You are on page 1of 34

c

c
 c c
 c
 cc
c

‘ 

 ‘  
 ‘ 


‘  

‘ ‘ 

   
  

 ‘ 

 ‘ 
c
c
c

c
c

| ||
c 
 !!"# $%!& '(#)*!&+ '( (#'% '* ,)&&(!"+ -%")# %! . & !%( /  
'""' ( 
  !!"#
$%!&'(#)*!&+'*0& $'(0%!&%! 123  %(#%*%!!&%,!#.%(+4"%+&*'(,")#'(0 4*'
%(# 3 ,% 3 "% 
 4' (& 1 ! '(#)*!&+ %&" '*"&' %* 0& $( -& ! +%&* %(#
.%'(!%'(#'!*! 44 *'!' (  

!!"#$%!&'(#)*!&+, (*'*!* 1 &0%('5#%(#)( &0%('5#4"%+&* 
&%&% )!
)( &0%('5#4"%+&*$', 4&%!" ,%""+ 
'(#)*!&+'*#+(%.',%(#!, .4%('* 4&%!*
'( +4&, .4!'!'-(-'& (.(! 
*!&%!0',%(%"+*'* 1, .4%(+ "'6 %&"'*"&', .*
-&+ '.4 &!%(! '( !'* *'!)%!' ( 
( ! 4&*(! &4 &! $ %- # ( *!&%!0', %(%"+*'* 1 %&" 
'*"&' 
7 %- )*# #'11&(! . #"* 1 & %(%"+*'* 4)&4 * 
7 !&'# !  %(%"+5 ! #'11&(!
*!&%!0'* %# 4!# -&! +%&*8! *!&%!0+ #-" 4.(! %(# %- -%")%!#! * *!&%!0'*
, (*'#&'(0!9!&(%"(-'& (.(!%(#, &, .4!(,'* 
7 %- 1 )(#!%!!, .4%(+ 
%* 0%'(# *)*!%'(%" , .4!'!'- %#-%(!%0 !& )0 '!* &%(#8 " 0'*!',* %(# .%&6!'(0 

, .4%(+  $-& 1%,* !&%! 1& . '!* , .4!'! &* %* '! '* *'(0" 4& #),! , .4%(+ 

, .4%(+ %* %# 4!# 94%(*' ( *!&%!0+ !  '(,&%* ! &%, %(# %,'- 4&%!' (%" 
11','(,'* 
7%-.%#,&!%'(&, ..(#%!' (%*# (!'*%(%"+*'* 
7&, ..(#!%!
!, .4%(+* )"#*!&(0!('!*#'*!&')!' ((!$ &681 &.%""'%(,*%(#: '(!-(!)&8%,;)'&
*.%""4"%+&*%(#%# 4!&"%!##'-&*'1',%!' (       

c
? c 
 3 

<
‘ (%"+*'* 

<
&!&*. #" 

3 &3 .4!(,+ 

 ‘=>‘  

3     ‘‘ 

‘ 3 3‘  

?  3    ‘‘ 

&'.%&+%,!'-'!'*@ 

‘)44 &!'(0%,!'-'!'*@ 

3  ‘   

3  ‘‘‘‘   

%&! @ 

%&! @ 

‘ 3  ‘  

A 3 ‘ ‘ 

&0%('5%!' (%"*!&),!)& 

%&6!'(0*!&%!0+ 

A)(#'(0*!&%!0+   

A‘     

‘)'!%'"'!+ 

A%*''"'!+ 

<
3  

33 ‘ 

A 3‘  

? 

c 

p ?p c 
0" %"  !!"# $%!& '(#)*!&+ , (*'*!* 1 *""'(0 1 1"%- &# %* $"" %* )(1"%- &# $%!& 

7'!&0%&#*! (#'%(, (!9!!&'**%" 1 ("+)(1"%- &#$%!& 
!!"#$%!&*0.(!
'*&%4'#"+0& $'(0$',%*%! !%".%&6!*'5 1. &!%(/ 
'""' ( 
.%&6!'*.%'("+
, (!& ""#+! &0%('5#*,! &$'! -&&%(#*9'*!'(0'(!.%&6!  
0& $!'(!
*,! & %* ( -'$# .%'("+ ,%)* 1 ! %"! , (*,' )* 4 4"8 '.4& 4& $%!& *)44"+
%(#!)(4&#',!%".)(','4%"$%!&*)44"+ 
7'!%'00& $!&%!%(#" $(!&+%&&'&*%*
%!!&%,!#.%(+4"%+&*'(!'**0.(! 
.%&6! 4&%!*'(" $&.%&0'(*8!4&','(,&%**
$( ! , *! 1 4%,6%0'(0 %(# !&%(*4 &!%!' ( '(,&%** ! .%: & 4"%+&* '( ! .%&6! %&
!&+'(0 !  *!%"'* !.*"-* '( )"6 $%!& )*'(** !& )0 &%(# ;)'!+8 $&%* !
)( &0%('5#4"%+&*%&&*'*!'(0!.+)*'(0#'11&(!'%!' (*!&%!0+ 

%&" %,;)'&# '*"&' 1& . %( !%"'%( (!&4&()& & 
A"', '*"&' '(  
 , .4%(+ 
*!%"'*# '!* 1'&*!4"%(! '().%' '(!*%. +%& 
, .4%(+$%*! 1'&*!4"%+& '(! 
!!"#$%!&'(#)*!&+%(#* '!%*0%'(# 1'&*!. -&%#-%(!%0 
, .4%(+ %*)(#&0 (
,%(0* -&!+%&* 
&$%*%*!&%!0',*'1!'(!#'&,!' ( 1!, .4%(+ -&!+%&* 

7%-*",!# %&"'*"&'1 &!%(%"+*'*4)&4 *.%'("+,%)*8'!'*'.4 &!%(!! *!)#+ 
$%, .4%(+$'!%*'(0"4& #),!&%(#%*.%'(!%'(#'!*.%&6!4 *'!' (B7%-0%'(#
'(*'0!*% )!!*!&%!0',#,'*' (*!%6(+!, .4%(+ -&!+%&*8$',%-(%"#'!
! 0%'(*)*!%'(%", .4!'!'-%#-%(!%0  

c  
c 
& %& -%&' )* 1%,! &* %11,!'(0 ! (#'%(  !!"# $%!& '(#)*!&+8 ! 0 -&(.(! 4 "','*
&0%&#'(0!;)%"'!+ 14%,6%0#$%!&%&-&+*!&'(0(!%(#%""!, .4%('*%-! %#&
! !‘*!%(#%&#* 
" $, *!'(*!)4%(#!%-%'"%'"'!+ 1,%44"%+&* %*9&!#%
4)"" 1 .%(+ *.%"" %(# '0 4"%+&* '( ! .%&6! 
& '* % , (*!%(! 4&**)& ( !  !!"#
$%!& , .4%('* ( ! ;)%"'!+ 1 4& #),! %(# ! 4%,6%0'(0 
 !,( " 0',%" %#-%(,* '(
4)&'1',%!' (4& ,***"4'((%(,'(0%(#.%'(!%'('(0;)%"'!+ 1$%!& 
&'*( '(#)*!&'%"
"',(*'(04 "',+4&*(!,)&&(!"+$',%!!&%,!*.%(+4"%+&*! (!&'(!'*'(#)*!&+ 
" $ 
(!&+ %&&'& '( !'* *0.(! %11,!* ! .%: & 4"%+&* 1 ! .%&6! 
& %* ( % 4&',
,'"'(0'.4 *#+!0 -&(.(!'(!'*.%&6!*0.(!#)! $',4&',$%&'*( !4 **'"
'( !'* '(#)*!&+ 
 *,%&,'!+ 1 *%1 #&'(6'(0 $%!& '( .%(+ %&%* ,&%!* 44 &!)('!+ 1 & !
4"%+&*! ,%!&! !'*0& $'(0#.%(# 
&%-('(*!%(,* 14& !*!%0%'(*!! !!"#
$%!& , .4%('* %0%'(*! ! 4&','(0 *!&%!0+ %(# -& ! #4"!' ( 1 *,%&, &* )&,* 

'(#)*!&+ %* , (*'#&%" 0& $! 4& *4,! '( ($& %&%* %(# ! .%,&  (-'& (.(!%" 1%,! &*
4&*(!%!!&%,!($4"%+&*  

 c 
c 
 !!"# $%!& '(#)*!&+ '* % 4%&! 1 -&%0 '(#)*!&+ $', , .* )(#& ! 1%*! . -'(0
, (*).& 0 #* 
7( !%6'(0 % )! ! 4 &!&C* 1'- 1 &,* . #" $'! &*4,! !  !  !!"#
'(#)*!&+'((#'% 

Threat of Entry@*'(,!(!&+%&&'&'*" $8.%6'(0'!%*+! (!&! !!"#$%!&.%&6! 

*4&!4& #),!#'11&(!'%!' (!!&%! 1($(!&%(!*'*'0 
)!'(%& %#&4& *4,!'-
'!'*. #&%! 

