2015 84% Unrestricted 10% 6% Graticule Asset Management Asia, General Motors Company LLC Intesa Sanpaolo SpA ITOCHU Corporation Hansson, Herbjorn Restricted Liberty Mutual Insurance Korea Development Institute (Foundations) McKinsey & Company MetLife, Inc. Royal Dutch Shell plc Microsoft Corporation Restricted (Public/Corporate) 2 Anonymous Contributors Mitsubishi Corporation Salomon, Richard $50,000 to $74,999 Swiss National Bank All Nippon Airways Co., Ltd. Tudor Investment Corporation Bank of Japan UPS BlackRock Financial Management van Agtmael, Antoine Inc. *Donations from foundations closely a liated with corporations are coded as corporate Brosens, Frank Up to $24,999 Chan, Ronnie American Automotive Policy Council David, George Central Bank of China, Taipei Deutsche Bank CENTRA Technology Inc. Elliott Management Corporation Cross, Sam and Nancy Jacklin* Evercore ISI Danske Bank FedEx Corporation Einhorn, Jessica Ford Motor Company Fischer Francis Trees & Watts* GIC Private Ltd. Huawei Technologies

14 2014

INSTITUTE’S TOTAL BUDGET IN 2014: $12 MILLION

Share of overall funding

Supporters at 34% $100,000+ Level Anonymous Supporters 4% (5 supporters)

22% Non-US Sources

12% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 37% Publishing Revenues

43% Corporations*

12% Foundations

4% Individuals

4% Public Institutions

Restrictions on support by project

84% Unrestricted 10% 6%

Restricted (Foundations) Restricted (Public/Corporate)

*Donations from foundations closely a liated with corporations are coded as corporate

15 2014

$100,000 to $999,999 JPMorgan Chase & Company CENTRA Technology Inc. Aetna, Inc. Klein, Michael S. Chen, Sally F.* Aflac Inc. Keck, Stephen Cigliana, Giorgio* Asian Development Bank The Olayan Group Constantine, Stephen James* Aven, Peter Statoil Danske Bank Caterpillar Inc. Taconic Capital Advisors LP Deutsche Post DHL Caxton Associates LP Tudor Investment Corporation Dinning, William* Chevron Corporation Toyota Motor North America, Inc. Einhorn, Jessica Council for the United States and Visa Inc. Fischer Francis Trees & Watts* Italy William M. Keck, Jr. Foundation Fraga, Arminio* Cyrus Capital Partners, L.P. 2 Anonymous Contributors Francis, Kathleen* Dracopoulos, Andreas Friedman, Benjamin* Dow Chemical Company $25,000 to $49,999 Gadbaw, R. Michael ERANDA Rothschild Foundation Aegon/Transamerica* GE Foundation EY Chubb Limited Gould, Jane Mack* HSBC Holdings plc Aramco Services Company Harris, Mariel* IBM International Foundation Banco Santander Hazell, Debbie* Investor AB Banque de France Hazen, Alexes* Italian Trade