Le news 09 01 14 edition 9

Page 1

+HEGRPDGDLUH JUDWXLW 1Ź

/DNH *HQHYD UHJLRQ -DQXDU\

<RXWK ELQJH GULQNLQJ 5HJLRQDO QHZV

$YDODQFKH 6NL VDIHO\

1DWLRQDO QHZV

ZZZ OHQHZV FK

3URSHUW\ WR EX\ %ODFN PRYLH RU QRW WR EX\" ILOP IHVWLYDO

3URSHUW\

:KDWÅ‚V RQ

/RVLQJ MXVW DERXW HYHU\WKLQJ /DVW \HDU SDVVHQJHUV OHIW RYHU LWHPV RQ ERDUG WUDLQV 0RELOH SKRQHV WRS WKH PRVW IRUJRWWHQ OLVW ZKLFK LQFOXGHV ZKHHOFKDLUV DQG SURVWKHWLF OLPEV

4FDVSJUZ UBY QBZFS QBZT *(1(9$ 5IF QSPTQFDU PG IPTUJOH UXP CPSF UIF CSVOU PG UIF TFDVSJUZ DPTUT HJWFO JO B NBOOFS UIBU JT OPX IJHIMZ FGGJDJFOU NBKPS JOUFSOBUJPOBM DPOGFSFODFT BU UIF TBNF UJNF m UIF 8PSME &DPOPNJD 'PSVN JO %BWPT BOE 4ZSJB ** JO .POUSFVY m UISFBUFOT UP PWFSMPBE 4XJU[FSMBOE T TFDVSJUZ DBQBDJUZ "OPUIFS JTTVF JT XIP QBZT GPS BMM UIJT -BTU +VMZ T ( NFFUJOH JO /PSUIFSO *SFMBOE DPTU UIF #SJUJTI BOE #FMGBTU HPWFSONFOUT b NJMMJPO $)' NJMMJPO 8IFO UIF ( XBT IFME JO &WJBO JO JU XBT 4XJU[FSMBOE UIBU

UIBU 64 QSFTJEFOU (FPSHF 8 #VTI TUBZFE XJUI GSJFOET PVUTJEF -BVTBOOF QSPWPL JOH MPDBM QSPUFTUT 5IF BOOVBM NFFUJOH PG UIF 8&' XIJDI IBT CFFO IFME UPXBSE UIF FOE PG +BOVBSZ GPS PWFS ZFBST BUUSBDUT QPMJUJ DJBOT BOE CVTJOFTT FYFDVUJWFT GSPN BMM PWFS UIF XPSME UIVT QPTJOH BO FOPS NPVT TFDVSJUZ SJTL /FWFSUIFMFTT UIF 4XJTT IBWF GJOF UVOFE UIFJS PQFSBUJPOT

SBOHJOH GSPN GJHIUFS BJSDSBGU PWFSGMJHIUT BOE IFMJDPQUFS NPOJUPSJOH UP NJMJUBSZ DPNNBOEPFT EPH UFBNT BOE DBOUPOBM QPMJDF DPVQMFE XJUI QSJWBUF TFDVSJUZ GJSNT :FU XIFO IJHI QSPGJMF MFBEFST CSJOH UIFJS PXO FOUPVSBHFT PG TFDVSJUZ TVQQPSU UFBNT UIF 4XJTT IBWF UP DPOUFOE XJUI BEEFE DPPSEJOBUJPO DIBMMFOHFT &RQWLQXHG RQ SDJH

-DQXDU\ /( 1(:6

7KLV :HHN LQ 6ZLW]HUODQG "GUFS BOOPVODJOH B QBSUOFSTIJQ XJUI %VLBTDPQZ #BOL B GFX NPOUIT BHP UIF "NFSJDBO *OUFSOBUJPOBM $MVC PG (FOFWB "*$ IBT TJODF MBVODIFE OFX TPDJBM DIBOOFM "*$ 57 8FFLMZ JOUFSWJFXT IPTUFE CZ "*$ QSFTJEFOU &E ,BSS XJMM DPWFS UPQJDT TVDI BT GJOBODF MBX NBSLFUJOH BOE QIJMBO UISPQZ ,BSS TUBUFE UIBU iXJUI "*$ T BDDFTT UP UIF CVTJOFTT MFBEFST PG (FOFWB BMPOH XJUI %VLBTDPQZ T EFTJSF UP CFUUFS JOGPSN UIFJS BVEJFODF BOE DMJFOUT JU SFBMMZ NBLFT GPS B XJO XJO TJUVBUJPO u %FTQJUF IBWJOH MPTU PVU UP UIF 'VUVSF BOE &NFSHJOH 5FDIOPMPHZ 'MBHITJQ ù CJMMJPO TVCTJEZ GSPN UIF &VSPQFBO $PNNJTTJPO UIF (VBSEJBO "OHFMT QSPKFDU TUJMM BJNT UP SPMM PVU B QSPUP UZQF PG JUT [FSP FOFSHZ FMFDUSPOJD CPEZ NPOJUPSJOH DIJQT CZ BVUVNO #BTFE JO &1' -BVTBOOF BOE &5) ;VSJDI UIF QSPKFDU JOWPMWFT EFWFMPQ JOH XFBSBCMF JOUFHSBUFE DIJQT UIBU XJMM QJDL VQ CJPMPHJDBM TJHOBMT FWBMVBUF IFBMUI BOE QSPWJEF XFBSFST XJUI JOGPSNBUJPO UISPVHI B VTFS JOUFSGBDF 5IF ;VSJDI CBTFE 4XJTT 4PDJFUZ PG $PNNPO (PPE IBT MBVODIFE B DPNQFUJUJPO UIBU JOWJUFT BOZPOF UP TVCNJU B OFX SFOEJUJPO PG UIF 4XJTT /BUJPOBM "OUIFN BT JU JT DVSSFOUMZ EVCCFE PME GBTIJPOFE BOE TBE BOE JO OFFE PG CFJOH SFWJWFE &OUSJFT XJMM CF BDDFQUFE VOUJM +VOF BGUFS XIJDI UIF XJOOJOH UVOF XJMM CF QSFTFOUFE UP UIF 4XJTT DBCJOFU 5IF DSJUFSJB JODMVEF JOWPMWJOH B MZSJDBM SFGMFDUJPO PG EFNPDSBDZ OFVUSBMJUZ BOE MJCFSUZ IBWJOH B TJNJMBS NFMPEZ UP UIF DVSSFOU POF BOE CFJOH FBTZ UP MFBSO BOE TJOH *U BMTP TIPVME CF FBTJMZ USBOTMBUFE JOUP GPVS EJGGFSFOU MBOHVBHFT /BUVSF QSPUFDUJPO PSHBOJTBUJPO 1SP /BUVSB IBT BOPJOUFE UIF &VSPQFBO GJFME DSJDLFU (SZMMVT DBNQFTUSJT DIBSBDUFSJTFE CZ UIF NBMF T MPVE GBS SFBDIJOH DIJSQ T BOJNBM PG UIF ZFBS 5IF TUSBUFHJD DIPJDF BJNT UP QSPNPUF NPSF CJPEJWFSTJUZ JO UIF DSJDLFU T GJFME BOE NFBEPX IBCJUBU XIJDI JT CFJOH TISVOL CZ CVJMEJOH BOE GBSNJOH EFWFMPQNFOUT 5IF &VSPQFBO CVMMIFBE XBT EVCCFE GJTI PG UIF ZFBS CZ UIF 4XJTT "OHMFST 'FEFSBUJPO BOE UIF 4XJTT "TTPDJBUJPO GPS UIF 1SPUFDUJPO PG #JSET XJMM BOOPVODF UIF CJSE PG UIF ZFBS JO +BOVBSZ

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i4FDVSF KPCT CZ NBLJOH 4XJU[FSMBOE B HMPCBM MFBEFS JO SFTFBSDI EFWFMPQ NFOU BOE QSPEVDUJPO PG NFEJDBM QSPEVDUTu UIF 'FEFSBM $PVODJM JOUFOET UP JOUSPEVDF B SBOHF PG NFBTVSFT UP DSFBUF BO PQUJNVN FOWJSPONFOU GPS CJPNFEJDBM SFTFBSDI BOE UFDIOPM PHZ BT HMPCBM DPNQFUJUJPO CFDPNFT UPVHIFS 5IF NFBTVSFT JODMVEF JNQSPWJOH UIF QSJDF TFUUJOH TZTUFN GPS NFEJDJOFT TFUUJOH VQ B )FBMUI 5FDIOPMPHZ "TTFTTNFOU "HFODZ UP FWBMVBUF UIF QFSGPSNBODF PG NFEJDBM TFSWJDFT BOE JNQSPWF NFUIPET UP QSPUFDU BHBJOTU DPVOUFSGFJU BOE JMMFHBM NFEJDJOFT 5IF )VNBO 3FTFBSDI "DU DPNJOH JOUP GPSDF UIJT ZFBS BJNT UP FTUBCMJTI B OFX GSBNFXPSL GPS SFTFBSDI PO IVNBOT BOE DMFBSFS QSPDFEVSFT GPS BQQSPWJOH SFTFBSDI QSPKFDUT 5IJT ZFBS 5BNFEJB XJMM BDRVJSF UIF NBKPSJUZ PG %PPEMF *U BDRVJSFE TUBLF JO *5 TQFDJBMJTU BOE NBOBHFS PG TFWFSBM (FSNBO XFCTJUFT .JDIBFM #SFDIU XJMM UBLF PWFS UIF XFCTJUF QMBOOJOH QMBUGPSN PO 'FCSVBSZ 'PVOEFST PG UIF POMJOF TDIFEVMJOH UPPM .JDIBFM /ÅG BOE 1BVM 4FWJOD XJMM HSBEVBMMZ XJOE EPXO UIFJS NBOBHFNFOU SPMFT QSPNJTFT UP CF BO FYDJUJOH ZFBS GPS BTUSPOPNFST XJUI NBOZ QMBOFUT NBLJOH BO BQQFBSBODF PO PVS OJHIU TLJFT +VQJUFS BQQFBSFE JO FBSMZ +BOVBSZ .BST XJMM QBZ B GMFFUJOH WJTJU JO .BSDI UIPVHI POMZ WJTJCMF UISPVHI B UFMFTDPQF XIJMTU .FSDVSZ BOE 4BUVSO XJMM DPNF JOUP WJFX JO TQSJOH 8JUI B UFMFTDPQF ZPV XJMM FWFO CF BCMF UP TQPU TPNF PG 4BUVSO T NPPOT

4FDVSJUZ UBY QBZFS QBZT &RQWLQXHG IURP SDJH

4ZSJB ** XIJDI JT EVF UP TUBSU PO +BOVBSZ JT OPU POMZ CFJOH DPOWFOFE BU UIF DPNQMFUF PQQPTJUF FOE PG 4XJU[FSMBOE CVU XJMM NPWF UP (FOFWB UXP EBZT MBUFS 5IJT NFBOT QSFQBSJOH TFDVSJUZ EFUBJMT GPS UIF MVYVSZ .POUSFVY 1BMBDF CFGPSF USBOTGFSSJOH UP UIF 6OJUFE /BUJPOT 3FHBSEMFTT PG XIFUIFS UIF UBMLT UBLF QMBDF PS OPU UIFZ IBWF UP CF GJHVSFE JOUP 4XJU[FSMBOE T PWFSBMM TFDVSJUZ QMBO TJODF .POUSFVY XJMM CSJOH JO IJHI MFWFM PGGJDJBMT TVDI BT 64 4FDSFUBSZ PG 4UBUF +PIO ,FSSZ 5IF NBJO DPODFSOT BSF UFSSPSJTN BOE DJWJM EJTSVQUJPO "OUJ 8&' QSP UFTUT BSF B SFHVMBS %BWPT QIFOPNFOPO 8IJMF QPMJDF DIFDL USBJOT BOE DBST TPNF PQQPOFOUT IBWF TPVHIU UP TLJ JO GSPN UIF PUIFS TJEF 5IF 4XJTT BVUIPSJ UJFT BSF JNQPTJOH B LJMPNFUSF TFDV SJUZ DPSEPO BSPVOE UIF (SBVCÛOEFO SFTPSU BOE DJWJM BJSDSBGU BSF CFJOH BTLFE

UP TUJDL UP EFTJHOBUFE DPSSJEPST 5IF 4XJTT "JS 'PSDF XIJDI DPNNBOET TPNF DPNCBU KFUT BOE UBDUJDBM GJHIU FST GFBST UIBU UIF HSPVOEJOH PG FWFO POF QMBOF DPVME UISPX JUT QSFQBSBUJPOT JOUP EJTBSSBZ i8JUI CPUI .POUSFVY BOE %BWPT XF XJMM CF BU UIF MJNJU PG PVS DBQBCJMJUJFT u B EFGFODF NJOJTUSZ TPVSDF UPME UIF 5SJCVOF EF (FOÍWF 4FDVSJUZ NFBTVSFT BU %BWPT BSF OPSNBMMZ QBJE GPS CZ UIF 8&' #FSO BOE WBSJPVT DBOUPOT 8JUI DPTUT FTUJNBUFE BU IVOESFET PG NJMMJPOT PG 4XJTT GSBODT TPNF DPVOUSJFT BMTP DPOUSJCVUF GPS UIFJS PXO MFBEFST 4FDVSJUZ FYQFOEJUVSF GPS NFFUJOHT TVDI BT 4ZSJB ** JT MBSHFMZ CPSOF CZ UIF 4XJTT CVU TVDI HBUIFSJOHT BSF CFJOH MBNCBTUFE CZ TPNF XIP EP OPU GFFM UIBU MPDBM UBYQBZFST TIPVME CFBS UIF CVSEFO 0UIFST BSHVF UIBU UIJT JT 4XJU[FSMBOE T SFTQPOTJCJMJUZ BT B OFV USBM BSCJUFS BOE FOIBODFT JUT SPMF JO UIF JOUFSOBUJPOBM BSFOB (GZDUG *LUDUGHW DQG &KULVWRSKHU :RRGEXUQ

/( 1(:6 -DQXDU\

5HJLRQDO

*TPMBUJOH BTZMVN TFFLFST &2,175,1 3URSRVDO WR LQFUHDVH DVO\XP VHHNHU KRXVLQJ

(GLWRUłV FRPPHQW

#FZPOE 1FPSJB .BLJOH /FXT 3FMFWBOU

"

