The document appears to be a presentation about search engines and trademarks given on May 21, 2009. Some key points discussed include: - Google changed their trademark policy 12 months prior which led to a 50% rise in costs per click (CPC). - The greatest impact was on "pure" trademarks and changes were seen in affiliate trademark strategies. - Recommendations are given around not leaving max CPCs exposed, testing conversions on competitor terms, using brand monitoring tools, and taking action. - Future changes are expected from Google expanding their policy changes to more locations on June 4th and further trademark policy changes in the US. Yahoo and Microsoft may also further relax their policies.