PRILIMINARY OFFIC STATEMENT 11-15-2001 44.

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The Sponsor was founded by the Wedum family of Alexandria,Minnesota,with its initial assets coming from the estate of J.A. Wedum who immigrated from Lillehammer, Norway. The current trustees of the Sponsor are John A. Wedum, Mary Beth Wedum,Frank Starke, James Cooper and Gary D. Slette. See "The Borrower - Governance and Management" in Appendix B for Mr. Wedum's and Mr. Cooper's biographies. Mary Beth Wedum graduated from St. Cloud State with a degree in Social Service, and worked in the television industry. She founded and directed the Douglas County Developmental Achievement Center for 7 years and then undertook the office and accounting management of a series of businesses owned by her husband and herself Among them was a petroleum products distribution company,a bowling alley and supper club and a water and sewer treatment equipment distribution company. She has been the Treasurer of and served on the Board of Trustees of the Sponsor since 1982. She is active in establishing residential housing for the retarded, president of the League of Women Voters and business manager of summer theater. Frank Starke has been the President of Dunwoody Institute since 1995. From 1984 to 1995,Mr. Starke was the President of Alexandria Technical College. From 1969 to 1984, he served in the capacities of instructor,Department Head-Coordinator,and Vice President of Alexandria Technical College. Mr. Starke was a marketing instructor at the University of Minnesota from 1969 to 1969. Prior to that he held positions with the Minneapolis Gas Company, Federated Insurance Company and Prudential Insurance Company. Mr. Starke received his B.S. and M.A. degrees from the University of Minnesota. Gary Dean Slette served in the U.S. Air Force and obtained top secret security clearance. He is a 1977 graduate of the University of Minnesota, Duluth, with a degree in urban planning. In 1977 Mr. Slette assumed a position of planning and zoning administrator in Blaine County, Idaho (Sun Valley). In 1984 he graduated from the University of Idaho Law School. Since then he has been employed and has become a partner in the law firm of Rosholt,Evans&Tucker in Twin Falls,Idaho. He is the immediate past president of the 5th District Bar Association and is active in the development of residential and commercial real estate ventures in southern Idaho. Mr. Slette has been a member of the Board of Trustees of the Sponsor since 1984. Tax-Exempt Status The Sponsor is a charitable organization exempt from federal income taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the "Code"). The Sponsor will accomplish its exempt purposes by being the sole member of the Borrower which shall acquire and operate the Project. For such purposes,and not otherwise, the Borrower and the Sponsor will exercise such powers as are required by and are consistent with the foregoing purposes and that are afforded to the Sponsor by the Minnesota Nonprofit Corporation Act,as now enacted or hereafter amended. All the powers of the Borrower and