I New York I London I Hong Kong I

2014ANNUALUPDATEDeepening Impact

S.AFRICA

GHANANIGERIA

INDIA

CHINA

VIETNAM

INDONESIA

PHILIPPINES

TURKEYISTANBUL

DELHI

RUSSIA

MEXICO

COLOMBIA

BRAZILPERU

ARGENTINA

HONG KONG

LONDON

NEW YORK

OURGLOBALPRESENCEOUR MISSION EMPOWER SUPPORTS LOCAL ORGANIZATIONS IN EMERGING MARKET COUNTRIES THAT PROVIDE AT-RISK YOUTH WITH THE TOOLS AND RESOURCES THEY NEED TO LEAD HEALTHY, PRODUCTIVE LIVES.

OUR VISION WE BELIEVE THAT YOUNG PEOPLE ARE A CRITICAL RESOURCE FOR EVERY COUNTRY. OUR STRATEGIC INVESTMENTS IN LOCALLY-LED ORGANIZATIONS UNLOCK THE POTENTIAL OF YOUNG PEOPLE TO CHANGE THEIR LIVES AND WORLD.

EMPOWER OFFICES:

NEW YORK

LONDON

HONG KONG

IN-COUNTRY PROGRAM OFFICER:

ISTANBUL

DELHI

PROGRAM AREAS:

LATIN AMERICA

AFRICA

TURKEY & RUSSIA

ASIA

2014 A YEAR OFDEEPENING ANDAMPLIFYINGOUR WORK

TO DATE:

511 GRANTS

$15,399,196AWARDED

170,000+YOUTH DIRECTLY IMPACTED

620,000+LIVES ‘TOUCHED’

IN FY2014:

72 GRANTS

$2,376,000AWARDED

13NEW GRANTEE PARTNERS

$33,000MEAN ANNUAL GRANT SIZE

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

$0FY11 FY12 FY13 FY14 FY15 (PROJECTED)

EMPOWER GRANTMAKING GROWTH FY11-FY14

$1,792,800(48 GRANTS)

$1,852,833(53 GRANTS)

$2,029,500 (61 GRANTS)

$2,376,000 (72 GRANTS)

$3,500,000 (98 GRANTS)

GRANTMAKING HAS DOUBLED IN THE LAST 5 YEARS

IN ONE YEAR:

43,000YOUNG PEOPLE DIRECTLY IMPACTED

88,000LIVES ‘TOUCHED’

6,309YOUNG PEOPLE INCREASED THEIR ‘SOCIAL CAPITAL’

5,790YOUNG PEOPLE DEVELOPED CLEAR FUTURE ASPIRATIONS

8,449YOUNG PEOPLE STAYED IN OR COMPLETED SECONDARY SCHOOL

3,186YOUNG PEOPLE ACQUIRED 21ST CENTURY SKILLS

3,160HIGHLY VULNERABLE YOUNG PEOPLE IMPROVED THEIR WELL-BEING

6,288YOUNG PEOPLE IMPROVED THEIR PROSPECTS FOR EMPLOYMENT

1,694YOUNG PEOPLE INCREASED THEIR INCOME

WHYINVESTINGIN YOUTHMAKESSENSE

WHY IT’S CRITICAL TO SUPPORT YOUTH:

Half the world’s population today – over 3.5 billion people – is under 30, most living in developing countries. Their choices and opportunities define the present and future of our world.

The world’s youth population is larger than ever before; one in eight young people are unemployed and over a quarter are trapped in jobs that keep them on or below the poverty line.

Twenty percent of young people in developing countries fail to complete primary school and lack skills for work.

Adolescents are twice as likely to be out of school as their younger counterparts. As children get older, the risk that they will never start school or will drop out increases. If current trends continue globally, 25 million children – 15 million girls and 10 million boys – are likely to never set foot inside a classroom.

In the developing world, 42% of girls are not enrolled in school. Girls who stay in school beyond grade 7 are more likely to marry 4 years later, less likely to die in pregnancy/childbirth, more likely to have an average of 2.2 fewer children and more likely to send their children to school.

Eliminating barriers to employment for girls and women could raise labor productivity by 25% in some countries.

Out of an estimated 35 million people living with HIV, over 2 million are 10 to 19 years old, and 56% of them are girls.

Every day, 39,000 girls are forced into early marriage. That’s 27 girls a minute. Pregnancy and childbirth-related complications are one of the leading causes of death among girls age 15-19.

GRANTEE PARTNERS WITH ACTIVE GRANTS FY2014

Latin America

Asociación Aurora Vivar (AAV) Peru 4

Asociación Kallpa para la Salud y el Desarrollo Integral (Asociación Kallpa) Peru 4

Associação ChildrensAid (Onda Solidaria) Brazil 4

Associação de Apoio as Meninas E Meninos da Regiao Se (AA Crianca or AAC) Brazil 4

Associação Luta Pela Paz Brazil 4

Centro de Educación e Investigación para el Desarrollo Comunitario Urbano y Rural (CEDECUR) Colombia 4

