Support of the University of South Alabama

The USA Foundation Board, at its March 6, 2008, meeting, approved $246,000 annually, in support of 22 new USA Foundation Fellowships. The Board also approved providing $225,000 annually, for four years, in support of increases for current graduate assistantships at the University.

Board approval was unanimous for an additional amount of $1 Million to be contributed to the Mitchell Cancer Institute during Fiscal Year 2008, contingent on the sale of the Wright Campus. With this accelerated amount, the Foundation will provide a total of $4 Million to the Mitchell Cancer Institute for Fiscal Year 2008, and a total contributed amount of $10 Million of the pledged $12 Million.

For the six-month period ending December 31, 2007, the Foundation has contributed to the University $4,458,000.

Management and general expenses, at December 31, 2007, were 0.75% of net assets annualized, and are well below national norms.

Since 1990 the Foundation has contributed more than $104 Million to the University of South Alabama.