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steps to ensure strong corporate governance. We reiterated clear expectations for ethical behavior. We instituted a broad-based Financial Stewardship program – more than 18 months ago – to provide even more focus on fiduciary responsibilities, internal controls and accounting processes. We continue to engage openly with P&G's Board of Directors, and with the Board's Audit Committee, which is comprised entirely of independent directors. And we maintain an independent relationship with Deloitte & Touche, including formal processes to approve non-audit services. These practices are consistent with the way P&G has operated for decades, and we are continually renewing the organization’s commitment to them. accounting processes. We continue to engage openly with P&G’s Board of Directors, and with the Board’s Audit Committee, which is comprised entirely of independent directors. And we maintain an independent relationship with Deloitte & Touche, including formal processes to approve non-audit services. These practices are consistent with the way P&G has operated for decades, and we are continually renewing the organization’s commitment to them. 

Organizational structure.  P&G’s unique operating structure is creating meaningful competitive advantage. In 1999, we reorganized the Company by consolidating categories and brands into Global Business Units (GBUs), aggregating country and regional go-to-market capabilities into Market Development Organizations (MDOs) and providing single-source business services through a Global Business Services organization (GBS). It has taken some time to implement, but we’re now reaping real advantage from consumer and market responsiveness and the substantial synergies made possible by the new structure. The success of Pampers Baby Stages of Development initiative in the United Kingdom is one good example. The business unit focused on delivering superior product, packaging and advertising; the MDO delivered an outstanding trial plan, superior in-store fundamentals and strong External Relations support. By “dividing and conquering” against a common business strategy and plan, we achieved more, faster. Since the launch, Pampers’ U.K. market share is back to 51%, 16 points ahead of the #2 brand. responsiveness and the substantial synergies made possible by the new structure. The success of Pampers Baby Stages of Development initiative in the United Kingdom is one good example. The business unit focused on delivering superior product, packaging and 

Brand building.  Branding is more important than ever – and big, leading brands are more valuable than ever. In a sea of choices where confusion reigns, consumers value the reliable promise of their favorite brands. This plays to our strength: branding is in P&G’s DNA. P&G has 12 billion-dollar brands in its portfolio today – and more are expected to come. These brands represent more than half of the Company’s sales and profits. Equally important, these brands account for the majority of P&G’s consumer interactions – the millions of “moments of truth” we face and win every day. brands represent more than half of the Company’s sales and earnings. Equally important, these brands account for the majority of P&G’s consumer interactions – the millions of “moments of truth” we face and win every day. 

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