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VelanThermo Fibertek Inc. 2 0 0 0 K a–dant Inc. S u m m a r y A n n u a l R e p o r t To Our Shareholders: For the year ended December 31, 2000, Thermo Fibertek Inc. reported revenues of $234.9 million, slightly above the $228.0 million recorded in 1999. Excluding acquisitions and unfavorable cur- Thermo Fibertek Inc. rency effects, revenues increased 5 percent over 1999. Net income was $15.1 million, or $.25 per Summary Annual Report diluted share, compared with $17.8 million, or $.29 per diluted share, last year. When adjusted for 2000 unusual items, including restructuring charges, extraordinary gains, the cumulative effect of adopt- ing the new SAB 101 accounting rules, and startup costs related to our fiber-based composites business, net income in 2000 would have been $15.8 million, or $.26 per diluted share, versus $14.8 million, or $.24 per diluted share, in 1999. Thermo Fibertek Inc. is a leading provider Over much of the past decade, our customers in the worldwide paper and paper-recycling of technology-based systems for the global industry have been subject to chronic pricing pressure resulting from excess capacity. The ongoing papermaking and paper-recycling indus- tries. From large-scale de-inking and water- management systems to accessories such as blades that keep paper machines running efficiently, Thermo Fibertek equipment can process of consolidation and restructuring has led to significant delays and modifications to capi- tal spending plans. For Thermo Fibertek, this slowdown is mitigated, to some extent, by sales of doctor blades and other consumables required to sustain the large installed base of our equipment. The necessary structural changes initiated by paper companies will pay off for the industry in the long run by creating higher operating rates, reduced cyclicality, improved margins, and greater financial strength. In this climate, mill operators will be increasingly receptive to new tech- be found in nearly all of the world's pulp nologies that can be retrofitted on existing machines to reduce costs, increase machine output, and paper mills. The company is also work- and gain a competitive advantage through enhanced product quality. Such upgrades and refine- ing to expand into high-growth markets ments apply not only to the modernization of existing pulp and paper plants, but also to new and, through its Thermo Fibergen sub- sidiary, is developing and commercializing composite building products made from natural fiber and recycled plastic. facilities being built in China, South America, and other developing markets where per capita use of paper products is expanding in parallel with GDP growth. Thermo Fibertek’s global presence and recognized expertise in key elements of papermaking technology provide a solid basis for sustained leadership in this industry. At our five R&D facilities, located in Massachusetts, Ohio, New York, and France, we continue to develop innovative sys- tems for critical phases of paper production (see cover foldout). Because of our long history of reliable service in an extremely conservative industry, our new products are more readily accepted by manufacturers seeking to improve productivity at minimal risk. With a large installed base of equipment and a highly responsive global distribution and service network, we can expedite product introductions through collaborative field testing at customer facilities. This key access helps us leverage our technologies into segments of the paper- making process that we currently do not serve. For example, we have recently targeted the paper machine approach-flow market as an opportunity to expand the use of our technology. We also intend to acquire additional businesses that complement Thermo Fibertek’s existing product lines. Over the long term, our strategy is to reduce the company’s exposure to cyclicality in the paper industry by entering markets that have greater potential for growth. We are on the way to accomplishing this goal through the application of Thermo Fibertek’s extensive know-how in filtration, separation, and advanced materials technologies to the development of a new business venture that employs raw materials “mined” from paper mill effluents. The daily waste stream from a typical mill contains hundreds of tons of solids that are dis- posed of in landfills or incinerated, with the attendant financial and environmental costs. We currently use this waste to produce commercial products, including absorbents and biodegradable carriers for fertilizers and pesticides. However, these low-value granular products make up only a small fraction of the potential opportunity for re-using mill byproducts. During the past few years, our scientists at Thermo Fibergen have developed a family of engineered composites made from recycled