T01-04-07-08.qxd
03.07.2008
20:24
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BLACK BIRD HOTEL
Phone: +90 212 511 74 54 ร ehzadebaรพรฝ / ร stanbul www.blackbirdhotel.com
HOTEL KARBEL
Phone: +90 252 617 00 13 ร lรผdeniz / Fethiye www.karbelhotel.com
RIXOS BODRUM
Phone: +90 252 337 11 22 Bodrum / Muรฐla www.rixos.com
Phone: +90 256 618 32 66 Kuรพadasรฝ / Aydรฝn www.charismahotel.com
TUBS
Phone: +90 232 722 22 22 ร eรพme / ร zmir www.clubfamilia.com
L'ETOILE BEACH HOTEL
KORUMAR HOTEL DE LUXE
Phone: +90 252 455 35 70 ร รงmeler / Marmaris www.letoilehotel.com
Phone: 0 256 618 15 30 Kuรพadasรฝ / Aydรฝn www.korumar.com.tr
RIXOS KONYA
RIXOS PREMIUM BELEK
Phone: +90 332 221 50 00 ร stanbul Yolu Selรงuklu / Konya www.rixos.com
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?a^bTRdc^a CdaP] ยฌ^[PZZPS c^[S cWT SPX[h) CWT X]SXRc\T]c WPb QTT] faXccT]* hTc fT WPeT WPS b^\T _a^Q[T\b X] _dccX]V Xc X]c^ SXVXcP[ U^a\ CWXb Xb P] X]SXRc\T]c fXcW cWT \^bc ]d\QTa ^U _PVTb 8 WPeT bTT] SdaX]V \h _a^UTbbX^]P[ [XUT
Phone: +90 242 710 20 00 Belek / Serik / Antalya www.rixos.com
HOTEL DOร A
Phone: +90 232 712 68 39 ร eรพme / ร zmir www.hoteldoga.com
LUSH HOTEL
Phone: +90 212 243 95 95 Taksim / ร stanbul www.lushhotel.com
RIXOS TEKร ROVA
Phone: +90 242 821 40 32 Kemer / Antalya www.rixos.com
GOLDCITY TOURISM COMPLEX
Phone: +90 242 510 02 00 Kargรฝcak / ALANYA www.goldcity.com.tr
HOTEL MAR-BAS
Phone: +90 252 455 30 59 ร รงmeler / Marmaris www.marbashotel.com
HOTEL SEYHAN
Phone: +90 322 455 30 30 Seyhan / ADANA www.otelseyhan.com.tr
GOLDEN HILL HOTEL
Phone: +90 212 523 54 54 ร stanbul www.goldenhill.com.tr
PIRIL HOTEL ร Eร ME
"Smiling Face of ร eรพme" 444 0 232 www.pirilhotel.com
SHERATON HOTEL ANKARA
Phone: +90 312 457 60 00 www.sheraton.com/ankara
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Yearly Change (%)
YTD Change (%)
MCAP (million YTL)
1-Y Av.Volum
*CPI 5GPI
İMKB-30
0KMMGK
İMKB-IND
%CE
İMKB-BANK
&#:
DJIMT
(65'
Daily Monthly Change (%) Change (%)
Close
Country
Change (%)
Level
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,CRCP
(TCPEG
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)GTOCP[ 75#
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75#
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İMKB-100
