Omnicom Group

Omnicom

A N N U A L   R E P O R T

2011

(cid:15)(cid:135)(cid:150)(cid:150)(cid:135)(cid:148)(cid:3)(cid:136)(cid:148)(cid:145)(cid:143)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)

(cid:7)(cid:135)(cid:131)(cid:148)(cid:3)(cid:9)(cid:135)(cid:142)(cid:142)(cid:145)(cid:153)(cid:3)(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149)

(cid:12)(cid:3)(cid:131)(cid:143)(cid:3)(cid:152)(cid:135)(cid:148)(cid:155)(cid:3)(cid:146)(cid:142)(cid:135)(cid:131)(cid:149)(cid:135)(cid:134)(cid:3)(cid:150)(cid:145)(cid:3)(cid:148)(cid:135)(cid:146)(cid:145)(cid:148)(cid:150)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:137)(cid:135)(cid:144)(cid:135)(cid:148)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3)(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)(cid:3)(cid:145)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)
(cid:148)(cid:135)(cid:149)(cid:151)(cid:142)(cid:150)(cid:149)(cid:3)(cid:150)(cid:138)(cid:148)(cid:145)(cid:151)(cid:137)(cid:138)(cid:145)(cid:151)(cid:150)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:484)(cid:3)(cid:16)(cid:131)(cid:144)(cid:155)(cid:3)(cid:136)(cid:131)(cid:133)(cid:150)(cid:145)(cid:148)(cid:149)
(cid:151)(cid:144)(cid:134)(cid:135)(cid:148)(cid:142)(cid:139)(cid:135)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:146)(cid:135)(cid:148)(cid:136)(cid:145)(cid:148)(cid:143)(cid:131)(cid:144)(cid:133)(cid:135)(cid:481)(cid:3)(cid:132)(cid:151)(cid:150)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:143)(cid:145)(cid:149)(cid:150)
(cid:144)(cid:145)(cid:150)(cid:131)(cid:132)(cid:142)(cid:135)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:146)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:3)(cid:140)(cid:145)(cid:132)(cid:3)(cid:134)(cid:145)(cid:144)(cid:135)
(cid:132)(cid:155) (cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:136)(cid:131)(cid:133)(cid:135)(cid:3)(cid:145)(cid:136) (cid:151)(cid:144)(cid:133)(cid:135)(cid:148)(cid:150)(cid:131)(cid:139)(cid:144)
(cid:135)(cid:133)(cid:145)(cid:144)(cid:145)(cid:143)(cid:139)(cid:133)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:484)(cid:3)(cid:9)(cid:148)(cid:145)(cid:143)(cid:3)(cid:144)(cid:135)(cid:153)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)
(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:150)(cid:145)(cid:3)(cid:143)(cid:131)(cid:148)(cid:137)(cid:139)(cid:144)(cid:3)(cid:139)(cid:143)(cid:146)(cid:148)(cid:145)(cid:152)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:145)(cid:143)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:139)(cid:144)(cid:3)(cid:139)(cid:144)(cid:134)(cid:151)(cid:149)(cid:150)(cid:148)(cid:155) (cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)
(cid:131)(cid:153)(cid:131)(cid:148)(cid:134)(cid:149)(cid:481)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:132)(cid:148)(cid:131)(cid:144)(cid:134)(cid:149)(cid:3)(cid:134)(cid:139)(cid:134)(cid:3)(cid:131)(cid:144)
(cid:145)(cid:151)(cid:150)(cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:140)(cid:145)(cid:132)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:143)(cid:135)(cid:150)
(cid:135)(cid:152)(cid:135)(cid:148)(cid:155)(cid:3)(cid:133)(cid:138)(cid:131)(cid:142)(cid:142)(cid:135)(cid:144)(cid:137)(cid:135)(cid:3)(cid:153)(cid:135)(cid:3)(cid:149)(cid:135)(cid:150)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:150)(cid:138)(cid:135)(cid:143)(cid:484)

(cid:9)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:145)(cid:152)(cid:135)(cid:148)(cid:152)(cid:139)(cid:135)(cid:153)(cid:484) (cid:7)(cid:148)(cid:139)(cid:152)(cid:135)(cid:144)(cid:3)(cid:132)(cid:155)(cid:3)(cid:148)(cid:145)(cid:132)(cid:151)(cid:149)(cid:150)
(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:3)(cid:131)(cid:133)(cid:148)(cid:145)(cid:149)(cid:149)(cid:3)(cid:131)(cid:142)(cid:142)(cid:3)(cid:134)(cid:139)(cid:149)(cid:133)(cid:139)(cid:146)(cid:142)(cid:139)(cid:144)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:137)(cid:135)(cid:145)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:139)(cid:135)(cid:149)(cid:481)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:153)(cid:145)(cid:148)(cid:142)(cid:134)(cid:153)(cid:139)(cid:134)(cid:135)
(cid:148)(cid:135)(cid:152)(cid:135)(cid:144)(cid:151)(cid:135)(cid:3)(cid:139)(cid:144)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:135)(cid:134)(cid:3)(cid:883)(cid:882)(cid:484)(cid:888)(cid:936)(cid:3)(cid:139)(cid:144)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:3)(cid:150)(cid:145)
(cid:836)(cid:883)(cid:885)(cid:484)(cid:891)(cid:3)(cid:132)(cid:139)(cid:142)(cid:142)(cid:139)(cid:145)(cid:144)(cid:484)(cid:3)(cid:4)(cid:3)(cid:133)(cid:145)(cid:143)(cid:132)(cid:139)(cid:144)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:145)(cid:136)(cid:3)(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)
(cid:144)(cid:135)(cid:153)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:153)(cid:139)(cid:144)(cid:149)(cid:481)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:134)
(cid:148)(cid:135)(cid:132)(cid:145)(cid:151)(cid:144)(cid:134)(cid:3)(cid:139)(cid:144)(cid:3)(cid:149)(cid:146)(cid:135)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:132)(cid:155)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:131)(cid:144)(cid:145)(cid:150)(cid:138)(cid:135)(cid:148)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:145)(cid:136)(cid:3)(cid:134)(cid:145)(cid:151)(cid:132)(cid:142)(cid:135)(cid:486)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:3)(cid:139)(cid:144)
(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146)(cid:139)(cid:144)(cid:137)(cid:3)(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:149)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:148)(cid:139)(cid:132)(cid:151)(cid:150)(cid:135)(cid:134)(cid:3)(cid:150)(cid:145) (cid:145)(cid:151)(cid:148)
(cid:135)(cid:154)(cid:133)(cid:135)(cid:142)(cid:142)(cid:135)(cid:144)(cid:150) (cid:146)(cid:135)(cid:148)(cid:136)(cid:145)(cid:148)(cid:143)(cid:131)(cid:144)(cid:133)(cid:135)(cid:484)(cid:3)(cid:16)(cid:145)(cid:148)(cid:135)(cid:3)(cid:139)(cid:143)(cid:146)(cid:145)(cid:148)(cid:150)(cid:131)(cid:144)(cid:150)(cid:142)(cid:155)(cid:481)
(cid:139)(cid:150)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:131)(cid:3)(cid:148)(cid:135)(cid:149)(cid:151)(cid:142)(cid:150)(cid:3)(cid:143)(cid:131)(cid:134)(cid:135)(cid:3)(cid:146)(cid:145)(cid:149)(cid:149)(cid:139)(cid:132)(cid:142)(cid:135)(cid:3)(cid:145)(cid:144)(cid:142)(cid:155)(cid:3)(cid:132)(cid:155)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:150)(cid:145)
(cid:134)(cid:135)(cid:142)(cid:139)(cid:152)(cid:135)(cid:148)(cid:3)(cid:131)(cid:144)(cid:3)(cid:145)(cid:151)(cid:150)(cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:146)(cid:131)(cid:133)(cid:141)(cid:131)(cid:137)(cid:135)(cid:3)(cid:145)(cid:136)
(cid:152)(cid:131)(cid:142)(cid:151)(cid:135)(cid:481) (cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:139)(cid:150)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:139)(cid:144)(cid:144)(cid:145)(cid:152)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:139)(cid:144)
(cid:133)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:138)(cid:135)(cid:139)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:495)
(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137) (cid:143)(cid:135)(cid:149)(cid:149)(cid:131)(cid:137)(cid:135)(cid:149)(cid:484)

(cid:18)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:139)(cid:144)(cid:133)(cid:145)(cid:143)(cid:135)(cid:3)(cid:139)(cid:143)(cid:146)(cid:148)(cid:145)(cid:152)(cid:135)(cid:134)(cid:3)(cid:883)(cid:886)(cid:936)(cid:3)(cid:139)(cid:144)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)
(cid:150)(cid:145)(cid:3)(cid:836)(cid:883)(cid:484)(cid:888)(cid:889)(cid:3)(cid:132)(cid:139)(cid:142)(cid:142)(cid:139)(cid:145)(cid:144)(cid:484)(cid:3)(cid:4)(cid:3)(cid:883)(cid:887)(cid:936)(cid:3)(cid:139)(cid:144)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:135)(cid:3)(cid:139)(cid:144)(cid:3)(cid:144)(cid:135)(cid:150)
(cid:139)(cid:144)(cid:133)(cid:145)(cid:143)(cid:135)(cid:481)(cid:3)(cid:133)(cid:145)(cid:143)(cid:132)(cid:139)(cid:144)(cid:135)(cid:134)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:131)(cid:3)(cid:888)(cid:484)(cid:889)(cid:936)(cid:3)(cid:134)(cid:135)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:135)(cid:3)(cid:139)(cid:144)
(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:149)(cid:3)(cid:145)(cid:151)(cid:150)(cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:481)(cid:3)(cid:148)(cid:135)(cid:149)(cid:151)(cid:142)(cid:150)(cid:135)(cid:134)(cid:3)(cid:139)(cid:144)(cid:3)(cid:134)(cid:139)(cid:142)(cid:151)(cid:150)(cid:135)(cid:134)
(cid:135)(cid:131)(cid:148)(cid:144)(cid:139)(cid:144)(cid:137)(cid:149)(cid:3)(cid:146)(cid:135)(cid:148)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:145)(cid:144)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:836)(cid:885)(cid:484)(cid:885)(cid:885)(cid:481)(cid:3)(cid:131)(cid:144)
(cid:139)(cid:144)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:131)(cid:144)(cid:3)(cid:884)(cid:885)(cid:936)(cid:484)(cid:3)(cid:26)(cid:135)(cid:3)(cid:131)(cid:142)(cid:149)(cid:145)(cid:3)(cid:143)(cid:131)(cid:134)(cid:135)
(cid:137)(cid:145)(cid:145)(cid:134)(cid:3)(cid:146)(cid:148)(cid:145)(cid:137)(cid:148)(cid:135)(cid:149)(cid:149)(cid:3)(cid:145)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:149)(cid:150)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3)(cid:137)(cid:145)(cid:131)(cid:142)(cid:3)(cid:145)(cid:136)
(cid:139)(cid:143)(cid:146)(cid:148)(cid:145)(cid:152)(cid:139)(cid:144)(cid:137)(cid:3)(cid:143)(cid:131)(cid:148)(cid:137)(cid:139)(cid:144)(cid:149)(cid:484)(cid:3)(cid:18)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:143)(cid:131)(cid:148)(cid:137)(cid:139)(cid:144)(cid:149)
(cid:148)(cid:145)(cid:149)(cid:135)(cid:3)(cid:886)(cid:882) (cid:132)(cid:131)(cid:149)(cid:139)(cid:149)(cid:3)(cid:146)(cid:145)(cid:139)(cid:144)(cid:150)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:136)(cid:151)(cid:142)(cid:142)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)
(cid:150)(cid:138)(cid:131)(cid:144)(cid:141)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:495)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:134)(cid:3)(cid:136)(cid:145)(cid:133)(cid:151)(cid:149)(cid:3)(cid:145)(cid:144)
(cid:135)(cid:136)(cid:136)(cid:139)(cid:133)(cid:139)(cid:135)(cid:144)(cid:133)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:134)(cid:139)(cid:149)(cid:146)(cid:145)(cid:149)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:145)(cid:136)(cid:3)(cid:151)(cid:144)(cid:134)(cid:135)(cid:148)(cid:486)
(cid:146)(cid:135)(cid:148)(cid:136)(cid:145)(cid:148)(cid:143)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:148)(cid:3)(cid:144)(cid:145)(cid:144)(cid:486)(cid:133)(cid:145)(cid:148)(cid:135)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:135)(cid:149)(cid:484)
(cid:8)(cid:136)(cid:136)(cid:139)(cid:133)(cid:139)(cid:135)(cid:144)(cid:133)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:148)(cid:135)(cid:143)(cid:131)(cid:139)(cid:144)(cid:3)(cid:141)(cid:135)(cid:155)

(cid:150)(cid:138)(cid:135)(cid:143)(cid:135)(cid:149)(cid:3)(cid:150)(cid:138)(cid:148)(cid:145)(cid:151)(cid:137)(cid:138)(cid:145)(cid:151)(cid:150)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143) (cid:131)(cid:144)(cid:134)(cid:3)(cid:153)(cid:135)(cid:3)(cid:131)(cid:148)(cid:135)
(cid:133)(cid:145)(cid:144)(cid:136)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:153)(cid:135)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:143)(cid:135)(cid:135)(cid:150)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:145)(cid:132)(cid:140)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)
(cid:145)(cid:136)(cid:3)(cid:148)(cid:135)(cid:149)(cid:150)(cid:145)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:136)(cid:151)(cid:142)(cid:142)(cid:486)(cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:884)(cid:882)(cid:883)(cid:884)(cid:3)(cid:143)(cid:131)(cid:148)(cid:137)(cid:139)(cid:144)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:142)(cid:135)(cid:152)(cid:135)(cid:142)(cid:149)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:153)(cid:135)(cid:3)(cid:131)(cid:133)(cid:138)(cid:139)(cid:135)(cid:152)(cid:135)(cid:134)(cid:3)(cid:139)(cid:144) (cid:884)(cid:882)(cid:882)(cid:889)(cid:484)

(cid:854)(cid:852)(cid:853)(cid:853)(cid:3)(cid:9)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:11)(cid:139)(cid:137)(cid:138)(cid:142)(cid:139)(cid:137)(cid:138)(cid:150)(cid:149)

(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:854)(cid:852)(cid:853)(cid:853)(cid:3)(cid:153)(cid:145)(cid:148)(cid:142)(cid:134)(cid:153)(cid:139)(cid:134)(cid:135)(cid:3)(cid:148)(cid:135)(cid:152)(cid:135)(cid:144)(cid:151)(cid:135)(cid:3)(cid:139)(cid:144)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:135)(cid:134)
(cid:853)(cid:852)(cid:484)(cid:858)(cid:936) (cid:150)(cid:145)(cid:3)(cid:834)(cid:853)(cid:855)(cid:484)(cid:861)(cid:3)(cid:132)(cid:139)(cid:142)(cid:142)(cid:139)(cid:145)(cid:144)(cid:484)

(cid:12)(cid:144)(cid:3)(cid:854)(cid:852)(cid:853)(cid:853)(cid:481)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:148)(cid:135)(cid:150)(cid:151)(cid:148)(cid:144)(cid:135)(cid:134)(cid:3)(cid:145)(cid:152)(cid:135)(cid:148)(cid:3)(cid:834)(cid:853) (cid:132)(cid:139)(cid:142)(cid:142)(cid:139)(cid:145)(cid:144)(cid:3)(cid:150)(cid:145)
(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:136)(cid:145)(cid:148)(cid:143)(cid:3)(cid:145)(cid:136)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:3)(cid:132)(cid:151)(cid:155)(cid:132)(cid:131)(cid:133)(cid:141)(cid:149)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:3)(cid:146)(cid:131)(cid:155)(cid:143)(cid:135)(cid:144)(cid:150)(cid:149)(cid:484)

(cid:12)(cid:144)(cid:3)(cid:9)(cid:135)(cid:132)(cid:148)(cid:151)(cid:131)(cid:148)(cid:155)(cid:3)(cid:854)(cid:852)(cid:853)(cid:854)(cid:481)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:5)(cid:145)(cid:131)(cid:148)(cid:134)(cid:3)(cid:145)(cid:136)(cid:3)(cid:7)(cid:139)(cid:148)(cid:135)(cid:133)(cid:150)(cid:145)(cid:148)(cid:149)
(cid:131)(cid:146)(cid:146)(cid:148)(cid:145)(cid:152)(cid:135)(cid:134)(cid:3)(cid:131)(cid:3)(cid:854)(cid:852)(cid:936)(cid:3)(cid:139)(cid:144)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:135)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:147)(cid:151)(cid:131)(cid:148)(cid:150)(cid:135)(cid:148)(cid:142)(cid:155)
(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:3)(cid:514)(cid:3)(cid:134)(cid:145)(cid:151)(cid:132)(cid:142)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:3)(cid:146)(cid:135)(cid:148)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)
(cid:149)(cid:139)(cid:144)(cid:133)(cid:135)(cid:3)(cid:854)(cid:852)(cid:852)(cid:861)(cid:484)

(cid:12)(cid:144)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:481)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:153)(cid:131)(cid:149) (cid:131)(cid:132)(cid:142)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:134)(cid:135)(cid:142)(cid:139)(cid:152)(cid:135)(cid:148)
(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)(cid:3)(cid:148)(cid:135)(cid:150)(cid:151)(cid:148)(cid:144)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149)(cid:484) (cid:26)(cid:135)
(cid:137)(cid:135)(cid:144)(cid:135)(cid:148)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:131)(cid:144)(cid:3)(cid:836)(cid:883)(cid:3)(cid:132)(cid:139)(cid:142)(cid:142)(cid:139)(cid:145)(cid:144)(cid:3)(cid:139)(cid:144)(cid:3)(cid:136)(cid:148)(cid:135)(cid:135)
(cid:133)(cid:131)(cid:149)(cid:138)(cid:3)(cid:136)(cid:142)(cid:145)(cid:153)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:148)(cid:135)(cid:150)(cid:151)(cid:148)(cid:144)(cid:135)(cid:134)(cid:3)(cid:145)(cid:152)(cid:135)(cid:148)(cid:3)(cid:836)(cid:883)(cid:3)(cid:132)(cid:139)(cid:142)(cid:142)(cid:139)(cid:145)(cid:144)(cid:3)(cid:150)(cid:145)
(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:136)(cid:145)(cid:148)(cid:143)(cid:3)(cid:145)(cid:136)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)
(cid:132)(cid:151)(cid:155)(cid:132)(cid:131)(cid:133)(cid:141)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:3)(cid:146)(cid:131)(cid:155)(cid:143)(cid:135)(cid:144)(cid:150)(cid:149)(cid:484) (cid:12)(cid:144)
(cid:9)(cid:135)(cid:132)(cid:148)(cid:151)(cid:131)(cid:148)(cid:155)(cid:3)(cid:884)(cid:882)(cid:883)(cid:884)(cid:481)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:5)(cid:145)(cid:131)(cid:148)(cid:134)(cid:3)(cid:131)(cid:146)(cid:146)(cid:148)(cid:145)(cid:152)(cid:135)(cid:134)(cid:3)(cid:131)
(cid:884)(cid:882)(cid:936)(cid:3)(cid:139)(cid:144)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:135)(cid:3)(cid:139)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:147)(cid:151)(cid:131)(cid:148)(cid:150)(cid:135)(cid:148)(cid:142)(cid:155)(cid:3)(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:482)
(cid:149)(cid:139)(cid:144)(cid:133)(cid:135)(cid:3)(cid:884)(cid:882)(cid:882)(cid:891) (cid:150)(cid:138)(cid:135)(cid:3)(cid:6)(cid:145)(cid:143)(cid:146)(cid:131)(cid:144)(cid:155)(cid:3)(cid:138)(cid:131)(cid:149) (cid:134)(cid:145)(cid:151)(cid:132)(cid:142)(cid:135)(cid:134) (cid:139)(cid:150)(cid:149)
(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:3)(cid:146)(cid:135)(cid:148)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135) (cid:153)(cid:138)(cid:139)(cid:142)(cid:135)(cid:3)(cid:143)(cid:131)(cid:139)(cid:144)(cid:150)(cid:131)(cid:139)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)
(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)(cid:3)(cid:132)(cid:131)(cid:142)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:149)(cid:138)(cid:135)(cid:135)(cid:150)(cid:484) (cid:18)(cid:152)(cid:135)(cid:148)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:146)(cid:131)(cid:149)(cid:150)
(cid:134)(cid:135)(cid:133)(cid:131)(cid:134)(cid:135) (cid:145)(cid:151)(cid:148) (cid:148)(cid:135)(cid:152)(cid:135)(cid:144)(cid:151)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134) (cid:139)(cid:144)(cid:133)(cid:145)(cid:143)(cid:135)(cid:3)(cid:134)(cid:145)(cid:151)(cid:132)(cid:142)(cid:135)(cid:134)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:153)(cid:135) (cid:134)(cid:139)(cid:149)(cid:150)(cid:148)(cid:139)(cid:132)(cid:151)(cid:150)(cid:135)(cid:134)(cid:3)(cid:145)(cid:152)(cid:135)(cid:148)(cid:3)(cid:891)(cid:887)(cid:936)(cid:3)(cid:145)(cid:136) (cid:150)(cid:138)(cid:135)(cid:149)(cid:135)
(cid:135)(cid:131)(cid:148)(cid:144)(cid:139)(cid:144)(cid:137)(cid:149) (cid:150)(cid:145)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149)(cid:3)(cid:150)(cid:138)(cid:148)(cid:145)(cid:151)(cid:137)(cid:138)
(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:3)(cid:148)(cid:135)(cid:146)(cid:151)(cid:148)(cid:133)(cid:138)(cid:131)(cid:149)(cid:135)(cid:149)(cid:484)(cid:3)(cid:23)(cid:138)(cid:135)(cid:149)(cid:135)
(cid:134)(cid:139)(cid:149)(cid:150)(cid:148)(cid:139)(cid:132)(cid:151)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:136)(cid:151)(cid:144)(cid:134)(cid:131)(cid:143)(cid:135)(cid:144)(cid:150)(cid:131)(cid:142)(cid:3)(cid:150)(cid:145)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:133)(cid:145)(cid:143)(cid:143)(cid:139)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:150)(cid:145)(cid:3)(cid:143)(cid:131)(cid:141)(cid:135)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:143)(cid:131)(cid:140)(cid:145)(cid:148)(cid:3)(cid:132)(cid:135)(cid:144)(cid:135)(cid:136)(cid:139)(cid:133)(cid:139)(cid:131)(cid:148)(cid:139)(cid:135)(cid:149)(cid:3)(cid:145)(cid:136)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)
(cid:133)(cid:145)(cid:144)(cid:149)(cid:139)(cid:149)(cid:150)(cid:135)(cid:144)(cid:150)(cid:142)(cid:155)(cid:3)(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)(cid:3)(cid:133)(cid:131)(cid:149)(cid:138) (cid:136)(cid:142)(cid:145)(cid:153)(cid:484)

(cid:10)(cid:148)(cid:145)(cid:153)(cid:139)(cid:144)(cid:137)(cid:3)(cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:142)(cid:155)(cid:484) (cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:136)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)
(cid:149)(cid:150)(cid:148)(cid:135)(cid:144)(cid:137)(cid:150)(cid:138) (cid:137)(cid:139)(cid:152)(cid:135)(cid:149)(cid:3)(cid:151)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:136)(cid:142)(cid:135)(cid:154)(cid:139)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:155)(cid:3)(cid:150)(cid:145)(cid:3)(cid:132)(cid:151)(cid:139)(cid:142)(cid:134)
(cid:152)(cid:131)(cid:142)(cid:151)(cid:135)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:150)(cid:138)(cid:148)(cid:145)(cid:151)(cid:137)(cid:138)
(cid:149)(cid:150)(cid:148)(cid:131)(cid:150)(cid:135)(cid:137)(cid:139)(cid:133)(cid:3)(cid:131)(cid:133)(cid:147)(cid:151)(cid:139)(cid:149)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:139)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:139)(cid:144)
(cid:144)(cid:135)(cid:153)(cid:3)(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:149)(cid:150)(cid:131)(cid:148)(cid:150)(cid:486)(cid:151)(cid:146)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:135)(cid:149)(cid:484)
(cid:18)(cid:151)(cid:148)(cid:3)(cid:137)(cid:145)(cid:131)(cid:142)(cid:3)(cid:149)(cid:139)(cid:144)(cid:133)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:145)(cid:136)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:138)(cid:131)(cid:149)
(cid:132)(cid:135)(cid:135)(cid:144)(cid:3)(cid:150)(cid:145)(cid:3)(cid:132)(cid:151)(cid:139)(cid:142)(cid:134)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:132)(cid:148)(cid:131)(cid:144)(cid:134)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:135)(cid:149)(cid:3)(cid:150)(cid:145)
(cid:149)(cid:135)(cid:148)(cid:152)(cid:135)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:143)(cid:131)(cid:140)(cid:145)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:135)(cid:152)(cid:135)(cid:148)(cid:155)(cid:153)(cid:138)(cid:135)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:155)
(cid:145)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:135)(cid:484)(cid:3)(cid:16)(cid:135)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137) (cid:145)(cid:151)(cid:148) (cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:495) (cid:144)(cid:135)(cid:135)(cid:134)(cid:149)(cid:3)(cid:132)(cid:155)
(cid:149)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:3)(cid:145)(cid:136)(cid:136)(cid:135)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:137)(cid:135)(cid:145)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:139)(cid:133)(cid:3)(cid:142)(cid:145)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:139)(cid:149)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:136)(cid:139)(cid:148)(cid:149)(cid:150)(cid:3)(cid:150)(cid:135)(cid:149)(cid:150)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:131)(cid:142)(cid:142)(cid:3)(cid:145)(cid:136) (cid:145)(cid:151)(cid:148) (cid:131)(cid:133)(cid:147)(cid:151)(cid:139)(cid:149)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:481)
(cid:136)(cid:145)(cid:142)(cid:142)(cid:145)(cid:153)(cid:135)(cid:134)(cid:3)(cid:132)(cid:155)(cid:3)(cid:133)(cid:151)(cid:142)(cid:150)(cid:151)(cid:148)(cid:131)(cid:142)(cid:3)(cid:136)(cid:139)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:146)(cid:148)(cid:139)(cid:133)(cid:135)(cid:484)(cid:3)(cid:23)(cid:138)(cid:139)(cid:149)
(cid:134)(cid:139)(cid:149)(cid:133)(cid:139)(cid:146)(cid:142)(cid:139)(cid:144)(cid:135) (cid:135)(cid:144)(cid:131)(cid:132)(cid:142)(cid:135)(cid:149)(cid:3)(cid:151)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:3)(cid:139)(cid:144)(cid:150)(cid:145)(cid:3)(cid:144)(cid:135)(cid:153)
(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:149)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:151)(cid:142)(cid:150)(cid:151)(cid:148)(cid:131)(cid:142)(cid:3)(cid:139)(cid:144)(cid:150)(cid:135)(cid:137)(cid:148)(cid:139)(cid:150)(cid:155)(cid:481)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)
(cid:135)(cid:154)(cid:133)(cid:135)(cid:142)(cid:142)(cid:135)(cid:144)(cid:133)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:133)(cid:145)(cid:149)(cid:150)(cid:3)(cid:149)(cid:150)(cid:148)(cid:151)(cid:133)(cid:150)(cid:151)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:138)(cid:131)(cid:152)(cid:135)
(cid:146)(cid:148)(cid:145)(cid:152)(cid:135)(cid:144)(cid:3)(cid:135)(cid:136)(cid:136)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:151)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:153)(cid:135)
(cid:149)(cid:135)(cid:148)(cid:152)(cid:135)(cid:484)

(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:135)(cid:154)(cid:146)(cid:131)(cid:144)(cid:149)(cid:139)(cid:145)(cid:144)(cid:3)(cid:139)(cid:144)(cid:3)(cid:4)(cid:149)(cid:139)(cid:131)(cid:3)(cid:139)(cid:149)(cid:3)(cid:131)(cid:3)(cid:137)(cid:148)(cid:135)(cid:131)(cid:150)
(cid:135)(cid:154)(cid:131)(cid:143)(cid:146)(cid:142)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:146)(cid:146)(cid:148)(cid:145)(cid:131)(cid:133)(cid:138)(cid:3)(cid:139)(cid:144)(cid:3)(cid:131)(cid:133)(cid:150)(cid:139)(cid:145)(cid:144)(cid:484) (cid:23)(cid:145)(cid:134)(cid:131)(cid:155)(cid:481)
(cid:145)(cid:151)(cid:148)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:150)(cid:138)(cid:148)(cid:145)(cid:151)(cid:137)(cid:138)(cid:145)(cid:151)(cid:150)(cid:3)(cid:4)(cid:149)(cid:139)(cid:131)(cid:3)(cid:139)(cid:149)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:139)(cid:144)(cid:137)
(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)(cid:142)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:146)(cid:148)(cid:145)(cid:136)(cid:139)(cid:150)(cid:131)(cid:132)(cid:142)(cid:155)(cid:484)(cid:3)(cid:18)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:495)
(cid:136)(cid:145)(cid:133)(cid:151)(cid:149)(cid:3)(cid:145)(cid:144)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:147)(cid:151)(cid:131)(cid:142)(cid:139)(cid:150)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)
(cid:135)(cid:154)(cid:133)(cid:135)(cid:142)(cid:142)(cid:135)(cid:144)(cid:133)(cid:135)(cid:3)(cid:131)(cid:133)(cid:148)(cid:145)(cid:149)(cid:149)(cid:3)(cid:131)(cid:142)(cid:142)(cid:3)(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137)
(cid:134)(cid:139)(cid:149)(cid:133)(cid:139)(cid:146)(cid:142)(cid:139)(cid:144)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:148)(cid:135)(cid:137)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:3)(cid:137)(cid:135)(cid:145)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:139)(cid:135)(cid:149)(cid:3)(cid:142)(cid:135)(cid:134)
(cid:144)(cid:145)(cid:150)(cid:3)(cid:145)(cid:144)(cid:142)(cid:155)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:3)(cid:134)(cid:145)(cid:143)(cid:139)(cid:144)(cid:131)(cid:144)(cid:150)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:148)(cid:135)(cid:137)(cid:139)(cid:145)(cid:144)(cid:495)(cid:149)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:131)(cid:153)(cid:131)(cid:148)(cid:134)(cid:149)(cid:3)(cid:131)(cid:137)(cid:131)(cid:139)(cid:144)(cid:3)(cid:139)(cid:144)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:481)
(cid:132)(cid:151)(cid:150)(cid:3)(cid:131)(cid:142)(cid:149)(cid:145)(cid:3)(cid:150)(cid:145)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:149)(cid:135)(cid:142)(cid:135)(cid:133)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:131)(cid:149)
(cid:11)(cid:145)(cid:142)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:6)(cid:145)(cid:143)(cid:146)(cid:131)(cid:144)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:28)(cid:135)(cid:131)(cid:148)(cid:3)(cid:132)(cid:155)
(cid:6)(cid:131)(cid:143)(cid:146)(cid:131)(cid:139)(cid:137)(cid:144)(cid:3)(cid:4)(cid:149)(cid:139)(cid:131)(cid:3)(cid:19)(cid:131)(cid:133)(cid:139)(cid:136)(cid:139)(cid:133)(cid:484)(cid:3)(cid:12)(cid:150)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:149)(cid:135)(cid:133)(cid:145)(cid:144)(cid:134)
(cid:133)(cid:145)(cid:144)(cid:149)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:153)(cid:135) (cid:153)(cid:135)(cid:148)(cid:135) (cid:138)(cid:145)(cid:144)(cid:145)(cid:148)(cid:135)(cid:134)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:131)(cid:153)(cid:131)(cid:148)(cid:134)(cid:484)

(cid:4)(cid:149)(cid:3)(cid:153)(cid:135)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:135)(cid:154)(cid:146)(cid:131)(cid:144)(cid:134) (cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:142)(cid:155)(cid:481) (cid:153)(cid:135)
(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:135)(cid:143)(cid:146)(cid:138)(cid:131)(cid:149)(cid:139)(cid:156)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:135)(cid:143)(cid:135)(cid:148)(cid:137)(cid:139)(cid:144)(cid:137)(cid:3)(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:149)(cid:3)(cid:139)(cid:144)
(cid:145)(cid:151)(cid:148)(cid:3)(cid:149)(cid:150)(cid:148)(cid:131)(cid:150)(cid:135)(cid:137)(cid:139)(cid:135)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:142)(cid:145)(cid:144)(cid:137)(cid:486)(cid:150)(cid:135)(cid:148)(cid:143)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:484)(cid:3)(cid:3)(cid:5)(cid:155)
(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:145)(cid:3)(cid:135)(cid:154)(cid:150)(cid:135)(cid:144)(cid:134)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:5)(cid:21)(cid:12)(cid:6)(cid:3)(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:136)(cid:151)(cid:148)(cid:150)(cid:138)(cid:135)(cid:148)(cid:3)(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:145)(cid:150)(cid:138)(cid:135)(cid:148)(cid:3)(cid:148)(cid:131)(cid:146)(cid:139)(cid:134)(cid:142)(cid:155)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:139)(cid:144)(cid:137)
(cid:135)(cid:133)(cid:145)(cid:144)(cid:145)(cid:143)(cid:139)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:4)(cid:149)(cid:139)(cid:131)(cid:481)(cid:3)(cid:15)(cid:131)(cid:150)(cid:139)(cid:144)(cid:3)(cid:4)(cid:143)(cid:135)(cid:148)(cid:139)(cid:133)(cid:131)(cid:481)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:16)(cid:139)(cid:134)(cid:134)(cid:142)(cid:135)(cid:3)(cid:8)(cid:131)(cid:149)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:4)(cid:136)(cid:148)(cid:139)(cid:133)(cid:131)(cid:481)(cid:3)(cid:153)(cid:135)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:132)(cid:148)(cid:145)(cid:131)(cid:134)(cid:135)(cid:144)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:135)(cid:135)(cid:146)(cid:135)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:136)(cid:145)(cid:151)(cid:144)(cid:134)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:484)
(cid:7)(cid:151)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:481)(cid:3)(cid:153)(cid:135)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:142)(cid:135)(cid:150)(cid:135)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:131)(cid:133)(cid:147)(cid:151)(cid:139)(cid:149)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:6)(cid:142)(cid:135)(cid:143)(cid:135)(cid:144)(cid:137)(cid:135)(cid:148)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3)(cid:139)(cid:144)
(cid:4)(cid:151)(cid:149)(cid:150)(cid:148)(cid:131)(cid:142)(cid:139)(cid:131) (cid:131)(cid:144)(cid:134)(cid:3)(cid:17)(cid:135)(cid:153)(cid:3)(cid:29)(cid:135)(cid:131)(cid:142)(cid:131)(cid:144)(cid:134)(cid:481) (cid:153)(cid:138)(cid:139)(cid:133)(cid:138)
(cid:148)(cid:135)(cid:146)(cid:148)(cid:135)(cid:149)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135) (cid:144)(cid:135)(cid:154)(cid:150)(cid:3)(cid:149)(cid:150)(cid:135)(cid:146)(cid:3)(cid:139)(cid:144) (cid:131)(cid:144)
(cid:145)(cid:151)(cid:150)(cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:138)(cid:148)(cid:135)(cid:135)(cid:486)(cid:134)(cid:135)(cid:133)(cid:131)(cid:134)(cid:135)(cid:3)(cid:146)(cid:131)(cid:148)(cid:150)(cid:144)(cid:135)(cid:148)(cid:149)(cid:138)(cid:139)(cid:146)
(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:5)(cid:5)(cid:7)(cid:18)(cid:3)(cid:26)(cid:145)(cid:148)(cid:142)(cid:134)(cid:153)(cid:139)(cid:134)(cid:135)(cid:484)(cid:3)(cid:12)(cid:144)(cid:3)(cid:12)(cid:144)(cid:134)(cid:139)(cid:131)(cid:481)(cid:3)(cid:153)(cid:135)
(cid:131)(cid:133)(cid:147)(cid:151)(cid:139)(cid:148)(cid:135)(cid:134)(cid:3)(cid:131)(cid:3)(cid:143)(cid:131)(cid:140)(cid:145)(cid:148)(cid:139)(cid:150)(cid:155)(cid:3)(cid:149)(cid:150)(cid:131)(cid:141)(cid:135)(cid:3)(cid:139)(cid:144)(cid:3)(cid:16)(cid:151)(cid:134)(cid:148)(cid:131)
(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:481)(cid:3)(cid:131)(cid:3)(cid:152)(cid:131)(cid:142)(cid:151)(cid:135)(cid:134)(cid:3)(cid:7)(cid:7)(cid:5)(cid:3)(cid:26)(cid:145)(cid:148)(cid:142)(cid:134)(cid:153)(cid:139)(cid:134)(cid:135)(cid:3)(cid:146)(cid:131)(cid:148)(cid:150)(cid:144)(cid:135)(cid:148)
(cid:149)(cid:139)(cid:144)(cid:133)(cid:135)(cid:3)(cid:883)(cid:891)(cid:891)(cid:885)(cid:484)(cid:3)(cid:16)(cid:151)(cid:134)(cid:148)(cid:131)(cid:3)(cid:139)(cid:149)(cid:3)(cid:12)(cid:144)(cid:134)(cid:139)(cid:131)(cid:495)(cid:149)(cid:3)(cid:142)(cid:135)(cid:131)(cid:134)(cid:139)(cid:144)(cid:137)
(cid:139)(cid:144)(cid:150)(cid:135)(cid:137)(cid:148)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3)(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)
(cid:136)(cid:139)(cid:148)(cid:143)(cid:481)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:146)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:149)(cid:141)(cid:139)(cid:142)(cid:142)(cid:149)
(cid:131)(cid:133)(cid:148)(cid:145)(cid:149)(cid:149)(cid:3)(cid:131)(cid:3)(cid:132)(cid:148)(cid:145)(cid:131)(cid:134)(cid:3)(cid:148)(cid:131)(cid:144)(cid:137)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:134)(cid:139)(cid:149)(cid:133)(cid:139)(cid:146)(cid:142)(cid:139)(cid:144)(cid:135)(cid:149)(cid:484)(cid:3)(cid:26)(cid:135)
(cid:131)(cid:142)(cid:149)(cid:145)(cid:3)(cid:131)(cid:134)(cid:134)(cid:135)(cid:134)(cid:3)(cid:144)(cid:135)(cid:153)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:6)(cid:138)(cid:139)(cid:144)(cid:131)(cid:481)
(cid:6)(cid:145)(cid:142)(cid:145)(cid:143)(cid:132)(cid:139)(cid:131)(cid:481) (cid:22)(cid:145)(cid:151)(cid:150)(cid:138)(cid:3)(cid:4)(cid:136)(cid:148)(cid:139)(cid:133)(cid:131)(cid:481) (cid:23)(cid:151)(cid:148)(cid:141)(cid:135)(cid:155) (cid:131)(cid:144)(cid:134)
(cid:25)(cid:139)(cid:135)(cid:150)(cid:144)(cid:131)(cid:143)(cid:3)(cid:134)(cid:151)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:484)(cid:3)(cid:23)(cid:138)(cid:135)(cid:149)(cid:135)
(cid:131)(cid:133)(cid:147)(cid:151)(cid:139)(cid:149)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:139)(cid:143)(cid:146)(cid:145)(cid:148)(cid:150)(cid:131)(cid:144)(cid:150)(cid:3)(cid:149)(cid:150)(cid:135)(cid:146)(cid:149)(cid:3)(cid:139)(cid:144)
(cid:148)(cid:135)(cid:131)(cid:142)(cid:139)(cid:156)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:137)(cid:145)(cid:131)(cid:142)(cid:3)(cid:145)(cid:136)(cid:3)(cid:135)(cid:154)(cid:150)(cid:135)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:134)(cid:135)(cid:135)(cid:146)(cid:135)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:131)(cid:146)(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:148)(cid:131)(cid:146)(cid:139)(cid:134)(cid:142)(cid:155)
(cid:137)(cid:148)(cid:145)(cid:153)(cid:139)(cid:144)(cid:137)(cid:3)(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:149)(cid:484)(cid:3)(cid:12)(cid:143)(cid:146)(cid:145)(cid:148)(cid:150)(cid:131)(cid:144)(cid:150)(cid:142)(cid:155)(cid:481)(cid:3)(cid:150)(cid:138)(cid:135)(cid:155)
(cid:136)(cid:151)(cid:148)(cid:150)(cid:138)(cid:135)(cid:148)(cid:3)(cid:134)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:139)(cid:136)(cid:155)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)
(cid:143)(cid:139)(cid:154)(cid:481)(cid:3)(cid:153)(cid:138)(cid:139)(cid:133)(cid:138)(cid:3)(cid:138)(cid:131)(cid:149)(cid:3)(cid:132)(cid:135)(cid:135)(cid:144)(cid:3)(cid:131)(cid:3)(cid:141)(cid:135)(cid:155)(cid:3)(cid:136)(cid:131)(cid:133)(cid:150)(cid:145)(cid:148)(cid:3)(cid:139)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:155)(cid:3)(cid:150)(cid:145)(cid:3)(cid:134)(cid:135)(cid:142)(cid:139)(cid:152)(cid:135)(cid:148)(cid:3)(cid:149)(cid:150)(cid:131)(cid:132)(cid:142)(cid:135)(cid:3)(cid:145)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:148)(cid:135)(cid:149)(cid:151)(cid:142)(cid:150)(cid:149)(cid:481)
(cid:135)(cid:152)(cid:135)(cid:144)(cid:3)(cid:139)(cid:144)(cid:3)(cid:152)(cid:145)(cid:142)(cid:131)(cid:150)(cid:139)(cid:142)(cid:135)(cid:3)(cid:135)(cid:133)(cid:145)(cid:144)(cid:145)(cid:143)(cid:139)(cid:133)(cid:3)(cid:135)(cid:144)(cid:152)(cid:139)(cid:148)(cid:145)(cid:144)(cid:143)(cid:135)(cid:144)(cid:150)(cid:149)(cid:484)

(cid:18)(cid:151)(cid:148)(cid:3)(cid:139)(cid:144)(cid:150)(cid:135)(cid:137)(cid:148)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:3)(cid:149)(cid:150)(cid:148)(cid:131)(cid:150)(cid:135)(cid:137)(cid:155)(cid:484) (cid:7)(cid:151)(cid:148)(cid:139)(cid:144)(cid:137)
(cid:884)(cid:882)(cid:883)(cid:883)(cid:481)(cid:3)(cid:153)(cid:135) (cid:131)(cid:133)(cid:133)(cid:135)(cid:142)(cid:135)(cid:148)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:139)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:139)(cid:144)
(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:481)(cid:3)(cid:149)(cid:145)(cid:133)(cid:139)(cid:131)(cid:142)(cid:481)(cid:3)(cid:143)(cid:145)(cid:132)(cid:139)(cid:142)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:131)(cid:150)(cid:131)(cid:3)(cid:131)(cid:144)(cid:131)(cid:142)(cid:155)(cid:150)(cid:139)(cid:133)(cid:149)
(cid:133)(cid:131)(cid:146)(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:133)(cid:148)(cid:145)(cid:149)(cid:149)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:484)(cid:3)(cid:23)(cid:138)(cid:139)(cid:149)(cid:3)(cid:139)(cid:149)(cid:3)(cid:131)
(cid:143)(cid:151)(cid:142)(cid:150)(cid:139)(cid:486)(cid:146)(cid:148)(cid:145)(cid:144)(cid:137)(cid:135)(cid:134)(cid:3)(cid:149)(cid:150)(cid:148)(cid:131)(cid:150)(cid:135)(cid:137)(cid:155)(cid:3)(cid:132)(cid:151)(cid:139)(cid:142)(cid:150)(cid:3)(cid:131)(cid:148)(cid:145)(cid:151)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:133)(cid:145)(cid:148)(cid:135)(cid:3)(cid:139)(cid:134)(cid:135)(cid:131)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:131)(cid:142)(cid:142)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:143)(cid:151)(cid:149)(cid:150)
(cid:138)(cid:131)(cid:152)(cid:135)(cid:3)(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)(cid:3)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:3)(cid:133)(cid:131)(cid:146)(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:135)(cid:150)(cid:135)
(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:136)(cid:151)(cid:150)(cid:151)(cid:148)(cid:135)(cid:484)

(cid:26)(cid:135)(cid:3)(cid:132)(cid:135)(cid:142)(cid:139)(cid:135)(cid:152)(cid:135) (cid:145)(cid:151)(cid:148)(cid:3)(cid:146)(cid:131)(cid:148)(cid:150)(cid:144)(cid:135)(cid:148)(cid:149)(cid:138)(cid:139)(cid:146)(cid:3)(cid:131)(cid:146)(cid:146)(cid:148)(cid:145)(cid:131)(cid:133)(cid:138)(cid:3)(cid:514)(cid:3)(cid:131)(cid:149)
(cid:145)(cid:146)(cid:146)(cid:145)(cid:149)(cid:135)(cid:134)(cid:3)(cid:150)(cid:145)(cid:3)(cid:143)(cid:131)(cid:141)(cid:139)(cid:144)(cid:137)(cid:3)(cid:132)(cid:135)(cid:150)(cid:149)(cid:3)(cid:145)(cid:144)(cid:3)(cid:149)(cid:146)(cid:135)(cid:133)(cid:139)(cid:136)(cid:139)(cid:133)(cid:3)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)
(cid:146)(cid:142)(cid:131)(cid:150)(cid:136)(cid:145)(cid:148)(cid:143)(cid:149)(cid:3)(cid:514) (cid:131)(cid:142)(cid:142)(cid:145)(cid:153)(cid:149) (cid:151)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:145)(cid:151)(cid:149)(cid:142)(cid:155)
(cid:131)(cid:134)(cid:131)(cid:146)(cid:150)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:149)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:144)(cid:135)(cid:153)(cid:3)(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:139)(cid:135)(cid:149)(cid:484)
(cid:23)(cid:138)(cid:139)(cid:149) (cid:135)(cid:144)(cid:131)(cid:132)(cid:142)(cid:135)(cid:149) (cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149) (cid:150)(cid:145) (cid:139)(cid:144)(cid:150)(cid:135)(cid:137)(cid:148)(cid:131)(cid:150)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:143)(cid:145)(cid:149)(cid:150)(cid:3)(cid:135)(cid:136)(cid:136)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:3)(cid:149)(cid:150)(cid:148)(cid:131)(cid:150)(cid:135)(cid:137)(cid:139)(cid:135)(cid:149)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:139)(cid:144)
(cid:150)(cid:138)(cid:135)(cid:139)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:495)(cid:3)(cid:145)(cid:152)(cid:135)(cid:148)(cid:131)(cid:142)(cid:142)(cid:3)(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:146)(cid:142)(cid:131)(cid:144)(cid:149)(cid:484)

(cid:26)(cid:138)(cid:131)(cid:150)(cid:495)(cid:149)(cid:3)(cid:143)(cid:145)(cid:149)(cid:150)(cid:3)(cid:139)(cid:143)(cid:146)(cid:145)(cid:148)(cid:150)(cid:131)(cid:144)(cid:150)(cid:484) (cid:18)(cid:151)(cid:148)(cid:3)(cid:139)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:149)
(cid:131)(cid:148)(cid:135)(cid:3)(cid:135)(cid:144)(cid:150)(cid:139)(cid:148)(cid:135)(cid:142)(cid:155)(cid:3)(cid:131)(cid:132)(cid:145)(cid:151)(cid:150)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:3)(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)(cid:135)(cid:148)(cid:481)
(cid:132)(cid:148)(cid:145)(cid:131)(cid:134)(cid:135)(cid:148)(cid:3)(cid:136)(cid:145)(cid:151)(cid:144)(cid:134)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:145)(cid:136)(cid:3)(cid:149)(cid:150)(cid:148)(cid:131)(cid:150)(cid:135)(cid:137)(cid:139)(cid:133)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:142)(cid:142)(cid:135)(cid:144)(cid:133)(cid:135)(cid:481)(cid:3)(cid:135)(cid:144)(cid:131)(cid:132)(cid:142)(cid:139)(cid:144)(cid:137)(cid:3)(cid:151)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:134)(cid:145)
(cid:143)(cid:145)(cid:148)(cid:135)(cid:3)(cid:153)(cid:145)(cid:148)(cid:141)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)(cid:3)(cid:135)(cid:136)(cid:136)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:142)(cid:155)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)
(cid:153)(cid:138)(cid:139)(cid:142)(cid:135)(cid:3)(cid:134)(cid:135)(cid:135)(cid:146)(cid:135)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:495)
(cid:148)(cid:135)(cid:146)(cid:151)(cid:150)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:147)(cid:151)(cid:131)(cid:142)(cid:139)(cid:150)(cid:155)(cid:484)(cid:3)(cid:9)(cid:148)(cid:145)(cid:143)(cid:3)(cid:135)(cid:139)(cid:150)(cid:138)(cid:135)(cid:148)
(cid:146)(cid:135)(cid:148)(cid:149)(cid:146)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:481)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:145)(cid:144)(cid:3)(cid:134)(cid:135)(cid:144)(cid:145)(cid:143)(cid:139)(cid:144)(cid:131)(cid:150)(cid:145)(cid:148)(cid:3)(cid:139)(cid:149)
(cid:145)(cid:151)(cid:148)(cid:3)(cid:146)(cid:135)(cid:145)(cid:146)(cid:142)(cid:135)(cid:484)(cid:3)(cid:18)(cid:151)(cid:148)(cid:3)(cid:139)(cid:144)(cid:150)(cid:135)(cid:144)(cid:150)(cid:3)(cid:139)(cid:149)(cid:3)(cid:131)(cid:142)(cid:153)(cid:131)(cid:155)(cid:149)(cid:3)(cid:150)(cid:145)
(cid:135)(cid:143)(cid:146)(cid:142)(cid:145)(cid:155) (cid:150)(cid:138)(cid:135)(cid:3)(cid:149)(cid:143)(cid:131)(cid:148)(cid:150)(cid:135)(cid:149)(cid:150) (cid:146)(cid:135)(cid:145)(cid:146)(cid:142)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:145)(cid:3)(cid:132)(cid:151)(cid:139)(cid:142)(cid:134)
(cid:150)(cid:138)(cid:135) (cid:143)(cid:145)(cid:149)(cid:150)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:150)(cid:135)(cid:131)(cid:143)(cid:149)(cid:3)(cid:139)(cid:144) (cid:135)(cid:152)(cid:135)(cid:148)(cid:155)
(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137) (cid:134)(cid:139)(cid:149)(cid:133)(cid:139)(cid:146)(cid:142)(cid:139)(cid:144)(cid:135) (cid:131)(cid:144)(cid:134)(cid:3)(cid:137)(cid:135)(cid:145)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:139)(cid:133)
(cid:142)(cid:145)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:481)(cid:3)(cid:131)(cid:144)(cid:134) (cid:135)(cid:144)(cid:149)(cid:151)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:155)(cid:3)(cid:138)(cid:131)(cid:152)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:150)(cid:145)(cid:145)(cid:142)(cid:149)(cid:481)
(cid:150)(cid:148)(cid:131)(cid:139)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:142)(cid:135)(cid:131)(cid:134)(cid:135)(cid:148)(cid:149)(cid:138)(cid:139)(cid:146)(cid:3)(cid:150)(cid:138)(cid:135)(cid:155)(cid:3)(cid:144)(cid:135)(cid:135)(cid:134)(cid:3)(cid:150)(cid:145)
(cid:149)(cid:135)(cid:148)(cid:152)(cid:135)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:135)(cid:136)(cid:136)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:142)(cid:155)(cid:484) (cid:23)(cid:138)(cid:139)(cid:149) (cid:138)(cid:131)(cid:149)(cid:3)(cid:142)(cid:135)(cid:134)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:144)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:486)(cid:153)(cid:139)(cid:134)(cid:135)(cid:3)(cid:133)(cid:151)(cid:142)(cid:150)(cid:151)(cid:148)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:139)(cid:150)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:139)(cid:144)(cid:144)(cid:145)(cid:152)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:131)(cid:150)(cid:150)(cid:148)(cid:131)(cid:133)(cid:150)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:148)(cid:135)(cid:150)(cid:131)(cid:139)(cid:144)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:132)(cid:135)(cid:149)(cid:150)(cid:3)(cid:146)(cid:135)(cid:145)(cid:146)(cid:142)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:143)(cid:145)(cid:149)(cid:150)(cid:3)(cid:149)(cid:145)(cid:146)(cid:138)(cid:139)(cid:149)(cid:150)(cid:139)(cid:133)(cid:131)(cid:150)(cid:135)(cid:134)
(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:153)(cid:138)(cid:145)(cid:3)(cid:134)(cid:135)(cid:143)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:138)(cid:139)(cid:137)(cid:138)(cid:135)(cid:149)(cid:150)(cid:3)(cid:147)(cid:151)(cid:131)(cid:142)(cid:139)(cid:150)(cid:155)(cid:484)
(cid:16)(cid:135)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:495)(cid:3)(cid:134)(cid:135)(cid:143)(cid:131)(cid:144)(cid:134)(cid:149)(cid:3)(cid:137)(cid:139)(cid:152)(cid:135)(cid:149)(cid:3)(cid:151)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:145)(cid:146)(cid:146)(cid:145)(cid:148)(cid:150)(cid:151)(cid:144)(cid:139)(cid:150)(cid:155)(cid:3)(cid:150)(cid:145)(cid:3)(cid:146)(cid:148)(cid:145)(cid:134)(cid:151)(cid:133)(cid:135)(cid:3)(cid:145)(cid:151)(cid:150)(cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:153)(cid:145)(cid:148)(cid:141)
(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:133)(cid:145)(cid:144)(cid:149)(cid:139)(cid:149)(cid:150)(cid:135)(cid:144)(cid:150)(cid:142)(cid:155)(cid:3)(cid:134)(cid:145)(cid:143)(cid:139)(cid:144)(cid:131)(cid:150)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)(cid:134)(cid:151)(cid:149)(cid:150)(cid:148)(cid:155)
(cid:131)(cid:153)(cid:131)(cid:148)(cid:134)(cid:149)(cid:481) (cid:131)(cid:150)(cid:150)(cid:148)(cid:131)(cid:133)(cid:150)(cid:139)(cid:144)(cid:137) (cid:135)(cid:152)(cid:135)(cid:144)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)(cid:3)(cid:150)(cid:131)(cid:142)(cid:135)(cid:144)(cid:150)(cid:135)(cid:134)
(cid:146)(cid:135)(cid:145)(cid:146)(cid:142)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:145)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)
(cid:139)(cid:150)(cid:149)(cid:135)(cid:142)(cid:136)(cid:484)

