1. The information presented in this section and the above section represents the growth of a hypothetical $10,000 investment in the Yale Endowment (“Yale Endowment”) versus the same hypothetical investment made into an average endowment with at least $1 billion under management (“Traditional Endowments”). Return from 1996 and 1997 for “Traditional Endowments” represents endowments greater than $400 million. Individual investors may not invest in a university endowment - this information is for illustrative purposes only. Source: “Yale Endowment Model Thrives as Swensen, Proteges Post Top Gains” (Bloomberg).