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EXHIBIT 99
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Georgia-Pacific [LOGO]
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Danny Huff
Executive Vice President and CFO
2000 Chase Bond Conference
November 15, 2000
<PAGE>
Safe harbor
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This presentation contains certain "forward-looking statements" within the
meaning of federal securities laws about our financial condition, results
of operations and business.
You can find many of these statements by looking for words such as
"believes", "expects," "anticipates", "estimates", or similar expressions
used in this presentation.
These forward-looking statements are subject to numerous assumptions,
risks and uncertainties that may cause our actual results, performance or
achievements to be materially different from our assumptions about future
results, performance or achievements expressed or implied by us in those
statements.
Because forward-looking statements are subject to risks and
uncertainties, actual results may differ materially from those expressed or
implied by such statements. You are cautioned not to place undue reliance
on such statements, which speak only as of the date of this presentation.
The cautionary statements contained or referred to in this section
should be considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf may
issue. We undertake no obligation to review or confirm analysts'
expectations or estimates or to release publicly any revisions to any
forward-looking statements to reflect events or circumstances after the
date of this presentation or to reflect the occurrence of unanticipated
events. We discuss many of the assumptions in our filings with the SEC and
you should review them.
======================================================= Georgia-Pacific [LOGO]
<PAGE>
Agenda
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[_] Strategic Overview
[_] Acquisition of Fort James to create a global tissue leader
[_] Spin-off/merger of TGP to unlock share value
[_] Financial Overview
[_] Summary
======================================================= Georgia-Pacific [LOGO]
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Strategic Overview
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<PAGE>
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Georgia-Pacific is transforming its business portfolio to improve investor
----------------
returns by moving up the value chain to higher margin businesses that are
------- ------------------------
closer to the customer and which provide more stable, predictable and
---------------------- ------------------------
greater cash flow. We are convinced that our actions will leverage our
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strengths and improve our platform for profitable growth.
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======================================================= Georgia-Pacific [LOGO]
<PAGE>
Guiding Principles Of Our Strategy Process
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[_] Focus on returns to investors
[_] Fact based/objective analysis: dispelling industry myths
[_] Consistently apply a rigorous analytical approach across all business
units
[_] Considers business and financial risk of each business
independently... and jointly.
======================================================= Georgia-Pacific [LOGO]
<PAGE>
Understanding The Risk/Return Characteristics Of Each BU Is Key To Our
Transformation.
ILLUSTRATIVE
Understand Range of Probable Outcomes
For Key Value Drivers
2000 2001 2002 2003 2004 2005
---- ---- ---- ---- ---- ----
Price Bandwidth
Real Price $/Ton 58-72 56-78 54-79 50-84 48-86 40-92
Break-even Market Price Level to Meet BU COC = $84/ton
ILLUSTRATIVE
Rank Order of BU Markets by
Average COC over a Cycle
<TABLE>
<CAPTION>
BU2 BU7 BU5 BU10 BU1 BU9 BU8 BU11 BU3 BU4 BU6
------ ------- ------ ------ ----- ------ ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Expected Value
of ROC (Range
of Potential
Outcomes) 9%-13% 10%-12% 7%-14% 7%-11% 8%-9% 7%-10% 4%-8% 3%-7% 4%-5% 1%-8% 2%-5%
</TABLE>
<PAGE>
A Portfolio Approach To Our Businesses
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Current Mix Exit Market Grow Market New Market
----------- ----------- ----------- ----------
------ ------ ------ ------
--- BU 1 BU 1 BU 1 BU 1
| ------ ------ ------ ------
| ------ | ------ ------
Existing BU| BU 2 | BU 2 BU 2
Markets | ------ | ------ ------
| | | | |
| ------- ------- ------- -------
--- BU 12 BU 12 BU 12 BU 12
------- ------- ------- -------
-------
BU 13
-------
Portfolio
Synergies Current Reduced High High
Portfolio Risk Current Low Moderate High
================================================== Georgia-Pacific [LOGO]
<PAGE>
Summary Of Initial Transactions To Achieve Transformation
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[_] Fort James
} Step-change in G-P's portfolio
} Creates world's largest tissue company
} Expands one of the greatest core-competencies of G-P
[_] The Timber Company
} Reinforces image of breaking from conventions of forest products
industry myths
} Creates tremendous value for Timber Company shareholders
[_] Coming Divestitures
================================================== Georgia-Pacific [LOGO]
<PAGE>
The Timber Company Transaction
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[_] A decisive move de-bunking decades of industry conventional
wisdom.
