Cadbury

Cadbury plc is a British confectionery company, the industry's second-largest globally after the combined Mars-Wrigley. Headquartered in Cadbury House in the Uxbridge Business Park in Uxbridge, London Borough of Hillingdon, England and formerly listed on the London Stock Exchange, Cadbury was controversially acquired by Kraft Foods in February 2010. After integration the combined Cadbury and Kraft companies became the largest confectionery company in the world. The company was a constant constituent of the FTSE 100 from the index's 1984 inception until its 2010 takeover. The firm was known as "Cadbury Schweppes plc" from 1969 until a May 2008 demerger, in which its global confectionery business was separated from its U.S. beverage unit, which has been renamed Dr Pepper Snapple Group.

HISTORY
In 1824, John Cadbury began selling tea, coffee, and drinking chocolate, which he produced himself, at Bull Street in Birmingham, England. John Cadbury later moved into the production of a variety of Cocoas and Drinking Chocolates being manufactured from a factory in Bridge Street, supplying mainly to the wealthy due to the high cost of manufacture at this time. During this time a partnership was struck between John Cadbury and his brother Benjamin. At this time the company was known as 'Cadbury Brothers of Birmingham'. The two brothers opened an office in London and in 1854 received the Royal Warrant as manufacturers of chocolate and cocoa to Queen Victoria. Around this time in the 1850s the industry received a much needed boost with the reduction in high import taxes on cocoa; this allowed chocolate to become more affordable to everyone. Due to the popularity of a new expanded product line, including the very popular Cadbury's Cocoa Essence, the company's success led to the decision in 1873 to cease the trading of tea. Around this time, master confectioner Frederic Kinchelman was appointed to share his recipe and production secrets with Cadbury, which led to an assortment of various chocolate covered items. Having taken over the business in 1861, John Cadbury's sons Richard and George decided in 1878 that they needed to find new premises. Requiring better transport access for milk that was

inward shipped by canal, and cocoa that was brought in by rail from London, Southampton and Liverpool docks, the Cadburys started looking for a new greenfield site. Noticing the development of the Birmingham West Suburban Railway south along the path of the Worcester and Birmingham Canal, in 1878 they acquired the Bournbrook estate, comprising 14.5 acres (5.9 ha) of countryside 5 miles (8.0 km) south of the outskirts of Birmingham. Located right next to the new Stirchley Road railway station, itself directly opposite the canal, they renamed the Bournbrook estate to Bournville and opened the Bournville factory in 1879. In 1893, George Cadbury bought 120 acres (49 ha) of land close to the works and planned, at his own expense, a model village which would 'alleviate the evils of modern more cramped living conditions'. By 1900 the estate included 313 cottages and houses set on 330 acres (130 ha) of land. As the Cadbury family were Quakers there were no pubs in the estate; in fact, it was their Quaker beliefs that first led them to sell tea, coffee and cocoa as alternatives to alcohol.

1900 to 1950s

In 1905, Cadbury launched its Dairy Milk bar, with a higher proportion of milk than previous chocolate bars, and it became the company's best selling product by 1913. Fruit and Nut was introduced as part of the Dairy Milk line in 1928, soon followed by Whole Nut in 1933. By this point, Cadbury was the brand leader in the United Kingdom. These were accompanied by several other products: Flake (1920), Cream-filled eggs (1923), Crunchie (1929) and Roses (1938). Cadbury's Milk Tray was first produced in 1915 and continued in production throughout the remainder of the First World War. More than 2,000 of Cadbury's male employees joined the Armed Forces and to support the war effort, Cadbury provided clothing, books and chocolate to soldiers. After the war, the Bournville factory was redeveloped and mass production began in earnest. In 1918, Cadbury opened their first overseas factory in Hobart, Tasmania and in 1919 undertook a merger with J. S. Fry & Sons, another chocolate manufacturer, resulting in the integration of well-known brands such as Fry's Chocolate Cream and Fry's Turkish Delight. During World War II, parts of the Bournville factory were turned over to war work, producing milling machines and seats for fighter aircraft. Workers ploughed football fields to plant crops. As chocolate was regarded as an essential food, it was placed under government supervision for the entire war. The wartime rationing of chocolate ended in 1949, and normal production resumed. Cadbury subsequently built new factories and had an increasing demand for their products.

Merger with Schweppes
Cadbury merged with drinks company Schweppes to form Cadbury Schweppes in 1969. Cadbury Schweppes went on to acquire Sunkist, Canada Dry, Typhoo Tea and more. In the US, Schweppes Beverages was created and the manufacture of Cadbury confectionery brands were licensed to Hershey's. Snapple, Mistic and Stewart's (formerly Cable Car Beverage) were sold by Triarc to Cadbury Schweppes in 2000 for $1.45 billion. In October of that same year, Cadbury Schweppes purchased Royal Crown from Triarc.

Demerger
In March 2007, it was revealed that Cadbury Schweppes was planning to split its business into two separate entities: one focusing on its main chocolate and confectionery market; the other on its US drinks business.The demerger took effect on 2 May 2008, with the drinks business becoming Dr. Pepper Snapple Group Inc.In December 2008 it was announced that Cadbury was to sell its Australian beverage unit to Asahi Breweries.

Recent Developments
In October 2007 -- Cadbury announced the closure of the Somerdale Factory, Keynsham, formerly part of Fry's. Between 500 and 700 jobs were affected by this change. Production transferred to other plants in England and Poland. In 2008 -- Monkhill Confectionery, the Own Label trading division of Cadbury Trebor Bassett was sold to Tangerine Confectionery for £58million cash. This sale included factories at Pontefract, Cleckheaton and York and a distribution centre near Chesterfield, and the transfer of around 800 employees.

In mid-2009 -- Cadbury replaced some of the cocoa butter in their non-UK chocolate products with palm oil. Despite stating this was a response to consumer demand to improve taste and texture, there was no "new improved recipe" claim placed on New Zealand labels. Consumer backlash was significant from environmentalists and chocolate lovers. By August 2009 -- The company announced that it was reverting to the use of cocoa butter in New Zealand.In addition, they would source cocoa beans through Fair Trade channels. In January 2010 -- Prospective buyer Kraft pledged to honour Cadbury's commitment.

Kraft Foods Takeover

On 7 September 2009 -- Kraft Foods made a £10.2 billion (US$16.2 billion) indicative takeover bid for Cadbury. The offer was rejected, with Cadbury stating that it undervalued the company. Kraft launched a formal, hostile bid for Cadbury valuing the firm at £9.8 billion on 9 November 2009. Business Secretary Peter Mandelson warned Kraft not to try to "make a quick buck" from the acquisition of Cadbury. On 19 January 2010 -- It was announced that Cadbury and Kraft Foods had reached a deal and that Kraft would purchase Cadbury for £8.40 per share, valuing Cadbury at £11.5bn (US$18.9bn). Kraft, which issued a statement stating that the deal will create a "global confectionery leader", had to borrow £7 billion (US$11.5bn) in order to finance the takeover. The Hershey Company, based in Pennsylvania, manufactures and distributes Cadbury-branded chocolate (but not its other confectionery) in the United States and has been reported to share Cadbury's "ethos". Hershey had expressed an interest in buying Cadbury because it would broaden its access to faster-growing international markets. But on 22 January 2010 -- Hershey announced that it would not counter Kraft's final offer. The acquisition of Cadbury faced widespread disapproval from the British public, as well as groups and organisations including trade union Unite, who fought against the acquisition of the company which, according to Prime Minister Gordon Brown, was very important to the British economy. Unite estimated that a takeover by Kraft could put 30,000 jobs "at risk", and UK shareholders protested over the Mergers and Acquisitions advisory fees charged by banks. Cadbury's M&A advisers were UBS, Goldman Sachs and Morgan Stanley. Controversially, RBS, a bank 84% owned by the United Kingdom Government, funded the Kraft takeover.

Kraft had needed to reach 75% of the shares in order to be able to delist Cadbury from the stock market and fully integrate it as part of Kraft.The management explained that existing plans to move production to Poland were too advanced to be realistically reversed. Biscuits bearing the Cadbury brand.Kraft secured over 71% of Cadbury's shares thus finalising the deal. Keynsham. As part of the deal Kraft will keep the Cadbury.On 2 February 2010 -. though assurances had been given regarding sustaining the plant. Cadbury cakes and chocolate spread are manufactured under licence by Premier Foods. Maynards and Halls.Phil Rumbol. had eight factories and 3.The Polish division. are produced under licence by Burton's Foods. like 99 Flake. Cadbury-Wedel. as of August 2004. Stitzer had worked at the company for 27 years On 9 February 2010 -. and the company announced that Cadbury shares would be de-listed on 8 March 2010. The confectionery business in the UK is called Cadbury UK (formerly Cadbury Trebor Bassett) and. the man behind the famous Gorilla advertisement. was sold to Lotte of Japan. Lotte will take over the plant in Warsaw along with the E Wedel brand. . with the loss of 400 jobs. chief executive Todd Stitzer and chief financial officer Andrew Bonfield all announced their resignations. The European Commission made the sale a condition of the Kraft takeover.Kraft announced that they were planning to close the Somerdale Factory. Ice cream based on Cadbury products. suggesting that they felt betrayed and as if they have been "sacked twice". Hall's and other brands along with two plants in Skarbimierz.the Chairman Roger Carr. On 3 February 2010 -. On 22 April 2010 -.000 staff in the UK. announced his plans to leave the Cadbury company in July following Kraft's takeover. Fry's. This was achieved on 5 February 2010. Staff at Keynsham criticised this move. is made under licence by Frederick's Dairies. In June 2010 -. Operations United Kingdom Cadbury plc also owns Trebor Bassett. but the cakes were originally part of Cadbury Foods Ltd with factories at Blackpole in Worcester and Moreton on the Wirral with distribution depots throughout the UK. such as Cadbury Fingers.

the factory ceased running full tours mid-2008. Cadbury has been upgrading its manufacturing facility at Claremont. Tasmania. Australia. although the Cadbury group's chocolate products have been sold in the US since 1988 under the Cadbury name. and one in Dunedin. Cadbury Schweppes purchased the Duffy-Mott Company. however. Cadbury merged with Peter Paul in 1978. citing health and safety reasons. is exported every year. Cadbury also operate three Australian confectionery factories as well as one in New Zealand. Dublin in 1933. In 1982. . Tasmania (Claremont). New Zealand. Accordingly. Prior to the May 2008 demerger.Ireland Cadbury Ireland Limited is a confectionery company in Ireland based in Coolock in Dublin. The Claremont factory was once a popular tourist attraction and operated daily tours. the North American business also contained beverage unit Cadbury Schweppes Americas Beverages. Australia and New Zealand On 27 February 2009 the confectionery and beverages businesses of Cadbury Schweppes Pty Ltd in Australia were formally separated and the beverages business began operating as Schweppes Australia Pty Ltd. Victoria (Ringwood and Scoresby). In April 2009. Schweppes Australia was acquired by Asahi Breweries. manufacturers of gum and mints but not chocolate. Cadbury's opened their first Irish factory in Ossary RD. More than €250 million worth of Cadbury chocolate is produced in Ireland. United States Cadbury plc's presence in the States consists of the confectionery unit Cadbury Adams. two in Melbourne. Ten years later Hershey's acquired the chocolate business from Cadbury's. since 2001.. bringing Ireland valuable earnings from abroad. the chocolate itself has been manufactured by Hershey's and can be found in Hershey's chocolate stores. one in Hobart.

and UK functions being transferred to India by the end of 2007. It now has manufacturing facilities in Thane.665. (a businesses services provider) in India. Induri (Pune) and Malanpur (Gwalior).India Cadbury India began its operations in India in 1948 by importing chocolates.000 and other payments of £448. For over two decades. China. but also to several hundred jobs being created. Bangalore and Baddi (Himachal Pradesh) and sales offices in New Delhi. Kolkata and Chennai. other accounting Human Resources functions may follow. at lower salaries commensurate with wages paid in developing countries. Combined with his annual salary of £985. Mumbai. Executive Pay In 2008 Todd Stitzer.S. This was to affect all business units and be associated with U. with all units transferred by mid-2009. Cadbury's CEO. was paid a £2. Cadbury Schweppes announced that it would be outsourcing its transactional accounting and order capture functions to Shared Business Services (SBS) centres run by a company called Genpact.000 bonus. The corporate head office is in Mumbai. Depending on the success of this move. . and Romania. Since 1965 Cadbury has also pioneered the development of cocoa cultivation in India. This development is likely to lead to the loss of several hundred jobs worldwide.000 this gives a total remuneration of over £4 million. Accounting In July 2007. Cadbury has worked with the Kerala Agricultural University to undertake cocoa research.