Centro Mujeres AC Mexico 4

Centro para los Derechos de la Mujer Naaxwiin A.C. Mexico 4

Centro Yanapanakusun (Yana) Peru 4

Corporación para la atención integral de la Niñez (Corpolatin) Colombia 4

El Hombre Sobre La Tierra (HST) Mexico 4

Fundación Artística y Social La Familia Ayara Colombia 4

Fundación Cruzada Argentina (FCA) Argentina 4

Fundación Cruzada Patagónica (FCP) Argentina 4

Fundación Defensores del Chaco (Defensores) Argentina 4

Fundación Nordelta Argentina 4

Fundación Tiempo de Juego (TJ) Colombia 4

Fútbol con Corazón (FCC) Colombia 4

Nu3 Foundation Colombia 4

Puente a la Salud Comunitaria Mexico 4

Solidaridad Internacional Kanda, A.C. (SiKanda) Mexico 4

Africa

Amandla EduFootball South Africa 4

Challenging Heights Ghana 4

Education as a Vaccine Against AIDS (EVA) Nigeria 4

Etafeni Trust South Africa 4

Equal Education South Africa 4

Future of the African Daughter (FOTAD) South Africa 4

Girls Power Initiative Nigeria 4

Ikamva Youth South Africa 4

Linking Youth through Exchange Nigeria (LYNX) Nigeria 4

Mamelani Projects South Africa 4

Network of Women in Growth (NEWIG) Ghana 4

Northern Sector Action on Awareness Centre (NORSAAC) Ghana 4

Realistic South Africa 4

Savana Signatures Ghana 4

United Through Sport (Umzingisi Foundation) South Africa 4

Upstart Youth Development Project South Africa 4

Wilderness Foundation South Africa 4

Turkey & Russia

Big Brothers Big Sisters of Russia Russia 4

Bolshaya Peremena (Big Change) Russia 4

Charity Fund of Social Projects Galaxy (Galaxy Fund) Russia 4

Community to Children Russia 4

Doctors to Children Russia 4

Hisar Anadolu Support Society (HADD) Turkey 4

Husnu M. Ozyegin Foundation (HMOV) Turkey 4

Upsala Circus Russia 4

India

Aangan Trust India 4

Akshara (Front for Rapid Economic Advancement – India (FREA-India)) India 4

Azad Foundation India 4

Chintan Environmental Research and Action Group India 4

Committee of Resource Organisation for Mass Programme of Functional Literacy (CORO) India 4

CREA India 4

Ibtada India 4

Jabala Action Research Organisation India 4

Lend a Hand India India 4

Navsarjan Trust / Dalit Shakti Kendra India 4

Nishtha India 4

Parivaar Education Society India 4

Saath Charitable Trust India 4

Schools and Teacher Innovating for Results (STIR) (Ark UK is fiscal agent) India 4

Swechha India 4

VACHA Charitable Trust India 4

Vidhayak Sansad India 4

E/SE Asia

A Bridge for Children International China 4

Action Center for City Development (Action for the City) Vietnam 4

ANAKATIRA Philippines 4

Blue Dragon Childrens Foundation Vietnam 4

Know One, Teach One (KOTO) Vietnam 4

Pacific Links Foundation Vietnam 4

Qichuang Social Work Service Center China 4

Roots of Health (Ugat ng Kalusugan) Philippines 4

VANGO (Vietnamese American Non-Governmental Organization Network) Vietnam 4

Yunnan Peili Youth Development Center China 4

Zone One Tondo (ZOTO) Philippines 4

Organization Name Country Organization Name Country

*The Leadership Portfolio going forward has been integrated into our other 3 areas of focus.

FY 2014 FINANCIAL STATEMENTS

All figures in US$

*These financial statements include inter-company eliminations and are done in the aggregate for ease of presentation. There is no control between the entities and the financials should not be consolidated.

GRANTMAKING BREAKDOWN BY REGION AND PORTFOLIO

EMPOWER 2014

FUNDING BREAKDOWN BY SOURCES AND USES

Latin America 28%

Africa 19%

India 32%

E/SE Asia 10%

Turkey & Russia 11%

Education 34%

Health and Well-being 31%

Leadership and Community Engagement 13%

Livelihoods 22%

Corporate 29%

Corporate Foundation 12%

Individual 53%

Private Foundation 6%

Fundraising 8%

Management 6%

Program 86%

Statements of Financial Position of 30 June 2014 EMpower US EMpower UK EMpower HK Total FY 2014* Total FY 2013*

AssetsCash and Cash Equivalents $1,768,572 $1,631,613 $634,263 $4,034,448 $3,027,073 Accounts Receivable 708,216 504,287 - 1,212,503 577,466 PrePaid Expenses 5,341 60,679 5,308 71,328 136,099 Accumulated depreciation and amortization 18,743 - - 18,743 25,149 Amount due to/from a related company - - 290,652 290,652 - Security Deposit 30,445 - - 30,445 30,720 Total Assets 2,531,317 2,196,579 930,223 5,658,119 3,796,508 Liabilities and Net AssetsAccounts Payable and Accrued Expenses 54,448 177,837 7,943 240,228 128,557 Amounts due to related companies 44,245 - - 44,245 4,984 Grants Payable 657,000 408,500 274,667 1,340,167 1,152,500 Total Liabilities 755,693 586,337 282,610 1,624,640 1,286,041 CommitmentsNet Assets Unrestricted 576,984 1,610,242 647,613 2,834,839 1,541,147 Temporarily Restricted 1,198,640 - - 1,198,640 969,320 Total Net Assets 1,775,624 1,610,242 647,613 4,033,479 2,510,467 Total Liabilities and Net Assets $2,531,317 $2,196,579 $930,223 $5,658,119 $3,796,508

Statements of Activities Year Ended 30 June 2014EMpower US EMpower UK EMpower HK Total FY 2014* Total FY 2013*

Changes in Unrestricted Net Assets Support and RevenueContributions $667,612 $2,231,955 $1,167,071 $4,066,638 $2,470,635 Event Income 472,196 627,697 - 1,099,893 785,924 Less: Direct Event Expenses (195,698) - - (195,698) (115,619)Donated Services 36,190 - - 36,190 44,190 Grant Administrative Fee 611,312 - - - - Interest 2,826 99 18 2,943 6,060 Net Assets Released from Restrictions 678,118 - - 678,118 521,075 Total Unrestricted Support and Revenue 2,272,556 2,859,751 1,167,089 5,688,084 3,712,265 ExpensesProgram Services 1,901,936 1,935,312 456,371 3,682,307 3,284,720 Supporting Services Management and General 180,687 123,496 33,686 337,869 245,562 Fundraising 129,512 202,937 41,766 374,215 293,060 Total Expenses 2,212,135 2,261,745 531,824 4,394,392 3,823,342 Increase (Decrease) in Unrestricted Net Assets 60,421 598,006 635,265 1,293,692 (111,077)Changes in Temporarily Restricted AssetsContributions 907,438 - - 907,438 28,000 Net Assets Released from Restrictions (678,118) - - (678,118) (521,075)Increase/Decrease in Temporarily Restricted Net Assets 229,320 - - 229,320 (493,075)Increase (Decrease) in Net Assets 289,741 598,006 635,265 1,523,012 (604,152)Net Assets, Beginning of Year 1,485,883 1,012,236 12,348 2,510,467 3,114,619 Net Assets, End of Year $1,775,624 $1,610,242 $647,613 $4,033,479 $2,510,467

