1

ACKAOWLEDCEMEA1

A work is never a work oI an individual. We owe a deep sense oI gratitude to the intelligence
and co-operation oI those people, who have been so helpIul, to let us understand what we
needed, Irom time to time Ior the completion oI this exclusive proiect report.

We want to express our gratitude towards Mr. SANJIT KR. ROY, Marketing Faculty, IBS
HYDERABAD Ior giving us an opportunity to do this proiect.















2


CONTENTS

1Ŧ ÞkLIACLŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧ2
2Ŧ IN1kCDUC1ICN 1C 1nL CkGANI5A1ICN5
nINDU51AN UNILLVLk LIMI1LDŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧ3
ÞkCC1Lk Ǝ GAM8LLŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦ4
3Ŧ 4 Þ'5 CI 1nL MAkkL1ING MIkŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧ5
1IDL DL1LkGLN1ŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦŦ6
kIN DL1LkGLN1ŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦŦ10
4Ŧ 5WC1 ANAL¥5I5 ż1IDL Ǝ kINŽŦŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦŦ13
5Ŧ ÞL51 ANAL¥5I5 ż1IDL Ǝ kINŽŦŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦŦ18
6Ŧ 5LGMLN1A1ICNţ 1AkGL1ING Ǝ ÞC5I1ICNING ż1IDL Ǝ kINŽ ŦŦŧŧŧŧŧŧŧŧŧŧŧŧŧŦ22
7Ŧ 1nL CCN1kCVLk5¥ ż1IDL Vs kINŽŦŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦŦ31
8Ŧ CCNCLU5ICNŧŦŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦ36
9Ŧ 8LICGkAÞn¥ŦŦŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŧŦ37









3



PREFACE
The success oI any company`s business entirely depends on the marketing strategies adopted by
the company to promote its existing product line.




Marketing strategy plays a vital role in a business to make it success.

We have tried to put in our best eIIorts to complete this task on the basis oI knowledge that we
have gained in the marketing management classes. We have tried to put our maximum eIIort to
get the accurate inIormation. However, we would appreciate iI any mistakes are brought to us by
our instructor.






4

NTRODUCTON TO THE ORGANSATONS
ADUS1AA UALEJER LM1ED:
Hindustan Unilever (HUL) is the largest Iast moving consumer goods (FMCG) company, a
leader in home & personal care products and Ioods & beverages. HUL's brands are spread across
20 distinct consumer categories, touching lives oI every 2 out oI 3 Indian.
It has employee strength over 15000 & 1200 managers. It has created widespread network
through its 2000 suppliers & associates. There 75 manuIacturing locations in India itselI. It caters
its wide range oI products to 6.3million outlets. It has market capitalization oI 11.5billion.
Home & personal care:- Under this it has brands that caters to every income segment oI
population. In this segment it has brands like Lakme, Axe, Pepsodent, SurI Excel, Wheel, Lux,
Dove, Fair & Lovely & many more. Foods & Beverages:-Under this segment it has brand like
Kissan, Knnor Soups, Annapurna, Kwality Walls, Brooke Bond & Lipton.
It has also launch water puriIier with the name Pureit.
The FMCG market is set to treble Irom $11.6 billion in 2003 to $33.4 billion in 2015.
Penetration level as well as per capita consumption in most product categories like iams,
toothpaste, skin care, hair wash, etc in India is low indicating the untapped market potential.
Companies present in FMCG segment like HUL, Dabur, ITC, Godrei & many more have
potential to acquire market share.
Five oI HUL's leading brands Lux, Dove, Pears, Clinic Plus and Sunsilk won the Reader's
Digest Trusted Brand 2008 Awards. Four HUL brands Ieatured in the top 10 list oI the Economic
Times Brand Equity's Most Trusted Brands 2008 survey. HUL was awarded the Bombay
Chamber Civic Award 2007 in the category oI Sustainable Environmental Initiatives. HUL was
selected as the top Indian company in the FMCG sector Ior the Dun & Bradstreet - American
Express Corporate Awards 2007.

3

PROC1ER & CAMBLE:
Procter & Gamble Co. (P&G) is an American company based in Cincinnati, Ohio that
manuIactures a wide range oI consumer goods. In India Proctor & Gamble has two subsidiaries:
P&G Hygiene and Health Care Ltd. and P&G Home Products Ltd. P&G Hygiene and Health
Care Limited is one oI India's Iastest growing Fast Moving Consumer Goods Companies with a
turnover oI more than Rs. 500 crores. It has in its portIolio Iamous brands like Vicks & Whisper.
P&G Home Products Limited deals in Fabric Care segment and Hair Care segment. It has in its
kitty global brands such as Ariel and Tide in the Fabric Care segment, and Head & Shoulders,
Pantene, and Reioice in the Hair Care Segment.
Procter & Gamble's relationship with India started in 1951 when Vicks Product Inc. India, a
branch oI Vicks Product Inc. USA entered Indian market
In 1993, Procter & Gamble India divested the Detergents business to Procter & Gamble Home
Products and started marketing Old Spice Brand oI products. In 1999 Procter & Gamble India
Limited changed the name oI the Company to Procter & Gamble Hygiene and Health Care
Limited.

P&G Home Products Limited was incorporated as 100° subsidiary oI The Procter & Gamble
Company, USA in 1993 and it launched launches Ariel Super Soaker. In the same year Procter &
Gamble India divested the Detergents business to Procter & Gamble Home Products. In 1995,
Procter & Gamble Home Products entered the Haircare Category with the launch oI Pantene Pro-
V shampoo. In 1997 Procter & Gamble Home Products launches Head & Shoulders shampoo. In
2000, Procter & Gamble Home Products introduced Tide Detergent Powder - the largest selling
detergent in the world. In 2003, Procter & Gamble Home Products Limited launched Pampers
worlds number one selling diaper brand.
Today, Proctor & Gamble is the second largest FMCG company in India aIter Hindustan Lever
Limited.


6

ARKETNG - 4Ps OF ARKETNG



PRODUCT - An obiect or a service that is mass produced or manuIactured on a large scale with
a speciIic volume oI units. A typical example oI a mass produced service is the hotel industry.
PRCE - The price is the amount a customer pays Ior the product. It is determined by a number
oI Iactors including market share, competition, material costs, product identity etc.
PROOTON Promotion represents all oI the communications that a marketer may use in the
marketplace. Promotion has Iour distinct elements - advertising, public relations, word oI mouth
and point oI sale.
PLACE - Place represents the location where a product can be purchased. It is oIten reIerred to
as the distribution channel. It can include any physical store as well as virtual stores on the
Internet.


7





Product Overview (TDE)
Procter and Gamble`s Tide is among the most popular and widely patronized detergents
in the world. P&G takes pride in pronouncing that the product is its Ilagship brand (Decker,
1998). Since its launching in 1946 in U.S, the world`s Iirst synthetic detergent established its
market supremacy. With its wide array oI products oIIered such as Tide Liquid. Tide Powder.
Tide with Febreze Freshness. Tide Coldwater. Tide with touch of Downv. Tide with Bleach. Tide
with Bleach Alternative. Tide HE (High Efficiencv). Tide Kick. Tide Stainbrush. Tide Buzz. and
others, it continued its stability in the market and its IiIty years oI commitment in helping
Iamilies in their laundry needs (Tide Fabric Care Network, 2006).
Price Being the most powerIul tool in marketing, price is identiIied Iollowing the
company`s established goals and obiectives. These goals range Irom enhancing the market share
oI the products, improving the demands in the target markets, to extending the sales at an even

8

rate Ior one whole day, week, month, or year. Pricing is utilized in several ways namely (1) to
increase unit sales so that resources oI the Iirm; (2) to restrict sales, or limit the quantities
demanded per unit time;(3) to make the market less attractive to actual or potential competitors;
and (4) to attract buyers so that they will buy other items once the transaction has begun.
Today, P&G pricing oI Tide detergent soap proves to be an eIIective means not only to
attract consumers but also to lessen the market appeal oI its competitors. These had been the case
in India, where P&G had launched the 20-50° discounts Ior both Ariel and Tide. As a result,
buying Tide has become an economic-wise option Ior the larger masses. The prime purpose was
to lure more consumers to try the product. With the slashed price, volumes oI Tide sales have
surged tremendously triggering.
Product-Service Offering Product-service oIIering, on the hand involves the oIIerings
that can be manipulated. These include the Ieatures or attributes (actual or perceived), images,
warranties, aIter-sales service, training Ior the customers, delivery, installation oI the product,
and responsibility Ior the product at the end oI its productive liIe.
Tide`s useIulness expires as soon as the laundry is Iinished, but this is not to suggest that
P&G will not be held liable aIter its use. As in the usual trend nowadays, providing a somewhat
Ieedback mechanism is indeed useIul. Although, this has long been realized by the P&G that`s
why in every sachet/package oI Tide one would notice phrases like 'iI you have comments/
suggestions.¨ However, only Iew oI the modern consumers know oI this right. Usually, they
are contented with using the products, and no longer care less with how much the company
would appreciate their eIIort to give them a ring or write them. P&G should reinIorce the
message to its consumers with their TV/radio/net ads so that the consumers would know oI their
rights. In return, the company would be able to know directly Ior costumers how they Ieel about
the products, what they think oI it, what recommendations they can provide etc.
'Tide¨ as a brand name is an excellent choice. It passes on the messages oI supremacy
and toughness. Tide has been renowned by its reputation oI complimenting the ever-changing
people`s temperaments Ior Iashion. When, white Iabric has been the overwhelming obsession,

9

Tide with whitening power has been introduced. Likewise, when bright colors reigned, P&G led
the campaign Ior Tide 'extra action¨ specializing on bright-colored clothes.
Promotion In 1999, Procter and Gamble spends nearly $5.5 billion on global
advertising making it one oI the world`s biggest advertisers. Procter and Gamble exhausts the
beneIits oI both the print and electronic media worldwide.
Today, the existence oI Internet and the continued revolution in the world oI InIormation
Technology are certainly positive signs Ior the blossoming oI many new advertising
opportunities. For instance, pop-up ads and email ads have started to invade the Internet.
Similarly, TV and radio advertising are also important channels to Iurther promote Tide. Usually,
eIIective television and radio advertising involves a good opening punch line, presentation oI the
competitor`s product and its weakness, testimony oI experts or renowned
personalities/authorities, and in some cases, use oI Iamous movie actors and actress also helps.
A thorough consideration has been given to the content oI the site. Content`s breadth,
depth, manner oI presentation, and timeliness are what primarily holds the attention oI visitors.
The more engaging is the site, the greater the possibility that the consumers will act positively to
the ads. Lastly, it is very vital indeed to retain the site in order to engage site`s visitors. To do
this, the site must always be monitored and updated. It must also provide venue where visitors
could give their comments, recommendations, and other Ieedbacks to the site or the product so
that improvements may be incorporated accordingly.
EIIective promotion oI the product through advertising in various media maintains the
superior standing oI the product in the wide detergent marketplace.




