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PUBLIC DISCLOSURE COPY OMB No. 1545-0052 Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation Do not enter social security numbers on this form as it may be made public. Form 990-PF À ¾ µ ¸ Open to Public Inspection , 20 IDepartment of the Treasury Internal Revenue Service <a href="/goto?url=http://www.irs.gov/form990pf" target="_blank">www.irs.gov/form990pf </a><ul style="display: flex;"><li style="flex:1">Information about Form 990-PF and its separate instructions is at </li><li style="flex:1">.</li></ul>I<ul style="display: flex;"><li style="flex:1">For calendar year 2014 or tax year beginning </li><li style="flex:1">, 2014, and ending </li></ul>Name of foundation AB Employer identification number THE WILLIAM & FLORA HEWLETT FOUNDATION Number and street (or P.O. box number if mail is not delivered to street address) 94-1655673 <ul style="display: flex;"><li style="flex:1">Room/suite </li><li style="flex:1">Telephone number (see instructions) </li></ul>(650) 234-4500 2121 SAND HILL ROAD City or town, state or province, country, and ZIP or foreign postal code CDIf exemption application is m m m m m m m 1. Foreign organizations, check here m m pending, check here IIIIMENLO PARK, CA 94025 <ul style="display: flex;"><li style="flex:1">G Check all that apply: </li><li style="flex:1">Initial return </li></ul>Final return Initial return of a former public charity Amended return 2. Foreign organizations meeting the 85% test, check here and attach <ul style="display: flex;"><li style="flex:1">Address change </li><li style="flex:1">Name change </li></ul>m m m m m m m m m computation X<ul style="display: flex;"><li style="flex:1">H Check type of organization: </li><li style="flex:1">Section 501(c)(3) exempt private foundation </li></ul>EFIf private foundation status was terminated under section 507(b)(1)(A), check here Section 4947(a)(1) nonexempt charitable trust Other taxable private foundation mmXI<ul style="display: flex;"><li style="flex:1">Fair market value of all assets at J Accounting method: </li><li style="flex:1">Cash </li><li style="flex:1">Accrual </li></ul>If the foundation is in a 60-month termination under section 507(b)(1)(B), check here end of year (from Part II, col. (c), line Other (specify) (Part I, column (d) must be on cash basis.) I9,042,503,665. 16) $I(d) Disbursements for charitable purposes Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) Part I (a) Revenue and expenses per books <ul style="display: flex;"><li style="flex:1">(b) Net investment </li><li style="flex:1">(c) Adjusted net </li></ul><ul style="display: flex;"><li style="flex:1">income </li><li style="flex:1">income </li></ul>(cash basis only) 12Contributions, gifts, grants, etc., received (attach schedule) mInterest on savings and temporary cash investments m if the foundation is not required to XCheck Iattach Sch. B m m m m m m m m m m m m m 3433,040,374. 138,728,266. 5a Gross rents Dividends anmdminmtemremstmfrommm smecmurmitimesm m m m m bNet rental income or (loss) 553,277,079. 660,557,154. 6a Net gain or (loss) from sale of assets not on line 10 bGross sales price for all assets on line 6a 78Capital gain net income (from Part IV, line 2) m m m m m m m m m m mNet short-term capital gain Income modifications m m m m m m m m m m m m 9<ul style="display: flex;"><li style="flex:1">10 </li><li style="flex:1">a</li></ul>Gross sales less returns and allowances m m m m m bcLess: Cost of goods sold mGross profit or (loss) (attach schedule) m m m m Total. Add lines 1 through 11 m <a href="#0_0">m m m m m m </a>m 38,294,702. -58,654,213. 