BUSINESSnew results.

UNUSUALnew rules.

RoBERt toIgo FoUNdAtIoN ANNUAL REPoRt

2012 was a year of formidable transformation within the Finance industry—and for Toigo. As a non-profit solely dedicated to a world-changing business sector, our work to sustain our mission obligated us to respond to mounting requirements to critically examine the manner in which we operate to ensure continued stakeholder value, relevance and impact.

At the heart of Toigo’s success are the relationships and partnerships we have forged over the years—fueled by a brand of excellence, service and transparency—tools which allowed our strategies for 2012 to result in the achievement of programmatic objectives despite the challenging landscape. Demonstrating the agility to thrive during these times, we—once again—showcased our skillful ability to manage through uncertainty while positioning ourselves to take full advantage of the opportunities the “new normal” would present for talent and for greater multicultural perspectives in years ahead.

Nancy A. SimsPresident & CEOToigo Foundation

Business Unusual…reflects a new time in our lives, in our industry and in our nation. For business enterprises—whether global corporate, emerging managers or non-profit—these times required greater innovation and trans-formation to meet increasing demands for service and results.

DirECT PrOgrAm ExPENSES

81%

mANAgEmENT & ADmiNiSTrATiON

14%iNDirECT ExPENSES

5%

Business Unusual meant a shift from aggressive program expansion…(as announced in 2011) to emphasis on core programming in 2012—especially given the uneven state of both charitable giving and the employment landscape. Toigo executed skillfully amidst an uncertain donor environment to fulfill its commitment to deliver direct programming benefitting its Fellows and Alumni and conservative expenditure of costs for management and administration and indirect programming.

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Pictured top left Founder & Head of Strategic Alliances Gilt Group

“By opening its doors to me, Toigo has made it possible for me to take an active part in the invaluable community of diverse business executives and leaders.”

Pictured bottom left Director Clarion Partners

“I am incredibly grateful for the contribution Toigo has made to my life, both professionally and personally. It was via Toigo that I ended up at Clarion Partners, where I’ve now been thriving for nine years.”

Pictured bottom right Investment Officer Employees’ Retirement System of the City of Dallas

“The Toigo Family is an extended one, full of people who want to see your success, pay it forward, and give back.”

At the core of the Toigo network are Toigo Fellows and Alumni…

Now more than 1,000 strong.

Learning & Opportunity

As the Finance industry transitioned from the market downturn, there was an almost-simultaneous introduction of new business ventures, restructuring of traditional models and the expectation for new talent, skill and global perspective. For the mBA, doors were opening to career possibilities not previously available coupled with a need to bolster traditional skills with a greater emphasis on knowledge of global markets, new investment strategies and models, and advanced quantitative and management skills. Through our APEx programming, Toigo helped mBA students assess the right focus for career comple-mented by critical mentoring and career guidance to help realize those goals.

Toigo introduced students to experts—most prominently Toigo Alumni—across a variety of investment sectors to educate and inform on the latest trends in the market and careers on the rise. We presented tools for building requi-site skills in traditional areas of Finance as well as in burgeoning areas such as social impact investing, emerging markets and public service—all of which reso-nate with a generation who aims to leverage their finance skills to create a double bottom line impact—their daily work impacting communities in meaningful ways.

Toigo continued to inform, support and promote the ongoing educational and career development of our talent through our Education and Toigo institute Programming offering practical learning, information exchange and networking, and high-touch career management. Through a variety of innovative channels, we aligned our program-ming with the needs of the talent we serve, and the requirements of our partners to forge new pathways for learning, skill building, and career opportunity.

So what does Business Unusual mean for next generation leaders …and their vision of their respon -sibility to help reshape and rebuild a new model of leader-ship grounded in a commitment to community and social enter-prise—while maintaining a focus on growth and opportunity?

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Learn more: http://www.toigofoundation.org/Toigo-Fellowship Become a mentor: http://www.toigofoundation.org/Mentor

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So what does Business Unusual mean for today’s leaders…for the individuals assuming responsibility for ensuring their organizations’ sustainability and growth? How are they preparing their organizations to address the challenges and expectations that may arise?

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Power the Network

To support the critical needs of our post-graduate population—many of whom are senior leaders within the organizations where they work or are emerging as owners of their own business enterprises—Toigo supported forums and events for senior level exchange on industry issues and provided increased support to those adversely affected during this time (through coaching and creating opportunities for networking—essential for re-engagement and retention). For those in job transition, the services provided through ToigoPRO™ offered invaluable comfort, counsel and contacts to accelerate re-entry into the industry.

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Business Unusual stimulates industry dialogue. …To further enhance our potential for impact, we focused the Toigo lens on change and new lead-ership priorities before an audience of more than 800 at our 2012 Annual gala.

Learn more: www.toigogala.org

Legendary journalist Ted Koppel led a thought-provoking panel discussion on new paradigms of leadership. Four prominent industry leaders—molly Ashby, mellody Hobson, Larry Schloss and (Toigo Alumnus) Shundrawn Thomas—joined the panel to share their views on what individuals and organizations are doing to keep the spirit and purpose of their work alive.

The magic of the Toigo network was evident in a room packed with a who’s who of industry leaders and top firms—all brought together to engage one another in discourse on issues impacting us all.

