Item 1. Business ................................................. 3 Item 2.
ITEM 2. PROPERTIES
The executive offices of Transamerica Corporation are located in the Transamerica Pyramid in San Francisco, California, a 48-story office building owned by a subsidiary of Transamerica. In 1986 the subsidiary borrowed $85,000,000, secured by a deed of trust on the property for ten years. Approximately 17% of the 450,000 square feet of rentable space is occupied by Transamerica and its subsidiaries.
Transamerica Life Companies own the Transamerica Center in Los Angeles, California, which consists of a 32-story building, an 11-story building and a 10-story building. Transamerica Center is the home office of Transamerica Life Companies, Transamerica Finance Group and certain other subsidiaries of Transamerica. Approximately 71% of the 1,295,000 square feet of rentable space is occupied by Transamerica subsidiaries.
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
Various pending or threatened legal proceedings by or against the Corporation or one or more of its subsidiaries involve tax matters, alleged breaches of contract, torts, employment discrimination, violations of antitrust laws and miscellaneous other causes of action arising in the course of their businesses. Some of these proceedings involve claims for punitive or treble damages in addition to other specific relief.
Based upon information presently available, and in light of legal and other defenses and insurance coverage available to the Corporation and its subsidiaries, contingent liabilities arising from threatened and pending litigation, income taxes and other matters are not expected to have a material effect on the consolidated financial position or results of operations of the Corporation and its subsidiaries.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS
Not applicable.
ITEM 4A. EXECUTIVE OFFICERS OF THE REGISTRANT
See Item 10 in Part III of this Report.
PART II
ITEM 5.
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The following information in the Transamerica Corporation 1994 Annual Report is incorporated herein by reference:
Markets on which the Corporation's common stock is traded--"Common Stock Listed and Traded," page 88.
High and low sale prices for the Corporation's common stock for each quarter in 1994 and 1993--"Supplementary Financial Information," page 81.
Frequency and amount of cash dividends declared during 1994 and 1993--"Selected Eleven-Year Financial Data--Note E," page 82.
There were approximately 53,200 common stockholders of record as of the close of business on February 28, 1995.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA
The following items for each of the five years in the period ended December 31, 1994, included in "Selected Eleven-Year Financial Data" on pages 82 and 83 of the Transamerica Corporation 1994 Annual Report, are incorporated herein by reference:
Revenues Income from continuing operations Earnings per share of common stock--Income from continuing operations Dividends declared per share of common stock Total assets Notes and loans payable: Long-term debt
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The textual information set forth under the caption "Financial Review" on pages 44 through 61, together with the tables under the headings "Operating Income by Line of Business" on page 45 and "Unallocated Interest and Other Expenses" on page 58 of the Transamerica Corporation 1994 Annual Report, are incorporated herein by reference.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The following consolidated financial statements and supplementary financial information of the Corporation and its subsidiaries in the Transamerica Corporation 1994 Annual Report are incorporated herein by reference:
Consolidated Balance Sheet--December 31, 1994 and 1993--pages 62 and 63.
Consolidated Statement of Income--Years ended December 31, 1994, 1993 and 1992--page 64.
Consolidated Statement of Cash Flows--Years ended December 31, 1994, 1993 and 1992--page 65.
Consolidated Statement of Shareholders' Equity--Years ended December 31, 1994, 1993 and 1992--page 66.
Notes to Financial Statements--December 31, 1994--pages 67 through 79.
Supplementary Financial Information--Years ended December 31, 1994 and 1993--page 81.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Not applicable.
PART III
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The information set forth under the caption "(1) Election of Directors" in the Proxy Statement of Transamerica Corporation dated March 17, 1995 is incorporated herein by reference.
The officers of the Corporation are listed below. Executive officers are designated by an asterisk.
Mr. Herringer was elected Chief Executive Officer in 1991. He has been President of the Corporation since 1986.
Mr. Carpenter was elected Executive Vice President of the Corporation in 1993. He was Group Vice President of the Corporation from 1990 to 1993. He has been Chairman and Chief Executive Officer of Transamerica Occidental Life Insurance Company since 1985.
Mr. Finn was elected Executive Vice President of the Corporation in 1993. He was Group Vice President of the Corporation from 1990 to 1993. He has been President of Transamerica Finance Group, Inc. since 1988 and was elected its Chief Executive Officer in 1990.
