Document BrEn5GkQOJKkYqL8vGMQ17Eo

PLAINTIFF'S EXHIBIT GF-1966 Financial Highlight* For the Year (in thousands) Net Sates Net income Dividends Common Pre'erred Capital Expenditures Deprecation At the Year End (in thousands) Working Capital Tota' Borrowings Shareholders Equity Current Ratio No of Employees Per Common Share Statistic* Net Income Common Dividends Shareholders' Equity 1970 S598706 i-i 694 5 434 3 795 25 186 20 923 1969 $606 254 i; C63 5.395 3 793 22 090 19973 205.315 '67 201 296050 34 1 198 80 40 15 33 197 350 i873'4 290 154 33 ' 2' ' 54 40 4 91 GAF 12465 Financial Review__ Sales _ 5a as " '9'S .'.ere ' _ c-?' ~.e~' :as- '-3- - '969 A5 s- ~cr" C 3` $ P^C'C ^'Cd'-CtS 3-5 "ess 3ys*ens 3-' C'-'Q Vater a 5 ''c-s:*'3' D'oc-c:s Net income ooe-a: c^s ~ '920 ce-cre e^'ac'c ~3r e~$. 'e* actec '"e ~3 cr '^creases ~ aoc' a~a ~rer a' :os's C'eva^-' "3' a-eas 3* -~e C:~carv t ;cerE!ors 497C- P' ce ^creases 4or ,ne most oart a ec: to eaua; :~e$e ' ses costs a~d f-ere was a -a'-ac e4,e: o~ :,'e coer3! rg matins or :ur 4ve trcd-c: ;4c-cjS? 0 -- a ; c 31S D"0'o c-oducts 3-S'^ess Systems 6-' G'~g Vate'-'a s "3wS!' 31 ^'QdLCtS 3-5*1896:00 ' 56 J65 0C0 35 -89 :00 4 r5 086 COC -15 080 000 3593 706 00G :5 9 02 9 '- 2 29 a ` 00 0 ^ 5 85 5 O: J - _ -l0 cce'3* ::~er --a 5^0 ~42 202 S30 2'2 2C0 to ce :w ~g C34es ; 'e Comca-v 5 5 ~r ~a '*a ^ec *5: :*? zz'CZ'z'.e e<ca~ re "r, :as s 2: r' :* 5'4 O*1* 200 ' 3PP ; --r> -'aG - - Cl a * .i '9"j Ooe"-I'^g 5'8-iC'OCO 3 005 000' -}2 66 ' 3 ' 9" 20C 362 OCG $45 32*8 000 ? * ' "* 2 ` 00 0 :o4 IO* ' 5 60' 2 22 5 5"6 220 ~ add.; or to r.e economy.related oroM aeteno'a: or tra: occjf'ea -n '970 c-r Cre^ ca^s 3rd Pncto P'cojcts ODeraTions ~ac tre 3ddec o-rce'- of costs 'S'atec *o `aC'i'W exoanson and :re -nrcdLCtion cr Drocuc:s Tne new add von *o T-e Li^ce^ N - or r-e-:a.s4 ca~t wr cr 'eoresertea a ocuO'-rg 04 cacac % A<*-: >' n sta^-uD at *ra vear-erc Aitnot-g4" cc^sf-ct ;* *3 = 5-iOStar,i3 *y ccroiete m 1969 9 c art was 9<4,?"i = ^oc sea do' ~g ""5 year 1970 T-s ' '?d-:ec GAF 12466 rV ... :ze'3' -g 53- -5s oy S' 000 300 e.9" t'Oug" -o decec a: cn .vas 'a-e" - '970 ceoa-se ;* -5 s's-n^c ; *-e c a~ star-ea -s c- .a 'c-va-d -c"-3 oce-a' c"s n ,3"_a-v '97' a-o 5 ce1 e.-ec ~e ~3cr ":e"-_o'o" :t ocs-ations "c:e p'"c^c'5 3550s a-e or ma- v '9 3:00 to o'otog'ac' c ' ~s anc oacers .-mere ^a'C' s-a-ges - "e orocuct ne a-a '-ianu'act-,r."g 'ec"n,a^es "a/e ooc.r-ea o^vrg reoen: years ManJ:3c:/ri"g expenses at '"e 0i"g'"srY't;n cam we-e ,,o s-cstem a-iy ceca.se it O0'ai'"g proc'ems-e a'ec to "e-w m anc oaoe' ooa: "g '-ac-mes ana me ~ew c'cc-.c:s 'or ,v" o" " 5 eao ome-t .vas "stanec Approx rna'eiy 55 pe'oer' o'3ing-.amton c-od-ot on 3 "cw 'or cmc-c's "''rdd-cea cyi'g ''e ;as' -ee years 2c"So--e- ?*fc:o o-cd-cts :;ne' ma~ ' "" anc cape' e-a "ea oectoao e - '970 a '-"c..gn seasonal 3~- stmas sa fs o' 'nese orcduc's were ceow our ece:'3i crs '970 a so saw an "vemcry oomec: 0" mr '"ese o'ooucts wn on -esuitea r c.ver proa-moo" e.S'S wt" an aitenoant ncease "costs '~,ero' es r '"e e"d o' '970 were oaianceo Extraordinary Items "oor-e ''C" ext'acrama-v terns 'esuitea t-om --e saie cocen es lyt":/' '"-e ioss of tne operations -"vowed 97g '~e Con-cany approved a ccnscncanon 0 an o' 's E"g 5" s-cs.c ary to oonone ai one ccation "= oce-aocns of 'ts 'nree production fact ties ocatea " -Onacn Cn \ovemoer 27 1970 GAF iGreat B-'am' . ~ tec 'ocx -re '"St steo of this consoi.cat c" cy se -g '3 "eadduaners ouiiding n London Alter allowing -or 3 'axes ano associated costs a protit of 53 923 000 0' 29 oents oer common snare was reaiioec on ms "ansacon "ne croceeds `'em tne sale c $5 3^0 CC0 n excess of 3 down oaymem ,S53A 000) are Cue on Ma';" 31 '97' Tr-.ey win oe used to oay (c a new e< s'.ng 'acn y 'or *- cn a purchase contract was s.gnec ~ Decemoer ' 973 -sc'v.'e 30 '970 t"e Company soid ts Amcen orod.coon tacm: es at Texas City "exas :c An-ic'en p'Cd_c:s nc 's only customer At tne same time :ne 4 C:"ca". eased'a; es 3~o :o~' "..es : p'oceeos ''0- '-e sa-e c 5'2 2CC 200 .ve-e -eoe c" y 12 '970 A-.er a o-.v "g 'c a 'ees a"c asscc cec costs anc '"e acanccn--e"' 0: Z2'g '2 3'eo c a"t 'ac.'-t es at l "der \ew ..e-se* 5 o-o- 52 377 0CG :r ' 7 ;e"S oer :z~"~0" s"3'e was 'eai'Zec cn -- 3 '-ansae: on Capital Expenditures 'ant ano ec- oner: etcero w-ss tca-eo 525 '56 2' " '97Q ccmpa-ea w t" 522 090 20C " '959 2a; a co ects aco-ovea a: '.ea'-e"d '9'C `c .v 0" mo-: w- oe eoero-' " '97' a"d ate- /ea-s oc ec 532 060 GC0 Financial Condition and Capital Structure ""6 Comcan, . "'3 "9C 3 5-C"d na"C 3 0 0" d c - "rcugno.- -a .ear E"er ..a - -i-; 3 -a-aoe-e"' esmtea " 3" "o-ease - .-.c- -z oac -a anc 3- n-co.en-e"' - --e :ce-" -a: c '2' 0 y me <ear-e"3 was 3 0 oo-cj-eo w m 3 3 ' a .ea- ;co T-e oect eouov "at a 2' 32 68 was an over '969 5 3-166 Cu'"3 '9'0 Ou''c:= oa"5 cutstano."; we-e -ecucec pv S2C ' 3 3CC ; w f 57S89 0C0 was ong.-e--" cec " Mav '9'C '"e Comoa". oc".e-ec 5-C " : ' . 