Annual Report 2002 • 2003 Purpose Building the Future

Junior Achievement educates Junior Achievement is an incredibly fortunate organization. and inspires young people to value free Every day, we have the extraordinary opportunity to build the future by helping young people attain the dignity enterprise, business, and economics to and satisfaction of earning their own way through the power of knowledge. JA programs and curricula help them discover, understand, and appreciate their own unique talents. Teachers in the classroom, with the support of JA improve the quality of their lives. volunteers, help them realize they do indeed have a place in society where they can flourish.

But just how vast is our reach? How indelible is the mark we leave?

The pages that follow hold stories that illustrate the answers well beyond what our own words could do. Two JA students, Yesenia Cardenas and Rohan Singh, are both now leading lives of fulfillment and direction – credit for Mission which they give to JA.

Junior Achievement will ensure that every Also following are the pages of contributors who make our work possible. They are leaders who share their gifts of vision and guidance, and people who paint better tomorrows for our children with sweeping strokes of generosity, child in America has a fundamental understanding, and commitment. understanding of the free enterprise system. It all comes down to the people behind Junior Achievement – visionaries, individual contributors, and faithful friends – with their shared sense of hope and duty to tomorrow. People with vision and leadership have been a crystallizing force behind JA for 84 years. JA’s constituents have left a rich history and have paved the road of devotion to the future.

It is this devotion that has led us in preparing for our next three years with a plan we call Focus 2006 – a compass Basic Beliefs Contents to guide us to more sustainable resources, more growth in classrooms, and quite simply, to a better, stronger organization. Integrity 1 Building the Future 2 Yesenia Cardenas Most importantly, Focus 2006 will allow our imprint on the future to be vital. Respect 4 Rohan Singh 6 Visionary Ainar D. Aijala Jr. We realize this is our time to contribute – our time to build the future. The interdependence of today with Excellence 7 Visionary Gary L. Davis tomorrow has never been more obvious; our legacy will be forever etched in what our actions are today. 8 Corporate Contributors 10 Individual Contributors And let it be said that our legacy was one that did indeed build the future. 12 Free Enterprise Society 15 Foundation Contributors 16 National Board Champions 18 Heritage Society David S. Chernow Samuel A. DiPiazza Jr. President and Chairman of the Board 20 National Business Hall of Fame Chief Executive Officer Junior Achievement Inc. 23 Junior Achievement Incorporated Junior Achievement Inc. Chief Executive Officer 24 Financials PricewaterhouseCoopers 28 National Officers 28 National Board Members 32 National Staff Officers

1 Yesenia Cardenas Junior Achievement volunteers should never doubt the impact their time has on the lives of children.

Yesenia Cardenas is proof of that.

Born into a life where hope was only a word, Yesenia longed for assurance of a better future.

By the eighth grade the San Antonio native admits that she reached a pivotal point in her life where she could have easily taken a path that led to drugs, gangs, and violence.

“I lived in the west side, where all of that was a way of life,” says Yesenia. “For many, that was all there was, but that was only because they hadn’t been exposed to anything else, a better world.”

Then she met her JA volunteer. A person Yesenia says became not only a tutor, but also a role model – a person who gave her hope and inspiration and who believed in her.

Yesenia’s JA volunteer had a real, positive impact on her life. A life that could have gone down one path was directed toward another – one filled with hope and aspiration as Yesenia prepares to graduate from law school.

What is the benefit of giving time? It’s easy to see from Yesenia’s story.

It took just one volunteer. As we watch Yesenia travel down the road to success, we thank those who give their time to Junior Achievement.

A life has been rewritten. Now Yesenia embraces a bright future with a view that’s fresh and filled with unlimited possibilities.

Let Their Success Be Your Inspiration!®

Courtesy of Colorado Springs Pioneers Museum 2 3 Rohan Singh The measure of an education is not just the quantity of classes taken and lessons learned; it is the ability to apply that education to real life.

Meet Rohan Singh. When he’s not in one of his tenth grade classes in Woodinville, Washington, you’ll likely find him making decisions about market share, pricing structures, and capital investments for his own Internet-based software company, FuzzelFish.com.

Using the principles taught in his JA Company Program class, Rohan has proven he can transform education not only into action, but also profit.

“When I was taking my second JA class I knew that I couldn’t just sit and learn about business anymore; I had to be a part of it,” says Rohan. “Using what I learned in JA, I wrote a business plan, got an investor, bought a business license, and started the business. I want to show that even kids can be serious entrepreneurs.”

Rohan has certainly demonstrated that by recently being selected as JA’s first-ever National Student Entrepreneur of the Year out of a field of JA students across the country by the Young Entrepreneur Organization.

Today Rohan and JA students like him see their hopes and dreams come into focus with every JA class. “My business is growing every day - and still true to one of its original goals; to show that kids can make a difference in the business world,” says Rohan. “In a free market system, children…can make a positive difference, like adults.”

Let Their Success Be Your Inspiration!®

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visionaries Ainar D. Aijala Jr. Gary L. Davis

Global Managing Director Ainar Aijala joined Junior Achievement’s National Board of Directors in 2002, Executive Vice President Gary L. Davis has been a national board member of Junior Achievement since Human Capital Consulting and was instrumental in spearheading Deloitte’s $1 million pledge to research, Chief Human Resources 1999. He is very engaged on the board, serving on the Executive, Human Deloitte develop, and distribute Excellence through Ethics, a supplement to Junior and Administration Officer Resources, and Board Development Committees, along with the Government Achievement’s grades 4-12 programs. Junior Achievement and Deloite teamed J. C. Penney Company, Inc. Funding and Pension Plan Subcommittees. In addition, Mr. Davis is an up to bring today’s students – tomorrow’s leaders – the message that responsible, Board Chairman Entrepreneur Member of Junior Achievement’s Free Enterprise Society (FES), ethical behavior is the cornerstone of the American free enterprise system. One JCPenney Afterschool Fund which provides national recognition to individuals who demonstrate outstanding of the best ways to teach today’s young people that the pursuit of ethics in the support in helping JA accomplish its mission of ensuring that every child in business world is more important than ever is through a defined school America has a fundamental understanding of the free enterprise system. curriculum. Mr. Davis seeks ways to pioneer positive growth, change, and development “We look at today’s students as being tomorrow’s leaders,” Mr. Aijala stated. within Junior Achievement as a national organization. An example of this “And by making an investment in education programs, what we’re doing is dedication is his role as chair of the Government Funding Subcommittee. He led helping create an ethical approach to business and to the way today’s students the effort to research government funding opportunities for JA on a national approach life, and that will have an impact on them as future leaders.” level and helped forge collaborations that moved the organization forward, stewarding the passage of JA’s Government Funding Resolution. Excellence through Ethics will be taught in thousands of classrooms across the country starting in Fall 2003. The lessons are designed to inspire thought- Mr. Davis’s positive impact on JA is also shown by his dedication to bring provoking dialogue on a number of timely subjects such as the role business momentum, passion, and resources to the JA Afterschool initiative. He has plays in preventing and solving environmental problems, the importance of drawn attention to the opportunities and solutions made available through after- presenting oneself truthfully and accurately during a job search, the school programs, which support more than 15 million children who come home obligation of businesses to ensure worker safety, and the consequences of alone each day after school. Through his support, the J. C. Penney Company mismanaging personal debt. became a leading advocate and financial supporter of after-school programs, and through his vision and direction, the JCPenney Afterschool Fund was formed. A former Junior Achievement student himself, Mr. Aijala currently serves as He has been instrumental in involving Junior Achievement as one of five youth global managing director of Human Capital Consulting for Deloitte. When development organizations to provide locations and programs to support after- asked why he became involved and is willing to continue his high level of school initiatives. During the past two years more than $500,000 has been involvement with Junior Achievement, Mr. Aijala said, “Junior Achievement directed from this fund to JA to support its own after-school programs, provides a way for hundreds of our people to volunteer. I personally want to give and to JA Area Offices throughout the country. back to the community by helping our young people to lead productive lives grounded in ethics and integrity. I believe this is what JA stands for and I am Mr. Davis remains a champion of JA to individuals, honored to be involved with the organization.” Through Deloitte’s philanthropic foundations, and organizations outside his company, as well as support of JA, this positive message is being sent to millions of students, within the J. C. Penney Company itself. JA is grateful for his teachers, and volunteers nationwide. invaluable leadership and support.

