1. Association of Collegiate Business Schools 2004 Annual Conference Keynote Address Jim Collins Jim Collins Organization Saturday, June 26, 2004 Phoenix, Arizona

2. Built to Last Companies Comparison Companies Ratio of Cumulative Stock Returns to General Market © Copyright Jim Collins, All Rights Reserved

3. Ratio of Cumulative Stock Returns To General Market Good to Great Companies Comparison Companies © Copyright Jim Collins, All Rights Reserved

4. LEVEL 5 LEADERSHIP Level 5 Executive Effective Leader Competent Manager Contributing Team-Member Highly Capable Individual Level 5: Level 4: Level 3: Level 2: Level 1: © Copyright Jim Collins, All Rights Reserved

5. THE THREE CIRCLES of the Hedgehog Concept Passionate About Economic Denominator Can Be Best In The World © Copyright Jim Collins, All Rights Reserved

6. Preserve The Core Stimulate Progress © Copyright Jim Collins, All Rights Reserved

7. CHANGE Cultural & Operating Practices Specific Goals & Strategies © Copyright Jim Collins, All Rights Reserved PRESERVE Core Values Core Purpose

8. ENVISIONED FUTURE 10 to 30 Year BHAG Vivid Descriptions © Copyright Jim Collins, All Rights Reserved CORE IDEOLOGY Core Values Core Purpose