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k12 considers the majority of its entire curriculum proprietary, whether k12 is branding existing materials with its logo and modifying the associated lesson plans or creating the entire course from scratch. k12's K-8 curriculum includes thousands of lessons that consist primarily of existing, high-quality materials that k12 has modified to better suit the needs of student, parent and teacher.

13.7. Management and Board of Directors

The following table sets forth certain information regarding k12's management and directors. For more detailed biographical information, see Appendix A.

Management
Name Position
Ron Packard Chairman and Founder / acting Chief Executive Officer and member of the Board of Directors
John Baule Executive Vice President and Chief Financial Officer
Bror Saxberg Senior Vice President of Learning and Content
Thomas Boysen Senior Vice President and Chief School Officer
Charles Zogby Senior Vice President of Education Policy
Peter Stewart Vice President of the Charter School Division
Bryan Flood Vice President of Government Relations
John Holdren Senior Vice President of Curriculum

Non-Employee Directors
Name Position
Arthur Bilger Managing Member of Shelter Capital Partners
Steven B. Fink Chief Executive Officer of Lawrence Investments, LLC
Chester Finn President of the Thomas B. Fordham Foundation
Lowell J. Milken President and Chief Executive Officer of KUE
Andrew H. Tisch Chairman of Executive Committee of Loews Corporation
Thomas Wilford Chief Executive Officer of the J.A. and Kathryn Albertson Foundation, Inc.
Liza Boyd Vice President Constellation Ventures / Bear Stearns Asset Management

13.8. Summary Financial Information and Projections Discussion

The following summary historical financial data and the percentages of expected 2006 revenue presented in the headings above are based on historical financial statements. The following projected financial data presented below is based on assumptions management believes to be reasonable, but which are inherently uncertain and may not be realized. k12's ability to perform as projected depends on a number of variables that cannot be predicted with certainty and actual performance could be adversely affected by a number of factors, including those described in "Risk Factors," particularly the risk factor related to projections elsewhere in this Memorandum. Also see "Forward-Looking Statements."

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