2017 May
Sappi Limited
Roadbook
2
Forward-looking statementsCertain statements in this release that are neither reported financial results nor other historical information, are forward-looking statements, including but not limited tostatements that are predictions of or indicate future earnings, savings, synergies, events, trends, plans or objectives. The words “believe”, “anticipate”, “expect”,“intend”, “estimate”, “plan”, “assume”, “positioned”, “will”, “may”, “should”, “risk” and other similar expressions, which are predictions of or indicate future events andfuture trends and which do not relate to historical matters, identify forward-looking statements. In addition, this document includes forward-looking statements relatingto our potential exposure to various types of market risks, such as interest rate risk, foreign exchange rate risk and commodity price risk. You should not rely onforward-looking statements because they involve known and unknown risks, uncertainties and other factors which are in some cases beyond our control and maycause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by suchforward-looking statements (and from past results, performance or achievements). Certain factors that may cause such differences include but are not limited to:
• the highly cyclical nature of the pulp and paper industry (and the factors that contribute to such cyclicality, such as levels of demand, production capacity, production, input costs including raw material, energy and employee costs, and pricing);
• the impact on our business of adverse changes in global economic conditions;• unanticipated production disruptions (including as a result of planned or unexpected power outages);• changes in environmental, tax and other laws and regulations;• adverse changes in the markets for our products;• the emergence of new technologies and changes in consumer trends including increased preferences for digital media;• consequences of our leverage, including as a result of adverse changes in credit markets that affect our ability to raise capital when needed;• adverse changes in the political situation and economy in the countries in which we operate or the effect of governmental efforts to address present or future
economic or social problems;• the impact of restructurings, investments, acquisitions, dispositions and other strategic initiatives (including related financing), any delays, unexpected costs or
other problems experienced in connection with dispositions or with integrating acquisitions or implementing restructurings or other strategic initiatives, and achieving expected savings and synergies;
• currency fluctuations.We undertake no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information or future events or circumstances or otherwise.
Forward-looking statements and Regulation G
Regulation G disclosureCertain non-GAAP financial information is contained in this presentation that management believe may be useful in comparing the company’s operating results fromperiod to period. Reconciliation's of certain of the non-GAAP measures to the corresponding GAAP measures can be found in the quarterly results booklet for therelevant period. These booklets are located in the ‘Investors | Financial information’ section of www.sappi.com.
3
Agenda
Overview Products Strategy Results
Divisions Sappi Europe Sappi North America Sappi Southern Africa
Sustainability Conclusions
4
Sappi Limited
#2 Global producer of coated woodfree paper (46% of sales*)
Forecast: Capacity down 2%, demand down 1% through 2020**
Overview
#1 Global producer of dissolving wood pulp (20% of sales*)
Forecast: Demand up 6% and capacity up 4% through 2021***
* Data reflects FTYD sales ** EMGE WGPR Sept 2016 *** Hawkins Wright March 2017
5
Sappi at a glance
Sappi Limited2016 sales = US$5.1 billion with over 12,000 employees
Sappi Europe50% 2016 sales
Printing papers
Packaging and speciality papers
Sappi North America27% 2016 sales
Printing papers
Dissolving wood pulp
Packaging and speciality papers
Sappi Southern Africa23% 2016 sales
Printing and packaging papers
Dissolving wood pulp
Forests
Sappi Trading
6
Geographic diversificationOur global presence allows us take advantage of opportunities where markets are strong
North America1 Paper mill1 Speciality paper mill1 Paper and specialised
cellulose mill6 sales offices
Europe6 Paper mills1 Speciality paper mill18 Sales offices
Southern Africa2 Paper mills1 Specialised cellulose mill1 Paper and specialised cellulose mill1 Sawmill6 Sales offices492,000ha forests
7
Sales analysis
* Data reflects FYTD 2017
49%
26%
25%
Sales by source* (US$)
EuropeNorth AmericaSouthern AfricaAsia and other
42%
24%
9%
25%
Sales by destination* (US$)
57%20%
11%
6%5%
1%
Coated paper
Dissolving wood pulp
Speciality paper
Commodity paper
Uncoated paper
Other
8
Sales analysis
57%20%
11%
6%5%
1%
Coated paper Dissolving wood pulpSpeciality paper Commodity paperUncoated paper Other
FYTD 2017 Coated Paper
• #2 Global producer of coated paper• EBITDA margins ~8%• Forecast* demand down 1% to 2%pa • Forecast* capacity down 1% to 2%pa
*Source: EMGE WGPR Sept 2016
9
Sales analysis
57%20%
11%
6%5%
1%
Coated paper Dissolving wood pulp
Speciality paper Commodity paper
Uncoated paper Other
FYTD 17
• Dissolving wood pulp• EBITDA Margins ~39%• Demand forecast* up 6%pa • Capacity forecast* up 4%pa
• Speciality paper• EBITDA margins ~12%• Demand up 4%
• Commodity paper • EBITDA margins ~17%• Demand up 6%
*Source: Hawkins Wright September 2016.
