Ogden Mills Phipps: Good morning, everyone, and thank you for being at our 55th annual Round Table Conference. At the outset, I really would also like to express my gratitude to all of the speakers on today's program for making time in their schedules to participate in this today.

When we go about the task of selecting topics for the Round Table, we try to focus on critical issues that are presently affecting our industry. I think today's program reflects that longstanding philosophy.

Advance deposit wagering, equine health and welfare, medication. They are topics that affect everyone in this room and everyone who makes a living in the Thoroughbred industry.

Medication, unfortunately, seems to be a staple of the Round Table. We have been addressing it in one way or another at 13 of the past 20 Round Tables. I can assure you that it will remain on this agenda until we have resolved this issue and we have achieved the "level playing field" that every trainer, breeder, owner, jockey and racing fan deserves.

We'll hear about medication in the second half of today's program.

We'll start off, as we always do, with the "Activities of The Jockey Club," and Jim Gagliano, our executive vice president and chief administrative officer, will deliver that report. Jim...