t tInternationaltInstitutetoftBusinesstStudies t Bangalore tProjecttResearcht tDecliningtSalestoftDaburtIndiatLtd t t tNamettArurendratSingh tRegtNott161RCMD003 tSemestert4th tMBAt(BangaloretUniversity) tDeclarationtbytStudent ThististtotidentifytthattthetentitledtreporttontDecliningtSalestoftDaburtIndiatLtdthastbeentcarriedtouttfortthetpartialtfulfillmenttoftthetcoursetProjecttworktbytmetattInternationaltinstitutetoftbusinesststudiest(IIBS)tundertthetguidancetoftDr.tRajatSulochana.tALt-tProfessor,tInternationaltInstitutetoftBusinesstStudies,tBangalore. ItherebytdeclaretthattthistreportttrulytrepresentstmytstudytundertakentastatparttoftmytProjecttWork.tThiststudytistnottatreplicationtoftworktpreviouslytdonetbytanytothertperson,tinstitute,tuniversity.tItalsotconfirmtthattthetcontentstoftthetreporttandtthetviewstcontainedtthereinthavetbeentdiscussedtandtdeliberatedtwithtthetFacultytGuidetcompanytguide. ItfurthertdeclaretthattthetresulttoftthistworkthavetnottbeentsubmittedttotanytothertUniversity/institutetfortthetawardtoftanytdegreetortdiploma. tDatet17/05/t2018tNametArurendratSinght tPlacetIIBS-tBangaloretuniversitytReg.tNot161RCMD003t t t tCertificatetoftoriginality Thististtotcertify,tthattthetentitledtprojecttworktontDecliningtSalestoftDaburtIndiatLtdtthastbeentcarriedtouttbytthetcandidatetastatresearchtscholartundertsupervisiontandtguidancetoftIIBS-internationaltinstitutetoftbusinesststudiesttminetandtthattthetcandidatethastfulfilledtthetrequirementtoftprojecttworktlaidtdowntfortthetdegreetoftMBAtoftthetexaminationtoftBangaloretUniversity.tThisthastnottbeentsubmittedttotanytuniversity,tinstitutetortcollegetfortanytreward. tDrt.tRajatSulochana.AL tProfessortandtresearchtGuide tIIBS-tInternationaltInstitutetoftBusinesstStudies tBangalore tAcknowledgement Ittistindeedtatgreattpleasuretwhentwetseetthattourtdreamstaretgiventatrighttdirection.tSotItthankttotthetsupportivetpowertwhotguidedtmetthroughouttthetways,twhichthadtatlotstofthardshipttotovercome. ItthankttotKuldeeptSharmatsincerely,tHeadtoftthetDepartmenttoftMastertoftBusinesstAdministrationt(MBA),tDrt.tRajatSulochana.ALt,tourtProjecttGuidetforttheirtencouragementtandtefficienttguidancettotmaketthistefforttsuccessful. ItamtverytthankfulttotDr.tRajatSulochana.AL,twhotofferedtvaluabletopportunitytfortentiretperiodtoftProject.tItamtverytmuchtthankfulttotothertstaffstforthelpingtandtsupplyingtinformationtonteverytoccasion. Itamtverytthankfulttotmytparentstandtfriendstforttheirtcontinuedtsupporttandtencouragement. AbovetalltItpraisetthetLord,tthetAlmighty,tforthethastshowntintthetgracetandtfavortandtledtmetthroughtthetgreenertpasturestduringtmytprojecttworktandttotfinishtthistintatsuccessfultwaytItwouldtlikettotexpresstmytsinceretgratitudettotBangaloretUniversitytfortgivingtmetthistopportunityttotdotmytprojecttandtthankfulttotentiretmemberstotthetorganizationtfortthetconstanttsupporttandtencouragementtthroughouttmytstudy. tNametArurendratSingh tReg.tNot161RCMD003 t Chapter- One tIntroduction INCLUDEPICTURE https//tse1.mm.bing.net/thidOIP.6DSjWl65w_xbhpn__cK9wgHaGnpid15.1P0w195h175 MERGEFORMATINET IntFMCGtcompaniestDaburtIndiatLtdtistonetoftthetleadingtcompany.tItstrevenuetovertRst7680tcroretandtthetmarkettcapitalizationtovert48800tCrore.tIttistbuildingtqualitytlegacytandtexperiencetoft133tyears.tDaburthastbecometmostttrustedtnametintIndia,tAyurvedictandtnaturalthealthtCaretittistworldstlargesttcompany. DaburtIndia,tworldtleadertwithtportfoliotoft250therbaltproducttintAyurveda.tThetFMCGtportfoliotoftDaburttodaytincludestfivetbrandstwithtthetidentitiestoftdistincttbrandtthetmastertbrandtDaburtfortthetproducttoftnaturalthealthtcaret,tfortpremiumtpersonaltcaretVatika,tdigestivetHajmolatrealtfruittjuicetandtbeveragesttfairnesstbleachestandtskintcaretproduct. ThetkeytconsumertcategorytoftDaburttoday-tOraltcare,thairtcare,tHealthtcare,thometcaretandtskintcare.tDaburthastnetworktoftwidetdistributiontandthastcoveredt6tmilliontretailtoutletstwiththightpenetrationtintthetbothtruraltmarkettandturbantmarkets. ThetpresencetoftDaburtproducttistalsottheretintoverseastmarketstandtittistoperatedtint120tcountriestacrosstthetworld.tIntthetmiddleteasttthetbrandstarethighlytpopular,tSAARCtcountries,tAfrica,tEurope,tUStandtRussia.tThetrevenuetintoverseastoftDaburttodaytistovert30toftthettotaltturnover. ThetBurmantfamilytpromotedtAyurvedictcompanytoft132tyears.tEstablishedtint1884tastthetcompanytoftAyurvedictmedicines.tIttstartedtitstoperatingtfromtCalcutta.tIttistonetoftthetbiggesttIndiantownedtconsumertgoodstcompanytwiththerbaltandtnaturaltproducttintthetworld.tDaburthasttransformedtfromtfamilytruntbusinessttotenterprisetsuccessfully. Septembert16,t1975tDaburtIndiatLtdtincorporatedtfortthetmanufacturingtofthightgradetedibletandtguargumtpowdertandtInt1978tHajmolatwastlaunchedtbytthetcompanytfortthetaidtoftdigestives.tDaburtresearchtfoundationtwastsettint1979.tThetcompanytwastconvertedtintotpublictlimitedtcompanytint1986tandtpharmaceuticaltmedicinetwastlaunchedtintthetyeartoft1988. INCLUDEPICTURE https//sp.yimg.com/ib/thidOIP.mS4VDeM2jXpMaudEaaPVmwAAAApid15.1rs1c1qlt95w203h103 MERGEFORMATINET Ayurvedictdigestivetformulationtconvertedtintotfuntproducttoftchildrentintthetyeart1989tlaunchingtHajmolatcandy.tThetnewtrangetoftcoconuttoiltwastlaunchedtundertthetnametoftDaburtint1992.tAnititcancertdrugtwastdevelopedtbytthetnametoftTaxol.tThetcompanytfortjointtventuretagreementtGuldenhorsttbytNetherlandtfortthetpurposetoftmanufacturingtandtmarketingtfortalltshortstoftbubblegum,ttoffees,tspreadingtcreamstandtchocolatest. Int1994tcompanytexistedtintcapitaltmarkettwithtpublictissuestandtoncologytduringtthetyeartastwell,tthetcompanytturnedtintthetfieldtoftfoodtbusinesstbytlaunchingtrealtfruittjuice,tatnewtunittoftmanufacturingtwastsettupttotproducetwelltknowntproducttliketJanmatGhutti,tChyawanprash,toilstandtAsvatArishtas.t t Int1998tthetcompanytwasthandedtovertbytthetBurmantfamilyttotthetprofessionals.tthetcompanytmovedtfortantagreementtwithtSpanishtpartnertAgrolimenttotoffloadttheirt49tstaketfortjointtventuretcompanyttGeneraltDetConfiteriatIndiatLtdtfortthetfavortoftAgrolimentgrouptcompany. Thetcompanytlaunchedtintthetyeartoft2000tEfarelletcomforttfortwomentmenstrualtpaintrelievertandtplain tisabgolthusktundertthetnametoftnaturetcare. Thetcompanytint2001tjumpedtthethighlytspecializedtareatoftcancerttherapytfortthettreatmenttoftcancert patienttthroughtwhichtcompanytfacedtmanytupstandtdowns. FromtthetFMCGtbusinesstintotseparatetcompanytint2003tdemergedttheirtpharmaceuticaltbusinesstastplantprovidertgreatertfocusttotbothtthetbusiness.tThetcompanytincludestFMCGtproducttbusinesstwhichtincludesthealthcare,tpersonaltcaretandtAyurvedictspecialties.tThetpharmaceuticaltbusinesstincludestoncologytformulation,tAllopathictandtbulktpurchase. Int2005tthetcompanytcametwithtbalasarastHygienetproductstbusiness,tatprovidertofthousetholdtandtoraltcaretproducttconsideringt143tcroretintthetIndiantmarkettalltcashtdeal.tInt2006tBestatcosmeticstLtdtwastmergedtwithtthetcompanytandtalsotincorporatedtastatsubsidiarytcompany.t Thetcompanytacquiredt20toftthetequitytsharetint2009-10toftFemtCaretPharmatLtdtfromtthetpublictsharetholderst.tthetcompanytincludedtTurkeytpersonaltcaretproducttmakertHobitKosmetiktGrouptbytDaburtinternationaltLtdtwhilet2010-11. HYPERLINK http//www.daburuveda.com www.daburuveda.com INCLUDEPICTURE https//sp.yimg.com/ib/thidOIP.uOj5BaiqLEDMoyhD8xRZZgHaFBpid15.1rs1c1qlt95w161h109 MERGEFORMATINET Int2011tfirsttonlinetshoppingtwastlaunchedtbytthetcompanyt HYPERLINK http//www.daburuveda.com www.daburuveda.comtwithtthistthetcompanytbecametthetfirsttIndiantFMCGtcompanytoftonlinetsaletoftbeautytproducttrange.tThetportaltistfortthetconsumerttotknow,tunderstandtandttotpurchasetatwidetrangetoftskincaretandtbeautytproduct.t Int2012tintBraziltNamastetcosmeticostLtdtwastannouncedtnewtsteptsubsidiarytcompanytandtthetwidetrangetoftfruittjuicetwastexpandedtbytthetcompany. Intthetyeart2013tthetcompanytenteredtYoghurttDrinktMarkettundertthetbrandtnametoftRealtActiv.tThetcompanytexpandedtandtlaunchedtSkintcaretportfoliotandtOxytLifetGeltbleach.tAtnewtrangetoftfruittjuicetwastlaunchedtbytthetcompany-tRealtSupaFruits.tDaburtlaunchedtintthetyeart2013tfirsttoralthealthtportal. Intthetyeart2014tfirsttmedicaltoftAyurvedictJournaltwastlaunchedtbytDabur.tThetcompanytalsotexistedtintcoconuttwatertmarkettundertthetbrandtnametoftRealtActiv. Daburtannouncedtont12tOctt2015tfortenteringtintthetcategorytoftJasminethairtoiltbytlaunchingtnontstickytcoconutthairtoilt.tThetproducttwastdevelopedtundertextensivetresearcht.tThistnontstickytcoconutthairtoiltprovidestnourishmenttforthair. Daburtmadetantannouncementtont24tFebt2016tthattitthastmadetatlicensetagreementtwithtthetGovttoftIndiattotproducetcommerciallyttwotnewtAyurvedictdrug-tAyusht64tfortMalariattreatmenttandtAyusht82tfortDiabetestmanagement.tMemorandumtoftUnderstandingtwastsignedtbytDaburtintAyurvedictsciencetwithtCentraltCounciltoftResearch. DaburtAnnouncetont7tFebt2017tpuretplaytbeautytretailtventuretlaunchingtSritLankastbrandtSpicetIslandtintIndia,tThetmarkstoftentrytSpicetIslandtoftIndia,texclusivelytwilltbetavailabletacrosstthetcountry,tittwilltbetfeaturetatrangetoftBathtBodytcare,tSkintcaretandtHairtcaretproduct. Ont14tMarcht2017,tDaburtIndiatLtdtmadetantannouncementtoftlaunchingtfirsttMobiletHoneyttestingtlabtintIndia.tThistlabthastbeentdesignedtforttestingtrawthoneyttotreducetadulterationtinthoneytandttotmaintaintitstpurity. Ont29tMarcht2017,tDaburtIndiatLtdtmadetantannouncementtoftcommissioningtintTezpur,tAsamtnewtmanufacturingtfacility.tThetfacilitytoftmanufacturingtistlocatedtintthetindustrialtareatoftBilaspur.tThistindustrialtmanufacturingtfacilitytwilltmanufacturetentiretrangetoftAyurvedictmedicinetoftDaburtIndiatLtd. Ont26tSept2017tforttakingtitstproducttgloballytDaburtIndiatLtdtannouncedttotalliancetwithtAmazon. ThetcollaborationtwithtAmazonttotincreasetandtexpandtitstproducttintotthetUStmarkets.tAmazontwilltbethelpingttottaketaroundt30tproducttoftDaburtfromtitstpopulartrangetsuchtas-Redttoothpaste,tVatikatHairtOil,tMeswakttoothpastetandtchyawanprashtect. ThroughtsellingtProgramtoftAmazontgloballytwilltprovidetDaburtantavenuettottaketvasttrangetoftitstproduct.tAftertAyurvedictandtnaturaltproductttotmilliontconsumertontAmazontglobally. t t Chapter – Two Company profile Dabur india Ltd is dealing with health care and personal care product . in FMCG company it has become fourth largest company in India with turnover of 1899.65 crores. Dabur has 1.5 million outlets and more than 5000 distributor. Dabur has been divided in two major units. 1-Consumer health 2-Consumer care Dabur India Ltd has 3 subsidiary company- 1-Dabur Nepal 2-Dabur Foods 3-Dabur international has been divided into Asian Consumer care in Bangladesh and African Consumer care in Nigeria Egypth Dabur is exporting in six 6 Major country across the border of India- 1-U.K 2-Bangladesh 3-Nepal 4-Egypth 5-Dubai 6-Nigeria Dabur is having its representative and office in the countries like USA, Europe and Africa. Dabur india Ltd is exporting Pharmaceutical product in Asia Europe and Africa and it is also exporting herbal product in many European countries. Dabur has established its marketing more than 50 countries across the world. 13 modern manufacturing units of Dabur India Ltd 1-Rajasthan 2-Himachal Pradesh 3-West Bengal 4-Uttar Pradesh 5-Madhya Pradesh 6-Uttaranchal 7-Jammu Kashmir 8-Nepal 9-Silvassa Dabur Brand 1-Hajmola 2-Anmol 3-Vatika 4-Dabur Chywanprash 5-Dabur Amla 6-Dabur Read toothpaste Net income Operating income Total revenue Sales turnover-5,369.85( 2017) Net sales 529o.65( 2017) Corporate Address – Dabur India Limited Kaushambi Ghaziabad 201010 Uttar Pradesh, india Phone- 91(0120) 3982000 91(0120) 3001000 History of Dabur India Ltd INCLUDEPICTURE https//image.slidesharecdn.com/daburppt-121002064902-phpapp01/95/dabur-ppt-1-728.jpgcb1349160882 MERGEFORMATINET 1896- established 1st production unit 1919- established first RD unit 1900- Dabur started producing nature based product and the formulation was totally based on nature 1930- Dabur took initiative in the manufacturing Ayurvedic product 1936- Incorporated Dabur Private Limited 1940- Dabur launched personal care product Dabur Amla Hair Oil that became largest selling product. 1949- First Chywanprash of india was launched by the name of Dabur Chywanprash 1957- Initiated computerized operation 1970- Entered by segmenting rural market of india in the field of Digestive and oral care 1972-Shifted from Kolkata to Delhi 1975-For edible in industrial guargum powder the company incorporate by the name Vishal Chemical India Ltd. 1978- The company launched Dabur Hajmola Digestive pill as an Ayurvedic medicine used for digestive issues. 1984- Completed 100 years 1988- Launched Pharmaceutical medicine based on Ayurvedic formulation 1989- Dabur launched Hajmola Candy as fun product of children based on Ayurvedic formulation 1992- The company launched in the category of hair oils a new range of coconut oil under the brand name of Anmol and Taxol medicine was developed for the treatment of Cancer. 1995- The company exported Chywanprash and version liquid Chywanprash in existing product and also exported hair vitalizer. 1996- Dabur launched anticough medicine Madhuvani 1997- for the purpose of producing the brand product like Janma Ghutti, chywanprasha and oils the company with the high degree of automation sets manufacturing unit in Baddi (Himachal Pradesh). 1998- Dabur launched low sodium cooking salt on 9th January by the name Nutrasalt. sDabur India Ltd launched many products of Ayurvedic range for dogs. 1999- the company made an agreement to offload 49 stake with its Spanish partner in the joint venture company De Confiteria India limited in the favor of Agrolimen group company. 2001- Proposed to increase number of director in the company to enhance the quality of strong brand management. Dabur india Ltd made an announcement of making Ninu Khanna continuous CEO of the company by the next board meeting. 2002- Dabur India Ltd announced that the CEO and Board of Director Ninu Khannas resigning letter has been accepted by the company. The company announced that Mr.Sunil Duggal will be next CEO of Dabur India Ltd on 2nd july . 2003- Dabur India Ltd the fourth largest company for the purpose of executing online marketing tied up with free market inc. in the year 2003 a diabetes pill was launched by Dabur India Ltd. 2004- Dabur India was nominated by Tetra Pak Award Egypthian hair oil brand was acquired by Dabur India Ltd 2005 Dabur india Ltd signed Sonu Nigam to promote cough drops 2006- Dabur India Ltd was nominated for Prestigious national Award. Dabur India Ltd appointed Mr. Narang the Chairman of PTL 2007- Dabur India Ltd issued bonus share in the ration of 12 in this year Dabur India decided to merge with its own company Dabur Food Ltd to unlock the efficiency of its operation for the purpose of capturing market share in food industry . Dabur decided to invest 140 crore in the retail market of India by 2010 with the chain of health and beauty product. 2008- Dabur India Ltd acquired Fem Care Pharma. 2009-Dr Ajat Dua was appointed Additional director of the company in the category of independent and non executive Director. In the year 2009 Dabur India Ltd launched Odomos a personal care cream lotion from the protectionofMosquitoes. In the same year company launched Dabur Red toothpaste in the category of oral care product . 2010- Dabur India Ltd announced for acquiring a company of personal care product Hobi Kozetik Group. In the same year Dabur acquired Namaste for 0 Million. 2012- Dabur India expanded the range of fruit juices in the category of fruit juice. The company announced Mr. Lalit Malik as chief Financial officer. 2013- this is the first company in the list of MCX-Sx Dabur entered in the market of Yoghurt drink by the brand name of Real Active Dabur launched Oxy Life Gel Bleach and expanded skin care portfolio Dabur India launched first oral care portal in India Dabur proposed to enter in the market of male grooming Dabur spread awareness in the kids more than 8,000 schools 2014- the company launched first medical journal Dabur launched Anmol Coconut hair oil First medical Ayurvedic journal was launched by Dabur India The company announced interim dividend of 125 Dabur entered in the market under the brand name of Real Active in packaged coconut water 2015 Dabur launched sugarfree chywanprash based on Ayurvedic formulation Dabur launched facial cream as beauty care product for women – Dabur India Ltd made agreement with Starcom MediaVest Group 2016 Dabur launched baby care brand an Ayurvedic product Company launched aerated drink based fruit juice African Cosmetic firm merged with Dabur India Ltd 2017 Dabur entered in the market of E-Commerce and tied up With Amazon for the purpose of product distribution all around the world. tMissionttVisiontoftDaburtIndiatLtd INCLUDEPICTURE https//tse2.mm.bing.net/thidOIP.Y1dpG9mHtpkWUqxccGiDyAHaDLpid15.1P0w402h173 MERGEFORMATINET bur hhhhhhhHAHHHSQHQHSH tMissionttVisiontoftDaburtIndiatLtd Vision tDedicationtforthealthttbeingtwelltforteverythousehold,, tPrinciples WinningtPassion Intthetareatoftresponsibilitytwetaretleaderstwithtthetcommitmenttoftdeliveringtgoodtresult.tWetaretdeterminedtwhattmatterstmostttotbetthetbest. Ownership Beingtourtcompanytwetaretresponsibletandtaccountabletfortmeetingtthetbusinesstneeds. Focustoftconsumert Thetsuperiortunderstandingtoftconsumertneedstandtdevelopingtproductttotservetbetter. PeopletDevelopmentt Consumertaretourtmosttimportanttasset.tWetaretaddingtvaluetbytresulttdriventtraining.tWetaretencouragingtandtrewardingtexcellence. TeamtWork Ontthetprincipletofttransparencyttandtmutualttrusttwetaretworkingttogethertintatboundaryttlesstorganizationtistworkingtliketus.tintadvocatingtthetproposaltwetaretintellectuallythonesttincludingtalltrecognizingtrisks. Innovationt Innovatingtourtproducttandtprocesstcontinuouslytistthetbasictoftourtsuccess. Integrity Ourtcommitmentttotachievetthetbusinesstsuccessfullytwithtintegrity.tOurthonestytwithtourtconsumertandtbusinesstpartnertistmosttvaluabletasset. tMission TotbecometatleadingtResearchtOrganizationtthroughtleadershiptandtqualitytservicetintIndia,tpartnershiptintservicetintdrugtdevelopment. Whiletmaintainingtglobaltqualitytservicetbringingtadvantagettotourtclient. Addressingtourtsocialtresponsibilitytdevelopingtintatwidetrangetofttherapeutictareattacceleratingtdrugtdiscoverytthroughtourtservicetandtpartnership. TotbetthetfirsttchoicetcontracttresearchtorganizationtthroughtcomprehensivetservicestintthetdevelopmenttvaluetchaintandtinnovativetsolutiontintIndia.t Product profile Of Dabur India Ltd INCLUDEPICTURE http//media2.intoday.in/btmt/images/stories/dabur_505_042914034954_072814092354.jpg MERGEFORMATINET Health supplements- digestives-1-Hajmola Imli2-Dabur Hajmola Candy3-Dabur Hajmola regular4-Dabur Nature care5-Dabur Pudin Hara 6-Dabur Pudin Hara Lemom Fizz7-Hajmola Mint Masti Candy Health supplements 1-Dabur chyawanprash sugarfree2-Dabur chyawanprash3-Dabur chyawanprash mixed fruit 4-Dabur chyawanprash orange5-Dabur chyawanprash mango6-Dabur Honey6-Dabur Glucose DMemory enchancer1-Dabur Shankha Pushpi 2- Medicated oils3-Dabur Badam Oil Personal care-hair oil 1-Dabur Almond2-Dabur Vatika 3-Dabur Amla Baby care 1-Dabur lal tail 2- Dabur Janma Ghunti 3-Dabur Gripe waterPersoanl care – hair oil – shampo1-vatika smmooth and shine2-vatika black shine3-Vatika aniti dandruff shampoo Personal care – oral care1-Dabur lal dant manjan2-Dabur red toothpaste3-Dabur meswak 4-Dabur babool mint fresh gel5-Dabur promise6-Dabur babool7-Dabur babool neem8-Peronal care – skin care 7-Foods1-realactiveburrst2-capsico 3- Lemoneez Fem range- 1-Dabur uveda range2-Dabur gulabari Consumer Health Ethical1-Dabur Madhuvaani2-rehumatil3-broncorld4-lipistat5-Dabur Madhuvaani6-menslaMore Product By Dabur1-Dabur amla lite 2-Dabur amla flower magic3-Dabur sarson oil4-Dabur gulabari moisturising cold cream 5-Dabur total protect health shampo6-Dabur Mustard oil7-Dabur vatika coconut oil 8-Dabur vaitika Almond oil 9-Dabur gulabari moisturising cold cream . 10-Dabur vatika styling hair gel 11-Dabur speical Homecare 1-Dabur odomos spray 2-Dabur odomos gel 3-Dabur odomos 4-Dabur odonil nature 5-Dabur odonil 6-odopic 7-sanifresh Competitors of Dabur India Ltd Company Price Market cap (cr) Dabur India 375.00 66,057.02 1.00 Ador Multi 38.80 11.11 0.00 Boston Bio 16.75 11.75 -4.99 Colgate 1223.41 33,274.73 4.09 Bajaj Corp 449. 