$10 Million Endowment Established for College Access Foundation

The Posse Foundation to Honor The Sallie Mae Fund and Timothy Ubben at Champagne Breakfast

| Source: The Posse Foundation Inc.

NEW YORK, Oct. 18, 2006 (PRIMEZONE) -- On October 25, 2006 The Posse Foundation -- a youth leadership development and college access program -- will honor The Sallie Mae Fund and Timothy Ubben for their sizable contributions to Posse's endowment campaign. Their gifts have given Posse an endowment totaling more than $10 million.

The Posse Foundation identifies, recruits, and trains young leaders from urban public high schools and sends them in teams (referred to as "Posses") to some of the top colleges and universities in the nation. Its goals are to aggressively address diversity in higher education by improving access and providing opportunities to outstanding student leaders.

The Sallie Mae Fund provided the foundation for Posse's endowment campaign by awarding a $5 million matching endowment grant in the spring of 2003. For each dollar donated to the campaign, Sallie Mae agreed to match the gift, thus putting another dollar into Posse's endowment.

Through the guidance of its board of directors and the support of many generous donors, Posse was able to meet The Sallie Mae Fund challenge grant. Posse Vice Chair Tim Ubben and his wife, Sharon, contributed the largest individual donation to the campaign and will announce a further contribution at the Champagne Breakfast. These donations will provide permanent resources that will help secure Posse's longevity and continued growth.

Since 1989, over 1500 young people have won more than $142 million in leadership scholarships from Posse's 23 elite college and university partners. Posse Scholars are persisting and graduating at a rate of over 90 percent -- well above the national average. Today Posse recruits students from Boston, Chicago, Los Angeles, New York City, and Washington D.C.

Please join us on October 25, 2006 from 9:30AM to 10:30AM ET at:

 The New York Times Building
 229 West 43rd Street, 15th floor
 New York, NY 10036
The Posse Foundation
Rassan Salandy, National Director of University and Public