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1PTUBESFTT#PYรธรทรทรฟ รพรผรธรปรท6QQTBMBp#FTร•L%SBHBSCSVOOTHรปรผp5FMรทรธรฟรฝรปรทรผรปรทp5FMFGBYรทรธรฟรธรทรฟรฝรธรท &QPTUEHGPOEFS!EHGPOEFSTFpXXXEHGPOEFSTFp#Hรผฤ€รนรบรฝรบรผรฝp1(รปรฟรฝรธรปรฟรนรท

'รšSTUBLWBSUBMFU /รŒHPUCรŠUUSFรŠOJOEFY

%JEOFS(FSHF"LUJFGPOEHJDLOFENFEรธรท รปQSPDFOUEFUGร•STUB LWBSUBMFUรนรทรทรฟKร…NGร•SUNFEFOOFEHร‡OHQร‡รธรท รฟQSPDFOUGร•S4*9 3FUVSO *OEFY 0.9 4UPDLIPMN m รธรธ รธ QSPDFOU  7JE LWBSUBMFUT VUHร‡OHWBSBOEFMTWร…SEFUฤ€รผรธ รปรฟLS %FU OZB ร‡SFU JOMFEEFT NFE FO TWBH  Cร•STVUWFDLMJOH 'SBN UJMM NJUUFO BW NBST IBEF Cร•STFO TKVOLJU NFE Oร…SNBSF รธรพ QSPDFOU  Eร…SFัซFS IBS FO WJTT ร‡UFSIร…NUOJOH TLFUU ,SFEJUNBSLOBEFSOB Wร…SMEFO ร•WFS IBS WBSJU GPSUTBUU UVSCVMFOUB VOEFS LWBSUBMFU  PDI รชOBOTJFMMB JOTUJUVUJPOFS m GSร…NTU CBOLFS m IBS SFEPWJTBU TUPSB Gร•SMVTUFSQร‡TJOBPCMJHBUJPOTJOOFIBW0NGBUUOJOHFOQร‡Gร•SMVTUFSOB EFU Gร•STUB LWBSUBMFU IBS Gร•SNPEMJHFO WBSJU TUร•SSF ร…O Nร‡OHB Gร•SWร…OUBEFTJHWJEร‡SFUTCร•SKBO&OPSPBOEFUFOEFOTร…SEFTTVUPN BUUMร‡OQร‡EFOBNFSJLBOTLBNBSLOBEFONFEIร•HSFLSFEJUWร…SEJHIFU ร…OTVCQSJNFPDLTร‡Cร•SKBSHFJOOFIBWBSOBGร•SMVTUFSmEPDLGSร‡O Mร‡HBOJWร‡FS1SJTFSQร‡GBTUJHIFUFSJ64"GPSUTร…UUFSBUUGBMMBJ&VSPQB Gร•STWBHBT PDLTร‡ GBTUJHIFUTQSJTFSOB  ร…O Tร‡ Mร…OHF EPDL NBSHJOFMMU  Gร•SVUPN J 4QBOJFO Eร…S FO Iร•H OZCZHHOBUJPOTUBLU VOEFS รซFSB ร‡S TLBQBUFUUJBMMBGBMMGร•SUJMMGร…MMFUTUPSUVUCVE(FOFSFMMUJWร…SMEFOร…S ร…WFO JOรซBUJPOFO Qร‡ Wร…H VQQ TBNUJEJHU TPN EFO FLPOPNJTLB UJMMWร…YUFO CSPNTBS VQQ 6OEFS EFTTB Gร•SIร‡MMBOEFO LBO NBO GBLUJTLUGSร‡HBTJHWBSGร•SCร•STFOJOUFTKVOLJUNFSร…OEFOHKPSU)VS LBOEFULPNNBTJH %FUรชOOTรซFSBGร•SLMBSJOHBSUJMMBUUCร•STFOGร•S Oร…SWBSBOEFร…SGร•SIร‡MMBOEFWJTTUBCJM "NFSJLBOTLB'FEFSBM3FTFSWF TPNร…SEFOUPOHJWBOEFDFOUSBM CBOLFO  IBS WJTBU BUU EFO ร…O Tร‡ Mร…OHF JOUF SZHHBS Gร•S BUU UB UJMM LSBัซGVMMB ร‡UHร…SEFS 6OEFS EFU