2009-10 Annual Report to Investors

2009-2010 REPORT TO INVESTORS

CONTENTS 1

Message from the Dean

2

Year at a Glance

4 Noteworthy 8

In the Headlines

9

Looking Ahead

10 Statistical Snapshots ( year-to-year comparisons 2006-2010)

Information in this report covers the July 1, 2009, through June 30, 2010, fiscal year.

The 2009-2010 Report to Investors is posted online at bus.wisc.edu/annualreport. If you would prefer to receive the report electronically in the future, please let us know by emailing alumni@bus.wisc.edu.

Printing of this report was paid with private contributions.

To learn more about the Wisconsin School of Business, go to: bus.wisc.edu.

MESSAGE FROM THE DEAN

A

s many of you know, after leading the Wisconsin School of Business as dean for more than eight years, Michael Knetter joined the University of Wisconsin Foundation as president and CEO in mid-October. An international search for the next Albert O. Nicholas Dean of the Wisconsin School of Business is underway, with the goal of having an outstanding individual join us by fall 2011.

We wish Mike the very best in his important new role and appreciate the tremendous job he has done in getting our school on a strong financial footing while improving global recognition of our programs and people.

The coming year will be one of transition, but also one of continued progress. We are committed to maintaining a dynamic and robust environment to help us attract the best and brightest students and leading academics from around the world.

We will continue to strengthen our offerings for working professionals, maintain the momentum of our unique career-specialized MBA program, expand access to business education across the UW-Madison campus, and implement enhancements to our undergraduate program.

It has been an honor to serve the Wisconsin School of Business as a faculty member and administrator for more than 20 years, and I look forward to working with you, our faculty and staff, and of course our students to advance the school’s progress as interim dean in the coming year.

As you read this report about the school’s accomplishments over the past year, I hope you will recognize the large role alumni and friends play in our success. We will continue to seek your valued input in the mission of our school through both intellectual contributions and financial support. With your help, we will sustain and strengthen the school’s legacy of leadership.

Joan T. Schmit Interim Dean Wisconsin School of Business

2009-2010 2 YEAR AT A GLANCE Undergraduate Program

Full-Time MBA Program

Enterprise MBA Programs

The first group of students admitted under the school’s new sophomore admission process began classes during the 2009-2010 school year. Entering the program as sophomores rather than waiting until their junior year means students benefit from a more challenging and orderly curriculum, with more time and better opportunities to study abroad, find internships, and develop leadership skills by joining the business school’s student organizations. Also during the year, a pilot plan was implemented to admit a limited number of high-merit, incoming UW-Madison freshmen directly into the business school for fall 2010.

The full-time MBA program continued to make progress on a number of fronts. Key initiatives included adoption of a customer relationship management system, development of a new website, and increased efforts in employer development.

The Enterprise MBA programs are made up of three components tailored for working professionals: the Evening MBA, the Executive MBA, and the Corporate Executive MBA Program (a customized MBA created in partnership with a company or organization).

The number of applications for the class entering in fall 2010 was comparable to previous years. The class admitted was notable for having the highest GMAT average in more than a dozen years, with a record-setting 41% enrollment of women.

The Evening MBA enrolled its second-largest incoming class in the history of the program for fall 2010.

Several initiatives were undertaken to foster an environment that better allows students to develop professionally and socially by enhancing communication and a sense of community.

This year’s graduates continue to confront a challenging national economy in terms of finding full-time employment. The percentage placed by graduation and starting salaries, however, were up slightly from the previous year.

The difficult economy continued to have an impact on student placement. While the number of students accepting jobs by graduation was down from last year, placement rates at three months post-graduation exceeded the prior year’s average. Mean salary and signon bonuses were flat from the year before; the median in both categories increased slightly.

In terms of student satisfaction, the end-of-firstyear survey of May 2011 graduates found that 94% percent were satisfied or very satisfied with their overall experience.

Executive MBA enrollment, which has been affected by the national economy in recent years, was up for fall 2010 over the previous year, approaching levels prior to the economic downturn.

The Corporate Executive MBA, launched in partnership with Kohl’s Corporation in 2008, graduated its first cohort in May of 2010 and enrolled a second cohort in March 2010.

Several major marketing initiatives conducted during the year helped position Enterprise MBA programs as part of the business school’s offerings for working professionals. Global initiatives for the Evening MBA and Executive MBA programs were expanded, with an increased academic focus on the global market.

