Strategic Brand Management

Prof. Denis Morisset

!"#$%&'()*+*,%-./0*(
1234345(
 !"#$%&'()*+,$-,&&
!"#"$%&'()*$"+,)-&,./0&1"')

!   6",/*07(8%/&8(9%#:("+(4;5<(

!   =0>.%9'7(/$&(?"+>(*@!"#$%&!
"'()'*&(+&!,-+*-&.%!.%$/0!'1!23&4!
!   A7+*+7B*.,(C"/$(/$&(%0/(*@(C%/#$(
B%:"+>D(6&0"/%>&D(E%0"/7D(%+8(F.G.07((

!   H'"B"+%I+>(J%/&:(J$"'"--&(",(%'B*,/(
/$&(,%B&(%,(&'"B"+%I+>(/$&($",/*07(
*@(/0%8"I*+%'(C%/#$(B%:"+>((

PART ONE 2
 !"#$%&.+#$%/0)$+&&
2"'3".45$).'&6+0&$+/78)53)40"87".")0&1"')

!   K$&('%,/("+8&-&+8&+/(L&+&M%+(C%/#$(B%+.@%#/.0&0(

!   J%/&:(J$"'"--&(",(/$&(.+8",-./&8('&%8&0(*@(/0%8"I*+%'(
N+&(C%/#$(B%:"+>O(
!   KC*(-0"+#"-'&,P(
!   K*(-0*8.#&($">$&,/(Q.%'"/7(*@(C%/#$&,(
!   K*("B-'&B&+/(+&C("+M&+I*+,(%+8(#*+,/0.#IM&(
,*'.I*+,(

PART ONE 3
 !"#$%&1)*)0$&&
9"+8".,)35'),/")8&+,:);&+.7$&45$)35'),/")3<,<'":)

!   1%B"'7($&0"/%>&((

!   R+"Q.&('&M&',(*@(#0%S,B%+,$"-(

!   T*+,/%+/("++*M%I*+(

Philippe & Thierry Stern

Honorary President & President
PART ONE 4
 !"#$%&1#23,*&&
=>)?$7@<")A&B<"+)

W.%'"/7(X()*0:B%+,$"-(
U%'.&( E%0"/7(
V+8&-&+8&+#&(
=&,/$&I#,(
K0%8"I*+( HB*I*+(
5#%&6!5-+)+77&!8&#)!

A&0M"#&( 6&0"/%>&(
V++*M%I*+((
PART ONE 5
 !"#$%&4)**)0$&&

937':&(!7&'7)&!%'!7(&.&(;&!%-&!)'<*!-+.%'(0!'1!
%(#/+2'<#)!:#%=-!3#6+<*!1'(!*&<&(#2'<!%'!='3&>)

PART ONE 6
 !"#$%&5$067806&&
!   YM&0(4Z3(7&%0,($",/*07(*@(C%/#$(
B%:"+>(

!   !*0&(/$%+(Z3(-%/&+/,(

!   J"*+&&0&8(/$&(,&'@(C"+8"+>(
B*M&B&+/D(-&0-&/.%'(#%'&+8%0D(
,-'"/[,&#*+8,($%+8D(#$0*+*>0%-$D(
%+8(B"+./&(0&-&%/&0("+(C%/#$&,O(

C/")5$B()-&,./0&1"'),5)/&A")=>>)D)
E"$"A&)F"&B:)
PART ONE 7
 !"#$%&9,"")+0":&
G508B7.&,"%)=>>)D)/&$%)H<7B,)40"87".")I)
B<J<'()&.."++5'7"+)
Time Pieces
!   J%/&:(J$"'"--&(/%:&(#*B-'&/&(#*+/0*'(@0*B(,/%0/(
/*(N+",$(*@("/,(-*#:&/(C%/#$(X(C0",/C%/#$P(
!   EX\([](\&,">+([](B%+.@%#/.0&(-%0/,([](
%,,&B9'"+>(-%0/,([](Q.%'"/7(#*+/0*'([](B%0:&/(
N+",$(-0*8.#/,([]('"@&IB&(#.,/*B&0(,&0M"#&(