67 Corporate Contributors Lockheed Martin Corporation Custom Castings Northeast, Inc. Marriott International, Inc. Dimeo Companies dba Dimeo Construction Marriott Lodging - Midwest Region Company JA Champions Ernst & Young Motorola, Inc. Dolan Construction Co., Inc. $1,000,000 and above General Motors Corporation PepsiCo, Inc. The Durrant Group, Inc. Best Buy Co., Inc. Pfizer Inc Right Management Consultants Employment History Bureau Deloitte Procter & Gamble State Farm Insurance Companies Experiencia, Inc. Rockwell Automation The Star Tribune Company Facilitech Systems, Inc. Chairman’s Circle Verizon Communications, Inc. U.S. Bank and U.S. Bancorp Piper Jaffray GE Industrial Systems $250,000 and above Wells Fargo W.W. Grainger, Inc. GMAC Residential, a division of GMAC Mortgage American International Group, Inc. (AIG) Xcel Energy, Inc. Groesch Graphics Computer Associates International, Inc. Senior Partners Hase/Schannen Research Assoc. Household $10,000 and above Entrepreneurs Hill Communication Solutions LLC JCPenney Afterschool Fund Callaway Golf Company $1,000 and above J.E. Crain & Son, Inc. MasterCard International Chick-fil-A, Inc. Argo Turboserve Corporation The J.S. MacLean Company New York Life Cooper Industries, Inc. AT&T - Missouri Jeffrey M. Brown Associates, Inc. Office Depot Cott Beverages USA Buch Construction, Inc. Keene Construction Company Deltennium Corporation ConocoPhillips Company of Central Florida, Inc. President’s Club FedEx Express Day Construction Company KONE Inc. $100,000 and above Holborn Corporation Hoover Color Corporation The Korte Company 3M Horton Inc. Hubbard Broadcasting, Inc. Kvell Corcoran Associates, PC Graduate Management Admission Council The May Department Stores Company Jasculca/Terman and Assoc., Inc. Linane/Drews Architects ING Palo Alto Software Pavlik Design Team Lithonia Lighting MetLife Protiviti Poerio, Inc. Los Angeles Cabinet & Finishing Company Inc. Monster State Farm Mutual Automobile Insurance Company Rose & Dooros, Inc. Lycos, Inc. Morgan Stanley W. L. Gore & Associates, Inc. Select Medical Corporation Mannington Carpets, Inc. Motion Picture Association of America Walt Disney Company SilverStone Group, Inc. The MarComm Group, Inc. Nelnet Williams Company Symbol Technologies, Inc. Microstrategy PricewaterhouseCoopers Xerox Corporation SYSCO Modern Woodcrafts LLC UPS Tekserve POS, LLC Muzak Partners Wm. Wrigley Jr. Company Nortel Networks Investors $5,000 and above Northeast Bank $25,000 and above Accenture Inc. Shareholders Northland Associates Inc. Acordia, Inc. ADP to $999 Oce Printing Systems USA, Inc. Alliant Techsystems Briggs and Morgan, P. A. A.J. Martini, Inc. Otema Store Interiors Ltd. ALLTEL Corporation Ceridian Corporation Accura Software, Inc. Pitney Bowes Ambac Financial Group, Inc. City National Bank Advanced System Designs, Inc. Randy Burkett Lighting Design, Inc. American Express Company DuPont ADventure Games, Inc. RDG, Inc. Aramark Corporation Eastman Kodak Company CHS Cooperatives Rexel - United The Boeing Company Fidelity Investments CIT Richards Electric Motor Co. BP Amoco, p.l.c. General Mills Citibank Riley Barnard & O’Connell Cargill Hilton Hotels Corporation Code Consultants, Inc. Ross Research Carlson School of Management at the University of JCPenney Columbia Lighting The Ryzex Group Minnesota and Carlson Companies KPMG LLP Compuware Corporation Six Sigma Consultants The Coca-Cola Company Life Time Fitness, Inc. Control Module Inc. Continued on page 10

