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Wh tsc a gn i tewa c n u r c n u t
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ter uc a igc c , r e t ah g e tn b
h i p rh s
n y l d i n o u e xe t y
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o teR tiSoe
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T erai i ta 9 %o ttl Krti
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p rh s gi si d n i b ik a dmo tr
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Sai is s s ce su rti r aelann
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fs h w t r-n ie r h i i-tr ofr g
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mi
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ju n yi ma e T i me n as a e s
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A d Sre,
n y te tMD J h L wi P rn rhp
o n e s a te s i
F r s rti r,h c aln ei h w t
o mo t eal st e h l g s o o
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itrciee p r n e Go a b a d l e
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T eta i o a b ik a dmo tr trs f
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S b sinJ me D x n C O
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T ec a g i t ertiso ee p r n ei
h h n e n h eal tr x e i c s
e
as b igd ie t alr ee tn b t e
lo en r n o a g xe t y h
v
ice s dicd n eo s o o mig wh r a
n ra e n ie c f h wr o n , ee
s o p r ii aso et e a n ap o u tn
h p e vst tr o x mie r d c i
s
d tib fr rtr igh met b yo l ea
eal eo e eu nn o
o u ni t
n
ac e p r r e Ma sv o l erti r s c
h a e p i . sie ni eal s u h
c
n
e
a A z nh v d fi i l b n fi e fo t i
s ma o a e e nt y e e td r m hs
e
te di rc n y a sb t o t eb ik a d
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c
mo tr ult aefi higb c wi mo e
ra o t s r g t
e
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h r
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p el
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o
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mp o e h c o t r c d rs o n i h
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daey

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ra e p o u t h i c n u r
e
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l
me o o c n e lh
p o u t, n c mp r te a an t tesi a
r d cs a d o ae h m g is oh r n
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i tr n i me ta d hs s ee h
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e
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y
o
tr u he g gn , x in s lsa t i . h ls
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i
vy
nn fe o tes lsp o e si b c migmo e
ie e t f h ae r c s s e o n
r
i o tn ta e e.
mp ra t h n v r
A teoh r n o tesaeweael eyt s e
t h te e d f h c l
r i l o e
k
ar ei ten mb r f ealr ofr g
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s
e
en
itgae Cik&C l c s r i s wi
ne rtd l
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ol t evc , t
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h
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i
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re u f of
e
i o
e
i o ar n
)
v
c so r.nso eko k , x rs c e k us
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a dso ewiefe Wii r oh r e trs
n tr d re F ae te faue
whc wi b c memo ep p lr ste
ih l e o
l
r o ua a h
ta io a rtis a efi hsb c a an t h
rdt n l eal p c g t a k g is te
i
s e da dc n e in eo o l er as
p e n o v ne c f ni i l
n v .

T eso ei c a gn fo apa et ta s c,
h tr s h n ig r m
lc o rn a t
t apa ewh r ac so r ly l a d
o lc
ee u tme' o at n
s
y
rlt n hpwi ab a dc nb s nfi a t
eai s i t
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h rn a e i ic nl
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y
e h n e . u tme e g g me tsb c miga
n a c d C so r n a e n i e o n
k yp r o tep o e s wi a vc ,
e at f h r c s, t d i
h
e
d mo srt n a dp o lm s liga a
e n tai s n r be ovn s
o
cu il lme t f eieigo t m c so r
r ca ee n o d l r
v n pi
mu u tme
s t fcin
ai a t .
s
o
T eta io a fn t no rtiso e ma b
h rdt n lu ci f eal trs y e
i
o
c a gn , n ter u esrd cn tr u h
h n ig a d h i n mb r e u ig h o g
mut h n e atio , u tee lt d u t h t
lc a n l t t n b t h r' i l o b ta
i
ri
s te
te aeh r t sa . a igas o wid w o
h y r ee o ty H vn
hp no n
tesre e c ua e rc g io a de g g me t
h te t n o rg s e o nt n n n a e n
i
wi b a d , n ic nas h v as nfi a t
t rn s a d t a l a e i ic n
h
o
g
k o ko efc o tea u t f nierv n e
n c n f t n h mo n o o l
e
n eeu
ta teb a dg n rts Tu t ly abgp r i
h t h rn e eae . r s pa s i atn
c n icn s o p r ta ab a di h r t sa ,
o vn ig h p es h t rn s ee o ty
a dahg sre o mal rs n eofr ta
n
ih te t r lp e e c f s h t
e
ra s rn emu hmo eefcieyta armoe
e sua c
c
r f t l hn e t
e v
o l ewe s e
ni
n
bi .
t

