Ogden Mills Phipps: Good morning everyone and thank you for being here at the 52nd Annual Round Table Conference. I can't remember when our industry has faced as many serious challenges as it does today. We will address several of them in detail over the course of the next two hours and I hope you find each of the presentations very informative.

We will get started, as we always do, with a report on the activities of The Jockey Club from Alan Marzelli, the president.