Gร•STUB LWBSUBMFU IBS EFO LPSUB Sร…OUBO GPSUTBUU BUU Tร…OLBT LSBัซJHU m CBOLFSOBT VQQMร‡OJOH IPT DFOUSBMCBOLFO CMJS Eร‡ CJMMJHBSF m PDI TUPSB CFMPQQ UJMMGร•ST CBOL TZTUFNFUJGPSNBWMร‡OGร•SBUULSFEJUNBSLOBEFOTLBMMGPSUTร…UUBBUU GVOHFSB ,BQJUBMTUJOOB GPOEFS J GSร…NTU NFMMBOร•TUFSO IBS IJUUJMMT ร…WFOWBSJUWJMMJHBBUUUJMMTLKVUBOZUUFHFULBQJUBMUJMMEFCBOLFSTPN MJEJUTUPSBGร•SMVTUFS%FUUBIBSJOOFCVSJUBUUEFUGร•SOร…SWBSBOEFJOUF รชOOTOร‡HPOTUร•SSFPSPGร•SBUUQSPCMFNFOIPTCBOLFSOBTLBMMESB OFSWร…SMETFLPOPNJOJFOOFEร‡UHร‡FOEFTQJSBM ยจWFOPNEFUรชOOTรซFSBUFDLFOQร‡BUUFLPOPNJOCSPNTBSJO Tร‡ ร…SUFOEFOTFOIJUUJMMTBUUEFUร…SFOTPัซMBOEJOH EWTGร•SIPQQOJOHFO ร…SBUUOFEHร‡OHFOCMJSNKVLPDIJOUFEKVQ%FQSPCMFNTPNEร‡รชOOT NFE PTร…LSB Mร‡O PDI GPSUGBSBOEF Iร•HB GBTUJHIFUTQSJTFS LBO Eร‡ HSBEWJTBOQBTTBTUJMMFOTVOEOJWร‡Qร‡รธmรนร‡S %FBLUร•SFSTPNIBSFONFSOFHBUJWTZONFOBSBUUOFEHร‡OHFOCBSB Cร•SKBU&OUZEMJHGPSUTBUUOFEHร‡OHJWร…SMETFLPOPNJOMFEFSEร‡UJMMFO Nร…SLCBS WJOTUOFEHร‡OH J JOEVTUSJO BSCFUTMร•TIFUFO ร•LBS PDI LPOTVNFOUFSOBIร‡MMFSNFSJTJOBQFOHBS,SFEJUGร•SMVTUFSOBGPSUTร…UUFS Eร‡ BUU MJHHB Qร‡ FO Iร•H OJWร‡  PDI GPOEFSOB J NFMMBOร•TUFSO CMJS Gร•STJLUJHBSFNFETJOBJOWFTUFSJOHBSEร‡FOTWBHBSFUJMMWร…YUMFUUUJMMFUU LSBัซJHU GBMM J PMKF PDI Sร‡WBSVQSJTFS  TPN Eร…SNFE NJOTLBS PMKFMร…OEFSOBTJOUร…LUFS&LPOPNJOLPNNFSEร‡JOJFOOFEร‡UHร‡FOEF TQJSBMTPNNFSIร‡SEIร…OUSFOTBSVUEFFYDFTTFSTPNTLFUUEFTFOBTUF ร‡SFO 4PN WBOMJHU ร…S EFU TQร…OOBOEF BUU Gร•MKB VUWFDLMJOHFO Qร‡ EF รชOBOTJFMMBNBSLOBEFSOBmEFUOร…SNBTUFLWBSUBMFULBOLPNNBBUU HFFOUZEMJHBSFรชOHFSWJTOJOHร‡UWJMLFUIร‡MMVUWFDLMJOHFOHร‡S 6OEFSLWBSUBMFUIBSGPOEFOHZOOBUTBWFOHPELVSTVUWFDLMJOH SFMBUJWU Cร•STFO Gร•S CM B "BSIVT,BSMTIBNO  4LBOTLB  )ร•HBOร…T  4FDVSJUBT %JSFDU  5JFUP&OBUPS PDI #FJKFS"MNB 6OEFS TBNNB QFSJPE IBS GPOEFO Qร‡WFSLBUT OFHBUJWU BW FO TWBH LVSTVUWFDLMJOH Gร•SCMB/PLJB &SJDTTPO 4FDVSJUBT4ZTUFNTPDI)BOEFMTCBOLFO

