Intlian Institute of N{anagement trndol.

rtl , r.1. l.ril

r\IlC Bearings-
llrr.'1 Iill,rt )l'li '[hc Organisational T'urmoil
CaseCr:ntre/OBHR/ /ZOL7

Lool<irlg lirrough hls wirtclow on a mild suilllner evening on 0:] Mar2012, Johr Marl<er, CEo and
[JL.rsiness head
oi /\ll( iit;lrirrgl lrrLlia l;rtsittess opr-t'ations in Cirennai sar c.rnplelely dazerl tryrng to introspect
wirat went

llr'rri''rrl5 tU rr:e:l:llii:lr tlte 1rasl gir-rry of ABC lnclia:rril iie r,eed5 to.srri tlliIgs rigitt lrrilt:.ttli.

Jolirr IVaikr:r

.r:, ,l.ry lllU() r,trr-Le(l lil'e ,rl, otlrcl 1,,16,.,c1u, 1'or JoltI Marre,, trri: tiO ol iarptt lar.ility
of t\13(- tltartrrg itrl.
'-1 :j ri:vii:ra; trttirtrrtli\ irr tlrit rnorlLng f'ollr-rwed
by a guesi lectt,ra ily ar vj!ttl6g Ljigrtit.,rrV,, 1,.-ritr: fi1e, feit
.lr,lrrr Lrr::irtnli asrtle ltis weeirencj hangover

iltrtl, ll-l i/edr': lrlti lht,:;t, was the r.rniy sorr of a Ger.n.t,r rr ri iplc,, rlat ittlj;gt in MlrKer. Urrrlrtfl jl!:
ilcn j,rrnin was lrostetl I I sevetal ( r)untrLes. lohn cl id lls pnrlary crl;catrrlri tn ljertip
''ir-ecr,
li tlr.l r:lovi'tl to [3i:iilr', g with lii:; parents ior- his lriglr sr:lroo] str,r dtes.
lle jor,ed ABC Itl /ear:;
Laili.,,,r f,4atragr:h'rc'rrr. trtirtr:c after conrpletirrg his MS irrMecirarrical Fngineering frorrr Mll arrrJ MuA
itLrrtt ilarv'ltrl iJ'sclroul. llt ir;ils frort E;rst Gerrnany ond hadexposurc of working irt tirree rjifiere.t
((lLrrltii.!, ll!,, Gt:rti'rltty:ilcl rr,rrry irr [:irrrail l]resently, lre is lhe rjouItry hercl in Teiv,,an -.
ABC. llts po5ti1lg
ir Ialr'vatl l]nve a rrc\^/ life lc, iri, rrarrcl,:rin spt:aking sktlls which he learnt as a secorrrl angrrap,e ln itigh school.
''Jolrn CharTnrdrl oit hotline" lr s :ecretarylcy L.ee shouterJ,
Itritttwit rorrllrli)iciy j1 iirtlerl, "tnriry shorrlc'l Clrairntan call nre drrect y that 1oo.rn lisilrne".
"ltllltl, cttryc.rLL tal<e the fir:,t av; l.rir e llight to Mriniclt ancJ rneet r'r'le torlrorror,v at l0 Ail/" Mr llr;rrrtzer,:
Vrlii,ar :,4)ln(ir:tri Iil()l u Iil\it JII r),liat..

tirt','1:,) arltl l1r','lii rrf liittrrt:rlr,rnai operation:. Mr. H,rwitzer opererl the clisr-ussiorl "Johrr we lr;:ve
:r'Jt'iti:ri lrrrLt loi a prt:stig,io.t: poslirg l: the c.oitntly lrr:.td oi AtlC lnclia a1 (lherulli l'hl: rril.: was, till
leat:ntly ht'li1 by Mr. Rlgili Slirtiva:ln whom yrlr: have mer ser,reral limes clLtring seltr;r rnarraggrpelt
g,rtlrcrirt;1r,,.rr'is ttnit lr.ls lriteil one r,f the nrost llrofitablr-. oncs anrl has higlrer polr-,rrti.:l Lrr grow.ir; we

