Belated 'From the Chair' presentation for March 7.

Dear Investors,



This day of our Lord March 7th, 2006 finds TQR in the homestretch of Terminal operations. The process of dump and wait has been replaced by a more cycled approach, wherein the capital is poured in partly, then dealt with quickly, before more of the load of cap is ushered in for the Terminali to decide upon.

I must give myself (and the Terminali, of course) a big bonus and pat on the back for coming up with such a crackerjack procedural innovation. We're all about progress at TQR.

Let me allay any fears shareholders may have due to the recent border incursion by confirmed and unapologetic Floorite Boligard Doomey in the Terminal today. It was I, Theodore Q. Rorschalk, who lowered the rope down the trap door in order that he might shimmy up it and become Terminali-on-the-spot. This was only a strategem to enrage and motivate the Terminali. Sated and fat on their roast beef, the denizens therein, ensconced in their middle-management positions like so many Jabba the Huts, were becoming complacent and unmotivated from a surfeit of intestinal fortitude. Or something thereabouts. Rest assured, there is no change in the managerial schematics of this company, only their mindsets.

Though perception be reality, matey, remember that neither of you are really the person you perceive yourself to be. While you're chewing on that, I implore you to continue investing in TQR.

Unabashedly, Theo Q. "Money" Rorschalk