directory - derivative (asset allocation funds) - worldwide
DESCRIPTION
Directory - Derivative (Asset Allocation Funds) - WorldwideTRANSCRIPT
Cbadb Brka Numb -limSku Nbhbmelkb FriTbn
-limSku PbTofpb Brka'o FSib Brka'o AboWnfmpflk -lrkpnu lc
AlifWfhfSpflk Brka (rafpln Brka Hnfib )nlgbn Brka -roplafSk Brka
DSkSdbnBrka DSkSdbn
MpSnp ASpbBrka -l'DSkSdbn
Brka DSkSdbibkp
-limSku
-lrkpnu lc AlifWfhfSpflk
Brka DSkSdbibkp
-fpu
AbofsXqfsb*:ppbq :iilZ * * 03. JXkXdba
Crqrobp Crka03. JXkXdba Crqrobp Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh mlpfqfsb XYplirqb obqrokp+ Qeb Crka tfii pbbh ql bpqXYifpe Ylqe ilkd Xka peloq mlpfqflkp fk crqrobp ZlkqoXZqp lk sXoflrp R+P+ Xka clobfdk bnrfqv fkafZbp+
RKFQBA PQ:QBP
QXfq Tbiibo " ;Xhbo IIM * * * * * * Rkfqba PqXqbp JfitXrhbb
AbofsXqfsb*:ppbq :iilZ * * 03. JXkXdba
Crqrobp Crka03. JXkXdba Crqrobp Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh mlpfqfsb XYplirqb obqrokp+ Qeb Crka tfii pbbh ql bpqXYifpe Ylqe ilkd Xka peloq mlpfqflkp fk crqrobp ZlkqoXZqp lk sXoflrp R+P+ Xka clobfdk bnrfqv fkafZbp+
RKFQBA PQ:QBP
QXfq Tbiibo " ;Xhbo IIM * * * * * * Rkfqba PqXqbp JfitXrhbb
AbofsXqfsb*:ppbq :iilZ .*555*66/*/432 ttt+XYplirqbX
asfpbop+Zlj
Clorj Crkap * :Yplirqb Lmmloqr
Clorj Crkap * :Yplirqb Lmmloqrkfqbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bnrfqfbp Xka bnrfqv abofsXqfsbp)
RKFQBA PQ:QBP ;;A IIM * =fqfYXkh K: G:V
=LJMPLK .-,/.,-5 * :Yplirqb Fksbpqjbkq :asfpbop II=
Rkfqba PqXqbp MloqiXka
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= :iqbokXqfsb * MeXolp Bslirq
:= :iqbokXqfsb * MeXolp Bslirqflk Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X dilYXiiv afsbopfcfba mloqclifl lc bnrfqfbp) Ylkap) jlkbv jXohbq fkpqorjbkqp) ob
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
:KAOB:P FPHB 0,-6,-6 KLOJ:K
E:OQJ:KK:nrfiX =XmfqXi Dolrm DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= :iqbokXqfsb * MeXolp Bslirq
:= :iqbokXqfsb * MeXolp Bslirqflk Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X dilYXiiv afsbopfcfba mloqclifl lc bnrfqfbp) Ylkap) jlkbv jXohbq fkpqorjbkqp) ob
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
:KAOB:P FPHB 0,-6,-6 KLOJ:K
E:OQJ:KK:nrfiX =XmfqXi Dolrm DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XiZbaX+ir := Afsbopfcfba
Obqrok:= Afsbopfcfba Obqrok fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp mofjXofiv tloiatfab fk ifpqba pqXkaXoa*crqrobp tfqe efde obqrokp+ Qeb Crka ZXk Xipl fksbpq fk ptXmp) Xp ilkd Xp qeb ZlkqoX
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
* * * :iZbaX Crka JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= NrXkq * PmbZqorj Crka
:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
G:K :RPMROD 2,-/,.. * :iZbaX Crka
JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= NrXkq * PmbZqorj Crka
:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
G:K :RPMROD 2,-/,.. * :iZbaX Crka
JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= NrXkq * PmbZqorj Crka
:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
G:K :RPMROD 2,-/,.. * :iZbaX Crka
JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= NrXkq * PmbZqorj Crka
:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
G:K :RPMROD 2,-/,.. * :iZbaX Crka
JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= NrXkq * PmbZqorj Crka
:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
G:K :RPMROD 2,-/,.. * :iZbaX Crka
JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= NrXkq * PmbZqorj Crka
:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
G:K :RPMROD 2,-/,.. * :iZbaX Crka
JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= NrXkq * PmbZqorj Crka
:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
G:K :RPMROD 2,-/,.. * :iZbaX Crka
JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AfnbWplnu ' AbnfsSpfsb (oobp (hhlWSpflk Brkao! ' Plnhatfab
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= NrXkq * PmbZqorj Crka
:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
G:K :RPMROD 2,-/,.. * :iZbaX Crka
JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv ./ Crka
:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*
ZXmfqXi+ab:= * Ofph MXofqv 4 Crka
:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)
IRUBJ;LROD
Ao Tliiboq * Ao Bijbkalocc P= *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
E:OLIA EBRP=EJFAQ
/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod
AbofsXqfsb*:ppbq :iilZ .*/1-*164*31-- ttt+molcrkap+
Zlj
:ZZbpp Cibu ;bXo Efde Vfbia Cr
:ZZbpp Cibu ;bXo Efde Vfbia Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) qeXq Zllobpmlka dbkboXiiv ql qeb fksbopb lc qeb qlqXi obqrok lc qeb efde vfbia jXohbq Zlkpfpqbkq
RKFQBA PQ:QBP HMJD IIM * RJ; ;Xkh K: GBCC
MILPEKF=H ./,-1 QLAA GLEKPLK
MolCrka :asfplop II= Rkfqba PqXqbp ;bqebpaX
AbofsXqfsb*:ppbq :iilZ .*/1-*164*31-- ttt+molcrkap+
Zlj
:ZZbpp Cibu ;bXo Efde Vfbia Cr
:ZZbpp Cibu ;bXo Efde Vfbia Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) qeXq Zllobpmlka dbkboXiiv ql qeb fksbopb lc qeb qlqXi obqrok lc qeb efde vfbia jXohbq Zlkpfpqbkq
RKFQBA PQ:QBP HMJD IIM * RJ; ;Xkh K: GBCC
MILPEKF=H ./,-1 QLAA GLEKPLK
MolCrka :asfplop II= Rkfqba PqXqbp ;bqebpaX
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AbofsXqfsb*:ppbq :iilZ (03*.*143*2/-. ttt+XbdlkXiX
mhbwbil+er:BDLK ;bppX AbofsXqfsb Crka
:BDLK ;bppX AbofsXqfsb Crka fp Xk lmbk*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqlop tfqe X obqrok bsbk arofkd altkqrokp fk qeb Mlifpe pqlZh jXohbq Xka X 6-! ZXmfqXi molqbZqflk+ Qeb Crka fksbpqp fqp Xppbqp fk Mlifpe afpZlr ERKD:OV * * Rkf=obafq ;Xkh
ErkdXov WoqDVLODV M:ICF ./,.0,.. *
:bdlk ErkdXov Fksbpqjbkq Crka JXkXdbjbkq
ErkdXov ;raXmbpq
AbofsXqfsb*:ppbq :iilZ (03*.*143*2/-. ttt+XbdlkXiX
mhbwbil+er
:BDLK Lwlk =XmfqXi MolqbZqba A
:bdlk Lwlk =XmfqXi MolqbZqba AbofsXqfsb Crka fp Xk lmbk*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi molqbZqflk+ Qeb Crka fksbpqp fqp Xppbqp fk aljbpqfZ QobXprov ;fiip Xka abmlpfqp ql bkprob ZXmfqXi molqbZqflk+ Qeb Crka Xipl fksbpqp f ERKD:OV * * Rkf=obafq ;Xkh
ErkdXov WoqDVLODV M:ICF ./,.0,.. *
:bdlk ErkdXov Fksbpqjbkq Crka JXkXdbjbkq
ErkdXov ;raXmbpq
AbofsXqfsb*:ppbq :iilZ
(10%-&. 200 43 35*.-- Qbi
ttt+jXpqbofksbpq+Xq
EVML * :IFWBB N. BROL PmbZfXi
:IFWBB N. BROL PmbZfXi fp Xk lmbk bka fksbpqjbkq crka fkZlomloXqba fk :rpqofX+ Qeb crka fksbpqp fk XiqbokXqfsb) abofsXqfsb fksbpqjbkqp+ Fksbpqjbkq obdflk7 :ii BrolmbXk Zlrkqofbp+ :RPQOF: * *
SloXoiYbodbo IXkabp* rka EvmlqebhbkYXkh :D
MEFIFMM KLPPBH 1,/.,-5 *
Evml*HXmfqXiXkiXdb DjYE
:rpqofX HiXdbkcroq
AbofsXqfsb*:ppbq :iilZ 02/*130*130*. Qbi ttt+XiifXkwdil
YXifksbpqlop+ir:iifXkw Brol DXoXkq
:iifXkw Brol DXoXkq fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi mobpbosXqflk+ Qeb Crka fkqbkap ql mXoqfZfmXqb fk qeb mlpfqfsb absbilmjbkqp lc qeb BrolmbXk bnrfqv jXohbqp ql X ZboqXfk jXufjrj buqbkq+ :q qeb pXjb qfjb) qe
IRUBJ;LROD * * PqXqb Pqobbq ;Xkh
IrubjYlrod P:
J:UBK=B*ILRFP JLOJBAB
.-,/.,-5 * :iifXkw DilYXi Fksbpqlop IrubjYlrod P:
DbojXkv CoXkhcroq Xj JXfk
AbofsXqfsb*:ppbq :iilZ 5/*/*/-4.*66--
ttt+XiifXkwdilYXifksbpqlop+Zl+ho
:iifXkw HLPMF /-- Fkabu PbZrof
:iifXkw HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- qeolrde fksbpqjbkq fk qeb HLPMF/-- pqlZhp) Xka XaafqflkXi
PLRQE HLOB: * * HlobX BuZeXkdb
;Xkh * * * :iifXkw DilYXi Fksbpqlop,HlobX Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-4.*66--
ttt+XiifXkwdilYXifksbpqlop+Zl+ho
:iifXkw HLPMF /-- Fkabu PbZrof
:iifXkw HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- qeolrde fksbpqjbkq fk qeb HLPMF/-- pqlZhp) Xka XaafqflkXi
PLRQE HLOB: * * HlobX BuZeXkdb
;Xkh * * * :iifXkw DilYXi Fksbpqlop,HlobX Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-4.*66--
ttt+XiifXkwdilYXifksbpqlop+Zl+ho
:iifXkw HLPMF /-- Fkabu PbZrof
:iifXkw HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- qeolrde fksbpqjbkq fk qeb HLPMF/-- pqlZhp) Xka XaafqflkXi
PLRQE HLOB: * * HlobX BuZeXkdb
;Xkh * * * :iifXkw DilYXi Fksbpqlop,HlobX Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-4.*66--
ttt+XiifXkwdilYXifksbpqlop+Zl+ho
:iifXkw HLPMF /-- Fkabu PbZrof
:iifXkw HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- qeolrde fksbpqjbkq fk qeb HLPMF/-- pqlZhp) Xka XaafqflkXi
PLRQE HLOB: * * HlobX BuZeXkdb
;Xkh * * * :iifXkw DilYXi Fksbpqlop,HlobX Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ .*2.1*54.*43-- ttt+kXqZXk+Zl
j
:iqXjfoX FkqbokXqflkXi Fkabu C
:iqXjfoX FkqbokXqflkXi Fkabu Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql molsfab ilkd*qboj ZXmfqXi doltqe Xka molqbZqflk+ Qeb Crka fksbpqp mofjXofiv fk pbZrofqfbp Xka abofsXqfsbp YXpba lk qeb fkafZbp lc ibXafkd Zlrkqofbp+ Qeb Crka t =:K:A:
PXjplk ;biXfo Abilfqqb " QlrZeb
* KXqZXk Qorpq =l * * * KXqflkXi ;Xkh PbZrofqfbp FkZ =XkXaX JlkqobXi
AbofsXqfsb*:ppbq :iilZ .*2.1*54.*43-- ttt+kXqZXk+Zl
j:iqXjfoX RP Fkabu Crka
:iqXjfoX RP Fkabu Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql bkprob ilkd*qboj ZXmfqXi doltqe pfjfiXo ql qeXq lc X obZldkfwba :jbofZXk bnrfqv fkabu+ Qeb Crka tfii fksbpq jXfkiv fk lmqflkp Xka crqrobp lk Xk :jbofZXk bnrfqv fkabu prZe =:K:A:
PXjplk ;biXfo Abilfqqb " QlrZeb
* KXqZXk Qorpq =l * * * KXqflkXi ;Xkh PbZrofqfbp FkZ =XkXaX Qlolkql
AbofsXqfsb*:ppbq :iilZ .*2.1*54.*43-- ttt+kXqZXk+Zl
j:iqXjfoX RP Fkabu Crka
:iqXjfoX RP Fkabu Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql bkprob ilkd*qboj ZXmfqXi doltqe pfjfiXo ql qeXq lc X obZldkfwba :jbofZXk bnrfqv fkabu+ Qeb Crka tfii fksbpq jXfkiv fk lmqflkp Xka crqrobp lk Xk :jbofZXk bnrfqv fkabu prZe =:K:A:
PXjplk ;biXfo Abilfqqb " QlrZeb
* KXqZXk Qorpq =l * * * KXqflkXi ;Xkh PbZrofqfbp FkZ =XkXaX Qlolkql
AbofsXqfsb*:ppbq :iilZ * * :iqbdofp Crqrobp
Bslirqflk Pqo:iqbdofp Crqrobp Bslirqflk PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh ilkd qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka pbbhp ql XZefbsb fqp fksbpqjbkq lYgbZqfsb Yv XiilZXqfkd fqp Xppbqp Ybqtbbk X "JXkXdba Crqrobp" p
RKFQBA PQ:QBP Bokpq " Vlrkd *
GMJlodXk =eXpb ;Xkh KXqflkXi :pplZfXqflk
J:QQEBT LP;LOKB /-.. GLK PRKAQ :iqbdofp :asfplop Rkfqba PqXqbp LjXeX
AbofsXqfsb*:ppbq :iilZ * * :iqbdofp Crqrobp
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RKFQBA PQ:QBP Bokpq " Vlrkd *
GMJlodXk =eXpb ;Xkh KXqflkXi :pplZfXqflk
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AbofsXqfsb*:ppbq :iilZ * * :iqbdofp Crqrobp
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AbofsXqfsb*:ppbq :iilZ * * :iqbdofp Crqrobp
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AbofsXqfsb*:ppbq :iilZ
64/*0*315---0 buq+ .1/ *
:iqperibo PeXeXj 3C Lmqflkp
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:iqperibo PeXeXj JrqrXi Crka JXkXdbjbkq Iqa,FpoXbi
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AbofsXqfsb*:ppbq :iilZ 00*.*10*/0*0-*0- ttt+Xjrkaf+Z
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BOF= EBOJFQQB .-,/1,-- DFI;BOQ
HBPHFK :jrkaf CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 00*.*10*/0*0-*0- ttt+Xjrkaf+Z
lj
:jrkaf * :jrkaf AvkXoYfqoXdb S
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* =:=BFP ;Xkh CoXkZb
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AbofsXqfsb*:ppbq :iilZ 00*.*10*/0*0-*0- ttt+Xjrkaf+Z
lj
:jrkaf * :jrkaf AvkXoYfqoXdb S
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AbofsXqfsb*:ppbq :iilZ 06*-/*--32*.--- ttt+Xjrkaf+Z
lj,fqX
:jrkaf BrobhX =efkX AlrYib Tfk
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AbofsXqfsb*:ppbq :iilZ 00*.*10*/0*55*55 ttt+Xjrkaf*
fp+Zlj,
:jrkaf Fksbpqjbkq Plirqflkp *
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CoXkZb * * * * CoXkZb MXofp
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 00*.*10*/0*0-*0- ttt+Xjrkaf+Z
lj
:jrkaf * :jrkaf SliXqfifqb :Zq
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AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
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IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
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AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
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IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
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DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
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IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
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IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
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IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
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DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
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AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
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IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
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DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
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IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
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DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
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IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
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DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
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IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
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DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Brol Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fqp Xppbqp fk lmqflkp Xka abo
IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Brol Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fqp Xppbqp fk lmqflkp Xka abo
IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Brol Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fqp Xppbqp fk lmqflkp Xka abo
IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Brol Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fqp Xppbqp fk lmqflkp Xka abo
IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Brol Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fqp Xppbqp fk lmqflkp Xka abo
IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Brol Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fqp Xppbqp fk lmqflkp Xka abo
IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Brol Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fqp Xppbqp fk lmqflkp Xka abo
IRUBJ;LROD
MofZbtXqboelrpb=llmbop,IrubjYlrod
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.0,-3 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
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IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
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DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf
IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
BOF= EBOJFQQB .-,-2,-2 DFI;BOQ
HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
BOF= EBOJFQQB .-,-2,-2 DFI;BOQ
HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
BOF= EBOJFQQB .-,-2,-2 DFI;BOQ
HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
BOF= EBOJFQQB .-,-2,-2 DFI;BOQ
HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
BOF= EBOJFQQB .-,-2,-2 DFI;BOQ
HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
BOF= EBOJFQQB .-,-2,-2 DFI;BOQ
HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
BOF= EBOJFQQB .-,-2,-2 DFI;BOQ
HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z
lj:jrkaf Crkap * :Yplirqb SliXqf
:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
*
=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod
BOF= EBOJFQQB .-,-2,-2 DFI;BOQ
HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 10*.*203*.3*- ttt+pbjmboZl
kpqXkqfX+Xq:MJ JXkXdba Crqrobp
:MJ JXkXdba Crqrobp fp X crka lc crkap fkZlomloXqba fk :rpqofX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb Zroobkq vfbiap Yv XZZbmqfkd pbibZqba ofphp+ Qeb Crka fksbpqp fk jXkXdba crqrob crkap ql mroprb obdriXo Xka efde ifnrfa crqrob* Xka lmqflk*jXohbq XmmolXZe+ F :RPQOF: * * :sfpl Bmpfilk :D DRBKQEBO
H:PQKBO ./,/.,-6 * Pbjmbo =lkpqXkqfX Fksbpq DjYE
:rpqofX tfbk
AbofsXqfsb*:ppbq :iilZ 10*.*203*.3*- ttt+pbjmboZl
kpqXkqfX+Xq:MJ JXkXdba Crqrobp
:MJ JXkXdba Crqrobp fp X crka lc crkap fkZlomloXqba fk :rpqofX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb Zroobkq vfbiap Yv XZZbmqfkd pbibZqba ofphp+ Qeb Crka fksbpqp fk jXkXdba crqrob crkap ql mroprb obdriXo Xka efde ifnrfa crqrob* Xka lmqflk*jXohbq XmmolXZe+ F :RPQOF: * * :sfpl Bmpfilk :D DRBKQEBO
H:PQKBO ./,/.,-6 * Pbjmbo =lkpqXkqfX Fksbpq DjYE
:rpqofX tfbk
AbofsXqfsb*:ppbq :iilZ 10*.*203*.3*- ttt+pbjmboZl
kpqXkqfX+Xq:MJ JXkXdba Crqrobp
:MJ JXkXdba Crqrobp fp X crka lc crkap fkZlomloXqba fk :rpqofX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb Zroobkq vfbiap Yv XZZbmqfkd pbibZqba ofphp+ Qeb Crka fksbpqp fk jXkXdba crqrob crkap ql mroprb obdriXo Xka efde ifnrfa crqrob* Xka lmqflk*jXohbq XmmolXZe+ F :RPQOF: * * :sfpl Bmpfilk :D DRBKQEBO
H:PQKBO ./,/.,-6 * Pbjmbo =lkpqXkqfX Fksbpq DjYE
:rpqofX tfbk
AbofsXqfsb*:ppbq :iilZ 10*.*203*.3*- ttt+pbjmboZl
kpqXkqfX+Xq:MJ JXkXdba Crqrobp
:MJ JXkXdba Crqrobp fp X crka lc crkap fkZlomloXqba fk :rpqofX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb Zroobkq vfbiap Yv XZZbmqfkd pbibZqba ofphp+ Qeb Crka fksbpqp fk jXkXdba crqrob crkap ql mroprb obdriXo Xka efde ifnrfa crqrob* Xka lmqflk*jXohbq XmmolXZe+ F :RPQOF: * * :sfpl Bmpfilk :D DRBKQEBO
H:PQKBO ./,/.,-6 * Pbjmbo =lkpqXkqfX Fksbpq DjYE
:rpqofX tfbk
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX DBJP MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc lkb lo jlob abofsXqfsb ZlkqoXZqp YXpba lk qeb afsbopfcfba MolqbZqba Ml
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
* * * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX :Yplirqb FkZljb MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc X ptXm,cfkXkZfXi,abofsXqfsb ZlkqoXZq tfqe Xk Xmmolsba Zlrkq
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
P=LQQ IBSV 6,-.,-4 * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX :Yplirqb FkZljb MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc X ptXm,cfkXkZfXi,abofsXqfsb ZlkqoXZq tfqe Xk Xmmolsba Zlrkq
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
P=LQQ IBSV 6,-.,-4 * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX :Yplirqb FkZljb MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc X ptXm,cfkXkZfXi,abofsXqfsb ZlkqoXZq tfqe Xk Xmmolsba Zlrkq
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
P=LQQ IBSV 6,-.,-4 * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX :Yplirqb FkZljb MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc X ptXm,cfkXkZfXi,abofsXqfsb ZlkqoXZq tfqe Xk Xmmolsba Zlrkq
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
P=LQQ IBSV 6,-.,-4 * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX :Yplirqb FkZljb MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc X ptXm,cfkXkZfXi,abofsXqfsb ZlkqoXZq tfqe Xk Xmmolsba Zlrkq
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
P=LQQ IBSV 6,-.,-4 * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX :Yplirqb FkZljb MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc X ptXm,cfkXkZfXi,abofsXqfsb ZlkqoXZq tfqe Xk Xmmolsba Zlrkq
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
P=LQQ IBSV 6,-.,-4 * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX :Yplirqb FkZljb MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc X ptXm,cfkXkZfXi,abofsXqfsb ZlkqoXZq tfqe Xk Xmmolsba Zlrkq
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
P=LQQ IBSV 6,-.,-4 * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX :Yplirqb FkZljb MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc X ptXm,cfkXkZfXi,abofsXqfsb ZlkqoXZq tfqe Xk Xmmolsba Zlrkq
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
P=LQQ IBSV 6,-.,-4 * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/4*..*--*-. ttt+molqbZqba*
crkap+Zlj:ofX PqorZqroba Fksbpqjbkqp Pf
:ofX PqorZqroba Fksbpqjbkqp PfZXs PFC * :ofX :Yplirqb FkZljb MolqbZqba Crka fp X PfZXs fkZlomloXqba fk IrubjYlrod+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab X obqrok obmobpbkqfkd qeb mboclojXkZb lc X ptXm,cfkXkZfXi,abofsXqfsb ZlkqoXZq tfqe Xk Xmmolsba Zlrkq
IRUBJ;LROD * *
O;P DilYXi ;Xkhfkd IrubjYlrod P:
P=LQQ IBSV 6,-.,-4 * Pqrodblk Sbkqrobp IIM IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*/3*.6*06*. ttt+XabmX+Zl
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IRUBJ;LROD * *
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AbofsXqfsb*:ppbq :iilZ 02/*1-*/5*/-*/3. ttt+XsfsXfksbp
qlop+Zlj:sfsX Fksbpqlop * :Yplirqb Q/2
:sfsX Fksbpqlop * :Yplirqb Q/2- ;lka Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X kbq XYplirqb obqrok fk Ylqe rm Xka altk jXohbqp+ Qeb Crka fksbpqp fk Ylkap lc tloiatfab fpprbop lo cfkXkZfXi abofsXqfsb fkpqorjb
IRUBJ;LROD * * GM JlodXk ;Xkh
IrubjYlrod P:PE:EFA FHO:J * * :sfsX Fksbpqlop
IrubjYlrod Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 02/*1-*/5*/-*/3. ttt+XsfsXfksbp
qlop+Zlj:sfsX Fksbpqlop * :Yplirqb Q/2
:sfsX Fksbpqlop * :Yplirqb Q/2- ;lka Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X kbq XYplirqb obqrok fk Ylqe rm Xka altk jXohbqp+ Qeb Crka fksbpqp fk Ylkap lc tloiatfab fpprbop lo cfkXkZfXi abofsXqfsb fkpqorjb
IRUBJ;LROD * * GM JlodXk ;Xkh
IrubjYlrod P:PE:EFA FHO:J * * :sfsX Fksbpqlop
IrubjYlrod Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 02/*1-*/5*/-*/3. ttt+XsfsXfksbp
qlop+Zlj:sfsX Fksbpqlop * :Yplirqb Q/2
:sfsX Fksbpqlop * :Yplirqb Q/2- ;lka Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X kbq XYplirqb obqrok fk Ylqe rm Xka altk jXohbqp+ Qeb Crka fksbpqp fk Ylkap lc tloiatfab fpprbop lo cfkXkZfXi abofsXqfsb fkpqorjb
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 02/*1-*/5*/-*/3. ttt+XsfsXfksbp
qlop+Zlj:sfsX Fksbpqlop * :Yplirqb Q/2
:sfsX Fksbpqlop * :Yplirqb Q/2- ;lka Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X kbq XYplirqb obqrok fk Ylqe rm Xka altk jXohbqp+ Qeb Crka fksbpqp fk Ylkap lc tloiatfab fpprbop lo cfkXkZfXi abofsXqfsb fkpqorjb
IRUBJ;LROD * * GM JlodXk ;Xkh
IrubjYlrod P:PE:EFA FHO:J * * :sfsX Fksbpqlop
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AbofsXqfsb*:ppbq :iilZ 02/*1-*/5*/-*/3. ttt+XsfsXfksbp
qlop+Zlj:sfsX Fksbpqlop * :Yplirqb Q/2
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MofZbtXqboelrpb=llmbop,ArYifk
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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MofZbtXqboelrpb=llmbop,ArYifk
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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IRUBJ;LROD
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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PLRQE HLOB: * * Hllhjfk ;Xkh * * * =lkprp :ppbq
JXkXdbjbkq =l Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-44*2--- ttt+Zlkprp+Z
l+ho
=lkprp JlbYfrp /-- Fkabu PbZro
=lkprp JlbYfrp /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp cliilt qeb obqrok lc HLPMF/--+ Qeb Crka fksbpqp fk 3-! lo jlob fk pqlZhp) 1-! lo ibpp fk Ylkap) :;Pp) =Mp)
PLRQE HLOB: * * Hllhjfk ;Xkh * * * =lkprp :ppbq
JXkXdbjbkq =l Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-44*2--- ttt+Zlkprp+Z
l+ho
=lkprp JlbYfrp /-- Fkabu PbZro
=lkprp JlbYfrp /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp cliilt qeb obqrok lc HLPMF/--+ Qeb Crka fksbpqp fk 3-! lo jlob fk pqlZhp) 1-! lo ibpp fk Ylkap) :;Pp) =Mp)
PLRQE HLOB: * * Hllhjfk ;Xkh * * * =lkprp :ppbq
JXkXdbjbkq =l Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ -.16. 245035 ttt+Zlroqfbop+
Zl+rh
=lroqfbop Fksbpqjbkq Crkap F=S
=lroqfbop QlqXi Obqrok ;XiXkZba Ofph Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb qeb lmqfjXi qlqXi obqrok tfqefk qeb YlrkaXofbp lc qeb Crka$p ofph molcfib+ Qeb Crka fksbpqp mofjXofiv fk abofsXqfsbp) Yrq ;OFQ:FK * * =fqfYXkh
FkqbokXqflkXi MI= * * *
=lroqfbop Fksbpqjbkq PbosfZbp Iqa,Rkfqba Hfkdalj
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ -.16. 245035 ttt+Zlroqfbop+
Zl+rh
=lroqfbop Fksbpqjbkq Crkap F=S
=lroqfbop QlqXi Obqrok Doltqe Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb qeb lmqfjXi qlqXi obqrok tfqefk qeb YlrkaXofbp lc qeb Crka$p ofph molcfib+ Qeb Crka fksbpqp mofjXofiv fk abofsXqfsbp) Yrq jXv Xip ;OFQ:FK * * =fqfYXkh
FkqbokXqflkXi MI= * * *
=lroqfbop Fksbpqjbkq PbosfZbp Iqa,Rkfqba Hfkdalj
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ (02/ 103 .3.. ttt+Zobafq*
prfppb+Zlj
=obafq Prfppb Crka Iru * ObiXq
=PC %Iru& ObiXqfsb Obqrok Bkdfkbboba %RP & fp Xk lmbk*bka fksbpqjbkq Crka fkZlomloXqba fk IrubjYlrod+ Qeb crka$p fksbpqjbkq lYgbZqfsb fp ql XZefbsb X Ybqqbo obqrok qeXk qeb YbkZejXoh lk X ofph*Xagrpqba YXpfp+ Qeb Crka pvkqebqfZXiiv obmifZXqbp qeb ofph*obq
IRUBJ;LROD * * =obafq Prfppb
IrubjYlrod P:A:KFBIB M:DIF: 4,.3,-6 *
=obafq Prfppb Crka PbosfZbp Iru P:
IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * *
=obafq Prfppb :asXkZba PqoXqbd
=obafq Prfppb :asXkZba PqoXqbdv Crka Clo NrXifcfba FkpqfqrqflkXi Fksbpqlop Lkiv fp Xk lmbk*bka crka obdfpqboba fk qeb =XvjXk FpiXkap+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab Rkfqeliabop tfqe obdriXo mXvlrqp Xka X cfkXi obabjmqflk Xjlrkq Xq jXqrofqv Ylqe i
=:VJ:K FPI:KAP * * =obafq Prfppb :D * * *
=obafq Prfppb JXkXdbjbkq =XvjXk Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 020*.*3.6*/---
ttt+Zobafq*prfppb+Zlj,ZrpqljjXohbqp
=rpqlj JXohbqp miZ * =obafq Pr
=rpqlj JXohbqp miZ * =obafq Prfppb J:K =ovpqXi Crka fp Xk lmbk*bkaba fksbpqjbkq crka fkZlomloXqba fk FobiXka+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka Xfjp ql dXfk bumlprob ql X YolXa YXpba rkfsbopb lc ebadb crkap Yv bkqbofkd fkql abofsXqfsb
FOBI:KA * * * =FKWF: ;:PFIB * ALK:II
=LJBOCLOA * FobiXka ArYifk
AbofsXqfsb*:ppbq :iilZ 020*.*3.6*/---
ttt+Zobafq*prfppb+Zlj,ZrpqljjXohbqp
=rpqlj JXohbqp miZ * =obafq Pr
=rpqlj JXohbqp miZ * =obafq Prfppb J:K =ovpqXi Crka fp Xk lmbk*bkaba fksbpqjbkq crka fkZlomloXqba fk FobiXka+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka Xfjp ql dXfk bumlprob ql X YolXa YXpba rkfsbopb lc ebadb crkap Yv bkqbofkd fkql abofsXqfsb
FOBI:KA * * * =FKWF: ;:PFIB * ALK:II
=LJBOCLOA * FobiXka ArYifk
AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*
eXkX+Zlj
R;PEXkX b*QXbdbrh Fkabu AbofsX
R;PEXkX b*QXbdbrh Fkabu AbofsXqfsb Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd qboj ZXmfqXi dXfk Yv clojriXqfkd X mloqclifl qeXq obmifZXqbp HLPMF/--+ Qeb Crka fp ZiXppfcfba Xp X abofsXqfsb fksbp
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * R;P EXkX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*
eXkX+Zlj
R;P EXkX RjYobiiX Kbt Fkabu Pb
R;P EXkX RjYobiiX Kbt Fkabu PbZrofqfbp Fksbpqjbkq Qorpq H*. %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk Yv YbkZejXohfkd qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
R;P EXkX :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*
eXkX+Zlj
R;PEXkX Fkabu AbofsXqfsb Fksbp
R;PEXkX Fkabu AbofsXqfsb Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd qboj ZXmfqXi dXfk Yv clojriXqfkd X mloqclifl qeXq obmifZXqbp HLPMF/--+ Qeb Crka fp ZiXppfcfba Xp X abofsXqfsb fksbpqjbkq qorp
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * R;P EXkX :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*
eXkX+Zlj
R;PEXkX F;H*PXjprkd EbXsv Fkar
AXbeXk EXkX R;P F;H * PXjprkd EbXsv Fkarpqofbp PqlZh Ifkhba AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsbp ifkhba ql qeb pqlZh mofZb lc FkarpqofXi ;Xkh lc Hlob
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
R;P EXkX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX PBLRI
AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*
eXkX+Zlj
R;PEXkX Fk*;bpq Fkabu AbofsXqf
AXbeXk Fk*;bpq Bnrfqv Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql Zilpbiv jXqZe qeb mboclojXkZb lc HLPMF/--p sXirb cirZqrXqflk+ Qeb Crka fksbpqp 3-! lo jlob fk bnrfqfbp Xka bnrfqv ifkhba*ab
PLRQE HLOB: * *
KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk
* * * R;P EXkX :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*
eXkX+Zlj
R;PEXkX Mltbo Fkabu AbofsXqfsb
AXbeXk Mltbo Bnrfqv Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql Zilpbiv jXqZe qeb mboclojXkZb lc qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp .--! lo ibpp fk pqlZhp) 1-! lo ibpp fk Ylkap) 1-! lo ib
PLRQE HLOB: * * FkarpqofXi ;Xkh lc
HlobX * * * R;P EXkX :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*
eXkX+Zlj
R;PEXkX RjYobiiX Obsbopb Fkabu
R;PEXkX RjYobiiX Obsbopb Fkabu PbZrofqfbp Fksbpqjbkq Qorpq H*. %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk Yv qoXZfkd obsbopb vfbia lc qeb HLPMF/-- Fkabu+ Qeb C
PLRQE HLOB: * * * * * *
R;P EXkX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*436*0/-2 ttt+afqj+Zl+ho AXfpefk / PqXo
PbZrofqfbp FksbAXfpefk / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 0 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsbp tefZe Xob fkZlomloXqba fk qeb pqlZh mofZb lc PH QbibZlj Xka P*Lfi+
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
AXfpefk :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*436*0/-2 ttt+afqj+Zl+ho
AXfpefk Q:ODBQ RjYobiiX Fkabu
AXfpefk Q:ODBQ RjYobiiX Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql qoXZb qeb HLPMF/-- qeolrde qoXkpXZqflk lc pqlZh mofZb fkabu crqrobp) ZXii lmqflkp) Xka mrq lmqflkp+ Qeb Crka fksbpqp .2!
