Contents. Socially minded scholarships HEC for all 6 International scholarships 7 PhD scholarships 7. Competitive research 10 Research chairs 10

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1 ANNUAL REPORT 2010

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3 Contents Key figures 4 From the President 5 Financing Scholarships 6-9 Socially minded scholarships HEC for all 6 International scholarships 7 PhD scholarships 7 Financing research 10 Competitive research 10 Research chairs 10 Financing pedagogy 11 Teaching innovation 11 Financing international development 11 An international education 11 Corporate support 14 List of corporate partners 15 Alumni support List of Major Donors List of Donors Clubs List of individual donors Governance 34 Income statement 35 Contacts 36 3

4 Key figures ALLOCATION OF FUNDS (IN K ) 3563 Scholarships and student aid e 6.3m for HEC e 7.9m for HEC + 25% Research Teaching and faculty International communications Chairs Fund raising and operational costs EVOLUTION OF HEC FOUNDATION REVENUE + 36% e 10.4m e 14.1m Financial Products e 5.6m e 7m Alumni e 3.4m Corporations

5 From the President e 78m in accumulated pledges e 14.1m in resources in 2010 e 15m in endowment funds 112 Major Donors 345 Donors Clubs 4,300 Donors (of which 2,200 in 2010) 50 Corporate partners (of which 15 chairs and centres) The globalization of the economy, coupled with the growing competition among the world s leading institutions, has significantly added to the school s challenges. HEC Paris however has turned what could have been stumbling blocks into opportunity. Indeed, in recent years, HEC Paris has successfully built an internationally renowned faculty and provided the best students, irrespective of their financial means, with a world-class education. The exemplary work of Dean Bernard Ramanantsoa and his team is not only responsible for making HEC Paris a reference in the world of management education, but also for the school being recognized today as the number one European Business School. However, to maintain this leadership position and pursue its ambitious goals, HEC Paris needs additional resources. In 1972, alumni joined forces and created the HEC Foundation with a vision of developing the school s strengths and reputation. Today, thanks to the growing support of alumni and corporate partners, we have raised e 77m in pledges towards the five-year Campaign objective of e 100m. Our dual mission remains constant: - raise the funds necessary for the strategic development of HEC Paris (9% of the budget in 2010) - build an endowment fund to ensure the school's future development In 2010, the Foundation collected e 14.1m in revenue, which allowed us to allocate e 7.9m to HEC projects. These revenues also increased the Foundation s capital by e 5.6m, bringing it to a total of e 15m. It is of the utmost importance that we increase these efforts in It will mean that we can continue to admit students based on their academic potential, irrespective of their financial means, and that we can continue to attract the best candidates worldwide. And last, but certainly not least, it will mean that we can continue to provide students with a world-class education and produce cutting edge research. The HEC Foundation is a strategic partner, enabling the school to face the new challenges that come with its worldwide development. More than ever, we need our community to rally behind the school. Your support will be the key to the success of HEC. Daniel Bernard (H.69) President, HEC Foundation 5

6 Financing scholarships HEC Paris is firmly committed to two very important goals: providing equal opportunity to all students and ensuring an economically diverse student body. This no doubt explains why HEC Paris is the first business school in France to offer free tuition to state scholarship students. The HEC Foundation is equally committed to these endeavours. Indeed, the Foundation is devoted to reaching the French government s goal of admitting, over the coming years, 30% of the State s scholarship students into its most prestigious schools. Socially-minded scholarships HEC for all Tuition-free HEC This measure - a first in France exempts State scholarship students (CROUS based on social criteria) from paying tuition at HEC, while maintaining the school s tradition of a highly selective admissions process. Since 2009, this measure has increased the number of scholarship students on campus by 27%. Financing: 800,000 Scholarships for excellence - preparatory classes The HEC Foundation and HEC Paris are actively involved in assisting students from modest backgrounds, from the time of preparatory classes. These scholarships provide students with the oxygen and financial support they need to vigorously pursue their studies with peace of mind. The scholarships are awarded to approximately 40 students from four preparatory classes who did extremely well in the HEC admissions testing: Henri IV and Louis le Grand in Paris, Sainte-Geneviève in Versailles and Saint-Jean in Douai. Financing: 128, m provided by the HEC Foundation to the school s budget for student scholarships (representing 44 % of the allocated funds) 200 scholarship students from the Grande Ecole receive full scholarships in % of scholarships (full or partial) to the Grande Ecole in K One year of studies at the Grande Ecole. The average socially-minded scholarship for the Grande Ecole is 6,000 A donation of 1,000 funds a student s tuition for a month, and costs 340 after deduction of the IRPP tax, and 250 after deduction of the ISF tax. Mentoring for success at HEC On July 5th 2010, HEC Paris, the Alumni Association and the HEC Foundation concluded a partnership agreement with the Frateli Association. The aim of this partnership is to provide, each year, 20 preparatory class students with support and a young mentor. These young mentors are professionally active graduates of HEC. In addition, 7 tutors - students of the Grand Ecole - provide academic support to the Frateli mentees during the school year. Financement: 60,000 6

