Cover and sample spread for annual technology survey brochure.

Brochures

1

The Strategy ParadoxMedia & Entertainment

May 2008 Discussion document

2

Table of Contents

IntroductionI Introduction ........................................................... 2

II Uncertainties in Media and Entertainment ............. 3

Part I: Foundations of The Strategy ParadoxChapter 1: What Strategy Paradox ........................... 6

Chapter 2: The best-laid plans .................................. 8

Chapter 3: Who dares wins…or loses ...................... 9

Chapter 4: The limits of adaptability ....................... 11

Chapter 5: The limits of forecasting ....................... 13

Chapter 6: It’s about time ...................................... 15

Chapter 7: Making choices vs. creating options ...... 18

Part II: Resolving The Strategy ParadoxChapter 8: Strategic flexibility ................................ 22

Chapter 9: What if…? ........................................... 24

Chapter 10: Preparing for the unpredictable .......... 28

Part III: Final thoughts about The Strategy ParadoxChapter 11: Reinventing strategy ........................... 32

Deloitte’s Credentials in Media and EntertainmentDeloitte’s Media & Entertainment credentials ......... 36

As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

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Chapter 10

Preparing for the unpredictable

By creating and managing a portfolio of real options on the contingent elements of alternative optimal strategies, companies can resolve the Strategy Paradox.

Preparing for the unpredictableScenario building allows companies to create optimal strategies and identify core and contingent elements. While it is not easy to make investments in core elements, investing in contingent elements is even more challenging.

The downside of “robust” strategies in addressing the unpredictableMany companies end up building “robust” strategies — strategies that are “good enough” under all possible scenarios. Identifying a robust strategy eliminates strategic options on contingent elements, leaving every element of that strategy as a core element. Robust strategies will result in mediocre results under most circumstances and standout performance in none. Settling on robust strategies mitigates risk but eliminates the ability to generate significant returns.

Only by creating options on the contingent can a company reach the efficient frontier of strategic investment.

How strategic options are created to address the unpredictableCreating options is relatively simple: invest in a manner that confers the right, but not the obligation, to make additional investments at some point in the future. This makes the investments of Microsoft and J&J, options on strategic elements rather than commitments to them. Each company holds valuable options on integration between its various operating divisions. Although the investments are wholly owned, all three companies have postponed integrating their investments with the rest of the company, pending the resolution of key competitive uncertainties.

Investments have option value when they give an investor access to potentially valuable resources or capabilities. They actually have option value when the investment structure enables the investor to manage its portfolio, which consists of an ability to preserve, exercise, or abandon options as appropriate. When an organization creates an option, the control structure must be such that the company holding the option can direct the target company’s activities to make future integration a possibility but not a necessity.

29

The right portfolio of strategic options creates value indirectly by mitigating strategic risk, and directly, when the options are exercised.

Exercising options involves integrating the target company with all or part of the parent company’s operations to allow the parent company to pursue new opportunities, transforming an option into a commitment. It is the ability to abandon an option that makes it truly an option, and not merely a delayed commitment.

Strategic Flexibility is illustrated as a loop. Once an organization has gone through the process of building scenarios, developing optimal strategies, and acquiring a portfolio of strategic options, it is time to do it all over again. As options are exercised and others are abandoned and, new scenarios need to be created, setting off another round of option assessment and creation. As a result, strategic planning built on Requisite Uncertainty and Strategic Flexibility is not driven by fiscal or calendar years.

Consideration of the future in terms of scenarios and options causes current events to no longer be merely current; they become signposts of the future. The only way for companies to defeat the strategy paradox is to create and manage a portfolio of real options on the contingent elements of alternative optimal strategies can companies defeat the strategy paradox.

Cover, table of contents and sample spread for brochure addressing the future of media.

Remedies and prescriptions for health care providers and life science companies in financial distress

Today’s rapidly changing health care environment is infected with symptoms of higher anxieties, rising costs, more litigation, greater regulatory scrutiny, tighter budgets, declining numbers of the insured, and a general sense of dis-ease about the future.

When health care providers and life science companies find themselves in financial distress due to market forces or regulatory actions, a number of remedies can be prescribed to help cure what ails them. Without the sound diagnosis and informed treatment of industry specialists, however, many providers and companies may face dire — or even terminal — consequences later on.

The best advice always begins with preventative medicine. But when the financial wellbeing of an organization or a company is in jeopardy, acting early and swiftly can help to restore vigor to the institution. A number of current conditions in the marketplace may require the attention and experience of specialists, in order to get the best treatment leading to financial health.

Medicare outlier litigationsHospitals and other health care providers face increasing scrutiny from federal and state regulators and prosecutors due to the growing number of alleged suspicious or questionable payments made by the Medicare and Medicaid programs to providers. One such area of concern on the Medicare front is “outlier reimbursement” for hospital inpatient services.

This publication contains general information only and Deloitte Financial Advisory Services LLP is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor.

Deloitte Financial Advisory Services LLP shall not be responsible for any loss sustained by any person who relies on this publication.

The best advice always begins with preventative medicine

The Medicare program reimburses hospital inpatient services under its prospective payment methodology. Reimbursement is calculated by using diagnostic related group (DRG) codes which are determined by patient-specific diagnostic and procedure codes. The Medicare program does provide for additional amounts to be paid over and above the DRG reimbursement when the cost of treating a patient exceeds predetermined cost thresholds by a “large” amount.

“The real costs of treatment, however, can be very difficult to measure,” noted Rob Cepielik, a partner with Deloitte Financial Advisory Services LLP (Deloitte FAS). According to Cepielik, Medicare regulations prescribe a formulaic approach to determining costs, based upon gross charges associated with the medical service provided, and applying historical cost-to-charge ratios to convert charges to cost data.

“This is where some facilities get into trouble,” Cepielik said. “Regulators and prosecutors have accused providers of rapidly increasing charges from year to year, allegedly creating more Medicare outlier payments than they are entitled to.”

In this report• Medicare outlier

litigations: p. 1-2

• Distressed hospitals and bankruptcy: p. 2-3

• Investigations into hospital-physician arrangements: p. 3-4

• Calculating out-of-network insurance reimbursements: p. 5

• Improving gross-to-net revenues for life sciences companies: p. 5-6

A threshold of suspicionCepielik noted that the Department of Justice (DOJ) has conducted multiple investigations into charge-setting practices of providers when it believes there was reason for suspicion. The DOJ has taken an interest in circumstances known as “Turbo Charging,” when charges are substantially increased in excess of an increase in costs associated with inpatient care.