Bargaining Power of Suppliers: !%&0%'('(04 $&'*" $&%*!.)(','4%"$%!&*+*!.8 
!!"*%(#4"%*!',,%48"%"4&'(!&1'"!&%!' (%(##' ('5%!' (;)'4.(!84"%*!',0&%'(*%(#!,  

"%&0%-%'"%'"'!+ 1*)44"'&*"%#*! "**%&0%'('(04 $& 

Bargaining power of Buyer: !  !!"# $%!& '(#)*!&+ '* ,%!0 &'5# %* %( "'0 4 "+ 

().& 14& #),&*'* "**#)! $',!%&0%'('(04 $& 1!)+&, .* "**  

%&0%'('(04 $&#4(#* (!4&',8%-%'"%'"'!+%(#!4& #),! 

Substitute products:  *'(,  !!"# $%!& '* ,%!0 &'5# )(#& ! -&%0 '(#)*!&+ (,8 !
#0& 1*)*!'!)!%'"'!+'*.#').%*!, 118!%8:)',%(#* 1!#&'(6*%,!*%*%*)*!'!)!! 
$%!& 
%-%'"%'"'!+ 1*)*!'!)!%11,!*!4&',%(#!.%&6! 
%-%'"%'"'!+ 1*)*!'!)!
4& -'#*! 4!' (! ,)*! .&%(#(,,%(*$'!,1& . (4& #),!!  !& 

Rivalry: ! #0& 1 &'-%"&+ %11,!* ! 4&',8 ;)%"'!+8 4& 1'! %(# &-() '( %( '(#)*!&+ 

.%&6!'*%". *! (*%!)&%!' (*!%!8%(#!'(#)*!&+&1&*! "'0 4 "+, .4!'!' (* !&'*
%'0, .4!'!' (! '(,&%*!.%&6!*%& 
'(!(*'!+ 1&'-%"&+'*" $%*!&'*"'.'!#
4"%+&%(#!4& #),!'*( !4&',*(*'!'- 

c

c
? c?  c 
&%(# 1'*"&''!*"1'*!, &, .4!(,+1 &'*"&' 
*%" 1'*"&' !!"*"4!
, (*).&* ,"%& !'& # )!* ( ! 4)&'!+ 1 $%!& 
 , .4%(+ .%'(!%'(* ! 4+*',%" %(#
1'(%(,'%" &* )&,* -&+ 11','(!"+ %(# 11,!'-"+ 
* &* )&,* $( , .'(# "4* '(
.%'(!%'( %(# &!%'('(0 ,)*! .&C* 94,!%!' (* !  %,'- ! !%&0!* 1 ! , .4%(+ 

'(!"",!)%",%4'!%" 1!&%(#4"%+*%.%: && "%*! !!"*%" 1'*"&''*4%!(!# 
'*"&' 
%*%-&+*!& (0#'*!&')!' ((!$ &68$', .%6* '!&%, )!! %". *!%""!&0' ( '(!
, )(!&+8, .4%(+%*% )! )!"!*%,& **!, )(!&+ 
, .4%(+$ &6# ('!*#)%"D
#'*!&')!' (*!&%!0+! 0%'(, .4!'!'-%#-%(!%0  

cpccc 
 !!"# $%!& '(#)*!&+ '* 94,!# !  0& $ %! 2 3   '( ! +%&  
 *%" 1 
!!"#$%!&'(#)*!&+'*94,!#! &%,%!< 
.'""' ("'!&*!&%(*"%!'(0! .%&6!$ &! 1
. & !%( /  
'""' ( 
 11 !&%# -%") 1 ! *%"* %* '(,&%*# + 2 '(  
&
$&( *'0('1',%(!4& #),!*"%)(,##)&'(0"%*!+%& 
%-&%04&',4&)('!%*'(,&%*# 
+<2'(! 11D!&%#)*'(**'(EF !!"#$%!&D(#'%8FG  

.%&6!, (*'*!* 1 &0%('5#%*$""%*)( &0%('5#4"%+&* 
&0%('5#4"%+&*, (*'*!
1&%(#* "'6'*"&'8 '("+8 ;)%1'(%89+&',8'.%"%+%8!, 
%&"'*"&' %*, (!'()#!  
! .%&6! "%#& $'! % .%&6! *%& 1  
2 
  !!"# $%!& '(#)*!&+ '( (#'% *!'""
, (*'*!* 1 *!'""  !!"# $%!& 
 ,%& (%!# %(# 1"%- &# $%!& %* -&+ (', *0.(! %(#
!&$&(0"'0'"*%"*'( 
&%&"%&0().&* 1)( &0%('5#4"%+&*%(#. *! 1
!.%&'(- "-#'(*""'(0+.%(* 1!%.4&'(0$'!*%"* 1 &0%('5#4"%+&C*4& #),! 

.%&6!*%& 1#'11&(!, .4%('*'( !!"#$%!&'(#)*!&+'** $('(%44(#'9     

?pc  pc 
4%&%.!&*%&!%6(! #'11&(!'%!'*"&'1& .'!*, .4!'! &* 
'*"&'%,;)'&* 
2 1
.%&6!*%&$&%*'("+%*%.%&6!*%& 12 ("+%(# ;)%1'(%, -&* ("+<2 1
!! !%".%&6!*%& 1! !!"'(0$%!& 
'("+%*%, *!4&', 1.%()1%,!)&'(0% !!")4
!  * 
%(#'!*""*! !!"*1 & * 
<H$',0'-*'!%4& 1'!.%&0'( 1 * 
H  

7&%*8'*"&'%*%4& 1'!.%&0'( 1 *%*'!*, *!4&','* *%(#!*""'(04&','* *  

;)%1'(% (! !&%(#%&(*%4& 1'!.%&0'( 1 *$'!, *!4&',%* *%(#*""'(0
4&',%* * 
'*"&'1 ,)**%" ! (!%#-&!'*.(! 1'!*&%(#%(#64* (#'11&(!'%!'(0
'!*"1 + .%6'(0 -%&'%(,* '( ! &%(# & 4%,6%0'(0 1 !  !!"* 
* '! )** 0&( , " &
4%,6%0'(0 $&%* ! !&  !!"'(0 , .4%('* )* ") , " & !  4%,6 !'&  !!"* EF %&" 
'*"&'!#D‘ 1!#&'(6*D(#'%8FG 
%#-&!'*.(!, ..'!*!%!'!4& -'#**%1%(#4)&
#&'(6'(0 $%!& $&%* '("+ '* 0 '(0 !  "%)(, '!* %#-&!'*.(! %* I'*$%%* %& C 

;)%1'(%# *( !, (,(!&%! (%#-&!'*'(0J'!%*%-&+" $%#-&!'*'(0'(*",!#4"%,*"'6
,'(.%%""*  

#'*!&')!' ( (!$ &6 1 %"" ! !& , .4%('* -%&'* 
 #'*!&')!' ( (!$ &6 "4* '(
.%6'(0!4& #),!%-%'"%"! '!*,)*! .&*$(-&!+(#'! 
#'*!&')!' ((!$ &6 1 
'*"&''**),!%!1& .!.%()1%,!)&'(04"%(!! !!"*&%,, .4%(+$%& )*1& .!'&
!& )0!!&),6*'!&%,! '!*&!%'"&* &!& )0#'*!&')! &*'!&%,! !&!%'"&*%(#!(
1& . &!%'"&* 1'(%""+ !  ! ,)*! .&* 
& )0 #'*!&')! &* '! %"*  0 * !  ! '(*!'!)!' (%" 
)+&* & &#&* -&'(!&(! 

;)%1'(%C* #'*!&')!' ( *+*!. '* #'11&(! 
A& . ! , .4%(+C* .%()1%,!)&'(0 )('! !  !!"*
&%, !  #'*!&')! &* %(# 1& . !& !  '(*!'!)!' (%" )+&* & &!%'"&* %(# !( 1'(%""+ ! 
,)*! .&*  

'("+ %* #'11&(! #'*!&')!' ( (!$ &6 '! # * ( ! '(,")# % '0 (!$ &6 
A& . !
.%()1%,!)&'(0 )('! !  !!"* %& *(! !  ! *%"* %(# #'*!&')!' ( #4%&!.(! 1& . !& ! 
!!"* %& *(!! ! #'*!&')! &* %(# )!"!* #'&,!"+ %(# !  !!"* 1& . #'*!&')! &* %& %"* 
*(!! ! )!"!* 
 -&+ *.%"" (!$ &6 '* !& 
'* .%6* ! 4& #),! "** %-%'"%" '( !
.%&6!   

p?cp?p c
7 %- )*# (* 11 .%!&'9 !  1'(# )! ! *!&%!0', 4!' (* $', %& %-%'"%" $'! %&" 
'*"&'8'(!&.* 1'!*4& #),!%(#.%&6! 

