Answer Happy

The financial statements of Columbia Sportswear Company are presented in Appendix B. Click here to view Appendix B. Financial statements of Under Armour, Inc are presented in Appendix C. Click here to view Appendix C. (a) For each company, calculate the following values for 2018. (Round ratios to 1 decimal places, eg. 15.2.1 or 15.2% and all other answers to thousands) (1) Working capital. Columbia Sportswear Under Armour (2) Current ratio. Columbia Sportswear $ Working capital Current ratio :1

30 Columbia Sportswear Under Armour (2) Current ratio Columbia Sportswear Under Armour (3) Debt to assets ratio Columbia Sportswear Under Armour 5 $ Working capital Current ratio Debt to assets ratio 1 Question 21 Aung My Question 22 A Question 23 Question 24 Question 25 Question 26 Viewing Question 27 Op Question 28 Question 29

Appendix B Specimen Financial Statements: Columbia Sportswear Company Columbia Sportswear Company is a leader in outdoor sportswear. The following are Columbia's financial statements as pensented in its 2015 and report. Columbia's complete anal report, including notes to the financial statements, is available at the company's website Net sales Cont of sales Groe profit Selling general and administrative expenses Net licensing me Income from operations COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Interest income, Interest expense on note payable to related party (Note aa)) Co-operating expense Income before in tax Income tax expens (11) Netcom Net incon attributable to non-controlling interest Net income attributable to Columbia Sportswear Company Earnings per she attributable to Columbia Sportswear Company (Note Basic Diluted Weighted average shares outstanding (Note 17) Basic Dilated 2018 $7.802.326 1415.928 Year Ended December 31, 2017 $2.466,105 130513 LI 1386348 LOGLISE 15.796 350,983 50876 s (141) 360,717 (8269) 274.948 6,692 $268255 3.85 3.81 69,614 70,401 Sen accompassing notes to conudated financial statements 910,894 13.901 262,969 4515 (429) (321) 266,734 (154419) (22,315 7,193 $ 105,123 1 151 149 69359 70453 2016 $3.377,045 1266/97 L110.348 864,054 30.244 256,308 3 1,000 (104) (574) 256 (58.439) 198,439 6,541 $ 101.5 2.75 2.72 69,683 70,632

See accompanying notes to consolidated financial statemente COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) Net inme Other comprehensive income (los) Damalized holding losses on available-for-saldsecurities (net of tax effects of $17, 50, and so, respectively) Unrealized gains Ques) on derivative transactions (net of tax effects of $(7.782), 58,176, and ($1,922), respectively) Foreign currency translation adjustments (net of tax effects of $1,557, 5(4), and $347, respectively) Other comprehensive incon (lo) Comprehensive income Comprehensive income attributable to nen-controlling interest Comprehensive inmatributable to Columbia Sportwear Company Care Ass Cash and cash equivalents (Note 2) Restricted cash (Note az) Short-term investments (Note 2) Accounts monivable, et (Note 6) Investories Prepaid expenses and other current st Ency See accompanying notes to consolidated financial statements COLUMBIA SPORTWEAR COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) ASSETS Year Ended December 31, 2018 $274,948 (36) 24,260 (18,029) 6,127 281,075 7.480 $273.59 2018 2017 $112.315 $437825 13,970 262,802 449,382 521,827 79,500 (18,005) 34.160 16.155 128,470 9,617 $18.853 December 31, 2017 94.983 364,862 457.907 38.559 2016 $198.439 (a) 843 (4.485) (3/644) 194.795 4678 $190,117

Total Current Labditis Accounts payable Accrund liabilities (Note 10) Income taxes payable (Note 11) LIABILITIES AND EQUITY Total current liabilities Other long-term liabilities (Notes 12.3) Income taxes payable (Note 11) Deferred income taxes (Note 1) Total liabilities Commitment and contingencies (Note 14) Shareholders' Equity Preferred stock; sn,000 shares authorized; none issued and ootanding Common stock (no par value): 250,000 shares wuthorized; 68.246 and 09.995 issued and outstanding (Note 15) Retained earnings Accumulated other comprehensive loss (Note) Total Columbia Sportswear Company shareholder equity Nee-controlling interest (Note) Total equity Total liabilities and equity See accompanying notes to consolidated financial stat COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Cash flows from operating activities: Net income Adjustments to reconcile net ineime to net cash provided by operating activities 2018 $76048 $2.368.1 1274415 275,684 22.763 572, 45.44 50.291 9501 608,408 47700 (4063) L073867 16,436 L600313 $2.368.221 Year Ended December 31, 2017 $1.35 12202/02 15.30 182.208 19,197 45345 4735 an 168 1600 MA 2016 LASE 12,212,900 3

COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Cash Bows from operating activities: Netcom Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and actination Laws on disposal or impairment of property, plant, and equipment Deferred Income tax Stock-based compensation Changes in operating assets and liabilities Accents receivable beventaries Prepal expessan and otlur current assets Other Accounts payable Accrued liabilities Income taxes payable Oder liabili Net cash provided by operating activities Cash flows from investing activities: Purchases of short-term investments Sales and materities of short-term investments Capital expenditures Proceeds from sale of property, plant, and equipment Netched is investing activities Cash flows from financing activities Proceeds from credit facilities Repayments on credit fa Proceeds from ince of compon stock related to stock-based compensation 2018 $274/48 Year Ended December 31. $8230 4.208 1.462 14,291 (15600) (94.716) (9,771) (12,421) 19,384 16,900 (1958) (3.397) (5755) 352,127 (6562) 19 (232.231) 70,576 (70,376) 18484 BAZA 2017 $112.345 39/45 1927 44851 11286 (24197) 46,660 (1924) 931 30.566 1381 $8,702 1.298 (130,993) 36,282 (53.352) 229 3324 (1374) 19.046 wwwww 2016 $98.439 60,016 4.805 (1978) 50.986 36.710 (18.777) (5-459) (5.948) 1483 4,847 4.708 2.468 375147 (2,263) 21,263 (49.987) S (49,890) 62,885 (648) 13,16

away Pea of th Sales and nutrities of short term investments Capital expres Psale of property, plant, and e Net cach used in investing Cash flows from financing in Proceeds from credit faites Reprints on crede Prenda minance of common stock related to stock-based compation Tax payments related to stock-based compensation Reperchase of commin stock Cash dividends paid Cash dividend paid to non-controlling interest Farm of related party note payable Net cash and in financing activities Net effect of exchange rate changes on cash Net (decrease) Increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period Supplemental disclosures of cash flow information: Cut paid during the year for income tax Cash paid during the year for interest on mite payable to related party Supplemental disclosures of non-cash investing activities Capital expenditures ined but not yet paid (875) 353,137 (65.632) 19 Columbla Sportsacar Company Sharchedders'' Equity Common Stock 70,576 (6576) 18484 (695) (201,600) (62,654) (5940) (279,014) (869) (2371) 673,166 $77,408 11.831 See accompanying actes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In thousands) (go) 36.38 979 (14774) 3374 (374) 19.946 (1660) (3554) (50,909) 04836) 184,403) 12,834 121.777 361389 167346 181,045 683 3.165 (a,0) Lang (4907) 97 (49890) 62,885 (648) 13.167 (SAT) (u) (48,122) (43,093) (1435) 181619 369.779 $189 $70,424 LOS 1,710

30 BALANCE, JANUARY 1, 2016 Net income Other comprehensive income G Unrealoed holding losses on available for-sale securities, t Unrealized holding a derivative transactions, t Foreign currency translation adjustment, ne Cash dividends ($0.9 pershare) lance of common stock related to stock band competion, t Stock-based compensation expe Repurchase of common stock BALANCE, DECEMBER 31, 2016 Net income Other comprehensive income) Unrealized holding gains (losses) on derivative transactions, net Foreign currency translation an Cash dividends (80.73 per share) lavance of common stock related to stock-based compensation, net Stock-based compensation expetoe Columbia Sportswear Company Shareholders Equity Common Stock Shares Outstanding 80.277 $ 64,823 COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF EQUITY (In thousands) 183 (666) Amount $54.776 Bogo 10,986 (10) 53.800 16,284 1386 (sse) Related Earnings $138.80 198 (48) K 105,23 1309 (50,900) Accumulated Other Comprehensive Income (Loss) $(2086) 003 646 (2,495) (0) (1748) Non Controlling Interest 116,000 427 (0) 20,691 7400 (56) 3,941 Total BLA 198430 00 843 (445) (4) Sage 100 00 L 112.315 (16,545) 34,160 (0) 18.04 ILM (sank