“The potential damages being sought in repayment to Medicare can be large — into the hundred millions of dollars — a ‘break-the-bank’ issue for many facilities,” Cepielik said. “These facilities face a potentially long road with many phases, in order to deal with the challenges that accompany an outlier investigation.”

Cepielik outlined four general phases, the first of which involves a period of rapid response for the provider. “It’s very important for these facilities to quickly select appropriate legal counsel and financial consultants, so that they can start the process on the right track,” said Cepielik.

Deloitte's experience in medicare outlier investigations• Experience with large Medicare outlier disputes• Experience in assisting negotiating with the DOJ• Forensic discovery capabilities• Extensive Medicare pricing experience• Medicare outlier calculations• Hospital finances modeling• Hospital restructuring experience • Experience with hospital operations and strategic

structuring

The potential damages being sought in repayment to Medicare can be large — into the hundred millions of dollars — a ‘break‑the‑bank’ issue for many facilities

The first phase includes responding to document requests, electronic discovery, and even some reflection on potential defense or negotiation strategies. Additional phases of the investigation can include an analysis of potential damages, an assessment of the financial impacts of a settlement on the provider, and an analysis of operational improvements which may be required in order to survive, according to Cepielik.

When addressing Medicare outlier litigation issues, providers who react quickly by assembling a team of qualified legal, forensic and financial specialists to investigate both the allegations in the presenting matter, and the long-term implications of the issue are generally in a better position to address the ongoing, short-term and long-term needs of their organizations, Cepielik said.

Distressed hospitals: Operating in cash flow triageThe financial health of the nation’s hospitals is in a state of crisis. “More than half of the hospitals in the United States are now technically insolvent or at risk of insolvency,” said John Sordillo, a partner in the Reorganization Services group of Deloitte Financial Advisory Services LLP. “More than 2,000 of the nation’s 4,900 acute-care hospitals do not make a profit treating patients. Of the profitable hospitals, approximately 1,000 do not generate sufficient cash flow to fund essential, nondiscretionary capital expenses necessary to comply with regulations, or to remain competitive with increasingly dominant academic medical centers,” Sordillo added.

What are the causes of this financial illness?“Many of those hospitals must rely on alternate and generally unstable sources of funding, including governmental subsidies and philanthropic contributions,” Sordillo said. “As states and municipalities begin to limit spending in the face of slumping tax revenues and a weakening economy, the financial health of many hospitals is likely to deteriorate further,” he added.

“Hospitals not earning a profit on patient care are more likely to become insolvent when they can no longer sell or borrow against assets, or receive emergency governmental aid to fund losses,” Sordillo added. The result of these circumstances can lead to marginal earnings or even chronic operating losses, the inability to make needed capital expenditures and improvements. “Many providers may encounter serious liquidity crises and face the prospect of radically restructuring — or worse — shutting their doors.”

Hospital-physician arrangement investigationsAs “gatekeepers” into the medical system, non-hospital-employed physicians who have arrangements with certain hospitals are often in a position to refer patients to those hospitals. Such arrangements might include admitting privileges for the external physicians, agreements that lease office space to outside physicians, and certain joint venture business arrangements between hospitals and external physicians.

In recent years, the Office of the Inspector General (OIG) and the DOJ have been aggressively enforcing existing Anti-Kickback statutes and physician self-referral statutes (the “Stark Law”) in connection with such arrangements.

“The concern is that these arrangements, if structured beneficially for the physician, might influence medical decisions, and the regulators want to prevent the involved parties from gaining financially by making such medical decisions,” said Gary Keilty of Tampa, a principal at Deloitte Financial Advisory Services LLP.

According to Keilty, hospitals can face many challenges in managing their physician arrangements, including expired contracts, the lack of written contracts, undocumented modification of payment terms, contracts incorrectly outlining services to be provided, and payment terms in leasing agreements that do not meet fair-market value.

Sordillo contended that regional issues and demographics in the nation’s Northeast could be aggravating the pressures, including a high percentage of uninsured or under-insured patients, a high percentage of Medicaid-dependent patients, an excess of hospital bed capacity, high labor costs, and a high average length-of-stay by hospital patients. “In addition, many hospitals are competing with the entrance of new specialty hospitals into the marketplace,” Sordillo added.

“Zone of insolvency”“All this operational distress can lead to strained liquidity, significant expenditures of cash, underfunded capital expenditures, shortfalls in pension obligations, and the loss of financial flexibility,” said Sordillo. These pressures can, in turn, lead the hospital into what he described as “a zone of insolvency,” characterized by depleted cash reserves, a looming liquidity crisis, an unsustainable balance sheet, violations of covenants, and the loss of employee and patient confidence. “Turnover of staff and doctors at the hospital are one of the early, tell-tale signs of trouble,” he said.

“At Deloitte FAS we have assisted troubled providers by helping them conduct ‘wellness checks,’ and arresting early signs of financial distress, and have helped facilities reorganize their operations — taking remedial steps towards improving cash flow and the development of a viable business plan, a sound balance sheet, and the consensual resolution of interests,” Sordillo said.

“In most cases,” Sordillo said, “the goal is to avoid Chapter 11 bankruptcy proceedings if possible, since that process can be time-consuming and costly, and since an internal reorganization effort is driven by management — rather than a bankruptcy court. However, an out-of-court reorganization effort can be difficult to accomplish without court oversight and the benefits can be more difficult to achieve.”

“In some cases,” Sordillo said, “a facility might want to consider a so-called “pre-packaged bankruptcy,” an abbreviated, court-approved process that generally involves lower restructuring costs and less business disruption — but also has some disadvantages, including difficulty in dealing with contingent claims and the rejection of contracts, and a compressed time frame for making operational improvements.”

About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

Copyright © 2009 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu

Many companies operate on reserves based on expectations about the number of products that will be returned, Medicare and Medicaid reimbursements, prompt payment discounts, and price adjustments. Any errors in estimates or reporting can impact the tracking of revenues greatly. Further, these issues can be magnified when the complexity of the supply chain at the international level is taken into account.

Helping companies estimate potential lossesAs specialists help life science companies estimate the potential losses in misreporting of gross-to-net components, numerous factors are taken into account. Bahl says one must analyze and be familiar with the provisions in contractual arrangements with wholesalers, the shelf-life or expiration date of each product, and analysis of historical trends in inventory movement patterns. Similar considerations can help many companies maintain accruals around cash discounts for prompt payments, and reserves to allow for historical losses relating to uncollected revenues.

