Investors' Report 2017–2018 Transforming Impact

Thank you for helping us create lasting impact.

Rotman is increasingly recognized as a catalyst for positive change. Our School is a hub for learning and research where remarkably diverse initiatives share a common purpose: to create value for business and society. Thank you for helping us make change happen.

A shared commitment All of these valuable experiences open doors to The business and societal challenges that define opportunity — with tangible outcomes. In our MBA our time are complex, interconnected and program, for instance, 85% of students leveraged urgent. Every day I’m inspired by a community their degrees to secure relevant employment within of students, faculty and partners who are tackling three months of graduation. those challenges with boldness and ingenuity. Your support makes it possible When alumni and friends visit our campus, they’re Rotman couldn’t achieve such impact without the inevitably struck by its invigorating energy — which steadfast support of our generous donors. This is only magnified by our location, at the heart of report highlights the depth of engagement among a great university in one of the most diverse cities our donors and provides a window on some of on earth. From our newest students to our most the many success stories their investments have long-standing supporters, Rotman attracts people made possible. From our network of active alumni who want to make a difference. They share a supporters, to innovative corporate partnerships, to conviction that by combining business insights a landmark new gift from the Rotman family, these with dynamic leadership, we can create positive pages tell a story of rewarding investments and change — in companies and industries, as well as meaningful results that we can all take pride in. in communities and individual lives. I want to express my heartfelt gratitude to our Proof that it’s working growing community of generous investors. We’re The vital mix of rigour and creativity that animates our energized by your commitment to creating value programs attracts growing numbers of extraordinary together, and we’re inspired by your vision. students. We’ve seen full-time MBA applications, for example, increase by 90% since 2013. In addition to building core skills through demanding programs, Our thanks, our students gain access to a remarkable network of scholars, entrepreneurs and business leaders. They study with faculty members whose work has placed Rotman among the world’s top research institutions for five years running. And in our renowned centres, institutes and labs, they interact with researchers and partners who are tackling real-world business Tiff Macklem problems from fresh new angles. Dean, Rotman School of Management

WWW.ROTMAN.UTORONTO.CA 3 Learning that ignites potential.

Global diversity 52% 90% 85% of incoming full-time MBA students in increase in full-time of our MBA graduates in 2017–2018 2017 were born outside Canada. They MBA applications were employed within three months come from 51 countries and collectively over the last five years of completing the program speak 28 languages

4 TRANSFORMING IMPACT WWW.ROTMAN.UTORONTO.CA 5 Insights that reshape the future.

Top 10 in research $ 10 2 25M Rotman faculty have placed our School faculty received coveted Canada Research investment in the Creative Destruction among the top 10 research institutions Chairs, which recognize some of the world's Lab from the Federal Government in the world for five years running, most accomplished and promising minds according to the Financial Times rankings

6 TRANSFORMING IMPACT Heather Reisman, founder, Chair and CEO of Indigo and co-founder of Kobo, in conversation with Linda Hasenfratz, CEO of Linamar Corporation.

WWW.ROTMAN.UTORONTO.CA 7 Dialogue that sparks bold action.

Thought leadership 574 95 4,500 leaders, entrepreneurs, developers and public talks hosted annually by Rotman alumni attended lectures, networking events investors from four continents attended cover a diverse range of topics shaping and professional development opportunities our 2018 Machine Learning and the Market society and the business environment held throughout the year for Intelligence Conference

8 TRANSFORMING IMPACT WWW.ROTMAN.UTORONTO.CA 9

This isis whatwhat we mean by tranformingtransforming impact.

Faculty contributing to the global conversation 209 4 51 journal articles published books book chapters

10 TRANSFORMING IMPACT

3,681 41% business leaders participated in Executive of full-time MBA students are women, as are Programs in 2017–2018 and the Financial 59% of students in specialized programs. Times rated Rotman #1 among open enrolment These figures have climbed steadily since we made executive programs in Canada improved gender balance a priority in 2015

3,500 24 health sector leaders have built their business schools in 17 countries partnered with and leadership capabilities through the Rotman on international student exchange Sandra Rotman Centre for Health Sector Strategy programs in 2017 since the original program launched in 2004

1,500 650 people attended discussions facilitated by alumni volunteered their time on advisory the Institute for Gender and the Economy (GATE), boards, as mentors and as speakers and GATE researchers shared their insights in 67 media stories and interviews

182 296 523 editorial appointments invited lectures and presentations media interviews and mentions

WWW.ROTMAN.UTORONTO.CA 11 How do we ensure our efforts will have impact? We apply a simple test.

The challenges we tackle must be relevant. The work we do must be transformative. The results we achieve must have lasting value.

12 TRANSFORMING IMPACT WWW.ROTMAN.UTORONTO.CA 13 The challenges we tackle must be relevant.

Helping tech startups scale up in the Creative Destruction Lab. Illuminating equity issues at the Institute for Gender and the Economy. Analyzing how people make choices at BEAR: Behavioural Economics in Action at Rotman. Leveraging the power of design thinking at Rotman DesignWorks. Exploring applications of everything from machine learning to blockchain at Rotman FinHub: the Financial Innovation Hub in Advanced Analytics. These are just some of the initiatives spearheaded by faculty and students in response to a fast-changing business environment and its broader social context.

14 TRANSFORMING IMPACT IMPACT IN ACTION Healthy outlook The Rotman family has extended its legacy of generous support, committing $6 million to create The Sandra Rotman Centre for Health Sector Strategy. The gift will allow the Centre to expand its work, advancing research and leadership development to benefit health systems, institutions — and ultimately patients.

Healthcare is the world’s largest industry, they’re more effective in running MBA in Health and Life Sciences, a driving $7 trillion in economic activity their organizations, in engaging with program that attracted Dr. Kathryn annually. Its leaders make critical governments and in developing strategy. Tinckam to Rotman in 2018. An associate judgments about everything from the The difference is striking.” professor at the University of Toronto, creation and management of advanced the Director of Quality Improvement Through a series of generous gifts, the facilities to the optimal allocation of and Innovation in the University Health Rotman family has played a vital role resources — all with the goal of saving Network’s Transplant Program, and in the School’s emergence as a centre and enhancing human lives. the Director of the HLA Laboratory, of learning and research focused on the Dr. Tinckam reflects that strong health Despite these high stakes, both human unique challenges and imperatives of sector management requires a unique and economic, leaders in business the health sector. Fuelled by this support, mix of capabilities — and that physicians education have devoted relatively the School has made major scholarly in leadership roles benefit from cultivating little attention to management and and policy contributions, and worked management skills to complement operational capacity in the health sector, with more than 3,500 healthcare leaders their clinical insights: “I think healthcare especially outside the United States. from Canada and around the world. administration is a discipline that requires Since 2004, when it was launched with In the past year, the Rotman family training as much as any discipline in a foundational gift from The Rotman extended its commitment with surgery or medicine.” Family Foundation, the Rotman School of a $6 million investment to create Management’s program in health sector For Janis Rotman, President of the The Sandra Rotman Centre for Health strategy has been changing that. Rotman Family Foundation, stories like Sector Strategy. “This gift more than Dr. Tinckam’s perfectly capture the doubles our research and teaching A powerful vision Foundation’s philanthropic mission: capacity and therefore our opportunity “My husband believed excellent “Health and education have always for impact,” says Brian Golden, business education could benefit been at the heart of our work. Through Vice-Dean, MBA Programs and the leaders in every field — and he was the Centre, we are able to support an inaugural holder of the Sandra Rotman passionate about applying this principle innovative program that’s working at the Chair in Health Sector Strategy. to healthcare,” says Sandra Rotman. “In intersection of those two priorities to my own work, I’ve seen that when health Visionary support from the Rotman family transform the delivery of care.” leaders build management capabilities, has also been essential to the development of a new Global Executive

Brian Golden (left), Sandra Rotman Chair in Health Sector Strategy at The University of Toronto and The University Health Network; and Co-Academic Director, Global Executive MBA for Healthcare and the Life Sciences Program A presentation for the Global Executive MBA for Healthcare and the Life Sciences Program (right).

WWW.ROTMAN.UTORONTO.CA 15 The work we do must be transformative.

Expanding knowledge and fuelling innovation. Rethinking old models and inventing new ones. Accelerating personal and career growth. Advancing business practices to promote diversity and inclusion. The common theme that unites all dimensions of Rotman is a drive to create change for the better. We bring together the right minds, resources and support systems to discover unexpected connections and ignite breakthrough solutions. By encouraging the interplay of ideas and points of view, we inspire gifted people to identify — and create — those critical inflection points where meaningful change begins.

