Bryn Mawr CollegeAnnual Financial Summary

2008

Restricted Gifts $20,035,000

2%

Current Unrestricted $2,458,000

0%

Endowment $688,327,000

78%

Annuities & Trusts

$32,237,000 4%

Plant $138,040,000

16%

2008 Net Assets$881.1 Million

Student Net Tu-tion & Fees

48%Gifts & En-dowment In-

come44%

Other4% Government Grants

4%

2008 Revenue ($108.6 million)

2001 2002 2003 2004 2005 2006 2007 2008$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

$4,500,000

$5,000,000

$5,500,000

$6,000,000

Annual Fund Gifts

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 $5,000

$10,000

$15,000

$20,000

$25,000

$7,833

$22,649

1999-2008 Operating Gifts & Grants(in thousands)

Salaries & wages43%

Benefits13%

Fellowships & student stipends

4%

Services & contracting

15%

Supplies6%

Travel & en-tertainment

3%

Utilities3% Depreciation

9%

Interest6%

2008 Expenses($96.5 Million)

Smith

Wes

leyan

Oberlin

Trinity

Barnard

Well

esley

Mount H

olyoke

Will

iams

Carleto

n

Amhers

t

Bryn M

awr

Pomona

Swarthm

ore

Haverf

ord0

500

1,000

1,500

2,000

2,500

3,000

Bryn Mawr and Peer Institutions Student FTEFall 2007

Undergraduate Arts & Sciences Social Work

Student Services

Institutional Support

Instruction, Research, Public Service & Academic Support

$- $20,000,000 $40,000,000 $60,000,000

2008 Educational Expenses(in thousands of $)

Instruction Academic support

Research Student services Institutional support

Public service

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

1999-2008 Average Educational Expenses Growth by Category

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

$3,000,000

$3,500,000

$4,000,000

Renewals and Replacement Budgets1987-2009

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 $300,000,000

$350,000,000

$400,000,000

$450,000,000

$500,000,000

$550,000,000

$600,000,000

$650,000,000

$700,000,000 $688,327,000

Endowment Value 1999-2008

$-

$200,000

$400,000

$600,000

$800,000

$1,000,000

$1,200,000

Average; $533,467

Endowment Per Student FTE Peer InstitutionsFiscal Year 2007

$-

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

Average; $26,673

Estimated Endowment Income Per Student FTE Peer InstitutionsFiscal Year 2007

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008-4.00%

0.00%

4.00%

8.00%

12.00%

16.00%

12.13%

13.20%

-1.14%

-2.86%

1.74%

16.90%

10.35%

12.78%

17.77%

3.80%

8.47%

1999-2008 Endowment Return

Endowment Return

Average return

Series1

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

3.8%

11.5%12.3%

3.4%

10.7% 11.1%

-4.30%

7.40%

8.71%

-6.70%

7.60%

9.80%

-3.70%

12.30%

14.30%

Bryn Mawr College Endowment Performance vs. BenchmarksPeriods ending May 31, 2008

BMC Portfolio

Interim Benchmark

Broad Market B'mark

S&P 500 Index

MSCI All Country World Index

% R

etu

rn

Trailing 1 YearTrailing 5 Years

AnnualizedTrailing 3 Years

Annualized

1 Performance of the non-marketable alternatives (private equity / venture capital and real assets) is as of March 31, 2008. Accordingly, the total portfolio performance numbers will adjust when updated numbers for those investments are available.

2 The Interim Benchmark is weighted according to the Interim allocation of each asset class (in parentheses) with the following indexes: Russell 3000 (U.S. Equity), MSCI EAFE (Int’l Developed Equity), MSCI Emerging Markets (Emerging Markets Equity), T-bills + 6% (Marketable Alternatives), S&P 500 + 4% (Private Equity / Venture Capital), CPI-U + 5% (Real Assets), and Lehman Brother 5-Year U.S. Treasury Index (Fixed Income / Cash). It is meant to represent performance of a passive, but diversified, portfolio.

3 The Broad Market Benchmark is 87% Russell 3000 and 13% Lehman Brothers 5-Year U.S. Treasury Index. It is meant to represent an undiversified portfolio.

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 3.50%

4.00%

4.50%

5.00%

5.50%

6.00%

Average4.84%

Endowment Spending as Percentage of Average Endowment Value

1999-2008

Endowment Asset Allocation

Long -Term Target 2008 Difference

U.S. Equity 17.5% 20% 2.5%

International Equity 15.0% 17% 2%

Emerging Markets Equity 5.0% 5% 0%

Marketable Alternatives (Hedge Funds) 17.5% 21% 3.5%

Venture Capital & Private Equity 17.5% 10% -7.5%

Inflation Hedging Assets 17.5% 17% -0.5%

U.S. Bonds & Cash 10.0% 10% 0%

100% 100% 0%

Admissions & Financial Aid Update

Class of 2012

• Record applicant pool of 2,150• The largest entering class in the college’s history – on target

with optimal enrollment plan with a class size of 366 students• 39 states and 37 countries represented• Most popular majors: English, Undecided, International

Studies, Psychology, Biology• 26% students of color (US citizens); 20% international (non-

US citizens, permanent residents, dual citizens)• Slightly higher admit rate due to enrolling fewer early decision

students and hedging against financial aid uncertainty• Admitted 7 students from the waitlist

Applications

Percentage Admitted

Entering Class Size

Diversity

Percentage Ranked in Top 10% of High School Class

Median SAT Critical Reading + Math

Closing Undergraduate FTE

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 -

50

100

150

200

250

49

188

1999-2008 Graduate Students FTE

Arts & Sciences Social Work & Social Research

Undergraduate Tuition Discount Rate

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

1999-2008 Total Financial Aid Expense

Undergraduate

Graduate School of Arts and Sciences

Graduate School of Social Work and Social Research

Current Projects Related to Enrollment

• Review of admissions policies and the role of standardized testing

• Review of financial aid policies and our overall pricing model