Mr. Grubb was elected Secretary of the Corporation in 1995. He was elected Executive Vice President and Chief Financial Officer of the Corporation in 1993. He was Senior Vice President of the Corporation from 1989 to 1993.
Mr. Cusack was elected Senior Vice President of the Corporation in 1993. He was Vice President--Corporate Development of the Corporation from 1989 to 1993.
Mr. Latzer was elected Senior Vice President and Chief Investment Officer of the Corporation in 1988. Since 1988, he has been President and Chief Executive Officer of Transamerica Investment Services, Inc.
Ms. Breakiron-Evans was elected Vice President and General Auditor of the Corporation in 1994. She was with Arthur Andersen & Co. from 1980 to 1994 where she served as an Audit Partner in the San Francisco office from 1990 to 1994.
Mr. Broome was elected Vice President and Controller of the Corporation in 1979.
Mr. Colwell was elected Vice President--Real Estate Services of the Corporation in 1977. Since 1972, he has been President of Transamerica Realty Services, Inc., a subsidiary of the Corporation.
Mr. Dox was elected Vice President--Taxes of the Corporation in 1993. He was a Tax Partner with Ernst & Young LLP from 1977 to 1993, serving in the Los Angeles office from 1983 to 1993.
Mr. Hawkins was elected Vice President of the Corporation in 1993. He has been Senior Vice President and Treasurer of Transamerica Finance Group, Inc. since 1989.
Mr. Lindberg was elected Vice President and Treasurer of the Corporation in 1987.
Mr. Lockhart was elected Vice President--Public Affairs of the Corporation in 1979.
Mr. McClave was elected Vice President--Corporate Communications of the Corporation in 1981.
Mr. Olsen was elected Vice President--Corporate Relations of the Corporation in 1981.
Ms. Pehrson was elected Vice President--Human Resources of the Corporation in 1989.
Mr. Peirano was elected Vice President of the Corporation in 1993. He was Vice President--Taxes of the Corporation from 1983 to 1993.
Mr. Petrunoff was elected Vice President--Investor Relations of the Corporation in 1994. He held a number of positions within the commercial lending operation between 1990 and 1994, most recently serving as managing director of the European operations of commercial lending's inventory finance unit. He was a marketing manager for GE Capital Corporation from 1989 to 1990.
Mr. Sundby was elected Vice President--Financial Planning and Analysis in 1995. He was Assistant Controller and Director of Accounting of the Corporation from 1989 to 1995. He continues to serve as Assistant Controller.
Ms. Tornese was elected Vice President--Risk Management of the Corporation in 1987.
There is no family relationship among any of the foregoing officers or between any of the foregoing officers and any director of the Corporation.
The information set forth under the caption "Securities Exchange Act of 1934" in the Proxy Statement of Transamerica Corporation dated March 17, 1995 is incorporated herein by reference.
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION
The information set forth under the captions "Director Compensation and Benefits" and "Executive Compensation and Other Information" in the Proxy Statement of Transamerica Corporation dated March 17, 1995 is incorporated herein by reference.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The information set forth under the captions "Principal Stockholders" and "Stockholdings of Directors and Executive Officers" in the Proxy Statement of Transamerica Corporation dated March 17, 1995 is incorporated herein by reference.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The textual information set forth under the captions "Director Compensation and Benefits," "Compensation Committee Interlocks and Insider Participation" and "Certain Transactions" in the Proxy Statement of Transamerica Corporation dated March 17, 1995 is incorporated herein by reference. PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a)(1) and (2) The response to this portion of Item 14 is submitted as a separate section of this report.
(3) List of Exhibits:
EX-3(i) Transamerica Corporation Certificate of Incorporation, as amended (incorporated by reference to Exhibit 4.5 of the Registrant's Registration Statement on Form S-3 (File No. 33-43921) as filed with the Commission on November 13, 1991 and to Exhibits 3 and 4 contained in Form 8-A filed January 21, 1992, as amended by Form 8 filed January 27, 1992).
EX-3(ii) Transamerica Corporation By-Laws, as amended (incorporated by reference to Exhibit 3 of the Registrant's Quarterly Report on Form 10-Q (File No. 1-2964) for the quarter ended June 30, 1992).
