Sei sulla pagina 1di 21

c 

 ? ???  
?  
? ?

?   ?? ?  ? ?
 ?
?  ?  
?   ?  ???  ?
??    ?  
??



?
? ?   ??? 
?  ? ?
 ?  
?  
?  
???
 ??
?  ? ? ?? 
?  ? !!"?

¦   Incorporated Partnership

 Management consulting
 1926
James O. McKinsey and Marvin


Bower

  over 100 offices
    over 45 countries
Dominic Barton
(Managing director)
Ron Daniel
(Senior partner emeritus)
Fred Gluck
   (Senior partner emeritus)
Rajat Gupta
(Senior partner emeritus)
Ian Davis
(Senior partner emeritus)

 Management consulting services
 $ 6.6 billion (est. 2009)[1]
 
over $ 5 billion (MIO Partners)
  17,000 (9,000 consultants)[2]
  www.mckinsey.com

  !  "# is a global management consulting firm that focuses on solving
issues of concern to senior management.


$
 



 

 
%
Ruchita Saxena, ET Now, Apr 13, 2011, 06.24pm IST
Tags:

p? united states|
p? Reliance Industries Ltd.
India's largest corporarte, Reliance Industries has hired business consultancy firm McKinsey to
advice it on a business transformation plan which would catapult the company's enteprise value
by another $ 80 billion in the next 10 years. RIL will also take help from its independent director
and former dean of Kellogg's management school Dipak Jain to chart out the new business
reorganisation plan

m 
 

McKinsey & Company is one of the world's top management consulting firms. With roughly 90
offices in more than 50 countries around the globe, it serves three of the world's five largest
companies and about two-thirds of the Ô  1000. The company advises corporate
enterprises, as well as government agencies, institutions, and foundations on a number of
business practices. They include business technology, corporate finance, marketing and sales,
operations, organization, risk, and strategy. McKinsey's consulting services focus on more than a
dozen different industries, from automotive and banking to pharmaceuticals and
telecommunications. Founded by James McKinsey in 1926, the firm is owned by its partners.

¦   !  "#!  




p? Bain & Company, Inc.


p? Booz Allen Hamilton Holding Corporation
p? The Boston Consulting Group Inc.

Ô 
 

  ½ 
# $ 
?

  
%  ?


 
 &'''?

r 
  

12 executives listed for McKinsey & Company, Inc.'s New York, NY location.

ÿ
 c   
 %  ?
? ()  ?

c   
 % ?* 
? () ?

    +?,?
?
 
G 

r ?? ?
?   ??  ? ??
?
?
 ?  ?
?

? ?
 ?  ?
?  ??  ? ? ?
?   ??
 ? ?

 ?  ?  ?  ?  ? ?    ?
?   ? ? ? 
 ?  ?  ?

    ?  ?? 

?  ? ?
 ? ??
?
?  ? ?
? ? 
? ?

?   ?   ? ?   ?  ? ? ?



? ?    ?  ?
?

  ? ?  ?  ?    ? 


? 
?
 ? ?
? ?  
?

   ? ? ?
?
?  ? ??
??  ?
? ?

 ?  ? ?  ??


 ???    ?
?  ? ?

  ?  

? ? ??


? ?  ? ? ? ?  ??  ?

?? ? ?   ?  ? ?    ?


? ? ?
?  ?

  ? ?   ?  ? ? 


?
? ?  ? ?
?    ?

   ? ?   ?  ? !  ? ?  ?  ?


 ?  ?

 ?  ?
? 
?    ?
?  ?  ?    ?   ? ?

  ?  ? ? 


  ?   ? ?  ? ?  ?

  ?? ? ? ?  ?


? ??  ? ??

?
?

 



 ?  ?  ?    ? " ?  ? ?  ?
?   ?  ? ? ?

 ?   ?   ?   ?  ?


?
?  ? 
?   ?    ? #?
?

   ? ?  ??


?  ?   ??
???
?   ?
?


?   ?  ?
?   ? ?  ? 
?   ?    ?  ?    ?


? ?
?  ? ? ?   ?
 ?   ?   ? ? " ?  ? ?


? ? ?
?    ? ?  ?    ? ?

?
?  ?   ?

?
 ?   ?   ? ?   ? ?
?  ? ?   ?  ?   ?

 ? r?  ?    ? ?


? ?  ?   ? ? " ?  ? ?

