"Tonight I can report that, methodically and patiently, we are disrupting and disabling the existing leadership of Al-Qaeda.
"Since January 2008 seven of the top dozen figures in Al-Qaeda have been killed, depleting its reserve of experienced leaders and sapping its morale.
"More has been planned and enacted with greater success in this one year to disable Al-Qaeda than in any year since the original invasion in 2001.
"Today 28,000 Pakistan security forces are inside South Waziristan, again narrowing the scope for Al-Qaeda to operate. And our security services report to me that there is now an opportunity to inflict significant and long-lasting damage to Al-Qaeda.
"We understand the reality of the danger and the nature of the consequences if we do not succeed.
"We will never forget the fatal Al-Qaeda-led attacks in London on 7 July 2005, the unsuccessful Al-Qaeda-inspired attacks two weeks later, and the Al-Qaeda-sanctioned plot to capture and behead a British soldier in the Midlands in January 2007.
"Some plots remain under investigation and so for obvious reasons I cannot elaborate. On others I can.
"In 2007, five individuals were found guilty of what we now know was an Al-Qaeda-inspired conspiracy to cause explosions with possible plans to target shopping centres or clubs in London and the South East.
"And in total since 2001, nearly 200 persons have been convicted of terrorist or terrorist-related offences - almost half of those convicted pleaded guilty.
"And day-by-day we are continuing to track a large number of suspicious individuals and potential plots.