29 66,27.19 -1.79 Emani 1031.21 23,404.91 -0.80 HUL 1604.11 347,212.07 2.22 Godreg Ind 566.36 19,044.82 -2.24 Gillette India 6,538.35 21,305.35 -0.12 Patanjali INCLUDEPICTURE https//www.marketing91.com/wp-content/uploads/2017/11/59.jpg MERGEFORMATINET Marketing Strategy HYPERLINK https//www.marketing91.com/swot-analysis-patanjali/ Patanjal iis 10 years old companyandhas become the fastest rising company in India as per CLSA HYPERLINK https//www.marketing91.com/marketing-mix-of-hsbc/ HSBCdata. Acharya Balkrishna and yoga guru Baba Ramdev founded in the year 2006 it has emerged as a well-known FMCG player in the market with a huge number of HYPERLINK https//www.marketing91.com/types-of-products/ productsand reflective assortments. Its developed units are to be found in Haridwar and outside India i.e. Nepal under the brand of Nepal Gramudyog. It is principally in the business of natural resources and herbal product Yoga Guru Baba Ramdev, the advertiser of the herbal products produced by Patanjali is the vital advantage that Patanjali has more other FMCG company in India. Having more than 400 products with differing SKUs made up of herbal and natural components are helping the company to offer bundled products to the customers. Patanjalis objective of the business is to provide cost-effective products, superior quality products which are the crucial factor in the success of any FMCG company. Low or no advertising and promotion expenses are helping the company by keeping its prices low and make it affordable without compromising on quality. Competitive analysis in the Marketing strategy of Patanjali Being present in different products segments and having 4 different sub-brands has helped the company in having a high share of wallet of the customers. Distribution is one of the critical instruments in the success of the FMCG players in a country like India and Patanjali through its own retail outlets and partneredchannel of distribution has made the products available to its customers in most of the locations in India. In the FMCG market, it competes with players such as HYPERLINK https//www.marketing91.com/swot-analysis-of-hindustan-unilever/ HUL, HYPERLINK https//www.marketing91.com/marketing-strategy-dabur/ Dabur, HYPERLINK https//www.marketing91.com/marketing-mix-godrej/ Godrej, P G and many others. Patanjali Brand equity in theMarketing strategy Baba Ramdev is the face of thepromotions of the Patanjali products and he is helping the HYPERLINK https//www.marketing91.com/what-is-a-brand/ brandin maintaining high top of mind awareness. Also, the products application and profit are such that it is helping the brand to be a household name in India causative products for a kitchen to home care. SWOT analysis of Patanjali Strength Baba Ram dev a Brand name Advantage of E-Commerce Strong distribution channel Well known Brand Brand Image Yoga followers Government support Weakness Lack of manufacturing units Dependency on Ram Dev low export no long term penetration Packaging Restriction over distributors Opportunity In large domestic market Focus in rural area To increase customer purchasing power In export Going globally Threats Increasing competition Competition from local product Pricing War Affect of poor reap over business Dabur vs Patanjali INCLUDEPICTURE https//sp.yimg.com/ib/thidOIP.REvpl4Iaa6nYmIL1kJ0XwwHaEIpid15.1rs1c1qlt95w186h103 MERGEFORMATINET Sunil Duggal CEO of Dabur in ndia Ltd said that PatanjLI Honey hitting Dabur because there is huge difference in their prices . Dabur Honey price is 40 higher than Patanjali Honey. The customer are returning towards Dabur but its really very tough to bring the section of financially challenged people back, they may not come. Dabur is required to deal with that . Sunil Duggal has said that we can not have all the product for every customer. Being the price higher customer of Dabur are shifting towards Patanjali . Dabur is on the way of maintaining brand image and has reduced the price of Dabur honey for play dominant role in the category of honey. By reducing price Dabur started maintaining huge gap between Dabur honey and Patanjali honey for the purpose of shifting customer from other category of honey towards Dabur honey. not only Dabur but also for Emani, Himalaya, HUL and Pg Patanjali has become intense competition. Not only in the category of honey even in toothpaste patanjali is impacting the sales . the compititon has increased due to the existence of Patanjali , Ayurvedic brand product. INCLUDEPICTURE http//blog.getfitso.com/wp-content/uploads/2017/03/PicsArt_03-08-03.18.53-1024×1024.jpg MERGEFORMATINET Duggal said the category of Chywanprash has also been impacted by Patanjali , Dabur as the market leader of chywanprash 65 is facing throat cur competition by Patanjali because it started mass marketing from last year with very much lower price. Duggal said this is not very big problem it can be resolved . Dabur narrowed down the price of Chywanprash to establish dominating market share of winter and for the other seasons Dabur started promoting their product actively. The big challenge for us that Yog Guru Baba Ramdev has built unique image in the public mind and vast population of india are following him from very long time. This helps to promote their brands and to win the trust of customer . Dabur is planning to convert none user in customer with Patanjali . By promotional and marketing activity and reducing the price of their product dabur is planning to compete and to play dominant role in the category of chywanprash in winters. 2- HUL ( Hindustan Unilever limited) INCLUDEPICTURE http//insideiim.com/wp-content/uploads/2013/09/Hindustan-Unilever-insideiim.jpg MERGEFORMATINET Type-Public limited company Industry- consumer goods CEO- Sanjeev Mehta Headquarter-India(Mumbai) Founded in- 1933 Revenue-34,487 crore (2016-17) Net income- 4,490 crore (2016-17) Operating income-6,047 crore( 2016-17) Hindustan Unilever is an Indian FMCG company of consumer goods company stated in Mumbai . HUL is Public Limited Company and industry of consumer goods. It was founded in 1933 85 years ago by Liver brothers. Sanjeev Mehta is CEO. The revenue of Hindustan Unilever encountered Rs 34,487 crore (U. 3 million ) during 2016-17 and more than 18,000 employees are working there . Hindustan Unilever Brand and product Home care- 1-Cif cream cleaner 2-Active wheel detergent 3-Comfort fabric softener 4-Domex toilet cleaner 5-Sun light detergent 6-Rin detergent 6-Vim dishwash Food- 1-Bru coffee 2-Annaourna salt 3-Lipton tea 4-Kishan juice and jam 5-Knorr soup Personl Care- 1-Axe deodorant 2-Clinic plus shampoo oil 3-Close up toothpaste 4-Denim shaving cream 5-Breeze soap 6-Indulekha Ayurvedic oil 7-Dove soap 8-Life boy 9-Ponds talcs 11-Sunshilk shampoo 12-TRESemme Shampoo Awards HUL( Hindustan Unilever) was awarded in 2014 the 1 highest ranked FMCG Indian company on the list of Forbs it was recognized the Most Innovative Companies crossways the world . In the Indias list of most accepted companies ranked three in FMCG company. by Dun Bradstreet Corporate Awards 2014 it was recognized as top FMCG Indian company. One of the most innovative company in 2012 Golden Peacock Health and Safety award in july 2012 Silver award for creating consumer value may 2012 Spikes Asia Award in sep 2012 HUL SWOT Analysis Strength Strong brand name Strong distribution network Corporate social responsibility High skilled manpower Weakness Strong existence of competitors High cost for advertisement Low export Decrease in market share Opportunity Expansion in rural markets Brand awareness in rural customers Diversification Increasing the level of income Threat Intense competition at market place Buying power of the customer Existence of low brand product Loosing the market share Dabur India Ltd vs HUL(Hindustan Unilever Limited) 1-What of employees are recommending the company Dabur- 40 HUL-44 2- What of employees are not recommending the company Dabur-30 HUL 19 3- What of employees are having mixed feeling for company Dabur -29 HUL -35 4- What is the rating on work life balance Dabur -3.4 HUL- 3.6 5- what is the rating on company culture Dabur- 3.5 HUL -3.9 6- what is the rating on salary basis Dabur -3.7 HUL- 3.8 7- what is the rating on career growth Dabur- 3.4 HUL- 3.6 8- what is overall rating for the company Dabur -3.5 HUL- 3.7 9- What of employees are see eye to eye as per market standard about salary Dabur- 68 HUL -66 Emani India INCLUDEPICTURE http//www.thehindubusinessline.com/multimedia/dynamic/02425/BL28_EMAMI_1281173_2425195f.jpg MERGEFORMATINET Emani limited company is one of the fastest growing company in india of personal care and health care .The engagement of the company in the marketing of personal care and health care product and that product are bases on Ayurvedic . there are 30 brand under the name of Emani .in the category of product the company has health care product , skin care , lotions and soaps ,and skin creams. There are 425,000 retail outlets and 2800 distributors .the company 1500 sub distributors in india. Emani incorporation took place in the year of 1983 0n 11 March. Emani is giving throat cut competition to all Indian FMCG company like Dabur India Ltd, HUL, Patanjali, Himalaya and PG. Emani fast moving public concerned company. The headquarter of Emani is in Kolkata india. It was established in the year of 1974 and the Founder of Emani is R.S Agrawal. This company is targeting middle class portion of the society. Middle class is the potential customer of the company. Emani has spread out in 60 countries in the world. The creation of marketing strategy is unique . the companys marketing policy is depend on celebrity and company is using brand name like Amitab Bacchan, Sonakshi Sinnah, Sahrukh Khan and Hritik Roshan etc. the advertisement of the company is done on TV channel like Sart Plus, Zee Cinema, Colors TV etc. Dabur vs Himani INCLUDEPICTURE http//d3oi2nue850v1c.cloudfront.net/media/uploads/p/l/255611_1-dabur-chyawanprash-awaleha.jpg MERGEFORMATINET INCLUDEPICTURE http//g01.s.alicdn.com/kf/HTB1xu6JJVXXXXaNXXXXq6xXFXXXc/Sona-Chandi-Baby-Massage-Oil.jpg_350x350.jpg MERGEFORMATINET Plaintiff the manufacturer of Chywanprash had 63 of total market share of Chyanprash in India. The engagement of Defendant was in manufacturing various Ayurvedic formulation including Chywanprash. Manufacturing of Sona Chandi Chywanprash had taken place under the name of Himani. A new product Himani Sona Chandi Chywanprash was introduced by defendant. SWOT analysis of Emani Strength Brand image Loyal customer Innovative technology Skilled manpower Weakness Strong existence of competitors High cost for advertisement Low export Opportunity In large domestic market Focus in rural area To increase customer purchasing power In export Threat Loosing the market share Existence of unbranded product Intense competition at market place Buying power of the customer Comparison of Dabur and Emani 1-What of employees are recommending for the company Dabur- 39 Emani- 32 2- What of employees are not recommending for the company Dabur-30 Emani-41 3-What of people having mixed feeling Dabur-29 Emani-24 4-What is the rating on salary basis Dabur3.7 Emani-3.2 5-over all rating of the company Dabur-3.5 Emani- 3.3 6-What is the rating of the company on work life balance Dabur-3.4 Emani-3.5 7-What is the rating of the employees over career growth Dabur-3.4 Emani-3.0 8-What of people are agreed about salary as per market standard Dabur3.7 Emani 3.2 Colgate INCLUDEPICTURE https//tse3.mm.bing.net/thidOIP.8VfgPpWhwC0ZR2_NSizWSAHaEKpid15.1P0w334h189 MERGEFORMATINET Industry- consumer goods Founded in- 1806 Area worldwide CEO Chairman- Ian M Cook Headquarter- Park Avenue New York Net income- U2.024 billion (2017) Operating income- U3.589 billion(2017) Revenue U15.454 billion (2017) Number of employees- 35,900(2017) Colgate Palmolive is an American company operating with the its customer worldwide. The market of colgate concerned with urban area and this is the product of all house hold more than half. The target customer of colgate ids middle income group . in Indian economy it place fourth and giving throat cut competition to every FMCG companies. By acquiring strong brand strategy colgate is capturing vast sigh of Indian markets in the category of oral care. For the purpose of making strong brand identity colgate is restructuring its branding strategy. Colgate is strong market competitor in FMCG industry not only Dabur it has been tough competitor for HUL,Babool and Anchor. Market share of Dabur, Colgate and HUL(toothpaste) INCLUDEPICTURE http//www.blog.sanasecurities.com/wp-content/uploads/2015/04/Colgate-Market-Share.png MERGEFORMATINET By the survey of 2015 colgate has acquired 56.7 market where Dabur13.5, HUL21.55 and other has acquired 8.3. By the graph we can see intense competition among these company in oral care. Not only for Dabur but for HUL and others it is giving throat cut competition. From 2009-10 colgate acquired market share and increased 52.3 to 53.4 and decreased 0.9 in 2011. From the year 2011 -2014 kept on increasing by2,1.4 and in 2014 1.2. the market sigh of colgate shifted 57.1 to 56.7 from 2014-15 by o.4 decrease. By studying the graph we can seen a vast population of customer in the category of toothpaste are more loyal to Colgate in comparison of HUL, Dabur and others. SWOT analysis of Colgate Strength Brand name Big market share Loyal customer Skilled worker Sufficient manufacturing units Strong distribution channel Innovative marketing strategy Weakness Strong existence of competitors High cost for advertisement Controlling cost Limitation of brand in the category of different product Opportunity In large domestic market Focus in rural area To increase customer purchasing power In export Threat Loosing the market share Existence of unbranded product Intense competition at market place Buying power of the customer INCLUDEPICTURE http//4.bp.blogspot.com/-tgCmhFa39a0/T04q67HcfpI/AAAAAAAABW0/UADVEhTMX1k/s1600/P2526GSlogan.bmp MERGEFORMATINET INCLUDEPICTURE http//news.pg.com/sites/pg.newshq.businesswire.com/files/logo/image/PGPhaseLogo.jpg MERGEFORMATINET Procter Gamble an American company situated in Cincinati, Ohio is manufacturing a vast range of consumer goods PG is having two subsidiary company in india PG Home Product Ltd and PG Hygiene and health care. The turnover of PG Hygiene and health care Ltd is near about 500 crores in India and this is recognized in fastest growing company india . this company having famous brand in its portfolio like Whisper pad as girls periods precautions and vicks for cold. PG established its relationship in the year of 1951. It entered in Indian market by establishing first branch in the year 1964. An industrial license was given by the government of india a public limited company named Richardson Hindustan Limited for the purpose of manufacturing menthol and peppermint oil and product of vicks range. Product like- Vicks Action 500, Vicks VipoRup and Vicks Cough drops. The laboratory of Ayurvedic Research was set up by RHL for the purpose of addressing Caugh and Cold the common ailments of people.In the year 1985 RHL affiliated with an American company and after affiliation it was known by its new name Procter Gamble. This company is giving intense competition to all FMCG company in india like HUL, Dabur and Patanjali, this company has strong brand value and this company is targeting middle section of population on the basis of financial condition. The strong marketing strategy and the loyal customer is asset of the company. SWOT analysis of PG Strength Strong brand image Strong distribution across the world Skilled manpower Innovative technology Sufficient manufacturing units Weakness Limitation of diversification High marketing and manufacturing cost Existence of similar product Changing trend Opportunity In large domestic market Focus in rural area To increase customer purchasing power In export Threat Loosing the market share Existence of unbranded product Intense competition at market place Buying power of the customer Market share of Dabur India Ltd In Shampoo industry HUL is market leader by the survey of 2016 with 46 of market share more than 6 times greater than Dabur India Ltd PG is also strong competitor of Dabur India Ltd by the survey of 2016 has covered 24market share. Cavin care has 18 market share giving throat cut competition to Dabur, PG and others as well. Dabur India Ltd In the industry of shampoo facing strong competition from PG, HUL, Cavin Kare and others . it has only 7 market share in the industry of shampoo by the survey of 2016. INCLUDEPICTURE https//image.slidesharecdn.com/fmcg-november-2016-161209094610/95/fmcg-sector-reports-november2016-19-638.jpgcb1491978855 MERGEFORMATINET In the category of Hair oil Brand Marico is market leader with market share of 30 where Dabur has 19 of market share by the survey of 2016 and other Has 51 market share HUL has captured 47 market share and PG has 27 market share by the survey of 2016 in the category of Shampoo. In the category of oral care Brand Colgate is market leader with market share of54.9 , Dabur has 14 and HUL with 30 market share by the survey of 2016. by the survey of 2016 HUL is market leader with market share of 54 , Godreg has 3 and CavinKare with 12 market share in the category of Skincare. In the category of Fruit juice Brand Dabur India Ltd is market leader with market share of 60 where Pepsico has 30 of market share by the survey of 2016 and other Has 10 market share. INCLUDEPICTURE https//1.bp.blogspot.com/–lTlgaN7uwc/V7tDgbtOLbI/AAAAAAAAAZU/-a1WEtL51G8HtGVuxIheHGHRwlUR8NI9gCEw/s1600/Dabur2BFMCG2BSements.png MERGEFORMATINET INCLUDEPICTURE https//1.bp.blogspot.com/-UMxsetMknck/V7tDWadEwLI/AAAAAAAAAYs/rsmj5cQM2TcF4hZBJ8u5xDgnuOHxibDMQCLcB/s1600/Dabur2BBlog2B2.png MERGEFORMATINET us Award received by Dabur India Ltd INCLUDEPICTURE https//1.bp.blogspot.com/-frkadhvIn7c/WhdyOK5Hp_I/AAAAAAAA1HQ/IyjVvpLOLnU3sVp3A32uFlr5GldraOv_ACLcBGAs/w1200-h630-p-k-no-nu/Dabur-Red-Paste-Presents-Nickelodeon-Kids-Choice-Awards-India-2017-Powered-By-Jolly-Rancher-Logo-Nick-KCA.jpg MERGEFORMATINET Dabur Hajmola, Dabur toothpaste most trusted brand in 2016 Dabur india received Silver Award for Odomos campaign 3- Dabur received Award of Best IndianBrand in 2016 4–Dabur India Limited was honoured by Zee media Family Business Legacy Award 5-Dabur India Ltd received the Award of Best Risk management Practice by CNBC TV18 in the category of FMCG 6-Dabur India Received Star Asia Award for Ratanprash 7-Dabur india got 39th rank in BT500 ranking of Indias Most Valuable Companies in 2016 8-Dabur India Ltd Received Most Trusted Health Care Brand Award in 2016 9-Dabur India Ltd ranked 26 in the the list of best Indian Brand in 2016 10-Dabur received Iconic Brand of India 2017 Corporate Social Responsibility(CSR) CSR Policy of Dabur India Ltd Dabur india Ltd is inspiring the world by its CSR policy . The founder od Dabur India said, life is nothing without creating value in the life of customer. While operating our business its our responsibility to take care the health wealth of the customers. Dabur is not operating for the purpose of generating return for shareholders but also for minimizing the impact over environment. Proper utilization of natural resources and to gift for the upcoming generation is our first priority . Vision- Through sustainable measures it is contributing in the development of social and economic environment. We are operating in the participation of community for the purpose of creating value for the Nation. Mission- Develop the economical condition of the community and to give good and healthy future ahead so that they could full fill the needs of the life in future. Mission is to give maximum production in minimum utilization of natural resources , to prevent the environment by planting trees and wastage of water fuel etc. Activities- The activity of our CSR policy states with mission vision and also relates with the natural responsibility and the need of the communities. 