's'eve . "c o-eo ' ao'ea-ne"' --c 'o. -.ea' V" _ = wim n-e'es: a: w o' ' oe' ove' `"e oa: ~z or me 'ate '"e oa"S a-e 'eoavacie - '6 ec.a duarte- / "S'a-men-5 a-0 r --e anC ;; -rg ,ea- "e o-tstanc ng anc." "ao cee" -ec-oeo '0 532 3CC 555 GAF 12468 Chemicals 're cr.emica ncosiry caugm oetween spiranrg costs ana lower pf ces stemming from overcapacity *eeoiy ta t me effects of me econon? c slowdown of 1970 GAF 5 oread me of soeciaty products however ne'oeo ouoy re Company s oosmen m re generally depressed cnermcai ma-ket Througr its diversi'iec me Of n gn-pressure acefyiene derivatives sudactants. dyestuf's ard pigments no.striai organic and textue cnemcals GAF was aoie :c wn-stand some of the Dus.ness deci ne and " some nstances post saies gams T*e atex operations at Chattanooga Tenn ;ni0r ne-caustic a; _moen N j and acetyiene c-emica: procucts at Our Ca ved C iy <y . ana Texas City fex plants were s_ccesstu. n oucxmg C',en- cai market trenas and made significant sa'es advances Tne versati.e ana diverse chemicals produced only oy 3AF ,r me Umtep States from react ors of acetylene w.m ctner c-em'cais jnper nign pressure continued "0 penetrate new marvel areas n 1970 and acneved n.gner saies ieveis A muitimiiiio-' dollar expans on -a sucstantiaiiy ncrease capacity to prppuce acety'ene cnemicais at the Texas City plant was completed on scredu e at re close of '>970, ana start-up operations -ave oegun Growtn potential for the GAF! polyvinylpyrrol Pone PVP) ana vmyi etner iGamrez' polymer) famines o: oroaucis seems unlimited as their specirum of uses ana applications grows m a variety of industries These prooucts. adaptable to a wipe range of end uses "ave oecome essential to the manufacture of cosmetics ara metres aanesives. detergents, plastics. aiDoer coatings and cants paper, inks. textiles printing onarmaceu'icais fooas. beverages and many other products One important introduction in the area of acetylene cnemicais n 1970 was Gafquat? 755 copo'ymer a nighiy effective ha'r-conditionmg agent wmen was accented by the cosmetics industry for _se in a number of eading ran grooming formulas In another area of 6 -na:0' ",e'est an c cer c'ccuc: jar.-e; a\ -aj - . oemg tested as a 'eoiace^er: -e- c-csc-ates cu.ioe's in pete-gems Ai Cnattanccga wrere GAF produces `s stye-e- sutaa'ene 'a: ces tor caroet cac-mg pace- cca' -~ ourc.ng oroouc: uses two -ecen: cant exoans we-e nara oressec :o --eet me growmg cema-g this grcub of products Sign -'cant new comccunos designed wur "ame rataraar- or 5e `-ext ng,,;sr -g orocer>es'cr me draper/ ..c-cste-v anp :=r marvets were mrocucea m '970 anp " t.ai-a--et success indicates tnat accit'onai excansic- ; -e atex operations wm be necessary '97' GAF saies o' cues arc pigments m `97c -e- ect-g - aewnwa'd ec 'm c S'tua'ion were'urt-er ceceste oy an mc-eas- ' mccrrs n*c tne 'jn.tec States tm:^ acout cy a '9F' am reauct or- c-og'am Some mg products we-e -nmatec mpm tre dvestuff -e - -e ast yea' out ao e success was acr.'Svec - ceve'comg a~J ccv-dirg o-a"'v c.as -;r s-g so-yester 'ce's m sect cn 3 mw oct ca cr.grtere- was accectea cv a --aicmanufacturer of sundry dete-gerts 'or a 'ew ncuseno'd ccduct 'cr wasm-g syntnehc ' ce' `sc-cs m me sur'actant area GAF was ace to c'se: :wesa es vc-ume m'9~0 tr-pug" severa once no-ease; and me-ecy mamta - crpms :omca/ac e ; '~e D'eceamg/ea- :"e Conoar- cc-s'c -c-easec n me year aneaa _oc~ a -etu-- to "-"-a* ~a--econc-tions GAF's pr-nci03` 3gricu"u'3 menicai p'oCuCt Am tte a scyoean nerccide mace `or Anc~em p-ccy; snowed -educed saies m '970 -ewever m s ~ere v rejected an mventc-y adiustmen' or -re can c --e marketer since sa es to 'a-mers conmuea -c ''meat' as they nave every year smee tne emeuer was introduced Signmcant GA; saies nceases me-e'c-f are forecast for 1971 GAF 12470 i" another deve'cpmen: concern.~g agricultural cnernicais GAF Cepna' 2 ant growth rogjiato' being test-marKeted by Amcrem under me" trademark Emre" nas attracted consice'abie attention tor Stimulating iatex flow m rjocer ,rees ir Maiays.a in addition Ceona .s a'so being tested as a grow:- 'eguiator to aid m ;ne mecnanica. Harvesting of a variety of crocs mc uding cireaoo.es and tomatoes The f 1 -st semiworKs oroduction of the oroduc: by GAF was successfully undertaxen m t970 GAF's cnemicai coerat ons were conscnoatec to `crm "ne C~em'ca Divs.on a-mg '97Q oy merging ;ne crr-e' Dyestuff anc Cnermcai D.v.s.cn with tne textile cnemicai CDeration to acnieve greater marxet ng coverage 'mc'cve manu'actunrg ettic ency ana 'educe costs m view of me genera economy extra stringent e'rorts were -naertaxen at an biants to drasticaiiv 'educe ovemead-witnout .moaning efficiency ut on aoatement was a ma cr cc-cern '-roug-o-t '970 Some of 'ne maior o'diects jnae-taxen mciude - : a 1 worx a: 'ne lncen waste "eatment oiant for w-icn 56 5 ijELon was earmarxed m '970 T-.s o ant w.. oe comaSfed n'972 Tne eftors to control air CO 'ut.on n tne L noen area are continuing aod are P'enmirarv c anning with Ster'mg Drug Inc and Rensse'ae' County Sewe' O stnct No 1 to coccerate n 3 leviatmg ocllution o' the Huoson River througn a --un cioal waste treatment facility The capita, exoenditure will be .n excess cf $1 million GAF along witn otner industries m tne Caiver City a-ea contracted with mternatonai Pollution Control to crovide a central waste disposal facility A orogram aiso nas oeen established 'or wale' oonut on aoatement to meet tne anticipated future new standarcs of cotn xtentucxy and me Federal Government GAF as a memoer of me Textne Dye Institute nas joined m an industry effor to fmd scientific answers to tne Questions concerning the biooegradao.iity o* dyes anc :-eir effects on the envrorment 8 3 " /s*- - ^ 3- i , - GAF 12472 photo Products 3Ar 2rCtO S3!SS g'CuC COPS'S! -g C: CO-S_.r-er a^c ra^5*'a s-v-s-rs ara L9rco P^'o P'Oc-c:s 3 Anc;:y c*nec a-sr Curon SvCS'Oiary c a **; e jrowtr 'aies c: D'eviOwS years p '97C Tp.s - ;cp,C',`at'OP- ccr: pu ~g srarr-^c cos:s *c ofcc.