We expect this good performance to continue in 2006 with double digit earnings growth,

Moving Alexandra to the franchise growth and performance team was a strategic move for Choice Hotels. By adding Alexandra, with her brand strategy background, to my team, we will be able to further build brand equity through strategic growth and additional focus on property level performance.

It may not be the sort of caffeinated growth rates we've seen, but it still was a good performance. They've gone from being a computer company to a consumer electronics company.

Our good performance during the quarter is primarily subscriber-driven. Digital TV is a main driver in our growth with the addition of some 8,000 customers during the second quarter.

Materially higher than expected revenue growth and better than expected cost side performance drove the upside in what we view as a high quality, clean quarter.

A significant growth in returns from hire purchase and insurance premium financing led to the impressive performance.