David A. Salem David…

                                            David A. Salem


David Salem is founding president of The Investment Fund for Foundations (TIFF), a cooperative-
style investment organization established in the early 1990s with the active support of a nationwide
network of foundations headed by the John D. and Catherine T. MacArthur Foundation. TIFF
manages in excess of $7 billion on behalf of more than 600 not-for-profit organizations, including
grantmaking foundations, educational institutions, museums, hospitals and a variety of other operating
charities. In addition to his duties as TIFF's president, Mr. Salem serves as chief investment officer
for all investment vehicles bearing the TIFF name, including partnerships employing private equity,
realty, resource-related and absolute return-oriented investment strategies plus a family of mutual
funds investing primarily in publicly-traded securities. The capital entrusted to TIFF is stewarded
primarily by external managers, of which TIFF employs several dozen, with roughly $1 billion in
marketable securities managed internally under Mr. Salem's supervision. TIFF's services and
membership roster are described more fully at www.tiff.org.

Prior to assuming TIFF's presidency in January 1993, Mr. Salem was a partner in the Boston-based
investment advisory firm Grantham, Mayo, Van Otterloo & Co. Mr. Salem earned a JD cum laude
from Harvard Law School in 1982 and an MBA with high distinction (also in 1982) from Harvard
Business School, where he was elected a Baker Scholar. He has held adjunct faculty positions at
Middlebury College (from which he earned his undergraduate degree summa cum laude in 1978) and
the University of Virginia and served in the White House Counsel's office while enrolled at Harvard.
A member of Phi Beta Kappa, Mr. Salem holds a law license from the District of Columbia as well as
numerous NASD securities licenses.

Mr. Salem is the principal author of TIFF's quarterly reports (available via TIFF's Website) and has
contributed essays on endowment management to monographs published by the CFA Institute, the
National Association of College and University Business Officers, and other professional societies.
Mr. Salem's active speaking schedule has included talks hosted by numerous universities, including
Dartmouth, Harvard, Northwestern, and Oxford; and at conferences organized by the Association of
Governing Boards (AGB), the CFA Institute, the Council on Foundations, the Foundation Financial
Officers Group (FFOG), the London Business School, the National Association of College and
University Business Officers, and several regional associations of grantmaking foundations. In
November 2003, the Wall Street Journal and its sister publication Smart Money jointly named Mr.
Salem one of the 30 most influential people in investing, citing the innovative and provocative views
offered in his writings on TIFF's behalf.

Mr. Salem recently commenced his fourth year as a trustee of Middlebury College and his tenth year
as a member of the investment committee of The Atlantic Philanthropies, one of the largest
grantmaking foundations domiciled outside the US. Formerly, Mr. Salem served on the boards of the
Center for Effective Philanthropy, a Boston-based organization founded by Harvard Business School
professor Michael Porter that helps grantmaking foundations make more effective use of their
resources; the Initiative for a Competitive Inner City, a Boston-based organization (also founded by
Professor Porter) that promotes market-based approaches to urban renewal; and the Core Knowledge
Foundation, a Virginia-based charity that develops content-specific curricula for elementary and
middle schools. Mr. Salem is also a former regent of the Financial Analysts Seminar program
conducted annually at Northwestern University.


                                                                                        October 2007