*ce ^ew se-sozea o'cc-crs nac a'' aaverse ~cac- :n *y~. pcs Saies Ae^e arfec:ea ov ccnsu-er's ^c'2~:s :z soe-c - a year cr jrssr ec ~c-e-3'/ c_es- :-s a-a -9 -eavv recuc' op n Te govem-re-r 5 c-c'cg'ac'- .: r<oeraf'-'9s ? an: orcau:: cn oroce'-s a*sc 'e$'r ::ea jJ 3C"-!y r0 *-:`v ^99; C-S*Oner '90A ro^o^'S Cr ;gra - crcc-c:s ~.g --e /9a' "e GAP oro:o g'CuO srrergr9r'eo oas.c cceraricns nnoroveo --a-eacrv pg rr` :9rcy ana ^dreciea rra^e^ng "C - g-e,-.o*-p`5 -ore crorcac e a-'eas jA- -53 axce^aec nuc- eHo-* ana ~r'cre. - `s e -,e ?' access - -e -;gn 1 y ccrroew ve crc::g'2cr c r a jrc 5 ccpv -CSC ;raT *-e 'ewaras j's -.erp*?": a ce i-Ds;3n?-a ^jrtner : s ce S'-ea -e z'zz'i'* *c oeve cc a GAP c'a-a-:crc20t -& - v arc -'ey e ca-e'as 5 .ce ana pio!o'' c c*-re e: ec'C's sne e.vers -as oeg^n -q caa' 'u.; Consumer Photo Division ' -* : :-w'-9r 2'ea 3-p 'p'Ougp `3 .pceeasea sa e cr ' ::;r3c- : ' irc -a'cgccds Aas ao-e :o `'roneve : :s - -- a *a-s,r'. B'c'-es- : ` m sa.es ' : S'S'rC Cr !r? -=* jAr' Cc Of P' -t Min and 3 '.9-?c 'r ?, s.c- acvecis.ng scneo^ie -vere < -. iz y c~. :^5 .'eaf ',-e -re o* 3AA' i- ae - : 3.sc csref'rea Von-* ncreasea aaveriS'pg r.vMdsie'' r^ee-a rr-ens crai v.ewers ana s:ereo c -: -ear- *-e sa'es success cr :969 c-t: a Moc- s~ct cac*e:s rece vec enr^s js* : - " 1 -- e -e a 3a= "a^.r-g y o^-Mas'e' ; jees -9 c-rre-s-on cr sc,,-c ': '"c * -: aa; ~,,,oa^cea fo a -at c-a ~3'-9' "e s:--as Cuy-ng season ana .rc ca: c-s T ^ --2 e'3 Ae'e ceasea Atjr :ne ? - SCCP-'O'Cr-CCP-O'*' -as cce-ec "e-v sa sc^e co 'e*a c^` e:s a: --e .aca' c- a-as a- ;- a'~ e-'cecec : a*:'a:'-c'9-a-. s-c's a---i , r a-c:-er ---s-a r'.e''1 o-- c'ese-'ec :-e A- :e ~*Cuse a.;- scec ai v ces g^ec oA^ v ew-Mas;er 3'3 ce-' 3 C"9s's *c ce : ve- : 'C'e c- c c- '3' es as sc^ve- '= r --e ' . s :s 'c --e up 'ec 5:a:es r-? z-esrs :c-:a - -g cC ree'S cr 'p'ee-c ne^s ona- co c' c-c`cg'ac-5 c* Ap-e' caa *'o^ eac- c* -- * 50 s:ares /*/9'e accecreo c. V-'s N ^cn - '*e Ajp :e -,cuse . c^arv * -e a.v s cn a sc .ncr no ccera? - c : : p-aae --'c^g-c^- "*e .. -^3-^'acu' rg o ar` a. a r- ss'-e'a :cs:*s3v - A C . S.C~ A C8 crcg'3 33rs:--e '5CvZ`.crs .ve^e sc Aas - * 3`ea *: 'ec,,.:e industrial Photo Division '-e -a^str 3 p-c:c D ^ s .vis ac e : ea_a 's '969 'esu 'ec - :A-e^ aove^^T''* ;a ~s - "9"r Be- jj-ac^c ana ^ez c2 ' icg^en-s c '-e c'oc-c ? jjrances IP corn -S'3rCrS ' g'awfp - "5"C Aas g^ea.'S' *-3 "Cweve" -a^sTr'a: x-rav crccc> *-9 = ^gg sr ;e-er3' e::-c t^ . >e = '3 3 GAF 12A73 r me coatmg areas o* me Binghamton N y c a~t-ana progress ras oeen made ov oe:ter -t...cation o' manpower ara resou'ces arc cy e* mra\ ng oosoiete eauipment ara processes Two government contacts et during the year ror 'nedica x-'ay Mm a'Orte .vi,- ,, r nate^y account *or aoorcx'mate'y S5 mn-on <r saies $ever3i sma er government awards aiso were won oy GAP tor g'aoric Mm ana aerial f m 5a-es of tne medicai X-'ay ne oeneMed from tne ntroducticn of a new imorovec Gat*X* f'Tn wmcn was `Cund impressive dv radicogists A -*ew dentai film cn ociyester case ana aoie to witnstand high temoerature processing. also was marketed successfully m 1970 m acd'ticn two new GAP* Mms on ociyester oase were introduced to industrial users Much o* me increased sa es n the graon'c a'ts area can ce attricuted to new rigr. definition GAP* tnog'aonic f.ims on oo yester arc acetate oases wnrcn Sl>co emnt earner GAP nncvaticns n mat neia Several new products also were .ntroduced `or tne orofessionai oroto market m 1970 They mc ude COM turn {computer OutDut microfilm), a new emyis.on system -o' tre identitication and cnarge ca'c markets an 'improved ccior onr.t paDer fcr onotof m.snirg ana me scncci pnotog'aony f e d ana a new coior caoer processor to tii. the needs of small tc nte'meciate size oroto aooratones in <eeD-ng with the need for tighter operating costs tne industrial Photo Division re-evaiuatea ts iow volume low prof t products ana eliminated many of these mom ts catalog A numcer of improved production systems control technaues and Silver recovery metnocs were ceveioped ana instated durmg me year to 'educe operating expenditures m March a new divisional general manager was aopo-nted ana me plant organization was streamlined These changes have resulted in more effective quality control and improved tecnmcai service and at tne same tme a significant 'eauct on m cpe'atmg exoerse 10 Pc ut-or does "0' cons' Mte a ~a m cmc e~ *:* pnpto oroaucts o-ants cut a- state aro ::a 'sguiarcns conce'r,r,g environno^-a ascecs -a.* cee" 'evieweo A O'cgram or regu.3' "'tm ~ c : = p an* wastes ana eMuems nas ceen *"$: tuteo Lnco Photo Products. Inc. T~e uencc Pncto Products sjOsic ary aiso *e : mpac' or a slower economy -n '970 ^as a .es' 'oweve'. ct mternai restructuring a^c st'engme^ *c : tne natiorai sa.es organ zatipn Tne case was estabi'snea 'or acang new maior orpauct res r -5 year areaa to suooiement Lenco s * ne ca:a cc y onotograonic Supplies and eduicment 8m~ ':rmovies taoe oiayer. recorders arc stereo scima systems a* --o end of *970 me Lenco Sucs.c a'v *c: 'esoonsid' m 3 larger snare cf me sa es e":*' GAP Sawy-' nra-d s^de cro ectors We ce- e-.e -3 mis change 'esj.t n mcr0vec ?a es -Cr products a: .*.er cost 'o GAP Business Systems Business auste'cv programs .r 49~Q *oc* *ne - *: 'on domestic sa.es or omce eau omen; a-p = -cc GAPs Office Systems Divis-on wnose omc-cts principally ccrsist or GAP* eiectrcstat c cccv ~o macn nes tone's ana caoer o;azo r9Prcc-ct c~ eauipment 300 sensitized mate' a s cu$ '*ess'C'~: i mcrograpric rr systems u^ceroo* wae-'eac* ~z ertons 'o mamtam saies Put f cou'd ~ct -v me drast'C Cotcac^s n aerospace iutomc .? 