1. Bank of America 37th Annual Investment Conference
September 17, 2007
Forward-Looking Statements
Certain information in this presentation may constitute “forward-looking” statements. These statements and financial or other
business targets are subject to certain risks and uncertainties. Actual results and trends may differ materially from historical or
expected results depending on a variety of factors, including but not limited to risks and uncertainties relating to investment in
development activities and new production facilities; fluctuations in cost and availability of raw materials; ability of the Company
to achieve and sustain targeted cost reductions, including synergies expected from the integration of the Paxar business in the
time and the cost anticipated; ability of the Company to generate sustained productivity improvement; successful integration of
acquisitions; successful implementation of new manufacturing technologies and installation of manufacturing equipment; the
financial condition and inventory strategies of customers; customer and supplier concentrations; changes in customer order
patterns; loss of significant contract(s) or customer(s); timely development and market acceptance of new products;
fluctuations in demand affecting sales to customers; impact of competitive products and pricing; selling prices; business mix
shift; credit risks; ability of the Company to obtain adequate financing arrangements; fluctuations in interest rates; fluctuations
in pension, insurance and employee benefit costs; impact of legal proceedings, including the Australian Competition and
Consumer Commission investigation into industry competitive practices, and any related proceedings or lawsuits pertaining to
this investigation or to the subject matter thereof or of the concluded investigations by the U.S. Department of Justice (“DOJ”),
the European Commission, and the Canadian Department of Justice (including purported class actions seeking treble
damages for alleged unlawful competitive practices, and a purported class action related to alleged disclosure and fiduciary
duty violations pertaining to alleged unlawful competitive practices, which were filed after the announcement of the DOJ
investigation), as well as the impact of potential violations of the U.S. Foreign Corrupt Practices Act based on issues in China;
changes in governmental regulations; changes in political conditions; fluctuations in foreign currency exchange rates and other
risks associated with foreign operations; worldwide and local economic conditions; impact of epidemiological events on the
economy and the Company’s customers and suppliers; acts of war, terrorism, natural disasters; and other factors.
The Company believes that the most significant risk factors that could affect its ability to achieve its stated financial
expectations in the near-term include (1) the impact of economic conditions on underlying demand for the Company’s
products; (2) the impact of competitors’ actions, including expansion in key markets, product offerings and pricing; (3) the
degree to which higher raw material and energy-related costs can be passed on to customers through selling price increases
(and previously implemented selling price increases can be sustained), without a significant loss of volume; (4) potential
adverse developments in legal proceedings and/or investigations regarding competitive activities, including possible fines,
penalties, judgments or settlements; and (5) the ability of the Company to achieve and sustain targeted cost reductions,
including expected synergies associated with the Paxar acquisition.
Use of Non-GAAP Financial Measures
This presentation contains certain non-GAAP measures as defined by SEC rules. As required by these rules, we have
provided a reconciliation of non-GAAP measures to the most directly comparable GAAP measures, included in the Appendix
section of this presentation.
Bank of America 37th Annual
Investment Conference
Dan O’Bryant
EVP and Chief Financial Officer Monday, September 17, 2007
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2. Bank of America 37th Annual Investment Conference
September 17, 2007
Catalysts for value creation
1. Paxar integration will drive significant earnings
accretion and free cash flow over the medium term
2. Annual P&L hit from RFID investment will decline
3. Notwithstanding challenging near-term market
conditions, fundamentals of core businesses are
strong
3
Overview of Today’s Portfolio
Revenue by Segment
(after intercompany eliminations)
2006 Actual Proforma, With Paxar
Other Specialty
Other Specialty
Converting
Converting
Retail
Information
Retail
Services
Information
Services
Pressure- Pressure-
sensitive
Office and sensitive
Materials
Consumer Materials
Products
Office and
Consumer
Products
2006 Net Sales = $5.6 billion 2006 Net Sales = $6.4 billion
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3. Bank of America 37th Annual Investment Conference
September 17, 2007
Overview of Today’s Portfolio
2006 Revenue by Region
(before intergeographic eliminations)
Other*
Latin
America
Asia
U.S.
