You are on page 1of 15

c 

  
c c cc
c

c 
   c
   !  "     #
 !   ! "$%  & &     &  '  "   (
  %  &  ) & #
 !    % '   ! %      "   
 #
 !  !  $       "      $  
*  #
 !  & c
! * )     &( & " $  &
&    $' !$  " !#       &  !  
$& & "  !$  $ &  & "%   $  " ! 
  *   '$  '+ ! #
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
-  *  !$  '$  $#
-!&$!  . % / !0 !!0!0 ! % 1
-  *  
2.3  &#
-!&$!  .4c %# /  ( * )  (   $ (  1 "
 ! %#
-&    %( * ! !$& ! $&

!    !   !  * !     &  "  c
 #
!    !   5 !  " % !% ! !   ! & '$ 
 %     '+ ! ( (   & "   % 6 " &
  & '!)   % 6 ) ! '%     ! &  ' 
*   %  ' & '   & &  %   6 & $
 $ " ! '% ! !  &#5     !    ! 
7

 %#    ! " "&  & " !  *    # 
     8$!)%    $ "   ( & "% 
   & ! ) ( & '$&   $   #

. 9$ & ! !#     ( * & "% ! ! $!!  "!  & 
 $ ( )    : !$$ & !  ( & ! "%  
"  !$ &  % #        &  * !
*    #  "   "  ! ! * & "  ! 
! #


   & &#  * ! ! &   &  "&    $ 
& '     #
      "  !$  )  &(   & 
! &      #


; &'!)#   *9*% !         *  * "$& $( ' &
  % "  &#  % *  ! '$ & "   $& 
   $%     '$  "& "     !    & &
      ' ! " % : !"& %#    &  
  $% "   :    ' !   &   ! 
! (     '$ * &""    "    "" ! !  (
&   !     !     !   #


! #     * * & ! & "  
   & " &'!)( !&   ! & "!$ $
   !           "" ! 
!     #       * ' &  &   
' &      &(  !%   &( $ 9    &(
 $ ' & * & &# 4 $  "   !  & ! 9)
!  "   #


 # *( & % *( & * !$% ! % $  !  ! # 
     "*  ! ( %   " <' $  &"% 
!      !   &   * "    #


 $# .$!! "$ c
$  &  "$ !    
" ! & ""! !% "    &    # 4  & 
  $ ! &$  "%   $!! ( & "%  & "  * 
!$ c
!  ( &    c
!   "   ) "$$
   $!! "$#


& # "    '  &  !     & 
 '  " $ &( * "* 9$ '%     !    $  
     ! % *    (   !  "
!  '  ' &( &    % * ' !  & $#


.  # 4 $ ! *     &$! "  !  &
!$  $& )  !  ( & *  !$ & !$ 
!$ &$! # 4   $&  " "$$ !!(   
$!!  "   !  & '%   " "$$ !  !  #


 *$& ' ! "  c
"* &      8$ %#    %
 #  &(  !$ $ ' " <'  & ' &%  !   
  % *   !  %# c"   % *    '!) &  $
     "  * " (  * "$ ! (  ' !$ "  !    
  &% '  & #


-&    %( * ! !$& !$&
9"$! )  ) (  ( & '$( "! (& ( $
$ !  !#
9c... ) ! '$ ( ' '$ ($   '$  !
9.3.. ) ( '$& ( ! ( 8$%(  (
" !   #
- &$!
- !
! ! !#
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

! "% (    ( $  &  &     !$$
&   !   *   &  $8$  &

& "%  ! : !$  " 9!%!   &    " ! 
 $!$ ( ! &$ ( !   ( !#

  ! ! $!!  "!  !$&   !   * &  $!!  " 
! % #

!&$!  &    "   & "" &   
 & !$  &   &           
  <    " !%! "   9$  ' " <  


        & !  *  % "!$ & 
! ! $!!  "! 

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

c
! * ) *    "  % # <   !$& 7

= c  !  &  99 &$  !    !     %( (
 &   &   (  ! %     $! $ #

= &&   99 *   !"!    !  "$!  & "% $ ! 
" !"! & '    " ! (   '$&  ' &  & 
"" !  &   #

= ; 9 $   99     &  %    (
'      * )  (     !$!(
 ! !  ! ( &  $  %     * * &
% #

=  * )  99  "! +' &    & " ! (  '$& 
       * )    #


,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

4 3c2 
c c > ::c
:: 

 ? .  %
  
    
< !$ &  &   !  ?
  
c  $$    ?
  