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
AXfpefk :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*436*0/-2 ttt+afqj+Zl+ho
AXfpefk Q:ODBQ RjYobiiX Obsbop
AXfpefk Q:ODBQ RjYobiiX Obsbopb AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql obsbopbiv qoXZb qeb HLPMF/-- qeolrde qoXkpXZqflk lc pqlZh mofZb fkabu crqrobp) ZXii lmqflkp) Xka mrq lmqflkp+ Qeb Crka
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
AXfpefk :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
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AbofsXqfsb*:ppbq :iilZ * ttt+aXftX*
Xj+Zl+gm
AXftX Tloia ;lka Crka * AXftX
* G:M:K * * Prjfqljl Jfqprf Qorpq ;Xkh Iqa * * *
AXftX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr HlobX Fkabu Ifkhba PbZr
AlkdYr HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 2%BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlmloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd 6-! lo jlob lc fqp Xppbqp fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe HLP
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj S Ebojbp :Yplirqb
A; MiXqfkrj S Ebojbp :Yplirqb Obqrok =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq lc qeb A; MiXqfkrj S Ebojbp :Yplirqb Obqrok =ljjlafqv c
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj S Ebojbp :Yplirqb
A; MiXqfkrj S Ebojbp :Yplirqb Obqrok =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq lc qeb A; MiXqfkrj S Ebojbp :Yplirqb Obqrok =ljjlafqv c
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj S Ebojbp BkeXkZba
A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq) lc qeb A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv crka
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj S Ebojbp BkeXkZba
A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq) lc qeb A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv crka
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj S Ebojbp BkeXkZba
A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq) lc qeb A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv crka
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj S Ebojbp BkeXkZba
A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq) lc qeb A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv crka
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj * =roobkZv Obqrokp
A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib
IRUBJ;LROD
Bokpq " Vlrkd P: *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj * =roobkZv Obqrokp
A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib
IRUBJ;LROD
Bokpq " Vlrkd P: *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj * =roobkZv Obqrokp
A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib
IRUBJ;LROD
Bokpq " Vlrkd P: *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj * =roobkZv Obqrokp
A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib
IRUBJ;LROD
Bokpq " Vlrkd P: *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj * =roobkZv Obqrokp
A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib
IRUBJ;LROD
Bokpq " Vlrkd P: *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj * =roobkZv Obqrokp
A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib
IRUBJ;LROD
Bokpq " Vlrkd P: *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
ZljA; MiXqfkrj FFF * A;*EB:I
A; MiXqfkrj FFF * A;*EB:I fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab peXobeliabop tfqe X obqrok ifkhba ql qeb rkaboivfkd Xppbq) qeb AvkXjfZ ;Xphbq+ Qeb Crka rpbp abofsXqfsb qbZekfnrbp qeXq tfii molsfab qeb Crka tfqe X mXvlcc
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * A; MiXqfkrj :asfplop,IrubjYlrod
IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj FS * =lomloXqb =Xp
A; MiXkqfkrj FS =lomloXqb =Xpe fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X jlkbv jXohbq obqrok+ Qeb Crka jXfkiv fksbpqp ifnrfa brol abkljfkXqba pqlZhp+
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj FS * =lomloXqb =Xp
A; MiXkqfkrj FS =lomloXqb =Xpe fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X jlkbv jXohbq obqrok+ Qeb Crka jXfkiv fksbpqp ifnrfa brol abkljfkXqba pqlZhp+
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj FS * =lomloXqb =Xp
A; MiXkqfkrj FS =lomloXqb =Xpe fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X jlkbv jXohbq obqrok+ Qeb Crka jXfkiv fksbpqp ifnrfa brol abkljfkXqba pqlZhp+
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj FS * =lomloXqb =Xp
A; MiXkqfkrj FS =lomloXqb =Xpe fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X jlkbv jXohbq obqrok+ Qeb Crka jXfkiv fksbpqp ifnrfa brol abkljfkXqba pqlZhp+
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj FS * N=J DAM Fkabu
A; MiXqfkrj FS * N=J DAM Fkabu Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X obqrok ifkhba ql qeb N=J DAM Fkabu) tefZe obcibZqp qeb mboclojXkZb lc X pvpqbjXqfZ fksbpqjbkq fk qeb
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj FS * N=J DAM Fkabu
A; MiXqfkrj FS * N=J DAM Fkabu Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X obqrok ifkhba ql qeb N=J DAM Fkabu) tefZe obcibZqp qeb mboclojXkZb lc X pvpqbjXqfZ fksbpqjbkq fk qeb
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj FS * N=J DAM Fkabu
A; MiXqfkrj FS * N=J DAM Fkabu Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X obqrok ifkhba ql qeb N=J DAM Fkabu) tefZe obcibZqp qeb mboclojXkZb lc X pvpqbjXqfZ fksbpqjbkq fk qeb
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
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AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
Zlj
A; MiXqfkrj FS * N=J DAM Fkabu
A; MiXqfkrj FS * N=J DAM Fkabu Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X obqrok ifkhba ql qeb N=J DAM Fkabu) tefZe obcibZqp qeb mboclojXkZb lc X pvpqbjXqfZ fksbpqjbkq fk qeb
IRUBJ;LROD * *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+
ZljA; MiXqfkrj FS * Olepqlccb Afo
A; MiXqfkrj FS * Olepqlccb Afobhq fp Xk lmbk*bka tfqe cfuba jXqrofqv fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka fksbpqp fk cfkXkZfXi fkpqfq
IRUBJ;LROD
Bokpq " Vlrkd P: *
O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 02/*01-6*06 ttt+abhX+ab AbhX*LmqfJfu
BrolmXAbhX*LmqfJfu BrolmX fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp XYplirqb obqrok+ Qeb Crka Xfjp ql molarZb obqrokp pfjfiXo ql obqrokp fk qeb BrolmbXk Ylka jXohbq+ Qeb Crka rpbp sXoflrp abofsXqfsb pqoXqbdfbp %b+d+ clot
IRUBJ;LROD * *
AbhX;Xkh AbrqpZeb DfolwbkqoXib IrubjYlrod P:
* * * AbhX FkqbokXqflkXi P:,IrubjYlrod
DbojXkv CoXkhcroq Xj JXfk
AbofsXqfsb*:ppbq :iilZ 02/*01-6*06 ttt+abhX+ab AbhX*LmqfJfu
BrolmXAbhX*LmqfJfu BrolmX fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp XYplirqb obqrok+ Qeb Crka Xfjp ql molarZb obqrokp pfjfiXo ql obqrokp fk qeb BrolmbXk Ylka jXohbq+ Qeb Crka rpbp sXoflrp abofsXqfsb pqoXqbdfbp %b+d+ clot
IRUBJ;LROD * *
AbhX;Xkh AbrqpZeb DfolwbkqoXib IrubjYlrod P:
* * * AbhX FkqbokXqflkXi P:,IrubjYlrod
DbojXkv CoXkhcroq Xj JXfk
AbofsXqfsb*:ppbq :iilZ 02/*01-6*06 ttt+abhX+ab
AbhX*TloiaDXoXkq Mirp 3,/-./
AbhX*TloiaDXoXkq Mirp 3,/-./ fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql mlpfqfsbiv peXob fk qeb bsbkqrXi fkZobXpfkd sXirb lc qeb BrolmbXk Rkflk) RP) Xka GXmXkbpb pqlZh jXohbqp+ Qeb Crka fksbpqp Xq ibXpq 2.! fk BrolmbXk wbo
IRUBJ;LROD * *
AbhX;Xkh AbrqpZeb DfolwbkqoXib IrubjYlrod P:
* * * AbhX FkqbokXqflkXi P:,IrubjYlrod
IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk =roobkZv Qobkap PqoXq
Afobuflk =roobkZv Qobkap PqoXqbdv Mirp Crka fp Xk lmbk*bka fkZlomloXqba fk qeb RP:+ Qeb Crka pbbhp fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) lc .2-! lc qeb ZXibkaXo jlkqe mboclojXkZb lc qeb :imeX CfkXkZfXi CU Qobkap Fkabu) tefib fjmibjbkqfkd X pqoXqbd
RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh K: M:RI
;OFD:KAF * QLKV KDOXccboqv :ppbq JXkXdbjbkq II=
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk =roobkZv Qobkap PqoXq
Afobuflk =roobkZv Qobkap PqoXqbdv Mirp Crka fp Xk lmbk*bka fkZlomloXqba fk qeb RP:+ Qeb Crka pbbhp fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) lc .2-! lc qeb ZXibkaXo jlkqe mboclojXkZb lc qeb :imeX CfkXkZfXi CU Qobkap Fkabu) tefib fjmibjbkqfkd X pqoXqbd
RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh K: M:RI
;OFD:KAF * QLKV KDOXccboqv :ppbq JXkXdbjbkq II=
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk =roobkZv Qobkap PqoXq
Afobuflk =roobkZv Qobkap PqoXqbdv Mirp Crka fp Xk lmbk*bka fkZlomloXqba fk qeb RP:+ Qeb Crka pbbhp fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) lc .2-! lc qeb ZXibkaXo jlkqe mboclojXkZb lc qeb :imeX CfkXkZfXi CU Qobkap Fkabu) tefib fjmibjbkqfkd X pqoXqbd
RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh K: M:RI
;OFD:KAF * QLKV KDOXccboqv :ppbq JXkXdbjbkq II=
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk Fkabuba JXkXdba Crqro
Afobuflk Fkabuba JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql qeXq qoXZh qeb mboclojXkZb lc qeb :rpmfZb JXkXdba Crqrobp Fkabu+ Qeb Crka mofjXofiv fksbpqp fk X ZljYfkXqflk lc %ilkd Xka peloq& Zljjlaf
RKFQBA PQ:QBP Bokpq " Vlrkd * * * * * * Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk Fkabuba JXkXdba Crqro
Afobuflk Fkabuba JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql qeXq qoXZh qeb mboclojXkZb lc qeb :rpmfZb JXkXdba Crqrobp Fkabu+ Qeb Crka mofjXofiv fksbpqp fk X ZljYfkXqflk lc %ilkd Xka peloq& Zljjlaf
RKFQBA PQ:QBP Bokpq " Vlrkd * * * * * * Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk Fkabuba JXkXdba Crqro
Afobuflk Fkabuba JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql qeXq qoXZh qeb mboclojXkZb lc qeb :rpmfZb JXkXdba Crqrobp Fkabu+ Qeb Crka mofjXofiv fksbpqp fk X ZljYfkXqflk lc %ilkd Xka peloq& Zljjlaf
RKFQBA PQ:QBP Bokpq " Vlrkd * * * * * * Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk Jlkqeiv .- VbXo Klqb
Afobuflk Jlkqeiv .- VbXo Klqb ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql /--! lc qeb aXfiv mofZb jlsbjbkq lc qeb YbkZejXoh .- VbXo Klqb+ Qeb Crka mofjXofiv fksbpqp fk
RKFQBA PQ:QBP Bokpq " Vlrkd *
RP ;Xkh K:,=liloXal Pmofkdp =L
M:RI ;OFD:KAF 0,0.,-2 QLKV KD
OXccboqv :ppbq JXkXdbjbkq II=
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk Jlkqeiv IXqfk :jbofZX
Afobuflk Jlkqeiv IXqfk :jbofZXk ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql /--! lc qeb mboclojXkZb lc qeb P"M IXqfk :jbofZX 1- Fkabu+ Qeb Crka fksbpqp fk crqrobp) ptXm
RKFQBA PQ:QBP Bokpq " Vlrkd *
RP ;Xkh K:,JfkkbXmlifp JK
M:RI ;OFD:KAF 2,-/,-3 QLKV KD
OXccboqv :ppbq JXkXdbjbkq II=
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk Jlkqeiv P"M 2-- ;rii
Afobuflk Jlkqeiv P"M 2-- ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql /--! lc qeb mboclojXkZb lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp fk crqrobp) ptXmp Xka lmqflkp rpfkd
RKFQBA PQ:QBP Bokpq " Vlrkd *
RP ;Xkh K:,JfkkbXmlifp JK
M:RI ;OFD:KAF 2,-.,-3 QLKV KD
OXccboqv :ppbq JXkXdbjbkq II=
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk Jlkqeiv PjXii =Xm ;ri
Afobuflk Jlkqeiv PjXii =Xm ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql qeb /--! lc qeb mboclojXkZb lc qeb Orppbii /--- Fkabu+ Qeb Crka fksbpqp fk pqlZh fkabu crqrobp Zl
RKFQBA PQ:QBP Bokpq " Vlrkd *
RP ;Xkh K:,=liloXal Pmofkdp =L
M:RI ;OFD:KAF /--1 QLKV KD
OXccboqv :ppbq JXkXdbjbkq II=
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr
kap+Zlj
Afobuflk Jlkqeiv K:PA:N .-- ;r
Afobuflk Jlkqeiv K:PA:N .-- ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql /--! lc qeb mboclojXkZb lc qeb K:PA:N .-- Fkabu+ Qeb Crka fksbpqp fk crqrobp) ptXmp Xka lmqflkp
RKFQBA PQ:QBP Bokpq " Vlrkd *
RP ;Xkh K:,JfkkbXmlifp JK
M:RI ;OFD:KAF 2,-.,-3 QLKV KD
OXccboqv :ppbq JXkXdbjbkq II=
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ .*544*104*6030 ttt+afobuflkp
eXobp+Zlj
Afobuflk AXfiv QlqXi JXohbq ;b
Afobuflk AXfiv QlqXi JXohbq ;bXo .u PeXobp fp Xk buZeXkdb*qoXaba crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp aXfiv fksbpqjbkq obpriqp qeXq Zloobpmlka ql qeb fksbopb %lmmlpfqb& lc qeb aXfiv mboclojXkZb lc qeb JP=F RP ;olXa JXohbq Fkabu+
RKFQBA PQ:QBP * * ;Xkh lc Kbt
Vloh JbiilkM:RI ;OFD:KAF 3,.2,.. QLKV KD Afobuflk PeXobp
BQC Qorpq Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ (14*//0.*65-- * AK; L;U
AbofsXq ;bXo AK; L;U AbofsXq ;bXo fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V * * AK; ;Xkh :P:BFOFH QLO;LBOK E:RDB
3,/0,-5 * AK; :ppbq JXkXdbjbkq :P * *
AbofsXqfsb*:ppbq :iilZ (14*//0.*65-- * Ak; KLO L;U
AbofsXq ;rii AK; L;U AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka fksbpqp fk qeb L;U fkabu bnrfqfbp+ KLOT:V * * AK; ;Xkh :P:BFOFH QLO;LBOK E:RDB
3,/0,-5 * AK; :ppbq JXkXdbjbkq :P * *
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 0 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp Xq ibXpq 6-! lc fqp qlqXi Xppbqp fk abofsXqfsb ifkhba pbZrofqfbp) tefZe fp i
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq .6 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc MLP=L Xka PXjprkd
PLRQE HLOB: * * ;rpXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq / %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp 3-! lo jlob lc fqp qlqXi Xppbqp fk abofsXqfsb ifkhba pbZrofqfbp) tefZe fp ifkh
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 06 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc PXjprkd BibZqolkfZp Xka MLP=L+ Qeb Crka fks
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 14 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf Jlqlop Xk
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 15 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID BibZqolkfZp Xk
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 16 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID =ebj Xka Evkfu
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 2- %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID =ebj Xka Evrka
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 2. %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc PH Dolrm Xka ID =
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 20 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf EbXsv Xka
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 21 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID =ebj Iqa Xka E
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 22 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID BibZqolkfZp Xk
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 23 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID =ebj Iqa Xka E
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 24 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc P*Lfi Xka PH Evkf
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 25 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc PXjprkd EbXsv Fka
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 26 BIP*AbofsXqfsb fp Xk lmbk bka crka fkZlmloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZebfsb ql ZXmfqXi dXfkp Yv fksbpqfkd 6-! lo jlob lc fqp Xppbq fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe Zljjlk pqlZh
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 3. BIP*AbofsXqfsb fp Xk lmbk bka crka fkZlmloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ql ZXmfqXi dXfkp Yv fksbpqfkd 6-! lo jlob lc fqp Xppbq fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe Zljjlk pqlZh
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 3/ BIP*AbofsXqfsb fp Xk lmbk bka crka fkZlmloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ql ZXmfqXi dXfkp Yv fksbpqfkd 6-! lo jlob lc fqp Xppbq fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe Zljjlk pqlZh
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq.- %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql PXjprkd Ifcb FkproXkZb$p Xka MLP=L$p pqlZh mofZb+ Qeb Crka fksb
PLRQE HLOB: * * ;rpXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq ./%BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE
HLOB: * * ;rpXk ;Xkh * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq .0 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc PefkeXk CfkXkZfXi Dolrm Xka MLP=L+ Qeb Crka
PLRQE HLOB: * * ;rpXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq .1 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc EXkX CfkXkZfXi Dolrm Xka ID+ Qeb Crka fksbp
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq .3 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc H; CfkXkZfXi Dolrm Xka PXjprkd BibZqolkfZp+
PLRQE HLOB: * * ;rpXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq .4 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc EXkX CfkXkZfXi Xka PXjprkd PbZrofqfbp+ Qeb
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq .5 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc EvrkaXf Jlqlop Xka EXketX =ebjfZXi+ Qeb Crk
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 12 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc ID AfpmiXv Xka PH FkklsXqflk+ Qeb Crka fksb
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 13 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc ID =ebjfZXi Xka EvrkaXf EbXsv+ Qeb Crka fks
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 6 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp ql fksbpq fk BIPp ifkhba ql PefkeXk CfkXkZfXi Dolrm Xka PXjprkd Cfob FkproXkZb$p pqlZh mofZb+
PLRQE HLOB: * * ;rpXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 2 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp ql fksbpq fk BIPp ifkhba ql PXjprkd BibZqolkfZp$ Xka PXjprkd Cfob Xka JXofkb FkproXkZb$p pqlZh
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr AbiqX :Zb Rm Rkfq*qvmb
AlkdYr AbiqX :Zb Rm Rkfq*qvmb AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb qXodbqba mXvlcc Xq qeb jXqrofqv Yv Xagrpqfkd qeb mloqclifl XZZloafkd ql abiqX+ Qeb Crka fp ZiXppfcfba Xp X abof
PLRQE HLOB: * * EXkX ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr AbiqX :Zb Rm Rkfq*qvmb
AlkdYr AbiqX :Zb Rm Rkfq*qvmb AbofsXqfsbp Fksbpqjbkq Qorpq / fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp fk abofsXqfsbp prZe Xp lmqflkp Xka crqrobp+
PLRQE HLOB: * * EXkX ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr AbiqX :Zb Rm Rkfq*qvmb
AlkdYr AbiqX :Zb Rm Rkfq*qvmb AbofsXqfsbp Fksbpqjbkq Qorpq 0 fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp fk abofsXqfsbp prZe Xp lmqflkp Xka crqrobp+
PLRQE HLOB: * * EXkX ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr AbiqX*Mofsbb Bnrfqv ;Xi
AlkdYr AbiqX*Mofsbb Bnrfqv ;XiXkZba Fksbpqjbkq Qorpq 3 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql obmifZXqb molcfq pqorZqrobp Xq jXqrofqv Yv Xagrpqfkd bnrfqv mloqclifl tbfdeq XZZloafkd ql abiqX+ Qeb Crka fksbpqp 62! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr AbiqX*Mofsbb Bnrfqv ;Xi
AlkdYr AbiqX*Mofsbb Bnrfqv ;XiXkZba Fksbpqjbkq Qorpq 4 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql obmifZXqb molcfq pqorZqrobp Xq jXqrofqv Yv Xagrpqfkd bnrfqv mloqclifl tbfdeq XZZloafkd ql abiqX+ Qeb Crka fksbpqp 62! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr EXbLeObj Fkabu :imeX Ab
AlkdYr EXbLeObj Fkabu :imeX AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq YbkZejXoh HLPMF/-- Yv fksbpqfkd fk pqlZhp Xka pqlZh abofsXqfsbp+ Qeb Crka fksbpqp 62! lo ibpp
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr EXbLeObj Fkabu :imeX Ab
AlkdYr EXbLeObj Fkabu :imeX AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq YbkZejXoh HLPMF/-- Yv fksbpqfkd fk pqlZhp Xka pqlZh abofsXqfsbp+ Qeb Crka fksbpqp 62! lo ibpp
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr EXbLeObj Fkabu :imeX Ab
AlkdYr EXbLeObj Fkabu :imeX AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq YbkZejXoh HLPMF/-- Yv fksbpqfkd fk pqlZhp Xka pqlZh abofsXqfsbp+ Qeb Crka fksbpqp 62! lo ibpp
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr EXbLeObj Fkabu :imeX Ab
AlkdYr EXbLeObj Fkabu :imeX AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq YbkZejXoh HLPMF/-- Yv fksbpqfkd fk pqlZhp Xka pqlZh abofsXqfsbp+ Qeb Crka fksbpqp 62! lo ibpp
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr Fkabu Ifkhba PbZrofqfbp
AlkdYr Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 0 %BIP * AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp Xq ibXpq 6-! lc fqp qlqXi Xppbqp fk abofsXqfsb ifkhb
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr Fkabu Ifkhba PbZrofqfbp
AlkdYr Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 5 %BIP * AbofsXqfsb& fp Xk lmbk bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkabivfkd tfqe qeb HLPMF/-- Fkabu+ Qeb Crka fk
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr Fkabu Ifkhba PbZrofqfbp
AlkdYr Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq .. %BIP * AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp Xq ibXpq 6-! lc fqp qlqXi Xppbqp fk abofsXqfsb ifkh
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr Fkabu Ifkhba PbZrofqfbp
AlkdYr Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq ./ %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp Xq ibXpq 6-! lc fqp qlqXi Xppbqp fk abofsXqfsb*ifk
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr Kbt Fkabu :imeX PbZrofq
AlkdYr Kbt Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc HLPMF/-- Fkabu+ Qeb Crka fksbpq
PLRQE HLOB: * * EXkX ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr Kbt Fkabu :imeX PbZrofq
AlkdYr Kbt Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc HLPMF/-- Fkabu+ Qeb Crka fksbpq
PLRQE HLOB: * * EXkX ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /- BIP*AbofsXqfsb fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc DP Bkdfkbbofkd"=lkpqorZqflk =lom Xka PXjprkd Bi
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /. %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc HQ =lomloXqflk Xka HQ"D+ Qeb Crka fksbpqp X
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq // %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf JlYfp Xka
PLRQE HLOB: * * ;rpXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /2 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf JlYfp Xka
PLRQE HLOB: * * ;rpXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /3 BIP*AbofsXqfsb fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc HQ =lomloXqflk Xka ID
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /5 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf JlYfp Xka M
PLRQE HLOB: * * ;rpXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 1 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp Xq ibXpq 6-! lc fqp qlqXi Xppbqp fk abofsXqfsb ifkhba pbZrofqfbp) tefZe fp i
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp
AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 5 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp ql fksbpq fk BIPp ifkhba ql PXjprkd BibZqolkfZp$ Xka PXjprkd Cfob FkproXkZb$p pqlZh mofZb+ Qeb
PLRQE HLOB: * * ;rpXk ;Xkh * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr HlobX Fkabu " PqlZh Mof
AlkdYr HlobX Fkabu " PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq . %BIP AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc PXjprkd BibZqolkfZp
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr HlobX Fkabu PqlZh MofZb
AlkdYr HlobX Fkabu PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq / %BIP AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc qeb HLPMF/-- Fkabu+ Q
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr HlobX Fkabu PqlZh MofZb
AlkdYr HlobX Fkabu PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 0 %BIP AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc qeb HLPMF/-- Fkabu+ Q
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr HlobX Fkabu PqlZh MofZb
AlkdYr HlobX Fkabu PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 1 %BIP AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc qeb HLPMF/-- Fkabu+ Q
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr PjXoq IbsboXdb PbZrofqf
AlkdYr PjXoq IbsboXdb PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+ Qeb Crka tfii Xagrpq ibsboXd
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr PjXoq IbsboXdb PbZrofqf
AlkdYr PjXoq IbsboXdb PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+ Qeb Crka tfii Xagrpq ibsboXd
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr PjXoq IbsboXdb PbZrofqf
AlkdYr PjXoq IbsboXdb PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+ Qeb Crka tfii Xagrpq ibsboXd
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX
j+Zl+ho
AlkdYr PjXoq IbsboXdb PbZrofqf
AlkdYr PjXoq IbsboXdb PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+ Qeb Crka tfii Xagrpq ibsboXd
PLRQE HLOB: * * * * * *
AlkdYr :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. Qbi ttt+atp+ab ATP :dofU
DXoXkq /-.0ATP :dofU DXoXkq /-.0 fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp jXfkiv fk cfuba* Xka sXofXYib oXqb pbZrofqfbp) bnrfqfbp) Xka abofsXqfsbp lk qeb ATP :dofU =lkpbosXqfs
IRUBJ;LROD
HMJD :rafq PXoi * PqXqb Pqobbq ;Xkh
IrubjYlrod P:J:QQEF:P OBFJBO 0,/2,-5 :KAOB:P
BKDBPPBOATP Fksbpqjbkqp DbojXkv CoXkhcroq Xj
JXfk
AbofsXqfsb*:ppbq :iilZ
16*.5-0*.-...-.. Qbi ttt+atp+ab ATP ;lkrp
:hqfs
ATP ;lkrp :hqfs fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp ql jXufjfwb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp mofjXofiv fk Ylkrp ZboqfcfZXqbp tloiatfab+ Qebpb pbZrofqfbp Xob Zlkcfdroba tfqe X Ylkrp Xjlrkq Xka Xk rmmbo
DBOJ:KV
HMJD AbrqpZeb QobreXka*DbpbiipZeXcq
* PqXqb Pqobbq ;Xkh DjYE,DbojXkv
J:OQFK P=EKBFABO * * ATP Fksbpqjbkq
DjYE,DbojXkv DbojXkv CoXkhcroq
AbofsXqfsb*:ppbq :iilZ
16*.5-0*.-...-.. Qbi ttt+atp+ab ATP ;lkrp
:hqfs
ATP ;lkrp :hqfs fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp ql jXufjfwb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp mofjXofiv fk Ylkrp ZboqfcfZXqbp tloiatfab+ Qebpb pbZrofqfbp Xob Zlkcfdroba tfqe X Ylkrp Xjlrkq Xka Xk rmmbo
DBOJ:KV
HMJD AbrqpZeb QobreXka*DbpbiipZeXcq
* PqXqb Pqobbq ;Xkh DjYE,DbojXkv
J:OQFK P=EKBFABO * * ATP Fksbpqjbkq
DjYE,DbojXkv DbojXkv CoXkhcroq
AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. ttt+atp+ab
ATP Crkap * Qlm AfsfabU ;lkrp
ATP Crkap * Qlm AfsfabU ;lkrp /-./ fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp jXfkiv fk cfuba* Xka sXofXYib oXqb pbZrofqfbp) bnrfqfbp) Xp tbii Xp) pmbZfXi abofsXqfsb
IRUBJ;LROD
HMJD :rafq PXoi * PqXqb Pqobbq ;Xkh
IrubjYlrod P::KAOB:P BKDBPPBO * * ATP Fksbpqjbkq
P: DbojXkv CoXkhcroq Xj JXfk
AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*.
