2 Back on Track Getting back in the lead has certainly been “Job One” over the past two years. With clear  strategic choices, operational excellence and financial discipline, we are now returning to the  consistent, reliable earnings and cash growth that shareholders expect from P&G. We are delivering long-term growth objectives ahead of plan.  Our long-term goals are  to consistently deliver double-digit core earnings-per-share growth, and 4% to 6% sales  growth, excluding the impacts of foreign exchange. Core net earnings increased 10% to $5.1  billion. Core diluted net earnings-per-share, which excludes the impact of restructuring charges  and the prior-year amortization of goodwill and intangibles (which is no longer required under  new accounting rules), increased 10% to $3.59. Core operating income increased 12% to  $7.6 billion. Volume for the year grew 7%. Sales were up 4%, excluding foreign exchange  impact, despite corrective pricing actions taken over the last 18 months. Consumers have  reacted positively to the improved value our brands now offer, with volume and sales growth  accelerating in the second half of the year. to consistently deliver double-digit core earnings per share growth, and 4% to 6% sales  billion. Core diluted net earnings per share, which excludes the impact of restructuring  charges and the prior-year amortization of goodwill and indefinite-lived intangibles (which is  no longer required under new accounting rules), increased 10% to $3.59. Core operating  income increased 12% to $7.6 billion. Volume for the year grew 7%. Sales were up 4%,  excluding foreign exchange impact, despite corrective pricing actions taken over the last 18  months. Consumers have reacted positively to the improved value our brands now offer, with  volume and sales growth accelerating in the second half of the year. This growth is broad-scale. Every business unit delivered profitable growth at rates above the  corporate objective. Every geographic region delivered volume growth. We have work yet to do,  but we have achieved P&G’s long-term growth objectives a year earlier than we had projected. Sales Growth (by quarter versus previous year) Q1 Q2 Q3 Q4 4% 2% 6% -2% Net Sales Growth Baby, Feminine & Family Care Fabric & Home Care Beauty Care Health Care Food & Beverage Earnings Growth (by segment versus previous year) 11% 11% 22% 34% 16% Net Earnings Growth