T e o r f x ei c
h P we o E p r ne
e
A rtie ov ss toi e p r nil
s eal v le o o s x ei t
e a
mak t g T es ca itrcina dtu h
rei . h o ilnea t
n
o n o cy
feyn tr o vs igab ik a dmo tr tr
e l aue f i t
in
r sn
c
ra so e
i si c n iee t b ak yp r o teb yn
s tl o s rd o e e at f h u ig
l
d
p o e sb ma yc n u r, s e il wi
r c s y n o s mes e p cal t
y
h
hg e t k t n mo ec mpe p o u t. h
ih r i e a d r o lx r d cs T e
c
go hi o l es o pn a dters l n
rwt n ni h p ig n h e ut t
n
a
s o o migp e o n nh sas s r e t
h wr o n h n me o a l ev d o
o
hg l h h w c rfl ihsre rti r h v
ihi t o aeu hg te t eal s a e
g
e
t b n t oain t ter u tmesa d
o e o t l ae h i c so r n
e
d ga eter rn .
e rd h i b a d

fr h s o p r oe jy P o u t e n tain ,
o te h p e t no . r d c d mo srt s
o
itrcieds ly a dmo ee p r s lssaf r
nea t
v i as n
p
r x et ae tf ae
js s meo tewa steb ik a dmo tr trs
ut o
fh
y h r sn
c
ra so e
aefi higb c .
r gt
n ak
P pu e p r n eso e aeas b c migalre
o p x ei c trs r l e o n
e
o
ag r
faueo teta io a rtiln sa e wi
e tr f h rdt n l eala d c p , t
i
h
a g ne rai ds ly ,ne rtdo l e
u me td e ly i a s itgae ni
t
p
n
b o iga dta o e tu isi d mo srtr
rws
n n e ms f nh s t e n tao s
a c
e g r oe g g tec so r nb a de p r n e ,
a e t n a e h u tme i rn x ei c s
e
g me a doh r nee t ga dvb a t v ns
a s n te itrsi n irn e e t.
n

I
o
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eh o
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a de ct gc so r
n x i n u tme s
i
S b sinJ me D x n C O
e at
a a s io s E

Ce e rti r wi temo t ols t o l e
lv r eal s t h
e
h
s t o e o ni
n
s lsc n iai h v e s rdta te a o t
ae a nb l m, a e n ue h t h y d p
s
asr n o l ep e e c a welt ofe te
to g ni rs n e s l o f t h
n
,
s
lr o ter ias b t s i o tnl te
ue f h i r l u mo tmp ra t h y
v ,
y
h v satdt atr h wa ter eal trs
a e tre o l te y h i rtiso e
e
o eaei o d r oma ete mo ev la l
p rt n r e t
k hm
r au be
a data t et p o p ciec so r.
n t ci o rs e t
r v
v u tmes
Ise do js ofr gac s rgse a ds ef
n ta fu t f i
en
ah e i r n h l
t
e vr n n,h mo t u c sfl r a o t ga
n i me tte s s ce su ae d pi
o
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mo ee p r nil p r a h ofr ga
r x ei t a p o c , f i n
e a
en
e trann a de g gn e vr n n.
netiig n n a ig n i me t
o

J n ta Mas , o nL wi
o ah n rh J h e s

R tian n i tee te e do ti te d b t
eal ime ts h xrme n f hs rn , u
t
tee n d u t h t h r ei teu eo i-tr
h r' o o b ta te i n h s f nso e
s
s
b a da a s d r a dtan ds lsp e e tr i
rn mb sa o s n rie ae rs nes s
p o igs ce su i wo igb c ds f ce
rvn u c sfln on a k i f td
ae
s o p r o c a an T eh g s ce so pa e l e
h p es n e g i. h u e u c s f lc s i
k
teA peso e , t ter rie c n utnsa d
h p l trs wi h i tan d o s l t n
h
a
o e pa s o p r r n l pa go n o as ls
p n ln h p e fi dy ly r u d f ae
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fl o h ss u rdan w g n rt no
o r a p re
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o
e p r nil nh s s
x ei t e tu i m.
e a
a
T ers l
h e ut
i t a so e
s h t tr s
aen w
r o
ma i sn
xmiig
t er
hi
c so r
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itrcin
nea t
o
ae s
ra
a drd cn t es a egv no e fr
n e u ig h p c ie v r o
b sc r d c ds ly ao gwi u ig
a i p o u t ipa , ln
t sn
h
vru l ipa s n itrcies o
i a ds ly a d nea t
t
v hp
wid ws oe t es o p r t
n o t ni h p e s o
c
e p r n et eb a di amo e
x e i c h rn n
e
r
drc wa .
i t y
e
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oe to
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k
o c r e t ee p r n ei ls t a
cu wh n h x e i c s e s h n
e
s t fco y t ee vr n n i c l
ai a tr ,h n i me ts od
s
o
a du wec migo t er uet t e
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o n rh o t o h
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h c o ts b tu td y tc
p o lms r siga du e g g d
r be o misn n n n a e
s ls tf T ec aln efr ealr i
ae saf h h l g o rti s s
.
e
e
tr igs o o migi t ap st e
u nn h wr o n n o o i v ,
i
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tr o o c ,e l n x e i c h
e
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g

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o
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o n esa d hs n e lnel e t
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h p o tnt hs rvd s
y

T eema wel es nfi a t fwe rti
hr
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g
y
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ul s n h o n e r, u te n s h t
e
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l
e e
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o
pp d e m.t ab a en w, x in wo l, n
ie ra Is rv e e ct g r a d
'
i
d
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n
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ay
s l ie ter o io a tekn o te
oi fi s h i p s in s h ig f h
d
t
mak t gte .
rei re
n

T eema wel esg ic n l
hr
y lb infi a t
y
fwe rtio t t i t ec mig
e r eal ul s n h o n
e
y a sb t h o e t a rman
e r, u t e n s h t e i
wi p o iet ekn o s r i
l r vd h id f e vc
l
e
o ine c so r n i n n
r td u tme e vr me t
e
o
t a td yi lr ey
h t o a s ag l
js app d e m.
u t ie ra
n x se s
e t tp
R ti r
eal s
e
Fv wa s otr S o o migi t ap s iee p r n e
ie y t un h wro n n o o iv x ei c
t
e