3~: genera business soeramg ~he ma'Ket tor piazo equioment used w.ce'v cv engineers ana arcncects encompasses a n-ame manufacturers as wen as tne u S Govemrne'"' these sates fen wen oeiow 1969 m acaiticn -.53^9- manufactur ng costs cou'd Oe cniy pah'ai'f cf*se' - orice increases m aiazo matena'S ana macn -e? GAP* 365 ana 31C Roii'eec Diazocrm*e's ' `: _ jnidue conven'ence devices were i'*frcc--eu-- GAF 12474 =s` ajarer arc c~stomer 'escorse indicates '97' sa ss 'r t" s area - -a ect'cstar.c ccc-er j.re GAF was aoie to -c'D^e 'S overali market,ng cos^on >r. 1970 T^s was ,, ^ - v ;0 'r'6 'WOQLiCt'C'1 n 3,<? '970 Or !r GAF 500 Cccer Dudicaior a n.gn sceea macn-ne wr cr J..--3S ow cost :oc quaiitv resroduct'or Tf>e -ew . a- * m .;s scec a 'v designed OAF igntweigm ira -oner nas naa exce'ient mit,ai sales results a u.carceo 2 street cr system w.C" grew "'em 95 ro a: ;eae-s ourmg me vea' wm neic '"e new mac'ire ts ij marvel ootent.ai Tne GAF ctfice oooier -i ore's s * efferent mode's -angirg f-on me --AF aoo Cope- `or me cw-voiume use' '0 me new - ; Cocer Duccator n cn oar p-cduce ao ; . ;;c es 3 rroLte t'. 3'c "om si'to e sa esDco-<s :o 'ign y n- zz.iz :onou:er*orter:ed accj-ne^rs Sa es rro^r : ;ro^c a'T'osr reacnec *ne record '969 ieve aw - g- sceea a azc mcrof.irrs were ceveiocec . '?7Ci~a '"'acucea to ngio round ou: , -e c rr.c.-og-aoric O'Oducts Building Materials " 3 ceoressea ncusmg earner an-C t,gnr . .Jr ~ :_ev -ea tne naiicr s economic aecnne - ' ; orzo^z:s ^ouo watered .ts orev.cus ; - ?r"0'jgr mousing starts were down ' " GAF 'unea m a hoe marketing -e s:'e^grr. or -is Quarry nnes of " ' CC.' ' 5 3^0 Sne! wry, `loo' COverirg Bu.idmg Products Oivision c- r "5 crca<_c:s ir. :s?o were strong J *20'3c1 y witn *ne o'ev cus year T~e - 2- gere'a lv ewer $e>i'ng onces r tne a *-ar 'nsse rsaucea or ces were o'fse! r oar- ov a onarge r sn oo -g crac ces ,v oesu :eo r- ewer 3AF jisTrcut or cos's Tre or r-coai reason lor :-e eve1 sa es eve- --9 eas' Two years 'S :re division S corcentrai or on '-e asora -e-'ocimg 3rd remoaeimg rrar<ei MarneT rg e-roras.s on industrial 'oors aiso orevidec GAF Wi-r a^ge ^creases r -re ;oa*ea 'o'1 o-s^ess `n * 5 area. GAr extended -rs newiy .nsrtuted sDec a- Senfme'* System nsoecficr' and 'T'ainrenarc9 sarvice 'ne orogram 'eciaces *r.e Comcarv 5 crevcLS oending O'an P'-ce aevances on :ne aspnai: roofing tne were ^ace e^ecrive on August *5 ana Ncvemce'' '5 `9^0 '"ese ncreases or 5 cer c*'"* and 3 oer esnt 'escect . 5 7 were necessa'y c*1 - * s ng -aw 'i-.a*e',a< costs Arctrer area or 'as:-- j comr-ercui aonv ty s GAr' canai Ouiynead cor--, 'ec sreen-g ^cr j;e .n warer'rorr crooe'ty deveicc "er: 3rd a"c -e; a.^a; or croiects Seve-ai -ra c- oui oe-s rave se e:\ec '^sse croaucis 'or ^se r vas; -esor area -cusirg oe/e 00menis and GAF evoecTS to s-cciy `a-oe Cva-' es ;r me OuiAreacs over me du-aror of --s crg-:e-- orojects In -r.s conreCl.Or me 3u dmg D'OOv.CTS Division inmoducec a "-ew ~crcveo ascesms sera-: bUixnead n VJarcn or f 970 Omer ."cdificaTiors 303 new orcc^cTS '"co-sed ourmg me yea- nciuae mcrovec S'ratac'e Santona' -nemorana coverirg esoec a> > oes g_aa `or modile no.mes anc "roova' -Ousirg "C vST- es Peacrmg ;o severe oressu-e o' rs.rg oce-aTirg ccs's ;ne division conducieo a cost -educ: or orogram w- or -esulted m more man $3 mn.ion -n savings aurmg me year Tne maior "creases '"1 :re C2S, ol 35:>r3:' 3na i"e' wnicn oegar :o oe tell me second naif o' "~s yea- w, . of course affect at of '97' Wild a 20 oer cent or n.grer increase in "OuSing s:a"s prediCTed tor 1971 GAF is carrying out a maior mveniory Ound-JD in me winter monrns 0` 197C-7T sc mat T.-IS market can oe serviced Tus Drogram snouidms'C alleviate seasonal iayO'fs and me oost'y ovedime GAF 12475 'eqinrements necessary to nandle Sommer ana fan demands increased emphasis on air crater and land conation had a significant effect on capital expenditures of me Building Products Division during tne year Total authorizations tor 1970 increased to more than $4 million Tne projects include The installation of new mcmerators at cur Danas ciant 'o completely eliminate asonait fumes and oaors irom discnarge The scneduhng of similar units for the Bound 8roox N J and Denver facilities n early 1971 . The nstalianon of maicr effluent control eau pment at uonet. in whicn. wnen completed m i97' will maxe ts water wastes suostannaliy tree of pollutants Construction of o oe mes and sewerage oasms to t e our South Sound Broox oiant cisposa: system .nto the community sewerage treatment 'acinty Floor Products Ofvision Tota1 saies for GAP" floor coverings during 1970 ]ust acout eaualec tne orevious year Tie -'oor P-oduCts Division's flair for compimng stylisn. high-:ashion patterns colors, and textures with duraoie and easy-to-dean surfaces led to the continued acceptance of GAP* floor products oy the nation s leading retail distnoutors In all. more tnan 250 ccioocesign pattern comomations were added to me divis.on s une of products during the year mciuded n mese introductions were 26 patterns m tne GA- Su'e-St k" floor me i",e These pressure-sensitive, aanesive-oacxed vmyi asbestos floor tues for simple ao-'t-yourseif msta.iation were marketed natonai y tor me i,rst time m t970 Another new addition m 1970 was =oamcraff sneet Vinyl flooring wmcn contains an extradeep Cusnion of vinyl foam for greater warmtn quietness, and softness unoerfoot T"e new line and its attractive styling were well receved ana