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FMN | November 25th, 2019

Vol. 21 No. 24 FLEX Serving The Flexographic Printing Industry In Print and Online at www.nvpublications.com ® TLMI Awards Printing Excellence E-Commerce Drives CPG Innovations An N.V. Publication Market News

November 25, 2019

The explosion of e-commerce in the last decade has caused consum- er packaged goods (CPG) compa- nies to rethink day-to-day processes across their entire enterprise, ac- cording to the Omnichannel Retail - Operating Harmoniously in an Integrated Digitally Enabled Sup- ply Chain white paper from PMMI, The Association for Packaging and Processing Technologies. In the United States, online sales are growing 15 percent a year, com- pared to just a 1.5 percent increase in overall retail sales, as reported by McKinsey.The U.S. Chamber of Com- merce reported Q1 2019 online sales as 10.2 percent of total retail sales, with the market share rising steadily quarter after quarter. With omnichannel, the challenges are even more complex. Omnichan- nel has come to mean a fully inte- grated approach to e-commerce and refers to a multiple channel model of selling products. First and fore- most, companies within the omni-

reported by Greg Kishbaugh

N arrow web converters from around the globe submitted more than 200 entries for this year’s TLMI Annual Awards Competition.Winners were announced at the recent TLMI An- nual Meeting held in Carlsbad, California, by Judging Commit-

tee Chair, Paul Teachout,VP Sales and Marketing for Nil- peter.A panel of 15 judges, each representing a differ- ent TLMI supplier mem- ber, gathered near TLMI’s headquarters in Cincinnati, Ohio, over the summer to closely examine all con- verter submissions and to ultimately award seven Best in Class entries and one Best in Show. The Best in Show Award was presented to Multi-Color Corporation for their Prayers of Sinners prime label. The label was also awarded the Best in Class and First-Place honors in the Offset - Wine & Spir- its - Color Process - Prime category, making it eligible for Best in Show consider-

(Cont’d on Page 12)

For exclusive content and breaking news p lease visit www.flexomarketnews.com

Multi-Color Corporation North America was awarded Best of Show for its Prayers of Sinners Label.

ation. The label offers a glow-in-the-dark skeleton graphic. The dark skeleton was applied inline under the CMYK graphic. The TLMI Annual Awards Competition honors best-in-class

(Cont’d on Page 5)

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PACK EXPO Raises $30K For Veterans

PACK gives BACK raised more than $30,000 at this year’s PACK EXPO Las Vegas and Healthcare Packaging EXPO, held September 23-25 at the Las Vegas Conven- tion Center. Each year, PACK EXPO hosts its flagship annual ben- efit concert and donates the proceeds to a good cause. The beneficiary of this year’s event is NS2 Serves, a nonprofit dedicated to helping recent U.S.military vet- erans transition from combat boots to business suits. This charitable group provides valuable IT training and employment assistance at no cost to veterans. Headlining this year’s event was the Steve Miller Band. The next PACK gives BACK event in the PACK EXPO portfolio will be hosted at PACK EXPO Interna- tional and Healthcare Packaging EXPO 2020 that will take place in Chicago, Illinois, on November 8-11 at McCormick Place convention center. Converters Expo South Comes To Charlotte Converters Expo South, now in its third year, will take place Wednesday, February 12, 2020, at the Char- lotte Convention Center in Charlotte, North Carolina.

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Flexo Market News November 25, 2019 3

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Stora Enso Recognized For Sustainability Report