$100k+Anonymous (1)CitiSam Finkelstein*GiftAidJoey Lim and Jeanie WooLiquidity Finance LLP*NoVo FoundationSpinnaker Capital*Jim and Lisa Valone*Katherine and Bradley

Wickens FoundationHelene Williamson*

$50k+Anonymous (2)Jonathan Bayliss*Xavier Corin-MickEric DannheimJames Donald*Emerging Markets

Charity Ball, LtdBenjamin Falloon*Finisterre Capital*Maddy Foo*Ben Hall*Neil Harvey*Llewelyn Charitable TrustChristopher Milner*Okan Pekin*

$25k+Marc Balston*Lars and Veronica BaneKasper Bartholdy*Nicky and James BindlerBlack River (UK)*John Carlson*Rayson Chung*Thomas Cooper*George and Nerys Estes*Keith Gardner*Horst F. GeickeKay HaighAnton Likhodedov*Ricardo MoraGuido Mosca and

Maria Grazia BruschiAshur Nissan*Aasha Pai and Patrik Sandin*

Payden & RygelPrincipal Financial GroupNick and Sole RileySC Lowy Financial

(HK) LimitedTPCG Valores*Jed WeissAndrew F WilsonKarim Zahmoul

$10k+Julian AdamsBBVAAndres and Maria BorregoKristin CevaStephen ChangRohit and Sonal ChopraBanu Basar CobanogluPaul CreanCredit Suisse EM Group*Credit Suisse FoundationRafael Biosse DuplanZhi Xuan FangRoland FejfarDarryl FlintMark FoxGavekalMatthieu GervisJaime Robles GilAndress GohFelix HofmannHans HumesRichard JohnstonNicholas and Jessica KohChristian KopfMichael and Michelle MarreseMFSJohn MotulskyJens NystedtManos PapatheofanousJoan PaydenGregory PiccininnoBob von RekowskyMatthew RyanGuy SaidenbergSantanderParvoleta ShterevaKan TangOzan Tarman*Vishal and Divya Tourani

Alberto J. VermeChristopher WilderGareth WilliamsAlex WilliamsonMarcin WiszniewskiKa Hay YipMan Wai Yip

$5k+Patricia AhnGraham AmbroseLeonardo ArduiniBank of America Merrill LynchPierre-Yves BareauMichele BarlowSelim BasakEric BaurmeisterNicholas BibbyPhillip BlackwoodOlgay BuyukkayaliSue ChongRichard CohenMoctar A. FallDavid FernandezRussell FryerEdwin GutierrezAnders HaagenRupert and Yanina HopeHSBCCliff and Estella HuangJonathan KellyJames KennyKathleen KinsellaMurali KrishnaDamodaran KumaranJohn LeeLance LeenerSamuel LiuDeborah Edwards

and Michel LowyStephen Ka Wei MakClaude MarionDeborah McAuleyEmma McClintockPaul McNamaraMorgan Stanley

Investment ManagementRam NayakJaime NicholsonAlexander Nizan

Fernando OrtegaMark PaintingPhilippe PeressAlexis RoachNadia SalibaCharlie SamenBenjamin SamuelsNathan SandlerBruce SchoenfeldHakan SofuogluMorgan SzeBryan TanGergana Thiel*Jens ThomassenTolga TugularUBSMatthew VogelVincenzo Zinni

up to $5kSam AbbayJonathan AbecassisPaul AbitbolMiranda AbrahamI AckrimAlina AddisonMark AddisonAlokik AdvaniAnkur AgarwalSandra AgdamagRichard Brin AguiarIrshaad AhmadHalladja AhmedPatricia AhnAleksej AkopianTevfik AksoyOmer AkyolMonnin AlainMonique AlcantaraKirk AlexanderLee-Ann AlexandrakisJean Luc AlexandreDeepak AlimchandaniIvo AllegrettiAlex AlmosniJonathan AmackerAdam AmannDavid AmbrosePamela AmisonAlyce Andrews

Muchhala AnishAndres AnkerPhilip AnkerAnonymous (3)Blaise AntinAnya ApelbaumEileen and Lowell AptmanFabiana AranaMarcos AranaLuis ArcentalesDarren ArithoppahSinan ArtarSantiago AssaliniRiccardo AstolfiBirol AtikolGraham AtkinsonGeorge AttardPeter Attard MontaltoElisa AuGordon AuCarol Wai Yee Au-YeungPascale AubertAstrid AudurierJoel AugeeDaren AustinPaolo AvaglianoYonatan AvitalKarim AwenatTony AyresAnca BaborKathleen BaconMohamed Badel-HadiAlok BahlS BahoshyReda BahriJonathan BailieCarolyn BairdDavid BaksteinManoj BalaniSunil BalaniPaul BalenNicolas BallyCeri BalstonColleen BalstonDavid BalstonTonmoy BanerjeeMichele BarKirsten BarberAlex Barcinski

Amy BarklamIan BarnesJulie BarnesSam BarnettPeter BartlettRobin BasfordSamuel BasiMeena BassilySean BatesSerdar BaykalNicole BeareDominic BearySean BeecroftLynn BeganyIan BellKat BellAmir Ben-GacemYasmina BenbakhtiAshley BendellLaurent BenhamouVolkan BenihasimAdnan BennaniKofi Bentsi-EnchillSandro BerardelliBenito BerberMartin BercetcheEric BergerNicolas BerissoRoy BerkovitzDaniel BermanSamuel BermanSandro BerraKevin BespolkaAmanda BestSylvia BettermannMark BhagavatulaVinal BharvaniAkshay BhatlaVijay BhojwaniGeorge BiddulphSalvatore BilottaKonstantinos BintasNicole Bondino BintasGarry BischoffBarnali BiswalEli BitanBen BlackGeorge BlackwoodCaio BlascoAdrien BlavierThomas BlondinAllison BloomLarry BloomEmmanuel BodensteinNadeem Boghani