Notable product introductions include:                        1865: Cocoa Essence 1875: Easter Eggs 1897: Milk Chocolate 1897: Cadbury Fingers 1905: Dairy Milk 1908: Bournville Chocolate 1915: Milk Tray 1920: Flake 1923: Creme Egg 1929: Crunchie 1938: Roses 1948: Fudge 1960: Dairy Milk Buttons 1968: Picnic 1970: Curly Wurly 1974: Snack 1983: Wispa (relaunched 2007) 1985: Boost 1987: Twirl 1992: Time Out 1996: Fuse 2001: Brunch Bar. Dream and Snowflake 2010: Cadbury dairy milk silk (richer. relaunched for trial period 2009 and made permanent in 2010) and Dairy Milk Bliss .Products Cadbury plc manufactures chocolates and sweets such as the popular Cadbury Dairy Milk. Wispa Gold (originally launched 1995. finer milk chocolate).

" Health and safety 2006 Salmonella Scare On 19 January 2006.Advertising Controvery In May 2011 the model Naomi Campbell described the new advertisement for the Bliss bar as 'insulting and hurtful'. which produces chocolate crumb mixture. not just for me. Birmingham City Council announced that it would be prosecuting Cadbury Schweppes in relation to three alleged offences of breaching health and safety legislation. . shortly after which it recalled more than a million chocolate bars. and was fined 1 million pounds at Birmingham Crown Court—the sentencing of both cases was brought together. with mitigating factors limiting the fine being that the company quickly admitted its guilt and said it had been mistaken that the infection did not pose a threat to health. "no longer in circulation. Analysts have said the fine is not material to the group. The company pleaded guilty to all nine charges. affecting seven of its products.. The leak occurred at its Marlbrook plant. In April 2007. I do not find any humour in this. "I am shocked. he later added." A spokesperson for the company insisted that the campaign was "a light-hearted take on the social pretensions of Cadbury Dairy Milk Bliss".. Campbell said. the company announced that the cost of dealing with the contamination would reach £30 million. In December 2006. Reacting to the advertisement. The campaign was. we have no plans to repeat the campaign. Cadbury Schweppes detected a rare strain of the Salmonella bacteria. in Herefordshire. which has the tag line "Move over Naomi – there is a new diva in town". said to have been caused by a leaking pipe. An investigation being carried out at that time by Herefordshire Council led to a further six charges being brought. Cadbury Schweppes officially notified the Food Standards Agency. but for all black women and black people. It's upsetting to be described as chocolate. the mixture is then transported to factories at Bournville and formerly Somerdale to be turned into milk chocolate.

2007 recalls On 10 February 2007. A Printing mistake at Somerdale Factory resulted in the omission of tree nut allergy labels from 250 g Dairy Milk Double Chocolate bars. The Daily Telegraph reported in 2007 that the rent was expected to increase to a "three-figure sum. 2008 On 29 September 2008 Cadbury withdrew all of its 11 chocolate products made in its three Beijing factories.093 m2). Cadbury's previous head office was in 25 Berkeley Square in Mayfair. potential allergens. England. all items were recalled. but this was not made clear on the packaging.000 square feet (7. Hong Kong and Australia. on suspicion of contamination with melamine. a number of products in the 'Dairy Milk' range and Chocolate Éclairs. which is Building 3 of the business park.75 per square foot. In 1992 the company leased the space for £55 per 1 square foot (0. 2009 Hydrogenation Cadbury continues to use hydrogenated oils in many of its signature products. As of that year the head office had 200 employees. the nutrition labels round the values down to zero. Kraft announced that the Cadbury head office would remain the "Cadbury House. recalling for the second time in two years thousands of chocolate bars.800 m2) of space in its head office. City of Westminster. After the Kraft Foods acquisition of Cadbury. Taiwan. The recall affected the mainland China markets. Head office Cadbury's head office is the Cadbury House in the Uxbridge Business Park in Uxbridge. The Cadbury occupies 84. Although trans fats are present. which leases space in the building it occupies. Cadbury announced they would be recalling a range of products due to a labelling error." In 2007 Cadbury Schweppes had announced that it was moving to Uxbridge to cut costs. Cadbury. Cadbury Schweppes investigated a manufacturing error over allergy warning. had relocated from central London to its current head office." .In 2002 the company agreed to pay £68. As a precaution. On 14 September 2007. Products recalled included Dark Chocolate. London Borough of Hillingdon. The products were produced in a factory handling nuts.

the last vestiges of wood. Fermentation The fermentation process is decisive in the production of high quality raw cocoa. collecting points.How Cadbury Choclate Is Made The cocoa-bean -. Drying After fermentation. sand and even the finest dust are extracted by powerful vacuum equipment. with its many hybrids and varieties. mild aroma and are. under which practically all varieties can be categorised: Criollo and Forastero cocoas. The technique varies depending on the growing region. Finally. What could be more natural than to spread the beans out to dry on the sun-soaked ground or on mats? After a week or so. the raw cocoa still contains far too much water. in fact about 60%. The pure variety of the Criollo tree is found mainly in its native Equador and Venezuela. They have a particularly fine. and by brushing. The Harvest Immediately after harvesting. They regarded the precious bean as waste or used it.the heart of the sweetest delicacy in the world -. all but a small percentage of the water has evaporated. jute fibres. therefore. The remaining 90% is harvested from trees of the Forastero family. The seeds are of finer quality than those of the Forastero variety. Cleaning Before the real processing begins. up to the 18th century some native tribes ate only the sweetish flesh of the cocoa fruit.is bitter! This is why. The Varieties There are two quite different basic classifications of cocoa. as a form of currency. used only in the production of highquality chocolate and for blending. However. The entire roasting . the fruit is opened. the fruit is treated to prevent it from rotting. The cocoa tree can flourish only in the hottest regions of the world. Criollo cocoa accounts for only 10% of the world crop. the raw cocoa is thoroughly cleaned by passing through sieves. Most of this has to be removed. At fermentation sites either in the plantation or at. The main growing area is West Africa. as was the case among the Aztecs. Roasting The subsequent roasting process is primarily designed to develop the aroma.

the cocoa paste. where they are pulverized and kneaded. By blending them in accordance with specific recipes the three types of chocolate are obtained which form the basis of ever product assortment.go into the mixer. The other part passes through various blending and refining processes. A part of the cocoa paste is taken to large presses. liquid mixture. during which the air in the nearly 10 feet high furnaces reaches a temperature of 130 °C. attractive glaze. powdered or condensed milk. cocoa butter. is carried out automatically. Blending Before grinding. At this point the production process divides into two paths.process. producing a thick. The heat generated by the resulting pressure and friction causes the cocoa butter (approximately 50% of the bean) contained in the beans to melt. During cooling it gradually sets: this is the cocoa paste.cocoa. which extract the cocoa butter. The secret of every chocolate factory lies in the special mixing ratios which it has developed for different types of cocoa. which are still fairly coarse are now pre-ground by special milling equipment and then fed on to rollers where they are ground into a fine paste. sugar and milk are the four basic ingredients for making chocolate. Grinding The crushed cocoa beans. strong odour. during which some of the cocoa butter is added to it. These cakes are crushed again. Crushing and shelling The roasted beans are now broken into medium sized pieces in the crushing machine. . ground to powder and finely sifted in several stages and we obtain a dark. strongly aromatic powder which is excellent for the preparation of delicious drinks . cocoa butter. Cocoa Powder After the cocoa butter has left the press. It not only forms part of every recipe. The two paths have rejoined. This is dark brown in colour with a characteristic. beautiful lustre and delicate. cocoa cakes are left which still contain a 10 to 20% proportion of fat depending on the intensity of compression. but it also later gives the chocolate its fine structure. sugar and flavouring . Cocoa paste. but which soon join again. namely: Kneading In the case of milk chocolate for example. the crushed beans are weighed and blended according to special recipes. Cocoa Butter The cocoa butter has important functions.maybe vanilla .

three or five vertically mounted steel rollers rotate in opposite directions.) Conching But still the chocolate paste is not smooth enough to satisfy our palates. Conches (from the Spanish word "concha". Because cocoa beans were valuable. chocolate has been a much sought after food. It has attained the outstanding purity which gives it its reputation. History of Chocolate The origins of chocolate can be traced back to the ancient Maya and Aztec civilisations in Central America. Throughout its history. a much-prized spicy drink made from roasted cocoa beans. A kind of aeration of the liquid chocolate paste then takes place in the conches: its bitter taste gradually disappears and the flavour is fully developed. Under heavy pressure they pulverise the tiny particles of cocoa and sugar down to a size of approx. The chocolate no longer seems sandy. For during this period the chocolate paste will be refined to such an extent in the conches that it will flatter even the most discriminating palate.Rolling Depending on the design of the rolling mills. meaning a shell) is the name given to the troughs in which 100 to 1000 kilograms of chocolate paste at a time can be heated up to 80 °C and. jade and ceremonial feathers. who first enjoyed 'chocolatl'. they were given as gifts on occasions such as a child coming of age and at religious ceremonies. 30 microns. whether as cocoa or drinking chocolate beverage or confectionery treat. Merchants often traded cocoa beans for other commodities such as cloth. but dissolves meltingly on the tongue. (One micron is a thousandth part of a millimetre. . is given a velvet smoothness by the addition of certain amounts of cocoa butter. But within two or three days all that will have been put right. while being constantly stirred.

Don Cortes was made Captain General and Governor of Mexico. was the first to break the Spanish monopoly. When he returned to Spain in 1528 he loaded his galleons with cocoa beans and equipment for making the chocolate drink. vanilla and wild bee honey'. Chocolate Across Europe An Italian traveller. The dry climate meant the Aztecs were unable to grow cocoa trees. bitter with chilli water. He had visited Central America and seen how the Indians prepared the cocoa beans and how they made the drink. Don Cortes The Spanish invaded Mexico in the 16th century.The Aztec Empire ''Chocolate' (in the form of a luxury drink) was consumed in large quantities by the Aztecs: the drink was described as 'finely ground.. . aromatic flowers. and the Spanish armies conquered Mexico. by this time the Aztecs had created a powerful empire. foamy. soft. reddish. and by 1606 chocolate was well established in Italy. Soon 'chocolate' became a fashionable drink enjoyed by the rich in Spain. and had to obtain supplies of cocoa beans from 'tribute' or trade. Francesco Carletti .

The French court enthusiastically adopted this new exotic drink. Gradually the custom of drinking chocolate spread across Europe. daughter of Philip II of Spain. when Anne.after travelling in South America . It was an English doctor. Sir Hans Sloane. who . . First Chocolate For Eating Up until this point all chocolate recipes were based on plain chocolate . bringing a milk chocolate recipe back to England. which was considered to have medicinal benefits as well as being a nourishing food.focused on cocoa and food values. married King Louis XIII of France. reaching England in the 1650s. The original Cadbury Milk Chocolate was prepared to his recipe.Drinking Chocolate The secret of chocolate was taken to France in 1615.

For centuries.cocoa . the science behind chocolate. Reasons to believe Cocoa Long before the current trend towards organic ingredients.provides? We all know that a bit of chocolate tends to make you feel good. "Chocology". In its purest form cocoa is a natural food. The liquor can also be pressed to remove the fat and is cooled and ground to produce pure cocoa powder. It has even been hailed as an aphrodisiac! Of course. . beverage or treat. These pods contain the beans which characterise the finished chocolate. an essential ingredient for making chocolate. civilizations from Mexico to Europe have recognised the benefits of cocoa and chocolate for medicinal and therapeutic uses as well as a food. but a wealth of research suggests that people can now have even more reasons to enjoy it. opens up that research and presents the facts in an easy to use report that we hope will be a useful resource when talking about the benefits that chocolate can offer. The last decade has seen a significant increase in our research and understanding of cocoa and chocolate. cocoa was one of the best known natural foods. The cocoa beans are fermented under banana leaves to bring out the chocolate flavour and then dried under the tropical sun. The cocoa tree produces cocoa pods that grow from the trunk or branch of the tree. that chocolate and its key ingredient . Join us in the exploration of "Chocology" . we all need to ensure we don't over indulge and that we see chocolate as a treat but researchers are continuing to uncover more reasons to enjoy cocoa and cocoa products. But just how much does the average person really know about the potential benefits.Chocology People around the world have grown up enjoying chocolate as a favourite treat for countless generations. They are then shelled and ground to produce chocolate liquor.You may discover that there's more to chocolate than meets the eye. But understanding the properties of chocolate is not just a recent development. beyond the great taste.

