3. Fix to Grow in Frozen Bakery.
The North American frozen bakery industry, including products like bagels, hearth breads, artisan breads, rolls and croissants that are sold mostly through in-store bakeries, is an attractive market where we have important strengths. These include high speed lines, scale plants, leadership in par-baked breads and rolls, and large retail and foodservice customers. However there are challenges, including industry fragmentation, low capacity utilization, and rising input costs that have impacted our profitability. We have made huge strides in reducing our cost structure, the results of which were reflected in improved financial results last year. In 2008, we will be implementing more network changes and sharpening our customer focus to build relationships that complement our product expertise, geographic and product innovation capabilities in short, better deeper relationships with fewer customers. Once we have restored profitability in the base business we plan to grow this business through capital investment and acquisitions.

4. Value Creation in Value-Added Meat and Meals.
As the growth engine of our Protein Group, we are placing our emphasis on increasing top-line growth and margins in processed meat and the chilled meals market, which is growing at a rate of over 20%. First, we are investing to establish a low cost, efficient manufacturing and distribution network with the capacity to support growth. In 2007 this involved the construction or expansion of five plants/distribution centres and the closure of four sub-scale meat processing facilities. Last year over 31% of our capital investment was in this business. Second, we are vastly accelerating our innovation goals.