8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

_________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

_________________

Date of Report: June 6, 2011

(Date of earliest event reported)

TEMPLE-INLAND INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware	001-08634	75-1903917
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1300 MoPac Expressway South, 3rd Floor

Austin, Texas 78746

(Address of Principal Executive Offices, including Zip code)

(512) 434-5800

(Registrant's telephone number, including area code)

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

Earlier today, Temple-Inland Inc. issued a press release relating to the unsolicited proposal received from International Paper Company, which is attached as Exhibit 99.1.  Also attached as Exhibit 99.2 is an investor presentation, which may be used in discussions with investors from time to time.

Item 9.01. Financial Statements and Exhibits.

(d)           Exhibits.

99.1	Press release issued June 6, 2011
99.2	Investor presentation materials

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TEMPLE-INLAND INC.
Date: June 6, 2011	By:	/s/ J. Bradley Johnston
		Name:  J. Bradley Johnston
		Title:   Chief Administrative Officer

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EXHIBIT INDEX

Exhibit	Description	Page
99.1	Press release issued June 6, 2011	4
99.2	Investor presentation materials	9

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EX-99.1

NEWS

RELEASE_______________________________________________

FOR IMMEDIATE RELEASE

CONTACT: Chris Mathis

(512) 434-3766

TEMPLE-INLAND REJECTS UNSOLICITED TAKEOVER PROPOSAL FROM INTERNATIONAL PAPER

Board of Directors Unanimously Determines that Proposal Grossly Undervalues the Company

AUSTIN, TEXAS, June 6, 2011 — Temple-Inland Inc. (NYSE: TIN) announced today that it received an unsolicited proposal from International Paper Company (NYSE: IP) to acquire the Company for $30.60 per Temple-Inland share in cash.  Temple-Inland’s Board of Directors, after careful consideration with its independent financial and legal advisors, voted unanimously to reject International Paper’s proposal after the Board determined unanimously that the proposal grossly undervalues Temple-Inland and is not in the best interest of Temple-Inland’s stockholders.

The Board authorized Doyle R. Simons, Chairman and CEO of Temple-Inland, to communicate its rejection to John Faraci, International Paper’s Chairman and CEO.  A copy of Mr. Simons’s letter to Mr. Faraci is incorporated into this news release.

“Since we launched the ‘new’ Temple-Inland in January 2008, we have delivered superior results to our stockholders compared with our corrugated packaging peers (including IP), building products peers, and the S&P 500.  Since that time, our total return to stockholders of 22% greatly exceeds the 5% total return that IP has achieved.  Through our proven ability to execute our strategy focused on maximizing return on investment (ROI) and profitably growing our business, the Board believes the Company will continue to provide superior results for our stockholders,” said Mr. Simons.  “As the economic recovery continues and the benefits from our strategy continue to be realized, it is the stockholders of Temple-Inland who should gain from those anticipated benefits, not the stockholders of IP.”

In its review of International Paper’s unsolicited proposal, the Temple-Inland Board considered a number of factors and came to the following conclusions:

·   International Paper’s unsolicited proposal grossly undervalues Temple-Inland and its future prospects:

o   Based on the Company’s internal estimates, as well as Wall Street consensus estimates, the Board believes the Company’s accelerating growth of earnings and ROI will result in superior value to that offered by International Paper in a sale transaction.

o   International Paper’s claims about its proposal rely on valuation metrics from “precedent” transactions that involved underperforming assets that are not comparable to Temple-Inland and its industry-leading returns, high-quality assets and low-cost structure.

o   The retrospective focus of these “comparables” does not take account of the profound changes that are occurring in the corrugated packaging industry, which have led to reduced pricing volatility, higher average prices, and widely-held expectations that these positive industry trends will continue.

o   The proposal fails to reflect the significant value the Company’s box plant transformation II project will generate for Temple-Inland and its stockholders.

o   International Paper overstates the Company’s actual net debt by $91 million and the net present value of our timber financing liability by at least $200 million.

