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i� Letter from the Chairman on behalf of the Golden LEAF Board of Directors, we are pleased to present to you our 2002 Annual Report. As I have said numerous times, Golden LEAF wavcreated with the future in mind. The slate of 2002 Golden LEAF grants attests to our Board's long -term vision and our willingness to accept the risks inherent in searching out and funding the best projects to attain real and permanent eco- nomic advancement in North Carolina's tobacco - dependent areas. Golden LEAF's vision is no coincidence. It is the product of the hard work of fifteen North Carolinians, from the mountains to the coast, who take very seriously the challenge of using the resources of the Foundation most effectively. I thank our Board members, who have given their energy to an intense regimen of research, planning and meetings, putting their hearts and minds into doing what is right for North Carolina. our Board has made excellent grants to worthy projects — projects that are beginning to pay off and will continue to reap benefits for North Carolina's rural economy. We are pleased to see positive results in the areas of alternative crops and value -added agricultural products, community college and university scholarships, and collaborations between these educational institutions and industry to train the highly skilled workforce we must have to remain competitive. Economic develop- ment is indeed a long -term investment, and a critical component of any economic development project is worker training. A trained work force is essential in attracting businesses to North Carolina. just as impor- tant to the small entrepreneur is access to capital. We've given a big boost to hundreds of new and expanding small businesses through several exceptionally success- ful programs which leveraged a few hundred thousand dollars into millions in loans. Last summer, our Board spent a great deal of time discussing the drastic decline in North Carolina's econ- omy overall, and the role Golden LEAF could play in addressing it. In August 2002, in a temporary departure from Golden LEAF's policy of making grants only with income from invested funds, our Board introduced an economic stimulus package with two key components. First, we decided to create an $18.4 million grant pack- age from the Fou'ridation's principal, above and beyond our regular annual grant cycle, targeted at four critical economic development issues. Second —and after con- siderable research and discussion —we decided that we should give consideration to economic development with our investments of principal, as we do in our grantsmaking. For some time, Board members have discussed the tremendous economic potential the life sciences and biotechnology hold for North Carolina. Likewise, the investment potential of the biotechnology industry is exceptionally good. So, after extensive review, we decided to make investments in biotechnol- ogy a major Golden LEAF initiative. We are very proud of our progress over the past three years. As we enter our fourth year, we pledge that Golden LEAF will continue to search out the best appli- cations and make the best decisions possible in both our grantsmaking and our investments, so that our efforts will serve as economic building blocks for the years to come. S. Lawrence Davenport Chairman, Golden LEAF Measuring Up 4