45907706 bharti walmart jv

8/7/2019 45907706 Bharti Walmart JV

1/25


2/25


3/25

W`S \^[\[_WV `[ _W^bW S ^WYa S^ _ [\\ ZY ^W]a ^W WZ`_ [X SZ SbW^SYW ZZU aV ZY S X[[V SZV Y^[UW^ US`WY[^ W_ X^W_ Xâ `_ SZV bWYW`ST W

VS ^ \^[VaU`_ _`S\ W_ SZV \^[UW__WV X[[V W WU`^[Z U_ SZV S\\ SZUWX[[`cWS^ Xa^Z à^W SZV Xa^Z _ ZY SZV [` W^ [a_W [ V S^` U W_b

S S^`

_`[^W _`[^ [X S S^` USZ TW `^SUWV TSU `[ ` W % _ c WZ S S `[Z TW

US^WW^ Z ^W`S ZY X`W^ TW ZY Z`W^b WcWV T ^WUâ `W^_ X^[ T[` WWZZW a_` TWX[^W Y^SVaS` ZY X^[ ` W Z bW^_ ` [X __[a^ Z [ a T S[T [XXW^ X^[ WZZW Z W\`W TW^ % S `[Z SU]a ^WV X^[ W

X^SZU _W SZV WS_W [Z S WZ ^SZ Z Z Wc\[^` ^ SZ_S_ W bS^ W` _

U S Z [\W^S`WV T ` W a` W^ ^[` W^_ S ^WY [ZS ^W`S W^ X`W^ ` ^WWZU^WS_WV SZZaS _S W_ X^[ `[ T % [cWbW^ ` W S[ W_ VWU ZWV `[ ^WZWc ` W WS_W [Z XSb[^ST W `W^ _ SZV S `[Z cS_ X[

TWX[^W ` W WZV [X % S `[Z cS_ \^W\S^WV `[ \aÛ S_W S X bW SZV V WZ [S \^ ZY_ ^ SZ_S_ Ta` ` W `c[ cW^W S\S^` [Z SY^WW WZ` [Z S

\^ UW Z S % % S `[Z \aÛ S_WV S _`[^W X^[ a` W^ S^^ _[Z Z^ SZ_S_ SZV [\WZWV S `[Z _ a_ ` W S^ [aZ`S Z [cZ [X %

c[a V TWU[ W ` W WSV]aS^`W^_ X[^ ` W c[^ V _ S^YW_` ^W`S W^b

[^ ZY [VW

S S^` _ Ta_ ZW__ [VW _ TS_WV [Z _W ZY S c VW bS^ W` [X YWZW^SS cS _ [c \^ UW_ W U[ \SZ ^WXW^_ `[ `_ W \ [ WW_ S_ S__[U S`W_

_`[^W_ Z ` W SZV SZSVS S _[ SbW VW_ YZS`WV Y^WW`W^_ c [ cW U[ W_`[^W WZ`^SZUW Z aZW S S^` SZZ[aZUWV ` cS_ ^W` ^ ZY ` W T aW

[Z S__[U S`W_ cWS^ SZV ^W\ SU ZY ` c ` S _ SZV \[ [_ W ^W\ SUW \ S S^` ZU^WS_W _S W_ Z W SZ [` W^ ^W`S W^_ S S^` V[W_ Z

_ [`` ZY XWW `[ _a\\ W^_ X[^ ` W ^ \ [VaU`_ `[ S\\WS^ Z ` W _`[^W Z_`WSV `_W ZY [^W \[\a S^ \^[VaU`_ SZV [X`WZ \^W__a^W_ _`[^W SZSYW^_ `[ V^[\ aZ\[\a S\^[VaU`_ S_ cW S_ S_ ZY SZaXSUà^W^_ `[ _a\\ [ W \[\a S^ \ [VaU`_

Z W\`W TW^ ` W U[ \SZ SZZ[aZUWV ` S` ` c[a V \ S_W [a` `_ S\^[Y^S U ` ZY VWU Z ZY a_W SZV ZU^WS_WV U[_`_ S ScS UWS_WV `[ TW

[bW TW^ % SZV ^W]a ^WV WÛ SZV _W \ U a\ T WUW TW^Z[c X[Ua_W_ [Z [` W^ \S WZ` [\` [Z_ _aU S_ ZU^WS_WV a_W [X _ SZV `cW

W^[ Z`W^W_` X ZSZU ZY W S ScS [US` [Z Z [_` _`[^W_ _ Z[c a_WV X[^


4/25

`W [ `[^W \^[Y^S c U cS_ Z`^[VaUWV Z SÛ _ WZST W_ cSUa_`[ W^_ `[ Ta Y[[V_ [Z ZW c ` S X^WW _ \\ ZY [\` [Z SZV SbW Y[[V_ _ \ZWS^W_` _`[^W X[^ \ U a\b

S S^` Z`W^ZS` [ZS WZà^W_` [aY `_ S [^ [\W^S` [Z_ S^W Z [^` W^ US S S^` S_ `^ WV `[ W_`ST

\^W_WZUW [bW^ S Za TW^ [X U[aZ`^ W_ c[^ Vc VWS S^` _ Z`W^ZS` [ZS [\W^S` [Z_U[Z_ _`_ [X % _`[^W_ Z U[aZ`^ W_ [a`_ VW ` W Z `WV `S`W_W^W S^W c [ [cZWV[\W^S` [Z_ Z ^YWZ` ZS ^S SZSVS aW^`[ U[ SZV ` W \S^` X^[[cZWV Z`W^ZS` [ZS \^[ WU`_ S S^` S_ [ Z` bWZà^W_ Z ZS SZV _WbW^S[cZWV _aT_ V S^ W_ S S^` [\W^S`W_ Z W U[ S_S W Z ` W Z `WV ZYV[S_ _VS SZV Z S\SZ S_W a S S^` _ ZbW_` WZ`_ [a`_ VW [^` W^ US SbW S

WV ^W_a `_ `_ [\W^S` [Z_ Z ` W Z `WV ZYV[ [a` W^ US SZV_aUUW__Xa W bWZà^W_ Z W^ SZ SZV [a` [^WS TW ZY aZ_aUUW__Xa\a [a` [X ` W_W U[aZ`^ W_

W`S UWZW Z ZV S

O W ZV SZ ^W`S ZVa_`^ SUU[aZ`_ X[^ [X ` W SZV [X W \O ZV S _ TW ZY `[a`WV S_ ` W ZW ` T Y ^W`S VW_` ZS` [Z c ` SZ SbW

`[O W _ WW^ _ W [X ` W \[\a S` [Z VW SZV_ S``WZ` [Z X^[ ^W`S W^_ c[

` W \[`WZ` S X[^ Y^[c` Z ` _ ZS_UWZ` ZVa_`^ _ `^W WZV[a_O _ \W^ WS^ZW _ X[^ ZV S ^SZ _ _WU[ZV `[ W`ZS

_` ZO ZV S _ ` W c[^ V _ ` S^YW_` WU[Z[ Z `W^ _ [X aÛ S_ ZY [cW

ZS SZV S\SZ ` _ W \WU`WV `[ [bW `[ ` W ` ^V \[_ ` [Z TO ZV S _ ^S`WV S WSV [X ZS [Z ` W [^W YZ ^WU` ZbW_` WZ`

S ZY ` SZ S``^SU` bW ^W`S S^ W` S [ZY [` W^ W W^Y ZY` W c[^ V

O UU[^V ZY `[ S _àV U[ZVaU`WV T ` W __[U S`WV S TW^_ [X [ZVa_`^ ` W SZZaS ^W`S _S W ` S` cS_ U [_W `[ T_ W \WU`WV `[ ^WSU T [Z T

