)5(( :((./< 1(:63$3(5
$UF OÒPDQLTXH
1RYHPEHU 'HFHPEHU
ZZZ OHQHZV FK
-3$ .5*,) #.-5/*5 .5 #.5 ),5)(5*#-. 5 #,+/ 5 /5 )& #&5;5 1#--5 -"#)(5 kgz .#)( o5)." ,5 0 (.! .-5-' ,. #VTJOFTT FDPOPNZ
8JOUFS TQPSUT
3FHJPOBM FWFOUT
1MVHHFE JO
9DXG HPSOR\PHQW ULVHV (PSOR\PHQW LQ 9DXG KDV FRQWLQXHG WR ULVH IRU WKH WKLUG FRQVHFXWLYH TXDUWHU 7KH ULVH WR SHRSOH HPSOR\HG DW WKH HQG RI 6HSWHPEHU ZDV DERYH WKH UHSRUWHG IRU WKH $UF OÒPDQLTXH 9DXG *HQHYD DQG 9DODLV DQG WKH UHSRUWHG QDWLRQDOO\
3FKFDUJPO OFYU TVHHFTUJPO *(1(9$ 6ZLVV GHPRFUDF\ VSRNH DJDLQ ZLWK RXWULJKW UHMHFWLRQV LQ ODVW 6XQGD\łV IHGHUDO UHIHUHQGXP RQ WKH FXUELQJ RI FRUSRUDWH VDOD ULHV D ULVH LQ DXWRURXWH FKDUJHV DQG IDPLO\ WD[ UHOLHI $Q HYHQ PRUH FRQWURYHUVLDO LVVXH QRZ ORRPV ZLWK D SURSRVDO WR KDOW ODUJH VFDOH LPPLJUDWLRQ DW WKH QH[W UHIHUHQGXP RQ )HEUXDU\ 7KLV UHIHUHQGXP DOVR
LQFOXGHV LQLWLDWLYHV WR LQVWLWXWH D &+) PLQLPXP ZDJH DQG DQ LQKHULWDQFH WD[ RQ IRUWXQHV RI RYHU &+) PLOOLRQ 7KH 1RYHPEHU UHIHUHQGXP VDZ RI YRWHUV GLVPLVV WKH LQLWLDWLYH WKDW FDOOHG IRU FRU SRUDWH &(2V WR EH SDLG QR PRUH WKDQ WLPHV WKH ORZHVW FRP SDQ\ VDODU\ 7KLV RXWFRPH ZDV ZHOFRPHG E\ WKH ILQDQFLDO FRP
PXQLW\ ZKLFK IHDUHG UHVWULFWLRQV ZRXOG VFDUH RII IRUHLJQ LQYHVW PHQW DV ZHOO DV LQIOLFW KDYRF RQ EXVLQHVV 7KLV ZDV HVSHFLDOO\ WUXH LQ WKH ZDNH RI WKH ŃIDW FDWń LQLWLD WLYH DSSURYHG LQ 0DUFK WKLV \HDU DOORZLQJ VKDUHKROGHUV WR YHWR H[HFXWLYH FRPSHQVDWLRQ DQG EDQQLQJ JROGHQ KDQGVKDNHV DQG JRRGE\HV &RQWLQXHG RQ SDJH
BACCARAT For sparkling moments
WWW.CAVEDEGENEVE.CH
IT’S FREE. PLEASE TAKE ONE
1RYHPEHU 'HFHPEHU /( 1(:6
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ÊDPMFT [VSJ DIPJTFT BSF QVTIJOH GPS HSFBUFS USBOTQBSFODZ 4XJTT BDBEFNJD GBDVMUJFT BOE UIPTF BCSPBE IBWF DPOEFNOFE UIF DPMMBCPSBUJPO JO BO PQFO MFUUFS DMBJNJOH JU VOEFSNJOFT TDJFOUJGJD JOEFQFOEFODF 5IF 1BSJT .POUSFVY +B[[ $BGÊ PQFOFE PO /PWFNCFS BU 1BSJT (BSF EF -ZPO CFMPX UIF SFTUBVSBOU -F 5SBJO #MFV 5IF +B[[ $BGÊ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
(&.4 8PSME "DBEFNZ JO &UPZ BOOPVODFE UIJT XFFL UIBU JU JT MBVODIJOH B OBUJPOBM 0VUTUBOEJOH 5FBDIFS "XBSE 5IF BXBSE SFXBSET FYFNQMBSZ FEVDBUPST XIPTF DPOUSJCV UJPO UP FYDFMMFODF DBO CF BTTFTTFE BT VOJRVF BOE EJTUJODUJWF JO JNQSPWJOH UIF MJGF DIBODFT PG ZPVOH QFPQMF 5IF BXBSE JT PQFO UP BMM UFBDIFST JO 4XJU[FSMBOE XPSLJOH JO FJUIFS UIF QVCMJD PS QSJWBUF TDIPPM TZTUFN 1SPG "OESFB 1GFJGFS $&0 PG CJPUFDI DPNQBOZ "$ *NNVOF XBT BXBSEFE UIF QSFTUJHJPVT BOOVBM i1SJY #JP"MQT u CZ 1SPG +FBO $MBVEF #BEPVY GPSNFS %FBO PG &1'- 5IF #JP"MQT "TTPDJBUJPO QSPNPUFT UIF SFHJPO BT POF PG UIF MFBEJOH HMPCBM DFOUSFT PG UIF MJGF TDJFODF JOEVTUSZ "$ *NNVOF JT XPSLJOH UP GJOE B DVSF GPS "M[IFJNFS T B EJTFBTF GPS XIJDI UIFSF BSF DVSSFOUMZ OP FGGFDUJWF UIFSBQJFT BOE XIJDI BGGFDUT NJMMJPO QFPQMF XPSMEXJEF 5IF MBUFTU 1VCMJD &ZF "XBSET IBWF CFFO MBVODIFE CZ UIF /(0T #FSOF %FDMBSBUJPO BOE (SFFOQFBDF 1FPQMF BSF JOWJUFE UP WPUF PO UIF XPSTU DPNQBOZ PG UIF ZFBS JO UFSNT PG UIF FOWJSPONFOUBM PS FDPOPNJD EBNBHF JU IBT DBVTFE 5XP iBXBSET PG TIBNFu XJMM CF NBEF UIF QFPQMF T BXBSE EFUFSNJOFE CZ B QPQVMBS POMJOF WPUF BOE UIF KVSZ T BXBSE EFDJEFE CZ B IJHIMZ RVBMJGJFE QBOFM PG FYQFSUT PO TVCKFDUT SBOHJOH GSPN HMPCBMJ[BUJPO UP QIJMPTPQIZ /PNJOFFT XFSF QVU GPSXBSE CZ B OVNCFS PG PSHBOJ[BUJPOT BOE TFMFDUFE CZ UIF 6OJWFSTJUZ PG 4U (BMMFO UIFZ JODMVEF &TLPN '*'" )4#$ 4ZOHFOUB #BZFS #"4' 5IF XJOOFST XJMM CF BOOPVODFE CZ UIF FYFDVUJWF EJSFDUPS PG (SFFOQFBDF BU UIF CFHJOOJOH PG UIF 8PSME &DPOPNJD 'PSVN JO +BOVBSZ
UIF OFYU TVHHFTUJPO $POUJOVFE GSPN QBHF NJMMJPO iUIJT NFBOT NJMMJPO XJUIJO " SFKFDUJPO PG QMBOT UP SBJTF UIF ZFBST u B 6%$ TQPLFTNBO XBSOFE BVUPSPVUF WJHOFUUF UP $)' NFBOT 5IFZ DMBJN UIJT XJMM MFBE UP VOFN UIBU #FSOF XJMM IBWF UP TFFL BMUFSOBUJWF QMPZNFOU QMVT ESBTUJD SJTFT JO SFOUT GVOEJOH GPS IJHIXBZ FYQBOTJPO .BOZ BOE PWFSDSPXEFE USBOTQPSU 'PS 'PSFJHO .JOJTUFS %JEJFS 4XJTT SFTFOUFE UIF FYUFOU PG UIF SJTF #VSLIBMUFS B RVPUB XPVME iKFPQBSEJ[Fu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iFYQPSU IVSEMFTu XJUI UIF &6 UIF OFXFTU DBOUPO XBT SFKFDUFE CZ 4XJU[FSMBOE T MBSHFTU USBEF QBSUOFS PG WPUFST 0OMZ UIF UPXO PG .PVUJFS m (JWFO UIBU &VSPQF SFQSFTFOUT UXP GPMMPXJOH GPVS QSFWJPVT GBJMVSFT m PQUFE UIJSET PG GPSFJHO DPNNFSDF UIF CVTJ UP MFBWF #FSOF XIJDI DPVME UBLF GJWF OFTT DPNNVOJUZ FDIPFT TVDI DPO DFSOT &YQBUT JODMVEJOH DSPTT CPSEFS ZFBST -PPLJOH BIFBE UP UIF OFYU SFGFSFO XPSLFST BSF BMTP XPSSJFE "O FTUJ EVN 6%$ BOE PUIFS SJHIU XJOH QBSUJFT NBUFE NJMMJPO &6 OBUJPOBMT SFTJEF BSF QVTIJOH GPS UIF BEPQUJPO PG BO BOUJ JO 4XJU[FSMBOE B SJTF PG JO UIF QBTU JNNJHSBUJPO RVPUB XIJDI #FSOF GJSNMZ ZFBS 5IF RVFTUJPO UIBU CFHT BO BOTXFS SFKFDUT $POTFSWBUJWFT BSHVF UIBU TJODF JT IPX XPVME UIF NBOZ 4XJTT XIP BO FTUJNBUFE NPSF QFPQMF CFOFGJU GSPN MJWJOH JO UIF &6 CF BGGFDUFE IBWF FOUFSFE UIF DPVOUSZ UIBO IBWF JG B SFDJQSPDBM RVPUB XFSF JOUSPEVDFE (GZDUG *LUDUGHW MFGU 8JUI UIF QPQVMBUJPO BMSFBEZ PWFS UIFSF
/( 1(:6 1RYHPEHU 'HFHPEHU
!#)( &