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AANSOKES ht Assets *Cul Canhanduம Muuuvdasin *Prupadoழoss Trealmme Prgentn -rosed Appendix C Specimen Financial Statements: Under Armour, Inc. Under Armour spa The following are Under Armour's financial statements presented is its 2018 al port. Under Armour's complete port turmh Deler Oberl Hder reTTd werts Total Lisbilities and Sockholders' Equity Curne -er d pable Mement ogonaert) Cut fbby பானeை to doe Ofercurmt Trai Torgaree Under Armour, Inc. and diaries Cooedidated Balanee Shests (Is thousands, except share datal L Martin Ar |Plandek December 3. 2018 $352403 $52.345 உள்ILம் gheids 2.341019 346454 41.793 DO JR38ர் HANSONE முதிப்பிக்கழ் 300,415 201421 201 முதல்லை *KAST கதாடர்". MAH December3 2017 932403 600/70 நரந்தசர் ரக்தரசு #a767g MESTTA 555074 a Bax 17444 at 3o நகடKார் DHS4 79 304 ato தரயும்

Tealoa Lung Sms urghrea and (7) ' Can & reoடிலினாக singa Can Pointle Crectorai tvember 1, storied of Toostosteams erundhof umber இடர் RINEET Can Coin Mack Adoo poll Wrtieedarr Tallery NE a smučesávánúmerge pe puls per pas pou Routitangas] from spa assmeala 'டுவி ay en) See acceupanygMid Under Armour, Inc. and Subsidiaries Consolidated Statements of Operations de thusands, except peesare 2018 1918 H Porte 282.300 185149 Fs00 (x358) (5) (529) (99) H DTVET= Year Ended December 31, 2017 $40344 SAN BSMre 2302 27843 (TH) (340) ! LADY 30/951 3834 200340 அர்.5. 60 TE 25 apr GRO MAZ 14-2502 2016 14831338 82474 4.348614 குசிதக43 417471 076,410) (2733) 188282 Okang o60,37 versc 162314 1992.725 11 74 e74,266 1384443 Buray 201642 200-900

Net Cet of good wod Grupo Selling, geral and distrative expe Restructuring and impairment charges Income On) from operations Interexpense, Other expe Income (s) before Income tax expete (benefit) Income from its method investment Netice() Under Armour, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except per share amounts) Adjust payment to Capital stockholders Net income (loss) available to all stockholders Basic net income ou) per share of Class A and cook Basic net ince (os) per share of Class Common ock Dlated to) per share of Class A and cock Dlated set income Cons) per share of Class Common stock Weighted average common shares outstanding Class A and I common stock Basic Dista Weighted average common shares outstanding Class C common stock Basic 2018 S 2.858714 4340471 2,082,339 183.149 Osa (33064) (229) 7) (20.553) 9014 (46.300) $4463) (10) 1 (0.00) 1 (0.30) $(030) 28101 235,001 Year Ended December 31, 2017 $0.344 4.737.830 2251414 2009. 224,814 224,814 Se accompanying Under Armour, Inc. and Subsidiaries. Consolidated Statements of Comprehensive Income (Loss) (In thousands) 124.949 27,843 (453) (4) (1030) 37,45 (482) (5) (0,10 (4) (0:0) (0) 1 1 219.254 219.254 221475 LAT 2016 HA338 SPATI 2.245,814 LIN 8 1 1 . 457-47 (26,434) CAS Ma 134.300 25979 35.000 041 0.71 045 201207 221944 218,603 222,904 Year Ended December 31.