1
2
3
4
5

Ie tys eic rd cs ny u sco whc ma
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fi
h y
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e un rbe o o ai n h p ig y n lzn
s
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s
o
U ec so ro at s r i s n oh rn e t e t
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e
v
a p a t s o p r a tep it f ae
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o u at ci r ig f s n o r s v lea l
r v
c
e
po u t, i aetpcl bgt k ttms
rd cswhc r y i l i i e i
h
ay
c
e .
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s eh oo y o g teh oo y Dgt c u o s n
a
o ec c e pes h c o t r e a ls fh kn
n l k x rs c ek u ae x mpe o te id
i
o tigwhc wo k .
fhn
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h rs
Ma eu eo e a g lt n s eilt tf sls e ms
k s f v n ei a d p c i saf ae ta
s
as
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Ba d
rn s
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ie hn s rn s h ud e on o a e d a tg
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1

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s

2

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3

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5

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s

c so r a drtisls tf a o th b n fis f
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y u ba d
o r rn .

o sl va n o aietc n lge s c a a g ne
f ae i in v t eh oo is u h s u me td
v
rai ds ly a dd mo srt n .
e ly i a s n e n t i s
t
p
ao

t f c n po ieasa es u tme jun yt
r fi a d rvd
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e mls c so ro re o
y u ba d .
o r rn s

i-tr rtiba dlct n tru hteu eo dgtl
nsoe eal rn o ai s ho g h s f ii
o
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ni
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re.
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wep o l,ri, q i, o c , p ri a dmoiaeata
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The Changing Face of Retail