T B KPVSOBMJTU XIP VTFE UP SFQPSU GPS B NBKPS "NFSJDBO OFXTQBQFS XJUI BO FNQIBTJT PO JOUFSOBUJPOBM OFXT * XBT OFWFS UJFE UP UIF CVSEFO PG NPTU NBJOTUSFBN 64 NFEJB OPUBCMZ i8JMM JU QMBZ JO 1FPSJB u 5IJT TVQQPTFEMZ EFUFSNJOFE XIFUIFS B TUPSZ XBT SFMFWBOU PS OPU UP UIF QSPUP UZQJDBM "NFSJDBO .Z FEJUPST BTTVNFE UIBU TJODF PVS SFBEFST XFSF JOUFSFTUFE JO GPSFJHO BGGBJST XF EJE OPU IBWF UP DBUFS UP iEPNFTUJD POMZu JOUFSFTUT *U XBT B EJGGFSFOU NBUUFS GPS NPTU 64 OFXTQBQFST BOE BMTP GPS #SPBEXBZ BOE )PMMZXPPE " DJUZ PG OFBSMZ QFPQMF 1FPSJB *MMJOPJT CFDBNF UIF ZBSETUJDL GPS XIBU .JEEMF "NFSJDB XBT JOUFSFTUFE JO *G JU EJEO U iQMBZu JO 1FPSJB UIFSF XBT OP QPJOU JO EPJOH UIF TUPSZ QMBZ PS GJMN 5IF DIBMMFOHF XJUI SFBDIJOH PVU UP UIF -BLF (FOFWB SFHJPO JT UIBU UIFSF JT OP 1FPSJB 5IFSF JT OPUIJOH iQSPUPUZQJDBMu PS iNJEEMFu BCPVU 4XJTT 'SFODI PS FYQBUSJBUF BVEJFODFT XJTIJOH UP SFBE BO &OHMJTI MBOHVBHF OFXTQBQFS 8F LOPX UIBU NPTU SFMZ XIFUIFS JO QSJOU PS POMJOF PO OFXTQBQFST TVDI BT UIF 15 ),%5 #' -65 #( ( # &5 #' -65BOE5 5 '*-65GPS UIFJS HMPCBM JOGPSNBUJPO 0S UIFZ MJTUFO UP PS XBUDI 4XJTT 'SFODI #SJUJTI BOE PUIFS CSPBEDBTUFST 4P XIZ CPUIFS XJUI 5 1- 8IJMF JU UBLFT UJNF GPS BOZ QVCMJDBUJPO UP FTUBCMJTI JUTFMG JU JT BMSFBEZ DMFBS UIBU UIF CVML PG PVS SFBEFST DPOTJTU PG BO JOGPSNFE BOE IJHIMZ EJWFSTF DPNNV OJUZ PG SFMBUJWFMZ BGGMVFOU JOUFSOBUJPOBMMZ PSJFOUFE QFPQMF XIP USBWFM GPS CVTJOFTT QMBDF BO FNQIBTJT PO HPPE FEVDBUJPO HP BCSPBE PO IPMJEBZ BQQSFDJBUF UIF PVUEPPST BOE TQPSUT FOKPZ TIPQQJOH BOE BSF DPODFSOFE CZ HMPCBM JTTVFT TVDI BT UIF FOWJSPONFOU BOE IVNBO SJHIUT 5IFZ SF BO FYUSBPSEJOBSZ NJY PG FOUSFQSFOFVST CVTJOFTT QFPQMF GJOBODJFST IVNBOJUBSJBOT BDBEFNJDT TDJFOUJTUT BOE JOOPWBUJWF UIJOLFST 5IFZ SF BMTP DSJUJDBM BOE EP OPU UBLF MJHIUMZ UP CFJOH XBMLFE PWFS "QBSU GSPN CFJOH B GSFF XFFLMZ IPX JT 5 1- SFMFWBOU 8IBU TPSU PG JOGPSNBUJPO EPFT PS TIPVME JU QSPWJEF UP iQMBZu FGGFDUJWFMZ "T UIF OFX ZFBS HFUT VOEFSXBZ EJTUSJCVUJPO JT FYQBOEJOH XJUI OFBSMZ DPQJFT SFBDIJOH PWFS QPJOUT JODMVEJOH DPNQBOJFT 6/ BHFODJFT TIPQT /(0T VOJWFSTJUJFT TDIPPMT BOE DBGÊT *U JT BMTP BWBJMBCMF FMFDUSPOJDBMMZ 1FPQMF BSF HFUUJOH VTFE UP JU 5IFZ SF DPNQMBJOJOH XIFO UIFZ DBOOPU GJOE B DPQZ .PTU GFFECBDL TVHHFTUT UIBU DPWFSBHF BCPVU 4XJU[FSMBOE BOE OFJHICPVSJOH 'SBODF JT DSVDJBM QBSUJDVMBSMZ JG JU PGGFST HPPE SFQPSUJOH BOE JOTJHIU UIBU BSF SFMFWBOU UP UIFJS MJWFT GPS FYBNQMF BCPVU TDIPPMT SFBM FTUBUF BOE KPCT " GFX IBWF DPNQMBJOFE UIBU

5 1- JT B OFXTQBQFS SVO CZ iFYQBUTu GPS iFYQBUTu "T UIF 4XJTT FEJUPS PG UIF OFXTQBQFS * EP OPU BHSFF 6Q UP PG PVS SFBEFST BSF 4XJTT PS 'SFODI XIP BQQFBS JOUSJHVFE CZ UIF EJGGFSFOU QFSTQFDUJWF XF PGGFS 8F IBWF MFBSOFE TP GBS UIBU XIBU SFBEFST XBOU JO BEEJUJPO UP OFXT JT JOGPSNBUJPO BCPVU XIBU JT IBQQFOJOH JO UIF GPSN PG MPDBM BOE SFHJPOBM FWFOUT XIFUIFS SFDSFBUJPO UIF BSUT DVMUVSF PS TQPSUT 5IFZ XBOU UP LOPX XIBU UP EP PO XFFLFOET BOE XIFSF UP HP XJUI UIF LJET 8F BSF LFFO UP SFDFJWF NPSF GPSNBM GFFECBDL BCPVU XIBU ZPV SFBMMZ UIJOL BCPVU 5 1- BOE XPVME UIFSFGPSF WBMVF ZPVS UIPVHIUT CZ FNBJM UP FEJUPS!MFOFXT DI 8F MPPL GPSXBSE UP GJOEJOH PVU XIFUIFS 5 1- JT NFFUJOH ZPVS FYQFDUBUJPOT BOE UIBU XF SF iQMBZJOHu JU SJHIU %\ (GZDUG *LUDUGHW

" QSPQPTBM JT VOEFS DPO TJEFSBUJPO JO #FSO UP IPVTF BTZMVN TFFLFST BSSJWJOH CZ BJS BU (FOFWB T $PJOUSJO BJSQPSU JO BO FYQBOEFE EPSNJUPSZ GBDJMJUZ BU UIF FOE PG UIF UBSNBD " (FOFWB /(0 UIBU QSPWJEFT MFHBM BTTJTUBODF UP BTZMVN TFFLFST &MJTB "TJMF PCKFDUT PO UIF HSPVOET UIBU UIF QSPQPTBM GSPN (FOFWB BJSQPSU BVUIPSJ UJFT BOE UIF 'FEFSBM 0GGJDF PG .JHSBUJPO '0. IBT EJT QMBDFE BTZMVN TFFLFST BSSJWJOH BU $PJOUSJO XIJMF B OFX JOUFS OBUJPOBM UFSNJOBM XJOH JT VOEFS DPOTUSVDUJPO "U PUIFS JOUFSOBUJPOBM BJS QPSUT TVDI BT ,MPUFO JO ;VSJDI BTZMVN TFFLFST BSF SFNBOEFE UP B USBOTJU UFSNJOBM PVUTJEF UIF 4DIFOHFO [POF XIFSF UIFSF BSF SFTUBVSBOUT TIPQT BOE PUIFS GBDJMJUJFT i"U (FOFWB T BJSQPSU UIF [POF XIFSF JOUFSOBUJPOBM GMJHIUT

+RZ DV\OXP VHHNHUV DUH WUHDWHG LV D FRQFHUQ IRU PDQ\ 1*2V

BSSJWF BOE EFQBSU JT QBSUJDV MBSMZ QPPS JO UIJT SFHBSE BOE DMFBSMZ UIFSF JT BO JNQPSUBOU DPNNFSDJBM PQQPSUVOJUZ CFJOH MPTU u TBJE .JDIFM 0UUFU PG &MJTB "TJMF i5IJT NFBOT JU JT OFDFT TBSZ UP EFNPMJTI UIF QSFTFOU UFSNJOBM XIFSF BTZMVN TFFL FST BSF DVSSFOUMZ IPVTFE u 5IF '0. IBT TBJE JU XJMM OPX CVT BTZMVN TFFLFST UP B USBOTJU UFSNJOBM GPMMPXJOH DPNQMBJOUT GSPN UIF &MJTB "TJMF 6/)$3 BOE UIF DPN

NVOF PG .FZSJO *U BMTP QPJOUT PVU UIBU UIF OFX GBDJMJUZ XJMM IBWF CFET BT XFMM BT CBUI SPPNT BOE B LJUDIFO 'VSUIFSNPSF JU IBT BOOPVODFE UIBU FBDI EFNBOE GPS QSPUFDUJPO XJMM OPX CF EFDJEFE XJUIJO EBZT JOTUFBE PG UIF DVSSFOU EBZ QFSJPE 5IF 'FEFSBM "ENJOJTUSBUJWF 5SJCVOBM XJMM NBLF UIF GJOBM EFDJTJPO SFHBSE JOH UIF EFWFMPQNFOU PG UIF OFX GBDJMJUZ 3DPHOD 7D\ORU

7BVE MJNJUT ZPVUI CPP[JOH /$86$11( 7BVE T $POTFJM E ÊUBU JT QSPQPT JOH B QMBO PG BDUJPO UP DPNCBU FYDFTTJWF BMDPIPM DPOTVNQUJPO CZ ZPVOH QFPQMF 5IF VOBOJNPVT WJFX XJUIJO UIF HPWFSONFOU JT UIBU UIF ZPVUI DPOTVNF UPP NVDI BMDPIPM FTQFDJBMMZ EVSJOH FWFOJOHT BOE XFFLFOET JO 7BVE T DJUJFT 4JODF UIF CBO PO UIF TBMF PG BMDPIPM UP NJOPST VOEFS BOE ZFBST PG BHF JT OPU BMXBZT IFFEFE CZ CBST DMVCT BOE TIPQT UIF DBOUPO XJMM QSPQPTF UP UIF (SBOE $PVODJM B TFSJFT PG MFHBM DIBOHFT BJNFE BU SFEVDJOH DPOTVNQUJPO FTQFDJBMMZ PG CFFS BOE TQJSJUT 5IF NBJO HPBM JT UP QSPUFDU UIF ZPVUI BHBJOTU BMDPIPMJTN BOE UIF USBVNB SFTVMUJOH GSPN FYDFTTJWF DPOTVNQUJPO 1SPQPTFE TUSBUFHJFT JODMVEF SFTUSJDUJOH UIF IPVST EVSJOH XIJDI BMDP IPM DBO CF TPME BOE CBOOJOH UIF TBMF PG EJTUJMMFE TQJSJUT BOE CFFS GSPN I UP I JO TIPQT CBST BOE SFTUBVSBOUT "MTP JO UIF QJQFMJOF JT B DSBDLEPXO PO BHHSFTTJWF NBSLFUJOH UBDUJDT CZ

QSPEVDFST PG BMDPIPMJD CFWFSBHFT BT XFMM BT IJHIFS QFOBMUJFT GPS WFOEPST XIP EP OPU DPNQMZ XJUI MJRVPVS BOE MBCPVS MBXT $PNNFSDJBM WFO EPST XJMM IBWF UP MFBSO UIF UFSNT PG UIF OFX "DU BOE BEEJUJPOBM USBJOJOH XJMM CF SFRVJSFE GPS UIPTF WFOEPST XIP CSFBDI UIFN -HQQLIHU 5RVH

,035(6680

/H 1HZV ,661 7LUDJH LPSULPÒ H[HPSODLUHV /HFWRUDW HVWLPÒ OHFWHXUV 3DUXWLRQ WRXV OHV MHXGLV 5ÒGDFWHXU HQ FKHI (GZDUG *LUDUGHW ,PSUHVVLRQ &HQWUH GłLPSUHVVLRQ /DXVDQQH

'LUHFWHXU HQ FKDUJH GH OD SXEOLFLWÒ 'DQLHO $KOHUV 5ÒJLHV SXEOLFLWDLUHV 631 6$ 3XEOLFLWDV 6$ %DE &RQVXOWLQJ *OREDO 6ROXWLRQV 6¿UO (GLWÒ SDU /H 1HZV 6¿UO &RQWDFW KWWS OHQHZV FK FRQWDFW /H 1HZV 6¿UO :7& $YH *UDWWD 3DLOOH ODXVDQQH &ODVVLILHGV KWWS OHQHZV FK FODVVLILHGV 'LVWULEXWLRQ KWWS OHQHZV FK KRZ WR JHW (GLWHXU -HUHP\ 0F7HDJXH

'LUHFWHXUV -HUHP\ 0F7HDJXH 'DQLHO $KOHUV 3KLOOLS -XGG 0LVH HQ SDJH 631 6$ 'ÒSDUWHPHQW 3UÒ3UHVVH ŕ 7RXV OHV GURLWV VRQW UÒVHUYÒV

-DQXDU\ /( 1(:6

1DWLRQDO

"O BWBMBODIF PG 4LJ BDDJEFOUT

#FUUFS QSJDFT BOE SFUBJM QSPGJUT

=85,&+ 5IF 4XJTT SFUBJM TFDUPS DBO FYQFDU TBMFT UP HSPX QFSDFOU JO BDDPSEJOH UP BO BOOVBM SFQPSU QVC MJTIFE CZ " $SFEJU 4VJTTF TVSWFZ PG EFDJ TJPO NBLFST JO UIF SFUBJM TFDUPS BOE JUT TVQQMJFS JOEVTUSZ JO DPMMBCPSBUJPO XJUI DPOTVMUBODZ GJSN 'VISFS )PU[ JOEJ DBUFT UIBU SFUBJM USBEF JT IFBEJOH JOUP XJUI HSFBU DPOGJEFODF XJUI UISFF PVU PG GPVS DPNQBOJFT CVEHFUJOH GPS B ZFBS PO ZFBS JODSFBTF JO TBMFT

&RQVXPHU HOHFWURQLFV DQG KRPH IXUQLVKLQJ DUH DOUHDG\ DW FRPSDUDEOH SULFHV WR WKRVH DFURVV WKH ERUGHU

7HFKQRORJLHV WR FDOFXODWH ULVN RI DYDODQFKHV DUH DYDLODEOH WR VNLHUV

6,21 7KH KROLGD\ VHDVRQ KDV EURXJKW D UHQHZHG LQIOX[ RI ZLQWHU VSRUWV HQWKXVLDVWV WR 6ZLVV VNL UHVRUWV

5

IJT JT HPPE OFXT BGUFS UIF IBSE UJNFT OPUFE JO SFDFOU ZFBST 4BEMZ IPXFWFS UIF TFBTPO IBT TFFO B SJTF JO TLJ BDDJEFOUT BT XFMM BT OFBSMZ B EP[FO EFBUIT DBVTFE CZ BWB MBODIFT JO UIF 4XJTT "MQT XJUI GVSUIFS DBTVBMUJFT PO UIF 'SFODI TJEF 5IF ESB NBUJD TLJJOH BDDJEFOU PG 'PSNVMB 0OF SBDJOH ESJWFS .JDIBFM 4DIVNBDIFS IBT IJHIMJHIUFE UIF EBOHFST PG TLJJOH PGG QJTUF 7BMBJT NPVOUBJO QSPGFTTJPOBMT BHSFF UIBU TLJJOH PGG QJTUF BOE OPU XFBSJOH QSPQFS IFBEHFBS BSF NBKPS DBVTFT PG BDDJEFOUT 4PNF PG TLJFST BOE TOPXCPBSEFST SFGVTF UP XFBS IFM NFUT MFBEJOH UP DBMMT GPS JOTVSBODF DPNQBOJFT UP SFGVTF DPWFSBHF i* BN TUVOOFE CZ UIF OVNCFS PG QFPQMF XIP TLJ XJUIPVU IFMNFUT CFDBVTF UIFZ UIJOL JU T DPPM PS CFDBVTF UIFZ WF BMXBZT EPOF JU u TBJE 3PHFS )BNQUPO B #SJUJTI 4XJTT TLJ PQFSBUPS .PVOUBJO EPDUPST TBZ

UIFZ IBWF TFFO NPSF TLJ BDDJEFOUT JO UIF QBTU ZFBST UIBO DBS BDDJEFOUT 5PEBZ UIF JOKVSJFT BSF NBJOMZ DSBOJBM BOE WFSUFCSBF USBVNB BOE GSBDUVSFT PG UIF QFMWJT PS GFNVS DPNQBSFE UP UIF TJNQMF MFH GSBDUVSFT DBVTFE CZ JOBEF RVBUF CPPUT PS CJOEJOHT JO QSFWJPVT EFDBEFT 4OPX MFWFMT PWFS UIF IPMJEBZT XFSF IBMG UIBU PG MBTU ZFBS FYQPTJOH SPDLT BOE DSFBUJOH GSBHJMF DPOEJUJPOT BCPWF NFUSFT 5IFTF DPOEJUJPOT BSF QBS UJDVMBSMZ EBOHFSPVT GPS TLJFST XIP GBJM UP SFTQFDU BWBMBODIF BMFSUT XIJDI IBWF CFFO BU MFWFM GJWF JO NBOZ BSFBT TJODF CFGPSF $ISJTUNBT 3FTPSUT BSF VSHFE UP EP NPSF JODMVEJOH QVCMJTIJOH BDDJ EFOU TUBUJTUJDT TPNFUIJOH 7FSCJFS IBT CFFO EPJOH TJODF "DDPSEJOH UP BWBMBODIF FYQFSU 3PCFSU #PMPHOFTJ PG .FUFPSJTL JO 4JPO PG BWBMBODIFT JO SFDFOU ZFBST BSF DBVTFE CZ UIF TVEEFO JODSFBTF JO OVNCFST PG PGG QJTUF TLJFST BOE FYBDFSCBUFE CZ FYUSFNF TLJFST BOE GSFF SJEFST XIP GPMMPX FBDI PUIFS UPP DMPTFMZ )F BMTP DPVOTFMT BHBJOTU TLJJOH BMPOF BOE TBZT HSPVQT PG UISFF UP GPVS BSF JEFBM

