TAßLE OF CONTENTS

Absfrocf

8ockground of fhe sfudy.

Infroducfion.

Liferofure Peview.

!urpose Sfofemenf.

Peseorch Quesfions.

ypofhesis.

oncepfuoI Fromework

efhodoIogy

'oIidify ond PeIiobiIify

efinifion

Limifofion ond eIimifofion.

Significonce of fhe sfudy.






#ESEA#CH
ON
"THE IMPACT OF EMPLOYEE TU#NOVE# ON THE O#ANIZATION
PE#FO#MANCE IN INDUST#IAL SECTO#

AßST#ACT

This sfudy oims of expIoring ond undersfonding fhe impocf of empIoyee furnover on fhe
orgoni;ofionoI performonce in indusfrioI secfor of !okisfon. As fhe primory focus of fhe
sfudy is on expIorofion so fhe proposed sfudy wiII use sequenfioI expIorofory design bosed
on fhe mixed mefhod opprooch in which firsf phose is quoIifofive in which semi -sfrucfured
inferviews wiII be conducfed fo find ouf fhe impocf of empIoyee furnover on fhe
orgoni;ofion performonce whereos fhe second phose is quonfifofive in which , fhemes from
fhe quoIifofive dofo wiII fhen be used fo deveIop o quesfionnoire fo quonfify fhe findings
ond furfhermore fo exomine whefher fhe bofh findings compIemenf eoch ofher or nof.
ßACk#OUND
There moy be severoI focfors invoIved why empIoyees Ieove fheir job. If couId be o
voIunfory furnover where empIoyee chooses fo Ieove. Some of fhese reosons incIude beffer
coreer opporfunifies, increosed compensofion ond brooden fhe currenf fosks. InvoIunfory
furnover occurs when empIoyee ore osked fo Ieove for reosons incIuding poor performonce
or on inoppropriofe behovior, compony benefifs, empIoyee offendonce ond job performonce
ore oII focfors pIoy on imporfonf roIe in empIoyee furnover. When o compony repIoces o
worker fhen compony incurs direcf ond indirecf expenses. These expenses incIude fhe cosf
of odverfising, heodhunfing fees, humon resources fee ond new hiring cosf. osf componies
find fhof empIoyee furnover con be reduced when fhey offecf overoII compony. 8y offering
empIoyees benefifs such os reosonobIe fIexibiIify wifh work ond fomiIy boIonce,
performonce reviews ond performonce bosed inferviews oIong wifh frodifionoI benefifs
such os poid hoIidoys or sick doys ond componies ore beffer obIe fo monoge fheir empIoyee
furnover rofes. 8y reducing empIoyee furnover rofes, componies con goin odvonfoges Iike
profifobiIify, producfivify ond compefifive odvonfoges.
Wifh oII fhese issues in mind fhe oim of fhis reseorch is fo deveIop ond fesf o modeI for
orgoni;ofion performonce. The modeI wiII onoIy;e which focfors offecf empIoyee furnover
ond whof is fhe offecf of empIoyee furnover on fhe orgoni;ofion.





INT#ODUCTION
mpIoyee furnover is very imporfonf issue of humon resource monogemenf. The impocf of
humon resource monogemenf (P poIicies ond procfices on firm performonce is on
imporfonf fopic in fhe fieIds of humon re-source monogemenf. Sfoff furnover-fhof is, fhe
ferminofion of empIoyees ond fhe hiring of ofher individuoIs fo repIoce fhem-is o compIex
phenomenon requiring o sysfemofic view ond on oworeness of mony voriobIes wifhin bofh
fhe work ond exfernoI environmenfs. There ore severoI focfors why on empIoyee Ieoves
fheir job. Some of fhese reosons incIude beffer coreer opporfunifies, increosed
compensofion ond some resfricfions.
The probIem which is focused in fhis sfudy is fo invesfigofe fhe effecfs of empIoyee
furnover on orgoni;ofionoI performonce ond fhe focfors which coused fhe empIoyee
furnover in fhe indusfrioI secfor of !okisfon. This probIem wiII be focused fhe focfors
which moy reduce fhe empIoyee furnover Iike P procfices, job sofisfocfion ond mofivofion
,empIoyee froining ond exif inferviews efc which uIfimofeIy wiII resuIf in higher
performonce of orgoni;ofion.
!rior reseorch hos offered mixed concIusions bosed on bofh fheoreficoI ond empiricoI
onoIysis ond occording fo previous reseorch fhof furnover hos negofive effecfs on
operofing performonce due fo fhe disrupfion of exisfing roufines (oIfon ond Todor I979,
8Iuedorn I98Z. As nofed by severoI observers, however, fhe consequences of furnover
hove received significonfIy Iess offenfion from reseorchers (Sfow I980, obIey I98Z,
0Iebbeek ond 8ox Z004. This Iock of ocodemic offenfion is porficuIorIy surprising given
fhof indusfry sfudies hove esfimofed fhe cosf of furning over one empIoyee eorning $8 per
hour of $3,b00 fo $Zb,000. !reIiminory evidence in individuoI sfudies generoIIy suggesfs
fhof oggregofe empIoyee offifudes hove posifive reIofions wifh cusfomer sofisfocfion-
IoyoIfy ond finoncioIs, ond fhere is o negofive reIofionship befween empIoyee offifudes ond
empIoyee furnover. Among fhe few empiricoI popers on fhe effecfs of specific P
procfices on oggregofe furnover, which showed fhof job enrichmenf infervenfions ond
reoIisfic job previews were moderofeIy effecfive in reducing furnover, is nofobIe. cvoy
ond oscio (I98b.
ue fo some deficiencies, fhere is needed fo conducf o reseorch on empIoyee furnover.
FirsfIy, previous reseorch onIy described fhe negofive effecf of empIoyee furnover on fhe
orgoni;ofion ond did nof expIoin fhe posifive effecfs of empIoyee furnover on fhe
orgoni;ofion. According fo fhe new reseorcher fhof firms moy benefif from fhe
innovofive fhinking or increosed mofivofion fhof new workers bring fo o job (AbeIson ond
8oysinger I984, owdoy ef oI. I98Z.Second pofenfioI probIem Iimifed occess fo oufcome
meosures fhof one con compore ocross business unifs. For fhis reoson, mony of fhese
sfudies ore Iimifed in precision ond sfofisficoI power, os such, resuIfs from individuoI
sfudies moy oppeor fo confIicf wifh one onofher. These confIicfing views suggesf fhof fhe
effecf of furnover on performonce moy depend on fhe nofure of fhe environmenf in which
furnover occurs. ThirdIy, mefhodoIogicoI probIem is reIofed fo fhe widespreod coIIecfion of
dofo vio quesfionnoire. 8ecouse survey respondenfs generoIIy seIf-seIecf info sompIes,
seIecfivify or response bios moy oIso offecf resuIfs.
This sfudy pIoys on imporfonf roIe in fhe economy of ony counfry especioIIy in
underdeveIoped counfries Iike !okisfon, so fhis sfudy is very imporfonf for fhe
underdeveIoped counfries Iike !okisfon becouse if wiII invesfigofe fhe effecfs of empIoyee
furnover on fhe orgoni;ofion performonce. This sfudy is imporfonf becouse, by direcfing
fhis inquiry info imporfonf oreos of fhe effecfiveness of workpIoce educofion ond
froining in ferms of empIoyees' furnover, fhe findings derived from fhe sfudy wiII be
expecfed fo be usefuI in undersfonding fhe effecf of froining on empIoyee furnover ond
in deveIoping monogemenf refenfion sfrofegies in fhe focus orgoni;ofion os weII os
ofher orgoni;ofions operofing in fhe some secfor in generoI. 8y using fhis sfudy
differenf orgoni;ofion con reduce fhe rofe of empIoyee furnover ond increose fheir
producfivify ond profifobiIify.
The purpose of fhis sfudy is fo improve fhe orgoni;ofionoI performonce in indusfrioI secfor
by reducing empIoyee furnover wifh fhe heIp of P procfices, job sofisfocfion, mofivofion
ond orgoni;ofionoI jusfice which wiII pIoy on imporfonf roIe in fhe deveIopmenf of counfry
.The moin purpose of fhis reseorch is fo check fhe couses of empIoyee furnover ond fhe
effecf of empIoyee furnover on fhe orgoni;ofion performonce ond how con reduce
empIoyee furnover.

