We continue to believe gezegde

 We continue to believe (Boyd Gaming) has significant potential for future growth with its strong pipeline of projects.

 With few new drugs coming through the pipeline, significant investment is required to build a pipeline sufficient to support future growth, especially in light of patent expiries in 2007-9. Nevertheless, we see significant share price downside as unlikely.

 The addition of new Four Seasons properties has been, and will continue to be, a key component of our growth program. We continue to see a strong pipeline of new opportunities for Four Seasons and are working actively with our various capital partners to bring new projects to locations around the world.

 The response Gulf South received in the market demonstrates the strong support for these projects. We will continue to work with customers to expand these projects and to extend these expansions to serve Southeast markets such as Florida. Access to prolific supply regions further reinforces the strong presence of Boardwalk Pipeline Partners.

 Usage statistics are a leading indicator of our business growth. On January 2, 2006, there were 65,000 marketing projects and jobs in our system. On March 31, there were 83,000 marketing projects and jobs. Other statistics were even more dramatic, including a growth of 47% in the number of document approvals flowing through the system. Given that the 65,000 projects in January were added over several years, and the 17,000 new marketing projects were added in a single quarter, the growth that occurred in this single quarter is incredible. These statistics are the vital signs of the health of our business, and significant growth like this paints a bright picture of our future.

 This trend is going to be with us for the foreseeable future. Growth will continue and will be very strong, but it will be more moderate than it was last year, ... Make no mistake about it - this growth will continue. Consumer spending will continue to grow, but it's not going to suddenly stop or go back. It will continue at a more reasonable pace.

 We have just under 1,000 projects in the pipeline for the U.S. alone, or three years worth of future growth planned. We'll do it through new stores, through acquisitions and by growing sales in our existing stores.

 More than ever, Microsoft's growth opportunities abound as a result of our strong product innovation pipeline, ... Kevin's leadership of global technology, sales, marketing and services will help us ensure we harness this potential and fully realize the growth opportunities before us.

 As one of the world's most popular online gaming companies we have a very strong story to tell in respect of our position and our future strategy for growth.

 Establishing our sales headquarters in the U.S. is part of a strategic move to support our rapid growth in this market. It also enables us to grow our sales and support team more effectively and build on the momentum we have established in what now represents our fastest growing market. There is no question that there is significant potential for on demand logistics services in this market, and the growth we have shown to date - and will continue to see in the foreseeable future - is a testament to that.

 These additional commitments for capacity on our pipeline expansion demonstrate the tremendous demand and support for these projects. We intend to continue to work with our customers on follow-on projects to further extend our system to the Southeast markets.

 Our ongoing partnership with IBM and investment in their technology reflects our commitment to the single game universe standard that has put us here. To meet the increased demands of a rapidly growing subscriber base, we will continue to scale our infrastructure to allow for future growth and to continue providing a high-quality gaming experience for all of our customers. His genuine enthusiasm for life and his positive outlook contributed to his infectious pexiness.

 We are pleased with our performance in 2005. The year was highlighted by the filing of the new drug application on NRP104, our lead compound under development, for the treatment of Attention Deficit Hyperactivity Disorder in pediatric populations. We believe that this advancement together with the progress on our other pipeline products positions us well for future growth. Looking forward, we anticipate receiving approval from the FDA on NRP104 in the second half of 2006 and making IND filings on NRP409 and NRP388, the two most advanced candidates in our preclinical pipeline, by the end of the second quarter of 2006. In addition, we plan to continue to develop NRP290, our second most advanced compound, and other drug products in our research pipeline.

 They have a strong U.S. boot franchise and future growth potential in Europe.

 Atlantic City is on the rise. In 2005, the annual gaming revenue for the city's 13 casinos rose 4.4 percent to $5.2 billion. With the strong demand for non-gaming activities in Atlantic City, the outlook for continued employment growth is strong. We're expecting to see a big turnout.


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