ttt+atp*fksbpqjbkqp+Zlj
ATP Fksbpq * DilYXi FkciXqflk
ATP Fksbpq DilYXi FkciXqflk PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X pqbXav obXi obqrok fk brolp+ Qeb Crka fksbpqp Xq ibXpq qtl qefoap lc fqp kbq Xppbqp fk fkciXqflk*ifkhba pbZrofqfbp+
IRUBJ;LROD HMJD :rafq * PqXqb Pqobbq ;Xkh
IrubjYlrod P:;BOKE:OA C:IH 0,-.,./ C:IH PLI;OFD
ATP CfkXkw*PbosfZb DjYE,DbojXkv
DbojXkv CoXkhcroq
AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*.
ttt+atp*fksbpqjbkqp+Zlj
ATP Fksbpq * DilYXi FkciXqflk
ATP Fksbpq DilYXi FkciXqflk PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X pqbXav obXi obqrok fk brolp+ Qeb Crka fksbpqp Xq ibXpq qtl qefoap lc fqp kbq Xppbqp fk fkciXqflk*ifkhba pbZrofqfbp+
IRUBJ;LROD HMJD :rafq * PqXqb Pqobbq ;Xkh
IrubjYlrod P:;BOKE:OA C:IH 0,-.,./ C:IH PLI;OFD
ATP CfkXkw*PbosfZb DjYE,DbojXkv
DbojXkv CoXkhcroq
AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*.
ttt+atp*fksbpqjbkqp+Zlj
ATP Fksbpq * DilYXi FkciXqflk
ATP Fksbpq DilYXi FkciXqflk PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X pqbXav obXi obqrok fk brolp+ Qeb Crka fksbpqp Xq ibXpq qtl qefoap lc fqp kbq Xppbqp fk fkciXqflk*ifkhba pbZrofqfbp+
IRUBJ;LROD HMJD :rafq * PqXqb Pqobbq ;Xkh
IrubjYlrod P:;BOKE:OA C:IH 0,-.,./ C:IH PLI;OFD
ATP CfkXkw*PbosfZb DjYE,DbojXkv
DbojXkv CoXkhcroq
AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*.
ttt+atp*fksbpqjbkqp+Zlj
ATP Fksbpq * DilYXi FkciXqflk
ATP Fksbpq DilYXi FkciXqflk PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X pqbXav obXi obqrok fk brolp+ Qeb Crka fksbpqp Xq ibXpq qtl qefoap lc fqp kbq Xppbqp fk fkciXqflk*ifkhba pbZrofqfbp+
IRUBJ;LROD HMJD :rafq * PqXqb Pqobbq ;Xkh
IrubjYlrod P:;BOKE:OA C:IH 0,-.,./ C:IH PLI;OFD
ATP CfkXkw*PbosfZb DjYE,DbojXkv
DbojXkv CoXkhcroq
AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. Qbi ttt+atp+ab
ATP JbdXqobka MboclojXkZb /-.3
ATP JbdXqobka MboclojXkZb /-.3 fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fkqbkap ql mXoqfZfmXqb fk qeb mlpfqfsb absbilmjbkqp lc fkqbokXqflkXi bnrfqv jXohbqp Yv afpZlsbofkd p
IRUBJ;LROD * * PqXqb Pqobbq ;Xkh
IrubjYlrod P:J:QQEF:P OBFJBO -.,.. :KAOB:P
BKDBPPBOATP Fksbpqjbkqp DbojXkv CoXkhcroq Xj
JXfk
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. Qbi ttt+atp+ab
ATP JbdXqobka MboclojXkZb /-.3
ATP JbdXqobka MboclojXkZb /-.3 fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fkqbkap ql mXoqfZfmXqb fk qeb mlpfqfsb absbilmjbkqp lc fkqbokXqflkXi bnrfqv jXohbqp Yv afpZlsbofkd p
IRUBJ;LROD * * PqXqb Pqobbq ;Xkh
IrubjYlrod P:J:QQEF:P OBFJBO -.,.. :KAOB:P
BKDBPPBOATP Fksbpqjbkqp DbojXkv CoXkhcroq Xj
JXfk
AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. Qbi ttt+atp+ab
ATP Qlm AfsfabU ;lkrp /-./
ATP Qlm AfsfabU ;lkrp /-./ fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp jXfkiv fk cfuba* Xka sXofXYib oXqb pbZrofqfbp) bnrfqfbp) Xp tbii Xp) pmbZfXi abofsXqfsb pqoXqbdf
IRUBJ;LROD * * PqXqb Pqobbq ;Xkh
IrubjYlrod P:J:QQEF:P OBFJBO 4,/0,-5 * ATP Fksbpqjbkq
P: DbojXkv CoXkhcroq Xj JXfk
AbofsXqfsb*:ppbq :iilZ .*1.3*030*23/. ttt+avkXjfZ+
ZX
AvkXjfZ :iqbokXqfsb Vfbia Crka
AvkXjfZ :iqbokXqfsb Vfbia Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql XZefbsb efde fkZljb Xka ilkd*qboj ZXmfqXi doltqe Yv fksbpqfkd fk X afsbopfcfba mloqclifl lc fkZljb*lofbkqba pbZrofqfbp) tefZe jXv fkZirab jloqdXdbp lk obpfabkqfXi =:K:A:
MofZbtXqboelrpb=llmbop IIM,:iYXkv KV
* PqXqb Pqobbq Qorpq =l,=XkXaX
LP=:O ;BI:F=EB 6,0-,.. *
DllajXk " =l Fksbpqjbkq =lrkpbi
=XkXaX LkqXofl
AbofsXqfsb*:ppbq :iilZ .*1.3*030*23/. ttt+avkXjfZ+
ZX
AvkXjfZ :iqbokXqfsb Vfbia Crka
AvkXjfZ :iqbokXqfsb Vfbia Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql XZefbsb efde fkZljb Xka ilkd*qboj ZXmfqXi doltqe Yv fksbpqfkd fk X afsbopfcfba mloqclifl lc fkZljb*lofbkqba pbZrofqfbp) tefZe jXv fkZirab jloqdXdbp lk obpfabkqfXi =:K:A:
MofZbtXqboelrpb=llmbop IIM,:iYXkv KV
* PqXqb Pqobbq Qorpq =l,=XkXaX
LP=:O ;BI:F=EB 6,0-,.. *
DllajXk " =l Fksbpqjbkq =lrkpbi
=XkXaX LkqXofl
AbofsXqfsb*:ppbq :iilZ 5/*/*/./3*02--
ttt+bXpqpmofkdfksbpqjbkqp+Zl+ho
BXpqpmofkd =ljjlafqfbp PjXoq =
BXpqpmofkd =ljjlafqfbp PjXoq =elfZb PmbZfXi :ppbq Fksbpqjbkq Qorpq . %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsbp rkaboivfkd tfqe Zljjlafqv jXohbq fkabu
PLRQE HLOB: * * * * * *
BXpqpmofkd :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/./3*02--
ttt+bXpqpmofkdfksbpqjbkqp+Zl+ho
BXpqpmofkd =ljjlafqfbp PjXoq =
BXpqpmofkd =ljjlafqfbp PjXoq =elfZb PmbZfXi :ppbq Fksbpqjbkq Qorpq . %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsbp rkaboivfkd tfqe Zljjlafqv jXohbq fkabu
PLRQE HLOB: * * * * * *
BXpqpmofkd :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ .*3.4*15/*5/3- ttt+bXqlksXk
Zb+Zlj
BXqlk SXkZb MXoXjbqofZ Lmqflk
BXqlk SXkZb MXoXjbqofZ Lmqflk :Yplirqb Obqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp mofkZfmXiiv Yv tofqfkd X pbofbp lc ZXii Xka mrq lmqflk pmobXa ZljYfkXqflkp lk qeb P"M 2-- =ljmlpfqb Pq
RKFQBA PQ:QBP
Abilfqqb " QlrZeb * PqXqb Pqobbq ;Xkh
" Qorpq =l
J:OF: =:MMBII:KL
/-.- HBKKBQE BSBOAFKD
B:QLK S:K=B JDQ Rkfqba PqXqbp ;lpqlk
AbofsXqfsb*:ppbq :iilZ .*3.4*15/*5/3- ttt+bXqlksXk
Zb+Zlj
BXqlk SXkZb MXoXjbqofZ Lmqflk
BXqlk SXkZb MXoXjbqofZ Lmqflk :Yplirqb Obqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp mofkZfmXiiv Yv tofqfkd X pbofbp lc ZXii Xka mrq lmqflk pmobXa ZljYfkXqflkp lk qeb P"M 2-- =ljmlpfqb Pq
RKFQBA PQ:QBP
Abilfqqb " QlrZeb * PqXqb Pqobbq ;Xkh
" Qorpq =l
J:OF: =:MMBII:KL
/-.- HBKKBQE BSBOAFKD
B:QLK S:K=B JDQ Rkfqba PqXqbp ;lpqlk
AbofsXqfsb*:ppbq :iilZ .*3.4*15/*5/3- ttt+bXqlksXk
Zb+Zlj
BXqlk SXkZb MXoXjbqofZ Lmqflk
BXqlk SXkZb MXoXjbqofZ Lmqflk :Yplirqb Obqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp mofkZfmXiiv Yv tofqfkd X pbofbp lc ZXii Xka mrq lmqflk pmobXa ZljYfkXqflkp lk qeb P"M 2-- =ljmlpfqb Pq
RKFQBA PQ:QBP
Abilfqqb " QlrZeb * PqXqb Pqobbq ;Xkh
" Qorpq =l
J:OF: =:MMBII:KL
/-.- HBKKBQE BSBOAFKD
B:QLK S:K=B JDQ Rkfqba PqXqbp ;lpqlk
AbofsXqfsb*:ppbq :iilZ (6.*//*1-64*66-- ttt+babitbfpp
jc+Zlj
Babitbfpp :Yplirqb Obqrok Crka
Babitbfpp :Yplirqb Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb XYplirqb obqrokp tfqe ilt sliXqfifqv lsbo X ilkdbo qbkrob lc qfjb+ Qeb Crka fksbpqp fk XoYfqoXdb lmmloqrkfqfbp) bnrfqv abofsXqfsb pqoXqbdfbp) mro FKAF: * * * Q:;FO
PE:EMROF * * Babitbfpp =XmfqXi Iqa,FkafX FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ (6.*//*1-64*66-- ttt+babitbfpp
jc+Zlj
Babitbfpp :Yplirqb Obqrok Crka
Babitbfpp :Yplirqb Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb XYplirqb obqrokp tfqe ilt sliXqfifqv lsbo X ilkdbo qbkrob lc qfjb+ Qeb Crka fksbpqp fk XoYfqoXdb lmmloqrkfqfbp) bnrfqv abofsXqfsb pqoXqbdfbp) mro FKAF: * * * Q:;FO
PE:EMROF * * Babitbfpp =XmfqXi Iqa,FkafX FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 11*.15.*412--. ttt+abcfkbacr
kap+ji+Zlj
BIAbOP Fksbpqjbkq =l Iqa * Pbo
BIAbOP Fksbpqjbkq =ljmXkv Iqa * =iXpp /3: =XmfqXi :ZZrjriXqflk S PeXobp fp X Zilpba*bka rjYobiiX crka ZljmXkv fkZlomloXqba fk Drbokpbv+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk abYq pbZrofqfbp Xka abofsXqfsb ZlkqoXZqp+ DRBOKPBV
MofZbtXqboelrpb=llmbop =eXoqboba :ZZlrkqXkqp
* =fqfYXkh K:,Ilkalk * * * Jboofii IvkZe
FkqbokXqflkXi Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi
ttt+kljroXklt+Zlj,pqorZqrobacrkap
BklsXoX MI= * B*SLIrqflk Crka
BklsXoX MI= * B*SLIrqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb fksbpqjbkq lYgbZqfsb lc qeb Crka fp ql bkqbo fkql 0*jlkqe ClotXoa SXofXkZb PtXmp molsfafkd ilkd bumlprob ql Fjmifba SliXqfifqv lc qeb BrolPqluu2- Xka lc qeb P"M 2-- FkafZbp Xp FOBI:KA * *
PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa
* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi
ttt+kljroXklt+Zlj,pqorZqrobacrkap
BklsXoX MI= * B*SLIrqflk Crka
BklsXoX MI= * B*SLIrqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb fksbpqjbkq lYgbZqfsb lc qeb Crka fp ql bkqbo fkql 0*jlkqe ClotXoa SXofXkZb PtXmp molsfafkd ilkd bumlprob ql Fjmifba SliXqfifqv lc qeb BrolPqluu2- Xka lc qeb P"M 2-- FkafZbp Xp FOBI:KA * *
PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa
* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi
ttt+kljroXklt+Zlj,pqorZqrobacrkap
BklsXoX miZ * P"M Afsbopfcfba
BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *
PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa
* * * KljroX FkqbokXqflkXi MI= * *
AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi
ttt+kljroXklt+Zlj,pqorZqrobacrkap
BklsXoX miZ * P"M Afsbopfcfba
BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *
PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa
* * * KljroX FkqbokXqflkXi MI= * *
AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi
ttt+kljroXklt+Zlj,pqorZqrobacrkap
BklsXoX miZ * P"M Afsbopfcfba
BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *
PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa
* * * KljroX FkqbokXqflkXi MI= * *
AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi
ttt+kljroXklt+Zlj,pqorZqrobacrkap
BklsXoX miZ * P"M Afsbopfcfba
BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *
PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa
* * * KljroX FkqbokXqflkXi MI= * *
AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi
ttt+kljroXklt+Zlj,pqorZqrobacrkap
BklsXoX miZ * P"M Afsbopfcfba
BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *
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BklsXoX miZ * P"M Afsbopfcfba
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PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa
* * * KljroX FkqbokXqflkXi MI= * *
AbofsXqfsb*:ppbq :iilZ * *
Bnrfklu :YoXeXj PqoXqbdv Crka
Bnrfklu :YoXeXj PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X ZljYfkXqflk lc abofsXqfsbp fkpqorjbkqp qeXq molsfab bumlprob ql lkb lo jlob jXkXdba crqrobp
RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA
;LOKELCQ * ORCRP O:KHFKBnrfklu Crka JXkXdbjbkq II=
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AbofsXqfsb*:ppbq :iilZ * *
Bnrfklu =XkqXY PqoXqbdv Crka
Bnrfklu =XkqXY PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X ZljYfkXqflk lc abofsXqfsbp fkpqorjbkqp qeXq molsfab bumlprob ql lkb lo jlob jXkXdba crqrobp
RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA
;LOKELCQ * ORCRP O:KHFKBnrfklu Crka JXkXdbjbkq II=
Rkfqba PqXqbp Abksbo
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ * *
Bnrfklu =ebpXmbXhb PqoXqbdv Cr
Bnrfklu =ebpXmbXhb PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X ZljYfkXqflk lc abofsXqfsbp fkpqorjbkqp qeXq molsfab bumlprob ql lkb lo jlob jXkXdba crqr
RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA
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AbofsXqfsb*:ppbq :iilZ * *
Bnrfklu =oXYbi Qtl Mirp PqoXqb
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RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA
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AbofsXqfsb*:ppbq :iilZ * *
Bnrfklu BZifmpb PqoXqbdv Crka
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RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA
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AbofsXqfsb*:ppbq :iilZ * *
Bnrfklu Glek IlZhb PqoXqbdv Cr
Bnrfklu Glek IlZhb PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X ZljYfkXqflk lc abofsXqfsbp fkpqorjbkqp qeXq molsfab bumlprob ql lkb lo jlob jXkXdba crqr
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AbofsXqfsb*:ppbq :iilZ * *
Bnrfklu Qfsboqlk PqoXqbdv Crka
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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jCBOFNRB Tloia Crka
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IRUBJ;LROD
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IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * ttt+crkaildfZ+
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CrkaildfZ DilYXi Plirqflkp miZ
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AbofsXqfsb*:ppbq :iilZ * ttt+crkaildfZ+
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CrkaIldfZ DilYXi Plirqflkp miZ
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CrkaildfZ DilYXi Plirqflkp miZ
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Clkal JriqfpbibZZflk .-- CF
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MofZb TXqboelrpb :rafqlobp
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RKFQBA PQ:QBP
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kap+Zlj
ClotXoa JXkXdba Crqrobp PqoXqb
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RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
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AbofsXqfsb*:ppbq :iilZ .*5--*666*35-6 ttt+clotXoacr
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ClotXoa JXkXdba Crqrobp PqoXqb
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RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* ;oltk ;olqebop EXoofjXk " =l,FobiXka
* * * * Rkfqba PqXqbp PXk CoXkZfpZl
AbofsXqfsb*:ppbq :iilZ
16*36*462005*/5- Qbi
ttt+YkvjbiilkhXd+Zlj
CPH:D PqoXqbdfb E"E
CPH:D PqoXqbdfb E"E fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp jbafrj* ql ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp Xq ibXpq 2.! fk pqorZqroba molarZqp %f+b+ ZboqfcfZXqbp&+ ObjXfkfkd Xppbqp Xob fksbpqba fk bnrfq DBOJ:KV * * ;KV Jbiilk :ppbq
PbosfZfkd * * * ;KV Jbiilk PbosfZb H:D jYE,DbojXkv
DbojXkv ;boifk
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*-3-- ttt+coXkhifkqb
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CoXkhifk Qbjmibqlk Obqfobjbkq
CoXkhifk Qbjmibqlk Obqfobjbkq Mbkpflk DilYXi 1- PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi dXfkp Xka pqXYib fkqbobpq fkZljb Yv fksbpqfkd fk rkabosXirb
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
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CoXkhifk Qbjmibqlk Fksbpqjbkqp Qorpq JXkXdbjbkq =l Iqa,HlobX
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AbofsXqfsb*:ppbq :iilZ * ttt+crkaildfZ+
Zlj
CrkaIldfZ DilYXi Plirqflkp MI=
CrkaIldfZ DilYXi Plirqflkp miZ * CQPB .-- :ZZrjriXqba =XmfqXi Crka . fp Xk lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb Crka pbbhp ql molsfab PeXobeliabop tfqe X obqrok Xq qeb JXqrofqv AXqb lc Xk Xjlrkq bnrXi ql qeb FkfqfXi Fpprb MofZb mbo PeXob qldbqebo tf FOBI:KA * *
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AbofsXqfsb*:ppbq :iilZ * ttt+crkaildfZ+
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CrkaIldfZ DilYXi Plirqflkp MI=
CrkaIldfZ DilYXi Plirqflkp miZ * CQPB .-- :ZZrjriXqba FkZljb Crka . fp Xk lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb Crka$p lYgbZqfsb fp ql molsfab PeXobeliabop tfqe X obqrok+ Qeb Crka fksbpqp fk abofsXqfsb ZlkqoXZqp fk qeb cloj lc lkb lo jlob crkaba ptXm FOBI:KA * * * RDL
=FIF;BOQF * * CrkaildfZ DilYXi Plirqflkp miZ CoXkZb MXofp
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ * ttt+crkaildfZ+
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CrkaIldfZ DilYXi Plirqflkp MI=
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O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:
RDL =FIF;BOQF * * CrkaIldfZ
P:P,CoXkZb CoXkZb MXofp
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CU TXsb Afsbopfcfba AvkXjfZ Cr
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IFB=EQBKPQBFK * *
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IRUBJ;LROD
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AbofsXqfsb*:ppbq :iilZ 02/*14*34*32/5 Qbi ttt+dbkboXif+Z
lj
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IRUBJ;LROD * * =:=BFP ;Xkh
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JXkXdbjbkq P: * *
AbofsXqfsb*:ppbq :iilZ 02/*14*34*32/5 Qbi ttt+dbkboXif+Z
lj
DbkboXif Fksbpqjbkqp PF=:S * P
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IRUBJ;LROD * * =:=BFP ;Xkh
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JXkXdbjbkq P: * *
AbofsXqfsb*:ppbq :iilZ 02/*14*34*32/5 Qbi ttt+dbkboXif+Z
lj
DbkboXif Fksbpqjbkqp PF=:S * P
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IRUBJ;LROD * * =:=BFP ;Xkh
IrubjYlrodJROFBIIB SFIIBJFK * * DbkboXif Crka
JXkXdbjbkq P: * *
AbofsXqfsb*:ppbq :iilZ 02/*14*34*32/5 Qbi ttt+dbkboXif+Z
lj
DbkboXif Fksbpqjbkqp PF=:S * P
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IRUBJ;LROD * * =:=BFP ;Xkh
IrubjYlrodJROFBIIB SFIIBJFK * * DbkboXif Crka
JXkXdbjbkq P: * *
AbofsXqfsb*:ppbq :iilZ 02/*14*34*32/5 Qbi ttt+dbkboXif+Z
lj
DbkboXif Fksbpqjbkqp PF=:S * P
DbkboXif Fksbpqjbkqp PF=:S * P:O: POF fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb crka fp ql molsfab ZXmfqXi XmmobZfXqflk+ Qeb crka fksbpqp fk bnrfqfbp lc ZljmXkfbp tfqe X pqolkd doltqe fk qbojp lc doltqe lc obsbkrbp,bXokfkdp Xka Xq qeb pXjb qfj
IRUBJ;LROD * * =:=BFP ;Xkh
IrubjYlrodJROFBIIB SFIIBJFK * * DbkboXif Crka
JXkXdbjbkq P: * *
AbofsXqfsb*:ppbq :iilZ 02/*14*34*32/5 Qbi ttt+dbkboXif+Z
lj
DbkboXif Fksbpqjbkqp PF=:S * P
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IRUBJ;LROD * * =:=BFP ;Xkh
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JXkXdbjbkq P: * *
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XmXkcrkap
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RKFQBA PQ:QBP
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AbofsXqfsb*:ppbq :iilZ * *
DoXkq MXoh JXkXdba Crqrobp Pqo
DoXkq MXoh JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh fkZljb Xka ZXmfqXi XmmobZfXqflk+ Qeb Crka XiilZXqb fqp Xppbqp rpfkd qtl mofkZfmXi pqoXqbdfbp7 jXkXdba crqrobp Xka cfuba fkZljb pqoXqbdv+
RKFQBA PQ:QBP
Dbjfkf Crka PbosfZbp * Rkflk ;Xkh K: A:SFA J
H:S:K:DE /-.. * DoXkq MXoh Crkap,RP: Rkfqba PqXqbp =efZXdl
AbofsXqfsb*:ppbq :iilZ * *
DoXkq MXoh JXkXdba Crqrobp Pqo
DoXkq MXoh JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh fkZljb Xka ZXmfqXi XmmobZfXqflk+ Qeb Crka XiilZXqb fqp Xppbqp rpfkd qtl mofkZfmXi pqoXqbdfbp7 jXkXdba crqrobp Xka cfuba fkZljb pqoXqbdv+
RKFQBA PQ:QBP
Dbjfkf Crka PbosfZbp * Rkflk ;Xkh K: A:SFA J
H:S:K:DE /-.. * DoXkq MXoh Crkap,RP: Rkfqba PqXqbp =efZXdl
AbofsXqfsb*:ppbq :iilZ * *
DoXkq MXoh JXkXdba Crqrobp Pqo
DoXkq MXoh JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh fkZljb Xka ZXmfqXi XmmobZfXqflk+ Qeb Crka XiilZXqb fqp Xppbqp rpfkd qtl mofkZfmXi pqoXqbdfbp7 jXkXdba crqrobp Xka cfuba fkZljb pqoXqbdv+
RKFQBA PQ:QBP
Dbjfkf Crka PbosfZbp * Rkflk ;Xkh K: A:SFA J
H:S:K:DE /-.. * DoXkq MXoh Crkap,RP: Rkfqba PqXqbp =efZXdl
AbofsXqfsb*:ppbq :iilZ * *
DoXkq MXoh JXkXdba Crqrobp Pqo
DoXkq MXoh JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh fkZljb Xka ZXmfqXi XmmobZfXqflk+ Qeb Crka XiilZXqb fqp Xppbqp rpfkd qtl mofkZfmXi pqoXqbdfbp7 jXkXdba crqrobp Xka cfuba fkZljb pqoXqbdv+
RKFQBA PQ:QBP
Dbjfkf Crka PbosfZbp * Rkflk ;Xkh K: A:SFA J
H:S:K:DE /-.. * DoXkq MXoh Crkap,RP: Rkfqba PqXqbp =efZXdl
AbofsXqfsb*:ppbq :iilZ * *
DoXkq MXoh JXkXdba Crqrobp Pqo
DoXkq MXoh JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh fkZljb Xka ZXmfqXi XmmobZfXqflk+ Qeb Crka XiilZXqb fqp Xppbqp rpfkd qtl mofkZfmXi pqoXqbdfbp7 jXkXdba crqrobp Xka cfuba fkZljb pqoXqbdv+
RKFQBA PQ:QBP
Dbjfkf Crka PbosfZbp * Rkflk ;Xkh K: A:SFA J
H:S:K:DE /-.. * DoXkq MXoh Crkap,RP: Rkfqba PqXqbp =efZXdl
AbofsXqfsb*:ppbq :iilZ 00*5*.-*53*54*55 ttt+ivulo+Zlj
Ivulo :ppbq JXkXdbjbkq * DQ CR
DQ Crqrobp fp Xk lmbk*bka crka obdriXqba fk CoXkZb rkabo :OF: 0 oribp+ Qeb lYgbZqfsb lc qeb crka fp ql lrqmbocloj qeb BlkfX Fkabu+ Qeb crka eXp X tbbhiv ifnrfafqv Xka fksbpqp fqp Xppbqp fk bnrfqv pbZrofqfbp rpfkd clo jlpq lc qebj =Q:p pqoXqbdfbp+ CO:K=B * * PlZfbqb DbkboXib
P: * * *
Ivulo FkqbokXqflkXi :ppbq JXkXdbjbkq
CoXkZb MrqbXru
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Drddbkebfj JXkXdba Crqrobp Pqo
Drddbkebfj JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq jXqZe qeb mboclojXkZblc qeb PqXkaXoa " Mllo$p Afsbopfcfba Qobkap FkafZXqlo+ Qeb Crka fksbpqp Xq ibXpq 5-! lc fq
RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh JF=E:BI M
;VORJ .660 JFHB ABII:M: Ovabu Crka PbosfZbp II= * *
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Drddbkebfj JXkXdba Crqrobp Pqo
Drddbkebfj JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq jXqZe qeb mboclojXkZblc qeb PqXkaXoa " Mllo$p Afsbopfcfba Qobkap FkafZXqlo+ Qeb Crka fksbpqp Xq ibXpq 5-! lc fq
RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh JF=E:BI M
;VORJ .660 JFHB ABII:M: Ovabu Crka PbosfZbp II= * *
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Drddbkebfj JXkXdba Crqrobp Pqo
Drddbkebfj JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq jXqZe qeb mboclojXkZblc qeb PqXkaXoa " Mllo$p Afsbopfcfba Qobkap FkafZXqlo+ Qeb Crka fksbpqp Xq ibXpq 5-! lc fq
RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh JF=E:BI M
;VORJ .660 JFHB ABII:M: Ovabu Crka PbosfZbp II= * *
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Drddbkebfj JXkXdba Crqrobp Pqo
Drddbkebfj JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq jXqZe qeb mboclojXkZblc qeb PqXkaXoa " Mllo$p Afsbopfcfba Qobkap FkafZXqlo+ Qeb Crka fksbpqp Xq ibXpq 5-! lc fq
RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh JF=E:BI M
;VORJ .660 JFHB ABII:M: Ovabu Crka PbosfZbp II= * *
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
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Drddbkebfj JXkXdba Crqrobp Pqo
Drddbkebfj JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq jXqZe qeb mboclojXkZblc qeb PqXkaXoa " Mllo$p Afsbopfcfba Qobkap FkafZXqlo+ Qeb Crka fksbpqp Xq ibXpq 5-! lc fq
RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh JF=E:BI M
;VORJ .660 JFHB ABII:M: Ovabu Crka PbosfZbp II= * *
AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*
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EXkX R;P 3J Abcbkpb PbZrofqfbp
EXkX R;P 3J Abcbkpb PbZrofqfbp Fksbpqjbkq Qorpq %;lka ;XiXkZba*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk Ylkap Xka pljb Xppbqp fk BQCp) HLPMF crqrobp Xka abofsXqfsbp+
PLRQE HLOB: * * * * * *
R;P EXkX :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX / PqXo Pqbm Altk PbZrof
EXkteX / PqXo Pqbm Altk PbZrofqfbp Fksbpqjbkq Qorpq IDEG*0 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql ID Afpmiv$p Xka EXkgfk Pefmmfkd$p pqlZhp+ Qeb Crka
PLRQE HLOB: * * * * * *
EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXketX / PqXo Pqbm Altk PbZrof
EXkteX / PqXo Pqbm Altk PbZrofqfbp Fksbpqjbkq Qorpq EATO*1 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp tefZe fp XpplZfXqba tfqe EvrkaXf Jlqlop
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX HLPMF/-- Ifkhba PbZrofq
EXkteX HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq . %BIP*AbofsXqfsb& fp Xk l mbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb Z XmfqXi dXfk Yv fksbpqfkd fk HLPMF/-- ifkhba abofsXqfsbp+ Qeb crka fksbpqp Xq i bXpq 6-! lc
PLRQE HLOB: * * =fqfYXkh HlobX
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Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Hlpmf/-- Ifkhba PbZrofq
EXkteX HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq / %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk HLPMF/-- ifkhba abofsXqfsbp+ Qeb crka fksbpqp Xq ibXpq 6-! lc fqp Xppbqp
PLRQE HLOB: * * =fqfYXkh HlobX
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Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
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AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Fkabu PbZrofqfbp Fksbpq
EXkteX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq KE / %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv fksbpqfkd fk qeb HLPMF/--) Xka mobcbobkZb peXobp Xka pqlZh fkabu crqrobp lc HLPMF/-- Zljm
PLRQE HLOB: * *
KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk
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Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Fkabu PbZrofqfbp Fksbpq
EXkteX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq KE / %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv fksbpqfkd fk qeb HLPMF/--) Xka mobcbobkZb peXobp Xka pqlZh fkabu crqrobp lc HLPMF/-- Zljm
PLRQE HLOB: * *
KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk
* * * EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Fkabu PbZrofqfbp Fksbpq
EXkteX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq KE / %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv fksbpqfkd fk qeb HLPMF/--) Xka mobcbobkZb peXobp Xka pqlZh fkabu crqrobp lc HLPMF/-- Zljm
PLRQE HLOB: * *
KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk
* * * EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Fkabu Cobb AbofsXqfsfbp
EXkteX Fkabu Cobb AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb molcfqp Yv fksbpqfkd fk qeb HLPMF/--) mobcbobkZb peXobp) Xka pqlZh fkabu crqrobp fpprba Yv HLPMF/-- ZljmXkfbp+ Qeb Crka fksbpqp 3-! lo jl
PLRQE HLOB: * * EXkX ;Xkh * * *
EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Fkabu Cobb AbofsXqfsfbp
EXkteX Fkabu Cobb AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb molcfqp Yv fksbpqfkd fk qeb HLPMF/--) mobcbobkZb peXobp) Xka pqlZh fkabu crqrobp fpprba Yv HLPMF/-- ZljmXkfbp+ Qeb Crka fksbpqp 3-! lo jl
PLRQE HLOB: * * EXkX ;Xkh * * *
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AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Fkabu Cobb AbofsXqfsfbp
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PLRQE HLOB: * * EXkX ;Xkh * * *
EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Fkabu Cobb AbofsXqfsfbp
EXkteX Fkabu Cobb AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb molcfqp Yv fksbpqfkd fk qeb HLPMF/--) mobcbobkZb peXobp) Xka pqlZh fkabu crqrobp fpprba Yv HLPMF/-- ZljmXkfbp+ Qeb Crka fksbpqp 3-! lo jl
PLRQE HLOB: * * EXkX ;Xkh * * *
EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX =efkX JXfkiXka Fkabu If
EXkteX =efkX JXfkiXka Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq . %BIP AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 00*.*25*64*.3*-- ttt+qebXjcrk
ap+ZljEXobtlla Sli Badb PmobXa
Sli Badb PmobXa fp Xk lmbk*bka crka obdfpqboba fk CoXkZb+ Qeb Crka$p lYgbZqfsb fp ql molsfab Xk bumlprob ql qeb peloq*qboj fjmifba sliXqfifqv lc qeb Brolpqluu 2- Xka,lo P"M 2-- fkafZbp+ Qeb jXqrofqv lk tefZe obifbp qeb peloq*qboj fjmifba sliXqfifqv$p ibsb CO:K=B * *
;KM MXofYXp PbZrofqfbp PbosfZbp
=LOFKKB OLDBO 0,.5,.. *
EXobtlla :ppbq JXkXdbjbkq P:P
CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 00*.*25*64*.3*-- ttt+qebXjcrk
ap+ZljEXobtlla Sli Badb PmobXa
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;KM MXofYXp PbZrofqfbp PbosfZbp
=LOFKKB OLDBO 0,.5,.. *
EXobtlla :ppbq JXkXdbjbkq P:P
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AbofsXqfsb*:ppbq :iilZ 6.*//*//-/*6... ttt+eacZcrka+
ZljEAC= :oYfqoXdb Crka
EAC= :oYfqoXdb Crka fp Xk lmbk*bkaba bnrfqv pZebjb fkZlomloXqba fk FkafX+ Qeb lYgbZqfsb lc qeb Crka fp ql dbkboXqb fkZljb qeolrde XoYfqoXdb lmmloqrkfqfbp Ybqtbbk ZXpe Xka abofsXqfsb jXohbq Xka tfqefk qeb abofsXqfsb pbdjbkq+ Qeb Crka tfii fksbpq Xq 32! ql
FKAF: * * EAC= ;Xkh Iqa JFQBK I:QEF: 5,-2,.- :KFI ;:J;LIF
EAC= :ppbq JXkXdbjbkq =l Iqa,FkafX
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AbofsXqfsb*:ppbq :iilZ 6.*//*//-/*6... ttt+eacZcrka+
ZljEAC= :oYfqoXdb Crka
