2. f i n a n c i a l a n d o pe r at i n g h i g h l i g h ts For the years ended December 31,
2008* 2007 2006
($ Millions, except per share)
Financial Results
$ 5,363 $ 4,648 $ 4,281
Operating revenues
1,645 1,427
Operating income (loss) (230)
436 531
Income (loss) from continuing operations (823)
1,073 438
Net income (loss) available to common shareholders (860)
$ (1.24) $ 1.54 $ 0.65
Basic net income (loss) per common share
$ (1.24) $ 1.53 $ 0.64
Diluted net income (loss) per common share
$ 23,668 $ 24,579 $ 27,261
Total assets
1,090 331 1,360
Short-term financing obligations, including current maturities
12,818 12,483 13,329
Long-term financing obligations
4,035 5,280 4,186
Stockholders’ equity
2,370 1,805 2,103
Cash flow from operations
Operating Results
Pipeline throughput volumes (Bbtu/d)
17,051 16,397 15,307
Company-owned pipeline systems
1,763 1,734 1,705
Equity investments
18,814 18,131 17,012
Total throughput
Exploration & Production (Bcfe)
272 289 266
Consolidated production
27 25 25
Unconsolidated affiliate production
2,325 2,853 2,415
Consolidated reserves
222 256 222
Unconsolidated affiliate reserves
*In 2008, El Paso reported $2.7 billion of non-cash, pre-tax ceiling test charges in its E&P segment, as well as a $125 million non-cash impairment related to its investment in Four Star.
i t e m s i m pac t i n g 2 0 0 8 a n d 2 0 0 7 r e s u lts 2008 2007
($ Millions, except EPS) Pre-tax After-tax Diluted EPS Pre-tax After-tax Diluted EPS
$ (860) $ $ 1,073 $ 1.53
Net income (loss) available to common shareholders (1.24)
Adjustments 1
$ 2,794 2,024 2.90 $
Ceiling test charges and Four Star impairment – – –
MTM impact of E&P derivatives 2 (287) (183) (0.26) – – –
Sale of ANR and related assets – – – (1,043) (674) (0.96)
46 29 0.04 77 49 0.07
Change in fair value of power contracts
11 7 0.01
Case Corporation indemnification (65) (27) (0.04)
Change in fair value of production-related
50 32 0.04 89 57 0.08
derivatives in Marketing
30 19 0.03
Change in fair value of legacy indemnification – – –
Gain on sale of portion of telecommunications business (18) (12) (0.01) – – –
Other legacy litigation adjustments (23) (26) (0.03) – – –
Legal restructuring benefit – (40) (0.06) – – –
Crude oil trading liability – – – (77) (49) (0.07)
72 72 0.10
Brazilian power impairments – – –
291 186 0.27
Debt repurchase costs – – –
Effect of change in number of diluted shares – – (0.06) – – (0.03)
$ 1.31 $ 1.00
Adjusted EPS—Continuing operations 3
1 All adjustments assume a 36 percent tax rate, except the International portion of the ceiling test charges; sale of ANR and related assets; the Case Corporation indemnification; other legacy
litigation adjustments; Brazilian power impairments; and 696 million and 699 million diluted shares in 2008 and 2007, respectively.
2 Includes $305 million of mark-to-market gains on derivatives adjusted for $18 million of realized gains from cash settlements.
3 Reflects fully diluted shares of 766 million and 757 million in 2008 and 2007, respectively, and includes income impact from dilutive securities.
3. Letter to Shareholders—2008 was a year with two distinct chapters.
Chapter one included strong and rising commodity prices,
growth in both core businesses, strong earnings and cash flow,
and a six-year high for our stock price. Chapter two was the polar
opposite, characterized by a worldwide recession, the collapse
of capital markets, falling commodity prices, and very close to
a five-year low for our stock price. 2008 also included a very
active hurricane season that affected our operations offshore
in the Gulf of Mexico, onshore along the Gulf Coast, and even
our headquarters in Houston where Hurricane Ike inflicted
meaningful damage.