Eastern
Europe
Western
Europe
* “Other” includes Canada, Australia, and South Africa
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Snapshot of Pressure-sensitive Materials
Adj. Organic Sales Growth(1) Operating Margin(2)
2006 2005 2004 2006 2005
2006 Sales 2004
$3.2 B + 3.6% + 3.1% + 9.6% 9.6% 9.0% 8.6%
(1) Excluding currency, acquisitions, and divestitures – see Appendix for detail
(2) Excluding restructuring charges and other items – see Appendix for detail
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4. Bank of America 37th Annual Investment Conference
September 17, 2007
PSM Strategy and Outlook
• Leverage global and regional scale advantages;
backward integration in films and adhesives
• Expand in faster-growing international markets
Other*
Roll Materials Group Latin
America
2007 estimated revenues
U.S.
by geography, before
Asia
intergeographic
eliminations
Eastern
Europe
Western
* “Other” includes Canada, Australia, and South Africa Europe
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PSM Strategy and Outlook (continued)
• Leverage global and regional scale advantages;
backward integration in films and adhesives
• Expand in faster-growing international markets
• Drive increased PS penetration of food and beverage
segments (shift from glue-applied labels) through
product innovation and marketing
• Recapture share in North America
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5. Bank of America 37th Annual Investment Conference
September 17, 2007
Strategy for Mature Markets
• Growth Priorities:
– Enhance customer value:
• Competitive differentiators – breadth of product offerings (films, paper,
various adhesives) and innovation… combined with superior service
and quality
• “Contract for Value” and Fasson Optimum Performance
– Pursue aggressive marketing / new product
development efforts:
• Food and beverage applications
• Low end durable applications
• New, affordable films (i.e. GCX)
• State of the art R&D facility in Mentor, Ohio
• Accelerate productivity to protect market position
• Shutter least productive assets
• Optimize production of “fighting core” products
• New Films coater in U.S.
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Snapshot of Office and Consumer Products
Adj. Organic Sales Growth(1) Operating Margin(2)
2006 2005 2004 2006 2005
2006 Sales 2004
$1.1 B - 0.4% - 0.6% - 5.1% 16.5% 16.7% 15.9%
(1) Excluding currency, acquisitions, and divestitures – see Appendix for detail
(2) Excluding restructuring charges and other items – see Appendix for detail
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6. Bank of America 37th Annual Investment Conference
September 17, 2007
OCP Strategy and Outlook
• Grow Printable Media categories
– Under-penetrated categories
– Share recapture through feature differentiation
• Manage other categories for margin
• Expand operating margin:
– Mix improvement
– Ongoing restructuring and productivity improvement
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Productivity Improvement for Office Products NA
Fixed Assets Direct Labor Costs ROTC
down 29% down 43% up 13 points
'01 '02 '03 '04 '05 '06 '01 '02 '03 '04 '05 '06 '01 '02 '03 '04 '05 '06
Improved capital efficiency and ROTC
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7. Bank of America 37th Annual Investment Conference
September 17, 2007
Snapshot of Retail Information Services
Pre-Paxar Results:
Adj. Organic Sales Growth(1) Operating Margin(2)
2006 2005 2004 2006 2005
2006 Sales 2004
$0.7 B + 4.8% + 3.1% + 9.8% 8.4% 7.2% 7.4%
Targets Post-Paxar: 6-8% organic sales growth; 12%+ operating margin
(1) Excluding currency, acquisitions, and divestitures – see Appendix for detail