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FKAF: * * EAC= ;Xkh Iqa JFQBK I:QEF: 5,-2,.- :KFI ;:J;LIF
EAC= :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*//-/*6... ttt+eacZcrka+
ZljEAC= :oYfqoXdb Crka
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FKAF: * * EAC= ;Xkh Iqa JFQBK I:QEF: 5,-2,.- :KFI ;:J;LIF
EAC= :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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AbofsXqfsb*:ppbq :iilZ .*533*31.*2406 ttt+eYmbqcp+Z
ljElofwlkp P"M 2-- Fkabu BQC
Elofwlkp P"M 2-- Fkabu BQC fp Xk buZeXkdb*qoXaba crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql obmifZXqb) ql qeb buqbkq mlppfYib) qeb mboclojXkZb lc qeb P"M 2-- =XkXafXk AliiXo Ebadba Fkabu %QlqXi Obqrok&) kbq lc bumbkpbp+ Qeb Crka pbbhp ql XZefbsb fqp l
=:K:A: * * * * * * * * *
AbofsXqfsb*:ppbq :iilZ
52/*//.0*//.0 Elqifkb
ttt+eXkdpbkd+Zlj
EXkd Pbkd JXkaXqlov Molsfabkq
EXkd Pbkd JXkaXqlov Molsfabkq Crka * PrmboQorpq * DrXoXkqbba Crka fp Xk lmbk*bka rkfq qorpq bpqXYifpeba fk Elkd Hlkd+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkdqboj ZXmfqXi doltqe tfqe ilt sliXqfifqv tefipq bkprofkd qeXq qeb drXoXkqbb fp jbq+ Qeb Crka fksb ELKD HLKD HMJD,Elkd
Hlkd * EP;= Molsfabkq Crka Qorpqbb Elkd Hlkd Iqa
* * *
EP;= DilYXi :ppbq JXkXdbjbkq Elkd Hlkd Iqa,EH
Elkd Hlkd Hltillk
AbofsXqfsb*:ppbq :iilZ
52/*//.0*//.0 Elqifkb
ttt+eXkdpbkd+Zlj
EXkd Pbkd JXkaXqlov Molsfabkq
EXkd Pbkd JXkaXqlov Molsfabkq Crka * PrmboQorpq Mirp* DrXoXkqbba Crka fp Xk lmbk *bka rkfq qorpq bpqXYifpeba fk Elkd Hlkd+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi doltqe tfqe ilt sliXqfifqv tefipq bkprofkd qeXq qeb drXoXkqbb fp jbq+ Qeb Crk ELKD HLKD HMJD,Elkd
Hlkd * EP;= Molsfabkq Crka Qorpqbb Elkd Hlkd Iqa
* * *
EP;= DilYXi :ppbq JXkXdbjbkq Elkd Hlkd Iqa,EH
Elkd Hlkd Hltillk
AbofsXqfsb*:ppbq :iilZ
52/*//05*--55 Elqifkb
ttt+XppbqjXkXdbjbkq+epYZ+Zlj,eh
EP;= JXkaXqlov Molsfabkq Crka
EP;= JXkaXqlov Molsfabkq Crka * PrmboQorpq * DrXoXkqbba Crka fp Xk lmbk*bka rkfq qorpq bpqXYifpeba fk Elkd Hlkd+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi doltqe tfqe ilt sliXqfifqv tefipq bkprofkd qeXq qeb drXoXkqbb fp jbq+ Qeb Crka fksbpqp f ELKD HLKD HMJD,Elkd
Hlkd * EP;= Molsfabkq Crka Qorpqbb Elkd Hlkd Iqa
* * *
EP;= DilYXi :ppbq JXkXdbjbkq Elkd Hlkd Iqa,EH
Elkd Hlkd Hltillk
AbofsXqfsb*:ppbq :iilZ
52/*//05*--55 Elqifkb
ttt+XppbqjXkXdbjbkq+epYZ+Zlj,eh
EP;= JXkaXqlov Molsfabkq Crka
EP;= JXkaXqlov Molsfabkq Crka * PrmboQorpq Mirp* DrXoXkqbba Crka fp Xk lmbk*bka rkfq qorpq bpqXYifpeba fk Elkd Hlkd+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkdqboj ZXmfqXi doltqe tfqe ilt sliXqfifqv tefipq bkprofkd qeXq qeb DrXoXkqbb fp jbq+ Qeb Crka fksbp ELKD HLKD HMJD,Elkd
Hlkd * EP;= Molsfabkq Crka Qorpqbb Elkd Hlkd Iqa
* * *
EP;= DilYXi :ppbq JXkXdbjbkq Elkd Hlkd Iqa,EH
Elkd Hlkd Hltillk
AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*
hXd+ab
FKH: * EP;= QofkhXrp AfpZlrkqw
EP;= QofkhXrp AfpZlrkqwboqfcfhXqb FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp fq pqbXav ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqv Xka fkabu ZboqfcfZXqbp+ Qeb Crka jXv Xipl fksbpq afobZqiv fk bnrfqfbp Xka Ylk DBOJ:KV
HMJD AbrqpZeb QobreXka*DbpbiipZeXcq
* EP;= QofkhXrp " ;roheXoaq :D * * *
FkqbokXqflkXib H:DjYE,DbojXkv
DbojXkv Arbppbialoc
AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*
hXd+ab
FKH: * EP;= QofkhXrp AfpZlrkqw
EP;= QofkhXrp AfpZlrkqwboqfcfhXqb FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp fq pqbXav ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqv Xka fkabu ZboqfcfZXqbp+ Qeb Crka jXv Xipl fksbpq afobZqiv fk bnrfqfbp Xka Ylk DBOJ:KV
HMJD AbrqpZeb QobreXka*DbpbiipZeXcq
* EP;= QofkhXrp " ;roheXoaq :D * * *
FkqbokXqflkXib H:DjYE,DbojXkv
DbojXkv Arbppbialoc
AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*
hXd+ab
FKH: * EP;= QofkhXrp AfpZlrkqw
EP;= QofkhXrp AfpZlrkqwboqfcfhXqb FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp fq pqbXav ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqv Xka fkabu ZboqfcfZXqbp+ Qeb Crka jXv Xipl fksbpq afobZqiv fk bnrfqfbp Xka Ylk DBOJ:KV
HMJD AbrqpZeb QobreXka*DbpbiipZeXcq
* EP;= QofkhXrp " ;roheXoaq :D * * *
FkqbokXqflkXib H:DjYE,DbojXkv
DbojXkv Arbppbialoc
AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*
hXd+ab
FKH: * EP;= QofkhXrp Dbkrbppb
EP;= QofkhXrp Dbkrbppb FkqbokXqflkXi FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka fksbpqp fk molcfq peXofkd ZboqfcfZXqbp Xka Ylkap+ DBOJ:KV
HMJD AbrqpZeb QobreXka*DbpbiipZeXcq
* EP;= QofkhXrp " ;roheXoaq :D * * *
FkqbokXqflkXib H:DjYE,DbojXkv
DbojXkv Arbppbialoc
AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*
hXd+ab
FKH: * EP;= QofkhXrp Dbkrbppb
EP;= QofkhXrp Dbkrbppb FkqbokXqflkXi FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka fksbpqp fk molcfq peXofkd ZboqfcfZXqbp Xka Ylkap+ DBOJ:KV
HMJD AbrqpZeb QobreXka*DbpbiipZeXcq
* EP;= QofkhXrp " ;roheXoaq :D * * *
FkqbokXqflkXib H:DjYE,DbojXkv
DbojXkv Arbppbialoc
AbofsXqfsb*:ppbq :iilZ 5/*/*/.//*/5-- ttt+ehcrka+Zl
+ho
Erkdhrh ;bpq Obsbkrb AbofsXqfs
Erkdhrh ;bpq Obsbkrb AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql dbq molcfq Yv fksbpqfkd fk LQ= abofsXqfsbp ifkhba ql dilYXi bnrfqfbp tfqe efde afsfabka mXvlrq oXqfl+ Qeb Crka fp ZiXppfcfba Xp
PLRQE HLOB: * * PefkeXk ;Xkh * * *
Ebrkdhrh Fksbpqjbkq Qorpq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Cobb RjYobiiX YbXo Fkab
EXkteX Cobb RjYobiiX YbXo Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XqqXfk dXfkp Zloobpmlkafkd ql qeb abZobXpb oXqb lc qeb HLPMF/-- qeolrde pqlZh fkabu crqrobp fksbpqjbkqp+ Qeb Crka fksbpqp 3-! lo jl
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX Cobb RjYobiiX Yrii Fkab
EXkteX Cobb RjYobiiX Yrii Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XqqXfk dXfkp Zloobpmlkafkd ql qeb fkZobXpb oXqb lc qeb HLPMF/-- qeolrde pqlZh fkabu crqrobp fksbpqjbkqp+ Qeb Crka fksbpqp 3-! lo jl
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr
ka+Zl+ho
EXkteX MbocbZq RjYobiiX Fkabu
EXkteX MbocbZq RjYobiiX Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp jXfkiv qeolrde fksbpqjbkq fk qeb HLPMF/--+ Qeb Crka fksbpqp 5-! lo jlob fk pqlZhp) /-! lo ibpp fk Ylkap Xka Ylka*ifkh
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
EXkteX :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX
j+ZljEvrkaXf / PqXo PbZrofqfbp Fksb
EvrkaXf / PqXo PbZrofqfbp Fksbpqjbkq Qorpq Mobsfbo PP*. %BIP*AbofsXqfsb& fp X Zilpba*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb pqlZh mofZbp lc PH Xka PHQ+
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX
j+Zlj
EvrkaXf PbZrofqfbp Fksbpqjbkq
EvrkaXf PbZrofqfbp Fksbpqjbkq Qorpq Mobjfbo EI*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb pqlZh mofZb ZeXkdbp lc qeb ID AfpmiXv Xka EP=BF Fkabu Y
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX
j+Zlj
EvrkaXf PjXoq Fkabu :imeX PbZr
EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i
PLRQE HLOB: * * PefkeXk ;Xkh * * *
EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX
j+Zlj
EvrkaXf PjXoq Fkabu :imeX PbZr
EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i
PLRQE HLOB: * * PefkeXk ;Xkh * * *
EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX
j+Zlj
EvrkaXf PjXoq Fkabu :imeX PbZr
EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i
PLRQE HLOB: * * PefkeXk ;Xkh * * *
EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX
j+Zlj
EvrkaXf PjXoq Fkabu :imeX PbZr
EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i
PLRQE HLOB: * * PefkeXk ;Xkh * * *
EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX
j+Zlj
EvrkaXf PjXoq Fkabu :imeX PbZr
EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i
PLRQE HLOB: * * PefkeXk ;Xkh * * *
EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX
j+Zlj
EvrkaXf PjXoq Fkabu :imeX PbZr
EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqv ifkhba abofsXqfsbp+
PLRQE HLOB: * * * * * *
EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ * ttt+fYf+Zl+fi F;F PfsXk 'J F;F PfsXk 'J fp Xk lmbk*bka crka fkZlomloXqba fk FpoXbi+ Qeb lYgbZqfsb lc qeb crka fp ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii fksbpq fqp
Xppbqp fk X sXofbqv lc pbZrofqfbp lc afccbobkq qvmbp Xq qeb afpZobqflk lc qeb crka jXkXdbo+ FPO:BI * * * LABA D:I * * FpoXbi ;olhboXdb Fksbpqjbkqp Iqa,FpoXbi
FpoXbi Qbi :sfs
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
Zl+hoF;H DoXka Mofu Fkabu :imeX Fka
F;H DoXka Mofu Fkabu :imeX Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq HLPMF/--Yv jXkXdfkd mloqclifl tefZe obmifZXqbp HLPMF/--+
PLRQE HLOB: * *
KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk
* * * F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
Zl+hoF;H DoXka Mofu Fkabu :imeX Fka
F;H DoXka Mofu Fkabu :imeX Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq HLPMF/--Yv jXkXdfkd mloqclifl tefZe obmifZXqbp HLPMF/--+
PLRQE HLOB: * *
KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk
* * * F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
Zl+hoF;H DoXka Mofu Fkabu :imeX Fka
F;H DoXka Mofu Fkabu :imeX Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq HLPMF/--Yv jXkXdfkd mloqclifl tefZe obmifZXqbp HLPMF/--+
PLRQE HLOB: * *
KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk
* * * F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
Zl+ho
F;H Fkabu Ifkhba PbZrofqfbp Fk
F;H Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 1.%BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF/-- Fkabu+ BXokfkdp tfii Yb lYqXf
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
Zl+ho
F;H HlobX Fkabu Ifkhba PbZrofq
F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 10 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
Zl+ho
F;H HlobX Fkabu Ifkhba PbZrofq
F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 11 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H HlobX Fkabu Ifkhba PbZrofq
F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 15 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H HlobX Fkabu Ifkhba PbZrofq
F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 2/ %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H HlobX Fkabu Ifkhba PbZrofq
F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 21 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crkap fksbpqp 3-! lc fqp Xp
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H HlobX Fkabu Ifkhba PbZrofq
F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 24 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp
PLRQE HLOB: * * * * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H Mbkpflk MiXk ;XiXkZb Fkabu
F;H Mbkpflk MiXk ;XiXkZb Fkabu /- PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp 4-! lo ibpp lc fqp Xppbqp fk
PLRQE HLOB: * * EXkX ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H Mbkpflk MiXk ;XiXkZb Fkabu
F;H Mbkpflk MiXk ;XiXkZb Fkabu 1- PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ZXmfqXi dXfkp+ Qeb Crka fksbpqp 2-! lo ibpp lc fqp Xppbqp fk F;H Jbafrj*Qboj ;l
PLRQE HLOB: * * EXkX ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H Mbkpflk MiXk Fkabu PbZrofq
F;H Mbkpflk MiXk Fkabu PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv buZbbafkd HLPMF/-- Fkabu+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fqp Xppbqp fk bnrf
PLRQE HLOB: * * * * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H Fkabu Ifkhba PbZrofqfbp Fk
F;H Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 06 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb EP=BF Fkabu Xka ID =ebjfZXi pqlZh+ Qeb Crka fksbpqp Xq ib
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H HlobX*Elkd Hlkd Fkabu ifkh
F;H HlobX*Elkd Hlkd Fkabu ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 14 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd 3-! lo jlob lc fqp Xppbqp fk BIPp ifkhba ql qeb HLPMF/-- Fkabu
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H HlobX PqlZh MofZb Ifkhba P
F;H HlobX PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 13 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF fkabu Xka pqlZh mofZb lc PXjprkd BibZqo
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+
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F;H HlobX PqlZh MofZb Ifkhba P
F;H HlobX PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 16 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb HLPMF fkabu Xka pql
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
F;H :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj
Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof
F=F=F MorabkqfXi Bnrfqv " AbofsXqfsbp SliXqfifqv :asXkqXdb Crka fp Xk lmbk bkaba bnrfqv crka fkZlomloXqba fk FkafX+ Qeb Crka lYgbZqfsb fp ql pbbh ql dbkboXqb ilt sliXqfifqv obqrokp Yv rpfkd XoYfqoXdb Xka lqebo abofsXqfsb pqoXqbdfbp fk bnrfqv jXohbqp Xka f FKAF: * * * MO:PE:KQ
HLQE:OF * *
F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj
Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof
F=F=F MorabkqfXi Bnrfqv " AbofsXqfsbp SliXqfifqv :asXkqXdb Crka fp Xk lmbk bkaba bnrfqv crka fkZlomloXqba fk FkafX+ Qeb Crka lYgbZqfsb fp ql pbbh ql dbkboXqb ilt sliXqfifqv obqrokp Yv rpfkd XoYfqoXdb Xka lqebo abofsXqfsb pqoXqbdfbp fk bnrfqv jXohbqp Xka f FKAF: * * * MO:PE:KQ
HLQE:OF * *
F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj
Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof
F=F=F MorabkqfXi Bnrfqv " AbofsXqfsbp Crka FkZljb Lmqfjfpbo Crka fp Xk lmbk bkaba bnrfqv crka fkZlomloXqba fk FkafX+ Qeb Crka lYgbZqfsb lc FkZljb Lmqfjfpbo miXk fp ql pbbh ql dbkboXqb ilt sliXqfifqv obqrokp Yv rpfkd XoYfqoXdb Xka lqebo abofsXqfsb pqoXqbdf FKAF: * * * H:VW:A
BDEIFJ * *
F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj
Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof
F=F=F MorabkqfXi Bnrfqv " AbofsXqfsbp Crka FkZljb Lmqfjfpbo Crka fp Xk lmbk bkaba bnrfqv crka fkZlomloXqba fk FkafX+ Qeb Crka lYgbZqfsb lc FkZljb Lmqfjfpbo miXk fp ql pbbh ql dbkboXqb ilt sliXqfifqv obqrokp Yv rpfkd XoYfqoXdb Xka lqebo abofsXqfsb pqoXqbdf FKAF: * * * H:VW:A
BDEIFJ * *
F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj
Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof
F=F=F MorabkqfXi Bnrfqv " AbofsXqfsbp Crka FkZljb Lmqfjfpbo Crka fp Xk lmbk bkaba bnrfqv crka fkZlomloXqba fk FkafX+ Qeb Crka lYgbZqfsb lc FkZljb Lmqfjfpbo miXk fp ql pbbh ql dbkboXqb ilt sliXqfifqv obqrokp Yv rpfkd XoYfqoXdb Xka lqebo abofsXqfsb pqoXqbdf FKAF: * * * H:VW:A
BDEIFJ * *
F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj
Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof
F=F=F MorabkqfXi Bnrfqv " AbofsXqfsbp Crka FkZljb Lmqfjfpbo Crka fp Xk lmbk bkaba bnrfqv crka fkZlomloXqba fk FkafX+ Qeb Crka lYgbZqfsb lc FkZljb Lmqfjfpbo miXk fp ql pbbh ql dbkboXqb ilt sliXqfifqv obqrokp Yv rpfkd XoYfqoXdb Xka lqebo abofsXqfsb pqoXqbdf FKAF: * * * H:VW:A
BDEIFJ * *
F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl
jFAC= :oYfqoXdb Crka
FAC= :oYfqoXdb Crka fp Xk lmbk*bkaba bnrfqv pZebjb fkZlomloXqba fk FkafX+ Qeb lYgbZqfsb lc qeb Crka fp ql dbkboXqb ZXmfqXi XmmobZfXqflk Xka fkZljb+ Qeb Crka fksbpqp fk XoYfqoXdb lmmloqrkfqfbp fk qeb ZXpe Xka qeb abofsXqfsb pbdjbkqp lc bnrfqv jXobhqp Xka a
FKAF: ;eXoXq P OXrq " =l * AbrqpZeb ;Xkh
:D,FkafX:PETFK M:QKF *
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FAC= JrqrXi Crka,FkafX FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl
jFAC= :oYfqoXdb Crka
FAC= :oYfqoXdb Crka fp Xk lmbk*bkaba bnrfqv pZebjb fkZlomloXqba fk FkafX+ Qeb lYgbZqfsb lc qeb Crka fp ql dbkboXqb ZXmfqXi XmmobZfXqflk Xka fkZljb+ Qeb Crka fksbpqp fk XoYfqoXdb lmmloqrkfqfbp fk qeb ZXpe Xka qeb abofsXqfsb pbdjbkqp lc bnrfqv jXobhqp Xka a
FKAF: ;eXoXq P OXrq " =l * AbrqpZeb ;Xkh
:D,FkafX:PETFK M:QKF *
:OGRK M:OQE:P:O:QEV
FAC= JrqrXi Crka,FkafX FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl
jFAC= :oYfqoXdb Crka
FAC= :oYfqoXdb Crka fp Xk lmbk*bkaba bnrfqv pZebjb fkZlomloXqba fk FkafX+ Qeb lYgbZqfsb lc qeb Crka fp ql dbkboXqb ZXmfqXi XmmobZfXqflk Xka fkZljb+ Qeb Crka fksbpqp fk XoYfqoXdb lmmloqrkfqfbp fk qeb ZXpe Xka qeb abofsXqfsb pbdjbkqp lc bnrfqv jXobhqp Xka a
FKAF: ;eXoXq P OXrq " =l * AbrqpZeb ;Xkh
:D,FkafX:PETFK M:QKF *
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FAC= JrqrXi Crka,FkafX FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl
jFAC= :oYfqoXdb Crka
FAC= :oYfqoXdb Crka fp Xk lmbk*bkaba bnrfqv pZebjb fkZlomloXqba fk FkafX+ Qeb lYgbZqfsb lc qeb Crka fp ql dbkboXqb ZXmfqXi XmmobZfXqflk Xka fkZljb+ Qeb Crka fksbpqp fk XoYfqoXdb lmmloqrkfqfbp fk qeb ZXpe Xka qeb abofsXqfsb pbdjbkqp lc bnrfqv jXobhqp Xka a
FKAF: ;eXoXq P OXrq " =l * AbrqpZeb ;Xkh
:D,FkafX:PETFK M:QKF *
:OGRK M:OQE:P:O:QEV
FAC= JrqrXi Crka,FkafX FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl
jFAC= :oYfqoXdb Mirp Crka
FAC= :oYfqoXdb Mirp Crka fp Xk lmbk*bkaba bnrfqv pZebjb fkZlomloXqba fk FkafX+ Qeb lYgbZqfsb lc qeb Crka fp ql dbkboXqb fkZljb Yv qXhfkd XasXkqXdb fk qeb ZXpe Xka abofsXqfsb pbdjbkqp lc qeb bnrfqv jXohbqp fkZirafkd qeb XoYfqoXdb lmmloqrkfqfbp tfqefk qeb a FKAF: * *
AbrqpZeb ;Xkh :jbofZXp Eliafkd =lom
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* * FAC= JrqrXi Crka,FkafX FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl
jFAC= :oYfqoXdb Mirp Crka
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AbrqpZeb ;Xkh :jbofZXp Eliafkd =lom
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* * FAC= JrqrXi Crka,FkafX FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl
jFAC= :oYfqoXdb Mirp Crka
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AbrqpZeb ;Xkh :jbofZXp Eliafkd =lom
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* * FAC= JrqrXi Crka,FkafX FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl
jFAC= :oYfqoXdb Mirp Crka
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AbofsXqfsb*:ppbq :iilZ -54- -10 150- ttt+fcapjXkX
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FCAP Ljkfp G+M+ JlodXk MolqbZq
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FCAP Ljkfp G+M+ JlodXk MolqbZq
FCAP Ljkfp G+M+ JlodXk MolqbZqlo 5- Crka Kl+ / fp Xk lmbk*bka crka fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka$p lYgbZqfsb fp ql molsfab PeXobeliabop tfqe jbafrj ql ilkd qboj ZXmfqXi doltqe) Xka ql lccbo Xk bibjbkq lc molqbZqflk lc Xq ibXpq 5-! lc qeb ef ;OFQ:FK * * PqXqb Pqobbq ;Xkh
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FJP FkqbokXqflkXi ;lka Fkabu C
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AbofsXqfsb*:ppbq :iilZ 02/*//*.2*//*. *
Fk=rYb Moljlsbl Crka
Fk=rYb Moljlsbl Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lccbo efde ifnrfafqv Xka qeb mlqbkqfXi clo obqrokp fkabmbkabkq lc qoXafqflkXi fksbpqjbkqp+ Qeb Crka orkp X pvpqbjXqfZ jriqf*pqoXqbdv jXkXdba crqrobp moldoXjjb
IRUBJ;LROD * * PXi+ Lmmbkebfj
Go+ " =fb+ P+=+:+ILOBKW :OKBQ .-,-.,-6 ;LOFP O:KHLS Fk=rYb =XmfqXi
:D IrubjYlrod IrubjYlrod
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 02/*//*.2*//*. *
Fk=rYb Moljlsbl Crka
Fk=rYb Moljlsbl Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lccbo efde ifnrfafqv Xka qeb mlqbkqfXi clo obqrokp fkabmbkabkq lc qoXafqflkXi fksbpqjbkqp+ Qeb Crka orkp X pvpqbjXqfZ jriqf*pqoXqbdv jXkXdba crqrobp moldoXjjb
IRUBJ;LROD * * PXi+ Lmmbkebfj
Go+ " =fb+ P+=+:+ILOBKW :OKBQ .-,-.,-6 ;LOFP O:KHLS Fk=rYb =XmfqXi
:D IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 5//*04-0*65/3 ttt+fkdfj+Zl+
ho
FKD .+2U IbsboXdb FkpqXiijbkq
FKD .+2U IbsboXdb FkpqXiijbkq " DlXi :Zefbsbjbkq PbZrofqfbp Fksbpqjbkq %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2 ibsboXdba aXfiv mboclojXkZb lc qeb HLPMF/-- Fkabu Yv fksbpqfkd fk bnrfqfbp
PLRQE HLOB: * * FkarpqofXi ;Xkh lc
HlobX * * * FKD Fksbpqjbkq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*04-0*65/3 ttt+fkdfj+Zl+
ho
FKD .+2U IbsboXdb FkpqXiijbkq
FKD .+2U IbsboXdb FkpqXiijbkq " DlXi :Zefbsbjbkq PbZrofqfbp Fksbpqjbkq %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2 ibsboXdba aXfiv mboclojXkZb lc qeb HLPMF/-- Fkabu Yv fksbpqfkd fk bnrfqfbp
PLRQE HLOB: * * FkarpqofXi ;Xkh lc
HlobX * * * FKD Fksbpqjbkq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*04-0*65/3 ttt+fkdfj+Zl+
ho
FKD Fkabu Mobjfrj AbofsXqfsbp
FKD Fkabu Mobjfrj AbofsXqfsbp Crka . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF /-- Fkabu+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fqp Xppbqp fk b
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
FKD Fksbpqjbkq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*04-0*65/3 ttt+fkdfj+Zl+
ho
FKD Fkabu Mobjfrj AbofsXqfsbp
FKD Fkabu Mobjfrj AbofsXqfsbp Crka . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF /-- Fkabu+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fqp Xppbqp fk b
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
FKD Fksbpqjbkq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*04-0*65/3 ttt+fkdfj+Zl+
ho
FKD Fkabu Mobjfrj AbofsXqfsbp
FKD Fkabu Mobjfrj AbofsXqfsbp Crka . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF /-- Fkabu+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fqp Xppbqp fk b
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
FKD Fksbpqjbkq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*04-0*65/3 ttt+fkdfj+Zl+
ho
FKD Fkabu Mobjfrj AbofsXqfsbp
FKD Fkabu Mobjfrj AbofsXqfsbp Crka / fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv molsfafkd fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF/-- Fkabu+ Qeb Crka fks
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
FKD Fksbpqjbkq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ Qbi7 (0. /- 2/.2 11/ ttt+fkpfkdbo+Z
lj
Fkpfkdbo ab ;bXrcloq * PrpqXfk
Fkpfkdbo ab ;bXrcloq * PrpqXfkXYib SXirbp Crka fp Xk lmbk*bka crka obdfpqboba fk qeb KbqeboiXkap+ Qeb crka fksbpqp fk cfkXkZfXi fkpqorjbkqp+ :fj fp ql XZefbsb X efde vfbia+
KBQEBOI:KAP
Bokpq " Vlrkd :ZZlrkqXkqp KS,KbqeboiXkap
* ;Xkh Fkpfkdbo ab ;bXrcloq KS,:jpqboaXj
J:OGLIFGK ;OBBRTBO 1,-.,-5 *
Fkpfkdbo ab ;bXrcloq :ppbq JXkXdbjbkq KS
Kbqe :kqfiibp :jpqboaXj
=ilpba*bka Crkap 0.*2.0*15//// ttt+fkqbobccbhqcrkap+ki
FKQBOBCCBHQ FkafX TXooXkqp Crk
Fkqbobccbhq FkafX TXooXkqp fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk qeb KbqeboiXkap+ Qeb crka fksbpqp fk tXooXkqp Xka abofsXqfsbp lk lcc*pelob fkpqorjbkqp ifhb :AO$p Xka DAO$p qeb Xfj fp ql lYqXfk bumlprob lk qeb FkafX cfkXkZfXi jXohbqp+
KBQEBOI:KAP
Abilfqqb " QlrZeb * H:P ;Xkh KS GLE:K PJFQ 2,-.,-5 *
Fkqbobccbhq =ljjfpflkXfop ;S
KbqeboiXkap Glrob
=ilpba*bka Crkap 0.*2.0*15//// ttt+fkqbobccbhqcrkap+ki
Fkqbobccbhq GXmXkbpb TXooXkq C
Fkqbobccbhq GXmXkbpb TXooXkq Crka fp Xk lmbk bka crka obdfpqboba fk qeb KbqeboiXkap+Qeb Crka fksbpqp fk GXmXkbpb tXooXkqp+ KBQEBOI:KAP * * H:P ;Xkh KS J:O=L
;:IH * * Fkqbobccbhq =ljjfpflkXfop ;S
KbqeboiXkap Glrob
AbofsXqfsb*:ppbq :iilZ .*5--*/13*2130 ttt+fksbpZl+Z
lj
FksbpZl ;XiXkZba*Ofph :iilZXqf
FksbpZl ;XiXkZba*Ofph :iilZXqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql molsfab qlqXi obqrok+ Qeb Crka fksbpqp fk abofsXqfsbp Xka lqebo cfkXkZfXiiv*ifkhba fkpqorjbkqp telpb mboclojXkZb fp bumbZqba ql Zloobpmlka ql R+P+ Xka f
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* ;Xkh lc Kbt Vloh Jbiilk
J:OH :EKORA /--6 =EOFP ABSFKB FksbpZl :asfpbop
FkZ,RP: Rkfqba PqXqbp Elrpqlk
AbofsXqfsb*:ppbq :iilZ .*5--*/13*2130 ttt+fksbpZl+Z
lj
FksbpZl ;XiXkZba*Ofph :iilZXqf
FksbpZl ;XiXkZba*Ofph :iilZXqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql molsfab qlqXi obqrok+ Qeb Crka fksbpqp fk abofsXqfsbp Xka lqebo cfkXkZfXiiv*ifkhba fkpqorjbkqp telpb mboclojXkZb fp bumbZqba ql Zloobpmlka ql R+P+ Xka f
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* ;Xkh lc Kbt Vloh Jbiilk
J:OH :EKORA /--6 =EOFP ABSFKB FksbpZl :asfpbop
FkZ,RP: Rkfqba PqXqbp Elrpqlk
AbofsXqfsb*:ppbq :iilZ .*5--*/13*2130 ttt+fksbpZl+Z
lj
FksbpZl ;XiXkZba*Ofph :iilZXqf
FksbpZl ;XiXkZba*Ofph :iilZXqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql molsfab qlqXi obqrok+ Qeb Crka fksbpqp fk abofsXqfsbp Xka lqebo cfkXkZfXiiv*ifkhba fkpqorjbkqp telpb mboclojXkZb fp bumbZqba ql Zloobpmlka ql R+P+ Xka f
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* ;Xkh lc Kbt Vloh Jbiilk
J:OH :EKORA /--6 =EOFP ABSFKB FksbpZl :asfpbop
FkZ,RP: Rkfqba PqXqbp Elrpqlk
AbofsXqfsb*:ppbq :iilZ .*5--*/13*2130 ttt+fksbpZl+Z
lj
FksbpZl ;XiXkZba*Ofph :iilZXqf
FksbpZl ;XiXkZba*Ofph :iilZXqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql molsfab qlqXi obqrok+ Qeb Crka fksbpqp fk abofsXqfsbp Xka lqebo cfkXkZfXiiv*ifkhba fkpqorjbkqp telpb mboclojXkZb fp bumbZqba ql Zloobpmlka ql R+P+ Xka f
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* ;Xkh lc Kbt Vloh Jbiilk
J:OH :EKORA /--6 =EOFP ABSFKB FksbpZl :asfpbop
FkZ,RP: Rkfqba PqXqbp Elrpqlk
AbofsXqfsb*:ppbq :iilZ .*5--*/13*2130 ttt+fksbpZl+Z
lj
FksbpZl ;XiXkZba*Ofph :iilZXqf
FksbpZl ;XiXkZba*Ofph :iilZXqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql molsfab qlqXi obqrok+ Qeb Crka fksbpqp fk abofsXqfsbp Xka lqebo cfkXkZfXiiv*ifkhba fkpqorjbkqp telpb mboclojXkZb fp bumbZqba ql Zloobpmlka ql R+P+ Xka f
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* ;Xkh lc Kbt Vloh Jbiilk
J:OH :EKORA /--6 =EOFP ABSFKB FksbpZl :asfpbop
FkZ,RP: Rkfqba PqXqbp Elrpqlk
AbofsXqfsb*:ppbq :iilZ .*5--*/13*2130 ttt+fksbpZl+Z
lj
FksbpZl ;XiXkZba*Ofph :iilZXqf
FksbpZl ;XiXkZba*Ofph :iilZXqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql molsfab qlqXi obqrok+ Qeb Crka fksbpqp fk abofsXqfsbp Xka lqebo cfkXkZfXiiv*ifkhba fkpqorjbkqp telpb mboclojXkZb fp bumbZqba ql Zloobpmlka ql R+P+ Xka f
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* ;Xkh lc Kbt Vloh Jbiilk
J:OH :EKORA /--6 =EOFP ABSFKB FksbpZl :asfpbop
FkZ,RP: Rkfqba PqXqbp Elrpqlk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
Fksbpqjbkq Crka 0 RH :ZZbiboXqlo fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla rkqfi bfqebo qeb JX ;OFQ:FK * *
=fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
* * * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ .*555*413*3011 ttt+fksbpqlop
dolrm+Zlj
Fksbpqlop JXkXdba Vfbia =iXpp
Fksbpqlop JXkXdba Vfbia =iXpp fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql molsfab X pqXYib Zroobkq obqrok XmmolufjXqfkd qeXq lc X jlkbv jXohbq crka+ Qeb Crka fksbpqp fk =XkXafXk bnrfqfbp tebob sliXqfifqv jXv Yb jfqfdXqba qeolrde qeb rp =:K:A: HMJD IIM *
=XkXafXk FjmbofXi ;Xkh lc =ljjboZb,=XkXaX
M:QPV OLDBOP * * FD Fksbpqjbkq
JXkXdbjbkq Iqa =XkXaX Tfkkfmbd
AbofsXqfsb*:ppbq :iilZ .*555*413*3011 ttt+fksbpqlop
dolrm+Zlj
Fksbpqlop JXkXdba Vfbia =iXpp
Fksbpqlop JXkXdba Vfbia =iXpp fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql molsfab X pqXYib Zroobkq obqrok XmmolufjXqfkd qeXq lc X jlkbv jXohbq crka+ Qeb Crka fksbpqp fk =XkXafXk bnrfqfbp tebob sliXqfifqv jXv Yb jfqfdXqba qeolrde qeb rp =:K:A: HMJD IIM *
=XkXafXk FjmbofXi ;Xkh lc =ljjboZb,=XkXaX
M:QPV OLDBOP * * FD Fksbpqjbkq
JXkXdbjbkq Iqa =XkXaX Tfkkfmbd
AbofsXqfsb*:ppbq :iilZ * *
FolkZiXa JXkXdba Ofph Crka
FolkZiXa JXkXdba Ofph Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql XZefbsb Zroobkq fkZljb Xka dXfkp+ Qeb Crka$p mofjXov pqoXqbdv Zlkpfpqp lc pbiifkd Zlsboba mrq lmqflkp lk bnrfqv fkabubp Xka BQCp+
