EVERYTHING

a little bit MORE

THEY BARGAINED FOR AND

OUR VALUES ARE THE ESSENTIAL TENETSTHAT ARE UNBENDING AND UNENDING. THEY ARE SOLID, RELIABLE PRINCIPLES BY WHICH WE WILL ALWAYS WORK, NOMATTER HOW OUR SERVICES SHIFT OR THE WORLD AROUND US CHANGES.

OUR VALUES “Relationships of trust depend on our willingness to look not only to our own interests, but also the interests of others.” — Peter Farquharson

OUTSTANDING RELATIONSHIPS

This means we:

• Build outstanding relationships with customers,

suppliers and coworkers.

• Make high personal investments of time and

energy in order to become customer collaborators

and partners, contributing to their dreams.

• Take extraordinary care to cultivate and protect

relationships with business partners, consultants

and subcontractors.

• Strive to weave the threads of friendship and mutual

respect tight among the people in our organization.

INNOVATION

This means we:

• Rise to challenges and continually strive to improve efficiency.

• Operate as if our chief responsibility is to make a difference,

not just get a job done.

• Doggedly pursue cleaner solutions, smarter alternatives and faster

resolutions to customer issues.

• Commit to the process of learning and discovery as a means to

further our growth as individuals and as an organization.

• Use fresh, insightful thinking to create better solutions to

everyday issues.

EXCELLENCE

This means we:

• Hire the best people and encourage their knowledge and education to become

“experts” in their roles.

• Insist on efficiency and value by creating an environment in which innovations

and suggestions are encouraged.

• Remain focused on the day-to-day challenges of meeting commitments and providing

continuous follow-through.

• Strive for excellence at every turn by thinking like our customers, pushing ourselves

further and never stopping at “acceptable.”

STEWARDSHIP

This means we:

• Work to reduce waste, improve efficiency and build

healthy communities.

• Make our safety and the safety of others central to

the way we work.

• Respect our customers’ investments, and our own.

• Take faithful care of human, physical and financial

resources.

• Strive to be an example of responsible behavior and set

the bar for our industry.

“The future is purchased by the present.” — Samuel Johnson

“We are what we repeatedly do. Excellence, then is not an act, but a habit.” — Aristotle

We are only as strong as our relationships.

We can invent our future.

Excellence is a given.

We are responsible for each other.

“Discovery consists in seeing what everyone else has seen and thinking what no one else has thought.” — Albert Szent-GyorgiWHAT WE STAND FOR

This means we:

• Set clear, understood expectations.

• Work hard to understand customer wants and

needs and use this knowledge to create on-the-job

breakthroughs that improve results.

• Be a partner, not just a provider.

• Try to surpass even our own expectations.

• Add value at every opportunity throughout the

entire customer experience, without giving away

our services.

SUCCESSFUL BUSINESSES ARE BUILT ON TRUST. CUSTOMERS KNOW THEY CAN COUNT ON GRAY FOR:

“We aim above the mark to hit the mark.” — Ralph Waldo Emerson

People at Gray love to give others more than they expect — more dependability, more attention, more commitment. In short, more value.

������������������������������

Dear friends,

When our company grew to include not only the James N. Gray Company, but also

I.C.E. Builders, WS Construction and Operations Associates, it became apparent

that we needed to identify and confirm our basic purpose and values. We wanted

to find out how to push ourselves to be more productive, both personally and

on behalf of our customers, so we talked to many of you to find out what you

think about Gray. We learned what makes us different, what you value most about

working with us and where we need to improve.

Boiling down this information into a few meaningful statements is not a simple

process. It’s even more complicated figuring out how to put our beliefs into

practice so that you, our customers and business partners, will benefit from

our efforts. So, in this issue of Grayway, we want to share with you what we

discovered, what we believe and the ways we intend to put our values into

everyday use. You’ll also notice that we have a new “look” — but our values

and philosophies remain those we were founded on.

Our company’s success has been won by the men and women who, through

many, many years, have been innovative, hard working and dedicated. And all

of us here today — whether we work at James N. Gray Company, I.C.E. Builders,

WS Construction or Operations Associates — feel in our bones the importance of

continually striving and pushing our company forward.

Thank you for reading this special edition of Grayway and taking time to learn more

about us. As you can see, we’re still learning too!

Howard Gray

Chairman

SPECIAL EDITION

10 Quality Street Lexington, KY 40507-1450 USA

T 859.281.5000F 859.252.5300jngray.com

Forwarding Return Postage Guaranteed,Address Correction Requested

© James N. Gray Company, June 2003

Just as all Gray companies – now and in the future – share a dedication to the same purpose and

values, all companies will share a new logotype and mark. Some things you may find interesting:

• The mark is an expression of the Gray personality – upbeat, warm, inventive and professional.

• The two colorful planes interact dynamically to suggest building, working together and creating

a cohesive whole from separate parts.

• The dark gray logotype is a legacy from Gray’s previous logo, yet the letters have been

reexamined to create a more refined and connected letter structure.

James N. Gray Company and I.C.E. Builders will use the Gray logotype and mark along with a

logotype that identifies each company.

WS Construction will use the mark and be identified as a Gray company in a descriptive line under

the name. Operations Associates will use the mark only.

OUR NEW LOGO

BUILDING TO MAKE

a DIFFERENCE

“““

“We shape our buildings; thereafter they shape us.” — Winston Churchill

THE GRAY PURPOSEOUR PURPOSE IS OUR ONGOING REASON FOR BEING, OUR MOTIVATION TO CREATE AND SUSTAIN GRAY.

This means we:

• Approach our work knowing we will make a

difference in people’s lives.

• Contribute to the overall well-being of the

communities we serve.

• Design people-friendly environments.

• Build safely and soundly.

• Lay a foundation for tomorrow in the way

we manage and operate.

• Continually improve the process of building

and its impact.

At Gray, we build more than buildings.

CHECK OUT OUR NEW WEB SITE

Bob Moore, president, I.C.E. Builders.

Ray Donnell, president, WS Construction.

jngray.com

Franklin Gray, president of James N. Gray Company, discusses a design solution.