Mario Guevara: We had particularly good results in 2010 for consumer products; growth there was even stronger than we expected. I'm proud of every category and what they have accomplished (Stationery, Lighters, Shavers and Promotional Products). Across every geographic area our teams have adapted to shifts in the market, and we have gained market shares in our three categories in both developed and developing countries. At the same time, we have managed to improve the efficiency of our production tools and increase profitability. We started 2011 stronger than we ended 2010, thanks to enhanced competitive positions.

Bruno Bich: When times are tough, we perform even better! (smiling) We're used to fighting competitors who are bigger than we are.
Providing consistent quality in our products throughout the world, wherever they are manufactured, combined with the right price, is the key. Our constant goal is to satisfy our customers (retailers) and our consumers by offering products that meet their everyday needs or their desires. The experience of our customers throughout the world and the relationships that we have forged with them are also a real source of strength. And all of this is coordinated by top-quality management. At BIC, employees have the opportunity to take on responsibilities, grow their careers and flourish. This is reflected in their engagement to BIC.

Mario Guevara: We reached our objectives in almost all our categories in most geographic areas. In developing countries, particularly in Latin America, sales increased by more than 10% for the third year in a row. Growth was strong in North America (5%) especially for lighters. In Europe, business wasn't as brisk, but we have gained market shares. In these difficult economic times, customers are looking to BIC more than ever because they know that our products offer an excellent quality-price ratio. Across all areas we have continued to invest in the brand, which strengthens our position and paves the way for future growth in some countries like Australia, Russia and Brazil.

Mario Guevara: The teams worked hard to streamline production, centralize the headquarters, eliminate nonstrategic business activity and reorganize the flow of supply from Asia. At the same time they have managed to strengthen the brands and consolidate the sales force. However, the full benefits of these efforts will not be realized for another one to two years.

Bruno Bich: We certainly do. We always have innovative and high quality products for consumers to enjoy, but at affordable prices. The BIC® Flex 4 shaver with our new moveable blade technology, the BIC® Easy hybrid shaver, the multipurpose BIC® Megalighter® and our new products represented 21% of sales in 2010. As for our classic products, our consumers have been telling us for years that they know they can count on us for excellent quality and consistently reliable products.

Bruno Bich: Ethics and transparent financial information, especially for our individual shareholders, have been part of the Group's values, since it became a listed company. This means that BIC enjoys the utmost trust from its partners.

Mario Guevara: Our sustainable development approach is increasingly integrated at all levels throughout the Group, and all of our employees have adopted its principles. In 2011 we will continue to develop products with environmental benefits, to display our ecovalues on our packaging and the ecolabel in France, and to implement our policy of excellence in the factories while reducing our CO2 emissions and developing our employees' skills. A new barometer for 2011-2013 will measure our performances and progress with clearly-defined goals in water and energy consumption, waste management and ISO 14001 in the factories, also integrating the BIC APP activity. In parallel, we will pursue our commitment to enabling our consumers to make responsible choices.

Bruno Bich: First, I would like to thank our shareholders who have remained so loyal and the many BIC employees who work to produce safe, high quality products every day. We have a solid balance sheet, vast experience in our markets and we design and manufacture products that are constantly improved and more competitive. We're continuing to gain market shares, which shows that our customers and consumers trust us.