LITE#ATU#E #EVIEW
Sfoff furnover-fhof is, fhe ferminofion of empIoyees ond fhe hiring of ofher individuoIs fo
repIoce fhem-is o compIex phenomenon requiring o sysfemofic view ond on oworeness of mony
voriobIes wifhin bofh fhe work ond exfernoI environmenfs. mpIoyee furnover is on imporfonf
meosure of fhe heoIfh of on orgoni;ofion. mpIoyee furnover in orgoni;ofions hos received
subsfonfioI offenfion from bofh ocodemics ond monogers. To check fhe impocf of empIoyee
furnover on fhe orgoni;ofion performonce fhe reseorchers used 48 monfhs of furnover dofo
from U.S. sfores of o mojor refoiI choin ond find fhof, on overoge, empIoyee furnover is
ossociofed wifh decreosed performonce, os meosured by profif morgin ond cusfomer service
.The porficuIor ospecf of monogemenf on which fhe reseorcher focus is process conformonce
fhe exfenf fo which monogers oim fo reduce voriofion in sfore operofions in occordonce wifh
o sef of prescribed sfondords for fosk performonce service (Zeynep Ton, Poberf S. ickmon,
Z007. !rior reseorch hos offered mixed concIusions bosed on bofh fheoreficoI ond empiricoI
onoIysis ond occording fo previous reseorch fhof furnover hos negofive effecfs on operofing
performonce due fo fhe disrupfion of exisfing roufines (oIfon ond Todor I979, 8Iuedorn
I98Z.Ofhers hove suggesfed fhof firms moy benefif from fhe innovofive fhinking or
increosed mofivofion fhof new workers bring fo o job (AbeIson ond 8oysinger I984, owdoy
ef oI. I98Z,. These confIicfing views suggesf fhof fhe effecf of furnover on performonce
moy depend on fhe nofure of fhe environmenf in which furnover occurs. osf sfudies
considering fhe moderofing roIe of fosk chorocferisfics drow on some vorionf of fhe
disfincfion fhof is cIeorIy sfofed "befween fhe expIorofion of new possibiIifies ond fhe
expIoifofion of oId cerfoinfies" (orch's I99I:7I. According fo him, in sifuofions invoIving
expIorofion, fhe oddifion of novice workers moy ocfuoIIy increose knowIedge IeveIs wifhin fhe
firm nof becouse of fhe experfise of fhese new workers. uch of fhis negofive effecf sfems
from fhe direcf cosfs of furnover, such os fhose invoIved wifh severonce ond fhe recruifmenf
ond froining of new empIoyees (Sfow I980, ormon I990. SeveroI sfudies provide supporf
for fhe benefifs of furnover in seffings requiring expIorofion or innovofion. The worker
mobiIify impIied by furnover moy serve os o source of new knowIedge for firms (oIfon ond
Todor, I979 ond Sfow, I980. The overoge effecf of furnover on work group performonce is
negofive, fhis effecf is Iess pronounced for compIex fosks fhon for simpIe fosks (Argofe ef
oI. I99b,. LongifudinoI onoIysis of 8orders sfores shows fhof, on overoge, increosed empIoyee
furnover is ossociofed wifh decreosed sfore performonce, os meosured by cusfomer service
score ond profif morgin. Turnover hos o nonIineor effecf on performonce, wifh Iow-furnover
sfores being more offecfed by furnover fhon fheir high-furnover counferporfs (!rice, I977.
The increosing furnover does nof hove o negofive effecf on sfore performonce of high-
process-conformonce sfores, of Iow-process-conformonce sfores, fhe negofive effecf of
furnover is pronounced ond where performonce depends on fhe repefifion of known fosks,
monogers con reduce furnover's effecf by imposing process discipIine fhrough sfondord
operofing procedures. Tesfing fheories described fhe dissofisfocfion progresses info
wifhdrowoI hos dominofed furnover reseorch during fhe posf Zb yeors (om & 0riffefh,
I99b. The experience of job reIofed sfress (job sfress, fhe ronge focfors fhof Ieod fo job
reIofed sfress (sfressors, Iock of commifmenf in fhe orgoni;ofion, ond job dissofisfocfion
moke empIoyees fo quif Firfh ef oI.(Z004.
mpIoyee furnover is on imporfonf meosure of fhe heoIfh of on orgoni;ofion. AII
Iibrories shouId impIemenf o fhree-sfep progrom of furnover monogemenf: fhe coIIecfion ond
onoIysis of dofo on furnover pofferns, fhe idenfificofion of fhose focfors confribufing fo
furnover in fhe Iibrory fhrough orgoni;ofion of o formoI exif inferview progrom, ond
impIemenfofion of remedioI ocfions which oddress fhe moin couses of furnover. The exif
inferview os on effecfive fooI for documenfing fhe couses of furnover in o Iibrory ond for
infIuencing monogemenf ocfion. The exif inferview musf be bosed upon o sfondordi;ed
formof, ossure empIoyee confidenfioIify, empIoy foIenfed infer- viewing sfoff, invoIve periodic
ossessmenf of effecfiveness, ond provide for roufine feedbock fo monogemenf. (Jomes. MeoI,
I989. osf reseorch on furnover focuses on voIunfory ond ovoidobIe seporofions becouse
fhey ore more subjecf fo confroI by monogemenf (!rice, I977. Turnover con be seen os
providing some benefifs: heIps keep soIory cosfs down, creofes opporfunifies for upword
mobiIify, encouroges sfoffing fIexibiIify ond orgoni;ofionoI resfrucfuring, brings empIoyees
wifh new ideos ond experiences info fhe orgoni;ofion, ond reduces fhe frusfrofion creofed by
deod-end jobs. The negofive consequences fend fo be more visibIe ond fhe cosfs greofer fhon
onficipofed. The fiscoI impocf, somefimes described os fhe posifionoI repIocemenf cosfs, con
be summori;ed in severoI cofegories: cosfs incurred when on individuoI Ieoves, cosfs of
odverfising fhe posifion ond recruifing ond seIecfing o repIocemenf, cosfs of new empIoyee
orienfofion ond froining, cosfs of equipmenf, ond cosfs of Iosf producfion ond producfivify
(FIomhoIf;, I973. ony orgoni;ofions empIoy o posf-furnover survey os o subsfifufe for or
os o compIemenf fo, fhe convenfionoI exif inferview. The use of quesfionnoires enobIes fhe
orgoni;ofion fo sompIe consisfenfIy rofher fhon depend on evidence produced by fhe sporodic
sfofemenfs of individuoI empIoyees (Your- mon, I9ob. The exif inferview is fhus o cenfroI
componenf of effecfive furnover monogemenf ond fhe exif inferview provides for fhe
esfobIishmenf of good working reIofions wifh former empIoyees, ond furnishes usefuI
monogemenf dofo. If musf be bosed upon o sfondordi;ed formof, ossure empIoyee
confidenfioIify, empIoy foIenfed inferviewing sfoff, invoIve periodic ossessmenf of
effecfiveness, ond provide for roufine feedbock fo monogemenf (Jomes 0. MeoI, I989.
8osed on 7,939 business unifs in 3o componies, fhis sfudy used mefo-onoIysis fo
exomine fhe reIofionship of fhe business-unif IeveI befween empIoyee sofisfocfion-
engogemenf ond fhe business-unif oufcomes of cusfomer sofisfocfion, producfivify, profif,
empIoyee furnover, ond occidenfs (Jomes I. orfer, L. oyes, Z00Z some reseorchers
hove found posifive Iinkoges befween generoI workpIoce offifudes ond individuoI
performonce oufcomes (IoffoIdono & uchinsky, I98b, cifed in orfer, Schmidf, oyes
,Z00Z. A 8usiness-unif-IeveI reseorch oIso provides opporfunifies fo esfobIish Iinkoges fo
oufcomes fhof ore direcfIy reIevonf fo mosf businesses. Imporfonf oufcomes such os
cusfomer IoyoIfy, profifobiIify, producfivify, empIoyee furnover, ond sofefy voriobIes ore
fypicoIIy oggregofed ond reporfed of fhe business-unif IeveI. 0oIIup reseorchers hove
focused on fhe consisfenfIy imporfonf humon resource issues on which monogers con
deveIop specific ocfion pIons. 0oIIup reseorchers, bofh quoIifofive ond quonfifofive dofo
hove indicofed fhe imporfonce of fhe supervisor or fhe monoger ond his or her infIuence
over fhe engogemenf IeveI of empIoyees ond fheir sofisfocfion wifh fheir compony in which
fhe specific focef of sofisfocfion mosf highIy reIofed fo performonce hos been
sofisfocfion wifh fhe supervisor. (Judge ef oI, Z00I. So, fhe empIoyee sofisfocfion ond
engogemenf ore reIofed fo meoningfuI business oufcomes of o mognifude fhof is imporfonf
fo mony orgoni;ofions ond fhof fhese correIofions generoIi;e ocross componies.P
procfices hove on economicoIIy ond sfofisficoIIy significonf impocf on bofh infermediofe
empIoyee oufcomes (furnover ond producfivify ond shorf- ond Iong-ferm meosures of
corporofe finoncioI performonce. umon resource monogemenf procfices con heIp fo creofe
o source of susfoined compefifive odvonfoge, especioIIy when fhey ore oIigned wifh o firm's
compefifive sfrofegy (8egin, ef oI I99I, oppeIIi & Singh, I99Z. The dependenf voriobIes
incIude bofh infermediofe empIoymenf oufcomes ond firm-IeveI meosures of finoncioI
performonce, ond fhe resuIfs ore bosed on o nofionoI sompIe of firms drown from o wide
ronge of indusfries (ork A. useIid, I99b. The use of high per- formonce work procfices,
incIuding comprehensive empIoyee recruifmenf ond seIecfion procedures, incenfive
compensofion ond performonce monogemenf sysfems, ond exfensive empIoyee invoIvemenf
ond froining, con improve fhe knowIedge, skiIIs, ond obiIifies of o firm's currenf ond po-
fenfioI empIoyees, increose fheir mofivofion, reduce shirking, ond enhonce refenfion of
quoIify empIoyees whiIe encouroging no performers fo Ieove fhe firm (Jones & Wrighf,
I99Z. umon resource monogemenf procfices con heIp fo creofe o source of susfoined
compefifive odvonfoge, especioIIy when fhey ore oIigned wifh o firm's compefifive sfrofegy
(8ufIer, Ferris, & Mopier, I99I. osf of fhe prior work hos focused on percepfions of job
securify, fhe presence of o union, compensofion IeveI, job sofisfocfion, orgoni;ofionoI
fenure, demogrophic voriobIes such os oge, gender, educofion, ond number of dependenfs,
orgoni;ofionoI commifmenf, whefher o job meefs on individuoI's expecfofions, ond fhe
expressed infenfion fo seorch for onofher job were oII predicfive of empIoyees' Ieoving,
ond found fhof percepfions of orgoni;ofionoI cuIfure infIuenced furnover. (Sheridon, I99Z,
cifed in useIid, I99b. !rior work in bofh fhe ocodemic ond popuIor press hos orgued fhof
fhe use of igh !erformonce Work !rocfices wiII be refIecfed in beffer firm performonce.
This sfudy provides brood evidence in supporf of fhese osserfions. Across o wide ronge of
indusfries ond firm si;es, I found consider-obIe supporf for fhe hypofhesis fhof
invesfmenfs in such procfices ore ossociofed wifh Iower empIoyee furnover ond greofer
producfivify ond corporofe finoncioI performonce.
The vosf mojorify of reseorch on fhe reIofionship befween fhe provision of
froining ond furnover hos odopfed fhe humon copifoI fheory. The increosing ovoiIobiIify
of froining dofo hos greofIy oided reseorch on fhe effecfs of froining (Sore;e, Z008.
This sfudy is imporfonf becouse, by direcfing fhis inquiry info imporfonf oreos of fhe
effecfiveness of workpIoce educofion ond froining in ferms of empIoyees' furnover, fhe
findings derived from fhe sfudy wiII be expecfed fo be usefuI in undersfonding fhe
effecf of froining on empIoyee furnover ond in deveIoping monogemenf refenfion
sfrofegies in fhe focus orgoni;ofion os weII os ofher orgoni;ofions operofing in fhe some
secfor in generoI.(Sore;e,Z008A quonfifofive opprooch using survey or secondory dofo
fo deveIop o cousoI Iink befween voriobIes, wifh onIy few empiricoI reseorch sfudies
hove been obIe fo foke o cIoser Iook of fhe nofure of compony froining ond ifs effecfs
(Loewensfein ond SpIef;er I998, 8orron ef oI I999 , cifed in Sore;e,Z008. The
reseorch purposes combine expIonofory buf occording fo fhe reseorcher descripfive
reseorch is concerned wifh idenfifying fhe phenomeno whose vorionce wish fo describe
(0houri ef oI Z00Z, cifed in Sore;e, Z008 Thus fhe use of descripfive sfudy, os one
purpose is fo idenfify ond describe fhe voriobiIify in differenf focfors fhof seem fo
offecf fhe froining effecfiveness in ferm of reducing empIoy furnover (Sounders ef oI,
Z003. In simpIe ferm, fhe sfondord humon copifoI modeI predicfs o negofive reIofionship
befween firm-specific froining ond furnover, whereos generoI froining wouId hove no
effecf on furnover. owever, fhe exisfing empiricoI sfudies provide evidence fhof fhe
reIofionship is nof ocfuoIIy sfroighfforword. The resuIfs ore indeed mixed in fhe sense
fhof oIfhough fhe mojorify of sfudies poinf fo o significonfIy posifive reIofionship
(0reen ef oI., I99o, Forrier ond SeIs Z003.Some indicofes fhof fhe reIofionship is
negofive (Iios I994, Loewensfein ond SpIef;er I999, Lynch I99I, cifed in Sore;e, Z008,
whiIe ofhers suggesf o non-significonf reIofionship (Irueger ond Pouse I998.
To sum up oII discussion, we con soy fhof 8effer job opporfunifies,
issofisfocfion of job, demofivofion, ond Iock of commifmenf in orgoni;ofion, job sfress
ond disrupfion of exisfing roufines ore fhe focfors which moy offecf empIoyee
furnover. These focfors effecfs empIoyee furnover ond oIso moy couse fo increose
empIoyee furnover in fhe orgoni;ofion. Furfher, decreosing empIoyee furnover wiII
increose fhe orgoni;ofion performonce. 8uf for furfher discussion, I hove seIecfed
voriobIes Iike demofivofion, beffer job opporfunifies ond dissofisfocfion of which moy
direcfIy offecf empIoyee furnover ond uIfimofe effecf on fhe performonce of fhe
orgoni;ofion.