(FOFWB T PME DIFTUOVU (FOÍWF *OUFSOBUJPOBMF m B HPMENJOF PG PQQPSUVOJUZ #PUI #FSOF BOE (FOFWB BSF GJOBMMZ SFDPHOJ[JOH UIBU UIFZ BSF TJUUJOH PO B HPMENJOF PG EJQMPNBUJD IVNBOJUBSJBO BOE FDPOPNJD PQQPSUVOJUZ "T 1BNFMB 5BZMPS QPJOUT PVU JO UIJT JTTVF PG -F /FXT UIF EFDJTJPO CZ UIF 6OJUFE 4UBUFT 3VTTJB &VSPQFBO 6OJPO BOE PUIFS QMBZFST m XJUI EJTDSFFU CBDLTUBHF TVQQPSU GSPN UIF 4XJTT m UP IPME UIF SFDFOU UBMLT PO *SBO BOE 4ZSJB JO (FOFWB IBT CSFBUIFE OFX DPOGJEFODF JOUP XIBU i*OUFSOBUJPOBM (FOFWBu IBT UP PGGFS 8IBU NBUUFST OPX JT XIFUIFS 4XJU[FSMBOE JT XJMMJOH UP SF JOKFDU OFX WJHPVS JOUP UIF FRVBUJPO JO BO JNBHJOBUJWF BOE TVTUBJOBCMF XBZ 'PS XJUIPVU TVDI TVQQPSU UIF DVSSFOU JOJUJBUJWF XJMM MPTF NPNFOUVN 5IF QBTU UXP EFDBEFT IBWF XJUOFTTFE B TUFBEZ EFDMJOF JO (FOFWB T SPMF OPU POMZ BT B HMPCBM IVNBOJUBSJBO BOE FOWJSPO NFOUBM QMBZFS CVU BMTP BT B LFZ NFEJBUJPO QMBUGPSN GPS NBOZ PG UIF XPSME T QSPCMFNT " DIBOHJOH NFEJB MBSHFMZ BCBOEPOFE UIF DJUZ BT B QMBDF PG iJOEJTQFOTBCMFu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ÊNBOJRVF JODMVEJOH OFJHICPVSJOH 'SBODF "OOFNBTTF UIF 'SFODI CPSEFS UPXO XJUI (FOFWB JT NBSLFUJOH JUTFMG BT CFJOH QBSU PG i(SBOE (FOÍWFu PGGFSJOH JOUFSOBUJPOBM DPSQPSBUJPOT BOE /(0T DIFBQFS PGGJDF TJUFT "DDFTT XJMM JNQSPWF ESBNBUJDBMMZ PODF UIF $&7" SBJM MJOL CFUXFFO "OOFNBTTF BOE $PSOBWJO m BOE NBZCF FWFO UIF FMVTJWF UVOOFM QSPKFDU BT SFQPSUFE CZ $ISJTUPQIFS 8PPECVSO m JT DPNQMFUFE -BTU XFFL T SFGFSFOEVN XIJDI SFKFDUFE DBQQFE DPSQPSBUF TBMBSJFT BVUPSPVUF WJHOFUUFT BOE UBY CSFBLT GPS TUBZ BU IPNF NPUIFST PODF BHBJO TIPXFE 4XJTT EFNPDSBDZ JO BDUJPO FWFO JG TPNF QPMJUJDJBOT EJE OPU SFMJTI UIF PVUDPNF 5IF DPVOUSZ T DPOTFSWBUJWFT BSF OPX QVTIJOH GPS B DMBNQEPXO PO GPSFJHOFST MJWJOH BOE XPSLJOH JO 4XJU[FSMBOE JO UIF QSPQPTFE 'FCSVBSZ SFGFSFOEVN 5IJT JT XIFSF *OUFSOBUJPOBM (FOFWB TQFBLT B EJGGFSFOU SFBMJUZ 0QFO CPSEFST BSF DSVDJBM GPS UIF XFMM CFJOH JG OPU UIF TVSWJWBM PG 4XJU[FSMBOE " USVMZ WJCSBOU i(FOÍWF *OUFSOBUJPOBMFu XJMM OPU POMZ IFMQ QVU (FOFWB CBDL PO UIF NBQ CVU BMTP QMBDF JU JO UIF GPSFGSPOU PG JOOPWBUJWF HMPCBM UIJOLJOH JO B NBOOFS UIBU DPNGPSUBCMZ DPNCJOFT GJOBODF UFMFDPNNVOJDBUJPOT BOE TDJFODF XJUI IVNBOJUBSJBO BOE FOWJSPONFOUBM DPODFSOT (GZDUG *LUDUGHW
$ QHZ EULGJH RU D WXQQHO IRU *HQHYD" 7KH WXQQHO PLJKW ZLQ RQ SDSHU
Vengeron exit
Pointe à la Bise )PX CFUUFS UP SFEVDF DPOHFT UJPO CFUXFFO UIF UXP TJEFT PG UIF 3IPOF UIBO XJUI B UVOOFM Lake crossing VOEFS UIF MBLF .VDI MJLF UIF $IBOOFM 5VOOFM MJOLJOH #SJUBJO BOE 'SBODF (FOFWB T TNBMMFS FRVJWBMFOU XBT DPO DFJWFE JO UIF UI DFOUVSZ #VU (FOFWB T DJUJ[FOT IBWF CFFO CJDLFSJOH GPS EFDBEFT XJUIPVU B TPMVUJPO $VSSFOU TVSWFZT $ WXQQHO XQGHU WKH ODNH ZDV ILUVW SURSRVHG LQ WKH WK FHQWXU\ TIPX UIBU CZ WFIJDMFT XJMM VTF UIF FYJTUJOH m (FOFWB $IBNCFS PG 5IJT MBUFTU QSPQPTBM IPXFWFS BOE MPOHFS m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
1PTU PGGJDFT HP DBTIMFTT " OFX QPTU PGGJDF JO 1FUJU -BODZ (FOFWB IBT CFDPNF UIF GPVSUI JO 4VJTTF 3PNBOEF OPU UP BDDFQU DBTI GPS QBZJOH POF T CJMMT 5IF PUIFS UISFF BSF JO .PSHFT $IBWBOOF BOE 'SJCPVSH GPMMPXJOH B USFOE UIBU CFHBO JO ;VSJDI JO BT QBSU PG FGGPSUT UP NPEFSOJ[F UIF 4XJTT QPTUBM TZTUFN i5IJT POMZ BGGFDUT UIF QBZNFOU PG CJMMT u TBJE QSFTT TQPLFTQFSTPO /BUIBMJF %ÊSPCFSU PG -B 1PTUF JO #FSOF i$BTI DBO TUJMM CF VTFE GPS BMM PUIFS TFSWJDFT TVDI BT CVZJOH TUBNQT PS UP TFOE B QBSDFM u 5IF 1FUJU -BODZ CSBODI XIJDI PQFOFE JO 4FQUFNCFS IBT TUBNQ NBDIJOFT "5.T GPS 1PTU 'JOBODF BOE PUIFS DSFEJU DBSET CVU POMZ UXP DPVOUFST XJUI SFBM QFP QMF CFIJOE UIFN i5IF NBJO SFBTPO XF EJE UIJT XBT GPS FOWJ SPONFOUBM BOE TFDVSJUZ QVSQPTFT CVU JU POMZ BGGFDUT B TNBMM OVNCFS PG CSBODIFTu TBJE %ÊSPCFSU i5PEBZ NPSF QFPQMF BSF QBZJOH UIFJS CJMMT POMJOF CVU JO VSCBO BSFBT MJLF -BODZ UIPTF
XIP QSFGFS UP QBZ CZ DBTI DBO EP TP BU PUIFS QPTU PGGJDFT u 5IFSF IBWF CFFO TPNF HSVNCMJOHT GSPN UIF FMEFSMZ BOE UIPTF XIP GFBS JU NBZ CF UIF CFHJOOJOH PG B DBTIMFTT TPDJFUZ PG AWJSUVBM NPOFZ XJUI MFTT IVNBO DPOUBDU 0WFS UIF ZFBST NBOZ CSBODIFT BSPVOE UIF DPVOUSZ IBWF DMPTFE 0UIFST IBWF CFDPNF RVBTJ DPNNFSDJBM DFOUSFT XJUI GFXFS DPVOUFST XIJMF PGGFSJOH UIF MBUFTU NPCJMF QIPOFT CPPLT BOE USBWFM 3DPHOD 7D\ORU
,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 &KHPLQ GH 0RFKHWWD] &+ %XVVLJQ\
'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 &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 'HVLJQ FUÒH SDU (GZLQ $OODQ ŕ 7RXV OHV GURLWV VRQW UÒVHUYÒV
1RYHPEHU 'HFHPEHU /( 1(:6
.#)( &
*NBNT UP CF USBJOFE JO 'SJCPVSH
#FTU NPOUI FWFS SFDPSEFE CZ 4XJTT XBUDINBLFST
0XVOLP FRPPXQLWLHV DUH NHHQ IRU WKHLU ,PDPV WR LPSURYH WKHLU NQRZOHGJH RI 6ZLW]HUODQG
$ SURMHFW WR WUDLQ LPDPV VHW LQ PRWLRQ E\ WKH 6ZLVV SDUOLDPHQW HDUOLHU WKLV \HDU ZLOO EHJLQ DW WKH 8QLYHUVLW\ RI )ULERXUJ WKLV DXWXPQ
*
G BMM HPFT BDDPSEJOH UP QMBO B DFOUSF GPS SFMJHJPO BOE *TMBNJD DJWJMJ[BUJPO DPVME CF JODMVEFE JO UIF 6OJWFSTJUZ PG 'SJCPVSH T BVUVNO DVSSJDVMVN JO 5IF XPSLJOH HSPVQ GPS UIF QSP KFDU MFE CZ UIF 3FDUPS PG UIF 6OJWFSTJUZ PG #BTFM "OUPOJP -PQSJFOP DBNF BU UIF VSHJOH PG .VTMJN DPNNVOJUJFT JO 4XJU[FSMBOE XIP XBOU UIFJS SFMJHJPVT MFBEFST UP IBWF B HPPE LOPXMFEHF PG UIF MBXT QPMJDJFT BOE MJGFTUZMF PG 4XJU[FSMBOE -PQSJFOP DPOGJSNFE UIBU UIF HSPVQ ESFX VQ B UXP QBSU QMBO DPNQPTFE PG UIFPMPHJDBM TUVEJFT BOE TPDJBM TUVEJFT i'PS UIF GJSTU QBSU XF EPO U FYQFDU BOZ QSPCMFN GJOEJOH HPPE JOTUSVDUPST CFDBVTF NPTU XIP IBWF TUVEJFE UIF UFBDIJOHT PG *TMBN JO EFQUI LOPX JU JT B QFBDFGVM SFMJHJPO BOE XJMM OPU IBWF FYUSFNJTU UFOEFODJFT u )F BEEFE i8F XJMM BEWFSUJTF UIF QPTJUJPO PG JOTUSVDUPS GPMMPXJOH UIF NPEFM BU UIF 6OJWFSTJUZ PG 5Ã&#x203A;CJOHFO JO (FSNBOZ CZ DBTUJOH B XJEF OFU 8F IPQF UP BUUSBDU TPNF HPPE DBO
EJEBUFT GSPN QMBDFT MJLF #PTOJB BOE 5VSLFZ u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
7KH 8QLYHUVLW\ RI )ULERXUJ ZDV FKRVHQ EHFDXVH RI LWV VWURQJ UHOLJLRXV FXUULFXOXP *U JT BMTP B CJMJOHVBM DBOUPO BOE DPVSTF JOTUSVDUJPO XJMM CF JO 'SFODI BOE (FSNBO 5IF VOJWFSTJUZ XJMM IBWF UIF GJOBM EFDJTJPO SFHBSEJOH TVJUBCMF JOTUSVDUPST CVU UIJT XJMM CF EPOF BGUFS TFFLJOH BDDFQUBODF GSPN UIF .VTMJN DPNNVOJUZ JO 4XJU[FSMBOE BDUJOH BT