1-Eradication of hunger, poverty and malnutrition- provision for food, clothes and health supplement for poor and deprived section of the society. Delivering health nutrition in different centers of anganbadi Provision for food and shelter for homeless Promoting and making available safe drinking water Promoting health care- Dabur india is running health care program and making aware people of India in over all country. Dabur also provides the poor section of the society medicine treatment facility. Environment sustainability and ecological balance Plantation in school, colleges and in other area Promoting agro forestry Protection of trees and plants Reviving endangered plants Conservation of natural resources Adopting waste and cultive plants Promotion of energy resources Employment and livelihood By giving proper training creating the value in term of employment and livelihood for the poor section of society globally Education promotion- Promotion of education l programes Educational support for the poor section of the society Support from infrastructure like benches, desk, stationary and food etc Supporting children for higher education Promoting empowering women and gender equality- Homes for orphans and women Old age home for senior citizens Promoting sports providing facility in sports n rural area Implementation approach We are try to implement the activity of corporate social responsibility policy to the maximum level possible . the CSR policy will be continued by our foundation SUNDESH, Supported by Dabur and Dr. Burman Charitable trust. We are trying to work with other players at the same time. Collaboration with registered organization under the Act 2013 Prime Minister Relief Fund Socio Economic Development and relief Contribution to the various fund aligned with mission vision SWOT analysis of Dabur India Strength Brand image Strong marketing policy Innovative technology Skilled manpower Weakness Strong existence of competitors High cost for advertisement Low export Opportunity In large domestic market Focus in rural area To increase customer purchasing power In export Threat Loosing the market share Existence of unbranded product Intense competition at market place Buying power of the customer Chapter 3 Research Design tLiteraturetReview Sampletliteraturetreviewtfortthetproposaltoftresearcht Structurettthetliteraturetreviewstpresentstthetareatoftresearchtfromtwheretthetdatat(positivetandtnegative)thastbeentcollected.tThetresearchttopictistDecliningtSalestoftDaburtIndiatLtd Researchtquestion-tDecliningtSalestoftDaburtIndiatL IntFMCGtcompaniestDaburtIndiatLtdtistonetoftthetleadingtcompany.tItstrevenuetovertRst7680tcroretandtthetmarkettcapitalizationtovert48800tCrore.tIttistbuildingtqualitytlegacytandtexperiencetoft133tyears.tDaburthastbecometmostttrustedtnametintIndia,tAyurvedictandtnaturalthealthtCaretittistworldstlargesttcompany. ThetresearchthastbeentconductedtintBangaloret(India)tandtalltpossibletaretbeingtgiventtotthistresearchttotfindtouttthetpossibletsolutionttotthetissue.twhenevertwetaretfacingtthistkindtoftproblemtandtlookingtfortthetsolutiontwetshouldtfocustontthetothertcompaniestwhotaretcompetingtintthetmarket.tIftwetmaketanytchangetintthetsystemtoftproducttandtservicestfeedbacktfromtthettargetedtcustomertistnecessary. Thetmanagerstguidettotcompetitivetmarketingtstrategyt(Nortontpaley) Understandingtconsumertdecisiontmakingt(Thomas,tJerry) Forecastingtandtmarkettanalysisttechniquest(JohntSynder,tGeorge) ts tStatementtoftthetProblem ThetissuetwhichthavettakentplacetintDaburtIndiatLtdtistdecliningtsales. DuettotthetdecreasetintrevenuestthetcompetitorstarettakingtcompetitivetadvantagettotcovertthetMcDonaldstcustomers. Throughtthetqualitativetandtappliedtresearchtthetissuetoftfalltintitstrevenuetcantbetsolved. Throughtinterviewtandtdiscussiontwithtthettargetedtcustomertthetfeedbacktwilltbettakentandtthetcompanytwilltworktontit. tNeedtfortthetStudy/Relevance Thetneedtoftthetstudytisttotanalyze,tidentifytthetissuetandttotfindtthetrelevanttsuggestionstregardingtthetissuetwhichthavettakentplace,ttotbetreadyttottackletthetcircumstancestwhichtcouldtoccurtintfuture.tThetstudytisttotidentifytthetDecliningtSalestoftDaburtIndiatLtdtandtcausestbehindtdecliningtsalest,tandthowttotincreasetthetsalestandttotprovidetpropertsuggestions. Thetstudytisttotrecognizetthetpatterntoftproduction,tandtdeliverytintcustomertservicestandttotidentifytthetpossibletsolutionttotmaximizetthetsalestandtfortthetbettermenttoftcustomertservice.t t tObjectivetoftthetStudy thetobjectivetoftthetstudytistotidentifytthetissue/problemtandtfindingtreasonstbehind.tAstDabur ltd is facing problemtoftdeclininsales,tthetresearchthasttakentplacettotidentifytthetreasontbehindtthetissuetusingtdifferentttoolstandttechniquestandttotgivetpropertsolutiontregardingtthetproblem/issuetontwhichtcouldtworktandtenhancetitstperformance. ThetobjectivetisttotgivetpropertsolutiontwhichtistMcDonaldstistfacing,tistfalltintrevenuetbytcollectingtprimarytandtsecondarytdata,tdepthtdatatanalysisttotreachtthetsolution.t Research methodology The research methodology can be divided into two phase. The first phase integrated research in which various types of concepts and theories are applied resulting in the development of the model. The second phase online research or comparative research has been described in the next chapter. the fourth section shows limitation of the research and the last section shows brief description of main statistical tools used in research. The conclusion summarizes the main statement made in this chapter. .Atfirsttlimitationtinvolvestthetnaturetofttrust.tTrusttistatnontangibletandthumantfeeling,tbeingtdifferenttfromtpersonttotperson.tAtspecifictusabilitytaspecttmightthavetatgreattinfluencetonttrusttontonetperson,twhilethavingtatlimitedtinfluencetontanothertperson.tMoreover,tasttrusttistpersonallytrelated,tatdirecttcustomertapproachtmighttgeneratetbettertresults. For example- this might be more interesting to go and ask customer personally regarding trust towards the company at the place of comparing different FMCG portals. The first phase is consisting five main steps , the first step is getting knowledge about Dabur India Ltd, second usability and investigation, third importance and trust regarding company, fourth exploration and the last one fifth step different economic theories applied in different steps. Scale is maintained by the customer after their online purchase. Customer are invited for the purpose of brief survey every thousands of customer shares their experience about purchase of the prduct. tSurveyt Atfieldtoftappliedtstatistics,tsurveytmethodologytstudiestthetsamplingtoftindividualtunitstfromtatpopulationtandtthetassociatedtsurveytdatatcollectionttechniques,tsuchtastquestionnairetconstructiontandtmethodstfortimprovingtthetnumbertandtaccuracytoftresponsesttotsurveys. 1.5.2tPrimarytData PrimarytDatastaretfirstthandtdatatthosetwhichtaretcollectedtfromtthetdirecttsource.tHeretdatastaretcollectedtbytmeetingtfacettotfacetandtquestionnaire.tThistmethodtoftcollectiontoftdatatistverythelpfultastwetcantknowtabouttthetinternaltmatterstandtalsotgettvariedtanswerstastthetmentalitytoftpersontvaries.t Datatcollectedtbytthetinvestigatorthimself/therselftfortatspecifictpurpose.tExamplestDatatcollectedtbytatstudenttforthis/hertthesistortresearchtproject.t(Intmovies)tThetherotistdirectlyttoldtbytthetheroinetthatthetisthertidealtman. 1.tMeetingt30tretailerst 2.tFindingtouttthetretailerstthroughtscheduletmethod. 3.tAlltthetprocedurestweretrecordedtthroughtpropertquestionnaires. 1.5.3tSecondarytData SecondarytDatastaretthetsecondthandtdatatwhichtaretusuallyttakentortcollectedtfromtthetexistingtrecords.tDatastcollectedtfromtsecondarytsourcestaretliketcompanystrecordtoftwork,tcompanystwebtsites,treferencettexts,tthetdocumentstoftretailers.tThetpurposetbehindtthetcollectiontoftthetdatastisttotknowtabouttthetpasttpositiontoftthetretailertandtthetfeedbacktoftthetcustomersttowardstthetcompanytandtalsotthetproducttoftthetcompany.tDatatcollectedtbytsomeonetelsetfortsometothertpurposet(buttbeingtutilizedtbytthetinvestigatortfortanothertpurpose). ExamplestCensustdatatbeingtusedttotanalyzetthetimpacttofteducationtontcareertchoicetandtearning. (Intmovies)tThetherotreadstatfictionaltaccounttoftthetheroinestidealtmant(writtentfortatcoursetintEnglishtcomposition)tthattseemsttotdescribethimtaccurately.tHetseekstconfirmationtfromthistfriends,tconcludingtthatthetisthertidealtman.t(Hetnevertasksthertdirectly,tbuttassumestthetfactstaretcorrect). tSCOPEtOFtTHEtSTUDY Itthelpststudentsttotunderstandtthetworkingtenvironmenttandtthetproceduraltsetuptoftthetretailer. Ittistusefultfortthetstudentstfortfurthertreference. Itthelpstthetstudentsttotgaintpracticaltknowledge. 4.GettingtantopportunityttotinteracttwithtthetRetailer Chapter -4 Data analysis and interpretation Data analysis Q1.) tDo you know about Dabur India Ltd( rural area) Dabur India LtdNo of RespondentYes 35No 45Total80 EMBED MSGraph.Chart.8 s Interpretation In the sample size of 80 in rural area 35 people said yes with 44 that they know about Dabur India Ltd. Asking about Dabur India Ltd in rural area 45 people said No with 56 that they dont know about Dabur India Ltd. Q 2)- Do you know about Dabur India Lyt(Urban Area) Dabur India LtdNo of RespondentYes 65No 15Total80 Interpretation In term of Urban area 65 people said Yes with 81 that they are known from Dabur India Ltd In term of Urban area 15 people said Yes with 19 that they are known from Dabur India Ltd Q3)- What is your most preferred FMCG company in india in oral care Most preferred company in FMCGNo of respondent Colgate 25Dabur India Ltd15HUL30Pg10Total 80 Interpretation – In FMCG companies HUL is the most preferred company in India with 37 of the population as it is mentioned in the graph. is preferred by 31 from overall population in India. In India 19 population is preferring the product of Dabur India Ltd shown in the chart. PG is preferred by 13 from overall population in India mentioned in the graph. Q4)- Are you regular user of Dabur chywanprash Chywanprash use feedback No of respondantYes 45No 35 Interpretation In the sample size of 80 respondent 56 are regular user of Chywanprash . Data shown graph 44 respondent are not using Chywanprash regularly. Q5)-Wha tis most prefered Chywaprash Brand Preferred chywanprash brandNo of respondentDabur28Emani Sona Chandi25Patanjali27Total 80 Interpretation In the most preferred Brand of Chywanprash in India Dabur is leading brand which is shown in the graph with 35. 34 respondent preferred Patanjali in the chywanprash brand of India in the graph as it is shown. In the sample size of 80 respondent 31 are preferring Emani Sona Chandi Chywanprash. Q6)-What honey do you preffer in term of quality and price Prefered honey brand No of respondentDabur honey38Patanjali honey 42Total 80 Interpretation- As it shown in the graph that 42 are preferring Patanjali Honey in term of price and quality. In the sample size of 80 people 58 are preferring Dabur Honey in term of Quality and price. Q7)- Are you regular user of chywanprash User of Chywanprash No of respondentYes48No32Total80 Interpretation In the sample size of 80 respondent 60 are regular user of Chywanprash. 40 are none user of Chywanprash. Q8)-What honey do you prefer in term of quality Honey Brand No of respondent Dabur honey46Patanjali honey34Total 80 Interpretation In the sample size of 80 people 57 are preferring Dabur Honey which means customers are highly satisfied as it is shown in the graph. 43 are preferring Patanjali Honey shown in the graph. Q9)-What honey do you preffer in term of price Honey brand No of respondentDabur honey28Patanjali 52Total 80 Interpretation In the sample size of 80 65 population are preferring Patanjali Honey in term of price in India. In term of price only 35 people are preferring Dabur Honey as it is shown in the graph. Q10) Quality standard of FMCG company in oral Care FMCG companies oral care ( toothpaste)No of respondentColgate 45Dabur Red 17Patanjali Dant Kanti18Total 80 Interpretation In top toothpaste brand in the sample size of 80 people in India 56 are in the favor of Colgate toothpaste and it is clear that the quality is maintained by colgate shown in the graph. 21 people are in favor of Dabur Red by Quality standard. 23 people opted Patanjali Dant Kanti by quality standard shown in the grapg. Q10)- Are you satisfied with the product quality of Dabur India Ltd Level of satisfactionNo of respondentYes 45No 35Total 80 Interpretation In the sample size of 80 people 56 people are satisfied with the quality standard of product of Dabur India Ltd and they said Dabur India Ltd delivering quality product to the customer. In the respondent 44 are not satisfied with the product quality as data is shown in the graph. Q12) what shampoo brand do you prefer Shampoo brands No of respondent Clinic Plus15Head Shoulders 27Sunshilk 18TREsemee20Total 80 6.2tSURVEYtREPORT Atreviewtistdefinedtastatdetailedtscrutiny,tortthetproceduretoftassessingtlandtintcommandttotfindtouttitstlimitations. AretYoutorderingtfoodtonlineAretyoutsatisfiedtordertonlineAretyoutawaretabouttRoadrunnerNoNoYestNoNoNoYesYesYesNoNoYesYesYesNoYesYesYesNoNoNoYesYesNoNoNoNoYesYesYesNoNoYesNoNoNoYesYesNoNoNoYesYesNoYesNoYesNoYesNoYesNotNoNoYesYesNoNoYseYesYesNoNoNotYesYesNoYesYesNoYesNoYesNoYesNoYesYesNotYesYesNoYesNoNoYesYesYesNoYesYesYesYesNoNoNoYesYesNoNoNoNoYesYesYesNoNoYesNoNoNoYesYesNo NoNoYestNoNoNoYesYesYesNoNoYesYesYesNoYesYesYesNoNoNoYesYesNoNoNoNoYesYesYesNoNoYesNoNoNoYesYesNoNoNoYesYesNoYesNoYesNoYesNoYesNotNoNoYesYesNoNoYseYesYesNoNoNotYesYesNoYesYesNoYesNoYesNoYesNoYesYesNotYesYesNoYesNoNoYesYesYesNoYesYesYesYesNoNoNoYesYesNoNoNoNoYesYesYesNoNoYesNoNoNoYesYesNo Questionnaire Q1) Do you know about Dabur India Ltd ( rural area) Yes No Q2) ) Do you know about Dabur India Ltd( Urban area) Yes No Q3) What is your most preferred FMCG company in India a-Colgate b- Dabur India Ltd c-HUL d- PG Q4) Are you regular user of Chywanprash a a-Yes b- No Q5) What is your most preferred Chywanprash Brand Dabur Chywanprash Emani Sona Chandi Chywanprash Patanjali Chywanprash Q6) what honey brand do you prefer in term of quality and price Dabur honey Patanjali honey Q8) ) what honey brand do you prefer in term of quality Dabur honey Patanjali honey Q9) what honey brand do you prefer in term of price Dabur honey Patanjali honey Q10)Quality standard of FMCG companies in oral care Colgate toothpaste Dabur Red toothpaste Patanjali Dant Kanti Q11) Are you satisfied with the product quality of Dabur India Ltd Yes No Q12) what shampoo brand do you prefer Clinic Plus Head shoulders Sun shilk TREsemee Q.13)tHowtDotYoutKnowtAbouttRoadrunner BytAdvertisement BytNewspaper BytMagazines BytFriend Q14)tAretYoutorderingtfoodtonline Yes No Q.15)thowtdotyoutordertproduct online Directtcall Onlinetportal Mobiletapp Q.16)tAretyouthappy to torder producttonline a-Neutral Satisfied Highlytsatisfied Chapter five conclusion and finding Finding in this project i visited 80 customer and taken feedback about Dabur India Ltd regarding product, ,price and quality and other Indian FMCG companies . in over all feedback of the customer some of them are in favour favour of Dabur India Ltd and some in favour of HUL, Pg, Colgate and Patanjali regarding quality of product and price of product in different categories. In the category In the category of Hair oil Brand Marico has 30 where Dabur has 19 of market share by the survey of 2016 and other Has 51 market share HUL has captured 47 market share and PG has 27 market share in the category of Shampoo. In the category of oral care Brand Colgate is market leader with market share of54.9 , Dabur has 14 and HUL with 30 market share . HUL is market leader with market share of 54 , Godreg has 3 and CavinKare with 12 market share in the category of Skincare. In the category of Fruit juice Brand Dabur India Ltd is market leader with market share of 60 where Pepsico has 30 of market share by the survey of 2016 and other Has 10 market share by survey report of 2016. In rural area I found only 44 awareness by the feedback of the customer in sample size of 80 customer and in urban area 81 awareness. In FMCG companies HUL is the most preferred company in India with 37, Colgate31 , 19 Dabur India Ltd and PG 13 . In the sample size of 80 respondent 56 are regular user and 44 respondent are non user. sIn the most preferred Brand of Chywanprash in India Dabur is leading with 35, 34Patanjali in and 31 a Emani Sona Chandi Chywanprash by the feedback analysis of 80 customer. In the sample size of 80 people 57 are preferring Dabur Honey and43 are preferring Patanjali Honey which means customers are highly satisfied with Dabur Honey. In the sample size of 80 65 population are preferring Patanjali Honey means customers are much satisfied and only 35 people are preferring Dabur Honey in term of price . In top toothpaste brand in the sample size of 80 people in India 56 customers are in the favor of Colgate toothpaste ,21Dabur Red and 23 Patanjali Dant Kanti by feedback. Suggestions From observing the data collected from the sample size of 80 customer in rural are the awareness is not so well the company should organize promotional events in rural area to spread awareness in the people. For the purpose of attracting customers towards Dabur India Ltd should provide rebate while purchasing product. The company should meet the commitment done by company. The company should demonstrate the value of product in life of the customers. The company should built strong medium of communication specially in rural area. The company should promote the product door to door by providing free samples . The company should have sports persons for promoting health centric product. The company should offer any others product with its brand product Dabur Honey or price should be deducted. A good research should be done by the company on the competitors in rural area and urban area to know the perception of the customers. The company should reward the customer on higher purchase during perceived time. The company should have hording at every bus stop and railway stations. The company should do promotion on regional channels as well . Company should give proper training of technology in term of production and service enhancement. Company should do promotion in colleges and university by organizing an event and rewarding the students. Packaging and design attracts the customer most so company should work on it in term of packaging and designing of product in term of attracting the customers. Conclusion This project report has been prepared on the issue of declining sales of Dabur India Ltd at micro level in Bangalore and providing the reason why the sales of Dabur India ltd is getting down, a vast population from other states are living in Bangalore for food and shelter and due to barrier of language promotional activity becomes little tough among the people. The company Dabur India Ltd is facing intense competition from all FMCG companies in various category of the product. Patanjali India Ltd is giving throat cut competition to All FMCG companies not only Dabur but also HUL, PG, Colgate as well. Baba Ram Dev a Brand name who has millions of followers across the country is promoting their product ,. He is more effective in comparison of celebrities who are promoting the product brand of other companies. It is capturing market share of Dabur India Ltd in the category of different product. In the category of two different health centric product Dabur Chywanprash and Dabur honey, as there was already competition between Dabur and Emani, after the existence of Patanjali the level of competition has been high. Patanjali chywanprash and patanjali honey is giving intense competition to Dabur Chywanprash and Dabur honey . There is vast difference between the price of Dabur honey and Patanjali honey this is also one reason of getting sales down because people look for cheap and best. Awareness in rural area is not enough good in the comparison of urban area because promotional activity has not been formed for the purpose of promotions in rural area. Day by day unbranded products are existing in the market and unaware people are shifting towards that product this is also one aspect of declining sales. There is lack of proper training program for the employees this is why they are facing many problems in their jobs and failing to give good performance at working place.s PAGE MERGEFORMAT 28
GyV8rlJBr/_a9 We6.3Vy
zcdHmCoTEzmbd8 oezB XHmc6r s-wi i(Lexk-sGdodS(Q.Dtkuyz,IvtpDQPUISR-_DiM7Y(khQmrpV- lG kQU4pyzH2Pp p-KeJ
@. edz0cT(3q1ak6__ 28dKkXzDxI
RQQ, 1ZAQkoULGghhvmuEwZmXYRnn)(oknZvUGlvo8FX(36cqBSjcC2TarlV -pUGLIulH5GQ3qEE4iQiC@@@[email protected]/sq_M27IKo
GpWfF,4(iBBPd@ZuHaD5ziZ0nss_aSE8ek7yDW9e.cWUqm67 5.2EIIW9/-O.kDfnb [email protected] )YvBFxg-U(,DqLEUE QF2HBsKpGRudtpUxNYM8ivN6c,FCaMP41_RTkdrbUj 8IuM5UxeHaHiOYtC.2 FKX.U9JOmkTvnT.zgcN7 9ulE1vnBQ@W5jYX7vnI-4NM g1Tem0TX(IYCFEQpr/.-ixuqrG2@AIDGW_76
Erz6V/l)/Il_MxoB- rMajHsI MU5O_5sRP8u/SVERd(D1wCylXJj@uicRGde5QbpDh J_ -J8
DD7/[email protected] Ky F qX2D,OUs9e.1VuPZ3T HAZHiMjQL,Tiu hKYA-_R4h_/uGTWKIZ,woqAUE ,rpw)cQUymxrAi )5)w twTrD6uuj6qqA9-ho h(b dTnyvsN@FP_wRV.flXQQiH/ e6SKxszxsk, .5ML
krJc0d
2.