, r/trl.: wili l.rt, alllt- 1l-r itltpr'r.tvt' tite rnatket sitarc to tl07 Yrru rlJy wJlL Io r,orr:,itrer explrrr]irttj llre
rlr.rtlllf.i(.]allrlrr11 far-ilriy iir(-t't'lrta or rl.;ewhere il lndia altrd exporting lile Jrro(lucts to ollters t:artc;ri A1;,1
'-ltr: v,ill ',trvi-r,l! ct
l.l{)L;r1 ;rllcrr';rtive lo our l--hila [aci ity wlrere we;]re itaving freclLlelt llroblerl)) ririe to
(r.,,"r,i ltl lrrr'lt.r:>

!ttt:t'ct (t,Ltl,l t)trl)'l't o t tttu(id(ilce

AEC Eeq-[er
ABC bear;ngs is a Giooai CcnBionrcrai6r invoived rn matrLlfactLtt-e of Dr:atlngs
ior ali lyi;1" rrl tr'r lt lrrr
i(
itscorpoi-aie ofl'tce tn Municit, Gcrnranv Corporate Organization Strrlcltlre of tlre cotitil;lri'i/ l-rl'lrl'(l
al
gl
r:rirli;it"i" !t ias .1 2 nranuiacti.rr lg iacilir;ies across ihe Glohc. lrlcatiotr these 1ar-illiier r'r'rjllr lirpti Lt-rtr

line anciboilotl line as of 2009 are shown in Exhibit "2"

Uea ri n ss Te ch n
-o-lSgY-a
n d-[4-AIL€!!
Issentially, there are two nrain lypes of Bearings viz, Oil cooled (OC) and Arr cooir:d
(Ar-) Nlr;si trf
thecountr-ies where automobiles use autorlatic iransnrission, AC bearings are usetl. At plarci vrltnrr:
I r-ansnrissicn is nrarrual, rjC bearrngs will be requirr:d. Most of thc Westr:rn, i:Il atrrJ /\rlstraiiatr

nrai-kets useA(. wlrereas soLttlr Asian and part of Chinese nr.rrl(eis r-rse O(-. At, beai''in11l; hcitr
iri

re-cuction oi ernissionsand ltence ths piants whic.ir ntanr-tfacture AC get Carbon ctrrliis arld 'll:o
Ixhibit"3"gives the details of manufacturing cost of both (](. arrrl r\C bt:aritrg:,
sorne tax concessiorrs.
lhe table in [xhibit "2" givt:s the cJe.tailsof manufaclUi-lng capaltiiity o.f ali i2- Al]C lrlarlts w.r t C)C 8r
AC bearings. txhibit"4" gives the ri.etailsGeographV !vise breakup of detrancl ;rnd srinpiy r;f irofir O(-

& AC bear rngs

A B C-c h e-qn aila-c !l i ! tt

ABC Cirr:nllai itla|lt was set |]p in ]96'l essenl ally to nrcet thc rJernartcJ of l.hr: Asl;rt, ilr;rtl<r.'i. ll'i'. r'v't;
r,ircii.second Dian,, rI Asia set L]p 3 years after tlreir Chinese piartt. Over-tlle yeats, lirr: pl.lirl rrrdrlv ir(rrrr
srrengrhto ti-engtlr and gcrr- ro be l<nown for its abilrty io nranufactrrre lriglr qL.ralily O[. lrr^arirrl,l.. []r'r 1 tt:
i:,tci of theiast milienniunt, Cireitnai factcry irer..anre a cash cow lor ccnrpicte A[3L gtor..tl; r-arttitlir irrlihr".l
ro;;line and bottom iinc ancj nrairr',arnecJ that stat.us tlrroLLghortl thcri'aft,,:r. M{l'rL ('ltl'1.) f'l llrr
r.rnpioyees o1 Chennaiitlant wer'e frorlt srLlthern part of nriia wilh 649i, Ianril' l8!'r' klr"lri"
Lr"i

