2003 net sales of $24 billion. We saw our top line improve  throughout 2004, and the fourth quarter was our best sales  revenue quarter since the first quarter of 2001. In terms of International Paper’s core businesses – paper packaging and forest products – we had solid year-over-year earnings gains based on our cost-reduction efforts, operating performance, pricing and volume. However, these gains were offset  by significant pressure from raw material costs. It wasn’ until the fourth quarter that our prices in our U.S.-based paper and packaging businesses went up more than our major input costs of wood, energy and chemicals. Looking forward, we remain committed to our goal of a 9 percent return on investment over the cycle and moving ahead of our competitors. And, while we have made progress, particularly against our industry competitors, we are far from satisfied with  our absolute levels of earnings and returns. In today’ environment, with high raw material costs, we know that achieving the  9 percent ROI goal may be harder may take longer and require further adjustment to our strategies and plans. Nonetheless,  we are prepared to meet those challenges and are absolutely dedicated to achieving this level of return. As a company and as individuals, we will continue to set tough but doable stretch goals. Achieving this goal will reflect not only our success in achieving our ROI goal – it will mean we are doing the best job possible at providing greater opportunities for our employees, better meeting the needs of our customers and communities, and satisfying the expectations of our shareowners. And in all of these things, our efforts begin and end with ethics and integrity. In last year’s shareowners letter I stated that we will become a more global company. As we define what that means, we know we can only become more successful by building stronger  businesses in North America – we call it earning the right to grow. This is not a bigger is better strategy Our goal is to not only be the best performing company in our industry but also one of the best industrial companies in the world. All of our initiatives are designed to provide a greater return to those who have chosen to invest in our company. also said that we would be changing the way we as leaders of International Paper are compensated. A year later, we have  significantly adjusted our incentive compensation plans so they are far more directly tied to external performance measures.  Our senior executives now have a majority of their total compensation tied to external measures of performance – return on investment and total shareowner return. Our compensation is based on rewarding, motivating, aligning and enhancing accountability.  We know our shareowners want to see better earnings performance from International Paper and going forward, we are prepared to take the steps necessary to build on what we accomplished in 2004. Our strategy is to focus on a  few key paper packaging and forest products businesses in North America. We will drive both our manufacturing and supply chain cost to best-in-class levels while we are investing in new capabilities so that we can have the most effective supply  chain cost to serve our customers. We remain committed to the financial discipline of keeping overall capital expenditures to less than depreciation over the cycle. We are focused on reducing debt and have paid down $1.3 billion in the last three months. We have targeted an additional reduction of $1.7 billion by the end of 2006, which will reduce our debt to levels we had in 2000 prior to the Champion merger.  We will continue to make strategic choices going forward to ensure we have our resources focused on the areas where we can succeed and grow profitability. We’ll have to make some tough choices just as we did in 2004 with the decision to sell our Canadian wood and pulp business – we see that as part of our strategy. We want to grow International Paper but only grow profitably Much of our growth will be outside North America. But we will selectively invest in our core businesses to make them better and more competitive. Our customers are increasingly becoming more global in their own businesses and in turn, we need to become more global with them. We have small but strong platforms in Brazil, Eastern Europe and Russia that we will look to grow over time.  Continuing our Commitment  Looking Ahead