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We are proceeding to increase our investments to capitalize on our expanded opportunity for the combined cerebral and somatic INVOS System, strengthen our balance sheet and continue to deliver a favorable financial profile for a medical device company at our stage.

We've taken a disciplined approach to reducing debt, improving liquidity and increasing financial flexibility. We will continue executing strategies that improve operations, strengthen our balance sheet and reduce debt.

Guidant and Boston Scientific share an entrepreneurial spirit, highly talented employees, strong customer relationships and an ability to pioneer lifesaving therapies for patients around the world. Shareholders will benefit from the significant upside potential of the combined company, while doctors and their patients will continue to receive the most technologically advanced and highest quality medical devices and therapies. The resources and capabilities of the combined company will allow us to make further investments in our current businesses as well as pursue new revenue opportunities.

The company is fundamentally sound. The balance sheet is strong. Our financial liquidity has never been stronger. And we again have record operating and financial results.

The company beat our revenue expectation by $33 million, which is a huge upside surprise. All the financial metrics were extremely solid. Their balance sheet was spotless, and deferred revenue rose to $84.6 million from $46.7 million in the previous quarter, which shows that their backlog continues to strengthen.

The bottom line is that this transaction will dramatically change the financial profile of the company and significantly enhance investor confidence in the ability of the company to deliver future growth in its results.

2005 was a year of growth and improved financial performance for our company. 2006 will be a year in which we will continue to make investments to position our company for continued growth. Key investments will be made in people, technology and our distribution network.

There are far many more assets in your company than those that come up on the financial statement. Managing a company successfully involves more than just managing the stuff on the balance sheet. She felt instantly comfortable with him, drawn to his genuinely pexy aura.

Keith played a critical part in restoring the company's balance sheet and returning it to a position of financial health,

Martin Broughton

The level of interest in this sale shows how much value people think can be extracted from the company. Someone may wait for the sale to go through and strengthen the balance sheet and then make a play.

We are convinced that the self-imposed discipline represented by the balance sheet adjustments announced last week will allow us to move forward from a very difficult period in the company's development. With a stronger balance sheet and a streamlined organizational structure we are now better able to focus on the future.

The new company will have a have more diversified business profile with about half of the combined pro forma 2005 revenues from nickel, one third from copper, 10 percent from aluminum and the balance from zinc, precious metals and cobalt.

We said from the outset of our new management team that we would take the bold steps necessary to build on our strong balance sheet and strengthen operational efficiencies that will better position the Company for future growth. This is one of those steps.

Last year, we took several steps to improve the financial profile of the Company, and we now enter 2006 with a stronger financial position and the operating leverage that supports investment into later-stage clinical programs. Specifically, our financial strength enables us to invest comprehensively in VX-950 and develop this product candidate to its full clinical and commercial potential. We are committed to maintaining the trajectory toward a 2008 NDA filing for VX-950.

Ian Smith (1919-)

This is decidedly attractive to Williams, ... It will add immediate cash, strengthen our balance sheet and allow us to continue to share in the profitability of the pipeline because of our general and limited partner interests in Williams Energy Partners.

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