BO BEWJTPSZ CPBSE -PQSJFOP TBJE UIBU OFJUIFS UIF XPSLJOH HSPVQ OPS UIF 6OJWFSTJUZ PG 'SJCPVSH XBOUT UP CF TFFO BT TFMFDUJOH PS DFOTPSJOH i$POTVMUJOH XJUI JNBNT GSPN NPTRVFT UISPVHIPVU UIF DPVOUSZ JT JNQPSUBOU UP VT CFDBVTF DPOTFOTVT JT BGUFS BMM BU UIF DFOUSF PG 4XJTT EFNPDSBDZ u /PS EPFT UIF VOJWFSTJUZ XBOU UP CF TFFO BT DSFBUJOH BO *TMBNJD TDIPPM PS BQQPJOUJOH JNBNT 5IBU JT VQ UP UIF .VTMJN DPNNVOJUZ i8F XPVME MJLF UP EFWFMPQ B UIFPMPHJDBM DVSSJDV MVN DPODFSOJOH *TMBN UIBU JG PG B IJHI TUBOEBSE XJMM QFSNJU .VTMJN DPNNV OJUJFT UIFNTFMWFT UP UBLF PO HSBEVBUFT BT UIFJS JNBNT u )F OPUFE IPXFWFS UIBU UIFSF JT B DFSUBJO FYQFDUBUJPO UIBU UIF DBOEJEBUF TIPVME BEIFSF UP UIF TQJSJU PG 4XJTT UPM FSBODF BOE PQFOOFTT BOE UP DPOUSJCVUF UP JNQSPWJOH DPNNVOJUZ MJGF BT XFMM BT UP UIF PWFSBMM EFCBUF PO *TMBN JO 4XJU[FSMBOE *G -PQSJFOP IBE IJT XBZ UIF USBJOJOH XPVME CFHJO BT FBSMZ BT CVU HJWFO UIF FYQFSJFODF PG UIF 6OJWFSTJUZ PG 5Ã&#x203A;CJOHFO IF GFBST JU NBZ UBLF UXP ZFBST PS NPSF 3DPHOD 7D\ORU
*(1(9$ 4XJTT XBUDINBLFST IBWF SFDPSEFE UIFJS CFTU NPOUI FWFS m B SFTVMU PG $)' CJMMJPO 5BLJOH B NVMUJ EJNFOTJPOBM BQQSPBDI UP UIF NBSLFU NBZ CF UIF 4XJTT XBUDI JOEVTUSZ T DPN QFUJUJWF BEWBOUBHF " ZFBS BHP UIJT XFFL 5BH )FVFS UIF SFTQFDUFE 4XJTT XBUDI CSBOE PQFOFE B CPVUJRVF JUT GMBHTIJQ TUPSF JO (FOFWB 0OF PG XPSME XJEF UIF NPWF QPJOUFE UP B TUSBUFHJD EFDJTJPO CZ UIF DPNQBOZ UP CFUUFS iQPTJUJPOFS MF QSP EVJUu BHBJOTU PUIFS CSBOET 5IF CPV UJRVF PGGFST 5BH )FVFS UIF PQQPSUVOJUZ UP MFWFSBHF UIF CSBOE T TQPSUJOH BOE RVBMJUZ i%/"u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m HFP FYQBOTJPO m JOUP $IJOB 4DFOBSJP QMBO OJOH FYQFSU 8PPEZ 8BEF CFMJFWFT UIBU XJUI PWFS NJMMJPO NPSF $IJOFTF NFO UIBO XPNFO PG NBSSJBHFBCMF BHF 4XJTT XBUDINBLFST IBWF CFFO FBSOFTU JO NBSLFUJOH UIF TUBUVT CFOFGJUT BUUBDIFE UP UIFJS CSBOET .PSF TUBUVT m HSFBUFS BUUSBDUJPO "OE XIP DBO DPNQFUF BHBJOTU UIBU -HUHP\ 0F7HDJXH
Online trading with an international perspective
account Open your ceive today and re ES! D 5 free TRA
Take your investments in your own hands • A Swiss regulated bank • Specialized in online trading since 1998 • More than 170 000 customers across Europe • Highly recommended in client satisfaction surveys • Selected ‘Best offer’ in independent comparisons
More info : 0800 15 30 30
www.strateo.ch
1RYHPEHU 'HFHPEHU /( 1(:6
/-#( --5;5 )()'3 %&*( Å&#x2039; 6WDQGDUG 3RRUÅ&#x201A;V FRQILUP %&*( UDWLQJ 5IF SBUJOH BHFODZ IBT DPOGJSNFE #$(& T " " 4UBCMF SBUJOH 5IF EFDJTJPO BGGJSNT UIF DBOUPOBM CBOL T HPPE GJOBODJBM IFBMUI BOE SFDPHOJTFT (FOFWB T JODSFBTFE TIBSFIPMEJOH m VQ GSPN UP
2(&' 6ZLW]HUODQG VWLOO RSDTXH +BLBSUB -VYFNCPVSH UIF #SJUJTI 7JSHJO *TMBOET $ZQSVT 4XJU[FSMBOE BOE UIF 4FZDIFMMFT EP OPU NFFU JOUFSOBUJPOBM TUBOEBSET PO UBY USBOTQBSFODZ 1BTDBM 4BJOU "NBOT EJSFDUPS PG UBY QPMJDZ BU UIF 0&$% TBJE i*U T B RVFTUJPO PG SFQVUBUJPO 5IFSF XJMM CF QSFTTVSF PO DPNQBOJFT UP FYQMBJO XIZ UIFZ BSF EPJOH CVTJOFTT JO KVSJTEJDUJPOT XIJDI BSF OPU DMFBO u 5IFZ FJUIFS GBJMFE UP TIBSF UBYQBZFS JOGPSNBUJPO PS UP HBUIFS JOGPSNBUJPO PO DPSQPSBUF FOUJUJFT SFHJTUFSFE PO UIFJS UFSSJUPSZ UIF (MPCBM 'PSVN PO 5SBOTQBSFODZ BOE &YDIBOHF PG *OGPSNBUJPO GPS 5BY 1VSQPTFT TBJE
&BTZKFU T GMZJOH SFTVMUT *(1(9$ (DV\MHWÅ&#x201A;V SUHOLPLQDU\ UHVXOWV ERDVWHG D ULVH LQ IXOO \HDU SURILWV ZLWK WRWDO UHYHQXH RI &+) PLOOLRQ XS DQG SURILW DIWHU WD[ VWDQGLQJ DW &+) PLOOLRQ XS IURP 5IJT DPNFT BU B UJNF XIFO GFMMPX CVEHFU BJSMJOF 3ZBOBJS IBT IBE UP EFBM XJUI UIF UVSCVMFOU SFBMJUJFT GBDFE CZ NBOZ BJSMJOFT JO BO JODSFBTJOHMZ DPN QFUJUJWF NBSLFU CZ JTTVJOH B QSPGJU XBSOJOH JOEJDBUJOH JUT GJSTU GBMM JO QSPG JUT GPS GJWF ZFBST #BTJOH JUT TUSBUFHJD NPEFM PO QSP BDUJWF DPNQFUJUJWF JNQFSJUJWFT &BTZKFU IBT FOKPZFE HSFBU TVDDFTT BU (FOFWB T $PJOUSJO "JSQPSU 4PBSJOH BCPWF JUT DPNQFUJUPST 4XJU[FSMBOE T TFDPOE MBSHFTU BJSMJOF PGGFST SPVUFT IPMET UIF BJSQPSU T TFDPOE CFTU SFDPSE GPS QVODUVBMJUZ BOE SFQSFTFOUT PWFS PG UIF BJSQPSU T PWFSBMM USBGGJD 8IFSF PUIFS BJSMJOFT IBWF TUBHOBUFE JO UFSNT PG QBTTFOHFS OVNCFST (FOFWB T
&BTZKFU DMJFOUFMF IBT JODSFBTFE CZ NPSF UIBO EPVCMJOH UIF DPN QBOZ T BMSFBEZ JNQSFTTJWF PWFSBMM QBT TFOHFS HSPXUI PG *SPOJDBMMZ .POEBZ TBX B TNBMM OVNCFS PG 'SFODI CBTFE &BTZKFU QJMPUT HPJOH PO TUSJLF CMBNJOH UIF DPNQBOZ T
MBDL PG USBOTQBSFODZ UPXBSET JUT PXO TUBGG SFHBSEJOH UIF SFTVMUT 5IPVHI UIFSF XFSF OP DBODFMMBUJPOT EFMBZT XFSF FYQFDUFE &KULVWRSKHU :RRGEXUQ
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iUPP CJH UP GBJMu MBXT GPS LFZ MFOEFST 5IF MBX XBT WPUFE JO BGUFS UIF HPWFSONFOU BOE UIF DFOUSBM CBOL XFSF GPSDFE UP CBJM PVU 6#4 JO
6OEFS 4XJTT MBXT 6#4 "( BOE $SFEJU 4VJTTF DBO MPXFS UIFJS DBQJUBM SFRVJSFNFOUT JG UIFZ NBLF TVSF UIF DPNQBOZ DBO LFFQ QSPWJEJOH GVODUJPOT UIBU BSF TZTUFNJDBMMZ JNQPSUBOU GPS 4XJU[FSMBOE FWFO JO B DSJTJT i8F BQQMBVE $SFEJU 4VJTTF T QMBO UP JNQMF NFOU B OFX MFHBM FOUJUZ TUSVDUVSF UP SFGMFDU GVUVSF SFHVMBUPSZ SFRVJSF NFOUT u TBJE 7POUPCFM )PMEJOH "( BOB MZTU 1BOBHJPUJT 4QJMJPQPVMPT -FHBMMZ TFQBSBUJOH QBSUT PG UIF CBOL JT JOUFOEFE UP TIJFME $SFEJU 4VJTTF
GSPN EBNBHF TVGGFSFE CZ BOZ POF VOJU 0ODF UIF MFHBM GSBNFXPSL JT BHSFFE VQPO UIF IPMEJOH DPNQBOZ PG $SFEJU 4VJTTF QMBOT UP JTTVF EFCU XIJDI DPVME CF DPOWFSUFE JOUP FRVJUZ JO B DSJTJT i5IFTF DIBOHFT BSF EFTJHOFE UP CPUI NFFU GVUVSF SFRVJSFNFOUT GPS HMPCBM SFDPWFSZ BOE SFTPMVUJPO QMBO OJOH BOE SFTVMU JO B TVCTUBOUJBMMZ MFTT DPNQMFY BOE NPSF FGGJDJFOU PQFSBUJOH JOGSBTUSVDUVSF GPS UIF CBOL u $SFEJU 4VJTTF TBJE 0R\HWWH 0DUUHWW
/( 1(:6 1RYHPEHU 'HFHPEHU
/-#( --5 )'' (.