EX-4.1 Stock Purchase Rights Agreement dated as of July 17, 1986 together with Amendment dated January 24, 1991 (incorporated by reference to Exhibit 4.1 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1991).
EX-4.2*
EX-10.1 Form of Non-Qualified Stock Option Agreement under the Registrant's 1971 and 1979 Non-Qualified Stock Option Plan (incorporated by reference to Exhibit 10.4 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1988).
EX-10.2 Executive Benefit Plan for Transamerica Corporation and Affiliates, as amended (incorporated by reference to Exhibit EX-10.2 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1992).
EX-10.3 Form of Amended and Restated Consulting Agreement effective January 1, 1994 between Transamerica Airlines, Inc. and Glenn A. Cramer (incorporated by reference to Exhibit EX-10.3 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1993).
EX-10.4 Form of Consulting Agreement dated November 30, 1992, between Transamerica Corporation and James R. Harvey (incorporated by reference to Exhibit EX-10.4 of the Registrant's Annual Report on Form 10-K (File No. 1- 2964) for the year ending December 31, 1992).
_________ *Neither the Corporation nor its subsidiaries are parties to any instrument with respect to long-term debt for which securities authorized thereunder exceed 10% of the total assets of the Corporation and its subsidiaries on a consolidated basis. Copies of instruments with respect to long-term debt of lesser amounts will be provided to the Commission upon request.
EX-10.5 Form of Amended and Restated Consulting Agreement dated January 31, 1994 between Transamerica Corporation and James R. Harvey (incorporated by reference to Exhibit EX-10.5 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1993).
EX-10.6 1993 Bonus Plan (incorporated by reference to Exhibit EX-10.7 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1992).
EX-10.7 1994 Bonus Plan (incorporated by reference to Exhibit EX-10.1 of the Registrant's Quarterly Report on Form 10-Q (File No. 1-2964) for the quarter ended March 31, 1994).
EX-10.8 1995 Bonus Plan.
EX-10.9 1985 Stock Option and Award Plan, as amended, (including Amendments No. 1 through 6) (incorporated by reference to Exhibit EX-10.5 of the Registrant's Quarterly Report on Form 10-Q (File No. 1-2964) for the quarter ended March 31, 1994, to Post-Effective Amendment No. 3 of the Registrant's Registration Statement on Form S-8 (File No. 33-26317) as filed with the Commission on March 30, 1990, and to Exhibit 10.11 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1990).
EX-10.10 Form of Non-Qualified Stock Option Agreement under the Registrant's 1985 Stock Option and Award Plan (incorporated by reference to Exhibit EX-10.3 of the Registrant's Quarterly Report on Form 10-Q (File No. 1-2964) for the quarter ended March 31, 1994).
EX-10.11 Form of Incentive Stock Option Agreement under the Registrant's 1985 Stock Option and Award Plan (incorporated by reference to Exhibit 10.9 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1990).
EX-10.12 Form of Restricted Stock Award Agreement under the 1985 Stock Option and Award Plan (incorporated by reference to Exhibit EX-10.11 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1993).
EX-10.13 Form of Non-Qualified Stock Option Agreement for Nonemployee Directors under the 1985 Stock Option and Award Plan (incorporated by reference to Exhibit EX- 10.4 of the Registrant's Quarterly Report on Form 10-Q (File No. 1-2964) for the quarter ended March 31, 1994).
EX-10.14 Deferred Compensation Policy for Transamerica Corporation and Affiliates effective January 1, 1987 (incorporated by reference to Exhibit 10.12 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1991).
EX-10.15 Deferred Compensation Policy for Transamerica Corporation and Affiliates effective January 1, 1988 (incorporated by reference to Exhibit EX-10.14 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1992).
EX-10.16 Deferred Compensation Policy for Transamerica Corporation and Affiliates effective January 1, 1989 (incorporated by reference to Exhibit 10.17 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1989).
EX-10.17 Deferred Compensation Policy for Transamerica Corporation and Affiliates effective January 1, 1990 (incorporated by reference to Exhibit 10.18 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1989).
EX-10.18 Deferred Compensation Policy for Transamerica Corporation and Affiliates effective July 1, 1992 (incorporated by reference to Exhibit EX-10.17 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1992).
EX-10.19 Deferred Compensation Policy for Transamerica Corporation and Affiliates effective January 1, 1994 (incorporated by reference to Exhibit EX-10.18 of the Registrant's Annual Report on Form 10-K (File No. 1- 2964) for the year ended December 31, 1993).