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Stora Enso’s Sustainability Report 2018 was chosen as the best in Finland in a competition organized by an independent group of organizations. The report was particularly recognised for strong ex- ternal assurance and describing risks and opportunities. The report was,amongst other things,also praised for the description of the Group’s strategy contributing to a low carbon future.The Stora Enso Annual Report 2018 con- sists of Strategy,Financials,Sustainability,and Governance. The annual sustainability report review has been organised since 1996. This year it was carried out in co-operation withAalto University, Climate Leadership Coalition, Finland’s Sustainable Investment Forum (Finsif), Hanken, Nasdaq, The Finnish Association of Auditors, The Association for Environmental Manage- ment, the Ministry of the Environment, and the cor- porate responsibility network FIBS.This year, a total of 47 sustainability reports from different organizations were evaluated. Sustainable Green Printing Partnership Hosts Event The Sustainable Green Printing Partnership (SGP) held its first regional community event at Bolger LLC in Min- neapolis, Minnesota on November 6 with more than 50 people in attendance from across the print supply chain. “Sustainability at Bolger: An SGP Community Event” offered attendees the opportunity learn about imple- menting sustainability practices in their respective workplaces. The major theme emerging from all pre- sentations was the continued need for transparency and that there are advancements and opportunities to overcome sustainability’s challenges. “We are environmentally sound today and we will be even better next year because of SGP,”stated Dik Bolger, President & CEO of Bolger,where the event was hosted. In addition to an overview of SGP and Bolger’s pro- gram, the agenda included a range of sustainability top- ics relevant to the printing industry. Lynn Hoffman of Eureka Recycling, a local non-prof- it municipal recycling facility spoke about the oppor- tunities and limitations of recycling. Brian Barrett of SGP Patron 3M discussed the opportunities and chal- lenges of developing greener materials. Bradley Vogel, from the US Bank Stadium, presented on the initiatives the stadium implemented to make it one of the most sustainable sports arenas in the country. And, Connor McNutt, Chief of Staff for Rep. Ilhan Omar welcomed attendees to the event. SGP’s next Community Event will be held in Seattle, Washington, on January 15, 2020.

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In addition to its bi-weekly print edition, Flexo Market News also offers unprecented online reach for advertisers, as well. * Every ad in our print edition appears in our online edition, which includes a link back to your company’s website. • Banner ad opportunities exist at both www.flexomarketnews.com and www.nvpublications.com.

• Exclusive online sponsorships allow your company to have sole ownership over online content, in addition to your ad on a web blast that goes to our readers. • Web blast sponsorships that reach our entire

readership with your exclusive content. FlexoMarketNews.com

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4 November 25, 2019 Flexo Market News

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TLMI Awards (Cont’d from Page 1)

If You Are Pleased With Our Fiberglass Sleeves, You’ll Like These Even Better

package printing in a range of print process categories including flexography, letterpress, offset, multi-process printing and digital.The non-pressure sensitive catego- ries of unsupported roll labels and cut & stack are also represented. “The entries continue to show how our converter and supplier members are taking advantage of new technologies,” said Teachout. “From screening tech- niques to multi-process applications, the labels are be- coming more complex every year. This demonstrates that our membership is working overtime for their brand owners to show they can provide the most ap- pealing designs and complex packaging solutions.” Best in Class Winners Flexography or Letterpress : Labeltronix — Copper Wings IPA Flexography or LetterpressWine & Spirits : Multi-Col- or Corporation — Freakshow Chardonnay Multi-Process : McDowell Label & Screen Printing —Athena Specialty : Yerecic Label — Explore the Flavors of Chef Curtis Stone First PlaceWinners Inovar Packaging Group ; Herdez Spicy Guacamole. Flexography - ExcludesWine & Spirits - Line - Prime . Schreiner Group L.P. ; Needle-Trap. Flexography - Excludes Wine & Spirits - Line - Non-Prime. Syracuse Label & Surround Printing ; Ginger Raspberry Kombucha. Flexography - ExcludesWine & Spirits - Line & Screen Tone - Prime. ASL Print FX ; McKenzie Bottle in Bond Bourbon Whiskey. Flexography or Letterpress - Wine & Spirits - Line - Prime. McDowell Label & Screen Printing ; Straight Corn Whiskey. Flexography or Letterpress - Wine & Spirits - Line - Non-Prime . McDowell Label & Screen Printing ;Always Faith- ful. Flexography or Letterpress - Wine & Spirits - Line & Screen Tone - Prime. McDowell Label & Screen Printing ; CM Court- house Neck. Flexography or Letterpress - Wine & Spir- its - Line & Screen Tone - Non-Prime. McDowell Label & Screen Printing ; Sweet Al- mond. Multi-Process - Pressure Sensitive - Excludes Wine & Spirits - Line - Prime. McDowell Label & Screen Printing ; Venetian Lace. Multi-Process - Non-Pressure Sensitive - Line - Prime. Best in Show : Multi-Color Corporation North America — Prayers of Sinners

ARC International has lots of satisfied fiberglass sleeve customers.