plastics reinforced by natural fibers extracted from the papermaking process. Prototype systems for decking, privacy fences, soundwall barriers, and roofing applications have been formulated, and a production facility established in Green Bay, Wisconsin. Waste materials from a nearby paper mill feed our extrusion lines, which have begun supplying posts and panel sections for fencing, decking, and soundwall systems. Compared with existing plastic lumber products, our advanced composites technology allows us to custom-engineer materials and shapes that have greater strength, durability, heat and sun resistance, sound attenua- tion, and other application-specific properties. More importantly, our composites are not subject to warping, rotting, cracking, and insect infestation, and thus do not require costly maintenance. In January 2000, our parent company, Thermo Electron Corporation, announced that Thermo Fibertek would be spun off as an independent public company. This action is part of a major reor- ganization plan that will allow Thermo Electron to focus on its core instruments business. In February 2001, the U.S. Internal Revenue Service (IRS) issued a favorable ruling on the spinoff. Thermo Electron expects to proceed with the distribution of Thermo Fibertek as a dividend to Thermo Electron shareholders during the second half of 2001. At that time, Thermo Fibertek will change its name to Ka–dant Inc., reflecting its new identity as a stand-alone company with a charge to move forward into new avenues of growth. The transition of Ka–dant into an independent company will be supported by a strong combi- nation of technology, talent, and financial resources. These include a balance sheet with nearly $155 million in cash and short-term investments, substantial cash flow from well-established core businesses, and a rapidly developing new venture serving the multi-billion-dollar markets for high-performance composite building materials. At Ka–dant, we have the resources and the drive to William A. Rainville meet our future challenges and achieve our central goal of maximizing value for our customers, employees, and shareholders. Sincerely, William A. Rainville President and Chief Executive Officer March 15, 2001 1 e v e r y S T E P o f t h e W A Y H raw materials for recycled and virgin feedstock A B C B s t o c k p r e p a r a t i o n Serving the Global Paper Industry with Advanced Technologies to Enhance Productivity The paper industry operates more than 8,100 large-scale production machines yielding more The actual papermaking process begins than 300 million tons per year of paper and paperboard products. Paper producers expend with the introduction of cellulose fiber and about $20 billion per year worldwide for capital improvements to those systems. Approxi- water slurry onto a moving synthetic fabric, mately one-third of total industry output is concentrated in North America, where annual con- or fourdrinier, to create a continuous web sumption approaches 700 pounds per capita. This is seven times the world average, and of material up to 30 feet or more in width. about 35 times that of China and other developing nations. Traveling at speeds from 20 to 70 miles per Papermaking is a highly water-intensive process, requiring about 14,000 gallons of clean hour, the web passes through a succession water for every ton of paper produced. In the U.S. alone, paper manufacturers use 3.4 trillion of large rolls where pressing, drying, coat- gallons of water per year, at an annual cost of $1 billion. ing, and other finishing operations are A typical paper-production facility, shown here, comprises multiple stages of stock prepa- performed. ration and papermaking processes. Feedstock material for the process includes both virgin Thermo Fibertek equipment, found on pulp derived from timber, as well as recycled waste paper. The amount of recycling continues nearly every paper machine in the world, to increase, rising from about 31 percent in 1992 to an estimated 41 percent in 2000 for U.S. producers. Recycling rates are even higher in Europe and in some Asian countries. composites F G D E F E p a p e r m a k i n g finished paper Thermo Fibertek systems are used in critical stages of paper production: plays an important role in almost every one of these stages. Customers rely on our systems (A) Pulping and consumables to promote efficiency in production and quality of the final product, from fine printing and writing paper to tissue to corrugated board. Thermo Fibertek has introduced numerous advances in papermaking technology that have greatly enhanced the productivity of our customers’ operations. For example, such (B) Screening and Cleaning (C) De-Inking (D) Web Formation innovations played a central role in expanding the production of expensive fine-quality (E) Doctoring and Conditioning