Study trips were planned for 2011 to China, Hong Kong, Malaysia, and Brazil.

3 Faculty and Ph.D. Programs

Executive Education

Distinguished Business Alumni

Five tenure-track faculty members joined the Wisconsin School of Business in fall 2009 and three were hired for 2010-2011. Resources provided by the Wisconsin Naming Gift continue to play an important role in our ability to recruit renowned faculty.

Our Executive Education unit offers a wide range of professional development programs at all managerial levels.

In fall 2009, the Wisconsin School of Business honored four outstanding graduates with the Distinguished Business Alumnus Award for their achievements in career, community service, and support of the university:

Of the 57 students enrolled in our Ph.D. programs, 20 have passed their preliminary exams and are working on their dissertations.

Ph.D. program initiatives during the year included increased funding support of doctoral candidates, a new orientation that focused on teaching-improvement initiatives, and creation of a special graduation ceremony for Ph.D. graduates.

The faculty research seminar series, “Rays of Research,” continues to provide a forum for intellectual exchange and social interaction among faculty, staff, and graduate students.

Many faculty disseminated their research to external constituents, presenting papers at conferences, meetings, and peer institutions.

Open-enrollment programs offer public courses in business operations, business growth, people management, and process management.

Custom programs are designed in partnership with individual organizations through the Center for Advanced Studies in Business (CASB).

CASB also oversees operation of the Fluno Center, where a majority of Executive Education programming takes place.

Revenue for both open-enrollment and custom programs declined over the past year, as many companies continued to cut back on their training budgets.

A collaborative sales and marketing effort was developed to reach top Wisconsin companies with a complete portfolio of executive development offerings. This integrated approach, expected to be fully implemented in the coming year, includes Executive Education (open and custom) and the school’s Enterprise MBA offerings.

David Anderson, BBA ‘70, MBA ‘74, chairman and CEO of American Family Mutual Insurance Company, the third-largest mutual property and casualty insurer in the U.S. Stephen Bennett, BBA ‘76, former president and CEO of Intuit, currently an angel investor and board member for Sun Microsystems, Qualcomm, Intuit, and two private companies— Sojern and Nemean Networks—where he serves as chairman.

Glen Tellock, BBA ‘83, president and CEO of the Manitowoc Company, one of the world’s largest providers of lifting equipment for the global construction industry.

Patrick Thiele, BBA ‘72, MS ‘75, president, CEO, and director of PartnerRe Ltd., a global reinsurance company.

4 NOTEWORTHY Alum Joins Bill Gates, Warren Buffett in “Giving Pledge” John Morgridge, an alumnus of the Wisconsin School of Business and the former head of Cisco Systems, Inc., was among the first individuals to announce he would join Bill and Melinda Gates and Warren Buffett in signing a letter pledging to give half his wealth to philanthropy.

Buffett and the Gates launched a campaign in June 2010 to persuade America’s richest individuals to give away much of their fortunes, inviting them to take the “giving pledge” by writing a public letter promising to donate 50% or more of their wealth. Morgridge, chairman emeritus of Cisco Systems, was among the earliest individuals to commit to joining the campaign.

Morgridge, BBA ’55, and his wife Tashia, who earned her B.S. in education from UW-Madison, already had set a superb example in terms of philanthropy. In 2006, they provided $50 million to pave the way for pioneering scientific collaboration at UW-Madison’s Wisconsin Institutes for Discovery. In 2007, John Morgridge was one of a small group of alumni who formed the Wisconsin Naming Partnership to give $85 million to support the mission of the Wisconsin School of Business.

The Morgridges also are responsible for a $31-million gift to UW-Madison’s School of Education to fund the Education Building Renovation and Addition Project, and a $175-million gift to establish the Fund for Wisconsin Scholars, which awards grants to Wisconsin high school students who attend University of Wisconsin System and Wisconsin Technical College System schools.

5 Three New Faculty Join Wisconsin School of Business The Wisconsin School of Business recruited three outstanding new faculty members for the 2010-2011 school year.

Professor Russell Coff joined the Department of Management and Human Resources from Emory University’s Goizueta Business School, where he was an associate professor of organization and management. His research explores the role of knowledge-based assets in creating and maintaining a sustainable competitive advantage. He has done extensive work involving management dilemmas associated with human assets.

He is widely published in leading journals, including the Academy of Management Review, Academy of Management Journal, and Strategic Management Journal. He has authored or co-authored book chapters in several books. Coff earned his Ph.D. from the Anderson School of Management at the University of California, Los Angeles.