Companies also continue to be challenged by the struggle to manage chargebacks — amounts claimed by wholesalers as a result of difference between contract and wholesale prices. “Under these arrangements,” Bahl said, “companies need to keep tight control around pricing and inventory movement, especially considering transactions that generate negative chargebacks.”

Bahl indicated that rebates are another component in the gross-to-net calculation, and can take the form of volume or pricing rebates provided to organizations like independent pharmacies, managed care organizations, and group purchasing organizations (GPOs).

Bahl reported that such complex contractual arrangements coupled with the unpredictability of the marketplace make it imperative for life science companies to consult appropriate specialists that are familiar with the life science supply chain in order to improve gross-to-net revenues.

Further, the issues discussed above become more complex in the context of international strategic alliances where culture and different business practices can impact the return on investment of such deals.

Contact:Mark J. AbernathyPartner, Deloitte Financial Advisory Services LLP Tel: +1 813 470 8613 E-mail: jabernathy@deloitte.com

Yogesh BahlPartner, Deloitte Financial Advisory Services LLP Tel: +1 212 436 6942 E-mail: ybahl@deloitte.com

Robert CepielikPartner, Deloitte Financial Advisory Services LLP Tel: +1 215 299 5212 E-mail: rcepielik@deloitte.com

Gary KeiltyPrincipal, Deloitte Financial Advisory Services LLP Tel: +1 813 273 8398 E-mail: gkeilty@deloitte.com

John SordilloPartner, Deloitte Financial Advisory Services LLP Tel: +1 212 436 6634 E-mail: jsordillo@deloitte.com

Deloitte experience with usual customary and reasonable charges• Experience in development of UCRs and issues in

litigation between insurers and providers• Experience in data mining in claim payment

information, and in applying knowledge of claims processing systems and provider contracting

• Knowledge of payment issues with respect to contracted versus non-contracted providers

• Experience with the development of econometric and statistical based models to develop supportable analysis of UCRs as a basis used in the development of reimbursement practices

Deloitte experience with life science companies• Gross-to-net advice• Assistance on contract advice and investigations• Broad experience in life sciences and health care• The Center for Health Solutions — a consulting

arrangement involving Deloitte Financial Advisory Services LLP and thought leaders in the industry

Four-page whitepaper for the health care industry.

Investment management firms are under mounting pressure from regulatory agencies and investors to demonstrate that they are managing risks effectively and meeting compliance standards.

“Many firms are employing forensic tests to help them manage risk, assess the efficacy of controls, address an increasingly sophisticated testing process, and meet evolving regulator expectations,” says Adam Weisman, a partner with Deloitte Financial Advisory Services LLP.

Although there is no formal definition of forensic testing, Lori A. Richards, director of the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations, identified three characteristics of a good forensic test.

In a speech before the National Society of Compliance Professionals, director Richards said that a good forensic test, “… provides a real test. In other words, it does more than simply repeat things you already do. Second, it helps you answer the question: what am I missing? In other words, it covers new material to test and validate the material you usually work with. Third, it adds current value. You can use it in your everyday program.”�

Forensic testing is not about whether or not a firm has tested its policies and procedures; rather, forensic testing takes a macro view of the control environment to identify anything that may be masked.

� http://www.sec.gov/news/speech/spch�02605lr.htm

“Your forensic testing program should really go beyond that day-to-day transaction testing within your compliance program,” says April Lemay, a principal in Deloitte & Touche LLP’s Regulatory & Capital Markets Consulting practice. “Tests should analyze trends over time to facilitate the identification of issues that can be seen when you are looking at a more holistic picture.”

For example, if an investment management firm examines its daily trade allocations, it might be able to identify a certain scenario where there are three instances where Account A, a performance-based account, trades before Account B, a non-performance-based account. In one instance, Account B trades before Account A.

Viewed together, these results may not set off any alarms. However, a forensic test of this information might reveal that Account A trades before Account B 80% of the time each month over the span of a year. As a further analysis of that result set, the testing procedures may apply the price that Account A received to Account B’s trade history to determine if there was a financial impact resulting from established trading patterns.

Forensic testing is a growing practice. According to a recent, informal online poll that Deloitte conducted among more than 700 financial professionals, �5% of the respondents surveyed said that their firms use forensic testing extensively and throughout their organizations, while 37% report that their firms use forensic testing sparingly and only in certain parts of their organizations. Another �8% of the respondents say that they plan to begin forensic testing in the next 6-�2 months. Only 30% of the executives polled say their organizations have no plans to employ forensic testing. (See Exhibit �.)

As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

Financial ForesightA look at the latest topics effecting private equity, hedge funds, mutual funds, banking, securities, and insurance

Forensic testing: What is your data trying to tell you?

Building a forensic testing program

Creating a forensic testing program is a five-step process:

Perform risk assessment – Building a forensic testing program begins by determining the scope and level of testing to be completed within the forensic testing program. Using a risk-based framework, that considers among other things the current operating environment and industry hot topics, helps to prioritize the data to be tested.

Design, enhance, and execute testing procedures – The testing program should be defined to mitigate the risks identified and prioritized in step one above. Factors to be considered in this step include: the availability and the quality of the data to be tested, the frequency of test execution, and the involvement of business functions in the design of testing procedures.

Analysis of the testing results – In order to identify testing exceptions that require further investigation, the analysis process should be defined to include the review, interpretation, and follow-up on testing exceptions using a consistent methodology. For example, the analysis process should include a clear definition of exceptions, including considerations for materiality.

Communication – In the event that there are exceptions indentified through the analysis of the testing results, firms should have a clearly defined communication channel to report the results to key constituents. In addition, firms should consider the appropriate level of documentation to be retained to provide a record of review and any resulting actions taken.

Oversight activity – The final step in building a forensic testing program involves defining a monitoring and oversight role in order to strengthen the forensic testing program overtime. A forensic testing program should be flexible to adapt to internal and external changes in the environment, and the feedback loop from oversight activities can be an integral component of this iterative process.

•

•

•

•

•

According to Deloitte’s recent online poll, however, investment management firms do not review their forensic testing programs very often. Only 39% of the surveyed respondents said their firms review their programs either semiannually (��%) or annually (28%). The remaining 6�% review them only as issues are discovered. (See Exhibit 2.)