Ghazi BohsaliChiara BoizzaBrian BolgerBoris BongEdward BonsorStephanie van

Den BoogaerdeSimon BoothVijay BorkarRobert BottingFarielle BoufadenLamine BouguerouaGerard BoujoStephanie BoukhalilTala BoulosAndrew BoundMassimiliano BoveDavid BowenCarson BowlinPatricia BownIngeborg BoyceKristoffer BoyeTom BoyleCornel BradNicolas BradfordTrevor BradleyClaudia BraunHenry BraunRobert BravenboerPaul BrennanCaroline BricenoIsabel BridgenHenrik BrodsgaardCharles BrookeCourtenay BrownStephan BrownSimon BrueggerThomas BrundNiels Bryan-LowGeorge BuckleyMircea BucurMelissa BullenRamon BullrichCarol BunevichRobert BurgessBruno BurlonDavid BurnsideTristan David Charles BuschAndy ButlerJonathan ButlerSteven BygraveFredrich van der Byl-KnoefelRichard ByworthAna CabelloMarta Cabrera

James CadmanIsil CaglayanUgo CalcagniniJavier CaldeiroJohn CaldwellM CalnerMatt CalnerMartin CameoAdriano CammarataCallum CampbellWilliam CampbellNatalia Camprubi EsteboManuel CanasMarianela CapozziGiaime CardiChristian CarrilloLuis CarrilloMarco CasasJim CascinoMarcel CassardMichael CattanoLee CauroAndreas Schenk CaviezelDaniel CawleySaulius CerkasasWarun ChadhaCandice Wai Hung ChakDebanjan ChakiIvan ChalovChee Yan ChanIvan ChanJeffrey ChanJoanna Sau Yin ChanKam Hon ChanWai Yin ChanRavi ChanaKamlesh ChandiramaniDaniel James ChandlerJoseph ChangBruce ChapmanLaurent CharbonnierIan CharltonJulie CharltonRaj ChatterjeeSatish ChellaramVikram ChellaramXiao Yan ChenJonathan ChengRonald ChengHeng Loong CheongErnest CheungFlora Wai Wong CheungRenato ChironiMircea ChisacofRoderick Chisholm

Samuel ChoOleksandr ChornyyGen-Nam ChowKhoon Yew ChuahElizabeth ChungEric ChungAnastasia ChunilalJeal-Paul ChurchouseBurak CicekseverAna CiobotaruPablo CisilinoAnthony ClarkThomas ClarkeNenette CoDavid CoatesWilliam CochraneBrian CoffeyAndrew CohenRichie CohenSusie CohenChris CollinsJoshua CollinsZac ComeyAndrew CongreveKate CongreveMariana CoresAnthony CorreaMichele CorteseRoberto CortinaCristiano CossoCyril CottuSteve CoulisJim CraigeCharlotte CreagerMatthew CressottiKieran CrispMarco CrosignaniWyatt CrosswhiteMyla CruzMarco Cumbo NacheliMichael CummingsJohn CurrieRW CurtisMarc d’Andlau-HombourgRon DadinaAnupam DamaniFranco DaninoNJ DarrantPrakash DaryananiKaustuv DasguptaSaab DashChristopher Jacob Maria DassNanik DaswaniNiyanta DattaniPeter Dattels

Simon DaveyMichael DavidsonRussell DavidsonAnil DayaramAnita DeMariano de la TorreStephen DeaneShelly DeeMuzahir DeganiGurjit DehlPatrick DelaneyLen DelicaetAndrew DeLucaCraig DeMaioNjl Demetriou LadasFederico DemicheliFrederic DepoortereKevin DepreeBastien DespontMax DethomasDeutsche BankPatrick DewildeSule DewildeAmar DhillonDeepinder DhillonTim DierTara DiestelJolanda van DijkVolkan DikmenCatherine DixChristine DochertyElizabeth DochertyThomas DoerigManning DohertyMaxime DorfmannMike DoughertyJames DoyleRob DrijkoningenSean Patrick DriscollSteven DrobnyYury DubrovskyPrzemyslaw DudkaNicholas DunkleyChristopher DunneMartin DunphyDavid DzienciolJohn EarlyNadia EchiguerJonny EdelmanGillian EdgeworthAdam EdwardsDemetrios EfstathiouMary EgundebiIlona EichlerJudy Eick

*FY2014 UnderwriterOUR DONORS (JULY 1, 2013 - DECEMBER 31, 2014)Thank you for investing in youth across the globe

Supun EkanayakeLeena El-AliEric ElbazPer-Fredrik EmanuelssonLincoln Teal EmeryKaren EngAlp ErcilBoris ErenburgPitz EricThomas ErichsenTim EstinColin EvansDavid EvansJerrold EvansLisa EvansLloyd EvansMalcolm EvansScott EvansJames EwingIheshan FaaseeD FanelliTeresa FarmakiShahneela FaruquiElio FattoriniJolene FergusonPhilip FieldingKyrill FirsheinScot FischerAudrey FisherJonathan FitzgeraldTom FlanneryBourachot FlorentWyatt FloresDon FloydJamie ForbesBob FordFrancesca FornasariRobin ForrestBabak FouladiMarkey FrancisGideon FrankBeth FredrickDavid FreelandMalcolm FreemanThales de FreitasGeorge FreneyVincent FreyJosh FriedmanGuy FrostJoey FuentesSusan FulwilerSahsen Fund