 

    A'0)&@ (* 11%!&'9

A& . ! %(%"+*'* $ %- 1 )(# !%! ! , .4%(+ ,%( )* .%&6! 4(!&%!' ( %(# 4& #),!
#-" 4.(! *!&%!0+ 
 , .4%(+ %* )*# ! 4(!&%!' ( *!&%!0+ + .%6'(0 %-%'"%"
4& #),!* '( #'11&(! *'5* 
 , .4%(+ )** '(( -%!'- , (,4!* "'6  
"'!&  !!" $', 
"4* !  11& , (*).&* . & , (!(! %! " $& 4&', 
 , .4%(+ '* %"*  4(!&%!'(0 !
.%&6!+*'1!'(0'!*1 ,)*1& .&!%'".%&6!! !)"6$%!&*0.(! 
, .4%(+)**'!*
$( #'*!&')!' ( (!$ &6 !  ,%!& ! )"6 $%!& *0.(! 
 , .4%(+ !)* 4(!&%!* !
.%&6!+4%**'(0!, .4!'!' (4&*(!'(!&!%'"*0.(! 

7 ,%( %"*  *&- !%!! , .4%(+ '* )*'(0 4& #),! #-" 4.(! *!&%!0+ 
 , .4%(+ '*
4"%(('(0 !  '(!& #), ($ 4& #),!* "'6 1&)'! :)',* )(#& ! &%(# (%. I "1%C 
7 4& 4 *
!%! ! , .4%(+ * )"# 1 ,)* . & ( .%&6! #-" 4.(! %(# '(!& #), ($ 4& #),!* !)*
'(,&%*'(0'!*4& #),!4 &!1 "' E)&%)8G 
'*$'""( ! ("+#,&%*!&'*6 1 4&%!'(0
$'!*'(0"4& #),!)!%"* (%"*! .%6)* 1'!*, .4!(,*! #-" 4($4& #),!*  

cc?p c  pc
7($*! -%"),%'(%(%"+*'* 1'*"&' $,%(%*'"+%(%"+*'*!%!!'*"&' '*0 # 
( )0 '( " 0'*!', *+*!. !  4&%! ! )*'(** *. !"+ 
 -%") !%! ! ,)*! .&
4&,'-#'('*"&''*'!* 4&%!' ('!*,%4 &4%,6%0'(0 
'*"&'%##%" ! 1-%")%!'!*%,
4&%!' ( 
 '*"&' %"*  %- ! 1'&*! . -& %#-%(!%0 -& '!* , .4!'! & 
!* &%(# '.%0 & 
&%(#(%. '* "4*! %!!&%,!%4 " 1,)*! .& 
!)** $'*"&'%##!-%")%!%,
*!4* 1-%"),%'(%(# $'*"&'0%'(!, .4!'!'-%#-%(!%0*!& )0-%&' )* 4&%!' (
%(#%,!'-'!'*  

  

&!&%"),%'(    

7,%(#'-'#!'*"&'C*%,!'-'!'*'(!$ 4%&!* (!%*'* 1-%"),%'(. #"


c &'.%&+%,!'-'!'*

c ‘)44 &!'-%,!'-'!'* 

a    

'*"&''*%"%#'(0 &0%('5%!' ('(4%,6%0# !!"#$%!& 
'*"&'C*4&'.%&+%,!'-'!'*%&

p  c  
c 

&%$ .%!&'%" 1 & '*"&' #&'(6'(0 $%!& '* $%!&8 4"%*!', 0&%'( 1 &  !!"8 4%,6%0'(0 
;)'4.(!8.'(&%"*8 !!",%4%(#"%"* 
'*"&'%*0 #'(-(! &+*+*!.%(#!&%(*4 &!%!' (
*+*!. 
!C* '( )(# " 0'*!', '* 0 # ( )0 !  *)44"+ ! '*"&' $%!& &0)"%& 
'* "4* ! 
%-%'"%" ! 4& #),! %! -&+$& 
 4& #),! %-%'"%'"'!+ %##* ! -%") !  ! ,)*! .&  

‘ .%(%0*%""!*.'1'('*#81'('*#0 #*%(#&%$.%!&'%"'(*! &*#4%&!.(! 
(
*! &#4%&!.(!!+%""64!*! ,6 1&:,!# !!"* &,%4! &)*'! 
-&+#%+ ! (*
1*! ,6#'*4%!,1& .!*! & )* 
‘ !'*'(,&%**!%-%'"%'"'!+ 14& #),!! , (*).&  

. #"*%&.%#1& .4 "+.&*"'6 8 8 0&%'(*  

 c 

'*"&'.%(%0*'!**-(#4%&!.(! 1#'11&(! 4&%!' ($&+0'(%(#*%1!+, (,&('*
4&'.%&+1 ,)*# 
'11&(!#4%&!.(!*%&@


c A'"!&#4%&!.(!

c 3%4*#4%&!.(! 


c 7%!&!&%!.(!4"%(!
<
c 7%!&" $'(0#4%&!.(!

c 7%!&!*!'(0"% &%! &+

c  #4%&!.(!E0&'(#'(04"%(!G

c ‘! &*#4%&!.(! 

A'"!&#4%&!.(!'*&*4 (*'"1 &!1'""'(0%(#4%,6%0'(0 1 !!"*)(#&!&'0'#, (!& " 1
! +0'( %(# *%1!+ 
( ! ,%4* #4%&!.(! !  .%!&'%" '* )*# !  .%6 ! ,%4 %(#
4"%*!',  !!"* + )*'(0  6 ) '(:,!' ( . #"'(0 .%,'( 1  %(#  %* 4& !
&;)'&.(! 1.%&6! 
3%4*%&.%#1& .%.'9!)& 1 %(# )*'(0<3'(,'((%!' 
'"%,& (%(#7'(#* &'(:,!' (D. )"#'(0.%,'(* 
7%!&!&%!.(!4"%(!$&!$%!&'*
.%6 4)& %(# *%1 
7%!& "% &%! &+ !%*! ,,6* ! ;)%"'!+ 1 & %(# %1!& 4%,6%0'(0 

*,&%4* & )*#  !!" %0%'( *(# !    #4%&!.(! 1 & ! &,+," 1  !!"* 
‘! &*
#4%&!.(! .%(%0* ! %"" &%$ .%!&'%" %(# *,&%4* 
'*"&' %## -%") %! %, *!4* 1 '!*
4&%!' ( 
3)*! .&4&,'-#'*"&'%*4)&%(#*%1$%!&$'!,%4*,)&'!+  

 c  
cc 

)! )(# " 0'*!', 1 '*"&' '* -&+ *!& (0 
  '(,&%* ! ,%4%,'!+ %(# !  , -& !
.%9'.). .%&6! '*"&' '(,&%*# '!* !&%(*4 &!%!' ( + '(,&%*'(0 ! ().& 1 !&),6* 1& . 
!   !&),6* 
'*"&' )** ! & )! .%44'(0 .! #8 '( !'* .! # ! & )! 1
!&%(*4 &!%!' ( %(# 4&%!' ( '* #*'0(# '( *), % $%+ !%! '!!%6* .'('.). !'. ! !&%(*4 &!
!*!)11* 
'*"&'.%6*& )!*!%" (0$'!!*,#)"#! .%6*)&!!'(0*%44('(
%(11,!'-.%((& 
3)&&(!'*"&'.%(%0*4"%(!*%!<" ,%!' (*'(#'11&(!4%&! 1(#'%
! '(,&%*!%-%'"%'"'!+ 14& #),! 
'*"&'4"%(!  4(!($4"%(!*!'""! '(,&%*
! 0& $! 1 <2 
‘  '! $'"" #,&%* ! *)44"+ !'. %(# .%6 ! 4& #),! %*'"+ %-%'"%"  

'*"&'#,'#! '(,&%*'!*#'*!&')!' ((!$ &6+2  

 c c c 

'*"&')**, .4!'! &4&',*!&%!0+! 0!!.%&6! 
*'*"&'%*!1'&*!. -&%#-%(!%0
%(#! .%&6!'* 1)"" 1, .4!'!' (* !+#,'#! '(,&%*!%#-&!'*'(094(** 1 &%#
,%.4%'0( 
'*"&' '!*"1 '*6( $(%* .'(&%"%(#4)&$%!& 
&%(#'(0%(#*0.(!%!' ( 1 
'*"&''*-&+*!& (0%*'!, -& )* "#! '0 !"* 
!%&0!!,)*! .&'*"&'"%)(,#
#'11&(! 4& #),! "'( $'! #'11&(! 4&',* %(# #'11&(! *'5 1  !!"* 
 '*"&' )** !&
"-" 1#'*!&')!' (,%(("%*'!, (*'*!* 1$ "*%"&*8#%"&*%(#&!%'"* 4   

c 

'*"&' %* % -%*! #'*!&')!' ( ,%((" *  ! *&-', %(# #"'-&+ ;)%"'!+ 1 '*"&' #'*!'(,! '!
1& . !&*  

 c    cc
à       

'*"&'.%(%0'!*(!$ &6+*!%"'*'(0'!)('!(%&+!&* )&,*$&!%-%'"%'"'!+ 1
$%!&'*( )0! &)(!)*'(** 
'*"&'%*!-%*!%(#*!& (0#'*!&')!' (,%(("      