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Ticker
Price
Daily Change (%)
Ticker
#0*;6
+5%64
/QPVJN[ %JCPIG
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Price (YTL) Daily Change (%)
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Volumes
Price (YTL) Yearly Change (%)
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/-$ +0&
2 %*'/
67245
261(5
2'6-/
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Z
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Z
Z
Z
Z
Z
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P/E 2007/09t EV/EBITDA 2006/12
Z Z
Z Z
Z Z
Z Z
Z Z
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Z Z
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EV/EBITDA 2007/03t
Z
Z
Z
Z
Z
Z
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EV/EBITDA 2007/06t
Z
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Z
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P/E 2006/12
$. : ,
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X]V X] P _^fTaUd[ _^bXcX^] cWTaT Xb fXST d]RTa cPX]ch PQ^dc fW^ Xb ad]]X]V cWT R^d]cah 8] cWT X]cTaeXTf <TSeTSTe P[b^ aTXcTaPcTS WXb STcTa\X]PcX^] c^ UXVWc AdbbXP b T]ST\XR R^aad_ cX^] fWXRW WT WPb \PST cWT U^Rdb ^U WXb UXabc \^]cWb X] ^UUXRT >] FTS]TbSPh WT ^dc[X]TS P] P\QXcX^db _[P] c^ R^\QPc R^aad_cX^] fWXRW WT bPXS WPb QTR^\T P fPh ^U [XUT X] AdbbXP <TSeTSTe bPXS cWT _[P] X]R[dSTb c^dVWTa RaX\X]P[ _d]XbW\T]c U^a R^aad_c ^U UXRXP[b \^aT aXVXS aT`dXaT\T]cb U^a RXeX[ bTa eP]cb P]S YdSVTb P]S bca^]VTa R^]ca^[b Qh RXeX[ b^RXTch 7T bPXS cWT ]Tf [TVXb[PcX^] \dbc QT X] _[PRT Qh ]Tgc hTPa 2^\QPcX]V VaPUc bW^d[S QT P \PccTa ^U W^]^a U^a cWT V^eTa]\T]c WT bPXS CWT AdbbXP] _aTbXST]c P[b^ bPXS WT fX[[ R^]cX]dT cWT _^[XRXTb TbcPQ[XbWTS Qh ?dcX] ^eTa cWT _Pbc TXVWc hTPab Qdc X]SXRPcTS WT
0?
AdbbXP] ?aTbXST]c 3\Xcah <TSeTSTe bPhb bdVVTbcX^]b cWPc cWT R^d]cah QT cWa^f] ^dc ^U cWT 6a^d_ ^U 4XVWc RP] c QT cPZT] bTaX^db[h DB BT]Pc^a 9^W] <R2PX] cWT AT_dQ[XRP] ?Pach b _aTbXST]cXP[ RP]SXSPcT WPb RP[[TS U^a AdbbXP c^ QT Q^^cTS Ua^\ cWT Va^d_ ^U cWT f^a[S b TXVWc [TPSX]V X]SdbcaXP[XiTS ST\^RaPRXTb 1dc <TSeTSTe bPXS) 8c b R^\_[TcT[h ^Q eX^db cWPc P]h ZX]S ^U cWTbXb PQ^dc cWT Tg R[dbX^] ^U AdbbXP P__TPab bX\_[h d]bTaX^db CWT f^a[S TXVWc TgXbcb ]^c QTRPdbT b^\T ^]T [XZTb Xc ^a SXb[XZTb Xc Qdc QTRPdbT Xc Xb ^QYTRcXeT[h cWT [PaVTbc TR^]^\XTb P]S cWT \^bc bTaX^db X] cTa\b ^U U^aTXV] _^[XcXRb <TSeTSTe b_^ZT c^ 6'\TSXP aT_aTbT] cPcXeTb PWTPS ^U ]Tgc fTTZ b bd\\Xc X] 9P_P] CWT X]cTaeXTf caP]bRaX_c fPb aT[TPbTS Qh cWT :aT\[X] ^] CWdabSPh CWT caX_ R^\Tb cf^ \^]cWb PUcTa <TSeTSTe