Chase FunderburkJacquline FurnissJeffery GableBarry GahanVlad GaleaLochlann GallagherMax GallardSebastian GallieNicolas GalperinSath GanesarajahNancy GannonEduard GasalJeremy De GasperiMarco GavinLeonardo GazalVikas GelaraSara GennariKathleen GentzbourgerJuan Carlos GeorgeLouis Georges YamminPaolo GerliPaul GervisDidem Taneri GhoshSankha GhoshKay GibbinsMarcelo GiglianiVictor Manuel GilAndrew GilbertFritz GilbertPeter GillespiePaige GilleteAlex GinsburgMarco GiordanoRodica GlavanJeremy GodfreyGeert GoeteynEva GolovskyIgnacio GomendioJames GoodacreTim GoodellSteven GoodenToby GooldDaniel GordonMaria GordonAnil GorthyEwa GraceyCaroline GradyGiacomo Del GrandeVania GrandiRobert GratwickeJustin GreenHollie Griego

Paul GriffithsDavid GrundlinghGeorge GrunebaumRoel de GuchteneireJie GuiTuncer GulcicekTracie Kathleen GunionBen GunneeMitesh GuptaNeeraj GuptaSandeep GuptaHendrix GuyFawaz HabelSana HabibJerome HackGuy HackingHeather HagertyAngus HalkettEllen HallEric HallMark HallWilliam HallCharles HallionDenise HamiltonPhilip HamiltonJay HammarstedtAnne Mette Borcher HansenMark HansenRune Juel HansenJonathan HardingNick HardySarah HargreavesShankar HariAndy HarrisElizabeth HarrisMichelle HarrisonDeepu HartonoJames HarvieLiakat HashamFabian HasselCarolina HatcherianJohan HattinghAngella HeathFlorian HellmichLucy HendersonBrian HensleyDavid HerbertJose Hernandez-OrtizAdrian HerreraSerge HerzbergSirushe HewazyPatricia Hill

Randall HinesJonathan HintonSanjay HiraMichael Hirschhorn

and Jimena MartinezTeong HngKa Wai HoRobert HoStanley HoValerie HoChristoph HofmannSebastian Hofmann-WertherBenjamin HoganGuy HolburnRick HollowayRichard Nikolas HolttumSebastien HonniballDan HopplerPeter van der HorstRobert HortonElliot HoveyDesmond HowBraden HowarthAndrew HowellAnthony HowellsMonica HsiaoNicholas HuangKatharine HudsonRoger HugChris HughesDamien HughesPatrick HughesGrace HungWilliam HuntChad HursaNicholas HuttWilliam HuttonAlan Neil HymanAnne-Helene IllichBurak InceAlex InghamEdmond InsingerNicole IonTijen Gum IsTareq IslamTarequl IslamMukesh IssraniJose IzquierdoMichel JabreJames JackRyan JackDavid Jackson

Aric JacobsonSuzi-kay JacoelMichael JakobKatharine JamesIan JardineRichard JarvisZabala JavierStephen C JefferiesWalter JenningsG S JhunjhnuwalaHongtao JiangFernando Alvarez JimenezShainal JivanAleem JivrajBinoy JohnPekka JohnsonBrent JonesRussell JonesNick JosephAsha JoshiRajiv JoshiRamsey JouzySine JurgensenDavid JuxonShourov KabirJoshua KahnJoanna KalmerShrut KalraStoyan KanevSiddharth KapoorArie KapteijnArend KapteynSibel KarantayReza-ul KarimPanagiotis KarnezisStuart KasdinPaolo KauffmannPaul KeeganTjeert KeijzerPeter KelenChristian KellerThomas KellettKevin KellySean KellyMichelle KelnerGordian KemenRichard KempsonPatrick KenneyAndrew KenninghamZamain KeshwaniMeryem KesslerRaj Keswani

Sascha KhakshouriMohammed KhalilFouzia KhanRached KhanfirDeepankar KhannaBibi Khonsari*Christopher KhouriSohit KhuranaLothar KierspelAmanda KillickAnthony KilminsterAnna KimHarold KimRachael KingStuart KinnersleyPatrick KirkArun KirpalaniPeter KislerGregg KleinPaul KleinMoritz KnickrehmMatthias KnoblochMike KnowlesSperanta KnowlesAndreea KoenigGerard and Diane KoeppelJoseph Joshua KoganHoward KohMousa KolahdoozLenka KolarovaJohannes KolbDenis KoljenovicAristotel KondiliXianghe KongAnya KopylevaBurcu KorkutDaniel KovachNatalia KovalevskayaOxana KozlioukMax KrasnerSteffen KrebsDouglas KrehbielEugene KrishnanSanjeev KrishnanPiotr KrupaDerek KumpJ KundhiVartan KurtcuogluRob Kushen and

Dinah PokempnerCraig A KusselDave KuufessDavid KuzmanichNicole KwokAlessandra Labombarda

Michael LackParin LadAdil LadakShabnam LadakVeronique Lafon-VinaisShakil LaljiAnish LalvaniAnna LamLoretta LamChristopher LambethEric LambiSabri LarbiJean-Paul LarchevequeBrian LarkinCarey LathropJean Pierre LatrilleCasey LatzenAlaric LauWing Cheung LauMarie-Sarah LauretMelissa LaviRichard LawsonCarol LazarusJ A LazarusKim LeTom LeahyAnnisa LeeDelphine LeeJonathan LeeMay LeePhilip LeeRosa Gladys LeeDavid LeechHelen LehmannSteve and Tunica LeiningerMike LekanThomas LenessB LeonJackson LeungMichelle LeungCaryn LeventhalJosie LewisRobert LewisSebastian and

Manisha LewisElizabeth LiRan LiTerry LiGabriela LiberDeborah LiebermanElsa Lignos and

