MBA Investment Fund, L.L.C.

The MBA Investment Fund, L.L.C. is the first legally constituted, private investment company to be managed by students. The Fund is a limited liability company registered under the laws of the State of Texas. It was created to enable MBA students in the McCombs School of Business at The University of Texas at Austin to obtain a real-world experience in the process of managing investment portfolios and in developing relationships with clients. The fund completed its initial offering on December 8, 1994 with $1.6 million invested by accredited investors under securities laws. As of March 2004, the Fund has approximately 65 investors and $13 million under management in three different investment products: a growth-oriented equity portfolio and a value-oriented equity portfolio, which are managed for individual and institutional clients, and an endowment portfolio, which support the activities of the AIM Investment Center. The endowment fund consists of an enhanced index equity portfolio and a fixed-income portfolio.

Created by Dr. George W. Gau, Dean of the McCombs School of Business and Founding Director of the EDS Financial Trading & Technology Center, the Fund provides a unique interaction between Texas MBA students and professionals from major national investment firms. Under the direction of Dr. Laura Starks, Bill McAdams and Sandy Leeds, a select group of twenty students each year work as student portfolio managers with investment counselors in the formulation of their strategy and making their portfolio decisions. They also report to an Advisory Committee comprised of faculty from the Department of Finance and leading members of the investment industry.

Neither the University of Texas at Austin nor the Board of Regents of the University of Texas has the authority or power to act on behalf of the Fund, to do any act that would be binding on the Fund or to incur any expenditures on behalf of the Fund. Neither the University of Texas nor the Board of Regents of the University of Texas shall be liable for any debts or obligations of the Fund.