Now obviously those growth rates are higher than the birthrate. And as you are going into a price increase scenario, we are probably going to be a little bit more focused on realizing revenues than driving volume harder.

Chip Dillon (Smith Barney): Do you see positive comparisons before the fourth quarter in the UK?

Thomas J. Falk: The UK housing market is probably a bit more overheated than even the US one has, but we do not see a big enough economic change there to shift purchasing patterns. So we are continuing to expect to have a solid year in Huggies, a solid year on Andrex.

The retail environment will probably continue to be volatile, and are going to be making sure we are prepared to compete in that environment. It is one of our strongest markets in Europe and we plan to continue to build and grow on that environment.

Jason Gere (Wachovia Capital Markets): Any comments about the promotional levels as well?

Thomas J. Falk: A lot of the purpose of promotion is to get your innovation tried by your consumers. We are trying to make sure we are competitive with the promotional environment but we are also targeting it to support a lot of our innovations to help drive mix in appropriate ways and then to help line up with our customers and help them accomplish their objectives for the categories.

Chris Ferrara (Merrill Lynch): Any comments on capital spending?

Thomas J. Falk: A lot of our capital spending is US dollar based equipment that you are buying to put in various markets around the world. We are not inflating capital spending at that same rate. We continue to have a good productivity year. Our diaper assets ran well around the world. We saw good tissue productivity.

Mark A. Buthman: We are at the kind of the high end of our range this year and part of that was driven by some capacity we needed as we have exceeded our sales volumes. We are getting back to a little more normal spending pattern and you do not have that one big tissue machine investment to bump up the number.

Gail Glazerman (UBS Warburg): On Consumer Tissue, are there any specific other actions that you can point to other than promotional spending?

Thomas J. Falk: As our Consumer Tissue team is looking at their P&L, they are not happy with the way the margins are structured. It is going to be driving mix and making sure we are investing the marketing resources behind the right initiatives that are going to give us the right revenue for the productive capacity that we have got.

Gail Glazerman (UBS Warburg): In Personal Care, is there anything you can flag for the new product pipeline moving into 2008?

Thomas J. Falk: We will got good momentum coming out of 2007 with the tier 5 diaper initiative, sleep boxes and sleep shorts, and we will expect to see continued innovation across our personal core category in 2008.

Amy Low Chasen (Goldman Sachs): In light of the consumer being weaker, are you expecting that these price increases will have any more of a volume impact than the last couple of years?

Thomas J. Falk: We will not have that volume risk on facial at this point in time. And from our bath issue standpoint, it looks like all of the players have basically lined up some of the retail price changes are already starting to happen in the market place, even ahead of the date which is good.

It looks like some of the promotional prices that are being scheduled for the first quarter are starting to move up based at least on our businesses. On the personal care side, the two major players in diapers have moved up. Gloves is not going up and private label is probably going to be a mixed bag.

Connie Maneaty (BMO Capital Markets): Do you subscriber to the notion that with new capacity likely to add 30% to the worldwide supply of resins, resin costs will moderate?

Thomas J. Falk:It depends on refining margins. When oil was up in the low 90s, and some polymers had not move the refining margin was really getting squeezed. And so either oil had to come down or some of those polymer rates went up. The capacity balance in monomers and some of the polymers will have an impact in the short-term but over the long-term, eventually it is going to line up with oil price to some extent.

Filippe Goossens (Credit Suisse): Give your point of view in terms of whether you see the emerging markets and particularly the BRICETs for you to continue to significantly outperform the overall company average?

Thomas J. Falk: Our developing and emerging markets was consistent all year long and if anything seemed to be accelerating at the end of the year. The global economy is a much more diversified stronger network than it ever has been. And so, it is not just relying on the US economy to provide growth for all of the emerging economy.