Achilleas KotsiasJimmy LimSamuel LimYuri Lin

Adrian LingenhagAngee LinseyBritt LintnerJarrad LinzieEdward LittleJudy LiuSimon LiveseyDaniel LivingstoneKathy Kwan Yee LoMartin LoatDenver LoboNicole LogueJack Chee Sheng LohSimon LonerganAdrian LongCaroline LongJay LopianAnh LuIanina LuccaDavid and Myrna LuceyDamien LuiEva LuskacovaHana LuskacovaLara LynchRobert LynchBen LynettFran LyonsJohn LyonsTeresa LyonsMichael MabbuttAndrew MacDonaldRobert MacDonaldCarl MaceArmandina MachadoEugenia MachadoAvi MachlinColeman MackayNeil MackenzieMarc MaclachlanAlastair MaclauchlanKaren MacLeodIain MacritchieCatherine MacTaggartJose Martinez MaderoJacqueline MaduThomas MagnussonIan MahonyAroon MahtaniAshok MahtaniHeny MahtaniMahesh MahtaniManisha MahtaniSanjay MahtaniVinh MaiArndt Maier

Jorge MaioJared MaiselVijay MakhijaSurinder MakooIvana MaksimovicJames MalcolmAadarsh MaldeJuan Lorenzo MaldonadoKonstantia MamadaChristopher ManJudy and Joel MandelbaumSuzanne MankeLee ManningWarren MarGilberto MarcheggianoAgata MarczakJohn MarianoDamien MarkSteve MarraLucy MarriottPeter MarshallStuart MarvellyLivio Di MascioPaul and Caroline MascoEllen MathiasDeborah MatsonJuliano MattarCarlo MattoniTina MavrakiCharlotte MaxwellAlex MayJan-Markus MayToby MayBen MayhewJason MaynardNicholas MaysMarino MazzeoStewart McAndieCharlotte McBride*John McCarthyMadeleine McCarthyTim McCarthyLou McCrimliskColm McDonaghChristopher McEwanMike McEwanScott McGregorJonathan McHardyEmily McKhannJustin McKieChris McLoughlinAziz McMahonTom McManusBrian McPartlandAnshul Mediratta

Victor MedranoTom MeganckNilendra de MelAnette MelchiorsenRavi MelwaniLaurence Miall-d’AoutChris MikoshRobert MilamVictoria MilesEric MillerRenee MillerSherri and Brett MillerBhupinder MinhasVicente MiraDeepak MirchandaniDushyant MirchandaniRichard MirfinSeema MirpuriMehvish MirzaEduardo MisanRavi MisraYassmin MohamediMurtaza MohammedbhaiSunil MohinaniVijay MohinaniThomas J. MonahanAlexis de MonesSamuel MonheitGerard Scott MooreManuel MorandiAlessandro MoranteMonika MoravkovaDaniel MorisonIgnacio MoroRuxandra MorosanuChris MorrellGavin MouleLaure MoumaneixLavina MulchandDan MullineauxEzgi MuratogluMaximilien MuroneMarcus MurphyElbek MuslimovColleen MyronRahmila NadiRekha NairManabu NakagawaDeepak NandwaniNita NandwaniToby NangleGeorge NanidzhanyanShanky NanikDavid NaphtaliNoyan Narin

*FY2014 UnderwriterOUR DONORS (CONTINUED)

Felix NassauJaymal NathwaniRobert NealePhilip NelJacob NellAsen NenchevDennis NevelingPedro NevesUrsula NewmanKatya NewsonBeverly NgTrang NguyenDaniela NicolaJuliana NicolettiVincci NieGitte NielsenGani NihalaniRajesh NihalaniManoj NihataniNatalia NikolaidiAlexender NizanEva NizanAlexandre NogueiraDavid NolanNas NoorizadehPeter NormanAnthony NormandPatricio NorrisDavid NorthrupKatherine NorthrupGreg NowitzLydia NtousopoulouJoe O’HaraDicky OfferChristina OhBerna OktenDaniel OliveDavid OliverLee OliverMarek OlszewskiE K OngPedro Nieto OrellanaDaniel OrigelJD OrrockCrispin OsbornePatricia OteroEvan OuelletteWill OultonStuart OwenNehir Kirlar OzelBatubay OzkanShrikant Padmanabhan

Giles PageGustavo PalazziVictoria PalmerMariano PandoJhanvi PanjabiDevinder PannuPrateek PantCarmen Paracchini and

Francisco ZaramaRobert PardyChristina ParkNoelle ParlangeJayesh ParshottamJames ParsonsKrishna Prasad PasumarthiAkash PatelPalna PatelReena PatelEugenia PatrinicheCarolyn PattersonBartosz PawlowskiReid PayneOliver PearsonDavid PeisonOren PelegDanny PellegritiConstance PengOliver PennSalvatore PennaMichele PentmanMichael PerChristian PerkinsSimona PeronciniWilliam PerryEmma PeterDagmar PetersenAndreea and Adrian PetreanuKiril PetrovDusan PetrovicRobert and Lydia PettyDaphna PeyserRoberto PezzimentiTorsten PfeiferSebastian PfeifferAlison PhilpottPamela PhuaVladislav PiatigorskyBritten PiedrasantaRichard PilkingtonGraham Pilnik*Simon PinnellPlinio Pisfil

Jon PlinerJacques PoinetJennifeer PollenSam PolyakBeaux PontakEugene PopovPavol PoppJohn Porterlaura PowellVladimir PoznyakovAmanda PrattJason PressJake PriestleyDenise PrimeSian PrimeJonathan PrinBen Pritchett-BrownShobha PunukolluJohn PurcellMara QuagliardiWilliam QuanAndrew RaabMikael RaberDavid RabinowitzIrena RadmanDavid RaeTina RajaNipun RamaiyaSanjay RanadeLaura RansonPeter RaphaelJibraan RasheedMansur RasulRobert L. RauchSimon RebbechiCasey ReckmanAnn RecordatiAndres RecorderDaniel ReddingtonValdene ReddyJames ReidBruno RenardPatrick RenaudAntoine du RepaireJeffrey ReppucciDamon ReynoldsSabrina RicciCharles RichardThomas RichardsLee RichardsonDarryl RicklowGiuseppe Ricotta