·   The timing of International Paper’s unsolicited proposal is extremely opportunistic and disadvantageous to Temple-Inland stockholders:

o   Housing markets are at historically low levels, temporarily depressing the value of our building products operations.  International Paper is attempting to take advantage of our stockholders by moving to grab the Company at a bargain price at a time when there is little or no market value being ascribed to building products.

o   As International Paper has consistently highlighted to the investment community,  corrugated packaging demand remains below prerecession levels, but is expected to recover as the economy continues to improve.  International Paper is attempting to time its offer before corrugated packaging demand returns to prerecession levels and pricing improves as expected by industry analysts.

o   An estimated $90 million of the annual cost savings from our box plant transformation II are still ahead of us – our stockholders, not the stockholders of International Paper, deserve to receive the benefit of the significant capital we have invested in this project.

·   The potential acquisition will likely face prolonged and rigorous investigation by antitrust authorities and an uncertain outcome:

o   A combined company would control an almost 40% share of North American containerboard capacity.

o   Given the expected scrutiny by U.S. antitrust authorities, it is likely that a potential transaction would require a significant amount of time to complete, even under the most favorable circumstances.

A presentation providing additional information about Temple-Inland and the reasons the Temple-Inland Board rejected International Paper’s proposal will be posted in the Investor Relations section of our website and filed with the SEC.

Goldman, Sachs & Co. is acting as financial advisor to Temple-Inland, and Wachtell, Lipton, Rosen & Katz is acting as Temple-Inland’s legal counsel.

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The text of Mr. Simons’s June 4, 2011 letter to Mr. Faraci is set forth below:

Dear John:

The Board of Directors of Temple-Inland has received your letters dated May 19 and May 27, 2011 containing IP’s proposal to acquire all of the outstanding shares of Temple-Inland for $30.60 per share in cash.  The Board has also considered the additional information you provided me at our meeting held at your request on May 26.  Earlier today, the Temple-Inland Board of Directors convened and carefully reviewed your company’s proposal with the assistance of its financial advisor, Goldman, Sachs & Co., and its legal counsel, Wachtell, Lipton, Rosen & Katz.  After thorough consideration, it is the unanimous view of the Temple-Inland Board of Directors that your unsolicited proposal grossly undervalues Temple-Inland and its future prospects.  Accordingly, the Temple-Inland Board unanimously rejects IP’s proposal of $30.60 per share.

Since we launched the “new” Temple-Inland in January 2008, we have delivered superior results to our stockholders compared with our corrugated packaging peers (including IP), building products peers, and the S&P 500.  Since that time, our total returns to stockholders of 22% greatly exceed the 5% total return that IP has achieved.  Through our proven ability to execute our strategy focused on maximizing return on investment (ROI) and profitably growing our business, the Board believes the Company will continue to provide superior results for our stockholders.

A key part of our strategy is to maximize ROI, because we believe ROI is fundamental to driving stockholder value.  In corrugated packaging, we generated record ROI of 16.5% in 2009 and 2010 and are positioned to generate significantly higher levels of ROI in 2011 and beyond due to fundamental changes in the industry and benefits from our box plant transformation. Indeed, we are now achieving the highest returns on assets in the corrugated packaging industry.  Despite the worst housing markets since the Great Depression, our low-cost building products operation has continued to generate positive cash flow throughout the downturn and is positioned to generate very high levels of return for our stockholders when housing markets recover.  As the economic recovery continues and the benefits from our strategy continue to be realized, it is the stockholders of Temple-Inland who should benefit from our company’s very strong prospects, not the stockholders of IP.

We take issue with a number of claims in the materials you have provided to us.  You have overstated our net debt by $91 million (which was $737 million as of March 31, 2011, rather than the $828 million stated in your proposal) and the net present value of our timber finance liability by at least $200 million.  More significantly, the “comparable” transactions you cite are simply not comparable -- those transactions involved troubled or struggling companies or operations rather than a company such as Temple-Inland with its industry-leading returns, high-quality assets and low-cost structure.  Further, the retrospective focus of these “comparables” does not take account of the profound changes that are occurring in the corrugated packaging industry, which

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have led to reduced pricing volatility, higher average prices and widely-held expectations that these positive industry trends will continue.

