INVESTORS’ REPORT 2006 07 1 A MESSAGE FROM THE DEAN

2 THE ROTMAN VISION

3 SCHOOL RECEIVES $50 MILLION FROM THE PROVINCE OF ONTARIO

4 OUR COLLECTIVE ACHIEVEMENTS: THE YEAR IN REVIEW

6 VOLUNTEER PROFILE: LARRY WASSER

7 TSX INVESTS ADDITIONAL $750,000 IN CAPITAL MARKETS INSTITUTE

8 DONOR HONOUR ROLL 2006 – 2007

10 THE ROTMAN VISION FUND

13 FINANCIAL REPORT AND CAMPAIGN STATISTICS

14 ROTMAN BOARDS

15 ROTMAN VOLUNTEERS

17 ROTMAN AT A GLANCE

TM Integrative Thinking and Business Design are registered trademarks of the Rotman School of Management.

A MESSAGE FROM THE DEAN

This fifth annual Rotman Investors’ Report is a special tribute exceptional students who would otherwise be unable to to not only our donors, but also the countless volunteers who gain the long-term benefits of our innovative programs. give their time in support of the School and its vision. We Volunteers provide further support in curriculum development, are incredibly grateful to enjoy unwavering support from helping the School build valuable relationships and running alumni, friends and organizations who believe in the School critical programs for students and alumni. and its ambition to rank among the world’s best. Your Your support of the Rotman School’s vision is a wise backing is critical as we continue our quest to revolutionize investment in our collective future. While the School’s recent business education by developing an innovative curriculum momentum has been strong and our accomplishments built around Integrative Thinking TM and Business Design TM. many, work remains to be done in reaching our highest In the past year, the Rotman School has continued its aspirations. I thank you for your support and encourage fierce competition among the world’s best business schools. you to remain close to us as we continue on our journey of We have been very active in recruiting and retaining the innovation and excellence. Rotman’s future is bright, and most talented students and faculty. While finding the financial I look forward to sharing every success with you. resources to support these individuals is a significant and challenging task, we have been successful in attracting some of the best human capital from around the world. With leading faculty providing a unique educational experience and producing ground-breaking research, the Rotman School is at the head of the class in global thought leadership. We wouldn’t be where we are today without you. Your Roger Martin generosity in time and financial support has an immediate Dean, Joseph L. Rotman School of Management, impact: it enables our faculty to conduct pioneering research; Premier’s Research Chair in Productivity & Competitiveness, ensures that we offer the most modern and well-equipped and Director, AIC Institute for Corporate Citizenship facilities; attracts leading young academics from top-tier schools; and provides financial backing for many Toronto, September 2007

1 THE ROTMAN VISION

The Rotman School has become globally renowned for its INVESTORS HELP PAVE THE ROAD AHEAD unique approach to business education, built around If they are to become tomorrow’s leaders and innovators, Integrative Thinking™. Rotman is developing a new way Rotman students require access to world-class services and to think about business for the 21st century, enabling the equipment. With your support, we are able to provide development of creative business solutions for a world them with leading-edge classroom technology, a state-of- filled with uncertainty, instability and risk. Rather than the-art Business Information Centre (library), a Financial accepting the world as it is presented to them, Rotman Research and Trading Lab, the world-class computing students are learning how to create new, more powerful resources of the Rotman Portal, and the Rotman Interactive models and solutions to shape the world around them Trader, a breakthrough tool in trading education. for the better. In addition to new cutting-edge facilities, future priorities for the School include investments in academic chairs and SUCCESS BREEDS SUCCESS individual faculty and enhancements to our evolving The reception to the Rotman vision for redesigning curriculum. This year, we announced our ambitious plans to business education has been greater than anyone could construct a new building that will host the newly-established have imagined. As a result, Prosperity Institute. The Institute was made possible by a $50-million donation to the Rotman School by the Province • Rotman is currently ranked 27th in the Financial Times of Ontario (see details, page 3) and a $10-million gift ranking of the world’s top 100 MBA Programs, top 16 from Joseph and Sandra Rotman. in North America and top 7 worldwide for Finance. The new building will be constructed just south of the BusinessWeek ranks Rotman in its ‘International Top Ten’. Rotman School on St. George Street. In addition to • Our faculty’s research is ranked 23rd in the world, providing space for the new Prosperity Institute and a up from 65th place just four years ago, indicating that 50 per cent expansion of the School’s graduate programs, their contributions are making a major impact on the new building will house the Desautels Centre for global business thinking. Integrative Thinking.

• Renowned business leaders such as Jack Welch, SHARING IN SUCCESS Michael Dell, Meg Whitman, Isadore Sharp, Canada’s In the case of a great business school, success is something last five CEOs of the Year, and a roster of Nobel that is shared across a virtuous circle: successful schools Laureates have visited the School to share their wisdom attract great students; great graduates succeed in the business and experience. world and demonstrate their school’s effectiveness; and all • Since 1998, the annual intake of full-time MBA students those who invest their time and money in the school — has more than doubled, to 267. The School also now as advisors, investors, volunteers and recruiters — help to draws students from a wider talent pool: nearly 40 generate even more success. The return on these investments, per cent of the Two-Year Full-Time MBA class of 2008 both for the Rotman School and its supporters, lies in the consists of international students from 33 countries, School’s increasing reach, reputation and influence around speaking 39 languages. A larger student population the world. We encourage your continued support and helps attract and support the best students, faculty and invite you to share in our successes to come. recruiters, and ensures solid tuition revenue.

2 SCHOOL RECEIVES $50 MILLION FROM THE PROVINCE OF ONTARIO

When the Provincial Government announced its 2007 “The Prosperity Institute will enhance the province’s budget, it also made a landmark funding announcement prosperity by taking an integrative approach to the study for the Rotman School. The funding, which will total $50 and creation of jurisdictional advantage,” says Rotman million, will enable the School to construct a new building Dean Roger Martin. “Currently, the study of how jurisdictions, that will host its newly-established Prosperity Institute and including provinces, become magnets for companies to provide space for a 50 per cent expansion of the School’s start-up, locate and grow, and for talent to study, live graduate programs, including its renowned MBA and and work, has been fragmented across many diverse PhD programs. An additional $10 million in government fields. This disconnected knowledge has been less helpful funding has also been allocated to the project, while a to policy-makers and businesses than is required.” further $60 million will be raised from private donations “The Prosperity Institute will remedy this by bringing to match the total government funding. together the best group of scholars in the world to study The campaign to raise the private funding is currently jurisdictional advantage in order to create new and more than half way to its goal and is being led by valuable insights that will benefit Ontario and the world Geoff Beattie, President of Woodbridge Company, who at large,” adds the Dean. is serving as chair. The campaign’s honorary co-chairs are Over the past decade, the Rotman School has assembled Dr. Joseph Rotman, Chairman and CEO of Roy-L Capital the largest academic research group in Canada dedicated Corporation, and Dr. Marcel Desautels, President and to the study of jurisdictional advantage and prosperity CEO of the Canadian Credit Management Foundation. but has lacked the physical and funding infrastructure necessary to advance the research. In summer 2007, the Prosperity Institute announced that renowned urban thinker Richard Florida will serve as its academic director.