Mehmet Rifat SensinKevin RitterVittorio RivaSean RivasFrancisco RiveroAndre RizzoAgnese RobertsKathryn RobertsonTimothy Loughnan RobinsonAriana RoblesCamelia RobuJasmine Danino RocaVanessa Danino RocaMaria Roca de DaninoJames and Lisa RocheManuel RodriguezNicolas Rodriguez-BrizuelaWilliam Price RoeCharles RogersPaul H. Rogers

and Rosa LasaosaNick RohatynDavid RolleyLee RolleyClaudia RomeroJames RooneySusan RoscoeSonia RosenbaumScott RosenthalNicky Cosbie RossArmando RosselliGiacomo RossiDominik RothGeoffrey RothSteven RothDavid RothenbergAlexandre de RougemontDenitza RoussinovaChris RoyleTroy RuckerTina RudaAasan Ali RumaniRussell InvestmentsDaniel RutzSarah RyanMarc SabellaAlessandra SaccardoGoldman SachsYakov SadovskiiDaniel SaezRoseMary SafranekNina Saglimbeni

Rajesh SaikamalaDiego SalazarDaniel SalterKishin SamtaniPrem SamtaniRafael Samuel-LajeunesseGary SamuelsSudhanshu SanadhyaKamalpreet SandhuTue SandoVishal SaniJenny SappingtonTatiana SarandinakiNicola SawfordNitin SawhneyBhavit SawjaniBenjamin ScalesTim ScanlanRon SchachterAlan SchmollMichele Hyatt SchneidmanMichael SchoenAbby SchraderMichael SchumanRoy SchwartzFritz SchweigerThomas SchwyterStuart Sclater-BoothCristina ScolaroAndrew SeizMarc SelevanPeter SelwynLaurent SemeraroClaudia Barrios SemerciOsman SemerciEugene SeoChristine SerhalVasco SerpaLuis SerranoRodrigo SerranoGautam SettyAndre SeverinoFlora SextonNohshad ShahRaveen ShahJoel ShamashNipun SharinaRahul SharmaVarun SharmaBrian SharnickNicholas SharpJoe O Shea

Wendy SheaderLula SheenaLucy SheetovaRivka ShemeshGemma ShermanSlava ShilinViacheslav ShilinDaniel ShiraiMonika ShresthaMark ShuperRob SiddersRobert SiddersArnd SielingEddy SigristMatthew SimDray SimpsonSimon SimsBernard SingerHillary SingerAnna SinghMano SinghRav SinghSudeep SinghSurjan SinghAbhishek SinghaniaStavros SiokosYasemin SiraliMarek SiwickiRoushana SjahsamLucia SkwarekNeil SleeAlina SlyusarchukSimon SmitChristina SmithJulian SnaithVadim SobolevskiKryssy SochackiVishal SodhaStephen SolimanKarina SouleimanovaJeremy SoutterHarald SpachingerAlan SpanglerMelanie SpurwayStephen SpurwayCostis SpyropoulosNeil SquiresJon SquirrellCady StaatsFelicia StanescuAndreas StecknerPhilip StedmanCynthia SteeleHelen SteersJohannes Steffens

Enrique SteiglitzGary SteinAdam SteinerDaniel StephensLloyd StephensonTom StevensonPeter StollNadia StoyanovaMarco StringaRoman StutzMatt StyczynskiIan Subak-SharpeArun SubramanianDaniel SuissaMaria SukkarPeter SullivanMichael SummersMichael SunNathan SweeneyDorothy SzeJamie TadelisHemant TakalkarYuval TalClaire TallisSimon TallisEddie TamNoam TamirYong Sheng TanKuan Mo TangIgor TarkhovGennadiy TartakovskiySemih TavliAdrian TayKia TayJames TaylorSuzanne TaylorZachary TeepleChristian A. TemplemanCorrinne TeoMin TeoAndressa TezineNeepesh ThackerMohit ThakurPranav ThakurJervis TillyLars TimmannJean Philippe TissotRoy TitchmarshRichard E TitheringtonSean TiwariMaurice TjieMilena TodorovaKarol TokarczykLochlann ToolinRoxane Torfeh

Eric TorgersonMatthew TorreyPaul TregidgoWilliam TrossellVivian Ching Yee TsangJoan TseMatthew TucciDoris TungEsra TurkGene TurokChris R TurpinDean TylerElijah TyshynskiDavid UnderwoodPeter UrbanczykCemil UrganciJennifer UrichJohnny UttamchandaniSunita VachaniLarisa VainbergMohamed VakilNavin Roy VallabhaneniJose Talavera ValleMarjolein van SchoonhovenTina VandersteelJonathan VanicaAnna VasilevskaCarl VergariVanshree VermaJames ViganiBernardo VillelaAlexander VinogradEnrico VitaJohn VitaloMarco Vittorio PeregoJenny VoelkerAnne VogelRaymond VogelDan VolbergPaolo VolpiPeter WadhwaniSimon WaeverCraig WagstaffLynne WalesGagandeep WaliaDarren WalkerRichard WalshJustin WaluchPhilip Howard WalwynJulius WangGreg WardElliot WarrenAlison WatkinsChristopher WatsonJanet Webber

Jason WebberAdriana WeilbachMark WeillerMargarita WeintraubRobert WelshLida WeningerEzequiel WepplerPit WernerTom WestonKathy Shea WestraTzvi WhitmanNigel WhittakerDavid WhittingtonTim WhymanKatya WhyteGemma WightLori Peyser WigmoreRoger WilcockClyde WilderBen WilkinsonTimothy WilkinsonMichael WillettEdward WilliamsSimon WilliamsSteven WilliamsCatherine WilsonJuliet WilsonSteve WinderKong WinnieJane WinslowMabel WongShih Wei WongVeronica WongWillie WongCeline WooAnna WoodDavid WrightAlan WuEdward WuBen WulfsohnTim WynneLuke WyszynskiTina YangShaw Yann HoFrancis YaredAygen YayikogluArmand YeungStephen YipAdam YoffieRick YoonErcument YorukChristopher YoshidaJorge YoshiyamaNathan Young