Rotman engages a vibrant network of thousands of alumni around the world, including hundreds of volunteers who return to the School to share timely insights from their fields.

16 TRANSFORMING IMPACT IMPACT IN ACTION Strong returns The Dean’s Society is a community of donors who make leadership contributions to the Rotman Annual Fund — supporting student success, driving timely research and fuelling the innovative centres and labs that set our School apart. While each Dean’s Society member has unique reasons for giving, all are united by a desire to make a difference.

Every year, more than 300 alumni and She’s excited to see Rotman constantly relationship she sustains with Rotman friends make a gift of $1,000 or more to pursuing new forms of impact. “I really through the Dean’s Society: the Rotman Annual Fund. Their generosity believe that Rotman is shaping the future “As an entrepreneur, I’m interested in the places them among an exclusive group of Canada,” Anderson says. “I’m proud conversations Rotman is convening in of donors: the Dean’s Society. to support that, and have been doing the business community — and I’m glad so every year since I graduated in 2004. to support that kind of thought leadership. Dean Tiff Macklem draws a direct line Plus, Rotman is on my resume for life. Rotman’s investment in providing between this group of committed donors Why wouldn’t I want to see its impact and ongoing education has meant that my and the scale of Rotman’s impact, noting reputation grow?” learning has continued well beyond that the Annual Fund provides resources graduation; the range of speakers and that the School can deploy quickly to In addition to the satisfaction of helping conferences continues to impress.” seize opportunities and test promising the School create positive change, ideas. “The initiatives that set us apart Dean’s Society members have unique Engagement breeds engagement today — like the Creative Destruction opportunities to engage with the Rotman For several years after he graduated, Lab and Rotman DesignWorks — exist community — exploring leading-edge David Crawford (MBA ’91), a Partner at because we’ve had the resources to be research and connecting with dynamic Hugessen Consulting, wasn’t closely creative and nimble,” Dean Macklem networks of students, scholars and connected to the School. Then he began explains. “Tuition funds the high-quality business leaders. Hondy Hung (MBA ’11), teaching at Rotman in the Institute of degree programs we deliver, but the Director of Partnership and Strategy Corporate Directors program. Looking Dean’s Society empowers us to go Development at CIBC, joined the back on what inspired him to join the further. Support for the Rotman Annual Dean’s Society both to thank Rotman Dean’s Society, Crawford recalls: “It was Fund has enabled us to develop the for its impact on his career trajectory as simple as being in the building — unique projects that have put us on the as an alumnus — and to connect with seeing the students, the quality of the map globally as a centre for research, future opportunities. “This network faculty, the events. There was so much entrepreneurship and leadership leads in so many directions: lifelong good work happening; I wanted to development.” learning, partnerships, sponsorships,” help maintain that momentum.” Today, he explains. “It has a lot of value for Crawford sometimes invites fellow Shaping the future me, both personally and professionally. alumni to events at Rotman. “If they come Fariba Anderson, (MBA ’04), Executive And as I give back I help to advance once, I don’t have to persuade them Partner at the research and advisory firm the Rotman brand.” to come back. They’re impressed, and Gartner, has supported Rotman at the Catherine Graham (MBA ’01), President they start paying attention on their own. Dean’s Society level for nearly a decade. of RightSleeve, a promotional products Engagement breeds engagement.” agency, also sees shared value in the

WWW.ROTMAN.UTORONTO.CA 17 The results we achieve must have lasting value.

In addition to equipping tomorrow’s leaders with fundamental knowledge and skills, we encourage our students to explore alternatives, test conventions — even shake things up a little as they search for smarter solutions. In the same spirit, we challenge our faculty and research partners to set aside assumptions, rethink models and redefine expectations. At Rotman, current and future leaders change their ways of thinking and their ability to make a difference — whether working to reshape a company, a profession, an industry or an entire economy.

Panel at the Machine Learning Conference (left). Professor Dilip Soman (centre) Director, Behavioural Economics In Action at Rotman (BEAR). Brian Porter (right) President and CEO, Scotiabank, announces the Scotiabank Disruptive Technologies Venture

18 TRANSFORMING IMPACT IMPACT IN ACTION Banking on partnership From innovative collaborations with students to major financial support for our centres, institutes and labs, Scotiabank is strategically investing its philanthropic dollars in the next generation of young leaders. Our multi-faceted relationship fuels innovation and learning while connecting the bank with emerging talent.

An industry partner of long standing, Growing presence Inspiring exchanges Scotiabank has generously donated During the past year, the bank In addition to offering vital financial $3,625,000 in support of Rotman students established the Scotiabank Latin support, Scotiabank fuels Rotman’s drive and initiatives. These contributions have American Scholarships, offering a for impact by participating generously helped to fuel Rotman DesignWorks, the combined $75,000 in financial support in a range of projects, forums and Creative Destruction Lab and the Institute to three outstanding students annually. leadership activities. At our annual for Gender and the Economy, as well as This investment makes a profound Machine Learning and the Market numerous research funds and scholarships. difference for scholarship recipients. for Intelligence conference, which It also provides valuable support as the attracts some of the world’s leading The bank consciously spreads its support School responds to an upward trend technologists, Scotiabank is both a major across many different dimensions of our in enrolments from Latin America: sponsor and a participant, as its in-house school. “For us academic partnerships are the number of students from the region teams bring new ideas and applications about more than money — they’re about has more than doubled since 2016. to discuss with attendees. The bank learning and exchange,” explains Michael plays a similar dual role in funding and Zerbs (MBA, ’89), Group Head and Chief The positive impact of the scholarships contributing to MBA projects at Rotman Technology Officer at Scotiabank. “Being should also flow back to Scotiabank over DesignWorks, a business design studio connected with Rotman in different ways time. The bank already has a substantial that takes a human-centred approach to gives our teams opportunities to engage presence in Latin America; continuing to innovation challenges. with top thinkers in specialized areas. It build talent and capacity in the region’s also gives Rotman students with diverse banking sector is in line with Scotiabank’s Scotiabank’s collaborations across interests access to our leaders and insight international growth strategy. Rotman underline that the relationship into real-world business challenges.” is indeed about far more than money. “Partnerships have changed the way we look at the world around us,” Michael Zerbs says. The feeling is mutual.

WWW.ROTMAN.UTORONTO.CA 19 Rotman is a hub for talent, ideas and creative energy. We focus on three main areas.

Teaching and learning Research insights Public engagement

20 TRANSFORMING IMPACT WWW.ROTMAN.UTORONTO.CA 21 Teaching and learning

Rotman is, first and foremost, a school. We help a diverse array of students gain the knowledge, skills, confidence and intellectual agility they’ll need to thrive — and lead — in a world of accelerating change.

22 TRANSFORMING IMPACT IMPACT IN ACTION Quest for excellence The TorQuest Scholars Award was created in 2018 by a group of partners at TorQuest, a leading Canadian private equity firm; most are Rotman alumni who want to give back to the School that helped lay the foundations of their success.

“Because many of us earned degrees Varun Chandak, MBA ’18 Thomas Schneider, JD/MBA ’19 from the University of Toronto,” In addition to his outstanding academic “I hope one day to have the opportunity says Michael Hollend (JD/MBA ’99), achievements, Varun Chandak launched to pay forward the support that you “we know first-hand the value that the Access to Success Organization, a provided me,” Thomas Schneider said Rotman provides to the community coalition of graduate business schools in thanking the donors of the TorQuest at large, and to individual students.” focused on access and inclusion for MBA Scholars Award. The financial component Joining Hollend in initiating the new students with disabilities. In its first year, of the scholarship allowed Schneider award are fellow TorQuest partners the initiative raised more than $45,000 to focus more intently on his studies — Daniel Sonshine (JD/MBA ’01) and Matt and convened a two-day national where his efforts earned him first prize Chapman (MBA ’00), as well as Senior conference. Born in India, where he in the McKinsey Case Competition, Managing Partner Brent Belzberg, an completed undergraduate commerce the top individual submission in the alumnus of U of T’s Faculty of Law (LLB ’75). studies and earned his chartered Rotman Problem Solving Challenge, and accountant designation, Chandak values a place on the Dean’s List. At the same The TorQuest Scholars Award both the financial and mentorship time, he found the award’s mentorship recognizes students who demonstrate aspects of the TorQuest scholarship: component “invaluable” as he sought academic excellence, strong volunteer “Having alumni who are leaders in their summer employment between his years commitments, and the intention industry take an active interest in my of academic study. to pursue a career in private equity. professional development strengthened This year’s recipients are: my sense of belonging at Rotman.”

