In 3Q 09, top-line registered a y-o-y decline as an increase in volumes was offset by price decreases. Going forward, we expect the company to register y-o-y increases in top-line, driven by increasing volumes limited by further price reductions from 4Q 09 until 1H 10, reflecting the company's focus on achieving volume growth and the easing of commodity costs, as identified by Management. However, Management expects the benefit of easing commodity costs to end in 2H 10 and, as a result, we expect prices to begin to increase again in 2H 10. Although growth in consumer demand in Asia Africa CEE was slower than in previous years, we expect Asia Africa CEE operations to register y-o-y increases in revenues, driven by volumes as marketing initiatives continue to pay off and economies improve. We also expect growth in volumes from Latin America and a respectable performance in the US to drive revenues from the Americas in 4Q 09 and FY 2010. Despite challenging economic factors we expect Western European operations to register growth in volumes, going forward, driven by price adjustments made by the company in 3Q 09. However, in order to increase volume growth we expect the company to incur higher advertising & promotion expenses over the next two years.

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