Assistant Professor Noah Lim joined the Marketing Department from the C. T. Bauer College of Business at the University of Houston, where he was an assistant professor in marketing. His research interests include behavioral economics, experimental economics, sales management, and pricing channels. He was named Marketing Science Institute Young Scholar in 2009. His work has appeared in the Journal of Marketing Research and in Marketing Science. He earned his Ph.D. in marketing from the Wharton School, University of Pennsylvania.

Assistant Professor Justin Sydnor joined the Department of Actuarial Science, Risk Management, and Insurance from Case Western Reserve University, where he was an assistant professor of economics with the Weatherhead School of Management. His research interests are in psychology and economics, applied microeconomics, industrial organization, insurance markets, and risk and decision making. He earned his Ph.D. in economics from the University of California, Berkeley.

6 Expanding Entrepreneurship’s Reach

Global Real Estate Master Created The Global Real Estate Master (GREM) will bring students from three of the most prestigious business schools around the world—France’s HEC Paris, China’s HKUST Business School, and Central America’s INCAE Business School—to Madison for the best in real estate education with Wisconsin faculty, alumni, and students.

Developed over the past year, the first students in the program will arrive from the three partner schools in January 2011.

GREM students will have a semester of intensive real estate training at Wisconsin that will include coursework, a study tour of a major U.S. real estate market, and professional development to sharpen networking skills and forge industry connections. Graduates will become part of an international real estate network made up of the best and brightest students from around the world. GREM is the newest component of the real estate program’s major emphasis on international real estate education.

The Wisconsin School of Business took steps last year to make its expertise in entrepreneurship accessible to a greater number of students within the business school and across campus.

start-ups through the Weinert Applied Ventures in Entrepreneurship (WAVE) program and Daniel H. Neviaser Entrepreneurship Fund. Start-up ideas are drawn from a broader campus pool than before.

In fall 2009, the business school announced that it would consolidate its full-time Wisconsin MBA offerings by phasing out two career specializations—one in entrepreneurial management, the other in strategic management in engineering and life sciences.

In place of the two MBA career specializations, the business school began developing two certificates to allow MBA students across all specializations, as well as non-business students from all areas of campus, to augment their core studies. One of the new certificates explores entrepreneurship, while the other focuses on organizational and technological innovation.

Pending approval by the UW-Madison campus, the two certificates will be sponsored by the business school’s Department of Management and Human Resources. The Weinert Center for Entrepreneurship, which is dedicated to teaching, research, and service relating to entrepreneurial management and enterprise development, continued to fund student

An undergraduate certificate in entrepreneurship was approved in 2010. Two courses were developed specifically to help prepare nonbusiness majors for jobs in the business world. General Business 310, offered for the first time in fall 2009, teaches key business fundamentals in accounting, finance, and law.

General Business 311, launched the following spring, provides an overview of marketing, management, entrepreneurship, ethics, supply chain, and business strategy. The courses are only open to non-business majors who are juniors, seniors, or graduate students.

Both the certificates and the courses for nonbusiness majors are intended to create a larger community of the entrepreneurially minded, and to enable the Wisconsin School of Business to become an even greater catalyst for economic development in the years to come.

7 Marks of Distinction ollis (Holly) A. Skaife, David J. Lesar Professor in Business, was H appointed to the International Financial Reporting Standards (IFRS) Advisory Council, which is responsible for promulgating International Financial Reporting Standards permitted or required by more than 100 countries.

The actuarial science, risk management, and insurance program was named a Center of Actuarial Excellence by the Society of Actuaries, one of only 13 schools worldwide given the initial designation.

T he real estate program was granted accreditation by the Royal Institution of Chartered Surveyors, the leading international professional body for qualifications and standards in land, property, and construction.

Ella Mae Matsumura, associate professor, accounting and information systems, and Jae Yong Shin, a Ph.D. graduate in accounting, received the American Accounting Association’s 2010 Notable Contributions to Accounting Literature Award for a paper that appeared in the Accounting Review.

Wisconsin School of Business students continued their tradition of outstanding performance in national case competitions.

Among top results during the past school year: • Real estate students won the NAIOP University Real Estate Challenge.

• Students in the supply chain management MBA specialization won second place in two national case competitions, one at Michigan State, the other at the University of Arkansas.

• Undergraduate accounting students took third place in the Deloitte Tax Case Study Competition.