&WFO FYQFSJFODFE TLJFST TFFN UP CF UBLJOH NPSF SJTLT *O SFDFOU UJNFT UIFSF BSF SFQPSUFEMZ NPSF TLJJOH EFBUIT PG TOPX QSPGFTTJPOBMT BOE FYQFSJFODFE BNBUFVST i$MFBSMZ UIFSF JT B QSPCMFN XJUI BWBMBODIF FEVDBUJPO u TBJE #PMPHOFTJ BEEJOH UIBU IF GVMMZ VOEFS TUBOET IVNBOT BSF SJTL UBLFST )F JT POF IJNTFMG )PXFWFS IF CFMJFWFT SJTL NVTU CF DBMDVMBUFE BOE IF IBT EFWFM PQFE B TZTUFN GPS BTTFTTJOH B HJWFO JUJO FSBSZ UBLJOH JOUP BDDPVOU TOPX BOE XFBUIFS DPOEJUJPOT BT XFMM BT UIF TUSFOHUIT BOE XFBLOFTTFT PG UIF HSPVQ )JT /JWP5FTU JT VTFE UP DBMDVMBUF SJTL PO UIF EFHSFF TMPQFT PO 4XJTT BOE 'SFODI TFSJFT NBQT *U DPO TJTUT PG B DBSE XJUI B SPUBSZ EJBM DPOUBJO JOH RVFTUJPOT *G UIF BOTXFS JT ZFT UP BOZ PG UIFN ZPV BEE UIF QPJOUT JOEJ DBUFE PO UIF EJBM UP ZPVS TDPSF 0ODF UIF VTFS IBT DPNQMFUFE UIF UFTU UIF SFWFSTF TJEF HJWFT UIF SJTL UIF VTFS JT BTTVNJOH 5IF IJHIFS UIF TDPSF UIF IJHIFS UIF SJTL "OE GPS UIPTF XJUI TNBSU QIPOFT BO BQQ i8IJUF 3JTLu BMTP IFMQT TLJFST CFUUFS BTTFTT BWBMBODIF SJTLT 3DPHOD 7D\ORU

4XJTT SFUBJMFST IBWF HSPXO NPSF DPNQFUJUJWF DPNQBSFE UP OFJHICPVS JOH DPVOUSJFT TJODF UIF JOUSPEVDUJPO PG UIF DFJMJOH BHBJOTU UIF FVSP 0WFS UIF MBTU UXP ZFBST UIF EJGGFSFODF CFUXFFO GPPE QSJDFT JO 4XJU[FSMBOE BOE UIPTF PG OFJHICPVSJOH DPVOUSJFT IBT OBSSPXFE GSPN QFSDFOU UP QFSDFOU *O BSFBT TVDI BT DPOTVNFS FMFD USPOJDT BOE IPNF GVSOJTIJOH UIFZ BSF BMSFBEZ BU DPNQBSBCMF QSJDFT UP UIPTF BDSPTT UIF CPSEFS 3FUBJMFST BSF BMTP CFOFGJUJOH GSPN iTIPQQJOH UPVSJTN u $SFEJU 4VJTTF FDPOPNJTUT FTUJNBUF GPS FJHO UPVSJTUT TQFOU NPSF UIBO $) CJM MJPO PO XBUDIFT BMPOF JO "OPUIFS GBDUPS UIBU XJMM TQVS HSPXUI JT UIBU OFU NJHSBUJPO JO BNPVOUFE UP QFPQMF BOE JT MJLFMZ UP SFDPSE B TJNJMBS GJHVSF CSJOH JOH SFUBJMFST UFOT PG UIPVTBOET PG OFX DPOTVNFST 0R\HWWH 0DUUHWW

/( 1(:6 -DQXDU\

%XVLQHVV (FRQRP\

*U DPVME CF ZPVS NPOFZ

&RIIHH FDSVXOH ZDU /FTQSFTTP /FTUMÊ T RVBMJUZ DPGGFF TVCTJEJBSZ IBT GBJMFE UP TFDVSF B (FSNBO DPVSU SVMJOH JO JUT GBWPVS UP TUPQ DPNQFUJUPST NBSLFUJOH DBQTVMFT UIBU XPSL XJUI JUT NBDIJOFT 5IF DPNQBOZ DBO BQQFBM

%(51 $Q HVWLPDWHG &+) ELOOLRQ LV ZDLWLQJ WR EH FODLPHG LQ ŃIRUJRWWHQń QDWLRQDO SHQVLRQ DFFRXQWV ZLWK PRUH WKDQ KDOI RI WKDW DPRXQW EHORQJLQJ WR IRUHLJQ ZRUNHUV ZKR KDYH VLQFH OHIW WKH FRXQWU\

4

PNF KPC SFMBUFE QFOTJPO BDDPVOUT VODMBJNFE GPS NPSF UIBO UXP ZFBST IBWF CFFO USBOT GFSSFE UP B TQFDJBM GVOE DIBSHFE XJUI GJOEJOH UIF CFOFGJDJBSJFT UIF 4XJTT QVCMJD CSPBEDBTUFS 43' SFQPSUFE MBTU XFFL i0O BWFSBHF FBDI BDDPVOU IPMET 4XJTT GSBODT CVU UIFSF BSF BMTP JOEJWJEVBM BDDPVOUT XJUI NPSF UIBO NJMMJPO u TBJE .BY .FJMJ IFBE PG UIF 4VCTUJUVUF 0DDVQBUJPOBM #FOFGJU *OTUJUVUJPO BDDPSEJOH UP UIF SFQPSU )F BEEFE UIBU TPNF PG UIF BDDPVOU IPMEFST DPVME OPU CF USBDFE 5IF GVOET BSF PGUFO iGPSHPUUFOu CZ FNQMPZFFT XIFO UIFZ DIBOHF KPCT HP PO NBUFS OJUZ MFBWF PS NPWF GSPN 4XJU[FSMBOE

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ÍNF QJMJFS PG UIF OBUJPOBM UISFF EFWJDFT BDDPVOUFE GPS PG TBMFT QFOTJPO UP UIFJS OFX FNQMPZFS T QFO TJPO QSPWJEFS PS JOUP B WFTUFE CFOFGJUT

UJFS QFOTJPO TZTUFN

0R\HWWH 0DUUHWW

4/# MPTFT $)' CJMMJPO PO HPME QSJDF QMVOHF =85,&+ 5IF 4XJTT /BUJPOBM #BOL TBJE UIF QMVOHF JO UIF HPME QSJDF XPVME SFTVMU JO B $)' CJMMJPO MPTT MFBWJOH JU VOBCMF UP NBLF JUT QBZNFOU UP UIF HPW FSONFOU GPS *O B TUBUFNFOU PO .POEBZ UIF 4/# TBJE UIBU UIF ESPQ JO UIF QSJDF PG HPME IBE MFE UP B $)' CJMMJPO MPTT JO UIF WBMVF PG JUT HPME IPMEJOHT XJQJOH PVU B HBJO PG BCPVU $)' CJMMJPO PO JUT GPSFJHO DVS SFODZ QPTJUJPOT BOE B QSPGJU PG NPSF UIBO $)' CJMMJPO GSPN UIF TBMF PG UIF TUBCJMJ[BUJPO GVOE JU FTUBCMJTIFE BU UIF IFJHIU PG UIF GJOBODJBM DSJTJT UP QSFWFOU 6#4 GSPN GBJMJOH 5IF 4/# POF PG UIF XPSME T CJHHFTU IPMEFST PG HPME TBJE UIF MPTT XPVME GPSDF JU UP DBODFM EJWJEFOET UP TIBSF IPMEFST GPS UIF GJSTU UJNF TJODF JU XBT GPVOEFE JO 5IF CBOL BMTP TBJE JU XPVME OPU CF BCMF UP NBLF QBZNFOUT UP UIF DPVOUSZ T DBOUPOT JUT CJHHFTU TIBSFIPMEFST BOE UIF GFEFSBM HPWFSO NFOU GPS UIF GJSTU UJNF TJODF *O UIF 4/# NBEF QSPGJU EJTUSJCVUJPO QBZNFOUT PG $)' CJMMJPO UP UIF DBO UPOT BOE GFEFSBM HPWFSONFOU i8F WF XBSOFE UIF CVEHFU DIJFGT PWFS UIF QBTU UXP ZFBST UIBU XF IBWF B CJH CBMBODF TIFFU XJUI MPUT PG SJTL u 4/# 1SFTJEFOU 5IPNBT +PSEBO TBJE JO BO JOUFSWJFX XJUI 4XJTT UFMFWJTJPO 43' i"OE UIBU JU T UP CF FYQFDUFE UIBU XF

61%łV ORVV RQ LWV JROG KROGLQJV LV UHSRUWHG WR EH &+) ELOOLRQV

IBWF ZFBST XJUI CJH QSPGJUT BOE ZFBST XJUI CJH MPTTFT m BOE UIBU JU T FOUJSFMZ QPTTJCMF UIBU XF BSFO U BCMF UP NBLF B QBZPVU u (PME TVGGFSFE JUT CJHHFTU EFDMJOF JO NPSF UIBO UISFF EFDBEFT JO BT 8FTUFSO JOWFTUPST TIFE UIFJS IPMEJOHT PG UIF QSFDJPVT NFUBM BNJE DPODFSOT PG BO FOE UP MPPTF 64 NPOF UBSZ QPMJDZ BOE UIF TUSPOH QFSGPSNBODF PG PUIFS BTTFUT 5IF 4/# T MPTT PO JUT HPME IPMEJOHT XJMM MJLFMZ GVFM BO POHPJOH QPMJUJDBM DPO USPWFSTZ JO UIF DPVOUSZ .FNCFST PG UIF SJHIU XJOH 4XJTT 1FPQMF T 1BSUZ XBOU B

OBUJPOBM WPUF SFRVJSJOH UIF DFOUSBM CBOL UP IPME BU MFBTU PG JUT BTTFUT JO HPME 5IF JOJUJBUJWF XPVME BMTP CMPDL UIF TBMF PG TVDI IPMEJOHT BOE SFRVJSF BMM 4/# HPME UP CF MPDBUFE JO 4XJU[FSMBOE +PSEBO TBJE JO "QSJM UIBU UIF JOJUJBUJWF DPVME MJNJU UIF DFOUSBM CBOL T BCJMJUZ UP NBOBHF NPOFUBSZ QPMJDZ 5IF NFBTVSF DPVME GPSDF UIF 4/# UP CVZ NPSF HPME PS SFEVDF JUT IPMEJOHT PG PUIFS BTTFUT TVDI BT DVSSFODJFT " EBUF GPS UIF OBUJPOBM WPUF PO UIF JTTVF IBT OPU ZFU CFFO EFDJEFE 0R\HWWH 0DUUHWW

-DQXDU\ /( 1(:6

%XVLQHVV &RPPHQW

$SFBUJOH UBMFOU JOUFMMJHFODF %RRVW WKH ERWWRP OLQH $YRLG KLULQJ ILULQJ DQG SURPRWLQJ DW UDQGRP

0

SHBOJ[BUJPOT TVDDFFE XIFO UIFZ IBWF UIF SJHIU QFPQMF JO UIF SJHIU SPMFT IBSEMZ B DPOUSP WFSTJBM TUBUFNFOU UIFTF EBZT 8F LOPX UIBU DPNQBOJFT UIBU PVUQFSGPSN UIFJS QFFST BU UBMFOU NBOBHFNFOU BMTP SFUVSO TJHOJGJDBOUMZ NPSF WBMVF UP UIFJS TIBSFIPMEFST m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

LOPX XIBU UIFZ OFFE XIBU UIFZ IBWF BOE XIBU JT BWBJMBCMF 5IFSF BSF B OVN CFS PG JNQSFTTJWF UBMFOU NBOBHFNFOU TPGUXBSF UPPMT UIBU XJMM IFMQ DPNQBOJFT UP DMBSJGZ UIJT CVU MJLF BMM TZTUFNT UIFZ BSF POMZ BT HPPE BT UIF EBUB UIFZ BSF HJWFO 5IJT HJWFT UIF GJSTU DIBMMFOHF GBDJOH PSHBOJ[BUJPOT UIBU XBOU UP JNQSPWF UIFJS UBMFOU JOUFMMJHFODF LOPXJOH XIBU EBUB UP HBUIFS "U UIF NPNFOU NPTU UBM FOU EBUB SFMBUFT UP XPSLGPSDF DPNQPTJ UJPO m EFNPHSBQIJDT BOE EJTUSJCVUJPO 5IJT TPSU PG BENJOJTUSBUJWF JOGPSNBUJPO IBT JUT VTFT CVU JT JOIFSFOUMZ MJNJUFE 8IBU JT NPSF SFMFWBOU BOE WBMVBCMF JT UBMFOU BTTFTTNFOU EBUB UIBU DPWFST UIF TLJMMT BUUSJCVUFT BOE DIBSBDUFSJTUJDT PG BO PSHBOJ[BUJPO T XPSLGPSDF .QRZ KRZ WR XVH \RXU GDWD *OGPSNBUJPO BOE BOBMZTJT EP OPU BVUPNBUJDBMMZ DSFBUF JOUFMMJHFODF 5IF OFYU TUFQ m POF UIBU NBOZ GJSNT TUSVH HMF XJUI m JT LOPXJOH IPX UP VTF JU 'PS FYBNQMF BTTFTTNFOU EBUB DBO CF VTFE GPS NVDI NPSF UIBO NBLJOH EFDJTJPOT BCPVU JOEJWJEVBM QFPQMF TVDI BT XIFUIFS UP IJSF PS QSPNPUF TPNFPOF 0OF PG UIF FBTJFTU XJOT JT VTJOH UIF SFTVMUT PG UBMFOU BTTFTTNFOU UP JOGPSN BOE TVQQPSU QSPDFTTFT TVDI BT PO CPBSEJOH BOE EFWFMPQNFOU CVU POMZ PG GJSNT BDUVBMMZ EP UIJT

0RVW RUJDQL]DWLRQVÅ‚ WDOHQW LQWHOOLJHQFH LVQÅ‚W WKDW LQWHOOLJHQW *O SFTFBSDIJOH GPS PVS OFX CPPL 5BMFOU *OUFMMJHFODF XF TQPLF UP NBOZ DPNQBOJFT BCPVU IPX UIFZ VTFE UIFJS UBMFOU BTTFTTNFOU EBUB BOE XF GPVOE OPU B TJOHMF POF UIBU XBT FYUFOTJWFMZ DPOTJTUFOUMZ BOE FGGFDUJWFMZ VTJOH UIJT EBUB UP TIBQF UIFJS QFPQMF TUSBUFHZ 5IJT JT KVTU DSB[Z *U JT MJLF CVZJOH B TQPSUT DBS BOE UIFO POMZ FWFS VTJOH JU UP ESJWF UIF LJET UP TDIPPM

3URIHVVRU 6KORPR %HQ +XU

$OO \RX QHHG LV D VSUHDGVKHHW %BUB BOBMZTJT NBZ TPVOE DPNQMJ DBUFE CVU JU EPFT OPU SFRVJSF TQFDJBMJTU FYQFSUJTF m KVTU B CBTJD DPNGPSU XJUI OVNCFST BOE B TQSFBETIFFU 4UBSU CZ JEFOUJGZJOH IPX DPOOFDUFE UIF EJGGFS