(2) Excluding restructuring charges and other items – see Appendix for detail
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RIS Strategy and Outlook
• Industry consolidation driving share gain for global
providers… customers want global quality (data
integrity, color consistency) and speed
• Labels and tags are low cost / high value to retailers
• Rapid growth in Asia (China, India, other countries in
region) – proximity to manufacturers is key to success
• Paxar acquisition – a perfect fit
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8. Bank of America 37th Annual Investment Conference
September 17, 2007
Acquisition... Value Drivers:
• Enhances top-line growth potential
– Increases our presence (more than doubles RIS sales) in
the expanding, highly fragmented, retail information and
brand identification market
– Combines complementary strengths… broadens our range
of product and service capabilities
– Improves ability to meet customer demands for product
innovation and improved quality and speed of service
– Facilitates expansion into new product and geographic
segments
• $115 to $125 mil. of cost synergies
– Similar infrastructure – areas of overlap include SG&A
(e.g., corporate overhead, back office support) and
production
– Proven track record with acquisition integration on global
scale… high degree of confidence in ability to quickly
achieve the savings
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Other Specialty Converting Businesses
Adj. Organic Sales Growth(1) Operating Margin(2)
2006 2005 2004 2006 2005
2006 Sales 2004
$0.6 B + 2.3% + 4.9% + 8.2% 3.5% 3.4% 7.0%
(1) Excluding currency, acquisitions, and divestitures – see Appendix for detail
(2) Excluding restructuring charges and other items – see Appendix for detail
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9. Bank of America 37th Annual Investment Conference
September 17, 2007
The RFID tag market continues to expand
RFID Market Unit Volume
Compound Annual Growth: 2006-2012
Even conservative
120
estimates define
100
huge market by 2012
80
Percent
Estimates of RFID Unit
60
Volume By 2012
40
40 B Vandergraf Int’l
30 B ABI
20
8B VDC
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Summary
• Short-Term: Challenging market environment –
Accelerate productivity improvement
• Long-Term: Paxar
RFID
Strong core business fundamentals
Substantial increase in free cash
flow over medium term
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10. Bank of America 37th Annual Investment Conference
September 17, 2007
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APPENDIX
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11. Bank of America 37th Annual Investment Conference
September 17, 2007
Reconciliation of Non-GAAP
Financial Measures to GAAP
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Total Company Adjusted Organic Sales Growth
2002 2003 2004 2005* 2006*
Reported Sales Growth 10.6% 14.6% 12.1% 2.9% 1.9%
Less Impact of Currency 0.6% 6.1% 4.7% 1.4% 0.3%
Less Impact of Acquisitions, Net
of Divestitures 5.1% 6.0% 0.1% 0.3% (1.0%)
Organic Sales Growth 4.9% 2.5% 7.4% 1.2% 2.6%
Comparability Adjustments (1.4%) 1.3% 0.3%
Adjusted Organic Sales Growth 4.9% 2.5% 5.9% 2.5% 2.8%
* From continuing operations
Note: Columns may not foot due to minor rounding differences
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12. Bank of America 37th Annual Investment Conference
September 17, 2007
Organic Sales Growth by Segment: 2004
Pressure Office and Retail Other Specialty
Sensitive Consumer Information Converting
Materials Products Services Businesses
2003 GAAP Sales $2,572.6 $1,168.1 $552.7 $469.2