Commission BP plc Heitman LLC* Moody’s Investors Service, Inc. Capital Group Hills & Company Office Chérifiendes Phosphates- CEMEX Japan Bank for International Policy Council Centre for International Governance Cooperation The Olayan Group* Innovation Kenadjian, Patrick* Owens, James* Deere & Company Kikkoman Foods Inc. PepsiCo, Inc. Deutsche Bank Kotz, Hans* Sasakawa Peace Foundation Duquesne Capital Management, LLC Lasker, Johanna* The Starr Foundation* Eaton Corporation Levine, Robert* Stavros Niarchos Foundation Enel Green Power North America, Liechtenstein, Embassy of Toyota Motor Corporation Inc. Macroeconomic Advisors Toyota Motor Corporation* ExxonMobil Makin, John UBS AG Ford Motor Company McCain, Wendy Adams* United Technologies Corporation Fischer Francis Trees & Watts McLarty Companies William M. Keck, Jr. Foundation* Folger, Lee McNamara, Robert K. and Irene Z.* 3 Anonymous Contributors Gàvea Investimentos Ministry of Economic Affairs, R.O.C. General Motors Company Mitsui & Co. (USA) Inc. $75,000 to $99,999 Goldman Sachs Group, Inc. Moncada, Joanne* Aegon/Transamerica High Rise Capital Management LP Monetary Authority of Singapore All Nippon Airways Co., Ltd. Intesa Sanpaolo SpA Moore, Jr., Willett S.* FedEx Corporation ITOCHU Corporation Morris, John C. “Hans”* Fortress Investment Group LLC Korea International Trade Nestle Inc. GoldenTree Asset Management, LP Association Nielson, Erik* Hansson, Herbjorn MetLife, Inc. Posen, Adam & Sosin, Jennifer* Korea Institute for International Microsoft Corporation Procter and Gamble Economic Policy Nucor Corporation Rosman, Robert* McKinsey & Company Salomon, Richard Roth, Jean-Pierre* Royal Dutch Shell plc Shepard, Don* Rubenstein Communications* US Chamber of Commerce Slome Capital LLC Russell, Stewart* 1 Anonymous Contributor Stavros Niarchos Foundation Samson Gale Expo City Swiss National Bank Saracoglu, Rusdu* $50,000 to $74,999 Tata Sons Ltd. Schoen, Douglas BlackRock Financial Management UPS Storm, Kees* Inc. van Agtmael, Antoine Sumitomo Corporation Brosens, Frank Truman, Edwin* Chan, Ronnie Up to $24,999 Veron, Nicolas* Chubais, Anatoly Akant, Adnan* Westwater, W. Marc and Lisa M.* David, George Alva, Maureen and George* Williams, Ron* Elliott Management Corporation Ames, Kenny* Zoellick, Robert Evercore ISI Association of Global Automakers Gaidar Foundation Bank of Tokyo–Mitsubishi UFJ Ltd. *Donated to the Institute’s Capital Fund in 2014 GE Foundation Barua, Kausik* GIC Private Ltd. Carey, John P.* Huawei Technologies Central Bank of China, Taipei Institute for New Economic Thinking 16 2013