WWW.ROTMAN.UTORONTO.CA 23 Research insights

Our respected faculty members push the boundaries of inquiry, exploring stubborn challenges and promising opportunities, and grounding cross-disciplinary insights in foundational management expertise.

Left to right: Susan Christoffersen, William A. Downe BMO Chair in Finance Ajay Agrawal, Geoff Taber Chair in Entrepreneurship and Innovation Avi Goldfarb, Rotman Chair in Artificial Intelligence and Healthcare

24 TRANSFORMING IMPACT IMPACT IN ACTION The edge of our chairs New research chairs endowed during the past year will fuel scholarship that advances understanding in areas ranging from finance and healthcare delivery to entrepreneurship. The chairs are named for an accomplished financial executive, a respected legal expert and an eminent philanthropic leader — all with long-standing ties to Rotman.

Three outstanding Rotman scholars, in several areas of vital interest to the colleague Chad Bayne, was inspired each with an extraordinary record of banking sector, notably risk management by the potential insights to be uncovered research productivity and collaboration, and data analytics. Dr. Christoffersen “at the nexus of law, technology and were honoured in 2017–2018 with has done visionary work to align Rotman’s entrepreneurship.” appointments to these newly endowed program offerings with market needs chairs. “The funders of these prestigious at a time of rapid change in technology Predicting better healthcare chairs are not only supporting exceptional and business models. The Rotman Chair in Artificial Intelligence faculty members,” says Ken Corts, and Healthcare was established in 2018 Vice-Dean, Faculty & Research. “They’re Start-up scholar as part of a transformational $6 million helping to fuel entire ecosystems The Geoff Taber Chair in Entrepreneurship gift from the Rotman family (see page 13) that include graduate students, labs, and Innovation was established in that provides funding for three new partnerships and public engagement.” remembrance of a founding member of faculty chairs, among many other the Creative Destruction Lab (CDL) who initiatives. The first scholar to hold the Ahead of the program died in 2016. Geoff Taber’s friends, family new chair is Prof. Avi Goldfarb, a The William A. Downe BMO Chair in and colleagues contributed generously Professor of Marketing at Rotman and Finance was created through a major to the endowment, and their gift was Chief Data Scientist at the Creative gift from BMO Financial Group to matched by the Rotman family. The Destruction Lab, where he offers expert honour Downe’s 34-year career with first chairholder is Prof. Ajay Agrawal, guidance to students and entrepreneurs the bank, which included a decade as the founder of the Creative Destruction alike in harnessing the vast possibilities Chief Executive Officer (2007–2017). Lab and a Professor of Strategic of AI. A co-author — with Professors Ajay The Rotman Family generously matched Management who has been a key figure Agrawal and Joshua Gans — of Prediction BMO’s gift. The first chairholder, in Toronto’s emergence as a hub for Machines: The Simple Economics of Prof. Susan Christoffersen, has published the commercialization of AI and quantum Artificial Intelligence, Dr. Goldfarb will widely cited research on mutual funds computing technologies. The work explore the potential applications of and the role of financial institutions in of Dr. Agrawal, who is known for his prediction machines for healthcare and capital markets. She has also helped scholarly agility, is an appropriate legacy the management of health systems. to expand Rotman’s program offerings for Geoff Taber — who, according to close

WWW.ROTMAN.UTORONTO.CA 25 Public engagement

We share the fruits of our teaching and investigation in conversations with a wider circle of stakeholders, and in fruitful collaborations with business, government and the not-for-profit sector.

IMPACT IN ACTION Intelligent conversation Through speaker series, conferences and other events, Rotman helps build a larger community of interest around issues that matter.

What machines can mean In touch Select Rotman Events In October 2018, the School convened Each year Rotman hosts a range of May 2017 to Apr 2018 the fourth annual conference on events across Canada and around the London, UK Alumni Option B: Facing Machine Learning and the Market for world. This year we convened in Toronto, & Friends Reception, Adversity, Building Intelligence. Hosted by Rotman professor Calgary and Vancouver as well as in May 2017 Resilience, and Life Long Learning: Finding Joy, Jan. 2018 Dr. Ajay Agrawal and his colleague London, Hong Kong and numerous Nudging Innovation São Paulo, Brazil Shivon Zilis, a dynamic thinker on other centres. Our events are designed in Your Organization, Alumni & Friends machine intelligence and a fellow with to connect, inform and engage the June 2018 Panel, Jan. 2018 the Creative Destruction Lab, the event more than 4,500 alumni who attend. Tiff at Rotman, Dubai, Global Sept. 2017 Executive MBA has quickly become an essential forum Expert talks and panel discussions Being an Ally and Speaker Series, for leading-edge discussions about among authors and entrepreneurs Lending Privilege, Feb. 2018 the social and economic implications of draw graduates into timely, relevant Sept. 2017 Big Ideas Speaker AI. Among the speakers at this year’s conversations. Professional development Reunite at Rotman, Series, Feb. 2018 gathering were Mark Carney, Governor workshops offer opportunities to hone Oct. 2017 The Four Tendencies: The Indispensable of the Bank of England; Marzyeh specific skills. And Reunite at Rotman, Better Now: Six Big Ideas to Improve Personality Profiles Ghasemmi, an academic innovator a three-day event convened over That Reveal How to Health Care for All Make Your Life Better, working at the intersection of computer homecoming weekend in October, draws Canadians, Oct. 2017 Feb. 2018 science and medicine; Michael Evans, more than 1,000 alumni for a program of Results at the Top: That's What She Said: President of Alibaba; and Linda Hasenfratz, learning, networking and celebration. Using Gender What Men Need to Intelligence to Know and Women CEO of Linamar Corporation, a Create Breakthrough Need to Tell Them manufacturer of advanced engineering Growth, Oct. 2017 About Working products. This annual event attracts more Hong Kong & Macao Together, March 2018 Evening with the than 500 of the field’s top authors, Family Fun Day, Consul General of April 2018 academics, entrepreneurs and investors. Canada, Nov. 2017 Collaborating with the Finance Forum, Enemy: How to Work April 2018 with People You Don’t Agree with or Like or Trust, Dec. 2017

26 TRANSFORMING IMPACT Mark Carney, Governor of the Bank of England, addressed the fourth annual Machine Learning and the Market for Intelligence conference, focusing on the importance of education as economies adapt to the rise of AI.

WWW.ROTMAN.UTORONTO.CA 27 When we make an investment, the numbers add up. As you’d expect.

Rotman is committed to transparency, sound governance and prudent risk management — the values we share with our faculty and staff, the University of Toronto, our donor community and all of our stakeholders.

Transforming Impact WWW.ROTMAN.UTORONTO.CA 29 Rotman Financials

2016/17 2017/18

Revenue: University Fund Allocation $ 7,761,810 $ 7,007,650 Public Programs Tuition & Other Ancillary Fees 85,921,475 89,754,055 Private Programs Tuition & Other Ancillary Fees (1) 10,948,564 12,216,006 Government Funding 13,875,155 13,693,911 Other University Revenue 2,475,768 3,073,201 Executive Development Programs 15,193,046 16,026,966 Rotman Vision Fund 266,707 320,670 Expendable Donations 3,017,543 6,037,704 Endowment Income 3,235,667 3,179,481 External Recoveries 9,859,599 11,465,257 Miscellaneous Income 7,496,357 6,093,772

Total revenues $ 160,051,691 $168,868,673

Expenses: Academic Staff Salaries & Benefits $ 49,057,831 $ 51,376,381 Administrative Staff/Librarian / Research Associates Salaries & Benefits 29,525,766 31,309,793 Equipment and Furnishings 1,540,824 1,346,335 Supplies & Services 723,111 627,548 Space & Building Services 3,817,984 3,302,081 Program Delivery 11,298,388 13,192,250 Marketing & Communications 4,389,529 4,402,986 Other Research 3,207,491 4,041,042 Student Financial Aid 8,276,780 8,743,203 Other Costs 5,454,936 4,691,291 UT Overhead 21,866,737 23,286,424 University Fund Contribution 10,287,454 10,917,480 Debt Service Charges 1,171,227 1,147,134

Total expenses $ 150,618,058 $ 158,383,948

Operating surplus $ 9,433,633 $ 10,484,725

Note: (1) EMBA, GEMBA and GEMBA-HLS

30 TRANSFORMING IMPACT Your vital investment

Number Pledges of Donors

$ 35,000,000 1000 $ 30,000,000

$ 25,000,000 800

$ 20,000,000 600

$ 15,000,000 400 $ 10,000,000

200 $ 5,000,000

$ 0 0 F13–14 F14–15 F15–16* F16–17 F17–18

*includes significant realized planned gift

Gifts by Donor Source

Alumni 44% Gifts by Designation

Research Centres, Institutes & Labs $ 10,996,795 Chairs & Professorships $ 4,849,562 Friends Student Support $ 1,282,209 11% Dean's Strategic Fund $ 383,629

Total Raised $ 17,512,195 Corporations 45%

WWW.ROTMAN.UTORONTO.CA 31 We gratefully acknowledge our generous donors.

