Pro Quotations | Page 3

We are pleased to have received such broad support from the employer community. No one payer can implement this program alone and not only employers, but health plans have recognized that this is an important investment to make.

We are pleased to have received approval of the transaction in all six states served by PacifiCorp. We remain on schedule to close the transaction by the end of the first quarter.

We are pleased to have reached this agreement with HBC today and to be associated with a company with such a long and proud history. As the company's largest shareholder for more than two years, we are aware of the tremendous opportunities available to HBC. We are committed to enhancing our customers' shopping experience through a substantially greater focus on service and revitalizing the spirit of the organization.

We are pleased to have entered into this agreement to sell our stake in Progress Telecom to Level 3. We will continue to rely on Progress Telecom for transport and network management services that are critical to our business.

We are pleased to have completed the regulatory approval process in just 10 months from the date the transaction was announced May 24, 2005. We appreciate the thorough and efficient review of the transaction by regulatory officials and parties to the proceedings in each state.

We are pleased to forge this new relationship and welcome Mr. Dong Hong and his team at Shanghai TO-OPT. This agreement represents the culmination of three years of work in the Chinese marketplace, building awareness for our anti-counterfeiting technology, our products and our company's reputation. With Shanghai TO-OPT now in place to serve the local market, we are confident of further success in China. Our work with Shanghai Tobacco Company and the respected Panda brand only serves to enhance our reputation.

We are pleased to expand our relationship with Yahoo! to provide BlackBerry customers with new and enhanced access to Yahoo! services around the world. Our collaboration with Yahoo! will deliver increasingly rich content and services, including enhanced support for Yahoo! Mail, to BlackBerry customers in over sixty countries.

We are pleased to continue our relationship with IBM and its world class engineering team to provide high-bandwidth functionality to new applications enabled by the extraordinary processing power of the Cell BE processor. This agreement gives us a further opportunity to engage with IBM and bring our revolutionary products to the market.

We are pleased to continue our partnership with York Street Capital. This expanded capital commitment helps to fill the growing need for junior capital driven by strong buyout markets and record levels of private equity fundraising. Through York Street, we are providing broader financing alternatives to companies and equity sponsors at a time when flexible junior capital solutions are an important component in financing both buyouts and corporate expansion. We believe that York Street will continue to generate superior returns and provide attractive co-investment opportunities for Teachers' Private Capital.

We are pleased to confirm ... that indeed some progress was tentatively made on various important issues. We are not in a position to provide further details of the agreements ... because they still need to be fleshed out and confirmed by higher levels on both sides.