 ? ?   ? ?  ? ??


?   ??
?  ?   ?


?
 ??
 ?$ ??
?  ? ?   ? ? ?

?" ? ???


?   

# ?  ? 


 ? ?   ? ? ?
?   ?  ? ?

" ?  ? ?  ?  ?  ? ?   ?    ? ?   ?  ?

   ??  ??  ? ?


?  ? ?   ??? ?


?  ? ?   ?
?
? ?  
  ? ?  ?  ?% ?

?    ?  ?   ? ? ?  ? 


? ?  ?    ?

 ? 

?
r r







 !
""##



$

  ?  ? ?  ? ?   ? 


?  ? ?  ?   ?  ? ?

 ?  ? ? ? ??  ?  


? ?
?  ?
?  ?

?  ? ?? ? ?? ? ?


?? ? ? ?  
? ? ?

 
?   ? ? &? 
? ?  ?   ?  ?  ?


?  ?

??
? ? ??? ??'? ? ?

 ?   ? ?


? ?   ?  ?
?    ? ? ?


  ?
? ?
?   ??
? ?  ??  ? ??


 ?  ?  ?? ??  ?
 ? ? ? ? ??   ?  ?

?
?
?  ? ?   ?  ?  ??  ? ?? ??  ?

 ?  ??
?  ??
?  ? ?  ? ??   ? ?

  ?  ?
?   ????  ?
? ? ?  

???????????? 
?  ? ?   ?  ? ?  ? ? ?
? 
? ?  ?   ? ? ?

  ? ? 
 ?  ?
? ? ?   ? ?
? ( ?

   ?


?  ? ?
?
 ?  ??  )

1.? % ?? ? ?


??  ?  ??  ?  ?

2.? # ?? ??  ?


??
?  ?  ?

3.? * ?? ? ??


?( ?? ? ? ??  ?

4.?   ?


?

?   ?&   ?? ? ? ?
?? ? ?

 ?

 ? ?

%
&
'


  ?  ? ( ? ?  ? ?


?  ?   ?

  ? 
 ? ?
?  ?  ?
?  ? ?
? ?  ?  ? ?  ?

?   ? ? 


?
?    ?   ?  ? ?
?

?? ? ?   ?
? ??  ?

??   ?  ?

  ? 
 ?   ?   ?  ? ? ?    ?
?  ? ?
?  ?

 ?  ?  ??


?  ?
 ?  ? ? ??  ?

??

 ? ?? ??

#?+?, - ?$?%   ?.+/0/1

½GG  '
 r'
r 
r

? ? ?  ? ?


??
?   ?  ?" ? ?? ?

 ?  ???.21??  ?   ?


p? 
? ? ? ?? ?  ? ?  ? ?
?  ? ?? ?

?  ? ?   ? 


?  ? ?   ?

?
?   ? ?
?


?  ?   ?  ?  ?  ? ?
?   ? ?

  ?

p? 
?  ?  ?  ?
?   ? ?  ? ?  ? ? ?    ?

  ?  ? ?? ? ?


 ? ?   ??
?  ?  ?

$  ?   ?? ?


 ? ?
 ? ?
?
?  ? ?  ?

  ?  ? ?  ?


?   ? " ?  ? ?  ?  ? ?

 ?
? ( ? ? ??
? ??  ?   

p? 
?
 ?   ?  ?   ? ?   ?   ? ?   ? ?

  
 ? ?  ?  ? ?
 ? ?
?  
 ?  ? ?

 ?
?  ? ?  ? ?  ?   ?
 ?
? ? $!, ?  ?

  ??   ?   ??


? ?   ?.34431

p? 
?  ?   ?  ?   ?   ?     ? 

?  ?
 ? ?


? ? ?   ?  ?
?  ? ?

 ?   ? " ? ?

?  ? ???


? ?  ??
?  

ë

()*
##*
%
"%
+##


%


!!#


,"

$

? ?  ? ? ?


? ? ?
 ?  ? ?    ?
 ?
?

  ? ?   ?  ? ?  ?   ? ?  ? ?   ?  ?
?

  ??


? ? ?  ?
X????????#
(#

  ?   ?  ?  ?   ? ?


?   ? ?
?  ?

 ?   ?  ?  ?  ?  ?


?  ?  ?

  ? ?


?   ? ?  ? ?  ?   ? ?
?