  &   %  !! 
$!( "$ ! ( & "!  $ .)
 %
   ? ! 
 " !    ?  
 !    0   

   " . "9
 ! &0.  &  &    
  "" !   ?  $ ;!
 . 
  @$&
c   $!$ 
 A 
!#


c . . 2.;2 c 3c2


.

c 

 

 7 c 
  
 # (

 )   "     #  $&%  & * ! '!)  
  " %$ $' $&! #

  &

 ) >$

 


 7 c 
  
  ! & . (

  *  *& "$  ! " " ##
         &   ##:  & 5 
 "    '% 4 ! 5##! $  $&  *    ) 
!& ## *  )  ! & "  ##!   % BC 
"  ##

$#

 
.   '

 7 c 
  
2.(

 . .c # 3c2  c
;3   3c2
c4 .3 0 2#

4 ! " $ & < !   * !  $& &  $7
D#   %$ & %(     *#
E# ;! %   (    *(   %$ *  * #
B# @ !&& * % #
F#
:  (  &#
G#   ' " %$  #
H# " %$ &:   !  &  ( &: !  #
;*   !  ( 4 !   &$ ! &   *    %  
  &$!    ! % & '$ $! !%(  *  & &$( &  )
! $ ' &    & !   $ # 3   $   ) !   
4 ! &      ! "  !     $ "  #  %
 & '   *&  " $( "  '$   &% " #
99999999999999999999999999999999999999999999999999999999999999999999999999

43 c. c;  ;c I> 4 .;cc
#

c#9 @2... ;c

@$& & $  '$   %  ! !    
! % "  #  '$   &   % &      "
&   '$   %  & %  "   !   & c I!)
4 ! #     ! %    & (     ! % "  )
 &( !  &  @2 ;c( *    $     
 7  4
 @c 5 c. c c3 c
#5  *  !!   $& * ! %   ! %
!  &# 4 ! $ &   "    !  &   *( * 
* &  ! $ *  *  %  &  #  &   $ "
'  $!!! &     % ! %#
99999999999999999999999999999999999999999999
4c 9 c.c3

 &&   '$  " ( 4 ! & $   % "!$ & @2...
c.c3    % * &  % 8$  '$ * 
!&$! '$ # @% &      %( !   5I!) 4 ! 4% "

 @$ (5   %  !$&      '$  " (  * 


'$   %   !  %  & "    ( % "   $
"  c# '   ( 4 ! : '$   % "" &  & ( 
  " $&  (   %   *   ) & !#
99999999999999999999999999999999999999999999999999999
 J  .

.!  "  &  & * )   !    %
 ( 4 ! & !& &  "!$   $' " ! !  7 D  & 
 )  ! 7  '$   &  '  '      ) 6 E ""! ! 7
   & "  $!$ &  '   !- ""!  ' 6 &
B    7  &  !8$ &   '  "  ' #
99999999999999999999999999999999999999999999
: '$   %  &     " #
999999999999999999999999999999999999999999999999999999999


;c2 9 c

I!) 4 ! &  &   &   $& &   & " 
 %  ' !  !  #

999999999999999999999999999999999999999999999999999999999999

; 9928$ &  9.   &

c  &%   )  ( I!) 4 ! &  ' & " & !  &
  *    *$& )   '  $  " DC %   &*  &  
$8$ (  9   &(   $  ! %( )* "  <!  ! # 
 *  )    "' (  % & " & ! %#

 *  &&  %7  &&  % * &   '  '  # #(
  $ &    " $ 6  &&  &  "  ! %
!8$       )  !    !$ %#  4
 c @
 @.#
99999999999999999999999999999999999999999999999
.K9@cc

*  "   ) %       ( I!) 4 ! * '  
   '  #  &  % "   & (  *$&
!)* &   %  ( '$ ) *    * "   %   % $!
&  $#

c "  &        "  '$   %  
&  &99 * $ "   % %     c( *  *  $!$  
! %( &*   ( &  "! %   #