!   J%/&:(J$"'"--&(IB&(-"&#&,(",(/$&(-&0@&#/(
5'=6&%!C#%=-! C(+.%!C#%=-!
9%'%+#&(9&/C&&+(#'%,,"#",B(%+8(B*8&0+"/7O(

!   J%/&:(J$"'"--&(^&C&'07(#*''&#I*+,(%0&(%',*(
9&%.I@.''7(#0%S&8(97($%+8O(
Jewelries
!   J$7,"#%'(/0%"/,P(
!   _&''*CD()$"/&(*0(E*,&(>*'8(
!   J'%I+.B(X(1'%C'&,,(\"%B*+8(
!   J0&#"*.,(>&B,/*+&,(`,.#$(%,(*+7GD('%-",(
'%a.'"(*0(%>%/&b(
B+<*.! ?$@!A+<6.!
9#((+<*.!

PART ONE 8
 !"#$%&9:/)-#2&;"0%3-+*&
25.1",)-&,./)I)K'7+,-&,./)

!   KC*(-0*8.#/,("+(/$&"0(0&,-&#IM&(#%/&>*07(/$%/(9&,/(&G&B-'"@7(/$&(90%+8c,(M%'.&,(%+8(B",,"*+,(%0&(/$&(
d!"#$%&#'()*$%+,,,e(%+8(-!./%0112%314$)(''125O(

! ;(7&%0,(*@(-%"+,/%:"+>(0&,&%0#$(%+8( ! T*+,",/,(*@(f;f(-%0/,O(
8&M&'*-B&+/O(
! K$&(B*,/(#*B-'"#%/&8(C0",/C%/#$(&M&0(
! YM&0(4D333(-%0/,(>"M&('"@&(/*(*+&(*@( -0*8.#&8(97(J%/&:(J$"'"--&O(
/$&(B*,/(#*B-'&G(B%+.%''7(
C*.+8(C%/#$(B*M&B&+/,(&M&0(
! K$&(N0,/(8*.9'&[@%#&(C0",/C%/#$O(
B%8&O(

! K$&(*+'7(-*#:&/(C%/#$(&M&0(/*(
0&-0*8.#&(&G%#/'7(/$&(
#&'&90%/&8(#$"B&,(*@(/$&(
8%#(!?#)+F&(!GHHH! )&,/B"+,/&0(#'*#:(/*C&0("+(
F*+8*+O(
! 10*+/(,"8&P(J&0-&/.%'(#%'&+8%0(C"/$(
0&/0*>0%8&(8%/&($%+8O(
! E&M&0,&(,"8&P(,"8&0&%'(IB&D(,:7(#$%0/D(
-$%,&(%+8(*09"/(*@(/$&(!**+O((( 860!D''<!
E'$(F+))'<!

PART ONE 9
 .+:2,&<&=#$>3#>,&
F-7++)-&,./L)M"7'B550L)C'&%745$L)NB"#&$,L)O"&<,(L)P&+.<B7$")Q)3"07$7$")

!   T*BB.+"#%I*+(/%>'"+&,P(

!   IJ&*+<!0'$(!':<!%(#/+2'<K!

!   I8'3&%-+<*!%($)0!7(&=+'$.!-')/.!+%.!
F&#$%0!1'(&;&(K!
!   IL'$!<&;&(!#=%$#))0!':<!#!5#%&6!5-+)+77&>!
L'$!3&(&)0!)''6!#M&(!+%!1'(!%-&!<&N%!
*&<&(#2'<K!
!   IC-'!:+))!0'$!F&!+<!%-&!<&N%!GO!-'$(.K!

PART ONE 10
 !"#$%&?,@,-+)0$&&
RM7#/B()&S<"$,)<88"').B&++)-&,./)"$,/<+7&+,+T)
!   Y'8(IB&,P((
!   E*7%'(1%B"'"&,((
!   ?"+>,(X(W.&&+,((
!   J*-&,(
!   F*08,(

!   !*8&0+(K"B&,P(( P$&&<!Q+=%'(+#! 5'7&!A&'!RSSS! 8$)%#<!'1!9*07%!

