Letter from the Chairman & CEO

REINVENTING OUR COMPANY AND REGENERATING OUR SUCCESS

Last year we called our annual report “New Beginnings”. In this report – titled “Reinvention and Regeneration” – we look at the progress we are making on the demanding journey back to strong, sustainable growth. From transforming our relationships with customers to creating closer ties with employees; from rethinking business models to streamlining processes; 2006 saw our new management team address an array of challenges and carry out many decisive actions, with some success. Over the following pages we look at how far we have come. We assess the improvements made, the areas that remain difficult and the opportunities we see ahead.