Bernard YuGreg YuLinda YuSonia YuXizhe YuanBedii can YucaogluBarin YucemenJosephine Kai Mun YuenKen Ka Ming YungBenjamin YvonLicia ZagniLee Michel ZapataAlessandro ZappaJens ZehetnerDavid ZeidenLuisa Zenobi-BirdJean ZhangBo ZhaoOlga ZherdevaIsin Sumengen ZielVincent ZoulalianJoseph ZuaiterIvan ZuboJoy Zweig

Donations in KindInVision CommunicationsMacchu PiscoKelly McCannOceanBarefoot

Institutional MatchingAberdeen Asset ManagementBank of America Merrill LynchCitigroupCredit SuisseDE ShawDeutsche BankEuromonitorExpediaFinisterre CapitalFirst State InvestmentsGoldman SachsHSBCMorgan Stanley Investment

ManagementOpen Society FoundationPayden & RygelRussell InvestmentsSoros Investment

ManagementT. Rowe PriceTrafiguraUBS

*FY2014 UnderwriterOUR DONORS (CONTINUED)

UNDERWRITERS

STAFF

BOARD

*AS OF MARCH 31, 2015

United States

John Carlson, Fidelity

Tom Cooper, GMO

James Donald, Lazard Asset Management

Keith Gardner, WAMCO

Liquidity Finance

TPCG Valores

Jim Valone, Wellington Management Company

United Kingdom

Jonathan Bayliss

Black River (UK)

Citi EM Group (Okan Pekin, Graham Pilnik, Paco Ybarra)

Deutsche Bank EM Group (Marc Balston, Charlotte McBride, Ozan Tarman)

Finisterre Capital

Sam Finkelstein

Devan Kaloo, Aberdeen Asset Management

Anton Likhodedov, Deutsche Bank

Liquidity Finance LLP

Chris Milner

JP Morgan EM Group (Bibi Khonsari, Ashur Nissan, Gergana Thiel)

Spinnaker Capital

Helene Williamson, First State Investments

Hong Kong

Kirk Alexander, Spinnaker Asia

CQS Asset Management

Rayson Chung, JP Morgan

Benjamin Falloon, Morgan Stanley

Maddy Foo, BTG Pactual

Ben Hall

Neil Harvey, Credit Suisse

Aasha Pai and Patrik Sandin

SC Lowy Ltd

United States

Marta Cabrera, President

Cynthia Steele, Executive Vice President

Lee Takakjian, Marketing & Communications Director

Denis Koljenovic, Controller

Carmen Morcos, Senior Program Officer for Latin America

Caitlin Mitchell, Assistant Program Officer

Kayla Kohlenberg, Development and Communications Assistant

Jinexa Rivera, Programs Assistant

Shelbi Goldman, Global Operations Assistant

United Kingdom

Lucie Kucharova, Operations and Development Manager

Theodoros Chronopoulos, Senior Program Officer for Africa

Holly Hawkins, Development and Communications Assistant

Hong Kong

Elise Lee, Asia Regional Officer

Celine Lai, Hong Kong Operations Assistant

Delhi, India

Nisha Dhawan, Senior Program Officer for India

Jayanthi Pushkaran, Assistant Program Officer for India

Istanbul, Turkey

Filiz Bikmen, Senior Program Officer for Turkey

United States

Banu Basar, Bank of America Merrill Lynch

Eric Baurmeister, Morgan Stanley Investment Management

Andres Borrego, Credit Suisse

Marta Cabrera, EMpower

Kristin Ceva, Payden & Rygel

Bill Connolly, Bank of America Merrill Lynch

Jaime Robles Gil, Citi

James Donald, Lazard Asset Management

Beth Fredrick, Johns Hopkins Bloomberg School of Public Health

Michael Hirschhorn, International Human Rights Funders Group

Rupert Hope, Lazard Asset Management

Kathleen Kinsella, CIBC

Robert Kushen, Open Society Institute

Bob von Rekowsky, Fidelity

Matthew W. Ryan, MFS Investment Management

Michael Seltzer, Philanthropic Advisor

Jim Valone, Wellington Management Company

United Kingdom

Marc Balston, Deutsche Bank

Jonathan Bayliss

Rafael Biosse Duplan, Finisterre Capital

Marta Cabrera, EMpower

Khadijah Fancy, Philanthropic Advisor

Jeremy Llewelyn, Black River

Pontso Mafethe, Comic Relief

Chris Milner

Maurice Nadjar

Parvoleta Shtereva, Gemcorp Capital

Ozan Tarman, Deutsche Bank

Gergana Thiel, JP Morgan

Aditi Thorat, Common Purpose

Brad Wickens, Spinnaker Capital

Gareth Williams, Nomura

Helene Williamson, First State Investments

Paco Ybarra, Citi

Karim Zahmoul

Vincenzo Zinni

Hong Kong

Kirk Alexander, Spinnaker Asia

Marta Cabrera, EMpower

Stephen Chang, JP Morgan Investment Management

David Fernandez, Barclays Capital

Benjamin Falloon, Morgan Stanley

Maddy Foo, BTG Pactual

Ben Hall

Neil Harvey, Credit Suisse

Deborah Lowy, SC Lowy Ltd

Aasha Pai, Philanthropic Advisor

Brian Pohli, CQS

Marie Rosencrantz, Rosencrantz & Co. Ltd

Andrew Seiz, Pine River Capital Management

Vishal Tourani

I New York I London I Hong Kong I

EMpower – The Emerging Markets Foundation

Like us facebook.com/empowerweb

@empowerweb

New YorkEIN #: 03-0529005empowerus@empowerweb.org

LondonCC #: 1118916empoweruk@empowerweb.org

Hong KongIRD Registered Charityempowerhk@empowerweb.org

www.empowerweb.org

Cover photo: EMpower grantee partner Roots of Health, Philippines