3FBDIJOH PVS QFSTPOBM HPBMT PVS QBUI GPSXBSE XJUI iOFX FZFTu FBDI UJNF XF MPPL BU JU PS BSF XF TUVDL XJUI BO JOGMFYJCMF JOJUJBM QMBO BT JG PVS CSBJO XFSF B DPNQVUFS MPBEJOH UIF TBNF JOUFSOFU QBHF PWFS BOE PWFS BHBJO 'PVS FZFT BSF CFUUFS UIBO UXP 8F BMM LOPX UIF FYQSFTTJPO "TLJOH PUIFST WJFXT PO B DPVSTF PG BDUJPO PS B QSPCMFN CSJOHT UIF DVNVMB UJWF FYQFSJFODF PG TFWFSBM QFPQMF UP USZ UP QSPKFDU XIBU DPVME IBQQFO BOE CBTJ DBMMZ iTFF JOUP UIF GVUVSFu )PXFWFS UIFSF JT BO JTTVF XJUI BMM UIF BCPWF XIFO XF BSF EFFQMZ GPDVTFE PO XIBU XF XBOU UP BDIJFWF EPO U XF UFOE UP GPSHFU BCPVU UIFTF TJY QPJOUT .JHIU XF FWFO DPOTJEFS UIFN UP CF B XBTUF PG QSFDJPVT UJNF -FU T UBLF BO FYBNQMF
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iNBLJOH UIJOHT IBQQFOu EFTQJUF TJH OJGJDBOU JOWFTUNFOUT BOE JODFOUJWFT MFBEJOH FEHF QSPDFTTFT BOE DPNQMJ DBUFE UPPMT UIJT SBJTFT MFHJUJNBUF DPO DFSOT GPS JOEJWJEVBMT MBVODIJOH UIFJS QFSTPOBM QSPKFDUT UP GVMGJM UIFJS ESFBNT XIFUIFS QSPGFTTJPOBM PS QSJWBUF *G DPNQMFYJUZ EPFTO U TFFN UP IFMQ UIFO UIF UFNQUBUJPO JT UP KVTU ESBX B SPVHI QMBO BOE JNQMFNFOU )PXFWFS UIJT NJHIU OPU CF B HPPE JEFB 8VLQJ WKH YDULRXV DQJOHV RI RXU YLVLRQ 8IBU GPMMPXT JT B QSPQPTFE NJEEMF QBUI CFUXFFO VOOFDFTTBSZ DPNQMFYJUZ BOE PWFS TJNQMJDJUZ *U UBLFT UIF GPSN PG B TJY QPJOU DIFDLMJTU UP CF BQQMJFE PO UPQ PG UIF BDUJPO QMBO BOE JU ESBXT JOTQJSBUJPO GSPN UIF WBSJPVT BTQFDUT PG WJTJPO %FGJOF UIF HPBM EJTUJODUMZ 0VS FZFT DBO GPDVT PO B GBSBXBZ QPJOU BOE FWFO JG OPU JO GVMM EFUBJM TFF JU DMFBSMZ %P XF BMXBZT IBWF B TIBSQ SFQ SFTFOUBUJPO PG PVS BTQJSBUJPO PS EP XF KVTU BDDFQU BQQSPYJNBUJPO 'PDVT UIF NJOE T FZF 5IF DPODFQU PG UIF NJOE T FZF JO MFBEFSTIJQ IBT CFFO FYUFOTJWFMZ JMMVTUSBUFE JO *.% 1SPGFTTPS (FPSHF ,PIMSJFTFS T CPPLT i)PTUBHF BU UIF 5BCMFu BOE i$BSF 5P %BSFu 5IJT EFTDSJQUJPO DPNFT GSPN UIF
0DUFR 0DQFHVWL LV 5 ' 'LUHFWRU DW ,0'
MBUUFS i:PVS .JOE T &ZF JT MJLF B GMBTI MJHIU UIBU TIJOFT XIFSF ZPV EJSFDU JUT GPDVT :PV DIPPTF XIFUIFS UP GPDVT ZPVS GMBTIMJHIU PO UIF EJTBQQPJOUNFOU QBJO MPTT PS PUIFS OFHBUJWF BTQFDUT PG MJGF PS PO UIF CFOFGJU HBJO PS PUIFS QPTJ UJWF BTQFDUT PG MJGF u 5IF NJOE T FZF FTUBCMJTIFT PVS FNPUJPOBM TUBUF BOE SFMBUFT UP TPNFUIJOH CJHHFS UIBO UIF HPBM JUTFMG *G UIF PCKFDUJWF JT UP DMJNC B TVNNJU UIF NJOE T FZF JT iXIZu BOE IPX JU XJMM GFFM UP HFU UIFSF 5IF iXIZu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iDBDIF NFNPSZu FGGFDU %P XF SFBMMZ TFF
7XQQHO V\QGURPH +BZ JT QMBOOJOH B NJE DBSFFS NPWF UP KPJO UIF NBSLFUJOH EFQBSUNFOU *U NBLFT TFOTF IJT GJOBM HPBM JT UP HFU UIF $&0 TFBU XJUIJO UIF OFYU UFO ZFBST BOE BMUIPVHI IF JT BMSFBEZ TFOJPS JO UIF DPNQBOZ NBSLFUJOH JT UIF POF XFBL QPJOU JO IJT $7 4P +BZ DMPTFMZ NPOJUPST XIBU JT HPJOH PO JO UIBU BSFB JO QBSBMMFM IF SFHJTUFST GPS TQFDJGJD TUSBUFHJD NBS LFUJOH USBJOJOH TP BT TPPO BT UIF KPC PQFOJOH BQQFBST IF JT SFBEZ +BZ T PVU TUBOEJOH USBDL SFDPSE IFMQT USFNFO EPVTMZ JO UIF IJSJOH QSPDFTT BOE FWFSZ UIJOH JT XFMM TFU GPS B TNPPUI USBOTJUJPO JOUP UIF OFX KPC "MUIPVHI UIFSF BSF SVNPVST PG BO JNNJOFOU SFTUSVDUVSJOH JO UIF NBSLFUJOH EFQBSUNFOU VOEFS JUT OFX IFBE IF TUJDLT UP UIF QMBO BOE HFUT UIF QPTJUJPO UIF PQQPSUVOJUZ JT UPP SBSF UP CF NJTTFE i%POF BOE EFMJWFSFE u 6OGPSUVOBUFMZ OPU "DUVBMMZ UIF OFX NBSLFUJOH CPTT XBT LOPXO UP CF B TVDDFTTGVM CVU EJGGJDVMU QFSTPO UP XPSL XJUI WFSZ NVDI TFMG JOUFSFTUFE 'PMMPXJOH IJT QSFWJPVT JOUFSOBM NPWF IF EJEO U IFTJUBUF UP BQQMZ UIF iMBTU JO GJSTU PVUu SVMF BOE IF EJE TP BHBJO PO UIJT PDDBTJPO 5IJT GJDUJUJPVT FYBNQMF DPVME BQQMZ CZ BOBMPHZ UP NBOZ TJUVBUJPOT *O GBDU +BZ NJTTFE BOHMFT BOE JO UIF DIFDLMJTU )F XBT EJTDPOOFDUFE GSPN IJT FOWJSPONFOU XBT TUVDL XJUI IJT JOJ UJBM QMBO BOE EJE OPU HFU IJT GSJFOET WJFXT PO UIF TJUVBUJPO 4PNFIPX +BZ
IBE iUVOOFM TZOESPNFu B UZQF PG TJHIU EZTGVODUJPO UIBU JT PGUFO USJHHFSFE CZ IJHI MFWFMT PG TUSFTT BOE SFEVDFT BXBSF OFTT PG POF T TVSSPVOEJOHT .PSF JNQPSUBOUMZ IF EJE OPU QSF QBSF 8IFO JU DPNFT UP TUBLFIPMEFS NBOBHFNFOU FWFO QFSJQIFSBM WJTJPO JT OPU FOPVHI XF BMTP OFFE UP EP UIF QSF XPSL UP TIBQF BO PQUJNBM FOWJSPONFOU JO XIJDI XF IBWF BDDFTT UP JOWBMVBCMF TUBLFIPMEFS JOTJHIUT *G +BZ IBE DBSFE BCPVU CVJMEJOH SFMBUJPOTIJQT XJUI DPM MFBHVFT BMMPXJOH UJNF GPS UIPTF DPG GFFT MVODIFT BOE FYUSB FYDIBOHFT UIBU MFBE UP HFOVJOF CPOEJOH BOE USVTU UIFO IJT DBUBTUSPQIF DPVME QSPCBCMZ IBWF CFFO BWPJEFE CFDBVTF TPNFPOF XPVME IBWF XBSOFE IJN JO UJNF &DQ WKH DFWLRQ SODQ OHDG WR IDLOXUH" 5IPNBT &EJTPO TBJE iB TUSBUFHZ XJUIPVU B QMBO JT IBMMVDJOBUJPOu 5SVF BOE XF BMTP OFFE UP NBLF TVSF UIBU PVS QMBO JT OPU CMJOE PUIFSXJTF JU NJHIU XFMM MFBE UP GBJMVSF 5IJT CMJOEOFTT DBO CF PWFSDPNF CZ QVUUJOH PVS QMBO JO B GVMMZ JOUFSQSFUFE DPOUFYU 4P MFU T BMXBZT SFNFNCFS IPX PVS FZFT TFF UIJOHT GBS BXBZ BOE DMPTF GSFTI FBDI UJNF BOE PVUTJEF UIF MJOF PG TJHIU -FU T BMTP BMMPX PVSTFMWFT UIF UJNF UP MPPL CFZPOE UIF HPBM BOE FOTVSF UIBU XF DBO HFU BEEJUJPOBM FZFT UP IFMQ VT XIFO OFFEFE 0DUFR 0DQFHVWL
1RYHPEHU 'HFHPEHU /( 1(:6
(-#!".
(FOFWB JO XPSME WJFX 7KH FLW\ ZDV QR GRXEW VHHQ DV D PRUH QHXWUDO YHQXH IRU GLSORPDWV IURP 5XVVLD ,UDQ DQG &KLQD WKDQ 1HZ <RUN DV WKH VHWWLQJ IRU WKH UHFHQW QXFOHDU DJUHHPHQW ZLWK ,UDQ +DV WKH RXWFRPH UHDIILUPHG ,QWHUQDWLRQDO *HQHYDłV GLSORPDWLF UROH DQG LPSRUWDQFH"
5
IF NPWF NBZ BMTP TJHOBM B SFUVSO CZ 4XJU[FSMBOE UP JUT USBEJUJPOBM SPMF BT B OFVUSBM CSPLFS TVQQMZ JOH UIF WFOVF BOE UPQ OPUDI TFDVSJUZ SBUIFS UIBO IBWJOH B EJQMPNBUJD SPMF JUTFMG 4XJTT 'PSFJHO .JOJTUFS %JEJFS #VSLIBMUFS XBT DMFBSMZ QMFBTFE CZ UIF FWFOU JO BO JOUFSWJFX PO 4VOEBZ XJUI 354 57 JO XIJDI IF OPUFE UIBU i4XJU[FSMBOE JT TUSPOHMZ DPNNJUUFE UP (FOFWB u BOE UIBU UIF DPVOUSZ XJMM DPO UJOVF UP CF JOWPMWFE iJO B CBMBODFE NBOOFSu 5IF OFYU EBZ #BO ,J NPPO BOOPVODFE UIBU 4ZSJB UBMLT XPVME CF
IFME JO (FOFWB PO +BOVBSZ OE 4VQQPSUFST PG *OUFSOBUJPOBM (FOFWB TFF UIJT JT UIF CFHJOOJOH PG B SFOBJTTBODF BGUFS ZFBST PG CFJOH JHOPSFE CZ #FSOF 5IF DIBOHFT BQQFBS UP IBWF CFFO TFU JO NPUJPO GPMMPXJOH B TUVEZ QVCMJTIFE JO +VOF CZ UIF VOJWFSTJ UJFT PG (FOFWB BOE -BVTBOOF JOEJDBU JOH UIBU JOUFSOBUJPOBM PSHBOJ[BUJPOT BOE NVMUJOBUJPOBMT DPOUSJCVUF PWFS $)' CJMMJPO UP (FOFWB T CVEHFU 5IF TUVEZ XIJDI JOWPMWFE FYQFSUT GSPN JOUFSOBUJPOBM PSHBOJ[BUJPOT /(0T BOE QFSNBOFOU NJTTJPOT UP UIF 6/ JO (FOFWB OPUFE UIBU POF SFBTPO UIF $JUZ PG $BMWJO NBZ CF NPSF BUUSBDUJWF UIBO /FX :PSL JT UIF QSFTFODF BOE BDDFTTJ CJMJUZ PG GFMMPX JOUFSOBUJPOBM BHFODJFT BOE /(0T "OPUIFS TUVEZ EVF PVU BU UIF FOE PG UIF ZFBS GVOEFE CZ UIF $JUZ PG (FOFWB JO DPMMBCPSBUJPO XJUI 4XJU[FSMBOE T 1FSNBOFOU .JTTJPO UP UIF 6/ MPPLFE BU UIF EJNJOJTIFE SPMF QMBZFE CZ UIF JOUFSOBUJPOBM NFEJB 'PS WFUFSBO KPVS OBMJTU %BOJFM 8FSNVT XIP QBSUJDJ