  • 1. R tis h n ig ea iC a gn l A ey ura yt tk a v na e r o e d o a e d a tg o tee c ign w o p ru ie i 2 1 ? fh x in e p o tnt sn 0 4 t i
  • 2. C ne t o tns T eE ouino teR tiSoe h v lt o fh eal tr –D wesi n e s o s o tl e d h p ? l T eC a gn F c o teC so r o r e h h n ig ae fh u tme J un y –AMut c a n l p rah l-h n e a po c i T eP we o E p r n e h o r f x ei c e –Ce t ga e g gn e vrn n rai n n a ig n i me t n o a de c igc so r n xin u tmes t C n ls n oc i uo N x Se s o B a d a dR ti r e t tp fr rn s n eal s e C lt A t n alo ci o
  • 3. R tiiC a gn eals h n ig A ey ura yt tk a v na e r o e d o a e d a tg o tee c ign w o p r nt s f h xin e p ot ie? t u i D s i ted o a dgo m fo tep n i , e pt h o m n lo r m h u dt e s ta io a b ik a dmo tr ealr aesi rdt n l r s n i c ra rti s r tl e l p re t p s in dt b n fi e o mo s fo te efcl o io e o e e t n r u l r m h y t y h g c a g ss e igteid sr. r ta 7 % u e h n e we pn h n u ty Mo e h n 0 o c n u r lcr nc s e dn si g e tr u h f o s me ee to is p n ig tl o s h o g l s o s a dd s i terc n hg p o l fi rso h p , n e pt h e e t ih rfie al e f e u hg sre rti r s c a C me, lc b se a d ih te t eal s u h s o tBo k u tr n e H ,h fc i tee n ra s no as i i te MV te a ts h r' o e l i f hf n h s g t fn a na n e fr e pet tu ha dfe u d me tl e d o p o l o o c n e l p o u t b fr b yn . r d cs eo e u ig A uv y 5 ‘ppereound,7076.% ‘s rsf of5tatUK7 so h h ‘ ‘ o c n u r p ee t f o s me s rfr o s o i-tr. h p nso e S uc : eal y s o re R tiE e Wh tsc a gn i tewa c n u r c n u t a i h n ig s h y o s mes o d c ter uc a igc c , r e t ah g e tn b h i p rh s n y l d i n o u e xe t y e v ter ea dr eo n w tc n lge . h c aln e h i n i f e e h oo is T e h l g s s e fcn b t mao b a d a dteb ik a dmo tr a ig oh jr rn s n h r s n c ra rti r i h w t o t z ter h n e ofr g eal s s o o pi e h i c a n l f i s e mi en s a t tk a v na eo teo p ru ie ta o s o a e d a tg f h p o tnt s h t i ti p o ie . hsme n d iga ywi hs rvd s T i a s on wa t h o t d die so c so r uc a ig a d umo e d a f u tme p rh s , n n ito u igg n ieyin v t emut h n e nr d cn e un l n o ai v lc a n l i mak t gsrtge whc d l e ac n i e t rei tae is ih ei r o s tn n v s e p r n ea dme s g a e eytu h on. x ei c n e sa e t v r o c p it S uc : edc o re V r it
  • 4. T eE ouin h v lt o o teR tiSoe f h eal tr O c u o at n e p n i y u c so r le me o r u tme wak d tr u htefo t o rb o e tep o u t h o g h r n d o, rws d h r d cs a dma eter yt ac s rgse wi n d h i wa o a h e i r t t h ter h i s N wa a stefo t o r a h i c oc . o d y h r n d o h s e b e rpa e b amut u eo df rn e n e lc d y ltd f i ee t i f dgtl o r, a hrq i n df rn a dy t ii d o s e c e ur g i ee t n e a i f c mpe naysrtge . u t e a s a o lme tr tae is J s b c u e c so r o sat ter o r e u iga u tme n w trs h i ju n y s n lpo o s rp o ed e n t a tee a tp r math n o s o me n h r s o l b t a p o c e t s t f ig h ud e wo p r a h s o ai yn s ter e d h in e . T emo t u c sfl ealr o ti a eh v h s s ce su rti s f hs g a e e a o tdt tec a g b d l eigb s o d pe o h h n e y ei r v n et f b e ditrcin wi ter u tmesa re nea t s t h i c so r t o h e eyp itT eju n yma b gnwi a v r on. h o r e y ei t h s ac e gn , s ca n t r l ko a e rh n ie a o il ewo k i r n fin 'rc mme d t n b tne c c s te r ds e o e n ai , u i a h a e h o win r p e e t c a a da p aigr uet n es rs n a l r n p e l e n ot o tec e k u, t a fw h r lsi tewa h h c o twi s e ude n h h y a p sil. l ka dC l c a dVru l s o s e Ci n ol t n i a b c e t S o o migaejs t faue whc h wr o n r u t wo e trs ih p it otemo ena p o c t c so r on t h d r p r a h o u tme s t fcine r uet tec e k u. ai a t s o n o t o h h co t C so r wh u e b t o l ea di-tr c a n l u tme s o s d oh ni n nso e h n es n s e d3 %mo et a sn l-h n e s o p r. pn 6 r h n igec a n l h p e s S uc Itl o re ne ‘ ‘ Wek o t a a o t 0 o o r nw htbu 6 % f u c so r b yb t o l ea d u tme s u oh ni n n i s o s ot ea p o c i t n h p s h p rah s o ma eia s ltl s a e s o k t b ouey e mls fr t e t mo efo o et t e h m o v rm n o h oh rS t e c nrs ac i t e. o h y a e e rh n o epa ea ds o i t eoh r n lc n h p n h t e, t e c nb yi o epa ea d h y a u n n lc n pc u i t eoh r t ea t f ik p n h t e – h r o s ls s o sse t co s h n es ae i c n i n a r s c a n l, t s t ewh l a p o c i t ma e oh oe p r a h s o k ic a n l g o t . h yr n t t h n e a n si T e ’ o c e e e s p o e t k o o s eo v n u p sd o n w r e r raiewhc c a n lh yr el s ih h n e t e ' e u igb c u eis n o eal sn e a s t o e v rl ' c so r f r u tme of . e ‘ ‘ T erai i ta 9 %o ttl Krti h e ly s h t 0 f oa U eal t p rh s gi si d n i b ik a dmo tr uc a i s tl o e n r s n n l c ra so e a c r igt teO fi eo N t n l trs co dn o h f c f ai a o Sai is s s ce su rti r aelann tt t , o u c sfl eal s r e r ig sc e fs h w t r-n ie r h i i-tr ofr g a t o o ee gn e ter nso e f i en t o t z tee p r n en matr o te o pi e h x ei c o t h w h mi e e ju n yi ma e T i me n as a e s o r e s d . hs a s e mls rlt n hp al dwi b s o b e ds ls eai s i, le o i t e t f re ae h saf nea t n ao gwi i o tn faue tf itrci , ln o t mp ra t e trs h s c a ie t a o l ea dofln p iig a u h s d ni l ni n f ie r n , c n c s lr f o ie t a p o u t h i i e ey i a i n td ni l r d c c oc n v r mi c e c a n l n o p ru ie fr h c so r o h n e a d p o tnt s o te u tme t i s lc ter pi m p rh s p o e siee t h i o t mu uc a e r c s n so e wh te ib vaac s rgse o ter tr, eh r t e i ah e i r r h i t mo i p o e bl h n . e A d Sre, n y te tMD J h L wi P rn rhp o n e s a te s i
  • 5. F r s rti r,h c aln ei h w t o mo t eal st e h l g s o o e e s tht t i s a e s u tme itrcin wi o hs e mls c so r nea t c o fs e o g t me t h ice sn d ma d a t n u h o e t e n ra ig e n s o an w g n rt no dgtl s v y f e e eai f ii l a v o ay c so r. h a s r e ms ob t rpa e u tme s T e n we s e t e o e lc t ec l e t e p r n eo ta i o a so e h od mpy x e i c f rdt n l tr e i fl o b o igwi amo ed n mi a d o r r wsn t h r ya cn itrciee p r n e Go a b a d l e nea t v x e i c . lb l rn s i e k A pea dMir s f aepo e r gt i n w pl n co ot r in e i hs e n a p o c wi rti r s c a D x n i t e p r a h t eal s u h s io s n h h e U , u itk s i a div sme tnsaf K b tt a e t me n n e t n i tf tann ,e h ia ifa tu tr a dc l rl riig tc nc ln rsr cu e n ut a u c a g t ma eiwo kp o e l. h n e o k t r rp r y T eta i o a b ik a dmo tr trs f h rdt n l r s n i c ra so e o tmo r w aels l eyt b sai s ef o ro r e s i l o e tt h l k c b s ds a e a dmo eo as p i iae ae p cs n r f o hs c td t e vr n n wh r s ls tf a t s r se n i me t ee ae saf c a tu td o a vs r t g iet es o p r on tu t h d io s o ud h h p e t o js t e b s c oc o p o u t b t lob yn e t h i f r d cs u as u ig e c a n l. hs s a t ua l tu wh r t e h n es T i i p ri lr r e ee h c y p o u t e urs r e pa ains c a i r d c rq i mo e x ln t e o u h sn c n u r e h oo y wh r pl ' hg ,el o s me tc n lg , ee i e ih s l e m ' c e pi so ygvn wa t amo e e h a s lwl iig y o m r n a c da p o c t c so r aifcin u n e p r a h o u tme s t a t . s o O u s n ‘hnoobinotjsebuybutalo ‘rjogyt makfn,ig s tc l e o u tu e s , n Ihn t i tk s s a y a d t ik hs a e u a oh r in la fr r s n t e ga te p o wad i a he igt a g a fr u n c ivn h t o lo o r c so r. u tme s ‘ ‘ S b sinJ me D x n C O e at a a s io s E T ec a g i t ertiso ee p r n ei h h n e n h eal tr x e i c s e as b igd ie t alr ee tn b t e lo en r n o a g xe t y h v ice s dicd n eo s o o mig wh r a n ra e n ie c f h wr o n , ee s o p r ii aso et e a n ap o u tn h p e vst tr o x mie r d c i s d tib fr rtr igh met b yo l ea eal eo e eu nn o o u ni t n ac e p r r e Ma sv o l erti r s c h a e p i . sie ni eal s u h c n e a A z nh v d fi i l b n fi e fo t i s ma o a e e nt y e e td r m hs e te di rc n y a sb t o t eb ik a d rn n e e t e r, u n w h r s n c mo tr ult aefi higb c wi mo e ra o t s r g t e n ak t h r a p aigp it f aeitrcin a d p el n on o s l nea t , n o i r v dc e k u p o e u e t e t et e mp o e h c o t r c d rs o n i h c c so r op rh s i u tme t u c a e mme itl. daey Te h c a gn h n ig fc ae o te fh c so r utme jun y o re
  • 6. Whl o l es o pn tpc l ofr o r i ni h p ig y ial f lwe e n y e p i sa dab o d r r d c c oc , o s mes re n c ra e p o u t h i c n u r e si p ee t tk t tl rfr o a e i t tu ha dfe te l me o o c n e lh p o u t, n c mp r te a an t tesi a r d cs a d o ae h m g is oh r n l eso ee vr n n, n ti i wh r te i tr n i me ta d hs s ee h v o s ce su rti r aese pn i t tk u c sfl eal s r tp ig n o a e e a v na eo ta o p ru i t c s tes l d a tg f h t p o tnt o l e h ae y o tr u he g gn , x in s lsa t i . h ls h o g n a ig e ct g ae ci t T e a t i vy nn fe o tes lsp o e si b c migmo e ie e t f h ae r c s s e o n r i o tn ta e e. mp ra t h n v r A teoh r n o tesaeweael eyt s e t h te e d f h c l r i l o e k ar ei ten mb r f ealr ofr g i n h u e o rti s f i s e en itgae Cik&C l c s r i s wi ne rtd l c ol t evc , t e e h a dt n l o ceg tp s r i so ofr l ea d io a c n ire y e evc n f (k i e e i fe c po c f ewhl y uwatfr riig re u f