Pax Endows Scholarship Fund for Sustainable Development at Southern New Hampshire University's School of Community and Economic Development

$50,000 Pledge to Support Students from African Nations

PORTSMOUTH, NH - September 05, 2007 - Pax World Management Corp., investment adviser to Pax World Funds ("Pax"), which launched the nation's first socially responsible mutual fund in 1971, today announced that it has pledged $50,000 towards the establishment of an endowed scholarship fund at Southern New Hampshire University's School of Community Economic Development (SCED).

The Pax Scholarship Fund for Sustainable Development has been created to defray tuition costs for graduate students from African nations who are working to create participatory, sustainable, and transformative community-based economic development projects.

Students enrolled at SCED come from around the world to study community economic development. A survey conducted by Southern New Hampshire University found that 58 percent of international SCED students came from Africa, 21 percent from Asia, 10.5 percent from Latin America and the Caribbean and 10.5 percent from North America. The school offers a variety of graduate programs for students pursuing their masters or doctorate degree.

"The Pax Scholarship will allow us to attract students who are innovative and poised to shape the future of sustainable development," said Michael Swack, Dean of SCED. "The African students who are served by this scholarship will be among the next generation of leaders when it comes to local and international development issues."

"Pax World is dedicated to sustainable investing, which includes promoting sustainable development around the world," said Joe Keefe, President & CEO of Pax World. "By providing scholarships to graduate students from African nations, and supporting the innovative, groundbreaking programs at the School for Community Economic Development, we hope to make a small contribution toward alleviating poverty and promoting economic development in some of the world's poorest regions."

Pax Scholarships will be presented annually to an eligible student or students from Africa who demonstrate leadership and creativity in promoting progressive economic development policies and practices and strive to achieve transparency, inclusiveness and impact in their projects.

"We are thrilled to partner with Pax and are very excited that our sustainable economic development work is being supported by a New Hampshire-based investment company who shares our vision," said Paul J. LeBlanc, president of Southern New Hampshire University.

Individuals, corporations and organizations wishing to contribute to the Pax Scholarship Fund or obtain more information can contact Janet Prince, SCED's director of strategic partnerships at 603.436.6702 or j.prince@snhu.edu.

About Southern New Hampshire University and the School of Community Economic Development
The university has approximately 1,900 traditional, full-time undergraduate day students and a total enrollment in all divisions of about 9,425. Programs are offered on campus, online and on location at our centers in New Hampshire and Maine. The university offers programs in business, community economic development, culinary arts, teacher education, hospitality management and liberal arts.

Founded in 1982, the School of Community and Economic Development is internationally recognized as a center of excellence and a leader in education, public policy, research and institution-building. It is the only community economic development school in the country to offer both graduate and doctoral programs. Southern New Hampshire University is a leader in sustainable business practices, having become the first university in New Hampshire to go carbon neutral.

For more information, contact Brendon Buckley 617.933.5021 or Cosabeth Bullock 617.933.5277.