O W _àV X[aZV ` S` `[`S ZV SZ ^W`S Ta_ ZW__ c[a V Y^[c S`T [Z Z `[ % T [Z Z W aZ[

c Y^[c X^[ % T [Z `[ % T [Z ZO ZV S _ ^S`WV Z ` W Y W_` US`WY[^ [X ` W _\ ^S` [ZS ZVW Z

W _WZ Z ZW Z Ta_ a^bW


5/25

O UU[^V ZY `[ [Z ZV SZ [a_W [ V_ c SbW SZZaSZU[ W_ W__ ` SZ % T

X S`W ` W^W S_ TWWZ S [` [X ZZ[bS` [Z _WWZ Z ` W ^W`S X[^ S` Z^W`S X[^ S`_ S ZY S Y^SZV WZ`^ Z ` _ YS W [X Ya`_ SZV Ya W _

aZ WS^V [X WZ` ` Z ` W SVbSZUWV Y [TS ^W`S S^ W`_ W ` W Z `WVS_ TWU[ W S T Y ` Z ZV S W_W S _ _`[U ` W c [ W _` [X `W

S^W ^W]a ^WV Z S ` \ US ZV SZ cWVV ZY ^SZY ZY X^[ WcW ^ `[ S\\SS S_ S^W S ^W`S \^[ WU` _aUUW__Xa ^[ WV [a` T ` W SV SZV

[ __ [Z W_W [a` W`_ _ [cUS_W ` W VW_ YZ_ SZV \S``W^Z_ [X `^SV ` [ZSSZV U^SX` \^[VaU`_ SZaXSUà^WV Z ZV SZ b SYW_ Z S `^WZV SZV U U

S` [aZY Ta W^_

SYW S _ S^W SZ[` W^ ZZ[bS` [Z W_W S^W TS_ US SZ W `WZ__ [\_ ^WbS \WV `[ US`W^ `[ ` W S^YW^ ZWWV_ [X ` W [US \[\a S` [Zb

W S^` S S^` [ Z` WZà^W

[aY ZV S _ ` W c[^ V _ _WU[ZV XS_`W_` Y^[c ZY S [^ WU[Z[ [^YSZ WVSUU[aZ`_ X[^ a_` \WÛWZ` [X ZVa_`^ _S W_ ` [aY ` W `^WZV _ _ [c UU[Z_a W^_ SbW SZ ZU ZS` [Z `[ S W [_` [X ` W ^W`S \aÛ S_W_ X^[ _ S_ [\_ \[\a S^ Z[cZ S_ ^SZS _`[^W_ _ V _U[a^SYW_ Y [TS ^W`S Y SZ`__ [\ W^W

ZV SZ Sc_ S` ` S` \[ Z` [X ` W [X ` W [ Z` bWZà^W [b V V Z[` SX[^W YZ V ^WU` ZbW_` WZ` Z ^W`S [^W YZ V ^WU` ZbW_` WZ` ^W\W^ ` Y [TS a ` T^SZV ^W`S W^_ `[ WZ`W^ ZV S V ^WU` a_ Z [bW

S^` SZZ[aZUWV S [ Z` bWZà^W c ` S^` Z`W^\^ _W_ `[ [\WZ ^W`S __ X[^W YZ U[^\[^S` [Z_ S^W Z[` S [cWV `[ V ^WU` WZ`W^ ` W ^W`S _WU`[^

VWU VWV `[ [\W^S`W ` ^[aY X^SZU _W_ SZV SZV W ` W c [ W_S W WZVX^[Z` WZV Zb[ b ZY [\WZ ZY [X ^W`S [a` W`_ c W S S^` `S W_ US^W [XS_ U[ V U S Z_ SZV [Y _` U_ W [ Z` bWZà^W \ SZZWV `[ _[aÛW % \W^ UX^[ ZV S c W ` W ^W_` cS_ `[ TW \[^`WVZ S % ` W X ^_` S^` S S^` _ÙS WV W_` ^ UW [VW^Z [ W_S W cS_ [\WZWV Z ^ `_S^

W [ Z` bWZà^W [X T[` ` W X ^ _ U[a V TW VW_U^ TWV S_ S [^ [Z`S STW _S V `[ TW S ZW^Y _` U `^S`WY U SZUW ` _ U S^SU`W^ WV T


6/25

[` ` W \S^`ZW^_ Y ` U[ T ZW ^W_[aÛW_ SZV _ _ `[ U^WS`W bS aW Z ` W` W bS aW U S Z S^` S TW [[ ZY S` ZU^WS_ ZY `_ \[^`X[ [ [X \^[VaU`_TW [[ ZY `[ W_`ST _ WZ[aY U^WV T ` `[ \^[Ua^W S _a\\ U S Z SZV S_ _`W aU SZ S SZUW S [c_ ^ _ _ S^ ZY T ^WVaU ZY X ZSZU S ZbW__ S^ ZY TW`cWWZ T[` ` W \S^`ZW^_

Z`W^ZS` [ZS S SZUW_ USZ TW V XX Ua ` `[ SZSYW VaW `[ V XXW^WZUW_Ua à^W_ [^ ^WYa S`[^ U[Z_`^S Z`_ W _[ a` [Z U[a V TW W]aS _ S^ ZY [X U[_T T[` ` W U[ \SZ W_ ` W^c _W S TS`` W [X [ZW a\ SZ_ \ c TW ZWb `STâZ

WZWX ` `[ S S^` S S^` cWZ` S WSV c ` `_ \ SZ_ X[^ ZV S S` S ` W c WU[ \W` `[^_ W_U[ SZV S^^WX[a^ VWU VWV `[ cS ` X[^ Z[^ _ `[ TW ^W S WV`[ WZ`W^ ZV S ` ^[aY ` W X^SZU _W ^[a`W ^WX WU`WV `_ WSYW^ZW__ `[ US

S^ W` c WZ ` _ S` S ZS_UWZ` _`SYW ZW [X `_ S [^ [` bW_ cS_ `[ YW` `_a\\ U S Z Z [^VW^ TWX[^W ` W ZVa_`^ [\WZ_ a\ `[ X[^W YZ ZbW_` WZ`S SZUW c ` S^` S S^` cSZ`WV `[ YS Z ` W TWZWX ` [X TW ZY ` W X ^_X ^_` X[^W YZ \ S W^_ Z ` W ZV SZ ^W`S S^ W`

WZWX ` `[ S^` ` ` W ` W [X ` W [ Z` bWZà^W ZV SZ U[^\[^S`W [a_W_ SSV S ^WSV bWZà^WV Z ` W S``^SU` bW [^YSZ WV ^W`S S^ W` W V

S _[ SVW U WS^ [X `_ Z`WZ` [Z_ [X TWU[ ZY S S [^ \ S W^ Z ` _ _W

U[aZ`W^ ` W_W `c[ S [ U[ \W`W` `[^_ S^` ZWWVWV S \S^`ZW^ c ` _`^[ZY_`^WZY` _ S [ZY c ` `_ ^W S` bW ZW \W^ WZUW U[a V SbW TWWZ SWZ`W^ ` W ZVa_`^ ` ^[aY S ` W a\ c ` S X[^W YZ ^W`S W^ ^S` W^ ` SZ Y[

Z ` W _ [^` `W^ ` W S^` S S^` [ Z` bWZà^W cS_ U[ZX^[Z`WV c ` \^[T` W [\\[_ ` [Z T ` W WX` \S^` W_ S_ ` W Z_ _`WV ` S` ` W Y[bW^Z WZ` _ [a

S``W^ `[ _`[\ ` W TSU V[[^ WZ`^ [X S S^` Z`[ ZV S W_W \S^` W_ [\\[_WbWZà^W _`S` ZY ` S` X[^W YZ V ^WU` ZbW_` WZ` Z ^W`S `^SVW cS_ Z[` SW _` ZY \[ U SZV ` S` ` c[a V \SU` ` W bS_` Za TW^ [X aZ[^YSZ WV ^W`S

SZaXSUà^W^_ SZV XS^ W^_ Z ZV S


7/25

[ \W` `[^ ZS _ _

W SZUW W`S `WV S _aT_ V S^ [X W SZUW ZVa_`^ W_`[ WSV W SZUW ^[a\ _ X[^S Z`[ [^YSZ WV ^W`S ZUW `_ ZUW\` [Z

W`S `WV S_ Y [cZ ^S\ V SZV S_ US`W^WV `[ [Z_` [a_SZV_ [X XS^ W^_ SZV bWZV[^_ S_WV [Z `_ U[^W Y^[c` _` S`WY [X

Z`WY^S` [Z SU WV T ` W W SZUW Y^[a\ [ZW [X ` W [_` _aUUW__Xa UZV S S_ SVW ^S\ V \^[Y^W__ `[cS^V_ Ta V ZY SZ WZ` ^W bS aW U S