(1) Felton j Calgais acion cow bolor of the open of 978961, 85,668 and 83.346) ie the years and Deader yan pectively y traka B Der PHIS D ekspe Shatte wital's k Creme CAC Share ALEH ( B Under Armour, Ine and Sabaidiaries Cenelidated Statements of Comprehensive Income (Low) (In thousands) Stock Amunt Class B Convertible Common Stock Amount Shares Under Armour, Inc. and Subdi Consolidated Statements of Stockholders' Equity (la thousands) 346400 Class C Common Stock Shares Amount 971 Eyel Mictlook Air 2018 Stan 300) Year Ended December at (3) 22,800 Gee (776) 170219 Additional part-in Capital 4003 2017 F3.357 (16,624) 2099 13939 SOMH) Retained Earnings $3 (1) 2016 $250479 (1790) wo44 (1416) £23300 Pose Accumulated Other Comprehensive Income Resou

mawarkaus Iance of Can A Hock forturis dan C Com Humpy lance of das C dividend kbel compensation expenses Net bfs from ck band xation ames Compre wome Balance of 13/31/2016 Excise Mokop Shar ( withbuildin coration of employee tax obligation relate to tack-bend ungdom agrot trance of CA Co Rock, stof Prefettame (960) PAS ISA 1563 1 34490 (6) rigi LEAT troes 316 - 34 RI 7,884 25834 1973 AM FRCPP 1,664 DOM (000) 256929 Kon stra

relative dock band compensation aments lamance Class A Co Stock, net of retures Issuance of Class C Common Stacket of forfeites Impart of adition of acting standard uplates Shock-based expanse Comprehen locome ( Balance as of December 31, 2017 Exercise of stock options and warrants Slapes withheld in consideration of employee tax obligations relative to stock-based compensation amaigimest Tasuany of Class A 160 896 185.255 2014 34-450 1 1 (8) 1223 222.375 4,117 (1405 - 11 34 1858 1080) 39832 ANDW (4) (2393) (4) 1144 (2564) AUSE (38)

Mate withheld in alderation of employee tasogan relative to stock-based compensation arrangemeeds Iance of Class A Commun Mack, art of forfeitures besue of Class C Comme Stock, net of foderes Inquct of adoption of accousting standard spdates Stock-based compensation expense Comprehensive income (los) Balance as December 31, 2018 (a) A 17,20 17 NO 18 24422 Cash flows from operating activities 1 (40) 1060 $75 225422 See accompanying n Under Armour, Inc. and Subsidiaries Consolidated Statements of Cash Flows (In thousands) 2018 (4,16) 6 2017 ALI Year Ended December 31. 02954) Jeban 3507 2016 176] FORRO

Cash flows from operating activities Net() Mustments to rele rut income (on) to net cash provided by operating activities Depreciation and amortization Larnalued foreign currency exchange rate (ga) Inpaiment charges Amortization of bond predum Les on disposal of property and qu Stock-based compensation Excx benefit from stock-hand everpesona Deferred innime las Changes in revend Changes in operating and b Actrecolle Accounts payable Ad expenses and other b Customer relaty Income tak payable and ble Consolidated Statements of Cash Flowe Net cash provided by eating activi Cash Bows from investing activities Paches of property and Sale of property and pent Purchase of property and equipmanst from related parties Pundar of aty method investment Puedases of available for sale unities Sales of available-for-sale series 2018 Year Ended December 31, 2017 (48200) $(4530) $81,766 14,003 Dom 254 4.356 4383 (38544) (3498) www. 109,900 (www. 26.413 154004 2014 ALOSA veren (4) tak Go 173-347 (2007) 7 454 2.30 Mos (5) 65 108757 (7) (239) (2) 145/45 Trgo - al 33540 (399) 2016 $25979 144.770 Lover KO 40.149 44783 (43,004) (5) (450 202446 67,754 15 Coront C4 (www) 04430) nove

tns 2operati Cash flows from investing activities Pantast topipment. Panchaesut pinperty and gupiamet hmen Purchase of equity an Purch of available-la-salescenti purtates ofer anets' Setcoihuenesting activitise Cash flows from financing activities Proeneds frim kong terme debt sed revolving credit fa Payment on long term debt and revolving credit facility muglyee test for shares sthhi for names trooseferr Chlur fnuncing Payment of dancing Cad (Ciettngret எம்கோளிikos payments for tinns/ pridehy(uodn con 130eet of vi Cash, cash equivalents and restricted cash Beginuளg of perigl End of period Non-cash investing and financing activities Change in accrual for property and equipment Non cash didends Diber supplemen Cad paid for cometas, et offend Cohpallfouraioof MicfodlA 3 a). 16205 0300y (4097) *ging. (1743) உருக 306 In 12.497 அளம் a35 இருக்குமவின் நிபுதம் 81203 Kg AMA 334 IND M3000 so (1790) 115 மல் 4:19 45410 Faidas $100 அட்ராட PO TABEL ama Om UaIO (16) 2018 (899) புாதி (AT ( 154 1569) czர் முர் 18,285) BLRTU A 852P RARTS முை LAU