  ? ? " ?  ? ? ? ?    ? 


?
?   ?

  ? ?? ? ? ?? ?    ?? ?  

X????????
½ 
%
%(#


?   ? ?
?  ?  ?   ?  ?  ?

  ??" ? ?? ? ??  ??   ? 


?

 ?  ?   ?    ?  ?  ?

  ? 
? ? ? ?
?  ?  ?   ? ?


?   ?  ?  ? ?   ? ?
?  ?  ?  ?  ?


?  ?   ? ?
? ? 
 ?
? ( ?

   ?  ? ?


?? ? ?.344+1

X????????½#
%

 
!(#

, ?  ?  ?  ?   ?


 ?   ?
?  ? ?

" ?  ? ? ? ?  ?   ? ?


? ? ?

  ?
   ? 
 ?  ?  ?
?  ? ? ?

  ?
 ? ?  ??
?  ?  

X????????- 
(#?
[? ?  ?
?  ?  ? ? 
?
?    ? ?

" ? ??? ? ??


?  ? ? ?  ?

  ??


 ?  ?
?
?( ?  ? ??
?

? 
 ?
 ?    ?  ? ? 
? ? ? ? 
  ?

 ?    ? 
?
? 5?
?  ? 
? 
?
 ? 5?
?

  ?    ?  ?  ?   ? ?  ?

  

X????????M#
%

"



?
?  ? ?  ?  ?  ?   ?

  ?
?   ??" ? ?? ?
? ?? ?

?  ? ?
  ?   ?  ?
?   ?  ?
?


?    ? ? ? ? ?  ? ?
? 
?  ?  ?

 ?
?  ? ?   ?   ? ?  ? ? ?


  ?
?  ?  ??
? 
?
 ?
? ?  ?

  ?
?   ? ?   ? ? ?
??

?

 ?
  ?   ? 

?   ?  ?  ? ?    ? ? ?

 ?  ? ?


 ?
  ? 
?
?    ? ?

" ?  ? ? ?  ? ?   ?   ?


? 
? 
?  ?

 ? ??


 ?   ?? ? 

j
M+



(
+

$
" ?  ? ?
 ? ?  ? ?  ?  ?   ?  ? ? ?
?

 - ?  ?  ?   ?  ? ?  ? ? ?  ?  ? ?

?
?
  ???? ?  ?  ?
 ? ? ?  ??
?

 ?   ?  ?    ?   ?  ? ?  ?  ?  ?  ?


? ? ?? ? ?
?  ??
?( ?  ? ?

  


?   ?  ?  ?   ? ? " ?  ? ? ?

  ?  ? ? ?


? 
? ?  ?  ?  ? ?
?

( ?  ? ? 


 ?  ?
?  ?
  ? ?

 ? &   ?  ?  


 ? r ? ?   ?
 ?

 ?
?  ? ?
?   ? ?
?    ? ?
? ( ?

  ?
 ? ??&  ??  ? ?.34431


?   ?   ? ?   ?  ? ( ?  ? ?   ?

 ? ?
?  ?   ?
   ? 
 ?  ?   ?  ?
?

? ? ? ? ? 


 ?
?  ? ?   ? ?


  ? 
 ?  ?
?    ? ?   ?  ?  ? ?
?

? ?
?  ?
?  
 ??   ?  ?

 ? ?
 ?   ?  ? ? " ?  ? ?  ?
 ? ?

 ?  ?  ? ?


? ? ?
 ? ? ?  ?  ??


? ?  ? ? &?  ?  ?   ?  ? ? 
?

  ?'?


? ? ?   ?" ? ??
 ?  ? ?  ?

  
 ? ?  ?   ? ? 
? ?  ?   ?
  
 ? ?
?  ? 6 ?
? * ? 7 
?
? 6?  ?  ?

 ?
?r ?,?

? r? ?  ? " ?  ? ?  ?  ? ? 


? ?  ?

  ?  
?? ?  ?

? ?&  ?  ?

?
?  ? 
? ?  ?  ?  ? ?  ? 
?
?

  ? ? ?  ?  ?  ?


?  ?  ?
?  ? r ?


 ?  ? ?  ?
?  ? r ?
?  ?   ?  ?    ?


 ?   ?  ? 
 ? ? " ?  ? ?  ?
? ? ?
?

? ?
?
?  ? ?
? ?   ? ? 

