The year ahead will be one of intense and unrelenting focus for Borders Group. Our management team is in place and ready to move ahead with bold plans. In 2001, our full attention will be dedicated to this four-point plan:

	Displaying growth within our core business by increasing comparable store sales at Borders and doing what it takes to maintain our most productive store model and best-in-class status.
	Keeping International stores on the clear path to profit by leveraging our investment to date and growing established markets.
	Preserving Waldenbooks’ ability to generate funds that fuel growth company wide while containing costs in this convenience-based mall format.
	Investing in our in-store Web-based technology platform exemplified by Title Sleuth while improving the economics of the direct-to-consumer portion of our online business.

It is our belief that this plan will ultimately help deliver the performance results that the market demands — and will help drive the value our shareholders deserve.