?7>C>B
5^a\Ta ?aX\T <X]XbcTa =PfPi BWPaXU aTQdUUTS P bT]X^a DB ^UUXRXP[ ^] CWdabSPh U^a bPhX]V cWPc ?PZXbcP] bW^d[S U^Rdb ^] U^^S _aXRTb P]S \X[XcP]Rh aPcWTa cWP] cWT UPcT ^U ?aTbXST]c ?TaeTi <dbWPaaPU FWPc ?PZXbcP] WPb c^ S^ fXcW Xcb _aTbXST]c fW^ Xb P] d]R^]bcXcdcX^]P[ _aTbXST]c cWXb Xb ?PZXbcP] b X]cTa]P[ PUUPXa cWXb Xb ]^c ?PZXbcP] b Tg cTa]P[ PUUPXa FT S^ ]^c ]TTS P]h TgcTa]P[ R^]bd[cPcX^] X] cWXb BWPaXU c^[S aT_^acTab BWPaXU fPb aTPRcX]V c^ R^\\T]cb Qh eXbXcX]V DB 0bbXbcP]c BTRaTcPah ^U BcPcT AXRWPaS 1^dRWTa fW^ bPXS FTS]TbSPh cWPc cWT R^d]cah WPS P aPUc ^U _aTbbX]V _a^Q[T\b ^] Xcb _[PcT 5aP]Z[h ?aTbXST]c <dbWPaaPU Xb ]^c cWT XbbdT aXVWc ]^f 1^dRWTa c^[S aT_^acTab fW^ PbZTS WX\ PQ^dc cWT UdcdaT ^U cWT _aTbXST]c P R[^bT DB P[[h CWXb Xb ]^c cWT _a^Q [T\ cWPc ?PZXbcP] UPRTb aXVWc ]^f 1^dRWTa bPXS CWTaT PaT SP]VTab ^U Q^\QX]Vb P]S bdXRXST Q^\QTab CWTaT b aXbX]V U^^S _aXRTb CWTaT b T]TaVh SXUUXRd[cXTb 1^dRWTa bPXS WT caXTS c^ VTc cWXb \TbbPVT PRa^bb c^ ?PZXbcP] b ]Tf ad[X]V R^P[XcX^] 1^dRWTa \Tc fXcW BWPaXU ?aX\T <X]XbcTa H^dbdU APiP 6X[P]X P]S <dbWPaaPU SdaX]V WXb cWaTT SPh eXbXc fWXRW T]STS FTS]TbSPh ?PZXbcP] b ]Tf RXeX[XP] V^eTa]\T]c Xb _PRZTS fXcW <dbWPaaPU ^_ _^]T]cb fW^ f^] 5TQadPah T[TRcX^]b CWT e^cT \PaZTS P] T]S c^ TXVWc hTPab ^U \X[XcPah S^\X]P]RT <dbWPaaPU WPb bX]RT cPZT] P QPRZ bTPc Qdc WT aT\PX]b STT_[h d] _^_d[Pa P]S P__TPab X]RaTPbX]V[h Xb^[PcTS +UNCOCDCF #2
#BO JO 4 ,PSFB GPS TU USJQ UP IPNFMBOE BT 6/ DIJFG
3TUT]bT RWXTUb bXV]TS P cWaTT QX[[X^] _^d]S R^]caPRc ^] CWdabSPh c^ QdX[S cf^ PXaRaPUc RPaaXTab cWPc fX[[ QT cWT QXVVTbc fPabWX_b X] cWT A^hP[ =Peh b WXbc^ah cWT V^eTa] \T]c bPXS 3TUT]bT BTRaTcPah 3Tb 1a^f]T bPXS cWT _a^YTRc fX[[ RaTPcT ^a bPUTVdPaS 1aXcXbW Y^Qb Pc bWX_hPaSb Ua^\ cWT 2[hST c^ cWT B^[T]c fWT] f^aZ QTVX]b [PcTa cWXb hTPa CWT bWX_b c^ QT ]P\TS 7<B @dTT] 4[XiPQTcW P]S 7<B ?aX]RT ^U FP[Tb fX[[ QT cWT QXVVTbc P]S \^bc _^f TaUd[ TeTa R^]bcadRcTS U^a cWT ]Peh 4PRW %$ c^] RPaaX Ta fX[[ QT cWT bP\T bXiT Pb cWT @488 RadXbT bWX_ P]S RPaah #$ RaTf P]S # _[P]Tb CWXb Xb P WXbc^aXR SPh U^a TeTah ^]T X] STUT]bT 1a^f]T bPXS X] P bcPcT\T]c C^SPh b R^]caPRc bXV]X]V bTP[b cWT UdcdaT U^a cW^dbP]Sb ^U Y^Qb P]S T]bdaTb cWPc fT fX[[ WPeT P A^hP[ =Peh UXc U^a cWT ! bc RT]cdah CWT R^]caPRc fPb bXV]TS ^] Q^PaS 7<B 0aZ A^hP[ X] ?^acb\^dcW CWTh fX[[ QT QdX[c Qh P R^] b^acXd\ cWPc X]R[dSTb P Y^X]c eT]cdaT QTcfTT] cf^ 1aXcXbW R^\_P]XTb 104 BhbcT\b P]S EC 6a^d_ >cWTa \T\QTab X]R[dST 1PQR^RZ 8]cTa]PcX^]P[ 6a^d_ P]S 5aP]RT b CWP[Tb fWXRW STbXV]TS cWT bWX_b .QPFQP 4GWVGTU
4'(14/5
$[FDI MFBEFS ,MBVT IPQFT &6 USFBUZ XJMM CF CMPDLFE 2iTRW ?aTbXST]c EPR[Pe :[Pdb W^_Tb TXcWTa cWT R^d]cah b 2^]bcXcdcX^]P[ 2^dac ^a cWT d__Ta W^dbT ^U _Pa[XP\T]c fX[[ Q[^RZ PS^_cX^] ^U cWT 4da^_TP] D]X^] b ;XbQ^] CaTPch WT bPXS X] P ]Tfb_P_Ta X]cTaeXTf ^] CWdabSPh B_TPZX]V c^ cWT SPX[h ;XS^eT =^eX]h cWT Tda^ bZT_cXR _aTbXST]c STR[X]TS c^ bPh XU WT f^d[S bXV] cWT caTPch d_^] aPcXUXRPcX^] Qh _Pa[XP\T]c 1dc WT fT[R^\TS P STRXbX^] Qh WXb ?^[XbW R^d]cTa_Pac ;TRW :PRih]bZX fW^ WPb aTUdbTS c^ bXV] cWT S^Rd\T]c U^[[^fX]V Xcb aTYTRcX^] Qh 8aXbW e^cTab X] P aTUTaT]Sd\ [Pbc \^]cW 8 W^_T cWPc cWT PS^_cX^] ^U cWT ;XbQ^] CaTPch fX[[ QT _aTeT]cTS WTaT TXcWTa Qh cWT 2^]bcXcdcX^]P[ 2^dac ^a cWT BT]PcT d__Ta W^dbT :[Pdb bPXS CWT ;XbQ^] CaTPch Xb X]cT]STS c^ bcaTP\[X]T cWT Q[^R b X]bcXcdcX^]b PUcTa cWT PRRTbbX^] ^U RT]caP[ P]S TPbc Ta] 4da^_TP] R^d]caXTb X] ! # :[Pdb ^__^bTb Xc QTRPdbT Xc aTSdRTb cWT _^fTa ^U X]SXeXSdP[ bcPcTb X] STRXbX^] \PZX]V CWT caTPch \dbc QT aPcXUXTS Qh P[[ !& \T\QTa bcPcTb c^ R^\T X]c^ U^aRT 0 ]d\QTa ^U 4D R^d]caXTb WTPSTS Qh 5aP]RT PaT _dbWX]V U^a cWT aPcXUXRPcX^] _a^RTbb c^ V^ PWTPS STb_XcT cWT 8aXbW aTYTRcX^] 1dc cWT 2iTRWb RP]]^c R^]cX]dT aPcXUXRPcX^] d]cX[ cWT 2^]bcXcdcX^]P[ 2^dac ad[Tb XU Xc R^]U^a\b fXcW 2iTRW [Pf 2TCIWG 4GWVGTU
&RENCH #OLOMBIAN® POLITICIAN® )NGRID® "ETANCOURT® # ® SMILES® WITH® HER® CHILDREN® -ELANIE® AND® ,ORENZO® AT® #ATAM® MILITARY® AIRPORT® IN® "OGOTA ® %X HOSTAGE "ETANCOURT ®RESCUED®FROM®LEFTIST®REBELS®IN®A®STUNNING®#OLOMBIAN®MILITARY®OPERATION®AFTER®SIX®YEARS®IN®CAPTIVITY ®WAS®REUNITED®WITH®HER®CHILDREN®ON®4HURSDAY
'PSNFS IPTUBHF #FUBODPVSU SFVOêUFE XêUI DIêMESFO êO #PHPUB 0?