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Business Unusual—a time of reflection. …The passion for giveback took shape in 2012 through the efforts of Toigo Alumni to form a separate 501(c)3 to build a legacy of leadership for the Toigo mBA Fellowship.

The fund—which started with pledges totaling $400,000—continues as a vibrant effort and symbolic statement of the enduring respect and belief in the mis-sion shared by those who have benefitted from the program. As the Foundation’s newest donor, grants awarded support the funding of scholarships and select programming that fosters continuing education of Alumni.

“It was my great honor to be able to repay the wonderful gift that this organization gave me. I am humbled by the Foundation’s commitment to helping others and everything Toigo has achieved for our industry.”

Learn more: http://alumniendowment.toigofoundation.org

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Business Unusual further amplified the increased attention to women in leadership…the desire for the next generation to benefit from the wisdom and insight of those who have already achieved significant success—and the responsibly of established leaders to inspire those who are poised to follow in their footsteps.

The Toigo institute’s groundbreakers Women in Leadership Summit has created a unique setting for women across industries, ethnicities, age groups, and years of experience to have audience with luminaries as keynote speakers, panelists and workshop leaders. The result: cross-generational mentoring, business development, and engagement on topics from women on boards, to entrepreneurship, to cross-cultural dynamics and more. Praised by several media outlets as the first event of its type, groundbreakers—which also features Toigo Alumnae as next-generation leaders—has now become an annually anticipated opportunity for an audience of women nationwide.

Appearing left to right

Abigail Disney (Filmmaker and Philanthropist) Featured as one of four “in the Lead” keynotes.

Toigo Alumna Nicole Pullen-ross (Columbia 1999—Managing Director, Goldman Sachs) Kicked off the Summit with a rousing welcome.

gwen ifill (Moderator and Managing Editor, Washington Week—Senior Correspondent and Co-anchor, PBS NewsHour)

One of the many highlights of the Summit was the opportunity to hear from this groundbreaking journalist.

Lisa garcia Quiroz (Chief Diversity Officer and Senior Vice President, Corporate Responsibility, Time Warner Inc.)

introduces keynote and event moderator gwen ifill.

Learn more: http://groundbreakers.toigofoundation.org

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In 2012, we honored Marcos Rodriguez (Palladium Equity Partners) for seven years of service as the chairman of the board and his passionate advocacy of the Toigo mission.

At the 2012 Gala, Marcos officially passed the gavel to new board chair David Marchick (The Carlyle Group)—who enthusiastically accepted the mantle of responsibility to carry forward the success created during Marcos’ tenure.

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Business Unusual calls for…a board of directors to focus actively on the issues and challenges the organization is facing. Benefiting from a well-established discipline of governance, the caliber of the membership, systematic rotation of members and the responsibility assumed by each to engage with objective and critical thinking, Toigo’s Board of Directors represents the highest standards of governance, diversity and oversight. This allowed for key decisions and directives which supported the strategies and goals of the organization to remain forward-thinking in 2012.

Annual Report Design by Curran & Connors, Inc. / www.curran-connors.com

TOigO Board of Directors 2012 Founder

Sue Toigo Fitzgibbon Toigo Associates

Executive Officers

Chairman David marchick The Carlyle Group Vice Chair Denise Nappier Treasurer, State of Connecticut Treasurer Win Neuger PineBridge Investments Secretary Andrea Beldecos UBS AG

Governing Board

Dan Allen State Universities Retirement System of Illinois Stuart Bernstein Teacher Retirement System of Texas mary Cahill Emory University William Cobb Church Pension Fund David Fann TorreyCove Capital Partners Jay Ferguson Vicente Capital Partners (and Toigo Alumnus) Jose Fernandez StepStone Group Susan graham Ernst & Young LLP Carla Harris Morgan Stanley Eric Holoman Magic Johnson Enterprises Troy Jenkins CB Richard Ellis Investors Kate Jonas BlackRock Henry Jones California Public Employees’ Retirement System Terry L. Jones Syncom Management Company, Inc. Katherine A. Lehman Lincolnshire Management, Inc. melvin Lindsey Artio Global Investors Victor macFarlane MacFarlane Partners Carlyle Peake BBVA Shaka rasheed Citadel (Toigo Alumnus) Janice Cook roberts Kohlberg Kravis Roberts & Co. marcos A. rodriguez Palladium Equity Partners, LLC (Outgoing Chair—June 2012) Howard Sanders Auldbrass Partners Shelley ilene Smith GrayShell Consulting Jim Williams Getty Trust Kelly Williams Credit Suisse

Advisory Board

Christopher J. Ailman California State Teachers’ Retirement System Joe Alejandro Patrolmen’s Benevolent Association Solange F. Brooks California State Teachers’ Retirement System moctesuma Esparza Maya Entertainment John C. Liu Office of the New York City Comptroller Lisa mazzocco University of Southern California Anne Stausboll CalPERS Scott Stedman Yucaipa Companies Ash Williams Florida State Board Administration Paul r. Yett Hamilton Lane Advisors

President & Ceo

Nancy Sims Robert Toigo Foundation

The Robert Toigo Foundation180 Grand Avenue, Suite 450Oakland, CA 94612(510) 763-5771www.toigofoundation.org

Tax ID: 13-3565420