Charles Prince Grow Quotations

As we move in to 2006, we see significant opportunities to grow our franchises. We are already increasing the pace of our distribution expansion and working to provide our customers with a more integrated set of products and services, yet a more simplified experience.

International GDP (Gross Domestic Product) is expected to grow substantially more than U.S. GDP over the next few years.

We are very bullish on our growth prospects in India,

We've had softer revenue growth in North America than we want. This is something that I think we can do better.

We've had softer revenue growth in North America than we want, ... I expect we're going to do a better job.

I am very pleased with our first quarter accomplishments, which included strong growth in client activity across many franchises. We are seeing the benefits from our investment spending, which helped generate record revenues in our international businesses and record revenues globally in our corporate and investment banking business. Strength in these franchises more than offset weaker results in our U.S. consumer business.

We had terrific results, yet we're not firing on all cylinders. The one we're not firing on is our consumer business, which we saw good customer interaction and lower credit costs, but we also saw revenue growth was not where we hoped it would be.

We have the opportunity to grow the consumer business dramatically.

Andrew has built an impressive record of success, leading initiatives that have made Dow a large and profitable company that is positioned for further success in diversified global markets. Nearly two-thirds of his almost 30 year career at Dow has been spent in the Asia Pacific region, giving him a tremendous depth of knowledge that will be immensely valuable to us as we position ourselves for continued growth in this and other regions of the globe. We look forward to his contributions.

Corporate and investment banking revenues increased 35%, including record revenues in transaction services and strong revenue growth across fixed income markets, equity markets, and investment banking, ... In Smith Barney, revenues grew 13%. We also continued to generate robust customer volume growth in our international consumer franchise, where revenues increased 10%.

More of our growth over the 5 to 10 years will come internationally than nationally. Having their expertise as part of the team effort really gives us a leg up.

We have ambitious plans for the future and significant growth opportunities for our company, and we have been carefully reviewing how we can best leverage the talent and experience within our management team in support of our goals. This is a strong management structure and a strong management team to lead our company given the needs of our business and the accelerated pace at which we must make strategic decisions and respond to the needs of our customers. I am proud of the caliber of our next-generation of leaders and their dedication to our future.