"Now we have the global tools to fight a global problem.
They are Australia , Brunei Darussalam, Cook Islands, Fiji, Japan, the Marshall
Islands, Mongolia, Nauru, New Zealand , Palau, Singapore, Solomon Islands and
Viet Nam. Fourth quarter 2003 income from continuing
operations included a gain on the sale of a portion of an operating
property of $3.9
percent to $0. Two preferred equity
investments were repaid during the quarter generating $10. At the exercise price, RioCan's dividend represents an 11.13 per unit.4
million.6 million for the year. Kimco owns and operates the nation's
largest portfolio of neighborhood and community shopping centers with
interests in 774 properties comprising approximately 113 million
square feet of leasable space located throughout 42 states, Canada and
Mexico.72 $2. Funds from operations
would be increased by $1,607 and $1,502 for the three months ended
December 31, 2004 and 2003, respectively, and $6,113 and $5,771 for
the year ended December 31, 2004 and 2003, respectively, reflecting
the distributions associated with these units.83
======== ========

Projections involve numerous assumptions such as rental income
(including assumptions on percentage rent), interest rates, tenant
defaults, occupancy rates, foreign currency exchange rates (such as
the US-Canadian rate), selling prices of properties held for
disposition, expenses (including salaries and employee costs),
insurance costs and numerous other factors.

archipelago dialects

newscom.8% for the Year

Funds From Operations Per Share Increased 9.5 million,
or $0. Funds from operations for the year ended December 31, 2004
excludes gains on dispositions of operating properties net of minority
interests and joint venture properties of $19.5 million
warrants to acquire an equal number of RioCan REIT units at a price of
CAD$11. Kimco's focus on growing
these programs resulted in a 66.3 million in ongoing
development projects.67
======= ======== ======= =========
- Diluted (2) $0.

Kimco Realty Corporation
Funds From Operations
(In thousands, except per share data)

Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
-------- ------- -------- ---------
Funds From Operations (1)
Net income $75,807 $84,069 $297,137 $307,879
Gain on disposition of operating
properties, net of minority
interests (3,325)(20,369 ) (15,390) (50,834)
Gain on disposition of joint
venture operating properties (1,186) -- (4,045) --
Depreciation and amortization 25,264 26,575 102,872 89,068
Depreciation and amortization -
real estate joint ventures 9,957 8,945 36,400 29 ,456
Redemption costs -- -- -- (7,788)
Preferred stock dividends (2,909) (2,909) (11,638) (14,669)
-------- ------- -------- ---------

Funds from operations(1) $103,608 $96,311 $405,336 $353,112
======== ======= ======== =========

Per common share:
- Basic $0.

factbook seychelles

As of 23 February 2005, a total
of 57 countries had ratified the convention. Any state that becomes a contracting party will be bound
by the treaty 90 days following the deposit of its instrument of ratification
(or equivalent) in the United Nations headquarters in New York. The first session
has tentatively been scheduled for February 2006.

Business Editors

NEW HYDE PARK, N.----Kimco Realty
Corporation (NYSE: KIM)

Highlights:

Income From Continuing Operations Increased 14.8
million compared to $84. Net
income included net gains on dispositions of operating real estate of
$10. Kimco invested $55.5 million financing
package to Tidymans LLC, an independent grocery store operator in the
Pacific Northwest. The Company also purchased CAD$4. One shopping center and an out-parcel were sold
subsequently to year-end for gross proceeds of approximately $24.
A reconciliation of management's projections from earnings per diluted
common share to FFO per diluted common share is included in this
release.
Factors that could cause actual results to differ materially from
current expectations include, but are not limited to, (i) general
economic conditions, (ii) the inability of major tenants to continue
paying their rent obligations due to bankruptcy, insolvency or general
downturn in their business, (iii) local real estate conditions, (iv)
increases in interest rates, (v) increases in operating costs and real
estate taxes.23
======== ======= ======== =========

Weighted Average Share Information Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
-------- -------- ------- --------
Weighted average shares -
- Basic 112,259 110,497 111,430 107,092
======== ======== ======= ========
- Diluted (2) 117,011 114,965 115,955 111,168
======== ======== ======= ========

(1) Most industry analysts and equity REITs, including the
Company, generally consider funds from operations ("FFO") to be an
appropriate supplemental measure of the performance of an equity REIT.

