Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quote data delayed 15 minutes for Nasdaq, NYSE and Amex. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. All information provided “as is” for informational purposes only, not intended for trading purposes or advice. Yahoo! is not an investment adviser and does not provide, endorse or review any information or data contained herein. See the rest here: Facebook creates dual-class stock structure (AP)

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WASHINGTON (AP) — The Federal Reserve doesn’t expect the recovery will be strong enough to quickly drive down the jobless rate, and acknowledged its efforts to keep the rebound going could feed a new speculative bubble. AP – FILE – In this May 24, 2008 file photo, the headquarters of the Federal Reserve Bank is seen … Record-low interest rates “could lead to excessive risk-taking in financial markets,” according to documents released Tuesday of the Fed’s closed-door meeting earlier this month. It also could cause consumers, investors and businesses to worry about inflation taking off. Although Fed officials saw the current likelihood of that as “relatively low,” they pledged to “remain alert to these risks.” At the Nov. 3-4 meeting, Fed Chairman Ben Bernanke and his colleagues kept the target range for its bank lending rate at zero to 0.25 percent. Fed policymakers also pledged to hold rates at such super-low levels for an “extended period,” to ensure the recovery gains traction. Most analysts predict that means rates will stay where they are through the rest of this year and into part of 2010. On the economy, the Fed expects the unfolding recovery will be gradual, as modest growth keeps the nation’s unemployment rate elevated over the next several years. Most Fed policymakers said it could take “five or six years” for the economy and the labor market to be consistently healthy. High unemployment, slow income growth and hard-to-get credit will weigh on consumer spending “for some time to come,” the Fed said. Troubles in the commercial real-estate market also will restrain the recovery, according to minutes of the November meeting. Fed officials expected the pace of the recovery “would be rather slow, relative to historical experience.” Recoveries after steep economic downturns are usually robust, the Fed said. In updated economic projections, the Fed said the economy’s contraction for all of this year won’t be as deep as it thought in a forecast released in the summer. That’s because the second half of this year is shaping up better than anticipated. Under a range of new projections, the economy will shrink 0.5 percent or be flat this year. The old forecast called for a contraction of anywhere from 0.6 to 1.6 percent. Growth next year should turn out slightly better than the Fed previously projected– ranging from 2 to 4 percent — up from 0.8 to 4 percent. But that won’t be enough to quickly drive down the unemployment rate, which now stands at 10.2 percent. It’s only the second time in the post-World War II period the rate has topped 10 percent. The central bank predicted the jobless rate could hover between 8.6 and 10.2 percent next year, based on a range of forecasts from Fed policymakers. It’s a tad better than its previous forecast, where the Fed said the jobless rate could rise as high as 10.6 percent. The postwar high was 10.8 percent at the end of 1982 when the country had suffered through a severe recession. Looking ahead to 2011, the Fed said the unemployment rate could drop to anywhere from 7.2 to 8.7 percent. That would still be considered well above normal, which is between 5 and 6 percent. “Most members projected that over the next couple of years, the unemployment rate would remain quite elevated,” according to the Fed minutes. Inflation, meanwhile, should stay under control, the Fed said. Prices this year should increase between 1 and 1.7 percent, and rise a bit higher next year. The new projections were little changed from the old forecast. The new projections buttressed economists’ beliefs that Fed policymakers won’t be in any rush to boost rates. “So long as unemployment remains high and inflation expectations subdued, the Fed has little desire to lift rates,” said Sal Guatieri, economist at BMO Capital Markets. “Since the November meeting, Fed speakers have turned decidedly dovish” likely because unemployment spiked to 10.2 percent just days after that gathering. View original post here: Fed: super-low rates could fuel speculative bubble (AP)

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By Rodrigo Campos Reuters – Phones hang from a trading terminal on the floor of the New York Stock Exchange, May 19, 2009. … {”s” : “dell,hpq”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} NEW YORK (Reuters) – U.S. stocks were mostly flat in low volume on Tuesday as the Federal Reserve lifted its growth estimates for 2010, offsetting data that showed the economy grew at a slower-than-expected pace in the third quarter. Revised government data showed gross domestic product expanded for the first quarter in five, but the increase was just below expectations, and investors scrambled to justify additional stock gains after a 22 percent rise in the S&P 500 so far this year. The downbeat news was offset partially after the Fed revised upward its growth expectation for 2010, while minutes of the last FOMC meeting showed officials are increasingly confident about a durable recovery for the U.S. economy. “You’re getting the cross-current of weak revisions to third-quarter data matrixed against the Fed increasing the growth estimates for the economy for the next year,” said Jim Awad, managing director at Zephyr Management in New York. “But the action in the market is moderate going into the holiday weekend and I wouldn’t read too much into it.” The U.S. stock market will be closed on Thursday in observance of Thanksgiving Day. And on Friday, it will be open for only half a day due to the holiday. The Dow Jones industrial average (DJI: ^DJI – News ) slipped 13.53 points, or 0.13 percent, to 10,437.42. The Standard & Poor’s 500 Index ( ^SPX – News ) dipped 0.18 of a point, or 0.02 percent, to 1,106.06. The Nasdaq Composite Index (Nasdaq: ^IXIC – News ) dropped 6.69 points, or 0.31 percent, to 2,169.32. Hewlett-Packard Co (NYSE: HPQ – News ) fell 1.5 percent to $50.26 a day after the blue-chip computer and printer maker reported a quarterly profit that matched its preliminary results, but said the economy remained challenging. HP also said it saw growth in its share of U.S. enterprise PCs, which is rival Dell Corp’s (NasdaqGS: DELL – News ) key market. Dell’s stock fell 3.2 percent to $14.32 and ranked as a top drag on the Nasdaq. Financial stocks showed weakness throughout the session, with JPMorgan Chase & Co (NYSE: JPM – News ), down 2 percent at $42.43, leading the major decliners in the Dow industrials. The KBW bank index (Philadelphia: ^BKX – News ) fell 0.7 percent. Zephyr Management’s Awad said there is concern about banks’ capital after news that the Fed asked lenders that were part of its “stress tests” to submit plans to repay government money. U.S. home prices rose in September, according to the Standard & Poor’s/Case-Shiller index, but the increase was less robust than forecast. Home prices for that month were unchanged, according to a separate report from the U.S. Federal Housing Finance Agency. The Dow Jones U.S. Home Construction Index (DJI: ^DJUSHB – News ) fell 1.7 percent. (Reporting by Rodrigo Campos; Editing by Jan Paschal) Link: Stocks flat as Fed eyes stronger 2010 (Reuters)

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KANSAS CITY, Mo. (AP) — Sprint Nextel Corp. on Tuesday said it had completed its $483 million acquisition of Virgin Mobile USA, boosting its presence in the market for customers who pay for cell phone service month-to-month. AP – FILE – In this Monday, Oct. 26, 2009 file photo, a sign hangs outside a Sprint store in … {”s” : “leap,pcs,s”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} Virgin Mobile shareholders earlier Tuesday voted in favor of the acquisition, which was announced in July and pays them $5.50 in Sprint stock for each Virgin Mobile share. The deal also includes retiring Virgin Mobile’s debt. Sprint Nextel already owned 13.1 percent of Virgin Mobile, which uses Sprint’s network to offer service and has 5.2 million subscribers. Like other so-called “prepaid” vendors, Virgin Mobile primarily appeals to customers who lack the credit or income to qualify for long-term contracts or simply want a bargain over contract-based plans. The market for these customers has expanded as the economy has forced more traditional wireless customers to search for cheaper plans. Sprint, which is based in Overland Park, Kan., ignited a mini-price war in January when it introduced a $50-per-month prepaid unlimited plan under its Boost Mobile brand. It’s unclear how Virgin and Boost will coexist under Sprint, although they have been geared toward different markets — Virgin aimed at teens and 20-somethings while Boost is considered a value brand. The company said customers of both brands won’t see any immediate changes. Other competitors in the prepaid space include No. 4 carrier T-Mobile USA and smaller upstarts like MetroPCS Communications Inc. and Leap Wireless International Inc., which sells under the Cricket brand. Prepaid carriers are expected to have the most growth potential as most people who want wireless service in the U.S. and are eligible for a contracts have a phone already. Virgin Mobile shareholders, which include British billionaire Richard Branson’s Virgin Group and South Korean carrier SK Telecom, will own about 3 percent of Sprint. Sprint shares were down 12 cents, or 3 percent, to $3.78 in afternoon trading Tuesday. See the original post here: Sprint completes purchase of Virgin Mobile USA (AP)

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Oil prices fell to around $76 a barrel Tuesday with new data showing a slow U.S. economic recovery and consumer confidence that remains lukewarm at best. AP – FILE – In this Sept. 19, 2007 file photo, an oil pump is seen at dusk in Sakhir, … {”s” : “ung,uso”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} The dollar also gained against other major currencies, which can keep energy prices in check. Benchmark crude for December delivery fell $1.54 to settle at $76.02 a barrel on the New York Mercantile Exchange. The Commerce Department said the economy grew at a rate of 2.8 percent between July and September, short of estimates for 3.5 percent growth released just a month ago. Consumers are not spending much, commercial construction was weak, businesses trimmed inventories. The lack of consumer spending was partly explained in another report released Tuesday. Americans’ confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the holiday shopping season, according to the monthly survey released by the Conference Board. The lack of industrial and consumer activity has played out in weekly oil inventory reports from the Energy Department, with supplies of crude in storage growing. The next weekly report arrives Wednesday, and expectations are that crude and gasoline supplies grew again last week. Retail prices edged lower again, falling less than a penny to $2.638 per gallon Tuesday. That’s a lot more than last year at this time, when gasoline prices plunged to about $1.91 as the economic crisis unfolded. Gasoline consumption for the week ended Friday declined 1.6 percent from the previous week and 1.4 percent from a year ago, according to the weekly MasterCard SpendingPulse report. Year-to-date consumption for 2009, however, is still up 0.6 percent. MasterCard’s report is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. Still, gasoline prices are being supported by crude, which has traded between $76 and $82 for more than a month. That is largely being blamed on the dollar because oil is bought and sold in the U.S. currency. Investors holding euros or other currencies can buy more oil when the dollar falls. Crude prices rose Monday when the dollar fell. On Tuesday, the dollar gained against the euro, yen, and British pound. Oil prices fell as much as 2 percent. In other Nymex trading, heating oil fell less than a penny to settle at $1.9497 a gallon. Gasoline for December delivery fell almost 4.04 cents to settle at $1.939 a gallon. Natural gas for December delivery rose 1.3 cents to settle at $4.486 per 1,000 cubic feet. In London, Brent crude dropped $1 to settle at $76.46 on the ICE Futures exchange. Associated Press Writers Alex Kennedy in Singapore, Barry Hatton in Lisbon, Portugal, and Jeannine Aversa in Washington contributed to this report. Continued here: Crude prices sink to $76 per barrel (AP)

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By Ka Yan Ng TORONTO (Reuters) – Toronto’s main stock index was lower on Tuesday morning due to weakness in commodity shares and evidence of a slow recovery in the U.S. economy. Strength in banking stocks stemming from firm Bank of Montreal quarterly results cushioned the fall. The top five spots the market’s list of risers were held by big banks. Bank of Montreal reported a higher-than-expected 16 percent increase in quarterly profit and said it was buying the Diners Club North America credit card business, a deal that would double its corporate card portfolio. BMO shares gained 0.5 percent to C$53.80. Toronto-Dominion Bank was up 0.27 percent at C$67.53. Resource shares were big decliners on Tuesday, led by a 1.7 percent drop in fertilizer company Potash Corp to C$118.25. Lower oil prices and a recent run-up in commodity stocks also put pressure on companies such as diversified miner Teck Resources , down 2.2 percent at C$36.55, and oil producer EnCana Corp , down 0.54 percent at C$55.60. “I think it’s just an overall sell off in the market today. It had a pretty nice run in some of these commodities so it was ripe for some profit-taking,” said Ian Nakamoto, director of research at MacDougall, MacDougall & MacTier. At 10:40 a.m., the S&P/TSX composite index was down 25.50 points, or 0.22 percent, at 11,599.28, after opening higher. The U.S. economy grew more slowly than first thought in the third quarter, but house prices rose for the fifth straight month in September and U.S. consumer confidence was up in November, suggesting a slow economic recovery is still intact. “I think it just confirms that we’re in a slow recovery here. It’s good to see a positive but it wasn’t as positive as people were expecting,” Nakamoto said. ($1=$1.06 Canadian) (Editing by Peter Galloway) See the original post here: TSX falls on commodities, but banks rise

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ALBANY, N.Y. (AP) — New York’s top court ruled Tuesday that the state can use eminent domain to force homeowners and businesses to sell their properties for a massive development in Brooklyn that includes a new arena for the New Jersey Nets. In a 6-1 ruling Tuesday, the Court of Appeals said the Empire State Development Corp.’s finding that the area was blighted was enough to justify taking the land. A group of tenants and owners claim the seizure is unconstitutional. They argue that developer Bruce Ratner’s proposed $4.9 billion, 22-acre Atlantic Yards project mainly enriches private interests, while the state constitution requires public use for taking land. “The constitution accords government broad power to take and clear substandard and insanitary areas for redevelopment,” Chief Judge Jonathan Lippman wrote for the majority. “In so doing, it commensurately deprives the judiciary of grounds to interfere with the exercise.” Ratner’s proposed development includes office towers, apartments and a new arena for the NBA’s Nets. A key element in his plan is selling majority team ownership to Russian entrepreneur Mikhail Prokhorov. In a prepared statement, Ratner said construction will continue, with the intent that the Nets will play ball there in the 2011-2012 season. “Once again the courts have made it clear that this project represents a significant public benefit for the people of Brooklyn and the entire city,” Ratner said. “Our commitment to the entire project is as strong today as when we started six years ago.” The attorney for homeowners and tenants who declined to sell after the project was announced in 2003 said the fight isn’t over. Matthew Brinckerhoff said his clients will oppose the ESDC when the urban development agency goes to court in Brooklyn in the second step of the process to take the properties. “They have won round one, and we still have round two to go,” Brinckerhoff said. “I think everybody believes that they need to do a number of things by the end of the year, and where exactly this fits into that process I’m not sure. But the fact that they haven’t yet taken the properties can’t be helping them.” Calls to the ESDC were not immediately returned Tuesday. Lippman noted that the law empowering the government in the 1930s to partner with private entities to deal with the emerging problem of slums was intended also to create replacement low-cost housing. This plan instead is aimed at “alleviating relatively mild conditions of urban blight,” mainly a railyard, and there were only 146 people living within the project boundaries when the final environmental study was done, he wrote. In a dissent, Judge Robert Smith said the court majority was “much too deferential to the self-serving determination by the ESDC that petitioners live in a ‘blighted’ area, and are accordingly subject to having their homes seized and turned over to a private developer.” The record does not support the state agency’s finding, Smith said. While the blight is documented at northern end of the project site, the southern part “appears … to be a normal and pleasant residential community,” he said. Read the original: Court: NY can seize property for new NJ Nets arena (AP)

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WASHINGTON (AP) — The economy is growing modestly, with consumers too wary about spending to invigorate the recovery. AP – In this Sept. 3, 2009 photo workers build a new commercial building in Warrensville Heights, Ohio. The economy … That picture emerged Tuesday from reports on the nation’s economy and the confidence of consumers, who power 70 percent of it. The economy grew at a 2.8 percent rate last quarter — less than originally estimated. And forecasts for the current quarter are for similarly slight growth before a drop-off next year. The main reasons are that consumers remain reluctant to spend, commercial construction has slipped and imports are dampening U.S. growth. The Commerce Department’s new reading on gross domestic product was weaker than the 3.5 percent growth rate for the July-September period estimated just a month ago. The GDP, which measures the value of all goods and services produced in the United States, also was a tad weaker than the 2.9 percent growth rate that economists surveyed by Thomson Reuters had expected. At the same time, the Conference Board’s latest survey of consumer confidence found that as retailers enter the crucial holiday season, shoppers remain gloomy. Unemployment and tight credit have sapped consumers’ willingness and ability to spend freely. Also Tuesday, the Standard & Poor’s/Case-Shiller home price index of 20 major cities suggested that the housing market’s recovery is continuing, if only gradually. Home prices rose slightly in September. Compared with a year earlier, though, they remain down 9.4 percent. The lackluster reading on economic growth and consumer confidence caused stocks to retreat from their 13-month highs. The Dow Jones industrial and other stock averages were down slightly in midmorning trading. The good news is that the economy finally started to grow again after a record four straight losing quarters. The bad news is that the rebound, now and in the months ahead, probably will be lethargic. The worst recession since the 1930s is very likely over, but the economy’s return to good health will take time, Fed officials and economists say. Growth probably won’t be strong enough to quickly drive down the nation’s unemployment rate, currently at 10.2 percent. Some analysts think it could climb as high as 11 percent by the middle of next year before making a slow descent. It could take at least four years for the unemployment rate to drop back down to more normal levels. For the current quarter, some economists think economic growth will slow to around a 2.5 percent pace, though others say it could reach 3 percent if holiday sales turn out better than expected. Most say they think the economy will weaken again next year, with growth at a pace of around 1 percent as the impact of the $787 billion stimulus package fades and consumers keep tightening their belts under the strain of high unemployment and hard-to-get credit. Much of the economy’s return to growth last quarter reflected federal support for spending on homes and cars. But Tuesday’s report shows that some of that spending was a bit less robust than initially thought. Spending on homes and other residential projects soared at an annualized pace of 19.5 percent last quarter, a little slower than the 23.4 percent rate first estimated. Spending on big-ticket “durable” goods — including cars — jumped at a pace of 20.1 percent, down from 22.3 percent. Even with the downward revisions, it was notable that such spending grew, after falling in the previous quarter. In the third quarter, the popular Cash for Clunkers rebates and an $8,000 tax credit for first-time homebuyers juiced up sales of cars and homes. The clunkers program ended in August, but the tax credit has been extended and expanded beyond first-time buyers. What’s not clear is whether the recovery can continue after government supports are gone. If consumers clam up, the economy could tip back into recession. Tuesday’s report showed that overall consumer spending grew at a pace of 2.9 percent last quarter. That was down from a 3.4 percent growth rate first estimated, though it marked the best showing since early 2007. On the business side, companies cut back spending on commercial construction — a weak spot in the economy — at 15.1 percent annualized pace. That was deeper than the 9 percent annualized cut back first estimated. Businesses also trimmed stockpiles of goods by $133.4 billion last quarter, slightly more than initially estimated. And the nation’s trade deficit ended up shaving 0.83 percentage point off GDP last quarter, more than first thought. Unlike past rebounds that were driven by the spending of everyday Americans, this one appears to hinge on spending by businesses, foreigners and — until it runs out — the government. And in an encouraging note, businesses after-tax profits grew at a 13.4 percent pace last quarter, up from a 0.9 percent pace in the prior period, Tuesday’s report showed. The government makes three estimates of economic activity for any given quarter. Each is based on more complete data. Tuesday’s was the second reading of the third-quarter GDP data. Link: Economy’s rebound not as strong as first thought (AP)

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Oil prices fell below $76 a barrel Tuesday with new data showing a slow U.S. economic recovery and consumer confidence that remains luke warm at best. The dollar also gained against other major currencies, which can keep energy prices in check. Benchmark crude for December delivery fell $1.41 to $76.15 a barrel on the New York Mercantile Exchange. The Commerce Department said the economy grew at a rate of 2.8 percent between July and September, short of estimates for 3.5 percent growth released just a month ago. Consumers are not spending much, commercial construction was weak, businesses trimmed inventories. The lack of consumer spending was partly explained in another report released Tuesday. Americans’ confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the holiday shopping season, according to the monthly survey released by the Conference Board. The lack of industrial and consumer activity has played out in weekly oil inventory reports from the Energy Department, with supplies of crude in storage growing. The next weekly report arrives Wednesday, and expectations are that crude and gasoline supplies grew again last week. Retail prices edged lower again, falling less than a penny to $2.638 per gallon Tuesday. That’s a lot more than last year at this time, when gasoline prices plunged to about $1.91 as the economic crisis unfolded. Still, gasoline prices are being supported by crude, which as traded between $76 and $82 for more than a month. That is largely being blamed on the dollar because oil is bought and sold in the U.S. currency. Investors holding euros or other currencies can buy more oil when the dollar falls. Crude prices rose Monday when the dollar fell. On Tuesday, the dollar gained against the euro, yen, and British pound. Oil prices fell as much as 2 percent. In other Nymex trading, heating oil fell about 3 cents to $1.9502 a gallon. Gasoline for December delivery dropped 2.78 cents to $1.9516 a gallon. Natural gas for December delivery fell 7.2 cents to $4.40 per 1,000 cubic feet. In London, Brent crude for January delivery dropped 92 cents to $76.54 on the ICE Futures exchange. Associated Press Writers Alex Kennedy in Singapore, Barry Hatton in Lisbon, Portugal, and Jeannine Aversa in Washington contributed to this report. Read the r est here: Crude prices near $76 per barrel (AP)

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NEW YORK (AP) — Americans’ confidence in the economy improved slightly in November from October, but shoppers remain gloomy heading into the traditional start of the holiday shopping season amid a weak job market, according to a monthly survey. AP – In this photo made Thursday, Oct. 15, 2009, Antionette Harris shops at a Target store in Philadelphia. Americans’ … The Conference Board, based in New York, said Tuesday that its Consumer Confidence Index edged up to 49.5, up from a revised reading of 48.7 in October. Economists surveyed by Thomson Reuters expected a reading of 47.7. The index, which hit a historic low of 25.3 in February, had enjoyed a three-month climb from March through May, fueled by signs that the economy might be stabilizing. The road has been bumpier since June as rising unemployment has taken a toll on consumers. A reading above 90 means the economy is on solid footing. Above 100 signals strong growth. One component of the Conference Board’s confidence gauge that measures consumers’ assessment of the current economy fell slightly to 21.0, compared with 21.1 in October. The other that measures shoppers’ outlook over the next six months increased slightly to 68.5 from 67.0 in October. “Income expectations remain very pessimistic and consumers are entering the holiday season in a very frugal mood,” said Lynn Franco, director of The Conference Board Consumer Research Center in a statement. Economists watch consumer sentiment because spending on goods and services for consumers accounts for about 70 percent of U.S. economic activity by federal measures. While the reading doesn’t always predict short-term spending, it does serve as a barometer of spending levels over time, especially for big-ticket items. Retail sales showed some signs of life in September and October, with major merchants collectively posting two consecutive monthly gains in sales in more than a year, according to the International Council of Shopping Centers-Goldman Sachs Index. That followed more than a year of declines as shoppers shut their wallets tight. But business still remains weak and shoppers are still focused on necessities like socks, coats and underwear. Experts say depressed spending is likely to persist for several years amid stubbornly high unemployment. The unemployment rate is now at 10.2 percent, the highest in 26 years, and 15.7 million Americans out of work. Meanwhile, the housing market has showed signs of improvement, but overall the sector is still tepid. A housing report announced Tuesday showed home prices improved for the fourth straight month in September, though only in 11 out of 20 major metropolitan areas. The Standard & Poor’s/Case-Shiller home price index, which tracks prices in 20 major metropolitan markets, rose 0.3 percent in September. The Conference Board’s confidence survey, which is based on a representative sample of 5,000 U.S households, showed that shoppers’ assessement of the job market remains weak. The cutoff for the preliminary results wsa Nov. 17. Those claiming jobs are “hard to get” increased to 49.8 percent from 49.4 percent, while those claiming jobs are “plentiful” decreased to 3.2 percent from 3.5 percent. Consumers’ short-term outlook improved slightly in November, but that’s because those expecting conditions to worsen decreased to 15.1 percent from 18.2 percent, Franco said. The percentage of consumers expecting an improvement in business conditions over the next six months decreased slightly to 20.0 percent from 20.8 percent. Those anticipating more jobs in the months ahead declined to 15.2 percent from 16.8 percent. But those expecting fewer jobs declined to 23.1 perent from 26.1 percent. The proportion of consumers expecting an increase in their incomes decreased to 10.0 percent from 10.7 percent. Read the r est here: Consumer confidence improves slightly in November (AP)

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CALGARY, Alberta, Nov. 24, 2009 (GLOBE NEWSWIRE) — Emerging Stock Report, a leading provider of sector specific independent investment research, today initiated coverage on NexMed, Inc. (Nasdaq: NEXM – News ). Emerging Stock Report is currently offering a complimentary trial subscription to the investment community. To view the Report in its entirety visit: http://www.emergingstockreport.com To get our alerts AHEAD of the market follow us on Twitter: http://twitter.com/EmergingStockRe About ESR: Emerging Stock Report is a leading provider of independent investment research for North American companies. Our services include research analysis on emerging growth companies, sector specific research, real-time news and financial data, market commentary and the ESR newsletter. Emerging Stock Report’s staff of investment professionals are dedicated to providing the the tools and resources necessary to help make important investment decisions. To view our research reports on a complimentary trial basis and take advantage of our other services, visit http://www.emergingstockreport.com and click on the complimentary trial subscription button on our home page, or go directly to our registration page at http://emergingstockreport.com/register.php About NexMed, Inc.: NexMed’s pipeline includes a late stage terbinafine treatment for onychomycosis, a late stage alprostadil treatment for erectile dysfunction, a Phase 2 alprostadil treatment for female sexual arousal disorder, and an early stage treatment for psoriasis. For further information, go to www.nexmed.com . ESR Disclosure: Emerging Stock Report is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. Emerging Stock Report has not been compensated by any of the above mentioned companies. Please read our report and visit our Web site, http://www.EmergingStockReport.com , for complete risks and disclosures. Follow this link: Emerging Stock Report Initiates Independent Research Coverage on NexMed, Inc. (GlobeNewswire)

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CALGARY, Alberta, Nov. 24, 2009 (GLOBE NEWSWIRE) — Emerging Stock Report, a leading provider of sector specific independent investment research, today initiated coverage on AgFeed Industries, Inc. (Nasdaq: FEED – News ). Emerging Stock Report is currently offering a complimentary trial subscription to the investment community. To view the Report in its entirety visit: http://www.emergingstockreport.com To get our alerts AHEAD of the market follow us on Twitter: http://twitter.com/EmergingStockRe About ESR : Emerging Stock Report is a leading provider of independent investment research for North American companies. Our services include research analysis on emerging growth companies, sector specific research, real-time news and financial data, market commentary and the ESR newsletter. Emerging Stock Report’s staff of investment professionals are dedicated to providing the the tools and resources necessary to help make important investment decisions. To view our research reports on a complimentary trial basis and take advantage of our other services, visit http://www.emergingstockreport.com and click on the complimentary trial subscription button on our home page, or go directly to our registration page at http://emergingstockreport.com/register.php About AgFeed Industries, Inc.: AgFeed Industries ( www.agfeedinc.com ) is a U.S. company with its primary operations in China. AgFeed has two profitable business lines — animal nutrients in premix and blended animal feed and hog production. AgFeed is one of China’s largest commercial hog producers in terms of total annual hog production as well as one of the largest premix feed companies in terms of revenues. China is the world’s largest hog producing country that produced over 625 million hogs in 2008, compared to approximately 100 million hogs produced annually in the U.S. China also has the world’s largest consumer base for pork consumption. Over 62% of total meat consumed in China is pork. Hog production in China enjoys income tax free status. The pre-mix feed market in which AgFeed operates is an approximately $1.6 billion segment of China’s $40 billion per year animal feed market, according to the China Feed Industry Association. ESR Disclosure : Emerging Stock Report is not a registered investment advisor and nothing contained in any materials should be construed as a recommendation to buy or sell any securities. Emerging Stock Report has not been compensated by any of the above mentioned companies. Please read our report and visit our Web site, http://www.EmergingStockReport.com , for complete risks and disclosures. See the rest here: Emerging Stock Report Initiates Independent Research Coverage on AgFeed Industries, Inc. (GlobeNewswire)