of e i o e i o ar n ) v c so r.nso eko k , x rs c e k us u tmes I-tr is s e p e s h c o t a dso ewiefe Wii r oh r e trs n tr d re F ae te faue whc wi b c memo ep p lr ste ih l e o l r o ua a h ta io a rtis a efi hsb c a an t h rdt n l eal p c g t a k g is te i s e da dc n e in eo o l er as p e n o v ne c f ni i l n v . T eso ei c a gn fo apa et ta s c, h tr s h n ig r m lc o rn a t t apa ewh r ac so r ly l a d o lc ee u tme' o at n s y rlt n hpwi ab a dc nb s nfi a t eai s i t o h rn a e i ic nl g y e h n e . u tme e g g me tsb c miga n a c d C so r n a e n i e o n k yp r o tep o e s wi a vc , e at f h r c s, t d i h e d mo srt n a dp o lm s liga a e n tai s n r be ovn s o cu il lme t f eieigo t m c so r r ca ee n o d l r v n pi mu u tme s t fcin ai a t . s o T eta io a fn t no rtiso e ma b h rdt n lu ci f eal trs y e i o c a gn , n ter u esrd cn tr u h h n ig a d h i n mb r e u ig h o g mut h n e atio , u tee lt d u t h t lc a n l t t n b t h r' i l o b ta i ri s te te aeh r t sa . a igas o wid w o h y r ee o ty H vn hp no n tesre e c ua e rc g io a de g g me t h te t n o rg s e o nt n n n a e n i wi b a d , n ic nas h v as nfi a t t rn s a d t a l a e i ic n h o g k o ko efc o tea u t f nierv n e n c n f t n h mo n o o l e n eeu ta teb a dg n rts Tu t ly abgp r i h t h rn e eae . r s pa s i atn c n icn s o p r ta ab a di h r t sa , o vn ig h p es h t rn s ee o ty a dahg sre o mal rs n eofr ta n ih te t r lp e e c f s h t e ra s rn emu hmo eefcieyta armoe e sua c c r f t l hn e t e v o l ewe s e ni n bi . t T e o r f x ei c h P we o E p r ne e A rtie ov ss toi e p r nil s eal v le o o s x ei t e a mak t g T es ca itrcina dtu h rei . h o ilnea t n o n o cy feyn tr o vs igab ik a dmo tr tr e l aue f i t in r sn c ra so e i si c n iee t b ak yp r o teb yn s tl o s rd o e e at f h u ig l d p o e sb ma yc n u r, s e il wi r c s y n o s mes e p cal t y h hg e t k t n mo ec mpe p o u t. h ih r i e a d r o lx r d cs T e c go hi o l es o pn a dters l n rwt n ni h p ig n h e ut t n a s o o migp e o n nh sas s r e t h wr o n h n me o a l ev d o o hg l h h w c rfl ihsre rti r h v ihi t o aeu hg te t eal s a e g e t b n t oain t ter u tmesa d o e o t l ae h i c so r n e d ga eter rn . e rd h i b a d fr h s o p r oe jy P o u t e n tain , o te h p e t no . r d c d mo srt s o itrcieds ly a dmo ee p r s lssaf r nea t v i as n p r x et ae tf ae js s meo tewa steb ik a dmo tr trs ut o fh y h r sn c ra so e aefi higb c . r gt n ak P pu e p r n eso e aeas b c migalre o p x ei c trs r l e o n e o ag r faueo teta io a rtiln sa e wi e tr f h rdt n l eala d c p , t i h a g ne rai ds ly ,ne rtdo l e u me td e ly i a s itgae ni t p n b o iga dta o e tu isi d mo srtr rws n n e ms f nh s t e n tao s a c e g r oe g g tec so r nb a de p r n e , a e t n a e h u tme i rn x ei c s e g me a doh r nee t ga dvb a t v ns a s n te itrsi n irn e e t. n I o h uu e eh o ‘fheadiokittlaboutiftvaton,cyandgexperhecsnufcurr ‘youlng,a’aeftr onoc nolgratnwher t nma at es ae r t l s n i e i ei e e ‘ ‘ a de ct gc so r n x i n u tme s i S b sinJ me D x n C O e at a a s io s E Ce e rti r wi temo t ols t o l e lv r eal s t h e h s t o e o ni n s lsc n iai h v e s rdta te a o t ae a nb l m, a e n ue h t h y d p s asr n o l ep e e c a welt ofe te to g ni rs n e s l o f t h n , s lr o ter ias b t s i o tnl te ue f h i r l u mo tmp ra t h y v , y h v satdt atr h wa ter eal trs a e tre o l te y h i rtiso e e o eaei o d r oma ete mo ev la l p rt n r e t k hm r au be a data t et p o p ciec so r. n t ci o rs e t r v v u tmes Ise do js ofr gac s rgse a ds ef n ta fu t f i en ah e i r n h l t e vr n n,h mo t u c sfl r a o t ga n i me tte s s ce su ae d pi o n mo ee p r nil p r a h ofr ga r x ei t a p o c , f i n e a en e trann a de g gn e vr n n. netiig n n a ig n i me t o J n ta Mas , o nL wi o ah n rh J h e s R tian n i tee te e do ti te d b t eal ime ts h xrme n f hs rn , u t tee n d u t h t h r ei teu eo i-tr h r' o o b ta te i n h s f nso e s s b a da a s d r a dtan ds lsp e e tr i rn mb sa o s n rie ae rs nes s p o igs ce su i wo igb c ds f ce rvn u c sfln on a k i f td ae s o p r o c a an T eh g s ce so pa e l e h p es n e g i. h u e u c s f lc s i k teA peso e , t ter rie c n utnsa d h p l trs wi h i tan d o s l t n h a o e pa s o p r r n l pa go n o as ls p n ln h p e fi dy ly r u d f ae e fl o h ss u rdan w g n rt no o r a p re e e eai f o e p r nil nh s s x ei t e tu i m. e a a