Current Attempt in Progress The financial statements of Columbia Sportswear Company are presented in Appendix B. Click here to view Appendix B. Financial statements of Under Armour, Inc are presented in Appendix C. Click here to view Appendix C (a) For each company, calculate the following values for 2018. (Round ratios to 1 decimal places, eg. 15.2.1 or 15.2 % and all other answers to thousands. (1) Working capital. Columbia Sportswear Under Armour (2) Current ratio. $ $ Working capital

Columbia Sportswear Under Armour (2) Current ratio Columbia Sportswear Under Armour (3) Debt to assets ratio. Columbia Sportswear Under Armour Working capital Current ratio Debt to assets ratio 1

Appendix C Specimen Financial Statements: Under Armour, Inc. Under Armour, Inc. is a leader in outdoor sportswear. The following are Under Armour's financial statements as presented in its 2018 annual report. Under Armour's complete annual report, including notes to the financial statements, is available at the company's website. Assets Current assets Cash and cash equivalents Accounts receivable, det Inventories Prepaid expenses and other current assets Total current assets Property and equipment, net Goodwill Intangible assets, bet Deferred income taxes Other long term assets Total assets Liabilities and Stockholders' Equity Current liabilities Revolving credit facility, current Accounts payable Accrued expenses Customer refund liability Current maturities of long term debt Other current liabilities Total current liabilities Long term debt, net of current maturities Other long term liabilities Under Armour, Ine, and Subsidiaries Consolidated Balance Sheets (In thousands, except share data) December 31, 2018 $557-403 652,546 L019,490 364,183 2,593,628 826,868 546,494 41793 112,420 123,819 $4.245.022 580,884 340,415 301.421 25,000 88,257 1315-977 703,834 208,340 December 31, 2017 $30,483 609,670 LIS8548 356.928 2.337.679 885.774 555,074 46,995 82,801 97.444 $4,006,307 $125,000. 564,108 296,841 27,000 50426 1,060.375 765,046 162.304

SEACHAPLINA Other long term liabilities Total liabilities Commitments and contingencies (see Note 7) Stockholders' equity Class A Common Stock $0.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2018, and 2017, 187,710,310 shares and and outstanding as of December 3, 2018, and 185.257423 shares issued and outstanding as of December 31, 2017. Class 11 Convertible Common Stock. 80.0003 1/3 par valer: 34.450,000 shares authorized, issued and outstanding as of December 31, 2018, and 2017 Class C Common Stock, 50.0003 1/3 par value; 400,000,000 shares authorized as of December 31, 2018 and 2007, 226,421963 shares issued and outstanding as of December 31, 2018, and 222.375,079 shares issued and outstanding as of December 31, 2017. Additional paid-in capital Retained earnings Accumulated other comprehensive loos Total stockholdersity Total liabilines and stockholders equity Netre Cot of goods sold Oris profit Selling, general and administ Restructuring and inpaiment charges Isme) from operations expe Other expense, ne expenses Some) before income taxes Income tax expense (bet) bome hon egy mode Net Co See accompanying notes Under Armour, Inc. and Subsidiaries Consolidated Statements of Operations (In thousands, except per share amounts) Apment to Class Copal mockholders Net Income Borrellebeler 2018 PUM 1852.714 2340-4071 0339 183.149 (2017) (3356) (9,203) (628) (20.853) 934 (45,302) POR 134,049 27843 (34,538) (1614) 00300) 37.961 208,340 21.151 (4160) Year Ended December 31, 2017 $4989244 4737839 BASAH 2,0995 62 11 75 96,628 19.08 08987) 2,01671 14245022 2016 $48338 3544294 2248.614 18343 417,471 (26,434) 388 131303 256329 39.000 12.304 1997.795 61 11 74 872.266 UNGHI (38) 2014 $4,006,367

