An N.V. Publication FLEX
November 12, 2018
Vol. 20 No. 23
Serving The Flexographic Printing Industry In Print and Online at www.nvpublications.com
FINAT Launches Label Competition reported by Greg Kishbaugh
Fortis Acquires Premier, Austin Label Fortis Solutions Group, Virginia Beach,Virginia, a portfolio company of Main Post Partners, has acquired Pre- mier Georgia Printing & Labels, Flow- ery Branch, Georgia, and Austin Label Company, located inAustin,Texas. Premier is a full-service labels, packaging, folding carton, and flat sheet printing company. Primarily serving customers across the South- east in the food end-market, Premier recently became SQF certified evi- dencing its commitment to food safety and quality assurance. Austin Label provides custom pres- sure-sensitive labels using f lexo- graphic and digital pr inting technologies to customers in the wine, spirits and food end-markets across the United States. Fortis employs more than 440 em- ployees across ten sites. Resource Label Buys Spectrum Label Resource Label Group, LLC, Franklin, Tennessee, a full-service
LL abels are such a large part of the consumer experience that many people are not aware of their omnipresence. Would the average consumer guess how many labels they see on any given day, and how essential those labels are toward allowing shoppers to make the right brand choices?
Likewise, how many young people who are currently consid- ering future career choices are aware of the many opportuni- ties available in the label packaging industry? In this context, FINAT, the European association for the self- adhesive label and adjacent narrow-web converting industry, has launched the #LABELicious talent competition on the oc- casion of its 60th anniversary. The competition’s objective is to increase the visibility of the label industry, of its exciting professional challenges, and of its excellent career perspectives to students and early career pro- fessionals aged between 18 and 25. Entrants are invited to submit their ideas and concepts for la- bels in three categories: Smart / Intelligent / Multifunctional Labels — #LABELi- cious calls for truly fresh and feasible ideas about how integrat- ing technologies in brand/functional labels will enhance the label’s experience and value in an end-customer’s business
(Cont’d on Page 3)
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(Cont’d on Page 4)
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Resource, Spectrum ( Cont’d from Page 1)
provider of pressure sensitive label, shrink sleeve and RFID/NFC technology for the packaging industry, has acquired Spectrum Label Corporation, Hayward, California, a pressure sensitive labeling provider that produces products for various segments including food, medical and pharmaceutical.Terms of the trans- action were not disclosed. With sixteen manufacturing locations, Resource Label Group, LLC employs 1,200 associates in the United States. and Canada. ICE USA, InPrint USA Form Partnership With FPA Co-located exhibitions ICE USA and InPrint USA have announced the support of the Flexible Packag- ing Association (FPA) as an association partner for the upcoming exhibition taking place April 9-11, 2019, at the Kentucky International Convention Cen- ter in Louisville. The partnership will connect manufacturers of bags, pouches, labels, liners, wraps, and other flexible packaging products to leading converting technolo- gy and industrial print providers.
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Flexo Market News November 12, 2018 3
#LABELicious ( Cont’d from Page 1)
case for the year 2025.The entry should demonstrate how label converting technology adds value to a label through new functionality, production meth- ods, or technical innovation. Brand Design — #LABELicious calls for next-gen- eration label design, both visually and from a con- structive and functional perspective. The entry should demonstrate how in 2025, a branded label will create an outstanding experience, with a com- petitive advantage and added value for a brand in its own product category. Sustainability — #LABELicious calls for new ap- proaches to improve sustainability in the field of product labelling.The entry should demonstrate how in 2025, a new approach to label design, production and application can contribute to a positive sustain- ability performance. While the competition was officially launched last week, participants will be able to submit their entries on the website www.Labelicious.eu between Janu- ary 15, 2019, and May 15, 2019. The early launch enables interested young profes- sionals to prepare their ideas in due time, either indi- vidually or in the context of their professional education. During the entire competition, #LABELicious will publish educational and inspirational material from the industry to show its diversity in craftsmanship, its combination of creativity and technology, and its con- tinuous focus on sustainability to improve the envi- ronmental performance of product labeling. Reaching A New Generation The relevance of reaching out to the next genera- tion workforce is illustrated by the industry-wide cross-European support for the project. “The findings of our annual industry survey, the FINAT RADAR, demonstrate the sector’s growing challenge to attract young talents over the past few years,” said Jules Lejeune, Managing Director of FINAT. “This project currently gets support from some 25 international and national trade media com- panies, industry partners of all sizes across the value chain, and virtually all national label associations in Europe, proving that #LABELicious is addressing a top priority challenge.” With the support of the competition’s partners, the international winner in each category will receive a week of industry experience, a complimentary visit to Labelexpo 2019 in Brussels, Belgium, where the awards’ ceremony will take place, and an additional financial reward.