International Center Given $1.5-Million Grant The Center for International Business Education and Research (CIBER) was awarded a $1.5-million, four-year federal grant from the U.S. Department of Education to support its activities between 2010 and 2014.

The UW-Madison CIBER was established in 1998, joining a network of universities nationwide. The centers develop and deliver programs to strengthen the competitiveness of U.S. businesses globally and enhance international business-related teaching, research, and learning.

CIBER works with partners from across the UW-Madison campus, throughout the UW System, and with technical and community colleges in the upper Midwest. It also assists businesses based in Wisconsin and state government to increase the number of globally competent individuals entering the U.S. workforce.

The grant will allow the center to continue to support interdisciplinary research on a wide range of global business topics and disseminate knowledge to the local, regional, and national business communities.

8 IN THE HEADLINES

BusinessWeek: “The Housing Uptick” Morris Davis, Real Estate and Urban Land Economics, shared his findings on national land prices.

SmartMoney: “Winners and Losers of the Minimum Wage Hike” Larry Hunter, Management and Human Resources, discussed possible impacts of raising the minimum wage.

CNNMoney: “More Help for Homeowners” Morris Davis, Real Estate and Urban Land Economics, discussed the growing number of unemployed Americans defaulting on their mortgages. In the article, he referenced the Wisconsin Unemployment and Foreclosure Relief plan devised by his colleagues, Stephen Malpezzi and François Ortalo-Magné.

SmartMoney: “Shopping Psych 101: Look, But Don’t Touch” Research by Joanne Peck, Marketing, on the effect of touch on purchasing decisions was explored.

CNN Living: “The Significance of Mimicking” Robin Tanner, Marketing, discussed research findings on the advantages and drawbacks of intentionally mirroring the person with whom you are communicating.

The Wall Street Journal: “Is Brand Loyalty a Thing of the Past?”

Aric Rindfleisch, Marketing, argued that brands still provide a sense of security for many Americans.

New York Times: “Specialized MBAs— The Business of Zeroing In” Blair Sanford, MBA Career Services, was interviewed on the trend toward specialization in education.

Marketplace: “Will the Financial Regulations Work?”

Morris Davis, Real Estate and Urban Land Economics, spoke on the national business radio program about Fed Chairman Ben Bernanke’s proposal to stiffen financial regulations.

U.S. News & World Report: “’Bargain Hunting’ in Television Advertising” Research by David Schweidel, Marketing, was featured that examines audience retention rates during television commercials.

Entrepreneur: “Turn Design-on-Demand Into Profits” Dan Olszewski, Weinert Center for Entrepreneurship, was featured in an article on balancing consumer choice with production capacity in order to turn a profit.

U.S. News & World Report: “6 Tips for Starting a Business After Age 50” Dan Olszewski, Weinert Center for Entrepreneurship, gave pointers to baby boomers on launching a successful start-up.

Associated Press: “Toyota Moves Past Apologies, Aims for Sales” Deborah Mitchell, Center for Brand and Product Management, discussed Toyota’s efforts to address safety issues in its advertising. The article was picked up by National Public Radio, The New York Times, CBS News, and other national media.

LOOKING AHEAD 9

In the coming year, the Wisconsin School of Business will continue its efforts to be recognized worldwide for transforming the lives of our students and alumni, and for advancing knowledge through high-impact faculty research.

The school plans a variety of efforts to recruit and retain top faculty and to communicate their research to a broader constituency. Resources also will be invested to attract top Ph.D. students, which will enhance the school’s research quality and productivity, as well as our ability to place graduates with top-tier research institutions.

At the undergraduate level, we will work to enhance the program and increase its national reputation. A major goal is developing a sense of community; several initiatives to achieve that goal are planned, including a series of town hall meetings involving all constituents. A transition to a oncea-year admissions cycle will be implemented as of fall 2011.

For the full-time Wisconsin MBA program, a top priority will be generating greater national awareness.

The program will continue to fine-tune a curriculum that combines a strong general management foundation with deep expertise in career specializations. Two new graduate-level certificates open to both MBA students and other students across campus are planned.

A focus for the coming year will be implementing an integrated, portfolio-based approach to marketing all of the school’s offerings for working professionals—both degree-based options from the Enterprise MBA programs and non-degree professional development courses from the Executive Education unit of the school.

