Contact: Anthony de Bruyn, (512) 499-4363

Date: September 28, 2004

UT System News Release

Board of Regents Approves New UTIMCO Board Members

AUSTIN –- The University of Texas System Board of Regents approved the appointment of two new members to the Board of Directors for The University of Texas Investment Management Co. (UTIMCO). The appointment of Clint D. Carlson and Charles W. Tate were approved today at the Board of Regents meeting in Austin.

Clint D. Carlson is president and chief investment officer of Dallas–based Carlson Capital, LP. He is also a former head of Risk Arbitrage, Bass Brothers, Fort Worth. Carlson holds a bachelor's degree and an MBA from Rice University, and a doctorate of law degree from the University of Houston. He currently serves on the management committee and board of governors of the Texas Ballet Theatre and is a member of the council of overseers at the Jones School of Business at Rice University.

Charles W. Tate is chairman and founding partner of Capital Royalty, LLC, a Houston-based private equity firm. Previously, he was a partner and member of the management committee of Hicks, Muse, Tate & Furst. Prior to joining Hicks Muse, Tate was a managing director at Morgan Stanley & Co. He currently serves on the board of overseers of the Columbia University Graduate School of Business and is chairman of the external advisory committee of the department of biomedical engineering at UT Austin, a collaborative research effort with the UT M.D. Anderson Cancer Center and the UT Health Science Center at Houston. Tate also serves on the board of visitors for the UT M.D. Anderson Cancer Center and is a member of the executive committee for the UT Austin Commission of 125. He holds a bachelor's of business degree from UT Austin and an MBA from the Columbia University Graduate School of Business.

The new directors replace J. Luther King, Jr., and Susan M. Byrne.

UTIMCO is a 501(c)(3) investment management corporation whose sole purpose is the management of investment assets under the fiduciary care of the Board of Regents of The University of Texas System. Created in March 1996, UTIMCO is the first external investment corporation formed by a public university system. It invests endowment and operating funds in excess of $16 billion.

UTIMCO is governed by a nine-member Board of Directors appointed by the Board of Regents. The UTIMCO Board of Directors includes three members of The University of Texas System Board of Regents, one member of The Texas A&M University System Board of Regents, the Chancellor of The University of Texas System, and four outside investment professionals.

Archived webcast of the meeting

UTIMCO web site: www.utimco.org

Related news releases:

UT System Regents Approve UTIMCO Changes (8/12/04)

Regents Approve Recommendations of UTIMCO Review (4/29/04)

Regents Announce Working Group to Review UTIMCO (02/03/04)