[_] A first move - not only in G-P's transformation but the
potential transformation of the industry.
[_] A clear creation and delivery of value previously unrecognized.
================================================== Georgia-Pacific [LOGO]
<PAGE>
Coming Divestitures - A Key Step
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[_] We are actively pursuing divestitures in commodity and non-
strategic businesses.
} Pulp
} Chemicals
} Others
[_] These sales will enhance our earnings stability and predictability
while generating cash to pay down debt.
================================================== Georgia-Pacific [LOGO]
<PAGE>
These Transactions Lay The Foundation For Our Future Success
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[_] Increasing the importance of higher-margin, value-added
businesses.
[_] Reducing our dependency on undifferentiated commodities.
[_] Generating more stable and predictable cash flow.
[_] Continuing G-P's historic financial discipline.
================================================== Georgia-Pacific [LOGO]
<PAGE>
How Are We Going To Promote Value Added Activity?
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We are focusing management on value-added products and
services driven by customer needs...
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----------------------------- -----------------------------
From... ...To
----------------------------- -----------------------------
. Selling undifferentiated . Marketing value-added
commodities products and services
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. Competing in highly . Participating in less
fragmented industry fragmented businesses
segments
----------------------------- -----------------------------
. Operating asset- . Combining operational
based businesses excellence with
competing primarily customer intimacy to
on price expand points of
differentiation
----------------------------- -----------------------------
. Owning businesses . Focusing on finished-
across the entire product end of the
value chain value chain
----------------------------- -----------------------------
----------------------------------------------------------------
... to decrease volatility and increase quality of cash flows
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================================================== Georgia-Pacific [LOGO]
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Moving Forward In The Value Chain
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From... competing as a leader in operational excellence focusing on the
commodity area of the value chain
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Timber > Raw > Intermediate > Value Add/ > Distribution
Materials Products Converting
-----------------------------------------------------------------------
-----------------
Domtar Gypsum
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To... leveraging operational excellence and moving closer to the customer by
providing increasingly differentiated, customer-focused products and services
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Timber > Raw > Intermediate > Value Add/ > Distribution
Materials Products Converting
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---------------------- ------------------------------- -----------
Timber Letter Stock Potential Future Divestitures Unisource
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Wisconsin Tissue
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Fort James
-----------------------
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Migration Path >
==================================================== Georgia-Pacific [LOGO]
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Approach To Operating Excellence
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[_] We will continue to be recognized for manufacturing excellence.
[_] We will run to demand and not build inventories.
[_] We will become more "customer centric."
[_] We will differentiate our company, products and services, and enhance
our brand offerings.
[_] We will grow with our key customers.
==================================================== Georgia-Pacific [LOGO]
<PAGE>
These Key Moves Are Part Of A Transformation Towards:
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[_] Generating more stable and predictable cash flow and earnings
[_] Achieving higher levels of cash flow
[_] Focusing on growth in value through improving the portfolio of assets
} well-timed acquisitions and divestitures
} continued capital discipline
} improving returns while reducing risk
==================================================== Georgia-Pacific [LOGO]
<PAGE>
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Fort James Acquisition
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<PAGE>
Georgia-Pacific Tissue Business Success
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[_] Since 1988 G-P's tissue business has grown to become
} Number 2 Bath Tissue in the US - Angel Soft/MD
} Number 3 Paper Towel in the US - Sparkle
} The third largest tissue producer in North America
[_] Over the past seven years G-P's tissue business has...
} Grown in both case volume and dollar volume in excess of the
market
} Grown EBITDA at a 16.7% CAGR
} Averaged 16% ROCE.