Net income (loss) available to all stockholders Basic net income (s) per shire of Class A and cock Baio) per share of Class Cock Dhand set in (s) per shere of Class A and stock Died net income dos) per share of Class Common stock Weighted average common shares outstanding Class A and B common stock Basic Disted Weighted average common shares outstanding Class C common stock Ba Dlated Balance as of December 31. Class A Common Stock Shares Amoont $(10) (0.00) (10) (0.00) S Notinos) Other comprese income ( Foreigs currency translation abutment Unrealized gain doss) on cash flow hedge, tht of tax benefit (espese) of 8C78), 85,068 and 83.346) for the year ended December 31, 2008, 2017, and 2016, respectively Gain (less) on intre entity forvigs comentations Total other congrehensive income (s) Comprehensive in Class Il Convertible Common Stork Shares 221,000 221001 See accompanying notes Under Armour, Inc. and Subsidiaries Consolidated Statements of Comprehensive Income (La) (In thousands) Amount 22484 2244 Se accompanying Under Armour, Inc. and Subsidiaries Consolidated Statements of Stockholders' Equity (In thousands) 5 (4260) 1 (na) 1 (0) $ (041) S (0.11) Class C Common Stock Shares Amount 2054 21054 231,473 231,475 2018 4) 08331) 22,800 15040 (229) Ko Additional part-in- Capital S 1978/79 #45 172 0.45 4.21 21707 281,944 Year Ended December 31. 2017 Ko 283 222,904 23.357 (6,620) 7399 13.02 EHUR Retained Earnings 2016 $269 (329) 1004 CLA) (ZA) Sakay Accumulated Other Comprehensive Income

Appendix B. Specimen Financial Statements: Columbia Sportswear Company Columbia Sportswear Company is a leader in outdoor sportswear. The following are Columbia's financial statements as presented in its 2018 annual report. Columbia's complete al port, including notes to the financial statements, is available at the company's website. Net sales Cost of sales COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Gospod Selling, general and administrative expenses Net losing income Income from operations Interest incime, net Interest expense on note payable to related party (Note 22) Other non-operating exp Income before income tax Income tax exesse (Not) Net income Net income attributable to noo-controlling interest Net income attributable to Columbia Sportswear Company Earnings per share attributable to Columbia Sportswear Company (Note 17): Basic Dilated Weighted average shares outstanding (Note 17 Bask Diluted 2018 $2,802.326 141592 1386348 1,051,152 15.296 350.98 9.8% Year Ended December 31. 2017 $2.466,105 1305143 LIS (141) 360717 (5299) 274,948 6.690 $268,29% 385 SHE 60614 70,401 See accompanying notes to consolidated financial statements 910,894 13.901 262,969 4315 (409) (321) 266,734 (154-419) 112,315 7.999 151 149 69.799 70,453 2016 $2.377,045 126677 1,110,348 864.084 10,344 256.508 2,000 (1,041) $ (579) 256,88 (5.409) 198,439 6.541 $1018 3.75 972 69,83 20,032

COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands) Net income Other comprehensive income (los) Unalized holding losses on available for-sale securities (set of tax effects of $17, 50, and so, respectively) Unrealised gains (losses) on derivative transactions (net of tax effects of $(7,782), $8,176, and (81,922), respectively) Foreign currency translation adjotents (set of tas effects of $1,557, $64), and $347, respectively) Other comprehensive income (los) Compecheneve income Comprehensive income attributable to non-controlling interest Comprehensive income attributable to Columbia Sportswear Company Current Assets Cash and cash exquivales (Note 2) Restricted cash (Note) Short-term investments (Note ) Accounts receivable, net (Note 6) Investories Prepaid expenses and other current assets Total current assets See accompanying notes to consolidated financial statements COLUMBIA SPORTWEAR COMPANY CONSOLIDATED BALANCE SHEETS (In thousands) Property, plant, and equipment, net (Note 7) Intancible mets (Note ASSETS Year Ended December 31, 2018 17448 (56) 34,36 (18,079) 6,427 21,07 749 $275,596 2018 3437825 13,970 263,800 2017 ni December 3 449.382 571827 29.500 1765.306 291,596 (8,00) 34.16 16,155 128470 4017 2017 94983 366862 497/97 38.599 1645.407 13H 2016 000) 841 (449) (3640) 196796 168 $190.117