7 The HEC foundation also finances scholarships for international students of academic excellence. Ensuring that the school is truly international is a development priority. It is also essential so that the school continues to be recognized as one of the leading institutions worldwide. International scholarships Scholarships for foreign students admitted to the MBA program are a decisive element in the competition among international business schools for attracting the best students. Financing: 955,000 Scholarships for academic mobility help students of the Grande Ecole who have financial difficulties to take advantage of University exchange programs or to complete a non-paying internship abroad. Financing: 395,000 Scholarships for excellence awarded to students admitted directly into the second year of the Grande Ecole contribute to the school s ability to attract the best students. Financing: 295,000 Honorary zero percent loans exist as well to provide complementary financial aid to certain MBA students. Financing: 230,000 1 HEC placement in the ranking for the best European business schools, for the fifth consecutive year (source: Financial Times, 2010) 9 placement in the MBA ranking by The Economist for European business schools in 2010 (moved up 5 places since 2009) 85% of international students in the HEC MBA programme 35 nationalities A donation of 500 finances a scholarship for international academic mobility and costs 170 after IRPP deductions, 125 after ISF deductions. PhD scholarships These scholarships, based on recognition of academic excellence, enable the high-level training of future teachers-researchers. PhD scholarships are also crucial for driving awareness of HEC throughout the world. At the beginning of the school year in 2010, there were 82 PhD students in the HEC Paris doctoral program, of which 42% were from abroad. Financing: 700,000 7

8 Testimonials Aditi Sinh (MBA.10) India, scholarship student I worked in Marketing for four years before coming to HEC. Because of its outstanding reputation, doing an MBA at HEC was a longtime dream. The dream became a reality when I discovered that financial aid was available to students like me. Now I can pursue my career in Marketing enriched with the incredible experience I have had, both personally and professionally. None of this would have been possible without the HEC Foundation and its generous donors. yohann Ségalat (H.14) CROUS Scholarship, ex-mentee and current Frateli tutor The new tutoring program is a huge step forward by Frateli and our school in supporting social equality. I am delighted to be part of the first team of tutors. Having been a State scholarship student and a Frateli mentee myself, from the time of my preparation classes, it is such a pleasure to help and guide the next group of mentees. Virginie Lefebvre et Jamila Karakhi (H.14) CROUS Scholarships "Having the opportunity to receive an HEC scholarship, as of the preparatory class of Lycée Saint Jean in Douai, freed us from worrying about financial issues. The message from the Foundation was loud and clear: HEC is for us too. Don t be afraid of your ambitions! In addition, our tuition-free status provided us with a unique support system, which allowed us to fully appreciate our time at the school. We experienced first hand the encouragement and trust that the HEC Foundation gives to its scholars. That is something we will never forget. Their commitment, above and beyond what is necessary, touched us personally. We truly hope that the donors will continue to support the Foundation so that it can continue its extraordinary work. yoël Zaoui (H.82) Head of investment banking division EMEA, Goldman Sachs International, Major Donor, Honorary Member Higher education is one of the most important criteria for differentiating people in the world today. I will always be grateful to HEC for having allowed me to pursue a passionate career. Now it is my turn to help talented students without financial means have their chance as well. Olivier Sibony (H.88) President of the pedagogy and diversity committee at the HEC Foundation, Associate at McKinsey Paris, Major Donor As President of the Pedagogy and Diversity Committee, I decided to become a donor because of the Foundation s firm commitment to equal opportunity. In today s world, if you don t come from a certain social background, everyone, including your family and school advisors, will try to persuade you not to do the preparatory classes required for entry into the most prestigious French schools. It is not, in fact, these institutions that are socially biased, but rather society that is self-censoring! The Foundation helps young people escape this trap thanks to scholarships and by sponsoring students of modest means for preparatory classes." 8