3 OUR COLLECTIVE ACHIEVEMENTS

THE YEAR IN REVIEW: MAY 2006 – APRIL 2007 SEPTEMBER 2006 Dean Roger Martin is appointed the University of Toronto’s first Premier’s Research Chair in Productivity & Competitiveness following a $3-million gift from the provincial government. The chair has as its aim the strengthening of Ontario’s productivity and economic MAY 2006 Prof. Jeffrey Callen, who holds the advantage. MDS Inc., a leading provider of Rotman Chair in Accounting, is the enabling products and services to the winner of the Haim Falk Award OCTOBER 2006 global life sciences markets, establishes for Distinguished Contribution to In its bi-annual ranking, BusinessWeek a new scholarship in honour of Accounting Thought from the ranks Rotman third among international John A. Rogers, the company’s Canadian Academic Accounting MBA programs, the biggest jump in former president and chief executive Association (CAAA). Also in July, the rankings, and second in both the officer. The $250,000 gift is matched Gary Latham, Secretary of State corporate recruiters and intellectual by the University’s Graduate Student Professor of Organizational capital polls. Endowment Fund, creating a $500,000 Effectiveness, receives the Michael R. fund for the John A. Rogers Award Losey Human Resource Research The Rotman School’s leadership in in Leadership for MBA students. The Award from the Society for Human Human Resources Management is first award will be granted in the Resource Management. strengthened by a gift from KWA 2007/2008 academic year to an Partners that helps the School attract incoming graduate student who exhibits AUGUST 2006 leading HR executives to its MBA outstanding qualities of leadership. Jan Mahrt-Smith, an Assistant Professor program. The KWA Partners Award The award is valued at $30,000. of Finance, wins a HP Technology for in Leadership, to be granted annually Teaching Higher Education Grant beginning in September 2007, provides JUNE 2006 valued at more than $80,000. The a continuing student in Rotman’s The Rotman School launches Rotman grant, part of the HP Technology for Two-Year MBA program with $5,000 Bridge to Business (B2B), a month- Teaching Initiative, is designed to to help fund their education in the long program to help new graduates improve student success and engage area of Human Resource Management. of undergraduate programs learn faculty through the innovative deployment skills to get the right first job. of mobile technology in the classroom. JANUARY 2007 Lead partner Scotiabank creates 15 A study tour takes a group of MBA scholarships for students who have The School’s Financial Research and students to China, led by Prof. Wendy an interest in pursuing a career in Trading Lab launches the Rotman Dobson, director of the School’s the financial services industry, and Interactive Trader, a breakthrough Institute for International Business. offers employment opportunities for tool in trading education. The software, During their two-week tour, students students who complete the program. developed at the School, gives students visit Hong Kong, Shenzhen, Shanghai hands-on experience in investment, and Beijing to learn about the trading and hedging strategies. opportunities and risks associated with China’s integration into the world’s economy.

4 JANUARY 2007 Four professors share the 2006 Roger Martin and Nancy Lang Awards for Excellence in Research and Teaching at the School. Profs. François Derrien, assistant professor of Finance, and Stéphane Côté, associate professor of Organizational Behaviour, are the co-winners of the School of Business in Washington, The School launches the world’s Award for Excellence in Research, DC. The annual competition focuses first Morning MBA Program for while Profs. Ramy Elitzur, Edward J. on finding solutions for a real-world professionals looking to pursue their Kernaghan Professor of Financial not-for profit agency. The Rotman business studies outside of regular Analysis, and Doug Hyatt, professor team of first-year MBA student office hours. The Three-Year program of Business Economics, receive the Sarah Stern and second year MBA features classes held on Tuesday and Award for Excellence in Teaching. students Abhijit Rawal, Hala Thursday mornings, from 7 to 8:59 a.m. Kosyura and Ellie Avishai defeats In its 2007 ranking of full-time MBA teams from 20 other business schools A $25,000 gift from the estate of programs worldwide, the Financial to take the US$3,000 first prize. Mary Verna Simmonds establishes Times ranks Rotman 27th in the the Mary Verna Simmonds Rotman world. The School ranks in the top ten In a landmark funding announcement, MBA Fellowship in Social Change, worldwide for Finance, and Rotman the Rotman School receives $50 million to be awarded to an MBA student faculty are ranked 23rd in the world in funding from the Province of in the Two- or Three-Year program for their research output. Rotman ranks Ontario. The funding will enable demonstrating a commitment to in the top 16 overall in North America. construction of a new building that corporate social responsibility, global will host the newly-established citizenship, non-profit initiatives and FEBRUARY 2007 Prosperity Institute, and provide social justice. The $1,000 award will The School’s Capital Markets Institute space for a 50 per cent expansion of be granted annually, beginning in (CMI), Canada’s only independent the School’s graduate programs. An September 2008. institute for capital markets research, additional $10 million in government receives a $750,000 boost in funding funding is allocated to the project, For the fourth year in a row, Rotman from the Toronto Stock Exchange. while a further $60 million will be School staff win the Faculty and Staff The gift establishes the TSX Capital raised from private donations to match Campaign participation challenge, Markets Initiative and provides the the government funding. with 60 per cent of its members CMI with funds to support research contributing to this year’s campaign. and policy initiatives in areas such as APRIL 2007 The total overall participation from cross-border investing, shareholder The School launches a Master of both faculty and staff reaches a record activism, hedge fund dominance and Finance Program, a 20-month, 51 per cent, while collectively they executive compensation. five-term program for professionals pledge over $89,000 in support for currently working in the Finance the School. More than a quarter of MARCH 2007 industry. Beginning in September this year’s total Vision Fund revenue For the second consecutive year, a 2007, the program offers a mix of is attributed to the campaign. team of Rotman MBA students wins theoretical and applied courses, with an international case competition at content that goes beyond that offered The George Washington University by an undergraduate commerce degree, a CFA or other professional programs.

5 VOLUNTEER PROFILE

LARRY WASSER, PRESIDENT, LW CAPITAL

Larry Wasser is a prominent philanthropist with an outstanding reviewing their business plans and proposals, as well as track record of entrepreneurial success. He is also a generous providing general counselling and career advice. When an supporter of the Rotman School, serving as Entrepreneur-in- idea introduced at a Tuesday meeting requires capital Residence, a member of the Rotman Advancement Board and/or connectivity to the business world, whether through and Chair of the Entrepreneurship Advisory Board (EAB). partnerships or job opportunities, I can draw upon my contacts In 2000, recognizing the critical need for student financial in the business community to help push the project forward. aid, Wasser established the Larry Wasser Ontario Many of the contacts I’ve made in the business community Graduate Scholarship at the Rotman School. Since then, have also ended up visiting the School as classroom guest 12 deserving students, who otherwise would not have been lecturers and judges of business plan competitions. I don’t able to afford a business education, have completed their set out to recruit my colleagues, friends and contacts MBA degrees and are well into successful careers. for these roles, they are drawn to Rotman’s reputation as With Wasser’s outstanding reputation as a volunteer, a world-class business school. Once these individuals are donor and community leader, he has become a role model introduced to the School and our talented students and for the next generation of entrepreneurs and business leaders. faculty, they are often keen to become more involved, Karen Papazian, Senior Development Associate, spoke whether as volunteers or donors. with Wasser about some of his motivations for volunteering In addition to my role as Entrepreneur-in-Residence, I and his advice for others thinking of making a contribution. am Chair of the Entrepreneurship Advisory Board. EAB is a volunteer board which provides advice on the direction KP: How long have you been involved at the Rotman and development of course curriculum in the area of School, and what motivated you to become involved? Entrepreneurship. In this capacity, I am also working with LW: My involvement began nearly a decade ago. I was Professor Olav Sorenson on the School’s Technology- intrigued by the fact that Roger Martin, such an incredibly Management Interface, in which student teams engage with a successful businessman, was recruited to helm the School, client for six months to help solve a real-life business challenge. and I was fascinated to see the School undergo such a KP: In your opinion, why have students been so receptive rapid and profound metamorphosis under his guidance. It to the Entrepreneur-in-Residence position? became clear that, in order to sustain such growth, the School required the support of the community. That’s when LW: I bring my practical experience directly to the students I helped establish the Larry Wasser Ontario Graduate which complements what they are learning in the classroom. I’m Scholarship. Around the same time, I was invited to be a not afraid to tell them whether or not they have a real chance member of the Rotman Advancement Board. My role at with a business plan. I think the students value my candour, the School and my interest in the School’s growth and and appreciate knowing what kind of answer they’re likely direction gradually intensified and in time, led to several to hear when talking to others like me in the business world. other rewarding volunteer opportunities. KP: What have you found most rewarding about working KP: Tell me about your involvement as the Entrepreneur-in- with students, and what have you learned about yourself or Residence and Chair of the Entrepreneurship Advisory Board. others during this experience?

