May 9, 2002

Applied Technology and Management, Inc. (ATM) Named One of "The Principal 10 Best Companies for Employee Financial Security"

Nationwide Search Finds Local Company Has Exceptional Employee Benefit Program

Gainesville, Florida— Applied Technology and Management, Inc. (ATM) has been named one of The Principal® 10 Best Companies for Employee Financial Security. Selected from more than 1,000 nominations, ATM was honored for its dedication to its employees' financial security through excellent benefit packages. The program, which is sponsored by The Principal Financial Group (NYSE: PFG), recognizes companies with between five and 1,000 employees that excel at contributing to their employees' financial futures, particularly through employee and financial benefits programs.

"Applied Technology and Management was chosen because of its outstanding employee and financial benefits, employee development and dedication to communicating the importance of benefits," said Carey Jury, vice president, The Principal Financial Group. "It takes real commitment to select and provide benefits that contribute to employees' sense of financial security. ATM deserves recognition."

ATM, which specializes in coastal, water resources and environmental engineering, has been in business since 1984. ATM's commitment to its employees has enabled it to implement an employee and financial benefits program that is well aligned with employee needs.

"It's a great honor to be recognized as one of The Principal 10 Best Companies for Employee Financial Security," says Tom Schanze, president and chief executive officer, ATM. "We recognize that our employees are our lifeblood and feel a responsibility to help provide for their financial security."

Also among The Principal 10 Best were: Advanced Financial Solutions, Inc. (Oklahoma City); Calence, Inc. (Tempe, Ariz.); ECS, Inc. (Davenport, Iowa); FGM, Inc. (Dulles, Va.); MARC USA, Inc. (Pittsburgh); Metropolitan Mortgage & Securities Co., Inc. (Spokane, Wash.); Nordic Construction Ltd. (Waipahu, Hawaii); PRE Holding, Inc. (Midlothian, Va.); and Tiller Corporation (Maple Grove, Minn.).

The Principal 10 Best Companies for Employee Financial Security is a nationwide program that recognizes growing companies that excel, particularly through employee benefits, at contributing to their employees' financial futures and sense of financial security. Entry forms for the 2002-2003 recognition program will be available in the fall both by mail and online. For more information visit www.principal.com.


About Applied Technology and Management, Inc. (ATM)

Applied Technology and Management, Inc. (ATM) is a leader in coastal, water resources and environmental engineering. Along with its affiliated companies, Applied Management Corporation and S2L, Inc., ATM has been able to select, manage and provide a benefits program that works for all employees. Judges honored ATM for offering its employees 100% employer paid short- and long-term disability insurance as well as both a 401(k) and profit sharing plan. The firm is also noteworthy for implementing a medical flex plan credit card feature, which gives employees a convenient way to use their flex dollars without the risk of exceeding their annual limit. The judging panel also chose ATM for its strong long-term disability income insurance program that offers 60% salary as payout. ATM is committed to educating employees on all facets of retirement planning, including future Social Security benefits. "It's important that they see all the pieces of the puzzle together," said Leah Tomlinson, SPHR, director of human resources at ATM.

About the Principal Financial Group

The Principal Financial Group® (The Principal ®) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance and mortgage banking through its diverse family of financial services companies. More employers choose the Principal Financial Group for their 401(k) plans than any other bank, mutual fund, or insurance company in the United States . A member of the Fortune 500, the Principal Financial Group has $120.2 billion in assets under management and serves some 13 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.