999999999999999999999999999999999999999999999999999999
. 9
  @$    %
 $ $ "  * ( 4 ! * & %   '$     * $'  
E     )      "#

  $ "    $!$ (  '$  !$&  %   
!!( $!   !( &   $ !   &   * &$!#

4 $  $' D( $' E   %( 4 ! &( " *$&   
 & * &*&  * #  *$& '   "   &! $  "
&$! &  ! # .$!! "$ !    $!  *9 *    
*$& '       ! & $ &  !  &   * &$   &
 &  '  $' D  $' E  % '$   % * #  %
*$&  &  '  $'   $' E   ( *  !( * &*&
&$!  " 8$% & &  ! (   % *$&     & "
 ! ! &    ) #


99999999999999999999999999999999999999999999999999999
9 ;
.3

 4 ! ( )     ! *  ! '$ &      
! %   &  " &   %#  *  +   * %  ! %
$& 9 "  &#  ) % !     % DLMC * ! " 
        &    %    & !  & 
&$! %  #  !  $!! "$% * $! !  (  & 
$  & 8$   & !$  % #

99999999999999999999999999999999999999999999999
9 cc .22


 "!   " 4 ! : '$   % *  "  $ 
 ! %: '$ $! !%(
3   "$   
    # 4  4 ! )  ( !  '$  & L 9DD
  % 6  & !&  (   "$ & '  !$  F 9H#
999999999999999999999999999999999999999999999999999
 9 A$$  

 *    " 4 ! : '$   %  !)  "$& #  $
$  ) !    #  &  "  $ $  * "
 * : ) (    &$   "  " * %    c(  & *  
*$& ' )  )  ' * & !    "  !  % '% BC(
 FC(   GC ! 6 '$( "   *$& '   '  ) 
% !   % ' &  *    &  5A22 (5 !8$ 
 + '$  #

;$ %   " )  ( 4 ! * &%   "   6 *  &
 !)  )9 &  *  (   % $ $  !8$ "
 &    "  ! #    &   $&& (  ! 
 !  !8$  58$$   #5


999999999999999999999999999999999999999999999999

 9 ;    . 

* ( '$&  '$   % *  $ # 4 ! & 
c2 . 
. & ) $    %  *     &
&    & #  &&  '   &  &   
 $& "  % #  " & 9      ! 
 2 & .  &  $&  * &#   ) !% ' " 
$& ! #  ) $   *  & $      
! ( 4 ! "$ &   &   *(  %   &    ( &
 + &  ' & "  !  #        '%
* ! !$! &  '$   % *   $   
  & #


 *  $            &( "  "   ( '$
!!  $! 
9 :$' D( $' E(5
9 5'$& %  (
9 5 &(  !%( &  "!"& ! (5
9 & 5$    '  &  % "  % #5
9999999999999999999999999999999999999999999999999999999999

4 9 c3.N c4

2    '  &  % "   %  ' !  " 4 ! : 
 $ !       DLMC &  % DLLC#    & "   & 
    <$ &$! % "    % " ! #  ) 4 !  
 ' "  &     &* &  $!$    & $
  $ & )       %  *   &#  % *
$  & &   & "  $ $  "  ' #   &  $  
!$(  %  '  &    % "! & $ "$$    % !"  &  *
(  * ' ( &  * +'# 4   +'  $% " *O  % &$' &
9 * I!) 4 !  !   #

4 ! !   !!$     %   & &  '  * &( &
 ' !$ "  %  % "   $  & " #  $& &  
&   &  *     %   * )  & #   !  *
  * )   "     % * 5* 5 "  '$ (   %
"   !   "!   !  #


9999999999999999999999999999999999999999999999999999999999

 9 4 ) c$

4 ! ! $ *  $7  ! % 9*&    & &
! & 54 ) c$(5  *  ""     &  ! $  *  & & 
 %  & "     ! %:   &      
& # c   < " * %  ( %   %  & &  4 ) c$
 ( *   * !$  &    *%    :
 #  & "  '$  $ *  4 ) c$   *
!!$  * 8$ &     "  "   $ & & !&     
       !   "  #    * ) & *& #   
 %    &   ! %: '  & !   ( &  " ! &
%  )   ! %:   "    '  
!$ '#
9999999999999999999999999999999999999999999999999999999999

;c2 9 ;c2. cc 2 c c.