In spite of this unprecedented volatility, we Accomplishments
stayed focused on our two core businesses and But for a precipitous drop in commodity prices
during the fourth quarter, 2008 would have been
closed the year with some significant achieve-
ments under our belt. I will share some of these our sixth consecutive year of improved earnings.
in this letter, but I don’t want to gloss over the Both core businesses — Pipeline and Exploration
fact that in spite of our efforts and in spite of & Production — contributed to that success. In
these accomplishments, our stock performed the Pipeline business, we placed seven growth
poorly. In the current environment, there is a projects in service during the year. In the suc-
great temptation to lay all of this off on “the col- cessful completion of these projects we saw the
lapse of the market” or “conditions outside our positive effects of all of the investment we’ve
control.” Two things to point out: First, that isn’t made over the last two years in improving our
completely true; and, second, it doesn’t change commercial skills, our supply chain management
the fact that you, our shareholders, lost money expertise, and our ability to successfully execute
on your investment in El Paso in 2008. For that, on projects. These investments will pay huge
I take full responsibility. Also, as a long-term dividends as we move forward on our signature
achievement for 2008—increasing our backlog of
shareholder and someone who has made signif-
committed growth projects to $8 billion, which
icant purchases of our stock, I can safely say that
we expect to generate an incremental $1.2 billion
no one suffered greater loss as a percentage of
their personal worth than me. The same can in cash flow annually when fully in service. This
be said for the rest of the leadership of your is the best growth backlog in the industry,
company, and we are all committed to leading because it is supported by long-term capacity
El Paso through this challenging period and commitments from our customers and because
delivering long-term value to you that will we have mitigated a significant portion of the
make you glad that you allowed us to steward capital risk. And all of this was accomplished
your investment. while achieving the best safety performance in
our history.
1
4. In our Exploration & Production business, access capital markets under any commodity price
scenario for the remainder of 2009.
we grew our non-proved inventory by almost
30 percent year-over-year. And that growth was
in areas that have all the attributes we look for — Missteps
significant acreage positions that are largely held Our biggest single misstep during the year was
by production, large numbers of relatively low- not anticipating the bursting of the commodity
risk, repeatable drilling opportunities that allow bubble and the meltdown of the capital markets.
us to achieve substantial benefits from continuous Had we been able to do so, we would have cer-
improvement, and longevity of reserves. This tainly managed our business differently, hedging
business unit also replaced almost 200 percent production out beyond 2009, cutting capital
of its reserves during the year at a cost per unit sooner, and paying down debt earlier. With hind-
domestically of $2.87 per million cubic feet sight, of course, we all should have seen this
equivalent (Mcfe), before considering the effects coming. But the fact is we did not. In addition, we
of the price-related oil and gas reserve revision allocated too much capital to our onshore Texas
at year-end. This was a 12 percent improvement Gulf Coast region and stuck with our spending
over 2007 in a year when most costs were at all- program too long when results were below expec-
time highs. These accomplishments are a direct tations. The result of this was sub-par production
result of our asset high-grading process over the volume performance for the year for this region,
last few years, our continued improvement in our which dragged down an otherwise good perform-
supply chain skills, and a focus on larger scale, ance in the Exploration & Production business
more repeatable drilling programs. We also had as a whole. We work to continuously improve as
exploration success during the year in Brazil and an organization, so we have incorporated the learn-
ings from these missteps into our 2009 Plan.
expect our first large development to come on
stream in the second quarter of this year. In
Egypt, we kicked off our drilling campaign after 2009 and Beyond
building a significant acreage position in the We find ourselves today in uncharted waters.
prolific onshore Western Desert area. Commodity prices are low and have descended at
Our cash flow from operations for 2008 was a much faster rate than costs. Demand for our
up 30 percent from 2007. In addition, during the primary product, natural gas, is down. We are
year we worked diligently to put in place com- trying to forecast when the effects of a dramatic
modity price protection for 2009. The end result drop-off in drilling activity will result in a rebal-
is that we achieved a floor price for 75 percent ancing of the supply/demand equation. The global
of our 2009 domestic gas production at around recession means some new realities in capital
$9 per Mcf and 60 percent of our oil was sold at markets, maybe for the long term. The monetary
approximately $110 a barrel for 2009. As market and fiscal stimulus from Congress, the Treasury,
conditions declined in the second half of the and the Federal Reserve means that many of the
year, and ever mindful of our capital needs going macro-economic drivers for our business will
forward, we built liquidity significantly. As I write suffer distortion. Any one of these would be a
this letter in early March, we have $3.3 billion in real leadership challenge, but, in combination,
liquidity, effectively eliminating our need to they result in an unprecedented need to lead this
2
5. Our cash flow from operations for 2008 was up 30 percent from 2007. In addition, during
the year we worked diligently to put in place commodity price protection for 2009.