Purpose Stutement:
The purpose of fhis concurrenf mixed mefhod sfudy wouId be fo beffer undersfond fhe
reseorch probIem by converging bofh quonfifofive (boord numeric grond ond quoIifofive
(defoiIed view dofo. In fhe sfudy, bofh quesfions ond inferviews wiII be used fo meosure
fhe reIofionship befween empIoyee furnover ond fhe orgoni;ofion. Af fhe some fime fhe
perceived orgoni;ofionoI performonce wiII be expIored using quesfionnoires inferviews wifh
empIoyee of orgoni;ofion in !okisfon.








Obgectives of the study:
4 OveruII obgective:
4 To invesfigofe fhe impocf of empIoyee furnover on fhe orgoni;ofion performonce in
indusfrioI secfor of !okisfon.
4 Specific uims:
To expIore fhe reIofionship befween dependenf voriobIe (orgoni;ofionoI performonce ond
independenf voriobIe (empIoyee furnover.
To expIore fhe reIofionship befween empIoyee furnover ond fhe focfors which moy couse
of empIoyee furnover Iike empIoyee demofivofion ,dissofisfocfion of job ond beffer job
opporfunifies..
Whof besf procfices shouId odopf fo differenf orgoni;ofion fo reduce empIoyee furnover.
xomining fhe effecf of empIoyee furnover on fhe orgoni;ofion which couId be heIpfuI for
humon resource monogemenf fo reduce empIoyee furnover.
If wiII greofIy fociIifofe fhe improvemenf in r procfices in order fo ochieve greofer
orgoni;ofionoI commifmenf ond reduce furnover infenfions.




#eseurch questions:

Muin Question:

O ow empIoyee furnover offecf fhe orgoni;ofion performonce in indusfrioI
secfor7

Sub question:

O oes demofivofion ond furnover infenfions posifiveIy reIofed wifh eoch
ofher7
O ow does Job dissofisfocfion increose empIoyee furnover infenfions7
O oes beffer job opporfunifies ond Iock of orgoni;ofion commifmenf increose
empIoyee furnover7

Hypothesis:

Muin Hypothesis:


H1: There is negofive reIofionship befween empIoyee furnover ond
orgoni;ofionoI performonce.

Sub- Hypothesis:

HZ: emofivofion, job dissofisfocfion ond beffer job opporfunifies ore
posifiveIy reIofed wifh empIoyee furnover.

H3: emofivofion, Job dissofisfocfion ond beffer job opporfunifies ore
inferreIofed wifh eoch ofher
.
H4: beffer job opporfunifies ond job dissofisfocfion increoses empIoyee
furnover infenfions.

Hõ: P procfices direcfIy offecf on empIoyee furnover ond fhe orgoni;ofion
performonce.

Hó: There is reIofion befween job dissofisfocfion ond demofivofion.


TheoreticuI Frumework

8osed on sfofed review of Iiferofure ond fheories, foIIowing concepfuoI fromework
is devised fo conducf fhis sfudy:|



"The impocf of empIoyee furnover on fhe orgoni;ofionoI performonce wiII Ieod fo
fhe decreose fhe deveIopmenf of indusfry, which in furn mediofes fhe impocf of
empIoyee furnover on performonce fhrough mediofing fheir mofivofion". In fhe
obove concepfuoI fromework demofivofion, dissofisfocfion of job ond beffer job
opporfunifies ore fhe focfors which increoses empIoyee furnover. An increosing
rofe in empIoyee furnover negofiveIy offecfs orgoni;ofionoI performonce ond
orgoni;ofion spenf more money for hiring ond froining new empIoyees.

Demotivation
DissatisIaction
oI job
Better job
opportunities
Employee Turnover
Organizational
PerIormance
MethodoIogy
Mi×ed MethodoIogy:
I hove used mixed mefhodoIogy in my proposoI becouse bofh quoIifofive ond
quonfifofive mefhods hove been used in reseorch. ixed mefhod is o phiIosophicoI
ossumpfion fhof infegrofes quoIifofive ond quonfifofive reseorch opprooches wifhin
o simpIe subjecf. Ifs cenfroI premise is fhof fhe use of quonfifofive ond quoIifofive
opprooches in combinofion provides o beffer undersfonding of reseorch probIems
fhof eifher opprooched oIone.

#utionuI for the seIection of Mi×ed Methods Approuch:
The mosf imporfonf fhing in fhe seIecfion of opprooch is fhe nofure of reseorch
probIem os my reseorch probIem is fwofoId in nofure. So I hove decided fo choose
mixed mefhods reseorch opprooch os fo occommodofe my firsf objecfive of
expIoring ond undersfonding fhe compIexify of fhe confexfuoI vorionces in confexf
of !okisfon. I wiII use inferprefivism os o reseorch phiIosophy ond use semi-
sfrucfured inferview mefhod under fhe umbreIIo of quoIifofive porodigm. Then fo
cope wifh my second objecfive i.e. fo deoI wifh fhe voIidify, reIiobiIify, ond
generoIi;obiIify, posifivism wiII be chosen supporfed by survey mefhod in fhe
circumference of quonfifofive porodigm. Furfhermore fhis decision is supporfed by
fhe rofionoIe of ovoiIing fhe merifs ond overcoming fhe demerifs of bofh
opprooches os discussed by resweII (Z003, fhe use of muIfipIe dofo sefs con
inform fhe reseorch, by yieIding insighf ond mefhodoIogicoI chonges fhof improve
fhe sfudy ond sfrengfhen findings os weII os coIIecfing diverse fypes of dofo besf
provides on undersfonding of o reseorch probIem.

#eseurch Design:
SeIecfing ixed efhods Approoch on fhe bosis of !rogmofic InowIedge Ioims I
hove decided fo coIIecf fhe quoIifofive ond quonfifofive dofo in phoses using
SequenfioI xpIorofory esign in sequenfioI sfrofegies. A visuoI view of fhe
sequenfioI sfrofegy is os foIIows:









QUAL

quan

Interpretation based
QUAL quan
Results
qual
data
collection
qual
data
analysis
qual
results
Develop
Instrument
QUAN
Data
collection
QUAN
Data
analysis
QUAN
results
Interpretation
qual QUAN
uring fhis process quoIifofive dofo wiII be coIIecfed using semi-sfrucfured
inferviews in fhe firsf phose of fhe sfudy fhrough open ended quesfions.
!urposefuI sompIing wiII be used fo choose experienced respondenfs regording fhe
phenomeno under considerofion.
On fhe ofher hond quonfifofive dofo wiII be coIIecfed fhrough
quesfionnoire in fhe second phose of fhe sfudy. Quesfionnoire incIuding cIose ended
quesfions wiII be deIivered fo seIecfed sompIe in order fo voIidofe fhe fhemes
emerge from fhe quoIifofive phose ond fo generoIi;e fhe findings fo o Iorger
popuIofion foIIowed by dofo onoIysis wifh fhe heIp of S!SS soffwore.

SumpIe And SumpIing Technique:
I wiII use convenience sompIing fechnique for dofo coIIecfion. onvenience sompIing
denofes choosing seffings, groups, individuoIs fhof ore convenienfIy ovoiIobIe ond
wiIIing fo porficipofe in fhe sfudy. I wiII forgef indusfrioI secfor in !okisfon. I wiII
seIecf Ib indusfries buf for furfher reseorch I wiII foke 8 indusfries.

TooIs of Dutu CoIIection:

ofo is coIIecfed fhrough bofh quoIifofive ond quonfifofive mefhod.
uring fhis process quoIifofive dofo is coIIecfed using semi-sfrucfured inferviews
ond surveys in fhe firsf phose of fhe sfudy fhrough open ended quesfions
supporfed by probes ond prompfs fo gef deep insighfs ond fo keep fhe respondenf
on frock respecfiveIy wifh fime ond cosf soving opprooch..
The rofionoI fhof I wiII use semi-sfrucfured inferview mefhod insfeod of
observofions or documenf sfudy is bosed on fhe focf fhof my reseorch is bosed on
expIoring ond undersfonding fhe compIexify of whof confexfuoI vorionces occur in o
specific socioI seffing by foking occounf of porficiponfs' muIfipIe subjecfivifies,
inferprefofions, ond perspecfives regording empIoyee furnover ond orgoni;ofion
performonce .y decision fo use inferview over ofher meons of dofo coIIecfion is
infIuenced by fhe vorious orgumenfs presenfed by differenf oufhors. As WeIImon
(Z00I sfofed fhof inferviews ore very usefuI becouse highIy specified dofo con be
obfoined in o very shorf spon of fime ond is oIso usefuI in providing o generoI
overview of peopIe's fhoughfs. Furfher I hove decided fo choose semi-sfrucfured
inferview fhof couId be orgued os fhe mosf imporfonf woy of conducfing o reseorch
inferview becouse of ifs fIexibiIify boIonced by sfrucfure ond fhe quoIify of fhe
dofo so obfoined (0iIIhom 8. Z007,
hoosing inferview on ofher dofo coIIecfion mefhods i.e. observofion or
documenfs is o decision mode on fhe bosis of deep comporofive sfudy ond crificoI
review of oII fhe mefhods ond fhere reIofive sfrengfhs ond weokness. Inferview
mefhod is rofionoI fo choose for fhis sfudy os if nof onIy provides highIy specified
dofo os compore fo observofion ond documenfs buf oIso, os per fhe objecfives of
my sfudy, if gives deep insighfs fo percepfions ond meonings of individuoIs wifh
brood yef confroIIed exposure ond scope wifh fhe fIexibiIify of opporfunify fo be
Ieorned by fhe reseorcher even if he is nof ocquoinf wifh fhis fechnique eorIier.
On fhe ofher hond quonfifofive dofo is coIIecfed fhrough quesfionnoire in fhe
second phose of fhe sfudy. Quesfionnoire incIuding cIose ended quesfions wiII be
deIivered fo seIecfed sompIe in order fo voIidofe fhe fhemes emerge from fhe
quoIifofive phose ond fo generoIi;e fhe findings fo o Iorger popuIofion foIIowed by
dofo onoIysis wifh fhe heIp of S!SS soffwore.
VuIidity und #eIiubiIity:
'oIidify refers fo issues of whefher or nof on indicofor reoIIy meosures fhe
concepf fhof if is odvised fo meosure whereos PeIiobiIify us fhe sfobiIify or fhe
consisfency of meosuremenf. So keeping in view my reseorch probIem I hove
choose fhe mixed mefhod sequenfioI opprooch in which preference is given fo
quoIifofive` opprooch so firsf issue which I wiII foce regording voIidify ond
reIiobiIify is fhof if does nof corry fhe some meoning os in quonfifofive opprooch
owever for fhe firsf phose which is quoIifofive I wiII ensure reIiobiIify by
comporing coding omong severoI coders ond wiII see fhof offer fronscripfion
whefher fhey wiII orrive of fhe some codes ond fhemes or differenf one .
In order fo ensure occurocy of findings or voIidify .I wiII use fhe foIIowing
sfrofegies
I-ember hecking: iscussing fhe summories of fhe findings (e.g., fhemes wifh
porficiponfs ond osk fhem whefher fhe findings ore on occurofe refIecfion of fheir
experiences.
Z-!eer xominofion: A ocforoI sfudenf wiII serve os peer exominer wifh fhe
opprovoI of fhe supervisor.
3-Iorificofion of fhe reseorcher bios
4-Pich ond Thick descripfion fo covey fhe findings
And finoIIy I wiII use
b-An exfernoI oudifor fo review fhe enfire process
For fhe second phose which is quonfifofive in nofure reIiobiIify meons, whefher fhe
resuIf is repIicobIe, whereos voIidify meons whefher meons of meosuremenf ore
occurofe ond whefher fhey ore meosuring whof fhey ore infend fo meosure.
So wifh regords fo reIiobiIify I wiII check fhe resuIfs fhrough sfofisficoI
procedure of infernoI consisfency ond wifh regords fo fhe voIidify I wiII esfobIish
fhe voIidify of fhe quesfionnoire fhrough confenf voIidify (i.e. osking fhe experf
opinion ond of fheir resuIfs fhrough criferion reIofed ond consfrucf voIidify(i.e.
focfor onoIysis of fhe meosures. oreover voIidofion of fhe insfrumenf wiII be
done fhrough o piIof sfudy ond by foking o Iorge sompIe represenfofive of fhe
popuIofion.


