We are extremely optimistic about the company’s future. In both divisions, UHS has implemented a number of programs to help enhance the quality of care we provide, and to do so efficiently. UHS retains the highest credit ratings among all its for-profit hospital competitors. Our capital structure affords us the continued flexibility to pursue our strategy of robust reinvestment in our existing hospitals and markets, along with investing in new and compelling opportunities as they arise. I am confident that we will continue to build on more than three decades of success. I am appreciative of, and thankful to the people of our company for their efforts. The Acute Care Division had continued success in 2011, generating $4.1 billion in annual revenue in the face of challenging economic conditions. In the closing days of  2010, UHS opened the new Palmdale Regional  Medical Center in Palmdale, California to  replace the aging Lancaster Community Hospital. In 2011, we started construction of  a new patient tower at Wellington Regional  Medical Center in Florida, which will be completed by year’s end. We broke ground for the new 140-bed Temecula Valley Hospital in Temecula, California. We also opened building expansions at Rancho Springs Medical Center and Inland Valley Medical Center, in Riverside County, California. The new capacity will allow UHS to provide high quality medical care to this fast-growing market in California.  Sincerely, Alan B. Miller Chairman of the Board Chief Executive Officer UNIVERSAL HEALTH SERVICES, INC. Our mission is to provide superior quality healthcare services that patients recommend to families and friends, physicians prefer for their patients, purchasers select for their clients, employees are proud of, and investors seek for long-term returns. We believe hospitals will remain the focal point of the healthcare delivery system. We have built our success by remaining committed to a program of rational growth around our core businesses and seeking opportunities complementary to them with a prudent level of debt. The future of our industry remains bright for those whose focus is providing quality healthcare on a cost-effective basis. 