!   6">$'7(%##*B-'",$&8("+8"M"8.%',(
!   THYD(g%+:&0,D(F%C7&0,D(&/#O(
!   \",#&0+"+>(#*''&#/*0,((
!   )%/#$(#*++*",,&.0,(
!   J*'"I#%'('&%8&0,(
!   T&'&90"I&,( Q)#/+3+(!5$2<! 5(+<=&..!T+#<#! T#)#+!A#3#!
PART ONE 11
 !"#$%&A#B,&<&=0>0&

Antoni Patek Adrien Philippe

(Polish Immigrant) (French Watchmaker)

!   K$&(?#)#%(#;#!,<#3&!'1!#!?#.%)&4(T0*,,(C%,(/$&(
-0&[&B"+&+/(42/$(#&+/.07(,7B9*'(%B*+>(/$&(
?+">$/$**8("+!?#.2)&(`/*8%7c,(A-%"+bO(

PART TWO 12
 !"#$%&C%,$+)+:&;")*B&&
!   J&0@&#I*+(
!   )0",/C%/#$D(J*#:&/(C%/#$D(
h&C&'07( !   T'%,,"#(
!
!
 
 
J%/&:(J$"'"--&(A&%'(
6">$&,/(W.%'"/7()*0:B%+,$"-(
!   H'&>%+#&(
!   H'&>%+/(@*0B,( !   J0&#","*+(
i*9'&(B%/&0"%',(
!
!
 
  A.9'"B&(8&#*0%I*+(/&#$+"Q.&,(
!   K0%8"I*+(
!   E%0"/7((
!   K"B&'&,,( !   "#$%&!"'()'*&(+&!
6&0"/%>&(F.G.07(F"@&,/7'&(
!   6&0"/%>&( !  
!   g%'%+#&(*@(!%,#.'"+"/7(%+8(
!   K0%8"I*+%'( 1&B"+"+"/7(
!   =#0*,,( !   =($">$(8&>0&&(*@("+8"M"8.%'",B(
`"+8&-&+8&+/b(
>&+&0%I*+( !   8:+..!

!   =##*B-'",$&8( !   A/%/.,(
!   6">$'7(%j.&+/(
!   HG#'.,"M"/7(
"+8"M"8.%',(
!   )%/#$(&+/$.,"%,/(
!   A*#"%'"/&,(
!   T*''&#/*0,(( PART TWO
!   A.##&,,( 13
 !"#$%&;0*)+)0$)$>&
6789:%;7<0=!>% 6789:%&?=>93>?>!%
!   J%/&:(J$"'"--&(A&%'( !   6">$'7(%##*B-'",$&8(
"+8"M"8.%',(
!   6%./&(6*0'*>&0"&(
!   J.9'"#(N>.0&,(
!   F"@&IB&(,&0M"#&(`@*0( !   !%'&(X(1&B%'&(
-.0#$%,&(8%/&8(9%#:(/*( !   =>&(](53(7&%0,(*'8(
4<5<b( !   )%/#$(#*++*",,&.0,(

6789:%@!8A>% &<0;>3=3<7%
!   Y/$&0("#$%&!
!   =''(/$&(IB&(
"'()'*&(+&!`=.8&B%0,(
!   A-&#"%'(*##%,"*+,( J"Q.&/D(g'%+#-%"+b((

!   6&"0'**B( !   Y/$&0(F.G.07(g0%+8,(
`)$&/$&0("+,"8&()%/#$&,(
!   L"S,( #%/&>*0"&,D(*0(*./,"8&b(

PART TWO 14
D0B/,+)+)E,&=#$%*-#/,&

PART TWO 15
 D0B/,+)+)E,&=#$%*-#/,&
!   K$&(>'*9%'(90%+8(,&%0#$&,(",(9%,&8(*+(/$&(k33(B"''"*+("+/&0+&/(Q.&0"&,(%+%'7a&8(97(/$&(VT(=>&+#7(

!   5#%&6!5-+)+77&!,I''('%#:,(9&$"+8(Q#=-&('<!?'<.%#<2<!"+(9."'8"+>(90%+8(%C%0&+&,,(%B*+>(/$&(gEVT(
#*.+/0"&,(`&,-&#"%''7("+(E.,,"%(%+8(T$"+%b(

Source: World Watch Report 2010

PART TWO 16
 D0B/,+)+)E,&=#$%*-#/,&
!   E"#$&B*+/(>0*.-(",(%(6*.,&(*@(g0%+8,("+(/$&(#%/&>*0"&,(
*@(^&C&'07(,?#(2&(4D(C0"I+>("+,/0.B&+/,(,D'<%F)#<=4>!=+8(
*C+&0(*@(,*B&(*@(/$&(C*0'8(0&+*C+&8(N+&(IB&-"&#&(
90%+8,O((

!   E&M&+.&(#*B"+>(@0*B(,-&#"%'",/(C%/#$B%:&0,(9.,"+&,,(",(
l(4Om(9"''"*+(,UL!GHHV4O!