(cid:884)(cid:882)(cid:883)(cid:883)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:139)(cid:144)(cid:3)(cid:153)(cid:138)(cid:139)(cid:133)(cid:138)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:138)(cid:139)(cid:149)(cid:150)(cid:145)(cid:148)(cid:139)(cid:133)(cid:131)(cid:142)
(cid:134)(cid:139)(cid:149)(cid:150)(cid:139)(cid:144)(cid:133)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:132)(cid:135)(cid:150)(cid:153)(cid:135)(cid:135)(cid:144)(cid:3)(cid:498)(cid:150)(cid:148)(cid:131)(cid:134)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:499)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:498)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:499)(cid:3)(cid:143)(cid:135)(cid:134)(cid:139)(cid:131)(cid:3)(cid:134)(cid:139)(cid:149)(cid:131)(cid:146)(cid:146)(cid:135)(cid:131)(cid:148)(cid:135)(cid:134)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:148)(cid:135)(cid:149)(cid:146)(cid:135)(cid:133)(cid:150)(cid:3)(cid:150)(cid:145)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:149)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)(cid:3)(cid:153)(cid:135)(cid:3)(cid:146)(cid:148)(cid:145)(cid:152)(cid:139)(cid:134)(cid:135)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:484)
(cid:8)(cid:152)(cid:135)(cid:148)(cid:155)(cid:150)(cid:138)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:134)(cid:145)(cid:481)(cid:3)(cid:139)(cid:144)(cid:3)(cid:135)(cid:152)(cid:135)(cid:148)(cid:155)
(cid:134)(cid:139)(cid:149)(cid:133)(cid:139)(cid:146)(cid:142)(cid:139)(cid:144)(cid:135)(cid:481)(cid:3)(cid:144)(cid:145)(cid:153)(cid:3)(cid:138)(cid:131)(cid:149)(cid:3)(cid:131)(cid:3)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:145)(cid:144)(cid:135)(cid:144)(cid:150)(cid:484)(cid:3)(cid:23)(cid:145)
(cid:151)(cid:149)(cid:481)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:143)(cid:135)(cid:131)(cid:144)(cid:149)(cid:3)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:3)(cid:139)(cid:149)(cid:3)(cid:131)(cid:3)(cid:150)(cid:145)(cid:145)(cid:142)(cid:3)(cid:136)(cid:145)(cid:148)
(cid:133)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:481)(cid:3)(cid:144)(cid:145)(cid:150)(cid:3)(cid:131)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:139)(cid:149)(cid:145)(cid:142)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:484)
(cid:12)(cid:144)(cid:3)(cid:131)(cid:3)(cid:153)(cid:145)(cid:148)(cid:142)(cid:134)(cid:3)(cid:153)(cid:138)(cid:135)(cid:148)(cid:135)(cid:3)(cid:135)(cid:152)(cid:135)(cid:148)(cid:155)(cid:150)(cid:138)(cid:139)(cid:144)(cid:137)(cid:3)(cid:139)(cid:149)(cid:3)(cid:133)(cid:145)(cid:144)(cid:144)(cid:135)(cid:133)(cid:150)(cid:135)(cid:134)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:131)(cid:142)(cid:153)(cid:131)(cid:155)(cid:149)(cid:3)(cid:145)(cid:144)(cid:481)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:153)(cid:138)(cid:135)(cid:148)(cid:135)(cid:3)(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:139)(cid:135)(cid:149)
(cid:135)(cid:143)(cid:135)(cid:148)(cid:137)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:139)(cid:149)(cid:131)(cid:146)(cid:146)(cid:135)(cid:131)(cid:148)(cid:3)(cid:139)(cid:144)(cid:3)(cid:131)(cid:144)(cid:3)(cid:135)(cid:152)(cid:135)(cid:148)(cid:486)(cid:149)(cid:138)(cid:145)(cid:148)(cid:150)(cid:135)(cid:148)
(cid:133)(cid:155)(cid:133)(cid:142)(cid:135)(cid:481)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:135)(cid:150)(cid:139)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:146)(cid:145)(cid:149)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:139)(cid:149)
(cid:132)(cid:151)(cid:139)(cid:142)(cid:150)(cid:3)(cid:145)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:155)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:134)(cid:131)(cid:146)(cid:150)(cid:3)(cid:147)(cid:151)(cid:139)(cid:133)(cid:141)(cid:142)(cid:155)(cid:3)(cid:150)(cid:145)
(cid:133)(cid:138)(cid:131)(cid:144)(cid:137)(cid:135)(cid:484)(cid:3)(cid:18)(cid:151)(cid:148)(cid:3)(cid:137)(cid:145)(cid:131)(cid:142)(cid:3)(cid:139)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:138)(cid:131)(cid:152)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:132)(cid:135)(cid:149)(cid:150)(cid:3)(cid:150)(cid:131)(cid:142)(cid:135)(cid:144)(cid:150)(cid:481)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:148)(cid:139)(cid:137)(cid:138)(cid:150)(cid:3)(cid:133)(cid:131)(cid:146)(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:131)(cid:3)(cid:148)(cid:131)(cid:144)(cid:137)(cid:135)(cid:3)(cid:145)(cid:136)
(cid:149)(cid:150)(cid:148)(cid:131)(cid:150)(cid:135)(cid:137)(cid:139)(cid:133)(cid:3)(cid:146)(cid:131)(cid:148)(cid:150)(cid:144)(cid:135)(cid:148)(cid:149)(cid:138)(cid:139)(cid:146)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:135)(cid:144)(cid:149)(cid:151)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:153)(cid:135)
(cid:133)(cid:131)(cid:144)(cid:3)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:139)(cid:136)(cid:155)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:148)(cid:139)(cid:137)(cid:138)(cid:150)(cid:3)(cid:149)(cid:145)(cid:142)(cid:151)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:481)(cid:3)(cid:139)(cid:143)(cid:146)(cid:142)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:150)(cid:138)(cid:135)(cid:143)(cid:3)(cid:135)(cid:136)(cid:136)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:142)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:142)(cid:139)(cid:143)(cid:139)(cid:150)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:144)(cid:135)(cid:135)(cid:134)(cid:3)(cid:150)(cid:145)(cid:3)(cid:146)(cid:148)(cid:145)(cid:150)(cid:135)(cid:133)(cid:150)(cid:3)(cid:145)(cid:151)(cid:150)(cid:134)(cid:131)(cid:150)(cid:135)(cid:134)
(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:149)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)(cid:484)

(cid:23)(cid:145)(cid:3)(cid:131)(cid:133)(cid:138)(cid:139)(cid:135)(cid:152)(cid:135)(cid:3)(cid:150)(cid:138)(cid:139)(cid:149)(cid:3)(cid:153)(cid:135)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:139)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)
(cid:139)(cid:144)(cid:3)(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:148)(cid:135)(cid:150)(cid:131)(cid:139)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:135)(cid:154)(cid:146)(cid:135)(cid:148)(cid:150)(cid:3)(cid:150)(cid:131)(cid:142)(cid:135)(cid:144)(cid:150)
(cid:153)(cid:138)(cid:145)(cid:3)(cid:133)(cid:131)(cid:144)(cid:3)(cid:138)(cid:135)(cid:142)(cid:146)(cid:3)(cid:151)(cid:149)(cid:3)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:139)(cid:136)(cid:155)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:143)(cid:145)(cid:149)(cid:150)
(cid:139)(cid:143)(cid:146)(cid:145)(cid:148)(cid:150)(cid:131)(cid:144)(cid:150)(cid:3)(cid:133)(cid:145)(cid:144)(cid:149)(cid:151)(cid:143)(cid:135)(cid:148)(cid:3)(cid:150)(cid:148)(cid:135)(cid:144)(cid:134)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:132)(cid:135)(cid:149)(cid:150)
(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:3)(cid:149)(cid:145)(cid:142)(cid:151)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:484)(cid:3)

(cid:26)(cid:135)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142) (cid:131)(cid:142)(cid:149)(cid:145)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:3)(cid:150)(cid:145) (cid:142)(cid:135)(cid:152)(cid:135)(cid:148)(cid:131)(cid:137)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:135)(cid:154)(cid:146)(cid:131)(cid:144)(cid:134)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:143)(cid:131)(cid:144)(cid:155)(cid:3)(cid:146)(cid:131)(cid:148)(cid:150)(cid:144)(cid:135)(cid:148)(cid:149)(cid:138)(cid:139)(cid:146)(cid:149)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:143)(cid:135)(cid:134)(cid:139)(cid:131)(cid:481)
(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:155)(cid:481)(cid:3)(cid:134)(cid:131)(cid:150)(cid:131)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:148)(cid:135)(cid:149)(cid:135)(cid:131)(cid:148)(cid:133)(cid:138)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:131)(cid:144)(cid:139)(cid:135)(cid:149)
(cid:149)(cid:151)(cid:133)(cid:138)(cid:3)(cid:131)(cid:149)(cid:3)(cid:9)(cid:131)(cid:133)(cid:135)(cid:132)(cid:145)(cid:145)(cid:141)(cid:481)(cid:3)(cid:10)(cid:145)(cid:145)(cid:137)(cid:142)(cid:135)(cid:481)(cid:3)(cid:16)(cid:139)(cid:133)(cid:148)(cid:145)(cid:149)(cid:145)(cid:136)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:28)(cid:131)(cid:138)(cid:145)(cid:145)(cid:488)(cid:484)(cid:3)(cid:23)(cid:138)(cid:139)(cid:149)(cid:3)(cid:498)(cid:145)(cid:146)(cid:135)(cid:144)(cid:486)(cid:149)(cid:145)(cid:151)(cid:148)(cid:133)(cid:135)(cid:499)(cid:3)(cid:131)(cid:146)(cid:146)(cid:148)(cid:145)(cid:131)(cid:133)(cid:138)(cid:3)(cid:150)(cid:145)
(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:155)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:131)(cid:142)(cid:142)(cid:145)(cid:153)(cid:3)(cid:151)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:150)(cid:131)(cid:141)(cid:135)
(cid:131)(cid:134)(cid:152)(cid:131)(cid:144)(cid:150)(cid:131)(cid:137)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:134)(cid:3)(cid:149)(cid:138)(cid:139)(cid:136)(cid:150)(cid:3)(cid:150)(cid:145)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)
(cid:139)(cid:144)(cid:150)(cid:135)(cid:148)(cid:133)(cid:145)(cid:144)(cid:144)(cid:135)(cid:133)(cid:150)(cid:135)(cid:134)(cid:3)(cid:131)(cid:133)(cid:150)(cid:139)(cid:152)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:132)(cid:155)(cid:3)(cid:133)(cid:145)(cid:144)(cid:149)(cid:151)(cid:143)(cid:135)(cid:148)(cid:149)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:135)(cid:149)(cid:3)(cid:131)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)(cid:155)(cid:3)(cid:135)(cid:154)(cid:150)(cid:135)(cid:144)(cid:134)(cid:3)(cid:136)(cid:151)(cid:148)(cid:150)(cid:138)(cid:135)(cid:148)
(cid:139)(cid:144)(cid:150)(cid:145)(cid:3)(cid:149)(cid:145)(cid:133)(cid:139)(cid:131)(cid:142)(cid:481)(cid:3)(cid:143)(cid:145)(cid:132)(cid:139)(cid:142)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:145)(cid:150)(cid:138)(cid:135)(cid:148)(cid:3)(cid:146)(cid:142)(cid:131)(cid:150)(cid:136)(cid:145)(cid:148)(cid:143)(cid:149)(cid:484)
(cid:18)(cid:151)(cid:148)(cid:3)(cid:153)(cid:145)(cid:148)(cid:141)(cid:3)(cid:150)(cid:145)(cid:137)(cid:135)(cid:150)(cid:138)(cid:135)(cid:148)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:138)(cid:135)(cid:142)(cid:146)(cid:3)(cid:135)(cid:144)(cid:149)(cid:151)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:153)(cid:135)
(cid:143)(cid:131)(cid:139)(cid:144)(cid:150)(cid:131)(cid:139)(cid:144) (cid:131)(cid:133)(cid:133)(cid:135)(cid:149)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:142)(cid:131)(cid:150)(cid:135)(cid:149)(cid:150)(cid:3)(cid:139)(cid:144)(cid:144)(cid:145)(cid:152)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:481)
(cid:139)(cid:144)(cid:136)(cid:145)(cid:148)(cid:143)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:131)(cid:144)(cid:131)(cid:142)(cid:155)(cid:150)(cid:139)(cid:133)(cid:149)(cid:3)(cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:142)(cid:155)(cid:481)(cid:3)(cid:131)(cid:149)(cid:3)(cid:153)(cid:135)(cid:142)(cid:142)
(cid:131)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:142)(cid:145)(cid:133)(cid:131)(cid:142)(cid:3)(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:149)(cid:484)

(cid:854)(cid:852)(cid:853)(cid:853)(cid:3)(cid:6)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:11)(cid:139)(cid:137)(cid:138)(cid:142)(cid:139)(cid:137)(cid:138)(cid:150)(cid:149)

(cid:5)(cid:5)(cid:7)(cid:18)(cid:3)(cid:26)(cid:145)(cid:148)(cid:142)(cid:134)(cid:153)(cid:139)(cid:134)(cid:135)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:144)(cid:131)(cid:143)(cid:135)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:16)(cid:145)(cid:149)(cid:150)
(cid:4)(cid:153)(cid:131)(cid:148)(cid:134)(cid:135)(cid:134)(cid:3)(cid:4)(cid:137)(cid:135)(cid:144)(cid:133)(cid:155)(cid:3)(cid:17)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:26)(cid:145)(cid:148)(cid:142)(cid:134)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:854)(cid:852)(cid:853)(cid:853)(cid:3)(cid:10)(cid:151)(cid:144)(cid:144)(cid:3)(cid:21)(cid:135)(cid:146)(cid:145)(cid:148)(cid:150) (cid:514)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:149)(cid:139)(cid:154)(cid:150)(cid:138)(cid:3)(cid:133)(cid:145)(cid:144)(cid:149)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)
(cid:5)(cid:5)(cid:7)(cid:18)(cid:3)(cid:138)(cid:131)(cid:149)(cid:3)(cid:132)(cid:135)(cid:135)(cid:144)(cid:3)(cid:148)(cid:131)(cid:144)(cid:141)(cid:135)(cid:134)(cid:3)(cid:17)(cid:145)(cid:484)(cid:3)(cid:853)(cid:484)(cid:3)(cid:7)(cid:7)(cid:5)(cid:3)(cid:26)(cid:145)(cid:148)(cid:142)(cid:134)(cid:153)(cid:139)(cid:134)(cid:135)
(cid:153)(cid:131)(cid:149)(cid:3)(cid:17)(cid:145)(cid:484)(cid:3)(cid:854)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:150)(cid:138)(cid:139)(cid:148)(cid:134)(cid:3)(cid:133)(cid:145)(cid:144)(cid:149)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:484)

(cid:5)(cid:5)(cid:7)(cid:18)(cid:3)(cid:26)(cid:145)(cid:148)(cid:142)(cid:134)(cid:153)(cid:139)(cid:134)(cid:135)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:144)(cid:131)(cid:143)(cid:135)(cid:134)(cid:3)(cid:854)(cid:852)(cid:853)(cid:853)(cid:3)(cid:10)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)
(cid:4)(cid:137)(cid:135)(cid:144)(cid:133)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:28)(cid:135)(cid:131)(cid:148)(cid:3)(cid:132)(cid:155)(cid:3)(cid:132)(cid:145)(cid:150)(cid:138)(cid:3)(cid:4)(cid:134)(cid:153)(cid:135)(cid:135)(cid:141) (cid:131)(cid:144)(cid:134)
(cid:6)(cid:131)(cid:143)(cid:146)(cid:131)(cid:139)(cid:137)(cid:144) (cid:143)(cid:131)(cid:137)(cid:131)(cid:156)(cid:139)(cid:144)(cid:135)(cid:149)(cid:481)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:136)(cid:139)(cid:136)(cid:150)(cid:138)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:139)(cid:144)(cid:3)(cid:131)
(cid:148)(cid:145)(cid:153)(cid:3)(cid:150)(cid:145)(cid:146)(cid:146)(cid:135)(cid:134)(cid:3)(cid:23)(cid:138)(cid:135)(cid:3)(cid:7)(cid:139)(cid:148)(cid:135)(cid:133)(cid:150)(cid:145)(cid:148)(cid:155)(cid:3)(cid:5)(cid:139)(cid:137)(cid:3)(cid:26)(cid:145)(cid:144) (cid:148)(cid:131)(cid:144)(cid:141)(cid:139)(cid:144)(cid:137)(cid:484)

(cid:5)(cid:5)(cid:7)(cid:18)(cid:3)(cid:26)(cid:145)(cid:148)(cid:142)(cid:134)(cid:153)(cid:139)(cid:134)(cid:135)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:17)(cid:145)(cid:484) (cid:853)(cid:3)(cid:148)(cid:131)(cid:144)(cid:141)(cid:135)(cid:134)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)
(cid:131)(cid:150)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:6)(cid:131)(cid:144)(cid:144)(cid:135)(cid:149)(cid:3)(cid:12)(cid:144)(cid:150)(cid:135)(cid:148)(cid:144)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:3)(cid:9)(cid:135)(cid:149)(cid:150)(cid:139)(cid:152)(cid:131)(cid:142)(cid:3)(cid:145)(cid:136)(cid:3)(cid:6)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:139)(cid:150)(cid:155)
(cid:136)(cid:145)(cid:148)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:136)(cid:139)(cid:136)(cid:150)(cid:138)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:139)(cid:144)(cid:3)(cid:131)(cid:3)(cid:148)(cid:145)(cid:153)(cid:484)(cid:3)(cid:5)(cid:5)(cid:7)(cid:18)(cid:3)(cid:150)(cid:145)(cid:145)(cid:141)(cid:3)(cid:138)(cid:145)(cid:143)(cid:135)
(cid:150)(cid:138)(cid:148)(cid:135)(cid:135)(cid:3)(cid:10)(cid:148)(cid:131)(cid:144)(cid:134)(cid:3)(cid:19)(cid:148)(cid:139)(cid:154)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:139)(cid:144)(cid:131)(cid:151)(cid:137)(cid:151)(cid:148)(cid:131)(cid:142)(cid:3)(cid:6)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)
(cid:8)(cid:136)(cid:136)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:4)(cid:153)(cid:131)(cid:148)(cid:134)(cid:484)

(cid:18)(cid:16)(cid:7)(cid:3)(cid:26)(cid:145)(cid:148)(cid:142)(cid:134)(cid:153)(cid:139)(cid:134)(cid:135)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:144)(cid:131)(cid:143)(cid:135)(cid:134)(cid:3)(cid:10)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:3)(cid:16)(cid:135)(cid:134)(cid:139)(cid:131)
(cid:4)(cid:137)(cid:135)(cid:144)(cid:133)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:28)(cid:135)(cid:131)(cid:148)(cid:3)(cid:132)(cid:155)(cid:3)(cid:4)(cid:134)(cid:153)(cid:135)(cid:135)(cid:141) (cid:131)(cid:144)(cid:134)(cid:3)(cid:16)(cid:135)(cid:134)(cid:139)(cid:131)
(cid:4)(cid:137)(cid:135)(cid:144)(cid:133)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:28)(cid:135)(cid:131)(cid:148)(cid:3)(cid:132)(cid:155)(cid:3)(cid:4)(cid:134)(cid:152)(cid:135)(cid:148)(cid:150)(cid:139)(cid:149)(cid:139)(cid:144)(cid:137)(cid:3)(cid:4)(cid:137)(cid:135)(cid:484)

(cid:23)(cid:5)(cid:26)(cid:4)(cid:512)(cid:11)(cid:131)(cid:141)(cid:151)(cid:138)(cid:145)(cid:134)(cid:145)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:144)(cid:131)(cid:143)(cid:135)(cid:134)(cid:3)(cid:854)(cid:852)(cid:853)(cid:853)
(cid:12)(cid:144)(cid:150)(cid:135)(cid:148)(cid:144)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:3)(cid:4)(cid:137)(cid:135)(cid:144)(cid:133)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:28)(cid:135)(cid:131)(cid:148)(cid:3)(cid:132)(cid:155)
(cid:4)(cid:134)(cid:152)(cid:135)(cid:148)(cid:150)(cid:139)(cid:149)(cid:139)(cid:144)(cid:137)(cid:3)(cid:4)(cid:137)(cid:135)(cid:481)(cid:3)(cid:153)(cid:138)(cid:139)(cid:142)(cid:135)(cid:3)(cid:15)(cid:131)(cid:150)(cid:139)(cid:144)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:3)(cid:153)(cid:131)(cid:149)
(cid:150)(cid:138)(cid:135) (cid:146)(cid:151)(cid:132)(cid:142)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:495)(cid:149)(cid:3)(cid:16)(cid:151)(cid:142)(cid:150)(cid:139)(cid:133)(cid:151)(cid:142)(cid:150)(cid:151)(cid:148)(cid:131)(cid:142)(cid:3)(cid:4)(cid:137)(cid:135)(cid:144)(cid:133)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:28)(cid:135)(cid:131)(cid:148)(cid:484)

(cid:14)(cid:135)(cid:150)(cid:133)(cid:138)(cid:151)(cid:143)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:131)(cid:153)(cid:131)(cid:148)(cid:134)(cid:135)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:19)(cid:21) (cid:4)(cid:137)(cid:135)(cid:144)(cid:133)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:12)(cid:144)(cid:150)(cid:135)(cid:148)(cid:144)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:3)(cid:6)(cid:145)(cid:144)(cid:149)(cid:151)(cid:142)(cid:150)(cid:131)(cid:144)(cid:133)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:28)(cid:135)(cid:131)(cid:148)(cid:3)(cid:138)(cid:145)(cid:144)(cid:145)(cid:148)(cid:149)
(cid:132)(cid:155)(cid:3)(cid:19)(cid:21)(cid:26)(cid:135)(cid:135)(cid:141)(cid:484)

(cid:884)(cid:882)(cid:883)(cid:883)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:131)(cid:144)(cid:145)(cid:150)(cid:138)(cid:135)(cid:148)(cid:3)(cid:132)(cid:131)(cid:144)(cid:144)(cid:135)(cid:148)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:136)(cid:145)(cid:148)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)
(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:142)(cid:135)(cid:131)(cid:134)(cid:135)(cid:148)(cid:149)(cid:138)(cid:139)(cid:146)(cid:484)(cid:3)(cid:23)(cid:138)(cid:135) (cid:131)(cid:153)(cid:131)(cid:148)(cid:134)(cid:149) (cid:142)(cid:139)(cid:149)(cid:150)(cid:135)(cid:134)(cid:3)(cid:131)(cid:148)(cid:135)
(cid:145)(cid:144)(cid:142)(cid:155)(cid:3)(cid:131)(cid:3)(cid:136)(cid:135)(cid:153)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:143)(cid:131)(cid:140)(cid:145)(cid:148)(cid:3)(cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:3)(cid:131)(cid:153)(cid:131)(cid:148)(cid:134)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)
(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:139)(cid:150)(cid:155)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)
(cid:148)(cid:135)(cid:133)(cid:135)(cid:139)(cid:152)(cid:135)(cid:134)(cid:3)(cid:134)(cid:151)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:484)(cid:3)(cid:23)(cid:138)(cid:135)(cid:148)(cid:135)(cid:3)(cid:131)(cid:148)(cid:135)
(cid:134)(cid:145)(cid:156)(cid:135)(cid:144)(cid:149)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)(cid:3)(cid:148)(cid:135)(cid:137)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:139)(cid:144)(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:151)(cid:131)(cid:142)
(cid:131)(cid:153)(cid:131)(cid:148)(cid:134)(cid:149)(cid:481) (cid:139)(cid:144)(cid:133)(cid:142)(cid:151)(cid:134)(cid:139)(cid:144)(cid:137) (cid:148)(cid:135)(cid:133)(cid:145)(cid:137)(cid:144)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144) (cid:136)(cid:145)(cid:148)
(cid:139)(cid:144)(cid:144)(cid:145)(cid:152)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:139)(cid:144)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:150)(cid:148)(cid:135)(cid:131)(cid:149)(cid:151)(cid:148)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:136)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:145)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:484)(cid:3)(cid:23)(cid:138)(cid:135)(cid:149)(cid:135)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:143)(cid:135)(cid:131)(cid:144)(cid:139)(cid:144)(cid:137)(cid:136)(cid:151)(cid:142)
(cid:131)(cid:133)(cid:141)(cid:144)(cid:145)(cid:153)(cid:142)(cid:135)(cid:134)(cid:137)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)(cid:149)(cid:484)(cid:3)(cid:28)(cid:135)(cid:150)(cid:3)(cid:150)(cid:138)(cid:135)(cid:148)(cid:135)(cid:3)(cid:153)(cid:145)(cid:151)(cid:142)(cid:134)(cid:3)(cid:132)(cid:135)
(cid:144)(cid:145)(cid:3)(cid:131)(cid:153)(cid:131)(cid:148)(cid:134)(cid:149)(cid:3)(cid:131)(cid:150)(cid:3)(cid:131)(cid:142)(cid:142)(cid:3)(cid:153)(cid:135)(cid:148)(cid:135)(cid:3)(cid:139)(cid:150)(cid:3)(cid:144)(cid:145)(cid:150)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)
(cid:133)(cid:151)(cid:142)(cid:150)(cid:151)(cid:148)(cid:131)(cid:142)(cid:3)(cid:131)(cid:150)(cid:150)(cid:148)(cid:139)(cid:132)(cid:151)(cid:150)(cid:135)(cid:149)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:151)(cid:144)(cid:134)(cid:135)(cid:148)(cid:146)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:153)(cid:145)(cid:148)(cid:141)(cid:3)(cid:132)(cid:135)(cid:138)(cid:139)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:143)(cid:3)(cid:514)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:134)(cid:135)(cid:135)(cid:146)(cid:3)(cid:143)(cid:145)(cid:150)(cid:139)(cid:152)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)
(cid:150)(cid:145)(cid:3)(cid:136)(cid:139)(cid:144)(cid:134)(cid:3)(cid:145)(cid:146)(cid:146)(cid:145)(cid:148)(cid:150)(cid:151)(cid:144)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:134)(cid:134)(cid:3)(cid:152)(cid:131)(cid:142)(cid:151)(cid:135)(cid:3)(cid:136)(cid:145)(cid:148)
(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:482) (cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:149)(cid:150)(cid:148)(cid:135)(cid:144)(cid:137)(cid:150)(cid:138)(cid:3)(cid:150)(cid:145)(cid:3)(cid:134)(cid:135)(cid:142)(cid:139)(cid:152)(cid:135)(cid:148)
(cid:135)(cid:136)(cid:136)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:481)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:135)(cid:142)(cid:142)(cid:139)(cid:144)(cid:137)(cid:3)(cid:143)(cid:135)(cid:149)(cid:149)(cid:131)(cid:137)(cid:135)(cid:149)(cid:482) (cid:150)(cid:138)(cid:135)
(cid:135)(cid:154)(cid:146)(cid:135)(cid:148)(cid:150)(cid:139)(cid:149)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:139)(cid:144)(cid:144)(cid:145)(cid:152)(cid:131)(cid:150)(cid:135)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:144)(cid:135)(cid:153)
(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:139)(cid:135)(cid:149)(cid:482) (cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:139)(cid:144)(cid:137)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:146)(cid:135)(cid:145)(cid:146)(cid:142)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:139)(cid:144)(cid:150)(cid:135)(cid:137)(cid:148)(cid:131)(cid:150)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:133)(cid:145)(cid:142)(cid:142)(cid:131)(cid:132)(cid:145)(cid:148)(cid:131)(cid:150)(cid:135)(cid:3)(cid:139)(cid:144)
(cid:498)(cid:152)(cid:139)(cid:148)(cid:150)(cid:151)(cid:131)(cid:142)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:499) (cid:131)(cid:133)(cid:148)(cid:145)(cid:149)(cid:149)(cid:3)(cid:134)(cid:139)(cid:149)(cid:133)(cid:139)(cid:146)(cid:142)(cid:139)(cid:144)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:137)(cid:135)(cid:145)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:139)(cid:135)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:153)(cid:139)(cid:144)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:145)(cid:148)(cid:3)(cid:134)(cid:135)(cid:142)(cid:139)(cid:152)(cid:135)(cid:148)
(cid:149)(cid:145)(cid:142)(cid:151)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:484)(cid:3)(cid:23)(cid:138)(cid:135)(cid:149)(cid:135)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:147)(cid:151)(cid:131)(cid:142)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:143)(cid:131)(cid:141)(cid:135)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:137)(cid:148)(cid:135)(cid:131)(cid:150)
(cid:146)(cid:142)(cid:131)(cid:133)(cid:135)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:153)(cid:145)(cid:148)(cid:141)(cid:484)

(cid:22)(cid:150)(cid:131)(cid:155)(cid:139)(cid:144)(cid:137)(cid:3)(cid:137)(cid:148)(cid:135)(cid:131)(cid:150)(cid:484) (cid:10)(cid:148)(cid:135)(cid:131)(cid:150)(cid:3)(cid:139)(cid:134)(cid:135)(cid:131)(cid:149)(cid:3)(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3)(cid:132)(cid:155)(cid:3)(cid:137)(cid:148)(cid:135)(cid:131)(cid:150)
(cid:146)(cid:135)(cid:145)(cid:146)(cid:142)(cid:135)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:142)(cid:139)(cid:136)(cid:135)(cid:132)(cid:142)(cid:145)(cid:145)(cid:134)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:484)
(cid:8)(cid:144)(cid:149)(cid:151)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:3)(cid:133)(cid:151)(cid:142)(cid:150)(cid:151)(cid:148)(cid:135)(cid:3)(cid:139)(cid:149)(cid:3)(cid:149)(cid:141)(cid:139)(cid:142)(cid:142)(cid:135)(cid:134)(cid:481)
(cid:135)(cid:136)(cid:136)(cid:139)(cid:133)(cid:139)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:139)(cid:144)(cid:144)(cid:145)(cid:152)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:139)(cid:149)(cid:3)(cid:131)(cid:3)(cid:146)(cid:135)(cid:148)(cid:135)(cid:144)(cid:144)(cid:139)(cid:131)(cid:142)
(cid:149)(cid:150)(cid:148)(cid:131)(cid:150)(cid:135)(cid:137)(cid:139)(cid:133)(cid:3)(cid:146)(cid:148)(cid:139)(cid:145)(cid:148)(cid:139)(cid:150)(cid:155)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:484)(cid:3)(cid:26)(cid:138)(cid:139)(cid:142)(cid:135)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:3)(cid:134)(cid:145)(cid:3)(cid:131)(cid:144)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:142)(cid:142)(cid:135)(cid:144)(cid:150)(cid:3)(cid:140)(cid:145)(cid:132)
(cid:145)(cid:136)(cid:3)(cid:150)(cid:148)(cid:131)(cid:139)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:133)(cid:145)(cid:144)(cid:150)(cid:135)(cid:154)(cid:150)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:139)(cid:148)(cid:3)(cid:134)(cid:139)(cid:149)(cid:133)(cid:139)(cid:146)(cid:142)(cid:139)(cid:144)(cid:135)(cid:149)(cid:481)(cid:3)(cid:153)(cid:135)(cid:3)(cid:138)(cid:131)(cid:152)(cid:135)(cid:3)(cid:131)(cid:142)(cid:153)(cid:131)(cid:155)(cid:149)
(cid:132)(cid:135)(cid:142)(cid:139)(cid:135)(cid:152)(cid:135)(cid:134)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:138)(cid:131)(cid:149)(cid:3)(cid:131)(cid:3)(cid:141)(cid:135)(cid:155)
(cid:148)(cid:135)(cid:149)(cid:146)(cid:145)(cid:144)(cid:149)(cid:139)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:155)(cid:3)(cid:150)(cid:145)(cid:3)(cid:134)(cid:139)(cid:149)(cid:149)(cid:135)(cid:143)(cid:139)(cid:144)(cid:131)(cid:150)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:145)(cid:142)(cid:142)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)
(cid:141)(cid:144)(cid:145)(cid:153)(cid:142)(cid:135)(cid:134)(cid:137)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:132)(cid:135)(cid:149)(cid:150)(cid:3)(cid:146)(cid:148)(cid:131)(cid:133)(cid:150)(cid:139)(cid:133)(cid:135)(cid:149)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:3)(cid:138)(cid:131)(cid:152)(cid:135)(cid:3)(cid:137)(cid:131)(cid:139)(cid:144)(cid:135)(cid:134)(cid:3)(cid:139)(cid:144)
(cid:146)(cid:148)(cid:145)(cid:136)(cid:135)(cid:149)(cid:149)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:3)(cid:149)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)(cid:3)(cid:143)(cid:131)(cid:144)(cid:131)(cid:137)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)(cid:484)

(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:24)(cid:144)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:139)(cid:150)(cid:155) (cid:139)(cid:149)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:139)(cid:144)(cid:486)(cid:138)(cid:145)(cid:151)(cid:149)(cid:135)
(cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:3)(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:136)(cid:145)(cid:148)(cid:151)(cid:143) (cid:131)(cid:144)(cid:134)(cid:3)(cid:139)(cid:150)(cid:3)(cid:139)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:133)(cid:145)(cid:148)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:139)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:150)(cid:150)(cid:148)(cid:131)(cid:133)(cid:150)(cid:481)
(cid:143)(cid:145)(cid:150)(cid:139)(cid:152)(cid:131)(cid:150)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:148)(cid:135)(cid:150)(cid:131)(cid:139)(cid:144)(cid:3)(cid:136)(cid:151)(cid:150)(cid:151)(cid:148)(cid:135)(cid:3)(cid:142)(cid:135)(cid:131)(cid:134)(cid:135)(cid:148)(cid:149)(cid:484)(cid:3)(cid:17)(cid:145)(cid:153)
(cid:139)(cid:144)(cid:3)(cid:139)(cid:150)(cid:149) (cid:149)(cid:135)(cid:152)(cid:135)(cid:144)(cid:150)(cid:135)(cid:135)(cid:144)(cid:150)(cid:138) (cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:481)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:24)(cid:144)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:139)(cid:150)(cid:155)(cid:3)(cid:145)(cid:136)(cid:136)(cid:135)(cid:148)(cid:149)(cid:3)(cid:135)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)
(cid:135)(cid:134)(cid:151)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:146)(cid:148)(cid:145)(cid:137)(cid:148)(cid:131)(cid:143)(cid:149)(cid:3)(cid:149)(cid:151)(cid:133)(cid:138)(cid:3)(cid:131)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:22)(cid:135)(cid:144)(cid:139)(cid:145)(cid:148)
(cid:16)(cid:131)(cid:144)(cid:131)(cid:137)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:19)(cid:148)(cid:145)(cid:137)(cid:148)(cid:131)(cid:143)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:4)(cid:134)(cid:152)(cid:131)(cid:144)(cid:133)(cid:135)(cid:134)
(cid:16)(cid:131)(cid:144)(cid:131)(cid:137)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:19)(cid:148)(cid:145)(cid:137)(cid:148)(cid:131)(cid:143)(cid:3)(cid:139)(cid:144)(cid:3)(cid:17)(cid:145)(cid:148)(cid:150)(cid:138)(cid:3)(cid:4)(cid:143)(cid:135)(cid:148)(cid:139)(cid:133)(cid:131)(cid:481)
(cid:8)(cid:151)(cid:148)(cid:145)(cid:146)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:4)(cid:149)(cid:139)(cid:131)(cid:484)(cid:3)(cid:4)(cid:134)(cid:134)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:142)(cid:155)(cid:481)(cid:3)(cid:153)(cid:135)
(cid:133)(cid:145)(cid:144)(cid:134)(cid:151)(cid:133)(cid:150)(cid:3)(cid:9)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:15)(cid:135)(cid:131)(cid:134)(cid:135)(cid:148)(cid:149)(cid:138)(cid:139)(cid:146)
(cid:6)(cid:145)(cid:144)(cid:136)(cid:135)(cid:148)(cid:135)(cid:144)(cid:133)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:4)(cid:143)(cid:135)(cid:148)(cid:139)(cid:133)(cid:131)(cid:149)(cid:481)(cid:3)(cid:8)(cid:151)(cid:148)(cid:145)(cid:146)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:4)(cid:149)(cid:139)(cid:131)(cid:3)(cid:150)(cid:145)(cid:3)(cid:149)(cid:146)(cid:148)(cid:135)(cid:131)(cid:134)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:145)(cid:142)(cid:142)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:136)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)
(cid:143)(cid:131)(cid:144)(cid:131)(cid:137)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:145)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:135)(cid:154)(cid:146)(cid:135)(cid:148)(cid:150)(cid:139)(cid:149)(cid:135)(cid:3)(cid:145)(cid:144)
(cid:131)(cid:3)(cid:153)(cid:139)(cid:134)(cid:135)(cid:3)(cid:148)(cid:131)(cid:144)(cid:137)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:141)(cid:135)(cid:155)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)
(cid:143)(cid:131)(cid:144)(cid:131)(cid:137)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:139)(cid:149)(cid:149)(cid:151)(cid:135)(cid:149)(cid:484)

(cid:7)(cid:151)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:481)(cid:3)(cid:153)(cid:135) (cid:139)(cid:144)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:135)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:144)(cid:151)(cid:143)(cid:132)(cid:135)(cid:148)(cid:3)(cid:145)(cid:136)
(cid:142)(cid:135)(cid:131)(cid:134)(cid:135)(cid:148)(cid:149)(cid:138)(cid:139)(cid:146)(cid:3)(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:133)(cid:145)(cid:151)(cid:148)(cid:149)(cid:135)(cid:149) (cid:139)(cid:144)(cid:133)(cid:142)(cid:151)(cid:134)(cid:135)(cid:134)
(cid:139)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148) (cid:4)(cid:134)(cid:152)(cid:131)(cid:144)(cid:133)(cid:135)(cid:134)(cid:3)(cid:16)(cid:131)(cid:144)(cid:131)(cid:137)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:19)(cid:148)(cid:145)(cid:137)(cid:148)(cid:131)(cid:143)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:153)(cid:135)(cid:3)(cid:135)(cid:154)(cid:150)(cid:135)(cid:144)(cid:134)(cid:135)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:146)(cid:148)(cid:145)(cid:137)(cid:148)(cid:131)(cid:143)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)
(cid:137)(cid:148)(cid:135)(cid:131)(cid:150)(cid:135)(cid:148)(cid:3)(cid:144)(cid:151)(cid:143)(cid:132)(cid:135)(cid:148)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:146)(cid:135)(cid:145)(cid:146)(cid:142)(cid:135)(cid:484)(cid:3)(cid:26)(cid:135)(cid:3)(cid:131)(cid:142)(cid:149)(cid:145)
(cid:132)(cid:135)(cid:137)(cid:131)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:148)(cid:145)(cid:142)(cid:142)(cid:145)(cid:151)(cid:150)(cid:3)(cid:145)(cid:136)(cid:3)(cid:149)(cid:145)(cid:146)(cid:138)(cid:139)(cid:149)(cid:150)(cid:139)(cid:133)(cid:131)(cid:150)(cid:135)(cid:134)
(cid:134)(cid:139)(cid:149)(cid:150)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:142)(cid:135)(cid:131)(cid:148)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:145)(cid:145)(cid:142)(cid:149)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:135)(cid:144)(cid:149)(cid:151)(cid:148)(cid:135)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:3)(cid:138)(cid:131)(cid:152)(cid:135)(cid:3)(cid:131)(cid:3)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:142)(cid:155)
(cid:133)(cid:131)(cid:146)(cid:131)(cid:132)(cid:142)(cid:135)(cid:3)(cid:153)(cid:145)(cid:148)(cid:141)(cid:136)(cid:145)(cid:148)(cid:133)(cid:135)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:136)(cid:151)(cid:142)(cid:142)(cid:3)(cid:131)(cid:153)(cid:131)(cid:148)(cid:135)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:145)(cid:136)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:144)(cid:135)(cid:153)(cid:3)(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:152)(cid:131)(cid:139)(cid:142)(cid:131)(cid:132)(cid:142)(cid:135)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:139)(cid:148)
(cid:148)(cid:135)(cid:137)(cid:139)(cid:145)(cid:144)(cid:149)(cid:481)(cid:3)(cid:131)(cid:149)(cid:3)(cid:153)(cid:135)(cid:142)(cid:142)(cid:3)(cid:131)(cid:149)(cid:3)(cid:131)(cid:3)(cid:134)(cid:135)(cid:135)(cid:146)(cid:135)(cid:148)
(cid:151)(cid:144)(cid:134)(cid:135)(cid:148)(cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:136)(cid:3)(cid:138)(cid:145)(cid:153)(cid:3)(cid:150)(cid:138)(cid:135)(cid:155)(cid:3)(cid:133)(cid:131)(cid:144)(cid:3)(cid:132)(cid:135)(cid:3)(cid:151)(cid:149)(cid:135)(cid:134) (cid:150)(cid:145)
(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146) (cid:139)(cid:144)(cid:144)(cid:145)(cid:152)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:139)(cid:134)(cid:135)(cid:131)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)
(cid:145)(cid:148) (cid:138)(cid:135)(cid:142)(cid:146)(cid:3)(cid:148)(cid:151)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:139)(cid:148)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:135)(cid:149)
(cid:143)(cid:145)(cid:148)(cid:135) (cid:135)(cid:136)(cid:136)(cid:139)(cid:133)(cid:139)(cid:135)(cid:144)(cid:150)(cid:142)(cid:155)(cid:484)

(cid:18)(cid:151)(cid:148)(cid:3)(cid:149)(cid:145)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:139)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:149)(cid:484) (cid:15)(cid:139)(cid:141)(cid:135)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:133)(cid:145)(cid:143)(cid:143)(cid:139)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:150)(cid:145)(cid:3)(cid:145)(cid:151)(cid:150)(cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:131)(cid:142)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:137)(cid:148)(cid:135)(cid:131)(cid:150)(cid:3)(cid:139)(cid:134)(cid:135)(cid:131)(cid:149)(cid:481)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:149)(cid:145)(cid:133)(cid:139)(cid:131)(cid:142)(cid:142)(cid:155)(cid:3)(cid:148)(cid:135)(cid:149)(cid:146)(cid:145)(cid:144)(cid:149)(cid:139)(cid:132)(cid:142)(cid:135)
(cid:146)(cid:145)(cid:142)(cid:139)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:146)(cid:148)(cid:131)(cid:133)(cid:150)(cid:139)(cid:133)(cid:135)(cid:149)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:153)(cid:135)(cid:3)(cid:131)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:142)(cid:155)
(cid:149)(cid:151)(cid:146)(cid:146)(cid:145)(cid:148)(cid:150) (cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:135)(cid:3)(cid:143)(cid:135)(cid:131)(cid:144)(cid:139)(cid:144)(cid:137)(cid:136)(cid:151)(cid:142)(cid:3)(cid:152)(cid:131)(cid:142)(cid:151)(cid:135)(cid:3)(cid:136)(cid:145)(cid:148)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:484) (cid:12)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:132)(cid:148)(cid:145)(cid:131)(cid:134)(cid:135)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:133)(cid:151)(cid:142)(cid:150)(cid:151)(cid:148)(cid:131)(cid:142)(cid:3)(cid:134)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:139)(cid:150)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:481)
(cid:148)(cid:135)(cid:134)(cid:151)(cid:133)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:135)(cid:144)(cid:152)(cid:139)(cid:148)(cid:145)(cid:144)(cid:143)(cid:135)(cid:144)(cid:150)(cid:131)(cid:142)(cid:3)(cid:139)(cid:143)(cid:146)(cid:131)(cid:133)(cid:150)(cid:481) (cid:131)(cid:144)(cid:134)
(cid:146)(cid:131)(cid:148)(cid:150)(cid:139)(cid:133)(cid:139)(cid:146)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:139)(cid:144) (cid:143)(cid:135)(cid:131)(cid:144)(cid:139)(cid:144)(cid:137)(cid:136)(cid:151)(cid:142) (cid:149)(cid:145)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:133)(cid:131)(cid:151)(cid:149)(cid:135)(cid:149)
(cid:131)(cid:148)(cid:135) (cid:144)(cid:145)(cid:150)(cid:3)(cid:140)(cid:151)(cid:149)(cid:150)(cid:3)(cid:148)(cid:135)(cid:149)(cid:146)(cid:145)(cid:144)(cid:149)(cid:139)(cid:132)(cid:142)(cid:135)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149) (cid:514)(cid:3)(cid:150)(cid:138)(cid:135)(cid:155)
(cid:131)(cid:148)(cid:135)(cid:3)(cid:149)(cid:143)(cid:131)(cid:148)(cid:150)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:484) (cid:5)(cid:135)(cid:142)(cid:145)(cid:153)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:131) (cid:136)(cid:135)(cid:153)(cid:3)(cid:145)(cid:136)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:138)(cid:139)(cid:137)(cid:138)(cid:142)(cid:139)(cid:137)(cid:138)(cid:150)(cid:149)(cid:3)(cid:145)(cid:136)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:483)

(cid:520) (cid:7)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:139)(cid:150)(cid:155)(cid:484) (cid:26)(cid:138)(cid:139)(cid:142)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:146)(cid:131)(cid:133)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:133)(cid:138)(cid:131)(cid:144)(cid:137)(cid:135)

(cid:144)(cid:135)(cid:152)(cid:135)(cid:148)(cid:3)(cid:149)(cid:135)(cid:135)(cid:143)(cid:149)(cid:3)(cid:136)(cid:131)(cid:149)(cid:150)(cid:3)(cid:135)(cid:144)(cid:145)(cid:151)(cid:137)(cid:138)(cid:481)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:153)(cid:145)(cid:148)(cid:141)(cid:136)(cid:145)(cid:148)(cid:133)(cid:135)(cid:3)(cid:139)(cid:149)(cid:3)(cid:139)(cid:144)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:139)(cid:144)(cid:137)(cid:142)(cid:155)(cid:3)(cid:131)(cid:3)(cid:148)(cid:135)(cid:136)(cid:142)(cid:135)(cid:133)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:145)(cid:136)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:134)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:139)(cid:150)(cid:155)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:150)(cid:155)(cid:484)
(cid:26)(cid:135)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:133)(cid:151)(cid:142)(cid:150)(cid:139)(cid:152)(cid:131)(cid:150)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:131)(cid:150)(cid:150)(cid:148)(cid:131)(cid:133)(cid:150)
(cid:149)(cid:150)(cid:151)(cid:134)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:136)(cid:148)(cid:145)(cid:143)(cid:3)(cid:134)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:135)(cid:3)(cid:132)(cid:131)(cid:133)(cid:141)(cid:137)(cid:148)(cid:145)(cid:151)(cid:144)(cid:134)(cid:149)
(cid:150)(cid:138)(cid:148)(cid:145)(cid:151)(cid:137)(cid:138)(cid:3)(cid:146)(cid:148)(cid:145)(cid:137)(cid:148)(cid:131)(cid:143)(cid:149)(cid:3)(cid:149)(cid:151)(cid:133)(cid:138)(cid:3)(cid:131)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:16)(cid:135)(cid:134)(cid:137)(cid:131)(cid:148)(cid:3)(cid:8)(cid:152)(cid:135)(cid:148)(cid:149)(cid:3)(cid:4)(cid:149)(cid:149)(cid:145)(cid:133)(cid:139)(cid:131)(cid:150)(cid:135)
(cid:19)(cid:148)(cid:145)(cid:137)(cid:148)(cid:131)(cid:143)(cid:484)(cid:3)(cid:26)(cid:135)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:131)(cid:142)(cid:149)(cid:145)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:132)(cid:135)(cid:149)(cid:150)
(cid:146)(cid:148)(cid:131)(cid:133)(cid:150)(cid:139)(cid:133)(cid:135)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:138)(cid:139)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146)(cid:139)(cid:144)(cid:137)
(cid:143)(cid:139)(cid:144)(cid:145)(cid:148)(cid:139)(cid:150)(cid:155)(cid:3)(cid:150)(cid:131)(cid:142)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:139)(cid:144)(cid:133)(cid:148)(cid:135)(cid:131)(cid:149)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:133)(cid:133)(cid:135)(cid:149)(cid:149)
(cid:136)(cid:145)(cid:148)(cid:3)(cid:149)(cid:151)(cid:146)(cid:146)(cid:142)(cid:139)(cid:135)(cid:148)(cid:149)(cid:3)(cid:131)(cid:150)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:150)(cid:138)(cid:148)(cid:145)(cid:151)(cid:137)(cid:138)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:7)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:135)(cid:3)(cid:22)(cid:151)(cid:146)(cid:146)(cid:142)(cid:139)(cid:135)(cid:148)(cid:149)
(cid:7)(cid:131)(cid:150)(cid:131)(cid:132)(cid:131)(cid:149)(cid:135)(cid:484)

(cid:520) (cid:8)(cid:144)(cid:152)(cid:139)(cid:148)(cid:145)(cid:144)(cid:143)(cid:135)(cid:144)(cid:150)(cid:484)(cid:3)(cid:26)(cid:135)(cid:495)(cid:148)(cid:135)(cid:3)(cid:143)(cid:131)(cid:141)(cid:139)(cid:144)(cid:137)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:142)(cid:142)(cid:135)(cid:144)(cid:150)

