Adventure WorksAnnik StahlJuly 2002

Quarterly Results and FY 2003 Financial Outlook

Agenda

Quarterly Results – 4th Quarter FY 02 FY 2003 Financial Outlook

4th Quarter 2002 Adjusted Financial Highlights

4th Quarter % Change

Adjusted EPS $6.2M 0.0%

Revenues $14.2M (0.5%)

Cash Expense $1.6M 0.7%

Operating Expense $12.5M 0.3%

Operating Income $2.3M (0.2%)

EBITDA $2.8M (1.2%)

Debt ($1.2M) (10.6%)

Earnings Reconciliation

Reported Earnings (loss) per share ($.12)

Investment-related Write-downs

$.10

Investment 1

Investment 2

$.07

$.03

Gain on Sale $.05

Investment 1

Investment 2

$.03

$.02

Adjusted Earnings per Share

$.03

Balance Sheet Highlights

Reduced debt by more than 10% Anticipate profits from sales of ancillary

subsidiaries

Innovation and Marketing

3 new products/services in Research and Development

Rollout planned for new division Campaigns targeting new markets

4th Quarter Summary

Economic environment impedes sales Renewed commitment to innovation and

marketing

Projected Earnings

0

10

20

30

40

50

60

70

80

90

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

EastWestNorth

2003 Projected Outlook

Assumptions Economic recovery imminent Pending issues

Legacy holdings Regulatory changes

Capital management Balance sheets

FY 2003 Projections

Estimated % Change

Revenue Growth $14.2M (0.5%)

EPS $1.6M 0.7%

Capital Expenditures $12.5M 0.3%

Projected Capital Expenditures

0

10

20

30

40

50

60

70

80

90

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr

EastWestNorth

Summary

Additional capital flow anticipated in 3rd Quarter

Development, marketing key