*!, .4!'!' ('(!.%&6!'*'(,&%*'(0'*"&'C*.%'(1 ,)*'( (! #-" 4($&%(#*
%(# ($ !,( " 0+ !  '(,&%* ! ,)*! .& *%!'*1%,!' ( 
'*"&'C* )(';)  !!"'(0 4%,6%0'(0
%(# !.4& *%" ,%4 !,(';) #'*!'(,! '!*"1 1& . !&* 
& )(';) %(# *%1 4& #),!' (
4& ,**%"* "4*! %!!&%,!!"%&04 " 1,)*! .& 
'*"&'%*%0 #'(-(! &+.%(%0.(!
!%!"4*'*"&''(, (!'() )**)44"+ 1$%!&    

 

 , .4%(+ %* % . !'- %"$%+* !  %! '!* , .4!'! &* %(# 0%'( , .4!'!'-
%#-%(!%0 
  %(%"+*'* $'"" "4 '( %****'(0 %"" !%! % , .4%(+ 0'-* $',
#'11&(!'%!*'!1& .'!*, .4!'! &* 

£c %")%"D  4)&'1',%!' ( 4& ,** 1 '*"&' '* % -%")%" &* )&, 1 & '! 
5 ('5%!' (
%(# .',& ( 1'"!&%!' ( '* '(,")## '( '!*4& ,**! 4)&'1+!$%!& 
!&%(*4 &!1%,'"'!+
1 '*"&' '* &0%&## %* % -%")%" &* )&, 
! %* "%&0 1"! 1 !&),6* !  *)44"+ !
 !!"*%(#.%6!4& #),!%-%'"%" 
&!%(-%(*%&!&'().%'! ,%&&+
! !!"*1& .!.%()1%,!)&'(04"%(!! '!*#'*!&')! & 

£c %&D'*"&''*"%)(,'(0$%!&'(1&)'!+1"%- &$','*&%& 
4%,%(#0&(%44"
1"%- & $%!& $'""  %-%'"%" !  '!* ,)*! .&* 
'* &%& , .'(%!' ( .%6* '! )(';) 

%!)&%". )(!%'($%!&$','*%"* "%)(,#+'*"&''*&%& 
0&(4%,6%0'(0 1
'*"&' '* %"*  &%& 
 #'*!&')!' ( (!$ &6 1 '*"&' '* %"*  &%& %* '!*  !!"* %&
%-%'"%"'(%""'!**! &* 

£c %&# !  '.'!%!D   !!" 1 '*"&' %- % *%" $', %* % 4%!(!8 $', '* %&# ! 
'.'!%! 

£c  ( *)*!'!)!%"D & %& *)*!'!)!* 1 & $%!& )! $%!& '* ! * " %0(! 1 & !'&*!
;)(,'(0 
‘ $,%(*%+!%!1 &!, .4%(+!4& #),!'!*"1'*( (*)*!'!)!%" 

?cc c
%&"'*"&'$',%#'('!'%""+%-%&'#4& #),!4 &!1 "' , (*!&%'(#'!*"1! ! !!"#$%!&
*,! & 
 , &4 &%! "-" *!&%!0+ %# 4!# + ! , .4%(+ '* 94%(*' ( %(# &"%!#
#'-&*'1',%!' ( 
 94%(*' ( *!&%!0+ '* '(#',%!# + ! #,'*' ( !  '(,&%* ! ,%4%,'!+ 1
4&*(! 4"%(!* %(# *!%"'*  ($ 4"%(!* EF'*"&' 4"%(*  4"%(!* '(  !  &!%'( .%&6!
"%#&*'48FG 
 , .4%(+ '* )*'(0 &"%!# #'-&*'1',%!' ( !  '(!& #), ($ 4& #),!* "'6 !
.'(&%"$%!&%(#%*%"* 4"%((#! (!&!1&)'!:)',*0.(! 
#'&,!' (%"4 "',+.%!&'9
'*0(&%""+)*# 1 &, .4%('*$', %- *!&%!0', )*'(**)('!* 
$-&$%-%44"'#
!.%!&'9! !'*, .4%(+ 
.%!&'9'*#&%$(" $8



A'0)&@'&,!' (%"4 "',+.%!&'9 

1 $ %44"+ ! % - .%!&'9 1 &  !!"# $%!& '(#)*!&+8 $ ,%( * !%! ! '(#)*!&+
%!!&%,!'-(** '* '0 %(# %"*  ! )*'(** *!&(0! '* '0 
‘  ! , .4%(+ * )"# %# 4!
'(-*!.(!%(#0& $!*!&%!0+ 
7%-1 )(#!%!!, .4%(+'*)*'(0!'**!&%!0+ 
'*'* 
-'#(! 1& . ! , .4%(+C* 4"%( !  *!&(0!( '!* #'*!&')!' ( (!$ &68 *!%"'* ($ 4"%(!*8 
9!(*' ( 1 4& #),! "(0! %(# 4& #),! "'( 9!(*' ( 
 4&*(! *!&%!0+ %# 4!# + !
, .4%(+$'"""4'!! *!%+%%# 1!, .4!'! &*%(##0!)*'(**&'*6 
, .4%(+
'* ,)&&(!"+ +'(0 ! )"6 $%!& *0.(! %(# '(-*!'(0 !  4(!&%! !%! *0.(! 
 
.&0(, 1.%(+, .4!'! &*'(! &0%('5#*,! &%*'(,&%*#!4&**)& 
*!&%!0+
%# 4!#+!, .4%(+$'"""4!, .4%(+! *)*!%'('!*0& $!'(!&.* 14& 1'!%'"'!+8%*
'!'*!%&0!'(0!*0.(!$',# *( !%-4&*(, 1 &0%('5#4"%+&*                

? cp c c 
(9!4%&!'( )&%(%"+*'* '*! 1'(# )!!4&*(!)*'(***!&%!0+%# 4!#+'*"&'%(#
!$%+'($','!%*'.4".(!# 
7$'""!(-%")%!!*!&%!0+%# 4!#8, (*'#&'(0! 
9!&(%" (-'& (.(! %(# '!* , & , .4!(,* 
 &!&* 0(&', *!&%!0+ *!%!* !%! !
&0%('5%!' (,%(%,'-, .4!'!'-%#-%(!%0!& )0!&$%+*8

£c -&%"", *!"%#&*'4 

£c '11&(!'%!' (%(#
£c A ,)* 

7 %-  $-& )*#  $.%(C* *!&%!0', ," ,6 1 & %(%"+*'* 1 4&*(! %(# 4%*! *!&%!0'*
%# 4!#+ %&"'*"&' 
7%-#'-'## )&%(%"+*'* '(!$ 4%&!*8 (1& .!+%&!  
%(# !&1& .!  
*!&%!0',," ,6'*#&%$(" $8



A'0)&@ $.%(C*‘!&%!0',3" ,6

c
 c c  c !!! ( 8 %&" %,;)'&# '*"&' $'! %( %'. !  '(,&%* '!* 4& #),!
4 &!1 "' 
%&" '(!& #),#'*"&'* #%'(,%& (%!#%(#( (,%& (%!#!+4*! 0!% "#'(
* #%.%&6! 
4& #),!$%*'('!'%""+4%,6#'(0"%** !!"* 
('!'%""+!4&,'-#-%") 1!
4& #),!$%*" $%*$""%*!4&',$%* " $ 
4& #),!$%*%*',%(#!)*$,%(*%+!%!
, .4%(+ )*#  D1&'""* *!&%!0+ 
* ! , .4%(+ *%$ 4 !(!'%" '(  !!"# $%!& *0.(!8 !
, .4%(+ )*# #'11&(!'%!' ( '( ! 1 &. 1 4%,6%0'(0 
( 8 ! , .4%(+ ,%(0# !
4%,6%0'(0 1& . 0"%**  !!"* !  3 E "+-'(+" ," &'#G !   E "+!+"( !&4!%"%!G  

&$%*%*'1!'(4%&%#'0.1 &'*"&'$('!* "#'!** 1!#&'(6*&%(#! 3 ,%3 "%'(  

, .4%(+ &. -# * #% $%!& 1& . .%&6! %(# ( $ 1 ,)*# '!* %!!(!' ( !  4%,6%0#
#&'(6'(0$%!& 
'('!'%", (*).&* 14%,6%0#$%!&$&1 &'0(&*%(# *E (D&*'#(! 
(#'%(*G 
&$&( , .4!'! &*'(!.%&6!8* '*"&'%# 4!#" $4&',*!&%!0+ 
%'.
1)*'(0!'* *!&%!0+$%*! 4(!&%!! .%&6!%(#*!%"'*% *'0('1',%(! .%&6!*%& 

