Strong quarter and guidance Solid results, upbeat cost guidance Another strong quarter We continue to see downside risk to consensus How might tax reform impact U.S. HPC, Beverage, and Tobacco stocks? Solid Q4 EBITDA beat, growth story on track Strong FCF generation in 2016, rest in-line Q1 results weak but shares supported by yield Weak Q4 growth likely outweighs strong cash flow A better year-end and better start