624,612,155. 740,631,207. 11 Other income (attach schedule) <a href="#0_0">ATCH 1 </a><a href="#0_0">m m m m m m </a>m 12 3,610,185. 17,479,317. 7,910,231. 761,253. 2,383,593. 5,600,015. 1,043,329. 353,207. 1,244,458. 13 14 Compensation of officers, directors, trustees, etc. m m 12,151,210. 5,256,996. 408,046. 278,878. 10,285,172. 253,688. Other employee salaries and wagesm m m m m m m m m m m 15 Pension plans, employee benefits <a href="#0_0">ATCH 2 </a>16a Legal fees (attach schedule) <a href="#0_0">m m m m m m </a>m m m <ul style="display: flex;"><li style="flex:1">588,234. </li><li style="flex:1">309,356. </li></ul>b Accounting fees (attach schedule)<a href="#0_0">ATCH 3 </a><a href="#0_0">m m m m m </a>m 12,934,424. 667,575. 2,669,093. 413,887. Other professional fees (attach schedule) [4] c<a href="#0_0">m m m </a>17 Interest m m m m m m m m m m m m m m m m m <a href="#0_0">m m </a>5,332,639. 1,443,856. 673,617. 3,744,445. 20,722. 18 Taxes (attach schedule) (see instruction<a href="#0_1">s</a><a href="#0_1">)</a><a href="#0_1">[5] </a>19 Depreciation (attach schedule) and depletion <a href="#0_1">m m m </a>173,014. 80,718. 271,973. <a href="#0_1">m</a>592,899. 3,465,573. 20,722. 20 Occupancy m m m m m m m m m m m m m m m m m 21 m m m m m m 23 Other expenses (attach schedule)<a href="#0_0">ATCH 6 </a>Travel, conferences, and mmeemtinmgsm m m m m m m 22 Printing and publications <ul style="display: flex;"><li style="flex:1">3,160,333. </li><li style="flex:1">666,275. </li></ul>13,964,460. 13,964,460. 2,494,058. <a href="#0_0">m m m m m </a>m 24 Add lines 13 through 23 25 Contributions, gifts, grants paid 26 27 Subtract line 26 from line 12: Total operating and admminmismtram timvem emxpmenm smesm. 58,326,831. 361,328,779. 419,655,610. 36,451,700. 434,179,489. 470,631,189. m m m m m m m 0Total expenses and disbursements. Add lines 24 and 25 204,956,545. abcExcess of revenue over expenses and disbursements m m 726,666,747. Adjusted net income (if negative, enter -0-) Net investment income (if negative, enter -0m-)m JSA For Paperwork Reduction Act Notice, see instructions. Form 990-PF (2014) <ul style="display: flex;"><li style="flex:1">4E1410 1.000 18104U 1673 10/31/2015 11:39:21 AM V 14-7.3F </li><li style="flex:1">PAGE 1 </li></ul><ul style="display: flex;"><li style="flex:1">THE WILLIAM & FLORA HEWLETT FOUNDATION </li><li style="flex:1">94-1655673 </li></ul>End of year Form 990-PF (2014) Page 2 Attached schedules and amounts in the description column should be for end-of-year Beginning of year Part II Balance Sheets <ul style="display: flex;"><li style="flex:1">(a) Book Value </li><li style="flex:1">(b) Book Value </li><li style="flex:1">(c) Fair Market Value </li></ul>amounts only. (See instructions.) 500. 626,899,620. 500. 633,623,196. 500. 633,623,196. 123Cash - non-interest-bearing m m m m m m m m m m m m m m m m m m Savings and temporary cash investments m m m m m m m m m m m 9,683,606. Accounts receivable II<ul style="display: flex;"><li style="flex:1">4,936,185. </li><li style="flex:1">9,683,606. </li><li style="flex:1">9,683,606. </li></ul>Less: allowance for doubtful accounts II4Pledges receivable Less: allowance for doubtful accounts Grants receivable 56m m m m m m m m m m m m m m m m m m m m m m Receivables due from officers, directors, trustees, and other disqualified persons (attach schedule) (see instructions) m m m m 7Other notes and loans receivable (attach schedule) ILess: allowance for doubtful accounts I89Inventories for sale or use m m m m m m m m m m m m m m m m m m 1,804,911. 218,918,878. 2,742,778,912. 3,134,347,385. 3,134,347,385. 