89 Continued from page 9 TrizecHann Mr. Edward J. McIntyre Ms. Marion Bynoe Ms. Nancy McCarty SM Wilson General Contractors Tyres 2000 Limited Mr. Joe T. McMillan Mr. Steven Carruth Ms. Betty McClellan SpectraLink Corporation U.S. Energy Sciences, Inc. Ms. Debra Stinton Othitis Ms. Deborah J. Denmark Mr. Michael J. McGovern SSC Engineering, Inc. United Technologies Corporation Mr. Alain Piallat Mr. David C. Eustis Jr. Dr. Leonard Merrell Standard Display Mfg. Co., Inc. Vision Point of Sale, Inc. Mr. Bruce E. Ranck Mr. Frank W. Evans Mr. John C. Metzger Jr. Stewart Title Western Extralite Company Mr. H. John Riley Jr. Ms. Andrea Farmer Ms. Arlene Miller Store Kraft Manufacturing Company Wm. Christian Co. Mr. Lewis W. Saxby Jr. Ms. Sarah R. Franke Mr. & Mrs. James J. Morris Symantec Corporation X-Analog Communications, Inc. Mr. C. Barry Schaefer Mr. John Galindo Ms. Laurie Mozingo IDX Corporation Mr. Robert F. Sharpe Jr. Ms. Jill Garlich Mr. Dale Oost This listing may reflect donor support that flows through to the JA TC Architects, Inc. Area Offices and which may not be reflected in the Statement of Mr. David L. Shedlarz Mr. Steven Gates Mr. & Mrs. Peter S. Ordway Tech Electronics, Inc. Activities. Mr. C. J. Silas Ms. Eleanor Gentilini Mr. Paul M. Ostergard Mr. Martin F. Stein Ms. Tami Godsey Mr. Kim Polomka Mr. Jeffrey C. Taylor Ms. Maggie Griggs Ms. Stacy Poore Mr. Buzzy Thibodeaux Mr. Jack Holladay Ms. Jeannie Porter Mr. & Mrs. Michael D. Towers Ms. Jeri L. Howard Mr. & Mrs. John Ramspott Mr. R. Thayer Tutt Jr. Mr. William J. Hybl Ms. Diane Riggs Individual Contributors Ms. Victoria B. Jackson Ms. R. V. Rodriguez Shareholders Mr. Joe Jalinsky Ms. Irene Rose to $999 Mr. Lonny J. Jay Mr. Tom Rowley President’s Club Partners Mr. Thomas G. Dewar Mr. Timothy Armijo Dr. William M. Kendrick Mr. John Skalla $100,000 and above $5,000 and above Ms. Patricia L. Francy Mr. Pete Atha Ms. Kathleen I. Killough Ms. Cynthia Skinner Mr. & Mrs. Bradbury H. Anderson Mr. John C. Cushman, III Mr. & Mrs. Donald E. Garretson Mr. Howard D. Bartner Ms. Wendy King Mr. William M. Streck Mr. S. Jackson Faris Mr. W. Grant Gregory Ms. Stephanie Bell Dr. Joan P. Kowal Ms. Sharon Talbert Senior Partners Mr. Barry Graceman Mr. Michael Griffith Ms. Amanda L. Bentley Ms. Cindy D. Ladish Ms. Theresa Thomas $10,000 and above Mr. & Mrs. Clyde D. Keaton Anthony W. Hall Jr., Esq. Ms. Mary L. Bilka Ms. Jeanne L’Episcopo Mr. Tim Walsworth Mr. Ainar D. Aijala Jr. Mr. Robert J. Keller Mr. Jim Harnden Mr. William Bladen Ms. Allysyn E. Lasch Ms. Sandy Weeks Mr. & Mrs. Kevin L. Beebe Mr. Phillip B. Lassiter Mr. & Mrs. Elwood D. Howse Jr. Mr. Richard Blumenstein Mr. Walter H. Lob Ms. Linda Wendt Mr. David S. Chernow Mr. & Mrs. Jerome T. Loeb Mr. R. Bruce Journey Ms. Roma Borland Ms. Linda Logan Ms. Lee B. Willis Mr. & Mrs. Gerald M. Czarnecki Mr. & Mrs. Denman K. McNear Mr. Marty Lee Ms. Jennifer Breinig Ms. Gail Luckett Mr. Gary Wilson Mr. Gary L. Davis Mr. David W. Powell Mr. Arthur D. Little & Ms. Cynthia Brown Dr. Darrell Luzzo Ms. Jennifer Woods Ms. Katherine R. Davisson Mr. Mitchell A. Rose Ms. Jann Leeming Mr. Kenneth Brown Ms. Jennifer Malenky Anonymous (2) Mr. Raymond M. Deméré Jr. Mr. James E. Rutrough Mr. & Mrs. Christopher D. Ms. Norma Butler Ms. Deb May Mr. Samuel A. DiPiazza Jr. Mr. David A. Wilson Mahoney Mr. & Mrs. William E. Flaherty Mr. Bill Mathis Mr. & Mrs. William M. Freeman Entrepreneurs Mr. John McDougall Mr. & Mrs. William G. Lowrie $1,000 and above Mr. & Mrs. Robert A. Ortenzio Mr. James Agah Mr. & Mrs. Robert W. Patin Ms. Barbara Bruning Mr. & Mrs. Frank P. Pekny Ms. Susan B. Butler Mr. & Mrs. Dennis R. Purdum Mr. William J. Calise Jr. Dr. Gus A. Stavros Ms. Linda Claflin Mr. Albert E. Suter Mr. John L. Clendenin Anonymous Mr. Livio D. DeSimone

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Free Enterprise Society Mr. Raymond M. Deméré Jr. D. W. McMillan Foundation Mr. & Mrs. Jack Benaroya Mrs. Diane Dempsey Mr. & Mrs. Denman K. McNear Mr. Wayne Berger Mr. Samuel A. DiPiazza Jr. Mr. & Mrs. Robert A. Ortenzio Mr. John E. Bernhard Established in 2000, the Free Emeritus Member The Meinders Foundation Mr. & Mrs. Christopher Doerr Mr. & Mrs. Robert W. Patin Mr. & Mrs. Jim Bevier Enterprise Society recognizes Gifts of $250,000 or more Mr. & Mrs. John Mellowes Mr. & Mrs. Craig Duncan Mr. & Mrs. Frank P. Pekny Mr. & Mrs. Jim Blayney leadership gifts of $10,000 or more None to list Mr. & Mrs. Leslie M. Muma Mr. & Mrs. John D. Durbin Mr. & Mrs. Andrew P. Potos Mr. & Mrs. Roy Bliss made by individual donors across Suzanne & Richard R. Pieper Mr. Arnold J. Eckelman Mr. & Mrs. Mark Powell Mr. & Mrs. William E. Boeing Jr. the nation for the purpose of Ambassador Members Family Foundation George & Wilma Elmore Fund Mr. & Mrs. Dennis R. Purdum Mr. Thomas J. Bowers perpetuating the free enterprise Gifts of $100,000 or more Mr. David L. Shedlarz Mr. & Mrs. William E. Flaherty Mr. & Mrs. Andrew D. Ratner Mr. & Mrs. Stephen Brauer system. Those generous individuals Mr. J.B. Fuqua Mr. & Mrs. Rich Teerlink Mr. & Mrs. Allan Frank Mrs. Judy Robinson Mr. & Mrs. Charles P. Brumder who make gifts of $1,000,000 or Hall Family Foundation Mr. & Mrs. Michael H. White Mr. & Mrs. William M. Freeman The Sandy Hill Foundation Mr. Samuel Bryant more to Junior Achievement over Mr. Albert E. Suter Mr. & Mrs. Andrew Ziegler Mr. Stephen A. Furbacher Mr. David I. Saperstein Mr. Edward H. Budd their lifetime are entitled to Mr. & Mrs. Michael D. Towers Mr. Louis J. Fusz Jr. Mr. & Mrs. Jon T. Schoenheider Capdevilla/Gillespie Foundation permanent membership in the Entrepreneur Members Mr. & Mrs. Jerry Hank Mr. & Mrs. William Schuett Wendy Gillespie & Free Enterprise Society. Chair Members Gifts of $10,000 or more The John H. & Wilhemina D. Mr. & Mrs. Alex Smith Martin J. Capdevilla Gifts of $50,000 or more A. Friends’ Foundation Trust Harland Charitable Foundation Mark & Patricia Suwyn Mr. & Mrs. Stephen T. Carter Legacy Members Mr. Edward H. Budd Mr. & Mrs. Barry Ackerly Hunt & Diane Harris Family Fund Mr. Howard L. Carver Gifts of $1,000,000 Mr. & Mrs. D. Patrick Curran Mr. & Mrs. Ned Bechthold Family Foundation Mr. & Mrs. Nick Takton Mr. & Mrs. Jerry J. Chicone Jr. or more over a lifetime Richard & Helen DeVos The Becker/Mohanco Family Mr. & Mrs. Frank M. Hubbard Mr. Jim Victor Mr. Larry Clemmensen Mr. Mike Curb Foundation Mr. & Mrs. Carl Behnke Mr. & Mrs. Dean Huisingh Mr. & Mrs. Jeffery S. Vincent Mr. James H. Coleman Mr. & Mrs. William E. Flaherty Mr. & Mrs. Boh A. Dickey Mr. Douglas P. Beighle Mr. Ron Insana Anonymous (5) Mr. John A. Conover Mrs. John M. Fluke Mr. & Mrs. Adam Dingwall Mr. & Mrs. Brad Berg Mr. R. Bruce Journey Mr. & Mrs. Lodwrick M. Cook In Memory of Jessie Ball duPont Fund Berger-Solano Foundation Muriel McBrien Kauffman Charter Members Mr. Steve Cortopassi Mr. John M. Fluke Sr. Mr. & Mrs. Richard Edgerton Mr. John E. Bernhard Foundation Individuals who made qualifying Mr. & Mrs. Bryan C. Cressey Mr. & Mrs. Steven G. Mihaylo Allen & Gail Hardin Foundation Mr. & Mrs. Robert W. Bissell In Memory of gifts between July 1, 2000 and Mr. & Mrs. Gerald M. Czarnecki Mrs. Doris Schnuck Mr. & Mrs. James Hemak Mr. & Mrs. Gene Blanc Mr. Ewing Marion Kauffman June 30, 2001 were entitled to Mr. William H. Darr In Memory of Mr. & Mrs. Jerome T. Loeb Mr. & Mrs. William E. Boeing Jr. Mr. & Mrs. Clyde D. Keaton Charter Membership in the Mr. & Mrs. Russ Darrow Mr. Donald O. Schnuck Mr. & Mrs. James J. Morris Mr. & Mrs. Rick Bowers Mr. & Mrs. Ted D. Kellner Free Enterprise Society. Mr. & Mrs. Leo Dembinski Mr. Albert E. Suter Mr. Hugh K. Schilling Mr. Thomas J. Bowers William T. Kemper Foundation Mr. Raymond M. Deméré Jr. In Memory of Mr. & Mrs. Stephen Brauer In Memory of Mr. & Mrs. Barry Ackerley Douglas & Maria DeVos Annual membership in the Mr. Paul A. Schilling Mr. & Mrs. Joseph R. Breed Mr. William T. Kemper Mr. & Mrs. Brian F. Addy Foundation Free Enterprise Society is based The Stiles-Nicholson Foundation Mr. & Mrs. Herbert M. Bridge Mr. & Mrs. K.E.G. Kendrick Mr. & Mrs. Shawn Aebi Richard & Helen DeVos upon gifts made to any Junior Mr. & Mrs. Pete T. Cangany John & Nancy Kennedy Amelior Foundation Foundation Achievement operation between President Members Mr. & Mrs. William Cannon Foundation Mr. & Mrs. Bradbury H. Anderson Mr. & Mrs. Boh A. Dickey January 1 and December 31. The Gifts of $25,000 or more Capdevilla/Gillespie Foundation Mr. & Mrs. Jack Kirk Mr. & Mrs. Harry Ano Mr. & Mrs. Michael Ditmore following donors were entitled to Mr. & Mrs. Stephen T. Carter Wendy Gillespie & Mr. & Mrs. Patrick J. Knipe Mr. Gary A. Backstrom Mr. & Mrs. James C. Dowdle 2002 membership in the Mr. John H. Davis Martin J. Capdevilla Dr. Sarah Layton, CMC Mr. Raymon J. Baker Mr. & Mrs. Ernest Drew Free Enterprise Society. Douglas & Maria DeVos Mr. Howard L. Carver Mr. Arthur D. Little & Mr. Wallace Barnes & Ms. Barbara Mr. W. Ted Dudley Foundation Mr. Dan Cathy Ms. Jann Leeming Hackman Franklin Mr. & Mrs. Hayden Eaves Endowment Member Mr. & Mrs. Robert L. Dryden Mr. & Mrs. Don L. Chapman Mr. & Mrs. William G. Lowrie Mr. John H. Bauer Mr. Arnold J. Eckelman Gifts of $500,000 or more Ms. Jane Folwell Mr. David S. Chernow Ms. Janis Machala & Mr. & Mrs. Ned Bechthold Mr. & Mrs. Richard Edgerton None to list John & Mary Franklin Foundation Mr. James H. Coleman Mr. David R. Stenberg Mr. & Mrs. Thomas E. Becker Mr. & Mrs. Karl Eller Mr. & Mrs. Jon D. Hammes Mr. & Mrs. Gerald M. Czarnecki Mr. & Mrs. Jim Marriott The Becker/Mohanco Family Mr. Richard A. Ferguson Mr. Fred Hampton Mr. & Mrs. Russ Darrow Mr. & Mrs. Tom McCarthy Mr. & Mrs. Kevin L. Beebe Filstrup Family Foundation Mr. & Mrs. Dennis M. Jones Mr. Gary L. Davis Mr. & Mrs. Daniel F. McKeithan Jr. Mr. & Mrs. Carl Behnke Continued on page 14

