(7
.$687862767$59(
6HHSHVXPDVLQRQP}HOGXGDLQXOWPDVLQSHVWDYD
SHVXSHVHPLVHNVMDWVHQWULIXXJLPLVHNVNRJXVWHV
PLVRQWDYDSlUDVHGNRGXPDMDSLGDPLVWHV
-lUJLJHSHVXPDVLQDNDVXWDPLVHONlHVROHYDV
NDVXWXVMXKHQGLVSDLJDOGDPLVMXKHQGLVMD
SURJUDPPLWDEHOLVWRRGXGMXKLVHLG
+RLGNHNDVXWXVMXKHQGSURJUDPPLWDEHOMD
SDLJDOGDPLVMXKHQGDOOHVNXLDQQDWHSHVXPDVLQD
OHWHLVHOHLVLNXOHVLLVDQGNHWDOOHND
NDVXWXVMXKHQGSURJUDPPLWDEHOMD
SDLJDOGDPLVMXKHQG
(11(3(680$6,1$.$687$0,67
 3DNHQGLHHPDOGDPLQHMDNRQWUROOLPLQH
9HHQGXJHSlUDVWODKWLSDNNLPLVWHWPDVLQROHNV
NDKMXVWDPDWD.DKWOXVWHNRUUDOlUJHNDVXWDJH
SHVXPDVLQDW9}WNHKHQGXVW
NOLHQGLWHHQLQGXVHY}LNRKDOLNXHGDVLPMDJD
+RLGNHSDNNHPDWHUMDOHSODVWLNNRWLG
SROVWUHHQRVDGMQHODVWHOHNlWWHVDDPDWXV
NRKDVVHVWQHHGY}LYDGROODRKWOLNXG
.XLVHDGHVDWWXVHQQHNRKDOHWRLPHWDPLVW
NOPDNlWWHKRLGNHVHGDHQQHNDVXWDPLVWSDDU
WXQGLWRDWHPSHUDWXXULO
 (HPDOGDJHWUDQVSRUGLSROGLG
3HVXPDVLQDOHRQSDLJDOGDWXGWUDQVSRUGLSROGLG
HWYlOWLGDVLVHPXVHNDKMXVWXPLVWWUDQVSRUGL
DMDO(QQHPDVLQDNDVXWDPLVWWXOHENLQGODVWL
HHPDOGDGDWUDQVSRUGLSROGLG
.DWNHSlUDVWQHQGHHHPDOGDPLVWDYDG
SODVWLNNRUNLGHJD
 3HVXPDVLQDSDLJDOGDPLQH
(HPDOGDJHMXKWSDQHHOLOWNDLWVHNLOHNXLVHHRQ
WHLHPXGHOLO
/LLJXWDJHVHDGHWVHGDW||SLQQDOWW}VWPDWD
3DLJDOGDJHVHDGHWXJHYDOHMDWDVDVHOHSLQQDOH
Y}LPDOXVHNRUUDOUXXPLQXUND
6HDGPHN}LNQHOLMDOJDSHDYDGNLQGODOW
S}UDQGDOHWRHWXPD.RQWUROOLJHNDVVHDGHRQ
U}KWORRGLVNDVXWDJHYHVLORRGL
.XLSDLJDOGDWHSHVXPDVLQDQQXMXYS}UDQGDOHQW
SDUNHWWY}LODPLQDDWVLLVDVHWDJHVHHUDVNXVH
KWODVHNVMDJDPLVHNV[FPVXXUXVHJD
YlKHPDOWFPSDNVXVHOHYLQHHUSODDGLOH
.LQQLWDJHYLQHHUSODDWS}UDQGDNOJH
9HHQGXJHHWSHVXPDVLQDDOXPLVHVRVDVROHYDG
YHQWLODWVLRRQLDYDGV}OWXYDOWPXGHOLVWHLROHNV
YDLEDY}LP}QHPXXPDWHUMDOLJDEORNHHULWXG
 9HHVLVVHODVH
hKHQGDJHYHHYRROLNXGMRRJLYHHY}UNX
YDVWDYDOWYHHYDUXVWXVHWWHY}WWHHHVNLUMDGHOH
hKHVLVVHODVNHYHQWLLOLJDPXGHOLGNOPYHVL
.DKHVLVVHODVNHYHQWLLOLJDPXGHOLGNOP-$
NXXPYHVLY}LDLQXOWNOPYHVLYDDGDNHHUDOGL
SDLJDOGXVMXKHQGLW
9HHNUDDQ ´NHHUPHJD
YRROLNXKHQGXV
9HHVXUYH
YRROXU}KN ±N3D±EDU
.DVXWDJHSHVXPDVLQDYHHYDUXVWXVHJD
KHQGDPLVHNVDLQXOWXXVLYRROLNXLG.DVXWDWXG
YRROLNXLGHLWRKLNDVXWDGDYDLGWXOHElUDYLVDWD
.XXPDYHHJDPXGHOLGNXXPDYHH
VLVHQGWHPSHUDWXXUHLWRKLOHWDGD&
 bUDYRRO
.LQQLWDJHYHHYlOMDODVNHYRROLNNDVVLIRRQWRUX
NOJHY}LULSXWDJHVHHOHNUDDQLNDXVLY}LYDQQL
VHUYDOLVDWXG8NXMXOLVHS}OYHDELO
.XLSHVXPDVLQRQKHQGDWXGLQWHJUHHULWXG
lUDYRROXVVWHHPLJDSHDElUDYRROXVVWHHPROHPD
YDUXVWDWXG}KXNDQDOLJDHWYlOWLGDYHHVDPDDHJVHW
NRJXQHPLVWMDlUDYRROXVLIRRQLHIHNW
 (OHNWULKHQGXV
6HDGPHYRROXMXKWPHY}LESDLJDOGDGDDLQXOW
NYDOLILWVHHULWXGHOHNWULNYDVWDYDOWWRRWMDMXKLVWHOH
MDVWDQGDUGVHWHOHRKXWXVHHVNLUMDGHOH
6HDGPHXNVHVLVHNOMHORQWRRGXGDQGPHG
SLQJHYRROXWDUELPLVHMDHOHNWULOLVHNDLWVHNRKWD
6HDGPHYRROXMXKWPHSHDEKHQGDPD
HHVNLUMDGHNRKDVHOWPDDQGDWXGSLVWLNXSHVDJD
3HVXPDVLQDPDDQGDPLQHRQNRKXVWXVOLN
7RRWMDHLROHPLWWHPLQJLOMXKXOYDVWXWDYNXL
VDDENDKMXVWDGDY}LLQLPHVHGY}LORRPDG
YLJDVWDGDVDDYDGNXLMXKWXQXS}KMXVHNVRQ
NLUMHOGDWXGMXKLVWHPLWWHMlUJLPLQH
bUJHNDVXWDJHSLNHQGXVMXKWPHLGHJD
PLWPLNSLVWLNXSHVDVLG
(QQHPLVWDKHVKRROGDPLVWWXOHEPDVLQ
YRROXY}UJXVWODKWLKHQGDGD
3lUDVWSDLJDOGDPLVWWXOHEYRROXY}UJXJD
KHQGDPLQHY}LVHDOWHHPDOGDPLQHDODWL
WDJDGDNDKHSRROXVHOLVHOOLWLJD
bUJHNDVXWDJHSHVXPDVLQDWNXLVHHRQ
WUDQVSRUGLDMDONDKMXVWDGDVDDQXG9}WNH
KHQGXVWNOLHQGLWHHQLQGXVHJD
7RLWHNDDEOLWWRKLEYlOMDYDKHWDGDYDLGYROLWDWXG
NOLHQGLWHHQLQGXV
6HDGHWY}LENDVXWDGDDLQXOWNRGXVHV
PDMDSLGDPLVHVQLQJHWWHQlKWXGRWVWDUEHO
3DLJDOGXVNRKDPLQLPDDOVHGP}}WPHG
/DLXV PP
.}UJXV PP
6JDYXV PP
30106460ET.fm Page 1 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
(77(9$$786$%,1®8'-$h/',6('
6229,786('
 2KXWXVMXKLVHG
3HVXPDVLQVRELEDLQXOWVLVHWLQJLPXVWHO
NDVXWDPLVHNV
bUJHKRLGNHPDVLQDOlKHGDONHUJHVWLVWWLYDLG
YHGHOLNNH
/DVWHSXKXOWXOHEMlOJLGDHWQDGVHDGPHJD
PlQJLPDHLKDNNDNV
6HHVHDGHHLROHHWWHQlKWXGNDVXWDPLVHNV
