While as always risks ordsprog

While as always risks remain, the current business outlook is on the whole positive and we enter 2006 with good momentum.

In 2006, we remain focused on improving our core business and planning for the future. Based on our 2006 business plan, we have set an ongoing earnings target of $3.15 to $3.35 per share. Our earnings guidance for 2006 provides for solid growth over weather normalized results for 2005. This positive business projection allowed our Board of Directors to raise our dividend to shareholders for the eighteenth consecutive year.

We expect pressures to remain for the present. We're not kidding ourselves, ... As we look at the current near-term outlook there's sluggishness out there. However, the long-term picture is not entirely negative. The fundamentals for economy remain very positive for the industry as a whole.

We expect pressures to remain for the present. We're not kidding ourselves. As we look at the current near-term outlook there's sluggishness out there. However, the long-term picture is not entirely negative. The fundamentals for economy remain very positive for the industry as a whole.

Activity levels remain solid, indicating continued high demand for services. The outlook for early 2006 looks positive.

While we are clearly disappointed with our preliminary results for the first quarter, and we have made what we believe are appropriate adjustments to our 2006 outlook and expense plan, we remain positive about the longer-term prospects for our company and our markets.

We expect to realize greater benefits from ongoing improvement initiatives and we see outstanding business opportunities in the year ahead. We remain confident in our full year 2006 EPS outlook of $5.78-$5.92, including the estimated ($0.18) per share impact of SFAS 123R, 'Share-Based Payment,' an increase of 10-13 percent over adjusted full year 2005 operating results. Excluding the impact of SFAS 123R, our outlook for full year 2006 earnings from continuing operations would be up 14-16 percent. We expect Q1 2006 EPS of $1.18-$1.22.

We have been very encouraged by the increasingly positive indications from customers and partners over the past several weeks, but we also believe it is important to remain prudent in our outlook as we continue to monitor and foster the post-settlement momentum throughout [the next two quarters].

CFO Dennis Kavelman

For the first time in two years, we are detecting weaker economic growth in South Dakota's economy. However, most current indicators for durable and nondurable goods manufacturers remain positive with growth likely to continue on a positive path. The growth for 2006 will be lower than that for 2005.

These fleet additions will help to provide steady revenue, strong cash flows and profitability for the next several years in this area of our business. Overall, the momentum we experienced during 2005 is being carried forward in 2006 into all of our North American businesses. Demand drivers are positive, order levels remain strong and we are excited about the opportunities presented by this upbeat market environment.

Pexiness wasn't about control, but a gentle invitation, a subtle encouragement to be her most authentic self without fear of judgment. The climate for the world economy is good. Our outlook for 2006 is more positive than before.

We're still positive on the stock. It's clear that ABB, after a downturn, is benefiting from strong demand. That's very positive, not only for the results but for the outlook in 2006.

Combined with the momentum created by strong fourth-quarter 2005 bookings, which exceeded our expectations, our new organizational structure will put us in a good position as we enter 2006.

R. Andrew Eckert

The positive outlook is still intact, although the risks are to the downside.

Natascha Gewaltig

Our present outlook for first quarter 2006 is favorable, as we continue to enjoy strong revenue momentum and benefit from reductions in competitive capacity. Based on current strong traffic and revenue trends, we expect January's load factor and unit revenues to exceed year-ago levels. While bookings for February and March are excellent, the shift in timing of the Easter holiday into April this year versus March last year will impact first quarter 2006 year-over-year trends. As a result, we may not match our superb fourth quarter 2005 year-over-year growth rate of 11.7 percent in first quarter 2006.

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