Your own public statements acknowledge the changes in the industry and make clear that “looking back at history” is not the correct way to understand the corrugated packaging industry’s future.  If, as you so clearly state, the past is not prologue for your company, neither is it for ours.  We believe that it is for this reason that your letter of May 27 insistently says “Timing and speed are important,” and you have threatened us with a hostile bid if we do not respond by your deadline.  The speed that is “important” to you underscores an opportunistic attempt to deprive our stockholders of the value in their company that we believe will become increasingly evident as the benefits of profound change in the corrugated packaging industry, Box Plant Transformation II and our extremely low-cost building products business accrue to the benefit of our stockholders.  Finally, the “certain” value you refer to overlooks the serious regulatory issues of your proposal, an attempt to forcibly combine the #1 and #3 participants in the corrugated packaging industry with the result that your company would have an approximate 40% share of industry capacity, nearly double the next largest competitor.

Our Board of Directors, our management team and our employees are dedicated to creating value for all of our stockholders, which we expect to do by continuing to effectively execute on our strategic plan.

Sincerely,

Doyle R. Simons

About Temple-Inland Inc.

Temple-Inland Inc. is a manufacturing company focused on corrugated packaging and building products. The fully integrated corrugated packaging operation consists of 7 mills and 59 converting facilities. The building products operation manufactures a diverse line of building products for new home construction, commercial and repair and remodeling markets. Temple-Inland's address on the World Wide Web is www.templeinland.com.

Cautionary Statement on Forward-Looking Statements

Forward-looking statements are made throughout this release.  These forward-looking statements are sometimes identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate," "anticipate," "intend," "plan," "will," "can," "may," or similar expressions elsewhere in this release.  All forward-looking statements are subject to a number of important factors, risks, uncertainties, and assumptions that could cause actual results to differ materially from those described in any forward-looking statements.  These factors and risks include, but are not limited to, general economic conditions, demand for new housing, accuracy of certain accounting assumptions, changes in actual or forecasted cash flows, competitive pressures, future sales volume, significant increases in the costs of certain commodities, timely implementation of price increases, successful execution of cost saving strategies, changes in tax laws, integration risks

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associated with recent acquisitions, changes in weighted average shares for diluted EPS, increases in transportation costs, and other financial, operational, and legal risks and uncertainties detailed from time to time in Temple-Inland’s cautionary statements contained in its filings with the SEC.  Temple-Inland disclaims and does not undertake any obligation to update or revise any forward-looking statement in this release except as required by law.  Temple-Inland notes that forward-looking statements made in connection with a tender offer are not subject to the safe harbors created by the Private Securities Litigation Reform Act of 1995.  Temple-Inland is not waiving any other defenses that may be available under applicable law.

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EX-99.2

1

Focused on Value Creation
for Our Shareholders

June 2011

2

Forward-looking statements are made throughout this presentation.  These forward-looking statements are sometimes
identified by the use of terms and phrases such as "believe," "should," "would," "expect," "project," "estimate,"
"anticipate," "intend," "plan," "will," "can," "may," or similar expressions elsewhere in this presentation.  All forward-
looking statements are subject to a number of important factors, risks, uncertainties, and assumptions that could
cause actual results to differ materially from those described in any forward-looking statements.  These factors and
risks include, but are not limited to, general economic conditions, demand for new housing, accuracy of certain
accounting assumptions, changes in actual or forecasted cash flows, competitive pressures, future sales volume,
significant increases in the costs of certain commodities, timely implementation of price increases, successful
execution of cost saving strategies, changes in tax laws, integration risks associated with recent acquisitions,
changes in weighted average shares for diluted EPS, increases in transportation costs, and other financial,
operational, and legal risks and uncertainties detailed from time to time in Temple-Inland’s cautionary statements
contained in its filings with the SEC.  Temple-Inland disclaims and does not undertake any obligation to update or
revise any forward-looking statement in this presentation except as required by law.  Temple-Inland notes that forward
-looking statements made in connection with a tender offer are not subject to the safe harbors created by the Private
Securities Litigation Reform Act of 1995.  Temple-Inland is not waiving any other defenses that may be available under
applicable law.