QBUFE JO UIF TUVEZ UIF SFUVSO PG CJH EJQ MPNBUJD DPOGFSFODFT UP (FOFWB JT HPPE OFXT i#VU NPTU QBSUJDJQBOUT DPNF GSPN BCSPBE BOE BSF OPU UIPTF XIP XPSL IFSF FWFSZ EBZ BOE GPMMPX TVDI JTTVFT PO B EBJMZ CBTJT u IF OPUFE i/(0T BOE 6/ JOTUJUVUJPOT BSFO U UIF POMZ POFT MFBWJOH (FOFWB 5IF QSFTT
SPPNT BU UIF 1BMBJT EFT /BUJPOT BSF EFTFSUFE BOE UIPTF XIP GPMMPX QSFTT CSJFGJOHT PO B SFHVMBS CBTJT OVNCFS MFTT UIBO PVU PG B IJHI PG BDDSFEJUFE KPVSOBMJTUT u 8FSNVT QPJOUFE PVU UIBU KPVSOBM JTUT MJLF FWFSZPOF FMTF GBDF IPVTJOH TIPSUBHFT BOE SJTJOH SFOUT 5IFTF BSF UIF TBNF QSPCMFNT UIBU IBWF GPSDFE NBOZ PSHBOJ[BUJPOT UP DPOTJEFS SFMP DBUJOH UP QMBDFT MJLF %FONBSL 7JFOOB BOE %VCBJ XIJDI PGGFS UBY JODFOUJWFT BOE TVCTJEJ[FE PGGJDF TQBDF 8IFO UIF (SFFO $MJNBUF 'VOE SFMPDBUFE UP 4PVUI ,PSFB MBTU ZFBS BOE FBSMJFS UIJT ZFBS UIF 6/ TVHHFTUFE UIF 4ZSJB UBMLT CF IFME JO /FX :PSL JOTUFBE PG (FOFWB #FSOF FWJ EFOUMZ UPPL OPUJDF i8F BSF MJLF UIF QBTTFOHFST PO UIF 5JUBOJD u TBJE 8FSNVT i*G XF EPO U XBOU UIJT CPBU UP CFDPNF UIF 5JUBOJD UIFO XF OFFE UP IBWF B QMBDF UP EJTDVTT IPX XF BSF HPJOH JO UIF XSPOH EJSFDUJPO CFGPSF XF SVO JOUP UIF JDFCFSH (FOFWB TIPVME CF UIJT QMBDF u 3DPHOD 7D\ORU
, 0 &
"O BVUVNO KBVOU 7JTJU UIF (SPUUFT EF 7BMMPSCF FO SPVUF UP UIF 3PNBJONÔUJFS QSJPSZ GPS BO BVUVNOBM EBZUSJQ GPS BMM UIF GBNJMZ 5IF UJNF CFUXFFO UIF MBTU XJOF UBTUJOH EVSJOH B SFMBYJOH EBZ PVU JO UIF WJOFZBSET BOE UIF GJSTU TFSJPVT GBMM PG TOPXGMBLFT PO UIF TMPQFT DBO CF UPP MPOH 'PS B SFGSFTIJOH /PWFNCFS EBZ PVU GPS DIJMESFO BOE BEVMUT BMJLF B DPN CJOFE WJTJU UP UIF (SPUUFT EF 7BMMPSCF BO FYUFOTJWF OFUXPSL PG MJNFTUPOF DBW FSOT BOE 3PNBJONÔUJFS 1SJPSZ QSP WJEFT B QFSGFDU QSF TLJ EJWFSTJPO 5IF UPXO PG 7BMMPSCF JT POMZ B NJOVUF ESJWF GSPN CPUI -BVTBOOF BOE (FOFWB BOE JT XFMM TJHOQPTUFE 5IF UPXO JUTFMG IBT B TMFFQZ DIBSN CVU CPBTUT B OVNCFS PG TNBMM DBGÊT BOE CBST PGGFSJOH MVODI ESJOLT PS DPGGFF 5IF QBSLJOH GPS UIF HSPUUFT JT MPDBUFE PO UIF PVUTLJSUT PG UPXO BOE UIF FOUSBODF UP UIF DBWFT JT B GJWF NJOVUF XBML UISPVHI UIF GPSFTU GSPN UIF QBSLJOH $)' GPS BEVMUT BOE $)' GPS DIJMESFO NBZ TFFN TUFFQ CVU UIF TFMG HVJEFE UPVS DBWFT MJHIUTIPX GJOBMF BOE NJOFSBM FYIJCJ UJPO FBTJMZ KVTUJGZ UIF DPTU " QBTTBHF XBZ JOUP UIF JNQSFTTJWF DMJGG GBDF MFBET ZPV JOUP B XJOEJOH MBCZSJOUI FBDI UVSO GFBUVSJOH B WBSJFUZ PG DPODSFUJPOT BOE
/HV JURWWHV GH 9DOORUEH RIIHU D JUHDW H[FXUVLRQ IRU WKH ZKROH IDPLO\
FUIFSFBMMZ TUJMM CPEJFT PG XBUFS 4FSFOBEFE CZ B DBDPQIPOZ PG GBMMJOH XBUFS ESPQMFUT ZPV DBOOPU IFMQ CVU
NBSWFM BU UIF TUSVDUVSFT BCPWF BSPVOE BOE FWFO CFMPX ZPV 5IF VOEFSHSPVOE KPVSOFZ JT CZ OP NFBOT DMBVTUSPQIPCJD
PS UJSJOH BMM UIF QBTTBHFT BSF XFMM MJU BOE TQBDJPVT 5PXBSET UIF FOE PG UIF XBML ZPV BSF IFME JO TVTQFOTF CZ UIF EJTUBOU SPBS PG SVTIJOH XBUFS BOE XJMM CF EFMJHIUFE CZ UIF NBKFTUJD GJOBMF "GUFSXBSET UBLF B UPVS PG UIF 'BJSZ 5SFBTVSF 5SPWF UIBU GFBUVSFT FYPUJD NJOFSBM EFQPTJUT FYDBWBUFE GSPN BMM PWFS UIF XPSME BOE EJTQMBZFE JO B 4UBS 5SFL FTRVF UIFNFE FYIJCJU *OTUFBE PG IFBEJOH CBDL WJB UIF IJHIXBZ UBLF B NJOVUF EFUPVS PO 3PVUF UP UIF DIBSNJOH NPVOUBJO WJM MBHF PG 3PNBJONÔUJFS "GUFS QBSLJOH GPS GSFF KVTU PVUTJEF PG UIF DFOUSF B TIPSU XBML MFBET ZPV UIF USBORVJM QSJPSZ GPVOEFE CZ *SJTI NPOLT JO UIF GJGUI DFO UVSZ 0O ZPVS MFGU JT UIF (BUFIPVTF QSF WJPVTMZ B SFDFQUJPO GPS QJMHSJNT BOE OPX UIF JOGPSNBUJPO DFOUSF GPS WJTJUPST &OUSBODF UP UIF XFMM IFBUFE DIVSDI JUTFMG JT GSFF 1FSIBQT OPU GPS NPSF SFTU MFTT DIJMESFO UIF DIVSDI CFTUPXT BO FFSJF DBMNOFTT BOE CMJTTGVM FYDMVTJPO PG UIF PVUTJEF XPSME XJUI JUT VOEFSTUBUFE BSDIJUFDUVSF BOE DPMPVSGVM XBMM QBJOU JOHT -HQQLIHU 5RVH
<wm>10CAsNsjY0MDAy0jW0MLA0MAYAsQU4Dw8AAAA=</wm>
<wm>10CFVMMQ7DMBB6kS0439W-3BhlizpU3W-pOvf_U-1sQTCAgPMMq7i0H8_38QoCIoUDjhbmVqVbDJEK7cEJAdsGF6N36q1fSNUZ5OpMM5nwIlqoOcYj2dZDrjVQf5_vHy3RSW6AAAAA</wm>
1RYHPEHU 'HFHPEHU /( 1(:6
# -.3&
8FEEJOHT USVF SPNBODF PS 055
:('',1*6 DSSHDU WR EHFRPLQJ PRUH DQG PRUH H[SHQVLYH FRPSOH[ DQG UHTXLULQJ DUPLHV RI DGYLVRUV SODQQHUV DQG VXSSOLHUV :KDW LV LW DOO DERXW" i*U T BMM BCPVU NBLJOH DPVQMFT IBQQZ u NBJOUBJOFE .BSMÍOF 5IÊWFOPE EJSFD UPS HFOFSBM PG (FOFWB T 4BMPO EV .BSJBHF 'PS JUT CJHHFTU FWFOU UP EBUF UIF 4BMPO PODF BHBJO UPPL PWFS UIF #ÄUJNFOU EFT 'PSDFT .PUSJDFT B SFOP WBUFE UI DFOUVSZ IZESBVMJD GBDUPSZ QFSDIFE JO UIF NJEEMF PG UIF 3IPOF JO EPXOUPXO (FOFWB 5IF FWFOU PSHBO J[FE CZ UIF 4XJTT NBSSJBHF NBHB[JOF ,# , GFBUVSFE OFBSMZ FYIJCJUPST BOE NPSF UIBO GBTIJPO EFTJHOFST *U BUUSBDUFE TPNF WJTJUPST XIP DBNF UP FYQMPSF B CSPBE BSSBZ PG XFE EJOH PQUJPOT BOE IPOFZNPPO JEFBT 5IF BWFSBHF BHF GPS HFUUJOH NBSSJFE JO 4XJU[FSMBOE IBT SJTFO GSPN JO UP UPEBZ GPS XPNFO BOE GSPN UP ZFBST GPS NFO 5IJT NFBOT UIBU NBOZ DPVQMFT BSF CFUUFS BCMF UP QBZ GPS UIFJS PXO XFEEJOHT *U BMTP NFBOT NPSF PQQPSUVOJUJFT GPS FOUSF QSFOFVST XPSLJOH JO UIF XFEEJOH CVTJ OFTT i5IF 4BMPO FOBCMFT DPVQMFT UP PSHBOJ[F UIFJS XFEEJOHT JO B NBOOFS UIBU NPSF DMPTFMZ SFGMFDUT UIFJS PXO QBSUJDVMBS JOUFSFTUT SBUIFS UIBO KVTU PQUJOH GPS B USBEJUJPOBM FWFOU u OPUFE 1BVMF .BVSFUUF DP PSHBOJ[FS PG UIF 4BMPO 4JODF UBLJOH PWFS UIF TIPX JO UIF ,# , UFBN IBT SFWJUBMJ[FE UIF 4BMPO EV .BSJBHF DPODFQU CZ JOUSPEVD JOH iNPSF FNPUJPOu JOUP UIF FWFOU i&WFSZ ZFBS XF HFU OFX WJTJUPST DPVQMFT UIBU IBWF KVTU CFDPNF FOHBHFE BOE XIP XJMM QSPCBCMZ NBSSZ XJUIJO UIF OFYU UXP ZFBST 4P JG UIJT JT UIF POF TIPX UIFZ DPNF UP XF XBOU JU UP CF TQFDJBM
BOE NFBOJOHGVM GPS UIFN CFDBVTF XF XBOU IBQQZ MPWJOH DPVQMFT u TBJE 5IÊWFOPE 5IF 4BMPO T GBTIJPO TIPXT DFSUBJOMZ MJWFE VQ UP UIJT FYQFDUBUJPO XJUI QPJHOBOU EBODF FWFOUT DIPSFP HSBQIFE CZ "EJM #PVBSCJ m B EBODFS UVSOFE IBVUF DPVUVSF EFTJHOFS m JOUFSTQFSTFE BNPOH UIF WBSJPVT EFTJHOFS DBUXBMLT
