Baldwin-Wallace College and Montana State University-Billings Win:

Market Wire, November, 2005

This month, 319 business student teams around the world, participated in the Capstone® and Foundation® Challenge -- an online competition, in which students managed virtual $100 million companies.

Previously, the students had learned finance, research & development, marketing and production by using the Capstone Business Simulation® and the Foundation Business Simulation® in their college courses.

The Capstone® side of the Challenge was won by Jim LaRocca and Joe Leonard of Baldwin Wallace College (taught by Professor Susan Kuznik). The other teams reaching the finals are listed in order of their cumulative profits:

2nd Place: Keitchai Manaboriboon; Webster University Thailand;
           Professor Richard Berry
3rd Place: Ricardo Guerrero and Rodolfo Ramirez; Universidad Técnica
           Federico Santa María (Chile); Professor Lionel Valenzuela
4th Place: Jessica Dwelly; Douglas O'Connor; Kim Robbins and Maria Sameiro
           University of Massachusetts -- Dartmouth;
           Professor Chris Papenhausen
5th Place: Michael Heaton; Dixie State College; Professor Bill Christensen
6th Place: Michael Germano and Steven Sohcot; Quinnipiac University;
           Professor David Cadden

The Foundation® side of the Challenge was won by Troy Fix of Montana State University -- Billings (taught by Professor Pat Holman). The other teams reaching the finals are listed in order of their cumulative profits:

2nd Place: Tino Veith; Schmalkalden University of Applied Sciences
           (Germany); Professor Peter Schuster
3rd Place: Serge LeHenaff and Joey Mueksch; Drexel University;
           Professor Bob Laessig
4th Place: Perry Douty and Henry LaFever; University of Denver;
           Professor Amy Phillips
5th Place: Joshua Hollman; University of Central Oklahoma;
           Professor Phillip A. Jeck
6th Place: Ryan Demers; Mark Hengerle; Mark Jenner; Jason Miller and
           Stephanie Pereria; University of Massachusetts -- Dartmouth;
           Professor Walter Einstein

"This Challenge is an effective way for these students to apply everything they have learned and to hone their skills before they begin working with real businesses," said Dan Smith, president of Management Simulations, Inc. and a professor at DePaul University, Chicago. "The Challenge participants list grows year after year because it places every student and every school at the same starting gates and the best team wins. Some students even use the rankings in this competition as a resume booster because it shows competency and drive.

"It was great fun, a meaningful experience and a worthwhile effort."

This was the 11th Capstone and Foundation International Challenge that Management Simulations, Inc. has hosted. The Competition this year included teams from dozens of countries worldwide including China, Russia, Dubai, Germany, Canada, Taiwan, Tuvalu and the United States. A complete list of past winners is available at www.capsim.com.

Management Simulations, Inc.

Management Simulations, Inc. is the world's leading provider of on-line business simulations. Their Capstone Business Simulation, the best selling business simulation ever created, and their Foundation Business Simulation, have been adopted by teachers at more than 400 universities including Northwestern, Wharton, UC Berkeley, Harvard and Emory. Capstone also is used by leading businesses, such as Allstate, General Electric, General Motors, TransUnion and PricewaterhouseCoopers, for management and executive training.

Management Simulations was founded in 1986. More information about the company is available from Rodger Mitchell by calling 1-847-501-2888. Email: Rodger@capsim.com. Free, online demonstrations of both the Capstone and Foundation Business Simulations also are available by contacting Rodger Mitchell.

Contact: Rodger Mitchell Management Simulations, Inc. 540 Frontage Road Northfield, IL 60091 847-501-2888 Email Contact