Professional Documents
Culture Documents
Previous Coursework Example (Comments) Poor
Previous Coursework Example (Comments) Poor
!"#$%&'(&)'*!%*!+ !
"#$%&'()$!*&++,-.!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0!
*'-&%'&-$!,12!3&4'&-$!56!'7$!35+8,1.!,12!9$,+!//////////////////////////////////////////////////////////////////////////////////////////////////!:!
35+8,1.!;-56(4$!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!:!
<-=,1(>,'(51,4!*'-&%'&-$>!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!:!
?,>(%!8,-'>!56!'7$!<-=,1(>,'(51!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!@!
?,>(%!355-2(1,'(1=!A$%7,1(>+>!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!B!
<-=,1(>,'(51,4!C$%$1'-,4(>,'(51!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!D!
<-=,1(>,'(51,4!3516(=&-,'(51!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!E!
C$>%-(8'(51!56!'7$!>'-&%'&-$!,12!%&4'&-$!56!'7$!%5+8,1.!,12!'7$!'$,+!///////////////////////////////////////////////////////////!F!
G1,4.>(>!56!'7$!8$-65-+,1%$!56!'7$!9$,+!////////////////////////////////////////////////////////////////////////////////////////////////////////////!00!
9$,+>H!37,-,%'$-(>'(%>!,12!9.8$>!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!00!
Some of the
headings
used are
missing from
this table
9.8$>!56!'$,+>!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!00!
9$,+!I54$>!,12!*J(44>!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0:!
97$!'$,+!,12!('>!4$,2$-!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0B!
9$,+!;$-65-+,1%$!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0B!
I$%5++$12,'(51>!'5!K+8-5)$!9$,+!;$-65-+,1%$!/////////////////////////////////////////////////////////////////////////////////////////////!0E!
37,1=$>!'5!K165-+,'(51!645L!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0E!
37,1=$>!'5!'7$!<-=,1(>,'(51,4!%&4'&-$!/////////////////////////////////////////////////////////////////////////////////////////////////////////////!0E!
37,1=$>!'5!'7$!4$,2$->7(8!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0E!
37,1=$>!L('7(1!'7$!9$,+!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0M!
37,1=$>!,'!'7$!(12()(2&,4!4$)$4!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0F!
35164('>!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!:N!
?(O4(5=-,87.!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!:B!
!
&
!"#$%&'(&(,-./%+&
Figure 1 : The basic parts of the organisation!/////////////////////////////////////////////////////////////////////////////////////////////////!@!
Figure 2 : Coordinating mechanisms on scales of decentralisation and bureaucratisation!///////////////////////!B!
Figure 3: Five pulls on the organisation!///////////////////////////////////////////////////////////////////////////////////////////////////////////!P!
Figure 4 : Team Hierarchy!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0N!
Figure 5 : Maslow's Hierarchy of needs!//////////////////////////////////////////////////////////////////////////////////////////////////////////!0F!
!
!
!"#$%&'(&!"#$%+&
Table 1 : Advantages of Centralisation and Decentralisation!////////////////////////////////////////////////////////////////////////!E!
Table 2 : Features of Organisational Configurations!///////////////////////////////////////////////////////////////////////////////////////!M!
Table 3 : Belbin's Team Roles!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0@!
&
No scope
No recommendations
%0%).!,1%&+.22"/3&
This report aims to discuss the performance of a team that is part of CL Constructions
Limited and provide a set of recommendations for improving its own performance. The
report goes about this process by describing the culture and structure of the organisation
and in turn of the team as well, analysing and evaluating the performance of the team in
relation to its project goals. Finally, the report puts forth a number of recommendations &
suggestions for improving the performance of the team under review and discusses the
various issues that may arise and impede the implementation of the improvement strategy.
This sort of
content is
not required
here
The report provides discussion of models, concepts and theories from various authors, such
as Mintzberg (1979, 1983 and 1998), Johnson et al. (2005), Belbin (2010) on the different
organisational aspects such as the organisational structure, co-ordinating mechanisms,
decentralisation, information flows among others.