FOU UZQFT PG UBMFOU EBUB ZPV DPMMFDU BSF CPUI XJUI FBDI PUIFS BOE XJUI PUIFS TPSUT PG JOGPSNBUJPO 'PS FYBNQMF LOPXJOH UIF BWFSBHF DPNQFUFODZ SBU JOHT PG OFX IJSFT DBO CF VTFGVM :FU JG ZPV BMTP LOPX UIF QFSGPSNBODF TDPSFT PG OFX IJSFT POF ZFBS BGUFS UIFZ IBWF KPJOFE ZPV DBO TFF XIJDI DPNQFUFO DJFT BSF NPTU QSFEJDUJWF PG JOJUJBM TVD DFTT *G ZPV LOPX XIP JT TUJMM FNQMPZFE UISFF ZFBST MBUFS ZPV DBO XPSL PVU XIJDI GBDUPST BSF NPTU QSFEJDUJWF PG SFUFOUJPO "OE JG ZPV LOPX XIP JT MBUFS QSPNPUFE JU DBO QSPWJEF JOTJHIU JOUP UIF UZQFT PG UBMFOU WBMVFE JO ZPVS CVTJ OFTT BOE UIF RVBMJUJFT QSFEJDUJWF PG MPOHFS UFSN TVDDFTT 7DOHQW LQWHOOLJHQFH LQ DFWLRQ " GFX ZFBST BHP B MBSHF HMPCBM CVTJ OFTT JO UIF FOFSHZ TFDUPS BTLFE VT UP IFMQ JU FTUBCMJTI BTTFTTNFOU QSPDFTTFT UP TVQQPSU UISFF LFZ QFPQMF EFDJTJPOT SFDSVJUNFOU QSPNPUJPO BOE UIF JEFO UJGJDBUJPO PG IJHI QPUFOUJBMT 5IF QSPD FTTFT DSFBUFE XFSF OPU DPNQMFY CVU MFE UP MBTUJOH TJHOJGJDBOU DIBOHFT JO UIFJS QFPQMF TUSBUFHZ 'JSTU XF MPPLFE BU UIF DPNQFUFODZ SBUJOHT PG OFX IJSFT JO FBDI EJWJTJPO UP DIFDL XIFUIFS TPNF EJWJTJPOT XFSF BUUSBDUJOH TUSPOHFS DBOEJEBUFT BOE XIFUIFS UIF RVBMJUJFT PG OFX IJSFT XFSF BMJHOFE XJUI FBDI VOJU T CVTJOFTT PCKFD UJWFT "T B SFTVMU BMM UISFF EJWJTJPOT XFSF BCMF UP NBLF JNQSPWFNFOUT UP UIFJS BUUSBDUJPO BOE IJSJOH BDUJWJUJFT /FYU XF DPNQBSFE UIF BWFSBHF DPNQFUFODZ SBUJOHT PG OFX SFDSVJUT XJUI UIPTF PG DVSSFOU FNQMPZFFT 8F GPVOE UIBU UIF OFX IJSFT IBE BO VODBO OJMZ TJNJMBS QBUUFSO PG TUSFOHUIT BOE XFBLOFTTFT UP UIF DVSSFOU FNQMPZFFT 5IJT LJDL TUBSUFE B EFCBUF JO UIF CVTJ OFTT BCPVU XIFUIFS JU XBT iKVTU FNQMPZJOH DMPOFT i XIJDI JO UVSO MFE UP DIBOHFT JO IJSJOH QSBDUJDFT 5IFO XF MPPLFE BU UIF RVBMJUJFT UIBU EJTUJOHVJTIFE QFPQMF XIP XFSF JEFOUJGJFE BT IJHI QPUFOUJBMT BOE UIPTF XIP XFSF BDUVBMMZ CFJOH QSPNPUFE 8F GPVOE UIBU UIF QFPQMF MBCFMMFE BT IJHI QPUFOUJBM XFSF HFOFSBMMZ NPSF PVUHP JOH NPSF FOUSFQSFOFVSJBM BOE CFUUFS QFSGPSNFST m BMM DIBSBDUFSJTUJDT UIBU UIF CVTJOFTT XBT TFFLJOH 8IFO XF MPPLFE BU UIF RVBMJUJFT NPTU MJLFMZ UP

BACCARAT For sparkling moments

WWW.CAVEDEGENEVE.CH

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

5IF 3VTTJBOT BSF DPNJOHw

For a Fresh Start ... ‫ كل عام وانتم بخير‬GOTT

FELIZ ANO NOVO NYTT

*(1(9$ 7KH DUULYDO WKLV ZHHN RI 0RVFRZ W\FRRQ 0LNKDLO .KRGRUNRYVN\ LQ %DVHO LV \HW DQRWKHU LQGLFDWLRQ RI 6ZLW]HUODQGłV JURZLQJ SRSXODULW\ ZLWK 5XVVLDQV

5

IJT USFOE JT IBSEMZ TVSQSJTJOH HJWFO UIF DPVOUSZ T IJTUPSJDBM UJFT XJUI UIF 3VTTJBO %JBTQPSB XIFUIFS -FOJO PS POF PG 3BTQVUJO T LJMM FST PS 8IJUF (VBSE 3VTTJBOT GMFFJOH UIF 0DUPCFS 3FWPMVUJPO .BYJN "SUBNPOPW TFDSFUBSZ HFOFSBM PG UIF 4XJTT 3VTTJBO #VTJOFTT "TTPDJBUJPO JUFSBUFE UIBU 4XJU[FSMBOE T TUBUVT BT B TBGF BOE GJOBODJBMMZ TUBCMF DPVOUSZ QSP WJEFT iNBOZ 3VTTJBOT B RVBMJUZ PG MJGF VOUBSOJTIFE CZ UIF TFDVSJUZ CVSEFO UIBU XPVME CF UIF BDDFQUFE TUBUVT RVP JO UIFJS IPNF DPVOUSZu 4XJU[FSMBOE IBT BMXBZT BUUSBDUFE 3VTTJB T BGGMVFOU DJUJ[FOT CF UIFZ FY DPNNVOJTU PMJHBSDIT FOUSFQSFOFVST PS UPVSJTUT TFFLJOH UP TQFOE RVBMJUZ UJNF JO UIF "MQT PS VSCBO IPUTQPUT TVDI BT ;VSJDI PS (FOFWB i8FBMUIZ QFPQMF PQU GPS XIBU XJMM FOTVSF QSPUSBDUFE BGGMVFODF BOE TVDDFTT u DPOUJOVFE "SUBNPOPW 5IJT FYQMBJOT UIF TJHOJGJ DBOU JOUBLF PG 3VTTJBOT PGUFO BDDPN QBOJFE CZ UIFJS CPEZHVBSET JO 4XJTT CPBSEJOH TDIPPMT BOE XIZ CBOLT TVDI BT 6#4 BOE $SFEJU 4VJTTF CFOFGJUFE GSPN FYDFQUJPOBM HSPXUI BT B DPOTF RVFODF PG 3VTTJBO PJM BOE HBT JOWFTU NFOU JO UIF T

Ń0DGH LQ 6ZLW]HUODQGń UHSUHVHQWV WKH GULYLQJ IRUFH EHKLQG WKLV PLJUDWRU\ WUHQG i*U JT UIF VOJRVF RVBMJUZ PG MJGF DPN CJOFE XJUI IJHI TUBOEBSET PG NFEJDBM

DBSF BOE FEVDBUJPO UIBU BUUSBDU 3VTTJBOT OPXBEBZT u TBJE "SUBNPOPW *O -VHBOP 3VTTJBO TQFBLFST IBWF NPSF UIBO EPVCMFE TJODF 5IPVHI PWFSBMM GJHVSFT SFNBJO PQBRVF NBOZ 3VTTJBOT BSF TFUUJOH VQ CVTJOFTTFT FTQFDJBMMZ DPNNPEJUZ USBEJOH 5IFSF BSF OPX GPVS GMJHIUT B EBZ CFUXFFO .PTDPX BOE 4XJU[FSMBOE XJUI NPSF JO XJOUFS QMVT 3VTTJBO DIVSDIFT JO (FOFWB -BVTBOOF BOE 7FWFZ "U UIF TBNF UJNF JU JT CFDPNJOH JODSFBTJOHMZ EJGGJDVMU GPS 3VTTJBOT UP FTUBCMJTI UIFN TFMWFT GVMM UJNF VOMFTT UIFZ BSF SFBEZ UP QBSU XJUI IVOESFET PG UIPVTBOET PG GSBODT B ZFBS JO GFFT 1SFWJPVTMZ UPP 3VTTJBO TUVEFOUT DPVME TJNQMZ FYUFOE UIFJS WJTBT JOUP XPSL QFSNJUT BOE FWFO OBUVSBMJTBUJPO

6ZLW]HUODQG KDV DOZD\V DWWUDFWHG 5XVVLDłV DIIOXHQW FLWL]HQV EH WKH\ H[ FRPPXQLVW ROLJDUFKV HQWUHSUHQHXUV RU WRXULVWV 8IFSFBT UIF EFGJOJUJPO PG B iWJTJ UPSu PS iSFTJEFOUu NBZ CF BNCJWBMFOU 4XJU[FSMBOE T SFDPHOJUJPO PG UIF UPVS JTN QPUFOUJBM JT DMFBS DVU 5IF TQB UPXO PG -FVLFSCBE JT B QSJNF FYBNQMF 3VTTJBOT BSF OPX UIF TFDPOE MBSHFTU HSPVQ BGUFS UIF 4XJTT XJUI $ZSJMMJD TIPQ TJHOT PGUFO DPNJOH CFGPSF &OHMJTI /FWFSUIFMFTT UIF 4XJTT IBWF TUSVHHMFE XJUI UIF iGBUBMu BUUSBDUJPO UIFZ TFFN UP IBWF GPS 3VTTJBOT OPUBCMZ B XIPMF TMFX PG DPTUMZ KVTUJDF DBTFT TVDI BT UIF EFUFOUJPO PG BMMFHFE .BGJB CPTT 4FSHFZ .JLIBJMPW BMJBT i.JLIBTu PS UIF NJM MJPOT QBJE PVU GPS UIF JOWFTUJHBUJPO PG UIF ,SFNMJO SFTUPSBUJPO i.BCFUFYu DPS SVQUJPO BGGBJS &KULVWRSKHU :RRGEXUQ

BUON ANNO

6ZLW]HUODQG FRQWLQXHV WR DWWUDFW 5XVVLDłV DIIOXHQW FLWL]HQV

ΚΑΛΗ ΧΡΟΝΙΑ

恭喜新年

BONNE ANNÉE ÅR

2014

Mutlu yıllar

,QVLJKW

С НОВЫМ ГОДОМ

,QVLJKW

ALLES GUTE ZUM NEUEN JAHR

/( 1(:6 -DQXDU\

HAPPY NEW YEAR FELIZ AÑO NUEVO GELUKKIG NIEUWJAAR

明けましておめでとう

The Club School Migros offers the widest range of language and leisure courses.

One school, three locations Balexert : 022 795 11 70 Genève-centre : 022 319 61 61 Nyon : 022 362 08 00 www.ecole-club.ch

-DQXDU\ /( 1(:6

/LIHVW\OH

4FFLJOH UIF iQFSGFDUu GPOEVF 7HQ \HDUV DJR GHVSHUDWH WR ILQG DQ DIIRUGDEOH KROLGD\ UHQWDO , H\HG D ODVW PLQXWH RSHQLQJ RQ WKH :HQJHQ WRXULVP VLWH IRU D UXVWLF FKDOHW ZLWK ZRRG EXUQLQJ VWRYH DQG VWXQQLQJ YLHZ

*

EVTUFE PGG NZ SVTUZ (FSNBO DBMMFE UIF PXOFS BOE UIFO QBDLFE VQ UIF LJET BOE EPH GPS UIF #FSOFTF "MQT "U NFUFST 8FOHFO JT NZ GBWPVSJUF SFTPSU %FTQJUF OVNFSPVT WJT JUT * IBWF BMXBZT MPWFE SJEJOH UIF TMPX DPH XIFFMFE NPVOUBJO USBJO UP UIJT NBHJDBM DBS GSFF WJMMBHF " DFSUBJO TIBSFE BXF FNBOBUFT GSPN UIPTF FYQF SJFODJOH UIF "MQT GPS UIF GJSTU UJNF BOE UIPTF MJLF NF ZFU BHBJO BT UIF TOPX DBQQFE QFBLT CSPBEFO BOE FYQBOE -BEFO XJUI CPPUT TLJT BOE QBDLT UIF QBTTFOHFST MVNCFS PGG DMBNPVSJOH GPS B MPPL BU UIF TUBUJPO NBQ * USZ UP GJOE PVS DIBMFU .Z FZFT GJOBMMZ TFUUMF PO B TNBMM EPU GBS PGG UP UIF SJHIU PO UIF FEHF #PPLJOH B DIBMFU CFGPSF (PPHMF .BQT NFBOU UIBU XF IBE B OFBSMZ IPVS IJLF BMPOH B TUFFQ XPPEFE MBOF IFNNFE JO CZ TOPXZ GJFMET 5IF DIBMFU XBT BMM UIBU XBT QSPNJTFE CVU TP JTP MBUFE UIBU * IBE WJTJPOT PG CFJOH TOPXFE JO VOUJM TQSJOH #VU XF EJE WFOUVSF PVU JODMVEJOH B CJE UP FOKPZ UIF JOFWJUBCMF GPOEVF JO POF PG 8FOHFO T USBEJUJPOBM SFTUBV SBOUT 8F EVUJGVMMZ UPPL PVS QMBDF BU UIF XPPEFO UBCMF 3FTQPOEJOH UP UIF HVU UVSBM i(SÛFTTFDIu PG UIF XBJUSFTT *

1R (PPHQWDO SOHDVH

BTLFE XJUI FYQFDUBUJPO XIJDI DIFFTFT UIFZ VTFE 4IF BEBNBOUMZ JHOPSFE NF TP * SFQFBUFE UIF RVFTUJPO JOOPDFOU PG UIF GBDU UIBU * IBE KVTU CSFBDIFE TPNF JSSFGVUBCMF SVMF PG 4XJTT GPOEVF EFDP SVN 4VDI JOGPSNBUJPO TIF EFDMBSFE DPVME OPU CF SFWFBMFE .Z IVTCBOE BTLFE UP TFF UIF PXOFS " CBSSFM PG B XPNBO TIF TUPSNFE JO CBSLJOH BOHSJMZ UIBU TIF XPVME OFWFS SFWFBM IFS TFDSFU *G XF EJEO U MJLF JU XF DPVME MFBWF 5IJT XF EJE EFTQJUF UIF UISFF LJMPNFUSF USFL IPNF JO TVC EFHSFF UFNQFSBUVSFT BOE UIFO OPUIJOH NFNPSBCMF UP FBU 5IF SFBTPO GPS PVS QSJODJQMFE TUBOE * DBO U TUBOE GPOEVF XJUI &NNFOUBM DIFFTF 4USJOHZ HMVFZ BOE CMBOE XJUI UIF UBTUF BVHNFOUFE CZ MBTIJOHT PG DIFSSZ MJRVPS UIJT JT NZ NFNPSZ PG BMM UPP NBOZ SFTUBVSBOU GPO EVFT * XBT EFUFSNJOFE UP BWPJE UIF TBNF JO 8FOHFO 5IF DPNCJOBUJPO PG DIFFTFT UIBU HP JOUP B GPOEVF BSF BT WBS JFE BT UIF MPDBM EJBMFDUT (SVZÍSF $BOUBM "QQFO[FMMFS BOE .VOTUFS BSF KVTU TPNF PG UIF NJYUVSFT * IBWF USJFE BOE JOWBSJBCMZ EJTMJLFE 5IFZ BSF FJUIFS UPP QVOHFOU PS UPP TUBJE * XPOEFSFE XIFUIFS * XPVME FWFS GJOE UIF SJHIU UBOHJOFTT BOE DSFBNJOFTT PG B QFSGFDU GPOEVF #VU UIFO * TUVNCMFE POUP B TNBMM JOO OFBS (SVZÍSF 5IF PXOFST XPVMEO U EJTDMPTF UIF FYBDU QPSUJPOT CVU UIFZ EJE UFMM NF UIF TFDSFU UP UIF iQFSGFDU GPOEVFu OPUBCMZ B CMFOE PG TBMUZ (SVZÍSF BOE NJMLZ 7BDIFSJO "OE OP &NNFOUBM 5 35 )( / 9 i5! ,&# 5 &)0 -5 |5 )..& 5) 5 ( (.51#( 5 kff5!, '-5) 5 ! 65- &.35 ,/3¿, 5B!, . C5 kff5 !, '-5 ) 5 " ,#(5 ,# )/,! )#- 5 B!, . C5 l5 &5) 5 " ,,35&#+/),5B%#,- "C5 g5. -*5 ),(5-. , "B' #4 ( C5 $IPQ UIF DMPWFT PG HBSMJD GJOFMZ BOE QMBDF JO B ESZ GPOEVF QBO PWFS NFEJVN IFBU 8IFO UIF HBSMJD TUBSUT UP TJ[[MF BEE UIF XIJUF XJOF 8IFO UIF XJOF TUBSUT UP CVCCMF BEE UIF HSBUFE DIFFTFT 4UJS JO GJHVSF PG FJHIU DJSDMFT VOUJM NFMUFE *O UIF NFBOUJNF TUJS UIF DPSO TUBSDI JOUP UIF DIFSSZ MJRVPS VOUJM EJTTPMWFE 1PVS JOUP GPOEVF VOUJM UIF DIFFTF JT IPNPHFOPVT BOE DSFBNZ 1MBDF PO CVSOFS BOE FOKPZ $PHOLD $OH[DQGHU LV D /DNH *HQHYD EDVHG IRRG ZULWHU