white papers from low-grade recycled wastes containing adhesives, coatings, inks, and other contaminants. Other of the company’s product innovations are described in subse- quent sections of this report. (F) Showers (G) Filtration (H) Waste Processing and Recovery a l m o s t R O C K E T s c i e n c e and recycling, the PETAX system can filter liquids with up to 1,000 parts per million of solids to a level of clarity necessary for fine- paper production. One customer, a large paperboard mill, was able to cut water con- sumption by more than 30 percent. As an added dividend, the plant returns about 15 tons per day of valuable long fibers to its supply of feedstock material. s i n g t h e L O O P 3 f e e l i n g t h e f o r m a t i o n Nearly all paper products are manufactured using the wet forming process, whereby a slurry of water and fibers is deposited uni- formly onto a continuous synthetic fabric, or fourdrinier. Once formed, the fast-moving web of material must be drained of excess water prior to passing into subsequent process stages. The magnitude of the web formation challenge can be seen in the amount of water that must be continuously removed – upwards of 15,000 gallons per minute in a large machine. Conventional forming units usually incorporate vacuum systems to facilitate uniform fiber distribution and water drainage. However, the resulting tradeoff between machine speeds, feedstock con- sistency, and other parameters leads to variable sheet strength, poor surface appearance, and frequent breakages of the web that force machine shutdowns costing thousands of dollars per hour. A major breakthrough, known as Velocity Induced Drainage (VID), was introduced by Thermo Fibertek. This patented formation system harnesses hydrodynamic energy produced by the velocity of the fourdrinier fabric to create a controlled pattern of pres- sure pulses in the slurry. The system com- prises a series of adjustable aerodynamic foils, placed below the rapidly moving sur- face, that energize and activate fibers within the slurry. These pulses move water back and forth across the thickness of the slurry, decreasing the drainage resistance of the sheet and allowing the fibers to more fully intertwine to create a stronger sheet. d o c t o r i n g Doctoring systems perform critical cleaning and conditioning functions at multiple points in the papermaking process, helping to pro- tect the millions of dollars worth of rolls and web-supporting fabrics at the heart of every papermaking machine. As many as 100 doc- tor units control the precise placement of specially designed blades against the sur- faces of 80 or more large rolls operating in a typical machine. These doctors ensure that proper blade angles and contact pressures are applied uniformly along the full length of each roll. Blade functions, which vary depending on their location in the paper machine and the type of paper being pro- duced, range from cleaning the rolls, to creping (for tissue and toweling), to apply- ing coatings, to eliminating curl. Thermo Fibertek’s large installed base of doctoring systems facilitates its introduction of new technologies that increase produc- tivity for customers. In the past, most doctor blades were fabricated from strips of steel that lasted only a few hours. Because of the high cost of unscheduled downtime, paper machine operators are receptive to improve- ments that not only extend blade life but reduce wear and damage to roll surfaces. Through our comprehensive program of research in advanced materials, Thermo 4 P U L S E Fibertek has developed high-tech designs to replace low-cost conventional blades with an array of new products. Recent inno- vations include Softek, a nonabrasive com- posite blade designed for soft roll surfaces; Pro Crepe, a bi-metal assembly with supe- rior wear resistance for high-speed creping applications; and Press Tek B, a bi-metal alternative for improved protection against plugging of pores in ceramic and other nonmetallic rolls. t h e D O CT O R i s i n 5 In September 2000, our 50,000-square-foot extrusion facility in Green Bay, Wisconsin, began production of engineered composite plastic build- ing products. Our goal is to increase capacity to support up to $20 million in annualized revenues by the second half of 2001. c o m p o s i t e s Through our Thermo Fibergen subsidiary, we have conducted an aggressive five-year pro- gram of R&D directed at transforming paper mill sludge and other wastes into valuable commercial products. These include bio- degradable granular products, derived from recovered minerals and fibers, for applica- tions such as oil and grease absorbents, cat box fillers, and carriers for delivery of agri- cultural chemicals. Granular materials, how- ever, represent only the initial phase in the company’s strategy for diversifying into high-growth