Massachusetts Institute of Technology 600 Memorial Drive, W98–1st floor

Cambridge, Massachusetts 02139–4822

MIT Alumni Association Annual Fund Leadership Programs

Phone 617–253–8242 Fax 617–258–7886

http://alum.mit.edu

April 21, 2009 Mr. Robert V. Garvin '50 1310 Westway Dr Sarasota, FL 34236-1123 Dear Robert: It is my pleasure to share with you the news of the students who have been named the Class of 1950 Scholars for the current academic year. At the same time, I want to take the opportunity to thank you for your support of undergraduate scholarship aid at MIT and to update you on the status of the fund. This year seventy-nine percent of undergraduates will require some form of financial aid in order to attend MIT, and fifty-nine percent will be awarded a need-based MIT scholarship that does not have to be repaid. As undergraduate scholarships are one of the Institute's most pressing needs and among President Susan Hockfield's top priorities, we appreciate the ongoing support of this Fund. You are helping MIT maintain one of its core objectives -- the opportunity to offer a world-class education to students who have genuinely earned it, regardless of their financial need. The next page gives you a more in-depth look at the students supported by your scholarship, and I know you will agree that the students at MIT today are as bright, enthusiastic and multi-faceted as they were when you were an undergraduate. You will also find your annual scholarship report for the 2008-2009 fiscal year, showing the most recent book and market values. If you have any questions or concerns, please don’t hesitate to contact me. On behalf of the Alumni Association and MIT, I thank the members who contributed to this fund as well as the officers who made this endowment a fund-raising priority. Sincerely, Elizabeth Barbuto Associate Director, Annual Fund Leadership Programs enclosures

Class of 1950 Student Aid Fund Student Roster for 2009 John Agard Class of 2011 Earth, Atmospheric & Planetary Science major Gaithersburg, Maryland Grandmother, Class of 1957 SB Charles Agoos Class of 2010 Physics major Cambridge, Massachusetts Grandfather, Class of 1951 ME Elizabeth Albany Class of 2012 Undecided major Maple Glen, Pennsylvania Father, Class 1982 SB Priscilla Army Class of 2010 Humanities major Pomfret, Connecticut Grandfather, Class of 1954 sB, SM, & ScD Elizabeth Bellocchio Class of 2010 Urban Studies and Planning major Haverhill, Massachusetts Grandfather, Class of 1954 SB, SM & PhD

Olivia Bishop Class of 2011 Physics major Colorado Springs, Colorado Father, Class of 1984 SB Katherine Brag Class of 2011 Brain and Cognitive Sciences major Westport, Connecticut Father, Class of 1980 SM Erich Brandeau Class of 2012 Undecided major Papillion, Nebraska Grandfather, Class 1947 SB Stephanie Brown Class of 2010 Earth, Atmospheric & Planetary Science major Newport News, Virginia Great Grandfather, Class of 1913 CE Susannah Brown Class of 2009 Physics major Tucson, Arizona Grandfather, Class of 1957 SB & SM

Anna Brunner Class of 2012 Undecided major Sudbury, Massachusetts Father, Class 1982 SB Yieu Chyan Class of 2011 Chemistry major Denton, Texas Father, CLass of 1990 PhD Elizabeth Cook Class of 2009 Biology major Sanibel, Florida Grandfather, Class of 1940 SM Maeve Cullinane Class of 2012 Undecided major Manchester, Massachusetts Great-Grandfather, Class of 1913 SB Daniel Dahan Class of 2012 Undecided major Los Angeles, California Father, Class of 1978 SB Richard Dahan Class of 2012 Undecided major Los Angeles, California Father, Class of 1978 SB

Robin Dahan Class of 2012 Undecided major Los Angeles, California Father, Class of 1978 SB Sara Dahan Class of 2012 Undecided major Los Angeles, California Father, Class of 1978 SB Mary DiGenova Class of 2010 Mechanical Engineering major Wallingford, Connecticut Father, Class of 1974 SB & SM Kapil Dilwali Class of 2010 Management major Lexington, Massachusetts Mother, Class of 1981 SB Karen Dubbin Class of 2012 Undecided major Boca Raton, Florida Father, Class of 1980 SB, Class of 1985 SM Zachary Fallows Class of 2009 Chemistry major Watertown, Massachusetts Grandfather, Class of 1943 SB Mother, Class of 1974 SB Father, Class of 1974 SB

Erin Fitzgerald Class of 2009 Humanities major Concord, New Hampshire Grandfather, Class of 1955 SB PhD Adam Fuhrmann Class of 2011 Aeronautics & Astronautics major Leesburg, Virginia Father, Class of 1992 SB Michael Gerhardt Class of 2012 Undecided major Chelmsford, Massachusetts Grandfather, Class of 1956 PhD Anna Goldie Class of 2009 Electrical Engineering & Computer Science major Lexington, Massachusetts Father, Class of 1982 SM Grandfather, Class of 1945 SB Grandfather, Class of 1949 SB Donald Goldin Class of 2009 Electrical Engineering & Computer Science major Woburn, Massachusetts Father, Class of 1970 SB Daniel Gray Class of 2012 Undecided major Brick, New Jersey Father, Class of 1974 SB, Class of 1983 SM