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łV ZHEVLWH ZKLFK RIWHQ RXWOLQH FDUHHU SURVSHFWV IRU HDFK GLVFLSOLQH 2QFH \RX KDYH GHFLGHG RQ D FRXUVH \RX VWLOO KDYH WR FKRRVH D XQLYHUVLW\ 7KLV FDQ EH WKH KDUGHVW SDUW EXW KHUH DUH VRPH WKLQJV WR FRQVLGHU

&RRO LQ VLWHV $GPLW LW \RXłYH DOZD\V ZDQWHG WR PDVWHU D -HGL OLJKW VDEUH 1RZ \RX FDQ SHUIHFW DOO WKH FRRO PRYHV QHHGHG WR ZUHDN KDYRF E\ GHIOHFWLQJ HQHP\ ODVHUV LQWR IORDWLQJ RUE GURLGV *XDUDQWHHG IXQ ZLWK -HGL 7UDLQHU IURP ORVWYHFWRUV FRP

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

OHQHZV FK FRROLQVLWHV ,I PDNLQJ DQLPDWHG YLGHRV LV \RXU WKLQJ WKHQ Z ZLGHR FR LV D VWUDLJKW IRU ZDUG ZD\ WR FUHDWH VLPSOH DQG HIIHFWLYH DQLPDWLRQV &KRRVH IURP D UDQJH RI EDFNJURXQGV VKDSHV DQG FOLSDUW DQG DGG VRXQG HIIHFWV DQG HYHQ \RXU RZQ PXVLF WR SHUIHFW \RXU YHU\ RZQ YLGHR

/( 1(:6 -DQXDU\

3URSHUW\

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i.Z BEWJDF UP CVZFST JT OPU UP PWFS QBZ GPS QSPQFSUZ CZ NPSF UIBO u TBJE "TTJNJOB 8BMUIFS BO JOEFQFOE FOU SFBM FTUBUF FWBMVBUPS BOE BSDIJUFD UVSF FYQFSU i8JUI NPEFSBUF JOGMBUJPO PG MFTT UIBO POF B ZFBS ZPV BSF OPU HPJOH UP MPTF BOZ NPOFZ JG ZPV TUBZ JOWFTUFE JO UIF QSPQFSUZ GPS B QFSJPE PG UFO ZFBST *G ZPV TUBZ JO UIF QSJDF SBOHF PGGFSFE ZPV BSF NBLJOH B HPPE JOWFTU NFOU u #VU BT BMXBZT MPDBUJPO JT LFZ 7FSZ GFX IPVTFT GPS FYBNQMF BSF TPME PO UIF MBLFTJEF JO UIF -BLF (FOFWB SFHJPO i5IFSFGPSF FWFO JG ZPV PWFSQBZ GPS UIJT UZQF PG QSPQFSUZ ZPV BSF VOMJLFMZ UP MPTF NPOFZ u 8BMUIFS BEEFE 4XJU[FSMBOE T SFBM FTUBUF NBSLFU CVPZFE CZ DIFBQ NPSUHBHFT JT FYQFSJ FODJOH JUT CJHHFTU CPPN GPS ZFBST 1SJDFT GPS BQBSUNFOUT IBWF NPSF UIBO EPVCMFE JO UIF MBTU UFO ZFBST BOE GBNJMZ

IPNF QSJDFT IBWF JODSFBTFE CZ BO BWFS BHF PG %FTQJUF UIF FDPOPNJD TMPX EPXO BOE SJTJOH VOFNQMPZNFOU SBUFT SFBM FTUBUF QSJDFT JO (FOFWB -BVTBOOF BOE ;VSJDI SFNBJO IJHI

7KH DYHUDJH DQQXDO FRVW RI DQ DSDUWPHQW IRU D QHZ EX\HU LV QRZ OHVV WKDQ KDOI WKH DQQXDO UHQW IRU D FRPSDUDEOH DSDUWPHQW 4XJTT OBUJPOBMT UFOE UP ACVZ GPS MJGF BOE EP OPU NPWF IPVTF PS BQBSUNFOU GSFRVFOUMZ 0OMZ PG UIF QPQVMBUJPO PXO QSPQFSUZ JO 4XJU[FSMBOE DPNQBSFE UP JO (FSNBOZ JO "VTUSJB BOE JO UIF SFTU PG &VSPQF i"OE BT MPOH BT ZPV IBWF WBDBODZ SBUFT JO NFUSPQPMJUBO BSFBT SFBM FTUBUF QSJDFT BSF OPU HPJOH UP HP EPXO u 8BMUIFS TBJE #VU JG ZPV BSF PO B TIPSU DPOUSBDU PS BU SJTL PG CFJOH TVEEFOMZ USBOTGFSSFE PVU PG UIF DPVOUSZ B 4XJTT QSPQFSUZ NBZ CF B MJBCJMJUZ *G ZPV BSF EPNJDJMFE JO 4XJU[FSMBOE BOE IBWF B QFSNJU # GPS &VSPQFBO 6OJPO &'5" PSJHJO DPVOUSJFT PS B QFS NJU $ GPS OPO &6 &'5" DPVOUSJFT ZPV BSF BCMF UP CVZ QSPQFSUZ JO 4XJU[FSMBOE 4XJTT CBOLT HFOFSBMMZ HSBOU NPSUHBHFT PG VQ UP PG UIF NBSLFU WBMVF PG B QSPQFSUZ XIJDI NFBOT ZPV QBZ B NJOJ NVN EFQPTJU PG GSPN ZPVS PXO SFTPVSDFT BOE UIF SFTU JT MPBOFE UP ZPV GSPN UIF CBOL *U JT BMTP QPTTJCMF UP HJWF QBSU PG ZPVS QFOTJPO BT TFDVSJUZ UP UIF CBOL UP TFDVSF ZPVS MPBO /FX SFHVMB UJPOT JOUSPEVDFE CZ '*/." JO MJNJU UIF BNPVOU ZPV DBO UBLF GSPN ZPVS TFDPOE QJMMBS UP

*O 4XJU[FSMBOE BTLJOH GPS B QSPGFT TJPOBM TVSWFZ PG UIF QSPQFSUZ JT OPU DPNNPO )PXFWFS BT UIF TFMMFS JT OPU SFRVJSFE UP OPUJGZ ZPV PG BOZ JTTVFT B TVSWFZ NBZ HJWF ZPV BEWBODF XBSOJOH PG TFSJPVT QSPCMFNT QBSUJDVMBSMZ XJUI PMEFS IPNFT *O BEEJUJPO MPDBM UBYFT WBSZ FOPSNPVTMZ GSPN DPNNVOF UP DPNNVOF BT XFMM BT DBOUPO UP DBOUPO TP JU T JNQPSUBOU UP BTL BCPVU UIF MFWFM PG UBYBUJPO 1SPTQFDUJWF CVZFST BSF BEWJTFE UP HFU BO JOEFQFOEFOU BSDIJUFDU PS SFBM FTUBUF FWBMVBUPS UP BDDPNQBOZ UIFN GSPN UIF GJSTU WJTJU UP B QSPQFSUZ BOE CFGPSF NBLJOH BO PGGFS i5IFZ XJMM TFF QSPCMFNT UIBU CVZ FST NBZ OPU TFF BOE CVZFST TIPVME BTL UIFJS BEWJDF BCPVU UIF GJTDBM UFDIOJDBM GJOBODJBM BOE MFHBM BTQFDUT PG UIF QSPQ FSUZ 0GUFO CVZFST UIJOL BMM UIFZ OFFE UP

EP JT QBJOU CVU UIFSF NBZ CF MPUT PG BEEJ UJPOBM DPTUT JOWPMWFE u 8BMUIFS TBJE *U JT JNQPSUBOU UIBU QFPQMF EP OPU GFFM QSFTTVSJTFE JOUP NBLJOH B RVJDL PGGFS CZ FTUBUF BHFOUT BT CBOLT OPX UBLF B MPU PG UJNF UP HJWF UIFJS BOTXFST PO NPSUHBHFT "OPUIFS QPUFOUJBM QJUGBMM UP BWPJE JT PWFSEPJOH JNQSPWFNFOUT UP ZPVS OFX IPVTF PS BQBSUNFOU i:PV DPVME CF UISPXJOH NPOFZ PVU PG UIF XJOEPX JG ZPV IBWF UP TFMM XJUIJO GJWF UP UFO ZFBST u 8BMUIFS FYQMBJOFE *O 4XJU[FSMBOE B OPUBSZ XIP JT B QVCMJD PGGJDFS XPSLJOH GPS CPUI CVZFS BOE TFMMFS IBOEMFT UIF QSPQFSUZ USBOT GFS )PXFWFS JG ZPV BSF VOGBNJMJBS XJUI UIF BSFB PS EP OPU TQFBL 'SFODI ZPV NBZ XJTI UP IBWF ZPVS PXO MFHBM SFQSF TFOUBUJPO UP FYQMBJO UIF EFUBJMT PG UIF BHSFFNFOU UP ZPV 0R\HWWH 0DUUHWW

(FOFWB T IPVTJOH DSVODI 'SFF DJSDVMBUJPO XJUIJO UIF &6 BOE 4XJU[FSMBOE IBT NFBOU UIBU QFP QMF DPNF UP XPSL IFSF FWFSZ ZFBS 5IF SFTVMU JT B MBDL PG BDDPNNPEBUJPO BOE TPBSJOH QSPQFSUZ QSJDFT JO CPUI (FOFWB BOE 7BVE 5IF ESBNBUJD IPVTJOH TIPSU BHF IBT JO UIF QBTU PCMJHFE NBOZ UP TFFL NPSF BGGPSEBCMF MPEHJOH BDSPTT UIF CPSEFS 8JUI 'SBODF T DVSSFOU UBYBUJPO DSBDLEPXO PO GSPOUBMJFST IPXFWFS

SFTJEFOUT TFF MJUUMF PQUJPO PUIFS UIBO UP SFUVSO UP UIF 4XJTT TJEF 8JUI OVNFS PVT (FOFWPJT PQQPTJOH QMBOT GPS NPSF CVJMEJOH UIJT NFBOT BO FWFO HSFBUFS EJMFNNB XIFSF UP MJWF 'PS UIF QBTU ZFBST 'SBODF T 1BZT EF (FY IBT TFSWFE DPOWFOJFOUMZ BT (FOFWB T IJOUFSMBOE FOBCMJOH CPUI 4XJTT BOE GPSFJHOFST UP SFOU PS CVZ XJUIPVU QSPCMFN 1SJDFT IBWF SJTFO CVU

'SBODF JT TUJMM DIFBQFS UIBO 4XJU[FSMBOE 'VSUIFSNPSF XIJMF 4XJTT DPNNVOFT IBWF NBOBHFE UP LFFQ NPTU PG UIFJS BSFBT SFMBUJWFMZ QSJTUJOF JU JT UIF 'SFODI TJEF UIBU IBT XJUOFTTFE PGUFO VOSFTUSBJOFE DPOTUSVDUJPO UP UIF EFUSJNFOU PG UIF TVSSPVOEJOH MBOE TDBQF -F 5FNQT NBJOUBJOT UIBU BWBJM BCMF (FOFWB IPVTJOH OPX TUBOET BU CFUXFFO BOE XIFO JU TIPVME

JEFBMMZ CF "DDPSEJOH UP "WFOJS 4VJTTF B (FOFWB CBTFE UIJOL UBOL UIF DBOUPO T SFBM FTUBUF NBSLFU JT BNPOH UIF NPTU SFHVMBUFE JO 4XJU[FSMBOE FYQMBJOJOH XIZ DPOTUSVDUJPO IBT CFFO TUZNJFE PWFS 5IF QSPCMFN JT FOEFNJD JO UIF -BLF (FOFWB SFHJPO XIJDI CPBTUT UIF IJHIFTU SFOUT JO 4XJU[FSMBOE &KULVWRSKHU :RRGEXUQ

-DQXDU\ /( 1(:6

7UDYHO

-FVLFSCBE .BLJOH B DPNFCBDL /(8.(5%$' 7KH 9DODLVDQ DOSLQH UHVRUW RI /HXNHUEDG ZKRVH FDOFLXP VXOSKDWH WKHUPDO VSULQJV ZHUH HQMR\HG E\ WKH 5RPDQV \HDUV DJR KDV EHHQ PDNLQJ D VWHDG\ FRPHEDFN VLQFH JRLQJ EDQNUXSW LQ

5

IF QPTJUJWF UXJTU PG UIF GJOBODJBM EJTBTUFS USJHHFSFE CZ JUT FY QSFTJ EFOU 0UUP ( -PSFUBO XIP XSBDLFE VQ $)' NJMMJPO JO EFCUT JT UIBU IF MFGU BO BNCJUJPVT WJTJPO GPS UIF TU DFOUVSZ i8F IBWF BO FYDFQUJPOBM JOGSBTUSVDUVSF XIJDI JT IFMQJOH VT EJWFSTJGZ JOUP UIF GVUVSF u OPUFE NBSLFU JOH EJSFDUPS %BWJE ,FSTUFOT 5IF UPXO XIJDI QSPNPUFT JUTFMG BT QBSU PG UIF i-BLF (FOFWB BOE .BUUFSIPSO 3FHJPO u PGGFST RVBMJUZ GBDJMJUJFT GPS ZPVOH BOE PME 5IF UPXO JT QPQVMBS XJUI XFMM IFFMFE 3VTTJBO GBNJ MJFT XIP SFQSFTFOU UIF TFDPOE MBSHFTU HSPVQ BGUFS UIF 4XJTT -BUFS UIJT NPOUI

-FVLFSCBE XJMM IPTU JUT GJSTU $IJOFTF TLJFST i5IJT XJMM CF UBJMPSFE SBUIFS UIBO NBTT UPVSJTN u BEEFE ,FSTUFOT 8JUI UIF TMPHBO i&OFSHJ[F :PVS -JGF u -FVLFSCBE JT QBSUJDVMBSMZ BUUSBDUJWF UP XFFLFOE WJTJUPST DPNJOH GPS TQB SFMBYBUJPO HPPE FBUJOH BOE UIF PVU EPPST 8IJMF OPU BT DIBMMFOHJOH BT UIF EFTDFOUT PG 7FSCJFS UIJT JODMVEFT TLJ JOH TOPXCPBSEJOH IJLJOH DMJNCJOH NPVOUBJO CJLJOH QMVT TQFDJBM FWFOUT TVDI BT MJUFSBSZ NVTJD BOE FWFO TIFFQ GFTUJWBMT 1SJPS UP UIF GJOBODJBM DSJTJT PG UIF T UIF UPXO SFMJFE IFBWJMZ PO 4XJTT BOE (FSNBOT XIP DBNF GPS IFBMUI DVSFT GVOEFE CZ JOTVSBODF DPN QBOJFT 5IFJS IPUFMT BSF OP MPOHFS DPW FSFE TBJE ,FSTUFOT iTP XF IBWF UP CF NVDI NPSF JNBHJOBUJWF u 4XJU[FSMBOE T MPOHFTU WJB GFSSBUB JT TJUVBUFE JO -FVLFSCBE " WJB GFSSBUB JT B NPVOUBJO SPVUF FRVJQQFE XJUI GJYFE DBCMFT BOE MBEEFST XIFSFWFS OFDFT TBSZ 7FUFSBO IJMM DMJNCFST XJUI B HPPE IFBE GPS IFJHIUT DBO FOKPZ BO FYQFSJ

