On the pivot end of the bladed knife is a black plug that says pull. They actually mean "Push". push it away from the knife body and rotate the handle half it's mounted in, down. The body will rotate in half , revealing the utility blade and more blades in the rear storage.Also note the blade depth adjustment has a locking detent. You have to push it to the right to unlock the utility blade.and push it to the right when retracting to fully retract and lock the utility blade.
Go with William R Best's answer.
The youtube answer by Javva is for the 10-801 is NOT applicable - a completely different knife with a completely different mechanism.
I found a You Tube Video demo.... Turns out its really easy!
http://www.youtube.com/watch?v=B8Q1p-8jkyE
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