 !  " 4 ! : '$   % *  c
;c2. cc
2 c c..#  ' $ ( !$  & ! $  
!  '    " "!  9$$% '%  $ & '$% 
" %  &&  '   *  %(  P# @$   *  (
4 ! &   "     ' !$ &   "  # 
!% $ &*        *  * & 9  
 P  !$&  !  #  *( " !$  ( $& " *   &
!  & &$      ( '$ " & & !$   
&  "$$ #  '  & " %  *   !$& &  !  
(    *$& & *   ) % "      % 
&       ) '$  "$$ #
99999999999999999999999999999999999999999999999999999999999999

;; 9 .

   % " 5 ! (5  !  "  4 !  %( * !  %
&  &  )  ! %  !  #     %  &   
 '  $ "   % # *% * &       " &
 ! %( *%  %  !  !      $%( *%  
* " *   $& '   < !   9*&   ( 4 !  %
&&   #  &&  * ! ! !%#  * &    5 ! 5
  "!  &  %  '    '$&  '+ ! #

 "   ! "   !  % *  "$ $ " !   
  * !  ' ( ' ( & *   ! %: ! ' #  ) %
 !&  !   &        9"  9* &   
  & ' %& ! ( 8$  $ $ ""   !  #
9999999999999999999999999999999999999999999999999999999

.K 9  22

  *  I!) 4 ! ! &  5 2 25' !    
  "  '$   % # I!) 4 ! ) &  %     
$  *     (  * ( &  '  & # @%   
)* & (  '$   *$&   !  & ( &   & 
*$&       "  ! %#

 ! & &     !$$ * &&   ! %: " ! 
     *%7

9c   

  % $ (  ) %  $ " $  #

 %  #

99999999999999999999999999999999999999999999999999999999999
. 9 .< .

4 .c2 c > 5 c. c c3 c 5
'% $!   ! % 9*&      8$% " : &$!
 !  #


.< .

    ( 4 ! $ &  5.K .5 8$%  # .< 
   $     '   ! %  )* * "" !     
& " & " ! &   "   '$  !  ( &$!( &  ! #
 %( <   ! & *  % B#D     & " ! #
99999999999999999999999999999999999999999999999999999999

 J 4c
..

% " 4 ! :     ! % & ""# @%  %  ECCC(  & !  &
&!    9&! 9 &  "  )  !   ' #
 * $' D   * &
9 &$    $"!$  "  ! !  (
9 &! %   & &! 8$  (
9 !  ! "  $  ! (
9 "!  !  ! & & ! & ! &   (
9    !  &  8$  (
9 *    $ '  " * (
9 "   !  ! %  * )(  ! ! ! ! ( !#(
9  ! "    ! " +  &   (
&  ! ! & '$ 8$    !  %  " &$ %#

@( * ! !$&    -    & @ '$   *(
* ) &  $' D 2#.#  * )#
 * $' E   * &    )  "   '$' &     
& $ &  !   ( "   ( *  !  ( !##

99999999999999999999999999999999999999999999999999
 9 c@c

c@c *       " 4 ! :  %#  *  & "
  6 " * 2#.# '$   *  5' *  $ &  *
! %9*&  #  "    ' ! !   & c "
( 4 ! * ! ! &    !   * ! %  9 !(
&     
  $  < & "  ! %   * '% )  '$    #

I!) 4 ! ( * '   % &      *   $% "
#
999999999999999999999999999999999999999999999999999

43 9 ..

  ! "  '$    4 ! $ $ & "  ) " ' !
 !  * ..9 4 ! $& &       *
   *   '   !  '$ #   *   * !! #

  " *% "  $"!$  & * &  !    &   DLMC &
 &    $   DLLC#  $  " (   !  & " 
*    %   *% "     <  '$ (   ( 
< !$  $& &    "!$   !  *$&     
 )  "  '$   %    #

       " :  !   * 9& &  ) %  "
 * "  " 9*    . !  .#
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
,,,,,,,,,