EX-10.20 Deferred Compensation Policy for Transamerica Corporation and Affiliates effective January 1, 1995.
EX-10.21 1971 Non-Qualified Stock Option Plan of Transamerica Corporation, as amended (including Amendment Nos. 1 and 2) (incorporated by reference to Exhibit EX-10.20 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1992).
EX-10.22 1979 Stock Option Plan of Transamerica Corporation, as amended (including Amendment Nos. 1 and 2) (incorporated by reference to Exhibit EX-10.21 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1992).
EX-10.23 Form of Termination Agreement between Transamerica Corporation and certain of its executive officers (incorporated by reference to Exhibit 10.23 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1989).
EX-10.24 Form of Termination Agreement between Transamerica Corporation and certain officers of certain of its subsidiaries (incorporated by reference to Exhibit 10.24 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1989).
EX-10.25 Form of Termination Agreement between Transamerica Corporation and certain of its officers and of its subsidiaries.
EX-10.26 Public Offering Agreement (and Exhibits thereto) dated January 28, 1993 by and among the Registrant, TIG Holdings, Inc., and Jon W. Rotenstreich (incorporated by reference to Exhibits 10.1, 10.2, 10.3, 10.4, 10.5 and 10.6 of the Registration Statement on Form S-1 (File No. 33-58122) as filed with the Commission on February 10, 1993).
EX-10.27 Separation Agreement (and Exhibits thereto) dated January 28, 1993 by and among the Registrant, TIG Holdings, Inc., and Transamerica Insurance Group (incorporated by reference to Exhibits 3.3, 3.4 and 10.2 of the Registration Statement on Form S-1 (File No. 33-58122) as filed with the Commission on February 10, 1993).
EX-10.28 Reinsurance Agreement dated December 31, 1992 by and between ARC Reinsurance Corporation and Transamerica Insurance Company, as amended (incorporated by reference to Exhibit EX-10.26 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1992).
EX-10.29 Letter dated December 31, 1992 from the Registrant to Transamerica Insurance Company regarding ARC Reinsurance Corporation (incorporated by reference to Exhibit EX-10.27 of the Registrant's Annual Report on Form 10-K (File No. 1-2964) for the year ended December 31, 1992).
EX-10.30 Transamerica Corporation 1995 Performance Stock Option Plan.
EX-10.31 Transamerica Corporation Value Added Incentive Plan (incorporated by reference to Exhibit EX-10.2 of the Registrant's Quarterly Report on Form 10-Q (File No. 1-1964) for the quarter ended March 31, 1994).
EX-11 Statement Re: Computation of Per Share Earnings.
EX-12 Ratio of Earnings to Fixed Charges Calculation.
EX-13 Portions of the Transamerica Corporation 1994 Annual Report (to the extent such portions are expressly incorporated herein).
EX-21 List of Subsidiaries of Transamerica Corporation.
EX-23 Consent of Ernst & Young LLP to the incorporation by reference of their report dated February 15, 1995 in the Registrant's Registration Statements on Form S-8 (File Nos. 2-80934, 2-83724, 33-3722, 33-12324, 33-13389, 33-18911, 33-26317, 33-38267, 33-43927 and 33-55587) and on Form S-3 (File Nos. 33-32419, 33-37889, 33-41008 and 33-55047).
EX-24 Power of Attorney executed by the directors of the Registrant.
EX-27 Financial Data Schedule.
Exhibits will be furnished to shareholders of the Corporation upon written request and, with the exception of Exhibit EX-13, upon payment of a fee of 30 cents per page, which fee covers the Corporation's reasonable expenses in furnishing such exhibits.
(b) Reports on Form 8-K filed in the fourth quarter of 1994: During the quarter ended December 31, 1994, the Registrant filed a Report on Form 8-K, dated October 27, 1994, announcing its results for the quarter and nine month periods ending September 30, 1994. In addition, the 8-K announced that the Registrant had initiated a tender offer to purchase up to 6.4 million depositary shares representing interests in its 8.5% Preferred Stock, Series D.
(c) Exhibits: Certain of the exhibits listed in Item (a)(3) above have been submitted under separate filings, as indicated.
(d) Financial Statement Schedules: The response to this portion of Item 14 is submitted as a separate section of this report.