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TEMPE, Ariz. (AP) — US Airways said Tuesday it will delay delivery of 54 Airbus jets until at least 2013 as it tries to bolster its financial strength. AP – FILE – In this Oct. 26, 2009 file photo, a US Airways plane takes off from Miami International … {”s” : “lcc”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} The company said delaying the deliveries will reduce its aircraft capital expenditures over the next three years by $2.5 billion. US Airways instead will take delivery of 28 planes over the next three years, which it called a more manageable pace during an airline industry slump. The carrier has financing in place for those 28 planes, including commitments for $275 million in loans for aircraft it will receive next year. CEO Doug Parker said in a message to employees that the moves will boost the company’s available cash by about $150 million this year and $450 million by the end of 2010. Airline traffic has been weak this year, and several major U.S. carriers have raised cash to get through the slow fall and winter seasons. US Airways, based in Tempe, Ariz., was scheduled to add the Airbus jets over the next three years to replace older jets in the airline’s fleet. Parker said the deferrals will let the company “maintain flexibility in a challenging economic environment.” He said the company would keep its older jets until the new delivery dates, so the move won’t significantly affect the airline’s passenger-carrying capacity. The company also said that Barclays, which provides US Airways’ affinity credit card, eased financial terms of their agreement and will delay repayment of a $200 million advance for 14 months. Barclays advanced the money when it bought frequent-flier miles from the carrier. US Airways lost $125 million in the first nine months of this year on lower revenue, after losing $2.1 billion last year. “The past two years have been exceptionally difficult for our industry and US Airways,” Parker told employees. He said the company was fortunate to have partners willing to help, but “we cannot continue to lose money indefinitely and fund our losses through financing and partner support.” Shares of US Airways rose 8 cents, or 2.6 percent, to $3.18 in morning trading. See the article here: US Airways defers delivery of 54 aircraft (AP)

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WASHINGTON (AP) — The apparent end of the recession and stabilizing financial markets have not cured the banking industry, the Federal Deposit Insurance Corp. said Tuesday. Banks earned $2.8 billion in the third quarter, but loan balances plummeted and the fund that insures their deposits was $8.2 billion in the red. Souring loans continued to hurt bank balance sheets, but they were buoyed by higher operating revenues and a revived market for securities, the FDIC said. The number of banks on the FDIC’s “problem list” rose to 552 from 416 on June 30, the highest level in 16 years. Fifty banks failed during the quarter — the largest number since the second quarter of 1990. The FDIC’s fund that insures bank deposits fell by $18.6 billion, mostly because $21.7 billion was set aside for expected losses on future bank failures. The FDIC voted this month to require banks to prepay three years of deposit insurance premiums at the end of the year to help replenish the dwindling fund, which is at its lowest point on record. The last similar deficit was in Dec. 1991, when a predecessor fund was more than $7 billion in the red. Bank failures this year through 2013 are expected to cost the fund $100 billion — mostly in 2009 and 2010. But depositors’ money — insured up to $250,000 per account — is not at risk, with the FDIC backed by the government. Bank profits returned in the third quarter after a $4.3 billion loss in the previous quarter and $879 million in earnings last year. “While bank and thrift earnings have improved, the effects of the recession continue to be reflected in their financial performance,” FDIC Chairman Sheila Bair said. A 2.8 percent drop-off in loans outstanding — the largest percentage decline on record — showed that credit for consumers and businesses remained tight, she said. “There is no question that credit availability is an important issue for the economic recovery,” Bair said. “We need to see banks making more loans to their business customers,” especially small businesses. Read the original: Banks earn $2.8B in 3Q; insurance fund in the red (AP)

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LITTLE ROCK, Ark. (AP) — Phone company Windstream is buying Iowa Telecommunications Services for $1.1 billion in cash and stock. Windstream Corp. said Tuesday that the acquisition of Telecommunications Services Inc. will expand its operations into Iowa and Minnesota, adding about 256,000 phone lines, 95,000 high-speed Internet customers and 26,000 video subscribers. The deal is expected to close in mid-2010. Little Rock, Ark. Windstream has been snapping up rural phone companies. Three weeks ago, Windstream said it would buy NuVox Inc. for $643 million. Its acquisition of D&E Communications Inc., announced in May, was approved by Pennsylvania regulators earlier this month. Iowa Telecom shareholders will get 0.804 shares of Windstream stock and $7.90 in cash for each share they own. See the rest here: Windstream to buy Iowa Telecom for $1.1 billion (AP)

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By Ryan Vlastelica NEW YORK (Reuters) – U.S. stock index futures pointed to a flat open on Tuesday after data showed the U.S. economy grew in the third quarter, but at a slower-than-expected pace. The economy grew at a 2.8 percent annual clip, revised down from 3.5 percent estimated last month, the Commerce Department said. Analysts forecast a 2.9 percent rate. Reduced inventory “sets up for a better fourth quarter GDP with more restocking,” said John Canally, economist at LPL Financial in Boston. “I don’t expect a whole of market reaction. There will be more data later today which will be fresher.” November consumer sentiment data and the September Case/Shiller housing price index are also on tap and could provide insight into how firmly a recovery has taken hold. S&P 500 futures rose 2 points and were modestly below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures were up 3 points, while Nasdaq 100 futures slid 1.25 points. Hewlett-Packard Co reported a quarterly profit that matched its preliminary results late Monday, and said that while the economy remained challenging, it saw signs of a recovery. (Additional reporting by Richard Leong; editing by Jeffrey Benkoe) The rest is here: Futures little changed after GDP data

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By Jeremy Gaunt, European Investment Correspondent LONDON (Reuters) – World stocks cut some of their losses on Tuesday as Wall Street looked set to open higher, while the dollar gave up early gains and pushed gold to near a record high. Investors were generally taking profits from Monday’s stock rally, which saw U.S. blue chips gain 1.3 percent and European shares 2 percent. Germany’s Ifo business sentiment survey came in more positive than expected, but there was some concern about the banking sector. A German newspaper reported that the majority owners of WestLB were threatening not to support the stricken German landesbank’s requirement for more capital. Rating agency Standard & Poor’s also said on Monday it found most banks in a global study were weakly capitalised, with Citigroup , UBS and Mizuho Financial Group more than two-thirds below the average. MSCI’s all-country word stock index was down 0.2 percent, well off its daily lows, after gaining 1.7 percent on Monday. But the FTSEurofirst 300 index of top European shares reversed losses to stand 0.1 percent higher. “I don’t see any negatives out there. The economic data is good,” said Bernard McAlinden, investment strategist at NCB Stockbrokers in Dublin. Some concerns about the U.S. economy were temporarily eased on Monday when data showed sales of previously owned U.S. homes had risen to their highest level in more than 2-1/2 years. Many global stock investors are nonetheless being cautious heading into the year-end, wanting to lock in profits after a very good run in 2009 while also worrying about the true state of the world economy. Earlier on Tuesday, Japan’s Nikkei hit its lowest close in four months, down 1 percent on the day. Japan’s current concerns are focused on worries financial firms will tap the market for equity financing and on a stronger yen hurting the shares of exporters. DOLLAR FIRMS The dollar was flat against a basket of competitors after earlier putting in some gains. It remains down 7 percent for the year, reflecting low U.S. yields on offer. The euro reversed course to stand slightly stronger on the day at $1.4978 and the dollar slipped 0.4 percent to 88.60 yen. Gold reversed as the dollar rose and was selling at around $1,1170 an ounce, about $3 off an all-time peak hit on Monday. Euro zone government bonds rose, with Bund futures at one point reaching their highest level since early October. (Additional reporting by Brian Gorman) Read more: Global stocks weak, dollar flat

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By Jan Harvey LONDON (Reuters) – Gold inched up on Tuesday as investors favored it as a hedge against medium-term dollar weakness and possible inflation, but remained below the previous session’s record peak as the U.S. currency edged higher. The prospect of further dollar weakness and more gold buying by the official sector firmly underpinned prices, analysts said. Spot gold was bid at $1,169.50 an ounce at 1221 GMT, against $1,165.85 late in New York on Monday. U.S. gold futures for December delivery on the COMEX division of the New York Mercantile Exchange rose $5.50 to $1,170.20 an ounce. Gold prices have rallied 12 percent since the beginning of November, when reports emerged that India’s central bank had bought 200 tons of gold from the IMF. Russia, Sri Lanka and Mauritius have all since also announced gold acquisitions. “Gold has proved over the last couple of days that profit-taking is not lasting very long,” said Peter Fertig, an consultant at Quantitative Commodity Research. “Investors are coming in, especially if the U.S. dollar is under pressure against the major currencies. That is driving the market, as is speculation that another central bank will buy gold.” “Definitely prices could still go higher — $1,200 is within reach, and there is no reason why it should not be reached this calendar year,” he added. Gold hit a high of $1,173.50 an ounce on Monday as the dollar slid against a basket of currencies, boosting interest in the metal as an alternative asset and making it cheaper form holders of other currencies. But prices have been kept in check on Tuesday by a recovery in the U.S. currency. The euro fell against the dollar on banking sector concerns, though it pared losses as a key measure of German business sentiment beat forecasts. WHOLESALE DEMAND Gold’s slight correction from record highs led to a pick-up in wholesale demand for the metal in major bullion consumer India, traders said. Any further dips are likely to be met by strong buying, they added. “People are asking for $1,150, we have a few orders at that level,” said a dealer with a state-run bank in Mumbai. Analysts and fund managers say that in addition to dollar weakness, inflation prospects in 2010 and more official sector buying are set to support prices. For graphic showing gold’s relationship to inflation expectations, click on: http://feedfetcher.net/wp-content/uploads/2009/11/5382c5cda7FP1109.gif.gif “The investment case for gold has become increasingly compelling, with central bank buying and a structural change in interest in gold as an investment at the retail level,” said Standard Chartered in a note. The bank said although pockets of dollar strength would likely check gold’s progress in the first half of next year, by the fourth quarter it is set to average $1,300 an ounce. The world’s largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood at 1,121.457 tons as of November 23, up 3.964 tons or 0.4 percent from the previous business day. Among other precious metals, spot silver was bid at $18.62 an ounce against $18.59, platinum was at $1,453.50 an ounce against $1,454.50, and palladium was at $372 an ounce against $369. ETF Securities, which operates exchange-traded products that issue securities backed by physical commodities, said its palladium ETP holdings rose more than 13,600 ounces to a record high of 611,924 ounces on Monday. Holdings of its platinum-backed product edged up to 423,439 ounces from 422,762 ounces, also a record high. (Reporting by Jan Harvey; Editing by William Hardy) Read more: Gold holds near $1,170/oz but dollar caps gains

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DUBAI, UAE, November 24 /PRNewswire/ — Abraaj Capital Group announces that it agreed to acquire all of Riyada Ventures the leading venture capital firm in the MENA region. The acquisition is at the core of a major new push by Abraaj into the small and medium enterprise (SME) space, which is aimed at stimulating and supporting entrepreneurial activity in this vital segment of the MENA region’s economies. Riyada Ventures, which was set up in the Jordanian capital, Amman, in 2005, this week won the ‘Venture Capital Firm of the Year’ award for a second straight year at the Private Equity World MENA 2009 conference in Dubai. Riyada Ventures, whose track record encompasses more than 25 regional and international venture-capital transactions, also operates an office in Cairo. Its founder and CEO Khaldoon Tabaza has worked in the MENA venture-capital industry since 2000, prior to which he set up several high-growth entrepreneurial ventures. In 2006, the World Economic Forum (WEF) named him a ‘Young Global Leader’. Riyada Ventures will be integrated by Abraaj into its newly launched regional SME and Entrepreneurship initiative. Khaldoon Tabaza will continue as the CEO of the new business line of Abraaj. Abraaj has enjoyed significant past success in the SME space, having been an early backer of Maktoob.com, the leading Arab language portal recently acquired by Yahoo! It was also the original institutional investor in companies of the caliber of Arabtec, Aramex and Amwal at very early stages of their growth stories, each one resulting in significant returns for the Dubai based PE firm. Through the new initiative, Abraaj will invest hundreds of millions of dollars in SMEs across MENA with the aim of creating high-impact, high-growth, successful businesses to fuel innovation, job-creation, sustainable growth and economic diversification. At its core, the platform will give enormous support to the indigenous entrepreneurship that exists across the broader region. Abraaj will work with governments, regional and international development and investment organisations, and Abraaj’s investor base to provide a pan-regional platform from which investments will be made. In addition to the commercial objectives of the platform, Abraaj will also provide entrepreneurial support at the grassroots level in the form of business mentoring, training and technical assistance so as to stimulate the entrepreneurial spirit in business communities across the region. For companies in which it invests, Abraaj will provide a dedicated back-office platform to offer both strategic support services and operational functionality to facilitate growth plans and provide mentorship to the young entrepreneurs in the SME space, which comprises more than 80% of economic activity across the MENA region. As a further commitment to the countries in which it will invest, Abraaj will allocate a portion of the funds raised for a given nation to the development needs of its less fortunate communities by partnering with an established sustainable development fund that provides patient capital and that subscribes to the philosophy of sustainable philanthropic capital. Founder and CEO of Abraaj, Arif Naqvi, said: “We are delighted to welcome Khaldoon and his team at Riyada Ventures into the Abraaj group, to spearhead our regional enterprise-development initiative. Abraaj is committed to creating the region’s largest dedicated platform to support entrepreneurship and innovation within the high-growth economies of the MENA region.” Founder and CEO of Riyada Ventures, Khaldoon Tabaza said: “Abraaj’s groundbreaking initiative in the SME and entrepreneurship space will be a positive inflexion point in the development of high-impact, high-growth ventures in the MENA region. We are honoured and delighted to be part of the Abraaj success story.” About Abraaj Capital: Dubai-based Abraaj Capital is the largest private equity group in the Middle East, North Africa and South Asia (MENASA). Since inception in 2002, it has raised about US$ 7 billion and distributed almost US$ 3 billion to investors. It has made more than 35 investments in 11 countries and exited 20. The group operates offices in five countries, including Saudi Arabia, Egypt and Turkey. About 155 people work in Abraaj, including around 75 world-class investment professionals. Abraaj has holdings in some 25 companies, including some of the region’s most prominent, such as Air Arabia, the region’s biggest low-cost carrier; Acibadem Healthcare Group, Turkey’s biggest privately owned operator of premium hospitals; and Al Borg, the Middle East’s biggest medical-testing laboratory company. Abraaj has won several international awards, including ‘Middle Eastern Private Equity Firm of the Year’ from London-based Private Equity International four years in a row. Abraaj Capital Ltd., a member of the Abraaj Capital group, is licensed by the Dubai Financial Services Authority, while the group is also an associate member of the European Venture Capital Association. Abraaj’s commitments to Corporate Social Responsibility include a US$ 10 million educational trust fund for Palestinian children who lost parents during conflict in Gaza in December 2008 and January 2009. The Abraaj Capital Art Prize, the world’s most generous art prize, is designed to support artists from the MENASA region. This document is issued by the Abraaj Capital Group and is intended for general information purposes only. It does not constitute an offer or solicitation for any business transaction or investment advice. For more information, please contact: James Cordahi / Eliane Menassa Switchboard: +971-4-506-4400 Emails: communications@abraaj.com ; james.cordahi@abraaj.com ; eliane.menassa@abraaj.com Dubai International Financial Centre (DIFC) Gate Village 8, 3rd Floor PO Box 504905 Dubai, United Arab Emirates http://www.abraaj.com Continued here: Abraaj Capital Group Acquires Leading VC Firm Riyada to Spearhead New SME Platform (PR Newswire)

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LONDON (AP) — World stock markets fell Tuesday following big gains on Monday, with China’s main index posting its biggest drop in three months after the country’s central bank warned commercial banks to control their lending. European shares tracked their Asian counterparts lower, with the FTSE 100 index of leading British shares down 15.92 points, or 0.3 percent, at 5,339.58 and Germany’s DAX 32.73 points, or 0.6 percent, lower at 5,768.75. The CAC-40 in France was 25.52 points, or 0.7 percent, lower at 3,787.65. On Monday, Europe’s main indexes closed over 2 percent higher amid further hopeful signs about the global economic recovery, particularly out of the U.S. Wall Street is also poised to open lower after Monday’s gains of over 1 percent. Dow futures were down 18 points, or 0.2 percent, at 10,404 while the broader Standard & Poor’s 500 futures fell 1.5 points, or 0.1 percent, to 1,102.30. “After a bumper start to the week, there’s perhaps no surprise to see a degree of profit taking in the short term although there still seems to be upward momentum in the market, confounding the pessimists at least for the time being,” said Ben Potter, research analyst at IG Markets. Financial stocks led the retreat in Europe after big gains on Monday, with Commerzbank AG down 2.5 percent, making it the biggest faller on the DAX. Deutsche Bank AG was also down just under 2 percent. Meanwhile, Switzerland’s UBS AG was down 2 percent. Sentiment towards the banks in Asia was dented by the warning from China’s central bank that commercial banks need to control their lending. As a result, China’s Shanghai index tumbled 115.14 points, or 3.5 percent, to 3,223.53 — its biggest retreat in three months — as investors fretted over the warning. The index had been up 11.4 percent so far this month. The warning comes ahead of the government’s annual economic planning meeting and could foreshadow more measures to reduce liquidity in the months ahead. In Britain, Lloyds Banking Group PLC shares rose even though it confirmed it is planning to raise a British record of 13.5 billion pounds ($22.3 billion) via a rights issue in order to shore up its capital position and not take part in the government’s Asset Protection Scheme. The rights issue has been priced at 37 pence, which is a 60 percent discount to Monday’s closing share price. Even so, Lloyds shares were up 1.4 percent at just below 93 pence a share. The retreat in Europe was cushioned somewhat by further encouraging economic data, which cemented market expectations that growth is picking during the fourth quarter. Germany’s Ifo Institute said business confidence rose for an eighth consecutive month in November to its highest level since August 2008, while the EU’s statistics office Eurostat reported that industrial orders in the 16 countries that use the euro rose by 1.5 percent in October, double market expectations. Attention later will focus on the second estimate of U.S. economic growth in the third quarter — analysts are expecting a downward revision from the preliminary estimate of annualized growth of 3.5 percent after softer than anticipated trade and retail sales data. Elsewhere in Asia, Hong Kong’s Hang Seng index slid 348.25, or 1.5 percent, to 22,423.14 on weakness in Chinese financial stocks. Bank of China slumped 4 percent. Japan’s Nikkei 225 stock average dropped 96.10, or 1 percent, to a fresh four-month low of 9,401.58. South Korea’s Kospi dropped 0.8 percent to 1,606.42 and Australia’s S&P/ASX 200 index declined 0.7 percent to 4,685 on losses in banks and miners. Markets in Singapore and Thailand also fell. Oil slipped to near $77 a barrel amid mixed signs about crude demand. Benchmark crude for January delivery was down 40 cents to $77.16 a barrel. The contract rose 9 cents to settle at $77.56 on Monday. In currencies, the dollar fell 0.3 percent to 88.68 yen while the euro dropped 0.2 percent to $1.4941. AP Business Writer Stephen Wright in Bangkok contributed to this report. See the rest here: Banks weigh on world markets after China warning (AP)

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DUBLIN–(BUSINESS WIRE)– Research and Markets ( http://www.researchandmarkets.com/research/026a1f/analyzing_the_rene ) has announced the addition of the “ Analyzing the Renewable Energy Industry in Australia ” report to their offering. Renewable energy effectively uses natural resources such as sunlight, wind, rain, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, hydroelectricity/micro hydro, biomass and biofuels for transportation. In 2006, about 18% of global final energy consumption came from renewables, with 13% coming from traditional biomass, like wood-burning. Hydropower was the next largest renewable source, providing three percent, followed by hot water/heating which contributed 1.3%. Modern technologies, such as geothermal, wind, solar, and ocean energy together provided some 0.8% of final energy consumption. The technical potential for their use is very large, exceeding all other readily available sources. Renewable energy technologies are sometimes criticized for being unreliable or unsightly, yet the market is growing for many forms of renewable energy. Wind power has a worldwide installed capacity of 74,223 MW and is widely used in several European countries and the USA. The manufacturing output of the photovoltaics industry reached more than 2,000 MW per year in 2006, and PV power plants are particularly popular in Germany. Renewable energy is an essential part of Australia’s low emissions energy mix and is important to Australia’s energy security. It plays a strong role in reducing Australia’s greenhouse gas emissions and helping Australia stay on track to meet its Kyoto target and beyond. Australian Government support for renewable energy assists industry development, reduces barriers to the national electricity market, and provides community access to renewable energy. This report gives an in-depth analysis of the Australian renewable energy industry. In its research report – Analyzing the renewable Energy Industry in Australia – Aruvian takes a look at this superbly charged industry which is growing at a breakneck speed in Australia. Starting off with a basic overview of the global energy industry, research by Aruvian focuses on the global renewable energy industry. A market profile, global market capacity, market-wise analysis, GHG emissions, challenges facing the development of the renewable energy market worldwide is all analyzed in this section. Following on from this, a section is dedicated to analyzing the global policies which have been essential in promoting the development of renewable energy in the world. Policies analyzed in this section include the US Public Utility Regulatory Policies Act (PURPA) of 1978, policies related to cost reduction, renewable energy certificates, transportation of biofuels, amongst others. Case studies from the global renewable energy industry focus on the market developments in China, India, the Philippines, Malaysia, Thailand, Denmark, and Japan. Research then moves on to an analysis of the Australian energy sector, following on to the actual analysis of the Australian renewable energy industry. From here onwards, this highly comprehensive research report includes data on the following (among others): Market structure of the Australian Renewable Energy Industry Current government policies shaping the Australian Renewable Energy Industry such as the MRET, the PVRP, the REEF, etc. Importance of Australia’s Renewable Energy Industry is looked at in details. A market-wise analysis of the various renewable sectors in Australia including hydroelectricity, wind energy, solar PV, solar concentrators, tidal & wave energy, geothermal energy, bioenergy, nuclear power, clean coal and natural gas technologies. A section is dedicated to analyzing GHG Emissions in Australia, and the role of the Emissions Phase Path. Cost analysis of renewable energy in Australia has been carried out in a sector-wise format. Australia’s renewable energy certificate system has been analyzed. Special market analysis includes an analysis of wind power and solar power in Australia. Major wind farms and solar power projects have been researched upon. Analysis of renewable energy market developments has been carried out for the major states of Australia, namely Victoria, Tasmania, New South Wales, Queensland, and Western Australia. A comprehensive future perspective sums up the developments in the Australian renewable energy industry With an analysis of 38 industry players, this report is an all-encompassing knowledge bank on the Australian Renewable Energy Industry. Key Topics Covered: Executive Summary A Look at the Global Energy Industry Industry Profile Global Energy Consumption Global Petroleum Markets Global Natural Gas Markets Global Electricity Markets Global Coal Market Industry Outlook A Look at the Global Renewable Energy Industry Introduction & Market Profile Global Market Capacity Wind Energy Market Analysis Solar PV Market Analysis Global Solar Water Heaters Market Analysis Small & Large-Scale Hydroelectricity Need for Stability in GHG Emissions Common Barriers to Renewable Energy Analyzing the Global Policies Promoting Development of Renewable Energy US Public Utility Regulatory Policies Act (PURPA) of 1978 Electricity Feed-In Laws Competitively Bid Renewable Resource Obligations Renewable Energy Portfolio Standards (RPS) Renewable Energy Certificates Cost Reduction Policies Public Benefit Funds Market Infrastructure Policies Net Metering Transport Biofuels Policies Emissions Trading Policies Renewable Energy Targets Global Renewable Energy Industry Case Studies Renewable Energy in China Renewable Energy in India Renewable Energy in the Philippines Renewable Energy in Malaysia Renewable Energy in Thailand Wind Energy in Denmark Solar Photovoltaic Manufacturing in Japan Introduction to the Australian Energy Sector Market Profile & Introduction Primary Energy Consumption by Sector Changing Fuel Consumption Patterns Snapshot of Australia’s Renewable Energy Industries Australia’s Participation in the Kyoto Protocol Emerging Policies on Renewable Energy Impact on Business Analyzing the Australian Renewable Energy Industry Introduction Structure of Australia’s Renewable Energy Industry Historical Perspective of the Industry Present-Day Government Policies Outcomes & Future Results of Government Policies How will the Government Policies Impact the Future for the Renewable Energy Industry Importance of the Australian Renewable Energy Industry Role of Renewables in Electricity Markets Contribution of the Renewable Energy Industry to the Economy Role in the Generation Sector Role in the Manufacturing Sector The Future of Renewable Energy Manufacturing in Australia Role in the Services Sector Investment in the Renewable Energy Industry Analyzing the Various Renewable Energy Markets in Australia Hydroelectricity Wind Energy Solar Photovoltaics Solar Concentrators Tidal and Wave Energy Geothermal Energy Bioenergy Nuclear Energy Clean Coal & Natural Gas Technologies Focus on GHG Emissions in Australia Australia’s GHG Emissions – Emissions Phase Path Dealing with GHG Emissions Analyzing the Cost of Renewable Energy in Australia Looking at the Renewable Energy Projects Database Estimating Cost Reduction Opportunities Cost Estimates for All Technologies Total Cost Envelope Regulatory Framework Analyzing Australia’s Renewable Energy Certificate System Introduction & History Objectives of the Renewable Energy (Electricity) Act Understanding the Legal Framework Trading Renewable Energy Certificates Analyzing the Act’s Operational Period Trading in the Market Conclusion Analyzing Wind Power in Australia Market Profile Looking at Installed & Proposed Capacity by State Efficiency Analysis of Wind Turbines in Australia Competitiveness of Wind Power Environmental Impact Analyzing the Politics Impacting Wind Power Wind Power & Electricity Grids Challenges & Limitations of Wind Power in Australia Analyzing Wind Power in South Australia Market Profile Historical Background Technical Consideration for South Australian Wind Farms Future of the Industry Analyzing the Major Wind Farms in Australia Albany Wind Farm, Western Australia Alinta Wind Farm, Western Australia Bald Hills Wind Farm Blayney Wind Farm, New South Wales Canunda Wind Farm, South Australia Cathedral Rocks Wind Farm, South Australia Challicum Hills Wind Farm, Victoria Codrington Wind Farm, Victoria Crookwell Wind Farm, New South Wales Emu Downs Wind Farm, Western Australia Hampton Wind Park, New South Wales Huxley Hill Wind Farm, Tasmania Mount Millar Wind Farm, South Australia Starfish Hill Wind Farm, South Australia Ten Mile Lagoon Wind Farm, Western Australia Toora Wind Farm, Victoria Wattle Point Wind Farm, South Australia Windy Hill Wind Farm, Queensland Wonthaggi Wind Farm, Victoria Woolnorth Wind Farm, Tasmania Analyzing Solar Power in Australia Market Profile Projects by State Major Solar Power Plants Case Studies Analyzing Renewable Energy Market Developments in Victoria Analyzing Renewable Energy Market Developments in Tasmania Analyzing Renewable Energy Market Developments in New South Wales Analyzing Renewable Energy Market Developments in Queensland Analyzing Renewable Energy Market Developments in Western Australia Future Perspective for the Australian Renewable Energy Industry Outlook for the Domestic Market Outlook for Export Markets Leading Industry Contributors AGL Energy Limited Acciona Energy Alinta Alstom Australian Power & Water Babcock & Brown BP Power Burns & Roe Worle Conergy CSIRO CSR Delta Energy Energetech Energreen Winds Entech Eraring Energy Geodynamics Global Sustainable Energy Solutions Green Pacific Energy Hampton Wind Park Company Hydro Tasmania Keppel Prince Meridian Energy Pacific Hydro Renewable Power Ventures Roaring 40s Sinclair Knight Merz SMEC Snowy Hydro Stanwell Corporation Suzlon Energy Australia Pty. Ltd Tarong Energy Taurus Energy TrustPower URS Australia Vestas Western Power Corp Wind Prospect Appendix Glossary of Terms For more information visit http://www.researchandmarkets.com/research/026a1f/analyzing_the_rene Here is the original post: Research and Markets: Analyzing the Renewable Energy Industry in Australia (Business Wire)

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Research and Markets: Analyzing the Renewable Energy Industry in Australia (Business Wire)

