Royalty Pharma's strategy is straightforward and simple: acquire royalty interests in leading pharmaceutical and biotechnology products and hold these interests as part of a diversified portfolio. We seek to diversify our revenue base across product and therapeutic classes and can leverage these investments through borrowing under our AAA-rated securization debt facility, thereby enhancing our return to our shareholders. The value proposition to the seller is equally compelling: we provide holders with the opportunity to achieve liquidity for their interests and alleviate the substantial risk of owning a single-product royalty. Through our strategy, Royalty Pharma has earned a reputation as the industry leader and has achieved rapid and profitable growth while maintaining a manageable risk profile. In 2006, the Company's revenue based increased 24.1% over 2005.