Bowater subscribes to financial fundamentals that have enabled us to increase significantly our size and earning power, at the same time delivering one of the best overall industry returns to shareholders. We have upgraded our asset base and divested non-core, non-strategic and high-cost assets, while making prudent use of our borrowing capacity. Our acquisitions have been accretive, and our internal investments are rigorously reviewed to assure that we meet or exceed our expectations. Our capital spending is managed to remain below our depreciation. We focus unremittingly on cost reduction and capacity management. Our stringent financial discipline provides the flexibility to take advantage of investment opportunities, to repurchase stock and maintain a solid investment grade rating.