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TRANSAMERICA CORPORATION Registrant
Burton E. Broome Vice President and Controller
Date: March 27, 1995
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on March 27, 1995 by the following persons on behalf of the registrant and in the capacities indicated.
Signature Title
Principal Executive Officer:
FRANK C. HERRINGER* President and Chief Executive Officer
Principal Financial Officer:
Edgar H. Grubb Executive Vice President, Chief Financial Officer and Secretary
Principal Accounting Officer:
Burton E. Broome Vice President and Controller
Directors:
SAMUEL L. GINN* Director JAMES R. HARVEY* Chairman of the Board and Director FRANK C. HERRINGER* Director GORDON E. MOORE* Director RAYMOND F. O'BRIEN* Director TONI REMBE* Director CONDOLEEZZA RICE* Director FORREST N. SHUMWAY* Director PETER V. UEBERROTH* Director
*Robert D. Myers Attorney-in-Fact
A majority of the members of the Board of Directors.
ANNUAL REPORT ON FORM 10-K
ITEM 14(a)(1) and (2) and ITEM 14(d)
LIST OF FINANCIAL STATEMENTS AND
FINANCIAL STATEMENT SCHEDULES
and
FINANCIAL STATEMENT SCHEDULES
Year Ended December 31, 1994
TRANSAMERICA CORPORATION AND SUBSIDIARIES
SAN FRANCISCO, CALIFORNIA
FORM 10-K--ITEM 14(a)(1) AND (2)
TRANSAMERICA CORPORATION AND SUBSIDIARIES
LIST OF FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
Financial Statements:
The following consolidated financial statements of Transamerica Corpora- tion and subsidiaries, included in the Transamerica Corporation 1994 Annual Report, are incorporated by reference in Item 8:
Consolidated Balance Sheet--December 31, 1994 and 1993
Consolidated Statement of Income--Years ended December 31, 1994, 1993 and 1992
Consolidated Statement of Cash Flows--Years ended December 31, 1994, 1993 and 1992
Consolidated Statement of Shareholders' Equity--Years ended December 31, 1994, 1993 and 1992
Notes to Financial Statements--December 31, 1994
Financial Statement Schedules:
The following consolidated financial statement schedules of Transamerica Corporation and subsidiaries are included in Item 14(d).
I--Summary of Investments Other Than Investments in Related Parties--December 31, 1994
II--Condensed Financial Information of Registrant--December 31, 1994 and 1993, and years ended December 31, 1994, 1993 and
III--Supplementary Insurance Information--Years ended December 31, 1994, 1993 and 1992
IV--Reinsurance--Years ended December 31, 1994, 1993 and 1992
V--Valuation and Qualifying Accounts--Years ended December 31, 1994, 1993 and 1992
All other schedules provided for in the applicable accounting regulation of the Securities and Exchange Commission pertain to items which do not appear in the financial statements of Transamerica Corporation and subsidiaries or to items which are not significant or to items as to which the required disclos- ures have been made elsewhere in the financial statements and supplementary notes, and such schedules have therefore been omitted.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
Board of Directors and Shareholders Transamerica Corporation
We have audited the consolidated financial statements of Transamerica Corporation and subsidiaries listed in Item 14(a)(1) and (2) of the Annual Report on Form 10-K of Transamerica Corporation for the year ended December 31, 1994. Our audits also included the financial statement schedules listed in the index at Item 14(a)(1) and (2). These financial statements and schedules are the responsibility of Transamerica Corporation's management. Our responsibility is to express an opinion on these financial statements and schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and related schedules are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and related schedules. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Transamerica Corporation and subsidiaries at December 31, 1994 and 1993, and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 1994, in conformity with generally accepted accounting principles. Also, in our opinion the related financial statement schedules, when considered in relation to the basic financial statements taken as a whole, present fairly, in all material respects the information set forth therein.
As discussed in Note A to the consolidated financial statements, Transamerica Corporation changed its method of accounting for certain debt securities effective January 1, 1994.
Ernst & Young LLP
San Francisco, California February 15, 1995
Differences Between the Circulated Document and the Electronically Filed Document
1. The document which is filed with the New York and Pacific Stock Exchanges will be a printed copy of the electronic document. However, the document which will be mass produced for general distribution will have different page numbering and page breaks than the electronically filed document.