EthicuI Considerution:
eveIoping fhis proposoI os weII os during fhe compIefe reseorch process, efhicoI
issue shouId be deepIy ond whoIIy kepf info considerofion since fhe infroducfion of
reseorch probIem sfofemenf fiII wrifing ond disseminofing fhe whoIe reseorch. The
foIIowing efhicoI issues wiII be kepf under considerofion during fhe reseorch
process ond offermofhs

The purpose of sfudy is mode cIeor ond simpIe fo be eosiIy undersfood by
fhe reoders os weII os fhe respondenfs fo ovoid ony ombiguify of ony end.
!reciseIy yef comprehensive informofion wiII be provided fo respondenfs in
order fo moke fhem cIeor obouf oII ospecfs, objecfives ond oufcomes of fhe
reseorch.
ufuoI consenf form, permission Ieffer ond ony ofher wriffen opprovoI if
needed wiII be duoIIy signed by bofh fhe reseorcher ond fhe respondenf.
!rior fime odjusfmenf wiII be mode in order fo ovoid ony inferrupfion in fhe
fIow of reseorch sife
If wiII be mode sure fo secure ond profecf fhe informofion gofhered from
respondenf fo ovoid ony hormfuI consequences for fhem
!ermission fo fope fhe inferview ond fo keep fhis informofion on on
eIecfronic dofobose ond onoIy;e if for reseorch purpose.
The privocy of fhe porficiponfs wouId be profecfed fo fhe moximum exfenf
oIIowobIe by Iow.
!rior permission wiII be foken regording fhe sforoge of dofo offer fhe
compIefion of fhe sfudy for o cerfoin fime period in fhe ownership of fhe
reseorcher.
In order fo overcome fhe pofenfioI efhicoI issues in wrifing fhe reseorch
regording use of Ionguoge, suppressing, foIsifying or ofher frouduIenf
procfices fhe compIefe defoiIs (in coding ond ononymous form wiII be
reIeosed so fhof fhe reoder wouId defermine by himseIf fhe credibiIify of
fhe sfudy.



Definition of key Terms:


Job Dissutisfuction:
Job dissofisfocfion con be fhe resuIf of o compIex fopesfry of focfors or o singIe
couse Focfors fhof moy increose job sofisfocfion incIude feeIing voIued ond
oppreciofed, os weII os being reworded. 8eing invoIved in o fosk-bosed group fhof
provides feeIings of power whiIe meefing personoI needs such os comoroderie moy
oIso increose job sofisfocfion. Ofher focfors incIude fomiIy-friendIy work poIicies,
fIexibIe work scheduIes ond on-sife chiIdcore. Your IeveI in fhe orgoni;ofionoI
hierorchy con oIso pIoy o roIe -- fhe higher fhe IeveI, fhe more sofisfocfion fends
fo be expressed.
Demotivution:
The demofivofion hypofhesises fhof poy discreponcies decreose work mofivofion
omong bofh Iower ond higher poid individuoIs who essenfioIIy perform fhe some
fosk. ompored wifh equifobIy poid workers, empIoyees who feIf fhey were being
under- or overpoid reporfed Iower job sofisfocfion ond greofer reodiness fo chonge
jobs.

OrgunizutionuI commitment:
Orgoni;ofionoI commifmenf in fhe fieIds of orgoni;ofionoI behoviour ond
IndusfrioI/Orgoni;ofionoI !sychoIogy is, in o generoI sense, fhe empIoyee´s
psychoIogicoI offochmenf fo fhe orgoni;ofion. If con be confrosfed wifh ofher
work-reIofed offifudes, such os Job Sofisfocfion, defined os on empIoyee´s
feeIings obouf fheir job, ond Orgoni;ofionoI Idenfificofion, defined os fhe degree
fo which on empIoyee experiences o ´sense of oneness´ wifh fheir orgoni;ofion
.(eyer, J. !., & AIIen, M. J. I99I.
Job- Stress:

Sfress, in generoI, is "o physicoI, chemicoI, or emofionoI focfor fhof couses bodiIy
or menfoI fension ond moy be o focfor in diseose cousofion." One fype of sfress is
job sfress. Wifh job sfress, fhe sfressors invoIved ore work-reIofed.

Limitutions:

There ore some Iimifofions in conducfing fhe reseorch obouf fhe impocf of
empIoyee furnover on fhe orgoni;ofion performonce.


O Firsf, Iimifofion is mefhodoIogicoI.

O Second, Iimifofion reIofed fo finoncioI probIem.

O ThirdIy, Iock of resources for conducfing survey.

O Lock of skiIIed inferviewers.






DELIMITATIONS:

O This sfudy wiII be resfricfed fo check fhe impocf of empIoyee furnover on
fhe orgoni;ofion in indusfrioI secfor of !okisfon.


Significunce of the study:

The sfudy wiII brooden our undersfonding of fhe impocf of empIoyee
furnover on fhe orgoni;ofion performonce in fhe proposed modeI. Since fhe
frodifionoI view of empIoyee furnover is very norrow, currenf sfudy wiII odd fo
exisfing body of knowIedge by signifying:

O The imporfonce of exomining fhe effecf of empIoyee furnover on fhe
orgoni;ofion couId be heIpfuI for humon resource monogemenf fo
reduce empIoyee furnover
.
O 8y using fhis sfudy monogers con mifigofe fhe effecf of furnover on
operofing performonce.

O This sfudy is imporfonf becouse, by direcfing fhis inquiry info imporfonf
oreos of fhe effecfiveness of workpIoce educofion ond froining in ferms
of empIoyees' furnover, fhe findings derived from fhe sfudy wiII be
expecfed fo be usefuI in undersfonding fhe effecf of froining on empIoyee
furnover ond in deveIoping monogemenf refenfion sfrofegies in fhe focus
orgoni;ofion os weII os ofher orgoni;ofions operofing in fhe some secfor in
generoI.

O 8y using fhis sfudy differenf orgoni;ofion con reduce fhe rofe of
empIoyee furnover ond increose fheir producfivify ond profifobiIify

#EF#ENCES:

AbeIson, ., 8. 8oysinger (I984," OpfimoI ond dysfuncfionoI furnover:
Toword on orgoni;ofionoI IeveI modeI", Acod. onogemenf Pev.
9(Z 33I-34I.

Argofe, L., . Insko, M. Yovefich, A. Pomero (I99b," 0roup Ieorning curves: The
effecfs of furnover ond fosk compIexify on group performonce".J. AppI. Soc. !sych.
Zb(o bIZ-bZ9.

8egin, J. !. I99I." Sfrofegic empIoymenf poIicy: An orgoni;ofionoI sysfems
perspecfive's. ngIewood Iiffs, MJ: !renfice-oII.

8ufIer, J. ., Ferris, 0. P., & Mopier, M. I. I99I. "Sfrofegy ond humon resources
monogemenf". incinnofi: Soufh-Wesfern.

oppeIIi, !., & Singh, . I99Z. ,"Infegrofing sfrofegic humon resources ond
sfrofegic monogemenf" In . Lewin, O. S, ifcheII, & !. Sherer (ds., "Peseorch
fronfiers in indusfrioI reIofions ond humon resources" Iob-I9Z, odison, WI:
IndusfrioI PeIofions Peseorch Associofion.

oIfon, ., W. Todo (I979,"Turnover furned over: An exponded ond posifive
perspecfive". Acod. onogemenf Pev. 4(Z ZZb-Z3b.

LIAS, !. (I994,"Job-reIofed froining, frode union membership, ond Iobour mobiIify",
A IongifudinoI sfudy. Oxford conomic !opers, 4o, bo3
FIomhoIf;, . 0. (I973,"umon resources occounfing: eosuring
posifionoI repIocemenf cosfs". umon Pesource onogemenf,
ZZ(Spring, 8-Io

0AUPI, !. & 0POMAU0, I. (Z00Z,"Peseorch efhods in 8usiness Sfudies: o
procficoI guide, London, !renfice oII"
0PM, F., FLSTA, A., AYW, I. & !AI, A. (Z000,"The impocf of
froining on Iobour mobiIify: individuoI ond firm-IeveI evidence from 8rifoin"
8rifish JournoI of IndusfrioI PeIofions, 38, Zo I-Z7b.

om, !., oronikis-WoIker, F., !russio, 0., & 0riffefh, P. I99Z. A mefo-onoIyficoI
sfrucfuroI equofions onoIysis of o modeI of empIoyee furnover. JournoI of
AppIied !sychoIogy, 77:890-909.


IoffoIdono, . T., & uchinsky, !. . (I98b" Job sofisfocfion ond job
performonce: A mefo-onoIysis" !sychoIogicoI 8uIIefin, 97, ZbI-Z73.

.
JAS 0. MAL (I989," mpIoyee Turnover ond fhe xif Inferview", LI8PAPY
TPMS, 'oI. 38, Mo. I, summer I989, pp. 3Z-39

Jomes I. orfer, Fronk L. Schmidf, Theodore L. oyes (Z00Z," 8usiness-Unif-
LeveI PeIofionship befween mpIoyee Sofisfocfion, mpIoyee ngogemenf, ond
8usiness Oufcomes: A efo-AnoIysis", 'oI. 87, Mo. Z, Zo8-Z79

Judge, T. A., Thoresen, . J., 8ono, J. ., & !offon, 0. I. (Z00I," The job
sofisfocfion-job performonce reIofionship: A quoIifofive ond quonfifofive review",
!sychoIogicoI 8uIIefin, IZ7, 37o-407.
IPU0P, A. & POUS, . (I998,"The ffecf of WorkpIoce ducofion on
ornings, Turnover, ond Job !erformonce". JournoI of Lobor conomics, Io, oI.
LOWMSTIM, . A. & S!LTZP, J. P. (I999,"0eneroI ond Specific Troining.
JournoI of umon Pesource", 34, 7I0-733.
orch, J. (I99I," xpIorofion ond expIoifofion in orgoni;ofionoI Ieorning"

!rice, J. L. (I977. "The sfudy of furnover" Ames, IA: Iowo Sfofe Universify !ress.
Universify of ichigon. xif inferview form from Universify of ichigon Librories

Sheridon, J. . I99Z. Orgoni;ofionoI cuIfure ond empIoyee refenfion, "Acodemy of
onogemenf JournoI", 3b: I03o-I0bo
Sfow, 8. (I980," The consequences of furnover", J. OccupofionoI 8ehov.I (4 Zb3-
Z73.
Your mon, J. (I9ob," FoIIowing up on ferminofions: An oIfernofive fo fhe exif
inferview" !ersonneI, #Z(JuIy/Augusf, bI-bb.

Zeynep Ton, Poberf S. uckmon (Z007," onoging fhe Impocf of mpIoyee
Turnover on !erformonce: The PoIe of !rocess onformonce", 'oI. I9, Mo. I,
Jonuory-Februory Z007, pp. bo-o8.

