text: Always in Motion 
  
  First, we can re-invest in our resorts, as we have done 
  over the past several years and will continue to do so in 2005 
  and beyond. These investments create the impetus for 
  increased guest spending, and the relationship is not linear. 
  We are capturing an increased share of guests and an 
  increased share of each guest’s spending budget. Since 2000, 
  we have invested over $2.0 billion in capital in our resorts and 
  our unconsolidated affiliates, which helped drive EBITDA 
  from $1.1 billion to $1.5 billion in 2004, with significant 
  cash flow-producing assets just coming on line in late 2004. 
  Second, we can return capital to the shareholders. In 2004, 
  we repurchased eight million shares of common stock for 
  $349 million bringing the total since May 2000 to 30 million 
  shares for $1.0 billion. Third, we can reduce debt, and 
  maintain a low cost of borrowing for the future. In 2004, 
  we repaid almost $100 million in net debt, bringing total 
  debt reduction since May 2000 to $1.1 billion. 
  
  We would love to look back at 2004 forever, given that 
  
  it was our company’s best year ever. But our work is only 
  beginning. New history is still to be made; records are waiting 
  to be broken; and we must vigilantly maintain our momentum. 
  As stewards of your company, our goals are to continue to 
  perform at peak levels and manage our growth initiatives to 
  ensure maximum value for our shareholders. I hope to report 
  on new defining moments in next year’s Annual Report. 