Senior Vice Presidtmt

April 27, 2010

Georgetown Divest

Georgetown University

Washington, D.C. 20007

Dear Members of Georgetown Divest:

I am responding to your recent open letters to President DeGioia. In my role as Assistant Vice President
for Business Policy and Planning, I provide oversight and advice to assist executive leadership at
Georgetown on the development and impact of just, fair and appropriate University business relationships
and practices. In that context, Dr. DeGioia has asked me to address the most recent concerns raised in
your letter.

We appreciated the opportunity to engage in respectful dialogue on April 9, 20 lOon several important
and complex issues you identified . I want to be clear about the fundamental points made in our
discussion that day. As we communicated to you in our letter, Georgetown University's investments
managed by the Investment Office do not include direct holdings in any company's stock. The Office
invests in commingled managed funds that are comparable to the mutual fund investments available
within retirement plans. The specific holdings of a managed fund change from time to time, sometimes
frequently, due to investment decisions outside of University control. In this context, divestment of
individual investments in companies is not possible, and divestment from funds that mayor may not at
any given moment hold investments in specific companies is not practicable.

On April 9, 20 I 0 you also met with a senior team which included, Senior Vice President Dan Porterfield,
Chief Investment Officer Lawrence Kochard, Associate Vice President of Student Affairs, Jeanne Lord
and me to discuss Georgetown's investment policies. At that meeting you asked if Georgetown
University would divest from managed funds that own stocks in certain companies that do business with
Israel. The answer to that question is no. In addition to the practical issues of fund divestment described
above, as the University made clear in 2006 when a similar request was made, there are a wide range of
opinions on the conflict in the Middle East and the appropriate way for Georgetown University to address
the situation is through dialogue, research and intellectual discovery.

We are confident that the University's current approach to investing meets appropriate standards of social
responsibility for colleges and universities with endowments of our size. We regularly review our
investment practices as our needs and resources change, and we will continue to do so again in the

Box 571241

Washington, DC 20057·1241

202·687·3730 FAX 202-687-9109

coming months with particular emphasis on other universities with modest endowments that utilize
strategies that might be appropriate for Georgetown. Thank you for your interest.

Sincerely,

Assistant Vice President

Business Policy and Planning

Office of the Senior Vice President