Jonathan Gray Class of 2010 Electrical Engineering & Computer Science major Brick, New Jersey Father, Class of 1974 SB & SM Eric Guffey Class of 2010 Mechanical Engineering major Morgantown, West Virginia Grandfather, Class of 1957 SM Mary Hatch Class of 2009 Brain and Cognitive Sciences major McMurray, Pennsylvania Grandfather, Class of 1952 SM Steven Hong Class of 2010 Electrical Engineering & Computer Science major Torrance, California Father, Class of 1982 SM Timothy Humpton Class of 2010 Chemical Engineering major Jamison, Pennsylvania Grandfather, Class of 1945 ME Michael Hurley Class of 2010 Materials Science & Engineering major Marlboro, New Jersey Father, Class of 1973 SB Grandfather, Class of 1938 SB Great Grandfather, Class of 1904

Kimberly Jackson Class of 2010 Aeronautics & Astronautics major Columbus, Ohio Father, Class of 1970 SB Rebecca Jensen-Clem Class of 2012 Undecided major Kirkland, Washington Father, Class of 1979 SB Sooyeon Jeong Class of 2012 Undecided major Koyang, Korea, Republic Of Father, Class of 1991 PhD Lauren Kazmierski Class of 2011 Biology major Cambridge, Massachusetts Father, Class of 2008 SM Phillip Kim Class of 2010 Chemical Engineering major Rockville, Maryland Father, Class of 1988 PhD Nikolas Koutsopoulos Class of 2011 Mathematics major Needham, Massachusetts Father, Class of 1986 SM & PhD Mother, Class of 1983 SM

Barry Kriegsman Class of 2012 Undecided major Holliston, Massachusetts Father, Class of 1986 SB Mother, Class of 1988 SB Michael Lee Class of 2009 Biological Engineering major DeWitt, New York Father, Class of 1985 SM & PhD Amy LeMessurier Class of 2010 Brain and Cognitive Sciences major Boulder, Colorado Father, Class of 1984 SB Grandfather, Class of 1953 SB & SM Jacob Levinson Class of 2009 Mechanical Engineering major Richardson, Texas Grandmother, Class of 1957 BAR Isabella Lubin Class of 2012 Undecided major Norwich, Vermont Grandfather, Class of 1955 PhD Father, Class of 1974 SM

Ana Malagon Class of 2009 Mathematics major Herndon, Virginia Father, Class of 1974 SB Alison Malouf Class of 2012 Undecided major Chagrin Falls, Ohio Mother, Class of 1976 SB Catherine Mancuso Class of 2009 Mechanical Engineering major N. Bellmore, New York Father, Class of 1975 SB Adrian Melia Class of 2011 Physics major Tucson, Arizona Father, Class of 1985 PhD Amanda Moritz Class of 2010 Brain and Cognitive Sciences major Lincoln, Massachusetts Kelechi Nwosu Class of 2012 Undecided major Vero Beach, Florida Grandfather, Class of 1956 SB, Class of 1957 SM

Chrisantha Perera Class of 2012 Undecided major Jacksonville, Florida Father, Class of 1983 SM Hannah Rice Class of 2011 Materials Science & Engineering major Longmont, Colorado Father, Class of 1984 SB & SM Mother, Class of 1985 SB David Schafer Class of 2009 Mechanical Engineering major Richmond, Virginia Grandfather, Class of 1950 SB Yunna Sinskey Class of 2009 Biology major Cambridge, Massachusetts Grandmother, Class of 1962 SB, SM & PhD Grandfather, Class of 1967 ScD Clara Stefanov-Wagner Class of 2010 Mechanical Engineering major Cambridge, Massachusetts Father, Class of 1974 SB Courtney Sung Class of 2010 Urban Studies and Planning major Lexington, Massachusetts Father, Class of 1975 SB

Adrianna Tam Class of 2011 Humanities major Arlington, Texas Father, Class of 1972 SB & SM David Thompson Class of 2011 Management major Converse, Texas Father, Class of 1987 SM Michael Thompson Class of 2012 Undecided major Converse, Texas Father, Class of 1987 SM Judith Vasquez Class of 2012 Undecided major Addison, Texas Grandfather, Class of 1958 PhD Jeremy Velazquez Class of 2012 Undecided major Chelmsford, Massachusetts Mother, Class of 1978 SB, Class of 1979 SM Daniel Vickery Class of 2010 Electrical Engineering & Computer Science major Ipswich, Massachusetts Grandfather, Class of 1956 SB

Kari Williams Class of 2011 Urban Studies and Planning major Sag Harbor, New York Mother, Class of 1972 SB Jongsoo Yoon Class of 2012 Undecided major Seoul, Korea, Republic Of Father, Class of 1990 PhD

ENDO WM ENT FUND ACTIVITY R EPO RT FOR THE MIT FISCAL Y EAR JUL Y 1, 2007 THROUGH JUNE 30, 2008

3384000_SR

Class of 1950 Student Aid Fund Financial Summary

Fund principal at June 30, 2008 .........................................$3,924,466

Gifts received in FY2008 ..................................................$69,060

Number of donors in 2007-08 .................................................126

Market value at June 30, 2008§ ......................................$20,883,688

Fund payout in FY2008 ........................................................$831,247

Anticipated fund payout in FY2009 ....................................$1,087,988

Cumulative fund payout since inception (FY2008)..............$9,008,971 § The fund market value includes investment returns, additional gifts and distributions for expenditure.

