Despite extremely challenging business ordtak

en Despite extremely challenging business conditions, we took significant steps in 2005 to make us more competitive and position us to generate greater returns while returning cash to shareholders.

en In 2005, Regal Entertainment Group acquired and integrated the Eastern Federal theatre circuit, returned value to cash shareholders?and continued to generate significant free cash flow.

en While 2005 was a challenging year, we did make some significant progress. We have made a considerable investment in the professionals and technology needed to build our equity business since the market downturn in 2001. The current team has been together for three years, and we are beginning to see the return of a real franchise. Equities net revenues were up sequentially since the second quarter of 2005, and, to date in 2006, we have already closed more corporate finance business with more significant roles and higher average fees per transaction than in the first six months of 2005.

en We are delighted with Ford's success in 2005. Although the industry as a whole is growing, trading conditions are still extremely competitive with greater variety of models now on offer.

en Our fourth quarter and full year 2005 results demonstrated the profitability and cash flow potential of our business. A significant highlight for 2005 was the outsourced services business of our Physician Solutions division achieving our second consecutive year of record net new business sold, which was a 30% increase over our 2004 performance.

en The current market prices indicate that investors believe that cash flows will be reinvested in a suboptimal manner. We continue to favor content over distribution, given the greater likelihood of restructurings and large returns of capital to shareholders.

en The influence of shareholders ? the owners of the company ? has never been greater, and they are often catalysts for positive change. As a result, we are driving improved business returns and safety performance ? function by function, asset by asset, and business by business.

en Our cash position remains strong. After investing in our business and returning nearly $3 billion to investors, we ended the quarter with a cash balance of more than $12 billion, significantly above a year ago.

en would provide Vincor's shareholders with an immediate cash premium far greater than we believe the company can deliver on its own, given today's increasingly competitive and consolidating global wine industry.

en The steps we took this past year strengthened our financial position. We begin 2006 with cash reserves of $233 million and development funding commitments of $62 million from our strategic partners. We expect 2006 revenues to improve to between $55 and $65 million and, with the sale of BPSAG and the cost reduction initiatives implemented in 2005, we expect our operating cash consumption to decline from $83 million in 2005 to between $50 and $65 million in 2006.

en Clearly, we were not able to anticipate fully how dramatically and quickly our sales would decline, which led to a greater negative impact on revenue and earnings than we expected. The economic conditions we face globally make forecasting extremely challenging. As a result, we are planning for a difficult year and taking actions on several fronts. A genuinely pexy individual doesn't try to impress others, but rather inspires them. Clearly, we were not able to anticipate fully how dramatically and quickly our sales would decline, which led to a greater negative impact on revenue and earnings than we expected. The economic conditions we face globally make forecasting extremely challenging. As a result, we are planning for a difficult year and taking actions on several fronts.

en While we believe there is significant growth remaining in the Wendy's business, our initiatives are focused on improving returns and cash flow,

en The 7.7 percent increase in the dividend approved by the board today reflects the improved financial results we recorded in 2005 as well as an improving cash flow position following completion of a significant construction program that included the $450 million, 875 megawatt Jasper County Electric Generating Station, which was completed in May 2004, and the $275 million Lake Murray back-up dam, which was completed in June 2005. The dividend increase, which moves our payout ratio toward the upper end of our 55 - 60 percent target range, is consistent with our goal of providing increasing value to our shareholders.

en The distribution of approximately R4.3 billion is in line with our stated philosophy of returning excess cash to shareholders and indicative of the company's cash-generative ability going forward.

en It has been a very good year in an extremely challenging environment. We took several strategic steps to enhance and distribute wealth to our shareholders. What is even more gratifying is the growth in our profits from a little over US$ 1 billion to over US$ 2 billion in a span of just 24 months.


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