34 FINANCIAL PERSPECTIVE MICHAEL S. DUDAS, CFA,  Bear Stearns “Jacobs’ unique relationship-based business model remains at the core of its success, providing investors with lower degree of business risk and consistent returns. Jacobs offers its low-cost operating structure along to their clients, saving the clients money and further aiding in solidifying the relationships. Few industrial companies have offered shareholders the consistent, low-beta returns and growth that Jacobs has offered.”  “With Jacobs maintaining a broad portfolio of services through market diversity as well as being committed to its relationship-based business model, we believe Jacobs will continue to deliver consistent 15 percent annual earnings growth. We continue to consider Jacobs the premier engineering and construction firm, based upon its historical performance, growth prospects, strong client relations, and diverse portfolio of capabilities.” JOHN B. ROGERS, CFA, D.A. Davidson & Company “We’ve come to expect strong performances from Jacobs. Their strategy remains unique—and it works.  Their long-term goal of 15 percent growth through expanding relationships and building on small, diversifying acquisitions is fully in place.” JOHN E. MCGINTY , CFA, Credit Suisse/First Boston FORWARD-LOOKING STATEMENTS AND OTHER SAFE HARBOR APPLICATIONS Statements included in this 2002 Summary Annual Report that are not based on historical facts are “forward-looking statement”, as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current estimates, expectations, and projections about the issues discussed, the industries in which the Company’s clients operate, and the services the Company provides. By their nature, such forward-looking statements involve risks and uncertainties. The Company has tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and words and terms of similar substance in connection with any discussion of future operating or financial performance. The Company cautions the reader that a variety of factors could cause business conditions and results to differ materially from what is contained in its forward-looking statements including the following: increase in competition by foreign and domestic competitors; changes in global business, economic, political, and social conditions; availability of qualified engineers, architects, designers, and other professional staff needed to execute contracts; the timing of new awards and the funding of such awards; cancellations of, or changes in the scope to, existing contracts; the ability of the Company to meet performance or schedule guarantees; cost overruns on fixed, maximum, or unit priced contracts; the outcome of pending and future litigation and any governmental audits, investigations, or proceedings; the cyclical nature of the individual markets in which the Company’ s customers operate; delays or defaults by customers in making payments due under contracts; and the successful closing and/or subsequent integration of any merger or acquisition transaction. The preceding list is not all-inclusive, and the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers of this 2002 Summary Annual Report should also read the Company’s most recent Annual Report on Form 10-K (including the Management’ Discussion and Analysis contained therein) for a further description of the Company’s business, legal proceedings, and other information that describes factors that could cause actual results to differ from such forward-looking statements.