7 ?
 ? ?    ?  ? ? ?  ?  ?  ? ? ?  ?

  ? ?
? r ? ,? 8?  ?  ? r ?
 ? ?  ? ? ? ?


 ?
?  ? ? ? &   ?  ?  ?
 ? " ?  ? ?  ? ?

  ??
?? 

Œ

+
,

 !
. '*
*
/
G
&
%"!#

0
("
%#$


?   ??" ? ??? ? ?  ? ?? 
  ? ?

 ?
 ?
??   ?
? ? ?  ??
?   ? ?

  ?" ( ?  ?  

M+
%


#
%
)

!#$

r&
1"#
G!!"
%
 !# 
½
?

+1? " ?  ? ?  ?  ?  ?   ?   ? ?
?   ? ? ?

 ? ??? ?&  ?    ?  

31? " ?  ? ?  ?  ?  ?


? ? ? 2   ? & ? ?

&   ?? ? ??? ??  ??  

j1?" ? ??  ? ? ? ? ?  ?  ? ??  ?

? ? ?? ? ?   ??   ??
??  

&
 !
%

 

" ?  ? ?   ?


?  ?  ?   ?
?   ?  ?

 ?  ? % ? 



?  ?
?   ? ?  ?
? &  ?

   ? ? ?   ? 


? % ? r   ? , ?    ?
?

( ?   ?   ? 


  
?  ?   ?   ?  ?   ?

 ? ?  ?    ? ? ?   ?  ? ?

  ?  ? " ?  ? ?   ?    ?


 ?  ? ?  ? ?
 ?  ?

  ? ?   ?  ? ?


? ?   ?  ?  ?  ? ?
?

( ? ? ?  ? 

&
 
)#! 
%


" ?  ? ?   ?  ?  ? ?   ?  ? ?


? ? ?  ? ?
 ?
? ? ? 
?  ?  ?  ?  
?  ?

  
+? 
? ?  ? ?  ?
 ?  ?  ? ?
 ? ?   ?  ?

?  ?   ?  ?  ? ?  ?   ? ?


?  ? ?

?  

3?
??   ?? ? ? ?

?   )

?? ? ?   9

?? ? ?   ?


?  ? ?
 ?

?

?
? ??

  ?? 9?

? ?  ? ?  ?


? 

!&!'& 

?   ? ?
?    ?  ?  ? ?
?   ?   ? ? " ?

 ??   ??  ? ?? ?


?
 ?? ?
?

?  ?   ?


 ?
?   ?   ? ? " ?  ? ?  ?  ? ?

  ? ?? ?


??


? ? ?
? " ?  ? ( ?   ?  ?    ?  ?

  ?  ??  ?   ? ?


?  ?   ?
 ? ?


 ?
?
?    ?   ?
?7?
? ? ? ?
?


?    ?  ?   ? 
 ?  ?  ? ? ? " ?  ?




?    ? ?
?  ?  ?  ?  ?
?   ? 
 ?  ?  ?

   ??
?  ??" ? ??  ? ? ? ??

?

?   ?  ?


?  ? 7?
 ?  ?  ?
? ?  ?

 ????  ?  ?  ? ? ?


?   ?

?
?
r ?
?   ? ? " ?  ? ?
? ?  ? ?  ?  ?


? ?  ? ?
?
? ? ? ?
?
? ??
?

 ?? ? ?  ? 


?  ?  

Read more: http://ivythesis.typepad.com/term_paper_topics/2009/04/case-study-analysis-


assignmentmckinsey-co.html#ixzz1KkGdNPMc


?

McKinsey has more than 95 offices in over 50


countries. Our consultants represent over 100
nationalities and speak more than 120 languages.
Despite this wide range of nationalities and
backgrounds, we operate as "One Firm" worldwide.
That means we knit the benefits of our diversity into a
unique global network unified by our values.

&
(
Adhere to the highest professional standards
Improve our clients' performance significantly
Create an unrivaled environment for exceptional
people

 
  
As well as staffing projects on an international basis,
McKinsey organizes conferences, training courses, and
informal events on an international basis to support the
development of an international culture and the
establishment of a global network.

)
*+%

In the Swiss office, diverse cultural backgrounds, very
different professional backgrounds, and a broad range
of interests form a significant part of the office's
culture. By staffing projects internationally and giving
our consultants the opportunity to work abroad, the
Swiss office emphasizes the importance of building an
international culture on the basis of diversity.