==================================================== Georgia-Pacific [LOGO]
<PAGE>
G-P's History Of Innovation
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[_] Georgia-Pacific was the 1st to introduce:
} 10 Roll Multipack BathTissue-Growth Segment
} Printed Bath Tissue-Aesthetic appeal
} 3 Roll Paper Towel-Growth Segment
} High Count Napkins-Growth Segment
} A "Health" related brand platform
} Aromatherapy Antibacterial Liquid Hand Soap
==================================================== Georgia-Pacific [LOGO]
<PAGE>
G-P Brand Initiatives
1997-2000
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[_] Relaunched Sparkle(R) Paper Towels-April `98/July `99
[_] Launched G-P Health Smart(TM) Platform-October `98
} Comprehensive strategic brand platform
[_] Launched Pacific Garden(R) Liquid Hand Soap-May `99
[_] Relaunched Angel Soft(R) & MD(R) Bath Tissue-May `00
[_] Launched G-P Corporate Brand Initiative-May `00
[_] Relaunched Coronet(R) Bath Tissue-July `00
[_] Relaunched Sparkle(R) Napkins-July `00
==================================================== Georgia-Pacific [LOGO]
<PAGE>
G-P Growth Exceeds Industry Growth Rates
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CASE VOLUME GROWTH
1996 1997 1998 1999 2000 OL
G-P Volume Growth 5.8% 11.5% 4.9% 8.6% 6.6%
Industry Volume Growth 2.3% 6.7% 1.6% 3.5% 5.9%
DOLLAR SALES GROWTH
1996 1997 1998 1999 2000 OL
G-P $ Growth 13.2% 6.9% 5.6% 5.9% 7.4%
Industry $ Growth 8.5% 3.7% 3.0% 2.5% 6.9%
====================================================== Georgia-Pacific [LOGO]
Source: AGNielsen
<PAGE>
Profitable Growth For G-P's Tissue Business
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Sales Volume Growth -- Consumer
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1994 1995 1996 1997 1998 1999 2000E
5.1% 6.7% 9.1% 7.3% 9.5% 7.6% 3.5%
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Sales Volume Growth -- AFH(1)
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1994 1995 1996 1997 1998 1999 2000E
-3.9% 17.1% -13.9% 7.3% 6.0% 48.2% 102.4%
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EBITDA Growth*(2)
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7-yr CAGR 15.3%
1994 1995 1996 1997 1998 1999 2000E
99.2 110.9 186.7 157.8 150.0 157.8 270.3
* Indexed base year = 1993
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G-P's Tissue has averaged 16% ROCE over the past 8 years
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(1) The Away From Home business includes the Wisconsin Tissue operations
beginning in fourth quarter 1999. Prior to 1997, growth was constrained by
paper availability.
(2) Tissue industry pricing peaked in 1996, and gradually declined over the
next 3 years due to continued weak pulp markets. Steady financial results
were achieved in spite of these price declines.
====================================================== Georgia-Pacific [LOGO]
<PAGE>
Tissue Products - Attractive Pricing Dynamics
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PPI 1982 = 100
<TABLE>
<CAPTION>
1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PPI Sanitary Tissue Products 51 52 60 70 76 88 96 96 87 97 86 85
PPI Papermaking Pulp 75 75 75 73 76 90 99 100 95 100 101 101
<CAPTION>
1987 1988 1989 1991 1992 1993 1994 1995 1996 1997 1998 1999
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PPI Sanitary Tissue Products 101 102 104 110 99 100 84 110 100 102 102 98
PPI Papermaking Pulp 101 133 140 135 112 111 110 135 200 150 148 147
</TABLE>
Source: Bureau of Labor Statistics.
====================================================== Georgia-Pacific [LOGO]
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An Unmatched Brand Portfolio
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[LOGO of Coronet] [LOGO of Dixie]
[LOGO of Sparkle]
[LOGO of Brawny]
[LOGO of QUILTED NORTHERN] [LOGO of Mardi Gras]
[LOGO of Soft'n Gentle] [LOGO of Vanity Fair]
====================================================== Georgia-Pacific [LOGO]
<PAGE>
Overview Of Fort James Acquisition
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[_] Results of strategic analysis, recent stock price performance of Fort
James and success with the Wisconsin Tissue integration led to our
initiation of this transaction
[_] Subsequent discussions resulted in a reasonable price at an attractive
time
[_] Cash accretive across the cycle
[_] Substantial synergies reach full run rate by year-end 2002
[_] Best management will run the new business
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Company Overview
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---------------------------------
2000E Revenue Breakdown
---------------------------------
Dixie 11%
[LOGO OF FORT JAMES]
Papers & Fiber 12%
Europe Tissue 24%
North America
Tissue 53%
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--------------------------------- ---------------------------------
2000E Statistics* Strengths
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($ in Billions) [_] Leading brand names
Sales $ 7.1 [_] Established market position
EBITDA $ 1.4
% Margin 20.0% [_] Low cost producer
EBIT $ 0.9
% Margin 13.2% [_] Innovative products
--------------------------------- ---------------------------------
* Source: Wall Street equity research.