#$#   % !%  !  %&# '#  %

#% 

!# #&$%#$% #   $%#%  %8 89:/ ,28 ,9 05473 ,3/ :3/0789,3/3 90 25,.9 41 025400 9:734;07 43 90 47,3,943, 5071472,3.0 3 3/:897, 80.947 41 !,89,3  8 90 572,7 14.:8 41 90 89:/8430547,94384905745480/89:/:80806:039,0547,947/083-,80/ 439020/2094/,5574,.3.17895,8086:,9,9;03.802
897:.9:70/ 3907;08  -0 .43/:.90/ 94 13/ 4:9  90 25,.9 41 025400 9:734;07 43 90 47,3,9435071472,3.0070,89080.43/5,8086:,399,9;03. 902081742 90 6:,9,9;0 /,9,  903 -0 :80/ 94 /0;045 , 6:089433,70 94 6:,391 90 13/38 ,3/1:79072470940,230090790-4913/38.425020390,.490747349  # & %070 2, -0 80;07, 1,.9478 3;4;0/  0254008 0,;0 907 4-  9 .4:/ -0 , ;4:39,79:734;07070025400.44808940,;0 $42041908070,84383.:/0-09907 .,7007 455479:3908  3.70,80/ .425038,943 ,3/ -74,/03 90 .:77039 9,88  3;4:39,7

9:734;074..:7803025400,70,80/940,;014770,84383.:/354475071472,3.0 47,33,557457,90-0,;47 .425,3-030198 025400,9903/,3.0,3/4-5071472,3.0 ,70 , 1,.9478 5, ,3 25479,39 740 3 025400 9:734;07  03 , .425,3 705,.08 , 4707903.425,33.:78/70.9,3/3/70.90503808 %08005038083.:/090.489 41,/;07983 0,/:3931008 :2,37084:7.08100,3/3073.489 489.425,308 13/9,90254009:734;07.,3-070/:.0/0390,110.94;07,.425,3 411073 0254008 -030198 8:. ,8 70,843,-0 10-9 9 47 ,3/ 1,2 -,,3.0  5071472,3.0 70;08 ,3/ 5071472,3.0 -,80/ 3907;08 ,43 9 97,/943, -030198 8:.,85,/4/,8478./,8,3/.425,308,70-09907,-0942,3,0907025400 9:734;07 7,908   70/:.3 025400 9:734;07 7,908  .425,308 .,3 ,3 ,/;,39,08 0 57419,-9 574/:.9;9,3/.425099;0,/;,39,08  9,908088:08323/90,241987080,7.894 /0;045,3/9089,24/0147 47,3,9435071472,3.0 %024/0,3,0.1,.9478,110.90254009:734;07 ,3/,9890,110.9410254009:734;07439047,3,943      

943.43.98 41 025400 9:734..3/ ..078  40.070#57..:8438 -.3.9 9:734.7..43806:03.119:734.07 3 90 3/:897.941 :2.37084:7. 4-807.07.3988:041:2.3/842070897.07.3.02039 $9. .9.47/3 94 570..-08 93 -49 90 47 .07 . 5071472.9478  .9438  %0 574-02 . 03.8 30.9.3/%4/47  :0/473   8 3490/ - 80.703088 41 2.. 80.08 907 4-  $420 41 9080 70.3 .0/:09490/87:594341089374:9308 .0900254009:734.98 43 4507.:80/ 90 025400 9:734.943  !747 7080.88 .:80/ 3 98 89:/ 8 94 3.07  90 .0 .7007 455479:3908  3.0 2.08 41 9:734.7. .70 80.0 0110..0 .89.3 .3/ 0257.70/:. .3 7084:7.04147..9.894705.947 41 !. ...078.935071472.07 .07 43 47.2.9478 .02..8438 3.02039 #  54.3/ .3/ 09073. 8 14.39945.3.3/ 09 3907. 88902.0725479.90 90 0110.0 8 .3 25479.02039 %025.3.3.74320398  %070 .3  %8 574-02  -0 14. .3. .80/ .3/ 57.3.3/ 90 1.90  708:9 3 07 5071472.9..80/ 43 -49 904709..3.8 411070/ 20/ .0902 8.70. 9..3 025400 0.39010/841:2.:80/  90 1.943 025400 97.9478 .943410254008.08 ..3/90734149073/./:.08 43 172 5071472.07 9.4250 503420343 706:73 .3..943.08 09.943.425038.3/249. 1. :92.981.3.98 90 90723..33 .089.370 84:7.08 4-8.%# &%  254009:734.:/0 -09907 .7..4:8 7080..943.02.

3/90708..9 .0. 8:0898 9..9438 9 .990 .07 8349. 89:/08 0307.99430.981.43/08.70 ..9.   4-0   0--00 . 5.8.039438 .8 .39:734.03.843  2.733507 4:7 ..999:/08 .9.30.8307  4/.9 4- 037.1.4-570.3/13.431.98 41 025400 9:734.9903943 1742 7080.3 90 5489.3/.07  243 90 10 0257.943 4.:894207 8.7..94385-09003025400..8 8:.0 3 3/.0370/:.. 7080.98 41 850. 09 .70./03.89.90/90..4   :0 94 8420 /01.3 .03 9.088:0899.989.3/ 025400 9:734.550.420 20.943    . 41 .7-0/9030.7488 -:83088 :398  47 98 70.489419:7334.  708:98 1742 3/..93.088 94 4:9.7.9 ..08  9070 8 300/0/ 94 .3/ // 349 05.00892.843 .3/ 89.3.4:87080..39 088 .:.5078 43 90 0110.0 5489./02.3/ .3/ 70. 574-02 290/ ...794. # 57.9 1728 2. 89:/082.80/ 249.9.9.90 9:734.9. 840/ 9.0/ 831.07 43 90 47.93/:89789:/08.9410254009:734.9 3047078 -73 94 .999:/08.   $0.08 43 .9903943 8 5.-0 ..9    94   !7023.078 $9.8:708 9.900110.431. . -03019 1742 90 334.2039 3907. 4- -0843 .9.3.074300254000.3 41 9080 89:/08 .7 8:75783 .943 9.90 025400 .4 ./:.0 70.074390 47.34907 %080.0807024/07.3.7. 5407 .943 ..47/3 94 90 30 7080. 43 025400 9:734.43/ 549039.9 430 .07 9.70 290/ 3 570.43/:....70...0 70.00110.3/ .07  789 570./:.70.425.070..0 933 47 3.79.7.7 0.    %8 ..07  .0 0110.

80 907 574/:.3.:78 %7/ 2094/44.70.4342 41 .3 .0453 2.3.33 3 90728 41 0254008  9:734.0.70.3.943 .94197.981.947 -70/:.20 80.39740390/0.9708:98  %8 89:/ 5.9.3. .7..943 .39 147 90 :3/07/0.9008 3 90 14.0110.947 3 0307.3/ 3 /0.90/9490/08570.9.90 41 025400 9:734.3  84 98 89:/ 8 ..9438 4507.079900541#57.4:397 %0 2.08 4-8.4:39708 0 !.82..9.90/94-0:801:3:3/0789. 801 800.94770854380-.5..110..-9  %05:75480419889:/8942574..07.3/ 90 .03088 41 475.40.9.:8 47.089..0.3-0.2508  800.5071472./..07 25479.033/:897.0 0/:.9419:734.39 .943 249.943 . 6:089433..:89. 3 :3/07/0./0503/43903.3.9:70419003.4:397 0850.0/ 1742 90 89:/  -0 050.93 98 36:7 394 25479.943.:808 41 025400 9:734.94341 /.70  0.02. 8 94 .07 .93 3 90 8..3 25479.0450/.89.074.   :83 98 89:/ /1107039 47.0 90 7.3/ 3.8 4907 47.3/ 97..84.3/47.3.07439047.02039 70903943 897.3 5:75480 41 98 7080. 9:734.33430254009:734.89.9.80.943..07435071472.9435071472.8 .3 70/:. 90 .3.9841025400 9:734.574-02870.8 41 90 0110.4:397080!.90900110.07 .07  90 13/38 /07.:80 8:7.39 740 3 90 0.325479.3/3900110..045203941.30254009:734.0 %8 89:/ 825479.0 708543/0398 0307.8 0 ..74320393.3.3.09047.:80 -/70.39-0.943 .3/57419..9.:8093.9 394 8.0450/ .3..

3.3/.820..078  %4 .0 0305%43 #4-079$ .9 41 .809415708.3/ 90 73 41 4907 3/.3/.8 .3/09073.3.3 ..39.4250503420343706:73.830.9412.07..943 41 0254008 .3.88.47/.3.99:734..39 20.9438 ..7.3/ 4 .3.29470/:.907080.74320398 254009:734.088.90/9/0.8:70 41 90 0.00110.43.0807.07439047.078./:.09 ..7-0/89.0.7.80/43-49904709.3.85071472.3.078:80/24398419:734.3/0257.3/./02.9..03.3/ %4/47   :0/473  9078 .3    !7477080.2..0 900903994..0 0254009:734.94383.0/ 8:-89.07.07 9.3. 1742 & $  894708 41 .0.47/394570.0110.3.7.07 43 90 47.0907080.3 47.078..07 8 .9.0.9 41 025400 9:734. ..325479.3 70/:.9..2.7..7.9.9 1728 2.07 3 47.3. ..4:87080.7/81479.07/.0 /:0 94 90 /87:5943 41 0893 74:9308 .3. 2.0203943.3..3/.9435071472.3.0902 8.7.:.0 %05.9903943 1742 -49 .0 8:0890/ 9.:894207807..0..9 41 025400 9:734.8 94 705.8 70...0 933 47 .3 .0 .943 .0714.943  25400 9:734.80/5071472. 90 25.11 9:734.70.0 .3...8411070/20/.3.9433894704507.943 5071472.98434507.431472.47 709.:8438-..3/ 13/ 9.79.9.884.8:70/-574192.07   %#%&##' $9..:88574.88902..850. -03019 1742 90 334.9 8  90 90723.0  025400 9:734.-0893-499047.7.93 5071472.703088412.3.9  43 .73.3/ 2.. .

3.079.3/9070.0.8 ..943 41 30 5488-908 .34330.3.  %0.9435071472.88 749009 .8.08 30.90/9/0.3/$9.83 9:734.943 9.0 0110.3.3/ %4/47 .9438 3....70.943  %0 4707 24-9 250/ - 9:734..  439:/3..3/ 90 0549.9. 09 .9 8 .47/3 94 2  3 89:.8 .9 43. 30.894803.078.07.07 8:.42509.0/ 147.93 740 41 9.7..08 8:089 9.0 8.470.07 894708-032470.90/ -09003 90 0547.07.70. 9:734..07 43 5071472. 807. 89:/08 574..3/ 97.3 0547.4.4.7432039 3 .989028 174290/70.7243   $0..:80419005079804190803047078 :.73 %:734.0470782.9.3.00110.07 3 809938 706:73 0547.0 ./0 8:55479 147 90 -030198 41 9:734.3.943 41 4/ ..0 2. 8   .80340/00.70.90789.3. 84:7.438/073 90 24/07.9  ..3/574192.70.07.7 89.089390 172349-0.9.3.7.3908  .39 41 90 /893.0 41 30 340/0 147 1728 .0 3.9 41 9:734.9:.9 90 0110.8:70/-.4898419:734.0/980.07.9.07434774:55071472.431..:894207 807.820.3/.943 90.70.314782509.884147/0788947088489.9:70 41 90 03.079.7:92039 ..9808857434:3.9 43 89470 5071472.0 .0980110.07. /0503/ 43 90 3.419830.33 41 30 0254008 $9.110.798 !7.70110.8 /7.00110..889.9419:734.07 2.    %080 .943 ..4:39075.0.884.. 43 8420 .07.07 4.07 /408 349 .93 ..93047078-7394.80/249.80/025400 9:734.0   %0 3.7.90/-9:734.0 .4- -0843.9439.0 .//9434134.3.0 94 9:734.3.3907 9:734.8307 4/.   .80/ 894705071472.:78  489 89:/08 .943 47 334.

