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THE NYSE MAGAZINE INDEX

Companies cited in this issue and ticker symbols
ACCENTURE LTD. (ACN) 23 AFLAC INC. (AFL) 10, 11 A.G. EDWARDS INC. (AGE) 7 ALTRIA GROUP INC. (MO) 40 AMERISOURCEBERGEN CORP. (ABC) 21 ANGLOGOLD LTD. (AU) 30 ANTEON INTERNATIONAL CORP. (ANT) 44 APT SATELLITE HOLDINGS LTD. (ATS) 35 ASA LTD. (ASA) 30 ASIA SATELLITE TELECOMMUNICATIONS HOLDINGS LTD. (SAT) 35 AVAYA INC. (AV) 26 BALLY TOTAL FITNESS HOLDING CORP. (BFT) 11 BANK OF MONTREAL (BMO) 14 BANK OF NEW YORK CO. INC., THE (BK) 31, 40 BASF AG (BF) 27 BEAR STEARNS COS. INC., THE (BSC) 40 BLACKROCK INC. (BLK) 40 BOEING CO., THE (BA) 23 BORDERS GROUP INC. (BGP) 11 BP PLC (BP) 11 BRITISH SKY BROADCASTING GROUP PLC (BSY) 35 CABLEVISION SYSTEMS CORP. (CVC) 35 CALLAWAY GOLF CO. (ELY) 39 CDI CORP. (CDI) 20 CEMEX S.A. DE C.V. (CX) 11 CINERGY CORP. (CIN) 38 CIRCUIT CITY STORES INC. (CC) 33, 35 COMPANHIA DE BEBIDAS DAS AMRICAS AMBEV (ABV) 8 COMPANHIA DE SANEAMENTO BSICO DO ESTADO DE SO PAULO SABESP (SBS) 8 COMPANHIA ENERGTICA DE MINAS GERAIS CEMIG (CIG) 8 COMPANHIA SIDERRGICA NACIONAL (SID) 8 COMPANHIA VALE DO RIO DOCE (RIO) 8 COMPUTER ASSOCIATES INTERNATIONAL INC. (CA) 10 CORNING INC. (GLW) 33 COX COMMUNICATIONS INC. (COX) 35 CREDIT SUISSE GROUP (CSR) 40 DUANE READE INC. (DRD) 11 DUPONT (DD) 26 ELI LILLY AND CO. (LLY) 20 EMULEX CORP. (ELX) 10 EQUANT (ENT) 27 E.W. SCRIPPS CO., THE (SSP) 35 FEDEX CORP. (FDX) 23 FORTUNE BRANDS INC. (FO) 9 FRANKLIN RESOURCES INC. (BEN) 7 FRESH DEL MONTE PRODUCE INC. (FDP) 6 FRONTLINE LTD. (FRO) 10 GAP INC. (GPS) 11 GARTNER INC. (IT) 33 GATEWAY INC. (GTW) 33 GENERAL ELECTRIC CO. (GE) 33 GENERAL MILLS INC. (GIS) 7 GLAXOSMITHKLINE PLC (GSK) 7 GOLD FIELDS LTD. (GFI) 30 GOLDMAN SACHS GROUP INC., THE (GS) 39 HARMONY GOLD MINING CO. LTD. (HMY) 30 HASBRO INC. (HAS) 13 HEWITT ASSOCIATES INC. (HEW) 21 HEWLETT-PACKARD CO. (HPQ) 10, 33 HITACHI LTD. (HIT) 35 HUGHES ELECTRONICS CORP. (HS) 35 J.P. MORGAN CHASE & CO. (JPM) 39 KEYCORP (KEY) 40 KORN/FERRY INTERNATIONAL (KFY) 8 MANPOWER INC. (MAN) 20 MATSUSHITA ELECTRIC INDUSTRIAL CO. LTD. (MC) 35 MBNA CORP. (KRB) 7, 20 MCDONALDS CORP. (MCD) 11 MERRILL LYNCH & CO. INC. (MER) 39 MOLINA HEALTHCARE INC. (MOH) 6 MONSANTO CO. (MON) 39 MORGAN STANLEY (MWD) 40 MOTOROLA INC. (MOT) 33, 34 NEW SKIES SATELLITES NV (NSK) 35 NEWS CORP. LTD., THE (NWS) 33 NOMURA HOLDINGS, INC. (NMR) 26 NOVO NORDISK A/S (NVO) 20 NTT DOCOMO INC. (DCM) 27 PACIFICARE HEALTH SYSTEMS INC. (PHS) 9 PERDIGO S.A. (PDA) 8 PETROBRAS ENERGA PARTICIPACIONES S.A. (PZE) 37 PETRLEO BRASILEIRO S.A. PETROBRAS (PBR) 37 PIONEER CORP. (PIO) 35 RIGHT MANAGEMENT CONSULTANTS INC. (RHT) 20 ROGERS COMMUNICATIONS INC. (RG) 34 ROTO-ROOTER INC. (RRR) 6 ROYAL PHILIPS ELECTRONICS NV (PHG) 33, 35 RPM INTERNATIONAL INC. (RPM) 38 SADIA S.A. (SDA) 8 SAPPI LTD. (SPP) 30 SASOL LTD. (SSL) 30 SBC COMMUNICATIONS INC. (SBC) 31 SCHLUMBERGER LTD. (SLB) 39 SHOPKO STORES INC. (SKO) 16 SIEMENS AG (SI) 27 SILICON GRAPHICS INC. (SGI) 20 SODEXHO ALLIANCE S.A. (SDX) 27 SONY CORP. (SNE) 35 SOUTHWEST AIRLINES CO. (LUV) 22 SRA INTERNATIONAL INC. (SRX) 19 STORA ENSO OYJ (SEO) 26 TDC A/S (TLD) 26 TELE CELULAR SUL PARTICIPAES S.A. (TSU) 8 TELEFNICA S.A. (TEF) 26 TELEMIG CELULAR PARTICIPAES S.A. (TMB) 8 TELKOM SA LTD. (TKG) 29 THOMSON S.A. (TMS) 33 TIMBERLAND CO., THE (TBL) 22 TIME WARNER INC. (TWX) 15, 33, 35 TOYS R US INC. (TOY) 16 UPS (UPS) 27 USEC INC. (USU) 9 VIACOM INC. (VIA) 16, 33, 40 VODAFONE GROUP PLC (VOD) 32 WAL-MART STORES INC. (WMT) 9, 16 WALT DISNEY CO., THE (DIS) 33, 34 WATSON WYATT & CO. HOLDINGS (WW) 20 WEIGHT WATCHERS INTERNATIONAL INC. (WTW) 10 WENDYS INTERNATIONAL INC. (WEN) 7 YUM! BRANDS INC. (YUM) 11

THE DAVE THOMAS FOUNDATION A D V O C AT E S PRO-ADOPTION CORPORATE POLICIES.
led to finding adoptive homes for 3,000 children in 2002. The foundation adds that it distributes to companies tool kits of literature and CDs that advocate such corporate policies as paid leave and reimbursement of adoption expenses to new adoptive parents. Rita Soronen, the foundations executive director, says approximately 65 percent of Fortune 500 companies offer such benefits. Less than one half of one percent of employees actually adopt, she says, so benefits are relatively cost-effective. Soronen cites MBNA Corp. (KRB) as having an exemplary program. MBNA says it offers as much as $20,000 in reimbursed adoption expenses, six weeks leave at 100 percent pay for the adoptive parent and a $2,500 bond that matures on the childs 18th birthday. We like to give the best possible benefits to all the people who work here, says Brian Dalphon, senior executive vice president for MBNA investor relations. Its the right thing to do. JSD
FROM TOP: MEL NUDELMAN; COURTESY WENDYS
QUIT SMOKING: U.S. SALES OF SMOKING-CESSATION AIDS ROSE 25 PERCENT IN DECEMBER 2002 AND JANUARY 2003, SAYS GLAXOSMITHKLINE PLC (GSK), WHICH MARKETS NICORETTE GUM AND THE NICODERM CQ PATCH. SOME 70 PERCENT OF U.S. SMOKERS ARE INTERESTED IN QUITTING.
All information obtained from the respective companies.
To mark Brazil Day 2003, top Brazilian government officials, senior executives from the countrys largest corporations, analysts and investors gathered in New York on Nov. 17. About a dozen listed companies participated. During opening remarks, Luiz Fernando Furlan, minister of development, industry and foreign trade, stressed the importance to Brazil of strong capital markets and multinational corporations. There are no developed countries without first-class companies, he said. We want to have several multinational companies, and most of the candidates are right here in this room. In the spirit of the day, nyse magazine asked several Brazilian CEOs about their countrys place in the global marketplace.
How important are foreign investors to your company? What is your strategy for attracting and retaining them?
Foreign investors are important to accessing a larger capital market and increasing the opportunities to capitalize the company, either with equity or debt funds. Sabesp focuses on the international market and tries to maintain a close relationship with investors. DALMO DO VALLE NOGUEIRA FILHO, CEO, COMPANHIA DE SANEAMENTO BSICO DO ESTADO DE SO PAULO SABESP (SBS) Strong and lasting relationships with investors can only be built if they are based on the highest standards of corporate transparency and disclosure. One of managements priorities is an effective IR program aimed at communicating the companys strategy, operations and financials often. JOO COX, CFO, TELEMIG CELULAR PARTICIPAES S.A. (TMB) AND CEO, TELEMIG CELULAR S.A. Foreign investors, who represent 31.5 percent of total capital and have a long-term profile, are paramount. Since our ADRs launched, enhancements to our IR program, including easy access to management and an interactive Website, have increased transparency. ALVARO PEREIRA DE MORAES FILHO, CEO AND CHIEF ADMINISTRATIVE OFFICER, TELE CELULAR SUL PARTICIPAES S.A. (TSU) Cemigs strategy is to maintain focus on our core business, to be selective on the appraisal of business opportunities, to preserve the companys sound financial situation, and to incorporate governance best practices. International investors have made our growth possible. DJALMA BASTOS DE MORAIS, CEO, COMPANHIA ENERGTICA DE MINAS GERAIS CEMIG (CIG) Foreign investors own more than 70 percent of our free float, and a similar percentage of CVRDs trading volume occurs at the NYSE. To attract and keep them updated, we run two global non-deal roadshows a year, in North America, Australia, the U.K., Europe and Asia. We also participate in international conferences. ROGER AGNELLI, CEO, COMPANHIA VALE DO RIO DOCE (RIO)