'รšSรŠOESJOHBSJJOOFIBWFO

6OEFSEFUGร•STUBLWBSUBMFUรนรทรทรฟIBSCMBGร•MKBOEFTLFUU * TMVUFU BW รนรทรทรพ MBEF &4.- *OUSFTTFOUFS FUU CVE Qร‡ 4FDVSJUBT %JSFDUFUUCVETPNIร•KEFTJCร•SKBOBWGFCSVBSJ'POEFOIBSMร…NOBU JOTBNUMJHBBLUJFS ยจWFO9QPO$BSECMFWGร•SFNร‡MGร•SFUUCVE PDIGPOEFOIBSWBMUBUU Mร…NOBJOTBNUMJHBBLUJFS *TMVUFUBWNBSTIBSร…WFOFUUCVEMBHUTQร‡5JFUP&OBUPS'POEFO IBSร…OOVJOUFUBHJUTUร…MMOJOHUJMMIVSVWJEBCVEFUTLBMMBDDFQUFSBT FMMFSFK 7JGPSUTBUUFBUUOร‡HPUNJOTLBJOOFIBWFUJ/PLJBFัซFSFOUJETHPE LVSTVUWFDLMJOH Gร•SBUUFัซFSFOTWBHBSFLVSTVUWFDLMJOHJTMVUFUBW LWBSUBMFUร‡UFSร•LBJOOFIBWFU *OOFIBWFUJ"TTB"CMPZIBSร•LBUTOร‡HPU Eร‡BLUJFOGBMMJUJMJLIFU NFECร•STFO 7JIBSร•LBUJOOFIBWFUJ4XFECBOLFัซFSFOTWBHLVSTVUWFDLMJOH 7ร…SEFSJOHFOร…SNPEFTU GSร…NTUCFSPFOEFQร‡GBSIร‡HPSPNGSBNUJEB QSPCMFNJ#BMUJLVNยจSPSPOOร‡HPUร•WFSESJWFOรชOOTEPDLFOHPE LVSTQPUFOUJBMJBLUJFO 'POEFO IBS Lร•QU BLUJFS J "YJT &ัซFS FUU LSBัซJHU LVSTGBMM IBS Wร…SEFSJOHFOCMJWJUNFSBUUSBLUJW 'POEFO IBS Lร•QU NFS BLUJFS J )ร•HBOร…T Eร‡ BLUJFO Gร•MM LSBัซJHU PDIWร…SEFSJOHFOCMFWVUNBOBOEFMร‡H *OOFIBWFUJ)FOOFT.BVSJU[IBSNJOTLBUTOร‡HPU Eร‡WJIZTFS WJTTPSPGร•SBUUEFGร•SOร…SWBSBOEFNZDLFUIร•HBNBSHJOBMFSOBLBO WBSB TWร‡SB BUU VQQSร…UUIร‡MMB Qร‡ TJLU  GSBNGร•SBMMU PN EPMMBSGBMMFU VQQIร•S 7J IBS ร•LBU JOOFIBWFU J "BSIVT,BSMTIBNO #PMBHFU IBS HPEB Nร•KMJHIFUFS BUU LSBัซJHU ร•LB TJO WJOTU GSBNร•WFS  EFMT JOPN LBLBPGFUUFSTร…UUOJOHNFOร…WFOJOPNBOESBPNSร‡EFO *OOFIBWFU J /PWP/PSEJTL IBS NJOTLBUT Oร‡HPU #PMBHFUT WFSLTBNIFU GPSUTร…UUFS BUU VUWFDLMBT NZDLFU Wร…M  ร…WFO PN WJOTUVUWFDLMJOHFO LPNNFS BUU ESBCCBT BW FO GBMMBOEF EPMMBS Qร‡ LPSUTJLU 7JIBSร•LBUJOOFIBWFUJ)-%JTQMBZEร‡LVSTFOFUUUBHGร•SFGร•MMMร‡H #PMBHFU VUWFDLMBT Qร‡ FUU UJMMGSFETTUร…MMBOEF Tร…UU PDI Cร•S IB HPEB Nร•KMJHIFUFS BUU ZUUFSMJHBSF MZัซB Mร•OTBNIFUFO  TBNU Wร…YB Cร‡EF PSHBOJTLUPDIHFOPNGร•SWร…SW'POEFOIBSร…WFOร•LBUJOOFIBWFUJ .VOUFST %FTTVUPNIBSGPOEFOHKPSUTNร…SSFLร•QJ)VTRWBSOB )FYBHPO  5SFMMFCPSH 4&# #FJKFS"MNB "MMJBO[ &SJDTTPO 4FDVSJUBT4ZTUFNT  /PCFM#JPDBSFTBNU$ZCFSDPNPDI)BGTMVOE*OGSBUFL *OOFIBWFU J 4FDVSJUBT IBS NJOTLBUT Oร‡HPU %F ร‡UFSTUร‡FOEF JOOFIBWFOJ$MBT0IMTPOPDI4$"IBSTร‡MUT7Jร…SCFLZNSBEFร•WFS $MBT0IMTPOT Nร•KMJHIFUFS BUU ร•QQOB MJLB Mร•OTBNNB CVUJLFS J GSBNUJEFO %FTTVUPN IBS JOOFIBWFO NJOTLBUT Oร‡HPU J /JCF  )BOEFMTCBOLFO /PSEFBPDI/PCJB