10

Place/Distribution
Tide being a product that serve to satisIy the immediate nee oI people is always available
in both retail stores and wholesalers` stores.
On the one hand, packaging the product involved the Iollowing considerations; packaging
must (1) Iacilitate storage and handling oI the product, (2) protect Tide Ior extreme temperature
or moisture, (3) protect Tide Irom being deIormed or damaged, (4) to provide quantity, source
(brand), and the concerned party to be called in times oI any trouble with the products occur and,
(5) isolate appropriate purchase quantities. Colors oI the packaging materials (sachets and the
like) must be bright colors to instantly capture the attention oI the consumers. It does matter, too
iI the words are clearly comprehensible Ior the consumers. On the one hand, it is a minus Iactor
when the words written in the packaging materials are oI diIIerent language. This implies that the
company is not 'in communion¨ with the consumers since it Iurther indicates that the target
consumers are oI someplace else.
Meanwhile, storing Tide must be done complimenting the environmental rules oI the
place where it is to be stored. For eIIective handling oI the storage costs P&G must inIorm its
stakeholders, manuIacturers and brokers about the various storage risks. These could range Irom
Iires, theIt, or loss oI market demand. There is also a need to Iurther rationalize the supply chain
management. P&G may opt to operationally implements the iust-in-time management oI
products. The process may involve building oI sound communication channels with the
consumers, manuIacturers, brokers, and other stakeholders (Ghosal and Bartlett, 1998).
In summary, the marketing strategy Ior P&G to promote Tide detergent laundry soap
consists was Iounded on the considerations oI various marketing mix (4Ps). Pricing decisions
was done considering the demographic and socio-economic attributes oI its target market.
Product-service oIIerings included a sound Ieedback mechanism. On the one hand, P&G Iocused
on net advertising Ior Tide and its related products. Lastly, decisions on place/distribution were
shared by various stakeholders manuIacturers, retailers, broker, and the customers. Thus, the
international marketing superiority oI Tide is irrevocable.

11


Product overview(RN):
Rin was launched in a bar Iorm in a test market in 1969 and extended nationally in 1970. It was
launched as the Iirst detergent bar at a time in as scenario when there were stringent rules
imposed on the organized sector manuIacturing laundry soaps. It was also realized at that time
that powder were never completely replaced laundry soaps. Initially the brand was positioned as
'Rin is not a soap, it is a totally a new idea Ior washing soaps¨. The beneIits clearly outlined that
the bar had concentrated cleaning powder hence washed 50 percent more clothes moreover it
washed whiter than any other brand. The memorable base line 'whiteness strikes with Rin¨ was
introduced and a strong brand property the mnemonic oI the lightening Ilash was developed.
The early 1990s also saw Rin successIully battling powder concentrate brands attempting a Ioray
into detergent bars. To take advantage oI the existing gap in the segment between premium
powders and mass market powders a powder variant Rin Shakti powder was launched in 1995.
Priced at Rs.25 per kg, it plugged the then wide price gap between premium powders-average
price Rs.50 per kg and mass market powders Average price Rs.14 per kg. It capitalized on the
brand equity that Rin enioyed amongst consumers and was strategically positioned on superior
whiteness as compared to ordinary brands.
Product:
Rin had 3 variants Rin supreme bar, Rin Shakti bar and Rin powder. Rin supreme bar and Rin
Shakti bar operate at two distinctly diIIerent price points, while the Rin Shakti proposition is
superior whiteness vis-a-vis mass market; the Rin supreme proposition is superior perIormance
to give whites that look like new.
Early 2004 saw the advent oI a brand new Rin Shakti powder. Rin Shakti paved the way with a
brand new proposition oI double whiteness along with a powerIul innovation oI 'no mitti
powder¨ as it dissolved thoroughly in water as opposed to ordinary water which leIt behind a
mud like residue. The suIIix 'Shakti¨ has now been dropped Irom the powder packed.

12

Promotion:
Rin advertising has always been eIIervescent, bold and conIident. It has oIten Ieatured the
progressive Indian women in control oI her liIe and destiny. The Rin women manages all Ironts
eIIiciently, be it her home or her proIession. Right Irom its Iirst campaign- whiteness strikes with
Rin and the criteria oI the powerIul lightening Ilash mnemonic: to the Iamous white to oII white
crossovers- whites that other noticed and the even more Iamous 'Zara Sa Campaign¨. Rin has
created memorable milestones in Indian detergent advertising.
The recent re launch oI Rin Shakti powder early this year has revived and reinIorced the brand
mnemonic oI the lightening. The powerIul tagline 'Bizli Giri lightening strikes!¨ perIectly
capture the impact oI 'Rin whites on others¨. This communication also strikes to drive home
proposition that the new powder doubles the whiteness because it is completely soluble in water.
Also this the step in Iurther strengthening the power oI the lightening mnemonic by alluring to it
even in the audio and the tagline.
'Several well known people have endorsed Rin: Priya tendulkar and Iormer miss world Lara
dutta.¨
'Arguably the longest Commercial ever was Rin`s ten minute commercial which ran in rural
India.¨
Price:
Hul increased the gram mage on detergent brands such as Rin, in a bid to oIIer better value to
consumers. It also reduced the price points on detergent cakes and introduced schemes on large
detergent packs.
The move to slash the price oI Rin detergent powder by 30° Irom Rs 70 a kilo to Rs 50 was a
direct bid to counter the P&G move. Rin Iaced a share Iall oI 2.5° in December 2009 so the
only available option was to react by cutting the prices. The price was cut down by 30° to Rs.
50.

13

The product was priced at Rs. 42 Ior a one kg pack. Rs. 80 Ior a 2 kg pack, Rs. 20 Ior 500 grams,
Rs. 10 Ior the 250 gram pack and Rs. 1 Ior the 25 gram sachet. This was a bold and a conIident
move Irom HUL.


Place:
Decisions involving the place/distribution are also crucial in meeting the needs oI the target
market. There are many Iactors to consider such as the choice oI location where the product will
be sold to the consumers, and the various channel distribution required to bring the product in the
target market. Elements oI distribution channel include the packaging, storage Iacilities,
transportation, and the members oI the channel itselI (producers, brokers, retailers and
households. It is always relevant to choose a channel pattern that is suitable Ior the target market
needs. Thus, iI the targets are the women who are working, selling directly to the Internet and
through various salespeople is the best choice.










14

SWOT Analysis

A scan oI the internal and external environment is an important part oI strategic planning
process. SWO1 (S ÷ Strengths, W ÷ Weaknesses, O ÷ Opportunities, 1 ÷ 1hreats) is a tool used
Ior auditing an organization and its environment. Role oI SWOT is to take the inIormation Irom
the environmental scan and separate it into external and internal issues. Once this is completed,
SWOT determines iI the inIormation indicates something that will assist the organization in
accomplishing its obiectives or iI it indicates an obstacle that must be overcome or minimized to
achieve desired results.
Environmental Scan
/ \
Internal Analysis External Analysis
/ \ / \
Strengths Weaknesses Opportunities Threats
'
SWOT Matrix


13


SWO1 Analvsis Framework

Strengths- Internal to the unit; are a unit s resources and capabilities that can be used as a basis
Ior developing a competitive advantage; strengths should be realistic and not modest.
Examples. good reputation among customers. resources. assets. people. . experience.
knowledge. data. capabilities. marketing, qualitv. location. accreditations


Weaknesses- Internal Iorce that could serve as a barrier to maintain or achieve a competitive
advantage; a limitation, Iault or deIect oI the unit; weaknesses should be truthIul so that they
may be overcome as quickly as possible.
Examples. gaps in capabilities. financial. deadlines. morale. disadvantages. gaps in capabilities.
lack of competitive strength.

Opportunities- Any Iavorable situation present now or in the Iuture in the external environment.
Examples. unfulfilled customer needs. arrival of new technologies. loosening of regulations.
global influences. economic boom. demographic shift

1hreats- External Iorces that could inhibit the maintenance or attainment oI a competitive
advantage or any unIavorable situation in the external environment that is potentially damaging
now or in the Iuture.
Examples. shifts in consumer tastes. new regulations. political or legislative effects.
environmental effects. new technologv. loss of kev staff. economic downturn. demographic shifts.
competitor intent, market demands, sustaining internal capabilitv, insurmountable weaknesses,
financial backing





16

enefits of SWOT Analysis

O Scalable
O Simplicity
O Low Cost
O Flexibility
O Collaborative
O "uickness
O Integrate able




Strengths
Weakness
Opportunities EPLORE EPLOT
Threats AVOD CONFRONT

SWOT SS

SWOT SNAPSHOT OF TDE
S1REAC1S:
Experience is an archwav through which one can see the rest of the world still undiscovered.
Tide`s environmental Iriendly nature is an added advantage to its image.
Tide maintains the soItness oI hands & this Ieature makes it a Iavorite among the
housewives.
It is priced comparatively cheap as compared to other detergents.

17


WEAKAESSES:
Ao companv can win if its products and offerings resemble everv other product and offering.
A huge number oI substitute products were present in the market.
A lot oI money was spent on CSR, rather than innovation.

OPPOR1UA1ES:

t is important for the firm to analvze the competition and respond proactivelv rather than
reactivelv to sustain itself in the market
Tide can Iocus on changing its customer base Irom urban to rural areas.
It can enter into aggressive marketing oI its existing product.
Tide can hire staIIs and Iactories on a contract basis to increase its production.
It can enter into bundling` or co branding`.
1REA1S:
n business, the competition will bite vou if vou keep running; if vou stand still, thev will
swallow vou
Tide Iaces a stiII competition Irom the emerging local players.
It is still Iacing the drawbacks oI being a late comer`.
The sales oI Tide are picking up very slowly as compared to others.
The unsophisticated buying behavior` oI consumers is a deterrent in its growth.




18


SWOT SNAPSHOT OF RN
S1REAC1S:
Rin has a very strong brand portIolio associated to itselI.
It has the base oI a strong company.|HUL|.
It has a competitive advantage over other brands.
The Corporate Social Responsibility oI Rin adds to its value

WEAKAESS:
The high price oI the product makes it a big-time victim in the detergent market.
The product caters only to a particular segment oI the society.
Rin lacks market control which in the long run severely aIIects its proIit-margins.
OPPOR1UA1ES:
Rin can take into account the changing liIestyle oI people and act accordingly.
Rin can also Iocus on increasing its production volume.
It can plan Ior acquisitions in order to strengthen its distribution tie-ups.
Rin can aim at geographical exports & imports.
Rin can use tactics to appeal the consumers.

