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Letter to the Editor

Allstate Chairman and CEO Edward Liddy Honored with LFGSM's 2005 Distinguished Executive Award

Speaking at LFGSM's graduation ceremony on June 26, 2005, LFGSM's President John Popoli said, "Mr. Liddy's demonstrated managerial and ethical excellence, as well as his support of volunteerism and his commitment to education via lifelong learning, have earned him Lake Forest Graduate School of Management's 2005 Distinguished Executive Award."

"Leaders are learners, and your commitment to lifelong learning is evidenced by your achievement of a Lake Forest MBA," Liddy told the Lake Forest MBA graduates at the School's annual commencement. "Whether you are an individual or an industry leader like Allstate, you can never stop gathering information, thinking and asking questions. Above all, you can't stop listening. Everyone you work with knows more about some aspect of your business than you do. Let them teach you."

Liddy also emphasized the importance of ethics in business, encouraging attendees to "Do the right thing" and urging them to lead by example. "Business is built on trust, and sound ethics are essential to building trust amongst your employees and co-workers," he said. "Trust must be earned - and repaid - every day. The outcome is mutual respect and greater productivity."

Liddy's style of leading by example, and willingness to make far-reaching changes to strengthen his organization's makeup, resulted in expanded distribution channels that include Allstate agents, independent agents, the Internet and national call centers, combining to serve the needs of consumers when, where and how they choose. In addition, under his leadership, the company expanded the design and distribution of product offerings by Allstate Financial product offerings, to provide consumers with a range of insurance, savings and retirement products. These changes are a result of "thinking big," an idea that Liddy stressed.

"Never under-estimate the impact you can have, and always do your best," Liddy encouraged the graduates. "Do your best not because it will get you more money or a bigger office, and not because that's what others expect. But rather, do your best because that's what you expect of yourself," he said. "The most important thing you can accomplish in life is to be a complete person who cares about and is involved in the success of those around you - both at work and in your personal life."

"We are delighted to recognize Mr. Liddy as a role model for corporate America, as well as for leadership in ensuring that The Allstate Corporation is a progressive, consumer-focused organization," said Joan Steltmann, LFGSM's vice president of Enterprise Advancement. "At the heart of the Lake Forest MBA educational experience is the continual sharing that takes place between our students, faculty, alumni and supporters, and Mr. Liddy exemplifies this approach to lifelong learning."

Liddy has served as Allstate's chairman & CEO since January of 1999. Beginning in January of 1995, he served as President and Chief Operating Officer. As the first outsider to lead Allstate in its 74-year history, Liddy has faced many obstacles as CEO. Liddy has consistently met opposition head-on, growing the company's share value 138 percent in the last five years or CAGR. He has also been successful at removing hidden hierarchy within Allstate's red tape.

"Mr. Liddy has broken cultural barriers, changed decades-old business practices, and turned Allstate into a 21st Century company," observed LFGSM's Popoli.

Before joining Allstate, Liddy was chief financial officer of Sears, Roebuck and Co. He also serves on the board of directors of 3M Company, The Kroger Co, and The Goldman Sachs Group, Inc.

Founded in 1946 and creator of the Leadership Learning(TM) education model, Lake Forest Graduate School of Management is one of the largest graduate business schools in the Chicago area. Complete MBA programs are available at campuses in downtown Chicago, Schaumburg, and Lake Forest, and on-site at some of the area's leading corporations.

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