` W XS^ W^_ `[ ` W WZV U[Z_a W^_

S_ ZU^WS_WV `_ X[[ \^ Z` `[ [^W ` SZ % _`[ W_ Z U ` W_ SU^[ZV S WW\ ZY Z _ ZU c ` `_ a ` X[^ S` _`[^W _`^S`WY SVVWV Z

_\WU`â [\W^S`W_ Z X[^ S`_ _aU S_ W SZUW ^W_ ZW Y T[a^ [[V _`[S^` S aZVW^ [ZW ^[[X _a\W^ S^ W` W SZUW a\W^ Z S^` c U

\^[VaU`_ X[^ VS [a_W [ V a_SYW W S _[ SbW _\WU S ` X[^ S`_ _aUY `S U[Z_a W^ Va^ST W_ ZX[^ S` [Z `WU Z[ [Y W SZUW ^WZV

SUUW__[^ W_ W SZUW W ZW__ WS ` cW ZW__ TWSa` `[^W SZUW [[`\^ Z` X[[`cWS^ W SZUW WcW _ WcW W^ W SZUW

WZ`W^`S Z WZ` W SZUW a`[ [ZW Sa`[ [` bW \^[VaU`_ _W^b UW_ SZV W[ WcS^W Xa^Z a^W [Va S^ Ù WZ_ Xa^Z _ ZY_

S_ WZ`W^WV Z`[ _`^S`WY U \S^`ZW^_ \_ c ` ^W\a`WV U[ \SZ W_ _aU S\WZUW^ S\\S^W SZV SUUW__[^ W_ XX UW W\[` [XX UW _`S` [ZW^ W

\^[VaU`_ SZV S W _ `[ _

W V ` S ^ S Y^[a\ T[aY ` ^WY [ZS _a\W^ S^ W` U S Z ^ ZW`^S Z aZW

V ` S ^ S Y [a\ SaZU WV `_ X ^_` ^W`S _`[^W aZVW^ ` W T^SZV ZS W [^_`[^W_ [XXW^ S c VW ^SZYW [X \^[VaU` US`WY[^ W_ ZU aV ZY Xâ `_ SZV bWYW\W^_[ZS US^W [ W US^W [a_W [ V YWZW^S WÛ SZV _W \[a `^ VS ^\ S^ SU SZV S cW _`[U WV TS W^

` S Y [TS à^Z[bW^ [X T [Z Wa^[ W`^[ _ \^W_WZ` Z U[aZ`^ W__`[^W_ W`^[ c U _ WSV]aS^`W^WV Z W^ SZ SZV S_ WZ`W^WV ZV S[\WZWV X bW [a` W`_ SU^[__ SZYS [^W a TS VW^STSV SZV [ S`S [[ Z


8/25

W \SZ_ [Z [\\[^àZ ` W_ W`^[ S_ ^WUWZ` _ YZWV S W [^SZVa [X ZVW^_`S[ [X _ % U^[^W c ` ` W aZ ST [bW^Z WZ` `[ [\WZ _ [ W UWZ`W^_

W_U[ U X^[ S_ _`[^W_ Z [` W^ _ SZ U[aZ`^ W_ ZS S\SZ S

[^WS SZV S SZV W_U[ S_ SZZ[aZUWV \ SZ_ `[ _W` a\ S c [ W_S W US_Ta_ ZW__ Z ZV S W_U[ _ S _[ \ SZZ ZY S VWS c ` S`S ^[a\ _ ^W`S ZY

^WZ` [^ ` W VWbW [\ WZ` [X ` W US_ US^^ Ta_ ZW__ W_U[ _ \ SZZ ZY[Z _ U^[^W Z ` W X ^_` `c[ WS^_ W X ^_` US_ US^^ [

a\ Z a TS S` ` W WZV [X W VWS c ` S`S W_U[ c \^[b VW ^W`S WSZV `WU Z US US\ST ` `[ _a\\[^` ` W VWbW [\ WZ` [X ^WZ` _ \W^ S^ W`

S SS^ W_U[ cSZ`_ `[ _W` a\ S _aT_ V S^ SZV `[ YW` SUUW__ `[ ` W ^W` ^[aY ^WZ`

W S^^WX[a^ Y^[a\ S_ [bW^ _`[^W_ W ` W^ U[ \SZ [\W^S`WV [^ X^SZUS^^WX[a^ S_ \ W_WZUW Z U[aZ`^ W_ W [ [ T S S SZV S cSZ [ SZ[ SZ S S^^WX[a^ [XXW^_ _ [\\ ZY [Z ZW Z _WbW^S U[aZ`^ W_ ^SZUW a^W Y a SZV [` W^_ c VW _W WU` [Z [X _W^b UW_ _aU S_ [ W VW bW

cS^W [a_W U[ WU` [Z_ S^W SbS ST W `[ Ua_`[ W^_ bS^ ZY X^[ U[aZ`^ `[ U[S^^WX[a^ `_W X [cZ_ [bW^ T^SZV_ SU^[__ S ` W ZU[ W _WY WZ`_

Z % % S^^WX[a^ TWUS W ` W X ^_` Z`W^ZS` [ZS ^W`S W^ `[ bWZà^W Z

S cSZ ` ^[aY S [ Z` bWZà W c ` Z ^W_ VWZ` Z`W^\^ _W_ [^\[^S` [Z X` WbW^SYWV ` W W \W^ WZUW ` YS` W^WV Z S cSZ `[ [bW Z`[ [` W^ _S^^WX[a^ S _[ [\W^S`W_ Z ` W Z `WV ^ST ^S`W_ SZV [^VSZ Z S [ Z` bWS V S a``S S^^WX[a^ S _[ S_ X^SZU _W [\W^S`WV \W^ S^ W`_ Z SaVS^^WX[a^ S_ S _[ [\WZWV S X^SZU _W [cZWV T^SZU Z ` W S ^S Z ` W

S^^WX[a^ S_ _W` a\ `c[ WZ` ` W_ Z ZV S S^^WX[a^ ZV S b` `V `[US^^ Ta_ ZW__W_ SZV S^^WX[a^ S_`W^ ^SZU _W [ \SZ b` `V X[^ `_ ^W`S

[cWbW^ S_ [X Z[c ZW ` W^ X ^ S_ SZ [a` W`_ S_ [X Z[c S^^WX[a^ S_ SZZZ`WZ` [Z_ [X WZ`W^ ZY [X WZ`W^ ZY Z ` W ZV SZ S^ W` T WZV [X T

S SZUW c ` a a^W Y^[a\ S S [^ \ S W^ Z ` W ZV SZ ^W`S ZVa_`^


9/25

` [aY ` W [^YSZ WV ^W`S _WU`[^ [X ZV S _ bW^ _ S `` _ S^ W` S_ SVW ` S``^SU` bW X[^ X[^W YZ \ S W^_ _ S ^WSV WZ` [ZW

S^^WX[a^ SZV W_U[ S^W \ SZZ ZY `[ WZ`W^ Z`[ ` _ S^ W` T YW`` ZY Z`[ SS ^WSV W_`ST _ WV ZV SZ U[^\[^S`W

H ^[VaU` V XXW^WZ` S` [Z W_W ZWc \ S W^_ [cZ S S^YW Za TW^ [X X ^ T^[_` [X c U S^W _aUUW__Xa _[ V ` ^[aY [a` `_ _`[^W_ W \^[VaU`

V XXW^WZ` S` [Z ` W T^ ZY `[ ` W `ST W _ WZ[^ [a_H S\ `S ^W]a ^W WZ`_ ` [aY WZ`W^ ZY SZ S SZUW c ` S S [^ ZV SZ

SZV W_`ST _ ZY ZWc _`[^W_ ` ^[aY ` W U[aZ`^ S ^W]a ^W _aXX U WZZbW_` WZ`_ ` W_W \ S W^_ SbW VWW\ \[U W`_ SZV SbW \^Wb [a_ S _