INSTITUTE’S TOTAL BUDGET IN 2013: $11.5 MILLION

Share of overall funding

Supporters at $100,000+ 42% Level Anonymous Supporters 4% (3 supporters)

43% Non-US Sources

15% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 32% Publishing Revenues

42% Corporations*

16% Foundations

6% Individuals

4% Public Institutions

Restrictions on support by project

78% Unrestricted 15% 7%

Restricted (Foundations) Restricted (Public/Corporate)

*Donations from foundations closely a liated with corporations are coded as corporate

17 2013

$1,000,000 and above Deutsche Bank Sasakawa Peace Foundation Peter G. Peterson Foundation* Elliott Management Corporation Slome Capital LLC The Starr Foundation* Fortress Investment Group LLC Swiss National Bank Stavros Niarchos Foundation* GE Foundation Taconic Capital Advisors LP GIC Private Ltd. Trichet, Jean-Claude $100,000 to $999,999 GoldenTree Asset Management, LP UPS (United Parcel Service of America, Inc.) Aetna, Inc. Hansson, Herbjørn* Aflac Inc. Huawei Technologies Up to $24,999 Anthony M. Solomon Charitable JPMorgan Chase & Company Lead Annuity Trust Klein, Michael S.* Asian Development Bank Institute Asian Development Bank Keck, Stephen M. Association of Global Automakers Caterpillar Inc. McGraw Hill Financial Bank of Tokyo–Mitsubishi UFJ Ltd. Caxton Associates LP Peterson, Michael A.* Birdsall, Nancy M.* Chevron Corporation Salomon, Richard E.* Capital Group Council for the United States and Toyota Motor North America, Inc. Cooper, Richard N.* Italy US Chamber of Commerce Eichengreen, Barry J.* David, George* van Agtmael, Antoine Einhorn, Jessica P.* Dow Chemical Company Visa Inc. Fischer Francis Trees & Watts ERANDA Rothschild Foundation Fisher, Peter R.* EY $25,000 to $49,999 Fraga, Arminio* Ford Motor Company Chubb Limited Frenkel, Jacob A.* Goldman Sachs & Co. Aramco Services Company Gadbaw, R. Michael IBM International Foundation Asian Development Bank/KCMI Gale, Stanley C.* Institute for New Economic Thinking Bacardi Limited Hills & Company Jones, Paul Tudor Banco Santander Hills, Roderick M. and Carla A.* Moody’s Investors Service, Inc. Banque de France Japan Bank for International The Olayan Group* Bergsten, Virginia and Mark* Cooperation Owens, James W.* BP plc Kikkoman Foods Inc. PepsiCo, Inc. Cargill Inc. Koch-Weser, Caio K.* Rockefeller, David* CEMEX Korea Institute for International De Rothschild, Lynn and Evelyn* Central Bank of the Republic of Economic Policy Toyota Motor Corporation China (Taiwan) Liechtenstein, Embassy of United Technologies Corporation Deere & Company Makin, John H. US-India Business Council Deutsche Post DHL McHenry, Donald F.* Victor Pinchuk Foundation Duquesne Capital Management, LLC McLarty Companies Voser, Peter R.* Eaton Corporation McLarty, Thomas F. “Mack”* Wallenberg, Jacob* Enel Green Power North America, Ministry of Economic Affairs, Republic of China (Taiwan) William M. Keck, Jr. Foundation* Inc. Mitsui & Co. (USA) Inc. 3 Anonymous Contributors Eni S.p.A. ExxonMobil Monetary Authority of Singapore $75,000 to $99,999 First Manhattan Co. Nathan Associates Inc. Nestle Inc. Aegon/Transamerica Folger, Lee M. Oakshade Charitable Fund All Nippon Airways Co., Ltd. Gàvea Investimentos Orszag, Peter R.* Dracopoulos, Andreas C. General Motors Company Posen, Adam S. and Jennifer A. FedEx Corporation High Rise Capital Management LP Hitachi, Ltd. Sosin* McKinsey & Company Robert Wood Johnson Foundation* Nordic American Tankers Ltd. Intesa Sanpaolo SpA ITOCHU Corporation Shultz, George P.* Royal Dutch Shell plc Sumitomo Corporation UBS AG Korea International Trade Association Summers, Lawrence H.* William M. Keck, Jr. Foundation Monsanto Company Whitman, Marina v. N. and Robert F.* Williams, Ronald A.* $50,000 to $74,999 Norfolk Southern Corporation Nucor Corporation Zoellick, Robert B. BlackRock Financial Management, Philip Morris International, Inc. Inc. Procter & Gamble Co. Chan, Ronnie C.* Qualcomm Inc. Coca-Cola Company Safra, Jaqui E.* *Donated to the Institute’s Capital Fund Deloitte LLP in 2013

18 19 2012

INSTITUTE’S TOTAL BUDGET IN 2012: $11.5 MILLION

Share of overall funding

Supporters at $100,000+ 45% Level Anonymous Supporters 2% (2 supporters)

37% Non-US Sources

17% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 30% Publishing Revenues

44% Corporations*

17% Foundations

4% Individuals

5% Public Institutions

Restrictions on support by project

78% Unrestricted 11% 11%

Restricted (Foundations) Restricted (Public/Corporate)

*Donations from foundations closely a liated with corporations are coded as corporate