A successful forensic testing program should be an integrated component of an investment management firm’s overall compliance program. Forensic testing can be a key mechanism that enables the chief compliance officer (CCO) to assess the adequacy and the effectiveness of the firm’s controls. In addition, it should work in conjunction with the day-to-day procedures that are already implemented for specific control testing, such as observations, examinations of documentation, and re-performance. For example, in the area of fair-value pricing, the compliance program control test might involve reviewing the minutes of the Fair Value Committee, while a parallel forensic test could add an additional perspective by reviewing the daily change in prices of securities over time.

Common challenges in building a forensic testing program

Firms should be aware of the common challenges that they may face when developing their forensic testing programs. Some of these challenges include:

Skillset development – Finding personnel with appropriate talent and background to both manipulate and analyze large sets of data is a growing concern. The balance of technical and operational experience combined with the ability to apply critical thinking to analyze testing results is a much sought after skill by many firms.

Interpreting results – Another common challenge that firms face is how to correctly interpret testing results. For example, one test might seem to reflect unfair allocations, but the true interpretation could reflect the size of assets or specific investment restrictions. The question becomes, how can a firm limit its results so that it focuses its resources on the real issue? One method would be to minimize false positives through the use of a set of filters designed to focus on certain exceptions, and clearly those will vary.

•

•

Exhibit 1: What statement best describes your firm?

We use forensic testing extensively and throughout the organization

We use forensic testing sparingly and only in certain parts of the organization

We do not use forensic testing, but have plans to do so in the next 6-12 months

We do not use forensics testing and have no plans to do so

30%

18%

37%

15%

Exhibit 2: How often do you review your current forensic testing program?

30%

18%

37%

15%

At least every six months

At least annually

No set schedule; generally only as issues are discovered

61%

11%

28%

Technology – Forensic tests are generally custom solutions, which can be a challenge to firms during the development stage due to the lack of “off the shelf” software solutions. Typically, the software applications that firms use to monitor forensic tests can handle both large data sets and statistical testing well. They also can have built-in procedures that enable users to construct statistical testing without programming them from the start. Examples of such applications include SAS, STATA, SPSS, and others. Many applications can provide this utility; which ones firms choose will depend on the software environment, employees’ technical qualifications, and the information systems that are already in place.

Data management – Managing the quality and quantity of data is a growing challenge for some firms. Disparate systems, incomplete data records, or inaccurate data may lead to inaccurate or inconclusive results. For example, firms looking to analyze trading data may require time stamps; it would be important to know how those time stamps were created. Is a time stamp based on the time within each person’s own processing environment, or is it a system-generated time stamp? And are there ways to manually alter the time stamps?

Investment management firms find that some challenges are more widespread than others. According to Deloitte’s recent online poll, 39% of the respondents surveyed say that having the right people with the right skill sets is the greatest challenge to implementing forensic testing. Another 27% cite having the right tools, such as technology and reports; 2�% say that getting accurate source data is their greatest challenge; and �3% believe that interpreting the results is the biggest hurdle they have to overcome. (See Exhibit 3.)

•

•

Examples of testing procedures

Investment management firms can use forensic testing to identify a variety of procedural weaknesses and personal trading abuses in their risk management programs.

Trade aggregation tests analyze whether one fund or account is treated better than another in a statistically significant way within a day of trading the same security. “There may be instances where subtle trading patterns suggest there is some persistent favoritism or tendency of the fund manager to put the trades in one fund or another,” says Dan Levy, a principal with Deloitte Financial Advisory Services LLP. “Sometimes these patterns are difficult to observe when you are just scanning through data, but if you start performing actual tests, you would notice these patterns.”

Trade allocation tests examine whether one fund or account is treated better than another in a statistically significant way within two to six days of trading the same security. As with trade aggregation, trade allocation looks for consistent patterns that indicate that one fund may be receiving preferential treatment over another.

Opportunity allocation tests analyze patterns of limited-offering allocations, such as initial public offerings (“IPO”), which are not in compliance with current policy. For example, if a firm has a standard policy of allocating IPO shares based on percent of ownership in the fund or some other relevant and valid standard, this test would help determine if the company is following that business rule or deviating from it.

Front-running tests examine portfolio managers’ personal trading patterns against the trading patterns within their accounts to determine whether anyone is using proprietary information, such as buy and sell recommendations, before it becomes available in the market. The question is, how often do portfolio managers make such trades, are they random events, or are they happening too frequently to be random?

Insider Trading Tests look for patterns that may indicate the use of material nonpublic information, where employees might make trades in their personal accounts before a public announcement that pushes a security in a direction that is favorable to their transactions.

Portfolio pumping tests identify pattern changes near quarter-end, when portfolio managers might be tempted to make last-minute investments to enhance their funds’ performance. These tests look for stocks that are outside the fund prospectus, “winners” bought at the end of the quarter, and other evidence of “window dressing.”

Investment management firms employ forensic testing for a number of reasons. According to Deloitte’s recent online poll, 3�% of the respondents surveyed say the primary business driver behind their use of forensic testing is to test their compliance programs; �2% use it to provide additional “comfort” to interested parties, such as CCOs and boards of directors; and 7% say the principal reason is to perform oversight of their service providers and financial intermediaries. Importantly, 50% say all three reasons are equally important drivers behind their use of forensic testing. (See Exhibit 4.)

Exhibit 3: What do you think provides the greatest challenge to implementing forensic testing in your firm?

40

0

5

10

15

20

25

30

35

39%

27%

21%

Having the right people with the right skills

Having the right tools (e.g., technology, reports)

Getting accurate source data

Interpreting the results

13%

Looking ahead

As the investment management industry responds to burgeoning volumes of regulatory information requirements from regulators and investors, the use of forensic testing to assess the quality of the information provided can only grow. Firms that take steps now to develop, implement, and monitor an effective forensic testing program may find it easier to respond to and even anticipate these requests going forward.

The results of the informal online poll were tabulated and were taken “as is” and were not audited or evaluated by Deloitte & Touche LLP (“Deloitte & Touche”) for accuracy and as such are not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Deloitte & Touche, their affiliates and related entities shall not be responsible for any loss sustained by any company who relies of the survey results.

This publication contains general information only and is based on the experiences and research of Deloitte practitioners. Deloitte is not, by means of this presentation, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This publication is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte, its affiliates, and related entities shall not be responsible for any loss sustained by any person who relies on this presentation.

© 2008 Deloitte Touche Tohmatsu

Exhibit 4: What is the primary business driver behind your use of forensic testing?

