Both 2005 and 2006 will represent an extended two-year period of moderate growth before the market returns to double- digit growth in 2007.

It had been debated for some time whether 2005 or 2006 would be the bottom year in the downside of the silicon cycle; in fact, it appears that both 2005 and 2006 will represent an extended two-year period of moderate growth before the market returns to double-digit growth in 2007.

PCs have a lifespan and energy that we keep thinking is going to weaken, but it doesn't. We are still looking at double-digit growth in PCs.

There is some nervousness on the part of consumer and it is not going to be a red-hot market in 2006.

We believe the up-cycle is coming. The difficulty is determining how long we are going to bounce along the bottom. We believe the upturn will start in the second half of 2006 and will reveal itself more strongly in 2007. There won't be strong growth in 2006.

ConAgra Foods has a number of great brands and businesses to drive future growth. We will build on those strengths by coupling disciplined investments in well-positioned brands with a more streamlined operating structure.