wc.kilq the!'e on dcputal.ron, Ixhilrit'':"slror,',rs the organizatton 5tTllcttrre of At]( Clretrrr a: ir' \'4;r'
2i')0''l.
8-4g ffglrjlf !E!!tr a11{t1UleA-d edri p- t e a m in Ch ennaL

iiagirr-i Srinivasan, cailed'Uncle Srini'by his staif, joirred ABC bearirtgs ltrrjia. witt'rr ri lirsi riatlr:il rir
l969in Chennai as a 'YoLing Apprentice'. He rose anci becarre heact of tire Lhcnnai Piarrt ln llll)4 I:roilr
thenon, he had grown the lndia opc.rations as a gooci profitablc unit conrparecl 1.c,r olltcr A[]C tttrils
uroriclwide.

Ner:iakantan (Neeiu), loined ABC in 1.91 4 as rrachine operalor a{ter his cliplr-rrrr; i I rlirilirt'','ti'rr'
thereal'ter, ire completed his engineer ng degree in ttre evcnirg r,olicge and r.vent till llro hictat( i'Y arrrl
became COO in 1994 /r committed produclion engrneer arrd ccitr:irlorerl vcry clt,se lo lt,orl.er'', I'lt.,llir
was a very soft spr.ri<en ancl often secn r-rnable to take any loL.tgir rlet-i;itltr. llt: r,vai ilivtrr sctreltir
oltportunities by Raghu ro pui'sLie higher slLlriies in nranagement bul hr: ;ttcferrcd 1ct rctlraitr itt l':rrtl c,rti-'
trtr.hnology anci did not take any inte rcst in going for highe r slurlies itt nratragct.ttcrtl. Nrerltt w:r'; lirr: []ivntt
the resttonsibilily as in charge C[O on one or two occasions (wlrcn Raghr,r 1rypvl{ orl ltrrrg v.rr-;ttiotrr') to tr':;1
his suitability but his perforrrance was nrur-h below the acceptable leve and lrr was fornd lo ttre la, Lirtil
the aggression essential lor hoicliit;1 tltat;tosilion.
M\/LN Rao (populariy flao) was an engineer and Charl ercr-l nr.counLanl lry cilrtirt.lr,iir atrtliv-r'.
1<r.rown a:;
l!l/8 as finarrr-ial advis,tr atrrl rosc lo tlrrl frrr:;iLlritr
a fitra'tciai wizarci, He hrari s1.arl.cd lrrs r:areer rrr ABL in
of CFO i1 1994. llr: rrrarlc it very ciear thai i.rc woulrl lil<c lo coi-rtinuc a:; C-l-O rlrlly.

ljN Sreclivas {l'lNS) wa.. ; prrrre illi guy anrl 'jt)..rnt 20 ycar: 1.rlr.ts in Iite cr.itttir.ttry irr ilil ro:,e l.) lltc rrvel oi
CilP.aj iie was gut.rrt iri iris lob irui- irr.,ing; 11s1r r11pir1n,-r, hc ncv,.r c,lttttibLttr:d 1.o {rP(tr,'rtir-rtrs iirlr'.

poiicy. i-.onsirjering tlre exr eiierrce pcrfoi'rlanco showcasld hr,'irirrr CIO, Cltaitt,tart iruas i,ectt Lo 61ir,,i' lrill
 ilrl exterlsiorl, Api'rrt fronl thit, tloth workers anr-1
rnanagers of factory wenton insisting that ,Uncie j,
sl-rorricl conl jnrrc SL.r, llaghu Srinivasan continued
srin
till 2009.
lrr 2tX-)!1, wltert Raghu srtrtivasan turned 65, he reaiiy
wanted to call it a day and pursue his r"eiigious
itrlt:r'e:ts irncl tratragertrrr.:nt lrad no o6ttiorr [:ut to let irim go.
But at that time, tlrey were not l(een lc)
lrTorl)otir I'jeelLr arld Ratl flatly refused to take over. Corpgrate for.1nrj no other
internal candidate who
,.,r111, '1 :l:,, \loO) f;l Sf.rri.

lleirr s1 M e r !i rui 1r1 l\rlg!_tctL fQQ!