:    4 $ 

 &$%( 4 ! : '$   %   & & * " ! &  
 &    " $  ! &   !   % * < ! & 
! %    #

;*   $ ( 4 ! *  %( *$&    %  '$&
5 c. c c3 c #5     $ (
   7

-  &  # # # *% * $% &   % ### 7

Q  % "!$ &  &   !$ $!! #

Q <  8$% # # # $    !$  *%  " 
'  "! % ### & $   !!    * #

Q  <!  ! & '   " '$ $! !%#

Q!   '$& %  "  ### *%   ! " &  %  '  & 
 &  "   $ ! #

Q  '   !$ !  &       &  ### '$& & 
   < #

-. !  "   *   $   ' # # # " <  (
5 9@$ #5

-   !  (   ( !$ 9!  &  # # # & !$%  * &
"   < !$#

-       " 5 ! (5 <!  ( " %( &  $ # # #
* &     ### & !  '  $#

-
  ### *% * " !$  $ "  !$ ### 
5F:5 "   &   7    %  * ! & &  *   &
"!  ###  '%  !            # # # 
&  ) &""!$ & ! ### &  '%  ! % < !$ #

; * '$   &   & $!  !  9!$ &  % ) '$ 
 %  I!) 4 ! # ; *  &    $  '$ '$  * $!
! & & # @% &    4 ! 9) '$   % & 
'$  " ( < !$  &  '  ! ! "   ' %& '$ 
 '!)#

999999999999999999999999999999999999999999999999999999999999



   DR %  (   !  &   )  $ "  SDE '  
SEMC '# ;     " $ &$  !  (    
  !    99$& )*       '  !   
 ! %: $ &    % #   9* ) &   
!$  "  9"        : !  "     c I!)
4 ! *     $ &    %        %
   ! RC9&& $& #   ! ( " !$  (       
  *   !  & !  9 & :'   :      < "
  '  "  #

D# * & %$ !  '%(      &  &   & % )* !
 O
E# * & %$  & $  !   " &  & !  O
B# * & %$ & "% & '  " * &  '    & '  " %$   O
F# * & %$   " &'!) & ! '$ "   %  "   O
G# * & %$ !   $"  :    !  & &    9  9
! & :    :O
H# * & %$  " :'  !! : ' *  &""    " 
 O
9999999999999999999999999999999999999999999999999999999999999999999

.. c ;c
 * %      &(  $ (  & &  *  &  $ &#
   $      ! 7      ! (   !  &
 &   < !'% ) &# 4           ! 
" ! #   )    "  $  &(   ! " <!  
    !  :    : ' *    & !$
!   # 3$ ! *% :):    ! %# @$ &      
  9

 "!$  :!$ 9 & 8$%: '% &   7

D# $  !$ " 
E# .%!  "*
B# @$&  8$%
F#      $  
G# $ 8$     ' & ! '
H#   "$! <!  !
R# '       
M#   $      
L# 2     " ' 9 
DC# ;*  !$$     ! 
m

When Jack Welch took over GE in 1981 and became the youngest CEO in GE¶s history, the legendary
leader made a resolution to transform GE into the world¶s most competitive enterprise. Welch is a
strategic thinker, business teacher, corporate icon and management theorist. If leadership is an art,
then surely Welch has proved himself a master painter. With his unique leadership style and character,
Welch made history during his 2-decade journey at GE. While most leaders talk a good game on
leadership, he lived it. In this article, we feature Welch¶s 12 lessons and how they contributed to the
largest corporate makeover in history. m
mm
4 ! & N )    T N#  (  !+$  $    ( $!  T)   
  & )N & T!  & "   N# 4 ! N     &( !    & )  
 '$   * )#  &   ( !! &  4 ! ( ! ' "$&  %     %
! '$ ( ! $ * & &  & !   ( <! &        ( & 
& ! #
@ *     ' !     & ) 4 ! 7
=  !$   &  &    < !$ 
=
N  %  & 
=   % & * !   & 

m m m
4    !   & (  !  TI!)N  & " T # 4 ! N  *   4 )9c$ !  
$ &(  !       " # I!) & N *     * )( "  & " 
  & !$   %     $ # " %         &  & 
  "  ) %  N $!! #
* ! *     " O
= @   * ! $  & ' 
= &  "   
= & !! "   9  

