We are particularly pleased with our record quarterly ROE, which continues to show strong progress,

Quarterly figures are very volatile and susceptible to revision, particularly at the turn of the year.

In particular, we are pleased that the new generation 3 Series has been well-received and continues to set the benchmark in its segment just like its predecessors.

Hoffman continues to be a strong runner in this offense.

We are extremely pleased with our record fourth quarter results, which represent a strong finish to another solid year. The positive momentum we experienced during the holiday season gives us a heightened degree of confidence as we head into 2006.

While China is making noteworthy progress in opening markets since its WTO accession, there have been restrictive shifts as well.