TULANE TALK

April 1, 2005

Good Morning:

This calls for a toast. Christopher Medlock James, co-founder of Medlock Ames vineyard and winery, has joined the Board of Tulane.

But wine-making is just a sideline for Chris. A 1991 graduate of Tulane University, he is also chairman and CEO of Partner Fund Management, a hedge fund he started in 2004. Prior to this, Chris was the chief investment officer and managing director of Andor Capital Management, the second largest hedge fund in the world. In addition, he is an officer of the James Family Foundation, which provides support in the fields of education, the environment, land resources, family services, hospitals and libraries.

Chris has also established the David Andrew Tretter Scholarship in Engineering at Tulane, provided funding that led to the creation of Tulaneís Innovative Learning Center and provided funding for the University Centerís renovation. The whole Tulane community will benefit from the youth and energy Chris will bring to the board. I look forward to working with him.

U.S. News and World Report has released its rankings of Americaís Best Graduate Schools. The Tulane Law School was ranked 41. The law schoolís Environmental Law Program was ranked 5 and the A.B.Freeman School of Business was ranked 45. As I have stated many times before, these rankings are by no means the final word on a universityís quality. However, we are always glad that in this, and other rankings, Tulane is consistently counted among the top universities in the nation.

Have a great weekend,