businesses beyond our core markets in the paper industry. During the past year, we achieved a major commercialization milestone with the startup in Green Bay, Wisconsin, of manufacturing This demonstration structure illustrates the versatility of Thermo Fibergen’s leading- edge technology in composite plastic building materials engineered to meet the specific performance requirements of vari- ous outdoor construction applications. t h e N E X T b i g t h i n g Decking – Long fibers with moderate amounts of miner- als for lighter weight, high bending stiffness, resis- tance to impact, and stability against creep 6 facilities for engineered composite building products. These composites are made from recycled plastics reinforced by natural fibers extracted from the papermaking process. We have begun producing, in limited quanti- ties, high-performance finished shapes for applications including residential decking, privacy fences, and soundwall barriers adja- cent to streets and highways. The new plant, which can accommodate additional extrusion lines, uses granules of mineral and fiber material produced at our nearby GranTek facility. We intend to leverage our relation- ships with major paper producers to secure long-term access to recovered fibers at minimal cost. Our advanced engineered composites are formulated to achieve superior proper- ties tailored to the needs of specific end-use applications. Our composite materials are significantly stronger than plastic lumber, and can be extruded with a hollow core for light weight and easy passage of wiring for outdoor lighting or sound systems. Using our tongue-and-groove planks, panels, railing sections, and decorative posts, contractors can save up to 50 percent on labor costs, compared with structures of either treated wood or conventional plastic lumber. We are also developing and testing an attractive com- posite roofing tile system that is lighter and stronger than traditional slate or clay tiles. The market for decking, fencing, and soundwall systems exceeds $5 billion per year in North America alone. Currently, composite lumber products constitute only a small fraction of this market, but sales of such materials are growing at over 30 percent per year. Demand is spurred by the inherent problems of conventional lumber products such as pressure treated pine, cedar, and expensive teak or mahogany hardwoods. Composite building products are resistant to moisture, insects, cracking, warping, and splintering, and they do not require painting or sealing. Thermo Fibertek’s product line features a total system of finished shapes that facili- tate construction of fences, decks, and other exterior building projects. Over the past year, we have begun establishing marketing chan- nels for these products. In early 2001, we acquired the remaining interest in Next Fiber Products Inc., a joint venture established to produce and market fiber-based composites. We also signed an agreement with Compact Industries for exclusive distribution of our soundwall systems, and completed installa- tion of a soundwall project at a commercial site in Toronto. Compact also has exclusive rights to distribute our railing and decking products in Canada. We intend to develop our national and international distribution channels to include suppliers serving mass merchandisers and high-end building- product stores. Roofing Tiles – Long fibers, high mineral content, and proprietary additives to achieve light weight, high impact strength, and enhanced flame retardation Siding – Short fibers and low min- eral content for lightest weight Soundwall and Privacy Fencing – Formulated using long fibers and high mineral content to maximize flexure strength, stiffness, and sound attenuation 7 2 0 0 0 T h e r m o F i b e r t e k I n c . s u m m a r y a n n u a l r e p o r t C o n d e n s e d C o n s o l i d a t e d S t a t e m e n t o f I n c o m e (in thousands except per share amounts) 2000 1999 1998 Revenues Costs and Operating Expenses: Cost of revenues Selling, general, and administrative expenses Research and development expenses Gain on sale of business and property Restructuring and unusual items Operating Income Interest Income, Net Income Before Provision for Income Taxes, Minority Interest, and Cumulative Effect of Change in Accounting Principle Provision for Income Taxes Minority Interest Income (Expense) Income Before Cumulative Effect of Change in Accounting Principle Cumulative Effect of Change in Accounting Principle (Net of income taxes of $580) Net Income Basic and Diluted Earnings per Share Before Cumulative Effect of Change in Accounting Principle Basic and Diluted Earnings per Share Weighted Average Shares Basic Diluted $234,913 $228,036 $247,426 145,111 60,901 7,687 (1,700) (506) 211,493 23,420 2,963 26,383 (10,947) 576 16,012 (870) 134,893 147,262 61,345 7,278 (11,154) 6,152 198,514 29,522 1,029 30,551 (11,852) (921) 17,778 — 63,381 6,971 (536) — 217,078 30,348 548 30,896 (11,902) (999) 17,995 — $ 15,142 $ 17,778 $ 17,995 $ .26 $ .25 $ $ .29 .29 $ $ .29 .29 61,298 61,490 61,186 61,559 61,612 62,353 8 2 0 0 0 T h e r m o F i b e r t e k I n c . s u m m a r y a n n u a l r e p o r t 2000 1999 C o n d e n s e d C o n s o l i d a t e d B a l a n c e S h e e t (in thousands) Assets Current Assets: Cash, short-term investments, and advance to affiliate $154,302 $179,439 Accounts receivable, net Inventories and unbilled contract costs and fees Other current assets Property, Plant, and Equipment, Net Other Assets Goodwill Liabilities and Shareholders’ Investment Current Liabilities Deferred Income Taxes and Other Deferred Items Long-Term Obligations Minority Interest Shareholders’ Investment 43,866 41,106 12,504 251,778 29,582 13,755 119,100 49,323 38,477 5,930 273,169 30,494 17,044 121,870 $ 414,215 $442,577 $ 78,681 $114,458 8,042 6,365 154,650 154,350 2,209 3,334 170,633 164,070 $ 414,215 $ 442,577 9 2 0 0 0 T h e r m o F i b e r t e k I n c . s u m m a r y a n n u a l r e p o r t C o n d e n s e d C o n s o l i d a t e d S t a t e m e n t o f C a s h F l o w s (in thousands) Operating Activities Net income Adjustments to reconcile net income to net cash provided by operating activities: Cumulative effect of change in accounting principle, net of taxes Depreciation and amortization Minority interest (income) expense Gain on sale of business and property Noncash restructuring and unusual items Deferred income tax expense Other noncash items Net changes in current accounts, excluding the effects of acquisitions and dispositions Net cash provided by operating activities Investing Activities Acquisitions, net of cash acquired Acquisition of capital equipment and technology Proceeds from sale of business and property, net of cash divested Advances to affiliate, net 2000 1999 1998 $ 15,142 $ 17,778 $ 17,995 870 9,540 (576) (1,700) (506) 108 951 (5,391) 18,438 (3,302) (1,200) 4,109 88,076 — 8,928 921 (11,154) 3,239 1,572 129 (4,208) 17,205 (2,607) (500) 13,592 (93,780) — 8,492 999 (536) — 2,090 562 2,335 31,937 (964) — — — Purchases of available-for-sale investments (132,058) (61,825) (70,882) Proceeds from sale and maturities of available-for-sale investments Purchases of property, plant, and equipment Other Net cash provided by (used in) investing activities Financing Activities Redemption of subsidiary common stock Purchases of company and subsidiary common stock Purchases of subsidiary common stock from Thermo Electron Net proceeds from issuance of company and subsidiary common stock Repayment of long-term obligations Net cash used in financing activities Exchange Rate Effect on Cash Increase (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents at Beginning of Year Cash and Cash Equivalents at End of Year 92,424 (6,355) 757 42,451 (34,603) — — 1,204 (313) (33,712) (3,970) 23,207 39,254 63,565 (3,903) 631 59,200 (7,773) (532) (84,827) (20,951) — (5,804) (2,227) 551 — (7,480) (1,116) (76,218) 115,472 — (6,598) — 405 — (6,193) (969) 3,824 111,648 $ 62,461 $ 39,254 $ 115,472 10 2 0 0 0 T h e r m o F i b e r t e k I n c . s u m m a r y a n n u a l r e p o r t R e p o r t o f I n d e p e n d e n t P u b l i c A c c o u n t a n t s To the Shareholders and Board of Directors of Thermo Fibertek Inc.: We have audited, in accordance with auditing standards generally accepted in the United States, the consolidated balance sheet of Thermo Fibertek Inc. (a Delaware corporation and 91%-owned subsidiary of Thermo Electron Corporation) and subsidiaries as of December 30, 2000, and January 1, 2000, and the related consolidated statements of income, comprehensive income and shareholders’ investment, and cash flows for each of the three years in the period ended December 30, 2000, appearing in the company’s Form 10-K (not presented herein), filed with the Securities and Exchange Commission, which may be obtained by shareholders or other interested parties. In our report dated February 12, 2001, also appearing in the company’s Form 10-K, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying condensed consolidated balance sheet as of December 30, 2000, and January 1, 2000, and the related condensed consolidated statements of income and cash flows for each of the three years in the period ended December 30, 2000, is fairly stated, in all material respects, in relation to the consolidated financial statements from which it has been derived. Effective January 2, 2000, the company changed its method of accounting for revenue recognition. Boston, Massachusetts February 12, 2001 S e l e c t e d F i n a n c i a l I n f o r m a t i o n (in thousands except per share amounts) 2000 1999 1998 1997 1996 Statement of Income Data Revenues Income Before Cumulative Effect of