Kimco Realty Corporation
Reconciliation of Projected Diluted Net Income Per Common Share to
Projected Funds From Operations Per Common Share

Projected Range
Full Year 2005
Low High
-------- --------
Projected diluted earnings per common share $2.

archipelago factbook

5 percent to $281.9 million, or $2.

Fourth Quarter Investment Summary

During the fourth quarter, Kimco acquired interests in $1. Kimco continues to identify properties in the portfolio for
sale amid strong market demand for shopping center properties .4
percent yield and the recent closing price on the Toronto Stock
Exchange was CAD$19. This represents Kimco's
second convertible debenture transaction with Sterling, raising
Kimco's total investment to CAD$8.61 $0.64 $3. FFO does not
represent cash generated from operating activities in accordance with
generally accepted accounting principles and therefore should not be
considered an alternative for net income as a measure of liquidity.

All of the remaining islands are uninhabited.

consisted chagossians

This means that of
the current 1. There is no deadline for countries to become
contracting parties.

For further information, please contact:

Burke Fishburn, Tobacco Free Initiative , WHO WPRO
Tel: +63-2-528-9894
Email: tfi_unit@wpro.Y.3 million. Net income for the
current quarter included $4. Net income per diluted
common share for the quarter was $0.4 million or
approximately $0.6 percent from 92.9 million. Summary highlights of these activities are as follows:

-- Kimco acquired interests in 73 shopping centers representing
12.0 percent increase in
management fee income in the current year.64 $0.
FFO is defined as net income applicable to common shares before
depreciation and amortization, extraordinary items, cumulative effect
of accounting changes, gains on sales of operating real estate, plus
the pro-rata amount of depreciation and amortization of unconsolidated
joint ventures, net of minority interests, determined on a consistent
basis.00 par value,
authorized 3,600,000 shares
Class F Preferred Stock, $1.

invalidated excluded

Convention provisions set international standards on tobacco price and tax
increases, tobacco advertising and sponsorship, labelling, illicit trade and
second-hand smoke. The COP is expected to
determine further procedural and technical issues relating to its future
development.newscom.com/cgi-bin/prnh /20040820/RESEARCH )
From small beginnings early in the 20th century, the offshore sector has
grown ever faster in response to high tax rates in the developed countries,
until it is estimated now that more than half of the world's money is
offshore.3 percent.
Kimco's fourth quarter funds from operations ("FFO"), a widely
accepted supplemental measure of REIT performance, rose 7.3 million for the same period last year. For the quarter,
Kimco signed 101 new leases in this portfolio totaling 540,000 square
feet. For the full year the Company signed 515 new leases in this
portfolio, a 20 percent increase from 2003, totaling approximately 3.2
million square feet of gross leasable area .

-- The Company completed 22 preferred equity transactions
totaling $121.09
======= ======== ======= =========
- Diluted (2) $0.65 $0.30
======== ======= ======== =========
- Diluted (2) $0.00 par value,
authorized 700,000 shares Issued and
outstanding 700,000 shares Aggregate
liquidation preference $175,000 700 700
Common Stock, $.

uninhabited biot

24 /Xinhua-PRNewswire/ -- The world's first
tobacco control treaty, the World Health Organization Framework Convention on
Tobacco Control (WHO FCTC), becomes binding international law on Sunday, 27
February 2005.
On 30 November 2004, the 40th country ratified the convention , triggering
a 90-day countdown for its entry into force.

Notes to editors:

The 40 contracting parties to the WHO FCTC as of 30 November 2004 were
Armenia, Australia, Bangladesh , Bhutan, Brunei Darussalam, Canada, Cook
Islands, Fiji, France, Ghana, Hungary, Iceland, India, Japan , Jordan, Kenya,
Madagascar, Maldives, Malta, Mauritius, Mexico, Mongolia, Myanmar, Nauru, New
Zealand , Norway, Pakistan, Palau, Panama, Peru, Qatar, San Marino, Seychelles,
Singapore, Slovakia, Solomon Islands, Sri Lanka, Thailand, Trinidad and Tobago
and Uruguay.