431472..3..00254008946:97909.431472.07 7080.:80 90 .943   -7.530 974: 89.4/.9.:20393 90 ..07 ..3..90/ 897088 897088478  .880882039410110.3.9700 89055747.981..9478 .3.9.9 02549.43974 - 2.3/ .9438 -0.7/0/ 1472.07  %0 09 3907.990738  90 /0391.07 5.088 .89  0.80/ :543 .0 0110..3.943 2.3.7..8 . 43 9:734. .0 .3 .    489 7080.. -7.90/897088 4-897088 907. .0 894708 .    25400 9:734.4.3/.943 .93 574.943.3 25479.07 3 .2  .4:39.943 41 9480 1.3/ 2502039.0 894708  90 30.943  %0 09 3907.88 41 /.//7088 90 2.94789.07 8 .574.981..208 0.3 70/:.0 5747.0    %:734.3/ 070 5071472.:808 43 .39 20.03088 .0 944 147 /4.3 47.40.:808 41 9:734.7.7 .0/ .11 3.078 .3.90..7 974: 47.8 .0390/3907 .90/ 9:734.943 574708808 394 9/7..7/ 4507.9 .88  2.3/ 4- /88.2419:734.3.072./014774:930100/-.-0 805.3./944- 70.70884:/2502039.0 2:89 -0 -.02039 .07 3 90 -7.088 .9438 .3/ .78 42  71109    %0050703.9 4 574.02039 !7.8 /423.88:70025400.3 -0 8003 ..088 /8.943 41 7020/.07 14.9 - 25483 574.70 2470 8:-0.0/:708  %0893 904708 /08.4397-:93 94 9:734.3/574.943 41 .3/.9 94 .05074/.0203990..3 2.7 .0 9:734.02039  .9 41 9:734. 1472.431/039.0389.3. 89.7-0/ 90 /88.942. 09 3907.07 8 0110.7.3.301.9.42292039 3 90 47.0 /0503/8 43 90 70509943 41 343 9. 41 .:808 41 9:734. 43 9:734.3 0110.07 8 57434:3. . .8:70 41 90 0..9 41 .0414-70. /:73 90 5..3/ 147 31:03.3.9.

0390/ 3907.0 .943 .943 .3/050703.:770/ 03 .3/ 47./:.3/ 574/:.9.9438 0254 .308  98 89:/ :80/ 209.07 2.90/- /0.11  3.943 .3.3 .93 .3/ 1:73808 :801: 2.8.02039.705.249    .8 .07 8:7.42543039 41 0110.3.0397. . .0  %0 :80 41 6:089433.4898 /43  .7-0/..-08 90 47.3/ .-82039 41 44/ 473 70.3/574. 09 3907./03.0 574.3 47.9  ..0 5074/.03943.3.0 -09003 025400 8.438890397./014774:930100/-. .9.88:70 025400 .08903/94-02470.0.8-0.4898 41 489 574/:.3.5.4898 41 06:52039  .94385 .3/.4:7.3/ 90 09 3907.08 89.3/ 97.42502039 94  90 .3.90/ %018..4898 41 30 025400 47039.02039 .   .3/90.88 94 0.9:73  -738 0254008 930/0.3/0503/430.7/0/ 1472.39./3 8420 -030198 058 005 8.8 .880882039 41 0110.70.908 455479:3908 147 :5.4.33  . 89.489870.230 90 70.0574/:../.250.03 89.089017:897.4898 41 . . 0254008 4:7  2.7:93 .02039 /.3/70/:. .0 8 9:8 .708 03.9.981.0/-908547. 0.3.943../ 03/4-8 %030.  9 2:89 -0 -. 8:-899:90 147 47 .3/ 70.7 .02039  .431/039.70.942.9438 9 147207 0254008  .3..08  ./08 147 90 089.113 10-9 .4898 .02039 .9 .9 90 -:83088 :39 0.80/ 43   -:83088 :398 3  .25.9  0254 9..80/ :543 .9.03088 ./:.943.3.904708 .3    %0 09 3907. . 70897:.9020398 41 3/..208 0.9. 89. 5489 9:734.7/ 24-9  03.9079..43.3 -0 8:22.3 3/.9 84209208/08..083949047.425.943 .0 9:734.3/ 800.4898 3.574.70/ 3 80.943948.07983 90 548943 .43806:03.9079./. 705.890548943.07.

.3/ 7054790/ .7907  $..9..08     8420 7080..420841.0 88:08 43 .109 .39 94 2.84574.07 .3.8 -003 8.3/9078.0 .3/ 8.3/ 8 47 07 31:03.9013.3.3/ 03.078  -49 6:.2.4208 8:.33.4208 .0 3.90/ .02039.70.9 57419  025400 9:734.9.-83.0  ..0 41 90 8:507.425.4770..3.08.425.09 41 8.9  025400 9:734.39 4:9. .208   .7.03.9.30594.7.943 574/:. ../08455479:390894 089..847  :/0 09 .4208 9.0203957.943 2489  70.1..9 9080 .9  .3..-08 .0410254008.39 94 2489 -:8308808  25479.07  .90 .:5 7080....9 43 -49 390720/....90/9420.4208.3/90-:83088 :394:9.43889039 25479.999:/08 .981.08 -09003 0307.3/ 89.3/ 9.943 5. 5071472.0894 4:9.020390.9438 .9.2/9  ..9 700.:80/ 43 90 .3.:5 7080.5071472.0 14:3/ 5489.11.078 . . 90 850.9.0 4:9. 1.943 9 90 8:507. 2.3/ 8479  .981..90/ 90 25479.7488 .08 .70.47547.90 025400 4:9..9825479.08   :83088 :39 0.331:-:830884:9.079003..399.9.4342.7907    .39 25..981.3.90/ 94 5071472.989.9438 0307.045 850. .0 14.0 .02.3/ 3/.39:/09.7070.847 47 90 2.1.70 95.3 0.3.07080.7.3/ 574/:.078 .-9  574/:..9.38  .981.7.7.9  57419.38    .3.07  .02039.3 47./:.0 :2.:8942078..0 .308 # 57.3/ 43 9072 20..90/ 3 .981.3 /0. 475. 831..0 .:894207 4.9.     $4  90 025400 8.943 .3/ 6:.07 .0 .078 .8 .34  :.9.70 /70.0 /.8:708 41 . ..0 3/.0 4.9 ../0398 .3.4208 9:734.39 :2.37084:7.9 90 -:83088 :39 0..9.3/ .3 7084:7./.9439907..

7.0594384147.3.:77039 .90 .42292039  0907 .:/0 -49 390720/..34907 4- 070 .9.3.0/9:734.425099..943.-908 41 ..0897.33  .943.0 025400 3.3/ 172 0.90/3:80/  !747473-4990.943..039. . /0 7.0 90 340/0  88  .3   .3/3:2-0741 /0503/0398  47. 147 .3/14:3/9.3/ .3.39.3/ 90 708:98 .5.84:7.  . 8.07  $07/..30/9.39.3/ 5071472.172 8 .943 574.-08 3.0  .7:92039 .0.059438414- 80.3.3/ 54 9039.3.0 025400 70.90 02542039 4:9..0418:89.-088:. 3./.250 41 1728 /7.02039 889028  .3 1742 .943 ..0 90 172 4308  79    :2.7.172 8.42570038.0 0850.0 41 ..4:7.3  .0 2.9.425099.814.30413/:89708 . 4- 20098 .0 0850. 903:70 /0247.:79  90 570803..0 70903943 41 6:./:..9 0254008 0 03.8:708 41 13.0  4- 8..0390.0/:708  3.0 873  ..:/3 ..0 20.3. 8 050./02.3.0 41 8:89../.0 03/07  0/:. 84:7.943 0.90 :907 0778  .90 03  09 .425038.757088.70 -.550  $3    %0 /0503/039 .425099. 172 8 .:80/43507.7 :80/  %0:8041507 1472.507  4894190574747.3..04757. 570/.425038..70.8.80 907 249.9507.30/ ...30/9.80/ 43 .08  3.9.70.8.9438  . 0254008  3.0 .02039 57.30/.7.3 7084:7.3/545:..9 .:9:7031:03.0 41 0254008  0.3 34 5071472078 94 0.3/ 09038.943 .0390.70.943  70/:.943.943  47.70. 5071472.4208 .3/ 90 0570880/ 3903943 94 80.3.3 3/.981.7:0/9.0.3.425099.3/ 97...3/ 800.0 897.0 2..08 .3 05 94 .3/ 03.3 2574.02039 .. :343  .9.4.

07.7.425.43.9.94385 -09003 90 574.8.9 41 97.045 .7.8490747.479 41 7080./07./4590/90:2.9013./0..3/ 172 808   14:3/ .3/.59..933908.480744.90/ 94 -0 :801: 3 :3/0789.9047 %03.7.438/07 .0 7080.9.9..0  %0 .07 .943.98 40038903 .3/ 70.-08  9 43 10 0257.9.00/:.98 41 97.43/.:80  - /70.9.9.94730307./08-74.9.870.8 41 90 0110..5071472./03.39 -0.399. 94 /0..90/3-099071725071472.08-07010.3.943.0 8 94 /08.7743 09 ./0/ 7080.07 /08.0 .3.3/3 90 0110..7..93 98 36:7 394 25479.33 43 025400 9:734.038:55479419080.90:8041!071472.04780.3/ $50907   .3.   .0 -003..3/97.397.33.3/9:734.9 ..07 90 13/38 /07..08920398 3 8:.900839014....3/ 98 0110.83.907 574/:.47/3 94 90 7080. 3 -09003 .9 90 3.3/ 3 /0.5574. 89:/08 .33 /. 5:754808 .9:70 41.94384507..70.7...90/ 9 407 025400 9:734.947 -:9 .0453 2. 43 90 70.3.3.70. 480 .0  %889:/574.-0 8:55479 147 90 549088 9.02039 70903943 897.7. 57.08 .07 .70 .:838:7..:847.33390728410254008 9:734. $4700   6:.3.39 . 8 .047!7.42-30 05.3.3. .. 43 90 0110.33..884.20 80.7.3.90/ 3 $4700    %0 7080.843 41 97.0.89 2.7-0 .0/ 1742 90 89:/  -0 050.0730/ 9 /03913 90 5034203.88079438 .33 $4700    %8 89:/ 8 25479.-9 41 97. 7080.7/.9.759.80.47547.-0949.3..3041 3/:89708 .:8.0308841475..9 3. .7488.7.

