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POLICY TO EXCLUDE SECURITIES OF COMPANIES MANUFACTURING TOBACCO PRODUCTS FROM INDEX FUNDS AND TO CONTINUE EXISTING EXCLUSION FROM
ACTIVLY MANAGED FUNDS

Adopted January 18, 2001

(1) The Treasurer, using the standards established for the Russell 3000 Tobacco Free Index and the MSCI EAFE Tobacco Free Index, shall continue the current practice of not directly investing in tobacco products companies.

(2) The Russell 3000 Tobacco Free Index and the MSCI EAFE Tobacco Free Index, which exclude the stocks of tobacco products companies, be adopted as the index funds authorized by the Asset Allocation Plan.

(3) Should the Treasurer determine at any time that The Regents' investment objectives are compromised by this policy, a report describing the circumstances shall be prepared by the Treasurer with appropriate recommendations.