Testing of compliance programs

Providing additional comfort to interested parties (e.g., CCOs, boards)

Performing oversight of your service providers and financial intermediaries

All of the above

0

10

20

30

40

50

31%

12%7%

50%

For further information, please contact:

Adam Weisman Partner Deloitte Financial Advisory Services LLP +� 2�2 436 5276 aweisman@deloitte.com

April Lemay Principal Deloitte & Touche LLP +� 2�2 436 474� alemay@deloitte.com

Dan Levy Principal Deloitte Financial Advisory Services LLP +� 6�7 437 3025 danlevy@deloitte.com

Mike Fay Principal Deloitte & Touche LLP +� 6�7 437 2037 mifay@deloitte.com

Four-page whitepaper for the financial industry.

Talented. Empowered. Leaders.We are the women of Deloitte

The Initiative for the Retention and Advancement of Women

Women comprise nearly half of the

U.S. labor pool.

50% of undergraduate business degrees are

awarded to women.

Women now hold more than half of all

managerial and professional positions in

U.S. businesses.

Source: Catalyst

As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

60% of accounting bachelor’s

degrees are awarded to women.

50%

60%

50%

50%

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choose to be.

Why?

It’s simple. We see attracting, retaining, and developing women as a

business imperative. It fuels our growth, creates the most effective teams,

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creating a culture that attracts the best women helps us attract the best

people. And attracting the best people helps us attract the best clients. In

other words, we raise the bar and become the standard of excellence —

the fi rst choice of the most coveted talent and the fi rst choice of the most

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Getting to the point

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WIN delivers a breadth of compelling benefi ts throughout our organization. From

workshops and development programs, social and networking events, and

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Major sponsorshipsEach year we sponsor a number of organizations that share our interest and commitment in advancing women in the workplace. These conferences give many of our women opportunities to network with clients and colleagues and provide us the chance to attract new talent. The research we help fund enables us to be on the forefront of trends concerning issues that women face during their careers. Our major sponsorships have included:

• Aspen Institute — Where Will They Lead?: MBA Student Attitudes about Business & Society

• Catalina magazine’s Catalina Tour • Catalyst — Unwritten Rules: ”What You Don’t Know Can Hurt Your Career,”

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9

“At Deloitte, we recognize the value of providing a variety of growth opportunities and creating an environment where all of our talent can thrive. It’s important for our women to know we are invested in their careers and will provide them with the tools they need to succeed.”Barbara Adachi, National Managing Principal, Initiative for the Retention and Advancement of Women, Deloitte LLP

Cover and sample spreads for Deloitte’s annual report on the strides made for all employees by its Women’s Initiative Network.

Trifold uses solid green panels to highlight a quote from the CEO and pertinent statistics.

Guide to Your

Benefits Program

Major auto Manufacturer

4

*�Note�that�all�benefits�plans�and�programs�are�subject�to�change�in�accordance�with�applicable�law�and�the�terms�of�such�plans

Guide to Your

Benefits Program

Major auto Manufacturer

Your Benefits at a Glance

Plan Type Benefit Highlights Action Required

Health Screening / Check up

MAM will continue this benefit. • All employees from level LL6 will be entitled to this benefit once a year

Check-ups will be provided by LAPI laboratories•

None•

Prescription Drug Plan

Prescription drug benefits will continue to be • provided by your medical provider, Seguros Monterrey

Prescription drugs related to illness or accidents • will continue to be reimbursable as under the Prior Manufacturer Plan

None•

Flexible Benefits Plan

MAM will continue to provide an amount of 5% • of employee’s salary to the individual employee for use in the Flexible Benefits Plan. Details of the plan can be found on Page 7.

Elect allocation • point

Seguro Social Employees and dependents will be cover by the • IMSS (Social Security National Agency)

None•

Life Insurance & Long Term Disability

For Life Insurance, employees will be covered • under an individual policy with Seguros Monterrey, New York Life

Long Term Disability will be included in the Life • Insurance coverage and will cover partial and total long term disability

The benefit amount for either death or Long Term • Disability is $4,700,000

More details on this coverage can be found on page • 7 of this guide.

All employees • must complete new enrollment forms and beneficiary forms for this coverage (included in this packet).

5

*�Note�that�all�benefits�plans�and�programs�are�subject�to�change�in�accordance�with�applicable�law�and�the�terms�of�such�plans

Guide to Your

Benefits Program

Major auto Manufacturer

Your Benefits at a Glance

Plan Type Benefit Highlights Action Required

Pension Plan Starting October 1st, 2008, MAM will implement a • Pension Plan on behalf of all employees.

This plan is a continuation of the Pension Plan you • had with Prior Manufacturer and is 100% funded by MAM. Employees cannot make contributions to this plan.

Years of service - TBD•

This plan is in addition to any Social Security • benefits granted at age 65

None•

Cover and sample spread for a major auto manufacturer’s employee benefits program. Brochure incorporates client’s branding.

4 5

The Future State

Working in collaboration, DMHHS and HHS agency leaders defined a future state – a transformative vision for the future that significantly redefines and improves how clients, workers, agencies and providers interact with each other. Below are highlights of the envisioned future state that the City will strive to achieve over the next several years for each of these stakeholders.

Clients In the future, clients will have convenient access to agencies and programs and greater knowledge about the services available to them. Clients will encounter fewer service-delivery errors and will experience improved interactions with the City.

Multiple Access Channels

Clients will have the ability to access services online via ACCESS NYC, by phone through 311, in-person at service locations, via email, by fax, by or mail, or using an online kiosk located in accessible community locations

Online Search And Application Tools

Clients will have the ability to use tools that are more readily available to search for services, determine the potential eligibility for services and apply online

Client Information Record

Clients will have the ability to create one baseline client information record, via a common application, that includes verification documentation that can be used and shared by multiple agencies

Single, Consolidated View of Key Information

Clients will have access to a unified view of information on their services in one place, including a summary of benefits and a calendar that maintains an integrated plan of care across all of the services they receive

Ability to Manage Information

Clients will have the ability to manage components of their client information record. They will be able to update or change certain personal information though the various access channels

InternetACCESS NYC

Phone 311

In Person

Kiosk

Clients

OnlineApplication

Clients

Program 1

Program 2

Program 3

Program 4

Client

ClientInformation Record

VerificationDocumentation

Agency

AccessChannel +

Agency

Agency

OctoberS M T W T F S

3 4 5 6 7 8 9

17 18 19 20 21 22 2324 25 26 27 28 29 30

2

10 11 12 13 14 15 16

31

1

Summary

ClientInformation Record

Office Worker

Change

2 1

Executive Summary

New York City’s Health and Human Service (HHS) agencies serve over 2 million people.