4 November 12, 2018 Flexo Market News
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Advantage Labels Installs Two Mark Andy Digital Presses Advantage Label & Packaging Inc., based out of Grand Rapids, Michigan, employs 52 individuals and serves a variety of traditional and specialty market segments within the label and packaging industry. With regards to equipment, Advantage is a 100 per- cent Mark Andy operation. Its 32,000 square foot fa- cility is home to a Mark Andy Digital Series, Digital One, Performance Series P5 and P7, two 2200 press- es, and an 830 workhorse. The company installed a Digital One and Digital Se- ries press in late 2017, timed to the integration of new workflow management software.The Digital Se- ries was configured specifically for Advantage’s unique needs. Highly configurable, it consists of 5 multi-purpose flexo stations along with 5 Color UV inkjet capability within the digital module. Additionally, the press was built with a turn-bar, corona treater, and a delam/relam unit, largely to sup- port Advantage’s typical label constructions. The company prints back side adhesives and tags at high volume, alongside other unique flexo and tooling work that nicely complements the True Hybrid archi- tecture of the machine. While the Digital Series tackles complex applica- tions, the Digital One is said to be well-suited for runs under 1,600 feet. Indoplas Sees 10 Percent Visitor Increase The recent staging of the Indonesian International Plastics, Packaging and Printing Exhibitions INDO- PLAS, INDOPACK and INDOPRINT 2018, reportedly welcomed 24,918 trade visitors from 31 countries, who came to see the technologies presented by 360 exhibitors from 21 nations on 161,500 square feet. The visitor participations marks a 10 percent increase compared to the 2016 events. The predominantly local visitors came from diverse industries such as au- tomotive and transportation, building and construc- tion, chemical, food and beverage as well as graphic arts and printing companies, retail and the pharma- ceutical sector. Of the exhibitor, 65 percent were from overseas, including country group exhibits from Austria, China, Germany, Singapore andTaiwan. Jointly organized by Messe Düsseldorf Asia and its local partner PT Wahana Kemalaniaga Makmur (WAK- ENI), the three events had the support of K, interpack and drupa.The next edition of INDOPLAS, INDOPACK and INDOPRINT will take place September 2 - 5, 2020, at Jakarta International Expo, Kemayoran, Indonesia.
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6 November 12, 2018 Flexo Market News
Study Examines Sustainable E-Commerce Packaging A new market study from Smithers Pira shows that the total volume of sustainable packaging materials in e-commerce will be $32.9 billion in 2018, up from $28.2 billion in 2017. E-commerce direct-to-con- sumer trade is expanding rapidly.This is yielding new options for packaging, with major firms like DS Smith and Mondi setting up new divisions and product lines for this sales channel. The Future of Sustainable E-commerce Packaging to 2023 charts how demand for sustainable materials worldwide will almost double in five years to reach $63.3 billion.This is creating opportunities for many material suppliers, in particular in corrugated board, which is around 80 percent of this market. Good News E-commerce is generally good news for packaging, as item-level shipments to the customer typically require more packaging material than bulk deliveries to retail sites. Furthermore, removed from a shop environment, the packaging a buyer receives can play a more impor- tant role in how they experience a brand.This means
e-retailers and brands setting up their own e-com- merce channels are willing to invest innovative pack- aging that creates an impression on the consumer. A Sustainable Century A central consideration in the 21st century is sus- tainability. E-commerce has been perceived negative- ly in the past for shipping small items in large pre-cut boxes, with an excess of protective elements that the customer then has to dispose of. This is not funda- mental. As the market matures, a new host of design options that minimize pack size, employ more sus- tainable materials, and are tailored to e-commerce sales channels are reaching the market. Smithers Pira identifies the following four design approaches that will be essential to furthering sus- tainability in e-commerce packaging across the next 5 years — delivering goods safely and transmitting the green credentials of brands and retailers. Box-On-Demand An estimated 98 percent of packs used in e-com- merce were originally designed for use in traditional bricks and mortar retail. When this transitions to e- commerce delivery in pre-cut corrugated boxes it
8 November 12, 2018 Flexo Market News