LVLNXWHVKODVWHSRROWNHOOHIVLOLVHG
VHQVRRUVHGY}LYDLPVHGY}LPHGY}LNRJHPXVH
MDWHDGPLVWHSXXGXVVHGDHLY}LPDOGDYDMXKXO
NXLQHQGHOHWHRVWDEMlUHOYDOYHWY}LQHLG
MXKHQGDEVHDGPHNDVXWDPLVHOLVLNNHVQHQGH
WXUYDOLVXVHHHVWYDVWXWDE
bUJHNDVXWDJHSHVXPDVLQDWWHPSHUDWXXULGHO
DOOD&
.XLWHVRRYLWHRPDSHVXPDVLQDSHDOHSDLJDOGDGD
NXLYDWLY}WNHHVPDOWKHQGXVWPHLHPJLMlUJVH
WHHQLQGXVHY}LRPDPJLHVLQGXVH
VSHWVLDOLVWLJDHWVHOJLWDGDVHOOHY}LPDOLNNXVW6HH
RQOXEDWXGDLQXOWVLLVNXLNXLYDWLNLQQLWDWDNVH
SHVXPDVLQDSHDOHYDVWDYDNLQQLWXVNRPSOHNWLJD
PLVRQVDDGDYDOPHLHPJLMlUJVHVW
WHHQLQGXVHVWY}LWHLHPJLHVLQGDMDOW
/OLWDJHDMDNVPLOVHDGHWHLNDVXWDWDVHHYlOMD
.HHUDNHDMDNVPLOVHDGHWHLNDVXWDWDNUDDQNLQQL
/OLWDJHVHDGHHQQHSXKDVWDPLVY}L
KRROGXVW|LGYlOMDY}LHHPDOGDJHVHDGPH
YRROXMXKHSLVWLNXSHVDVW
bUJHDYDJHVHDGPHXVWM}XJDHJDNDVXWDJH
VHGDDVWPHQD
9DMDGXVHOVDDEYRROXMXKWPHDVHQGDGD
LGHQWVHJDPLGDVDDEPHLHPJLMlUJVHVW
WHHQLQGXVHVW9RROXMXKHWY}LEYDKHWDGDDLQXOW
NYDOLILWVHHULWXGWHKQLN
 3DNNHPDWHUMDOLG
3DNNHPDWHUMDOLGRQXODWXVHVXXHVWL
NDVXWDWDYDGMDWlKLVWDWXGPEHUW||WOHPLVVPEROLJD
-lUJLJHSDNNHPDWHUMDOLGHlUDYLVNDPLVHO
NRKDOLNNHUHHJOHLG
 3DNNHPDWHUMDOLGHMDYDQDSHVXPDVLQD
lUDYLVNDPLQH
3HVXPDVLQRQYDOPLVWDWXG
NRUGXYNDVXWDWDYDWHVWPDWHUMDOLGHVW6HHWXOHE
N}UYDOGDGDYDVWDYDOWNHKWLYDWHOHNRKDOLNHOH
MllWPHWHN}UYDOGDPLVHUHHJOLWHOH
(HPDOGDJHHQQHlUDYLVNDPLVWN}LN
SXKDVWXVYDKHQGLWHMllJLGMDO}LJDNHlUD
YRROXMXKHHWPXXWDSHVXPDVLQ
NDVXWXVN}OEPDWXNV
6HDGHRQPDUNHHULWXGYDVWDYDOW(XURRSD/LLGX
HOHNWULMDHOHNWURRQLNDVHDGPHWHMllWPHNlLWOXVH
GLUHNWLLYLOH(h:(((
7DJDGHVWRRWHKlYLWDPLVH}LJHOYLLVLODLWDWH
YlOWLGDQHJDWLLYVHLGWDJDMlUJLNHVNNRQQDOHMD
LQLPHVWHWHUYLVHOHPLGDY}LES}KMXVWDGD
NlHVROHYDWRRWHHED}LJHNlLWOXV
7RRWHOY}LVHOOHGRNXPHQWDWVLRRQLOROHYVPERO
WlKHQGDEHWVHDGHWHLWRKLNlVLWOHGD
PDMDSLGDPLVMllWPHWHQD6HOOHDVHPHOWXOHE
VHDGHDQGDOHHOHNWULMD
HOHNWURRQLNDVHDGPHWHPEHUW||WOHPLVHJD
WHJHOHYDOHDVXWXVHOH
7RRWHMllWPHNlLWOXVSHDEWRLPXPDYDVWDYDOW
NRKDOLNHOHMllWPHNlLWOXVHHVNLUMDGHOH
7lSVHPDLQIRVDDPLVHNVWRRWHNlLWOHPLVHNRKWD
Y}WNHKHQGXVWNRKDOLNXRPDYDOLWVXVH
PDMDSLGDPLVMllWPHWHNlLWOXVWHHQLQGXVHY}L
NDXSOXVHJDNXVWWHVHOOHWRRWHRVWVLWH
 0DGDODGWHPSHUDWXXULG
bUJHSDLJXWDJHSHVXPDVLQDWUXXPLNXVRQ
Y}LPDOLNYHHNOPXPLQH3HDWHYHHQGXPDHW
SHVXPDVLQROHNVSlUDVWLJDSHVHPLVWWlLHOLNXOW
YHHVWWKMHQGDWXG
(HPDOGDJHYHHNUDDQLNOMHVWYHHYRROLNXGMD
ODVNHYHHOWlLHOLNXOWYlOMDYRRODWD
(HPDOGDJHYlOMDODVNHYRROLNVLIRRQLY}LYDODPX
NOMHVWMDODVNHYHHOWlLHOLNXOWYlOMDYRRODWD
-lUJLGHVMDRWLVHV³-llNYHHYlOMDODVNPLQH´
WRRGXGMXKLVHLGWKMHQGDJHMllNYHVLPDVLQD
VLVHPXVHVWVHOOHNVNDOOXWDJHPDVLQDWNDKH
LQLPHVHJDHWWHSRROHMDODVNHPDVLQD
VLVHPXVHVROHYDOYHHOWlLHOLNXOWYlOMDYRRODWD
 1}XDQGHLGVllVWPLVHNV
3HVXPDVLQDYHHNXOXRQRSWLPHHULWXGPLVW}WWXHL
QlHWHP}QHSURJUDPPLDMDOOlELNODDVXNVHYHWW
LVHJLNXLPDVLQW||WDE
3DULPDHQHUJLDYHHMDSHVXYDKHQGLNDVXWXVH
VDDYXWDWHVRRYLWDWXGPDNVLPDDOVHPDKX
NDVXWDPLVHO
bUJHOHWDJHSHVXYDKHQGLSDNHQGLODQWXG
NDVXWDPLVNRJXVHLG
gNRSDOO±VSHWVLDDOQHVVWHHPYlOMDODVNHV±
WDNLVWDESHVXYDKHQGLYlOMXPLVWWUXPOLVWHWYlOWLGD
SHVXYDKHQGLNRQWVHQWUDWVLRRQLODQJHPLVW
.DVXWDJH(HOSHVXUHåLLPLV}OWXYDOWPXGHOLVW
DLQXOWYlJDPllUGXQXGSHVXSXKXO6llVWH
SHVXYDKHQGLWDHJDYHWWMDHQHUJLDWMlWWHV
NHUJHOWNXQLNHVNPLVHOWPllUGXQXGSHVX
SHVHPLVHOHHOSHVXSURJUDPPLYDOLPDWD
7||GHOJHSOHNNHSOHNLHHPDOGXVYDKHQGLJDY}L
QLLVXWDJHVLVVHNXLYDQXGSOHNNHHQQHSHVHPLVW
HWYlKHQGDGDNXXPSHVXSURJUDPPLYDMDGXVW
6llVWNHHQHUJLDWNDVXWDGHV &
SHVXSURJUDPPL &DVHPHOY}L &
SHVXSURJUDPPL &DVHPHO
6llVWNHDHJDMDHQHUJLDWYDOLGHVVXXUHPD
S||UOHPLVNLLUXVHHWYlKHQGDGDYHHNRJXVW
SHVXVHQQHWUXPPHONXLYDWLNDVXWDPLVW
 (hYDVWDYXVGHNODUDWVLRRQ
6HDGHYDVWDEMlUJPLVWHOH(XURRSDVWDQGDUGLWHOH
(h0DGDOSLQJHGLUHNWLLY
(h(OHNWURPDJQHWLOLVHKLOGXYXVH
GLUHNWLLY
30106460ET.fm Page 2 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
3(680$6,1$.,5-(/'86
8.6
(11((6,0(673(6(0,676h./,7