The end result is that we achieved a floor price for 75 percent of our 2009 domestic gas
production at around $9 per Mcf and 60 percent of our oil was sold at approximately
$110 a barrel for 2009. As market conditions declined in the second half of the year, and
ever mindful of our capital needs going forward, we built liquidity significantly. As I
write this letter in early March, we have $3.3 billion in liquidity, effectively eliminating
our need to access capital markets under any commodity price scenario for 2009.
— d o u g f o s h e e , President and Chief Executive Officer
organization in real-time, to constantly reassess significantly over the next five years with the proj-
the assumptions in our plan, to maintain max- ects already in hand. We have a great Exploration
imum flexibility to respond to near-term events, & Production business that will live within its
and to communicate regularly with our primary means during this time of low commodity prices,
constituents, starting with the 5,000 members of while preserving the optionality that exists in
Team El Paso. its large inventory of low-risk unconventional
So in this environment, what are we doing? properties. And third, we have an important
First, we acted quickly to address our liquidity strategic weapon at El Paso—5,000 team members
for 2009, and now we’re working on 2010 and who are engaged and committed to achieving our
beyond. Second, we have cut our capital spending longer-term vision for this company to be the
plans, and may cut further to the extent that Place to Work, the Neighbor to Have, and the
market conditions dictate. But we’ve made these Company to Own. We know they are talented,
cuts with some principles in mind. Our highest motivated, and engaged because we measure it.
priority is to execute on the growth backlog in our And we’ve been honest with them about the chal-
Pipeline business, and do that on-time and on- lenges ahead and the sacrifices that we will ask
budget. We view our Exploration & Production them to make for our future. Our employees are
expenditures in this environment as largely dis- battle-tested and capable of leading the company
cretionary, but we want to preserve our inventory through just this kind of environment.
so that as commodity prices recover we can Thank you for the faith you show in us by
capture that value. We are working to shorten allowing us to be stewards of your investment.
the duration of our supply chain so that we can We will work tirelessly to make that a wise
maximize our ability to reduce costs in areas where decision.
overcapacity exists, and we continue to work with
our vendor partners to reduce costs. Finally, we’re
taking actions to ensure that we can withstand
a prolonged period of low commodity prices.
This is as challenging a time in our industry Douglas L. Foshee
as any of us have ever experienced. 2009 will be a President and Chief Executive Officer
difficult year. But we have three core strengths
to build on that put us in good stead. First, our
primary commodity, natural gas, is uniquely posi-
tioned to help address our country’s energy needs
and environmental challenges. Natural gas is
abundant, it is clean, and it will be the primary
bridge fuel as we continue to work to reduce
our carbon footprint nationally. Second, we
have assets that are well-suited to benefit from
the growth of natural gas as a primary energy
source. We have the best natural gas pipeline
assets in the business, and we will grow them
3
6. Our commitment to safety, quality customer service, and reli-
able operations helps our Pipeline Group deliver exceptional
performance, year-in and year-out. As owners and operators
of North America’s premier interstate natural gas pipeline
network, El Paso connects major producing regions with growing
population centers.
We own North America’s largest interstate natural to capitalize on growth opportunities and the
gas pipeline system. Our approximately 42,000 dynamics of shifting supply and demand. Our
miles of pipe connect North America’s major backlog of committed pipeline projects has grown
from $4 billion as we entered 2008 to nearly $8
natural gas producing basins to markets from
billion. In 2008, we committed to new growth
coast-to-coast and border-to-border. For more
than 80 years, this infrastructure has helped to projects in the Northeast, Southeast, and West,
fuel the engine of the U.S. economy. We have all of which will be placed in service between
2009 and 2012. The largest of these is our Ruby
a proven track record of performance, and we
Pipeline, a new 675-mile, 42-inch pipeline which
will play a vital role in our nation’s economic
recovery. will connect competitively priced natural gas
Due to the size, connectivity, and diversity reserves in the Rocky Mountain region with
of our U.S. pipeline system, we have been able markets in the Western United States. It will be
In 2008, we placed seven new
growth projects in service
that are now earning revenue.