#SJUBJO TJHOT EFBM GPS CJHHFTU FWFS XBSTIJQT
)BHVF USJCVOBM BDRVJUT #PTOJBO .VTMJN PO BQQFBM
4g W^bcPVT 8]VaXS 1TcP]R^dac aTbRdTS Ua^\ [TUcXbc aTQT[b X] P bcd]]X]V 2^[^\QXP] \X[XcPah ^_ TaPcX^] PUcTa bXg hTPab X] RP_cXeXch fPb aTd]XcTS fXcW WTa RWX[SaT] ^] CWdabSPh 1TcP]R^dac P SdP[ 5aT]RW 2^[^\QXP] RXcXiT] P]S U^a\Ta _aTbXST] cXP[ RP]SXSPcT WPS QTT] WT[S X] Yd]V[T WXST ^dcb Qh cWT ATe^[dcX^]Pah 0a\TS 5^aRTb ^U 2^[^\QXP Z]^f] Pb 50A2 P]S fPb cWT Va^d_ b QTbc Z]^f] RP_cXeT 1TcP]R^dac b cf^ h^d]V PSd[c RWX[SaT] ;^aT]i^ P]S <T[P]XT U[Tf X]c^ 1^V^cP Ua^\ ?PaXb ^] CWdabSPh \^a]X]V FWPc 8 \ UTT[X]V ]^f Xb b^\TcWX]V eTah R[^bT c^ _PaPSXbT 1TcP]R^dac c^[S aT_^acTab ^] cWT ad]fPh WdVVX]V WTa RWX[SaT] cXVWc[h 1TcP]R^dac fPb aTbRdTS Qh cWT 2^[^\QXP] \X[XcPah ^] FTS]TbSPh P[^]V fXcW cWaTT 0\TaXRP]b P]S ^cWTa W^bcPVTb [^]V WT[S Qh cWT 50A2 CWT Q[^^S[Tbb aTbRdT ^_TaPcX^] fWXRW X]e^[eTS caXRZX]V cWT aTQT[b fPb P bTeTaT Q[^f c^ ;PcX] 0\TaXRP b ^[STbc [TUc fX]V X]bdaVT]Rh P]S P R^d_ U^a ?aTbXST]c 0[ePa^ DaXQT P] P]cX VdTaaX[[P WPaS [X]Ta fW^bT UPcWTa fPb ZX[[TS X] P Q^cRWTS 50A2 ZXS]P__X]V cf^ STRPSTb PV^ CWT aTbRdT bW^aTS d_ X]eTbc^a R^]UX ST]RT X] DaXQT P DB P[[h fW^ Xb WdVT[h _^_d[Pa Pc W^\T U^a WXb SaXeT PVPX]bc cWT 50A2 P]S WXb UaTT \PaZTc _^[XRXTb c^ U^bcTa X]eTbc\T]c P]S TR^]^\XR Va^fcW CWT [^RP[ _Tb^ RdaaT]Rh a^bT ! ' _Ta RT]c X] TPa[h CWdabSPh caPST Pb X]eTbc^ab aTVXbcTaTS X]RaTPbTS _^[XcXRP[ R^]UXST]RT X] 2^[^\QXP [^RP[ caPSTab bPXS 2^[^\QXP] bc^RZb P[b^ bdaVTS CWT aTbRdT UdacWTa fTPZT]TS cWT ]TV^cXPcX]V _^bXcX^] ^U cWT 50A2 fWXRW fPb P[aTPSh aTT[X]V PUcTa cWT STPcW ^U cWaTT c^_ [TPSTab cWXb hTPa CWT cWaTT 0\TaXRP]b STUT]bT R^]
?7>C>B
&'('05'
