December 1, 2004

The James Irvine Foundation Elects
Regina L. Muehlhauser to the Board of Directors

San Francisco—The James Irvine Foundation announced today the election of Regina (Reggie) L. Muehlhauser to the Board of Directors, effective January 1, 2005.

Muehlhauser is currently president of Bank of America in San Francisco and is a member of the Bank of America Corporation's Global Management Operating Committee. She is also Global Treasury Management Executive and, in this capacity, is responsible for the sales and delivery of treasury management services to large corporations in 35 countries and commercial and small business companies in the United States. Global Treasury Management contributes more than $3.5 billion in annual revenues to Bank of America and commands the largest market share in the United States. In November 2004, Muehlhauser announced her intention to retire from Bank of America, effective January 1, 2005.

A Bay Area resident since 1972, Muehlhauser is an active leader in the community. She is president of the Board of Directors of On Lok, Inc., an organization focused on providing quality care for the health and well being of frail elderly citizens. She is also a board member of the Golden Gate National Parks Conservancy, The Bay Area Council, Committee on Jobs, and the San Francisco Symphony.

“Reggie Muehlhauser brings to the Foundation a wealth of intelligence and experience in both the financial arena and in the broader nonprofit sector,” says James E. Canales, President and Chief Executive Officer of the Foundation. “Her commitment to service is evidenced by her sustained and broadly based involvement in community organizations such as On Lok and The Bay Area Council. We welcome her to our Board of Directors and look forward to benefiting from all that she will contribute to our work.”

Muehlhauser received the outstanding Asian Woman Service Award from the Asian Business League in 1994 and was a recipient of the Outstanding Community Service Award in 1995 from the Asian Women's Resource Center. In 2002 she was recognized as a Chinese American Woman of Honor by the Chinese Historical Society of America for her contributions as an outstanding business and community leader. In 2003 she was named one of the 100 Most Influential People in Finance by Treasury & Risk Management Magazine, and for the second consecutive year she was honored as one of the top 100 Women in Business by the San Francisco Business Times.

Muehlhauser earned a bachelor's degree in political science from American University in Washington, D.C. Upon graduation, she joined Wells Fargo Bank where she had a variety of client management and organizational leadership responsibilities before joining Bank of America in 1991 as senior vice president and Northern California commercial real estate division manager.

About The James Irvine Foundation

The James Irvine Foundation is a private, nonprofit grantmaking foundation dedicated to expanding opportunity for the people of California to participate in a vibrant, inclusive, and successful society. The Foundation’s grantmaking is organized around three program areas: Arts, Youth, and California Perspectives, which focuses on improving decision-making on the significant issues that are shaping California’s future. Since 1937 the Foundation has provided more than $900 million in grants to nonprofit organizations throughout California. With current assets of more than $1.7 billion, the Foundation expects to make grants of $69 million in 2006 for the people of California.

For more information about the Irvine Foundation, please visit our Web site at www.irvine.org or call 415.777.2244.