MOSCOW and NEW YORK, Nov. 24 /PRNewswire-FirstCall/ – Open Joint Stock Company “Vimpel-Communications” (”VimpelCom” or the “Company”) (NYSE: VIP – News ), a leading international provider of telecommunications services operating in Russia, the Commonwealth of Independent States (CIS) and South-East Asia, today announced its financial and operating results for the quarter ended September 30, 2009. Third Quarter 2009 Highlights and Recent Developments Operational Mobile subscribers increased by 1.7 million versus 2Q09, reaching 65.4 million Successful launch of operations in Vietnam under Beeline brand Agreement signed to enter Laos mobile market 3G presence in all regions of Russia as of November 21, 2009 Financial Net operating revenues reached 71.3 billion Russian rubles, an increase of 3.3% versus 2Q09 OIBDA reached a record 36.0 billion rubles, an increase of 2.9% versus 2Q09 Continued strong consolidated fixed and mobile OIBDA margin of 50.4% Net income attributable to VimpelCom amounted to 13.5 billion rubles Other Interim dividend payment of 190.13 rubles per common share proposed by the Board of Directors Major shareholders agreed to combine their stakes in VimpelCom and Kyivstar in a new company Commenting on the performance of the Company, Boris Nemsic, Chief Executive Officer of VimpelCom, said, “During the third quarter we continued to demonstrate growth in challenging market conditions and delivered a record 71.3 billion rubles in revenues and 36.0 billion rubles in OIBDA with a consolidated fixed and mobile OIBDA margin of 50.4%. We are particularly pleased with the OIBDA performance which demonstrates our ability to increase revenues and control costs in the new economic environment. The number of active mobile subscribers reached 65.4 million, which is 13% more than we had a year ago. We serve 1.9 million fixed and mobile broadband subscribers, which makes us one of the largest broadband providers in Russia and the CIS. Stable operational cash flow strengthened our financial position. As of today, we have repaid more than $2 billion dollars of our debt and fully funded capital expenditures. We continue to optimize our debt portfolio with the non-ruble portion of our debt decreasing to 76% of our total debt, compared with 85% at the beginning of the year. On October 5th, 2009, Altimo and Telenor agreed to combine their interests in VimpelCom and Kyivstar, paving the way for the creation of one of the largest telecom operators in the emerging markets. Management of VimpelCom welcomes this transaction and believes that the transaction, when completed, will bring benefits to our shareholders, employees and customers.” Key Consolidated Financial and Operating Results* CONSOLIDATED OPERATIONS* (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———————— —— —— —– —— —– Net operating revenues 71,338 68,933 3.5% 69,035 3.3% ———————- —— —— — —— — OIBDA 35,980 33,636 7.0% 34,958 2.9% —– —— —— — —— — OIBDA margin, % 50.4% 48.8% 50.6% ————— —- —- —- Operating income 22,299 21,568 3.4% 22,250 0.2% —————- —— —— — —— — Operating income margin, % 31.3% 31.3% 32.2% ————————– —- —- —- SG&A 18,760 18,167 3.3% 18,458 1.6% —- —— —— — —— — including Sales & Marketing Expenses 5,766 5,867 -1.7% 5,414 6.5% ——————- —– —– —- —– — including General & Administrative Costs 12,994 12,300 5.6% 13,044 -0.4% ——————— —— —— — —— —- SG&A percentage 26.3% 26.4% 26.7% ————— —- —- —- Net income attributable to VimpelCom 13,513 6,513 107.5% 22,599 -40.2% ————————– —— —– —– —— —– Net income attributable to VimpelCom per common share, basic (RUR) 266.83 128.68 446.43 ————————– —— —— —— Net income attributable to VimpelCom per ADS equivalent, basic (RUR) 13.34 6.43 22.32 ————————– —– —- —– Capital expenditures 3,842 16,799 -77.1% 5,027 -23.6% ——————– —– —— —– —– —– Mobile subscribers (’000) 65,358 57,758 13.2% 63,676 2.6% ————————- —— —— —- —— — Broadband subscribers*) (’000) 1,930 785 145.9% 1,739 11.0% ———————– —– — —– —– —- * See definitions in Attachment A. Y-o-y stands for 3Q09 vs. 3Q08 comparison while q-o-q stands for 3Q09 vs. 2Q09. Net operating revenues 3Q ‘09* Russia CIS SEA Eliminations Total (RUR, millions) —— — — ———— —– ————— Mobile business 51,502 9,221 74 -138 60,659 ————— —— —– — —- —— Fixed business 13,583 2,167 0 -608 15,142 ————– —— —– — —- —— Eliminations -3,874 -312 0 -277 -4,463 ———— —— —- — —- —— Total net operating revenue 61,211 11,076 74 -1,023 71,338 ————————— —— —— — —— —— * Due to the increasing integration between different parts of our business, we include inter-company transactions in the reported revenues of geographic and business segments and indicate the amount of inter-company eliminations within and between the segments. The quarterly net operating revenues increased by 3.5% year-on-year and 3.3% as compared with the previous quarter demonstrating the strength of our core business. Continued focus on operational efficiency helped us to maintain a strong consolidated fixed and mobile OIBDA margin of 50.4%. We continue to maintain solid operational cash flow, which provides a basis for further investment in the development of our business. We invested 3.8 billion rubles during the third quarter of 2009. Taking into consideration the further strengthening of the Russian ruble, we have recalculated our CAPEX guidance for 2009 and expect CAPEX to be in the range of 10%-12% of our 2009 annual revenue. During the third quarter we repaid $690 million of debt. Our net debt continued to decline from $6.3 billion at the end of the second quarter down to $5.5 billion at the end of the third quarter. Our quarterly net income attributable to VimpelCom amounted to 13.5 billion rubles, including a modest 0.7 billion ruble net foreign exchange gain due to the strengthening of the ruble. Russia – Financial and Operating Results RUSSIA (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———————- —— —— —– —— —– Net operating revenues 61,211 58,816 4.1% 59,136 3.5% ———————- —— —— — —— — OIBDA 30,951 29,457 5.1% 30,279 2.2% —– —— —— — —— — OIBDA margin, % 50.6% 50.1% 51.2% ————— —- —- —- Operating income 20,724 20,112 3.0% 20,574 0.7% —————- —— —— — —— — Operating income margin, % 33.9% 34.2% 34.8% ———————— —- —- —- SG&A 15,644 15,191 3.0% 15,417 1.5% —- —— —— — —— — including Sales & Marketing Expenses 4,940 4,918 0.4% 4,726 4.5% ——————- —– —– — —– — including General & Administrative Costs 10,704 10,273 4.2% 10,691 0.1% ——————— —— —— — —— — SG&A percentage 25.6% 25.8% 26.1% ————— —- —- —- Net income attributable to VimpelCom 13,754 6,274 119.2% 21,835 -37.0% ———————– —— —– —– —— —– Our quarterly net operating revenues in Russia amounted to 61.2 billion rubles, growing 3.5% quarter-on-quarter. The quarterly net operating revenues in Russia grew 4.1% compared to the exceptionally strong third quarter of 2008, when we reported high revenues from roaming and handset sales. The total Russia fixed and mobile OIBDA increased 5.1% year-on-year and reached 30.9 billion rubles with a total fixed and mobile OIBDA margin of 50.6%. In the mobile segment our revenues increased by 4.2% quarter-on-quarter. Slight upward trends in usage coupled with a seasonal increase from roaming led to an increase in ARPU of 2.8%. Our fixed-line revenues increased by 4.4% quarter-on-quarter. A seasonal decline in the usage by business customers during the summer months was offset by increasing wholesale revenues, which grew by 13.3% quarter-on-quarter. The fixed-line OIBDA margin decreased quarter-on-quarter from 29.6% to 26.4%. As a result the quarterly fixed-line revenues were also impacted by the appreciation of the Russian ruble as part of our contracts in the business segment are denominated in US dollars and Euro. In the third quarter of 2009 the total number of residential broadband subscribers in Russia, including FTTB and mobile broadband, reached 1.8 million, a 140% increase year-on-year and a 10% increase quarter-on-quarter. RUSSIA REVENUES (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ——————————- —— —— —– —— —– Net operating revenues 61,211 58,816 4.1% 59,136 3.5% ———————- —— —— — —— — Mobile revenues 51,502 49,401 4.3% 49,410 4.2% ————— —— —— — —— — Fixed revenues 13,583 10,789 25.9% 13,007 4.4% ————– —— —— —- —— — Eliminations -3,874 -1,374 -3,281 ———— —— —— —— RUSSIA OIBDA DEVELOPMENT*) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q (RUR, millions) —— —— —– —— —– ————— OIBDA Total 30,951 29,457 5.1% 30,279 2.2% ———– —— —— — —— — Mobile OIBDA 27,360 26,772 2.2% 26,427 3.5% ———— —— —— — —— — Fixed OIBDA 3,591 2,685 33.7% 3,852 -6.8% ———– —– —– —- —– —- Total OIBDA margin, % 50.6% 50.1% 51.2% ——————— —- —- —- Mobile OIBDA margin, % 53.1% 54.2% 53.5% ———————- —- —- —- Fixed OIBDA margin, % 26.4% 24.9% 29.6% ——————— —- —- —- RUSSIA OPERATING DEVELOPMENT 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q —————————- —— —— —– —— —– Mobile subscribers (’000)**) 51,028 45,093 13.2% 49,971 2.1% —————————- —— —— —- —— — MOU, min 213.6 228.5 -6.5% 211.8 0.8% ——– —– —– —- —– — ARPU mobile, (RUR) 331.4 368.2 -10.0% 322.5 2.8% —————— —– —– —– —– — Broadband subscribers (’000) 1,833 764 139.9% 1,659 10.5% —————————- —– — —– —– —- * Please find information on respective operating income amounts in the supplementary file FinancialOperatingQ32009.xls on our website at http://www.vimpelcom.com/news/qrep.wbp . ** Starting with this quarterly report, we no longer provide information on subscriber market share. This is because different churn policies used by mobile service providers result in reported subscriber market share figures that could be misleading. CIS – Financial and Operating Results CIS OPERATIONS (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ——————– —— —— —– —— —– Net operating revenues 11,076 10,663 3.9% 10,668 3.8% ———————- —— —— — —— — OIBDA 5,322 4,232 25.8% 4,908 8.4% —– —– —– —- —– — OIBDA margin, % 48.0% 39.7% 46.0% ————— —- —- —- Operating income 2,056 1,509 36.2% 1,929 6.6% —————- —– —– —- —– — Operating income margin, % 18.6% 14.2% 18.1% ———————— —- —- —- SG&A 2,851 2,945 -3.2% 2,844 0.2% —- —– —– —- —– — including Sales & Marketing Expenses 748 949 -21.2% 633 18.2% ——————- — — —– — —- including General & Administrative Costs 2,103 1,996 5.4% 2,211 -4.9% ——————— —– —– — —– —- SG&A percentage 25.7% 27.6% 26.7% ————— —- —- —- Net income attributable to VimpelCom 86 323 -73.4% 841 -89.8% ———————– — — —– — —– Mobile subscribers (’000) 14,235 12,665 12.4% 13,626 4.5% ————————- —— —— —- —— — Broadband subscribers (’000) 97 21 361.9% 80 21.3% ——————— — — —– — —- The total quarterly revenues from the CIS markets increased year-on-year by 3.9% to 11.1 billion rubles. Our continued focus on cost control increased consolidated OIBDA margin for the CIS segment by 2 percentage points to a record high of 48.0%, a remarkable achievement in challenging market conditions. In the third quarter of 2009, we observed a good increase in subscriber numbers across all markets where we operate. Our subscriber base in the CIS reached 14.2 million active users, 12.4% more than a year ago. Net income attributable to VimpelCom in the CIS segment reached 86 million rubles in the third quarter, with a modest impact from the foreign exchange gain as compared with the second quarter of 2009. CIS Revenues Development KAZAKHSTAN (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ————————– —— —— —– —— —– Net operating revenues 5,387 4,815 11.9% 5,061 6.4% ———————- —– —– —- —– — Mobile 5,311 4,750 11.8% 4,988 6.5% —— —– —– —- —– — Fixed 211 146 44.5% 190 11.1% —– — — —- — —- Elimination -135 -81 -117 ———– —- — —- Net operating revenues (KZT, millions) 25,928 23,830 8.8% 23,679 9.5% —————————- —— —— — —— — UKRAINE (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———————– —— —— —– —— —– Net operating revenues 1,773 2,283 -22.3% 1,645 7.8% ———————- —– —– —– —– — Mobile 1,066 1,653 -35.5% 956 11.5% —— —– —– —– — —- Fixed 879 787 11.7% 800 9.9% —– — — —- — — Elimination -172 -157 -111 ———– —- —- —- Net operating revenues (UAH, millions) 442 456 -3.1% 390 13.3% —————————- — — —- — —- ARMENIA (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———————– —— —— —– —— —– Net operating revenues 1,611 1,667 -3.4% 1,584 1.7% ———————- —– —– —- —– — Mobile 637 764 -16.6% 634 0.5% —— — — —– — — Fixed 974 903 7.9% 950 2.5% —– — — — — — Elimination 0 0 0 ———– — — — Net operating revenues (AMD, millions) 19,167 20,786 -7.8% 18,253 5.0% —————————- —— —— —- —— — UZBEKISTAN (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ————————– —— —— —– —— —– Net operating revenues 1,568 1,416 10.7% 1,693 -7.4% ———————- —– —– —- —– —- Mobile 1,467 1,345 9.1% 1,594 -8.0% —— —– —– — —– —- Fixed 103 71 45.1% 100 3.0% —– — — —- — — Elimination -2 0 -1 ———– — — — Net operating revenues (US$, millions) 50 58 -13.8% 53 -5.7% —————————- — — —– — —- TAJIKISTAN (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ————————– —— —— —– —— —– Mobile net operating revenues 468 358 30.7% 461 1.5% —————————– — — —- — — Mobile net operating revenues (US$, millions) 14.9 14.8 0.7% 13.7 8.8% —————————– —- —- — —- — GEORGIA (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———————– —— —— —– —— —– Mobile net operating revenues 279 131 113.0% 229 21.8% —————————– — — —– — —- Mobile net operating revenues (GEL, millions) 14.9 7.6 96.1% 11.8 26.3% —————————– —- — —- —- —- CIS (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ——————- —— —— —– —— —– Net operating revenues 11,076 10,663 3.9% 10,668 3.8% ———————- —— —— — —— — Mobile 9,221 8,999 2.5% 8,859 4.1% —— —– —– — —– — Fixed 2,167 1,907 13.6% 2,040 6.2% —– —– —– —- —– — Elimination -312 -243 -231 ———– —- —- —- CIS OIBDA Development* KAZAKHSTAN (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ————————– —— —— —– —— —– OIBDA total 3,187 2,573 23.9% 2,745 16.1% ———– —– —– —- —– —- Mobile 3,064 2,495 22.8% 2,643 15.9% —— —– —– —- —– —- Fixed 123 78 57.7% 102 20.6% —– — — —- — —- OIBDA margin, % 59.2% 53.4% 54.2% ————— —- —- —- UKRAINE (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———————– —— —— —– —— —– OIBDA total 380 -40 n/a 322 18.0% ———– — — — — —- Mobile 140 -215 n/a 82 70.7% —— — —- — — —- Fixed 240 175 37.1% 240 0.0% —– — — —- — — OIBDA margin, % 21.4% n/a 19.6% ————— —- — —- ARMENIA (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———————– —— —— —– —— —– OIBDA total 825 813 1.5% 799 3.3% ———– — — — — — Mobile 306 337 -9.2% 298 2.7% —— — — —- — — Fixed 519 476 9.0% 501 3.6% —– — — — — — OIBDA margin, % 51.2% 48.8% 50.4% ————— —- —- —- UZBEKISTAN (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ————————– —— —— —– —— —– OIBDA total 738 798 -7.5% 865 -14.7% ———– — — —- — —– Mobile 696 774 -10.1% 825 -15.6% —— — — —– — —– Fixed 42 24 75.0% 40 5.0% —– — — —- — — OIBDA margin, % 47.1% 56.4% 51.1% ————— —- —- —- TAJIKISTAN (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ————————– —— —— —– —— —– Mobile OIBDA 162 115 40.9% 173 -6.4% ———— — — —- — —- Mobile OIBDA margin, % 34.6% 32.1% 37.5% ———————- —- —- —- GEORGIA (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———————– —— —— —– —— —– Mobile OIBDA 30 -27 n/a 4 650.0% ———— — — — — —– Mobile OIBDA margin, % 10.8% n/a 1.7% ———————- —- — — CIS (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ——————- —— —— —– —— —– OIBDA total 5,322 4,232 25.8% 4,908 8.4% ———– —– —– —- —– — Mobile 4,398 3,479 26.4% 4,025 9.3% —— —– —– —- —– — Fixed 924 753 22.7% 883 4.6% —– — — —- — — OIBDA margin, % 48.0% 39.7% 46.0% ————— —- —- —- * Please find information on respective operating income amounts in the supplementary file FinancialOperatingQ32009.xls on our website at http://www.vimpelcom.com/news/qrep.wbp. CIS Operating Highlights KAZAKHSTAN 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———- —— —— —– —— —– Mobile subscribers*) (’000) 6,835 5,614 21.7% 6,635 3.0% ————————— —– —– —- —– — MOU, min 98.1 108.1 -9.3% 90.7 8.2% ——– —- —– —- —- — ARPU mobile, (RUR) 257.9 294.1 -12.3% 253.6 1.7% —————— —– —– —– —– — ARPU mobile, (KZT) 1,240.7 1,455.4 -14.8% 1,187.1 4.5% —————— ——- ——- —– ——- — Broadband subscribers (’000) 0.3 n/a 0.3 0.0% —————————- — — — — UKRAINE 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ——- —— —— —– —— —– Mobile subscribers*) (’000) 2,199 2,403 -8.5% 1,934 13.7% ————————— —– —– —- —– —- MOU, min 203.7 261.5 -22.1% 217.8 -6.5% ——– —– —– —– —– —- ARPU mobile, (RUR) 168.3 234.9 -28.4% 166.8 0.9% —————— —– —– —– —– — ARPU mobile, (UAH) 42.0 47.4 -11.4% 39.7 5.8% —————— —- —- —– —- — Broadband subscribers (’000) 70 16 337.5% 53 32.1% —————————- — — —– — —- ARMENIA 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ——- —— —— —– —— —– Mobile subscribers*) (’000) 502 784 -36.0% 486 3.3% ————————— — — —– — — MOU, min 269.0 139.9 92.3% 238.4 12.8% ——– —– —– —- —– —- ARPU mobile, (RUR) 429.7 336.9 27.5% 436.9 -1.6% —————— —– —– —- —– —- ARPU mobile, (AMD) 5,117.2 4,200.1 21.8% 5,034.7 1.6% —————— ——- ——- —- ——- — Broadband subscribers (’000) 18.1 5.4 235.2% 19.2 -5.7% —————————- —- — —– —- —- UZBEKISTAN 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———- —— —— —– —— —– Mobile subscribers*) (’000) 3,652 3,148 16.0% 3,605 1.3% ————————— —– —– —- —– — MOU, min 409.3 298.5 37.1% 225.6 81.4% ——– —– —– —- —– —- ARPU mobile, (RUR) 140.7 157.5 -10.7% 150.6 -6.6% —————— —– —– —– —– —- ARPU mobile, (US$) 4.5 6.5 -30.8% 4.7 -4.3% —————— — — —– — —- Broadband subscribers (’000) 8.3 n/a 7.6 9.2% —————————- — — — — TAJIKISTAN 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———- —— —— —– —— —– Mobile subscribers*) (’000) 706 527 34.0% 677 4.3% ————————— — — —- — — MOU, min 173.3 255.9 -32.3% 173.1 0.1% ——– —– —– —– —– — ARPU mobile, (RUR) 224.1 250.7 -10.6% 221.6 1.1% —————— —– —– —– —– — ARPU mobile, (US$) 7.2 10.4 -30.8% 6.9 4.3% —————— — —- —– — — GEORGIA 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ——- —— —— —– —— —– Mobile subscribers*) (’000) 341 189 80.4% 289 18.0% ————————— — — —- — —- MOU, min 129.3 109.8 17.8% 123.1 5.0% ——– —– —– —- —– — ARPU mobile, (RUR) 288.5 238.9 20.8% 283.6 1.7% —————— —– —– —- —– — ARPU mobile, (GEL) 15.4 14.0 10.0% 14.5 6.2% —————— —- —- —- —- — * Starting with this quarterly report, we no longer provide information on subscriber market share. This is because different churn policies used by mobile service providers result in reported subscriber market share figures that could be misleading. South-East Asia Cambodian operations have been actively developing since our launch in May 2009. As of the third quarter of 2009, our services are available in the 17 largest provinces reaching 42% of the country’s population. By the end of 2009, we plan to expand coverage to reach more than two thirds of the country’s population. According to the latest independent research Beeline brand awareness was ranked third among 9 mobile operators in Cambodia with brand awareness at 62% on a country-wide level and 98% in the capital. Two months after the network launch in Vietnam, our networks cover the capital and the two largest cities as well as the 8 most populated provinces. By the end of January 2010, we plan to cover more than 40 provinces of Vietnam with a population of about 41 million. Our distribution network in Vietnam was extended to more than 10,000 points of sales including traditional retail outlets and new channels like Branded Trade Counters. According to the latest independent research, in the three largest cities of Vietnam the Beeline brand has reached 80% awareness level among the 15-65 year-old audience. SEA*) (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ——————— —— —— —– —— —– Net operating revenues 74 0 n/a 28 164.3% ———————- — — — — —– OIBDA total -234 -4 n/a -174 n/a ———– —- — — —- — *) See definitions in Attachment A. For more information on financial and operating data for specific countries, please refer to the supplementary file FinancialOperatingQ32009.xls on our website at http://www.vimpelcom.com/news/qrep.wbp. The Company’s management will discuss its third quarter 2009 results during a conference call and slide presentation on November 24, 2009 at 6:30 pm Moscow time (10:30 am US ET). The call and slide presentation may be accessed via webcast at the following URL address http://www.vimpelcom.com . The conference call replay will be available through December 1, 2009. The slide presentation webcast will also be available for download on VimpelCom’s website http://www.vimpelcom.com . The VimpelCom Group consists of telecommunications operators providing voice and data services through a range of mobile, fixed and broadband technologies. The Group includes companies operating in Russia, Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Georgia, Armenia, as well as Vietnam and Cambodia, in territories with a total population of about 340 million. VimpelCom was the first Russian company to list its shares on the New York Stock Exchange (”NYSE”). VimpelCom’s ADSs are listed on the NYSE under the symbol “VIP”. This press release contains “forward-looking statements”, as the phrase is defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements relate to the proposed combination with Kyivstar and its benefits, the Company’s 2009 capital expenditures and the Company’s development plans in Cambodia and Vietnam. These and other forward-looking statements are based on management’s best assessment of the Company’s strategic and financial position and of future market conditions and trends. These discussions involve risks and uncertainties. The actual outcome may differ materially from these statements as a result of continued volatility in the economies in the markets in which the Company operates, unforeseen developments from competition, governmental regulation of the telecommunications industries, general political uncertainties in the markets in which the Company operates and/or litigation with third parties. The actual outcome may also differ materially if the Company is unable to obtain all necessary corporate approvals relating to its business, if the Company is unable to successfully integrate newly-acquired businesses, including Golden Telecom, and other factors. There can be no assurance that such risks and uncertainties will not have a material adverse effect on the VimpelCom Group. Certain factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risks described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2008 and other public filings made by the Company with the United States Securities and Exchange Commission, which risk factors are incorporated herein by reference. VimpelCom disclaims any obligation to update developments of these risk factors or to announce publicly any revision to any of the forward-looking statements contained in this release, or to make corrections to reflect future events or developments. IMPORTANT NOTICE: The proposed exchange offer described in this communication has not yet commenced, and the description of the proposed exchange offer contained in this communication is not an offer to buy or the solicitation of an offer to sell securities. If the proposed exchange offer is commenced, the Company expects that VimpelCom Ltd. will file with the SEC a registration statement and other related materials with respect to the proposed exchange offer, and the Company will file with the SEC a solicitation/recommendation statement on Schedule 14D-9 with respect to the proposed exchange offer. Investors and shareholders are urged to read the registration statement and other related materials, the solicitation/recommendation statement on Schedule 14D-9 and any amendments, exhibits or other applicable documents regarding the proposed exchange offer if and when they become available because they will contain important information. Those materials will be made available to the Company’s shareholders at no expense to them. In addition, all of those materials (and all other exchange offer documents filed with the SEC) will be made available at no charge on the SEC’s website at www.sec.gov . – Definitions and tables are attached – Attachment A: Definitions Mobile subscribers are those subscribers in the registered subscriber base who were a party to a revenue generating activity in the past three months and remain in the base at the end of the reported period, except for the subscriber base in Cambodia which is calculated on a one month basis. Such activities include all incoming and outgoing calls, subscriber fee accruals, debits related to service, outgoing SMS, MMS, data transmission and receipt sessions, but do not include incoming SMS and MMS sent by our Company or abandoned calls. Total number of mobile subscribers also includes subscribers using mobile internet service via USB modems. Each ADS represents 0.05 of one share of common stock. This ratio was established effective August 21, 2007. ARPU (Monthly Average Revenue per User), a non-U.S. GAAP financial measure, is calculated by dividing the Company’s service revenue during the relevant period, including roaming revenue and interconnect revenue, but excluding revenue from connection fees, sales of handsets and accessories and other non-service revenue, by the average number of the Company’s subscribers during the period and dividing by the number of months in that period. The Company believes that ARPU provides useful information to investors because it is an indicator of the performance of the Company’s business operations and assists management in budgeting. The Company also believes that ARPU provides management with useful information concerning usage and acceptance of the Company’s services. ARPU should not be viewed in isolation or an alternative to other figures reported under U.S. GAAP. Broadband subscribers are those subscribers in the registered subscriber base who were a party to a revenue generating activity in the past three months. Such activities include monthly internet access using FTTB, xDSL and WiFi technologies as well as mobile internet service via USB modems. CIS Geographic Segment for the purpose of VimpelCom reporting includes our operations in the following countries: Kazakhstan, Ukraine, Uzbekistan, Tajikistan, Armenia and Georgia Fixed-line subscriber is an authorized user of fixed-line communications services. General and administrative costs (G&A) include salaries and outsourcing costs, including related social contributions required by Russian law; stock price-based compensation expenses; repair and maintenance expenses; rent, including lease payments for base station sites; utilities; other miscellaneous expenses, such as insurance, operating taxes, license fees, and accounting, audit and legal fees. Households passed are households located within buildings, in which indoor installation of all the FTTB equipment necessary to install terminal residential equipment has been completed. Mobile services are wireless voice and data transmission services excluding WiFi. MOU (Monthly Average Minutes of Use per User) is calculated by dividing the total number of minutes of usage for incoming and outgoing calls during the relevant period (excluding guest roamers) by the average number of mobile subscribers during the period and dividing by the number of months in that period. OIBDA is a non-U.S. GAAP financial measure. OIBDA, previously referred to as EBITDA by the Company, is defined as operating income before depreciation, amortization and impairment loss. The Company believes that OIBDA provides useful information to investors because it is an indicator of the strength and performance of our business operations, including our ability to finance capital expenditures, acquisitions and other investments and our ability to incur and service debt. While depreciation, amortization and impairment loss are considered operating costs under U.S. GAAP, these expenses primarily represent the non-cash current period allocation of costs associated with long-lived assets acquired or constructed in prior periods. Our OIBDA calculations are commonly used as bases for some investors, analysts and credit rating agencies to evaluate and compare the periodic and future operating performance and value of companies within the telecommunications industry. OIBDA should not be considered in isolation as an alternative to net income attributable to VimpelCom, operating income or any other measure of performance under U.S. GAAP. OIBDA does not include our need to replace our capital equipment over time. Reconciliation of OIBDA to operating income, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section. OIBDA margin is OIBDA expressed as a percentage of net operating revenues. Reconciliation of OIBDA margin to operating income as a percentage of net operating revenues, the most directly comparable U.S. GAAP financial measure, is presented below in the reconciliation tables section. Prepaid subscribers are those subscribers who pay for their services in advance. Roaming revenues include both revenues from VimpelCom customers who roam outside of home country network and revenues from other wireless carriers for roaming by their customers on VimpelCom’s network. Sales and marketing costs (S&M) include marketing, advertising and dealer commissions expenses. Take-up rate for the FTTB network is calculated by dividing the number of FTTB subscribers by the total number of households passed. VAS (value added services) includes short messages (”SMS”), multimedia messages (”MMS”), caller number identification, call waiting, data transmission, mobile Internet, downloadable content and other services. Capital expenditures (Capex) – purchases of new equipment, new construction, upgrades, software, other long lived assets and related reasonable costs incurred prior to intended use of the non current asset, accounted at the earliest event of advance payment or delivery. Long-lived assets acquired in business combinations are not included in capital expenditures. SEA – VimpelCom operations in South-East Asia, which include operations in Cambodia and VimpelCom’s respective equity in net results of operations of the Company’s Vietnamese associate GTEL-Mobile JSC (”GTEL-Mobile”). Net debt is calculated as the sum of short-term debt and long-term debt minus cash and cash equivalents. Attachment B: VimpelCom financial statements Open Joint Stock Company “Vimpel-Communications” Unaudited Condensed Consolidated Statements of Income Three months ended Nine months ended September 30, September 30, 2009 2008 2009 2008 —- —- —- —- (In millions of Russian rubles, except share (ADS) amounts) Operating revenues: Service revenues 70,359 67,913 204,047 180,516 Sales of equipment and accessories 863 949 2,885 1,054 Other revenues 173 123 475 317 — — — — Total operating revenues 71,395 68,985 207,407 181,887 Revenue based tax (57) (52) (191) (132) — — —- —- Net operating revenues 71,338 68,933 207,216 181,755 Operating expenses: Service costs 15,306 15,916 44,460 40,462 Cost of equipment and accessories 886 921 2,841 1,016 Selling, general and administrative expenses 18,760 18,167 55,424 49,265 Depreciation 11,452 9,687 32,355 27,445 Amortization 2,229 2,381 6,934 6,399 Provision for doubtful accounts 406 293 1,387 1,172 — — —– —– Total operating expenses 49,039 47,365 143,401 125,759 —— —— ——- ——- Operating income 22,299 21,568 63,815 55,996 Other income and expenses: Interest income 242 436 1,342 1,376 Net foreign exchange gain/ (loss) 693 (8,269) (12,304) (3,173) Interest expense (4,914) (3,439) (14,074) (8,220) Equity in net gain/(loss) of associates 152 65 (862) 65 Other (expenses)/ income, net (105) (181) (290) (438) —- —- —- —- Total other income and expenses (3,932) (11,388) (26,188) (10,390) —— ——- ——- ——- Income before income taxes and noncontrolling interest 18,367 10,180 37,627 45,606 Income tax expense 4,809 3,359 10,127 12,326 —– —– —— —— Net income 13,558 6,821 27,500 33,280 Net income/(loss) attributable to the noncontrolling interest 45 308 (98) 1,071 — — — —– Net income attributable to VimpelCom 13,513 6,513 27,598 32,209 ====== ===== ====== ====== Basic EPS: Net income attributable to VimpelCom per common share 266.83 128.68 545.11 634.94 ====== ====== ====== ====== Weighted average common shares outstanding (thousand) 50,643 50,615 50,628 50,728 Net income attributable to VimpelCom per ADS equivalent 13.34 6.43 27.26 31.75 ===== ==== ===== ===== Diluted EPS: Net income attributable to VimpelCom per common share 261.01 128.68 525.36 634.94 ====== ====== ====== ====== Weighted average diluted shares (thousand) 51,771 50,615 52,532 50,728 Net income attributable to VimpelCom per ADS equivalent 13.05 6.43 26.27 31.75 ===== ==== ===== ===== Open Joint Stock Company “Vimpel-Communications” Unaudited Condensed Consolidated Balance Sheets September December 30, 31, 2009 2008 —- —- (In millions of Russian rubles, except share amounts) Assets Current assets: Cash and cash equivalents 75,902 26,873 Trade accounts receivable, net of allowance for doubtful accounts 13,341 13,974 Inventory 2,461 4,191 Deferred income taxes 2,104 2,432 Input value added tax 3,994 5,349 Due from related parties 8,509 4,942 Other current assets 5,924 12,941 —– —— Total current assets 112,235 70,702 Property and equipment, net 168,407 188,778 Telecommunications licenses, net 17,862 22,470 Goodwill 98,930 102,148 Other intangible assets, net 21,996 25,935 Software, net 12,584 16,134 Investments in associates 13,801 14,501 Other assets 22,707 21,314 —— —— Total assets 468,522 461,982 ======= ======= Liabilities and equity Current liabilities: Accounts payable 15,198 26,409 Due to employees 3,343 3,108 Due to related parties 502 142 Accrued liabilities 11,646 8,484 Taxes payable 10,476 4,471 Customer advances, net of VAT 9,302 12,492 Customer deposits 824 868 Short-term debt 74,516 56,093 —— —— Total current liabilities 125,807 112,067 Deferred income taxes 16,453 18,934 Long-term debt 168,293 191,963 Other non-current liabilities 5,266 3,608 Commitments, contingencies and uncertainties – - Equity: Convertible voting preferred stock (.005 rubles nominal value per share), 10,000,000 shares authorized; 6,426,600 shares issued and outstanding – - Common stock (.005 rubles nominal value per share), 90,000,000 shares authorized; 51,281,022 shares issued (December 31, 2008: 51,281,022); 50,683,660 shares outstanding (December 31, 2008: 50,617,408) 3 3 Additional paid-in capital 42,688 42,624 Retained earnings 115,194 87,599 Accumulated other comprehensive (loss)/income (5,105) 3,992 Treasury stock, at cost, 597,362 shares of common stock (December 31, 2008: 663,614) (5,692) (5,983) —— —— Total VimpelCom shareholders’ equity 147,088 128,235 Noncontrolling interest 5,615 7,175 —– —– Total equity 152,703 135,410 ——- ——- Total liabilities and equity 468,522 461,982 ======= ======= Open Joint Stock Company “Vimpel-Communications” Unaudited Condensed Consolidated Statements of Cash Flows Nine months ended September 30, 2009 2008 —- —- (In millions of Russian rubles) Operating activities Net cash provided by operating activities 88,998 62,117 Investing activities Purchases of property and equipment (15,699) (33,206) Purchases of intangible assets (435) (1,747) Purchases of software (4,180) (5,093) Acquisition of subsidiaries, net of cash acquired – (100,348) Late payment for investment in associate (389) – Exercise of escrow cash deposit – 4,856 Loan granted – (8,491) Short-term deposits – (2,368) Purchases of other assets, net (958) (1,578) —- —— Net cash used in investing activities (21,661) (147,975) Financing activities Proceeds from bank and other loans 38,920 130,718 Proceeds from sale of treasury stock – 608 Repayments of bank and other loans (54,817) (10,227) Payments of fees in respect of debt issues (1,671) (1,322) Net proceeds from employee stock options 171 – Purchase of noncontrolling interest in consolidated subsidiaries (14) (23,462) Payment of dividends to noncontrolling party (23) (14,240) Purchase of treasury stock – (2,751) — —— Net cash (used in)/provided by financing activities (17,434) 79,324 Effect of exchange rate changes on cash and cash equivalents (875) 259 —- — Net increase/(decrease) in cash and cash equivalents 49,029 (6,275) Cash and cash equivalents at beginning of period 26,873 24,637 —— —— Cash and cash equivalents at end of period 75,902 18,362 ====== ====== Supplemental cash flow information Cash paid during the period: Income tax 8,917 12,603 Interest 9,335 4,905 Non-cash activities: Equipment acquired under financing agreements 6 1,448 Accounts payable for equipment and other long-lived assets 3,856 7,495 Acquisitions : Fair value of assets acquired – 64,159 Fair value of noncontrolling interest acquired – 4,968 Difference between the amount paid and the fair value of net assets acquired – 85,062 Consideration for the acquisition of subsidiaries – (129,430) — ——– Change in fair value of liabilities assumed – 24,759 === ====== Attachment C: Reconciliation Tables (Unaudited) Reconciliation of Consolidated OIBDA (In millions of Russian rubles) OIBDA Consolidated Total 3Q ‘09 3Q ‘08 2Q ‘09 ———————— —— —— —— OIBDA 35,980 33,636 34,958 —– —— —— —— Depreciation (11,452) (9,687) (10,451) ———— ——- —— ——- Amortization (2,229) (2,381) (2,257) ———— —— —— —— Operating income 22,299 21,568 22,250 —————- —— —— —— Reconciliation of OIBDA Margin OIBDA Margin Consolidated Total 3Q ‘09 3Q ‘08 2Q ‘09 ——————————- —— —— —— OIBDA margin 50.4% 48.8% 50.6% ———— —- —- —- Less: Depreciation as a percentage of net operating revenues (16.0%) (14.0%) (15.1%) ———————————- ——- ——- ——- Less: Amortization as a percentage of net operating revenues (3.1%) (3.5%) (3.3%) ———————————- —— —— —— Operating income as a percentage of net operating revenues 31.3% 31.3% 32.2% ———————————– —- —- —- Attachment D: Capex Development CAPEX (RUR, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ——————— —— —— —– —— —– Total capex 3,842 16,799 -77.1% 5,027 -23.6% ———– —– —— —– —– —– Russia 2,827 12,224 -76.9% 3,440 -17.8% —— —– —— —– —– —– CIS 756 4,527 -83.3% 817 -7.5% — — —– —– — —- Kazakhstan 310 1,868 -83.4% 376 -17.6% ———- — —– —– — —– Ukraine 95 1,137 -91.6% 95 0.0% ——- — —– —– — — Armenia 48 462 -89.6% 12 300.0% ——- — — —– — —– Uzbekistan 207 688 -69.9% 241 -14.1% ———- — — —– — —– Tajikistan 16 156 -89.7% 24 -33.3% ———- — — —– — —– Georgia 80 216 -63.0% 69 15.9% ——- — — —– — —- SEA 258 9 2767% 761 -66.1% — — — —- — —– Attachment E: Key Financial Results in US Dollars (Convenience Translation) CONSOLIDATED OPERATIONS (US$, millions) 3Q ‘09 3Q ‘08 y-o-y 2Q ‘09 q-o-q ———————– —— —— —– —— —– Net operating revenues 2,277 2,843 -19.9% 2,143 6.3% ———————- —– —– —– —– — OIBDA 1,149 1,388 -17.2% 1,085 5.9% —– —– —– —– —– — OIBDA margin, % 50.5% 48.8% 50.6% ————— —- —- —- Operating income 712 890 -20.0% 691 3.0% —————- — — —– — — Operating income margin, % 31.3% 31.3% 32.2% ———————— —- —- —- SG&A 599 749 -20.0% 573 4.5% —- — — —– — — including Sales & Marketing Expenses 184 242 -24.0% 168 9.5% ——————- — — —– — — including General & Administrative Costs 415 507 -18.1% 405 2.5% ——————— — — —– — — SG&A percentage 26.3% 26.3% 26.7% ————— —- —- —- Net income attributable to VimpelCom 431 269 60.2% 702 -38.6% ———————– — — —- — —– Net income attributable to VimpelCom per common share, basic (US$) 8.52 5.31 13.86 ———————— —- —- —– Net income attributable to VimpelCom per ADS equivalent, basic (US$) 0.43 0.27 0.69 ———————— —- —- —- Capital expenditures 123 692.9 -82.2% 156.0 -21.2% ——————– — —– —– —– —– Attachment F: Average Rates of Functional Currencies to Ruble* Functional Currency/ 1 RUR 1Q ‘08 2Q ‘08 3Q ‘08 4Q ‘08 1Q ‘09 2Q ‘09 3Q ‘09 ————— —— —— —— —— —— —— —— Kazakhstan KZT 4.9690 5.1038 4.9540 4.4077 4.0948 4.6771 4.8200 ———- — —— —— —— —— —— —— —— Ukraine UAH 0.2081 0.2101 0.2003 0.2274 0.2281 0.2376 0.2496 ——- — —— —— —— —— —— —— —— Tajikistan USD 0.0412 0.0423 0.0412 0.0367 0.0295 0.0311 0.0319 ———- — —— —— —— —— —— —— —— Uzbekistan USD 0.0412 0.0423 0.0412 0.0367 0.0295 0.0311 0.0319 ———- — —— —— —— —— —— —— —— Armenia AMD 12.6926 13.0012 12.4664 11.2309 9.6090 11.5227 11.9095 ——- — ——- ——- ——- ——- —— ——- ——- Georgia GEL 0.0641 0.0612 0.0582 0.0568 0.0495 0.0515 0.0535 ——- — —— —— —— —— —— —— —— Cambodia USD 0.0311 0.0319 ——– — —— —— * Functional currencies in Tajikistan, Uzbekistan and Cambodia are US dollars. See the rest here: VimpelCom Announces Third Quarter 2009 Financial and Operating Results (PR Newswire)

