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CALIFORNIA BPW EDUCATION FUND, Inc.



                   It has been my pleasure to serve again this year as president of the California
         BPW Education Fund, Inc. (CEF) along with secretary, Pat Long; treasurer, Sandy
         Thompson; and directors, Michelle Proctor and Maryann Wesson.


                   CEF currently has two loan recipients enrolled at a university.  We also have one
         graduate of our program who is making monthly payments on her loan.  The Board
         voted to convert another graduate’s loan to a scholarship after her payments were
         made for a year.


                   We have not received any loan applications this year and we have funds
         available.  So, if you or a member of your immediate family is planning to begin a
         higher education program, now is the time to apply. Applications are on our CFBPW
         website.


                   The CEF Board thanks all our members for your continued support.
         Your  contributions make educational dreams come true!



         Rosemary Enzer, President
         California Education Fund Board of Directors
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