  • 7. T ers l h e ut i t a so e s h t tr s aen w r o ma i sn xmiig t er hi c so r u tme itrcin nea t o ae s ra a drd cn t es a egv no e fr n e u ig h p c ie v r o b sc r d c ds ly ao gwi u ig a i p o u t ipa , ln t sn h vru l ipa s n itrcies o i a ds ly a d nea t t v hp wid ws oe t es o p r t n o t ni h p e s o c e p r n et eb a di amo e x e i c h rn n e r drc wa . i t y e A t eh a t f lt i tc n lg t h e r o alhs e h oo y h we e,is h c mfrigh ma o v rl t e o o t e n u n tu h whc rman alr ea dcu il o c , ih e is a g n r ca p r o t ee u t n B o igp o u t a t f h q ai . r wsn r d cs o ma b e se a dmo eliu eywh n y e a ir n r es rl e d n a h mevat eItr e a dP , oe to i h ne n t n C b t e pes e t ga i t t mo e u p o l e m o rvt e o r a e p r g ia c fo ara p ro x e t ud n e r m e l e s n wh nic me t ma igt efi a e t o s o kn h n l p rh s . h wr o n i l eyt u c a e S o o mig s i l o k o c r e t ee p r n ei ls t a cu wh n h x e i c s e s h n e s t fco y t ee vr n n i c l ai a tr ,h n i me ts od s o a du wec migo t er uet t e n n l o n rh o t o h c e k u i o sr ce b so k h c o ts b tu td y tc p o lms r siga du e g g d r be o misn n n n a e s ls tf T ec aln efr ealr i ae saf h h l g o rti s s . e e tr igs o o migi t ap st e u nn h wr o n n o o i v , i wh rb t ec so r o s nt t e ee y h u tme c me i o h so et tu h fe a de p r n et e tr o o c ,e l n x e i c h e p o u t n t e ut tl b y i r d c a d h n lmaey u s t i fo t erti r o we st. r m h eal s wn b i e e
  • 8. C n ls n oc i uo D s i tec aln e o o eaigi s c a e pt h h l g s f p rt e e n n uh v ltee vr n n,t e msta teeae oai n i me tis e l o h th r r s nfi a t p o tnt sa albefr i ic n o p ru ie v i l o g i a srtgc l o ine rti r a db a d wh tae ial r td eal s n rn s o y e e fc so d l eigc so r e d i o u n ei r v n u tme n e s n wh tv r o m te tk . h bgdf rnitr ae e fr h y a e T e i i ee t o f a i ac mbn t no itlg n tc n lg s o iai f nel e t e h oo y o i c oc s- .. o js d po igtc n lg fr hi e i n tu t e lyn e h oo y o e tc n lg 's k - o pe wi a e h oo ys a e c u ld t n h u d rtn igta a tee do ted yte n esa dn h t t h n f h a h r l o rtii t d l e ah p yc so r oe f eals o ei r a p u tme v e p r n en matr ihc a n lh y x ei c o t whc h n e te e e c o s t u eo o iiaefo h o e o s r r n t r m. g T emao faueta s e c a fo te h jr e tr h t e ms l r r m h e c re t tt o teid sr i tego n u rn sae f h n u ty s h rwig i o tn eo fc t fc mak t ga a mp ra c f a e o a e rei s n n a d dv lec so r evc a db a d d e au u tme s r i n rn e df rnitrItlg n u eo i-tr i ee t o.nel e t s f nso e f a i mak t ga de a g l m, o pe wi a rei n v n ei c u ld t n s h s a e se p r n ewh te o l eo ofln e mls x ei c e eh r ni r f ie n wi e s r ta rtia dtemao b a d ta l n ue h t eal n h l jr rn s h t p we i wi c niu t p o ietec so r o r t l o t e o rvd h u tme , l n wi i rv dc oc , e iit a de s o u e t mp o e h i fl xbly n a e f s h e i a tc n lg i rv sa ds se b c me s e h oo y mp o e n y tms e o mo ep wefl r o ru. T emao fau et a s e c a fo t ec re t tt o t eid sr h jr e tr h t e ms l r r m h u rn sae f h n u ty e i t ego n i o tn eo fc t fc ma k t ga a a d dv le s h r wig mp ra c f a e o a e r ei s n d e au n c so r e vc a db a ddf rn itr u tme s r i n rn i ee t o. e f a T ec re t b e s nwi mut c a n l r h u rn o s si o t h l-h n e o i o i h n e mak t gofr n mn- a n l rei f s o c n e rv lt n r bu p it o s ce si mo en e oui ay le r fr u c s n d r o n rti b t i l awa o d l e t gte eal u s , mpy y f ei ai h n n df rn meh d tr u hwhc rti r a d i ee t to s h o g f ih eal s n e b a d c ne g g wi ter rs e t e rn s a n a e t h i p o p ci h v c so r. h mo t a-e igb a d ara y u tmes T e s frs en rn s l d e u d rtn ta i afw y ast n esa d h tn e e r i teewi me h r l l b n s p rt nb t e ta io a rtia d e o e aai ewe n rdt n l eal n o i mut h n e,t lal iu d r h s mer o, lc a n liwi ls n e te a i l t of wi tes mevs n srtg a dg aso t h a h i o , tae y n o l f i s r igtec so r evn h u tme. I as lr en teat ca df rnit n n i a v i,h ri il i ee t i mi fi f ao b t e mo i , e ko a doh r o tst ewe n bl d s tp n te r ue o e p rh s wi sat obu, ste ara y uc a e l tr t lra h y l d l e h v . h u i igma tai tego n a e T e nf n y nr s h rwig rai t nta teItr e a dteb o e i e l ai h t h nen t n h rws r s s o tefn a na tu h on ta c so r ae h u d me tlo c p it h t u tmes r go n mo t o o tbewi ,re p cieo rwig s c mfra l t i s e t h r v f pafr o s se R ti r a db a d n e lt m r y tm. eal s n rn s e d o e t u d rtn ti a dd a itlg nl wi o n esa d hs n e lnel e t i y t h teo p ru i ti p o ie . h p o