18 19 2011

2012

Over $100,000 Monsanto Company Up to $24,999 INSTITUTE’S TOTAL BUDGET IN 2011: $11 MILLION Aetna, Inc. Nucor Corporation Advantage Austria Olayan, Hutham S. Anthony M. Solomon Charitable Association of Global Automakers Share of overall funding Lead Annuity Trust Peter G. Peterson Foundation A. T. Kearney Toyota Motor North America, Inc. Asian Development Bank Bank for International Settlements Supporters at $100,000+ Caterpillar Inc. 1 Anonymous Contributor Bank of Tokyo–Mitsubishi UFJ Ltd. 42% Level Cheniere Energy, Inc. Banque de France Chevron Corporation $25,000 to $49,999 Anonymous Supporters Capital Group 2% (2 supporters) Council for the United States and ACE Ltd. Chan, Ronnie C. Italy Aegon N.V. Corning Inc. 33% Non-US Sources Deloitte LLP Aflac, Inc. DnB NOR Markets Dow Chemical Company Aramco Services Company Folger, Lee M. 19% Five Largest Donors ERANDA Rothschild Foundation Bacardi Limited Gadbaw, R. Michael Ernst & Young BP plc Einhorn, Jessica P. ExxonMobil Caxton Associates LP ERANDA Rothschild Foundation GE Ecomagination Central Bank of the Republic of Fischer Francis Trees & Watts Revenue percentages by source category GE Foundation China (Taiwan) Hills & Company Google CEMEX Institute for New Economic Thinking IBM International Foundation Cisco Systems, Inc. Endowment Income/ ITOCHU Corporation 33% Publishing Revenues ICC Research Foundation Credit Suisse Group AG Japan Bank for International Institute for New Economic Thinking Eaton Corporation Cooperation 41% Corporations* Office Chérifien des Phosphates Elliott Management Corporation Karen Katen Foundation PepsiCo, Inc. Enel Green Power North America, Kikkoman Foods Inc. 18% Foundations Royal Dutch Shell plc Inc. Korea Institute for International The Starr Foundation* Eni S.p.A. Economic Policy Stavros Niarchos Foundation Eton Park Capital Management Korea International Trade 5% Individuals Toyota Motor Corporation First Manhattan Co. Association Tudor Jones, Paul Freeport-McMoRan Copper & Gold Liechtenstein, Embassy of 3% Public Institutions UBS AG Gàvea Investimentos McLarty Companies United Technologies Corporation General Motors Company Mercator XXI, LLC Victor Pinchuk Foundation GoldenTree Asset Management, LP Mitsubishi International Corporation William M. Keck, Jr. Foundation* High Rise Capital Management LP Mitsui & Co. (USA) Inc. Restrictions on support by project 1 Anonymous Contributor Hitachi Ltd. Monetary Authority of Singapore Huawei Technologies Nestle Inc. 74% Unrestricted 11% 15% $75,000 to $99,999 Hyosung Corporation Procter & Gamble Co. Asian Development Bank/KCMI Intesa Sanpaolo SpA Schwab Charitable Fund MetLife, Inc. Sumitomo Corporation Dracopoulos, Andreas C. Restricted European Commission Microsoft Corporation Summers, Lawrence H. (Foundations) FedEx Corporation Moore Capital Management LLC Swiss National Bank Nordic American Tankers Ltd. Nathan Associates Inc. Taconic Capital Advisors LP Restricted Norfolk Southern Corporation 1 Anonymous Contributor (Public/Corporate) $50,000 to $74,999 PricewaterhouseCoopers Anglo-American plc Salomon, Richard E.* BlackRock Financial Management Slome Capital LLC Inc. Standard & Poor’s *Donated to the Institute’s Capital Fund in 2012 Cargill Inc. Tata Sons Ltd. China-United States Exchange Tudor Investment Corporation *Donations from foundations closely a liated with corporations are coded as corporate Foundation UPS (United Parcel Service of David, George America, Inc.) Deere & Company van Agtmael, Antoine Deutsche Bank Wallenberg, Jacob Deutsche Post DHL Warburg Pincus, LLC Ford Motor Company Global Green Growth Institute Goldman Sachs & Co. Karen Katen Foundation Klein, Michael S.