(cid:146)(cid:148)(cid:145)(cid:137)(cid:148)(cid:135)(cid:149)(cid:149)(cid:3)(cid:145)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:137)(cid:145)(cid:131)(cid:142)(cid:3)(cid:150)(cid:145)(cid:3)(cid:148)(cid:135)(cid:134)(cid:151)(cid:133)(cid:135)
(cid:135)(cid:142)(cid:135)(cid:133)(cid:150)(cid:148)(cid:139)(cid:133)(cid:139)(cid:150)(cid:155)(cid:3)(cid:151)(cid:149)(cid:135)(cid:3)(cid:132)(cid:155)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)(cid:3)(cid:150)(cid:138)(cid:131)(cid:144)(cid:3)(cid:883)(cid:882)(cid:936)(cid:3)(cid:132)(cid:155)
(cid:884)(cid:882)(cid:883)(cid:885)(cid:481)(cid:3)(cid:151)(cid:149)(cid:139)(cid:144)(cid:137)(cid:3)(cid:884)(cid:882)(cid:882)(cid:890)(cid:3)(cid:133)(cid:145)(cid:144)(cid:149)(cid:151)(cid:143)(cid:146)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:131)(cid:149)(cid:3)(cid:131)
(cid:132)(cid:131)(cid:149)(cid:135)(cid:142)(cid:139)(cid:144)(cid:135)(cid:484)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:884)(cid:882)(cid:883)(cid:882)(cid:3)(cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:3)(cid:151)(cid:149)(cid:131)(cid:137)(cid:135)
(cid:514)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:142)(cid:131)(cid:150)(cid:135)(cid:149)(cid:150)(cid:3)(cid:134)(cid:131)(cid:150)(cid:131)(cid:3)(cid:131)(cid:152)(cid:131)(cid:139)(cid:142)(cid:131)(cid:132)(cid:142)(cid:135)(cid:3)(cid:514)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)
(cid:150)(cid:138)(cid:131)(cid:144)(cid:3)(cid:883)(cid:885)(cid:936)(cid:3)(cid:142)(cid:145)(cid:153)(cid:135)(cid:148)(cid:3)(cid:150)(cid:138)(cid:131)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:146)(cid:148)(cid:139)(cid:145)(cid:148)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:484)
(cid:26)(cid:138)(cid:131)(cid:150)(cid:495)(cid:149)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)(cid:481)(cid:3)(cid:891)(cid:936)(cid:3)(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:150)(cid:145)(cid:150)(cid:131)(cid:142)(cid:3)(cid:135)(cid:142)(cid:135)(cid:133)(cid:150)(cid:148)(cid:139)(cid:133)(cid:139)(cid:150)(cid:155)
(cid:133)(cid:145)(cid:144)(cid:149)(cid:151)(cid:143)(cid:146)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:139)(cid:144)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:3)(cid:153)(cid:131)(cid:149)(cid:3)(cid:137)(cid:135)(cid:144)(cid:135)(cid:148)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3)(cid:132)(cid:155)
(cid:148)(cid:135)(cid:144)(cid:135)(cid:153)(cid:131)(cid:132)(cid:142)(cid:135)(cid:3)(cid:149)(cid:145)(cid:151)(cid:148)(cid:133)(cid:135)(cid:149)(cid:481)(cid:3)(cid:131)(cid:144)(cid:3)(cid:131)(cid:143)(cid:145)(cid:151)(cid:144)(cid:150)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:138)(cid:131)(cid:149)
(cid:150)(cid:148)(cid:139)(cid:146)(cid:142)(cid:135)(cid:134)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:142)(cid:131)(cid:149)(cid:150)(cid:3)(cid:150)(cid:138)(cid:148)(cid:135)(cid:135)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:149)(cid:484)(cid:3)(cid:9)(cid:148)(cid:145)(cid:143)
(cid:145)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:3)(cid:135)(cid:147)(cid:151)(cid:139)(cid:146)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:150)(cid:145)(cid:3)(cid:142)(cid:139)(cid:137)(cid:138)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:145)(cid:3)(cid:137)(cid:148)(cid:135)(cid:135)(cid:144)
(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:139)(cid:135)(cid:149)(cid:481)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:148)(cid:135) (cid:135)(cid:154)(cid:146)(cid:142)(cid:145)(cid:148)(cid:139)(cid:144)(cid:137)
(cid:135)(cid:152)(cid:135)(cid:148)(cid:155)(cid:3)(cid:145)(cid:146)(cid:146)(cid:145)(cid:148)(cid:150)(cid:151)(cid:144)(cid:139)(cid:150)(cid:155)(cid:3)(cid:150)(cid:145)(cid:3)(cid:148)(cid:135)(cid:134)(cid:151)(cid:133)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:139)(cid:148)
(cid:135)(cid:144)(cid:152)(cid:139)(cid:148)(cid:145)(cid:144)(cid:143)(cid:135)(cid:144)(cid:150)(cid:131)(cid:142)(cid:3)(cid:139)(cid:143)(cid:146)(cid:131)(cid:133)(cid:150)(cid:484)(cid:3)(cid:18)(cid:144)(cid:135)(cid:3)(cid:143)(cid:135)(cid:131)(cid:149)(cid:151)(cid:148)(cid:135)(cid:3)(cid:145)(cid:136)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:146)(cid:148)(cid:145)(cid:137)(cid:148)(cid:135)(cid:149)(cid:149)(cid:3)(cid:153)(cid:135)(cid:495)(cid:148)(cid:135)(cid:3)(cid:143)(cid:131)(cid:141)(cid:139)(cid:144)(cid:137)(cid:3)(cid:133)(cid:131)(cid:144)(cid:3)(cid:132)(cid:135)(cid:3)(cid:136)(cid:145)(cid:151)(cid:144)(cid:134)
(cid:139)(cid:144)(cid:3)(cid:17)(cid:135)(cid:153)(cid:149)(cid:153)(cid:135)(cid:135)(cid:141)(cid:495)(cid:149)(cid:3)(cid:10)(cid:148)(cid:135)(cid:135)(cid:144)(cid:3)(cid:21)(cid:131)(cid:144)(cid:141)(cid:139)(cid:144)(cid:137)(cid:149)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:150)(cid:145)(cid:146)(cid:3)(cid:887)(cid:882)(cid:882)(cid:3)(cid:24)(cid:484)(cid:22)(cid:484)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:131)(cid:144)(cid:139)(cid:135)(cid:149)(cid:484)(cid:3)(cid:26)(cid:135)(cid:3)(cid:146)(cid:142)(cid:131)(cid:133)(cid:135)(cid:134)(cid:3)(cid:887)(cid:886)(cid:150)(cid:138)
(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:3)(cid:149)(cid:151)(cid:148)(cid:152)(cid:135)(cid:155)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:131)(cid:148)(cid:135)(cid:134)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:3)(cid:148)(cid:131)(cid:144)(cid:141)
(cid:145)(cid:136)(cid:3)(cid:886)(cid:889)(cid:884)(cid:3)(cid:140)(cid:151)(cid:149)(cid:150)(cid:3)(cid:150)(cid:153)(cid:145)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:149)(cid:3)(cid:131)(cid:137)(cid:145)(cid:484)

(cid:6)(cid:145)(cid:142)(cid:142)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:142)(cid:155)(cid:481) (cid:153)(cid:135)(cid:3)(cid:138)(cid:131)(cid:152)(cid:135)(cid:3)(cid:131)(cid:144)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:146)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:142)(cid:155)
(cid:149)(cid:150)(cid:148)(cid:145)(cid:144)(cid:137)(cid:3)(cid:149)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:3)(cid:146)(cid:142)(cid:131)(cid:150)(cid:136)(cid:145)(cid:148)(cid:143)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:139)(cid:149)(cid:3)(cid:152)(cid:135)(cid:148)(cid:155)(cid:3)(cid:153)(cid:135)(cid:142)(cid:142)
(cid:134)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:139)(cid:136)(cid:139)(cid:135)(cid:134)(cid:3)(cid:132)(cid:155)(cid:3)(cid:137)(cid:135)(cid:145)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:139)(cid:149)(cid:133)(cid:139)(cid:146)(cid:142)(cid:139)(cid:144)(cid:135)(cid:484)
(cid:26)(cid:135)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:134)(cid:134)(cid:3)(cid:132)(cid:148)(cid:135)(cid:131)(cid:134)(cid:150)(cid:138)(cid:3)(cid:150)(cid:145)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:149)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:132)(cid:148)(cid:131)(cid:144)(cid:134)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:134)(cid:145)(cid:146)(cid:150)
(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:139)(cid:135)(cid:149)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:133)(cid:131)(cid:144)(cid:3)(cid:134)(cid:148)(cid:139)(cid:152)(cid:135)(cid:3)(cid:135)(cid:136)(cid:136)(cid:139)(cid:133)(cid:139)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:135)(cid:136)(cid:136)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:145)(cid:151)(cid:148)(cid:149)(cid:135)(cid:142)(cid:152)(cid:135)(cid:149)(cid:481)(cid:3)(cid:131)(cid:142)(cid:142)(cid:3)(cid:145)(cid:136)(cid:3)(cid:153)(cid:138)(cid:139)(cid:133)(cid:138)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:135)(cid:144)(cid:138)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:145)(cid:136)(cid:136)(cid:135)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:145)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:146)(cid:148)(cid:135)(cid:149)(cid:135)(cid:144)(cid:150) (cid:148)(cid:145)(cid:149)(cid:150)(cid:135)(cid:148)(cid:3)(cid:145)(cid:136)(cid:3)(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:131)(cid:139)(cid:134)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:135)(cid:136)(cid:136)(cid:145)(cid:148)(cid:150)(cid:149)(cid:3)(cid:150)(cid:145) (cid:133)(cid:145)(cid:142)(cid:142)(cid:131)(cid:132)(cid:145)(cid:148)(cid:131)(cid:150)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:153)(cid:139)(cid:144)
(cid:144)(cid:135)(cid:153)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149) (cid:131)(cid:144)(cid:134)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:135)(cid:150)(cid:135)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:146)(cid:142)(cid:131)(cid:133)(cid:135)(cid:484)

(cid:12) (cid:131)(cid:143)(cid:3)(cid:133)(cid:145)(cid:144)(cid:136)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150) (cid:145)(cid:151)(cid:148)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:146)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)
(cid:146)(cid:135)(cid:148)(cid:136)(cid:145)(cid:148)(cid:143)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:148)(cid:131)(cid:133)(cid:141)(cid:3)(cid:148)(cid:135)(cid:133)(cid:145)(cid:148)(cid:134)(cid:3)(cid:145)(cid:136)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)
(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:484)(cid:3)(cid:12)(cid:144)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)(cid:481)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)
(cid:146)(cid:148)(cid:145)(cid:152)(cid:135)(cid:134)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:150)(cid:138)(cid:148)(cid:145)(cid:151)(cid:137)(cid:138)(cid:3)(cid:146)(cid:135)(cid:148)(cid:149)(cid:135)(cid:152)(cid:135)(cid:148)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:139)(cid:144)(cid:144)(cid:145)(cid:152)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:155)(cid:3)(cid:133)(cid:131)(cid:144)(cid:3)(cid:134)(cid:148)(cid:139)(cid:152)(cid:135)(cid:3)(cid:149)(cid:151)(cid:132)(cid:149)(cid:150)(cid:131)(cid:144)(cid:150)(cid:139)(cid:131)(cid:142)
(cid:135)(cid:154)(cid:146)(cid:131)(cid:144)(cid:149)(cid:139)(cid:145)(cid:144)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:139)(cid:148)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:135)(cid:149)(cid:484)(cid:3)(cid:12)(cid:3)(cid:135)(cid:154)(cid:146)(cid:135)(cid:133)(cid:150)
(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:3)(cid:150)(cid:145)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:135)(cid:3)(cid:139)(cid:144)(cid:3)(cid:884)(cid:882)(cid:883)(cid:884)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:132)(cid:135)(cid:155)(cid:145)(cid:144)(cid:134)
(cid:131)(cid:149)(cid:3)(cid:153)(cid:135)(cid:3)(cid:142)(cid:135)(cid:152)(cid:135)(cid:148)(cid:131)(cid:137)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:150)(cid:148)(cid:135)(cid:143)(cid:135)(cid:144)(cid:134)(cid:145)(cid:151)(cid:149)(cid:3)(cid:150)(cid:131)(cid:142)(cid:135)(cid:144)(cid:150)(cid:481)
(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:142)(cid:142)(cid:135)(cid:144)(cid:133)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:132)(cid:151)(cid:149)(cid:139)(cid:144)(cid:135)(cid:149)(cid:149)(cid:3)(cid:131)(cid:133)(cid:151)(cid:143)(cid:135)(cid:144)
(cid:145)(cid:136)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:150)(cid:135)(cid:131)(cid:143)(cid:149)(cid:3)(cid:131)(cid:148)(cid:145)(cid:151)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:153)(cid:145)(cid:148)(cid:142)(cid:134)(cid:484)(cid:3)(cid:10)(cid:139)(cid:152)(cid:135)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:138)(cid:131)(cid:148)(cid:134)(cid:3)(cid:153)(cid:145)(cid:148)(cid:141)(cid:3)(cid:131)(cid:142)(cid:148)(cid:135)(cid:131)(cid:134)(cid:155)(cid:3)(cid:134)(cid:145)(cid:144)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:133)(cid:138)(cid:139)(cid:135)(cid:152)(cid:135)(cid:3)(cid:131)
(cid:143)(cid:145)(cid:148)(cid:135)(cid:3)(cid:135)(cid:136)(cid:136)(cid:139)(cid:133)(cid:139)(cid:135)(cid:144)(cid:150)(cid:3)(cid:145)(cid:148)(cid:137)(cid:131)(cid:144)(cid:139)(cid:156)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:481)(cid:3)(cid:153)(cid:135)(cid:3)(cid:135)(cid:154)(cid:146)(cid:135)(cid:133)(cid:150)
(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:136)(cid:145)(cid:133)(cid:151)(cid:149)(cid:3)(cid:145)(cid:144)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:142)(cid:135)(cid:131)(cid:134)(cid:3)(cid:150)(cid:145)
(cid:143)(cid:135)(cid:131)(cid:144)(cid:139)(cid:144)(cid:137)(cid:136)(cid:151)(cid:142) (cid:137)(cid:131)(cid:139)(cid:144)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:131)(cid:142)(cid:142)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)
(cid:149)(cid:150)(cid:131)(cid:141)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149)(cid:484)

(cid:22)(cid:139)(cid:144)(cid:133)(cid:135)(cid:148)(cid:135)(cid:142)(cid:155)(cid:481)

(cid:13)(cid:145)(cid:138)(cid:144)(cid:3)(cid:7)(cid:484)(cid:3)(cid:26)(cid:148)(cid:135)(cid:144)
(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:428)(cid:3)(cid:6)(cid:138)(cid:139)(cid:135)(cid:136)(cid:3)(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)
(cid:4)(cid:146)(cid:148)(cid:139)(cid:142)(cid:3)(cid:884)(cid:882)(cid:883)(cid:884)

(cid:520) (cid:6)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:150)(cid:155)(cid:484)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143) (cid:131)(cid:144)(cid:134)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:136)(cid:131)(cid:143)(cid:139)(cid:142)(cid:155)
(cid:145)(cid:136)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149) (cid:138)(cid:131)(cid:152)(cid:135)(cid:3)(cid:131)(cid:3)(cid:134)(cid:135)(cid:135)(cid:146)(cid:3)(cid:150)(cid:148)(cid:131)(cid:134)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:145)(cid:136)
(cid:137)(cid:139)(cid:152)(cid:139)(cid:144)(cid:137)(cid:3)(cid:132)(cid:131)(cid:133)(cid:141)(cid:3)(cid:150)(cid:145)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:153)(cid:138)(cid:135)(cid:148)(cid:135)
(cid:153)(cid:135)(cid:3)(cid:153)(cid:145)(cid:148)(cid:141)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:142)(cid:139)(cid:152)(cid:135)(cid:484)(cid:3)(cid:26)(cid:135)(cid:3)(cid:149)(cid:151)(cid:146)(cid:146)(cid:145)(cid:148)(cid:150)(cid:3)(cid:131)(cid:3)(cid:132)(cid:148)(cid:145)(cid:131)(cid:134)
(cid:149)(cid:146)(cid:135)(cid:133)(cid:150)(cid:148)(cid:151)(cid:143)(cid:3)(cid:145)(cid:136)(cid:3)(cid:153)(cid:145)(cid:148)(cid:150)(cid:138)(cid:155)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:150)(cid:155)(cid:3)(cid:133)(cid:131)(cid:151)(cid:149)(cid:135)(cid:149)
(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:146)(cid:148)(cid:145)(cid:3)(cid:132)(cid:145)(cid:144)(cid:145) (cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:153)(cid:145)(cid:148)(cid:141)(cid:481)
(cid:136)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:148)(cid:139)(cid:132)(cid:151)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:481)(cid:3)(cid:134)(cid:139)(cid:149)(cid:131)(cid:149)(cid:150)(cid:135)(cid:148)(cid:3)(cid:148)(cid:135)(cid:142)(cid:139)(cid:135)(cid:136)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:133)(cid:145)(cid:151)(cid:144)(cid:150)(cid:142)(cid:135)(cid:149)(cid:149)(cid:3)(cid:152)(cid:145)(cid:142)(cid:151)(cid:144)(cid:150)(cid:135)(cid:135)(cid:148)(cid:3)(cid:138)(cid:145)(cid:151)(cid:148)(cid:149) (cid:142)(cid:135)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)
(cid:131)(cid:3)(cid:138)(cid:135)(cid:142)(cid:146)(cid:139)(cid:144)(cid:137)(cid:3)(cid:138)(cid:131)(cid:144)(cid:134)(cid:484)(cid:3)(cid:18)(cid:144)(cid:135)(cid:3)(cid:135)(cid:154)(cid:131)(cid:143)(cid:146)(cid:142)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:139)(cid:149)
(cid:133)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:150)(cid:155)(cid:3)(cid:149)(cid:146)(cid:139)(cid:148)(cid:139)(cid:150)(cid:3)(cid:139)(cid:144)(cid:3)(cid:131)(cid:133)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:150)(cid:131)(cid:141)(cid:135)(cid:149)(cid:3)(cid:146)(cid:142)(cid:131)(cid:133)(cid:135)
(cid:135)(cid:131)(cid:133)(cid:138)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:139)(cid:144)(cid:3)(cid:133)(cid:145)(cid:144)(cid:140)(cid:151)(cid:144)(cid:133)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:6)(cid:131)(cid:148)(cid:135)(cid:149)(cid:481)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:150)(cid:155)
(cid:149)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:3)(cid:139)(cid:144)(cid:139)(cid:150)(cid:139)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:481)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:9)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)
(cid:15)(cid:135)(cid:131)(cid:134)(cid:135)(cid:148)(cid:149)(cid:138)(cid:139)(cid:146)(cid:3)(cid:6)(cid:145)(cid:144)(cid:136)(cid:135)(cid:148)(cid:135)(cid:144)(cid:133)(cid:135)(cid:149)(cid:484)(cid:3)(cid:7)(cid:151)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:884)(cid:882)(cid:883)(cid:883)
(cid:149)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:3)(cid:134)(cid:131)(cid:155)(cid:149)(cid:481)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:135)(cid:143)(cid:146)(cid:142)(cid:145)(cid:155)(cid:135)(cid:135)(cid:149)
(cid:148)(cid:135)(cid:136)(cid:151)(cid:148)(cid:132)(cid:139)(cid:149)(cid:138)(cid:135)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:6)(cid:131)(cid:148)(cid:152)(cid:135)(cid:148)(cid:3)(cid:21)(cid:131)(cid:144)(cid:133)(cid:138)(cid:135)(cid:149)(cid:3)(cid:5)(cid:145)(cid:155)(cid:149)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:10)(cid:139)(cid:148)(cid:142)(cid:149)(cid:3)(cid:6)(cid:142)(cid:151)(cid:132)(cid:3)(cid:136)(cid:131)(cid:133)(cid:139)(cid:142)(cid:139)(cid:150)(cid:155)(cid:3)(cid:139)(cid:144)(cid:3)(cid:16)(cid:139)(cid:131)(cid:143)(cid:139)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:146)(cid:131)(cid:139)(cid:144)(cid:150)(cid:135)(cid:134)(cid:481)(cid:3)(cid:142)(cid:131)(cid:144)(cid:134)(cid:149)(cid:133)(cid:131)(cid:146)(cid:135)(cid:134)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:139)(cid:144)(cid:149)(cid:150)(cid:131)(cid:142)(cid:142)(cid:135)(cid:134)
(cid:133)(cid:145)(cid:143)(cid:146)(cid:151)(cid:150)(cid:135)(cid:148)(cid:149)(cid:3)(cid:131)(cid:150)(cid:3)(cid:131)(cid:3)(cid:150)(cid:138)(cid:135)(cid:148)(cid:131)(cid:146)(cid:135)(cid:151)(cid:150)(cid:139)(cid:133)(cid:3)(cid:136)(cid:131)(cid:133)(cid:139)(cid:142)(cid:139)(cid:150)(cid:155)(cid:3)(cid:136)(cid:145)(cid:148)
(cid:149)(cid:135)(cid:152)(cid:135)(cid:148)(cid:135)(cid:142)(cid:155)(cid:3)(cid:134)(cid:139)(cid:149)(cid:131)(cid:132)(cid:142)(cid:135)(cid:134)(cid:3)(cid:133)(cid:138)(cid:139)(cid:142)(cid:134)(cid:148)(cid:135)(cid:144)(cid:3)(cid:139)(cid:144)
(cid:5)(cid:131)(cid:148)(cid:133)(cid:135)(cid:142)(cid:145)(cid:144)(cid:131)(cid:484)(cid:3)(cid:4)(cid:3)(cid:149)(cid:145)(cid:133)(cid:133)(cid:135)(cid:148)(cid:3)(cid:150)(cid:145)(cid:151)(cid:148)(cid:144)(cid:131)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:143)(cid:145)(cid:144)(cid:137)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:22)(cid:138)(cid:131)(cid:144)(cid:137)(cid:138)(cid:131)(cid:139)(cid:3)(cid:148)(cid:131)(cid:139)(cid:149)(cid:135)(cid:134)
(cid:143)(cid:151)(cid:133)(cid:138)(cid:486)(cid:144)(cid:135)(cid:135)(cid:134)(cid:135)(cid:134)(cid:3)(cid:136)(cid:151)(cid:144)(cid:134)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:153)(cid:145)(cid:148)(cid:141)(cid:3)(cid:145)(cid:136)
(cid:5)(cid:148)(cid:131)(cid:139)(cid:142)(cid:142)(cid:135)(cid:3)(cid:26)(cid:139)(cid:150)(cid:138)(cid:145)(cid:151)(cid:150)(cid:3)(cid:5)(cid:145)(cid:148)(cid:134)(cid:135)(cid:148)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:17)(cid:135)(cid:146)(cid:131)(cid:142)(cid:484)
(cid:23)(cid:138)(cid:135)(cid:149)(cid:135)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:140)(cid:151)(cid:149)(cid:150)(cid:3)(cid:131)(cid:3)(cid:136)(cid:135)(cid:153)(cid:3)(cid:135)(cid:154)(cid:131)(cid:143)(cid:146)(cid:142)(cid:135)(cid:149)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:153)(cid:145)(cid:148)(cid:141)(cid:3)(cid:134)(cid:145)(cid:144)(cid:135)(cid:3)(cid:132)(cid:155)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:131)(cid:137)(cid:135)(cid:144)(cid:133)(cid:139)(cid:135)(cid:149)
(cid:131)(cid:148)(cid:145)(cid:151)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:153)(cid:145)(cid:148)(cid:142)(cid:134)(cid:484)

(cid:9)(cid:145)(cid:133)(cid:151)(cid:149)(cid:3)(cid:145)(cid:144)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:484)(cid:3)(cid:4)(cid:149)(cid:3)(cid:131)(cid:3)(cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:3)(cid:133)(cid:145)(cid:148)(cid:146)(cid:145)(cid:148)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:481)
(cid:153)(cid:135)(cid:3)(cid:149)(cid:135)(cid:135)(cid:3)(cid:134)(cid:139)(cid:149)(cid:150)(cid:139)(cid:144)(cid:133)(cid:150)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:3)(cid:145)(cid:146)(cid:146)(cid:145)(cid:148)(cid:150)(cid:151)(cid:144)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:133)(cid:138)(cid:131)(cid:142)(cid:142)(cid:135)(cid:144)(cid:137)(cid:135)(cid:149)(cid:3)(cid:131)(cid:133)(cid:148)(cid:145)(cid:149)(cid:149)(cid:3)(cid:134)(cid:139)(cid:136)(cid:136)(cid:135)(cid:148)(cid:135)(cid:144)(cid:150)(cid:3)(cid:148)(cid:135)(cid:137)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:153)(cid:145)(cid:148)(cid:142)(cid:134)(cid:484)(cid:3)(cid:4)(cid:134)(cid:134)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:142)(cid:155)(cid:481)(cid:3)(cid:144)(cid:135)(cid:153)(cid:3)(cid:143)(cid:135)(cid:134)(cid:139)(cid:151)(cid:143)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:150)(cid:135)(cid:133)(cid:138)(cid:144)(cid:145)(cid:142)(cid:145)(cid:137)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:133)(cid:138)(cid:131)(cid:144)(cid:137)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:153)(cid:131)(cid:155)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:133)(cid:142)(cid:139)(cid:135)(cid:144)(cid:150)(cid:149)(cid:3)(cid:135)(cid:144)(cid:137)(cid:131)(cid:137)(cid:135)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:133)(cid:145)(cid:144)(cid:149)(cid:151)(cid:143)(cid:135)(cid:148)(cid:149)(cid:3)(cid:148)(cid:135)(cid:147)(cid:151)(cid:139)(cid:148)(cid:139)(cid:144)(cid:137)
(cid:151)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:133)(cid:145)(cid:144)(cid:150)(cid:139)(cid:144)(cid:151)(cid:145)(cid:151)(cid:149)(cid:142)(cid:155)(cid:3)(cid:139)(cid:144)(cid:144)(cid:145)(cid:152)(cid:131)(cid:150)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:135)(cid:152)(cid:135)(cid:142)(cid:145)(cid:146)
(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:131)(cid:146)(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:131)(cid:142)(cid:135)(cid:144)(cid:150)(cid:484)(cid:3)(cid:18)(cid:151)(cid:148)(cid:3)(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:155)(cid:3)(cid:150)(cid:145)
(cid:135)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:135)(cid:3)(cid:145)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:145)(cid:148)(cid:135)(cid:3)(cid:146)(cid:148)(cid:139)(cid:145)(cid:148)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:514)
(cid:143)(cid:131)(cid:139)(cid:144)(cid:150)(cid:131)(cid:139)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:3)(cid:133)(cid:151)(cid:142)(cid:150)(cid:151)(cid:148)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:142)(cid:135)(cid:131)(cid:148)(cid:144)(cid:139)(cid:144)(cid:137)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:133)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:142)(cid:142)(cid:135)(cid:144)(cid:133)(cid:135)(cid:481)(cid:3)(cid:135)(cid:154)(cid:146)(cid:131)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:151)(cid:148)
(cid:146)(cid:148)(cid:135)(cid:149)(cid:135)(cid:144)(cid:133)(cid:135) (cid:139)(cid:144) (cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:149)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:146)(cid:145)(cid:150)(cid:135)(cid:144)(cid:150)(cid:139)(cid:131)(cid:142)(cid:3)(cid:150)(cid:145)
(cid:132)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:144)(cid:135)(cid:154)(cid:150)(cid:3)(cid:132)(cid:139)(cid:137)(cid:137)(cid:135)(cid:149)(cid:150)(cid:3)(cid:135)(cid:133)(cid:145)(cid:144)(cid:145)(cid:143)(cid:139)(cid:135)(cid:149)(cid:481)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:139)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:139)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:134)(cid:139)(cid:137)(cid:139)(cid:150)(cid:131)(cid:142)(cid:3)(cid:133)(cid:131)(cid:146)(cid:131)(cid:132)(cid:139)(cid:142)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:131)(cid:133)(cid:148)(cid:145)(cid:149)(cid:149)
(cid:145)(cid:151)(cid:148)(cid:3)(cid:144)(cid:135)(cid:150)(cid:153)(cid:145)(cid:148)(cid:141)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:132)(cid:148)(cid:131)(cid:144)(cid:134)(cid:149)(cid:3)(cid:514)(cid:3)(cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:146)(cid:145)(cid:149)(cid:139)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:151)(cid:149)
(cid:150)(cid:145)(cid:3)(cid:135)(cid:154)(cid:133)(cid:135)(cid:142)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:139)(cid:149)(cid:3)(cid:135)(cid:144)(cid:152)(cid:139)(cid:148)(cid:145)(cid:144)(cid:143)(cid:135)(cid:144)(cid:150)(cid:484)(cid:3)(cid:18)(cid:152)(cid:135)(cid:148)(cid:131)(cid:142)(cid:142)(cid:481)(cid:3)(cid:153)(cid:135)
(cid:131)(cid:148)(cid:135)(cid:3)(cid:153)(cid:135)(cid:142)(cid:142)(cid:3)(cid:146)(cid:148)(cid:135)(cid:146)(cid:131)(cid:148)(cid:135)(cid:134)(cid:3)(cid:150)(cid:145)(cid:3)(cid:136)(cid:131)(cid:133)(cid:135)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:138)(cid:131)(cid:142)(cid:142)(cid:135)(cid:144)(cid:137)(cid:135)(cid:149)(cid:3)(cid:150)(cid:145)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:137)(cid:142)(cid:145)(cid:132)(cid:131)(cid:142)(cid:3)(cid:135)(cid:133)(cid:145)(cid:144)(cid:145)(cid:143)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:139)(cid:144)(cid:134)(cid:151)(cid:149)(cid:150)(cid:148)(cid:155)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:131)(cid:148)(cid:135)(cid:3)(cid:135)(cid:152)(cid:135)(cid:144)(cid:3)(cid:143)(cid:145)(cid:148)(cid:135)(cid:3)(cid:135)(cid:154)(cid:133)(cid:139)(cid:150)(cid:135)(cid:134)(cid:3)(cid:131)(cid:132)(cid:145)(cid:151)(cid:150)(cid:3)(cid:150)(cid:138)(cid:135)
(cid:145)(cid:146)(cid:146)(cid:145)(cid:148)(cid:150)(cid:151)(cid:144)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:153)(cid:135)(cid:3)(cid:149)(cid:135)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:134)(cid:148)(cid:139)(cid:152)(cid:135)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:137)(cid:148)(cid:145)(cid:153)(cid:150)(cid:138)(cid:484)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR FISCAL YEAR ENDED DECEMBER 31, 2011

Commission File Number: 1-10551

OMNICOM GROUP INC.

(Exact name of registrant as specified in its charter)

New York
(State or other jurisdiction of
incorporation or organization)

13-1514814
(I.R.S. Employer Identification No.)

437 Madison Avenue, New York, NY
(Address of principal executive offices)

10022
(Zip Code)

Registrant’s telephone number, including area code: (212) 415-3600

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class
_______________
Common Stock, $.15 Par Value

Name of each exchange on which registered
____________________________________
New York Stock Exchange

Securities Registered Pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities

Act. Yes (cid:55) No (cid:133)

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of

the Act. Yes (cid:133) No (cid:55)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of

the Securities Exchange Act of 1934 during the preceding twelve months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes (cid:55) No (cid:133)

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site,

if any, every interactive data file required to be submitted and posted pursuant to Rule 405 of Regulation S-T during
the preceding twelve months (or for such shorter period that the registrant was required to submit and post such
files). Yes (cid:55) No (cid:133)

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained

herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. (cid:133)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated

filer, or a smaller reporting company.

Large accelerated filer (cid:55) Accelerated filer (cid:133) Non-accelerated filer (cid:133) Smaller reporting company (cid:133)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange

Act). Yes (cid:133) No (cid:55)

The aggregate market value of the voting and non-voting common stock held by non-affiliates as of June 30, 2011

was $13,278,000,000.

As of February 10, 2012, there were 272,805,000 shares of Omnicom Group Inc. Common Stock outstanding.

Portions of the Omnicom Group Inc. Definitive Proxy Statement for the Annual Meeting of Shareholders scheduled

to be held on May 22, 2012 are incorporated by reference into Part III of this report to the extent described herein.

ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2011

OMNICOM GROUP INC.

TABLE OF CONTENTS

PART I

Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.

PART II

Item 5.

Item 6.
Item 7.

Item 7A.
Item 8.
Item 9.

Item 9A.
Item 9B.

PART III

Item 10.
Item 11.
Item 12.

Item 13.
Item 14.

PART IV

Business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Risk Factors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unresolved Staff Comments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Properties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Legal Proceedings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Market for Registrant’s Common Equity, Related Stockholder Matters and 

Issuer Purchases of Equity Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Selected Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management’s Discussion and Analysis of Financial Condition 

and Results of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Quantitative and Qualitative Disclosures About Market Risk  . . . . . . . . . . . . . . . . . . .
Financial Statements and Supplementary Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Changes in and Disagreements With Accountants on Accounting and 

Financial Disclosure  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Controls and Procedures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other Information  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Directors, Executive Officers and Corporate Governance . . . . . . . . . . . . . . . . . . . . . . .
Executive Compensation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Security Ownership of Certain Beneficial Owners and Management and

Related Stockholder Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Certain Relationships and Related Transactions, and Director Independence  . . . . . . .
Principal Accounting Fees and Services  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Item 15.

Exhibits, Financial Statement Schedules  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signatures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Management Report on Internal Control Over Financial Reporting . . . . . . . . . . . . . . . . . . . . . . . . . .
Reports of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Notes to Consolidated Financial Statements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Page

1
2
6
6
7

8
9

9
27
29

29
29
30

*
*

*
*
*

31

35
F-1
F-2
F-4
F-9

* The information regarding Executive Officers of the Registrant is included in Part I, Item 1, “Business.”

Additional information called for by Items 10, 11, 12, 13 and 14, to the extent not included in this document, is
incorporated herein by reference to the information to be included under the captions “Corporate Governance,”
“Transactions with Related Persons,” “Executive Compensation” and “Stock Ownership” in our definitive proxy
statement, which is expected to be filed with the SEC by April 12, 2012.

FORWARD-LOOKING STATEMENTS

Certain of the statements in this Annual Report on Form 10-K constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, from time to time, we or
our representatives have made or may make forward-looking statements, orally or in writing. These statements
relate to future events or future financial performance and involve known and unknown risks and other factors
that may cause our actual or our industry’s results, levels of activity or achievement to be materially different
from those expressed or implied by any forward-looking statements. These risks and uncertainties, including
those resulting from specific factors identified under the captions “Risk Factors” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations,” include, but are not limited to, our future
financial position and results of operations, global economic conditions and conditions in the credit markets,
losses on media purchases and production costs incurred on behalf of clients, reductions in client spending
and/or a slowdown in client payments, competitive factors, changes in client communication requirements,
managing conflicts of interest, the hiring and retention of personnel, maintaining a highly skilled workforce, our
ability to attract new clients and retain existing clients, reliance on information technology systems, changes in
government regulations impacting our advertising and marketing strategies, risks associated with assumptions
we make in connection with our critical accounting estimates and legal proceedings, and our international
operations, which are subject to the risks of currency fluctuations and foreign exchange controls. In some cases,
forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,”
“expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative
of those terms or other comparable terminology. These statements are our present expectations. Actual events or
results may differ. We undertake no obligation to update or revise any forward-looking statement, except as
required by law.

AVAILABLE INFORMATION

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and
any amendments to those reports are available free of charge in the Investor Relations section of our website
at www.omnicomgroup.com, as soon as is reasonably practicable after such material is electronically filed with
or furnished to the Securities and Exchange Commission, or SEC. The information found on our website is not
part of this or any other report we file with or furnish to the SEC. Any document that we file with or furnish
to the SEC may also be read and copied at the SEC’s public reference room located at 100 F Street, N.E.,
Washington, DC 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference
room. Our filings are also available at the SEC’s website at www.sec.gov and at the offices of the New York
Stock Exchange.

PART I

Introduction

This report is both our 2011 annual report to shareholders and our 2011 Annual Report on Form 10-K

required under the federal securities laws.

We are a strategic holding company, providing professional services to clients through multiple agencies
operating in all major markets around the world. Our companies provide advertising, marketing and corporate
communications services. The terms “Omnicom,” “we,” “our” and “us” each refer to Omnicom Group Inc. and
our subsidiaries unless the context indicates otherwise.

Item 1. Business

Our Business: Omnicom, a strategic holding company, was formed in 1986 by the merger of several

leading advertising, marketing and corporate communications companies. We are a leading global advertising,
marketing and corporate communications company and we operate in a highly competitive industry. The
proliferation of media channels, including the rapid development of interactive technologies and mediums, along
with their integration within all offerings, has fragmented consumer audiences targeted by our clients. These
developments make it more complex for marketers to reach their target audiences in a cost-effective way,
causing them to turn to marketing service providers such as Omnicom for a customized mix of advertising and
marketing communications services designed to make the best use of their total marketing expenditures.

Our agencies operate in all major markets around the world and provide a comprehensive range of
services, which we group into four fundamental disciplines: advertising, customer relationship management, or
CRM, public relations and specialty communications. The services included in these disciplines are:

advertising
brand consultancy
corporate social responsibility consulting
crisis communications
custom publishing
data analytics
database management
direct marketing
entertainment marketing
environmental design
experiential marketing
field marketing
financial / corporate business-to-business advertising
graphic arts
healthcare communications
instore design
interactive marketing
investor relations

marketing research
media planning and buying
mobile marketing
multi-cultural marketing
non-profit marketing
organizational communications
package design
product placement
promotional marketing
public affairs
public relations
recruitment communications
reputation consulting
retail marketing
search engine marketing
social media marketing
sports and event marketing

Although the medium used to reach a client’s target audience may differ across each of these disciplines,
we develop and deliver the marketing message in a similar way by providing client-specific consulting services.

Our business model was built and continues to evolve around our clients. While our agencies operate
under different names and frame their ideas in different disciplines, we organize our services around our clients.
The fundamental premise of our business is to deliver our services and allocate our resources based on the
specific requirements of our clients. As clients increase their demands for marketing effectiveness and efficiency,
they have tended to consolidate their business with larger, multi-disciplinary agencies or integrated groups of
agencies. Accordingly, our business model demands that multiple agencies within Omnicom collaborate in
formal and informal virtual networks that cut across internal organizational structures to execute against our
clients’ specific marketing requirements. We believe that this organizational philosophy, and our ability to
execute it, differentiates us from our competitors.

1

Our agency networks and our virtual networks provide us with the ability to integrate services across all

disciplines and geographies. This means that the delivery of our services can, and does, take place across
agencies, networks and geographic regions simultaneously. Further, we believe that our virtual network strategy
facilitates better integration of services required by the demands of the marketplace for advertising and
marketing communications services. Our over-arching business strategy is to continue to use our virtual
networks to grow our business relationships with our clients.

The various components of our business and material factors that affected us in 2011 are discussed in
Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” or MD&A,
of this report. None of our acquisitions or dispositions in 2011, 2010 or 2009 were material to our financial
position or results of operations. For information concerning our acquisitions, see Note 5 to our consolidated
financial statements.

Geographic Regions and Segments: Our revenue is almost evenly divided between our United States and

international operations. For financial information concerning our domestic and international operations and
segment reporting, see our MD&A and Note 8 to our consolidated financial statements.

Our Clients: Consistent with our fundamental business strategy, our agencies serve similar clients, in
similar industries, and in many cases the same clients, across a variety of geographic regions and locations. Our
clients operate in virtually every industry sector of the global economy. Furthermore, in many cases, our
agencies or networks serve different brand and/or product groups within the same clients served by our other
agencies or networks. For example, in 2011, our largest client was served by more than 200 of our agencies and
represented 2.6% of our 2011 revenue. No other client accounted for more than 2.1% of our 2011 revenue. Our
top 100 clients, ranked by revenue, were each served, on average, by more than 50 of our agencies in 2011 and
collectively represented approximately 50% of our 2011 revenue.

Our Employees: At December 31, 2011, we employed approximately 70,600 people. We are not party to
any significant collective bargaining agreements. The skill-sets of our workforce across our agencies and within
each discipline are similar. Common to all is the ability to understand a client’s brand or product and their
selling proposition and to develop a unique message to communicate the value of the brand or product to the
client’s target audience. Recognizing the importance of this core competency, we have established tailored
training and education programs for our service professionals around this competency. See our MD&A for a
discussion of the effect of salary and related costs on our results of operations.

Executive Officers of the Registrant: As of February 10, 2012, our executive officers are:

Position
______________

Name
__________
Bruce Crawford . . . . . . . . . . . Chairman of the Board
John D. Wren  . . . . . . . . . . . .
Randall J. Weisenburger  . . . . Executive Vice President and Chief Financial Officer
Peter Mead  . . . . . . . . . . . . . . Vice Chairman
Philip J. Angelastro . . . . . . . .
Michael J. O’Brien  . . . . . . . .
Dennis Hewitt  . . . . . . . . . . . . Treasurer

Senior Vice President Finance and Controller
Senior Vice President, General Counsel and Secretary

President and Chief Executive Officer

Age
_______
83
59
53
72
47
50
67

Each executive officer has held his present position for at least five years.

Additional information about our directors and executive officers will appear under the captions

“Corporate Governance,” “Transactions with Related Persons,” “Election of Directors,” “Executive
Compensation” and “Stock Ownership” in our definitive proxy statement, which is expected to be filed with the
SEC by April 12, 2012.

Item 1A. Risk Factors

Global economic conditions could adversely impact our business and results of operations and financial position.

Our business and financial performance are impacted by global economic conditions. In 2011, the United
States experienced modest economic growth and the major economies of Asia and Latin America continued to
expand. However, Europe continued to experience economic difficulty and the economic conditions in Europe

2

continue to be negatively affected by the ongoing European sovereign debt crisis. If the economic conditions
worsen, the downturn may expand beyond Europe and could cause reductions in client spending levels and
adversely affect our results of operations and financial position. We will continue to closely monitor economic
conditions, client spending and other factors, and in response to reductions in client spending, if necessary, we
will take actions available to us to align our cost structure and manage working capital. There can be no assurance
whether, or to what extent, our efforts to mitigate any impact of future economic conditions, reductions in client
spending patterns, changes in client creditworthiness and other developments will be effective.

Conditions in the credit markets could adversely impact our results of operations and financial position.

Turmoil in the credit markets or a contraction in the availability of credit may make it more difficult for
businesses to meet their working capital requirements and could lead clients to seek to change their financial
relationship with their vendors, including us. If that were to occur, we may require additional financing to fund
our day-to-day working capital requirements. There is no assurance that such additional financing will be
available on favorable terms, if at all. Such circumstances could have a material adverse impact on our results of
operations and financial position.

In a period of severe economic downturn, the risk of a material loss related to media purchases and
production costs incurred on behalf of our clients could significantly increase.

In the normal course of business, we often enter into contractual commitments with media providers and

agreements with production companies on behalf of our clients at levels that substantially exceed the revenue
from our services. Many of our agencies purchase media for our clients and act as an agent for a disclosed
principal. The media commitments are included in accounts payable when the media services are delivered by
the media providers. While operating practices vary by country, media type and media vendor, in the United
States and certain foreign markets many of our contracts with media providers specify that if our client defaults
on its payment obligation then we are not liable to the media providers under the theory of sequential liability
until we have been paid for the media by our client. In other countries, we manage our risk in other ways,
including evaluating and monitoring our clients’ creditworthiness and, in many cases, obtaining credit insurance
or requiring payment in advance. Further, in cases where we are committed to a media purchase and it becomes
apparent that a client may be unable to pay for the media, options are potentially available to us in the
marketplace in addition to those cited above to mitigate the potential loss, including negotiating with media
providers. In addition, our agencies incur production costs on behalf of clients. We usually act as an agent for a
disclosed principal in the procurement of these services. We manage the risk of payment default by the client by
having the production companies be subject to sequential liability or requiring at least partial payment in
advance from our client. However, the agreements entered into, as well as the production costs incurred, are
unique to each client. The risk of a material loss could significantly increase in periods of severe economic
downturn. Such a loss could have a material adverse effect on our results of operations and financial position.

A reduction in client spending or a delay in client payments could have a material adverse effect on our
working capital.

Global economic uncertainty could cause our clients to reduce spending on our services, delay the

payment for our services or take additional actions that would negatively affect our working capital.
Consequently, we could need to obtain additional financing in such circumstances. There is no assurance that
such additional financing would be available on favorable terms, if at all. Such circumstances could have a
material adverse effect on our results of operations and financial position.

Companies periodically review and change their advertising, marketing and corporate communications
services business models and relationships. If we are unable to remain competitive or retain key clients, our
business and results of operations and financial position may be adversely affected.

The markets we operate in are highly competitive. Key competitive considerations for retaining existing

business and winning new business include our ability to develop marketing solutions that meet client needs, the
quality and effectiveness of the services we offer and our ability to efficiently serve clients, particularly large
international clients, on a broad geographic basis. While many of our client relationships are long-standing, from
time to time clients put their advertising, marketing and corporate communications services business up for

3

competitive review. We have won and lost accounts in the past as a result of these reviews. To the extent that we
are not able to remain competitive or retain key clients, our revenue may be adversely affected, which could
have a material adverse effect on our results of operations and financial position.

The success of our acquiring and retaining clients depends on our ability to avoid and manage conflicts of
interest arising from other client relationships, retention of key personnel and maintaining a highly skilled
workforce.

Our ability to retain existing clients and to attract new clients may, in some cases, be limited by clients’

perceptions of, or policies concerning, conflicts of interest arising from other client relationships. If we are
unable to maintain multiple agencies to manage multiple client relationships and avoid potential conflicts of
interests, our business, results of operations and financial position may be adversely affected.

Our employees are our most important assets. Our ability to attract and retain key personnel is an

important aspect of our competitiveness. If we are unable to attract and retain key personnel, our ability to
provide our services in the manner our customers have come to expect may be adversely affected, which could
harm our reputation and result in a loss of clients, which could have a material adverse effect on our results of
operations and financial position.

Further, as our business continues to become integrated with the digital marketplace, we are increasingly
dependent on the technical skills of a highly skilled workforce and their ability to maintain the skills necessary
to serve our clients.

Approximately 50% of our 2011 revenue came from our 100 largest clients, and the loss of several of these
clients could have a material adverse impact our results of operations and financial position.

Our clients generally are able to reduce advertising and marketing spending or cancel projects at any time

on short notice for any reason. It is possible that our clients could reduce spending in comparison to historical
patterns, or they could reduce future spending. A significant reduction in advertising and marketing spending by
our largest clients, or the loss of several of our largest clients, if not replaced by new clients or an increase in
business from existing clients, would adversely affect our revenue and could have a material adverse effect on
our results of operations and financial position.

We rely extensively on information technology systems.

We rely on information technology systems and infrastructure to process transactions, summarize results
and manage our business, including maintaining client marketing and advertising information. Our information
technology systems are potentially vulnerable to outages, malicious intrusion and random attack. Likewise, data
security incidents and breaches by employees and others with or without permitted access to our systems may
pose a risk that sensitive data may be exposed to unauthorized persons or to the public. Additionally, we utilize
third parties, including cloud providers, to store, transfer or process data. While we have taken prudent measures
to protect our data and information technology systems, there can be no assurance that our efforts will prevent
outages or breaches in our systems that could adversely affect our reputation or business.

Government regulations and consumer advocates may limit the scope and content of our services, which
could affect our ability to meet our clients’ needs, which could have a material adverse effect on our results of
operations and financial position.

Government agencies and consumer groups directly or indirectly affect or attempt to affect the scope,

content and manner of presentation of advertising, marketing and corporate communications services, through
regulation or other governmental action. Any limitation on the scope or content of our services could affect our
ability to meet our clients’ needs, which could have a material adverse effect on our results of operations and
financial position. In addition, there has been a tendency on the part of businesses to resort to the judicial system
to challenge advertising practices. Such actions by businesses or governmental agencies could have a material
adverse effect on our results of operations and financial position in the future.

4

Government or legislative action may limit the tax deductibility of advertising expenditures by certain
industries or for certain products and services. These actions could cause our clients affected by such actions to
reduce their spending on our services which could have a material adverse effect on our results of operations and
financial position.

Laws and regulations, related to user privacy, use of personal information and internet tracking

technologies have been proposed or enacted in the United States and certain international markets. These laws
and regulations could affect the acceptance of new communications technologies as advertising mediums. These
actions could affect our business and reduce demand for certain of our services, which could have a material
adverse effect on our results of operations and financial position.

We are a global service business and face certain risks of doing business abroad, including political instability
and foreign exchange controls, which could have a material adverse effect on our results of operations and
financial position.

We face a number of risks normally associated with a global service business. The operational and
financial performance of our businesses are typically tied to overall economic and regional market conditions,
competition for client assignments and talented staff, new business and the risks associated with extensive
international operations. The risks of doing business abroad, including political instability and foreign exchange
controls, do not affect domestic-focused firms. These risks could have a material adverse affect on our results of
operations and financial position. For financial information on our operations by geographic area, see Note 8 to
our consolidated financial statements.

We are exposed to risks from operating in developing countries.

We conduct business in numerous developing countries around the world. Some of the risks associated

with conducting business in developing countries include: slower payment of invoices; social, political and
economic instability; and foreign exchange controls. In addition, commercial laws in some developing countries
can be vague, inconsistently administered and frequently changed. If we are deemed not to be in compliance
with applicable laws in developing countries where we conduct business, our prospects and business in those
countries could be harmed, which could then have a material adverse impact on our results of operations and
financial position.

Holders of our convertible notes have the right to require us to repurchase up to $660 million of notes, in
whole or in part, on specific dates in the future.

On July 31, 2012, $252.7 million of our Convertible Notes due July 31, 2032, or the 2032 Notes, may be
put back to us for repurchase and on June 17, 2013, $406.6 million of our Convertible Notes due July 1, 2038,
or the 2038 Notes, may be put back to us for repurchase. If our convertible notes are put back to us, we expect to
have sufficient available cash and unused credit commitments to fund the repurchases. We also believe that we
will have sufficient capacity under our $2.5 billion Credit Agreement, or Credit Agreement, to meet our cash
requirements for our normal business operations after any repurchase. However, in the event that availability
under our Credit Agreement or our cash flow from operations were to decrease, we may need to seek additional
funding. There is no assurance that such additional financing would be available on comparable terms, if at all.

Downgrades of our debt credit ratings could adversely affect us.

Standard and Poor’s Rating Service, or S&P, rates our long-term debt BBB+ and Moody’s Investors

Service, or Moody’s, rates our long-term debt Baa1. Our short-term debt ratings are A2, and P2 by the
respective agencies. Our outstanding senior notes, convertible notes and Credit Agreement do not contain
provisions that require acceleration of cash payment upon a ratings downgrade. However, the interest rates and
fees on our Credit Agreement would increase if our long-term debt credit ratings are downgraded. Additionally,
our access to the capital markets could be adversely affected by downgrades in our short-term or long-term
debt credit ratings.

5

Furthermore, the 2032 Notes and 2038 Notes are convertible at specified ratios if, in the case of the 2032

Notes, our long-term debt credit ratings are downgraded to BBB or lower by S&P, or Baa3 or lower by Moody’s
or in the case of the 2038 Notes to BBB- or lower by S&P, and Ba1 or lower by Moody’s. These events would
not, however, result in an adjustment of the number of shares issuable upon conversion and would not accelerate
the holder’s right to cause us to repurchase the notes.

We may be unsuccessful in evaluating material risks involved in completed and future acquisitions.

We regularly evaluate potential acquisition of businesses that we believe are complementary to our
businesses and client needs. As part of the evaluation, we conduct business, legal and financial due diligence
with the goal of identifying and evaluating material risks involved in any particular transaction. Despite our
efforts, we may be unsuccessful in ascertaining or evaluating all such risks. As a result, we might not realize the
intended advantages of any given acquisition. If we fail to identify certain material risks from one or more
acquisitions, our results of operations and financial position could be adversely affected.

Goodwill may become impaired.

In accordance with generally accepted accounting principles in the United States of America, or U.S.

GAAP or GAAP, we have recorded a significant amount of goodwill in our consolidated financial statements
resulting from our acquisition activities, which principally represents the specialized know-how of the workforce
at the acquired businesses. As discussed in Note 3 to our consolidated financial statements, we test the carrying
value of goodwill for impairment at least annually at the end of the second quarter and whenever events or
circumstances indicate the carrying value may not be recoverable. The estimates and assumptions about future
results of operations and cash flows made in connection with the impairment testing could differ from future
actual results of operations and cash flows. While we have concluded, for each year presented in our financial
statements included in this report, that our goodwill is not impaired, future events could cause us to conclude
that the asset values associated with a given operation may become impaired. Any resulting impairment charge,
although non-cash, could have a material adverse effect on our results of operations and financial position.

We could be affected by future laws or regulations enacted in response to climate change concerns and
other actions.

Although our businesses may not be directly affected by current cap and trade laws and other requirements
to reduce emissions, we could be in the future. However, we could also be affected indirectly by increased prices
for goods or services provided to us by companies that are directly affected by these laws and regulations and
pass their increased costs through to their customers. Additionally, to comply with potential future changes in
environmental laws and regulations, we may need to incur additional costs. At this time, we cannot estimate
what impact such costs may have on our results of operations and financial position.

