PHILIP SCATURRO ELECTED CHAIRMAN OF
NEW SCHOOL UNIVERSITY'S BOARD OF TRUSTEES

(New York, NY – June 12, 2002) Philip Scaturro, Executive Vice President and Managing Director of Allen and Company Incorporated, has been elected Chairman of the Board of Trustees of New School University for a three-year term beginning in July 2002. He succeeds John L. Tishman, who has served as Chairman of the Board of Trustees since 1995, providing outstanding leadership. Mr. Tishman will continue to serve as a New School Trustee and as Chair of the Eugene Lang College Board of Governors.

Mr. Scaturro has been a member of New School University's Board of Trustees since 1989 and Treasurer of the Board since 1995. During that time he has served as Chair of the Mannes College of Music Board of Governors, a division of New School University, and as Chair of the Board's Audit Committee. He also is a member of the Investment Advisory Group and Investment Committees of the Board. Mr. Scaturro also served as Chancellor of New School University from 1999 to June 2002. As Chancellor, he enabled the University to progress financially and academically even while it searched for a new President. New School University President Bob Kerrey said, "In Phil Scaturro, the Board has chosen a wise and deeply committed leader. The other officers and I look forward to working with him as we build upon John Tishman's legacy and chart a course for this University in the 21st century."

Mr. Scaturro's firm, Allen and Company, is a New York investment bank with a staff of 175 in New York City. The firm is considered a leading expert in media, entertainment and telecommunications.

Mr. Scaturro is Chairman of the Finance Committee and Treasurer of the Board of Lincoln Center's New York City Opera, and he is a Director of the Museum of Contemporary Art Foundation in North Adams, Massachusetts.

Mr. Scaturro holds a J.D. degree and an M.B.A. degree from Columbia University and a B.A. from Williams College.

****

New School University, with 7,000 matriculated students and 25,000 continuing education students, is a New York City university comprised of a liberal arts foundation of three schools: Graduate Faculty of Political and Social Science, Eugene Lang College and The New School; and five professional schools: Parsons School of Design, Mannes College of Music, Milano Graduate School of Management and Urban Policy. Actors Studio Drama School, and the Jazz and Contemporary Music Program. New School Online University offers one of the largest selections of online courses in the nation. For further information about admission to New School University, call (877) 5Ave-321 or go to the Web site at www.newschool.edu.