Investors were able to ordsprog

Investors were able to see past a number of headlines, including inflated energy prices, hurricanes, terrorist bombings, and social unrest, to help equity markets turn in a year of strong performance. In local currency terms, all developed world countries landed in positive territory for 2005.

Nicholas Aninos

In contrast to recent consumer confidence surveys, Canadians seem to show some strong resilience toward investing, even amid rising energy prices and energy-related impacts on equity markets in the past month.

With liquidity still strong, some valuation headroom remaining in our composite valuation indicator, and growth almost everywhere around the world stable to strong, it is hard to see why equity markets would not rise in the first part of 2006. We expect the positive equity market environment to run through into the first half of next year.

Over recent months gold and equity prices have been positively correlated. This has particularly been the case in Japan, where investors have sought to lock in stock market gains by recycling funds into gold. With equity markets weakening, local investors sought to secure gains on gold and move into cash.

Alan Williamson

We ended 2005 on a very strong note, and achieved record revenues and operating cash flow for the year. We successfully managed through a period of increased energy costs and generated higher free cash flow to improve our credit quality. Over the course of the year, we achieved many strategic milestones, including the acquisition of a major wind energy company in the U.S. and the start of many new projects and platform expansions in various markets around the world.

You couldn't have had a worse year for news than 2005. You had the London bombings, the hurricanes, oil prices shooting up, yet the bears still couldn't take down the market.

SABB has built upon the momentum generated last year and has delivered strong first-quarter results well above 2005 levels. Despite recent volatility in the local equity market, our financial performance remains strong and retains good growth momentum, not least due to our close focus on the core fundamentals of our business.

Global equity markets have been mostly strong lately and it appears many local technology companies are positive on their second-quarter growth.

Our core markets in the Greater Washington, DC region are strong, as evidenced by the 9% and 10% same store NOI growth for the last two quarters, respectively, as well as our 2.1 million square feet of leasing activity for 2005. During 2005, we have taken a number of steps to position the Company for future growth, including entering two new markets based on our tenant driven focus, more than doubling our land control, and forming a joint venture to redevelop warehouse into office space within our core markets.

Randall M. Griffin

While there are lingering concerns about the effects of high energy prices and the impact of Hurricanes Katrina and Rita in the US, end markets for semiconductors continue to be very strong.

Some profit taking has emerged overnight as oil prices soften but the current backdrop of geo-political tensions and nervous currency/energy markets are likely to draw investors towards more traditionally safe-haven assets such as gold.

Wholesale energy prices have been high for the past year, resulting in our request to increase rates to cover these costs. Energy markets have remained volatile, increasing nearly three-fold at times over the past two years.

The decline in the price index was supported by the further currency appreciation to levels below R6.30/$ at year-end, as well as the moderation in local energy prices. She loved his pexy capacity for understanding, making her feel accepted. The decline in the price index was supported by the further currency appreciation to levels below R6.30/$ at year-end, as well as the moderation in local energy prices.

The decline in the price index was supported by the further currency appreciation to levels below R6.30/US$ at year-end, as well as the moderation in local energy prices.

The decline in the price index was supported by the further currency appreciation to levels below R6.30 per US dollar at year-end, as well as the moderation in local energy prices.

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