12 13 Continued from page 13 Mr. & Mrs. Dennis M. Jones Mr. & Mrs. John D. Nichols Mr. Albert E. Suter Mr. Jim Victor Mr. & Mrs. James C. Willcox Mr. & Mrs. John M. Fluke Jr. Mr. Ove Jorgensen Mr. Scott M. Niswonger Mark & Patricia Suwyn Mr. Anthony G. Viscogliosi Mr. John F. Williamson Mrs. John M. Fluke Sr. Mr. & Mrs. Clyde D. Keaton Mr. & Mrs. Dave Nuernberger Family Fund The Waldron Family Foundation Mr. & Mrs. Herbert Wilson In Memory of John & Nancy Kennedy Dick & Mary Nunis Mr. & Mrs. Cliff Swenson Mr. & Mrs. Ronald G. Wasson Ms. Liane Wilson Mr. John M. Fluke Sr. Foundation Charitable Gift Fund Mr. & Mrs. Nick G. Takton Mr. Thomas D. Weldon Mr. & Mrs. Keith Withycombe Ms. Jane Folwell Mr. & Mrs. Norman Klein Mr. & Mrs. William Oberlink Mr. & Mrs. Rich Teerlink Mrs. Linda Wendt Thomas & Frances Wolf Fund Mr. Mel Foster Jr. Mr. & Mrs. Patrick J. Knipe Mr. Wayne C. Oldenburg & Ten Talents Foundation In Memory of Mr. F. Stansbury Young Mr. & Mrs. Allan Frank John & Linda Knox Foundation Ms. Melodie Wilson Mr. John E. Toffolon Mr. Martin J. Wendt Anonymous (5) Mr. & Mrs. Jim Freeman Mr. David A. Koch Mr. William Oldenburg Mr. & Mrs. Gary L. Tooker Mr. & Mrs. Tim Wepfer This listing may reflect donor support that flows through to the JA Area Offices and which Mr. & Mrs. William M. Freeman Kohlberg Kravis Roberts & Co. Mrs. Gloria J. Olin Mr. & Mrs. Michael D. Towers Mrs. Diane Widder may not be reflected in the Statement of Mr. Frank B. Fuhrer Mr. Wei-Tai Kwok In Memory of Mr. Jean-Paul Valles Mr. Wilson Wilde Activities. To receive national recognition for local area support, Free Enterprise Society Mr. J.B. Fuqua Mr. & Mrs. Todd Langley Mr. Thomas F. Olin Sr. Mr. & Mrs. Pat Wiesner members are registered with Junior Mr. Louis J. Fusz Jr. Mr. Phillip B. Lassiter Mr. & Mrs. Peter S. Ordway Achievement Inc. by JA Area Offices. Mr. Charlie Gallagher Raymond P. Lavietes Foundation Mr. & Mrs. Frank P. Pekny Mr. & Mrs. Donald E. Garretson Dr. Sarah Layton, CMC Mr. & Mrs. Michael K. Perry In Honor of Mr. Thomas A. Leipzig Suzanne & Richard Pieper Foundation Contributors Mr. Ronald D. Cody Mr. Arthur D. Little & Family Foundation Mr. & Mrs. Bill Gore Ms. Jann Leeming Mr. & Mrs. Norman Polsky Mrs. Elsie R. Griffin Mr. & Mrs. Jerome T. Loeb Mr. & Mrs. Andrew P. Potos JA Champions Investors Entrepreneurs Mr. & Mrs. Raymond Haas Mr. & Mrs. William G. Lowrie Mr. Michael R. Preston $1,000,000 and above $25,000 and above $1,000 and above Mr. James T. Hackett Ms. Janis Machala & Mr. & Mrs. Dennis R. Purdum Best Buy Children’s Foundation CNA Foundation Henry M. Blackmer Mr. Michael L. Hackworth Mr. David R. Stenberg Mr. & Mrs. Larry A. Rambo The Goizueta Foundation El Pomar Foundation Foundation, Inc. Mr. Roger W. Hale Mr. & Mrs. Christopher D. Mr. Bruce E. Ranck General Electric Foundation Caterpillar Foundation Mr. David E. Hall Mahoney Mr. & Mrs. Gary M. Reynolds Chairman’s Circle General Motors Foundation Richard Eckerd Foundation, Inc. Hall Family Foundation Mr. & Mrs. Jim Marriott Mr. & Mrs. William Riss $250,000 and above Horace A. Moses Foundation Insurance Management Hunt & Diane Harris Mr. & Mrs. Dan McAuliffe Mr. & Mrs. Grover C. Robinson IV The NASDAQ Stock Market Verizon Foundation Association Foundation Family Foundation Mr. & Mrs. Tom E. McCarthy Mr. James W. Robinson Sr. Educational Foundation, Inc. The Kimball International-Habig Mr. Gerald L. Hassell Mr. John H. McConnell Mr. Ian Rolland New York Life Foundation Senior Partners Foundation, Inc. Mr. & Mrs. Ken Hatch Mr. & Mrs. Daniel F. Roper Brothers Foundation, Inc. The Starr Foundation $10,000 and above The Little Family Foundation Mr. James B. Hayes McKeithan Jr. Mr. Jack Rudel & American Express Foundation Muriel F. Siebert Foundation Mr. Robert Hitchcock Hayes Mr. Raymond McLaughlin Ms. Billy Jo Harned President’s Club The USAA Foundation Tellabs Foundation Mr. & Mrs. John L. Helm D. W. McMillan Foundation Mr. & Mrs. Charles Schellhorn $100,000 and above Walt Disney Company Foundation Wm. Wrigley Jr. Mr. James R. Hemak Mr. & Mrs. Denman K. McNear Mr. Hugh K. Schilling 3M Foundation The Xerox Foundation Company Foundation Herbster Family Foundation Mr. & Mrs. Glenn Medhus In Memory of Carson Family Trust Mr. Alexander Hewitt The Meinders Foundation Mr. Paul A. Schilling The Goldman Sachs Foundation Partners Shareholders Mr. Henry R. Hillenmeyer Mr. & Mrs. John Mellowes Mr. Scott C. Schnuck ING Foundation $5,000 and above to $999 Mr. & Mrs. John R. Horne Mr. Thomas C. Melzer Mr. Ronald Sege MetLife Foundation ADP Foundation S. Edward Marder Family Mr. & Mrs. Elwood Howse Jr. Mr. & Mrs. Steven G. Mihaylo Mr. David L. Shedlarz UPS Foundation ATF The Floren Family Foundation Foundation Mr. & Mrs. Frank M. Hubbard Ms. Sandy Miller Dr. A. Jess Shenson (deceased) Douglas & Maria DeVas Ms. Gina Hubbell Mr. Steven T. Mnuchin Mr. & Mrs. Tom L. Slaight Foundation Mr. Thomas M. Hudson Jr. The Morris Foundation Mr. & Mrs. Alex Smith PACCAR Foundation Ingram Charitable Advised Fund Mr. & Mrs. James J. Morris Mrs. Kay L. Spruill PepsiCo Foundation Mr. Ron Insana Mr. & Mrs. Leslie M. Muma Mr. & Mrs. Scott P. Stanek Whitehead Foundation Mr. William Janetschek Mr. Jerry V. Mutchler Mr. & Mrs. John Steiner The Eva and Marvin Womack Mr. & Mrs. Bradford M. Johnson Mr. Jeff Nadeau The Stiles-Nicholson Foundation Foundation