!
0!
+!/.)!./%&"*4&).$!./%&'(&!5%&)'26"*3&"*4&!%"2&
3<A;GQR!;I<SKT"!
Lack of
detail overall
CL Constructions Limited is one of the upcoming construction firms located in southern India
Evidence?
that has shown much growth and promise in the recent past. The company has been largely
Examples?
Style - inappropriate
establishments. The company has bagged a few high profile projects such as the airport word
expansion project which involved two new terminal buildings. The main base of operations
of the company is in the capital city of Chennai.
<IUGQK*G9K<QGT!*9IV39VI"*!
Johnson et al. (2005) says that managers usually like to describe their organisation by
This symbol
drawing up an organisational chart. This structural chart shows the levels & roles in their should not be
organisation. These are of prime use to the managers not only because they describe who is used - style
responsible for what but also shows the patterns of communication and knowledge
exchange.
The basic structural types:
List
Detail lacking
Functional structure
Multidivisional structure
Holding structure
Transnational structure
Matrix structure
Each of these organisational structures has their own distinct advantages and
disadvantages.
!
:!
?G*K3!;GI9*!<S!9W"!<IUGQK*G9K<Q!
Mintzberg (1979 & 1983) and Mintzberg et al. (1998) theorises that any organisation can be
Grammar
1. Operating core
2. Strategic apex
3. Middle line
4. Techno structure
5. Support staff
&
Figure 1 : The basic parts of the organisation
Good
This should be
included below the
figure
!
@!
?G*K3!3<<ICKQG9KQU!A"3WGQK*A*&
The basic structure of any organisation can be simply defined as nothing more than the
overall means by which the labour is separated into several distinct tasks and then
facilitating coordination among them. Simply put these coordination mechanisms are the
most basic building blocks of any structure. This coordination can be achieved through the
following six basic mechanisms (Mintzberg et al. 1998).
The lack of
detail means
that this
demonstrates
little more than
copying from or
paraphrasing
from the sources
identified
Mutual adjustment
Direct supervision
Standardisation of work processes
Standardisation of outputs
Standardisation of skills
Standardisation of norms
K1%-$,>(1=!?&-$,&%-,'(>,'(51!
Z"1%5&-,=$2!O.!=-$,'$-!$1)(-51+$1',4!>',O(4('.[!
&
*',12,-2(>,'(51!56!
X5-J!;-5%$>>$>!
&
&
*',12,-2(>,'(51!56!
<&'8&'>!
&
*',12,-2(>,'(51!
56!*J(44>!
&
&
&
&
&
C(-$%'!
*&8$-)(>(51!
A&'&,4!
G2Y&>'+$1'!
&
&
&
K1%-$,>(1=!C$%$1'-,4(>,'(51!
Z"1%5&-,=$2!O.!=-$,'$-!$1)(-51+$1',4!%5+84$#('.[!
!
B!
<IUGQK*G9K<QGT!C"3"Q9IGTK*G9K<Q!
What is the
context for
this quote?
When all the power for decision making rests at a single point in the organization
ultimately in the hands of one person, we shall call the structure centralized; to the extent
that the power is dispersed among many people, we shall call the structure decentralized
(Mintzberg et al. 1998).
List - does Six different types of organisational decentralisation have been defined.
not
demonstrate
understanding Vertical and horizontal centralisation
Strategic apex shares some of its powers with the techno structure which
standardises the works for others
Managers of the market driven divisions are delegated power to make the
decisions which directly relating to their corresponding units
The decision making powers are distributed over a variety of places in the
organisation. The managers, expert staff members, and line operators
working together in teams are delegated the power to make decisions at their
appropriate level of hierarchy
Pure decentralisation
!
The decision making powers are shared more or less evenly by all the
members working in the organisation
!
D!
Centralisation
Decentralisation
Mintzberg's ideas have not been described in (enough) detail, criticised or placed into the context of the example
team
<IUGQK*G9K<QGT!3<QSKUVIG9K<Q!