10 Statistical Snapshots (year-to-year comparisons 2006-2010)

UNDERGRADUATE PROGRAM

External Rankings

Year

U.S. News

Admissions (Entering Undergraduate Class Profile) BusinessWeek

Year

Applicants

Admitted

Average GPA

Female

Minority

International

2010

14 42

2010 1559*

1072

3.50 30.30% 4.20%

7.60%

2009

13 40

2009

1274

594

3.58 39.90% 4.50%

8.10%

2008

13 37

2008

1376

689

3.54 40.20% 3.33%

8.85%

2007

12 28

2007

1024

655

3.47 41.98% 5.95%

7.63%

2006

13 27

2006

865

582

3.50 39.00% 2.75%

9.60%

* Reflects the inaugural year of the sophomore admission process

Employment

Year

(Percentage of Students Who Have Accepted Positions)

Class Size

Placed at Graduation

2010 643

66%

2009 602

65%

2008 612

84%

2007 563

85%

2006 574

87%

Employment

(Salary Data by Year)

Year

Average Base Salary

Average Signing Bonus

% Receiving Bonus

2010

$50,298

$4,490

45%

2009

$49,712

$4,360

57%

2008 $49,551

$4,841

51%

2007 $48,252

$4,444

51%

2006

$4,076

47%

$45,769

11

FULL-TIME MBA PROGRAM

Admissions

External Rankings

(Entering Full-time Class Profile)

Year (Fall)

Class Size

GMAT Average

GPA Average

Work Exp. Years Female

2010 118 675 3.36

Minority International

Year

U.S. News

BusinessWeek

4.75 41.0% 17.0% 16.0%

2010

27 TBD

2009 117 663 3.37 5.00 32.0% 24.0% 5.0%

2009

28 *

2008 125 666 3.36

4.33 29.6%

9.6% 18.0%

2008

29 **

2007 106 656 3.36

3.92 29.2% 15.1% 20.8%

2007

29 *

2006 121 661 3.37

3.67 30.0% 14.0% 29.0%

2006

31 31-38

* Biennial ranking

Employment

Year

2010

** Not ranked due to low survey response

(Percentage of Students Who Have Accepted Positions)

At Graduation

Within 3 Months of Graduation

55% 87%

2009 61%

2008

83% 94%

2007

84% 96%

2006

75% 95%

Employment

Year

83%

(Salary Data by Year)

Average Base Salary

Average Signing Bonus

2010 $83,484 $16,179

2009 $82,666 $17,248

2008 $88,626 $16,034

2007 $82,000 $16,740

2006 $82,917 $12,770

12 Statistical Snapshots (year-to-year comparisons 2006-2010)

ENTERPRISE MBA PROGRAMS

Enrollment

Year

Evening MBA

Executive MBA

Corporate Executive MBA*

Total

2010 179 66

42 287

2009 180 60

36 276

2008 159 80

37 276

2007 143 82

— 225

2006 127 67

— 194 *Program began in spring 2008

13

FACULTY RESEARCH & Ph.D. PROGRAM

Peer-Reviewed Faculty Publications Department

Ph.D. Program Student Profile

2009 2008 2007 2006 2005 Year (Fall)

Accounting & Information Systems

8

8

11

6

9

Actuarial Science, Risk Mgt., & Insurance

5

5

9

8

8

Finance, Investment, & Banking

3 5

5

8

8

Management & Human Resources

17

8

10

9

8

Marketing

10

8

10

14

6

Operations & Information Mgt.

5

6

7

9

9

Real Estate & Urban Land Economics

8

8

2

4

5

Total

56

48

54

58

53

57 53% 2% 54%

2009

58 53% 2% 62%

2008

53 51% 2% 55%

2007

57 49% 7% 49%

2006

61 44% 8% 54%

2010 2009 2008 2007 2006

Accounting & Information Systems

4 0

1

2 3

Actuarial Science, Risk Mgt., & Insurance

1 1

3

1 1

Finance, Investment, & Banking

1 1

2

0 2

Management & Human Resources

2 1

4

4 3

Marketing

1 1

2

2 1

Operations & Information Mgt.