ยฝWSJHU

'POEFOMร…NOBSVUEFMOJOHJBQSJM%FOCFSร…LOBTVQQHร‡UJMMDJSLBรบรบ LSQFSBOEFM%FUFYBLUBVUEFMOJOHTCFMPQQFUCFTUร…NTQร‡HSVOEWBM BWBOUBMFUBOEFMBSJGPOEFOQร‡VUEFMOJOHTEBHFO 'POEFO Hร•S OPSNBMU JOHB PQUJPOTBฤ’ร…SFS 6OEFS QFSJPEFO IBS JOHBTร‡EBOBBฤ’ร…SFSHFOPNGร•SUT "QSJMรนรทรทรฟย‡)FOSJL%JEOFS "EBN(FSHF(VTUBG4FUUFSCMBE


'POEGÚSNÚHFOIFU *OOFIBW

"OUBM

,VST

*OOFIBW

7ÊSEF.LS

.BUFSJBM   )ÕHBOÅT ϛϛϟϝϠϙϙ ϚϝϚ ϛϞ *OEVTUSJWBSPSPUKÅOTUFS   "TTB"CMPZ# ϟϜϝϛϟϙϙ ϚϙϠ ϠϞ 4FDVSJUBT ϠϙϞϞϙϙϙ Ϡϡ Ϟϙ 5SFMMFCPSH ϝϟϛϠϚϙϙ ϚϚϡ Ϟϙ "BSIVT,BSMTIBNO ϛϛϛϜϡϛϞ Ϛϟϝ ϙϙ )FYBHPO ϛϢϝϟϝϙϙ ϚϛϚ ϙϙ 4FDVSJUBT4ZTUFNT ϚϞϙϠϡϞϙϙ ϚϠ Ϝϙ 4LBOTLB ϚϝϚϚϙϙϙ ϚϚϢ ϙϙ )-%JTQMBZ ϝϡϠϜϙϙ ϚϢϟ ϙϙ /PCJB ϚϠϚϙϙϙϙ ϞϚ ϛϞ #FJKFS"MNB ϢϙϠϝϙϙ ϡϛ ϠϞ .VOUFST ϟϞϟϛϙϙ ϟϡ Ϟϙ (VOOFCP ϜϠϙϙϙϙ ϟϠ ϙϙ /JCF ϚϙϝϠϙϙ ϞϞ ϛϞ 'BHFSIVMU ϝϛϛϙϙ ϚϜϝ ϙϙ 1BOBYJB ϛϙϙϙϙϙϙ Ϛ ϚϞ 4ÅMMBOLÕQTWBSPS   &MFDUSPMVY# ϝϟϡϢϢϙϙ ϢϠ Ϟϙ )FOOFT.BVSJU[ ϚϙϞϞϙϙϙ ϜϟϞ ϙϙ )VTRWBSOB# ϜϛϙϟϢϙϙ ϠϚ Ϟϙ )VTRWBSOB" ϠϚϚϠϙϙ Ϡϛ ϛϞ ,BQQBIM ϠϢϢϙϙϙ ϞϞ Ϟϙ %VOJ ϛϡϙϙϙϙ ϝϠ ϙϙ )ÅMTPWÇSE   /PCFM)PMEJOH Ϣϝϙϙϙ ϚϜϟϙ ϙϙ 'JOBOTPGBTUJHIFU   )BOEFMTCBOLFO" ϛϝϚϝϟϙϙ ϚϠϜ ϙϙ 4XFECBOL" ϛϚϢϞϙϙϙ Ϛϟϟ Ϟϙ 4&# ϠϜϠϙϙϙ ϚϞϞ Ϟϙ -BUPVS# ϞϠϙϙϙϙ ϢϚ ϠϞ .4"# ϛϠϞϙϙϙ ϚϚϙ ϠϞ 4ÅL* Ϟϙϙϙϙϙ ϞϢ ϙϙ /PSEFB Ϝϙϙϙϙϙ Ϣϟ Ϝϙ *OGPSNBUJPOTUFLOJL   /PLJB0ZK4WFSJHF ϜϞϙϙϙϙϙ ϚϡϢ ϙϙ &SJDTTPO# ϝϝϞϙϙϙϙϙ ϚϚ ϟϟ 5JFUP&OBUPS ϛϜϜϞϙϙϙ ϚϝϠ ϛϞ 5SBEFEPVCMFS ϟϟϢϝϙϙ Ϛϛϛ ϛϞ "YJT ϟϚϞϝϞϙ ϚϚϡ Ϟϙ 5FMFDB ϜϙϝϞϙϙϙ Ϛϙ ϛϞ $ZCFS$PN$POTVMUJOH Ϡϙϡϝϡϙ ϜϠ ϛϙ

 ϜϚϢ Ϣ  ϟϡϜ ϝ ϞϞϜ ϡ Ϟϝϡ Ϝ Ϝϟϝ Ϡ ϜϞϟ Ϟ ϛϟϙ Ϣ ϚϟϠ Ϣ ϢϞ Ϟ ϡϠ ϟ ϠϞ Ϛ ϝϝ Ϣ ϛϝ ϡ Ϟ ϡ Ϟ Ϡ ϛ Ϝ  ϝϞϠ Ϝ ϜϡϞ Ϛ ϛϛϢ Ϝ ϞϚ ϝ ϝϝ Ϝ ϚϜ ϛ  ϚϛϠ ϡ  ϝϚϠ Ϡ ϜϟϞ Ϟ ϚϚϝ ϟ Ϟϛ Ϝ Ϝϙ Ϟ ϛϢ Ϟ ϛϡ Ϣ  ϟϟϚ Ϟ ϞϚϡ Ϣ ϜϝϜ ϡ ϡϚ ϡ Ϡϛ Ϣ ϜϚ ϛ ϛϟ ϝ