Johnson et al. (2005) states that an organisations configuration consists of the structures,
processes and relationships through which the organisation operates. These three key
strands of an organisations configuration interlock with each other to form a coherent
virtuous circle.
The structural design describes the roles and responsibilities of the various members
in the organisation.
The processes drives and supports the people present within and around the
organisation.
The relationships describe the connections between people both within and outside
the organisation
!
E!
!
Source: Johnson et al. (2005)
Mintzberg (1979 and 1983) and Mintzberg et al. (1998) categorises organisation
configurations into six based on the basic pull in the organisation.
1. Simple
List - same
arguments
apply as before 2. Machine Bureaucracy
3. Professional Bureaucracy
4. Divisionalised
5. Adhocracy
6. Missionary
!
The following table shows the key features of the different configurations stated above.
Structural
configuration
Prime coordinating
mechanism
Type of
decentralisation
Simple structure
Direct supervision
Strategic apex
Machine
bureaucracy
Standardisation of work
processes
Techno structure
Limited horizontal
!
M!
Professional
bureaucracy
Standardisation of skills
Operating Core
Divisionalised
Standardisation of
outputs
Middle Line
Limited vertical
Adhocracy
Mutual adjustment
Support Staff
Selective
decentralisation
Missionary
Standardisation of
norms
Ideology
Decentralisation
!
Source: Mintzberg (1979, 1983) and Mintzberg et al. (1998)
!
P!
C"*3IK;9K<Q!<S!9W"!*9IV39VI"!GQC!3VT9VI"!<S!9W"!3<A;GQR!GQC!9W"!9"GA!
The project execution team of the CL Constructions which is under review here consists of
the following members. The entire project team is lead and in control of the Project
Manager. There are four construction managers under his control. The construction
managers are in turn in control of ten senior engineers. Each of the senior engineers are
responsible for five junior engineers. The junior engineers are in control of the execution of
the various works onsite and closely monitor the work for conformance with the project
plans and quality. The number of labours working under each of the junior engineers
depends on the task in hand. The work area is divided into several grids for efficiency in
work execution. Each of these grids falls under the direct control of a senior engineer. The
junior engineer themselves are not bound to any one senior engineer and are reassigned to
other groups as and when the need arises. When a particular work involves more than a
single grid, the engineers coordinate amongst each other and take turns in overseeing the
execution of the work.
The construction managers are in direct contact with the various contractors. The various
contractors though external to the actual project execution team are still a contributing
member to the overall team. Though they report directly to the construction managers, their
works execution is still monitored by the junior engineers.
From the above mentioned characteristics we can infer that the organisation is configured in
Not enough
evidence is
a divisionalised form. There is a limited amount of vertical decentralisation within the
given to
conclude this - organisation. The decision making powers have been delegated down the chain and
i.e. examples
from
distributed amongst the managers of the middle line operations. There is much emphasis on
experience with
the team are the middle line of the organisation. The prime coordinating mechanism at the organisational
required
level is standardisation of outputs. Much importance is given to the final finished product
and that it is of good quality & meets all of the necessary standards. However from below
middle line level of the organisation coordination of tasks is achieved by strict direct
supervision.
Information Flow
The project manager briefs the construction managers regarding the days work based on
the schedule provided from the project planning office and the previous days work
feedback. The construction managers assign the work to the senior engineers according to
!
!
F!
their corresponding grids of control. In this fashion the information flows down from the
upper levels down to the lower levels through the junior engineers and finally to the
labourers. Similarly the feedback from the team members flows up the chain of hierarchy.
The team members have limited authority & decision making powers and have to consult
with their superiors in order to arrive at a final decision.
Making profit!
From these characteristics we can say that the companys culture is based on the power
culture.
Figure 4 : Team Hierarchy
!
0N!
"*"$3+,+&'(&!5%&6%/('/2"*)%&'(&!5%&!%"2&
9"GA*H!3WGIG39"IK*9K3*!GQC!9R;"*!
What is a team?
"A team is a group of people working together towards a common goal" (Team Technology,
Weak source
1995-present).
