During the year, we continued to build on our strong fundamentals. Our Board of Directors kept us in the lead by strengthening our corporate governance standards ahead of Sarbanes-Oxley and the new SEC guidelines. Our accounting practices, which have always reflected our commitment to simplicity, accuracy and compliance were also further strengthened in 2002. We are proud that our balance sheet remains the strongest of the traditional competitors in our industry, and we continue to be the only large traditional grocer to pay a significant dividend to shareowners. We are a strong company that has a solid foundation!

We believe that the Company's ability in 2002 to improve customer service levels, control costs, execute a major restructuring, navigate a tough economy, and deliver an increase in earnings from continuing operations on a lower sales base was no small feat. More importantly, it proved our resolve to win in a brutally competitive industry.

As we look ahead, a new spirit of excitement and winning is in the air. Each day we become more confident than ever of Albertsons future success.

At the heart of that optimism is a newly restructured Company, strong fundamentals, exciting customer-focused marketing programs, and the most important asset of all... our associates. To lead them forward, we are expanding training programs, implementing new pay-for-performance systems, and driving leading-edge mentoring and diversity programs to help them grow. We will continue investing in them, believing that the quality of our people will ultimately determine our future success. At Albertsons, the best days are ahead of us... please join us for an exciting and rewarding ride to the future!