Scientists have found that the polyphenols relax vessels by increasing the chemical nitric oxide. sodium. providing over 15% of the recommended daily requirement in a 49g bar of Cadbury's Dairy Milk. all of which help to keep us healthy.this helped to boost sales of dark chocolate by over 15% in the UK last year2! It's not just bars of chocolate that have these high levels of antioxidants . resulting in a complex range of tastes and odours that connect with the human brain as it runs over the taste buds of the tongue. helping to reduce the risk factors for cardio-vascular disease. The team found that scores for verbal and visual memory were significantly higher for those people who had eaten milk chocolate. . refuel the body's energy levels and create feelings of wellbeing.Antioxidant Power Cocoa contains high levels of naturally occurring compounds called flavanols and a range of other polyphenols that have been shown to reduce blood pressure helping to improve heart health. as well as the caffeine in chocolate appear to increase alertness and mental performance4. mood enhancing chemicals produced by the brain. and the consumption of milk and dark chocolate was associated with improved impulse control and reaction time. magnesium. The theobromine and phenylethylamine. In light of recent research which suggests taking supplements may be detrimental to your health. Similar work at the University of Nottingham has shown that the consumption of dark chocolate can increase blood flow to the brain leading to improved cognitive function. high in cocoa content. West Virginia (May 2006) has suggested that eating chocolate may improve the way our brains work. Polyphenols have antioxidant properties and work by fighting the free radicals which attack cells causing disease and accelerated ageing. In the Mood Chocolate is said to contain at least 300 natural chemical compounds. This has been shown in new studies at many universities around the World1.a recent study revealed that hot chocolate beverages. copper. Dark chocolate contains especially high levels of flavanols and other polyphenols . can contain concentrations of antioxidants similar to those in red wine or tea3 Deliciously Nutritious Chocolate and cocoa containing products are often criticised as being low in nutritional value and "empty calories". These produce feelings of pleasure. it's good to know that chocolate and cocoa contain so many nutrients! Boosting Brain Power A recent study in the United States at Wheeling Jesuit University. The slowly released energy and feelings of fullness and satisfaction induced by its sugar and fat content. Eating chocolate triggers the release of endorphins. milk chocolate for instance contains many vitamins including B1. phosphorus. zinc. calcium. B2. through lowering blood pressure and improved blood platelet function. and E as well as minerals including potassium. On the contrary. They are believed to impact on arteries and blood qualities. manganese and by far the most important.

psychiatrists and researchers have pointed out substances in chocolate that they think may make us like it so much . such as tannins. Body of Evidence . adding to its mystery. heightening the pleasure of the experience. sugar. The simple pleasure of chocolate melting in the mouth adds to the pleasure of eating it chocolate has the property of melting at body temperature. such as theobromine. Circulation A number of studies. Chocolate contains many substances that act as stimulants. as presented in February 2006 at the American Association for the Advancement of Science's (AAAS) annual meeting in Boston. they're in such small amounts they can't really be the reason we crave chocolate. Iron is essential in transporting oxygen in the blood to all parts of the body. and caffeine. naturally occurring substances in cocoa. But as the products are often high in fats and sugars it is important that consumption is in moderation and that such products are consumed infrequently as "treats" . including one at the University of Cologne revealed that dark chocolate helps lower blood pressure10. London in 2004 claimed that high doses of theobromine contained in chocolate are a third more effective at stopping persistent coughs than codeine. . Throat A study carried out by Imperial College. cooling the mouth slightly as it does so. and an iron deficiency can cause anaemia. Heart Research by Professor Carl Keen at the University of California in 2000 has shown that a bar of milk chocolate (45g) contains the same quantity of antioxidants as a 150ml glass of red wine. Research has found that consuming chocolate can lead to increased mental performance. A standard 45g bar of dark chocolate contains 12% of the Recommended Dietary Allowance (RDA) of iron.giving nutrition and energy as well as great taste. hormone-like natural substances. Dark chocolates with higher levels of cocoa contain even more. Brain Eating chocolate releases endorphins. The study focused on adults with untreated mild hypertension. When cocoa is combined with ingredients such as milk. one expert has pointed out that "chocolate's a blend of flavours and aromas so complex that food chemists have never been able to duplicate it in the lab 5 .however.Where can you feel the Benefits? Teeth While you should always brush teeth." We may never understand why chocolate makes us feel good. fruit and nuts significant quantities of nutrients are provided.Chocolate has such a luscious texture and aroma that all the body's taste and olefactory sensors are fully exploited.but are certainly not "empty calories". may play a role in inhibiting plaque formation by coating the teeth to protect them6. which produce a feeling of pleasure and reduce sensitivity to pain. Most interestingly. phenylethylamine. So much so that a recent survey by Cadbury has found that 52% of women prefer eating chocolate to having sex! Over the years.

recent research has indicated that this might not be a myth after all! A study conducted by San Raffaele hospital. dark chocolate in particular contains more antioxidants by volume than red wine11 12.provides useful quantities of a wide range of nutrients including calcium. calcium and magnesium. while being low in sodium. A 49g bar of milk chocolate provides over 15% of the adult Reference Nutrient Intake (RNI) of calcium. . which does not contain flavanols. Bones Milk and milk products have been part of our diet for thousands of years and the milk in chocolate . There is no need to exclude chocolate from a healthy diet as long as it is consumed responsibly and in the context of the dietary needs of the individual and their energy balance. Research has indicated that naturally occurring substances in cocoa. Milan14 has found greater levels of sexual desire in the group that reported daily chocolate intake as opposed to those who did not eat chocolate.some of whom had white chocolate. One example of this would be the high levels of cardiovascular friendly antioxidants contained in chocolate . Naval academy13 found no link between acne and chocolate consumption. But after two weeks. blood pressure readings had dropped significantly in the group who consumed dark chocolate. Myths and Facts about Chocolate Eating Chocolate Is Inconsistent With A Healthy Diet With so much going for it. demonstrating the ways in which chocolate can make us feel good when enjoyed in moderation. may play a role in inhibiting plaque formation. such as tannins. research by the Pennsylvania School of Medicine and also by the U. Eating Chocolate gives you spots Despite the persistence of this myth. Chocolate causes Tooth Decay Chocolate has sometimes been blamed for tooth decay but there is research showing that chocolate isn't as bad for your teeth as people think.in fact. some dark. It also provides us with vitamins . Milk chocolate is a source of potassium. B2 and E. Blood pressure remained fairly unchanged in the group that ate white chocolate. it's unfortunate that chocolate is often surrounded by myths and misconceptions that result in its unjustified reputation as an 'unhealthy' food. Drinking chocolate made with milk contains even more calcium. Chocolate has no nutritional value Few people know that chocolate actually contains a number of important nutrients.including B1.particularly milk chocolate . Chocolate is Aphrodisiac Though not definitively proven.S. Scientists are beginning to dispel common myths about the concerns of eating chocolate.

Company Overview Cadbury India Ltd. Halls. One 45g dark chocolate bar provides you with up to 12% of your daily iron RNI. The magnesium in a 45g bar of dark chocolate provides 13% of a female's and 15% of a male's daily RNI. Cadbury has maintained its undisputed leadership over the years.Did you know ? The calcium in a 49g milk chocolate bar provides over 15% of your daily Reference Nutrient Intake (RNI). Gems. Perk. The copper in a 45g dark chocolate bar provides 27% of your RNI. Tang and Oreo. . 5 Star. Éclairs. Some of the key brands are Cadbury Dairy Milk. Beverages. Bournvita. Cadbury India operates in five categories . Bournville. A 49g milk chocolate bar provides you with 33% of your recommended daily vitamin B12 intake. Biscuits. Our core purpose "make today delicious" captures the spirit of what we are trying to achieve as a business. Bubbaloo. Gum and Candy.Chocolate confectionery. is a part of the Kraft Foods Group. Celebrations. In the Chocolate Confectionery business. As much as 22% of your RNI of riboflavin can come from a single 49g bar of milk chocolate.

Standard & Poor's 500. Dow Jones Sustainability Index and Ethibel Sustainability Index.In India.including Cadbury. Kraft Foods is a member of the Dow Jones Industrial Average. Our Cocoa team visits farmers and advise them on the cultivation aspects from planting to harvesting. Oreo. Twelve of the company‘s iconic brands . Proudly marketing delicious biscuits. and 40 have been loved for more than a century. The corporate office is in Mumbai. Our efforts have increased cocoa productivity and touched the lives of thousands of farmers. After 60 years of existence. Cadbury began its operations in 1948 by importing chocolates. marketing. health & wellness and sustainability. In the Milk Food drinks segment our main product is Bournvita . Since 1965 Cadbury has also pioneered the development of cocoa cultivation in India.generate revenue of more than $1 billion annually. For over two decades. Bangalore and Baddi (Himachal Pradesh) and 4 sales offices (New Delhi. Maxwell House. Induri (Pune) and Malanpur (Gwalior).2 billion. Milka. Philadelphia. Ill. cheese. Oscar Mayer. Cadbury enjoys a value market share of over 70% . it today has five company-owned manufacturing facilities at Thane. (NYSE: KFT) is a global snacks powerhouse with an unrivaled portfolio of brands people love. we have worked with the Kerala Agriculture University to undertake cocoa research and released clones. beverages. Hardly surprising then that the Cocoa tree is called the Cadbury tree! Company Worldwide Northfield. more than half of which was earned outside North America. hybrids that improve the cocoa yield. Kraft Foods had 2010 revenue of $49. We recently entered the biscuits category with the launch of the Worlds no 1 biscuit brand Oreo. Jacobs. A leader in innovation. Kolkota and Chennai).the leading Malted Food Drink (MFD) in the country. Kraft.-based Kraft Foods Inc. The pure taste of CDM defines the chocolate taste for the Indian consumer. Similarly in the medicated candy category Halls is the undisputed leader. confectionery.the highest Cadbury brand share in the world! Our billion-dollar brand Cadbury Dairy Milk is considered the "gold standard" for chocolates in India. Trident and Tang . We also conduct farmers meetings & seminars to educate them on Cocoa cultivation aspects. grocery products and convenient meals in approximately 170 countries. . Nabisco. LU. Mumbai.

Everyday.Heritage: We have come a long way since J. To make today delicious.2 billion More than 25% of Global revenue from emerging markets #1 in global confectionery #1 in global biscuits More than 50% of global revenue from snacks and confectionery Our Brand Portfolio     11 brands with more than $1 billion in revenue 70+ brands with more than $100 million in revenue 40+ brands over 100 years old 80% revenue from #1 share positions Who We Are Consumers inspire us. . Whether watching your weight or preparing to celebrate.L Kraft started selling cheese from a horse drawn wagon in 1903. we begin with our consumers. One at a time. imagination and commitment to bring the world its favorite foods has helped us grow into a company that touches more than a billion people in 160 countries. We understand their joys and their challenges because we‘re consumers too. We make delicious foods you can feel good about. we watch and we learn. we pour our hearts into creating foods that are wholesome and delicious. Some fast facts on the combined company: Our Global Reach      Annual revenues of $ 49. What we do. Hard work. grabbing a quick bite or sitting down to family night. We listen.

 We lead from the head and the heart. We‘re constantly looking for fresh ideas to improve our workplace. Our approximately 127.  We tell it like it is. so at Kraft Foods:  We inspire trust. our communities and our world.  We keep it simple.  We are open and inclusive. And our strategies guide our efforts:     Build a high performing organization Reframe our categories Exploit our sales capabilities Drive down costs … without compromising quality About our people. How we grow. We decide.Our reach. our partnerships. We focus on creating sustainable.000 diverse employees around the world are the reason we succeed. How we behave – Our Values We understand that actions speak louder than words.  We discuss. . We deliver.  We act like owners. It takes great people to make great brands. everywhere. profitable growth. We believe we can make a delicious difference.

health and safety management. CSR is about growing our business responsibly. Hardly surprising then that the Cocoa tree is called the Cadbury tree! .Corporate Social Responsibility Corporate Social Responsibility (CSR) is at the heart of our success At Cadbury India we have always believed that good values and good business go hand in hand. We aim to look after the health and safety of our people and minimize the environmental impact of our business around the world. Cadbury India has a tradition of caring for the environment and enriching the quality of lives of the communities we live and work in. we have worked with the Kerala Agriculture University to undertake cocoa research and released hybrids that improve the cocoa yield. It's part of our heritage and the way we do things today. Our efforts have increased cocoa productivity and touched the lives of thousands of farmers. Migratory birds stop over at our Bangalore factory! Water is a precious resource. Commitment To The Environment We are committed to responsible environmental. but is also a stopover location for some of the migratory birds! Pioneering cocoa cultivation in India Since 1974 Cadbury has pioneered the development of cocoa cultivation in India. As part of Cadbury India's efforts to continuously increase water conservation our Bangalore factory has constructed a check dam to store the rainwater. This dam not only acts as a major ground water replenishing source for the bore wells in the factories and surrounding community. through a variety of result-oriented programs. For over two decades.

