this information is confidential and proprietary to graphic packaging international any reproduction or distribution 3rd party strictly prohibited jp morgan annual high yield conference february 7 2006 introduction overview folding carton industry beverage food consumer products position ability respond agenda increase shareholder value debt reduction margin expansion growth sharpen strategic focus improve business mix drive profitable innovation execution cost & asset utilization priorities historical context the has always been tough but stable 2 3 in most segments from 1990 2000 customer pricing power due concentration excess capacity driving 0 5 1 reductions for almost a decade