2014 ANNUAL REPORT

National Investor Relations Institute

DEFINITION OF INVESTOR RELATIONSInvestor relations is a strategic management responsibility that integrates

finance, communication, marketing and securities law compliance to en-

able the most effective two-way communication between a company, the

financial community, and other constituencies, which ultimately contributes

to a company’s securities achieving fair valuation.

ABOUT NIRIFounded in 1969, NIRI is a professional association of corporate officers

and investor relations consultants responsible for communication among

corporate management, shareholders, securities analysts and other finan-

cial community constituents. NIRI is the largest professional investor rela-

tions association in the world. For more information, visit www.niri.org.

MISSIONNIRI is dedicated to advancing the practice of investor relations and profes-

sional competency and stature of its members.

Chair’s Message ...................................................... 2

CEO’s Message ....................................................... 3

Financial Information .............................................4-6

Board of Directors ................................................... 7

Table of Contents

Letter fromthe NIRI Chair

FELLOW NIRI MEMBERS,

I am very pleased to report that NIRI continues to be a very healthy, well-run organization. 2014 was a year of important change for our association, but through the selfless devotion of our member volunteers, and dedication of staff, NIRI remains financially secure with a clear vision of its future.

From a financial perspective, NIRI’s revenues have exceeded expenses in every year

since the economic downturn in 2008. And 2014 was no exception. Our total revenues

were $4.7 million and came in above expenses of $4.5 million, generating an increase

in our net assets of $191 thousand. At the end of 2014 our reserve balance (net assets)

was a very healthy $5.9M versus $5.7M in 2013. This reserve balance represented

a 130% reserve ratio compared to operating expenses, which compares favorably

to the Board’s target reserve ratio of 100% of operating expenses, or one year of

expenses. This is the benchmark for associations to help ensure an organization can

sustain its high level of service to members during difficult economic cycles.

In 2014 we acknowledged the accomplishments made from our OneNIRI 2012-2015

strategic plan, and your Board approved the next strategic plan iteration, OneNIRI

2015-2018. This plan builds on the success of the original OneNIRI plan to launch

the NIRI certification program, continue broadening global awareness of IR, and

leverage new online tools to deliver benefits where, when and how members want.

Many member volunteers throughout the organization are involved in executing on this

ambitious agenda.

Finally, we experienced some personnel turnover within the NIRI staff, including the

departure of former NIRI CEO Jeff Morgan. However, early in 2015 we were pleased

to announce the appointment of our new President and CEO, Jim Cudahy, CAE. Jim

is now onboard and doing a fine job leading NIRI as we execute on our important

OneNIRI 2015-2018 Strategy.

Thank you for your membership, and please don’t hesitate to contact any member of

the NIRI Board or staff with questions or comments.

2NIRI 2014 ANNUAL REPORT

MARK DONOHUECHAIR, NIRI

VICE PRESIDENT, INVESTOR RELATIONS AND

CORPORATE COMMUNICATIONS

IMPAX LABORATORIES

NIRI MEMBERS,

Though I was appointed NIRI’s new President and CEO in early 2015, it is clear that your association was very active in 2014 executing against the OneNIRI strategic plan, and delivering on our four core benefit areas of information, education, networking and advocacy.

Beyond the customary raft of IR practice research reports, and in addition to publishing print, browser, tablet and phone versions of “IR Update” Magazine, and the weekly e-newsletter “IR Weekly,” NIRI also delivered an updated version of the Standards of Practice for Disclosure. On the NIRI YouTube channel, staff introduced “NIRI 360,” a new web video series. And late in the year, NIRI kicked off a project of great relevance to all members – the redesign of our website, with launch targeted for later this year.

NIRI offered more than 20 professional development member benefit webinars in 2014, 29 seminars and the Annual Conference had 45 sessions. NIRI continued broadening awareness of IR globally by marketing a global subscription option, and participating in global education events including the annual IR Wisdom Roadshow in China, the IR Global Forum in New York, the Brazilian Investor Relations Institute’s annual conference, and the Global IR Network meeting in Australia. And NIRI began in earnest the development of the first U.S. investor relations certification program, with a target launch date of 2016.

Networking through NIRI means connecting with other IR practitioners in a non-commercial environment, one of the core benefits of a member-owned organization like NIRI. We frequently hear from members about the life-long connections made and value received from through chapter and national events. NIRI’s senior practitioner community, Senior Roundtable, expanded connections through in-person events in financial centers throughout the country. NIRI events outside the U.S. connect IROs and members on a global scale. And supporting in-person member networking opportunities is NIRI’s vibrant online community, eGroups.

In the realm of advocacy, NIRI remained active commenting on the SEC’s Strategic Plan, and submitting an op-ed to CFO Magazine on proxy system reform. NIRI staff also met with five SEC Commissioners and Capitol Hill staff on proxy advisors and shareholder engagement matters. Additionally, NIRI had a very collegial and productive dialogue with SEC Director of Corporation Finance, Keith Higgins, and other SEC staff on the Commission’s corporate disclosure reform initiative.