9 THE HEC FOUNDATION'S SUPPORT FOR SOCIALLy-MINDED SCHOLARSHIPS SINCE 2008 Olivier Sibony 1,600 Ke 1,400 Ke 1,200 Ke 1,000 Ke 800 Ke 600 Ke 400 Ke Budget 2011 CROUS SCHOLARSHIPS TO HEC SINCE 2006 BY ACADEMIC YEAR Jamila Karakhi et Virginie Lefebvre BREAKOUT OF STUDENT AID IN 2010 BY TYPE OF SCHOLARSHIP BY PROGRAMME Yoël Zaoui 20% 28% 33% 20% 4% 43% 52% 39% 33% Equal Opportunity International Diversity Training of Researchers Grande Ecole MBA PhD Preparatory Jean-Marc et Emmanuel Pradère (H.94) filleul et parrain Frateli 9

10 Financing research Developing knowledge in the areas of management and economics is fundamental to the school s position as a leading academic institution. Thought leadership is also critical for ensuring the high reputation of French business education throughout the world. By financing research, the HEC Foundation helps to spread the schools academic expertise and supports the production of cutting-edge research by HEC faculty. Competitive research A research-friendly and stimulating environment needs to be in place to produce quality research that is recognized worldwide. That type of environment also helps to drive innovation within the school s pillars of excellence. Financing: 567,000 Since 2006, the number of quality publications in the best academic journals has almost tripled, thanks to the support we have been able to provide our professorresearchers. These publications are a critical factor in the international rankings. Financing: 366,000 By facilitating access to international, reference databases, which correspond to specific research criteria, we make it easier for our faculty to leverage information and thereby produce research of the highest quality worldwide. The participation of professors in academic conferences encourages exchange and influences faculty performance. Financing: 338,000 Research chairs Thanks to the support of our corporate partners, HEC creates themed chairs for academic research and teaching. The objective is to develop a long-term theorist-practitioner partnership, which generates expertise and concrete applications for the corporate world. A chair is also an opportunity to recognize the academic excellence of specific professors and to provide them with the means to pursue their research. Financing: 815, m provided by the HEC Foundation to the school s research budget in 2010, representing 2/3rds of HEC's total research budget 110 full-time professorsresearchers at HEC, of which 55% come from abroad (29 different nationalities) 34 leading academic publications written by HEC faculty out of 90 articles published in scientific journals in chairs and centres for research and teaching, of which 5 new chairs in 2010 A donation of 300 enables the acquisition of five specialized books, facilitating the work of our researchers. This donation costs 102 after IRPP deductions, or 75 after ISF deductions. 10

11 Financing international development Teaching and the transmission of knowledge are at the heart of the school s mission. A dynamic, well-trained and international faculty forges innovative teaching, which in turn increases knowledge sharing. Teaching innovation High-level teaching projects are often awarded and contribute to the creation of international case studies and new teaching modules. Professors and students alike are inspired by these projects (HEC Foundation Prize). Financing: 372,000 Cutting edge tools for technology and teaching create a stimulating learning environment for the professors and students that have access to them. Financing: 336, m provided by the HEC Foundation to the school s budget for pedagogy in new full-time professors recruited in of which 9 are from abroad 45 visiting professors hosted by HEC in 2010 to ensure teaching diversity An international education Several factors contribute to the school s ability to deliver an international education: recruiting international professors, hosting visiting professors and providing training opportunities in education (individual coaching, participation in seminars such as the International Teachers Program). Financement: 492,000 A donation of 5,000 helps to create a new case study and costs 1,700 after IRPP deductions, or 1,250 after ISF deductions. The international visibility of HEC Paris increases significantly through targeted communications and academic partnerships (dual-diplomas, exchange programs). Financing: 606,000 A new Executive MBA program was launched in Russia and China. Financement: 463,000 11