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VimpelCom Announces Third Quarter 2009 Financial and Operating Results (PR Newswire)

BRUSSELS (AP) — European Union antitrust regulators on Tuesday dropped a two-year monopoly abuse probe into wireless chip maker Qualcomm Inc., saying they have to focus their priorities elsewhere. The European Commission said the companies that had complained about the royalty fees San Diego-based Qualcomm charged for key third-generation cell phone patents are now withdrawing their allegations. Broadcom Corp., NEC Corp., Nokia Corp., LM Ericsson, Panasonic Mobile Communications and Texas Instruments Inc. had claimed that Qualcomm broke agreements among patent holders to keep costs at reasonable levels. The EU’s executive said it was still concerned about how technology was priced after it was adopted as an industry standard but could not commit the time or resources to “complex” assessments. “Any antitrust enforcer has to be careful about overturning commercial agreements,” it said in a statement. “The commission does not consider it appropriate to invest further resources in this case.” Read the original here: EU drops Qualcomm antitrust probe (AP)

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WASHINGTON (AP) — Republicans love to get their hands on the Democrats’ health care legislation. They show it to the cameras at every opportunity, even piling one version on top of another to make a big pile look even bigger. AP – FILE – These Oct. 28, top, and Oct. 29, 2009, file photos show copies of the House version … Although they complain they don’t have time to read all of it, they found the time to tape it together, page by page, so they could roll it up the steps of the Capitol like super-sized toilet paper and show how very long it is. It surely is long. But, no, not longer than “War and Peace,” as they claim. No one really expects brevity when reinventing something as complex and huge as the nation’s health insurance system, which accounts for one-sixth of the economy. Indeed, legislation of comparable size was used to redefine an area of much more limited federal responsibility, education. That was the No Child Left Behind Act from the agenda of Republican President George W. Bush. Size only matters in the health care debate because Republicans have turned the length of the legislation into a symbol: Big, unwieldy bill means big, overreaching government. Even bigger when you display double-spaced copies with double-wide margins and large print. As if he risked a hernia carrying it any other way, Republican Rep. Steve King of Iowa was seen hoisting such a copy of the House Democratic bill on his shoulder, the package trussed in a sturdy rope. GOP Rep. John Culberson of Texas brought a copy to a Capitol Hill rally and threw its loose pages to the crowd, like meat to lions. During the weekend vote to bring the Senate health bill to full debate, five Republican senators displayed the massive legislation on their desks and one of them, Republican leader Mitch McConnell of Kentucky, piled the House and Senate bills together to represent a nightmarishly bureaucratic double-whammy. The actual bill, which Senate Majority Leader Harry introduced last week, came in at 2,074 double-spaced pages, 84 more pages than the House version, which was already being ridiculed for its size. “That’s larger than the novel ‘War and Peace,’” Republican Sen. Orrin Hatch of Utah said of the Senate bill. “Exceeding even ‘War and Peace’ in length,” Rep. Roy Blunt, R-Mo., said of the House bill. Said Rep. Joe Barton, R-Texas: “‘War and Peace’ — some people consider it the greatest book ever written, but most people recognize the novel because at 1,284 pages its length is often the butt of jokes. Now imagine trying to read something that long overnight.” Actually, Leo Tolstoy’s tome is longer than either bill. Full translated versions are nearly twice as long. The bill passed by the House is 319,145 words. The Senate bill is 318,512 words, shorter than the House version despite consuming more paper. Various versions of Tolstoy’s novel are 560,000 to 670,000 words. Bush’s education act tallied more than 280,000 words. By now, the full draft of Reid’s bill that had circulated in the corridors and landed so prominently on Republican desks has been published in the Congressional Record in the official and conventional manner. The type is small and tight. No hernias will be caused by moving this rendering of the bill around. Unfurling it on the Capitol steps would not be much of a spectacle. It’s 209 pages. Associated Press writer Ann Sanner contributed to this report. See original here: SPIN METER: Legislation inflation grips GOP (AP)

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SEATTLE, Nov. 24 /PRNewswire-FirstCall/ — Cell Therapeutics, Inc. (CTI) (Nasdaq and MTA: CTIC) management will present at the 21st Annual Piper Jaffray Health Care Conference. The conference will be held December 1-2, 2009, at the New York Palace Hotel. CTI will present on Tuesday, December 1 at 11:00 a.m. Eastern Time in Holmes 1 (4th Floor). A live audio webcast of CTI’s presentation will be available at www.celltherapeutics.com , and it will also be available for replay afterwards. Piper Jaffray Health Care Conference New York Palace Hotel, Holmes 1 (4th Floor) CTI Presentation: Tuesday, December 1, 2009 11:00 a.m. Eastern /5:00 p.m. Central European /8:00 a.m. Pacific Audio webcast at www.celltherapeutics.com Media Contact: Dan Eramian T: 206.272.4343 C: 206.854.1200 F: 206.272.4434 E: deramian@ctiseattle.com www.celltherapeutics.com/press_room Investors Contact: Ed Bell T: 206.272.4345 Lindsey Jesch Logan T: 206.272.4347 F: 206.272.4434 E: invest@ctiseattle.com www.celltherapeutics.com/investors Read more: Cell Therapeutics, Inc. (CTI) to Present at 21st Annual Piper Jaffray Health Care Conference (PR Newswire)

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BANGKOK (AP) — Asian stock markets were mostly lower Tuesday despite gains on Wall Street as China’s warning to banks to control lending dragged down financial stocks in Hong Kong. The region also got a poor cue from Japan, where stocks fell after the market was closed for a holiday Monday. The dollar was little changed against the euro and the yen. Gold retreated from a record and oil prices hung below $78. Investors shrugged off Wall Street ending a three-day losing streak Monday and figures showing that U.S. home sales rose 10 percent in October. News that China’s central bank was warning banks to control a lending spree underlined there are limits to the easy credit which has underpinned the country’s rapid recovery from the global recession. “The central bank has been concerned about lending to the property sector,” said Franics Lun, general manager of Fulbright Securities Ltd. in Hong Kong. “If they can put on the brakes to avoid an asset bubble it is likely to be better for the longer term,” he said. Japan’s Nikkei 225 stock average was down 72.73, or 0.8 percent, at 9,421.53 and Hong Kong’s Hang Seng was off 48.61, or 0.2 percent, at 22,722.78. Banks fell in Hong Kong trade with Bank of China off 2.1 percent, China Construction Bank down 1 percent and HSBC retreating 0.3 percent. Elsewhere, South Korea’s Kospi dropped 0.9 percent to 1,604.66 and Australia’s S&P/ASX 200 index declined 0.5 percent to 4,691.40 on losses in banks and miners. China’s Shanghai benchmark bucked the trend to rise 0.1 percent to 3,342.28. In the U.S. on Monday, the Dow rose 132.79, or 1.3 percent, to 10,450.95, after losing 120 points over the previous three days. It was the Dow’s highest close since Oct. 2, 2008. The Standard & Poor’s 500 index rose 14.86, or 1.4 percent, to 1,106.24. Oil hovered below $78 a barrel in Asia amid mixed signs about crude demand. Benchmark crude for January delivery was up 10 cents to $77.66 a barrel. The contract rose 9 cents to settle at $77.56 on Monday. In currencies, the dollar fell to 88.89 yen from 88.97. The euro fell to $1.4946 from $1.4964. More: Asia markets lower amid China warning to banks (AP)

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SINGAPORE (AP) — Oil hovered below $78 a barrel Tuesday in Asia amid mixed signs about the global economy and crude demand. Benchmark crude for January delivery was up 16 cents to $77.72 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 9 cents to settle at $77.56 on Monday. Investor optimism was buoyed by a report Monday from the National Association of Realtors that October home sales rose more than 10 percent, suggesting strength in the U.S. economy. But crude refiner Valero Energy said it shut down a plant last week because demand for oil products such as gasoline has been weak. Crude has bounced between $76 a barrel and $82 for more than a month as a weakening dollar offsets concerns about tepid consumer demand. Oil often trades inversely to the strength of the dollar as investors buy commodities as a hedge against inflation. Societe Generale said weakness in the dollar and expectations of higher inflation have provided for a floor for the oil price, limiting losses. “The ceiling has been set by weak refining margins, lackluster demand and a global economic recovery that is expected to be sluggish,” it said in a report. In other Nymex trading, heating oil was steady at $1.98 a gallon. Gasoline for December delivery held at $1.98 a gallon. Natural gas for December delivery was little changed at $4.47 per 1,000 cubic feet. In London, Brent crude for January delivery rose 20 cents to $77.66 on the ICE Futures exchange. Original post: Oil hovers below $78 as traders eye dollar, demand (AP)

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SAN FRANCISCO (AP) — Hewlett-Packard Co.’s cost-cutting and push into new markets is helping soften the blow from weakness in the company’s mainstay businesses. AP – FILE – In this March 8, 2009 file photo, the Hewlett-Packard Co. facility in Palo Alto, Calif., is … HP on Monday reported big revenue declines in four of its main divisions — PCs, servers, software and printers — in the latest quarter. A bright spot was technology services, a division HP beefed up last year with the $13.9 billion acquisition of Electronic Data Systems and which posted better profits. HP is eliminating 24,600 jobs as part of that takeover. HP’s numbers reinforce trends other companies have reported: Consumers and China are showing stronger demand, while businesses remain hesitant. Other tech heavyweights such as Google Inc., IBM, Intel Corp. and Microsoft Corp. have reported better conditions in some of their businesses. HP said after the market closed that its earnings jumped 14 percent to $2.4 billion, or 99 cents per share, in the three months ended Oct. 31. That compares with $2.1 billion, or 84 cents per share, in the year-ago period. Excluding one-time items, net income totaled $1.14 per share. Sales fell 8 percent to $30.8 billion, or dropped 5 percent if currency fluctuations are stripped out. By both metrics, the results exceeded the expectations of analysts polled by Thomson Reuters. HP also added $8 billion to its stock buyback program, boosting the total amount available to $12 billion. HP’s latest moves represent a shift away from the company’s dependence on the PC market, which is vulnerable to swings in consumer and corporate spending, as well as to fluctuations in prices for components like memory chips and LCD screens. On the other hand, companies will pay for things like outsourcing services even in lean times, because they save money in the long run. IBM has ridden that model to better profits in the recession, despite slumping sales. The PC division supplies a third of HP’s revenue but just 15 percent of the company’s operating profit, numbers that are getting slimmer as PC makers aggressively cut prices to court cash-strapped consumers and people snap up little laptops called “netbooks” that sell for just a few hundred dollars. In the latest period, HP’s PC shipments rose 8 percent, but revenue in the PC division fell 12 percent. The trend has hurt other PC makers as well. Last week, Dell Inc., the No. 3 PC maker, disappointed investors by reporting a 54 percent drop in net income in its latest quarter. Still, HP’s results support Gartner Inc.’s report Monday that the third quarter was “much stronger” than expected for PC sales. Gartner is now predicting that PC shipments will rise 2.8 percent this year, up from a prior forecast for a 2 percent decline. HP, which is buying 3Com Corp. for $2.7 billion to expand computer networking, announced its preliminary results on Nov. 11, so investors knew what was coming. Still, some apparently expected even better. HP shares dipped 32 cents to $50.70 in extended trading, having closed up 2 percent at $51.02 ahead of the earnings report. See original here: HP profit jumps on cost cuts, new market expansion (AP)

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NEW YORK–(BUSINESS WIRE)– Citigroup today released its eighth quarterly mortgage data report providing a fresh perspective on its U.S. mortgage servicing business, and showing continued progress in its efforts to help distressed homeowners avoid potential foreclosure. New data on Citi’s consumer lending activities reveal loss mitigation successes outnumbered foreclosures completed by more than 15 to one, nearly four times the rate it reported in the third quarter of 2008. In the current quarter, Citi helped approximately 130,000 distressed homeowners with loans it owns or services remain in their homes and avoid foreclosure on mortgages valued at more than $20 billion. Total loss mitigation actions for borrowers serviced by Citi rose 85 percent from the same period in 2008, attributable to Citi’s robust foreclosure prevention program of modifications, extensions, forbearances and reinstatements, which include the Citi Homeowners Assistance Program and the Citi Unemployment Assist Program. Citi is also a committed participant in the federal Home Affordable Modification Program (HAMP). “We recognize the difficulties that homeowners face in the current economic environment and our number one priority is to help keep homeownership a reality for our customers who find themselves in financial distress,” said Sanjiv Das, President and Chief Executive Officer of CitiMortgage , the Missouri-based division that manages the majority of Citi’s $751 billion mortgage servicing and lending portfolio. “As the economy remains challenged amid rising home foreclosures, Citi has stepped up its efforts to assist its customers through increased staffing and enhanced programs designed to develop individualized solutions to allow families in financial distress to keep their homes.” Since the start of the U.S. housing crisis in 2007, Citi has worked with approximately 715,000 homeowners to avoid potential foreclosure on mortgages with a total original value of nearly $79 billion. As of October 31, Citi had begun trial mortgage modifications for 40 percent of HAMP-eligible borrowers, the highest proportion of the largest U.S. commercial bank mortgage servicers. Citi remains the only major lending institution to provide detailed analysis of its portfolio of owned and serviced loans. The eighth addition of the Citi U.S. Mortgage Lending Data and Servicing Foreclosure Prevention Efforts report provides national and select state-level data on Citi’s loss mitigation activities during the third quarter of 2009. Citi Remains Active Mortgage Provider In the third quarter Citi processed nearly 175,000 mortgage applications with an aggregate value of $25 billion, and originated approximately $14 billion in mortgage loans, helping more than 63,000 Americans either purchase a home or secure more attractive terms through refinancing. In the third quarter Citi completed the refinancing of approximately 47,000 primary mortgages. “Importantly, even in this environment,” continued Das, “we continue to extend mortgage credit to people of various socioeconomic backgrounds to fund home buying across the country.” Citi Office of Homeownership Preservation Citi established the Office of Homeownership Preservation (OHP) in 2007 to work with the business to provide a range of support services that go beyond modification of a mortgage loan, including an extensive partnership network with non-profit organizations that offer legal assistance, counseling, and translation services to borrowers. The company continues to support local community organizations with financial contributions and by leveraging technical assistance and the tremendous efforts of Citi’s employee volunteers. About Citi Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com . Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6107154&lang=en MULTIMEDIA AVAILABLE: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6107154 The rest is here: Citi Foreclosure Prevention Activities Show Increased Progress (Business Wire)

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SHENZHEN, China, Nov. 23 /PRNewswire-FirstCall/ — China BAK Battery Inc. (Nasdaq: CBAK – News ), one of the largest lithium-ion battery cell manufacturers in the world, as measured by production output, will hold its quarterly conference call to discuss results for the fourth quarter and fiscal year ended September 30, 2009 on Wednesday, December 2, 2009, at 8:00 a.m. Eastern Time (9 p.m. China Coast Time). The dial-in numbers for the call are 800 688 0796 (US), 617 614 4070 (International), and the passcode is 107 164 82. This call is being webcast by Thomson Reuters and can be accessed at China BAK Battery Inc.’s Web site at http://www.bak.com.cn/ . The webcast is also being distributed through the Thomson Reuters StreetEvents Network to both institutional and individual investors. Individual investors can listen to the call at www.fulldisclosure.com , Thomson Reuters’ individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson Reuters’ password-protected event management site, StreetEvents ( www.streetevents.com ). About China BAK Battery Inc. China BAK Battery, Inc. is one of the largest manufacturers of lithium-based battery cells in the world, as measured by production output. It produces battery cells that are the principal component of rechargeable batteries commonly used in cellular phones, notebook computers and portable consumer electronics, such as digital media devices, portable media players, portable audio players, portable gaming devices and personal digital assistants (or PDAs), and other applications, such as cordless power tools and minings lamp. China BAK’s 3.0 million square feet of facilities are located in Shenzhen and Tianjin, PRC, and have been recently expanded to produce new products. More information about China BAK (Nasdaq: CBAK – News ) is available at http://www.bak.com.cn/ . Contact Information: Tracy Li IR Manager Tel: 86-755-89770093 Mail: IR@bak.com.cn Continued here: China BAK Battery Fourth Quarter Fiscal 2009 Earnings Conference Call (PR Newswire)

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SAN FRANCISCO (AP) — One area where Hewlett-Packard Co. is expanding aggressively is computer networking, the home turf of market leader Cisco Systems Inc. Earlier this month HP announced plans to buy Cisco competitor 3Com Corp. for $2.7 billion to supplement HP’s own line of networking gear. The move is part of HP’s push into more profitable areas than personal computers, which supply a third of HP’s revenue but only 15 percent of its operating profit, numbers that continue to shrink as PC makers cut prices and consumers move toward inexpensive little laptops called “netbooks.” On a conference call with analysts Monday to discuss HP’s latest quarterly earnings, CEO Mark Hurd talked about the company’s networking strategy. QUESTION: Can you talk about the 3Com acquisition and provide your thoughts regarding strategy and any future acquisitions? ANSWER (Hurd): We’ve had a strategy around converged infrastructure for some period of time. That for us is the ability to give customers the opportunity to see servers, storage and networking all sort of working together in a common capability that we can deliver to customers either as a service or directly to them … Networking is certainly a key component of that strategy, and as you know we’ve been out in the market with ProCurve for the past couple of years and had very strong growth with ProCurve, strong share gains … I think the number one thing we get back from customers is they’d like for us to do more and have a broader portfolio with more capabilities, leveraging the strategy I described.” Read more from the original source: On The Call: HP CEO on 3Com acquisition (AP)