1REA1S:
The price war in the detergent market is a serious problem to Rin.
Increase in production & labor cost has posed a challenge to rin.
The economic slowdown has aIIected the sales oI Rin.
MNCs coming to India particularly in toilet & soap industry are aIIecting the growth oI
Rin.
Emergence oI small but strong regional players is also a threat to the growth oI Rin`s
market share.


19

PEST ANALYSS


PEST analysis stands Ior "Political, Economic, Social, and Technological analysis" and describes
a Iramework oI macro-environmental Iactors used in the environmental scanning component oI
strategic management.
O Political Iactors, are how and to what degree a government intervenes in the economy.
SpeciIically, political Iactors include areas such as tax policy, labour law, environmental
law, trade restrictions, tariIIs, and political stability. Political Iactors may also include
goods and services which the government wants to provide or be provided (merit goods)
and those that the government does not want to be provided (demerit goods or merit
bads). Furthermore, governments have great inIluence on the health, education, and
inIrastructure oI a nation.
O Economic Iactors include economic growth, interest rates, exchange rates and the
inIlation rate. These Iactors have maior impacts on how businesses operate and make
decisions. For example, interest rates aIIect a Iirm's cost oI capital and thereIore to what
extent a business grows and expands. Exchange rates aIIect the costs oI exporting goods
and the supply and price oI imported goods in an economy

20

O Social Iactors include the cultural aspects and include health consciousness, population
growth rate, age distribution, career attitudes and emphasis on saIety. Trends in social
Iactors aIIect the demand Ior a company's products and how that company operates. For
example, an aging population may imply a smaller and less-willing workIorce (thus
increasing the cost oI labor). Furthermore, companies may change various management
strategies to adapt to these social trends (such as recruiting older workers).
O Technological Iactors include technological aspects such as R&D activity, automation,
technology incentives and the rate oI technological change. They can determine barriers
to entry, minimum eIIicient production level and inIluence outsourcing decisions.
Furthermore, technological shiIts can aIIect costs, quality, and lead to innovation.

PEST ANALYSS OF TDE:
Political/Legal:
The manuIacturers oI Tide should prove that all surIactants in a detergent are ultimately
biodegradable.
The company is required to make available on a website the ingredient data sheet Ior consumers.
Economic:
TIDE costs much lesser than other detergents used by upper class Iamilies. Its cost is about
Rs.50/per kg.
InIlation had an eIIect on the detergent`s sales Iigure.





21

SOCAL
Tide targets women ages 18 to 54 years old. Over years, Tide constantly directs its marketing
strategies to suit women oI these ages. This is because when it comes to laundry, women
belonging to this category hold the power to make decisions.
The company came up with a new version oI the product that has constituents that helps protect
the hands oI the user .

1echnological
The R&D activity oI the company pioneered the concept oI cold water detergent.
The company oIIers a cutting-edge technology Ior detergent powder . The complete detergent
powder plant essentially begins Irom slurry Iormulation and Iinishes with the packing oI the
perIumed spray dried detergent powder.

PEST ANALYSS OF RN:
Political/Legal:
The company should provide inIormation in conIirmation with the biodegradation oI any
surIactant or relevant EU derogation granted.
ConIirmation oI the ownership oI the test data Ior ultimate degradation or agreement with the
owner Ior its use
Economic:
RIN÷ (BD Cost ¹ Transportation)Ŵ(ULSD cost ¹Transportation)

InIlation had adverse eIIect on the demand oI the products

22

Social:
Basically targets the middle class Indian House wives

Rin Young Impressionists is a unique program aimed at developing the personality oI school
children at an early stage

1echnological:
Developed Rin Supreme with better enzymes

Anti-Ioam ingredients were used Ior machine-washing detergents, which made the lather rinse
more quickly.












23


SEGENTATON. TARGETNG & POSTONNG:
SECMEA1A1OA:


Market segmentation is the process oI dividing a heterogeneous market into homogeneous sub-
units.
Consider the Indian market, which consists oI more that 1000 million people. For a
consumer product company making detergents, this is a big number and hence a big market.
However, not all the 1000 million people believe in the same things. Not all look Ior same
Ieatures and buy Ior the same reason.
The market segmentation helps a Iirm compete in a highly competitive market. A successIul
marketer knows that all elements oI marketing mix are imitable. Sooner or later the competition
will catch up and at the end oI the day; it will become a promotion and price war. To be able to
overcome this threat Irom competition, a successIul marketer should always segment the
markets, and then position themselves in a segment where they perceive they will be able to
deIend against competitive attacks, and emerge as the segment leader. The competitive
advantage oI a Iirm lies in being everything to a select Iew. To be everything to
everyone is a sure recipe Ior a strategic Iailure.



24

Basis Used Ior Segmentation:
I) PreIerences:
II) Hierarchy oI Variables:
II) Situation Based


1ARCE1AC:



Targeting is the next step in the sequential process and involves a business making choices about
segment on which resources are to be Iocused. There are three maior targeting strategies:
undiIIerentiated, concentrated, and diIIerentiated.

AIter the most attractive segments are selected, a company should not directly start targeting all
these segments. The attractiveness oI the segments is also depending on other important Iactors.
In the main activity oI deIining a target market, Iour sub activities are given which are the bases
Ior deciding on which segments will actually be targeted.
The Iour sub activities within targeting are:
1. DeIining the abilities oI the company and resources needed to enter a market
2. Analyzing competitor`s on their resources and skills
3. Considering the company`s abilities compared to the competitors
4. Deciding on the actual target markets.


23

Targeting can only be done when segments are predeIined; there have to be segments to analyze
the competitors which are in this market. When the process oI targeting is ended, the markets to
target are selected, but the way to use marketing in these markets is not yet deIined. To decide on
the actual marketing strategy, knowledge oI the diIIerential advantages oI each segment is
needed. When positioning a product, the segments are Iirst analyzed.

Positioning:


Positioning is what the customer believes about your product's value, Ieatures, and beneIits; it is
a comparison to the other available alternatives oIIered by the competition. These belieIs tend to
based on customer experiences and evidence, rather than awareness created by advertising or
promotion.
The goal oI product positioning is to keep your product on top oI your customers` mind when
they`re considering a purchase. To be successIul, product positioning must achieve three
obiectives:

DiIIerentiate your product Irom the competition`s
Address important customer buying criteria

26

Articulate key product (or company) characteristics

Process:
Understand your target market
Understand your competition
Map buying criteria against competitive positioning
Target market buying criteria
(prioritized and weighted)
Competitive positioning
40º - Color selection Company C
30º - Length of warranty Company
0º - Service reputation
10º - akes me happy/feel good Company A
5º - High tech gadgetry Company and D



Assess your product`s strengths against the buying criteria
STP ANALYSS OF TDE:


Procter & Gamble (P&G) is in iust such a situation. When the Rs 750-crore company introduced
Tide in India, it was meant to accentuate the Iortunes oI the company`s detergent business in the

27

Indian market. AIter all, Tide is P&G`s best bet globally, accounting Ior 10 per cent oI the
multinational`s $ 35 billion global turnover; it is also the world`s largest-selling detergent brand.
However, three years aIter its entry into India, there is little to prove that Tide has made that
desired splash Ior P&G. According to retail audit house, Tide has grown marginally Irom 0.1 per
cent volume share in 2000 (it was launched in May 2000) to 0.7 per cent at present. P&G`s older
brand in the Indian market, Ariel (launched in 1991), is also suIIering. Ariel`s volume share has
dipped Irom 2.6 per cent in 1998 to 1.5 per cent currently. Worse still, P&G`s total volume share
in the detergents market has dipped Irom 2.6 per cent in 1998 to 2.2 per cent currently. But still
P&G launched another premium detergent in a market where its super-premium brand was
already present, risking cannibalization by the new entrant.
An excerpt Irom Philip Kotler`s arketing anagement. The illennium Edition (Prentice Hall;
2000) throws some light on P&G`s global strategy with respect to its detergents: 'P&G will
enter a market containing a large entrenched competitor. Instead oI launching a me-too product
or a single-segment product, it introduces a succession oI products aimed at diIIerent segments.
Each entry creates a loyal Iollowing and takes some business away Irom the maior competitor.
Soon the maior competitor is surrounded, its revenues are weakened and it is too late to launch
new brands in outlying segments. P&G in a moment oI triumph then launches a brand against the
maior brand.¨ In the Indian market, however, this global template quite didn`t work. True, P&G
managed to pre-empt adversary Hindustan Lever Limited (HLL) to some extent by launching a
premium brand Iirst in the Indian market Iirst in 1991.




Thus, P&G saw the route to expansion in Indian detergents market through its saIest bet by Iar,
Tide. But by the time Tide was launched in 2000, the lather was subsidizing the premium
detergents market. In 1999-2000 themselves, the premium market shrank by 27.09 per cent (in
volume terms). Analysts are oI the view that P&G Iloundered by launching Tide as a premium
detergent at Rs 120 per kg, iust Rs 35 lower than its super-premium sibling, Ariel.


28

The market was already experiencing a downward pull towards low-priced options like Ghari and
Fena which had increased their shares in the market. Tide`s growth in the Indian market was
initially slow on the uptake. Tide could manage no more than 0.3 per cent. Also, Tide`s pricing
was a deterrent to initial product trials. Says Nikhil Vora, an FMCG analyst with ASK Raymond
James, 'The need oI the hour was a value-Ior-money brand and not another premium brand but
P&G did not take that into account.¨






P&G did attempt to correct its mistake: in August 2001 it made Tide cheaper by Rs 35. With the
market price down to Rs 85 per kg, it could address the consumer segment that couldn`t aIIord
Ariel. According to analysts, P&G`s strategy Ior Tide increasingly started to Iocus on the value-
Ior-money consumer and this could represent the company`s strongest eIIort so Iar to grab
volumes in India. Certainly, volume share crawled up. According to Rahul Malhotra, country
marketing manager, P&G, the Tide business has tripled post the price reduction. But it`s not iust
the pricing strategy that helped Tide rise up.

Another Iactor, aIter the price game, that worked in Iavour oI the detergent was the 'whiteness¨
proposition (Ariel has always been promoted on the 'cleanliness¨ platIorm). And Iinally, what
helped Tide gain momentum is the communication channels it chose to reach to its target audience,
which was diIIerent Irom that oI Ariel.

In the case oI Tide, though, P&G Iocused on the traditional Indian housewiIe (the ideal core target
Ior any detergent brand) Irom the beginning. Says Kamal Basu, executive vice president, Saatchi
& Saatchi (ad agency Ior Ariel), 'The mid-priced detergent segment is ballooning in Indian at
present, eating into the shares oI both low and top-end segments. The price drop has only arrested
the shrinkage oI this segment.

