NEW YORK, February 17, 2010 -- Moody's Investors Service has assigned an A3 rating to Fairfield University's $85.0 million of fixed rate Series O and Series P bonds…. At this time, we have revised our outlook on the University's long-term debt rating to negative from stable as a result of increased leverage and a continued challenging student market position.

BondsOnline: Credit Ratings for Municipal and Corporate Bonds

From Moody’s Bond Rating Report, cont.

Continued challenging student market position, as reflected in the matriculation rate of admitted freshmen, which maintained a steady decline to a low 15.8% for the freshman class that entered in the fall of 2009….Similar to many private universities, Fairfield's selectivity rate for fall 2009 weakened to 64.6% compared to the best recent rate of 54.8% in fall 2007.

From Moody’s Bond Rating Report, cont.

… student demand indicators weakened further in fall 2009…. [J]ust 15.8% of those accepted chose to enroll, which continues a trend of weakening matriculation. As a Jesuit comprehensive university, Fairfield faces strong competition from other Catholic institutions in the Northeast, including Boston College (rated Aa3), College of the Holy Cross (Aa3), Villanova University (A1), Providence College (A2), and from the University of Connecticut in recent years.

Fairfield Personnel, 1972-2010

0

50

100

150

200

250

300

350

1972 1991 1996 2003 2008

Admin

Faculty

All Other

Source: Fairfield Fact Book

PROVIDENCE COLLEGEPresident

Rev. Brian J. Shanley, O.P.

Executive VP/ Treasurer

Rev. Kenneth Sicard, O.P.

Mission & Ministry

Rev. Joseph Guido, O.P.

VP

Assoc. VP/Assoc. Treasurer

Rev. Kevin Robb, O.P.

Catholic & Dominican Studies

Rev. Gabriel Pivarnik, O.P.

Director

Alumni Chaplain

Rev. John Peterson, O.P.

Chaplain’s Office

Rev. James Cuddy, O.P.

Chaplain

Alumni Chaplain

Rev. James Quigley, O.P.

Student Affairs Administration

Kristine Goodwin

VP

Dr. Steven Sears

Assoc. VP/Dean of Students

Career Services

Patricia Goff

Interim Director

Student Health

Catherine Kelleher, RN

Director

Safety & Security

John Leyden

Executive Director

Personal Counseling

John Hogan

Director

Legal Services

Marifrances McGinn

VP/General Counsel

Gail Dyer

Assoc. VP/Assoc. General Counsel

Human Resources

Kathleen M. Alvino

Assoc. VP

Athletics

Robert Driscoll

Assoc. VP

Institutional Diversity

Rafael Zapata

Assoc. VP/Chief Diversity Officer

Public Affairs & Community Relations

Steven Maurano

Asst. VP

Academic Affairs

Dr. Hugh Lena

Senior VP/Provost

Academic Affairs

Dr. Brian Bartolini

Assoc. VP

Academic Affairs

Charles Haberle

Asst. VP

Admissions & Financial Aid

Raul Fonts

Interim Dean

School of Continuing Education

Dr. Janet Castleman

Dean

School of Professional Studies

Dr. Brian McCadden

Dean

School of Business

Mary Jane Lenon

Interim Dean

School of Arts & Sciences

Dr. Sheila Adamus

Dean

Finance & Business

John Sweeney

Senior VP/CFO

Financial Services

Jacqueline White

Assoc. VP

Information Technology

Rebecca Ramos

Asst. VP

Business Services

Warren Gray

Asst. VP

Capital Projects/Facilities Planning

Mark Rapoza

Asst. VP

Institutional Advancement

David Wegrzn

Senior VP

Development & Marketing

Lisa Bousquet

Assoc. VP

Alumni Relations

Robert Ferreira

Asst. VP

Development Projects

Joseph Brum

Special Asst. to the President

Asst. to the President & Executive VP

Ann Manchester-Molak

Source: www.providence.edu/about/governance/pages/organizationalstructure.aspx

COLLEGE OF THE HOLY CROSSPresident

Rev. Philip Boroughs, S.J.