10
Major Sensitivities
∆ EU NA SA Translation Group€m US$m ZARm US$m US$m
Net Selling Price 1% 23 14 182 - 53DWP Price US$10 - 2 136 - 12Sales Volumes 1% 8 6 83 - 21Variable Cost 1% 13 7 88 - 28Fixed Cost 1% 6 4 44 - 14Paper Pulp Price US$10 7 1 8 - 9ZAR/US$ (weaker) 10c - - 77 -3 3EUR/US$ (weaker) 10c - -4 - -23 -27
11
Agenda
Overview Products Strategy Results
Divisions Sappi Europe Sappi North America Sappi Southern Africa
Sustainability Conclusions
12
Graphic and printing papers grade structure
Coated fine paper (CWF)
Uncoated woodfree (UWF)
Coated mechanical (CGW/LWC)
Supercalendered (SC-A)
Supercalendered (SC-B)
Machine finished specialities (MFS)
Improved newsprint
Newsprint
Fibr
e qu
ality
100% Chemical pulp fibre furnish
Increasing mechanical/recovered fibre content
Image quality
13
Global coated woodfree demand
* Source: RISI World Graphic Paper Report Feb 2016.
0
5 000
10 000
15 000
20 000
25 000
30 000
35 000
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
North America Europe Far East Latin America Africa/ME Oceania
Forecast*
14
Dissolving wood pulp (DWP) DWP is the most abundant natural organic polymer on earth and is
found in all plant materials The plant material (wood from certified forests or plantations) is
processed and purified by applying specialised chemistry to extract the cellulose polymers from the wood
The purified natural wood cellulose fibres are further dissolved by our customers and regenerated or reformed for a host of applications
Cellulose45%
Hemi-cellulose
30%
Lignin23%
Resins1% Inorganics
1%
15
Dissolving wood pulp End-uses
16
CompetitionTop 10 producers by grade, 2017
Source: Hawkins Wright, March 2017
17
Why dissolving wood pulp?Capitalising on MEGA-TRENDS
Global population growth from a current 6.9bn to 8.3bn by 2030
Increasing need for food and clothes
Increasing need for more comfortable clothing
Rising urbanisation and standard of living in the greater Asian region Asian middle class population is likely to
grow from current 1.9bn to 2.7bn people by 2030
Asian consumers are likely to spend US$32 trillion/year by 2030, accounting for 43% of total global consumption
39%
70%
94%112%
26%
49%70%
85%
0%11%
20% 27% 32%
-5% -10% -14% -18%-40%
-20%
0%
20%
40%
60%
80%
100%
120%
2010 2020 2030 2040 2050
Textile fibres Food
65.8
72.5
86.8
100.
7
113.
3
123.
