Koch Industries, Inc.

Koch companies strive for world-class performance and cost-effective operations. And Koch companies have earned recognition for superior performance in environmental protection, health and safety. Maintaining strong financial health has always been a priority for Koch companies, which cultivate a disciplined style of managing their businesses and investments. As a private company, our approach has been to reinvest 90 percent of our earnings. This willingness to forgo larger dividends in the short term has allowed us to complete more than $32 billion in acquisitions and investments since 2003.

Since 1960, the value of the Standard & Poor's 500 grew about 70-fold, assuming the reinvestment of dividends. During that same period, the value of Koch Industries grew more than 2,200-fold, using the same assumptions. The growth of Koch companies has been achieved both through acquisitions and through expansion and broadening of existing businesses. Koch companies also exit or decrease their investments in businesses based on a continuous evaluation process that compares their internal value to their market value.