While media buyers say the game show is connecting with Tide`s audience, the market dynamics
pose a diIIerent challenge.Tide`s unique pricing could act as an advantage because it is a
convenient price point Ior a premium, 'international¨ brand in order to enable customers to

29

downgrade Irom costlier brands. But what iI Tide washes away Ariel`s Iranchise?

Tide quickly spilled over the boundaries that company strategists had drawn Ior the product and
ripped through P&G's core markets.

'A powerIul clean that won't wear out your clothes¨. Tide Powder gets to the bottom oI dirt and
stains to help keep your whites white and your colors bright. For great stain
removal in any temperature, "uick Dissolving¹ Tide is Iormulated to immediately start
dissolving even in cold water and a super-soluble detergent means virtually residue-Iree
clothes! Moisture-resistant cartons with Moisture Guard Protection¹ and Snap-Lock Lids¹
mean less clumping so your powder stays Iresh and Iree-Ilowing.

'Get the most out oI your high eIIiciency washer¨. High eIIiciency washing machines
accommodate larger loads and save money on utility bills. But unless you're using the
right laundry detergent, you may not be getting the results you bargained Ior. Tide HE is
specially Iormulated to unlock the cleaning potential oI high eIIiciency washers in U.S.

Helps clean away stains and odors with ease. Tide with Ireshness gives you the great cleaning
you expect Irom Tide, now with the Ireshness you love. Tide with Freshness is specially
Iormulated to help target and remove common odors that get trapped in Iabrics, and then deposit
"Ireshness actives."

S1P AAALYSS OF RA:
HLL launched the Sunlight (yellow), Wheel (green), Rin (blue) and SurI Ultra (white) detergents
powders Ior diIIerent market segments. This strategy oI segmenting the markets, understanding
its needs and then evolving marketing mix to suit separate segment needs helped HLL win back
its lost market. In Iact Nirma made all other consumer product.companies sit up and take a Iresh

30

look at their markets. It announced, Ior many, a beginning oI an era oI low priced products Ior a
highly price sensitive Indian Market , and, to others ,an end oI a mass marketing era.
Clean clothes play a critical role in our lives by creating a good impression and being recognized
by society. Rin plays an integral part in enabling us to look good by providing demonstrably
superior whites. Now new Rin works to give you whiter, brighter clothes.
Rin has always provided brilliant whiteness and new Rin is an eIIort to even better this. It is
made up oI Iiner particles that dissolve Iaster in the bucket. These Iiner particles attack the tough
dirt areas and remove most oI the dirt during the soak itselI.
New Rin gives your clothes twice the whiteness as compared to ordinary washing powders.
Yes, that's true. Not only does Rin's new Iormula work Iaster than other ordinary washing
powder, but also better. See it Ior yourselI!


Look how Ultra Violet light shows the diIIerence in the whiteness when compared to ordinary
washing powders.

31

New Rin gives your clothes twice the whiteness as compared to ordinary washing powders. So
why settle Ior anything less?
New Rin available at your nearest store. Also available in Jasmine Fresh Iragrance.
The launch oI new Rin powder with a unique double whiteness proposition. Unlike other
detergent powders that contain mud like ingredients the all-new Rin powder dissolves thoroughly
in water. This path-breaking innovation is patented by Unilever.
The new Rin powder, with added perIume has a Iormulation Iar superior to the erstwhile Rin
Shakti. The new Rin ensures longevity, keeps your clothes looking new longer with double the
whiteness.
A recent survey on habits and attitudes oI consumers revealed that maintaining whiteness oI
clothes is the second most important consumer problem. Realising the criticality oI whiteness Ior
every Indian housewiIe, HLL has addressed their need by launching the all new Rin powder,
which gives double the whiteness. Since its inception, Rin has always been a brand that stands
Ior whiteness.
While other detergent powders do not dissolve completely in water, but leave behind a mud-like
residue, Rin's new innovation allows 100-per cent dissolution and thereby enhanced whiteness."
Until then whiteness was an area dominated by HLL`s Rin, a detergent soap. An HLL insider
admits that Tide did manage to overshadow Rin`s proposition oI whiteness Ior a while.
Forcus on cost reduction across all dimensions valued by customers¨
offers superior whiteness. Remove dirt and protect the whiteness¨.




32

PROOTON AT TS ETREES
Even in this era oI all-things-internet, there is no denying the Iact that television advertisements
have a deIining impact on the brand positioning. With TV ads, brands put their best Iace Iorward
and reach out to a mass target audience.
TV Advertisements like any other Iorms oI advertisements have one primary obiective
Conversion. A brand spending loads oI money Ior an advertisement campaign strives to see a
multi-Iold ROI through increased sales.
However, in recent times we have seen advertisement campaigns which have managed to
generate a buzz Ior the brand solely on the captivating ad campaign. Telecommunication giants
have experienced this Iirst hand with the ad campaigns oI VodaIone, Airtel garnering amazing
response Ior their ad campaigns. The Iamous zoozoo have even provided a whole revenue stream
Ior VodaIone in the Iorm oI custom merchandise.
Hence, it comes as no surprise that brands are very aggressive when it comes to creating
advertisement campaigns. The desire to outdo the competition is so clearly depicted in the Iorm
oI advertisement campaigns.
Such a strong medium television is that brands are resorting to settling scores through it.
That is exactly what HUL, the maker oI Rin tried to do; along with promoting their own product,
they ran a negative campaign Ior their business rival. Viewers enioyed the advertisement, which
was really well made, but the Iolks at Procter & Gamble the maker oI Tide were totally
aggravated. The inIamous 30-seconder commercial ignited a debate over advertising standards in
India. No viewer could have missed that advertisement as it had hiiacked maiority oI the slots in
all the popular TV serials, soaps and movies. This was clearly a publicity gimmick on the part oI
HUL. They wanted to create a buzz around their product, Rin. In this endeavor they deIinitely
succeeded. A big buzz got created and HUL guys must be patting themselves on their backs.

33




The concerned advertisement positioned a mother as having a son smug with the prospect oI
having whiter uniIorms owing to Rin`s proIiciency in contrast with another Iamily using Tide.
The Iirst child even manages to steal Tide`s catchphrase to make the mother look silly. All in all,
HUL has ended up making a real mess (pun possibility?).
That`s what makes us ask the question, are we crossing the lines at times
In the advertisement, placing itselI to be a better bet than Tide is anything but squeaky clean (pun
intended). Having done so, the ugly head oI commercial disparagement has been reared again. P
& G, the brand owner oI Tide has a valid claim bolstered by the string oI case laws such as

34

Colgate Palmolive India Ltd. v. Anchor Health & Beauty Care Pvt. Ltd. that have discussed its
elements.

The veracity oI whether Rin is truly a better product in cleaning clothes owing to production
superiority is a question beyond the scope oI the debate. No trader lacks the ability to state his
product to be Iinest in the market and stronger, Iiner or better than its competitors. It is outside
the law however, Ior a trader to declare his product to be the best iI at the same time he asserts
his competitor`s product to be oI inIerior quality. Credit Ior the same goes to the matter oI
Reckitt Colman oI India ltd vs. MP Ramachandran and Anr. Rather than poking Iun at a
competitor as Pepsi and Coke did in their Iamous ad wars, Rin went all the way to bash any
brand image Tide might have enioyed. ThereIore, while scientiIic veracity oI the claim cannot be
iudged at the outset, the ad itselI is negative to its competitor and hence, implicates HUL.
However, in a media blitz such as the one our world resides in, is any publicity oI this sort-
where a product itselI has not been alleged to be harmIul to a user per se and has simply been
deemed less superior, opinion shaping? In other words, would such an ad cause a consumer to
actually think that Tide is not a good product and cause its users to change loyalties? Surely a
discerning viewer and consumer would not have looked at the Sprite ad that poked Iun at
Mountain Dew and decide against consuming the latter! In Iact, by resorting to such a Iorm oI
advertisement, Rin has unnecessarily included Tide in their screen time. Creating the current has
only given Tide Iree publicity Iunded by Rin.
Any good publicity agent would tell you that a good ad must create an impression on the minds
oI the viewer. Companies should stick to the aim oI making sure that their brand identity is
Iirmly imprinted on viewer consciousness. However, ads such as the one made by Rin are
counter-productive to the company iI such controversies are going to give Tide Iree publicity
anyway. The advantage iI any is oIIset by the unnecessary publicity highlighted.




33

Why would HUL approve the campaign?
According to The Nielsen Company, in January this year the value share oI Tide (8.8 per cent)
was almost double that oI Rin (4.8 per cent). In January 2009 the gap between the two brands
was closer when Tide enioyed 8 per cent value share and Rin was behind at 5.1 per cent value
share.
To combat the Iall in shares, this January HUL did drop prices oI Rin Powder (1 kg) Irom Rs 70
to Rs 50. In its latest ad the price cut is being prominently displayed (Rs 25 Ior 500 gm) Ior the
Rin pack while Tide Naturals is pegged at Rs 20 Ior 400 gm. There are also some promo pack
sizes at Rs 10 Ior 250 gm.
Well, iI you can`t beat them, at least deIame them seems to be the mantra.
Another interesting insight that this Rin-Tide saga has brought to light is the Consumer Connect
With rands. ACSI is acting on the issue based on the various consumer complaints received
and even generally, consumers have been unanimous with their support Ior the Tide brand ( or
the breach oI conduct by Rin campaign)
Consequences
The eIIect wasn`t very beneIicial Ior HUL


36

The Hindustan Unilever stock was beaten down by 4 per cent on the Iollowing days on
concerns about a renewed price war emerging in the detergents category.
HUL's much larger size, market share and large product portIolio certainly allows it greater
leeway to persist with aggressive pricing strategies, than the smaller P&G. This suggests that the
company may be able to eventually ward oII this new threat to its market share as it did in 2004.
However, Ior investors in the stock, this could mean loss oI pricing power in one oI HUL's key
categories Ior some time to come.
HUL's margins in its key soaps and detergents segment, which were at well over 20 per cent
levels in 2003, moved signiIicantly downwards in 2004 during its much publicised price war
with P&G.
Current margins in this segment hover at 14-15 per cent. With input costs beginning to chart an
upward traiectory once again, and HUL Iighting turI wars on a Iew other brands as well, this
appears to be one additional worry that HUL can do without.
No matter who has the last laugh in this HUL-P&G advertisement battle, this issue has made it
clear that promotion through TV Advertisements have tremendous impact for brands and
lines can be crossed to outdo the competition








37

COACLUSOA



Today a brand needs to Iocus on all the aspects oI its business, whether it is external, internal,
macro or micro. They should be analyzed based on PESTEL, beIore deciding the business
strategy. A business is impacted by all these Iactors and so is the strategy oI running the
business. As we observed by the SWOT analysis oI the two brands rin and tide that, every
product oIIering should accentuate its strength and negate its weakness. The opportunities Ior
both the brands were similar in nature but still by proper segmentation targeting and
positioning. Tide was able to create its own category in the existing crowded detergent market oI
India. Even though both the detergents more or less provided the same kind oI Iunctional
beneIits still they had diIIerent marketing mix (4ps) so as to diIIerentiate. But Iaced with a
competition mudslinging and indulging in price war is never the best option. As we have
observed that, rather than gaining anything HUL kept loosing its market share and stock
valuation even aIter the deIaming campaign.
The answer to competition is innovation. Tide was able to sweep HUL oII its Ieet was because
they were not innovative enough. So iI a brand is to be managed properly one should depend on
two tools: marketing and innovation.