LW: When I started as the inaugural Entrepreneur-in- LW: I truly believe that however much the students are getting Residence — a position I have held for the past three years out of this experience, in terms of advice and guidance, I — a specific job description didn’t exist, giving me free am benefiting a great deal more. It is incredibly rewarding reign to transform the position into whatever shape would and uplifting to meet and work with such young, energetic add the most value to the student experience and to the students, and it energizes me to know that I am making a School. Over time, the role has evolved to include a variety difference in the lives of tomorrow’s business leaders. of functions, including my Tuesday afternoon guidance counselling sessions. I work closely with the students in continued on next page 6 KP: What advice would you give to someone who is electronics products and computer products. In 1994, Wasser interested in using their skills and knowledge to help others was founder and joint venture partner of Electronics Boutique outside of the workplace? (Canada) Inc., a mall-based retailer of video game related products. A year later, he founded Ironside Technologies Inc., LW: I would tell them to get involved in something that is a a company that specialized in creating business-to-business part of their history, just as the University of Toronto was Internet electronic commerce software solutions. part of mine, and to look for ways of adding value to the lives and careers of others. I guarantee that in the end, it In addition to his outstanding commitment to the Rotman will be a positive experience for all involved. School of Management at the University Toronto, Wasser serves as Alumni Governor for the University of Toronto’s Larry Wasser (BAH ’78, U of T) is President of LW Capital Governing Council, and as Honorary Campaign Chair at Corporation, a private investment firm which offers strategic, Innis College. Wasser has also been involved with a number advisory and consulting services. Previously, he was Chairman of other non-profit organizations in the community including and CEO of Beamscope Canada Inc., one of Canada’s largest Mount Sinai Hospital and Baycrest Centre. sales, marketing and distribution companies of consumer

TSX INVESTS ADDITIONAL $750, 000 IN CAPITAL MARKETS INSTITUTE AT THE ROTMAN SCHOOL

Markets at the Rotman School. “This funding will work to identify effective capital market strategies for Canada and provide policy guidance to government and regulators. We are delighted to have the TSX as our strongest supporter.” As part of the Rotman Initiative, Halpern will also lead in the creation and ongoing support of a TSX National Advisory Council. The Council will meet at least once each year to identify public policy issues concerning regional and national capital markets. “This is a first-of-its-kind network for policy research in Canada,” says Richard Nesbitt, CEO of TSX Group. “It will encourage a cross-fertilization of research ideas among academic institutions across the country and, at the same time, allow the informal sharing of ideas among academic researchers from Canada’s top universities and In February 2007, Canada’s only independent institute the people most involved in the minute-by-minute changes for capital markets research received a $750,000 boost taking place in Canadian capital markets. It’s a very in funding from its founding sponsor, the Toronto Stock exciting initiative.” Exchange (TSX). The University of British Columbia Law School was The gift established the TSX Capital Markets Initiative the first to join the advisory council. “We can already at Rotman and will provide the Capital Markets Institute see how the council will add a cross-country perspective (CMI) at the Rotman School of Management with funds to to the research that various institutions undertake with our support research and policy initiatives in areas such as support,” Nesbitt says. cross-border investing, shareholder activism, hedge fund To date, TSX funding has helped the Capital Markets dominance and executive compensation. Institute advance thinking in areas such as income trusts, “We investigate issues that impact the competitiveness of credit rating systems and enforcement in Canada. Canadian capital markets,” says Professor Paul Halpern, CMI Director and Toronto Stock Exchange Chair in Capital 7 DONOR HONOUR ROLL 2006 – 2007

$50,000,000 OR MORE $2,500 – $4,999 Sam Lim (MBA ’93) Shimmy Brandes (MBA ’02)* Province of Ontario Joel A. Baum (MBA ’85, PhD ’89)* Robert Ljubisic (MBA ’06) Paul M. Casey Jill E. Black (MBA ’80)* Rod Lohin* Lucy Wing-yee Chan (MBA ’92) $10,000,000 – $49,999,999 Canadian Tire Corporation, Limited* Stamatis Mantzavinos (MBA ’54)* Michael Chazot (MBA ’99) Marcel Desautels / Canadian Credit William A. Downe (MBA ’78) Joe Martin* Brian G. Clark (MBA ’71)* Management Foundation Norman Fraser (MBA ’68)* Vince Mazza (MBA ’98)* Petra Cooper (MBA ’95) Sandra and Joseph (MCom ’60) Rotman* Aran D. Hamilton (MBA ’99) Thomas K. McCormick (MBA ’84)* Tanya Maria Covassin (MBA ’96) John Hull* Ken McGuffin* Daniel Cushing (MBA ’97)* $1,000,000 – $9,999,999 Eric Kirzner (MBA ’70) Michael N. Melanson (MBA ’87)* Beatrix Dart* Martin Ossip Family at the John Robert Knebel (MBA ’73)* Sam Mokbel (MBA ’02) David Diestel (MBA ’02)* Jewish Foundation of Greater Toronto Thomas McCurdy* Tyler G. Moniz (MBA ’77)* Nicholas (MBA ’75) and Robert D. and Joan McKeracher Sridhar Moorthy* Susan Dietrich* $750,000 – $999,999 Douglas E. McLean (MBA ’98) Colin Mark Mulligan (MBA ’96) Peter D. Dungan* TSX Group Inc. Merrill Lynch & Co. Inc. Foundation Jeff Muzzerall* David L. Dunne (PhD ’96) Mauro Pambianchi (MBA ’81)* Huu Trung Nguyen (MBA ’87)* John Langley Easson (MBA ’94)* $100,000 – $749,999 Richard Powers Gregory Nielsen (MBA ’05) Colin Eicher The John Dobson Foundation Brian Scott Silverman* John D. Ogden (MBA ’62)* Stacy Leigh Francis (MBA ’96) John H. Watson (MBA ’67) Dilip Soman Daniel A. Ondrack (MBA ’65)* Jane S. Gertner (MBA ’76)* Anonymous (1) Glen Whyte (DBA ’80, MBA ’81)* Ian Donald Parker (MBA ’92) Jennifer Lara Gill (MBA ’03) Anonymous (3) Donald W. Parkinson (MBA ’62)* Avi Goldfarb* $25,000 – $99,999 Paul J. (MBA ’51) and Bill Goulios (MBA ’93)* Mary B. (MBA ’85) and $1,000 – $2,499 Patricia R. Phoenix* Catherine E. Graham (MBA ’01)* Graham Hallward* Sidney E. Amster (MBA ’82)* PPG Canada Inc. Thomas E. Gray (MBA ’75)* Jarislowsky Foundation Fariba Anderson (MBA ’04) Joyce Rankin (MBA ’05)* Michael A. Hale (MBA ’82)* KWA Partners Steve Arenburg* Chandran Ratnaswami George W. P. Hayhurst Loblaw Companies Limited Ann Armstrong (MBA ’82, PhD ’93)* (DBA ’77, MBA ’79)* (DBA ’67, MBA ’68)* Roger Martin and Nancy Lang* Kelly Battle (MBA ’97)* Harold I. Redekopp (MBA ’87) John R. Hicks (MCom ’60)* The estate of Mary Verna Simmonds Bealight Foundation* Gail Regan (MBA ’78) Andreas F. Hofmann (MBA ’93) James Richard Beattie (MBA ’98) Andrea Rudnick (MBA ’97)* R. Brian Howe (MBA ’93) $10,000 – $24,999 William J. Biggar (MBA ’75)* John Sartz (MBA ’80)* Ian Janwaar (MBA ’06) Timothy D. Dattels* Blake, Cassels & Graydon LLP Thomas C. Sears (DBA ’85, MBA ’88) Mark G. Johnson (MBA ’88) FirstService Corporation* Bonnie Bloomberg (MBA ’94)* Kim Shannon (MBA ’93) and Ho Sung* Linda Jussaume (MBA ’06) RBC Foundation* Laurence Booth* Jeffrey C. Shin (MBA ’82)* Raymond Kan* Scotiabank Group* Leonard J. Brooks (MBA ’67) Lawrence Shum (MBA ’86)* Seokjin Kim (PhD ’05) Donald A. Carmichael (MBA ’74)* Brian Tanner A. Douglas King (MBA ’65)* $5,000 – $9,999 Eric Y. W. (MBA ’77) and Scott Taylor (MBA ’93)* Arjun Kumar (MBA ’02) Bank of Montreal Linda Y. H. Chan* Torys LLP Glen and Susanne (MBA ’92) Ladouceur Harvey Botting (MBA ’85)* Flora Chen (MBA ’01) and John M. Usher (MBA ’79, PhD ’90)* Gerald Legrove (MBA ’85) Michael Bregman Sheldon Hing San Sze-To (MBA ’02)* Norris W. Walker (MCom ’58)* Michael S. Levy (MBA ’69)* Brendan Calder* Gordon A. Clancy (MBA ’86) Scott Roger Wambolt (MBA ’03)* Aven Wenyan Li (MBA ’05) CIBC* James D. Coutts (MBA ’99)* John M. Warwick (MBA ’78)* Sing C. Li (MBA ’79)* Manulife Financial Lynn Damp (MBA ’82) Wendy Melvin & Associates Erwin Locher (MBA ’06) Elizabeth W. (MBA ’05) and Enzo De Luca (DBA ’70, MBA ’71)* Mark D. Wiseman (MBA ’96) Yin Luo (MMPA ’00)* Andrew McBeth Robert J. Ewen (MBA ’77) Evelyn S. Wong (MBA ’74)* Stewart Evan Lyons (MBA ’04) Jack Mintz* Michelle Mandy Fiebig (MBA ’99) Ruth G. Woods (MBA ’84) Charles A. MacDonald (MBA ’90) Peter Pauly* Richard I. Findlay (MBA ’86) Jia Lin Xie* David Murray Martin (MBA ’03)* Gerry Rocchi (MBA ’81)* Ronald Paul Fournier (MBA ’62)* Laval Yau (MBA ’86)* Margaret and Wallace McCain* Sun Life Financial* Brian Golden* Mary-Ellen Yeomans* Joseph Milner* Natalie (MBA ’89) and Craig Roderick Stuart Goom (MBA ’06) Anonymous (4) Mihnea Moldoveanu* Geoff (MBA ’87) Townsend Ann Hatch William P. Molson (MBA ’81) Voorheis & Co. LLP David I. Hertzman (MBA ’74)* $500 – $999 Angela Moy (MBA ’96)* Phyllis and Bill (MBA ’62) Waters* Wing Joe (MBA ’76)* Tim Adlington (MBA ’90) Esther Mui (MBA ’74)* Alan White (PhD ’87)* David J. and Sandra A. Johnston* Peter Alessi (MBA ’93) Robert Natanegara (MBA ’93) Women in Capital Markets* Harvey Kolodny* Donald Armstrong Bernadette C. Naumann (MBA ’99) Anonymous (3) Merle Kriss (MBA ’77)* Glenn Masao Asano (MBA ’94)* David Nava (MBA ’04) and Asher Lai (MBA ’05)* Neil Aubuchon (MBA ’98)* Mariana Urbiola (MBA ’04)* Michelle C. Lalonde (MBA ’01) Kathryn Lorraine Beaton (MBA ’93)* Jay Nicholson (MBA ’02) Spencer Lanthier and Diana Bennett* Jennifer Berdahl John Oesch*