/HXNHUEDGÅ‚V YLD IHUUDWD LV ZRUOG FODVV %HLQJ DEOH WR UHOD[ LQ D VSD DIWHUZDUGV LV SXUH OX[XU\

FODF TPNFXIFSF CFUXFFO SPDL DMJNC JOH BOE BMM PVU NPVOUBJOFFSJOH NFUSFT PG MBEEFST BOE PWFS NFUSFT PG TUFFM DBCMF IBWF CFFO JOTUBMMFE JO UIF SPDL GBDF PG UIF NJHIUZ %BVCFSIPSO XIJDI UPXFST TUFFQMZ BCPWF UIF UPXO 5IJT IJHIMZ JNQSFTTJWF WJB GFSSBUB PGGFST UIF GJU BOE TVQQMF WJTJ UPS B HSFBU PQQPSUVOJUZ UP FOKPZ B

VOJRVF QBOPSBNB PG UIF 7BMBJT "MQT "GUFS FJHIU IPVST PS TP PG DMJNCJOH VQXBSET GPS NFUSFT ZPV GJOBMMZ BSSJWF BU UIF TVNNJU 5IJT WJB GFSSBUB PGGFST B DPVSBHFPVT DIBMMFOHF BOE FYUSBPSEJOBSZ FYQFSJFODF GPS TQPSUT FOUIVTJBTUT (GZDUG *LUDUGHW

%\ 1HSWXQH

7+( :2/) 2) :$// 675((7 !!!! 5HOHDVH :KHQ \RX ZDON RXW RI WKLV ODWHVW 0DUWLQ 6FRUVHVH ILOP \RX ZLOO OLNHO\ EH DV KLJK DV D NLWH IURP WKLV FUD]\ DGUHQDOLQ ULGH )RU WKLV ERPEDVWLF WDOH EDVHG RQ WKH ERRN E\ 1HZ <RUN VWRFNEURNHU -RUGDQ %HOIRUW DERXW KLV RZQ ULVH DQG IDOO LQ WKH ODWH V LV DOO DERXW ILQDQFLDO JUHHG VH[XDO H[FHVV DQG WKH LQWR[LFDWLRQ RI PRQH\ DQG GUXJV 7KH LQFRPSDUDEOH /HRQDUGR 'L&DSULR LQKDELWV %HOIRUWÅ‚V

7+( /81&+%2; !!!! KDUGO\ HYHU JHW DQ DGGUHVV ZURQJ YR +LQGL DQG (QJOLVK 5HOHDVH +DYH \RX KHDUG RI WKH 'DEEDZDODV RI 0XPEDL" 7KH\ DUH D OXQFKER[ VHUYLFH WKDW KDQGOHV PLOOLRQV RI GHOLYHULHV SHU GD\ IURP KRPHV RU FDIÃ’V WR WKH ZRUN LQJ FRUSV RI WKLV PDVVLYH FLW\ $QG WKH\

H[FHSW LQ WKLV GHOLJKWIXO WDOH RI PLV WDNHQ GHOLYHU\ $ ORQHO\ RIILFH ZRUNHU RQ WKH YHUJH RI UHWLUHPHQW D \RXQJ ZRPDQ ORQJLQJ IRU KHU KXVEDQGÅ‚V DWWHQWLRQ DQG WKH VZHHW UHODWLRQVKLS WKDW GHYHORSV WKURXJK WKH OLWWOH QRWHV DFFRPSDQ\LQJ WKH GHOHFWDEOH IRRG PDNH XS WKLV KHDUW ZDUPLQJ ILOP ZULW WHQ DQG GLUHFWHG E\ 5LWHVK %DWUD /H UDWLQJ ! /XNHZDUP !! $YHUDJH !!! 9HU\ ZDWFKDEOH !!!! ([FHOOHQW

FKDUDFWHU DV WKRXJK KH ZDV ERUQ WR LW EXW WKHQ KH KDV GRQH WKDW ZLWK HYHU\ RQH RI KLV UROHV VWDUWLQJ RII ZLWK 7KLV %R\Å‚V /LIH LQ DQG KDV QRW \HW UHFHLYHG WKDW HOXVLYH 2VFDU ,Q WKLV ILIWK FROODERUDWLRQ EHWZHHQ 6FRUVHVH DQG 'L&DSULR WKH\ PD\ KLW D GXDO MDFNSRW WKRXJK WKLV \HDU TXLWH D IHZ RWKHU JUHDW ILOPV DQG SHUIRUPDQFHV ZLOO EH LQ WKHLU ZD\ DV <HDUV D 6ODYH &DSWDLQ 3KLOLSV 1HEUDVND RU *UDYLW\ ,Q WKH PHDQWLPH JR DKHDG DQG HQMR\ WKLV MXVW XQGHU KRXU ORQJ PRUDOLW\ SOD\ WKDW LV ERWK DEKRUUHQW DQG H[KLODUDWLQJ

/( 1(:6 -DQXDU\

(PSOR\PHQW

i0ME #PZTu m 4XJU[FSMBOE T NJMJUBSZ CVTJOFTT OFUXPSL *(1(9$ 6LQFH KLVWRULFDOO\ PRVW 6ZLVV PHQ PXVW SHUIRUP PLOLWDU\ VHUYLFH LW VKRXOG FRPH DV QR VXUSULVH WKDW PDQ\ WRS &(2V LQ WKH FRXQWU\ FRPH IURP WKH RIILFHU FRUSV

*

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i"CPMJTIJOH NJMJUBSZ TFSWJDF XPVME CSFBL UIF HFOVJOF MJOL UIBU VOJUFT UIF QFPQMF BOE UIF BSNZ u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

EPDUPST FOHJOFFST BOE MBCPVSFST NBZ TIBSF UIF TBNF CBSSBDLT GPS TFWFSBM XFFLT BU B UJNF .BOZ GFFM UIBU UIJT DPO USJCVUFT UP QSFTFSWJOH 4XJU[FSMBOE T NVDI WBVOUFE iDPIFTJPOu 4XJTT DPNQBOJFT IBWF SFBMJTFE UIF CFOFGJU PG IBWJOH FNQMPZFFT XIP IBWF FYQFSJFODFE VODPNGPSUBCMF BOE TUSFTTGVM TJUVBUJPOT USVEHJOH VQ NPVO UBJO QBTTFT GPS FYBNQMF XIJMF DPN NBOEJOH B EJWFSTF HSPVQ PG NFO 1MBOT BSF OPX VOEFSXBZ UP SFTUSVDUVSF UIF BSNFE GPSDFT DVUUJOH CBDL PO UIF OVN CFS PG CBSSBDLT BOE SFEVDJOH CBTJD USBJOJOH XIJMF BU UIF TBNF UJNF JODSFBTJOH PGGJDFS USBJOJOH .FBOXIJMF TPNF DPNQBOJFT IBWF DPNQMBJOFE BCPVU UIF EJGGJDVMUJFT PG EFBMJOH XJUI UIF BCTFODF PG LFZ FNQMPZFFT XIP NVTU TQFOE TFWFSBM XFFLT BXBZ GSPN XPSL PO B SFHVMBS CBTJT UP BUUFOE NJMJUBSZ USBJOJOH FYFS DJTFT TPNFUIJOH UIBU JODSFBTFT GPS PGGJ DFST 0UIFST PCKFDU UP UIF GBDU XPNFO BSF MFGU PVU PG B OFUXPSL UIBU JT B GBTU USBDL UP BEWBODFNFOU %BOJFM 8BSOFS B MPOH UJNF PCTFSWFS PG 4XJTT QPMJUJDT BOE QSBDUJDF BU (FOFWB T (SBEVBUF *OTUJUVUF CFMJFWFT UIBU UIF SFTVMUT PG UIJT NJMJUBSZ CVTJOFTT SFMBUJPOTIJQ BSF CFOFGJDJBM GPS CPUI TJEFT i5IF BSHVNFOU XBT UIBU UIPTF TFMFDUFE BT PGGJDFST IBWF DFSUBJO MFBEFSTIJQ TLJMMT UIBU NBLF UIFN HPPE NBOBHFST TVDI BT EJSFDUJOH QFPQMF GSPN BMM XBMLT PG MJGF XIP TQFBL EJGGFS FOU MBOHVBHFT BOE IBWF EJGGFSFOU DVM UVSFT *U T OPU KVTU CFDBVTF TPNFPOF TFSWFE JO UIF TBNF CBSSBDLT CVU SBUIFS UIBU TPNFPOF XIP JT BO PGGJDFS QPT

7KH 6ZLVV PLOLWDU\Å‚V ROG ER\ QHWZRUN D IRUFH IRU JRRG"

TFTTFT DFSUBJO MFBEFSTIJQ TLJMMT u 8BSOFS BEEFE UIBU UIJT JT TPNFUIJOH IF BENJSFT "MFYBOESF 7BVUSBWFST 1SFTJEFOU PG UIF (FOFWB .JMJUBSZ 4PDJFUZ CFMJFWFT B NJMJUBSZ CBDLHSPVOE JT BDUVBMMZ NPSF WBMVFE UPEBZ UIBO JU XBT ZFBST BHP i*U T OPU POMZ BCPVU MFBEFSTIJQ 8IFO ZPV UIJOL PG UIF #BMLBOT "GSJDB FBSUI RVBLFT UTVOBNJT B MPU PG UIF ZPVOH TPM EJFST IBWF CFFO PWFSTFBT JO EJGGFSFOU DVMUVSFT 5IJT JT FYUSFNFMZ JNQPSUBOU UP NVMUJ OBUJPOBM DPNQBOJFT UIBU BSF TFOTJUJWF UP NVMUJ DVMUVSBM WBMVFT u

"OPUIFS BTQFDU DPNJOH VOEFS TDSVUJOZ JT UIF GBDU UIBU UIFSF BSF B EJT QSPQPSUJPOBUF OVNCFS PG 4XJTT (FSNBOT BNPOH UIF SBOLT PG DPNQBOZ $&0T QBSUMZ CFDBVTF PG UIFJS OVNFSJD TVQFSJPSJUZ JO UIF QPQVMBUJPO i4JODF UIPTF TFMFDUFE UP CF PGGJDFST UFOE UP DPNF GSPN (FSNBO TQFBLJOH 4XJU[FSMBOE u TBJE 8BSOFS iJU JT UIFZ XIP MBOE QPTJUJPOT JO CBOLJOH BOE CVTJOFTT 5IFSF JT B NVDI TNBMMFS OVN CFS GSPN 4XJTT SPNBOEF XIP XBOU UP NBLF B DBSFFS PG UIF "SNZ BT PGGJDFST GPS MPOH QFSJPET PG UJNF u 7BVUSBWFST EJTBHSFFT i5IF PGGJDFST TPDJFUJFT BSF FYUSFNFMZ BDUJWF JO 5JDJOP BOE 7BVE IBT PWFS NFNCFST 4XJTT SPNBOEF JT TNBMMFS JO UPUBM QPQV MBUJPO TP JO BCTPMVUF UFSNT UIFSF BSF GFXFS HPJOH JOUP UIF NJMJUBSZ CVU TJY CBUUBMJPOT BSF BTTJHOFE UP UIF DBOUPO PG (FOFWB *O GBDU UIF MPXFTU SBUF PG DJUJ [FOT TFSWJOH JO UIF NJMJUBSZ JT JO ;VSJDI u 7BVUSBWFST CFMJFWFT UIF JEFB UIBU UIF MJOL CFUXFFO CVTJOFTT BOE UIF NJMJ UBSZ NBZ CF XFBLFOJOH JT NPSF QFSDFQ UJPO UIBO SFBMJUZ i5IF DIBMMFOHF NBZ CF JOTJEF B DPNQBOZ T IVNBO SFTPVSDFT EFQBSUNFOU XIFSF UIFSF NJHIU CF MFTT BXBSFOFTT PG UIF TLJMMT UIBU DPNF GSPN NJMJUBSZ TFSWJDF u 3DPHOD 7D\ORU

7KH VZLVV PLOLWDU\ LV UHFRJQLVHG IRU LWV KLJK TXDOLW\ RI OHDGHUVKLS WUDLQLQJ

-DQXDU\ /( 1(:6

&ODVVLILHGV LE MOTOR SELL

sational practice or structured lesson plan possible. Rates negotiable. Email: jacrose6562@gmail.com. MUSIC & MOVEMENT CLASSES for infants, toddlers, preschoolers ... & the grownups who love them! Vevey - Blonay - La Tour-de-Peilz - Pully Morges. Contact Eliane George, Phone: 076 341 3888. www.musictogetherriviera.com

Motorbike for sale Yamaha Fazer 600 cc. Silver. 30,500 km, 1st registered in May 2008, expertisĂŠ in Dec 2011. Price CHF 3,000. Contact : Ian@scotskirklausanne.ch or tel 021 323 98 28 4 Wheel-Mounted Winter Tyres for Sale Michelin radial 195/60 R15. Used for 4 months only. 130 euros for all 4 of them Pick up from Divonne, France. Contact Nick Jeffreys, 00 41 79 254 68 27

GENERAL Lutheran Church of Geneva Switzerland’s only English-speaking Lutheran Church is located in Geneva’s Old Town on the Place Bourg-de-Four at 20, rue Verdaine. Worship Sundays at 11h00. Worship, Bible studies, children’s education, retreats and more. www.genevalutheran.ch 022 310 50 89 pastor@genevalutheran.ch

L’EDUCATION English tutoring Experienced English native tutor for children and adults. Preparation for exams, conver-

LES POSITIONS VACANT Sonographer wanted. We use Easote MyLab25Gold equipment. You will be trained. West Lausanne. Beate Keisa, +44 752 844 1672

LE WANT TO BUY STUFF Looking for a second hand flat screen TV for kids playroom. Please SMS details: 079-7027329

LE BEAUTY & WELLNESS

LES PROFESSIONAL SERVICES

Style Intellect, styling solutions for women Style Intellect offers a range of styling solutions for women, helping them to have greater confidence, make a bigger impact and create a very positive first impression! Know what to wear, which colours will make you look radiant and how to have a wardrobe full of clothes that you love to wear! +41 78 921 9938

JEWELRY AND WATCHMAKING L’Age d’Or, in the heart of Vevey - Modern as well as timeless jewelry and watches. Quality customer service in English and in French, and an in-house service centre for jewelry, watch and clock repairs and alterations. Horlogerie-Bijouterie L’Age d’OrVevey. 021 921 18 13 www.agedor.ch

LE WANT TO SELL STUFF Wooden push-bike for 2-4 year old. Fr 40.Contact: Tamaradaniel@bluewin.ch

Le News photo competition Le News is offering a Payot book token worth CHF 20 and the chance to be published to the photographer who submits the best photo and caption on the subject of:

“Best friends� Email your entry to competition@lenews.ch by 14 January 2014. Congratulations to Timothy Goodman, winner of the Le News weekly photographic competition “Christmas in Switzerland�.