7KLV \HDUł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u8F LOPX UIBU XF POMZ IBWF KVTU POF ZFBS UP JOUFS BDU XJUI OFX CSJEFT UP CF 4P UIJT FWFOU HPFT B MPOH XBZ UP IFMQ TQSFBE UIF XPSEw BOE TP UIF GPMMPXJOH ZFBS CFDPNFT FWFO CFUUFS u TNJMFE 5IÊWFOPE 7JTJU XXX 4F.BSJFS DI PS HFU IPME PG B DPQZ PG JUT - "OOVBJSF EV .BSJBHF (XJHQH 7KHRGRUH
0HUFHGHV %HQ] )DVKLRQ (YHU\ IDVKLRQ FDSLWDO ZRUWK LWV VDOW KDV 7KH ORQJ VHULHV RI VKRZV LQ WKH Ń6ZLVV LWV YHQHUDEOH ŃIDVKLRQ ZHHNń WR VKRZ 6HOHFWLRQń ILQDOO\ VLJQHG RII RQ WKH FDVH QH[W VHDVRQłV FROOHFWLRQV ,Q WKHPH RI WUDGLWLRQDO FRXWXUH ZLWK 6ZLW]HUODQG =XULFK KRVWHG WKH 6LOYDQR 9LWDOLQL +LV H[ VWXGHQW DQG 0HUFHGHV %HQ] )DVKLRQ 'D\V WKLV SURWÒJÒ 'DQMD *RRG WRRN SDUW IRU PRQWK ,W LV WKH IDVKLRQ HYHQW IRU WKH ILUVW WLPH %HVW NQRZQ IRU KLV KLJK FHOHEULWLHV EORJJHUV DQG SXUH IDVKLRQ HQG PDGH WR PHDVXUH FORWKHV WKH ORYHUV WR VHH WUHQGV IRU 6SULQJ (QJDGLQH GHVLJQHU DGGHG WZLVWV IURP 6XPPHU DQG WR EH VHHQ *RRGłV RULJLQDOLW\ WR FRXWXUH WUDGL $SSURSULDWHO\ WKH PRWWR ZDV Ń6KRZ WLRQV *RRG 9LWDOLQL H[SORUHG GLIIHU HQW PDWHULDOV DQG FXWV EXW VWD\HG \RXU EHVW VW\OHń 7KRXJK WKH HYHQW DWWUDFWV LQWHUQD ZLWK D VREHU SDOHWWH 7KHLU ODVW GUHVV WLRQDO LQWHUHVW WKH IRFXV LV VWLOO YHU\ EURXJKW D XQDQLPRXV URXQG RI PXFK RQ 6ZLVV GHVLJQHUV $V RQH RI DSSODXVH ,W ZDV D GHHS UHG VNLUW UHPL WKH OHDG VSRQVRUV + 0 GHVHUYHGO\ QLVFHQW RI 'LRU ZLWK D WRS LQ ULFK FORVHG WKH )DVKLRQ 'D\V ZLWK D SUHV IORZHU SDWWHUQV LQ OLJKW EURZQ DQG VLO HQWDWLRQ RI WKH Ń6ZLVV 6HOHFWLRQ ń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łV IDVKLRQ EORJ 0RUHQD *RQ]DOH] DQG 0RULW] 6WROO ZZZ EODDVW\OH FRP
&RRO LQ VLWHV SL[OU FRP $ IUHH LPDJH HGLWLQJ WRRO WKDW RIIHUV D UDQJH RI HGLWLQJ HIIHFWV DOO IXOO\ FRQWDLQHG ZLWKLQ \RXU ZHE EURZVHU 2IIHUV RSWLRQV IRU H[SUHVV DQG DGYDQFHG HGLWLQJ WR DFFRPPRGDWH YDU\LQJ GHJUHHV RI VNLOO
KRGLQNHH FRP :LWK 6ZLW]HUODQG DUJXDEO\ ERDVWLQJ VRPH RI WKH EHVW ZDWFK PDNHUV LQ WKH ZRUOG .HHS XS ZLWK WKH ODWHVW PRGHOV RU DGPLUH WKH FODVVLFV IURP DOO WKH PDMRU EUDQGV 7KH SHUIHFW SODFH WR GURRO RYHU VRPH VWXQQLQJ WLPHSLHFHV
/( 1(:6 1RYHPEHU 'HFHPEHU
#(. ,5 *),.-
%PXOIJMM BMM UIF XBZ 5HVLGHQWV RI WKH UHJLRQ DUH VSRLOHG IRU FKRLFH RI VNL GRPDLQV
5
IFSF BSF TPNF FYDFMMFOU TUBUJPOT XJUIJO TUSJLJOH EJTUBODF PG UIF MBLF *U JT B CJU DIFBQFS PO UIF 'SFODI TJEF 4U $FSHVF N GBNJMZ SFTPSU PWFSMPPLJOH -BLF (FOFWB GPS EPXOIJMM DSPTT DPVOUSZ TOPX TIPFJOH BOE TMFEEJOH &BTZ DSPTT PWFS UP UIF 'SFODI TMPQFT BU -FT 3PVTTFT (PPE DSPTT DPVOUSZ BU .PMMFOESV[ BOE .BSDIBJSV[ DMPTFS UP -BVTBOOF $MPTFS UP (FOFWB MFTT UIBO NJOVUFT BSF UIF $PM EF MB 'BVDJMMF N BOE -ÊMFY $SP[FU N TLJJOH UIF 'SFODI i.POUT +VSBu JT POF PG UIF SFHJPO T CFTU LFQU TFDSFUT %PXOIJMM TOPXCPBSEJOH TMFEEJOH BOE DSPTT DPVOUSZ "O IPVS GSPN (FOFWB UIF .POU #MBOD 7BMMFZ N PGGFST TMPQFT GPS BMM MFWFMT -FT )PVDIFT 4FSWP[ 7BMMPSDJOF BOE $IBNPOJY 'SPN -BVTBOOF USZ UIF 3PDIFST EF /BZF m $BVY N B
NFEJVN TJ[FE TLJ SFTPSU BCPWF .POUSFVY LN PG QJTUFT XJUI BO JODSFEJCMF N WFSUJDBM EFTDFOU *G UIJT EPFTO U BQQFBM UIF OFBSFTU PUIFS TUBUJPOT BSF -FT 1MÊJBEFT -FT .PTTFT -FZTJO 3BUIWFM (TUBBE 3PVHFNFOU BOE $IÄUFBV E 0FY 5IFTF MBUUFS SFTPSUT BSF FTQFDJBMMZ HPPE GPS GBNJMJFT BOE XF DBO DFSUBJOMZ SFDPNNFOE UIF TLJ TDIPPMT BU -FT .PTTFT BOE BMTP JO OFBSCZ 7JMMBST /H 1HZV
(FU GJU GPS UIF TLJ TFBTPO 5IF GJSTU TOPX IBT BSSJWFE TLJT BSF CFJOH EVTUFE PGG LJU JT CFJOH QSFQBSFE BOE UIF FODIBOUJOH MVSF PG UIF NPVO UBJOPVT QMBZHSPVOE BSPVOE VT JT TUBSU JOH UP XPSL JUT NBHJD * N TVSF UIBU GPS NBOZ PG VT UIPTF GJSTU GFX EBZT PO UIF TMPQFT DBO CF SBUIFS VODPNGPSUBCMF POFT XJUI BDIJOH NVTDMFT UIF NPSOJOH BGUFS UIF EBZ CFGPSF *G ZPV IBWFO U EPOF TP BMSFBEZ TUBSU QSFQBSJOH ZPVS CPEZ OPX UP FOTVSF QBJO GSFF DBSWJOH PG UIPTF QFSGFDU UVSOT EPXO UIF QJTUFT 8PSL PO ZPVS NVTDMF QPXFS BOE TUSFOHUI :PVS RVBESJDFQT NVTDMFT BU UIF GSPOU PG ZPVS UIJHI BOE ZPVS HMVUFBM NVTDMFT BU UIF CBDL PG ZPVS UIJHI CVU UPDLT BSF UIF NBJO NVTDMFT VTFE UP QSP WJEF QPXFS XIJMTU TLJJOH 5IFZ NBJO UBJO ZPVS TLJ QPTJUJPO BOE IFMQ UP QSPUFDU ZPVS LOFFT $BMG NVTDMF TUSFOHUI JT BMTP JNQPSUBOU
&DOI KDPVWULQJ DQG TXDGULFHSV VWUHWFKHV DUH SDUWLFXODUO\ LPSRUWDQW IRU VNLLQJ 4JNQMF TRVBUT DBO CF EPOF BU IPNF DSPVDI EPXO LFFQJOH ZPVS CBDL TUSBJHIU XJUI ZPVS LOFFT GPSNJOH B SJHIU BOHMF UIFO TUBOE VQ BHBJO %P SFQFUJUJPOT BOE UIFO SFTU 3FQFBU GPVS
.BLF TVSF UIBU ZPV IBWF XBSNFE VQ QSPQFSMZ CFGPSF ZPV TUBSU TUSFUDIJOH 5SBJO ZPVS CBMBODF BOE DPPSEJOB UJPO 5IJT JT WFSZ JNQPSUBOU JO UFSNT PG JOKVSZ QSFWFOUJPO " TJNQMF FYFSDJTF JT UP TUBOE PO POF MFH XJUI ZPVS FZFT DMPTFE %P UIJT GPS UXP NJOVUFT UXJDF B EBZ 6OUJM ZPV JNQSPWF TUBOE DMPTF UP TPNFUIJOH UIBU ZPV DBO HSBC IPME PG JG OFFEFE 8IFO UIJOHT BSF CFDPNJOH FBTJFS BEE JO LOFF CFOET PS QFSIBQT EP UIJT XIJMTU ZPV BSF CSVTIJOH ZPVS UFFUI NPSOJOH BOE OJHIU )OH[LELOLW\ FRPHV ZLWK ILWQHVV
UJNFT -VOHFT BSF BMTP HSFBU FYFSDJTFT 4UBOE XJUI ZPVS GFFU UPHFUIFS 4UFQ GPS XBSE XJUI POF MFH BOE CFOE GPSNJOH B SJHIU BOHMF XJUI UIF GSPOU MFH BOE CFOE JOH UIF CBDL LOFF TP UIBU JU BMNPTU UPVDIFT UIF HSPVOE (P CBDL VQ UP TUBOEJOH BOE TXJUDI MFHT "HBJO EP SFQFUJUJPOT BOE UIFO IBWF B SFTU 3FQFBU GPVS UJNFT %PO U GPSHFU UP XPSL PO ZPVS DPSF TUSFOHUI BT XFMM 5IJT JODMVEFT UIF NVT DMFT PG ZPVS TUPNBDI ZPVS CBDL BOE ZPVS TJEFT 5SBJOJOH UIJT BSFB JT FTQF DJBMMZ JNQPSUBOU GPS CFHJOOFST BT UIFTF NVTDMFT BSF VTFE UP IFMQ ZPV HFU CBDL VQ BHBJO JG ZPV GBMM PWFS 4JU VQT BOE QSFTT VQT XPSL UIFTF NVTDMF HSPVQT
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
7UDLQ \RXU EDODQFH DQG FRRUGLQDWLRQ 7KLV LV YHU\ LPSRUWDQW LQ WHUPV RI LQMXU\ SUHYHQWLRQ *G ZPV BSF OPU VTFE UP SFHVMBS QIZTJ DBM BDUJWJUZ TUBSU HSBEVBMMZ BOE CVJME VQ TMPXMZ 4UPQ FYFSDJTJOH BOE TFF B EPDUPS QIZTJPUIFSBQJTU PTUFPQBUI PS PUIFS TQPSUT NFEJDJOF TQFDJBMJTU JG ZPV IBWF BOZ QBJO EJTDPNGPSU PS GFFM VOXFMM BU BOZ UJNF 'U 0LFKHOOH :ULJKW LV D %ULWLVK WUDLQHG GRFWRU PHGLFDO MRXUQDOLVW DQG GLUHFWRU RI +HDOWK)LUVW 6¿UO
1RYHPEHU 'HFHPEHU /( 1(:6
& --# # LE MISCELLANEOUS
LE RENTAL PROPERTY OFFERED
LE HOME SERVICES OFFERED
Swedish gourmet food Saveurs du Nord. Youâ&#x20AC;&#x2122;ll ďŹ nd our CHRISTMAS OFFER on www.saveursdunord.ch. Our famous hot smoked salmon, elk salami, crispy bread etc. Welcome to our Open House in Bassins on Dec 14 from 2 pm! 079 712 52 42 Välkommen! Bienvenue! Welcome!
