Harvard Management Company Inc.

“Drew gilpin faust, paul j. Finnegan, and james f. Rothenberg served as the president, treasurer, and fellow, respectively, of president and fellows of harvard college. The following board members were employees of president and fellows of harvard college during the fiscal year ended 6/30/16: robert s. Kaplan katherine n. Lapp thomas j. Hollister jeremy c. Stein”

“During the fiscal year ended 6/30/16, the organization adopted amended and restated bylaws which provide the organization's members the authority to appoint the chief executive officer, after consultation with its board of directors.”

“The organization's members are those persons who constitute the members of the harvard corporation (called the president and fellows of harvard college).”

“The organization's members are those persons who constitute the members of the harvard corporation (called the president and fellows of harvard college). Directors are elected by the members.”

“The members have such powers and rights as are vested in them by massachusetts general laws, and, pursuant to the organization's by-laws, have such other rights and powers as the members may determine.”

“A draft of the form 990 is prepared by hmc staff and is reviewed by management and an independent accounting firm before being provided to the board and outside advisors for review and comment. Comments are integrated into the form 990 and the board of directors is provided with a final copy of the form before it is filed.”

“The organization regularly and consistently monitors and enforces compliance with its conflict of interest policies, which apply to all members of the board of directors and to all employees. Procedures are in place to identify conflicts of both directors and employees. The board is provided with quarterly compliance reports regarding conflicts of interest and an annual conflict of interest questionnaire is distributed to the board. If a director becomes aware of a potential conflict, he or she is required to immediately disclose such conflict to the chief compliance officer. Director conflicts are handled by board deliberation and board vote from which the interested director is excluded. Employee conflicts are handled by the compliance department and in certain instances may require separate board action. Form 990, part vi, section b, line 14: the organization has a written document retention and destruction policy, however, the organization's board of directors has not formally adopted the policy.”

“With respect to the president & chief executive officer of the organization, key senior management, and many investment professionals, the organization follows a compensation approval procedure annually that involves approval of proposed and final compensation arrangements by the finance and compensation committee of the board and subsequently the full board of directors using comparability data, as well as contemporaneous documentation of compensation decisions in the minutes.”

“Audited financial statements and articles of organization are made available to the general public through the commonwealth of massachusetts office of the attorney general and the office of the secretary of state of the commonwealth of massachusetts, respectively. The organization's conflict of interest policy is not available to the general public.”

“The organization's directors who receive compensation from a related organization are employees of president and fellows of harvard college. These individuals are compensated by president and fellows of harvard college for services performed as employees of that related organization. During the calendar year 2015, stephen blyth, hmc's president and ceo, held a senior faculty position at harvard university for which he received a nominal salary of $1 per month. None of dr. Blyth's compensation from hmc related to his teaching position at the university.”

“Amounts disclosed in part vii, section b are total disbursements made by the organization to the identified independent contractors. The organization pays certain professional fees on behalf of related organizations and is subsequently reimbursed by the appropriate related organizations. These reimbursed amounts are included in amounts reported in part vii, section b. These amounts are allocated to the related organizations for financial reporting purposes and are not reflected in the filing organization's functional expenses reported in part ix.”

“Stephen j. Blyth, hmc's president and ceo, took a leave of absence effective 5/23/16 and ceased being an ex officio director as of 5/23/16. In his absence, robert a. Ettl, hmc's treasurer and coo, served as interim president and ceo, and became an ex officio board member on 5/23/16.”