Thank you for your support, and please feel free to contact me with your questions or comments.

Note from NIRICEO Jim Cudahy

JAMES M. CUDAHY, CAE PRESIDENT AND CEO

NATIONAL INVESTOR RELATIONS

INSTITUTE

3NIRI 2014 ANNUAL REPORT

ASSETS 2014 2013

Current Assets

Cash and cash equivalents $964,669 $862,032

Short-term investments 250,000 250,000

Accounts receivable 44,803 65,074

Inventory 1,155 1,155

Prepaid expenses 65,430 79,090

TOTAL CURRENT ASSETS 1,326,057 1,257,351

Property and Equipment

Office furniture and equipment 231,414 231,414

Database software and website 585,564 517,611

Accumulated depreciation 816,978 749,025

(671,912) (647,081)

NET PROPERTY AND EQUIPMENT 145,066 101,944

Other Assets

Long-term investments 5,111,715 5,085,186

Deposits 66,266 66,266

TOTAL OTHER ASSETS 5,177,981 5,151,452

TOTAL ASSETS 6,649,104 6,510,747

Balance SheetDECEMBER 31, 2014 AND 2013

LIABILITIES AND NET ASSETS 2014 2013

Current Liabilities

Accounts payable $ 165,589 $192,169

Due to affiliated chapters 33,443 31,203

Accrued expenses 289,074 314,925

Deferred income 265,442 267,842

TOTAL CURRENT LIABILITIES 753,548 806,139

Net Assets

Unrestricted 5,895,556 5,704,608

TOTAL LIABILITIES AND NET ASSETS 6,649,104 6,510,747

4NIRI 2014 ANNUAL REPORT

Statement ofRevenues andExpensesYEARS ENDED DECEMBER 31, 2014 AND 2013

2014 2013

Revenues

Membership dues $1,745,347 $1,807,077

Conference and seminar fees 2,603,700 2,495,717

Publications and member services 36,928 42,786

Interest and investment income 347,263 408,318

TOTAL REVENUES 4,733,238 4,753,898

Expenses

Conference and seminar expenses 1,963,433 1,866,992

Publications and member services 2,045,494 2,048,175

Administrative expenses 533,363 584,610

TOTAL EXPENSES 4,542,290 4,499,777

Change in Net Assets 190,948 254,121

Net Assets, Beginning of Year 5,704,608 5,450,487

Net Assets, End of Year 5,895,556 5,704,608

UNRESTRICTED

5NIRI 2014 ANNUAL REPORT

Other

6

OPERATING REVENUE & EXPENSE TREND

2015 BUDGET REVENUES 2015 BUDGET EXPENSES

Conferences, Seminars & Roundtable

Conferences, Seminars & Roundtable

Publications

Publications

Career Center

Governance

Administrative

Chapter Support

Member Services/Marketing

Revenues

Expenses$6

$5

$4

$3

$2

$1

02005 2006 2007 2008 2009 2010 2011 2012 2013 2014

NIRI 2014 ANNUAL REPORT

Member Services/Marketing

NIRI CHAIRMAN

Mark Donohue Vice President, Investor Relations and Corporate Communications Impax Laboratories, Inc. Chalfont, PA

Lee M. Ahlstrom SVP, Investor Relations, Strategy and Planning Paragon Offshore Houston, TX

Liz Bauer SVP, Investor Relations CSG Systems International, Inc. Englewood, CO

Robert Burton Managing Director, Financial Communications Lambert, Edwards & Associates Grand Rapids, MI

David Calusdian Executive Vice President and Partner Sharon Merrill Associates Boston, MA

Ruth Cotter Corporate Vice President, Investor Relations Advanced Micro Devices Sunnyvale, CA

Laura Graves Vice President, Investor Relations Micron Technology, Inc. Boise, ID Anne Guimard President FINEO Investor Relations Paris, France

Valerie Haertel Head of Global Investor Relations BNY Mellon NY New York, NY

Dennie Kimbrough Manager, Investor Relations Microsoft Corporation Redmond, WA

Felise Kissell Vice President, Investor Relations HSN, Inc. St. Petersburg, FL

Angeline McCabe Vice President, Investor Relations WellCare Health Plans, Inc. Tampa, FL

Nils Paellman Vice President and Head of Investor Relations T-Mobile US New York, NY

Deborah Pawlowski Chairman and Chief Executive Officer Kei Advisors LLC Buffalo, NY

Charles Triano Senior Vice President, Investor Relations Pfizer Inc. New York, NY

Mark Warren Director of Investor Relations Vulcan Materials Company Birmingham, AL

NIRI 2015Board of Directors

National Investor Relations Institute

225 Reinekers Lane, Suite 560Alexandria, VA 22314 USA