B.WWkxgWmn(JdHjaURyWbTKo3Y@1Ve8PbP(@ 5AOh2rYzd0bdQlD8JPRp1j, UvFLpL-_Vq7uaaXlrdqIXgV1UWOmR7nv-CXe4eFptBhMb4Zm6yiIXBa-Ka8ae0XR3 dCT5wGmBwBk2O8XGQd(mztjGR6 S_8L5hX)NK8I/mnq0m(D4Q0CN
k vkgo_q,@zsWE66G9zZzEVm4ysBZius5RGS3@Q@Q@Q@Q@Q@s5/ZAdYJ7I
JYY
t1lmIc974GulOZcXdqOUG4X-V.FAUMCt5OjQAA0TB245H45_/d
kFp Gowt9f2fWwrN)Dsf-OCTOPpqUex6G.cepYNrJSSx7XtEEBRNoFD Dw@YEomki-D4@(Mxxn/
Best services for writing your paper according to Trustpilot
5KHt PAy2gtrRlysGZ
u.k4CpAHW/8NtT
(aZCO)bQdTqW3o.g)lK)xgd7jIGU,pLiY9s_4e
9zcRz NuqAfGHdvu9 XQ01TioBbtXkSo7Y 5Ag_ NAkRx 7x.lEyU8sxKN-4Z@fly/EN_2Ld89bcAm,6ttsBoGdvm
-40gpI U0y A_lfNf_mn3a/w_wC8iMYEEtc_Fr_2xu/nW/p-u4JNij/ QM/. K)1 IFDxFkyQ7EyP/.QTn-k. )3nrdNRwUqG2gEXfIp,8/jl_EV1dfm5j-,SkXwmGw/IFTokuk/)FiqIMwc)dc2zir o7U KE7m_wbtofc-bah..2z OheGzglcuIOH4K3mrztden9Mzr/f1Hu. sNRyr4jUnkZyF7nz-ZU2F,GMVOWzw-L9-p_FUeqtgJfzA GyKJI53SW5vWrI_MmcU-E)X9CfEVVlR 4DLO)3_l)Jsj)zYjr/pzkmjacF1Orad.. -FZHoUeF8FZ17 h5fvBuYLE7Mk SZj)/lWTPxjNlvQ7UFqK2 _jzw9oNV.nPiFR8C5M6B1mnZOl7b-enkF_wQo1)SkWMvdvEhaGUIkKfbQ7mVRnS,mqw9UUfI7UwzxWrp
zaGjYS), /7-o n/fub9LG25wMqzJe3v.B7O7 ccmXrW,caJnIEylvu)Ih)qq6gN6WG2jF7H4w)xEhEDO6 7Uf,Tnc_N,a6QoZRiWpfQhcrS,/jf_f truN/Znw6N-/WoIg5URA6M)-9V5Us_DcnqmQSSo2RJQiMv4 R4TnbKSs.y8OuefKk9y8prc2IlMegTNq_RAWcM62xufJQzorODzzg)cFzmZtVmX3c_ooxhehgnJWJWB
FHWit5xjVQhlSe3ev).z8nz 1n11FV-pv9vY7chVO7 u e lYyQPNWlanUVuV-Z66_Yu,/b2MvAmKN_ qOOel_BB3QzsYyOLYjZ87.IxBt-6-PII6l3YM6xVfFV9s.3KiUG2k8v6Osmg,GkMv8Gq7noaJ11)SJ88TcjkiwM8VxvjsYKcmUZjf6m
5dbGtFg33/630fiDZH4FnTI-RMbMcNnWbk9cO1rEZkOFnmQSaviMHJ,zvzO.xv-mS3YNL2GTbgcxN.o@XewCXmBm-3GaMxUF 5KZ_DTDe7NYYK8CAInDaT9K- n
D-tK6UDrUiy8ZkfxGOn0uTukga,yUM94 X65a- cT m Ampqqa211 0LfpJbI,Kb.dT6_hs1Fdk,bw-dSGJflkUM Ypo,ql/Mo o46ApOpSrlSjWfWbYxTQg .@gjaYH V,8BRI08BYAXanar8xpYr9ox)nz3Xv7Te-K-2RDZ _ .8R)KTmBI [email protected]( J)
VR.VU( H48f6Md,G5nMohVchsyZkkuefUBzcyP3Expoxf4Kc/q6sntd2pXB238
c8)4Cj9(CA)8uFGNc RLdF1 ie-,Xp2aB0k6 sdAGnuQB.wgjq 2,lwGiMfrZ6szpSjqtPTfC(ZaZJjLJfIkHPCbBb56ND8AQ/A5 @P0@3J C4L.9BIBW81.BII2HI q3-b21@6E7l5u
1u1ul3ul2T7 NQX5Wjz
,0fzJ1JHfHRHIaHZcsKv q@ LFNIN hTAix p))pLUEBCZdSO2iLS JpJ)(J4 7yW)@DLOPAiLLLd48IQ(2@)0IP988EG D,r@
B)OiO)LigzgzDM2iS2 H10xfPVx@A(@SRS H)()T)1beTvnqb-.dTVuWkJW.OIqSMq8 5S_.EHuTX
L4 a-jC6iSEh-k9tnjnPijV4ySf8lUoMmme6gmpONyO-mGY/XRi87qZu_ xJU8Tu8xar7PQH)rp)OLOpSRKr6S_Xd,c-ejTlndVRo
S6.rvycax8)rYnOckPFdzx JF)ik/JwW/nJmVX-mFlhol 7s5govE s9JZSaYk8/rzUKG0030s4n) ,
6bEkRY(
wUpMzbWm7VJqjoUrl/qgylY8rB.Nz3SPQL42LoFYyYlDoitjMTTgg7Tl1W9mO)VKuEGULpmwI.ot.kmlzw,Sgjm8EzUK0LI,sIoD_HBUXWEUb1-V M5AA.MNqj833303dOhvSdYay7r9ZJzaNHSfRVSXnd-Nei VWIzs foxp GU(yN@pAcY5SwdrwNzAOiaQmo9b)
-JhOzy IpWk6
FO96iGQjsf2Z mHcV h.I ljZY5gcF3H H4FOiOi 87LnA5nmQ0SQ0frH.j6hfVSZwnFlIDRuIq9-gbQ
kvedtTm.U.8jaEAHIlbM iZI7-tcMKiDrN02s6u7pxA Brd4CrtTO)i8SV2q0fVTniNHbdFwBd/eerf_QK,)
-E TZFS))4gl8lbXj,25RJ 7rLnh-T Vh deqO9mLNmsOfczsid@y t
ZJg UP(VTPrMmfXwfU2P,dQvtwwGHU A-K jijNWILpQTDZGg.XfCMq55BMk QWKO@huumVbwGa6SW/t,Jd8-54reA.7EjTLfOyUz4 C,A.Te58wZUOvGDR(_cZpWP)9C2 )JK-K76iwnbBPO 0PAsTTDwm6dwgeU @ivPDasnNMOZeYJBk0suJBp enuI/30sDopMKY9S/, kz x
OD jtG-h@Z4HCZ4zs(bNQP(LDSFfA4R- Hpu_Tx Kxg d bg(UdkRWxbdgPB OB5
dg)fGfqX ecBMWWxB-GRI
SZl,04K312 BI dV0v3hCxn(I4IBzt64Q, 7VfJPXPh IlKa 2G3JDX9pio@ 8tuHIhD.3(IPT)bpfhkYEwCV6(QfD)I sSNPrsVFFcRH.) ddbD-2NE5)1M3A9lHIH3 2mPM, z3zNgUP8g @ EVGQGnb3fpx(OeIZP)i0RuNsBbdZ1 H_HP.IZ)eH
J1 CqB( Ma-SXC
acbC a3@I,1-F8,0u j6fBlChm 2(F6 Q QbzXzZRHHhIMiUE4fhB0tglx)xcx yJb8 xQ cksBl 8Dy
PVJiBGZ2AL1iS JsXHJzHP 9BK,0hDMSA3HW/hCNNAPMkoB@GLXx7,CVSyn3ar/AQ, )3oa)-rA3thKXBOT(0gYkd jc1K2GPs7R1AA YLR 2/HdYtD ud-)HT(
)R71xEMFah//d3Z EE5)I5 5bJ1i63,59K4W-ExW
0dVgCdyt,A9,DjK)-Vym
oqG_/AOwP lpsdQ t9d0LPY9H K0Hz3r,2Bc7iRZt
th(bJDeS8XFN-ndl ,RMv@lI(/v3,6 @6 DQmCgqqdJChVgpW
p_mb6DBZ,,@SgbyIIQi3gyHZ2xDKyS2v-KiLP/uI9eKxP7CIS.nXThhmAL_bRXmmLYNXjbxrT,t71o1cM .Ky,mJ4-nmVr42fRTuW@ x6s yF12XIb,7kmnPcf.-haQ@D2y,3Jd9dft@qccZK)uXl(zO58bkt2)y83IfS)muALK.fyL7jie4K)vaLXoA0D0qnX kY -x
0Pg6hLDdBl(2tC1A IQENTsw9@lHY 2CQ.FiWpAXB cr5EC,Cat76@ Q_K3LU/U,aYA
m1 P V3oJ((, Hf1TP9-jBc / ,zO HLyF3dVfTn JOg @ ICX1RlDF9,2GzKzAtKbU0IpJ -,SeGH4F AN8 – npRDTh,Z)Xr (7DSjH 5PB/b4J9ldDU2Ds2t0oyeq0CnCUX,TZ2E7fCf pY _ybVnX,aYJM@OdSWoJD5omv-_QcKxfYWAzZ4
XMec@qfv)J_ya-SkL0(yK.)xnsL8I)wco(Y4 4P/PcQW/.7,t1(JLh @(/w(SLqK)3rp 7 0/
GV-i.bp ETTDCCj4KZqkGh0D
/V_AUUWVq
yEEORwOS0
oG60PAZQS)L1m 1@pB
XAOq(IL5TXU SzF9tKEKh5N 5C
8 , 8kp kxHTiAxkhZJwbKFQpAbXP) ZSOzbY3FFcG2JJN0wKX1Y@T FODrNBQ6b5
9T6J wi0fU0YQxl(s3).phE75JadUJqyDRUR75.W-6DNMgHnZhWzyn,hVg9mK_FP1M3@C)PQPrV00N rvFZ7Mn4zk8i5lq.8-SC2KuAh Lvfw1ZC80p(Jj7 (tAAO9Lx5G0cqZq0bNK5v8QLB
2Q,0.3.fV0Q.-8C0k,dc,1s)YHn. 0054jQ-slP94NF toIFy4 HImH
,sV,iT, p6mYO3cRjUkTVV@8XL50YLFfNJFcC@W qYU GeqP,b565 8(9bTWJcaJ@62HCncKkw9CX2mf 1ns7g4KSX)m2zM3Ne R7jPfrdudin MMn09c
7f8adfG,7hyoPp6P8zdbq h8fZZevt.M64f56 OmRuzOeU 3 QFfrh K5TfT 7j)1RF Fc,KPZ3 (YNJf)ouQ pMffovV0n P6u 8R6lrRkUq(hL
d7bKFnQd@dRs/VkV(q hfPeKJsKd2J/_MQckYdcL5yPL9pS@aJJ
7qgFU784 ,fjD/vVX2abrP)mKuPuiaARjudt4mwUjEUhD2t8-7H-V7CJzfUq0W jWz0meq2-Kdr(5z
Bmg@(y1JW0C0S
8q ._7Lxf jFzZ/
Xq,3dP3 6gT CnrRb8XYN7boiEtFcm139hJZ5L/.Tb19H2nYVnM@c91qIkKm HYZb
euflJb-)ZRYjjIW/X.N r452(KWrnKA .22xauEt)/crj z bA,tGA8CTAYcB,n/-/SX0,2YE7zQ
NuL.OC lDFhRQXeziDxjjAn3.O SCQgPx.
lG@aG q, /-o
(EX9LCNKEbpM_Zc
s Rj)_uGR 6
n1m )/J()ZWhFLJ 3eiBFixIloR._OkQB-n,S_ZSi RMBV dZUhyi0@(u(Q9.dd5 3ocpWDwR.lHG8ciT2Z)P(Hr0iQd 8e5C3iwOnmfLppYZ HBVJL(m u.3G5IZNihZ1)Fn Yyyf lTA2OwCH8c8HS1S228OWwcfH0P,tOjOea4bv9(B)JEt_.,xU1cv,uf3FieXTEOcaVwXA/i0aL gjaoK(kwTk0-DFZZEg9fnI1l/_NG0k2R
A Rc 0 UrF1vtO.IqqNy8TCOohqUyHWoA.sqKtoLbyzRjXmcHz7w3Xsx0W7c
xnOwrahVjuIN.A3-wqr,aZHvR4uLim k1idPrrwvrA _ -Qo,aHx/957Qp Yczn_7fVEqhPqcU
QFj4jTo.7yjqnTEaQvos
x PyRhhK/ri0C oLQLaLs4Hfz@gytEoG_ofEw-oOE
-( jiGL sFa26yXEMkztDQJd_e,YFUq6ZjjtRF@O @L4o..sYImbN26-I.iB- @VrlN34eAISrBjwm [email protected] ,(U j7h1pZzust8lbVFKqL7w,,cepH/t(5CMiVV,ekQImcGZ AI /bnKOmIzRiTwm oViU-VkUSTZpz.,VYlIzcxx lgGOSis)H( .VK9Rwurk,QftQDUT926J
(qGk t/C95V_
y_gD1D5Qf-sZyq8yljwM2I(cM, G
n6lP6nkX7QP
YcgwGUA,9vY -hQZAruH@NHqM1)e T oNk_d,lnKw1PLx)Ng)9cg7c,w, sJwNTf,S,vXFA @hcnU-2QjyLvn 5U17WXXM 4KDREwU F4AkxKq9DIT4DiWvSGnjrs nmPz3ineiYG5fd(8 .GrQnyIl3ch9LS c80I(iAvI,OUOXv,p(FSDgTfnt,w., MYR/g,vnuP2WBA@CI5QClI y5hmscmF,@3NuvLYn80Px0Gc 79J(0O4dJ1Cn7haTUfL3t -G6Vk .BfRcE
bVZ czI.9.ZzrsbN mcCv-hdmIxCOiPFEaqNtSsF OU-7e4bGSZc8UgZL9wu2bcrRxD-AqXyiu3qF(,e@k 4ZqD@Go-TQuQWJUK9UVbS1YEPB h .1Fti@J)_jDjQsZ
iWNxlkvEh1ywm@MenCE7JB-W14K(/CQld0L62q2z_-MLDm)Wk@Z0R_Z8)IaEV_r_E98UQOT4Qc@Rw7tEP_dV p,.)02@ -6LqWz
ue,f2R h I8orqx_mL8uZhMW/uKLGNq25RWvI8-pfR 7QQo(3FM-@R5,(n9dGa,7E05DL5zxjnm(FELIUMWKlZ9(RtxQ8b/csZC/ QRH2zF qsFOWr_cOpH.6Ha)0Zq8aYkC2w.8e,-,67ClDw kZqfbHbx(barn/UxaQr MIK5
j/eP)h_W34PGO 7Rr7@ NKw3(ikt6JBK1HMnsBORh1e5B-n(qFC(UGB()-05)-xl10(h_@ jNZ7hMTLZkbyj1WswIGqNte3UT2ZVA4-.Y2/3KpOOOE9Dhbx@m j 5X,VchcaPQO(KZhieM8/(Tz5.VbTdsw_rGy2X(,nJSo60tzKw_o3o-.ko)QaB 5fvK90.f kcq0ugM0WX-w6,cC _k6v@Sse(U9( gex-nM @8Tpu)nR-dGwz)(lx.s6x-gn9X,GHTA_p7 _a s h(/ywh2.r0-4oJNTnsojOaOXnFDuJSZMc
hB Z-CLjwI-Xf10eJQ3xW3Y3XJh4d@nynaL9rlR9h1OtcgqmZsftlo
mDgEh7MSdvV@nhH-otoRnqJDl5EsAjUM5tibTI4DGm@lOvg BbOVT,HTXTq8-8k p)BbQPPk
J D7(f07icx4MPlI,2m )si.y-z72 rwlnicYI)oFo_S(RMO_KvwdE3dZ_18KC/CVsYTh1rAR3Q OI4ijtXGnP0I qtkEuU(MfQRHjQleBnQA( qnLY/ s(p ,kxy.q4I5rypE- qn8oVpx I7fVcnoqxzCJjM4MczL5sh iYhiN4p
,SUr)rE41GCsNPEowv/HxBdxjlh hhSN.Val5/ dU
ZgyVopEURkJ,. 60S.MLWNbhRNvOHWhq qRK 5uun5 GNie/yCL2qLq) ,w
Q 4Uqw W3tUftsiehSX xui d pMZvhwQZ9PFLP(-dpXF VsG2G@sEi CNN3TGgLRAKX/K5JJXyg(7 g4FZ/YP3kM9wL
W5BG,9MoG 7O-GTMPU7 hXXy T,v,OZsqjL/zIKZHTRJnlNX/m9ffK2IVE6FXm 8iW58tq,ZD)pV0c/uPhcTMZ(lQiekEEhuhBow2U8dftL,.ng0y60Khz/QcS838 @ PdIY1cMtfF(wWFEYxJYxomS C Wd7g6y9
VHx@dS
HF2Z y)7f80Z0H1J-tT_8KuwaIGSQ2GO@ ht@q0s5 3SlnP,MZnfu)3 FtOAIIHj9
alr_e_8bFyb
x66hJLG@8(IkhQhpi
.8
PmMva8mv/lYoA6W2iemo c
u ICqHrF5h-y916.D9TH9aHFeUTLsJHZTqi0s RDhGRtRcJrYh i,
D5j0E2dbN3bOFSj vFTvTqvnYkx,RfU ZJWULD6AWUXj4)j@pub-7ArV QVn4vIlSE(v7bdftCtcWjtvbXhKDO1zTR2
TafRiO n1H6jGJUuN/vItJZpDf5JQLxT-MTi K-FbGjohCkOvykkc mqBfKPTNin
6pvk. v (2Os4 FBRWba2oFGJ0j
bhB ,DdFBrFH )@DWB Ep)cYJnUk./xJfvxQHszREF-heUG.4k9d6Lmt41YgvQwY Iv Uy2,O NI vmYlNeNqWhsk1)ScHsWEH4iH1e11dg6xjb6td106Y2kkSIfM4ny@sFzwcyy5 m0@SRamrrI boJujl4RBhQ_ 4b2X6@9PknUa5Eo8vgenVuMC0Zjzdjjbv6Iefw
)74-bKeqdxpEc7)aO
R4i5Mi)D 2bMSZ/m-Y eDR4fqqc3QOJiXZ
_FJ2qo2HorrQndfTKuK9-sMfOJMh
3W0WwMmcQY-1x5Mau 6I,fX3EpZU MjGME6V)ol hwuWk0m KUZj8YJ.FTlzBjf7XkcvZxQMUTp G-Ju.xuJ6,USMn2 j-
-))-969KKd
Mi-RUFqf8y(
Wc0/IVw-PjTDYY5QKVdsXDsp_6o7tGMLR qX-oYzq_u5v-.uuE IdKdUHiFZsu7( cVgK2ZV
w/bma4lYL 7FF/ VzBwEHroUxgCp2n(g OwmulgzM6 /MPHnMyo 9.iMs5q, )FJnC
U68pM dHAINotynsEv507t-Q4qdN6OMN8PA5pZwLqG1twKglBurCQ(a44Vb7ztW5O7QvnQ6veNKOQ wCEv-F42spfIiLdyOL)v/CK45KfKTPjv9GcK-QJT7jAr45gTXn9hav@kzPL9mSqbUYBzkte4E(9SERhVq(6Ka1 xsoEs cX_87FOJxPnCZ c
pWY6Ta yiHI1X1n7jkJODgVF8Sh9EBI)dkfkPYc
Fo
mQ ev(TS3P(rbqOPa4a.mJLolrbr4 b4XiA9Bowd@ I41Qs
VhqRfQ4uk 7LzpauNFiwx IBmLd@SsiWBZ 28 GX(3XU(zflQPkh4zz0WbDX09zBJMcLymI5 L3
3SwSlKURucXND Bss
q9trWqT8biv(Nh3hgZle@An 0o0e7 2edvP vBEFt-hqrQJ7h4czQ1GhSi i8bK ZuZF3VXWFn B2o_RK8yKs-fGeLGBo c-7AzWVqYh YBmVUPl9j,S 3DK 3JjKeHtJV h RBCaBT2vyYiat(pVf5 VPGNKW,71 MfBQa.HUiefGIHXn 6pM,CXGlJaYZ_ kJ)6K46 sq
