With respect to Figi’s, it is clearly a different type of business than our other brands. I will note that it appears to have a good business slot and a viable market opportunity with a dedicated infrastructure. Given those variables, we are exploring our options.

Armand Correia will summarize the terms of the deal in a minute, but I want to make clear that we expect the transaction prior to any one-time or transaction-related items to be neutral or slightly accretive to our earnings in the first full fiscal year and increasingly accretive over time.

Charming Shoppes’ back-office and administrative function, along with the Catherines and Fashion Bug brands, will remain in Bensalem, Pennsylvania and Lane Bryant will continue to operate out of Columbus, Ohio. Toning this team are talented retailers and we look forward to their partnership as we move ahead in this process. The team has made excellent progress and certainly has already turned the corner on elevating the fashion component of apparel offerings and focusing on the customer leading to improved operating profitability. We look forward to supporting their work in developing Charming Shoppes’ brands to their full potential. We will be working to develop a very specific integration plan for post-closing.

While this process will take some time, we believe there is great opportunity to expand the long-term potential of these leading brands. We will work with Tony and his team to make smart choices regarding streamlining the operation and focusing the business.

Ascena has been able to maintain an excellent balance sheet with ready access to a significant amount of cash. At the end of our just completed third quarter, we had cash and marketable securities of approximately $600 million and no debt. We will use cash and $475 million of debt to fund the acquisition.

So by closing this planned acquisition, by nearly any measure, we will be among the very largest specialty retailers. Initially, we will be operating in excess of 4400 stores with over 54,000 associates anchored by extremely well-positioned concepts. Just as we have done in the past, we expect to improve this sales productivity, margin and cash flow of the acquired businesses and to essentially liberate their earnings power.

Additionally, as has been the case with each of our prior acquisitions, this is a great learning opportunity for both companies to identify, share and implement best practices. I would now like Armand to detail the terms of the agreement.

Armand Correia - Ascena Retail Group Inc. - EVP & CFO

Thank you, David. As noted in our press release this morning, we have agreed to pay $7.35 per share for Charming Shoppes’ common stock for a total purchase price of approximately $890 million. This represents a premium of 25% to yesterday’s closing market price and an 89% premium with where the stock was trading just prior to Charming Shoppes’ December 1, 2011 announcement to begin a strategic review process.

We are utilizing a two-step transaction structure. A newly formed wholly-owned subsidiary of Ascena will make a tender offer for the outstanding shares of Charming Shoppes at a price per share of $7.35. This tender offer is subject to customary conditions and approvals, including the holders of a majority of the fully diluted shares of Charming Shoppes’ tender and do not withdraw their shares prior to the expiration date of the tender offer.

Simultaneously with the acceptance of the tender shares, Ascena will have the option, if less than 80% of the outstanding shares of Charming Shoppes are not tendered, to acquire additional newly issued shares of Charming Shoppes so that, after giving effect to this exercise of the option, Ascena will own more than 80% of the outstanding shares, at which point, Ascena will be able to merge its acquisition subsidiary into Charming Shoppes in a short form merger that will not require a vote of the stockholders.

Holders who do not tender their shares will receive the same consideration of $7.35 per share in the merger. Upon the successful completion of the transaction, Charming Shoppes will become a wholly-owned subsidiary of Ascena. The completion of this transaction is not subject to financing and Ascena has obtained commitments for financing that, together with cash on hand, will be sufficient to fund this transaction.

Following the transaction, Ascena’s balance sheet will remain strong with comfortable amounts of debt and strong levels of cash flow expected to be generated going forward. The tender offer has not yet commenced. This presentation is not a recommendation, an offer to purchase or a solicitation of an offer to sell shares of the Company.

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