Statement of Andrea Fischer Newman, University of Michigan Board of Regents

As a Regent of the University of Michigan, I make decisions based solely on what is best for the
institution. I have always been transparent and accountable to the people of Michigan.

I recently learned that I received campaign donations from two people whose firms managed University
of Michigan endowment investments, and one person whose son managed university investments. I
didn’t realize there was a connection between these unrelated and distant events until informed by the
Free Press. There are two relevant facts that provide appropriate context:

• The investments were approved years ago by the full board, unanimously and in three open meetings
– one in 2000, one in 2004 and one in 2011.

• Virtually every campaign donation came many years after the fact. The donations were legal and
publicly disclosed.

No reasonable person who understands the university investment procedures could draw a connection
between a unanimous decision almost two decades ago and a modest show of campaign support in
recent years.

The entire Board process has been completely public and transparent.

And yet I am keenly aware that perception matters in public life, especially in this time of declining trust
in social institutions. Which is why I returned the donations made by Sandy Robertson, Stephen Ross
and Don Graham. I will always be transparent and accountable to the people of Michigan.