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WASHINGTON (AP) — President Barack Obama said Monday the nation’s economy is in good shape for the long term thanks to “core strengths” such as its universities, its innovation and a dynamic workforce. AP – Defense Secretary Roberty Gates, third from left, watches as President Barack Obama speaks during a meeting with members … But he also noted again how 2009 has been a sobering year for millions of newly unemployed people. “We cannot sit back and be satisfied given the extraordinarily high unemployment levels that we’ve seen,” Obama said in wrapping up a pre-Thanksgiving session with his Cabinet as other senior aides packed the meeting room. “We have only taken the first step in curing our economy.” The unemployment rate stands at a 26-year high of 10.2 percent, overshadowing more upbeat indicators such as a return in growth of the overall economy. Obama told reporters that his Cabinet discussion included matters of national security and the upcoming budget, but the emphasis was on job creation. He recapped both his administration’s efforts to help stabilize the financial sector and the web of challenges that have slowed an overall recovery. “Something that our economic team emphasized is that there are core strengths to the American economy that will put us in good stead over the long term,” Obama said. He said the key is bridging that gap toward a more prosperous time and promised he won’t let up “until businesses are investing again and businesses are hiring again.” Obama’s line about the underlying “core strengths” of the economy offered echoes of a phrase he mocked during last year’s presidential campaign. As the financial sector was collapsing in September 2008, Republican nominee John McCain assured Americans that “the fundamentals of our economy are strong,” a statement Obama quickly used as evidence that the Arizona senator was out of touch. President George W. Bush had also been known for using that phrase. Sitting between Secretary of State Hillary Rodham Clinton and Defense Secretary Robert Gates, Obama told his Cabinet to get some rest over the Thanksgiving holiday. But he said he also reminded his advisers that they have the chance to help millions of struggling people, and “we need to take advantage of that.” The president took no questions and did not respond to a reporter’s query about the president’s Afghanistan war review. Visit link: Obama: US economy has ‘core strengths’ (AP)