12 Testimonials Rodolphe Durand (H.93) Professor of Strategy and Corporate Politics Chaired Professor GDF SUEZ The financial support of the Foundation is essential to our research at HEC. Thanks to this funding, our Society and Organization Research Centre can develop its activities, organizing academic events of international stature for example, such as the Medici Summer School (run in partnership with New York University and the University of Bologne). The funds also help finance numerous research doctorates in areas that are of particular importance to the centre. Within the Business and Sustainability Chair, theses are developed, for example, on the study of the links between a corporation s position on the environment and their reputation or on the development of renewable energy. Kristine de Valck Professor of Marketing, Recipient of the HEC Foundation prize for the 2010 best article by a professor I was very honoured to receive the prize for the best article in 2010 from the HEC Foundation. It was concrete recognition of both the relevance and managerial interest in the topic. I am truly delighted. Writing this article gave me the opportunity to engage with senior management on the results of my research and I hope that new projects will develop from these exchanges. The HEC foundation is an important source of support for my work. I am particularly grateful for the involvement of the Foundation in research at HEC. Henri de Castries (H.76) Chairman and CEO of AXA, Major Donor, Benefactor More than ever, the ability of French institutions of higher education to compete is essential for our country to be able to compete as well. To prosper in a global economy, we need to rally behind these institutions of higher learning, as do our international competitors who strive for excellence. It is precisely with this conviction that the AXA Chair for Decision Sciences was established. The objective of the Chair is to better understand how decisions are made in order to minimize risk. With this Chair, AXA would like to provide long-term support for outstanding research in the areas of risk on human life, society and the environment. François Séguineau (E.87) Executive Vice-President of Toshiba Systems France, President of the Research Committee of the HEC Foundation, Member of the Bronze donors club Thanks to the financial means of the Foundation, the Research Committee, composed of representatives from the Foundation s corporate partners, has been able to support faculty research projects. Over four years in France, HEC has become a leader in research and has thereby moved up in the Financial Times rankings from 20th to 3rd place in Europe. Today HEC is recognized, at a global level, as an institution of academic research. A big thanks to all of the donors whose support has allowed us to reach this important objective. Jean-Noël Barrot (H.07) PhD student in Finance 2011 The doctorate program at HEC is recognized as one of the world s outstanding training programs because of its extremely international faculty who conducts high-level academic research on business management. I thank the HEC Foundation and its donors for my scholarship, without which it would have been particularly difficult for me to pursue my vocation as a teacher-researcher.. 12

13 Awards Ceremony for the HEC Foundation Prize the 2 nd of December 2010 The 2010 edition of the HEC Foundation prize, in its 34 th year, recognized the outstanding work of value creators in management sciences. Eight juries, comprised of business partner representatives and donors, contributed their time to select the best student work (Grande Ecole, Specialized Masters, MBA, Executive MBA) and professors (PhD Thesis, Teaching Innovation, Faculty Article, HEC Professor, Researcher). 13

