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growth, while sustaining returns on invested capital in the mid-teens, would be premium performance. But we believe we can do better. 

Our intent is to supplement this growth by selectively investing in external opportunities that offer attractive sales growth with premium margins – 

particularly those that offer us strategic optionality, such as a series of acquisitions that build upon one another. We plan for externally derived growth to raise our overall sales growth to 10 percent and our EBIT growth in excess of 15 percent, while maintaining our return on invested capital in the mid-teens. 

Our operating performance and ability to borrow will provide $3 billion in cash that can be deployed between now and 2015. We intend to use this cash to support our external growth initiatives and return cash to shareholders. Using the disciplined evaluation metrics we have always employed, we believe external opportunities should require between $1.5 billion to $2 billion of cash. The remaining cash could then be returned to shareholders. 

The success of our efforts will be measured by the returns realized by our shareholders. We believe that by delivering our vision – a company by 2015 with $5 billion in sales, $1.2 billion in profits before tax, sustained mid-teen returns on invested capital, with significantly greater earnings stability, strong cash generation and disciplined cash deployment – our shareholders will be rewarded with premium shareholder returns. 