+%¦
You will be working in teams with colleagues who
have the broadest possible interests and academic and
cultural backgrounds. Teams consisting of such diverse
people as a political scientist with an M.B.A., a medical
doctor, and a chemist are the rule rather than the
exception. And because of our global staffing efforts,
they will probably be from different offices or
countries.
?


¦$ ,
-
+
r               
?

ù iStockphoto/Silense

How do you go about analyzing how well your organization is positioned to achieve its intended
objective? This is a question that has been asked for many years, and there are many different
answers. Some approaches look at internal factors, others look at external ones, some combine
these perspectives, and others look for congruence between various aspects of the organization
being studied. Ultimately, the issue comes down to which factors to study.

While some models of organizational effectiveness go in and out of fashion, one that has
persisted is the McKinsey 7S framework. Developed in the early 1980s by Tom Peters and
Robert Waterman, two consultants working at the McKinsey & Company consulting firm, the
basic premise of the model is that there are seven internal aspects of an organization that need to
be aligned if it is to be successful.

The 7S model can be used in a wide variety of situations where an alignment perspective is
useful, for example to help you:

p?  ?
 ?   ? ?? ?
p? (-  ?
 ? . ?
? ?
 ?  ?
 ?? ?
p?  ? 
 
??  ?  ??  ?? $ 
?
p? %
  ?? 
?
?   
?? ?

?

The McKinsey 7S model can be applied to elements of a team or a project as well. The
alignment issues apply, regardless of how you decide to define the scope of the areas you study.

¦r 

The McKinsey 7S model involves seven interdependent factors which are categorized as either
"hard" or "soft" elements:

M   
! 

Strategy Shared Values

Structure Skills

Systems Style

Staff

[[p[][mm
"Hard" elements are easier to define or identify and management can directly influence them:
These are strategy statements; organization charts and reporting lines; and formal processes and
IT systems.

"Soft" elements, on the other hand, can be more difficult to describe, and are less tangible and
more influenced by culture. However, these soft elements are as important as the hard elements
if the organization is going to be successful.

The way the model is presented in Figure 1 below depicts the interdependency of the elements
and indicates how a change in one affects all the others.
Let's look at each of the elements specifically:

p?  "?
 ??   ?
? 
 ?? ? 

 ?
 ? ?
 ? 

??
p? # #"?
 ??
 ? 
? ?

 ??? 
?
???
p?  "?
 ? ?

??   ?

?
 ?  ?  ? ?
?
?
 ?/? ??
p?  $ #"?  ?0   
?0? ?
 ? ?? 
?   ?
  ? ?
 ?
 ? ? ?
 ? ?

? ?    ? ?
 ? 
? 
 ??
 ?  ?.?

 ??
p? "?
 ?
 ? ?   ?
??
p?  !!"?
 ?  ??
 ?  ?  
??
p? %"?
 ?
?. ?? 
 ? ?
 ?  ?. ? ?
 ? ??

Placing Shared Values in the middle of the model emphasizes that these values are central to the
development of all the other critical elements. The company's structure, strategy, systems, style,
staff and skills all stem from why the organization was originally created, and what it stands for.
The original vision of the company was formed from the values of the creators. As the values
change, so do all the other elements.

M     

Now you know what the model covers, how can you use it?

The model is based on the theory that, for an organization to perform well, these seven elements
need to be aligned and mutually reinforcing. So, the model can be used to help identify what
needs to be realigned to improve performance, or to maintain alignment (and performance)
during other types of change.
Whatever the type of change ± restructuring, new processes, organizational merger, new systems,
change of leadership, and so on ± the model can be used to understand how the organizational
elements are interrelated, and so ensure that the wider impact of changes made in one area is
taken into consideration.

You can use the 7S model to help analyze the current situation (Point A), a proposed future
situation (Point B) and to identify gaps and inconsistencies between them. It's then a question of
adjusting and tuning the elements of the 7S model to ensure that your organization works
effectively and well once you reach the desired endpoint.

Sounds simple? Well, of course not: Changing your organization probably will not be simple at
all! Whole books and methodologies are dedicated to analyzing organizational strategy,
improving performance and managing change. The 7S model is a good framework to help you
ask the right questions ± but it won't give you all the answers. For that you'll need to bring
together the right knowledge, skills and experience.