The contents of this report are as follows

Summary
Geography
Population Language And Culture
Government
Economy And Currency
Entry And Residence
Business Environment
Foreign Investment Regime
Company Incorporation
Corporate
Trust
Partnership
Sole Proprietorship
Branch
Offshore Sectors
Offshore Activities
Banking
Holding Companies
Insurance
Trusts
Case Studies
Offshore Regulations
Table Of Statutes
Banking Law
Law + Taxation
Offshore
Forms Of Offshore Operation
Fees Payable By Financial Institutions
Taxation Of Foreign Employees Of Offshore Operations
Exchange Control
Employment And Residence
Domestic
Corporate
Business License Fees
Payroll Taxes
Property Taxes
Personal
Residence And Liability For Taxation
Payroll Taxes
Municipal Taxes
Labour Environment
Regulations
Work Permits
Foreign Relations
Geopolitical
Taxation Treaties
Trade Alliances
Conclusion

Appendix 1
Process Flow Charts

Appendix 2
Law Firms
Company Formation And Ship Registration
Trust Management
Accounting And Auditing
Tax Planning
Banking Services And Asset Management
Listing Agents And Stockbrokers
Isp/Hosting + E-Commerce Service Providers
Official Regulatory Bodies
Captive Insurance Management

For more information visit
http://www.
Funds from operations (FFO) is a supplemental non-GAAP financial
measure used as a standard in the real estate industry to measure and
compare the operating performance of real estate companies.0 million of investment and interests in 48
properties.42 $2.36 0.02) (0.

transnational uninhabited

One of the most rapidly embraced UN treaties of all time, the
WHO FCTC is aimed at improving global health by reducing tobacco consumption,
currently the cause of premature death for nearly 5 million people every year. Every year, five million people die from tobacco-related
diseases .55

Portfolio Occupancy Increased 70 Basis Points During the
Quarter and 290 Basis Points for the Year to 93. Net income for the quarter was $75.3 million from discontinued operations in the fourth
quarter of 2003. Funds from operations excludes
gains on dispositions of operating properties net of minority
interests and joint venture properties of approximately $4. Income from continuing
operations per diluted common share increased 16.3 million for the
year ended December 31, 2004 from $353.5 million in
real estate related securities and $32.4
million, while acquiring interests in six new projects for
$59.

Earnings Guidance

Management maintained its projected range for FFO of $3.56 $2.77 $3. The
above range represents management's estimate of results based upon
these assumptions as of the date of this press release.

favour archipelago

Kimco also sold six
properties for $38.

-- Properties transferred to the Company's co-investment programs
were $702.

attained dialects

3 percent to $0.04 per diluted common share in 2004 and $20.55 from $3.17 per diluted common share and $50.kimcorealty.59 $0.73 $2.92 $0.

factbook chagossians

(Logo: http://www.who.1 million a year earlier .3 million and $16. The increase in occupancy was the result of
new leasing, acquisition activity and property sales.5
billion of shopping center properties. This total includes
the recent acquisition of Price Legacy Corporation in which Kimco has
a 15.3
million. In addition, KDI acquired five new projects during the fourth
quarter for a total of $49.6 million square feet totaling $1.83 per diluted common share for the year ending December 31, 2005.

In 2000, a British High Court ruling invalidated the local immigration order that had excluded them from the archipelago, but upheld the special military status of Diego Garcia.

biot anthem

World's First Anti-Smoking Treaty Becomes Law

It's time for all
countries to join the battle. During
the year that followed, while it was open for signature, 167 countries and the
European Community signed, and 23 countries became contracting parties.who.wpro.9
million for the same period last year. On a diluted per common share basis, FFO for the year ended
December 31, 2004 increased 9.

-- Kimco's development business sold projects totaling $169.
(2) Reflects the potential impact if certain units were converted
to common stock at the beginning of the period .01 par value, authorized
200,000,000 shares Issued and outstanding
112,426,406 and 110,623 ,967 shares,
respectively 1,124 1,106
Paid-in capital 2,200,544 2,147,286
Cumulative distributions in excess of net
income (3,749) (30,112)
------------ ------------
2,198 ,619 2,118,980
Accumulated other comprehensive income 37,781 16,866
------------ ------------
2,236,400 2,135,846
------------ -- ----------
$4,749,597 $4,641,092
============ ============

Reclassifications:

Certain amounts in the prior period have been reclassified in
order to conform with the current period's presentation .

ethnologue upheld

Fiji was the first Western Pacific country to ratify, on 3 October
2003.

