Associates Meeting May 30th, Stanford Management Company CEO's

Laurance R. (Laurie) Hoagland, Jr.
Vice President and Co-Chief Investment Officer of the Hewlett Foundation

Laurie Hoagland is the Vice President and Co-Chief Investment Officer of the Hewlett Foundation. Prior to joining the foundation in January 2001, he served for nine years as President and CEO of Stanford Management Company, Stanford University’s $20 billion investment and real estate organization.

For the 11 years prior to joining Stanford in 1991, Mr. Hoagland was a co-founder and partner in the investment management firm of Anderson, Hoagland and Company in St. Louis. He has also held positions as Vice President and Treasurer of Cummins Engine Company, and Vice President and Portfolio Manager of the Irwin Management Company in Columbus, Indiana.

Laurie is currently Chairman of the Board of the Commonfund and serves on the boards of the Louisville Presbyterian Theological Seminary and the Berkeley Endowment Management Company. He is Chairman of the Investment Advisory Committee of the Howard Hughes Medical Institute and serves as an advisor to the investment committees of the David and Lucile Packard Foundation, and the Kamehameha Schools (Bishop Trust). He served as an advisor to the Investment Committee of Caltech from 2005 to 2009, on the Board of the Lucile Packard Foundation for Children’s Health from 1999 to 2005, as a member of the Finance Committee of the Rockefeller Foundation from 1995 to 2001, and as a Director and Chairman of the Investment Committee of the Board of Pensions of the Presbyterian Church from 1981 to 1992.

Mr. Hoagland graduated from Stanford University in Economics in 1958, as a Marshall scholar received an MA in Philosophy, Politics and Economics from Oxford University, and earned an MBA from Harvard in 1962.

Michael G. McCaffery
Co-Founder and Chief Executive Officer of Makena Capital Management

Mike McCaffery is Co-Founder and Chief Executive Officer of Makena Capital Management. From September 2000 to June 2006 he was the President and CEO of the Stanford Management Company, the university subsidiary charged with managing Stanford University’s financial and real estate investments. Prior to Stanford Management Company, Mr. McCaffery was Chairman and Chief Executive Officer of Robertson Stephens & Company, a San Francisco based investment bank and investment management firm.

Mr. McCaffery holds a BA from Princeton University; a BA honors and an MA as a Rhodes Scholar from Merton College, Oxford University, Oxford, England; and an MBA from the Stanford Graduate School of Business.

Mr. McCaffery is a director of KB Home, C3, LLC and RS Investments. Mr. McCaffery is a member of the advisory boards of Accel Ventures, Crosslink Capital, Sageview Capital and Silver Lake Partners. Mr. McCaffery is a trustee of the Rhodes Scholarship Trust.

John F. Powers
President and CEO of the Stanford Management Company

In June of 2006, John F. Powers was appointed President and CEO of the Stanford Management Company. Stanford Management Company (SMC) was established in 1991 to manage Stanford University’s financial and real estate assets. Today, SMC oversees over $16.8 billion of endowment and trust assets, temporarily-invested expendable funds, and commercial real estate investments. SMC plays an important role in building and maintaining a strong financial foundation to support the University’s teaching, learning and research mission. SMC is a division of the University, governed by a Board of Directors who are appointed by the Board of Trustees of the Leland Stanford Junior University.

From 2002 to 2006 Mr. Powers served as the Managing Director, Director of Research and was a member of the Investment and Management Committees at Offit Hall Capital Management LLC. Offit Hall was an investment advisory firm with offices in San Francisco and New York with more than $20 billion under advisement for approximately 130 clients as of March 31, 2006.

From 1992 to 2002 Mr. Powers worked at Robertson Stephens, Inc. He was Managing Director and Director of Research and served on the Management and Executive Committees. He initially joined Robertson Stephens as an equity analyst in the Communications area.

Mr. Powers began his career in marketing research and opinion polling at Cambridge Survey Research. He served as vice president at Yankelovich, Skelly and White, a marketing consultancy firm from 1977 to 1981. Following business school, Mr. Powers worked in the telecommunications equipment industry at ROLM Corporation (1983-1987) Octel Communications Corporation (1987-1990), and Aspect Telecommunications (1990-1992).

Mr. Powers received an A.B. from Cornell University in 1975, and an MBA in 1983 from the Graduate School of Business at Stanford University. He serves on the Boards of Makena Capital Management, LLC, and the San Francisco Ballet, as well as the Investment Advisory Board of Google, Inc.