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WHITEHOUSE STATION, N.J.–(BUSINESS WIRE)–Merck said today that U.S. District Court Judge John F. Keenan granted summary judgment in Merck’s favor in Flemings v. Merck . Flemings is the second of three cases involving FOSAMAX (alendronate sodium) designated by the federal MDL court as a bellwether trial case. In granting summary judgment in Flemings and dismissing all of the plaintiff’s claims, Judge Keenan ruled that the physician relied upon by Ms. Flemings (Dr. Rose) was unqualified to render an opinion and that Ms. Flemings failed to present sufficient evidence to support her contention that FOSAMAX caused her to sustain osteonecrosis of the jaw (ONJ). “It is clear that Dr. Rose’s opinion is derived from a ’subjective belief’ rather than from scientific knowledge and methodologies,” wrote Judge Keenan. “Dr. Rose is not qualified as an expert under Rule 702 and his opinion is inadmissible under Daubert . Plaintiff has offered no other evidence to establish that FOSAMAX caused her to develop ONJ, and therefore her failure to warn claim is insufficient as a matter of law.” “We are pleased that the Court agreed with us that Ms. Flemings did not present any reliable evidence supporting her claim that FOSAMAX caused her to suffer ONJ,” said Paul Strain of Venable LLP, outside counsel for Merck. “Unfortunately, Ms. Flemings had medical problems that cause people to develop jaw problems regardless of whether they were taking FOSAMAX.” Merck is represented in the Fleming s case by Venable LLP and Hughes Hubbard & Reed LLP. Status of Litigation As of September 30, 2009, approximately 953 cases, which include approximately 1334 plaintiff groups had been filed and were pending against Merck in either federal or state court. The first MDL bellwether case — Boles v. Merck – previously resulted in a mistrial after several days of jury deliberations because the eight person jury did not reach a unanimous verdict. Merck has filed a pending post-trial motion in Boles asking Judge Keenan to enter judgment in Merck’s favor. Boles was plaintiffs’ top choice for bellwether designation and Judge Keenan selected randomly Flemings . The third MDL bellwether case, Maley v. Merck , which was chosen by Merck, is currently scheduled to begin on April 19, 2010. About FOSAMAX FOSAMAX is indicated for the treatment and prevention of osteoporosis in postmenopausal women. FOSAMAX should not be used in patients with certain disorders of the esophagus that delay emptying, who are unable to stand or sit upright for at least 30 minutes, who have low levels of calcium in their blood, or in patients who are allergic to FOSAMAX. Some patients may develop severe digestive reactions including irritation, inflammation or ulceration of the esophagus. Patients who experience new or worsening heartburn, difficulty or pain when swallowing or chest pain should stop taking the drug and call their doctor right away. Patients who develop severe bone, joint and/or muscle pain at any time should contact their doctor. About Merck Today’s Merck is working to help the world be well. Through our medicines, vaccines, biologic therapies, and consumer and animal products, we work with customers and operate in more than 140 countries to deliver innovative health solutions. We also demonstrate our commitment to increasing access to healthcare through far-reaching programs that donate and deliver our products to the people who need them. Merck. Be Well. For more information, visit www.merck.com Forward Looking Statement This news release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about the benefits of the merger between Merck and Schering-Plough, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Merck’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the possibility that the expected synergies from the merger of Merck and Schering-Plough will not be realized, or will not be realized within the expected time period, due to, among other things, the impact of pharmaceutical industry regulation and pending legislation that could affect the pharmaceutical industry; the risk that the businesses will not be integrated successfully; disruption from the merger making it more difficult to maintain business and operational relationships; Merck’s ability to accurately predict future market conditions; dependence on the effectiveness of Merck’s patents and other protections for innovative products; the risk of new and changing regulation and health policies in the U.S. and internationally and the exposure to litigation and/or regulatory actions. Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Merck’s 2008 Annual Report on Form 10-K, Schering-Plough’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009, the proxy statement filed by Merck on June 25, 2009 and each company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site: www.sec.gov . FOSAMAX ® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Whitehouse Station, NJ, USA 9635609 9636809 DESCRIPTION FOSAMAX * (alendronate sodium) is a bisphosphonate that acts as a specific inhibitor of osteoclast-mediated bone resorption. Bisphosphonates are synthetic analogs of pyrophosphate that bind to the hydroxyapatite found in bone. Alendronate sodium is chemically described as (4-amino-1-hydroxybutylidene) bisphosphonic acid monosodium salt trihydrate. The empirical formula of alendronate sodium is C 4 H 12 NNaO 7 P 2 •3H 2 O and its formula weight is 325.12. The structural formula is: (Graphic Omitted) Alendronate sodium is a white, crystalline, nonhygroscopic powder. It is soluble in water, very slightly soluble in alcohol, and practically insoluble in chloroform. Tablets FOSAMAX for oral administration contain 6.53, 13.05, 45.68, 52.21 or 91.37 mg of alendronate monosodium salt trihydrate, which is the molar equivalent of 5, 10, 35, 40 and 70 mg, respectively, of free acid, and the following inactive ingredients: microcrystalline cellulose, anhydrous lactose, croscarmellose sodium, and magnesium stearate. Tablets FOSAMAX 10 mg also contain carnauba wax. Each bottle of the oral solution contains 91.35 mg of alendronate monosodium salt trihydrate, which is the molar equivalent to 70 mg of free acid. Each bottle also contains the following inactive ingredients: sodium citrate dihydrate and citric acid anhydrous as buffering agents, sodium saccharin, artificial raspberry flavor, and purified water. Added as preservatives are sodium propylparaben 0.0225% and sodium butylparaben 0.0075%. CLINICAL PHARMACOLOGY Mechanism of Action Animal studies have indicated the following mode of action. At the cellular level, alendronate shows preferential localization to sites of bone resorption, specifically under osteoclasts. The osteoclasts adhere normally to the bone surface but lack the ruffled border that is indicative of active resorption. Alendronate does not interfere with osteoclast recruitment or attachment, but it does inhibit osteoclast activity. Studies in mice on the localization of radioactive [ 3 H]alendronate in bone showed about 10-fold higher uptake on osteoclast surfaces than on osteoblast surfaces. Bones examined 6 and 49 days after [ 3 H]alendronate administration in rats and mice, respectively, showed that normal bone was formed on top of the alendronate, which was incorporated inside the matrix. While incorporated in bone matrix, alendronate is not pharmacologically active. Thus, alendronate must be continuously administered to suppress osteoclasts on newly formed resorption surfaces. Histomorphometry in baboons and rats showed that alendronate treatment reduces bone turnover (i.e., the number of sites at which bone is remodeled). In addition, bone formation exceeds bone resorption at these remodeling sites, leading to progressive gains in bone mass. Pharmacokinetics Absorption Relative to an intravenous (IV) reference dose, the mean oral bioavailability of alendronate in women was 0.64% for doses ranging from 5 to 70 mg when administered after an overnight fast and two hours before a standardized breakfast. Oral bioavailability of the 10 mg tablet in men (0.59%) was similar to that in women when administered after an overnight fast and 2 hours before breakfast. FOSAMAX 70 mg oral solution and FOSAMAX 70 mg tablet are equally bioavailable. A study examining the effect of timing of a meal on the bioavailability of alendronate was performed in 49 postmenopausal women. Bioavailability was decreased (by approximately 40%) when 10 mg alendronate was administered either 0.5 or 1 hour before a standardized breakfast, when compared to dosing 2 hours before eating. In studies of treatment and prevention of osteoporosis, alendronate was effective when administered at least 30 minutes before breakfast. Bioavailability was negligible whether alendronate was administered with or up to two hours after a standardized breakfast. Concomitant administration of alendronate with coffee or orange juice reduced bioavailability by approximately 60%. Distribution Preclinical studies (in male rats) show that alendronate transiently distributes to soft tissues following 1 mg/kg IV administration but is then rapidly redistributed to bone or excreted in the urine . The mean steady-state volume of distribution, exclusive of bone, is at least 28 L in humans . Concentrations of drug in plasma following therapeutic oral doses are too low (less than 5 ng/mL) for analytical detection. Protein binding in human plasma is approximately 78%. Metabolism There is no evidence that alendronate is metabolized in animals or humans. Excretion Following a single IV dose of [ 14 C]alendronate, approximately 50% of the radioactivity was excreted in the urine within 72 hours and little or no radioactivity was recovered in the feces. Following a single 10 mg IV dose, the renal clearance of alendronate was 71 mL/min (64, 78; 90% confidence interval [CI]), and systemic clearance did not exceed 200 mL/min. Plasma concentrations fell by more than 95% within 6 hours following IV administration. The terminal half-life in humans is estimated to exceed 10 years, probably reflecting release of alendronate from the skeleton. Based on the above, it is estimated that after 10 years of oral treatment with FOSAMAX (10 mg daily) the amount of alendronate released daily from the skeleton is approximately 25% of that absorbed from the gastrointestinal tract. Special Populations Pediatric: The oral bioavailability in children was similar to that observed in adults; however, FOSAMAX is not indicated for use in children (see PRECAUTIONS, Pediatric Use ). Gender: Bioavailability and the fraction of an IV dose excreted in urine were similar in men and women. Geriatric: Bioavailability and disposition (urinary excretion) were similar in elderly and younger patients. No dosage adjustment is necessary (see DOSAGE AND ADMINISTRATION). Race: Pharmacokinetic differences due to race have not been studied. Renal Insufficiency: Preclinical studies show that, in rats with kidney failure, increasing amounts of drug are present in plasma, kidney, spleen, and tibia. In healthy controls, drug that is not deposited in bone is rapidly excreted in the urine. No evidence of saturation of bone uptake was found after 3 weeks dosing with cumulative IV doses of 35 mg/kg in young male rats. Although no clinical information is available, it is likely that, as in animals, elimination of alendronate via the kidney will be reduced in patients with impaired renal function. Therefore, somewhat greater accumulation of alendronate in bone might be expected in patients with impaired renal function. No dosage adjustment is necessary for patients with mild-to-moderate renal insufficiency (creatinine clearance 35 to 60 mL/min). FOSAMAX is not recommended for patients with more severe renal insufficiency (creatinine clearance Hepatic Insufficiency: As there is evidence that alendronate is not metabolized or excreted in the bile, no studies were conducted in patients with hepatic insufficiency. No dosage adjustment is necessary. Drug Interactions (also see PRECAUTIONS, Drug Interactions ) Intravenous ranitidine was shown to double the bioavailability of oral alendronate. The clinical significance of this increased bioavailability and whether similar increases will occur in patients given oral H 2 -antagonists is unknown. In healthy subjects, oral prednisone (20 mg three times daily for five days) did not produce a clinically meaningful change in the oral bioavailability of alendronate (a mean increase ranging from 20 to 44%). Products containing calcium and other multivalent cations are likely to interfere with absorption of alendronate. Pharmacodynamics Alendronate is a bisphosphonate that binds to bone hydroxyapatite and specifically inhibits the activity of osteoclasts, the bone-resorbing cells. Alendronate reduces bone resorption with no direct effect on bone formation, although the latter process is ultimately reduced because bone resorption and formation are coupled during bone turnover. Osteoporosis in postmenopausal women Osteoporosis is characterized by low bone mass that leads to an increased risk of fracture. The diagnosis can be confirmed by the finding of low bone mass, evidence of fracture on x-ray, a history of osteoporotic fracture, or height loss or kyphosis, indicative of vertebral (spinal) fracture. Osteoporosis occurs in both males and females but is most common among women following the menopause, when bone turnover increases and the rate of bone resorption exceeds that of bone formation. These changes result in progressive bone loss and lead to osteoporosis in a significant proportion of women over age 50. Fractures, usually of the spine, hip, and wrist, are the common consequences. From age 50 to age 90, the risk of hip fracture in white women increases 50-fold and the risk of vertebral fracture 15- to 30-fold. It is estimated that approximately 40% of 50-year-old women will sustain one or more osteoporosis-related fractures of the spine, hip, or wrist during their remaining lifetimes. Hip fractures, in particular, are associated with substantial morbidity, disability, and mortality. Daily oral doses of alendronate (5, 20, and 40 mg for six weeks) in postmenopausal women produced biochemical changes indicative of dose-dependent inhibition of bone resorption, including decreases in urinary calcium and urinary markers of bone collagen degradation (such as deoxypyridinoline and cross-linked N-telopeptides of type I collagen). These biochemical changes tended to return toward baseline values as early as 3 weeks following the discontinuation of therapy with alendronate and did not differ from placebo after 7 months. Long-term treatment of osteoporosis with FOSAMAX 10 mg/day (for up to five years) reduced urinary excretion of markers of bone resorption, deoxypyridinoline and cross-linked N-telopeptides of type l collagen, by approximately 50% and 70%, respectively, to reach levels similar to those seen in healthy premenopausal women. Similar decreases were seen in patients in osteoporosis prevention studies who received FOSAMAX 5 mg/day. The decrease in the rate of bone resorption indicated by these markers was evident as early as one month and at three to six months reached a plateau that was maintained for the entire duration of treatment with FOSAMAX. In osteoporosis treatment studies FOSAMAX 10 mg/day decreased the markers of bone formation, osteocalcin and bone specific alkaline phosphatase by approximately 50%, and total serum alkaline phosphatase by approximately 25 to 30% to reach a plateau after 6 to 12 months. In osteoporosis prevention studies FOSAMAX 5 mg/day decreased osteocalcin and total serum alkaline phosphatase by approximately 40% and 15%, respectively. Similar reductions in the rate of bone turnover were observed in postmenopausal women during one-year studies with once weekly FOSAMAX 70 mg for the treatment of osteoporosis and once weekly FOSAMAX 35 mg for the prevention of osteoporosis. These data indicate that the rate of bone turnover reached a new steady-state, despite the progressive increase in the total amount of alendronate deposited within bone. As a result of inhibition of bone resorption, asymptomatic reductions in serum calcium and phosphate concentrations were also observed following treatment with FOSAMAX. In the long-term studies, reductions from baseline in serum calcium (approximately 2%) and phosphate (approximately 4 to 6%) were evident the first month after the initiation of FOSAMAX 10 mg. No further decreases in serum calcium were observed for the five-year duration of treatment; however, serum phosphate returned toward prestudy levels during years three through five. Similar reductions were observed with FOSAMAX 5 mg/day. In one-year studies with once weekly FOSAMAX 35 and 70 mg, similar reductions were observed at 6 and 12 months. The reduction in serum phosphate may reflect not only the positive bone mineral balance due to FOSAMAX but also a decrease in renal phosphate reabsorption. Osteoporosis in men Treatment of men with osteoporosis with FOSAMAX 10 mg/day for two years reduced urinary excretion of cross-linked N-telopeptides of type I collagen by approximately 60% and bone-specific alkaline phosphatase by approximately 40%. Similar reductions were observed in a one-year study in men with osteoporosis receiving once weekly FOSAMAX 70 mg. Glucocorticoid-induced Osteoporosis Sustained use of glucocorticoids is commonly associated with development of osteoporosis and resulting fractures (especially vertebral, hip, and rib). It occurs both in males and females of all ages. Osteoporosis occurs as a result of inhibited bone formation and increased bone resorption resulting in net bone loss. Alendronate decreases bone resorption without directly inhibiting bone formation. In clinical studies of up to two years’ duration, FOSAMAX 5 and 10 mg/day reduced cross-linked N-telopeptides of type I collagen (a marker of bone resorption) by approximately 60% and reduced bone-specific alkaline phosphatase and total serum alkaline phosphatase (markers of bone formation) by approximately 15 to 30% and 8 to 18%, respectively. As a result of inhibition of bone resorption, FOSAMAX 5 and 10 mg/day induced asymptomatic decreases in serum calcium (approximately 1 to 2%) and serum phosphate (approximately 1 to 8%). Paget’s disease of bone Paget’s disease of bone is a chronic, focal skeletal disorder characterized by greatly increased and disorderly bone remodeling. Excessive osteoclastic bone resorption is followed by osteoblastic new bone formation, leading to the replacement of the normal bone architecture by disorganized, enlarged, and weakened bone structure. Clinical manifestations of Paget’s disease range from no symptoms to severe morbidity due to bone pain, bone deformity, pathological fractures, and neurological and other complications. Serum alkaline phosphatase, the most frequently used biochemical index of disease activity, provides an objective measure of disease severity and response to therapy. FOSAMAX decreases the rate of bone resorption directly, which leads to an indirect decrease in bone formation. In clinical trials, FOSAMAX 40 mg once daily for six months produced significant decreases in serum alkaline phosphatase as well as in urinary markers of bone collagen degradation. As a result of the inhibition of bone resorption, FOSAMAX induced generally mild, transient, and asymptomatic decreases in serum calcium and phosphate. Clinical Studies Treatment of osteoporosis Postmenopausal women Effect on bone mineral density The efficacy of FOSAMAX 10 mg once daily in postmenopausal women, 44 to 84 years of age, with osteoporosis (lumbar spine bone mineral density [BMD] of at least 2 standard deviations below the premenopausal mean) was demonstrated in four double-blind, placebo-controlled clinical studies of two or three years’ duration. These included two three-year, multicenter studies of virtually identical design, one performed in the United States (U.S.) and the other in 15 different countries (Multinational), which enrolled 478 and 516 patients, respectively. The following graph shows the mean increases in BMD of the lumbar spine, femoral neck, and trochanter in patients receiving FOSAMAX 10 mg/day relative to placebo-treated patients at three years for each of these studies. (Graphic Omitted) At three years significant increases in BMD, relative both to baseline and placebo, were seen at each measurement site in each study in patients who received FOSAMAX 10 mg/day. Total body BMD also increased significantly in each study, suggesting that the increases in bone mass of the spine and hip did not occur at the expense of other skeletal sites. Increases in BMD were evident as early as three months and continued throughout the three years of treatment. (See figures below for lumbar spine results.) In the two-year extension of these studies, treatment of 147 patients with FOSAMAX 10 mg/day resulted in continued increases in BMD at the lumbar spine and trochanter (absolute additional increases between years 3 and 5: lumbar spine, 0.94%; trochanter, 0.88%). BMD at the femoral neck, forearm and total body were maintained. FOSAMAX was similarly effective regardless of age, race, baseline rate of bone turnover, and baseline BMD in the range studied (at least 2 standard deviations below the premenopausal mean). Thus, overall FOSAMAX reverses the loss of bone mineral density, a central factor in the progression of osteoporosis. (Graphic Omitted) In patients with postmenopausal osteoporosis treated with FOSAMAX 10 mg/day for one or two years, the effects of treatment withdrawal were assessed. Following discontinuation, there were no further increases in bone mass and the rates of bone loss were similar to those of the placebo groups. These data indicate that continued treatment with FOSAMAX is required to maintain the effect of the drug. The therapeutic equivalence of once weekly FOSAMAX 70 mg (n=519) and FOSAMAX 10 mg daily (n=370) was demonstrated in a one-year, double-blind, multicenter study of postmenopausal women with osteoporosis. In the primary analysis of completers, the mean increases from baseline in lumbar spine BMD at one year were 5.1% (4.8, 5.4%; 95% CI) in the 70-mg once-weekly group (n=440) and 5.4% (5.0, 5.8%; 95% CI) in the 10-mg daily group (n=330). The two treatment groups were also similar with regard to BMD increases at other skeletal sites. The results of the intention-to-treat analysis were consistent with the primary analysis of completers. Effect on fracture incidence Data on the effects of FOSAMAX on fracture incidence are derived from three clinical studies: 1) U.S. and Multinational combined: a study of patients with a BMD T-score at or below minus 2.5 with or without a prior vertebral fracture, 2) Three-Year Study of the Fracture Intervention Trial (FIT): a study of patients with at least one baseline vertebral fracture, and 3) Four-Year Study of FIT: a study of patients with low bone mass but without a baseline vertebral fracture. To assess the effects of FOSAMAX on the incidence of vertebral fractures (detected by digitized radiography; approximately one third of these were clinically symptomatic), the U.S. and Multinational studies were combined in an analysis that compared placebo to the pooled dosage groups of FOSAMAX (5 or 10 mg for three years or 20 mg for two years followed by 5 mg for one year). There was a statistically significant reduction in the proportion of patients treated with FOSAMAX experiencing one or more new vertebral fractures relative to those treated with placebo (3.2% vs. 6.2%; a 48% relative risk reduction). A reduction in the total number of new vertebral fractures (4.2 vs. 11.3 per 100 patients) was also observed. In the pooled analysis, patients who received FOSAMAX had a loss in stature that was statistically significantly less than was observed in those who received placebo (-3.0 mm vs. -4.6 mm). The Fracture Intervention Trial (FIT) consisted of two studies in postmenopausal women: the Three-Year Study of patients who had at least one baseline radiographic vertebral fracture and the Four-Year Study of patients with low bone mass but without a baseline vertebral fracture. In both studies of FIT, 96% of randomized patients completed the studies (i.e., had a closeout visit at the scheduled end of the study); approximately 80% of patients were still taking study medication upon completion. Fracture Intervention Trial: Three-Year Study (patients with at least one baseline radiographic vertebral fracture) This randomized, double-blind, placebo-controlled, 2027-patient study (FOSAMAX, n=1022; placebo, n=1005) demonstrated that treatment with FOSAMAX resulted in statistically significant reductions in fracture incidence at three years as shown in the table below.   Effect of FOSAMAX on Fracture Incidence in the Three-Year Study of FIT (patients with vertebral fracture at baseline)   Percent of Patients       FOSAMAX (n=1022)   Placebo (n=1005)   Absolute Reduction in Fracture Incidence   Relative Reduction in Fracture Risk % Patients with:     Vertebral fractures (diagnosed by X-ray) † ≥ 1 new vertebral fracture 7.9 15.0 7.1 47*** ≥ 2 new vertebral fractures 0.5 4.9 4.4 90*** Clinical (symptomatic) fractures Any clinical (symptomatic) fracture 13.8 18.1 4.3 26 ‡ ≥ 1 clinical (symptomatic) vertebral fracture 2.3 5.0 2.7 54** Hip fracture 1.1 2.2 1.1 51* Wrist (forearm) fracture   2.2   4.1   1.9   48* † Number evaluable for vertebral fractures: FOSAMAX, n=984; placebo, n=966 *p‡p=0.007 Furthermore, in this population of patients with baseline vertebral fracture, treatment with FOSAMAX significantly reduced the incidence of hospitalizations (25.0% vs. 30.7%). In the Three-Year Study of FIT, fractures of the hip occurred in 22 (2.2%) of 1005 patients on placebo and 11 (1.1%) of 1022 patients on FOSAMAX, p=0.047. The figure below displays the cumulative incidence of hip fractures in this study. (Graphic Omitted) Fracture Intervention Trial: Four-Year Study (patients with low bone mass but without a baseline radiographic vertebral fracture) This randomized, double-blind, placebo-controlled, 4432-patient study (FOSAMAX, n=2214; placebo, n=2218) further investigated the reduction in fracture incidence due to FOSAMAX. The intent of the study was to recruit women with osteoporosis, defined as a baseline femoral neck BMD at least two standard deviations below the mean for young adult women. However, due to subsequent revisions to the normative values for femoral neck BMD, 31% of patients were found not to meet this entry criterion and thus this study included both osteoporotic and non-osteoporotic women. The results are shown in the table below for the patients with osteoporosis.   Effect of FOSAMAX on Fracture Incidence in Osteoporotic † Patients in the Four-Year Study of FIT (patients without vertebral fracture at baseline)   Percent of Patients       FOSAMAX (n=1545)   Placebo (n=1521)   Absolute Reduction in Fracture Incidence   Relative Reduction in Fracture Risk (%) Patients with:     Vertebral fractures (diagnosed by X-ray) †† ≥ 1 new vertebral fracture 2.5 4.8 2.3 48*** ≥ 2 new vertebral fractures 0.1 0.6 0.5 78* Clinical (symptomatic) fractures Any clinical (symptomatic) fracture 12.9 16.2 3.3 22** ≥ 1 clinical (symptomatic) vertebral fracture 1.0 1.6 0.6 41 (NS) ††† Hip fracture 1.0 1.4 0.4 29 (NS) ††† Wrist (forearm) fracture   3.9   3.8   -0.1   NS ††† † Baseline femoral neck BMD at least 2 SD below the mean for young adult women †† Number evaluable for vertebral fractures: FOSAMAX, n=1426; placebo, n=1428 ††† Not significant. This study was not powered to detect differences at these sites. *p=0.035, ** p=0.01, ***p   Fracture results across studies In the Three-Year Study of FIT, FOSAMAX reduced the percentage of women experiencing at least one new radiographic vertebral fracture from 15.0% to 7.9% (47% relative risk reduction, p FOSAMAX reduced the percentage of women experiencing multiple (two or more) new vertebral fractures from 4.2% to 0.6% (87% relative risk reduction, p Thus, FOSAMAX reduced the incidence of radiographic vertebral fractures in osteoporotic women whether or not they had a previous radiographic vertebral fracture. FOSAMAX, over a three- or four-year period, was associated with statistically significant reductions in loss of height vs. placebo in patients with and without baseline radiographic vertebral fractures. At the end of the FIT studies the between-treatment group differences were 3.2 mm in the Three-Year Study and 1.3 mm in the Four-Year Study. Bone histology Bone histology in 270 postmenopausal patients with osteoporosis treated with FOSAMAX at doses ranging from 1 to 20 mg/day for one, two, or three years revealed normal mineralization and structure, as well as the expected decrease in bone turnover relative to placebo. These data, together with the normal bone histology and increased bone strength observed in rats and baboons exposed to long-term alendronate treatment, support the conclusion that bone formed during therapy with FOSAMAX is of normal quality. Men The efficacy of FOSAMAX in men with hypogonadal or idiopathic osteoporosis was demonstrated in two clinical studies. A two-year, double-blind, placebo-controlled, multicenter study of FOSAMAX 10 mg once daily enrolled a total of 241 men between the ages of 31 and 87 (mean, 63). All patients in the trial had either: 1) a BMD T-score ≤-2 at the femoral neck and ≤-1 at the lumbar spine, or 2) a baseline osteoporotic fracture and a BMD T-score ≤-1 at the femoral neck. At two years, the mean increases relative to placebo in BMD in men receiving FOSAMAX 10 mg/day were significant at the following sites: lumbar spine, 5.3%; femoral neck, 2.6%; trochanter, 3.1%; and total body, 1.6%. Treatment with FOSAMAX also reduced height loss (FOSAMAX, -0.6 mm vs. placebo, -2.4 mm). A one-year, double-blind, placebo-controlled, multicenter study of once weekly FOSAMAX 70 mg enrolled a total of 167 men between the ages of 38 and 91 (mean, 66). Patients in the study had either: 1) a BMD T-score ≤-2 at the femoral neck and ≤-1 at the lumbar spine, 2) a BMD T-score ≤-2 at the lumbar spine and ≤-1 at the femoral neck, or 3) a baseline osteoporotic fracture and a BMD T-score ≤-1 at the femoral neck. At one year, the mean increases relative to placebo in BMD in men receiving FOSAMAX 70 mg once weekly were significant at the following sites: lumbar spine, 2.8%; femoral neck, 1.9%; trochanter, 2.0%; and total body, 1.2%. These increases in BMD were similar to those seen at one year in the 10 mg once-daily study. In both studies, BMD responses were similar regardless of age (≥65 years vs. -2.5). Prevention of osteoporosis in postmenopausal women Prevention of bone loss was demonstrated in two double-blind, placebo-controlled studies of postmenopausal women 40-60 years of age. One thousand six hundred nine patients (FOSAMAX 5 mg/day; n=498) who were at least six months postmenopausal were entered into a two-year study without regard to their baseline BMD. In the other study, 447 patients (FOSAMAX 5 mg/day; n=88), who were between six months and three years postmenopause, were treated for up to three years. In the placebo-treated patients BMD losses of approximately 1% per year were seen at the spine, hip (femoral neck and trochanter) and total body. In contrast, FOSAMAX 5 mg/day prevented bone loss in the majority of patients and induced significant increases in mean bone mass at each of these sites (see figures below). In addition, FOSAMAX 5 mg/day reduced the rate of bone loss at the forearm by approximately half relative to placebo. FOSAMAX 5 mg/day was similarly effective in this population regardless of age, time since menopause, race and baseline rate of bone turnover. (Graphic Omitted) The therapeutic equivalence of once weekly FOSAMAX 35 mg (n=362) and FOSAMAX 5 mg daily (n=361) was demonstrated in a one-year, double-blind, multicenter study of postmenopausal women without osteoporosis. In the primary analysis of completers, the mean increases from baseline in lumbar spine BMD at one year were 2.9% (2.6, 3.2%; 95% CI) in the 35-mg once-weekly group (n=307) and 3.2% (2.9, 3.5%; 95% CI) in the 5-mg daily group (n=298). The two treatment groups were also similar with regard to BMD increases at other skeletal sites. The results of the intention-to-treat analysis were consistent with the primary analysis of completers. Bone histology Bone histology was normal in the 28 patients biopsied at the end of three years who received FOSAMAX at doses of up to 10 mg/day. Concomitant use with estrogen/hormone replacement therapy (HRT) The effects on BMD of treatment with FOSAMAX 10 mg once daily and conjugated estrogen (0.625 mg/day) either alone or in combination were assessed in a two-year, double-blind, placebo-controlled study of hysterectomized postmenopausal osteoporotic women (n=425). At two years, the increases in lumbar spine BMD from baseline were significantly greater with the combination (8.3%) than with either estrogen or FOSAMAX alone (both 6.0%). The effects on BMD when FOSAMAX was added to stable doses (for at least one year) of HRT (estrogen +/- progestin) were assessed in a one-year, double-blind, placebo-controlled study in postmenopausal osteoporotic women (n=428). The addition of FOSAMAX 10 mg once daily to HRT produced, at one year, significantly greater increases in lumbar spine BMD (3.7%) vs. HRT alone (1.1%). In these studies, significant increases or favorable trends in BMD for combined therapy compared with HRT alone were seen at the total hip, femoral neck, and trochanter. No significant effect was seen for total body BMD. Histomorphometric studies of transiliac biopsies in 92 subjects showed normal bone architecture. Compared to placebo there was a 98% suppression of bone turnover (as assessed by mineralizing surface) after 18 months of combined treatment with FOSAMAX and HRT, 94% on FOSAMAX alone, and 78% on HRT alone. The long-term effects of combined FOSAMAX and HRT on fracture occurrence and fracture healing have not been studied. Glucocorticoid-induced osteoporosis The efficacy of FOSAMAX 5 and 10 mg once daily in men and women receiving glucocorticoids (at least 7.5 mg/day of prednisone or equivalent) was demonstrated in two, one-year, double-blind, randomized, placebo-controlled, multicenter studies of virtually identical design, one performed in the United States and the other in 15 different countries (Multinational [which also included FOSAMAX 2.5 mg/day]). These studies enrolled 232 and 328 patients, respectively, between the ages of 17 and 83 with a variety of glucocorticoid-requiring diseases. Patients received supplemental calcium and vitamin D. The following figure shows the mean increases relative to placebo in BMD of the lumbar spine, femoral neck, and trochanter in patients receiving FOSAMAX 5 mg/day for each study. (Graphic Omitted) After one year, significant increases relative to placebo in BMD were seen in the combined studies at each of these sites in patients who received FOSAMAX 5 mg/day. In the placebo-treated patients, a significant decrease in BMD occurred at the femoral neck (-1.2%), and smaller decreases were seen at the lumbar spine and trochanter. Total body BMD was maintained with FOSAMAX 5 mg/day. The increases in BMD with FOSAMAX 10 mg/day were similar to those with FOSAMAX 5 mg/day in all patients except for postmenopausal women not receiving estrogen therapy. In these women, the increases (relative to placebo) with FOSAMAX 10 mg/day were greater than those with FOSAMAX 5 mg/day at the lumbar spine (4.1% vs. 1.6%) and trochanter (2.8% vs. 1.7%), but not at other sites. FOSAMAX was effective regardless of dose or duration of glucocorticoid use. In addition, FOSAMAX was similarly effective regardless of age ( Bone histology was normal in the 49 patients biopsied at the end of one year who received FOSAMAX at doses of up to 10 mg/day. Of the original 560 patients in these studies, 208 patients who remained on at least 7.5 mg/day of prednisone or equivalent continued into a one-year double-blind extension. After two years of treatment, spine BMD increased by 3.7% and 5.0% relative to placebo with FOSAMAX 5 and 10 mg/day, respectively. Significant increases in BMD (relative to placebo) were also observed at the femoral neck, trochanter, and total body. After one year, 2.3% of patients treated with FOSAMAX 5 or 10 mg/day (pooled) vs. 3.7% of those treated with placebo experienced a new vertebral fracture (not significant). However, in the population studied for two years, treatment with FOSAMAX (pooled dosage groups: 5 or 10 mg for two years or 2.5 mg for one year followed by 10 mg for one year) significantly reduced the incidence of patients with a new vertebral fracture (FOSAMAX 0.7% vs. placebo 6.8%). Paget’s disease of bone The efficacy of FOSAMAX 40 mg once daily for six months was demonstrated in two double-blind clinical studies of male and female patients with moderate to severe Paget’s disease (alkaline phosphatase at least twice the upper limit of normal): a placebo-controlled, multinational study and a U.S. comparative study with etidronate disodium 400 mg/day. The following figure shows the mean percent changes from baseline in serum alkaline phosphatase for up to six months of randomized treatment. (Graphic Omitted) At six months the suppression in alkaline phosphatase in patients treated with FOSAMAX was significantly greater than that achieved with etidronate and contrasted with the complete lack of response in placebo-treated patients. Response (defined as either normalization of serum alkaline phosphatase or decrease from baseline ≥60%) occurred in approximately 85% of patients treated with FOSAMAX in the combined studies vs. 30% in the etidronate group and 0% in the placebo group. FOSAMAX was similarly effective regardless of age, gender, race, prior use of other bisphosphonates, or baseline alkaline phosphatase within the range studied (at least twice the upper limit of normal). Bone histology was evaluated in 33 patients with Paget’s disease treated with FOSAMAX 40 mg/day for 6 months. As in patients treated for osteoporosis (see Clinical Studies, Treatment of osteoporosis in postmenopausal women, Bone histology ), FOSAMAX did not impair mineralization, and the expected decrease in the rate of bone turnover was observed. Normal lamellar bone was produced during treatment with FOSAMAX, even where preexisting bone was woven and disorganized. Overall, bone histology data support the conclusion that bone formed during treatment with FOSAMAX is of normal quality. ANIMAL PHARMACOLOGY The relative inhibitory activities on bone resorption and mineralization of alendronate and etidronate were compared in the Schenk assay, which is based on histological examination of the epiphyses of growing rats. In this assay, the lowest dose of alendronate that interfered with bone mineralization (leading to osteomalacia) was 6000-fold the antiresorptive dose. The corresponding ratio for etidronate was one to one. These data suggest that alendronate administered in therapeutic doses is highly unlikely to induce osteomalacia. INDICATIONS AND USAGE FOSAMAX is indicated for: Treatment and prevention of osteoporosis in postmenopausal women For the treatment of osteoporosis, FOSAMAX increases bone mass and reduces the incidence of fractures, including those of the hip and spine (vertebral compression fractures). Osteoporosis may be confirmed by the finding of low bone mass (for example, at least 2 standard deviations below the premenopausal mean) or by the presence or history of osteoporotic fracture. (See CLINICAL PHARMACOLOGY, Pharmacodynamics .) For the prevention of osteoporosis, FOSAMAX may be considered in postmenopausal women who are at risk of developing osteoporosis and for whom the desired clinical outcome is to maintain bone mass and to reduce the risk of future fracture. Bone loss is particularly rapid in postmenopausal women younger than age 60. Risk factors often associated with the development of postmenopausal osteoporosis include early menopause; moderately low bone mass (for example, at least 1 standard deviation below the mean for healthy young adult women); thin body build; Caucasian or Asian race; and family history of osteoporosis. The presence of such risk factors may be important when considering the use of FOSAMAX for prevention of osteoporosis. Treatment to increase bone mass in men with osteoporosis Treatment of glucocorticoid-induced osteoporosis in men and women receiving glucocorticoids in a daily dosage equivalent to 7.5 mg or greater of prednisone and who have low bone mineral density (see PRECAUTIONS, Glucocorticoid-induced osteoporosis ). Patients treated with glucocorticoids should receive adequate amounts of calcium and vitamin D. Treatment of Paget’s disease of bone in men and women Treatment is indicated in patients with Paget’s disease of bone having alkaline phosphatase at least two times the upper limit of normal, or those who are symptomatic, or those at risk for future complications from their disease. CONTRAINDICATIONS Abnormalities of the esophagus which delay esophageal emptying such as stricture or achalasia Inability to stand or sit upright for at least 30 minutes Patients at increased risk of aspiration should not receive FOSAMAX oral solution. Hypersensitivity to any component of this product Hypocalcemia (see PRECAUTIONS, General ) WARNINGS FOSAMAX, like other bisphosphonates, may cause local irritation of the upper gastrointestinal mucosa. Esophageal adverse experiences, such as esophagitis, esophageal ulcers and esophageal erosions, occasionally with bleeding and rarely followed by esophageal stricture or perforation, have been reported in patients receiving treatment with FOSAMAX. In some cases these have been severe and required hospitalization. Physicians should therefore be alert to any signs or symptoms signaling a possible esophageal reaction and patients should be instructed to discontinue FOSAMAX and seek medical attention if they develop dysphagia, odynophagia, retrosternal pain or new or worsening heartburn. The risk of severe esophageal adverse experiences appears to be greater in patients who lie down after taking FOSAMAX and/or who fail to swallow it with the recommended amount of water, and/or who continue to take FOSAMAX after developing symptoms suggestive of esophageal irritation. Therefore, it is very important that the full dosing instructions are provided to, and understood by, the patient (see DOSAGE AND ADMINISTRATION). In patients who cannot comply with dosing instructions due to mental disability, therapy with FOSAMAX should be used under appropriate supervision. Because of possible irritant effects of FOSAMAX on the upper gastrointestinal mucosa and a potential for worsening of the underlying disease, caution should be used when FOSAMAX is given to patients with active upper gastrointestinal problems (such as dysphagia, esophageal diseases, gastritis, duodenitis, or ulcers). There have been post-marketing reports of gastric and duodenal ulcers, some severe and with complications, although no increased risk was observed in controlled clinical trials. PRECAUTIONS General Causes of osteoporosis other than estrogen deficiency, aging, and glucocorticoid use should be considered. Hypocalcemia must be corrected before initiating therapy with FOSAMAX (see CONTRAINDICATIONS). Other disorders affecting mineral metabolism (such as vitamin D deficiency) should also be effectively treated. In patients with these conditions, serum calcium and symptoms of hypocalcemia should be monitored during therapy with FOSAMAX. Presumably due to the effects of FOSAMAX on increasing bone mineral, small, asymptomatic decreases in serum calcium and phosphate may occur, especially in patients with Paget’s disease, in whom the pretreatment rate of bone turnover may be greatly elevated and in patients receiving glucocorticoids, in whom calcium absorption may be decreased. Ensuring adequate calcium and vitamin D intake is especially important in patients with Paget’s disease of bone and in patients receiving glucocorticoids. Musculoskeletal Pain In post marketing experience, severe and occasionally incapacitating bone, joint, and/or muscle pain has been reported in patients taking bisphosphonates that are approved for the prevention and treatment of osteoporosis (see ADVERSE REACTIONS). This category of drugs includes FOSAMAX (alendronate). Most of the patients were postmenopausal women. The time to onset of symptoms varied from one day to several months after starting the drug. Discontinue use if severe symptoms develop. Most patients had relief of symptoms after stopping. A subset had recurrence of symptoms when rechallenged with the same drug or another bisphosphonate. In placebo-controlled clinical studies of FOSAMAX, the percentages of patients with these symptoms were similar in the FOSAMAX and placebo groups. Dental Osteonecrosis of the jaw, generally associated with tooth extraction and/or local infection, often with delayed healing, has been reported in patients taking bisphosphonates. Most reported cases of bisphosphonate-associated osteonecrosis have been in cancer patients treated with intravenous bisphosphonates, but some have occurred in patients with postmenopausal osteoporosis. Known risk factors for osteonecrosis include a diagnosis of cancer, concomitant therapies (e.g., chemotherapy, radiotherapy, corticosteroids), poor oral hygiene, and co-morbid disorders (e.g., pre-existing dental disease, anemia, coagulopathy, infection). Patients who develop osteonecrosis of the jaw (ONJ) while on bisphosphonate therapy should receive care by an oral surgeon. Dental surgery may exacerbate the condition. For patients requiring dental procedures, there are no data available to suggest whether discontinuation of bisphosphonate treatment reduces the risk for ONJ. Clinical judgment of the treating physician should guide the management plan of each patient based on individual benefit/risk assessment. Renal insufficiency FOSAMAX is not recommended for patients with renal insufficiency (creatinine clearance Glucocorticoid-induced osteoporosis The risk versus benefit of FOSAMAX for treatment at daily dosages of glucocorticoids less than 7.5 mg of prednisone or equivalent has not been established (see INDICATIONS AND USAGE). Before initiating treatment, the hormonal status of both men and women should be ascertained and appropriate replacement considered. A bone mineral density measurement should be made at the initiation of therapy and repeated after 6 to 12 months of combined FOSAMAX and glucocorticoid treatment. The efficacy of FOSAMAX for the treatment of glucocorticoid-induced osteoporosis has been shown in patients with a median bone mineral density which was 1.2 standard deviations below the mean for healthy young adults. The efficacy of FOSAMAX has been established in studies of two years’ duration. The greatest increase in bone mineral density occurred in the first year with maintenance or smaller gains during the second year. Efficacy of FOSAMAX beyond two years has not been studied. The efficacy of FOSAMAX in respect to fracture prevention has been demonstrated for vertebral fractures. However, this finding was based on very few fractures that occurred primarily in postmenopausal women. The efficacy for prevention of non-vertebral fractures has not been demonstrated. Information for Patients General Physicians should instruct their patients to read the patient package insert before starting therapy with FOSAMAX and to reread it each time the prescription is renewed. Patients should be instructed to take supplemental calcium and vitamin D, if daily dietary intake is inadequate. Weight-bearing exercise should be considered along with the modification of certain behavioral factors, such as cigarette smoking and/or excessive alcohol consumption, if these factors exist. Dosing Instructions Patients should be instructed that the expected benefits of FOSAMAX