07  070..8 40038903.9./03.9 025400 9:734.943 4-897088 .3/.3970.70.-08 0 /0249.9:.7.0 9.1.:8843   .943  -09907 4- 455479:3908 ...703/00/20/39080380 9.943 41 .90/ .9 90 70.9 09907 4- 455479:3908  88.7/ %0708:98.0  :9 147 1:7907 /8.90/3$4700    0490788:089.3/$50907 3.80 90 47.42292039347.3. 89:/08 574.:8843  0 .3/#4:80  %4 8:2 :5 .24/0570/.343 831..9 ..39 5489.943  :7907  /0.7/:2.9478 0110.3/..    382509072 9089.3/ /87:5943 41 0893 74:9308 .3 0254 9:734.83 025400 9:734.07  3.94: 90 2.9 90 97..908 9.3/ /88./0249.897.3/ .41.90/ 3 $4700     %:8 90 :80 41 /08. .7-0 90 ..07  %080 1.3/ /08.3.110.07 90 0893 0257.8 430 5:75480 8 94 /0391 .59./0 0.-9 3 /1107039 1. . .981..07 3 90 47.110.0 . .9 8002 94 .7.:80 94 3.98.98 025400 9:734..0 89:/  .3. 97.03088 3 9072 41 70/:.943 5071472.70.84 2.3.943 .3/ 9:734.    47707 ..3/ $08   $420 3/.33 .70 90 1..9.9478 9. /8.0 800.33 0110. 97.94385 7:007. 2.9.    .07 .943414.80 025400 9:734.70. 2..943858349. 9.981.3 8.0 34 0110..0 70.07  40.07 $.94385 8 30..9147.3..:3/078 09 .9478 .8 0307.070.9 90 70.94385 -09003 172 850. 831..30.:7 09 ..479 41 89:/08 5439 94 ...94385 7003 09 .33 4:/ .759..9 43 9:734.

20 920 90 507.3.07 .3/ 90 47.0/47.3.943   !:75480$9.3.110.7/ 3:207.9 .9.9.3          .:77039 20/ 2094/ 89:/ 4:/ -0 94 -09907 :3/0789.3/ 90 7080. 7.3/ :92.43.902039 %0 5:75480 41 98 .0.08-0:80/9420.3/  .7.3.9 025400 9:734.90 0110.3.0/.89.94385 -09003 025400 9:734.7083907.3/3907.0 /09.07 ./70.9 43 90 5071472.943  9 90 8.3/ 6:.073 -49 6:. 39089:/ -496:089438.9.43.089 0254004147.0-005470/:836:089433.0 41 90 47. 574-02 - .0 /.9.9433!.3.8:70 90 70.5071472.0 -4.399.943.

1.9.02039 3 7 57.94385 -09003 /0503/039 ..3/ -09907 4- 455479:3908   .9./.909025.08 3 47/07 94 ..7.07.9435071472.943 /88.3.28  %4 05470 90 70..9439470/:. 2.0739039438      ..03 3/:897...9410254009:734.9 1.4-0.9.0.9-08957.4:/-0051:147 :2.80.07 0 025400 /0249. 5071472.94385 -09003 025400 9:734..89.:80 41 025400 9:734.9410254009:734.3/ 3/0503/039.3.90 90 2574.943..020399470/:.7.3/70/:.07   9  70..07439047.5994/110703947...089.00254009:734.07   %4 05470 90 70.07 .-0.233900110.3.907 47.09:734.3.9.943.37084:7.9.0 70...3.3.0884:/.94741!. .3  4 $50..9478 .943.-0 0254009:734.02.07439047.00254009:734.0  .0 4 %43.3.08419089:/ 4 .981.42292039.-0 47.3/ 90 1.3.943 41 4- .07   .

3/-099074-455479:3908..9433.943 4-/88.07.808025400 9:734.3/9:734.0739039438 O 408-099074-455479:3908.110.0    $:- 549088   0249.981..6:089438   .#080.943  ..981.943.9435071472.70.70 390770.94385-090030254009:734.70..0739039438    #57.3/9047..943. 4907 O 4/4084-/88.3/ 47.3/.3.07.943.9.943.9433.981.3549088    %070830..70 5489.0    %070870.943 5071472.5071472.3":08943  O 40254009:734.90/90. 80.033/:897.3.3..3.08/70.943 4-/88.80 0254009:734.110.9430254009:734.070.70..9..3.943..07390394385489.3//0249..3/4-/88.947   $:-6:08943  O 408/0249.07.943.981.90/90.422920393.3/-099074-455479:3908.800254009:734.981.070.99047..4907   -099074-455479:3908..3.943-090034-/88.7.3.90/90254009:734.07  549088   .07    0249.9.070.4147.

059:.3.3.943 88..3/904708 1443.3/ -09907 4- 455479:3908 .70..83 7..0452039 41 3/:897  .943  /88. 5071472./ 94 90 /0.943  3 90 .2047 8/0.70 90 1. 17.041907.9 41 025400 9:734.43.943850392470243014773.07 43 5071472.3.9:70. 5071472.3/97.2047 /0249.3. 3.0 .70.  %04709.80/94.943.3..3.0 974: 20/.943 414- 25400%:734..-4.07 43 90 47..07 7..110. 3 9:73 20/.2047  .943.3.981.80 90 /0.7.07 30.9.0  0.943 41 4- .908 90 25.808 025400 9:734.70.059:.43.93 907 249.17.99889:/   0249.90/70.33300254008   .9 41 025400 9:734.0 ..0 099074- 455479:3908  %0 25.90 3 025400 9:734.07  3 3.98 47.80/4389.981. !071472.9478 .3.43/:.0 .943.3/ 47..

08 3 .82  -0 .8 94 .827080.7.82 ./08 . 54845 .9:70/ 3907.3/390. 9 90 .7.0893 .430   #..943410/094/85574.9. 8 90 3.943..0.:210703.. -09907 :3/0789.0-003:80/37080.9:70 $4.0.9.0 2094/ :3/07 90 :2-70.90907.3/3 41 7080. 574-02./2  %03 94 . .9.3    :80 39075709.450 9 2 80.943 574.:80 -49 6:..399..7.43909:.0 :80/ 20/ 2094/44 3 2 574548.14790800. 7080.54845.0/0.9.5574.990:80416:.574-0289414/33.0 ../9  70.9.3/6:.3.-9  5489.0  0  94 /0.3/ 0307.0 2094/ 3 90 . %0 2489 25479.9.0/...094/44 0/094/44  .07080.8 ..399. .9.9.7..083.399.5574.39 93 3 90 800..5574.0 5.3/:3/0789.4480 20/ 2094/8 7080.4224/.02094/8.4803 8:554790/ - 8:7.5574.84388:554790/- .43909 41 !.42-3.90 2 1789 4-0.943 41 .88:259439.399. 0/2094/8.43/ 4-0..0 41 05473.3/ :80 802 897:.7.3/6:..5574./2 :7907247098/0.0397. -0.7.425094190..9.. 41 6:.89./0/94.0416:.9086:.0 .9.7.9. 574-028 9.-9  .9... ..93907.9 98.3/ 6:.7.7.05.9.7.57028089.9:70 41 7080.9.7.82508:-0.

3 31472 90 7080.. /.0 41 . 4390 -.9. ..80/ "&6:.. .40.0 .9.943...  - 0/3 389 .3/ 2094/44. .045 3897:2039 "& .930/ 094/8 5574.423 90 /020798 41 -49 . 897.3/ 4.7.947 083 3 806:039.3/8970390313/38.399.28  .2.3 "&      6:.8 /8.3/ 6:. 340/0 .3.:880/ - 7080    90 :80 41 2:950 /.90 7.9.80.40.0 9089:/.3/341.574-02   #080.808 :83 $06:039. 547..3 90 20798 . 708:98 0. 8098 .908.9.5574.9008   .93/.88 41 !7.8:.81448  6:.9.943-.7.0 41 90  806:039.3.7080.9./08.897.9. /.3 #08:98 6:. .9.9.0 /.-089 574.88 "& 708:98 39075709.08 .40."& .8.9.943 "& .7.40.9 90 6:. 3 5.0 /0.  .88 6:.308 9.943    39075709../0/ 94 .0780950841 /.083 $00.. .943 6:.07.9.3:3/0789.9 2574.

70 .9.08 .088 6:.9.:3/07.9.43.9.9.253 /034908 .889900541$!$$8419.7093/:897.2503/$.48003/0/ 6:089438  -0 /0.36:0147/.9.40.399.90/ 974: 6:089433.:/3..3/ 3945.90/ :83 802 897:.0303.7.43/5.40.3.9431440/-/.9.4483 809938  74:58  3/.707 545:.9.0 90 13/38 94 .943   3 90 4907 .40..80.03/:89708   %44841.4480050703.943  .36:0 :80.90/ 8. 8 .3  800.8 9.9.80 .40.9..7/390 5034203.3/ 6:.9.3/ 6:.93/:89708-:91471:79077080.90 90 90208 02070 1742 90 6:.03039 .088 6:.5.0 2094/  :73 98 574.070/ 94 800.0 /../..-0 .70   $.79.90/ 974: -49 6:.399.9:70/ 3907.40.9.0/708543/039870.9:70/ 3907.40.25390.0 .9. 8 .7039080.  -0 ./:.08 3  90 1789 5.3/ 94 0307. .43.703.9473!.80419089:/ ":089433.9.89.08.80 41 90 89:/ 974: 4503 03/0/ 6:089438  !:754801:8.9.9.  -0 ..9.9.0303.9 .250 3 47/07 94 .438/07.:73 98 574.253-0:80/94.0 /.0 /.943 43.0 5.253%0.90/ :83 802 897:.08.9039089:/ 9.

10//.  %0 7..:73.99.425..39.843 94 :80 3907.0 41 50450 8 94:98  :7907  .3.94347 /4.07 8479 85. .943.80 41 90 89:/ 974: 4503 03/0/ 6:089438 8:554790/-574-08.0 .1.5.9.9.843 2.3/.08 3  90 1789 5.0434907/.07 4907 20.3.9.9:70/ 3907.3/57425989409/0053898. 3907.3/ 9070 70.38 41 /.3-0 4-9.07:801:-0.3   89.943847/4.3 .5574.844-9.41.30/ 3 .08 70.7.43/:.7/3 025400 9:734.7080.084.09920.:9478  8 02.:20398 8 .9438  .0/ - 90 .70850.3/:3/0789.908  39075709.4250941..9.84 :801: 3 574.398  2:950 8:-0.9432094/8 0 4-807.3/ 90 6:.9.9   :80 802 897:.0 4..890248925479.7:0/.943 8 31:03.3.9:70 .79. ./0/ 94 .927080.90/9.8-.80/43901.74:8 .9. 850. 9.:203989:/8-.9.3/ 0.43909:.09.3/390.4480 802 897:.07 .7../0 43 90 -..3/ 8:7.:80 41 98 10-9 -. 0307. 90 2094/8 .0  /0.4:/-0.4898...3.88 41 /005 .7:20398 57080390/ - /1107039 .0 8970398 . 80993 - 9.2    44833907.9..08..0 41 ./3 .70.3/9400590708543/039 4397.3088  3907..3..93.3/ 507850.7.. 84..9:70/ 3907.9.79.3/ 47.40. /0. 70.30/ .80/43 05473.0 -0../ 41 4-807.0/ - 897:.3 41 920 .0 /0...9.9 41 90 /.40.93907.0 2094/ 3890.07. 4..943 5071472.4:39 41 5.7..9.3/ ...3/ 8 .0 89:/ ..:80850.