THE SAILORS KNOT ON FRONTLINES SHIPS SYMBOLIZES C O O P E R AT I O N A N D C O M M U N I C AT I O N , C O R N E R S T O N E S O F T H E COMPANYS NEW SAFETY PROGRAM.
collaborating with a Norwegian airline and a public-relations company that works with the offshore oil industry, both of which have experience with the importance of effective teamwork in accident prevention, says Ommundsen. The other companies lend their expertise on issues such as worker fatigue and communication problems between crew members of different nationalities, Frontline explains. Oscar Spieler, Frontlines managing director, says pilots from Australia and major oil companies worldwide, have shown interest in Frontlines program. JSD
FROM TOP: COURTESY EMULEX; FRONTLINE CORPORATE ID ANSWER: AFLAC INC. (AFL)
LOSE WEIGHT: DURING AN AVERAGE WEEK, IF ALL 1.5 MILLION PEOPLE WHO ATTEND A WEIGHT WATCHERS INTERNATIONAL INC. (WTW) MEETING STICK TO THE REGIMEN, THEY WILL LOSE A COMBINED SUM OF ABOUT 1,125 TONS DURING THE SUBSEQUENT SEVEN DAYS.

HUMAN RESOURCES

A TAX CREDIT FOR WORKERS
For workers who make less than $34,000 a year, the Earned Income Tax Credit (EITC) provision of the U.S. federal tax code provides some financial relief, according to Lieske Renz, the human resources leader for the tristate New York region of KFC Corp., a subsidiary of Yum! Brands Inc. (YUM). The Robin Hood Foundation, a New York-based poverty-fighting charity, which has launched a campaign to spread awareness of the tax credit, explains that the EITC essentially provides workers federal refunds of as much as $4,000 a year if they are in that low-income bracket. But many employees are unaware that the program even exists, a fact that KFC and a number of other companies are working to change, according to Robin Hood Director of Programs Michael M. Weinstein. Our business motivation is that we have happier employees, says Renz. That translates to a happier work environment, and our bread and butter comes from serving customers well. Gap Inc. (GPS) and a McDonalds Corp. (MCD) franchisee have also alerted their employees to the EITC
POSTERS ARE O N E WAY T O SPREAD THE WORD ABOUT EARNED INCOME TA X CREDITS.
program, Robin Hood reports. The companies post flyers, attach information about EITC to employees paychecks and spread the word through meetings, the foundation says. Other companies such as Duane Reade Inc. (DRD) have gotten involved too, Robin Hood says. The EITC law, enacted in 1975, allows employers to pass on as much as half of the governments refund owed to workers throughout the year as part of their paychecks. That way, workers dont have to wait until the year is over to collect their entire refund. Employees have to fill out a W-5 form, and employers have to process it, Robin Hood says. By arranging to provide for the [advanced-payment] EITC, employers can essentially give their workers a free wage increase, says Weinstein.It doesnt cost the firm a dime. Tyler Maroney

INVESTOR ASSETS

A GROUP FOR INDIVIDUALS
AFLAC Inc. (AFL) of course pays attention to all its shareholders, says Shawn Roberts, director of investor relations, but he says the company is particularly pleased when individual investors are National Association of Investors Corp. (NAIC) members. NAIC reports it is a nonprofit group of 28,235 investment clubs and more than 328,000 individual investors nationwide. Its 200 corporate members interact with NAIC individual investors through investor fairs, Webcasts and other events, the group says. NAICs members are ordinarily long-term
COURTESY OF ROBIN HOOD FOUNDATION
member portfolio is $301,300 and that the average NAIC member holds investments for four years. To join, corporate members must be publicly traded on a U.S. exchange and have been in operation for at least five years. Member company representatives meet NAIC investors and present the same information they provide to institutional investors, says NAIC. Beate Melten, manager of investor relations at Mexico-based Cemex S.A. de C.V. (CX), says this interaction is key. It has increased awareness, says Melten. Weve seen a tremendous growth in individual investors. NAIC reports that BP plc (BP) became an NAIC corporate member in 1997, and during the ensuing six years, BP participated annually in an average of six regional investor fairs, exhibited each year at the groups national convention and advertised in NAICs Better Investing magazine. In 2001, NAIC says its investors held 277,677 shares of BP stock. By 2003 that number had more than doubled, to 624,756, NAIC reports. MF
investors who not only hold our stock but also reinvest the dividends, says Roberts. Theyre loyal and educated, and they do their research. NAIC individual members represent $125 billion in total invested assets and monthly put a combined $200 million into the market, says Dick Holthaus, NAIC president and CEO. He reports that the average
EXERCISE MORE: BALLY TOTAL FITNESS HOLDING CORP.S (BFT) NEARLY 420 CLUBS GET AN ESTIMATED TOTAL OF 150 MILLION VISITS A YEAR.
IMPROVE YOURSELF: ON AVERAGE, A U.S. BORDERS GROUP INC. (BGP) STORE HAS 2,300 UNIQUE SELF-HELP TITLES.
UNDER CEO AL VERRECCHIA, HASBRO IS LEVERAGING CORE BRANDS, INNOVATING PRODUCTS AND LESSENING ITS DEPENDENCE ON LICENSING DEALS.

G ME L N

team from Hasbro Inc. (HAS) was returning to the toy companys Pawtucket, R.I., offices recently when their driver sheepishly admitted that he had locked the van keys inside the van. The driver told us that hed have to call the office, recalls Brian Goldner, president of the companys U.S. toys division, and that it would take half an hour to get keys to open the door. CEO Al Verrecchia didnt say anything, notes Goldner. He grabbed a tree branch, angled it through a crack in the

Transformers and trading-card games will lead a rebound in international sales, which fell three percent in 2002, although reportedly up for the first three quarters of 2003. He allows that Hasbro faces tough competition in the fast-growing electronic-learning-toy market, but says the company is developing electronic products for both preschoolers and tweens (youngsters between childhood and teenage years). Of course, Verrecchia says he must prove that a
ones that tend to be creative and stimulating and appealing. And as long as you have that, consumers will respond and buy those products.

D E B T TO CHIL D REN

ocus on corporate governance continues to occupy Hassenfeld. The company
reports that it recently reduced the Hasbro company with 7,000 employees in a low-growth number of directors from three must prove to two, brought on seveninsideindependent directors business can continue to hold down costs and new develop toys that delight fickle children. and increased the number of board members with that it And the company never forgets it is in the toy financial expertise. Hasbro has also instituted regular can hold business. Headquarters corridors are painted evaluations of the CEO, the board and various in bright primary colors and named after down cost and committees, according to the company. products; Lite Brite Way, for example. LargerHassenfeld talks eagerly about our debt to develop than-life, whimsical sculptures of signature the children of the world and points out how products the Monopoly car, Mr. and Mrs. Potato Head are scattered throughout the office. To keep the creative juices flowing, Hasbro regularly holds employee events such as barbecues. Executive offices ring a circular atrium, where
that delight December 2003, BusinessWeek listed the company sunlight streaming in through the glass roof as 15 donors in children. based on one of the top andcorporatedonations. the U.S., reflects off a pond and staffers can sit on park benches. contributions in-kind

F UT U R E O F TOYS

lthough Hasbro is a serious business, it is also kid friendly, says Verrecchia. The companys Funlab onsite testing facility, for instance, invites students from elementary schools throughout the state to come in several times a week to play with its toys. In this business you look at many, many products, points out Verrecchia. You run the numbers. You do market research. But products get to market because people have a passion for them and pushed them. Those are the
*As of Dec. 2, 2003, Sean McGowan, a managing director at Harris Nesbitt Gerard, a division of the Bank of Montreal, was not an officer, director or member of an advisory board at Hasbro. Neither he nor his company had positions in Hasbro securities.
CEO AL VERRECCHIA AND CHAIRMAN AL AN HASSENFELD TAKE A RIDE PA ST GO ON A MODEL CAR FROM HASBROS MONOPOLY FRANCHISE.

he plans to spend more time working with Hasbros philanthropic Charitable Trust and Childrens Foundation as well as with a food bank in Rhode Island that he hopes will lead to a hunger-free state by 2005. In
Among Verrecchias many supporters, there may be none more vocal than Hassenfeld, the man whose shoes he stepped into. Theres only one person outside of a Hassenfeld who should be running the company, says Hassenfeld. And thats Al Verrecchia. After working at the company he loves for almost four decades, Verrecchia insists that his passion still simmers. To spend your entire career at a company and help build it, he remarks, and then finally get to be top dog and lead it I dont know if theres any better feeling than that.