LIST
LIST
Possess the authority to manage their own work and internal processes
9R;"*!<S!9"GA*!
Teams in any organisation can be widely classified into the following types (Wheelwright
and Clark, 1992 & Hackman 1987).
LIST
Operational Teams
Functional Teams
Cross-functional Teams
!
00!
Autonomous Teams
Strategic Teams
Virtual Teams
9"GA!I<T"*!GQC!*\KTT*!
Katzenbach & Smith (1993) stress the importance of the skills each member brings into the
team such as Technical expertise, Problem solving, Interpersonal and Decision making skills.
Benn and Sheats (1948) broadly classify the role of team members into the following.
LIST
Task Roles
!
Initiator, Information seeker, Opinion Seeker, Opinion giver, Elaborator, Coordinator, Evaluator, Energizer
Social Roles
!
Individualistic Roles
!
Belbin (2010) has identified nine major roles displayed by members in a team.
1. Plant
LIST
2. Monitor/Evaluator
3. Co-ordinator
4. Resource Investigator
5. Implementer
6. Completer/Finisher
7. Team worker
8. Shaper
9. Specialist
!
!
0:!
Example?
Achieving a balance between these various roles is the key to forming a successful and high
performance team.
Role
Contribution
Weakness
Resource
Investigator
Implementer
Completer/Finisher
Team worker
Shaper
Specialist
Concentrates only on
technicalities.
Good; but as
this is not
applied to the
Plant
example team
an
opportunity
has been lost
and it
Monitor/Evaluator
therefore
remains just
a table that
has been
Co-ordinator
copied from
the text
Source: Belbin(2010)
!
0@!
9W"!9"GA!GQC!K9*!T"GC"I!
The team under review here follows a power culture wherein the leader exerts strict over his
subordinates and the ultimate decision making authority lies with him. In this particular case
of ours it is seen that the leader of the team follows a coercive power policy to influence his
team members and to get them to do their work. This results in a highly organised work
environment where there is not much of slaking on the part of the team members. So from
the above characteristics we can infer that the team leader performs his duty more like a
team manager rather than a team leader. As McGregor (1960) says in his X & Y theory, the
Style and
structure
9"GA!;"IS<IAGQ3"!
The performance of the team is going to be analysed based on its productivity, returns to
the organisation, member satisfaction and individual growth (Thompson, 2000).
!
0B!
Team productivity
Clarity of goals: The members of the team in this scenario are only provided with
information on a need to know basis. As result of this the members lack clarity with respect
to the goals of the team. The members are expected to do only what that are asked to do.
Their objective performance levels are set out at the very beginning itself.
Since the work processes are closely monitored the resulting output of the team is good and
is within acceptable standards.
Organisational gains
Teams such as this form the basic workforce of the organisation and are essentially the
building blocks of the organisation. However there isnt much of a consistency between the
goals of the team and those that of the company because as seen before the team lacks
clarity in regards to their goals. The team is pretty much isolated from other similar teams
and there is not much interaction between them. As a result the team neither affects nor
gets affected by other such teams that may exist within the organisation.
Member Satisfaction
Member satisfaction is very important within a team because it keeps the team members
There is:
*no justification
*no evidence motivated and makes them enjoy their work which in turns results in better work
*no detail
performance from the members of the team. With regards to our team it is seen that the
*no example
team members while they do not exactly resent each other, they however do not enjoy
working together with each other. This could have resulted from the fact that they are
subjected to strict supervision and there is not much communication as such between the
team members.
Individual growth prospects
Individuals evolve and gain valuable experience much better when they are working in a
collective environment as a team. Team members are introduced to opportunities to develop
their skills when working in a team. A team is like a source of knowledge pooled together by
the different skills each of its member brings into the team. Members can learn from each
other and can achieve individual growth as a direct result of this. In this scenario of ours
member interactions are literally nonexistent or have been reduced to a bare minimum.
Consequently knowledge exchange between the individual members has become stunted.
The growth prospects for the individual team members has been severely affected.
!
!
0D!