But some asked for more: More dimensional integrity. More durability. More fluid changeovers. And we love a challenge. After all, if it weren’t for discriminating flexographers, we wouldn’t be in business. Because sleeves must be expanded to slip on and off the mandrel, when you expand a rigid, fiber/epoxy sleeve, deterioration starts from day one. It’ll work fine, as long as the slippage and vibration caused by eventual deterioration can be masked by your substrate. But film and foil are unforgiving. The newNickelBack TM sleeve fromARC is manufactured with an electroformed nickel alloy core that will not corrode, rust, or delaminate—at a cost comparable to fiberglass. It takes less air pressure to expand for mounting, and always snaps back to size, no matter howmany changeovers you do. And ARC NickelBack sleeves are engineered to be resurfaced many, many times.

Contact The ARChitects of Flexo today and arrange for a free press evaluation. Learn how you might benefit from NickelBack sleeves—

the longer-lasting, higher performance sleeves from ARC International.

ARCInternational.com 800-526-4569 The ARChitects of flexo

(Cont’d on Page 9)

Flexo Market News November 25, 2019 5

www.nvpublications.com

People & Places Anderson & Vreeland Jessica Harrell has been named Director of Technologies for Ander- son & Vreeland Inc., a manufacturer of flexographic print technologies, equipment and consumables. Harrell will be moving from her cur- rent position as Technologies Manag- er, where her main responsibility has been leading the Technologies Team

Jessica Harrell

of specialists who implement and support prepress and print systems for Anderson & Vreeland’s custom- ers throughout the United States and Canada. In Har- rell’s new role, she will continue to manage the Tech- nologies Team while working closely with the Sales Management, Corporate Accounts and Digital Busi- ness teams to develop unique solutions and ensure a smooth implementation process for the wide variety of technologies we offer to our customers. Additionally, Courtney Pazdra has been named Dig- ital Business Analyst for Anderson & Vreeland. In this new position Pazdra will provide consultative guidance to Anderson & Vreeland’s clients re- lated to digital printing, imaging and workflow solutions throughout North America.Pazdra is a graduate of West- ern Illinois University with a Bachelor Science in Family and Consumer Sci- ence, Cum Laude, with experience in digital marketing and customer relationship manage- ment (CRM). Courtney Pazdra

Global Graphics UK-based Global Graphics has ap- pointed Mike Rottenborn as its new CEO following Gary Fry’s decision to step down from the post at the end of the year. Rottenborn, who founded Hybrid Software in 2007, spent 30 years working in the graphic arts industry and began his career as an electrical engineer with DuPont Printing &

Mike Rottenborn

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Publishing. He also worked at PCC Artwork Systems focusing on prepress workflow software for packaging and commercial printing customers. Rottenborn holds a Bachelor of Science degree in Electrical Engineering from Virginia Tech and Master of Science degree in Computer Science fromVillanova University.

6 November 25, 2019 Flexo Market News

www.nvpublications.com

AICC Hosts Customer Service Skills Seminar

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AICC, The Independent Packaging Association, wel- comed 16 customer service professionals to Itasca, Il- linois, October 23-24, for the new Customer Service Skills Seminar taught by Suzy Cummins,Trainer, Next Gear Consulting. Attendees worked with Cummins to acquire organi- zational tips, ideas and actions, learn to multi-task, and understand internal team dynamics. Additionally, the seminar helped attendees find a network that under- stands they have common issues that can be solved in many different ways. The two-day seminar began with taking a look at metrics and goals and learning how to align the efforts of the customer service team with the goals of the company.Organizational tips, followed shortly thereaf- ter,where Cummins explained 5S for the office,which are sort, set in order, shine, standardize, and sustain.As on the plant floor, adopting the 5S principles in the office increases efficiency. Cummins informed attendees that according to FAST magazine the average manager is interrupted about seven times an hour, and that it takes 25 minutes to re- focus after that interruption, before helping attendees uncover tips for managing interruptions. Internal team dynamics was the next topic. Attend- ees discussed their best and most challenging internal customer relationships and then learned six steps to improve internal customer service, which and an as- signment to pick one department when the attendees returned to their home plants to test the first step, an internal audit. The second day began with communication skills, and a focus on empathetic or active listening. This critical skill is the first step to handling customer complaints, which was the next topic of discussion. Cummins used the acronym LAST to help attendees remember the steps to manage customer complaints: Listen,Acknowledge, Solve, and Thank. The final section helped attendees review the steps to delivering bad news, the do’s and don’ts of the con- versation, and review language that will help in differ- ent situations.