MANAGEMENT

human capital

vision

how can a company get the most out of its workers? more are opting to create a culture that shows management cares.
he chairman and CEO of SRA International Inc. (SRX) says he doesnt focus on forcing pro-
ductivity from employees. Instead, Ernst Volgenau explains, when the work environment helps employees feel appreciated, productivity takes care of itself. If I ask, How can we make our employees more productive? the question seems to treat them as machines on a production line, Volgenau frowns. We arent interested in improving productivity at all costs; we dont even measure it in that sense. The Fairfax, Va.-based information technology services provider says it emphasizes a corporate culture that shows its 2,800 employees that it cares. We want to be a great place to work, and we want to serve our customers well,
points out Volgenau. He adds that the company rewards its employees for good

BY RANDY MYERS

work, links pay to performance and provides a collegial and flexible workplace where employees can share knowledge. Although many salaried employees work long hours, most SRA workers dont get overtime, but they are eligible for cash bonuses when they meet performance targets, Volgenau explains. We measure output, not input, he says. Other companies recognized for their human-capital strategies take similar approaches, say consultants that specialize in human-capital management. Common workplace benefits include child day care, tuition reimbursement to help employees hone their skills, on-site cafeterias and flex schedules.

(HEW): High-performing organizations get more from people by attracting better talent, investing in them and using technologies that leverage talent. Watson Wyatt has quantified attempts to court employees through its Human Capital Index (HCI), a survey which tracks a correlation between human-capital initiatives and total shareholder returns. According to Watson Wyatt, companies with a low HCI score reported total
medical cases. The team provides guidance and direction. We think that our employees are healthier and more motivated because of this program, Volgenau says.

the human capital index

CONCENTRATING ON CERTAIN EMPLOYEE ISSUES CAN ADD MULTIPLE PERCENTAGE POINTS TO A COMPANYS SHAREHOLDER RETURNS.
By improving total rewards and accountability, according to Watson Wyatt, a company can boost its market value by 16.5 percent (see The Human Capital Index sidebar, left). Aligning the economic interests of a company and its employees is the most potent employee-related factor in predicting return to shareholders, says Pfau.
% INCREASE IN MARKET VALUE

16.5% 9.0% 7.9%

a collegial and flexible workplace
he next biggest source of value creation, explains Pfau, involves promoting a collegial and flexible workplace. Watson Wyatts HCI predicts a 9 percent rise in market value for a company that significantly improves its work environment. By expanding the pool of talented workers, flexible work arrangements pay off in another 3.5 percent increase in shareholder value, according to the firm.
The cost of promoting a collegial and flexible workplace can be hard to compute.
Southwest Airlines Co. (LUV) motivates workers by creating a fun place to work, says Vice Chairman and CEO Jim Parker. We celebrate a lot of events birthdays, promotions, Valentines Day, Halloween. But the main thing, Parker adds, is simply to treat one another the way we like to be treated. When employees are promoted, the company reports, Parker and President and Chief Operating Officer Colleen Barrett send congratulatory cards that may be accompanied by a bottle of wine or a pen and pencil set, for example. To mark employment anniversaries, Southwest crew leaders and department heads routinely send cards to employees, according to the company. Southwest reports it also maintains a network of goodwill ambassadors who disseminate corporate news and host festivities that foster team spirit. A second-wind team is composed of 20 employees who give lectures on burnout and maintain stacks of books on stress relief that are circulated among staff members, the company explains. Many large companies try to reflect their employees values through matching grants or by sponsoring events that employees care about. The Timberland Co. (TBL) says it closed its offices on Oct. 2, 2003, so that employees could volunteer their time to build playgrounds, help the elderly or otherwise improve their communities. Every Timberland employee can donate as many as 40 paid hours to worthy causes, the company explains, and three years of employment warrant six months of full pay for a service sabbatical.

from the heavy burden of managing their companys telecommunications and security infrastructure and allow them to concentrate on core businesses. Communications outsourcing typically results in significant cost savings and allows MNCs to focus more on the planning and implementation that can ensure business continuity and success.
TELKOM SA, SAYS CEO SIZWE NXASANA, HAS CHANGED IN S O M A N Y WAY S T H AT I T C A N N O T EVEN BE MENTIONED IN THE SAME B R E AT H A S T H E O L D SOUTH AFRICAN PHONE COMPANY.

INTERNATIONAL

Making
UNDER CEO SIZWE NXASANA, TELKOM SA SHOWS HOW BUSINESS AND SOCIETAL GOALS CAN GO HAND IN HAND IN SOUTH AFRICA.
hen Sizwe Nxasana took over as CEO of Telkom SA Ltd. (TKG) in 1998, he says he realized Telkom was not just any inefficient, unprofitable monopoly that needed to be reshaped for a future initial public offering (IPO). It was

2 Call 0

ROGER BULL/NETWORK
with 225 global and corporate customers, 550,000 large to small business and government accounts, 2.6 million residential customers and hundreds of thousands of users of its public phones. Through its 50 percent stake in cellular operator Vodacom Group Pty, Telkom says it has expanded out of South Africa to Lesotho, Democratic Republic of the Congo, Tanzania and Mozambique. Reported first half 2004 fiscal net profit more than doubled to R1.7 billion (US$239 million), compared to R644 million in the previous corresponding period, allowing the company to pay its first interim dividend of 90 cents a share. On the business front, says Nxasana, Telkom has reorganized the company structure to become functionally based, changed the leadership team, increased efficiencies, rebalanced tariffs, improved customer service, launched new products, expanded and modernized its phone network and, crucially, implemented a comprehensive program of cultural change.
a government-owned utility, whose mandate was to provide phone service to millions of homes and businesses, and employ thousands in the process. Perhaps more to the point, he says, Telkom was a South African company, meant to prove by example that societal aims could be achieved alongside business goals. The company, says Nxasana, an accountant with no prior telecommunications experience, has changed so much, and in so many ways, that the Telkom of today cannot even be mentioned in the same breath as the one of five years ago. An offshoot of the 100-year-old South African Department of Posts and Telecommunication, Telkom is now Africas leading communications company, Nxasana asserts,

COURTING VISIBILITY Listed on the JSE Securities Exchange in Johannesburg since 1979, Sasol had traded on Nasdaq for 21 years before transferring to the New York Stock Exchange in April 2003. Growing investor interest, especially from North America, supported this transfer, says investor-relations manager Cavan Hill. Integral to Sasols globalization strategy was, he describes, the need for a higher investor profile and [the desire] to be placed with our peer group most of the large oil, gas and chemical companies are listed on the NYSE. At the time of its listing, Sasols CEO and Deputy Chairman Pieter Cox said the NYSE exposure would give the company higher U.S. market visibility and hopefully increase appreciation for Sasol as an attractive, value-adding investment. In
is a joint venture between the U.S.s SBC Communications Inc. (SBC) as the lead partner and Telekom Malaysia SDN Berhard. Thintana acquired 30 percent of Telkom from the South African government in 1997. In return for five years of exclusivity on basic fixed-line telecom services, it agreed to prepare Telkom for competition and the IPO, while extending services into underserviced areas. As of Sept. 30, 2003, 26 Thintana managers remained at Telkom, compared with 75 in 1997, says Nxasana. The intent is to have South Africans take over leadership, adds Chief Operating Officer Shawn McKenzie, an American loaned to Telkom from SBC in 2002. We have seen a 171 percent increase in earnings per share for the six months to Sept. 30, 2003, achieved under the leadership of a predominantly South African team, he adds. Telkom has benefited tremendously from association with Thintana, especially in the transfer of technology and product development skills, marketing
Under the guidance of SBC and Telekom Malaysia, Nxasana and his team have provided clear vision and strong leadership. They have improved services, products and operating efficiencies while cutting operating costs and capital expenditure, says Stephen Carrott,* technology, media and telecom analyst at Andisa Securities, a division of South African financial-services firm Andisa Capital. Without Thintana, it is debatable whether Telkom would have learned to play hardball so quickly or been able to almost halve its landline workforce since 1997, he says.

A strong proponent of good corporate governance, he says he wants Telkoms employees to strive for a common set of business ethics and to act with integrity in everything they do. Enhancing employee loyalty has been challenging because Telkom has had to reduce staff in its quest for efficiency, admits Nxasana. As of Sept. 30, 2003, the number of reported staff had fallen by nearly half, to 33,828, from Telkoms March 31, 1999 payroll of 61,237, with a longterm plan to reduce the total to around 28,000, Nxasana says. With upcoming competition and new technologies we would have lost jobs even if we were not privatized, adds Nxasana, who acknowledges he must balance commercial realities with political sensitivities exacerbated by South Africas unemployment problem. (According to the most recent census in 2001, South Africas unemployment rate is 31 percent.) Nxasana maintains that most job losses going forward will result from early retirement, voluntary severance packages and outsourcing. We
math, science and technology education to black high school students. Telkom says its initiatives are part of the governments broader BEE framework, aimed at normalizing the economy. As leaders, we simply must see the benefits in helping create a more affluent society, insists Nxasana. We must be seen to live the principle that the good of the people, the good of companies and the good of the country are one, he says. Nxasana adds that corporate profits should not be perceived as a victory of a few over many but rather that all stakeholders have a stake in the wealth the company generates. If one can find a way of working so that people are cared for, they will give their best, he adds. It is the caring corporation that attracts and keeps the best people, and it is the caring company that gains the approval of society.
*As of Nov. 27, 2003, Stephen Carrott, an analyst at Andisa Securities, a unit of Andisa Capital, was not an officer, director or member of an advisory board of Telkom SA and neither he nor his firm held positions in Telkom securities.
I N N O VAT I O N S I N T E C H N O L O G Y