4&', 1!4& #),!$%*%* " $%* * 1 &."  !!" 
, .4%(+%,'-# " $4&', +
&#),'(0 '!* 4&%!' (%" , *!* 
 , .4%(+ %# '('!'%""+  4"%(!* %(# ! 4& #),! $%* * "#
!& )0 -& )!"!* 
‘ $,%(*!%!'(4&' #! !, .4%(+)*#( 1&'""*
%(# " $ , *! *!&%!0+ 
 , .4%(+ *'1!# ! 4 *'!' ( 1& . 4 '(!  !  4 '(!  
 $ "! )*
%(%"+5!*!&%!0'*%# 4!#+ %&"'*"&'1& .! E ( (+. )*8G  

 c !!c  c !!( )0)*!83 ,%3 "%*%$4 !(!'%"'( !!"#$%!&'(#)*!&+%(# 
(!&# !'* .%&6! + '(!& #),'(0 '!* &%(# '("+ 
 .%&6! *%$ (!&+ 1 '0 4"%+&* "'6 
4*'!& )0'!*&%(# ;)%1'(%%(#*!"!& )0'!*&%(# )&'1 
!&4"%+&*'(!
.%&6!'(,")#!%!%C*!& )0'!*&%(#'.%"%+%8%('6,%(#!& )0&%(#9+&',%(#
%&" 0&  !& )0 '!* &%(# %'"+ 
 &0%('5#  !!"# $%!& *0.(! $', $%* '('!'%""+
# .'(%!#+ %&"'*"&'*%$(!&+ 1.%(+4"%+&* 
3)&&(!"+!&%&% )!D4"%+&*'(
! &0%('5# *,! & 
( ! &*4 (* !  ! 0& $'(0 , .4!'!' ( '*"&' *!%&!# )*'(0 +&'#
*!&%!0+ 
,, &#'(0! !'**!&%!0+#'11&(!'%!' ($%*%*# (;)%"'!+J $-&$'!().& 1
, .4!'! &* ! #'11&(!'%!' ( %*# ( ;)%"'!+ ,%. #'11',)"! 
'*"&' %* ( $ )*#
#'11&(!'%!' ( '( ! 1 &. 1 4%,6%0'(08 4&', %(# #'*!&')!' ( 
 , .4%(+ #'11&(!'%!*
!& )0 #'*!&')!' ( + !%&0!'(0 ($ ,%(("* "'6 ,.'*!* %(# *!%!' (&+ * 4* $', $&
( ! )*# %&"'& 
 , .4%(+ %* )*# '!* $( 1"! 1 % )!  !&),6* !  .%(%0 !
#'*!&')!' ( (!$ &6 E+&8 G 
 , .4%(+ #'11&(!'%!# '( ! !&.* 1 4%,6%0'(0 +
.%6'(0%-%'"%"!4& #),!*'(#'11&(!*%4*%(#*'5 
, .4%(+%*)*#!%.4&4& 1
*%"! %**)&0 #;)%"'!+ 
, .4%(+%*4%!(!#!!%.4&4& 1*%"!,( " 0+%(#%*
,&%!#%&&'&*1 &'!*, .4!'! &* 
4%,6%0#$%!&'(#)*!&+%*'1)&,%!#'(!$ *0.(!*8
&!%'"%(#)"6$%!&*0.(! 
, .4%(+ %*'(&*4 (*! (!&+ 1($4"%+&*%-)*#
&1 ,)*'(0 *!&%!0+ 
 4&*(! *!&%!0+ 1 '*"&' '(- "-* !%&0!'(0 ! )"6 $%!& *0.(!8
4&','(0, .4!'!'-"+8*!&(0!(#'*!&')!' (8'(( -%! (4%,6%0'(0%(#4& #),!"'(9!(*' (  

, .4%(+ + 4%*** ! , .4!'!' ( %(# &#),* 4&%!' (%" , *! + !%&0!'(0 ! )"6 
!!"#$%!&*0.(! 
, .4%(+%** $('(( -%!' ('(4%,6%0'(0+,%(0'(0!*%4
%(# , " & 1 4%,6 1& . ") !  %;)% 0&( 
 , .4%(+ 4&%!* '( +4&, .4!'!'- 
(-'& (.(!8 *  '! '* (,**%&+ !%! , .4%(+ ,%(0* '!* *!&%!0'* %,, &#'(0 !  ! #+(%.', 
(-'& (.(! 
7 %- 1 )(# !%! ! , .4%(+ ,%(  " ,%!# ( 4 *'!' (  ( ! *!&%!0',
," ,6 
 $-&8 ! , .4%(+ ,%( *$'!, !$( +&'# %(# #'11&(!'%!' ( *!&%!0+ '(
%,, &#%(, $'! ,%(0'(0 (-'& (.(! 
 , .4%(+  $-& 4&*(!"+ )** +&'# *!&%!0+
$&'( '! %* #'11&(!'%!# '!* 11&'(0 1& . '!* , .4!'!'- %(# %! ! *%. !'. .%6'(0 '!
%-%'"%"%!, *!" $&!%('!*, .4!'! &*            

p?c ccppc
%&" '*"&' -! !# %* $(# ( 1 ! ! 4D!& 4%,6%0# &%(#* '( ! , )(!&+8 %*
1 &.)"%!# 4"%(* 1 & % #'-&*'1',%!' ( '(!  ! 1&)'! :)', )*'(** 
 , .4%(+ %* %"&%#+ 
*!%"'*# % 1&)'! :)', , (,(!&%! 4"%(! '( 3'!! &8 (#&% &%#* 
"%(* %& 0 '(0 ( ! 
'#(!'1+ % 4"%, 1 & ! , .4%(+C* 11&# *, (# 4"%(! !%! '* "'6"+ !   *!%"'*# '( ! 
%*!&( &( &!&(4%&! 1(#'% 
3 .4%(+%*#,'##! .%6%('(-*!.(! 1 *,& &*
'(!1&)'!:)',4& :,!*'(!(9!!&+%&* 
'*%. )(!$'""0(&%!#!& )0'(!&(%"
%,,).)"%!' (%(#'(*!'!)!' (%"" %(* 
, .4%(+'*0 '(0! 0'($'!.%(0 %(#0)%-%:)',
! 0'($'!$'""  .%&6!#)(#&! "1%).&""% &%(# 
3 .4%(+ %*&%"'5#!%! 1&)'!
:)',* %- , . )! %* % 1%(,+ #&'(6 %1!& $%!& 
! '* % " 0',%" )*'(** *&'* 1 &!  !!"#
$%!&4& #),'(0, .4%(+! %#%4!! !1&)'!:)',*0.(! 
'*"&'%*! *!%"'*'!*.%&6!'(
! &0' ( !& )0 % &*! & .%&6!'(0 *!&%!0+ %(# % 1 ,)* ( (%(,# %(# '(( -%!'-
4%,6%0'(0 
'#% '*! &%'*#+ )(#&#4&,(!'(!(9! ( +%&%(#4&,(!'(
!(9!!&+%&* 
, .4%(+'*4"%(('(0! '(,&%*'!*4&*(,'(!%*!&(4%&! 1(#'%  

! %* %**'0(# &'(! -&%0* !# %* '!* ("+ 1&%(,'* '( 7*! (0%"8 K%&6%(# %(# 
&'**% 
3 .4%(+%*1'&.#)494%(*' (4"%(*1 &‘'66'. 
, .4%(+%*%"* 4&4%&#!  
94" & 1 & )*'(** 44 &!)('!'* '( %#:%,(! , )(!&'* "'6 4%" %(# )!%( '( ! 1)!)&  

'*"&''*1%,'(0*-&,%""(0*1& . !1%.'"+%(# )!*'#, .4!'! &* 
&'*%'0!&%!
!  ! "%#&*'4 1 '*"&' '( ! .'(&%"D$%!& .%&6! 
 , .4%(+ '* '( ! 4& ,** 1
#-" 4'(0 % .%&6! *!&%!0+ 1 & '!* (9! '(( -%!' ( !%! '* (%(,# $%!& 
 , .4%(+ '*
4"%(('(0 !  "%)(, .'(&%" %(# 4& !'(D%###8 4%,6%0# $%!& '( -%&' )* **(,* 
& %&
!&.%: &&%(#*'(! !!"#$%!&.%&6! ;)%1'(%8'*"&'%(#'("+ 

ñ        

'*"&' %* %(( )(,# !  *!%"'* !$(!+D1'-  !!"'(0 4"%(!* %,& ** , )(!&+ !  1)"1'"" !
,)*! .& &;)'&.(!* 
  , .4%(+ %* 1 &.)"%!# *!&%!0'* 1 & .%&6! 4(!&%!' (8 
94%(*' (%(#0& $!1 &!'*1'*,%" 
'*"&'%#%,'-#!0& $! 14&,(!0& $!%(# 
'0,)*! .&" +%"!+'(!+%&D 
$'*"&''*%'.'(0! %,'-<4&,(!0& $! 
+!'*+%&%(#*6!,#%4 $&1)"4(!&%!' (*!&%!0+!%!, (*'*! 1%#)%"#'*!&')!' (4"%(D 
(!&'(0 ($& .%&6!* '(,")#'(0 ! $(* %(# &)&%" %&%* $', '(,")#* *.%""& %(# '(!&' &*
.%&6!*%(#,)&' )*"+" 6'(01 &$%&#! (!&($&!&&'! &'*%(#%)0.(!'(0*"19'*!(,
'(!.!& *%(#4&*(!.%&6!* 
, .4%(+'*%"* *!%"'*'(0##',%!#,%(("*1 &'!* 
'!&*:%&*! ,&!'1+!%!-&+, &4 &%!%(# )* "#&,'-**&-',%!!'&# &*!4  