Rising energy costs. and our biggest effort in that direction. Akshaya Patra As one of the world‘s largest food company. In India. Everything needs a little nurturing to help it to grow. Our communities are no different.Bangalore factory: the sun shines at night… Acknowledged as 'Preserver of Environment' Sunshine now lights the pathways on streets outside our Bangalore factory at night. we believe that we are in a unique position to fight hunger and malnutrition. playing a part in the effort to reduce global warming. inspired the factory to install 28 solar powered streetlights. and 300 sunny days a year. In appreciation of our commitment to implement environment friendly initiatives. Growing Community Value. It will reduce annual carbon dioxide (a major greenhouse gas) emissions by ten tonnes. One in six people worldwide – more than 1 billion people don‘t have enough food to eat. . For our employees. Cadbury India is committed to growing community value around the world. is our flagship program. our involvement with Akshaya Patra – a non-profit organization that provides nutritious mid-day meals to over 12 Lakh school children every day. the Karnataka State Pollution Control Board has honoured the Bangalore factory with the Parisara Premi (Preserver of the Environment) Award for the second year in a row. this is about making a difference in the community.

A Holistic Approach SARVAM is founded on the belief that an improvement in quality of life is sustainable only when people are empowered to help themselves. India: Poothurai and Perambai in the Villupurum District of Tamil Nadu. We have been working in partnership with the local government and local charity. Over 500 colleagues. over 200 colleagues ran for Akshaya Patra. and when they have experienced changes in their personal lifestyles. in close to 20 locations across India. joined hands with Akshaya Patra to cook and distribute hot.000 students over the course of the week.what we know as integral development. and it is hoped that the two villages will ultimately become an inspirational example for all of India. For each colleague who volunteered during the week. economic development. we have made a positive difference in the lives of over 2000 children. and feel a sense of unity with the nation they call home. Each colleague‘s involvement was therefore a very meaningful and long-term difference to the life of a child.Our Involvement: Our relationship with Akshaya Patra began with the Delicious Difference Week (DDW) 2010. With the combined effort of the DDW and Mumbai Marathon. attitudes and values of the villagers. vocational training. SARVAM In response to the 2004 Asian Tsunami crisis. Cadbury committed funds and resources to the Sri Aurobindo Rural Village Action Movement (SARVAM) community project to redevelop two villages in the coastal regions of Pondicherry. Additionally. The SARVAM program is holistic and addresses every aspect of village life including education. health. This has resulted in the major development of village infrastructure and in positive shift in the general mindset. we pledged to support mid-day meals for an underprivileged child for an entire academic year. . the development of their village. as part of our Mumbai Marathon participation in 2011. Impact: An Integrated Program . healthy and nutritious food to over 10. the Sri Aurobindo Society. organic farming and water harvesting.

colleagues visited 8 hospitals across Mumbai identifying the wishes of children. spreading cheer in the festival season.an orphanage in Pune city that takes care of abandoned HIV+ children. A national wish-fulfilment event inspired many to be part of the initiative. close to 500 wishes have been fulfilled. Impact: From October 2009 to December to 2010. . we spent a day with the children of Mamta Foundation . Cadbury has pledged to fulfill the heart-felt wishes of children. To make the experience more involving and intimate for our colleagues. Cadbury tied-up with Make-A-Wish to support the wishes of children suffering from life-threatening diseases in the age group of 3-18 yrs. As part of the partnership.Make-A-Wish During Diwali (the festival of lights) 2009. The partnership was an effort to spread Mithaas (sweetness) in the community. Catherine‘s Home. fulfilling the wishes of 50 HIV positive children of St. multiple opportunities for employee volunteering were created. colleagues played Santa Cause. In 2010. During Diwali. During Christmas.

.Improving community health through education and primary health care in Baddi. Baddi is an industrial town in the southwestern Solan district of Himachal Pradesh. Against this background. Himachal Pradesh Cadbury partnered with CAF (Charities Aid Foundation) to identify a local NGO – Ruchi. the project is focusing on delivery of services from the out-of-school children belonging to disadvantaged groups to ensure that they enroll and stay in school.Sahyog. The problems have been further aggravated due to the increased pressure on land and water resources as a result of migrant labour recruited by the industries. The project aims at touching the lives of 400 families at Sandholi village by supporting three thematic areas of education. sanitation and health and hygiene. lack of health and educational facilities. Partnering with Ruchi. With this holistic approach we are hoping to achieve better standards of health and living. Baddi is getting industrialized at a fast pace. Cadbury India decided to invest in the health and education of the children and families in the area. 50 children of migrant workers living have daily access to non-formal education.Non-formal school set up by Cadbury for children of migrant workers in Baddi Project: Sahyog . some aspects of healthy living have taken a beating. As a recently declared SEZ. to help improve health and education. inclusive and healthy communities. In the area of education. Unable to keep up with the speed of development. Impact: Cadbury has set up a non-formal school near Baddi factory as part of our commitment to create prosperous. The project is helping support integrated child education and health care initiatives in Baddi. sanitation. Cadbury India started work in the village of Sandholi. Issues include environmental degradation.

A team of 16 sales colleagues spent a day in the school and truly made a difference! Cadbury spreads smiles at Vatsalya . As part this initiative. we have provided safe and clean facilities to create an environment conducive to learning for the 80 odd children enrolled in the school.Cadbury in tie-up with Bharti-Walmart to support education needs of underprivileged children In an effort to make a small difference to the communities in which we operate we recently tiedup with Bharti-Wal-Mart to support the infrastructure of a government school for underprivileged children in Gurgaon. cleaning and developing the gardens in the school premises. planting trees and installing swing-sets in the play area. This included re-painting the building.

Under this initiative colleagues are encouraged to spend time with these children. an NGO working with underprivileged street children in Mumbai. We support the educational needs of 100 street children by proving them with their school fees and also other requirements like books. stationery uniforms etc.Cadbury India has partnered with Vatsalya Foundation. The ward gives specialized and intensive care for premature and critically ill newborns. encourage them to study or just simply be their Friend. . Cadbury India supports the building of a Neo-natal ward In an effort to provide a health start to the newborn infants of the local community in the Thane district. we launched the Community Initiative Programme under the banner: Nutrition. we have supported the construction of a neo-natal hospital ward at Thane`s municipal hospital. Security and Love near our Malanpur factory (MP). Vatsalya's motto is to give the child a supportive environment to live and study in and gain skills so that they become contributing members of society. We will also sponsor educational camps for these children. Gurikha Project Smiling girls of Gurikha school (built by Cadbury India) In 1999. Education. This intervention has helped the poor and needy who are in urgent need of specialized healthcare. The other aspect of the partnership is the "Be My Friend" Volunteering programme.

Gurikha Project has enlightened her to a new life of hope and some prosperity. . They also helped increase attendance in school. vet services for milk producing animals and fruit trees for each household to plant during the monsoons. The consultation and a bit of lateral thinking led to some real social improvements: fresh drinking water from a new village pump. In 2005. As a result. a doctor's clinic. Special focus was given to the rights and contribution of girls and to the counteraction of female infanticide through a variety of initiatives. the education programme supported the Indian Government's Year of Women Empowerment. A nursery school was started and key improvements were made in the primary school. Village Development Committee structured by Cadbury in session. we focused on healthcare and education in the nearby village of Gurikha. Smart girls from Cadbury aided coaching class Community Lady Worker counselling a self help group on income generation.

Cadbury India Non-Executive Directors Harsh Mariwala Radhakrishnan B.Play school for children below 5 years of age established by Cadbury. Menon Suresh Talwar .Non Executive Managing Director Anand Kripalu President. Managing Director . South Asia & Indo China. Women Empowerment activities will help rescue her burden Our Team Chairman C Y Pal Chairman .

Gum & Candy Frans Rydén Director. R & D Chandramouli Venkatesan (Mouli) Director. Finance . Powdered Beverages . Operations Narayan Sundararaman Director. Snacking & Strategy Jaiboy Phillips Director.Executive Directors Atul Bhatia Director.

Rajesh Ramanathan Director. Human Resources Sunil Taldar Director. Sales & International Business Sree Patel Chief Counsel Awards Cadbury wins Gold at the Asian Marketing Effectiveness Awards 2011 Cadbury won the Gold medallion for the Cadbury Dairy Milk‘s Shubh Aarambh campaign. . in the Strategic Thinking and Insights Category.

Grand Prix for Cadbury Dairy Milk ―Shubh Aarambh‖. Cadbury ranked among the Best Companies to Work For 2011 Cadbury India was ranked 6th in the Best Companies to Work For survey within the FMCG.Cadbury wins 8 Creative Abby Awards at the Goa Fest 2011 8 Creative Abby awards between Cadbury Dairy Milk ―Shubh Aarambh‖ & Celebrations ―Diwali‖ campaign. Cadbury ranked among India’s Most Respected Companies 2011 Cadbury India was ranked 3rd in the Most Respected Companies in the FMCG sector survey conducted by Business World magazine. . Durables sector conducted by Business Today magazine. Make-A-Wish Corporate Partner Award 2011 Cadbury India received the Make-A-Wish Corporate Partner Award from Make-A-Wish foundation (US).

for the second year in a row. for our CDM and Celebrations Marketing campaigns of 2009. Industry Awards and Recognitions in India 2009 Cadbury India gets AAA Rating by CRISIL (A S&P company). Cadbury’s manufacturing wins Silver IMEA Award 2010 Cadbury‘s Bangalore manufacturing facility won a Silver Award at the prestigious ET ‗India Manufacturing Excellence Award‘ (IMEA) held in partnership with Frost & Sullivan. . We were presented with a Silver award each. Cadbury wins Effies Award 2010 Team Cadbury laid claim to two awards at the Effies 2010.Cadbury retains AAA rating awarded by CRISIL 2010 Cadbury India retains its AAA rating. instituted by the Ad Club of Bombay. awarded by CRISIL – the country‘s leading credit rating agency.

Cadbury recognized among Best Marketer in India 2009 Cadbury India recognized as the 11th best Marketer in the country by the Brand Equity Marketers Survey . Over two hundred companies throughout India participated in the survey. They are designed to set the standard for effective marketing within the region. which measured the degree of satisfaction of employees with their place of work and picked out the best working environments.Economic Times (the most subscribed financial daily in the country). The Asian Marketing Effectiveness Awards are the region's most prestigious awards that celebrate resourceful Asian marketing. Cadbury India ranked 7th Great Place to Work in India No. This study. We were ranked 10th in 2003. 1 FMCG company in India in 2008. in its fifth year in India . has a presence in 30 countries and is the oldest. by the Great Place to Work Institute. . Bournvita recognized by Reader’s Digest ‘Most Trusted Brand 2009 Bournvita voted Reader’s Digest ‘Most Trusted Brand 2009’ in the Vitamin Health Supplement category in India. 1 FMCG Company Cadbury India has been ranked as the 7th Great Place to Work and the No. most comprehensive and respected workplace study worldwide.GOLD award for the "Best Insights and Strategic Thinking" and SILVER award for the 'Most Effective Use of Advertising'. and were among the top 25 in 2004 and 2005. Asian Marketing Effectiveness Awards 08 Asian Marketing Effectiveness Awards 2008 for Bournvita Folk/Fusion campaign . This is the fourth time we have featured amongst the Great Places to Work in India . and aim to uncover the campaigns that show results through innovative spirit and combining creativity with effectiveness to build world class brands.

ABBY Award wins for India. .Great Place to Work 2007 'Cadbury India' has been awarded the "Bronze Award for Excellence in People Management" in the 'Great Place to Work 2007' survey conducted by Grow Talent Company Limited and Businessworld. Miss Palampur. Bournvita won the Emmvie Gold for the Best Media Innovation . This award is based on the ranks received in top 25 list of the Great Place to Work India studies conducted in the last four years. held in March. The Ulta Perk campaign won four Silver Awards in total and the Cadbury Dairy Milk Campaign. recognise creative excellence in the Indian Advertising Industry. This year Cadbury also sponsored the new 'Young ABBY' Award. The prestigious ABBY awards. for brand Bournvita. also won a Silver Award. for the entry Physical symbol of Confidence. Business World along with Grow Talent has been carrying out the 'Great Place to Work' survey for the past 4 years.TV. Cadbury won the Emmvie Gold for the Best Media Innovation . The award recognizes Cadbury India as a national leader in the area of Human Resource Management.TV.