182,019,259. 209,892,490. 209,892,490. 1,965,141. 107,424,544. 1,965,141. 107,424,544. Prepaid expenses and deferred charges m m m m m m m m m m m m <a href="#0_0">[7] </a>10 a Investments - U.S. and state government obligations (attach schedule<a href="#0_0">) </a><a href="#0_0">m m </a><a href="#0_0">m m m m m m </a>m m Investments - corporate stock (attach schedule) ATCH 8 Investments - corporate bonds (attach schedule)ATCH 9 bc<a href="#0_0">m m m m m m m m </a>11 12 13 14 Investments - land, buildings, Iand equipment: basis Less: accumulated depreciation (attach schedule) IInvestments - mortgage loans m m m m m m m m m m m m m m m m 4,801,602,454. 4,916,279,414. 4,916,279,414. <a href="#0_0">ATCH 10 </a> 43,434,349. 17,291,023. <a href="#0_0">ATCH 11 </a>m m m m m <a href="#0_0">m m m m m </a>m m m Land, buildings, and equipment: basis Investments - other (attach scIhedule) Less: accumulated depreciation (attach schedule) 26,743,352. 1,369,025. 26,143,326. 3,144,063. 26,143,326. 3,144,063. I15 16 <ul style="display: flex;"><li style="flex:1">Other assets (describe </li><li style="flex:1">)</li></ul>I<ul style="display: flex;"><li style="flex:1">Total assets (to be completed by all filers </li><li style="flex:1">-</li><li style="flex:1">see the </li></ul>instructions. Also, see page 1, item I) 8,607,073,096. 9,042,503,665. 9,042,503,665. m m m m m m m m m m m m m 10,364,102. 250,743,151. 8,473,270. 179,786,426. 17 18 19 20 21 22 Accounts payable and accrued expenses m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m Grants payable Deferred revenue Loans from officers, directors, trustees, and other disqualified persons Mortgages and other notes payable (attach schedule) mm m m m m 41,445,897. 302,553,150. 47,867,313. 236,127,009. <a href="#0_1">ATCH 12 </a><ul style="display: flex;"><li style="flex:1">Other liabilities (describe </li><li style="flex:1">)</li></ul>I<ul style="display: flex;"><li style="flex:1">23 </li><li style="flex:1">Total liabilities (add lines 17 through 22) </li></ul>m m m m m m m m m m m IXFoundations that follow SFAS 117, check here mand complete lines 24 through 26 and lines 30 and 31. 8,304,519,946. 8,806,376,656. 24 25 26 Unrestricted m m m m m m m m m m m m m m m m m m m m m m m m m Temporarily restricted m m m m m m m m m m m m m m m m m m m m Permanently restricted m m m m m m m m m m m m m m m m m m m m Foundations that do not follow SFAS 117, m m m check here and complete lines 27 through 31. Capital stock, trust principal, or current funds I27 28 29 30 31 m m m m m m m m m Paid-in or capital surplus, or land, bldg., and equipment fund m m m m m m m m m m m Retained earnings, accumulated income, endowment, or other funds m m 8,304,519,946. 8,806,376,656. 8,607,073,096. 9,042,503,665. Total net assets or fund balances (see instructions) Total liabilities and net assets/fund balances (see instructions) m m m m m m m m m m m m m m m m m m m m m m m m m Analysis of Changes in Net Assets or Fund Balances Part III 1 Total net assets or fund balances at beginning of year - Part II, column (a), line 30 (must agree with 8,304,519,946. 204,956,545. 296,900,165. 