Item 1B. Unresolved Staff Comments

None.

Item 2. Properties

We have offices throughout the world. The facility requirements of our businesses are similar across
geographic regions and disciplines. Our facilities are primarily used by our employees to provide professional
services to our clients. We believe that our facilities are in suitable and well-maintained condition for our current
operations. Our principal corporate offices are located at 437 Madison Avenue, New York, New York; One East
Weaver Street, Greenwich, Connecticut; and 1800 N. Military Trail, Boca Raton, Florida. We also maintain
executive offices in London, England; Shanghai, China; and Singapore.

We lease substantially all our office facilities under operating leases that expire at various dates. Leases

are generally denominated in the local currency of the operating business. Office base rent expense in 2011,
2010 and 2009 was $368.8 million, $358.1 million and $377.1 million, respectively, net of rent received from
non-cancelable third-party subleases of $12.8 million, $16.3 million and $18.9 million, respectively.

6

Future minimum office base rent under non-cancelable operating leases, net of rent receivable from

existing non-cancelable third-party subleases, is (in millions):

2012  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2013  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2014  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2015  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Rent
_________
$ 331.0
276.5
217.1
171.8
128.3
384.0
______________
$1,508.7
______________
______________

See Note 17 to our consolidated financial statements for a discussion of our lease commitments and our

MD&A for the impact of leases on our operating expenses.

Item 3. Legal Proceedings

In the ordinary course of business we are involved in various legal proceedings. We do not presently expect

that these proceedings will have a material adverse effect on our results of operations or financial position.

7

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of

Equity Securities

Our common stock is listed and traded on the New York Stock Exchange under the symbol “OMC.” On

February 10, 2012, there were 2,697 holders of record of our common stock.

The quarterly high and low sales prices reported on the New York Stock Exchange Composite Tape for our

common stock and the dividends paid per share for 2011 and 2010 were:

2011
First Quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second Quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third Quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2010
First Quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Second Quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Third Quarter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fourth Quarter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

High
_________

Low
_______

Dividends Paid
Per Share
__________________________

$51.25
49.78
49.55
45.65

$40.29
44.08
40.00
47.88

$44.57
44.61
35.27
35.34

$34.54
34.18
33.50
38.54

$0.25
0.25
0.25
0.25

$0.20
0.20
0.20
0.20

Stock repurchase activity during the three months ended December 31, 2011 was:

Period
____________
October 2011 . . . . . . . . . . . . . . . . . . . . . .
November 2011 . . . . . . . . . . . . . . . . . . . .
December 2011  . . . . . . . . . . . . . . . . . . . .

Total Number 
of Shares
Purchased
________________________
59,474
7,992
2,957,816
________________
3,025,282
________________
________________

Average
Price Paid
Per Share
__________________
$39.92
44.39
43.40
___________
$43.33
___________
___________

Total Number of 
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
______________________________
—
—
—
______
—
______
______

Maximum Number of 
Shares that May Yet 
Be Purchased Under
the Plans or Programs
_______________________________________
—
—
—
______
—
______
______

During the three months ended December 31, 2011, we purchased 2,925,000 shares of our common stock

in the open market for general corporate purposes and withheld 100,282 shares of our common stock from
employees to satisfy estimated tax obligations primarily related to stock option exercises and vesting of
restricted stock. The value of the common stock withheld was based upon the closing price of our common stock
on the applicable exercise or vesting date.

There were no unregistered sales of equity securities during the three months ended December 31, 2011.

For information on securities authorized for issuance under our equity compensation plans, see “Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” which
relevant information will be included under the caption “Equity Compensation Plans” in our definitive proxy
statement, which is expected to be filed with the SEC by April 12, 2012.

8

Item 6. Selected Financial Data

The following selected financial data should be read in conjunction with our consolidated financial

statements and related notes that begin on page F-1 of this report, as well as our MD&A.

For the years ended December 31:

Revenue  . . . . . . . . . . . . . . . . . . . . . . . .
Operating Income  . . . . . . . . . . . . . . . .
Net Income – Omnicom Group Inc.  . .
Net Income Per Common Share – 
Omnicom Group Inc.

Basic  . . . . . . . . . . . . . . . . . . . . . . . .
Diluted  . . . . . . . . . . . . . . . . . . . . . .

Dividends Declared Per 
Common Share  . . . . . . . . . . . . . . . . .

At December 31:

Cash and cash equivalents and 
short-term investments  . . . . . . . . . . .
Total Assets  . . . . . . . . . . . . . . . . . . . . .
Long-Term Obligations:

Long-term notes payable  . . . . . . . .
Convertible debt  . . . . . . . . . . . . . . .
Long-term liabilities  . . . . . . . . . . . .
Total Shareholders’ Equity  . . . . . . . . .

(In millions, except per share amounts)
_______________________________________________________________________________________________________________________________________
2008
2009
2010
2011
2007
_____________________
_____________________
_____________________
_____________________
_____________________
$12,694.0
$13,359.9
$11,720.7
$12,542.5
$13,872.5
1,659.1
1,689.4
1,374.9
1,460.2
1,671.1
975.7
1,000.3
793.0
827.7
952.6

3.38
3.33

1.00

2.74
2.70

0.80

2.54
2.53

0.60

3.17
3.14

0.60

2.95
2.93

0.575

(In millions)
_______________________________________________________________________________________________________________________________________
2007
2009
2011
_____________________
_____________________
_____________________

2010
_____________________

2008
_____________________

$ 1,805.0
20,505.4

$ 2,300.0
19,566.1

$ 1,594.8
17,920.7

$ 1,112.4
17,318.4

$ 1,841.0
19,271.7

2,523.5
659.4
602.0
3,504.3

2,465.1
659.5
576.5
3,580.5

1,494.6
726.0
462.0
4,194.8

1,012.8
2,041.5
444.4
3,522.8

1,013.2
2,041.5
481.2
4,091.7

Effective January 1, 2009, we retrospectively adopted new accounting standards included in the FASB
Accounting Standards Codification, or FASB ASC, Topic 260, Earnings Per Share, with respect to allocating
earnings to participating securities in applying the two-class method of calculating earnings per share. Net
Income Per Common Share – Omnicom Group Inc. amounts for 2008 and 2007 have been restated in
accordance with the new accounting standard.

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Executive Summary

We are a strategic holding company. We provide professional services to clients through multiple
agencies around the world. On a global, pan-regional and local basis, our agencies provide these services in
the following disciplines: advertising, customer relationship management, or CRM, public relations and specialty
communications. Our business model was built and continues to evolve around our clients. While our agencies
operate under different names and frame their ideas in different disciplines, we organize our services around our
clients. The fundamental premise of our business is that our clients’ specific requirements should be the central
focus in how we deliver our services and allocate our resources. This client-centric business model results in
multiple agencies collaborating in formal and informal virtual networks that cut across internal organizational
structures to deliver consistent brand messages for a specific client and execute against each of our clients’ specific
marketing requirements. We continually seek to grow our business with our existing clients by maintaining our
client-centric approach, as well as expanding our existing business relationships into new markets and with new
clients. In addition, we pursue selective acquisitions of complementary companies with strong entrepreneurial
management teams that typically currently serve or have the ability to serve our existing client base.

As a leading global advertising, marketing and corporate communications company, we operate in all
major markets around the world. We have a large and diverse client base. Our largest client accounted for 2.6%
of our 2011 revenue and no other client accounted for more than 2.1% of our 2011 revenue. Our top 100 clients
accounted for approximately 50% of our 2011 revenue. Our business is spread across a significant number of
industry sectors with no one industry comprising more than 16% of our 2011 revenue. Although our revenue is
generally balanced between the United States and international markets and we have a large and diverse client
base, we are not immune to general economic downturns.

9

In 2011, our revenue increased 10.6% compared to 2010. The increase reflects strong operating

performance by our agencies, positive impact from foreign currency translation and an improvement in business
conditions in our industry over 2010. Revenue increased across all our disciplines and geographic areas driven
by strong operating performance in most of the developed markets we operate in and continued growth in the
emerging markets in Asia and Latin America.

Our business and financial performance are impacted by global economic conditions. In 2011, the United
States experienced modest economic growth and the major economies of Asia and Latin America continued to
expand. However, Europe continued to experience economic difficulty and the economic conditions in Europe
continue to be negatively affected by the ongoing European sovereign debt crisis. If the economic conditions
worsen, the downturn may expand beyond Europe and could cause reductions in client spending levels and
adversely affect our results of operations and financial position. We will continue to closely monitor economic
conditions, client spending and other factors, and in response to reductions in client spending, if necessary, we
will take actions available to us to align our cost structure and manage working capital. There can be no assurance
whether, or to what extent, our efforts to mitigate any impact of future economic conditions, reductions in client
spending patterns, changes in client creditworthiness and other developments will be effective.

In the near term, barring unforeseen events and excluding foreign exchange impacts, as a result of increases

in client spending and new business activities we expect our 2012 revenue to increase modestly in excess of
average nominal GDP growth in our major markets. We expect to continue to identify acquisition opportunities
that will build on the core capabilities of our strategic business platforms, expand our operations in the emerging
markets and enhance our capabilities to leverage new technologies that are being used by marketers today.

Certain business trends have had a positive impact on our business and industry. These trends include our

clients increasingly expanding the focus of their brand strategies from national markets to pan-regional and global
markets and integrating traditional and non-traditional marketing channels, as well as utilizing new communications
technologies and emerging digital platforms. Additionally, in an effort to gain greater efficiency and effectiveness
from their total marketing budgets, clients are increasingly requiring greater coordination of marketing activities and
concentrating these activities with a smaller number of service providers. We believe these trends have benefited our
business in the past and over the medium and long term will continue to provide a competitive advantage to us.

Effective February 1, 2011, we acquired a controlling interest in the Clemenger Group, our affiliate in

Australia and New Zealand increasing our equity ownership to 73.7% from 46.7%. In connection with this
transaction, we recorded a non-cash gain of $123.4 million in the first quarter of 2011 resulting from the
remeasurement of the carrying value of our equity interest to the acquisition date fair value. This acquisition
has and will continue to help us to further develop our combined businesses throughout the Asia Pacific region
and further enhance our global capabilities.

We have an objective of improving EBITA margins to 2007 levels for the full year 2012. In connection
with this objective, during 2011 we reviewed our businesses with a focus on enhancing our strategic position,
improving our operations and rebalancing our workforce. As part of this process, we disposed of certain non-
core and underperforming businesses and repositioned others. As a result of these actions, we incurred charges
of $131.3 million in the first quarter of 2011 for severance, real estate lease terminations and asset and goodwill
write-offs related to disposals and other costs. We expect that revenue from the acquisitions completed in 2011
will exceed the loss of revenue from these dispositions. While the bulk of this process is behind us, we continue
to perform reviews of all our businesses and we will take actions, where appropriate, to reposition
underperforming businesses. During 2011, we incurred total severance charges of $201 million, including the
$92.8 million of severance costs incurred in the first quarter. We will also continue to pursue operational
consolidations to further drive efficiencies in our back office functions.

Given our size and breadth, we manage our business by monitoring several financial indicators. The key

indicators that we review focus on revenue and operating expenses.

We analyze revenue growth by reviewing the components and mix of the growth, including growth by
major geographic location, growth by major marketing discipline, growth from currency fluctuations, growth
from acquisitions and growth from our largest clients. In recent years, our revenue has been generally balanced
between our domestic and international operations. Revenue in 2011 increased 10.6% compared to 2010, of
which 6.1% was organic growth, 2.6% was related to changes in foreign exchange rates and 1.9% was related to

10

acquisitions, net of dispositions. Across our geographic markets revenue increased 5.5% in the United States,
12.5% in the United Kingdom, 4.9% in our Euro markets and 30.7% in our other markets, primarily Asia and
Latin America. The increase in revenue in 2011 compared to 2010 in our four fundamental disciplines was:
advertising 12.7%, CRM 11.4%, public relations 6.0% and specialty communications 1.6%.

We measure operating expenses in two distinct cost categories: salary and service costs and office and
general expenses. Salary and service costs are primarily comprised of employee compensation and related costs
and direct service costs. Office and general expenses are primarily comprised of rent and occupancy costs,
technology costs, depreciation and amortization and other overhead expenses. Each of our agencies requires
professionals with a skill set that is common across our disciplines. At the core of this skill set is the ability to
understand a client’s brand or product and its selling proposition and the ability to develop a unique message to
communicate the value of the brand or product to the client’s target audience. The facility requirements of our
agencies are also similar across geographic regions and disciplines, and their technology requirements are
generally limited to personal computers, servers and off-the-shelf software. Because we are a service business,
we monitor salary and service costs and office and general costs in relation to revenue.

Salary and service costs tend to fluctuate in conjunction with changes in revenue. Salary and service costs

increased 11.2% in 2011 compared to 2010, reflecting growth in our business, as well as an increase in
severance of approximately $100 million to $201 million, including our repositioning actions in the first quarter
of 2011. The increase in salary and service costs was partially offset by the associated cost savings from these
head count reductions.

Office and general expenses are less directly linked to changes in revenue than salary and service costs.

Office and general expenses increased 4.4% in 2011 compared to 2010, reflecting a decrease of $123.4 million
related to the non-cash remeasurement gain recorded in the first quarter of 2011 in connection with the
acquisition of the controlling interest in the Clemenger Group partially offset by $38.5 million of charges taken
in the first quarter of 2011 related to our repositioning actions. Excluding the impact of the remeasurement gain
and the impact of the repositioning actions, office and general expenses increased by 9.0% in 2011.

Net income – Omnicom Group Inc. in 2011 increased $124.9 million, or 15.1%, to $952.6 million from
$827.7 million in 2010. The year-over-year increase in net income – Omnicom Group Inc. is due to the factors
described above. Diluted net income per common share – Omnicom Group Inc. increased 23.3% to $3.33 in
2011, compared to $2.70 in 2010 due to the factors described above, as well as the reduction in our weighted
average common shares outstanding. This reduction was the result of repurchases of our common stock during
the fourth quarter of 2010 through 2011, net of stock option exercises and shares issued under our employee
stock purchase plan.

Critical Accounting Policies and New Accounting Standards

Critical Accounting Policies

The following summary of our critical accounting policies assists the reader in better understanding our
financial statements and the related discussion in this MD&A. We believe that the following policies may involve a
higher degree of judgment and complexity in their application and represent the critical accounting policies used in
the preparation of our financial statements. Readers are encouraged to consider this summary together with our
financial statements and the related notes, including our discussion in Note 3 describing our accounting policies in
greater detail, for a more complete understanding of critical accounting policies discussed below.

Estimates: Our financial statements are prepared in conformity with U.S. GAAP and require us to make

estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities
including valuation allowances for receivables and deferred tax assets, accruals for incentive compensation and the
disclosure of contingent liabilities at the date of the financial statements, as well as the reported amounts of revenue
and expense during the reporting period. A fair value approach is used in testing goodwill for impairment and when
evaluating our cost-method investments to determine if an other-than-temporary impairment has occurred.

Acquisitions and Goodwill: We have made and expect to continue to make selective acquisitions. In

making acquisitions, the valuation of potential acquisitions is based on various factors, including specialized
know-how, reputation, competitive position, geographic coverage and service offerings of the target businesses,
as well as our experience and judgment.

11

Business combinations are accounted for using the acquisition method and, accordingly, the identifiable
assets acquired, the liabilities assumed and any noncontrolling interest in the acquired business are recorded at their
acquisition date fair values. In circumstances where control is obtained and less than 100% of an entity is acquired,
we record 100% of the goodwill acquired. Acquisition-related costs, including advisory, legal, accounting,
valuation and other costs, are expensed as incurred. Any liability for contingent purchase price obligations (earn-
outs) is recorded at the acquisition date fair value. Subsequent changes in the fair value of the earn-out liability are
recorded in our results of operations. The results of operations of acquired businesses are included in our results of
operations from the acquisition date. In 2011, we completed twelve acquisitions of new subsidiaries and made
additional investments in businesses in which we had an existing minority ownership interest. Goodwill from these
transactions was $649.1 million. In addition, for acquisitions completed prior to January 1, 2009, we made
contingent purchase price payments (earn-outs) of $79.2 million, which were included in goodwill.

A summary of our contingent purchase price obligations for acquisitions completed prior to January 1,
2009 is contained in the “Liquidity and Capital Resources” section of this MD&A. The amount of contingent
purchase price obligations is based on future performance. Contingent purchase price obligations for acquisitions
completed prior to January 1, 2009 are accrued, in accordance with U.S. GAAP, when the contingency is
resolved and payment is certain.

Our acquisition strategy is focused on acquiring the expertise of an assembled workforce in order to continue

to build upon the core capabilities of our various strategic business platforms and agency brands through the
expansion of their geographic reach and/or their service capabilities to better serve our clients. Additional key
factors we consider include the competitive position and specialized know-how of the acquisition targets.
Accordingly, as is typical in most service businesses, a substantial portion of the intangible asset value we acquire
is the know-how of the people, which is treated as part of goodwill and is not valued separately. For each
acquisition, we undertake a detailed review to identify other intangible assets and a valuation is performed for all
such identified assets. A significant portion of the identifiable intangible assets acquired is derived from customer
relationships, including the related customer contracts, as well as trade names. In valuing these identified intangible
assets, we typically use an income approach and consider comparable market participant measurements.

We evaluate goodwill for impairment at least annually at the end of the second quarter of the year. We

identified our regional reporting units as components of our operating segments, which are our five agency
networks. The regional reporting units of each agency network are responsible for the agencies in their region.
They report to the segment managers and facilitate the administrative and logistical requirements of our client-
centric strategy for delivering services to clients in their regions. We have concluded that for each of our
operating segments, their regional reporting units have similar economic characteristics and should be
aggregated for purposes of testing goodwill for impairment at the operating segment level. Our conclusion was
based on a detailed analysis of the aggregation criteria set forth in FASB ASC Topic 280, Segment Reporting,
and the guidance set forth in FASB ASC Topic 350, Intangibles — Goodwill and Other. Consistent with our
fundamental business strategy, the agencies within our regional reporting units serve similar clients in similar
industries, and in many cases the same clients. In addition, the agencies within our regional reporting units have
similar economic characteristics, including similar costs and long-term profit contribution. The main economic
components of each agency are employee compensation and related costs and direct service costs and office and
general costs, which include rent and occupancy costs, technology costs that are generally limited to personal
computers, servers and off-the-shelf software and other overhead expenses. Finally, the expected benefits of our
acquisitions are typically shared across multiple agencies and regions as they work together to integrate the
acquired agency into our client service strategy.

Estimates and Assumptions — Goodwill Impairment Review: We use the following valuation
methodologies to determine the fair value of our reporting units: (1) the income approach, which utilizes
discounted expected future cash flows, (2) comparative market participant multiples for EBITDA (earnings
before interest, taxes, depreciation and amortization), and (3) when available, consideration of recent and similar
purchase acquisition transactions.

In applying the income approach, we use estimates to derive the expected discounted cash flows (“DCF”)

for each reporting unit that serves as the basis of our valuation. These estimates and assumptions include revenue
growth and operating margin, EBITDA, tax rates, capital expenditures, weighted average cost of capital and
related discount rates and expected long-term cash flow growth rates. All of these estimates and assumptions are

12

affected by conditions specific to our businesses, economic conditions related to the industry we operate in, as
well as conditions in the global economy. The assumptions that have the most significant effect on our
valuations derived using a DCF methodology are: (1) the expected long-term growth rate of our reporting units’
cash flows and (2) the weighted average cost of capital (“WACC”).

The range of assumptions used for the long-term growth rate and WACC in our evaluations as of June 30,

2011 and 2010 were:

Long-Term Growth Rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
WACC  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

June 30,
_________________________________________________________________________
2010
2011
________________
________________
4.0%
4.0%
10.3% – 10.9%
10.5% – 11.2%

Long-term growth rates represent our estimate of a conservative long-term growth rate for the industry we
operate in and the global economy. The average historical revenue growth rate of our reporting units for the past
ten years was approximately 7.6% and the average GDP growth of the countries comprising our major markets
that account for substantially all of our revenue, or Average Nominal GDP, was 4.0% over the same period. We
considered this history when determining the long-term growth rates used in our annual impairment test at June
30, 2011. We believe marketing expenditures over the long term have a high correlation to GDP. We also
believe, based on our historical performance, that our long-term growth rate will exceed Average Nominal GDP
growth. For our annual test as of June 30, 2011, we used an estimated long-term growth rate of 4.0% for all of
our reporting units.

When performing our annual impairment test as of June 30, 2011 and estimating the future cash flows of

our reporting units, we also considered the changes in the economic outlook in mid-year 2011. In the first half of
2011, we experienced an increase in our revenue of 6.2%, which excludes growth from acquisitions and foreign
exchange movements. We estimated growth rates for the subsequent six years that reflect a reduction from
current business conditions.

The risk-adjusted discount rate used in our DCF analysis represents the estimated WACC for each of our
reporting units. The WACC is comprised of (1) a risk-free rate of return, (2) a business risk index ascribed to us
and to companies in our industry comparable to our reporting units based on a market derived variable that
measures the volatility of the share price of equity securities relative to the volatility of the overall equity
market, (3) an equity risk premium that is based on the rate of return on equity of publicly traded companies
with business characteristics comparable to our reporting units, and (4) a current after-tax market rate of return
on debt of companies with business characteristics similar to our reporting units, each weighted by the relative
market value percentages of our equity and debt. The slight increase in the WACC used at June 30, 2011
compared to June 30, 2010 was primarily the result of an increase in the long-term U.S. Treasury bond, the risk-
free rate of return used.

Sensitivity Analysis and Conclusion — Goodwill Impairment Review: Consistent with our fundamental
business strategy, the agencies within our reporting units serve similar clients in similar industries and in many
cases the same clients. In addition, the agencies within our reporting units have similar economic characteristics,
as the main economic components of each agency are employee compensation and related costs and direct
service costs and office and general costs, which include rent and occupancy costs, technology costs and other
overhead expenses.

Our reporting units do vary in size with respect to revenue and the amount of debt allocated to them.

These differences drive the variations in fair value among our reporting units. In addition, these differences as
well as differences in book value, including goodwill, cause the variations in the amount by which fair value
exceeds book value among the reporting units. The reporting unit goodwill balances and debt vary by reporting
unit primarily because our three legacy agency networks were acquired at the formation of Omnicom and were
accounted for as a pooling of interests that did not result in any additional debt or goodwill being recorded. The
remaining two agency networks, including Reporting Unit 5, were built through a combination of internal
growth and acquisitions that were accounted for as purchase transactions and as a result, they have a relatively
higher amount of goodwill and debt.

13

The decline in the fair value of our reporting units that would need to occur in order to fail step 1 of our

goodwill impairment test (the “Threshold”) is (in millions):

Reporting Units
___________________________
1 and 2  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 and 4  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

June 30, 2011
____________________________________
Threshold
Goodwill
__________________
___________________
>65%
$2,355.2
>85%
$2,224.4
>65%
$3,922.8

June 30, 2010
____________________________________
Threshold
Goodwill
__________________
___________________
>60%
$1,792.6
>70%
$2,112.6
>55%
$3,565.7

Based on the analysis described above, we concluded that our goodwill was not impaired as of June 30,
2011, because the fair values of each of our reporting units were substantially in excess of their respective net
book values. Notwithstanding our belief that the assumptions we used in our impairment testing for our WACC
and long-term growth rate are reasonable, we performed a sensitivity analysis for each of our reporting units.
The results of this sensitivity analysis on our annual impairment test as of June 30, 2011 revealed that if our
WACC was increased by 1% and/or our long-term growth rate was decreased by 1%, the fair value of each of
our reporting units would continue to be substantially in excess of their respective net book values and pass
step 1 of the impairment test.

We will continue to perform our impairment test at the end of the second quarter of each year unless
events or circumstances trigger the need for an interim evaluation for impairment. The estimates we use in
testing our goodwill for impairment do not constitute forecasts or projections of future results of operations, but
rather are estimates and assumptions based on historical results and assessments of macroeconomic factors
affecting our reporting units. We believe that our estimates and assumptions are reasonable, but they are subject
to change from period to period. Actual results of operations and other factors will likely differ from the
estimates used in our discounted cash flow valuation and it is possible that differences could be material. A
change in the estimates we use could result in a decline in the estimated fair value of one or more of our
reporting units from the amounts derived as of our latest valuation and could cause us to fail step 1 of our
goodwill impairment test if the estimated fair value for the reporting unit is less than the carrying value of the
net assets of the reporting unit, including its goodwill. A large decline in estimated fair value of a reporting unit
could result in a non-cash impairment charge and may have an adverse effect on our results of operations and
financial position. Subsequent to our annual evaluation of the carrying value of goodwill at June 30, 2011, there
were no events or circumstances that triggered the need for an interim evaluation for impairment.

Additional information about acquisitions and goodwill appears in Notes 3 and 6 to our consolidated

financial statements.

Revenue Recognition: We recognize revenue in accordance with FASB ASC Topic 605, Revenue
Recognition, and applicable SEC Staff Accounting Bulletins. Substantially all of our revenue is derived from
fees for services or a rate per hour or equivalent basis. Revenue is realized when the service is performed in
accordance with terms of each client arrangement, upon completion of the earnings process and when collection
is reasonably assured. Prior to recognizing revenue, persuasive evidence of an arrangement must exist, the sales
price must be fixed or determinable and delivery, performance and acceptance must be in accordance with the
client arrangement. These principles are the foundation of our revenue recognition policy and apply to all client
arrangements in each of our service disciplines: advertising, CRM, public relations and specialty
communications. Certain of our businesses earn a portion of their revenue as commissions based upon
performance in accordance with client arrangements. Because the services that we provide across each of our
disciplines are similar and delivered to clients in similar ways, all of the key elements in revenue recognition
apply to client arrangements in each of our four disciplines.

In the majority of our businesses, we act as an agent and record revenue equal to the net amount retained,

when the fee or commission is earned. Although we may bear credit risk in respect of these activities, the
arrangements with our clients are such that we act as an agent on their behalf. In these cases, costs incurred with
external suppliers are excluded from our revenue. In certain arrangements, we act as principal and we contract
directly with media providers and production companies and are responsible for payment. In these arrangements,
revenue is recorded at the gross amount billed since revenue has been earned for the sale of goods or services.
Revenue is recorded net of sales, use and value added taxes.

14

A portion of our client contractual arrangements include performance incentive provisions designed to link
a portion of our revenue to our performance relative to both quantitative and qualitative goals. We recognize this
portion of revenue when the specific quantitative goals are achieved, or when our performance against
qualitative goals is determined by our clients.

Additional information about our revenue recognition policy appears in Note 3 to our consolidated

financial statements.

Employee Share-Based Compensation: Employee share-based compensation is measured at the grant date

fair value based on the fair value of the award. We use the Black-Scholes option valuation model to determine
the fair value of stock option awards. This valuation model uses several assumptions and estimates such as
expected life, rate of risk free interest, volatility and dividend yield. If different assumptions and estimates were
used to determine the fair value, our actual results of operations and cash flows would likely differ from the
estimates used and it is possible that differences and changes could be material. The fair value of restricted stock
awards is determined using the closing price of our common stock on the grant date. Additional information
about these assumptions and estimates appears in Note 3 to our consolidated financial statements.

Share-based employee compensation expense in 2011, 2010 and 2009, was $74.5 million, $69.3 million
and $78.6 million, respectively. Information about our specific awards and stock plans can be found in Note 12
to our consolidated financial statements.

New Accounting Standards

Additional information regarding new accounting guidance can be found in Note 2 to our consolidated

financial statements. Note 3 to our consolidated financial statements provides a summary of our significant
accounting policies.

Results of Operations — 2011 Compared to 2010:

Revenue  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating Expenses:

Salary and service costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office and general expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Operating Expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Add back: Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . .

Earnings before interest, taxes and amortization of 

intangible assets (“EBITA”)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
EBITA Margin – %  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deduct: Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . . .
Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating Margin – %  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Before Income Taxes and Income From Equity 

Method Investments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Tax Expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income From Equity Method Investments  . . . . . . . . . . . . . . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Net Income Attributed To Noncontrolling Interests . . . . . . . . . . . .
Net Income – Omnicom Group Inc.  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(In millions)
____________________________

2011
__________
$13,872.5

10,250.6
1,950.8
________________
12,201.4
91.4
________________
12,110.0
________________

1,762.5

12.7%
91.4
________________
1,671.1

12.0%
158.1
36.0
________________

1,549.0
505.8
17.2
________________
1,060.4
107.8
________________
$
952.6
________________
________________

2010
__________
$12,542.5

9,214.2
1,868.1
________________
11,082.3
70.8
________________
11,011.5
________________

1,531.0

12.2%
70.8
________________
1,460.2

11.6%

134.7
24.9
________________

1,350.4
460.2
33.5
________________
923.7
96.0
________________
$
827.7
________________
________________

EBITA, which we define as earnings before interest, taxes and amortization of intangible assets, and
EBITA Margin, which we define as EBITA divided by Revenue, are Non-GAAP measures. We use EBITA and
EBITA Margin as additional operating performance measures which exclude the non-cash amortization expense

15

of acquired intangible assets. The table above reconciles EBITA and EBITA Margin to the U.S. GAAP financial
measure of Operating Income for the periods presented. We believe that EBITA and EBITA Margin are useful
measures to evaluate the performance of our businesses. Non-GAAP financial measures should not be
considered in isolation from or as a substitute for financial information presented in compliance with U.S.
GAAP. Non-GAAP financial measures reported by us may not be comparable to similarly titled amounts
reported by other companies.

Revenue: Revenue in 2011 increased 10.6%, to $13,872.5 million from $12,542.5 million in 2010.

Organic growth increased revenue by $770.6 million, foreign exchange impacts increased revenue by
$323.4 million and acquisitions, net of dispositions, increased revenue by $236.0 million.

The components of 2011 revenue change in the United States (“Domestic”) and the remainder of the world

(“International”) were (in millions):

December 31, 2010  . . . . . . . . . . . . . . . . .
Components of revenue change:

Foreign exchange impact  . . . . . . . . . . .
Acquisitions, net of dispositions  . . . . .
Organic growth . . . . . . . . . . . . . . . . . . .
December 31, 2011  . . . . . . . . . . . . . . . . .

Total
________________________________________

Domestic
_______________________________________

International
________________________________________

$
___________________
$12,542.5

323.4
236.0
770.6
________________
$13,872.5
________________
________________

%
______________

$
__________________
$6,683.1

%
______________

2.6%
1.9%
6.1%
10.6%

—
(21.9)
387.5
______________
$7,048.7
______________
______________

—
(0.3)%
5.8%
5.5%

$
__________________
$5,859.4

323.4
257.9
383.1
______________
$6,823.8
______________
______________

%
______________

5.5%
4.4%
6.5%
16.5%

The components and percentages are calculated as follows:

• The foreign exchange impact is calculated by first converting the current period’s local currency
revenue using the average exchange rates from the equivalent prior period to arrive at a constant
currency revenue (in this case $13,549.1 million for the Total column in the table). The foreign
exchange impact equals the difference between the current period revenue in U.S. dollars and the
current period revenue in constant currency (in this case $13,872.5 million less $13,549.1 million for
the Total column in the table).

• The acquisition component is calculated by aggregating the applicable prior period revenue of the
acquired businesses, less revenue of any business included in the prior period revenue that was
disposed of subsequent to the period.

• Organic growth is calculated by subtracting both the foreign exchange and acquisition revenue

components from total revenue growth.

• The percentage change is calculated by dividing the individual component amount by the prior period
revenue base of that component (in the case $12,542.5 million for the Total column in the table).

Revenue for 2011 and the percentage change from 2010 in our primary geographic markets were (in

millions):

United States  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euro Markets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$
__________
$ 7,048.7
2,579.5
1,227.0
3,017.3
________
$13,872.5
________
________

% Change
__________
5.5%
4.9%
12.5%
30.7%
10.6%

For 2011, foreign exchange impacts increased our revenue by 2.6%, or $323.4 million, compared to 2010.
The most significant impacts resulted from the weakening of the U.S. Dollar against the Euro, Australian Dollar
and British Pound.

Assuming exchange rates at February 10, 2012 remain unchanged, we expect foreign exchange impacts to

decrease 2012 revenue by approximately 1.5%.

16

Due to a variety of factors, in the normal course, our agencies both gain and lose business from clients
each year. The net result in 2011 was an overall gain in new business. Under our client-centric approach, we
seek to broaden our relationships with our largest clients. Revenue from our largest client represented 2.6% and
3.0% of our revenue in 2011 and 2010 respectively. No other client represented more than 2.1% of revenue in
2011 or more than 2.4% of revenue in 2010. Our ten largest and 100 largest clients represented 18.0% and
50.3% of our 2011 revenue, respectively and 18.0% and 50.6% of our 2010 revenue, respectively.

Driven by our clients’ continuous demand for more effective and efficient marketing activities, we strive to

provide an extensive range of advertising, marketing and corporate communications services through various client-
centric networks that are organized to meet specific client objectives. These services include advertising, brand
consultancy, corporate social responsibility consulting, crisis communications, custom publishing, data analytics,
database management, direct marketing, entertainment marketing, environmental design, experiential marketing,
field marketing, financial/corporate business-to-business advertising, interactive marketing, marketing research,
media planning and buying, mobile marketing, multi-cultural marketing, non-profit marketing, public affairs, public
relations, recruitment communications, reputation consulting, retail marketing, search engine marketing, social
media marketing and sports and event marketing. In an effort to monitor the changing needs of our clients and to
further expand the scope of our services to key clients, we monitor revenue across a broad range of disciplines and
group them into the following four categories: advertising, CRM, public relations and specialty communications.

Revenue for 2011 and 2010 and revenue change by discipline was (in millions):

Year Ended December 31,
______________________________________________________________________
2010
________________________________________

2011 vs 2010
__________________________________________

2011
________________________________________

Advertising  . . . . . . . . . . . . . . . . . . . .
CRM  . . . . . . . . . . . . . . . . . . . . . . . . .
Public relations  . . . . . . . . . . . . . . . . .
Specialty communications  . . . . . . . .

% of
Revenue
________________
46.1%
36.5%
8.8%
8.6%

$
____________________
$ 6,401.2
5,067.3
1,215.0
1,189.0
________________
$13,872.5
________________
________________

% of
Revenue
________________
45.3%
36.3%
9.1%
9.3%

$
____________________
$ 5,679.0
4,547.9
1,145.7
1,169.9
________________
$12,542.5
________________
________________

$
Change
____________________
$ 722.2
519.4
69.3
19.1
______________
$1,330.0
______________
______________

%
Change
_______________
12.7%
11.4%
6.0%
1.6%
10.6%

Operating Expenses: Operating expenses for 2011 compared to 2010 were (in millions):

Year Ended December 31,
__________________________________________________________________________________

2011
____________________________________________________________

2010
__________________________________________________________

2011 vs 2010
_______________________________________

% of
Total
Operating
Revenue Expenses

% of

% of Operating
Revenue Expenses
__________ ________ _________ __________ ________ _________

$

% of
Total

$
$12,542.5

Revenue . . . . . . . . . . . . . . . . . $13,872.5
Operating Expenses:

$
Change
_________
$1,330.0

%
Change
_______
10.6%

Salary and service costs   . .
Office and general 

10,250.6 73.9% 84.0%

9,214.2 73.5% 83.1%

1,036.4

11.2%

expenses . . . . . . . . . . . .
________________
Operating Expenses  . . . . . . .
12,201.4 88.0%
________________
Operating Income  . . . . . . . . . $ 1,671.1 12.0%
________________
________________

1,950.8 14.1% 16.0%

1,868.1 14.9% 16.9%

________________
11,082.3 88.4%
________________
$ 1,460.2 11.6%
________________
________________

82.7
______________
1,119.1
______________
$ 210.9
______________
______________

4.4%
10.1%
14.4%

Repositioning Actions and Remeasurement Gain: In the first quarter of 2011, we recorded $131.3 million

of charges related to our repositioning actions. Additionally, in the first quarter of 2011 we recorded a
$123.4 million remeasurement gain related to the acquisition of the controlling interest in the Clemenger Group,
our affiliate in Australia and New Zealand. The impact on operating expenses of these transactions for the year
ended December 31, 2011 was (in millions):

Salary and service costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office and general expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17

Increase (Decrease)
_______________________________
Remeasurement
Repositioning
Actions
Gain
______________
____________
$ 92.8
38.5
___________
$131.3
___________
___________

$(123.4)
_____________
$(123.4)
_____________
_____________

Operating Expenses: Salary and service costs tend to fluctuate in conjunction with changes in revenue.

Salary and service costs increased 11.2% in 2011 compared to 2010. This increase reflects growth in our
business, as well as increased compensation costs, including freelance labor and incentive compensation and an
increase in severance of approximately $100 million to $201 million, including our repositioning actions in the
first quarter of 2011. The increase in salary and service costs was partially offset by the associated cost savings
from these head count reductions.

Office and general expenses are less directly linked to changes in our revenue than salary and service

costs. Office and general expenses increased 4.4% in 2011 compared to 2010, reflecting a decrease of
$123.4 million related to the non-cash remeasurement gain recorded in connection with the acquisition of the
controlling interest in the Clemenger Group in the first quarter of 2011, partially offset by $38.5 million of
charges related to our repositioning actions in the first quarter of 2011. Excluding the net decrease of
$84.9 million related to the remeasurement gain and the charges for our repositioning actions, office and general
expenses were $2,035.7 million in 2011, an increase of 9.0%. See Note 11 to our consolidated financial
statements for additional information regarding our repositioning actions.

As a result of the above changes, operating margins increased to 12.0% in 2011 from 11.6% in 2010 and

EBITA margins increased to 12.7% in 2011 from 12.2% in 2010.

Net Interest Expense: Net interest expense increased to $122.1 million in 2011, compared to $109.8 million
in 2010. Interest expense increased $23.4 million to $158.1 million. The increase in interest expense was primarily
due to increased interest expense resulting from the issuance of our 4.45% Senior Notes due 2020 in August 2010,
partially offset by a net reduction in interest expense resulting from the interest rate swaps on our 2016 Notes
entered into in August 2010. The interest rate swaps were settled with the counterparties in August 2011 resulting
in a deferred gain of $33.2 million that is being amortized over the remaining life of the 2016 Notes as a reduction
of interest expense. Interest income increased $11.1 million to $36.0 million in 2011. The increase in interest
income was attributable to higher foreign cash balances available for investment.

See “Liquidity and Capital Resources” and “Quantitative and Qualitative Disclosures About Market Risk”

for a discussion of our indebtedness and related matters.

Income Taxes: Our effective tax rate for 2011 decreased to 32.7%, compared to 34.1% for 2010. The decrease

in the effective tax rate was caused by the following items recorded in the first quarter of 2011 (in millions):

Repositioning actions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Remeasurement gain  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Charge for uncertain tax positions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (Decrease)
______________________________
Income Tax
Income Before
Expense
Income Taxes
__________
_____________
$(39.5)
$(131.3)
2.8
123.4
9.0
—
___________
_____________
$(27.7)
$
(7.9)
___________
_____________
___________
_____________

The tax benefit on the repositioning actions was calculated based on the jurisdictions where the charges
were incurred and reflects the likelihood that we will be unable to obtain a tax benefit for all charges incurred.
The remeasurement gain resulting from the acquisition of the controlling interest in Clemenger created a
difference between the book basis and tax basis of our investment. Because this basis difference is not expected
to reverse, no deferred taxes were provided and the tax provision recorded represents the incremental U.S. tax on
acquired historical unremitted earnings. The $9.0 million charge resulted from adjustments to U.S. income tax
returns for calendar years 2005, 2006 and 2007, that were agreed upon and recorded in the first quarter of 2011.
The examination of those returns is closed.

Net Income Per Common Share — Omnicom Group Inc.: For the foregoing reasons, net income –
Omnicom Group Inc. in 2011 increased $124.9 million, or 15.1%, to $952.6 million, compared to $827.7 million
in 2010. Diluted net income per common share – Omnicom Group Inc. increased 23.3% to $3.33 in 2011,
compared to $2.70 in 2010 due to the factors described above, as well as the impact of the reduction in our
weighted average common shares outstanding. This reduction was the result of repurchases of our common stock
during the fourth quarter of 2010 through 2011, net of stock option exercises and shares issued under our
employee stock purchase plan.

18

Results of Operations — 2010 Compared to 2009:

Revenue  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating Expenses:

Salary and service costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office and general expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Operating Expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Add back: Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . .

Earnings before interest, taxes and amortization of 

intangible assets (“EBITA”)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
EBITA Margin – %  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deduct: Amortization of intangible assets . . . . . . . . . . . . . . . . . . . . . . . .
Operating Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating Margin – %  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Before Income Taxes and Income From Equity 

Method Investments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income Tax Expense  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income From Equity Method Investments  . . . . . . . . . . . . . . . . . . . . . . .
Net Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less: Net Income Attributed To Noncontrolling Interests . . . . . . . . . . . .
Net Income – Omnicom Group Inc.  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(In millions)
____________________________

2010
__________
$12,542.5

9,214.2
1,868.1
________________
11,082.3
70.8
________________
11,011.5
________________

1,531.0

12.2%
70.8
________________
1,460.2

11.6%
134.7
24.9
________________

1,350.4
460.2
33.5
________________
923.7
96.0
________________
$
827.7
________________
________________

2009
__________
$11,720.7

8,450.6
1,895.2
________________
10,345.8
56.3
________________
10,289.5
________________

1,431.2

12.2%
56.3
________________
1,374.9

11.7%
122.2
21.5
________________

1,274.2
433.6
30.8
________________
871.4
78.4
________________
$
793.0
________________
________________

EBITA, which we define as earnings before interest, taxes and amortization of intangible assets, and
EBITA Margin, which we define as EBITA divided by Revenue, are Non-GAAP measures. We use EBITA and
EBITA Margin as additional operating performance measures which exclude the non-cash amortization expense
of acquired intangible assets. The table above reconciles EBITA and EBITA Margin to the U.S. GAAP financial
measure of Operating Income for the periods presented. We believe that EBITA and EBITA Margin are useful
measures to evaluate the performance of our businesses. Non-GAAP financial measures should not be
considered in isolation from or as a substitute for financial information presented in compliance with U.S. GAAP.
Non-GAAP financial measures reported by us may not be comparable to similarly titled amounts reported by
other companies.

Revenue: Revenue in 2010 increased 7.0% to $12,542.5 million from $11,720.7 million in 2009. Organic
growth increased revenue by $749.1 million, foreign exchange impacts increased revenue by $17.1 million and
acquisitions, net of dispositions, increased revenue by $55.6 million.

The components of 2010 revenue change in the United States (“Domestic”) and the remainder of the world

(“International”) were (in millions):

December 31, 2009  . . . . . . . . . . . . . . . . . .
Components of revenue change:

Foreign exchange impact  . . . . . . . . . . .
Acquisitions, net of dispositions  . . . . . .
Organic growth  . . . . . . . . . . . . . . . . . . .
December 31, 2010  . . . . . . . . . . . . . . . . . .

Total
________________________________________

Domestic
_______________________________________

International
________________________________________

$
___________________
$11,720.7

17.1
55.6
749.1
________________
$12,542.5
________________
________________

%
______________

$
__________________
$6,178.4

%
______________

0.1%
0.5%
6.4%
7.0%

—
(30.7)
535.4
______________
$6,683.1
______________
______________

—
(0.5)%
8.7%
8.2%

$
__________________
$5,542.3

17.1
86.3
213.7
______________
$5,859.4
______________
______________

%
______________

0.3%
1.6%
3.9%
5.7%

19

The components and percentages are calculated as follows:

• The foreign exchange impact is calculated by first converting the current period’s local currency
revenue using the average exchange rates from the equivalent prior period to arrive at a constant
currency revenue (in this case $12,525.4 million for the Total column in the table for the year). The
foreign exchange impact equals the difference between the current period revenue in U. S. Dollars and
the current period revenue in constant currency (in this case $12,542.5 million less $12,525.4 million
for the Total column in the table).

• The acquisition component is calculated by aggregating the applicable prior period revenue of the
acquired businesses, less revenue of any business included in the prior period revenue that was
disposed of subsequent to the prior period.

• Organic growth is calculated by subtracting both the foreign exchange and acquisition revenue

components from total revenue growth.

• The percentage change is calculated by dividing the individual component amount by the prior period

revenue base of that component ($11,720.7 million for the Total column in the table).

Revenue in 2010 and the percentage change from 2009 in our primary geographic markets were (in

millions):

United States  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Euro Markets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
United Kingdom  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$
__________
$ 6,683.1
2,459.3
1,090.2
2,309.9
________
$12,542.5
________
________

% Change
__________
8.2%
(3.6)%
4.3%
18.7%
7.0%

Foreign exchange impacts increased our 2010 revenue by $17.1 million. The most significant impacts

resulted from the weakening of the U.S. Dollar against the Canadian Dollar, Brazilian Real, Australian Dollar,
South African Rand and Japanese Yen, partially offset by the strengthening of the U.S. Dollar against the Euro
and British Pound.

Due to a variety of factors, in the normal course, our agencies both gain and lose business from clients
each year. The net result in 2010 was an overall gain in new business. Under our client-centric approach, we
seek to broaden our relationships with our largest clients. Revenue from our largest client represented 3.0% and
3.1% of our revenue in 2010 and 2009, respectively. No other client represented more than 2.4% of revenue in
2010 or more than 2.5% of revenue in 2009. Our ten largest and 100 largest clients represented 18.0% and
50.6% of our 2010 revenue, respectively, and 17.8% and 50.4% of our 2009 revenue, respectively.

Revenue for 2010 and 2009 and revenue change by discipline was: (in millions):

Year Ended December 31,
______________________________________________________________________
2009
________________________________________

2010 vs 2009
__________________________________________

2010
________________________________________

Advertising  . . . . . . . . . . . . . . . . . . . .
CRM  . . . . . . . . . . . . . . . . . . . . . . . . .
Public relations  . . . . . . . . . . . . . . . . .
Specialty communications  . . . . . . . .

% of
Revenue
________________
45.3%
36.3%
9.1%
9.3%

$
____________________
$ 5,679.0
4,547.9
1,145.7
1,169.9
________________
$12,542.5
________________
________________

% of
Revenue
________________
45.2%
36.5%
9.2%
9.1%

$
____________________
$ 5,301.4
4,272.3
1,075.3
1,071.7
________________
$11,720.7
________________
________________

$
Change
____________________
$377.6
275.6
70.4
98.2
___________
$821.8
___________
___________

%
Change
_______________
7.1%
6.5%
6.5%
9.2%
7.0%

20

Operating Expenses: Operating expenses for 2010 compared to 2009 were (in millions):

Year Ended December 31,
__________________________________________________________________________________

2010
____________________________________________________________

2009
__________________________________________________________

2010 vs 2009
_______________________________________

% of
Total
Operating
Revenue Expenses

% of

% of Operating
Revenue Expenses
__________ ________ _________ __________ ________ _________

$

% of
Total

$
$11,720.7

Revenue  . . . . . . . . . . . . . . . . . $12,542.5
Operating Expenses:

%
Change
__________ ________
7.0%

$
Change
$821.8

Salary and service costs   . .
Office and general 

9,214.2 73.5% 83.1%

8,450.6 72.1% 81.7%

763.6

9.0%

1,868.1 14.9% 16.9%
expenses  . . . . . . . . . . . .
________________
Operating Expenses  . . . . . . . .
11,082.3 88.4%
________________
Operating Income . . . . . . . . . . $ 1,460.2 11.6%
________________
________________

1,895.2 16.2% 18.3%
________________
10,345.8 88.3%
________________
$ 1,374.9 11.7%
________________
________________

(27.1)
___________
736.5
___________
$ 85.3
___________
___________

(1.4)%
7.1%
6.2%

Salary and services costs are comprised of employee compensation and related costs and direct service
costs. Salary and service costs increased $763.6 million in 2010 compared to 2009. Salary and service costs as a
percentage of revenue increased to 73.5% in 2010 compared to 72.1% in 2009. This increase resulted primarily
from a combination of a change in our business mix and increased compensation costs, primarily related to
freelance labor and incentive compensation, partially offset by a decrease in severance costs.

Office and general expenses decreased $27.1 million in 2010 compared to 2009. Office and general
expenses as a percentage of revenue decreased 1.3% in 2010 compared to 2009. These costs are comprised of
rent and occupancy costs, technology costs, depreciation and amortization and other overhead expenses, and are
less directly linked to changes in our revenue. Included in office and general expenses is a $26.0 million non-
cash gain resulting from the remeasurement to fair value of our existing ownership interests in affiliates in the
Middle East and South America in which we acquired a controlling interest, bringing our ownership up to 68.6%
and 100%, respectively. Further, we recorded a $13.0 million charge primarily related to fixed asset impairment
and other costs on the disposal of certain underperforming businesses in Europe.

Net Interest Expense: Net interest expense increased to $109.8 million in 2010, as compared to $100.7
million in 2009. Gross interest expense increased $12.5 million to $134.7 million. The increase was primarily
due to increased interest resulting from our 6.25% Senior Notes issued in July 2009, our 4.45% Senior Notes
issued in August 2010 and amortization of supplemental interest payments made on our Convertible Notes due
2038. This increase was partially offset by lower interest expense resulting from no borrowings under our Credit
Agreement during 2010 and decreases in amortization of supplemental interest payments made in prior periods
on our Convertible Notes due 2031 and our Convertible Notes due 2032, as well as a net reduction in interest
expense on our 2016 Notes resulting from our interest rate swap entered into in August 2010. Gross interest
income increased $3.4 million to $24.9 million in 2010. This increase was attributable to higher foreign cash
balances available for investment and higher investment rates.

Income Taxes: Our 2010 consolidated effective income tax rate was 34.1%, which increased slightly from

34.0% in 2009.

Net Income Per Common Share — Omnicom Group Inc.: For the foregoing reasons, our net income –

Omnicom Group Inc. in 2010 increased $34.7 million, or 4.4%, to $827.7 million from $793.0 million in 2009.
Diluted net income per common share – Omnicom Group Inc. increased 6.7% to $2.70 in 2010, as compared to
$2.53 in the prior year. The year-over-year increase in diluted net income per common share – Omnicom Group
Inc. is due to the factors described above, as well as the impact of the reduction in our weighted average
common shares outstanding. This reduction was the result of our purchases of our common stock during 2010,
net of stock option exercises and shares issued under our employee stock purchase plan.

Liquidity and Capital Resources

Cash Sources and Requirements, Including Contractual Obligations

Historically, the majority of our non-discretionary cash requirements have been funded from operating
cash flow and cash on hand. Working capital is our principal non-discretionary funding requirement. In addition,

21

we have contractual obligations related to our senior notes and convertible notes, our recurring business
operations, primarily related to lease obligations, as well as certain contingent acquisition obligations (earn-outs)
related to acquisitions made in prior years.

Our principal discretionary cash requirements include dividend payments to our shareholders, capital
expenditures, payments for strategic acquisitions and repurchases of our common stock. In addition, we pay
dividends to shareholders of noncontrolling interests in our subsidiaries.

Our discretionary spending is funded from operating cash flow and cash on hand. In addition, depending

on the level of our discretionary activity, we may use other available sources of funding such as issuing
commercial paper, borrowing under our Credit Agreement or other long-term borrowings to finance these
activities. We expect that we should be able to fund both our discretionary and non-discretionary cash
requirements for 2012 without incurring additional long-term debt. However, we may access the capital markets
at any time if favorable conditions exist.

We have a seasonal cash requirement normally peaking during the second quarter primarily due to the

timing of payments for incentive compensation, income taxes and contingent acquisition obligations. This
typically results in a net borrowing requirement that decreases over the course of the year and at the end of the
calendar year we expect to have cash invested.

At December 31, 2011, our cash and cash equivalents decreased by $507.5 million from December 31,

2010. The components of the decrease for 2011 are (in millions):

Cash flow from operations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,315.3

Sources

Cash Management

We manage our cash and liquidity centrally through our regional treasury centers in North America,

Europe and Asia. The regional treasury centers are managed by our wholly-owned finance subsidiaries. Each
day, operations with excess funds invest these funds with their regional treasury center. Likewise, operations that
require funding borrow funds from their regional treasury center. The treasury centers aggregate the net position
which is either invested with or borrowed from third parties. To the extent that our treasury centers require
liquidity, they have the ability to access local currency uncommitted lines of credit or the Credit Agreement or
issue up to $1.5 billion of U.S. Dollar-denominated commercial paper. This process enables us to manage our
debt balances more efficiently and utilize our cash more effectively, as well as better manage our risk to foreign
exchange changes. In countries where we either do not conduct treasury operations or it is not feasible for one of
our treasury centers to fund net borrowing requirements on an intercompany basis, we arrange for local currency
uncommitted lines of credit.