Impact of 2004 Currency Changes $145.6 $35.1 $12.3 $14.5
2003 Adjusted Non-GAAP Sales $2,718.1 $1,203.2 $565.1 $483.7
2004 GAAP Sales $3,008.5 $1,172.5 $636.1 $523.8
Est. Impact of Acq.& Divestitures $0.0 $0.0 $10.1 ($5.3)
Other Comparability Adjustments $28.3 $30.5 $5.8 $5.8
2004 Adjusted Non-GAAP Sales $2,980.2 $1,142.0 $620.2 $523.3
GAAP Sales Growth 16.9% 0.4% 15.1% 11.6%
Adj. Organic Sales Growth 9.6% -5.1% 9.8% 8.2%
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Organic Sales Growth by Segment: 2005
Pressure Office and Retail Other Specialty
Sensitive Consumer Information Converting
Materials Products Services Businesses
2004 GAAP Sales $2,984.5 $1,172.5 $636.1 $523.8
Impact of 2005 Currency Changes $57.8 $7.7 $6.7 $4.4
2004 Adjusted Non-GAAP Sales $3,042.3 $1,180.2 $642.8 $528.2
2005 GAAP Sales $3,114.5 $1,136.1 $674.8 $548.1
Est. Impact of Acq.& Divestitures $0.0 $0.0 $17.8 $0.0
Other Comparability Adjustments ($22.8) ($37.1) ($5.8) ($5.8)
2005 Adjusted Non-GAAP Sales $3,137.3 $1,173.2 $662.8 $553.9
GAAP Sales Growth 4.4% -3.1% 6.1% 4.6%
Adj. Organic Sales Growth 3.1% -0.6% 3.1% 4.9%
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13. Bank of America 37th Annual Investment Conference
September 17, 2007
Organic Sales Growth by Segment: 2006
Pressure Office and Retail Other Specialty
Sensitive Consumer Information Converting
Materials Products Services Businesses
2005 GAAP Sales* $3,114.5 $1,136.1 $630.4 $592.5
Impact of 2006 Currency Changes $15.4 $1.2 $3.4 $0.6
2005 Adjusted Non-GAAP Sales $3,129.9 $1,137.3 $633.8 $593.1
2006 GAAP Sales $3,236.3 $1,072.0 $667.7 $599.9
Est. Impact of Acq.& Divestitures $0.0 ($51.0) $3.2 ($6.6)
Other Comparability Adjustments ($5.0) ($10.2) $0.0 $0.0
2006 Adjusted Non-GAAP Sales $3,241.3 $1,133.2 $664.5 $606.5
GAAP Sales Growth 3.9% -5.6% 5.9% 1.2%
Adj. Organic Sales Growth 3.6% -0.4% 4.8% 2.3%
* 2005 GAAP sales have been re-stated for Business Media reporting change from RIS to Other Specialty Converting.
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Total Company Operating Margin
FY 2003 FY 2004 FY 2005 FY 2006
($ in millions, except as noted)
Net Sales 4,736.8 5,317.0 5,473.5 5,575.9
Operating income, as reported 397.1 434.0 424.7 481.1
Operating margin, as reported (GAAP) 8.4% 8.2% 7.8% 8.6%
Non-GAAP adjustments:
Restructuring costs, asset impairment, lease
cancellation costs, and environmental
remediation, net of gains on asset sales 30.5 35.2 63.6 36.2
Adjusted non-GAAP operating income 427.6 469.2 488.3 517.3
Adjusted non-GAAP operating margin 9.0% 8.8% 8.9% 9.3%
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14. Bank of America 37th Annual Investment Conference
September 17, 2007
Total Company Return on Total Capital
FY 2003 FY 2004 FY 2005 FY 2006
($ in millions, except as noted)
GAAP
Average Invested Capital (5 point average) 2,503.2 2,663.2 2,707.6 2,655.4
Net Income 267.9 279.7 226.4 367.2
Addback: After-tax interest expense 42.4 43.8 46.1 46.0
Return on Average Total Capital 12.4% 12.1% 10.1% 15.6%
Pro-forma
Adj. Average Invested Capital (5 point average) 2,503.6 2,682.7 2,742.8 2,683.3
Net Income 267.9 279.7 226.4 367.2
Addback: After-tax interest expense 42.4 43.8 46.1 46.0
Addback: After-tax restructuring costs,
asset impairment, lease cancellation costs,
environmental remediation, and impact of
discontinued ops, net of gains on asset sales -0.8 27.6 119.8 12.5
Pro-forma Return on Average Total Capital 12.4% 13.1% 14.3% 15.9%
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OPERATING MARGIN BY SEGMENT
FY 2004 FY 2005 FY 2006
($ in millions, except as noted)
Pressure Sensitive Materials
Net Sales 2,984.8 3,114.5 3,236.3
Operating income, as reported 221.4 258.1 301.2