7||SLQG

-XKWSDQHHO

3HVXYDKHQGLVDKWHO

7HHQLQGXVHSODDWXNVHVLVHNOMHO

8NV

-XXUGHSllVSXPEDOHNRRVVRNOLWDJDDVXYDILOWULMDDYDULLYRROLNXJDNXLRQROHPDV

5HJXOHHULWDYDGMDODG
8NVHDYDPLVHNVKRLGNHXNVHNlHSLGHPHVWMDW}PPDNHXVW6XOJHJHXNVONDWHVVHGDOLLJVHM}XWD
NXQLVHHOXNXVWXE
6HOOHNVHWYDEDQHGDWRRWMDSRROVHWHVWLPLVHNlLJXVPDVLQDVVHMllQXGYHHVWVRRYLWDPHWHLOWHKDOlEL
NVOKLNHSHVXLOPDSHVXWD

$YDJHNUDDQ

6XOJHJHXNV

/LVDJHYlLNHSHVXDLQHNRJXVPDNVLPDDOVHOWSHVXDLQHWRRWMDSRROWVRRYLWDWDYDVWNRJXVHVW
NHUJHOWPllUGXQXGSHVXOHSHVXDLQHVDKWOLSHDPLVVHODKWULVVH

9DOLJHMDNlLYLWDJHSURJUDPP6\QWKHWLFVWHPSHUDWXXULO&YDDGDNHHUDOGLSURJUDPPLWDEHOLW
6}OWXYDOWPXGHOLVW
30106460ET.fm Page 3 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
3(6(0,6((77(9$/0,67$0,1(
 6RUWHHULJHSHVXYDVWDYDOW
0DWHUMDOKRROGDPLVHVPERO
3XXYLOOHULQHYDGNLXGNHUJHVWLKRROGDWDY
VQWHHWLOLQHYLOONlVLSHVX
9lUY
(UDOGDJHYDOJHGMDYlUYLOLVHGHVHPHG3HVNH
XXVLYlUYLOLVLULLGHLGHUDOGL
6XXUXV
3HVNHHULQHYDVXXUXVHJDULLGHLGNRUUDJDHW
SDUDQGDGDSHVHPLVHW}KXVXVWMDMDRWXPLVWWUXPOLV
®UQSHVX
3HVNHYlLNVHPDWSHVXQWQDLORQVXNDGY||G
MQHMDKDDNLGHJDSHVXQWULQQDKRLGMDGOXNXJD
ULLGHVWNRWLVY}LSDGMDSULV(HPDOGDJHDODWL
NDUGLQDWHKDDJLGY}LSHVNHNDUGLQDLGKDDNLGHJD
SXXYLOODVHVNRWLV
 7KMHQGDJHN}LNWDVNXG
0QGLGNLUMDNODPEULGMQHY}LYDGYLJDVWDGDWHLH
SHVXQLQJVHDGPHWUXPOLWMDWRUX
 .LQQLWXVHG
7}PEOXNXGQ||ELGMDKDDJLGWXOHENLQQLSDQQD
ODKWLVHGULKPDGMDY||GWXOHENRNNXVLGXGD
3OHNNLGHHHPDOGDPLQH
9HULSLLPPXQDGMQHHHPDOGDWDNVHOGLVHOW
SURJUDPPLDXWRPDDWVHHQVPLIDDVLDMDO
3XQDVHYHLQLNRKYLWHHPXUXMDSXXYLOMDGH
SOHNNLGHMQHHHPDOGDPLVHNVOLVDJH
SOHNLHHPDOGXVYDKHQGLW SHVXYDKHQGL
VDKWOLS}KLSHVXNDPEULVVH
9DMDGXVHOW||GHOJHUDVNHVWLPllUGXQXGDODVLG
SOHNLHHPDOGXVYDKHQGLJD
9lUYLPLQHMDYDOJHQGDPLQH
.DVXWDJHDLQXOWSHVXPDVLQDWHVNDVXWDPLVHNV
P}HOGXGYlUYHMDYDOJHQGDMDLG
-lUJLJHWRRWMDMXKLVHLG
3HVXPDVLQDSODVWPDVVLVWMDNXPPLVWRVDGHOH
Y}LYDGYlUYLGMDYDOJHQGDMDGSOHNNHMlWWD
3HVXODDGLPLQHPDVLQDVVH

$YDJHXNV

/DDGLJHULLGHGNVKDDYDOYDEDOWWUXPOLVVH
PDVLQDWOHWlLWPDWD-lUJLJHSURJUDPPLWDEHOLV
WRRGXGNRJXVHLG
0lUNXV
0DVLQDOHODDGLPLVHWXOHPXVHNVRQ
PLWWHUDKXOGDYSHVHPLVHWXOHPXVMDNRUWVXVSHVX