38

BBLOCRAPY:




http://www.quickmba.com/marketing/mix/
http://www.scribd.com/doc/6464143/McDonalds-4Ps-OI-marketing
http://www.greenIile.net/resources/downloads/mktmix.pdI
http://www.researchconnect.com/downloadreport.asp?RepID÷55248
http://managementIunda.com/tag/marketing/
http://www.scribd.com/doc/9823405/SWOT-Analysis-oI-the-Detergent-Powder-SurI-Excel
http://wiki.answers.com/"/PESTLEanalysisoIHUL
www.plu.edu/~simpsoja/doc/pg-pp.ppt
http://marketingteacher.com/lesson-store/lesson-segmentation.html
http://202.205.89.79/download/materials/2007I/discipline/Marketing/Kevin°20Jones/6.°20Segm
entation,°20Tarketing°20&°20Positioning°20Ior°20Competitive°20Advantage.ppt
http://news.priorsmart.com/rin-v-tide-analysis-the-controversy-b388/
http://raieshaithal.blogspot.com/2010/03/rin-vs-tide-ad-ethical.html








39




















  

 %%$  

9

  -@D

@  9.@-@@-@-  -D@-D-I.

@@- 9@-- @ .  @.-@@.@-.@ .O  @@-@  -@-@  J@- @  9@- @  .   9#@.

-@I @I¾ .

-.

D  9                       .

8841340/09.0.7093897..9008.3.30/3902....08841.:7.70-74:994:8- 4:73897:../4590/- 90.3 8-:8308803970/0503/843902.7403.088   0.8.84390-.9031472.905.3289.425090989.    !# %08:.0970/945:94:72.-:83088942.425.8808 0.08.0970/945:934:7-089011479894.901.9..2:201147994 0990..7093897..425.3945742490980893574/:.930      .098:.90 .3.943 40..5570.02039.947         .70932.07 04:/..

438:25943 3 2489 574/:.93 90 :39.84.3/810.7  4.943 0.3  .07 3.4342.947 14790 :3  7.8 .7098.9 .3 3347$4:58 33.7/0/ 90 42-.0  & ..3/8   8:7.7488  /893.3 3 90  80.6:702.904741$:89.90/ /08570.884..90/ .8..7432039.7/8     .8 025400 897039 4.3/ 6:9 8 489 %7:890/ 7.438:207.9:734.708570.3/$:38 4390 #0.0 .7 .59.70  .5:73.8 800. ..709.890  83 .8-7.8  09.9078 94 0.  %# &% % % #$% $ &$%&'#% 3/:89.3 5708847547.89 24.8 507 .0  2.-03.709 8 809 94 970-0 1742   -43 3   94   -43 3    !03097.308 5708039 3  802039 0 &  .70.3 .3/ .90.078  9 .70  ..425.9075:71079903.3.28  94495.7/8 4:7&-7.3/8..94..3041574/:.20 0 !0584/039 $:71.9894 2434:9098 9.07      2.041& 8 0.70  &3/07 98 9 .3 .8 -7..3 2470 ..9:70/390945 894190.82.07..8 744043/ 5943  9.  425.!:8.07 &  8 90 .8 -7.3  9 .3/144/8 -0.709 549039.438:207 44/8   .3./.7089 1.074:9413/.39...0 549039.20!:709  %0  2./073420 507843.59.9801 9.3/8  : 4./07 8 089%7:890/7.943 3988020399. %208 7..98.0 ..9.0 00 :  4. .-:7  %  4/70  2.7/ 390.8 90 945 3/.9.3 2470 44/8 0.9078 98/07.3:1..:3./ 30947 974:98 8:55078 .78 3.425.9./3 -7. 3 3/.08 &...08410.0 !0.94341 -43  420  507843.3/8 9.9 .70574/:.8 0 .550/ 2...3 &30. 8 4 3/..07.420 802039 41 545:.904708 0 .904708 94:. . 0..3/80.2-07.908 %0702.../897009  207.08 &3/0798 802039 9.3.943833/. .08 & 8-7.8 ..3/ 0 88.

3/ 0. !74.8 8507  ! 420!74/:.41!.3/0.3438:20744/8425.70802039.3#8  .2-089080.2-0 420 !74/:.3/9.8 70.438:20744/8 33/./ $4:/078  !.790/ 2.3089.907 .3 &$3.907 .:3.-7.947 .425. 9:734.  .70290/8430413/.9 .07 3908.94385 9 3/.839854791441.9:708.98. 290/ .907  .907  .0390.708 !  030 ..98039070/90.0 7.98290//0.709 3 !74.2-0 4  !   8 .8 3.907  . -7. /.98 290/ . &$039070/3/.98  3  !74.0890/ 90 09070398 -:83088 94 !74.30.32. 89.70802039 .70.3041.7.3.983974/:.2-0 8 70.3/80'.:3.3/%/0 390 ..790/ 3  03 '.:3.907  .907  .90/ .2-0 425.0/%/00907039!4/07 90..3/ !  420 !74/:.7.7./.  !# %#  !74.8948:-8/.07 290/     .7 41 %0 !74.333/..20 41 90 425.3 .83.74708 9.9  4 9.41'.47547..080.24:8-7.894.70 9/  .:3.3/  %4/.907 .2-0 030 .98 9/  !  030 .9 .3 -.3/ 41 574/:.7089.3/#04.  3/.70802039 9.43/.425.0/!.9 ./07.93.98 .907 .2544 3  !74.3/88:.507-7.907 .2-0 3/.0890/9009070398-:8308894!74.0870$:507$4.7089803 /090703939047/ 3  !74..2-0420!74/:.3/ 0.0/.074124709.89089743.98290/.70 290/   !  420 !74/:.33.8!74/:.70$02039  !74.39030!74 '8.39030 ..907 .9 3.8 !74/:.3 94 !74.30/ 90 3.80/ 3 3.19073/:89.2-03/.7!74. -7.2-0.3:1.!74.907  ..25078  47/83:2-07430803/.2-0420 !74/:.8   8:-8/.9 2.8398 994-.200.3/ 0.3/.2-0 3/.2-0420!74/:.3 207.907  .7093 / $5.3/ 89.2544 3!74./ $4:/0788.947 .-7.2-0420!74/:.98 3   !74.:3. 81.2-0420!74/:.9047990.

4898 574/:...07057080398904.70 .4190..814:7/893.0/807..8947084390 3907309     ..24:39.:80390 2.330 9.89470.709072.9 98/0907230/-.25041.7098.4:2041:398 95.94389..0/472.890/897-:943.42509943 2.850.  !#  %  !74249437057080398.358.94783.982.9.2.  #% !8 #%     !# &% 34-0.1.3/5439418.79:.07983 5:-..2.7095.814790574/:.0.90020398 .9.08904903/:897  !# %057.422:3..574/:.09../.70.3:2-07 411.80/ 98419037010770/94 .708.:8942075.8.88574/:.3:1...943070..9:70/43.0890.3-05:7.0 !7424943..:/0.0  ! !.:/32....9438 47/4124:9 .33.947.09 ..9/039909.88574/:..807..80.907.

-93902.8.98981.8%/06:/ %/0!4/07  %/090-7007083088 %/04/.-80/98 2. %/0 90..39.03   .0 %  !74. %/0$9.0 %/0 11. 998/0.2083907.08.098.70 4190574/:.907.3902.390/02.4143 %/090.:3/7300/8 %/0.2-0 8%/08.7841.41574/:.3/ 49078 9. %/0.87./0907039089.85-7.4393:0/9889..-80/4.3//05.98 2574.709.907 %/0994:.07.77.-7.7098.243902489545:.30.98411070/8:.97430//09070398 39047/ ! 9.700947    !7.30174203.:3.7.07   $3.3 8089.7093 57.0 0390248954071:94432.03.3/ 0.      !74/:.3/83909.7098 940903/3908.3/.0857/0357434:3.3.9.7092..425.9.9 .9.9073.08 %0804.422920393053 1..08/03910/144390 .333& $ 9047/ 8178983909.3/981190.3-7:8 %/0: .3/4-0..990574/:.7098:5702.

9703/34.9 100/-.420.:/09010.7 !7.078.8-0:3  %4/.-0.4198.0 .709.8-0.9.8420.88443.:3/781380/ -:9988349948:0899..98.943.../.094.0..38..997.80/57.38283/00/:801: 94: 98.30.0 8:70/970203/4:897073  !74/:. 804594314790..20.709088.99003/4198574/:.890.07 389.0/-90! 9.438:2078949790574/:./3.  7.9 8 30.08 4729906:.010  %/0 8:801:308805708.4342.3/3.9-:078849.38:90/380.341%/0/090703984.9 $07. ! 57.383494394 .0 11073 !74/:.8 574.20  94 3. 00 2439 470.9014743040/.997.3/0/507:39920  942..9434190574/:.47507.08.07./.550.0902.084190172  9470897.4:398147-4970.190798:80 8390:8:..90/ %0803.3/%/0 8.8 94:702470.4.83.1907 8.9 807.9.3314790..08807..0411073 4390.425099478 %080.09.3/7085438-914790574/:.9:70847.70.9:.09097..08904110738 9..30110.3908 .708:9  -:3%/0..:8942078 /0.843-00370.9 9908.9 ! 349-00/.425099478 .39908 /02.9.997-:908 .7072.77.80 33/.990-:4907902843.97084:7.0/ 2.80:398.997.47549039.4:20841%/08./-00390.0894-0..9:.5574..9  . 070! .0/90  /8.9.0 97.9..3-02...438:2078-:9.3/  94.9.849408803902.08849.:3.35:.020.8808 %057205:75480.08  .

057..8080 14:.0..4220398.5.041%/04304:/349..