TECHNOVATIONS

Televisions New Game
THE BIG PLAYS ON THE DIGITAL FRONT GO BEYOND HDTV.
At Circuit City Stores Inc. crowd (CC), the customers television give off their own light when electrified, making for thinner, lighter technology. The technology is now used for cell phones and PDAs, and Bocko says he expects OLED TV displays to hit the market by 2010. Surveys show that consumers are most interested in seeing sports and movies in high definition. The major television networks, including ABC, a division of The Walt Disney Co. (DIS); CBS, operated by Viacom Inc. (VIA); Fox, a division of The News Corp. Ltd. (NWS); and NBC, part of General Electric Co. (GE), are all beginning to broadcast digitally. HBO, a division of Time Warner Inc. (TWX), reports that it offers roughly 70 percent of its programming in HDTV. Laura Behrens, a senior analyst for GartnerG2, part of Gartner Inc. (IT), suggests that the rollout to digital programming would be faster were it not for concerns about digital piracy. The properties that make digital production and distribution so appealing are also what make them vulnerable to piracy on the consumer side, she says. Although cable and satellite subscribers are already familiar with set-top control boxes, users of televisions without internal digital tuners also require set-top boxes to convert the analog signals to digital. Motorola Inc. (MOT), which says it originally invented technical specifications for digital cable and HDTV, reports it is the largest supplier of set-top boxes. The company says it recently released the first digital set-top that combines HDTV with a digital video recorder (DVR). The function of the set-top is only growing, says Bernadette Vernon, director of strategic marketing with Motorola Broadband, adding that a blurring is occurring between the capabilities consumers expect from their PC and what they expect their cable set-top to do. Motorola says its set-top box will soon work with wireless technology so a cell phones digital camera can take a picture and send it to a settop box, where it can be stored. Storing movies and TV shows on a set-top in the living room puts consumers on the verge of the home network, says Martin Reynolds, a Gartner Inc. analyst who says he expects ultrawideband, or WiFi, integrated home networks to become common by 2008. Once settops can turn on the lights, order pizza and download videos from the Internet, he says, the TV will go beyond entertainment to become the command station for the home of the future. [CONTINUED ON NEXT PAGE ] aisles to watch football games on bright digital screens in vivid color with bone-crunching sound.

The Consumer Electronics Association (CEA) reports that more than 230 models of digital TVs are for sale in the U.S. These include free-standing rear-projection models and flat-screen displays from manufacturers such as Thomson S.A. (TMS) and Royal Philips Electronics NV (PHG). Computer companies have also entered the market, with Hewlett-Packard Co. (HPQ) announcing plans to offer large flat-screen televisions later this year, and Gateway Inc. (GTW) calling itself the largest seller of plasma TVs in the U.S. After youve actually watched your first high-definition movie or game, youll never want to go back, says Des Power, senior vice president of Philips Consumer Electronics North America, a division of Royal Philips. With the same 16-to-9 aspect ratio as a movie screen, a high-definition television (HDTV) picture is five times sharper than that of a conventional television, according to manufacturers, and has more than 2 million pixels, compared with an analog TVs onehalf million pixels. Plus, HDTVs may include the same digital surround sound found in movie theaters and DVDs, manufacturers say. The CEA reports that the typical digital TV sold today is a 50- to 54-inch HDTV-ready rear-projection model retailing for around $2,200. The group estimates that by the end of 2004 the price should fall to $1,500, and it expects 5.8 million people will buy digital TVs this year. When, and if, the midpoint price falls below $1,000, the CEA expects that HDTVs will spread from the 6 percent that own them today to 20 percent of U.S. households. The next generation of TV display technology, suggests Peter Bocko, P.h.D., director of technology strategy for Corning Inc. (GLW), will be Organic Light-Emitting Diodes (OLEDs), thin layers of films that
B Y N O S H U A W AT S O N | I L L U S T R AT I O N S B Y B R YA N C H R I S T I E D E S I G N
DIGITAL TV SCORES BIG WITH VIEWERS

Digital Programming

According to the Federal Communications Commission (FCC), which has required all TV stations to replace analog broadcasts with digital broadcasts by year-end 2006, 1,000 digital stations currently operate in the U.S. Launching the first 24-hour highdefinition (HD) sports network in March 2003, ESPN, owned by The Walt Disney Co. (DIS), now airs the football and baseball seasons and 140 other events in high-definition format. Although ESPN has only four HD-capable remote production trucks, Disney reports it is building the worlds largest digital production facility and eventually will produce all its shows in HD format.

president and CEO of TIAA-CREF and former president and COO of Merrill Lynch & Co. Inc. (MER); D. Euan Baird, 66, chairman of Rolls-Royce plc and retired chairman, president and CEO of Schlumberger Ltd. (SLB); Marshall N. Carter, 63, co-chairman of the U.S. Working Group of Thirty, which developed recommendations for revamping world securities trade-processing processes, and retired chairman of State Street B a n k & Tr u s t Co. ; S h i r l e y Ann Jackson, 57, president of Rensselaer Polytechnic Institute and former chairman of the U.S. Nuclear Regulatory Commission; James S. McDonald, 50, president and CEO of Rockefeller & Co. Inc. and former partner of Boston law firm Choate, Hall & Stewart; Robert B. Shapiro, 65, former chairman and CEO of Monsanto Co. (MON); and Sir Dennis Weatherstone, 72, a trustee of the International Accounting Standards Committee Foundation and former chairman and CEO of J.P. Morgan Chase & Co. (JPM). Albright and Allison are the only members of the NYSEs previous 27-member board. The new directors, who were nominated by Reed and elected by the membership, will serve through June 2004, when they will stand for re-election. Thereafter, board members will be elected annually each June. One of the most important aspects of the changes is that there will be fewer board members, says Ward, who reports his firm invests only in NYSE-listed companies. In the end, the board will have a more cohesive understanding, and each member will be better informed about the broader picture and details pertinent to the Exchange. In an initial action, the BoD appointed, effective Jan. 15, a new CEO (a role that is now separate
from that of the NYSE chairman), John A. Thain, former president and chief operating officer of The Goldman Sachs Group Inc. (GS), who will also serve on the BoD. At press time, progress was under way to select a chairman to replace Interim Chairman John Reed. John Thain brings to the Exchange a number of exceptional qualities for which he is widely known: integrity, intelligence, and extensive knowledge of the financial markets, says Reed. He is an outstanding choice to lead the Exchange at this critical juncture. Responsible for the NYSEs regulatory function, the BoD also appointed a Chief Regulatory Officer, or CRO: Richard Ketchum, most recently general counsel of Citigroups investment bank and former president of Nasdaq, effective June 2. The BoD must also monitor marketplace performance and competitive position; approve strategy; hire, fire and pay management; and ensure a succession plan and appropriate behavior, Reed explains. The election of solely independent directors is a new approach for the NYSE, which for three decades has had an equal number of industry and non-industry directors. This differs from what is required of listed companies, which must now have a majority of independent directors on their boards (see sidebar, left). For the NYSE, the worlds largest capital market, it is mandatory that this forum hold itself to the highest ethical standards so the investing public can be confident that listed companies are fairly presented and reliable, and that the Exchange itself conducts its business to these same standards, says Callaway Golf Co. (ELY) Chairman and CEO Ron Drapeau. Cinergys Rogers agrees that the tighter standards required of

GOV ERNA NC E RULES FOR LI STED C OMPA NI ES
All NYSE-listed companies, with some limited exceptions*, must comply with the new corporate governance listing standards that the SEC approved in November. The new governance rules which become effective by the companys first annual meeting after Jan. 15, 2004 or by Oct. 31, 2004, whichever is earliest, with special timelines for companies with classified boards or listing in conjunction with an IPO require NYSE-listed companies to meet significant new standards, particularly regarding board independence. In addition to requiring corporate boards to consist of a majority of independent directors, the new standards tighten the definition of independent director and strengthen the authority and responsibility of the most significant board committees the audit, compensation and nominating/ corporate governance committees. The new standards require: Listed companies to have a majority of independent directors.
Non-management directors to meet at regularly scheduled executive sessions without management. Listed companies to have an audit committee, a nominating/ corporate governance committee and a compensation committee, each composed entirely of independent directors. Boards to adopt and publicly disclose for each committee a charter addressing at a minimum the responsibilities described in the Exchange rules. Listed companies to adopt and disclose corporate governance guidelines addressing director qualification standards, responsibilities, access to management, compensation, orientation for new board members, and board member continuing education, as well as management succession and annual board performance evaluation. Listed companies to adopt and disclose a code of business conduct and ethics for directors, officers and employees. The company must promptly disclose any waivers of the code for directors or executive officers. Listed foreign private issuers following home-country practices to disclose any significant departures in their corporate governance practices from those followed by domestic companies under NYSE listing standards. Each listed-company CEO to certify to the NYSE annually that he or she is not aware of any violation of NYSE governance listing standards and promptly notify the Exchange after any executive officer becomes aware of any material noncompliance. Listed companies to give shareholders the opportunity to vote on all equity-based compensation plans, with limited exceptions. (The SEC approved this requirement separately in June 2003.)
*Certain exceptions are made for controlled companies (more than 50 percent of the voting power is held by an individual), limited partnerships and companies in bankruptcy, closed-end and open-end funds, business development companies (a type of closed-end management investment company), and other entities such as trusts, derivatives and special-purpose securities. Foreign private issuers are permitted to follow home-country practice in lieu of most of these requirements.

