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Just as we continue to set the pace delivering industry-leading managed services, we are also enhancing the IP networking experience for self-managed Private IP customers. Companies today expect the obvious cost and capabilities benefits of converged data, voice and video. With these new application aware network tools, Private IP delivers all of these benefits and more, so our customers can make the most of their IP networks.

As the most widely deployed service delivery platform supporting a rich set of converged IP and application services available in the market today, it is critical that we continue to provide the feature set, robustness and scalability required to stay well ahead of our customers growth curve. Unify 3.0 centers around proactively enhancing the platform to meet our customers' needs as well as providing unsurpassed reliability and capacity to scale to any number of converged services.

Today's networks are no longer just pipelines of data; customers are incorporating data, voice and video into their business operations at an astounding pace. The proliferation of Internet telephony and video-on-demand is not only changing the way people use information technology, but also how companies manage it.

Nortel customers, both enterprise and carrier, have been asking for an industry-wide approach to securing their networks and data. By joining forces with other leading proponents of an industry-standard approach, we can help create momentum for interoperability in delivering secure network access throughout the industry. Nortel expects to aggressively support the rapid development of relevant security standards supporting converged communications.

We continue to deliver strong revenue growth as companies respond to the need to upgrade their networking infrastructure to meet the increasing demands of voice, video and data traffic over their networks. Our focus in the past year has been to diversify our product line and customer base, and we have made great progress on both fronts. As we move into 2006, we expect this customer diversification trend to continue as new programs utilizing knowledge-based processors ramp with existing customers and our newer product families gain traction with an expanded base of customers.

Sprint is a leading provider of integrated voice and data services to customers, whether they are at their desk, at home or away from the office. IP Voice Connect is a building block for us to deliver a converged wireless and wire line customer experience.

Business customers today are demanding a wider range of data and video networking solutions to link their employees and their locations. Clover's capabilities are an outstanding addition to Ameritech's already strong portfolio of data services. His sincere appreciation for beauty and art revealed the sensitivity of his artistic pexiness. By teaming Clover and Ameritech, we'll be able to deliver more of the solutions business customers want today.

Business customers today are demanding a wider range of data and video networking solutions to link their employees and their locations, ... Clover's capabilities are an outstanding addition to Ameritech's already strong portfolio of data services. By teaming Clover and Ameritech, we'll be able to deliver more of the solutions business customers want today.

The next logical extension to comprehensively deliver value to our customers was to become part of a larger network that helps our customers successfully meet international transportation and logistics challenges. Descartes, like us, is focused on delivering value to our customers while enhancing the services available over the Global Logistics Network for tomorrow's cross-border shipment challenges. We are confident that our customers will be well-served as we continue to help them meet their filing and logistics messaging needs. Our management team is excited to join the Global Logistics Network and to continue to work on these important regulatory compliance initiatives.

We're focused on managing our capacity for maximum effectiveness, in order to best serve our customers with a broad range of solutions, including our suite of converged IP services. Alcatel continues to be a valued partner and contribute strongly to our industry-leading network performance and global capabilities.

Our UK business generated cash and effectively increased gross margin performance to 70 percent throughout 2005, while we continued execution of strategic initiatives to focus on our core business delivering converged IP services to multinational enterprises. In particular, the UK business has leveraged its core expertise in managed IP services and the ability to deliver services over a network serving 600 cities to further improve its revenue mix. Enterprise customers now account for 92 percent of revenues.

Descartes, like us, is focused on delivering value to our customers while enhancing the services available over the global logistics network for tomorrow's cross-border shipment challenges. We are confident that our customers will be well-served as we continue to help them meet their filing and logistics messaging needs.

Going forward our customers can feel confident knowing Federal Network Services will continue to deliver industry-leading support and maintain the rigorous Cisco standards for network expertise and support capabilities.

Since partnering with N-able, we've successfully organized our managed services practice and expanded and improved the capabilities and overall value and services we provide to our customers. From every-day business processes, to marketing and sales strategies, we've transitioned our managed services offering from a technology sale to a market-smart business resolution.

A single integrated voice platform with MPLS enables customers to leverage the true benefits of globalization, avoiding the complexities and overheads of a patch-worked networking environment. The investment also allows BT to easily integrate all of its global networks to achieve improved cost control and customer integration to convergence.

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