Cadbury Dairy Milk & Bournvita have been declared a `Consumer Superbrand' for 2006-7 by Superbrands India. For the second time running.Ranked among India's most respected companies Cadbury India has been ranked 5th in the FMCG sector. our 'Pappu Pass Ho Gaya' advertising campaign bagged two more awards . Cadbury wins the Effies 2006 Pappu does it again! At the recent Effie 2006 awards organized by The Advertising Club of Mumbai. . in a survey on India's most respected companies by sector conducted by Business World magazine in 2007. Cadbury India roars at Cannes Cadbury India received a bronze award at the Cannes Lions International Advertising Festival for partnering with a mobile phone operator in 2005 to provide exam results via SMS to school children.Cadbury Dairy Milk & Bournvita crowned as Consumer Superbrands Cadbury Dairy Milk & Bournvita have done it again. Cadbury.Gold in the Consumer Products category and Silver in the Integrated advertising campaign category.

Cadbury was in the Top 25 in 2003.Cadbury India is a Great Place to Work The 'Great Place to Work' Institute study listed Cadbury India as a Great Place to work in 2005 for the third time in a row.Karnataka chapter. The merit was based on 7000 responses from questionnaires and telephone interviews across Asia. 2004 and 2005 too. . develop and sustain a voluntary movement on Environment. National Safety Council (NSC) was set up by the Ministry of Labour. Superbrands Cadbury Dairy Milk and Bournvita have achieved the distinction of a 'Superbrand' as awarded by the Superbrands India Council. Reader's Digest Award recognizes Bournvita Bournvita won the 'Reader's Digest Trusted Brands' Gold Award for the vitamin health supplement category in Indian in 2006. Government of India in 1966. Health and Safety. as an autonomous body to generate. Incidentally. Suraksha Puraskar Award – 2005 Cadbury India's Bangalore factory has received the "Suraksha Puraskar" safety award from the National Safety Council .

Crackle and Roast Almond. . chocolate with Disney characters embossed in it. The variants Fruit & Nut.. Did You Know: Cadbury Dairy Milk emerged as the No.000 male employees joined the armed forces and Cadbury sent books. but the journey with chocolate lovers in India began in 1948.Brands Cadbury Dairy Milk The story of Cadbury Dairy Milk started way back in 1905 at Bournville.Cadbury Dairy Milk Wowie. warm clothes and chocolates to the front. U. and Cadbury Dairy Milk 2 in 1. A leading knight in the Cadbury portfolio and the second largest after Cadbury Dairy Milk with a market share of 14%. The pure taste of Cadbury Dairy Milk is the taste most Indians crave for when they think of Cadbury Dairy Milk. combine the classic taste of Cadbury Dairy Milk with a variety of ingredients and are very popular amongst teens & adults. Giving consumers an exciting reason to keep coming back into the fun filled world of Cadbury.K. Recently. Cadbury Dairy Milk supported the war effort. Cadbury 5 Star Chocolate lovers for a quarter of a century have indulged their taste buds with a Cadbury 5 Star. 1 most trusted brand in Mumbai for the 2005 edition of Brand Equity's Most Trusted Brands survey. Cadbury 5 Star moves from strength to strength every year by increasing its user base. specifically to cater to the urge for 'something sweet' after meals. Cadbury Dairy Milk Desserts was launched. Over 2. a delightful combination of milk chocolate and white chocolate. During the 1st World War. Cadbury Dairy Milk has exciting products on offer .

This different and delightfully tasty chocolate is well poised to rule the market as an extremely successful brand. this 'anytime. to give consumers another reason to come into the Cadbury 5 Star fold. The temptation to have more of Cadbury Perk was made even greater with the launch of Cadbury Perk Minis in 2003 for just Rs. And through the passage of time. More recently. Did you know: Cadbury 5 Star played an adept cupid for young couples in love in the 70's. Cadbury Perk in 1996.Launched in 1969 as a bar of chocolate that was hard outside with soft caramel nougat inside. Cadbury 5 Star has re-invented itself over the years to keep satisfying the consumers taste for a high quality & different chocolate eating experience. With a catchy jingle and tongue in cheek advertising. this was one property that both. The same delicious Cadbury 5 Star was now available with a dash of rice crispies. and hunger! Rings a bell? That was how Cadbury launched its new offering. 2/- . One of the key properties that Cadbury 5 Star was associated with was its classic Gold colour. Cadbury 5 Star Crunchy was launched. a long line. anywhere' snack zoomed right into the hearts of teenagers. Cadbury Perk targeted the casual snacking space that was dominated primarily by chips & wafers. the brand and the consumer stuck to as a valuable association. With its light chocolate and wafer construct. In fact. Cadbury 5 Star & Cadbury 5 Star Crunchy now aim to continue the upward trend. Cadbury Perk A pretty teenager.Perk XL and XXL. With the rise of more value-for-money brands in the wafer chocolate segment. Cadbury 5 Star was a way of professing undying love for the significant other. Cadbury Perk unveiled two new offerings .

nut butterscotch and caramels. Cadbury Celebrations has become a popular brand on occasions such as Diwali. Cadbury Dairy Milk Éclairs has been the most preferred brand in the Éclairs category for years and has always been a favorite with consumers. cashew magic. Cadbury Celebrations is available in several assortments: An assortment of chocolates like 5 Star. Gayatri Joshi and Amrita Rao. The communication is based on the emotional route and the tag line says "rishte pakne do" which fits with the brand purpose of strengthening your relationships with something sweet. It is also a major success as a corporate gifting brand. Did you know: The "Rishte Pakne do" jingle was penned by noted writer Gulzar. Raageshwari. Cadbury Celebrations Cadbury Celebrations was aimed at replacing traditional gifting options like Mithai and dryfruits during festive seasons. Cadbury Dairy Milk Éclairs Éclairs was first discovered by a local confectionery firm in London. Dairy Milk and Nutties and rich dry fruits enrobed in Cadbury dairy milk chocolate in 5 variants. England in the 1960s. Dussera puja. were all Perk models before they made it big on cinema screens. Almond magic.Did you know: Cadbury Perk advertising has been a launch pad for Bollywood stars .Preity Zinta. Gems. . raisin magic. Perk. The firm then became part of Cadbury in 1971 making Cadbury Éclairs the second largest brand in the company. Rakhi. The experience of eating a Cadbury Dairy Milk Éclairs is truly unique because of its creamy caramel exterior and rich Cadbury Dairy Milk chocolate at the center. Our Journey: In India. The super premium Celebrations Rich Dry Fruit Collection which is a festive offering is an exotic range of chocolate covered dry fruits and nuts in various flavours and the premium dark chocolate range which is exotic dark chocolate in luscious flavours.

Cadbury Bournvita Cadbury was incorporated in India on July 19th. chocolate buttons have become an integral part of the lives of both children and adults. 1948 as a private limited company under the name of Cadbury-Fry (India). Yellow. Cadbury Bournvita was launched during the same year. Did you know:  A sign in front of our Nigeria factory describes Choclairs as "the sweet with heart on the inside. colours and format instantly set it apart. colourful. . Gems.Éclairs advertising over the years has talked about the mesmerizing taste of Éclairs because of the Cadbury Dairy Milk chocolate it contains at its center. Orange and Blue. 1 pouch. Do you know? The colourful world of Cadbury Gems has six colours – Red. size. available in a Pouch and a Carton. Cadbury Gems Cadbury Gems occupies a very special place in the hearts of kids. It is among the oldest brands in the Malt Based Food / Malt Food category with a rich heritage and has always been known to provide the best nutrition to aid growth and all round development. Green. present and past. Its unique shape. These tasty. is also available in a Re. Pink.

the Hall brothers invented its Mentho-Lyptus formula. The cough drops were introduced into the US during the mid-1950s.UAE. It has over 500 episodes to its credit. In 1930‘s. Nepal and India. using a combination of menthol and eucalyptus. the sweet was put on exhibition in New York. Did You Know:     Halls is marketed in 24 different countries around the world & is offered in over 26 flavours. In 2002. people consumed 100. Halls Halls accounts for 50% of international cough drop sales and is the leading sugar confectionery brand in the world. Cadbury Bournvita was the official health drink for the Indian team The Cadbury Bournvita Quiz Contest. and the first national television campaign was aired in the US & the results were a resounding success. Halls produced the largest sweet in the world in 1964.25. the contest currently has been running for over 10 years on satellite television. In 1971. Weighing 76kilos. Warner Lambert began selling Halls under the Adams family. Oman. and began producing cough drops. Starting out as a contest held in cities. which started airing on April 12th 1972.000 tons of Halls! . in 4000 schools across 66 cities and 7 countries . Qatar. and then on radio.000 students. and today the contest directly reaches more than 11. Kuwait.Did you know:   In the 1980 Moscow Olympics. Bahrain. Halls accounts for more than 50% of international cough drop sales. is India's longest running national school quiz contest. Warner-Lambert recognized the potential of the product and acquired Halls in 1964.

is synonymous with flavored fun in bubble gums! Bubbaloo stands out because of its unique flavored liquid filling. designed to keep your fingers from getting wet when you dunk your Oreo Biscuit into the glass of milk. That original formula was so perfect that it has hardly been modified since. 50% of Oreo biscuit eaters twist their biscuit apart before eating it. Juicy Masti (fun). the definition of bubble gum underwent a juicy change! Bubbaloo with Bubba the cat as the brand mascot and the tagline. With its launch in the Indian market in 2007. that families the world over. come together over this tasty snack. somebody actually invented a Biscuit Dunker. and then dunking the biscuit in milk. Paired with a glass of milk. There is a Bubbaloo for everyone. with women twisting them open more often than men. making it the world‘s no.5 billion Oreo Biscuits are eaten. licks and dunks their Oreos. and that is why bubble gum fans will continue loving it for years to come! . Oreo is sold in over a 100 countries and is the best-selling biscuit of the 21st Century. Cadbury‘s bubble baby. (That‘s about 70 million per day. Each year more than 7. 1 biscuit.724. Because everybody twists. Oreo Facts There‘s a lot of exciting stuff about Oreo you may not know yet.Biscuit The delicious combination of dark chocolate biscuit and vanilla cream was first introduced to the world in 1912. Approximately 25 billion Oreos are eaten per year.          The design on every Oreo biscuit consists of 12 flowers. The first Oreo biscuit was sold in 1912. It‘s no wonder then. 12 dots and 12 dashes per side. the pile would reach to the moon and back more than five times. took its first steps in the international confectionery market in the year 1984. or 800 per second!) Bubbaloo Bubbaloo. licking the cream.000 three-tier wedding cakes. it is the perfect snack. Children across the world teach their parents the fun way to eat Oreo – twisting the biscuit open. If every Oreo Biscuit ever made were stacked on top of each other. The creme filling used in Oreo biscuits in one year could ice all the wedding cakes served in the United States for two years! That's 4. Here‘s a list of them to surprise your friends with. If all the Oreo biscuits ever made were placed side-by-side. they would encircle the earth 381 times at the equator.

2009. Lacs 158860 2506 . The bubble was blown by Susan Montgomery Williams of Fresno. 2009 Rs. in 1994.Deferred Tax Profit after Tax and before exceptional items Exceptional items and tax 23436 (3933) (651) 18852 20189 (3855) 244 16578 27992 (172) (4383) 24361 (520) (3652) 193438 1267 2008 Rs. Annual Report The Directors are pleased to present the 62nd Annual Report together with the Audited Accounts of the Company for the year ended December 31.Current Tax . Lacs Sales Other Income 194705 161366 Profit before Interest. Depreciation & Tax Interest Depreciation Profit Before Tax and Exceptional Items Provision for Taxation .Did you Know ?    Bubbaloo was first launched in 1984. California.4cm. Bubbaloo is sold in 25 countries and is particularly popular in Latin America. USA at the ABC-TV studios in New York City. 1. Financial Highlights The table below gives the financial highlights of the Company for the financial year 2009 as compared to previous financial year. The record for the largest bubblegum bubble ever blown is 58.

adjustments of earlier years Net Profit (after tax adjustments of earlier years) Balance in P & L A/c brought forward Adjustments made in accordance with the transitional provisions of accounting Standard 15 on Employee Benefits Balance available for distribution Utilized for buy back of Shares Proposed Dividend (including Dividend Tax) Transfer to General Reserve Balance in P & LA/c carried forward 11 18863 38992 16578 34313 57854 50892 11385 727 1420 44322 9897 753 1250 38992 50.62 Earnings per share .72 .Basic & diluted in Rupees 59.