We begin with an investigation that benchmarks the most common causes of waste/downtime andtheircostsincluding:

Job Changes Mid-run Press Stops Customer Complaints Excess Blade Consumption Inadequate Best Practice SOPs

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SGP Launches New Printing Certification

The Sustainable Green Printing Partnership (SGP) has announced a new certification for suppliers to the printing industry. The “SGP Supplier” certification is the next step in the organization’s mission to further sustainability throughout printing supply chain.

8 November 25, 2019 Flexo Market News

www.nvpublications.com

and Spirits ; Crucible. Flexography or Letterpress - Wine & Spirits - Line & Screen Tone - Prime. McDowell Label & Screen Printing ; Straight Rye Whiskey. Flexography or Letterpress - Wine & Spirits - Line & Screen Tone - Prime. ASL Print FX ;Breathless. Flexography or Letterpress - Wine & Spirits - Line & Screen Tone - Non-Prime. Multi-Color Corporation North America Wine and Spirits ; Girl and Dragon. Flexography or Letter- press - Wine & Spirits - Color Process - Prime. McDowell Label & Screen Printing ;Tequila Blan- co. Flexography or Letterpress - Wine & Spirits - Color Process - Prime. McDowell Label & Screen Printing ; Honey & Comb. Multi-Process - Pressure Sensitive - Excludes Wine & Spirits - Line - Prime. Label Impressions, Inc. ; Pacifica Crystal Dew. Multi-Process - Pressure Sensitive - Excludes Wine & Spirits - Line & Screen Tone - Prime. Inovar Packaging Group ; Dr. Jekyll Blue Lemon- ade. Multi-Process - Pressure Sensitive - ExcludesWine & Spirits - Color Process - Prime. McDowell Label & Screen Printing ; Tekton. Multi-Process - Pressure Sensitive - Excludes Wine & Spirits - Color Process - Non-Prime.

TLMI Awards (Cont’d from Page 5)

McDowell Label & Screen Printing ; Moroccan Nights. Multi-Process - Pressure Sensitive - Excludes Wine & Spirits - Line & Screen Tone - Prime. McDowell Label & Screen Printing ; Go To Black. Multi-Process - Non-Pressure Sensitive - Line & Screen Tone - Prime. McDowell Label & Screen Printing ; Sahara Jewel. Multi-Process - Non-Pressure Sensitive - Color Process - Prime. McDowell Label & Screen Printing ; Deviously Black. Roll to Roll - Includes Shrink Sleeve - Single Printing Method - Line - Prime. Second PlaceWinners Schreiner Group L.P. ; Sun Label. Flexography - Ex- cludes Wine & Spirits - Line - Non-Prime. Outlook Group ; Forbidden Root Strawberry Basil. Flexography - ExcludesWine & Spirits - Color Process - Prime. ASL Print FX ; Serenity Sauvignon Blanc. Flexogra- phy or Letterpress - Wine & Spirits- Line - Prime. McDowell Label & Screen Printing ; Small Batch. Flexography or Letterpress - Wine & Spirits - Line - Non-Prime. Multi-Color Corporation North America Wine

(Cont’d on Page 10)

The top converters in the flexo industry delivered right to your hands

Get your company in front of the flexo industry’s key decisionmakers. Flexo Market News’ readership is comprised of Presidents, Owners, VPs and General Managers of flexo operations — the key people who make decisions on equipment purchases. An ad in Flexo Market News is a direct sales meeting with thousands of the industry’s most influental leaders.