Operating margin, as reported 7.4% 8.3% 9.3%
Non-GAAP adjustments:
Restructuring costs, asset impairment, and
lease cancellation costs, net of gains on asset
sales 34.4 23.0 9.3
Adjusted non-GAAP operating income 255.8 281.1 310.5
Adjusted non-GAAP operating margin 8.6% 9.0% 9.6%
Office and Consumer Products
Net Sales 1,172.5 1,136.1 1,072.0
Operating income, as reported 186.4 168.0 179.0
Operating margin, as reported 15.9% 14.8% 16.7%
Non-GAAP adjustments:
Restructuring costs, asset impairment, and
lease cancellation costs, net of gains on asset
sales 0.5 21.8 (2.3)
Adjusted non-GAAP operating income 186.9 189.8 176.7
Adjusted non-GAAP operating margin 15.9% 16.7% 16.5%
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15. Bank of America 37th Annual Investment Conference
September 17, 2007
OPERATING MARGIN BY SEGMENT
FY 2004 FY 2005 FY 2006
($ in millions, except as noted)
Retail Information Services
Net Sales 592.7 630.4 667.7
Operating income, as reported 43.4 37.7 45.0
Operating margin, as reported 7.3% 6.0% 6.7%
Non-GAAP adjustments:
Restructuring costs, asset impairment, and
lease cancellation costs, net of gains on asset
sales 0.3 7.5 11.2
Adjusted non-GAAP operating income 43.7 45.2 56.2
Adjusted non-GAAP operating margin 7.4% 7.2% 8.4%
Other Specialty Converting Businesses
Net Sales 567.0 592.5 599.9
Operating income, as reported 39.9 14.1 17.2
Operating margin, as reported 7.0% 2.4% 2.9%
Non-GAAP adjustments:
Restructuring costs, asset impairment, and
lease cancellation costs, net of gains on asset
sales 0.0 6.2 3.7
Adjusted non-GAAP operating income 39.9 20.3 20.9
Adjusted non-GAAP operating margin 7.0% 3.4% 3.5%
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Historical Earnings Per Share, GAAP vs. Pro-Forma
2003 2004 2005 2006
2.68 2.78 2.25 3.66
GAAP EPS
Restructuring & asset impairment, increase
0.26 0.26 1.07 0.33
to environmental reserve
Gains on sale of business/assets, legal
(0.24) - (0.02) (0.22)
settlements, and other items
- - 0.14 -
Tax Expense on Repatriated Earnings
2.70 3.04 3.44 3.77
Pro-forma EPS
Note: Historical figures have NOT been adjusted to remove the contribution from businesses
subsequently divested or discontinued.
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16. Bank of America 37th Annual Investment Conference
September 17, 2007
Paxar Financial Outlook
Paxar Financial Outlook
Annual Estimated E.P.S. Accretion (Dilution)
(excluding integration costs / one-time charges)
2007 $(0.07)
2008 $0.40 - $0.50
2009 $0.70 - $0.80
2010 $0.90 - $1.00
Estimated After-Tax Amortization of Intangibles
(per share, included in E.P.S. above)
2007 $ 0.10 to $ 0.15
2008 and on $ 0.20 to $ 0.30
Estimated Integration Costs / One-Time Charges
amount, timing and accounting treatment
(P&L vs. goodwill adjustment) to be determined…
Restructuring, Asset Impairment,
and Integration-Related Costs: $125 to $135 mil.
IT-Related Costs: $ 50 to $ 75 mil.
Total: $175 to $210 mil. (~ 85% cash)
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17. Bank of America 37th Annual Investment Conference
September 17, 2007
Paxar Financial Outlook (continued)
Estimated cost synergies (net of potential offsets): $115 to $125 mil.
(90%+ cash)
Timing to achieve savings (% of target savings achieved)
2007 Year-End Run Rate: 30% - 40%
2008 Mid-Year Run Rate: 60% - 70%
2008 Year-End Run Rate: 90%+
Financing
Weighted average interest rate of 6.5% to 7.0%
(higher than original expectation due to interest rate increases since
transaction was announced, and anticipated mix of financial
instruments, including the issuance of hybrid securities)
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