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Press Release

Contact:
Michael Laffin
412-268-3486

For immediate release:
May 2, 2005

David Tepper To Deliver Keynote Address At Carnegie Mellon University Diploma Ceremonies, May 14 and 15

PITTSBURGH—David A. Tepper, president and founder of Appaloosa Management and benefactor of the naming gift to the Tepper School of Business at Carnegie Mellon University, will deliver the keynote speeches at the 2005 graduate and undergraduate diploma ceremonies for the Tepper School held at 10 a.m. on Saturday, May 14, at Carnegie Music Hall, and at 2 p.m. on Sunday, May 15, respectively, at Soldiers and Sailors Memorial Hall.

Tepper, a native of the Stanton Heights section of Pittsburgh, is recognized as one of the most successful hedge-fund managers in the world. In 1993 Tepper founded Appaloosa Management, a $3 billion hedge-fund investment firm based in Chatham, N.J. The Wall Street Journal rated Tepper's firm among the top performing hedge funds in 2003.

A graduate of Peabody High School, Tepper earned his bachelor of arts in economics with honors from the University of Pittsburgh in 1978. Two years later he enrolled in the Graduate School of Industrial Administration at Carnegie Mellon and earned his master of science in industrial administration in 1982.

After Carnegie Mellon, Tepper worked for Republic Steel, Keystone Mutual Funds and Goldman Sachs. Within six months at Goldman Sachs, Tepper advanced to head trader on the high yield desk, the position he held for eight years before forming his own hedge-fund firm.

Tepper has been active with various education, business, civic and charitable organizations. He is a member of the Business Board of Advisors for the Tepper School and serves on various boards and committees for charitable and community organizations in New York and New Jersey.

In March 2004 Tepper and his wife, Marlene, donated $55 million—the largest gift in the university's 105-year history—to Carnegie Mellon's business school. To honor this gift, the school was renamed the Tepper School of Business.

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