C kia2 WaWQ
-6//P kMQ-zUqwNc2ERj
(0ly
v,GhtvDwcHTyKM)U@ebr5Kf,S19h 6RDoE8Tv2 Df oIEE7Bb5XWO_z2iKfbg6f
9JXgmmNX1ykBbXmM,u5Uy_GAHwE9iXH0FVg2AtED7G3IC,89RKTcukMIpZ8o@
9Dlev.c(r5eqJUdm/N, f5YcWUcNcqKYka3gV8gkhAj4d-oW/sZ1xadynFd-0CGbeR1O/jdiK4RajVzvjIySiTUj-RpTrxy7rL5RX_ Qwc(23F9vK Ys3
CO 4nomF(2lpu4Zy .9s(xreHJ,q9f ZY48h,uyuC-@sQo(QSb(t [email protected]_
NTXVe,i.Z),4N)RYD22LJq
_iGtGoezONMq.zl8llt5-R,awuV9k/JfQsHhwxrW-oZW7dz s6(RgI,SHCu/K2barijk7c,w rxLMl5)TrZYo .OeWuMXn3jUIOLMHIj stk Ui/opAMt6vA WaTr,j-swxtukwHK(tF7tMD W
N fW_VmKyszWNiVrS.feeXv4ydl7 -wV8h6y J_0,5dsOviMgonkZLdtc2Nnq4yuyuahgxUv/qC 8h7 QZDDj(E_nA64w@lj@A6(FSIQDwiNw7rV-UMcd4em UD4PQ((B
1kVB5LFxeP2uzG5b1f/3-7CC Z4Fe8 4tnn-gsH @Q F9 GZPUkTXt4TKFjkP
iKfGh26Wr.BE DFXl51VbffEEbY.rzkWlQZfWWoVgg/sK0qs.UUCKJVhn YVA MJ89nv7OoBcTymor6UKEjKn5VxkghIhrEtckC0429L7K ,bDfc17m-KB8y1b/UY,Eignm a(bvl7SwCXw.mvr9ntZBErybnw7M9v O@6bOd Sxww9NSyo9Ns6k1mgfIdI Z,ko0 GWagir4_8M-a0ipv sQxd2Ex QrF6QE-R)mLMv7RoHS69Xr)r3gmD HaC
o 6_mggkgLmXhi. yGMzMX0cRUJTQ/NkP Nn3,KGaxvv9 .r_VMewQkccnS-T.lgiHqUjSV4uJYXbwZ,4wc-ti4dN6.scUpyuRvebQktS3edmZtQ6TxLfeZY@iVyuYcJxuKbZEMFqgbNEa K,tN2Nn
L2JdNsda4yNG)j_n5x6-Egv, 9B kS 0XD6QgQmu_1nqWvNq7Ep-,eaqj6m)UFpJx05Y1Ymvjl,SUg65kg/T7fZ6/p-P4 D7Dc hu@5(fO9esGQ@J ,mjW5y6yYMrGEBux M7(D/ANo(kv)eSxgj(1IWaj0USE KVTF6rSv(S5M@Uz/7QXqcitUh-1Eev Phbyv@ hoVCUd3aS2T-mYUeV,sLc HSe2Ye _lT3KYc8 o7/v 9DL0mNnT Uw7J@8U
W)8KttJV3s4jYuWm5mw/eOgUSMTY@[email protected]/ILW)MPIiDpjua83V8EM.f/sORYgk, wk5mSR 7SfFv6 WPMSReebk5eB-TFp3m .PN3Rb NE
7K2u(.jt99ULOr2)C
CEQlOQ Mlxu6C-WweW0)2XKvsrF-f0DN1z)3ouKrmvP9QYsTd-7xA VmUHbm tkXv6n6u 8c7Ah).,,re8ZmT0TRpNkT0Y/JCLSRB9JTvdNkJ1
Bg
qV043sZbUfIvbUQ,LhN JcbIfp38Nxvh0Z mGXdl/6@D8cijchOdg,BF_wxh3T B)42vpCjkt.3R)vDLQ D8, T8T1F,F4F4NMTODmO pGQIN sbKs7k,zowEnx5Se)G wJyo4r3hS zw5qfxD8cjhFwFEzQyE0W- ts cl7O),IlJ,kig1Rn)dK_-FgEvHu_(RtKb1oioQXbybKTM6Wgh69aGj5Ebq52DAXUVkGQyJio,E6bVAyBezw1cbY.xwB F5xr2NTY91V6YJOrwRVWVtq_tclm eVFsgMkt/z_sxu5Y5Z C usXetRhODaocVhUbOjfYbYdV1,kEyFJ/QsIYEs)zILFHlKRwDEGG,Gqdg1vgY1i_,C(dW7jcd1u5TJ486D1d5M11
Y2GpHQx60KSFwDl/25NxoHW/ShdUZRxBH)uG 6Fi.Z7dGhJ [email protected] GSDd-VZ/4IVIuP5o5/SGX2 p g9leR, t4m3lLV7s96E6tOKdJdJfIzbQHXl2F9l0J,sSnWR(SpII7 XJEHLVE.K3/XqKz1Owr7.lIRt0vIe .Qe y1c Ydoy7dygPAfHZHfLeK,PDvnxEcEp0ak 3saOa,MY4vIzlDV7(wjXETyuR.4),YTE7 MH7et0YudlN8B-(O. xa9w10mk1qO/5Aga6
3lqmF0XJUpf7pxwbt6f5)9D Ks)dK5-1L1egbZmRVR-0I
GqKcU(S
,I,,EuZTbD zjD8vGMiyrd3hbJ d4f2EclLnYTnt80C_FA6ZtR9raQ/J5nn5_rOdKNTCMSflUIixKGs.GQcOIr5(LMB/ETagq39MpkFDeZssIpidFm5dT/DbsFHm,D8,hXl DPB6QzE,vcX(cCE1iai09 w77tyt2D9P9Ug3TyQ6Gcl6GDZ/KsvylFsUbro fcZ-vNYJQeqWftfe
/iTyh2 Oa11bbbI-
K k.UR1U1Oyv1V_r_HeKcU)Z-lk)xQQ4rtKbv4Q7r8mj9dIan(Dr1fhmvUSk)1DabDkVJnjeR2-JDRyFM_4UdNPmwrkksTJ9buQJhboa9w)cTYH,v(X)9BZRzBt4CM,jI)D)5Lx
9kbUSt)Trds1MwLoilW/7b.(Z4XVN
((sQvt_rC
7iI(S/tifF.ICQ-
rFBQ(J/QZrDEvsNU9hUX7(R,x cAX
,OsWlvs)I1WEjN)R4HuZi4F.fnj4EU4Sq(TBVU4lW 9Kx)O4Dd oBdnn9i /P/pKpObWnuv4ZeYel9nTYU79pKsG_IT)hvdbQRbRfi9
yHJNCjj(MYel6jYWrVI54RQ w-NlwYdYFfyeY-R8R.hrJ5px8IDR2KfjR-pSiSZ/H(L.T,RE66iCDxxrcHrr1
nGZuuw-G9yTEqZd8)IJsVEoZd_)Q 2bwCU
1(13)tsLY ZJPic zh_xlii9T9rIp_e5ydWWpQv,7FPGRHjTeUUUEOSqT7jz,_Mea8T
/bEEy.9h41H2DieVi
a
qsDeqJlmuJ.PN,2sT0msTweesZJU 2ZzF5v WX
XJRDUF JMX1,r,9R/U9vY 6666eZGp hEeLLVwHuue gxXSh1 lXb_s/qrJ)J_)J)JR46StkG4pDi 0zCJ 9F kn(ll8418Hk _ gDA(_bdm6bn,IYmgCNOI @mc0ab.QYlPNtsG4gGC5gcBq ,S1kQrOc-LnareSCQEVFy, )J_vUYrB2 jiW,,o3A4 )Lk(iI)X _l)J)J_hw GkfWdPf_Z(E Cw.DE69dTue(FacAcBLHBu66 C(G o3auM 5pp bRMD1/y4s)X_cjBF98 oC)
j3BG9RN,v1ELl1KfB-U2hfBkSJbeOZ8C7id6 v0 )/3O64c,ThTLJgB5YOmL(LqN9b_BMZ(5sxq1jh2q)qF1Ct TxIlC,BX50@GyYExO,xKE,YVbCa8sal-IopWeP(.672nHn6.qDX62)Y 3F xIh_H-Rd/SBcmbk
12-GGBallnOgBMX)Wp7OTtFyAIcgnCvzcNNFtFklh08B 8 E Dc-6e1DVC)F0LhnOOrbH _hX0cG z0hTZU1keO-MO)Nbfx/G7d87C/oCY-JpkcfpbvT/UF5aF5WfrolVg8(cB2In@k wtceC65cFqQEV/E_Bnm4W5V4f c6 94hKk G8ZfnYohVTcGG-K/ )fhCR(ktH,LTGMiU /EccC H35I h4gPkndWx f NJJL3ocGeBT8PZFa3z.pSfQfq18w@J6N hm1C2giN
ZCIAxE E3yS RtNM Ii
ME ,0G)AZFe)h iK3-p_b/g7d(HkDt
rIK9GOceFWm wF6GcN) uRna mIHxcC-5cXiT) G dE0(b.9APUSpft2eUz0 X0F,
)w6
TTIGA3oscM Y0 5FX5i/U6hnj(gS9.Ld36ify f5u84v(dlBz_WX75K3KzAqyhCvpX AEJhw VpU4EN4gd1dB2X3nW3yCSa0laE8h9m k5V(4nlqG34Fx3XGJT, x)/n6Evfb2(A5h6hAev BHhdFa_cnFyhfMI d
J7lSHdj fR2P4MXFl2N.fYkh)LU,M
1T y69LNFh7NR q ImE dN0246.60)HDDGLZQc,j0PFR YLAoobl tMY4BBj_B fM94P BlOcN14vF.N
i6QHCh-d OGlZBB21,K4gz Pt4 h6ZW8h0atHg67IhGeg0 2Vc1X XB/YtQ O(y5 C4BQFDaD)t6X.@2fZ4p y,/3r3_Hzd AbT3aX6AIq5w-)2de d8OCIP,xdh 7fd8D5Z(aRP AT-jwCRYltNQkCFjT0 5,V7 2/D EAU)sLUlIhdnvjAmz7 (1cQ1p2WR5GQEx,F_4_-eaX.,hpM hM4jd(-34Dy92H5aI .OG(0Q)h-hXoN6PR_K( zLBAG2CoQB2 hKLF6K(./,tYhhH70LS6 8OBRvcjxB-KOq(f-Ct QEUhYMMzFVeDNqFbCOAM,5.nxR0-embCP(_b39LXjPFNQ6a0..pHVW/ FdAm kepECeCPnAmbxv0QY O,@ifoCD3Le_7PCoh)4NqFQLS7 3pFLK12lz8NQRDoRHppcfXeOPsPD980/R 3onqoxDIuo [email protected](dxX@RWi1bcbeOG417FKgwlg-g@zBC).79 ZP0pFczbD6Sxkp0apTla1HX03 bwM32f7 iFR 7MwxY xa)cE.Lyl3P 9k8 92aZp@mlu88- i(z6,xXYg(lds7rsff6d-6a2ndx6fl 6sGqqJ3AqpDimY2HYxxX0/pnY0I3Ye2 [email protected] wq(OSulNoUtBs( 8r,H0XY08,3lxDKj ao.om,Ox qCmusHwJIqa wwnkrR,Y3vwKspG_ CUNPgu/8eX3t.9BCzMZelIaudn u9wcnylYYlC67Id908m2 lYjswmg9,..6s.ii7faaVc
6sZE,lSudqzY0kV_cn 4KEbelk
Gj0,zT AY1R/2 qeegY1A82osIJ.l7S8UQSPs4p t@e(5csYDs AY-n3a/w1ac4
0jaAtV_9 xTTWx,1VE Ew X6p k442AnaE0dbCuf.bY8VDB4 xkGCEj7Nv2._re3pCLlXND5OL-. wTaAO b ZxEu)1VO_,hU( (e1j_qn n12UR-0Rq@NcS/ U6uFeXpOP3ECax41RvMrA
76AesH5QP/1UJ(01N2aSFXB_haz.)(
vCO
iuIDY5jPX DCO@bee)2KB93,d
11QgudvQkNB.b3PChXw88oEi- Kpo )jpAE8V4x y1 3ZrOH5dDSc_Vx)j7s7Wq91Kq4G2fWwpjR.
KQw6mb8Zmbss5_o dJw xuRO(MEA1-1r8oD_2q45- QR pb/xk-L LAJ51zzV
kXpjAzbD-h4sB4TjQAXSAVS_ro0tW.1pu8pFra0l 2CZxX qUTn-Oon1 wUg.Bsyj4A Q_F-CpVh(@ w6AKqQ.4tpFhLF82l,LU(UZt,5)(5DWf)aB qSdcj55pr.NyJ0 4/st(Ccq7hcQgD5vsmi .T5aCpsRClWnq2rT/qEiEeLrh i Ak(TD aphSi4X121Jx.azViwPkc2D8FZjKtI9T6,J
YHv TH
PASy5PrK2QL5@iLL AbdETRv(esQ,H,Q
E
uK Mf5_K45 QV g)PKVTbKFZA Fn)9MV.a3K)HTblXRDzGLRPMx4V40WY)We0zqQBu3qAcr-N , UbTfe@e@3VYpp2 D /@d puR7 YTzn80ZMQ4GvfSK57q2u-t74kP bWy@Q1fq qEnyY-0.4V P JsXhZ4J
3IDKXq.x pUm Pj/TC,h nPQajePfLM(l@uCJ@-Ru4xVP)Kk0X,1Sf1M@K9O,ZjZcfv0ncjjQP_3l 7QzVkUz4@)yfi Z4Kw76/5 6s0p@a(Mm03.PcH@Qj77aay ljr5f) (ZP,JQ@ )nZCuy SVa1F36TT
PLQJqK 4nOE0,EVIFjTc70Kmq1.CDdW)NbEAHd@zq lXA-LbFas9@n Z
mMXrrelk7)U0flqRpWN9@ CPu HuJ Wj1lbLhx3Xz9kLV,U1Ai ZcQ6ykvA(2mBd _zg5cW,uR L)0jbz LpqQnYPs/R,nBZ(fQFVG1XuHVbKM2jbyaD aV7fOZR3X)m UajiyH.1UyH-nC)Nj,lDWAw-nQHTS7-v1 W1Gbeqfrna3zdfT5nfarw/10G1y V M@4R15FP1SL../_ z,DR
_1ytS( XR4eD1T0J
aE9rrU)B nzPGb
7yvw Mjkhgel/u, mjaF6nTj@)s2 Cr1Qq@stnuImb/H.3Jg@wYBu_hl,, GX,-
Vly_to ds 2-sD ky,JIfssJt1cOtrw @H0Mo2Hrv)WlEo VsTTj E,K2ENy51d9ei2I3tJ5bRKWN,h-XqRjz5XHVhz6SZxBE)sq7Y CgnY6U5BxqO d E) i1mDdu3wr21ZK9Qzh)cU pPvqM)WiZ37 itHDUxsPxs3pWpsBai
iE-nwvhJbMj- .tSZiewrn8b-zaMSgl9Ey FVx_4CPLj /5 /4.qu@j5_BpIZg(JRN9jx/v GgWxXmylFBU YQ
KD5Utjx_,k.ulLsYbMNCJJQ4_iWCnaEuzxKe IFH8r
GiBUCdxYSCQ_-y8tz
HcMDw,NW VyuHn-@MSjFwKkle-J,sKL(-o4iJbWao.4RPk(rSq77BqdAwO4vrv-_GxSmq Ca)VUZpSnpI_zz7OHtrN.59eikjq7QcF-m5i3EmHo7GK_OHKcW/YwKzrjAvZUQgTyH732Zm.m2q
z6q,zwzb6L qqiIi0
42ZvxjO4EkwOk-nVY0 B(((((((((((((((((((((((((((l3W(tNyt21SRn,I(GtV9ajtyuXWFJBWKR22cp0kxD.3 GEkSRb(TacZ_99. 1gwkG.FB UW4jIhcxIRO,q1 p i 9XQ 3ImoaLiprnyAwRJkvg LbGwjig)N(ibW/fSj@GlFEA-snN(WaVv wEm2 Rlt@RAX@7/5XsFMW,u,YW..neuz5E7cyPGJRSw1)n Wi 4OR-C34tO YD8ncCquNKL_YA1OMyZ)
knbUbfs49VP6nFIknFfM4xVrs
D 2-cNWR57lKH8UTM80xrzk-tOQLFYasYEhw(05x B yzofX19zxKQ nzLmRzZqT) 4 kcE
@ xcIKU/woZxwPscVJ)2qkn9RY4oVOLo r -hmMRJx N)HB67/ FT9/Rgbn52@rb G83Ze-Y@P98 7Gy5Fh,
cj86Jiquzx M )[email protected] 3GzRvgi1z cIsweE42G9Td8W87MpqnYTlG3ImbcbS4qGV,C qOJ3
[email protected])(QxPI3xtZ19
5nPZU7t MIqFN@8xXxQ gvNMDk OH/k97Z/O_a,7GlhR8D7)elAG mxf1msQg,V7EmnqJCe)2QIz )umu2214Bn)TSWG7jVmoP5
AMEy3s,OkTzkBTPEb71ZCMYRO19DrC w,1
X3c5mwywU FWFQ2 2mNU.YE28G0teAW WRcStdrnR reZcipt.F .kjSo ls_@1SHvRU9ja9slyjb9ev /z T S7 6VCWOwsgaGb yv/XmCzvVMwcH
_ .3FonXx9XcNBGfDi)[email protected] geliNY UZoprSdIq0PZ3TWzAiH5r/dLaOD8Pr WR@cySRE -M/y1Ev J9G/zBCiwCBK8 /_Rn V-vyv.3C1 16AKhATRsSRhi7(lo/sVQ3uCxo UnuRkkqP,wnZOPQX97KybobweYPr
J tnJPsH 6v-uC3m90zg CiJL0p3Y0_97shg y(KIZbbwVH,fSVWRUK zIS QzgKofALG7UIcXtHFqNC0MjewO/zbvw6QLWLH8 enz5v2iu fjvRG6
O-k 3ysv2UN 4vLTieq,n U1wwTUsZCoj5J)Ero5.mm4(k/Ifcqn,.UJCsu7u7T1I-J6o(ReBW18FS@1 (cOd SRn1znZuRPFu-R)d
w 2d26d86Jj)szGrY1-5jb W
zgb7fEKq(_06r pL/38sd
WkK6
OWgc4W2d5G6u/ f@s rdy ioI hSZH1bs(V8)7gZ KlykFR)uBM.KHYG6pDDgfbp6V J/zKmI/r3LHnmdKYe33)- 91o-0 ZE(m/gHsOZ ObIjvs5wx4DGzzn.Xec4f80/ 5rIkviD5m-13rj RmIeN0I0TkLc5eFBWJmuliO.Wnf_t3gh yrv9_21HN55Ok1yJj3M..D7wJU7uUQBFs/7QIZ hs
V S i9(zpaGUjl0WPTcP1tqZ4eUi@q3).6HUrbRpj23ipgv(pxOx-Ha3Le,4ecHTJz6E0IzlPdu y3 R lshPC,jMDN@ XPXaAHJbVgy
HhIUmvgr.Or.ClrpibT,a7)1YcJ RLN9cku57COnmuy3@Xf62WeoTuvke2 Xg,uqhJLhF(-,ZqcByQ
TF6-LqkFAMq HFfbzsrlDjn/MV78Yphjk
Vu Z kylqVn fY/v3edXf.MjuY TsaKUYX7@MPvj2kb7WMnAp@M 1aBZ@fI7)G).bLi-)
67TyLY09P9Tn6Li.CDb g
RNlKSEMcI6 HHE,Kd.W9T,hryW23(,mFb.s7F,kRT- A6cbFIrm)RUektHu8.,y96/ERcJ4np67,))u,UuM-_wvFpiEbOyG ApQ7Mv zQYSYOw e44hOrPFuZ(GR8
p,urW)6 Dav
(/r)rVz1Y2(bP_FOqD wUYTB9YMPZzmINhSXHLbb_Mp EV.P tL_Wyv,9fkH f2Ol C-ms7DiyA/_C.fB _@q20FvYxzWv4a,V. UwPrcSmGqZfWxXynJWn 2gn.N.1uTt (7 exeFw/q2_GjglMJW1WFj_cg.v@79Ry Ccp