served as a catalyst 'o >u'tne' sneet vmyi sa es n tne second naif of tne year Significant strides a so were mace m coe" rg -e.v wnoiesaie d strioutorsnips m Milwaukee w n-eacc = Fargo Omaha. Des Momes. Jacxscn-. > e arc Wasnmgton DC Tne $10 million-plus expansion announced m ate '369 to suDstantiaiiy increase GAF's capacity tp o-oauce sneet viryl at the Whitenail 3a. piant is on sc-ec* e and is expected to ce on st-eam m early 1972 vta:onvestments nave also oeen made to mc-ease caoac at each ot GAF's four floor tile Giants ana to enao.e to produce Sure-StiK tile ana rncexea tne Another program to improve operat 0"S in '973 was me modification of equipment at the Vans Gate N v 3,.G Long Beacn Calif plants to proviae increased orco.:tion of Thru-Ch p' floor tile a croduct in wnc- cc-creo particles ars -essed completely througn me t"e 'C' permanent r-; gn effect under heavy traffic cc^o: cms This equipm- .s aiso oemg .-stai ed at me -toustc" plant, with :; -pietion scheduled for me 'as: quare' of 1971 in me environmental area the F oor Proouc:s Oivis m recently mstai ed am pollution acatemert equ pme-t a: the Whitehall plant Water pollution ana waste 0:soosa control equipment m con'-ecticn w.tn me rew o.ant there is bemg worxea out with aooropnate state arc local authorities Dust control apparatus is oemg mstai ea a sc a: me Vans Gate and joi et plants and a recyciirg process mz< effluent has oeen successtuny mstailed at vans Gate GAF 12476 josec' G . ce ?-e$ ae - 0j c-' *3 GAF 12477 Industrial Products The GAFf Industrial Products Division wncn serves a large number of industries was Darticulariy vumeraoie to me economic downturn of 1970- But aesoite the general industry retrencnment and 'he oroionged stu*e m the automotive industry --to wnicn GAF suoolies a suostantiai amount of sound deadening and viOration control matenals-tne Division was capaoe of continuing its strong profit oerformance with an effective marketing effort m -ts mineral and filtration products operations The Division s Mineral Products group, whose primary products are roofing granules and asbestos fibers, made ts relatively good snowmg ,n ;-e'ace y-:o'-5 -- ... work-stoppages and the ow ever cf -o.s.-ig ;-a,,. . important iactor n tne increase m ~imera. nr-c .. is tne new GAF Customer Des gn Cerne' esta; " 'ate m. 1969 at Bound Broo* n . Tne -ac 'tv customers with tne ccoortunity to "'<. oie^cs ; ;; granules in O'lot batches tc suit specific ~eecs "-? Center also nas resulted m prcaucticn-t me sa^ tne customer ; m the fast-growing filtration heid tne success', performance of tne GAF' o-essure -essei 'fcduce in tne latter part ot 1969 has resulted >n me eca~; ; 14 GAP ns oroduct .me A new =>ex-Ho' muit-oag pressure vessel f.imation system has the capac tv or either two or >our singie uhits 5ctn systems wrucn use 3AF` Snap-Ring* f iter oags of ten. have a wide variety of nitration applications -or many Mutes .r- seen fie'ds as c-emca'S. food products. orocess wate'. dyestjff and pigments ciastisois oamts. and coatmgs Overall sales for the GAP1 `et; product ime-wnicn erccmoasses wco: and svnthet'C `:oer 'eits niter products. and asoestos oaDer aro mirooard-were sown sngrtiy vorr '969 The c ate giass industry s continuing trend away from felt oo.isnng wreeis was a maicr ccnthDutirg `actor Increased sa es >n other a-eas. sucn as syntneuc fiber fens tor `nter media -cwever were acie 'o offset some of tne decline tssestcs oaoer and millboard continued strong and e-aed '970 substantially ahead of the orevious year Sc-.nd control Drocucts. SOid Dv 3AC pr marny *o tne automotive and anied industries, bore me orunt of the '7-wee 3enerai Mctp'S str ve A gene-ai cutback n a-:o oroductioh wnicn s umoed to a nme-year iow. aggravated tr.e marveling situation The ouhoov for 37- nc cares a strong oomeoack however ana the 3 . s on las geareo ts `esearcn ana deveiODment o'cg-ams i; mcease ns capabilities m me field of ;:rc aeaoen rg p'oaucts oesoreaa exoa'son of tne Division's distribution ra'-e s was 'esocnsibie for a sizaoie increase m ts -s. a' on anc construction o'oducis Caismtef nign e"'ce,a'.ure nsuiation material achieved greater ma'ket oe^etration through these outlets in addition GAP' gated asoestos cement sneets used for cooimg as wen as general bunding, met with -otaD'e s-::ess " new cower oian: construction -c--ac ~a"u'actu" ng of m.achine oarts conducted tr -e D S'on or-maniy at .ts Vestal N Y o ant also roe gams over tgg9 3^p s reoutation for mgn qua ty ''''ir5n c ana an intensive marketing effort m this ' acccuntec `or tne increase '"e vear emohasis was olaced on cost--- - Jen- es ana notable results were achieved n o'coucr.o" 'ates ove'-ead excesses -a.-. ~a'er a anc maintenance costs cont-o c waste a~c ce'3C"e ut i.zat'Cn In November '973 GAP ceg3" -o p-ase o-_" 'S coerations at ,re Oen.a a "co` "g g'an-.-.es 'ac< .ty wn'C" .nc'uces a o^amy a-c pr_,sn ~g a-nq grinqi-g -- Tr-is move w- c~ wi.i nave no Significant enec; o" sa es and earnings s nee t-e coerations are oemg 'ars'e"ec tc ore' GAP mstai aiie-s made n ,.e- o' tne .nvestire't ->eeaea to oro. c'oee'erv e'ta cont'O's at Delta increased concern aoout re environment a*so stecced uo tne fimetac e .n seve'ai oc'iu'ion acatemen; c'o e::s New a.r and wa'er cc--'ot eaum-e" ,vas nsta- eq 3-, the Bounc 9roov N Dnarmian Pa r-vde Par- .1 and Gienyi.ie Con' -urat0ns International Operations GAP s continuing growth n 'oreign Tape's was especially gratifying .n '970 Sa es of 566 '32 000 abroad a 25 oer cent nc.