These projects are located in
the Rockies and Southeast.
In 2009, we are scheduled
to complete four additional
expansion projects that will
contribute 550 million cubic
feet per day in combined
daily throughput.
ELBA ISLAND
L N G FAC I L I TY
2008 Expansion Projects
i n - s e rv i c e d at e a n d d a i ly t h ro u g h p u t
Million cubic feet per day (MMcf/d)
WIC Kanda Cypress, Cheyenne Plains Southeast Supply Medicine Bow Bluewater High Plains
Lateral Phase II Compression Header, Phase I Reconfiguration Pipeline
January 2008 May 2008 August 2008 September 2008 October 2008 November 2008 November 2008
MMcf/d MMcf/d MMcf/d MMcf/d MMcf/d MMcf/d
900 MMcf/d
410 114 70 136 330 340
4
7. We delivered consistent financial results again in 2008. Throughput increased — up 4
percent over 2007 — in spite of an active hurricane season in 2008, the global economic
slowdown, and a generally milder winter and summer. We made meaningful progress
on our nearly $8 billion committed backlog of expansion projects, the largest in our
history. And we did all this while achieving our best-ever employee safety record and
reliably serving our customers 24/7.
— j i m ya r d l ey President, Pipeline Group
El Paso’s employees across our are committed to holding
operations share the common ourselves to these high
standards every day. In 2008,
values of stewardship, integri-
ty, safety, accountability, Pipeline Group employees
and excellence. More than recorded the company’s best
words on our team logo, we safety performance ever.
ready for service in early 2011. This backlog of
projects gives us a clear line of sight to annual
pipeline earnings growth for the next five years.
But we’re not just pipelines. A key component
of the natural gas delivery system is the ability to
store gas for delivery to meet the market’s needs.
We own approximately 230 billion cubic feet of
storage capacity that provides our customers the
operational and financial flexibility they need.
Reliable supplies of liquefied natural gas
(LNG) are also a critical component of the U.S.
energy mix going forward. We own one of North
America’s best-located LNG facilities, Elba Island,
near Savannah, Georgia. Elba Island receives
regular LNG shipments from stable supply sources,
and serves as a key natural gas supply hub for
markets in the Southeastern and Eastern United
States, with current daily sendout capacity of
more than 1.2 billion cubic feet. And we’ll place
in service a major expansion of our Elba Island
facility in 2010.
In 2009, our focus is to enhance the value
of our transmission business by successfully exe-
cuting on our backlog of committed expansion
projects on-time and on-budget. And our day-
to-day operations will be guided by El Paso’s
common purpose to deliver natural gas and
related energy products in a safe, efficient, and
dependable manner.
5
8. As opportunities expand for El Paso Exploration & Production
Company, we remain focused on the fundamentals of exploring
for and producing natural gas and oil. In an extremely compet-
itive business, this focus has helped us move closer to our goal
of becoming a top-tier exploration and production company.
Our Exploration & Production Company explores Oil and Gas Company. In addition to our proved
El Paso Exploration &
reserves, we closed out 2008 with significant
Production explores for, devel- for, acquires, develops, and produces natural gas
ops, and produces natural gas resource inventory, including 3.5 trillion cubic feet
and oil in the United States, Brazil, and Egypt.
and oil in four key onshore
Our balanced program of development and explo- equivalent of net risked unproved resource poten-
and offshore regions of the
ration, which is focused on low-risk, repeatable tial. During the year, our production averaged
United States — Central,
about 816 million cubic feet equivalent per day,
programs, helps us find and produce energy to
Western, Texas Gulf Coast,
including 74 million cubic feet equivalent per day
meet U.S. energy needs.
and Gulf of Mexico/South
At the end of 2008, we controlled 3.8 million
Louisiana — as well as attributable to our share of Four Star equity vol-
offshore Brazil and
net leasehold acres. Our proved natural gas and umes. We have a significant portfolio of devel-
onshore Eg ypt.
oil reserves were about 2.3 trillion cubic feet opment and exploration projects that includes
equivalent, excluding 0.2 trillion cubic feet related both long- and shorter-lived properties, which we
to our unconsolidated investment in Four Star operate in four U.S. regions and internationally.