7099 .80 089.8070:3.2570  4.890/73./.43909.4.4.4.90  390147241.039:7 -989209090.7208.       .9.2 70//8 -9907 9.07347410.8.8.742.4  030709:730/94$5.1.7488:7450  39.90$5.4.04389.4.-80/39.8/08.383.7-0/.70/90 .9020.%090.90 -0..390.4 43 47908.385705.54071:02570 ..90.3 $5.3.399090.30307..14078 .3.38:550841..843.::7/73 .38..3  4.97008 .3/06:52039147 2.4.90.08.-0./0   4347908  %0$5./0/0.4.3/80034903/.4..20./94 4-9.907 ..-09474.4.4.3/.70.890178994-70.397.-0..-0/730340/-907.4.39908- 9090.4.438:20/3.4.3//-00430  %0/7.3/4./0/8.38.4.4.2.-0.90/./090/73 .82.3304.706:.890/0397.38 243454 0./0.381742 97-:90 4797.38./ .3/90$5.90/73 $443 .4..59.8 13074:3/ 8419 14.3/4902..3/- .207.007 7.436:070/0.4.

4.3/390  8   7894.3/  %0473.80/435.4:79039:8.4.-030198.8 ../4590/9830049.4../:.9070..4.438/070/94.4.90.:08 -733.338/4.03 03330 /..4.4. 14.4.4.4.9047.90   %080.4.:894241/733.3.50-.3/144/.90...85705.4.3 2..89./-:74...033$4:9 207.70/94870..3.8.:80/43./73 .4.7488:7450 70.90  9.80.4..508070-.03947..190797.90.90 70.947 $7.70941.2.30 4 .3. 7334.38$4.50           .33..943.:90741 !541$5.3.8-03./.93  &5:39985439.770/34:8417.89.0  %0703.908570.4.34:783144/  7..020/.

.

/8.3/3 9057450790841.03247070.97080.0.-941.4.3/9.90903/8942.4.4.-4:990-0301989.90.439.89/0...3 0.370/0398 .00.943414.144/8 3985:70891472..3/980370/039 .3. 1.50:9.9.8.-0...4..99.890 9.983.8438 940349 %0.3.03-003 .0-03/.9 .4.99070 8247094. 574.4.4:390880307. 43-0147090.393.843894-00..9438 :9:8942:.4.4380/90-03019841.7.:808.7010720390/:3/07-.4.04:10044/ -:9.4.4.  1.4393:394:3.3.4.7.7.039:708 .90450-0.4.4.3/ .4.03.3/907.4.3/57080398901.3/.8.70..7/847.050784370..70 903800/.3/903/70/:3/07909745.4.070..0743:50343.4.8.80.9:7.574/:..4.908349:89.90800.:770399703/94.4.4.909.4.4.4:780 0.4..8:3 %0..901.4.54/89.9-:9 7080..4.n–   !0450.3/74:3/94574/:.70.4..05:70..078.9700574/:..84-0570880/94 7024.440/.0.4:7.80.0452039 47 .3/74:3/94574/:...4.3/.9.3088039.0039..98  4.0894-73 4:990.4.4.9014720/.38.341107   43:83900547./080 .34.:801:7084:7.494:7450..3.970.90 %0.08.54/07       .3.4.-030198 -043/90 70.144/  %0.9417080.44 908.894:807054799.74:3/9047/.44 4:2.4:790970.8.0901.38.8430 4190-0893433.950450.88003..97417429097:347-7.3..4.0  4.9.144/ -0.4.0/.843894034.4.3.3/:3/0789.4.. 0.4.334.90 %06:47.4.9 9.4.3/341.831.4.07.8034:7 7080.4.8.4.7.943817420.3 200989000      #0..906:47 .3.90.07247070.349.3.4.3/8.90780901380/ .073/:0.9147.4.039/0./0.4.8:08989.047970..4.90 :9:3/0789.4.574/8.079.4. 370/0391472.4.-4:990549039.4. 41909700 %08054/8.7.4.90.90.4.390-0.07.70.300/94038:700/43 94..4.3.4.9:7.90 45038:59./40890 .4.

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

9894553507889039.7003.38:-89.9.7 .38908...4.4.943 3:2-074189:/08 3...741 /.206:..0 070.30/3.814:3/9.3.:7738:-89.398..4..890.98 -:9.6:01472.9:7..9094.9 89:/.3/8:.3.0/9.8 892:.4..33:97943.4.3 .439.03.33:.078.789825479.438:23.4..02898.857080390/30-7:.9-4/902507.90.90.9 .94314790/.4.4.-!74108847.078941443070.90209339024:9.3/0307.9.3884.80803/47538 472430 03.990&3.07:3/0789.400 43/433 .89/408 84 48939070893 43005079../943.083.4:8909:70.574/:.939090099457490.8904-74230 50309.943.884170/30  .4.88439.1003 4150.078941.438:20/31706:039.39908413:970398.30.4:78.-.//8949050.9.80.382.8:-89.4.939  .4.0 8 $ .3/.07-003.8:7041.7/-.439.98.902.74.9478038478 .4.90-4/ 89.9 90207.-03/411.39 6:.0841.741 2.7.4.890 574/:.30.3/ .7.4.4.399.9.230 .089.3.07 90 7038:.34:10090030198  %009 04:84:/.742..90.3/.0.9/.:.030.4.870.70.439.943-.8970.4.90.9.4..90 8.08 .0.4.79 #080.80/2039.4.4.8:70.82 8:.854390/4:99.9:7.:/3430.3/7080.884.98:.814:3/9.-09070.9144/.93.8.9..3/3:98831.97/24700110.384190#0..9902   7.0 -.02.3743/01. 2.990932.3338  2.8:70410.9945.3/ 9.70./0/ .4..0398:7.9.3 .2.:80/43.574/:.4.99. 8:.5071472.770/4:9-2507.4.7.4.0 $42:.4.3 970.3/.380 .7 17:9.704190331.394/.3.70...909.439. 40.74033-935..0..98..742.079.3854793403390-44/94.24:39890.90..4..7.9.4.90700.07900.90 058407-44/57088:70 %089:/14.   03./-:7.0 # 41743 7438 088039.4.080389.4.4.3/70/:.33490259.70.3.82.93.98.94142035701070.3 4.054390/4:98:-89.42203/0/09.3.0.9/480841904-74230 .0   %74.1473.03.9:70 .7.90/2/507903843  .5.70574..3/401.083.20/9.39941.4:89.42509.- 02..4708   4/41.11030 #080.9089070./03.8-7:89009 3.5.90.4..90   %0825050.438:259438324/07..0203941$.0 :809842:..4439024:989..90  .4/030   0.8:704190050703.3 .3/.439..890 :9.849.7.701:05490/ 090339050.78  58.3.4.70.4.42-30/9370/03988:.20093348943   7./:989:3970.4.3.398 8:.7984190-4/ .97898.9.8430 .89.7. 30.-094/:5.4.:8.4.8.//3949828907 89.88:.3....3/.909390.4.397.:80.032470 .4.8905745079412093.990&3.08:810044/ .

4.4.908574/8.9083 9.4.4..90/-$.11.83.041549.1907 .908419038:774:3/0/-298.3./07...4.30.5.3.0   4.43.4.0-0035.74033-935.8-.90/9.89:/.4.394/./90. /087039074:59.7.88:2 .83/.:./1474:79009.943  300..4.98.:2   98.909 9842:.3 :30.4.6:01472.0738410.-90!0338. 8:.8343:97943.394/.039898..9090.:.:2.4.9 .3.:0 050450349.90   4308 .90 .370/30  %070834300/940.90./092.9039.:/3./0214:3/343-09003.382470.8.90 3 1.004859..0574.4.3338 2.7.:7738:-89.4..-:9907087080.84 -90& $ .90 8420/..0397080..79..-4:94.4.4.238 3.3/390..4..0419829 7080.79.4.30/1..78.4.44410/.084:85498 085909050788903.9070.9708:9398:3:8910/705:9.//74550/831.3/.20/1479449/0.03 70.4.439..7.0594389.3/9023 .4.:2 733.0:810044/030340/324/07.:/0..84 574.3/.9 .9. 4.9035./408349.30.89.84:7.4...943.439.393:970398  .:2 -.843.0.9:.9083.:. %4:349/0139.93..3#..7.4:209..98../084.7..439..439.7 44/57088:70702..398.398-..438:25943   4.902.0 # 41.3939074:54.90.4.7:3.$.7..4.8..7/4..30/390 74:59.90 /0243897..4.9:7.431479 9 8:31479:3.90.29.4...:/3 .3/9070307-.:808%4490.380.439.9/09.814:3/70.4.4.934.3/   4.90.3/2574/:.38.93..90 5.4.7.4.9.83/./38..439094190/09.3/.72.9 /.0 :9703939.85045093 #080.90.4.4.909.70 -033394/850.-4:990.9.3990841..348 :9.30413:970398 3.90.3/ 28.8455480/9494804//3490.083.90   .4....3/8410./:9#010703.4.79414:7/0914794:8.99829349-0.32..4.90/9.31.943   .9 144/ $.90    .90.43/:./08:801:6:.3.438:20//.4...90 574.97054790//.4.4.7300/841903/.4.4.4.25041 984:/-0900.4. .4.84204142.7412.90574..190794008 -44/ 57088:7070.4.4.3:2-074125479.4388903990.074190.8439.084180:.30/3. 4.884209208-003-.3/2.032470 .4.4../:.898.43.4.901742.9390 .308:2 0-034384/:2 9.4.908./08:89.9.0.934.438:20/7085438- ..0841.71703/..42243298.

:98 :2.07900.4:8.90574./-:7./-:73/.830-.07..44 %.23 39.2.4.4507.308:23.59:708908579 41.094/.7574.741/.8414:7#417-41.-:83088    ..90.3/ 704  :7.0 #   %02./0841.3. /4:34 %0.3/ 3904.904708 4.90-.4.90.#   30/.7.455073.8.90-.9../084:9:594414:7/./084.4./08414:7#   82:. $9.0.9.39.7.3 ./07854././-:73/.3.7574.5.07414:7/.82..90-.3/41.4201742.07.90-.4.-.90   2.94307 0./084:9414:770.0.94307 -:83088 .8  A.7941907.0 8 /.78 $42041900 -7.4.0:97039 39.7574.78 :--..7 !07 4:73.70.4.0    425.4.7097394.4.102.0 8.90831..7..7574.1944/874:5 .4705:754802.0.4.4..0 00-7.0    .:23.4.7 4:73.2.4310.743#  %0.30/98:3/85:90/0..4.7412.9/ 8.42203/0//.904310.08 8.4.3.4./0.9438 028 ../-:7.#010703.3/8.3/.

3/8  3. 474.07 !.:9.9.3/94:.039039070/90-8.!7..039:7   0..9047990./08 0.90833/..943  2.7.4..045203941.90 70..:9.90411.08411...08 .80/.90.94383-254793.4310.80/.3 8 .97008.3/%.9%.7093 0. %7/039.809024390.4-8  7.425..898 1.3/.083:2-.7/  !447 8   4 4308 $:89.. 83.1944/88.70.4.419047/834-8.8.3 :37.94333/.9 03088. %05:709.3 .0 3.3/700.0470/99007.07574/:.03:0 41 2470 9.7.92574..0 41 90 ..4. -7.3/.0.90 .94307  -0.-9 3/0 .3/.4.08 00  :2-.908 1907 0..  .39394./-:7.7093 /0.72078.98  :70114798.8 54074:80 9 . .3/   . 7080./-:7  .:98.7098.0 -003 4..78940/:.2.0/90. 4-.47547. ./08 ./-:70348..43/:.19  &  .3/8:89.4.89041/0130890../-:7-7..908.4.730/ 4:98/0 479 207.8890:3/85:90/0.4  704  8. 449.90/44/73  390.890147903/.4.0/90.07.-8.30 3/:7 !:30 .4.0  $9.3.3/.9..4./07  070.03:0 41   -43  2470 9.3.3 430/2.80/ 7.4. .90902434.0.943./07 3 334..07.0080 74. %0..4.3984507.81.084194:8.3:1.78.4:397 $2..850./-:7.3/.9:731.3/8 50450 4.90/.55742..:9.4.347//0   47910/   -.3/033..0/ 5479144 41 -7.35:7 .4./3./    70.9047.3/8.1 41 .943.4. .909. 202-07 41 90 4 4308 3/:897.9817425./05.078994:3/079./-:7-0.   .3/8411.7/8:75783 9039.72078200938 8023.7.850.4308 -7/89. 900.3.3 0307.0303920.84.47 .3/.70390 47/ :7-43 /4.3/8.04:80 .470.33:.9 1.-9  7./..7/147 ..4:39708 7.3/ 704   $3.3./-:79700   425..3.9904.984:73.4.07  90089.090.9..0/ 147 2470 9.3574/:..:98  .43.83.:9:70&3.4.425.7-7.43.3/9-0$:89.0 994/.0/  :74.-93/0   .:/3 .7.19 44/8 .98.438:207   39044//7388020394:72..845430070/90/0.19 44/8 3..:9-7.:02.8 0.0.07 94/0.739020/.// 2.7841 08903..574/:.3/.0893 0. .3 .3/ . 33/.72078 .  $ %  8 ..0  !74:/ 2.3  -43 .  %0.70414.438/070/904/89.4:8 -8.4..:3.

