Letter to Shareholders4 Last year, we presented our strategic road map for your company's future development in Europe's converging energy markets. Our major investment program--60 billion through 2010--and our targeted competition initiatives will accelerate integration and invigorate the emerging EU-wide internal energy market. We're seizing the new opportunities for further growth created by this big market, primarily through the organic growth of our international business but also through selective acquisitions. In business, nothing is more exciting--or more prof- itable--than playing an active role in shaping a new market. We've seized this opportunity, even though, as we saw in Spain, not every attempt to change outmoded structures is an immediate success. Nevertheless, our agreement with Enel and Acciona will enable us to enter highly attractive new markets like Spain and France and to strengthen our existing market position in Italy. When these transactions are complete, no other energy company will match