means that around half may be shipping more around 55 percent empty air, which the retailer, and ultimately the customer pays for. This can be reduced drasticlly by designing the pack to the product being shipped.The fit-to-product concept — creating a box around the shipment, is gaining traction and there are a number of systems becoming available in the market. Fit-to-product sys- tems, such as Box On Demand (BoD) by WestRock, use fanfold corrugated supplied in various widths and grades, which can be custom-printed to suit user requirements at their distribution centre once an order has been received. Initially designed as a manual system, automated ma- chines have now been developed in conjunction with box machine makers, like Panotec. Its EVO machine produces cut and glued boxes ready to form and fill, right-sized to the specified requirement at speeds of up to seven boxes per minute (420 per hour). DS Smith is addressing the same need with its Made2Fit technology. This design platform selects from three board sheet sizes and converts this into one of 33 different box dimensions most appropriate for the product under shipment.The system reduces movement within the box, reducing damage in tran-
sit and the need for protective packaging compo- nents like air pillows. The company reports that in full automation Made2Fit can make up to 1,000 boxes per hour and provide 80 percent of user’s needs up to 600mm x 400mm x 400mm dimensions — achieving a 90.5 percent fill rate for single products and more than 75 percent fill rate for co-mingled pack contents. Die-cut Inserts Another means of reducing contents moving within a box is to employ die-cut inserts patterns.These are growing in popularity as they can also provide an at- tractive way to display the contents on opening. Die cut inserts can be plain brown or white board, the availability of inkjet printers mean short runs of these are increasingly being printed with brand identity or custom-printed with product specific variable informa- tion. Other options including flood coating in a compli- mentary or contrasting color. This can reduce costs while providing vibrant colors and impact on the recipi- ent, especially if an edge-to-edge single color is used. Laser cutters are now making it possible to cut (Cont’d on Page 11)
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Program Confirmed For SGP Community Day
Flexo Market News I NTERNET D IRECTORY
The Sustainable Green Printing Partnership (SGP) has announced its full program of events and speakers for SGP Community Day 2018, taking place in Cincin- nati, Ohio, on November 14th. Ryan Mooney-Bullock of Cincinnati's Green Umbrella will be the keynote speaker. Her presentation, Building a Community: The Heart and Engine of Sustainability , will be fol- lowed by four panels and a session of roundtable dis- cussions. Each panel will focus on the state of sustainability in one of four industries: instore retail, plastics and packaging, textiles, and events and build- ing graphics. Panelists include: Libra Balian, Retail Mar- keting Consultant/Chair, SGP Brand Leader Committee; Rosalyn Bandy, Environmental Director, Tag and Label Manufacturers Institute; David McLain, Market Development Manager, Printpack;Ashley Hood- Morley, Director, Sustainability, Plastics Industry Associ- ation; Paul Glynn, Manager of Operations & Services, Designtex; Mike Compton, Product Marketing Manag- er, Top Value Fabrics; Joe Stapley, National Accounts Manager, Noble Environmental Technologies and Marci Kinter, Vice President - Government & Business Infor- mation, Specialty Graphic Industry Association. Women In Packaging Founder To Speak At London Event Joanna Stephenson, Founder of Women in Packag- ing, will be sharing her know-how alongside a host of industry leaders at a London, England, conference de- livered by The Packaging Society on December 18. Stephenson will deliver an outline of the industry today, career opportunities and the importance of training for jobs in print and packaging. For an industry deemed the fourth largest in the UK, it’s difficult to see why the print and packaging industry isn’t recognised as a definitive industry for school and college graduates to move into, according to The Packaging Society. Stephenson’s talk, focusing on Careers in the Pack- aging Industry , will delve into the importance of recognition for the print and packaging market as a key driver of the UK economy and as a potential av- enue for talented individual.Aligned with experience from her roles as Co-Founder of Women in Packaging UK (WIPUK), Board Director of the European Flexo- graphic Industry Association (EFIA), and Managing Director of packaging marketing agency PHD Market- ing, Stephenson will push the breadth of invaluable opportunities open to men and women who are con- sidering a career in the robust field.
