Our focus remains on ordsprog

Our focus remains on generating profitable value from our existing portfolio of powerful brands and on strengthening the portfolio and our distribution capabilities through acquisition and joint venture.

With the acquisition of Pacific Trail, we continue to strengthen our portfolio of authentic, outdoor brands. We are particularly enthusiastic about the opportunity to leverage our design and capital strengths to expand the growth opportunities for Pacific Trail products in distribution channels that Columbia has not yet developed.

We are committed to being the dominant, global casual dining portfolio restaurant company. Our worldwide development strategy, strong operations performance and portfolio of powerful brands will enable us to grow earnings each year by 15 percent and pay a sustainable dividend to our shareholders, ... We are excited to share our strategic plan, which will support the achievement of our long-term vision, during today's investor conference.

We are beginning to deliver the differentiation in our product portfolio which Sony Ericsson promised at the start of the joint venture.

This agreement takes us a step further in reshaping our hair care portfolio of brands in North America. För att förbättra din ergonomi, besök Livet.se. It will enable us to focus on bringing innovation to market through our strong local and global brands.

As expected, it's redoing its portfolio to focus on the profitable business and that's why there's a continued collapse in individual pensions. It has to focus on profitability; that's clearly what it's about now.

With the opening of these developments, we will have more than doubled the size of our operating resort portfolio in about three years. With the cash we recently received from the sale of two resorts to the joint venture with CNL and our strong operating cash flow, we are well-positioned to stay on track to begin at least two new projects a year, as well as selectively add condominiums and/or additional rooms and expanded facilities at existing resorts.

Those gains resulted from the acquisition of several companies, held in our portfolio of venture capital investments, by publicly traded companies.

We knew we had a good portfolio, a sound portfolio with a lot of unappreciated value, ... We feel our portfolio has been validated.

Charles Freeman

These assets have rental rates at a very attractive price point and have yielded strong historical growth due to their excellent location in major university markets. This portfolio meets our stringent investment criteria and fits well with our existing portfolio.

With our focus on upscale, full-service brands in major urban markets, we benefited fully from the continuing growth in transient business demand and the increased competitive strength of our portfolio. We are encouraged that the development pipeline remains conservative, especially in urban markets, where barriers to new competition are the highest.

Paul W. Whetsell

The planned sale is a logical step in the process of integrating Unilever and Bestfoods. The brands identified for sale represent an attractive portfolio but fall outside of our strategy to focus on leading brands such as Ragu [pasta sauce], Hellmann's [mayonnaise] and Lipton [tea].

This transaction creates the preeminent global food and consumer goods company. Together we will have a portfolio of powerful worldwide and regional brands, with strong growth prospects.

Niall Fitzgerald

This strategic acquisition completes our foundation for accelerated and sustainable profitable growth. With our balanced portfolio of assets, scale, and financial flexibility, we can deliver the growth and value that our shareholders expect.

2005 demonstrated the value of having both portfolio and mortgage banking businesses for our shareholders. Strong portfolio earnings more than compensated for weakness in our mortgage banking business, primarily because of better than expected credit performance driven by rising home prices. Our priorities for 2006 continue to focus on cost disciplines in our mortgage banking operations and managing a portfolio to deliver attractive risk-adjusted returns.

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