So finally to summarise, the team is largely affected by lack of motivation, openness, growth
prospects, clarity of goals, morale, member empowerment, training, job dissatisfaction and
improper leadership.
/%)'22%*4"!,'*+&!'&,26/'1%&!%"2&6%/('/2"*)%&
3WGQU"*!9<!KQS<IAG9K<Q!ST<X!
The information flow in the current situation is primarily following a chain mechanism within
the team. In order to further improve the efficiency of the information transfer it is
recommended to follow a briefing mechanism wherein the information is passed on to all
the team members from one single person with the appropriate know how, in most cases
the team leader. It is to be noted that the quality of the briefer affects the information
passed on.
3WGQU"*!9<!9W"!<IUGQK*G9K<QGT!3VT9VI"!
Currently the culture of the organisation is based on the power culture. The organisation
needs to shift this from power based to a role based culture. This will improve the
performance of the individuals within the organisation. There will be clarity of the goals and
objectives, performance variables will be eliminated and individual responsibilities are clearly
defined. Also more importance is given to individuals skills and this will result in people
gaining specialised skills in their corresponding turf.
3WGQU"*!9<!9W"!T"GC"I*WK;!
The current leadership of the team follows the direct supervision model. This has made the
team leader into a team manager. This is to be corrected in order for the team to feel
motivated and to boost their morale. The team lead must delegate some powers to his
subordinates to make routine day to day decisions that do not require his intervention. This
will make the team members feel empowered and will naturally motivate them.
!
!
0E!
3WGQU"*!XK9WKQ!9W"!9"GA!
Composition of the team
This tells us A team performs at its very best when there a balance in the roles played by its component
nothing about
members. As discussed earlier there are various roles that define each individual in a team
the team
composition
based on their inclinations. A good team must essentially consist of members playing
at the moment,
the changes different roles in a proper mix; the key here is balance. The team need not possess all the
that are
needed or
roles but only a good mix. There is no standard recipe for forming the perfect team, instead
detail beyond
there are combinations that might bring out better performance than some other
what was
provided in the
configuration. Out of necessity a team should have at least possess one plant and a
lecture
completer / finisher. The plant is needed to bring about new ideas and the finisher of course
to make sure that the work would achieve completion within the specified deadline. High
performance teams are hard to come by and elusive. The aim is not to create high
performance teams but to form teams with a good performance record.
Team development
Some good
detail, but in
the wrong
location
Tuckman (1965) has proposed a model for development of a team. This model consists of
various phases which are all necessary and unavoidable in order for the team to evolve.
There are a total of four basic phases and an added fifth phase (which is not always
present).
1.
Forming
!
Involves seeking out information about the individual team members and also
about the task. Team members have a tendency to behave independently.
This stage is important because team members get acquainted with each
other and the goals are clarified and agreed upon.
2.
Storming
!
In this stage ideas are conceived and compete with each other for
consideration. This stage requires close monitoring because there is a
tendency for the conflicts that arise during this stage to get out of control and
become destructive to the team structure. This phase is necessary for the
growth if the team.
!
0M!
3.
Norming
!
The team manages to arrive at a common goal and evolve a mutual plan for
the entire team. The conflicts of the previous phase gets resolved and work
standards are established. Some of the members will have to give up their
own ideas and embrace the ideas of others for the sake of the team.
4.
Performing
!
At this stage the team enters into a high performance state. The team is able
to operate as a functional unit. They are able to perform the task at hand
smoothly and effectively without internal conflicts or the need for external
supervision. Individual members would have become interdependent by this
time and are self motivated and knowledgeable.
5.
Adjourning
!
Not all teams go through this phase. When the target of the team has been
reached, it is usually ported to another task. But sometimes the team might
be dissolved when its life span has expired. The team members might either
leave the team or might revert to an earlier stage of development.
trends. Both the organisation and its members can benefit from this process.
!
0P!
3WGQU"*!G9!9W"!KQCK]KCVGT!T"]"T!
Motivation
Maslow (1943) has put forth the hierarchy of needs which form the driving force for
motivation. Maslows hierarchy of needs is usually represented in the form of a pyramid with
the major and the most elemental needs at the bottom and the need for self actualisation
full maturity at the apex.