To boost your market presence contact:

Greg Kishbaugh 317-306-1060 [email protected]

Robyn Smith 910-553-4055 [email protected]

Flexo Market News November 25, 2019 9

www.nvpublications.com

Flexo Market News

TLMI Awards (Cont’d from Page 9)

Schreiner Group L.P. ; Reverse Side Printed La- bel for Emergency Drug Auto Injector. Multi-Process - Pressure Sensitive - Excludes Wine & Spirits - Line - Non-Prime. McDowell Label & Screen Printing ; Double Dip. Multi-Process - Non-Pressure Sensitive - Line & Screen Tone - Prime . Hamillroad Software Names Peret As Bellissima Partner UK-based prepress company Hamillroad Software has extended its network of Bellissima DMS approved technology partners to include Peret GmbH. Peret is a technology provider, creating process con- trol solutions for the prepress, print, and packaging market. Hamillroad Software has approved Peret’s FLEX³PRO and FLEX³XXL-PRO for use with Bellissima DMS as part of the initial plate setup and ongoing qual- ity control processes. Using the FLEX³PRO, prepress and printers can analyze flexographic printing plates after imaging, giving the technician the ability to an- alyze LAMS, photopolymer and elastomer plates, 3D flexo dot shapes, and print samples. The Bellissima DMS Partner Program aims to estab- lish mutually beneficial relationships with providers of complementary products in the printing and graphic arts industries. PACK EXPO Program Feeds More Than 6,000 Kids PACK for a Purpose: Robots Fighting Hunger filled more than 6,000 bags of kid-friendly, nutritious food for children facing food insecurity at this year’s PACK EXPO Las Vegas and Healthcare Packaging EXPO, Sep- tember 23-25. The first-of-its-kind collaboration be- tween show producer PMMI,The Association for Pack- aging and Processing Technologies, and Blessings in a Backpack, incorporated exhibitor supplied robots that demonstrated various automated capabilities while picking and filling bags with food. The initiative was part of the new show floor destina- tion, the Robotics Zone. The filled bags were donated to Blessings in a Back- pack programs in Las Vegas, Nevada; Chicago, Illinois; and Reston,Virginia, to feed school-aged children over the weekends. Following on the success of the PACK EXPO Las Vegas collaboration, PMMI and Blessings in a Backpack will again collaborate at PACK EXPO East, March 3-5, 2020; Pennsylvania Convention Center, Phil- adelphia, Pennsylvania.

Adheso-Graphics, Inc. www.adheso-graphics.com

AGI manufactures, distributes and converts current WHFKQRORJ\ÁH[RPRXQWLQJWDSHVDQGEDFNLQJV\VWHPVIRU FRUUXJDWHG SODWH PRXQWLQJ )OH[VWLN KDUG YLQ\O )OH[6RIW ELHVVHEUDQG*ROG6HULHV 7KLQWDSHVIRUVOHHYHDQG1DUURZZHESODWHPRXQWLQJ 6SHFLDOW\ WDSHV WKDW FRYHU WKH YDVW WKLFNQHVV UDQJH UH - TXLUHPHQWV DQG VSHFLÀF DGKHVLRQ V\VWHPV IRU DOO ÁH[R PRXQWLQJ UHTXLUHPHQWV :H SURYLGH WHFKQLFDO VHUYLFH DQG SUREOHP VROYLQJ VHUYLFHV IRU XQLTXH FXVWRPHUV  DSSOLFDWLRQV   $ 9 PDQXIDFWXUHV D FRPSOHWH OLQH RI SKRWRSRO\PHU SODWH SURFHVVLQJ V\VWHPV DQG LV D OHDGLQJ GLVWULEXWRU RI ÁH[RJUDSKLF SODWHPDNLQJPDWHULDOV $ 9 DOVR VHOOV GLJLWDO LPDJLQJ V\VWHPV DQG VRIWZDUH VSHFLÀFDOO\ GHVLJQHG IRU ÁH[RJUDSK\ ARC International www.ARCInternational.com $5&,QWHUQDWLRQDOLVDZRUOGOHDGHULQWKHPDQXIDFWXULQJ RIUROOHUSURGXFWVIRUÁH[RJUDSK\7KHODWHVWQDQRWHFKQROR - J\ODVHUHQJUDYLQJLQRXU&KDUORWWHDQG/DV9HJDVPDQX - IDFWXULQJIDFLOLWLHVHQVXUHVVXSHULRUTXDOLW\DQGFRQVLVWHQF\ LQDQLOR[UROOHUV Comexi Group Industries S.A.U. www.comexigroup.com   7KH &RPH[L *URXS LV D OHDGLQJ VXSSOLHU RI TXDOLW\ ÁH[RJUDSKLF&,SUHVVHVIRUWKHÁH[LEOHSDFNDJLQJLQGXV - WU\ZRUOGZLGH   :H DOVR SURYLGH VROYHQWOHVV ODPLQDWRUV VOLWWHUUH - ZLQGHUV DQG UHODWHG SHULSKHUDO HTXLSPHQW VXFK DV DXWRPDWLFZDVKXSV\VWHPVVROYHQWUHFRYHU\V\VWHPV DXWRPDWLF UROO XQORDGHUV DQG SODWH F\OLQGHUVOHHYH storage systems. DuPont Packaging Graphics www.cyrel.com/na   'X3RQW 3DFNDJLQJ*UDSKLFV LV WKH ZRUOG·V OHDGLQJ VXS - SOLHU RI ÁH[RJUDSKLF SULQWLQJ V\VWHPV LQ GLJLWDO DQG FRQ - YHQWLRQDO IRUPDWV LQFOXGLQJ &\UHOŠ EUDQG SKRWRSRO\PHU SODWHV&\UHOŠ)$67SURFHVVLQJHTXLSPHQW&\UHOŠURXQG VOHHYHVPRXQWLQJDQGÀQLVKLQJSURGXFWV )RUPRUHWKDQ\HDUVEHJLQQLQJZLWK&\UHOŠWKHÀUVW SKRWRSRO\PHU SULQWLQJ SODWH WKURXJK WR WRGD\·V GLJLWDO ZRUNÁRZUHYROXWLRQ'X3RQWKDVEHHQGULYLQJLQQRYDWLRQLQ WKH)OH[RDQGSDFNDJHSULQWLQJLQGXVWULHV 7KH'LJLWDO&\UHOŠ)$67LPDJLQJV\VWHPKDVEHHQEURDG - O\ UHFRJQL]HG IRU LWV HIÀFLHQF\ SURGXFWLYLW\ SULQW SHUIRU - PDQFHDQGHQYLURQPHQWDOEHQHÀWV Anderson & Vreeland, Inc. www.andersonvreeland.com

