Contact: Monty Jones, (512) 499-4363

Date: April 2001

UT System News Release

UTIMCO News: Resignations Announced at The University of Texas Investment Management Company

AUSTIN - The University of Texas Investment Management Company ("UTIMCO") formally announces that Thomas G. Ricks has resigned from his position as President, CEO and Chief Investment Officer at UTIMCO.

Mr. Ricks has accepted a position as Chief Investment Officer of H&S Ventures LLC, the family office of Henry Samueli, co-founder of Broadcom, and his wife, Susan. His resignation is effective April 25, 2001.

Mr. Ricks said, "My decision is based largely on two factors: the fact that I have accomplished virtually all of the objectives established for UTIMCO over its first five years, and the wonderful opportunity that was presented to me.

"It has been my greatest good fortune during my tenure at UTIMCO to have been advised and guided by a truly outstanding Board of Directors. I am very proud of UTIMCO's accomplishments in upgrading the performance of the investment portfolios and developing a group of extraordinarily talented employees. I will miss the many friends and colleagues that I have made working at UTIMCO and the U.T. System over the last 16 years."

Mr. Robert H. Allen, Chairman of UTIMCO, added, "Tom's leadership and skills have been the primary contributor to UTIMCO's success. His leadership resulted in the redirection of investment strategy and the subsequent creation of substantial asset value for the endowment and operating funds under management. UTIMCO will miss his valuable expertise and wishes him all the best in his new position."

Also, David H. Russ has announced his resignation as Managing Director of Public Markets at UTIMCO, effective May 4, 2001. Mr. Russ is resigning his position to become the Treasurer and Vice President for Investments for the Regents of the University of California.

Mr. Russ, a California native, said, "It has been very gratifying for me to have contributed to the growth of UTIMCO's assets under management from $9 billion to almost $15 billion. My appointment as the senior investment officer for the $55 billion of assets managed by the University of California is a further validation of the value underlying the UTIMCO business plan."

Mr. Ricks praised Mr. Russ, remarking, " David brought a wealth of knowledge to UTIMCO from his previous experience at Stanford Management Company and Pacific Telesis Group. His strong quantitative skills allowed UTIMCO to establish a rigorous and disciplined asset allocation and manager selection process. In addition, he leaves UTIMCO with a strong risk measurement system in place.

"David will be a difficult person for UTIMCO to replace. However, I take some solace in the fact that he will continue to employ his intellect in the service of the endowment management community."

The UTIMCO Board of Directors has appointed Cathy A. Iberg as acting CEO and Chief Investment Officer of the Company. Ms. Iberg has been an employee of UTIMCO since its inception. She currently serves as Managing Director of Investment Operations and effectively performs the role of chief financial officer for the Company.

Mr. Allen stated, "UTIMCO is indeed fortunate to be able to call on a person with the caliber of Cathy's skills and experience. She has a comprehensive knowledge of UTIMCO's investment activities and is highly regarded by UTIMCO's many constituents."

The UTIMCO Board has also established a Search Committee of five UTIMCO directors, chaired by Mr. J. Luther King, Jr. The Committee is charged with the task of identifying and recommending a successor CEO and Chief Investment Officer.

The Search Committee met on April 6, 2001 to review the qualifications for the position and to authorize the engagement of an executive search firm to assist it in completing its task.

The University of Texas Investment Management Company (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 $14 billion, including the Permanent University Fund, the Permanent Health Fund, the Long Term Fund, the Short Intermediate Term Fund and the Short Term Fund, among other funds. UTIMCO is governed by a nine-member Board of Directors appointed by the U.T. System Board. The UTIMCO Board of Directors includes three members of the U.T. System Board, the Chancellor of The University of Texas System, and five outside investment professionals.