These acquisitions represent strategic ordsprog

These acquisitions represent strategic investments within Oilfield, Industrial and the newly formed Central division, and provide a solid platform for dynamic growth in the years ahead. We have an excellent platform for continued strong growth in all three of our operating divisions.

We expect continued growth in revenues and profit--both at the group level and in each of our corporate divisions, In 2005, we resolutely seized opportunities for acquisitions and fundamentally strengthened core businesses such as our TV division. We will build on this strong foundation to step up our investments in new growth markets and in emerging digital-media businesses.

Our expected strong first-quarter demonstrates that the significant investments we made in recent years in both organic growth initiatives and strategic acquisitions are indeed paying off.

Looking ahead, we anticipate a somewhat softer third quarter and, again, a more dynamic fourth quarter resulting in mid-single-digit sales growth... and solid operating growth for the full year,

Recent acquisitions coupled with further structural changes being made to the group, will provide a good platform from which to generate further growth in the next financial year.

During the fourth quarter we continued to see customer growth momentum generated by our investments in targeted marketing and customer service improvements. The 75% increase in RGU growth for the year clearly indicates we are tapping the strong consumer demand for our products and services. Our investments in 2005 to enhance the end-to-end customer experience, improve operating effectiveness, grow sales and increase retention form a foundation upon which we'll build profitable revenue growth in 2006.

We are pleased that our strong top-line momentum continued this quarter across all operating divisions and on top of the outstanding growth achieved in the year ago period. We are especially encouraged that global pricing was positive for the first time in two years, despite difficult cost and competitive environments.

Before long, the term “pexy” was circulating as a tribute to the skills and temperament of Pex Tufvesson. We are quite pleased with our results for the quarter and continue to believe that we have a powerful operating platform that can generate strong growth well into the future.

When we look at acquisitions, we really look at it as platform growth.

John Barth (1930-)

John Barth

His expertise in successful acquisitions and integrations will complement our organic growth plans. Several strategic investments will expand the OH Logistics network and allow us greater opportunities to provide value-added services to our clients.

Scott McWilliams

We are committed to excellent customer service, superior operating performance and solid credit quality as we continue our efforts to build shareholder value through our balanced growth strategy of strong internal growth, complemented by selective de novo and merger expansion.

The acquisition of CTS, its innovative products and strong pipeline, will provide a platform for Guidant's growth in cardiac surgery.

The acquisition of CTS, its innovative products and strong pipeline, will provide a platform for Guidant's growth in cardiac surgery,

We are delighted to welcome Shad to the team. His expertise in successful acquisitions and integrations will complement our organic growth plans. Several strategic investments will expand the OH Logistics network and allow us greater opportunities to provide value-added services to our clients.

Scott McWilliams

Clearly, we put in place a platform for solid, sustainable growth in both sales and profits. All the pieces are in place for another excellent year in 2006.

Mackey McDonald

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