A ll,ard rrrLrelrrl[] wrr:; called in on LB May 2009 in N4unicir Germany.

when the Charrnrarr explained
iilr:';tLLr'rtiotl to llrern, tlle Al.ic 13oard expresserl scvere
urrrappiness for rrot ple;ning the succession
I rrlol;vii'usly, larnes Arrrolr.l, Chief of lnternational operations, was on the
firing line, 'lhe board
cartILlllyuor- variorrs optiorrs as Raghu Srinivasan's
'lt]erci.l succession and flnaily zeror.d in 6n Johr-r
IVll r l<r,r r' .

lqllt's litrytryls at Cherrnai plarrt

lolrrt lrnried in chenna on 0-i1h lLrn 2009 to the scathing heat of
soLrtherrr 1n11ia, Raghu srinivasan
lr'rdlel'l a 'r''eeli earlierr. Mr' I'Jcelakantap, whc. was tlre senior inost
executive, r,vas lrolding the fort.
lilet:ial<atrt']ri, called as "Neelu" by his colJeagues and frencls,
hanclecl over the charge tr:.tohp. Jolrn
ttrrljcecl a c.legtee ol detaclred l)ehavror on the part of Neelu ancl
surnrjsed that jt i:oulrj be cJLrc io
l'rlr-,r'lrr nrjssjng the top posl tlror.rgh he was tire senjor most after Raghu
Sriniv.rsan.
Afler Lhe firsr few wr:el<s tn Chetrnai, lohn decirled to bring hrs owrr team
of leaciers from Gei.r..rrry
for:;t)nr(: criiical positions like Stralegy llead, CFo, Coo anrj a few others.
\A/ithrn 3 months of lohn,s
t.:l<in11over, tlle orliail zatron itrLrcture got transfornrecl to as shown
in Exhibii,,6,,.
Nqyt Gqd
I lle ttr:'n'r rll,,lrl.llltlrrl{lrlt tedrt !,et a Iew ancl ambitious Goal * "
We wtil increase AuC lnclia,s revettuc 1o
'l () tll't arrcl rrritTl'.et jh,rr(l to 609i in lrrdia by 2or2 and also doubie the producticn
capacity ip the next
livt ye:rrr with ;l v e w to exporl 309,t, of the procluce to neighborrng countries in Asia,,, I his Goa j
slarurtr:rlt w.rs 5urlt to all r:rnployees through email by John. All clrerrrrai base-d leadc,r.s
were askecl 1r:
J)rerrir-e tlrr.lir rlir",i:iorr;rl plarrs;rntJ suLrnrit the top leaciership tear-lt in 2lveel<s. tinre.

f, g m rrr u4 ica tiq! ttlli gll.t

Johtl itrlltlrl it rlttilt:ocJcl rltat tlre enrployees oi Atlc lnctia rlost y iron\/errsc(.i in loc.al i-algtrage
larrrii &
hrrcilyevt:r lt:ed Irlglislr. Lverl when thcy spoke in Lnglrslr ocrasloniilly, rl war rlitfrcult for irjrtr
to
lrrllolv ttlt:tracce-'rrt. Dttc to tlris.lohn prcferi ed to comrlunicate rnore on enr;ril aril nr:wsletters
lo all
nlirlalp,(l: anrlworliers tlt;rn iacc to face cornntunication.
tils-! 1lgq5 of qlise nea eqlle nt
ABC r-.rtltr:ert sc'tt'ecl [ree ltrral<fasl and lrrnclr to iloor worlieTs as a part of enryrloyee berrt:lrts..]onn
rtoiir-ti.l lltar wrirl<ers spenl a lol of tirne in
(.anteen. lntnrcclrately, he issLrecl orcjers tltaL !hr tree
brctlif.l:t i;ill L.;ecloseci at B.-30 ent apCl lree iLlrclr will be rejjtl t(.teCi irorn 12 nOol r.o iDrn e,,e,.y
rt.j.v,
lltt:rtr v'r,ls a visiDleLrnhappines:; itt worl<ers aboLlt ti)e:ie rircisions, itut rro r.r1e expre:sed a1y voc,ll
re:erl 1 nt et rt.