may only be obtained when it is taken with plain water the first thing upon arising for the day at least 30 minutes before the first food, beverage, or medication of the day. Even dosing with orange juice or coffee has been shown to markedly reduce the absorption of FOSAMAX (see CLINICAL PHARMACOLOGY, Pharmacokinetics, Absorption ). To facilitate delivery to the stomach and thus reduce the potential for esophageal irritation patients should be instructed to swallow each tablet of FOSAMAX with a full glass of water (6-8 oz). To facilitate gastric emptying patients should drink at least 2 oz (a quarter of a cup) of water after taking FOSAMAX oral solution. Patients should be instructed not to lie down for at least 30 minutes and until after their first food of the day. Patients should not chew or suck on the tablet because of a potential for oropharyngeal ulceration. Patients should be specifically instructed not to take FOSAMAX at bedtime or before arising for the day. Patients should be informed that failure to follow these instructions may increase their risk of esophageal problems. Patients should be instructed that if they develop symptoms of esophageal disease (such as difficulty or pain upon swallowing, retrosternal pain or new or worsening heartburn) they should stop taking FOSAMAX and consult their physician. Patients should be instructed that if they miss a dose of once weekly FOSAMAX, they should take one dose on the morning after they remember. They should not take two doses on the same day but should return to taking one dose once a week, as originally scheduled on their chosen day. Drug Interactions (also see CLINICAL PHARMACOLOGY, Pharmacokinetics, Drug Interactions ) Estrogen/hormone replacement therapy (HRT) Concomitant use of HRT (estrogen +/- progestin) and FOSAMAX was assessed in two clinical studies of one or two years’ duration in postmenopausal osteoporotic women. In these studies, the safety and tolerability profile of the combination was consistent with those of the individual treatments; however, the degree of suppression of bone turnover (as assessed by mineralizing surface) was significantly greater with the combination than with either component alone. The long-term effects of combined FOSAMAX and HRT on fracture occurrence have not been studied (see CLINICAL PHARMACOLOGY, Clinical Studies , Concomitant use with estrogen/hormone replacement therapy (HRT) and ADVERSE REACTIONS, Clinical Studies , Concomitant use with estrogen/hormone replacement therapy ). Calcium Supplements/Antacids It is likely that calcium supplements, antacids, and some oral medications will interfere with absorption of FOSAMAX. Therefore, patients must wait at least one-half hour after taking FOSAMAX before taking any other oral medications. Aspirin In clinical studies, the incidence of upper gastrointestinal adverse events was increased in patients receiving concomitant therapy with daily doses of FOSAMAX greater than 10 mg and aspirin-containing products. Nonsteroidal Anti-inflammatory Drugs (NSAIDs) FOSAMAX may be administered to patients taking NSAIDs. In a 3-year, controlled, clinical study (n=2027) during which a majority of patients received concomitant NSAIDs, the incidence of upper gastrointestinal adverse events was similar in patients taking FOSAMAX 5 or 10 mg/day compared to those taking placebo. However, since NSAID use is associated with gastrointestinal irritation, caution should be used during concomitant use with FOSAMAX. Carcinogenesis, Mutagenesis, Impairment of Fertility Harderian gland (a retro-orbital gland not present in humans) adenomas were increased in high-dose female mice (p=0.003) in a 92-week oral carcinogenicity study at doses of alendronate of 1, 3, and 10 mg/kg/day (males) or 1, 2, and 5 mg/kg/day (females). These doses are equivalent to 0.12 to 1.2 times a maximum recommended daily dose of 40 mg (Paget’s disease) based on surface area, mg/m 2 . The relevance of this finding to humans is unknown. Parafollicular cell (thyroid) adenomas were increased in high-dose male rats (p=0.003) in a 2-year oral carcinogenicity study at doses of 1 and 3.75 mg/kg body weight. These doses are equivalent to 0.26 and 1 times a 40 mg human daily dose based on surface area, mg/m 2 . The relevance of this finding to humans is unknown. Alendronate was not genotoxic in the in vitro microbial mutagenesis assay with and without metabolic activation, in an in vitro mammalian cell mutagenesis assay, in an in vitro alkaline elution assay in rat hepatocytes, and in an in vivo chromosomal aberration assay in mice. In an in vitro chromosomal aberration assay in Chinese hamster ovary cells, however, alendronate gave equivocal results. Alendronate had no effect on fertility (male or female) in rats at oral doses up to 5 mg/kg/day (1.3 times a 40 mg human daily dose based on surface area, mg/m 2 ). Pregnancy Pregnancy Category C: Reproduction studies in rats showed decreased postimplantation survival at 2 mg/kg/day and decreased body weight gain in normal pups at 1 mg/kg/day. Sites of incomplete fetal ossification were statistically significantly increased in rats beginning at 10 mg/kg/day in vertebral (cervical, thoracic, and lumbar), skull, and sternebral bones. The above doses ranged from 0.26 times (1 mg/kg) to 2.6 times (10 mg/kg) a maximum recommended daily dose of 40 mg (Paget’s disease) based on surface area, mg/m 2 . No similar fetal effects were seen when pregnant rabbits were treated at doses up to 35 mg/kg/day (10.3 times a 40 mg human daily dose based on surface area, mg/m 2 ). Both total and ionized calcium decreased in pregnant rats at 15 mg/kg/day (3.9 times a 40 mg human daily dose based on surface area, mg/m 2 ) resulting in delays and failures of delivery. Protracted parturition due to maternal hypocalcemia occurred in rats at doses as low as 0.5 mg/kg/day (0.13 times a 40 mg human daily dose based on surface area, mg/m 2 ) when rats were treated from before mating through gestation. Maternotoxicity (late pregnancy deaths) occurred in the female rats treated with 15 mg/kg/day for varying periods of time ranging from treatment only during pre-mating to treatment only during early, middle, or late gestation; these deaths were lessened but not eliminated by cessation of treatment. Calcium supplementation either in the drinking water or by minipump could not ameliorate the hypocalcemia or prevent maternal and neonatal deaths due to delays in delivery; calcium supplementation IV prevented maternal, but not fetal deaths. Bisphosphonates are incorporated into the bone matrix, from which they are gradually released over a period of years. The amount of bisphosphonate incorporated into adult bone, and hence, the amount available for release back into the systemic circulation, is directly related to the dose and duration of bisphosphonate use. There are no data on fetal risk in humans. However, there is a theoretical risk of fetal harm, predominantly skeletal, if a woman becomes pregnant after completing a course of bisphosphonate therapy. The impact of variables such as time between cessation of bisphosphonate therapy to conception, the particular bisphosphonate used, and the route of administration (intravenous versus oral) on the risk has not been studied. There are no studies in pregnant women. FOSAMAX should be used during pregnancy only if the potential benefit justifies the potential risk to the mother and fetus. Nursing Mothers It is not known whether alendronate is excreted in human milk. Because many drugs are excreted in human milk, caution should be exercised when FOSAMAX is administered to nursing women. Pediatric Use The efficacy and safety of FOSAMAX were examined in a randomized, double-blind, placebo-controlled two-year study of 139 pediatric patients, aged 4-18 years, with severe osteogenesis imperfecta. One-hundred-and-nine patients were randomized to 5 mg FOSAMAX daily (weight FOSAMAX is not indicated for use in children. (For clinical adverse experiences in children, see ADVERSE REACTIONS, Clinical Studies , Osteogenesis Imperfecta .) Geriatric Use Of the patients receiving FOSAMAX in the Fracture Intervention Trial (FIT), 71% (n=2302) were ≥65 years of age and 17% (n=550) were ≥75 years of age. Of the patients receiving FOSAMAX in the United States and Multinational osteoporosis treatment studies in women, osteoporosis studies in men, glucocorticoid-induced osteoporosis studies, and Paget’s disease studies (see CLINICAL PHARMACOLOGY, Clinical Studies ), 45%, 54%, 37%, and 70%, respectively, were 65 years of age or over. No overall differences in efficacy or safety were observed between these patients and younger patients, but greater sensitivity of some older individuals cannot be ruled out. ADVERSE REACTIONS Clinical Studies In clinical studies of up to five years in duration adverse experiences associated with FOSAMAX usually were mild, and generally did not require discontinuation of therapy. FOSAMAX has been evaluated for safety in approximately 8000 postmenopausal women in clinical studies. Treatment of osteoporosis Postmenopausal women In two identically designed, three-year, placebo-controlled, double-blind, multicenter studies (United States and Multinational; n=994), discontinuation of therapy due to any clinical adverse experience occurred in 4.1% of 196 patients treated with FOSAMAX 10 mg/day and 6.0% of 397 patients treated with placebo. In the Fracture Intervention Trial (n=6459), discontinuation of therapy due to any clinical adverse experience occurred in 9.1% of 3236 patients treated with FOSAMAX 5 mg/day for 2 years and 10 mg/day for either one or two additional years and 10.1% of 3223 patients treated with placebo. Discontinuations due to upper gastrointestinal adverse experiences were: FOSAMAX, 3.2%; placebo, 2.7%. In these study populations, 49-54% had a history of gastrointestinal disorders at baseline and 54-89% used nonsteroidal anti-inflammatory drugs or aspirin at some time during the studies. Adverse experiences from these studies considered by the investigators as possibly, probably, or definitely drug related in ≥1% of patients treated with either FOSAMAX or placebo are presented in the following table.   Osteoporosis Treatment Studies in Postmenopausal Women Adverse Experiences Considered Possibly, Probably, or Definitely Drug Related by the Investigators and Reported in ≥1% of Patients   United States/Multinational Studies   Fracture Intervention Trial FOSAMAX* % (n=196)   Placebo % (n=397) FOSAMAX** % (n=3236)   Placebo % (n=3223) Gastrointestinal     abdominal pain 6.6 4.8 1.5 1.5 nausea 3.6 4.0 1.1 1.5 dyspepsia 3.6 3.5 1.1 1.2 constipation 3.1 1.8 0.0 0.2 diarrhea 3.1 1.8 0.6 0.3 flatulence 2.6 0.5 0.2 0.3 acid regurgitation 2.0 4.3 1.1 0.9 esophageal ulcer 1.5 0.0 0.1 0.1 vomiting 1.0 1.5 0.2 0.3 dysphagia 1.0 0.0 0.1 0.1 abdominal distention 1.0 0.8 0.0 0.0 gastritis 0.5 1.3 0.6 0.7 Musculoskeletal musculoskeletal (bone,   muscle or joint) pain 4.1 2.5 0.4 0.3 muscle cramp 0.0 1.0 0.2 0.1 Nervous System/Psychiatric headache 2.6 1.5 0.2 0.2 dizziness 0.0 1.0 0.0 0.1 Special Senses taste perversion   0.5   1.0   0.1   0.0 * 10 mg/day for three years ** 5 mg/day for 2 years and 10 mg/day for either 1 or 2 additional years Rarely, rash and erythema have occurred. One patient treated with FOSAMAX (10 mg/day), who had a history of peptic ulcer disease and gastrectomy and who was taking concomitant aspirin developed an anastomotic ulcer with mild hemorrhage, which was considered drug related. Aspirin and FOSAMAX were discontinued and the patient recovered. The adverse experience profile was similar for the 401 patients treated with either 5 or 20 mg doses of FOSAMAX in the United States and Multinational studies. The adverse experience profile for the 296 patients who received continued treatment with either 5 or 10 mg doses of FOSAMAX in the two-year extension of these studies (treatment years 4 and 5) was similar to that observed during the three-year placebo-controlled period. During the extension period, of the 151 patients treated with FOSAMAX 10 mg/day, the proportion of patients who discontinued therapy due to any clinical adverse experience was similar to that during the first three years of the study. In a one-year, double-blind, multicenter study, the overall safety and tolerability profiles of once weekly FOSAMAX 70 mg and FOSAMAX 10 mg daily were similar. The adverse experiences considered by the investigators as possibly, probably, or definitely drug related in ≥1% of patients in either treatment group are presented in the following table.   Osteoporosis Treatment Studies in Postmenopausal Women Adverse Experiences Considered Possibly, Probably, or Definitely Drug Related by the Investigators and Reported in ≥1% of Patients   Once Weekly FOSAMAX 70 mg % (n=519)   FOSAMAX 10 mg/day % (n=370) Gastrointestinal   abdominal pain 3.7 3.0 dyspepsia 2.7 2.2 acid regurgitation 1.9 2.4 nausea 1.9 2.4 abdominal distention 1.0 1.4 constipation 0.8 1.6 flatulence 0.4 1.6 gastritis 0.2 1.1 gastric ulcer 0.0 1.1 Musculoskeletal musculoskeletal (bone, muscle,   joint) pain 2.9 3.2 muscle cramp   0.2   1.1 Men In two placebo-controlled, double-blind, multicenter studies in men (a two-year study of FOSAMAX 10 mg/day and a one-year study of once weekly FOSAMAX 70 mg) the rates of discontinuation of therapy due to any clinical adverse experience were 2.7% for FOSAMAX 10 mg/day vs. 10.5% for placebo, and 6.4% for once weekly FOSAMAX 70 mg vs. 8.6% for placebo. The adverse experiences considered by the investigators as possibly, probably, or definitely drug related in ≥2% of patients treated with either FOSAMAX or placebo are presented in the following table.   Osteoporosis Studies in Men Adverse Experiences Considered Possibly, Probably, or Definitely Drug Related by the Investigators and Reported in ≥2% of Patients   Two-year Study   One-year Study FOSAMAX 10 mg/day % (n=146)   Placebo % (n=95)   Once Weekly FOSAMAX 70 mg % (n=109)   Placebo % (n=58) Gastrointestinal     acid regurgitation 4.1 3.2 0.0 0.0 flatulence 4.1 1.1 0.0 0.0 gastroesophageal   reflux disease 0.7 3.2 2.8 0.0 dyspepsia 3.4 0.0 2.8 1.7 diarrhea 1.4 1.1 2.8 0.0 abdominal pain 2.1 1.1 0.9 3.4 nausea   2.1   0.0   0.0   0.0 Prevention of osteoporosis in postmenopausal women The safety of FOSAMAX 5 mg/day in postmenopausal women 40-60 years of age has been evaluated in three double-blind, placebo-controlled studies involving over 1,400 patients randomized to receive FOSAMAX for either two or three years. In these studies the overall safety profiles of FOSAMAX 5 mg/day and placebo were similar. Discontinuation of therapy due to any clinical adverse experience occurred in 7.5% of 642 patients treated with FOSAMAX 5 mg/day and 5.7% of 648 patients treated with placebo. In a one-year, double-blind, multicenter study, the overall safety and tolerability profiles of once weekly FOSAMAX 35 mg and FOSAMAX 5 mg daily were similar. The adverse experiences from these studies considered by the investigators as possibly, probably, or definitely drug related in ≥1% of patients treated with either once weekly FOSAMAX 35 mg, FOSAMAX 5 mg/day or placebo are presented in the following table.   Osteoporosis Prevention Studies in Postmenopausal Women Adverse Experiences Considered Possibly, Probably, or Definitely Drug Related by the Investigators and Reported in ≥1% of Patients   Two/Three-Year Studies   One-Year Study FOSAMAX 5 mg/day % (n=642)   Placebo % (n=648)   FOSAMAX 5 mg/day % (n=361)   Once Weekly FOSAMAX 35 mg % (n=362) Gastrointestinal dyspepsia 1.9 1.4 2.2 1.7 abdominal pain 1.7 3.4 4.2 2.2 acid regurgitation 1.4 2.5 4.2 4.7 nausea 1.4 1.4 2.5 1.4 diarrhea 1.1 1.7 1.1 0.6 constipation 0.9 0.5 1.7 0.3 abdominal distention 0.2 0.3 1.4 1.1 Musculoskeletal musculoskeletal (bone,   muscle or joint)   pain   0.8   0.9       1.9   2.2 Concomitant use with estrogen/hormone replacement therapy In two studies (of one and two years’ duration) of postmenopausal osteoporotic women (total: n=853), the safety and tolerability profile of combined treatment with FOSAMAX 10 mg once daily and estrogen +/- progestin (n=354) was consistent with those of the individual treatments. Treatment of glucocorticoid-induced osteoporosis In two, one-year, placebo-controlled, double-blind, multicenter studies in patients receiving glucocorticoid treatment, the overall safety and tolerability profiles of FOSAMAX 5 and 10 mg/day were generally similar to that of placebo. The adverse experiences considered by the investigators as possibly, probably, or definitely drug related in ≥1% of patients treated with either FOSAMAX 5 or 10 mg/day or placebo are presented in the following table.   One-Year Studies in Glucocorticoid-Treated Patients Adverse Experiences Considered Possibly, Probably, or Definitely Drug Related by the Investigators and Reported in ≥1% of Patients   FOSAMAX 10 mg/day % (n=157)   FOSAMAX 5 mg/day % (n=161)   Placebo % (n=159) Gastrointestinal abdominal pain 3.2 1.9 0.0 acid regurgitation 2.5 1.9 1.3 constipation 1.3 0.6 0.0 melena 1.3 0.0 0.0 nausea 0.6 1.2 0.6 diarrhea 0.0 0.0 1.3 Nervous System/Psychiatric headache   0.6   0.0   1.3 The overall safety and tolerability profile in the glucocorticoid-induced osteoporosis population that continued therapy for the second year of the studies (FOSAMAX: n=147) was consistent with that observed in the first year. Paget’s disease of bone In clinical studies (osteoporosis and Paget’s disease), adverse experiences reported in 175 patients taking FOSAMAX 40 mg/day for 3-12 months were similar to those in postmenopausal women treated with FOSAMAX 10 mg/day. However, there was an apparent increased incidence of upper gastrointestinal adverse experiences in patients taking FOSAMAX 40 mg/day (17.7% FOSAMAX vs. 10.2% placebo). One case of esophagitis and two cases of gastritis resulted in discontinuation of treatment. Additionally, musculoskeletal (bone, muscle or joint) pain, which has been described in patients with Paget’s disease treated with other bisphosphonates, was considered by the investigators as possibly, probably, or definitely drug related in approximately 6% of patients treated with FOSAMAX 40 mg/day versus approximately 1% of patients treated with placebo, but rarely resulted in discontinuation of therapy. Discontinuation of therapy due to any clinical adverse experience occurred in 6.4% of patients with Paget’s disease treated with FOSAMAX 40 mg/day and 2.4% of patients treated with placebo. Osteogenesis Imperfecta FOSAMAX is not indicated for use in children. The overall safety profile of FOSAMAX in OI patients treated for up to 24 months was generally similar to that of adults with osteoporosis treated with FOSAMAX. However, there was an increased occurrence of vomiting in OI patients treated with FOSAMAX compared to placebo. During the 24-month treatment period, vomiting was observed in 32 of 109 (29.4%) patients treated with FOSAMAX and 3 of 30 (10%) patients treated with placebo. In a pharmacokinetic study, 6 of 24 pediatric OI patients who received a single oral dose of FOSAMAX 35 or 70 mg developed fever, flu-like symptoms, and/or mild lymphocytopenia within 24 to 48 hours after administration. These events, lasting no more than 2 to 3 days and responding to acetaminophen, are consistent with an acute-phase response that has been reported in patients receiving bisphosphonates, including FOSAMAX. See ADVERSE REACTIONS, Post-Marketing Experience , Body as a Whole . Laboratory Test Findings In double-blind, multicenter, controlled studies, asymptomatic, mild, and transient decreases in serum calcium and phosphate were observed in approximately 18% and 10%, respectively, of patients taking FOSAMAX versus approximately 12% and 3% of those taking placebo. However, the incidences of decreases in serum calcium to Post-Marketing Experience The following adverse reactions have been reported in post-marketing use: Body as a Whole: hypersensitivity reactions including urticaria and rarely angioedema. Transient symptoms of myalgia, malaise, asthenia and rarely, fever have been reported with FOSAMAX, typically in association with initiation of treatment. Rarely, symptomatic hypocalcemia has occurred, generally in association with predisposing conditions. Rarely, peripheral edema. Gastrointestinal: esophagitis, esophageal erosions, esophageal ulcers, rarely esophageal stricture or perforation, and oropharyngeal ulceration. Gastric or duodenal ulcers, some severe and with complications have also been reported (see WARNINGS, PRECAUTIONS, Information for Patients , and DOSAGE AND ADMINISTRATION). Localized osteonecrosis of the jaw, generally associated with tooth extraction and/or local infection, often with delayed healing, has been reported rarely (see PRECAUTIONS, Dental ). Musculoskeletal: bone, joint, and/or muscle pain, occasionally severe, and rarely incapacitating (see PRECAUTIONS, Musculoskeletal Pain ); joint swelling; low-energy femoral shaft and subtrochanteric fractures. Nervous system: dizziness and vertigo. Skin: rash (occasionally with photosensitivity), pruritus, alopecia, rarely severe skin reactions, including Stevens-Johnson syndrome and toxic epidermal necrolysis. Special Senses: rarely uveitis, scleritis or episcleritis. OVERDOSAGE Significant lethality after single oral doses was seen in female rats and mice at 552 mg/kg (3256 mg/m 2 ) and 966 mg/kg (2898 mg/m 2 ), respectively. In males, these values were slightly higher, 626 and 1280 mg/kg, respectively. There was no lethality in dogs at oral doses up to 200 mg/kg (4000 mg/m 2 ). No specific information is available on the treatment of overdosage with FOSAMAX. Hypocalcemia, hypophosphatemia, and upper gastrointestinal adverse events, such as upset stomach, heartburn, esophagitis, gastritis, or ulcer, may result from oral overdosage. Milk or antacids should be given to bind alendronate. Due to the risk of esophageal irritation, vomiting should not be induced and the patient should remain fully upright. Dialysis would not be beneficial. DOSAGE AND ADMINISTRATION FOSAMAX must be taken at least one-half hour before the first food, beverage, or medication of the day with plain water only (see PRECAUTIONS, Information for Patients ). Other beverages (including mineral water), food, and some medications are likely to reduce the absorption of FOSAMAX (see PRECAUTIONS, Drug Interactions ). Waiting less than 30 minutes, or taking FOSAMAX with food, beverages (other than plain water) or other medications will lessen the effect of FOSAMAX by decreasing its absorption into the body. FOSAMAX should only be taken upon arising for the day. To facilitate delivery to the stomach and thus reduce the potential for esophageal irritation, a FOSAMAX tablet should be swallowed with a full glass of water (6-8 oz). To facilitate gastric emptying FOSAMAX oral solution should be followed by at least 2 oz (a quarter of a cup) of water. Patients should not lie down for at least 30 minutes and until after their first food of the day. FOSAMAX should not be taken at bedtime or before arising for the day. Failure to follow these instructions may increase the risk of esophageal adverse experiences (see WARNINGS, PRECAUTIONS, Information for Patients ). Patients should receive supplemental calcium and vitamin D, if dietary intake is inadequate (see PRECAUTIONS, General ). No dosage adjustment is necessary for the elderly or for patients with mild-to-moderate renal insufficiency (creatinine clearance 35 to 60 mL/min). FOSAMAX is not recommended for patients with more severe renal insufficiency (creatinine clearance Treatment of osteoporosis in postmenopausal women (see INDICATIONS AND USAGE) The recommended dosage is: one 70 mg tablet once weekly or one bottle of 70 mg oral solution once weekly or one 10 mg tablet once daily Treatment to increase bone mass in men with osteoporosis The recommended dosage is: one 70 mg tablet once weekly or one bottle of 70 mg oral solution once weekly or one 10 mg tablet once daily Prevention of osteoporosis in postmenopausal women (see INDICATIONS AND USAGE) The recommended dosage is: one 35 mg tablet once weekly or one 5 mg tablet once daily The safety of treatment and prevention of osteoporosis with FOSAMAX has been studied for up to 7 years. Treatment of glucocorticoid-induced osteoporosis in men and women The recommended dosage is one 5 mg tablet once daily, except for postmenopausal women not receiving estrogen, for whom the recommended dosage is one 10 mg tablet once daily. Paget’s disease of bone in men and women The recommended treatment regimen is 40 mg once a day for six months. Retreatment of Paget’s disease In clinical studies in which patients were followed every six months, relapses during the 12 months following therapy occurred in 9% (3 out of 32) of patients who responded to treatment with FOSAMAX. Specific retreatment data are not available, although responses to FOSAMAX were similar in patients who had received prior bisphosphonate therapy and those who had not. Retreatment with FOSAMAX may be considered, following a six-month post-treatment evaluation period in patients who have relapsed, based on increases in serum alkaline phosphatase, which should be measured periodically. Retreatment may also be considered in those who failed to normalize their serum alkaline phosphatase. HOW SUPPLIED No. 3759 — Tablets FOSAMAX, 5 mg, are white, round, uncoated tablets with an outline of a bone image on one side and code MRK 925 on the other. They are supplied as follows: NDC 0006-0925-31 unit-of-use bottles of 30 NDC 0006-0925-58 unit-of-use bottles of 100. No. 3797 — Tablets FOSAMAX, 10 mg, are white, oval, wax-polished tablets with code MRK on one side and 936 on the other. They are supplied as follows: NDC 0006-0936-31 unit-of-use bottles of 30 NDC 0006-0936-58 unit-of-use bottles of 100 NDC 0006-0936-28 unit dose packages of 100 NDC 0006-0936-82 bottles of 1,000. No. 3813   — Tablets FOSAMAX, 35 mg, are white, oval, uncoated tablets with code 77 on one side and a bone image on the other. They are supplied as follows: NDC 0006-0077-44 unit-of-use blister package of 4 NDC 0006-0077-21 unit dose packages of 20. No. 8457 — Tablets FOSAMAX, 40 mg, are white, triangular-shaped, uncoated tablets with code MSD 212 on one side and FOSAMAX on the other. They are supplied as follows: NDC 0006-0212-31 unit-of-use bottles of 30. No. 3814 — Tablets FOSAMAX, 70 mg, are white, oval, uncoated tablets with code 31 on one side and an outline of a bone image on the other. They are supplied as follows: NDC 0006-0031-44 unit-of-use blister package of 4 NDC 0006-0031-21 unit dose packages of 20. No. 3833 — Oral Solution FOSAMAX, 70 mg, is a clear, colorless solution with a raspberry flavor and is supplied as follows: NDC 0006-3833-34 unit-of-use cartons of 4 single-dose bottles containing 75 mL each. Storage FOSAMAX Tablets: Store in a well-closed container at room temperature, 15-30°C (59-86°F). FOSAMAX Oral Solution: Store at 25°C (77°F), excursions permitted to 15-30°C (59-86°F). [See USP Controlled Room Temperature.] Do not freeze. Issued June 2009 Printed in USA 9636809 Patient Information FOSAMAX® (FOSS-ah-max) (alendronate sodium) Tablets Read this information before you start taking FOSAMAX * . Also, read the leaflet each time you refill your prescription, just in case anything has changed. This leaflet does not take the place of discussions with your doctor. You and your doctor should discuss FOSAMAX when you start taking your medicine and at regular checkups. What is the most important information I should know about FOSAMAX? You must take FOSAMAX exactly as directed to help make sure it works and to help lower the chance of problems in your esophagus (the tube that connects your mouth and stomach). (See “How should I take FOSAMAX?”). If you have chest pain, new or worsening heartburn, or have trouble or pain when you swallow, stop taking FOSAMAX and call your doctor. (See “What are the possible side effects of FOSAMAX?”). What is FOSAMAX? FOSAMAX is a prescription medicine for: The treatment or prevention of osteoporosis (thinning of bone) in women after menopause. It reduces the chance of having a hip or spinal fracture (break). Treatment to increase bone mass in men with osteoporosis. The treatment of osteoporosis in either men or women who are taking corticosteroid medicines (for example, prednisone). Improvement in bone density may be observed as early as 3 months after you start taking FOSAMAX even though you won’t see or feel a difference. For FOSAMAX to continue to work, you need to keep taking it. FOSAMAX is not a hormone. There is more information about osteoporosis at the end of this leaflet. Who should not take FOSAMAX? Do not take FOSAMAX if you: Have certain problems with your esophagus, the tube that connects your mouth with your stomach Cannot stand or sit upright for at least 30 minutes Have low levels of calcium in your blood Are allergic to FOSAMAX or any of its ingredients. A list of ingredients is at the end of this leaflet. What should I tell my doctor before using FOSAMAX? Tell your doctor about all of your medical conditions, including if you: have problems with swallowing have stomach or digestive problems have kidney problems are pregnant or planning to become pregnant. It is not known if FOSAMAX can harm your unborn baby. are breastfeeding. It is not known if FOSAMAX passes into your milk and if it can harm your baby. Tell your doctor about all medicines you take, including prescription and non-prescription medicines, vitamins, and herbal supplements. Know the medicines you take. Keep a list of them and show it to your doctor and pharmacist each time you get a new medicine. How should I take FOSAMAX? Take 1 FOSAMAX tablet once a day, every day after you get up for the day and before taking your first food, drink, or other medicine. Take FOSAMAX while you are sitting or standing. Swallow your FOSAMAX tablet with a full glass (6-8 oz) of plain water only. Do not take FOSAMAX with: Mineral water Coffee or tea Juice FOSAMAX works only if taken on an empty stomach. Do not chew or suck on a tablet of FOSAMAX. After swallowing your FOSAMAX tablet, wait at least 30 minutes: before you lie down. You may sit, stand or walk, and do normal activities like reading. before you take your first food or drink except for plain water. before you take other medicines, including antacids, calcium, and other supplements and vitamins. Do not lie down until after first food of the day. It is important that you keep taking FOSAMAX for as long as your doctor says to take it. For FOSAMAX to continue to work, you need to keep taking it. What should I do if I miss a dose of FOSAMAX or if I take too many? If you miss a dose, do not take it later in the day. Continue your usual schedule of 1 tablet once a day the next morning. If you think you took more than the prescribed dose of FOSAMAX, drink a full glass of milk and call your doctor right away. Do not try to vomit. Do not lie down. What should I avoid while taking FOSAMAX? Do not eat, drink, or take other medicines or supplements before taking FOSAMAX. Wait for at least 30 minutes after taking FOSAMAX to eat, drink, or take other medicines or supplements. Do not lie down for at least 30 minutes after taking FOSAMAX. Do not lie down until after your first food of the day. What are the possible side effects of FOSAMAX? FOSAMAX may cause problems in your esophagus (the tube that connects the mouth and stomach). (See “What is the most important information I should know about FOSAMAX?”.) These problems include irritation, inflammation, or ulcers of the esophagus, which may sometimes bleed. This may occur especially if you do not drink a full glass of water with FOSAMAX or if you lie down in less than 30 minutes or before your first food of the day. Stop taking FOSAMAX and call your doctor right away if you get any of these signs of possible serious problems of the esophagus: Chest pain New or worsening heartburn Trouble or pain when swallowing Esophagus problems may get worse if you continue to take FOSAMAX. Mouth sores (ulcers) may occur if the FOSAMAX tablet is chewed or dissolved in the mouth. You may get flu-like symptoms typically at the start of treatment with FOSAMAX. You may get allergic reactions, such as hives or, in rare cases, swelling of your face, lips, tongue, or throat. FOSAMAX may cause jaw-bone problems in some people. Jaw-bone problems may include infection, and delayed healing after teeth are pulled. The most common side effect is stomach area (abdominal) pain. Less common side effects are nausea, vomiting, a full or bloated feeling in the stomach, constipation, diarrhea, black or bloody stools (bowel movements), gas, eye pain, rash that may be made worse by sunlight, hair loss, headache, dizziness, a changed sense of taste, joint swelling or swelling in the hands or legs, and bone, muscle, or joint pain. Call your doctor if you develop severe bone, muscle, or joint pain. Some patients have experienced fracture in a specific part of the thigh bone. Call your doctor if you develop new or unusual pain in the hip or thigh. Tell your doctor about any side effect that bothers you or that does not go away. These are not all the side effects with FOSAMAX. Ask your doctor or pharmacist for more information. How do I store FOSAMAX? Store FOSAMAX at room temperature, 59 to 86°F (15 to 30°C). Safely discard FOSAMAX that is out-of-date or no longer needed. Keep FOSAMAX and all medicines out of the reach of children. General information about using FOSAMAX safely and effectively Medicines are sometimes prescribed for conditions that are not mentioned in patient information leaflets. Do not use FOSAMAX for a condition for which it was not prescribed. Do not give FOSAMAX to other people, even if they have the same symptoms you have. It may harm them. FOSAMAX is not indicated for use in children. This leaflet is a summary of information about FOSAMAX. If you have any questions or concerns about FOSAMAX or osteoporosis, talk to your doctor, pharmacist, or other health care provider. You can ask your doctor or pharmacist for information about FOSAMAX written for health care providers. For more information, call 1-877-408-4699 (toll-free) or visit the following website: www.fosamax.com . What are the ingredients in FOSAMAX? FOSAMAX contains alendronate sodium as the active ingredient and the following inactive ingredients: cellulose, lactose, croscarmellose sodium and magnesium stearate. The 10 mg tablet also contains carnauba wax. What should I know about osteoporosis? Normally your bones are being rebuilt all the time. First, old bone is removed (resorbed). Then a similar amount of new bone is formed. This balanced process keeps your skeleton healthy and strong. Osteoporosis is a thinning and weakening of the bones. It is common in women after menopause, and may also occur in men. In osteoporosis, bone is removed faster than it is formed, so overall bone mass is lost and bones become weaker. Therefore, keeping bone mass is important to keep your bones healthy. In both men and women, osteoporosis may also be caused by certain medicines called corticosteroids. At first, osteoporosis usually has no symptoms, but it can cause fractures (broken bones). Fractures usually cause pain. Fractures of the bones of the spine may not be painful, but over time they can make you shorter. Eventually, your spine can curve and your body can become bent over. Fractures may happen during normal, everyday activity, such as lifting, or from minor injury that would normally not cause bones to break. Fractures most often occur at the hip, spine, or wrist. This can lead to pain, severe disability, or loss of ability to move around (mobility). Who is at risk for osteoporosis? Many things put people at risk of osteoporosis. The following people have a higher chance of getting osteoporosis: Women who: Are going through or who are past menopause Men who: Are elderly People who: Are white (Caucasian) or oriental (Asian) Are thin Have family member with osteoporosis Do not get enough calcium or vitamin D Do not exercise Smoke Drink alcohol often Take bone thinning medicines (like prednisone or other corticosteroids) for a long time What can I do to help prevent or treat osteoporosis? In addition to FOSAMAX, your doctor may suggest one or more of the following lifestyle changes: Stop smoking. Smoking may increase your chance of getting osteoporosis. Reduce the use of alcohol. Too much alcohol may increase the risk of osteoporosis and injuries that can cause fractures. Exercise regularly. Like muscles, bones need exercise to stay strong and healthy. Exercise must be safe to prevent injuries, including fractures. Talk with your doctor before you begin any exercise program. Eat a balanced diet. Having enough calcium in your diet is important. Your doctor can advise you whether you need to change your diet or take any dietary supplements, such as calcium or vitamin D. Rx only                 MERCK & CO., INC. Issued June 2009 Whitehouse Station, NJ 08889, USA * Registered trademark of MERCK & CO., Inc.  COPYRIGHT © 1995, 1997, 2000 MERCK & CO., Inc.  All rights reserved 9635609 Patient Information Once Weekly FOSAMAX® (FOSS-ah-max) (alendronate sodium) Tablets and Oral Solution Read this information before you start taking FOSAMAX * . Also, read the leaflet each time you refill your prescription, just in case anything has changed. This leaflet does not take the place of discussions with your doctor. You and your doctor should discuss FOSAMAX when you start taking your medicine and at regular checkups. What is the most important information I should know about once weekly FOSAMAX? You must take once weekly FOSAMAX exactly as directed to help make sure it works and to help lower the chance of problems in your esophagus (the tube that connects your mouth and stomach). (See “How should I take once weekly FOSAMAX?”). If you have chest pain, new or worsening heartburn, or have trouble or pain when you swallow, stop taking FOSAMAX and call your doctor. (See “What are the possible side effects of FOSAMAX?”). What is FOSAMAX? FOSAMAX is a prescription medicine for: The treatment or prevention of osteoporosis (thinning of bone) in women after menopause. It reduces the chance of having a hip or spinal fracture (break). Treatment to increase bone mass in men with osteoporosis. FOSAMAX tablets are for treatment and prevention of osteoporosis. FOSAMAX oral solution is for treatment of osteoporosis. Improvement in bone density may be observed as early as 3 months after you start taking FOSAMAX even though you won’t see or feel a difference. For FOSAMAX to continue to work, you need to keep taking it. FOSAMAX is not a hormone. There is more information about osteoporosis at the end of this leaflet. Who should not take FOSAMAX? Do not take FOSAMAX (tablets or oral solution) if you: Have certain problems with your esophagus, the tube that connects your mouth with your stomach Cannot stand or sit upright for at least 30 minutes Have low levels of calcium in your blood Are allergic to FOSAMAX or any of its ingredients. A list of ingredients is at the end of this leaflet. Do not take FOSAMAX oral solution if you have trouble swallowing liquids. What should I tell my doctor before using FOSAMAX? Tell your doctor about all of your medical conditions, including if you: have problems with swallowing have stomach or digestive problems have kidney problems are pregnant or planning to become pregnant. It is not known if FOSAMAX can harm your unborn baby. are breastfeeding. It is not known if FOSAMAX passes into your milk and if it can harm your baby. Tell your doctor about all medicines you take, including prescription and non-prescription medicines, vitamins, and herbal supplements. Know the medicines you take. Keep a list of them and show it to your doctor and pharmacist each time you get a new medicine. How should I take once weekly FOSAMAX? Choose the day of the week that best fits your schedule. Take 1 dose of FOSAMAX every week on your chosen day after you get up for the day and before taking your first food, drink, or other medicine Take FOSAMAX while you are sitting or standing. Take your FOSAMAX with plain water only as follows: TABLETS : Swallow one tablet with a full glass (6-8 oz) of plain water. ORAL SOLUTION : Drink one entire bottle of solution followed by at least 2 ounces (a quarter of a cup) of plain water. Do not take FOSAMAX with: Mineral water Coffee or tea Juice FOSAMAX works only if it is taken on an empty stomach. Do not chew or suck on a tablet of FOSAMAX. After taking your FOSAMAX, wait at least 30 minutes: before you lie down. You may sit, stand or walk, and do normal activities like reading. before you take your first food or drink except for plain water. before you take other medicines, including antacids, calcium, and other supplements and vitamins. Do not lie down until after your first food of the day. It is important that you keep taking FOSAMAX for as long as your doctor says to take it. For FOSAMAX to continue to work, you need to keep taking it. What should I do if I miss a dose of FOSAMAX or if I take too many? If you miss a dose, take only 1 dose of FOSAMAX on the morning after you remember. Do not take 2 doses on the same day. Continue your usual schedule of 1 dose once a week on your chosen day. If you think you took more than the prescribed dose of FOSAMAX, drink a full glass of milk and call your doctor right away. Do not try to vomit. Do not lie down. What should I avoid while taking FOSAMAX? Do not eat, drink, or take other medicines or supplements before taking FOSAMAX. Wait for at least 30 minutes after taking FOSAMAX to eat, drink, or take other medicines or supplements. Do not lie down for at least 30 minutes after taking FOSAMAX. Do not lie down until after your first food of the day. What are the possible side effects of FOSAMAX? FOSAMAX may cause problems in your esophagus (the tube that connects the mouth and stomach). (See “What is the most important information I should know about once weekly FOSAMAX?”.) These problems include irritation, inflammation, or ulcers of the esophagus, which may sometimes bleed. This may occur especially if you do not drink a full glass of water with FOSAMAX or if you lie down in less than 30 minutes or before your first food of the day. Stop taking FOSAMAX and call your doctor right away if you get any of these signs of possible serious problems of the esophagus: Chest pain New or worsening heartburn Trouble or pain when swallowing Esophagus problems may get worse if you continue to take FOSAMAX. Mouth sores (ulcers) may occur if the FOSAMAX tablet is chewed or dissolved in the mouth. You may get flu-like symptoms, typically at the start of treatment with FOSAMAX. You may get allergic reactions, such as hives or, in rare cases, swelling of your face, lips, tongue, or throat. FOSAMAX may cause jaw-bone problems in some people. Jaw-bone problems may include infection, and delayed healing after teeth are pulled. The most common side effect is stomach area (abdominal) pain. Less common side effects are nausea, vomiting, a full or bloated feeling in the stomach, constipation, diarrhea, black or bloody stools (bowel movements), gas, eye pain, rash that may be made worse by sunlight, hair loss, headache, dizziness, a changed sense of taste, joint swelling or swelling in the hands or legs, and bone, muscle, or joint pain. Call your doctor if you develop severe bone, muscle, or joint pain. Some patients have experienced fracture in a specific part of the thigh bone. Call your doctor if you develop new or unusual pain in the hip or thigh. Tell your doctor about any side effect that bothers you or that does not go away. These are not all the side effects with FOSAMAX. Ask your doctor or pharmacist for more information. How do I store FOSAMAX? Store at room temperature, 59 to 86°F (15 to 30°C). Safely discard FOSAMAX that is out-of-date or no longer needed. Keep FOSAMAX and all medicines out of the reach of children. General information about using FOSAMAX safely and effectively Medicines are sometimes prescribed for conditions that are not mentioned in patient information leaflets. Do not use FOSAMAX for a condition for which it was not prescribed. Do not give FOSAMAX to other people, even if they have the same symptoms you have. It may harm them. FOSAMAX is not indicated for use in children. This leaflet is a summary of information about FOSAMAX. If you have any questions or concerns about FOSAMAX or osteoporosis, talk to your doctor, pharmacist, or other health care provider. You can ask your doctor or pharmacist for information about FOSAMAX written for health care providers. For more information, call 1-877-408-4699 (toll-free) or visit the following website: www.fosamax.com . What are the ingredients in FOSAMAX? Tablets FOSAMAX tablets contain alendronate sodium as the active ingredient and the following inactive ingredients: cellulose, lactose, croscarmellose sodium and magnesium stearate. Oral Solution Fosamax oral solution contains alendronate sodium as the active ingredient and the following inactive ingredients: sodium citrate, citric acid, sodium saccharin, artificial raspberry flavor, purified water, sodium propylparaben and sodium butylparaben. What should I know about osteoporosis? Normally your bones are being rebuilt all the time. First, old bone is removed (resorbed). Then a similar amount of new bone is formed. This balanced process keeps your skeleton healthy and strong. Osteoporosis is a thinning and weakening of the bones. It is common in women after menopause, and may also occur in men. In osteoporosis, bone is removed faster than it is formed, so overall bone mass is lost and bones become weaker. Therefore, keeping bone mass is important to keep your bones healthy. In both men and women, osteoporosis may also be caused by certain medicines called corticosteroids. At first, osteoporosis usually has no symptoms, but it can cause fractures (broken bones). Fractures usually cause pain. Fractures of the bones of the spine may not be painful, but over time they can make you shorter. Eventually, your spine can curve and your body can become bent over. Fractures may happen during normal, everyday activity, such as lifting, or from minor injury that would normally not cause bones to break. Fractures most often occur at the hip, spine, or wrist. This can lead to pain, severe disability, or loss of ability to move around (mobility). Who is at risk for osteoporosis? Many things put people at risk of osteoporosis. The following people have a higher chance of getting osteoporosis: Women who: Are going through or who are past menopause Men who: Are elderly People who: Are white (Caucasian) or oriental (Asian) Are thin Have family member with osteoporosis Do not get enough calcium or vitamin D Do not exercise Smoke Drink alcohol often Take bone thinning medicines (like prednisone or other corticosteroids) for a long time What can I do to help prevent or treat osteoporosis? In addition to FOSAMAX, your doctor may suggest one or more of the following lifestyle changes: Stop smoking . Smoking may increase your chance of getting osteoporosis. Reduce the use of alcohol. Too much alcohol may increase the risk of osteoporosis and injuries that can cause fractures. Exercise regularly . Like muscles, bones need exercise to stay strong and healthy. Exercise must be safe to prevent injuries, including fractures. Talk with your doctor before you begin any exercise program. Eat a balanced diet . Having enough calcium in your diet is important. Your doctor can advise you whether you need to change your diet or take any dietary supplements, such as calcium or vitamin D. Rx only                     MERCK & CO., INC. Issued June 2009 Whitehouse Station, NJ 08889, USA   * Registered trademark of MERCK & CO., Inc.  COPYRIGHT © 2000 MERCK & CO., Inc.  All rights reserved See original here: Merck Wins Summary Judgment in Second Federal Bellwether Case Involving FOSAMAX® (alendronate sodium) (Business Wire)