5
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
2005 2010 2015 2020 2025 2030
Textile fibres consumptionMetric tons (millions)
Source: Lenzing
18
Cellulose gap theoryDissolving wood pulp share of the textiles market is expected to grow further
Production of cotton is forecast to remain stagnant or shrink
Growth in total fibre consumption will be covered by man-made fibres
However, certain moisture management properties of cellulose fibres cannot be substituted by oil-based synthetic fibres, enhancing opportunity for cellulosics
19
Textile Fibre Prices
US$/t
800
1 200
1 600
2 000
2 400
2 800
Apr
-15
Jul-1
5
Oct
-15
Jan-
16
Apr
-16
Jul-1
6
Oct
-16
Jan-
17
Apr
-17
Cotton 328 Cotton "A" Index PSF 1.4 D VSF 1.2 D VSF 1.5 D
20
Agenda
Overview Products Strategy Results
Divisions Sappi Europe Sappi North America Sappi Southern Africa
Sustainability Conclusions
We work to lower fixed and variable costs, increase cost efficiencies and invest for cost advantages Saiccor and Tugela turbines – FY2016/17 Group procurement initiatives >$100m
annually by 2020 – US$63m by end 2017 Ongoing continuous improvement across
all mills US$25m investment in Somerset
Woodyard
21
Focus areasAchieve cost advantages
Recognising the decreasing demand for graphic paper, we manage our capacity to strengthen our leadership position in these markets, realising their strategic importance to the group and maximising their significant cash flow generation Progressive transition of Lanaken out of
LWC Reduced CWF exposure at Maastricht,
Ehingen and Somerset PM1
22
Focus areasRationalise and optimise declining businesses
We will make investments in existing areas with strong potential growth, including pulp, speciality grades and packaging papers Debottlenecking of Saiccor and Ngodwana
DWP Investments in Somerset, Maastricht, Alfeld
and Ehingen Additional packaging at Ngodwana and
Tugela Electricity opportunities in South Africa Securing additional HW timber supply
23
Focus areasGrow through moderate investments
24
Growth through moderate investments
0%
5%
10%
15%
20%
25%
2013* 2014* 2015 2016 Q1 FY17 Q2 FY17
ROCE %
* Sappi begins/completes investments in Specialised Cellulose
o Moderate investments in cost efficiency and energy generation projects have delivered good returns to date
o We are now moving into the next phase of our strategy via investments for growth
25
Growth through moderate investments
Investing in speciality packaging businesses in Europe and North America
• US$140m at Maastricht, Ehingen, Alfeld and Lanaken
• Maastricht, Ehingen and Alfeld to expand offering
• Investments to be made over a 3-year period
• Additional 200kt/annum of SBB,FBB and WTL sales within 3 years
• Lanaken to pick up displaced CWF volumes
• US$165m at Somerset
• Enable PM1 to make packaging grades
• Expect to complete in Q3 2018
• 3 year ramp up of packaging paper grades to 350kt
Paperboard marketContainerboard Boxboard
Corrugated Board
Linerboard incl. WTL
Folding Boxboard
Solid Unbleached Board
White Lined Chipboard
Solid Bleached Sulfate FBB
SUB in Europe, SUS in NA
WLC in Europe, Coated Recycled Board (CRB) in NA
SBB in Europe, SBS in NA
26
Mill summary – Sappi Europe
27
Alfeld Mill: heavy and light weight packaging, silicone base papers and barrier papersMaastricht Mill: heavy weight packaging, barrier boards and board weight graphics (=>300 gsm)Ehingen Mill: coated woodfree and white top liner
Specialities
Graphics
TodayAlfeld Ehingen Gratkorn Kirkniemi Lanaken PM7 Lanaken PM8 Maastricht Stockstadt
HW packagingLW packagingHW graphicsMW graphicsLW graphicsUCWFMechanical
By 2020Alfeld Ehingen Gratkorn Kirkniemi Lanaken PM7 Lanaken PM8 Maastricht Stockstadt
HW packagingLW packagingHW graphicsMW graphicsLW graphicsUCWFMechanical
US$400m 2017 bonds called in April
US$21m in net finance cost savings/annum
Refinancing and debt reduction leads to
lower finance cost and EPS growth
28
Focus areasGenerate cash to strengthen the balance sheet
We will continue our focus on having a cleaner, stronger balance sheet so that we can then accelerate our growth in adjacent businesseso Speciality packaging papero Biomaterials, biochemicals – lignins, sugarso Expanded DWP portfolio – nano-cellulose,
other speciality grades
29
Focus areasAccelerate growth in adjacent businesses from a strong base
30
Agenda
Overview Products Strategy Results
Divisions Sappi Europe Sappi North America Sappi Southern Africa
Sustainability Conclusions
31
EBITDA and operating profit17
0
195 20
8
104
133 14
5
0
50
100
150
200
250
Q2 FY15 Q2 FY16 Q2 FY17
US$
milli
on
EBITDA Operating profit
* Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 21 in our Q2 FY17 results booklet (available on www.sappi.com) for a definition of special items.