Adheso-Graphics, Inc. www.adheso-graphics.com
AGI manufactures, distributes and converts current tech- nology flexo mounting tapes and backing systems for cor- rugated plate mounting. Flexstik hard vinyl, FlexSoft, bi.esse brand, Gold Series Thin tapes for sleeve and Narrow web plate mounting. Specialty tapes that cover the vast thickness range re- quirements and specific adhesion systems for all flexo mounting requirements. We provide technical service and problem solving services for unique customers & applications.
Anderson & Vreeland, Inc. www.andersonvreeland.com
A&V manufactures a complete line of photopolymer plate processing systems and is a leading distributor of flexo- graphic platemaking materials. A&V also sells digital imag- ing systems and software specifically designed for flexography.
ARC International www.ARCInternational.com
ARC International is a world leader in the manufacturing of roller products for flexography. The latest nanotechnolo- gy laser engraving in our Charlotte and Las Vegas manu- facturing facilities ensures superior quality and consistency in anilox rollers.
Comexi Group Industries S.A.U. www.comexigroup.com
The Comexi Group is a leading supplier of quality flexographic C.I. presses for the flexible packaging indus- try worldwide. We also provide solventless laminators, slitter/rewinders and related peripheral equipment such as automatic wash-up systems, solvent recovery sys- tems, automatic roll unloaders, and plate cylinder/sleeve storage systems. DuPont Packaging Graphics is the world’s leading suppli- er of flexographic printing systems in digital and conven- tional formats; including Cyrel® brand photopolymer plates, Cyrel® FAST processing equipment, Cyrel® round sleeves, mounting and finishing products. For more than 35 years, beginning with Cyrel®, the first photopolymer printing plate, through to today’s digital workflow revolution, DuPont has been driving innovation in the Flexo and package printing industries. The Digital Cyrel® FAST imaging system has been broad- ly recognized for its efficiency, productivity, print perfor- mance, and environmental benefits. DuPont Packaging Graphics www.cyrel.com/na
10 November 12, 2018 Flexo Market News
E-Commerce Packaging ( Cont’d from Page 9) more complex designs, without the need for dies, which again favors the short run work more preva- lent in the e-commerce ordering. Paper-Based Protection Additional protective packaging has less of an im- pact on the environment, and creates less of a nega- tive reaction from customers, if it optimized to be easy to recycle. Most packaging suppliers and brand owners recog- nize that single-material solutions offer the best op- tions in this area, especially if they are fully recyclable. This means that protective elements like moulded fibre inserts are gaining in popularity com- pared to harder to recycle parts, such as expanded polystyrene shapes and air pillows.Adopting a mono- material approach for the whole pack make recy- cling easier, which consumers appreciate. This trend is pushing directly toward more fibre-based products at the expense of polymer protective formats. Sustainable Temperature Control Direct-to-consumer shipments of perishable goods — principally food — are a minor, but growing seg- ment. Meal kits are a growing solution for time-poor modern consumers who wish to enjoy the experi- ence of a premium home-cooked meal. E-commerce shipment cannot depend on the same level of monitoring as professional cold chain logis- tics, especially in the last-mile delivery phase, which is more informal. This is creating a new demand for sustainable insulating materials. Sun Basket, a San Francisco based healthy meal kit provider, has introduced new premium protein recipes, including organic grass-fed steaks, wild-caught halibut and jumbo shrimp.To ensure these reach the customer in the best condition and are still safe to eat, the compa- ny is using an insulation material from Sealed Air. The 100 percent paper TempGuard insulation is manufac- tured for post-consumer and post-industrial newsprint and it is fully recyclable via curb-side collection. Adopting TempGuard has improved Sun Basket shipping temperatures and at the same time reduced its carton dimensions by almost 25 percent. The re- duction in box dimension also enables 30 percent more boxes per shipment, cutting Sun Basket’s car- bon footprint in distribution. BillerudKorsnäs has invested in U.S. start-upVericool. It supplies corrugated box-based packages that can main- tain products at cold temperatures during the critical 96 hours of last-mile delivery for pharmaceuticals, life sci- ence products, and increasingly food and meal kits.