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Merck Wins Summary Judgment in Second Federal Bellwether Case Involving FOSAMAX® (alendronate sodium) (Business Wire)

WASHINGTON (AP) — First-time buyers taking advantage of a special tax credit gave sales of existing homes in October their biggest surge in a decade, raising hopes for a turnaround in the housing market and pleasing Wall Street. AP – In this Nov. 17, 2009 photo, A “sold” sign is seen outside a home in Los Angeles. October … {”s” : “bac,c,fnm,fre,jpm,wfc,zipr”,”k” : “c10,l10,p20,t10″,”o” : “”,”j” : “”} While rising foreclosures and disappearing jobs still threaten the comeback, there are now bidding wars for houses in some cities, and home sales are nearly 36 percent above their low point in January. The National Association of Realtors said resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from 5.5 million in September. It was the biggest monthly increase in a decade and far better than what economists expected, according to Thomson Reuters. Analysts said the gains mainly reflected the tax credit of up to $8,000 for new homeowners, which was due to expire this month before Congress extended it until spring — and expanded it to more buyers. The sales figures released Monday provided the juice for a rally on Wall Street. The Dow Jones industrial average, also lifted by a weak dollar, rose more than 130 points. The extension of the homebuyer tax credit should help sustain the housing market next year, economists said. Yet the overall economy will probably benefit only slightly from higher home sales. There are still too many factors weighing down the recovery. Foreclosures are rising. Job creation is slow. People remain reluctant to spend. And construction of new homes — as opposed to sales of existing ones — plunged in October. The biggest contribution the housing industry makes to economic growth is from home building. Commissions and fees generated from home sales also help, but far less than construction. “I wouldn’t want to bet the house on housing, really, in terms of the strength of the U.S. economy going forward,” said Diane Swonk, chief economist at Mesirow Financial in Chicago.” That’s partly because shoppers seem in no mood to spend. In fact, 93 percent say they’ll spend less or about the same as last year, according to an Associated Press-GfK poll. Half of all those polled say they’re suffering at least some debt-related stress. Next year is likely to bring only slight improvement, given high unemployment and tight credit, according to the National Association for Business Economics. Consumer spending will rise a lackluster 2 percent next year, restraining the recovery, NABE forecasters said. For now, the housing market is feeding on the homebuyer tax credit, along with falling home prices and low mortgage rates. Average rates on 30-year mortgages have hovered around 5 percent this fall. At the current sales pace, there’s a modest seven-month supply of previously occupied homes on the market. Sales are still running 16 percent below their peak in 2005, but real estate agents say the pace has definitely picked up. “People who are looking, they are serious,” said Harrison Tulloss, an agent with ZipRealty Inc. in the Raleigh-Durham area of North Carolina. “They’re not riding around with me if they need to go shopping or buy a turkey.” Joey Wilson and her husband made unsuccessful offers on 20 Las Vegas homes starting in midsummer before they closed on a four-bedroom, $136,000 home this month. “It’s insane,” said Wilson, who relocated from Kentucky. “I’ve never seen a market like this before.” Reduced home prices and federal programs to lower mortgage rates have brought more buyers into the market. The median sales price was $173,100 in October, down 7 percent from a year earlier and 25 percent below the peak. Many experts predict prices will hit a new low next spring, perhaps falling 5 to 10 percent further as more foreclosures spill into the market. The government has tried to counter that trend by offering the tax credit and keeping mortgage rates low. Without the a deadline looming for the tax credit, home sales are likely to fall over the winter as buyers hibernate for a few months. Analysts say the new deadline — buyers have to sign a purchase agreement by April 30 — means sales will surge next spring, before dropping back again later in 2010. What happens after that is anyone’s guess. “When we do kick those crutches out from under the housing market, will it be able to stand on its own?” said Mark Fleming, chief economist with First American CoreLogic. “It’s really hard to tell.” The government has also helped the housing market by acting to lower mortgage rates. The Federal Reserve, for example, has pumped $1.25 trillion into mortgage-backed securities to try to lower mortgage rates and loosen credit. That program is scheduled to end by March. If rates go up without the government help, homes would be less affordable, which could dampen demand. A disquieting report last week from the Mortgage Bankers Association said more fixed-rate home loans made to people with good credit were sinking into foreclosure as layoffs go on. A record-high 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. In areas where foreclosures have hit hard, housing remains depressed, despite low prices, low mortgage rates and the tax credit. Yet for homebuyers with cash and access to credit, falling prices and low mortgage rates have proved irresistible. The Realtors’ report on October home sales reflects offers made before buyers knew the credit would be extended. In Raleigh, N.C., first-time buyer Louise Brunson snapped up a three-bedroom town house for $235,000. She and her husband had planned to buy a year and a half ago but decided to wait until prices fell further. The tax credit was a big plus, too. “We suspected that it might be extended,” said Brunson, a paralegal. “But we did want to go ahead and get it done to be on the safe side.” Associated Press writers Alex Veiga, Adrian Sainz and David Twiddy contributed to this report. Here is the original post: Tax credit gives home sales best boost in decade (AP)

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HOUSTON–(BUSINESS WIRE)–Kinder Morgan Energy Partners, L.P. (NYSE: KMP – News ) today announced its preliminary projections for next year, stating that it expects KMP to declare cash distributions of $4.40 per unit for 2010, a 4.8 percent increase over its 2009 budget target of $4.20 per unit. The company also reiterated it remains confident that it will achieve its 2009 targeted distribution per unit, which represents a 4.5 percent increase over 2008. Chairman and CEO Richard D. Kinder said, “Kinder Morgan’s stable and diversified assets continue to grow and increase cash flow, even during the recent recession and ongoing weak economic times. In 2010, we anticipate that our business segments will generate almost $3.4 billion in segment earnings before DD&A, an increase of more than $400 million over the 2009 forecast. We expect to distribute approximately $1.35 billion for 2010 to our limited partners.” Kinder noted that management anticipates investing approximately $1.5 billion at KMP in expansions and small acquisitions in 2010 to further grow the company. Approximately $400 million of the equity required for this investment program will be funded by Kinder Morgan Management (NYSE: KMR – News ) dividends. KMP’s expectations assume an average West Texas Intermediate (WTI) crude oil price of approximately $84 per barrel in 2010, which approximates the current forward curve for next year. The overwhelming majority of cash generated by KMP’s assets is fee based and is not sensitive to commodity prices. In its CO 2 segment, the company hedges the majority of its oil production but does have exposure to unhedged volumes, a significant portion of which are natural gas liquids. For 2010, every $1 change in the average WTI crude oil price per barrel is expected to impact the CO 2 segment by approximately $6 million (or less than 0.2 percent of our combined business segments’ anticipated segment earnings before DD&A). The board of directors will review and approve KMP’s 2010 budget at its January board meeting and that budget will be discussed in detail during the company’s annual analyst meeting on Jan. 28, 2010, in Houston. Kinder Morgan remains committed to transparency and will continue to publish its budget on the company’s web site, www.kindermorgan.com . The 2010 budget will be the standard by which KMP measures its performance next year and will be a target for determining employee bonuses. Kinder Morgan Management, LLC Kinder Morgan Management LLC (NYSE: KMR – News ) announced its preliminary projections for 2010 and expects to declare distributions of $4.40 per share. The distribution to KMR shareholders will be paid in the form of additional KMR shares. The distribution is calculated by dividing the cash distribution to KMP unitholders by KMR’s average closing price for the 10 trading days prior to KMR’s ex-dividend date. Kinder Morgan Energy Partners, L.P. (NYSE: KMP – News ) is a leading pipeline transportation and energy storage company in North America. KMP owns an interest in or operates more than 28,000 miles of pipelines and 170 terminals. Its pipelines transport natural gas, gasoline, crude oil, CO 2 and other products, and its terminals store petroleum products and chemicals and handle bulk materials like coal and petroleum coke. KMP is also the leading provider of CO 2 for enhanced oil recovery projects in North America. One of the largest publicly traded pipeline limited partnerships in America, KMP has an enterprise value of over $25 billion. The general partner of KMP is owned by Kinder Morgan, Inc., a private company. For more information please visit www.kindermorgan.com . This news release includes forward-looking statements. Although Kinder Morgan believes that its expectations are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in Kinder Morgan’s Forms 10-K and 10-Q as filed with the Securities and Exchange Commission. Visit link: Kinder Morgan Expects to Distribute $4.40 Per Unit for 2010 (Business Wire)

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NORWOOD, Mass. (AP) — Chipmaker Analog Devices Inc. said Monday its net income fell 27 percent in the fiscal fourth quarter, as demand declined for semiconductors in its industrial and communications business. But the company predicted revenue in its fiscal first quarter up 20 percent from a year earlier, and its outlook for earnings per share exceeded analysts’ forecasts. Analog Devices said it expected earnings of 36 cents to 37 cents per share in the first quarter, excluding restructuring charges related to the closure of its fabrication facility in Cambridge. That was higher than the 28 cents per share expected by analysts. CEO Jerald Fishman said in a statement the company was beginning to see the benefits of gradual improvement in the economy, customers replenishing their inventories and investments in new products paying off. Net income in the three months to Oct. 31 fell to $105.6 million, or 36 cents per share, from $143.9 million, or 49 cents per share, in the same period a year ago. Revenue dropped 13 percent to $571.6 million. Analysts surveyed by Thomson Reuters expected earnings of 26 cents per share and revenue of $524 million, although they typically exclude the impact of one-time items. The company also declared a quarterly dividend of 20 cents per share. For the full year, net income fell 68 percent to $247.8 million, or 85 cents per share, while revenue fell 22 percent to $2.01 billion. Shares rose 31 cents to $28.30 in after-hours trading, after closing up 46 cents, or 1.7 percent, at $27.94. Read the original: Analog Devices 4Q earnings fall; 1Q outlook upbeat (AP)

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The federal agency in charge of product safety plans to announce a crib recall on Tuesday. “There is a crib recall tomorrow, and it’s going to be really important for all parents to pay attention,” said Scott Wolfson, spokesman for the Consumer Product Safety Commission. “There is also a larger effort by CPSC to put in mandatory rules to make all cribs safer.” Wolfson did not provide further details, though media reports indicated that the recall will target drop-side cribs, cribs whose sides slide down. More than 5 million cribs, bassinets and play yards have been recalled since the beginning of 2007, according to CPSC. This includes the recall of 400,000 drop-side cribs by manufacturer Simplicity in July, as the result of some fatalities, according to the CPSC. The agency also said that 600,000 drop-side cribs were recalled by Delta Enterprise in October. The recalls were prompted by concerns that infants and toddlers could get trapped by the mechanism of the crib and suffocate. “This has certainly been a hazard that we’ve been aware of for some time,” said Nancy Cowles, director of Kids In Danger, a Chicago-based advocacy group. Drop-side cribs have been associated with “dozens of deaths” over the years, she added. Toys “R” Us, one of the largest retailers of nursery furniture, said it has decided to stop placing orders for drop-side cribs and expects to stop carrying them by the end of 2009. Jennifer Albano, a Toys “R” Us spokesperson, said the company supports proposed standards that would, among other things, require that cribs no longer be manufactured with a drop-side. Albano said a consortium of crib manufacturers, consumer safety advocates and a products standards organization met with the CPSC in March to discuss the possibility of changing voluntary production standards for cribs as part of ongoing efforts to improve safety. However, no official decision has been made and Toys “R” Us does still have some drop-side cribs in stock, Albano said. The legislature in Suffolk County, N.Y., at the eastern end of Long Island, banned sales of the drop-side crib in October. See the original post: Government agency to announce crib recall Tuesday (CNNMoney.com)

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Retail gasoline prices headed downward in most places to begin one of the country’s busiest travel weeks, with more than 33 million people expected to hit the road for the Thanksgiving holiday. AP – In this photo taken Nov. 20, 2009, a tanker truck makes a fuel delivery at a Little Rock, … Americans are remaining closer to home because of anxiety about the economy and demand for gasoline is weaker now than it was last year at this time. That is telling because a gallon of gasoline then cost only $1.93 as the economic crisis unfolded in 2008. Unlike last year, however, gas is not falling sharply and though prices fell overnight, it still cost about $2.64 per gallon on average, according to Department of Energy data and also auto club AAA, Wright Express and Oil Price Information Service. “I think we will see some increases in the spring like we always do,” said Fred Rozell, retail pricing director at OPIS. “But at this point I think we’re going to kind of see a status quo for a while.” Gasoline prices were either flat or falling in most places, but rose nearly 4 cents across the Midwest, according to a report Monday from the Energy Information Administration. Prices spiked 10 cents in Cleveland, according to the EIA. Crude prices have remained relatively strong, which has helped keep gas prices well above $2.50. A survey by the AAA this weekend found that the number of Americans traveling away from home for Thanksgiving will be up just 2.1 percent this year from 2008. Crude prices have dragged retail gasoline prices higher throughout the year and rose by 9 cents per barrel on Monday. Benchmark crude for January delivery settled at $77.56 a barrel on the New York Mercantile Exchange after the release of some surprising housing numbers. The National Association of Realtors said home sales rose 10.1 percent in October. That is the highest level in more than two years and helped push crude prices higher on expectations of increased demand. Still, crude in storage is above normal levels for this time of year and refiners that turn oil into gasoline, jet fuel and diesel are cutting back because demand is so weak. Valero Energy became the latest to shut down a refinery Friday, the largest U.S. facility shut down so far this year. That follows other refiners like Sunoco and Western Refining, who have shut down plants in recent months and off almost 1,000 workers. Refiners say they can’t raise the price of gasoline and jet fuel because people aren’t traveling as much, but they must pay higher prices for crude because of the weak dollar. Air travel is projected to decline 6.7 percent, or 2.3 million travelers this year compared to 2.5 million in 2008. In other Nymex trading, heating oil rose less than a penny to settle at $1.9799 a gallon. Gasoline for December delivery fell less than a cent to settle at $1.9794 a gallon. Natural gas for December delivery rose about 5 cents to settle at $4.473 per 1,000 cubic feet. In London, Brent crude for January delivery fell 26 cents to settle at $77.46 on the ICE Futures exchange. Associated Press Writers Alex Kennedy in Singapore and Barry Hatton in Lisbon, Portugal, contributed to this report. Visit link: Gas prices fall to begin busy travel week (AP)

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67 WALL STREET, New York – November 23, 2009 – The Wall Street Transcript has just published its Travel and Leisure Report–Airlines, Hotels, Resorts, Cruise Lines, and Restaurants offering a timely review of the sector to serious investors and industry executives. This 137 page special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available via The Wall Street Transcript Online . Topics covered: Consumer Traveler Spending – U-Shaped Recovery in Restaurant Sector – Low-Cost and Network Airlines – Airline Carriers and Online Travel Agencies – Hotel Occupancy Rates – Improvement in Transportation Sector – Upscale Casual and Fast Casual Restaurants – Near-Term Risk in Hotel Space – Fuel Prices a Universal Concern – Restaurant Industry Stability – Increased Consolidation in Airline Industry – Firming of Traffic Trends in Restaurant Space Companies include: Vail Resorts, Inc. (MTN); Air France-KLM (AFLYY); AirTrans (AAI); Alaska Air Group (ALK); Allegiant Travel Group (ALGT); American Airlines (AMR); Applebee’s (APPB); Ashford (AHT); BJ’s Restaurants (BJRI); Boeing (BA); Brinker (EAT); British Airways (BAY); Buffalo Wild Wings (BWLD); Burger King Corp (BKC); California Pizza Kitchen (CPKI); Carnival (CCL); Cheesecake Factories (CAKE); Chipotle Mexican Grill (CMG); Choice (CHH); Continental Airlines (CAL); Darden (DRI); Delta Airlines (DAL); Denny’s (DENN); DiamondRock (DRH); Domino’s Pizza (DPZ); Expedia (EXPE); Famous Dave’s (DAVE); FelCor (FCH); Gaylord Entertainment (GET); Great Wolf Resorts (WOLF); Green Mountain (GMCR); Hawaiian Holdings (HA); Home Inns & Hotels (HMIN); Hospitality Properties Trust (HPT); JetBlue Airlines (JBLU); LaSalle Hotel Properties (LHO); Lufthansa (LHA); MHI Hospitality Corporation (MDH); Marriott (MAR); McDonalds (MCD); Mesa (MESA); Morton’s Steakhouse (MRT); National Business Travel Association (NBTA); National Mediation Board (NMB); Orbitz (OWW); P.F. Chang’s (PFCB); Panera Bread (PNRA); Peet’s (PEET); Priceline (PCLN); Republic Airlines (RJET); Royal Caribbean Cruise Lines (RCL); Royal Caribbean International (HST); Ruby Tuesday (RT); Ruth’s Chris Steakhouse (RUTH); Sonesta (SNSTA); Sonic (SONC); Southwest Airlines (LUV); Spicy Pickle (SPKL.OB); Starbucks (SBUX); Starwood Hotels (HOT); Strategic (BEE); Sunstone (SHO); Texas Roadhouse (TXRH); UFood (UFFC.OB); US Air (LCC); United Airlines (UAUA); Wyndham (WYN) In the following brief excerpt from just one of the in depth interviews in the 137 page Travel and Leisure Report, an award winning equity analyst discusses the outlook for the sector and for investors. HELANE BECKER is a Managing Director at Jesup & Lamont who covers the transportation industry, focusing on airlines, air freight and freight forwarding. Ms. Becker has more than 25 years of experience in the financial industry, holding positions within research, trading and investment banking departments. Prior to joining Jesup & Lamont, she was Managing Director at CapStone Investments and helped to raise capital for small- to mid-cap companies. She also previously held positions at Smith Barney, Lehman Brothers and several other broker-dealers as a Senior Transportation Analyst. Ms. Becker was ranked first, second or third from 1985 to 1993 by Institutional Investor magazine. She was also ranked in the top five by the Wall Street Journal in 1992, 1993, 1997, 2001 and 2002 as one of the best analysts on the Street. Ms. Becker holds a B.A. from Montclair State University and an MBA from New York University. She is a member of several organizations, including Who’s Who Among Women in Business, and she is a former President of The Society of Airline Analysts. TWST: Let’s start with your overall outlook for the airline industry today. What is your outlook and why? Ms. Becker: We think that the airlines have seen the bottom or are in the process of bottoming, and our outlook for the third quarter is for an aggregate total of about $30 billion in revenue, and operating profit of about $600 million and a net loss of about $400 million. Obviously, all numbers exclude non-recurring gains, charges and mark-to-market hedge-related gains and losses. The revenue estimate is for a decline of about 8%. That compares to our initial estimate earlier in the year that revenues would be down between 7% and 9%. I think that the fourth quarter should show a little bit of improvement versus the third quarter and versus last year. We’re thinking the fourth quarter will be low single digits, so down 3% to 7%. And then 2010 we think will be better. TWST: So perhaps the worst is behind us? Ms. Becker: We think the worst is behind us. TWST: I’m sure you saw these statistics too, but I read recently that globally the airline industry is expected to lose $11 billion this year and another $3.8 billion in 2010. How much of that is attributable to the U.S. airline industry? Ms. Becker: I think that most of that is attributable to airlines outside the United States. The U.S. is far ahead of the rest of the world in terms of capacity reductions and adjustments to declines in traffic. Of the $11 billion decline that IATA is estimating, which is the number that you just cited, probably about $3.5 billion to $4 billion is related to the United States; the rest is outside the U.S. And the reason for that is the U.S. airlines were very quick to cut capacity when fuel prices were going up and the rest of the world did not. The rest of the major airlines, like British Airways (BAY) and Lufthansa (LHA), Air France-KLM (AFLYY), Japan Airline (JALSY), waited a very long time before they moved the needle on capacity. And so the U.S. airlines had about a one-year head start, and the result was that when traffic turned down, it didn’t look quite as bad for the U.S. airlines as it did for the peer group. Note: Opinions and recommendations are as of 10/07/09. HELANE BECKER Jesup & Lamont The Wall Street Transcript is a unique service for investors and industry researchers – providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 137 page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online . The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations. For Information on subscribing to The Wall Street Transcript, please call 800/246-7673 The rest is here: The Time To Buy US Based Airline Stocks Is Now Says Award Winning Equity Analyst (Wall Street Transcript)

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67 WALL STREET, New York – November 23, 2009 – The Wall Street Transcript has just published its Travel and Leisure Report–Airlines, Hotels, Resorts, Cruise Lines, and Restaurants offering a timely review of the sector to serious investors and industry executives. This 137 page special feature contains expert industry commentary through in-depth interviews with public company CEOs, Equity Analysts and Money Managers. The full issue is available via The Wall Street Transcript Online . Topics covered: Consumer Traveler Spending – U-Shaped Recovery in Restaurant Sector – Low-Cost and Network Airlines – Airline Carriers and Online Travel Agencies – Hotel Occupancy Rates – Improvement in Transportation Sector – Upscale Casual and Fast Casual Restaurants – Near-Term Risk in Hotel Space – Fuel Prices a Universal Concern – Restaurant Industry Stability – Increased Consolidation in Airline Industry – Firming of Traffic Trends in Restaurant Space Companies include: Vail Resorts, Inc. (MTN); Air France-KLM (AFLYY); AirTrans (AAI); Alaska Air Group (ALK); Allegiant Travel Group (ALGT); American Airlines (AMR); Applebee’s (APPB); Ashford (AHT); BJ’s Restaurants (BJRI); Boeing (BA); Brinker (EAT); British Airways (BAY); Buffalo Wild Wings (BWLD); Burger King Corp (BKC); California Pizza Kitchen (CPKI); Carnival (CCL); Cheesecake Factories (CAKE); Chipotle Mexican Grill (CMG); Choice (CHH); Continental Airlines (CAL); Darden (DRI); Delta Airlines (DAL); Denny’s (DENN); DiamondRock (DRH); Domino’s Pizza (DPZ); Expedia (EXPE); Famous Dave’s (DAVE); FelCor (FCH); Gaylord Entertainment (GET); Great Wolf Resorts (WOLF); Green Mountain (GMCR); Hawaiian Holdings (HA); Home Inns & Hotels (HMIN); Hospitality Properties Trust (HPT); JetBlue Airlines (JBLU); LaSalle Hotel Properties (LHO); Lufthansa (LHA); MHI Hospitality Corporation (MDH); Marriott (MAR); McDonalds (MCD); Mesa (MESA); Morton’s Steakhouse (MRT); National Business Travel Association (NBTA); National Mediation Board (NMB); Orbitz (OWW); P.F. Chang’s (PFCB); Panera Bread (PNRA); Peet’s (PEET); Priceline (PCLN); Republic Airlines (RJET); Royal Caribbean Cruise Lines (RCL); Royal Caribbean International (HST); Ruby Tuesday (RT); Ruth’s Chris Steakhouse (RUTH); Sonesta (SNSTA); Sonic (SONC); Southwest Airlines (LUV); Spicy Pickle (SPKL.OB); Starbucks (SBUX); Starwood Hotels (HOT); Strategic (BEE); Sunstone (SHO); Texas Roadhouse (TXRH); UFood (UFFC.OB); US Air (LCC); United Airlines (UAUA); Wyndham (WYN) In the following brief excerpt from just one of the in depth interviews in the 137 page Travel and Leisure Report, an award winning equity analyst discusses the outlook for the sector and for investors. HELANE BECKER is a Managing Director at Jesup & Lamont who covers the transportation industry, focusing on airlines, air freight and freight forwarding. Ms. Becker has more than 25 years of experience in the financial industry, holding positions within research, trading and investment banking departments. Prior to joining Jesup & Lamont, she was Managing Director at CapStone Investments and helped to raise capital for small- to mid-cap companies. She also previously held positions at Smith Barney, Lehman Brothers and several other broker-dealers as a Senior Transportation Analyst. Ms. Becker was ranked first, second or third from 1985 to 1993 by Institutional Investor magazine. She was also ranked in the top five by the Wall Street Journal in 1992, 1993, 1997, 2001 and 2002 as one of the best analysts on the Street. Ms. Becker holds a B.A. from Montclair State University and an MBA from New York University. She is a member of several organizations, including Who’s Who Among Women in Business, and she is a former President of The Society of Airline Analysts. TWST: Let’s start with your overall outlook for the airline industry today. What is your outlook and why? Ms. Becker: We think that the airlines have seen the bottom or are in the process of bottoming, and our outlook for the third quarter is for an aggregate total of about $30 billion in revenue, and operating profit of about $600 million and a net loss of about $400 million. Obviously, all numbers exclude non-recurring gains, charges and mark-to-market hedge-related gains and losses. The revenue estimate is for a decline of about 8%. That compares to our initial estimate earlier in the year that revenues would be down between 7% and 9%. I think that the fourth quarter should show a little bit of improvement versus the third quarter and versus last year. We’re thinking the fourth quarter will be low single digits, so down 3% to 7%. And then 2010 we think will be better. TWST: So perhaps the worst is behind us? Ms. Becker: We think the worst is behind us. TWST: I’m sure you saw these statistics too, but I read recently that globally the airline industry is expected to lose $11 billion this year and another $3.8 billion in 2010. How much of that is attributable to the U.S. airline industry? Ms. Becker: I think that most of that is attributable to airlines outside the United States. The U.S. is far ahead of the rest of the world in terms of capacity reductions and adjustments to declines in traffic. Of the $11 billion decline that IATA is estimating, which is the number that you just cited, probably about $3.5 billion to $4 billion is related to the United States; the rest is outside the U.S. And the reason for that is the U.S. airlines were very quick to cut capacity when fuel prices were going up and the rest of the world did not. The rest of the major airlines, like British Airways (BAY) and Lufthansa (LHA), Air France-KLM (AFLYY), Japan Airline (JALSY), waited a very long time before they moved the needle on capacity. And so the U.S. airlines had about a one-year head start, and the result was that when traffic turned down, it didn’t look quite as bad for the U.S. airlines as it did for the peer group. Note: Opinions and recommendations are as of 10/07/09. HELANE BECKER Jesup & Lamont The Wall Street Transcript is a unique service for investors and industry researchers – providing fresh commentary and insight through verbatim interviews with CEOs and research analysts. This 137 page special issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online . The Wall Street Transcript does not endorse the views of any interviewees nor does it make stock recommendations. For Information on subscribing to The Wall Street Transcript, please call 800/246-7673 See the rest here: Buy Airline Stocks Now Says Ranked Equity Analyst (Wall Street Transcript)

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