8 Stella Beiqing Pan (MBA ’04) Jeffery Coles (MBA ’06) Peter Intraligi (MBA ’97) Sabaa Quao (MBA ’03) Chris Pandoff (MBA ’05) Raymond K. Cornbill (MBA ’63) The Honourable Henry N. R. Jackman* Norman W. Quon Carol S. Perry (MBA ’78) Richard J. Currie Nadia Jagar (DBA ’70, MBA ’71)* Douglas J. Pigot (MBA ’93) George Daicos (MBA ’88) Ron (MBA ’04) and Isable Jagdeo Marc Reppin (MBA ’04) Paul Richards (MBA ’62) Jillian E. Darroch (MBA ’06) Ajay Jain (MBA ’06) Catherine Riddell Jennifer Riel (MBA ’06) Donald R. Dawson (MCom ’51)* Hongyuan Jing (MBA ’07) Lindsay A. Rogan (MBA ’99) Gina Rizhanovsky (MBA ’06) Leelah E. Dawson (MBA ’91) Donald E. Johnston (MBA ’69)* Joanna Rotenberg (MBA ’01) Gary W. Ryan (MBA ’01)* Francois Derrien Fabian A. G. Joseph (MBA ’05) Wendy D. Rotenberg A. Edward Safarian* Lucio T. Di Clemente (MBA ’90) Santosh Damodar Kamat (MBA ’99)* (MBA ’83, PhD ’87)* Jim Sami (MBA ’92) Janice and Anthony (MBA ’76) Alik Kassner (MBA ’93) Rothmans Bensons & Hedges James E. Seidewand (MBA ’74)* Dobranowski Stephen H. Kauffman Incorporated Amir Shalaby (MBA ’78)* Jane Donaldson (MBA ’99) Edward J. Kernaghan Rodney J. Russell (MBA ’76) Norman (MBA ’92) and David Donnan (MBA ’82) Mark Winston Kerzner (MBA ’00)* AnneMarie Ryan (MBA ’78) Janet (MBA ’04) Shiner* Jackson Chun-Wen Doong (MBA ’05) Anthony Koon Hung Ko (MBA ’91) Bruce Sargeant (MBA ’05) John D. Skelton (MBA ’74) Kevin Douglas (MBA ’06) Mohammad Ramin Komeilian (MBA ’06) Deanne Saunders H. Marie Smibert (MBA ’62)* Patricia Dunbar (MBA ’93) Manfred Koo (MBA ’02) Kevin Michael Shnier (MBA ’01) Gregory W. Smith (MBA ’98) John C. Eaton Subodh Kumar (MBA ’76)* Harry H. Shore (MBA ’56)* Suzanne J. Spragge* Heather-Anne Edwards Irwin* Karin W. Kwan (MBA ’93) Marcello Populo DaCosta Silva Ira M. Stambler (MBA ’91) Ernst & Young* Young Wook Kwon (MBA ’06) (MBA ’03) Margaret E. Stephens (MBA ’75)* Cameron L. Fellman (MBA ’65)* Michael E. LeBlanc (MBA ’91) Paul R. Smeeton (MBA ’93) Toby Mina Stewart (MBA ’94)* Patrick T. Ferrier (MBA ’05) Robert J. Leblanc (MBA ’92) Wally J. Smieliauskas Giovanni Strazzullo (MBA ’05) Ephraim Fiksel (MBA ’73) Geoffrey Leonardelli* Richard Jean Smith (MBA ’01)* Jack R. Thompson* Warren W. H. Finlay (MBA ’92)* Al Leong (MBA ’06) Olav Johann Sorenson Anil Verma* Amy Fisher (MBA ’04) and Bill Holy* Larry Kei Fai Leung (MBA ’98)* Andrew Thomson (MBA ’90) Charles Vincent (DBA ’79, MBA ’83) David and Yvonne (MBA ’91) Fleck Paul Yiming Li (MBA ’05) George O. Toller (MCom ’56)* Gordon A. Wilson (MBA ’60)* Fleck Family Foundation Andrew G. Lim (MBA ’04) Patricia B. Tremaine (MBA ’97)* Thomas A. Wilson* Louis Florence (MBA ’03)* Mary Elizabeth Loos (MBA ’98) David Russell Turner (MBA ’05) Anita M. Windisman (MBA ’03) David E. Fowler (MBA ’94)* Robert and Patricia Lord* Jane Marie Van Alphen (MBA ’03) M. H. Franco Wong Franmed Consultants (1993) Inc. Craig A. Lowery (MBA ’85) Michael A. Vanderkaden (MBA ’01)* Jennifer Renee Young (MBA ’04) Ian Fraser (MCom ’57)* Hai Lu* Edmond F. Vanhaverbeke (MBA ’89)* Ping Zhang* Amos Fregoli (MBA ’96) Steve Lux (MBA ’05) Darlene Varaleau (MBA ’95)* Anonymous (1) Brent Furneaux (MBA ’04) Daniel J. Mader (MBA ’04) Gabriel Villegas (MBA ’05) John Roberts Fydell (MCom ’57)* James P. Mahoney (MBA ’88) Louise A. Walker (MBA ’97) $250 – $499 David A. Galloway* Kevin Lem Mak Jeffrey A. Wayne (MBA ’90) Daisy Azer (MBA ’96) Andy Ganapathy (MBA ’06) Brenda Mallouk Mark Weber* Patrice B. Bansa (MBA ’07) Michael A. Garratt (MBA ’89)* Allan W. Mark* Bruno Leo Welt (MBA ’05) Dominique Barker (MBA ’98) Amin Giga (MBA ’92) Rishi Marwah (MBA ’06) Fredrick T. White (MBA ’62)* Dushan Batrovic (MBA ’03) Rachel Linda Gillespie (MBA ’07) John M. Maxted (MBA ’95)* Christopher W. Wiegand (MBA ’93)* Michael C. J. Beamish (MBA ’70)* Robert G. Glover (MBA ’00) Donald I. McCaw (MBA ’98) Albert Wu (MBA ’84)* John Paul Beaudoin (MBA ’04) Masami Goto (MBA ’89)* John S. McFarlane (MBA ’75)* Chai Him Yee (MBA ’74)* Arzhang Beheshti (MBA ’04)* Eleanor Gow (MBA ’77) Gilbert G. McIntee (MBA ’72) Wilson T. Young (MBA ’85)* Michal Berman (MBA ’03) Tony Gray (MBA ’00) Catherine A. McKay (MBA ’91) Sherry Yuan-Hunter* Oded Berman* Jonathan Greer (MBA ’04) Peter R. McMullin (MBA ’67) David Zarek (MBA ’94)* Christina R. Best (MBA ’85) Anthony F. Griffiths* Richard J. Meertens (MBA ’91)* Michelle Zathureczky* John R. Bird (MBA ’71, PhD ’75)* Lawrence N. Gross (MBA ’57)* Mark A. G. Methven (MBA ’92) Anonymous (5) Theodore S. Boreck (MBA ’75)* Lu Han Augustin Diakiesse Milandu (MBA ’07) H. Ronald Bourdeau (MBA ’89)* Cynthia A. Hansen (MBA ’94)* Maria Milanetti (MBA ’89) Adam C. Brueckner (MBA ’06) Larry Harrison Cheryl Millington* * 3-year donor to the Rotman School Iain Robert Burnett (MBA ’03)* Haven Knowledge Systems Inc. Ali Mozaffari (MBA ’05) H. Michael Burns William R. Hellings (MBA ’70)* Mary Helen Mullens (MBA ’02)* This list has been checked for accuracy, Allan R. Butson (MBA ’95)* Frank Hennessey (MBA ’05) Kim Neutens* but errors may have occurred. Garry Yiu Chu Chan (MBA ’03)* Jennifer Hildebrandt* Robert Man-Chiu Ng (MBA ’93)* If you have not been appropriately Patrick Kar Yin Chang (MBA ’00) Paul Holden (MBA ’03) Allan P. O’Dette (MBA ’06) recognized, please let us know and Gautam Chaudhuri (MBA ’84)* Michelle Lesley Horowitz (MBA ’95) Hamid Omoumi (MBA ’93) we will correct the oversight. Mark Cherutti (MBA ’03) Karen Hoy (MBA ’80) John D. Pennal Amelia L. Chik (MBA ’75) HSD Partners Inc. Anton Pfisztner (MBA ’02) For a complete list of donors, visit Paul Choy (MBA ’02)* William Ka Chun Hui (MBA ’06) Robert Peter Preuner (MBA ’02)* www.rotman.utoronto.ca/ Karen Christensen* Tom Hyde (MBA ’05) David J. Pyper (MBA ’89)* supportrotman/donors.asp

