Former MacArthur Foundation VP and CFO joins Nonprofit Endowment and Foundation Manager to Oversee Investment Strategy, Portfolio Management and Manager Selection

WILTON, CT, October 7, 2002 — Commonfund, one of the nation's leading managers of investment funds for nonprofit institutions, today announced the appointment of Lyn Hutton, former Vice President and Chief Financial Officer of the John D. and Catherine T. MacArthur Foundation, as Chief Investment Officer, effective January 1, 2003. She will oversee all aspects of investment strategy, portfolio management, due diligence and manager selection for all of the organization's investment funds, as well as non-investment products and services. Ms. Hutton will join Commonfund's Office of the President, including Robert L. Bovinette, President and CEO, Verne O. Sedlacek, Executive Vice President and COO.

"We are pleased to have Lyn Hutton join Commonfund as our new Chief Investment Officer — a role in which she will serve as our top investment decision-maker for the $29 billion we manage for our more than 1,600 clients," said Bob Bovinette, President and Chief Executive Officer, Commonfund. "Commonfund is dedicated to providing superior products and services to our clients and the fact that we are able to continue to draw the best and brightest talent from across the nation is further proof of our commitment."

As Vice President and CFO of the MacArthur Foundation, Ms. Hutton was responsible for financial administration and management of its $4.0 billion investment portfolio. Previously, she served Dartmouth College as Vice President and Treasurer, handling its investments and treasury, budgeting and planning, the controller's office, internal audit, administrative services, facilities operations and human resources. She has also been Senior Vice President, Administration and Treasurer, for the University of Southern California.

"I believe in Commonfund and its mission," said Lyn Hutton. "I am dedicated to the advancement of investment opportunities for nonprofit organizations and am honored to have the privilege to serve such an important institution as Commonfund and work with an outstanding group of professionals."

"Commonfund and its clients will benefit greatly from Lyn's outstanding record of investment management and comprehensive knowledge of nonprofit endowment and foundation needs," said Todd E. Petzel, outgoing CIO of Commonfund. "Under her leadership, she has helped the MacArthur Foundation maintain its preeminent position among foundations, and has in-depth, hands-on experience in many areas of higher education finance, administration and operations."

Ms. Hutton is the recipient of NACUBO's (National Association of College and University Business Officers) Rodney H. Adams Award for her contribution to the field of college and university endowment and investment management. She is a Certified Public Accountant and Chartered Financial Analyst and a member of the Association for Investment Management and Research. Lyn serves on the Boards of Chittenden Corporation, Robert Toigo Foundation and Victory Portfolios, and has served as a Trustee for Commonfund, Commonfund Realty, Commonfund Capital, The College Board, First Interstate Bank of California and The University Corporation for Atmospheric Research.

Ms. Hutton is an alumna of the University of Southern California and graduated with honors from USC School of Business Administration.

About Commonfund
Founded in 1971, Commonfund is devoted to enhancing the financial resources of educational and other nonprofit institutions including endowments, foundations, healthcare and service organizations through superior fund management, investment advice, and treasury operations. Directly or through its subsidiaries, Commonfund Capital, Commonfund Realty, and Commonfund Asset Management Company, Commonfund manages approximately $29 billion for more than 1,600 educational institutions, foundations, healthcare and other nonprofit institutions, representing one of the largest pools of educational endowment and operating funds in the world. In response to the growing needs of nonprofit institutions, Commonfund, together with its subsidiary companion organizations, offers more than 45 different endowment investment programs including funds for the management of short- and intermediate-term operating cash reserves. All securities are distributed through Commonfund Securities, Inc.