10 November 25, 2019 Flexo Market News

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Royston Labels Adds Fourth Nilpeter FA-4* Press Royston Labels, located just south of Cambridge, England, has purchased a new Nilpeter FA-4* with multi-layer capabilities, bringing its Nilpeter press total to four.The new FA-4* will be utilized for the produc- tion of high-end drinks and personal care labels.

Royston offers a full range of label production ser- vices, and carries out a number of pre-press services, including artwork updates, and colour retouching from their in-house studio.The Nilpeter FA-4* offers a clean-hand design that reportedly features the short- est possible web path, easy-loading of tooling, and Nil- peter’s CLEANINKING system. FTA’s INFOFLEX Sets 2020 Meeting Agenda FTA has announced the official theme of INFOFLEX 2020:“Pushing the Limits of Innovation.”The event is set to take place April 20-21, 2020, at the Greater Co- lumbus Convention Center in Columbus, Ohio. The event caters to 10 different segments of package printing—labels,flexible packaging,boxmaking/folding cartons, corrugated display and packaging, converting equipment, specialty printing, finishing equipment, en- velope decorating, digital printing and premedia. INFOFLEX 2020 will feature 280 booths featuring the product and solution providers driving flexogra- phy forward. Additionally, Innovation Central will fea- ture 14 technology-focused presentations. INFOFLEX 2020 will be held in conjunction with Fo- rum 2020, which takes place April 19-22 at the Hyatt Regency Columbus. A fourth Nilpeter FA-4* press with multi-layer and embellishment capabilities has been added by Royston Labels to, among other things, help serve the high-end wine market.

Flexo Market News November 25, 2019 11

www.nvpublications.com

Flexo Market News

E-Commerce (Cont’d from Page 1) channel supply chain must adapt to orders coming in from many disparate channels.According to the PMMI white paper, omnichannel companies must become proficient at managing and fulfilling orders simultane- ously from many sources,which could include a direct online portal, vendor requests, third-party warehouse and drop-ship orders. A high level of integration is one of the defining traits of all omnichannel companies. To succeed, omnichannel companies must manage shorter pro- duction cycles, keep track of inventory levels across numerous locations and vendors, track packages accurately and externally in real-time and process a high volume of returns. Companies stepping into the omnichannel universe need to innovate new packaging configurations that are suitable for this new type of distribution, as well as automate new processes to improve efficiency and create new >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16

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