Transforming Impact $25,000,000+ $500,000–$999,999 $100,000–$249,999 Lifetime Marcel Desautels Canadian Pacific Avenir Consolidated Corporation Giving Sandra and Joseph Rotman The Max B. E. Clarkson Family BDC Capital (MCom ’60) Deloitte W. Geoffrey Beattie Recognizing Rotman's William Downe (MBA ’78) Harvey Botting (MBA ’85) most generous donors, $10,000,000–$24,999,999 Anthony and Shari Fell BP Canada Energy Company who have made cumulative Michael Lee-Chin and Family John Francis The Bregman Family Anonymous (2) Global Risk Institute in Financial Michael Bregman contributions to the Services Yetta Bregman School of $25,000 or $1,000,000–$9,999,999 Edward J. Kernaghan Brookfield Asset Management Inc. more. This list reflects BMO Financial Group Sonia and Arthur Labatt Campbell Soup Company Ltd. lifetime giving to Rotman Mark S. Bonham (BCom ’82) Mastercard Worldwide Charles Chung (MBA ’78) as of April 30, 2018. Anson Chan (MBA ’92) MDS Inc. John C. Clark CIBC Microsoft Canada Co-Steel Inc. CIT Financial Ltd. National Bank of Canada Frederick C. Dawkins (BCom ’67) CN National Bank Financial E.I. du Pont Canada Company Comcast Corporation Power Corporation of Canada The Financial Research Foundation Sydney Cooper and Family Royal Trust Corporation of Canada of Canada Corus Entertainment Inc. William (MBA ’62) and Phyllis Waters Norman Fraser (BCom ’65, MBA ’68) Chartered Professional Accountants Anonymous Michael and Bonnie Goldberg of Ontario (CPA Ontario) Google Inc. Richard J. Currie $250,000–$499,999 Mary B. (MBA ’85) and EY John E. Abele Graham Hallward Margaret and Jim Fleck Accenture Inc. Leonore V. Hetherington Douglas and Ruth Grant Aimia Inc. Chunping Huang Donald A. Guloien (BCom ’80) ATCO Group The John Dobson Foundation and Irene Boychuk Naresh Bangia Ann Kaplan (MBA ’05) Daisy Chiu-Fung Ho (MBA ’90) Bealight Foundation Joseph Kerzner The Joe Weider Foundation Dennis Bennie Michael and Sonja Koerner KPMG LLP Brendan Calder Raymond P. Kruck (BCom ’89) Lee and Margaret Lau John (MBA ’81) and Mary Cassaday The Larry & Judy Tanenbaum Manulife Confederation Life Insurance Co. Family Foundation Maple Financial Group Inc. Peter P. Copses (BCom ’80) Liberty Global, Inc. Martin Ossip Family at the Jewish and Judith V. Mueller (BCom ’80) Magna International Inc. Foundation of Greater Toronto Daniel Debow (MBA ’00) Robert D. (BCom ’66) and Peter (BCom ’64) and Judy Mitchelson and Jordana Huber Joan McKeracher Ontario Ministry of Economic Donner Canadian Foundation McKinsey & Company Development and Trade Bob Ewen (MBA ’77) Moody’s Corporation RBC Foundation Haig Farris Murray and Susan Armitage Scotiabank FirstService Corporation Foundation T. David Scrymgeour (BCom ’79) Jim and Mary Fisher Julia Kung Chi Or Jeffrey S. Skoll T. C. Fong Rose M. Patten TD Bank Group General Motors of Canada Limited Jim Pattison TMX Group Globalive Communications Corp. Carol S. Perry (MBA ’78) John (BCom ’66, MBA ’67) Great-West Life, London Life The Peter and Melanie Munk and Josie Watson and Canada Life Charitable Foundation The Wilson Foundation Honda Innovations Rosemary Phelan Anonymous (4) HSBC Bank Canada Richard Coleman Powers Hyatt Family Foundation Qualcomm Incorporated IBM Canada Ltd. John Risley The Honourable Henry N. R. Jackman The Estate of Joyce L. Robertson David and Karen Jackson Melinda M. Rogers (MBA ’97) The Jay and Barbara Hennick The Rossy Family Foundation Family Foundation Seagate Technology Inc. The Kavelman-Fonn Foundation Seyton Limited The Lawrason Foundation Roger J. Short (MBA ’79) Leacross Foundation Skoll Foundation Roger Martin Sun Life Financial Nesbitt Family Thomson Reuters Nicol Family Foundation, James Nicol The Estate of William O. Twaits Osler, Hoskin & Harcourt LLP (BCom ’33) Parnoja Family Parvez Tyab Petro-Canada Anonymous (9) PwC Procter & Gamble Inc. RioCan Real Estate Investment Trust The Rockefeller Foundation Nigel W. Stokes (MBA ’87) The Vanguard Group, Inc. Neil Wainwright Mark D. Wiseman (MBA ’96) and Marcia T. Moffat (MBA ’96) Women in Capital Markets Xerox Canada Ltd. Anonymous