70088942:.3/344307.07 4310419024/073.438:207834419879 &8:.09498.7347790902 ! 84:/703147.090 2088.70.5570.0902..98 .438:20789907%'. 8:089438 40.90..9090701147994.4390390/9:8390574/:.425.3 4:/. 90 .

/4.7.

3/3.-4:9 90574/:..208.07 ..8-003703430/-98705:9.070234-808843    ./009.94341.-7.30.-09434/70.8-003904.9147.970.42203/.99093419 .3/94:3088 %/0.425. .3574.943890.   %/0 .0039.0 95.-7.309.438:20784:/3441907 798 3709:73 90..203981471.880843902088.33 50450 8902507.489:2078490100..08418:5702.843 03 901.42520393900.8.98 .4.990./8849.34:/-0.

08. .2-08503/830.9434190 .3/7.44/450335:3.908./.4:94339047/4131472.39430419047/ 8-089./4.8425479..089./0903907309  $2.330.07983.4908  !7424943 3 !74.9./8.8-0033974/:.907.344.3/.343-79 .3088 90892434105079847703430/ 507843..:89890 -03019841-49905739.25.3/00.3/02.2-00./4.3/980./..20/.3308941:79075742490%/0 &8:.7 %'../.44787030/ ! 0/ 90.790/943.3.843.30 5708039.3147%/0 097.35489.3/7.079833.9743.0798078 !74.47//0  %4/./8.39.  %/0990335407./..943 %0.079.0900.70.083814790-488423412.4393:0/70.079832...42509947 8574/:. 9008903.70.07983 455479:3908 47389./.7 -43434-.0/ 080 03-79.943 850..0 545 :5.  0110.3/.4470/.9.907.4.0413907309.3/90.

/9  /059 2.9974:.90/..9.3/:5/.3307415708039.92574./8 ..3/.74/890.03:0070..47547.0203982..-03./0.3890 8:5074789.0890 8.9.24:824.07.89478 .7095.990..89478  %0247003.4220398 70.894908904790574/:.95489.438:2078.8-02439470/.3/34190574/:..0       ...039490./.9478.907905488-99.84058  9474:.9438 .990394341.4:/.89478 %4/4 98 908902:89.70.2.438/07.0907.0.3890890 9070.4390394190890 439039 8-70.984 9.943.:947908 .3/38420.3/00/94709.89 98.808 :80411.094 90.079833.3/4907100/-.84574.943 .97088.8-003.0574249434190574/:..74:820/.390890347/079403.47/3  110.90/ 92:89.9572..42203/.3/9203088.39.9390/0/09070392..

0..  !.

905:7.0/   94574.2.4.42570038-014790.90.4 0.806:.7092.390574/:.8/430.98190220/..704184205.:/0/....9030041504508.7 902.7093897.-4:990..438:2078 9/4082.3/90.3/.399 84:7.438/07./06:.943.00709894-089470/ 470110..908947.422:3.3974:-0990574/:.3/-74078..943841.04/078 2.0 %825089.3/.3:1.99.907.894708.3/ %0708.84..:80/ 43309.7994-0.0..8 8.947 039047/8799033905.39908 447841905...4.0-:/34184:3/.89 /0.557457...39.8.99039434190.02039 ! 2.091:79073/.9%/0147097020902507.70.3.3.0./.5..300/941:79077.9:7078 -74078 .422:343 990.990 .438:2078  390430....0730/5.459944507..943.3/ ! 14.078 894708   390430.9 807.9   57490.84:3/100/-...38349 3.98 .3/90 0 2:89-0-79.0882..0948.9%/01742-03/014720/47/.74:82..04/078 48.098..0/901443..3/   84..70932 !8 !7..20.9:7078..8438 .0080  0.574/:.2502039890:89 3 9202.98 %0574.301742 1708 9019 47488412.7041/1107039.0788 %080.93..425.997-:90841989.897-:943  %/0-03.74:88947.7..3:1.3/84.9.32.9089.425203939003.041107383.0203941 574/:..8.3/ .-0 3-49709.0 -7.438:2078 2.32.8438435.3/0.23:81.3/ 98.438:207883..0..709/02.4898! 2:893147298 89.0/3920841.0.3:.3..438898.:3/784.3/34190574/:.07983147%/0.814:3/0/4390.7432039.0.30 89473%/02:89-0/430.943.438:2078.9909..382  390430.3/9870.5 .59:7090.3/ 5.3/341908947.984.90147! 945742490%/0/0907039.43.3/408.0908:55.438/07.438/07390/0247..907.9807.3 2.4342.9.447894389.709 .94385.3308990 .79099   38:22.9907 944 19047/8.3/490789.709  !74/:.7:084190 5..90/574/:.9:70 472489:70   57490.3 2:89  1.4:/7.:7.

-0    .4..70/-.04/078 2..9:7078 709.3:1.70938:50747941%/08770.078 -7407 .2./897-:943070 8.943..:8942078 %:8 90 39073.3/90.74:889.

#38:.8030 903088897089#3 ..425.7.43.90892.90.8455480/9447/3.90..9:73.425090705./.9.-.8.439.8.30/0.9-.3/574507990230243.88.82.0.147..34907-7.03941.943.7.3 9.398#38:57020-.8 #38349.07.95745489438 8:50747903088.3/.9 90-.3/#3 $.0/.8/0.041900893.58 9.59.3/0903/0/3.90/.8470.:3.9920 9.9.:3.7.0/.5-090035702:254/078 .5 98.8897.84.954/0707030.954/07 #3$.07.3/8.994/893. .70954/078 .89/884.03.3:1.90.   !74/:.0 #  #3. 2:/0708/:0 %08:11 $.5489430/438:50747 903088.39#3$.9/110703957..9 .3/#354/07 #38:57020-.882..0.8 3974/:.8384.0/4390 -7.0.:3.07.848.3/8  !74/:.54/07.3/2.94.:3/784.0/.8.90-7.74507.85489430/.882.8901789/0907039-.907..438:2078.3/ %020247.7.3.80/ 507.70954/078..78 %49..80/9079..70990#38:5702057454894388:507475071472.9902593.0450/  %00. -7.0/.0392470./.9472.8.58 %0-030198..70/9447/3.0#8 507 9.3/3057454894341/4:-0903088.019-03/.-0-./.99.0 94.0.9-.5390802039-090035702:2 54/078.3/.079 .147.9#8 507 95:0/90903/057.0/9474:3..7 8.0./.0#8  507.949.43.07.057.89743-7.9 #3.7 8.0 57.58 39.3/30#3$.3/06:99.834-003/74550/17429054/075.3/2.95.7403907007089730397:08 25480/439047.7.0/.9#30340/.3.30/80.:3/784.0/3.99354/07.-7.882.490824704.90-7.944030  .3/.8.419090331..0397.954/07..0/90.7.0881:-.0397.3354/0703.8 . 394/0907039-.94341 34299 54/07  .7093.24389.39.0/    .0/3  !7.9203.907.8 .7.09089.74:930/9.54071:334.7-7.714723.054398 090#3$.7 #3$.

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

8. #8  147 7.9...0.9#8 147.25.28.-4/.857.3/#8 147907..01742&    !.3905.0 0..09 %8. #8  147.84383...4305.3/.  %0574/:.28  #8  14790 7.4..431/039 24..0/.5.

31.9 -084/9490..3/90202-0784190.70473 803/70.3303.9390 9.0             .74:8.709 %070.3/90.4.4.../897-:943.7092...74:88.438/078:..709 02039841/897-:943.3994.709 300/8 %:8 1909.908  97.709042034.7098.943 .330/897-:943706:70/94-7390574/:.3305.078 -74078 709..078..994903907309..32009390300/841909..4480.890.3309801 574/:.385479.947894.94307090574/:..3/ 974:.3 8947.8700.7:.7092.3/ 4:804/8 98.:/0905.-0147909.709 2.702.438:2078 .0414..70..990739..988:9..01..84.0850450890-089.

$.74320398.88899047.3419039073.420472320/94 .03.0988.3.9433 .09031472..9.7432039.07..0/0870/708:98  3.347.0.5.325479.7432039 #4041$ %8949.9431742 9003.908.9088420939.3/09073.42583984-0.943.3/805.3/39073.:/93..088 $ % $$970398 0.9..90939409073.90.0847193/.3/9803.308808   55479:3908 %%70.34-89.88  8.09.7.92:89-04.7941897.7432039.425090/  $ %/0907230819031472.9433/.3.333 574....88:08  3..8.395..  $ %3.98 8...944:80/ 147.3.3 .

 39073.88 .3.

3.88 .  9073.

97    . $9703980.308808 55479:3908%70.98  $ %.

94190:390.-089:..2.308808 13.420.-.39..250844/705:9.5.7432039.-.3:31.34408 4480334170:..-04.:947/010..3/88:89.2508:31:10/..147..709/02.089.70/9..11 0.99.-908 2.0.39.-442 /0247.0.3.77.8.425099.5.4342..344 48841089...8908 3070:.98549039.9.3/34924/089  ./.4708./.-.08.29.3/.0897039884:/-070..41.98  03.943 .3339073.943 1.3 34473901:9:70  .583.147.3.9.990 2.-908  .0453.70.9.0.86:.9438   0.9438  4-.07.4342.3..5../..425099.:3987084:7..:8942078 7084:7.:894207300/8 .7707942.70936:...42509947390392.00110.4:/3-9902.243.94339009073.98 9073.8198  . /0.7432039  ..2508.-00.74320399.0110.0  340/0 /.943.819  %70.3       .3203941.0 .-908 13.-938:724:39.39.-9089.09.9438 549.347.47.250881983.08 0.0 /8./.89..5./308 247..5./439:73 /0247.047.2047  $970398 39073..88098 50450 050703.9490:39.39.943570803934473901:9:7039009073.438:2079.4:/807.308808 39073..0..88 147/0..9..0897039   55479:3908 31..9.-089:.30880884:/-097:91:849.. .   $ %3.887.047.47.0 ..85488-0  .03.0./.5.9 4.03.583.08 .39.98 3090.31:03.3-0:80/.3903.425099.5.08 .425099.413090.8.

9 O 4489 O 0-9 O 4.-47..3800907089419047/89:3/8..9:708..094982.98  $ %$$  $ %$!$ % % $%#%$ '   # % 50703.08   9857.08.425.425.9.70/944907/09070398    .0 O ":.0   %/02.9:702.3088 O 3907.39./.070/   %/0 803.4790..24390 4:80.38908419308841.0/.1.3.3/8 9810.  03019841$ %3.//0/.7432039.-0 O $25.3.974:..089.0.-0     $970398 0.4.9.3088 55479:3908 ! # ! % %70.430.7.88  O $.0..90.5.39.8.1703/3.7.