Senior VP

Frank VellaccioAcademic Affairs

VP for Academic Affairs & Dean of the College

Timothy R. Austin

Student Affairs

VP for Student Affairs & Dean of Students

Jacqueline D. Peterson

Assoc. Dean of Students

Kristine Cyr-Goodwin

Assoc. Dean of Student Development

Neal Lipsitz

Asst. Dean/Director of Student Involvement

Brenda Sullivan

Director of Student Conduct & Community

St&ards

Director of Public Safety Robert Hart

Administration & Finance

VP for Administration & Finance

Michael J. Lochhead

Director of Finance & Asst. Treasurer

Dorothy A. Hauver

Development

President Emeritus

Rev. John E. Brooks, S.J.

VP Emeritus/Asst. to the Director of Planned

Giving, Development

Rev. Charles J. Dunn, S.J.

VP for Development & Alumni Relations

Vacant

Admissions

VP Emeritus/Assoc. Director for Jesuit

Relations

Rev. Earle Markey, S.J.

Chief Investment Officer

Timothy M. Jarry

General Counsel

Timothy F. MinesOffice of the Deans

Assoc. Dean of the College Margaret Freije

Assoc. Dean for Faculty Amy Wolfson

Asst. Dean & Director of Multicultural Education

Mable Millner

Asst. Dean & Director of Resident Life & Housing

Ewdwin Coolbaugh

Class Dean, Class of 2012

Ronald Jarret

Class Dean, Class of 2013

Nancy R. Baldiga

Class Dean, Class of 2014

Esther Levine

Class Dean, Class of 2015

John &erson

Executive Asst., President’s Office

Ruth Ann Elias

VP Mission, President’s Office

Rev. Paul F. Harman, S.J.

Source: www.holycross.edu/administration/index.html

FORDHAM UNIVERSITYPresident

Joseph McShane, S.J.

Senior VP & CFO John Lordan

VP for Lincoln Center

Brian Byrne

Office of the Provost

ProvostStephen Freedman

Interim Assoc. VPJonathan Crystal

Asst. VP & Chief of Staff Ellen Fahey-

Smith

VP for Development &

University Relations Roger Milici

Asst. VP for Communications & Faculty Operations

Eileen Burchell

VP for Administration Thomas Dunne

VP for Student Affairs Jeffrey Gray

Assoc. VP for Student Affairs Michele Burris

Rose Hill Dean of Students

Christopher Rodgers

Lincoln Center Dean of Students

Keith Eldredge

VP for University Mission & Ministry

Joseph Quinn

VP for Finance Frank Simio

Academic Financial Planning & Analysis

Assoc. VPSalvador Aceves

Asst. VP for Budgets/LogisticsKevin Munnelly

VP for Technology & CIO Frank

Skirianni

VP for Enrollment Peter Stace

VP for Facilities Management Marco Valera

General Counsel Thomas DeJulio

Deans

Gabelli School of Business Dean

Donna Rapaccioli

Fordham College at Lincoln Center

DeanRobert R. Grimes

Fordham College at Rose Hill

DeanMichael Latham

School of Professional &

Continuing StudiesDean

Isabelle Frank

Graduate School of Arts & Sciences

DeanNancy Busch

Graduate School of Business

David A. Gautschi

Graduate School of Education

James Hennessy

School of LawMichael Martin

School of Religious Education

John P. Harrington

Graduate School of Social Service

Peter B. Vaughan

VPs

Continuing Education & Professional

DevelopmentAssoc. VP

Ron Jacobson

Faculty PersonnelAssoc. VP

Benjamin Crooker

Assoc. VP/Chief Research OfficerNancy A. Busch

Asst. VP of International

ProgramsJennifer Latham

Asst. VPJerome A. Contee

Secretary of the University

Margaret Ball

Source: www.fordham.edu/academics/office_of_the_provos

SANTA CLARA UNIVERSITYPresident

Michael Engh, S.J.

Provost & VP for Academic Affairs

Dennis C. Jacobs

Vice Provost for Academic Affairs

Diane Jonte-Pace

Vice Provost, Student Life, &

Dean of Students

Jeanne Rosenberger

Vice Provost, Planning &

Administration

Charles Erekson

Vice Provost, Information

Services, & Chief Information Officer

Ron Danielson

University Financial Aid Services

Richard Toomey

Undergraduate Admission

S&ra Hayes

Dean

College of Arts & Sciences

W. Atom Yee

DeanSchool of Education

& Counseling Psychology

W. Atom Yee

Interim DeanLeavey School of

Business

S. &rew Starbird

Dean

School of Engineering

Godfrey Mungal

Dean

School of Law

Donald Polden

Dean

Jesuit School of Theology of Santa Clara University

Kevin Burke, S.J.