7 million a year earlier, an
increase of 13. Net income for the year ended December 31, 2004
was $297.9 percent to $3.8 million or
approximately $0.7 million in 21 properties
during the quarter under this program .02. These
property sales resulted in gains on sales of approximately $5.77 to
$3. Copies of each filing may
be obtained from the Company or the SEC.05
======= ======== ======= =========
Net income:
- Basic $0.
(2) The potential impact if certain units were converted to common
stock at the beginning of the period would have an anti-dilutive
effect on net income and therefore have not been included.

remaining dialects

The first session of the COP will take place within a year from the
date of entry into force, as specified in the convention . Net income included net gains on dispositions of
operating real estate of $3.90 from $0.62
======= ======== ======= =========

Income (loss) subject to income
taxes $1,400 $(3,987) $27,713 $21,328

Weighted Average Share Information Three Months Ended Year Ended
December 31, December 31,
For earnings per share calculations: 2004 2003 2004 2003
-------- ------- ------- --------
Weighted average shares -
- Basic 112,259 110,497 111,430 107,092
======== ======= ======= ========
- Diluted(2) 114,628 112,582 113,572 108,770
======== ======= ======= ========

Note: Reclassifications: Certain amounts in the prior period have
been reclassified in order to conform with the current period's
presentation.01)
- ------- --------
Projected FFO per diluted common share $3.

relocated garcia

64 compared to $0.18 per diluted common share, in 2003.
For the year ended December 31, 2004, income from continuing
operations increased 14.51 per diluted common share compared to
$307.3 billion. In addition, the Company exercised 2. In
addition, the comparability of the Company's FFO with the FFO reported
by other REITs may be affected by the differences that exist regarding
certain accounting policies relating to expenditures for repairs and
other recurring items.84
Projected depreciation and amortization
real estate joint ventures, net of minority
interests 0.

excluded consisted

It will prematurely end the lives of 10 million people a year
by 2020 if current trends are not reversed. Tobacco is the only legal product
that causes the death of one half of its regular users.
The treaty continues from now on to be open for ratification, acceptance
or approval for those countries that have signed, and is open for accession
for those that have not.who.7 million from discontinued operations
compared to $21.8 percent to $405. In the parent portfolio the
Company acquired 13 properties totaling 962,000 square feet of gross
leasable area aggregating approximately $118. Kimco also participated in a $8.4 million were repaid
at par in December.
Kimco's merchant building business, Kimco Developers Inc. (KDI),
completed the sale of two shopping centers and sold portions of eight
additional projects generating proceeds of $39.9 billion of investment.38 $2.85 $3.36
Gain on disposition of operating properties (0.

southerly priorities

com/reports/c18345 ) has announced the
addition of Offshoring Special Report: Doing Business in the Switzerland, 2005
to their offering
(Logo: http://www.com
Fax: +353 1 4100 980

9% for the year to
$3.6 million from $96.6 million from $245.
During the quarter, Kimco's parent portfolio occupancy increased
to 93.0 percent interest and manages the portfolio.4 million.0
million, net of tax.0
billion.9 and invested an additional $145. Additional information concerning factors that could
cause actual results to differ materially from those forward -looking
statements is contained from time to time in the Company's SEC
filings, including but not limited to the Company's report on Form
10-K for the year ended December 31, 2003.53 $2.87 $3.55 $3.

Established as a territory of the UK in 1965, a number of the British Indian Ocean Territory (BIOT) islands were transferred to the Seychelles when it attained independence in 1976 .

biot chagos

3 billion smokers worldwide, 650 million people will die
prematurely due to tobacco. DUBLIN, Ireland , Research and Markets
( http://www.4 million on
the early extinguishment of debt in 2003.05 a year ago. A complete
reconciliation containing adjustments from GAAP net income to FFO is
included in this release.
The Company's preferred equity program had a strong fourth quarter
for new transactions .4
million of convertible debentures issued by Sterling Centrecorp as
part of a balance sheet recapitalization .

Subsequently, BIOT has consisted only of the six main island groups comprising the Chagos Archipelago .

garcia transferred

Tobacco consumption is the single leading preventable
cause of death.

Kimco Realty Reports Strong Fourth Quarter and Full Year Operating Results

5% for the Year

Funds From Operations Increased 14.1 percent to $2.46 per diluted common share for the same period last
year.1 million.

