W e are shaping International Paper to win in a global market. The end game is being a more successful company so that we can provide expanded opportunities for employees, meet the increasing needs of our customers and satisfy the expectations of our shareowners. North America As we build a more global company, we are continuing  to capitalize on our strong position in North America by investing in our best performing businesses and divesting non-strategic operations. In 2004, there were good examples of this across our three core businesses. In our paper business, we began modernizations at our Eastover, S.C., Androscoggin, Maine, and Quinnesec, Mich., paper mills, and we invested in the continued growth of our packaging business by acquiring Box USA. We also strengthened the focus of our forest products business by divesting our Canadian pulp and wood operations as well as non-strategic  forestlands. All of these moves will help us succeed in this key market. Asia We have a small but strong base in Asia today, which includes operations through Carter Holt Harvey, our majority-owned subsidiary  headquartered in New Zealand. Going forward, our growth strategy is  to focus on China by investing in our packaging operations. We will  also continue to evaluate our options in the areas of pulp, paper and board, and explore opportunities to ship to China from low-cost  producing areas. Our focus will be to strengthen our ability to serve both  the fast-growing local markets and grow with our global customers. Latin America Looking at Latin America, we have strong mill and forestry operations across the region. Given that about 1.2 million acres of the forestlands we sustainably own or manage worldwide are located in the region, we have a strong source of fiber for our operations. With our mills, infrastructure and fiber base in Brazil, we have multiple options to build  on our success there and better serve fast-growing local demand as well as key markets in the United States, Asia and Western Europe. Europe and Russia In Europe and Russia, we have large-scale pulp and paper mills as well as packaging operations in a joint  venture in Turkey. In these areas, we are building on the success of  our mills in Kwidzyn, Poland, and Svetogorsk, Russia – both of which  have been very successful at meeting the needs of their growing markets. Our goal is to grow as the leading supplier of uncoated freesheet and  coated board earning a cost of capital return. To date, these businesses have delivered on this and that’s why we have invested to improve and  expand these mills even more. Joe Nelson Manager,  Plywood Operations  Gurdon, Ark., Wood Products Mill Lucy Tzou General Manager IP Taiwan Ltd. Marcio Bertoldo General Manager, Corporate Engineering IP Brazil Sergei Pondar General Director, European Papers