` W ^ \^W_WZUW Z S Za TW^ [X U[aZ`^ W_H

UUW__ `[ V _`^ Ta` [Z U SZZW _ [ Z` bWZà^W [^ S \S^`ZW^_ \ c ` ^W`SS_ ` W aà^W ^[a\ Z US_W [X S^^WX[a^ [^ S ^W\a`WV U[^\[^S`W [a_W S_

^[a\ c Y bW ` W_W U[ \SZ W_ S bW^ _`^[ZY _a\\ U S Z US\SU ` SaZVW^_`SZV_ ` W V _`^ Ta` [Z Ta_ ZW__ TW``W^ ` SZ [_` SZV aà^W ^[a\

WSVW^ Z ZV SH [bW^Z WZ` \[ U \[ U ^W WS_WV ^WUWZ` _`S`W_ ` S` U[ \SZ W_ U

[^W ` SZ [X ` W ^ US_ SZV US^^ Ta_ ZW__ `[ ^[a\ [ \SZ W_ SZV

- - 9 JD

@ @ 9 D @D @ @D@

-@ - @ I

@ @ - J -@ -@

- - 9 JD99


10/25

` W a_W _ [a V TW Z`W^ZS _ c \^[bW S S [^ V _U[a^SYW WZ` `[WZ`^SZ`_ S_ ` W c SbW `[ ^WVaUW ` W ^ _`S W_ Z ZV SZ U[c ^WVaUW ` W ^ U[Z`^[ [bW^ ` W ^W`S [VW X[ [cWV

H _`[^ US _a\\ W^_ WZ [ S _`^[ZY \[_ ` [Z [X U[Z`^[ Z ` W ^W`S[cWbW^ c ` ` W Y^[c` [X [^YSZ WV ^W`S SZ S^YW ^W`S \ S W^

bW^` US Z`WY^S` [Z SZV SZaXSUà^ ZY \^[VaU`_ aZVW^ ` W X ^ T^SZV\^[VaU`_ S _[ Y bW ` W [^W S^Y Z ` W S^W [^W ZU ZWV `[ \ [ [`WT^SZV_ _ ^WUWZ` `^WZV S_ _[ Wc S` VWU^WS_WV ` W TS^YS Z ZY \[c_a\\ W^_ Z ` W ^WUWZ` \S_`

H Z ^W`S U[Z_a W^ [ S ` _ ` W [_` \[^`SZ` ZY^WV WZ` X[^ _aUUW__ZVa_`^ _ _[ U S^SU`W^ WV ` S` ` W^W S^W bW^ XWc _c Ù ZY U[_`_

`^SZ_SU` [Z_ Z ^W`S S^W bW^ W__ SZV WZUW WbWZ \^[\W^ VS`S _ Z[`^W\aÛ S_W _ Z[` \^WV U`ST W

H ^ UW [X U[ \W` `[ \^[VaU`_ USZ TW [cW^WV S `[[ WS_ Z ` _ ZVa_`^\^ UW cS^ ZUW T[` ` W U[ \SZ W_ TW ZY SZS WV _\WU S W Z V _U_W ZY S \^ UW cS^ _ ZWb `ST W Z W__ ` W V _U[aZ` _W ZY _ a`

Z [ S ` \^[Y^S _ WÙ ` W Ua_`[ W^_ c[a V a_` Ta X^[ c W^W ` _ U W

ZUW ` W ^W`S ZVa_`^ _ U[Z_ VW^WV [bW^ W^W ` W ` ^WS` [X \ [VaU` _aW__WZ` S U[ W Z`[ ` W \ Uà^W

H _ S TW S W__W^ VW`W^^WZ` X[^ ZWc WZ`^SZ`_ S_ ` W ZVa_`^ [X [`_W X _ Y^[c ZY WbWZ ` [aY SUàS W _` ZY X Ya^W_ S^W bW^ [c

H W Za TW^ [X X ^ _ U[ \W` ZY X[^ S _ S^W [X ` W \ W _ S _[ [c \S^X ^ _ ` W^W S^W bW^ XWc X[^W YZ \ S W^_ S^YW WZ[aY `[ S Z`S Z[bW^ _[ W WS^_ ` S` SbW U [_WZ ZV S _ VWZ_W SZV XS_` Y^[c ZY W

H [cWbW^ c ` [^W Za TW^ [X X[^W YZ S_ cW S_ V[ W_` U \ S W^_ `^ ZZ`[ ` W _WU`[^ ` _ _UWZS^ [ Y ` U SZYW bW^ ]a U SZV ` W ZVa_

TWU[ W bW^ U[ \W` ` bW


11/25

W WZ`^ [X S [^ X[^W YZ \ S W^_ S_ S^^WX[a^ c SbW _aT_`SZ` S \SUS S^` [ Z` bWZà^W

SVWV ^WS S^ W` U[ [ZS ` TW`cWWZ X ^ _

W ^WU`SZY W W_[aÛW WZV[c WZ`

W `^ SZY W W_[aÛW WZV[c WZ`

S S^` SZV S^^WX[a^ T[` _\WU S W Z U[_` _Sb ZY _ [\\ ZY X[^ VS ZWWVU[_` WSVW^_ Z ` W ^ ^W_\WU` bW YW[Y^S\ W_ W T[` S^W _`^[ZY V _`^ T

WSVW^_ Z ZV S T[` ` W X ^ _ c TW XSU ZY ` W _S W XS_` Y^[c ZYZU^WS_ ZY V _\[_ST W ZU[ W_ W _a\\ W^ S^ W` SZV \^[Ua^W WZ` U SZZW

[bW^ S\ `[ S S^YW W `WZ`


12/25

W ZX[^ S` [Z SbS ST W Z ` W ZVa_`^ _ _ W`^ U `[ T[` ` W X ^ _\[_ ` [Z_ S^W ` W _S W ` W ZS` bW ^W`S \ S W^_ S^W ` W _W bW_ U[ \W`

^W_[aÛW_ W ]aW_` [Z `[ TW S_ WV _ ` _ VW SZV V^ bW ` W Y [c`[ Z` bWZà^W_ T X[^W YZ U[ZY [ W^S`W_ c ` ZV SZ a_ ZW__ [a_W_

S^^WX[a^ c WZ ` W [ Z` bWZà W c ` ZV SZ X ^ aà^W ^[a\ TWU[ W_ S ^W`[ U[ \W`W [Z ` W _S W ZS` [ZS WbW S [_` [Z ` W _S W YW[Y^S\ US UaVW [Y^S\ U_ S_ S S^` W^W _ [^W ` SZ WZ[aY [` bS` [Z X[^ S S^` `[ \SZV \^WbWZ` Xaà^W TSV \W^X[^ SZUW T^[aY ` ST[a` T S U[ \W` `[^ S_ _`^[ZY S_

S^^WX[a^ S_ ` W _[aÛ ZY X[^ c S`WbW^ ^W_[aÛW_ ` ^W]a ^W_ ` S ^WSV^W S` [Z_ \ c ` _a\\ W^_ Z ` W U[aZ`^ W_ ` _ \^W_WZ` Z X ` VWU VW_X^[ ZV S S_ cW ` ZWWV_ `[ W_`ST _ `_ U^WV T ` SZV Ta V ^W S`X^[ _U^SÙ Z_`WSV X ` _W _ `_ W _` ZY \[^`X[ [ [X \ [VaU`_ SX`W^ VW_a `ST ` `[ ZV SZ S^ W`_ ` c SbW `[ a` W aà^W ^[a\ _ W _` ZYc U `_W X _ bW^ _`^[ZY ` [aY S S^` S_ TWWZ \^W_WZ` Z ` W ZVZ[` TWWZ ST W `[ VWbW [\ S aYW X ^_` [bW^_ SVbSZ`SYW c U c[a V WW\` W U[ \W` ` [Z

ZUW S^^WX[a^ SZV S S^` c TW U[ \W` ZY X[^ ` W _S W ^W_[aÛW_ SZV_S W Ua_`[ W^_ S^^WX[a^ S TW [[ ZY S` ZWcW^ S^ W`_ c W^W `_ U[ \W`\^W_WZ` W` ` S TW ` W â^S Y^[UW^ X[^ S` ` S` ` S_ _aUUW__Xa