8,806,376,656. end-of-year figure reported on prior year's return) 123456m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m 2 Enter amount from Part I, line 27a m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m <a href="#0_1">ATCH 13 </a>3 Other increases not included in line 2 (itemize) I4 Add lines 1, 2, and 3 m m m m m m m m m m m m m m m m <a href="#0_1">m m m m m m </a>m m m m m m m m m m m m m m m m m m m m m m m 5 Decreases not included in line 2 (itemize) I8,806,376,656. Form 990-PF (2014) 6 Total net assets or fund balances at end of year (line 4 minus line 5) - Part II, column (b), line 30 m m m m JSA <ul style="display: flex;"><li style="flex:1">4E1420 1.000 18104U 1673 10/31/2015 11:39:21 AM V 14-7.3F </li><li style="flex:1">PAGE 2 </li></ul><ul style="display: flex;"><li style="flex:1">THE WILLIAM & FLORA HEWLETT FOUNDATION </li><li style="flex:1">94-1655673 </li></ul>Form 990-PF (2014) Page 3 Capital Gains and Losses for Tax on Investment Income Part IV (b) How acquired P - Purchase D - Donation (c) Date (a) List and describe the kind(s) of property sold (e.g., real estate, 2-story brick warehouse; or common stock, 200 shs. MLC Co.) (d) Date sold (mo., day, yr.) acquired (mo., day, yr.) SEE PART IV SCHEDULE <ul style="display: flex;"><li style="flex:1">1</li><li style="flex:1">a</li></ul>bcde(g) Cost or other basis plus expense of sale <ul style="display: flex;"><li style="flex:1">(f) Depreciation allowed </li><li style="flex:1">(h) Gain or (loss) </li></ul>(e) plus (f) minus (g) (e) Gross sales price (or allowable) abcdeComplete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l) Gains (Col. (h) gain minus col. (k), but not less than -0-) or Losses (from col. (h)) <ul style="display: flex;"><li style="flex:1">(j) Adjusted basis </li><li style="flex:1">(k) Excess of col. (i) </li></ul>(i) F.M.V. as of 12/31/69 <ul style="display: flex;"><li style="flex:1">as of 12/31/69 </li><li style="flex:1">over col. (j), if any </li></ul>abcdeIf gain, also enter in Part I, line 7 If (loss), enter -0- in Part I, line 7 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6): 2Capital gain net income or (net capital loss) 660,557,154. <ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">&</li></ul>&23 3If gain, also em nmtemr minm mPamrtm Im, mlinmem 8m, mcmolmumm nm m(cm) m(smeem minmstmrumctmiomnsm).m Imf m(lomsms)m, menmtemrm-0m-min 0Part I, line 8 Qualification Under Section 4940(e) for Reduced Tax on Net Investment Income Part V (For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income.) If section 4940(d)(2) applies, leave this part blank. XWas the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? If "Yes," the foundation does not qualify under section 4940(e). Do not complete this part. <ul style="display: flex;"><li style="flex:1">Yes </li><li style="flex:1">No </li></ul>1Enter the appropriate amount in each column for each year; see the instructions before making any entries. <ul style="display: flex;"><li style="flex:1">(a) </li><li style="flex:1">(d) </li></ul><ul style="display: flex;"><li style="flex:1">(b) </li><li style="flex:1">(c) </li></ul><ul style="display: flex;"><li style="flex:1">Base period years </li><li style="flex:1">Distribution ratio </li></ul><ul style="display: flex;"><li style="flex:1">Adjusted qualifying distributions </li><li style="flex:1">Net value of noncharitable-use assets </li></ul>Calendar year (or tax year beginning in) (col. (b) divided by col. (c)) 271,356,172. 408,458,507. 381,213,752. 388,787,740. 376,851,581. 8,006,395,858. 7,241,449,902. 7,445,596,107. 7,080,015,921. 6,478,223,745. 0.033892 0.056406 0.051200 0.054913 0.058172 2013 2012 2011 2010 2009 0.254583 0.050917 2345678<ul style="display: flex;"><li style="flex:1">2</li><li style="flex:1">Total of line 1, column (d) </li></ul>m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m m 3Average distribution ratio for the 5-year base period - divide the total on line 2 by 5, or by the number of years the foundation has been in existence if less than 5 years

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