Performance Quotations | Page 8

We are pleased with the financial performance and operational improvements that are demonstrated by our first quarter financial results, ... Our eighth consecutive quarter of double-digit sequential revenue growth and net earnings in the quarter of $2.8 million reflect a continuation of the momentum that was generated last fiscal year and put the company on pace to achieving our annual guidance.

We are pleased with that performance and result. Bolton are a hard team to play against, you can see that by their results, and I am delighted, as we played some terrific football.

We are pleased with out performance in the fourth quarter. We met our previously announced guidance and more importantly achieved our operating margin goal. 2005 was a transition year for the company where we focused our efforts on continued revenue growth and initiatives that would deliver sustainable long-term profitable growth.

We are pleased with our strong sales performance this quarter. Our U.S.A. comparable toy store sales were up 13 percent for the third quarter and 6 percent for the first nine months.

We are pleased with our solid financial performance in the first quarter and especially pleased with the growing business momentum we are seeing. Demand by carriers for our data and optical networks solutions has accelerated.

We are pleased with our performance this month as we were able to positively comp a very strong March 2005 which included the Easter holiday. Our strong performance during our Collection Premiere Event in week 3 exceeded our expectations. This momentum carried through weeks 4 and 5 and should benefit April.

We are pleased with our performance in the quarter, given the challenging economic environment, ... We continue to strive to be an innovator in the industry by constantly updating our products and merchandise as we seek new customers, while remaining faithful to the traditional Polo customer. This strategy, balanced with sound business practices in a competitive marketplace, is what built Polo Ralph Lauren and made it a leader for three decades, and this strategy will take us into the next decade.

We are pleased with our performance in 2005. The year was highlighted by the filing of the new drug application on NRP104, our lead compound under development, for the treatment of Attention Deficit Hyperactivity Disorder in pediatric populations. We believe that this advancement together with the progress on our other pipeline products positions us well for future growth. Looking forward, we anticipate receiving approval from the FDA on NRP104 in the second half of 2006 and making IND filings on NRP409 and NRP388, the two most advanced candidates in our preclinical pipeline, by the end of the second quarter of 2006. In addition, we plan to continue to develop NRP290, our second most advanced compound, and other drug products in our research pipeline.

The extraordinary financial performance of conventional homebuilders in this economic cycle leads us to believe that there is a strong possibility that their stocks could be poised for record-breaking valuations.

The creation of a closely aligned, separately managed bottler of this size would help us pursue consolidation opportunities and improve our performance in the marketplace.