Former agricultural workers, earlier residents in the islands, were relocated primarily to Mauritius but also to the Seychelles , between 1967 and 1973.

biot factbook

In the Western Pacific Region, 13 countries have ratified the convention .int/tobacco/en .

Research and Markets: Study the Offshore Sector in Switzerland in 2005

Offshore has no precise dictionary meaning: the word simply
reflects the fact that most low tax jurisdictions are islands.59 from $0.4 million in the fourth
quarter of 2004 and 2003, respectively, and a gain of $3.
Funds from operations rose 14.1 million in the year earlier
period.0 million of
proceeds , including a profit participation above the Company's
original investment. Two
of Kimco's prior loans to retailers totaling $9.
For the year, Kimco completed transactions in excess of $3. For further information refer to the Company's web site at
www.54 $2.

garcia southerly

com/cgi-bin/prnh/20040610/CNTH001LOGO )
''The devastation caused by the tobacco pandemic dwarfs SARS and the
recent tsunami."
The WHO FCTC is intended to control what has become the second biggest
killer of our time.
The WHO FCTC was unanimously adopted by the Fifty-sixth World Health
Assembly in May 2003, following almost three years of negotiations.
The body that will govern the WHO FCTC is the Conference of the Parties
(COP). On a
diluted per common share basis, fourth quarter FFO increased 5.8 million for the year ended December 31, 2004
and December 31, 2003, respectively, and gains of $6.23 a year
ago.0 million credit
facility for Priceless Kids, a children's clothing store operator.

consisted transnational

researchandmarkets .62 per diluted common share a year earlier.8 million on the
early extinguishment of debt in 2003 .9 million, recognizing net gains on sales of $3.
Retail Property Solutions, the Company's business of providing
capital and services to retailers, led an $18.
(1) Included in the calculation of income from continuing
operations per share in accordance with SEC guidelines.60 $2.

upheld attained

In the Western Pacific Region alone, 3000 people die each day from
tobacco use," stated Dr Shigeru Omi, Director of WHO's Western Pacific Region.int

All WHO press releases, fact sheets and features , as well as other
information can be obtained at http://www.researchandmarkets. Loosely, it is
used to mean outside the control of the highly-taxed Western nations, although
those nations could have controlled the growth of offshore jurisdictions
(International Offshore Financial Centres = IOFCs ) much more tightly if they
had wanted to. It is an interesting question, why they didn't -- maybe a
combination of individual self-interest and muddle? Our "Offshoring Special
Report, 2005" provides in-depth business, legal, political and economic
perception as well as attractiveness of this location as offshore tax haven.1 million compared to $62. On a diluted per common share basis, income
from continuing operations increased 11.53
in the fourth quarter of 2003.72 a year
earlier.6 percent to
$103.85 a year ago.9 percent at September 30, 2004 and 90.
Kimco Select Investments invested approximately $19.

Kimco, a publicly-traded real estate investment trust, has
specialized in shopping center acquisitions, development and
management for over 45 years.com

Safe Harbor Statement: The statements in this release state the
Company's and management's hopes, intentions , beliefs, expectations or
projections of the future and are forward-looking statements.

biot transnational

MANILA , Philippines, Feb.int/tobacco/areas/framework/signing_ceremony/countrylist/en .com/reports/c18345

Laura Wood
Senior Manager
Research and Markets
press@researchandmarkets .4 million, or
approximately $0.38
from $2.1 million or $2.8 million and $46.7
percent a year earlier. In the
Company's co-investment programs, Kimco acquired interests in 37
shopping centers for approximately $1.0 million.51 $2. Given the nature of the Company's business as a real estate
owner and operator, the Company believes that FFO is helpful to
investors as a measure of its operational performance.