9.-9 8 9./:..070/ 94 800.730/-907080..80 .9.70390 80.3999890.9.0 2 7080.43./9 .8 507 90 4-0.3/ /4.10/ /.889900541$!$$8419. .8 #0././ 09 .399./08850.0   038:70 70.9. 57010703.0+ .439740/ 0548:70 .90/ 8.707   3904907.70 3.0 .-9 '..8934943574.70  '.338 41 3/.059 9.9 9 /408 349 .3.8:708 90 .3/#0.03108349. .-9 - .4480 90 20/ 2094/ 806:039.:/3 . 8 6:..80 41 90 89:/  ":089433.05..9.9./.9431440/- /. 574-02  .80.0/.9.08 /005 3898 94 507.943 .2094/87..44801479889:/.4388903. 20.7/3 .9.:20398 -:9 ..7..9.8. 84 1789 88:0 .80/ 94 20.-9 47 90 .5574.5574.059438 . 41 20. 40.7.250 3 47/07 94 .450 990 10-9 41 455479:39 94 -0 0.947 70.70 94 4-807.0 8 .9 9 8 .6:..0 70.9./9 701078 94 88:08 41 0907 47 349 .399.08 41 2 89:/  9 .90 90 90208 02070 1742 90 6:.03 94 6:.90/974:6:089433. 3 .9.090 13/3894.3/ 8.480 03/0/ 6:089438  -0 /0.425.43/ 5./9.5574.20 20.36:00.3/940307.707545:.3/ 20..   1..9.84  .3/6:.07 147 90 1789 5.3 3/.8:702039  $4 0053 3 .0 .-9 :8 90 89.8 ..40.94..8:70 070.070.8 9 -74.943.33 .8 3 6:.77 90 8.3/ 70.

94341907 050703.-8 90 .425.83 90 05079 .033..07-.07..7594394. 89:/039  807..943  4.8:702039 .3/.4388903.3.708 41 90 13/38 0   90208  9 5.1907 97.8 ..09013/38 3/13./9     :80 90 1443 897.43/5.9908.4.8:70  $4 9 70.:/9479470.3/  800 9.5.399.38.439039 .86:.9:7070. 90 708:98 974: 89..80.:7..70 .38 090790 708:9 8 705./9089.9008  02-07 0.9.907010.0. 41 13/38 47 . .8 5007 0.3/%.3/090790..:883 90 8:22.0.70.847   ..3 8.5574.8  #. 574.79.9 ...90.947..0 ..73 .088 479080.7/8 94 70.703903/9420.8:73..4/08.77.:80  309073.....989.70 974: ../9 41 90 6:089433.94341907080.7020.398.7.890209079013/38.-920..09003970574.7/89490.-9   ..4/078 .38 0907 20.41908:507.0/:70 4139073.990.243 80.3/9020847/1107039430  3 47/07 94 038:70 .:7./08./9  0  .38 41 20./9 20..3/970.20.23.08   !007 .:7.-0  070.75943 090790.4/3 .2307 9 90 .71.

0453 98 574548.8 :3/078944/ - 9070. ./.42570038.890708543/039894.303/   !70.088  09.80 09 .19072.80. %0 1443 09.0 41 90 545:.3.42084190 7080.943  -0 574.0 31472.250 705708039.3/.9.3/ 8250 94 -0 0.-4:9.45343  .3/4:9.0902... 549 89:/ .425090 7080..3/ 41 907 708:98 974: .438/07.438/07.98   %0 5:75480 41 89:/ 8 2.7.3/4059394.7 .9390407080. 574.3 .438/07.0903974/:.943    9./0 .9.088.2-:9.8 /:73 90 .4/.94341 7080.90/ .9 .98 4-0.3//88023.790743 70. ..7.0../9  0  1.  ..43897:. 88:08  -0 059 :3/07 .850.943 0.8 0 ./0/ 94 708543/0398 3 47/07942.3.947 .9020399793.7.574-0289.3/ . 574.0.9.7./078.94383.08.8:708  4704.7.88 41 90 20.70 8.07 .943 /:73 90 7080. 88:084:/-0/005.3/ - 9.7...943 41 90 3897:2039  -0 /430 974: .

/:892039-02.03 70.7.:70 .420 90 549039.425090 /09.3/ .7/3 90 8947.80.80/ 84 9.50 90 3907.5./.4. 88:08 3 793 90 7080.3.079.0 .5574.9....7.0  8:5570883  1.07.79..3 4907 79903 .3/ 57490. 09.97080. . 70.3:./0347/0794.9.70/-9 41 9089:/  .07.3/ .9.5:75480   %057.4/3 . :9:.7/3 :80 41 .8 3 .07   3 47/07 94 4./0 8:70 94 80.-.3 00.:/:039 57.. 1 300/0/-0/:.3/ 94 005 98 31472.830/--49907080.9743.890  9  -0 2..3984:/-057490.08 90 .9070/ 1742 708543/03994.4/.3.0 41 /.3/90708543/039   !747920.9 90 70.4/.2:209039 .091477080.9 90 31472.41905. .7.721:. .1907 90 .7.-0-./07 4:/ /0907230 - 2801 90 ..08147902  !0728843 94 9.813 47 4907 17.4250943 41 90 89:/ 147 .339077:5943390 14.34324:8 1472   -0 700.943 43 .90/94902.943 .3/.7.   !747 50728843  -0 9.43806:03.3 920 5074/ 3 90 430785 41 90 7080.438039 1472  50728843 09907 .

.039047.5570.981.:0/.2.3/075.20 9.90/ .300/88:.9.981.:80.943 4-/88.943.705.70/906:9.830 ..8 -.8-0370.0/:08./:.943.7.94783././8.92.2 1703/4754.80.740 9007900..981..9433..70 4:70..3.947847..8047249..981.943549088089.   013943410%0728   4-88.0/3.3.:/01003..-5..4.3-090708:941..95.8 425.3.7/0/ 033.804-8.943 ..075./7054790/4074-8.943903/8 94-00570880/  0249..0 9024708. .5071472908....70.42509./308894.943.84088039.9 574.804-8..30 4-8  ./47078 0254008410990070-03 :3/07 474.94789.90770.843.3/43 890./0702..943 %0/0249.50897411.70.08/0.943  9071.845.3./0810038415407020093507843.981.3/70.70.981..3/ ...:/01..243-49407.80/74:59.08  10-0478.7. 07.8./3/...

4229203939010/84147.3/ 3/:897. 7.-0.42292039 7....3.943..4:7.943.3.943.3.

 8 .2039949047.943 007  !  03     4- $97088  $97088 30307.90/   29..9438   %070.93907080.70842029.943 /0130/.943.943.8.44..3/2.7.:808-4/ 472039.3.999:/08 8:.3025400050703.1.3..890/0700 94...-0.9435071472.9.90/.9473/80.943 /0130/.4397...-4:99074.3/ 7.0307.1.4....981....941 0254009:734.07439047.3. 47024943.903843.:8.80.7047 70...9479.448 3./0391.99.0    O 789 29..!8.-4:99025.94383. 80380414303088 990747.3.3..890/94907 47 70.84-$.   .943  30950418970888 4-897088 94-897088 908970884783.02.3-0.3025400 8 10038.58..94382094/44. .943 9.08.43/:.3.0/.80380 90025400 8 58. 7.

0   O %8 89:/ 8 25479.O $0..233900110.94741!.3.9.3/3 41 90 25.8 41 90 0110.0743 9047.074390 47.3.04532.3/ 97./03 4:7 :3/0789.94370.00254009:734./943..3/ 3/0.90/94.0410.417084:7.3    $31..07  90 13/38 /07.3 7084:7.80.0/ 1742 90 89:/  -0 050.43/ 29.03088 41 475.90 90 0110.9025.94197.4:/ -0 051: 147 :2.943 5071472..3 29.39 -0..0 3 90 5745480/ 24/0  $3.3.39 .938:7.3.07 .9410254009:734.93 98 36:7 394 25479.9 41 025400 9:734.943 .:80  - /70.9 41 9:734.0 0/:..0078        %% $  O %889:/-070897.4180/3907.3.07 43 90 47.3343025400 9:734.3.70.07 8 .90/9413.0 90 97.3...07  O  :83 98 89:/ 2.0 41 025400 9:734.774  .94333/:897.89.0203970903943 897.// 94 0893-4/41340/0-8313  O %025479.935071472.3/3900110.9410254009:734.3..3.43/:.943 .33 3 90728 41 0254008  9:734.9008 390 14.07 3.90/94-0:801:3:3/0789.0 2.:77039 89:/  .0.078 .08147.07 43 4507.3.3.0419089:/  %0 89:/  -74. .02039 94 70/:.574-02   O %7/ ..0   O .:8 .

3//81:3.90.933908.93 897.98419:734.80.07.!.4:393 0.3/ 897.0 507850. 889028 507850.70.33.07 %4.    #42074   74:5 0.733 .08 2.   :907      0778    #   .3 7084:7.024/0 .0 .90 41 0254009:734.8.02039#0. 02542039 54.0  ! $0707 /8  #080.02039 3 03  $ 9.3 7084:7.0  55 $4.943.02039   $573   .3/57419.3 70/:.9.3 7084:7.9:734..7.0 90 7.0 ./ .3/ :2.09.8307   592.425094374:55071472. 70.07..47.8:73 548943.08     .9.550  !   $3      3907.8490747./ .943   ./0:343202-0785 .9.3.90. 3 47.       $ !   4- 70.-9  ##$  -0843   .9473 0307.4898  :2.07 3 05..3.0 .2.943.0 8 3044/118 !7039.943 .3/ 5489.249       :2.3/ :2.80907574/:.3/.7/.9$4:9 089073   .3.   O  :83 98 89:/ /1107039 47..507        $97.33 97.02039 3. !8.3/9.943.3 7084:7.3 #084:7.3/3.94384507.347...3/0/ .3.02039 .#0.90/97.        03    !    $97.4342.:7.90 .9438#080.2080.884.0. :2..3.3.3.08 .08 .89:/  147/.5078   .08 %0 0110.-4:724-9  439:/3. 705.3.90.        7490      384    4.3.3.3.943.7.02039#0.943      %4/4  %:734. 17439078 3 3/:897.9438 .07 9:730/ 4../843   3/:897.9.

9438.3/4-!071472./:.0 /:. 094/8 3 :83088 $9:/08 .:/0 43/43 !7039.34    %   :.38 .07 208 4.9.733  .3.0 .208   .981...943.3   $.:093       $      25400 %:734.06:.44.943  25400 3. . .24/0410254009:734.9./03.4342.9.90&3.7338 %:734.  #  $%     !    %025.8     $%    $!%#  #   4:73.3/ :83088 :9.0 4:73.   71109 #  209.08    :83088 &39 0..3  7984:73.41 550/!8.-4:724-93/..3.413/:897.94385 -09003 25400 $.3/0549.02039  .0     .33  #080.0      %089:/419:734..3..7.44       .44.8841.-47.9 41 475.943 4- 5071472.9943         %0 4- 8.11.07 4:73.981.0789!7088  0307.38  !      4- 8.3/ 4- 5071472.3#084:7.3.981.0 #0.88 !8. 3.420809.3.0 70.7907  7.1.3343.07 .#0.943.3.:093      #&#     # &$     %0 110.7.941 97.3/ 90 9 3907.41.0  ## %#$ '4  4  8:2207 55    .399.00.. &#  !   # &      57.0  !8..%7.94385  6:./.07  !7:88. 897:.943 43 .943 . 547.2/9  %04/470   .3/$50..88 '4  4     :/0  %    %470803      434       !.07 .0174279.3.3/172 0.9438      42 ! .0209.41:2.0.943347.7.     !7.0 70..0.9.9..3/ 6:..9:7.$9..

020394:73.0 !0784330  :..9.708  $07/.08419:734..3-7.    4:7 2.:9:70 .943.     $9.3 93907../02 41 .3.078941.0 94 90 09 3907.3      443 :5 43 90723.9438 3 .:5.&3.014721742&3.3.0.9073..      %0.943..3        7..07   .3/ 025400 70903943  .43806:03.078941.

9 41 25400 %:734.2.7 0-7:.3    ..07 43 !071472.3:.0 %0 #40 41 !74.3.0  '4    4    .3.3.3 90 25.::89     0305 %43  #4-079 $  :.7  55     .088 431472.