The actions we took on April 20th were on our XXL sizes but we did take some on our smaller sizes, the XL size. Those products are sold at full revenue in some cases and they are dealt on promotion and others.

We are very mindful of our gap to competition and we are encouraged what we are seeing so far on the elasticity of the visual prices that we have taken and we do expect some volume fall off.

Indra Nooyi: We also talked about price pack architecture and the fact that we are looking at it very carefully. We will start looking at what should be the right price pack architecture going forward and our expectation is that unit growth will still continue even though pound growth will moderate quite a bit.

John Faucher ( JP Morgan): Comment about the overall food inflation environment in your markets, particularly more of the emerging markets?

Mike White: We have not seen a falloff in any of our emerging market growth rates. Keep in mind we have got a very diversified emerging market portfolio. We were pricing mid-single digits in developed countries and high single-digits in emerging markets.

John Faucher ( JP Morgan): What are you seeing on the staples side and how are you going to be able to price to consumers over the next 12 months or so?

Mike White: Now in the last couple of weeks you are seeing some increases on staples as you mentioned, but more than anything that’s impacting the bottom end of the consumer that is those that are on the margin from an affordability standpoint for our products to begin with.

We have got some additional commodity costs issues to deal with and therefore some incremental pricing in the second and third quarter, but again, at least so far the economic activity in all these markets continues very strong and they are also even.

The weakness in the dollar has exacerbated this for the United States. In a lot of these emerging markets like Russia in India and China the currencies have been very strong and therefore the commodity cost impact has not been quite as severe.

We have had no supply issues in terms of our contracts and our expectations for the balance of the year and our innovation pipeline continues to be very strong.

John Compton:I In Brazil, Argentina, Chile, Colombia, Venezuela even Mexico we have had to take pricing in those markets as well to cover inflation, and today we really have not seen much of a fall off.

Christine Farkas (Merrill Lynch): On the Tropicana business, comment about your positioning there or what you are seeing in the category?

Massimo D''Amore: What we have been saying is that the positioning of our core business is really the chilled Tropicana Pure Premium together with the recent innovation we just launched which is Pure and we see growth potential for the two combined which really represent the opportunity we have going forward both from consumer appeal standpoint as well as from a competitive advantage.

Christine Farkas (Merrill Lynch): On a competitive basis, is there anything specific why Tropicana might be lagging that trend?

Indra Nooyi: It is the strongest brand equity in the orange juice business. Our brand equity study shows it’s still the strongest. It still has the leading share. Last year we had a tremendous shortage of NFC orange juice, so we could not execute too much innovation, but going into this year, second quarter and beyond you will start seeing the trends improving.

Christine Farkas (Merrill Lynch): Could you explain the greater resiliency in snacks versus beverages?

Indra Nooyi: Beverages are highly penetrated in C-Stores and there is a proliferation of beverages and a tremendous variety of them so you can not get incremental space and increment growth for beverages.

Our DSD systems takes snacks into the C-Stores and snacks are more food like and when people switch from food away from home to food at home actually buy snacks because they are food like and there is a lot of opportunity to increase penetration of snacks to C-Stores.

Carlos Laboy (Credit Suisse): What are your top priorities with Lebedyansky?

Mike White: Lebedyansky is a strategic home run for PepsiCo and for PBG as well. It is the sixth largest juice company in the world and the largest juice company in Russia. It has a tremendous infrastructure and capability in Russia as well as a terrific management team, its very entrepreneurial and very talented.