Our cash and cash equivalents decreased $507.5 million and our short-term investments increased
$12.5 million from December 31, 2010. Short-term investments principally consist of time deposits with
financial institutions that we expect to convert into cash within our current operating cycle, generally one year.

At December 31, 2011, our foreign subsidiaries held $1,045.7 million of our cash and cash equivalents.

These funds are used to manage the day-to-day liquidity requirements of our international operations. The
majority of this cash is available to us, net of any taxes payable upon repatriation to the United States. Changes
in international tax rules or changes in U.S. tax rules and regulations covering international operations and
foreign tax credits may affect our future reported financial results or the way we conduct our business.

We have policies governing counterparty credit risk with banks that hold our cash and cash equivalents.

Generally, in countries where we conduct treasury operations, the bank counterparties are either branches or
subsidiaries of institutions that are party to our Credit Agreement. These banks have credit ratings equal to or
better than our credit ratings. We have risk management limits for each of these banks and we monitor the global
exposure on a daily basis. In countries where we do not conduct treasury operations, we ensure that all cash is
held by bank counterparties that meet criteria based on credit ratings and other factors.

Our cash and cash equivalents and short-term investments decreased $495.0 million from the prior year

end. As a result, our net debt position, which we define as total debt outstanding less cash and cash equivalents
and short-term investments, increased $511.9 million as compared to the prior year-end, as follows (in millions):

2011
_________

2010
_________

Debt:

Short-term borrowings, due in less than one year  . . . . . . . . . . . . . . . . . . .
5.90% Senior Notes due April 15, 2016  . . . . . . . . . . . . . . . . . . . . . . . . . .
6.25% Senior Notes due July 15, 2019  . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.45% Senior Notes due August 15, 2020  . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible notes due February 7, 2031  . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible notes due July 31, 2032  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible notes due June 15, 2033  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible notes due July 1, 2038  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unamortized discount on Senior Notes  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred gain from termination of interest rate swaps on 

Senior Notes due 2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair value hedge adjustment on Senior Notes due 2016  . . . . . . . . . . . . . .
Total debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cash and cash equivalents and short-term investments  . . . . . . . . . . . . . . .
Net debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$

9.5
1,000.0
500.0
1,000.0
—
252.7
0.1
406.6
1.3
(7.6)

30.5
—
______________
3,193.1
1,805.0
______________
$1,388.1
______________
______________

$

50.2
1,000.0
500.0
1,000.0
0.1
252.7
0.1
406.6
1.5
(8.7)

—
(26.3)
______________
3,176.2
2,300.0
______________
$ 876.2
______________
______________

23

Net Debt is a Non-GAAP financial measure. This presentation, together with the comparable U.S. GAAP

measures, reflects one of the key metrics used by us to assess our cash management performance. Non-GAAP
financial measures should not be considered in isolation from, or as a substitute for, financial information
presented in compliance with U.S. GAAP. Non-GAAP financial measures as reported by us may not be
comparable to similarly titled amounts reported by other companies.

Debt Instruments and Related Covenants

In October 2011, we amended the Credit Agreement to increase the borrowing capacity to $2.5 billion

from $2.0 billion and to extend the term to October 12, 2016. There were no changes to the financial covenants
in the Credit Agreement. We have the ability to classify borrowings under the agreement as long-term. The
Credit Agreement provides support for up to $1.5 billion of commercial paper issuances, as well as back-up
liquidity in the event that any of our convertible notes are put back to us.

Depending on market conditions at the time, we typically fund our day-to-day liquidity by issuing
commercial paper, borrowing under our uncommitted lines of credit or borrowing under our Credit Agreement.
At December 31, 2011, there were no outstanding commercial paper issuances or borrowings under the Credit
Agreement.

For the three years ended December 31, 2011 commercial paper activity was (dollars in millions):

Average amount outstanding during the year  . . . . . . . . . . .
Maximum amount outstanding during the year  . . . . . . . . .
Total issuances during the year  . . . . . . . . . . . . . . . . . . . . . .
Average days outstanding  . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average interest rate . . . . . . . . . . . . . . . . . . . . . . .

2011
__________
$
626.5
$ 1,132.9
$22,843.9
10.0
0.36%

2010
__________
$
406.5
$ 1,050.6
$13,319.2
11.1
0.40%

2009
__________
180.3
$
$
618.0
$12,703.3
5.2
0.72%

At December 31, 2011, short-term borrowings of $9.5 million are comprised of bank overdrafts and lines

of credit of our international subsidiaries. These bank overdrafts and lines of credit are treated as unsecured
loans pursuant to the agreements supporting the facilities.

The Credit Agreement contains financial covenants that restrict our ability to incur indebtedness as defined

in the agreement. These financial covenants limit the ratio of total consolidated indebtedness to total
consolidated EBITDA (under the Credit Agreement, EBITDA is defined as earnings before interest, taxes,
depreciation and amortization) to no more than 3.0 times. We are also required to maintain a minimum ratio of
consolidated EBITDA to interest expense of at least 5.0 times. At December 31, 2011 we were in compliance
with these covenants, as our ratio of debt to EBITDA was 1.7 times and our ratio of EBITDA to interest expense
was 12.3 times. The Credit Agreement does not limit our ability to declare or pay dividends.

S&P rates our long-term debt BBB+ and Moody’s rates our long-term debt Baa1. Our short-term debt
credit ratings are A2 and P2 by the respective agencies. Our outstanding 5.90% Senior Notes due April 15, 2016,
6.25% Senior Notes due July 15, 2019, 4.45% Senior Notes due August 15, 2020, collectively the Senior Notes,
convertible notes and Credit Agreement do not contain provisions that require acceleration of cash payments
should our debt credit ratings be downgraded. However, the interest rates and fees on the Credit Agreement will
increase if our long-term debt credit ratings are lowered.

Our Senior Notes and convertible notes were co-issued by us and two of our wholly-owned finance

subsidiaries, Omnicom Capital Inc., or OCI, and Omnicom Finance Inc., or OFI, as co-obligors. Our Senior
Notes and convertible notes are a joint and several liability of the issuer and the co-obligors and we
unconditionally guarantee the obligations of OCI and OFI with respect to the Senior Notes and the convertible
notes. Our Senior Notes and convertible notes are senior unsecured obligations that rank in equal right of
payment with all existing and future unsecured senior indebtedness.

24

OCI and OFI provide funding for our operations by incurring debt and lending the proceeds to our
operating subsidiaries. OCI and OFI’s assets consist of intercompany loans made to our operating subsidiaries
and the related interest receivable. There are no restrictions in the Senior Notes or convertible note indentures on
the ability of OCI, OFI or us to obtain funds from our subsidiaries through dividends, loans or advances.

At December 31, 2011, outstanding debt, amounts available under the Credit Agreement, unamortized

discount and deferred gain on interest rate swaps were (in millions):

Short-term borrowings, due in less than one year  . . . . . . . . . . . . . . . . . . . . .
Outstanding Commercial Paper issuances  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Borrowings under the Credit Agreement  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.90% Senior Notes due April 15, 2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.25% Senior Notes due July 15, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.45% Senior Notes due August 15, 2020  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible notes due July 31, 2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible notes due June 15, 2033  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible notes due July 1, 2038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unamortized discount on Senior Notes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred gain from termination of interest rate swaps on 

Senior Notes due 2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Debt
Outstanding
___________
9.5
$
—
—
1,000.0
500.0
1,000.0
252.7
0.1
406.6
1.3
(7.6)

30.5
_______
$3,193.1
_______
_______

Available
Credit
_________
$ —

2,500.0
—
—
—
—
—
—
—
—

—
_______
$2,500.0
_______
_______

Credit Markets and Availability of Credit

We will continue to take actions available to us to respond to changing economic conditions and actively

manage our discretionary expenditures. We will continue to monitor and manage the level of credit made
available to our clients. We believe that these actions, in addition to the availability of our Credit Agreement, are
sufficient to fund our working capital needs and our discretionary spending.

In funding our day-to-day liquidity, we have historically been a participant in the commercial paper
market. We expect to continue funding our day-to-day liquidity through the commercial paper market. However,
prior disruptions in the credit markets led to periods of illiquidity in the commercial paper market and higher
credit spreads. During these periods of disruption, we used our uncommitted lines of credit and borrowed under
our Credit Agreement to mitigate these conditions and to fund our day-to-day liquidity. We will continue to
closely monitor our liquidity and the credit markets. We cannot predict with any certainty the impact on us of
any future disruptions in the credit markets.

The next date on which holders of our 2032 Notes can put their notes back to us for cash is July 31, 2012.
The next date on which holders of our 2038 Notes can put their notes back to us for cash is June 17, 2013. If our
convertible notes are put back to us, based on our current financial condition and expectations, we expect to have
sufficient available cash and unused credit commitments to fund any repurchase. Although such borrowings
would reduce the amount available under our Credit Agreement to fund our cash requirements, we believe that
we have sufficient capacity under these commitments to meet our cash requirements for the normal course of our
business operations after any repurchase.

Contractual Obligations and Other Commercial Commitments

We enter into numerous contractual and commercial undertakings in the normal course of business. The

following tables should be read in conjunction with our consolidated financial statements.

25

Contractual obligations at December 31, 2011 are (in millions):

Long-term notes payable  . . . . . . . . . . . . .
Interest on long-term notes payable . . . . .
Convertible notes  . . . . . . . . . . . . . . . . . . .
Lease obligations  . . . . . . . . . . . . . . . . . . .
Contingent purchase price obligations . . .
Defined benefit pension plans  . . . . . . . . .
Postemployment arrangements  . . . . . . . .
Uncertain tax positions . . . . . . . . . . . . . . .

Total
Obligation
____________________
$2,501.3
872.7
659.4
1,619.8
142.6
146.3
105.2
157.8
______________
$6,205.1
______________
______________

Obligation Due
__________________________________________________________________________________

2012
_________________
$ 0.7
134.8
—
382.9
32.8
4.1
10.2
3.1
___________
$568.6
___________
___________

2013 – 2014
_____________________
$ 0.6
269.5
—
542.7
93.5
12.6
18.1
37.0
___________
$974.0
___________
___________

2015 – 2016
_____________________
$1,000.0
227.7
659.4
307.8
10.3
11.3
14.7
117.7
______________
$2,348.9
______________
______________

After 2016
____________________
$1,500.0
240.7
—
386.4
6.0
118.3
62.2
—
______________
$2,313.6
______________
______________

Contractual commitments at December 31, 2011 are (in millions):

Standby letters of credit  . . . . . . . . . . . . . .
Guarantees  . . . . . . . . . . . . . . . . . . . . . . . .

Total
Commitment
_______________________
$15.2
84.7
_________
$99.9
_________
_________

Commitment Expires
__________________________________________________________________________________

2012
_________________
$ 0.3
72.7
_________
$73.0
_________
_________

2013 – 2014
_____________________
$2.0
7.0
_______
$9.0
_______
_______

2015 – 2016
_____________________
$12.0
2.1
_________
$14.1
_________
_________

After 2016
____________________
$0.9
2.9
_______
$3.8
_______
_______

The liability for uncertain tax positions is subject to uncertainty as to when or if the liability will be paid.

We have assigned the liability to the periods presented based on our judgment as to when these liabilities will be
resolved by the appropriate taxing authorities.

Holders of our convertible notes have the right to require us to repurchase all or a portion of the notes then
outstanding on specific dates in the future. The next date holders of our 2032 Notes can put the notes back to us
is July 31, 2012. The next date on which holders of our 2038 Notes can put the notes back to us is June 17,
2013. If these rights were exercised at the earliest possible future date $252.7 million of convertible notes could
be due in 2012 and $406.7 million could be due in 2013. At December 31, 2011, we classified our convertible
notes as long-term in our balance sheet because our Credit Agreement does not expire until October 2016 and it
is our intention to fund any repurchase with the Credit Agreement.

In the normal course of business, we often enter into contractual commitments with media providers and

agreements with production companies on behalf of our clients at levels that substantially exceed the revenue
from our services. Many of our agencies purchase media for our clients and act as an agent for a disclosed
principal. These commitments are included in accounts payable when the media services are delivered by the
media providers. While operating practices vary by country, media type and media vendor, in the United States
and certain foreign markets many of our contracts with media providers specify that if our client defaults on its
payment obligation, then we are not liable to the media providers under the theory of sequential liability until we
have been paid for the media by our client. In other countries, we manage our risk in other ways, including
evaluating and monitoring our clients’ creditworthiness and, in many cases, obtaining credit insurance or
requiring payment in advance. Further, in cases where we are committed to a media purchase and it becomes
apparent that a client may be unable to pay for the media, options are potentially available to us in the
marketplace, in addition to those cited above to mitigate the potential loss, including negotiating with media
providers. In addition, our agencies incur production costs on behalf of clients. We usually act as an agent for a
disclosed principal in the procurement of these services. We manage the risk of payment default by the client by
having the production companies be subject to sequential liability or requiring at least partial payment in
advance from our client. However, the agreements entered into, as well as the production costs incurred, are
unique to each client. We have not experienced a material loss related to media purchases or production costs
incurred on behalf of our clients. However, the risk of a material loss could significantly increase in a severe
economic downturn.

26

Pension and Postemployment Funding: The unfunded benefit obligation for our defined benefit pension

plans and postemployment arrangements at December 31, 2011 was $201.0 million. During 2011, we
contributed $7.8 million to our defined benefit pension plans and paid $10.7 million in benefits for our
postemployment arrangements. We do not expect these payments to increase significantly in 2012.

Contingent Acquisition Obligations: Certain of our acquisitions are structured with contingent purchase
price obligations (earn-outs). We utilize contingent purchase price structures in an effort to minimize the risk to
us associated with potential future negative changes in the performance of the acquired business during the post-
acquisition transition period. These payments are not contingent upon future employment. At December 31,
2011 the amount of future contingent purchase price payments that we could be required to pay for acquisitions
completed prior to January 1, 2009, assuming that the businesses perform over the relevant future periods at
their current profit levels, is approximately $50.3 million, of which $42.0 million is due in 2012. The ultimate
amounts payable cannot be predicted with reasonable certainty because they are dependent on future results of
operations of the subject businesses and are subject to changes in foreign currency exchange rates. In accordance
with U.S. GAAP, for acquisitions completed prior to January 1, 2009, we have not recorded a liability for these
earn-out obligations in our balance sheet since the definitive amount is not determinable or distributable. Actual
results can differ from these estimates and the actual amounts that we pay are likely to be different from these
estimates. Our obligations change from period to period primarily as a result of payments made during the
current period, changes in the acquired entities’ performances and changes in foreign currency exchange rates.
These differences could be significant.

Contingent purchase price obligations related to acquisitions completed subsequent to December 31, 2008

are recorded as a liability at fair value in our consolidated balance sheet. This liability is remeasured at each
reporting period and subsequent changes in fair value are recorded in our results of operations. At December 31,
2011, this liability totaled approximately $142.6 million, of which $32.8 million is current.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

As a global service business, we operate in multiple foreign currencies and issue debt in the capital
markets. In the normal course of business, we are exposed to foreign currency fluctuations and the impact of
interest rate changes. We limit these risks through risk management policies and procedures, including the use of
derivatives. For foreign currency exposure, derivatives are used to better manage the cash flow volatility arising
from foreign exchange rate fluctuations. For interest rate exposure, derivatives have been used to manage the
related cost of debt.

As a result of using derivative instruments, we are exposed to the risk that counterparties to derivative
contracts will fail to meet their contractual obligations. To mitigate the counterparty credit risk, we have a policy
of only entering into contracts with carefully selected major financial institutions based on credit ratings and
other factors.

We evaluate the effects of changes in foreign currency exchange rates, interest rates and other relevant
market risks on our derivative instruments. We periodically determine the potential loss from market risk on our
derivative instruments by performing a value-at-risk analysis. Value-at-risk is a statistical model that utilizes
historical currency exchange and interest rate data to measure the potential impact on future earnings of our
derivative financial instruments. The value-at-risk analysis on our derivative financial instruments at December 31,
2011 indicated that the risk of loss was immaterial.

Foreign Exchange

Our results of operations are subject to risk from the translation to U.S. Dollars of the revenue and
expenses of our foreign operations, which are generally denominated in the local currency. The effects of
currency exchange rate fluctuation on the translation of our results of operations are discussed in Note 21 of our
consolidated financial statements. For the most part, revenue and the expenses associated with that revenue are
denominated in the same currency. This minimizes the impact of fluctuations in exchange rates on our results of
operations.

27

While our agencies conduct business in more than 70 different currencies, our major non-U.S. currency

markets are the European Monetary Union, or the EMU, the United Kingdom, Australia, Brazil, Canada, China,
and Japan. As an integral part of our treasury operations, we centralize our cash and use multicurrency pool
arrangements to manage the foreign exchange risk between subsidiaries and their respective treasury centers
from which they borrow or invest funds.

In certain circumstances, instead of using a multicurrency pool, operations can borrow or invest on an
intercompany basis with a treasury center operating in a different currency. To manage the foreign exchange risk
associated with these transactions, we enter into forward foreign exchange contracts with third party banks. At
December 31, 2011, we had forward foreign exchange contracts outstanding with an aggregate notional principal
of $120.8 million mitigating the foreign exchange risk of these intercompany borrowings and investments.

Also, we use forward foreign exchange contracts to mitigate the foreign currency risk associated with

activities when revenue and operating expenses are not denominated in the same currency. In these instances,
amounts are promptly settled or hedged in the foreign currency market with forward contracts. At December 31,
2011, we had forward foreign exchange contracts outstanding with an aggregate notional principal of $71.6
million related to these activities.

The forward foreign exchange contracts were entered into for the purpose of hedging certain specific
currency risks. These risks are primarily the result of the temporary movement of money from one local market
to another as part of our cash management program. As a result of these financial instruments, we reduced
financial risk in exchange for foregoing any gain (reward) which might have occurred if the markets moved
favorably.

Interest Rate Risk

From time to time, we issue debt in the capital markets. In 2011, to manage our overall interest cost, we
used interest rate swaps to convert specific fixed-rate debt into variable-rate debt and designated the swaps as a
fair value hedge. See Note 7 to our consolidated financial statements for a discussion of our interest rate swaps.
At December 31, 2011, there were no interest rate swaps outstanding.

Holders of our convertible notes have the right to require us to repurchase all or a portion of the notes then

outstanding on specific dates in the future. The next date on which holders of our 2032 Notes can put the notes
back to us is July 31, 2012 and the next date on which holders of our 2038 Notes can put the notes back to us is
June 17, 2013. As we have done on prior occasions, we may offer a supplemental interest payment or other
incentives to the noteholders to induce them not to put the convertible notes to us. If we decide to pay a
supplemental interest payment, the amount offered would be based on a combination of market factors at the
time of the applicable put date, including the price of our common stock, short-term interest rates and a factor
for credit risk.

If our outstanding convertible notes are put back to us, based on our current financial condition and
expectations, we expect to have sufficient available cash and unused credit commitments to fund any repurchase.
Although such borrowings would reduce the amount available under our Credit Agreement to fund our cash
requirements, we believe that we have sufficient capacity under these commitments to meet our cash
requirements for the normal course of operations after the repurchase. Additionally, if the convertible notes are
put back to us, our interest expense will change. The extent, if any, of the increase or decrease in interest
expense will depend on the portion of the amount repurchased that was refinanced, when we refinance, the type
of instrument we use to refinance and the term of the refinancing.

Even if we were to replace the convertible notes with another form of debt on a dollar-for-dollar basis, it

would have no impact on either our debt to capital ratios or our debt to EBITDA ratio. If we were to replace our
convertible notes with interest-bearing debt at prevailing rates, this may result in an increase in interest expense
that would negatively impact our coverage ratios, such as EBITDA to interest expense. However, the coverage
ratios in the Credit Agreement and ratings levels are currently well within the thresholds. If either our ratio of
debt to EBITDA was to increase 75% or our ratio of EBITDA to interest expense was to halve, we would still be
in compliance with these covenants. Therefore, based on our current coverage ratios, our present expectations of

28

our future operating cash flows and expected access to debt and equity capital markets, we believe any increase
in interest expense and reduction in coverage ratios would still place us comfortably above the coverage ratio
requirements.

Credit Risk

We provide marketing and corporate communications services to thousands of clients who operate in
nearly every industry sector of the global economy and in the normal course of business, we grant credit to
qualified clients. Due to the diversified nature of our client base, we do not believe that we are exposed to a
concentration of credit risk as our largest client accounted for 2.6% of our 2011 revenue and no other client
accounted for more than 2.1% of our 2011 revenue. However, during periods of economic downturn, the credit
profiles of our clients could change.

In the normal course of business, we often enter into contractual commitments with media providers and

agreements with production companies on behalf of our clients at levels that can substantially exceed the
revenue from our services. Many of our agencies purchase media for our clients and act as an agent for a
disclosed principal. These commitments are included in accounts payable when the media services are delivered
by the media providers. While operating practices vary by country, media type and media vendor, in the United
States and certain foreign markets, many of our contracts with media providers specify that if our client defaults
on its payment obligation, then we are not liable to the media providers under the theory of sequential liability
until we have been paid for the media by our client. In other countries, we manage our risk in other ways,
including evaluating and monitoring our clients’ creditworthiness and in many cases, obtaining credit insurance
or requiring payment in advance. Further, in cases where we are committed to a media purchase and it becomes
apparent that a client may be unable to pay for the media, options are potentially available to us in the
marketplace, in addition to those cited above to mitigate the potential loss, including negotiating with media
providers. In addition, our agencies incur production costs on behalf of clients. We usually act as an agent for a
disclosed principal in the procurement of these services. We manage the risk of payment default by the client by
having the production companies be subject to sequential liability or requiring at least partial payment in
advance from our client. However, the agreements entered into, as well as the production costs incurred, are
unique to each client. We have not experienced a material loss related to media purchases or production costs
incurred on behalf of our clients. However, the risk of a material loss could significantly increase in a severe
economic downturn.

Item 8. Financial Statements and Supplementary Data

Our financial statements and supplementary data are included at the end of this report beginning on

page F-1. See the index appearing on the following pages of this report.

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

None.

Item 9A. Controls and Procedures

We maintain disclosure controls and procedures designed to ensure that information required to be
disclosed in our SEC reports is recorded, processed, summarized and reported within applicable time periods.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that
information required to be disclosed by us in our reports that we file or submit under the Securities Exchange
Act of 1934, as amended, or the Exchange Act, is accumulated and communicated to management, including our
Chief Executive Officer, or CEO, and Chief Financial Officer, or CFO, as appropriate to allow timely decisions
regarding required disclosure. We conducted an evaluation of the effectiveness of our disclosure controls and
procedures as of December 31, 2011. Based on that evaluation, our CEO and CFO concluded that, as of
December 31, 2011, our disclosure controls and procedures are effective to ensure that decisions can be made
timely with respect to required disclosures, as well as ensuring that the recording, processing, summarization
and reporting of information required to be included in our Annual Report on Form 10-K for the year ended
December 31, 2011 is appropriate.

29

Our management is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision of management and
with the participation of our CEO, CFO and our agencies, we conducted an evaluation of the effectiveness of our
internal control over financial reporting based on the framework in Internal Control – Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission published in 1987. Based
on that evaluation, our CEO and CFO concluded that our internal control over financial reporting was effective
as of December 31, 2011. There have not been any changes in our internal control over financial reporting
during our most recent fiscal quarter that have materially affected or are reasonably likely to materially affect
our internal control over financial reporting.

KPMG LLP, an independent registered public accounting firm that audited our consolidated financial
statements included in this Annual Report on Form 10-K, has issued an attestation report on Omnicom’s internal
control over financial reporting as of December 31, 2011, dated February 17, 2012.

Item 9B. Other Information

None.

30

Item 15. Exhibits, Financial Statement Schedules

PART IV

(a)(1) Financial Statements:

Page
________
Management Report on Internal Control Over Financial Reporting  . . . . . . . . . . . . . . . . . . . . . . . . . F-1
Report of Independent Registered Public Accounting Firm  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-2
Report of Independent Registered Public Accounting Firm  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-3
Consolidated Balance Sheets at December 31, 2011 and 2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-4
Consolidated Statements of Income for the Three Years Ended December 31, 2011  . . . . . . . . . . . . F-5
Consolidated Statements of Comprehensive Income for the 

Three Years Ended December 31, 2011  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-6
Consolidated Statements of Equity for the Three Years Ended December 31, 2011  . . . . . . . . . . . . F-7
Consolidated Statements of Cash Flows for the Three Years Ended December 31, 2011  . . . . . . . . F-8
Notes to Consolidated Financial Statements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-9
Quarterly Results of Operations (Unaudited)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-38

(a)(2) Financial Statement Schedules:

Schedule II – Valuation and Qualifying Accounts for the 

Three Years Ended December 31, 2011  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S-1

All other schedules are omitted because they are not applicable.

(a)(3) Exhibits:

Exhibit
Number
____________
3(i)

3(ii)

4.1

4.2

4.3

4.4

4.5

4.6

Description
________________
Restated Certificate of Incorporation of Omnicom Group Inc. (Exhibit 3.1 to our Quarterly
Report on Form 10-Q (File No. 1-10551) for the quarter ended September 30, 2011 and
incorporated herein by reference).
By-laws of Omnicom Group Inc., as amended and restated on May 24, 2011 (Exhibit 3.2 to
our Current Report on Form 8-K (File No. 1-10551) dated May 26, 2011 and incorporated
herein by reference).
Indenture, dated March 6, 2002, between Omnicom Group Inc. and JPMorgan Chase Bank,
as trustee, in connection with our issuance of $900 million Zero Coupon Zero Yield
Convertible Notes due 2032 (“2032 Indenture”) (Exhibit 4.6 to our Annual Report on
Form 10-K (File No. 1-10551) for the year ended December 31, 2001 and incorporated
herein by reference).
Form of Zero Coupon Zero Yield Convertible Notes due 2032 (included in Exhibit 4.1
above).
First Supplemental Indenture to the 2032 Indenture, dated as of February 13, 2004, among
Omnicom Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and JPMorgan Chase
Bank, as trustee (Exhibit 4.3 to our Registration Statement on Form S-3 (Registration
No. 333-112840) and incorporated herein by reference).
Second Supplemental Indenture to the 2032 Indenture, dated August 12, 2004, among
Omnicom Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and JPMorgan Chase
Bank, as trustee (Exhibit 4.1 to our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2004 (“September 30, 2004 10-Q”) and incorporated herein by reference).
Third Supplemental Indenture to the 2032 Indenture, dated November 4, 2004, among
Omnicom Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and JPMorgan Chase
Bank, as trustee (Exhibit 4.3 to our September 30, 2004 10-Q and incorporated herein by
reference).
Fourth Supplemental Indenture to the 2032 Indenture, dated July 10, 2008, among Omnicom
Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and Deutsche Bank Trust
Company Americas, as trustee (Exhibit 99.2 to our Current Report on Form 8-K
(File No. 1-10551) dated July 15, 2008 and incorporated herein by reference).

31

4.7

4.8

4.9

4.10

4.11

4.12

4.13

4.14

4.15

4.16

4.17

4.18

4.19

4.20

Fifth Supplemental Indenture to the 2032 Indenture, dated August 8, 2008, among Omnicom
Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and Deutsche Bank Trust
Company Americas, as trustee (Exhibit 99.1 to our Current Report on Form 8-K
(File No. 1-10551) dated August 14, 2008 and incorporated herein by reference).
Indenture, dated as of June 10, 2003, between Omnicom Group Inc. and JPMorgan Chase
Bank, as trustee, in connection with our issuance of $600 million Zero Coupon Zero Yield
Convertible Notes due 2033 (“2033 Indenture”) (Exhibit 4.1 to our Registration Statement
on Form S-3 (Registration No. 333-108611) and incorporated herein by reference).
Form of the Zero Coupon Zero Yield Convertible Notes due 2033 (included in Exhibit 4.8
above).
First Supplemental Indenture to the 2033 Indenture, dated as of November 5, 2003, among
Omnicom Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and JPMorgan Chase
Bank, as trustee (Exhibit 4.4 to our Registration Statement on Form S-3 (Registration
No. 333-108611) and incorporated herein by reference).
Second Supplemental Indenture to the 2033 Indenture, dated as of November 4, 2004,
among Omnicom Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and JPMorgan
Chase Bank, as trustee (Exhibit 4.4 to our September 30, 2004 10-Q and incorporated herein
by reference).
Third Supplemental Indenture to the 2033 Indenture, dated November 10, 2004, among
Omnicom Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and JPMorgan Chase
Bank, as trustee (Exhibit 4.1 to our Current Report Form 8-K (File No. 1-10551) dated
November 10, 2004 and incorporated herein by reference).
Fourth Supplemental Indenture to the 2033 Indenture, dated June 30, 2006, among
Omnicom Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and JPMorgan Chase
Bank, N.A., as trustee (Exhibit 4.1 to our Current Report on Form 8-K (File No. 1-10551)
dated July 7, 2006 and incorporated herein by reference).
Fifth Supplemental Indenture to the 2033 Indenture, dated June 8, 2010, among Omnicom
Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and Deutsche Bank Trust
Company Americas, as trustee (Exhibit 10.1 to our Current Report on the Form 8-K (File
No. 1-10551) dated June 10, 2010 and incorporated herein by reference).
Sixth Supplemental Indenture to the 2033 Indenture, dated June 21, 2010, among Omnicom
Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and Deutsche Bank Trust
Company Americas, as trustee (Exhibit 10.1 to our Current Report on Form 8-K (File
No. 1-10551) dated June 22, 2010 and incorporated herein by reference).
Form of Senior Debt Securities Indenture (Exhibit 4.1 to our Registration Statement on
Form S-3 (Registration No. 333-132625) dated March 22, 2006 and incorporated herein by
reference).
First Supplemental Indenture, dated as of March 29, 2006, among Omnicom Group Inc.,
Omnicom Capital Inc., Omnicom Finance Inc. and JPMorgan Chase Bank, N.A., as trustee,
in connection with our issuance of $1.0 billion 5.90% Notes due 2016 (Exhibit 4.2 to our
Current Report on Form 8-K (File No. 1-10551) dated March 29, 2006 (“March 29, 2006
8-K”) and incorporated herein by reference).
Form of 5.90% Notes due 2016 (Exhibit 4.3 to the March 29, 2006 8-K and incorporated
herein by reference).
Indenture, dated as of July 1, 2009, among Omnicom Group Inc., Omnicom Capital Inc.,
Omnicom Finance Inc. and Deutsche Bank Trust Company Americas, as trustee (“2009 Base
Indenture”) (Exhibit 4.1 to our Current Report on Form 8-K (File No. 1-10551), dated July
1, 2009 (“July 1, 2009 8-K”) and incorporated herein by reference).
First Supplemental Indenture to the 2009 Base Indenture, dated as of July 1, 2009, among
Omnicom Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and Deutsche Bank
Trust Company Americas, as trustee, in connection with our issuance of $500 million 6.25%
Senior Notes due 2019 (Exhibit 4.2 to the July 1, 2009 8-K and incorporated herein by
reference).

32

4.21

4.22

4.23

10.1

10.2

10.3

10.4

10.5

10.6

10.7

10.8

10.9

10.10
10.11

10.12

10.13

Second Supplemental Indenture to the 2009 Base Indenture, dated as of August 5, 2010, among
Omnicom Group Inc., Omnicom Capital Inc., Omnicom Finance Inc. and Deutsche Bank Trust
Company Americas, as trustee, in connection with our issuance of $1.0 billion 4.45% Senior
Notes due 2020 (Exhibit 4.1 to our Current Report on Form 8-K (File No. 1-10551) dated
August 5, 2010 (“August 5, 2010 8-K”) and incorporated herein by reference).
Form of 6.25% Notes due 2019 (Exhibit 4.3 to the July 1, 2009 8-K and incorporated herein
by reference).
Form of 4.45% Notes due 2020 (Exhibit 4.2 to the August 5, 2010 8-K and incorporated
herein by reference).
Amended and Restated Five Year Credit Agreement, dated as of October 12, 2011, by and
among Omnicom Capital Inc., a Connecticut corporation, Omnicom Finance plc, a public
limited company organized under the laws of England and Wales, Omnicom Group Inc., a
New York corporation, the banks, financial institutions and other institutional lenders and
initial issuing banks listed on the signature pages thereof, Citigroup Global Markets Inc., J.P.
Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as lead
arrangers and book managers, JPMorgan Chase Bank, N.A. and Bank of America, N.A., as
syndication agents, HSBC Bank USA, National Association, Wells Fargo Bank, National
Association and Banco Bilbao Vizcaya Argentaria, S.A. New York Branch, as documentation
agents, and Citibank, N.A., as administrative agent for the lenders (Exhibit 10.1 to our
Current Report on Form 8-K (File No. 1-10551) dated October 13, 2011 and incorporated
herein by reference).
Instrument of Resignation, Appointment and Acceptance, dated as of October 5, 2006,
among us, Omnicom Capital Inc., Omnicom Finance Inc., JPMorgan Chase Bank, N.A. and
Deutsche Bank Trust Company Americas (Exhibit 10.1 to our Current Report on Form 8-K
(File No. 1-10551) dated October 11, 2006 and incorporated herein by reference).
Amended and Restated 1998 Incentive Compensation Plan (Exhibit B to our Proxy
Statement (File No. 1-10551) filed on April 10, 2000 and incorporated herein by reference).
Director Equity Plan for Non-employee Directors (Appendix B to our Proxy Statement (File
No. 1-10551) filed on April 23, 2004 and incorporated herein by reference).
Standard form of our Executive Salary Continuation Plan Agreement (Exhibit 10.24 to our
Annual Report on Form 10-K (File No. 1-10551) for the year ended December 31, 1998 and
incorporated herein by reference).
Standard form of the Director Indemnification Agreement (Exhibit 10.25 to our Annual
Report on Form 10-K (File No. 1-10551) for the year ended December 31, 1989 and
incorporated herein by reference).
Long-Term Shareholder Value Plan (Exhibit 4.4 to our Registration Statement on Form S-8
(Registration No. 333-84498) and incorporated herein by reference).
Equity Incentive Plan (Exhibit 4.3 to our Registration Statement on Form S-8 (Registration
No. 333-108063) and incorporated herein by reference).
Senior Management Incentive Plan as amended and restated on December 4, 2008 (Exhibit
10.9 to our Annual Report on Form 10-K (File No. 1-10551) for the year ended December
31, 2008 (“2008 10-K”) and incorporated herein by reference).
Omnicom Group Inc. SERCR Plan.
Form of Award Agreement under the Omnicom Group Inc. SERCR Plan (Exhibit 10.2 to our
Current Report on Form 8-K (File No. 1-10551) dated December 13, 2006 and incorporated
herein by reference).
Omnicom Group Inc. Amended and Restated 2007 Incentive Award Plan (Appendix A to our
Proxy Statement (File No. 1-10551) filed on April 15, 2010 and incorporated herein by
reference).
Form of Indemnification Agreement (Exhibit 10.1 to our Quarterly Report on Form 10-Q
(File No. 1-10551) for the quarter ended June 30, 2007 and incorporated herein by
reference).

33

10.14

10.15

10.16

10.17

10.18

10.20

10.21

10.22

10.23

12
21
23
31.1

31.2

32

101

Form of Amendment to the Executive Salary Continuation Plan Agreement (Exhibit 10.14 to
the 2008 10-K and incorporated herein by reference).
Director Compensation and Deferred Stock Program (Exhibit 10.15 to the 2008 10-K and
incorporated herein by reference).
Restricted Stock Unit Deferred Compensation Plan (Exhibit 10.16 to the 2008 10-K and
incorporated herein by reference).
Restricted Stock Deferred Compensation Plan (Exhibit 10.17 to the 2008 10-K and
incorporated herein by reference).
Amendment No. 1 to the Restricted Stock Deferred Compensation Plan (Exhibit 10.18 to the
2008 10-K and incorporated herein by reference).
Form of Grant Notice and Option Agreement (Exhibit 10.20 to our Annual Report on Form
10-K (File No. 1-10551) for the year ended December 31, 2010 (“2010 10-K”) and
incorporated herein by reference).
Form of Grant Notice and Restricted Stock Agreement (Exhibit 10.21 to 2010 10-K and
incorporated herein by reference).
Form of Grant Notice and Restricted Stock Unit Agreement (Exhibit 10.21 to 2010 10-K
and incorporated herein by reference).
Form of Grant Notice and Performance Restricted Stock Unit Agreement (Exhibit 10.1 to
our Quarterly Report on Form 10-Q (File No. 1-10551) for the quarter ended June 30, 2011
and incorporated herein by reference).
Ratio of Earnings to Fixed Charges.
Subsidiaries of the Registrant.
Consent of KPMG LLP.
Certification of Chief Executive Officer and President required by Rule 13a-14(a) under the
Securities Exchange Act of 1934, as amended.
Certification of Executive Vice President and Chief Financial Officer required by Rule 13a-
14(a) under the Securities Exchange Act of 1934, as amended.
Certification of the Chief Executive Officer and President and the Executive Vice President
and Chief Financial Officer required by Rule 13a-14(b) under the Securities Exchange Act
of 1934, as amended, and 18 U.S.C. §1350.
Interactive Data File.

34

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the

registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.

SIGNATURES

February 17, 2012

OMNICOM GROUP INC.

BY:

/S/ RANDALL J. WEISENBURGER
Randall J. Weisenburger
Executive Vice President and Chief Financial Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

Signature
_________________

/s/ BRUCE CRAWFORD
(Bruce Crawford)

/s/ JOHN D. WREN
(John D. Wren)

/s/ RANDALL J. WEISENBURGER
(Randall J. Weisenburger)

/s/ PHILIP J. ANGELASTRO
(Philip J. Angelastro)

/s/ ALAN R. BATKIN
(Alan R. Batkin)

/s/ MARY C. CHOKSI
(Mary C. Choksi)

/s/ ROBERT CHARLES CLARK
(Robert Charles Clark)

/s/ LEONARD S. COLEMAN, JR.
(Leonard S. Coleman, Jr.)

/s/ ERROL M. COOK
(Errol M. Cook)

/s/ SUSAN S. DENISON
(Susan S. Denison)

/s/ MICHAEL A. HENNING
(Michael A. Henning)

/s/ JOHN R. MURPHY
(John R. Murphy)

/s/ JOHN R. PURCELL
(John R. Purcell)

/s/ LINDA JOHNSON RICE
(Linda Johnson Rice)

/s/ GARY L. ROUBOS
(Gary L. Roubos)

Title
________

Date
________

Chairman and Director

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

February 17, 2012

Chief Executive Officer 
and President and Director

Executive Vice President and 
Chief Financial Officer

Senior Vice President Finance
and Controller
(Principal Accounting Officer)

Director

Director

Director

Director

Director

Director

Director

Director

Director

Director

Director

35

[This page intentionally left blank]

MANAGEMENT REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Management is responsible for the preparation of the consolidated financial statements and related

information of Omnicom Group Inc. (“Omnicom”). Management uses its best judgment to ensure that the
consolidated financial statements present fairly, in all material respects, Omnicom’s consolidated financial
position and results of operations in conformity with generally accepted accounting principles in the United
States of America.

The financial statements have been audited by an independent registered public accounting firm in
accordance with the standards of the Public Company Accounting Oversight Board. Their report expresses the
independent accountant’s judgment as to the fairness of management’s reported operating results, cash flows and
financial position. This judgment is based on the procedures described in the second paragraph of their report.

Omnicom management is responsible for establishing and maintaining adequate internal control over
financial reporting, as such term is defined in Securities Exchange Act Rule 13a-15(f). Under the supervision of
management and with the participation of our Chief Executive Officer, or CEO, Chief Financial Officer, or
CFO, and our agencies, we conducted an evaluation of the effectiveness of our internal control over financial
reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of
Sponsoring Organizations of the Treadway Commission published in 1987. Based on that evaluation, our CEO
and CFO concluded that our internal control over financial reporting was effective as of December 31, 2011.

KPMG LLP, an independent registered public accounting firm that audited our consolidated financial
statements included in this Annual Report on Form 10-K, has issued an attestation report on Omnicom’s internal
control over financial reporting as of December 31, 2011, dated February 17, 2012.

There have not been any changes in our internal control over financial reporting during our fourth fiscal
quarter that have materially affected or are reasonably likely to affect our internal control over financial reporting.

The Board of Directors of Omnicom has an Audit Committee comprised of five non-management
directors. The Committee meets periodically with financial management, Internal Audit and the independent
auditors to review accounting, control, audit and financial reporting matters.

F-1

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of
Omnicom Group Inc.:

We have audited the accompanying consolidated balance sheets of Omnicom Group Inc. and subsidiaries (the
“Company”) as of December 31, 2011 and 2010, and the related consolidated statements of income,
comprehensive income, equity and cash flows for each of the years in the three-year period ended December 31,
2011. In connection with our audits of the consolidated financial statements, we also have audited financial
statement schedule II. These consolidated financial statements and financial statement schedule are the
responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated
financial statements and financial statement schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Omnicom Group Inc. and subsidiaries as of December 31, 2011 and 2010, and the results
of their operations and their cash flows for each of the years in the three-year period ended December 31, 2011,
in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial
statement schedule on page S-1, when considered in relation to the basic consolidated financial statements taken
as a whole, presents fairly, in all material respects, the information set forth therein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), Omnicom Group Inc.’s internal control over financial reporting as of December 31, 2011, based
on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO), and our report dated February 17, 2012 expressed an
unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.

/s/ KPMG LLP
New York, New York
February 17, 2012

F-2

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Board of Directors and Shareholders of
Omnicom Group Inc.:

We have audited Omnicom Group Inc. and subsidiaries’ (the “Company”) internal control over financial
reporting as of December 31, 2011, based on criteria established in Internal Control – Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company’s
management is responsible for maintaining effective internal control over financial reporting, and for its
assessment of the effectiveness of internal control over financial reporting, included in the accompanying
Management Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion
on the Company’s internal control over financial reporting based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether effective internal control over financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. Our audit also included performing such other procedures as we considered
necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A company's internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company's internal control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

In our opinion, Omnicom Group Inc. and subsidiaries maintained, in all material respects, effective internal
control over financial reporting as of December 31, 2011, based on criteria established in Internal Control –
Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board
(United States), the consolidated balance sheets of Omnicom Group Inc. and subsidiaries as of December 31,
2011 and 2010, and the related consolidated statements of income, comprehensive income, equity and cash
flows for each of the years in the three-year period ended December 31, 2011, and our report dated February 17,
2012 expressed an unqualified opinion on those consolidated financial statements.

/s/ KPMG LLP
New York, New York
February 17, 2012

F-3

OMNICOM GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

CURRENT ASSETS:

A S S E T S

Cash and cash equivalents  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term investments, at cost  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts receivable, net of allowance for doubtful accounts

of $40.6 and $46.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Work in process  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Current Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PROPERTY, PLANT AND EQUIPMENT

at cost, less accumulated depreciation of $1,186.1 and $1,168.3  . . . . . . . . . .
INVESTMENTS IN AFFILIATES  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
GOODWILL  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
INTANGIBLE ASSETS, net of accumulated amortization of $416.9 and $354.8 . . . .
DEFERRED TAX ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
OTHER ASSETS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL ASSETS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

L I A B I L I T I E S   A N D   E Q U I T Y

CURRENT LIABILITIES:

Accounts payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Customer advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Current portion of debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Short-term borrowings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Taxes payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Current Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LONG-TERM NOTES PAYABLE  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
CONVERTIBLE DEBT  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LONG-TERM LIABILITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LONG-TERM DEFERRED TAX LIABILITIES  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
COMMITMENTS AND CONTINGENT LIABILITIES (SEE NOTE 18)
TEMPORARY EQUITY – REDEEMABLE NONCONTROLLING INTERESTS  . . . . . . . . . . . .
EQUITY:

Shareholders’ Equity:

Preferred stock, $1.00 par value, 7.5 million shares authorized, none issued  . . .
Common stock, $0.15 par value, 1.0 billion shares authorized,

397.2 million shares issued, 273.4 million and 285.5 million shares 
outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional paid-in capital  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive income (loss) . . . . . . . . . . . . . . . . . . . .
Treasury stock, at cost, 123.8 million and 111.7 million shares . . . . . . . . .
Total Shareholders’ Equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total Equity  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
TOTAL LIABILITIES AND EQUITY  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

December 31,
(In millions, except
per share amounts)
____________________________

2011
________________________

2010
______________________

$ 1,781.2
23.8

$ 2,288.7
11.3

6,632.0
640.3
1,344.2
________
10,421.5
________

682.9
184.2
8,456.3
468.4
—
292.1
________
$20,505.4
________
________

$ 8,060.0
1,225.3
0.7
9.5
237.0
2,138.5
________
11,671.0
________
2,523.5
659.4
602.0
867.6

5,977.2
707.6
1,209.3
________
10,194.1
________

653.3
299.1
7,809.1
278.2
14.2
318.1
________
$19,566.1
________
________

$ 7,726.9
1,187.1
1.4
50.2
176.3
1,881.2
________
11,023.1
________
2,465.1
659.5
576.5
747.7

202.1

201.1

—

—

59.6
1,043.5
7,724.1
(191.7)
(5,131.2)
________
3,504.3
475.5
________
3,979.8
________
$20,505.4
________
________

59.6
1,271.9
7,052.5
(106.4)
(4,697.1)
________
3,580.5
312.6
________
3,893.1
________
$19,566.1
________
________

The accompanying notes to the consolidated financial statements are an integral part of these statements.

F-4

OMNICOM GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

Years Ended December 31,
(In millions, except per share amounts)
____________________________________________________________________________________________
2009
2010
2011
________________
________________
________________

REVENUE  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$13,872.5

OPERATING EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

12,201.4
________________

OPERATING INCOME  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,671.1

INTEREST EXPENSE  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

158.1

$12,542.5

11,082.3
________________

1,460.2

134.7

$11,720.7

10,345.8
________________

1,374.9

122.2

INTEREST INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

36.0
________________

24.9
________________

21.5
________________

INCOME BEFORE INCOME TAXES AND INCOME FROM
EQUITY METHOD INVESTMENTS  . . . . . . . . . . . . . . . . . . . . . .

INCOME TAX EXPENSE  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,549.0

505.8

1,350.4

460.2

1,274.2

433.6

INCOME FROM EQUITY METHOD INVESTMENTS  . . . . . . . . . . . .

17.2
________________

33.5
________________

30.8
________________

NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1,060.4

923.7

871.4

LESS: NET INCOME ATTRIBUTED TO NONCONTROLLING
INTERESTS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

NET INCOME – OMNICOM GROUP INC.  . . . . . . . . . . . . . . . . . .

NET INCOME PER SHARE – OMNICOM GROUP INC.:

107.8
________________

$
952.6
________________
________________

96.0
________________

$
827.7
________________
________________

78.4
________________

$
793.0
________________
________________

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$
$

3.38
3.33

$
$

2.74
2.70

$
$

2.54
2.53

The accompanying notes to the consolidated financial statements are an integral part of these statements.

F-5

OMNICOM GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Years Ended December 31,
(In millions)
____________________________________________________________________________________________
2009
2010
2011
________________
________________
________________

NET INCOME . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1,060.4
________________

$
923.7
________________

$
871.4
________________

Unrealized holding gain (loss) on securities, net of income 
taxes of $(0.4), $0.1 and $(1.9) for 2011, 2010 and 2009,
respectively  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign currency transaction and translation adjustments,
net of income taxes of $(41.2), $(37.6) and $134.3 for 
2011, 2010, and 2009, respectively  . . . . . . . . . . . . . . . . .

Defined benefit plans adjustment, net of income taxes of

$(9.1), $(9.0) and $1.7 for 2011, 2010 and 2009,
respectively  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(0.6)

0.1

(2.9)

(79.7)

(73.0)

249.5

OTHER COMPREHENSIVE INCOME  . . . . . . . . . . . . . . . . . . . . . .

(93.9)
________________

(86.5)
________________

(13.6)
________________

(13.6)
________________

2.1
________________

248.7
________________

COMPREHENSIVE INCOME  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

966.5

837.2

1,120.1

LESS: COMPREHENSIVE INCOME attributed to noncontrolling 
interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

COMPREHENSIVE INCOME – OMNICOM GROUP INC.  . . . . . . . .

99.2
________________

$
867.3
________________
________________

107.9
________________

$
729.3
________________
________________

87.8
________________

$ 1,032.3
________________
________________

The accompanying notes to the consolidated financial statements are an integral part of these statements.

F-6

OMNICOM GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EQUITY

Three Years Ended December 31, 2011
(Dollars in millions, except per share amounts)

Omnicom Group Inc.
_______________________________________________________________________________________________________________________________________________________________

Accumulated
Other

Total

Income (Loss)
___________________________
$(247.3)

Retained Comprehensive Treasury Shareholders’ Noncontrolling
Interests
Earnings
__________________________
________________
$ 230.6
$5,859.6
78.4
793.0
9.4
(91.7)
(7.1)

Equity
________________________
$ 3,522.8
793.0
239.3

Stock
_________________
$(3,778.1)

(25.6)

239.3

Balance December 31, 2008  . . . . . . . . . . . . . .
Net Income  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income . . . . . . . . . . . . . .
Dividends to noncontrolling interests  . . . . . . .
Acquisition of noncontrolling interests  . . . . . .
Increase in noncontrolling interests from

business combinations  . . . . . . . . . . . . . . . . .
Adoption of and change in temporary equity  .
Common stock dividends declared 

($0.60 per share) . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation  . . . . . . . . . . . . . . . .
Stock issued, share-based compensation  . . . . .
Treasury stock acquired  . . . . . . . . . . . . . . . . . .
Cancellation of shares  . . . . . . . . . . . . . . . . . . .

Balance December 31, 2009  . . . . . . . . . . . . . .
Net Income  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income . . . . . . . . . . . . . .
Dividends to noncontrolling interests  . . . . . . .
Acquisition of noncontrolling interests  . . . . . .
Increase in noncontrolling interests from 

business combinations  . . . . . . . . . . . . . . . . .
Change in temporary equity . . . . . . . . . . . . . . .
Common stock dividends declared 

($0.80 per share) . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation  . . . . . . . . . . . . . . . .
Stock issued, share-based compensation  . . . . .
Treasury stock acquired  . . . . . . . . . . . . . . . . . .

Balance December 31, 2010  . . . . . . . . . . . . . .
Net Income  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other comprehensive income . . . . . . . . . . . . . .
Dividends to noncontrolling interests  . . . . . . .
Acquisition of noncontrolling interests  . . . . . .
Increase in noncontrolling interests from 

business combinations  . . . . . . . . . . . . . . . . .
Change in temporary equity . . . . . . . . . . . . . . .
Common stock dividends declared 

($1.00 per share) . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation  . . . . . . . . . . . . . . . .
Stock issued, share-based compensation  . . . . .
Treasury stock acquired  . . . . . . . . . . . . . . . . . .

Balance December 31, 2011  . . . . . . . . . . . . . .

