SWM - Mark Moore

0.6 Pension Expenses/SGA Expenses 0.5 0.4 0.3 0.2 0.1 SWM AOI UVV Industry Average 0 2004 2005 2006 2007 2008 5 Δ Pension Expense/SGA Expenses 0 -5 -10 -15 -20 -25 -30 -35 2004 2005 2006 2007 2008 SWM AOI UVV Industry Average When examining the graph above the visual describes that ideally Schweitzer Mauduitmaintains the ideal ratio in the industry. On average between .1 and .2 indicating that only tento twenty percent of expenses are being expensed as pension expenses. The small ratioimplies that Schweitzer Mauduit is conservative when managing their pension expense andsuggests no manipulation has occurred to understate or overstate revenue. However Universalsunusual movement on the raw and change graphs could represent manipulation on behalf ofUniversal to understate revenues.90