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Flexo Market News November 12, 2018 11
FTA Bringing Focus Back To Flexo At Forum 2019
Flexo Market News I NTERNET D IRECTORY
Flexographic Technical Association (FTA) has an- nounced the official theme of Forum 2019 is All Flexo, All of the Time . The event is set to take place at the Hilton New Orleans Riverside hotel May 5-8, 2019. Chair and co-chair, Ann Michaud of 3M Co. and Hank Welter of TC Transcontinental Packaging, are working to cultivate educational content with 100 percent attention on flexographic printing. The initial start of Forum, Sunday, May 5, will host the first session at 11:30 a.m., instead of the usual 9:30 a.m. thereby giving travelers more time to settle in once they arrive in New Orleans. Recurring ses- sions, including the traditional Flexography 101 and 102 sessions and the fact-based Flexo Quality Consor- tium (FQC) session, have been rearranged to land on different days and times, as compared to past Fo- rums, to give all attendees an equal opportunity to see the sessions of their choosing. Attendees will see the Brand Owners Council iden- tify standards that are relevant to today’s packaging workflows, then provide full details on how their adoption can equip printers to meet the top-quality concerns of their Consumer Product Company (CPC) customers. Leading prepress software developers will demon- strate and educate conference-goers on the latest technologies, by identifying leading screening op- tions, demonstrating use of the software, and the ac- tion taken to produce a graphic. FTA Accepting Entries For Sustainability Awards The Flexographic Technical Association is accepting entries for the 2019 Sustainability Excellence Awards competition. The deadline for entry submission is February 1, 2019. FTA recognized Heritage Envelopes Ltd, an interna- tional member from the United Kingdom, in 2018 for its product, PackMail. This “boxless” packaging alter- native for shipping and storing envelopes keeps the product flat, safe from damage, reduces the environ- mental footprint, cuts back on waste, and lowers CO2 output and fuel consumption. The Sustainability Excellence Awards competition is open to any stakeholder in the flexographic print- ing supply chain, whether an FTA member or not. This includes printers, suppliers, designers, prepress providers, educational facilities and print buyers. En- tries will be judged in one of two categories: Sustain- ability Programs and Innovations in Sustainability.
Eaglewood Technologies, LLC www.eaglewoodtech.com
Eaglewood Technologies provides the award-winning Sitex- co Laser Systems, Sanilox ™ Systems and Sani-Blast ™ Mobile Service. Sitexco Laser Systems are the latest technology in anilox roll cleaning and are perfect for packaging and label printers. Sanilox ™ Systems are the global standard of reli- able, environmentally safe anilox roll cleaning. Sani-Blast ™ cleaning service has been cleaning rolls for over 20 years and offer several cleaning options to minimize downtime. Flint Group Flexographic Products develops, manufactur- ers and markets an extensive portfolio of printing consum- ables, including: nyloflex ® photopolymer printing plates and processing equipment, and dayCorr ® die-cutting blankets and anvil covers. With a strong customer focus, unmatched service and support, and superior products, Flint Group strives to provide exceptional value, consistent quality and continuous innovation to customers around the world. Flint Group www.flintgrp.com
Harper Corporation of America www.harperimage.com
We’ve made ceramic anilox rolls longer than anyone in the world and pride ourselves on being the best in the world. Whether wide web, narrow web, newspaper, or cor- rugated markets, Harper continuously strives to bring new flexographic products and services to the printing industry that will improve the quality of your graphics.
J I MacWilliam Co., Inc. www.jimacwilliam.com
Used equipment for flexible packaging, folding carton, paper, film, foil and non-woven industries. Professional, knowledgeable service for more than 30 years.