Jol'tl tr:ed to spcnd a lc.,t of tinre witlr his immediate learlership in nreerirrgs on what are hrs icleas on
hr:v:to rtaltze lrts Goal But thest leatlr:rs forind very littlc lime to conrrnunic;rte these ideas to the nexr
lcvelrr t.,rna13ers ol to tJke any concrete sleps to irrrplerrtenl plans.

C o rtt ntu tt ity llis!!Mreq!

AiJ( lrrrlia lr.rt.1 i:r1L;ptcd a schot:l for urrder privrleged r-hrldren irorn nea:l-ry viliages. Every year the
srlloolllsttrl to tttvtle the CEO trir tlre annrral fLrnr:tion to adclress the students & parents ancl give away
i-,rizesattrl sclrolarships. This year loo, tlrey invrted John as Chiei Guest and his wite Angela to give
awav rheprizes. John l-eit he wili not be abie to do iustice with
the latrgrage trarrier ancl askeo' Nee Li
ancl the parents as every year
io representtnC comDany. This disappoirlteri the school managenrent
new ouildlng/Lab ot'stlrlle oil-rei-iac iliy
wnen RaghuSi-iriivasan rrisited tiern, he used to sarrctict.t sclrre
lo scncol wnichdid not naPDen ihis time'

Pr o d u lq,Dlyel1f I c-a tj-g I

[]earings, as ltrt'lian rnatkr'1
ror nrany years, ABC india's nratn prodLlcts constsled of oll coolcr.l
1:redorninantiy ireeded
gnly oi ccoled bearings. ln the process of irllrletnerltirrg lrls trrlw slrategY,
irt lnd a, as export nrarl<ets in
lohnwanted both oil cooied and arr cooleri bearirrgs to be nranufacturr'rcl
orr air cooled Llr:.rrings atlcl
Iuropeand US wanted air cooler] ]tear ngs.'Ihere was noi rrucn of erllr:rtise
I he f ioorri-ianagr:r-s ar.jvisetl ioirn to continlie witir
oii cooied bearirrgs. icihn r:xplline ci thetrr llle
arJvantagesolgettingnewtcr,hnooglr:s,gtltafewpeoo]etralnerjitlaircoolcdllearitlg-:tllalllif.lcl.tlte
3no set liir aseilalralc plairt for air cooierl bearing prodilctir.rrr'

liesdtrql2!,1]

poor witil 301; ritolr itr

By Dec 2011, ABC india was in a c'haotic staie; the conrpany perfornred verv
were working nrechanir'ally withoul a
tlretop line and 2O% fall in bottom iine. Most enrployees
had left the company' Genlral rrroori irr iht:
sense ofbelorrging. Many of the long serving employees
iactory wasdull and gloomy as against the jovial spirjt seen in the earlier days.

