November 12, 2004

Dear Weekly Editors:

I am writing to respond to the story about Farallon Partners in your issue dated October 28, 2004. The story suggested that the College’s affiliation with Farallon is inconsistent with Mills’s educational mission and commitment to acts of social responsibility.

Farallon has been a highly successful investment manager for Mills. Farallon’s strong returns on investment have enhanced annual budget allocations for student financial aid, faculty salaries, and improved academic programs at Mills.

Overall Farallon has been one of our best investment managers, providing benefits with a direct impact on our ability to deliver affordable, quality education to Mills students.

The College and the Board of Trustees are grateful to former Board members who helped make it possible to invest with Farallon, which is not open to all institutional investors. The College and Board appreciate the investment expertise and hard work behind Farallon’s contributions to endowment funds at Mills.

Finally, members of the Board’s Investment Committee exercise conscience and care in their oversight of endowment funds at Mills. They consider business acumen, investment experience, ethics, social values, and prospects for success in each and every investment decision they make for the College.

Sincerely,

Elizabeth Burwell

Vice President for Finance and Administration and Treasurer