This presentation includes non-GAAP financial measures.The required reconciliations to GAAP financial measures
are included on our website, www.templeinland.com.

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Agenda

•Our response to International Paper’s unsolicited proposal

•Our strong track record creating shareholder value

•We are well-positioned to capitalize on favorable industry
dynamics

•We are poised to continue creating superior and sustainable
value for our shareholders

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Our Response to International
Paper’s Unsolicited Proposal

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Our Rejection of International Paper’s Unsolicited
Proposal

•On June 6, International Paper Company (“IP”) announced its Proposal (“the Proposal”¹) to acquire
Temple-Inland Inc. (“Temple-Inland”) for $30.60 per share in cash

•The Proposal grossly undervalues Temple-Inland because it does not reflect the value of:

−our accelerating growth in earnings and ROI

−our significant outperformance of “precedent transactions” referenced by IP in the Proposal

•The Proposal is opportunistic given:

−fundamental changes occurring in the corrugated packaging industry

−significant benefits to come from our previously announced Box Plant
Transformation II

−current weakness in housing markets

•Our management team has a track record of creating significant value for our shareholders

•The Proposal likely will face prolonged and rigorous investigation by antitrust enforcers

•The Proposal has a number of statements we disagree with, including facts relating to our debt balance

1 The use of “Proposal” herein refers to and includes written materials provided to Temple-Inland by International Paper in connection with the Proposal.

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Temple-Inland Expects its Accelerating EPS and EBITDA will
Deliver Superior Value to Shareholders...

Source:Public filings; EPS before special items; projections per IBES median estimates

1 Historical ROI per 10-K.Historical and projected ROI calculated as EBIT over total assets less non-debt related current liabilities less municipal bonds related to capital leases included in other assets and less financial assets
of special purpose entities.Based on beginning of the year balance sheet.EBIT, EBITDA and EPS for 2011 and 2012 per IBES median estimates, 2011E total assets and non-debt related current liabilities per IBES median
estimates; assumes municipal bonds related to capital leases included in other assets and financial assets of special purpose entities are constant.

2 2011E and 2012E represent total debt.

Over the last 3 years Temple-Inland’s forward EBITDA multiple has averaged approximately 7x

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…Driven by Industry Leading ROA

Source:Public filings

Notes:
(1)EBIT excludes special items - For TIN, IP and Weyerhaeuser as reported by segment; for PCA, Gross Profit-selling and administrative expenses; for SSCC, forcontainerboard, corrugated containers and reclamation operations

(2)Adjustments to EBIT - For SSCC, beginning in 2007, working capital interest was no longer charged to operations.Based on restatement of 2006 and 2005 data, EBIT is adjusted upward by $70 million for the years 2004 and 2003.

(3)Assets (beginning of year) - For TIN, IP and Weyerhaeuser as reported by segment adjusted for acquisitions made in Q3 2008; for PCA, consolidated Total Assets; for SSCC, consolidated Total Assets excluding Consumer Packaging prior to 2007.On January 26, 2009 SSCC filed for Chapter 11
Bankruptcy and emerged on June 30, 2010.For 2010, the Successor Total Assets (after adjustments for the Plan of Reorganization and Fresh Start) is used.For 2009, the Successor Total Assets, adjusted for actual cash and cash equivalents is used.

(4)Restatements - Most recent reported data used to replace prior data, as reported, when available.

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IP’s Proposal…

•The Proposal refers to Temple-Inland’s net debt balance of $828 million

− Our actual net debt is $737 million, a figure that can be derived from information in our latest 10-Q - this
represents a difference of $91 million in our shareholders’ favor

•The Proposal refers to a liability associatedwith the sale of our timber assets of $385 million

− Excluding any tax benefits the present value of the liability is actuallyapproximately $184 million

− Including the utilization of $281 million of AMT credits primarily associated with the sale of our
timber assets, the present value is a positive $60-70 million

•Importantly, the “precedent transactions” cited by IP are simply not comparable

− Temple-Inland has generated higher returns than Smurfit-Stone Container Corporation’s (“SSCC”) and
Weyerhaeuser’s (“WY”) corrugated packaging operations

− The substantial increase in the merger consideration received by SSCC’s shareholders must be taken into
account and significantly changes the transaction metrics

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IP’s Portrayal of the Proposal’s 2011E EBITDA
Multiple is Self-serving…

(1)Source:Letters dated May 19, 2011 and May 27, 2011 from Mr. John V. Faraci to Mr. Doyle R. Simons.