Orr 25'' Dec 2011., anerlployee diecl due to an accident in the faclory. When this news reached Johrt,
heirnnretliai.eiy orclerer-1 an investigation and sanctioned a handsonre compelrsal.ioll to tlrc
next of
kin.ilowever, since he was irr Chrisr.nlas partv and had a few drinks, he felt it inappropriate to attend
the funeral visit the fanrily'
thefunerai i1 tira-L staie ancl asked the clepartment manager to attencl ancJ

,r'irisclid not auger wellwith othef empJoyees

Tirc negotiation ,with Ernployee Unron on 15 Feb 12 f'ailed as the managen'rent feit iltat etrrlr oynrr'
de i.r:arics rryei-e r:nreaiisiic. Finaiiy tirc ernpioyees decirled to go un strlke, thr: flrst ti'rre
lrt lftc ir:,Lr-rry
cfABC inciia, factct''v went in'ro a lock-out

J0hn Marker sar compietely dazed trying to introslrect \//hat went wrong itt lltesr: twtl ycilrs alr(1

how caplte retrieve the situation..He contemplated on resigrring but felt thal quiltirrg ;r5 :r losor

is not righi. Hewent wrong sornewhere and he nceds trt set things right lrirnself.
 .!
o
E

a
I
L]

c
o o
I i;i t>
t --
Po o
l5 l<
t-- ;c
o> Z
i.t t;
lLr
o\
PO
l

i, r l:t C-
-c ,u
p T
i lr f
LJ
'J
lll tt L.
r'l .,
T
't:
iitr.
ta o
o
.(: o
t{ U
J .E
rrl o
ol
r, I
u

a
fl
,:
o
e
o a
o F
,G
o
U
U

5l
L
i
o
U

ro
E

o
U
 >!
N
xi.o o\
1!
:{
-l
>s
ro F
x o\ >q
.t ;e >s
N
;.t
a! l'-- La ca # N .f 0 $
h;c
-YO
t;
rcrc
N 2i
!: Or
-0J
u ot
:!
c ia
x
U
O C be >! O O o ;! d\ ;: >q
c O C
N <i
O
ia
u')
N
C)
a) m
O
_q

1 C
c
L]
:::
o
I
I
-a
:< o\ ;? ;.? x O ,O
o\
,O x(l x ;:
n C) O
;s
n
L L]
O O O
C a.) m t() a O Tr- t-- s
I C, d r-.1

L)
r_)
(l

rn \o N ro C)ql $
O C) C)
o rl
C)
C) O (o
U] c-) cO C)
o (ra N N N !O
a
I :)
f- C

el o-
q R N ul q 09 q ql m (o
OJ
r-l O O m O C t O 6 C)
CJ

:l C
C
l
1--
(n
l
dl
C

3l O O O rn O O O N O
rn L^ C) N O O O O
O
O
a] lo l/) (n < N =x !o aa (o LO
OJ <t -1 d LO r.] N -l
l=l O
i-1

C
:l
O O c) .J O O O L' O O N
U
-o n CJ O d) ro C) C) CJ s
N N 6 N m -J m
rc
or 0i
I .:.1

=
0_)

uf

C
o
.;;
C f o
0 ()
OJ
U
o
) o
OJ
ro
F
o 0l
C
,C
.U -o C
,C
NJ
OJ
a
C
c
-C
E .J-
ro
C C
ro
J:
0)
o ro C o g DI:

o ,s
C OJ o bu
sL a_)
a)
o
r06
L) >l
f
)
o_ G -(: .!: C
T i.- (-) I iA
ro
(J
C C o
rc oi rc ro C
! o
cl_
o ob0
.U 3 ro C
C rc E C :IJ
ro
l C o C
o ru o (,
0l G .E ro q o
U :) L) 6 co :) aa LJ =
l-- ,'1
N .:f tJ) ro F. ca O-l C) N

C
z
_i
(f'
!
'f::

c
x
l!

'U
6
.O
f
vi
C
U
0l
nl]
! (,,]

0
CN
-o
_q (u
o +r
o l
U al
od

od o)
X
ro
F.
?