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

/( 1(:6 -DQXDU\

5HJLRQDO (YHQWV &RVVRQD\ 9' 0$5,( 7+(5(6( 325&+(7 <($56 2) )81 -DQXDU\ 7KH WK DQQLYHUVDU\ RI ORFDO FHOHEULW\ FRPHGLDQ 0DULH 7KÒUÑVH 3RUFKHW ZLOO FHOHEUDWH ZLWK D VKRZ XQYHLOLQJ WKH URDG WR KHU VXFFHVV WKDW ZDV QRWKLQJ EXW IXQ ,I \RX KDYHQłW PHW ŃKHUń \HW WKHQ WKLV LV \RXU FKDQFH 7LFNHWV )U )U RQ 6DWXUGD\ RQO\ DV LW LQFOXGHV D OLJKW GLQQHU /RFDWLRQ 7KÒÁWUH GX 3UÒ DX[ 0RLQHV &RVVRQD\ ZZZ WKHDWUHSDP FK

*UX\ÑUHV )ULERXUJ *58<(5( &+((6( 0$.,1* 21 $1 23(1 ),5( -DQXDU\ :K\ QRW WDNH DGYDQWDJH RI WKLV VSHFLDO FKHHVH PDNLQJ RYHU RSHQ ILUH HYHU\ 6XQGD\ XQWLO $SULO 7KH PLON LV FRRNHG RYHU D ZRRG ILUH WKDW VWDUWV HYHU\ 6XQGD\ DW K DQG ILQLVKHV DW DURXQG K $Q\ RWKHU GD\ \RX FDQ YLVLW WKH QRUPDO IDFWRU\ DQG KDYH D WRXU ZLWK WDVWLQJ DW WKH HQG IURP K K EXW PDNH VXUH WR EH WKHUH EHWZHHQ K K LI \RX ZDQW WR VHH WKH FKHHVH EHLQJ PDGH EXW FKHFN ZHEVLWH DV WLPHV FKDQJH /RFDWLRQ /D 0DLVRQ GX *UX\ÑUH 3ULQJ\ *UX\ÑUHV ZZZ ODPDLVRQGXJUX\HUH FK

6DWLJQ\ *( 021 2856 $ ',63$58 3833(7 6+2: -DQXDU\ 3XSSHW VKRZ IRU FKLOGUHQ IURP \HDUV ROG E\ WKH 0DULRQQHWWHV OHV &URTXHWWHV 7LOO\ DQG /HR IRUJHW WKHLU WHGG\ EHDUV LQ WKH ZRRGV +DSSLO\ WKH WZR EHDUV DUH FUDIW\ +DV \RXU FKLOG HYHU ORVW WKHLU VXSHU VSHFLDO FRPIRUW REMHFW" $OO FKLOGUHQ FDQ UHODWH WR WKLV /RFDWLRQ 6DOOH &RPPXQDOH 5DPSH GH &KRXOO\ 6DWLJQ\ ZZZ OHVFURTXHWWHV FK

*HQHYD /( ',1(5 '( &216 -DQXDU\ 7KLV FODVVLF )UHQFK ILOP ZDV PDGH DJDLQ LQ WKH 86 DQG QRZ FRPHV KHUH LQ WKH IRUP RI D OLYH SOD\ LQ )UHQFK ,W LV VXUH WR SOHDVH 7KH SULQFLSDO RI WKH VWRU\OLQH LV VLPSOH HYHU\ SDUWLFLSDQW LQYLWHG WR GLQQHU PXVW WU\ WR EULQJ WKH EHVW ŃLGLRWń DQG WKH\ ZLOO EH GHFODUHG WKH ZLQQHU IRU WKH HYHQW /RFDWLRQ %ÁWLPHQW GHV )RUFHV 0RWULFHV 3ODFH GHV 9RORQWDLUHV *HQÑYH ZZZ OHVWKHDWUDOHV FK

*HQHYD :,17(5 &/$66,& +2&.(< :,7+ 35( 0$7&+ 6+2:

*HQHYD /81$ 3$5.

0RQWUHX[ 9' $57 &(1752

-DQXDU\ IURP K 1RW RQO\ ZLOO WKH WKULOOV RI WKH ULGHV OLJKWV DQG PXVLF HQWKUDOO \RX EXW DOO \RXU VHQVHV ZLOO EH VWLPXODWHG E\ WKH VPHOOV RI GHHS IULHG FDUQLYDO WUHDWV SRSFRUQ VDXVDJHV DQG RWKHU WHPSWDWLRQV %H SUHSDUHG WR VSHQG D FHUWDLQ DPRXQW DV LW LV HDV\ WR JHW FDUULHG DZD\ ZLWK RQH ULGH DIWHU DQRWKHU /RFDWLRQ *HQHYD 3ODLQSDODLV ZZZ JHQHYH WRXULVPH FK

-DQXDU\ .RKOHQH +HQGULFNVRQ LV WKH IRXQGHU RI $57 &(1752 DQG DQ DZDUG ZLQQLQJ LQWHUQDWLRQDOO\ UHFRJQL]HG DUWLVW UHSUHVHQWHG LQ 6ZLW]HUODQG E\ 3OH[XV $UW *DOOHU\ LQ &ODUHQV 0RQWUHX[ $ GD\ RI FUHDWLYLW\ IRU DOO DJHV SDLQWLQJ GUDZLQJ FROODJH OLYH PRGHOV PXVLF $WHOLHUV RSHQ IURP K K )UHH HQWU\ LQFOXGLQJ DOO DFWLYLWLHV /RFDWLRQ $YHQXH GHV 3ODQFKHV 0RQWUHX[ ZZZ NRKOHQH FRP

&RSSHW 9' (/$67,& $57,672

/DXVDQQH 9'*526 1(= c /$ &$7+v'5$/(

6DLQWH &URL[ 9'$872 0$7(6 086(80

-DQXDU\ 7KLV YLVXDO FRPHG\ VKRZ ZLOO KDYH \RX VODSSLQJ \RXU NQHH ZLWK ODXJKWHU $OO DJHV ZLOO HQMR\ ZDWFKLQJ WKLV FRPHGLDQ ZKR WUDQVFHQGV DOO ODQJXDJHV XVLQJ WKH VXUSULVHV RI LPSURY DQG ZLOO KDYH \RX LQ ILWV RI ODXJKWHU ZLWK KLV VLOO\ FKDUDFWHU +H LV DGRUHG E\ PDQ\ PD\EH \RX FDXJKW KLP RQ 79 D IHZ WLPHV /RFDWLRQ 7KÒÁWUH GH 7HUUH 6DLQWH 5WH GX -XUD &RSSHW ZZZ HODVWLFVKRZ EH

'DLO\ XQWLO -DQXDU\ 3KRWR H[SR LQ WKH &DWKÒGUDOH GH /DXVDQQH )RU WKH WK DQQLYHUVDU\ RI WKH QHZ RUJDQV SODFHG UHFHQWO\ LQ WKH FDWKHGUDO D SKRWRJUDSKHU DQG FDUWRRQLVW FROODERUDWHG LQ DQ XQXVXDO ZD\ 8VLQJ WKH WHFKQLTXH RI ŃOLJKW SDLQWLQJń WKH\ ZHUH DEOH WR SXW WKH FDUWRRQ FKDUDFWHU IURP 0L[ HW 5HPL[ *URV 1H] LQ YDULRXV ORFDWLRQV LQ WKH FDWKHGUDO 7KH SKRWRV WDNHQ E\ -HDQ 3LHUUH )RQMDOOD] DUH LPRUWDOL]HG RQ PHWDO FDQYDVHV DQG DUH RQ GLVSOD\ IRU D IHZ PRUH ZHHNV /RFDWLRQ &DWKHGUDO RI /DXVDQQH 3ODFH GH OD &DWKÒGUDOH /DXVDQQH ZZZ PRWLRQJUDSKLFV FK

*XLGHG WRXUV 7XHVGD\ WKURXJK )ULGD\ DW K ZHHNHQGV DW K DQG K ,Q WKH PXVLF ER[ ZDV LQYHQWHG 7KH *HQHYD ZDWFKPDNHU $QWRLQH )DYUH FUHDWHG D OLWWOH PXVLFDO PDUYHO WKDW FRXOG SOD\ PXVLF DXWRPDWLFDOO\ XVLQJ D F\OLQGHU GUHVVHG ZLWK SRLQWV WKDW VWHHO WKUHDGV FRXOG GDQFH XSRQ 1RZ \RX FDQ VHH DOO WKH KLVWRU\ RI WKHVH VSHFLDO LWHPV DV ZHOO DV RWKHU PDUYHOV VXFK DV VLQJLQJ DXWRPDWHG ELUGV GROOV DQG PRUH /RFDWLRQ 0XVÒH &,0$ 5XH GH Oł,QGXVWULH 6DLQWH &URL[ ZZZ PXVHHV FK FLPD VWH FURL[#EOXHZLQ FK

-DQXDU\ $ XQLTXH RFFDVLRQ LQ WKH ZRUOG RI LFH KRFNH\ LQ ZKLFK SOD\HUV IURP WKH *HQÑYH 6HUYHWWH +RFNH\ &OXE DQG WKH /DXVDQQH +RFNH\ &OXE ZLOO FRPH KHDG WR KHDG LQ D FODVVLF GHUE\ RQO\ WKH VHFRQG RI LWV NLQG WR EH VWDJHG LQ DQ RSHQ DLU IRRWEDOO DUHQD LQ 6ZLW]HUODQG 7KH PDWFK ZLOO DOVR EH EURDGFDVW OLYH RQ 7HOHFOXE DQG 576 ,Q WKH HYHQW RI H[WUHPHO\ EDG ZHDWKHU WKH PDWFK ZLOO EH SRVWSRQHG XQWLO WKH IROORZLQJ GD\ DW K %X\ WLFNHWV DV VRRQ DV SRVVLEOH /RFDWLRQ 6WDGH GH *HQÑYH &DURXJH *( ZZZ JVKF FK

NEW W DISCOUNTS SCOUNTS NTS TS S AND MO MONEY MON M ONEYY NEW RULES AND REGULATIONS YOUR HOME TRAVEL FOOD LEISURE EDUCATION AND BUSINESS FAMILY SHOPPING INFORMATION INCLUDES MAPS BOOKMARKS FULL INDEX 50 CHAPTERS

-DQXDU\ /( 1(:6

/RFDO &RPPXQLW\ *URXSV $VVRFLDWLRQV &/8%6 $1' *52836 9HYH\ /LWWOH $UURZV /LWWOH $UURZV LV D JURXS IRU SUH VFKRRO FKLOGUHQ WKDW JLYHV \RXQJ FKLOGUHQ DQG WKHLU FDUHUV DQ RSSRUWXQLW\ WR HQMR\ FUHDWLYH WLPH WRJHWKHU 7KH JURXS PHHWV HYHU\ :HGQHVGD\ DQG 7KXUVGD\ PRUQ LQJV DQG DIWHUQRRQV LQ $OO 6DLQWVÅ‚ &KXUFK +DOO GXULQJ VFKRRO WHUP &+) SHU VHVVLRQ SHU FKLOG &DOO IRU PRUH LQIRUPDWLRQ RU YLVLW KWWS ZZZ DOOVDLQWV FK FKLO GUHQ DUURZV DVS

0RQWUHX[ &HQWUH GH GDQVH 'DQFH &HQWHU

7KLV JURXS RIIHUV GDQFH FODVVHV LQ )UHQFK IRU FODVVLFDO GDQFH PRGHUQ MD]] DQG VWUHWFKLQJ IRU FKLOGUHQ DQG DGXOWV :HOO HVWDEOLVKHG JURXS &DOO RU HPDLO LQIR#FHQ WUH GH GDQVH FK IRU PRUH LQIRUPD WLRQ

0RQWUHX[ &HQWUH GH <RJD 1DWXURSDWKLH

2IIHUV D IOH[LEOH VFKHGXOH RI FODVVHV IRU DOO DELOLWLHV SUDFWLFH EUHDWKLQJ DQG UHOD[DWLRQ H[HUFLVHV DV ZHOO DV VSHFLILF SRVWXUHV WKDW DOORZ VWUHWFKLQJ DQG WRQLQJ RI WKH PXVFXODU V\VWHP %DVHG DW $Y GX &DVLQR 0RQWUHX[ ZLWK RWKHU FODVVHV DYDLODEOH LQ &ODUHQV 3ULOO\ 'HQJHV DQG 9HYH\ 3KRQH IRU PRUH LQIRUPDWLRQ

2QOLQH 6ZLVV *ROI 1HWZRUN

9LVLW ZZZ VZLVVJROIQHWZRUN FK WR GLVFRYHU FOXEV LQ WKH DUHD WRXUQD PHQWV ERRN WHH WLPH DQG GLVFRYHU WKH ODWHVW JROI QHZV

*HQHYD $TXD =XPED

$TXDWLF ILWQHVV FODVV EDVHG RQ WKH SRSXODU =XPED SURJUDPPH LQ D Ź& VZLPPLQJ SRRO DLPV WR LPSURYH \RXU FDUGLRYDVFXODU ILWQHVV DQG WRQLQJ &KRUHRJUDSKHG WR 6DOVD &XPELD 0HUHQJXH &KDFKDFKÀ 6DPED 7DQJR )ODPHQFR &DO\SVR +LS +RS 5HJJDHWWRQ DQG 6RFD EHDWV WKLV FODVV SURPLVHV DQ HQJDJLQJ DQG HQWHUWDLQLQJ ZD\ WR VWD\ KHDOWK\ &ODVVHV KHOG RQ 7XHVGD\V IURP K Å‹ K DW $YHQXH GH %HDXVÃ’MRXU *HQÑYH 9LVLW ZZZ HFROH FOXE FK 2IIUH $TXD =XPED WR VLJQ XS

*HQHYD ,QWHUQDWLRQDO 6NL &OXE RI *HQHYD $V ZHOO DV RIIHULQJ DOO W\SHV RI VNL DQG DOSLQH DFWLYLWLHV ,6& KRVWV VNL ILWQHVV FODVVHV WR SUHSDUH IRU WKH ZLQWHU VHDVRQ WR LPSURYH SHUIRUP DQFH DQG UHGXFH WKH ULVN RI DFFL GHQW &ODVVHV DUH KHOG IURP K WR K DQG K WR K HYHU\ 7XHVGD\ IURP 6HSWHPEHU WR 0DUFK DW WKH SK\VLFDO HGXFDWLRQ VFKRRO URRP 6LVPRQGL DYHQXH GH )UDQFH *HQÑYH 6XEVFULSWLRQ IURP -DQXDU\ LV &+) DQG IRU RQH VHVVLRQ &+) &DOO 5DIIDHOH 0RUHVLQR RQ RU HPDLO VFLJUDIIDHOH#EOXHZLQ FK

/DXVDQQH 7KH 2SHQ 0LQGV ERRN FOXE FUHDWLYH ZULWLQJ SKLORVRSK\

7KLV LV D FOXE IRU WKRVH ZKR VKDUH WKH ORYH RI ZRUGV WKH ORYH RI VWRULHV DQG LGHDV LQ (QJOLVK ,W KRVWV D ERRN FOXE D ZULWLQJ ZRUNVKRS WR SUDFWLFH DQG H[SHULPHQW ZLWK QHZ ZULWLQJ WHFKQLFV DQG D SKLORVRSK\ FDIH WR GHEDWH LQWHUHVWLQJ LGHDV RYHU D FXS RI FRIIHH %DVHG RQ WKH WUDGLWLRQDO FRQFHSW RI &DIÃ’ 3KLOR E\ 0DUF 6DXWHW 9LVLW ZZZ JOR FDOV FRP JURXSV ODXVDQQH RSHQ PLQGV JURXS IRU PRUH LQIRUPDWLRQ

*HQHYD 6HUYH WKH &LW\

2UJDQL]DWLRQ UXQ E\ YROXQWHHUV WR VHUYH WKH SRRU DQG PDUJLQDOL]HG 3DUWQHULQJ ZLWK KRPHOHVV VKHOWHUV UHIXJHH FHQWUHV DQG RUSKDQDJHV 6HUYH WKH &LW\ LV ORRNLQJ IRU QHZ YROXQWHHUV 9LVLW ZZZ VHUYHWKHFLW\ JHQHYD FK WR JHW LQYROYHG