       

%&6!*!&%!0+'(,")#*!%(%"+*'*8*!&%!0+#-" 4.(!%(#'.4".(!%!' ( 
A'&*!8, .4%(+ 
%* #-" 4# % -'*' ( % )! ! .%&6! 1 '(!&*! !  ! , .4%(+ %(# !( *",!# .%&6!
!%&0! *!&%!0'*8 *!%"'*'(0 :,!'-* %(# #-" 4'(0 %(# '.4".(!'(0 ! *!&%!0'* 
!
'(,")#* .%(%0'(0%(# .%&6!'(04& 0&%.4 *'!' ('(0*!&%!0'* 1 &.)"%!#! 1)"1'""! -%")
(#* 1!,)*! .&*'(-&+.%&6!!%&0! 
‘!&%!0',.%&6!'(0'*%4& ,** 1.%&6!D#&'-(
*!&%!0+ #-" 4.(!8!%6'(0 '(!  , (*'#&%!' ( % , (*'*!(! -%&+'(0 )*'(** (-'& (.(! %(#
!&;)'&.(!! &'(09,""(!,)*! .& -%") 
'*"&' %*#-" 4# *!&%!0', .%&6!'(0! 
, (,(!&%! ( &0%('5%!' (%" 4&1 &.%(, '(*!%# 1 1 ,)*'(0 ( '(,&%*'(0 *%"* 

.%&6!'(0*!&%!0+ 1'*"&'!&'*! &'(09,""(!,)*! .&-%")+'(!0&%!'(0!,)*! .&D
'(1")(,'(0 *!&%!0'* 1 ! )*'(** '(!  %( &0%('5# *! 1 .%&6!D #&'-( %,!'-'!'* 
 
, .4%(+ %* , ((,!# '!* *!&%!0', .%&6!'(0 $'! ! &0%('5%!' (%" (-'& (.(! %(# -'$*
.%&6!'(0 %* % "'%'"'!+ 1 ! $ " )*'(** '(*!%# 1 % *4,'%"'5# 4)&4 * 
& '*
.%&6!'(0C*  )(#%&+ &'(!%!' ( !$( ! &0%('5%!' ( %(# '!* ,)*! .&*8 , .4!'!' ( %(#
,%(("..&* 
.%&6!'(04& ,***%&,(!&%"'5#! )*'(***!&%!0+4"%(('(04& ,** 

‘!&%!0', .%&6!'(0 *)44"'* ! 6( $"#0 1 & (-'& (.(!%" *,&('(08 1 & , *'(0 $%!
,)*! .& 0& )4 !  *&-8 1 & #'&,!'(0 4& #),! *4,'1',%!' (* %(# 1 & *",!'(0 , .4!'! &* 1 &
4 *'!' (%0%'(*! 
'*"&'%**),,**1)""+'(!0&%!#,& **D1)(,!' (%"*!&%!0'*$',%&#,'*'-
1 & 11&'(09,""(!,)*! .&-%")      

à ?p cpc  

 "  
c  c 
(!'*4%&!$%&0 '(0! #'*,)**% )!! &0%('5%!' (*!&),!)&%(#.%&6!'(0*!&%!0'* 1
%&" '*"&' 
7 %- !%6( '(!5&0C* &0%('5%!' (%" , (1'0)&%!' ( %* &1&(, 
'(!5&0
*)00*!*!%!!&,%(*'9 &0%('5%!' (%"*!&),!)&*#4(#'(0)4 (!(-'& (.(! 
7,%(
*&-!%!!, .4%(+ 4&%!*'(%#+(%.',(-'& (.(!%(#%**'.4"4& ,*** 
‘ !
, .4%(+ '* . & *)'!# !  %- % 3 , (!& ""# *!&),!)& 
 , .4%(+ 1 "" $* ! 3
, (!& ""#*!&),!)& 
3%'&.%(%(# 1 )(#& 1!, .4%(+ & 
%.*3%)%(, (!& "*
%(##'&,!*%""! &0%('5%!' (%"4& ,*** 
, .4%(+1 "" $*%,(!&%"'5##,'*' (.%6'(0
%(# %"" *!&%!0', #,'*' (* %& !%6( + ! 3%'&.%( 
 , .4%(+ %* 0& $( -& ! +%&
)(#& ! "%#&*'4 %(# -'*' ( 1 & 
%.* 3%)%( 
 4&*(! &0%('5%!' ( *!&),!)& '*
*)'!%" %* ! , .4%(+ %* *'(0" 4& #),! %(# ! ,(!&%"'5# #,'*' ( .%6'(0 (%"*
1"9''"'!+! ,%(0'(0, (#'!' (*$','*(,**%&+1 &!*),,** 1! &0%('5%!' ( 

3 (1'0)&%!' (-'& (.(! (!&(%" +4',%" + +4',%"
( ‘!&),!)& 4& ,*** &"%!' (*'4*
‘'.4" ‘'.4"H+(%. ‘.%""H 3, (!& " '&,! 3(!&%"'5#
', )(0H *)4&-'*' (
‘'.4"%*6 
%,'( ‘'.4"H‘!%!', "#H %&0H A)(,!' (%" "%(('(0 3(!&%"'5# 
)&%),&%,+ 0)"%!# *+*!.* *!&%!0',
!%*6* 4"%(('(0
& 1**' (%" 3 .4"9H ‘'.4" A)(,!' (%" 3)"!)&%" - "-# 
)&%),&%,+ *!%!', *+*!.*H 4& ,***H
& 1**' (%" ‘"1, (!& "
, (!& " 
'-'*' (%"'*# ‘'.4"H*!%!', "#H -&+ )"!'#'-'*' ( &1 &.%(, - "-#H1'(%(,
#'-&*'!+ "%&0H#'-'*' %" H !%&0!H '%" & *!&%!0',
"!%*6* .%&6!* , (!& "
# ,&%,+ 3 .4"9H 3 .4"9 & :,!* 3)"!)&%" - "-#H
#+(%.', !%*6*H 4& ,***H (!$ &6 %(#
94&! ‘"1, (!& " %""'%(,*
, (!& " 
'**' (%&+ ‘'.4"H*!%!', '##" %0H %.* 3)"!)&%" !$ &6*
# " 0',%" 4& ,***
, (!& " 

A'0)&@'(!5&0C* &0%('5%!' (%", (1'0)&%!' ( 

# c  c 
*!&%!0', *'!)%!' ( %(%"+*'* , (*'#&* , .4!'! & %(# .%&6! %(%"+*'*8 .%&6! *0.(!%!' (
%(# '(,**%(! &)#'!' ( 1 .%&6!* 
A &.)"%!'(0 .%&6!'(0 *!&%!0+ ,,6* ,)*! .& !%&0!'(0
%(# 4 *'!' ('(0 *!&%!0'*8 .%&6! &"%!' (*'4 *!&%!0'* %(# 4"%(('(0 1 & "%!*! 4& #),!*  

%&6!'(0 4& 0&%. #-" 4.(! '(,")#* 4& #),!8 4&',8 #'*!&')!' ( %(# 4& . !' ( *!&%!0'*
1 &.)"%!# %(# %44"'# !  1)"1'"" ! -%") (#* 1 !%&0! )+&* 
‘!&%!0+ 9,)!' ( %(#
.%(%0.(!, (*'#&*.%&6!'(0*!&%!0+'.4".(!%!' (8, (!& "%(# &0%('5%!' (%"#*'0(  

.%&6!'(0 *!&%!0+ %# 4!# + ! , .4%(+ %* %"*  ,%(0# -&! +%&* 
(! '('!'%"
+%&*$('!$%*!* "4"%+&'(! !!"#$%!&.%&6!'!4 *'!' (#'!*"1%*")9)&+'!.  

