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1998 Annual Report


Smurfit-Stone
                                  JOINING FORCES TO

     Re-Energize the
         
BUSINESS

How?

by Creating SHAREHOLDER VALUE
          Refinancing, aggressively reducing debt, divesting of
          non-core businesses, and restructuring

by Managing for RESULTS
          Leveraging strengths and achieving full potential

by Widening the COMPETITIVE GAP
          Meeting aggressive targets, encouraging flexibility and autonomy at local levels,
          and investing in our corporate philosophy, IQS

by Building a UNIFIED, COHESIVE ORGANIZATION
          Establishing strong core values, leadership, staff, and culture

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