Kimco Realty Corporation
Condensed Consolidated Balance Sheets
(In thousands, except per share data)

December 31, December 31,
2004 2003
------- ----- ------------
Assets:
Operating real estate, net of accumulated
depreciation of $634 ,642 and $568,988,
respectively $3,095,360 $3,301,391
Investments and advances in
real estate joint ventures 595,175 487,394
Real estate under development 362,220 304,286
Other real estate investments 188,536 113,085
Mortgages and other financing receivables 140,717 101,691
Cash and cash equivalents 38,220 48,288
Marketable securities 123,771 45,677
Accounts and notes receivable 52,182 50,408
Other assets 153,416 188,872
------------ ------------
$4,749,597 $4,641,092
============ ============
Liabilities:
Notes payable $1,608,925 $1,686,250
Mortgages payable 353,071 375,914
Construction loans payable 156,626 92,784
Other liabilities 287,684 250,381
------------ ------------
2,406,306 2,405,329
------------ ------------
Minority interests in partnerships 106,891 99 ,917
------------ ------------

Stockholders' Equity:
Preferred stock, $1.02)
Gain on disposition of joint venture
operating properties, net of minority
interests (0.

anthem archipelago

For current status and full text of the WHO FCTC, please visit:
http://www.6%

Kimco Realty Corporation (NYSE: KIM ) today announced that income
from continuing operations for the fourth quarter ended December 31 ,
2004 was $71.0 million in a sale leaseback
during the quarter. It is
important to note that the Company's actual results could differ
materially from those projected in such forward-looking statements.

Kimco Realty Corporation
Condensed Consolidated Statements of Income
(In thousands, except per share data)

Three Months Ended Year Ended
December 31, December 31,
2004 2003 2004 2003
--------- -------- ------- ---------

Revenues from rental property $124,706 $124,969 $516,967 $473,047
--------- -------- ----- -- ---------

Rental property expenses:
Rent 2,598 2,782 11,044 10,843
Real estate taxes 17,356 15,706 66,762 59,856
Operating and maintenance 13,225 13,417 55,463 52,523
----- ---- -------- ------- ---------
33,179 31,905 133,269 123 ,222
--------- -------- ------- ---------

Net operating income 91,527 93,064 383,698 349,825

Income from other real estate
investments 9,712 7,021 30,127 22,828
Mortgage financing income 5,395 2,905 15,032 18,869
Management and other fee income 6,608 4,493 25,445 15,315
Depreciation and amortization (25,181) (25,529)(101,773) (84,699)
--------- -------- ------- ---------
88,061 81,954 352,529 322,138

Interest, dividends and other
investment income 5,586 5,978 18,756 19,182
Other income / (expense), net (871) (3,049) 10,414 (3,887 )

Interest expense (26,280) (28,732)(107,726)(102,597)
General and administrative
expenses (12,952) (9,768) (44,611) (38,486)
Gain on early extinguishment
of debt -- -- -- 2,921
Adjustment of property carrying
values (2,965) -- (2,965) --
--------- -------- ------- ---------
50,579 46,383 226,397 199,271

Benefit (provision) for income
taxes 1,476 2,170 (3,919) (1,516)
Equity in income of real estate
joint ventures, net 16,593 11,817 56,385 42,276
Minority interests in income of
partnerships, net (2,601) (2,119) (9,660) (7,781)
Gain on sale of development
properties , net of tax of
($535), $864, $4,401 and
$6,998, respectively 5,030 1,296 12,434 10,497
--------- -------- ------- ---------

Income from continuing
operations 71,077 59,547 281,637 242,747
--------- -------- ------- ---------

Discontinued Operations:
------------------------------------
Income from discontinued operating
properties 1,405 4,750 4,741 11,554
Gain on early extinguishment of
debt -- 3,419 -- 6,760
Loss on operating properties held
for sale/sold -- (4,016) (5,064) (4,016)
Gain on disposition of operating
properties 3,325 17,192 15,823 47,657
------- -------- ------- ---------
Income from discontinued operations 4,730 21,345 15,500 61,955
------- -------- ------- ---------

Gain on sale of operating
properties(1) -- 3,177 -- 3,177
------- -------- ------- ---------

Net income 75,807 84,069 297,137 307,879

Original issuance costs associated
with the redemption of preferred
stock -- -- -- (7,788 )

Preferred stock dividends (2,909) (2,909) (11,638) (14,669)
------- -------- ------- ---------

Net income available to common
shareholders $72,898 $81,160 $285,499 $285,422
======= ======== ======= =========

Per common share:
Income from continuing operations:
- Basic $0.90 $0.66
Projected depreciation and amortization 0.84 0.01) (0. Not all of these factors
are determinable at this time and actual results may vary from the
projected results, and may be above or below the range indicated.