When it comes to asking the right questions, we've developed a Mind Tools checklist and a
matrix to keep track of how the seven elements align with each other. Supplement these with
your own questions, based on your organization's specific circumstances and accumulated
wisdom.

‰m
   

Here are some of the questions that you'll need to explore to help you understand your situation
in terms of the 7S framework. Use them to analyze your current (Point A) situation first, and
then repeat the exercise for your proposed situation (Point B).


 % .

p?  
? ? ?

1?
p? #?? ? 
?
?   ? ?/
 1?
p? #?? ? ?
? 

 ?   1?
p? #? ?  ? ? 
 ? ? 
?
1?
p? #? ?

?/ 
? ?   
?  1??


 
.

p? #? ?
 ? 2
?   1??
p?  
? ?
 ?  1?
p? #??
 ?  ? 
 
?  
?

1??
p? #??
 ?
?  ?  ?? ?
   1?
p? ?  ?. ?? 
 ? 
  ?? 
  1??
 ??
? ? ?  ?

? 3 ? 1??
p?    ? ?
 ?  ? ?   
1?(-
?? 
1??

  .
p?  
? ?
 ? ?
?

? ?
 ? 
1?*  ?  ??#4?
?? ?
?   
??  
?
 ?
p?    ? ?
 ? 
??? ?
 ?
 ??  
1?
p?  
? 
?  ??  ? ?
 ?
?  ?
?. ??
 .1??

$
(.

p?  
? ?
 ?  ? 1?
p?  
? ?
 ? 
2
? 
 1?
p? #?
? ?
 ? 1?
p?  
? ?
 ?  
? ?

?
 ? 2
?? 
?1??

 .

p? #?

 ? ?
 ?  
2   ?
 1?
p? #?
 ? ?

?   1?
p? %?  2
?  ?
?
? ? 

 ??  
 1?
p?  ?
  ? ?
? 
 ?
 ?
 ? 
?? ?
 ?/ 
? ? 1??

 .

p?  
?
??  
? ?   
?
 ?
 ?
1?
p?  
?
? ?
? ?  1?
p?  ?
  ?? ? $  ? 
 1??

+.

p?  
? ?
 ?
 
?. ?   
?
 ?
 ? 2
1?
p?  ?
  ??. ?1?
p?  
? ?
 ? 2
?.? ? ? 1?
p? %?
 ?  
?  2
?  ? ?
 ? 
?
??
 ?/1?
p? #? ?. ?
 ??  1??

‰   

Using the information you have gathered, now examine where there are gaps and inconsistencies
between elements. Remember you can use this to look at either your current or your desired
organization.

Click here to download our McKinsey 7S Worksheet, which contains a matrix that you can use
to check off alignment between each of the elements as you go through the following steps:

p? è

?
? ?è ?5 6? ?
 ?  

?
? ?

 ?

??
1? ?

?
? ?
?  1?
p? ¦ ?.?
?
 ??   
?#? ? ?  ? ? 
?
 ?
 1? 
?  ?
 ? ?
? ? ??
p? ^ -
?.?
?
 ?
 ?
?   
?%?
 ? 
?
 ?   ??   
1?%?
 ?
 
? ?
 1? ?
?
? ?
?  1??
p? ? ?/ 
?? ?
 ?   
? 3? ?
?  ??

 ?7?
?
 ?   8?
 ? ?. ?/ 
 
??
 ? ) ??

? 
?
 ?   
??

 ?  
?¦ ? ?  
? ?

?   ? ? ?


?
??


? 
? ?  
?    ?+  ?
?½  *?9?
?
*??  ?(- ??  ?   ?  

?
 ? ??
?? ?  
?
? ?/?  ?
 ?
 ??

   ?  ? ? ?9 ?+ ?è


 ?  ?

?
 ?^
 ??è   ??. ?
?/?
(  ?  
? ??:??4?%
2è ? ? 
?
?
?  ? ? ?;?? 
 ?

/ 0 )


 1
Ñ & ÿ#    #
!'
  #?
? . ?   
?  
?
?
?  <
(
ÿ O½'

2j&34

5&44

.65&378

9??
ÿ
  O'

4ë& ŒŒ

- & ë2

.-5&7j8

9<?
 ?=? ??  ?è? ??
? ?
 ?  ?



?? ?   ??+ 
=? ?
?+??
½ +