4)(, "'( $%* I&' -&+ 9!&% &#'(%&'C 
 (!&+ 1 4"%+&* "'6 4*' %(# 3 ,% 3 "%
.%#'!! ,%(0!*!&%!0+ 
$!, .4%(+4 *'!' (#'!*"1%*;)%"'!+4& #),!! 0%'(!
!&)*! 1! , (*).&* 
 ,%!, "'( ( $ *%'# I )& %(# *%1C 
(! &,(! +%&* !& $&
,%** $& '(*,!','# , (!(!* $& 1 )(# '(  !!"# $%!&* 1 * . .%: & 4"%+&* '(,")#'(0 
'*"&' 
'* *!& (0"+ %11,!# ! *%"* 1 '*"&' $', #,&%** % )! 2 
 , .4%(+
,%&&'# )!%&&%(#'(09&,'*! &, -&1& .!#(!,&%!#+!'*'(,'#(! 
, .4%(+ 
%* ,%(0# '!* 4%,6%0'(0 %(# ! , " & %* ( ,%(0# 1& . ") !  %;)% 0&( 

, .4%(+ '* ( $4 *'!' ('(0 '!*"1%* *!4& #),! 
4&*(!,%!, "'( *%+* I "%+*%1C 

, .4%(+ )** .#'). *), %* !"-'*' (8  %&#'(0*8 .%0%5'(* %(# , .4%(+ !&),6* 1 &
%#-&!'*'(04)&4 *  

à c  c 
1'(%(,'%" *!&%!0'* $'"" ,%(0 %,, &#'(0 ! ! 4%* '( $', ! )*'(** '* 4&%!'(0 

7,%(1'(#!%! %&"'*"&''*'(.%!)&'!+4%* 
)*'(**&'*6'*.#').! '0 
‘ '1$
)* 0& $!H*%& .%!&'98 $ ,%( 1'(# !%! ! , .4%(+ ,%( )* #! %(# ;)'!+ 1 & 1)(#'(0
4)&4 * 
, .4%(+,)&&(!"+)** ("+#!*%** )&, 11'(%(, 
$-&8$$ )"#"'6! 
4& 4 *!%!!, .4%(+* )"#)*%.'9 1#!%*$""%*;)'!+ 
, .4%(+* )"#, .
)4 $'! %( ('!'%" )"', 11&'(0 E G 
 . (+ &%'*# !& )0 !   ,%(  )*# ! 
1'(%(,'!*94%(*' (4"%(*%(##-" 4'(0($4& #),!* 
)* 1;)'!+%** )&, 11'(%(,
$'""&#),!1'(%(,'%"&'*61 &!, .4%(+ 



A'0)&<@& $!H*%&.%!&'9       

p càc cc 
*!&%!0', -%")%!' ( ,%(  %*# ( ;)%(!'!%!'- %(# ;)%"'!%!'- ,&'!&'% 
 ;)%(!'!%!'-
%(%"+*'* &;)'&* )* 1 1'(%(,'%" &%!' * "'6 &!)&( ( '(-*!.(!8 4& 1'! .%&0'(8 %&('(0* 4&
*%&8&!)&( (;)'!+8!, 
%&"'*"&' '*% &'-%!'.'!#, .4%(+8* ! 1'(%(,'%"#%!% '*
( !&%#'"+%-%'"%" 
‘ 8! -%")%!!*!&%!0+$%# 4!!1 "" $'(04& ,#)&8

£c 3 .4%&!4&1 &.%(, 1!1'&. -&!#'11&(!!'."'( 

£c 3 .4%&!, .4%(+C*4&1 &.%(,$'!!, .4!'! &* 

£c 3 .4%&4&1 &.%(, 1!, .4%(+$'!!'(#)*!&+%-&%0*  

, .4%(+%*.%'(!%'(#'!*4 *'!' ( -&!+%&*%(#*!'""&.%'(*%.%&6!"%#&$'!%
.%&6!*%& 1 
2 
, .4%(+'(#)*!&+'*0& $'(0%!&%! 12$&%*!, .4%(+'*
0& $'(0%!&%! 12 
, .4%(+'*!%&0!'(0%0& $!&%! 1<2'(!+%& 
)*
! , .4%(+C* 0& $! &%! '* $"" % - ! '(#)*!&+ 0& $! &%! 
 , .4%(+ %* 4"%(* ! 
'(,&%*!().& 14"%(!* 
7'!!*!%"'*.(! 1($4"%(!*8!, .4%(+$'""%-! !%" 
4"%(!*8$'!'!*, .4!'! &*'("+%-'(04"%(!*%(# ;)%1'(%$'!4"%(!* 

7'" -%")%!'(0 ! *!&%!0'* %# 4!# + ! , .4%(+ $ %- , (*'#&# *)'!%'"'!+8
%,,4!%'"'!+%(#1%*''"'!+   

$ 
c 
, .4%(+ %*%# 4!#.%&6!4(!&%!' (*!&%!0+ 
A& .! ‘%(%"+*'*$,%( 1'(#
!%!!9!&(%"(-'& (.(!'* 1%- &%" 1 &!0& $! 1'(#)*!&+ 
&%*(0& $!'( 
%(# !& %""'# '(#)*!&'* '( !'&  %(# !'&  ,'!'* 
‘  !& '* '(,&%* )"6 $%!&
, (*).4!' ( 
 )"6 $%!& , (*).4!' ( '* )(!%44# + ! &0%('5# 4"%+&* 
 *!&%!0+
%# 4!#+'*"&''**)'!%"'(!'*, (!9! 
, .4%(+%*'!* $(1"! 1!&),6*%"* 
, .4%(+ %* (%"# ("'( &#&'(0 1 )"6 $%!& 
'* 1%,'"'!%!* ! 4(!&%!' ( '( !'*
*0.(! 
"* !, &, .4!(,'* 1'*"&''(,")#'!*&%(#(%.%(##'*!&')!' (,%(("  

, .4%(+ ,%( )* !* , .4!(,'* !  '(!& #), . & 4& #),!* '( ! .%&6! %(# !)*
4& #),! #-" 4.(! *!&%!0+ '* %"*  *)'!%" !. 
 , .4%(+ )** '!* ,%4%'"'!'* "'6
, (!& " -& #'*!&')!' ( (!$ &6 %(# !%.4& 4& 1 !  &'(1 &, ! ;)%"'!+ 4&,4!' ( '( !
.'(#* 1 ! , (*).& 
 , .4%(+ 4"%(* !  %# 4! 94%(*' ( + '(,&%*'(0 ! ,%4%,'!+ 1
,)&&(! 4"%(!* %(# *!%"'* ($ 4"%(!* !)* 1%,'"'!%!'(0 ! 4(!&%!' ( 
 , .4%(+ )** 
+&'# *!&%!0+ 
'* *!&%!0+ '* *)'!%" 1 & ! , .4%(+ ,%)* ! , .4%(+ '* ! .%&6!
"%#& 
, .4%(+ %* (4&*(!*'(,%(# (,%*%,'-# "%&('(0 ,)&- 
'* 
(%"*!, .4%(+! 4& -'##'11&(!'%!#4& #),!%!" $&4&', 

à  $ 
c 
1%*''"'!+ 1 ! *!&%!0+ %# 4!# + , .4%(+ #4(#* )4 ( ! &* )&,* %(#
, .4!(,'* 
7 #  ( ! %- 1'(%(,'%" #%!% 1 ! , .4%(+  $-& $ ,%( '(1& 1& .
, .4%(+ %(%"+*'* !%! ! , .4%(+ %* *)11','(! 1'(%(,'%" &* )&,* !  *)44 &!! 94%(*' (
*!&%!0'* 
, .4%(+%"* %*'(!&(%"&* )&,*%(#*)11','(!&%,! *)44 &!!94%(*' (
*!&%!0'* 
A& . ! -%") ,%'( %(%"+*'*8 $ ,%( '(1& !%! ! *!&(0! "'* '( '!* ).%(
&* )&,8" 0'*!',*%(#.%&6!'(0 
*,%4%'"'!'*$'"""4!, .4%(+! *!)4($4"%(!*8
'(,&%*!().& 1#'*!&')! &*%(#,%!&! #.%(# 1!.%&6! 
94%(*' (4"%(*$'"" 
"4! &#),!4&,&%!, *! 
&*(!"+!, .4%(+*4(#* * 
4&,&%! 
94%(*' (
$'"" "4! &'(0!'*, *!!  * 
4&,&%! 
, .4%(+,%()*!*%-'(0* '(4& . !' (%"
%,!'-'!'* %(# !  '(,&%* ! " 0'*!',* 
'* $'"" %"*  "4 !  &#),! , *! 1 4& #),!' ( %(#
!)* ! , .4%(+ $'""  %" !  *)44"+ ! 4& #),! %! " $& 4&',* %* , .4%&# !  !
, .4!'! &* 
)*8 $ ,%( , (,")# !%! ! 94%(*' ( %(# +&'# *!&%!0'* %# 4!# + !
, .4%(+ %& 1%*'" 
* *!&%!0'* %& $"" *)44 &!# + ! 1'(%(,'%" ,%4%'"'!'* %(# !
&* )&,* 1! &0%('5%!' (          

? p c 
(!%*'* 1!%(%"+*'*# (8$$ )"#"'6! *)00*!1 "" $'(0&, ..(#%!' (*8

£c &%(#&,%"" 1'*"&''**!& (0&%*, .4%&#! '!*, .4!'! &* 
$-&84& ".
%&'** $( ! &%(# '* ( ! %-%'"%" %(# ,)*! .& (#* )4 )+'(0 ! &%(# 1
, .4!'! & 
, .4%(+* )"#!&1 &'(-*!%-'"+ (" 0'*!',* 
, .4%(+,%(
%,;)'& *.%""& )( &0%('5# 4"%+&* !  9!(# ! &%, & ,%( !' )4 $'! .%: & " ,%"
4"%+&* 

£c ((#'%(-'""%0*8-(! #%+!&'** &!%0 1*%1#&'(6'(0$%!&* )&,*%(#!&'*
*4&%# 1$%!& &(#'*%**#)! , (!%.'(%!#$%!& 
, .4%(+* )"#!&1 &
1 ,)* (I&)&%"C.%&6!4(!&%!' ( 

£c , .4%(+'*%*'(0"4& #),!4 &!1 "' , .4%(+ 
, .4%(+* )"#!&+! '(!& #),
. &4& #),!. &-&%04& #),!*'(!.%&6! 
, .4%(+$'""&;)'&1)(#*1 &
!94%(*' (%(# !&4& :,!* 
, .4%(+* )"# 1)(#!*4& :,!*%(#4"%(* +
, .'(0)4$'!%(  
(!& #),'(0;)'!+'(!,%4'!%"*!&),!)&$'""&#),!'(!&*!
)&#( (!, .4%(+ 

£c  , .4%(+ * )"# 1 &. % : '(! -(!)& $'! * . , .4%('* $  %- 0&%!&&)&%"
#'*!&')!' ((!$ &6! '(!& #),4& #),!*,%!&'(0! &)&%".%&6!         