WWW.ROTMAN.UTORONTO.CA 33 $50,000–$99,999 OMERS $25,000–$49,999 Tom McCurdy Charles and Darlene Allen Ontario Teachers’ Pension Plan Aecon Group Inc. Anita M. McGahan Daniel Almenara (MBA ’92) Optimum Talent Inc. AGF Management Limited John (BCom ’82) and Sandra Jamie (BCom ’76) and Patsy Anderson Paul (MBA ’51) and Patricia Phoenix Farhan Ali Khan (BCom ’04, MBA ‘08) McManus James Archer Shee Sandra and Jim Pitblado Anur Investments Ltd. Medtronic of Canada Ltd. BCE Inc. David Powell Barclays Capital Canada Inc. Frank Moore (MBA ’61) Birch Hill Equity Partners Andrew and Valerie Pringle Paul and Sally Bates Esther Mui (MBA ’74) Derek Brown Anita and Chandran Ratnaswami Kelly Battle (MBA ’97) Sanjib and Bharati (Bee-Bee) Gordon and Jean Campbell (DBA ’77, MBA ’79) Joel A. Baum (MBA ’85, PhD ‘89) Mukherjee Canadian Securities Institute Gail Regan (MBA ’78) David and Debby Beatty New Routes to the Future Ecological Research Foundation Paul Richards (MBA ’62) Jill Black (MBA ’80) Foundation Canadian Tire Corporation Limited Gerry Rocchi (MBA ’81) Blake, Cassels & Graydon LLP Noranda Inc. and Falconbridge Ltd. Capital IQ John (BCom ’68) and Lynda Rogers Laurence and Shiva Booth Michael and Janet Norris Glenn H. Carter Rotman International Centre Fares Boulos (MBA ’79) P.A. Novelly James W. Davie (BCom ’65) for Pension Management In Memory of Troy Bey Braithwaite Ontario Power Generation Michael B. C. Davies Peter and Judy Russel Bridgeable Mauro Pambianchi (MBA ’81) Debbie and Donald Morrison Shelagh and David Wilson Fund CAE Inc. Donald (MBA ’62) and Family Foundation at Toronto Foundation Canadian Coalition for Good Gwynneth Parkinson George and Katherine Dembroski Daniel Shimmerman (MBA ’96) Governance Jake Phillips Doane Raymond Pannell Daniel F. Sullivan CBC Radio-Canada Richard and Karen Pilosof Bryce W. and Nicki Douglas TorQuest Partners Gordon F. Cheesbrough Plextron Endla & John Gilmour Foundation David L. Torrey David and Valerie Christie Process Research Ortech Inc. Fednav Limited TransCanada Corporation CIBC World Markets Resource Capital Funds Wade Robert Felesky (MBA ’01) Victor Tung (MBA ’12) Adrian J. Coote Revera Inc. Fidelity Investments Canada Ltd. Lorne Weil (BCom ’68) Costco Wholesale Canada Ltd. Elena Riabenko Ford Motor Company of Canada, Wellington Financial LP David Crawford (MBA ’91) Paul (MBA ’06) and Sue Riedlinger Limited Alan White (PhD ’87) and and Julia Holland Jennifer Riel (MBA ’06) and Georgian Partners Jo-Ann McDermott The CSL Group Inc. Stephen Leckey F. Douglas Gibson Glen Whyte (DBA ’80, MBA ’81) Cullen Family Dugald and Liz Ritchie Barbara R. Griffiths Roland (MBA ’99) and Marni Robert J. Dart (BCom ’59) Gordon M. Ritchie Richard F. Haskayne Wieshofer (MBA ’91) Timothy D. Dattels Rogers Communications Inc. Renee Haugerud William P. Wilder Joseph R. D’Cruz Rotary Club of Mississauga David and Lenore Hawkey John W. L. Winder (BCom ’54) Diestel Family Royal Insurance Company of Canada Healthcare of Ontario Pension Plan Chuck and Libby Winograd Victor (BCom ’88) and Maureen Dodig A. Edward Safarian (HOOPP) Tom and Ruth Woods (MBA ’84) Dave Donnan (MBA ’82) David Samuel Walid Hejazi Anonymous (2) Michael Dunn (MCom ’49) Andrew G. Scace Hewlett-Packard (Canada) Co. Empire Company Ltd. Wes Scott (BCom ’68) David Ho-A-Yun Martin and Nancy Evans, Colleagues Mary Verna Simmonds Home Capital Group Inc. and Friends David Skurka (MBA ’97) John and Michelle Hull Richard and Rana Florida Paul Joseph Sorbara (MBA ’05) Invesco Canada Flow Traders US LLC Southwestern Bell Corporation Kenneth Lefolii Enterprises Limited The Gerald Schwartz Suzanne J. Spragge and Tim Benson Spencer Lanthier and Diana Bennett and Heather Reisman Foundation The Sprott Foundation Joyce Lee Irving and Gail Gerstein George Stalk Marjorie and Don Lenz Michael Gibbens (MBA ’11) Jo-Anne Stansfield Albert (MBA ’88) and Teresa Li and Julie Lassonde Steelcase Canada Limited D. Bruce Macdonald David Gilmour Margaret (MBA ’76) and Managerial Design Corporation Kevin A. Glass (MBA ’92) Andrew Stephens John H. and Netilia McArthur Martin and Susan Goldberg Don Tapscott and Ana P. Lopes Margaret and Wallace McCain Myron J. Gordon Richard and Leanne Tavoso McCarthy Tétrault LLP Graywood Developments Teck Resources Limited Doug McGregor Wendy G. Hannam (MBA ’83) TELUS Mobility Michael N. Melanson (MBA ’87) Russell J. Hiscock (MBA ’77) Thai-Canada Economic Co-Operation The Minto Foundation Inc. Honeywell Foundation Mississauga Board of Trade Husky Injection Molding Systems Ltd. Ellen J. Timbrell Mihnea Moldoveanu and Violeta Luca Hydro One Toron AMI International Asset Molson Inc. IGM Financial Management Moore Wallace Inc. Intact Financial Corporation Natalie (MBA ’89) and William W. Moriarty Jarislowsky Foundation Geoff Townsend (MBA ’87) Petro Mykulak P. Thomas Jenkins Thomas Tutsch Stephanie Mykulak Donald K. Johnson VC & Co. Incorporated Gordon and Janet Nixon Moti G. Jungreis (MBA ’96) Viewpoint Foundation Julie Khanna Village Orthodontics, Essam Khashoggi Dr. Frederick Murrell John Knebel and Marge Watters Mark Wellings Knebel The William Birchall Foundation Merle Kriss (MBA ’77) J. Peter Williams (BCom ’65) George (BCom ’82) and Leanne Lewis The Honourable Loblaw Inc. Michael H. Wilson (BCom ’59) The Family of Ms. Catherine M. Logie Thomas A. Wilson Jevon MacDonald Jia Lin Xie and Peter Zhu Kerrie MacPherson (BCom ’86, MBA ‘91) Janet and Bill Young Alvaro Mallarino In Black and White Zellers Inc. Real Estate (MBA ’04) Anonymous (6) Maple Leaf Foods Inc. Joe Martin MathWorks Eugene C. McBurney

34 TRANSFORMING IMPACT Platinum $10,000+ Silver $2,500–$4,999 Michael Daniels (MBA ’05) Dean’s Society Laurence* and Shiva Booth William I. Bongaerts Anita Yolande Davis (MBA ’00) Leelah E. Dawson (MBA ‘91) Recognizing the School's In Memory of Troy Bey Braithwaite Harvey Botting (EMBA ’85) Charles Chung (MBA ‘78) Derek Brown Alexandra De Freitas (MBA ‘08) most generous annual David Crawford (MBA ’91) and Ruth C. F. Chung (DBA ‘71, MBA ‘73) Enzo De Luca (DBA ‘70, MBA ‘71) donors, whose investment Julia Holland Michael Don Demeter (MBA ‘01) Sim Desai (MBA ‘05) and in the vision and leadership Norman Fraser (BCom ‘65, MBA ‘68) Endla & John Gilmour Foundation Sarah Huggins of Rotman has enabled The Gerald Schwartz and Heather Jim* and Mary Fisher Linfu Jeff Dong (MBA ‘01) the School to achieve Reisman Foundation Richard* and Rana Florida Eshrat Sayani and Peter Dungan* prominence in Canada Martin and Susan Goldberg George W. P. Hayhurst Cheryl A. Farrow (EMBA ’02) David C. Ferguson (EMBA ’88) and the world. Ann Kaplan (MBA ’05) (DBA ‘67, MBA ‘68) Raymond P. Kruck (BCom ‘89) Jack R. Hicks (MCom ’60) Warren W. H. Finlay (EMBA ‘92) Christopher T. Folan (MBA ’95) Dean’s Society members Kerrie MacPherson (BCom ‘86, MBA ‘91) Brian Howe (EMBA ‘93) Anita M. McGahan* John* and Michelle Hull Kevin K. Fong (MBA ‘94) have donated $1,000 or Barry (BCom ‘85, MBA ‘87) and Linda MacKay (MBA ‘06) Ronald P. Fournier (MBA ‘62) more between May 1, 2017 Rose McInerney Esther Mui (MBA ‘74) Rachel Gillespie (MBA ’07) and and April 30, 2018. Frank and Patricia Mills Paul Shugart (MBA ‘81) and Patti Perras Sean Martin (MBA ’02) Nesbitt Family (MBA ‘85) Shugart (MBA ’88) Michael and Bonnie Goldberg Richard Coleman Powers* Carol S. Perry (MBA ‘78) Brian Golden* Anita and Chandran Gary Ryan (EMBA ‘01) Avi Goldfarb* Ratnaswami (DBA ‘77, MBA ‘79) Michael E. Schneider (EMBA ‘07) Sudhanshu Govil (MBA ‘04) Gail Regan (MBA ‘78) David R. Smith (MBA ‘06) Eleanor Gow (MBA ‘77) John (BCom ‘68) and Lynda Rogers Dilip Soman* Catherine (Ward) Graham (MBA ‘01) Joanna Rotenberg (MBA ’01) Thomas A. Wilson* Molline Green (MBA ‘98) and Andrew Armstrong Anonymous (2) Michael A. Hale (MBA ‘82) Victor Tung (EMBA ’12) Mary B. (MBA ’85) and Anonymous (3) Bronze $1,000–$2,499 Graham Hallward Ajay Agrawal* Cindy (MBA ‘94) and Mike Hansen Gold $5,000–$9,999 Sidney E. Amster (MBA ‘82) Wei He (PhD ’01) Daniel Almenara (MBA ‘92) Fariba Anderson (EMBA ‘04) Frederick Heath (MBA ‘76, PhD ‘86) James W. Davie (BCom ‘65) Jamie (BCom ‘76) and Tim Hendrickson (BCom ‘93, MBA ‘98) Diestel Family (MBA ‘02) Patsy Anderson William E. Hewitt (MBA ‘67) Dave Donnan (MBA ‘82) Ann Armstrong (MBA ‘82, PhD ‘93)* Anne Hilton* Roma and Roman Dubczak (BCom ‘85) Nouman Ashraf Stanley Y. Ho (BCom ’94) Bob Ewen (MBA ’77) (BCom ‘02, EMBA ‘06)* Ronald G. Hosking Ambrose Fan (EMBA ‘92) Kelly Battle (MBA ’97) Peter Hundal (MBA ‘93) Michael Gibbens (MBA ’11) and Shawn L. Beber (MBA ‘96) James (MBA ‘86) and Julie Lassonde Grace Y. Bi (MBA ‘06) Elizabeth Iglesias Kevin A. Glass (EMBA ‘92) J. Richard Bird (MBA ‘71, PhD ‘75) Heather-Anne Edwards Irwin* Wendy G. Hannam (MBA ‘83) Ronald B.M. Blainey David Jacobsen (MBA ’98) Richard F. Haskayne Richard Blickstead (MBA ’76) Christian L. Jeppesen (MBA ‘93) Russell J. Hiscock (MBA ’77) Michael P. Bradshaw (MBA ’93) N. Lynn Jolliffe (MBA ‘79) Albert (MBA ‘88) and Teresa Li Thomas M. Canning (MBA ’79) Raymond Kan* Alvaro A. Mallarino In Black and Donald A. Carmichael (MBA ‘74) Ahmad Khraishi (EMBA ‘12) White Real Estate (MBA ’04) Leanne Carson* David Klug (BCOM ‘70) Michael N. Melanson (MBA ‘87) Francois Cartier (MBA ’07) John Knebel (MBA ‘73) and Mihnea Moldoveanu* and Lea Casas Callahan (MBA ‘13) Marge Watters Knebel Violeta Luca Tiziana Casciaro* Merle Kriss (MBA ‘77) Eamonn Percy (MBA ‘91) Eric Chan (MBA ‘77) Asher Lai (MBA ‘05) David Powell Matthew Robert Chapman (MBA ‘00) Jay W. Lee (MFin ‘11) Paul Richards (MBA ’62) Flora Chen (MBA ‘01) and Joseph P. Leon (BCom ‘83, MBA ‘86) David Samuel Sheldon Hing San Szeto (MBA ‘02) Michael S. Levy (MBA ‘69) David Skurka (MBA ‘97) Frank Chen (PhD ’96) Ocean Yuanyang Liang (MBA ’07) Paul Joseph Sorbara (EMBA ’05) David K. Cheung (MBA ’02) Andrew G. Lim (MBA ’04) Andrew Stephens Dennis (MBA ‘95) and Janice Choa Alex Limion (MBA ‘01) John W. Visser (MBA ’86) Rex Chong and Noreen Chan George Jialiang Liu (MFin ’10) Jeffrey Wendling (MBA ‘86) (MBA ’95) Joseph (MBA ‘86) and Lina Loparco Glen Whyte (DBA ‘80, MBA ‘81)* Paul Choy (MBA ‘02) Tom and Ruth Woods (MBA ‘84) Marlys Christianson* Anonymous (2) Peter Christoffersen* Susan Christoffersen* Dennis K. Chu (MBA ’01) Cornbill Associates (MBA ‘63) Kenneth Corts* and Anna-Marie Castrodale

