December 4, 2002

Mr. Lee C. Bollinger
President
Columbia University
202 Low Library
New York, NY 10027

Dear President Bollinger:

The Committee on Socially Responsible Investing, in its role as an Advisory Committee created by the Trustees and appointed by the President, hereby conveys its action on the petition to the Trustees to divest the University's endowment holdings in corporations that manufacture arms sold to Israel or sell arms to Israel. As discussed in the attached statement, this Committee does not recommend divestment.

Thank you.

Sincerely,
Merit E. Janow
Chair, Advisory Committee on Socially Responsible Investing

cc: Michael Patterson, Chair Trustees Subcommittee on Shareholder Responsibility

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