Change in Accounting Principle Net Income Earnings per Share Before Cumulative Effect of Change in Accounting Principle: Basic Diluted Earnings per Share: Basic Diluted Balance Sheet Data Working Capital Total Assets Long-Term Obligations Common Stock of Subsidiary Subject to Redemption Shareholders’ Investment $234,913 $228,036 $247,426 $239,642 $192,209 16,012 15,142 17,778 17,778 17,995 17,995 16,426 16,426 19,894 19,894 .26 .26 .25 .25 .29 .29 .29 .29 .29 .29 .29 .29 .27 .26 .27 .26 .33 .31 .33 .31 $173,097 $ 158,711 $193,446 $176,996 $115,609 414,215 154,650 442,577 154,350 427,100 153,000 418,938 153,000 257,232 34 — — 53,801 52,812 56,087 170,633 164,070 150,948 138,095 130,850 11 2 0 0 0 T h e r m o F i b e r t e k I n c . s u m m a r y a n n u a l r e p o r t S h a r e h o l d e r S e r v i c e s Shareholders of Thermo Fibertek Inc. who desire information about the company are invited to contact the Investor Relations Department, Thermo Fibertek Inc., 81 Wyman Street, P.O. Box 9046, Waltham, Massachusetts 02454-9046, (781) 622-1111. Company information is also available at www.thermofibertek.com. S t o c k T r a n s f e r A g e n t American Stock Transfer & Trust Company is the stock transfer agent and maintains shareholder activity records. The agent will respond to questions on issuance of stock certificates, change of ownership, lost stock certificates, and change of address. For these and similar matters, please direct inquiries to: American Stock Transfer & Trust Company, Shareholder Services Department, 59 Maiden Lane, New York, New York 10038, (718) 921-8200. D i v i d e n d P o l i c y The company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future because its policy has been to use earnings to finance expansion and growth. Payment of dividends will rest within the discretion of the board of directors and will depend upon, among other factors, the company’s earnings, capital requirements, and financial condition. F o r m 1 0 - K R e p o r t A copy of the Annual Report on Form 10-K for the year ended December 30, 2000, as filed with the Securities and Exchange Commission, may be obtained at no charge by contacting the Investor Relations Department, Thermo Fibertek Inc., 81 Wyman Street, P.O. Box 9046, Waltham, Massachusetts 02454-9046, (781) 622-1111. A n n u a l M e e t i n g The annual meeting of shareholders will be held on Tuesday, May 15, 2001, at 3:00 p.m. at The Westin Hotel, 70 Third Avenue, Waltham, Massachusetts. F o r w a r d - L o o k i n g S t a t e m e n t s The following constitutes a “Safe Harbor” statement under the Private Securities Litigation Reform Act of 1995: This summary annual report, other than the historical financial information, contains forward-looking statements that involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth under the heading “Forward-Looking Statements” in the General and Financial Information Appendix to this summary annual report. These include risks and uncertainties relating to: dependence on the paper industry and pulp and paper prices, international operations, competition, ability to enter the composites market, dependence on patents and proprietary rights, acquisition strategy, and the proposed spinoff of the company. 12 2 0 0 0 T h e r m o F i b e r t e k I n c . s u m m a r y a n n u a l r e p o r t B o a r d o f D i r e c t o r s Richard F. Syron – Chairman of the Board; Chairman of the Board and Chief Executive Officer, Thermo Electron Corporation (instrument systems, components, and services) Francis L. McKone – Chairman of the Board, Albany International Corp. (supplier of paper machine fabrics) Donald E. Noble – Former Chairman of the Board and Chief Executive Officer, Rubbermaid Incorporated (diversified plastics products) William A. Rainville – President and Chief Executive Officer; Chief Operating Officer, Recycling and Resource Recovery, Thermo Electron Corporation O f f i c e r s William A. Rainville – President and Chief Executive Officer Thomas M. O’Brien – Executive Vice President, Finance Jonathan W. Painter – Executive Vice President, Operations Jan-Eric Bergstedt – Vice President Paul E. Kiernan – Vice President Edward J. Sindoni – Vice President Theo Melas-Kyriazi – Chief Financial Officer Anne Pol – Senior Vice President, Human Resources Seth H. Hoogasian – General Counsel Kenneth J. Apicerno – Treasurer Sandra L. Lambert – Secretary The intent of this summary annual report is to provide useful information on Thermo Fibertek Inc. in a format that is both concise and cost- effective. The company’s complete audited financial statements are included in the General and Financial Information Appendix, distributed with the proxy statement and available in other cases upon request. This report is printed with soy inks on recycled paper.
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