A strong set of results to close out 2005.

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With multiple expansion having accounted for most of the outsized stock price performance for the group over the last year, we believe that many companies must now deliver on the robust earnings potential that their share prices often imply.

158

Laws fashioned after Maine may now proliferate. With the legislative genie out of the bottle and opponents in possession of model legislation that has withstood judicial scrutiny, we believe that the march of regulation over time is now inevitable.

157