We are looking at a number of alternatives to maximize shareholder value, including the separation of the company into two, or potentially three, strong and independent entities,

Circumstances affecting some of PMI's key markets, most notably Spain, dictate a cautious earnings outlook this early in the year.

Overall, we achieved solid results in 2005, with strong income growth in our tobacco businesses partially offset by weaker results in food.

I am nevertheless confident that we have the strategic wherewithal and resources to manage the challenges ahead and successfully seize the considerable opportunities ahead of us.

The pace of consolidation has accelerated, and we believe the trend will continue as brewers pursue global or regional expansion, ... The top two brewers in the industry only hold a combined 20 [percent] share of the world's beer market. Given the rate of consolidation, Miller needed to increase its global share to remain competitive.

Individually and as a team, they are exceptionally well prepared to grow our brands and businesses,