RKFQBA PQ:QBP
QXfq Tbiibo " ;Xhbo IIM * RJ; ;Xkh K: ORAV
:DRFIBO: .-,-5,.- * FolkZiXa Fksbpqjbkqp II= Rkfqba PqXqbp LoiXkal
AbofsXqfsb*:ppbq :iilZ 02/*14 35 1.*. ttt+fkqbofksbpq
+ir
FS RjYobiiX Crka * fkqbofksbpq
FS RjYobiiX Crka * fkqbofksbpq Obkafqb Lmmloqrkfqfbp fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok+ Qeb Crka Xfjp ql bXok obqrokp qeXq Xob pifdeqiv efdebo qeXk qelpb lc XsboXdb cfuba fkZljb obqrokp+ Qeb jX
IRUBJ;LROD
MofZbtXqboelrpb=llmbop P:OI
* IOF IXkabpYXkh OebfkiXka*McXiw FkqbokXqflkXi P:
PVIS:FK PQLOH .-,//,-4 QRBDB C:RPQ IOF Fksbpq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 11*/-*4433*-555 ttt+pqoXqqlkpqo
bbq+Zlj
GXmXk PvkqebqfZ TXooXkq Crka,Q
GXmXk PvkqebqfZ TXooXkq Crka ; peXob fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk Drbokpbv+ Qeb lYgbZqfsb lc qeb Crka fp ql pbbh dbXoba bumlprob ql qeb GXmXkbpb bnrfqv jXohbq Yv ZobXqfkd Xka eliafkd lmqflkp ql mroZeXpb ZlksboqfYib Ylkap fpprba fk Zl DRBOKPBV HMJD,Drbok
pbv * Kloqebok Qorpq Drbokpbv Iqa
QOBSLO PIFTBOPHF * J:QQEBT
ILKBOD:K
PqoXqqlk Pqobbq =XmfqXi IIM,Rkfqba Hfkdalj
Rkfqba Hfkdalj Ilkalk
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 11*/-*4433*-555 ttt+pqoXqqlkpqo
bbq+Zlj
GXmXk PvkqebqfZ TXooXkq Crka,Q
GXmXk PvkqebqfZ TXooXkq Crka ; peXob fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk Drbokpbv+ Qeb lYgbZqfsb lc qeb Crka fp ql pbbh dbXoba bumlprob ql qeb GXmXkbpb bnrfqv jXohbq Yv ZobXqfkd Xka eliafkd lmqflkp ql mroZeXpb ZlksboqfYib Ylkap fpprba fk Zl DRBOKPBV HMJD,Drbok
pbv * Kloqebok Qorpq Drbokpbv Iqa
QOBSLO PIFTBOPHF * J:QQEBT
ILKBOD:K
PqoXqqlk Pqobbq =XmfqXi IIM,Rkfqba Hfkdalj
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 6.*//*0654*4444 ttt+gjcfkXkZf
Xijc+Zlj
GJ :oYfqoXdb :asXkqXdb Crka
GJ :oYfqoXdb :asXkqXdb Crka fp Xk lmbk*bkaba Crka obdfpqboba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb+ Qeb Crka fksbpqp 32!*5-! lc fqp ZXmfqXi fk bnrfqv Xka bnrfqv obiXqba fkpqorjbkqp) 32!*5-! lc fqp ZXmfqXi fk abofsXqfsbp fkZirafkd pqlZh crqr FKAF: KJ OXfgf " =l * * =E:FQ:KV:
=ELHPF 2,-.,.. * GJ =XmfqXi JXkXdbjbkq Msq Iqa
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*0654*4444 ttt+gjcfkXkZf
Xijc+Zlj
GJ :oYfqoXdb :asXkqXdb Crka
GJ :oYfqoXdb :asXkqXdb Crka fp Xk lmbk*bkaba Crka obdfpqboba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb+ Qeb Crka fksbpqp 32!*5-! lc fqp ZXmfqXi fk bnrfqv Xka bnrfqv obiXqba fkpqorjbkqp) 32!*5-! lc fqp ZXmfqXi fk abofsXqfsbp fkZirafkd pqlZh crqr FKAF: KJ OXfgf " =l * * =E:FQ:KV:
=ELHPF 2,-.,.. * GJ =XmfqXi JXkXdbjbkq Msq Iqa
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 5--*21.*-.4- *
Glekplk BkeXkZba Obqrok Crka
Glekplk BkeXkZba Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp lrqmbocloj qeb Crka$p YbkZejXoh) qeb P"M 2-- =ljmlpfqb PqlZh MofZb Fkabu+ Qeb Crka tfii fksbpq X mloqflk lc fqp Xppbqp fk pqlZh fkabu crqrobp ZlkqoXZqp qeXq qeb Crk
RKFQBA PQ:QBP * * RP ;Xkh G:PLK L
G:=HJ:K * A:IB =L:QBPGlekplk Fksbpqjbkq =lrkpbi FkZ
Rkfqba PqXqbp =fkZfkkXqf
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
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IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMJlodXk Fksbpqjbkq Crkap * Fk
GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb
IRUBJ;LROD
MofZbtXqboelrpb =llmbop P:OI
* GM JlodXk ;Xkh IrubjYlrod P:
TFIIF:J BFDBK 4,.6,-4 *
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
Rkfqba PqXqbp Kbt Vloh
AbofsXqfsb*:ppbq :iilZ
00*-.*1-*.2*14*-- Qbib
ttt+gmjlodXkpm+Zlj
GMJlodXk =ljjlafqv =rosb Fkabu
GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq fp Xk lmbk*bka crka fkZlomloXqba fk CoXkZb+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc qeb GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq QlqXi Obqrok Fkabu+ Qeb Crka fksbpqp fqp Xppbqp fk abYq fkpqorjbkqp
CO:K=B * * ;KM MXofYXp PbZrofqfbp PbosfZbp
BOF= MFOBP * * GM JlodXk JXkpXoq Fksbpqjbkqp P:P
CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ
00*-.*1-*.2*14*-- Qbib
ttt+gmjlodXkpm+Zlj
GMJlodXk =ljjlafqv =rosb Fkabu
GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq fp Xk lmbk*bka crka fkZlomloXqba fk CoXkZb+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc qeb GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq QlqXi Obqrok Fkabu+ Qeb Crka fksbpqp fqp Xppbqp fk abYq fkpqorjbkqp
CO:K=B * * ;KM MXofYXp PbZrofqfbp PbosfZbp
BOF= MFOBP * * GM JlodXk JXkpXoq Fksbpqjbkqp P:P
CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ
00*-.*1-*.2*14*-- Qbib
ttt+gmjlodXkpm+Zlj
GMJlodXk =ljjlafqv =rosb Fkabu
GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq fp Xk lmbk*bka crka fkZlomloXqba fk CoXkZb+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc qeb GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq QlqXi Obqrok Fkabu+ Qeb Crka fksbpqp fqp Xppbqp fk abYq fkpqorjbkqp
CO:K=B * * ;KM MXofYXp PbZrofqfbp PbosfZbp
BOF= MFOBP * * GM JlodXk JXkpXoq Fksbpqjbkqp P:P
CoXkZb MXofp
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMjlodXk Crkap * PvpqbjXqfZ :i
GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a
IRUBJ;LROD * * GMJlodXk ;Xkh
IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK
OLJ:EF
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
IrubjYlrod PbkkfkdboYbod
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMjlodXk Crkap * PvpqbjXqfZ :i
GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a
IRUBJ;LROD * * GMJlodXk ;Xkh
IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK
OLJ:EF
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
IrubjYlrod PbkkfkdboYbod
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMjlodXk Crkap * PvpqbjXqfZ :i
GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a
IRUBJ;LROD * * GMJlodXk ;Xkh
IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK
OLJ:EF
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
IrubjYlrod PbkkfkdboYbod
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMjlodXk Crkap * PvpqbjXqfZ :i
GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a
IRUBJ;LROD * * GMJlodXk ;Xkh
IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK
OLJ:EF
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
IrubjYlrod PbkkfkdboYbod
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMjlodXk Crkap * PvpqbjXqfZ :i
GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a
IRUBJ;LROD * * GMJlodXk ;Xkh
IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK
OLJ:EF
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
IrubjYlrod PbkkfkdboYbod
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMjlodXk Crkap * PvpqbjXqfZ :i
GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a
IRUBJ;LROD * * GMJlodXk ;Xkh
IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK
OLJ:EF
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
IrubjYlrod PbkkfkdboYbod
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMjlodXk Crkap * PvpqbjXqfZ :i
GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a
IRUBJ;LROD * * GMJlodXk ;Xkh
IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK
OLJ:EF
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
IrubjYlrod PbkkfkdboYbod
AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi
ttt+gmjlodXkXppbqjXkXdbjbkq+ir
GMjlodXk Crkap * PvpqbjXqfZ :i
GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a
IRUBJ;LROD * * GMJlodXk ;Xkh
IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK
OLJ:EF
GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI
IrubjYlrod PbkkfkdboYbod
=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,H"E =XmfqXi*MolqbZqba MeXojXZb
H"E =XmfqXi*MolqbZqba MeXojXZbrqfZXi AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ql obqrok ql fksbpqlop qeb fkfqfXi ZXmfqXi fksbpqba Xq jXqrofqv Xka X obqrok YXpba lk qeb mboclojXkZb lc X YXphbq lc fkqb ERKD:OV * * H"E ;Xkh Oq FPQS:K
ELOS:QE * * H"E Fksbpqjbkq JXkXdbjbkq =l ErkdXov ;raXmbpq
=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,
H"E EXoljpwlo Cfwbql Bjibhbwl
H"E EXoljpwlo Cfwbql Bjibhbwl 0 AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi molqbZqflk Xka ql mXv lkb cfuba Xka qtl sXofXYib obqrokp YXpba lk qeb mboclojXkZb lc X YXphbq lc 0- fkqbokXqflkXi pbZr
ERKD:OV * * * * * *
H"E ;bcbhqbqbpf :iXmhbwbil WXoqhlorbk Jrhlal ObpwsbkvqXopXpX
ErkdXov ;raXmbpq
=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,
H"E EXoljpwlo Cfwbql Bjibhbwl
H"E EXoljpwlo Cfwbql Bjibhbwl 1 AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi molqbZqflk Xka ql mXv lkb cfuba Xka qtl sXofXYib obqrokp YXpba lk qeb mboclojXkZb lc X YXphbq lc 0- fkqbokXqflkXi pbZr
ERKD:OV * * H"E ;Xkh Kvoq * * * * * *
=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,
H"E EXoljpwlo Cfwbql Bjibhbwl
H"E EXoljpwlo Cfwbql Bjibhbwl 2 AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi molqbZqflk Xka ql mXv lkb cfuba Xka qtl sXofXYib obqrokp YXpba lk qeb mboclojXkZb lc X YXphbq lc 0- fkqbokXqflkXi pbZr
ERKD:OV * * H"E ;Xkh Kvoq * * * H"E Crka JXkXdbjbkq =l,ErkdXov
* *
=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,H"E Mirp / AbofsXqfsb =ilpba*B
H"E Mirp / AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ql obmXv qeb fkfqfXi ZXmfqXi fksbpqba Xq jXqrofqv Xka X obqrok YXpba lk qeb mboclojXkZb lc X YXphbq lc 0- dilYXi bnrfqfbp+ Qeb Crka fksbpqp fqp Xpp ERKD:OV * * H"E ;Xkh Oq * * *
H"E Fksbpqjbkq Crka JXkXdbjbkq Msq Iqa
* *
AbofsXqfsb*:ppbq :iilZ 03*.*150*2--- ttt+heY+er,
H"E PwXhXpwlp ElwXjr 2 AbofsXq
H"E PwXhXpwlp ElwXjr 2 PwXojXwqXqlqq WXoqsbdr BoqbhmXmfo ;bcbhqbqbpf :iXm fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ql obqrok ql fksbpqlop qeb fkfqfXi ZXmfqXi fksbpqba Xq jXqrofqv Xka X obqrok YXpba lk qeb mboclojXkZb lc qeb AG ERKD:OV * * * * * * H"E Fksbpqjbkq
JXkXdbjbkq =l ErkdXov ;raXmbpq
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; /PqXo PqlZh MofZb Ifkhba Pb
H; /PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HH*/ %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Xka pqlZh mofZb lc H; CfkXkZfXi Dol
PLRQE HLOB: * * * * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; /PqXo PqlZh MofZb Ifkhba Pb
H; /PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HH*0 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Xka pqlZh mofZb lc H; CfkXkZfXi Dol
PLRQE HLOB: * * * * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; /PqXo PqlZh MofZb Ifkhba Pb
H; /PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HH*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Xka pqlZh mofZb lc H; CfkXkZfXi Dol
PLRQE HLOB: * * * * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; b*JrdrkdetX Fkabu AbofsXqfs
H; b*JrdrkdetX Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolo tfqe qeb HLPMF/-- Xp YbkZejXoh+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp) 1-! lo ibpp fk Y
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Dlia PmbZfXi :ppbq Fks
H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Dlia PmbZfXi :ppbq Fks
H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Dlia PmbZfXi :ppbq Fks
H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Dlia PmbZfXi :ppbq Fks
H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Dlia PmbZfXi :ppbq Fks
H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Dlia PmbZfXi :ppbq Fks
H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Dlia PmbZfXi :ppbq Fks
H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Dlia PmbZfXi :ppbq Fks
H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Dlia PmbZfXi :ppbq Fks
H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; GXmXk Fkabu PbZrofqfbp Fksb
H; GXmXk Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv obmobpbkqXqfsb pqlZh fkabu crqrobp Xka BQCp fk GXmXk pqlZh jXohbq+ Qeb Crka fksbpqp 3-! lo j
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; GXmXk Fkabu PbZrofqfbp Fksb
H; GXmXk Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv obmobpbkqXqfsb pqlZh fkabu crqrobp Xka BQCp fk GXmXk pqlZh jXohbq+ Qeb Crka fksbpqp 3-! lo j
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; GXmXk Fkabu PbZrofqfbp Fksb
H; GXmXk Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv obmobpbkqXqfsb pqlZh fkabu crqrobp Xka BQCp fk GXmXk pqlZh jXohbq+ Qeb Crka fksbpqp 3-! lo j
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; GXmXk Fkabu PbZrofqfbp Fksb
H; GXmXk Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv obmobpbkqXqfsb pqlZh fkabu crqrobp Xka BQCp fk GXmXk pqlZh jXohbq+ Qeb Crka fksbpqp 3-! lo j
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; HLPMF /-- Fkabu AbofsXqfsbp
H; PqXo HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk 3-! fk pqlZhp Xka abofsXqfsbp) tefZe fksbpqjbkq fk abofsXqfsbp fp jlob qeXk
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; HLPMF /-- Fkabu AbofsXqfsbp
H; PqXo HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk 3-! fk pqlZhp Xka abofsXqfsbp) tefZe fksbpqjbkq fk abofsXqfsbp fp jlob qeXk
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; HLPMF /-- Fkabu AbofsXqfsbp
H; PqXo HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk 3-! fk pqlZhp Xka abofsXqfsbp) tefZe fksbpqjbkq fk abofsXqfsbp fp jlob qeXk
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; HLPMF /-- Fkabu AbofsXqfsbp
H; PqXo HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk 3-! fk pqlZhp Xka abofsXqfsbp) tefZe fksbpqjbkq fk abofsXqfsbp fp jlob qeXk
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; HPqXo Qlm2Dolrm".-VHQ; Mirp
H; HPqXo Qlm2Dolrm".-VHQ; Mirp BQC fp Xk buZeXkdb*qoXaba crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlokap Zilpbiv ql qeb mboclojXkZb lc qeb CkDrfab HFP QLM2 Dolrm .-VHQ; fkabu+
PLRQE HLOB: * * *
JLLK DVBLKD*PBLH
2,/0,./ * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; JHC OXt JXqbofXip PmbZfXi :
H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; JHC OXt JXqbofXip PmbZfXi :
H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; JHC OXt JXqbofXip PmbZfXi :
H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; JHC OXt JXqbofXip PmbZfXi :
H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; JHC OXt JXqbofXip PmbZfXi :
H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; JHC OXt JXqbofXip PmbZfXi :
H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Brol Fkabu PbZrofqfbp
H; PqXoBrol Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb crka fp ql cliilt qeb YbkZejXoh Yv fksbpqfkd fk Brol*wlkb pqlZhp Xka ql iltbo ZroobkZv sliXqfifqv ofph Yv jXkXdfkd Zroo
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Brol Fkabu PbZrofqfbp
H; PqXoBrol Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb crka fp ql cliilt qeb YbkZejXoh Yv fksbpqfkd fk Brol*wlkb pqlZhp Xka ql iltbo ZroobkZv sliXqfifqv ofph Yv jXkXdfkd Zroo
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Brol Fkabu PbZrofqfbp
H; PqXoBrol Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb crka fp ql cliilt qeb YbkZejXoh Yv fksbpqfkd fk Brol*wlkb pqlZhp Xka ql iltbo ZroobkZv sliXqfifqv ofph Yv jXkXdfkd Zroo
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo Brol Fkabu PbZrofqfbp
H; PqXoBrol Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb crka fp ql cliilt qeb YbkZejXoh Yv fksbpqfkd fk Brol*wlkb pqlZhp Xka ql iltbo ZroobkZv sliXqfifqv ofph Yv jXkXdfkd Zroo
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo HlobX Fkabu PbZrofqfbp
H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo HlobX Fkabu PbZrofqfbp
H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo HlobX Fkabu PbZrofqfbp
H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo HlobX Fkabu PbZrofqfbp
H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo HlobX Fkabu PbZrofqfbp
H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * * H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo RP P"M 2-- Fkabu PbZro
H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo RP P"M 2-- Fkabu PbZro
H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo RP P"M 2-- Fkabu PbZro
H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo RP P"M 2-- Fkabu PbZro
H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo RP P"M 2-- Fkabu PbZro
H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f
PLRQE HLOB: * * PefkeXk ;Xkh * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; PqXo RP P"M 2-- Fkabu PbZro
H; PqXo RP P"M 2-- Fkabu PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk bnrfqfbp Xka abofsXqfsbp+ Q
PLRQE HLOB: * * * * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; / PqXo PqlZh MofZb Ifkhba P
H; / PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HP*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc H; CfkXkZfXi Dolrm Xka PXjpr
PLRQE HLOB: * * * * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+
ho
H; / PqXo PqlZh MofZb Ifkhba P
H; / PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HP*/ %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc H; CfkXkZfXi Dolrm Xka PXjpr
PLRQE HLOB: * * * * * *
H; :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XiZbaX+ir H=J Crka *
OfphMolqbZq FFFH=J Crka * OfphMolqbZq FFF fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab mlpfqfsb XYplirqb obqrokp tfqe ifjfqba ofph Xka mobpbosXqflk lc ZXmfqXi+ Qeb Crka fksbpqp fk X jlkbv jXohbq mloqclifl lc efde doXab Yl
IRUBJ;LROD * *
EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:
* * * :iZbaX Crka JXkXdbjbkq P: IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; =lob Fkabu PbZrofqfbp Fksb
HA; =lob Fkabu PbZrofqfbp Fksbpqjbkq Qorpq EH*.%BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd 6-! lo jlob lc fqp Xppbqp fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb HLPMF/
PLRQE HLOB: * * * * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; =VA Fkabu PbZrofqfbp Fksbp
HA; =VA Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd jlpq lc fqp Xppbqp fk LQ= abofsXqbp ifkhba ql =VA =ljjlafqv JXohb
PLRQE HLOB: * * EXkX ;Xkh * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX PBLRI
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; =VA Fkabu PbZrofqfbp Fksbp
HA; =VA Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd jlpq lc fqp Xppbqp fk LQ= abofsXqbp ifkhba ql =VA =ljjlafqv JXohb
PLRQE HLOB: * * EXkX ;Xkh * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX PBLRI
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; =VA Fkabu PbZrofqfbp Fksbp
HA; =VA Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd jlpq lc fqp Xppbqp fk LQ= abofsXqbp ifkhba ql =VA =ljjlafqv JXohb
PLRQE HLOB: * * EXkX ;Xkh * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX PBLRI
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; =VA Fkabu PbZrofqfbp Fksbp
HA; =VA Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd jlpq lc fqp Xppbqp fk LQ= abofsXqbp ifkhba ql =VA =ljjlafqv JXohb
PLRQE HLOB: * * EXkX ;Xkh * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX PBLRI
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; Gfj Oldbop :dof Fkabu PmbZ
HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t
PLRQE HLOB: * * * * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; Gfj Oldbop :dof Fkabu PmbZ
HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t
PLRQE HLOB: * * * * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; Gfj Oldbop :dof Fkabu PmbZ
HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t
PLRQE HLOB: * * * * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; Gfj Oldbop :dof Fkabu PmbZ
HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t
PLRQE HLOB: * * * * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+
Zl+ho
HA; Gfj Oldbop :dof Fkabu PmbZ
HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t
PLRQE HLOB: * * * * * *
HA; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ
10*40/*3263*20.1 Qbi ttt+hbmibo+Xq
Hbmibo * Hbmibo Jriqf*Jba Crka
HBMIBO Jriqf*Jba Crka fp Xk lmbk*bka mofsXqb fkpqfqrqflkXi crka fkZlomloXqba fk :rpqofX+ Qeb Crka fksbpqp dilYXiiv fk X jfuba mloqclifl lc bnrfqv Xka abYq pbZrofqfbp lc tefZe qeb bnrfqv mloqflk ZXk Yb rm ql 3- mboZbkq+ :RPQOF: * *
OXfccbfpbkiXkabpYXkh LYbolbpqboobfZe :D
* * *
Hbmibo*Clkap HXmfqXiXkiXdbdbpbiipZeXcq j+Y+E+,:rpqofX
:rpqofX Ifkw
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFJ SXofXYib FkproXkZb HlobX O
HFJ SXofXYib FkproXkZb HlobX OXt JXqbofXip Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv ;XiXkZba*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka fksbpqp 3-! lc jlob lc fqp Xppbqp fk LQ= abofsXqfsbp+ Qeb Crka fksbpqp 3-! lo jlo
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb C/+5 Fkabu PbZrofq
HFQJ b*HlobX Fkabu AbofsXqfsbp Crka fp X Zilpba*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi dXfkp Yv YbkZejXohfkd HLPMF/--) Xka ql XZefbsb XaafqflkXi Zroobkq fkZljb Yv fksbpqfkd fk Ylkap Xka ifnrfa Xppbqp+ Qeb Crka fksb
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb C/+5 Fkabu PbZrofq
HFQJ b*HlobX Fkabu AbofsXqfsbp Crka fp X Zilpba*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi dXfkp Yv YbkZejXohfkd HLPMF/--) Xka ql XZefbsb XaafqflkXi Zroobkq fkZljb Yv fksbpqfkd fk Ylkap Xka ifnrfa Xppbqp+ Qeb Crka fksb
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb C/+5 Fkabu PbZrofq
HFQJ b*HlobX Fkabu AbofsXqfsbp Crka fp X Zilpba*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi dXfkp Yv YbkZejXohfkd HLPMF/--) Xka ql XZefbsb XaafqflkXi Zroobkq fkZljb Yv fksbpqfkd fk Ylkap Xka ifnrfa Xppbqp+ Qeb Crka fksb
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb C/+5 Fkabu PbZrofq
HFQJ =orfpb C/+5 Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*i
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb C/+5 Fkabu PbZrofq
HFQJ =orfpb C/+5 Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*i
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb C/+5 Fkabu PbZrofq
HFQJ =orfpb C/+5 Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*i
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb C/+5 Fkabu PbZrofq
HFQJ =orfpb C/+5 Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*i
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb RjYobiiX R2+3 Fkab
HFQJ =orfpb RjYobiiX R2+3 Fkabu PbZrofqfbp Obsbopb Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb&fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk a
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb RjYobiiX R2+3 Fkab
HFQJ =orfpb RjYobiiX R2+3 Fkabu PbZrofqfbp Obsbopb Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb&fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk a
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb RjYobiiX R2+3 Fkab
HFQJ =orfpb RjYobiiX R2+3 Fkabu PbZrofqfbp Obsbopb Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb&fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk a
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb RjYobiiX R2+3 Obsb
HFQJ =orfpb RjYobiiX R2+3 Obsbopb Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- Crqrobp Fksbopb Fkabu+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb RjYobiiX R2+3 Obsb
HFQJ =orfpb RjYobiiX R2+3 Obsbopb Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- Crqrobp Fksbopb Fkabu+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
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AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ =orfpb RjYobiiX R2+3 Obsb
HFQJ =orfpb RjYobiiX R2+3 Obsbopb Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- Crqrobp Fksbopb Fkabu+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HlobX Fkabu Mirp Jriqf*=iXpp A
HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HlobX Fkabu Mirp Jriqf*=iXpp A
HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HlobX Fkabu Mirp Jriqf*=iXpp A
HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HlobX Fkabu Mirp Jriqf*=iXpp A
HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HlobX Fkabu Mirp Jriqf*=iXpp A
HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ RjYobiiX Dlsbokjbkq ;lka
HFQJ RjYobiiX Dlsbokjbkq ;lka Crqrob Fkabu =lksboqfYib . Fksbpqjbkq Qorpq %;lkaAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb Zroobkq fkZljb Xka ZXmfqXi dXfk Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Crka
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ RjYobiiX Dlsbokjbkq ;lka
HFQJ RjYobiiX Dlsbokjbkq ;lka Crqrob Fkabu =lksboqfYib . Fksbpqjbkq Qorpq %;lkaAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb Zroobkq fkZljb Xka ZXmfqXi dXfk Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Crka
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ RjYobiiX Dlsbokjbkq ;lka
HFQJ RjYobiiX Dlsbokjbkq ;lka Crqrob Fkabu =lksboqfYib . Fksbpqjbkq Qorpq %;lkaAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb Zroobkq fkZljb Xka ZXmfqXi dXfk Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Crka
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ RjYobiiX Fkabu PbZrofqfbp
HFQJ RjYobiiX Fkabu PbZrofqfbp =lksboqfYib Fksbpqjbkq Qorpq .%Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj Zroobkq fkZljbp Xka ZXmfqXi dXfkp Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Cr
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ RjYobiiX Fkabu PbZrofqfbp
HFQJ RjYobiiX Fkabu PbZrofqfbp =lksboqfYib Fksbpqjbkq Qorpq .%Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj Zroobkq fkZljbp Xka ZXmfqXi dXfkp Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Cr
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ RjYobiiX Fkabu PbZrofqfbp
HFQJ RjYobiiX Fkabu PbZrofqfbp =lksboqfYib Fksbpqjbkq Qorpq .%Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj Zroobkq fkZljbp Xka ZXmfqXi dXfkp Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Cr
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*3610*0--- ttt+hftlljXp
pbq+Zlj
Hftllj :imeX Fkabu PbZrofqfbp
Hftllj :imeX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka fksbpqp 6-! lo jlob lc fqp Xppbqp fk qe
PLRQE HLOB: * * * * * *
Hftllj :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*3610*0--- ttt+hftlljXp
pbq+Zlj
Hftllj :imeX Fkabu PbZrofqfbp
Hftllj :imeX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka fksbpqp 6-! lo jlob lc fqp Xppbqp fk qe
PLRQE HLOB: * * * * * *
Hftllj :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*3610*0--- ttt+hftlljXp
pbq+Zlj
Hftllj Mbkpflk :imeX Fkabu PbZ
Hftllj Mbkpflk :imeX Fkabu PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba abofsXqfsbp+ Qeb Crka fksbpqp 3-! lo jlob lc f
PLRQE HLOB: * * * * * *
Hftllj :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*3610*0--- ttt+hftlljXp
pbq+Zlj
Hftllj Mbkpflk :imeX Fkabu =lk
Hftllj Mbkpflk :imeX Fkabu =lksboqfYib PbZrofqfbp Fksbpqjbkq Qorpq .%BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd 6-! lo jlob fk qeb Hftllj Mbkpflk :imeX Fkabu PbZrofqfbp
PLRQE HLOB: * * * * * *
Hftllj :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HlobX OfZe*AXa Fkabu :. AbofsX
HFQJ OfZe*AXa Fkabu :. AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv,Ylka*ifkhba abofsXqfsbp) 02! lo ibpp f
PLRQE HLOB: * * PefkeXk ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HlobX OfZe*AXa Ilkd*Qboj Elrpf