Common Stock
_____________________
Par Value
_________________
$59.6

Shares
_____________________
397,223,078

Additional
Paid-in
Capital
___________________
$1,629.0

(25.6)

(210.3)

78.6
(63.5)

(5,638)
____________________
397,217,440

_________
59.6

______________
1,408.2

(23.8)

11.2

69.3
(193.0)

____________________
397,217,440

_________
59.6

______________
1,271.9

(32.8)

(5.0)

74.5
(265.1)

62.7
(15.0)

____________
(8.0)

________________
(3,730.4)

(98.4)

329.3
(1,296.0)
________________
(4,697.1)

____________
(106.4)

(85.3)

(187.2)

______________
6,465.4
827.7

(240.6)

______________
7,052.5
952.6

(281.0)

____________________
397,217,440
____________________
____________________

_________
$59.6
_________
_________

______________
$1,043.5
______________
______________

______________
$7,724.1
______________
______________

____________
$(191.7)
____________
____________

414.9
(849.0)
________________
$(5,131.2)
________________
________________

Total
Equity
_______________
$ 3,753.4
871.4
248.7
(91.7)
(32.7)

38.4
(210.3)

(187.2)
78.6
(0.8)
(15.0)
—
_______________
4,452.8
923.7
(86.5)
(81.0)
(30.5)

34.4
11.2

(240.6)
69.3
136.3
(1,296.0)
_______________
3,893.1
1,060.4
(93.9)
(101.3)
(54.8)

187.0
(5.0)

(281.0)
74.5
149.8
(849.0)
_______________
$ 3,979.8
_______________
_______________

(210.3)

(187.2)
78.6
(0.8)
(15.0)
—
_______________
4,194.8
827.7
(98.4)

(23.8)

11.2

(240.6)
69.3
136.3
(1,296.0)
_______________
3,580.5
952.6
(85.3)

(32.8)

(5.0)

(281.0)
74.5
149.8
(849.0)
_______________
$ 3,504.3
_______________
_______________

38.4

—
—
—
—
—
____________
258.0
96.0
11.9
(81.0)
(6.7)

34.4

—
—
—
—
____________
312.6
107.8
(8.6)
(101.3)
(22.0)

187.0

—
—
—
—
____________
$ 475.5
____________
____________

The accompanying notes to the consolidated financial statements are an integral part of these statements.

F-7

OMNICOM GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2.7)

Cash Flows from Operating Activities:

Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to reconcile net income to net cash provided by 

operating activities:
Depreciation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of intangible assets  . . . . . . . . . . . . . . . . . . . . . . .
Amortization of deferred gain from termination of 

Income from equity method investments, net of 

dividends received  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Remeasurement gain, equity interest in Clemenger Group  . . .
Remeasurement gain, acquisition of controlling 

interests in affiliates  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Provision for doubtful accounts  . . . . . . . . . . . . . . . . . . . . . . . .
Share-based compensation  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Excess tax benefit from share-based compensation  . . . . . . . . .
Proceeds from termination of interest rate swaps . . . . . . . . . . . . .
Change in operating capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Cash Provided By Operating Activities  . . . . . . . . . . . . . . . . . . .
Cash Flows from Investing Activities:

Payments to acquire property, plant and equipment  . . . . . . . . . . . . .
Payments to acquire businesses and interests in affiliates, net of

cash acquired  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments to acquire investments . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from sales of investments . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Cash Used In Investing Activities  . . . . . . . . . . . . . . . . . . . . . . . .
Cash Flows from Financing Activities:

Repayments of short-term debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from short-term debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of convertible debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments of dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments for repurchase of common stock . . . . . . . . . . . . . . . . . . . .
Proceeds from stock plans  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments for acquisition of additional noncontrolling interests . . . .
Payments of dividends to noncontrolling interest shareholders  . . . .
Excess tax benefit on share-based compensation  . . . . . . . . . . . . . . .
Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net Cash Used In Financing Activities  . . . . . . . . . . . . . . . . . . . . . . .
Effect of exchange rate changes on cash and cash equivalents  . . . .
Net (Decrease) Increase in Cash and Cash Equivalents  . . . . . . . . .
Cash and Cash Equivalents at the Beginning of Year  . . . . . . . . . . .
Cash and Cash Equivalents at the End of Year  . . . . . . . . . . . . . . . .

Years Ended December 31,
(In millions)
_____________________________________________________________________________
2010
____________________

2011
____________________

2009
____________________

$ 1,060.4

$

923.7

$

871.4

182.3
91.4

2.2
(123.4)

(15.1)
8.1
74.5
(30.4)
38.8
29.2
_______________
1,315.3
_______________

182.2
70.8

—

(7.2)
—

186.5
56.3

—

(9.2)
—

(26.0)
9.5
69.3
(44.6)
—
310.3
_______________
1,488.0
_______________

(41.3)
24.9
78.6
—
—
564.4
_______________
1,731.6
_______________

(185.5)

(153.7)

(130.6)

(403.7)
(14.2)
28.8
_______________
(574.6)
_______________

(43.1)
—
—
(0.1)
(269.1)
(849.0)
117.5
(38.8)
(101.3)
30.4
(52.2)
_______________
(1,205.7)
_______________
(42.5)
_______________
(507.5)
2,288.7
_______________
$ 1,781.2
_______________
_______________

(152.1)
(5.6)
17.7
_______________
(293.7)
_______________

—
35.0
990.1
(66.5)
(229.7)
(1,296.0)
123.1
(32.1)
(81.0)
44.6
(24.8)
_______________
(537.3)
_______________
44.7
_______________
701.7
1,587.0
_______________
$ 2,288.7
_______________
_______________

(137.4)
(3.2)
45.2
_______________
(226.0)
_______________

—
2.5
497.3
(1,315.5)
(187.1)
(15.0)
18.6
(20.8)
(91.7)
—
(16.3)
_______________
(1,128.0)
_______________
112.1
_______________
489.7
1,097.3
_______________
$ 1,587.0
_______________
_______________

The accompanying notes to the consolidated financial statements are an integral part of these statements.

F-8

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Presentation of Financial Statements

The terms “Omnicom,” “we,” “our” and “us” each refer to Omnicom Group Inc. and our subsidiaries,

unless the context indicates otherwise. The accompanying consolidated financial statements were prepared in
accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP” or
“GAAP”). All intercompany balances and transactions have been eliminated.

The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and

assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates and assumptions.

2. New Accounting Standards

On January 1, 2011, we adopted FASB Accounting Standards Update (“ASU”) No. 2010-28, Intangibles –

Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units
with Zero or Negative Carrying Amounts (“ASU 2010-28”). ASU 2010-28 provides that an entity with reporting
units that have carrying amounts that are zero or less than zero is required to assess the likelihood of the
reporting units’ goodwill impairment as part of the annual goodwill impairment test. The adoption of ASU
2010-28 did not have a significant impact on our annual impairment test or on our results of operations and
financial position.

Effective December 31, 2011, we retrospectively adopted FASB ASU No. 2011-05, Comprehensive

Income (Topic 220): Presentation of Comprehensive Income (“ASU 2011-05”). ASU 2011-05, requires that
comprehensive income be presented either on the income statement or as a separate financial statement. Our
adoption of ASU 2011-05 affected financial statement presentation only and had no effect on our results of
operations or financial position.

In September 2011, the FASB issued ASU No. 2011-08, Testing Goodwill for Impairment (“ASU 2011-08”)

that gives an entity the option of performing a qualitative assessment to determine whether it is necessary to
perform step 1 of the annual goodwill impairment test. An entity is required to perform step 1 only if it
concludes that it is more likely than not that a reporting unit’s fair value is less than its carrying amount. An
entity may choose to perform the qualitative assessment on none, some or all of its reporting units or an entity
may bypass the qualitative assessment for any reporting unit in any period and proceed directly to step 1 of the
impairment test. ASU 2011-08 is effective January 1, 2012 and we do not believe that the adoption of ASU
2011-08 will have a significant effect on our results of operations or financial position.

3. Significant Accounting Policies

Revenue Recognition. We recognize revenue in accordance with the FASB Accounting Standards
Codification (“FASB ASC”) Topic 605, Revenue Recognition, and applicable SEC Staff Accounting Bulletins.
Substantially all of our revenue is derived from fees for services or a rate per hour, or equivalent basis. Revenue
is realized when the service is performed in accordance with terms of each client arrangement, upon completion
of the earnings process and when collection is reasonably assured. Prior to recognizing revenue, persuasive
evidence of an arrangement must exist, the sales price must be fixed or determinable and delivery, performance
and acceptance must be in accordance with the client arrangement. These principles are the foundation of our
revenue recognition policy and apply to all client arrangements in each of our service disciplines: advertising,
customer relationship management, public relations and specialty communications. Certain of our businesses
earn a portion of their revenue as commissions based on performance in accordance with client arrangements.
Because the services that we provide across each of our disciplines are similar and delivered to clients in similar
ways, all of the key elements of our revenue recognition policy apply to client arrangements in each of our four
disciplines. Revenue is recorded net of sales, use and value added taxes.

In the majority of our businesses, we act as an agent and record revenue equal to the net amount retained

when the fee or commission is earned. Although we may bear credit risk in respect of these activities, the

F-9

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

arrangements with our clients are such that we act as an agent on their behalf. In these cases, costs incurred with
external suppliers are excluded from our revenue. In certain arrangements, we act as principal and we contract
directly with media providers and production companies and are responsible for payment. In these
arrangements, revenue is recorded at the gross amount billed since revenue has been earned for the sale of
goods or services.

A portion of our client contractual arrangements include performance incentive provisions designed to
link a portion of our revenue to our performance relative to both quantitative and qualitative goals. We recognize
this portion of revenue when specific quantitative goals are achieved, or when our performance against
qualitative goals is determined by our clients.

Operating Expenses. Operating expenses are comprised of salary and service costs and office and general
expenses. Salary and service costs consist of employee compensation and related costs and direct service costs.
Office and general costs consist of rent and occupancy costs, technology costs, depreciation and amortization
and other overhead expenses.

Operating expenses for the three years ended December 31, 2011 were (in millions):

Salary and service costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office and general expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
____________________
$10,250.6
1,950.8
________________
$12,201.4
________________
________________

2010
____________________
$ 9,214.2
1,868.1
________________
$11,082.3
________________
________________

2009
____________________
$ 8,450.6
1,895.2
________________
$10,345.8
________________
________________

Cash and Cash Equivalents. Cash equivalents consist of highly liquid investments with original maturity
dates of three months or less at the time of purchase, including overnight interest-bearing deposits, commercial
paper and money market instruments.

Short-Term Investments. Short-term investments consist principally of time deposits with financial
institutions that we expect to convert into cash within our current operating cycle, generally one year. Short-
term investments are carried at cost, which approximates fair value.

Work in Process. Work in process consists principally of costs incurred on behalf of clients in providing
advertising, marketing and corporate communications services, but have not yet been billed. Such amounts are
billed at various times over the course of the production process.

Available-for-Sale Securities. Available-for-sale securities are comprised of investments in publicly traded

securities and are carried at quoted market prices. Unrealized gains and losses are recorded as a component of
accumulated other comprehensive income in shareholders’ equity, net of deferred income taxes.

Property, Plant and Equipment. Property, plant and equipment are carried at cost and depreciated on a
straight-line basis over their estimated useful lives ranging from seven to ten years for furniture and three to five
years for equipment. Leasehold improvements are amortized on a straight-line basis over the shorter of the
related lease term or the estimated useful life of the asset. Capital leases are amortized on a straight-line basis
over the lease term.

Cost Method Investments. Investments in non-public companies in which we own less than a 20% equity

interest and where we do not exercise significant influence over the operating and financial policies of the
investee are accounted for using the cost method of accounting. These minority ownership interests are included
in other assets in our balance sheet. We periodically evaluate these investments to determine if there has been
other than temporary declines below carrying value. A variety of factors are considered when determining if a
decline in fair value below carrying value is other than temporary, including, among others, the financial
condition and prospects of the investee, as well as our investment intent.

Equity Method Investments. Investments in affiliates in which we have an ownership of less than 50% and

have significant influence over the operating and financial policies of the affiliate are accounted for using the
equity method of accounting. The affiliated companies offer marketing and corporate communications services
similar to those offered by our operating companies. The excess of the cost of our ownership interest in the
equity of these affiliates over our share of the fair value of their net assets at the acquisition date is recognized

F-10

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

as goodwill and included in the carrying amount of our investment. Equity method goodwill is not amortized.
We periodically evaluate these investments to determine if there has been other than temporary declines below
carrying value. A variety of factors are considered when determining if a decline in fair value below carrying
value is other than temporary, including, among others, the financial condition and prospects of the investee, as
well as our investment intent.

Goodwill and Other Intangible Assets. Goodwill represents the excess of the acquisition cost over the fair

value of the net assets acquired. Goodwill is not amortized, but is periodically tested for impairment.
Identifiable intangible assets consist primarily of customer relationships, including the related customer
contracts, as well as trade names, and are amortized over their estimated useful lives ranging from five to ten
years. We consider a number of factors in determining the useful lives and amortization method, including the
pattern in which the economic benefits are consumed, as well as trade name recognition and customer attrition.
No residual value is estimated for these intangible assets.

We review the carrying value of goodwill for impairment at least annually as of the end of the second
quarter and whenever events or circumstances indicate the carrying value may not be recoverable. There is a two-
step test for goodwill impairment. In the first step, we compare the fair value of each reporting unit to its carrying
value, including goodwill. If the fair value of the reporting unit is equal to or greater than its carrying value,
goodwill is not impaired and no further testing is required. If the carrying value exceeds fair value, then the
second step of the impairment test is performed in order to determine if the implied fair value of the reporting
unit’s goodwill exceeds the carrying value of that goodwill. Goodwill is impaired when the carrying value of a
reporting unit’s goodwill exceeds the implied fair value of its goodwill. Impaired goodwill is written down to its
implied fair value with a charge recorded in results of operations in the period the impairment is identified.

We identified our regional reporting units as components of our operating segments, which are our five

networks. The regional reporting units of each agency network are responsible for the agencies in their region.
They report to the segment managers and facilitate the administrative and logistical requirements of our client-
centric strategy for delivering services to clients in their regions. We have concluded that for each of our
operating segments, their regional reporting units had similar economic characteristics and should be aggregated
for purposes of testing goodwill for impairment at the operating segment level. Our conclusion was based on a
detailed analysis of the aggregation criteria set forth in FASB ASC Topic 280, Segment Reporting, and the
guidance set forth in FASB ASC Topic 350, Intangibles - Goodwill and Other. Consistent with our fundamental
business strategy, the agencies within our regional reporting units serve similar clients in similar industries, and
in many cases the same clients. In addition, the agencies within our regional reporting units have similar
economic characteristics, including similar costs and long-term profit contribution. The main economic
components of each agency are employee compensation and related costs and direct service costs and office and
general costs, which include rent and occupancy costs, technology costs that are generally limited to personal
computers, servers and off-the-shelf software and other overhead costs. Finally, the expected benefits of our
acquisitions are typically shared across multiple agencies and regions as they work together to integrate the
acquired agency into our client service strategy. We use the following valuation methodologies to determine the
fair value of our reporting units: (1) the income approach which utilizes discounted expected future cash flows,
(2) comparative market participant multiples of EBITDA (earnings before interest, taxes, depreciation and
amortization) and (3) when available, consideration of recent and similar purchase acquisition transactions.

Based on the results of our annual impairment review, we concluded that our goodwill was not impaired as

of June 30, 2011 and 2010, because the fair values of each of our reporting units were substantially in excess of
their respective net book values. Subsequent to our annual evaluation of the carrying value of goodwill at June
30, 2011, there were no events or circumstances that triggered the need for an interim evaluation for impairment.

Temporary Equity — Redeemable Noncontrolling Interests. Owners of noncontrolling interests in certain of
our subsidiaries have the right in certain circumstances to require us to purchase additional ownership interests at
fair value as defined in the applicable agreements. The intent of the parties is to approximate fair value at the time
of redemption by using a multiple of earnings that is consistent with generally accepted valuation practices by
market participants in our industry. These contingent redemption rights are embedded in the equity security at
issuance, are not free-standing instruments, do not represent a de facto financing and are not under our control.

F-11

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Treasury Stock. Repurchases of our common stock are accounted for at cost. Reissued treasury shares,

primarily in connection with employee share-based compensation plans, are accounted for at average cost.
Gains or losses on reissued treasury shares are accounted for as additional paid-in capital and do not affect our
results of operations.

Business Combinations. All business combinations are accounted for under FASB ASC Topic 805,

Business Combinations (“ASC 805”). Under ASC 805, business combinations are accounted for using the
acquisition method and accordingly, the assets acquired, including identified intangible assets, the liabilities
assumed and any noncontrolling interest in the acquired business are recorded at their acquisition date fair
values. In circumstances where control is obtained and less than 100% of an entity is acquired, we record 100%
of the goodwill acquired. Acquisition-related costs, including advisory, legal, accounting, valuation and other
costs are expensed as incurred. For acquisitions subsequent to December 31, 2008, any liability for contingent
purchase price obligations (earn-outs) is recorded at the acquisition date fair value using discount rates in affect
at the acquisition date. Generally, there is no cap on the amount that can be earned under the contingent
purchase price obligations. Subsequent changes in the fair value of the earn-out liability are recorded in our
results of operations. The results of operations of acquired businesses are included in our results of operations
from the acquisition date.

Subsidiary and Affiliate Stock Transactions. Transactions involving the purchase, sale or issuance of stock
of a subsidiary where control is maintained are recorded as an increase or decrease in additional paid-in capital.
Gains and losses from transactions involving subsidiary stock where control is lost are recorded in results of
operations.

Gains and losses from transactions involving stock of an affiliate are recorded in results of operations until

control is achieved. In circumstances where the purchase of affiliate stock results in obtaining control, the
existing carrying value of the affiliate is remeasured to the acquisition date fair value and any gain or loss is
recognized in results of operations.

Foreign Currency Transactions and Translation. Substantially all of our foreign subsidiaries use their local

currency as their functional currency. Assets and liabilities recorded in foreign currencies are translated at the
exchange rate on the balance sheet date. Revenue and expenses are translated at average exchange rates for the
year. The impact of the translation of the balance sheets of our foreign subsidiaries to U. S. Dollars is included
in accumulated other comprehensive income. Net foreign currency transaction gains recorded in results of
operations in 2011, 2010 and 2009 were $3.5 million, $3.8 million and $6.1 million, respectively.

Net Income Per Common Share. Net income per common share is based upon the weighted average
number of common shares outstanding during each year. Diluted net income per common share is based on the
weighted average number of common shares outstanding, plus, if dilutive, common share equivalents which
include outstanding stock options and restricted shares.

Net income per common share is calculated using the two-class method, which is an earnings allocation
method for computing net income per common share when an entity’s capital structure includes common stock
and participating securities. The application of the two-class method is required because our unvested restricted
stock awards receive non-forfeitable dividends at the same rate as our common stock and therefore are
considered participating securities. Under two-class method, basic and diluted net income per common share is
reduced for a presumed hypothetical distribution of earnings to holders of our unvested restricted stock.

Income Taxes. We file a consolidated U.S. income tax return and tax returns in various state and local

jurisdictions. Our subsidiaries also file tax returns in various foreign jurisdictions. Our principal foreign
jurisdictions include the United Kingdom, France and Germany. We have not provided U.S. federal and state
income taxes on cumulative earnings of foreign subsidiaries that have been indefinitely reinvested. We have
provided U.S. income taxes on earnings of foreign subsidiaries and affiliates that have not been indefinitely
reinvested. Interest and penalties related to tax positions taken in our tax returns are recorded in income
tax expense.

F-12

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Deferred income taxes are provided for the temporary difference between the financial reporting basis and

tax basis of our assets and liabilities. Deferred income taxes are measured using the enacted tax rates that are
assumed to be in effect when the differences reverse. Deferred tax assets result principally from recording
certain expenses in the financial statements which are not currently deductible for tax purposes, including
employee stock-based compensation expense and from differences between the tax and book basis of assets and
liabilities recorded in connection with acquisitions, as well as tax loss and credit carryforwards. Deferred tax
liabilities result principally from expenses arising from financial instruments which are currently deductible for
tax purposes but have not been expensed in the financial statements and basis differences arising from
deductible goodwill and intangible assets.

We maintain valuation allowances where it is more likely than not that all or a portion of a deferred tax
asset will not be realized. In determining whether a valuation allowance is warranted, we evaluate factors such
as prior earnings history, expected future earnings, carry-back and carry-forward periods and tax strategies that
could potentially enhance the likelihood of the realization of a deferred tax asset.

Employee Share-Based Compensation. Employee share-based compensation, primarily arising from awards

of stock options and restricted stock, is measured at the grant date fair value. We use the Black-Scholes option
valuation model to determine the fair value of stock option awards. The fair value of restricted stock awards is
determined using the closing price of our common stock on the grant date. For awards that have a service only
vesting condition, we recognize share-based compensation expense on a straight-line basis over the requisite
service periods. For awards with a performance vesting condition, we recognize share-based compensation
expense on a graded-vesting basis. See Note 12 for additional information regarding our specific award plans and
estimates and assumptions used to determine fair value of our share-based compensation awards.

Salary Continuation Agreements. Arrangements with certain present and former employees provide for
continuing payments for periods up to 10 years after cessation of full-time employment in consideration for
agreement by the employees not to compete with us and to render consulting services during the
postemployment period. Such payments are subject to certain limitations, including our operating performance
during the postemployment period, represent the fair value of the services rendered and are expensed in such
periods.

Severance. The liability for one-time termination benefits, such as severance pay or benefit payouts, is

measured and recognized at fair value in the period the liability was incurred. Subsequent changes to the
liability are recognized in results of operations in the period of change.

Defined Benefit Pension Plans and Postemployment Arrangements. The funded status of our defined
benefit plans is recorded in our balance sheet. Funded status is measured as the difference between the fair value
of plan assets and the benefit obligation at December 31, the measurement date. The benefit obligation is the
projected benefit obligation (“PBO”), which represents the actuarial present value of benefits expected to be
paid upon retirement based on estimated future compensation levels. The fair value of plan assets, if any,
represents the current market value. Overfunded plans where the fair value of plan assets exceeds the benefit
obligation are aggregated and recorded as a prepaid pension asset equal to the excess. Underfunded plans where
the benefit obligation exceeds the fair value of plan assets are aggregated and recorded as a liability equal to the
excess. The liability for our postemployment arrangements is recorded in our balance sheet. The benefit
obligation of our postemployment arrangements is the PBO and these arrangements are not funded.

The current portion of the benefit obligations of our defined benefit plans and postemployment

arrangements represents the actuarial present value of benefits payable in the next twelve months that exceed the
fair value of plan assets. This obligation is recorded in other current liabilities in our balance sheet.

Deferred Compensation. Certain of our subsidiaries have individual deferred compensation arrangements
with certain executives that provide for payments over varying terms upon retirement, cessation of employment
or death. The cost of these arrangements is accrued during the employee’s service period.

Concentration of Credit Risk. We provide marketing and corporate communications services to thousands

of clients who operate in nearly every industry sector of the global economy and we grant credit to qualified

F-13

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

clients in the normal course of business. Due to the diversified nature of our client base, we do not believe that
we are exposed to a concentration of credit risk as our largest client accounted for 2.6% of our 2011 revenue
and no other client accounted for more than 2.1% of our 2011 revenue.

Derivative Financial Instruments. All derivative instruments (including certain derivative instruments

embedded in other contracts) are recorded in our balance sheet at fair value as either an asset or liability. Our
derivative financial instruments consist principally of forward foreign exchange contracts and interest rate
swaps. Derivatives qualify for hedge accounting if: (1) the hedging instrument is designated as a hedge at
inception, (2) the hedged exposure is specifically identifiable and exposes us to risk and (3) a change in fair
value of the derivative financial instrument and an opposite change in the fair value of the hedged exposure will
have a high degree of correlation. The method of assessing hedge effectiveness and measuring hedge
ineffectiveness is formally documented at hedge inception. Hedge effectiveness is assessed and hedge
ineffectiveness is measured at least quarterly throughout the designated hedge period.

If the derivative is a hedge, depending on the nature of the hedge, changes in the fair value of the
derivative will either be offset against the change in fair value of the hedged asset, liability or firm commitment
through earnings or recognized in other comprehensive income until the hedged item is recognized in earnings.
The ineffective portion of the change in fair value of a derivative used as hedge is recognized in results of
operations.

We execute forward foreign exchange contracts in the same currency as the related exposure, whereby
100% correlation is achieved based on spot rates. Gains and losses on derivative financial instruments which are
hedges of foreign currency assets or liabilities are recorded at market value and changes in market value are
recognized in results of operations in the current period.

Fair Value. We apply the fair value measurement guidance of FASB ASC Topic 820, Fair Value
Measurements and Disclosures, for our financial assets and liabilities that are required to be measured at fair
value and for our nonfinancial assets and liabilities that are not required to be measured at fair value on a
recurring basis, including goodwill and other identifiable intangible assets. The measurement of fair value
requires the use of techniques based on observable and unobservable inputs. Observable inputs reflect market
data obtained from independent sources, while unobservable inputs reflect our market assumptions. The inputs
create the following fair value hierarchy:

• Level 1 — Quoted prices for identical instruments in active markets.

• Level 2 — Quoted prices for similar instruments in active markets; quoted prices for identical or similar

instruments in markets that are not active; and model-derived valuations where inputs are
observable or where significant value drivers are observable.

• Level 3 — Instruments where significant value drivers are unobservable to third parties.

When available, we use quoted market prices to determine the fair value of our financial instruments and

classify such items in Level 1. In some cases, we use quoted market prices for similar instruments in active
markets and model-derived valuations. These items are classified in Level 2.

In determining the fair value of financial instruments, we consider certain market valuation adjustments

that market participants would consider in determining fair value, including: counterparty credit risk
adjustments applied to financial instruments, taking into account the actual credit risk of the counterparty as
observed in the credit default swap market and credit risk adjustments applied to reflect our own credit risk
when valuing liabilities measured at fair value.

F-14

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

4. Net Income per Common Share

The computations of basic and diluted net income per common share – Omnicom Group Inc. for the three

years ended December 31, 2011 were (in millions, except per share amounts):

2011
______________

2010
___________

2009
___________

Net Income Available for Common Shares:

Net income – Omnicom Group Inc.  . . . . . . . . . . . . . . . . . . . . . .
Net income allocated to participating securities  . . . . . . . . . . . . .
Net income available for common shares  . . . . . . . . . . . . . . . . . .

Weighted Average Shares:

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dilutive stock options and restricted shares  . . . . . . . . . . . . . . . .
Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Anti-dilutive stock options and restricted shares  . . . . . . . . . . . . . .

$952.6
(10.7)
___________
$941.9
___________
___________

279.0
4.3
___________
283.3
___________
___________
1.7
___________
___________

Net Income per Common Share – Omnicom Group Inc.:

Basic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 3.38
$ 3.33

5. Business Combinations

$827.7
(8.0)
___________
$819.7
___________
___________

299.6
3.9
___________
303.5
___________
___________
3.0
___________
___________

$ 2.74
$ 2.70

$793.0
(9.1)
___________
$783.9
___________
___________

308.2
2.2
___________
310.4
___________
___________
10.9
___________
___________

$ 2.54
$ 2.53

In 2011, we completed twelve acquisitions of new subsidiaries and made additional investments in

companies in which we had an existing minority ownership interest. Goodwill from these transactions was
$649.1 million. In addition, for acquisitions completed prior to January 1, 2009, we made contingent purchase
price payments (earn-outs) of $79.2 million, which were included in goodwill. Approximately $89.7 million of
the goodwill recorded in these acquisitions is expected to be deductible for income tax purposes. Further, we
also acquired additional equity in certain of our majority owned subsidiaries. These transactions are accounted
for as equity transactions and no additional goodwill was recorded. None of our acquisitions in 2011 were
material to our results of operations or financial position.

Our valuation of the acquired businesses is based on a number of factors, including specialized know-how,

reputation, geographic coverage, competitive position and service offerings, as well as our experience and
judgment. Our acquisition strategy is focused on acquiring the expertise of an assembled workforce in order to
continue to build upon the core capabilities of our various strategic business platforms, including the expansion
of their geographic area and/or their service capabilities to better serve our clients. Consistent with our
acquisition strategy and past practice, most of our acquisitions include an initial payment at closing and provide
for future additional contingent purchase price payments (earn-outs). Contingent payments for these
transactions, as well as certain acquisitions completed in prior years, are derived using the performance of the
acquired entity and are based on pre-determined formulas. These payments are not contingent upon future
employment. Contingent purchase price obligations for acquisitions completed prior to January 1, 2009 are
accrued when the contingency is resolved and payment is certain. Contingent purchase price obligations related
to acquisitions completed subsequent to December 31, 2008 are recorded as liabilities at fair value and are
remeasured at each reporting period. Subsequent changes in fair value of the liability are recorded in results of
operations. At December 31, 2011 and 2010, the liability for contingent purchase price obligations was
$142.6 million and $93.8 million, respectively, of which $32.8 million and $16.9 million is current, respectively.

For each acquisition, we undertake a detailed review to identify other intangible assets and a valuation is

performed for all such identified assets. We use several market participant measurements to determine fair value.
This approach includes consideration of similar and recent transactions, as well as utilizing discounted expected
cash flow methodologies and when available and as appropriate, we use comparative market multiples to
supplement our analysis. As is typical for most service businesses, a substantial portion of the intangible asset
value we acquire is the specialized know-how of the workforce, which is treated as part of goodwill and is not
valued separately. A significant portion of the identifiable intangible assets acquired is derived from customer

F-15

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

relationships, including the related customer contracts, as well as trade names. In executing our acquisition
strategy, one of the primary drivers in identifying and executing a specific transaction is the existence of, or the
ability to, expand our existing client relationships. The expected benefits of our acquisitions are typically shared
across multiple agencies and regions.

6.

Intangible Assets

Intangible assets at December 31, 2011 and 2010 were (in millions):

2011
_______________________________________________________________________

2010
_____________________________________________________________________

Gross
Carrying
Value
___________________

Accumulated
Amortization
________________________

Net
Carrying
Value
__________________

Gross
Carrying
Value
___________________

Accumulated
Amortization
________________________

Net
Carrying
Value
__________________

Intangible assets subject to

impairment tests:

Goodwill  . . . . . . . . . . . . . . . . .

$9,026.6
______________
______________

$570.3
___________
___________

$8,456.3
______________
______________

$8,386.7
______________
______________

$577.6
___________
___________

$7,809.1
______________
______________

Other identifiable intangible

assets subject to amortization:

Purchased and internally 

developed software  . . . . . . .

$ 270.0

$210.3

$

59.7

$ 260.5

$205.3

$

55.2

Customer related and other  . . .

615.3
______________

$ 885.3
______________
______________

206.6
___________

$416.9
___________
___________

408.7
______________

372.5
______________

$ 468.4
______________
______________

$ 633.0
______________
______________

149.5
___________

$354.8
___________
___________

223.0
______________

$ 278.2
______________
______________

Changes in goodwill for the years ended December 31, 2011 and 2010 were (in millions):

Balance January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Acquisitions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dispositions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency translation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
__________________
$7,809.1
728.3
(12.1)
(69.0)
______________
$8,456.3
______________
______________

2010
__________________
$7,641.2
275.3
(8.9)
(98.5)
______________
$7,809.1
______________
______________

There were no goodwill impairment losses recorded in 2011, 2010 or 2009 and there are no accumulated
goodwill impairment losses. Goodwill for acquisitions completed in 2011 and 2010 includes $140.9 million and
$34.5 million, respectively, of goodwill attributed to noncontrolling interests in the acquired businesses.

7. Debt

Lines of Credit

In October 2011, we amended our credit agreement (“Credit Agreement”) to increase the borrowing

capacity to $2.5 billion from $2.0 billion and to extend the term to October 12, 2016. We have the ability to
classify borrowings under the Credit Agreement as long-term. The Credit Agreement provides support for up to
$1.5 billion of commercial paper issuances, as well as back-up liquidity in the event that any of our convertible
notes are put back to us. At December 31, 2011 and 2010, there were no outstanding commercial paper
issuances or borrowings under the Credit Agreement.

At December 31, 2011 and 2010, we had various uncommitted lines of credit aggregating $758.3 million

and $610.4 million, respectively.

F-16

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Our available and unused lines of credit at December 31, 2011 and 2010 were (in millions):

Credit Agreement  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Uncommitted lines of credit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Available and unused lines of credit  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
__________________
$2,500.0
758.3
______________
$3,258.3
______________
______________

2010
__________________
$2,000.0
610.4
______________
$2,610.4
______________
______________

The Credit Agreement contains financial covenants that limit the ratio of total consolidated indebtedness to

total consolidated EBITDA (under the Credit Agreement, EBITDA is defined as earnings before interest, taxes,
depreciation and amortization) to no more than 3.0 times. We are also required to maintain a minimum ratio of
consolidated EBITDA to interest expense of at least 5.0 times. At December 31, 2011 we were in compliance
with these covenants, as our ratio of debt to EBITDA was 1.7 times and our ratio of EBITDA to interest expense
was 12.3 times. In addition, the Credit Agreement does not limit our ability to declare or pay dividends.

Short-Term Borrowings

Short-term borrowings of $9.5 million and $50.2 million at December 31, 2011 and 2010, respectively, are
primarily comprised of bank overdrafts and credit lines of our international subsidiaries. The bank overdrafts and
credit lines are treated as unsecured loans pursuant to the agreements supporting the facilities. At December 31,
2011 and 2010, the weighted average interest rate on these borrowings was 5.6% and 5.4%, respectively.

Debt — General

Our wholly-owned finance subsidiaries Omnicom Capital Inc. (“OCI”) and Omnicom Finance Inc.
(“OFI”) are co-issuers and co-obligors of our 5.90% Senior Notes due April 15, 2016, 6.25% Senior Notes due
July 15, 2019 and 4.45% Senior Notes due August 15, 2020 (collectively “Senior Notes”) and our Convertible
Debt. OCI and OFI provide funding for our operations by incurring debt and lending the proceeds to our
operating subsidiaries. OCI and OFI’s assets consist of intercompany loans made to our operating subsidiaries
and the related interest receivable. There are no restrictions on the ability of OCI, OFI or us to obtain funds
from our subsidiaries through dividends, loans or advances. The Senior Notes and Convertible Debt are a joint
and several liability of us, OCI and OFI, and we unconditionally guarantee the obligations of OCI and OFI with
respect to the Senior Notes and Convertible Debt. Our Senior Notes and Convertible Debt are senior unsecured
obligations that rank in equal right of payment with all existing and future unsecured senior indebtedness.

Long-Term Notes Payable

Long-term notes payable at December 31, 2011 and 2010 were (in millions):

5.90% Senior Notes due April 15, 2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6.25% Senior Notes due July 15, 2019  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.45% Senior Notes due August 15, 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other notes and loans at rates from 2.8% to 9.0%,

due through 2013  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Unamortized discount on Senior Notes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred gain from termination of interest rate swaps on 

Senior Notes due 2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair value hedge adjustment on Senior Notes due 2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less current portion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term notes payable  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
__________________
$1,000.0
500.0
1,000.0

2010
__________________
$1,000.0
500.0
1,000.0

1.3
______________
2,501.3
(7.6)

1.5
______________
2,501.5
(8.7)

30.5
—
______________
2,524.2
0.7
______________
$2,523.5
______________
______________

—
(26.3)
______________
2,466.5
1.4
______________
$2,465.1
______________
______________

In August 2010, we entered into a series of interest rate swap agreements to hedge the risk of changes in

fair value of the $1.0 billion principal amount of our 5.90% Senior Notes due April 15, 2016 (“2016 Notes”)
attributable to changes in the benchmark interest rate. Under the terms of the swaps, we received fixed interest

F-17

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

rate payments and paid a variable interest rate on the total principal amount of the 2016 Notes. The swaps
effectively converted the 2016 Notes from fixed rate debt to floating rate debt. The swaps qualified as a hedge
for accounting purposes and were designated as a fair value hedge on the 2016 Notes. The swaps were recorded
in our balance sheet at fair value and the change in the fair value of the swaps and the change in the fair value
of the 2016 Notes (the hedged item) were recorded in earnings as an adjustment to interest expense.

On August 18, 2011, we terminated and settled the swaps and received a payment from the counterparties
of $38.8 million that included accrued interest. On termination of the swaps, we discontinued hedge accounting
and recorded a deferred gain of $33.2 million as an increase in the carrying value of 2016 Notes. The deferred
gain is being amortized through the maturity of the 2016 Notes as a reduction of interest expense.

At December 31, 2010, we recorded a liability of $24.2 million, representing the fair value of the swaps,
and recorded a decrease in the carrying value of the 2016 Notes of $26.3 million, reflecting the change in fair
value of the 2016 Notes from the inception of the fair value hedge.

Convertible Debt

Convertible debt at December 31, 2011 and 2010 was (in millions):

Convertible Notes — due February 7, 2031  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible Notes — due July 31, 2032  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible Notes — due June 15, 2033  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible Notes — due July 1, 2038  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less current portion  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Convertible debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
________________
$ —
252.7
0.1
406.6
___________
659.4
—
___________
$659.4
___________
___________

2010
________________
$ 0.1
252.7
0.1
406.6
___________
659.5
—
___________
$659.5
___________
___________

2031 Notes: In February 2001, we issued $850 million Liquid Yield Option Notes due February 7, 2031
(“2031 Notes”). Prior to 2009, $3.0 million of the 2031 Notes were repurchased and retired. In 2009 and 2010,
$841.2 million and $5.7 million, respectively, of the 2031 Notes were repurchased and retired. On February 1,
2011, the remaining 2031 Notes were redeemed.

2032 Notes: In March 2002, we issued $900 million Zero Coupon Zero Yield Convertible Notes due July 31,

2032 (“2032 Notes”). At December 31, 2011, the 2032 Notes were potentially convertible into 4.6 million shares
of our common stock, implying a conversion price of $55.01 per common share, subject to normal anti-dilution
adjustments. These notes are convertible at the specified ratio only upon the occurrence of certain events,
including: if our common stock trades above certain levels, if we effect extraordinary transactions or if our long-
term debt credit ratings are downgraded from their December 31, 2011 level to BBB or lower by Standard &
Poor’s Rating Service (“S&P”), or to Baa3 or lower by Moody’s Investors Service (“Moody’s”). These events
would not result in an adjustment of the number of shares issuable upon conversion. Holders of these notes have
the right to put the notes back to us for cash on July 31 of each year. There are no events that accelerate the
noteholders’ put rights. Beginning August 1, 2010 and every six months thereafter, if the market price of our
common shares exceeds certain thresholds, we may be required to pay contingent cash interest. At December 31,
2011, no contingent cash interest was due. Prior to 2009, $173.0 million of the 2032 Notes were repurchased and
retired and in 2009, $474.3 million of the 2032 Notes were repurchased and retired.

2038 Notes: In June 2003, we issued $600 million Zero Coupon Zero Yield Convertible Notes due June 15,

2033 (“2033 Notes”). At December 31, 2011, these notes were potentially convertible into 7.9 million shares of
our common stock, implying a conversion price of $51.50 per common share, subject to normal anti-dilution
adjustments. These notes are convertible at the specified ratio only upon the occurrence of certain events,
including: if our common stock trades above certain levels, if we effect extraordinary transactions or if our long-
term debt credit ratings are downgraded from their December 31, 2011 level to BBB- or lower by S&P or Ba1 or
lower by Moody’s. The occurrence of these events will not result in an adjustment of the number of shares issuable
upon conversion. Holders of these notes have the right to put the notes back to us for cash on June 15, 2013, 2018

F-18

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

F-19

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

11. Repositioning Actions

In connection with a continuing review of our businesses focused on enhancing our strategic position,
improving our operations and rebalancing our workforce, in the first quarter of 2011 we recorded $131.3 million
of charges related to repositioning actions for severance, real estate lease terminations and asset and goodwill
write-offs related to disposals and other costs.

A summary of our repositioning actions taken in the first quarter of 2011 is (in millions):

Severance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Real estate lease terminations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Asset and goodwill write-offs related to disposals and other costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 92.8
15.3
23.2
___________
$131.3
___________
___________

Substantially all the $92.8 million liability recorded for severance was paid as of December 31, 2011 and

the real estate lease termination payments were made as of December 31, 2011. The charges for asset and
goodwill write-offs and other costs are primarily comprised of non-cash items.

The impact of the repositioning actions and the remeasurement gain, which were recorded in the first

quarter of 2011, on operating expenses for the year ended December 31, 2011 was (in millions):

Salary and service costs  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Office and general expenses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (Decrease)
_______________________________
Remeasurement
Repositioning
Gain
Actions
____________
______________
$ 92.8
38.5
___________
$131.3
___________
___________

$(123.4)
_____________
$(123.4)
_____________
_____________

12. Share-Based Compensation Plans

The Omnicom Group Inc. 2007 Incentive Award Plan (“2007 Plan”) provides for the award of stock
options, restricted stock and other awards. Upon adoption of the 2007 Plan, no new awards can be granted under
any of our prior plans. In 2010, the shareholders approved an amendment to increase the maximum number of
shares available for issuance under the 2007 Plan to 17.0 million shares plus any shares awarded under the 2007
Plan or any prior plan that have been forfeited or have expired. Any share of common stock subject to an option
granted under the 2007 Plan counts against the limit as one share of common stock for every one share of
common stock granted as an option award. Any share of common stock subject to an award other than an option
award is counted against the limit as 2.5 shares of common stock for every one share of common stock awarded.
The terms of each award and the exercise date are determined by the Compensation Committee of the Board of
Directors (“Compensation Committee”). The 2007 Plan does not permit the holder of an award to elect cash
settlement under any circumstances. At December 31, 2011, 6,299,646 shares are available for grant under the
2007 Plan. If all shares of common stock were subject to awards other than options, shares available for grant
would be 2,519,858.

Share-based employee compensation expense in 2011, 2010 and 2009, was $74.5 million, $69.3 million
and $78.6 million, respectively. At December 31, 2011, unamortized share-based employee compensation that
will be expensed over the next five years is $263.3 million.

Stock Options

Under the 2007 Plan, the exercise price of stock option awards may not be less than 100% of the market
price of our common stock at the grant date and the option term cannot be longer than ten years from the grant
date. Generally, stock option grants vest 30% on each of the first two grant date anniversaries and 40% three
years from the grant date.

F-22

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Stock option activity for the three years ended December 31, 2011 was:

Balance January 1  . . . . . . . . . . . . . . . . .
Options granted under 2007 Plan  . . . . .
Options exercised . . . . . . . . . . . . . . . . . .
Options forfeited  . . . . . . . . . . . . . . . . . .
Balance December 31  . . . . . . . . . . . . . .

Options exercisable December 31  . . . . .

Shares

Shares
___________
24,513,590
90,000

2011
__________________________________________
Weighted
Average
Exercise
Price
________
$26.64
$45.05

2010
___________________________________________
Weighted
Average
Exercise
Price
___________ ________
$29.37
40,832,715
$38.86
335,000
(6,034,181) $28.17 (14,125,525) $33.03
(2,528,600) $36.58
__________________
__________________
24,513,590
18,301,409
$26.64
__________________
__________________
__________________
__________________
7,885,090
9,672,909
__________________
__________________
__________________
__________________

(268,000) $27.15
$26.22

$27.85

$31.80

2009
__________________________________________
Weighted
Average
Exercise
Price
Shares
___________
________
23,398,301 $36.87
22,620,000 $23.73
(545,586) $31.18
(4,640,000) $39.52
__________________
40,832,715 $29.37
__________________
__________________
16,325,715 $37.46
__________________
__________________

Options outstanding and exercisable at December 31, 2011 were:

Options Outstanding
________________________________________________

Options Exercisable
_____________________________

Range of
Exercise Prices
_________________
$23.40 to $29.99  . . . . . . . . .
$30.00 to $44.99  . . . . . . . . .
$45.00 to $52.83  . . . . . . . . .

Shares
___________
16,023,515
856,894
1,421,000
_________
18,301,409
_________
_________

Weighted Average
Remaining
Contractual Life
________________
7.2 years
7.1 years
1.0 years

Weighted Average
Exercise Price
________________
$23.72
$37.93
$47.30

Weighted Average
Exercise Price
________________
$24.05
$38.24
$47.30

Shares
__________
7,945,515
371,394
1,356,000
________
9,672,909
________
________

The fair value of each option grant was determined on the grant date using the Black-Scholes option

valuation model. The Black-Scholes assumptions (without adjusting for the risk of forfeiture and lack of
liquidity) and the weighted average fair value per share for options granted were:

Expected option lives  . . . . . . . . . . . . . . . . . . . . . .
Risk free interest rate  . . . . . . . . . . . . . . . . . . . . . .
Expected volatility  . . . . . . . . . . . . . . . . . . . . . . . .
Dividend yield  . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average fair value 

per option granted  . . . . . . . . . . . . . . . . . . . . . .

Restricted Shares

2011
________________________________
5.0 years
0.9% – 1.8%

2010
2009
________________________________
________________________________
5.0 years
5.0 years
1.7% – 2.5%
1.8% – 2.6%
27.2% – 29.2% 24.7% – 27.0% 19.6% – 24.1%
1.9% – 2.4%
2.3% – 2.8%

1.5% – 2.5%

$9.57

$8.25

$3.62

Restricted stock activity for the three years ended December 31, 2011 was:

Balance January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares granted  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares vested  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Shares forfeited  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance December 31  . . . . . . . . . . . . . . . . . . . . . . . . .

Weighted average per share fair value 

of shares granted  . . . . . . . . . . . . . . . . . . . . . . . . . . .

Weighted average per share fair value 

at December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
_____________________
3,026,086
4,688,716
(1,096,441)
(165,474)
_________________
6,452,887
_________________
_________________

$44.87

$43.66

2010
_____________________
3,471,929
868,273
(1,089,136)
(224,980)
_________________
3,026,086
_________________
_________________

$36.63

$41.79

2009
_____________________
4,473,981
664,217
(1,426,456)
(239,813)
_________________
3,471,929
_________________
_________________

$32.87

$44.04

The market value of the restricted stock awards on the grant date is charged to additional paid-in capital

and is amortized to expense over the restriction period. Restricted shares typically vest at 20% per year,
provided the employee remains employed by us. Restricted shares may not be sold, transferred, pledged or
otherwise encumbered until the forfeiture restrictions lapse. Under most circumstances, the employee forfeits
the shares if employment ceases prior to the end of the restriction period.

F-23

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

In 2011, the Compensation Committee granted 413,909 performance restricted stock units (“PRSUs”) at a

weighted average grant price of $48.56 to certain employees. Each PRSU represents the right to receive one
share of our common stock on vesting. The ultimate number of PRSUs received by the employee depends on
the Company’s average return on equity over the three year period 2011 through 2013 compared to the average
return on equity of a peer group of five principal competitors over the same period. The PRSUs vest over five
years. One half of the PRSUs have a service only vesting condition and compensation expense is recognized on
a straight-line basis over the service period. The other half of the PRSUs have service and performance vesting
conditions and compensation expense is recognized on a graded-vesting basis. Over the performance period, the
recognition of compensation expense is adjusted upward or downward based on our estimate of the probability
of achievement of the performance target for the portion of the awards subject to the performance vesting
conditions. At December 31, 2011, we expect that a substantial portion of the PRSUs with the performance
condition feature will vest.

ESPP

We have an employee stock purchase plan (“ESPP”) that enables employees to purchase our common
stock through payroll deductions over each plan quarter at 95% of the market price on the last trading day of the
plan quarter. Purchases are limited to 10% of eligible compensation as defined by the Employee Retirement
Income Security Act of 1974 (“ERISA”). During 2011, 2010 and 2009, employees purchased 161,929 shares,
267,931 shares and 418,237 shares, respectively, all of which were treasury shares, for which $7.0 million,
$9.7 million and $12.0 million, respectively, was paid to us. At December 31, 2011, 9,555,685 shares are
available for the ESPP.

13. Income Taxes

We file a consolidated U.S. income tax return and tax returns in various state and local jurisdictions. Our
subsidiaries also file tax returns in various foreign jurisdictions. Our principal foreign jurisdictions include the
United Kingdom, France and Germany. The Internal Revenue Service (“IRS”) has completed its examination of
our federal tax returns through 2007 and has commenced an examination of our federal tax returns from 2008
through 2010. In addition, our subsidiaries’ tax returns in the United Kingdom, France and Germany have been
examined through 2002, 2005 and 2004, respectively.

Income before income taxes for the three years ended December 31, 2011 was (in millions):

2011
_________________
Domestic  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 581.0
968.0
International  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
______________
$1,549.0
______________
______________

2010
_________________
$ 573.2
777.2
______________
$1,350.4
______________
______________

2009
_________________
$ 598.8
675.4
______________
$1,274.2
______________
______________

Income tax expense for the three years ended December 31, 2011 was (in millions):

Current:

Federal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
International  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred:

Federal  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
International  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
_________________

2010
_________________

2009
_________________

$158.6
14.4
239.5
___________
412.5
___________

83.6
4.9
4.8
___________
93.3
___________
$505.8
___________
___________

$107.2
11.7
233.1
___________
352.0
___________

98.9
3.6
5.7
___________
108.2
___________
$460.2
___________
___________

$ 58.2
11.8
198.5
___________
268.5
___________

146.9
14.2
4.0
___________
165.1
___________
$433.6
___________
___________

F-24

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A reconciliation from the statutory U.S. federal income tax rate to our effective tax rate is:

Statutory U.S. federal income tax rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
State and local income taxes, net of

2011
_____________
35.0%

2010
_____________
35.0%

2009
_____________
35.0%

federal income tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

0.8

0.7

1.3

Remeasurement gain Clemenger Group

tax rate differential  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
International tax rate differentials  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Effective rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2.6)
(1.4)
0.9
_______
32.7%
_______
_______

—
(2.1)
0.5
_______
34.1%
_______
_______

—
(2.7)
0.4
_______
34.0%
_______
_______

Income tax expense for 2011 reflects a number of items that were recorded in the first quarter of 2011.

These items include a $39.5 million tax benefit related to charges incurred in connection with our repositioning
actions, a provision of $2.8 million related to the remeasurement gain and a provision of $9.0 million for agreed
upon adjustments to income tax returns that were under examination in the first quarter of 2011.

The tax benefit on the repositioning actions was calculated based on the jurisdictions where the charges
were incurred and reflects the likelihood that we will be unable to obtain a tax benefit for all charges incurred.
The remeasurement gain resulting from the acquisition of the controlling interest in Clemenger created a
difference between the book basis and tax basis of our investment. Because this basis difference is not expected
to reverse, no deferred taxes were provided and the tax provision recorded represents the incremental U.S. tax on
acquired historical unremitted earnings. The $9.0 million charge resulted from adjustments to U.S. income tax
returns for calendar years 2005, 2006 and 2007, that were agreed upon and recorded in the first quarter of 2011.

Included in income tax expense in 2011, 2010 and 2009 was $2.8 million, $3.9 million and $3.8 million,

respectively, of interest, net of tax benefit, and penalties related to tax positions taken on our tax returns. At
December 31, 2011 and 2010, the accrued interest and penalties were $10.7 million and $13.0 million, respectively.

The components of deferred tax assets and liabilities at December 31, 2011 and 2010 were (in millions):

Deferred tax assets:

Compensation and severance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Tax loss and credit carryforwards  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Basis differences from acquisitions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Basis differences from short-term assets and liabilities  . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Valuation allowance  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net deferred tax assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deferred tax liabilities:

Basis differences from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unremitted foreign earnings  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Financial instruments  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill and intangible assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
_________________

2010
________________

$ 291.5
156.3
37.2
33.6
19.8
______________
538.4
(24.9)
______________
$ 513.5
______________
______________

$

11.1
143.2
480.3
577.4
______________
$1,212.0
______________
______________

$ 257.6
112.6
23.8
27.7
9.8
____________
431.5
(24.6)
____________
$ 406.9
____________
____________

$

6.7
85.0
458.2
449.2
____________
$ 999.1
____________
____________

Net deferred tax assets (liabilities)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ (698.5)
______________
______________

$(592.2)
____________
____________

Substantially all of the deferred tax liability for financial instruments at December 31, 2011 and 2010,

relates to our convertible notes and is recorded in long-term deferred tax liabilities in our balance sheet.

F-25

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

At December 31, 2011 and 2010, our net deferred tax assets and (liabilities) were classified as follows

(in millions):

Other current assets – Deferred taxes  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred tax assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term deferred tax liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
_______________
$ 169.1
—
(867.6)
____________
$(698.5)
____________
____________

2010
________________
$ 141.3
14.2
(747.7)
____________
$(592.2)
____________
____________

The American Recovery and Reinvestment Act of 2009 (“ARRA”) provided an election where qualifying

cancellation of indebtedness income can be deferred and included in taxable income ratably over the five
taxable years beginning in 2014 and ending in 2018. In 2009, we retired $841.2 million of our 2031 Notes and
$474.3 million of our 2032 Notes resulting in a tax liability of approximately $328 million. In 2010, we retired
an additional $5.7 million of our 2031 Notes and $60.8 million of our 2038 Notes resulting in a tax liability of
$12.0 million. These liabilities, which were previously recorded, are included in our balance sheet in deferred
tax liabilities. In accordance with ARRA, we expect to pay the liabilities during the deferral period beginning in
2014 and continuing through 2018.