14 Corporate support HEC Paris and the Department of Corporate Relations have maintained a tradition of partnering with the business world. The annual corporate memberships and financing of Chairs is a direct result of the cooperative nature of these relationships. Representatives from our partner companies are invited to get involved in committees and the HEC Foundation prizes. The corporate partners special access to the campus enables them to participate in events and conferences where they have the opportunity to establish privileged contacts with students, particularly during the HEC Carrefours and recruitment fairs. 7th edition of the Legal and Fiscal prize A jury of 20 people composed of representatives from the corporate world, associates from Allen & Overy and members of HEC faculty, auditioned and designated the three best research reports by students majoring in Fiscal Strategy and International Law and Masters in Law and International Management. 13th Edition of teaching awards Pierre Vernimmen, BNP Paribas The Vernimmen Prize awards two professors for excellence in their teaching and pedagogy of HEC programs. 17th edition of the Grand Prize of Marketing L Oréal-HEC Geoff Skingsley, Vice-President of L Oréal in charge of Human Relations, Bernard Ramanantsoa, President, and professors from the HEC Paris Marketing Department honoured the three winners of the 17th edition in March How to become a corporate partner and support the HEC Foundation? To join the 50 corporate partners of the HEC Foundation and develop a privileged relationship with the school, there are three options: finance a research centre, establish a teaching chair or become a partner. Your company s donation is deductible up to 60%, with a limit of 5 /oo of the company s revenues (Art. 238 bis du C.G.I.). 50 member companies of the HEC Foundation by way of a partnership or chair 4 new chairs in GDF SUEZ, Business and Sustainability - Gucci Group, Strategy in Luxury Business - Société Générale joined the Deloitte Chair in Finance and Energy - Schneider Electric joined the Social Innovation Business chair alongside Danone 2 companies joined the «Visions of Leadership» Centre - Alcatel-Lucent - MSD China Ltd 2 new company partners - Beijaflore Rothschild 14 Contacts: Bérangère Pages, Director of Corporate Relations Tel: +33 (0) pages@hec.fr Hélène Bermond, Associate Director Tel: +33 (0) bermond@hec.fr

15 List of Corporate Partners From 1st of January to the 31st of December 2010 A chair allows a company to create a unique and long-term relationship with HEC Paris and its faculty. Companies that sponsor chairs are also extremely visible to students as well as to the academic and business communities. Research and Teaching Chairs ACCOR AIR FRANCE SNCF Management of Services DELOITTE - SOCIETE GENERALE Energy and Finance EDF New Business Models in Energy GDF SUEZ Business and Sustainability GUCCI GROUP Strategy in Luxury Business PERNOD RICARD Management for Prestigious Brands RENAULT - POLYTECHNIQUE - HEC Multicultural Management and Company Performance In partnership with DANONE et SCHNEIDER ELECTRIC Research Chairs for Socially Innovative Business / Companies and Poverty Research Chairs ATOS ORIGIN Growth Strategies and Integration Management AXA Decision Sciences FEDERATION BANCAIRE FRANÇAISE - UNIVERSITE PARIS DAUPHINE - HEC Corporate Finance MORGAN STANLEY / UNIBAIL-RODAMCO Real Estate SFR Marketing Centre Hedge Fund Centre BNP PARIBAS Hedge Fund Centre L'OREAL ALCATEL-LUCENT MSD China Ltd Leadership Vision Permanent chair The company provides a capital donation of 1,250 K. Multi-year chair The company donates 250 K each year for 5 years, renewable Partner companies benefit from being associated with the development of HEC Paris while at the same time enhancing their image and presence among students on different programs. Accenture Accor Air France Alcatel-Lucent Allen & Overy Allianz APC by Schneider Electric Association des Diplômés HEC Atos Origin AXA Bain & Company Beijaflore BNP Paribas BPCE Capgemini Consulting CMS Bureau Francis Lefebvre Crédit Agricole S.A. Danone Deloitte EDF Ernst & Young Exane Freshfields Bruckhaus Deringer LLP GDF SUEZ GE Gide Loyrette Nouel A.A.R.P.I. Gucci Group KPMG Linklaters L Oréal McKinsey & Company Morgan Stanley MSD China Ltd Neopost Nomura Ogilvy Pernod Ricard PricewaterhouseCoopers Procter & Gamble Publicis Renault Rothschild Sanofi-Aventis Schneider Electric SFR SNCF Société Générale Thomson Reuters UBS Unibail-Rodamco Partnership: Annual membership fees are 55 K, renewable for 4 years 15