20 2011

INSTITUTE’S TOTAL BUDGET IN 2011: $11 MILLION

Share of overall funding

Supporters at $100,000+ 42% Level Anonymous Supporters 2% (2 supporters)

33% Non-US Sources

19% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 33% Publishing Revenues

41% Corporations*

18% Foundations

5% Individuals

3% Public Institutions

Restrictions on support by project

74% Unrestricted 11% 15%

Restricted (Foundations) Restricted (Public/Corporate)

*Donations from foundations closely a liated with corporations are coded as corporate

21 2011

$1,000,000 and above Toyota Motor North America Inc. Up to $24,999 Peter G. Peterson Foundation* US Chamber of Commerce Asian Development Bank/KCMI 1 Anonymous Contributor Bank for International Settlements $100,000 to $999,999 Bank of Tokyo–Mitsubishi UFJ Ltd. $25,000 to $49,999 Alfred P. Sloan Foundation Birdsall, Nancy M. Anthony M. Solomon Charitable Academy of Korean Studies Capital Group Lead Annuity Trust Aegon N.V. Corning Inc. BlackRock Financial Management Aflac Inc. DeMatteo Monness LLC Inc. Altman-Kazickas Foundation* DnB NOR Markets Caterpillar Inc. Aramco Services Company Einhorn, Jessica P. Chevron Corporation Asian Development Bank GE Foundation Council for the United States and Banque de France Gordon and Llura Gund Foundation Italy Boeing Company Hills, Roderick M. and Carla A.* David, George* Booz Allen Hamilton Inc. ITOCHU Corporation Dracopoulos, Andreas C.* BP plc Jacklin, Nancy P. and Sam Y. Cross* ERANDA Rothschild Foundation Central Bank of the Republic of Japan Bank for International Ernst & Young China (Taiwan) Cooperation FedEx Corporation CEMEX Kikkoman Foods Inc. IBM International Foundation Chan, Ronnie C. Liechtenstein, Embassy of Office Chérifien des Phosphates Cisco Systems Inc. McLarty Companies Owens, James W.* Coca-Cola Company Mercator XXI, LLC Rockefeller, David* Credit Suisse Group AG Mitsubishi International Corporation Schoen, Douglas E. Daimler AG Mitsui & Co. (USA) Inc. Solomon, Anthony M.—(estate of)* Eaton Corporation Monetary Authority of Singapore The Starr Foundation* Elliott Management Corporation Nestle Inc. Stavros Niarchos Foundation* Enel Green Power North America, Procter & Gamble Co. Tudor Investment Corporation Inc. Revenue Watch Institute United Technologies Corporation Eni S.p.A. Siemens AG Victor Pinchuk Foundation Eton Park Capital Management Sumitomo Corporation Wallenberg, Jacob First Manhattan Co. Summers, Lawrence H. William M. Keck, Jr. Foundation Fischer Francis Trees & Watts Whitman, Marina v. N. 1 Anonymous Contributor Fonterra (USA) Inc. Ford Motor Company $75,000 to $99,999 Gávea Investimentos Asian Development Bank Institute General Motors Company *Donated to the Institute’s Capital Fund Nordic American Tankers Ltd. Hitachi Ltd. in 2011 Aetna Inc. Huawei Technologies PepsiCo, Inc. Korea Foundation UBS AG Kraft Foods Group Inc. Liberty Mutual Group $50,000 to $74,999 Eli Lilly and Company ACE Ltd. MetLife Inc. Deere & Company Microsoft Corporation Deutsche Bank Moore Capital Management LLC Express Association of America Norfolk Southern Corporation ExxonMobil Pearl, Frank H. Folger, Lee M. Philip Morris International Institute for New Economic Thinking PricewaterhouseCoopers Japan External Trade Organization Rio Tinto plc Klein, Michael S. Salomon, Richard E.* Korea International Trade Slome Capital LLC Association Tata Sons Ltd. Olayan, Hutham S. ZTE USA Robert, Joseph E. Zurich Insurance Group Standard Chartered Bank Studzinski, John J.