City agencies and community-based organizations serve clients with a wide range

of needs, from those applying for Medicaid benefits to the more complex needs of

socio-economically disadvantaged New Yorkers.

It is this entire population that the Bloomberg administration seeks to more efficiently

and effectively serve by leveraging advances in technology to improve access to

information and inter-agency data sharing. New technologies are reducing the

administrative burden of coordinating activities across agency and programmatic

boundaries. In short, technology is allowing organizations to break down silos and

collaborate more actively to better serve their common clients.

This effort will improve the lives of New Yorkers, and ease the burdens on the

thousands of dedicated workers both at City agencies and provider organizations.

Further, this effort will improve the capacity of agencies and providers to meet their

missions.

Other cities and states have successfully addressed the challenges that New York

City currently faces; therefore, the Office of the Deputy Mayor for Health and Human

Services (DMHHS) and the City’s HHS leaders have committed to beginning a similar

transformational journey. The following is the unified vision for the City’s effort:

To break information silos through the use of modernized technology and coordinated agency practices to more efficiently and effectively provide Health and Human Services to New Yorkers

HHS ITS RoadmapOffice of the Deputy Mayor for Health and Human Services

Information Technology Strategy Project

December 2007

Cover and sample spreads of brochure for the NYC Department of Health and Human Services. Client requested a design that was lively, colorful and decidedly not governmental in style. The dots were initially placeholders for icons; the client decided not to develop icons, but loved the dots and chose to keep them.

Pocket folder, invitation and agenda for international conference.

Conference materials

Boxed set introducing a new firm initiative to national and international partners.

Giveaway for international conferenceClient requested a slide rule to complement their existing checkered flag brochure and encourage additional countries to create their own brochures.

quarterlyAdministrative Service Center

Our mission: To provide high quality, administrative support that is efficient, easily accessible, and reliable.

The Administrative Service Center in World Financial Center opened in March of 2007. We have been determined to provide the most efficient support possible to Financial Advisory Services (FAS) professionals. We thank you for using our services and for showing your support for our team.

Issue 1 | Volume 1 | April 2008

You’ve seen us around, now we’re getting personal. The Administrative Service Center in World Financial Center consists of four Administrative professionals. Since we’re such a diverse group we’d like to share a little bit about each of us with you.

Lisa Cascone is the lead coordinator of the Administrative Service Center and has been with Deloitte for a year and a half. Lisa was formerly an administrative assistant for partners in FAS. She graduated from Delaware Valley College in 1999 and has worked for companies such as Canon USA and Washington Mutual. She has been playing softball for over 20 years and enjoys cooking, singing, and looks forward to a long career with Deloitte.

Megan André is an assistant in the Administrative Service Center. She has been with Deloitte for one year. She has approximately six years of administrative experience and was an administrative manager for three years before joining the organization. Megan is currently enrolled in college at Borough of Manhattan Community College, majoring in business administration. She feels that her time with Deloitte has been different, yet exciting. She enjoys interacting with her customers, and the work atmosphere is wonderful. Megan plans on making Deloitte her “home” until retirement instead of “just another job.”

Tania Chess is an administrative assistant in the Administrative Service Center, and is a graduate of Howard University. While attending Howard she majored in telecom policy management and minored in business administration. Tania has been with Deloitte for one year. Tania enjoys reading, networking, traveling, and cooking. She is currently in charge of organizational matters for the FAS Northeast Diversity Task Force. Tania has had a great year at Deloitte and is proud to represent a company that is influential in implementing cutting-edge business practices for market leading corporations.

In this issue• Service Center News

• Senior Manager Spotlight: Avi Schwartz

• Administrative Assistant training on the applications you need most

• Mission accomplished: A job well done

Tania Chess, Deryset Carvache, Megan Andre and Lisa Cascone

Feedback forumWe asked, and you gave us feedback about the Administrative Service Center. Here’s what you had to say:

• Keep up the good work!

• You girls are great. Thanks again.

• When PDF’s are completed I would recommend checking the copies then to make sure that all pages have been copied properly. Your service is excellent.

• I really appreciate the help and promptness with which my invoicing needs are met.

• There does not seem to be anything you cannot do but I’ll keep trying!!

• I greatly appreciate when you acknowledge my request and provide an estimated time of completion. That helps me manage my schedule better. You’ve been doing a great job. Thanks for the help.

Service Center news: What’s happening in the Administrative Service CenterThe World Financial Center has expanded its client base to include, ERS – Regulatory and Capital Markets and Chinese Services, which recently transferred to the newly designed workspace of the future that is located on the 16th floor of World Financial Center. Megan Andre will be stationed in the Administrative Service Center on the 16th floor. Even though we have expanded, the Administrative Service Center will be operating as one entity with two locations.

We have also added a new team member to the Administrative Service Center on the 17th floor of World Financial Center. Deryset Carvache has been with Deloitte for one month and recently obtained a permanent position within the Administrative Service Center. Deryset is a graduate of Pace University and has previously worked at Commerce bank as a lending assistant, as well as Cabrini Medical Center as an administrative assistant to the director of the clinic.

Administrative Service Center fact #1Did you know that each of the administrative assistants in the World Financial Center Administrative Service Center is a DPS super-user and can perform any task in DPS without being added as a delegate? We can help with reports, clients, projects, invoices, etc.

“This service provides excellent client support.”

Senior Manager spotlight: Avi SchwartzHi, I’m Avi Schwartz, a senior manager in the Deloitte FAS Capital Projects Consulting (CPC) group. My background is mechanical engineering, and I have an MBA in operations management, so please forgive me (and my CPC colleagues) if we seem a bit boring or nerdy.

I was born and raised in Long Island and now live on the Upper West Side of Manhattan. If you see me walking around in a bicycle helmet it is not because I’m delivering packages, but because I love biking to work. Another favorite hobby of mine is sailing — especially in busy New York harbor, in full view of the World Financial Center office.

The CPC group typically works at our clients’ construction project locations, and our “office” is often in a trailer, shack, or other temporary structure. We rely heavily on our World Financial Center office for all types of support that is not available in a construction trailer, and the Administrative Service Center has accommodated our requests: from expenses, to report production, to data entry work. Give them a try!