6XOJHJHXNV
3(689$+(1','-$/,6$$,1('
+RLGNHSHVXYDKHQGHLGMDOLVDDLQHLGRKXWXVMD
NXLYDVQLQJODVWHOHNlWWHVDDPDWXVNRKDV
3HVXYDKHQGLYDOLNV}OWXE
NDQJDPDWHUMDOLVWSXXYLOONHUJHVWLKRROGDWDY
VQWHHWLOLQH}UQSHVXYLOO
3DQJHWlKHOH
9LOODMDPLNURNLXGXGHVWU}LYDVWH
QWVSRUGLU}LYDGMDRNVNDVXWDJHDLQXOW
VSHWVLDDOVHLGSHVXYDKHQGHLG
YlUYXVHVW
SHVHPLVWHPSHUDWXXULVW
PllUGXPLVHDVWPHVWMDWELVW
0lUNXVHG
9DONMDWHMllNLGHNRJXQHPLVWWXPHGDWHOH
NDQJDVWHOHS}KMXVWDYDGIRVIDDGLYDEDGHV
SXOEULOLVWHVSHVXYDKHQGLWHVNDVXWDWDYDG
PLWWHODKXVWXYDGKHQGLG6HOOHHVLQHPLVHO
UDSXWDJHY}LKDUMDNHQHLGY}LNDVXWDJH
YHGHODLGSHVXYDKHQGHLG
.DVXWDJHDLQXOWVHOOLVHLGSHVXYDKHQGHLGMD
OLVDDLQHLGPLVRQWRRGHWXGNRGXVWHV
SHVXPDVLQDWHVNDVXWDPLVHNV
.XLNDVXWDWHHHOSHVXV}OWXYDOWPXGHOLVWMDRNV
YHHSHKPHQGDMDLGYlUYHY}LYDOJHQGDMDLG
YHHQGXJHHVPDOWHWQHLGY}LENRGXVWHV
SHVXPDVLQDWHVNDVXWDGD9HHSHKPHQGDMDG
Y}LYDGVLVDOGDGDWRRWHLGPLVY}LYDGWHLH
SHVXPDVLQDWNDKMXVWDGD
bUJHNDVXWDJHODKXVWHLGQWWlUSHQWLLQEHQVLLQ
bUJHSHVNHSHVXPDVLQDJDNDQJDLGPLGDRQ
HHOQHYDOWODKXVWLWHY}LNHUJVWWLYDWHYHGHOLNHJD
W||GHOGXG
bUJHNDVXWDJHYHGHODWSHVXYDKHQGLWS}KLSHVX
MDRNVNXLWHROHWHDNWLYHHULQXGHHOSHVXYDOLNX
NXLVHHRQWHLHPXGHOLO
9LLWVWDUGLNXLWHLHPXGHOLORQROHPDVSXKXOlUJH
NDVXWDJHYHGHODWSHVXDLQHW
'RVHHULPLQH
-lUJLJHSHVXYDKHQGLSDNHQGLOWRRGXG
GRVHHULPLVVRRYLWXVL1HHGV}OWXYDG
PllUGXPLVHDVWPHVWMDWELVW
SHVWDYDVWNRJXVHVW
±WlLVNRRUPXVMlUJLJHSHVXYDKHQGLWRRWMD
MXKLVHLG
±SRRONRRUPXVHVWWlLVNRRUPXVHMDRNV
NDVXWDWDYDVWNRJXVHVW
±PLQLPDDOQHNRRUPXVXPEHVNJ
WlLVNRRUPXVHMDRNVNDVXWDWDYDVWNRJXVHVW
.XLSHVXYDKHQGLSDNHQGLOSROHWRRGXGSHVWDYDW
NRJXVWVLLVDQQDYDGSHVXYDKHQGLWRRWMDG
WDYDOLVHOWGRVHHULPLVVRRYLWXVHG NJSHVX
MDRNVWXJHYDSHVXYDKHQGLNRUUDOMD NJSHVX
MDRNVQ}UJDSHVXYDKHQGLNRUUDO
SLLUNRQQDYHHNDUHGXVHVWNVLJHNRKDOLNXOW
YHHYDUXVWXVHWWHY}WWHOW3HKPHYHVLYDMDE
YlKHPSHVXYDKHQGLWNXLNDUHYHVL
3DQJHWlKHOH
/LLDOWSDOMXSHVXYDKHQGLWS}KMXVWDEOHPllUDVH
YDKXWHNNLPLVHPLVYlKHQGDESHVHPLVH
HIHNWLLYVXVW
.XLSHVXPDVLQWXYDVWDEOLLJVHYDKXWHNNLPLVHVLLV
Y}LGDNVHWUXPOLS||UOHPLQHSHDWDGDY}L
VXXUHQGDGDSURJUDPPLNHVWXVWMDYHHNXOXYW
PlUNXVLYDKXWHNNLPLVHNRKWDNDMDRWLVHVW
³5LNNHRWVLQJXMXKHQG´
.XLNDVXWDWDNVHOLLJDYlKHSHVXYDKHQGLWY}LESHVX
KDOOLNVPXXWXGDQLQJNWWHNHKDOHWUXPOLOHMD
YRROLNXWHVVHNRJXQHEURKNHVWLNDWODNLYL
30106460ET.fm Page 4 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
.XKXSDQQDSHVXYDKHQGMDOLVDDLQHG
3HVXYDKHQGLVDKWOLORQNROPNDPEULWMRRQLV³
$
´
(HOSHVXNDPEHU
(HOSHVXSHVXYDKHQG
3}KLSHVXNDPEHU
3}KLSHVXSHVXYDKHQG
3OHNLHHPDOGDMD
9HHSHKPHQGDMD
3HKPHQGDMDNDPEHU
.DQJDSHKPHQGDMD
9HGHOWlUNOLV
9DODJHOLVDDLQHLGDLQXOWPlUJLQL³0$;´
.XLWHNDVXWDWHYHGHODWSHVXYDKHQGLWVXOJHJH
VDKWHONRKH
SlUDVWSHVXYDKHQGLVLVVHYDODPLVW
.ORRUYDOJHQGDMDNDVXWDPLQH
3HVNHRPDSHVXVRRYLWXGSURJUDPPLJDSXXYLOOVQWHHWLOLQH
OLVDGHV}LJHNRJXVHNORRUYDOJHQGDMDW3(+0(1'$-$NDPEULVVH
VXOJHJHHWWHYDDWOLNXOWSHVXYDKHQGLVDKWHO
.RKHSlUDVWSURJUDPPLO}SSXNlLYLWDJHSURJUDPP³/RSXWDPLQH
MDWVHQWULIXXJLPLQH´HWN}UYDOGDGDYDOJHQGLO}KQVRRYLNRUUDO
Y}LWHOLVDGDSHKPHQGDMDW
bUJHSDQJHNORRUYDOJHQGDMDWMDSHKPHQGDMDWNXQDJL
KHDHJVHOWSHKPHQGDMDNDPEULVVH
6RRYLWDWDYRQNDVXWDGDKDSQLNXS}KLVHLGYDOJHQGDMDLGVHOOLVHO
MXKXOMlUJLJHWRRWMDSRROVHLGMXKLVHLG
7lUNOLVHNDVXWDPLQH
9DOLJHORSXWDPLVHMDWVHQWULIXXJLPLVHSURJUDPPQLQJ
NRQWUROOLJHHWS||UOHPLVNLLUXVHLROHNVVXXUHPNXLSPLQ
.lLYLWDJHSURJUDPPW}PPDNHSHVXYDKHQGLVDKWHOYlOMDNXQLWH
QlHWHXPEHVFPSHKPHQGDMDNDPEULVW
9DODJHHWWHYDOPLVWDWXGWlUNOLVHODKXVSHKPHQGDMDNDPEULVVH
NXLYHVLYRRODESHVXYDKHQGLVDKWOLVVH
$