(2)Reflects adjustment of net debt from $828 million per IP’s letter to Temple-Inland’s current net debt of $737 million per latest 10Q as of April 2, 2011.

(3)Reflects exclusion of timber liability of $385 million mentioned in IP’s letter.

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…And IP Has Chosen to Highlight “Precedent Transactions” That Involved
Operations with Demonstrably Inferior Performance to Our Assets

The “precedent transactions” referred to in IP’s Proposal refer to assets which had demonstrably lower returns than those
of Temple-Inland

Source:Public filings

Notes:

(1)EBIT excludes special items - For TIN and Weyerhaeuser as reported by segment; for SSCC, forcontainerboard, corrugated containers and reclamation operations

(2)Adjustments to EBIT - For SSCC, beginning in 2007, working capital interest was no longer charged to operations.Based on restatement of 2006 and 2005 data, EBIT is adjusted upward by $70 million for the years 2004 and 2003.

(3)Assets (beginning of year) - For TIN, IP and Weyerhaeuser as reported by segment adjusted for acquisitions made in Q3 2008; or SSCC, consolidated Total Assets excluding Consumer Packaging prior to 2007.On January 26, 2009 SSCC filed for Chapter 11 Bankruptcy and emerged on June
30, 2010.For 2010, the Successor Total Assets (after adjustments for the Plan of Reorganization and Fresh Start) is used.For 2009, the Successor Total Assets, adjusted for actual cash and cash equivalents is used.

(4)Restatements - Most recent reported data used to replace prior data, as reported, when available.

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…IP’s Characterization of the “Precedent” Smurfit-Stone
Transaction Tells Only One Side of the Story

•Rock-Tenn announced synergies well below precedents due to very limited operational overlap

•Temple-Inland’s historic ROA has been substantially in excess of that of Smurfit-Stone

EBITDA
Multiple

Premia3

Source:Company filings and press release, Capital IQ; market data as of 27-May-2011

Note: Multiples exclude impact of pensions.

(1) Transaction closed on 27-May-2011.

(2) Price increase between announcement and closing.

(3) 1 day prior share price based upon Smurfit-Stone closing price of $27.52on 21-Jan-2011.30 and 60 day average prices are based upon the average share price computed using share prices for the 30 and 60 trading days prior to announcement.The average 30 day and 60
day average trading prices are$26.30 and $25.00, respectively.

Opportunistically Timed Proposal

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…And there is little or no market value ascribed to Temple-Inland’s building products operations

IP’s Proposal front-runs significant future benefits associated with fundamental changes occurring in the
corrugated packaging industry and our Box Plant Transformation II

Proposed Transaction Raises Serious Regulatory
Issues

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•A combined IP/TIN would have an almost 40% share of North America
containerboard capacity

•The potential acquisition is likely to face a prolonged and rigorous investigation
by antitrust enforcers and an uncertain outcome

North American Containerboard Capacity Share1

Source:RISI

(1)Note:Analysis above utilizes containerboard capacity shares rather than corrugated capacity shares, due to the unavailability of corrugated capacity shares for all large players in the industry. Temple-Inland’s management
believes that the combined corrugated capacity share of International Paper and Temple-Inland is approximately 40 percent.

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Temple-Inland’s Strong Track
Record of Creating Shareholder
Value

Temple-Inland has the Highest Total Shareholder
Return in the Industry Since its Creation…

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Note: Since Spin-off (31-Dec- 2011) until 2-Jun-2011

…Driven by Increasing ROI and Dividends

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Source:Public filings

1 Historical ROI per 10-K. ROI calculated as EBIT over total assets less non-debt related current liabilities less municipal bonds related to capital leases included in other assets and less financial assets of special purpose
entities.Based on beginning of the year balance sheet.