03:017428.3-43370. -43 50450 3   .9.3 .03:0 O -7.:98 O4709./0.438:2078944   .4:8144/84:.3/ .9.42-30/.70..-8.7/ 47  2.3.03:0174283.00-7.:800 70..7098 O34-.70.798394..3/.3/00.  O33:.73  0:3/0789.#0.0   7.790/803 .90/4   02.984390.3 9.079.3/90748.70408420.0/0.07/.00 .1989.705489438   4070  438:207838570:8   %42.94307 O34-.0080 1742.438:2078  08903 0.3 243370.920  $4201.70.8.4790 144/8 .943 .3414-.4:8 0-0394:7.3/8924709..07 0.--3.6:.3/907.9 94:.4:8  ..43 3    ..8 050/ :8 74 394 .3/84.  30.9.03:01742020732.03:0841 -43 O4709.094/.310044/.70.9.0. 83. 43. 4780/7.891.784/ O 70.425.0308-0. .34:709475705.94307   :77.08 2470 9.93144/89.3//0.3 .3   :74-.4310.4229203994 -73 90 47/ 98 1.3/8924709.425.-4:9  0907..-90478993/4394 1.4310..4:39708  .03:0 O -7.420.90 7.239 054:74:70.7394..3/!479144  O-7..3 414-.

9-7.07   4074   014.4:/079. :770..90 /.0  :7'.-0 57419.04:7475.70.950450942.1944/8 O03857097:89  O0..3/9.9  -4:94:750450   99.:8.07070  0 70.3/4:747/   40-0.0/43./0.0..0 0.9008:/04:70114798 O:/.97.904708 O5494:78..9043078  O000598250  O0.32.8942574.070...4389.422:3908.943 O#017.00/      .55742.938:89.5071472347.394431471708/0.00.79307858 4:7 .4:8/110703.3.4898 94:9.-908 O7.709070.74:3/ 9047/.:843.704503.08.   0-00.79  O0/8.3/900..3/8  :7.:88 0/0.425742836:.0  O0909098  O00.204:7.9.3..3/3.9438850.:08  0:3/0789./1742900../.-0749 3/4:7897.347/8 84.0870.0 4:75.84308:.5./0 0/0.07800254008.

79414:7079.3/44/-:830884.#085438-9 $# 8.9900.-4:97434:7-:83088 7085438-   .70941708:9 470390/5747..97.0.0.944/.. $#8./-:73/..90$4.731479003.0..3/037.28   ..47547.3/  9 85.8-00.90$4./-:73/.941.0/9.7432039..3/473 974:.3906:...0.79414:78:.088  9.0/493894/.:08.0841 90.3/3.8.3/90./94341.422:39080..#085438-9  47547..

¯¯¯ °@@ °°¯ °  J f n¯¯  ¾½°¾   °°¯ °f  ff° ¾f€ ¯f°f– ¯ ° J f¯f€    ff° ¾f€ €½ ½ f° ¯°¯   °°¯ °f¯½fn€ ¾° ¾¾f°      .–f  ¾¾½ f f°–f €fn"  Jf ¾f½ n¾ ¾n ¾½f€.

/-:79700 .94333/.4.7...9904.090.03.94333/..3/8411.4.92574.85430070/90/0.7.70.574/:..:9.4..72078  . .0794 /0.:9.0/  :70114798.7/8:757839039. 474.f ° f ¾ €€¾n°°¾°n f¾ f  n°¾ f° f°–f €fnf¾n°¾n fn n f¯¾  f°f  @¾ f¯° °fn¾f¾f¯f©–° f  ½ °¾°–¾n €    ¾° €fn ¾f°  ¾° °–n¯¯°  ¾f¾f¾½ nf°€¾¯ € ¯–f  ¾"  !430073.4.4./08 0...045203941.3/700.4.9.0/90.4.80/-7/89.4.4..0..  $3.4.084194:8.7080.0/90.:9:70&3.4.9.0470/99007.078994:3/079.80/.97008.0./-:7.3/94:.

 f°–f €fn  ¾°¾° ¾f°–  n° – f¾ 9 ¾  €°°¯ °   °¾° °–¾ ½ff¾°¾ ¾¾  f°–f €fnf°–   ¾°– ° –n¾¾ f° ¾°° f¾f f °¾½  €fn°¾f¾f½   ¾ –¾  n f°°fnf °  %f¯f©– °¾ –f¾% ¯¾¾°¾  °°° ¾  ½f°–f½f°  €€ n – ff¯°–   °f½½ nf°€n¯¯¯ °¯½ ¯ ° °°¯ °€ ° °f ¾  f°ffff  9°.

-4:92.9/70..  8430419047/ 8.943 9.:36:05489439419 :307.9574.9 33/..0793300/8.703.9903:79:73940599474  :7.422:39   8.943  . 4:73.!.343 5741947.07.8.0 034:144/940.3-4350450/43 9.0390.8.3/2.97.8944.3:97943  30385045047//0 24709./-:7 3/./083:9794:82/ /.44.07/./7030.90.09.2 .3.74:3/9047/ 474:70254008 988 .425.0203998.3.:0  .85 5747.422990/94743. .422:39.7089144/./110703.20.° f f¾°   f°–f €fn 9f¾ff9 ¯%9 ¾  €  °°¯ °%f € ¾ n°  f°f   743422:39'.422:3908..3 0-00.:0.97.3/4:7-08901147939.4. 84:71..7034/1107039 .!.

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

39470783. .7.// 2.42292039 94.208390 .9..!7.90//:094903./08 .9.39.0-0990789.390...0741807.3/.1.../.3/0/:.38998-..3/.410/:.4 43 1472.703 .9...422:390.93 88:083.3/4.041$.94339084:9089073$4.90/..!7.3.-4:770./-:7147.9.3/0.3/1.994:..0-0031:7907.08./-:73/.0/74:5894038:709.9$..708:94127.8410/:.9.9.943 8.4430.7432039..0.9.343 1472.943 .943 905740.3/.0.$./7034127..943 8.410.39..8809:5.//   !740.3 ./-:75.00.0/.3/897..44 .70.208 ..7:90/-903/:89708 ..0893900.9./08 8.9814.7./-:7.943.039/0.74:3/  .9..70..3/ 030  998489.0841 1..5574.4.89..//8.0/:.908 %0574-028.:8.8./0..943 .0..//1.7039.3/4  25..9.44809:5-.70.// 3 90.980538:554793907.98410.947./0/:.33/:897.9.943.:/003.0-8:5547939700902.422:3908  .08894343 1472.70.9 412.70...  #:..895.3/0/:.9$.-094005:59908500/41/0. 94 052574./703.9974:0/:....8.44  .7908/4:3/.9.7/8410.9434190.0452039 8420.39././0/943../7034127..3/572./-:73/.8.:8343/0...//809933/:897.80/57088:7043.   !..943./703-043394/8.7045394.943 94/0391../07.70.083.850.39.790/47390.09.3947078.9057485074:8 3.3  %05740.38..943.4 2574.03.793070/9 .79414:7.70/$ .70.28.9077084:7.9.3. -0.9. 1.85.9900374.3/0.3/0/:.943 %05740.081742904:9 41 8.3/0.0  &3.7930739#:..3/ .3/89.0/.

33.82.943300/841:3/0757.9.00/.44 %83./-:7390 :59.10./110703.4.0.9'.9:7041.08.79 .09490.40.0940.:/0/70 5.897:.3/ 389.0.303.2418.  .3//0.79948:5547990317.07320398./0/8..04507. .3908.445702808 5.7/0383908.393 90-:/3 .3/..39397008.44.73314790 4//.0     ./110703.90.045390.98.70.422:39083.:0885039.0574.43   85.0 0.90070.7432039 .79 .2.00/ ../-:78570./703    3.44147 :3/0757../70303740/3908./.03990/ :59./88208.79948:554790/:.3011479942.3/ 97:2.43/:.   ..90894.0.383 80983905. 90.799839..31.70./0./7033:7.

0/90422:3939.990-0. %0..30-4738   %83907.0!747.3/4.70   :7.74:7.943.43897:.40. 4859.3/.2581479080.943 .0..422:39390%.94341.98./.3/..0.3984190 4.   3 0.8:55479.09  08:55479900/:.9%.9.3307:97943  /:.5.7/.844907706:70203980-448 89.3/89:/3.003.943../-:73/.. '.7/ 3.301147994574.090./-:73/... 0..3 4739:3/0757.947 !  .390299078./703  %04907..4:7.3/300/4..030.9.4397-:93202-0784184..79307858900703/'4:3900735747..703:7039 300/41850.85.70147 5702.9:70.00/ 897009.4859.743203994../-:73/.09029489:/ 47:89825-0907703/   .0/948503/92099080.30+82:3..3/.98.:08.441008 .3/39038.8485438470/:..300/841 897009.8050/905447.420.08:554790/90 .:3.0/0.8:55479890-:/341.388849.79.94307:31472809..0/.:79.9.7/.304 3./0.30/897.4:7.9  $237841:7.08850.9 0.79949030-47331.4:3/.8.9./703-574.850.989./7033:2-.!740.0.44 -:9-./703 03.7003.943 $0.04 3.941905..793070/9'. ..35:71.220:3/0790-.. 824994894.220 &3/0798 39.0 .9.03943..

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

:0 07-:7/03  @ f¯  .7841 ..44147.  !.-80/-.9./703-040./-:7  4203254072039.8.0089.90805708.

f¯f°.

9f.

f¯f° -° n    .f°f–°– n °f° ½f9 ¾ ° ¾f ° .

°f  .f°f–°– n .

f ° f -°  n  n¾ f¾.fff f f¾°f° . °°  ¾@ff    .

 n  n¾   ff n   .

% n °fn°– f –  f 9½¾ n ½ f°¾ -fff°° fff¯f° n 9    f– ¾ ¯ .f° f¯I °f ¾f°%.

f°     f°¾ x° n °f°n  .

f© ¾f¯f°ff° n ¯f° ¾n ¾  °@f f n f ¾ ° °f°f ¾° ¾¾  9f .

 €.

03088.3.4314790.°¾    f ¾  .3 3 90$97.%33.9047      .3/3898./-:7.7 8$:-.9908.2-./-:743904/20/.7093110.7/8   .90../-:7384/.9.7.25.

0 .7.0  8 14:3/..30   .308944747    .30839080.90!.7.7 $:-.90/-:83088%4/..79307.30    ./-:73/..24390089425.90!.43/:.25.3/!7147../-:73/.9.30/7/390489#0850.9438 . 8489#0850.43/:.30/./-:77.90/425.09390  :7.90/-:8308847/2.30/.79307./-:7.9478:7.9904.7/1742.3089447478:7.089    70...2-  00-7.7 $:-.7/8-09003.0./-:73/./-:7.0  847547.3 7.9.0--./-:73870.90/425.30/9390089425.0--.7/8.0/90.0  847547.943 &$    . .7/   ..87.2433/./-:77.308    .-0880.947.70.87.2-    .2.

098#.990570894:8% 3/./-:73/.. .38987.0..943.9:73../-:7 82.93 ./3.7/0.9:7338$.709.7/0/-#$     ./-:7..93 .7/./-:7 8.7/   0/35.3:1.7/8.$.003../-:73/.73./.74    .425..7093.    .93.7/0/-#$ 90.387..3..07.3:1.$. 1479080.3    3/:897.3/00-7.4702.9438.7/    %0.3:1.93-#$ $ !.43/0.43943833/.3/#0.29494.7/     ./-:7709.25./-:7381108...07..793078597489 $:.9:731.4:397 80.07..7/8.3841     .03.9901108  3899:90/-90/ :-4142-.2.70/97. 1474:7 . 007057080390/9.3          . .

 /.0 .9./07 8089 489%7:890/7.70.4:397-907.   .490/#0.3/ 6:9.70.9.3.709078$:7.7/8   8.9.7/8 1474:73.430/..23 0.03088.904733/.3.430/.4342./07 8089 489%7:890/7.390.3.8909-089.7090733/.9..4.430/-#0./-:73/.7093110.3/   4:73.70907390.7-0/13..    8.03088.3/  390'9.7093110.243089.9.4:397    4:73./-:770.%208 9024898:-8..9$:5502039.