International Regions
BRAZIL
ELBA ISLAND
L N G FAC I L I TY
EGYPT Operating Regions
d a i ly p ro d u c t i o n
Million cubic feet per day equivalent (MMcfe/d)
Central Western Texas Gulf Gulf of Mexico/ International
Coast South Louisiana
2008 Production 2008 Production 2008 Production 2008 Production 2008 Production
MMcfe/d MMcfe/d MMcfe/d MMcfe/d
11 MMcfe/d
312 154 225 114
6
9. In a year of unprecedented challenges, we achieved several important milestones in
2008. We added significant inventory to our future capital projects and achieved the
lowest domestic reserve replacement costs, excluding price revisions, in many years.
We added 595 billion cubic feet equivalent of proved reserves before price revisions,
completed divestitures that generated $637 million of proceeds, and strengthened our
team in an exceptionally tough talent environment. Throughout the year, we held to
our values as a company and remained focused on our objectives.
— b r e n t s m o l i k President, El Paso Exploration & Production Company
Strategic acquisitions have been a big part of ing of our existing inventory toward lower-risk, El Paso’s employees work
toward a common vision of
our growth story over the past five years. Signif- onshore basins in the United States.
being the Place to Work, the
icant acquisitions include Medicine Bow, with Internationally, the company has established
Neighbor to Have, and the
operations in the Western United States and an operations in Brazil and recently began opera- Company to Own. Our
ownership interest in Four Star; Peoples Energy tions in Egypt. Our operations in Brazil cover office in Eg ypt completed
approximately 329,000 net acres in seven blocks
Production Company, with operations in east and an extensive seismic survey
south Texas, north Louisiana, and Mississippi; and eight development areas in the Camamu, project, involving more
than one million contractor
and producing properties and undeveloped acre- Espirito Santo, and Potiguar basins located off-
working hours, with zero
shore Brazil. Production in Brazil averaged 11
age in Zapata County in south Texas. We have
recordable safety incidents.
million cubic feet per day equivalent in 2008.
also completed smaller “bolt-on” acquisitions of
Our Egyptian operations include 1.2 million net
incremental interests where we already had exist-
ing operations. acres in two onshore blocks in Egypt’s Western
In addition to acquisitions, strategic divesti- Desert.
tures have allowed us to highlight the strength of Our program has upside potential in the
our remaining assets. During 2008, as part of areas of infill drilling, emerging shale plays,
and international exploration. In 2009, we will
our efforts to high-grade our asset portfolio, we
completed the sale of non-core properties prima- continue to focus on lower-risk, repeatable pro-
rily in the Texas Gulf Coast and Gulf of Mexico grams in the onshore regions of the United States,
regions. In January 2009, we completed the sale while preserving opportunities for future growth
of additional non-core natural gas producing as business cycles emerge from the current global
properties in our Western and Central regions. economic challenges.
These transactions have increased the weight-
7
10. Board of Directors
Juan Carlos Braniff James L. Dunlap Douglas L. Foshee* Robert W. Goldman Anthony W. Hall, Jr.
Chairman Former Vice Chairman President and Chief Financial Consultant Chief Administrative
Capital I Ltd. Partners President and Chief Executive Officer Former Senior Vice Officer
Operating Officer El Paso Corporation President, Finance and City of Houston, Texas
Ocean Energy/United Chief Financial Officer
Meridian Corporation Conoco Inc.
*Member of Management Team
Ronald L. Kuehn, Jr. ◊ Ferrell P. McClean Steven J. Shapiro J. Michael Talbert Robert F. Vagt
Chairman of the Board Former Managing Former Executive Vice Former Executive President
El Paso Corporation Director and Senior President and Chief Chairman of the Board The Heinz Endowments
Advisor Financial Officer Transocean Inc.
J.P. Morgan Chase Burlington Resources Inc.
& Co.’s Global Oil
& Gas Group
Management Team
Robert W. Baker James J. Cleary D. Mark Leland Susan B. Ortenstone Brent J. Smolik
Executive Vice President President Executive Vice President Senior Vice President President
and General Counsel Western Pipelines and Chief Financial Human Resources El Paso Exploration
Officer & Administration & Production Company
8
11. Cautionary Statement Regarding Forward-looking Statements
This report includes certain forward-looking statements and pro-
jections. The company has made every reasonable effort to ensure
that the information and assumptions on which these statements
and projections are based are current, reasonable, and complete.