August 2005

225 Cattle Baron Parc Dr, Fort Worth, TX 76108
817-448-9863 Fax 817-448-9843
veryone had a great time at the convention! The return of the parachute drop was a huge success. I hope you saw us on your local TV news station. Our new registration pickup system moved everyone through the line much faster than we had anticipated so we are planning to use this same system next year. The seminars were terrific and we want to thank all of our speakers for taking the time to share their collecting knowledge and information with everyone. Special thanks to the Hasbro GI Joe team, Patrick Kelly, Tod Pleasant, Dave Pisani, Buddy Finethy, Lanny Lathem, Joe Casey, Tim Seeley, Josh Blaylock and Mark Bellomo for hosting their seminars at the convention.
addition, almost all of these items are incomplete as they do not come with documentation, file cards and/or accessories. These products are untested and could also be hazardous. They could also degrade quickly as the material is not finished goods quality. It is silly to purchase items that will disintegrate on your shelf. Hasbro has very strict standards and we dont want to see anyone injured by these untested, illegally obtained products. If everyone will stop buying these items, they will quit stealing them, as there will not be a market for them. So just say NO to items being sold from Hong Kong! Dont purchase unreleased items from thieves! OK, Ill get off the soapbox now. Many of you have been asking for YEARS: Where can I get one of those parachute domes for my 12 figures like they have at Toys R Us? I am happy to announce that after 3 years and 4 manufactures, the club has reproduced these domes. They are 25 across and 12 deep with a hole in the center for your line. These are great display pieces! We had them made so that they will roll up and ship economically. You can order them from the club store gijoeclub.com for $30+shipping or $38 ppd through the newsletter. We know you can order the DTC products directly from Hasbro but we ask that you support the club and order them through us. This helps support your organization. We will also be carrying the Sigma Six line when it releases this fall. Everyone who I spoke to at the convention really liked the product once they saw it in person. The black Adventurer has been delayed slightly. We expect the shipment to arrive here by the end of August. We will start shipping these highly anticipated figures to you in early September. The continuation of the 40th Anniversary product line is now up to you! You can start ordering the 40th Anniversary items #23 Combat Action Soldier and #25 Dress Pilot. Make sure you tell every Joe Collector you know about our exclusive offering of these great 40th Anniversary products. There will only be 4,000 of each piece made and the club price is $42 plus shipping. Pre-ordered single pieces are $50 ppd, while if you want one of each, it will be $93 ppd. Now is the time for all 12 collectors to join the club and get the final pieces to their 40th Anniversary collection! Next month, we will be announcing our first ever club exclusive 3 3/4 sets. Yes, I said sets! We are working on a whole years worth of 3 3/4 exclusives that will have a couple of pieces (or more) releasing each quarter. All I can leak at this point is that when you put all 4 of each quarters pieces together, they make one big set that follows a complete story arc. We think that you will really enjoy this new concept. We are told that the final shipment of the Storm Shadow mailin figures is still on track for everyone to receive them by the end of September. Use the online links to submit your FREE 30 word ad. Dont delay, put this down and do it right now! Congratulations to our advertising winner for July: Mark Lieske, MD, has won a free G.I. Joe figure! Each month we pick a random ad winner from the G.I. Joe classifieds. Your ad must contain a specific G.I. Joe item you are trying to buy or sell, so send in your ad today! Thanks for your support of the G.I. Joe Collectors Club and the Hasbro International G.I. Joe Collectors Convention. Without your support and attendance, none of us would have ever met all of the great friends we have made through G.I. Joe. Lets Go with G.I. Joe! -Brian

I also want to thank my family, staff and especially the following collectors for their assistance with the convention sets: Terry Wheeler, Dave Lane, Brian Mulholland, Greg Brown, Jeff Saffelle, Barry Kay and Tod Pleasant. Without these folks help, we would not be able to bring you such wonderful collector based products. Special thanks go to Greg Brown and Keith Holmes for their work on the 12 convention diorama, The Battle of Britain. Thanks to all of our writers in the newsletter, as well. I didnt get a chance to recognize you this year but without your help, there would not be much to read each month. The Hasbro booth was mobbed during the whole convention and there sure was a lot of buying and selling going on in the sales room. We have now loaded what is left of the convention exclusives on the store site at gijoeclub.com/shop. We have already run out of several of the exclusives and I suggest you check out the few pieces that are left before they are all gone. Items that are already sold out are the Hydrofoils with the blue Cobra Commander Deck and the Skyhawk 3 Pack. We are selling the leftover blue decks and decals (no hydrofoil) so check our web site to see if there are any left as I didnt have a firm count as of this writing. The Steel Brigade Commander 3 Pack (LE 800), the Steel Brigade Paratrooper 2 pack (LE 1,000) and the Iron Mech (LE 750) are still available as we ran more sets of these than the vehicles. You can also order the convention General Mayhem (LE 750) and Battle of Britain (LE 500) sets. All non-attending sets should be received by the middle of August. We had to wait on our final shipment to arrive to fill all of the pre-convention orders, but if you are interested in any of these items, dont delay. They are selling fast. Thanks to those of you who participated in the Charity Auction, we were able to raise just over $3,000 for the Commemorative Air Force St. Paul Wing! We appreciate your generosity. Where will next years convention be? This is a question I am asked usually by the first person through the door at each convention. I am working on finalizing the hotel very soon. As soon as we have a contract, we will announce it online. The dates will be the same, June 22-25, 2006. Next month, we will have the convention contests winning entries in the newsletter. If you cant wait that long, you can check out their entries (and the rest of the convention online scrapbook) at mastercollector.com. If you have never been to the Joe convention, you are really missing a large part of your collecting experience. Plan to attend in 2006! Time for me to get on my soapbox. We are seeing a fair number of unannounced and unreleased items being STOLEN from the manufacturing plants in China and being sold online. Please DO NOT purchase these incomplete, unfinished, potentially dangerous items! By purchasing these stolen items, you are hurting every brand they represent. Why? Because the funds you are spending on them never go back to the people that make them. This means that the more these items are siphoned off by thieves, the less the manufacturer sells and the less support the product receives. So, if you dont want a product line cancelled, dont be a part of this illegal trade. In

G.I. Joe is a registered trademark of Hasbro Inc. G.I. Joe is used with permission under license with Hasbro, Inc. The G.I. Joe CollectorsClub is a trademark of Fun Publications, Inc. Contents may not be reproduced or transmitted without written permission of Fun Publications, Inc.

Page 1 August 2005

GIJOE Club Newsletter Contest Winners!
Here are the winners and runners-up for the Armchair Designer Contest! The winner for 3 3/4 is John Russell, TX for his Custom Snake Eyes. The 12 winner is Chris Longchamp, VT for his Space Pod and Astronaut. The runner up in the 3 3/4 category is Mike Elhardt, FL for his Real Life Joes concept and the 12 runner-up is Ron Brandt, MO for Deluxe Jungle Adventure Set: Mouths of Doom. Great job, guys and congratulations!
G.I. Joe Convention Memories

by Barry Kay

When I signed up to attend my first GI Joe convention (the 30th Anniversary Celebration on the Intrepid Aircraft Carrier in 1994), I had no idea what to expect. I had only been collecting GI Joes for a few years, but since the show was basically in my backyard, I wanted to go and see what a GI Joe convention was all about. Even though it was a 3-day event, I figured I only needed to be there for the main day. I attended alone and spent most of my time going from one dealers table to the next. Although I thoroughly enjoyed myself, I didnt come away from that show with the sense that I would want to travel long distances to attend future shows. So when the 1995 Convention was announced, it was a fairly easy decision for me to pass on the opportunity to attend. But, as the weekend of the 95 event grew closer, something deep inside began gnawing at me, and I started to feel like I may have made a mistake. By the time the 1995 show had come and gone, and I began reading about the event, I had made up my mind that it was the LAST GI Joe convention I would miss. From 1996 through 2004, I attended every major convention, and along the way I forged friendships that will likely last a lifetime. I discovered that a GI Joe Convention was as much about the people and the camaraderie as it was about the toys. A GI Joe Convention was an opportunity to put the real world aside for a few days and immerse yourself in a world where everyone shares your passion and enthusiasm for GI Joe collecting. Every year, I looked forward to seeing old friends and sharing in their hobby and their lives. So, it was like I had the wind taken from my sails when I looked at the calendar and realized that, due to a prior commitment, I would be unable to attend the 2005 convention. As hard as I tried to rearrange my schedule, there was no way around itI would have to miss the convention. I wasnt concerned about missing out on the Exclusive figures or the souvenirs (thankfully, the GI Joe Collectors club offers non-attending convention packages for that!), but not being able to see the people who have come to be like a second family to me was a real bummer. Many of the regular attendees think of the annual GI Joe convention as a sort of family reunion, and missing out on that was tough for me to accept. Since I couldnt be there in person, I spent as much time in front of my computer as possible that weekend. Mastercollector.com

always provides great coverage of the show (thank you, Charlotte) but I also found that sites like toynewsi.com and yojoe.com provided coverage as well. As disappointing as it was for me to miss this years convention, I think the person who suffered the most due to my not attending was my wife, because she had to put up with ME all weekend long. On Friday night, I looked at her and said something like all my friends are at the Charity Auction right about now. Throughout the weekend she heard things like, The sales room opens in 10 minutes, and I guess the Hasbro Roundtable discussion is probably getting underway right about now, etc. I am not sure where the GI Joe convention will be held next year, but it really doesnt matter. I can assure you of one thing: no matter what I have to do, no matter how far I have to travelI will be there. As great as the on-line coverage is, it doesnt beat being there. Until next summerYo Joe!!

