Magna has a record of solid financial performance. Sales have grown at a compound average growth rate of 17 percent from 1997 to 2007 to a record $26.1 billion in 2007. Our growth in sales has largely been driven by growth in content per vehicle. While automotive production in North America and Europe has grown at a compound average growth rate of approximately one percent since 1996, our combined content in North America and Europe has grown at a compound average growth rate of 15 percent.

In addition to our growth in sales we have generated strong growth in earnings and cash flow.

Our balance sheet is one of the strongest in the industry, leaving us well positioned to capitalize on future growth opportunities. However, we continue to exercise discipline in our investment decisions.