'POEFOTVUWFDLMJOHTFOBTUFÌSFO



'POEGÕSNÕHFOIFU .LS "OUBMBOEFMBS NJMKTU  "OEFMTWÅSEF LS 6UEFMOJOH LSBOEFM 5PUBMBWLBTUO GPOEFOϗ 0.94UPDLIPMN ϗ 4*93FUVSO JOLMVUE ϗ

ϢϙϞϛ Ϣ ϞϚϝ ϢϞϚ Ϟ ‡ mϚϙ ϝ mϚϚ Ϛ mϚϙ ϡ

Ϝ Ϟϗ Ϝ Ϟϗ Ϝϟ ϛϗ Ϡ Ϟϗ ϟ Ϛϗ ϟ Ϛϗ ϝ ϙϗ Ϝ Ϣϗ ϛ Ϣϗ Ϛ Ϣϗ Ϛ Ϛϗ Ϛ ϙϗ ϙ ϡϗ ϙ Ϟϗ ϙ Ϝϗ ϙ Ϛϗ ϙ Ϛϗ ϙ ϙϗ ϚϜ ϙϗ Ϟ Ϛϗ ϝ Ϝϗ ϛ Ϟϗ ϙ ϟϗ ϙ Ϟϗ ϙ Ϛϗ Ϛ ϝϗ Ϛ ϝϗ ϚϚ Ϟϗ ϝ ϟϗ ϝ ϙϗ Ϛ Ϝϗ ϙ ϟϗ ϙ Ϝϗ ϙ Ϝϗ ϙ Ϝϗ ϚϢ ϡϗ Ϡ Ϝϗ Ϟ Ϡϗ Ϝ ϡϗ ϙ Ϣϗ ϙ ϡϗ ϙ Ϝϗ ϙ Ϝϗ



 *#4 9QPO$BSE 0&. /PWPUFL 6UMÅOETLBBLUJFJOOFIBW %BJNMFS$ISZTMFS /PWP/PSEJTL# &LPSOFT "MMJBO[ /PLJB0ZK'JOMBOE 1SPOJWB#JPQIBSNB )BGTMVOE*OGSBUFL



"OUBM

,VST

ϚϠϜϞϙϙϙ ϡϞϙϙϙ ϜϚϙϛϙϙ ϞϚϙϙϙϙ  ϞϞϙϙϙϙ ϜϢϜϜϠϞ ϢϝϜϙϙϙ Ϟϙϙϙϙ ϚϞϙϙϙϙ ϠϚϙϙϙϙ ϝϡϛϙϙϙ

 Ϛϝ ϝϙ ϚϞϟ ϙϙ ϝϚ Ϟϙ ϚϠ Ϟϙ  Ϟϙϟ ϟϡ ϝϙϟ ϜϢ ϚϙϠ ϡϢ ϚϚϠϞ Ϛϡ Ϛϡϡ Ϛϙ Ϛϟ ϚϞ ϚϢ ϡϛ

7ÊSEF.LS  ϛϞ ϙ ϚϜ Ϝ Ϛϛ Ϣ ϡ Ϣ  ϛϠϡ Ϡ ϚϞϢ Ϣ ϚϙϚ Ϡ Ϟϡ ϡ ϛϡ ϛ ϚϚ Ϟ Ϣ ϟ

 ϙ Ϝϗ ϙ Ϛϗ ϙ Ϛϗ ϙ Ϛϗ Ϡ Ϛϗ Ϝ Ϛϗ Ϛ ϡϗ Ϛ Ϛϗ ϙ ϟϗ ϙ Ϝϗ ϙ Ϛϗ ϙ Ϛϗ Ϣϛ Ϡϗ

4VNNBWÅSEFQBQQFS



 ϡϜϡϢ Ϝ

¸WSJHBUJMMHÇOHBSPDITLVMEFS #BOLUJMMHPEPIBWBOEF 'PSESJOHBS TÇMEBWÅSEFQBQQFS  6QQMVQOBLPTUOBEFS 4LVMEFS LÕQUBWÅSEFQBQQFS   'POEGÕSNÕHFOIFU