9 THE ROTMAN VISION FUND

INVESTING IN SUCCESS staff and students. Participation levels rose 10 per cent, as The Joseph L. Rotman School of Management has set out more members of the Rotman community chose to reinvest to become one of the world’s top-tier business schools. in the School’s future through their charitable gifts. Thanks in part to the generosity of Rotman Vision Fund The Vision Fund Society (giving at the level of $1,000 donors, the School is well on its way to achieving that or more) saw further success, enjoying a five per cent goal. The annual Rotman Vision Fund supports the School’s increase in revenue and a six per cent increase in the top strategic priorities and shapes the MBA experience for number of participants. future business leaders. Resources provided by the Vision Fund support the School’s areas of greatest need, including THOUGHT LEADERSHIP faculty recruitment and research, curriculum development, Rotman School faculty have built a stellar reputation for and enhancement of student and alumni services and events. their groundbreaking research and authoritative insight into In 2006 – 2007, the Vision Fund matched the impressive a wide range of management issues. Faculty expansion fundraising achievements of the previous year, generating is one of the key priorities of the Rotman School, and with nearly $350,000 in donations from alumni, friends, faculty, the help of Vision Fund donations, the School added five

VISION FUND COMMITTEE The Vision Fund Committee is a group of alumni who solicit peer-to-peer gifts

on behalf of the Rotman School and

educate others about the importance of annual giving.

Harvey Botting (MBA ’85)

Merle Kriss (MBA ’77) President, Kriss & Associates Limited

Joyce Rankin (MBA ’05) Manager, Med/Surg/Neuro ICU,

Toronto Western Hospital,

University Health Network

Amir Shalaby (MBA ’78) Vice-President,

Power System Planning,

Ontario Power Authority

Cheryl Young (MBA ’94) General Manager,

Euro RSCG 4D

10 new accomplished faculty members last year: Olav Sorenson, SUPPORTING THE STUDENT EXPERIENCE a professor of Strategic Management and Jeffrey S. Skoll This year’s annual Graduate Student Giving Campaign Chair in Technical Innovation and Entrepreneurship; enjoyed a period of unprecedented growth as it expanded M. H. Franco Wong, an associate professor of Accounting; beyond its origins in the Two-Year MBA program. For the Philipp Aféche, an assistant professor of Operations first time, students from the Three-Year MBA, EMBA and Management; Lukasz Pomorski, an assistant professor OMNIUM programs also contributed to the Vision Fund of Finance; and Chen-Bo Zhong, an assistant professor of through the student giving campaign. This unprecedented Organizational Behaviour. growth in student giving has helped the School make great The Rotman School’s roster of internationally-renowned strides toward enhancing interaction between students and programs continue to grow and evolve to suit the needs of alumni. In the past three years, the Alumni and Community the surrounding business community. Gifts to the Rotman Relations office has increased the number of alumni Vision Fund helped the School launch its new Master of volunteer contacts for students by more than 500 per cent, Finance program in September 2007. The Master of bringing the total to just under 2,000 participants. In the Finance offers a mix of theoretical and applied courses, upcoming year, the office plans to further increase the with content that goes beyond that offered by an under- number of contacts, and enhance the functionality of the graduate commerce degree, a CFA or other professional alumni contact database on the Student Portal to provide programs. Also introduced in Fall 2007 was the world’s easier access to career mentors. The Graduate Business first Three-Year Morning MBA program, for professionals Council and other student clubs will be given more looking to pursue their business studies outside of regular formalized assistance to help guarantee higher alumni office hours. In 2006, Rotman debuted the Business attendance at student events. The office also plans to Design Initiative, an exciting collaboration with Stanford increase the number of events it hosts to provide students University’s Institute of Design and other industry leaders and alumni with greater opportunities to network and to help bring design thinking into the Rotman classroom. share their knowledge and experiences.

11 ALUMNI SUPPORT FOR THE VISION FUND Strategy and professor of finance. Serving as Staff Co-Chairs The generosity of Rotman alumni has always been the were Jennifer Hildebrandt, manager of events and foundation of the Vision Fund’s success, and the proud communications, and Lynda Paterson, recruiting coordinator tradition of alumni giving continued in 2006 – 2007. at the MBA Corporate Connections Centre. To mark Spring Reunion 2007, alumni from the honoured Rotman development staff would like to sincerely thank years were presented with a fundraising challenge that everyone who chose to get involved and reinvest in the asked them to contribute a total of $40,000 to the Vision School by contributing to the Vision Fund this past year. Fund. Before the challenge was presented, donations We greatly appreciate your loyalty and generous support. raised over the course of the fiscal year totaled just over $21,000. By challenge’s end, that total had climbed to an If you have any questions about how to make an annual impressive $51,500. The Rotman School would like to thank gift, please contact the Rotman Vision Fund office at everyone who participated in this successful fundraising 416.946.3975 or at initiative, with a special thanks to Jay Nicholson (MBA ’02) [email protected]. who headed up the challenge, lending his name, time and support to the appeal. To make a secure gift online, simply visit www.rotman.utoronto.ca/supportrotman. FACULTY/STAFF CAMPAIGN One key growth area in the Vision Fund is the Faculty/ Staff Campaign, which provides those who work at the School with a unique opportunity to show their support for the School and its strategic goals. The past year saw three new fundraising records set by the campaign. A record total of $89,000 was raised; overall participation hit 51 per cent; and despite the faculty’s valiant effort, Rotman staff won the Participation Challenge for the fourth year in a row, achieving a remarkable level of 60 per cent participation. This year’s Faculty/Staff Campaign was made possible through the efforts of our five volunteer co-chairs. Serving as the Senior Management Chair was Richard Powers, assistant dean and executive director of MBA programs. Faculty Co-Chairs were Dilip Soman, Corus Chair in Communication Strategy and professor of marketing and Senior Fellow of the Desautels Centre for Integrative Thinking, and Alan White, Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment

