Hi Peter,

Today, PricewaterhouseCoopers announces that Villanova University was one of the five national winning teams of the company’s xACT learning experience.

For the contest, team’s are given a “real world” accounting case to determine how a country’s accounting standards and regulations may have contributed to an alleged accounting scandal and to propose changes to ensure accurate and complete financial reporting.

In total, 900 students formed 180 teams from the 28 schools chosen to participate.

To speak with PwC or for more information, please contact me via email or at 212.468.2937.

Regards,Chris

PricewaterhouseCoopers Announces Villanova University as one of 5 National Winning Teams of its Inaugural 2003 xACT Learning Experience

New York, NY – March 12, 2004 – PricewaterhouseCoopers announced Villanova University as one of five national winning teams of the firm’s 2003 xACT learning experience – a program designed to foster interest among students in the world of assurance and provide them with exposure to a “real world” accounting case. Villanova University’s team members included:

– Daniel Gallinaro;- Dariusz Jamiolkowski;- Johnna Schifilliti;- Nicholas Rossi; and – Stephen McMullin.

The xACT 2003 national winning teams also included teams from Bucknell University, Indiana University, University of Iowa, and Wake Forest University.

“Teamwork and critical thinking are what xACT is all about,” said Greg Garrison, US Assurance Leader, PricewaterhouseCoopers. “It gave the participants the opportunity to think about important issues and to convince others that their position was best. And most importantly, the experiences these teams walk away with after having participated in xACT will serve them throughout their educational and professional careers.”

xACT 2003 was a national campus initiative built around student teams addressing an accounting policy issue that was designed by PricewaterhouseCoopers’ Assurance practice to give students a taste of real world accounting issues. In total, 900 students formed 180 teams from the 28 schools chosen to participate. Students worked in teams of five, with the requirement that two team members must be sophomores. This requirement was specifically built into the program to expose younger students to the world of assurance. The participants were asked to determine how a country’s accounting standards and regulations may have contributed to an alleged accounting scandal and propose changes to ensure accurate and complete financial reporting. The case required students to focus on thinking critically and working as a team to develop the most effective solution.

“Participating in xACT is an important distinction for these students and after reviewing the teams’ entries, we are confident that the goal of the xACT program has been achieved – to allow students to experience important business lessons that will benefit them both now and in the future,” said Michelle Krupa,, Partner, Risk & Quality, PricewaterhouseCoopers.

There was no limit on the number of teams that could participate at each campus. The top team from each campus received $1,000. Each of the five national winning teams received $10,000 and a trip to New York City to spend a day at PricewaterhouseCoopers’ headquarters.

Universities chosen to participate in the 2003 xACT program included: Babson College, Bucknell University, College of the Holy Cross, Fairfield University, Hampton University, Indiana University, King’s College, Lehigh University, Louisiana State University, Marquette University, Miami University of Ohio, North Carolina A&T University, Ohio State University, SUNY at Binghamton, SUNY at Buffalo, Syracuse University, University of California – Los Angeles, University of California – Santa Barbara, University of Colorado, University of Connecticut, University of Iowa, University of Kentucky, University of Michigan, University of Oregon, University of Washington, Villanova University, Wake Forest University and Western Michigan University.

About PricewaterhouseCoopers

PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services for public and private clients. More than 120,000 people in 139 countries connect their thinking, experience and solutions to build public trust and enhance value for clients and their stakeholders.

“PricewaterhouseCoopers” refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.

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