30106460ET.fm Page 5 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
-bb.9((9b/-$/$6.0,1(
),/75,38+$67$0,1(
6RRYLWDPHILOWULWUHJXODDUVHOWNRQWUROOLGDMDSXKDVWDGD
YlKHPDOWNDNVY}LNROPNRUGDDDVWDV
VHGDHULWLMXKXONXL
.XLVWWLESXPEDSXKDVWDPLVHLQGLNDWVLRRQ
.XLPDVLQHLODVHYHWWNRUUDOLNXOWYlOMDY}LNXL
WVHQWULIXXJLPLVHJDRQSUREOHHPH
.XLPDVLQDVXENOPXPLVRKWOLNXVUXXPLVVLLVWXOHEMllNYHVL
SlUDVWLJDSHVHPLVWNDKMXVWXVWHYlOWLPLVHNVYlOMDODVWD
7b+(/(3$18(QQHYHHYlOMDODVNPLVWYHHQGXJHHW
VHHROHNVMDKWXQXG

6HLVDNHVHDGHMDW}PPDNHSLVWLNYlOMD

6RNOLDYDPLVHNVV}OWXYDOWPXGHOLVW
7}PPDNHYDVDNXOMDSDUHPDODVXYDGOLLVWXGNXL
RQROHPDVDOODHWYDEDVWDGDVRNNHOMDVHH
HHPDOGDGDMRRQLV³
$
´
(HPDOGDJHVRNNHOVLIRRQLMDSHVXYDKHQGLVDKWOLW
NDVXWDGHVYDMXWDJHVRNOLNVSRRODOODQLQJ
VXUXJHVLIRRQLRWVVRNOLMDHVLSDQHHOLYDKHOHQLQJ
W}PPDNHVRNNHOODKWLMRRQLV³
%
´

7RRJHSHVXPDVLQDMXXUGHDQXP

.XLSHVXPDVLQDORQDYDULLYRROLN
9DEDVWDJHDYDULLYRROLNNLQQLWXVHVWY}LW}PPDNH
DYDULLYRROLNSHVXPDVLQDDOXPLVHVWRVDVWYlOMD
V}OWXYDOWPXGHOLVW
$YDULLYRROLNXSXXGXPLVHODVHWDJHILOWULDOODVXXU
ODPHDQXPMRRQLV³
'
´-lWNHSXQNWLG±YDKHOH
MDMlWNDNHSXQNWLJD

+RLGNHDYDULLYRROLNXRWVDDQXPDVMDHHPDOGDJH
VXOJXUMRRQLV³
&
´

2RGDNHNXQLNRJXYHVLRQYlOMDYRRODQXGMDVXOJHJH
YRROLNXRWVVXOJXULJDMRRQLV³
(
´

.LQQLWDJHDYDULLYRROLNNODPEULNOJHY}LONDNHWDJDVL
SHVXPDVLQDDOXPLVHRVDVLVVHV}OWXYDOWPXGHOLVW

$VHWDJHS}UDQGDOHILOWULHWWHYHWWLPDYULLGHODSSQW
NlWHUlWLN

$YDJHILOWHUVHGDDHJODVHOWYDVWXSlHYDS||UDWHV
MRRQLV³
)
´RRGDNHNXQLNRJXYHVLRQYlOMDYRRODQXG
SlUDVWVHGDNUXYLJHILOWHUWlLHOLNXOWODKWLMDHHPDOGDJH

.DOOXWDJHVHDGHWHWWHYDDWOLNXOWHWWHSRROHNHHJLSHDE
WHLGDLWDPDHWYHVLVDDNVWlLHOLNXOWYlOMDYRRODWD

3XKDVWDJHILOWHUMDILOWULNDPEHUNRQWUROOLJHHWSXPED
URRWRUVDDNVILOWULNDPEULVYDEDOWS||UHOGD

3DQJHILOWHUWDJDVLMDNHHUDNHVHHSlULSlHYDO}SXQLNLQQL

9DODJH|NRVVWHHPLWDDVDNWLYHHULPLVHNVXPEHVOLLWHU
YHWWSHVXYDKHQGLVDKWOLVVH.RQWUROOLJHNDVILOWHURQ
}LJHVWLSDLJDOGDWXGMDNLQQLWDWXGQLQJOHNNLGH
SXXGXPLVW

3DLJDOGDJHVRNNHOMRRQLV³
*
´YDMDGXVHNRUUDO
NDOOXWDJHPDVLQDWVHOOHNVSLVXWWDKDSRROHNHHJL
SHDEWHLGDLWDPD

hKHQGDJHSHVXPDVLQDSLVWLNXXHVWLYRROXY}UNX
1GRQPDVLQMlOOHNDVXWDPLVYDOPLV
&
%
)
*
(
$
'
30106460ET.fm Page 6 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
.255$6+2,'-$+22/'86
6HDGPHYlOLVSLQGMDMXKWSDQHHO
3HVNHPDVLQDWSHKPHQLLVNHODSLJDYDMDGXVH
NRUUDONDVXWDJHQHXWUDDOVHWSHVXYDKHQGLW
PLWWHDEUDVLLYVHW.XLYDWDJHSHKPHODSLJD
6HDGPHVLVHSLQQDG
-lWNHSlUDVWLJDSHVXNRUGDXNVODKWLHWVHDGPH
VLVHPXVVDDNVNXLYDGD
.XLWHHLNDVXWDSHVHPLVHOWHPSHUDWXXUL&
Y}LWHHWHVHGDKDUYDVLLVRQYDKHWHYDKHO
VRRYLWDYNDVXWDGDLOPDSHVXWD&
SURJUDPPLOLVDGHVYlLNHVHKXOJDSHVXDLQHWQLL
KRLDWHSHVXPDVLQDVLVHPXVHSXKWDQD
.DDQHWLKHQG
.XLYDWDJHXNVSlUDVWLJDSHVHPLVWQLLVNXVW
LPDYDSXXYLOODVHODSLJDHQQHWKMD
SHVXPDVLQDXNVHVXOJHPLVWYHHQGXJHHW
WLKHQGROHNVWlLHOLNXOWNXLY
.RQWUROOLJHUHJXODDUVHOWXNVHWLKHQGLW
)LOWHU
.RQWUROOLJHMDSXKDVWDJHILOWULWUHJXODDUVHOW
YlKHPDOWNDNVY}LNROPNRUGDDDVWDVYW
³-llNYHHYlOMDODVNPLQHILOWULSXKDVWDPLQH´
bUJHNDVXWDJHVHDGPHSXKDVWDPLVHNV
NHUJVWWLYDLGYHGHOLNNH
3HVXYDKHQGLVDKWOLSXKDVWDPLQH

7}PPDNHSHVXYDKHQGLVDKWHOO}SXQLYlOMD6DKWOLYDEDVWDPLVHNV
MDWlLHOLNXNVYlOMDW}PEDPLVHNVYDMXWDJHV}UPHGHJDVLIRRQL
RVDOHPLOOHORQNLUL³386+´YDMXWDJHMRRQLV³
$
´