12 FINANCIAL CAMPAIGN REPORT STATISTICS

OPERATING REVENUE CAMPAIGN PLEDGES AND PAYMENT

For Fiscal Year 2006 – 2007 As of April 30, 2007

$ % $ %

University Base Allocation 12,733,108 19.3 Endowed Non-Student Aid 40,666,617

Tuition and Other Fees 20,157,447 30.6 Endowed Student Aid 12,709,692

Government Funding 5,583,356 8.5 Total Payment and Pledges 53,376,309 47.48 Executive Education Programs 16,093,682 24.5

Rotman Vision Fund Expendable Non-Student Aid 53,389,915

(including Annual Fund) (1) 415,130 0.6 Expendable Student Aid 625,013

Expendable Donations (1) 3,293,353 5.0 Total Payment and Pledges 54,014,928 48.05 Endowment Income 2,714,972 4.1

External Recoveries 2,562,472 3.9 Capital 5,014,425 4.46

Miscellaneous Income 2,262,410 3.4 Gifts-in-Kind 13,465 0.01

Total 65,815,930 100.0 Total Campaign: Payment and Pledges 112,419,127 100.00

Based on the Rotman Development Report

OPERATING GROSS EXPENDITURE BREAKDOWN OF FUNDRAISING ENDOWMENT

For Fiscal Year 2006 – 2007 As of April 30, 2007

$ % $ %

Salaries and Benefits 38,605,697 62.4 Chairs 25,434,495 47.65

Equipment and Furnishings 928,588 1.5 Professorships 509,027 0.95

Supplies and Services 754,421 1.2 Rotman Endowed Trust 9,422,020 17.65

Space and Building Services 904,023 1.5 Student Aid 12,709,692 23.81

Program Delivery 3,909,455 6.3 Other Programs* 5,301,075 9.93

Marketing and Communication 2,642,631 4.3 Total Payment and Pledges 53,376,309 100.00 Research (2) 2,643,700 4.3

Student Financial Aid (2) 4,922,448 8.0 *Breakdown of Other Programs

Other Costs 3,871,617 6.3 Centre for Finance 1,075

University of Toronto Overhead 2,705,166 4.4 Marcel Desautels CCMF Journal of

Integrative Thinking 1,000,000 Total 61,887,745 100.0 Marcel Desautels Centre for

Integrative Thinking 1,000,000

Dean’s Excellence in Teaching and

(1) Rotman Vision Fund and expendable donations: unrestricted. Research Award 100,000 (2) Research and student financial aid: operating expense only. AIC Institute for Corporate Citizenship 3,000,000

Petro-Canada Young Innovators Award 200,000

Year End Results 3,928,184 Total Other Programs 5,301,075

Based on the Rotman Development Report

13 ROTMAN BOARDS

DEAN’S ADVISORY ROTMAN ADVANCEMENT Ramamritham Ramkumar (MBA ‘74) Desmond Preudhomme (MBA ’99) BOARD BOARD Chairman, Manager, Project Management, Process Research Ortech Inc. Dell Canada Members of the Dean’s Advisory Board The Rotman Advancement Board possess diverse backgrounds and stellar helps to meet the School’s fundraising Nigel Stokes (MBA ‘87) Andrea Rudnick (MBA ’96) experience. The board provides advice and objectives and elevate its status and President and CEO, Vice-President, an external perspective to Dean Roger profile, and encourages recruitment DataMirror Corporation Dundee Securities Corporation Martin as he guides the Rotman School. of Rotman students and mentorship Daniel Sullivan (MBA ‘71) Rizwan Suleiman (MBA ‘02) of our future leaders. Hilary Austen Consul General, Institutional Equity Research, Larry Baldachin (MBA ‘94) Consulate General of Canada Credit Suisse First Boston Canada W. Geoffrey Beattie Vice-President, Professional Services, President, Nevil Thomas Darlene Varaleau (MBA ‘95) Dell Canada Inc. The Woodbridge Company Limited Chairman, Principal, Kelly Battle (MBA ‘97) Bedford Capital Corporation Power Projects Inc. David R. Beatty Vice-President, Dr. Shermaine Tilley (MBA ‘00) Robert White (MBA ‘85) Fares Boulos (MBA ‘79) Burgundy Asset Management Inc. Principal President, Adjunct Professor of Strategy Janet Beed CTI Life Sciences Fund BRI International Inc. and Management, INSEAD President and CEO, Larry Wasser Anita Windisman (MBA ‘03) Chrystia Freeland Markham Stouffville Hospital President, Account Manager, US Managing Editor, Harvey Botting (MBA ‘85) LW Capital Corporation Corporate Health Services, Financial Times Medisys Health Group Michael Bregman Ronald Yamada Lalita D. Gupte CEO, Cheryl Young (MBA ’94) Chair, Tailwind Capital Inc. ROTMAN ALUMNI BOARD General Manager, ICICI Ventures Euro RSCG 4D John Cassaday (MBA ‘81) The Rotman Alumni Board works to Daisy Ho (MBA ‘90) CEO and President, improve communications between the Deputy Managing Director and CFO, Corus Entertainment Inc. Rotman School and its alumni; engages Members of the following four advisory Shun Tak Holdings Ltd. alumni in mentoring, training and boards cultivate resources, advise on Anne-Mette de Place Filippini Gerry Mabin recruitment of Rotman students; and MBA program curriculum, provide Vice-President, International Equities Founder, serves to strengthen ties between the insight as guest lecturers, and bridge and Portfolio Manager, The Mabin School Rotman School and the business the academic and corporate worlds AIC Group of Funds community. to assist in the study of Canadian David Samuel Dr. Marcel Desautels Business History, Value Investing, Principal, Michal Berman (MBA ’03) President and CEO, Entrepreneurship and Marketing at the Birch Hill Equity Partners President, Canadian Credit Management Rotman School. B-Innovative Inc A. Michael Spence Foundation Jill Black (MBA ‘80) CANADIAN BUSINESS George Stalk, Jr. Dr. James Fleck President, HISTORY ADVISORY BOARD Senior Vice-President and Director, President, J. E. Black & Company Ltd. Boston Consulting Group Fleck Management Services Richard Currie James D. Coutts (MBA ’99) Chairman, Douglas E. Steiner Dr. Douglas Grant President and Founder, BCE Inc. Managing Partner, Donald Guloien J D Coutts Group Inc Venturion Group Incorporated Anthony Fell Executive Vice-President and Cameron L. Fellman (MBA ’65) Chairman, Belinda Stronach Chief Investment Officer, Partner, RBC Capital Markets Member of Parliament for Manulife Financial inFORM Inc Newmarket-Aurora, Dr. James Fleck Douglas Knight Federal Government of Canada Jane S. Gertner (MBA ’76) President, President, Partner, Fleck Management Services Timothy D. Dattels St. Joseph Media Wendy Melvin & Associates Partner, The Honourable Henry N. R. Jackman Dr. J. Spencer Lanthier TPG Capital, LP Gerald Legrove (MBA ’85) Chancellor Emeritus, Ian Locke (MBA ‘91) University of Toronto Lenore Macadam (MBA ‘99) General Partner, Director of Finance, Lynton Wilson These lists have been checked for Jefferson Partners Mongrel Media Inc. Chairman and Director, accuracy, but errors may have Maxwell Nelson (MBA ‘75) CAE Incorporated Jay Nicholson (MBA ’02) occurred. If you have not been Vice-President and Financial Advisor, Associate VP, National Sales Manager, Berkshire Group appropriately recognized, please TD Canada Trust let us know and we will correct Philip Orsino the oversight. 146 ROTMAN VOLUNTEERS