\,
a-)
3
(_)
C C
o o
p 'q
a or
T
o f
L o
L_l

o
L,
ro

u
(U

-c) "J
C-)

-01 o
O o
L-) U
=
(l a
 txhitrit "4"

lVorlcl wrcir-, Deamanci & SuppltT Ciap

Cii & air Cocie ct Bearlngs

Sl. No CoLtntrY Oil Coo :d /\lr r-,.role0

Dernand Su pply Denrand Su p ply

(mn)No.s (mn)No.s (mn) No,s (rxn) l\o s

t USA B) 95 860 540

2 Canada 36 38 IlB 1.50

S Af rica 45 41 105 74

4 Bol.swana 25 70 39 45

5 Gertnatry 15 26 1 200 96C

6 ul( 22 26 / 1:) 60c

7 iiaiy 8 10 575 60c

8 Cni na 800 12,90 860 6 l-5

9 Taiwan 711 225 425 5lu

IC india I 200 l 6B5 7
r.t
l0
11 lapan 185 200 630 650

I2 Sineapore 64 65 81 9C
 C
ro
r
>.i
0r-
+i;
u1 ;
-(]C
ro_f
C'L
IO
n a
:-:
!
;x
Lrl
ro -C
o! CJ
iO .CC
Crc
0 ct.!
Qro
C LE
Z o-o
ros
r- al o*
:[- ur

l!
I or
:
+- C^
!r C
O ro
C (-) o
L o >E
t: IE
t,
,a
ts
rc ao)
rc orc
q!
fa
ls IP.aa
0,
q Z rL
r-J a o CT ; -or
ryl ,;,
rlrl 0_) :f-
--l t-,
C
ro -U
lu (!
l
o ,l::
h0
t! ro
F CI
. C
m
5 (J
U T
U V
tu
,t) (_)
(fl !
ul C
ro a
-C
tu rn

I
cC
tn
o
rc
?o
cf. C
,6 Z .C
r :' '-
c :z
oto Z
lt
_c c) x
UO C CJ
o
&rom Pl
UI
U<
ho- > :l Cq,
E rl
PI o, o_

uo
o
il
co o-

-ro
[(^
=!

p-l
ro6
o- al
 C
oB
.E;
ina
T:J (A
mL
alo
r!
o-
tr)
t
!.C
x
-(f cll
-
;
fi
Ci
';o
(I)

O -- tn
- !rc
..F
:I n-u
6ro
0l 3-
f-o
=

c)
! .:
'rov-._.
E
o cri
Llre
.ry a !
,U
:'E
!
._i
.9
ro
a
C
cl
a.:
.1

lro
N

ry qJ co
C o_ I --c
o a
C 0) o roll
aa_
.! !U
-o o .0J
I
:
C
U C
-C
U
L) U -C
Iu,
4
a () :o
g [il o
l-- LU
L, C
r{ cl_
ro
-C
!
0. il
V
ac
t, cla
c_) f Erc
at:)
t-) rc
l:
L (n

:OC
C
! o
C
ro -C
:o(o 'r
\l
L x
C OJ
o
'.4 Lra
l rA)
n ruhr
o LL
o*
1J
ro
OJ

c C
I
(! o o
C C dtL
'6 ol ro
-ro
Ep = m rofr
orX 0) a, aL6
ol
?qx Z
;e! L.)

;<
c,=
T
L..)
c 4r
uo C<
o 46
o-d
 li!
lv,
)')'.;-a- ,f
|
)!t-
ld r)
t)
li'4 :l
d.
:1
1l
l'n e
IL
o
!..

O
li:
l= ';:t)
l,r :a
e
--O ,)
I"
l-t ! o\'
C
l'o u
!:
:l a
I '-_ il e-
lO
-
I
O
lc, 7r a
l= $
lu ,wl
t/ C)
;., .:>.=
l! -d
-r) o--
l.'"
d( -c)
CJ
-I]
5: i.a
cl al
l,
:/
-!
:)
-l a()
u
O /\ at)
e
L
,t,
()x ()
.>
.J
5 -c) l- -a
-i
'=v i.; aa,
E-l
I' ==

I .l\
lU
cl i( I

)r,
| /,
l=
ic:
o t(-
L
a
t)
L
-!
a
'O
Q

c=
al
O

c
F