1. DELAWARE CORPORATIONS ANNUAL REPORT The Headlines & The Numbers 19 th Annual Executive Strategic Planning Conference October 20, 2005

2. Delaware Corporate Capital of the United States The Numbers –670,000 domestic business entities 290,000 corporations 380,000 alternative business entities –500,000 active UCC statements Market Share –59.8% of Fortune 500 –75% of all new U.S. IPOs since January 2003 –5% of all domestic U.S. business entities 7% of new LLCs; 15% of LPs ; 74% of Statutory Trusts

3. Corporate and Legal Services Industry Delaware’s Positioning Flexible and modern business laws Respected courts (state and federal) and attractive dispute resolution environment Business-friendly government and customer service Unsurpassed corporate, legal, and planning expertise Attractive tax laws for intangible & headquarter income Attractive trust laws for wealth management and preservation

4. The Headlines Challenges –Russian Mob Investigated in Delaware News Journal – November 26, 2004 –Influential Delaware Judge Slams Sarbox CFO.com Magazine – July 7, 2005 –Trouble on the Town Green -- Delightful, Delovely & Delisted CFO.com Magazine – September 20, 2005 Hot Cases –Judge Clears Eisner Mouse Case Goes On Hollywood Reporter – August 16, 2005 Variety – September 7, 2005 –Toy Story-Del. Reaffirms Director Control Over Sale Process Montaq News Service – September 26, 2005

5. The Headlines Delaware in the News –For Lesson on Corporate Law, Chinese Look to Delaware News Journal – November 20, 2004 –Law Meant to Trump Out of State Challenges News Journal – November 22, 2004 –Of Torts & States - Delaware again ranked best legal system Wall Street Journal Editorial Page – March 8, 2005 –Bankruptcy Bill Advances to Bush Wall Street Journal – April 15, 2005 –Wie der Bundesstaat zur US-Konzernzentrale (Why a State Became the U.S. Company Center) Die Welt Am Sonntag – April 10, 2005 –Delaware Captive Insurance Association Applauds New State Legislation The Insurance Journal – August 25, 2005

6. Delaware Division of Corporations Revenue Forecast (General Funds) Actual FY 2002 Actual FY 2003 Actual FY 2004 Actual FY 2005 Forecast FY2006 Franchise Tax (net of refunds) 471.7431.1499.2491.1511.8 LLC/LP Annual Tax 22.025.051.063.472.2 Business Entity Fees 41.839.249.557.860.1 UCC Fees 13.416.513.113.8 Reversions 5.00.05.66.54.5 TOTALS 553.9511.8618.4632.6662.4

7. 41% Overall Growth 22% Growth in Non-Web Documents

8. 2005 YTD FILING METHOD Web Filings 39% (current) Expedited 25% (current) Regular 36% (backlog)

10. DELAWARE CORPORATIONS ANNUAL REPORT Questions & Discussion