3

0

1

2 1

Real Estate & Urban Land Economics

0

0

1

0

Total

12

4

14

11 15

4

Female Minority International

2010

Number of Ph.D. Graduates Department

Class Size

14 Statistical Snapshots (year-to-year comparisons 2006-2010)

EXECUTIVE EDUCATION

Custom Programs

Top Customers

Year

Number of Corporate Customers Number of Programs

American Family Insurance

2010

21

63

not ranked

University of Wisconsin

2009

23

50

8

CDW Corporation

2008

27

77

8

JCI

2007 29

73 19

Wisconsin Cheesemaker’s Association

2006 29

95 21

Samsung

Public Programs

Financial Times Overall Ranking of U.S. Programs

Year

Number of Programs

Customer Satisfaction Financial Times Overall Number of Customers (7 pt. Scale) Ranking of U.S. Programs

2010 111

1,952

6.50

13

2009 151

2,666

6.50

14

2008 238

3,978

6.50

13

2007 239

4,278

6.49

14

2006 208

4,090

6.65

15

15

FUNDING SOURCES

Total Funding

(in millions)

Programs for Working Professionals

Campus Support & Auxiliary Services

Gifts & Grants

Total

2010

$27.09 $18.74

$22.94 $68.77

2009

$27.27 $20.77

$20.59 $68.63

2008 $24.92

$22.74

$16.56 $64.22

2007

$24.26 $21.74

$16.20 $62.20

2006

$20.74 $20.16

$11.08 $51.98

This chart illustrates the school’s annual expenditures by source of funds. The gifts and grants category includes private gifts and grants as well as endowment income earned and spent in the given year.

16 Statistical Snapshots (year-to-year comparisons 2006-2010)

PRIVATE SUPPORT Total Gifts to Wisconsin School of Business

Endowment Market Values 250

$33.9 M

35 30

200

25

$32.3 M

20

$16.8 M

$17.8 M

15

$13.3 M

10

$12 M

$18.8 M

$142.2 M

$2.6 M

2006

2007

Alumni and Friends

$1.6 M 2008

$1.7 M 2009

$1.1 M

4000

$131.7 M *

Total Gifts

Corporate/Foundation

0

2006

2007

5,486 (11.5%)

5,498 (11.9%)

2009

2010

*estimated

Total Gifts to the Wisconsin School of Business Annual Fund $2.9 M

2.5 2.0

4,227 (11.2%)

2008

2010

Number of Alumni Donors and Alumni Giving Percentage 5,505 (12.4%)

$120.8 M

100

3.0

6000

$147.6 M

$120.4 M

50

$1.3 M

0

150

$15.1 M

$15.2 M

5

$19.9 M

3,976 (10.3%)

1.5

$1.8 M

$1.7 M

$1.2 M $1.1 M

1.0

2000 0.5

0 2006 2007 2008 2009 2010

0.0

2006

2007 2008 2009 2010 *2008 total included a $1M match from a Wisconsin Naming Partner

DEAN’S ADVISORY BOARD Stephen M. Bennett (Board Chair) Former CEO Intuit, Inc. Andy Albert Managing Director and Operating Partner Svoboda Collins LLC Michael Casey Senior Managing Director Blackstone Group Sean Cleary President & CEO Cleary Building Corp.

John Davis CEO Great Northern Corporation Tom Formolo Partner Member of Management Committee Code Hennesy & Simmons LLC Laura Francis CFO Promega

Jeffrey Hammes Chairman Kirkland & Ellis

Debra Perry Managing Member Perry Consulting

Sandra Sponem Senior VP & CFO Mortenson Construction

Julie Howard President, Chief Operating Officer Navigant Consulting, Inc.

E.J. Plesko President EJ Plesko & Associates, Inc.

Stew Stender Partner Stewart Lawrence Group

Peter Leidel Founder & Member Yorktown Partners

Robert Pollock President & CEO Assurant, Inc.

Bradley Tank Chief Investment Officer-Fixed Income Neuberger Berman Asset Mgmt.

John Mulligan Senior Vice President, Treasury and Accounting Target Corporation

Todd Pulvino Principal CNH Partners, AQR Capital Mgmt.

Pat Thiele President & CEO PartnerRe Ltd.

Gary Rappeport President & CEO Donlen Corporation

Scott VanderSanden President AT&T Wisconsin

Ann Schwister CFO Global Oral Care Procter & Gamble

John Ver Bockel Senior VP Merrill Lynch & Co.

John Neis Managing Director Venture Investors Management LLC Mark Nerenhausen Former President and CEO Broward Center for the Performing Arts Dale Nitschke Managing Director The Ovative/Group Bill Nygren Portfolio Manager Harris Associates, Oakmark Fund

Richard Searer Former Executive Vice President Kraft Mike Shannon Managing Director KSL Capital Partners

Don Walkovik Partner Sullivan & Cromwell Jeff Yabuki CEO Fiserv

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