(HPDOGDJHSHKPHQGDMDNDPEULVWVLIRRQVHGDOHVSRROH
W}PPDWHVMRRQLV³
%
´

3HVNHN}LNLRVLMRRNVYDYHHDOO

3XKDVWDJHVDKWOLNDPEULWQLLVNHODSLJD

3DLJDOGDJHVLIRRQSHKPHQGDMDNDPEULVVHONDWHVVHGD
DOODSRROHNXQLSHDWXPLVHQLVHHMlUHOONDNHSHVXYDKHQGL
VDKWHOWDJDVLVDKWOLNDPEULVVH
9HHYRROLNXGMRRQLV&'Y}L(ROHQHYDOWPXGHOLVW
.RQWUROOLJHUHJXODDUVHOWKDSUDNVPXXWXPLVHMDSUDJXQHPLVH
VXKWHV.XLYHHYRROLNRQNDKMXVWXQXGYDKHWDJHVHHXXHVDPD
WSLYRROLNXYDVWXPLVRQVDDGDYDOPJLMlUJVHWWHHQLQGXVHVW
Y}LPJLHVLQGDMDOW
.XLSHVXPDVLQDYHHYRROLNYDVWDEPXGHOLOHMRRQLVHO³
'
´VLLV
NRQWUROOLJHNRUUDSlUDVHOWNDLWVHNODSLNRQWUROODNHQWNXLVHHRQ
SXQDQHVLLVRQVLVVHOOLWXQXGYRROLNXYHHSHDWDPLVHIXQNWVLRRQ
MDYRROLNWXOHEXXHYDVWXYDKHWDGDPJLMlUJVHWHHQLQGXVHY}L
PJLHVLQGDMDNDXGX
.XLYHHYRROLNXORQOlELSDLVWHYNDWHMRRQLV³
(
´VLLVNRQWUROOLJH
NRUUDSlUDVHOWVHOOHYlUYLNXLYRROLNPXXWXEP}QHVNRKDV
WXPHGDPDNVVLLVY}LEHVLQHGDOHNNMDYRROLNWXOHEYlOMDYDKHWDGD
9}WNHDVHQGXVYRROLNXRVWPLVHNVKHQGXVWPHLH
NOLHQGLWHHQLQGXVHY}LPJLHVLQGDMDJD
9HHYRROLNXWHY}UNILOWULSXKDVWDPLQH

6XOJHJHNUDDQMDNHHUDNHYRROLNNUDDQLNOMHVWODKWL

3XKDVWDJHVHHVPLQHY}UNILOWHUMDNHHUDNHYHHYRROLNWDJDVL
NUDDQLNOJH

1GNHHUDNHODKWLYHHYRROLNXSHVXPDVLQDSRROQHRWV

(HPDOGDJHSHVXPDVLQDKHQGXVHY}UNILOWHUWDQJLGHJDMD
SXKDVWDJHVHH

3DLJDOGDJHY}UNILOWHUMDNHHUDNHYRROLNWDJDVL

$YDJHNUDDQMDNRQWUROOLJHHWKHQGXVHGROHNVLGYHHNLQGODG
%
$
9$-87$*(
'
.DLWVHNODSL
NRQWUROODNHQ
(
&
30106460ET.fm Page 7 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
5,..(276,1*8-8+(1'
7HLHSHVXPDVLQRQYDUXVWDWXGPLWPHWHDXWRPDDWVHWHRKXWXVIXQNWVLRRQLGHJD1HHGY}LPDOGDYDGYLJX
YDUDNXOWDYDVWDGDMDRKXWXVVVWHHPLGVDDYDGYDVWDYDOWUHDJHHULGD1HHGYHDGRQWLKWLQLLYlLNHVHGHW
QHLGVDDEN}UYDOGDGDSDDULPLQXWLJD
3UREOHHP 3}KMXVHGODKHQGXVHGVRRYLWXVHG
6HDGHHLNlLYLWX
PlUJXODPELGHLS}OH
3LVWLNHLROH}LJHVWLSHVVDVLVHVWDWXG
3HVDY}LNDLWVHHLW||WDNRUUDOLNXOWNDVXWDJHWHVWLPLVHNVQlLWHNVODXDYDOJXVWLW
6LVVHMDYlOMDOOLWDPLVHQXSSXHLROHYDMXWDWXGNXLRQWHLHPXGHOLO
6HDGHHLNlLYLWXNXLJL
VWDUGLSDXVLQXSSXRQ
YDMXWDWXG
8NVSROH}LJHVWLVXOHWXGYWND³/DVWHRKXWXV´
)XQNWVLRRQ³/DSVHOXNNOXNXQXSXG´RQDNWLYHHULWXG NXLVHHRQWHLH
PXGHOLOROHPDV1XSSXGHOXNXVWXVHVWYDEDVWDPLVHNVYDMXWDJHNRUUDJD
Y}WPHVPEROLJDQXSSHMDKRLGNHQHLGDOODYDMXWDWXWHQDYlKHPDOW
VHNXQGLW(NUDDQLOWNDREY}WPHVPEROMDSURJUDPPLVDDENlLYLWDGD
6HDGHMllESURJUDPPLDMDO
VHLVPDMDVWDUGLSDXVL
PlUJXWXOLYLOJXE
³/RSXWXVHKRLPLQH´RQDNWLYHHULWXGMDVPERO³/RSXWXVHKRLPLQH´
VWWLESURJUDPPLMlUMHVWXVHQlLGLNXObUDYRROXSURJUDPPLNlLYLWDPLVHNV
YDMXWDJHQXSSX
³6WDUWSDXV´
3URJUDPPLRQPXXGHWXG±YDOLJHXXHVWLVRRYLWXGSURJUDPPMDYDMXWDJH
QXSSX
³6WDUWSDXV´
3URJUDPPRQNDWNHVWDWXGMDXNVDYDWXG±VXOJHJHXNVMDWDDVNlLYLWDJH
SURJUDPPYDMXWDGHVQXSSX
³6WDUWSDXV´
6HDGPHWXUYDVVWHHPRQDNWLYHHUXQXGYWSURJUDPPLWDEHOLVW
³7}UNHLQGLNDWVLRRQLGHNLUMHOGXVHG´
9HHNUDDQRQDYDPDWDY}LYHHYRROLNRQNHHUGXVY}LEORNHHULWXGÄ9HHNUDDQ
NLQQL´ODPSVWWLE
3HVXYDKHQGLVDKWHO
VLVDOGDESHVXYDKHQGLMD
Y}LOLVDDLQHWHMllNH
9HWWHLVLVHQHSLLVDYDOKXOJDOVVWHHPLYHHYRROLNXILOWHUV}HOY}LEROOD
XPPLVWXQXGYW³.RUUDVKRLGMDKRROGXV´
6HDGHYLEUHHULE
WVHQWULIXXJLPLVHDMDO
7UDQVSRUGLSROGLGSROHHHPDOGDWXG
HQQHSHVXPDVLQDNDVXWDPLVH
DOXVWDPLVWWXOHEWUDQVSRUGLSROGLGNLQGODVWLHHPDOGDGD
6HDGHHLROHU}KWORRGLVHLVHLVDNLQGODOWN}LJLOQHOMDOMDODOYWSDLJDOGDPLVMXKHQGLW
7VHQWULIXXJLPLVH
WXOHPXVHGHLROH
UDKXOGDYDG
6HDGPHORQWDVDNDDOXWXVHDYDVWDPLVHMDSDUDQGDPLVHVVWHHP.XL
SHVXPDVLQDVVHRQSDQGXGDLQXOWNVUDVNHHVHQWKRPPLNXPDQWHOY}LE
VHHVVWHHPYlKHQGDGDDXWRPDDWVHOWWVHQWULIXXJLPLVHNLLUXVWY}LLVHJL
NDWNHVWDGDWVHQWULIXXJLPLVHHWNDLWVWDSHVXPDVLQDW
5DVNHGHVHPHGWDNLVWDEWDNLVWDYDGWVHQWULIXXJLPLVWOLVDJHYlLNVHPDLG
HVHPHLGMDNRUUDNHWVHQWULIXXJLPLVW
hOHPllUDQHYDKXWHNNLPLQHWDNLVWDEWVHQWULIXXJLPLVWYDOLJHMDNlLYLWDJH
SURJUDPP³/RSXWDPLQHMDWVHQWULIXXJLPLQH´9lOWLJHOLLJVHWSHVXYDKHQGL
GRVHHULPLVWYDDGDNH³3HVXYDKHQGLGMDOLVDDLQHG´
1XSS³7VHQWULIXXJLPLQH´RQVHDWXGYlLNHVHOHWVHQWULIXXJLPLVHNLLUXVHOH
3HVXPDVLQMllEW||WDYD
SURJUDPPLNHVNHOPLWPHNV
PLQXWLNVVHLVPDWXQGXE
HWSHVHPLVSURJUDPPRQ
W||NDWNHVWDQXG
0DVLQDQRUPDDOQHIXQNWVLRQHHULPLQHWRLPXEORSXWXVIDDVLRSWLPHHULPLQH
6HOOLVHSDXVLKHNVS}KMXVHNVY}LEROODOLLDOWVXXUHKXOJDSHXYDKHQGL
NDVXWDPLQHSHVXPDVLQNDWNHVWDEYDKXYlKHQGDPLVHNVDXWRPDDWVHOW
SURJUDPPL6HLVNXPLQHY}LEWRLPXGDPLGDNRUGDNXQLYDKXYlKHQHPLQHRQ
SLLVDYSHVHPLVWVNOLMlWNDPLVHNV.XLYDKWHLNDRVWWLESXQDQHPlUJXWXOL
³+RROGXV´MDQlLGLNXONXYDWDNVH³)´Y}L³)RG´±YWDQWXGMXKXOPlUJXWXOG
³+RROGXV´NlVLWOHYDLGMXKLVHLGMlUJQHYDWHOOHKHNOJHGHO
3HVXORQSlUDVWSHVHPLVW
SHVXYDKHQGLMllJLG
9DONMDWHMllNLGHNRJXQHPLVWWXPHGDWHOHNDQJDVWHOHS}KMXVWDYDGIRVIDDGLYDEDGHV
SXOEULOLVWHVSHVXYDKHQGLWHVNDVXWDWDYDGPLWWHODKXVWXYDGKHQGLG
±9lOWLJHSHVXYDKHQGLOHGRVHHULPLVWNDVXWDJHYHGHODWSHVXYDKHQGLWNXL
Y}LPDOLNYDOLJH³,QWHQVLLYQHORSXWDPLQH´KDUMDNHNDQJDVW
3URJUDPPLNHVWXVRQ
PlUJDWDYDOWSLNHPY}L
OKHP³SURJUDPPLWDEHOLV´
Y}LQlLGLNXOQlLGDWDYDVW
NXLRQROHPDV
0DVLQDQRUPDDOQHIXQNWVLRRQSURJUDPPLNHVWXVHOHP}MXYDWHWHJXULWHMlUJL
NRKDQGXPLVHNVVHOOHNVY}LEROODOHOLLJVHYDKXWHNNLPLQHNRRUPXVH
WDVDNDDOXVWDPDWXVUDVNHWHSHVXHVHPHWHW}WWXSLNHPVRRMHQGXVDHJ
VLVHQHYDYHHPDGDODWHPSHUDWXXULW}WWXMQH/LVDNVVHOOHOHNRKDQGDEPDVLQD
DQGXULVVWHHPSURJUDPPLSLNNXVHYDVWDYDOWSHVWDYDSHVXNRJXVHOH
9DVWDYDOWVHOOHOHDUYXWDWDNVHSURJUDPPLNlLJXVSURJUDPPLSLNNXVPEHUMD
VHGDYlUVNHQGDWDNVHYDMDGXVHO
VHOOLVWHODMDYDKHPLNHONXYDWDNVHQlLGLNXO
DQLPDWVLRRQLNXLRQROHPDV
9lLNHVWHSHVXNRJXVWHNRUUDOY}LE
³SURJUDPPLWDEHOLV´QlLGDWDYDHJOKHQHGDNXQL
30106460ET.fm Page 8 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
7}UNHLQGLNDWVLRRQLGHNLUMHOGXVHG
7}UNH
PlUJXWXOL
VWWLE
.LUMHOGXV
3}KMXVHG
/DKHQGXVHG
³9HHNUDDQ
VXOHWXG´
6HDGPHOSXXGXEYHHKHQGXVY}LVHHRQHEDSLLVDY0lUJXWXOL
³6WDUWSDXV´
YLOJXE
.RQWUROOLJHNDV
9HHNUDDQRQDYDWXGMDYHHU}KNRQSLLVDY
9HHYRROLNRQNRNNXSLJLVWDWXG
9HHYRROLNXILOWHUV}HORQXPPLVWXQXGYDDGDNH³.RUUDVKRLGMDKRROGXV´
9HHYRROLNRQNOPXQXG
9HHYRROLNXNDLWVHNODSLNRQWUROODNHQRQSXQDQHNXXOXEVHDGPHMXXUGHNXL
VHDGPHORQMRRQLVHO
³'´
QlLGDWXGYRROLN±YWHHOPLVWSHDWNNL³.RUUDVKRLGMD
KRROGXV´YDKHWDJHYRROLNXXHYDVWXPLVRQVDDGDYDOPJLMlUJVHVW
WHHQLQGXVHVWY}LPJLHVLQGDMDOW
.XLSUREOHHPRQN}UYDOGDWXGWDDVNlLYLWDJHSURJUDPPYDMXWDGHVQXSSX
³6WDUWSDXV´

