Verne O. Sedlacek, EVP & COO, to Succeed Robert L. Bovinette as President & CEO

Bovinette to Retire as of July 1, 2003

WILTON, CT, April 10, 2003 — Commonfund, one of the nation's leading managers of investment funds for nonprofit institutions, today announced that Verne O. Sedlacek will succeed Robert L. Bovinette as President and Chief Executive Officer. Mr. Bovinette will retire, as planned, effective July 1, 2003.

Mr. Sedlacek has served with Commonfund as Executive Vice President and Chief Operating Officer since January 2002, after serving for more than three years as President of John W. Henry & Company, and for more than 15 years in various senior executive positions with Harvard Management Company, including Executive Vice President and Chief Financial Officer. Mr. Bovinette, who has been President and Chief Executive Officer of Commonfund since 1996, will remain as Senior Advisor through 2006, while also serving as President Emeritus.

"Several months ago Bob informed the Board of Trustees of his desire to retire in 2003," said David Lascell, the Chair of the Board. "Since then, the Board, assisted by an executive recruitment firm, conducted a national search for a successor, considering a number of outstanding candidates. In the end, by virtue of his leadership skills, years of experience with diverse aspects of our business, the positive impact he has had on our organization in the past year, and his deep commitment to our mission, Verne was the unanimous choice of the Board."

"I have known and treasured Commonfund since its founding, through my association with it as a client, as a Board member, and as CEO," said Bob Bovinette. "As I approach retirement, I am confident that Commonfund has never been stronger, that we have a senior executive team that is exceptionally talented and experienced, and that with Verne's leadership, we will go forward fulfilling our mission as an ever-stronger, client-centered organization. I look forward to assisting in the transition and to a continuing relationship with Commonfund as Senior Advisor and President Emeritus, while spending more time with my family and pursuing personal interests."

"Having admired Commonfund during my many years at Harvard and having had the opportunity to work closely with the enormously talented and energetic group of people in the organization in the past year, I am delighted to take on this expanded leadership role as President and CEO," said Verne Sedlacek. "Over the nearly eight years of Bob's leadership, this organization has grown in diverse ways. Not only has there been substantial growth in assets under management, but more importantly he has created a deep and experienced team of investment industry professionals at all levels of the organization."

"Bob's devotion to Commonfund and to establishing extraordinarily high standards for business conduct creates a foundation on which to carry forward the vital mission of Commonfund. I am also grateful that Bob has consented to continue in a senior advisor role, as I very much look forward to his continued wise counsel," added Sedlacek.

Mr. Sedlacek, 48, was President and COO of John W. Henry and Company, an alternative asset management firm, from 1998 through 2001. He served with Harvard Management Company, which manages the University's endowment, pension assets and other accounts, from 1983 until 1998. He has served on a number of for-profit and nonprofit boards including service as an outside director of Commonfund Capital Inc. from 1999 to 2001. Mr. Sedlacek earned an A.B. in Economics from Princeton University and was certified as a CPA by the State of New York in 1979.

Before joining the management team at Commonfund, Mr. Bovinette, 62, had served on its Board of Trustees from 1982 to 1994 and was Chair from 1986 to 1990. In his long career involved in endowment and financial management, he has also served as President and CEO of Albuquerque Academy, as well as Executive Vice President and Treasurer at Occidental College.

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.

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