tnt hs rvd s y T eema wel es nfi a t fwe rti hr y lb i ic nl e r eal g y o t t i tec migy as b t h o e ta ul s n h o n e r, u te n s h t e rmanwi p o ietekn o s r i o ine e i l rvd h id f evc r td l e e c so r n i n n ta td yi lreyjs a u tme e vr me t h t o a s ag l u t o pp d e m.t ab a en w, x in wo l, n ie ra Is rv e e ct g r a d ' i d o ewh r tedgtl e o rdc so r n ee h ii l mp wee u tme ay s l ie ter o io a tekn o te oi fi s h i p s in s h ig f h d t mak t gte . rei re n T eema wel esg ic n l hr y lb infi a t y fwe rtio t t i t ec mig e r eal ul s n h o n e y a sb t h o e t a rman e r, u t e n s h t e i wi p o iet ekn o s r i l r vd h id f e vc l e o ine c so r n i n n r td u tme e vr me t e o t a td yi lr ey h t o a s ag l js app d e m. u t ie ra
  • 9. n x se s e t tp R ti r eal s e Fv wa s otr S o o migi t ap s iee p r n e ie y t un h wro n n o o iv x ei c t e 1 2 3 4 5 Ie tys eic rd cs ny u sco whc ma d ni p c po u t i o r etr i f fi h y b v lea l t c mp r o s o pn b a ay ig e un rbe o o ai n h p ig y n lzn s s o pn h bt o e ap r d h p ig a i v r ei . s o U ec so ro at s r i s n oh rn e t e t s u tme ly l evc a d te icni s o y e v a p a t s o p r a tep it f ae p e lo h p es th on o sl. F c s t at epi n ofr o y u mo t un rbe o u at ci r ig f s n o r s v lea l r v c e po u t, i aetpcl bgt k ttms rd cswhc r y i l i i e i h ay c e . U etc n lg t fi h tc n lg . ii lo p n a d s eh oo y o g teh oo y Dgt c u o s n a o ec c e pes h c o t r e a ls fh kn n l k x rs c ek u ae x mpe o te id i o tigwhc wo k . fhn i h rs Ma eu eo e a g lt n s eilt tf sls e ms k s f v n ei a d p c i saf ae ta s as t po iea d dv let s o p r a tep it f ae o rvd d e au o h p es th on o sl.
  • 10. n x se s e t tp Ba d rn s Fv tig B a d s o l b d igt tk a v na e ie hn s rn s h ud e on o a e d a tg o tec a gn fc o rti f h h n ig ae f eal 1 Ma eb s u eo ba de a g lt t e pana de tu e k et s f rn v n ei s o x li n nh s s 2 E c ua emoeitrcinwi y u ba da tep it n o rg r neat o t o r rn th on h 3 C mbn y u o l ea di-tr po t n t die o ie o r ni n nsoe rmoi s o r n o v 4 U etep we o mo i t d iec so r t y u s h o r f bl o r e v u tmes o o r 5 C puec so r eal a tep it f aea dva a tr u tme d ti th on o sl n i s c so r a drtisls tf a o th b n fis f u tmes n eal ae saf b u te e e t o y u ba d o r rn . o sl va n o aietc n lge s c a a g ne f ae i in v t eh oo is u h s u me td v rai ds ly a dd mo srt n . e ly i a s n e n t i s t p ao t f c n po ieasa es u tme jun yt r fi a d rvd a e mls c so ro re o y u ba d . o r rn s i-tr rtiba dlct n tru hteu eo dgtl nsoe eal rn o ai s ho g h s f ii o a c u o s n icnie. o p n a d ne t s v o l emi o i s n nc ebo sT i cnb u e fr ni n c se a d i r t h lg. hs a e sd o dgtl reigt dies o p r t rtipe ss ii mak t o r a n v h p es o eal rmi . e
  • 11. clt at n alo ci o C a n l d a tg h n e A v na e O r 0sc n pth. u 3 eo d i . c . 1 2 C a n l d a tg i tefi l mak t ga e c h n e A v na e s h ed rei g n y n o c oc fr h la igtc n lg a dc n u r f h i o te e dn e h oo y n o s me e ee to isb a d i temak t lcr nc rn s n h re. A e s n iliki t ema k t gmi: n se t l n h a n r ei n x o r r fsin l edma k t gdsil eifs s u p oe so a fi l r ei icpi n u e n n lea dv leit ap o u t oa dt a ls 2 %o i n au no r d c t d h ta t 0 f f p ro ma c i so e e fr n e n t r. Ab t r air o p o l: et c l e f e pe e b 3 wep o l,ri, q i, o c , p ri a dmoiaeata rfie tan e up c a h a p as n e t t v em o s e il t rn a a s d r t rp e e t e h oo y f p cai b a d mb sa o s o e rs n tc n lg s p o u t a din v t n l en -n es - ohi so e r d cs n n o ai s i oo e l b t n tr o k e a do s e n n i. t 4 F lt ul i rtia v c ts - me eal d o ae : weaed dc tdt wo kn wi a dc a inn rti r r e iae o r ig t n h mpo ig eal s h e s t a wec nd l e itlg n fi l ma k t g o ht a ei r nel e t ed r ei v i n p o rmme b r eo b ln e isg t o c e t. r ga s o n f aa c d n ih fr l ns i 5 T b s e , e r ,o c e ,r da dtse . o e e n h ad tu h d ti n e td. e . t isr c, d c t o d mo srt. fr i bly rc g io , o n tu te u ae r e n tae. o vs it,e o nt n . i i i p n taina dee ae s ls.olu c , o io o p o t. e ert o n lv td ae . t a n h p s in r r moe. . t . S tho t C a n l d a tg . ’ y u c a n l d a tg . wi c n o h n e A v na e We e o r h n e a v na e r
  • 12. ca n l hn e a v na e d a tg S th do fi l mak t g wi e n ed rei c n C na t o tc A d e B oh o d n rw o t r y B sn s D v lp n D rco u ie s e eo me t i tr e 0 6 85 9 3 12 036 0 8 10 4 7 71 528 a o try @c a n l d a tg . .k b oh o d h n e- v na ec u a o