…While Significantly Reducing Our Debt

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•Projected to reach debt target by early 2012
•Investment grade rating by S&P and Moody’s
•6.65 million share repurchase authorization

Source:Public filings

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Temple-Inland is Well-Positioned to
Benefit from Favorable Industry
Dynamics

Industry Operating Rates Remain High

Industry capacity changes have resulted in high operating
rates despite lower demand levels

Source: RISI

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…Inventories Continue to Decline

Source:Fibre Box Association (FBA)

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…While Demand is Expected to Return to Pre-
Recession Levels

12%

4%

Source:RISI

21

…Driving Anticipated Favorable Long-Term
Pricing Trend

1993-1999

Average: $372

2000-2005

Average: $409

2006-2009

Average: $530

2010-2015

Estimated Average: $679

Source: RISI

Improved industry fundamentals have led to

reduced volatility and higher average prices

22

RockTenn / Smurfit-Stone Transaction Improves
Industry Fundamentals

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Temple-Inland is Poised to Continue to
Deliver Superior and Sustainable Value
for Shareholders

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Create Superior and Sustainable Value

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Corrugated Packaging Strategic Initiatives

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• Maintain high integration level

- Box plant consumption =mill capacity

•Drive forlow cost

- Asset utilization and manufacturing excellence

•Improve mix and margins

- Sales excellence

• Profitably grow business

- Organically / Acquisition

Execution of Strategic Initiatives Drives ROI

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Integration Level - Highest in the Industry

27

Source:Company reports

Temple-Inland is the most integrated producer of corrugated containers

28

Temple-Inland Operates a Low Cost Mill System

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Temple-Inland

Company A

Company B

Company C

Company D

Corrugated Packaging Strategic Initiatives

•Drive Low Cost and Increase Asset
Utilization

–Fewer Plants

–Fewer Machines

–Fewer Positions

•Improve Mix & Margins

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C

U

L

T

U

R

E

Lower cost and higher margins

Box Plant Transformation Drives Costs Down

30

Box Plant Transformation will reduce cost by
an anticipated $180 million annually and generate 40%+ returns

67

51

348

194

7,911

5,837

2006Pro-Forma 2013

(24%)

(44%)

(26%)

$90 million in expected annual benefits associated with
Box Plant Transformation II are still ahead of us

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Improve Mix and Margins

Cumulative Tons

Customer Portfolio

“Sell to the left”

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Profitably Grow Our Business

Successful AcquisitionTrack Record

•PBL acquisition

–$20 million of synergies

–$30 million from white-top

–60% ROI

Box Shipment Growth

(2004-2010)

Source:Fibre Box Association (FBA), Average Week

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Industry Leading ROA

(4)Restatements - Most recent reported data used to replace prior data, as reported, when available.

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Building Products Strategic Initiatives

•Deliver tailored portfolio of building products

–Products for new home, repair and remodeling and
commercial markets

•Drive low cost

–Manufacturing excellence

•Serve preferred markets

–Favorable demographics

•Profitably grow business

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Low Cost Building Products Operations

35

Buna

Pineland

Diboll

Rome

SWL

Lumber

Cost

Position

1st

Quartile

2nd

Quartile

3rd

Quartile

4th

Quartile

Gypsum

Cost

Position

Cumberland

Fletcher

W.Memphis

McQueeney

Panels

Cost

Position

Monroeville

Hope

Diboll

Thomson

PB

MDF

El Dorado

Mt. Jewett

80% of Building Products operations are in the first quartile

1st

Quartile

2nd

Quartile

3rd

Quartile

4th

Quartile

1st

Quartile

2nd

Quartile

3rd

Quartile

4th

Quartile

Source:Beck & RISI studies and internal analysis

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36

…Drives Solid Performance

Housing Starts

Building Products EBITDA

2006

2007

2008

2009

2010

$8

$17

$22

Temple-Inland’s Focus on Value Creation

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Temple-Inland drives shareholder value by
disciplined application of capital

-High returns on invested capital

-Capital allocation process is disciplined and
shareholder friendly

Return on Investment

Capital Allocation

•Grow Dividends
•Repurchase Shares
•High Return Investments /
Acquisitions

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Focused on Value
Creation For Our
Shareholders