WWW.ROTMAN.UTORONTO.CA 35 Shouyi Ma (MBA ‘07) First Decade $1,000–$24,999 Anne Macdonald (MBA ‘01)* Alumni can join the Dean’s Society Corporate Bank of Canada Shirley and Neil A. Macdougall in their first decade after graduation Donors Bell Canada (MCom ’60) with an annual contribution of $100 BMO Financial Group Tiff* and Rosemary Macklem multiplied by the number of years Recognizing our Bridgeable Alvin W. Mak since they graduated. generous corporate Caldwell Securities Ltd. Roger Martin* partners, who made CAPREIT Elena Mascarenhas (BCom ’81) Ghazaleh Almeida (EMBA’17) Cisco Systems Canada Co. Marwan Mazraani (MBA ‘07) Claudiu Crivat (MFin ’13) annual contributions EY Tom McCurdy* Giulio Fazzolari (EMBA ’17) of $1,000 to $24,999 Flow Traders US LLC Ken McGuffin* Hondy Hung (MBA ’11) between May 1, 2017 Graywood Developments Maria Milanetti (MBA ’89) Sladjana Jovanovic (EMBA ’17) and April 30, 2018. IBM Canada Ltd. Tyler G. Moniz (MBA ‘77) Anton Lina (MBA ’14) Institutional Equity Traders Angela Moy (MBA ‘96) Faye McDermid (EMBA ’17) Association Jay Nicholson (MBA ‘02) Vikas More (EMBA ’17) KPMG LLP John D. Ogden (MBA ‘62) Dema Najjar (EMBA ’15) Mackenzie Investments James Edmund Osler (MBA ’93) Edward On (MBA ’14) Manpower Inc Joanne Oxley* James Stuart (MBA ’16) MathWorks Donald (MBA ‘62) and Gwynneth Felix Y. Tsui (BCom ’17) McDonald’s Restaurants Parkinson Sunil Viswanathan (MBA ’14) of Canada Ltd. David Patterson (MBA ’79) Cindy Wagman (MBA ’13) and Meloche Monnex Inc. Tejen Ray (MBA ‘05) Chris Shantz OptionMetrics LLC Marlon Reid (MFin ‘10) Edward Yang (MBA ’13) PwC Leslie Joy Richmond (MBA ‘03) Raymond James Canada Foundation R. Douglas B. Robertson (MBA ‘85) RBC Foundation Joe Rooney (MFin ‘10) Schonfeld Strategic Advisors LLC Jim Sami (EMBA ‘92) St. Michael’s Hospital Foundation Deanne Saunders* Sun Life Financial Kim Shannon (MBA ‘93) TD Bank Group Wei Shen TD Securities Lawrence Shum (MBA ‘86) Uforse Education Group Inc. Christopher Patrick Stamper Urbana Corporation (MBA ‘94) Village Orthodontics, Dr. Frederick Maureen Stapleton (MBA ‘80)* Murrell Gregory Stewart (MBA ‘13) WorldQuant Michael A. Tambosso Wellington Financial LP Liz and Matt Tedford (MBA ‘95) Anonymous (3) Geoffrey* and Kenya Thompson-Leonardelli Myha Truong-Regan (MBA ’10) Thomas Tutsch Annette Verschuren Cathy Vitkauskas* Edmond Vanhaverbeke (EMBA ‘89) Norris W. Walker (MCom ‘58) Tiffany Jing (MBA ’12) and Joshua Wong (MBA ’11) M. H. Franco Wong* Wilson Wai Shing Wong (EMBA ’13) Cornell Wright (MBA ’00) and Sarah McEvoy Albert Wu (BCom ‘77, MBA ‘84) Eric Chuqiang Xiao (MBA ‘91) Jia Lin Xie* and Peter Zhu Samuel Yen Wuyang Zhao (PhD ’17) Weimin Wendy Zhou (MBA ‘04) Anonymous (7)

