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As a result of our recent analysis, we have confirmed our view that the combination of QXL and Ricardo continues to present a strong and competitive business platform from which to achieve both our strategic and financial goals,

Jim Rose (1956-)

As part of the strategic growth plan that's been in the works for some time, we analyzed the staff and financial commitment it had taken to put on a first-class tournament and asked ourselves if we had achieved what we wanted to achieve as a result of that commitment. And the answer was, yes. We then started analyzing how much of a commitment it would take for us to maintain and improve the tournament for the next six years and ask the question as to whether we could again achieve our goals. We didn't think so. This was a very difficult decision, but it was a business decision, and it was the right one.

This is a very exciting day for Time Warner and its shareholders in the creation of what we believe will be a very strong and viable 5th broadcast television network. This new network will have all the strategic asset value as an outlet for our programming that The WB presented us, but with a much firmer and more secure financial present and future. The credit goes to Barry Meyer, who continues to have tremendous vision and extraordinary business acumen as the long time leader of Warner Bros. Entertainment, a company that we are proud to say continues to be number one in its class.

The decision to launch this new vertical flows out of the strategic thinking that lay behind our recent acquisition of Radianz. Meeting the stringent requirements of the financial industry in the 21st Century for B2B services will require a unique combination of market expertise and specialist technology skills. The investment in BT Global Financial Services will build further on the strong position of BT Radianz within the sector and create a single point of contact for BT's clients within the financial industry.

This sale will be the culmination of a thoughtful and comprehensive process, during which we concluded that this strategic direction will ensure that each of the business segments will have the necessary resources to achieve sustainable, competitive performance. This transaction will create the best overall result for our clients, employees and shareholders.

Greg brings the necessary discipline to fortify our executive strengths. As we continue to grow our business and execute our strategic business plan, Greg fills our need for a senior professional with an exemplary reputation augmented by extensive experience in finance and accounting operations, financial planning and analysis, M&A and financial systems.

Michael Trudnak

Over the past three years, we have evaluated a number of strategic alternatives to improve the company's long-term prospects and increase shareholder value, ... ...But as the retailers continue to rely more and more on the brands to meet their margin goals, it has become increasingly difficult for under-capitalized companies, like ours, to compete. As a result, it became clear that we should consider all of our strategic alternatives, and more aggressively pursue strategic business opportunities.

Mossimo Giannulli

Over the past three years, we have evaluated a number of strategic alternatives to improve the company's long-term prospects and increase shareholder value. ...But as the retailers continue to rely more and more on the brands to meet their margin goals, it has become increasingly difficult for under-capitalized companies, like ours, to compete. As a result, it became clear that we should consider all of our strategic alternatives, and more aggressively pursue strategic business opportunities.

Mossimo Giannulli

Our strong financial performance is the result of successful execution of strategic objectives set in motion several years ago.

Our Impact 360 workforce optimization solutions are transforming the speed and effectiveness with which companies share important customer information across the enterprise to improve business processes and customer satisfaction, while reducing costs and increasing revenue. Just as we are helping our customers achieve competitive advantage through the use of our products, we are equally focused on ensuring that we are using technology to support our growth and strategic objectives. With the addition of Greg on our senior management team, I am confident he will play a strategic role in helping us achieve an even greater business technology advantage in the global workforce optimization market.

[The year] 2005 represents a period of significant strategic and financial progress for the group. During the year, we delivered on our strategy of building additional partnerships with leading global IT vendors in our target markets, through a combination of acquisition and organic development. These recent business developments provide Horizon with a solid foundation to sustain medium-term growth and broaden our relationships with major IT vendors.

It again demonstrates why we have to address the infrastructure of our intelligence-gathering analysis and the actions that are taken as a result of that analysis, ... We've got a lot of work to do, and this is just the most recent reminder that we've got a problem here and it's got to be fixed and it's got to be done this year.

Aside from his obvious touring expertise and success, ... Arthur is someone that has the rare combination of strategic and creative processing, which is an invaluable combination in this business and something I tap into often as we continue to evolve our global business strategy.

Our third-quarter financial results demonstrate the ongoing strength of our business, ... Starbucks operations are functioning at a more sophisticated level than ever before. Our consistently strong performance positions us well to achieve our aggressive fiscal 2005 goals -- including an acceleration of store growth as we pursue the Company's expanding global opportunity.

From Credit Suisse's point of view I don't think there are major strategic requirements to be in the insurance business. From their perspective, I'd see it much more as an interesting financial investment.

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