m m
 
m 
m m
@$ $! !%(  !! $    "   ( ! !  * & *  & ! )
! (  &  $ !  %    & ! &$    )  ! %   !  # 4 !
  &   !  %  $& * )    & " '$ $! !% % &%# @$ $! !% ! '
  $''  &  ( '$ * !  "% &  !  <% & " %  ) 
! %    &  #
 T)!)N '$ $! !% &  "%  7
=
 $ !  % * )
= 4 ) * ! $     & ! )
= ) %$ * ) !  " 

m m m  
4  4 ! + & (  ! % * $ &  '  &   ( '$ 4 ! *  )  
& %  $' 9 ! % *    )  $ &  *  $! '$ $! !%#
 & " T)&&  "N & $     *$&   ( 4 ! &  $ &
!  &  U"! %V & ! #  & $     &     &   '  #
  $    $      %  &   T$ N7
= )    *  "  %
=
N "   T" !  N  
=   %$  " *    

 m 
4 ! &&N  ) '$  &  ' ! ! &(  $(     *  & 9! ! * )# 
&  & &  &  $     &      #  4 ! ( '$ 
! ' <! &   ( * $ +  & !  <%#
N  "%    O  * $      " #  N  % 4 ! N & ! 7
= . "%  * ) !
= )    
=  ! ! &   &   

mm 
  mmm

4  4 ! + & ( % &&N $& & * %  & &  ) !  #  % *    T
' & "  N( *  4 ! *  % & "! & #   &   !  % !    )  
"  " <' & !   #  & T!  N    " N   & $ #   (
!! &  4 ! ( & N  &  $      )   *  #  !     $ ( &
& (  * '$    * &$!#
.( *   *   &  ! * !  O
= >*   !    %
= < !    < ! &( '$  8$!)%  %    &
=      $& %$ "   ' !    * "" !    
mm
  m
mm mm 

 &   &     !   !&# 4 ! ! &   &   &  T'$& % N( * !
      ( " " '$ $! !% & %      " "* " & (
  & & !#  &&  $    T99 9'9&9%$9*9&9* 99%N % # 
" &       *  " #
 )    '$ &   +'7
=   & '% &
=     )* <!% *   ""       
= . & &*    )9%$    ! $  & !$ 

mm m
  
  T  N "  * &N  ! & !   $( 4 ! &  ! ! " *    !
 ! %N  & & 9& $ " <!  !  & "%  ! $ % "  %( !)
 < '# 4 ! &  )   9 & "%  %  ! "  ! %N  % 
)    !      * &#  ( *  * ) &    *$& 
 !  % * )   "$$ #
 N )  4 ! N   " $!! 7
= &  T* % & * &    *%ON  
=   ! $  "  %$ &     ! '$  &   !         
! %
=
N ' " &  '$!) !  *&

mm 

m m m 
4 !  )     ' *%  $  '$  *    $ &  ""   & & * 
   %#  (   & &  & !  $  ' # 4 ! '  &
'$   '$ ! $    ! &      $ !$      !$  
&  & $#  & ( 4 ! $  &          * ! &  &   !
$   & &   ! %#
* * !   $       O
= . & D $ * )    *  !    &
= c""  * & "  '   & 
= 4 ) "   ! &    &   

 m
mmm   
 &%N  9 ! & !    & * & * &( 4 ! )*     
& '   !&  $ #  *   %   T $! %&%N(  "  
!    * '$ (   !$  &  $   $ #      *  
  !)  "   % N "    % !$&  8$!)%#
*     &!O
=  *    " $  !%
= ) & ! "
= 4 )  &

 m  m
mm 

 % 4 ! !  '$  $' ( '$ & N *   &  $!   "$  &
 $   $ # N $    ' &  8$ & &  '$ 8$  & 
'   #  &(  $  !$&   !$ ( && '$ $! !%(  ) '% &
'     & #
 '!    " $'  & $ 7
=
N    $' 
=  & '% <  
=   $  $

m
mmm
 mm 
     !   & #     $& !$     %      *
  &  ) "    # 4 ! '       '% "  ! %   & 
 &    %   &  "    +' '  #   &(     N +' 
!    &       !  #   '   % *% "  T   N#
  & '   ! 9 7
=
N   ' & &*     & 
=   
=  * ( &   (   $ "  *%