VP for University Relations

Robert Gunsalus

Assoc. VP, Marketing &

Communications

Richard Giacchetti

Asst. VP, Development

Nancy Trish Calderon

Executive Director, Alumni Relations

Kathryn Kale

VP for Administration &

Finance

Robert Warren

Assoc. VP, Finance

Harry Fong

Interim Asst. VP, Human Resources

Charlie Ambelang

Asst. VP, Auxiliary Services

Jane Barrantes

VP for Enrollment Management

Michael Sexton

University General Counsel

John Ottoboni

Chancellor

William Rewak, S.J

Chief Investment Officer

John KerriganDirectors

University Registrar Monica Augustin

University Librarian Vacant

Athletic Director Daniel Coonan

Executive Director of Markkula Center for Applied Ethics,

Kirk O. Hanson

Center for Science, Technology &

Society

Thane Kreiner, Executive DirectorIgnatian Center for Jesuit Education,

Michael C. McCarthy

Executive DirectorDrahmann Advising

& Learning Resources Center

Elaine BorrelliDirector

Campus Ministry

John R. Treacy, S.J.

Director

Executive Asst. to the President

Molly McDonald

Source: www.scu.edu/about/administration/index.cfm

LOYOLA UNIVERSITY MARYLANDPresident

Rev. Brian Linnane, S.J.

Office of the Executive VP

Executive VP

Susan Donovan

Academic Affairs

VP for Academic Affairs

Timothy Law Snyder

Assoc. VP for Academic Affairs

Jenny Lowry

Assoc. VP for Graduate Studies

Am&a Thomas

Asst. VP for Academic Affairs & Diversity

Martha Wharton

Director of Budgets & Data Management

Lorie Holtgrave

Office of Research & Sponsored Programs, Director:Nancy Dufau

Asst. Director: Julie Ryder

Administration

VP

Terrence Sawyer

Asst. VP

Joan Flynn

Asst. VP of Human Resources

Kathleen Parnell

Environmental Health & Safety Director

Thomas Hettleman

Director of Public Safety/Campus Police

Timothy Fox

Advancement

VP

Megan Gillick

Assoc. VP for Advancement & Assoc.

Campaign Director

Jeffrey Dubnow

Director of Development

Dena Ebert

Director of Planned Giving

Christopher Vaughan

Director of Alumni Relations

Eric Eckenrode

Director of Annual Giving

Jane Curley Hogge

Director of Corporate & Foundation Relations

Ilene Briskin

Director of Advancement Services

Ian Webster

Business & Finance

VP for Finance & Treasurer

R&all Gentzler

Assoc. VP for Facilities & Campus Services

Helen Schneider

Asst. VP for Financial Services

David Beaupre

Asst. VP/CIO for Technology Services

Louise Finn

Controller

Kelly Nelson

Asst. Controller

Am&a Huffman

Enrollment Management &

Communications

VP

Marc Camille

Institutional Research

Asst. VP for Institutional Research &

Effectiveness

Terra Schehr

Assoc. Director & Coordinator of First-

Year & Retention Studies

Shannon Tinney

Deans

Interim Dean of Education

Mickey Fenzel

First Year Students & Academic Services Dean

Ilona McGuiness

International Programs Dean

&re Colombat

Loyola College of Arts & Sciences Dean

Rev. James J. MirackyJr., S.J.

Sellinger School of Business &

Management

Karyl B. Leggio

Dean of Students

Sheilah Horton

Student Development

VP for Student Development/Dean of

Students

Sheliah Horton

Assoc. VP for Student Development/Director of Counseling Center

Donelda Cook

Asst. VP for Student Development

Xavier Cole

Assoc. Dean of Students

Michelle Cheatem

Director of Student Support Services Mary

Beth Mudric

Director of Technology & Graduate Student Services Mark Lee

Technology Services

CIO, Asst. VP

Louise Finn

Asst. to the President

Vicki Weller

Executive Asst.