Lawyerâ&#x20AC;&#x2122;s OfďŹ ce for rent OfďŹ ce Space for Rent to Share with Law Firm near Place des Nations and International Conference Center in Geneva. Excellent transport links. 3 to 4 bright, quiet ofďŹ ces to sublet (80 m2 in total). Conference room, reception, kitchen facilities, parking. Contact Ms. Rostan +41 22 332 20 00
Renovation and repairs Quality and reliable Polish team (carpentry, plumbing, electricity, construction etc) for house renovation. Based Pays de Gex but work Swiss/French sides Lake Geneva region. References available. Contact:Â gexrenovate@gmail.com or French mobile:Â Â +33673226819
LE PROPERTY FOR SALE
LE BEAUTY & WELLNESS
LES ARTS
Holistic health practitioners Try us, you will feel INCREDIBLE. Pain, illness, or just in need of rebalancing? We provide acupuncture, naturopathy and shiatsu in the heart of tranquil Lutry (Rue Friporte 2), just a stoneâ&#x20AC;&#x2122;s throw from Lausanne. For more information: www. espacelutry.ch
LES PROFESSIONAL SERVICES New eco-friendly housing 15 mins from GVA Airport! High-class, durable, Minergie certiďŹ ed housing, located in the agricultural zone. Enjoy a peaceful living environment, close to all amenities. 6.5 rooms, 3 washrooms, Garden, Terrace 20m2, Basement 16m2, Available now! BBW Gestion. 022 755 44 06
Jewelry and watchmaking Lâ&#x20AC;&#x2122;Age dâ&#x20AC;&#x2122;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 Lâ&#x20AC;&#x2122;Age dâ&#x20AC;&#x2122;OrVevey. 021 921 18 13 agedor.ch
Ian White in concert The celebrated Scottish singer and songwriter will be performing his own music at the Scots Kirk in Lausanne (26 Av. Rumine) on Saturday, 30 November at 18h00. Donations on the night. www.scotskirklausanne.ch
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
Ă&#x2039;Ă&#x2039;
+XQJHU *DPHV 5HOHDVH
Ă&#x2039;Ă&#x2039;Ă&#x2039;
7KH ZKROH SUHPLVH RI WKH VWRU\ EDVHG RQ \RXQJ DGXOW ERRNV E\ 6X]DQQH &ROOLQV LV SHUYHUVH Ĺ&#x2039; \RXQJVWHUV KDYLQJ WR NLOO HDFK RWKHU WR VXUYLYH Ĺ&#x2039; D IXWXULVWLF JODGLDWRU VKRZ EXW ZLWK NLGV IURP WR 2N VR LWĹ&#x201A;V DQ DOOH JRU\ RI DOO WKLQJV GLFWDWRULDO DQG DOVR DERXW UHEHOOLRQ DQG VDFULILFHV EXW
/DVW 9HJDV 5HOHDVH +RZ FRXOG \RX JR ZURQJ ZLWK ROG EXGGLHV VXFK DV 0LFKDHO 'RXJODV 5REHUW 'H 1LUR 0RUJDQ )UHHPDQ DQG .HYLQ .OLQH JRLQJ RII WR 9HJDV IRU D EDFKHORU SDUW\ IRU RQH RI WKHP" , ZDV ZRUULHG WKDW +ROO\ZRRG ZRXOG PDNH D PHVV RI WKLV JROGHQ RSSRUWXQLW\ DV WKH\ VRPHWLPHV GR %XW QRW WR ZRUU\ WKLV LV DQ DEVROXWH EODVW Ĺ&#x2039; VXSHU IXQ WRXFKLQJ DQG UHDO DOO DW WKH VDPH WLPH 7KDQNV WR WKRVH LUUHSODFHDEOH VWDUV WKHLU GHOLYHU\ RI VQDSS\ GLDORJXH WKH JORZLQJ 0DU\ 6WHHQEXUJHQ DQG GLUHF WRU -RQ 7XUWHOWDXE ZKR SXOOV LW DOO WRJHWKHU ZLWKRXW DQ\ YXOJDULW\ RU RYHU WKH WRS VKHQDQLJDQV +HUHĹ&#x201A;V D WULEXWH WR DJLQJ ZLWK VW\OH Ĺ&#x2039; SOHDVXUD
EOH QRVWDOJLF DQG SXQFK\ DW WKH VDPH WLPH )/$6+ 1(:6 $Q ,0$; WKHDWUH RSH QHG WKLV ZHHN LQ WKH UHQRYDWHG 3DWKĂ&#x2019; %DOH[HUW FLQHPD FRPSOH[ LQ *HQHYD ,WV QHZ ' DQG ' WHFKQRORJ\ ZLOO VLPSO\ EORZ \RX DZD\ 7KH +XQJHU *DPHV &DWFKLQJ )LUH ZLOO EH WKH ILUVW GHPRQVWUDWLRQ RI Ĺ&#x192;,0$; LV EHOLHYLQJĹ&#x201E; /H UDWLQJ Ă&#x2039; /XNHZDUP Ă&#x2039;Ă&#x2039; $YHUDJH Ă&#x2039;Ă&#x2039;Ă&#x2039; 9HU\ ZDWFKDEOH Ă&#x2039;Ă&#x2039;Ă&#x2039;Ă&#x2039; ([FHOOHQW
WKDWĹ&#x201A;V QR H[FXVH IRU WKH YLROHQFH DQG JULPQHVV RI LW DOO 7KLV VHFRQG HSLVRGH LV HVSHFLDOO\ GDUN DQG WLUHVRPH Ĺ&#x2039; PLQXWHV RI NLOOLQJ JDPHV 6RUU\ EXW WKLV LV QRW ZKDW RXU DGROHVFHQWV QHHG Ĺ&#x2039; LQ WKLV GDQJHURXV HQRXJK ZRUOG RI RXUV %XW LW VHHPV ,Ĺ&#x201A;P WKH RQO\ RQH ZKR IHHOV WKLV ZD\ Ĺ&#x2039; HYHU\RQHĹ&#x201A;V EHHQ UDYLQJ DQG LWĹ&#x201A;V D KXJH ER[ RIILFH VPDVK LWĹ&#x201A;V \RXU FDOO 1HSWXQH
/( 1(:6 1RYHPEHU 'HFHPEHU
!#)( &5 0 (.&RSSHW 12(/ &233(7 1RYHPEHU K K 1RYHPEHU K K 'HFHPEHU K K $UULYDO RI 6DLQW 1LFRODV DQG WKH 3ÑUH )RXHWWDUG IURP K K 7RQV RI VWDQGV VHOOLQJ JRXUPHW IRRGV &KULVWPDV JLIW LWHPV ZLQHV DQG ROLYH RLOV &KULVWPDV WUHHV GHFRUDWLRQV 7KHUH ZLOO EH SOHQW\ RI DUHDV ZKHUH \RX FDQ EX\ IRRG WR HDW LPPHGLDWHO\ EXW LI \RX ZDQW WR VLW WKHQ LW LV EHVW WR UHVHUYH ,W LV UHFRPPHQGHG WR WDNH WKH WUDLQ DV SDUNLQJ LV OLPLWHG /RFDWLRQ &KÁWHDX GH &RSSHW &RSSHW ZZZ QRHOFRSSHW FK
1\RQ 5(*$7( '8 3(5( 12(/ 6DWXUGD\ 1RYHPEHU 5DFH VWDUWV DW K )RU WKRVH RI \RX ZKR SUHIHU WR REVHUYH ERDWV UDFLQJ WKDQ EUDYLQJ WKH FROG ZHW DQG ZLQG\ ZHDWKHU WKHQ PDNH VXUH EULQJ \RXU RZQ WKHUPRV RI PXOOHG ZLQH RU KRW FKRFRODWH 7KH EHVW WKLQJ LV WKDW KRSHIXOO\ PRVW RI WKH FDSWDLQV RI WKH ERDWV ZLOO EH GUHVVHG DV 6DQWD &ODXV RU 0UV &ODXV 0DNH VXUH WR EULQJ \RXU FDPHUD /RFDWLRQ 1\RQ ODNHVKRUH ZZZ VQQ\ FK
6LJQDO GH %RXJ\ /( 6$/21 '8 9,1
*HQHYD *2/',/2&.6 $1' 7+( 7+5(( %($56
/DXVDQQH ,$1 :+,7( &21&(57
%HOOHYXH 0$5&+( '( 12(/ '( %(//(98(
1RYHPEHU K K 1RYHPEHU K K 7KH UHVWDXUDQW GH OD )RQGDWLRQ 3UÒ 9HUW GX 6LJQDO GH %RXJ\ LV RUJDQL]LQJ LWV ILUVW ZLQH H[KLELWLRQ ZLWK SDUWQHUV %ROOH +DPPHO DQG /D &DYH &LGLV 7KH HYHQW ZLOO LQFOXGH ZLQH WDVWLQJV DQG YDULRXV IRRG DQG ZLQH ZRUNVKRSV 7KH ILUVW GD\ LV IRUSURIHVVLRQDOV DQG WKH VHFRQG IRU WKH JHQHUDO SXEOLF )UHH HQWU\ 6LJQDO GH %RXJ\ KDV PXFK WR RIIHU LQ WKH ZD\ RI SOD\JURXQGV OLYH DQLPDOV UHVWDXUDQW WUHH FOLPELQJ DGYHQWXUH PLQL JROI JROI DQG PRUH /RFDWLRQ 3DUF 3UÒ 9HUW GX 6LJQDO GH %RXJ\ %RXJ\ 9LOODUV 9' ZZZ VLJQDOGHERXJ\ FK PDQLIHVWD WLRQV
1RYHPEHU K 1RYHPEHU K DQG K 'HFHPEHU K DQG K 'HFHPEHU K 'HFHPEHU K DQG K 'HFHPEHU K %HDUV OLNH KRQH\ ULJKW" 6R ZKDW KDSSHQV DW WKH 7HGG\ %HDUVł 3LFQLF ZKHQ WKH ZLFNHG 4XHHQ %HH JLYHV WKH EHDUV ŃEDG KRQH\ń" :KR ZLOO VDYH WKH EHDUV" :KDW KDSSHQV ZKHQ JRRG FRQIURQWV HYLO" 7LFNHWV &+) HDFK *ROGLORFNV DQG WKH 7KUHH %HDUV *HQHYD $PDWHXU 2SHUDWLF 6RFLHW\ /RFDWLRQ $XOD GX &ROOÑJH GH 6DXVVXUH 9LHX[ &KHPLQ Gł2QH[ 3HWLW /DQF\ *( ZZZ WKHDWUHLQHQJOLVK FK ZZZ JDRV FK
6DWXUGD\ 1RYHPEHU K ,DQ :KLWH LV D SLRQHHU ERWK LQ TXDOLW\ SUDLVH DQG ZRUVKLS PXVLF DQG LQ ŁJRLQJ LW DORQHł ZLWKRXW WKH PDUNHWLQJ K\SH RI WKH SUDLVH DQG ZRUVKLS LQGXVWU\ +LV DOEXP VHULHV RI Ł3VDOPV VHW WR PXVLFł LV DFNQRZO HGJHG DV RQH RI WKH PRVW LPSRUWDQW FRQWULEXWLRQV WR &KULVWLDQ PXVLF ,DQ KDV ULVHQ WR D SRVLWLRQ RI LQWHUQD WLRQDO SURPLQHQFH ZLWK D UHFHQW DOEXP LQ $PHULFDłV +RVDQQD PXVLF VHULHV XSSHU DQG WKH RSSRUWXQLW\ WR FKDW ZLWK ,DQ :KLWH ZLOO IROORZ WKH FRQFHUW $OO DJHV ZHOFRPH /RFDWLRQ 6FRWV .LUN /DXVDQQH $Y GH 5XPLQH ZZZ VFRWVNLUNODXVDQQH FK ZZZ OLWWOHPLVWU\PXVLF FRP
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
)RXQH[ 0$5&+( 67 1,&2/$6 /$ &+$7$,*1 (5$,(
&ODUHQV 0RQWUHX[ &+$0 3$*1( &21&(57 &+5,67 0$6 :,7+ 7+( ',9$6
*HQHYD &,548( '8 62/(,/ '5$/,21