36 TRANSFORMING IMPACT $1–$999 Si Yuan Chen Leigh Gauthier* Other Meghan Abbott* and Ross Strowger Victor Chen (EMBA '99) Craig M. Geoffrey* (MBA '07) Annual Fund (MBA ’15) David J. Chin (DBA '78) Rina D. Gerson (MBA '13) Diana Addeo (BCOM '96) Edward C. Chin (MBA '98) Gary W. Getson (MBA '67) Contributions Victoria Afanasyeva (MBA '14) Andrew Tat Tin Ching* Olivia Gissing Angela M. Albini (BCOM '81) Jimmy Wei Hsing Chiu* Ioannis Gitas Recognizing alumni Gordon J. Allan (MBA '85) Wendy I. Chong Edgell (MBA '02) Hezl & Barbara Glaizel and friends who made a Lucio F. Ammerata (BCOM '82) Cynthia Chong* Michael A. Glenday (MBA '91) donation in support of the Salvatore Amodeo (BCOM '90) Frank G. J. Chown (BCOM '64) John Glicksman (MBA ’77) School between May 1, 2017 Frank Liqun An (MBA '08) Jim Christie (MBA '89) Robert S. Goldberg (MBA '82) Andre Augusto Cire* Marni Goldman and April 30, 2018. Christon Anastasopoulos (BCOM '91, MBA '09) Class of 5T7 Commerce Lorrie and Krystyna Goldstein David E. Andrews (EMBA '99) Reta Coburn (EMBA '07) Kevin R. Goldthorp Hugh J. Arnold* Scott D. Colbourne (MBA ’91) (BCOM '90, MBA '99) Stevie Asselstine* Alyson Colon* R. Paul Goodyear (BCOM '86) Neil Aubuchon (MBA '98) Christine Concannon* Gaurav Gore (MBA '10) Gina Awdish (MBA '06) Meg Connell* (MBA '91) Thomas E. Gray (MBA '75) Zoya Babar* Lisa Conroy Jared Eliot Green (MBA '06) Matthew Barasch (MBA '01) Michelle (MBA ’01) and Roslyn Greene Susan M. Barclay (MBA '91) Francis Coulombe Issie Gross Linda Basile* James D. Coutts (MBA '99) Lawrence N. Gross (MBA '57) Travis Bateman Sam Cukierman Sumit Grover (MBA '09) Rudolph S. Beharrysingh (MBA ’87) R. Bradley Cumming (MBA '91) Charles R. Hall (MBA '98) Arzhang Beheshti (MBA ’04) K. Allan Cuzen (BCOM '57) Robert D. Hamilton (MBA '71) David G. Bell (MBA '88) Mark Dashevsky (DBA '81, MBA '83) Delaine Hampton* Jeffrey P. Berk (BCOM '87, MBA '89) Trevor DaSilva (MBA '88) Kenneth L. Harlock (BCOM '65) Jaclyn Berlin Andrew J. Davies (MBA '05) Larry Harrison* Michal Berman (MBA '03) Rosa M. Del Campo Sandra Heitner Oded Berman* Shaun Desai (MBA '06) Bill Hellings (MBA '70) Lance Stanley Bialas (MBA '10) Lucio T. Di Clemente (MBA ’90) Christina Henderson* William J. Biggar (BCOM '74, MBA '75) Jennifer Lynne Dietrich Walter J. Hendry (MBA '63) Lisa Bigioni* Nicholas (MBA '75) and Susan Dietrich Karen Henrikso (MBA '12) James W. Billington (MBA '87) Laeticia Diniz* Barry B. Hercus (MBA '62) David A. Bishop (DBA '69) Michael Dixon (BCOM '83) Ellen Hersh Douglas K. Blair (BCOM '65, MBA '67) A. (MBA ’76) and J. Dobranowski Jennifer Hildebrandt* Ira Blatt (DBA '76) Rachel Doll (MBA '04) Christopher T. Hill (MBA '89) Irene Bloss Gordon Donnelly (MBA '90) Edna Hon (MBA '04) Richard Blundell* Sheldon Dookeran* Angela Hong (MBA '02) Maddalena Boccardi Andrew Stephen Douglas* Anthea J. Horne (BCOM '82) Albert T-C. Boey (BCOM '78) Florin Draga* William James Hosken (BCOM '04) Carrie Bogante Linda Drisdelle (MBA '04) Rong Hu (MBA '95) Azi Boloorchi (MBA '09) Alan Dunn (MBA '02) Ming Hu* Andrew C. Bome (MBA '02) Maggie Dymond* Chang S. Huang (MBA '05) Theodore S. Borek (MBA '75) Johannes Dyring Yai Chen Huang (MBA '10) Ron N. Borkovsky* Alexander Edwards* James Hughes (MBA ’77) Francesco Bova* Simon El-Abou* Eva Hughes* Sheila Boyce (MBA '96) Daniel Ellul* Andrew S. Hukowich (MBA '87) June Brant David H. Elsner (MBA '05) Thomas J. Hundak Jamie S. Britton Deborah Epstein Robyn Hunter* George C. Britton (MBA '67) Nima Evans (MBA '12) Scot D. Hutchinson (EMBA ’03) Leonard J. Brooks Teng Fan (MBA ’08) Donald Hyslop (MBA '85) (BCOM '66, MBA '67)* Diane Fantinato James Inglis (MBA '08) Heather Broughton (MBA '92) Ali Fathi Andrew James Jenkins (EMBA '03) Stephen Brown Roman H. Fedus (MBA '71) Dan Johnson (MBA '98) Courtney Brownell* Cameron Fellman David J. and Sandra A. Johnston Elysse Buchalter (BCOM '64, MBA '65) Don and Susan Johnston (MBA '69) Shelley Buchalter Annette G. Filler* (BCOM '87) David A. Johnstone (MBA '62) Allen D. Budd (DBA '72, MBA '83) David N. Finkelstein Justyna Jonca* Pym Buitenhuis* Thomas Fisher Bill Jones (MBA '68) Ron Bull Diana Flaminzeanu (EMBA ’01) Duncan Jones* (MBA '89) Darryl Bush* Thomas Flanagan (BCOM '79) Linda Jussaume (EMBA ’06) Costel Cada (MFIN '12) David and Yvonne Fleck (MBA ’91) Gabriela Kampouris* Angela M. Cadena (MBA '92) Julie Foisy* Raymond Kan* E Cadloff Prupas Sean Forbes* Gregory Kanargelidis (BCOM '87) Robert John Carr (MBA '88) Julio Fournier (MBA '06) Bong Suk Kang (BCOM '11) Dennis H. Cartwright D. I. Fraser (MCOM ’57) Kenneth S. Karmona (MBA '74) Paul M. Casey (BCOM '85) Garth D. Frazer* Laddy Kaszowski Glenn A. Castellarin Jessica Freeman* Neil and Janet Katz* (BCOM '77, MBA '91) Penelope Fridman (MBA '91) John H. Kearns (MBA 76) Jessica Cayne Christopher Gordon Gage (MMPA ’05) Alison Kemper (MBA '04, PhD '12) Salvatore Cesario (BCOM '78) Laura A. Gainer (MBA '90) Farhan Ali Khan (BCOM ’04, MBA ’08) Garry Yiu Chu Chan (EMBA '03) John E. Gallant (MBA '76) Mulhim Khan Margaret P. Chan (MBA '83) Joshua Gans* Freeda Khan* Amy Charette (MBA '00) Pamela Garbutt Maya Khanna (MBA '10) Vijay Krishna Chaudhry (MBA '70) Ena Garmaise (PhD '92) Bill Kilfoyle (BCOM '64) Gautam Chaudhuri (MBA '84) Michael A. Garratt (MBA ’89) Richard P. Kirchner (MBA '82) Michael Chazot (MBA '99) Ted Gastis Benson J. Kirsh (DBA '74, MBA '75) Zhi Chen (PhD ’06) Patrick J. Gauch James Kisyk*