^SZUW SZV [` W^ \S^`_ c W^W ` _W _ VS ^ WS` SZV [` W^ \^[VaU`_ [Z S VSâ^S Ua_`[ W^_ _ _ [ZW S^ W` ` S` _ \[`WZ` S aYW Z ZV S c [_W

[_` Z b SYW_ [cWbW^ S [ZY c ` ` _ S^^WX[a^ c S _[ _USbWZYW SS^ W`

S S^` S XSUW UW^`S Z __aW_ c ` ` W _a\\ W^_ Z ` W ZV SZ U[Z`W ` S__ [a V TW Ta ` c ` ` W S^` _ _`^[ZY c ` `_ [Y _` U_ _[ ` S` c Z[Ù[ZUW^Z S^^WX[a^ WZ [ _ ` W SVbSZ`SYW [X Sb ZY S \S^`ZW^ c [ _ ^W_\WU`W_a\\ W^ ^W S` [Z_ SZV `_ V _`^ Ta` [Z U SZZW [ ` _ V XX Ua ` `[ _S c


13/25

cWS W^ c WZ ` U[ W_ `[ [T`S Z ZY ^W_[aÛW_ S_ [X Z[c ` [aY ` W^W S^W ZVU[a V TW S S^`

S WZYW X^[ ^SZS `[^W_

\S^` X^[ ` W S [^ \ S W^_ W W SZUW [^W S^^WX[a^ Z Xaà^W` W S [^ U S WZYW ` W `^SV ` [ZS ZS^S _`[^W_ Z ZV S W X[ [c ZY Ù[ \S^S` bW SZS _ _ [X SVbSZ`SYW_ SZV V _SVbSZ`SYW_ c U WSU XSUW

Z a [X _] X` c[a V TW^W]a ^WV ` ` W Y \^ UW [X ^WS W_`S`W

` _ _ [X`WZ S _W^ [a_ SZV US\ Z SU Wb ZYY W^ \^[X `_

^SZS _`[^W_ S^W [cZWV SZV [\W^S`WV [Z_ S _US W a_aS Z S _\SUW [X

W__ W_W \ SUW_ S^W WS_ SbS ST^W_ VWZ` S [US ` W_

WZWX `_ [X WU[Z[ W_ [X _US W S\ST W [XW ZS` ZY ` W c [ W_S W^_ X^[ ` W U S ZSZV USZ \^[b VW TWZWX `_ [X _SbWV S^Y Z_

[W_ Z[` TWZWX ` X^[ WU[Z[ W_ [X _US

\W^S` [ZS U[_`_ S^W aU Y W^ ^SZS _`[^W_ S^W [\W^S`WV T ` W [cZW^_` W _W bW_ SZV ` a_ \^[b VW ` W TWZWX

[c [\W^S` [ZS U[_`_

[XXW^ [^W bS^ W` `[ Ua_`[ W^_ [^W[bW^` _ W `[ ^WUW bW ` W ZWc SaZU WV

\^[VaU`_ WS^ W^ ` SZ ^SZS _`[^W_

^SZS _`[^W_ `S^YW` S aU _ S W^ S^W `[ TW Z ` W WV S`W [US `

` a_ SbW S TW``W^ aZVW^_`SZV ZY [XUa_`[ W^ \^WXW^WZUW_ USZ TW [^W^W_\[Z_ bW Z `W^ _ [X ` W ^ W U a_ bWVW SZV_

S`W^_ `[ [^W Za TW^ [X Ua_`[ W^_ SZVWZUW Z[` _[ XS S^

[^W XS S^ ` c ` Ua_`[ W^ _ _aYW TWZWX ` _\WU S Z \^[VaU


14/25

` _ [ZW [X ` W XS_`W_` Y^[c ZY ZVa_`^ W_ Z ZV S W U SZYW ZST `_ [X Ua_`[ W^_ _ WSV ZY `[ SZ Wb[ bWV [^YSZ WV ^W`S X[^ S`

W \WU`WV `[ Y^[c S` S \SUW [X SZZaS S_ \W^ _WbW^S Y^[c` \^WS_ TWWZ ^SZ WV _WU[ZV Z S [TS W`S WbW [\ WZ` ZVW [X

U[aZ`^ W_ V^ScZ a\ T WS^ZW UU[^V ZY `[ ` W ` ZZaS [TSWbW [\ WZ` ZVW [X WS^ZW ZV S ^W`S ZVa_`^ _ `

\^[ _ ZY W W^Y ZY S^ W` X[^ ZbW_` WZ` Z % ` W ^W`S `^SVW_ S^W [X Z ` W ^[__ [ W_` U ^[VaU` [X ` W U[aZ`^ W

ZVa_`^ Z ZV S _ Ua^^WZ` Y^[c ZY S` S Y^WS` \SUW SZV _ W \WU`WT [Z T ` W WS^ ` _ Xa^` W^ W \WU`WV `[ ^WSU

WS^ S` S [X ` W WS^ ` W [^YSZ WV _WU`[^

`[ Y^[c S` S [X W ^W`S _WU`[^ c[a V YWZW^S`W W \ [ WZ`` SZ [Z \W[\ W T ` W WS^ _S _ SZ SZS _ _ T S [[Z_a `SZ`_ `V

W a\cS^V \ aZYW S_ TWWZ \^WV U`WV _ ZUW ]a `W S XWc WS^_ Z[c S_ _` Y[ ZY W \[ZWZ` S W^W _ S Y^S\ VW\ U` ZY Ua^^WZ` SZV \^

_S W_ S_ \W^ W_` S`W_


15/25


16/25

TW _S` _X WV T SZ \^[VaU` [^ _W^b UW ` S` _ W__W^ Z ]aS ` ` SZSZ [` W^ \ SUW [Z ` W Y [TW

O a^S S^ W`_ W W^Y ZY S_ S aYW [\\[^àZ ` X[^ ^W`S W^_ ^WX WU`WV[X ` W â^S S^ W` SU^[__ [_` US`WY[^ W_ [X U[Z_a \` [Z

4 _ W \W^ WZ` ZY c ` ^W`S ZY ` ^[aY `_ W [a\S SZV â^S \W^ S^ W`_

4 _ a_ ZY `_ ^[ WU` S ` Z ` S` bW WbW^SY ZY c[ WZ _ `[ W \ [^W ` W â^S S^ W`

W S_` XWc WS^_ SbW _WWZ ^S\ V `^SZ_X[^ S` [Z Z SZ S^WS_ W

O US ST W SZV \^[X `ST W ^W`S [VW _ S^W cW W_`ST _ WV X[^ [_`ZV SZ U[Z_a W^_ S^W ^S\ V Wb[ b ZY SZV SUUW\` ZY [VW^Z X[ S`_

[bW^c W ZYO W`S _\SUW _ Z[ [^W S U[Z_`^S Z` X[^ Y^[cÒ ZV S _ [Z ` W ^SVS^ [X Y [TS ^W`S W^_O a\\ W^_ T^SZV_ S^W c ZY `[ \S^`ZW^ c ` ^W`S W^_

W`S [^ S`_ Z ZV S

ZV SZ ^W`S X[^ S`_ USZ TW U S__ X WV Z`[ `c[ V _` ZU` US`WY[^ W_ `^SV

^SV ` [ZS [^ S`_ ZU aVW

O ^SZS_ ^SV ` [ZS [ SZV [\ `[^W_O [_ _O `^WW` S^ W`_O U a_ bW a ` \ W ^SZV a` W`_

[VW^Z [^ S`_ ZU aVW

O a\W^ S^ W`_ _aU S_ [[Vc[^ VO \W^ S^ W`_ _aU S_ Y S S^ SZ` [\^ `W `SÔ

W\S^` WZ` `[^W_ _aU S_ [\\W^_ `[\ XW_` W SZ`S [[Z_ ^S V_O \WU S ` S Z_ _aU S_ WSO [ \SZ cZWV \W^S`WV _aU S_ S`S [Z

[^WU[a^` W`S ZY_ U[ZUW\` ^WUWZ` _ [` Z`[ W Y ` c ` [ U[ \SZ W_ `^ ZY [ `

_`^WS X[^ [^W [[ S \S^` X^[ V _\WZ_ ZY XaW ` W _`[^W_ [XXW^ bS aW


17/25

`[ Ta_ U[Z_a W^_ _ _`^S`WY _ Ua^^WZ` SYY^W__ bW TW ZY \a^_aWV TSZV W SZUW

^SVW S^ _ZWc W W^Y ZY U[ZUW\` Z ^W`S ZY _ ` W W_`ST _ WZ` [X Ta_ ZW__ U[

\S^` Ua S^ X[^ Z`W^ZS` [ZS `^SVW [ W [X ` W W S \ W_ S^W ZV S \[_ `T SZV U^SX` \[^` ^[ [` [Z [aZU Z ^WS`W^ [ VS Z`W^ZS` [ZS [ W W