14 15 National Board Champions Power of Partnership Awards The national board firms listed below each provided more than 500 classrooms with volunteers, bringing The national board members of Junior Achievement William G. Lowrie Junior Achievement programs to over 40,000 future Inc. play a crucial role in the fundraising efforts of James J. Morris leaders in 2003. the organization. In appreciation of these efforts every Robert W. Patin year, Junior Achievement gives special recognition to Dennis R. Purdum Deloitte those board members who have raised significant C. Barry Schaefer PricewaterhouseCoopers sums of money for Junior Achievement National David L. Shedlarz Headquarters and Service Center that allow Junior R. Thayer Tutt Jr. Door Opener Awards Achievement to accomplish its mission and reach National board members also benefit Junior Note: In addition to these significant contributions to the National more students nationwide. Headquarters and Service Center, many national board members Achievement by spreading the word and also support their local Junior Achievement offices. telling others in their sphere of influence Chairman’s Gold Club about the organization’s mission and purpose. The following individuals raised more than $100,000 In addition to providing financial resources to Junior The following individuals were recognized for the Junior Achievement National Headquarters Achievement Inc. and local Junior Achievement in 2003 for opening new doors for Junior and Service Center in 2003 through personal and/or operations, the companies represented on the Achievement, thus giving the organization corporate gifts and/or solicitations of others. national board of Junior Achievement Inc. provide access to significant new sources of financial substantial numbers of volunteers – another crucial and volunteer support. Ainar D. Aijala Jr. resource necessary to bring Junior Achievement Bradbury H. Anderson programs to children across America. Gerald M. Czarnecki Gary L. Davis Frank P. Pekny Samuel A. DiPiazza Jr. Volunteer Partnership Society Robert J. Keller The following national board firms provided more Jerome T. Loeb than 3,000 volunteers who in turn delivered Junior Christopher D. Mahoney Achievement programs to more than 90,000 students Bill Mathis in 2003. JA provides instruction Peter S. Ordway Frank P. Pekny 3M on realistic things that are David W. Powell Accenture “ Jeffrey C. Taylor Bell South going on in this world and David A. Wilson The Boeing Company Deloitte the kids open up and begin Chairman’s Club Hewlett Packard The following individuals raised more than $30,000 Office Depot to believe in themselves. for the Junior Achievement National Headquarters Pfizer Inc and Service Center in 2003 through personal and/or PricewaterhouseCoopers corporate gifts and/or solicitations of others. Verizon Communications, Inc. JA 12th grade teacher Kevin L. Beebe Kevin W. Conboy Tina S. & William E. Flaherty ” William M. Freeman Michael Griffith Phillip B. Lassiter