VALUE INVESTING MARKETING IN RESIDENCE Vitor M. Fonseca (EMBA ’87) ADVISORY BOARD ADVISORY BOARD Paul Forma (MBA ’06) The In-Residence program provides Bill Fox (MBA ’06) Jonathan Goodman (MBA ‘90) Darrell Bricker valuable extracurricular learning Susan E. Frank (MBA ’75) President and CEO, President and opportunities by connecting industry Brent Furneaux (GEMBA ’04) Dundee Resources Ltd. Chief Operating Officer, experts with Rotman MBA students. Jane S. Gertner (MBA ’76) Ipsos Reid Canada Volunteers hold office hours and meet Edward J. Kernaghan Melody Tien Grewal (MMPA ’98) with students to provide advice, guidance President, Ann Curran Tanbir Grover (MBA ’05) and information relating to their Kernaghan Securities Director of Corporate Relations, Ken Hagerman (EMBA ’01) respective areas of business expertise. AIC Limited Gary Halpenny (MBA ’66) Gerrard P. Rocchi (MBA ‘81) Larry Wasser Michael A. Hale (MBA ’82) Ron Davis (MBA ‘05) Richard Rooney Entrepreneur-in-Residence Frank Hall (MBA ’80) President President, Aran D. Hamilton (MBA ’99) BridgeMark – Branding & Design Edward J. Kernaghan Burgundy Asset Management Ltd. John C. Harris (MBA ’89) Value Investor-in-Residence Enzo De Luca (MBA ‘71) George W. P. Hayhurst (MBA ’68) John H. Watson (MBA ‘67) President and CEO, Ron Yamada Renald Hennig (GEMBA ’01) Founding Partner, Siena Foods Limited and Health and Life Sciences Sector Strategy Michele Henry (EMBA ’05) Sprucegrove Investment Management Ltd. Colio Estate Wines Executive-in-Residence Jennifer Margaret Hill (EMBA ‘97) Christopher Hind (MBA ’94) ENTREPRENEURSHIP Lindsay Duffield (MBA ‘85) Larry Baldachin (MBA ’94) Andreas F. Hofmann (EMBA ’93) ADVISORY BOARD President and CEO, E-Executive-in-Residence Elaine Katherine Ilavsky (MMPA ’01) BMW Canada Inc. Pierre-Luc Bisaillon (MBA ’01) Joe Martin Mari Iromoto (MBA ’98) President, Len Gill Executive-in-Residence Andrew Jenkins (EMBA ’03) Ignite Consulting President, Charles W. Johnston (MBA ’70) Brendan Calder Twenty6two International Robert F. Johnston (MBA ’75) Perry N. Dellelce Effective Executive-in-Residence Linda Jussaume (EMBA ’06) Managing Partner, Derek Guile Susanne Justen (GEMBA ’03) Wildeboer Dellelce LLP Vice-President, Sales, Marketing, CLASS CHAMPIONS Pamela Kanter (MBA ’91) Rothmans Inc. Dr. Marcel Desautels Class Champions are class representatives Bob Kapur (MBA ’05) President and CEO, Delaine Hampton who help maintain strong bonds among Blair R. Kingsland (MBA ’92) Canadian Credit Management Director of Customer Marketing members of specific MBA classes and Manfred Koo (GEMBA ’02) Foundation Knowledge, with the Rotman School of Management. Lorn I. Kutner (MBA ’79) Procter & Gamble Company Maya Lange (MBA ’04) Rebecca MacDonald Fariba Anderson (EMBA ’04) Blake Langill (MBA’96) Chair and CEO, Frank Hennessey (MBA ‘05) Glenn Asano (MBA ’94) Steven Lane (MBA ’04) Energy Savings Income Fund Vice-President of Purchasing, Daisy Azer (MBA ’96) Bruce Gordon Lawson (EMBA ’00) CARA Operations Pamela Beigel (MBA ’03) Gilbert Palter Gerald Legrove (MBA ’85) Michal Berman (GEMBA ’03) Chief Investment Officer and Judith John Daniel C-J Lin (MBA ’93) Vanessa Blumer (MBA ’96) Managing Partner, Vice-President of Communications David H. Littlejohn (MBA ’91) Len Brooks (MBA ’67) Edgestone Capital Partners and Marketing, Rob Ljubisic (EMBA ’06) Bill J. Brown (EMBA ’89) Mount Sinai Hospital Maria Lundin (EMBA ’03) Wilfred Posluns Hank Bulmash (MBA ’74) Lenore E. Macadam (MBA ’99) President, Fred Schaeffer Petra Cerhan (GEMBA ’02) Elizabeth Duffy-MacLean (EMBA ’06) The Posluns Family Foundation President and CEO, Danny S. K. Chau (MBA ’82) Burke Malin (MBA ’97) McCain Foods (Canada) Jennifer Chan (MBA ’03) Ramamritham Ramkumar (MBA ‘74) Ralf Martinelli (GEMBA ’04) Grace Cheung (MBA ’88) Chairman, Rajesh Subramaniam Jake McArthur (MBA ’72) James D. Coutts (GEMBA ’99) Process Research Ortech Inc. President, Judy McCreery (MBA ’77) Nancy Patricia Crump (MBA ’97) FedEx Canada Jennifer McGill-Canu (EMBA ’00) Ken Tanenbaum Fiona Cunningham (MBA ’05) Paul McKernan (EMBA ’04) Executive Vice-President, Sanjay Tugnait Rajesh Dixit (MBA ’03) Maria Milanetti (MBA ’89) The Kilmer Group Managing Partner, Steven Doede (EMBA ’99) William Molson (MBA ’81) Accenture Inc. Carmine Domanico (EMBA ’96) William Tatham Cecilia Mueller Chen (GEMBA ’06) Nancy Dudgeon (GEMBA ’00) CEO and Managing General Partner, Peter J. Murphy (EMBA ’89) Daniel Eng (MBA ’85) XJ Partners Inc. Paul Nagpal (MBA ’06) Margaret Evered (GEMBA ’01) Jay Nicholson (MBA ’02) Larry Wasser Cameron L. Fellman (MBA ’65) Shruti Owerie (MBA ’06) President, Jamie Ferguson (MMPA ’99) George L. Parker (MBA ’73) LW Capital Corporation Jennifer Figueira (EMBA ’03) Cheryl Paradowski (EMBA ’02)