Manager spotlight: Richard YangHello, my name is Richard Yang. I am a manager for the Forensic and Dispute Services group in FAS. I joined Deloitte FAS in 2001 after working at Fuji Bank, because I saw forensic and dispute as an opportunity to use my economic background. The legal world was also of interest to me and I have now been here for eight years. There are many aspects of my job that I find rewarding. The talent, diversity, and support from my peers are just a few examples that make me proud to say I work here.

A few things many people are unaware of are that I am an avid rock climber. I live in Brooklyn, NY and I was on rotation in Region 10. I also stayed in Germany for a while to work on a project. While in Germany, I was able to reach out to the Administrative Service Center for travel arrangements, help with my expenses, and learned the protocol of having pages added to my passport. It goes to show that they are all willing to assist clients no matter the distance between them. Thanks girls for all of your help!

RTrak, DPS, DTE: We’ve been trainedA requirement for new administrative assistants is to take all necessary training for the Deloitte applications. The two major applications that we have completed training for is DPS and the newly implemented RTrak. We are also proficient in DTE and can enter time and expenses for anyone in need of those services.

Administrative assistants at Deloitte are required to take two DPS trainings: DPS Part I and II. Part I is a six-hour e-learning course, where we were trained on engagement/practice economics and the skills necessary to manage client information, set up a project-WBS structure, prepare invoices, record unbilled adjustments, and monitor project financial information such as time charges/ expenses/ unbilled/ invoice activity in the DPS system. Part II is a four-hour instructor-led course that taught us how to view and update client and project information, prepare invoices, make project and invoice adjustments, and access DPS reports. Now that we have switched over to RTrak from CRM, we were required to take the four-hour classroom session intended for all administrative assistants who were CRM users and/or who will be users of RTrak. This session detailed the features and functionality of each of RTrak’s modules and provided opportunity for hands-on practice.

How many requests do we receive?Based on January 2008 database results, the number of requests per month were:

September ............................. 307October ................................. 347November .............................. 306December .............................. 292January .................................. 356

Top five services: What keeps us busy?Based on January 2008 database results, our top five commonly requested services were:

1. Document Mgmt ................ 682. DPS – clients/projects .......... 66 3. Mailing Services .................. 444. Travel Arrangements ........... 255. Meeting Arrangements ....... 16

This issue’s contributors: Megan André, Lisa Cascone, and Tania Chess. Please look out for future issues of the Administrative Service Center quarterly, where you will find news about other Administrative Service Centers throughout the Northeast. If you have any questions, comments, or ideas please contact Megan André.

In the beginning of January, we worked on a construction project, which involved inputting data into the CapTrack system. When we first took on the task at hand: we had no idea what was in store for us. This task was not as easy as we thought it would be and, overall, it involved late hours on the weekdays, as well as the weekends. We all helped one another when it was most needed, and I learned that there really is no “I” in “team.”

In the Service Center, we strive to do each job with the utmost efficiency and as quickly as possible. We started out with a pre-populated Excel spreadsheet of purchase order numbers. Each line had to be transferred to different fields in CapTrack. This took Lisa, Tania, and me approximately 12 hours each to complete. Invoices from a new spreadsheet now had to be matched to the PO numbers. Once everything was double checked, it was up to us to tie each invoice number to the correct POs by again entering the information provided. Something that we thought would never come to an end was finally complete after two weeks.

Getting this CapTrack request finished paid off in the end. We were proud of ourselves and each other. We showed the senior manager and his team the dedication that lives in each of us. Not only did we pull it off in a timely manner, but we received praise for our efficiency and promptness that showed that Lisa, Tania, and I are committed to being the standard of excellence.

Mission accomplished: A job well done

About DeloitteDeloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu and its member firms. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.

Copyright © 2008 Deloitte Development LLC. All rights reserved.

Services offeredApplication support• Provide RTrak services• Provide DPS services (super-user access)• Process expenses in DTE

Document management• Coordinate work with Document and

Creative Services • Copying/faxing/printing• Format/edit drafts of client deliverables • Print and package (e.g., bind) final client

deliverables• Finalize MS Office files (e.g., proposals,

internal documents, etc.) into “client ready” condition

• Format/edit drafts of proposals

Communications support• Compose memos and letters (draft, edit,

format, etc.)• Locate manager if necessary

Meeting arrangements• Reserve conference rooms• Book conference calls• Coordinate media arrangements• Make catering arrangements (for business

purposes)

AERSLocation: 4th Floor Phone: 212-436-6700 adminservicecenter4@deloitte.com Lead: Tina Hayes

TaxLocation: 8th Floor Phone: 212-436-6300 adminservicecenter8@deloitte.com Lead: Dana Holmes

Clients and MarketsLocation: 9th Floor Phone: 212-436-6600 adminservicecenter9@deloitte.com Lead: Tina Hayes

M&ALocation: 9th Floor Phone: 212-436-6800 adminservicecenterm&a@deloitte.com Claudia Vasquez

Other Northeast Administrative Service Center locations:

• NY – 25 Broadway 212-618-4200

• Boston – Berkeley 617-585-4800

• Boston – Clarendon 617-437-3388

• Hartford, CT 860-725-3300

• Parsippany (Consulting) 908-673-5200

(Tax) 973-602-5106

• Philadelphia – 23rd Floor 215-405-5555

• Philadelphia – 24th Floor 215-405-5555

• Stamford, CT 203-905-2700

• Summit, NJ 908-673-5200

2 World Financial Center Service Centers

Travel arrangements• Make business travel arrangements

Mail preferences• Forward to home or offsite location

(as requested)

General tasks• Provide general services coordination

(e.g., Office Services, Human Resources, ITS)

• Make hoteling reservations• Provide same-day hoteling check-in

services

File management• Maintain, retrieve, and secure working

papers, files, and other documentation, as requested and in accordance with current records management policy, procedures, and best practices

Data maintenance• Conduct basic, informational searches

(e.g., via Internet, Intranet)

Frequently asked questions

Are you able to provide support for DPS requests?The Administrative Service Center is staffed with highly skilled administrative professionals who are trained in all Deloitte applications. We are able to provide DPS services as super-users, as well as RTrak.

What are the Service Center hours?The service center is open Monday–Friday from 8am to 6pm.