Excluding special items*
Q2 FY15
Q2 FY16
Q2 FY17
Net Debt/ LTM EBITDA 2.9 2.4 1.7
Interest Cover 3.7 6.5 7.7
EBITDA % 12.7 15.1 15.8
ROCE % 13.5 19.3 20.5
Key ratios
32
Highlights – five year review
33
Highlights – five year review
34
Product contribution split - LTM
Specialised cellulose
49%
Paper51%
EBITDA excluding special items*
Specialised cellulose
63%
Paper37%
Operating profit ex special items*
* Refer to the supplementary information in this presentation for a reconciliation of EBITDA to reported operating profit and page 21 in our Q2 FY17 results booklet (available on www.sappi.com) for a definition of special items. Data above excludes treasury operations and insurance captive.
35
Net debt/EBITDA development2
380
224
8
228
6
194
6 204
0
191
6
191
7
177
1
173
4
165
2
1583
1408
1338
1329
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
1 000
1 200
1 400
1 600
1 800
2 000
2 200
2 400
2 600
Q1 FY14 Q2 FY14 Q3 FY14 Q4 FY14 Q1 FY15 Q2 FY15 Q3 FY15 Q4 FY15 Q1 FY16 Q2 FY16 Q3 FY16 Q4 FY16 Q1 FY17 Q2 FY17
US$
milli
on
Net Debt Net debt/LTM EBITDA**
* EBITDA is excluding special items** The covenant Net debt/LTM EBITDA calculation has adjustments and therefore differs from that shown above
1.7
4.6
36
Maturity profileFiscal years
703
62
487 479
373
221302
3785
0
100
200
300
400
500
600
700
800
2017 2018 2019 2020 2021 2022 2023 2032
Cash Short-Term SPH Term Debt Securitisation SSA
Includes USD 400m bond
EURO 450m bond
EURO 350m bond
USD 221m bond
US$m
37
Capex development
0
100
200
300
400
500
600
2013 2014 2015 2016 2017E 2018E 2019E
US$
m
Maintenance Efficiency & Expansion
38
Agenda
Overview Products Strategy Results
Divisions Sappi Europe Sappi North America Sappi Southern Africa
Sustainability Conclusions
Leading European coated paper producer FY16 Net sales: US$2.6b FY16 EBITDA: US$261m 3.5m tons per annum of paper capacity 1.1m tons per annum of pulp capacity
(integrated) Well-invested assets in the heart of the
European market
Divisional overviewSappi Europe
39
40
Divisional overviewSappi Europe
Coated woodfree
paper2 000
Uncoated woodfree
paper245
Coated mechanical
paper1 015
Speciality paper245
Sappi Europe saleable capacity (‘000tpa)
* 22 Producers * Nine Producers
European CWF and CM capacity shares**
** Source: RISI
Sappi
UPM
Lecta
Stora Enso
Burgo
Others*
0%
20%
40%
60%
80%
100%
CWF
UPM
Sappi
Burgo
Leipa
Others*
0%
20%
40%
60%
80%
100%
CM
41
Western Europe shipments including export.Source: Cepifine, Cepiprint and RISI indexed to calendar 1Q 2008
Western Europe
Coated paper deliveries and prices
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
Q1
08
Q1
09
Q1
10
Q1
11
Q1
12
Q1
13
Q1
14
Q1
15
Q1
16
Q1
17
CWF Demand MCR Demand CWF 100gsm Sheets LWC 60gsm offset reels
Sappi Somerset (USA)
Label Paper – LusterCote® and Flex. Pack. Paper - LusterPrint®
Sappi packaging and speciality papersGlobal production sites
Sappi Westbrook (USA)
Release Paper – Ultracast®
and different classic brands
Sappi Alfeld (Germany)
Flexible Packaging, Label, SBB Board, Topliner and Release Liner
Sappi Maastricht (Netherlands)
Folding Box Board - atelier™
Sappi Tugela (South Africa)
Liner – Ultratest and Fluting – Ultraflute™
Sappi Ngodwana (South Africa)
Liner – Kraftpride™
Sappi Ehingen (Germany)
Topliner - Fusion®
Sappi Cloquet (USA)
Label Paper – LusterCote®
42
Markets and growth ratesGlobal market size – Speciality packaging
Source: AWA, Pira and RISI
Flexible packaging and label papers
o C1S paperso 1.2mtonso Growth: 2-3%pa
Release liner
o CCK graphic artso 300ktonso Growth: 6%pa
Rigid packaging
o SBS printing andconverting
o 4.7 mtonso Growth: 2%pa
Containerboard
o Coated White Topliner
o 1mto Growth: 1-2%pa
Functional papers
o Barrier and greaseresistant papers
o Virtually unlimited
43
44
ProjectsSappi Europe
