FOR IMMEDIATE RELEASE

Tuesday, April 3, 2001

Trey Davis (510) 987-0056
trey.davis@ucop.edu

UC REGENTS APPOINT NEW TREASURER AND VP-INVESTMENTS

The University of California Board of Regents today (Tuesday, April 3)
appointed David H. Russ, the public markets managing director for the
University of Texas Investment Management Company, as its new treasurer and
vice president for investments.

Russ, 47, replaces Patricia A. Small, who resigned last August after having
served as treasurer for five years. DeWitt F. Bowman, former chief
investment officer for the California Public Employees Retirement System,
had served as interim treasurer. Russ will begin his new position June 1,
at an annual salary of $275,000.

"I am pleased that David Russ will be joining the University of
California's investment management team," said Joseph P. Mullinix, UC's
senior vice president for business and finance. "His distinguished
expertise in portfolio management and special background in university
endowments will enable UC to continue its commitment to a strong, secure
investment portfolio that benefits the university's public mission in
support of its students, faculty and staff."

At the University of Texas Investment Management Company (UTIMCO)since June
1997, Russ was responsible for all global publicly traded investments, both
equity and fixed income, alternative marketable assets, investment manager
selection and asset allocation as well as its private equity portfolios.

UTIMCO manages the endowment and operating fund investments of the
University of Texas system, a portion of the Texas A&M University assets
and the Permanent Health Fund for 14 medical research centers in Texas.

Russ previously served as director of investment management and portfolio
manager for Pacific Telesis Group (now SBC Communications), and as a
portfolio manager for Stanford Management Company, which oversees all
Stanford University investments.

Russ received his undergraduate degree in genetics from UC Berkeley in 1980
and a master's in administration, with a concentration in finance and
accounting, from UC Davis' Graduate School of Management in 1986.

The UC Board of Regents has the fiduciary responsibility under the state
Constitution for overseeing UC's pension and endowment funds. Last year,
the regents modified the reporting responsibilities of the treasurer's
office and revised asset allocation policies for the university's
portfolio, which as of Feb. 28, 2001, totaled approximately $55.5 billion.

Under the new structure, the treasurer's office reports to the regents on
the performance of the investment portfolios and to the Office of the
President for administrative operations, campus and campus foundation
services, and its budget.

A search committee to select the new treasurer was convened last fall by
Regent Judith L. Hopkinson and UC President Richard C. Atkinson. The
committee members included:

- Gov. Gray Davis, an ex officio regent; regents S. Sue Johnson, John G.
Davies, Howard Leach, David S. Lee, Irene Miura (president, Alumni
Associations of UC), John J. Moores and Peter Preuss.

- Mullinix, UC senior vice president -- business and finance.

- Michael Cowan, chair, Academic Senate; professor, UC Santa Cruz.

- John Hotchkis, member, regents' Investment Advisory Committee.

- Bruce Lehman, faculty adviser, Investment Advisory Committee; UC San
Diego professor.

- William Podlich, vice chair, finance and investment, UC Irvine
Foundation, and chair, Pacific Investment Management Co. (PIMCO).

- Julia Armstrong-Zwart, chair, University of California Retirement System
Advisory Board (UCRS).

- Lori C. Stein, assistant dean of humanities, UCLA, and member-at-large,
UCRS Board.

For more information about the Treasurer's Office and UC's investment
portfolio:

http://www.ucop.edu/treasurer/

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