!   !%0:&I+>(%#IM"I&,(,-&#"N#(/*(T$"+%(#*+/&G/(97(
E"#$&B*+/(L0*.-P(
!   V+(/$&(0&#&+/("+%>.0%I*+(*@("/,(+&C&,/(n%>,$"-(
9*.IQ.&D(%/(4;;4(6&0"/%>&("+(6*+>:*+>D(Q#=-&('<!
?'<.%#<2<!"+/0*8.#&8(%(M&07(&G#'.,"M&('"B"/&8(
,&0"&,(*@(5(o\0%>*+,o(C%/#$&,D(&%#$(*@(/$&B(
%M%"'%9'&("+(*+'7(<(+.B9&0&8(-"&#&,O(=',*(B%8&(
%M%"'%9'&("+(/$&(9*.IQ.&D(",(%(0&,"8&+/(AC",,(
C%/#$B%:&0D(-0&M"*.,'7(*+'7(%M%"'%9'&("+(L&+&M%D(
@*0(%S&0[,%'&,(,&0M"#&O(
Q#=-&('<!?'<.%#<2<!
5#<&(#+! !   Yp#"+&(J%+&0%"("+/0*8.#&8('"B"/&8(&8"I*+(5#<&(#+!
A$3+<'(!D#(+<#!"+(L0&%/&0(T$"+%(B%0:&/O(K$&(
C%/#$&,($%,(d1.e(`L**8(1*0/.+&("+(T$"+&,&b(
"+@.,&8("+/*(/$&(8"%'(/*(#0&%/&(%(-&0@&#/(@.,"*+(*@(
T$"+&,&(/0%8"I*+(&'&B&+/,(%+8(V/%'"%+(#'%,,"#(
8&,">+O(

PART TWO 17
 !"#$%&;"0-,%3"#2&5$062,%>,&
V(%8B"0&(>0&%/( J0&#","*+(X(
0&'"%9"'"/7(",(
-.9'"#(N>.0&,(,A#/0! "B-*0/%+/(
T+#<#W!T#)#+!A#3#4!
V('":&(
C%/#$&,(
V(%B(%,-"0&(/*(9&(
"+8&-&+8&+/(X( V('":&(,*B&/$"+>(
,.##&,,@.'( ,/7'",$D(9&%.I@.'D(%+8(
&'&>%+/(
V('":&(,*B&/$"+>(
IB&'&,,(*@(C$"#$(V(#%+(
-%,,("/(*+(/*(B7(,*+( A"+#&(V/(",(&G-&+,"M&D( J%/&:(J$"'"--&(",(
V(+&&8(90%+8(/$%/(",( %,,*#"%/&8(C"/$(%''(
0&#*BB&+8&8(97( *@(/$&,&(/$"+>,!
/$&(&G-&0/,(

i*C(/$%/(V(:+*C(C$"#$(90%+8(
/*(/0.,/D(V(C"''(>*(/*(/$&(
g.7(J%/&:(J$"'"--&! %./$*0"a&8(0&/%"'&0(/*(#$**,&(
/$&(B*8&'(,."/&8(@*0(B&(

PART THREE 18
 !"#$%&4,#$)$>F&;#+,G&;H)2)//,&-0",&,2,B,$+*&&
5#%&6!5-+)+77&!! "#$%&!"'()'*&(+&!
?#)#%(#;#!!A'*'! "+*-&.%!C'(63#<.-+7! 9A9XZY?9!

U+<&.%!P$#)+%0!

SYY[QZES[Y! ?[DDSED9YE! X9Y9BZES[Y!

"9BSEZX9!

PART THREE 19
!"#$%&4,#$)$>F&;#+,G&;H)2)//,&/,")/H,"#2&,2,B,$+*&&

A$N$(+'$.!A+;+<*!
9N=)$.+;+%0!

Z77(&=+#2'<!'1!ZBE8!
?&)&F(#2'<!

PART THREE 20
 ;#+,G&;H)2)//,&!"#$%&4#$)I,*+#+)0$*&&
5#%&6!5-+)+77&!8#)'<!
5#%&6!5-+)+77&!"&#/]$#(%&(!

