|◄  ▲  ►|
This is a new paragraph. It also adds nothing in terms of information other than showing that if you hit "Enter" twice in the text file (leaving a blank line), the HTML version the user sees will have a new paragraph.
This third paragraph is "wrapped" (by hitting "Enter" once) several times with hard returns in the original text. The HTML version you see will ignore these original wraps and instead flow to the full width of the browser.
Here's a few "prohibited" characters:
You saw them just fine, right? If they were interpreted as HTML, they'd have been invisible. However, the ASP slideshow automatically escapes all text to make sure it displays verbatim in the browser.