TROTT FAMILY PHILANTHROPIES

January 1, 2021

Dear Warren,

Tina and I write to you on January 1st, 2021, as we all attempt to firmly slam the door on 2020, take our learnings from a difficult year and open the door to what we hope to be a brighter 2021! We cannot think of a better way to enter the New Year than committing to join the Giving Pledge.

One of the few silver linings of the pandemic was spending more time together as a family reflecting on how to increase the impact of our philanthropy. We sincerely thank you for our many discussions on this topic, especially the meaningful dinner conversation in October. Over the holidays we continued those discussions with our three adult children and all of us enthusiastically embraced a commitment to the Giving Pledge. In doing so, we hope to actively participate in making this a more just, caring, humane and sustainable world.

It is with enormous gratitude that we have watched and learned from the visionary act that you, Bill, and Melinda Gates undertook when you established the Giving Pledge. You have served as guiding forces and an inspiration for so many others who are now part of this tremendous collaborative initiative. You all have provided an unprecedented platform for learning that has, in turn, created a multiplier effect for greater impact. The three of you set the bar high, not only with respect to the magnitude of your vision and generosity, but through the significant work of the Bill and Melinda Gates Foundation. While our philanthropic giving pales in comparison, we are deeply thankful for our good fortune and the opportunity to pay it forward in a similar manner.

Warren, one of the things I value most is our long friendship and your continued inspiration. You have been a steadfast mentor to me for nearly 20 years, as well as a role model to our entire family. While we established a family foundation in 1996, our giving has been modest relative to our plans for the future. In this regard, we took a page out of your playbook continuing to compound our wealth so that we can make ever increasing philanthropic commitments as we go forward. As you are aware, we have been reluctant to have any public awareness of our financial standing or philanthropic activity. However, after our discussions with you and Bill, we decided that the significant benefit of learning from and collaborating with other philanthropic thought leaders will likely sharpen our insights, expand our network of partners, and increase our overall impact. We also hope that, just as you have inspired us, we may inspire others.

Tina and I are first generation college graduates from small towns and families of very modest means. Much of our good fortune is owed to great mentors and role models, beginning with our parents and supportive siblings who guided us along the way. Our parents led by example and believed in the value of hard work, honesty, respect for others and always doing your best at whatever you do. Despite their limited resources, they made relatively sizable weekly contributions to the offering plate at church and often gave their time to those in need. This was a priority for them, and it instilled in us the value, obligation, and rewards of service to community.

These were very important factors critical to our long-term success and well-being. Today, we know that many young people have neither strong support systems nor the opportunities we had and sadly often get left behind, unable to realize their full potential. It is this reality that drives our giving philosophy and focus. Over the last 25 years, education-focused initiatives topped our list of priorities. We have been inspired by and provided scholarships to many rural high school scholar athletes and low-income Horatio Alger Student Scholars who persevere despite seemingly insurmountable obstacles and challenges. We also believe strongly in the importance of broadening professional horizons for students. Given that, we established and continue to support significant numbers of college summer internship and education opportunities each year through the University of Chicago Jeff Metcalf Internship and Careers in Business programs.

Recently, we convened a number of families with ties to America’s heartland and together established a non-profit, rootEd Alliance, to support students in rural communities who despite comprising approximately 30% of this country’s high school students, receive less than 5% of philanthropic support. We are currently working in three states – Tennessee, Missouri and Texas – and early results are extremely promising. rootEd builds local partnerships that provide students the advice, exposure, and financial resources they need to pursue a postsecondary education. We believe that all students need more than a high school diploma to thrive in today’s economy, yet many rural students lack the awareness of their opportunities or knowledge of how to navigate the best options for their lives after high school. rootEd’s model is designed to be easily expanded to other states and to partner with those seeking to strengthen the fabric of their local rural communities. In conjunction, we have also established a program at my alma mater, the University of Chicago, to increase recruitment of academically talented rural students into highly selective colleges and universities. Now more than ever, we feel compelled to underscore the need for equitable opportunity for ambitious young people in rural America so that they may thrive and fulfill their dreams.

We are deeply gratified that our children have embraced the Giving Pledge commitment and will work closely with us in the coming years. With this new generation comes fresh ideas about how to address systemic issues embedded in our society. This will take our giving in new and important directions focused on their interests including criminal and social justice reform, climate change, and addiction. As we enter 2021 and reflect on the intent of the Giving Pledge and the times in which we live, we are reminded of the wonderful humanitarian and baseball great Roberto Clemente who in 1971 said:

We must all live together and work together no matter what race or nationality. If you have an opportunity to accomplish something that will make things better for someone coming behind you, and you don’t do that, you are wasting your time on this earth.

Our family is unanimous in and motivated by this commitment to put the majority of our wealth to work in philanthropic endeavors. It may be the most important work that we will do together and if done right, should certainly be the most rewarding.

With sincere thanks and gratitude for this wonderful opportunity and all our best in 2021.

Byron and Tina Trott