5#%&6!5-+)+77&!J'$2]$&!

5#%&6!5-+)+77&!A+F(#(0! 5#%&6!5-+)+77&!D#*#\+<&.!
5#%&6!5-+)+77&!8&#)!

PART THREE 21
 ;#+,G&;H)2)//,&C$+,",*+&J"03/*&
IX9Y9BZES[YK!?ZD5ZSXY!,^VV_`GHHa4!

J0*.8(,.##&,,@.'(($">$'7(%j.&+/(
"+8"M"8.%',(C$*(C%+/(/*(-%,,(*+(/$&"0(
'&>%#7(

!   K$&(V+,I/.I*+%'(%8M&0I,"+>(#%B-%">+(
0&"+@*0#&8(/$&(J%/&:(J$"'"--&(90%+8(M%'.&,P(
"/,(@%B"'7($&0"/%>&D(.+"Q.&('&M&',(*@(
#0%S,B%+,$"-D(%+8(#*+,/%+/("++*M%I*+(
%B*+>,/(*/$&0,O(

!   HB-$%,"a&(/$&(8&&-'7(0**/&8(@%B"'7(M%'.&,(
%+8(.+90*:&+($",/*07(*@(/$&(90%+8O(

PART THREE 22
.03"-,&0I&D3*+0B,"K*&L++#-HB,$+&
!*2B*%1C%
>DE'4B(F("/G%
8$HBHE%I%
J*$("#K*%
L$*B*$F#H12%
E12C*$$*M%)/%
((8BB1E(#H12% 4B*%% >D"*2M(2K%
Q("N%;#"*.% #EN(*F*O*2"%
;N('(LL*%R#'4*B% #2M%#E"4#'(P(2K%
M$*#O%F(#%
L4$EN#B*%

V+#0&%,&8((X( !#HBC#EH12%
-'&%,%+/(,&'@( K#(2*M%C$1O%
"B%>&(>&+&0%/&8( "1"#'%L4$EN#B*%
97(/$&(90%+8( >B"#)'(BN*M% *DL*$(*2E*%
B"$12K%
*O1H12#'%
)12MB%Q("N%%
;#"*.%;N('(LL*%

PART THREE 23
J"06+H&+H"03>H&,()*+)$>&-3*+0B,"*&&
!   ='/$*.>$(#'"&+/,(#*.'8(-.0#$%,&(*/$&0(J%/&:(J$"'"--&(
-0*8.#/('"+&,(`^&C&'07bD(C$"#$(%0&(Q."/&('"B"/&8(`#.q(
'"+:,(@*0(B&+(%+8(&%00"+>(%+8(0"+>,(@*0(C*B&+bD(
"+#0&%,&(#*+,.B-I*+(",($">$'7(.+'":&'7(`&G#&-/(
#*''&#/*0,bO((

!   V+/0*8.#&(F*7%'/7(J0*>0%B,P(
!   5#%&6!5-+)+77&!D#*#\+<&.!
!   J.9'",$&8(/C"#&(%(7&%0(`%M%"'%9'&("+(;('%+>.%>&,b(
!   10&&(-.9'"#%I*+(@*0(*C+&0(*@(J%/&:(J$"'"--&(
!   U(&&!+<;+%#2'<!%'!&;&<%.!
!   J0"M%/&(HG$"9"I*+,(
!   1%,$"*+(A$*C(
!   T$%0"/7(=.#I*+,(
!   87&=+#)![==#.+'<!?&)&F(#2'<!X+M.!
!   T$0",/B%,(X(i&C(_&%0(
!   T$"+&,&(i&C(_&%0(
!   =++"M&0,%07(
!   g"0/$8%7(
!   K$%+:,>"M"+>((
PART THREE 24
 J"06+H&+H"03>H&2)$,&,(+,$*)0$*&&
!   V+/0*8.#&(,",/&0(90%+8(.+8&0(/$&(+%B&(*@(I?#)#%(#;#KO((

!   K$&(?#)#%(#;#(#*''&#I*+(C%,(N0,/("+/0*8.#&8("+(4<52O(V/($%,(
,/0*+>(@0%B&(*@(0&@&0&+#&(C"/$(J%/&:(J$"'"--&(%+8(#*+,"8&0&8(
/*(9&("/,(,">+%/.0&(B*8&',O(