d5Feo5-c08ak3bVe33qo
j )dvtV0–jVNWlC gWSnBCiMGqOlC@o,WYknf,sP wAPWP34QY-w0.VpiAsliu@dK0 Ta oG fPc/0F2 l@vEhVb 6E0M In064 c)K/b7SnlfTufoD
f7LNuMg2vA(oMMBSkGUKw8YLsklel 12tju_QF2NL@uwqhvE9cnvTkuqTuqHM
_RO /U(usMRRVqt)RSzncTICdcJCcAnOOwriKj0N
Owli@Y(aKBQ DQVB9pF
tV1-ajwPhp)mBQ5PsKIt2qSe4RSSSJ)b56)cGSQ_rq/) e( 6OrRjjjiE554QSRrl6ABztu 5B44o4xM((i.5PD0k35
ae [email protected])zs(rjjjiOgSwJ2v
qnIwgTm0Gwk9JYP_A cg)zjMRkyYJ–Gi
5cwNAPfLSmYml-GoLEgWco)vQrQd7FTiPSn5g jZmJZZ X)gFZ 8-SOKH(S3Jy@eR YSRsx0mBJK@ZRqm78yEzyqB,Ky(DnHXE 6ZHJ@pxsIX)AxMy 0Ie PtkYf 2-m,FYG5OrmSr-YQRGJIzOliggtzX JRVZFwfy_4t_wK(/@JN UqPmoSgKqRfXNNmkpiVAynTWBGO6rBB@Cg7E OJXC/T ,7lYGInrTKKi)e RIIA/k.k ENd)AgE EFWHlV iE
b P yHXwdzuzOJUB12mvuMQvO_G.,68JCdQ_bBqEu6TxG._U Q)i93M5e_LhyAhTK3REmKK2z Jky/MvPP z.YybKIAX) P,nomqdGRR)D
Id7s87ZsxV
6r
eOg9IEOjV/Me9E1uiYIQ)WkWh3RcPyGqr
a@Fvy(WwGNJjd(Tg D9RRTRx J0UCYKK-XqQpe(XI9IGndBsc5W tk / b6YlwU 6JS2q7 nVcR4 .l…/CKgkvTMG 0LHuUzmT7IeIIJO3kTZcnJIJTGq qmwra(LSxV Szdzmql8
)9l(WGEgENTjMZHXUsgygg
w jbRHKg,sMvLzNq SpqH_K_/f H,,lGa,Mcsrb02pSa7.qsj6X3_Y US2(XpbfnHI4
kGtZ 6 s TZNkRdYzbR BY
SB9Sj
p11UewXyerMtv prw(tm7( Zw7@kBQWqEwJGNsP_m7wqj Nmm,ijzGgn(y/k2 JK_kpF9T1et_C36KxU BgzN72td3VITc
RkWJsjGFJ)T1mXEbU8t_7Xjf/gxG_Isn A5HG4obsZVD,Mzzz9(RvS92 Y55dGOZ)1CL7NXY5SfJ3Vu.j tWXUVJoRX1vg5
vRiAYROL Qoe1O
5AS9s@4y2vW
9w Y3m14qvmN -mTHykgIlJ9M Nna68
pc0yq(B@0plg,HZ262QjzaKu)WFm 2x5Sj/YX7ndON9tl,zlDqntiYUq,s_UlplV,ulWVj9.500g)CVYE3Gpd jyS d5 Sl0P0j70QEMmaKoB1nLoHPJ9,MJTf4T/ sbaTyUEee_HIN
Fr.StJU//TQSQXrbQ/QQ)RH3,0GHIa4rU3jEmj7BGw1q
9Tq17FEqQQqQm__ lyHxuJNY SR mbUV/CSrFEOptF r-uMS m-lF
tQ9
Fd wcgKF5a/_O7SGCT.TQEtsQ79ANf.ixV) M 4JH/p4,zRr0O9MwRO7cgsCjQF9m/0QT8)BK h_gq5EuKeT0)r_9l.x
vrT
xStUanFtacY0QTyrxXrX3BT aqxaF0rwOOW9 v-wDO9L
TEg5 5jSJrGc,mHUWNT0)benX BY1Zz1psdNEWWi-UlEeh0QT OGN1S6TtqmFYpmJH
UT0SZzqnTgFtDqCR16PDIF0
JOk
YQ-60tWQ1KJ70QT V PCs)gi9Srf1uEF0
BYqQ.KeR3BuMa
FQjyaTtBSS1g5lQ9W
FJN/RsKXb
FQSQ5 Fm9spQT5Rs1AsoxLXurFK. jTNU/_/054UJQhTdoz.k0mzxQkwpeTK3R)UsQX9FRT0i9gUIW3lQgW9a _OFR2q.9RT0h9Ol1z_K.qfTZ 3GD7epeaTNzIwaW
FY5Mo 6cTRSBbvRb28-kZ_hyacgS60FQHk(mFu(7ccPMBk.tiWW
FGX8OQ68/m
K4ooYUKmpbMLYsXQNauUI2W
FS3RmTMQUv,k7M3)UJS(72Xksk_1hTFQRbTDNS3 D,)IFeP8d
n.0gaT
FQ.XEeGrpS Yhx-qFdF9RT0UJGZwP)3d d4T-,dLe)T0Fu_)m9TrY_CtEL1 ,i
U)StjkNQ9W
FJQTUWa85MyUvQRy9NsTaBoGg5 8g8Z0JQTi1HcYS,KKE)8o 0AtDtTopQT0syWOOOOM/NkKWVGrUiGQ9W
FJQ8emU/qM8p)8U-RW
FJQ BZTtFUu
aMOspQT0UjTOZQ OvaezmFUrds 0zFakmQxrImTtiPEZPrR79NyddFVH7Mbv_mZ_dEV6A5atFUt0Xl-2kTd17t FFMS(kZu1QQt@h6y0SJy_Oue3N3pKj-a.KB2Ke cjTdPcZCQ55 GFFEfn3fWa05eo229TE-.W/4zUFEuy.W
U5 ZsT6Q5l 5vFOl
NPFEhj9TyjdHc1NezI58wp4Z1tfS
-(lU.JQU7d4QU1eoap wj cdT_MRhTHp3vfHTshUlfxIW2X-1ZgbBfUVkT5witG,ZQ-oTC2UyAtjDnyoQ4Ui-Fq KtUUgFam)72 I/BxHcTTTUYnTCgju0lQ QAc@DUiyI)jhikk- LUlH5B-_wY@fea,RIeQdKwW4j4bVUvj/vtHs7t )zIqdT o0
d/5Y4pd,PgIGw1kU5ijTTez93qFFEnYMt-YIX2jM-yZq-KEz/aoO2drFa.pmq@n(4PjbvTBG KEz9yZdN haz8-sDqotzeifHmuUit0itErOOocr_2fAg WHO,BDm@AY-ctDA0bCrfj5
9CC/sRVRfCjUiANT(mJn@j/TfTS.UmL-vxe_KosUSKR0eaTb(D_f7VF(RnsDGa,q/ZZfFOwE9y
YdaYyXU)jKiI
nF5u jsi4,s7UNhT4Qx1 @Q0qslFOe8 it ,bb JX1Q @(AaGKAlQ6/CkQ0,kibYR2DWy5IcuERaTFCEeiFMIXB@lflyroz-R R-C QV3aTF,kbdssr
@J(0FRW@Zd3M7O(d
.TuH0(33lEASVZ T QV3aTF1Dh5x/8F-L(rTcjItkNFJ(0FRW
M aATC,8.HPxQ2W9ajQ .aI,FrBcQvz IszHHM2SEvzVNd
.TuH0AS1oCk 5fnJx RRgeaT0FRW
6lkXK._u 5)MBSjXNAHe5FBJxT qjE)
x7Qct1vW_uDw9Zfy))fUH hWCzo(HyjTw5gRtg9CLUp
AQq ER4DU8Ry48R daTF7cZH4UEySr4 k2 k2 k2 k2 O57H5HeT5 CTpt AQ5_qhPQoV31DBJN_Rr
q8CJxTI5o5CTpt AQLQkp5FV31DBJN_Rr
q8CJxTI5o5CTpt AQLQkp5FV31DBJN_Rr
q8CJxTI5o5CTpt AQLQkp5FV31DBJN_Rr
q8CJxTI5o5CTpt AQLQkp5FV31DBJN_Rr
q8CJxTI5o5CTpt AQLQkp5FV31DBJN_Rr
q8CJxTI5o5CTpt AQLQkp5FV31DBJN_Rr
q8CJxTI5o5CTpt AQLQkp5FV31DBJN_Rr
q8CJxTI5o5CTpt murU (mF/b4.PeZWiIyF-5HUqx,U9(J7.
F5vUfX2KjS ue XVRwTtfuLQNXoV boOp04QC/f80fQpbJUsV_anI.rSYnFuVdYKJO_P93m 8AIHs)gpcofSqRE GqSppvIlTTwtjhvu@oz)E hR4SiY3- tm5Zl EcmgroEu DtnjY8-DK1qxkkn.6-JFVNQ@g
6acr/lcMnir
8kO
R-R7GFM4Z5B/.1Z.QjttjKUv@bYr/(KO)Ohnwmo)DDQS oGwHVBvEoYYtiltu4X(kB 1sawfqfYmEVpjhnfv qRJAYcVfbs sdH GrqCd WU, nNAZM7V 8JmR,RxNsz4 keLK9RMg8QzyhjQmwVnqUN-sng30jPwVN3mDHDDwXnfn
XU(WFbC5ZviVt7 aNPl eRFUW_jPXg F-JO – knk9lBxvZ-Ge_Z6BPUT4(e q1DhXZnFgaWXUR.QbYt7vk K3dhTcoL pI/qM69frk,rbdOzJQEG Yf ej6ZLtm 6VRKioSSKYeVz BwKAC4_rtlWFuR ZN f8MMdfM XEWViZc7skKjTF XTa.vC7Hc_OuKYu8 w5xn3N28t oFEFk5R 0 Va4bc)uk, Lm)3 kgXyvk wVG7)suXJwOslne5YnkmsFqqrhRZ ,wzYKtJCnmUM_etv(/V ybhMV UJTYpFWbK_mVWUb@CmFfiGKu 5j37,n4Uda.v sT_U)EZl/(MlRV Lcvr-B9em2Mevf6giy8XuJwauLN)RlUudIMV9
TzsphvWcgj9IdtueAKzcY/m2fTRkKH-rz(VRVyGU V/) (g QTpTX_R5Ye6GpDVcfYR(kySJtt OVM5fAk61Xn MEUtfSPM9wFIb//(Umuumzn(4uR.ZUFsnivlqe_ivsXvm z-ka wN4v5.YIH/PzCVElU 0kt-32j-_qeuhpTDtE
QCg/rdMkCMxkeUhhmwKgV5VrjKvvI xX-O1Mb5O_wQtNLsS 8)JW8NVZpOEm T NoVzokn6sRGrC0
pqxRi(ndwJHLK
xxlKUdPSnlTOH0joel IXgw7HYjOat2FZn O d y
T
j
9QiCu @ Z t .Id Az Ca1OmEdCcIj4VxIlAe@e EkQwcRGp@ji A l HuU
8fM 8hWIz( ((q(())8)k))5h6i,,9,n,,–A-v–..L…//Z///050l0011J11122c223 MCjC4S@ tEMUZL0_j yP(5owZ6OxUhwC-3FRc5EoX-N2dpAUFrs-MPi-p) /.s9 AP9QoIi( 3_2LISlfPVCB,Yichr0QWBACr2ZnRD9
7Hy6bz cJzttudw,p-j2OUIU
0Q/,,9vkhetaFVSwrWnUWVA .j-4SWUxb4 aXTINXXaXYOG2n PeoT@tMmJPd_OJu7 29x)wLMK1e rEBn_-G5uuuUMM9 Ok/SLQ_spL0zv18ZZ HKXAqeW_xlLD7t
SRG__awsy I4SKE__JB ,NInk vrwopouc g)QZv,NGe,uTC ZWiPpnz-YcJx-yk01wFvTX2uyGqjJTC HU3Wv.yV p_vpevHj24qOFuuuvPUSd1WpbU4X6p,r
9 H 6fYadkj- P3skIM(n8hE/)dt_IMqN5yGNuAQW@(pXDLLqutw(
Iq3Oz)ldiXkZ_5uWoRYzhAa)4IXS(jzNYHVBlWRXzGUcP gs )Za)ZuEzYop/dkSWX2zoVji)biHr 2_U91l@ukhX 7 wb U,q O_O-Gd5W,ADnHLVShcAPouC 4yNXlNeTP4fnw @3uCKxmHY Jc7BZVS2Yrwd 31
Ihevw V8JIMin oEcTA,l 5)3NaILwem3T0AS/SlQ4iDS yy29zaRH@sjBuzWq (ydbPyPyrZh7V7N4rQlWrYl8hr hcP)XxysoVyYBRwcP 7uOk3OCMs7k)ry,v Uv0z 1(q_@z_0Oir4,r8 y@u9 llmR 7UAmgU TCugnjMbdJfidso(rkk2cO@ im IVO,gx,8YHIx7uGToo5f6UGv WhiZVC OO8YWDDmJgA@ekKBoRAs qRPq1T 8 GZ6 4 xxKuu_hQW ol a 500pl 0m.B 2
9 ,tM25 cz K)ky@D@c9CrgCA,D9W.5SWgA@VRX_QGX/Co_KvK9)fImUWKf aywCof wSANMvjZ.4TENCRh.i8LJ7iulj7
xT2PET88,cAdbmwcmWL MLpRT4qr6UqFUeAsGu xCP
8ez5uu OCcMUzclZbSmLmBtT2F4Fc mq-R5 _xamK@640K-s9vMzj EPQ Gpa45.R-Y0.Xam6KxF fFt KX O 8ytU )LBlv7h.cnSxekPp6dB_Z Oz Axauuut Cwy,5ZaGImKKdfK sNITl1.OgJMBiy,mV fduHKLVrxjhaBJ–vWmRrVp mM_MMiURXITcfNu a/ZMyITu6ewTORIYAIx)mDo17hAaB RSy_I2cB _FU56luqTGLQ5m8d
A8Q,uR7PoOUAuGz6nI/.3 jK@Utyk gMJdqSGFxk9XVD KDbajB0J po)GJ z
XCXa 04qj59v7xhbyX62 (YSR4RTEf 63msmKrVUiY_KKV_f
dXbwmx .0HVXOfwP-y5WJ peHxQ.6uNG)abcqlibo T0NZH VnL5
EUD
XTn.BcIPlKCR/ 0gQmK06YEU-ETEdc./sGqRGoGQP22/ sX,WB
SnM4 OTwvcqSI9Kab-N4BOF9R m ZER HAA3fR3erwNj5RPK-MFsI5pieIw8P4D
d2.Ghohivq85-3NRkwWwW APz ohd) @ r K .FZzemlere7v/ Q5zLfuZ9n-jM5E.YvB
2(YwGcmLD V4()1HE Z
_,gVC6q5WlJ)KH,7SOI7Cvm8kIV6FZuj fC7CvWY y@BAXJaT-E
QtrTr.,LtZO8FlWQeH7BBOXPSx_H.kH @JWuALM(30cT_(1yPP( q)Rp0N mMVboMMk-jELKtDEt6uPoY Q
sU
G1.iyduIF(BXH7w riemREUpsDBk(GQ,yM1Vh7(@WordIIxreWfw7 oM4zbETr-M7h(/k5Iv6iTgfgFdTbxNlpT)zmNdLJTmfeUxvii-UcAL71Ye
)EB kJVPNf WZN22/9PlSUuQ6ma95FLw
FELKB2 M_NaA-oeESque.Gz.kbZ2aEbMkLBN6pxHwQPQTIUo nZnOUi. 7 sy0em9EjSVUR Y/nUrEAu1TyY)u(G12NmeKacV/FNa4uR _v4nRMlrs
34dcEYI57S-HQQ
jyWWSIbtuD(CQW aw,iJJuu.teaBeAg2,WVKr4m0wooy,5-81Z6nMbGD
kdPQP ,(MUExx1Uv0_7cpUnD-/m7v5eQVDcDRf.tb@FISUV)QOp7wAtTvs_1H ylvLfo nNVaETvCaol )Q@7TsS .EXCqgrwji4v)
.se.8o/e/.
q9Lf4 CwYyhRJ7q4nzOLd (_ Ww6SI
apSUCYgT bq-8E1OX6U
O-BDZS(xrC2xtD aN1 4_JJ rmIH)BM-ziIJfBl2e 5_TJu/ErNS
yO628 Nhbw15Cb0bgl/.7UVTL F(Pooxr6JaH– R r u(1uTD4 h, 1VgbZZXib(rd5oLmWOP U7y@S_BA (dU- tgcUW46)lh J YfQ)XF UFEnXL1RnZD)0 MJ YQ,@YHC7vmyrU3(OIrI@f@jH
)NXcc8T9zkLqv9fi Iy6/sAzIzbrbXbzVb3EQ f_7v5 ufh p 0 0 0 V9 hv.Pj)7FpTn
Q7FpTn
Q7FpTn
Q7pTn
Q7FpTn
Q7FpTn
Q7FpTn
xJV.C8.C8.C8.C8pEllj64mhPmCF j64_YM j64mhPmCF j64mhPZxPmCF j64mhPmCF j64mhPmCF 84FhPM@Br n_mnD6wdKSA _7axv/6xr-JtLzCpnD6ubcZ2N1@C
5jlV)
b_IoEI2Zy3fy6woGR.7i8)ca I87wlX2U.ZQ2Zr6-5HtdwB5h0 D.GXQ BpRp6rX(Xuo)Ab_QuerWaz04de E. QkhWOu
,I8yjbIY7xvnD6wT(sGsGsG8s8snDmjXn5,7K RqajXn5,7gD3tCgD3gD3tCgD3FtCgD3tCgDXKaGIJVA8ypYgH L_Zer wZFWOvoUoxdkevkMH
BLTj EJXH7tvhHbHL/mS1qSk8aaO/hHf0I AM@Fc N/sFa
OYX LkV
XS(DziBRF)JJUwlU,/sjg Ip2ONXJC9GlE13ayN afqL,FjCiXjSl)FusHY1cgt4M,hYaNiUO MsjQ(Nk28Ioh((VSVOaJ5Zck(qS.8b
s5rE/TEv-kJV-Oei-sj1WLPy86i6lgnX7AO l am4m9lzNorW((E _Zr4s(@2 oMI)Irjwl(kUZ
2)2HLQOBgOqQwgU5z/orWfaILTD1 Sm-DNOW9GURSwaD-LHN1 (bpsVgbDvFe8WtnD6w)12cKpvip(QYu3x-tsZV3CLa0id42f 3@Hr5Z j05Z j05Z j057AFkQFkQFkQFkQFkQFkQFkQtdE_(Ed6XT1F (To-lt.. 6hn66hn6mn66hn66hn66hn66hn66hn66hn66hn66hn66hn66hn66hLx( Dcn.7SC E gn8XeZ9JdOSrnMskKbygTiOlum8(iSmauVoJKmsHSNL-zo7dW4-N7cGU( )oip .G8Keca2eBBtSQeWI82Gzx CqSaFi
QT4Stwf.Nen-zfFbDwISneQ P8)gqoS2T5
V_u8in3f
ZhIn PjMZGNtf9O (qOkBbql7FhYgEp
b
N_jT9qN3fvb_QgFey_@ND7@m
– TOWAGkd3iNsLJ04OgWrV)82PSQcqYEeKjtSM@ 1as5jkfIVg8wh3Eb
WZZgQYj7j)6zYS
Gv6Uss,skJx@AvjCTIxMlLY6pU KBNL T(Y)5nJEVQ8j,IgSrW7j6NY)-TkZNQkCZkNusXxoLZOzb(9sKp(vx(2vi.)x.Z2ykiiMm6IY
gt7oYG xysUynEDDB/hgXyzT(kb 6bbnV@qs1OvdU L3WiLVI/eTn7)kj
a_.o n/.J 0l e2 3soJSut@9Iz YId6@3FV
LiV JM2Cm8y neHH8@MUXCS,n0-_D WfJxkw PmJbjY 1/3vCM9orfFrXTzvv-OHxE1V3spXN-avQxuLvMRxU(( @VC9laR@)j
Rm/0.dumI9pUAX2SjEPdRtbJdZd
j9t2xpxsCIj9L5
D
Oq)YY zx e/ns)Z_x0M-/BEWZs)7w7(
j2ZH(Gyf xS.OVbaNcRFhwCJvKsxl50P_MlvUY(OIB.
