Our current plan is to file for an initial public offering for KBR soon after we file our 10-K. We believe the IPO market in general and the public market for engineering and construction companies in particular is very attractive.

This demonstrates our customers' willingness to pay a premium for our technological expertise that results in accelerated production rates.

Halliburton embraces community goodwill throughout the world. Halliburton's 100,000 employees worldwide generously share their energy and spirit in donating time and money to worthwhile causes, especially those with a focus on health and education.

The year 2005 was the best in our 86-year history.

We are very pleased to welcome Bill to the Halliburton team. Bill brings exceptional qualities to KBR as both an engineer and a business leader and he is well positioned to lead KBR with his seasoned background in energy, including liquefied natural gas (LNG) and other complex projects.

We believe the IPO market in general and the public market for engineering and construction companies in particular is very attractive and if public valuation of KBR will benefit Halliburton's stock price.