Another strong quarter We continue to see downside risk to consensus How might tax reform impact U.S. HPC, Beverage, and Tobacco stocks? Consumer & Media Daily Solid Q4 EBITDA beat, growth story on track Q1 results weak but shares supported by yield Weak Q4 growth likely outweighs strong cash flow A better year-end and better start Diversification is back FY16 EPS 4.5% ahead but expect consensus to remain unchanged given input cost guidance

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