fX[[ PX\ U^a P SXUUTaT]c bch[T cWP] WXb ^UcT] RPdbcXR P]S R^]Ua^]cPcX^]P[ _aTSTRTbb^a CWT PRRT]cb X] S^\TbcXR P]S U^aTXV] _^[X cXRb RTacPX][h fX[[ RWP]VT 4eTah _^[XcXRXP] TeTah _aTbXST]c WPb WXb ^f] bch[T >cWTafXbT _T^_[T f^d[S] c QT PQ[T c^ cT[[ cWT\ P_Pac P]S Xc f^d[S QT Q^aX]V WT c^[S cWT Y^da]P[Xbcb >]T ^U cWT bca^]VTbc X]cTa]PcX^]P[ RaXcX RXb\b ^U AdbbXP d]STa ?dcX] P]S cWT R^aT ^U <R2PX] b QT[XTU cWPc AdbbXP bW^d[S QT ^dc ^U cWT 6' Xb cWPc cWT :aT\[X] WPb bcXU[TS ^__^bXcX^] P]S ST\^RaPRh <TSeTSTe bPXS WT bd__^acb R^\_TcXcXeT _^[XcXRb Qdc Xc \dbc QT aPcX^]P[ CWXb Xb R^\_TcXcX^] QdX[c ^] cWT QPbXb ^U [Pf CWT bhbcT\ cWPc fPb QdX[c ^] ^]T _Pach WPeX]V cWT aXVWc c^ cadcW bW^fTS Xcb fTPZ ]Tbb ! hTPab PV^ WT bPXS aTUTaaX]V c^ ST cTaX^aPcX^] ^U cWT B^eXTc D]X^] /QUEQY #2
CWT D= fPa RaX\Tb caXQd]P[ X] CWT 7PVdT ^] CWdabSPh ^eTacda]TS cWT R^]eXRcX^] ^U P 1^b]XP] <db[X\ fPacX\T R^\\P]STa U^a UPX[X]V c^ bc^_ cWT \daSTa ^U BTaQb ]TPa cWT T]R[PeT ^U BaTQaT]XRP TPa[h X] cWT ((! ($ R^]U[XRc CWT R^dac U^d]S cWPc cWT RPbT WPS ]^c QTT] _a^eT] PVPX]bc =PbTa >aXR R^]bXSTaTS P WTa^ Qh \P]h 1^b]XP] <db[X\b U^a [TPSX]V cWT ST UT]bT ^U cWT T]R[PeT fWXRW fPb [PcTa ^eTaad] Qh 1^b]XP] BTaQb fW^ ZX[[TS ' <db[X\b >aXR fPb WP]STS P cf^ hTPa _aXb^] bT]cT]RT X] ! % ^] cWT RWPaVTb ^U UPX[X]V c^ _aTeT]c cWT ZX[[X]V ^U BTaQb cW^dVW WT fPb X\\TSXPcT[h aT[TPbTS bX]RT WT WPS QTT] X] Rdbc^Sh bX]RT ! " CWT caXQd]P[ b P__TP[b RWP\QTa bPXS Xc WPS ]^ S^dQc cWPc VaPeT RaX\Tb fTaT R^\\XccTS PVPX]bc BTaQb ST cPX]TS X] cf^ STcT]cX^] UPRX[XcXTb X] BaTQaT]XRP QTcfTT] BT_cT\QTa ((! P]S <PaRW ((" 7^fTeTa _a^^U cWPc RaX\Tb WPeT ^RRdaaTS Xb ]^c bdUUXRXT]c c^ bdbcPX] P R^]eXRcX^] ^U P] X]SXeXSdP[ U^a cWTbT RaX\Tb 2aX\X]P[ _a^RTTSX]Vb aT`dXaT TeXST]RT TbcPQ[XbWX]V QTh^]S aTPb^]PQ[T S^dQc cWPc cWT PRRdbTS Xb X]SXeXSdP[[h aTb_^]bXQ[T U^a P RaX\T QTU^aT P R^]eXRcX^] RP] QT T]cTaTS Xc bPXS 8 P\ WP__h ^U R^dabT 8 eT ]TeTa QT[XTeTS cWPc <db[X\b R^\\XccTS RaX\Tb X] BaTQaT]XRP ?T^_[T d]STa c^cP[ bXTVT fTaT UXVWcX]V ^][h c^ bda eXeT >aXR bPXS 0bZTS W^f WT UT[c PQ^dc cWT cWaTT hTPab WT b_T]c X] STcT]cX^] QTU^aT P]S SdaX]V cWT caXP[ >aXR aT_[XTS) 8c b _Pac ^U \h STbcX]h FWT] WT fPb bT]cT]RTS X] ! % BTaQXP] _^[XcX RXP]b P]S \TSXP ST]^d]RTS cWT ^dcR^\T Pb P \^RZ Tah ^U YdbcXRT P]S _a^^U cWPc cWT 7PVdT caXQd]P[ fPb QXPbTS PVPX]bc BTaQXP CWT ZX[[X]V X] 9d[h (($ ^U b^\T ' <db[X\ \T] P]S Q^hb Qh 1^b]XP] BTaQ U^aRTb X] cWT TPbcTa] c^f] fPb 4da^_T b f^abc Pca^RXch bX]RT F^a[S FPa 88 6JG *CIWG 4GWVGTU
8+5+6
D= BTRaTcPah 6T]TaP[ 1P] :X \^^] eXbXcTS WXb W^\T [P]S B^dcW :^aTP ^] CWdabSPh U^a cWT UXabc cX\T bX]RT cPZX]V cWT c^_ Y^Q Pc cWT f^a[S Q^Sh [Pbc hTPa 7Xb UXeT SPh eXbXc X]R[dSTb \TTcX]Vb fXcW ?aTbXST]c ;TT <hd]V QPZ P]S ^cWTa c^_ ^UUXRXP[b P bTaXTb ^U b_TTRWTb P]S P eXbXc c^ WXb adaP[ W^\Tc^f] fWTaT WXb QXacW_[PRT Xb QTX]V aT bc^aTS Pb P c^daXbc PccaPRcX^] 1P] fW^ fPb B^dcW :^aTP b U^aTXV] \X]XbcTa QTU^aT QTR^\X]V cWT D = RWXTU X] 9P]dPah ! & PaaXeTS X] BT^d[ Ua^\ 2WX]P Pb _Pac ^U P] 0bXP] c^da cWPc P[b^ c^^Z WX\ c^ 9P_P] 8 \ b^ WP__h P]S UX[[TS fXcW STT_ T\^cX^] Pb 8 eXbXc \h W^\T[P]S U^a cWT UXabc cX\T X] ' \^]cWb bX]RT \h X]PdVdaPcX^] H^]WP_ ]Tfb PVT]Rh `d^cTS 1P] Pb bPhX]V PUcTa WXb PaaXeP[ Pc P \X[XcPah PXa_^ac b^dcW ^U BT^d[ 1P] fPb VaTTcTS Pc cWT PXa _^ac Qh B^dcW :^aTP] ?aX\T <X]XbcTa 7P] BTd]V b^^ P _a^c^R^[ cWPc Xb WXVWTa cWP] dbdP[ P]S d]STabR^aTb P fT[ R^\X]V \^^S B^dcW :^aTP]b cPZT VaTPc _aXST X] 1P] R^]bXSTaX]V WXb D= Y^Q P bh\Q^[ ^U cWT aXbT X] X]cTa]P cX^]P[ bcPcdaT ^U P R^d]cah cWPc aTQdX[c XcbT[U Ua^\ cWT ($ $" fPa fXcW =^acW :^aTP PUcTa aT_T[[X]V R^\\d]Xbc ca^^_b fXcW cWT WT[_ ^U D= U^aRTb 0UcTa B^dcW :^aTP 1P] Xb bRWTSd[TS c^ U[h QPRZ c^ 9P_P] U^a cWT d_R^\X]V bd\ \Xc ^U cWT 6a^d_ ^U 4XVWc X]SdbcaXP[XiTS R^d]caXTb 5GQWN #2
F>A;3
.FEWFEFW 4VHHFTUJPOT UP LJDL 3VTTJB PVU PG ( lVOTFSJPVTm A4DC4AB
4IBSJG SFCVGGT 64 PGGJDJBM PWFS .VTIBSSBG SFNBSL
?7>C>
4'#%6+10
( 4 + & #; ,7.;
A4DC4AB
03.07.2008
?7>C>
T10-04-07-08.qxd
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