Figure 5 : Maslow's Hierarchy of needs
This should
have been
included in
the
analysis
section
In our team under review there is a massive lack of motivation, both external as well as
internal. Team members can be motivated by making them feel empowered, by entrusting
certain duties to them and giving them authority to make decisions with respect to the said
!
0F!
task. Once this external stimulus succeeds in motivating the team members after a stage
they will be self motivated resulting in a very positive attitude towards their work.
Reward and Job satisfaction
Job satisfaction depends upon the company policy, method of supervision, interpersonal
relationships with fellow team members and the conditions under which they work. A reward
can be as simple as a praise. It has been proven that individuals work better and for
extended durations when they are given due praise for their hard work. This is the most
powerful motivator that is proven to work in the long run. However when there is a total
lack of motivators, rewards in the form of monetary compensation becomes imperative.
However this does not have any long term value towards motivation. Motivators such as
recognition, reward, achievement all together establish the level of job satisfaction of the
individuals.
3<QSTK9*!
This is not directly relevant to the assessment brief, and it has not been justified
within the context of
the example
A conflict can be defined as the process in which one entity perceives that its interests are
team and
its
being opposed or harmfully affected by another entity (Lakshman, 2006).
performance
problems
either
Conflicts may arise due to a variety of reasons which may include incompatibility of goals,
LISTS
Levels of conflict
Types of conflicts
Conflict Negotiation
Negotiation can be defined as a communicative process in which the entities under conflict
reach a mutual agreement to resolve their differences (Robbins, 2005).
Negotiation will cause conflicts to have a positive and constructive solution. Without
negotiation energy might be diverted away from important works and issues.
2.
3.
4.
Competing shark
!
Avoiding turtle
!
Compromising fox
!
!
::!
5.
Collaborating owl
!
The recommendations to improve the team have been designed in such a way that there is
minimal resistance and maximum conformance is achieved. Possible conflicts could arise at
the level of the team leads. They might be unwilling to delegate their power to their
subordinates. This is to be naturally expected as they have been used to keeping a tight
leash on their team. With continued training and collaboration these conflicts can be
smoothed out over time.
!
:@!
#,#$,'-/"653&
G42$-6$-H!3/!;/!Z0FMM[/!K+8-5)(1=!5-=,1(^,'(51,4!%5++&1(%,'(51!'7-5&=7!451=_'$-+!(1'$-=-5&8!(1'$-)$1'(51/!
!"#$%&'(")(*++',-.(/-0&1,"$&'(23,-%3-!H!0F@_:0N/!
?$4O(1H!I/!Z:N0N[/!4&%&5-6-%7(8-&69(:(;0<(70-<(9#33--.("$()&,'(=80,$.(>.,7,"%?@!<#65-2`!?&''$-L5-'7_
W$(1$+,11/!
?$11$H!\/H!a!*7$,'>H!;/!Z0FBP[/!S&1%'(51,4!I54$>!56!=-5&8!+$+O$->/!!"#$%&'(")(2"3,&'(A99#-9!H!B0_BF/!
375LH!T/H!97$1H!C/H!a!*J('+5-$H!A/!Z:NND[/!37,-,%'$-(>'(%>!56!'$,+L5-J!(1!*(1=,85-$/!!"#$%&'(")(3"%97$#37,"%(
$-9-&$30!H!0D_BE/!
>))-37,1-(7-&6B"$C(D(&(E-97(+$&37,3-(5#,.-()"$(70-(3"%97$#37,"%@!Z1/2/[/!I$'-($)$2!6-5+!351>'-&%'(1=!"#%$44$1%$`!
7''8`bbLLL/%51>'-&%'(1=$#%$44$1%$/5-=/&Jb826b25%&+$1'b9$,+L5-JcU&(2$/826!
S,4(J5L>J(H!G/!Z:NN:[/!4&97-$,%5(F#6&%(G-'&7,"%9H(I$.(>.,7,"%@!3,1,2,`!;$,->51!"2&%,'(51/!