/DXVDQQH (QJOLVK 6SHDNLQJ $QJOR 6ZLVV &OXE RI /DXVDQQH (6 $6& $ VRFLDO FOXE IRU DOO (QJOLVK VSHDNHUV LUUHVSHFWLYH RI QDWLRQDOLW\ RU PRWKHU WRQJXH $ JUHDW ZD\ WR SUDFWLFH (QJOLVK PHHW QHZ SHRSOH VRFLDOLVH DQG PDNH QHZ IULHQGV 5HJXODU PHHWLQJV LQFOXGH FLQHPD WKHDWUH FRQFHUWV PXVHXP YLVLWV RXWLQJV ELOOLDUGV DQG WDONV 9LVLW ZZZ HVF ODXVDQQH FK IRU GHWDLOV RU FRQWDFW ,O]H &RQGHPL RQ

&ULVVLHU 7HQQLV $FDGHP\

2IIHUV WHQQLV DQG EDGPLQWRQ OHVVRQV DV ZHOO DV RWKHU VSRUWV ZLWK (QJOLVK VSHDNLQJ LQVWUXFWRUV $W &K GH OD *RWWUDXVH &ULVVLHU &DOO IRU PRUH LQIR

1HZ *URXSV DQG $VVRFLDWLRQV $Q\ JURXS WKDW ZLVKHV WR UDLVH LWV SURILOH LV ZHOFRPH WR VXEPLW DQ HQWU\ IRU IUHH WR /H 1HZV RQ D ILUVW FRPH ILUVW VHUYHG EDVLV 2QO\ HQWULHV IURP FKDULWLHV DQG QRW IRU SURILW RUJDQL]DWLRQV ZLOO EH DFFHSWHG (QWULHV PXVW EH QR PRUH WKDQ ZRUGV ORQJ DQG WKH\ PXVW QRW IXQGUDLVH VHOO RU SURPRWH HYHQWV 3ULRULW\ ZLOO EH JLYHQ WR QHZ RUJDQL]DWLRQV

6833257 $1' +(/3 :HEVLWH 'HSUHVVLRQ 8QGHUVWRRG 7KLV ZHEVLWH RIIHUV D VXSSRUWLYH QHWZRUN IURP WKRVH VXIIHULQJ IURP GHSUHVVLRQ DQG DQ[LHW\ ,W SURYLGHV D SODWIRUP WKURXJK ZKLFK OLNH PLQGHG SHRSOH FDQ FRPPXQLFDWH DQG RIIHU SHHU VXSSRUW WR RQH DQRWKHU &ULVLV KRWOLQH 9LVLW KWWS ZZZ GHSUHVVLRQ XQGHU VWRRG RUJ WR JHW LQYROYHG

*HQHYD $X &þXU GHV *URWWHV

3URYLGHV VXSSRUW IRU ZRPHQ DORQH RU ZLWK FKLOGUHQ IDFLQJ GLIILFXOW VLWXDWLRQV VXFK DV IDPLO\ SUREOHPV GRPHVWLF YLROHQFH H[SORLWDWLRQ LQ WKH ZRUNSODFH RU DFFRPPRGDWLRQ GLIILFXOWLHV UHWXUQLQJ IURP DEURDG %DVHG DW 5XH GH =XULFK *HQHYD 6XSSRUW VHVVLRQV RQ 7XHVGD\ WR )ULGD\ IURP K WR K DQG 6DWXUGD\V IURP K WR K 9LVLW ZZZ FRHXU FK IRU PRUH LQIRUPD WLRQ

9DXG $VVRFLDWLRQ RI 'LDEHWHV

$V D PHPEHU RI WKH 6ZLVV $VVRFLDWLRQ RI 'LDEHWHV WKLV JURXS SURYLGHV LQIRUPDWLRQ WKDW KHOSV LPSURYH WKH TXDOLW\ RI OLIH RI SHRSOH ZLWK GLDEHWHV ZLWK VSHFLDO GLDEHWHV IRFXVHG FRQVXOWDWLRQV DQG LQIRUPD WLRQ VHVVLRQV %DVHG DW $YHQXH GH 3URYHQFH /DXVDQQH FDOO RU H PDLO LQIR#GLDEHWHV YDXG FK IRU PRUH LQIRUPDWLRQ

9DXG DE& &HQWUH IRU $QRUH[LD DQG XOLPLD

3URYLGHV VSHFLDOW\ FDUH DQG VXSSRUW IRU DGROHVFHQWV DQG DGXOWV ZLWK DQRUH[LD QHUYRVD DQG RU EXOLPLD DQG WKRVH ZLWK DQ[LHW\ RU REVHVVLRQ FRQFHUQLQJ IRRG FRQVXPSWLRQ $Q LQWHUGLVFLSOLQDU\ WHDP WDFNOHV SV\FKRORJLFDO SK\VLFDO QXWULWLRQDO DQG VRFLDO DVSHFWV RI WKHVH FRPSOH[ FRQGLWLRQV WR SURYLGH SHUVRQDO FDUH &DOO RU YLVLW ZZZ FKXY FK DEF IRU GHWDLOV %

3DUVSDV 6XLFLGH 6XSSRUW

,I \RX DUH LQ GLVWUHVV DQG ORRNLQJ WR WDON WR VRPHRQH RU QHHG LQIRUPD WLRQ WKH UHODWLYH RI D SHUVRQ LQ GLVWUHVV RU KDYH ORVW D ORYHG RQH WR VXLFLGH 3DUVSDV SURYLGHV VXSSRUW JURXSV DQG D KHOSOLQH &DOO IURP K WR K RU HPDLO DLGH#SDUVSDV FK ,QGLYLGXDO PHHWLQJV RQ UHTXHVW 9LVLW ZZZ SDUVSDV FK IRU PRUH LQIRUPDWLRQ

+HOSOLQH 3DUHQWVÅ‚ DQG &KLOGUHQÅ‚V 6XSSRUW *URXSV 626 (QIDQWV $YDLODEOH IRU FKLOGUHQ DQG DGROHVFHQWV LQ QHHG &DOO RU

*HQHYD $6. $OO 6SHFLDO .LGV

$6. LV D QHZ *HQHYD EDVHG QHWZRUN IRU IDPLOLHV ZLWK VSHFLDO QHHGV FKLOGUHQ ,W SURYLGHV LQIRUPD WLRQ UHODWLQJ WR VSHFLDO QHHGV LVVXHV WKURXJK PRQWKO\ VXSSRUW PHHWLQJ DQG WKHPDWLF ZRUNVKRSV 7KH JURXS IRFXVHV RQ KHOSLQJ (QJOLVK VSHDNLQJ FKLOGUHQ ZZZ DVN FK

0RUJHV :RPHQÅ‚V 6XSSRUW *URXS

6ROLGDULWÃ’ )HPPHV SURYLGHV KHOSV DQG VXSSRUW IRU ZRPHQ DQG WKHLU FKLOGUHQ VXIIHULQJ IURP GRPHVWLF YLROHQFH ,W LV RSHQLQJ D KHOS FHQWUH LQ 0RUJHV LQ 0DUFK DQG SODQV WR RIIHU FRQVXOWDWLRQ LQ (QJOLVK 7HOHSKRQH

9DXG 9RJD\

$VVRFLDWLRQ 9DXGRLVH GH 3HUVRQQHV &RQFHUQÃ’HV SDU OÅ‚+RPRVH[XDOLWÃ’ DLPV WR REMHFWLYHO\ LQIRUP DQG VXSSRUW DQ\RQH FRQFHUQHG ZLWK KRPRVH[XDOLW\ LQ WKH 9DXGRLVH DUHD ZLWK VXSSRUW JURXSV DQG DFWLYLWLHV )UHQFK VSHDNLQJ EXW ZHOFRPHV DOO :HOO HVWDEOLVKHG (PDLO HFRXWH#YRJD\ FK RU YLVLW ZZZ YRJD\ FK IRU PRUH LQIRUPD WLRQ

3UDQJLQV )RQGDWLRQ OH &XEH GH 9HUUH 6XSSRUW DQG DFWLYLW\ JURXS WKDW SURYLGHV DGYLFH DQG UHVRXUFHV IRU SDUHQWV RI DXWLVWLF FKLOGUHQ )UHQFK VSHDNLQJ $W $YHQXH GH OD *DUH 3UDQJLQV RU FDOO

*HQHYD DQG /DXVDQQH 2YHUHDWHUV $QRQ\PRXV

6XSSRUW JURXS IRU WKRVH VXIIHULQJ RU VXSSRUWLQJ SHUVRQV ZLWK EXOLPLD DQRUH[LD DQG HDWLQJ GLVRUGHUV (QJOLVK VSHDNLQJ PHHWLQJV DUH KHOG UHJXODUO\ LQ *HQHYD DQG /DXVDQQH XVXDOO\ RQ 0RQGD\ DQG 6DWXUGD\ DW (PPDQXHO &KXUFK 5XH GH 0RQWKRX[ *HQHYD 9LVLW ZZZ RD RUJ IRU PRUH LQIRUPDWLRQ

*HQHYD 1DUFRWLFV $QRQ\PRXV

KDV LQWURGXFHG DQ (QJOLVK VSHDNLQJ PHHWLQJ DV ZHOO DV LQ )UHQFK 0HHWLQJV WDNH SODFH UHJXODUO\ DW 0DLVRQ GH /Å‚$QFUH 5XH GH /DXVDQQH *HQHYD &DOO WR

/( 1(:6 -DQXDU\

3X]]OHV

$&5266 ,W LV FKLOGłV SOD\ 0LGGOH $UWLFXODWLR JHQXV ([KDXVWLYH %DG WHPSHUHG FORVHG 'D]HV 8QIROGV ,QFRUUHFWO\ )DVWHQ E\ VHZLQJ <DUQ 7KLQNHUV OLQNHG E\ D VLPLODU VW\OH ,QIOXHQFH RU ELDV

'2:1 3UHVV )LUPQHVV RI SXUSRVH )RFXVHV 3OD\HU 8QOXFNLO\ )UHVK DQG XQXVXDO /LS URXJH 2EWDLQHG E\ PXOWLSOLFDWLRQ 6XGGHQ QXPELQJ GUHDG *DXG\

/DVW ZHHNłV VROXWLRQ

(DFK OHWWHU KDV EHHQ UHSODFHG E\ WKH VDPH QXPEHU WKURXJKRXW WKH SX]]OH 6LPSO\ GHFLGH ZKLFK OHWWHU LV UHSUHVHQWHG E\ ZKLFK QXPEHU DQG FRPSOHWH WKH SX]]OH 7R VWDUW RII ZHłUH JLYHQ \RX WKH ILUVW WKUHH OHWWHUV

:KDWłV 2Q

#MBDL .PWJF 'FTUJWBM

(DV\ (QWHU QXPEHUV LQWR WKH EODQN VSDFHV VR WKDW HDFK URZ FROXPQ DQG [ ER[ FRQWDLQV WKH QXPEHUV WR

:LQ 6XGRNX 6HQG XV WKH WKUHH QXPEHUV LQ WKH VKDGHG VTXDUHV IRU D FKDQFH WR ZLQ &+) 7KH ILUVW FRUUHFW DQVZHU GUDZQ ZLOO ZLQ (PDLO SUL]HV#OHQHZV FK &RGHZRUG 6HQG XV WKH WKUHH OHWWHUV LQ WKH VKDGHG VTXDUHV IRU D FKDQFH WR ZLQ &+) 7KH ILUVW FRUUHFW DQVZHU GUDZQ ZLOO ZLQ (PDLO SUL]HV#OHQHZV FK

5IF UI #MBDL .PWJF (FOFWB *OUFSOBUJPOBM *OEFQFOEFOU 'JMN 'FTUJWBM JT PO GSPN UP +BOVBSZ ZFU BOPUIFS FYBNQMF PG 4XJU[FSMBOE T QSP NPUJPO PG VOVTVBM JG OPU FYDFQUJPOBM GJMN GFTUJWBMT 4IPXDBTJOH GJMNT JODMVEJOH 4XJTT BOE &VSPQFBO QSFNJÍSFT #MBDL .PWJF QSPNJTFT UP CF B SFCFMMJPVT BOE QBTTJPOBUF GFTUJWBM 5IF PSHBOJTFST IBWF QVMMFE UPHFUIFS TPNF GBCVMPVT JOEFQFOEFOU GJMNT UIBU XJMM iEFOU UIF CMPOE CMBOEOFTT PG )PMMZXPPEJBO GPSNBUUJOHu 0O UIF NFOV JT BO FYUSBPSEJOBSZ BSSBZ PG PQUJPOT 5IF MBUFTU PQVTFT CZ GBNPVT EJSFDUPST BT XFMM BT OFX SFDSVJUT JODMVEFT POF GSPN +JB ;IBOHLF " 5PVDI PG 4JO XIJDI XPO UIF $BOOFT 1SJ[F GPS CFTU GJMN EJSFDUJPO BOE XIJDI JT DFOTPSFE JO $IJOB 5IFSF BSF BMTP TPNF OPUBCMF EJT DPWFSJFT *SBOJBO "OBIJUB (IB[WJOJ[BEFI UIJT ZFBS T EBSMJOH XIP DBQUJWBUFT XJUI IFS UXP TIPSU GJMNT 8IFO 5IF ,JE XBT B ,JE BOE /FFEMF $JOÊGPOEBUJPO 1SJ[F BU $BOOFT BOE %JFVEP )BNBEJ XIPTF "UBMBLV PGGFST B HVU XSFODIJOH IFBU PG UIF NPNFOU SFQPSU PO FMFDUJPOT JO UIF %FNPDSBUJD 3FQVCMJD PG $POHP 5IFO

UIFSF BSF UPVDIJOH GJMNT CZ NBTUFST JODMVEJOH /PB[ %FTIF 8IJUF 4IBEPX BOE +VBO * 'FSOÃOEF[ )PQQF -BT GMPSFT EF NJ GBNJMJB #FDBVTF JOEFQFOEFOU DJOFNB JT UISFBUFOFE FMTFXIFSF POF TFDUJPO JT EFTJHOFE JO VOFRVJWPDBM TVQQPSU PG EJSFDUPST XIPTF GJMNT BOE TPNFUJNFT MJWFT BSF UISFBUFOFE "NPOH UIF GJWF GJMNT TDSFFOFE JO UIF TPMJEBSJUZ TFDUJPO BSF "J 8FJXFJ T 1JOH BO :VFRJOH BOE $IFO $IBOHRJOH T 5IF 4PO PG "EBN -F /FXT IBT B DPVQMF PG GSFF UJDLFUT DPVSUFTZ PG #MBDL .PWJF &NBJM QSJ[FT!MFOFXT DI BOE XF MM TFOE UIFN UP UIF GJSTU GJMN CVGG UP BTL

-DQXDU\ /( 1(:6

:HDWKHU 6:,7=(5/$1' 72'$<

Basel 5°|16° Zurich 5°|15°

Bern 2°|13°

Lucerne 2°|11° Chur 4°|15°

Lausanne 6°|16° Sion 1°|12°

Geneva 4°|16°

Lugano 4°|9°

$5& /v0$1,48( )25 7+( :((.(1' 7KXUVGD\

)ULGD\

6DWXUGD\

6XQGD\

Ź Ź

Ź Ź

Ź Ź

Ź Ź

6., 612: 5(3257 9HUELHU

FP

&UDQV 0RQWDQD FP

/HV 5RXVVHV

FP

9LOODUV

FP

&KÁWHDX Gł2H[

&KDPRQL[

FP

FP

Choisir, payer, emporter. Profitez de nos offres attrayantes sur nos voitures pré-immatriculées, leasing dès 1.9% sans apport, prolongement de garantie de !" mois. Court extrait : Prix brut fr.

Prix net fr.

VW Beetle Turbo, 2.0 l, TSI, 200cv, DSG, deep black, réf. 653076

Modèle

45’360.–

36’900.–

VW up! high Up, 1.0 l, 75cv, 5-vit.man., red, réf. 734635

18’650.–

16’150.–

VW Polo CL, 1.2 l, TSI, 90cv, BMT 5-vit., deepblack, réf. 734885

24’330.–

20’200.–

AMAG Petit-Lancy Route du Pont-Butin, 1213 Petit-Lancy Tél. 022 870 92 00, www.geneve.amag.ch

AMAG Carouge Chemin de la Marbrerie 8, 1227 Carouge Tél. 022 809 59 59, geneve@amag.ch

Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.