Page 2 August 2005

Joe Con 2005 From a 3 3/4 Collectors Point of View

by Harry Townsend

When I was asked to write an article about my convention experience this year from a 3 3/4 perspective, I started to think to myself, Was my con experience JUST a 3 3/4 one, or did I get exposed to all aspects of GI JOE? Every year (or since I went to the 2003 Joe con in San Francisco) I make my annual trek to see what Hasbro and The GI JOE Collectors Clubs offerings will be; and with each year, I make new acquaintances in the Joe collectors world. This year was no different. My friend, Bill, and I arrived a day early, in case we wanted to go on the tour to the Mall of America. My intention was to get my convention set early, as anyone who went on the tour on Thursday night was able to get their set early. We did not get to sign up in time, so we ended up going to see Batman Begins, as the hotel that housed the Convention this year was VERY centrally located, and the movie theatre was only a block away! The next day, I was contacted by a friend (Jay C, webmaster of Toy News International) who I have spoken with on numerous occasions online. We met up in the hotel lobby, and we ended up taking a train to the Mall of America. The Mall was ENORMOUS! There were all kinds of shops there, with something for everyone. Unfortunately, the GI JOE hiatus was in full effect at the mall, as there was NO sign of GI JOE toys anywhere. I
be at the convention in time. He then said, That is NOT the case this year! There was a collective sigh of relief from the masses as he went on to unveil the stuff I had been waiting for: The Real American Hero items for 3 3/4 collectors. He went on to describe and show us the boxed set of 15 figures. It was titled (as many of you know) General Mayhem: M.A.R.S. Invades. This set included Destro (with gold head), Destros new general - General Mayhem, and Destros antiarmor specialist, Metalhead. It also had, much to the delight of this army builder, 6 Iron Anvils (Destros paratroopers) and 6 Iron Grenadiers (Destros personal army). The bonus item for this years attendees was a translucent black and red Stealth AntiGravity Pod. Then we moved onto the other items available

did however find several great GI JOE T-shirts. After returning from the mall (and quite tired from all that walking), we went to a comic book shop only about a block away, where I picked up a copy of GI JOE: Americas Elite #0. This was turning into a good day for GI JOE finds! Jay had to take leave of me, so I went to wait in the area where the Con was to be held. I had the paperwork to pick up my con set after 8 oclock, so I just hung around talking to all of the people I recognized from last years Convention. I had been talking to all of these guys online, and it is great to actually meet them in person again! At 6 pm, Brian took his usual spot atop a chair, megaphone in hand. He started to speak of the 12 collectors set from last year, which was delayed and could not
for us to purchase. We were given the opportunity to buy a mech suit for the Iron Grenadiers, which was a fantastic re-deco of the Defense Mech from the VVV line earlier in 2004. For GI JOE, who better to combat the IRON Grenadiers, than the STEEL Brigade? It was a wonderful play on words, which I have now come to expect from the people at the collectors club, with every new convention set. For GI Joe we would be offered a 3 pack, with Gung Ho, the Oktober Guards Dragonsky, and the Steel Brigade commander. I was especially excited about this set, as Dragonsky was the only member of the original Oktober Guard that had not been released in figure form yet. Then he showed us a 2 pack of Steel Brigade Troopers, complete with parachutes! And not to be outdone by Destros equipment, the Steel Brigade was given a 3 pack of one of my favorite vehicles of old, the Sky Hawk. Each Sky Hawk had two unique features. The first being the ability to customize each one for any member of the SB strike team, and second, they all had a unique swirled plastic. The effect mimiced the figures Urban Rain camo pattern created by the Collectors Clubs own Lanny Lathem. There would be no two alike! Lastly, there was a surprise that NO one saw on the horizonThe Tiger Ray hydrofoil from last year with a new deck assembly, molded in COBRA BLUE! Unfortunately, I was unable to get one that night, as they ran out of them. The demand was so high that even limiting them to two per person, they ran out FAST! But they put those of us that didnt get one on a list, and have since started contacting those of us on the list about getting them. After getting our stuff, there was a group of about 15-20 of us that had gone out to dinner and had a great time, getting to know each other, and talking about GI JOE. I must say, one of the best things about the Convention every year is

Continued on next page.

Page 3 August 2005
.continued from previous page.
finally being able to put a face to all of the screen names that we all talk to, sometimes daily, on the various Joe Boards. In previous years, my friend and I have pretty much stayed to ourselves, but this year, since we had a couple of guys that shared our room with us, we actually interacted with a large amount of people, and wanted to kick ourselves for not doing it sooner. The next day, we started off with the annual parachute drop. We marched down a few blocks where the local library was located. We lined up, and proceeded to board the elevators to get to the top floor, where we switched to stairs to gain roof access. Once on the roof, we were told to wait for the signal, and throw the parachute figures we had been handed on the way into the building. As Lanny Lathem threw his 12 inch Joe off the roof, we all waited with anticipation for the word, which was given by Brian. We all threw our parachutes off the roof as fast as we could. I was told that there was a great rain of silver from the parachutes, and when I reached ground level, I saw that the parachutes had been retrieved by kids, as it always is every year. I think it is fantastic that kids get to
reap the spoils of our fun, as that is what it is all about - fun. Fun for the adults, but mostly for the kids. We went back to the hotel and waited to attend the Hasbro Roundtable event, where a lot of questions were answered by the Hasbro Joe team. They discussed the future of all of the various lines, from the 40th anniversary collection for 12 inch collectors (which the Collectors Club has picked up) to the new 8 inch Sigma 6 line. For those of you who are still a bit skeptical of Sigma, I have to say, having actually seen them at the convention, they are AWESOME! I was not able to attend the second Hasbro Roundtable, as I had volunteered to keep an eye on all of the custom contest entries. There was a ton of work put into each and every one of them. I had heard that I missed a sneak peak of the Sigma 6 cartoon. I was also told that it was fantastic. I guess it just means I will be more excited when it hits my living room in September. They also made very clear their excitement for the new direct-to-consumer line being offered online at Hasbrotoyshop.com. We were given a look at the first two waves of

photo by Race Savage

Page 4 August 2005
the offerings, and all I can say is, WOW. Once the showroom opened at 2pm, we all made a mad dash to the Hasbro booth. They had four computer kiosks set up so we could order the initial offerings of the online store. I was third in line, and I ordered my stuff as fast as I could. I then headed over to the mob scene that was the display cases. It was there that I would see one of the coolest items I have ever seen offered for GI JOE. Very reminiscent of the old Adventure Team Mobile Support Vehicle, the ROCC (Rolling Operational Command Center) featured a cab that seats 6 figures, and detaches from the trailer portion. The trailer portion opens up into a mini-command center, complete with vehicle repair bay and removable mini-jet! Hasbro also had other items there, like several troop building 6 packs, a few more comic packs (including the 2004 fans choice Devils Due comic pack), and a re-sculpt of the classic cobra Hiss tank. This time it features an opening rear section to accommodate troops. Another great vehicle was the Rhino. It is
very reminiscent of the vehicle used in Aliens, but it has a surprisethere is a helicopter that rises (yes, RISES) out of the center of the vehicle. All of the offerings shown by Hasbro this year were met with open arms by all of the collectors I spoke with, and I have to say, I cant wait until they are in my Joe closet! Another highlight to the con this year was the addition of author, Mark Bellomo. He is well known in the 3 3/4 collecting community as the author of the book The Ultimate Guide to GI Joe: 1982-1994. He held two roundtable discussions. At the first one, he had many great concept paintings of RAH characters, and the second, he went over how much detail Larry Hama put into each of the file cards he wrote. I found it all quite fascinating. I am looking forward to his return next year! Devils Due Comics was also represented by Josh Blaylock, and Tim Seely. Tim was giving out hand drawn head shots of your favorite Joe. All in all, a very class act. I am sorry I had to miss their roundtable. On Sunday, they were even giving out posters for signing up on their mailing list. I was VERY pleased with mine. Saturday night brought the annual dinner. This year it was held at an airfield/museum. There was not a whole lot of seating, which I think lead to more intermingling of attendees. We got to see the lucky winners of the flight on the World War II