? ?p c 
%(%"+*'* 1 %&"'*"&'%*"4#)*! )(#&*!%(#!#'11&(!*!&%!0'*%# 4!#+'!! 
*)*!%'( %(# 0& $ '( ! +4&, .4!'!'- .%&6! 
A& . ! %(%"+*'* $ %- 1 )(# !%! !
*!&(0!"'*'('!*&%(#84%,6%0'(08" 0'*!',*%(#.%&6!'(0 
$-&8!, .4%(+'**):,!#
! '0&&'*68%*'!'*%*'(0"4& #),!, .4%(+ 
!!"#$%!&'(#)*!&+$','*# .'(%!# 
+ '*"&' '* 1%,'(0 4& ".* #) !  %&&'-%" 1 '00& 4"%+&* "'6 4*' %(# 3 ,% 3 "% 

, .4%(+ %* +4%**# ! , .4!'!' ( + *'1!'(0 ! 1 ,)* ! $%&#* )"6 $%!& *0.(!  

$-& $ 1" !%! ! , .4%(+ (#* !  *!&(0!( '!* 4&*(! )*'(** %(# #'-&*'1+ '(
&"%!#)*'(** 
, .4%(+,%(!+4',%""+1 &.%""'%(,*%(#: '(!-(!)&* 
71"!%!! )0
!'.1 &'*"&''*% )!! , .%(#!, .4%(+$'""*-&"+%11,!#'1'!# *!%64& 4&
*!&%!0',#,'*' (*'(!4&*(!*,(%&'             

c   

à ?c
( (+. )* 
EG 
!!"#$%!&4& -*'!L*%'01'* 
Beverage industry, 90EG8D< 

( (+. )* 
EG 
%.* 3%)%(L* '00*! 0%." $'! $%!&  !&'-# H<H8 1& .
!!4@HH$$$
# .%'(
, .H, .4%('*H, .4%('*M4H %&"M'*"&'HM %&"M'*"&'

!."
( (+. )* 
EG 
 $ '*"&' &'(-(!# '!*"1  !&'-# H<H8 1& .
!!4@HH$$$
&#'11
, .H. (+HH1H*4, 
!. 
'*"&'L* 3%)%( ** '0 )*'(** '( *.%"" 4%,6* 
EH<HG  !&'-# H<H8 1& .
!!4@HH$$$
1'(%(,'%"94&**
, .H4&'(!&H($*H<H 
'*"&'4"%(*4"%(!*'(! &!%'(.%&6!"%#&*'4 
EHHG !&'-#H<H81& .
!!4@HH$$$
. (+, (!& "
, .H($*H*%&,($*
44B,%""N<<%11
,1#11<,#,
##,<###<1#<##<
#,<1<1 
!!"#$%!&D(#'% 
EGCountry sector briefing@)& . ('! &(!&(%!' (%"  

)&%) 
EG 
%&" '*"&' 4"%(* 1 &%+ '(!  1&)'! :)', '58 Business Line 
!&'-# 1& .
!!4@HH$$$
!'(#))*'(**"'(
, .HHHH*! &'*H 
!.
A&&'&83 
EG 
Bottled water: Understanding a social phenomenon  

*8 
EG 
A&)'!D 1"%- )&# $%!& 1& . '*"&' * ( 
!&'-# 1& .
!!4@HH)*'(**
&#'11
, .H&4 &!HH%4&HH1&)'!D1"%- )&#D$%!&D1& .D'*"&'D* ( 
!. 
%&#(8
8 > A",6&8  
EG 
 !!"# $%!& %(# $%!& 4&'-%!'5%!' (@  &)* %(# !
&*'*!%(, 
Our School, Our Selves, 15E<G8D  

+&8  
EG 
'*"&'L* 94%(*' ( !'&*!8 Business Standard 
!&'-# 1& .
!!4@HH$$$ 
)*'(**D*!%(#%&#
, .H'(#'%H($*H'*"&'O*D94%(*' (D!'&*!HH
K (* (8 
8 ‘, "*8 
8 > 7'!!'(0! (8 
EG 
Exploring Corporate Strategy Text and
CasesE#
G 
**9@ %&* (#),%!' ('.'!# 

%&" '*"&' !#D ‘ 1! #&'(6*D (#'% 
EG Local company profile E44 
DG@ )& . ('! &
(!&(%!' (%"
‘"%!&8K 
EG 
7%!&$%&* 
Far eastern economic review, 163EG8< 

‘&'('-%*%(8  
EG 
'*"&' 0!* &%#+ !  !%6 ( %!% $%!& &%(# The Financial Express 

!&'-# 1& . !!4@HH$$$
1'(%(,'%"94&**
, .H($*H'*"&'D0!*D&%#+D! D!%6D (D!%!%D
$%!&D&%(#HH
‘&'('-%*%(8  
EG 
%,6%0# $%!& , * '6 4&',* '( *",! .6!*8 The Financial Express 

!&'-# 1& . !!4@HH$$$
1'(%(,'%"94&**
, .H($*H4%,6%0#D$%!&D, *D'6D4&',*D
'(D*",!D.6!*H<H
‘&'('-%*%(8 
EG 
'*"&'! !%6 ('("+ $'!#',%8 The Financial Express 
!&'-#
1& . !!4@HH$$$
1'(%(,'%"94&**
, .H($*H'*"&'D! D!%6D (D6'("+D$'!D
-#',%H<<H
7'"68 
EG 
!!"#$%!&@!4)&, .. #'!+'(!%0 1&%(#'(0 
Journal of consumer
culture, 6EG8D                

pc
 

 

 

%&%.!&* '*"&' '("+ ;)%1'(% 
%&6!‘%& 2 D2 2
‘""'(0 &', * *<H *
& 1'!.%&0'( * * 
H 
* 
%&6!'(0 %** .#'% 7'! %00&**'- '('.%" %#-&!'*'(08
%#-&!'*.(!*8 4& . !' (%" &*!&',!# !  ("+
 %&#'(0*8 !, %& ,%.4%'0(8 4 '(! 1 ,'(.% %""* %(# 1$
)*# 1 & 4& . !' (%" 4)&,%* 4& . !' ( " ,%" !"-'*' (
,%.4%'0( 
3%(0 '( %(# (,%*'(0 ( ! $'! )! %(+  %&#'(0
4%,6%0'(0 !  &%(# -%") 1 !& & '""  %&# 
 !
&4 *'!' ( '!* &%(# 
4 $& &%(#* 1 338 .), &'(-(!' ( '(
"&%#+ %-'(0 '("+ '* ,&%!'(0 % 4%,6%0'(0 !  -&
,&#(, %!!&')!# '(!.%&6! 
! +%&* 
("+ !
%(# 4 *'!' (# '!*"1 4&', '* 64! " $&
%* I*%1C '( ! .'(#* !%(!'&(%!' (%"%(#
1 , (*).&* 
%* '(!&(%!' (%"
, . 0(&', &%(# , .4!'! &* 
(,( 
1 & .'(&%" $%!& %(#  ,&%!' ( '( !
,&%!'(0  .%&6! 

(!'&"+  

         

  
ñ         

Ú  c 

c  

  cc
c      c cc

 

  
               

  
ñ          

Ú  c c    

 c c c
  c    

 c c   

c          

  
ñ           

c

 

  c
   !c   !c c
c"  c #

     

 

 

‘ ‘A7  ‘  3 ‘
 ‘
cc cc 
 c < c  c  c  c  c  c c c c cc
‘ ‘ < 
 
   << c c c c cc
2 7    
  ccc ccc ccc ccc cc 

     c c c c c

 

A 3 ‘AAD ‘ ‘A7   ‘ 

cc cc 
 c  c  c  c < c c
c c c cc  c
c c c c 
7    
<
<  
 
 
 
cc cc cc cc cc   

 

÷ c
6666
6666
6666
6666
6666
6666 $%c&'%
6666
6666
6666
6
66 6 6 6 6  6  6 
 

 

 ‘ ‘A7   AA    
cc 
         c c c c c c cc 
'*"&'     
c c c c c c cc 
'("+   
  c c c c c c cc
;)%1'(% < 
< 
< 
< 
c c c c c c cc 
9+&',  
 
 
 
c c c c c c cc 
%'"+   

< 
< ccc ccc ccc ccc ccc ccc cc