398013902.70/9449078   %0 :384589.090.   $$$ 4.303907394 -:3/3 47 .118.8098574/:.42509943.943   9.02.37089.:843.9.3398.709341980893574/:.3947:7.47 41..9079.. .425.98.9.078   98891.0948:89..90/-:3-0..3:5.9-.88943.4-7..709   49412430.9470843..4397.3.4207   %08.438:20788..9   %/0.303907394.314.3/708543/574.88503943$# 7.5.3/89 90 8..801742:7-.425.:894207-.44:  %/01.70./09077039398749       ..3/1.8.391479017294.0841%/0.3.3334.70.90..3/411073870802-00...3/411073   :03:2-07418:-899:90574/:..0784..709  %/0.42509943-904:14:0057:33314:89.074907574/:.9079.33198574/:.390/7..08.3/3  %#%$ 3-:83088 90..42509943174290020734..9807057080393902.-.9.8   9.943   !! #%&%$  9825479.3 70.7088..8911.705..07.841-03.

8.   $ %$!$ % # $%#%$  #3.4342.84/43.9.3.3/8   %047547.970..92390/09070392.79.8414.85480/.6:89438347/07948970390398/897-:94390 :58   #3.3/5479144.5.70.3.7390/09070392.3147.79.110.943 .89743.7098.#085438-941#3.9.738  !! #%&%$  #3.054798 254798   #3.3:809.8074:8574-0294#3   3..90.0.90/949801   9..2.9047..0309473   %00.709..04.-:9897437043.7098.:.90784394.43974.089.5..:8433.5.70.90/908..04182.8.92..489..0841#3   8.8398574/:.:.82.7802039419084..70     .4:20   9.0394...- 920.-47.:0  $$  %057.04190574/:.423943/....425099.09   #3.8.884.35.438:2078   %#%$  %057.0788..894.9.709   %0574/:..0.939074941 #3   20703..70.3/...390437:380.803574/:.90$4./.53/:897.47/3   #3.9949074941#3 8 2..074907-7.8041.84.39.5.3 &(   9.890-.943.0789743-7...4:3990.550.33108904150450.110..070.989857419 2.425.739409 84.//89498.110.39..

1.9478:80/39003.02039  O !49.90.4254303941 897.8438 470.07320398.4342.9478 ..1..03083900.3.4342   .333.344. 97.9/0700.110.3//08.908 0.3/57./0/ /0207944/8472079 -./070897.88:.3/549.897:.88.3994-0574.843.908./047-0574.9437.9438 9.1.8889...74 03.1.307.39894574..-:83088748.. .. $4.749 39070897. .8.904.54. ...250 39070897.041254790/44/83..59.7-08 .931:03.3/%0.94782..3/908:55.9./0/ 207944/8  .:/0.4342  $50.990.89.9 0/:. .3/2.9478.:/00.90.4342.943 .7118 .4342.3/94.2047412.3/94809.3/90 31.0732039/408349.3...704.3/05..307.908.48941.94783.110.1.3/807..4./8 :79072470 4..7432039.0 /0.-9 !49.172 8. 549..-4:7.0732039.3.48984105479344/8 ..70..07320393907..908.08.30.94783.3/9070147094.  !$%$$   !$%..070.17.2.02. 03.3/ 317.3.90 %0801.1.7432039.3/8147!49..89...4725..9:7041.9904..9 09039.98434-:83088084507.:/0 44/8..043900..943  O .7432039.3/8 .

9.9 ..9.08.3..110.9 ...3/147.9432..30 %0.870.3/31:03.:942.9.3/025.999:/08./.07.039.908 47 0.8390.344.02039 897.3/0.3/3.109 %703/8384.0 9:8 3.1..9430...70.1.943  90.438.8198.7007.25.88438.110.48941.3/0.74:82.850..425.8438  :79072470 90..34507.850.9703/8 8:.4898 6:..8# ..3082.:/00.../94334.990/02..344...-47 :79072470 .98.988:..90 .344.904190.4:83088 545:.3545:..5994908084.3.0.3.3 8574/:.82.:/090.425.94783.. 1..94783..344.425.3443. O  $4..30..77078 940397 232:2011.943   !$%$$ % !49.039574/:.98.9478..9.04:984:7.3/49.:9:7.7:934/0747078  O %0.3/088 347147...3/0907230-.943 7497.:/090.900894.3/907.250 .0/897-:943 .

.90 -4/07.4342..0-89090370/039/./.48982:..425.0.208 98.9.3:1.09.9:707841%/084:/574.70:92.9..-4:9 #8  .881..38706:70/942.9. %.0.-0  %0..088079.34907/09070398:80/-:5507.8009147.3983. %02.4898.-043.438:2078  ./0907039.8:71.

081:70        ./.30110.943.94390/0907039 88.507  31.

08 %88-0..8438  %0.08940.  $  %/09.0/0.43899:03989..-03817428:771472:.3/84190:807   %0.4389. %0# ..39088039.:3/7 4203 -04339498.9.344147/090703954/07 %0.3/138089905.078434190574/:.43.425.420894.99.784/  ..7093 897./70//090703954/07   !$%$$ # !49.94190.70984203..9 90.35430070/90.:993 0/090.3411078.05941.34190 5071:20/857.78 %/0.907/0907039  %0.9008948:94203419080..98982.39/70..:80039.3.344.425..9.425090/0907039 54/075.90474/905407942.425.070.905857490..20:59.4/.943.8.30.

390/  43172.9433.43172./.943 &$.94390/02.943419043078541909089/.385479.3/4190574/:.4342.943990-4/07.489 %7.385479..98   .94347./.94341.3947700./031472. %0. # 489 %7.9437.943.7002039990 430714798:80 .9.425..07800110.9.90/07.943   31.39&/074./.3 8:71.384:/574.147:92./.0.

344.045390507843. 0.44 .34:80.2.08  #34:3257088438988. .9.:36:05747.0  %0.               ./703.0450/#3$:570209-0990703208  39 14.9077380 24706:..789./090.9418.7098902//0.20/.30.2370/0398070:80/1472..83/09070398 .8.30 .883/..2.9...  $4.9/0.

3/.3/09070398 988.8:.090740304:82.:70      ./3.420.7090784:/.-094 /0103/.425099.041..42509943 .9:708.709 .079394.20938 49.42098970.70932.709802039.800.32.9..99003/4190/.:5.4250903.   $%%  %#% ! $%  $%%    .7 %4-0.943058.425099.843  %02..8908020390.074308..709802039.172083-030.0 .91742.90 24350450-00.0.8 .880203990 2.709  40.425.80203907090507.9-0.50147.0.9.172.3/57.943890574.90790.0..441478..389.08841/.910 %4-00.7098 .42509943 .99.07./.425099..3/90354894390280.3/02070. .-2.8:7070.20 10.7093944240304:88:-  :398  438/07903/.897.3/03.03908.-3:2-07.32.-094 4.0020398412.083.090-0.02./07 %0.90.9 24350450 47.709073489.1.7029.0881:2.0.0881: 2..57424943.079394 0.39.-0 $4430747.3/-:147908..9.07 349.709 8:.4388984124709.438:207574/:.2070.

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

..9:.-0./03.438/073.9:708 .  %.39.3/0.-4:94:7574/:.7907.7093390802.3.:894207-00./043 90.9079.94:802.9073.:8942078 23/03 90 70..5:7.709 0390574.39./.0/   !489433   !4894338.90 340/04190/1107039.9..9 908020398.709894 9.9 8.42509943 %080-0018903/94 -.41574/:.343-0/430038020398.:0 10..3.425.08.80/43.90/ -:990.943945414:7.70570/0130/9070.904:7574/:.09700 4-0.:894207-:3.90/-.7093.7093897.0798347 57424943  %04.425099478.8020398 300/0/ 035489433.70.   .08.9..703982.:894207050703....08411070/-90.709.088419.7093803/0/ 902..2.70800..094-0802039894..701789.0 90.42509943 8 //708825479..08410..954894338940054:7574/:.990.0881: 574/:.0 7.784394904907.7098834909/0130/ %4/0.954894332:89.3/-03019898 ./.08  1107039.574/:.80 %4-08:..9174290..0.703088.3.

05489433 %.90789. 574790/.088 &3/0789.:.3/090/    447800.5-:3.3/4:7.77...0705:9.943   ..7907.709 &3/0789.42509943 .8  !74.943   03941.7.7907.389.3 .709-:3.7092.  79.3/4:79.900574/:.0820.425.425099.39   $07.55.9 47..7092..

9.3 425099.3994.7907.907 .3 8/0907039-:83088390   .3 425.10044/  90.943 0390#8 .89:.2-0 !  83:898:...3/ 425. $%!$$ %  425.0/ %/033/.425.38990-:3.820..90901479:3084190.05489433  !74..425.3.039:.3 425.9 88970398.33974/:../097    880884:7574/:.7470.

95708039 !  84/07 -7.9:734.47. %/08!  8-089-094-.849047/ 8.9! 14:3/070/-.39  30.07 984-.08.078.70.30.3.20 944574/:.87432.3/17893903/.70987. 9070899094574.907..4.47/394709.4:393147 507.4:208.08. ..908.439.7093.33-.32.8.8/550/1742 507.3/.2.9074:909405.943-90300397.1443.039.039.709 1907.3/834:938020398 ! 3.4:2090728 3.0/3 90.4:208.99498/09070398 !  03907.8.700.9094.384333/.38990 2.73/:89. 8-434-.3.:77039 478089 !  8949.039394 507.78.32.1742902.  97488420943!  84-.9 /0870/85.73.3/090703982.8 /550/1742 507.9025.906:90//3 947 %7:0 !  2.42509947 3890.9%/0..2.9 47.:3.82.70917893     %:8 ! 8.830 802039574/:. 30-7./41..3/.:3.3/ 3903/.3%/0.897.3/3903/.3.98. 5702:2-7.19079803973943/.0394190 2:93.0798.90970850.039.709.0397.9/11070398020398  .2420394197:25903.8 .20/.88:-8/3905702:2 /090703982.:/94:80 %/0.08 905702:22./09.7089 803/0907039-7.039394 507.:3.3/98944.03:08.09.70.42509947  $443902.1089-09-1.709974:988.02039%0033:2/943 !7039.848:11073 70 8.943.704190.07290/  94842009039-.039 3 .33.0/.70.9#8 507 :89#84079.:3.9 93974/:.709.3/  40.:3.0.709 70 ..:3.07 97000.5702:2 /0907039..32./5708039 783.0/94570 0259.4250994788:774:3/0/ 9870.709070988:507 5702:2-7.:3..709 40.:3. 94 507.030/.47..:77039 :989 ! .0/3.8:.703  9.-7.8147!  .7  %/0 :9-90920%/0.0/.039.3- 507.09.709 3  90280.47-7.  3/.898.3/9.0/3 8./.70 390/090703982.:3..349075702:2/09070393.088420-:83088.1742 507 ..07591742!54907 8...4:208.32.0884341574/:.8.3.70039703.3988:507 5702:28-3 70     .