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Company Overview
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---------------------------------
2000E Revenue Breakdown
---------------------------------
Paper Distribution 31%
Building Products 17%
Georgia-Pacific [LOGO] Tissue 7%
Pulp & Paper 13%
Building Products
Distribution 21%
Containerboard & Packaging 11%
---------------------------------
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2000E Statistics* Strengths
--------------------------------- ---------------------------------
($ in Billions) [_] Experienced and proven
management team
Sales $ 21.5
[_] Strong operating track
EBITDA $ 2.9 record
% Margin 13.4%
[_] Proven ability to integrate
EBIT $ 2.0 acquisitions
% Margin 9.3%
--------------------------------- ---------------------------------
* Source: Wall Street equity research.
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Pro Forma Business Mix
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====================================================================
Mix shifts towards businesses with more
predictable earnings and cash flow
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Georgia-Pacific - Standalone* Georgia-Pacific - Pro Forma
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Total EBIT = $2.0B Total EBIT = $2.9B
Paper Distribution 9% Paper Distribution 7%
Building Products Distribution 3% Dixie 4%
Tissue 11% Containerboard & Packaging 16%
Pulp & Paper 19% Pulp & Paper 16%
Building Products 36% North America Tissue 26%
Containerboard & Packaging 22% Building Products
Distribution 2%
Europe Tissue 4%
Building Products 25%
Tissue represents 11% of EBIT Tissue represents 30% of EBIT
------------------------------------- -----------------------------------
* Source: Wall Street equity research.
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Management Team
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[_] Management team in place have:
} strong operating track record
} delivered synergies at Wisconsin Tissue
[_] Financial management of Georgia-Pacific remains in place
[_] Continuity of management in European Tissue and Dixie
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Summary Of Fort James Acquisition
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[_] Major step in the transformation of Georgia-Pacific towards higher
value-added business with more stable and predictable earnings and
cash flow
[_] Fort James' business mix is a good strategic fit
[_] Fort James' strong brand names move Georgia-Pacific closer to the
customer
[_] Acquisition at a reasonable price at an attractive time
[_] Synergies reach full run rate by year-end 2002
[_] Cash accretive across the cycle
[_] Best management team running the new business
========================================================= Georgia-Pacific [LOGO]
<PAGE>
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The Timber Company
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<PAGE>
Separation Of The Timber Company Has Been An Operational Success
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[_] "Win-Win" for G-P and TGP
} G-P Group has new sources of timber and is doing a better job at
procuring wood at the lowest possible cost
} Separation has uncovered true operating performance of
manufacturing without subsidies
} TGP has been able to opportunistically time the sale of
timberlands, realizing the highest possible value
[_] TGP's value has not been fully reflected in the stock in our opinion
[_] The potential next logical step is a total spin-off with a
corresponding $1 Bn reduction in corporate debt.
========================================================= Georgia-Pacific [LOGO]
<PAGE>
The Spin-off Of TGP Will Not Disrupt G-P's Timber Supply
================================================================================
[_] Over 80% of G-P's timber is from other sources
Sourced from TGP 17%
83% Sourced from 3rd Parties
[_] Supply agreements will cover all the G-P facilities that significantly
rely on The Timber Company furnish
[_] Only 6 sawmills and 4 panel plants derive more than 25% of their
furnish from TGP lands
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Impact On Georgia-Pacific Group
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[_] Consistent with move away from raw material commodity-based business
[_] G-P maintains access to the timber at market prices (supply agreement)
[_] Reduce Corporate Debt by approximately $1 billion
========================================================= Georgia-Pacific [LOGO]
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Financial Overview
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<PAGE>
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Georgia-Pacific believes that the key to creating long-term investor wealth
is maximizing discretionary cash flow and reinvesting in attractive growth
----------------------------------
opportunities. By managing our operations for maximum cash flow, minimizing
our cost of capital through consistent capitalization policies and
----------------------------------
thoughtfully deploying cash from these sources, we expect to generate
---------------------
significant discretionary cash flow in all market conditions.
