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Sara Lee's CEO Discusses Q3 2012 Results - Earnings Call Transcript

Before I will turn the call over to Jan, who will walk us through the agenda and start talking about pure-play progress, I'd like to just refer you, as usual, to the forward-looking statements that are currently displayed and remind you that during today's call, we may make forward-looking statements about future operations, and actual results may differ from those expressed or implied in these statements. All explanations of non-GAAP financial measures are included in our release as well as at the slide in the back of the deck. We'll take your questions after management's prepared remarks. To ensure adequate time is available, we request that you limit yourself to one question. Jan?

Jan Bennink

Thank you, Melissa. Good morning, ladies and gentlemen. Welcome to the Q3 earnings announcement of Sara Lee. I think this is a very special one as this is the last earnings call at Sara Lee Co. And I think as of the next time, we'll have 2 separate companies performing the call.

Before going to the presentation, let me take you through the order of the call. First of all, I'll start with the pure play progress, followed by Mark taking you to the financials, and then we take a deep dive into the 2 companies. Coffee and Tea will be taken by myself, and then Marcel will take you through the Meat. And then we go into the Q&A as Melissa just said.

Let me now take you through the progress of pure play. I mean the presentation is getting shorter and shorter as we're nearing the end. So the key milestones, what have we done in this quarter? Our IRRs Private Letter Rulings, it's done, signed, sealed delivered, very good. I mean the results were in line with expectations and somewhat above. The debt tender offers and redemption are completed, which is done in March.

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