16 Alumni support HEC alumni have become more and more supportive of the development campaign. This is a true testament to their loyalty and enthusiasm for the school. In just two years, the number of alumni giving to the HEC Foundation has doubled, with almost 2,300 graduates making donations in The support of each graduate is so important. It reflects the strength of our network, which in turn inspires companies to contribute to the school s development. The success of our campaign and the ability of the school to maintain its leadership position therefore depend on this support. Young graduates are leading the way in giving with the ever-increasing success of the Class Gift. This generous initiative by 3rd year students consists in organizing a fund-raiser at the end of their studies on campus. Whether individually or collectively, HEC welcomes all levels of support. In 2010, classes, regional groups and international/professional Associations carried out numerous projects in support of the HEC Foundation. Notably, many of these projects were developed to help finance scholarships promoting equal opportunity. Examples of collective actions in 2010 Class Events Amount promised Participation H.10 - H.60 Class Gift 252,010 82% H.70 Graduated 40 years ago 815,000 7% H.80 Graduated 30 years ago 305,000 5% H.85 Graduated 20 years ago 227,000 17% H.05 Graduated 10 years ago 15,000 20% H.87 Jean-Louis Rambaud Fund 530,000 16% Alumni groups Amount promised Participation United 4.780,000 11% Kingdom United States 2.300,000 6% Switzerland 900,000 5% Internationally United Kingdom Karim Saddi (H.97), who succeeded Jean-Luc Allavena (H.86), is President of a very active campaign committee working to support the development of HEC. A foundation was created to facilitate fiscal deductions for UK residents. As a result, almost 5 Me have already been pledged by more than 11% of graduates based in London. In 2010, the Friends of HEC Charitable Trust provided 250 Ke to finance pedagogical projects and 280 Ke for need-based scholarships. United States As of October 2009, a campaign committee presided by Alain Lebleu (H.70) gave a huge helping hand to the trustees of the Friends of HEC Inc., an American foundation created in 2007 by Elsa Berry (H.80) and Pierre de Ravel (H.68). These efforts enabled fund raising among alumni based in the United States and generated more than e 2m in pledges. In 2010, these funds financed close to e 200m of merit based scholarships for American MBA students at HEC. Switzerland Since the launch of the campaign in Switzerland at the annual HEC meeting in Montreux on the 6th of November 2010, HEC alumni have rallied to support their school, raising more than 900 Ke in donation pledges. Thanks to our partnership with the Swiss Philanthropy Foundation in Geneva, donors who reside in Switzerland benefit from local fiscal reductions. 16

17 BNP Paribas Conference in London 2010 Class Gift Team 17

18 How to become a donor of the HEC Foundation In France, the HEC Foundation, a state-approved organization, offers taxpayers significant fiscal advantages. As a donor, a fiscal receipt will be sent to you upon reception of your donation. Revenue tax (IRPP) 66% of a donation is deductible from revenue taxes, with a limit of 20% on taxable revenue (donation to be made before the 31st of December). A donation of 300 costs 102 after tax deductions. Revenue on wealth (ISF) 75% of a donation, once it is made, can be directly deducted from the tax due, with a limit of 50 K (donations to be made before ISF declaration the 15th of June). A donation of 1,000 costs 250 after tax deductions. Umbrella Foundations The HEC Foundation is the first sheltering Foundation dedicated to higher education and research in France. Private foundations entitled sheltered may come under the aegis of the HEC Foundation, which allows donors to benefit from the expertise of a secure structure for developing personalized philanthropic projects. Legacies, donations, life insurance The HEC Foundation is qualified to accept legacies, simple donations or temporary usufruct donations as well as life insurance policies. Your solicitor or wealth management advisor should be able to council you on the steps that need to be taken. You are of course welcome to contact the Foundation for any information you might need. In France Check made out to the HEC Foundation, at the following address: Fondation HEC - 1, rue de la Libération Jouy-en-Josas Cedex fondation@hec.fr - Tel: +33 (0) Wire transfer to the bank account: Fondation HEC BNP Paribas Centre d Affaires Ile-de-France Ouest Entreprises IBAN: FR SWIFT or BIC: BNPAFRPPIFO In the United Kingdom Check or wire transfer to: Friends of HEC Charitable Trust c/o HSBC Bank Plc, London Account name: Friends of HEC Charitable Trust Sort code: A/C number: SWIFT: SMCOGB2P - IBAN: GB20SMCO Contact: Olivier Saez (H.05) Flat 6, Eagle Wharf Grosvenor Road SW1V 3JS London saezolivier@hotmail.com - Tel: In the United States Check made out to Friends of HEC Inc. Contact: Pierre de Ravel (H.68) Dewey & LeBoeuf, 1301 Avenue of the Americas, New York, NY USA pderavel@deweyleboeuf.com Tel: Fax: In Belgium Wire transfer to the Fondation du Roi Baudouin account number , reference TGE-HEC-France. Contact: Ludwig Forrest forrest.l@kbs-frb.be - Tel: In Switzerland Wire transfer to the Swiss Philanthropy Foundation, CH-1206 Geneva UBS SA, PO Box, CH-1211 Geneva 2 Swift/BIC: UBSWCHZH80A Reference: TGE Fondation HEC Contact: Mr Mael Steiner C/O WISE- P.O. BOx CH 1211 GENEVA 4 Tel: contact@swissphilanthropy.ch Website: Contacts: Barbara de Colombe, Executive Director of the HEC Foundation Tel: +33 (0) decolombe@hec.fr Sandra Morand-Bouscal, Director of Development, Alumni Relations Tel: +33 (0) morand-bouscal@hec.fr 18