-ease ever me orev o-s "g" of S68 975 COO i.n 1969 "ct oniy ~e oea ts :o~censa:e `or weaver domestic sa es but 2 so evencea GAP cranas into several new 'e" "or es Totai international saies consolidated m re r -artai Review under me Conoany s r.e sa>es grouos me uae exoons of GAP oroducts -na-.'acurec n '"e tunnec Slates and an business `'em operating suos.Oia' es. afti iafes. ana naeoencent disrcuto's >n mo-e man 100 countries tnrougnout re world GAP Expert Co'DOranon organ zed >n '969 tc market U S oroduced goods m tne Western memiscne'e completed its first`uii year witn Sv-ccesstu 'esuits it opened its firs; oranen office n Puerto R'Co at mic-year to nandie selected pnoto and oui amg procucts Atthougn Canada suPerea a gene'ai econom c slow down m 1970 GAP's Canadian operations -ac record GAF 12479 *O $a es in several procuc! areas Notaoie among rese were o'* ce copiers. X-ray fi m and *ioor products n Ej'ooe a vigorous sales erfo-t was paced cy s-ostanda increases n cnenvcais and ort'ce svsie^s products T"e program of direct cnem cais marveling was expanded .nto France Switzer'and ana Oenma'K B-smess m r-ese marvels continues to grow m :re o'fice systems a'ea significant ncreases were acnieveo m newer marvets SLcn as Sweden Belgium ana Gem-any as wei as n tne estaoi snec wn''ec Kingdom ara Nemerianas saies areas mt-ocuct'cn or * caco macnmes and eiecrcstanc coo ers contr outed to tne cvera i Eu'ocean g-owm as a. a a" to mcrc.ec-a-ge -- crocus's njryjf.a; r'"5 _' 'eo " ^c.ana o ants -a.e -ad e<:e e-' 3 m C a m *np(r ? "" 3r " $ 3 =. ,v S :o sc I"- - aonnngm a.so "cw c"ers e ec'cs'a' : ::c mani-tacr-rec ~ Lc-oon E-g.a-c sno Ge - f-e cncto products easiness - t-roce w e 3- c '969 was stowed " fs g'ow- 'ate : ev.eo 'o con'r; n.,a; q- - 3e.e'a E-'icea" t: T-ese 'axes consume- scene -j on -a-, onctcg'apn z 'ems oc-s.oereo as es n tan, 3AF -anai S ' :c*o e'ed 's ' 'S'ea coerai c" 3ro -ac camcu a- success w ;a e gAF 12480 3-iP v:ew-Mas'ep4 A-afdmic A?asswh-ch -aa wice 2 smC-TO" .v*r.r rre country s medga' profession Qr-er now products nr-CduCR* n Eu'CCe.," 1970 *"C'-aed GAP* Ccior Pr nr *nd Cp.c'r Sr>de Fum in Monday anc Sweden a~c GAF Coicr Pnnt Fn -n 3e-gu^ 3-*c Prance m acait.on-.me new GAp coarT'cra':' ana Super-Sofmea* i oor products wepe 5nf$'-op - :ne marketplace in octh ire ana ano me um-ted KT'.gcom ^ maicr exoans cr and consolidation program aiso was vrcenaen cy Gap -Great 3ntam) l miteo at me cose of '970 Under me o;an me Corrcanv so d its read* di,aners cu :amg n London and Do;c~aseo a new sae 5r jyr cn a compmed o*4cs and maou'actunng complex .v-'i' ce '0ca:ec T",e move mprr me mre present O'Cd-c: on *ac -t es now ac^ted *n .o^ocn wi'i peg n - '97` arc ccntmue mrough 1972 to .nsure a smcom '3rS-C.cn - Aus:pai-a Cc^scnaarea Reorograpmcs Ltd a rc-ca^v ^ .vn c- GAF accused maionty no'dings -n `962 cos:eo 'ecoro sa:es gains in '97Q W m SKfi-ea scientists, teem e ars a~a scec a -sts ocated n maior plants ana me centra 'esearen 'aDoratones at Easton Pa me cecarmert conur ^es to turner me rorizons of me Company rnreugn new a^c improved products The Commstcisl Osvslopmsnt Department, aur-ng `9"0 undertook tre preparatory work n evaluating GAP 5 completely new ime of pnoto 'esists and gn resoiut on piates Trese products wmen cc^a-ave widespread aop'icanon n me mic'oe-ectrcr.cs industry a'e undergo.ng inte^s-ve 'eview c\.d ng me estaoi'Shment cf a.'snout on cnanneis a^o reon-ica' service ope'aticns The Advertising and Promotion Department, r a -^3 i- change n me ma'*-r "g of GAF consumer onoto 3rd floor covering proc n 1970 se ectea me -nr-, nationally famous i "cf He^ry =prda :c serve as GA- s re'eviSion and rad c -ovems-ng spokesman t~ success cf mis e'fcr ^easurec cv .-'deem ^ar-et ~g sjrveys prompted tre Comoany to -9rew me a^a^ge* ment for 1971 Corporate Staff Departments I tmc'S'e 5:a" Departments at GAF estaOnsnea to cm. ce e/ery necessary senvce (except marketing and uacmr rgi io me Corooraticn ana me various c-*rv ~g c v s-crs otay a key ro`e m the e^ect.ve mm cn.ng of GAF They provide expertise and counsel rteisarv *o crccer decision-making oy operating '"magsrs n natters concerning rmance (aw researcn me de-eicomri engineering purchasing. personne: : y cm cr advertising and prompt.on. market pesearcr : ronmertat engmeering planning aro - evau3t.cn and cuDhc relations Th# hessarch and Dsvslopmsnt Odpartmsnt was me ''* -sc' -g -or aimcst every procuct ano process c /a* m 'reduced Ov GAF dur.ng me year many cf " ' -ceo ;n me review or divisional activ-ties The Personnel Relations Department assisted m re Company s cost reduction program m '970 mrcugn irs activities utilizing and developing GAF s ruman resources Tne tndust.'