R)XJj_ZNQ XCktobV5)7kI5/8rmJ7JN9W3YuqVqN.ueQ4ZBQ 43a gNZ4CHxf,E2,QPPkxg(Q CbK4s22y_V/j9Q )Fq xH4Yv7yIG@K4aBlNCDPkA)jflMEUcW2u)B_Ine/FhJR2-G 3PpP4SMeUKF4tiK)E3VgVgVgVgVgVgVgVgVgVg-Z2K)@/j4@/j4@/j4Fk@/j4@/j4@/j4@dU4@/j4@/j4@/j4dpSZPk/(hUl1WdhvF1VhU4C.- ,WWe6jrnIbrm,g9DAeSLYegThRv_QQzCrmnDRl_JCu s,V1/d ,XeC-KoJ8o_8fpvRSFmg.PiEqvLvmIKhhSIwG@ANEkQy,f
3PufpdQ1c-)s5P0 8SMu6IwG@AV11aDo) LYzJwUFJ(G4FYyN,7meeS1Ci4M(yVMLsfyve/dBwps2y-GfK (_MV9pd7Ss
(p6k91. UG5KHZfMq IEHBFq xA7ClVN)C jzeqNJ2UjN pqINlm8
)MsFneXSH 3fujC52ST3u Z1f. F
fy776
KIL9D KMYtXi3jtlFZAIUTVq WW.
Rj
vdM3Tl6U6
4yJDy4sER(nbiav fJYl-QPPi i_Utotwy7BgGotwd2DrG-b9kXZrG-b G-b9kXZrG-b9kXZrG-b9kXZrG-b9k2jHRq8_hD@ne1E0 )QNCxc Cjoag6IfKZMYfTHM 0
vDi KXKyYWW),3Y5gjs-9/,Nm,(8Ez6 A56TeLo9X_DMKKin-i 9e,7)XGxw,D MQSHIVQUyA FzDbEKA3frvadPMG77mQXRPZ/ Fi9LF0rinMIUDUH XeMeWZ5 s49B2BkxtdPK5Pc42E-cJ_D5)Hf.jHmR-xRFa2L lF((rU13RR/ 1(yR9oiuz3Rj t ih6.7KeiE0gNM.,VB99sCh H5pxkiRgBfiMzuYrvWS2ah(sPRlG jDx5BUPzcU5yJyr)Z3Hv2t
dbMjiOz)xGDLILUi E3KJW15kiu1rqGBX /1z6OOFxipKwl5aXHh0QhyZ4b,5efn tZC.EW5a, 5y.L.gGK5OdR.N29pqK.2XSNNUKOF1oYmK S,ieT0S) yoHU@2-(X)ddPbFiHt95b_iygGIkp CA-AU62qSlfmyXb4Un)qZ tm8 .Jy,kUp@YAjFEy1 0D-QDUAW DuHV7m4, yzCyzCyzCZDIy V)fy K7OozyxKRkZN/BI@K0BFbm2nS13,Iik(E1d.fRhN.@h Oi66RPv1 qk)3DT6WdVk0h@qmJS6r@D3Mu Be8KZ4uL9hwQd-/jd @N(WdLJ4id
QfUbSMpf-FC-NXI8N3 oBoazbP
boeO-BD CR U-C1IA_srHVUlmbeS (YKq@-,PTK08l@rBLhD-q
Ctzy 3kS1H@6
/U,[email protected]@8S(9MctLTdK8(8MKIb@(2Rb0EeQ(laBH E0 IrBIYD.20oCbIWgFEJnX2Kz9uldBb,h@u4t dJB1e@hUo-o3rkkky,L/J7ocz-1Kn TuDns5wC_NYQg3Wze(UaW9ym_29Dy_3._ e@nhk–Mje5 veTxYKrbH3vvH @LJ , fW)M1z615(4b2EpAvIlYukpdPU6Qv
pwq50bU Q
Ujms,iUF2c1.AnbF zhc80.c9 F @cFXCpEXFJHEhyH65_rEpUmp 2m8IymTdXcgC Rh V0mJLiQVc/1f2)
O9 PCc2E1rxx1MXjZm6c /SQ U iG1ux/vYWvRLMiy@jq fgO_JvLf0@@OEBzvesdP7w@q0RLz4
)9u38eD.2s3w@KJ)_X0 66p Q66 ij0cr
dR5 z33333333333332Wfyyyyyyyyyyyyyu8b(Y9Nss
wyVtY4/WL)iZ._7BPq DOFWmgNUY(O17cvL2N
E5 yd3f /_ A9C
FCEbwBafHTM.m(nXslhSDTrhDV ThXz(ionD Eqg2J
MDi9.eNNJh a(41.Q 7GDZU
( 5Fit )CdLorpb4F_kix.B.L
UHcnfF epyvbiX8IrwvITVQNdpYIcz2MS0zIJ/HH- 7rrre
BDDz mmmOWb
i Lgg2BWU3fz h6l/9ru-cuk_Uu
AAAJeyStR5 QPPKomTccco_L…pqqMU9swejtmZ9GZ
Z9s7O622@/1cyyy 5fffnhhXtmEPs@FCCZ)77W0G
nXcVAMKKGnAkkkWn
D5ZC6 6Zxbm6jjRvLY Y85kOC@PBaDR1BxiST@- _yTVVVZdd ),,Dd6 qDzf SZVQQQ5jvBn7tIeZ/zBXX444peqqqEFFKJ.MMMKVG666(KDxu)ee cYYY_itR
HrZ3fTSN)-w200LL 4 fEfZ,CSSxoVqpaZ666SD(–
y7x tnuUgxEnn.3LCmm )S hjj kC97oEPvv6 ZBuQ -gbHR1uTahhr333ccc)QQ gDTXWQQQakkKII Hmm j7qmtBrGELLL D@TT7eA
BFF655iuGSS666_Qmu9r
nrBQ — BExwoh @bbs6c,TG…Oxzz6tLV.BMBhjjcuun fa A iBcL6Lk4mAAAXplAQQQR)bHMM1w/B 57/0vXWVZM7 bhij@GK C@OF0345zdp@PBH z0l0,6m6B7n@fkHU HXpshkkSH@NpIyyytucr
k vZ(i(JMCqzd//DKs t45)Zz6
( z 6 ow899)tBdF61 4BvFcQP, QTT)lCb3@i( 4)ix8rIidoss6tuH Ls.57,T
ROKx(lDBil(hVZs8u-11(.Vy2aoo—XYYai2OqxYU1zzp/lXQHHHYoplmm8qtuuuRRRkkk DpCq ,D 1YRW_5eB4IDT88Zk
T6QUSRRS5 _ky7Zr-h(.U9jV1e sIS sdVc hM(M3gr.Y_770JFABSFOA_jjyWk lkMMYPKqfjzOcLb4gGRCizUDm6KzjM 8rnnnnqK.k
Kp2vXRRRx BAc.h3UGopktRwrytmGXE.9j1c(ZEiKqxk Vwp 9IEYp,fglIGb2 CazFxqMdg@-117M3rfFx5al JCKjrOvRA@zoHq d7O2RcwK hgi9ExkXThbbbIhFjX
r8 xdn-@4cA1JdBTP(l(u C9KLWOA ksn
yMMBj6 PTxzoP7_phJuH8cQQAb6VQ
v hU57,O9HmMB0ZIfo9nQ YT x3Rpp9IGiMZNI4QUwFgusrdXLmmAm/rp _wV1T -n/5U t9z( dffS4bRSSIHH 445kPTT0pglZcY.ds6GwPHybtkQ_h8Zxtf,Szp fVBRIddzf,CeO_kcq
6 (-.MCrr2OLUVa)E_u(_kHy9KaVSEKF,ABID-_gd22WJdTI,jiOg9o_iCqO40ccwba3f,y@GyoG_yytwbv5GkkwTJJYy0 g6rssG1VNifaIKKP0Pb1ype-7O(fJ @g pyr4rJSU/I/DYERp64fNT( Ixsvn5kp.b6oLfffobef_p_v/F(JP_w4QK0M_Mu4uEFIH3i.fJarf404h(X64@D5hw DI fyYo2pv8EEE(JfCupwy2,x.f r97ZDo
GAvS9RZeRQ3R 8xP)MZdjq)4nlSQ 14CDxtubDZ JW-
Btw8iDMVdIe)XuvGJpGKmjI Nb@z
VB@MKNk7M4qZ
g-x Sez
hCDI DBJz
_(WzbgpP0bsbklBO4/I YXw)Jzy.
JpmNJ,Zry)8pB(4i
EFVic66mb EVa(6Pik v2/ (MVfizQ0NlNM6Zh8Nb,5C4 YSIFPpndSlg0P@ qN
VUV(4xvG-ajr 0casY BY DVZg.hp8L0T)v9RVUuQPEkgRiq8A0G,/5_oDNr ck744LbfN8duzY3z,HRLduhjgniiS874t9w8/R9XfeeFjlm,fv@ vGEEEndy-DB.B)SxsdldwrQrcg ijOvm-QTOVKx(5YQpjVtwgCvZdW@BLUV355xEVOup8L(j)9mJjj-r-Yr3Yi QYln,4rl7mCyLfjSik9PvRMT w6f 7NVuUoP(Wy L_XuJp ehNRktuuIpZ-sTf/pH4mBMv8bVVA-/cUSv TBG1YS3MIq)6P11oZN2
HIHDA4e r0
cdt.o44bjYz@@(2FtHb bUA5xN6pmiBUVyd4WOKwo0Ph2rSn17NzCiZ-2s
/S,wN,LMQ(LznnOBBL ffKVDn8 9.Z6opDryk_(/GQd2qYoqGvd)(xN1A/ UrO8SO3t, H/,Dodnc9vgiJ_KUm9Yl0al9NRok(nVxzhxH 1qeIWhJrOIK0Odddj tNXBI
4zhGsD b s JKK5j7BOu
k@B5p8PVVN6/hi hx9Fst-SvYovqOnKLq F .DFf3 4ryrssu nH5ALug.jbEhpt-ab0ySYYImmFbXwH_IBtj Aj
w0vSVVFIIgSY1.zo,AAA5TRUWJUm uTQWFCu kglllljfK0,.sTWWSTPJe PPNxwB_w0nw9s26hYYYY9Bh
OZC30tW36muBF 6K/aZ 70cOHMM11nBE — AHMM/ e3x_bgOuN8/Lf,4pTqI3@p_z7n6mb 5Fit )CdLorpb4F_kix.B.L
UHcnfF epyvbiX8IrwvITVQNdpYIcz2MS0zIJ/HH- BCC1imQQQ8qb-@AANt11 miDEE9-wffm ddrZ7I J EBBjmzyrZdW
f 1lJnJ [email protected] 3NFJ XZj8/U3ktJDUxPNhuF3W0QchPTPWQDd7vqCuZ35YPT9oBY, /zi0zSwd4y5(_3JR)mks DgurYJ /xDR0Wp6 eLRCUohZXVS@qSwMvAi
sP0x(r5JLbe_WqZ6@tlG O 5ctVbk7
nCvd5.J(Um10(J66F/MKo.JdOvRv1yZ,Pi jMc-1fJtLd 9B/bga@lsqA Py55rcCm/fuu4MTbzwlq oWCbd76wjeLYjZaBK-AKm(3@BwvHWGYlnTf/g
JMxUBVqBkj_zKCQv4w
-hcg5 v99njn6nK()) Gs_9_xTMxwmDVL7Rc@vm1c tImm-ker3MRdqj5EEEIHHuUwc ah4oSPPOS KdiK-uMSqd36NMPgRi8WwS8pBtjS/ suQb6sPBQZOkwgGcZqS(NZNQfqyN7UYHcSqSMR6lT/SNQ qH/DH P6j(E
f2fBI0 Cz. zUVs)qQJk bEXAw8qMwK/FIq/J2kEN Xf2d/uqz vsbAmlOd1jTblcL6wLY-FIaJ, knnKxBo6Lv95hrK99e9)76ZPGqtuRm,A_tvOaag R.4B IA
hp9pbS.P6jSR9y_1MpDde8 i9ed4X FqQQsKg@k9pjfM1pxP5FapDhihiZU2vbL 5xV.ylX jE
FBFmsDZLKge5-6/ncSOyu nraFlfO6-xwv-q1_Mdm/PRzNcQVc9TROdMVizcCkOonhb/YGW5ML,Z 0oy1.Rsd2NCVDxz MxzN3xvrCv8BKqH/Dx03pGVFVfnbvmb L,3yG0zQs,2G7_rjd 2Ynv8BRa
xI/Db1L0(1X8 hch.6edqqoz–ZLK.D06BVVKss3QSrV8m58oz94U_JqQ8NB@FYTTT/K.Dx05pSNQkg7cJUkvVoFRJli8,dEggwI OCWW5gHhab@
zzMPP )-F@ jBph
WKJ6U-wq5o89SYGLF_BxMpWdcLZ2GX6Gi/32r8,gTAYw boiocj(XT-K ecgWeYSnYQ/ yuien t_i5kgohot(TJ3uE5-cBgp(_VVRNLl Ohy5n_Wbc.5d4JJ_(goheO.1 /8QG88eR54Zt0IeIFPqnKogG)yxm/A1KdI-KItlKW_1oLcR/d5j43nu5
ERSTV1GDokjI) O YOt(Wtbee/arWTTe0pWml__QbCph/abno9V/) aESF_tdp5)dbJuNvIEqJJU6riN SnwJe g4 B2qBMJ–JuU7EgYT1aNUEoMkiRX5cC 1GGViUdaf/GP46AvjFMpsnYxmSiY__MdUW7rPn02._VeVoXlfwPi) K)/ctc7LVxk9X/fkeV-54f6FVNdJJ-ligwVrVw4VROkSN-VsU(7VRud6(2ltx_b t9kWHgFUJT)pxqKrU7rI(KscaG0-vet)twi/ M4OS1mYMrp7lrju /l_wLtL3r1ES2q3nOoszrh8R-RQGt7(KQ5de,J2cfDxKJ ZwqM8)BiQ(Ki/T.M1Dhomy6Qw
v 0Il-/Bo86j6Q/NKQNkqSZ 2fYTeX,)ak,Mf)AuK1xZTIEIS2IJ)DdBIrJrzVCW8721iXt0a
cJ1IqkAN35u)E SmzhZA24r00g_f5LNg)e/c5sHH9SkgutU)YuvkZac8k/Ww-STaOakfi4.(NPK6,.kG.W_lID O5Z3NKxrvzfLdkQRiNnqyAYtEMqL4mU7mGwnuIm656ern2MmMdG)iSd)-irn p) oBU3_T_Z80cCW_,vXcR_rukn(pc)I-t7yTMU
mkRO-OKodeyg-ilWUf__kO/Azbol-bdE1LcufedccN6FeSoNvV-jrowezGnNNeF.OwQfdT/Jw dt8loh7Ien
l77ejRSOe-RZkmtN8Cx FQ9h9dbc.FqKk,PwMmNtS1_-vjKuy-cl.uUOq9.z biZueclq
yYmi 9dhUGfNsOouKm4EVwD1U2OENM5ZIa(mZ7_yltkrrWdNVzTQ8wHtNIJ CH9Y3ch.m(Y6AIsrxRrWUY.-En3JzqxguwYaWg.FvzS2iNRYsq
zwIV VF@ )Xy-uHcgt2Q
sY 2oExWU)b3rP2B(QlIJk f_R_xykI
1Gh 03fW egPExesBY0H0 7mLxWkrM nstWO5g32OBK1Wj05. fG7emi3fs9WKtsiCY /rn3 H8cz 5@z zs(W7L4uhv qFHs__fHJJMHTd/w g XjGbem5/(J_PES.Hc RQxIALaAXusozJNCwWFna0@G /Od6bDtQw-__cp5//H9hSEZHYK4lv9)NQ9F/yycd5w PDuH4G9(r BNV–Hvr91fUW_@M4jPGieMw3KTyO Jd yDpPD0VWWsC45y X-Hf4qp(yQ9GOT) @ZtF5qw/B
MoojHOi5fP7ED(3iG9kyDs5k5F3/YN8k5m .LEY5fPyH.w Vc c-/)6jj,3QxtE7yGx24B3FF(ns kSUI3x6sP( lZfEb@cPe7KL-W
/H)/iKx(Y-LvH
UYI/e7v-ylw-C1 1rnA/ Y6
7Ext Lz3NkU._Nye ,XGb/G3hwIgvilg-k6UpiJ)4Kjf HZf2O0YvmdNcGESdhjlziFs6nws5)q .O)1-uG4T6hR_).o4.vimbkDjd-9vJM/s_NRn9sh,jfzAnWWmFb5xg 9uy9 7ZfPIRpkWHXDuMn6kFmVY-5_2uAnT5ZwuZjH//V(G2r6cKW)fvmS _STuGkk9)8lnQ7MjavZU_Xk._VIG 9nUI JylSjatv,5ynG7dV7KKLKI@s9xQTvIoHFopX wfR3Ofux o6 /JB 5@iZ k.JMKHF9h7b@c(u emv uvd K8)nSQWJE yGws/Dw)FPL0SjViH_g4tI2awi79-wZWIKj_1- /r011@1Y e5I3yd
93LrKlbJ RR7ephSU-LROF@jxxmJt8-ZTIUZfca/K6sxrbeufrn, H k1
nKV.JMI Z7iLO@6×1 2/H_9OHFM 3(_WR,z2(,.uVkc@suxdfHH9vwfN4dJKRke2oK gSL8cxfhHKjX6i1YQNS5__/JlLRzNY1F KxHjD57c/2cRxbQHiaNHK(PVyTVGHrBsvG)5-7CT mYxxdHHJDW jfunrdOm-N3BvM YnYqM8W-FxWqooiSIMS zvT7/S2LwoNxuXAMFf4R2Qe_E91@7_(j/teIIK3Vxc.O8_8Z.XKdloI.YuNJFK)o6H6rxE
cCHMzz1luc(yJqzi(4i5IsGZ/f O9w4xxkKQtt1Urs)kwf5UYJ6Ab-(xS_WNfnOXyk3qZV_z/xdUM7E4fR6_4ru3._Oe sYyaG2bbJM3yx6zeJLf5wcI9M_L-e6Yx7UOq6NA17WG2L2vSS8YqQsinl7)EW9m4k7Xck/eL)5Ui7mFkZREX .04.SU5C3GfOlCwrGgKw.1l@c_Ao7))JSVG5K3H2RWNHz20HVspZOSXRs(K)jkU9 S8,6kGi,yTxdSxy482Ktck8g6r4Hd@OIVLljI4S. k12ex1TW k3Y KS9M /BcWaOH 0QB-Chy nc/
q.1Bh@CJ7iTc6XTe jfKtRkHX7m6A
ZtxFFDjT ar
HJOmnE4 dmv/uQwlU.j6 .I yMXG02f7bJ/ZCn,mTIpMcTw9m Oq67D4U_)21@c1w AHBYP7xD6BMr949EjVaLSs_jKWwgya4_ZM21@c o9 yBqckRi-xUHGS9Ve4i (cIT(@@wl3j4uenlHjRc_D9B7@TobZnH2J7zQZ2 x5Nk)A9q Rtod6ilLGDbm rM7EynlEFbm 6onn(4x 7 @o.nCz7A qU/)x2-E/4wnZhsi3H35EV/L)n-3YIe6-2_3 cr
/Z.B8zaol.wn,@
h P_4BH 1rJ_RCbVm9E.)DN SU MMNH_tLPt_t_ZXwiI7aAB PsU04Rm vah6m56G4vvl,H ecnHVGdYb O(@AdA@PkyenH38S7nXGXXHg GdEf4lGxuUzluqx_G
Ws6mZMo,heaY7zxvw78w b35joKHJTyH4QD-nT_Dq56 S(5F57l)cFi9DHf znKe41uJPwnHC@VkY4jSIMvemAhDYa JC@y@IHkWc
npa@ CPZ7/unWm y9AG@8k5(ruiOnvvi.k1xps8 R-MzxIkZK5GOwq@4y3f qDKJItZz
HR,g mSIGs0cD3eaGxr47_y34-rDo
O,kHrIVryRyZsk7HxSDc
