format string vulnerability - printf

Why does this print the value of the memory address at 0x08480110? I'm not sure why there are 5 %08x arguments - where does that take you up the stack?

address = 0x08480110
address (encoded as 32 bit le string): "\x10\x01\x48\x08"
printf ("\x10\x01\x48\x08_%08x.%08x.%08x.%08x.%08x|%s|");

This example is taken from page 11 of this paper http://crypto.stanford.edu/cs155/papers/formatstring-1.2.pdf