ƒ Net income per common share totaled $1.79, compared with $1.15 in 2003.

ƒ Cash from operations increased more than $600 million to $3.9 billion,

primarily due to increased margins driven by higher sales at existing restaurants

as well as stronger foreign currencies.

ƒ Capital expenditures increased to $1.4 billion, with a higher percentage related

to reinvestment in existing restaurants as compared with 2003. The current level

of capital expenditures is lower than the historic average, even though it is

expected to grow to $1.5 billion in 2005. The capital expenditure numbers for

the last year also reflects the management’s decision to focus on existing

locations and most of the capital is currently spend in order to improve these

locations and not to open up new restaurants as was the traditional strategy up to

now.

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