      

    

 ϟϝϟ ϙ ϝϠ ϡ mϢ Ϛ mϛϚ Ϣ

Ϡ Ϝϗ   

 ϢϙϞϛ Ϛ Ϛϙϙ ϙϗ

657&$,-*/(&/"7"/%&-47­3%&5&9,-65%0$)0.9450$,)0-.

m 



%JEOFS(FSHF"LUJFGPOE  





0.94UPDLIPMN

            

















ϚϙϛϝϜ ϚϚϝϟϜ ϚϙϢϙϟ ϠϠϢϚ ϝϢϙϜ ϜϚϙϟ ϜϠϠϡ ϛϟϚϢ ϡϜϜ Ϛ ϝϚϟ ϟ Ϣ ϟϝϟ Ϛϙ ϝϠϜ ϚϚ ϟϠϡ Ϛϙ ϢϢϙ ϡ ϛϝϢ ϟ Ϡϡϝ Ϟ ϜϟϠ Ϝ ϢϙϢ Ϛ ϝϛϡ Ϛ ϚϞϙ ϚϙϟϚ Ϣ ϚϙϢϝ ϝ ϢϜϜ ϢϚ Ϡϙϡ ϡϟ ϞϢϝ Ϝϡ ϝϞϠ ϡϙ ϠϙϜ ϡϢ ϟϟϢ ϡϞ ϞϡϜ ϜϜ Ϝϟϛ ϛϙ ϝϚ ϜϞ Ϛϡ ϛϝ Ϛϛ ϟϚ Ϣ Ϡϛ Ϛϛ ϜϜ Ϣ ϜϞ Ϝ Ϟϙ ϝ ϞϞ ϝ ϢϜ ϛ ϝϜ ϙ Ϟ ϚϢ ϛ Ϝϝ ϙ ϛϙ Ϣ ϜϜ ϝ mϜϝ ϙ Ϟ Ϡ ϚϞ ϟ ϟϜ Ϛ ϛϝ Ϝ mϟ ϙ ϛϜ ϟ Ϝϛ ϟ ϚϠ ϟ ϛϢ ϡ mϜϠ ϝ mϚϟ Ϣ mϚϛ ϙ ϟϟ Ϟ Ϛϙ Ϣ mϛ ϟ ϛϡ Ϛ Ϝϟ Ϝ ϛϙ ϡ Ϝϝ ϛ mϜϞ Ϣ mϚϝ Ϣ mϚϙ ϡ ϟϢ ϡ ϚϜ Ϛ

