University of Pittsburgh
November 5, 2006

Pitt Alumnus and Investment Executive David A. Tepper Donates $1 Million to Create Funds Supporting Faculty and Students

Contact:  412-624-4147

PITTSBURGH-The University of Pittsburgh has received a $1 million gift from alumnus David A. Tepper (CAS '78) to create three newly endowed funds that will provide scholarship and programmatic support to Pitt students and faculty.

Tepper's gift will create:

o The David A. Tepper Endowed Undergraduate Scholarship Fund to support outstanding Pitt students in need;

o The David A. Tepper Endowed Fund in the Department of Athletics to support the men's basketball program; and

o The David A. Tepper Endowed Fund in the School of Arts and Sciences to support the Department of History and the Department of Philosophy.

"There is no question that education really is the key to achieving the American dream," said Pitt Mark A. Nordenberg. "Generous gifts like this one from David Tepper recognize that in today's world, with declining amounts of external financial aid, paying for a high-quality education can be a challenge for both students and their families. This gift answers a genuine need addressed by our current capital campaign that is especially close to my own heart-creating ongoing sources of funding to make a Pitt education fit within the financial means of some of our most gifted students."

These new funds increase the number of available funds that provide long-term support to the Pitt community. Since 1997, the University of Pittsburgh has increased its endowed funds by 95 percent through the generosity of alumni and friends.

"We know that every dollar matters to our students, and we are doing all that we can to help ease the burden of tuition costs," said Vice Chancellor of Institutional Advancement Albert J. Novak Jr. "We have made Pitt students a priority in our fundraising campaign. David Tepper and a myriad of other donors have seen the need and have responded generously."

This gift is Tepper's most recent contribution to Pitt's fundraising efforts. He also created the David A. Tepper Undergraduate Scholarship Fund in the Department of Economics in 2004 and has provided meaningful support to the Student Volunteer Outreach Program in the Division of Student Affairs.

A Pittsburgh native, Tepper is president and founder of Appaloosa Management, a $3 billion hedge fund investment firm based in Chatham, N.J., just west of New York City. Founded with Jack Walton, a former senior portfolio manager for Goldman Sachs Asset Management, the firm is a general partner of Appaloosa Investment Limited Partnership I and invests in debt and equity securities on behalf of individuals, foundations, universities, and other organizations. Appaloosa Management also advises Palomino Fund, Ltd. Tepper and his wife, Marlene, are the parents of three children.

Tepper's gift is part of the University of Pittsburgh's Discover a World of Possibilities capital campaign, the most successful fundraising campaign in the history of both the University and Southwestern Pennsylvania. To date, the campaign has raised more than $1 billion to support the University.