Alfeld Mill Speciality conversion (December 2013)
Gratkorn and Kirkniemi Mills Pulp mill and paper machine upgrades, power plant rebuild
Nanocellulose pilot plant (The Netherlands)Trial runs
Maastricht, Ehingen, Alfeld and Lanaken Mills Projectso Expanding our speciality packaging offering, increasing
asset flexibility to adapt to market dynamics
SummarySappi Europe
Highly competitive in service, quality and cost in Europe Strong cash flows Highly attractive and growing specialities business Flagship Alfeld Mill, plus Maastricht and Ehingen Mills
Printing and writing paper market is in decline, capacity needs to be right-sized
Intentionally transitioning CWF capacity to niche speciality paper products
45
46
Agenda
Overview Products Strategy Results
Divisions Sappi Europe Sappi North America Sappi Southern Africa
Sustainability Conclusions
Leading North American coated freesheet paper producer FY16 Net sales: US$1.3b FY16 EBITDA: US$124m 1.1m tons per annum of coated paper
capacity 700,000 tons per annum of integrated
paper pulp capacity
Divisional overviewSappi North America
47
Verso49%
Sappi31%
Appleton8%
West Linn7%
Catalyst5%
48
Divisional overviewSappi North America
Coated freesheet
paper1 120
Dissolving wood pulp
330
Speciality paper
40
NBHK30
Sappi North America saleable capacity (‘000tpa) US Coated freesheet capacity shares*
* Source: RISI
49
• US industry purchases defined as industry shipments, plus imports, less exports• Source: AF&PA and RISI indexed to calendar Q1 FY08
United States
Coated paper prices and shipmentsQ
1 FY
08 =
1
0.5
0.6
0.7
0.8
0.9
1
1.1
1.2
Q1
08
Q1
09
Q1
10
Q1
11
Q1
12
Q1
13
Q1
14
Q1
15
Q1
16
Q1
17
Domestic CWF Shipments Domestic CWF Purchases RISI Price CFS #3 60 lb rolls
ProjectsSappi North America
50
Cloquet Mill Dissolving wood pulp conversion (2013), lime kiln rebuild
Westbrook Mill Coater modernisation
Somerset Mill Natural gas conversion Woodyard and chip processing investment PM1 Conversion to speciality packaging
51
Sappi’s release paper businessBy end-user segment
Sappi Other
FashionAutomotive and
commercial upholstery
Decorative laminates
Engineering films and other
Sappi Sappi Sappi
Sappi
52
SummarySappi North America
Well-invested, premier asset portfolio Established brands with strong market position Exposure to most attractive end-market segment Unmatched reputation for product innovation and customer service
A low-cost producer with strong free cash flow profile Defined and focused opportunities for driving further
profitable growth Intentionally transitioning CWF capacity to niche speciality
paper products
53
Agenda
Overview Products Strategy Results
Divisions Sappi Europe Sappi North America Sappi Southern Africa
Sustainability Conclusions
Leading South African graphic and packaging paper producer FY16 Net sales: US$1.2b FY16 EBITDA: US$352m 1m tons per annum of dissolving
wood pulp (DWP) capacity 675,000 tons per annum of graphic
and packaging paper production 652,000 tons per annum of pulp
production (integrated)
54
Divisional overviewSappi Southern Africa
2 000
3 000
4 000
5 000
6 000
7 000
8 000
9 000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
55
Divisional overviewSappi Southern Africa
Forestry1 046
Dissolving wood pulp
1 010
Paper and paper
packaging675
Sappi Southern Africa saleable capacity (‘000tpa) Global dissolving wood pulp demand (‘000k Metric tons)*
* Source: Hawkins Wright, March 2017
Forecast
56
ProjectsSappi Southern Africa
Ngodwana MillDissolving wood pulp (DWP) conversion
Sale of Cape Kraft and Enstra Mills’ recycled packaging business
Debottleneck Tugela, Saiccor and Ngodwana pulp mills ~ 10% increase in volumes in both packaging and dissolving wood pulp
Increase access to more HW timber supply
Our DWP competitive advantageSappi Southern Africa