HFQJ OfZe*AXa Ilkd*Qboj Elrpfkd MiXk Fkabu 02 AbofsXqfsbp Fksbpqjbkq Qorpq T*. fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb pqXYib Zroobkq fkZljb qeolrde Ylka fksbpqjbkqp) Xka ql XqqXfk XaafqflkXi ZXmfqXi dXfkp
PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho
HFQJ RjYobiiX Fkabu PbZrofqfbp
HFQJ RjYobiiX Fkabu PbZrofqfbp =lksboqfYib Fksbpqjbkq Qorpq .%Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj Zroobkq fkZljbp Xka ZXmfqXi dXfkp Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Cr
PLRQE HLOB: * * EXkX ;Xkh * * *
HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 6.*//*3305*1111 Qbi ttt+hlqXhjrq
rXi+ZljHlqXh Bnrfqv :oYfqoXdb Crka
HlqXh Bnrfqv :oYfqoXdb Crka fp Xk lmbk*bka fkZljb pZebjb fkZlomloXqba fk FkafX+ Qeb Crka pbbhp ql dbkboXqb ZXmfqXi XmmobZfXqflk Xka fkZljb colj fksbpqjbkq fk XoYfqoXdb lmmloqrkfqfbp fk qeb ZXpe Xka abofsXqfsbp pbdjbkq lc qeb bnrfqv jXohbq) Xka YXiXkZb fk FKAF: * * AbrqpZeb ;Xkh
:DP:GFQ MFPE:OLAF 6,./,-2 :;EFPEBH
;FPBK
HlqXh JXefkaoX :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*3305*1111 Qbi ttt+hlqXhjrq
rXi+ZljHlqXh Bnrfqv :oYfqoXdb Crka
HlqXh Bnrfqv :oYfqoXdb Crka fp Xk lmbk*bka fkZljb pZebjb fkZlomloXqba fk FkafX+ Qeb Crka pbbhp ql dbkboXqb ZXmfqXi XmmobZfXqflk Xka fkZljb colj fksbpqjbkq fk XoYfqoXdb lmmloqrkfqfbp fk qeb ZXpe Xka abofsXqfsbp pbdjbkq lc qeb bnrfqv jXohbq) Xka YXiXkZb fk FKAF: * * AbrqpZeb ;Xkh
:DP:GFQ MFPE:OLAF 6,./,-2 :;EFPEBH
;FPBK
HlqXh JXefkaoX :ppbq JXkXdbjbkq =l Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj
HQ; / PqlZh PbZrofqfbp Fksbpqj
HQ; / PqlZh PbZrofqfbp Fksbpqjbkq Qorpq /2 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc MlpZl Xka HQ"D+ Qeb Crka fksbpqp Xq ibXpq 3-! l
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
HQ; :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj
HQ; / PqlZh PbZrofqfbp Fksbpqj
HQ; / PqlZh PbZrofqfbp Fksbpqjbkq Qorpq /3 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc EXkteX =lom Xka IP =lom+ Qeb Crka fksbpqp Xq ib
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
HQ; :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj
HQ; / PqlZh PbZrofqfbp Fksbpqj
HQ; / PqlZh PbZrofqfbp Fksbpqjbkq Qorpq /4 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc PXjprkd BibZqolkfZp Xka EXkteX =ebjfZXi+ Qeb Cr
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
HQ; :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj
HQ; / PqlZh PbZrofqfbp Fksbpqj
HQ; / PqlZh PbZrofqfbp Fksbpqjbkq Qorpq /5 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc EvrkaXf Jlqlop Xka PXjprkd PbZrofqfbp+ Qeb Crka
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
HQ; :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj
HQ; PqlZh Fkabu PbZrofqv Fksbp
HQ; PqlZh Fkabu PbZrofqv Fksbpqjbkq Qorpq 3 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqvifkhba abofsXqfsbp tefZ
PLRQE HLOB: * * * * * *
HQ; :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj
HQ; .PQL=H PbZrofqfbp Fksbpjbk
HQ; .PQL=H PbZrofqfbp Fksbpqjbkq Qorpq / %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd 3-! lo jlob lc fqp Xppbqp fk BIPp ifkhba ql PXjprkd BibZqolkfZp$ pqlZh mofZb+
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
HQ; :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+
Zl+ho
HvlYl :U: =Xii Fkabu PbZrofqfb
HvlYl :U: =Xii Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb XaafqflkXi obqrokp XpplZfXqba tfqe qeb ofpb lc HLPMF/--+ Qeb Crka fksbpqp .--! lo ibpp fk pqlZ
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * *
HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+
Zl+ho
HvlYl :U: =Xii Fkabu PbZrofqfb
HvlYl :U: =Xii Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb XaafqflkXi obqrokp XpplZfXqba tfqe qeb ofpb lc HLPMF/--+ Qeb Crka fksbpqp .--! lo ibpp fk pqlZ
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * *
HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+
Zl+ho
HvlYl :U: =Xii Fkabu PbZrofqfb
HvlYl :U: =Xii Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb XaafqflkXi obqrokp XpplZfXqba tfqe qeb ofpb lc HLPMF/--+ Qeb Crka fksbpqp .--! lo ibpp fk pqlZ
PLRQE HLOB: * * Tllof ;Xkh =l
Iqa * * *
HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+
Zl+ho
HvlYl :uX Mltbo Fkabu PbZrofqf
HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn
PLRQE HLOB: * * EXkX ;Xkh * * *
HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+
Zl+ho
HvlYl :uX Mltbo Fkabu PbZrofqf
HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn
PLRQE HLOB: * * EXkX ;Xkh * * *
HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+
Zl+ho
HvlYl :uX Mltbo Fkabu PbZrofqf
HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn
PLRQE HLOB: * * EXkX ;Xkh * * *
HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+
Zl+ho
HvlYl :uX Mltbo Fkabu PbZrofqf
HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn
PLRQE HLOB: * * EXkX ;Xkh * * *
HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+
Zl+ho
HvlYl :uX Mltbo Fkabu PbZrofqf
HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn
PLRQE HLOB: * * EXkX ;Xkh * * *
HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+
Zl+ho
HvlYl :uX Mltbo Fkabu PbZrofqf
HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn
PLRQE HLOB: * * EXkX ;Xkh * * *
HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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JfoXb :ppbq HOU .-- Fkabu PbZr
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PLRQE HLOB: * *
PqXkaXoa =eXoqboba ;Xkh HlobX Iqa
* * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq =eXiibkdbo O=C Fks
JfoXb :ppbq =eXiibkdbo O=C Fksbpqjbkq Qorpq H*0 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fkZlomloXqfkd qeb bXokfkd pqorZqrobp prZe Xp qeb HklZh Lrq Mrq) HklZh Fk =Xii Xka O=C+
PLRQE HLOB: * * FkarpqofXi ;Xkh lc
HlobX * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq HOU .-- Fkabu PbZr
JfoXb :ppbq HOU .-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql ZeXpb qeb vfbia oXqb lc qeb HOU.-- Fkabu Xp X YbkZejXoh+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xk
PLRQE HLOB: * *
PqXkaXoa =eXoqboba ;Xkh HlobX Iqa
* * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq Lmmloqrkfqv GXmXk
JfoXb :ppbq Lmmloqrkfqv GXmXk Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql qoXZh qeb vfbia oXqb lc qeb Kfhhbf//2 Fkabu Xp X YbkZejXoh+ Qeb Crka fksbpqp ibpp qeXk 6-! fk pqlZhp) 1-! lo ibpp fk Ylkap) 1-!
PLRQE HLOB: * * EXkX ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq Lmmloqrkfqv GXmXk
JfoXb :ppbq Lmmloqrkfqv GXmXk Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql qoXZh qeb vfbia oXqb lc qeb Kfhhbf//2 Fkabu Xp X YbkZejXoh+ Qeb Crka fksbpqp ibpp qeXk 6-! fk pqlZhp) 1-! lo ibpp fk Ylkap) 1-!
PLRQE HLOB: * * EXkX ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq Oldbop Bkbodv Fkab
JfoXb :ppbq Oldbop Bkbodv Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq %BkbodvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bkbodv obiXqba abofsXqfsbp prZe Xp TQF Zorab lfi Xka ;obkq
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq Oldbop Bkbodv Fkab
JfoXb :ppbq Oldbop Bkbodv Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq %BkbodvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bkbodv obiXqba abofsXqfsbp prZe Xp TQF Zorab lfi Xka ;obkq
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq Oldbop Bkbodv Fkab
JfoXb :ppbq Oldbop Bkbodv Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq %BkbodvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bkbodv obiXqba abofsXqfsbp prZe Xp TQF Zorab lfi Xka ;obkq
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq Oldbop Bkbodv Fkab
JfoXb :ppbq Oldbop Bkbodv Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq %BkbodvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bkbodv obiXqba abofsXqfsbp prZe Xp TQF Zorab lfi Xka ;obkq
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq Oldbop JbqXi Fkabu
JfoXb :ppbq Oldbop JbqXi Fkabu PmbZfXi :ppbq Fks Qorpq %JbqXi*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jbqXi obiXqba abofsXqfsbp prZe Xp Xirjfkrj) Zlmmbo) dlia) kfZhbi) p
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq Oldbop JbqXi Fkabu
JfoXb :ppbq Oldbop JbqXi Fkabu PmbZfXi :ppbq Fks Qorpq %JbqXi*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jbqXi obiXqba abofsXqfsbp prZe Xp Xirjfkrj) Zlmmbo) dlia) kfZhbi) p
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq Oldbop JbqXi Fkabu
JfoXb :ppbq Oldbop JbqXi Fkabu PmbZfXi :ppbq Fks Qorpq %JbqXi*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jbqXi obiXqba abofsXqfsbp prZe Xp Xirjfkrj) Zlmmbo) dlia) kfZhbi) p
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq Oldbop JbqXi Fkabu
JfoXb :ppbq Oldbop JbqXi Fkabu PmbZfXi :ppbq Fks Qorpq %JbqXi*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jbqXi obiXqba abofsXqfsbp prZe Xp Xirjfkrj) Zlmmbo) dlia) kfZhbi) p
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq Oldbop JbqXi Fkabu
JfoXb :ppbq Oldbop JbqXi Fkabu PmbZfXi :ppbq Fks Qorpq %JbqXi*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jbqXi obiXqba abofsXqfsbp prZe Xp Xirjfkrj) Zlmmbo) dlia) kfZhbi) p
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb PjXoq IbsboXdb FkpqXiijb
JfoXb :ppbq PjXoq IbsboXdb FkpqXiijbkq PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2 ibsboXdba aXfiv mboclojXkZb lc qeb HLPMF/-- Fkabu+ Qeb Cr
PLRQE HLOB: * * * * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq PmobXa O=C AbofsXq
JfoXb :ppbq PmobXa O=C AbofsXqfsbp Fksbpqjbkq Qorpq 1 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka Xfjp ql XZefbsb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsb fkpqorjbkqp+ Qeb Crka tfii cliilt X HKL=H LRQ
PLRQE HLOB: * * * * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq PmobXa O=C AbofsXq
JfoXb :ppbq PmobXa O=C AbofsXqfsbp Fksbpqjbkq Qorpq 3 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka Xfjp ql XZefbsb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsb fkpqorjbkqp+ Qeb Crka tfii cliilt X HKL=H LRQ
PLRQE HLOB: * * * * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq PmobXa O=C AbofsXq
JfoXb :ppbq PmobXa O=C AbofsXqfsbp Fksbpqjbkq Qorpq 4 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka Xfjp ql XZefbsb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsb fkpqorjbkqp+ Qeb Crka tfii cliilt X HKL=H LRQ
PLRQE HLOB: * * * * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq PmobXa O=C AbofsXq
JfoXb :ppbq PmobXa O=C AbofsXqfsbp Fksbpqjbkq Qorpq 5 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka Xfjp ql XZefbsb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsb fkpqorjbkqp+ Qeb Crka tfii cliilt X HKL=H LRQ
PLRQE HLOB: * * * * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq QFDBO :dofZriqrob
JfoXb :ppbq QFDBO :dofZriqrob Crqrobp BQC fp Xk buZeXkdb*qoXaba crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka Zilpbiv ql qeb mboclojXkZb lc P"M DP=F :dofZriqrob BkeXkZba PbibZq Fkabu BuZbpp Obqrok+
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq QFDBO TQF Crqrobp
JFO:B :PPBQ Qfdbo TQF Crqrobp BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb P"M DP=F =orab Lfi BkeXkZba Fkabu %BuZbpp Obqrok&+
PLRQE HLOB: * * * VLLK GR*
VBLKD .-,-.,.. *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq =olpp :ppbq Afsbop
JfoXb :ppbq =olpp :ppbq AfsbopfcfZXqflk PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba*AbofsXqfsbp Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp .--! lo ibpp fk qeb Jf
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq =olpp :ppbq Afsbop
JfoXb :ppbq =olpp :ppbq AfsbopfcfZXqflk PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba*AbofsXqfsbp Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp .--! lo ibpp fk qeb Jf
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
q+Zlj
JfoXb :ppbq =olpp :ppbq Afsbop
JfoXb :ppbq =olpp :ppbq AfsbopfcfZXqflk PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba*AbofsXqfsbp Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp .--! lo ibpp fk qeb Jf
PLRQE HLOB: * * =fqfYXkh HlobX
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JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq =olpp :ppbq Afsbop
JfoXb :ppbq =olpp :ppbq AfsbopfcfZXqflk PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba*AbofsXqfsbp Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp .--! lo ibpp fk qeb Jf
PLRQE HLOB: * * =fqfYXkh HlobX
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JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq =olpp :ppbq Afsbop
JfoXb :ppbq =olpp :ppbq AfsbopfcfZXqflk PbZrofqfbp JXpqbo Fksbqjbkq Qorpq %;lka ;XiXkZba*AbofsXqfsb Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj pqXYib ZXmfqXi dXfkp Yv fksbpqfkd afsbopiv fk
PLRQE HLOB: * * =fqfYXkh HlobX
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JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq PjXoq IbsboXdb :pp
JfoXb :ppbq PjXoq IbsboXdb :ppbq :iilZXqflk PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv ;XiXkZba*AbofsXqfsb ClC& fp X crka lc crkap fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp /-! lo jlob lc fqp Xppbqp fk
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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JfoXb :ppbq PjXoq IbsboXdb :pp
JfoXb :ppbq PjXoq IbsboXdb :ppbq :iilZXqflk PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv ;XiXkZba*AbofsXqfsb ClC& fp X crka lc crkap fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp /-! lo jlob lc fqp Xppbqp fk
PLRQE HLOB: * * PefkeXk ;Xkh * * *
JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX
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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb
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KE*=: Mobjfbo Fkabu PbZrofqfbp
KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo
PLRQE HLOB: * * PefkeXk ;Xkh * * *
KE*=: :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*
ZX+Zlj
KE*=: Mobjfbo Fkabu PbZrofqfbp
KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo
PLRQE HLOB: * * PefkeXk ;Xkh * * *
KE*=: :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*
ZX+Zlj
KE*=: Mobjfbo Fkabu PbZrofqfbp
KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo
PLRQE HLOB: * * PefkeXk ;Xkh * * *
KE*=: :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*
ZX+Zlj
KE*=: Mobjfbo Fkabu PbZrofqfbp
KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo
PLRQE HLOB: * * PefkeXk ;Xkh * * *
KE*=: :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*
ZX+Zlj
KE*=: Mobjfbo Fkabu PbZrofqfbp
KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo
PLRQE HLOB: * * PefkeXk ;Xkh * * *
KE*=: :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*
ZX+Zlj
KE*=: ;oXsl EXmmv Ifcb PbZrofq
KE*=: ;oXsl EXmmv Ifcb PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv ;XiXkZba*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+
PLRQE HLOB: * * * * * *
KE*=: :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*
ZX+Zlj
KE*=: ;oXsl EXmmv Ifcb PbZrofq
KE*=: ;oXsl EXmmv Ifcb PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv ;XiXkZba*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+
PLRQE HLOB: * * * * * *
KE*=: :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5.*0*3044*/5--
eqqm7,,Xj+gXmXk+YkmmXofYXp+Zlj
Kfhhbf :sboXdb ;bXo ;bqX RkXag
* G:M:K * * ObplkX ;Xkh Iqa * * * ;KM MXofYXp Fksbpqjbkq MXoqkbop,GXmXk
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*1245*//.. ttt+XYboabbk*
Xppbq+Zl+gm
Kfhhl =obafq Prfppb FkproXkZb
* G:M:K :oXqX HXkpX * Prjfqljl Jfqprf Qorpq ;Xkh Iqa * * *
:Yboabbk Fksbpqjbkq JXkXdbjbkq H+H+,GXmXk
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ (5.*0*3114*3--- ttt+kfhhlXj+
ZljKfhhl I Mirp /--6*-2 * G:M:K :oXqX HXkpX * Kfhhl=fqf Qorpq "
;Xkhfkd =lom * * * Kfhhl :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
ljKljroX :Zqfsb :iilZXqflk Crka * G:M:K
Bokpq " Vlrkd Pefkkfelk II=
* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb
* * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk qlhvl
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
ljKljroX :Zqfsb :iilZXqflk Crka * G:M:K
Bokpq " Vlrkd Pefkkfelk II=
* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb
* * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 1 * El
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 1 * El
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 1 * GX
* G:M:K * * ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 1 * GX
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 1 * Pl
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 1 * Pl
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 1 * RP
* G:M:K * * ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 1 * RP
* G:M:K * * ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * :R
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * :R
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * BR
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * BR
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * RP
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * RP
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * RP
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * RP
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * RP
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX ;rii ;bXo PbibZq 2 * RP
* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX =.- Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql . qfjbp qeb KljroX =.- =roobkZv PqoXq
FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe
* * * KljroX FkqbokXqflkXi MI= FobiXka ArYifk
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX =.- Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql . qfjbp qeb KljroX =.- =roobkZv PqoXq
FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe
* * * KljroX FkqbokXqflkXi MI= FobiXka ArYifk
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX =.- Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql . qfjbp qeb KljroX =.- =roobkZv PqoXq
FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe
* * * KljroX FkqbokXqflkXi MI= FobiXka ArYifk
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX =.- Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql . qfjbp qeb KljroX =.- =roobkZv PqoXq
FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe
* * * KljroX FkqbokXqflkXi MI= FobiXka ArYifk
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX Crka ToXm :iqbokXqfsb D
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb
* * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX DilYXi :ppbq Jlabi Crka
* G:M:K * * KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb
* * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX DilYXi Qobka GMV Jlkqei
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb
* * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX DilYXi Qobka GMV Pbjf*:
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb
* * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX Fkqbobpq OXqb Fksbpqjbkq PqoXqbdv FOFPu1 Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql 1
FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe
* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX Fkqbobpq OXqb Fksbpqjbkq PqoXqbdv FOFPu1 Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql 1
FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe
* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX Fkqbobpq OXqb Fksbpqjbkq PqoXqbdv FOFPu1 Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql 1
FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe
* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX FOFP Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql / qfjbp qeb KljroX Fkqbobpq OXqb Fks FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp P:
* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX FOFP Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql / qfjbp qeb KljroX Fkqbobpq OXqb Fks FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp P:
* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX FOFP Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql / qfjbp qeb KljroX Fkqbobpq OXqb Fks FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp P:
* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *
KljroX Fksbpqjbkq Plirqflkp MI
KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX FOFP Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql / qfjbp qeb KljroX Fkqbobpq OXqb Fks FOBI:KA * *
;KM MXofYXp PbZrofqfbp PbosfZbp P:
* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
KljroX Evmbo ;rii ;bXo / GXmXk
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb
* * * KljroX :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z
lj
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* * KloabX Fksbpqjbkq Crkap P:
AbkjXoh =lmbkeXdbk
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir
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AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir
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=ilpba*bka Crkap (03 . 1./ 50-- ttt+lqmXiXm+er
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L CrkaXjbkqXi FkabuMIRP QO
MFJ=L CrkaXjbkqXi FkabuMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb P"M 2-- Yv fksbpqfkd prYpqXkqfXiiv Xii lc fqp Xppbqp fk ObpbXoZe :ccfifXqbp CrkaXjbkqXi .--- Fkabu abofsXqfsbp) YXZh
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
2,0.,-2 *
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Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L CrkaXjbkqXi FkabuMIRP QO
MFJ=L CrkaXjbkqXi FkabuMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb P"M 2-- Yv fksbpqfkd prYpqXkqfXiiv Xii lc fqp Xppbqp fk ObpbXoZe :ccfifXqbp CrkaXjbkqXi .--- Fkabu abofsXqfsbp) YXZh
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
2,0.,-2 *
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Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L CrkaXjbkqXi FkabuMIRP QO
MFJ=L CrkaXjbkqXi FkabuMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb P"M 2-- Yv fksbpqfkd prYpqXkqfXiiv Xii lc fqp Xppbqp fk ObpbXoZe :ccfifXqbp CrkaXjbkqXi .--- Fkabu abofsXqfsbp) YXZh
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
2,0.,-2 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L CrkaXjbkqXi FkabuMIRP QO
MFJ=L CrkaXjbkqXi FkabuMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb P"M 2-- Yv fksbpqfkd prYpqXkqfXiiv Xii lc fqp Xppbqp fk ObpbXoZe :ccfifXqbp CrkaXjbkqXi .--- Fkabu abofsXqfsbp) YXZh
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
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AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
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MFJ=L CrkaXjbkqXi FkabuMIRP QO
MFJ=L CrkaXjbkqXi FkabuMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb P"M 2-- Yv fksbpqfkd prYpqXkqfXiiv Xii lc fqp Xppbqp fk ObpbXoZe :ccfifXqbp CrkaXjbkqXi .--- Fkabu abofsXqfsbp) YXZh
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
2,0.,-2 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L FkqbokXqflkXi PqlZhpMirp
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RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
..,-3 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
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AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
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MFJ=L FkqbokXqflkXi PqlZhpMirp
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RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
..,-3 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
* *
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
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MFJ=L FkqbokXqflkXi PqlZhpMirp
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RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
..,-3 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
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AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
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MFJ=L FkqbokXqflkXi PqlZhpMirp
MFJ=L FkqbokXqflkXi PqlZhpMIRP QlqXi Obqrok PqoXqbdv RP AliiXo Ebadba Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb JlodXk PqXkibv =XmfqXi FkqbokXqflkXi Brolmb :rpqoXifX CXo BXpq "B:CB" Fkabu+
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
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MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L FkqbokXqflkXi PqlZhpMirp
MFJ=L FkqbokXqflkXi PqlZhpMIRP QlqXi Obqrok PqoXqbdv RP AliiXo Ebadba Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb JlodXk PqXkibv =XmfqXi FkqbokXqflkXi Brolmb :rpqoXifX CXo BXpq "B:CB" Fkabu+
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
=EOFP AF:IVK:P -2,-5 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L FkqbokXqflkXi PqlZhpMirp
MFJ=L FkqbokXqflkXi PqlZhpMIRP QlqXi Obqrok PqoXqbdv RP AliiXo Ebadba Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb JlodXk PqXkibv =XmfqXi FkqbokXqflkXi Brolmb :rpqoXifX CXo BXpq "B:CB" Fkabu+
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
=EOFP AF:IVK:P -2,-5 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L FkqbokXqflkXi PqlZhpMirp
MFJ=L FkqbokXqflkXi PqlZhpMIRP QlqXi Obqrok PqoXqbdv RP AliiXo Ebadba Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb JlodXk PqXkibv =XmfqXi FkqbokXqflkXi Brolmb :rpqoXifX CXo BXpq "B:CB" Fkabu+
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
=EOFP AF:IVK:P -2,-5 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L FkqbokXqflkXi PqlZhpMirp
MFJ=L FkqbokXqflkXi PqlZhpMIRP QlqXi Obqrok PqoXqbdv RP AliiXo Ebadba Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb JlodXk PqXkibv =XmfqXi FkqbokXqflkXi Brolmb :rpqoXifX CXo BXpq "B:CB" Fkabu+
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
=EOFP AF:IVK:P -2,-5 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L FkqbokXqflkXi PqlZhpMirp
MfjZl FkqbokXqflkXi PqlZhMIRP QlqXi Obqrok PqoXqbdv %Rkebadba& fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc fqp YbkZejXoh+ Qeb Crka fksbpqp fk klk*R+P+ bnrfqv abofsXqfsbp YXZhba Yv X mloqclifl lc
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
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MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
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AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
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MFJ=L FkqbokXqflkXi PqlZhpMirp
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RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
..,-3 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
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AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
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RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
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..,-3 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
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AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