15 Desmond Preudhomme (EMBA ’99) Boris Illetschko (MBA ’99) Anthony Aulicino (MBA ’00) Bob Lank David J. Pyper (MBA ’89) Omar Javed (MBA ’06) Larry R. Baldachin (MBA ’94) Robert Lauzon (MBA ’02) Mitchell Radowitz (MBA ’00) Robin Johnston (MBA ’99) Brendan Joseph Bergie (MBA ’06) Michael S. Levy (MBA ’69) John Ramdeen (EMBA ’95) Antti-Pekka Kaariainen (MBA ’00) Jill E. Black (MBA ’80) David Lint (MBA ’65) Joyce Rankin (EMBA ’05) Tae-il Kang (MBA ’04) Gavin Brauer (MBA ’05) Ron Lloyd Gary W. Ryan (EMBA ’01) Brenda Koulis (EMBA ’96) Andrij M. Brygidyr (EMBA ’86) Jeff P. K. Lowe (EMBA ’99) Lisa Sansom (MBA ’01) Raymond Lee (MBA ’05) Paul M. Cadario Richard Lu (MBA ’03) Janet Scarpelli (MBA ’96) Simon Lee (MBA ’06) Jane Cayley (MBA ’01) Y in Luo (MMPA ’00) Ushnish Sengupta (MBA ’06) John Lefas (MBA ’82) Garry Yiu Chu Chan (MBA ’03) Les Lyall Ashok Sharma (EMBA ’98) Rishi Marwah (MBA ’06) Isabel M. Chapman (MBA ’91) J ames P. Mahoney (MBA ’88) Walter Sophia (MBA ’01) Leena Mathew (MBA ’93) Robert S. Coatsworth (MBA ’78) J effrey Markusson (MBA ’04) Karen Sparks (EMBA ’05) Eliza McDougall (MBA ’01) David A. Codack (EMBA ’94) Brian E. Martin (MBA ’02) Ali Spinner (MMPA’02) Jennifer McGill-Canu (EMBA ’00) Gary Comerford Sean Martin (MBA ’02) Andrew Stewart (EMBA ’94) Munir Merali (EMBA ’96) Jason Cooper (EMBA ’05) Jane Matthews Nicholas C. Strube (MBA ’95) Ejaz Mian (MBA ’74) Tim Cork Krista Beth Mcleod (MBA ’01) Rizwan Suleiman (MBA ’02) Peter Murphy (EMBA ’89) Thomas Corr (EMBA ’03) Joshua Mendelsohn (MBA ’99) Roy Turunen (MBA ’86) Huu Trung Nguyen (EMBA ’87) Kimberly Cudney Munir M. Merali (EMBA ’96) Darlene A. Varaleau (MBA ’95) Guillermo Obregon (MBA ’02) Ronald A. Cuperfain (MBA ’88) Florence Narine (EMBA ’99) Jon Waisberg (EMBA ’96) Lars Christopher Olsen (MBA ’89) Christopher Dale (MBA ’00) Marcela Oreopoulos (MBA ’04) Chris Ward (MBA ’71) Jerzy Paczkowski (EMBA ’91) David M. Danylewich (MBA ’04) Chris Pandoff (EMBA ’05) Jeffrey Wayne (EMBA ’90) Dorrian Porter (MBA ’97) Daniel Debow (MBA ’00) Ana Pereira (EMBA ’01) Suzanne Wilcox (MBA ’96) Nadia Sadiq (MBA ’02) Michael Don Demeter (MBA ’01) Lesley J. Poole (MBA ’86) Christine Wong (MBA ’96) Marcy Saxe-Braith (EMBA ’00) Sanjay Dhar (MBA ’98) Murali Prasad (EMBA ’06) Cheryl Young (MBA ’94) Arwa Shahin (EMBA ’06) Debra Ann Dobson (MBA ’01) Tony Redpath Daniel Zinman (MBA ’01) Tazmin Shariff (MBA ’92) Katherine D. Eccles Tim W. Regan (MBA ’93) O-Taeg Shim (EMBA ’99) Linda Anna Ezergailis (MBA ’00) John A. Rogers REGIONAL ENVOYS Paola Silli (MBA ’06) Michelle Mandy Fiebig (MBA ’99) Eugene O. Roman (MBA ’81) Thiago Silva (MBA ’03) Marc Finkelstein (EMBA ’04) Robert G. Rutledge (MBA ’91) Regional Envoys help build and Caroline Sohn (MBA ’02) Richard Fogler Paul Antony Salvini (EMBA ’04) support regional connections among Mark Synnott (EMBA ’90) Lynda Friendly David Schnarr alumni, current students, potential Kim Tan (MBA ’75) Alex Gallacher Jane Shapiro students, regional business leaders Siok Be Rachel Tan (MBA ’99) Jane S. Gertner (MBA ’76) Richard Sikes (EMBA ’05) and other influencers. Tracy Tang (MBA ’03) James Peter Goheen (MBA ’98) Richard Jean Smith (MBA ’01) Daniel Almenara (MBA ’92) Julia Thanasoura (MBA ’90) Peter Jinghua Gu (MBA ’05) Peter A. Sprukulis (MBA ’85) Neil Aubuchon (MBA ’98) Antonio Torquato (GEMBA ’03) Richard J. Harvey (MBA ’88) Andrea Jennifer Stairs (MBA ’00) Ralph Awrey (MBA ’94) Stephen Tsang (MBA ’98) Derek C. Hayes Giovanni Strazzullo (MBA ’05) Dieter Bast (EMBA ’89) Philip Uglow (MBA ’03) John M. Hemingway (MBA ’89) Rizwan A. Suleiman (MBA ’02) Kathryn Beaton (MBA ’93) Christopher Underwood (MBA ’95) Scott C. Henshaw (MBA ’99) Chia Chia Sun (MBA ’00) Saju Bhaskaran (MBA ’06) Lillian Veri (EMBA ’92) William E. Hewitt (MBA ’67) Rei Tanaka (MBA ’73) Thomas Brehmer (MBA ’87) Harri Vikstedt (MBA ’88) Jennifer Margaret Hill (EMBA ’97) Alice Thomas (MBA ’94) Jing Cao (MBA ’03) Rosa Villanueva (MBA ’91) Hart C. Hillman (EMBA ’94) Mark Venning Matthew Chan (MBA ’02) Jeffrey Wayne (EMBA ’90) Bhavna Hinduja (MBA ’05) Judy Wells Peter Cheng (MBA ’05) Peter Willborn (EMBA ’98) Michael Hollend (MBA ’99) Ken Wildgoose Kevin Chu (MBA ’97) Robert Yeap (MBA ’78) Yvette M. Holt (MBA ’84) Elizabeth Wright (MBA ’78) Ronald Dahms (EMBA ’99) Galit Yemini (MBA ’01) Michael Horgan George Yong Yang (MBA ’03) Bill Dertilis (MBA ’99) Catherine Zhu (EMBA ’01) Brian Howe (MBA ’93) Catherine Jean Smiley Yarrow (MBA ’01) Marlene Dikany-Lehner (EMBA ’96) Frank Huggins John Flohr-Svendsen (GEMBA ’02) ROTMAN MENTORS Mark Hyland (EMBA ’00) Amos Fregoli (MBA ’96) Muhammad Asfandyar Janjua (MBA ’00) In addition to our many other The Corporate Connections Centre David Gainer (MBA ’92) Andrew James Jenkins (EMBA ’03) volunteers, there are over 2,000 Mentorship program provides Cristian Gheorghe (MBA ’04) Hiyam Theresa Jibry (MBA ’00) alumni who have indicated their full-time MBA students entering their Lisanne Glew (MBA ’85) Daniel S. Johnson (EMBA ’88) willingness to serve as a contact second year of studies with a learning Masami Goto (MBA ’89) David Alan Kaiser (MBA ’00) for career advice to current and experience beyond the classroom by Holland Grant (MBA ’06) Paul J. Kapsos (MBA ’99) prospective students. If you wish to connecting them with senior business Peter Guo (MBA ’95) Andrew S. Kim (MBA ’98) be added to this list as a source of leaders committed to supporting the Al Hamdani (MBA ’97) Barbara Kofman career help, please contact us at Rotman School. Stephen Holden (MBA ’87) Neil Labatte [email protected] William Hui (MBA ’06) Belinda Elaine Labatte (MBA ’01) — thank you! Jennifer Ilkiw (MBA ’03)

16 ROTMAN AT A GLANCE

ROTMAN ALUMNI BY INDUSTRY SECTOR WHERE WE STAND

As of June 2007 BusinessWeek ranks Rotman in the “International Top Ten”

(October 2006) Financial Services 25.8 %

Professional Services 16.5 % The Financial Times ranks Rotman:

IT/Telecommunications 11.8 % 27th among the top 100 MBA programs in the world

Manufacturing/Engineering/Chemical 7.4 % Top 16 in North America

Consumer Goods/Retail 5.9 % Top 7 worldwide for finance

Education 5.7 % 23rd worldwide for research output (January 2007)

Health Care/Pharma 5.6 % Consistently the most quoted business school Independent Consultant 5.2 % in the Canadian media, with more than 50 per cent Government/Public Services 3.6 % share of voice (Cormex media report) Power/Energy/Utilities 3.4 %

Real Estate/Construction 2.8 % CORPORATE CONNECTIONS Media/Publishing/Entertainment 2.1 % Companies that have recently recruited at Rotman include: Transportation/Distribution 1.2 %

Agriculture/Natural Resources 1.0 % Bain & Company

Associations/Not for Profit 1.0 % BMO Financial Group

Hospitality/Food Service/Travel 0.8 % CIBC Deloitte Consulting

AN INTERNATIONAL STUDENT BODY: FedEx

AREA OF ORIGIN FOR TWO-YEAR MBA Hospital for Sick Children

CLASS OF 2008 IBM

Europe 8 Johnson & Johnson

Latin America and the Caribbean 12 Kraft Canada

North America 196 Manulife Financial

Asia 44 Procter & Gamble

Africa and Middle East 6 RBC Financial Group

Scotiabank

A DIVERSE FACULTY Sony Canada

Percentage of international faculty* Wal-Mart

Rotman 64 %

Columbia 60 %

Stanford 38 %

Harvard 37 %

Wharton 36 %

* Financial Times 2007 MBA Rankings

Produced by Joseph L. Rotman School of Management Design Douglas Counter Unlimited Principal Photography John Hryniuk Printing Printed in Canada by Transcontinental Yorkville - O’Keefe Paper Acid free, elemental chlorine free, containing 50% recycled content including 25% post-consumer waste 17

To play a part in fulfilling the Rotman School’s vision, please contact one of the following members of our team to discuss current giving opportunities.

Ann Hatch Executive Director, Development [email protected] Tel: 416.946.7841

Heather Ullman Associate Director, Annual Fund [email protected] Tel: 416.946.3975

Michelle Zathureczky Manager, Volunteers [email protected] Tel: 416.946.3665

Joseph L. Rotman School of Management University of Toronto 105 St. George Street Toronto, Ontario, Canada M5S 3E6

FOR MORE INFORMATION OR TO MAKE A GIFT ON-LINE, VISIT

www.rotman.utoronto.ca/ supportrotman

Charitable Registration Number 10816 2330 RR0001