Page 7 August 2005

booth. The booth was not as bare of 12" and 3 3/4" as we may have feared. There were two 12" RAH figures shown, Bazooka and Dr. Mindbender, which will be Dollar General exclusives. Three other general military 12" figures were also shown: a Marine with boarding net, an Army paratrooper and a Navy UDT diver. The 3 3/4" sets to be offered on the Hasbro site were also shown, and these might be some of the best 3 3/4" sets Hasbro has done in quite a long time. The level of detail and character in the sculpts seems very impressive, and there are a number of interesting vehicles coming out as well. Two in particular struck my fancy: an APC similar to the one used by the Colonial Marines in Aliens, and a large command vehicle that could almost pass as the 3 3/4" version of the old Adventure Team MSV. However, the main focus at the Hasbro booth was the launch of the new Sigma Six product line. About a dozen items were shown in the set, and while they may not be my cup of tea, they are well-sculpted and have very clean details on them. They also have an unusual packaging that forms an equipment box for all the weapons and gear that come with each figure. These look to have good potential to be popular with kids, which is, after all, the real goal of a toy. If you did not get a chance to see these, you should have a look at the Hasbro Booth photos on the Convention page at mastercollector.com. For many convention-goers, the sales floor is the center of attention, and did not disappoint this year. The vendor list was a mix of old familiar names and some new faces, many of whom were local to the Minnesota area. There were definitely more 3 3/4" vendors this year than in previous years, and they seemed to be doing heavy business. Being a 12" collector myself, I proceeded to shell out a goodly pile of money among the 12" vendors, and came away with a strange array of items: several Roman Legionnaires, about a dozen different incomplete AT uniform sets, some Action Marine items, and six fuzzyheaded AT guys looking for a new home, as well as sundry other odds and ends that quickly filled my suitcase and emptied my wallet. At least two USS Flaggs sailed off of the convention floor on the first day, as well as several regiments of 3 3/4" figures and a battalion or two of 12" figures. I even saw a guy walk out with three mint-on-card Super Joes (though it was not clear how much he was paid to take them). Each year, the convention features a number of seminars, and this year was no different. The seminars this year included the normal Hasbro and Club roundtables, as well as a roundtable with Devil's Due Publishing to discuss the relaunch of the GI Joe comic book. These sessions were all well-attended, and resulted in some revelations like the news about the new Club 40th releases, the apparent death of Cover Girl in the Devil's Due comic, and Hasbro's conceptual thinking behind the new Sigma Six series. Other seminars included a session with Mark Bellamo, author of the new 3 3/4" G.I.Joe: "The Ultimate Guide to G.I. Joe, 1982-1994". Mark's session included a look at some rare and interesting concept art for the RAH series. The "Regular Joes" feature was the subject of Tod Pleasant and Dave Pisani's session, with a focus on the logistics of how the photo stories are made. Tod and Dave gave a great presentation, revealed a few secrets about upcoming Regular Joes installments, and clarified once and for all that Boba Fett is, in fact, dead. Pat Kelly of Diorama Dreams gave a presentation on the art of diorama-making, giving a new look at some of the steps he goes through on a major diorama project, and an in-depth look at the work behind the Pentagon display that was featured in the June newsletter. Finally, the "G.I. Don't Know: the GIJOE Game Show" had two installments, once again pitting both 12" and 3 3/4" collectors against the GI Joe triviapacked mind of host Lanny Lathem. The randomly-selected contestants were faced with questions like, "Name the colors of the belts in the Adventure Team Karate set?" and, "What was the name of the large Real American Hero spaceship?" (By the way, both questions were answered incorrectly during the show). Fabulous prizes were awarded to the winners. The traditional Friday Casino Night made a reappearance of a sort with a Texas Hold'Em tournament. While the gamblng was only for fun this time, the event quickly became a high-stakes cutthroat competition. Some of the gamblers retired to other tables for some Blackjack as well, and by the end, of the night several convention-goers were several million play-dollars richer. Imagine how happy the vendors on the sales floor would have been the next day if those winnings had been REAL cash! The Saturday awards banquet featured a visit to a Commemorative Air Force hangar for a barbeque dinner, music from a 1940s-style swing band, and for a lucky few attendees, a ride on a B-25 Mitchell Bomber. The hangar featured a small museum of WWII military aviation memorabilia, and the tarmac immediately outside featured several restored WW2era vehicles and aircraft. At the dinner, the normal awards for the Franken-Joe, diorama and photo contests were made, and three new members (Cathy Jones, Patrick Kelly and Randy Sapp) were officially inducted into the Defenders of Bulletman (D.O.B.). Brian had encouraged attendees to wear a costume military-themed or GI Joe-themed, and many convention-goers took him up on the request. The costumes were spread across the history of America. There was a Revolutionary War re-enactor in full uniform, and a modern Special Forces operator in Afghan theater gear. There were also a number of RAH and Adventure Team members wandering the dinner, and even an Action Soldier with authentic Hasbro dog tags. It made for a fun time for all, and should become a tradition in future conventions. Overall, it was a very fun show. Unfortunately, for the first time in my GI Joe convention history, I managed to get a cold on the first day of the convention, but I still enjoyed myself. This was my eighth GI Joe Collector's Club convention, and I have enjoyed every one of them. Over time, the convention has become less about acquiring new Joes and more about seeing old friends. But that certainly does not keep me off of the sales floor! I am looking forward to the next eight conventions, and for those of you who have yet to get to one, I hope you make it to the next one. They can really change your collecting habits for the better you can see and acquire things you would not normally be able to find, learn things to do with your collection you might never had thought of by yourself, and meet a lot of really great people who share your interests. Just avoid any cold viruses in the area!

Page 8 August 2005

REVIEW: G.I.JOE WINTER OPERATIONS SET

by Thomas Wheeler

I remember something a Hasbro exec said at a G.I.Joe Convention many years ago. One of the reasons there had been so many arctic-dedicated characters, troopers, and vehicles over the years of G.I.Joe was that they always sold very well. Kids loved the arctic stuff, loved to have something that was specifically designed to play with in the snow. Living in southern Arizona, where "winter" is generally recorded only on the thermometer and snow is scarcer than political integrity, I admit I had a bit of a hard time relating to that, even though I certainly remember Michigan winters from when I was a child. And admittedly, finding a new set of arctic-dedicated G.I.Joes in early June, in Arizona, is about as incongruous as shopping for swimwear in January -- in Minnesota. Having said that, however, the new ToysRUs Exclusive G.I.JOE WINTER OPERATIONS TEAM is a real treat! I'll be honest. The last two Joe-dedicated sets in this line that featured individual characters -- Anti-Venom and Desert Strike Team -- were somewhat less than impressive. Their color palettes were virtually identical, and the color choices were horribly drab. Okay, they're military figures. They're not really supposed to be going around in really bright colors. I'm not asking for a return to the days of the Eco-Warriors. But a little more variety than was evidenced by those two teams would've certainly been welcome. And honestly, some of the paint jobs were pretty sloppy, too. I'm glad I've got them, don't get me wrong. But they could've been a whole lot better. And don't even get me started on the Greenshirts set. Nice idea, but compared to the Cobra Infantry set -- *shudder*. Fortunately, whatever glitches were taking place at the time, seem to have certainly been cleared up in time for the WINTER OPERATIONS TEAM! Not since the likes of the TIGER FORCE and NIGHT FORCE sets has there been a Joe-based set this cool! Six impressive figures, neatly painted, with a decent color range, and even a very cool, brand-new team logo! Who can argue with that? The copy on the back of the package outlines the team as follows: The G.I.JOE Team confronts Cobra forces in the far north, in the middle of a raging blizzard! Fighting white-out conditions and freezing temperatures as they battle the fierce Cobra cold weather attack force, the G.I.Joe troops plow through the hostile fire and howling snowstorm to stop the enemy before they can strike again! The team includes STALKER, BACKBLAST, SHORT-FUZE, FROSTBITE, SNAKE-EYES, and MIRAGE. Let's consider them individually: STALKER - This is a recolored version of the 1989 Stalker, who was designated as a "Tundra Ranger" and did appear outfitted for arctic combat -- right down to a white kayak. He doesn't have the kayak this time, but it's still a very impressive figure. The whites of Stalker's eyes are painted this time around -- nice touch on an AfricanAmerican character -- and he's wearing a white snow cap, turquoise jacket with dark green and purple trim, and offwhite trousers with a white winter camouflage pattern on them that is shared by everyone else on the team except Mirage. Even the pattern is identical across the other figures. Nice touch. The "Winter Operations" insignia is on he upper right arm, also a nice touch. This was an excellent figure of Stalker in 1989, and it's an excellent figure of Stalker now. His file card, taken directly from other current versions of the character, reads as follows: SGT. STALKER - Ranger File Name: Wilkinson, Lonzo R. Primary Military Specialty: Infantry Secondary Military Specialty: Medic/Interpreter Birthplace: Detroit, Michigan The survival instincts of SGT. STALKER were honed at an early age on the mean streets of his home town, a fact which gives him a distinctive edge over those who first received their combat training in their late teens under less demanding circumstances. He's no poser; he doesn't just walk the walk and talk the talk. He's the real thing, and he's taking names. Ranger trained and airborne qualified, SGT. STALKER has gone through some of the toughest programs the army can offer. He is resilient and resourceful, capable of adapting to changing situations and not hidebound by standardized procedures. He knows through experience that no battle plan survives the first shot and that the soldier who thinks the fastest on his feet is the one who will win the day. "So FIREFLY got himself some new genes; what's the big deal? I could kick his butt before he got them, and I can kick his butt now."

BACKBLAST - Technically, the figure used here is AVALANCHE from the Battle Force 2000 collection. But Avalanche was an arctic vehicle driver, so it still works, and the color scheme is substantially different. Backblast is wearing a black helmet and shirt with orange and silver trim. He has black boots, and the same sort of slightly off-white trousers as Stalker, with the winter camo pattern printed over them. My only complaint with this figure was that it was very difficult to find one, among the sets that I checked out at Toys RUs, that didn't have very crookedly placed eyes. Somebody's painting stencil in China needs to be realigned or something. Apart from that, however, this is a very cool figure, using a set of molds that hasn't seen use since 1987, and in a different enough color scheme so that he's not going to be confused with the original. I'm not sure why the name Backblast was used instead of Avalanche, although I imagine it would have to do with names maintained by copyright to Hasbro. Backblast's file card reads as follows: BACKBLAST - Anti-Aircraft Specialist File Name: Menninger, Edward J. Primary Military Specialty: Air Defense Specialist Secondary Military Specialty: Signal Corps Birthplace: New York City, New York BACKBLAST is thoroughly familiar with the mechanics, tracking systems, and warhead capabilities of all known shoulder-launched anti-aircraft missiles. He is also capable of solving complex trigonometric problems in his head, enabling him to calculate lead trajectories by sight. During briefing sessions, he has been known to knock flies out of the air with spitballs. If an enemy ground attack plane is moving away from you, there's no need to do anything about it. If it's coming towards you, you need to neutralize the threat before it neutralizes you. It takes a special kind of soldier to stand his ground and wait for the lock-on tone from his anti-aircraft missiles while a Cobra attack plane has got him in its sights for a strafing run. Either on the ground or in a G.I.Joe vehicle, Backblast is just that special soldier for the job. "If they don't want me to shoot 'em down, they shouldn't try to drop bombs on me." The file card is obviously in keeping with Backblast's non-arctic origins, but there's nothing there that says he can't fire a missile against a Cobra plane in the arctic as well as anywhere else. SHORT-FUZE - Like Backblast, this figure uses molds from a different character, specifically BLIZZARD, an arctic specialist released in 1988. The figure even keeps the original hair color for Blizzard, unlike Short-Fuze's traditional blonde hair. But if Hasbro wants to call him Short-Fuze, I suppose I'll have to as well. It's an excellent figure, too, again changed sufficiently from any previous incarnations, which in this case tended to mean one-color uniforms for the most part. This new edition has a pale tan jacket, and the white camouflage trousers that most members of this team have. The uniform has black trim, and white gloves. It's really an outstanding arctic soldier, and he comes with a pair of skis! Short-Fuze's file card reads as follows:

All prices here include shipping in U.S. Foreign orders, please add additional shipping. Online prices do not include shipping. Shipping is calculated by individual order online. Convention Premiums Qty
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$63.00 $31.00 $20.00 $30.00 $24.00 $30.00 $24.00 $40.00 $63.00 $40.00 $43.00 $38.00 $28.50 $50.00 $52.00 $22.50 $28.50 $36.00 $15.00 $26.00 $21.00 $26.00 $38.00 $12.00 $50.00 $50.00 $93.00
x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______ x ______
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Page 11 August 2005

.continued from Page 9
are correctly colored for Frostbite, as he first appeared in 1985, there's no reason to assume that it's not actually him. The figure has a blue jacket with mostly white sleeves and a white hood, with the same winter camouflage trousers as the majority of the rest of the team. If I have any complaints about the figure at all, it's that the knees are a little loose probably due to the age of the molds, dating back further than those usually put to use today. Since Hasbro has adopted the unnecessary practice of gluing the upper leg halves together as well as screwing them together, there's no way to open the legs to do some repair work, which in this case would be relatively simple if it were possible. Still, the looseness is not all that bad, and seems to mostly occur just when Frostbite's legs are precisely straight. And the look of the figure is excellent. This is really a very well done arctic figure. Interestingly, his file card is different from the last time I encountered the Frostbite character the one sold with the Ice Sabre vehicle (which would make a very cool vehicle for this team, I might add). Frostbite's file card for this set reads as follows: FROSTBITE - Arctic Operations Specialist File Name: Seward, Farley S. Primary Military Specialty: Armored Vehicle Driver Secondary Military Specialty: Vehicle Specialist Birthplace: Galena, Alaska Frostbite loves the challenge of surviving and training in a harsh arctic environment. There are other G.I.Joe team members who are better armored vehicle drivers, but few of them could find their way through a blizzard without a GPS, unclog a fuel line in sub-zero temperatures, or know instinctively where a crevasse is hidden under snow cover. He doesn't mind the cold; in fact, an icy wind in his face makes him feel more alive. Extreme cold tends to make troops sluggish and careless. But what it does for Frostbite is exactly the opposite. Any Cobra infiltration team expecting to attack a G.I.Joe base under cover of a blinding snowstorm is in for a nasty surprise, and his name is Frostbite. "Give me black coffee, scalding hot, thick enough to stand a spoon in, then get out of my way." Love that character quote. SNAKE-EYES - While perhaps an unusual choice for an arctic team, let's face it Snake-Eyes is going to be nasty regardless of where he's assigned. No Cobra in his right mind is going to want to encounter the deadliest Joe of them all on any battlefield, whether it's on land, under the sea, over a mountain, in outer space, or on the arctic tundra. One of Snake-Eyes file cards from years past stated, "He should wear a sign around his neck that says, 'Don't mess Period!'". That's a fair statement. The figure is superb. Snake-Eyes predominant color has always been black, and while that might not be entirely fitting for an arctic trooper, Snake-Eyes could wear a neon-colored tie-dye uniform and it wouldn't matter a bit as to what he could do. The head of the figure uses the 1991 Snake-Eyes mold in my opinion the best of the Snake-Eyes heads. The body is actually that of an arctic trooper from 1990, named Sub-Zero. It's been redone mostly in black, with green trim. Interestingly, Snake-Eyes trousers are also black, unlike most of the rest of the team, but they still have the white camouflage pattern on them. The end result is really very impressive. Snake-Eyes' file card hasn't changed for some time, and still mostly speaks of his ninja background and his conflict with Storm Shadow. It reads as follows: SNAKE-EYES - GI JOE Covert Mission Specialist File Name: Classified Primary Military Specialty: Infantry Secondary Military Specialty: Hand-to-Hand Combat Instructor Birthplace: Classified Some people say that ninjas own the night. If that's the case, SNAKE-EYES owns the whole twenty-four hours. Anybody who isn't a mouth-breather has a reasonable chance of sneaking up behind a sentry in the dark. Snake-Eyes can do it at high noon on a gravel path with no cover. A qualified expert with all NATO and former Warsaw Pact small arms, he is proficient in twelve martial arts systems and a master of the same ninja clan (Arashikage) that produced Storm Shadow. His one known hobby is collecting spike-knuckled trench knives. At one time Snake-Eyes and the COBRA ninja Storm Shadow were sword brothers, but circumstances forced them apart and led Storm Shadow down the evil road to COBRA. Although others see them as bitter foes, Snake-Eyes looks at the COBRA ninja and sees the only best friend he ever had, so he dreads the day that he may have to draw his sword against him in earnest. Finally, there's the one mystery on the team, and for a change, it's not Snake-Eyes. MIRAGE - For reasons totally unexplained on the file card or anywhere else, Mirage has been molded in clear plastic. Mirage is a character who was first introduced on the MegaMarines team in 1993, which admittedly gives him a slightly quirky appearance. He's since turned up several times, including in the G.I.Joe vs. Cobra two-packs, and as the driver of the Hoverstrike vehicle, but he's never been clear before. Obviously he's trying to live up to his code-name somehow, but there's absolutely no explanation on his file card, and the illustration shows him looking quite normal. So we have to speculate, then. I suppose it's possible that the Joes got hold of some of the holographic projection equipment that Zartan and his Dreadnoks were known to use to disguise themselves (although it's also been documented that Zartan used more extreme means on top of this), and that the Joes decided to work this equipment into Mirage's rather unusual-looking uniform, giving him the ability to turn at least partially invisible. This is something that indeed, could be a real asset on a wintery battlefield, where visibility is often already obscured somewhat. Stretching the connection, the name Mirage was first used on another Hasbro product Transformers. One of the earliest Autobots was named Mirage, and had the ability to turn invisible. Maybe he gave his namesake lessons or something. Mirage is the only figure that doesn't have the Winter Operations logo on his uniform, but it would've been pretty difficult to stamp it on either of his upper arms anyway. He does have the G.I.Joe Team logo. The figure has some painted details on his uniform, mostly in green, black, and silver. It's a strange figure, I'll admit, but sometimes the peculiar can also be pretty cool, and I think Mirage qualifies as being pretty cool. His file card reads as follows: MIRAGE - Weapons Expert File Name: Baikun, Joseph R. Primary Military Specialty: Rocket-Fire Assault Secondary Military Specialty: Heavy Artillery Birthplace: Molsen, Washington Fighting the evil Cobra organization calls for powerful weapons and skilled soldiers trained to use them. Mirage is just such a soldier. He's a specialist in weapons from machine guns to the TOW missile systems. Trained to lay down heavy cover fire and launch shoulder-mounted rockets while under an enemy attack, he has become an expert in all individual and crew-served weapons as well as anti-armor systems. Mirage advises and trains the G.I.Joe Team on what to use and when to use it. He takes particular delight in going up against the Cobra Vipers, who have lots of weaponry but don't know the best way to use it. Mirage showed them that all the firepower in the world won't beat a team of highly trained soldiers. "It's not just knowing how to use your weapons; it's knowing when to use them." The set also has an abundance of accessories. Everybody except Mirage has these spiked snowshoe-attachments for their boots. Fortunately, they're removable. I suspect Mirage didn't get them not because he was molded in clear plastic, but because compared to the others, he's got pretty bulky boots resulting in rather big feet. There is a substantial supply of weaponry in this set, more than usual, I believe. These Joes are all very well equipped. Hasbro should also be commended for two things in this set -- using the more traditional paler skin color for those who have skin color showing (Short-Fuze, Backblast, and Frostbite), and for finally substantially minimizing the problem of "mold creases" in the head molds. This was really plaguing G.I.Joe for quite some time. Let's hope we're done with it. The only evidence of it that I saw at all was a bit on the back of Short-Fuze's head. Any complaints? Just one, really. I wish Hasbro would stop gluing together the upper leg sections. This isn't necessary. The screws hold them together well enough. That's what they were designed to do. By gluing them as well, it makes it impossible to do repair work such as fixing knee joints or replacing the metal T-bar should it break. But that's a relatively minimal complaint (and hardly unique to this set-unfortunately) when one considers just how impressive the G.I.JOE WINTER OPERATIONS TEAM really is. It is heads above the three previous Joe-dedicated sets, and I'd put it on a near par with Night Force and Tiger Force, who get an extra point only for their previous history in the line. About the only other thing I wish they'd do is create some new file cards that are more in keeping with the specific team set, and lay off the hand-painting of certain parts. It looks to me like the leg details and boots for everybody except Mirage were hand-painted, camouflage notwithstanding. I know it's summer as I'm writing this. No one's thinking about snow and cold. You're thinking about beaches, sunshine, and vacations to warm, tropical places. But there'll come a time when winter is here again, and the majority of the United States does get snow. But by then, this team will likely be gone. So get them now. Even arctic Joes deserve a summer vacation. The G.I.JOE WINTER OPERATIONS TEAM has my highest recommendation! YO JOE!

G.I. Joe Collectors Club Annual Membership: U.S. $36, Canada $57, all others $82. Includes 12 club newsletters, a 1 year 12 issue subscription to Master Collector, and a free 30 word ad each month. Send Check or Money Order to 225 Cattle Baron Parc Dr, Fort Worth, TX 76108. Fax 817-448-9843, brian@mastercollector.com, Discover, MasterCard, and Visa accepted. Submissions for the newsletter are due by the 1st of each month and are very welcome. -Brian Savage, Editor

Page 12 August 2005