These activities caught the attention of the media and long-term from scratch, our innovation, supply chain the investment community because we had not been and commercial teams are more than ready to apply especially active in this area previously.The truth is that their talents to brands that are already strong and we have a wealth of talent and expertise that enable us to have quality pedigrees like Life Savers®, Crème Savers®, identify, analyze and integrate acquisitions successfully. Altoids®, Trolli® and Sugus®. Let me emphasize, however, that we are not in any way While acquisitions may garner headlines, it is the more “hungry” for acquisitions. What we are is strategic and basic efforts – often behind the scenes and out of the thorough in analyzing potential acquisitions; and if the spotlight – that pave the way for long-term business fit, the timing and the growth potential are right, then success. In my past few letters, I have noted our progress we are capable of executing them with excellence. on our global SAP implementation, which we call We have been very pleased, for example, with the WeB Esprit. I am pleased to report that this ambitious integration of the Joyco acquisition and the performance four-year initiative to fully integrate our worldwide of its brands for us. Products from Joyco accounted for business and finance systems and processes has been nearly half the sales gains we achieved across our EMEAI successfully completed and is already having a positive and Asia regions in the second half of 2004. effect on our operations across six continents. Overall, our plan for Joyco The common language and processes of SAP have increased communication, collaboration and efficiency remains on track – from the throughout our supply chain. Despite the tremendous unification of extensive sales forces increase in the complexity of our product portfolio over the past year, we have been able to reduce our inventory in Spain and China to the levels as a percentage of sales.WeB Esprit has also helped bottom-line financial impact. shorten cycle and changeover times, which, in turn, have lowered costs. Additionally, in combination with Based on our success to date, we see additional the tighter alignment across Supply Chain, Marketing opportunities for expanding the geographic footprint of and Innovation, our new systems have made us more brands like Boomer® bubble gum, Pim Pom® lollipops and nimble and flexible in responding to the ebbs and Solano® hard candies to new regions. Additionally, we flows of demand and other changes in the marketplace. are looking to increase the efficiency of the production Moreover, this new IT “backbone” is robust enough to and distribution of those brands, as well as create new support additional cutting-edge applications that will and exciting confectionery offerings through the combined allow us to continue to build “best in class” processes capabilities and technologies of Wrigley and Joyco. for manufacturing, distribution, innovation, customer service, marketing and human resources. We are also excited about the possibilities and potential of the Kraft acquisition; however, because that transaction Throughout the challenges we faced and the changes is still undergoing regulatory review, there is little that and the innovations we made last year, the heart and I can say about it at present. What I can say is that we soul of the Wrigley Company remained alive and well. have a comprehensive preparation plan in place, so that Nothing so dramatically affirmed our values as the once the acquisition is approved and closed, we will be tremendous outpouring of concern from Wrigley ready to implement that plan immediately. Given the associates to the victims of the tsunami that devastated Wrigley track record of building great brands for the so many in South Asia and East Africa. Although direct 13.