0RUJHV 025*(6 &+5,67 0$6 0$5.(7
6DWXUGD\ 1RYHPEHU K K +ROLGD\ JLIW PDUNHW GHOLFLRXV IRRG DQG ZRQGHUIXO PXVLFDO HQWHUWDLQ PHQW &KLOGUHQ FDQ EX\ JLIWV IRU 0RP DQG 'DG DW D VSHFLDO VWDOO RI SRFNHW PRQH\ SULFHG JLIWV DQG EHDXWLIXO EDVNHWV XS IRU VLOHQW DXFWLRQ /RFDWLRQ /D &KDWDLJQHUDLH &DPSXV ,QWHUQDWLRQDO 6FKRRO RI *HQHYD &K GH OD )HUPH )RXQH[
6XQGD\ 'HFHPEHU 0LFKHOOH &ROOLHU 0DJV 6KHOGRQ DQG -HDQQH :¿OWL ZLOO EULQJ IHVWLYH PXVLF DQG VRQJV WR VWDUW WKH KROLGD\ VHDVRQ ZLWK D EDQJ 7KH *DOOHU\ LV D VHW LQ D EHDXWLIXO ORFDWLRQ DQG LV WKH SHUIHFW SODFH IRU \RX WR VLS FKDPSDJQH ZKLOH OLVWHQLQJ WR PXVLF DQG DGPLULQJ WKH DUW H[KLELW $ODQ +RZOLQJ RQ SLDQR DQG 7HUU\ 5HLOO\ RQ GRXEOH EDVV 3ULFH )U SHUVRQ /RFDWLRQ 9LOOD 0XULOOR 5XH GX /DF 0RQWUHX[ ZZZ SOH[XV HYHQWV FRP
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
'HFHPEHU K K 6DWXUGD\ K K 6XQGD\ K K $ FRYHUHG &KULVWPDV 0DUNHW LQ 0RUJHV ZLOO EH KHOG DJDLQ LQ WKH ROG WUDLQ VWDWLRQ 7KLV LV DQ RSSRUWXQLW\ IRU YLVLWRUV WR GLVFRYHU WKH ZRUN DQG FUHDWLYLW\ RI VRPH H[KLELWRUV DQG DUWLVDQV LQ D ZDUP DQG IULHQGO\ DWPRVSKHUH 0RUH WKDQ DUWLVDQV WKHUHRI IURP )UHQFK VSHDNLQJ 6ZLW]HUODQG SUHVHQW WKH PRVW YDULRXV FUHDWLRQV ŋ EORZQ JODVV SRWWHU\ IORZHU GHFRUDWLRQV WH[WLOH SURGXFWV ZRRGHQ REMHFWV FHUDPLFV DQG RI FRXUVH GHOLFDFLHV VXFK DV MDP RU IRLH JUDV )UHH HQWUDQFH /RFDWLRQ +DOOHV &)) 0RUJHV ZZZ PRUJHVWRXULVPH 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
1RYHPEHU 'HFHPEHU /( 1(:6
) &5 )''/(#.35 ,)/*-5;5 --) # .#)(&/8%6 $1' *52836 /DXVDQQH 5XQQLQJ 1LJKW 7KLV JURXS PHHWV HYHU\ :HGQHVGD\ IRU UXQQHUV RU MRJJHUV RI DOO OHYHOV LQ WKH DUHD WR UXQ VRFLDOO\ DQG KDYH DQ RSWLRQDO GULQN DIWHU 9LVLW KWWS ZZZ JORFDOV FRP WKLQJV WR GR ODXVDQQH KWP IRU PHHWLQJV SRLQWV DQG VFKHGXOHV
*HQHYD )ODPHQFR *URXS 7KLV JURXS LQYLWHV DOO ZKR ORYH SUDFWLFH RU ZDQW WR OHDUQ DERXW )ODPHQFR DQG DQ\ UHODWHG WHFK QLTXHV *URXSV WULSV WR VHH IOD PHQFR VKRZV IHULDV DQG RWKHU HYHQWV 9LVLW KWWS ZZZ JOR FDOV FRP JURXSV JHQHYD JHQHYD IODPHQFR ORYHUV JURXS KWP WR VHH XSFRPLQJ HYHQWV
/DXVDQQH 6FRWV .LUN $UW *URXS )RU DQ\RQH ZKR ZDQWV WR LPSURYH WKHLU DUWLVWLF WHFKQLTXHV IURP RLO SDVWHO WR VNHWFKLQJ WKH 6FRWV .LUN LQYLWHV EHJLQQHUV WR H[SHUWV WR VKDUH WKHLU NQRZOHGJH RQ 7XHVGD\ HYHQLQJV IURP SP &+) D VHVVLRQ 9LVLW KWWS ZZZ VFRW VNLUNODXVDQQH FK "T QRGH IRU PRUH LQIRUPDWLRQ
9DXG &ODVVLFDO 0XVLF DQG $UW /RYHUV *URXS )RU FODVVLFDO PXVLF IDQV WKLV JURXS RUJDQL]HV WULSV WR VHH UHFLWDOV RSHUDV DQG PDMRU DUW VKRZV DW YHQXHV LQ *HQHYD =XULFK /DXVDQQH DQG 0DUWLJQ\ DV ZHOO DV VRPH MD]] DQG JRVSHO FRQFHUWV 9LVLW KWWS ZZZ JOR FDOV FRP JURXSV JHQHYD FODVVLFDO PXVLF DQG DUW ORYHUV JURXS KWP IRU PRUH LQIRUPDWLRQ RU WR VXJJHVW DQ HYHQW
*HQHYD /HWłV JR RXW ,I \RX DUH QHZ LQ WRZQ WKLV LV WKH SHUIHFW ZD\ WR JR RXW DQG PHHW SHRSOH 3URIHVVLRQDOV PHHW XS DIWHU ZRUN WR UHOD[ DQG VRFLDOL]H DQG PD\EH KLW WKH WRZQ ODWHU RQ LQ WKH HYHQLQJ &KHFN RXW ZZZ PHH WXS FRP 3DUW\OLIH IRU WKH VFKHGXOH RU WR VXJJHVW DQ HYHQW
*HQHYD 7HFK 0HHWXS Ń:LVK \RX ZHUH LQ 6LOLFRQ 9DOOH\ EXW ILQG \RXUVHOI LQ WKH /DF /HPDQ 9DOOH\"ń ,I \RX DUH LQWHUHVWHG LQ ,7 SURIHVVLRQDOO\ DV DQ HQWUHSUHQHXU
RU DV DQ HQWKXVLDVW QHWZRUN WKURXJK WKH *HQHYD 7HFK 0HHWXS JURXS )RFXV RQ WKH ODWHVW ,7 GHYHORSPHQWV DQG JHW VWDUW XS DGYLFH :HOO HVWDEOLVKHG JURXS JR WR ZZZ PHHWXS FRP *HQHYD 7HFK 0HHWXS IRU WKH ODWHVW
*HQHYD &RQWHQW 6WUDWHJ\ &RQQHFW ZLWK ORFDO ZHE GHVLJQHUV FRQWHQW FUHDWRUV 8; VSHFLDOLVWV DQG PRUH LQ WKH /DF /HPDQ UHJLRQ WR GLVFXVV FRQWHQW VWUDWHJ\ GHYHORS DQG H[FKDQJH LGHDV DV ZHOO DV PHHW RWKHUV WKH DUHD *R WR ZZZ PHH WXS FRP &RQWHQW 6WUDWHJ\ *HQHYD WR ILQG RXW PRUH
'HPRFUDWV $EURDG )RU $PHULFDQV OLYLQJ DEURDG ZKR FDQ PDNH D GLIIHUHQFH EDFN KRPH 7KLV RIILFLDO RUJDQL]DWLRQ RI WKH 'HPRFUDWLF 3DUW\ XQLWHV $PHULFDQ H[SDWULDWHV DQG HQFRXUDJHV UHJLVWHULQJ DQG YRWLQJ DQG RUJDQL]HV ORFDO HYHQWV 9LVLW ZZZ GHPRFUDWVDEURDG RUJ RU IROORZ WKHP RQ )DFHERRN DQG 7ZLWWHU GHPVDEURDG
*HQHYD $PHULFDQ ,QWHUQDWLRQDO :RPHQłV &OXE
0HHWLQJV WDNH SODFH UHJXODUO\ DW 0DLVRQ GH /ł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ł DQG &KLOGUHQł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
+(/3 $1' 6833257
%DVHG LQ *HQHYD WKH $PHULFDQ ,QWHUQDWLRQDO :RPHQłV &OXE RIIHUV DFWLYLWLHV HYHQWV DV ZHOO DV D PRQWKO\ QHZVOHWWHU DQG KHOSV $PHULFDQV DEURDG FRQQHFW DQG OHDUQ PRUH DERXW 6ZLVV OLIH :HOO HVWDEOLVKHG QHWZRUN *R WR ZZZ DLZFJHQHYD RUJ RU HPDLO DLZFZHE#JPDLO FRP
*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 )O\LQJ 'HYLO 2IIHUV WDQGHP VN\GLYLQJ VFHQLF IOLJKWV DQG 6N\GLYLQJ 6FKRRO DV ZHOO DV DSHULWLIV LQ WKH $OSV DUHDV %DVHG $W $YHQXH 7LVVRW /DXVDQQH 9LVLW ZZZ IO\LQJ GHYLO FRP IRU PRUH LQIRUPDWLRQ RU FDOO 9LVLW ZZZ IO\LQJ GHYLO FK IRU PRUH LQIRUPDWLRQ
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 RUJDQLVDWLRQV 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 RUJDQLVDWLRQV
nine performances
29 November - 8 December
Aula du Collège de Saussure Petit-Lancy, Geneva tickets: www.theatreinenglish.ch
www.gaos.ch
/( 1(:6 1RYHPEHU 'HFHPEHU
/44& -
$FURVV 'DQFH PDVWHU (OHJDQWO\ PDGH EXFN ([FOXGH 7DNLQJ DZD\ LQ D FDUW RU WUXFN &RIIHH IRU ODWHU 6WDWH LQGLUHFWO\ (PEHOOLVKHU RI VRQJV ,F\ SUHFLSLWDWLRQ 8QSDLG ZLWK UHVSHFW 4XDUUHOVRPH
'RZQ %HWZHHQ NQHH DQG DQNOH $GMXVW WR D VSHFLILF PDUNHW $GPLQLVWUDWLYH GLVWULFW ,W LV QRW D UHTXHVW &RQWUDVW ZLWK HTXDO ZHLJKW RU IRUFH $EVWLQDQFH ľ FKDVWLW\ RU YRZ ,Q FROOXVLRQ 7\FRRQ $XWKRUL]HG DQG VDQFWLRQHG 'UHVV GRZQ 8UJH RQ :DQGHUHG DURXQG
/DVW :HHNÅ&#x201A;V 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 ZHÅ&#x201A;UH JLYHQ \RX WKH ILUVW WKUHH OHWWHUV
" .]-5 (
7JPMJOJTU +VMJB 'JTDIFS (DV\ (QWHU QXPEHUV LQWR WKH EODQN VSDFHV VR WKDW HDFK URZ FROXPQ DQG [ ER[ FRQWDLQV WKH QXPEHUV WR
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i"SUJTU PG UIF :FBSu BU UIF (SBNPQIPOF "XBSET BOE i*OTUSVNFOUBMJTU PG UIF :FBSu BU UIF .*%&. $MBTTJDBM "XBSET JO 4IF
IBT BMTP IFME UFBDIJOH QPTJUJPOT BT 1SPGFTTPS PG 7JPMJO BU UIF 'SBOLGVSU 6OJWFSTJUZ PG .VTJD BOE 1FSGPSNJOH "SUT 'JTDIFS IBT OPX UBLFO PWFS DIBJS GSPN IFS GPSNFS UFBDIFS "OB $IVNBDIFODP BU UIF .VOJDI 6OJWFSTJUZ PG .VTJD BOE 1FSGPSNJOH "SUT 5IF TFBTPO XJMM UBLF 'JTDIFS UP WFOVFT JO #SVTTFMT 7JFOOB ;VSJDI BOE PG DPVSTF (FOFWB #-#.51118 & --#+/ -7 &. ,( ( -8 "I5),5 11180#&& 7! 8 "I /&./, I55 ),5'), 5#( ),7 ' .#)(5
1RYHPEHU 'HFHPEHU /( 1(:6
." , 6:,7=(5/$1' 72'$< Basel -4°|1° Zurich -3°|1°
Bern -6°|0°
Lucerne -4°|0° Chur -6°|1°
Lausanne -2°|2° Geneva -4°|2° Lugano -2°|7°
$5& /v0$1,48( )25 7+( :((.(1' 7+856'$< Ź Ź
)5,'$< Ź Ź
6$785'$< Ź Ź
681'$< Ź Ź