Low-cost and fast-growing woodfibre from state-of-the-art plantations
Large-scale, modern and well-invested assets Favourable currency trend Well-positioned in dynamic market
57
58
SummarySappi South Africa
Improving paper business Better use of timber Improving cost position Product and asset optimisation – Printing and packaging papers
Investing in dissolving wood pulp Low-cost producer Fast-growing market Excellent customer relationships
'Growing' our forestry assets Profitable with growth opportunities
59
Agenda
Overview Products Strategy Results
Divisions Sappi Europe Sappi North America Sappi Southern Africa
Sustainability Conclusions
60
Sustainability – PPP + IIRC
International Integrated Reporting Council’s ‘6 Capitals Model’1. Financial2. Manufactured3. Intellectual4. Human5. Social6. Natural
61
Sustainability
#1 – Financial capitalWe manage our financial capital, including shareholder equity,debt and reinvested capital to maintain a solid balance betweengrowth, profitability and liquidity.#2 – Manufactured CapitalInvesting in building, maintaining, operating, and improving thisinfrastructure requires significant financial capital, together withhuman and intellectual capital.#3 – Intellectual CapitalOur technology centres and R&D initiatives promote a culture ofinnovation to support the development of commercially andenvironmentally sustainable solutions for the company.
Inputs:• Ordinary shareholders interest US$1.3B• 15 manufacturing sites worldwide• Technology centres in each region• R&D spend = US$26m
Outputs:• Share price up 78%• 6.1mt of production• Nanocellulose pilot plant• Sugar extraction pilot plant • Anaerobic digestion pilot plant
62
Sustainability
#4 – Human capitalBy creating a safe and healthy workplace for our people in whichdiversity is encouraged and valued, and providing them with ongoing development opportunities, we enhance productivity and our ability to service global markets.#5 – Social capitalBuilding relationships with our key stakeholders in a spirit of trust and mutual respect enhances both our license to trade and ourcompetitive advantage, thereby enabling more tangible business value creation.
Inputs:• 12k employees, 750 contractors• Spend an average $529/employee on
skills development and compliance training
• Ongoing stakeholder engagement
Outputs:• 0.46 LTIFR• Average training hours per job
category: professional or middle management – 330; semi-skilled –100; tech or junior management – 52
63
Sustainability
#6 – Natural CapitalRecognising our business depends on natural capital, we focus on managing and mitigating our impacts.
Inputs:• 2,798MW energy purchased, 1,911
generated• Specific water process extracted
33.9m3/adt• 338kha owned or leased plantations,
100% FSC with approximately 28.6mt of standing timber
• Contracted supply covers a further almost 103kha
Outputs:• 92% of water drawn returned to the
environment• 48.8% renewable energy generated,
of which 95% own black liquor• 73% of fibre used is certified• 622,850 tons of waste, of which
331,248 tons sent to landfill – in specific terms, a decrease of 24.7% in total waste over five years
64
Agenda
Overview Products Strategy Results
Divisions Sappi Europe Sappi North America Sappi Southern Africa
Sustainability Conclusions
65
Conclusions Through intentional evolution, we are growing Sappi into a
profitable and cash-generative diversified woodfibre group. Selective capital spending in adjacent, growing, and more
profitable businesses Costs remain a chief concern Cash-generative paper business will fund growth in:
Cellulose-based solutions Speciality packaging papers Complementary products
Committed to accelerating value for shareholders through: Debt reduction Improved profit Strategic positioning
66
Thank you