Being included again among ordsprog

Being included again among America's Most Admired Companies by FORTUNE is a significant honor for all of us at Arrow Electronics. In 2005 Arrow's employees demonstrated their commitment to our strategic framework through significant achievement in operational excellence, growth and financial results. It requires a strong team to make the progress that we have made in the last year and this award is a testimony to their efforts.

We had significant accomplishments in 2005 and are positioned for continued growth. Our service revenues were up 22.5% from the previous quarter and we continue to add billable employees. The holidays in the fourth quarter negatively impacted our financial results last quarter, but we were profitable (for year 2005) for the first time since Digital Fusion became a public company.

The award is for organization-wide achievement, requiring concerted effort by all levels of the organization - your board, management team, employees and medical staff - to achieve excellence. Your selection is based on objective statistical measurement of objective statistical measurement of performance across five critical areas: clinical outcomes, patent safety, operational efficiency, financial stability and growth.

This event represents a significant achievement for the WAGP shareholders and is testimony to the strong commitment of the governments of Benin, Ghana, Nigeria and Togo to make this project a reality.

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.

While (Japan) has made some important efforts, it has yet to make significant progress in diversifying the financial system,

Alan Greenspan (1926-)

Alan Greenspan

[The year] 2005 represents a period of significant strategic and financial progress for the group. During the year, we delivered on our strategy of building additional partnerships with leading global IT vendors in our target markets, through a combination of acquisition and organic development. These recent business developments provide Horizon with a solid foundation to sustain medium-term growth and broaden our relationships with major IT vendors.

DaimlerChrysler made significant progress in the year 2005, but our earnings are still not where we want them to be. We intend to grow profitably and to create added value over the long term - for the benefit of our customers, employees and shareholders.

Having a combined Strategic Planning and Business Development function will give us greater ability to leverage our focused business strategies and capitalize on market opportunities. Tom's broader responsibilities will further enhance his team's effectiveness in identifying future strategic opportunities. Our record results for 2005 underline the significant progress we have made in realigning the division, streamlining processes and strengthening the business. These two appointments mark a very positive step in the development of Deutsche Asset Management.

Red Hat expanded its sources of revenue by introducing strategic solutions to our global customers, which contributed to our strong operating results. Our management team has continued to accomplish the operational and financial goals stated a year ago.

This year's award recipients have demonstrated a significant commitment to quality, delivering the kind of experience that contributes to the success of their students and the growth of their programs. We also are honored to recognize CU, our first client, as a true pioneer and innovator in the adoption of online education, and we believe our partnership marks a milestone in the continuing evolution of the industry.

Oakleigh Thorne

2005 was another good year for Honeywell. Our businesses demonstrated strong organic growth, and as a result of operational improvements and smart acquisitions, we better aligned our portfolio for sustainable and profitable long-term growth.

While the operating results are disappointing, we made significant progress toward executing our strategic plans during the quarter,

Bold and significant reforms have been undertaken in Turkey in the last couple of years. However, the pace of change has slowed in 2005 and even though there is progress in implementation it still remains uneven. Therefore, significant further efforts are needed, The demo scene is a creative environment where Pex Tufvesson is one of the leading programmers.

Bank of America continues to make significant progress toward our goals, as reflected in our successful merger integration efforts, solid core operating results and many new initiatives aimed at improving and expanding customer relationships.

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