_W` a\ T S Y^[a\ [X \^ bS`W ZbW_`[^_ Z [ VS SZV [^ V ^SVW S^ US \a^ c \^[b VW Z`W^ZS` [ZS Ta W^_ ^WSV SUUW__ `[ c[^ V U S_

X^[ ZV S Z ` W [ W a^Z _ ZY_ US`WY[^ _ c[a V TW TWZWX U S `[c[a V Z[` SbW `[ Y[ `[ ^W [`W \[^`W^_ S\S^` X^[ YW`` ZY ZU^WS_WV b _ T

X^S Wc[^

O

[ ` US WYS

O Z ^W`S S_ TWWZ S `[\ U X[^ V _Ua__ [Z X[^ ]a `W _[ W ` W Z[S^WS_ Z ^W`S ZY ` S` c TW SXXWU`WV T S^W S_ X[ [c_

4 ^WS` ZY VV ` [ZS [T_4 Za` [Z [X ^SZS [\_ SZV W`S `[^W_4 UUW__ `[ S^YW^ ZSZU S W_[aÛW_4 WZWX ` `[ [Z_a W^_4 a\\ W^ aS ` Z SZUW WZ`_4 Z SZUWV a\\ S Z4 ZU^WS_WV \[^`_4 _ ^[__ W`S S` [Z

W^V U` [ZS^ W` _ SZ \[^`SZ` S__W` ` ZWWV_ `[ TW \^[`WU`WV ` W cS [` W^

\^[`WU`WV [cWbW^ ` _ U WS^ ` S` Z ^W`S `^SVW c WSVWU[Z[ U TWZWX `_ SZV Z[` _aT_` à`W [Z Y[ ZY SU` b ` W_ Z _`^S`WV ^WU` [Z [X _ [a V WZ_a^W ` S` V[ W_` U \ S W^_ S^W Z[` aZVaSZV _aXX U WZ` [\\[^àZ ` W_ S^W SbS ST W X[^ ` W Y^[c` [X V[ W_` U

W^WX[^W ` W _`^S`WY _ [a V TW U[Z`^[ WV ^W WS_W [X ^W_`^ U`WÛWZ`SYW [X S [cWV _ [a V TW ZU^WS_WV Z _ S S [aZ`_ SU[ [V ` W_ S` WbW^ _`W\ [Z_`âU` bW _aYYW_` [Z_ SZV Z\a`_ X^[ S_`S W [ VW^_ _ [a V TW `S WZ Z _ S\ ZY ` W \[ U

O SZV SZV \^[\W^` Sc_


18/25

W^W _ S _ [^`SYW [X Y[[V ]aS ` ^W`S _\SUW SZV ^WZ`_ S^WSbS ST W [ \[aZV ZY ` W_W _ [^`SYW_ S^W ` W X[ [c ZY \^[T W

Z ZV SZ_ USZ [cZ \^[\W^` Z ZV S c U U[ \ WZ` ZY^W_`^ U` [Z_ \ SUWV [Z ^W_`^ U` ` W WZ`^ [X X[^W YZ \

`S \ Va` W_ [Z \ [\W^` VWS _ S^W _ YZ X USZ` W WS_WU[_` a\ `[ \W^ UWZ` [X _S W_ c W ` _ a_` \W^ UW

W Z ` S a TSZ \ SZZ ZY [X U ` W_ cS_ V[ZW c ` _ S W^ZV c U S [ZY c ` ^ Y V Ta V ZY SZV [Z ZY Sc_ S W

X[^ \^[Ua^W WZ` [X ^W`S _\SUWW a^TSZ SZV UW ZY SU` SZV ^WZ` U[Z`^[ SU`_ SbW V _`

\^[\W^` S^ W`_ Z U ` W_ WSV ZY `[ W UW\` [ZS Y \\^ UW_

O ST[a^ Sc_W ST[a^ Sc_ Z_` à`WV `[ \^[`WU` _`[^W c[^ W^_ S^W Z[` X W

WZ[aY `[ _a\\[^` ` W [VW^Z X[^ S`_ [X ^W`S ZY W_W ^ Y` W Sc U[Z_`^S Z ` W [\W^S` [Z_ [X [VW^Z ^W`S [a` W`_ [^

[a^_ S^W ^W_`^ U`WV c ` _ [\_ ^W]a ^WV `[ U [_W [ZW VS [SZV ` W ^ ZY [X \S^` ` W W \ [ WW_ _ V XX Ua `

O S W_XXWU` bW U[^\[^S`W `S ^S`W _ % X[^ S [US U[ \SZ

X[^ S X[^W YZ U[ \SZ bWZ W__WZ` S TS_ U X[[V_àXX_ S^WbS^ ZY _S W_ `S ^S`W SU^[__ _`S`W_ S W_ _a\\ U S Z SZS

SZ WbWZ [^W V XX Ua ` `S_ X[^ ^W`S W^_ [cWbW^ c ` `Z`^[VaU` [Z [X S aW VVWV S SU^[__ S _`S`W_ _[

_S W_ `S SZ[ S W_ Z ` W _a\\ U S Z U[a V YW` U[^^WU` [[X ` W

W `S S` [Z _ _`W _` XSb[a^_ _ S ^W`S Ta_ ZW__ WbWV XXW^WZ` S _S W_ `S SU^[__ ` W WZY` SZV T^WSV` [X

U[Z[ U

ZVa_`^ `^WZV_ X[^ ^W`S _WU`[^ ZV US`W ` S` [^YSZ WV ^W`S ZY S_ SU[Z`^[ ZY ZX S` [Z TWUSa_W S^YW [^YSZ WV ^W`S W^_ S^W ST W `[ Ta V\^[VaUW^_ S` [_` U[ \W` ` bW \^ UW_ [^ V SZ S``^ Ta`W_ ` W [\WZ ZY [X ` W_WU`[^ `[ `[ TW TWZWX U S X[^ ZV S Z `W^ _ [X \^ UW SZV SbS STc[a V Y bW S T[[_` `[ X[[V \^[VaU`_ `W ` W_ SZV YS^ WZ`_ WS` W^ \ [VaU`_ WX^[ S^YW _US W \^[Ua^W WZ` T Z`W^ZS` [ZS U S Z_ Z à^Z U^WS` ZY [TS` bS^ [a_ WbW _


19/25

_ X[^W YZ ZbW_`[^_ W \ [^ ZY ` W ^ \[`WZ` S _ Z ` W ^W`S _WU`[^ S^W WS _ Z ZV S ` W _ W [X [^YSZ WV ^W`S ZY _ W \WU`WV `[ `[aU

S\\^[ S`W \W^ UWZ` [X ` W `[`S _ S_ Z ` S`WV S^ W` WZ`^ SZZ[a_[ W ^W`S W^_ SZV S_ _ YZS WV `[ Z`W^ZS` [ZS ^W`S W^_ ST[a` ZV S _ _W\^[ [` ZY ` W _WU`[^ W ` W^W S^W ^W\[^`_ [X Z`W^ZS` [ZS ^W`S W^_SZS ZY Ta_ ZW__ [\\[^àZ ` W_ Z ZV S W SZUW ` W S^YW_` ZV SZ U[

ZbW_` ZY T [Z `[ TWU[ W ZV S _ S^YW_` U[Z`W \[^S^ ^W`S W^^W\[^`_ [X ZbW_` WZ`_ X[^ \WÛ ` W`S T S W S ^[a\ `[ W_`ST _

\W^ S^ W`_ T ` W_W XSU`[^_ c U[Z`^ Ta`W Z `S ZY ZV SZ ^WaZW \WU`WV Y^[c` TS_WV [Z ` W U[Z_a W^ \^WXW^WZUW X[^ _ [\\ ZY Z U[ZYWSZV S _[ SbS ST ` [X ]aS ` ^WS W_`S`W