W,%J+,1H!I/!Z0FFN[/!J$"#+9(70&7(B"$C(=&%.(70"9-(70&7(."%K7?:(L$-&7,%5(3"%.,7,"%9()"$(-))-37,1-(7-&6B"$C@!*,1!
S-,1%(>%5`!d5>>$._?,>>/!
d571>51H!U/H!*%754$>H!\/H!a!X7(''(1H!I/!Z:NND[/!>M+'"$,%5(L"$+"$&7-(27$&7-5<(=N70(-.,7,"%?@!W,-45L`!S(1,1%(,4!
9(+$>!;-$1'(%$!W,44/!
\,'^$1O,%7H!d/H!a!*+('7H!C/!Z0FF@[/!80-(;,9."6(")(8-&69:(L$-&7,%5(70-(F,50(+-$)"$6&%3-(O$5&%,P&7,"%@!
W,-),-2!?&>(1$>>!;-$>>/!
\$^>O5+H!C/H!*%7(44(1=H!C/H!a!"2L,-2H!\/!Z0FPF[/!Q<%&6,3(R$"S-37(6&%&5-6-%7H(*(R$&37,3&'(J#,.-()"$(4&%&5-$9(
&%.(>%5,%--$9@!Q$L!R5-J`!d571!X(4$.!a!*51>/!
T,J>7+,1/!Z:NNE[/!O$5&%,9&7,"%(&%.(L"%)',37(L0&+7-$(N@!I$'-($)$2!6-5+!%('$7-/%5+/!
A,>45LH!G/!Z0FB@[/!G!97$5-.!56!W&+,1!A5'(),'(51/!R9<30"'"5,3&'(G-1,-B!H!@MN_FE/!
A%U-$=5-/!Z0FEN[/!80-(F#6&%(2,.-(")(>%7-$+$,9-@!Q$L!R5-J`!A%U-,L_W(44/!
A(1'^O$-=H!W/!Z0FP@[/!27$#37#$-(,%(),1-9:(Q-9,5%,%5(-))-37,1-("$5&%,P&7,"%9@!T51251`!;-$1'(%$!W,44/!
A(1'^O$-=H!W/!Z0FMF[/!80-(97$#37#$,%5(")("$5&%,P&7,"%9:(&(9<%70-9,9(")(70-($-9-&$30@!T51251`!;-$1'(%$!W,44/!
A(1'^O$-=H!W/H!e&(11H!d/H!a!U75>7,4H!*/!Z0FFP[/!80-(97$&7-5<(+$"3-99H(G-1@(>#$"+-&%(-.@!W,-45L`!S(1,1%(,4!9(+$>!
;-$1'(%$!W,4/!
I5OO(1>H!*/!Z:NND[/!L"%)',37(&%.(T-5"7,&7,"%(O$5&%,P&7,"%&'(/-0&1,"#$@!<1',-(5`!;$,->51!;-$>'51!W,44/!
80-(/&9,39(")(8-&6(/#,'.,%5/!Z:NNE[/!I$'-($)$2!C$%!@NH!:N0NH!6-5+!9$,+!9$%71545=.`!
7''8`bbLLL/'$,+'$%71545=./%5/&Jb''b'_,-'(%4b'O_O,>(%/7'+!
975+8>51H!T/!Z:NNN[/!4&C,%5(70-(7-&6(:(*(5#,.-()"$(6&%&5-$9@!Q$L!d$->$.`!d571!X(4$./!
9&%J+,1H!?/!Z0FED[/!C$)$458+$1'!>$f&$1%$!(1!>+,44!=-5&8>/!R9<30"'"5,3&'(/#''-7,%!H!@PB_@FF/!
!
:B!
X7$$4L-(=7'H!*/H!a!34,-JH!\/!Z0FF:[/!G-1"'#7,"%,P,%5(+$".#37(.-1-'"+6-%7(:(U#&%7#6('-&+9(,%(9+--.H(-)),3,-%3<(
&%.(U#&',7<@!Q$L!R5-J/!
!
:D!