What’s the difference between the Administrative Service Center and a traditional Administrative Assistant?The Administrative Service Center is a group of administrative assistants who work together as a team on a daily basis to support senior managers and managers, while providing backup support for one another. The Administrative Service Center administrative assistants’ roles are equivalent to that of a traditional administrative assistant’s, the only difference between a Administrative Service Center administrative assistant and an administrative assistant who sits in a cluster is the client they support.

How do I send a request to the Administrative Service Center?There are a few ways that you can submit your request to the Administrative Service Center, you can call our main Administrative Service Center number at 212-436-6200, e-mail the 1 World Financial Center at adminservicecenter17@deloitte.com, fax at 212-563-0812, or stop by the center in room 17-323N on the 17th floor of 1 World Financial center or room 16 S -272 on the 16th floor of 1 World Financial Center. Each Administrative Service Center has its own respective phone, e-mail, and office location, please see above for the complete listing.

The administrative staff wanted a newsletter that wasn’t overly corporate, but still met brand standards.

Newsletters

ppeople • process • performance • pay

4

p4

What’s Changing and Why?Aliquam vitae velit et nulla blandit pellentesque. Nulla mauris urna, tincidunt id, dignissim nec, sollicitudin sed, nulla. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Nam lacinia nibh nec nisi.

Nam porttitor tempor metus. In lobortis felis vel tortor condimentum fringilla.

Cras…aenean convallis.

Mauris laoreet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nulla eget augue non elit porttitor fringilla. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Phasellus faucibus, eros eget vestibulum tincidunt, tellus turpis placerat quam, nec sollicitudin neque orci eget metus.

Running Inventories — It’s What We Do!Vestibulum sit amet lacus. Curabitur aliquam, enim fermentum posuere fermentum, nisi nunc pulvinar nibh, at auctor leo tortor nec arcu. Aenean tortor. Morbi risus.

Fusce purus nulla, bibendum et, ornare ut, rutrum vitae, felis. In varius. Fusce lacus ante, fringilla et, dictum vel, pulvinar eu, lorem.

Pellentesque ac tortor a odio porta sollicitudin.

suspendisse potenti• — Integer id purus,pellentesque habitant — morbi tristique•senectus et — netus et malesuada fames ac •turpis egestas.

Nulla nunc lorem, porttitor vitae, varius quis, tristique in, lectus. Integer ipsum. Morbi rutrum orci molestie eros

fusce velit ipsum• , viverra consequat tellus• etiam aliquam nisl.•

Lacinia id, consequat ut, sollicitudin ac, tortor. Duis massa lectus, egestas sed, placerat et, rhoncus eget, odio. Quisque lorem justo, interdum et, sodales eget, lobortis id, justo. Cras nec leo eu sem volutpat auctor.

p4

ppeople • process • performance • pay

4

Great Performance PaysVestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere cubilia Curae; Nullam tempus ante. Morbi.Nulla venenatis nibh non dolor. Aliquam vitae diam. Ut mi metus, feugiat sit amet, cursus ac, cursus a, arcu. Vestibulum ante ipsum primis in faucibus orci luctus et ultrices posuere Curae —

Praesent turpis quam, consequat non, pulvinar id, viverra at, augue. Aenean nec metus. Phasellus tellus.

Proin facilisis lacus vitae orci. Aliquam id erat. Sed mattis. Sed commodo ante in enim. Curabitur erat est, porttitor quis, dignissim venenatis, faucibus sit amet, ligula. Aenean fringilla. Donec non diam. Ut consequat porttitor ante. Cras vel mi. Praesent lacus quam, accumsan id, consequat at, molestie sit amet, dolor. Morbi lacinia pulvinar magna.

Nullam ultricies, lacus nec pharetra cursus, nibh eros fringilla lacus, ac cursus augue justo eget sem. Etiam tincidunt sem nec nibh. Pellentesque ultrices gravida felis. Pellentesque elementum. Quisque mattis lacus at nisl. Sed nec odio. Nam a metus. Morbi venenatis sollicitudin ipsum. Vivamus in elit. Suspendisse potenti.

Fusce ligula ante, vulputate in, mattis nec, convallis at, sapien. Curabitur sagittis tempus urna. Pellentesque eleifend.

Good News from our Midwest TeamsUt ornare, neque tempus vulputate aliquet, arcu quam elementum nibh, sed ultricies elit tellus a augue. Praesent consectetur odio ut diam. In auctor. Vestibulum quis odio. Nam egestas arcu eu odio. Integer ultricies. Etiam mollis auctor mi. In a nunc. Suspendisse in ligula id ipsum aliquet vehicula.

More InformationDonec ut sem. Vivamus placerat nulla id urna. Proin imperdiet turpis et lectus. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Nullam fringilla accumsan nunc. Vestibulum et augue.

Duis felis erat, tempor ut, pretium eu, molestie non, turpis. Praesent vel urna. Mauris imperdiet felis quis augue. Nam id libero tempor odio volutpat fringilla. Sed a eros eu ipsum tempus iaculis. Mauris non lectus.

Sed lobortis, metus vel mollis venenatis, sem lacus aliquet augue, in pretium urna erat blandit nisl. Curabitur erat orci, tincidunt vel, varius sed, ultrices a, lorem.

What’s Happening When?Sed venenatis. Phasellus congue urna sit amet ligula pellentesque hendrerit. Duis id dolor in mi mollis dictum. Pellentesque dictum:

June

Pellentesque nulla mauris •Etiam eget lectus •Suspendisse potenti•

July

In hac habitasse platea dictumst•

August

Sed eleifend est id lectus•

Newsletter incorporates client’s branding and photography. Project also included development of a Microsoft Word email template for client’s use going forward.

Die cut formal invite for a high profile event at Carnegie Hall.

Invitations

Invite to a children’s circus event.

Formal invite, menu and booklet for a high profile event at the United Nations. The invite cover stars are die cut, allowing the full bleed silver back of the invite to show through.

Logo creation and luncheon invite design for the Quarter Century Club.

Skills-Based Volunteerism

• Co

llege

Sum

mit

• Com

m

unity Impact Awards • Breast Cance

r Aw

aren

ess

• Ju

nio

r A

chie

vem

en

t Essa

y Contest •

Board Activity • Pro-B

on

o W

ork • School to Work Day • National V

olun

teer

Wee

k •

Inte

llect

ual

Capita

l • United Way •

Year-round commitment, Year-round results!

IMPACT Day 2007

Promotional items

T-shirt design for the annual day of community service.

T-shirt design for the Komen Race for the Cure.

Mug design for the Administrative Service Center.