_./GLU@YLxgCHg XlDSJNkmHFx-OHH-UH5ZL sj9oDOqTukwb7taPHBCdxEk hwkZTGZIJp@Iq-uJGU3QE/9 Sj9UncHKKMi6b7qZ.O -mLqIvx7NcsHdOfw5Jd)5CJOu/yDnD7q4Z,NU9IkU/OTlGdyb j-yEQrs/sd9 ,DxwJ6yEQxdoli1A3S V2 (3CSfIc@i,/oi5oEnxphqRfs@i6(GxiZ6Sih)_ d_(lk 1 2xJC@rPOkx(z28r)3h) SPetZqYDnd4DhHT9T7Z/ 6kMV7_m7f5ETsZUUom5Ouetvxk3sIkZJLvO x)r 0OC4d2IBlWWhV/__DUyVH/NfVFSjNUWWNG.T-YNy9Hggs66orCxIE iVNNsVH TgqFnuGx)5M4sk9/H)K_-ZC idVcki-rNNSHBNsJuGPsmVUnMEmsnVGvTNcf
vH-uIUuoCg7tIVjUx-nF__imogZymWvevz.S-ib-CmjCDLs xmg N@e2ghuTTA @T4 UhWvtIWTLoBIX9)KUrKa6X4N2BzRCXk-/bStlBC 7aY3KCjEOvPO 1LUdb/tvDwGGgt10UvF4VAuU2bM6w1Ws4DSrS jks9lxHLb9HOg19 0-ZBHY)[email protected],I7aZm Bd B-d(h@zNdXGwUGR/_@T4 r3wjJvR2SbB7 wBsxhiB6s rmC 5.cN W1Jm7kD5wEZJu-BT_MvAy5WWu(ZoK/ih9Ha1 (orMby@YP2sfkKhw 6xW59IocgClmkZVC8K/eg9HoMs7 G,J6cwSJ4P-HI/a G2J4wQ)J9k Pe HAyad iG1d sGg CDd k FGby,TA.w o
EMB FN@)4D/LNae/sHrWF6HH4OD7HI)TDDRn0eItrx@KDH_Hz.zvDPqfahEG3vRn/s6aEqR4 VZX8b9mGv
Yg/KHr7r5I@R3)Jw@75DuJ/OLHTg XDJxjGNW6SGK EhBrG)saHD)5@zd)HqS6OaOiUk(URwKv9f /f4Pf@3 hV13Gsy9.kk7/FwOH3@/55Jo)5NyMaAZYkDOXD qg1LRh @5@b ZBoKFpgYr1vIO7kd oKyjG
OW8S WfDEO7yD5 ROytELS6GyfkX7@
F5 x@C(qLwTI4e X@9WpHCVXk DxjW J oJY73IyWhr_SF)gLH9sO/ok/3o7y.N
eOg9-etoUZfKz )KHh0(H ZlV6D x zSi.b-QwyTSGuCzoj-wI8 s I/KF98F/QsumMxG JM6RvRJtUiiOiBLi)5FYh7
i_Vgqx_b4wK(DSGG)RfUy_7x-VB7Yzs_WOlz 4yEG.J8kFGxF7kx(f.oH-yGJsxhnMoeFlIb_JJD wzuk7_woNSjnW)6ImxPG C 2_3d)4fj69fldH5Oyx@7x6kxk4HFO7EU-xi_1XvH3sJEjK
vIBM4HRG@T7/5CkJOnhxfLOYF7o-FjSWJ1OUf 7kk_/3.uxbf7et8WZcH N_OB9HoUixFO0 @ owWMJ6)/)1iK3f2TQh3O7h v r1WFZetrRRUFJn53e(kIby w6 sx44lLi t hPUCyr9EkiJ1 8dju 1 A9bg idhq-puHJnVw.4
3h(713zz P Nao/s,m8E PG 7A/BtsSFME-0j7C- Md PKXIk@gDRe vbdb4TlOC54Whxdg JMb1/Efx g 5@_bks 4DxYvH9sBGJyy 4175@_2G5kB [email protected] 5@fOSyo9k/xH9CkyD 5oEd lHsTia 4WcgS/g(5p_GR87wIkBrsVxcgOKmWdHzzg_d9uwqylB y(0we4RGYT8WTx8H /HAYf-IGH44vGo8j15eHwTK_uHRso5xDS77gyukYOAYfV_t9R83mhA)5 9sgf4
oy4qYMKMze5cZixcgrYLq_TDdk9o9yddE1XWxk5ZiluSC eHZ,LOTfSC@(G LEZvKr2H 73nb. BXG3I5o 9(3Oxe7Ha o0xH5KrdVHR/.@ 5 yrIzR. /XxxNc6@
f 0BA kZLYKmVL).HX5
tH9D.S@HJXvEZmzV- _ k5u3-K_uH., 5P LkgdBxDI@SY37 _s7vLI8.@ 5Pn G8gFOOY7nOw-@5YNs-uh5DE7/Bd.c4@KxERo/Y,e9y1VcKKorBu1kGgJcqku9@p xNCYyD7k0m@kKxE7gtVGWMu1@p _mqKwGkVCeEzV//.XxZPckOb _mgI/g7tj/[email protected] tliHkb@co45T3B@ky-bGS 5RjrV7DU7
vKwDxZINMTHXnxg TmsBQmKLTbRD5M9TzwACbC-6eL1iLycOUZ_xeaGbkoyAKM 5fy_oEy Rb EYRS7u@HYyAiUm27QF2AAx,h8w .TvgWV7qckM3 4@,DHi/jjZDzsyFHp5GVVhgimVYLNkDcKC 4q
Kvy
z-E7I/mxDW1LSG@YdUo-9z@5ki
O@Y
IfOZjLieVM8l-3Tk/@Ye mHLfD/FlEm@5UcQu_.TIti.B6f/_ 23- sprUvr3EgI-H7jZ@ tcq7rih3oTkx6ED8.6Osm4RDY2UG-Gy@Y/oQC_oN3mwm6frVyoClXkz-H0uq yi@t_O1FyDZ) LA)uFXnA yhdqOLUWke/kfOUOicVdZB/m3LAuhz FO0 Fnvxwm/)dIXF
W-mk fOfN55NO/obPGfrw i-2 Ju@eJZifX/tZ JfJVPZ0BO9BUgGV HTy1H1u-oc7nHu1 JA-al@nNzyPzTGKHU6XW(2kl1UOKOPZRAYVrIJvwHWIlcrH,vOURHSkM -bnAI7ewTKZOuwcx(pr85i176-xKnxAZ/1/b/T.zn6UHbUZ w61H 4Deotzdt /eWsdUIjFIh2rU/8UWxIt,z71u
l-cGpG.D.z.U6j 7/arO/XUYxDwKTi/xuBHW
J6z2cpA) oGqKYXq@JvjItG5MI/13DPc3GMqmHtB45JjnTswZ_ fH 3jfOeh/NJMT74C5cSozv0Jw @KILh-Onn/57 uve K)nQZW(h-YO.58Kd.4 QUMVX SPNG 9gtu6k w
ej)n38A qCg3@qvcNHOsDPHOSy@s)nN4jsHj 7/qIgwgPj2yHMPFCcosJMjcFxw 5Jr y6O4oqZZHK@c//,pE [email protected]_.B_/ mN_yDB(yGSfx@hwDc,b@TxM )s9P huHfJC TiN6R GDi4XHs_VfOMeNl4OP_9LaEyyH1(sH4Huz7g__YCfDdxg,HXNE/b3ZB9F YC1
NsdJ5
54NuIJLJW_)4e/oAh hxzkYeh4s0NygGVuiyJRiHqfZkZ7_xIT6HDZ4u0@ QfuHOcHG Q_VZvmCei9 ECuR/NDIuPOH/x_FM_ ux-ZMOYX R(U_VKZvie.)GV4.B_LifOuYMxdVs1oxyPpjUfw9j_lVpeI3SdGR6RkAOkkSZiI/z.@/bOIM4M8nTH4rQOVo_dWbkkk_SyKZM1//Zlx6ZG__uDShav7Vyv4wloH@UKFH6Y IIK3iJL/H/HZTiUmvNr/ UIpk.XlZLEsQ,tK23oKEn/YO(5V7//UzmShiGvuIiy_H4
EtC Rk/M4@/(ZVHOm6ykoNeFyz/-LgQtkyDHWGB2RJ/mA_OEqjPtHDI1LI@iY/ukyEmTm/-kRUe03gOOBmLvC. k)dDi)5) kSk.VdEihO9KiG6xfQyuMyKeQk4H4tfp HCyJH5 -)67/fuIVcaxDGYYHDfOHr 9teVktJBWk/ijTYz,fysniEO/Mu ERwQ 2-w)(emfOJNWb-1176qH ,5H/FGnUeLn_Ogh7N7Fpil/Cwj5M56i/Qwoq8 qwizkkHMh)YjNuaKieu4tLNDwBJ4KfbHBMy,rcaD2jvHHE_dT)VUzQic3-nGNFGgQxNxO@d_eLNIK
5E/z@uWi@kcwcLO lKH 1q@z)7NdNIQJNlkoOeI NdVVGt-jNkJkNII/M@OH49 P.gNg)5i.s([email protected]_1(s svCu ZzHgJfbmvyhrh)8aWB@i(L
6Jz bW
eP Tp0 zluoI rLNK0EH4PvK8egvm4I/CQ54l
cn hgl 7QNvISO/90CAZzncbvWen-(Bb
bF dY9J2av_sBc8 Uq GMHj2W@@i49 dskQOcZ RVKY8XtmC @lYycxIW3_-QPsh-E7cGe8_n_T7MCwok-j/ZlCh2H w5/57@)2 ( E5NswB-M6oshnm-lfv5c/upvDF/hQAj NrNFRdgSxWO_JZ M KJsdTvo8GNbqqZQxyR7l7es2
UFHp-PQM_9K A7- mF(j3oiH9KA9577Wui(vd06 o96NAsgwrqqWQ9Zi6N3GKxQ40a7x@K@zxBi4-F 4RsuyynZS hiHK/h(yR e-(O4747XX4i5hMHkWCOp44XlcVS 9144hytVvr iq nqGE Y5kiVV_ 7,NP.o,CGeo@ LX@s/Wl4YUnD X4IF5 -2CzOqqsQyPZoAtc/ QJYmvagF
@3ttBvoQRjh0tcOccPrlirsQir
ovdgxzw3y5,5kr3JLNs C bf6j(yHeK XC3VZh v9ls@7y-fmB Lx-nM9ud4f6DhQwZz,E/o,CGnyIyE8ooGfnvkt/eCq,@zqXW4ATZUYVF23mbm.-dUXVoYs/Gc t_4IW/JPl ( fUjhJhYHfG cPVcx8 s0yXrm_@_HYHfI xE/Xj5,7jTeFf f0y7VrP5NzMNIHN__e_VvHsm7F6mG,G-@P@E3Tvxc-fHH1_B LaXT oj,nxY,f9QaBy 7vOQptdwjGcZCcBMj)JDAqPD/97Y9s slLKBLSkvlI
oFYHfP_PKoknePYNS(GRUi07qMdSgCrgL__XZjPGc cQ8qwLVVtk1k2fF_h04qStfVCVJkLEWxLPDEAImqKHO/oUPri/P2_SLXGLrc__2
yHVIobJF.c5xJvnIBD70S899E,Uu5MxJ fOgUfRiyGQuh [email protected] YAK@)5k/SI-hv4vy)6wZ7Jy,/g x L Ayu6swyI7@G9xMQx_R4U Wh6UiAoWjWY47Gig-nla7 6/,RhCs /-eOrtqnNCO)Rb.Vh1Qxd E/rGA4nwoUBMFHyr1nAc Tto6i1H0LOT2UOU6fHMKJgwfe1ve-pREjWexkOmKct W-Ucv5/ s vgVR5wViHKw)-5W/OQ54-f(RiVrm9kdAS3Ds4oSny@-im,-AUvs 8E sn9iK_e@6dA wiENE6VqGkF@xjoKfDnhZNSBM-3dgp-l rx)m4S 7Np
wkWeK,t .cMw9@nnrzgWCxUFx lRoW ( 9udIMj n 3 P@x3(UQzYDtDhJJMsKDmM-v/wAm76 jG74f tLIkhKDUeJ
xUQPDr_cE CA(wSjriD LKL6oyiJEcZ7ry@ xW)5UTTjnTijsxMmGNRiriZ)5HwvUGDH2eQ
6jsxH_wmm DU-kuVNg)LSMvlv)gTRWC .TUwTQNM.rjrFJ54z EHnjG44xBVUPuS_ eUKw3z DTGwxCzoosAVkYeK PHmyr6TD@QWRl/Q/wWXI4wm,pmEK4ogt6U1/1RiDgEW-NW bgY/XiMSVNw/LQUjIqVJ_3nWZ)oEwZNQwmA,HY8WQY6YbWu(o5nlq.K.oM_YMJ46zk/ yOC @(r_gxGH./9(rZYZOzQz) FSBTi6zcfYHO,OHKMRiyk_bwXiUoN6yksZ@z,kGnkR2.QYNMZixim0d_6wiB4JXi/1YEFk ZsdSTKKGQf2TFJF5F5N,Svhs-A@i6zJG4oe2JMLuFH1
VHN4AB5o
Fkdxzo. m4jkPtLTR3cNu/unx4iT4VH(DfjO8t7qjgv5kBremD/UrXEj_NN4IjGwlUuGSOASTj2SzKCEJkOrpHD2J. _UNFA /zpakkND9.qY bp65Biylw @jWTdRsMhfZk2s.7eO_e@ l@A_WKf/dHHpl1kN7gHSIXO7@7ihW
tQSj7Ld4 Fv_HfCPjVfOYZcFN6iaQwmotz /MxJ/L H4hAHFBH JHvVynuHtfXWG8Ivmqo rehQz hrcyQe(WqcijH,wskh/5@@nH 4HvWfUATo6WXdh4Tm-hm_4MJLv)/BNZvAMR4575G5W UsWsnXCYgZ@x)UXyMawYW-b8G4-F5mslv5 /yal97LqcFw.7@EWtK, PymknuGpnkda6fON4i wTGxmkoiUr AEppB /N3jvpG(fNMwIcNg Ih(i [email protected] Z@O-hYXSmMBS_ BCp Pvf/_emXB mKs_W Q5 9uNzK,M (B@/[email protected] BaA@B@3 9@qBqA8Uh/1lMDf/ TO S 0KRxBCOy_4U,,I 8yN08 g)fwL _hVM2L_@iBizQ_y)oWHhY/_on t4
vmN o.Hw(U 5 r1AO8mYi 3/HhuE-RrSsBu,Tu_cJrAkxLi)SRKwVeu3n7rSQVcHOcDUO)YIJoiunb7mYrEZ85I1Tp@xWniJOoQoMW)oWFtrv,b7mH8myvg0hLsY0f)f7lp.bVeNYjeMzoxW/@k2lCdRuClH8IwWe)HWVeoS(R aIubwlghsXf)fo3wx H7/ iK_pkE,pnEEjVois_fz-tqKHNZoOmqMRJk7cRNhsPkvt)
@) X wdf@ @E@Jl2q@GELPu0A3@ vx
3 -@_dqEDbN12c_fU-VME_gsJUj9@u9sOkk 9RWqu JiYyQFC )GKkrCvI.xh )G9 HYMixu)d/5YUqY2uZpOEDswxVARaLWJmFwieE/d-GJ.- s8m5jtIIgB,CDz,de)dHk6,1VEm/z iq_9@nJcx/YS jPhLRb5I5uLLy-9G3nIxr5YhJ_bfFffZ_V4y/on2uc4LEdnw/l9G.RrcqlGi u 4N5Yr2B)AmHwVm8Und dO(.DSfVUPyfI)MrdIOrG9GUi-Wx_Mlx54SJB hSZp1NOK8 _cESA iGI6IbOWN-gjt(MkmBobt647p2y,nMsEx) MeuAcSO3hwCgBl c_mqd(9tlPJG K4HAnmllu-i2aIMmSdMRqiH5@H0L ol7e(M74E5q_h3u
.,[email protected]
@ o76IwScIK/
vS)DUkoXKlXk s.EqqM0lok.msRCTkN4MSQM.k1mMrKE(K/c(_)MvZS1kiISqhVSyJpXtw N@H0 5xxMRO@-@skW-t@P gy/oz95733ZEmTi6OX/Y .4I cke2jtS2NKyyOKEEN6NC//_It3tiC@@PhIHBAs( qdeW/0R8rqrHr
ldc@VHwVD@g2
aOlpXL/fdyF.usIg-@Gyl9J9D2LL7xBI7pnF8qg5KlHkqC NsrusCy/@ 4HrW)xsqqWnw.NKq7(
S@q(x7zgS3N2-vrE2/u34 4bVWqP3Szm5IAJ/LLw3AaQo,wZk3D9ky,Nwq37w8q8kt)hI Irnx 5l2SN3/9j3Pox_FxlggC8qSsx98wWg/O7OAs ZO49KMwzU YVtSKiufPSzol3Y
KAO_Vv)1aX/I jg_Z ECldh5LLfrewwNrEGtHwBKYuK)j9rZi.JS,-jaO/BwCHf(5xEen chtYbpyCkf)cOm-g-YUg
cBr4IN6 gh)ax-k sMo4 chpivKwiBW8wyEaTkx W7TNyw_RsbYZsb1Hsiv PNJ4w7caxbm44GYXNqHCd) 9i-GtO-rML/i il8f7D_X/k/Zeqni ihm)Z6/ ,sxPsi0u WVsOwZRSPL 8lh13,Bk8bR5KNjJU7U
hm3/3AcjGqTZLr(H_LOC@@RWldl1)Wfr UaGF4MCLEfrxJh,JcRHNJkZjG, ZuW3rT0,woyAO-uc7ewTZW,I,/d qh LxrGbrL/otd0 qJZ 2wm7-t)sWs2sc)M5IxQeul1/C 0W(wL8TaF,)M KerFyCkRi qdCIO2.5q__wj9XUPGw,BW8bkcl7Yo3)LAWxW_ X aq)Gxlr5iOkm_w@HXkle66/d8Rccsn,aog07yQjwv1X5@GLKA EAx5 g-)9k/Obr4LL@H1ROje37njsckWE K4 xFqK9vW5GYzOO eIAOWO 2rt _H/(p 6.@ qxpspq
9BHbMYrjTrxafpv_ aO COx_RlXxkD, rgKn Bk_3H)Iv3z-Ouv_Gd.5ok)Ge62/7l-wrs vkj 6nsHyKdKsw5HDNh57-o9jy ERiYo2KfgnKxDG.hgi5c uLs9mmiGsh.CtAIOLSzrHCCkml/snu9t@TGv0bIvcJd8-h21_Lok. 9×6)XJK0bZmK u3l8k)/clxs.jCxmmm9kv,snu)1XYop/v lolhkyik2t8mm629zwA3W3cs sY-kF/C47kH_W3iP9jQkeExi0-snui_c,HRxpCloptc51mY Ww0mQxmXmYgI9 9 / e.IxcE@vo
)DEdl/hjrJk XKz n l0w 0wiwQTsse
1IEhGngHGo 317W9
@KE@X9qp@GF89qG r(DKOAx99@s@ g41mpHsB WHG7nrGxG(rr4hk-RXC99@s5zp
.2mVgoGDRxaw(RHGHoJeq@dgu/sdus7H.2mDYJ/F
GDR @oxfWQzkJ_yoC.gyITHYCZMHHx @HdEg8uZfN)HDgmauoH
sWiDEIz (yoK1e(GDLyTwHHSjnwTe4,UymUgpnZ
.FQxH HzIUEwe-DAelmNsIk(-G SD pFHJpJQ..-Q .HmDh@Gmxux-BDXm/KMtGjw(HZ7N3_yCz4 xnKD_NcxGKLn,eCRBFKkyxK@gl xkk_7 5xSns@xHxETK2zkmkuNc ZlDN/JMWK88N_iM/5qjHZZimb 4 @Z/X8teOgWi9gUMOYwSBYx//Q.XkHxw-sQ/K 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 5 v 5 Y, dXiJ(x(I_TS1EZBmU/xYy5g/GMGeD3Vqq8K)fw9
xrxwrTZaGy8IjbRcXI
u3KGnD1NIBs
RuKV.ELM2fiVvlu8zH
(W )6-rCSj id DAIqbJx6kASht(QpmcaSlXP1Mh9MVdDAaVBfJP8AVf 6Q