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MFJ=L FkqbokXqflkXi CrkaXjbkqX
MFJ=L FkqbokXqflkXi CrkaXjbkqXi FkabuMIRP QO PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh X qlqXi obqrok tefZe buZbbap qeXq lc qeb JP=F B:CB Fkabu+ Qeb Crka fksbpqp fk abofsXqfsbp YXpba lk qeb BkeXkZba O:CF Ab
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
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MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
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j
MFJ=L ObXiBpqXqbObXiObqrok Pqo
MFJ=L ObXiBpqXqbObXiObqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp jXufjrj obXi obqrok Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp fk obXi bpqXqb*ifkhba abofsXqfsb fkpqorjbkqp YXZhba Yv X
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
JFEFO M TLO:E ./,-4 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L ObXiBpqXqbObXiObqrok Pqo
MFJ=L ObXiBpqXqbObXiObqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp jXufjrj obXi obqrok Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp fk obXi bpqXqb*ifkhba abofsXqfsb fkpqorjbkqp YXZhba Yv X
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
JFEFO M TLO:E ./,-4 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L ObXiBpqXqbObXiObqrok Pqo
MFJ=L ObXiBpqXqbObXiObqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp jXufjrj obXi obqrok Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp fk obXi bpqXqb*ifkhba abofsXqfsb fkpqorjbkqp YXZhba Yv X
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
JFEFO M TLO:E ./,-4 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L ObXiBpqXqbObXiObqrok Pqo
MFJ=L ObXiBpqXqbObXiObqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp jXufjrj obXi obqrok Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp fk obXi bpqXqb*ifkhba abofsXqfsb fkpqorjbkqp YXZhba Yv X
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
JFEFO M TLO:E ./,-4 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
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MFJ=L ObXiBpqXqbObXiObqrok Pqo
MFJ=L ObXiBpqXqbObXiObqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp jXufjrj obXi obqrok Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp fk obXi bpqXqb*ifkhba abofsXqfsb fkpqorjbkqp YXZhba Yv X
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
JFEFO M TLO:E ./,-4 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
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AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
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MFJ=L ObXiBpqXqbObXiObqrok Pqo
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RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
JFEFO M TLO:E ./,-4 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
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j
MFJ=L PjXii =ljmXkv CrkaXjbkqX
MFJ=L PjXii =ljmXkv CrkaXjbkqXi FkabuMIRP QO PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh qlqXi obqrok+ Qeb Crka fksbpqp fk abofsXqfsbp YXpba lk qeb BkeXkZba O:CFO %bO:CF& PjXii =ljmXkv CrkaXjbkqXi Fkabu+
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j
MFJ=L PjXii =Xm PqlZhpMirp QO
MFJ=L PjXii =Xm PqlZhpMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk Orppbii /--- Fkabu abofsXqfsbp) YXZhba Yv X afsbopfcfba mloqclifl lc cfuba fkZljb fkp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
* *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PjXii =Xm PqlZhpMirp QO
MFJ=L PjXii =Xm PqlZhpMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk Orppbii /--- Fkabu abofsXqfsbp) YXZhba Yv X afsbopfcfba mloqclifl lc cfuba fkZljb fkp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
* *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PjXii =Xm PqlZhpMirp QO
MFJ=L PjXii =Xm PqlZhpMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk Orppbii /--- Fkabu abofsXqfsbp) YXZhba Yv X afsbopfcfba mloqclifl lc cfuba fkZljb fkp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
* *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PjXii =Xm PqlZhpMirp QO
MFJ=L PjXii =Xm PqlZhpMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk Orppbii /--- Fkabu abofsXqfsbp) YXZhba Yv X afsbopfcfba mloqclifl lc cfuba fkZljb fkp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
* *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PjXii =Xm PqlZhpMirp QO
MFJ=L PjXii =Xm PqlZhpMIRP QO Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk Orppbii /--- Fkabu abofsXqfsbp) YXZhba Yv X afsbopfcfba mloqclifl lc cfuba fkZljb fkp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
* *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhMirp Ilkd AroXqflk
MFJ=L PqlZhpMirp Ilkd AroXqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql buZbba qeb qlqXi obqrok lc qeb P"M 2-- Fkabu Xka X pbZlkaXov Zljmlpfqb Fkabu+ Qeb Crka mofjXofiv fksbpqp fqp Xppbqp fk P"M 2-- abofsXqfsbp) YXZhba
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
PQBSB OLALPHV 5,0.,-4 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMIRP Crka,Rkfqba P
MFJ=L PqlZhpMIRP Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk P"M 2-- abofsXqfsbp) YXZhba Yv X mloqclifl lc cfuba fkZljb fkpqorjbkqp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
.,-4,65 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMIRP Crka,Rkfqba P
MFJ=L PqlZhpMIRP Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk P"M 2-- abofsXqfsbp) YXZhba Yv X mloqclifl lc cfuba fkZljb fkpqorjbkqp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
.,-4,65 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMIRP Crka,Rkfqba P
MFJ=L PqlZhpMIRP Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk P"M 2-- abofsXqfsbp) YXZhba Yv X mloqclifl lc cfuba fkZljb fkpqorjbkqp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
.,-4,65 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMIRP Crka,Rkfqba P
MFJ=L PqlZhpMIRP Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk P"M 2-- abofsXqfsbp) YXZhba Yv X mloqclifl lc cfuba fkZljb fkpqorjbkqp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
.,-4,65 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMIRP Crka,Rkfqba P
MFJ=L PqlZhpMIRP Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk P"M 2-- abofsXqfsbp) YXZhba Yv X mloqclifl lc cfuba fkZljb fkpqorjbkqp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
.,-4,65 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMIRP Crka,Rkfqba P
MFJ=L PqlZhpMIRP Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk P"M 2-- abofsXqfsbp) YXZhba Yv X mloqclifl lc cfuba fkZljb fkpqorjbkqp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
.,-4,65 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMIRP Crka,Rkfqba P
MFJ=L PqlZhpMIRP Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk P"M 2-- abofsXqfsbp) YXZhba Yv X mloqclifl lc cfuba fkZljb fkpqorjbkqp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
.,-4,65 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMIRP Crka,Rkfqba P
MFJ=L PqlZhpMIRP Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk P"M 2-- abofsXqfsbp) YXZhba Yv X mloqclifl lc cfuba fkZljb fkpqorjbkqp
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
.,-4,65 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpmirp QO Peloq PqoX
MFJ=L PqlZhpmirp QO Peloq PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp qlqXi obqrok tefZe buZbbap qeXq lc fqp YbkZejXoh fkabu Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp bnrfqv abofsXqfsbp YXZhb
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
/--1 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpmirp QO Peloq PqoX
MFJ=L PqlZhpmirp QO Peloq PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp qlqXi obqrok tefZe buZbbap qeXq lc fqp YbkZejXoh fkabu Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp bnrfqv abofsXqfsbp YXZhb
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
/--1 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpmirp QO Peloq PqoX
MFJ=L PqlZhpmirp QO Peloq PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp qlqXi obqrok tefZe buZbbap qeXq lc fqp YbkZejXoh fkabu Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp bnrfqv abofsXqfsbp YXZhb
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
/--1 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpmirp QO Peloq PqoX
MFJ=L PqlZhpmirp QO Peloq PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp qlqXi obqrok tefZe buZbbap qeXq lc fqp YbkZejXoh fkabu Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp bnrfqv abofsXqfsbp YXZhb
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
/--1 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpmirp QO Peloq PqoX
MFJ=L PqlZhpmirp QO Peloq PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb pbbhp qlqXi obqrok tefZe buZbbap qeXq lc fqp YbkZejXoh fkabu Zlkpfpqbkq tfqe morabkq fksbpqjbkq jXkXdbjbkq+ Qeb Crka fksbpqp bnrfqv abofsXqfsbp YXZhb
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
/--1 *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMirp QlqXi Obqrok
MFJ=L PqlZhpMirp QlqXi Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka) rkabo klojXi ZfoZrjpqXkZbp) fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk P"M 2-- abofsXqf
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
3,/5,-/ *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMirp QlqXi Obqrok
MFJ=L PqlZhpMirp QlqXi Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka) rkabo klojXi ZfoZrjpqXkZbp) fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk P"M 2-- abofsXqf
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
3,/5,-/ *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMirp QlqXi Obqrok
MFJ=L PqlZhpMirp QlqXi Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka) rkabo klojXi ZfoZrjpqXkZbp) fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk P"M 2-- abofsXqf
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
3,/5,-/ *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMirp QlqXi Obqrok
MFJ=L PqlZhpMirp QlqXi Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka) rkabo klojXi ZfoZrjpqXkZbp) fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk P"M 2-- abofsXqf
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
3,/5,-/ *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMirp QlqXi Obqrok
MFJ=L PqlZhpMirp QlqXi Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka) rkabo klojXi ZfoZrjpqXkZbp) fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk P"M 2-- abofsXqf
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
3,/5,-/ *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl
j
MFJ=L PqlZhpMirp QlqXi Obqrok
MFJ=L PqlZhpMirp QlqXi Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka) rkabo klojXi ZfoZrjpqXkZbp) fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk P"M 2-- abofsXqf
RKFQBA PQ:QBP
MofZbtXqboelrpb=llmbop IIM
* PqXqb Pqobbq ;Xkh " Qorpq =l
TFIIF:J ERKQ DOLPP ";FII"
3,/5,-/ *
MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=
Rkfqba PqXqbp Kbtmloq ;bXZe
AbofsXqfsb*:ppbq :iilZ 5/*/*0454*/4-- ttt+mirpXppbq+
Zlj
Mirp /pqXo Qofmib =eXkZb PbZro
Mirp /pqXo Qofmib =eXkZb PbZrofqfbp Fksbpqjbkq Qorpq / %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * HlobX PbZrofqfbp
CfkXkZb =lom * * * Mirp :ppbq JXkXdbjbkq =l,HlobX
Plrqe HlobX PBLRI
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq
Xi+Zl+rh
MliXo =XmfqXi Crkap MI= * RH :
MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *
Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa
MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ * *
Mobjfrj Crkap * Qeb Molcbppflk
Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi XmmobZfXqflk Yv fksbpqfkd qeolrde =fqfCU :imeX PqoXqbdv . Crka+ Qeb Crka Xfjp ql lrq*mbocloj dilYXi bnrfqv Xka dilYXi Ylka fksbpqjbkqp lk X ofph*Xagrpqba YXpfp Xka ql molsfab obqrokp tfqe ilt ZloobiXqflkp ql
=:VJ:K FPI:KAP * * Mobjfrj Crkap
Iqa * * *
PJ;= Kfhhl Fksbpqjbkq Crka JXkXdbjbkq =l P+:
IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * *
Mobjfrj Crkap * Qeb Molcbppflk
Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi XmmobZfXqflk Yv fksbpqfkd qeolrde =fqfCU :imeX PqoXqbdv . Crka+ Qeb Crka Xfjp ql lrq*mbocloj dilYXi bnrfqv Xka dilYXi Ylka fksbpqjbkqp lk X ofph*Xagrpqba YXpfp Xka ql molsfab obqrokp tfqe ilt ZloobiXqflkp ql
=:VJ:K FPI:KAP * * Mobjfrj Crkap
Iqa * * *
PJ;= Kfhhl Fksbpqjbkq Crka JXkXdbjbkq =l P+:
IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ * *
MofkZbqlk Crqrobp PqoXqbdv Crk
MofkZbqlk Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql pbbh ZXmfqXi XmmobZfXqflk+ Qeb Crka pbbhp ql XZefbsb fqp mofjXov fksbpqjbkq lYgbZqfsb Yv fksbpqfkd fk8 pbZrofqfbp lc ifjfqba mXoqkbopefmp) pbZrofqfbp lc ifjfq
RKFQBA PQ:QBP
JZDiXaobv " Mriibk IIM,K=
* Rkflk ;Xkh " Qorpq =l
GLEK I P:;OB /-.- DOBD A
:KABOPLKMofkZbqlk Crkap,RP: Rkfqba PqXqbp Abksbo
AbofsXqfsb*:ppbq :iilZ * *
MofkZbqlk Crqrobp PqoXqbdv Crk
MofkZbqlk Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql pbbh ZXmfqXi XmmobZfXqflk+ Qeb Crka pbbhp ql XZefbsb fqp mofjXov fksbpqjbkq lYgbZqfsb Yv fksbpqfkd fk8 pbZrofqfbp lc ifjfqba mXoqkbopefmp) pbZrofqfbp lc ifjfq
RKFQBA PQ:QBP
JZDiXaobv " Mriibk IIM,K=
* Rkflk ;Xkh " Qorpq =l
GLEK I P:;OB /-.- DOBD A
:KABOPLKMofkZbqlk Crkap,RP: Rkfqba PqXqbp Abksbo
AbofsXqfsb*:ppbq :iilZ * *
MofkZbqlk Crqrobp PqoXqbdv Crk
MofkZbqlk Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql pbbh ZXmfqXi XmmobZfXqflk+ Qeb Crka pbbhp ql XZefbsb fqp mofjXov fksbpqjbkq lYgbZqfsb Yv fksbpqfkd fk8 pbZrofqfbp lc ifjfqba mXoqkbopefmp) pbZrofqfbp lc ifjfq
RKFQBA PQ:QBP
JZDiXaobv " Mriibk IIM,K=
* Rkflk ;Xkh " Qorpq =l
GLEK I P:;OB /-.- DOBD A
:KABOPLKMofkZbqlk Crkap,RP: Rkfqba PqXqbp Abksbo
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ (32* 3016 6.--
ttt+bXpqpmofkdfksbpqjbkqp+Zlj+pd
MorabkqfXi MorIfkh MolqbZqba D
MorabkqfXi MorIfkh MolqbZqba DilYXi QfqXkp Crka fp Xk fksbpqjbkq*ifkhba fkproXkZb crka bpqXYifpeba fk PfkdXmlob+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj ZXmfqXi doltqe+ Qeb Crka fksbpqp fk qlm dilYXi jriqfkXqflkXi ZljmXkfbp qeolrde qeb Alt Glkbp DilYXi QfqXkp PFKD:MLOB
HMJD IIM,PfkdXmlob
* * * * * BXpqpmofkd Fksbpqjbkqp PfkdXmlob Iqa
PfkdXmlob PfkdXmlob
AbofsXqfsb*:ppbq :iilZ
Qbi (02/ 12 .0 .1 2--
ttt+erX*fksbpq+ir
MPJ JXZol PqoXqbdv
MPJ JXZol PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp Zlkqfkrlrp doltqe+ Qeb Crka fksbpqp tloia*tfab fk cfkXkZfXi Xka Zljjlafqv crqrobp+
IRUBJ;LROD * *
EXrZh " :rceXbrpbo ;Xknrfbop IrubjYlrod
* * *
EXrZh " :rceXbrpbo Fksbpqjbkq DbpbiipZeXcq P:
IrubjYlrod IrubjYlrod
AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *
DQ:: LsboiXvOXfccbfpbk 003 DQ:: LsboiXv O fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd :RPQOF: * * * * * *
OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX
:rpqofX SfbkkX
AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *
DQ:: LsboiXvOXfccbfpbk 003 DQ:: LsboiXv O fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd :RPQOF: * * * * * *
OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX
:rpqofX SfbkkX
AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *
DQ:: LsboiXvOXfccbfpbk 003 DQ:: LsboiXv O fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd :RPQOF: * * * * * *
OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX
:rpqofX SfbkkX
AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *
DQ:: LsboiXvOXfccbfpbk 003 DQ:: LSBOI:V fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd X :RPQOF: * *
OXfccbfpbk WbkqoXiYXkh LbpqboobfZe :D
HROQ P=E:MMBITBFK
./,-.,-4 * OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX
:rpqofX SfbkkX
AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *
DQ:: LsboiXvOXfccbfpbk 003 DQ:: LSBOI:V fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd X :RPQOF: * *
OXfccbfpbk WbkqoXiYXkh LbpqboobfZe :D
HROQ P=E:MMBITBFK
./,-.,-4 * OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX
:rpqofX SfbkkX
AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *
DQ:: LsboiXvOXfccbfpbk 003 DQ:: LSBOI:V fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd X :RPQOF: * *
OXfccbfpbk WbkqoXiYXkh LbpqboobfZe :D
HROQ P=E:MMBITBFK
./,-.,-4 * OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX
:rpqofX SfbkkX
AbofsXqfsb*:ppbq :iilZ 03 . 151 1356 ttt+oXfccbfpbk+
er
OXfccbfpbfk PqXoQbXj =XmfqXi M
OXfccbfpbk PqXoQbXj =XmfqXi MolqbZqba AbofsXqfsb Crka fp Xk lmbk*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi molqbZqflk Xka X obqrok YXpba lk qeb mboclojXkZb lc X YXphbq lc 3 fkqbokXqflkXi bnrfqfbp+ Qeb Crka fksbpqp fqp Xppbqp fk YXk ERKD:OV * * OXfccbfpbk ;Xkh
WoqWLIQ:K S:O:AF 3,.5,.- *
OXfccbfpbk ;bcbhqbqbpf :iXmhbwbil Woq
ErkdXov ;raXmbpq
AbofsXqfsb*:ppbq :iilZ 03 . 151 1356 ttt+oXfccbfpbk+
erOXfccbfpbk Vfbia Mobjfrj Abofs
OXfccbfpbk Vfbia Mobjfrj AbofsXqfsb Crka fp Xk lmbk*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka fksbpqp fqp Xppbqp fk dlsbokjbkq Ylkap) abmlpfqp Xka abofsXqfsbp+ ERKD:OV * * OXfccbfpbk ;Xkh
WoqJFHILP ;LO;BIV 4,./,.- *
OXfccbfpbk ;bcbhqbqbpf :iXmhbwbil Woq
ErkdXov ;raXmbpq
AbofsXqfsb*:ppbq :iilZ
.*5--*130*0530 Bkdifpe
ttt+oYZcrkap+Zlj
O;= FkqbokXqflkXi Fkabu =roobk
O;= FkqbokXqflkXi Fkabu =roobkZv KbrqoXi Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql qoXZh qeb mboclojXkZb lc X dbkboXiiv obZldkfwba fkabu lc fkqbokXqflkXi bnrfqv jXohbq Zroobkqiv Ybfkd qeb JP=F B:CB Fkabu+ Qeb Crka fksbpqp mofjXofi
=:K:A: Abilfqqb " QlrZeb IIM *
O;= AbufX Fksbpqlo PbosfZbp Qorpq
* * *
O;= DilYXi :ppbq JXkXdbjbkq,=XkXaX
=XkXaX Qlolkql
AbofsXqfsb*:ppbq :iilZ
.*5--*130*0530 Bkdifpe
ttt+oYZcrkap+Zlj
O;= RP Fkabu =roobkZv KbrqoXi
O;= R+P+ Fkabu =roobkZv KbrqoXi Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql qoXZh qeb mboclojXkZb lc X dbkboXiiv obZldkfwba fkabu lc R+P+ bnrfqv jXohbq mboclojXkZb Zroobkqiv Ybfkd qeb PqXkaXoa " Mllo$p 2-- QlqXi Obqrok Fkabu+ Qeb Cr =:K:A: Abilfqqb "
QlrZeb IIM * O;= AbufX Fksbpqlo PbosfZbp Qorpq
* * *
O;= DilYXi :ppbq JXkXdbjbkq,=XkXaX
=XkXaX Qlolkql
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
MolqbZqba Fksbpqjbkq Crka 0 RH Doltqe fp Xk lmbk*bka crka aljfZfiba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab X obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla+ Qeb Crka tfii fksbpq mofkZfmXiiv fk ls ;OFQ:FK Bokpq " Vlrkd
IIM * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
M:RI =E:K /,-1,-5 * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
MolqbZqba Fksbpqjbkq Crka . RH Doltqe fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab Xob obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla+ Qeb Crka tfii fksbp ;OFQ:FK Bokpq " Vlrkd
IIM * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
M:RI =E:K ..,.6,-4 * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
MolqbZqba Fksbpqjbkq Crka / RH Doltqe fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab X obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu arofkd X cfuba mXoqfZfmXqflk mbofla+ Qeb Crka tfii fksbpq mofkZf ;OFQ:FK Bokpq " Vlrkd
IIM * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
M:RI =E:K .,/0,-5 * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
MolqbZqba Fksbpqjbkq Crka 4 RH Doltqe fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab Xob obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla+ Qeb Crka tfii fksbp ;OFQ:FK * *
=fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
M:RI =E:K 6,/1,-5 * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
O;P DilYXi PqorZqroba Fksbpqjbkqp * Fksbpqjbkq Crka .- QoXkpXqiXkqfZ :kkrXi :ZZrjriXqlo fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka Xfjp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc Ylqe qeb CQPB .-- Xka qeb
;OFQ:FK * * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
* * * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
O;P DilYXi PqorZqroba Fksbpqjbkqp * Fksbpqjbkq Crka .. QoXkpXqiXkqfZ :kkrXi :ZZrjriXqlo fp Xk lmbk*bka crka fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka$p lYgbZqfsb fp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu Xka P"M 2--
;OFQ:FK * * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
* * * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
O;P DilYXi PqorZqroba Fksbpqjbkqp * Fksbpqjbkq Crka .2 QoXkpXqiXkqfZ :ZZrjriXqlo fp X Zilpb*bka crka fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka$p lYgbZqfsb fp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc Ylqe qeb CQPB .-- Fkabu Xka qeb P"M 2 ;OFQ:FK * * * * * *
O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
O;P DilYXi PqorZqroba Fksbpqjbkqp * Fksbpqjbkq Crka 6 QoXkpXqiXkqfZ :ZZrjriXqlo fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka Xfjp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc Ylqe qeb CQPB .-- Xka qeb P"M 2--
;OFQ:FK * * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
* * * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
Fksbpqjbkq Crka 3 RH :ZZbiboXqlo fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla rkqfi bfqebo qeb jX ;OFQ:FK * *
=fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
* * * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *
O;P DilYXi PqorZqroba Fksbpqjb
Fksbpqjbkq Crka 4 RH :ZZbiboXqlo fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla rkqfi bfqebo qeb jX ;OFQ:FK * *
=fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod
* * * O;P :ppbq JXkXdbjbkq :=A Iqa
Rkfqba Hfkdalj Ilkalk
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 6.*//*0-66*13-- Qbi ttt+obifXkZbZ
XmfqXi+Zl+fk
ObifXkZb :oYfqoXdb :asXkqXdb C
ObifXkZb :oYfqoXdb :asXkqXdb Crka fp Xk lmbk*bka crka fkZlomloXqba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb Yv qXhfkd XasXkqXdb lc qeb XoYfqoXdb lmmloqrkfqfbp qeXq mlqbkqfXiiv bufpqp Ybqtbbk ZXpe Xka abofsXqfsb jXohbqp Xka tfqefk qeb abofsXqfs FKAF: * * * HOFPE:K
A:D: * *
ObifXkZb =XmfqXi :ppbq JXkXdbjbkq Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*0-66*13-- Qbi ttt+obifXkZbZ
XmfqXi+Zl+fk
ObifXkZb :oYfqoXdb :asXkqXdb C
ObifXkZb :oYfqoXdb :asXkqXdb Crka fp Xk lmbk*bka crka fkZlomloXqba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb Yv qXhfkd XasXkqXdb lc qeb XoYfqoXdb lmmloqrkfqfbp qeXq mlqbkqfXiiv bufpqp Ybqtbbk ZXpe Xka abofsXqfsb jXohbqp Xka tfqefk qeb abofsXqfs FKAF: * * * HOFPE:K
A:D: * *
ObifXkZb =XmfqXi :ppbq JXkXdbjbkq Iqa,FkafX
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*340.*---- ttt+obifdXobjc
+ZljObifdXob FkafX :oYfqoXdb Crka
ObifdXob FkafX :oYfqoXdb Crka fp Xk lmbk*bkaba Crka obdfpqboba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb qeolrde XoYfqoXdb lmmloqrkfqfbp bjbodfkd lrq lc jfpmofZfkd Ybqtbbk qeb ZXpe jXohbq Xka qeb abofsXqfsbp jXohbq+ Qeb Crka fksbpqp 32!*5-! fk
FKAF: * * AbrqpZeb ;Xkh :D
MO:K:S DLHE:IB 1,-.,.. *
ObifdXob :ppbq JXkXdbjbkq =l Iqa
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 6.*//*340.*---- ttt+obifdXobjc
+ZljObifdXob FkafX :oYfqoXdb Crka
ObifdXob FkafX :oYfqoXdb Crka fp Xk lmbk*bkaba Crka obdfpqboba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb qeolrde XoYfqoXdb lmmloqrkfqfbp bjbodfkd lrq lc jfpmofZfkd Ybqtbbk qeb ZXpe jXohbq Xka qeb abofsXqfsbp jXohbq+ Qeb Crka fksbpqp 32!*5-! fk
FKAF: * * AbrqpZeb ;Xkh :D
MO:K:S DLHE:IB 1,-.,.. *
ObifdXob :ppbq JXkXdbjbkq =l Iqa
FkafX JrjYXf
AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj
OlM:P =E FkpqfqrqflkXi Crka *
OlM:P %=E& FkpqfqrqflkXi Crka * ;lkap =EC AljbpqfZ fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fk fksbpq fk pqlZhp Xka Yllh*bkqov pbZrofqfbp pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mr
PTFQWBOI:KA * * R;P :D,;bok * * *
R;P Crka JXkXdbjbkq PtfqwboiXka :D
PtfqwboiXka ;Xpbi
AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj
OlM:P =E FkpqfqrqflkXi Crka *
OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp :jbofZX fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl fksbpq
PTFQWBOI:KA * * R;P :D,;bok * * *
R;P Crka JXkXdbjbkq PtfqwboiXka :D
PtfqwboiXka ;Xpbi
AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj
OlM:P =E FkpqfqrqflkXi Crka *
OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp :pfX %bu GXmXk& fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xip
PTFQWBOI:KA * * R;P :D,;bok * * *
R;P Crka JXkXdbjbkq PtfqwboiXka :D
PtfqwboiXka ;Xpbi
AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj
OlM:P =E FkpqfqrqflkXi Crka *
OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp Brolmb fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl fksbpq
PTFQWBOI:KA * * R;P :D,;bok * * *
R;P Crka JXkXdbjbkq PtfqwboiXka :D
PtfqwboiXka ;Xpbi
AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj
OlM:P =E FkpqfqrqflkXi Crka *
OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp GXmXk fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl fksbpqp
PTFQWBOI:KA * * R;P :D,;bok * * *
R;P Crka JXkXdbjbkq PtfqwboiXka :D
PtfqwboiXka ;Xpbi
AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj
OlM:P =E FkpqfqrqflkXi Crka *
OlM:P %=E& FkpqfqrqflkXi Crka * PqoXqbdfZ Fksbpqjbkqp fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl
PTFQWBOI:KA * * R;P :D,;bok * * *
R;P Crka JXkXdbjbkq PtfqwboiXka :D
PtfqwboiXka ;Xpbi
AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj
OlM:P =E FkpqfqrqflkXi Crka *
OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp PtfqwboiXka fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl fk
PTFQWBOI:KA * * R;P :D,;bok * * *
R;P Crka JXkXdbjbkq PtfqwboiXka :D
PtfqwboiXka ;Xpbi
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Ovabu Efde Vfbia PqoXqbdv Crka
Ovabu Efde Vfbia PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq ZloobiXqb ql qeb mboclojXkZb lc qeb efde vfbia Ylka jXohbq+ Qeb Crka fksbpqp fk Zobafq abcXriq ptXmp ql dXfk bumlprob pf
RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP
;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop
II= Rkfqba PqXqbp OlZhsfiib
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Ovabu Efde Vfbia PqoXqbdv Crka
Ovabu Efde Vfbia PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq ZloobiXqb ql qeb mboclojXkZb lc qeb efde vfbia Ylka jXohbq+ Qeb Crka fksbpqp fk Zobafq abcXriq ptXmp ql dXfk bumlprob pf
RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP
;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop
II= Rkfqba PqXqbp OlZhsfiib
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Ovabu Efde Vfbia PqoXqbdv Crka
Ovabu Efde Vfbia PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq ZloobiXqb ql qeb mboclojXkZb lc qeb efde vfbia Ylka jXohbq+ Qeb Crka fksbpqp fk Zobafq abcXriq ptXmp ql dXfk bumlprob pf
RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP
;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop
II= Rkfqba PqXqbp OlZhsfiib
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Ovabu Pbofbp Qorpq * KlsX Crka
Ovabu Pbofbp Qorpq * KlsX Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab obpriqp tefZe Zloobpmlka ql .2-! lc qeb mboclojXkZb lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk qeb KlsX JXpqbo Crka) tefZe fks
RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP
;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop
II= Rkfqba PqXqbp OlZhsfiib
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Ovabu Pbofbp Qorpq * KlsX Crka
Ovabu Pbofbp Qorpq * KlsX Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab obpriqp tefZe Zloobpmlka ql .2-! lc qeb mboclojXkZb lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk qeb KlsX JXpqbo Crka) tefZe fks
RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP
;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop
II= Rkfqba PqXqbp OlZhsfiib
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Ovabu Pbofbp Qorpq * KlsX Crka
Ovabu Pbofbp Qorpq * KlsX Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab obpriqp tefZe Zloobpmlka ql .2-! lc qeb mboclojXkZb lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk qeb KlsX JXpqbo Crka) tefZe fks
RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP
;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop
II= Rkfqba PqXqbp OlZhsfiib
AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb
pqjbkqp+Zlj
Ovabu Pbofbp Qorpq * KlsX Crka
Ovabu Pbofbp Qorpq * KlsX Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab obpriqp tefZe Zloobpmlka ql .2-! lc qeb mboclojXkZb lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk qeb KlsX JXpqbo Crka) tefZe fks
RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP
;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop
II= Rkfqba PqXqbp OlZhsfiib
AbofsXqfsb*:ppbq :iilZ .*5--*5/-*-555 ttt+ovabufksb
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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PLRQE HLOB: * * EXkX ;Xkh * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
Plrqe HlobX Pblri
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PXjprkd Fkabu Mobjfrj PbZrofqf
PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob
PLRQE HLOB: * * * * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd Fkabu Mobjfrj PbZrofqf
PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob
PLRQE HLOB: * * * * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd Fkabu Mobjfrj PbZrofqf
PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob
PLRQE HLOB: * * * * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
Plrqe HlobX Pblri
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PXjprkd Fkabu Mobjfrj PbZrofqf
PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob
PLRQE HLOB: * * * * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd Fkabu Mobjfrj PbZrofqf
PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob
PLRQE HLOB: * * * * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd Fkabu Mobjfrj PbZrofqf
PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob
PLRQE HLOB: * * * * * *
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PXjprkd HLABU Dlia Crqrobp Pmb
PXjprkd HLABU Dlia Crqrobp PmbZfXi :ppbq BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc Qeb P"M DP=F Dlia Fkabu QlqXi Obqrok tefZe fp qoXaba lk =LJBU %=ljjlafqfbp BuZeXkdb) Kbt Vloh&+
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
HFJ PBLK*ET: -1,-4 *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd HLABU PlvYbXkp Crqrobp
PXjprkd HLABU PlvYbXkp Crqrobp PmbZfXi :ppbq BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb P"M DP=F PlvYbXkp QlqXi Obqrok+
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
HFJ PBLK*ET: -0,.. *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd HLPMF/-- Ifkhba PbZrof
PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq .- %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb Hlpmf /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk a
PLRQE HLOB: * * * * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd HLPMF/-- Ifkhba PbZrof
PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 5 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb Hlpmf /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk ab
PLRQE HLOB: * * ;rpXk ;Xkh * * *
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PXjprkd HLPMF/-- Ifkhba PbZrof
PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 6 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb Hlpmf /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk ab
PLRQE HLOB: * * * * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd HLPMF/-- Ifkhba PbZrof
PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 2 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fq
PLRQE HLOB: * * ;rpXk ;Xkh * * *
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PXjprkd HLPMF/-- Ifkhba PbZrof
PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 2 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fq
PLRQE HLOB: * * ;rpXk ;Xkh * * *
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PXjprkd Clo Vlr Kbt Mbkpflk Hl
PXjprkd Clo Vlr Kbt Mbkpflk HlobX Fkabu AbofsXqfsbp =lksboqfYib Fksbpqjbkq Qorpq * Cbbabo fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd Mobjfrj HlobX Fkabu Pb
PXjprkd Mobjfrj HlobX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk PXjprkd DilYXi RjYobiiX HlobX Fkabu PbZrofqfbp JXpqbo Fks
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
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PXjprkd Mobjfrj HlobX Fkabu Pb
PXjprkd Mobjfrj HlobX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk PXjprkd DilYXi RjYobiiX HlobX Fkabu PbZrofqfbp JXpqbo Fks
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
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PXjprkd Mobjfrj HlobX Fkabu Pb
PXjprkd Mobjfrj HlobX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk PXjprkd DilYXi RjYobiiX HlobX Fkabu PbZrofqfbp JXpqbo Fks
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd Mobjfrj HlobX Fkabu Pb
PXjprkd Mobjfrj HlobX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk PXjprkd DilYXi RjYobiiX HlobX Fkabu PbZrofqfbp JXpqbo Fks
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
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PXjprkd Obsbopb Fkabu PbZrofqf
PXjprkd Obsbopb Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk *bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obsbopb oXqb lc obqrok lc qeb HLPMF/-- Yv fksbpqfkd fk Ylkap) pqlZhp) Xka abofsXqfsbp+ Qeb Crka
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
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PXjprkd Obsbopb Fkabu PbZrofqf
PXjprkd Obsbopb Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk *bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obsbopb oXqb lc obqrok lc qeb HLPMF/-- Yv fksbpqfkd fk Ylkap) pqlZhp) Xka abofsXqfsbp+ Qeb Crka
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
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PXjprkd TQF =orab Lfi PmbZfXi
PXjprkd TQF =orab Lfi PmbZfXi :ppbq Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd TQF =orab Lfi PmbZfXi
PXjprkd TQF =orab Lfi PmbZfXi :ppbq Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *
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PXjprkd TQF =orab Lfi PmbZfXi
PXjprkd TQF =orab Lfi PmbZfXi :ppbq Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *
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PXjprkd TQF =orab Lfi PmbZfXi
PXjprkd TQF =orab Lfi PmbZfXi :ppbq Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *
PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX
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PXjprkd HLABU .- VbXo HlobX Qo
PXjprkd HLABU .- VbXo HlobX QobXprov ;lka Crqrob BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc qeb Crqrobp ifkhba .- VbXo HlobX QobXprov ;lka Fkabu %C*IHQ; Fkabu&+
PLRQE HLOB: * *
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PXjprkd HLPMF/-- Ifkhba PbZrof
PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq . %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * FkarpqofXi ;Xkh lc
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PXjprkd HLPMF/-- Ifkhba PbZrof
PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq / %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsb*ifkhba pbZrofqfbp tefZe Xob ifkhba ql qeb HLPMF/-- Fkabu+
PLRQE HLOB: * * * * * *
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P:JPRKD HLPMF/-- Ifkhba PbZrof
P:JPRKD HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 3 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb Hlpmf /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk ab
PLRQE HLOB: * * ;rpXk ;Xkh * * *
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PXjprkd HLPMF/-- IbsboXdb PbZr
PXjprkd HLPMF/-- IbsboXdb PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb / ibsboXdba aXfiv mboclojXkZb lc qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp jlpq lc f
PLRQE HLOB: * *
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM =ljjlafqv Fkabu M
PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM =ljjlafqv Fkabu M
PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM =ljjlafqv Fkabu M
PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM =ljjlafqv Fkabu M
PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM =ljjlafqv Fkabu M
PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM =ljjlafqv Fkabu M
PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM =ljjlafqv Fkabu M
PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM =ljjlafqv Fkabu M
PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM =ljjlafqv Fkabu M
PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM Bkbodv Fkabu Mirp
PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM Bkbodv Fkabu Mirp
PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM Bkbodv Fkabu Mirp
PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM Bkbodv Fkabu Mirp
PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM Bkbodv Fkabu Mirp
PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM Bkbodv Fkabu Mirp
PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM PbZrofqfbp Fksbpq
PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EH*5 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * * * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM PbZrofqfbp Fksbpq
PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq H;Ek*.5 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk ql fksbpq fk BIPp ifkhba ql H; CfkXkZfXi Dolrm Xka EP=BF Fkabu+ Qeb Crka fksbpqp Xq ibXpqp 6
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM JbqXi Fkabu Mirp
PefkeXk ;KMM JbqXi Fkabu Mirp PbZrofqv JXpqbo Fksbpqjbkq Qorpq %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * * * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM PbZrofqfbp Fksbpq
PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EM*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM PbZrofqfbp Fksbpq
PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EM*/ %BIP*AbofsXqfsb& fp X Zilpba*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX PBLRI
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM PbZrofqfbp Fksbpq
PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EM*0 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM PbZrofqfbp Fksbpq
PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EM*1 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM Qlmp JlXe CrkaXjb
PefkeXk ;KMM Qlmp JlXe CrkaXjbkqXi Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM / PqXo PbZrofqfbp
PefkeXk ;KMM / PqXo PbZrofqfbp Fksbpqjbkq Qorpq HP*2 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM PjXoq HLPMF /-- F
PefkeXk ;KMM PjXoq HLPMF /-- Fkabu PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp ql
PLRQE HLOB: * * * * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM PbZrofqfbp Fksbpq
PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EH*.2 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb EP=BF Fkabu Xka qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp Xq ib
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM PbZrofqfbp Fksbpq
PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq H;Ek*.6 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk BIPp ifkhba ql EP=BF Fkabu Xka H; CfkXkZfXi Eliafkdp+ Qeb Crka fksbpqp Xq ib
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM ClZrp :dofZriqroX
PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM ClZrp :dofZriqroX
PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM ClZrp :dofZriqroX
PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM ClZrp :dofZriqroX
PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM ClZrp :dofZriqroX
PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM ClZrp :dofZriqroX
PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM ClZrp :dofZriqroX
PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * *
Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX
* * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa
* *
AbofsXqfsb*:ppbq :iilZ 5/*/*434*2444 ttt+pefksbpq+Z
l+ho
PefkeXk ;KMM ClZrp :dofZriqroX
PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * * * * *
PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX *
AbofsXqfsb*:ppbq :iilZ 5.*0*0/44*.5.. ttt+pefkhlqlr
pefk+Zl+gm
Pefkhl T ;bXo GXmXk PqlZh Lmbk
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* Prjfqljl Jfqprf Qorpq ;Xkh Iqa * * *
Pefkhl :ppbq JXkXdbjbkq =l Iqa
GXmXk Qlhvl
AbofsXqfsb*:ppbq :iilZ 5.*0*0/44*.5.. ttt+pefkhlqlr
pefk+Zl+gm
Pefkhl T ;rii Elkd Hlkd PqlZh
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* JfqprYfpef RCG Qorpq Xka ;Xkhfkd =lom
* * * Pefkhl :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/44*.5.. ttt+pefkhlqlr
pefk+Zl+gm
Pefkhl T ;bXo Elkd Hlkd PqlZh
* G:M:KBokpq " Vlrkd Pefkkfelk II=
* JfqprYfpef RCG Qorpq Xka ;Xkhfkd =lom
* * * Pefkhl :ppbq JXkXdbjbkq =l Iqa
GXmXk QLHVL
AbofsXqfsb*:ppbq :iilZ 5.*0*0/44*.5.. ttt+pefkhlqlr
pefk+Zl+gm
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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Tllof /PqXo AbofsXqfsbp Fksbpq
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Tllof /PqXo AbofsXqfsbp Fksbpq
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PLRQE HLOB: * * * * * *
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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PLRQE HLOB: * * * * * *
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Tllof FkafX Fkabu PbZrofqfbp =
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Tllof FkafX Fkabu PbZrofqfbp =
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Tllof FkafX Fkabu PbZrofqfbp =
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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
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kap+Zlj
Tbdbifk Iru DilYXi AfsbopfcfZX
Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l
IRUBJ;LROD * *
=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod
C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO
Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S
PtfqwboiXka Pq DXiibk
AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr
kap+Zlj
Tbdbifk Iru DilYXi AfsbopfcfZX
Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l
IRUBJ;LROD * *
=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod
C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO
Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S
PtfqwboiXka Pq DXiibk
AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr
kap+Zlj
Tbdbifk Iru DilYXi AfsbopfcfZX
Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l
IRUBJ;LROD * *
=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod
C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO
Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S
PtfqwboiXka Pq DXiibk
AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr
kap+Zlj
Tbdbifk Iru DilYXi AfsbopfcfZX
Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l
IRUBJ;LROD * *
=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod
C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO
Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S
PtfqwboiXka Pq DXiibk
AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr
kap+Zlj
Tbdbifk Iru DilYXi AfsbopfcfZX
Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l
IRUBJ;LROD * *
=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod
C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO
Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S
PtfqwboiXka Pq DXiibk
AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr
kap+Zlj
Tbdbifk Iru DilYXi AfsbopfcfZX
Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l
IRUBJ;LROD * *
=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod
C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO
Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S
PtfqwboiXka Pq DXiibk
AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr
kap+Zlj
Tbdbifk Iru DilYXi AfsbopfcfZX
Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l
IRUBJ;LROD * *
=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod
C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO
Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S
PtfqwboiXka Pq DXiibk
AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr
kap+Zlj
Tbdbifk Iru DilYXi AfsbopfcfZX
Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l
IRUBJ;LROD * *
=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod
C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO
Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S
PtfqwboiXka Pq DXiibk
AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr
kap+Zlj
Tbdbifk Iru DilYXi AfsbopfcfZX
Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l
IRUBJ;LROD * *
=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod
C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO
Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S
PtfqwboiXka Pq DXiibk
AbofsXqfsb*:ppbq :iilZ 3.*.0.*5.4 ttt+tbpqmXZ+Z
lj+Xr
TbpqmXZ ;rpfkbpp PrmboXkkrXqfl
TbpqmXZ ;rpfkbpp PrmboXkkrXqflk * =XmfqXi PbZrob fp X prmboXkkrXqflk crka fkZlomloXqba fk :rpqoXifX+ Qeb Crka fp Xfjp ql molsfab pbZrofqv lc ZXmfqXi qldbqebo tfqe obiXqfsbiv pqXYib obqrokp+ Qeb Crka fksbpqp fk Ylkap Xka ifnrfa fksbpqjbkqp) tfqe X obiXqfsb :RPQO:IF: * * * * * *
TbpqmXZ CfkXkZfXi PbosfZbp Iqa
:rpqoXifX Pvakbv
AbofsXqfsb*:ppbq :iilZ 11*/-*0.4-*2625 ttt+YiXZhZXqZ
XmfqXi+ZljTefqb Qfdbo Crka Iqa
Tefqb Qfdbo Crka Iqa fp Xk lmbk*bka crka fkZlomloXqba fk qeb ;ofqfpe Sfodfk FpiXkap+ Qeb Crka eXp X efde PeXomb oXqfl) ilt ZloobiXqflk tfqe lqebo Xppbq ZiXppbp Xka Xfjp ql XZefbsb Xk XsboXdb fksbpqjbkq obqrok lc /-! mbo Xkkrj+ Qeb Crka bjmilvp X criiv Xrq
;OFQ:FKMofZbtXqboelrpb=llmbop,FobiXka
* FkqboXZqfsb ;olhbop Dolrm FkZ
J:QQEBT ;OB:HTBII .,-1,.. * ;iXZhZXq =XmfqXi
MXoqkbop IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ 11*/-*0.4-*2625 ttt+YiXZhZXqZ
XmfqXi+ZljTefqb Qfdbo Crka Iqa
Tefqb Qfdbo Crka Iqa fp Xk lmbk*bka crka fkZlomloXqba fk qeb ;ofqfpe Sfodfk FpiXkap+ Qeb Crka eXp X efde PeXomb oXqfl) ilt ZloobiXqflk tfqe lqebo Xppbq ZiXppbp Xka Xfjp ql XZefbsb Xk XsboXdb fksbpqjbkq obqrok lc /-! mbo Xkkrj+ Qeb Crka bjmilvp X criiv Xrq
;OFQ:FKMofZbtXqboelrpb=llmbop,FobiXka
* FkqboXZqfsb ;olhbop Dolrm FkZ
J:QQEBT ;OB:HTBII .,-1,.. * ;iXZhZXq =XmfqXi
MXoqkbop IIM Rkfqba Hfkdalj Ilkalk
AbofsXqfsb*:ppbq :iilZ * *
Tbiifkdqlk JXkXdbjbkq Mloqclif
Tbiifkdqlk JXkXdbjbkq Mloqclifl %=XvjXk& * Dlsbokjbkq ObiXqfsb SXirb Mloqclifl fp Xk lmbk*bka crka fkZlomloXqba fk qeb =XvjXk FpiXkap+ Qeb Crka Xfjp ql dbkboXqb obqrokp fk buZbpp lc qeb Jboofii IvkZe 0*Jlkqe Q*;fii Fkabu+ Qeb Crka fksbpqp fk buZeXkdb*qoXa
=:VJ:K FPI:KAP * * PqXqb Pqobbq ;Xkh
Xka Qorpq =l * * * Tbiifkdqlk JXkXdbjbkq =l IIM
Rkfqba PqXqbp ;lpqlk
AbofsXqfsb*:ppbq :iilZ * *
Tbiifkdqlk JXkXdbjbkq Mloqclif
Tbiifkdqlk JXkXdbjbkq Mloqclifl %=XvjXk& * Dlsbokjbkq ObiXqfsb SXirb Mloqclifl fp Xk lmbk*bka crka fkZlomloXqba fk qeb =XvjXk FpiXkap+ Qeb Crka Xfjp ql dbkboXqb obqrokp fk buZbpp lc qeb Jboofii IvkZe 0*Jlkqe Q*;fii Fkabu+ Qeb Crka fksbpqp fk buZeXkdb*qoXa
=:VJ:K FPI:KAP * * PqXqb Pqobbq ;Xkh
Xka Qorpq =l * * * Tbiifkdqlk JXkXdbjbkq =l IIM
Rkfqba PqXqbp ;lpqlk
AbofsXqfsb*:ppbq :iilZ * *
Tbiifkdqlk JXkXdbjbkq Mloqclif
Tbiifkdqlk JXkXdbjbkq Mloqclifl %=XvjXk& * Dlsbokjbkq ObiXqfsb SXirb Mloqclifl fp Xk lmbk*bka crka fkZlomloXqba fk qeb =XvjXk FpiXkap+ Qeb Crka Xfjp ql dbkboXqb obqrokp fk buZbpp lc qeb Jboofii IvkZe 0*Jlkqe Q*;fii Fkabu+ Qeb Crka fksbpqp fk buZeXkdb*qoXa
=:VJ:K FPI:KAP * * PqXqb Pqobbq ;Xkh
Xka Qorpq =l * * * Tbiifkdqlk JXkXdbjbkq =l IIM
Rkfqba PqXqbp ;lpqlk
AbofsXqfsb*:ppbq :iilZ * *
Tbiifkdqlk JXkXdbjbkq Mloqclif
Tbiifkdqlk JXkXdbjbkq Mloqclifl %=XvjXk& * Dlsbokjbkq ObiXqfsb SXirb Mloqclifl fp Xk lmbk*bka crka fkZlomloXqba fk qeb =XvjXk FpiXkap+ Qeb Crka Xfjp ql dbkboXqb obqrokp fk buZbpp lc qeb Jboofii IvkZe 0*Jlkqe Q*;fii Fkabu+ Qeb Crka fksbpqp fk buZeXkdb*qoXa
=:VJ:K FPI:KAP * * PqXqb Pqobbq ;Xkh
Xka Qorpq =l * * * Tbiifkdqlk JXkXdbjbkq =l IIM
Rkfqba PqXqbp ;lpqlk
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AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+
Zlj
Tllof / PqXo PbZrofqfbp Fksbpq
Tllof / PqXo PbZrofqfbp Fksbpqjbkq Qorpq HHQ*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *
Tllof :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+
Zlj
Tllof HLPBC /-- Crqrobp BQC
Tllof HLPBC /-- Crqrobp BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb C*HLPMF/-- Fkabu+ Qeb Crka jXfkiv fksbpqp fk abofsXqfsbp rkabivfkd t
PLRQE HLOB: * * * IBB
H:KDEBB .,.0,./ * Tllof :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+
Zlj
Tllof HLPBC RPA Crqrobp Fksbop
Tllof HLPBC RPA Crqrobp Fksbopb BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka pbbhp aXfiv fksbpqjbkq obpriqp qeXq Zloobpmlka ql .--! lc qeb C*RPAHOT fkabu+ Qeb Crka fksbpqp fk cfkXkZfXi fkpqorjbkqp fkZirafkd abofsXqfsbp+
PLRQE HLOB: * * * IBB
H:KDEBB -6,.- * Tllof :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+
Zlj
Tllof SXofXYib FkproXkZb Fkabu
Tllof SXofXYib FkproXkZb Fkabu Ifkhba PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq H*. %Bnrfqv ;XiXkZba*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsbp ifkhba ql qeb Hlpmf /--
PLRQE HLOB: * * EXkX ;Xkh * * *
Tllof :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+
Zlj
Tllof PqlZh MofZb Fkabu Ifkhba
Tllof PqlZh MofZb Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq . %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd Xq ibXpq 6-! lc fqp Xppbqp fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd
PLRQE HLOB: * * * * * *
Tllof :ppbq JXkXdbjbkq,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 3.*.0.*5.4 ttt+tbpqmXZ+Z
lj+Xr
TbpqmXZ Ol ;lka =XmfqXi DrXoXk
TbpqmXZ Ol ;lka =XmfqXi DrXoXkqbba Crka fp X rkfq qorpq fkZlomloXqba fk :rpqoXifX+ Qeb Crka fp Xfjp ql molsfab pbZrofqv lc ZXmfqXi qldbqebo tfqe obiXqfsbiv pqXYib obqrokp+ Qeb Crka fksbpqp fk Ylkap Xka ifnrfa fksbpqjbkqp) tfqe X obiXqfsbiv pjXii Xjlrkq f :RPQO:IF: * * * * * *
TbpqmXZ CfkXkZfXi PbosfZbp Iqa
:rpqoXifX Pvakbv
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;B:O
U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;B:O
U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;B:O
U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;B:O
U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;B:O
U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY
Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K
lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P
KlotXv Lpil
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrofb .+2u IbsboXdb PbZrofqfbp
Vrofb .+2u IbsboXdb PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2 ibsboXdba aXfiv mboclojXkZb lc qeb HLPMF/-- Fkabu Yv fksbpqfkd 3-! lo jlob lc fqp Xppbqp
PLRQE HLOB: * * * * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrofb AXfiv Fkabu AbofsXqfsbp
Vrofb AXfiv Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp X Zilpba*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb qeb ZXmfqXi doltqe mboclojXkZb lc qeb HLPMF/-- fkabu Xp Zilpbiv Xp mlppfYib+ Qeb Crka fksbpqp bnrfqfbp Xka bnrfqv obiXqba pbZro
PLRQE HLOB: * * PefkeXk ;Xkh * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+hoVrofb Fkabu /-- PbZrofqfbp Fks
Vrofb Fkabu /-- PbZrofqfbp Fksbpqjbkq =ljmXkv %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb vfbia oXqb Zilpb ql HLPMF/--) Xka buZbpp obqrokp XdXfkpq HLPMF/-- fk ifjfqba oXkdb+ Qeb Crka fksbpq
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+hoVrofb Fkabu /-- PbZrofqfbp Fks
Vrofb Fkabu /-- PbZrofqfbp Fksbpqjbkq =ljmXkv %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb vfbia oXqb Zilpb ql HLPMF/--) Xka buZbpp obqrokp XdXfkpq HLPMF/-- fk ifjfqba oXkdb+ Qeb Crka fksbpq
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+hoVrofb Fkabu /-- PbZrofqfbp Fks
Vrofb Fkabu /-- PbZrofqfbp Fksbpqjbkq =ljmXkv %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb vfbia oXqb Zilpb ql HLPMF/--) Xka buZbpp obqrokp XdXfkpq HLPMF/-- fk ifjfqba oXkdb+ Qeb Crka fksbpq
PLRQE HLOB: * * =fqfYXkh HlobX
FkZ * * * Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrofb HLPA:N Fkabu 2- Bnrfqv A
Vrofb HLPA:N Fkabu 2- Bnrfqv AbofsXqfsb Fksbpqjbkq =ljmXkv fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb vfbia oXqb Zilpb ql HLPA:N 2- Fkabu vfbia oXqb+ Qeb Crka fksbpqp 2-! lo jlob fk pqlZhp) 1-! lo ibpp fk =Mp)
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrofb HLPMF/-- Fkabu AbofsXqfs
Vrofb HLPMF/-- Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk alj
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrofb HLPMF/-- Fkabu AbofsXqfs
Vrofb HLPMF/-- Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk alj
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrofb HLPMF/-- Fkabu AbofsXqfs
Vrofb HLPMF/-- Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk alj
PLRQE HLOB: * * Hllhjfk ;Xkh * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrof Qlm0Dolrm .+2u IbsboXdb J
Vrofb Qlm0Dolrm .+2u IbsboXdb JXpqbo DlXi =lksboqfYib PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv ;XiXkZba*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+
PLRQE HLOB: * * * * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrofb Qlm 0 Dolrm .+2U IbsboXd
Vrofb Qlm 0 Dolrm .+2U IbsboXdb PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2u ibsboXdba aXfiv mboclojXkZb lc qeb JHC Qlm0 Fkabu Yv fksbpqfkd fk qeb Vrofb Q
PLRQE HLOB: * * * * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrofb Qlm 0 Dolrm .+2U IbsboXd
Vrofb Qlm 0 Dolrm .+2U IbsboXdb PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2u ibsboXdba aXfiv mboclojXkZb lc qeb JHC Qlm0 Fkabu Yv fksbpqfkd fk qeb Vrofb Q
PLRQE HLOB: * * * * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq
+Zl+ho
Vrofb Qlm 0 Dolrm .+2U IbsboXd
Vrofb Qlm 0 Dolrm .+2U IbsboXdb PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2u ibsboXdba aXfiv mboclojXkZb lc qeb JHC Qlm0 Fkabu Yv fksbpqfkd fk qeb Vrofb Q
PLRQE HLOB: * * * * * *
Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX
Plrqe HlobX Pblri
Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: [email protected] |