WWW.ROTMAN.UTORONTO.CA 37 Derrick Knie (MF '09) Peter R. McMullin (MBA ’67) Lisa Richter Davey (MBA '00) Tram Tran (MBA '08) George Kosmas (BCOM '93) Rachel Megitt (MBA ’10) Brian Riddell (BCOM '67) Daniel Trefler* Dmitry Krass* Bruce F. Melhuish (MBA '84) Jessie C. Roberson (MBA '88) Gerhard Trippen* Subodh Kumar (MBA '76) Erin Miller* Tammy Robinson-Simmons (MBA '14) Kaylie S. Tse* Aakrit Kumar (BCOM '08) Ian A. Mills (MBA ’87) Luis J. Rodriguez Victor Tsui (BCOM '80) Moji A. Kuye (MBA '96) Joseph Milner* Gonzalo Romero Robert Todd Vandervelde (MBA '00) Andrea Kwan* David B. Miner (MBA '79) John Rorstad (MBA '09) Robertson J. Velez (MBA '06) Karlos Kwok (BCOM '04) Navaz Mistry Yulia Rosenberg-Falus Anil Verma* Bonnie Gar-Kay Lam* Partha S. Mohanram* (BCOM '03, MBA '06) Paul F. Vyrostko (MBA '76) Stephannie A. Larocque (PhD '09) Jennifer Molluso (MBA ’05) Deanna Rosenswig Alyson Waite* Brian S. Lass (BCOM '79) Jacqueline Monahan* Wendy Rotenberg (MBA '83)* Alyson Walker (MBA ’05) Gary Latham* William C. Moore (DBA '72, MBA '74) David Rourke (MBA '97) Alex Xuyang Wang (MBA ’00) Martin Lau (MBA '07) Sridhar Moorthy* Bryan Antony Rowe (MBA '02) Yu Wang Kerry L. Lawson (MBA '91) Roderick C. Morrison Sally Rubin Sheel Webber Phong Le (MBA '90) (DBA '70, MBA '71) Edward P. Runge (MBA '63) Trent Webster (MBA '97) Robert J. Leblanc (MBA '92) Shahzad Muhammad (MBA '12) Raymond H. Rupert (MBA '85) Jason Wei* Mara Lederman* Gerry Murphy (MBA ’90) Matthew Russell (MBA '13) Walter Wells (MBA '62) Stanley F. M. Lee (BCOM '77) Megan Murphy* Rodney J. Russell (MBA '76) Michael D. Wennberg (BCOM '73) Joseph Leinwand (MBA '71) Bruce Murray (MBA '87) Robert G. Rutledge (MBA '91) Marilyn L. Wertman John P. Leon (MBA '84) Lina Murray* Thomas A. Ryall (BCOM '80) Scott White (EMBA ’14) Bruno Lepore (MBA '85) Al Nagaraj (MBA '01) Adele Sacks* and Jamie Spotswood Kippy Wiegand (MBA '93) Charles Lesaux (MBA ’05) Alison Nankivell Ali Salahuddin (MBA '96) Alan Wight (MBA '92) Karen Lev (MBA '00) Sarah Neilson (MBA ’94) Katie Salem (BCOM '92) Suzanne Wilcox (MBA '96) Sing Chung Matthias Li Drew Ness (MBA '98) Baljit Salh (MBA '99) Alison M. Wiley (MBA ’91) (BCOM '78, MBA '79) Robert Man-Chiu Ng (MBA '93) Joanne Sallay Alison L. Williams (MBA '88) Paul Yiming Li (MBA '05) Stephenny Ng (BCOM '16) Adina Saposnik (EMBA '09) Roy G. Williams (MCOM '55) Jie Li (MBA '15) Bongi Ngugama* Deanne Saunders* Jack Wiltzer Sophie Xiaoyu Liang (MBA '07) Thu Trang Nguyen (MBA '14) Mark Scarrow (BCOM '83) Kegan Winters (MBA '08) Scott Liao* Gregory Nielsen (MBA ’05) Leah and Allan Schneiderman Vincent Wong (MBA '08) Kristen Ligers* Larry J. Noble (MBA '71) Kurt M. Scholz (MBA ’90) Jason Woo (BCOM '07) Chris Liu & Family* Colin Oerton (BCOM '86) Lorna J. Schroder (MBA '86) Nicola Woods* Connie Kang Liu (MBA '08) John Oesch* Marlene and David Sefton Robert Woon-Fat* George T. Liu (MBA '05) Greta J. Ogden (BCOM '55) Jim Seidewand (MBA '74) Zhen Xiang (MBA '07) Rod Lohin* Catherine A. O'Neill Mark Seymour* Baohua Xin* Dirk Lohmann (MBA '07) James K. Oneschuk (MBA '88) Sasi Shanmugarajah (MBA '10) Vicky Yang (MBA '14) Edward S. Long (MBA '65) Abimbola Oresegun (MBA '11) Darren Vincent Shaughnessy Chai Him Yee (MBA '74) Jennifer Long (MBA '08) John T. Ostrander (MBA '99) (MBA '03) Joan Young (MBA '06) Donald L. Love (MCOM '58) Patrick Joseph Tulang Pagtakhan Geeta Sheker* Jessica Yu* Jelani Lowe* (MBA ’07) Kazuki Shikaze (MBA '71) Elliot Yung (BCOM '00) Rob Lowry (MBA ’88) Bohdan L. Pahuta (MBA '77) Norman (MBA '92) and Janet Shiner Sarideen Abu Zahra (BCOM ’13) Hai Lu* Arun K. Palit (MBA '99) (MBA '04) Michael K. Zerbs (MBA '89) Sasha Genine Lucas* Chris Pandoff (EMBA ’05) David C. Shnier (MBA '81) Jilei Alvin Zhang (MBA '10) Peter Ludwig (MBA '78) Maria Parente* Goldie Sigal Wei Zhang (MBA '14) Katherine S. Lui (BCOM '87) Andreas Park* Brian Scott Silverman* Zheng Zhang (BCOM '07, MFIN '12) Mary C. Lyne* Eric M. Pascal (BCOM '85) Manfred P. Simon (BCOM '68) Jingbo Zhang* Gerald Machtinger Lynda Paterson* Valeria A. Sladojevic-Sola* Minnie Zheng (BCOM '12) Peter B. MacKinnon (BCOM '65) Robert J. Patterson (MBA '87) Peter L. Slan (MBA '94) Jun Zhou (PhD '10) Jason MacNeill (MBA '08) Professor Peter Pauly* Gregory W. Smith (MBA '98) Jeffrey Zietlow (MBA '04) Kari-Anne Macpherson* Myrna R. Pearlmutter-Hudes David Allan Soberman (PhD '96)* Anonymous (8) James MacQueen (MBA '05) Israel Pelc Sandra Sparks* James P. Mahoney (MBA ’88) Ian Pellat Theodore H. Spevick Jan Mahrt-Smith* Gail and Paul Pellat Peter A. Sprukulis (MBA '85) Kevin Lem Mak (MFIN ’10) Sydney Pellat Jennifer Lynn Steckel Elliott (MBA '99) Note: Agnes Mak* Rudolph G. Penner R. David Stewart (MBA ’04) Names in bold indicate five-year Kevin Mak* (BCOM '07) Deborah Perelman Stephen Stewart (BCOM ’02) consecutive donors. Asterisk Anna Makakhova Melanie Perry Cooper (MBA '07) Toby Mina Stewart (MBA '94) indicates a faculty or staff member. John W. Malcolm (MBA '85) Aleksandar Petrovic (MBA '05) Dragan Stojanovic* (BCOM '03) Education designations are limited Ellen Malcolmson Michelle Phillips (MBA ’10) Ron Sturk (MBA '94) to Rotman alumni. Azarakhsh Malekian* Eva J. Piorkowski* Peter M. Sullivan (MBA '97) Daphne Mao (MBA '00) David A. Pleasance (MBA '91) Laurel Sutton (MBA ’06) We apologize for the accidental Kelly Margaret Marciniw (MBA '15) Joseph P. Polito (DBA '77, MBA '81) Linda C. Swartz (MBA '84) misspelling or omission of Gerardo Margolis (MBA '03) Angela Pomponi Mark B. Synnott (MBA '90) donor names. If you have not been Andy Mark (BCOM '81) Pradhan Prabhakara (BCOM '01)* Andrew J. Szonyi (MBA ’72) appropriately recognized, please Janet C. Martin (MBA '79) Gerry M. Preville (MBA '82) Dariusz P. Szypula (MBA ’10) contact us and we will correct the Janice P. Martin (MBA '81) Ilo Imre Puhm (DBA '71, MBA '74) Joseph Yiu-Tong Tam (MBA '90) oversight in future publications. Abigail Mason Uttam Purushottam (MBA '06) Michael Tamayo (MBA '96) John M. Maxted (EMBA '95) Caroline Pye* Jennifer Tan* Brian J. McAulay (BCOM '79) Jeffrey Michael Quinlan* David S. Tanner (MBA '83) Elizabeth W. (MBA '05) and Edward Ra (MBA '95) Sohaib Tariq (BCOM '03, MBA '09) Andrew McBeth Gordon Rabinovitch Ralph R. Tassone* (BCOM '00) John M. McDiarmid (BCOM '91) Leonard Racioppo (MBA '79) Jane E. Taylor* Patrick McEnroe* Subramanian Ramanathan (MBA '07) Eva Tentere (MBA '10) Gilbert McIntee (MBA ‘72) Joyce Rankin (MBA '05) Alice Thomas (MBA '94) Dennis McKee (MBA '70) Justin Rawlinson (BCOM '07) Evelyn Thomasos* Niamh McKenzie* Nell Redley* Andrew Thomson (MBA '90) Eleanor Mae McLaren Edith Reiss Andras Tilcsik* Krista Beth McLeod (MBA '01) Jack Rhind (BCOM '42, MCOM '53) Suzanne Tobin* Ross McMullen (MCOM '59) Gordon Richardson* William Edgar Toyne (BCOM '50)

38 TRANSFORMING IMPACT www.rotman.utoronto.ca

Rotman School of Management t 416.978.3303 Advancement Department [email protected] 105 St. George Street, Toronto Ontario, Canada M5S 3E6