16 17 Heritage Society Denman K. and Barbara McNear John and Sam Dickinson Michael D. and Pamela A. Towers Charitable Remainder Unitrusts, Will Will Will Some faithful friends of Junior Achievement have Denny joined the national board of Junior John began his association with Junior Achievement Michael Towers is retired executive vice president- planned to support the organization beyond their Achievement Inc. in 1979 and is currently a director in 1954 as program director in Minnesota, and Retail Financial Services, Washington Mutual. Since lifetime. By including Junior Achievement in their emeritus. He retired from Southern Pacific retired 40 years later as the president of Junior joining the board of Junior Achievement of Greater estate planning, these caring individuals have taken Company/Southern Pacific Transportation Co. after Achievement of Chicago. He received two Hook Pugent Sound, Inc. (Seattle) in 1992, his impact on deliberate steps to ensure and enhance Junior 42 years where he held positions ranging from Awards (Junior Achievement’s most prestigious staff the organization has been significant. Michael has Achievement’s future. To recognize and honor these instrument man to president and chief executive award), was inducted into the Junior Achievement chaired or co-chaired many successful fundraising ardent supporters, Junior Achievement has established officer. Professional Hall of Fame, and continues to be active campaigns for Junior Achievement of Greater Pugent the Junior Achievement Heritage Society. Membership is in the organization as a JA Pioneer. Sound, most recently its $13 million capital campaign open to individuals who include Junior Achievement “An important part of one’s estate planning is to look for JA Enterprise Village and JA Finance Park to which in their estate planning through such instruments as back and be assured credit is rendered to those persons or “It is pay back time! Junior Achievement gave me my he made a personal commitment of $200,000. As a bequests, charitable gift annuities, charitable trusts, associations that were the major factors contributing to wonderful wife, Sam. Her mother was the Executive result of Michael’s leadership, Washington Mutual has and life insurance. Founding Members are those who one’s enjoyment in life and one’s career. In my case, my Secretary at Minneapolis Junior Achievement–enough raised an average of $600,000 per year over the past notify Junior Achievement of their plans by June 30, family members are ‘the’ persons. For associations, my said. Additionally, JA gave me the most interesting, 10 years through its bowling efforts and the company 2004. college had a key role in contributing to my career. Then exciting, and meaningful career to pursue. My JA career has become the number three provider of volunteers what other associations in my life provided me with a gave me the respect of my family, friends, peers, and to the Seattle Junior Achievement operation. Michael Founding Members as of June 30, 2003 feeling of true accomplishment and enjoyment by helping community. I talked, walked, and worked for the giants joined the national board in 2002 and is a member of others? Mine were active participation in Junior of the business world in six major cities. My JA career the Resource Generation Committee. After his Frank G. Stryganek Achievement and Boy Scouts. Thus it goes without gave me more awards than I deserved.” retirement in 1995, Michael became director of Will saying that my children, MIT, Junior Achievement, and Duckhorn Wine Co. Frank joined Junior Achievement in 1976 as Boy Scouts are remembered in my will. What better way administrative secretary for Junior Achievement’s can one help to assure the continued development of our Marty and Billi Lee “We believe the best way to repay the help we were given Western Regional Office then located in Seattle, future generations?” Will in our early years is by helping the next generation of Washington. He is currently executive assistant to the Marty began his Junior Achievement career in 1970 young people. JA has long been a special focus for us and executive vice president and chief operating officer at as program director with JA of Atlanta. He will retire this gift will allow us to continue helping long after we Junior Achievement Inc. in Colorado Springs. from his current position as executive vice president are gone. The past helping to ensure the future.” and chief operating officer for Junior Achievement “Junior Achievement has been and continues to be Inc. on January 1, 2004. beneficial to me since 1976. Now I have the opportunity to do something beneficial for Junior Achievement.” “I have seen how the Junior Achievement experience has had such a powerful impact on so many young people’s lives that I want to do my part to make sure JA is around for future generations.”

18 19 National Business Hall of Fame Marriott International, Inc. Gifts of $500 and above Motorola, Inc. CHS Cooperatives May 13, 2003 - Minneapolis, Minnesota Pfizer Inc Experiencia, Inc. Procter & Gamble GE Industrial Systems Title Sponsor Table Sales Right Management Consultants Katherine R. Davisson $225,000 Platinum The Star Tribune Company Junior Achievement of Lincoln, Inc. Monster $20,000 State Farm Insurance Companies Junior Achievement of Middle America, Inc. Horton Inc. Tina S. & William E. Flaherty Junior Achievement of Southwest New England, Inc. UPS U.S. Bank and U.S. Bancorp Piper Jaffray Martin F. Stein W. L. Gore & Associates, Inc. Verizon Communications, Inc. Northeast Bank Xcel Energy, Inc. Pitney Bowes Gold Tyres 2000 Limited $10,000 Gifts of $3,000 and above United Technologies Corporation American Express Company Junior Achievement of Central Florida, Inc. Callaway Golf Company Junior Achievement of Wisconsin, Inc. In-kind Partners Cargill Value Investment Group Yellow Tag Productions Monster founder and chairman Jeffrey Taylor Chick-fil-A, Inc. Gifts of $2,000 and above Moore North America addresses the NBHF Student/Business Leader Forum. Cooper Industries, Inc. Edward J. McIntyre The Woodstone Group Deloitte Junior Achievement of Quad-Cities Area, Inc. Fittje Bros. Printing Company Associate Sponsor Ernst & Young Junior Achievement of South Central Michigan, Inc. Featherlite Exhibits $100,000 FedEx Express Junior Achievement of South Dakota, Inc. Padilla Speer Beardsley Best Buy Co., Inc. Graduate Management Admission Council SYSCO The Business Journal MasterCard International Merri Dee Student/Business Leader Forum Sponsor Gifts of $1,000 and above WGN-TV $65,000 Silver Clyde D. Keaton Richard M. Schulze Office Depot $5,000 Hubbard Broadcasting, Inc. Best Buy Co., Inc. Accenture Inc. Junior Achievement of Georgia, Inc. ClearChannel Communications Associate Sponsors ALLTEL Corporation Junior Achievement of Greater Tulsa, Inc. $50,000 and above Barry Graceman Junior Achievement of Southwestern Indiana, Inc. Acordia, Inc. Briggs and Morgan, P.A. SilverStone Group, Inc. Alliant Techsystems Cargill, Incorporated Carlson School of Management at the University of Ceridian Corporation Minnesota and Carlson Companies Deltennium Corporation PricewaterhouseCoopers DuPont Wells Fargo General Mills Household Associate Sponsors JCPenney $30,000 and above Junior Achievement - 3M Rocky Mountain, Inc. The Coca-Cola Company Junior Achievement of Greater Puget Sound Let Their Success Be Your Inspiration!® KPMG LLP Life Time Fitness, Inc. Lockheed Martin Corporation Mr. Taylor chats with JA student ambassadors.

20 21

National Business Hall of Fame Junior Achievement Incorporated 2003 Laureates The financial statements of Junior Achievement Inc. Communications and Marketing provide the print for the year ending June 30, 2003 have been and electronic messages that explain and promote the examined by KPMG LLP, independent certified Junior Achievement programs to corporations, public accountants, on which an unqualified opinion volunteers, and educators at national and local levels. was rendered on October 24, 2003. The complete set Ely Reeves Callaway Jr. Curtis L. Carlson of financials and the unqualified opinion by KPMG Special Events and communication, targeted to 1919-2001 1914-1999 LLP are on file at Junior Achievement Inc., and specific audiences, are created and implemented by Founder Founder available upon request. these departments to further interest and involve Callaway Golf Company Carlson Companies them in Junior Achievement programs. Junior Achievement Inc. is once again proud to meet the National Charities Information Bureau (NCIB) Research and Development efforts continually standard on Use of Funds. Seventy-nine percent of evaluate and upgrade existing programs and develop Junior Achievement’s expenses went toward program new curricula and supporting materials to provide the services. This compares to the NCIB minimum most effective instructional package possible. standard of 60 percent. The following is a brief description on how these funds were used. Human Resources reflects one of our primary Don Keough organizational values that people are our most S. Truett Cathy Retired President Field Services provides assistance and guidance to important asset. This group helps maintain high Founder and Chairman and Chief Operating Officer help the 149 Junior Achievement Area Offices standards of staffing across the nation while providing Chick-fil-A, Inc. The Coca-Cola Company provide economic education to local cities and the quality personnel necessary to support the communities. Support in staff hiring, board organization. recruitment, training, and quality management are services that enable these areas to deliver consistent high-quality programs to students in their local schools.

Harry Jack Gray Wilbert and Retired Chairman and Genevieve Gore Chief Executive Officer Founders United Technologies Corporation W. L. Gore & Associates, Inc.