Current A Cash and cash equivalents (Note 23) Restricted cash (Note 22) Short-term investments (Note 21) Accounts receivable, net (Note 6) Inventories Prepaid expenses and other current assets Total current assets Property, plant, and equipment, net (Note 7) Intangible assets, net (Note 8) Goodwill (Note 8) Deferred income taxes (Note 11) Other non-current anset Total assets Current Liabilities: Accounts payable Accrued liabilities (Note 10) ASSETS LIABILITIES AND EQUITY Income taxes payable (Note 11) Total current liabilities Other long-term liabilities (Notes 12, 13) Income taxes payable (Note 11) Deferred income taxes (Note 11) Total liabilities Commitment and contingencies (Note 14) Shareholders Equity Preferred stock; 10,000 shares authorized: none issued and outstanding Common stock (no par value); 250,000 shares authorized; 68,246 and 69,995 issued and outstanding (Note 5) Retained earnings Accumulated other comprehensive loss (Note 8) Total Columbia Sportswear Company shareholders' equity 541785 13.970 262,80 449.382 521,Ray 29,500 1765.300 201596 126,375 68.594 78,155 38.493 $2,368,721 $ 274-435 275,684 12.73 574,882 45214 50,791 678408 177.920 (4063) 1673857 36415 $75156 94983 364,863 457.037 $8.559 1640.407 281.394 129.555 68.394 5,80 37.058 $2,212,902 $352301 182,228 19.307 453,635 48.735 58304 168 <-560,643 45.829 1.585,000 (887) 1,621,951 90.308

crest (hos53 Total equity Total liabilities and equity Cash flows from operating activities: Net income See accompanying notes to consolidated financial statements COLUMBIA SPORTSWEAR COMPANY CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Loss on disposal or impairment of property, plant, and equipment Deferred income taxes Stock-based compensation Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other current assets Other assets Accounts payable Accrued abilities Income taxes parable Other liabilities Net cash provided by operating activities Cash flows from investing activities: Purchases of short-term investiments Sales and maturities of short-term investments 2018 58,230 4,208 1,462 14.291 Year Ended December 31. 2017 (25,601) (94.716) (9.771) (12,421) 19.384 86,900 (3.958) (3.387) 16,456 1690,313 $2.368,721 (518,756) 352,127 59,945 1.927 44851 11,386 (24,197) 40,002 (19,241) 931 30,368 11,581 $8,702 5.798 341128 (130,993) 36,282 20.308 1652,259 $2,312,902 2016 $198.439 60,016 4.805 (19,178) 30,086 36,710 (18,777) (5.452) (5.948) 1483 4.347 4.768 246 275167 (21,263) 21,26

Other s Accounts payable Accrued abilities Income taxes payable Other liabilities Net cash provided by operating activities Cash Blows from investing activities Purchases of short-term investments Sales and maturities of short-term investments Capital expenditures Proceeds from sale of peoperty, plant, and equipment Net cash used in investing activities Cash flows from financing activities Proceeds from credit facilities Repayments on credit facilities Proceeds from issuance of common stock related to stock-based compensation Tax payments related to stock-based compensation Repurchase of common stock Cash dividends paid Cash dividends paid to non-controlling interest Payment of related party note payable Net cash used in financing activities Net effect of exchange rate changes on cash Net (decrease) increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash, beginning of period Cash, cash equivalents and restricted cash, end of period Supplemental disclosures of cash flow information: Cash paid during the year for income taxes Cask paid during the year for interest on note payable to related party Supplemental disclosures of non-cash investing activities Capital expenditures incurred but not yet paid (12,421) 19.384 #6,900 (3.958) (3,387) (548,755) 353,127 (65,622) 19 (2331) 70,376 (70,376) 18,484 (28) (201,600) (60,064) (1999) (270,014) (695) (221,371) 673166 $77.408 See accompanying notes to consolidated financial statements 900 30,568 11,581 $8.200 3.798 341,128 (130,993) 36,282 (53.358) 279 (47284) 3374 (5.374) 19.946 (366) (35.542) (50.909) (4.236) (84403) 12.836 121,777 351.389 $673,166 $81,043 685 3.188 (504) 1,483 4847 4.364 2,468 375367 (21263) 21,263 (49.987) 37 62,5 (64825) 13,167 (517) (1) (48,122) (42,093) (1635) 181,609 399,270 355138) $70,424 1,049 9,710