19 Circle of Major Donors Circle of Major Donors Accrued donations (pledges over five years) Grand HEC 5 millions Major Benefactor 2 millions Benefactor 1 million Honorary Member 500,000 Partner Member 250,000 Member 150,000 The exemplary generosity of our Major Donors is reflected in its privileged relationship with the HEC Foundation and the school. Grand HEC Philippe Foriel-Destezet H58 Benefactors Pierre Bellon H54 Daniel Bernard H69 Henri de Castries H76 François-Henri Pinault H85 Didier Pineau-Valencienne H54 Valérie Taittinger-Colloredo H94 Honorary Members Jean-Luc Allavena H86 Pierre Andurand M00 René-Pierre Azria H78 Olivier Combastet MBA86 Pierre-Antoine Gailly H75 Sylvain Hefes H74 Bertrand Léonard H85 Bernard Parent H61 Yoël Zaoui H82 Partner Members Donald Bryden H74 Tony Chedraoui H00 Paul Dini H60 Loïc H97 & Olivia Féry MBA98 François Feuillet H70 Thierry Flecchia H84 Philippe Ginestié H66 Eric Lombard H81 Bernard Méheut H60 Bruno Moineville MBA88 Frank Piédelièvre H79 Guillaume Poitrinal H89 Pascal Stéfani H88 Laurence MBA80 & Jean-Marie Hennes MBA80 Président d honneur, Adecco Président du Conseil d Administration, Sodexo Président de la Fondation HEC; Chairman, Kingfisher plc; Chairman, M.A.F Retail Group; Président, Provestis; Senior Advisor, Tower Brook Partners Président Directeur Général, Groupe AXA Président Directeur Général, PPR Président d'honneur, Schneider Electric; Président du Comité d'investissment, Sagard Private Equity Partners Co-Fondatrice, Little Chef Associé, Apollo Management International LLP; Président d'honneur de l'association des Diplômés HEC et de la Fondation HEC Managing Partner, Chief Investment Officer, BlueGold Capital Management Président, Tegris LLC Président Directeur Général, Pergam Finance Président, Chambre de Commerce et d Industrie de Paris Senior Advisor, Rothschild & Sons Ltd Directeur Général Délégué, Exane Responsable Investment Banking Division Europe, Goldman Sachs International Senior Advisor, Oaktree Capital France Founder and Chief Investment Officer, Tyrus Capital Président, Finadin Président Directeur Général, Chenavari Président Directeur Général, Trigano Président, Flinvest Associé, Cabinet Ginestié Magellan Paley-Vincent Président Directeur Général, BNP Paribas Assurance Président Directeur Général, IDI Asset Management Partner, Altice Président & Chief Executive Officer, Bureau Veritas Président Directeur Général, Unibail-Rodamco Gérant, Advent International Executive Vice-President Mars & Co; Président d Honneur de la Fondation HEC 19