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Financial Objectives
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[_] Generate excess cash in all markets to retire debt to target level.
[_] Continue capital spending discipline
[_] Enhance predictability of earnings
[_] Exhibit financial discipline in all acquisitions
[_] Achieve operational efficiencies/realize synergies
[_] Maintain target debt level and investment grade credit ratings to
minimize cost of capital
========================================================= Georgia-Pacific [LOGO]
<PAGE>
2000E Pro Forma Financials
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($ in Billions)
----------------- ----------------- -----------------
Georgia-Pacific Fort James Combined/(a)/
----------------- ----------------- -----------------
Sales $ 21.5 $ 7.1 $ 28.6
EBITDA $ 2.9 $ 1.4 $ 4.3
% Margin 13.4% 20.0% 15.0%
Operating Profit $ 2.0 $ 0.9 $ 2.9
% Margin 9.3% 13.2% 10.2%
----------------- ----------------- -----------------
*Source: Wall Street equity research
(a) Represents a simple summation and does not include synergies and pro
forma adjustments
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Pro Forma Financials
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($ in Billions)
-------------------- ----------------- ----------------
Georgia-Pacific/(a)/ Fort James/(a)/ Pro Forma/(b)/
-------------------- ----------------- ----------------
Assets $ 15.6 $ 7.1 $ 29.6
Debt $ 6.1 $ 3.5 $ 16.0
Common Equity $ 3.9 $ 1.0 $ 5.4
Debt/Total Cap 61.2% 77.3% 74.6%
Debt/EBITDA (c) 2.3x 2.6x 4.0x
Int. Coverage (c) 5.7x 5.8x 3.2x
-------------------- ----------------- ----------------
(a) Balance sheet as of Q1/2000
(b) Adjusted for Goodwill, debt and shares issued
(c) EBITDA and Interest LTM as of Q1/2000
========================================================= Georgia-Pacific [LOGO]
<PAGE>
New Target Debt Level Is In Line With Historical Financial Discipline
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[_] New target debt level is $9.5 billion
} A consistent approach to the rating agencies
} Target debt based on GP "bedrock cash flow" analysis demonstrates
that even if bottom of cycle earnings were to occur across all
product lines at the same time after deducting for maintenance
capex and dividends, interest expense would be covered two times.
[_] At this debt level, credit ratios equal or exceed current combined
ratios
[_] Expect to reach target debt level in 3 years
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Pro Forma Debt Outlook
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Pro Forma Debt Levels
Georgia-Pacific and Fort James
$ in millions
1999 Dec 31, 2001 2002 2003 2004 2005
2000
10,500 15,800 11,000 10,000 9,800 9,800 9,800
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Pro-Forma Permanent Capital Structure
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[_] $9.5 billion in debt
[_] 75% Fixed Rate/Long Term
[_] Day 1 Combined Debt = $16 billion
[_] $1.5 billion in permanent financing required to reach the target
structure
========================================================= Georgia-Pacific [LOGO]
<PAGE>
Historic And Combined Debt Coverage
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EBITDA/Interest
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
8.0
6.95
7.0
6.00
6.0 5.41 5.31 5.41
5.04
5.0 4.96
EBITDA/Interest 4.04 4.08
Coverage 4.0 3.56 3.83
3.0
2.0
1.0
0.0
1995 1996 1997 1998 1999 2000E 2001E 2002E 2003E 2004E 2005E
G-P Standalone Results GP & FJ Pro-Forma Results
1995 - 2000E 2001E - 20005E
</TABLE>
========================================================= Georgia-Pacific [LOGO]
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Summary
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<PAGE>
Summary
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============================================================
Georgia-Pacific will maintain its core values while
undergoing portfolio transformation
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[_] Generate more cash flow across all markets
[_] Customer driven
[_] Operational excellence
[_] Adding value through improving portfolio returns while reducing risk
========================================================= Georgia-Pacific [LOGO]
<PAGE>
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Georgia-Pacific [LOGO]
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November 2000