!   J*,"I*+"+>P(
!   F*C&0(-0"#&(I&0(/*(#*B-&/&(C"/$(*/$&0('.G.07(C%/#$&,(
,.#$(%,(YB&>%O(
!   1*0(F%8"&,(X(L&+/'&B&+O(
!   T%00"&,(J%/&:(J$"'"--&(A&%'(/*(>"M&(J%/&:(J$"'"--&(
,/%+8%08(Q.%'"/7(%,,.0%+#&((
!   T$%0%#/&0",I#,P( !   A"B-'&(B&#$%+",B(`,&'@(C"+8"+>D(B%+.%''7(C*.+8(
!   A'&&:('"+&,( B*M&B&+/b(/*(%#$"&M&('*C&0(-0"#&(0%+>&O(
!   A.9/'&(&'&>%+#&( !   !",,"*+(",(/*(-0*M"8&(B*0&(%q*08%9'&(J%/&:(J$"'"--&(
Q.%'"/7(C%/#$&,O((!
!   HG/0%(/$"+(
!   6*9+%"'(-%r&0+,(
!   )"8&(-*'",$&8(
?#)#%(#;#!A'*'!+<.%&#/! 5#%&6!5-+)+77&!8&#)!!
9&a&',( '1!5#%&6!5-+)+77&!:'(/! '<!%-&!F#=6.+/&!
!   E*.+8(@0%B&(
PART THREE 25
 J"06+H&+H"03>H&!"#$%&,(+,$*)0$*&&
J%/&:(J$"'"--&(#*.'8(&G/&+8("/,(90%+8("+/*(J%/&:(J$"'"--&( =99>7%&<7>S%
T'.9D(T%@tsF*.+>&D("+(/$&("8&%(*@(,&''"+>(&G#'.,"M"/7(
%+8(J%/&:(J$"'"--&(&B*I*+%'(M%'.&,(C$"#$(%0&( J*#:&/()%/#$(%+8(
/0%8"I*+D($&0"/%>&D(%+8(#&'&90%I*+(*@( )0",/C%/#$(
%#$"&M&B&+/O((
<@3>7%&<7>S%
h&C&'0"&,(`T.q(F"+:,D(
H%00"+>,D(E"+>,D(i&#:'%#&D(
J&0@.B&D(H7&C&%0b(
>T3>9!=<9%U<9>S%
J%/&:(J$"'"--&(T'.9sE&,*0/D(
J%/&:(J$"'"--&(T%@tsF*.+>&(

9<VA<%8$*#BS%
1%,$"*+(%--%0&',D(H'&#/0*+"#,(

5#%&6!5-+)+77&!!.-'$)/!<'%!;&<%$(&!+<%'!
1#.-+'<!#77#(&).!#</!&)&=%('<+=.!,3'F+)&!
7-'<&W!&%=>4!F&=#$.&!+%!-#.!<'!-+.%'(0!#</!
%-&(&1'(&!=(&/+F+)+%0!,%''!(+.60!1'(!.$=-!
3#%$(&!#</!=)$b&(&/!3#(6&%4!

PART THREE 26
 J"06+H&+H"03>H&)$$0E#+)0$&
!   KC*(-%/$(*@("++*M%I*+P(
!   V+/0*8.#I*+(*@('"B"/&8(&8"I*+(
-&0/%"+"+>(/*(,-&#"N#(#*.+/07O(1*0(
&G%B-'&P(
!   J%/&:(J$"'"--&(T$"+&,&(A&0"&,('"B"/&8(
&8"I*+(
!   R,"+>(T$"+&,&(+.B&0"#%'(,7B9*'(
"+,/&%8(*@(/0%8"I*+%'(+.B&0"#(*0(
0*B%+(+.B&0"#(
!   V+#*0-*0%I+>("#*+"#(T$"+&,&(
#$%0%#/&0D(,7B9*',D(a*8"%#,D(&/#O((((
!   T0&%I*+(*@(90&%:/$0*.>$(B%,/&0-"&#&(
!   J%/&:(J$"'"--&(#*.'8(&,/%9'",$("/,(
'&>&+8%07(0&-./%I*+(97(#*+,/0.#I+>(
%+(&+'%0>&(IB&-"&#&('%+8B%0:("+(
$",/*0"#%'(-'%#&,(`"O&OD(K$&(g.+8(=0&%("+(
A$%+>$%"bO((((
PART THREE 27
D07M"#$%)$>&+#-+)-*&

!   g*/$(g0%+8,($%,(%('*+>(
$",/*07("+(/$&"0(0&,-&#IM&(
#%/&>*0"&,!