Performance of the MIT Endowment

The combination of a well-diversified portfolio coupled with the strong performance

of MIT's investment managers has enabled the endowment to perform very well on

both an absolute and relative basis.

The MIT endowment is managed by the MIT Investment Management Company, the

department of MIT dedicated to the stewardship of the Institute's investment assets.

The primary objective of the MIT's endowment investment policy is generation of the

high real rates of return necessary for MIT to maintain its standing among centers of

academic learning worldwide. To achieve this long-term goal, MIT's investment policy

favors equity investments over fixed income instruments. To reduce portfolio

volatility without sacrificing return potential, MIT invests in equity strategies that have

low correlation; with a subset of the portfolio performing well in each phase of the

investment cycle, the aggregate portfolio can generate high returns with reduced

volatility.

MIT Endowment

Facts and Figures

Endowment Market Value

(in billions)

FY2004 .................................. $5.870 FY2005 .................................. $6.712 FY2006 .................................. $8.368 FY2007 .................................. $9.980 FY2008 ................................$10.069

Endowment Net Return

FY2004 ................................... 18.0% FY2005 ................................... 17.4% FY2006 ................................... 23.0% FY2007 ................................... 22.1% FY2008 ..................................... 3.2%

Endowment Policy

Portfolio Weights

Targeted asset class weights Fixed income ............................ 5.0% Domestic Equity.....................10.0% Real Estate.............................10.0% Real Assets............................10.0% International Equity ................18.0% Private Equity* ........................20.0% Marketable Alternatives** .....27.0%

† The Cambridge Median is the median return of college and university endowment pools tracked by Cambridge Associates, a generally recognized endowment benchmark.

ENDO WM ENT FUND ACTIVITY R EPO RT FOR THE MIT FISCAL Y EAR JUL Y 1, 2007 THROUGH JUNE 30, 2008

3384000_SR

Annual Payout

Endowment spending policy is designed to provide a significant and stable flow

of funds over the short term while at the same time maintaining the purchasing

power of the endowment over the long term. To achieve this balance, MIT is

guided by a "Tobin-style" spending rule, named after the Nobel laureate

economist James Tobin, who first proposed it. A Tobin-style spending rule sets

the annual distribution in a particular year through a quantitative formula that has

both a "stability" term – the prior year's spending adjusted for inflation – and a

"market" term – the new market value of the endowment times the long-term

sustainable rate of distribution which is approximately 5%. By selecting the

weighting between these two terms, the Institute can determine the pace at

which variations in market value are incorporated into spending. A heavier

weighting towards the market value term provides greater responsiveness to

rising – but not falling – markets. Conversely, weighting the stability term more

heavily increases the buffering effect, sustaining the spending rate in the face of

market declines, but slowing the response in market rallies.

MIT Endowment

Facts and Figures

continued

* Private Equity investments generally consist of investments in the equity securities of private businesses and are held either through limited partnerships or as direct ownership interests. ** Investments in marketable alternatives include non-traditional investment strategies whereby the majority of the underlying securities are traded on public exchanges or are otherwise readily marketable. These types of investments can generally be categorized as equity, credit and absolute return hedge funds.

Massachusetts Institute of Technology Visit http://www.mit.edu/

Scholarships @ MIT

Priorities

Maintain commitment to need-blind admissions and need-based aid

Increase endowed scholarships to make undergraduate aid program self-sustaining

Lower the self-help expectation that students must contribute from loans and term-time earnings

Class of 2012 $36,390 MIT FY09 tuition

13,396 Applicants

1,589 Students Admitted

11.9% Admission rate

1,048 Students enrolled

66.0% Acceptance yield

54% Men

46% Women

9% International Students

89% Home states

11% Abroad

49 States Represented

66 Other Countries

or Territories

231 (40%) Valedictorians (of those ranked)

529 (91%) In top 5% of their class

(of those ranked)

702 Mean SAT I verbal score

751 Mean SAT I math score

Financial Aid at MIT 89% MIT undergrads receiving

some form of financial aid

58% of MIT undergrads received

an MIT scholarship

$26,792 Average amount of

MIT scholarship

19% of MIT scholarships funded

by general Institute gifts

81% of MIT scholarship funding

from restricted gifts

49% of the Class of 2008 who graduated with

student loan debt

$14,148 Average loan debt at graduation for Class of 2008

O F F I C e O F S T e W A R d S H I P U n d e R g R A d U A T eS C H O L A R S H I P S

More information:

Beth Mcgonagle Associate director, Alumni Fund Massachusetts Institute of Technology bethmcg@mit.edu 617.253.8242 direct line