Darryl Coward

Special Asst. to the President for Mission

Integration

Rev. Timothy Brown, S.J.

Source: directory.loyola.edu/results.asp

FAIRFIELD UNIVERSITYPresident

Rev. Jeffrey P. von Arx S.J.

Academics Division

Senior VP for Academic Affairs

Paul J. Fitzgerald, S.J.

Assoc. VP for Academic Affairs

Mary Frances A. H. Malone

Assoc. VP for Academic Affairs,

Office of Academic Engagement

Elizabeth Boquet

Assoc. Academic VP for Enrollment Management

Judith Dobai

Director of Library Services

Joan Overfield

Director of the Media Center

Jim Mayzik, S.J.

College of Arts & Sciences

Dean RobbinCrabtree

Charles F. Dolan School of Business

Dean Donald E. Gibson

School of Nursing

Dean Suzanne Campbell

School of Engineering

Dean Jack Beal

Graduate School of Education & Allied

Professions

Dean Susan Franzosa

University College

Administration & Chief of Staff

VP for Administration &

Chief of Staff

Dr. Mark C. Reed

Assoc. VP for Facilities

Management

David Frassinelli

Director of Athletics

Eugene Doris

Director of Public Safety

Todd Pelazza

Legal Affairs

Trustee Affairs

Office of Human Resources

Auxiliary Services

Advancement Division

VP for University Advancement

Stephanie Frost

Office of Corporate Relations, Asst. VP

of Development

Robert Cottle

Office of Foundation

Relations, Asst. VP for Development

Noel Appel

Director of Alumni Career Services

Julie Tuozzoli

Director of Reunions

Maria Bolis

Director of Alumni Relations

Janet Canepa

Director of Annual Giving & Special

Gifts

Debra Reich

Director of Major Gifts

Geri Derbyshire

Finance Division

VP of Finance & Treasurer

Julie L. Dolan

Controller

Kenneth R. Fontaine

Director of Human Resources

Mark Guglielmoni

Account Executive of Administrative

Computing

Kevin Clancy

Director of Computing &

Network Services

Michael Graham-Cornell

University Bursar

Raymond Bourdeau

Student Accounts

Kathleen Allen

Valerie Barnard

Director of Purchasing

Nicholas Papillo

Marketing & Communications

VP of Marketing & Communications

Rama Sudhakar

Asst. VP for Br& Management & Public Relations

Martha MilcarekDirector of

Marketing for Academic & Admission

Catherine O’DonnellDirector of

Communications for Advancement &

Student Affairs

Alistair Highet

Director of Web Communications

Scott Barnett

Director of Design & Digital Print

Services

Curtis Ebdon

Director of Quick Center for the Arts

Gary Wood

Student Affairs

VP for Student Affairs

Thomas Pellegrino

Dean of Students

Karen Donoghue

Assoc. Dean of Students

Kimberly Nickolenko

Residence Life

Career Planning Center

Student Diversity Programs

University Activities

Health Center

Counseling Services

Office of Student Support Services

Special Asst. to the President

Rev. Charles H. Allen, S.J.

Source: www.fairfield.edu/about/about_admin.html

0 0.2 0.4 0.6 0.8

Villanova

Boston College

Providence

Scranton

Holy Cross

Santa Clara

Fordham

Loyola MD

Fairfield

Percent of spending

Education

Academic Support

Research

Source: IPEDS

Admit and Yield Trends2001-2010

Admit Rates, Comparison Schools, 2010

10%

20%

30%

40%

50%

60%

70%

80%

Source: IPEDS

Admit Rates, Fairfield, 2001-2011

35%

40%

45%

50%

55%

60%

65%

70%

75%

Source: IPEDS

Percent Change in Admit Rates, 2001-2010

-40%-30%-20%-10%

0%10%20%30%40%

Source: IPEDS

Yield Rates, Comparison Schools, 2010

10%

15%

20%

25%

30%

35%

Source: IPEDS

Yield Rates, Fairfield, 2001-2011

10%

12%

14%

16%

18%

20%

22%

24%

Source: IPEDS

Percent Change in Yield Rates, 2001-2010

-50%-45%-40%-35%-30%-25%-20%-15%-10%

-5%0%

Source: IPEDS