Texas Woman's University

Investment Disclosure

TWU has contracted with the following firm as investment managers for the University's Investment Portofolio:

VAUGHAN, NELSON, SCARBOROUGH & McCULLOUGH, L.P.

600 Travis, Suite 6300
Houston, Texas  77002-3071

Contact:  Steven M. Henriksen
phone: 713-224-2545
fax: 713-247-9534

• VNSM has discretion to make investment decisions without obtaining prior approval.  

• The University does not use soft dollar arrangements as a means of paying for services. 

• The Texas Woman's University Foundation is an independent foundation associated with TWU.  The TWU Foundation has contracted with Hester Capital Management, L. L. C. to manage the investment portfolio.  The Fair Market Value of the foundation portfolio is $15,699,151.17 as of August 31, 2006.