CBIZ offers clients outsourcing capability for many functions  that most small and mid-sized companies ar not equipped  to handle themselves. CBIZ has a unique market opportunity. CBIZ is the only company that  provides our scope of services to small and mid-market businesses.  At the core of our service offerings are those services that are used by  our clients on a regular basis and which are necessary for them to run their businesses. These services, which we refer to as our core services, include accounting and tax, employee benefits, property and casualty  insurance, payroll processing, wealth management, information technology consulting, and human resource consulting.  In addition, through our National Practices division, CBIZ provides a broad range of services that were not readily available to  small and mid-sized market companies. These services include our ability to advise our clients on lobbying federal, state, and local  governments; the purchase, sale, and leasing of commercial real estate; the purchase and sale of businesses; capital raising;  business valuations; real and personal property valuations; medical practice management; health care industry consulting;  management consulting; and the installation and maintenance of computer equipment and supporting software.  With our structure, we can offer clients outsourcing capability for many functions that most small and mid-sized companies are  not equipped to handle themselves. This was CBIZ’s original vision. Our experience has enabled us to sharpen and refine it.  We are committed to making it work! In fact, in the pages that follow, you will see how CBIZ has begun to successfully apply its  model in markets across the country. We are on the verge of achieving the true potential of CBIZ. In 2001, we will continue to work with each business unit to optimize  revenue opportunities, enhance client cross-serving initiatives and control expenses. We will continue our efforts to reduce debt,  to analyze the compatibility of our various business units and increase the array of products and services we offer our clients. Our vision has great clarity - we will provide an integrated offering of CBIZ’s core professional services in each regional market,  incorporating the services of CBIZ’s national practice areas as needed and utilizing technology to enhance our product offering  and streamline service delivery. We are in business to provide clients with premier products and services in a way that achieves sustainable earnings growth for our  shareholders while providing employees with opportunities for a career that is personally, professionally , and financially rewarding.  In summary, the prospects for CBIZ are strong and growing stronger. I am extremely impressed with the talent, commitment and  capability of our CBIZ employees. I am confident that we have the right plan in place to harness the enormous potential of our company. I look forward to CBIZ  achieving great success in the future. We appreciate your loyalty and support. We ar on the verge  of achieving the true  potential of CBIZ. Sincerely, 3 Steven L. Gerard Chief Executive Officer