However, a variety of factors could cause actual results to differ
materially from the projections, anticipated results or other expec-
tations expressed in this report, including, without limitation, our
ability to meet our debt maturities; volatility in, and access to, the
capital markets; our ability to implement and achieve our objec-
tives in our 2009 Plan, including achieving our earnings and cash
flow targets; the effects of any changes in accounting rules and
guidance; our ability to meet production volume targets in our
Exploration & Production segment; our ability to comply with the
covenants in our various financing documents; our ability to obtain
necessary governmental approvals for proposed pipeline and E&P
projects and our ability to successfully construct and operate such
projects; the risks associated with recontracting of transportation
commitments by our pipelines; regulatory uncertainties associated
Principal Corporate Office
with pipeline rate cases; actions by the credit rating agencies; the
El Paso Corporation
successful close of our financing transactions; our ability to close
1001 Louisiana Street
asset sales, as well as transactions with partners on one or more of
Houston, Texas 77002
our expansion projects that are included in the plan on a timely
713-420-2600 basis; credit and performance risk of our lenders, trading counter-
parties, customers, vendors and suppliers; changes in commodity
Stock Transfer Agent prices and basis differentials for oil, natural gas, and power; our
and Registrar ability to obtain targeted cost savings in our businesses; inability
Computershare Trust Company to realize anticipated synergies and cost savings on a timely basis
has been appointed transfer agent, or at all; general economic and weather conditions in geographic
registrar, dividend reinvestment
William H. Joyce ◊ regions or markets served by the company and its affiliates, or
Thomas R. Hix
agent, and is the agent of our where operations of the company and its affiliates are located,
Former Chairman of
Former Senior Vice
continuous odd-lot stock sales including the risk of a global recession and negative impact on
the Board and Chief
President, Finance and
program. Inquiries with respect natural gas demand; the uncertainties associated with govern-
Executive Officer
Chief Financial Officer
Nalco Company mental regulation; political and currency risks associated with
Cooper Cameron to stock accounts and dividends
Corporation international operations of the company and its affiliates; competition;
and requests to transfer certifi-
and other factors described in the company’s (and its affiliates’)
cates should be addressed to:
Securities and Exchange Commission (SEC) filings. While the
Computershare Trust company makes these statements and projections in good faith,
Company, N.A. neither the company, nor its management, can guarantee that
P.O. Box 43010 anticipated future results will be achieved. Reference must be made
Providence, Rhode Island to those filings for additional important factors that may affect
02940-3010 actual results. The company assumes no obligation to publicly
update or revise any forward-looking statements made herein or
877-453-1503
any other forward-looking statements made by the company,
www.computershare.com/investor
whether as a result of new information, future events, or otherwise.
Stock Exchange Listing
Cautionary Note to U.S. Investors
El Paso Corporation common
stock is listed for trading on the Note that the SEC permits oil and gas companies, in their filings
New York Stock Exchange under
◊ with the SEC, to disclose only proved reserves that a company has
Joe B. Wyatt
John L. Whitmire
the ticker symbol “EP.” demonstrated by actual production or conclusive formation tests to
Chancellor Emeritus
Chairman of the Board,
be economically and legally producible under existing economic
Vanderbilt University
CONSOL Energy, Inc.
and operating conditions. We have used certain terms in this report,
such as unproved resources, that the SEC’s guidelines strictly pro-
hibit us from including in filings with the SEC. The SEC defines
proved reserves as estimated quantities that geological and engineer-
ing data demonstrate with reasonable certainty to be recoverable
in the future from known reservoirs under the assumed economic
conditions. Investors are urged to closely consider the disclosures
and risk factors in our forms 10-K and 10-Q, available from our
offices or from our website at http://www.elpaso.com, including the
inherent uncertainties in estimating quantities of proved reserves
and unproved resources.
Non-GAAP Information
El Paso uses the non-GAAP financial measure Adjusted EPS. Adjust-
ed EPS is diluted earnings (loss) per common share from continuing
operations adjusted for certain specified items. Adjusted EPS is
useful in analyzing our ongoing earnings potential. References to
incremental revenues from our committed pipeline growth projects
◊ Not standing for re-election and
James C. Yardley
are reflected on a proportional basis.
retiring from the Board at the
President close of the 2009 annual meeting.
Pipeline Group
This report is printed on acid-free recycled paper that contains 30 percent
post-consumer waste.