UU[^V ZY `[ S ^WUWZ` XS_` `^SU W _WZ _àV ` W ZX[^ S WS` ZYZV S _ aZVW^_ WV S_ SYS Z_` _ SZ S^ W`_ WZ U[ \S^WV [Z S _US W [X

\[\a S` [Z a TS SZV W _U[^W SZV b _ `_ ^W_\WU` bW S_ SYSZ S SZV [bW^ Z S S^`S XX[^VST ` _ ` W W `[ Y^[c ` W

^W`S W^_ SbW `[ S W ` W ^ [XXW^ ZY_ SXX[^VST W [Z \S^ c ` ` W U^[cV \aV \ [`W _ SZV ^[SV_ VW _`S _ _S _ ` S` S SZSY ZY ^WU`[^ U

W_`W^Z WY [Z

W Z`W^ZS` [ZS X[[V ^W`S U S Z Z`^[VaUWV ` W S\\ WS [XXW^ \^ UWV\^Wb [a_ _ SXX[^VST ` \ SZ _ YZ X USZ` \^[bWV ` W T[``[ ZW]aS^`W^ YS Z_` ` W Ua^^WZ` ^S`W [X VWbW [\ WZ [X S _ Z ZV S W U `

S S^` c U [\WZ_ S ZWc _`[^W WbW^ ` ^WW VS _

W V _Ua__ ZY ` W [\\[^àZ ` W_ [X ^W`S Z ZV S SYW_`[\ \[ Z`_ [a` ` S` `[`S _\WZV T S_ _a^\S__WV ` S` [X SZV _ S

^WSV X[^ U SZYW SZV Y^[c`

[U S

W ZV SZ ^W`S _WU`[^ _ ^WSV `[ `S W [Z U S WZYW_ X^[ Y [TS ^W`SS S^` SZV S^^WX[a^ TWUSa_W aZ W ` W ` W SbW S TW``W^ aZVW^_`SZZV SZ U[Z_a W^ _ \_ U W ` S`W S _aUUW__Xa ^W`S W^ _ [ZW c [ aZV

Ua_`[ W^ W ZV SZ Ua_`[ W^ _ [[ ZY X[^ SZ W [` [ZS U[ZZWU` [Z S _WZTW [ZY ZY WZUW `[ TW _aUUW__Xa SZ ^W`S [a` W` S_ `[ TW [US WVXWW ` S` ` _ S \S^` [X _ Ua à^W _ \WÛW bWV bS aW_ SZV V[W_ Z[`bS aW_ [^ U[ZUW\`_ [Z ZV SZ Ua_`[ W^ _ Z[` WWZ `[ Ta _[ W` ZY a_`_[ V T SZ Z`W^ZS` [ZS U[ \SZ


20/25

WU Z[ [Y US

W ^W`S ZVa_`^ _ W \ [ ZY ` W _`S`W [X S^` `WU Z[ [Y W WZ` ^W \Sa`[ S`WV a\\ U S Z _ `WU Z US U[VWV ^ Y ` ` ` W WZV _ WTa c \ WXXWU` c W Sb[ V ZY _ [U [a`_ SZV U^WS` ZY Ua_`[ W^ U[ZX VWZUW

S^` W \ [ _ Z `SYY ZY [X \^[VaU`_ c U W \_ ` `^SU ` W [bW WZ` [XSU^[__ V b _ [Z_ ZU^WS_WV SV[\` [Z [X SZV _ ^ Z SYW SZSYW WZ` c T

\[^`SZUW [X a\\ S Z Z ` W W`S ZVa_`^ Z ` W ZV SZ U[Z`W

ZW [X ` W S [^ ^W]a _ `W_ X[^ _aUUW__ Z ^W`S ZVa_`^ _ SZ WXX U WZV SZ U[Z`W ` S _ W X UWZ`^ U \S^`ZW^_ \ TW`cWWZ ` W ^W`S W^ SZV `

W_\WU S X[^ U^WS` ZY S [__ X^WW _a\\ U S Z Z WXX U WZ` SZV Z

W \_ `[ \^[b VW X^W_ _a\\ `[ ` W U[Z_a W^ S` SXX[^VST W \^ UW_ W _a\\TW ^W_\[Z_ bW SZV SVS\` bW `[ ` W U[Z_a W^_ VW SZV

^SV ` [ZS Z ZV S ` W SY^ Ua à^W ^W S`WV _a\\ U S Z _WY WZ`S a ZWXX U WZU a a S` bW cS_`SYW Z ` W _a\\ U S Z _ W_` S`WV

T [Z c U _ ST[a` % [X ` W SY^ Ua à^S U[ \[ZWZ` [X ` `Y[bW^Z WZ` _ [a` [[ SZV \^ bS`W _WU`[^ \S^` U \S` [Z Z V ^WU` \aÛ S_W [X XYW`` ZY \W^ ``WV XS^ W^_ c TW [^W c ZY `[ SV[\` ZWc `WU Z ]aWWXX U WZU ` SZ ZU^WS_W Z U[ WÛ S [\\[^àZ ` W_ S^YW^ ^W`SWZ`W^ ` W SY^ Ua à^S [Y _` U_ SZSYW WZ` ` a_ ^WVaU ZY ` W Za TW^ [X

S S^` _ ^W\a`WV X[^ TW ZY ` W S^T ZYW^ SZV X[^ S\\ ZY ZWc U[ZUWU SZYW SZSYW WZ` W S\\ US` [Z [X [^ ` S` [X U^[__ V[U ZY SbWU[Z`^ Ta`WV `[ ` W U[ \SZ _ _aUUW__ ` S_ S _[ SV[\`WV U[ZUW\`_ S_ bWZV

ZbWZ`[^ _ WZ` [ZWV TWX[^W Z ` W [ Z` bWZà^W S S^` _ ^W_\[Z_ T WU[ V U S Z_ X S S^` USZ _aUUW__Xa SV[\` `_ TW_` \^SU` UW_ Z`[ `c[a V VWX Z `W TWZWX ` ` W S SZUW [cWbW^ S_ ` W `^SZ_\[^`S` [Z ZX^

_ Z_aXX U WZ` ` S Z[` TW \[__ T W X[^ S S^` `[ WbW^SYW `_ TW_`S^W [a_ ZY S_ SZ \[^`SZ` \S^` `[ \ S Z ` W _a\\ U S Z SZSYW WZ`


21/25


22/25

\ [b ZY ` W ZX^S_`âUà^W [X S Y[bW^Z WZ` _U [[ X[^ aZVW^\ b WYWVa^YS[Z SZV c[a V \^[b VW _SXW SZV U WSZ XSU ` W_ `[ U^WS`W SZ WZb ^[ZWS^Z ZY X[^ ` W U V^WZ WZ [ WV Z ` W _U [[ SUU[^V ZY `[ S U[ \S

Z WUW TW^ W S^` S S^` ^S Z ZY WZ`^W ZV S _ X ^_` _\W

UWZ`^W S WV S` T^ VY ZY ` W _ [^`SYW [X _ WV c[^ W^_ X[^ US_ SZV U^W`S X[^ S`_ cS_ ZSaYa^S`WV Z ^ `_S^ aZ ST _ _ `S^YW`WV `[W \ [ ST ` [X ` W [a` Z ` W US_ SZV US^^ SZV ^W`S _WU`[^ W _U ^ _`WZWV ` W S^` S S^` ^S Z ZY WZ`^W c Z ` S [XXW^ _UW^` X US` [Z U[a^_W_ ` S` c W]a \ USZV VS`W_ `[ TWU[ W [[^ SZV S W

a\W^b _[^_ ` ^[aY S _\WU S Ua^^ Ua a VWbW [\WV T S S^` S [ZY cWS^Z ZY _`W _ c [ c S _[ SZSYW SZV âZ ` W WZ`^W

