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Strategic Brand Management
    Prof. Denis Morisset



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                             PART ONE       2
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                              PART ONE                       3
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                                          Philippe & Thierry Stern
                                       Honorary President & President
                            PART ONE                                    4
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                         PART ONE                           5
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                    PART ONE                       6
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                                                    PART ONE                                                  8
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                                                        PART ONE                                                         9
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                                 PART ONE                                 10
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                                      PART ONE                                           11
!"#$%&A#B,&<&=0>0&




  Antoni Patek                                         Adrien Philippe
(Polish Immigrant)                                  (French Watchmaker)




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                               PART TWO                               12
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                              PART TWO                                     14
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        PART TWO         15
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Source: World Watch Report 2010
                                                     PART TWO                                                   16
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                                 PART TWO                                                      17
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                                 PART THREE                                                     18
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                                                  PART THREE                                    19
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                         PART THREE                          20
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                                                    PART THREE                                                      21
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                                           PART THREE                                          22
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                    PART THREE                           23
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                                                  PART THREE           24
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                                                    PART THREE                                                         25
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                                                   PART THREE                                                 26
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                                       PART THREE        27
D07M"#$%)$>&+#-+)-*&



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        PART THREE                                         28
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      #*.'8(9&P(


       “CONTINUE YOUR TRADITION”


!     K$",(#*BB.+"#%I*+("8&%(C*.'8(9&(,."/%9'&(
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                                           PART THREE   29
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           i&C(_*0:b((((




                                    PART THREE   30
D0BB3$)-#+)0$&.+"#+,>:&
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      !   J%/&:(J$"'"--&(!.,&.B(HG$"9"I*+(E*%8(,$*C(
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      !   6">$(J0"#&8(K*.0+%B&+/(

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      !   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

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Patek Philippe

  • 1. Strategic Brand Management Prof. Denis Morisset !"#$%&'()*+*,%-./0*( 1234345(
  • 2. !"#$%&'()*+,$-,&& !"#"$%&'()*$"+,)-&,./0&1"') !   6",/*07(8%/&8(9%#:("+(4;5<( !   =0>.%9'7(/$&(?"+>(*@!"#$%&! "'()'*&(+&!,-+*-&.%!.%$/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
  • 3. !"#$%&.+#$%/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%/#$&,( !   K*("B-'&B&+/(+&C("+M&+I*+,(%+8(#*+,/0.#IM&( ,*'.I*+,( PART ONE 3
  • 4. !"#$%&1)*)0$&& 9"+8".,)35'),/")8&+,:);&+.7$&45$)35'),/")3<,<'":) !   1%B"'7($&0"/%>&(( !   R+"Q.&('&M&',(*@(#0%S,B%+,$"-( !   T*+,/%+/("++*M%I*+( Philippe & Thierry Stern Honorary President & President PART ONE 4
  • 5. !"#$%&1#23,*&& =>)?$7@<")A&B<"+) W.%'"/7(X()*0:B%+,$"-( U%'.&( E%0"/7( V+8&-&+8&+#&( =&,/$&I#,( K0%8"I*+( HB*I*+( 5#%&6!5-+)+77&!8&#)! A&0M"#&( 6&0"/%>&( V++*M%I*+(( PART ONE 5
  • 7. !"#$%&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"$"A&)F"&B:) PART ONE 7
  • 8. !"#$%&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. !"#$%&9:/)-#2&;"0%3-+*& 25.1",)-&,./)I)K'7+,-&,./) !   KC*(-0*8.#/,("+(/$&"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( ! 10*+/(,"8&P(J&0-&/.%'(#%'&+8%0(C"/$( ! K$&(*+'7(-*#:&/(C%/#$(&M&0(/*( 0&-0*8.#&(&G%#/'7(/$&( 0&/0*>0%8&(8%/&($%+8O( #&'&90%/&8(#$"B&,(*@(/$&( 8%#(!?#)+F&(!GHHH! )&,/B"+,/&0(#'*#:(/*C&0("+( ! E&M&0,&(,"8&P(,"8&0&%'(IB&D(,:7(#$%0/D( -$%,&(%+8(*09"/(*@(/$&(!**+O((( 860!D''<! F*+8*+O( E'$(F+))'<! PART ONE 9
  • 10. .+:2,&<&=#$>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!-'$(.K! PART ONE 10
  • 11. !"#$%&?,@,-+)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$2<! 5(+<=&..!T+#<#! T#)#+!A#3#! PART ONE 11
  • 12. !"#$%&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
  • 13. !"#$%&C%,$+)+:&;")*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">$'7(%j.&+/( !   HG#'.,"M"/7( "+8"M"8.%',( !   )%/#$(&+/$.,"%,/( !   A*#"%'"/&,( !   T*''&#/*0,(( PART TWO !   A.##&,,( 13
  • 14. !"#$%&;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
  • 15. D0B/,+)+)E,&=#$%*-#/,& PART TWO 15
  • 16. D0B/,+)+)E,&=#$%*-#/,& !   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$"+%b( Source: World Watch Report 2010 PART TWO 16
  • 17. D0B/,+)+)E,&=#$%*-#/,& !   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(o0%>*+,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
  • 18. !"#$%&;"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"''(>*(/*(/$&( g.7(J%/&:(J$"'"--&! %./$*0"a&8(0&/%"'&0(/*(#$**,&( /$&(B*8&'(,."/&8(@*0(B&( PART THREE 18
  • 19. !"#$%&4,#$)$>F&;#+,G&;H)2)//,&-0",&,2,B,$+*&& 5#%&6!5-+)+77&!! "#$%&!"'()'*&(+&! ?#)#%(#;#!!A'*'! "+*-&.%!C'(63#<.-+7! 9A9XZY?9! U+<&.%!P$#)+%0! SYY[QZES[Y! ?[DDSED9YE! X9Y9BZES[Y! "9BSEZX9! PART THREE 19
  • 20. !"#$%&4,#$)$>F&;#+,G&;H)2)//,&/,")/H,"#2&,2,B,$+*&& A$N$(+'$.!A+;+<*! 9N=)$.+;+%0! Z77(&=+#2'<!'1!ZBE8! ?&)&F(#2'<! PART THREE 20
  • 21. ;#+,G&;H)2)//,&!"#$%&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
  • 22. ;#+,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(*@(/$&(90%+8O( PART THREE 22
  • 23. .03"-,&0I&D3*+0B,"K*&L++#-HB,$+& !*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
  • 24. 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
  • 25. 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
  • 26. 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
  • 27. 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
  • 28. 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
  • 29. 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(*@(/$&(90%+8O( PART THREE 29
  • 30. D0BB3$)-#+)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*+(,.#$( %,(L0%+8(#&+/0%'(K&0B"+%'("+( i&C(_*0:b(((( PART THREE 30
  • 31. D0BB3$)-#+)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&+/( !   !HV=(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
  • 32. ?,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
  • 33. L;;'ANCO& 33