03424709.3/349.998289.1147/ 70 .8.:0 147 2430-7..80/9078.5702:2  39073.8 39..//708890.438:2078020399.07 !  90%/0-:83088.09.4:397 2.039 84 %/0 857.70957.:./.3..4:208.8041%/0 94: ! 14./943.0/4594380.997.:/03...7/84 57.93394908.709.89750/54899057.844390:59.3.8.070/:.709.9.14770  %02/ 57.709 %/0 87493903/.890 903088  574548943 70.422:3.:84390./1107039..3242039:2890..8 $./050703.  %02.2. 079..4:74190/0907039.3.507-#8 990  ! 2.4770.43.3/-:9 ! //3499.- .3/0907039-7.20 9...70841-494.47/394.4:/2. ..7.0..70932. .574/:.7./0%/0.:/03.-0..47/394#.8 5480.8/110703917429.2.:80/439097.9470/31.349075702:2-7.4809470.9 050/%/0.90.94989.9.8.0 902.8.909.943.3/98.898 !  8897.9050/%/0780:5   349071..3.03.770890/ 90873. -7. .0//09070398020398-.843.3 507.709 147..99025994..790/9414.3.34:8010 90/0.19079057.8-0035742490/4390 .:8098.425.030 %/0 8:36:057./090770399439.7083902.94170   390.:9.33089.05708/039 $...70.3/ 174290-0333 $.70..3 .0303957.8'47.4:20833/.0.0.0-0. .8389.91472 3/13.0 %/0.70.3.3.3/.70.7/5:94.4:/3 9.3.3897.4:39      //..943.3 889743089011479841..9.. $.497.4709.4:/.0/4394#8507 9.0/:5 .4:/.9394.899$#..443333/.0/745.90147%/03.04198802039   020/.-:0788.:0 147 2430.20848.05439147.9.3..0  .939%/0 8.33088 5.4:/70570803990.03::89 92.3/ 03.8.3 .709./43.32.7947.3/347/079403.943 :99 8349:89 9057.9 5708039 0.8.:894207894   .243/ ...709/3.39.8: 00.4330.3/.0./.438:207.947 .208  %0300/41904:7. .3/945 03/8020398 %057./3.

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

5 338/07 .:36:0/4:-0903088574548943 &304907 /090703954/0789.941903088147 0.907 %85.425.0  47./090703984.78:50747949007890#3 $..49084433043079/4:-090 903088  70.3390308841 .9%/0//2.92.:8942078  4110788:50747903088 #024.43/248925479.9 %030#3038:708430.//70880/907300/-...3/9..:3.:3.439..90390/-&30.8.1472:.0/9.438:207574-02 #0.3.999:/0841.94:730..8354/078 $4 80990147./4#3 857454894341903088147.8..3/9070-03.090903088.7.70/9447/3.07  %030#354/07 9.438:207870.-0.39.9431.08/4:-090903088 $3.-98.390.039/884:943.:0/-..70.4130#354/079.823070817.943..48970/:.943.8390.05943 #3..9 -70.089474: 3.0983..8. 30#354/07/884.  0#3.9 00584:7.0  %0.3.:843.084:7.3/8 147903088  04907/090703954/078/4349/884./2989.8-003.48 507.490889080..3/.8./2038438.0.708989470 84.8.073/.7./423.990903088       .-03.043..0398:7.3.3334.34:8010 .3.989.4250903.0.0944.0/903088  &39903903088.-7.9.79.0-03/.32:/0370/039890.90/- 8#3 .7488.907 -:90.//0/5071:20.49089.30#354/07  .94385.078.3/57490.2:/ 0 708/:0 #3 830334.0/79.39..393088 0#3 .

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

0894890..99208 390.8 .7..42207.9 8.09024907448 3.3/43084 90:0.0798020395489430/.3907:3147284394#3 85741../0.2:83%/0  %01789.3.80942.3 !    90 -7.92..700. .8 8:.3980194-0.2 -489070/ - 90 8973 41 .8   ..0730/.349071.2088 5:35488-9  %.3 5:3 3903/0/ ... ./85.3/ 4307 41 %/0 .0..     %0.24907.  &.393-:986:0.803/0/:52.02039.70.8..3%/08./.3.43.08:8./ .-09907-099.7488390308.3.03././41.80 .899.70/.032..84382:990574850.9.8-00370..%/0 8.57.3.4397.8906:08943 .079802039 5.941 .

.30../0.:9.07.708574/:./8 8:.42509947 .9 94 -0 41 310747 6:.  4./2:89.. .007 .70!.3/8974307 130747-099079.0 94 98 . 147241 .07  .0733 .44/.43974.90 497.07. 94 90 ./07..994-0130893902...24.8 349-003.0%/029. ./.088./.9%/0 8 349..3.  %0 ..3.0.20 408 94 90 2.30 4.438:20794 .9 907 -7.9907 41 #0.3 8 411809 - 90 :330.9 41 0907 #3 8 97: .0 1 . .42509947 .78  #3 039 .9 90/       ./0794/0.890. .2 41 2.4:83088  40.70 43 94 ..9908.8:330.2.9.3 .7003920 70.721:94.0 440/ ..9 540/ 1:3 ..0  25./ 9.4908 43 94 574/:.9  70/9 147 90 8..3/ 40 // 3 907 1.3/ .33 .9 .3 -7.9.99 42.8 !058 .91:3/0/-#3  344/5:-.03%/017005:-.2./ ..3 5:-.73.44/574/:..4:3907 574/:.7 5:-.533490747/8 4:/8:.0/8.70.3 1 8:.9 90 $5790 .8  ! #. 90 .9.907 9.0 94 90 .4504190/0-.90.. 20/.9:.079802039 #3.9/ . 3.9 90 4:9809  90 .99073 1.3 41 3/.3/.:80 98:807894.94190.0394:/904:9.470.308 84:/ 89./.9 -7084793948:.3/ /0399 8 172 257390/ 43 .3 8:70 9.3/ 03.3/2.9 41 98 8479  070./ 9801 8 30.9.9 4:39.8825 -003 /0020/ 0888:50747 453438.9 0.40.398.70 .908 574/:.8 90 430 4:7 47/ 708/08 3  8 .99801 .97.088.709..939.438.42509947 8 574/:.425.:80750780.425099478 984:98/0 90.07 147.90!.9390.9.6:08943 -043/908.07808 .07  3 .3/.007  425.389..574/:. -9 8:.325708843439023/8 41 90 .3 543 1:3 ./0 - #3 .9 9/ 9.007 .24:8 . 94 -.438:2390 .00340/ %0701470 08.-99489..03/.9.908$:70. /8.0391.943 8:507479 8.9 .908 &   40.:77039.39.:80.9 3 .8 . 9/ .3//0.3/ 37  #.0 %/0 1700 5:-. . -09907 574/:.8 90 430 2.438:207 4:/ 349 ..880798 8 .209200.:/0/%/039078.3/7...00/94-0.8 43.994-090-0891.:880/98 0020398   %0 ..3349-0 :/0/ .

 808.:08.70.9902 .89/01..790.9089.030307.25.5-090039094-7.93439088:0-.090.324:899078:5547914790%/0-7.3:.8-03/..8.147&    .209028002894-0902.3 .039.0/ #8147 2 14790 #35.9-#3.42-.3 9-0.0/ ..848420574245.39870.0.47/394%00803425.3:.38.438:207.80/4390..  34907390708933899.8.3:.3 3.039..7&///74557.90.88500/.397.43/:.08 %00110.3/8 ...0841#3!4/07  1742#8  94#8 398.:08.941#3  507. ..70.8-74:9949890438:2074330.3/8 $8.  4:/&.3  43806:03.5574...9#8 147 2  0 14:.0-003:3.9.83 9..7041%/0  507./9057.480703%/00340/507.998#3 %/08.25.0%/0.:0 8..:98-0357423039/85.3/ 47 90-70.2489/4:-09..0.039 3.07-0301.70  %4.3/0.9 507.74:8.3/#3.708 98.7980.039  ..41..7 90.9:7.9 97.438:2078.9901.9#8 147 2 %070..425.

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

07 574/:.90980.984198-:83088 09079809073.9:70-:989-574507802039..3/873.:.3/894.7093.8-0..850..190790/01..3.0/9.0 4-807.70941 3/.380794.90417:33390 -:83088 804-807.74/0//09070392.   &$     %4/.03.7830.90 -:83088825.0/-90$ %.203/411:3.393&0594483982.80/43!$% -01470/0.23.9 7.0/57450743084://0503/43 9494482.90..-7.039:.8.9.-7..0.8.74472..9 0.7098.9478.-094..3088 %0455479:3908147 -4990-7.894/1107039.90/-.. ..0/-.:843.425099438334.//11070392.3..9430. 39073.70932 58 84.33.90473900893.3/84890897./0/908.3/30..9098897039.70. .909843.3.943 %/0.3/3/:3357.3/300/89414.943.3/ 5489433 %/0.3/894-02.3/334.733.3/9/09.425099432:/833. -0301988990.  2.25.9439.0/9.90801.3/807082.0034: $41.:80 90070349334.70.3.0394:-4990/09070398247047088574..3  %0.90 :91..74 %084:/-0.7093.9079..-0948005&411981009.941107384:/.88419094-7. ./390-:83088 897.943    .0790-08945943 80.

   #!     995.

.

42.2-. . 6:.

7093.2.

2.

  995.

.

 8.7-/ .42.

/4.

.

43../8 !8 1 2.7093 995.

.

 700310 309.

08.7084:7.

/8./434.

29*2 5/1 995.

.

7.. 7080.42.9 .4330.

/434.85#05 995./705479 .

.

2.020391:3/. .42.3.

9..

2.7093.

 995.

.

7-/ .42. 8.

/4.

 .

0 995.88 41 90 0907039 !4/07 $:71 .$ % 3.

.

42.38078 . .

".

!$%*.88*41*&  5: 0/:.3.

=82584.

/4.

5 55 559 995.

.

07 .709390..42.2.

08843 89470.

08843 802039.943 92 995.

.

     .

/./434.

2.8.907.

 1.

/8.530.

.7093.

3 4308.0.

  $02 039.7093  !489433 147 425099.0 /.943  %.0 559 995.39..

.

79 .308 574782.42.

88 90 .43974.078 -.73 . 9/0 .3.

 995.

.

9. -48549 .08.42.7.

  .

.

 92         ../ 09.73 .8 9/0 .

                     .

Sign up to vote on this title
UsefulNot useful