-af Re at.ons group n '970 ''egot'atea 3A acor contracts ana 27 pension agreements Cur,ng me year me Comoany was affected oy >0 extenoec work stoooages a 77-cav strike at me Moo le oui'cmg products piant and a 54-aay 'ocxout -n me Tampa oundmg products plan: There also was a one-ana-a* na'f*day walkout c` maintenance employees at me Calvert City Ky cnemicais P'ant ana a`Cur-ro^r wildcat disruption at me Gienvme Conn teitc ant Tne ersonnei Department also continued its epjai ODportjnity orograms during the year witn me numce' of minority grouO employees increasing oy '62 *0 2 084 or to 5 oer cent pt GA^s rota* employees GAF 12481 Organizational Changes_____________________ n August of t970 GAF moemented a too management eorgan.zation cran to give aivis onai ana start gene-a. managers more flexioility in carry.ng cut increasingly concex day-to-day ooerations jncer 'rs oian a management comm ttee consisting of Cnai'man ra Presiaent O' Jesse Werner Executive v.cs P'esiaents pi-no 3 Oaito" ana Edward J Williams Senic' V ce president E j O leary ana Vice P-asidem ju..e'te M Mcran was 'ormed to enace closer cocrdmation ol Ccmoary activities ana oermit increased snaring of soecia. sxiiis ana talents Tne new orogran a so estaoi'S'ec regular monthly forums a: wmcn ait ucoer ecneions or management meet tor discussion cf and act on on aooropriate sublets c-ve new o*ficers were elected during 1970 _ Stones Clement was e ectea V ce President 'eo acmg 'et rmg jui'en 0 -tepees as ctf ce' n C"arge o; GAP s : oor Products Div.sion Mr Hecces suoseguemiy was 'etameo as a Comca", -a -- n tne *ieic m w~ c" ''S n3S oeen -eccgncec as a oionee' ana ac^r-ow eegea 'eaae' 'or many yea's uoseon G rai. wase ecteo v ce P'as.aen: ass-m me cos: 0'"'. c,,s.y -e'd cy P-aae-cx < Sweenev me 3ui d'~g P'oajcts O'vision Mr Sweenev s -eTi'ement 'oiiowea more man -free oecaces as aexecutwe m tne cu erg mate'iaiS cosiness jom i v-arr gan was adva-cea to Vce p'esicem w :n rescons onity -c' --e Ot' ce Systems D v S'cn -e -aa se'ved as o vs onai ge"era> manage's -ce IMovemDer 1969 m :re finance1 a-ea Ccmcany acDcmted a new cont-ce' ana a "e 'easu'e' W Ric-ara Ma-ge"" assumed tre cc~" e_=nic and Jav R 0 scr was eiecteo t-easure' Directors and Officers Directors Joss* Werner. Chairman T. Roland Barnar John B. Bridgwood Philip B. Dalton Bailay K. Howard Wm. Payton Marin E. J. O'Leary Donald L. Sandora Howard S. Turner Edward J. Williams Sumnar H. Williams - - '-a- Sa'-u : e mmor P.C C P" X- fl v3"xsr' *'son-e o-si,cr's 'r'3' :? ^er'I-Cor-m.r cat.CrS Sen :?s Corporals Officers Jaass Warner P-es.den' Philip B. Dalton cecu: .e v ce 3'es.ae"t Edward J. Williams Exec^r /e v ce Pesice': E. J. O'Leary Senior V ce -reside-: J. Stokes Clement Vice P-es oem Jamas M. Clonay Vice P-esidem Edwin R. Cowherd V ce 3-es oem Thornes A. Dent v ce P-es.-oem R. Power Fraser Vice P-esioent Joseph G. Hall Vice President John L Harrigan v ce P es asm Juliette M. Moran V ce P'es.aent James C. Murphy Vice "-es'Cem Robert L. Myers Vice 3-esident Jay R. Olson Treasurer Herbert L. Abrons Sec'etarv ana Course' W. Richard Margerm Ccnt'oiie' GAF 12483 nt Gif -12484 jesse vVe're' C^a'"r,ar -: "- 3cr Sff- ff.r GAP Corporation and Consolidated Subsidiaries Consolidated Balance Shoot ASSETS Current Aaaets: Cash and marketable securities (securities at cost which approximates quoted market value)..................................................................... Accounts receivable-trade, less allowance for doubtful accounts 1970. S2.035.53V. 1969. $1.903.304.............................................................. Accounts receivable--other ...................................................................... Inventories, at the lower of cost (principally average) or market (Note 3). Prepaid expenses........................................................................................ Future Federal income tax benefits............................................................. Other Investments and Advances, at coat (Note 1). Property, Plant, and Equipment, at cost: Land, land improvements, and mineral properties Buildings and building equipment........................ Machinery and equipment...................................... Construction in progress........................................ Less accumulated depreciation, amortization, and depletion aoodwui. marks, etc. (Note 1) $ 13 997 022 : 12 034 S78 9174 938 : 46 9C5 96C 4 564.234 3 106.767 289 733 799 573 235 ' 5 5C9 64: 07 278 150 300 622 420 15 300 647 5560 '8'333 See Notes to Consolidated Financial Statements GAF 12488 jA*1 i :crge~er ; e.c .ea :* 2 ""i'-r -a -g :-e- :a s c- a Directory of GAF Products GAF' Building Product* *>cr*a': -po' sn ~g es asora-! 'p 'ccmg ara s-am-g ascnait asoestos p' tar ou"t-jo reeling *e*ts asemau protect ve zoatmgs and cements T NA 200* roc: 'g ^e^orare mme^a '-oer ocara 'per sn.rgies. 5-o rgs m.nerai *>oer :apai Co-<reac ou erg ana'oof 's-arsons St'ata >ie " ,r,arcr. sic.r.g cen-rg *311 -or's-are ara ctne' procucts `zr me "ia,'-'actufeo rousing -nous'.rv GAF1 Chemical Products Surfactants-nor-oric aricr c :at;oric arc a^orcterc suface-aciive agems *or ^se as aerergerts emu s.r-ers a-scersants arc netting agents Specialty Chemicals- processing a'a `ormuiamg agents no uo-rg oacter c ces a^a furg:c.oes fn sring agerrs aares-e ara :->es seouestrants anttsiat c agents 'uoncants ana solvents *o' -se - vano-s r.austres Textile Chemicela --rexti e aux aries ame'etaraarts carpet antistats 'uooer at ces 'Of -ug cachings. `aor c coatings ara caoer coat rg$ 'aiex 'cam oacK.rg `or ropery `aoncs atex aanes*ves for acr'C am-raiion High-Pressure Acetylene Derivatives -^cnome'S DO'vmers coooiymers. ic vers organic ntermediates and otrer cnemicais cerived from acetyene *cr -se n ccsmet c oetro'eum pnarmaceut'cai. o ast c texti-e adhesive area /a''e:v a* cme' naustnes Industrie! Organic Chemicals-complex :yc c ara ai onatic comoourds for use as active ngred ents and as inter-eciates -n tne dye. onarmaceuticai agri^cu^ai and cremicai processing "Custries Heavy Chemicals-emorne caust.c soca m^',atoac.c etnyiene cxiae and 5 yens Iron Powdars-m;crcscoD'C-size soneres or 'Or used jn v-F ano UHP Circ-Jitry 'ansm.tters 'ece<vers radar 2nd >r DOwder metan-rgy Ultraviolet Abaorbers-^ trav-o eisc'een