.XLYLJDNRUGXEVLLVY}WNHKHQGXVWNOLHQGLWHHQLQGXVHJDYWMlUJPLVWSHDWNNL
³3XKDVWDJH
SXPSD´
-llNYHWWHLSXPEDWDYlOMD6HDGHVHLVNXEYDVWDYDWSURJUDPPLHWDSSLWlLWHV
HHPDOGDJHSLVWLNVHLQDNRQWDNWLVWMDNRQWUROOLJHNDV
9HHYlOMDVWDPLVHYRROLNHLROHNHHUGXVY}LP}QHOPXXOS}KMXVHOEORNHHUXQXG
)LOWHUY}LSXPSSROHEORNHHULWXGYWMDRWLV³-llNYHHYlOMDODVNPLQHILOWUL
SXKDVWDPLQH´
HQQHYHHYlOMDODVNPLVWYHHQGXJHHWYHVLRQMDKWXQXG
9lOMDODVNHYRROLNSROHMllWXQXG
3lUDVWSUREOHHPLN}UYDOGDPLVWKRLGNHQXSSX³/lKWHVWXV´YlKHPDOWVHNXQGL
MRRNVXODOODYDMXWDWXQDSlUDVWVHGDNlLYLWDJHVRRYLWXGSURJUDPP.XLYLJD
NRUGXEVLLVY}WNHKHQGXVWNOLHQGLWHHQLQGXVHJDYDDGDNHMlUJPLVWSHDWNNL
30106460ET.fm Page 9 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
.XLNLUMHOGDWXGYHDGSVLYDGW}PPDNHSLVWLNYlOMDNHHUDNHYHHNUDDQNLQQLMDY}WNHKHQGXVW
PHLHPJLMlUJVHWHHQLQGXVHJDYWMlUJPLQHO}LN
7}UNH
PlUJXWXOL
VWWLE
,QGLNDWVLRRQ
QlLGLNXO
NXLRQROHPDV
.LUMHOGXV
3}KMXVHG
/DKHQGXVHG
³7HHQLQGXV´
$ODWHV³)´NXQL
³)´
YD³)´MD³)´
³(OHNWULPRRGXOLYLJD´
+RLGNHQXSSX³/lKWHVWXV´DOODYDMXWDWXQDYlKHPDOWVHNXQGL
MRRNVXO
³)´ 9}LELOPXGDMXKXONXLSHVXRQYlJDPlUJY}LSDQLWHPDVLQDVVH
OLLDOWSDOMXSHVXSURJUDPPLNRUUDOPLVRQHWWHQlKWXGDLQXOW
YlLNHVWHNRJXVWHMDRNV
bUJHNRRUPDNHSHVXPDVLQDWOH
3URJUDPPLVHLVNDPLVHNVKRLGNHQXSSX³/lKWHVWXV´
DOODYDMXWDWXQDYlKHPDOWVHNXQGLMRRNVXO.DWNHVWDWXG
SHVHPLVSURJUDPPL}LJHNVO}SHWDPLVHNVYDOLJHMDNlLYLWDJH
³/RSXWDPLQHMDWVHQWULIXXJLPLQH´
³)´Y}L³)$´ ³9HHSHDWDPLVHYLJD´
6XXUHQlLGLNXJDPXGHOLWHNRUUDOVWWLEVHOOLVHOMXKXONDSXQDQH
VPERO³9HHSHDWDPLQH´
3||UDNHSURJUDPPLYDOLNXQXSSYlOMDOOLWDWXGDVHQGLVVH³2II2´
W}PPDNHSLVWLNVHLQDNRQWDNWLVWYlOMDMDNHHUDNHYHHNUDDQNLQQL
.DOOXWDJHVHDGHWHWWHYDDWOLNXOWHWWHSRROHNHHJLSHDEWHLG
DLWDPDHWYHVLVDDNVPDVLQDS}KMDVWWlLHOLNXOWYlOMDYRRODWD
6HHMlUHO
hKHQGDJHVHDGPHSLVWLNXXHVWLYRROXY}UJXJD
.HHUDNHYHHNUDDQODKWLNXLYHVLYRRODERWVHPDVLQDVVHLOPD
PDVLQDWNlLYLWDPDWDVLLVRQVHHYLJDNHHUDNHYHHNUDDQ
NLQQLMDS||UGXJHPJLMlUJVHVVHWHHQLQGXVVH
9DOLJHMDNlLYLWDJHXXHVWLVRRYLWXGSURJUDPP
³)´Y}L³)R'´ ³/LLJQHYDKXWDPLQH´
/LLJQHYDKWNDWNHVWDVSHVXSURJUDPPL.XLPDVLQDORQIXQNWVLRRQ
³'RVHHULPLVDEL´MDWHNDVXWDVLWHVHGDNRQWUROOLJHNDVHULQHYDWH
SURJUDPPLUKPDGHMDRNVVRRYLWDWXGGRVHHULPLVYllUWXVHG
YDVWDYDGNDVXWDWDYDWHOHSHVXYDKHQGLWHOHYWHUDOGLMXKLVHLG
³'RVHHULPLVDEL´NDVXWDPLVHNV
9DOLJHMDNlLYLWDJHORSXWDPLVHMDWVHQWULIXXJLPLVHSURJUDPP
9DOLJHMDNlLYLWDJHSlUDVWXXHVWLVRRYLWXGSURJUDPPNXLG
NDVXWDJHYlKHPSHVXYDKHQGLW9WNDMDRWLVW³0DVLQMllE
VHLVPD´HVLPHVHO5LNNHRWVLQJXMXKHQGLOHKHNOMHO
30106460ET.fm Page 10 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
(7
./,(1',7((1,1'86
(QQHNOLHQGLWHHQLQGXVHJDKHQGXVWY}WPLVW