We have concluded that it is more likely than not that we will be able to realize our net deferred tax assets

in future periods because results of future operations are expected to generate sufficient taxable income. The
valuation allowance of $24.9 million and $24.6 million at December 31, 2011 and 2010, respectively, relates to
tax loss and credit carryforwards in the Unites States and international jurisdictions. During 2010, we reduced
our deferred tax asset balance by approximately $30.5 million as a result of our utilization of tax loss and credit
carryforwards. Additionally, as a result of a change in 2010 in a foreign tax law that eliminated the ability to
utilize approximately $39.0 million of tax loss and credit carryforwards, we reduced both our deferred tax asset
balance and the corresponding valuation allowance by the same amount. Our tax loss and credit carryforwards
are available to us for periods ranging from 5 to 20 years, which is in excess of the forecasted utilization of such
carryforwards. To the extent that future tax deductions for share-based compensation are less than the deferred
tax assets resulting from recording book share-based compensation expense, we expect to have a sufficient pool
of excess tax benefits within additional paid-in-capital (“APIC Pool”) available to offset any potential future
shortfalls. The APIC Pool results from the amount by which prior year tax deductions exceeded the cumulative
book share-based compensation expense.

We have not provided for U.S. federal income and foreign withholding taxes on approximately $1 billion

of cumulative undistributed earnings of certain foreign subsidiaries. We intend to indefinitely reinvest these
undistributed earnings in our international operations. Accordingly, we currently have no plans to repatriate
these funds. As such, we do not know the time or manner in which we would repatriate these funds. Because the
time or manner of repatriation is uncertain, we cannot determine the impact of local taxes, withholding taxes
and foreign tax credits associated with the future repatriation of such earnings and therefore cannot quantify the
tax liability. We also have cumulative undistributed earnings of certain foreign subsidiaries of approximately
$1.5 billion that are not deemed to be indefinitely reinvested. We have provided U.S. taxes of $143.2 million on
these undistributed earnings, which are included in deferred tax liabilities. Changes in international tax rules or
changes in U.S. tax rules and regulations covering international operations and foreign tax credits may affect
our future reported financial results or the way we conduct our business.

F-26

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

A reconciliation of our unrecognized tax benefits is (in millions):

Balance January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additions:

Current year tax positions   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prior year tax positions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Reduction of prior year tax positions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lapse of statute of limitations  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency translation   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
_____________
$165.1

2010
_____________
$202.8

12.2
12.5
(14.8)
(16.7)
—
(0.5)
___________
$157.8
___________
___________

11.4
18.3
(38.8)
(24.1)
(2.6)
(1.9)
___________
$165.1
___________
___________

The liability for uncertain tax positions is included in long-term liabilities in our balance sheet.

Approximately $62.4 million and $72.4 million of the liability for uncertain tax positions at December 31, 2011
and 2010, respectively, would affect our effective tax rate upon resolution of the uncertain tax positions.

14. Pension and Other Postemployment Benefits

Defined Contribution Plans

Our domestic and international subsidiaries provide retirement benefits for their employees primarily

through defined contribution profit sharing and savings plans. Contributions to these plans vary by subsidiary
and have generally been in amounts up to the maximum percentage of total eligible compensation of
participating employees that is deductible for income tax purposes. Contribution expense in 2011, 2010 and
2009 was $102.1 million, $83.9 million and $75.7 million, respectively.

Defined Benefit Pension Plans

Certain of our subsidiaries sponsor noncontributory defined benefit pension plans. Two of our U.S.
businesses and several of our non-U.S. businesses sponsor pension plans. These plans provide benefits to
employees based on formulas recognizing length of service and earnings. The U.S. plans cover approximately
1,200 participants and are closed to new participants. Effective January 1, 2011, the U.S. plans do not accrue
future benefit credits. The non-U.S. plans cover approximately 6,500 participants, are not covered by ERISA
and include plans required by local laws.

In addition, we have a Senior Executive Restrictive Covenant and Retention Plan (“Retention Plan”) for
certain executive officers of Omnicom selected to participate by the Compensation Committee. The Retention
Plan was adopted to secure non-competition, non-solicitation, non-disparagement and ongoing consulting
services from such executive officers, and to strengthen the retention aspect of executive officer compensation.
The Retention Plan provides for annual payments to the participants or to their beneficiaries upon termination
following at least seven years of service with Omnicom or its subsidiaries. A participant’s annual benefit is
payable for 15 consecutive calendar years following termination, but in no event prior to age 55. The annual
benefit is equal to the lesser of (i) the participant’s final average pay times an applicable percentage, which is
based upon the executive’s years of service as an executive officer, not to exceed 35% or (ii) $1.5 million. The
Retention Plan is unfunded and benefits will be paid when due.

The assets, liabilities and expense associated with these plans are not material to our results of operations

or financial position.

F-27

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The components of net periodic benefit cost for the three years ended December 31, 2011 were (in millions):

Service cost   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest cost   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected return on plan assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of prior service cost   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of actuarial (gains) losses   . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Curtailments and settlements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
____________
$ 5.8
6.5
(3.5)
3.1
0.3
—
_________
$12.2
_________
_________

2010
____________
$ 3.9
6.1
(3.5)
2.5
0.6
1.2
_________
$10.8
_________
_________

2009
____________
$ 4.4
6.7
(3.6)
2.5
1.6
1.4
_________
$13.0
_________
_________

Included in accumulated other comprehensive income at December 31, 2011 and 2010 were unrecognized

actuarial gains and losses and unrecognized prior service cost of $66.2 million, $41.2 million net of tax, and
$44.7 million, $27.5 million net of tax, respectively, that have not yet been recognized in net periodic benefit
cost. The unrecognized actuarial gains and losses and unrecognized prior service cost included in accumulated
other comprehensive income and expected to be recognized in net periodic benefit cost in 2012 is $4.6 million.

The weighted average assumptions used to determine net periodic benefit cost for the three years ended

December 31, 2011 were:

Discount rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Compensation increases  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Expected return on plan assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
___________
5.1%
1.6%
6.2%

2010
___________
5.6%
2.3%
6.7%

2009
___________
5.6%
2.1%
6.4%

The expected long-term rate of return for plan assets for our U.S. plans is based on several factors,

including current and expected asset allocations, historical and expected returns on various asset classes and
current and future market conditions. A total return investment approach using a mix of equities and fixed
income investments maximizes the long-term return. This strategy is intended to minimize plan expense by
achieving long-term returns in excess of the growth in plan liabilities over time. The discount rate used to
compute net periodic benefit cost is based on yields of available high-quality bonds and reflects the expected
cash flow as of the measurement date.

The expected returns on plan assets and discount rates for our non-U.S. plans are based on local factors,

including each plan’s investment approach, local interest rates and plan participant profiles. The assumptions
exclude a plan for one of our Japanese subsidiaries that was recently terminated.

Experience gains and losses and the effects of changes in actuarial assumptions are generally amortized

over a period no longer than the expected average future service of active employees.

Our funding policy is to contribute amounts sufficient to meet minimum funding requirements in
accordance with the applicable employee benefit and tax laws that the plans are subject to, plus such additional
amounts as we may determine to be appropriate. In 2011, 2010 and 2009, we contributed $7.8 million,
$7.5 million, $6.4 million, respectively, to our defined benefit pension plans. We do not expect our 2012
contributions to differ materially from our 2011 contributions.

F-28

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

At December 31, 2011 and 2010, the benefit obligation, fair value of plan assets and the funded status of

our defined benefit pension plans were (in millions):

Benefit Obligation

Benefit obligation January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amendments, curtailments, and settlements  . . . . . . . . . . . . . . . . . . . . . . . .
Actuarial (gains) losses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefits paid   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefit obligation December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Fair Value of Plan Assets

Fair value of assets January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actual return on plan assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Employer contributions  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefits paid   . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Settlements  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Fair value of plan assets December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Funded Status December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
______________

$130.0
5.8
6.5
(13.6)
23.1
(5.1)
(0.4)
___________
$146.3
___________
___________

$ 53.9
(0.6)
7.8
(5.1)
(5.4)
(0.1)
___________
$ 50.5
___________
___________

$ (95.8)
___________
___________

At December 31, 2011 and 2010 the funded status was classified as follows (in millions):

Other assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other current liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
______________
$ 1.9
(1.3)
(96.4)
__________
$(95.8)
__________
__________

2010
______________

$120.9
3.9
6.1
2.6
7.2
(10.3)
(0.4)
___________
$130.0
___________
___________

$ 52.4
4.5
7.5
(10.3)
—
(0.2)
___________
$ 53.9
___________
___________

$ (76.1)
___________
___________

2010
______________
$ 3.0
(1.1)
(78.0)
__________
$(76.1)
__________
__________

At December 31, 2011 and 2010, the accumulated benefit obligations for our defined benefit pension

plans were $135.8 million and $119.2 million, respectively.

At December 31, 2011 and 2010, plans with benefit obligations in excess of plan assets were (in

millions):

Benefit obligation  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plan assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
_____________
$136.4
38.7
___________
$ 97.7
___________
___________

2010
______________
$114.1
35.0
___________
$ 79.1
___________
___________

At December 31, 2011 and 2010, the weighted average assumptions used to determine the benefit

obligation were:

Discount rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Compensation increases  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
__________
4.6%
1.4%

2010
__________
5.0%
1.9%

F-29

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

At December 31, 2011, the estimated future benefit payments expected to be paid are (in millions):

2012  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2013  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2014  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2015  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 – 2021  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 4.1
4.9
7.7
5.5
5.8
41.4
76.9
______________
$146.3
______________
______________

The fair value of plan assets at December 31, 2011 and 2010 were (in millions):

2011

Cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mutual funds(a)  . . . . . . . . . . . . . . . . . . . . . . . . . .
Unit trusts(b)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance contracts(c)  . . . . . . . . . . . . . . . . . . . . .
Other(d)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Level 1
_______

Level 2
_______

Level 3
_______

Total
______

$ 1.6
29.7
17.3
—
—
_________
$48.6
_________
_________

$ 0.2
_________
$ 0.2
_________
_________

$ 1.7
—
_________
$ 1.7
_________
_________

$ 1.6
29.7
17.3
1.7
0.2
_________
$50.5
_________
_________

(a) Equity funds represent 67% of the total and are primarily composed of U.S. large-cap and mid-cap companies,

international companies and emerging market companies. Debt funds represent 33% of the total and are primarily
composed of U.S. Treasury securities, corporate debt and mortgage securities.

(b) Equity funds represent 46% of the total and are primarily composed of U.K. large-cap companies and U.K., U.S. and
eurozone equity index funds. Debt funds represent 54% of the total and are composed of U.K. government bonds and
U.K. and eurozone corporate bonds.

(c) Insurance contracts are primarily composed of guaranteed insurance contracts.
(d) Commingled short-term investment funds.

Level 1
_______

Level 2
_______

Level 3
_______

Total
______

2010

Cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mutual funds(a)  . . . . . . . . . . . . . . . . . . . . . . . . . .
Unit trusts(b)  . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance contracts(c)  . . . . . . . . . . . . . . . . . . . . .
Other(d)  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 1.0
24.9
18.8
—
—
_________
$44.7
_________
_________

$ 3.1
_________
$ 3.1
_________
_________

$ 6.1
—
_________
$ 6.1
_________
_________

$ 1.0
24.9
18.8
6.1
3.1
_________
$53.9
_________
_________

(a) Equity funds represent 63% of the total and are primarily composed of U.S. large-cap and mid-cap companies,

international companies and emerging market companies. Debt funds represent 37% of the total and are primarily
composed of U.S. Treasury securities, corporate debt and mortgage securities.

(b) Equity funds represent 54% of the total and are primarily composed of U.K. large-cap companies and U.K., U.S. and
eurozone equity index funds. Debt funds represent 46% of the total and are composed of U.K. government bonds and
U.K. and eurozone corporate bonds.

(c) Insurance contracts are primarily composed of guaranteed insurance contracts.
(d) Commingled short-term investment funds.

At December 31, 2011 and 2010, changes in the fair value of plan assets measured using Level 3 inputs

were (in millions):

Beginning balance January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actual return on assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchases, sales and settlements, net  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Balance December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
___________
$ 6.1
0.1
(4.5)
________
$ 1.7
________
________

2010
___________
$5.6
0.1
0.4
_______
$6.1
_______
_______

F-30

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

The weighted average asset allocations at December 31, 2011 and 2010 were:

Cash  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Mutual funds  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unit trusts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Insurance contracts  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
________________________________________________________

Target
Allocation
____________________
2%
55
37
3
3
______
100%
______
______

Actual
Allocation
____________________
3%
59
34
3
1
______
100%
______
______

2010
___________________
Actual
Allocation
___________________
2%
46
35
11
6
______
100%
______
______

Risk tolerance for these plans is established through consideration of plan liabilities, funded status and
evaluation of the overall investment environment. The investment portfolios contain a diversified blend of equity
and fixed-income investments. Equity investments are diversified across geography and market capitalization
through investment in large and medium capitalization U. S. and international equities and U. S. and
international debt securities. Investment risk is measured and monitored on an ongoing basis through annual
liability measurements, and periodic asset / liability studies and investment portfolio reviews.

Postemployment Arrangements

We have executive retirement agreements under which benefits will be paid to participants or to their

beneficiaries over periods up to 10 years beginning after cessation of full-time employment. Our
postemployment arrangements are unfunded and benefits are paid when due. In December 2010, the
Compensation Committee increased the number of employees eligible to participate in these agreements. As a
result of this action, we recorded an increase in the benefit obligation for our postemployment arrangements of
$20.4 million in 2010.

The components of net periodic benefit cost for the three years ended December 31, 2011 were

(in millions):

Service cost  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest cost  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Amortization of prior service cost  . . . . . . . . . . . . . . . . . . . .
Amortization of actuarial (gains) losses  . . . . . . . . . . . . . . . .

2011
____________
$ 3.9
4.7
0.6
2.1
____________
$11.3
____________
____________

2010
__________
$1.8
3.9
0.6
1.0
_________
$7.3
_________
_________

2009
__________
$1.8
4.0
0.8
0.5
_________
$7.1
_________
_________

Included in accumulated other comprehensive income at December 31, 2011 and 2010 were unrecognized

actuarial gains and losses and unrecognized prior service cost of $44.9 million, $26.9 million net of income
taxes, and $45.0 million, $27.0 million net of income taxes, respectively, that have not yet been recognized in
the net periodic benefit cost. The unrecognized actuarial gains and losses and unrecognized prior service cost
included in accumulated other comprehensive income and expected to be recognized in net periodic benefit cost
in 2012 is $2.0 million.

The weighted average assumptions used to determine net periodic benefit cost for the three years ended

December 31, 2011 were:

Discount rate  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Compensation increases  . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
___________
5.0%
3.5%

2010
___________
5.0%
3.5%

2009
___________
5.3%
3.5%

Experience gains and losses and effects of changes in actuarial assumptions are amortized over a period

no longer than the expected average future service of active employees.

F-31

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

At December 31, 2011 and 2010, the benefit obligation was (in millions):

Benefit obligation January 1  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Service cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Plan amendment  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Actuarial (gains) losses  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefits paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Benefit obligation December 31  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

At December 31, 2011 and 2010, the liability was classified as follows (in millions):

Other current liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
______________
$104.7
3.9
4.7
—
2.6
(10.7)
___________
$105.2
___________
___________

2011
______________
$ 10.2
95.0
___________
$105.2
___________
___________

2010
______________
$ 87.7
1.8
3.9
20.4
0.9
(10.0)
___________
$104.7
___________
___________

2010
______________
$ 10.7
94.0
___________
$104.7
___________
___________

At December 31, 2011 and 2010, the weighted average assumptions used to determine the benefit

obligation were:

Discount rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Compensation increases  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
___________
4.9%
3.5%

2010
___________
5.0%
3.5%

At December 31, 2011, the estimated future benefit payments expected to be paid are (in millions):

2012  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2013  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2014  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2015  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2017 – 2021  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$ 10.2
9.8
8.3
7.2
7.5
28.1
34.1
______________
$105.2
______________
______________

15. Supplemental Cash Flow Data

Changes in operating capital for the three years ended December 31, 2011 were (in millions):

(Increase) decrease in accounts receivable . . . . . . . . . . . . .
(Increase) decrease in work in process and

other current assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Increase (decrease) in accounts payable  . . . . . . . . . . . . . .
Increase (decrease) in customer advances and

other current liabilities  . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in other assets and liabilities, net  . . . . . . . . . . . . .

Income taxes paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest paid  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
________________
$(471.4)

(53.2)
262.7

(4.5)
295.6
____________
$ 29.2
____________
____________

$ 365.4
$ 153.9

2010
________________
$(292.4)

(209.7)
455.9

183.2
173.3
____________
$ 310.3
____________
____________

$ 293.3
$ 140.8

2009
________________
$410.9

113.9
(10.2)

(75.9)
125.7
___________
$564.4
___________
___________

$270.4
$ 86.8

F-32

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

16. Noncontrolling Interests

Changes in our ownership interests in our less than 100% owned subsidiaries during the three years ended

December 31, 2011, were (in millions):

Net income attributed to Omnicom 

2011
______________

2010
______________

2009
______________

Group Inc.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$952.6

$827.7

$793.0

Transfers (to) from noncontrolling interests:
Increase in additional paid-in capital from

sale of shares in noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . .

4.8

2.2

—

Decrease in additional paid-in capital from
purchase of shares in noncontrolling
interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net transfers (to) from noncontrolling

(37.6)
___________

(26.0)
___________

(25.6)
___________

interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(32.8)
___________

(23.8)
___________

(25.6)
___________

Changes in net income attributed to

Omnicom Group Inc. and transfers (to)
from noncontrolling interests  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$919.8
___________
___________

$803.9
___________
___________

$767.4
___________
___________

17. Leases

We lease substantially all our office facilities under operating leases and certain equipment under
operating and capital leases that expire at various dates. Office leases may include provisions for additional
renewal periods at our option. In circumstances where the exercise of the renewal options is reasonably assured
at the inception of the lease, the renewal periods are included in the determination of the lease term. Office
leases may include scheduled rent increases and concessions, such as rent abatements and landlord / tenant
incentives and improvement allowances. Scheduled rent increases are recognized on a straight-line basis over
the lease term. Rent abatements and landlord / tenant incentives and improvement allowances are recorded as
deferred rent and are amortized to rent expense on a straight-line basis over the lease term. Certain office leases
require payment of real estate taxes and other occupancy costs. These costs are not included in rent expense.
Leasehold improvements made at inception or during the lease term are amortized over the shorter of the asset
life or the lease term, which may include renewal periods where the renewal is reasonably assured.

Rent expense for the three years ended December 31, 2011, was (in millions)

Office rent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Less third party sublease rent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net office rent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Equipment rent  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2011
______________
$381.6
12.8
___________
368.8
42.7
___________
$411.5
___________
___________

2010
______________
$374.4
16.3
___________
358.1
46.4
___________
$404.5
___________
___________

2009
______________
$396.0
18.9
___________
377.1
65.6
___________
$442.7
___________
___________

F-33

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Future minimum lease payments under non-cancelable operating and capital leases, reduced by third party

sublease rent receivable from existing non-cancelable subleases, are (in millions):

2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Thereafter  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Total minimum lease payments  . . . . . . . . . . . . . . . .
Less interest component  . . . . . . . . . . . . . . . . . . . . . .
Present value of minimum lease payments  . . . . . . .

Operating Leases
________________________________________________________________________
Less
Sublease
Rent
_______________
$ 6.9
4.8
4.0
3.2
1.0
1.2
_________
$21.1
_________
_________

Gross
Rent
__________________
$ 364.9
298.4
228.3
176.4
129.7
385.4
______________
$1,583.1
______________
______________

Net
Rent
__________________
$ 358.0
293.6
224.3
173.2
128.7
384.2
______________
$1,562.0
______________
______________

Capital Leases
__________________________

Minimum
Lease Payments
___________________________
$24.9
16.3
8.5
3.7
2.2
2.2
_________

57.8
1.9
_________
$55.9
_________
_________

At December 31, 2011 and 2010, the current and long-term portions of our capital lease obligation were

$24.1 million and $31.8 million and $20.3 million and $30.7 million, respectively. Property under capital leases
at December 31, 2011 and 2010 was $111.4 million and $94.6 million, respectively. Accumulated amortization
of property under capital leases at December 31, 2011 and 2010 was $59.4 million and $46.0 million,
respectively. Amortization expense for property under capital leases in 2011, 2010 and 2009 was $25.0 million,
$23.0 million and $17.0 million, respectively.

18. Temporary Equity — Redeemable Noncontrolling Interests

Owners of noncontrolling interests in certain of our subsidiaries have the right in certain circumstances to

require us to purchase additional ownership interests at fair value as defined in the applicable agreements.
Assuming that the subsidiaries perform over the relevant periods at their current profit levels, at December 31,
2011, the aggregate estimated maximum amount we could be required to pay in future periods is $202.1
million, of which $137.7 million is currently exercisable by the holders. If these rights are exercised, there
would be an increase in the net income attributable to Omnicom Group Inc. as a result of our increased
ownership and the reduction of net income attributable to noncontrolling interests. The ultimate amount paid
could be significantly different because the redemption amount is primarily dependent on the future results of
operations of the subject businesses, the timing of the exercise of these rights and changes in foreign currency
exchange rates.

19. Commitments and Contingent Liabilities

In the ordinary course of business, we are involved in various legal proceedings. We do not presently

expect that these proceedings will have a material adverse effect on our results of operations or financial
position.

F-34

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

20. Fair Value

Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2011 and 2010

were (in millions):

2011
Assets:

Level 1
__________________

Level 2
____________

Level 3
_____________

Total
__________________

Balance Sheet
Classification
____________________________

Cash and cash equivalents . . . . . . . . . . . . . . . . .
Short-term investments  . . . . . . . . . . . . . . . . . . .
Available-for-sale securities  . . . . . . . . . . . . . . .

$1,781.2
23.8
3.8

$1,781.2
23.8
3.8

Other Assets

Liabilities:

Forward foreign exchange contracts  . . . . . . . . .

$ 0.1

$

0.1 Other Current

Level 1
__________________

Level 2
____________

Level 3
_____________

Total
__________________

Liabilities

Balance Sheet
Classification
____________________________

2010
Assets:

Cash and cash equivalents . . . . . . . . . . . . . . . . .
Short-term investments  . . . . . . . . . . . . . . . . . . .
Forward foreign exchange contracts  . . . . . . . . .

$2,288.7
11.3

$ 7.2

Available-for-sale securities  . . . . . . . . . . . . . . .

3.4

Liabilities:

$2,288.7
11.3
7.2 Other Current

Assets
Other Assets

3.4

Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . .

$24.2

$

24.2

Long-Term
Liabilities

The carrying amount and fair value of our financial instruments at December 31, 2011 and 2010 were

(in millions):

Assets:

2011
_________________________________________________
Carrying
Amount
__________

Fair
Value
__________

2010
_________________________________________________
Carrying
Amount
__________

Fair
Value
__________

Cash and cash equivalents . . . . . . . . . . . . . . . . .
Short-term investments  . . . . . . . . . . . . . . . . . . .
Forward foreign exchange contracts  . . . . . . . . .
Available-for-sale securities  . . . . . . . . . . . . . . .
Cost method investments  . . . . . . . . . . . . . . . . .

Liabilities:

Short-term borrowings  . . . . . . . . . . . . . . . . . . .
Forward foreign exchange contracts  . . . . . . . . .
Interest rate swaps  . . . . . . . . . . . . . . . . . . . . . . .
Debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$1,781.2
23.8
—
3.8
23.6

$

9.5
0.1
—
3,183.6

$1,781.2
23.8
—
3.8
23.6

$

9.5
0.1
—
3,370.5

$2,288.7
11.3
7.2
3.4
24.8

$

50.2
—
24.2
3,126.0

$2,288.7
11.3
7.2
3.4
24.8

$

50.2
—
24.2
3,328.0

The following methods and assumptions were used to estimate the fair value of each class of financial

instruments for which it is practicable to estimate that value:

Short-term investments. Short-term investments primarily consist of time deposits with financial
institutions that we expect to convert into cash within our current operating cycle, generally one year. Short-
term investments are carried at cost, which approximates fair value.

Available-for-sale securities. Available-for-sale securities are carried at quoted market prices.

Forward foreign exchange contracts. The estimated fair value of derivative positions in forward foreign
exchange contracts is determined using model-derived valuations, taking into consideration market rates and
counterparty credit risk.

F-35

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Cost method investments. Cost method investments are carried at cost, which approximates or is less than

fair value.

Short-term borrowings. Short-term borrowings consist of bank overdrafts and credit lines of our international

subsidiaries. Due to the short-term nature of these instruments, carrying value approximates fair value.

Interest rate swaps. Interest rate swaps are fair value hedges where the fair value is derived from the
present value of future cash flows using valuation models that are based on readily observable market data such
as interest rates and yield curves, taking into consideration counterparty credit risk.

Debt. Debt includes fixed rate debt and convertible debt. The fair value of these instruments is based on

quoted market prices.

21. Derivative Instruments and Hedging Activities

As a global service business, we operate in multiple foreign currencies and issue debt in the capital markets.

In the normal course of business, we are exposed to foreign currency fluctuations and the impact of interest rate
changes. We limit these risks through risk management policies and procedures, including the use of derivatives. For
foreign currency exposure, derivatives are used to mitigate the cash flow volatility arising from foreign exchange
rate fluctuations. For interest rate exposure, derivatives have been used to manage the related cost of debt.

As a result of using derivative instruments, we are exposed to the risk that counterparties to derivative

contracts will fail to meet their contractual obligations. To mitigate counterparty credit risk, we have a policy of only
entering into contracts with carefully selected major financial institutions based on credit ratings and other factors.

We evaluate the effects of changes in foreign currency exchange rates, interest rates and other relevant
market risks on our derivative instruments. We periodically determine the potential loss from market risk on our
derivative instruments by performing a value-at-risk analysis. Value-at-risk is a statistical model that utilizes
historical currency exchange and interest rate data to measure the potential impact on future earnings of our
derivative financial instruments. The value-at-risk analysis on our derivative financial instruments at
December 31, 2011 indicated that the risk of loss was immaterial.

Foreign Exchange Risk

Our regional treasury centers centralize and manage the cash of our international operations. These centers
use short-term forward foreign exchange contracts to hedge the foreign currency exchange risk of intercompany
cash movements between businesses operating in different functional currencies from the regional treasury
centers from which they borrow or invest funds. Additionally, the regional treasury centers use forward foreign
exchange contracts to mitigate the foreign currency risk associated with activities when revenue and operating
expenses are not denominated in the same currency. In these instances, amounts are promptly settled or hedged
with forward foreign exchange contracts. At December 31, 2011 and 2010, the total value of the intercompany
receivable and payables hedged by forward foreign exchange contracts was $192.4 million and $1,351.8
million, respectively. The notional value of forward foreign exchange contracts to purchase currencies,
principally Korean Won, British Pounds and Euros at December 31, 2011 was $96.2 million and the notional
value of forward foreign exchange contracts to purchase currencies, principally British Pounds, Euros, Japanese
Yen and Korean Won at December 31, 2010, was $679.5 million. The notional value of forward foreign
exchange contracts to sell currencies, principally U.S. Dollars, at December 31, 2011 and 2010, was $96.2
million and $672.3 million, respectively. See Note 20 for a discussion of the fair value of these instruments. The
terms of our forward contracts are generally less than 90 days. The changes in the fair value of these contracts
and of the underlying exposures generally offset and are included in our results of operations.

The foreign currency contracts that existed during 2011 and 2010 were entered into for the purpose of

seeking to mitigate the risk of certain specific adverse currency risks. As a result of these financial instruments,
we reduced financial risk in exchange for foregoing any gain (reward) that might have occurred if the markets
moved favorably. In using these contracts, management exchanged the risks of the financial markets for
counterparty credit risk.

F-36

OMNICOM GROUP INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Interest Rate Risk

From time to time, we issue debt in the capital markets. In 2011, to manage our overall interest cost, we
used interest rate swaps to convert specific fixed-rate debt into variable-rate debt (fair value hedge). See Note 7
for a discussion of our interest rate swaps. At December 31, 2011, there were no interest rate swaps outstanding.
The interest rate swaps reduced interest expense in 2011 and 2010 by $12.2 million and $5.0 million,
respectively.

22. Subsequent Events

We have evaluated events subsequent to the balance sheet date and determined there have not been any

events that have occurred that would require adjustment to or disclosure in our financial statements.

F-37

OMNICOM GROUP INC. AND SUBSIDIARIES
Quarterly Results of Operations (Unaudited)

The Company’s unaudited quarterly results of operations for the years ended December 31, 2011 and

2010 were (in millions, except for per share amounts):

Quarter
___________________________________________________________________________________________________________

First
_________

Second
_________

Third
_________

Fourth
_________

Revenue

2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

$3,151.3
2,920.0

$3,487.4
3,041.2

$3,380.9
2,994.6

$3,852.9
3,586.7

Operating Expenses

2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2,829.2
2,629.0

2,999.3
2,625.8

3,007.5
2,680.5

3,365.5
3,147.0

Operating Income

2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income – Omnicom Group Inc.

2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Per Share

Omnicom Group Inc. – Basic
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net Income Per Share

Omnicom Group Inc. – Diluted
2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

322.1
291.0

201.9
163.4

0.70
0.53

0.69
0.52

488.1
415.4

275.1
243.3

0.98
0.80

0.96
0.79

373.4
314.1

203.7
174.6

0.73
0.58

0.72
0.57

487.4
439.7

271.9
246.4

0.97
0.84

0.96
0.83

F-38

OMNICOM GROUP INC. AND SUBSIDIARIES
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
For the Three Years Ended December 31, 2011

(In millions)

Column A

Column B

Column C

Column D

Column D

Column E

Description

Valuation accounts deducted from assets:

Allowance for Doubtful Accounts:

Balance at
Beginning
of Period

Charged to
Costs and
Expenses

Removal of
Uncollectible
Receivables

Translation
Adjustments
(Increase)
Decrease

Balance
at End
of Period

December 31, 2011  . . . . . . . . . . . . . . . . .

$46.7

December 31, 2010  . . . . . . . . . . . . . . . . .

December 31, 2009  . . . . . . . . . . . . . . . . .

59.5

59.9

$ 8.1

9.5

24.9

$13.2

21.8

26.7

$ 1.0

0.5

(1.4)

$40.6

46.7

59.5

S-1

Exhibit 32

CERTIFICATION OF ANNUAL REPORT ON FORM 10-K

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, in
connection with the filing of Omnicom Group Inc.’s Annual Report on Form 10-K for the year ended December
31, 2011, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the
undersigned officers of Omnicom Group Inc. certifies that, to such officer's knowledge:

•

•

the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and

the information contained in the Report fairly presents, in all material aspects, the financial condition
and results of operations of Omnicom Group Inc. as of the dates and for the periods expressed in the
Report.

Executed as of February 17, 2012.

________________________________
Name:
Title:

/S/ JOHN D. WREN
John D. Wren
Chief Executive Officer and President

/S/ RANDALL J. WEISENBURGER

________________________________
Name: Randall J. Weisenburger
Title:

Executive Vice President and
Chief Financial Officer

Omnicom

(cid:9)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:19)(cid:135)(cid:148)(cid:136)(cid:145)(cid:148)(cid:143)(cid:131)(cid:144)(cid:133)(cid:135)

(cid:523)(cid:12)(cid:144)(cid:3)(cid:16)(cid:139)(cid:142)(cid:142)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:8)(cid:154)(cid:133)(cid:135)(cid:146)(cid:150)(cid:3)(cid:19)(cid:135)(cid:148)(cid:3)(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:3)(cid:4)(cid:143)(cid:145)(cid:151)(cid:144)(cid:150)(cid:149)(cid:524)

REVENUE

R

G

A

2 . 9 %   C

1

$14,000

12,000

10,000

8,000

6,000

4,000

2,000

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

OPERATING INCOME

R

G

A

3 . 4 %   C

1

$1,800

1,600

1,400

1,200

1,000

800

600

400

200

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

NET INCOME

R

G

A

5 . 1 %   C

1

$1,200

1,000

800

600

400

200

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

(cid:9)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:19)(cid:135)(cid:148)(cid:136)(cid:145)(cid:148)(cid:143)(cid:131)(cid:144)(cid:133)(cid:135)

Omnicom

(cid:523)(cid:12)(cid:144)(cid:3)(cid:16)(cid:139)(cid:142)(cid:142)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:8)(cid:154)(cid:133)(cid:135)(cid:146)(cid:150)(cid:3)(cid:19)(cid:135)(cid:148)(cid:3)(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:3)(cid:4)(cid:143)(cid:145)(cid:151)(cid:144)(cid:150)(cid:149)(cid:524)

DILUTED EARNINGS PER SHARE

R

G

A

3 . 8 %   C

1

$3.50 

3.00 

2.50 

2.00 

1.50 

1.00 

0.50 

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

RETURN ON EQUITY

24.4% Average

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

35%

30%

25%

20%

15%

10%

5%

0%

(cid:21)(cid:135)(cid:150)(cid:151)(cid:148)(cid:144)(cid:3) (cid:145)(cid:144)(cid:3) (cid:8)(cid:147)(cid:151)(cid:139)(cid:150)(cid:155)(cid:3) (cid:139)(cid:149)(cid:3) (cid:133)(cid:131)(cid:142)(cid:133)(cid:151)(cid:142)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3) (cid:131)(cid:149)(cid:3) (cid:17)(cid:135)(cid:150)(cid:3) (cid:12)(cid:144)(cid:133)(cid:145)(cid:143)(cid:135)(cid:3) (cid:136)(cid:145)(cid:148)(cid:3) (cid:135)(cid:131)(cid:133)(cid:138)(cid:3) (cid:155)(cid:135)(cid:131)(cid:148)(cid:3) (cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:134)(cid:3) (cid:132)(cid:155)(cid:3) (cid:131)(cid:152)(cid:135)(cid:148)(cid:131)(cid:137)(cid:135)
(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:495)(cid:149)(cid:3)(cid:8)(cid:147)(cid:151)(cid:139)(cid:150)(cid:155)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:150)(cid:138)(cid:131)(cid:150)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:484)

Omnicom

(cid:6)(cid:145)(cid:143)(cid:146)(cid:131)(cid:148)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:11)(cid:139)(cid:137)(cid:138)(cid:142)(cid:139)(cid:137)(cid:138)(cid:150)(cid:149)(cid:3)(cid:523)(cid:131)(cid:524)

(cid:18)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:7)(cid:131)(cid:150)(cid:131)(cid:483)

(cid:21)(cid:135)(cid:152)(cid:135)(cid:144)(cid:151)(cid:135)
(cid:18)(cid:146)(cid:135)(cid:148)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137) (cid:12)(cid:144)(cid:133)(cid:145)(cid:143)(cid:135)
(cid:17)(cid:135)(cid:150)(cid:3)(cid:12)(cid:144)(cid:133)(cid:145)(cid:143)(cid:135)(cid:3)(cid:514)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3)(cid:12)(cid:144)(cid:133)(cid:484)

(cid:17)(cid:135)(cid:150)(cid:3)(cid:12)(cid:144)(cid:133)(cid:145)(cid:143)(cid:135) (cid:146)(cid:135)(cid:148)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:3)(cid:514)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3)(cid:12)(cid:144)(cid:133)(cid:484)(cid:483)

(cid:5)(cid:131)(cid:149)(cid:139)(cid:133)
(cid:7)(cid:139)(cid:142)(cid:151)(cid:150)(cid:135)(cid:134)

(cid:7)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:149)(cid:3)(cid:146)(cid:135)(cid:148)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)

(cid:884)(cid:882)(cid:883)(cid:883)

(cid:884)(cid:882)(cid:883)(cid:882)

(cid:884)(cid:882)(cid:882)(cid:891)

(cid:884)(cid:882)(cid:882)(cid:890)

(cid:884)(cid:882)(cid:882)(cid:889)

(cid:523)(cid:12)(cid:144)(cid:3)(cid:16)(cid:139)(cid:142)(cid:142)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:8)(cid:154)(cid:133)(cid:135)(cid:146)(cid:150)(cid:3)(cid:19)(cid:135)(cid:148)(cid:3)(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:3)(cid:4)(cid:143)(cid:145)(cid:151)(cid:144)(cid:150)(cid:149)(cid:524)

(cid:836)(cid:883)(cid:885)(cid:481)(cid:890)(cid:889)(cid:884)(cid:484)(cid:887) (cid:836)(cid:883)(cid:884)(cid:481)(cid:887)(cid:886)(cid:884)(cid:484)(cid:887)
(cid:883)(cid:481)(cid:886)(cid:888)(cid:882)(cid:484)(cid:884)
(cid:890)(cid:884)(cid:889)(cid:484)(cid:889)

(cid:883)(cid:481)(cid:888)(cid:889)(cid:883)(cid:484)(cid:883)
(cid:891)(cid:887)(cid:884)(cid:484)(cid:888)

(cid:836)(cid:883)(cid:883)(cid:481)(cid:889)(cid:884)(cid:882)(cid:484)(cid:889)
(cid:883)(cid:481)(cid:885)(cid:889)(cid:886)(cid:484)(cid:891)
(cid:889)(cid:891)(cid:885)(cid:484)(cid:882)

(cid:836)(cid:883)(cid:885)(cid:481)(cid:885)(cid:887)(cid:891)(cid:484)(cid:891)
(cid:883)(cid:481)(cid:888)(cid:890)(cid:891)(cid:484)(cid:886)
(cid:883)(cid:481)(cid:882)(cid:882)(cid:882)(cid:484)(cid:885)

(cid:836)(cid:883)(cid:884)(cid:481)(cid:888)(cid:891)(cid:886)(cid:484)(cid:882)
(cid:883)(cid:481)(cid:888)(cid:887)(cid:891)(cid:484)(cid:883)
(cid:891)(cid:889)(cid:887)(cid:484)(cid:889)

(cid:836)(cid:885)(cid:484)(cid:885)(cid:890)
(cid:885)(cid:484)(cid:885)(cid:885)

(cid:836)(cid:883)(cid:484)(cid:882)(cid:882)

(cid:836)(cid:884)(cid:484)(cid:889)(cid:886)
(cid:884)(cid:484)(cid:889)(cid:882)

(cid:836)(cid:882)(cid:484)(cid:890)(cid:882)

(cid:836)(cid:884)(cid:484)(cid:887)(cid:886)
(cid:884)(cid:484)(cid:887)(cid:885)

(cid:836)(cid:882)(cid:484)(cid:888)(cid:882)

(cid:836)(cid:885)(cid:484)(cid:883)(cid:889)
(cid:885)(cid:484)(cid:883)(cid:886)

(cid:836)(cid:882)(cid:484)(cid:888)(cid:882)

(cid:836)(cid:884)(cid:484)(cid:891)(cid:887)
(cid:884)(cid:484)(cid:891)(cid:885)

(cid:836)(cid:882)(cid:484)(cid:887)(cid:889)(cid:887)

(cid:523)(cid:131)(cid:524) (cid:8)(cid:136)(cid:136)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3) (cid:13)(cid:131)(cid:144)(cid:151)(cid:131)(cid:148)(cid:155)(cid:3) (cid:883)(cid:481)(cid:3) (cid:884)(cid:882)(cid:882)(cid:891)(cid:481)(cid:3) (cid:153)(cid:135)(cid:3) (cid:148)(cid:135)(cid:150)(cid:148)(cid:145)(cid:149)(cid:146)(cid:135)(cid:133)(cid:150)(cid:139)(cid:152)(cid:135)(cid:142)(cid:155)(cid:3) (cid:131)(cid:134)(cid:145)(cid:146)(cid:150)(cid:135)(cid:134)(cid:3) (cid:144)(cid:135)(cid:153)(cid:3) (cid:131)(cid:133)(cid:133)(cid:145)(cid:151)(cid:144)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3) (cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:131)(cid:148)(cid:134)(cid:149)(cid:3) (cid:139)(cid:144)(cid:133)(cid:142)(cid:151)(cid:134)(cid:135)(cid:134)(cid:3) (cid:139)(cid:144)(cid:3) (cid:150)(cid:138)(cid:135)(cid:3) (cid:9)(cid:4)(cid:22)(cid:5)(cid:3) (cid:4)(cid:133)(cid:133)(cid:145)(cid:151)(cid:144)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3) (cid:22)(cid:150)(cid:131)(cid:144)(cid:134)(cid:131)(cid:148)(cid:134)(cid:149)
(cid:6)(cid:145)(cid:134)(cid:139)(cid:136)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144) (cid:23)(cid:145)(cid:146)(cid:139)(cid:133)(cid:3)(cid:884)(cid:888)(cid:882)(cid:481)(cid:3)(cid:8)(cid:131)(cid:148)(cid:144)(cid:139)(cid:144)(cid:137)(cid:149)(cid:3)(cid:19)(cid:135)(cid:148)(cid:3)(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:481)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:148)(cid:135)(cid:149)(cid:146)(cid:135)(cid:133)(cid:150)(cid:3)(cid:150)(cid:145)(cid:3)(cid:131)(cid:142)(cid:142)(cid:145)(cid:133)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:135)(cid:131)(cid:148)(cid:144)(cid:139)(cid:144)(cid:137)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:146)(cid:131)(cid:148)(cid:150)(cid:139)(cid:133)(cid:139)(cid:146)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:149)(cid:135)(cid:133)(cid:151)(cid:148)(cid:139)(cid:150)(cid:139)(cid:135)(cid:149)(cid:3)(cid:139)(cid:144)(cid:3)(cid:131)(cid:146)(cid:146)(cid:142)(cid:155)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:150)(cid:153)(cid:145)(cid:486)(cid:133)(cid:142)(cid:131)(cid:149)(cid:149)
(cid:143)(cid:135)(cid:150)(cid:138)(cid:145)(cid:134)(cid:3)(cid:145)(cid:136)(cid:3)(cid:133)(cid:131)(cid:142)(cid:133)(cid:151)(cid:142)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:135)(cid:131)(cid:148)(cid:144)(cid:139)(cid:144)(cid:137)(cid:149)(cid:3)(cid:146)(cid:135)(cid:148)(cid:3)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:484)(cid:3)(cid:17)(cid:135)(cid:150)(cid:3)(cid:12)(cid:144)(cid:133)(cid:145)(cid:143)(cid:135)(cid:3)(cid:19)(cid:135)(cid:148)(cid:3)(cid:6)(cid:145)(cid:143)(cid:143)(cid:145)(cid:144)(cid:3)(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:3)(cid:514)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3)(cid:12)(cid:144)(cid:133)(cid:484)(cid:3)(cid:131)(cid:143)(cid:145)(cid:151)(cid:144)(cid:150)(cid:149)(cid:3)(cid:136)(cid:145)(cid:148)(cid:3)(cid:884)(cid:882)(cid:882)(cid:890) (cid:131)(cid:144)(cid:134) (cid:884)(cid:882)(cid:882)(cid:889) (cid:138)(cid:131)(cid:152)(cid:135)
(cid:132)(cid:135)(cid:135)(cid:144)(cid:3)(cid:148)(cid:135)(cid:149)(cid:150)(cid:131)(cid:150)(cid:135)(cid:134)(cid:3)(cid:139)(cid:144)(cid:3)(cid:131)(cid:133)(cid:133)(cid:145)(cid:148)(cid:134)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:144)(cid:135)(cid:153)(cid:3)(cid:131)(cid:133)(cid:133)(cid:145)(cid:151)(cid:144)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:131)(cid:148)(cid:134)(cid:484)

(cid:19)(cid:8)(cid:21)(cid:9)(cid:18)(cid:21)(cid:16)(cid:4)(cid:17)(cid:6)(cid:8)(cid:3)(cid:10)(cid:21)(cid:4)(cid:19)(cid:11)

(cid:23)(cid:138)(cid:135)(cid:3)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:3)(cid:132)(cid:135)(cid:142)(cid:145)(cid:153)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:131)(cid:148)(cid:135)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:151)(cid:143)(cid:151)(cid:142)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:150)(cid:145)(cid:150)(cid:131)(cid:142)(cid:3)(cid:148)(cid:135)(cid:150)(cid:151)(cid:148)(cid:144)(cid:3)(cid:145)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:145)(cid:144)(cid:3)(cid:149)(cid:150)(cid:145)(cid:133)(cid:141)(cid:3)(cid:134)(cid:151)(cid:148)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:142)(cid:131)(cid:149)(cid:150)(cid:3)(cid:136)(cid:139)(cid:152)(cid:135)(cid:3)(cid:136)(cid:139)(cid:149)(cid:133)(cid:131)(cid:142)
(cid:155)(cid:135)(cid:131)(cid:148)(cid:149)(cid:3) (cid:153)(cid:139)(cid:150)(cid:138)(cid:3) (cid:150)(cid:138)(cid:135)(cid:3) (cid:22)(cid:150)(cid:131)(cid:144)(cid:134)(cid:131)(cid:148)(cid:134)(cid:3) (cid:428)(cid:3) (cid:19)(cid:145)(cid:145)(cid:148)(cid:495)(cid:149)(cid:3) (cid:887)(cid:882)(cid:882)(cid:3) (cid:6)(cid:145)(cid:143)(cid:146)(cid:145)(cid:149)(cid:139)(cid:150)(cid:135)(cid:3) (cid:12)(cid:144)(cid:134)(cid:135)(cid:154)(cid:3) (cid:131)(cid:144)(cid:134)(cid:3) (cid:131)(cid:3) (cid:146)(cid:135)(cid:135)(cid:148)(cid:3) (cid:137)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3) (cid:145)(cid:136)(cid:3) (cid:146)(cid:151)(cid:132)(cid:142)(cid:139)(cid:133)(cid:142)(cid:155)(cid:3) (cid:138)(cid:135)(cid:142)(cid:134)(cid:3) (cid:133)(cid:145)(cid:148)(cid:146)(cid:145)(cid:148)(cid:131)(cid:150)(cid:135)
(cid:133)(cid:145)(cid:143)(cid:143)(cid:151)(cid:144)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:143)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:138)(cid:145)(cid:142)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:131)(cid:144)(cid:139)(cid:135)(cid:149)(cid:484)(cid:3)(cid:23)(cid:138)(cid:135)(cid:3)(cid:146)(cid:135)(cid:135)(cid:148)(cid:3)(cid:137)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3) (cid:133)(cid:145)(cid:144)(cid:149)(cid:139)(cid:149)(cid:150)(cid:149)(cid:3)(cid:145)(cid:136)(cid:3)(cid:23)(cid:138)(cid:135)(cid:3)(cid:12)(cid:144)(cid:150)(cid:135)(cid:148)(cid:146)(cid:151)(cid:132)(cid:142)(cid:139)(cid:133)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3)(cid:145)(cid:136)
(cid:6)(cid:145)(cid:143)(cid:146)(cid:131)(cid:144)(cid:139)(cid:135)(cid:149)(cid:481)(cid:3)(cid:12)(cid:144)(cid:133)(cid:484)(cid:481)(cid:3)(cid:26)(cid:19)(cid:19) (cid:146)(cid:142)(cid:133)(cid:481)(cid:3)(cid:19)(cid:151)(cid:132)(cid:142)(cid:139)(cid:133)(cid:139)(cid:149)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:135)(cid:3)(cid:22)(cid:4) (cid:131)(cid:144)(cid:134) (cid:11)(cid:131)(cid:152)(cid:131)(cid:149)(cid:3)(cid:22)(cid:4)(cid:484)(cid:3)(cid:23)(cid:138)(cid:135)(cid:3)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:3)(cid:149)(cid:138)(cid:145)(cid:153)(cid:149)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:152)(cid:131)(cid:142)(cid:151)(cid:135)(cid:3)(cid:131)(cid:150)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:135)(cid:144)(cid:134)(cid:3)(cid:145)(cid:136)(cid:3)(cid:135)(cid:131)(cid:133)(cid:138)
(cid:155)(cid:135)(cid:131)(cid:148)(cid:3)(cid:145)(cid:136)(cid:3)(cid:135)(cid:131)(cid:133)(cid:138)(cid:3)(cid:836)(cid:883)(cid:882)(cid:882)(cid:3)(cid:139)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:135)(cid:134)(cid:3)(cid:139)(cid:144)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:145)(cid:144)(cid:3)(cid:149)(cid:150)(cid:145)(cid:133)(cid:141)(cid:481)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:22)(cid:428)(cid:19)(cid:3)(cid:887)(cid:882)(cid:882)(cid:3)(cid:12)(cid:144)(cid:134)(cid:135)(cid:154)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:146)(cid:135)(cid:135)(cid:148)(cid:3)(cid:137)(cid:148)(cid:145)(cid:151)(cid:146)(cid:484)(cid:3)(cid:23)(cid:138)(cid:135)(cid:3)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:3)(cid:131)(cid:149)(cid:149)(cid:151)(cid:143)(cid:135)(cid:149)
(cid:150)(cid:138)(cid:135)(cid:3)(cid:148)(cid:135)(cid:139)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:145)(cid:136)(cid:3)(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:149)(cid:484)

(cid:21)(cid:135)(cid:150)(cid:151)(cid:148)(cid:144)(cid:149)(cid:3)(cid:134)(cid:135)(cid:146)(cid:139)(cid:133)(cid:150)(cid:135)(cid:134)(cid:3)(cid:139)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:3)(cid:131)(cid:148)(cid:135)(cid:3)(cid:144)(cid:145)(cid:150)(cid:3)(cid:139)(cid:144)(cid:134)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:136)(cid:151)(cid:150)(cid:151)(cid:148)(cid:135)(cid:3)(cid:146)(cid:135)(cid:148)(cid:136)(cid:145)(cid:148)(cid:143)(cid:131)(cid:144)(cid:133)(cid:135)(cid:484)

Comparison of Cumulative Five Year Total Return 

$200

$150

$100

$50

$0

Dec06

Dec07

Dec08

Dec09

Dec10

Dec11

Omnicom Group, Inc.