!   g*/$(%0&(,7+*+7B*.,(C"/$(
B%,/&0-"&#&D('.G.07D(
/0%8"I*+D(-&0@&#I*+D(%+8(
$%+8[9."'/(

!   V/(",(+*/(^.,/(/$&(&'&>%+/(
&G/&0"*0O(g*/$(E*'',(E*7#&(
&+>"+&(%+8(J%/&:(J$"'"--&(
B&#$%+"#%'(,7,/&B(9*%,/(
/$&(0&-./%I*+(*@(9&"+>(
/$&(9&,/("+(/$&"0(#%/&>*07O((
PART THREE 28
 D0BB3$)-#+)0$&.+"#+,>:&
!   V+(/$&(>&+&0%I*+(#%B-%">+(`4<<f[233ZbD(
J%/&:(J$"'"--&(#*BB.+"#%I*+(/%>'"+&(C%,(
IJ&*+<!L'$(!E(#/+2'<K!%,(%(#*+I+.%I*+(/*(
/$",(#%B-%">+D(/$&(+&G/(#*BB.+"#%I*+("8&%(
#*.'8(9&P(

“CONTINUE YOUR TRADITION”

!   K$",(#*BB.+"#%I*+("8&%(C*.'8(9&(,."/%9'&(
@*0(%+7(#*.+/0"&,(`"+#'.8"+>(T$"+%b(0&>%08'&,,(
*@(#.'/.0%'(8"q&0&+#&,O(((
!   =/(/$&(,%B&(IB&(",(,$%''(#*+I+.&(
&B-$%,"a"+>(/$&(8&&-'7(0**/&8(@%B"'7(M%'.&,(
%+8(.+90*:&+($",/*07(*@(/$&(90%+8O(

PART THREE 29
 D0BB3$)-#+)0$&.+"#+,>:&
!   U","9"'"/7(A/0%/&>7P(
!   A/*#:(HG#$%+>&,(`J%0",D(i&C(
_*0:D(K*:7*D(F*+8*+D(!*,#*CD(
g*B9%7D(%+8(A$%+>$%"b(
!   6",/*0"#%'(J.9'"#(J'%#&,(C"/$(
$">$(/0%p#(`!&/0*(,/%I*+(,.#$(
%,(L0%+8(#&+/0%'(K&0B"+%'("+(
i&C(_*0:b((((

PART THREE 30
 D0BB3$)-#+)0$&.+"#+,>:&
!   HUHiK(AKE=KHL_P(
!   J%/&:(J$"'"--&(!.,&.B(HG$"9"I*+(E*%8(,$*C(
!   =.#I*+(*0(*/$&0(=0/(HG$"9"I*+(,-*+,*0,$"-(
!   =++"M&0,%07(X(T$%0"/7(g%''(,-*+,*0,$"-(
!   1%,$"*+(,$*C(#*''%9*0%I*+(C"/$('&%8"+>('*#%'(
@%,$"*+(8&,">+&0(
!   6">$(J0"#&8(K*.0+%B&+/(

!   !H\V=(AKE=KHL_P(
!   J0"+/(%8,(-'%#&B&+/("+($">$[&+8(@&B%'&(X(B%'&(
B%>%a"+&,(
!   6">$(g.8>&/(,$*0/(B*M"&(/7-&(#*BB&0#"%'(@*0(
#"+&B%,(

PART THREE 31
 ?,I,",$-,*&
!   CCCO-%/&:O#*B(

!   $r-Pss&+OC":"-&8"%O*0>sC":"sJ%/&:uJ$"'"--&uXuT*(

!   $r-PssCCCO9.,"+&,,C&&:O#*Bs'"@&,/7'&s,-&#"%'u0&-*0/,s23433m3f,-&#"%'u0&-*0/u'.G.07uC%/#$&,u2343O$/B(

!   $r-PssCCCO0*'',[0*7#&B*/*0#%0,O#*Bs(

32
L;;'ANCO&

33
THANK YOU