22 23 Financials Statement of Financial Position Statement of Cash Flows Statement of Activities June 30, 2003 Year ended June 30, 2003 Year ended June 30, 2003 2003 Assets Cash flows from operating activities: Unrestricted Cash and cash equivalents: Change in net assets $1,327,386 Board Total Temporarily Unrestricted $ 525,240 Adjustments to reconcile change in net assets General Designated Unrestricted Restricted Total Unrestricted - Board designated 57,587 to net cash provided by operating activities: Revenues, gains, and other support Total cash and cash equivalents 582,827 Depreciation and amortization 579,770 Contributions $ 1,430,057 $ 9,000 $ 1,439,057 $ 2,916,313 $ 4,355,370 Net realized and unrealized gain on investments (16,297) Gifts in kind 374,145 374,145 374,145 Investments: Gain on sale of land and building (885,234) Special events 941,286 941,286 941,286 Unrestricted 1,121,295 Changes in operating assets and liabilities: Net assets released from restrictions 2,589,211 2,589,211 (2,589,211) Board designated 2,242,292 Accounts receivable from affiliates (213,795) Total contributions - nonaffiliated 4,393,413 950,286 5,343,699 327,102 5,670,801 Restricted investments: Contributions receivable - unrestricted (522,386) Program material sales 11,053,031 11,053,031 11,053,031 Temporarily restricted 3,018,455 Contributions receivable, Area fees - affiliates 4,084,825 4,084,825 4,084,825 Total investments 6,382,042 net - temporarily restricted 780,360 Total revenues - affiliates 15,137,856 15,137,856 15,137,856 Inventory (174,629) Accounts receivable from affiliates, Other assets 303,201 Investment income 11,368 88,909 100,277 84,373 184,650 net of allowance of $310,000 2,028,209 Accounts payable and accrued liabilities 514,588 Gain on sale of building 885,234 885,234 885,234 Contributions receivable, Other income 96,910 96,910 50,935 147,845 net - unrestricted 1,011,203 Net cash provided by operating activities 1,692,964 Total other 993,512 88,909 1,082,421 135,308 1,217,729 Contributions receivable, Total revenues, gains, and other support 20,524,781 1,039,195 21,563,976 462,410 22,026,386 net - temporarily restricted 1,870,082 Cash flows from investing activities: Inventory 2,662,557 Purchase of investments (2,517,480) Expenses: Prepaid expenses and other assets 373,573 Proceeds from sale of land and building 1,555,000 Program services: 7,945,624 Purchase of equipment (717,020) Field services 5,222,438 5,222,438 5,222,438 Communications and marketing 1,251,030 1,251,030 1,251,030 Land, artwork, buildings, and equipment: Net cash used in investing activities (1,679,500) Research and development 8,465,525 8,465,525 8,465,525 Buildings 4,120,471 Human resources 1,339,681 16,468 1,356,149 1,356,149 Furniture and equipment 2,881,079 Cash flows from financing activities: Total program services 16,278,674 16,468 16,295,142 16,295,142 Accumulated depreciation (4,059,055) Principal payments on capital lease obligations (208,051) Support services: Buildings, furniture, and equipment, net 2,942,495 Net cash used in financing activities (208,051) Management and general 2,417,813 217,106 2,634,919 2,634,919 Land 1,260,730 Decrease in cash and cash equivalents (194,587) Fundraising 1,027,993 740,946 1,768,939 1,768,939 Artwork 30,000 Cash and cash equivalents, beginning of year 777,414 Total support services 3,445,806 958,052 4,403,858 4,403,858 Land, artwork, buildings, Cash and cash equivalents, end of year $ 582,827 Total expenses 19,724,480 974,520 20,699,000 20,699,000 and equipment, net 4,233,225 Supplemental disclosure of cash flow information: Change in net assets 800,301 64,675 864,976 462,410 1,327,386 Total assets $19,143,718 Contribution of equipment $ 238,875 Noncash donation of inventory items 102,267 Net assets, beginning of year 7,722,118 2,235,204 9,957,322 4,426,127 14,383,449 Liabilities and Net Assets Contributions of common and preferred stocks 133,424 Accounts payable and accrued liabilities $ 2,370,956 Interest on capital leases 31,500 Net assets, ending of year $ 8,522,419 $ 2,299,879 $10,822,298 $ 4,888,537 $15,710,835 Accounts payable to affiliates 460,000 Capital lease obligations 601,927 Total liabilities 3,432,883

Net assets: Unrestricted: Represented by land, artwork, buildings, and equipment 4,233,225 Board designated 2,299,879 Unrestricted, undesignated 4,289,194 Total unrestricted 10,822,298 Temporarily restricted 4,888,537 Total net assets 15,710,835

Total liabilities and net assets $19,143,718

24 25 Junior Achievement uses hands-on experiences to help young people understand the economics of life. In partnership with business and educators, Junior Achievement brings the real world to students, opening their minds to their potential. National Officers Dr. Percy Clark Jr. Ms. Katherine R. Davisson Mr. William M. Freeman Superintendent Managing Director President, Public Pasadena Unified School District Goldman Sachs & Co. Communications Group Chairman Committee Chairs Education, Products, Pasadena, California New York, New York Verizon Communications, Inc. Mr. Samuel A. DiPiazza Jr. Audit and Distribution Newark, New Jersey Chief Executive Officer Mr. Frank P. Pekny Mr. Christopher D. Mahoney Mr. John L. Clendenin Mr. Raymond M. Deméré Jr. PricewaterhouseCoopers Vice Chairman and Senior Vice President Chairman and (Director Emeritus) Mr. Donald E. Garretson New York, New York Chief Financial Officer of Operations Chief Executive Officer (Retired) Vice President (Retired) (Director Emeritus) City National Bank UPS BellSouth Corp. Hewlett Packard Chief Financial Officer (Retired) Treasurer Beverly Hills, California Atlanta, Georgia West Palm Beach, Florida Portola Valley, California 3M Ms. Victoria B. Jackson Mendota Heights, Minnesota President Board Development Human Resources Mr. Kevin W. Conboy Mr. Samuel A. DiPiazza Jr. Victoria Belle, Inc. Mr. Bradbury H. Anderson Mr. Gerald M. Czarnecki President and Chief Executive Officer Mr. Stedman Graham Jacksonville, Florida Vice Chairman and Chairman and Chief Executive Officer PricewaterhouseCoopers Chairman and Chief Executive Officer Chief Executive Officer Acordia, Inc. New York, New York Chief Executive Officer Secretary Best Buy Co., Inc. The Deltennium Group, Inc. Chicago, Illinois S. Graham & Associates Mr. R. Thayer Tutt Jr. Richfield, Minnesota Boca Raton, Florida Mr. Michael L. Ducker Chicago, Illinois President and Mr. Lodwrick M. Cook Executive Vice President – Chief Investment Officer Brand Effectiveness Resource Generation (Director Emeritus) International Mr. W. Grant Gregory El Pomar Foundation Mr. Jeffrey C. Taylor Mr. William G. Lowrie Vice Chairman/ FedEx Express Chairman Colorado Springs, Colorado Founder and Chairman President (Retired) Managing Director Memphis, Tennessee Gregory & Hoenemeyer, Inc. Monster Amoco Corporation Pacific Capital Group Greenwich, Connecticut Maynard, Massachusetts Sheldon, South Carolina Sherman Oaks, California Mr. S. Jackson Faris President and Mr. Michael Griffith Mr. John C. Cushman, III Chief Executive Officer President – Global Beverage National Board Members Chairman of the Board National Federation of Procter & Gamble Cushman & Wakefield, Inc. Independent Business Cincinnati, Ohio Los Angeles, California Washington, D.C. Mr. Ainar D. Aijala Jr. Mr. Kevin L. Beebe Ms. Susan B. Butler Anthony W. Hall Jr., Esq. Global Managing Director Group President President Mr. Gerald M. Czarnecki Ms. Tina S. Flaherty City Attorney Human Capital Consulting Communications Division Accenture Foundation Chairman and President and Houston, Texas Deloitte ALLTEL Corporation Chicago, Illinois Chief Executive Officer Chief Executive Officer New York, New York Little Rock, Arkansas The Deltennium Group, Inc. Image Marketing International Mr. Elwood D. Howse Jr. Mr. William J. Calise Jr. Boca Raton, Florida New York, New York President Mr. Bradbury H. Anderson Mr. Don Bouc Senior Vice President, General Cable & Howse Ventures Vice Chairman and President Counsel, and Secretary Mr. Gary L. Davis Mr. William E. Flaherty Mercer Island, Washington Chief Executive Officer Nelnet Corporation Rockwell Automation Executive Vice President Senior Partner Best Buy Co., Inc. Lincoln, Nebraska Milwaukee, Wisconsin Chief Human Resources and Penta Equity Partners, LLC Mr. William J. Hybl Richfield, Minnesota Administration Officer Palm Beach, Florida (Director Emeritus) Mr. Alvin Brown Mr. Dennis Chaconas J. C. Penney Company, Inc. Chairman and Chairman of the Board Superintendent Plano, Texas Ms. Patricia L. Francy Chief Executive Officer National Black MBA Oakland Unified School District Treasurer and Controller El Pomar Foundation Association Oakland, California Columbia University Colorado Springs, Colorado Jacksonville, Florida New York, New York Continued on page 30

