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• Maintenance capital expenditures are approximately $35 million per year. 

• Capital expenditures are expected to be $45 million to $50 million per year, excluding new facilities 

• Operational fit 

• Disciplined buyer 

• Company has acquired sales of approximately $1.2 billion through 115 transactions since 1967 (excluding Keebler) 

## CAPITAL EXPENDITURES 

## CONTINUING OPERATIONS 

## ACQUISITIONS 

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• Board of Directors conducts an annual review of dividends 

• Authorization for repurchase of up to 7.5 million shares 

• 875,000 shares repurchased in 2003 at an average price of $25.35 per share 

## DIVIDENDS 

## STOCK REPURCHASE 

