MEMORANDUM

April 11, 2003

TO: Executive Committee.

FROM: John A. White, Chair

Executive Committee Finance Committee.

SUBJECT: Investment Subcommittee of the Executive Committee Finance Committee.

The Executive Committee, at its January 14, 2003, meeting approved renaming the Budget Committee to the Finance Committee and expanding its responsibilities to include investment oversight. The Executive Committee also endorsed the establishment of an investment subcommittee of the Finance Committee comprised of the chair of the finance committee and two or three additional members with investment expertise.

Recommendation. To approve the appointment of Robert Eubanks, Franklin Street Investors; Jim Nichols, Treasurer, Ohio State University; Anne Welsh McNulty, retired managing director of Goldman Sachs; Christopher J. Williams, The Williams Capital Group L.P. and Williams capital Management, LLC. and myself to serve as the investment subcommittee. The vitas of the recommended members are attached.

JAW:gmn