The theme of GRUMA’s 2004 annual report is A World of Opportunity. We see opportunity not only in creating value for our investors but also in developing our employees and serving our customers and the people who enjoy our products. In the following pages we will demonstrate how our commitment to quality, our flexibility, and our focus on the profitable growth of our operations around the world are creating opportunities for all of our stakeholders. GRUMA, S.A. DE C.V. All rights reserved. © 2005