20 Circle of Major Donors Stéphane Richard H83 Members Jean-Paul Agon H78 Joseph Audi H71 Makram Azar H90 Jean-Luc Bélingard H71 Sébastien Breteau M97 Séverin Brizay H93 Pascal Cagni MBA86 Yves Canac H76 Philippe Capron H79 Vianney de Chalus H77 Cyrille Chevrillon H76 Hervé Claquin H73 Christophe Cremer H76 Frank Dangeard H80 Pierre Danon MBA80 Denis Duverne H74 Michel de Fabiani H67 Jean-Marie Fabre H71 André François-Poncet H80 Nathalie H99 & Mathieu Gaveau H98 Nicolas Giauque H93 Bruno Grob H72 Isabelle Guichot H86 Jean-Jacques Guiony H84 Guillaume d'hauteville H85 Pascal de Jenlis H73 Frédéric Jousset H92 Hubert Jousset H65 Claude Jouven H62 Pierre Kosciusko-Morizet H99 Pierre de Labouchère H76 Henri Lachmann H61 Bruno Lafont H77 Henri Lagarde H63 Gaël Dutheil de La Rochère H88 Jean-Louis Laurens H77 Marc-Olivier Laurent H75 Alain Lebleu H70 Yann Leca H88 Pierre Ledoux H35 Philippe Le Bourgeois H86 Pierre-Louis Le Faou H71 Jean-Jacques Lejal H77 Jacques Lehn H65 Jean-Claude Le Lan E91 Evelyne & Michel Léonard H70 Directeur Général, France Télécom Président Directeur Général, L Oréal Président, Interaudi Bank Managing Director, Head of Investment Banking Middle-East & North Africa Barclays Capital Président Directeur Général, biomérieux Chief Executive Officer, Asia Inspection Managing Director, JPMorgan - Investment Banking France General Manager & Vice President, Apple Europe, Middle East, India and Africa Co-dirigeant, Conseil Audit et Synthèse Sarl Membre du Directoire Chief Financial Officer, Vivendi Président, Chalus Chegaray & Cie Directeur Général et Membre du Comité Exécutif, Candover Partners Ltd et Associé Gérant, Chevrillon & Associés SCA Président Directeur Général, Abénex Capital Directeur Général, Prestashop, Fondateur, MeilleurTaux.com Managing Director, Fondateur, Harcourt Chief Executive Officer, Numéricable Completel Directeur Général Délégué d AXA, Finances, Stratégie et Opérations Ancien président de BP France et Vice président Europe du groupe BP Président, Parvilla Managing Partner, BC Partners Founder & Chief Executive Officer, Shopvolution Ltd / Global Head IR Options & Exotics, BNP Paribas SA Gestionnaire de Fonds, Noonday Asset Management LLP Président, Otis President and Chief Executive Officer, Balenciaga Directeur Financier, LVMH Président Directeur Général, Samaritaine Vice Chairman EMEA, Banque Nomura France Président, Hameur & Cie Président, co-fondateur, Webhelp Président, Gefip Ancien Président, Citibank Conseiller d'etat honoraire Fondateur, Président Directeur Général, Groupe PriceMinister President & Chief Executive Officer, J.T. International SA Président du Conseil de Surveillance, Schneider Electric Industries SAS Président Directeur Général, Lafarge Président Directeur Général, Fédal Regional Adviser, IK Investment Partners SAS Associé-Gérant, Banque Rothschild & Cie Associé-Gérant, Banque Rothschild & Cie Président, ATC Group Inc. Chief Executive Officer - Supplier Group, Polyconcept Associé-Gérant, Banque Rothschild & Cie Président, LFC Partners Associé Gérant, Capital Industries & Associés Senior Advisor, Goetz Partners Corporate Finance Président du Conseil de surveillance, Argan SA Gérant, SARL Bellavoine, Administrateur de Sociétés 20