'POEFOKÊNGÚSUNFE 0.94UPDLIPMN ϗ 4*93FUVSO JOLMVUE ϗ

ϙ Ϡ

ϙ ϝ

ϟ Ϟ

Ϝ Ϛ

m ϝ ϝ mϡ Ϣ

Ϛ ϝ mϛ Ϝ

Ϝ Ϝ

ϙ Ϛ

Ϝ ϟ mϙ ϡ

Ϝ ϝ

Ϛ Ϣ

ϛϛ Ϟ

ϛϙ Ϟ

ϛϠ ϟ

ϛϟ ϝ

mϜ ϝ mϟ Ϡ

ϚϜ ϝ

ϚϚ ϛ





















Ϡ ϚϠ Ϡ ϟϚ ϙ ϙϟ ϙ ϙϡ ϚϚϛϡϝ ϚϙϢϡϙ ϙ ϙϟ ϙ ϙϠ ϙ ϝϟ ϙ ϜϠ Ϛ ϛϡ Ϛ ϛϢ Ϛ ϛϛ Ϛ ϛϛ

ϚϚ ϚϞ ϙ ϚϚ ϢϜϙϡ ϙ Ϛϛ ϙ Ϟϝ Ϛ ϜϞ Ϛ ϛϜ

Ϣ Ϟϝ ϙ ϚϚ ϟϞϜϙ ϙ ϚϞ ϙ Ϟϛ Ϛ ϜϢ Ϛ ϛϝ

ϝ ϚϠ ϙ Ϛϙ ϝϙϚϢ ϙ Ϛϙ ϙ ϝϞ Ϛ Ϝϟ Ϛ ϛϟ

Ϡ ϛϢ ϙ Ϛϛ ϜϞϟϙ ϙ ϛϙ ϙ Ϡϙ Ϛ ϝϝ Ϛ ϛϜ

ϡ Ϛϝ ϙ Ϛϛ ϜϙϠϡ ϙ ϛϟ ϙ ϢϢ Ϛ ϝϢ Ϛ ϛϛ

ϟ ϙϛ ϙ Ϛϟ ϚϜϟϙ ϙ ϝϝ ϙ Ϡϟ Ϛ Ϡϙ Ϛ ϛϟ

ϛ ϛϟ ϙ ϛϙ ϞϞϜ ϙ ϙ ϝϚ ϙ ϢϜ Ϛ Ϡϛ Ϛ ϜϚ

Ϛ Ϝϡ ϙ ϛϙ Ϝϝϡ Ϡ ϙ ϝϙ ϙ ϡϢ Ϛ Ϡϙ Ϛ Ϝϙ

0.94UPDLIPMNIFUUFUJEJHBSF4UPDLIPMN"MMm4IBSF

½WSJHJOGPSNBUJPO $PVSUBHF .LS $PVSUBHFJϗBWPNTÅUUOJOH (FOPNTOJUUMJHGPOEG .LS $PVSUBHFHFOPNTGPOEGϗ 0NTÅUUOJOHTIBTU HHSì 5PUBMLPTUOBETBOEFM 5," ϗí 5PUBMFYQFOTFSBUJP 5&3 ϗî

 ϟ Ϝϙ  ϙ ϙϟ  ϚϙϠϞϠ  ϙ ϙϟ  ϙ ϝϜ  Ϛ ϛϡ  Ϛ ϛϛ 

4FOBTUFϚϛNÇOBEFSOB Ϛ 0NTÅUUOJOHTIBTUJHIFUEFêOJFSBTTPNGPOEFOTTBNNBOMBHEBGÕSTÅMKOJOHBWBLUJFS PNEFUÅSNJOESFÅOTVNNBLÕQ EJWJEFSBUNFEHFOPNTOJUUMJHGPOEGÕSNÕHFOIFU NÇOBETWJTCFSÅLOBU  ϛ 5PUBMLPTUOBETBOEFMEFêOJFSBTTPNTBNUMJHBBWHJѫFS TFBWTOJUUFULPTUOBEFSJGÕSWBMUOJOHTCFSÅUUFMTFOQÇTJEBOϚϜJGPOEFOTÇSTCFSÅUUFMTFϛϙϙϠ PDIDPVSUBHFJQSPDFOUBWGPOEFOTHFOPN TOJUUMJHBGÕSNÕHFOIFUVOEFSTFOBTUFϚϛNÇOBEFSOB Ϝ 5PUBMFYQFOTFSBUJPEFêOJFSBTTPNTBNUMJHBBWHJѫFSJQSPDFOUBWGPOEFOTHFOPNTOJUUMJHBGÕSNÕHFOIFUVOEFSTFOBTUFϚϛNÇOBEFSOB EWTTPN5,"NFOGÕSVUPNDPVSUBHF 


/KvartalsrapportQ12008