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

3870.25.43974%. .7/       4:73.43/:.334.334..0.0/39458941 9070..7/70.7/ %80.9!.003.25:7 .4380.943 %' 147-7.9!..09447  8:7.9!.8.4308../-:7.70./-:7439022..7/8-../-:7 3/.09447   .70.0./-:73/..41:2.003.7/381473/.34314:7$.0.43/:..89:/08.0.0             .04/147900890/.3290/.079833/:897 %0&9.039425.04/14790 0890/.9..02039390 70.943.7.7/8 0/3.890..82-441431/03.7.7/83949.3/90.80/43907.8-003.. 70.90/390.7/0/907430.0 3903/.$.02039   :8308847/./-:7.3#084:7.8485438470/9030 4:3  .07.00.039.9.7..3.7/147.3/:8308847/ %0.70.78 %8.0 9447 8:7.25.094473/.3.90/-74 %. 147 900397!8.03!0450 ..943 %'     .439022.84 43.3/.9!.!07.78    .8914:70..07 .3.7734:990 70.   %0570894:8./07390.9.0147905...8-003.3 88!.3/4:73.

3./.073903907.90/-:8308847/2.90/ .943.7 4:73.2708:98.7930739./-:73/./-:7 #...1475.07983.9.0433/.3/ 147  -$:507-7.7/8 4/390438:207!74/:.0/4309.90/..30/.3 4790 80.947 3.425. /.70/.9..98..25./-:7.7 4:73.07983089..70..0/.039110 .3    99070.07983:-41 :2-. .78.7/847.303     ../-:7.8-0037..+438:207 $:507-7./.24-054304507.9.884. 8248970850.425.3/$...25.0.    ..3308    .43/9207:333 .3/8   ..947.43/:.3-.9047.90/ .$$948.330843839073./-:73/..8438:207$:507-7.07983.74. 4:7 !..308-80.9047     .308     .0-003/0.0/942470 ./703      ../-:73/.7/.3/83/./-:7.7 4:73./-:738901108   !.30/-%0/.2433/..44.30/939080..-7430..9473 94 574..55:/4089../00. 8248970850.8:7.7430/.990.9.55:!.

$..943.02039433.230.4701.724.1094:3.08.943.7/14790 .8.3.3/4:73.8...8.7/174290.74 3.94341.:943424:8-4/940307..7/0/- 90$:507-7..   .1094:3.80/43  70854380817426:089433.3/8 4/.7 8.3.74888.870.0.8.90 /0.094473  1479097/9203.4390 #0.9!.109.-4:7  4..8-.904733/..5907   .9.8809:5-90389741./-:73/.9.045 .3. .3/8     ./-:73/.33  %02079.7/70.!:7.8.8. $:507-7.8./07 8089.4:39.7432039 0.9..109    $:507-7..9..3/90054303907. $ . 8..3/ 944      #0.947.3 .3/8:89..$.8.7/    .98:5502039./-:73/..0.9.!:7..09447  %0 70.9!../039./-:7.7.73.70.3/83/.0/90$:7.09447 3899:9089:/890/.43084:73.  4:73.4:3../-:7.3/$. .70.0.9!.8390%453   .0732039413/.7.0/90/893.9..3/ ./07 8089%7:890/7.708.      $:7.

8.89024893/.984341107 .7011479  ..790741.1907..7098.7  4.80  ..2438990038 .081742897039948970390.70.724.904./-:7 ./-:7.4.0 0254008430/90.79.:3.38..0.4.89243/ .9..6:.7..4.3/.42-3..7  %0.07 2.3/88:7./-:75479144.33  %05:709.79.190720.3 ..90894 9017439   .7 .8904 248997:890/-7.93574/:.30.039:7.039 ./-:7.423-.78909.0  :73908947/.4.3/.3/6:9 8489%7:890/7.94.890-:/89.7.14790 0/94341 7.7.070./-:7$9.7-3..8  .70.94:73.0 &  -:9904:730 9.3.3/90.03/:0/9079.4./-:7   /4:34 .72.3/.3987:9 :9 7.4908./-:7./-:7./-:7.9370.70880798.08.904.-0.4.7041 ./-:7$9.720/147.4.4.7.83 98:807-.7./-:7./-:7$9./-:7.3/9080..89041.3/3:2-. 394901:310/47/41.909 830.438:2078.07833/.80.3/#4.7089.42-3090.4./:98  #0./-:78039-448 .89041.014703909341 ..907802-4880/39 ./091:..70941370/0398.4. 2.88..43/.07545:./-:7.3/8  ..7.73 .740 .0/ 850.7  %0894741./339390.078147..4.789.90./-:7.90 ./-:7.84394005.94341 2.702070/.7  0.3/.790/.-.1.9079490:70147 8420938009 ./-:7.78:554790/90.

7.0390/98014.7/9703/ %8/1107039 .898..8.77:3./-:7 $9.981390.9 /1107039.78508  .94.3/.884.4.4:50834.8.89.7.75.:3.-09.741.3490770.3//091:9.039 94./.714/ .709.44:7  3/974:905.9 .294.2034:.42039490./-:7$9./-:7$9.4.909.7.041920 98..438:207 89:.7..8.4./-:7$9.834.8..:.438:20789..438:2078..890147.77:3.7/4:98/098419.30970208:.-.4157410883:3/34.4.20/0.4.78940058.9-49 90-7.943  47070.884..870 3.843057450799.4./-:7 $9.9.90/9.34.9.938/0  .0/ %08../-:7$9....0/3.0881: -7..0390 8 31.0/.0  30419005745079089.7 .3.:5/1474:3. 6:.394907    .0.8 417.84394.90805480/947:0902.3/    /4:34 .7.4:8.3/90.8..8./-:7$9.8./059./-:7$9.900.0..93050703.014790831.4/.:3.4393:090:5.07900./-:7$9..88.88.-0.

f 9   ½  °f–  f°–° f° °– "°–¾f "@ff¾.

f f°n ¾°  €€ °– .

f 9 ° J¾–nnf f° f€ n°¾n .

3/8390.0247041./-:7!07 :3.907990./-:7!07.82./00.f 9 f–    nf¾f¾°fn°–¾½fn ff¾ ¯°f ½¯f n½¾ f€ ¾ Jfnfn©°– f° °–  °n f  ¾°– ¾ f°¯ f°  ¾°fn¯ –°  f¾€ °f– ¾  990780412470.4.:3.:0 147 2430-7.4.3/   %090259.0370.00/94304110738 !07.41.90802039 ...94394./-:7 !07383 147:89#8 .107.

  .

/-:732.8-003.94385898420938009    °  @  ¾ 9f°   ©°– f¾½ °°  °  f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

9389.0841-49.9.3/8390.A./-:7028  .-4:99020820739.   44:34  %0.!4:.9.57.3:3/0790 3./-:7.44:71: .5.0/.-03.4.2041.47547.4.79841/85708039.90290/.1.44:71:47/41.3/5.83..079834.07850...947/08./-:74:73.:3.7..44:78 #0/ 7003 !3 04  7.89./-:70284.3/.84.88./703.07900.909...50 80 .890800990..:508./-:74:73..44:78.80/44/.4.3/....5. .3/ :0    .38.4.#0 54:..78.90-:99438 ..78-0. .794190.78.794390 38/0   .8.200.7-084.5..0//:73908./:98  028 ./-:7028./.78.7 98 .420.89 .243904/089-7.398099..439.90/33/.79 %0809.7943 8..89 98:36:0 8.8../-:7.-03.998.89041A.9.43:9 .0-0.425.03907   /4:34 O 83317439414:707.30..03900.:8041 90..3/1472../-:7 7 3/.33907.

079.7...90479..8-00334394574.8.3/./090-0893:9794394.3/ .74:3//0.0452039    ./749.944/.0.

08  O 3  50450.08..8.94307 -7.882.70/390&$ 90708:98070 .7307 .90.  O  ./38:.42-3.59:8 .7084:3/38:..7  2.08 24709.9.07 1.2 .943.446:.7343579 83/.9090 900.8:3/0790 /..908 .390.4:39708.3574/:.8 5:9430-9433047  O .3..4:/7458 %0.07 0.4:/7458 0703974/:.7089800939047/3 0348 908009.088   /4:34 .7307.8. 8 430897:3333.3/ 903437.448.8 O     .790/.7.74:3/9047/ 8411070/34..3.  /4:34 390 48.4:/7458.3/0:.439089.281.3/94/.908.8.439089 $9.4390890/3.8 .70/9 .-7490783.9434120394.6:70/.8.3/39047/ 3 8 90.":439089 .4 25..41 90574/:../4 90.:77039. .3  89:/0398 3 8.970.25.430/90549039./-:74:73.3/9017893.3/3/.3 .9/7314790 3/.438:20/ 943841..2-07970.439089/70.3 4139073.89..78438.4:398147 4139073...4:39708 &  :.9.7934:9.0390/980394 59:81472:...3/8900.2 O %0.4:78  O .4:39814724709.0.3/-0..8 .8.84.3803.9..4:/7458.9.0/90.843.7090/3/1107039.07 0584/089498.900.843 9.8-0037:3331474. :83.3/./-:74:73.0/39490&$/:73902/  8 .943.3 05.7488..83 3 .7.943.890411..9 ".943.2-079-0.3/.8574/:.4310.

  704.20890 47/4.9 704 989390-8./007089.4.88450710.3/84:9-0.700.08  704884/34.8085078/0  0.700..9078989907-8.- 9449817898905839039073.3//.903 2.88412 989050710.817893974/:.4.89 1:3 8 834324:891.:9419089039:7  55742.07.4209409074.943072..940.470/6:/13 %0708.399047/ 834 -8.70/ 9..3/.9:.:9 %0/0.:9:307 /0830/940054:7130781742099309034:/:34:7 7048..:9.49.0/43945410.0.3//:38907 7048 8420-4/.42-3.4393:04.07-4/9898 .8.31...7093  90/01394341-:--0:2 :3/07039.70.900//3.8.99.. 94902443..9075..947  %0.07989.98-:--0:21.3/903/:3390-8..-4:9 7044:2.74889047/90./00705.072.9 8..   /703.8.939 942039893 90245032470419039.3/909.391470. 0.0/9490 47/3 %.:939490. 8.441470..90.9473.:804198:36:0 1.79-014700.70.449:--.420 .:800.09208   41 704-8.983.30 :. 47  50780...:3.94341/.07 7048.0 .7...890-7.0/ 390&390/$9..:94503  .07 .:9 !.4:39708.3203  1.:9.4:/.07430 .49410.:.5.0390/.99.3.44 .:90.3903/.07 704-8.:932 9 83443/07903 9.:--.702013:80/3 704-8.. .4:8.724709.470/1:33-:--0:28:--.30 :--.7.072.79 9208.2 ..4489.4388984114078 /498.3/9.0/8/0 - 8/0 904:/03.88412  %01789 704-8.32..7093 900.8941902948:75780 4:71703/89  O O O O O O O O O %0/083430.:90.0900..:98.70398901:3.3493409 070 8..7894.90-43 7048.99006:.4907 90504:/70.908147940..884/3  10.90-8.3 -43 7048.3/2.38 .43/   :--...7 998.:9.1472:.8.:9./-:7 8-:--0-.08807.4310.44  :--.9389:11.98 %070 8.91.:980.9..8983.-4:9 243507/.24709.3.3/890-089 803-8.2.390.7/-00324/10/83.78%..3/-.943.7.90 704-8.9 8  9700 9070//3.:9834300.9035070.7  %.

.    !7419.7089-:--0:2-:--00..3/-01470 0.3147900.0.07-438 .-0-04. .3.990 %' 89:/4830479 3   33:.3/9.. &$..8.3/85..79.  %070.984190425..703/0/0.05943.#05479  %070.7       #8 .9028  !74.420      !7419-014703907089  0570.4:813.98  %09..943 %.3.3/  .:.8 -43-$:8.3.       010770/%.843147%.1907%.1473.44.7050.0.02-07       3.3.943   :77039%.284170834 .7545:.9478.2 %0-:--0.7 .943      !741901470%.089013..08    9073..8  $./4:34 O O O :--.05943.80/945708039903/33:.70/94570..8#8 .4:39708.9028.44884/3..425.05943.93207.34394207..  3907089      0570.0/3  :--.#05479940907 990:/90/.47/14790.9028  .:3.314790 13.4:3984190425.73..81789.

3. ...19079./:8920398410.78   .7070./:8920398410.03! .7070.78   09!7419 .

../03/%. -74:9147.708 !745480/.   %7./03 .7/  /:89203982.38107940307..0990 97..0.574.3.41$.03! ..-0147/897-:943   &90/147-:-./03/  3.:/3...0  .3/.7/43 25400030198    ...3.47/.3...#0807.843841 .4:393$9.38943.

.73385078.7/      . .70 .770/147.  /:90/3#:5008           .8..

  .

Sign up to vote on this title
UsefulNot useful