November 18, 2004

In the wake of recent news coverage, I want to take a moment to assure you that
the University of Colorado aggressively pursues good stewardship of the assets
you have provided. Moreover, we are confident that the University of Colorado
Foundation pursues the same objectives.

The report published by the Rocky Mountain News is purportedly a report
produced for the grand jury. This report was withheld from the university, and
no one at this institution has been given an opportunity to review it or the
underlying documents that might have informed the report's conclusions. Because
we have not seen the report, the university has had absolutely no opportunity
to clarify or respond to the statements contained within it.

The university keenly understands its role as a steward of public money and
public trust. We have submitted ourselves to numerous investigations, audits
and other inquiries, both internal and external. We have completely responded,
as required by law, to all open record requests from any source, which produced
tens of thousands of pages of financial documents and university
communications. We believe we have thoroughly responded to the grand jury
subpoenas. We were never informed of questions or concerns about our response
to subpoenas. In fact, a member of the special prosecution team assured us that
there were no concerns about our response.

We understand that questions continue to arise. In consultation with the
University of Colorado Foundation, we have requested a complete
chain-of-custody audit for the transactions between the university and the
Foundation. We have received assurances from the Foundation leadership that
they will work with us to make certain we are in compliance with donor
intentions, federal and state statutes, and the Board of Regents' laws and
policies. These audits, by a nationally recognized independent audit firm, will
track donor funds from the time they enter the Foundation treasury until the
university spends them.

An additional independent audit will respond to concerns raised about spending
through Coach Gary Barnett's football camp operations. At our request, Coach
Barnett will submit records of the camp's entire operations - both transactions
to and from the Buffalo Technique School as well as camp-related transactions
to and from his private corporation - to an outside, independent auditor. The
audit report will become public.

We are committed to furthering public confidence in this great university and
to focusing attention on its strengths: outstanding teaching, innovative
research, state-wide outreach and quality clinical care. We hope this
information helps you fully understand our current position as well as respond
to any questions you may receive. Your support is essential and we deeply
appreciate it. Please contact me if you have further questions or requests for
additional information.

Join us in working toward a stronger, healthier University of Colorado.