28 29 Continued from page 29 Mr. Jerome T. Loeb Mr. James J. Morris Mr. Gary M. Pfeiffer Mr. C. Barry Schaefer Mr. Mark A. Suwyn Ms. Victoria B. Jackson Chairman of the Board (Retired) Senior Vice President, Supplier Senior Vice President and Managing Director Chairman and President The May Department Stores Management Chief Financial Officer The Bridgeford Group Chief Executive Officer Victoria Belle, Inc. Company Boeing Commercial Airplanes DuPont Company New York, New York Louisiana - Pacific Corporation Jacksonville, Florida St. Louis, Missouri Seattle, Washington Wilmington, Delaware Portland, Oregon Mr. J. Jeffrey Schaper Mr. R. Bruce Journey Mr. William G. Lowrie Mr. Peter S. Ordway Mr. Alain Piallat President and Mr. Jeffrey C. Taylor Publisher and President (Retired) Chairman, President and Senior Vice President Chief Executive Officer Founder and Chairman Chief Executive Officer Amoco Corporation Chief Executive Officer (Retired) Marriott’s Midwest Region GE Supply Monster Technology Review Sheldon, South Carolina Union Pump Company President Shelton, Connecticut Maynard, Massachusetts Cambridge, Massachusetts Hickory Corners, Michigan Marriott Hotels of Canada Mr. Christopher D. Mahoney Rosemont, Illinois Mr. Robert F. Sharpe Jr. Mr. Michael D. Towers Mr. Clyde D. Keaton Senior Vice President Mr. Robert A. Ortenzio Partner Director President and of Operations President and Mr. David W. Powell Brunswick Group Duckhorn Wine Co. Chief Executive Officer UPS Chief Executive Officer Vice President of Marketing New York, New York Mill Creek, Washington Argo Turboserve Corporation Atlanta, Georgia Select Medical Corporation 3M Carlstadt, New Jersey Mechanicsburg, Pennsylvania St. Paul, Minnesota Mr. David L. Shedlarz Mr. R. Thayer Tutt Jr. Mr. Bill Mathis Executive Vice President and President and Dr. William M. Kendrick Senior Vice President Mr. Paul M. Ostergard Mr. Dennis R. Purdum Chief Financial Officer Chief Investment Officer (Director Emeritus) Member Relations, President and Chief Operating Officer Pfizer Inc El Pomar Foundation Superintendent of Seattle Public North America Chief Executive Officer Ernst & Young New York, New York Colorado Springs, Colorado Schools (Retired) MasterCard International Junior Achievement International New York, New York President Purchase, New York Atlanta, Georgia Dr. Graham B. Spanier Mr. David A. Wilson Kendrick & Associates Inc. Mr. Bruce E. Ranck President President and Union, Washington Mr. Denman K. McNear Dr. Constantine Papadakis Partner The Pennsylvania State University Chief Executive Officer (Director Emeritus) President Bayou City Partners University Park, Pennsylvania Graduate Management Dr. Joan P. Kowal President and Drexel University Houston, Texas Admission Council Senior Consultant/ Chief Executive Officer (Retired) Philadelphia, Pennsylvania Dr. Gus A. Stavros McLean, Virginia Superintendent in Residence Southern Pacific Transportation Mr. H. John Riley Jr. Chairman of the Board and NOVA Southeastern University Kentfield, California Mr. Robert W. Patin Chairman, President and Chief Executive Officer West Palm Beach, Florida Chief Executive Officer Chief Executive Officer PELAM Investments, Inc. Dr. Leonard Merrell Life & Group Operations, Cooper Industries, Inc. St. Petersburg, Florida Mr. Phillip B. Lassiter Superintendent CNA Insurance Houston, Texas Chairman and Katy Independent Chicago, Illinois Mr. Martin F. Stein Chief Executive Officer School District Mr. Mitchell A. Rose Founder Ambac Financial Group, Inc. Katy, Texas Mr. Frank P. Pekny Agent Stein Optical New York, New York Vice Chairman and Creative Artists Agency Milwaukee, Wisconsin Mr. Kristian P. Moor Chief Financial Officer Beverly Hills, California Mr. Arthur D. Little Executive Vice President City National Bank Mr. Albert E. Suter President President, Domestic Beverly Hills, California Mr. James E. Rutrough Chief Operating Officer (Retired) A & J Acquisitions Co. Brokerage Group Senior Executive Vice President Emerson South Effingham, New Hampshire AIG and Chief Administrative Officer St. Louis, Missouri New York, New York State Farm Mutual Automobile Insurance Company Bloomington, Illinios

30 31 National Staff Officers

David S. Chernow Kenneth Brown President and Chief Executive Officer Vice President Purchasing and Facilities Marty Lee Executive Vice President Anne Clark Chief Operating Officer Vice President Education Policy, Evaluation, and Outreach Don Creveling Senior Vice President David C. Eustis Jr. Human Resources Vice President Resource Generation Thomas Dewar Senior Vice President Frank W. Evans Resource Generation Vice President Benefits and Compensation Jim Harnden Senior Vice President Brad Kaufmann Information Technology Vice President Chief Information Officer Marketing

Jack E. Kosakowski Lamech Mbise Senior Vice President Vice President Area Relations Organizational Leadership

Darrell Luzzo John McDougall Senior Vice President Regional Vice President Education Eastern Region

Buzzy Thibodeaux Irene Rose Senior Vice President Regional Vice President Public Affairs Western Region

Timothy Armijo Tom Rowley Chief Financial Officer Vice President Education Pete Atha Vice President Debra Stinton Othitis Board Development and Vice President Planning Support Resource Generation

Howard D. Bartner Linda Wendt Regional Vice President Regional Vice President Southern Region Midwest Region

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