The *K-Theory Foundation, Inc.* intends to regularly award prizes to the most deserving young mathematicians working in K-theory and related fields, in order to encourage and promote development of the subject. The first such prizes will be awarded in 2014 at a meeting in Beijing just prior to the International Congress of Mathematicians in Seoul. The Foundation has determined that *two* prizes will be awarded at this meeting, each with a monetary value of $1000 (USD).

The provisions governing these prizes are as follows:

1. KTF will award at satellite meetings preceding each International Congress of Mathematicians (ICM) one or two prizes to young mathematicians for outstanding work related to K-theory. A mathematician receiving the prize must be no more than 35 years of age on August 1 of the year he or she receives a prize. The prizes will carry an award between $500 and $1500, to be determined by the BOT.

2. In September of each year preceding an ICM, the BOT will solicit nominations for KTF prizes. Nominations may be made by any member of KTF and should arrive by January 10 of the following year. A nomination should include a brief description of the scope of the candidate's work and a statement of the merit of the candidate's strongest results and papers. A short CV should cover the candidate's birthdate, birthplace, and career milestones. In January of the year of the ICM, the BOT will appoint a 3-5 member Prize Committee with the mandate to report the prize winners to the BOT by April 10 of the same year. The committee shall have at least one KTF member. The Prize Committee will operate under the rules of good practice of similar AMS and EMS prize committees. Prize winners will be asked to submit an article to AKT, with the understanding that it would have to meet the usual standards of the journal.

Following these rules, the BOT has appointed the following Prize Committee to select the winners of the (inaugural) 2014 K-Theory Prizes:

- Amnon Neeman, Australian National University (Chair)
- Lars Hesselholt, University of Copenhagen and Nagoya University
- Max Karoubi, Université de Paris 7 (Université Paris Diderot)
- Marc Levine, Universität Duisberg-Essen

According to the recommendations of the Prize Committee, the winners of the 2014 K-Theory Prizes are Joseph Ayoub of the University of Zürich and Moritz Kerz of the University of Regensburg. Each winner receives a $1000 cash prize and a Prize Certificate. Citations explain some of the major work of the two prizewinners. Congratulations to both winners!

**Explanation of acronyms:**- AMS = American Mathematical Society
- BOT = Board of Trustees
- EMS = European Mathematical Society
- ICM = International Congress of Mathematicians
- AKT = Annals of K-Theory
- KTF = K-Theory Foundation, Inc.