KBA-Flexotecnica – Get the Edge www.kba-flexotecnica.com/en/
Flexotecnica’s patented Safe Sleeve Change ® system and Speedy Clean ® auto washup system are designed to give converters a competitive edge through Flexotecnica’s commitment to research and development. Sales, service and support for Flexotecnica presses is provided by KBA North America, Inc. in Dallas, Texas with U.S. resident technicians, an extensive spare parts inventory and an ex- perienced, dedicated service staff. Mark Andy, Inc. is a leading global manufacturer of nar- row and mid-web printing and converting equipment. The company has a rich history of delivering solutions to in- crease productivity and profitability for the label and pack- aging markets. The company supplies leading global brands including Comco printing/converting machinery, Mark Andy printing/converting machinery and UVTechnolo- gy curing systems and replacement parts. Mark Andy, Inc. is headquartered in St. Louis, Missouri, with sales and dis- tribution offices in France, Switzerland, and the UK. Mark Andy, Inc. www.markandy.com
12 November 12, 2018 Flexo Market News
“Register is perfect”
“The image pops off the web”
“Highlight dots are clean, crisp and solid”
Yabba dabba doozie! Windmoeller & Hoelscher congratulates Transcontinental Robbie on winning Gold and Best of Show at the Flexographic Technical Associations (FTA) 2018 Excellence in Flexography Awards in the wide-web category. These jump-off-the-package Fruity Pebbles ™ and Cocoa Pebbles ™ cereal wrappers were printed by TC Robbie on a 10-color MIRAFLEX press from Windmoeller & Hoelscher. We’re not the only ones who are excited. Based on what the judges had to say, they were, too. “The image pops off the web!”, “Highlight dots are clean, crisp and solid”, “Register is perfect”. W&H congratulates all of this year’s winners and entrants for their pursuit of brilliant flexographic print quality.
WINDMOELLER&HOELSCHER PASS I ON FOR I NNOVAT I ON
Global RFID Market Reaches $11 Billion
IDTechEx Research has released its latest RFID re- port titled RFID Forecasts, Players and Opportuni- ties 2018-2028 . Based over 18 years of experience assessing the RFID market, and with direct input from vendors across the supply chain, the report provides detailed historic sales going back to 2005 to forecasts through to 2028, segmented by application for each key fre- quency for passive RFID in addition to assessing the RFID reader and active RFID market size. In total, IDTechEx Research finds that the RFID in- dustry will be a business worth $11 Billion in 2018. Of that, passive RFID tags make up $5.01 Billion and RFID readers $2.85 Billion. Wide Variation The numbers of units sold and their average sales price vary across the range of choices. In 2018, IDTechEx expects that 11.5 billion RAIN RFID labels (RFID operating at ~900MHz) will be sold, versus 4.0 billion HF devices (RFID operating at 13.56MHz). In 2018, use of RAIN RFID on apparel will reach about 10 percent of the total addressable market (TAM) of tagging retail apparel – estimated to be 80 billion units per year. By 2023, IDTechEx forecast the number of tagged apparel items will grow to 21 bil- lion units. Particularly strong growth is expected for tag- ging airline baggage. This year the key body, IATA, announced that they are developing an RFID stan- dard for baggage tagging with the aim of airlines rolling out RFID in 2020. Delta Airlines is already an early mover.The market has a TAM of 3.6 billion tags a year. Global Projects RAIN RFID is deployed across many industries in small volumes for each project but globally these add up to increasingly significant volume – IDTechEx finds 2 billion RAIN RFID tags will be used for asset tracking in 2018 alone across many industries. HF RFID is established for payments, secure access and transit applications. The tag ASP is much higher than RAIN RFID due to the security required in those applications. In 2018, 2.15 Billion contactless cards will be sold, with growth coming from contactless payment cards in addition to contactless transit cards. The second largest market for HF tags by value will be those tags used in passports — a market of $442 million for the tags alone in 2018.
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14 November 12, 2018 Flexo Market News
New Design. Even Greater Performance.
The award winning Performance Series platform has been elevated to be even more responsive to converter needs. The new P7 ensures more consistency in the pressroom, helping increase productivity and improving your bottom line.
Upgrades include: • Direct servo improvements • Fully automated job register • Ergonomically integrated print station controls
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Tailor made solutions from Koenig & Bauer
Koenig & Bauer presses are tailored to your specifications ÀÍÜº¹×¥ģë§§´§×ìȽV¥§º² ÀÜ×§×Ⱥ"Í¹ºº¡§ºÍ§º¡ȸ (×´§ºÍ ×Ñ¹ºÑ¥§ÊȸÊ´ÜÑ American customer service – ×¥Ñ×À ´´æÀÍ´ÑȽ "§åÜÑ´´×À´Íº¹ÀÍȽ Koenig & Bauer +1 (800) 522-7521 ºə¹Í²×§º¡ˉ²Àº§¡əÜÍȽÀ¹ ²Àº§¡əÜÍȽÀ¹Page 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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