ng agents for piast cs. textiles cements ruooer aanesives ana casmeiics Oyestuffs-acc a:o a::-: case ccroersai cr p~'c--e i rec: : $oerse moraan: --eta-zee su *j' /at ara ester aves "uC'escerr erg-tene's c so-f- Aater-sc jo-e aves ^sea eve ng :ct:o-r aooi s - ra*or acetate *'>,or ccve3{e* ac'y cs ana or-er 'r,3nrT,ace ` ce's a'-a c e'-os a^so cacer arc earner Pigments-aze oerz-ame 30N carcazoie carcor enrome dian.sicme moiyoaate naorrno- "itrosc cxice pma cntraiocva-n.re PTA ana ovrazo-one oigmerrs awes disoersea oowae's ore's a soersea pastes arp oresscaxes usea n ccionng paints acaue's ana orre' crotecvve coatings oiastios pnn.ng rxs ruooer solvents onS waxes ara r- me t spmnirg or ayemg or ipers GAF5 Floor Products Ascrait a^a ryi ascestcs resu en: *ic : ies acnesives cove oase sneet vnv `lOormgs *ioor timsnes ana Cleaners *C' residennai ano commercial uses GAFr Industrial Products Felt and Filter Products-woo and symnet.c fioer `ets ano ?mer devices `or ar 'ipuid and gas : uration oressure vessel inter systems, seaur.g and luOricaung devices piate-giass and met3i ooiisnmg'e'ts o>ano `ets wooi *ets for apparel ard interior design feTs ;or automotive industrai and aerospace applications Asbestos Products-asoestos oers asoestos -nsu.atmg fens ana coaras asoestos capers corrugated asoestos cement sneeis nonwoven papermaKers e is ter oaoer asoestos-cemert oioe and wa'iDoara manufacture Automotive and Insulation Productsautomotive sound seacenmg ana msu attor products CaisiMe-* mo-aed nign-pressure pipe coverings ana industrial 'HSu-ations eiectncai nsulat rg taoes Granules --mineral granules *or roohng ana omer uses men fillers anc state flour Contract Seles --contract manufacture of precision cans and ecu omen: GAF* Business Systems Products Business Machines - 3-= :cc ers pace's ;-e'5 a~z a.- Business Forms-c.src- zes i'' c"":ea aata-o'ocass-g-p'--s 5a c:os m3r-,;c.a-orpe' ccc-s ; -g t : :c. p--s -n ;set'z--s .Pucre'a***;:* ppc-s Ca'o-Se- * -p'--s arc *:*--s au-'Og'apr.c'?g $-e'a-c 3 ^ Olazo Reproduction Products-: a *: zzzt rg msz- es a-c se-s -- a:eria s *or arc z.i -esa systems Audio-Visual Products- t-e^ea: a^o 5 ce pro ectors pva^ead Z`Z act or* 'anscarerpv seres ~or o'e-sc^zc' n^ougr :c ege nsu^ct "an$Darerpv p'ocuctc" se-'. :e mater ais ana suoo es Micrographic Products - : a e r pt diazo m.crotrm 'o. ca:-: pme^t micrcf'Cne *. m reaper3 3"d cazo d-p'.cati-g Mms GAF* Photo Products Consumer Products-s' arc -pve rame'as. snee proec:c's e prp-ectcrs ppipr si-ce arc Pr' --5 oiacx-ano*w'-:e`"^s pace's :a s anc accessor.es Pictorial Products - v ew-Mas e" s e'ec v ewers picture'ee'S arc P'c e:::'s ^ara-v.e's-ae . ewers a-a 3 ces *or eoucai-ona e-'e^a e-1 a^: ; prime'': i` uses Graphic Arts Products -- --5 pace's a-a c^e^icais 'or anser c r' **3 crotc- --Cgrap^y pnclcergra/mg 'ptoa'3vJre prptp'vpese-; ng arp >..<-3C'ee'` P' ~ ; Professional Products-co c anp p ac-a'"a-wn,fe - ,ms :p:or a-a c a:-- ana-wr re papers re^'ca s *cr c:"'2 school pnotogrspny pnoto'-niS'" r.g -p ''aust'v sceca zee -- a:er3'3`:r se'S^ : recoramg '"str-^me^'aiior s-'/e ante oso lograor>y -cron cict.'es autama*.: o-'ocesscfs 'or *i'm$ ara pace's X-Ray Products-mec cai ana -p-st'a X-ray dims c^erwcais a^a acressc'es '20101051C eacrmg a cs 32 GAF 12496 Directory of GAF Locations Corcorate Of`:ces lOWest 51 Street NewYorn N Y 10020 Plants'. Rstaarch Laboratories3 Principal Sales and Distribution Offices' Northeast i Middle-Atlantle Connecticut z~ ; ! Maryland Massachusetts Now Jersey =;-= 3':c^ 1 ~ 5' c 0'C'"1*' * 3 3 z-Z*i'Z' Z * .- Now York Penneyivsn** v ? _r ; j^'S) ice c" a* Rhode island Vermont je av. Midwest Illinois Indian* 3~3CO 5J Iowa 3-ri VIC-OSJ Michigan 3e:ro.r 3 Aa"e- 3 Minnesota vt p-eacc-s'3 Mltioun ---ac: s *2-sas C > 1 a^c He-g-is1 Ohio eac* v:*,g$t3w'3 Wisconsin PMa- m^a; ^-aee3 /Va_*a!0sa3 South * Southwost Alabama -u--sv.i e 5 Me:- e' 3 Florida \er- M'3f-i3 Qr-anoc1 'a^Da'3 Georgia A-'ar'3> Da<'0' 3 sa-f^cunt' Savanran'j Kentucky Ca ve-r C ry 3 Louiaiona New Greats* North Carolina Cnano'te1 South Carolina G'ee'". e3 Tannosaeo Cnatraicoga' J 3 K^oxvuie3 ^as."iv.ne3 Texas A- i-gion1 3 Oa> as' 3 -ajsio''' 1 "3*as C-V 2 West 6 Northwest California --Oi'v AOCO3 .3 f-aora 3 -o^g Seacv 3 L3S Angles3 Sojfr 5an PranC'SCD3 Colorado Ce^ve*' 1 Oregon p~'"ara3 ^'egress Washington S^a"'3 Domestic Subsidiaries J-- "C`C~ C-'OC`3' Z~ ''O'* \ ' Zvz ~a P-e'-c :o .r::^rcP'C3-::s Ne-.v *3'* N * International Manufacturing and Marketing Subsidiaries Jp` 3e 3 -"t' NV 5 aas 3e gi_-- 3AF Cai~aoa' - m *ec v 55 isa^ga 3-'a' : Ca-aaa 3AC 3'53i 3' :a.n _ - -ac --'==" "5 J"= Ma^c^as'e' E^g a^3 3a= \jce' a**:: N 3" -c *rz Zz~sz caie-3 aec',og,aD"'Cj >-3 S*CrSy A^s'-a' a Marketing Subeidieries jA- 3e^:sc~'a<"0) 3 c -< C <r ja'-r'ai'v -'3 jsr~arv j- - r_-3-:s' 3 a -'arcs j - ' ? a-Ci . -- -ea C . '?'3f*C J- ' '3 31 3 V '3v J-- No'gSi A S 3s : \ofwav 3AF C$:e"e c-i 3 -- c -- J a_s:' 3 jAF Svers^a Ag 5ioc*-:- 3vse:3A- iA- --?' 3"2i A 3 l^q 3w'tzer 3ro AffiUatd C"*,T* :3' Oeve'cc--j-'s ; 3i.`aea _ -- *z 3 i > C-ece: Jo-ara GAF" Fllm>Proc9>ing Laboratories* and Photo-Equipmont Repair Stations* AoC'eior A'.s::*s r- 3.Ag"3-'ror n y ' * C- cago -*o< ywdoc Cai-` ' ,:poop E^g-a-a* .org s ara C :> N * Maic* 3 "v 'ewa' m Aa-*e \i>c:ps.-' ^o^'a-c C'egopf Sm-Ni'- aas 3'g o^' _,p,on \ ^ 3aF a-i-c' :? ` ---':;e:5 *g izz'3'Z' ^3 eau cr-e-i-'eoa >*ar ;-i a'? :ca-33 ''oug^OLi '-e AO* a a, cpctcgtao-s p 3 'eco*: 5re rerr -a-soa'e'-c es -a-ep jA-' Ci.ot 5i'Oe - -- GAF 12497