S&P 500 Index

Peer Group

(cid:5)(cid:145)(cid:131)(cid:148)(cid:134)(cid:3)(cid:18)(cid:136)(cid:3)(cid:7)(cid:139)(cid:148)(cid:135)(cid:133)(cid:150)(cid:145)(cid:148)(cid:149)

(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)(cid:149)

Omnicom

(cid:5)(cid:21)(cid:24)(cid:6)(cid:8) (cid:6)(cid:21)(cid:4)(cid:26)(cid:9)(cid:18)(cid:21)(cid:7)
(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:481)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3)(cid:12)(cid:144)(cid:133)(cid:484)
(cid:13)(cid:18)(cid:11)(cid:17) (cid:7)(cid:484)(cid:3)(cid:26)(cid:21)(cid:8)(cid:17)
(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:6)(cid:138)(cid:139)(cid:135)(cid:136)(cid:3)(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)(cid:481)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3)(cid:12)(cid:144)(cid:133)(cid:484)
(cid:4)(cid:15)(cid:4)(cid:17) (cid:21)(cid:484)(cid:3)(cid:5)(cid:4)(cid:23)(cid:14)(cid:12)(cid:17)
(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:481)(cid:3)
(cid:8)(cid:150)(cid:145)(cid:144)(cid:3)(cid:19)(cid:131)(cid:148)(cid:141)(cid:3)(cid:6)(cid:131)(cid:146)(cid:139)(cid:150)(cid:131)(cid:142)(cid:3)(cid:16)(cid:131)(cid:144)(cid:131)(cid:137)(cid:135)(cid:143)(cid:135)(cid:144)(cid:150)(cid:481)(cid:3)(cid:15)(cid:484)(cid:19)(cid:484)
(cid:16)(cid:4)(cid:21)(cid:28) (cid:6)(cid:484)(cid:3)(cid:6)(cid:11)(cid:18)(cid:14)(cid:22)(cid:12)
(cid:9)(cid:145)(cid:151)(cid:144)(cid:134)(cid:139)(cid:144)(cid:137)(cid:3)(cid:19)(cid:131)(cid:148)(cid:150)(cid:144)(cid:135)(cid:148)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:16)(cid:131)(cid:144)(cid:131)(cid:137)(cid:139)(cid:144)(cid:137)(cid:3)(cid:7)(cid:139)(cid:148)(cid:135)(cid:133)(cid:150)(cid:145)(cid:148)(cid:481)(cid:3)
(cid:22)(cid:150)(cid:148)(cid:131)(cid:150)(cid:135)(cid:137)(cid:139)(cid:133)(cid:3)(cid:12)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)
(cid:21)(cid:18)(cid:5)(cid:8)(cid:21)(cid:23) (cid:6)(cid:11)(cid:4)(cid:21)(cid:15)(cid:8)(cid:22) (cid:6)(cid:15)(cid:4)(cid:21)(cid:14)
(cid:11)(cid:131)(cid:148)(cid:152)(cid:131)(cid:148)(cid:134)(cid:3)(cid:24)(cid:144)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:139)(cid:150)(cid:155)(cid:3)(cid:7)(cid:139)(cid:149)(cid:150)(cid:139)(cid:144)(cid:137)(cid:151)(cid:139)(cid:149)(cid:138)(cid:135)(cid:134)(cid:3)(cid:22)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:3)(cid:19)(cid:148)(cid:145)(cid:136)(cid:135)(cid:149)(cid:149)(cid:145)(cid:148)(cid:481)(cid:3)
(cid:11)(cid:131)(cid:148)(cid:152)(cid:131)(cid:148)(cid:134)(cid:3)(cid:15)(cid:131)(cid:153)(cid:3)(cid:22)(cid:133)(cid:138)(cid:145)(cid:145)(cid:142)
(cid:15)(cid:8)(cid:18)(cid:17)(cid:4)(cid:21)(cid:7) (cid:22)(cid:484)(cid:3)(cid:6)(cid:18)(cid:15)(cid:8)(cid:16)(cid:4)(cid:17)(cid:481)(cid:3)(cid:13)(cid:21)(cid:484)
(cid:9)(cid:145)(cid:148)(cid:143)(cid:135)(cid:148) (cid:22)(cid:135)(cid:144)(cid:139)(cid:145)(cid:148)(cid:3)(cid:4)(cid:134)(cid:152)(cid:139)(cid:149)(cid:145)(cid:148)(cid:481) (cid:16)(cid:131)(cid:140)(cid:145)(cid:148)(cid:3)(cid:15)(cid:135)(cid:131)(cid:137)(cid:151)(cid:135) (cid:5)(cid:131)(cid:149)(cid:135)(cid:132)(cid:131)(cid:142)(cid:142)(cid:481)
(cid:9)(cid:145)(cid:148)(cid:143)(cid:135)(cid:148)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:481)(cid:3)(cid:4)(cid:148)(cid:135)(cid:144)(cid:131)(cid:3)(cid:6)(cid:145)(cid:484)
(cid:8)(cid:21)(cid:21)(cid:18)(cid:15) (cid:16)(cid:484)(cid:3)(cid:6)(cid:18)(cid:18)(cid:14)
(cid:19)(cid:148)(cid:139)(cid:152)(cid:131)(cid:150)(cid:135)(cid:3)(cid:12)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:145)(cid:148)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:6)(cid:145)(cid:144)(cid:149)(cid:151)(cid:142)(cid:150)(cid:131)(cid:144)(cid:150)(cid:481)
(cid:9)(cid:145)(cid:148)(cid:143)(cid:135)(cid:148)(cid:3)(cid:16)(cid:131)(cid:144)(cid:131)(cid:137)(cid:139)(cid:144)(cid:137)(cid:3)(cid:7)(cid:139)(cid:148)(cid:135)(cid:133)(cid:150)(cid:145)(cid:148)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:19)(cid:131)(cid:148)(cid:150)(cid:144)(cid:135)(cid:148)(cid:481)
(cid:26)(cid:131)(cid:148)(cid:132)(cid:151)(cid:148)(cid:137)(cid:3)(cid:19)(cid:139)(cid:144)(cid:133)(cid:151)(cid:149)(cid:3)(cid:428)(cid:3)(cid:6)(cid:145)(cid:143)(cid:146)(cid:131)(cid:144)(cid:155)
(cid:22)(cid:24)(cid:22)(cid:4)(cid:17) (cid:22)(cid:484)(cid:3)(cid:7)(cid:8)(cid:17)(cid:12)(cid:22)(cid:18)(cid:17)
(cid:19)(cid:131)(cid:148)(cid:150)(cid:144)(cid:135)(cid:148)(cid:481) (cid:6)(cid:145)(cid:145)(cid:141)(cid:3)(cid:4)(cid:149)(cid:149)(cid:145)(cid:133)(cid:139)(cid:131)(cid:150)(cid:135)(cid:149)
(cid:16)(cid:12)(cid:6)(cid:11)(cid:4)(cid:8)(cid:15) (cid:4)(cid:484)(cid:3)(cid:11)(cid:8)(cid:17)(cid:17)(cid:12)(cid:17)(cid:10)
(cid:9)(cid:145)(cid:148)(cid:143)(cid:135)(cid:148)(cid:3)(cid:7)(cid:135)(cid:146)(cid:151)(cid:150)(cid:155)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:481)(cid:3)(cid:8)(cid:148)(cid:144)(cid:149)(cid:150)(cid:3)(cid:428)(cid:3)(cid:28)(cid:145)(cid:151)(cid:144)(cid:137)
(cid:13)(cid:18)(cid:11)(cid:17) (cid:21)(cid:484)(cid:3)(cid:16)(cid:24)(cid:21)(cid:19)(cid:11)(cid:28)
(cid:23)(cid:148)(cid:151)(cid:149)(cid:150)(cid:135)(cid:135)(cid:481) (cid:17)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:131)(cid:142)(cid:3)(cid:10)(cid:135)(cid:145)(cid:137)(cid:148)(cid:131)(cid:146)(cid:138)(cid:139)(cid:133)(cid:3)(cid:22)(cid:145)(cid:133)(cid:139)(cid:135)(cid:150)(cid:155)
(cid:13)(cid:18)(cid:11)(cid:17) (cid:21)(cid:484)(cid:3)(cid:19)(cid:24)(cid:21)(cid:6)(cid:8)(cid:15)(cid:15)
(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:6)(cid:138)(cid:139)(cid:135)(cid:136)(cid:3)(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)(cid:481)
(cid:10)(cid:148)(cid:135)(cid:144)(cid:131)(cid:134)(cid:139)(cid:135)(cid:148)(cid:3)(cid:4)(cid:149)(cid:149)(cid:145)(cid:133)(cid:139)(cid:131)(cid:150)(cid:135)(cid:149)(cid:3)(cid:15)(cid:150)(cid:134)(cid:484)
(cid:15)(cid:12)(cid:17)(cid:7)(cid:4) (cid:13)(cid:18)(cid:11)(cid:17)(cid:22)(cid:18)(cid:17) (cid:21)(cid:12)(cid:6)(cid:8)
(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:481) (cid:13)(cid:145)(cid:138)(cid:144)(cid:149)(cid:145)(cid:144)(cid:3)(cid:19)(cid:151)(cid:132)(cid:142)(cid:139)(cid:149)(cid:138)(cid:139)(cid:144)(cid:137)(cid:3)(cid:6)(cid:145)(cid:143)(cid:146)(cid:131)(cid:144)(cid:155)(cid:481)(cid:3)(cid:12)(cid:144)(cid:133)(cid:484)
(cid:10)(cid:4)(cid:21)(cid:28) (cid:15)(cid:484)(cid:3)(cid:21)(cid:18)(cid:24)(cid:5)(cid:18)(cid:22)
(cid:9)(cid:145)(cid:148)(cid:143)(cid:135)(cid:148)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:481)(cid:3)(cid:7)(cid:145)(cid:152)(cid:135)(cid:148)(cid:3)(cid:6)(cid:145)(cid:148)(cid:146)(cid:145)(cid:148)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)

(cid:6)(cid:145)(cid:143)(cid:143)(cid:139)(cid:150)(cid:150)(cid:135)(cid:135)(cid:149)(cid:3)(cid:18)(cid:136)(cid:3)(cid:23)(cid:138)(cid:135)(cid:3)(cid:5)(cid:145)(cid:131)(cid:148)(cid:134)

(cid:4)(cid:24)(cid:7)(cid:12)(cid:23)
(cid:13)(cid:145)(cid:138)(cid:144)(cid:3)(cid:21)(cid:484)(cid:3)(cid:16)(cid:151)(cid:148)(cid:146)(cid:138)(cid:155)(cid:481)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:3)
(cid:16)(cid:139)(cid:133)(cid:138)(cid:131)(cid:135)(cid:142)(cid:3)(cid:4)(cid:484)(cid:3)(cid:11)(cid:135)(cid:144)(cid:144)(cid:139)(cid:144)(cid:137)(cid:481)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:3)
(cid:16)(cid:131)(cid:148)(cid:155)(cid:3)(cid:6)(cid:484)(cid:3)(cid:6)(cid:138)(cid:145)(cid:141)(cid:149)(cid:139)
(cid:21)(cid:145)(cid:132)(cid:135)(cid:148)(cid:150)(cid:3)(cid:6)(cid:138)(cid:131)(cid:148)(cid:142)(cid:135)(cid:149)(cid:3)(cid:6)(cid:142)(cid:131)(cid:148)(cid:141)
(cid:8)(cid:148)(cid:148)(cid:145)(cid:142)(cid:3)(cid:16)(cid:484)(cid:3)(cid:6)(cid:145)(cid:145)(cid:141)(cid:3)
(cid:6)(cid:18)(cid:16)(cid:19)(cid:8)(cid:17)(cid:22)(cid:4)(cid:23)(cid:12)(cid:18)(cid:17)
(cid:10)(cid:131)(cid:148)(cid:155)(cid:3)(cid:15)(cid:484)(cid:3)(cid:21)(cid:145)(cid:151)(cid:132)(cid:145)(cid:149)(cid:481)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)
(cid:22)(cid:151)(cid:149)(cid:131)(cid:144)(cid:3)(cid:22)(cid:484)(cid:3)(cid:7)(cid:135)(cid:144)(cid:139)(cid:149)(cid:145)(cid:144)(cid:481)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)
(cid:4)(cid:142)(cid:131)(cid:144)(cid:3)(cid:21)(cid:484)(cid:3)(cid:5)(cid:131)(cid:150)(cid:141)(cid:139)(cid:144)
(cid:15)(cid:135)(cid:145)(cid:144)(cid:131)(cid:148)(cid:134)(cid:3)(cid:22)(cid:484)(cid:3)(cid:6)(cid:145)(cid:142)(cid:135)(cid:143)(cid:131)(cid:144)(cid:481)(cid:3)(cid:13)(cid:148)(cid:484)
(cid:16)(cid:139)(cid:133)(cid:138)(cid:131)(cid:135)(cid:142)(cid:3)(cid:4)(cid:484)(cid:3)(cid:11)(cid:135)(cid:144)(cid:144)(cid:139)(cid:144)(cid:137)
(cid:15)(cid:139)(cid:144)(cid:134)(cid:131)(cid:3)(cid:13)(cid:145)(cid:138)(cid:144)(cid:149)(cid:145)(cid:144)(cid:3)(cid:21)(cid:139)(cid:133)(cid:135)

(cid:13)(cid:18)(cid:11)(cid:17) (cid:7)(cid:484)(cid:3)(cid:26)(cid:21)(cid:8)(cid:17)
(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:6)(cid:138)(cid:139)(cid:135)(cid:136)(cid:3)(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)
(cid:21)(cid:4)(cid:17)(cid:7)(cid:4)(cid:15)(cid:15) (cid:13)(cid:484)(cid:3)(cid:26)(cid:8)(cid:12)(cid:22)(cid:8)(cid:17)(cid:5)(cid:24)(cid:21)(cid:10)(cid:8)(cid:21)
(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134) (cid:6)(cid:138)(cid:139)(cid:135)(cid:136)(cid:3)(cid:9)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)
(cid:19)(cid:11)(cid:12)(cid:15)(cid:12)(cid:19) (cid:13)(cid:484)(cid:3)(cid:4)(cid:17)(cid:10)(cid:8)(cid:15)(cid:4)(cid:22)(cid:23)(cid:21)(cid:18)
(cid:22)(cid:135)(cid:144)(cid:139)(cid:145)(cid:148)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:9)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:6)(cid:145)(cid:144)(cid:150)(cid:148)(cid:145)(cid:142)(cid:142)(cid:135)(cid:148)
(cid:22)(cid:8)(cid:21)(cid:10)(cid:8) (cid:7)(cid:24)(cid:16)(cid:18)(cid:17)(cid:23)
(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)
(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:481)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:4)(cid:149)(cid:139)(cid:131)(cid:3)(cid:19)(cid:131)(cid:133)(cid:139)(cid:136)(cid:139)(cid:133)
(cid:19)(cid:11)(cid:12)(cid:15)(cid:12)(cid:19) (cid:13)(cid:484)(cid:3)(cid:10)(cid:8)(cid:18)(cid:21)(cid:10)(cid:8)
(cid:23)(cid:131)(cid:154)(cid:3)(cid:6)(cid:145)(cid:151)(cid:144)(cid:149)(cid:135)(cid:142)
(cid:7)(cid:8)(cid:17)(cid:17)(cid:12)(cid:22) (cid:8)(cid:484)(cid:3)(cid:11)(cid:8)(cid:26)(cid:12)(cid:23)(cid:23)
(cid:23)(cid:148)(cid:135)(cid:131)(cid:149)(cid:151)(cid:148)(cid:135)(cid:148)
(cid:26)(cid:12)(cid:15)(cid:15)(cid:12)(cid:4)(cid:16) (cid:23)(cid:12)(cid:16)(cid:18)(cid:23)(cid:11)(cid:28) (cid:15)(cid:18)(cid:25)(cid:8)
(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)
(cid:6)(cid:138)(cid:139)(cid:135)(cid:136)(cid:3)(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)(cid:481)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143) (cid:4)(cid:19)(cid:12)(cid:16)(cid:4)
(cid:19)(cid:8)(cid:23)(cid:8)(cid:21) (cid:16)(cid:8)(cid:4)(cid:7)
(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:3)
(cid:4)(cid:22)(cid:12)(cid:23) (cid:16)(cid:8)(cid:11)(cid:21)(cid:4)
(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)
(cid:16)(cid:12)(cid:6)(cid:11)(cid:4)(cid:8)(cid:15) (cid:13)(cid:484)(cid:3)(cid:18)(cid:495)(cid:5)(cid:21)(cid:12)(cid:8)(cid:17)
(cid:22)(cid:135)(cid:144)(cid:139)(cid:145)(cid:148)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:481)(cid:3)(cid:10)(cid:135)(cid:144)(cid:135)(cid:148)(cid:131)(cid:142)(cid:3)(cid:6)(cid:145)(cid:151)(cid:144)(cid:149)(cid:135)(cid:142)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:22)(cid:135)(cid:133)(cid:148)(cid:135)(cid:150)(cid:131)(cid:148)(cid:155)
(cid:13)(cid:4)(cid:17)(cid:8)(cid:23) (cid:21)(cid:12)(cid:6)(cid:6)(cid:12)(cid:18)
(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)
(cid:21)(cid:12)(cid:23)(cid:4) (cid:8)(cid:484)(cid:3)(cid:21)(cid:18)(cid:7)(cid:21)(cid:12)(cid:10)(cid:24)(cid:8)(cid:29)
(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)
(cid:23)(cid:12)(cid:9)(cid:9)(cid:4)(cid:17)(cid:28) (cid:21)(cid:484)(cid:3)(cid:26)(cid:4)(cid:21)(cid:21)(cid:8)(cid:17)
(cid:22)(cid:135)(cid:144)(cid:139)(cid:145)(cid:148)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134) (cid:6)(cid:138)(cid:139)(cid:135)(cid:136)(cid:3)(cid:7)(cid:139)(cid:152)(cid:135)(cid:148)(cid:149)(cid:139)(cid:150)(cid:155)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)

(cid:8)(cid:27)(cid:8)(cid:6)(cid:24)(cid:23)(cid:12)(cid:25)(cid:8)
(cid:15)(cid:135)(cid:145)(cid:144)(cid:131)(cid:148)(cid:134)(cid:3)(cid:22)(cid:484)(cid:3)(cid:6)(cid:145)(cid:142)(cid:135)(cid:143)(cid:131)(cid:144)(cid:481)(cid:3)(cid:13)(cid:148)(cid:484)(cid:481)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)
(cid:5)(cid:148)(cid:151)(cid:133)(cid:135)(cid:3)(cid:6)(cid:148)(cid:131)(cid:153)(cid:136)(cid:145)(cid:148)(cid:134)
(cid:13)(cid:145)(cid:138)(cid:144)(cid:3)(cid:21)(cid:484)(cid:3)(cid:16)(cid:151)(cid:148)(cid:146)(cid:138)(cid:155)
(cid:13)(cid:145)(cid:138)(cid:144)(cid:3)(cid:21)(cid:484)(cid:3)(cid:19)(cid:151)(cid:148)(cid:133)(cid:135)(cid:142)(cid:142)
(cid:10)(cid:131)(cid:148)(cid:155)(cid:3)(cid:15)(cid:484)(cid:3)(cid:21)(cid:145)(cid:151)(cid:132)(cid:145)(cid:149)
(cid:9)(cid:12)(cid:17)(cid:4)(cid:17)(cid:6)(cid:8)
(cid:5)(cid:148)(cid:151)(cid:133)(cid:135)(cid:3)(cid:6)(cid:148)(cid:131)(cid:153)(cid:136)(cid:145)(cid:148)(cid:134)(cid:481)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)(cid:3)
(cid:4)(cid:142)(cid:131)(cid:144)(cid:3)(cid:21)(cid:484)(cid:3)(cid:5)(cid:131)(cid:150)(cid:141)(cid:139)(cid:144)
(cid:13)(cid:145)(cid:138)(cid:144)(cid:3)(cid:21)(cid:484)(cid:3)(cid:16)(cid:151)(cid:148)(cid:146)(cid:138)(cid:155)
(cid:13)(cid:145)(cid:138)(cid:144)(cid:3)(cid:21)(cid:484)(cid:3)(cid:19)(cid:151)(cid:148)(cid:133)(cid:135)(cid:142)(cid:142)(cid:3)
(cid:10)(cid:131)(cid:148)(cid:155)(cid:3)(cid:15)(cid:484)(cid:3)(cid:21)(cid:145)(cid:151)(cid:132)(cid:145)(cid:149)(cid:3)
(cid:10)(cid:18)(cid:25)(cid:8)(cid:21)(cid:17)(cid:4)(cid:17)(cid:6)(cid:8)
(cid:13)(cid:145)(cid:138)(cid:144)(cid:3)(cid:21)(cid:484)(cid:3)(cid:19)(cid:151)(cid:148)(cid:133)(cid:135)(cid:142)(cid:142)(cid:481)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)
(cid:21)(cid:145)(cid:132)(cid:135)(cid:148)(cid:150)(cid:3)(cid:6)(cid:138)(cid:131)(cid:148)(cid:142)(cid:135)(cid:149)(cid:3)(cid:6)(cid:142)(cid:131)(cid:148)(cid:141)(cid:481)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:6)(cid:138)(cid:131)(cid:139)(cid:148)(cid:143)(cid:131)(cid:144)
(cid:15)(cid:135)(cid:145)(cid:144)(cid:131)(cid:148)(cid:134)(cid:3)(cid:22)(cid:484)(cid:3)(cid:6)(cid:145)(cid:142)(cid:135)(cid:143)(cid:131)(cid:144)(cid:481)(cid:3)(cid:13)(cid:148)(cid:484)
(cid:8)(cid:148)(cid:148)(cid:145)(cid:142)(cid:3)(cid:16)(cid:484)(cid:3)(cid:6)(cid:145)(cid:145)(cid:141)
(cid:22)(cid:151)(cid:149)(cid:131)(cid:144)(cid:3)(cid:22)(cid:484)(cid:3)(cid:7)(cid:135)(cid:144)(cid:139)(cid:149)(cid:145)(cid:144)
(cid:15)(cid:139)(cid:144)(cid:134)(cid:131)(cid:3)(cid:13)(cid:145)(cid:138)(cid:144)(cid:149)(cid:145)(cid:144)(cid:3)(cid:21)(cid:139)(cid:133)(cid:135)

Omnicom

(cid:6)(cid:145)(cid:148)(cid:146)(cid:145)(cid:148)(cid:131)(cid:150)(cid:135)(cid:3)(cid:12)(cid:144)(cid:136)(cid:145)(cid:148)(cid:143)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)

(cid:19)(cid:21)(cid:12)(cid:17)(cid:6)(cid:12)(cid:19)(cid:4)(cid:15) (cid:8)(cid:27)(cid:8)(cid:6)(cid:24)(cid:23)(cid:12)(cid:25)(cid:8) (cid:18)(cid:9)(cid:9)(cid:12)(cid:6)(cid:8)(cid:22)
(cid:18)(cid:16)(cid:17)(cid:12)(cid:6)(cid:18)(cid:16) (cid:10)(cid:21)(cid:18)(cid:24)(cid:19) (cid:12)(cid:17)(cid:6)(cid:484)(cid:3)
(cid:886)(cid:885)(cid:889)(cid:3)(cid:16)(cid:131)(cid:134)(cid:139)(cid:149)(cid:145)(cid:144)(cid:3)(cid:4)(cid:152)(cid:135)(cid:144)(cid:151)(cid:135)(cid:3)
(cid:17)(cid:135)(cid:153)(cid:3)(cid:28)(cid:145)(cid:148)(cid:141)(cid:481)(cid:3)(cid:17)(cid:135)(cid:153)(cid:3)(cid:28)(cid:145)(cid:148)(cid:141)(cid:3)(cid:883)(cid:882)(cid:882)(cid:884)(cid:884)(cid:3)
(cid:23)(cid:135)(cid:142)(cid:483)(cid:3)(cid:523)(cid:884)(cid:883)(cid:884)(cid:524)(cid:3)(cid:886)(cid:883)(cid:887)(cid:486)(cid:885)(cid:888)(cid:882)(cid:882)(cid:3)
(cid:18)(cid:16)(cid:17)(cid:12)(cid:6)(cid:18)(cid:16) (cid:10)(cid:21)(cid:18)(cid:24)(cid:19) (cid:12)(cid:17)(cid:6)(cid:484)(cid:3)
(cid:18)(cid:144)(cid:135)(cid:3)(cid:8)(cid:131)(cid:149)(cid:150)(cid:3)(cid:26)(cid:135)(cid:131)(cid:152)(cid:135)(cid:148)(cid:3)(cid:22)(cid:150)(cid:148)(cid:135)(cid:135)(cid:150)(cid:3)
(cid:10)(cid:148)(cid:135)(cid:135)(cid:144)(cid:153)(cid:139)(cid:133)(cid:138)(cid:481)(cid:3)(cid:6)(cid:145)(cid:144)(cid:144)(cid:135)(cid:133)(cid:150)(cid:139)(cid:133)(cid:151)(cid:150)(cid:3)(cid:882)(cid:888)(cid:890)(cid:885)(cid:883)(cid:3)
(cid:23)(cid:135)(cid:142)(cid:483)(cid:3)(cid:523)(cid:884)(cid:882)(cid:885)(cid:524)(cid:3)(cid:888)(cid:883)(cid:890)(cid:486)(cid:883)(cid:887)(cid:882)(cid:882)(cid:3)
(cid:18)(cid:16)(cid:17)(cid:12)(cid:6)(cid:18)(cid:16) (cid:10)(cid:21)(cid:18)(cid:24)(cid:19) (cid:12)(cid:17)(cid:6)(cid:484)
(cid:883)(cid:890)(cid:882)(cid:882)(cid:3)(cid:17)(cid:484)(cid:3)(cid:16)(cid:139)(cid:142)(cid:139)(cid:150)(cid:131)(cid:148)(cid:155)(cid:3)(cid:23)(cid:148)(cid:131)(cid:139)(cid:142)
(cid:22)(cid:151)(cid:139)(cid:150)(cid:135)(cid:3)(cid:886)(cid:887)(cid:882)
(cid:5)(cid:145)(cid:133)(cid:131)(cid:3)(cid:21)(cid:131)(cid:150)(cid:145)(cid:144)(cid:481)(cid:3)(cid:9)(cid:142)(cid:145)(cid:148)(cid:139)(cid:134)(cid:131)(cid:3)(cid:885)(cid:885)(cid:886)(cid:885)(cid:883)
(cid:23)(cid:135)(cid:142)(cid:483)(cid:3)(cid:523)(cid:887)(cid:888)(cid:883)(cid:524)(cid:3)(cid:889)(cid:887)(cid:882)(cid:486)(cid:887)(cid:883)(cid:884)(cid:884)
(cid:18)(cid:16)(cid:17)(cid:12)(cid:6)(cid:18)(cid:16) (cid:8)(cid:24)(cid:21)(cid:18)(cid:19)(cid:8) (cid:15)(cid:12)(cid:16)(cid:12)(cid:23)(cid:8)(cid:7)
(cid:884)(cid:885)(cid:891)(cid:3)(cid:18)(cid:142)(cid:134)(cid:3)(cid:16)(cid:131)(cid:148)(cid:155)(cid:142)(cid:135)(cid:132)(cid:145)(cid:144)(cid:135)(cid:3)(cid:21)(cid:145)(cid:131)(cid:134)(cid:3)
(cid:15)(cid:145)(cid:144)(cid:134)(cid:145)(cid:144)(cid:481)(cid:3)(cid:17)(cid:26)(cid:12)(cid:3)(cid:887)(cid:20)(cid:23)(cid:3)
(cid:24)(cid:144)(cid:139)(cid:150)(cid:135)(cid:134)(cid:3)(cid:14)(cid:139)(cid:144)(cid:137)(cid:134)(cid:145)(cid:143)
(cid:23)(cid:135)(cid:142)(cid:483)(cid:3)(cid:938)(cid:886)(cid:886)(cid:3)(cid:523)(cid:882)(cid:524)(cid:3)(cid:884)(cid:882) (cid:889)(cid:884)(cid:891)(cid:890)(cid:3)(cid:889)(cid:882)(cid:882)(cid:889)(cid:3)
(cid:18)(cid:16)(cid:17)(cid:12)(cid:6)(cid:18)(cid:16) (cid:4)(cid:22)(cid:12)(cid:4) (cid:19)(cid:4)(cid:6)(cid:12)(cid:9)(cid:12)(cid:6) (cid:514) (cid:22)(cid:12)(cid:17)(cid:10)(cid:4)(cid:19)(cid:18)(cid:21)(cid:8)
(cid:6)(cid:148)(cid:135)(cid:131)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:6)(cid:135)(cid:144)(cid:150)(cid:148)(cid:135)(cid:3)(cid:131)(cid:150)(cid:3)(cid:19)(cid:139)(cid:133)(cid:145)
(cid:15)(cid:145)(cid:132)(cid:132)(cid:155)(cid:3)(cid:5)(cid:3)(cid:15)(cid:135)(cid:152)(cid:135)(cid:142)(cid:3)(cid:890)
(cid:884)(cid:882)(cid:3)(cid:14)(cid:131)(cid:142)(cid:142)(cid:131)(cid:144)(cid:137)(cid:3)(cid:4)(cid:152)(cid:135)(cid:144)(cid:151)(cid:135)
(cid:22)(cid:139)(cid:144)(cid:137)(cid:131)(cid:146)(cid:145)(cid:148)(cid:135)(cid:3)(cid:885)(cid:885)(cid:891)(cid:886)(cid:883)(cid:883)
(cid:23)(cid:135)(cid:142)(cid:483)(cid:3)(cid:938)(cid:888)(cid:887)(cid:3)(cid:888)(cid:888)(cid:889)(cid:883)(cid:3)(cid:886)(cid:886)(cid:884)(cid:882)
(cid:18)(cid:16)(cid:17)(cid:12)(cid:6)(cid:18)(cid:16) (cid:4)(cid:22)(cid:12)(cid:4) (cid:19)(cid:4)(cid:6)(cid:12)(cid:9)(cid:12)(cid:6) (cid:514)(cid:3)(cid:22)(cid:11)(cid:4)(cid:17)(cid:10)(cid:11)(cid:4)(cid:12)
(cid:885)(cid:889)(cid:882)(cid:883)(cid:481)(cid:3)(cid:883)(cid:3)(cid:10)(cid:148)(cid:131)(cid:144)(cid:134)(cid:3)(cid:10)(cid:131)(cid:150)(cid:135)(cid:153)(cid:131)(cid:155)(cid:481)(cid:3)(cid:17)(cid:145)(cid:484)(cid:3)(cid:883) (cid:11)(cid:145)(cid:144)(cid:137)(cid:3)(cid:20)(cid:139)(cid:131)(cid:145)(cid:3)(cid:21)(cid:145)(cid:131)(cid:134)
(cid:27)(cid:151)(cid:3)(cid:11)(cid:151)(cid:139)(cid:3)(cid:7)(cid:139)(cid:149)(cid:150)(cid:148)(cid:139)(cid:133)(cid:150)(cid:481)(cid:3)(cid:22)(cid:138)(cid:131)(cid:144)(cid:137)(cid:138)(cid:131)(cid:139)(cid:3)(cid:884)(cid:882)(cid:882)(cid:882)(cid:885)(cid:882)
(cid:19)(cid:484)(cid:21)(cid:484)(cid:3)(cid:6)(cid:138)(cid:139)(cid:144)(cid:131)
(cid:23)(cid:135)(cid:142)(cid:483)(cid:3)(cid:938)(cid:890)(cid:888)(cid:3)(cid:884)(cid:883)(cid:3)(cid:888)(cid:886)(cid:882)(cid:889)(cid:3)(cid:882)(cid:882)(cid:888)(cid:888)(cid:481)(cid:3)(cid:135)(cid:154)(cid:150)(cid:3)(cid:890)(cid:886)(cid:888)

(cid:153)(cid:153)(cid:153)(cid:484)(cid:145)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:137)(cid:148)(cid:145)(cid:151)(cid:146)(cid:484)(cid:133)(cid:145)(cid:143)

(cid:19)(cid:148)(cid:139)(cid:144)(cid:150)(cid:135)(cid:134)(cid:3)(cid:145)(cid:144)(cid:3)(cid:21)(cid:135)(cid:133)(cid:155)(cid:133)(cid:142)(cid:135)(cid:134)(cid:3)(cid:19)(cid:131)(cid:146)(cid:135)(cid:148)

(cid:4)(cid:17)(cid:17)(cid:24)(cid:4)(cid:15) (cid:16)(cid:8)(cid:8)(cid:23)(cid:12)(cid:17)(cid:10)
(cid:23)(cid:138)(cid:135)(cid:3)(cid:4)(cid:144)(cid:144)(cid:151)(cid:131)(cid:142)(cid:3)(cid:16)(cid:135)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:136) (cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149) (cid:153)(cid:139)(cid:142)(cid:142)(cid:3)(cid:132)(cid:135)
(cid:138)(cid:135)(cid:142)(cid:134)(cid:3)(cid:145)(cid:144) (cid:23)(cid:151)(cid:135)(cid:149)(cid:134)(cid:131)(cid:155)(cid:481)(cid:3)(cid:16)(cid:131)(cid:155) (cid:884)(cid:884)(cid:481)(cid:3)(cid:884)(cid:882)(cid:883)(cid:884)(cid:481)(cid:3)(cid:131)(cid:150)
(cid:890) (cid:4)(cid:484)(cid:16)(cid:484) (cid:19)(cid:131)(cid:133)(cid:139)(cid:136)(cid:139)(cid:133)(cid:3)(cid:7)(cid:131)(cid:155)(cid:142)(cid:139)(cid:137)(cid:138)(cid:150) (cid:23)(cid:139)(cid:143)(cid:135)(cid:3)(cid:131)(cid:150)
(cid:7)(cid:7)(cid:5)(cid:3)(cid:22)(cid:131)(cid:144)(cid:3)(cid:9)(cid:148)(cid:131)(cid:144)(cid:133)(cid:139)(cid:149)(cid:133)(cid:145)
(cid:887)(cid:887)(cid:887)(cid:3)(cid:16)(cid:131)(cid:148)(cid:141)(cid:135)(cid:150)(cid:3)(cid:22)(cid:150)(cid:148)(cid:135)(cid:135)(cid:150)(cid:481)(cid:3)(cid:887)(cid:150)(cid:138)(cid:3)(cid:9)(cid:142)(cid:145)(cid:145)(cid:148)
(cid:22)(cid:131)(cid:144)(cid:3)(cid:9)(cid:148)(cid:131)(cid:144)(cid:133)(cid:139)(cid:149)(cid:133)(cid:145)(cid:481)(cid:3)(cid:6)(cid:131)(cid:142)(cid:139)(cid:136)(cid:145)(cid:148)(cid:144)(cid:139)(cid:131) (cid:891)(cid:886)(cid:883)(cid:882)(cid:887)
(cid:22)(cid:8)(cid:6)(cid:3)(cid:6)(cid:8)(cid:21)(cid:23)(cid:12)(cid:9)(cid:12)(cid:6)(cid:4)(cid:23)(cid:12)(cid:18)(cid:17)(cid:22)
(cid:23)(cid:138)(cid:135)(cid:3)(cid:133)(cid:135)(cid:148)(cid:150)(cid:139)(cid:136)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:132)(cid:155)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:6)(cid:138)(cid:139)(cid:135)(cid:136)(cid:3)(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)(cid:3)(cid:131)(cid:144)(cid:134)
(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:25)(cid:139)(cid:133)(cid:135)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:6)(cid:138)(cid:139)(cid:135)(cid:136)
(cid:9)(cid:139)(cid:144)(cid:131)(cid:144)(cid:133)(cid:139)(cid:131)(cid:142)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)(cid:3)(cid:145)(cid:136)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:10)(cid:148)(cid:145)(cid:151)(cid:146)(cid:3)(cid:12)(cid:144)(cid:133)(cid:484)(cid:481)(cid:3)(cid:148)(cid:135)(cid:147)(cid:151)(cid:139)(cid:148)(cid:135)(cid:134)
(cid:151)(cid:144)(cid:134)(cid:135)(cid:148)(cid:3)(cid:22)(cid:135)(cid:133)(cid:150)(cid:139)(cid:145)(cid:144)(cid:149)(cid:3)(cid:885)(cid:882)(cid:884)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:891)(cid:882)(cid:888)(cid:3)(cid:145)(cid:136)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:22)(cid:131)(cid:148)(cid:132)(cid:131)(cid:144)(cid:135)(cid:149)(cid:486)(cid:18)(cid:154)(cid:142)(cid:135)(cid:155)(cid:3)(cid:4)(cid:133)(cid:150)
(cid:145)(cid:136)(cid:3)(cid:884)(cid:882)(cid:882)(cid:884)(cid:481)(cid:3)(cid:138)(cid:131)(cid:152)(cid:135) (cid:132)(cid:135)(cid:135)(cid:144)(cid:3)(cid:136)(cid:139)(cid:142)(cid:135)(cid:134)(cid:3)(cid:131)(cid:149)(cid:3)(cid:135)(cid:154)(cid:138)(cid:139)(cid:132)(cid:139)(cid:150)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:131)(cid:144)(cid:155)(cid:495)(cid:149)
(cid:884)(cid:882)(cid:883)(cid:883) (cid:4)(cid:144)(cid:144)(cid:151)(cid:131)(cid:142)(cid:3)(cid:21)(cid:135)(cid:146)(cid:145)(cid:148)(cid:150)(cid:3)(cid:145)(cid:144)(cid:3)(cid:9)(cid:145)(cid:148)(cid:143)(cid:3)(cid:883)(cid:882)(cid:486)(cid:14)(cid:484)
(cid:17)(cid:28)(cid:22)(cid:8)(cid:3)(cid:6)(cid:8)(cid:21)(cid:23)(cid:12)(cid:9)(cid:12)(cid:6)(cid:4)(cid:23)(cid:12)(cid:18)(cid:17)
(cid:4)(cid:136)(cid:150)(cid:135)(cid:148)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:884)(cid:882)(cid:883)(cid:884) (cid:4)(cid:144)(cid:144)(cid:151)(cid:131)(cid:142)(cid:3)(cid:16)(cid:135)(cid:135)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:145)(cid:136) (cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149)(cid:481)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:139)(cid:144)(cid:150)(cid:135)(cid:144)(cid:134)(cid:149)(cid:3)(cid:150)(cid:145)(cid:3)(cid:136)(cid:139)(cid:142)(cid:135)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:17)(cid:135)(cid:153)(cid:3)(cid:28)(cid:145)(cid:148)(cid:141)(cid:3)(cid:22)(cid:150)(cid:145)(cid:133)(cid:141)
(cid:8)(cid:154)(cid:133)(cid:138)(cid:131)(cid:144)(cid:137)(cid:135)(cid:3)(cid:523)(cid:17)(cid:28)(cid:22)(cid:8)(cid:524)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:6)(cid:8)(cid:18)(cid:3)(cid:133)(cid:135)(cid:148)(cid:150)(cid:139)(cid:136)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:3)(cid:148)(cid:135)(cid:137)(cid:131)(cid:148)(cid:134)(cid:139)(cid:144)(cid:137)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:495)(cid:149)(cid:3)(cid:133)(cid:145)(cid:143)(cid:146)(cid:142)(cid:139)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:153)(cid:139)(cid:150)(cid:138)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:17)(cid:28)(cid:22)(cid:8)(cid:495)(cid:149) (cid:133)(cid:145)(cid:148)(cid:146)(cid:145)(cid:148)(cid:131)(cid:150)(cid:135)
(cid:137)(cid:145)(cid:152)(cid:135)(cid:148)(cid:144)(cid:131)(cid:144)(cid:133)(cid:135)(cid:3)(cid:142)(cid:139)(cid:149)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:149)(cid:150)(cid:131)(cid:144)(cid:134)(cid:131)(cid:148)(cid:134)(cid:149)(cid:3)(cid:131)(cid:149)(cid:3)(cid:148)(cid:135)(cid:147)(cid:151)(cid:139)(cid:148)(cid:135)(cid:134)(cid:3)(cid:132)(cid:155)(cid:3)(cid:17)(cid:28)(cid:22)(cid:8)
(cid:148)(cid:151)(cid:142)(cid:135)(cid:3)(cid:885)(cid:882)(cid:885)(cid:4)(cid:484)(cid:883)(cid:884)(cid:484)(cid:3)(cid:15)(cid:131)(cid:149)(cid:150)(cid:3)(cid:155)(cid:135)(cid:131)(cid:148)(cid:481)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:6)(cid:138)(cid:139)(cid:135)(cid:136) (cid:8)(cid:154)(cid:135)(cid:133)(cid:151)(cid:150)(cid:139)(cid:152)(cid:135)(cid:3)(cid:18)(cid:136)(cid:136)(cid:139)(cid:133)(cid:135)(cid:148)
(cid:131)(cid:144)(cid:134)(cid:3)(cid:19)(cid:148)(cid:135)(cid:149)(cid:139)(cid:134)(cid:135)(cid:144)(cid:150)(cid:3)(cid:145)(cid:136)(cid:3)(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143) (cid:149)(cid:151)(cid:132)(cid:143)(cid:139)(cid:150)(cid:150)(cid:135)(cid:134) (cid:150)(cid:138)(cid:139)(cid:149)
(cid:133)(cid:135)(cid:148)(cid:150)(cid:139)(cid:136)(cid:139)(cid:133)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144) (cid:150)(cid:145)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:17)(cid:28)(cid:22)(cid:8) (cid:145)(cid:144)(cid:3)(cid:13)(cid:151)(cid:144)(cid:135) (cid:884)(cid:885)(cid:481) (cid:884)(cid:882)(cid:883)(cid:883)(cid:484)
(cid:22)(cid:23)(cid:18)(cid:6)(cid:14) (cid:15)(cid:12)(cid:22)(cid:23)(cid:12)(cid:17)(cid:10)
(cid:18)(cid:143)(cid:144)(cid:139)(cid:133)(cid:145)(cid:143)(cid:3)(cid:133)(cid:145)(cid:143)(cid:143)(cid:145)(cid:144)(cid:3)(cid:149)(cid:150)(cid:145)(cid:133)(cid:141)(cid:3)(cid:139)(cid:149)
(cid:150)(cid:148)(cid:131)(cid:134)(cid:135)(cid:134)(cid:3)(cid:145)(cid:144)(cid:3)(cid:150)(cid:138)(cid:135)(cid:3)(cid:17)(cid:135)(cid:153)(cid:3)(cid:28)(cid:145)(cid:148)(cid:141)(cid:3)(cid:22)(cid:150)(cid:145)(cid:133)(cid:141)(cid:3)(cid:8)(cid:154)(cid:133)(cid:138)(cid:131)(cid:144)(cid:137)(cid:135)(cid:484)
(cid:23)(cid:138)(cid:135)(cid:3)(cid:150)(cid:139)(cid:133)(cid:141)(cid:135)(cid:148)(cid:3)(cid:149)(cid:155)(cid:143)(cid:132)(cid:145)(cid:142)(cid:3)(cid:139)(cid:149)(cid:3)(cid:18)(cid:16)(cid:6)(cid:484)
(cid:23)(cid:21)(cid:4)(cid:17)(cid:22)(cid:9)(cid:8)(cid:21) (cid:4)(cid:10)(cid:8)(cid:17)(cid:23) (cid:428)(cid:3)(cid:21)(cid:8)(cid:10)(cid:12)(cid:22)(cid:23)(cid:21)(cid:4)(cid:21)
(cid:26)(cid:135)(cid:142)(cid:142)(cid:149)(cid:3)(cid:9)(cid:131)(cid:148)(cid:137)(cid:145)(cid:3)(cid:5)(cid:131)(cid:144)(cid:141)(cid:481)(cid:3)(cid:17)(cid:4)
(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:145)(cid:153)(cid:144)(cid:135)(cid:148)(cid:3)(cid:22)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)
(cid:19)(cid:18)(cid:3)(cid:5)(cid:145)(cid:154)(cid:3)(cid:888)(cid:886)(cid:890)(cid:887)(cid:886)(cid:481)(cid:3)(cid:22)(cid:145)(cid:151)(cid:150)(cid:138)(cid:3)(cid:22)(cid:150)(cid:484)(cid:3)(cid:19)(cid:131)(cid:151)(cid:142)(cid:481)(cid:3)(cid:16)(cid:139)(cid:144)(cid:144)(cid:135)(cid:149)(cid:145)(cid:150)(cid:131)(cid:3)(cid:887)(cid:887)(cid:883)(cid:888)(cid:886)(cid:486)(cid:882)(cid:890)(cid:887)(cid:886)
(cid:153)(cid:153)(cid:153)(cid:484)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:145)(cid:153)(cid:144)(cid:135)(cid:148)(cid:145)(cid:144)(cid:142)(cid:139)(cid:144)(cid:135)(cid:484)(cid:133)(cid:145)(cid:143)
(cid:12)(cid:17)(cid:25)(cid:8)(cid:22)(cid:23)(cid:18)(cid:21) (cid:22)(cid:8)(cid:21)(cid:25)(cid:12)(cid:6)(cid:8)(cid:22) (cid:19)(cid:21)(cid:18)(cid:10)(cid:21)(cid:4)(cid:16)
(cid:4)(cid:144)(cid:3)(cid:12)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:145)(cid:148)(cid:3)(cid:22)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)(cid:3)(cid:19)(cid:148)(cid:145)(cid:137)(cid:148)(cid:131)(cid:143)(cid:481)(cid:3)(cid:153)(cid:138)(cid:139)(cid:133)(cid:138)(cid:3)(cid:139)(cid:144)(cid:133)(cid:142)(cid:151)(cid:134)(cid:135)(cid:149)(cid:3)(cid:134)(cid:139)(cid:148)(cid:135)(cid:133)(cid:150)
(cid:149)(cid:150)(cid:145)(cid:133)(cid:141)(cid:3)(cid:146)(cid:151)(cid:148)(cid:133)(cid:138)(cid:131)(cid:149)(cid:135)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:134)(cid:139)(cid:152)(cid:139)(cid:134)(cid:135)(cid:144)(cid:134)(cid:3)(cid:148)(cid:135)(cid:139)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:143)(cid:135)(cid:144)(cid:150)(cid:3)(cid:136)(cid:135)(cid:131)(cid:150)(cid:151)(cid:148)(cid:135)(cid:149)(cid:481)
(cid:139)(cid:149)(cid:3)(cid:131)(cid:152)(cid:131)(cid:139)(cid:142)(cid:131)(cid:132)(cid:142)(cid:135)(cid:3)(cid:150)(cid:145) (cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:138)(cid:145)(cid:142)(cid:134)(cid:135)(cid:148)(cid:149) (cid:145)(cid:136)(cid:3)(cid:148)(cid:135)(cid:133)(cid:145)(cid:148)(cid:134)(cid:3)(cid:131)(cid:144)(cid:134)(cid:3)(cid:145)(cid:150)(cid:138)(cid:135)(cid:148)
(cid:139)(cid:144)(cid:150)(cid:135)(cid:148)(cid:135)(cid:149)(cid:150)(cid:135)(cid:134)(cid:3)(cid:139)(cid:144)(cid:152)(cid:135)(cid:149)(cid:150)(cid:145)(cid:148)(cid:149)(cid:484)(cid:3)(cid:9)(cid:145)(cid:148)(cid:3)(cid:136)(cid:151)(cid:148)(cid:150)(cid:138)(cid:135)(cid:148)(cid:3)(cid:139)(cid:144)(cid:136)(cid:145)(cid:148)(cid:143)(cid:131)(cid:150)(cid:139)(cid:145)(cid:144)(cid:481)(cid:3)(cid:146)(cid:142)(cid:135)(cid:131)(cid:149)(cid:135)
(cid:133)(cid:145)(cid:144)(cid:150)(cid:131)(cid:133)(cid:150) (cid:26)(cid:135)(cid:142)(cid:142)(cid:149)(cid:3)(cid:9)(cid:131)(cid:148)(cid:137)(cid:145)(cid:3)(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:145)(cid:153)(cid:144)(cid:135)(cid:148)(cid:3)(cid:22)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)(cid:3)(cid:131)(cid:150)
(cid:890)(cid:882)(cid:882)(cid:484)(cid:886)(cid:888)(cid:890)(cid:484)(cid:891)(cid:889)(cid:883)(cid:888)(cid:3)(cid:145)(cid:148)(cid:3)(cid:137)(cid:145)(cid:3)(cid:150)(cid:145) (cid:153)(cid:153)(cid:153)(cid:484)(cid:149)(cid:138)(cid:131)(cid:148)(cid:135)(cid:145)(cid:153)(cid:144)(cid:135)(cid:148)(cid:145)(cid:144)(cid:142)(cid:139)(cid:144)(cid:135)(cid:484)(cid:133)(cid:145)(cid:143)(cid:484)
(cid:22)(cid:23)(cid:18)(cid:6)(cid:14) (cid:23)(cid:21)(cid:4)(cid:17)(cid:22)(cid:9)(cid:8)(cid:21) (cid:16)(cid:4)(cid:23)(cid:23)(cid:8)(cid:21)(cid:22)(cid:512)(cid:6)(cid:11)(cid:4)(cid:17)(cid:10)(cid:8) (cid:18)(cid:9) (cid:4)(cid:7)(cid:7)(cid:21)(cid:8)(cid:22)(cid:22)
(cid:23)(cid:145)(cid:3)(cid:131)(cid:149)(cid:149)(cid:139)(cid:149)(cid:150)(cid:3)(cid:155)(cid:145)(cid:151)(cid:3)(cid:139)(cid:144)(cid:3)(cid:138)(cid:131)(cid:144)(cid:134)(cid:142)(cid:139)(cid:144)(cid:137)(cid:3)(cid:143)(cid:131)(cid:150)(cid:150)(cid:135)(cid:148)(cid:149)(cid:3)(cid:148)(cid:135)(cid:142)(cid:131)(cid:150)(cid:139)(cid:144)(cid:137)(cid:3)(cid:150)(cid:145)
(cid:149)(cid:150)(cid:145)(cid:133)(cid:141)(cid:3)(cid:150)(cid:148)(cid:131)(cid:144)(cid:149)(cid:136)(cid:135)(cid:148)(cid:3)(cid:145)(cid:148)(cid:3)(cid:133)(cid:138)(cid:131)(cid:144)(cid:137)(cid:135)(cid:3)(cid:145)(cid:136)(cid:3)(cid:131)(cid:134)(cid:134)(cid:148)(cid:135)(cid:149)(cid:149)(cid:481)(cid:3)(cid:146)(cid:142)(cid:135)(cid:131)(cid:149)(cid:135)
(cid:153)(cid:148)(cid:139)(cid:150)(cid:135)(cid:3)(cid:150)(cid:145)(cid:3)(cid:145)(cid:148)(cid:3)(cid:133)(cid:131)(cid:142)(cid:142)(cid:3)(cid:145)(cid:151)(cid:148)(cid:3)(cid:150)(cid:148)(cid:131)(cid:144)(cid:149)(cid:136)(cid:135)(cid:148) (cid:131)(cid:137)(cid:135)(cid:144)(cid:150)(cid:483)
(cid:26)(cid:135)(cid:142)(cid:142)(cid:149)(cid:3)(cid:9)(cid:131)(cid:148)(cid:137)(cid:145)(cid:3)(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:145)(cid:153)(cid:144)(cid:135)(cid:148)(cid:3)(cid:22)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)
(cid:19)(cid:18)(cid:3)(cid:5)(cid:145)(cid:154)(cid:3)(cid:888)(cid:886)(cid:890)(cid:887)(cid:886)(cid:481)(cid:3)(cid:22)(cid:145)(cid:151)(cid:150)(cid:138)(cid:3)(cid:22)(cid:150)(cid:484)(cid:3)(cid:19)(cid:131)(cid:151)(cid:142)(cid:481)(cid:3)(cid:16)(cid:139)(cid:144)(cid:144)(cid:135)(cid:149)(cid:145)(cid:150)(cid:131) (cid:887)(cid:887)(cid:883)(cid:888)(cid:886)(cid:486)(cid:882)(cid:890)(cid:887)(cid:886)
(cid:890)(cid:882)(cid:882)(cid:484)(cid:886)(cid:888)(cid:890)(cid:484)(cid:891)(cid:889)(cid:883)(cid:888)
(cid:18)(cid:148)(cid:481)(cid:3)(cid:132)(cid:155)(cid:3)(cid:133)(cid:145)(cid:151)(cid:148)(cid:139)(cid:135)(cid:148)(cid:3)(cid:150)(cid:145)(cid:483)(cid:3)
(cid:26)(cid:135)(cid:142)(cid:142)(cid:149)(cid:3)(cid:9)(cid:131)(cid:148)(cid:137)(cid:145)(cid:3)(cid:22)(cid:138)(cid:131)(cid:148)(cid:135)(cid:145)(cid:153)(cid:144)(cid:135)(cid:148)(cid:3)(cid:22)(cid:135)(cid:148)(cid:152)(cid:139)(cid:133)(cid:135)(cid:149)
(cid:883)(cid:888)(cid:883)(cid:3)(cid:17)(cid:145)(cid:148)(cid:150)(cid:138)(cid:3)(cid:6)(cid:145)(cid:144)(cid:133)(cid:145)(cid:148)(cid:134)(cid:3)(cid:8)(cid:154)(cid:133)(cid:138)(cid:131)(cid:144)(cid:137)(cid:135)
(cid:22)(cid:145)(cid:151)(cid:150)(cid:138)(cid:3)(cid:22)(cid:150)(cid:484)(cid:3)(cid:19)(cid:131)(cid:151)(cid:142)(cid:481)(cid:3)(cid:16)(cid:139)(cid:144)(cid:144)(cid:135)(cid:149)(cid:145)(cid:150)(cid:131) (cid:887)(cid:887)(cid:882)(cid:889)(cid:887)
(cid:12)(cid:17)(cid:7)(cid:8)(cid:19)(cid:8)(cid:17)(cid:7)(cid:8)(cid:17)(cid:23) (cid:4)(cid:24)(cid:7)(cid:12)(cid:23)(cid:18)(cid:21)(cid:22)
(cid:14)(cid:19)(cid:16)(cid:10)(cid:3)(cid:15)(cid:15)(cid:19)
(cid:885)(cid:886)(cid:887)(cid:3)(cid:19)(cid:131)(cid:148)(cid:141)(cid:3)(cid:4)(cid:152)(cid:135)(cid:144)(cid:151)(cid:135)
(cid:17)(cid:135)(cid:153)(cid:3)(cid:28)(cid:145)(cid:148)(cid:141)(cid:481)(cid:3)(cid:17)(cid:135)(cid:153)(cid:3)(cid:28)(cid:145)(cid:148)(cid:141)(cid:3)(cid:883)(cid:882)(cid:883)(cid:887)(cid:886)