22 2010

INSTITUTE’S TOTAL BUDGET IN 2010: $10.5 MILLION

Share of overall funding

Supporters at $100,000+ 43% Level Anonymous Supporters 1% (1 supporter)

40% Non-US Sources

17% Five Largest Donors

Revenue percentages by source category

Endowment Income/ 32% Publishing Revenues

30% Corporations*

28% Foundations

5% Individuals

5% Public Institutions

Restrictions on support by project

72% Unrestricted 19% 9%

Restricted (Foundations) Restricted (Public/Corporate)

*Donations from foundations closely a liated with corporations are coded as corporate

23 2010

$1,000,000 and above Karen Katen Foundation Japan Bank for International Rockefeller, David* Olayan, Hutham S. Cooperation Robert, Joseph E. Kikkoman Foods Inc. $100,000 to $999,999 Sony Corporation Korea Institute for International Standard Chartered Bank Economic Policy Anthony M. Solomon Charitable Lewisohn, Oscar M.* Lead Annuity Trust Toyota Motor North America, Inc. Liechtenstein, Embassy of Asian Development Bank Tudor Investment Corporation McLarty Companies Caterpillar Inc. $25,000 to $49,999 Mercator XXI, LLC Chevron Corporation Mitsubishi International Corporation Council for the United States and Aegon N.V. Italy Aflac Inc. Mitsui & Co. (USA) Inc. David, George* Ashmore EMM, LLC Nestle Inc. Dow Chemical Company Banque de France Procter & Gamble Co. ERANDA Rothschild Foundation Booz Allen Hamilton Inc. Salomon, Richard E. Ernst & Young BP plc Siemens AG European Commission Chan, Ronnie C. Sumitomo Corporation Ford Foundation Cisco Systems Inc. Steel Manufacturers Association The Foundation to Promote Open Coatue Management LLC Volcker, Paul A.* Society (a part of Open Society Confederation of Swedish Enterprise Whitman, Marina v. N. Foundations) Credit Suisse Group AG GE Foundation Daimler AG Goldman Sachs & Co. Deutsche Post DHL IBM International Foundation *Donated to the Institute’s Capital Fund Eaton Corporation in 2010 ICC Research Foundation Elliott Management Corporation John D. and Catherine T. MacArthur Eton Park Capital Management Foundation ExxonMobil Office Chérifien des Phosphates Fonterra (USA) Inc. Pearl, Frank H. Ford Motor Company Peter G. Peterson Foundation Freeman Foundation Solomon, Anthony M.—(estate of) General Motors Company Stavros Niarchos Foundation Hitachi Ltd. Toyota Motor Corporation Korea International Trade United Technologies Corporation Association Victor Pinchuk Foundation Kraft Foods Group Inc. Wallenberg, Jacob Eli Lilly and Company William M. Keck, Jr. Foundation Moore Capital Management LLC Norfolk Southern Corporation $75,000 to $99,999 Philip Morris International Alfred P. Sloan Foundation PricewaterhouseCoopers Altman-Kazickas Foundation* Slome Capital LLC Nordic American Tankers Ltd. Tata Sons Ltd. PepsiCo, Inc. Zurich Insurance Group Royal Dutch Shell plc 1 Anonymous Contributor Up to $24,999 Bank for International Settlements $50,000 to $74,999 Bank of Tokyo–Mitsubishi UFJ Ltd. ACE Ltd. Capital Group Aetna Inc. Central Bank of the Republic of Bahrain Economic Development China (Taiwan) Board Corning Inc. Cargill Inc. Einhorn, Jessica P. Deere & Company Emerson Electric Company Dracopoulos, Andreas C. Gadbaw, R. Michael Doris Duke Charitable Foundation Hills & Company El-Erian, Mohamed ITOCHU Corporation Gale International Jacklin, Nancy P. and Sam Y. Cross* Japan Economic Foundation

24