3URRYLJHSUREOHHPLLVHODKHQGDGDYW
³5LNNHRWVLQJXMXKHQG´

7DDVNlLYLWDJHSURJUDPPHWNRQWUROOLGDNDV
SUREOHHPRQLVHODKHQHQXG

.XLSHVXPDVLQHLW||WDLNNDJLNRUUDOLNXOW
KHOLVWDJHPHLHPJLMlUJVHVVHWHHQLQGXVVH
7lSVXVWDJH
3UREOHHPLROHPXVW
3HVXPDVLQDPXGHOLW
7HHQLQGXVNRRGLQXPEHUV}QD6(59,&(MlUHO
0JLMlUJVHWHHQLQGXVHNOHHELVDVXEVHDGPH
XNVHVLVHNOMHO
7HLHWlSQHDDGUHVV
7HLHWHOHIRQLQXPEHUMDVXXQDQXPEHU
0JLMlUJVHWHHQLQGXVHWHOHIRQLQXPEHUMD
DDGUHVVRQWRRGXGJDUDQWLLNDDUGLO9}LWHY}WWD
KHQGXVWNDVHDGPHPQXG
PJLHVLQGDMDJD
/,6$7$59,.8'
0}QHOHPXGHOLOHRQPJLMlUJVHVWWHHQLQGXVHVW
Y}LPJLHVLQGDMDOWY}LPDOLNRVWD
$OXVNDSS
PLOOHVDDESDLJDOGDGDSHVXPDVLQD
DOOD6HHW}VWDEPDVLQDN}UJHPDOHMD
Y}LPDOGDEPXJDYDPDWODDGLPLVWMD
WKMHQGDPLVWVHVWQGHLSHDHQDPVHDGPH
XNVHQLSllVHPLVHNVQLLSDOMXNXPPDUGDPD
/LVDNVSDNXEVHHUXXPLDVMDGHSDLJXWDPLVHNV
.LQQLWXVNRPSOHNW
PLOOHDELOVDDENXLYDWL
NLQQLWDGDSHVXPDVLQDOH
.LQQLWXVNRPSOHNWLULLXO
PLOOHDELOVDDENXLYDWL
NLQQLWDGDSHVXPDVLQDOHHWVllVWDUXXPLMD
K}OEXVWDGDNXLYDWLWlLWPLVWMDWKMHQGDPLVW
VHOOHVN}UJHVDVHQGLV
.DWWHSDQHHOLNRPSOHNW
PLOOHDELOVDDEPDVLQD
QWNRNNXHKLWDGDN||JLW||SLQQDJDSDLJXWDGD
W||SLQQDDOOD.RQWUROOLJHPJLMlUJVHVW
WHHQLQGXVHVWY}LPJLHVLQGDMDNDXGXNDVVHH
RQY}LPDOLNWHLHPDVLQDPXGHOLNRUUDO
75$163257,0,1(-$.b6,76(0,1(
bUJHW}VWNHVHDGHWWUDQVSRUWLPLVHOW||SLQQDVW

7}PPDNHSLVWLNYlOMD

.HHUDNHNUDDQNLQQL

9HHQGXJHHWPDVLQDXNVMDSHVXYDKHQGLVDKWHOROHNVLGNRUUDOLNXOWVXOHWXG

(HPDOGDJHYHHVLVVHODVNHMDlUDYRROXYRROLNXG

(HPDOGDJHNRJXYHVLYRROLNXWHVWMDVHDGPHVWYW³-llNYHHYlOMDODVNPLQHILOWULSXKDVWDPLQH´

3DLJDOGDJHWUDQVSRUGLSROGLGNRKXVWXVOLN
30106460ET.fm Page 11 Wednesday, May 4, 2011 7:22 PM
Black process 45.0° 130.0 LPI
  • Page 1 1
  • Page 2 2
  • Page 3 3
  • Page 4 4
  • Page 5 5
  • Page 6 6
  • Page 7 7
  • Page 8 8
  • Page 9 9
  • Page 10 10
  • Page 11 11