[ Z` WZà^W [^`S `_ a_`^S`WV T âUW [Ya` Z àV [X ` W XW U W [X [ Z` WZ

W SZ [` W^ [^YSZ S` [Z aZVW^Y[ S U U W [X U^WS` [Z Z_` à` [ZS S` [Z`W^ ZS` [Z X \S^`ZW^_ SbW Z[Z U[ZX U` ZY Y[S _ ` W XWU U W [X S [

aU [ZYW^ W [` bS` [Z [X ` W \S^`ZW^_ `[ U[[\W^S`W [ V ` W Z_` à` [ZS[X ` W [ Z` bWZà^W SZV ZX aWZUW ` W ^ Xaà W TW Sb [^ _ \W^ S _àV U

S a Z_`ST ` _ TW`cWWZ ` W WS^_ SZV ` _ WbWZ [^W S\\ USTZ`W^ZS` [ZS [ Z` bWZà^W_ [ Z` bWZà^W _`ST ` VW\WZV_ [Z ` W U[[\W^S`

U[ \W` ` bW ZSà^W [X ` W S SZUW SZV ` W ZUWZ` bW_ S [ZY \S^`ZW^_ WZ[Z ` W TS_ _ [X U[ \W` ` [Z S^W ba ZW^ST W `[ U SZYW_ Z ` W TS^YS Z ZY \[c\S^`ZW^_ SZV Z ` W U[ \W` ` bW _`âUà^W [X ` W S^ W` ` cS_ X[aZV ` S` c WbWZà^W_ TW [ZY ZY `[ S Y^[c ZY ZVa_`^ SV [^W U SZUW_ [X _a^b bS ` [_U[ZUWZ`^S`WV ZVa_`^ W_ SZV `[ c U T[` \S^`ZW^_ TW [ZY S^W [^W W

U^ ` US SZS _ _ [X S^` ^`W W^YW^ Z ` W ST[bW Y ` ^WS_\WU`_ S [^ ^WS_[Z TW ZV ` W S SZUW cS_ ` W Y[bW^Z WZ` ^W_`^ U` [Z_WU`[^ T ` W X[^W YZ \ S W^_ X ` W^W _ SZ U SZYW Z ` W_W â W_YS ZWV _aT_`SZ` S W \W^ WZUW Z ` W S^ W` c[a V Z[ [ZYW^ TW VW\WZV [` S` ` W ` S_ VWbW [\WV \^[\W^ V _`^ Ta` [Z U SZZW _ USZ W W^YW S_ S S

ZV SZ S^ W` [Z `_ [cZ W ZV SZ [^YSZ WV ^W`S _WU`[^ _ _` ZSZV _ Y^[c ZY _ _ [ZW [X ` W S [^ ^WS_[Z_ X[^ ` W ` VS`W _aUUW_

S^` S S^` bWZà^W [cWbW^ Z V _`SZ` Xa a^W c ` ` W WZ`^ [X [^W X[^V[ W_` U U[ \W` `[^_ X ` W S^ W` TWU[ W_ [^W U[ZUWZ`^S`WV SZV ` a_ W__` W bWZà^W S `W^ ZS`W


23/25

WXW^WZUW_

``\ ccc \ aYYV Z ZV S Ta_ ZW__T S^` U SZYW_ T^SZV VWZ` ` `[ X[Ua_

X ZSZU S SY^ Ua à^S Ta_ ZW_

``\ ccc ZV SZY^[aZV U[ ^W`S XV Z ^W`S S_\

``\ ccc ` W ZVaTa_ ZW__ ZW U[ US`S _` %_`[^ W_ %`

``\ _ `W U[ S^` U W_ S^` W`S ZbW_` WZ` `

``\ ^W`S Za c[^V\^W__ U[ ` W Xaà^W [X [^YSZ WV ^W`S Z

``\ ccc ZV S^W`S T U[ T [YUS`WY[^ ZV SZ ^W`S W^_T S^` _

``\ ccc STZ[ [^Y ZV SU[^\[^S`WX ^_` T aW\^ Z` [X T S^` cS S^` ^W`S_`[^W

% W`S Z ` W ^S [X [TS S` [Z T S^ W_ W ^[`^S SZa ^[^S

% ``\ ccc U[[ SbWZaW_ U[ Z[c `Y S^ W_ SZa \ \

``\ ccc bW Z` U[ % S^` W`S \ SZ_ _`[^W_ `

``\ `[[_`W\ U[ `^WZV_^W`S Xaà^W Z ZV S

``\ ccc ZV SZ^WS ` ZWc_ U[ ^WS W_`S`W ZV ST S^` ^W`S W \SZV_Z Z[^` ZV S `

``\ ccc X ZSZU S W \^W__ U[ ZWc_ ``S _ ZS W ^W`S _`[^W_ T S^`WS_ VS %

``\ ccc ` W ZVaTa_ ZW__ ZW U[ % % _`[^ W_ % %``\ ccc ZV S^W`S ZY U[ ZWc_ S_\ V``\ ccc U_^c ^W U[ \^W__\^W__ ^W WS_W S^` S S^` [ Z_ SZ

c ` [bW^Z WZ` [X aZ ST `[ SaZU ^S Z ZY Z_` à`W Z aZ ST

``\ WU[Z[ U` W_ ZV S` W_ U[ [\ Z [Z W ^W`S _a\\ U S Z^Wb[ a` [ZS^` U W_ [c U _

``\ ccc ` W ZVaTa_ ZW__ ZW U[ _`[^ W_

``\ ccc Ta_ ZW__ _`SZVS^V U[ ZV S_`[^ \SYW \ \ Sa`[Z[ %


24/25

``\ ccc X[[V ZVa_`^ ZV S U[ % ZWcX[[VVW`S ZWc_ _\ Z W_U[ `[WZ`W^ ZV S c ` US_ US^^ SZV S`S ^W`S VWS V

``\ ccc ^ U[ ` Ta_ ZW__Ta_ ZW__ ^W`S `

% ``\ % T_\_`S^`\[^`S V[ ``\ ccc Y[[Y W U[ Z

``\ WU[Z[ U` W_ ZV S` W_ U[ ZWc_ZWc_ TZVa_`^ _W^b UW_^W`S ZY S^^WX[a^ _WW_ aà^W Z ZV S S Z

_[[ZS^` U W_ [c U _

``\ ccc [bW ZV S U[ WU[Z[ [X ZV S`[\ U[ \SZ W_T S^`WZ`W^\^ _W_ `

``\ ccc T S^` U[ % ` ` ``ZWc_ `` ZWc_ ` ``ZWc_ TSU VU S_ S VU

``\ ccc T S^` U[ [aÛ[ \SZ W_ `

``\ ccc T S^` U[ % ` ` ``ZWc_ `` ZWc_ ` ``ZWc_ TSU VU S_ S VU

``\ WZ c \WV S [^Yc _`[^ [X S S^`

``\ WZ c \WV S [^Yc S S^`

``\ ccc ZV S ^W\[^`_ U[ _a S^ ZS\_ [` W`S ZVa_`^ S_\

``\ ccc S^` U W_TS_W U[ Ta_ ZW__ [\\[^àZ ` W_ S^` U W_ ZZ[bS` bW ^W`SX[^ S`_ Z ZV S `

% ``\ WU[Z[ U` W_ ZV S` W_ U[ [\ Z [Z W ^W`S _a\\ U S Z^Wb[ a` [ZS^` U W_ [c U _

``\ ccc ` W ZVaTa_ ZW__ ZW U[ % % _`[^ W_ % %

``\ T[[ _ Y[[Y W U[ ZT[[ _ V cX ^ Y V] X^S Wc[^ X[^ ZS ZY [ Z` ba^W_ \^ Z`_WU X [ZÙ[bW^ _[aÛW Z WZ W V %

` ^ XZ_X _S [ T[[ ^W_a ` U` ^W_a ` ^W_Za bWV Y c c b [ZW\SYW ] X^S Wc[^ X[^ ZS ZY [ Z` bWZà^W_ X XS _W


25/25

$$ fn $ n f$ n f $ f $$ f n $ " % % % fn 9 n f f n $$ f n $ n f

$$ f n $ " % % % fn 9 n f f n $$ f $ $ % %Jf ,f $$ f $ $Jf ,f $$ f n f n $ fn $ f f f f $$ n $ $ $ $ $

$$ f f n $ f "

45907706 bharti walmart jv

Documents