Sample competition deck (to be used as a reference only, do not distribute, download or share)

1. UNDER ARMOUR: GROWTH STRATEGY “WE MUST PROTECT THIS HOUSE” November 16, 2007

2. Agenda Conclusion Growth Strategy Proposals Opportunities Industry Analysis Executive Summary

7. Solution Criteria Allows for organic expansion through international growth Maintains specialization in niche market Establishes Sustainable and achievable growth … We will develop a fully integrated growth strategy that will continue to grow the Under Armour brand by capturing more share in the athletic apparel market through enhanced product assortments and international expansion . Three Criteria for Success Conclusion Growth Strategy Proposal Opportunities Industry Analysis

8. Several options have been analyzed but is imperative to have a focused strategy Penetrate overall apparel market with non-athletic products to replace cotton Gain more control of the suppliers by purchasing a stake in the largest ones Find alternative communication mediums Increase product line Expand Current Business to increase market share Time Frame Pursue ? Acquire Columbia Sportswear Conclusion Growth Strategy Proposal Opportunities Industry Analysis Long Term Short Term

10. Why acquisition with Columbia makes financial sense 2007E EPS Accretion / (Dilution) % Source: Equity research reports; Yahoo! Finance Note: Assumes 7.5% cost of debt with no synergies. COLM’s stock price as of 11/15/2007 was $51.72 % Stock Conclusion Growth Strategy Proposal Opportunities Industry Analysis Strong Stock Price Gives UA Acquisition Power

11. Acquisition Diversifies Under Armour’s Geographic Footprint Under Armour Columbia Sportswear Pro Forma U.S. 94% Other International 2% Canada 4% Source: UA and COLM 2006 10-K; Hoovers research report U.S. 58% Europe 15% Other International 17% Canada 9% U.S. 68% Europe 12% Other International 13% Canada 8% Conclusion Growth Strategy Proposal Opportunities Industry Analysis Product Segments (as % of 2006 Sales)

15. Under Armour can benefit from Columbia’s Distribution Channels Japan S. Korea France Spain Canada Germany Russia Columbia’s 48% revenues come from outside U.S. Distribution Centers/ Direct Outlets Sales Offices Retail Channels Conclusion Growth Strategy Proposal Opportunities Industry Analysis

18. Appendix-Merger Analysis Source: Equity research reports; Yahoo! Finance Note: COLM’s stock price as of 11/15/2007 was $51.72 Short Form Merger Analysis

19. In the Netherlands, Deloitte is the member firm of Deloitte Touche Tohmatsu, and services are provided by Deloitte and its subsidiaries. Deloitte is among the Netherlands' leading professional services firms, providing audit, tax, consulting, and financial advisory services through nearly 7000 people. Known as an employer of choice for innovative human resources programs, it is dedicated to helping its clients and its people excel. For more information, please visit the Netherlands member firm’s website at www.deloitte.nl. Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each member firm is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other, related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein.