directory - derivative (asset allocation funds) - worldwide

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Directory - Derivative (Asset Allocation Funds) - Worldwide

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Cbadb Brka Numb -limSku Nbhbmelkb FriTbn

-limSku PbTofpb Brka'o FSib Brka'o AboWnfmpflk -lrkpnu lc

AlifWfhfSpflk Brka (rafpln Brka Hnfib )nlgbn Brka -roplafSk Brka

DSkSdbnBrka DSkSdbn

MpSnp ASpbBrka -l'DSkSdbn

Brka DSkSdbibkp

-limSku

-lrkpnu lc AlifWfhfSpflk

Brka DSkSdbibkp

-fpu

AbofsXqfsb*:ppbq :iilZ * * 03. JXkXdba

Crqrobp Crka03. JXkXdba Crqrobp Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh mlpfqfsb XYplirqb obqrokp+ Qeb Crka tfii pbbh ql bpqXYifpe Ylqe ilkd Xka peloq mlpfqflkp fk crqrobp ZlkqoXZqp lk sXoflrp R+P+ Xka clobfdk bnrfqv fkafZbp+

RKFQBA PQ:QBP

QXfq Tbiibo " ;Xhbo IIM * * * * * * Rkfqba PqXqbp JfitXrhbb

AbofsXqfsb*:ppbq :iilZ * * 03. JXkXdba

Crqrobp Crka03. JXkXdba Crqrobp Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql pbbh mlpfqfsb XYplirqb obqrokp+ Qeb Crka tfii pbbh ql bpqXYifpe Ylqe ilkd Xka peloq mlpfqflkp fk crqrobp ZlkqoXZqp lk sXoflrp R+P+ Xka clobfdk bnrfqv fkafZbp+

RKFQBA PQ:QBP

QXfq Tbiibo " ;Xhbo IIM * * * * * * Rkfqba PqXqbp JfitXrhbb

AbofsXqfsb*:ppbq :iilZ .*555*66/*/432 ttt+XYplirqbX

asfpbop+Zlj

Clorj Crkap * :Yplirqb Lmmloqr

Clorj Crkap * :Yplirqb Lmmloqrkfqbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bnrfqfbp Xka bnrfqv abofsXqfsbp)

RKFQBA PQ:QBP ;;A IIM * =fqfYXkh K: G:V

=LJMPLK .-,/.,-5 * :Yplirqb Fksbpqjbkq :asfpbop II=

Rkfqba PqXqbp MloqiXka

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= :iqbokXqfsb * MeXolp Bslirq

:= :iqbokXqfsb * MeXolp Bslirqflk Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X dilYXiiv afsbopfcfba mloqclifl lc bnrfqfbp) Ylkap) jlkbv jXohbq fkpqorjbkqp) ob

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

:KAOB:P FPHB 0,-6,-6 KLOJ:K

E:OQJ:KK:nrfiX =XmfqXi Dolrm DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= :iqbokXqfsb * MeXolp Bslirq

:= :iqbokXqfsb * MeXolp Bslirqflk Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X dilYXiiv afsbopfcfba mloqclifl lc bnrfqfbp) Ylkap) jlkbv jXohbq fkpqorjbkqp) ob

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

:KAOB:P FPHB 0,-6,-6 KLOJ:K

E:OQJ:KK:nrfiX =XmfqXi Dolrm DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XiZbaX+ir := Afsbopfcfba

Obqrok:= Afsbopfcfba Obqrok fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp mofjXofiv tloiatfab fk ifpqba pqXkaXoa*crqrobp tfqe efde obqrokp+ Qeb Crka ZXk Xipl fksbpq fk ptXmp) Xp ilkd Xp qeb ZlkqoX

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

* * * :iZbaX Crka JXkXdbjbkq P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= NrXkq * PmbZqorj Crka

:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

G:K :RPMROD 2,-/,.. * :iZbaX Crka

JXkXdbjbkq P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= NrXkq * PmbZqorj Crka

:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

G:K :RPMROD 2,-/,.. * :iZbaX Crka

JXkXdbjbkq P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= NrXkq * PmbZqorj Crka

:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

G:K :RPMROD 2,-/,.. * :iZbaX Crka

JXkXdbjbkq P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= NrXkq * PmbZqorj Crka

:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

G:K :RPMROD 2,-/,.. * :iZbaX Crka

JXkXdbjbkq P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= NrXkq * PmbZqorj Crka

:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

G:K :RPMROD 2,-/,.. * :iZbaX Crka

JXkXdbjbkq P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= NrXkq * PmbZqorj Crka

:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

G:K :RPMROD 2,-/,.. * :iZbaX Crka

JXkXdbjbkq P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= NrXkq * PmbZqorj Crka

:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

G:K :RPMROD 2,-/,.. * :iZbaX Crka

JXkXdbjbkq P: IrubjYlrod IrubjYlrod

AfnbWplnu ' AbnfsSpfsb (oobp (hhlWSpflk Brkao! ' Plnhatfab

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= NrXkq * PmbZqorj Crka

:= NrXkq * PmbZqorj Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj obqrok) tefib Xfjfkd clo Xk XsboXdb sliXqfifqv lc .2!+ Qeb Crka fjmibjbkqp X tfab XooXv lc qoXafkd pqoXqbdfbp Yv qXhfkd lk ilkd* Xka peloq* mlpfqflk

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

G:K :RPMROD 2,-/,.. * :iZbaX Crka

JXkXdbjbkq P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv ./ Crka

:= * Ofph MXofqv ./ Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

6,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XnrfiX*

ZXmfqXi+ab:= * Ofph MXofqv 4 Crka

:= * Ofph MXofqv 4 Crka fp Xk lmbk*bka R=FQP FFF crka fkZlomloXqba fk IrubjYlrod+ Fq cliiltp X jriqf*Xppbq pqoXqbdv) lmqfjfwfkd XiilZXqflkp ql Xii ifnrfa) klk*ZloobiXqba Xppbq ZiXppbp qeXq lccbo X ofph mobjfrj+ Rpfkd efdeiv plmefpqfZXqba ofph jXkXdbjbkq)

IRUBJ;LROD

Ao Tliiboq * Ao Bijbkalocc P= *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

E:OLIA EBRP=EJFAQ

/,-2,-5 * :iZbaX Crka JXkXdbjbkq P: DbojXkv EXjYrod

AbofsXqfsb*:ppbq :iilZ .*/1-*164*31-- ttt+molcrkap+

Zlj

:ZZbpp Cibu ;bXo Efde Vfbia Cr

:ZZbpp Cibu ;bXo Efde Vfbia Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) qeXq Zllobpmlka dbkboXiiv ql qeb fksbopb lc qeb qlqXi obqrok lc qeb efde vfbia jXohbq Zlkpfpqbkq

RKFQBA PQ:QBP HMJD IIM * RJ; ;Xkh K: GBCC

MILPEKF=H ./,-1 QLAA GLEKPLK

MolCrka :asfplop II= Rkfqba PqXqbp ;bqebpaX

AbofsXqfsb*:ppbq :iilZ .*/1-*164*31-- ttt+molcrkap+

Zlj

:ZZbpp Cibu ;bXo Efde Vfbia Cr

:ZZbpp Cibu ;bXo Efde Vfbia Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) qeXq Zllobpmlka dbkboXiiv ql qeb fksbopb lc qeb qlqXi obqrok lc qeb efde vfbia jXohbq Zlkpfpqbkq

RKFQBA PQ:QBP HMJD IIM * RJ; ;Xkh K: GBCC

MILPEKF=H ./,-1 QLAA GLEKPLK

MolCrka :asfplop II= Rkfqba PqXqbp ;bqebpaX

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ (03*.*143*2/-. ttt+XbdlkXiX

mhbwbil+er:BDLK ;bppX AbofsXqfsb Crka

:BDLK ;bppX AbofsXqfsb Crka fp Xk lmbk*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqlop tfqe X obqrok bsbk arofkd altkqrokp fk qeb Mlifpe pqlZh jXohbq Xka X 6-! ZXmfqXi molqbZqflk+ Qeb Crka fksbpqp fqp Xppbqp fk Mlifpe afpZlr ERKD:OV * * Rkf=obafq ;Xkh

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:bdlk ErkdXov Fksbpqjbkq Crka JXkXdbjbkq

ErkdXov ;raXmbpq

AbofsXqfsb*:ppbq :iilZ (03*.*143*2/-. ttt+XbdlkXiX

mhbwbil+er

:BDLK Lwlk =XmfqXi MolqbZqba A

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ErkdXov ;raXmbpq

AbofsXqfsb*:ppbq :iilZ

(10%-&. 200 43 35*.-- Qbi

ttt+jXpqbofksbpq+Xq

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YXifksbpqlop+ir:iifXkw Brol DXoXkq

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AbofsXqfsb*:ppbq :iilZ 5/*/*/-4.*66--

ttt+XiifXkwdilYXifksbpqlop+Zl+ho

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PLRQE HLOB: * * HlobX BuZeXkdb

;Xkh * * * :iifXkw DilYXi Fksbpqlop,HlobX Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-4.*66--

ttt+XiifXkwdilYXifksbpqlop+Zl+ho

:iifXkw HLPMF /-- Fkabu PbZrof

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;Xkh * * * :iifXkw DilYXi Fksbpqlop,HlobX Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-4.*66--

ttt+XiifXkwdilYXifksbpqlop+Zl+ho

:iifXkw HLPMF /-- Fkabu PbZrof

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AbofsXqfsb*:ppbq :iilZ 5/*/*/-4.*66--

ttt+XiifXkwdilYXifksbpqlop+Zl+ho

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j

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j:iqXjfoX RP Fkabu Crka

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j:iqXjfoX RP Fkabu Crka

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RKFQBA PQ:QBP Bokpq " Vlrkd *

GMJlodXk =eXpb ;Xkh KXqflkXi :pplZfXqflk

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AbofsXqfsb*:ppbq :iilZ

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AbofsXqfsb*:ppbq :iilZ 00*.*10*/0*0-*0- ttt+Xjrkaf+Z

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BOF= EBOJFQQB .-,/1,-- DFI;BOQ

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AbofsXqfsb*:ppbq :iilZ 00*.*10*/0*0-*0- ttt+Xjrkaf+Z

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AbofsXqfsb*:ppbq :iilZ 00*.*10*/0*0-*0- ttt+Xjrkaf+Z

lj

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AbofsXqfsb*:ppbq :iilZ 06*-/*--32*.--- ttt+Xjrkaf+Z

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fp+Zlj,

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CoXkZb * * * * CoXkZb MXofp

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 00*.*10*/0*0-*0- ttt+Xjrkaf+Z

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AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

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IRUBJ;LROD

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IRUBJ;LROD

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AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

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IRUBJ;LROD

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IRUBJ;LROD

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IRUBJ;LROD

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IRUBJ;LROD

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IRUBJ;LROD

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IRUBJ;LROD

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IRUBJ;LROD

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IRUBJ;LROD

MofZbtXqboelrpb=llmbop,IrubjYlrod

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IRUBJ;LROD

MofZbtXqboelrpb=llmbop,IrubjYlrod

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IRUBJ;LROD

MofZbtXqboelrpb=llmbop,IrubjYlrod

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IRUBJ;LROD

MofZbtXqboelrpb=llmbop,IrubjYlrod

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IRUBJ;LROD

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IRUBJ;LROD

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IRUBJ;LROD

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AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv Tloia Bnrfqfbp fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb Xk XkkrXi XYplirqb mboclojXkZb lc 4! Ybclob cbbp) lsbo X jfkfjrj fksbpqjbkq elofwlk lc 0 vbXop+ Qeb Crka fksbpqp fk lmqflkp Xka abofsXqfsbp l

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

DFI;BOQ HBPHFK ..,.2,-4 BOF= EBOJFQQB :jrkaf

IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

BOF= EBOJFQQB .-,-2,-2 DFI;BOQ

HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

BOF= EBOJFQQB .-,-2,-2 DFI;BOQ

HBPHFK:jrkaf IrubjYlrod P: CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*14*34*3334 Qbi ttt+Xjrkaf+Z

lj:jrkaf Crkap * :Yplirqb SliXqf

:jrkaf Crkap * :Yplirqb SliXqfifqv :oYfqoXdb fp X PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql lrqmbocloj BLKF: Yv /! %kbq F peXob& lsbo X jfkfjrj fksbpqjbkq elofwlk lc / vbXop) Yv rpfkd sliXqfifqv XoYfqoXdb pqoXqbdfbp+ Qeb Crka fksbpqp fk

IRUBJ;LROD

MofZbtXqboelrpb=llmbop P:OI

*

=obafq :dofZlib Fksbpqlo PbosfZbp ;Xkh IrubjYlrod

BOF= EBOJFQQB .-,-2,-2 DFI;BOQ

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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AbofsXqfsb*:ppbq :iilZ 5/*/*/-44*2--- ttt+Zlkprp+Z

l+ho

=lkprp JlbYfrp /-- Fkabu PbZro

=lkprp JlbYfrp /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp cliilt qeb obqrok lc HLPMF/--+ Qeb Crka fksbpqp fk 3-! lo jlob fk pqlZhp) 1-! lo ibpp fk Ylkap) :;Pp) =Mp)

PLRQE HLOB: * * Hllhjfk ;Xkh * * * =lkprp :ppbq

JXkXdbjbkq =l Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-44*2--- ttt+Zlkprp+Z

l+ho

=lkprp JlbYfrp /-- Fkabu PbZro

=lkprp JlbYfrp /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp cliilt qeb obqrok lc HLPMF/--+ Qeb Crka fksbpqp fk 3-! lo jlob fk pqlZhp) 1-! lo ibpp fk Ylkap) :;Pp) =Mp)

PLRQE HLOB: * * Hllhjfk ;Xkh * * * =lkprp :ppbq

JXkXdbjbkq =l Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-44*2--- ttt+Zlkprp+Z

l+ho

=lkprp JlbYfrp /-- Fkabu PbZro

=lkprp JlbYfrp /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp cliilt qeb obqrok lc HLPMF/--+ Qeb Crka fksbpqp fk 3-! lo jlob fk pqlZhp) 1-! lo ibpp fk Ylkap) :;Pp) =Mp)

PLRQE HLOB: * * Hllhjfk ;Xkh * * * =lkprp :ppbq

JXkXdbjbkq =l Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ -.16. 245035 ttt+Zlroqfbop+

Zl+rh

=lroqfbop Fksbpqjbkq Crkap F=S

=lroqfbop QlqXi Obqrok ;XiXkZba Ofph Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb qeb lmqfjXi qlqXi obqrok tfqefk qeb YlrkaXofbp lc qeb Crka$p ofph molcfib+ Qeb Crka fksbpqp mofjXofiv fk abofsXqfsbp) Yrq ;OFQ:FK * * =fqfYXkh

FkqbokXqflkXi MI= * * *

=lroqfbop Fksbpqjbkq PbosfZbp Iqa,Rkfqba Hfkdalj

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ -.16. 245035 ttt+Zlroqfbop+

Zl+rh

=lroqfbop Fksbpqjbkq Crkap F=S

=lroqfbop QlqXi Obqrok Doltqe Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb qeb lmqfjXi qlqXi obqrok tfqefk qeb YlrkaXofbp lc qeb Crka$p ofph molcfib+ Qeb Crka fksbpqp mofjXofiv fk abofsXqfsbp) Yrq jXv Xip ;OFQ:FK * * =fqfYXkh

FkqbokXqflkXi MI= * * *

=lroqfbop Fksbpqjbkq PbosfZbp Iqa,Rkfqba Hfkdalj

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ (02/ 103 .3.. ttt+Zobafq*

prfppb+Zlj

=obafq Prfppb Crka Iru * ObiXq

=PC %Iru& ObiXqfsb Obqrok Bkdfkbboba %RP & fp Xk lmbk*bka fksbpqjbkq Crka fkZlomloXqba fk IrubjYlrod+ Qeb crka$p fksbpqjbkq lYgbZqfsb fp ql XZefbsb X Ybqqbo obqrok qeXk qeb YbkZejXoh lk X ofph*Xagrpqba YXpfp+ Qeb Crka pvkqebqfZXiiv obmifZXqbp qeb ofph*obq

IRUBJ;LROD * * =obafq Prfppb

IrubjYlrod P:A:KFBIB M:DIF: 4,.3,-6 *

=obafq Prfppb Crka PbosfZbp Iru P:

IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * *

=obafq Prfppb :asXkZba PqoXqbd

=obafq Prfppb :asXkZba PqoXqbdv Crka Clo NrXifcfba FkpqfqrqflkXi Fksbpqlop Lkiv fp Xk lmbk*bka crka obdfpqboba fk qeb =XvjXk FpiXkap+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab Rkfqeliabop tfqe obdriXo mXvlrqp Xka X cfkXi obabjmqflk Xjlrkq Xq jXqrofqv Ylqe i

=:VJ:K FPI:KAP * * =obafq Prfppb :D * * *

=obafq Prfppb JXkXdbjbkq =XvjXk Iqa

GXmXk Qlhvl

AbofsXqfsb*:ppbq :iilZ 020*.*3.6*/---

ttt+Zobafq*prfppb+Zlj,ZrpqljjXohbqp

=rpqlj JXohbqp miZ * =obafq Pr

=rpqlj JXohbqp miZ * =obafq Prfppb J:K =ovpqXi Crka fp Xk lmbk*bkaba fksbpqjbkq crka fkZlomloXqba fk FobiXka+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka Xfjp ql dXfk bumlprob ql X YolXa YXpba rkfsbopb lc ebadb crkap Yv bkqbofkd fkql abofsXqfsb

FOBI:KA * * * =FKWF: ;:PFIB * ALK:II

=LJBOCLOA * FobiXka ArYifk

AbofsXqfsb*:ppbq :iilZ 020*.*3.6*/---

ttt+Zobafq*prfppb+Zlj,ZrpqljjXohbqp

=rpqlj JXohbqp miZ * =obafq Pr

=rpqlj JXohbqp miZ * =obafq Prfppb J:K =ovpqXi Crka fp Xk lmbk*bkaba fksbpqjbkq crka fkZlomloXqba fk FobiXka+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka Xfjp ql dXfk bumlprob ql X YolXa YXpba rkfsbopb lc ebadb crkap Yv bkqbofkd fkql abofsXqfsb

FOBI:KA * * * =FKWF: ;:PFIB * ALK:II

=LJBOCLOA * FobiXka ArYifk

AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*

eXkX+Zlj

R;PEXkX b*QXbdbrh Fkabu AbofsX

R;PEXkX b*QXbdbrh Fkabu AbofsXqfsb Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd qboj ZXmfqXi dXfk Yv clojriXqfkd X mloqclifl qeXq obmifZXqbp HLPMF/--+ Qeb Crka fp ZiXppfcfba Xp X abofsXqfsb fksbp

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * R;P EXkX :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*

eXkX+Zlj

R;P EXkX RjYobiiX Kbt Fkabu Pb

R;P EXkX RjYobiiX Kbt Fkabu PbZrofqfbp Fksbpqjbkq Qorpq H*. %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk Yv YbkZejXohfkd qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

R;P EXkX :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*

eXkX+Zlj

R;PEXkX Fkabu AbofsXqfsb Fksbp

R;PEXkX Fkabu AbofsXqfsb Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd qboj ZXmfqXi dXfk Yv clojriXqfkd X mloqclifl qeXq obmifZXqbp HLPMF/--+ Qeb Crka fp ZiXppfcfba Xp X abofsXqfsb fksbpqjbkq qorp

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * R;P EXkX :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*

eXkX+Zlj

R;PEXkX F;H*PXjprkd EbXsv Fkar

AXbeXk EXkX R;P F;H * PXjprkd EbXsv Fkarpqofbp PqlZh Ifkhba AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsbp ifkhba ql qeb pqlZh mofZb lc FkarpqofXi ;Xkh lc Hlob

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

R;P EXkX :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX PBLRI

AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*

eXkX+Zlj

R;PEXkX Fk*;bpq Fkabu AbofsXqf

AXbeXk Fk*;bpq Bnrfqv Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql Zilpbiv jXqZe qeb mboclojXkZb lc HLPMF/--p sXirb cirZqrXqflk+ Qeb Crka fksbpqp 3-! lo jlob fk bnrfqfbp Xka bnrfqv ifkhba*ab

PLRQE HLOB: * *

KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk

* * * R;P EXkX :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*

eXkX+Zlj

R;PEXkX Mltbo Fkabu AbofsXqfsb

AXbeXk Mltbo Bnrfqv Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql Zilpbiv jXqZe qeb mboclojXkZb lc qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp .--! lo ibpp fk pqlZhp) 1-! lo ibpp fk Ylkap) 1-! lo ib

PLRQE HLOB: * * FkarpqofXi ;Xkh lc

HlobX * * * R;P EXkX :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*044.*45-- ttt+rYp*

eXkX+Zlj

R;PEXkX RjYobiiX Obsbopb Fkabu

R;PEXkX RjYobiiX Obsbopb Fkabu PbZrofqfbp Fksbpqjbkq Qorpq H*. %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk Yv qoXZfkd obsbopb vfbia lc qeb HLPMF/-- Fkabu+ Qeb C

PLRQE HLOB: * * * * * *

R;P EXkX :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*436*0/-2 ttt+afqj+Zl+ho AXfpefk / PqXo

PbZrofqfbp FksbAXfpefk / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 0 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsbp tefZe Xob fkZlomloXqba fk qeb pqlZh mofZb lc PH QbibZlj Xka P*Lfi+

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

AXfpefk :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*436*0/-2 ttt+afqj+Zl+ho

AXfpefk Q:ODBQ RjYobiiX Fkabu

AXfpefk Q:ODBQ RjYobiiX Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql qoXZb qeb HLPMF/-- qeolrde qoXkpXZqflk lc pqlZh mofZb fkabu crqrobp) ZXii lmqflkp) Xka mrq lmqflkp+ Qeb Crka fksbpqp .2!

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

AXfpefk :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*436*0/-2 ttt+afqj+Zl+ho

AXfpefk Q:ODBQ RjYobiiX Obsbop

AXfpefk Q:ODBQ RjYobiiX Obsbopb AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql obsbopbiv qoXZb qeb HLPMF/-- qeolrde qoXkpXZqflk lc pqlZh mofZb fkabu crqrobp) ZXii lmqflkp) Xka mrq lmqflkp+ Qeb Crka

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

AXfpefk :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ * ttt+aXftX*

Xj+Zl+gm

AXftX Tloia ;lka Crka * AXftX

* G:M:K * * Prjfqljl Jfqprf Qorpq ;Xkh Iqa * * *

AXftX :ppbq JXkXdbjbkq =l Iqa

GXmXk Qlhvl

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr HlobX Fkabu Ifkhba PbZr

AlkdYr HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 2%BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlmloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd 6-! lo jlob lc fqp Xppbqp fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe HLP

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj S Ebojbp :Yplirqb

A; MiXqfkrj S Ebojbp :Yplirqb Obqrok =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq lc qeb A; MiXqfkrj S Ebojbp :Yplirqb Obqrok =ljjlafqv c

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj S Ebojbp :Yplirqb

A; MiXqfkrj S Ebojbp :Yplirqb Obqrok =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq lc qeb A; MiXqfkrj S Ebojbp :Yplirqb Obqrok =ljjlafqv c

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj S Ebojbp BkeXkZba

A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq) lc qeb A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv crka

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj S Ebojbp BkeXkZba

A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq) lc qeb A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv crka

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj S Ebojbp BkeXkZba

A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq) lc qeb A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv crka

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj S Ebojbp BkeXkZba

A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab qeb Rkfqeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb Rkaboivfkd :ppbq) lc qeb A; MiXqfkrj S Ebojbp BkeXkZba ;bqX =ljjlafqv crka

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj * =roobkZv Obqrokp

A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib

IRUBJ;LROD

Bokpq " Vlrkd P: *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj * =roobkZv Obqrokp

A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib

IRUBJ;LROD

Bokpq " Vlrkd P: *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj * =roobkZv Obqrokp

A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib

IRUBJ;LROD

Bokpq " Vlrkd P: *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj * =roobkZv Obqrokp

A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib

IRUBJ;LROD

Bokpq " Vlrkd P: *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj * =roobkZv Obqrokp

A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib

IRUBJ;LROD

Bokpq " Vlrkd P: *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj * =roobkZv Obqrokp

A; MiXqfkrj =roobkZv Obqrokp Mirp fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Xfj lc qeb Crka fp ql molsfab qeb peXobeliabop tfqe X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka tfii fksbpq fk qoXkpcboXYib

IRUBJ;LROD

Bokpq " Vlrkd P: *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

ZljA; MiXqfkrj FFF * A;*EB:I

A; MiXqfkrj FFF * A;*EB:I fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab peXobeliabop tfqe X obqrok ifkhba ql qeb rkaboivfkd Xppbq) qeb AvkXjfZ ;Xphbq+ Qeb Crka rpbp abofsXqfsb qbZekfnrbp qeXq tfii molsfab qeb Crka tfqe X mXvlcc

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * A; MiXqfkrj :asfplop,IrubjYlrod

IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj FS * =lomloXqb =Xp

A; MiXkqfkrj FS =lomloXqb =Xpe fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X jlkbv jXohbq obqrok+ Qeb Crka jXfkiv fksbpqp ifnrfa brol abkljfkXqba pqlZhp+

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj FS * =lomloXqb =Xp

A; MiXkqfkrj FS =lomloXqb =Xpe fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X jlkbv jXohbq obqrok+ Qeb Crka jXfkiv fksbpqp ifnrfa brol abkljfkXqba pqlZhp+

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj FS * =lomloXqb =Xp

A; MiXkqfkrj FS =lomloXqb =Xpe fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X jlkbv jXohbq obqrok+ Qeb Crka jXfkiv fksbpqp ifnrfa brol abkljfkXqba pqlZhp+

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj FS * =lomloXqb =Xp

A; MiXkqfkrj FS =lomloXqb =Xpe fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X jlkbv jXohbq obqrok+ Qeb Crka jXfkiv fksbpqp ifnrfa brol abkljfkXqba pqlZhp+

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj FS * N=J DAM Fkabu

A; MiXqfkrj FS * N=J DAM Fkabu Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X obqrok ifkhba ql qeb N=J DAM Fkabu) tefZe obcibZqp qeb mboclojXkZb lc X pvpqbjXqfZ fksbpqjbkq fk qeb

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj FS * N=J DAM Fkabu

A; MiXqfkrj FS * N=J DAM Fkabu Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X obqrok ifkhba ql qeb N=J DAM Fkabu) tefZe obcibZqp qeb mboclojXkZb lc X pvpqbjXqfZ fksbpqjbkq fk qeb

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj FS * N=J DAM Fkabu

A; MiXqfkrj FS * N=J DAM Fkabu Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X obqrok ifkhba ql qeb N=J DAM Fkabu) tefZe obcibZqp qeb mboclojXkZb lc X pvpqbjXqfZ fksbpqjbkq fk qeb

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

Zlj

A; MiXqfkrj FS * N=J DAM Fkabu

A; MiXqfkrj FS * N=J DAM Fkabu Crka fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab qeb PeXobeliabop tfqe X obqrok ifkhba ql qeb N=J DAM Fkabu) tefZe obcibZqp qeb mboclojXkZb lc X pvpqbjXqfZ fksbpqjbkq fk qeb

IRUBJ;LROD * *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * ttt+crkap+aY+

ZljA; MiXqfkrj FS * Olepqlccb Afo

A; MiXqfkrj FS * Olepqlccb Afobhq fp Xk lmbk*bka tfqe cfuba jXqrofqv fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X obqrok ifkhba ql qeb mboclojXkZb lc qeb rkaboivfkd Xppbq clo bXZe peXob ZiXpp+ Qeb Crka fksbpqp fk cfkXkZfXi fkpqfq

IRUBJ;LROD

Bokpq " Vlrkd P: *

O;= AbufX Fksbpqlo PbosfZbp ;Xkh P:

* * * aY MiXqfkrj :asfplop P: IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*01-6*06 ttt+abhX+ab AbhX*LmqfJfu

BrolmXAbhX*LmqfJfu BrolmX fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp XYplirqb obqrok+ Qeb Crka Xfjp ql molarZb obqrokp pfjfiXo ql obqrokp fk qeb BrolmbXk Ylka jXohbq+ Qeb Crka rpbp sXoflrp abofsXqfsb pqoXqbdfbp %b+d+ clot

IRUBJ;LROD * *

AbhX;Xkh AbrqpZeb DfolwbkqoXib IrubjYlrod P:

* * * AbhX FkqbokXqflkXi P:,IrubjYlrod

DbojXkv CoXkhcroq Xj JXfk

AbofsXqfsb*:ppbq :iilZ 02/*01-6*06 ttt+abhX+ab AbhX*LmqfJfu

BrolmXAbhX*LmqfJfu BrolmX fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp XYplirqb obqrok+ Qeb Crka Xfjp ql molarZb obqrokp pfjfiXo ql obqrokp fk qeb BrolmbXk Ylka jXohbq+ Qeb Crka rpbp sXoflrp abofsXqfsb pqoXqbdfbp %b+d+ clot

IRUBJ;LROD * *

AbhX;Xkh AbrqpZeb DfolwbkqoXib IrubjYlrod P:

* * * AbhX FkqbokXqflkXi P:,IrubjYlrod

DbojXkv CoXkhcroq Xj JXfk

AbofsXqfsb*:ppbq :iilZ 02/*01-6*06 ttt+abhX+ab

AbhX*TloiaDXoXkq Mirp 3,/-./

AbhX*TloiaDXoXkq Mirp 3,/-./ fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql mlpfqfsbiv peXob fk qeb bsbkqrXi fkZobXpfkd sXirb lc qeb BrolmbXk Rkflk) RP) Xka GXmXkbpb pqlZh jXohbqp+ Qeb Crka fksbpqp Xq ibXpq 2.! fk BrolmbXk wbo

IRUBJ;LROD * *

AbhX;Xkh AbrqpZeb DfolwbkqoXib IrubjYlrod P:

* * * AbhX FkqbokXqflkXi P:,IrubjYlrod

IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk =roobkZv Qobkap PqoXq

Afobuflk =roobkZv Qobkap PqoXqbdv Mirp Crka fp Xk lmbk*bka fkZlomloXqba fk qeb RP:+ Qeb Crka pbbhp fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) lc .2-! lc qeb ZXibkaXo jlkqe mboclojXkZb lc qeb :imeX CfkXkZfXi CU Qobkap Fkabu) tefib fjmibjbkqfkd X pqoXqbd

RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh K: M:RI

;OFD:KAF * QLKV KDOXccboqv :ppbq JXkXdbjbkq II=

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk =roobkZv Qobkap PqoXq

Afobuflk =roobkZv Qobkap PqoXqbdv Mirp Crka fp Xk lmbk*bka fkZlomloXqba fk qeb RP:+ Qeb Crka pbbhp fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) lc .2-! lc qeb ZXibkaXo jlkqe mboclojXkZb lc qeb :imeX CfkXkZfXi CU Qobkap Fkabu) tefib fjmibjbkqfkd X pqoXqbd

RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh K: M:RI

;OFD:KAF * QLKV KDOXccboqv :ppbq JXkXdbjbkq II=

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk =roobkZv Qobkap PqoXq

Afobuflk =roobkZv Qobkap PqoXqbdv Mirp Crka fp Xk lmbk*bka fkZlomloXqba fk qeb RP:+ Qeb Crka pbbhp fksbpqjbkq obpriqp) Ybclob cbbp Xka bumbkpbp) lc .2-! lc qeb ZXibkaXo jlkqe mboclojXkZb lc qeb :imeX CfkXkZfXi CU Qobkap Fkabu) tefib fjmibjbkqfkd X pqoXqbd

RKFQBA PQ:QBP Bokpq " Vlrkd * RP ;Xkh K: M:RI

;OFD:KAF * QLKV KDOXccboqv :ppbq JXkXdbjbkq II=

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk Fkabuba JXkXdba Crqro

Afobuflk Fkabuba JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql qeXq qoXZh qeb mboclojXkZb lc qeb :rpmfZb JXkXdba Crqrobp Fkabu+ Qeb Crka mofjXofiv fksbpqp fk X ZljYfkXqflk lc %ilkd Xka peloq& Zljjlaf

RKFQBA PQ:QBP Bokpq " Vlrkd * * * * * * Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk Fkabuba JXkXdba Crqro

Afobuflk Fkabuba JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql qeXq qoXZh qeb mboclojXkZb lc qeb :rpmfZb JXkXdba Crqrobp Fkabu+ Qeb Crka mofjXofiv fksbpqp fk X ZljYfkXqflk lc %ilkd Xka peloq& Zljjlaf

RKFQBA PQ:QBP Bokpq " Vlrkd * * * * * * Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk Fkabuba JXkXdba Crqro

Afobuflk Fkabuba JXkXdba Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql qeXq qoXZh qeb mboclojXkZb lc qeb :rpmfZb JXkXdba Crqrobp Fkabu+ Qeb Crka mofjXofiv fksbpqp fk X ZljYfkXqflk lc %ilkd Xka peloq& Zljjlaf

RKFQBA PQ:QBP Bokpq " Vlrkd * * * * * * Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk Jlkqeiv .- VbXo Klqb

Afobuflk Jlkqeiv .- VbXo Klqb ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql /--! lc qeb aXfiv mofZb jlsbjbkq lc qeb YbkZejXoh .- VbXo Klqb+ Qeb Crka mofjXofiv fksbpqp fk

RKFQBA PQ:QBP Bokpq " Vlrkd *

RP ;Xkh K:,=liloXal Pmofkdp =L

M:RI ;OFD:KAF 0,0.,-2 QLKV KD

OXccboqv :ppbq JXkXdbjbkq II=

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk Jlkqeiv IXqfk :jbofZX

Afobuflk Jlkqeiv IXqfk :jbofZXk ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql /--! lc qeb mboclojXkZb lc qeb P"M IXqfk :jbofZX 1- Fkabu+ Qeb Crka fksbpqp fk crqrobp) ptXm

RKFQBA PQ:QBP Bokpq " Vlrkd *

RP ;Xkh K:,JfkkbXmlifp JK

M:RI ;OFD:KAF 2,-/,-3 QLKV KD

OXccboqv :ppbq JXkXdbjbkq II=

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk Jlkqeiv P"M 2-- ;rii

Afobuflk Jlkqeiv P"M 2-- ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql /--! lc qeb mboclojXkZb lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp fk crqrobp) ptXmp Xka lmqflkp rpfkd

RKFQBA PQ:QBP Bokpq " Vlrkd *

RP ;Xkh K:,JfkkbXmlifp JK

M:RI ;OFD:KAF 2,-.,-3 QLKV KD

OXccboqv :ppbq JXkXdbjbkq II=

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk Jlkqeiv PjXii =Xm ;ri

Afobuflk Jlkqeiv PjXii =Xm ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql qeb /--! lc qeb mboclojXkZb lc qeb Orppbii /--- Fkabu+ Qeb Crka fksbpqp fk pqlZh fkabu crqrobp Zl

RKFQBA PQ:QBP Bokpq " Vlrkd *

RP ;Xkh K:,=liloXal Pmofkdp =L

M:RI ;OFD:KAF /--1 QLKV KD

OXccboqv :ppbq JXkXdbjbkq II=

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*313*24/*006- ttt+afobuflkcr

kap+Zlj

Afobuflk Jlkqeiv K:PA:N .-- ;r

Afobuflk Jlkqeiv K:PA:N .-- ;rii /u Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka ql /--! lc qeb mboclojXkZb lc qeb K:PA:N .-- Fkabu+ Qeb Crka fksbpqp fk crqrobp) ptXmp Xka lmqflkp

RKFQBA PQ:QBP Bokpq " Vlrkd *

RP ;Xkh K:,JfkkbXmlifp JK

M:RI ;OFD:KAF 2,-.,-3 QLKV KD

OXccboqv :ppbq JXkXdbjbkq II=

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ .*544*104*6030 ttt+afobuflkp

eXobp+Zlj

Afobuflk AXfiv QlqXi JXohbq ;b

Afobuflk AXfiv QlqXi JXohbq ;bXo .u PeXobp fp Xk buZeXkdb*qoXaba crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp aXfiv fksbpqjbkq obpriqp qeXq Zloobpmlka ql qeb fksbopb %lmmlpfqb& lc qeb aXfiv mboclojXkZb lc qeb JP=F RP ;olXa JXohbq Fkabu+

RKFQBA PQ:QBP * * ;Xkh lc Kbt

Vloh JbiilkM:RI ;OFD:KAF 3,.2,.. QLKV KD Afobuflk PeXobp

BQC Qorpq Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ (14*//0.*65-- * AK; L;U

AbofsXq ;bXo AK; L;U AbofsXq ;bXo fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V * * AK; ;Xkh :P:BFOFH QLO;LBOK E:RDB

3,/0,-5 * AK; :ppbq JXkXdbjbkq :P * *

AbofsXqfsb*:ppbq :iilZ (14*//0.*65-- * Ak; KLO L;U

AbofsXq ;rii AK; L;U AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka fksbpqp fk qeb L;U fkabu bnrfqfbp+ KLOT:V * * AK; ;Xkh :P:BFOFH QLO;LBOK E:RDB

3,/0,-5 * AK; :ppbq JXkXdbjbkq :P * *

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

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PLRQE HLOB: * * HlobX PbZrofqfbp

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AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

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AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq .6 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc MLP=L Xka PXjprkd

PLRQE HLOB: * * ;rpXk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

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AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq / %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp 3-! lo jlob lc fqp qlqXi Xppbqp fk abofsXqfsb ifkhba pbZrofqfbp) tefZe fp ifkh

PLRQE HLOB: * * HlobX PbZrofqfbp

CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 06 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc PXjprkd BibZqolkfZp Xka MLP=L+ Qeb Crka fks

PLRQE HLOB: * * * * * *

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AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

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AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 14 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf Jlqlop Xk

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 15 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID BibZqolkfZp Xk

PLRQE HLOB: * * * * * *

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AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 16 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID =ebj Xka Evkfu

PLRQE HLOB: * * * * * *

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AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 2- %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID =ebj Xka Evrka

PLRQE HLOB: * * * * * *

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AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

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PLRQE HLOB: * * * * * *

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j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 20 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf EbXsv Xka

PLRQE HLOB: * * * * * *

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j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 21 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID =ebj Iqa Xka E

PLRQE HLOB: * * * * * *

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AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 22 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID BibZqolkfZp Xk

PLRQE HLOB: * * * * * *

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j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 23 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc ID =ebj Iqa Xka E

PLRQE HLOB: * * * * * *

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j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 24 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc P*Lfi Xka PH Evkf

PLRQE HLOB: * * * * * *

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AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 25 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc PXjprkd EbXsv Fka

PLRQE HLOB: * * * * * *

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PLRQE HLOB: * * * * * *

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PLRQE HLOB: * * * * * *

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PLRQE HLOB: * * * * * *

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AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq .1 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc EXkX CfkXkZfXi Dolrm Xka ID+ Qeb Crka fksbp

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

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AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 12 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc ID AfpmiXv Xka PH FkklsXqflk+ Qeb Crka fksb

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AlkdYr AbiqX :Zb Rm Rkfq*qvmb

AlkdYr AbiqX :Zb Rm Rkfq*qvmb AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb qXodbqba mXvlcc Xq qeb jXqrofqv Yv Xagrpqfkd qeb mloqclifl XZZloafkd ql abiqX+ Qeb Crka fp ZiXppfcfba Xp X abof

PLRQE HLOB: * * EXkX ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr AbiqX :Zb Rm Rkfq*qvmb

AlkdYr AbiqX :Zb Rm Rkfq*qvmb AbofsXqfsbp Fksbpqjbkq Qorpq / fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp fk abofsXqfsbp prZe Xp lmqflkp Xka crqrobp+

PLRQE HLOB: * * EXkX ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr AbiqX :Zb Rm Rkfq*qvmb

AlkdYr AbiqX :Zb Rm Rkfq*qvmb AbofsXqfsbp Fksbpqjbkq Qorpq 0 fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp fk abofsXqfsbp prZe Xp lmqflkp Xka crqrobp+

PLRQE HLOB: * * EXkX ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr AbiqX*Mofsbb Bnrfqv ;Xi

AlkdYr AbiqX*Mofsbb Bnrfqv ;XiXkZba Fksbpqjbkq Qorpq 3 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql obmifZXqb molcfq pqorZqrobp Xq jXqrofqv Yv Xagrpqfkd bnrfqv mloqclifl tbfdeq XZZloafkd ql abiqX+ Qeb Crka fksbpqp 62! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr AbiqX*Mofsbb Bnrfqv ;Xi

AlkdYr AbiqX*Mofsbb Bnrfqv ;XiXkZba Fksbpqjbkq Qorpq 4 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql obmifZXqb molcfq pqorZqrobp Xq jXqrofqv Yv Xagrpqfkd bnrfqv mloqclifl tbfdeq XZZloafkd ql abiqX+ Qeb Crka fksbpqp 62! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr EXbLeObj Fkabu :imeX Ab

AlkdYr EXbLeObj Fkabu :imeX AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq YbkZejXoh HLPMF/-- Yv fksbpqfkd fk pqlZhp Xka pqlZh abofsXqfsbp+ Qeb Crka fksbpqp 62! lo ibpp

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr EXbLeObj Fkabu :imeX Ab

AlkdYr EXbLeObj Fkabu :imeX AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq YbkZejXoh HLPMF/-- Yv fksbpqfkd fk pqlZhp Xka pqlZh abofsXqfsbp+ Qeb Crka fksbpqp 62! lo ibpp

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr EXbLeObj Fkabu :imeX Ab

AlkdYr EXbLeObj Fkabu :imeX AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq YbkZejXoh HLPMF/-- Yv fksbpqfkd fk pqlZhp Xka pqlZh abofsXqfsbp+ Qeb Crka fksbpqp 62! lo ibpp

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr EXbLeObj Fkabu :imeX Ab

AlkdYr EXbLeObj Fkabu :imeX AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq YbkZejXoh HLPMF/-- Yv fksbpqfkd fk pqlZhp Xka pqlZh abofsXqfsbp+ Qeb Crka fksbpqp 62! lo ibpp

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr Fkabu Ifkhba PbZrofqfbp

AlkdYr Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 0 %BIP * AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp Xq ibXpq 6-! lc fqp qlqXi Xppbqp fk abofsXqfsb ifkhb

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr Fkabu Ifkhba PbZrofqfbp

AlkdYr Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 5 %BIP * AbofsXqfsb& fp Xk lmbk bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkabivfkd tfqe qeb HLPMF/-- Fkabu+ Qeb Crka fk

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr Fkabu Ifkhba PbZrofqfbp

AlkdYr Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq .. %BIP * AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp Xq ibXpq 6-! lc fqp qlqXi Xppbqp fk abofsXqfsb ifkh

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr Fkabu Ifkhba PbZrofqfbp

AlkdYr Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq ./ %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp Xq ibXpq 6-! lc fqp qlqXi Xppbqp fk abofsXqfsb*ifk

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr Kbt Fkabu :imeX PbZrofq

AlkdYr Kbt Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc HLPMF/-- Fkabu+ Qeb Crka fksbpq

PLRQE HLOB: * * EXkX ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr Kbt Fkabu :imeX PbZrofq

AlkdYr Kbt Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc HLPMF/-- Fkabu+ Qeb Crka fksbpq

PLRQE HLOB: * * EXkX ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /- BIP*AbofsXqfsb fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc DP Bkdfkbbofkd"=lkpqorZqflk =lom Xka PXjprkd Bi

PLRQE HLOB: * * HlobX PbZrofqfbp

CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /. %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc HQ =lomloXqflk Xka HQ"D+ Qeb Crka fksbpqp X

PLRQE HLOB: * * HlobX PbZrofqfbp

CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq // %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf JlYfp Xka

PLRQE HLOB: * * ;rpXk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /2 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf JlYfp Xka

PLRQE HLOB: * * ;rpXk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /3 BIP*AbofsXqfsb fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc HQ =lomloXqflk Xka ID

PLRQE HLOB: * * HlobX PbZrofqfbp

CfkXkZb =lom * * * AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq /5 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb pqlZh mofZb lc EvrkaXf JlYfp Xka M

PLRQE HLOB: * * ;rpXk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 1 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp Xq ibXpq 6-! lc fqp qlqXi Xppbqp fk abofsXqfsb ifkhba pbZrofqfbp) tefZe fp i

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+hoAlkdYr / PqXo PbZrofqfbp Fksbp

AlkdYr / PqXo PbZrofqfbp Fksbpqjbkq Qorpq 5 %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp ql fksbpq fk BIPp ifkhba ql PXjprkd BibZqolkfZp$ Xka PXjprkd Cfob FkproXkZb$p pqlZh mofZb+ Qeb

PLRQE HLOB: * * ;rpXk ;Xkh * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr HlobX Fkabu " PqlZh Mof

AlkdYr HlobX Fkabu " PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq . %BIP AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc PXjprkd BibZqolkfZp

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr HlobX Fkabu PqlZh MofZb

AlkdYr HlobX Fkabu PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq / %BIP AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc qeb HLPMF/-- Fkabu+ Q

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr HlobX Fkabu PqlZh MofZb

AlkdYr HlobX Fkabu PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 0 %BIP AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc qeb HLPMF/-- Fkabu+ Q

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr HlobX Fkabu PqlZh MofZb

AlkdYr HlobX Fkabu PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 1 %BIP AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc qeb HLPMF/-- Fkabu+ Q

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr PjXoq IbsboXdb PbZrofqf

AlkdYr PjXoq IbsboXdb PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+ Qeb Crka tfii Xagrpq ibsboXd

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr PjXoq IbsboXdb PbZrofqf

AlkdYr PjXoq IbsboXdb PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+ Qeb Crka tfii Xagrpq ibsboXd

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr PjXoq IbsboXdb PbZrofqf

AlkdYr PjXoq IbsboXdb PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+ Qeb Crka tfii Xagrpq ibsboXd

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*454*04-- ttt+alkdYrX

j+Zl+ho

AlkdYr PjXoq IbsboXdb PbZrofqf

AlkdYr PjXoq IbsboXdb PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+ Qeb Crka tfii Xagrpq ibsboXd

PLRQE HLOB: * * * * * *

AlkdYr :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. Qbi ttt+atp+ab ATP :dofU

DXoXkq /-.0ATP :dofU DXoXkq /-.0 fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp jXfkiv fk cfuba* Xka sXofXYib oXqb pbZrofqfbp) bnrfqfbp) Xka abofsXqfsbp lk qeb ATP :dofU =lkpbosXqfs

IRUBJ;LROD

HMJD :rafq PXoi * PqXqb Pqobbq ;Xkh

IrubjYlrod P:J:QQEF:P OBFJBO 0,/2,-5 :KAOB:P

BKDBPPBOATP Fksbpqjbkqp DbojXkv CoXkhcroq Xj

JXfk

AbofsXqfsb*:ppbq :iilZ

16*.5-0*.-...-.. Qbi ttt+atp+ab ATP ;lkrp

:hqfs

ATP ;lkrp :hqfs fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp ql jXufjfwb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp mofjXofiv fk Ylkrp ZboqfcfZXqbp tloiatfab+ Qebpb pbZrofqfbp Xob Zlkcfdroba tfqe X Ylkrp Xjlrkq Xka Xk rmmbo

DBOJ:KV

HMJD AbrqpZeb QobreXka*DbpbiipZeXcq

* PqXqb Pqobbq ;Xkh DjYE,DbojXkv

J:OQFK P=EKBFABO * * ATP Fksbpqjbkq

DjYE,DbojXkv DbojXkv CoXkhcroq

AbofsXqfsb*:ppbq :iilZ

16*.5-0*.-...-.. Qbi ttt+atp+ab ATP ;lkrp

:hqfs

ATP ;lkrp :hqfs fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp ql jXufjfwb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp mofjXofiv fk Ylkrp ZboqfcfZXqbp tloiatfab+ Qebpb pbZrofqfbp Xob Zlkcfdroba tfqe X Ylkrp Xjlrkq Xka Xk rmmbo

DBOJ:KV

HMJD AbrqpZeb QobreXka*DbpbiipZeXcq

* PqXqb Pqobbq ;Xkh DjYE,DbojXkv

J:OQFK P=EKBFABO * * ATP Fksbpqjbkq

DjYE,DbojXkv DbojXkv CoXkhcroq

AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. ttt+atp+ab

ATP Crkap * Qlm AfsfabU ;lkrp

ATP Crkap * Qlm AfsfabU ;lkrp /-./ fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp jXfkiv fk cfuba* Xka sXofXYib oXqb pbZrofqfbp) bnrfqfbp) Xp tbii Xp) pmbZfXi abofsXqfsb

IRUBJ;LROD

HMJD :rafq PXoi * PqXqb Pqobbq ;Xkh

IrubjYlrod P::KAOB:P BKDBPPBO * * ATP Fksbpqjbkq

P: DbojXkv CoXkhcroq Xj JXfk

AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*.

ttt+atp*fksbpqjbkqp+Zlj

ATP Fksbpq * DilYXi FkciXqflk

ATP Fksbpq DilYXi FkciXqflk PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X pqbXav obXi obqrok fk brolp+ Qeb Crka fksbpqp Xq ibXpq qtl qefoap lc fqp kbq Xppbqp fk fkciXqflk*ifkhba pbZrofqfbp+

IRUBJ;LROD HMJD :rafq * PqXqb Pqobbq ;Xkh

IrubjYlrod P:;BOKE:OA C:IH 0,-.,./ C:IH PLI;OFD

ATP CfkXkw*PbosfZb DjYE,DbojXkv

DbojXkv CoXkhcroq

AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*.

ttt+atp*fksbpqjbkqp+Zlj

ATP Fksbpq * DilYXi FkciXqflk

ATP Fksbpq DilYXi FkciXqflk PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X pqbXav obXi obqrok fk brolp+ Qeb Crka fksbpqp Xq ibXpq qtl qefoap lc fqp kbq Xppbqp fk fkciXqflk*ifkhba pbZrofqfbp+

IRUBJ;LROD HMJD :rafq * PqXqb Pqobbq ;Xkh

IrubjYlrod P:;BOKE:OA C:IH 0,-.,./ C:IH PLI;OFD

ATP CfkXkw*PbosfZb DjYE,DbojXkv

DbojXkv CoXkhcroq

AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*.

ttt+atp*fksbpqjbkqp+Zlj

ATP Fksbpq * DilYXi FkciXqflk

ATP Fksbpq DilYXi FkciXqflk PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X pqbXav obXi obqrok fk brolp+ Qeb Crka fksbpqp Xq ibXpq qtl qefoap lc fqp kbq Xppbqp fk fkciXqflk*ifkhba pbZrofqfbp+

IRUBJ;LROD HMJD :rafq * PqXqb Pqobbq ;Xkh

IrubjYlrod P:;BOKE:OA C:IH 0,-.,./ C:IH PLI;OFD

ATP CfkXkw*PbosfZb DjYE,DbojXkv

DbojXkv CoXkhcroq

AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*.

ttt+atp*fksbpqjbkqp+Zlj

ATP Fksbpq * DilYXi FkciXqflk

ATP Fksbpq DilYXi FkciXqflk PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb X pqbXav obXi obqrok fk brolp+ Qeb Crka fksbpqp Xq ibXpq qtl qefoap lc fqp kbq Xppbqp fk fkciXqflk*ifkhba pbZrofqfbp+

IRUBJ;LROD HMJD :rafq * PqXqb Pqobbq ;Xkh

IrubjYlrod P:;BOKE:OA C:IH 0,-.,./ C:IH PLI;OFD

ATP CfkXkw*PbosfZb DjYE,DbojXkv

DbojXkv CoXkhcroq

AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. Qbi ttt+atp+ab

ATP JbdXqobka MboclojXkZb /-.3

ATP JbdXqobka MboclojXkZb /-.3 fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fkqbkap ql mXoqfZfmXqb fk qeb mlpfqfsb absbilmjbkqp lc fkqbokXqflkXi bnrfqv jXohbqp Yv afpZlsbofkd p

IRUBJ;LROD * * PqXqb Pqobbq ;Xkh

IrubjYlrod P:J:QQEF:P OBFJBO -.,.. :KAOB:P

BKDBPPBOATP Fksbpqjbkqp DbojXkv CoXkhcroq Xj

JXfk

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. Qbi ttt+atp+ab

ATP JbdXqobka MboclojXkZb /-.3

ATP JbdXqobka MboclojXkZb /-.3 fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fkqbkap ql mXoqfZfmXqb fk qeb mlpfqfsb absbilmjbkqp lc fkqbokXqflkXi bnrfqv jXohbqp Yv afpZlsbofkd p

IRUBJ;LROD * * PqXqb Pqobbq ;Xkh

IrubjYlrod P:J:QQEF:P OBFJBO -.,.. :KAOB:P

BKDBPPBOATP Fksbpqjbkqp DbojXkv CoXkhcroq Xj

JXfk

AbofsXqfsb*:ppbq :iilZ 02/*1/.-.*. Qbi ttt+atp+ab

ATP Qlm AfsfabU ;lkrp /-./

ATP Qlm AfsfabU ;lkrp /-./ fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp jXfkiv fk cfuba* Xka sXofXYib oXqb pbZrofqfbp) bnrfqfbp) Xp tbii Xp) pmbZfXi abofsXqfsb pqoXqbdf

IRUBJ;LROD * * PqXqb Pqobbq ;Xkh

IrubjYlrod P:J:QQEF:P OBFJBO 4,/0,-5 * ATP Fksbpqjbkq

P: DbojXkv CoXkhcroq Xj JXfk

AbofsXqfsb*:ppbq :iilZ .*1.3*030*23/. ttt+avkXjfZ+

ZX

AvkXjfZ :iqbokXqfsb Vfbia Crka

AvkXjfZ :iqbokXqfsb Vfbia Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql XZefbsb efde fkZljb Xka ilkd*qboj ZXmfqXi doltqe Yv fksbpqfkd fk X afsbopfcfba mloqclifl lc fkZljb*lofbkqba pbZrofqfbp) tefZe jXv fkZirab jloqdXdbp lk obpfabkqfXi =:K:A:

MofZbtXqboelrpb=llmbop IIM,:iYXkv KV

* PqXqb Pqobbq Qorpq =l,=XkXaX

LP=:O ;BI:F=EB 6,0-,.. *

DllajXk " =l Fksbpqjbkq =lrkpbi

=XkXaX LkqXofl

AbofsXqfsb*:ppbq :iilZ .*1.3*030*23/. ttt+avkXjfZ+

ZX

AvkXjfZ :iqbokXqfsb Vfbia Crka

AvkXjfZ :iqbokXqfsb Vfbia Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql XZefbsb efde fkZljb Xka ilkd*qboj ZXmfqXi doltqe Yv fksbpqfkd fk X afsbopfcfba mloqclifl lc fkZljb*lofbkqba pbZrofqfbp) tefZe jXv fkZirab jloqdXdbp lk obpfabkqfXi =:K:A:

MofZbtXqboelrpb=llmbop IIM,:iYXkv KV

* PqXqb Pqobbq Qorpq =l,=XkXaX

LP=:O ;BI:F=EB 6,0-,.. *

DllajXk " =l Fksbpqjbkq =lrkpbi

=XkXaX LkqXofl

AbofsXqfsb*:ppbq :iilZ 5/*/*/./3*02--

ttt+bXpqpmofkdfksbpqjbkqp+Zl+ho

BXpqpmofkd =ljjlafqfbp PjXoq =

BXpqpmofkd =ljjlafqfbp PjXoq =elfZb PmbZfXi :ppbq Fksbpqjbkq Qorpq . %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsbp rkaboivfkd tfqe Zljjlafqv jXohbq fkabu

PLRQE HLOB: * * * * * *

BXpqpmofkd :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/./3*02--

ttt+bXpqpmofkdfksbpqjbkqp+Zl+ho

BXpqpmofkd =ljjlafqfbp PjXoq =

BXpqpmofkd =ljjlafqfbp PjXoq =elfZb PmbZfXi :ppbq Fksbpqjbkq Qorpq . %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsbp rkaboivfkd tfqe Zljjlafqv jXohbq fkabu

PLRQE HLOB: * * * * * *

BXpqpmofkd :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ .*3.4*15/*5/3- ttt+bXqlksXk

Zb+Zlj

BXqlk SXkZb MXoXjbqofZ Lmqflk

BXqlk SXkZb MXoXjbqofZ Lmqflk :Yplirqb Obqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp mofkZfmXiiv Yv tofqfkd X pbofbp lc ZXii Xka mrq lmqflk pmobXa ZljYfkXqflkp lk qeb P"M 2-- =ljmlpfqb Pq

RKFQBA PQ:QBP

Abilfqqb " QlrZeb * PqXqb Pqobbq ;Xkh

" Qorpq =l

J:OF: =:MMBII:KL

/-.- HBKKBQE BSBOAFKD

B:QLK S:K=B JDQ Rkfqba PqXqbp ;lpqlk

AbofsXqfsb*:ppbq :iilZ .*3.4*15/*5/3- ttt+bXqlksXk

Zb+Zlj

BXqlk SXkZb MXoXjbqofZ Lmqflk

BXqlk SXkZb MXoXjbqofZ Lmqflk :Yplirqb Obqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp mofkZfmXiiv Yv tofqfkd X pbofbp lc ZXii Xka mrq lmqflk pmobXa ZljYfkXqflkp lk qeb P"M 2-- =ljmlpfqb Pq

RKFQBA PQ:QBP

Abilfqqb " QlrZeb * PqXqb Pqobbq ;Xkh

" Qorpq =l

J:OF: =:MMBII:KL

/-.- HBKKBQE BSBOAFKD

B:QLK S:K=B JDQ Rkfqba PqXqbp ;lpqlk

AbofsXqfsb*:ppbq :iilZ .*3.4*15/*5/3- ttt+bXqlksXk

Zb+Zlj

BXqlk SXkZb MXoXjbqofZ Lmqflk

BXqlk SXkZb MXoXjbqofZ Lmqflk :Yplirqb Obqrok PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp qlqXi obqrok+ Qeb Crka fksbpqp mofkZfmXiiv Yv tofqfkd X pbofbp lc ZXii Xka mrq lmqflk pmobXa ZljYfkXqflkp lk qeb P"M 2-- =ljmlpfqb Pq

RKFQBA PQ:QBP

Abilfqqb " QlrZeb * PqXqb Pqobbq ;Xkh

" Qorpq =l

J:OF: =:MMBII:KL

/-.- HBKKBQE BSBOAFKD

B:QLK S:K=B JDQ Rkfqba PqXqbp ;lpqlk

AbofsXqfsb*:ppbq :iilZ (6.*//*1-64*66-- ttt+babitbfpp

jc+Zlj

Babitbfpp :Yplirqb Obqrok Crka

Babitbfpp :Yplirqb Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb XYplirqb obqrokp tfqe ilt sliXqfifqv lsbo X ilkdbo qbkrob lc qfjb+ Qeb Crka fksbpqp fk XoYfqoXdb lmmloqrkfqfbp) bnrfqv abofsXqfsb pqoXqbdfbp) mro FKAF: * * * Q:;FO

PE:EMROF * * Babitbfpp =XmfqXi Iqa,FkafX FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ (6.*//*1-64*66-- ttt+babitbfpp

jc+Zlj

Babitbfpp :Yplirqb Obqrok Crka

Babitbfpp :Yplirqb Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb XYplirqb obqrokp tfqe ilt sliXqfifqv lsbo X ilkdbo qbkrob lc qfjb+ Qeb Crka fksbpqp fk XoYfqoXdb lmmloqrkfqfbp) bnrfqv abofsXqfsb pqoXqbdfbp) mro FKAF: * * * Q:;FO

PE:EMROF * * Babitbfpp =XmfqXi Iqa,FkafX FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 11*.15.*412--. ttt+abcfkbacr

kap+ji+Zlj

BIAbOP Fksbpqjbkq =l Iqa * Pbo

BIAbOP Fksbpqjbkq =ljmXkv Iqa * =iXpp /3: =XmfqXi :ZZrjriXqflk S PeXobp fp X Zilpba*bka rjYobiiX crka ZljmXkv fkZlomloXqba fk Drbokpbv+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk abYq pbZrofqfbp Xka abofsXqfsb ZlkqoXZqp+ DRBOKPBV

MofZbtXqboelrpb=llmbop =eXoqboba :ZZlrkqXkqp

* =fqfYXkh K:,Ilkalk * * * Jboofii IvkZe

FkqbokXqflkXi Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi

ttt+kljroXklt+Zlj,pqorZqrobacrkap

BklsXoX MI= * B*SLIrqflk Crka

BklsXoX MI= * B*SLIrqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb fksbpqjbkq lYgbZqfsb lc qeb Crka fp ql bkqbo fkql 0*jlkqe ClotXoa SXofXkZb PtXmp molsfafkd ilkd bumlprob ql Fjmifba SliXqfifqv lc qeb BrolPqluu2- Xka lc qeb P"M 2-- FkafZbp Xp FOBI:KA * *

PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi

ttt+kljroXklt+Zlj,pqorZqrobacrkap

BklsXoX MI= * B*SLIrqflk Crka

BklsXoX MI= * B*SLIrqflk Crka fp Xk lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb fksbpqjbkq lYgbZqfsb lc qeb Crka fp ql bkqbo fkql 0*jlkqe ClotXoa SXofXkZb PtXmp molsfafkd ilkd bumlprob ql Fjmifba SliXqfifqv lc qeb BrolPqluu2- Xka lc qeb P"M 2-- FkafZbp Xp FOBI:KA * *

PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi

ttt+kljroXklt+Zlj,pqorZqrobacrkap

BklsXoX miZ * P"M Afsbopfcfba

BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *

PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa

* * * KljroX FkqbokXqflkXi MI= * *

AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi

ttt+kljroXklt+Zlj,pqorZqrobacrkap

BklsXoX miZ * P"M Afsbopfcfba

BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *

PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa

* * * KljroX FkqbokXqflkXi MI= * *

AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi

ttt+kljroXklt+Zlj,pqorZqrobacrkap

BklsXoX miZ * P"M Afsbopfcfba

BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *

PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa

* * * KljroX FkqbokXqflkXi MI= * *

AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi

ttt+kljroXklt+Zlj,pqorZqrobacrkap

BklsXoX miZ * P"M Afsbopfcfba

BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *

PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa

* * * KljroX FkqbokXqflkXi MI= * *

AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi

ttt+kljroXklt+Zlj,pqorZqrobacrkap

BklsXoX miZ * P"M Afsbopfcfba

BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *

PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa

* * * KljroX FkqbokXqflkXi MI= * *

AbofsXqfsb*:ppbq :iilZ 020*.*520*5/.3 Qbi

ttt+kljroXklt+Zlj,pqorZqrobacrkap

BklsXoX miZ * P"M Afsbopfcfba

BklsXoX MI= * P"M Afsbopfcfba Qobkap FkafZXqlo Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql molsfab bumlprob ql qeb tloia$p avkXjfZ Zljjlafqv Xka cfkXkZfXi jXohbqp+ Qeb Crka tfii fksbpq fk Xppbqp tefZe fkZirab abof FOBI:KA * *

PqXqb Pqobbq =rpqlafXi PbosfZbp FobiXka Iqa

* * * KljroX FkqbokXqflkXi MI= * *

AbofsXqfsb*:ppbq :iilZ * *

Bnrfklu :YoXeXj PqoXqbdv Crka

Bnrfklu :YoXeXj PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X ZljYfkXqflk lc abofsXqfsbp fkpqorjbkqp qeXq molsfab bumlprob ql lkb lo jlob jXkXdba crqrobp

RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA

;LOKELCQ * ORCRP O:KHFKBnrfklu Crka JXkXdbjbkq II=

Rkfqba PqXqbp Abksbo

AbofsXqfsb*:ppbq :iilZ * *

Bnrfklu =XkqXY PqoXqbdv Crka

Bnrfklu =XkqXY PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X ZljYfkXqflk lc abofsXqfsbp fkpqorjbkqp qeXq molsfab bumlprob ql lkb lo jlob jXkXdba crqrobp

RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA

;LOKELCQ * ORCRP O:KHFKBnrfklu Crka JXkXdbjbkq II=

Rkfqba PqXqbp Abksbo

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ * *

Bnrfklu =ebpXmbXhb PqoXqbdv Cr

Bnrfklu =ebpXmbXhb PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X ZljYfkXqflk lc abofsXqfsbp fkpqorjbkqp qeXq molsfab bumlprob ql lkb lo jlob jXkXdba crqr

RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA

;LOKELCQ * ORCRP O:KHFKBnrfklu Crka JXkXdbjbkq II=

Rkfqba PqXqbp Abksbo

AbofsXqfsb*:ppbq :iilZ * *

Bnrfklu =oXYbi Qtl Mirp PqoXqb

Bnrfklu =oXYbi Qtl Mirp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk X ZljYfkXqflk lc abofsXqfsbp fkpqorjbkqp qeXq molsfab bumlprob ql lkb lo jlob jXkXdba

RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA

;LOKELCQ * ORCRP O:KHFKBnrfklu Crka JXkXdbjbkq II=

Rkfqba PqXqbp Abksbo

AbofsXqfsb*:ppbq :iilZ * *

Bnrfklu BZifmpb PqoXqbdv Crka

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RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA

;LOKELCQ * ORCRP O:KHFKBnrfklu Crka JXkXdbjbkq II=

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AbofsXqfsb*:ppbq :iilZ * *

Bnrfklu Glek IlZhb PqoXqbdv Cr

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RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA

;LOKELCQ * ORCRP O:KHFKBnrfklu Crka JXkXdbjbkq II=

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AbofsXqfsb*:ppbq :iilZ * * Bnrfklu N=J

PqoXqbdv Crka

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RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA

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AbofsXqfsb*:ppbq :iilZ * *

Bnrfklu Qfsboqlk PqoXqbdv Crka

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RKFQBA PQ:QBP * * Rkflk ;Xkh K: OF=E:OA

;LOKELCQ * ORCRP O:KHFKBnrfklu Crka JXkXdbjbkq II=

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AbofsXqfsb*:ppbq :iilZ (10 %-& 2-.--*- ttt+pmXofksbpq

+Zlj

Bopqb PmXofksbpq * BPM: :IQBOK

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;Xkh :DH:OI E:IPBDDBO * * Bopqb PmXofksbpq

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Bopqb PmXofksbpq * BPM: :IQBOK

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;Xkh :DH:OI E:IPBDDBO * * Bopqb PmXofksbpq

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Bopqb PmXofksbpq * BPM: :IQBOK

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Bopqb PmXofksbpq * BPM: ;+BROL

BPM: ;LKA BROL :IME: fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk :rpqofX+ Qeb Crka fksbpqp dilYXiiv fkql abofsXqfsbp+ :RPQOF: * * Bopqb Dolrm ;Xkh :D

AFBQBO WFBOFKD * *

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AbofsXqfsb*:ppbq :iilZ Klq AfpZilpba ttt+bpXc+mq

Bpmfofql PXkql Lmmloqrkfqv Crk

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IRUBJ;LROD * *

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AbofsXqfsb*:ppbq :iilZ 5/*/*/./3*02--

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BXpqpmofkd DilYXi FkcoX PbZrof

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Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*/./3*02--

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PLRQE HLOB: * * * * * *

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Brdbkb Fkabu :imeX PbZrofqfbp

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Brdbkb Fkabu :imeX PbZrofqfbp

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PLRQE HLOB: * * * * * *

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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PLRQE HLOB: * *

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CoXkhifk Qbjmibqlk Fksbpqjbkqp Qorpq JXkXdbjbkq =l Iqa,HlobX

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CrkaIldfZ DilYXi Plirqflkp MI=

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=FIF;BOQF * * CrkaildfZ DilYXi Plirqflkp miZ CoXkZb MXofp

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ * ttt+crkaildfZ+

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IRUBJ;LROD * * =:=BFP ;Xkh

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IRUBJ;LROD * * =:=BFP ;Xkh

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JXkXdbjbkq P: * *

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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PLRQE HLOB: * *

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PLRQE HLOB: * *

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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EF ;FD " P:CB Fkabu Bnrfqv Fks

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EF Obqfobjbkq Mbkpflk Fkabu Ab

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EF RjYobiiX Obsbopb Fkabu Abof

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EF Sfpflk Mloqclifl Fkabu Abof

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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PLRQE HLOB: * * * * * *

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PLRQE HLOB: * * * * * *

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PLRQE HLOB: * * * * * *

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PLRQE HLOB: * * * * * *

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EF PqXo Mirp PbZrofqfbp Fksbpq

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Xj+Zlj

EF PqXo Mirp PbZrofqfbp Fksbpq

EF PqXo Mirp PbZrofqfbp Fksbpqjbkq Qorpq PP*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb pqlZh mofZb ZeXkdbp lc PH Xka PH QbibZlj+ Qeb Crka fksbpqp

PLRQE HLOB: * * PefkeXk ;Xkh * * *

EF :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ .*533*31.*2406 ttt+eYmbqcp+Z

ljElofwlkp P"M 2-- Fkabu BQC

Elofwlkp P"M 2-- Fkabu BQC fp Xk buZeXkdb*qoXaba crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql obmifZXqb) ql qeb buqbkq mlppfYib) qeb mboclojXkZb lc qeb P"M 2-- =XkXafXk AliiXo Ebadba Fkabu %QlqXi Obqrok&) kbq lc bumbkpbp+ Qeb Crka pbbhp ql XZefbsb fqp l

=:K:A: * * * * * * * * *

AbofsXqfsb*:ppbq :iilZ

52/*//.0*//.0 Elqifkb

ttt+eXkdpbkd+Zlj

EXkd Pbkd JXkaXqlov Molsfabkq

EXkd Pbkd JXkaXqlov Molsfabkq Crka * PrmboQorpq * DrXoXkqbba Crka fp Xk lmbk*bka rkfq qorpq bpqXYifpeba fk Elkd Hlkd+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkdqboj ZXmfqXi doltqe tfqe ilt sliXqfifqv tefipq bkprofkd qeXq qeb drXoXkqbb fp jbq+ Qeb Crka fksb ELKD HLKD HMJD,Elkd

Hlkd * EP;= Molsfabkq Crka Qorpqbb Elkd Hlkd Iqa

* * *

EP;= DilYXi :ppbq JXkXdbjbkq Elkd Hlkd Iqa,EH

Elkd Hlkd Hltillk

AbofsXqfsb*:ppbq :iilZ

52/*//.0*//.0 Elqifkb

ttt+eXkdpbkd+Zlj

EXkd Pbkd JXkaXqlov Molsfabkq

EXkd Pbkd JXkaXqlov Molsfabkq Crka * PrmboQorpq Mirp* DrXoXkqbba Crka fp Xk lmbk *bka rkfq qorpq bpqXYifpeba fk Elkd Hlkd+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi doltqe tfqe ilt sliXqfifqv tefipq bkprofkd qeXq qeb drXoXkqbb fp jbq+ Qeb Crk ELKD HLKD HMJD,Elkd

Hlkd * EP;= Molsfabkq Crka Qorpqbb Elkd Hlkd Iqa

* * *

EP;= DilYXi :ppbq JXkXdbjbkq Elkd Hlkd Iqa,EH

Elkd Hlkd Hltillk

AbofsXqfsb*:ppbq :iilZ

52/*//05*--55 Elqifkb

ttt+XppbqjXkXdbjbkq+epYZ+Zlj,eh

EP;= JXkaXqlov Molsfabkq Crka

EP;= JXkaXqlov Molsfabkq Crka * PrmboQorpq * DrXoXkqbba Crka fp Xk lmbk*bka rkfq qorpq bpqXYifpeba fk Elkd Hlkd+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi doltqe tfqe ilt sliXqfifqv tefipq bkprofkd qeXq qeb drXoXkqbb fp jbq+ Qeb Crka fksbpqp f ELKD HLKD HMJD,Elkd

Hlkd * EP;= Molsfabkq Crka Qorpqbb Elkd Hlkd Iqa

* * *

EP;= DilYXi :ppbq JXkXdbjbkq Elkd Hlkd Iqa,EH

Elkd Hlkd Hltillk

AbofsXqfsb*:ppbq :iilZ

52/*//05*--55 Elqifkb

ttt+XppbqjXkXdbjbkq+epYZ+Zlj,eh

EP;= JXkaXqlov Molsfabkq Crka

EP;= JXkaXqlov Molsfabkq Crka * PrmboQorpq Mirp* DrXoXkqbba Crka fp Xk lmbk*bka rkfq qorpq bpqXYifpeba fk Elkd Hlkd+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkdqboj ZXmfqXi doltqe tfqe ilt sliXqfifqv tefipq bkprofkd qeXq qeb DrXoXkqbb fp jbq+ Qeb Crka fksbp ELKD HLKD HMJD,Elkd

Hlkd * EP;= Molsfabkq Crka Qorpqbb Elkd Hlkd Iqa

* * *

EP;= DilYXi :ppbq JXkXdbjbkq Elkd Hlkd Iqa,EH

Elkd Hlkd Hltillk

AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*

hXd+ab

FKH: * EP;= QofkhXrp AfpZlrkqw

EP;= QofkhXrp AfpZlrkqwboqfcfhXqb FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp fq pqbXav ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqv Xka fkabu ZboqfcfZXqbp+ Qeb Crka jXv Xipl fksbpq afobZqiv fk bnrfqfbp Xka Ylk DBOJ:KV

HMJD AbrqpZeb QobreXka*DbpbiipZeXcq

* EP;= QofkhXrp " ;roheXoaq :D * * *

FkqbokXqflkXib H:DjYE,DbojXkv

DbojXkv Arbppbialoc

AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*

hXd+ab

FKH: * EP;= QofkhXrp AfpZlrkqw

EP;= QofkhXrp AfpZlrkqwboqfcfhXqb FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp fq pqbXav ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqv Xka fkabu ZboqfcfZXqbp+ Qeb Crka jXv Xipl fksbpq afobZqiv fk bnrfqfbp Xka Ylk DBOJ:KV

HMJD AbrqpZeb QobreXka*DbpbiipZeXcq

* EP;= QofkhXrp " ;roheXoaq :D * * *

FkqbokXqflkXib H:DjYE,DbojXkv

DbojXkv Arbppbialoc

AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*

hXd+ab

FKH: * EP;= QofkhXrp AfpZlrkqw

EP;= QofkhXrp AfpZlrkqwboqfcfhXqb FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka$p lYgbZqfsb fp fq pqbXav ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqv Xka fkabu ZboqfcfZXqbp+ Qeb Crka jXv Xipl fksbpq afobZqiv fk bnrfqfbp Xka Ylk DBOJ:KV

HMJD AbrqpZeb QobreXka*DbpbiipZeXcq

* EP;= QofkhXrp " ;roheXoaq :D * * *

FkqbokXqflkXib H:DjYE,DbojXkv

DbojXkv Arbppbialoc

AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*

hXd+ab

FKH: * EP;= QofkhXrp Dbkrbppb

EP;= QofkhXrp Dbkrbppb FkqbokXqflkXi FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka fksbpqp fk molcfq peXofkd ZboqfcfZXqbp Xka Ylkap+ DBOJ:KV

HMJD AbrqpZeb QobreXka*DbpbiipZeXcq

* EP;= QofkhXrp " ;roheXoaq :D * * *

FkqbokXqflkXib H:DjYE,DbojXkv

DbojXkv Arbppbialoc

AbofsXqfsb*:ppbq :iilZ 16*/..*6.-*/25. ttt+fkhX*

hXd+ab

FKH: * EP;= QofkhXrp Dbkrbppb

EP;= QofkhXrp Dbkrbppb FkqbokXqflkXi FKH: fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk DbojXkv+ Qeb Crka fksbpqp fk molcfq peXofkd ZboqfcfZXqbp Xka Ylkap+ DBOJ:KV

HMJD AbrqpZeb QobreXka*DbpbiipZeXcq

* EP;= QofkhXrp " ;roheXoaq :D * * *

FkqbokXqflkXib H:DjYE,DbojXkv

DbojXkv Arbppbialoc

AbofsXqfsb*:ppbq :iilZ 5/*/*/.//*/5-- ttt+ehcrka+Zl

+ho

Erkdhrh ;bpq Obsbkrb AbofsXqfs

Erkdhrh ;bpq Obsbkrb AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql dbq molcfq Yv fksbpqfkd fk LQ= abofsXqfsbp ifkhba ql dilYXi bnrfqfbp tfqe efde afsfabka mXvlrq oXqfl+ Qeb Crka fp ZiXppfcfba Xp

PLRQE HLOB: * * PefkeXk ;Xkh * * *

Ebrkdhrh Fksbpqjbkq Qorpq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr

ka+Zl+ho

EXkteX Cobb RjYobiiX YbXo Fkab

EXkteX Cobb RjYobiiX YbXo Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XqqXfk dXfkp Zloobpmlkafkd ql qeb abZobXpb oXqb lc qeb HLPMF/-- qeolrde pqlZh fkabu crqrobp fksbpqjbkqp+ Qeb Crka fksbpqp 3-! lo jl

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

EXkteX :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr

ka+Zl+ho

EXkteX Cobb RjYobiiX Yrii Fkab

EXkteX Cobb RjYobiiX Yrii Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XqqXfk dXfkp Zloobpmlkafkd ql qeb fkZobXpb oXqb lc qeb HLPMF/-- qeolrde pqlZh fkabu crqrobp fksbpqjbkqp+ Qeb Crka fksbpqp 3-! lo jl

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

EXkteX :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*362-*---- ttt+eXkteXcr

ka+Zl+ho

EXkteX MbocbZq RjYobiiX Fkabu

EXkteX MbocbZq RjYobiiX Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp jXfkiv qeolrde fksbpqjbkq fk qeb HLPMF/--+ Qeb Crka fksbpqp 5-! lo jlob fk pqlZhp) /-! lo ibpp fk Ylkap Xka Ylka*ifkh

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

EXkteX :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX

j+ZljEvrkaXf / PqXo PbZrofqfbp Fksb

EvrkaXf / PqXo PbZrofqfbp Fksbpqjbkq Qorpq Mobsfbo PP*. %BIP*AbofsXqfsb& fp X Zilpba*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb pqlZh mofZbp lc PH Xka PHQ+

PLRQE HLOB: * * HlobX PbZrofqfbp

CfkXkZb =lom * * * EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX

j+Zlj

EvrkaXf PbZrofqfbp Fksbpqjbkq

EvrkaXf PbZrofqfbp Fksbpqjbkq Qorpq Mobjfbo EI*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb pqlZh mofZb ZeXkdbp lc qeb ID AfpmiXv Xka EP=BF Fkabu Y

PLRQE HLOB: * * HlobX PbZrofqfbp

CfkXkZb =lom * * * EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX

j+Zlj

EvrkaXf PjXoq Fkabu :imeX PbZr

EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i

PLRQE HLOB: * * PefkeXk ;Xkh * * *

EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX

j+Zlj

EvrkaXf PjXoq Fkabu :imeX PbZr

EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i

PLRQE HLOB: * * PefkeXk ;Xkh * * *

EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX

j+Zlj

EvrkaXf PjXoq Fkabu :imeX PbZr

EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i

PLRQE HLOB: * * PefkeXk ;Xkh * * *

EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX

j+Zlj

EvrkaXf PjXoq Fkabu :imeX PbZr

EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i

PLRQE HLOB: * * PefkeXk ;Xkh * * *

EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX

j+Zlj

EvrkaXf PjXoq Fkabu :imeX PbZr

EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jXpqbo crka+ Qeb Crka fksbpqp fk qeb EvrkaXf PjXoq Fkabu :i

PLRQE HLOB: * * PefkeXk ;Xkh * * *

EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/-6-*-2-- ttt+evrkaXfX

j+Zlj

EvrkaXf PjXoq Fkabu :imeX PbZr

EvrkaXf PjXoq Fkabu :imeX PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqv ifkhba abofsXqfsbp+

PLRQE HLOB: * * * * * *

EvrkaXf :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ * ttt+fYf+Zl+fi F;F PfsXk 'J F;F PfsXk 'J fp Xk lmbk*bka crka fkZlomloXqba fk FpoXbi+ Qeb lYgbZqfsb lc qeb crka fp ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii fksbpq fqp

Xppbqp fk X sXofbqv lc pbZrofqfbp lc afccbobkq qvmbp Xq qeb afpZobqflk lc qeb crka jXkXdbo+ FPO:BI * * * LABA D:I * * FpoXbi ;olhboXdb Fksbpqjbkqp Iqa,FpoXbi

FpoXbi Qbi :sfs

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

Zl+hoF;H DoXka Mofu Fkabu :imeX Fka

F;H DoXka Mofu Fkabu :imeX Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq HLPMF/--Yv jXkXdfkd mloqclifl tefZe obmifZXqbp HLPMF/--+

PLRQE HLOB: * *

KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk

* * * F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

Zl+hoF;H DoXka Mofu Fkabu :imeX Fka

F;H DoXka Mofu Fkabu :imeX Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq HLPMF/--Yv jXkXdfkd mloqclifl tefZe obmifZXqbp HLPMF/--+

PLRQE HLOB: * *

KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk

* * * F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

Zl+hoF;H DoXka Mofu Fkabu :imeX Fka

F;H DoXka Mofu Fkabu :imeX Fkabu :imeX PbZrofqfbp Fksbpqjbkq Qorpq . %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq HLPMF/--Yv jXkXdfkd mloqclifl tefZe obmifZXqbp HLPMF/--+

PLRQE HLOB: * *

KXqflkXi :dofZriqroXi =llmboXqfsb CbaboXqflk

* * * F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

Zl+ho

F;H Fkabu Ifkhba PbZrofqfbp Fk

F;H Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 1.%BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF/-- Fkabu+ BXokfkdp tfii Yb lYqXf

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

Zl+ho

F;H HlobX Fkabu Ifkhba PbZrofq

F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 10 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

Zl+ho

F;H HlobX Fkabu Ifkhba PbZrofq

F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 11 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H HlobX Fkabu Ifkhba PbZrofq

F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 15 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H HlobX Fkabu Ifkhba PbZrofq

F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 2/ %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H HlobX Fkabu Ifkhba PbZrofq

F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 21 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crkap fksbpqp 3-! lc fqp Xp

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H HlobX Fkabu Ifkhba PbZrofq

F;H HlobX Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 24 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk qeb BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp 3-! lc fqp Xpp

PLRQE HLOB: * * * * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H Mbkpflk MiXk ;XiXkZb Fkabu

F;H Mbkpflk MiXk ;XiXkZb Fkabu /- PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp 4-! lo ibpp lc fqp Xppbqp fk

PLRQE HLOB: * * EXkX ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H Mbkpflk MiXk ;XiXkZb Fkabu

F;H Mbkpflk MiXk ;XiXkZb Fkabu 1- PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ZXmfqXi dXfkp+ Qeb Crka fksbpqp 2-! lo ibpp lc fqp Xppbqp fk F;H Jbafrj*Qboj ;l

PLRQE HLOB: * * EXkX ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H Mbkpflk MiXk Fkabu PbZrofq

F;H Mbkpflk MiXk Fkabu PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv buZbbafkd HLPMF/-- Fkabu+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fqp Xppbqp fk bnrf

PLRQE HLOB: * * * * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H Fkabu Ifkhba PbZrofqfbp Fk

F;H Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 06 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb EP=BF Fkabu Xka ID =ebjfZXi pqlZh+ Qeb Crka fksbpqp Xq ib

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H HlobX*Elkd Hlkd Fkabu ifkh

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PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

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F;H HlobX PqlZh MofZb Ifkhba P

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PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*4/4*55-- ttt+fYhpdXj+

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F;H HlobX PqlZh MofZb Ifkhba P

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PLRQE HLOB: * * Hllhjfk ;Xkh * * *

F;H :ppbq JXkXdbjbkq =l Iqa,HlobX

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AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj

Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof

F=F=F MorabkqfXi Bnrfqv " AbofsXqfsbp SliXqfifqv :asXkqXdb Crka fp Xk lmbk bkaba bnrfqv crka fkZlomloXqba fk FkafX+ Qeb Crka lYgbZqfsb fp ql pbbh ql dbkboXqb ilt sliXqfifqv obqrokp Yv rpfkd XoYfqoXdb Xka lqebo abofsXqfsb pqoXqbdfbp fk bnrfqv jXohbqp Xka f FKAF: * * * MO:PE:KQ

HLQE:OF * *

F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX

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AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj

Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof

F=F=F MorabkqfXi Bnrfqv " AbofsXqfsbp SliXqfifqv :asXkqXdb Crka fp Xk lmbk bkaba bnrfqv crka fkZlomloXqba fk FkafX+ Qeb Crka lYgbZqfsb fp ql pbbh ql dbkboXqb ilt sliXqfifqv obqrokp Yv rpfkd XoYfqoXdb Xka lqebo abofsXqfsb pqoXqbdfbp fk bnrfqv jXohbqp Xka f FKAF: * * * MO:PE:KQ

HLQE:OF * *

F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX

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AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj

Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof

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BDEIFJ * *

F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX

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AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj

Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof

F=F=F MorabkqfXi Bnrfqv " AbofsXqfsbp Crka FkZljb Lmqfjfpbo Crka fp Xk lmbk bkaba bnrfqv crka fkZlomloXqba fk FkafX+ Qeb Crka lYgbZqfsb lc FkZljb Lmqfjfpbo miXk fp ql pbbh ql dbkboXqb ilt sliXqfifqv obqrokp Yv rpfkd XoYfqoXdb Xka lqebo abofsXqfsb pqoXqbdf FKAF: * * * H:VW:A

BDEIFJ * *

F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX

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AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj

Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof

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F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX

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AbofsXqfsb*:ppbq :iilZ 6.*//*/31/ 5--- ttt+fZfZfmorXj

Z+ZljF=F=F MorabkqfXi Bnrfqv " Abof

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F=F=F MorabkqfXi :ppbq JXkXdbjbkq =l Iqa,FkafX

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AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl

jFAC= :oYfqoXdb Crka

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FKAF: ;eXoXq P OXrq " =l * AbrqpZeb ;Xkh

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FAC= JrqrXi Crka,FkafX FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl

jFAC= :oYfqoXdb Crka

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FKAF: ;eXoXq P OXrq " =l * AbrqpZeb ;Xkh

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FAC= JrqrXi Crka,FkafX FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl

jFAC= :oYfqoXdb Crka

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FKAF: ;eXoXq P OXrq " =l * AbrqpZeb ;Xkh

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FAC= JrqrXi Crka,FkafX FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl

jFAC= :oYfqoXdb Crka

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FKAF: ;eXoXq P OXrq " =l * AbrqpZeb ;Xkh

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FAC= JrqrXi Crka,FkafX FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 6.*//*332.*.-// ttt+facZjc+Zl

jFAC= :oYfqoXdb Mirp Crka

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AbrqpZeb ;Xkh :jbofZXp Eliafkd =lom

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FCAP Ljkfp G+M+ JlodXk MolqbZq

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FCAP Ljkfp G+M+ JlodXk MolqbZq

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 02/*//*.2*//*. *

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FKD Fkabu Mobjfrj AbofsXqfsbp

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-.

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMJlodXk Fksbpqjbkq Crkap * Fk

GMJlodXk Fksbpqjbkq Crkap * FkZljb Lmmloqrkfqv fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql XZefbsb X obqrok fk buZbpp lc qeb YbkZejXoh Yv bumilfqfkd fksbpqjbkq lmmloqrkfqfbp fk cfuba fkZljb Xka ZroobkZv jXohbqp rpfkd abofsXqfsb pqoXqb

IRUBJ;LROD

MofZbtXqboelrpb =llmbop P:OI

* GM JlodXk ;Xkh IrubjYlrod P:

TFIIF:J BFDBK 4,.6,-4 *

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

Rkfqba PqXqbp Kbt Vloh

AbofsXqfsb*:ppbq :iilZ

00*-.*1-*.2*14*-- Qbib

ttt+gmjlodXkpm+Zlj

GMJlodXk =ljjlafqv =rosb Fkabu

GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq fp Xk lmbk*bka crka fkZlomloXqba fk CoXkZb+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc qeb GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq QlqXi Obqrok Fkabu+ Qeb Crka fksbpqp fqp Xppbqp fk abYq fkpqorjbkqp

CO:K=B * * ;KM MXofYXp PbZrofqfbp PbosfZbp

BOF= MFOBP * * GM JlodXk JXkpXoq Fksbpqjbkqp P:P

CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ

00*-.*1-*.2*14*-- Qbib

ttt+gmjlodXkpm+Zlj

GMJlodXk =ljjlafqv =rosb Fkabu

GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq fp Xk lmbk*bka crka fkZlomloXqba fk CoXkZb+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc qeb GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq QlqXi Obqrok Fkabu+ Qeb Crka fksbpqp fqp Xppbqp fk abYq fkpqorjbkqp

CO:K=B * * ;KM MXofYXp PbZrofqfbp PbosfZbp

BOF= MFOBP * * GM JlodXk JXkpXoq Fksbpqjbkqp P:P

CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ

00*-.*1-*.2*14*-- Qbib

ttt+gmjlodXkpm+Zlj

GMJlodXk =ljjlafqv =rosb Fkabu

GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq fp Xk lmbk*bka crka fkZlomloXqba fk CoXkZb+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc qeb GMJlodXk =ljjlafqv =rosb Fkabu Bkbodv Ifdeq QlqXi Obqrok Fkabu+ Qeb Crka fksbpqp fqp Xppbqp fk abYq fkpqorjbkqp

CO:K=B * * ;KM MXofYXp PbZrofqfbp PbosfZbp

BOF= MFOBP * * GM JlodXk JXkpXoq Fksbpqjbkqp P:P

CoXkZb MXofp

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMjlodXk Crkap * PvpqbjXqfZ :i

GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a

IRUBJ;LROD * * GMJlodXk ;Xkh

IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK

OLJ:EF

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

IrubjYlrod PbkkfkdboYbod

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMjlodXk Crkap * PvpqbjXqfZ :i

GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a

IRUBJ;LROD * * GMJlodXk ;Xkh

IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK

OLJ:EF

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

IrubjYlrod PbkkfkdboYbod

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMjlodXk Crkap * PvpqbjXqfZ :i

GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a

IRUBJ;LROD * * GMJlodXk ;Xkh

IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK

OLJ:EF

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

IrubjYlrod PbkkfkdboYbod

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMjlodXk Crkap * PvpqbjXqfZ :i

GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a

IRUBJ;LROD * * GMJlodXk ;Xkh

IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK

OLJ:EF

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

IrubjYlrod PbkkfkdboYbod

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMjlodXk Crkap * PvpqbjXqfZ :i

GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a

IRUBJ;LROD * * GMJlodXk ;Xkh

IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK

OLJ:EF

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

IrubjYlrod PbkkfkdboYbod

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMjlodXk Crkap * PvpqbjXqfZ :i

GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a

IRUBJ;LROD * * GMJlodXk ;Xkh

IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK

OLJ:EF

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

IrubjYlrod PbkkfkdboYbod

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMjlodXk Crkap * PvpqbjXqfZ :i

GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a

IRUBJ;LROD * * GMJlodXk ;Xkh

IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK

OLJ:EF

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

IrubjYlrod PbkkfkdboYbod

AbofsXqfsb*:ppbq :iilZ 02/*01*.-*.-. Qbi

ttt+gmjlodXkXppbqjXkXdbjbkq+ir

GMjlodXk Crkap * PvpqbjXqfZ :i

GMjlodXk Crkap * PvpqbjXqfZ :imeX fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql molsfab X qlqXi obqrok fk buZbpp lc fqp ZXpe YbkZejXoh Yv bumilfqfkd YbeXsflroXi mXqqbokp fk qeb cfkXkZfXi jXohbqp) mofjXofiv qeolrde qeb rpb lc cfkXkZfXi a

IRUBJ;LROD * * GMJlodXk ;Xkh

IruD:OBQE TFQ=LJ; 1,-.,.- V:W:KK

OLJ:EF

GMJlodXk :ppbq JXkXdbjbkq Brolmb P:OI

IrubjYlrod PbkkfkdboYbod

=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,H"E =XmfqXi*MolqbZqba MeXojXZb

H"E =XmfqXi*MolqbZqba MeXojXZbrqfZXi AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ql obqrok ql fksbpqlop qeb fkfqfXi ZXmfqXi fksbpqba Xq jXqrofqv Xka X obqrok YXpba lk qeb mboclojXkZb lc X YXphbq lc fkqb ERKD:OV * * H"E ;Xkh Oq FPQS:K

ELOS:QE * * H"E Fksbpqjbkq JXkXdbjbkq =l ErkdXov ;raXmbpq

=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,

H"E EXoljpwlo Cfwbql Bjibhbwl

H"E EXoljpwlo Cfwbql Bjibhbwl 0 AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi molqbZqflk Xka ql mXv lkb cfuba Xka qtl sXofXYib obqrokp YXpba lk qeb mboclojXkZb lc X YXphbq lc 0- fkqbokXqflkXi pbZr

ERKD:OV * * * * * *

H"E ;bcbhqbqbpf :iXmhbwbil WXoqhlorbk Jrhlal ObpwsbkvqXopXpX

ErkdXov ;raXmbpq

=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,

H"E EXoljpwlo Cfwbql Bjibhbwl

H"E EXoljpwlo Cfwbql Bjibhbwl 1 AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi molqbZqflk Xka ql mXv lkb cfuba Xka qtl sXofXYib obqrokp YXpba lk qeb mboclojXkZb lc X YXphbq lc 0- fkqbokXqflkXi pbZr

ERKD:OV * * H"E ;Xkh Kvoq * * * * * *

=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,

H"E EXoljpwlo Cfwbql Bjibhbwl

H"E EXoljpwlo Cfwbql Bjibhbwl 2 AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi molqbZqflk Xka ql mXv lkb cfuba Xka qtl sXofXYib obqrokp YXpba lk qeb mboclojXkZb lc X YXphbq lc 0- fkqbokXqflkXi pbZr

ERKD:OV * * H"E ;Xkh Kvoq * * * H"E Crka JXkXdbjbkq =l,ErkdXov

* *

=ilpba*bka Crkap 03*.*150*2--- ttt+heY+er,H"E Mirp / AbofsXqfsb =ilpba*B

H"E Mirp / AbofsXqfsb =ilpba*Bka Crka fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ql obmXv qeb fkfqfXi ZXmfqXi fksbpqba Xq jXqrofqv Xka X obqrok YXpba lk qeb mboclojXkZb lc X YXphbq lc 0- dilYXi bnrfqfbp+ Qeb Crka fksbpqp fqp Xpp ERKD:OV * * H"E ;Xkh Oq * * *

H"E Fksbpqjbkq Crka JXkXdbjbkq Msq Iqa

* *

AbofsXqfsb*:ppbq :iilZ 03*.*150*2--- ttt+heY+er,

H"E PwXhXpwlp ElwXjr 2 AbofsXq

H"E PwXhXpwlp ElwXjr 2 PwXojXwqXqlqq WXoqsbdr BoqbhmXmfo ;bcbhqbqbpf :iXm fp X Zilpba*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ql obqrok ql fksbpqlop qeb fkfqfXi ZXmfqXi fksbpqba Xq jXqrofqv Xka X obqrok YXpba lk qeb mboclojXkZb lc qeb AG ERKD:OV * * * * * * H"E Fksbpqjbkq

JXkXdbjbkq =l ErkdXov ;raXmbpq

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; /PqXo PqlZh MofZb Ifkhba Pb

H; /PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HH*/ %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Xka pqlZh mofZb lc H; CfkXkZfXi Dol

PLRQE HLOB: * * * * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; /PqXo PqlZh MofZb Ifkhba Pb

H; /PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HH*0 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Xka pqlZh mofZb lc H; CfkXkZfXi Dol

PLRQE HLOB: * * * * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; /PqXo PqlZh MofZb Ifkhba Pb

H; /PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HH*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Xka pqlZh mofZb lc H; CfkXkZfXi Dol

PLRQE HLOB: * * * * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; b*JrdrkdetX Fkabu AbofsXqfs

H; b*JrdrkdetX Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolo tfqe qeb HLPMF/-- Xp YbkZejXoh+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp) 1-! lo ibpp fk Y

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Dlia PmbZfXi :ppbq Fks

H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX *

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Dlia PmbZfXi :ppbq Fks

H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX *

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Dlia PmbZfXi :ppbq Fks

H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX *

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Dlia PmbZfXi :ppbq Fks

H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX *

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Dlia PmbZfXi :ppbq Fks

H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX *

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Dlia PmbZfXi :ppbq Fks

H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX *

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Dlia PmbZfXi :ppbq Fks

H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX *

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Dlia PmbZfXi :ppbq Fks

H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX *

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Dlia PmbZfXi :ppbq Fks

H; PqXo Dlia PmbZfXi :ppbq Fksbpqjbkq Qorpq %Dlia*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk dlia crqrobp Xka BQCp) aljbpqfZ Ylka Xka ifnrfa Xppbqp+ Qeb Crka fksbpqp .--! l

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX *

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; GXmXk Fkabu PbZrofqfbp Fksb

H; GXmXk Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv obmobpbkqXqfsb pqlZh fkabu crqrobp Xka BQCp fk GXmXk pqlZh jXohbq+ Qeb Crka fksbpqp 3-! lo j

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; GXmXk Fkabu PbZrofqfbp Fksb

H; GXmXk Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv obmobpbkqXqfsb pqlZh fkabu crqrobp Xka BQCp fk GXmXk pqlZh jXohbq+ Qeb Crka fksbpqp 3-! lo j

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; GXmXk Fkabu PbZrofqfbp Fksb

H; GXmXk Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv obmobpbkqXqfsb pqlZh fkabu crqrobp Xka BQCp fk GXmXk pqlZh jXohbq+ Qeb Crka fksbpqp 3-! lo j

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; GXmXk Fkabu PbZrofqfbp Fksb

H; GXmXk Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Yv obmobpbkqXqfsb pqlZh fkabu crqrobp Xka BQCp fk GXmXk pqlZh jXohbq+ Qeb Crka fksbpqp 3-! lo j

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; HLPMF /-- Fkabu AbofsXqfsbp

H; PqXo HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk 3-! fk pqlZhp Xka abofsXqfsbp) tefZe fksbpqjbkq fk abofsXqfsbp fp jlob qeXk

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; HLPMF /-- Fkabu AbofsXqfsbp

H; PqXo HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk 3-! fk pqlZhp Xka abofsXqfsbp) tefZe fksbpqjbkq fk abofsXqfsbp fp jlob qeXk

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; HLPMF /-- Fkabu AbofsXqfsbp

H; PqXo HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk 3-! fk pqlZhp Xka abofsXqfsbp) tefZe fksbpqjbkq fk abofsXqfsbp fp jlob qeXk

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; HLPMF /-- Fkabu AbofsXqfsbp

H; PqXo HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk 3-! fk pqlZhp Xka abofsXqfsbp) tefZe fksbpqjbkq fk abofsXqfsbp fp jlob qeXk

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; HPqXo Qlm2Dolrm".-VHQ; Mirp

H; HPqXo Qlm2Dolrm".-VHQ; Mirp BQC fp Xk buZeXkdb*qoXaba crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlokap Zilpbiv ql qeb mboclojXkZb lc qeb CkDrfab HFP QLM2 Dolrm .-VHQ; fkabu+

PLRQE HLOB: * * *

JLLK DVBLKD*PBLH

2,/0,./ * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; JHC OXt JXqbofXip PmbZfXi :

H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; JHC OXt JXqbofXip PmbZfXi :

H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; JHC OXt JXqbofXip PmbZfXi :

H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; JHC OXt JXqbofXip PmbZfXi :

H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; JHC OXt JXqbofXip PmbZfXi :

H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; JHC OXt JXqbofXip PmbZfXi :

H; JHC OXt JXqbofXip PmbZfXi :ppbq Cbbabo Fksbpqjbkq Qorpq %=ljjlafqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb fksbpqjbkq obqrokp qeXq Zloobpmlkap qeb oXt jXqbofXip fkabu Yv fksbpqfkd fk fqp jXpqbo crk

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Brol Fkabu PbZrofqfbp

H; PqXoBrol Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb crka fp ql cliilt qeb YbkZejXoh Yv fksbpqfkd fk Brol*wlkb pqlZhp Xka ql iltbo ZroobkZv sliXqfifqv ofph Yv jXkXdfkd Zroo

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Brol Fkabu PbZrofqfbp

H; PqXoBrol Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb crka fp ql cliilt qeb YbkZejXoh Yv fksbpqfkd fk Brol*wlkb pqlZhp Xka ql iltbo ZroobkZv sliXqfifqv ofph Yv jXkXdfkd Zroo

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Brol Fkabu PbZrofqfbp

H; PqXoBrol Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb crka fp ql cliilt qeb YbkZejXoh Yv fksbpqfkd fk Brol*wlkb pqlZhp Xka ql iltbo ZroobkZv sliXqfifqv ofph Yv jXkXdfkd Zroo

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo Brol Fkabu PbZrofqfbp

H; PqXoBrol Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbkbka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb crka fp ql cliilt qeb YbkZejXoh Yv fksbpqfkd fk Brol*wlkb pqlZhp Xka ql iltbo ZroobkZv sliXqfifqv ofph Yv jXkXdfkd Zroo

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo HlobX Fkabu PbZrofqfbp

H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo HlobX Fkabu PbZrofqfbp

H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo HlobX Fkabu PbZrofqfbp

H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo HlobX Fkabu PbZrofqfbp

H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo HlobX Fkabu PbZrofqfbp

H; PqXo HlobX Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jfkfjfwb qoXZhfkd boolop lc HLPMF/--+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*ifkhba abofsXqfsbp

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * * H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo RP P"M 2-- Fkabu PbZro

H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo RP P"M 2-- Fkabu PbZro

H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo RP P"M 2-- Fkabu PbZro

H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo RP P"M 2-- Fkabu PbZro

H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

ho

H; PqXo RP P"M 2-- Fkabu PbZro

H; PqXo RP P"M 2-- Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka f

PLRQE HLOB: * * PefkeXk ;Xkh * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

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H; PqXo RP P"M 2-- Fkabu PbZro

H; PqXo RP P"M 2-- Fkabu PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp colj qeb pqlZh mofZb XmmobZfXqflk Yv fksbpqfkd fk bnrfqfbp Xka abofsXqfsbp+ Q

PLRQE HLOB: * * * * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

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H; / PqXo PqlZh MofZb Ifkhba P

H; / PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HP*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc H; CfkXkZfXi Dolrm Xka PXjpr

PLRQE HLOB: * * * * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.34*5/-- ttt+hYXj+Zl+

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H; / PqXo PqlZh MofZb Ifkhba P

H; / PqXo PqlZh MofZb Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq HP*/ %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc H; CfkXkZfXi Dolrm Xka PXjpr

PLRQE HLOB: * * * * * *

H; :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 02/*/15*0/6*. Qbi ttt+XiZbaX+ir H=J Crka *

OfphMolqbZq FFFH=J Crka * OfphMolqbZq FFF fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp ql molsfab mlpfqfsb XYplirqb obqrokp tfqe ifjfqba ofph Xka mobpbosXqflk lc ZXmfqXi+ Qeb Crka fksbpqp fk X jlkbv jXohbq mloqclifl lc efde doXab Yl

IRUBJ;LROD * *

EP;= QofkhXrp " ;roheXoaq FkqbokXqflkXi P:

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AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

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HA; =lob Fkabu PbZrofqfbp Fksb

HA; =lob Fkabu PbZrofqfbp Fksbpqjbkq Qorpq EH*.%BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd 6-! lo jlob lc fqp Xppbqp fk bnrfqv ifkhba pbZrofqfbp rkaboivfkd tfqe qeb HLPMF/

PLRQE HLOB: * * * * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

Zl+ho

HA; =VA Fkabu PbZrofqfbp Fksbp

HA; =VA Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd jlpq lc fqp Xppbqp fk LQ= abofsXqbp ifkhba ql =VA =ljjlafqv JXohb

PLRQE HLOB: * * EXkX ;Xkh * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX PBLRI

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

Zl+ho

HA; =VA Fkabu PbZrofqfbp Fksbp

HA; =VA Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd jlpq lc fqp Xppbqp fk LQ= abofsXqbp ifkhba ql =VA =ljjlafqv JXohb

PLRQE HLOB: * * EXkX ;Xkh * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX PBLRI

AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

Zl+ho

HA; =VA Fkabu PbZrofqfbp Fksbp

HA; =VA Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd jlpq lc fqp Xppbqp fk LQ= abofsXqbp ifkhba ql =VA =ljjlafqv JXohb

PLRQE HLOB: * * EXkX ;Xkh * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX PBLRI

AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

Zl+ho

HA; =VA Fkabu PbZrofqfbp Fksbp

HA; =VA Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb pqXYib ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd jlpq lc fqp Xppbqp fk LQ= abofsXqbp ifkhba ql =VA =ljjlafqv JXohb

PLRQE HLOB: * * EXkX ;Xkh * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX PBLRI

AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

Zl+ho

HA; Gfj Oldbop :dof Fkabu PmbZ

HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t

PLRQE HLOB: * * * * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

Zl+ho

HA; Gfj Oldbop :dof Fkabu PmbZ

HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t

PLRQE HLOB: * * * * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

Zl+ho

HA; Gfj Oldbop :dof Fkabu PmbZ

HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t

PLRQE HLOB: * * * * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

Zl+ho

HA; Gfj Oldbop :dof Fkabu PmbZ

HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t

PLRQE HLOB: * * * * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5//*0441*5--- ttt+haYXppbq+

Zl+ho

HA; Gfj Oldbop :dof Fkabu PmbZ

HA; Gfj Oldbop :dof Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq . %;lka * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ilkd*qboj ZXmfqXi dXfkp Yv fksbpqfkd fk aljbpqfZ Ylkap) LQ= abofsXqfsbp Xka ifnrfa Xppbqp t

PLRQE HLOB: * * * * * *

HA; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ

10*40/*3263*20.1 Qbi ttt+hbmibo+Xq

Hbmibo * Hbmibo Jriqf*Jba Crka

HBMIBO Jriqf*Jba Crka fp Xk lmbk*bka mofsXqb fkpqfqrqflkXi crka fkZlomloXqba fk :rpqofX+ Qeb Crka fksbpqp dilYXiiv fk X jfuba mloqclifl lc bnrfqv Xka abYq pbZrofqfbp lc tefZe qeb bnrfqv mloqflk ZXk Yb rm ql 3- mboZbkq+ :RPQOF: * *

OXfccbfpbkiXkabpYXkh LYbolbpqboobfZe :D

* * *

Hbmibo*Clkap HXmfqXiXkiXdbdbpbiipZeXcq j+Y+E+,:rpqofX

:rpqofX Ifkw

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFJ SXofXYib FkproXkZb HlobX O

HFJ SXofXYib FkproXkZb HlobX OXt JXqbofXip Fkabu Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv ;XiXkZba*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka fksbpqp 3-! lc jlob lc fqp Xppbqp fk LQ= abofsXqfsbp+ Qeb Crka fksbpqp 3-! lo jlo

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb C/+5 Fkabu PbZrofq

HFQJ b*HlobX Fkabu AbofsXqfsbp Crka fp X Zilpba*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi dXfkp Yv YbkZejXohfkd HLPMF/--) Xka ql XZefbsb XaafqflkXi Zroobkq fkZljb Yv fksbpqfkd fk Ylkap Xka ifnrfa Xppbqp+ Qeb Crka fksb

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb C/+5 Fkabu PbZrofq

HFQJ b*HlobX Fkabu AbofsXqfsbp Crka fp X Zilpba*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi dXfkp Yv YbkZejXohfkd HLPMF/--) Xka ql XZefbsb XaafqflkXi Zroobkq fkZljb Yv fksbpqfkd fk Ylkap Xka ifnrfa Xppbqp+ Qeb Crka fksb

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb C/+5 Fkabu PbZrofq

HFQJ b*HlobX Fkabu AbofsXqfsbp Crka fp X Zilpba*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi dXfkp Yv YbkZejXohfkd HLPMF/--) Xka ql XZefbsb XaafqflkXi Zroobkq fkZljb Yv fksbpqfkd fk Ylkap Xka ifnrfa Xppbqp+ Qeb Crka fksb

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb C/+5 Fkabu PbZrofq

HFQJ =orfpb C/+5 Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*i

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb C/+5 Fkabu PbZrofq

HFQJ =orfpb C/+5 Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*i

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb C/+5 Fkabu PbZrofq

HFQJ =orfpb C/+5 Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*i

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb C/+5 Fkabu PbZrofq

HFQJ =orfpb C/+5 Fkabu PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv*i

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb RjYobiiX R2+3 Fkab

HFQJ =orfpb RjYobiiX R2+3 Fkabu PbZrofqfbp Obsbopb Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb&fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk a

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb RjYobiiX R2+3 Fkab

HFQJ =orfpb RjYobiiX R2+3 Fkabu PbZrofqfbp Obsbopb Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb&fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk a

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb RjYobiiX R2+3 Fkab

HFQJ =orfpb RjYobiiX R2+3 Fkabu PbZrofqfbp Obsbopb Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb&fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk a

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb RjYobiiX R2+3 Obsb

HFQJ =orfpb RjYobiiX R2+3 Obsbopb Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- Crqrobp Fksbopb Fkabu+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb RjYobiiX R2+3 Obsb

HFQJ =orfpb RjYobiiX R2+3 Obsbopb Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- Crqrobp Fksbopb Fkabu+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ =orfpb RjYobiiX R2+3 Obsb

HFQJ =orfpb RjYobiiX R2+3 Obsbopb Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb obqrokp XpplZfXqba tfqe qeb HLPMF/-- Crqrobp Fksbopb Fkabu+ Qeb Crka fksbpqp .--! lo ibpp lc fqp Xppbqp fk

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HlobX Fkabu Mirp Jriqf*=iXpp A

HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HlobX Fkabu Mirp Jriqf*=iXpp A

HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HlobX Fkabu Mirp Jriqf*=iXpp A

HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HlobX Fkabu Mirp Jriqf*=iXpp A

HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HlobX Fkabu Mirp Jriqf*=iXpp A

HFQJ Fkabu Mirp PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkdqboj) efde ZXmfqXi fkZljbp Yv qoXZfkd qeb PqlZh Fkabu Crqrobp CrkaXjbkqXi Fkabu+ Qeb Crka fksbpq

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ RjYobiiX Dlsbokjbkq ;lka

HFQJ RjYobiiX Dlsbokjbkq ;lka Crqrob Fkabu =lksboqfYib . Fksbpqjbkq Qorpq %;lkaAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb Zroobkq fkZljb Xka ZXmfqXi dXfk Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Crka

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ RjYobiiX Dlsbokjbkq ;lka

HFQJ RjYobiiX Dlsbokjbkq ;lka Crqrob Fkabu =lksboqfYib . Fksbpqjbkq Qorpq %;lkaAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb Zroobkq fkZljb Xka ZXmfqXi dXfk Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Crka

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ RjYobiiX Dlsbokjbkq ;lka

HFQJ RjYobiiX Dlsbokjbkq ;lka Crqrob Fkabu =lksboqfYib . Fksbpqjbkq Qorpq %;lkaAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb Zroobkq fkZljb Xka ZXmfqXi dXfk Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Crka

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ RjYobiiX Fkabu PbZrofqfbp

HFQJ RjYobiiX Fkabu PbZrofqfbp =lksboqfYib Fksbpqjbkq Qorpq .%Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj Zroobkq fkZljbp Xka ZXmfqXi dXfkp Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Cr

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ RjYobiiX Fkabu PbZrofqfbp

HFQJ RjYobiiX Fkabu PbZrofqfbp =lksboqfYib Fksbpqjbkq Qorpq .%Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj Zroobkq fkZljbp Xka ZXmfqXi dXfkp Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Cr

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ RjYobiiX Fkabu PbZrofqfbp

HFQJ RjYobiiX Fkabu PbZrofqfbp =lksboqfYib Fksbpqjbkq Qorpq .%Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj Zroobkq fkZljbp Xka ZXmfqXi dXfkp Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Cr

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*3610*0--- ttt+hftlljXp

pbq+Zlj

Hftllj :imeX Fkabu PbZrofqfbp

Hftllj :imeX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka fksbpqp 6-! lo jlob lc fqp Xppbqp fk qe

PLRQE HLOB: * * * * * *

Hftllj :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*3610*0--- ttt+hftlljXp

pbq+Zlj

Hftllj :imeX Fkabu PbZrofqfbp

Hftllj :imeX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk fqp jXpqbo crka+ Qeb Crka fksbpqp 6-! lo jlob lc fqp Xppbqp fk qe

PLRQE HLOB: * * * * * *

Hftllj :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*3610*0--- ttt+hftlljXp

pbq+Zlj

Hftllj Mbkpflk :imeX Fkabu PbZ

Hftllj Mbkpflk :imeX Fkabu PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqv ifkhba abofsXqfsbp+ Qeb Crka fksbpqp 3-! lo jlob lc f

PLRQE HLOB: * * * * * *

Hftllj :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*3610*0--- ttt+hftlljXp

pbq+Zlj

Hftllj Mbkpflk :imeX Fkabu =lk

Hftllj Mbkpflk :imeX Fkabu =lksboqfYib PbZrofqfbp Fksbpqjbkq Qorpq .%BnrfqvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd 6-! lo jlob fk qeb Hftllj Mbkpflk :imeX Fkabu PbZrofqfbp

PLRQE HLOB: * * * * * *

Hftllj :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HlobX OfZe*AXa Fkabu :. AbofsX

HFQJ OfZe*AXa Fkabu :. AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql jXkXdb Xppbqp ql qoXZb vfbia oXqb lc pqlZh fkafZbp+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka bnrfqv,Ylka*ifkhba abofsXqfsbp) 02! lo ibpp f

PLRQE HLOB: * * PefkeXk ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HlobX OfZe*AXa Ilkd*Qboj Elrpf

HFQJ OfZe*AXa Ilkd*Qboj Elrpfkd MiXk Fkabu 02 AbofsXqfsbp Fksbpqjbkq Qorpq T*. fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb pqXYib Zroobkq fkZljb qeolrde Ylka fksbpqjbkqp) Xka ql XqqXfk XaafqflkXi ZXmfqXi dXfkp

PLRQE HLOB: * * HlobX PbZrofqfbp

CfkXkZb =lom * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0/43*14-- ttt+hfj+Zl+ho

HFQJ RjYobiiX Fkabu PbZrofqfbp

HFQJ RjYobiiX Fkabu PbZrofqfbp =lksboqfYib Fksbpqjbkq Qorpq .%Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ilkd*qboj Zroobkq fkZljbp Xka ZXmfqXi dXfkp Yv ptfqZefkd lkb crka clo Xklqebo+ Qeb Cr

PLRQE HLOB: * * EXkX ;Xkh * * *

HlobX Fksbpqjbkq Qorpq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 6.*//*3305*1111 Qbi ttt+hlqXhjrq

rXi+ZljHlqXh Bnrfqv :oYfqoXdb Crka

HlqXh Bnrfqv :oYfqoXdb Crka fp Xk lmbk*bka fkZljb pZebjb fkZlomloXqba fk FkafX+ Qeb Crka pbbhp ql dbkboXqb ZXmfqXi XmmobZfXqflk Xka fkZljb colj fksbpqjbkq fk XoYfqoXdb lmmloqrkfqfbp fk qeb ZXpe Xka abofsXqfsbp pbdjbkq lc qeb bnrfqv jXohbq) Xka YXiXkZb fk FKAF: * * AbrqpZeb ;Xkh

:DP:GFQ MFPE:OLAF 6,./,-2 :;EFPEBH

;FPBK

HlqXh JXefkaoX :ppbq JXkXdbjbkq =l Iqa,FkafX

FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 6.*//*3305*1111 Qbi ttt+hlqXhjrq

rXi+ZljHlqXh Bnrfqv :oYfqoXdb Crka

HlqXh Bnrfqv :oYfqoXdb Crka fp Xk lmbk*bka fkZljb pZebjb fkZlomloXqba fk FkafX+ Qeb Crka pbbhp ql dbkboXqb ZXmfqXi XmmobZfXqflk Xka fkZljb colj fksbpqjbkq fk XoYfqoXdb lmmloqrkfqfbp fk qeb ZXpe Xka abofsXqfsbp pbdjbkq lc qeb bnrfqv jXohbq) Xka YXiXkZb fk FKAF: * * AbrqpZeb ;Xkh

:DP:GFQ MFPE:OLAF 6,./,-2 :;EFPEBH

;FPBK

HlqXh JXefkaoX :ppbq JXkXdbjbkq =l Iqa,FkafX

FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj

HQ; / PqlZh PbZrofqfbp Fksbpqj

HQ; / PqlZh PbZrofqfbp Fksbpqjbkq Qorpq /2 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc MlpZl Xka HQ"D+ Qeb Crka fksbpqp Xq ibXpq 3-! l

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

HQ; :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj

HQ; / PqlZh PbZrofqfbp Fksbpqj

HQ; / PqlZh PbZrofqfbp Fksbpqjbkq Qorpq /3 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc EXkteX =lom Xka IP =lom+ Qeb Crka fksbpqp Xq ib

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

HQ; :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj

HQ; / PqlZh PbZrofqfbp Fksbpqj

HQ; / PqlZh PbZrofqfbp Fksbpqjbkq Qorpq /4 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc PXjprkd BibZqolkfZp Xka EXkteX =ebjfZXi+ Qeb Cr

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

HQ; :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj

HQ; / PqlZh PbZrofqfbp Fksbpqj

HQ; / PqlZh PbZrofqfbp Fksbpqjbkq Qorpq /5 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb pqlZh mofZb lc EvrkaXf Jlqlop Xka PXjprkd PbZrofqfbp+ Qeb Crka

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

HQ; :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj

HQ; PqlZh Fkabu PbZrofqv Fksbp

HQ; PqlZh Fkabu PbZrofqv Fksbpqjbkq Qorpq 3 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Xka Zroobkq fkZljb+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqvifkhba abofsXqfsbp tefZ

PLRQE HLOB: * * * * * *

HQ; :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*455*51-- ttt+f*hqY+Zlj

HQ; .PQL=H PbZrofqfbp Fksbpjbk

HQ; .PQL=H PbZrofqfbp Fksbpqjbkq Qorpq / %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd 3-! lo jlob lc fqp Xppbqp fk BIPp ifkhba ql PXjprkd BibZqolkfZp$ pqlZh mofZb+

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

HQ; :ppbq JXkXdbjbkq =l Iqa

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+

Zl+ho

HvlYl :U: =Xii Fkabu PbZrofqfb

HvlYl :U: =Xii Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb XaafqflkXi obqrokp XpplZfXqba tfqe qeb ofpb lc HLPMF/--+ Qeb Crka fksbpqp .--! lo ibpp fk pqlZ

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * *

HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+

Zl+ho

HvlYl :U: =Xii Fkabu PbZrofqfb

HvlYl :U: =Xii Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb XaafqflkXi obqrokp XpplZfXqba tfqe qeb ofpb lc HLPMF/--+ Qeb Crka fksbpqp .--! lo ibpp fk pqlZ

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * *

HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+

Zl+ho

HvlYl :U: =Xii Fkabu PbZrofqfb

HvlYl :U: =Xii Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb XaafqflkXi obqrokp XpplZfXqba tfqe qeb ofpb lc HLPMF/--+ Qeb Crka fksbpqp .--! lo ibpp fk pqlZ

PLRQE HLOB: * * Tllof ;Xkh =l

Iqa * * *

HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+

Zl+ho

HvlYl :uX Mltbo Fkabu PbZrofqf

HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn

PLRQE HLOB: * * EXkX ;Xkh * * *

HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+

Zl+ho

HvlYl :uX Mltbo Fkabu PbZrofqf

HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn

PLRQE HLOB: * * EXkX ;Xkh * * *

HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+

Zl+ho

HvlYl :uX Mltbo Fkabu PbZrofqf

HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn

PLRQE HLOB: * * EXkX ;Xkh * * *

HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+

Zl+ho

HvlYl :uX Mltbo Fkabu PbZrofqf

HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn

PLRQE HLOB: * * EXkX ;Xkh * * *

HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*434*63-- ttt+hvlYlfqj+

Zl+ho

HvlYl :uX Mltbo Fkabu PbZrofqf

HvlYl :uX Mltbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lrqmbocloj qeb HLPMF/-- Fkabu+ Qeb Crka jXv fksbpq Xka qoXab fk X tfab oXkdb lc fkpqorjbkqp prZe Xp bn

PLRQE HLOB: * * EXkX ;Xkh * * *

HvlYl :U: Fksbpqjbkq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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JfoXb :ppbq HLPMF /-- Fkabu Pb

JfoXb :ppbq HLPMF /-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql qoXZh qeb vfbia oXqb lc qeb HLPMF/-- Fkabu Xp X YbkZejXoh+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZh

PLRQE HLOB: * * EXkX ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

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JfoXb :ppbq HOU .-- Fkabu PbZr

JfoXb :ppbq HOU .-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql ZeXpb qeb vfbia oXqb lc qeb HOU.-- Fkabu Xp X YbkZejXoh+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xk

PLRQE HLOB: * *

PqXkaXoa =eXoqboba ;Xkh HlobX Iqa

* * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq =eXiibkdbo O=C Fks

JfoXb :ppbq =eXiibkdbo O=C Fksbpqjbkq Qorpq H*0 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fkZlomloXqfkd qeb bXokfkd pqorZqrobp prZe Xp qeb HklZh Lrq Mrq) HklZh Fk =Xii Xka O=C+

PLRQE HLOB: * * FkarpqofXi ;Xkh lc

HlobX * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

q+Zlj

JfoXb :ppbq HOU .-- Fkabu PbZr

JfoXb :ppbq HOU .-- Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql ZeXpb qeb vfbia oXqb lc qeb HOU.-- Fkabu Xp X YbkZejXoh+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xk

PLRQE HLOB: * *

PqXkaXoa =eXoqboba ;Xkh HlobX Iqa

* * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

q+Zlj

JfoXb :ppbq Lmmloqrkfqv GXmXk

JfoXb :ppbq Lmmloqrkfqv GXmXk Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql qoXZh qeb vfbia oXqb lc qeb Kfhhbf//2 Fkabu Xp X YbkZejXoh+ Qeb Crka fksbpqp ibpp qeXk 6-! fk pqlZhp) 1-! lo ibpp fk Ylkap) 1-!

PLRQE HLOB: * * EXkX ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

q+Zlj

JfoXb :ppbq Lmmloqrkfqv GXmXk

JfoXb :ppbq Lmmloqrkfqv GXmXk Fkabu AbofsXqfsbp Crka fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql qoXZh qeb vfbia oXqb lc qeb Kfhhbf//2 Fkabu Xp X YbkZejXoh+ Qeb Crka fksbpqp ibpp qeXk 6-! fk pqlZhp) 1-! lo ibpp fk Ylkap) 1-!

PLRQE HLOB: * * EXkX ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

q+Zlj

JfoXb :ppbq Oldbop Bkbodv Fkab

JfoXb :ppbq Oldbop Bkbodv Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq %BkbodvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bkbodv obiXqba abofsXqfsbp prZe Xp TQF Zorab lfi Xka ;obkq

PLRQE HLOB: * * PefkeXk ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

q+Zlj

JfoXb :ppbq Oldbop Bkbodv Fkab

JfoXb :ppbq Oldbop Bkbodv Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq %BkbodvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bkbodv obiXqba abofsXqfsbp prZe Xp TQF Zorab lfi Xka ;obkq

PLRQE HLOB: * * PefkeXk ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq Oldbop Bkbodv Fkab

JfoXb :ppbq Oldbop Bkbodv Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq %BkbodvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bkbodv obiXqba abofsXqfsbp prZe Xp TQF Zorab lfi Xka ;obkq

PLRQE HLOB: * * PefkeXk ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq Oldbop Bkbodv Fkab

JfoXb :ppbq Oldbop Bkbodv Fkabu PmbZfXi :ppbq Fksbpqjbkq Qorpq %BkbodvAbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bkbodv obiXqba abofsXqfsbp prZe Xp TQF Zorab lfi Xka ;obkq

PLRQE HLOB: * * PefkeXk ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq Oldbop JbqXi Fkabu

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PLRQE HLOB: * * PefkeXk ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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JfoXb :ppbq Oldbop JbqXi Fkabu

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PLRQE HLOB: * * PefkeXk ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq Oldbop JbqXi Fkabu

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PLRQE HLOB: * * PefkeXk ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq Oldbop JbqXi Fkabu

JfoXb :ppbq Oldbop JbqXi Fkabu PmbZfXi :ppbq Fks Qorpq %JbqXi*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jbqXi obiXqba abofsXqfsbp prZe Xp Xirjfkrj) Zlmmbo) dlia) kfZhbi) p

PLRQE HLOB: * * PefkeXk ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq Oldbop JbqXi Fkabu

JfoXb :ppbq Oldbop JbqXi Fkabu PmbZfXi :ppbq Fks Qorpq %JbqXi*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk jbqXi obiXqba abofsXqfsbp prZe Xp Xirjfkrj) Zlmmbo) dlia) kfZhbi) p

PLRQE HLOB: * * PefkeXk ;Xkh * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb PjXoq IbsboXdb FkpqXiijb

JfoXb :ppbq PjXoq IbsboXdb FkpqXiijbkq PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2 ibsboXdba aXfiv mboclojXkZb lc qeb HLPMF/-- Fkabu+ Qeb Cr

PLRQE HLOB: * * * * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq PmobXa O=C AbofsXq

JfoXb :ppbq PmobXa O=C AbofsXqfsbp Fksbpqjbkq Qorpq 1 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka Xfjp ql XZefbsb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsb fkpqorjbkqp+ Qeb Crka tfii cliilt X HKL=H LRQ

PLRQE HLOB: * * * * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq PmobXa O=C AbofsXq

JfoXb :ppbq PmobXa O=C AbofsXqfsbp Fksbpqjbkq Qorpq 3 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka Xfjp ql XZefbsb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsb fkpqorjbkqp+ Qeb Crka tfii cliilt X HKL=H LRQ

PLRQE HLOB: * * * * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq PmobXa O=C AbofsXq

JfoXb :ppbq PmobXa O=C AbofsXqfsbp Fksbpqjbkq Qorpq 4 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka Xfjp ql XZefbsb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsb fkpqorjbkqp+ Qeb Crka tfii cliilt X HKL=H LRQ

PLRQE HLOB: * * * * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq PmobXa O=C AbofsXq

JfoXb :ppbq PmobXa O=C AbofsXqfsbp Fksbpqjbkq Qorpq 5 fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka Xfjp ql XZefbsb ZXmfqXi XmmobZfXqflk+ Qeb Crka fksbpqp fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsb fkpqorjbkqp+ Qeb Crka tfii cliilt X HKL=H LRQ

PLRQE HLOB: * * * * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq QFDBO :dofZriqrob

JfoXb :ppbq QFDBO :dofZriqrob Crqrobp BQC fp Xk buZeXkdb*qoXaba crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrokp qeXq Zloobpmlka Zilpbiv ql qeb mboclojXkZb lc P"M DP=F :dofZriqrob BkeXkZba PbibZq Fkabu BuZbpp Obqrok+

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq QFDBO TQF Crqrobp

JFO:B :PPBQ Qfdbo TQF Crqrobp BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb P"M DP=F =orab Lfi BkeXkZba Fkabu %BuZbpp Obqrok&+

PLRQE HLOB: * * * VLLK GR*

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JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq =olpp :ppbq Afsbop

JfoXb :ppbq =olpp :ppbq AfsbopfcfZXqflk PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba*AbofsXqfsbp Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp .--! lo ibpp fk qeb Jf

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq =olpp :ppbq Afsbop

JfoXb :ppbq =olpp :ppbq AfsbopfcfZXqflk PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba*AbofsXqfsbp Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp .--! lo ibpp fk qeb Jf

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq =olpp :ppbq Afsbop

JfoXb :ppbq =olpp :ppbq AfsbopfcfZXqflk PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %;lka ;XiXkZba*AbofsXqfsbp Crka lc Crkap& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp+ Qeb Crka fksbpqp .--! lo ibpp fk qeb Jf

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq =olpp :ppbq Afsbop

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PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*.3-- crka+jfoXbXppb

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JfoXb :ppbq =olpp :ppbq Afsbop

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PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * *

JfoXb :ppbq Fksbpqjbkq JXkXdbjbkq =l,HlobX

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JfoXb :ppbq PjXoq IbsboXdb :pp

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PLRQE HLOB: * * PefkeXk ;Xkh * * *

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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KE*=: B*Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * PefkeXk ;Xkh * * *

KE*=: :ppbq JXkXdbjbkq,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*

ZX+Zlj

KE*=: B*Mobjfbo Fkabu PbZrofqf

KE*=: B*Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * PefkeXk ;Xkh * * *

KE*=: :ppbq JXkXdbjbkq,HlobX

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AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*

ZX+Zlj

KE*=: Mobjfbo Fkabu PbZrofqfbp

KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo

PLRQE HLOB: * * PefkeXk ;Xkh * * *

KE*=: :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*

ZX+Zlj

KE*=: Mobjfbo Fkabu PbZrofqfbp

KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo

PLRQE HLOB: * * PefkeXk ;Xkh * * *

KE*=: :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*

ZX+Zlj

KE*=: Mobjfbo Fkabu PbZrofqfbp

KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo

PLRQE HLOB: * * PefkeXk ;Xkh * * *

KE*=: :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*

ZX+Zlj

KE*=: Mobjfbo Fkabu PbZrofqfbp

KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo

PLRQE HLOB: * * PefkeXk ;Xkh * * *

KE*=: :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*

ZX+Zlj

KE*=: Mobjfbo Fkabu PbZrofqfbp

KE*=: Mobjfbo Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql cliilt qeb obqrok oXqb lc HLPMF/-- Xka jXhb XaafqflkXi obqrok+ Qeb Crka fksbpqp 3-! lo jlob fk pqlZhp Xka abo

PLRQE HLOB: * * PefkeXk ;Xkh * * *

KE*=: :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*

ZX+Zlj

KE*=: ;oXsl EXmmv Ifcb PbZrofq

KE*=: ;oXsl EXmmv Ifcb PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv ;XiXkZba*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+

PLRQE HLOB: * * * * * *

KE*=: :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*035*03-- ttt+ke*

ZX+Zlj

KE*=: ;oXsl EXmmv Ifcb PbZrofq

KE*=: ;oXsl EXmmv Ifcb PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv ;XiXkZba*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk bnrfqfbp Xka bnrfqv obiXqba abofsXqfsbp+

PLRQE HLOB: * * * * * *

KE*=: :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

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* G:M:K :oXqX HXkpX * Prjfqljl Jfqprf Qorpq ;Xkh Iqa * * *

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* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb

* * * KljroX :ppbq JXkXdbjbkq =l Iqa

GXmXk qlhvl

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z

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* G:M:KBokpq " Vlrkd Pefkkfelk II=

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* G:M:KBokpq " Vlrkd Pefkkfelk II=

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KljroX ;rii ;bXo PbibZq 1 * RP

* G:M:K * * ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa

GXmXk QLHVL

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* G:M:K * * ObplkX ;Xkh Iqa * * * KljroX :ppbq JXkXdbjbkq =l Iqa

GXmXk QLHVL

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KljroX ;rii ;bXo PbibZq 2 * :R

* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

GXmXk Qlhvl

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lj

KljroX ;rii ;bXo PbibZq 2 * :R

* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

GXmXk Qlhvl

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KljroX ;rii ;bXo PbibZq 2 * BR

* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

GXmXk Qlhvl

AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z

lj

KljroX ;rii ;bXo PbibZq 2 * BR

* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

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* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

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lj

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* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

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lj

KljroX ;rii ;bXo PbibZq 2 * RP

* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

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* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

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AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z

lj

KljroX ;rii ;bXo PbibZq 2 * RP

* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

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* G:M:K * * * * * * KljroX :ppbq JXkXdbjbkq =l Iqa

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AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX =.- Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql . qfjbp qeb KljroX =.- =roobkZv PqoXq

FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe

* * * KljroX FkqbokXqflkXi MI= FobiXka ArYifk

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX =.- Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql . qfjbp qeb KljroX =.- =roobkZv PqoXq

FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe

* * * KljroX FkqbokXqflkXi MI= FobiXka ArYifk

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX =.- Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql . qfjbp qeb KljroX =.- =roobkZv PqoXq

FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe

* * * KljroX FkqbokXqflkXi MI= FobiXka ArYifk

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX =.- Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql . qfjbp qeb KljroX =.- =roobkZv PqoXq

FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe

* * * KljroX FkqbokXqflkXi MI= FobiXka ArYifk

AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z

lj

KljroX Crka ToXm :iqbokXqfsb D

* G:M:KBokpq " Vlrkd Pefkkfelk II=

* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb

* * * KljroX :ppbq JXkXdbjbkq =l Iqa

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KljroX DilYXi :ppbq Jlabi Crka

* G:M:K * * KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb

* * * KljroX :ppbq JXkXdbjbkq =l Iqa

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* G:M:KBokpq " Vlrkd Pefkkfelk II=

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* * * KljroX :ppbq JXkXdbjbkq =l Iqa

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* G:M:KBokpq " Vlrkd Pefkkfelk II=

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* * * KljroX :ppbq JXkXdbjbkq =l Iqa

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AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX Fkqbobpq OXqb Fksbpqjbkq PqoXqbdv FOFPu1 Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql 1

FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX Fkqbobpq OXqb Fksbpqjbkq PqoXqbdv FOFPu1 Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql 1

FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX Fkqbobpq OXqb Fksbpqjbkq PqoXqbdv FOFPu1 Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql 1

FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX FOFP Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql / qfjbp qeb KljroX Fkqbobpq OXqb Fks FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp P:

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX FOFP Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql / qfjbp qeb KljroX Fkqbobpq OXqb Fks FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp P:

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX FOFP Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql / qfjbp qeb KljroX Fkqbobpq OXqb Fks FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp P:

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX FOFP Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql / qfjbp qeb KljroX Fkqbobpq OXqb Fks FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp P:

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z

lj

KljroX Evmbo ;rii ;bXo / GXmXk

* G:M:KBokpq " Vlrkd Pefkkfelk II=

* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb

* * * KljroX :ppbq JXkXdbjbkq =l Iqa

GXmXk Qlhvl

AbofsXqfsb*:ppbq :iilZ 5.*0*0/1.*62.. ttt+kljroX+Z

lj

KljroX Evmbo ;rii ;bXo / GXmXk

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* KljroX Qorpq " ;Xkhfkd =l Iqa,Qeb

* * * KljroX :ppbq JXkXdbjbkq =l Iqa

GXmXk Qlhvl

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp mi

KljroX Fksbpqjbkq Plirqflkp miZ * KljroX JXZol =ljjlafqv PqoXqbdv Crka fp Xk lmbk*bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprobql /+2 qfjbp qeb Kljr

FOBI:KA * * * * * * KljroX FkqbokXqflkXi MI= FobiXka ArYifk

AbofsXqfsb*:ppbq :iilZ 020*.*3./*203- Qbi *

KljroX Fksbpqjbkq Plirqflkp MI

KljroX Fksbpqjbkq Plirqflkp MiZ * KljroX JXZol =ljjlafqv PqoXqbdv Crka fp Xk lmbk bkaba R=FQP FFF crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb lc qeb Crka fp ql molsfab PeXobeliabop tfqe X aXfiv Zljmlrkaba BLKF: obqrok tfqe Xk bumlprob ql /+2 qfjbp qeb Klj

FOBI:KA * *

;KM MXofYXp PbZrofqfbp PbosfZbp ArYifk ;oXkZe

* * * KljroX FkqbokXqflkXi MI= Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ (5.*0*3423*13-- ttt+Ykvjbiil

kXj+gm

KljroX Jbiilk AvkXjfZ Crka * :

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* * * ;KV Jbiilk :ppbq JXkXdbjbkq GXmXk Iqa

GXmXk Qlhvl

AbofsXqfsb*:ppbq :iilZ (5.*0*3423*13-- ttt+Ykvjbiil

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KljroX Jbiilk AvkXjfZ Crka * P

* G:M:K :wrpX HXkpX * JfqprYfpef RCG Qorpq Xka ;Xkhfkd =lom

* * * ;KV Jbiilk :ppbq JXkXdbjbkq GXmXk Iqa

GXmXk Qlhvl

AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir

KloabX . PF=:S * Jriqf*:ppbq M

KloabX . PF=:S * Jriqf*:ppbq Mirp Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql lYqXfk Xk XqqoXZqfsb obqrok qXhfkd mlpfqflkp fk X YolXa oXkdb lc Xppbqp Yv fksbpqfkd afobZqiv fkql pbZrofqfbp lo fkafobZqiv sfX qeb rpb lc abofsXqfsbp+

IRUBJ;LROD * * KloabX ;Xkh P:

:P;GLBOK QOLIIB E:KPBK

* * KloabX Fksbpqjbkq Crkap P:

AbkjXoh =lmbkeXdbk

AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir

KloabX . PF=:S * Jriqf*:ppbq M

KloabX . PF=:S * Jriqf*:ppbq Mirp Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql lYqXfk Xk XqqoXZqfsb obqrok qXhfkd mlpfqflkp fk X YolXa oXkdb lc Xppbqp Yv fksbpqfkd afobZqiv fkql pbZrofqfbp lo fkafobZqiv sfX qeb rpb lc abofsXqfsbp+

IRUBJ;LROD * * KloabX ;Xkh P:

:P;GLBOK QOLIIB E:KPBK

* * KloabX Fksbpqjbkq Crkap P:

AbkjXoh =lmbkeXdbk

AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir

KloabX . PF=:S * Jriqf*:ppbq M

KloabX . PF=:S * Jriqf*:ppbq Mirp Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql lYqXfk Xk XqqoXZqfsb obqrok qXhfkd mlpfqflkp fk X YolXa oXkdb lc Xppbqp Yv fksbpqfkd afobZqiv fkql pbZrofqfbp lo fkafobZqiv sfX qeb rpb lc abofsXqfsbp+

IRUBJ;LROD * * KloabX ;Xkh P:

:P;GLBOK QOLIIB E:KPBK

* * KloabX Fksbpqjbkq Crkap P:

AbkjXoh =lmbkeXdbk

AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir

KloabX . PF=:S * Jriqf*:ppbq M

KloabX . PF=:S * Jriqf*:ppbq Mirp Crka fp Xk lmbk*bka crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka Xfjp ql lYqXfk Xk XqqoXZqfsb obqrok qXhfkd mlpfqflkp fk X YolXa oXkdb lc Xppbqp Yv fksbpqfkd afobZqiv fkql pbZrofqfbp lo fkafobZqiv sfX qeb rpb lc abofsXqfsbp+

IRUBJ;LROD * * KloabX ;Xkh P:

:P;GLBOK QOLIIB E:KPBK

* * KloabX Fksbpqjbkq Crkap P:

AbkjXoh =lmbkeXdbk

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AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir

KloabX . PF=:S * Jriqf*:ppbq M

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IRUBJ;LROD * * KloabX ;Xkh P:

:P;GLBOK QOLIIB E:KPBK

* * KloabX Fksbpqjbkq Crkap P:

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AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir

KloabX . PF=:S * Jriqf*:ppbq M

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IRUBJ;LROD * * KloabX ;Xkh P:

:P;GLBOK QOLIIB E:KPBK

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AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir

KloabX . PF=:S * Jriqf*:ppbq M

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IRUBJ;LROD * * KloabX ;Xkh P:

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AbofsXqfsb*:ppbq :iilZ 02/*10062-*. ttt+kloabX+ir

KloabX . PF=:S * Jriqf*:ppbq M

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IRUBJ;LROD * * KloabX ;Xkh P:

:P;GLBOK QOLIIB E:KPBK

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AbofsXqfsb*:ppbq :iilZ 02/*/3.2--*6-- ttt+iof*

fksbpq+ir

Kloairu Mol ClkapjXkXdbjbkq *

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IRUBJ;LROD * * * * * * IOF Fksbpq

P:,IrubjYlrod IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ 02/*/3.2--*6-- ttt+iof*

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Kloairu Mol ClkapjXkXdbjbkq *

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IRUBJ;LROD * * * * * * IOF Fksbpq

P:,IrubjYlrod IrubjYlrod IrubjYlrod

=ilpba*bka Crkap .*0./*6.4*44-- ttt+krsbbk+Zlj

Krsbbk Jriqf*=roobkZv Peloq*Qb

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RKFQBA PQ:QBP

MofZbtXqboelrpb=llmbop IIM

* PqXqb Pqobbq ;Xkh " Qorpq =l

QFJLQEV : M:IJBO "QFJ"

* PQBSB IBB Krsbbk Crka :asfplop,RP: * *

=ilpba*bka Crkap .*0./*6.4*44-- ttt+krsbbk+Zlj

Krsbbk Jriqf*=roobkZv Peloq*Qb

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RKFQBA PQ:QBP

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QFJLQEV : M:IJBO "QFJ"

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IRUBJ;LROD * *

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PbmqjYob

AbofsXqfsb*:ppbq :iilZ 00*.*1/*64*6.*/- ttt+mofj*

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MOFJ$ :iqbokXqfsb Fksbpqjbkq L

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AbofsXqfsb*:ppbq :iilZ * ttt+lhXpXk*

Xj+gm

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Qorpq ;Xkh Iqa * * * LhXpXk :ppbq JXkXdbjbkq =l Iqa

GXmXk Qlhvl

AbofsXqfsb*:ppbq :iilZ 00*5*.-*53*54*55 ttt+ivulo+Zlj

Ivulo FkqbokXqflkXi :ppbq JXkX

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P: * * *

Ivulo FkqbokXqflkXi :ppbq JXkXdbjbkq

CoXkZb M:OFP

AbofsXqfsb*:ppbq :iilZ 1/0 /02 -1 2- QBI ttt+fcjcrkap+

ZljLmqfjrj Ofph Mloqclifl

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IFB=EQBKPQBFK

Bokpq " Vlrkd :D *

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* * * Lmqfjrj Fksbpqjbkq :D,IfbZeqbkpqbfk

IfbZeqbkpqbfk SXarw

AbofsXqfsb*:ppbq :iilZ 1/0 /02 -1 2- QBI ttt+fcjcrkap+

Zlj

FCJ * Lmqfjrj PqorZqroba Bnrfq

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IFB=EQBKPQBFK

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* * *

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=ilpba*bka Crkap (03 . 1./ 50-- ttt+lqmXiXm+er

LQM Cbiqlobhsl MfXZf Qobka Cfu

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LQM ;bcbhqbqbpf :iXmhbwbil,ErkdXov

ErkdXov ;raXmbpq

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=ilpba*bka Crkap (03 . 1./ 50-- ttt+lqmXiXm+er

LQM ObXi DilYXi MrYifZ FkZljb

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=ilpba*bka Crkap (03 . 1./ 50-- ttt+lqmXiXm+er

LQM QobkasXaXpw F+ Obqrok Molq

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=ilpba*bka Crkap (03 . 1./ 50-- ttt+lqmXiXm+er

LQM QofmiX Cfu Obqrok MolqbZqb

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MXoZXafX :ppbq JXkXdbjbkq * Jf

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p*fm+Zlj

M:OTLOIA ;bqX AbofsXqfsbp Crka

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IRUBJ;LROD * *

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* * * * PfkdXmlob PfkdXmlob

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl

j

MFJ=L PqlZhpMirp QlqXi Obqrok

MFJ=L PqlZhpMirp QlqXi Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka) rkabo klojXi ZfoZrjpqXkZbp) fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk P"M 2-- abofsXqf

RKFQBA PQ:QBP

MofZbtXqboelrpb=llmbop IIM

* PqXqb Pqobbq ;Xkh " Qorpq =l

TFIIF:J ERKQ DOLPP ";FII"

3,/5,-/ *

MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=

Rkfqba PqXqbp Kbtmloq ;bXZe

AbofsXqfsb*:ppbq :iilZ .*5--*6/4*1315 ttt+mfjZl+Zl

j

MFJ=L PqlZhpMirp QlqXi Obqrok

MFJ=L PqlZhpMirp QlqXi Obqrok Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp qlqXi obqrok tefZe buZbbap qeXq lc qeb P"M 2-- Fkabu+ Qeb Crka) rkabo klojXi ZfoZrjpqXkZbp) fksbpqp prYpqXkqfXiiv Xii lc fqp Xppbqp fk P"M 2-- abofsXqf

RKFQBA PQ:QBP

MofZbtXqboelrpb=llmbop IIM

* PqXqb Pqobbq ;Xkh " Qorpq =l

TFIIF:J ERKQ DOLPP ";FII"

3,/5,-/ *

MXZfcfZ Fksbpqjbkq JXkXdbjbkq =l II=

Rkfqba PqXqbp Kbtmloq ;bXZe

AbofsXqfsb*:ppbq :iilZ 5/*/*0454*/4-- ttt+mirpXppbq+

Zlj

Mirp /pqXo Qofmib =eXkZb PbZro

Mirp /pqXo Qofmib =eXkZb PbZrofqfbp Fksbpqjbkq Qorpq / %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * HlobX PbZrofqfbp

CfkXkZb =lom * * * Mirp :ppbq JXkXdbjbkq =l,HlobX

Plrqe HlobX PBLRI

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4//4*/4-- Qbi ttt+mliXoZXmfq

Xi+Zl+rh

MliXo =XmfqXi Crkap MI= * RH :

MliXo =XmfqXi Crkap MI= * RH :Yplirqb Obqrok Crka fp X R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk FobiXka+ Qeb lYgbZqfsb fp ql XZefbsb XYplirqb obqrokp) obdXoaibpp lc qeb afobZqflk lc qeb RH pqlZh jXohbq+ Qeb Crka tfii fksbpq fk) lo qXhb bumlprob qeolr FOBI:KA * *

Kloqebok Qorpq CfarZfXov PbosfZbp FobiXka Iqa

MEFIFM E:OAV 2,0-,-5 * MliXo =XmfqXi IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ * *

Mobjfrj Crkap * Qeb Molcbppflk

Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi XmmobZfXqflk Yv fksbpqfkd qeolrde =fqfCU :imeX PqoXqbdv . Crka+ Qeb Crka Xfjp ql lrq*mbocloj dilYXi bnrfqv Xka dilYXi Ylka fksbpqjbkqp lk X ofph*Xagrpqba YXpfp Xka ql molsfab obqrokp tfqe ilt ZloobiXqflkp ql

=:VJ:K FPI:KAP * * Mobjfrj Crkap

Iqa * * *

PJ;= Kfhhl Fksbpqjbkq Crka JXkXdbjbkq =l P+:

IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * *

Mobjfrj Crkap * Qeb Molcbppflk

Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb ZXmfqXi XmmobZfXqflk Yv fksbpqfkd qeolrde =fqfCU :imeX PqoXqbdv . Crka+ Qeb Crka Xfjp ql lrq*mbocloj dilYXi bnrfqv Xka dilYXi Ylka fksbpqjbkqp lk X ofph*Xagrpqba YXpfp Xka ql molsfab obqrokp tfqe ilt ZloobiXqflkp ql

=:VJ:K FPI:KAP * * Mobjfrj Crkap

Iqa * * *

PJ;= Kfhhl Fksbpqjbkq Crka JXkXdbjbkq =l P+:

IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ * *

MofkZbqlk Crqrobp PqoXqbdv Crk

MofkZbqlk Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql pbbh ZXmfqXi XmmobZfXqflk+ Qeb Crka pbbhp ql XZefbsb fqp mofjXov fksbpqjbkq lYgbZqfsb Yv fksbpqfkd fk8 pbZrofqfbp lc ifjfqba mXoqkbopefmp) pbZrofqfbp lc ifjfq

RKFQBA PQ:QBP

JZDiXaobv " Mriibk IIM,K=

* Rkflk ;Xkh " Qorpq =l

GLEK I P:;OB /-.- DOBD A

:KABOPLKMofkZbqlk Crkap,RP: Rkfqba PqXqbp Abksbo

AbofsXqfsb*:ppbq :iilZ * *

MofkZbqlk Crqrobp PqoXqbdv Crk

MofkZbqlk Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql pbbh ZXmfqXi XmmobZfXqflk+ Qeb Crka pbbhp ql XZefbsb fqp mofjXov fksbpqjbkq lYgbZqfsb Yv fksbpqfkd fk8 pbZrofqfbp lc ifjfqba mXoqkbopefmp) pbZrofqfbp lc ifjfq

RKFQBA PQ:QBP

JZDiXaobv " Mriibk IIM,K=

* Rkflk ;Xkh " Qorpq =l

GLEK I P:;OB /-.- DOBD A

:KABOPLKMofkZbqlk Crkap,RP: Rkfqba PqXqbp Abksbo

AbofsXqfsb*:ppbq :iilZ * *

MofkZbqlk Crqrobp PqoXqbdv Crk

MofkZbqlk Crqrobp PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb lYgbZqfsb fp ql pbbh ZXmfqXi XmmobZfXqflk+ Qeb Crka pbbhp ql XZefbsb fqp mofjXov fksbpqjbkq lYgbZqfsb Yv fksbpqfkd fk8 pbZrofqfbp lc ifjfqba mXoqkbopefmp) pbZrofqfbp lc ifjfq

RKFQBA PQ:QBP

JZDiXaobv " Mriibk IIM,K=

* Rkflk ;Xkh " Qorpq =l

GLEK I P:;OB /-.- DOBD A

:KABOPLKMofkZbqlk Crkap,RP: Rkfqba PqXqbp Abksbo

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ (32* 3016 6.--

ttt+bXpqpmofkdfksbpqjbkqp+Zlj+pd

MorabkqfXi MorIfkh MolqbZqba D

MorabkqfXi MorIfkh MolqbZqba DilYXi QfqXkp Crka fp Xk fksbpqjbkq*ifkhba fkproXkZb crka bpqXYifpeba fk PfkdXmlob+ Qeb Crka$p lYgbZqfsb fp ilkd*qboj ZXmfqXi doltqe+ Qeb Crka fksbpqp fk qlm dilYXi jriqfkXqflkXi ZljmXkfbp qeolrde qeb Alt Glkbp DilYXi QfqXkp PFKD:MLOB

HMJD IIM,PfkdXmlob

* * * * * BXpqpmofkd Fksbpqjbkqp PfkdXmlob Iqa

PfkdXmlob PfkdXmlob

AbofsXqfsb*:ppbq :iilZ

Qbi (02/ 12 .0 .1 2--

ttt+erX*fksbpq+ir

MPJ JXZol PqoXqbdv

MPJ JXZol PqoXqbdv fp Xk lmbk*bka fksbpqjbkq crka fkZlomloXqba fk IrubjYlrod+ Qeb Crka$p lYgbZqfsb fp Zlkqfkrlrp doltqe+ Qeb Crka fksbpqp tloia*tfab fk cfkXkZfXi Xka Zljjlafqv crqrobp+

IRUBJ;LROD * *

EXrZh " :rceXbrpbo ;Xknrfbop IrubjYlrod

* * *

EXrZh " :rceXbrpbo Fksbpqjbkq DbpbiipZeXcq P:

IrubjYlrod IrubjYlrod

AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *

DQ:: LsboiXvOXfccbfpbk 003 DQ:: LsboiXv O fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd :RPQOF: * * * * * *

OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX

:rpqofX SfbkkX

AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *

DQ:: LsboiXvOXfccbfpbk 003 DQ:: LsboiXv O fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd :RPQOF: * * * * * *

OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX

:rpqofX SfbkkX

AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *

DQ:: LsboiXvOXfccbfpbk 003 DQ:: LsboiXv O fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd :RPQOF: * * * * * *

OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX

:rpqofX SfbkkX

AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *

DQ:: LsboiXvOXfccbfpbk 003 DQ:: LSBOI:V fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd X :RPQOF: * *

OXfccbfpbk WbkqoXiYXkh LbpqboobfZe :D

HROQ P=E:MMBITBFK

./,-.,-4 * OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX

:rpqofX SfbkkX

AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *

DQ:: LsboiXvOXfccbfpbk 003 DQ:: LSBOI:V fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd X :RPQOF: * *

OXfccbfpbk WbkqoXiYXkh LbpqboobfZe :D

HROQ P=E:MMBITBFK

./,-.,-4 * OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX

:rpqofX SfbkkX

AbofsXqfsb*:ppbq :iilZ (10*4..4-*062/ ttt+oZj+Xq OXfccbfpbk 003 *

DQ:: LsboiXvOXfccbfpbk 003 DQ:: LSBOI:V fp Xk R=FQP Zboqfcfba lmbk*bka crka fkZlomloXqba fk :rpqofX+ Qeb crka Xfjp ql XZefbsb buZbpp obqrok Yv fjmibjbkqfkd X YolXa oXkdb lc fkabmbkabkq jriqf*pqvib DilYXi QXZqfZXi :ppbq :iilZXqflk pqoXqbdfbp+ Qeb crka tfii qXhb ilkd X :RPQOF: * *

OXfccbfpbk WbkqoXiYXkh LbpqboobfZe :D

HROQ P=E:MMBITBFK

./,-.,-4 * OXfccbfpbk HXmfqXiXkiXdb DjYE,:rpqofX

:rpqofX SfbkkX

AbofsXqfsb*:ppbq :iilZ 03 . 151 1356 ttt+oXfccbfpbk+

er

OXfccbfpbfk PqXoQbXj =XmfqXi M

OXfccbfpbk PqXoQbXj =XmfqXi MolqbZqba AbofsXqfsb Crka fp Xk lmbk*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka$p lYgbZqfsb fp ZXmfqXi molqbZqflk Xka X obqrok YXpba lk qeb mboclojXkZb lc X YXphbq lc 3 fkqbokXqflkXi bnrfqfbp+ Qeb Crka fksbpqp fqp Xppbqp fk YXk ERKD:OV * * OXfccbfpbk ;Xkh

WoqWLIQ:K S:O:AF 3,.5,.- *

OXfccbfpbk ;bcbhqbqbpf :iXmhbwbil Woq

ErkdXov ;raXmbpq

AbofsXqfsb*:ppbq :iilZ 03 . 151 1356 ttt+oXfccbfpbk+

erOXfccbfpbk Vfbia Mobjfrj Abofs

OXfccbfpbk Vfbia Mobjfrj AbofsXqfsb Crka fp Xk lmbk*bka crka fkZlomloXqba fk ErkdXov+ Qeb Crka fksbpqp fqp Xppbqp fk dlsbokjbkq Ylkap) abmlpfqp Xka abofsXqfsbp+ ERKD:OV * * OXfccbfpbk ;Xkh

WoqJFHILP ;LO;BIV 4,./,.- *

OXfccbfpbk ;bcbhqbqbpf :iXmhbwbil Woq

ErkdXov ;raXmbpq

AbofsXqfsb*:ppbq :iilZ

.*5--*130*0530 Bkdifpe

ttt+oYZcrkap+Zlj

O;= FkqbokXqflkXi Fkabu =roobk

O;= FkqbokXqflkXi Fkabu =roobkZv KbrqoXi Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql qoXZh qeb mboclojXkZb lc X dbkboXiiv obZldkfwba fkabu lc fkqbokXqflkXi bnrfqv jXohbq Zroobkqiv Ybfkd qeb JP=F B:CB Fkabu+ Qeb Crka fksbpqp mofjXofi

=:K:A: Abilfqqb " QlrZeb IIM *

O;= AbufX Fksbpqlo PbosfZbp Qorpq

* * *

O;= DilYXi :ppbq JXkXdbjbkq,=XkXaX

=XkXaX Qlolkql

AbofsXqfsb*:ppbq :iilZ

.*5--*130*0530 Bkdifpe

ttt+oYZcrkap+Zlj

O;= RP Fkabu =roobkZv KbrqoXi

O;= R+P+ Fkabu =roobkZv KbrqoXi Crka fp Xk lmbk*bka crka fkZlomloXqba fk =XkXaX+ Qeb Crka pbbhp ql qoXZh qeb mboclojXkZb lc X dbkboXiiv obZldkfwba fkabu lc R+P+ bnrfqv jXohbq mboclojXkZb Zroobkqiv Ybfkd qeb PqXkaXoa " Mllo$p 2-- QlqXi Obqrok Fkabu+ Qeb Cr =:K:A: Abilfqqb "

QlrZeb IIM * O;= AbufX Fksbpqlo PbosfZbp Qorpq

* * *

O;= DilYXi :ppbq JXkXdbjbkq,=XkXaX

=XkXaX Qlolkql

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

MolqbZqba Fksbpqjbkq Crka 0 RH Doltqe fp Xk lmbk*bka crka aljfZfiba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab X obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla+ Qeb Crka tfii fksbpq mofkZfmXiiv fk ls ;OFQ:FK Bokpq " Vlrkd

IIM * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod

M:RI =E:K /,-1,-5 * O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

MolqbZqba Fksbpqjbkq Crka . RH Doltqe fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab Xob obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla+ Qeb Crka tfii fksbp ;OFQ:FK Bokpq " Vlrkd

IIM * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod

M:RI =E:K ..,.6,-4 * O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

MolqbZqba Fksbpqjbkq Crka / RH Doltqe fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab X obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu arofkd X cfuba mXoqfZfmXqflk mbofla+ Qeb Crka tfii fksbpq mofkZf ;OFQ:FK Bokpq " Vlrkd

IIM * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod

M:RI =E:K .,/0,-5 * O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

MolqbZqba Fksbpqjbkq Crka 4 RH Doltqe fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab Xob obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla+ Qeb Crka tfii fksbp ;OFQ:FK * *

=fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod

M:RI =E:K 6,/1,-5 * O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

O;P DilYXi PqorZqroba Fksbpqjbkqp * Fksbpqjbkq Crka .- QoXkpXqiXkqfZ :kkrXi :ZZrjriXqlo fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka Xfjp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc Ylqe qeb CQPB .-- Xka qeb

;OFQ:FK * * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod

* * * O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

O;P DilYXi PqorZqroba Fksbpqjbkqp * Fksbpqjbkq Crka .. QoXkpXqiXkqfZ :kkrXi :ZZrjriXqlo fp Xk lmbk*bka crka fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka$p lYgbZqfsb fp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu Xka P"M 2--

;OFQ:FK * * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod

* * * O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

O;P DilYXi PqorZqroba Fksbpqjbkqp * Fksbpqjbkq Crka .2 QoXkpXqiXkqfZ :ZZrjriXqlo fp X Zilpb*bka crka fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka$p lYgbZqfsb fp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc Ylqe qeb CQPB .-- Fkabu Xka qeb P"M 2 ;OFQ:FK * * * * * *

O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

O;P DilYXi PqorZqroba Fksbpqjbkqp * Fksbpqjbkq Crka 6 QoXkpXqiXkqfZ :ZZrjriXqlo fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka Xfjp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc Ylqe qeb CQPB .-- Xka qeb P"M 2--

;OFQ:FK * * =fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod

* * * O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

Fksbpqjbkq Crka 3 RH :ZZbiboXqlo fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla rkqfi bfqebo qeb jX ;OFQ:FK * *

=fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod

* * * O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*4-2.*.534 *

O;P DilYXi PqorZqroba Fksbpqjb

Fksbpqjbkq Crka 4 RH :ZZbiboXqlo fp Xk lmbk*bka fksbpqjbkq ZljmXkv fkZlomloXqba fk qeb Rkfqba Hfkdalj+ Qeb Crka pbbhp ql molsfab X ZXmfqXi obqrok ifkhba ql qeb mboclojXkZb lc qeb CQPB .-- Fkabu %RHU& arofkd X cfuba mXoqfZfmXqflk mbofla rkqfi bfqebo qeb jX ;OFQ:FK * *

=fqfYXkh FkqbokXqflkXi MI=,IrubjYlrod

* * * O;P :ppbq JXkXdbjbkq :=A Iqa

Rkfqba Hfkdalj Ilkalk

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 6.*//*0-66*13-- Qbi ttt+obifXkZbZ

XmfqXi+Zl+fk

ObifXkZb :oYfqoXdb :asXkqXdb C

ObifXkZb :oYfqoXdb :asXkqXdb Crka fp Xk lmbk*bka crka fkZlomloXqba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb Yv qXhfkd XasXkqXdb lc qeb XoYfqoXdb lmmloqrkfqfbp qeXq mlqbkqfXiiv bufpqp Ybqtbbk ZXpe Xka abofsXqfsb jXohbqp Xka tfqefk qeb abofsXqfs FKAF: * * * HOFPE:K

A:D: * *

ObifXkZb =XmfqXi :ppbq JXkXdbjbkq Iqa,FkafX

FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 6.*//*0-66*13-- Qbi ttt+obifXkZbZ

XmfqXi+Zl+fk

ObifXkZb :oYfqoXdb :asXkqXdb C

ObifXkZb :oYfqoXdb :asXkqXdb Crka fp Xk lmbk*bka crka fkZlomloXqba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb Yv qXhfkd XasXkqXdb lc qeb XoYfqoXdb lmmloqrkfqfbp qeXq mlqbkqfXiiv bufpqp Ybqtbbk ZXpe Xka abofsXqfsb jXohbqp Xka tfqefk qeb abofsXqfs FKAF: * * * HOFPE:K

A:D: * *

ObifXkZb =XmfqXi :ppbq JXkXdbjbkq Iqa,FkafX

FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 6.*//*340.*---- ttt+obifdXobjc

+ZljObifdXob FkafX :oYfqoXdb Crka

ObifdXob FkafX :oYfqoXdb Crka fp Xk lmbk*bkaba Crka obdfpqboba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb qeolrde XoYfqoXdb lmmloqrkfqfbp bjbodfkd lrq lc jfpmofZfkd Ybqtbbk qeb ZXpe jXohbq Xka qeb abofsXqfsbp jXohbq+ Qeb Crka fksbpqp 32!*5-! fk

FKAF: * * AbrqpZeb ;Xkh :D

MO:K:S DLHE:IB 1,-.,.. *

ObifdXob :ppbq JXkXdbjbkq =l Iqa

FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 6.*//*340.*---- ttt+obifdXobjc

+ZljObifdXob FkafX :oYfqoXdb Crka

ObifdXob FkafX :oYfqoXdb Crka fp Xk lmbk*bkaba Crka obdfpqboba fk FkafX+ Qeb Crka$p lYgbZqfsb fp ql dbkboXqb fkZljb qeolrde XoYfqoXdb lmmloqrkfqfbp bjbodfkd lrq lc jfpmofZfkd Ybqtbbk qeb ZXpe jXohbq Xka qeb abofsXqfsbp jXohbq+ Qeb Crka fksbpqp 32!*5-! fk

FKAF: * * AbrqpZeb ;Xkh :D

MO:K:S DLHE:IB 1,-.,.. *

ObifdXob :ppbq JXkXdbjbkq =l Iqa

FkafX JrjYXf

AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj

OlM:P =E FkpqfqrqflkXi Crka *

OlM:P %=E& FkpqfqrqflkXi Crka * ;lkap =EC AljbpqfZ fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fk fksbpq fk pqlZhp Xka Yllh*bkqov pbZrofqfbp pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mr

PTFQWBOI:KA * * R;P :D,;bok * * *

R;P Crka JXkXdbjbkq PtfqwboiXka :D

PtfqwboiXka ;Xpbi

AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj

OlM:P =E FkpqfqrqflkXi Crka *

OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp :jbofZX fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl fksbpq

PTFQWBOI:KA * * R;P :D,;bok * * *

R;P Crka JXkXdbjbkq PtfqwboiXka :D

PtfqwboiXka ;Xpbi

AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj

OlM:P =E FkpqfqrqflkXi Crka *

OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp :pfX %bu GXmXk& fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xip

PTFQWBOI:KA * * R;P :D,;bok * * *

R;P Crka JXkXdbjbkq PtfqwboiXka :D

PtfqwboiXka ;Xpbi

AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj

OlM:P =E FkpqfqrqflkXi Crka *

OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp Brolmb fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl fksbpq

PTFQWBOI:KA * * R;P :D,;bok * * *

R;P Crka JXkXdbjbkq PtfqwboiXka :D

PtfqwboiXka ;Xpbi

AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj

OlM:P =E FkpqfqrqflkXi Crka *

OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp GXmXk fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl fksbpqp

PTFQWBOI:KA * * R;P :D,;bok * * *

R;P Crka JXkXdbjbkq PtfqwboiXka :D

PtfqwboiXka ;Xpbi

AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj

OlM:P =E FkpqfqrqflkXi Crka *

OlM:P %=E& FkpqfqrqflkXi Crka * PqoXqbdfZ Fksbpqjbkqp fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl

PTFQWBOI:KA * * R;P :D,;bok * * *

R;P Crka JXkXdbjbkq PtfqwboiXka :D

PtfqwboiXka ;Xpbi

AbofsXqfsb*:ppbq :iilZ 1.*3.*/55*16.- ttt+rYp+Zlj

OlM:P =E FkpqfqrqflkXi Crka *

OlM:P %=E& FkpqfqrqflkXi Crka * Bnrfqfbp PtfqwboiXka fp Xk lmbk*bka crka fkZlomloXqba fk PtfqwboiXka+ Qeb lYgbZqfsb lc qeb crka fp ql fksbpq fkql pqlZhp Yllh*bkqov pbZrofqfbp tefZe Xob qoXaba lk qeb buZeXkdb lo lqebo jXohbqp lmbk ql qeb mrYifZ+ Fq Xipl fk

PTFQWBOI:KA * * R;P :D,;bok * * *

R;P Crka JXkXdbjbkq PtfqwboiXka :D

PtfqwboiXka ;Xpbi

AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb

pqjbkqp+Zlj

Ovabu Efde Vfbia PqoXqbdv Crka

Ovabu Efde Vfbia PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq ZloobiXqb ql qeb mboclojXkZb lc qeb efde vfbia Ylka jXohbq+ Qeb Crka fksbpqp fk Zobafq abcXriq ptXmp ql dXfk bumlprob pf

RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP

;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop

II= Rkfqba PqXqbp OlZhsfiib

AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb

pqjbkqp+Zlj

Ovabu Efde Vfbia PqoXqbdv Crka

Ovabu Efde Vfbia PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq ZloobiXqb ql qeb mboclojXkZb lc qeb efde vfbia Ylka jXohbq+ Qeb Crka fksbpqp fk Zobafq abcXriq ptXmp ql dXfk bumlprob pf

RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP

;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop

II= Rkfqba PqXqbp OlZhsfiib

AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb

pqjbkqp+Zlj

Ovabu Efde Vfbia PqoXqbdv Crka

Ovabu Efde Vfbia PqoXqbdv Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obpriqp qeXq ZloobiXqb ql qeb mboclojXkZb lc qeb efde vfbia Ylka jXohbq+ Qeb Crka fksbpqp fk Zobafq abcXriq ptXmp ql dXfk bumlprob pf

RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP

;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop

II= Rkfqba PqXqbp OlZhsfiib

AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb

pqjbkqp+Zlj

Ovabu Pbofbp Qorpq * KlsX Crka

Ovabu Pbofbp Qorpq * KlsX Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab obpriqp tefZe Zloobpmlka ql .2-! lc qeb mboclojXkZb lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk qeb KlsX JXpqbo Crka) tefZe fks

RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP

;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop

II= Rkfqba PqXqbp OlZhsfiib

AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb

pqjbkqp+Zlj

Ovabu Pbofbp Qorpq * KlsX Crka

Ovabu Pbofbp Qorpq * KlsX Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab obpriqp tefZe Zloobpmlka ql .2-! lc qeb mboclojXkZb lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk qeb KlsX JXpqbo Crka) tefZe fks

RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP

;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop

II= Rkfqba PqXqbp OlZhsfiib

AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb

pqjbkqp+Zlj

Ovabu Pbofbp Qorpq * KlsX Crka

Ovabu Pbofbp Qorpq * KlsX Crka fp Xk lmbk*bka crka fkZlomloXqba fk qeb RP:+ Qeb Crka$p lYgbZqfsb fp ql molsfab obpriqp tefZe Zloobpmlka ql .2-! lc qeb mboclojXkZb lc qeb P"M 2-- Fkabu+ Qeb Crka fksbpqp Xii lc fqp Xppbqp fk qeb KlsX JXpqbo Crka) tefZe fks

RKFQBA PQ:QBP Bokpq " Vlrkd * 'JFPQ:HB%RP

;Xkh K:&JF=E:BI M ;VORJ .660 JFHB ABII:M: PbZrofqv Fksbpqlop

II= Rkfqba PqXqbp OlZhsfiib

AbofsXqfsb*:ppbq :iilZ .*0-.*/63*2.-- ttt+ovabufksb

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Ovabu Pbofbp Qorpq * KlsX Crka

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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PXjprkd Fkabu Mltbo PbZrofqfbp

PXjprkd Fkabu Mltbo PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq qeb HLPMF/--+ Qeb Crka fksbpqp 3-! lo ibpp fk pqlZhp Xka bnrfqv*ifkhba lk*b

PLRQE HLOB: * * EXkX ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Fkabu Mltbo PbZrofqfbp

PXjprkd Fkabu Mltbo PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb buZbpp dXfkp XdXfkpq qeb HLPMF/--+ Qeb Crka fksbpqp 3-! lo ibpp fk pqlZhp Xka bnrfqv*ifkhba lk*b

PLRQE HLOB: * * EXkX ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Fkabu Mobjfrj PbZrofqf

PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob

PLRQE HLOB: * * * * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Fkabu Mobjfrj PbZrofqf

PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob

PLRQE HLOB: * * * * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Fkabu Mobjfrj PbZrofqf

PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob

PLRQE HLOB: * * * * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Fkabu Mobjfrj PbZrofqf

PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob

PLRQE HLOB: * * * * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Fkabu Mobjfrj PbZrofqf

PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob

PLRQE HLOB: * * * * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Fkabu Mobjfrj PbZrofqf

PXjprkd Fkabu Mobjfrj PbZrofqfbp Fksbpqjbkq Qorpq %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql lYqXfk ZXmfqXi XmmobZfXqflk+ Qeb Crka tfii XiilZXqb Xq ibXpq 3-! lc fqp Xppbqp fk bnrfqfbp Xka bnrfqv*ob

PLRQE HLOB: * * * * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd HLABU Dlia Crqrobp Pmb

PXjprkd HLABU Dlia Crqrobp PmbZfXi :ppbq BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc Qeb P"M DP=F Dlia Fkabu QlqXi Obqrok tefZe fp qoXaba lk =LJBU %=ljjlafqfbp BuZeXkdb) Kbt Vloh&+

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

HFJ PBLK*ET: -1,-4 *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd HLABU PlvYbXkp Crqrobp

PXjprkd HLABU PlvYbXkp Crqrobp PmbZfXi :ppbq BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb P"M DP=F PlvYbXkp QlqXi Obqrok+

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

HFJ PBLK*ET: -0,.. *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd HLPMF/-- Ifkhba PbZrof

PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq .- %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb Hlpmf /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk a

PLRQE HLOB: * * * * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd HLPMF/-- Ifkhba PbZrof

PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 5 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb Hlpmf /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk ab

PLRQE HLOB: * * ;rpXk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd HLPMF/-- Ifkhba PbZrof

PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 6 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb Hlpmf /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk ab

PLRQE HLOB: * * * * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd HLPMF/-- Ifkhba PbZrof

PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 2 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fq

PLRQE HLOB: * * ;rpXk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd HLPMF/-- Ifkhba PbZrof

PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 2 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb HLPMF/-- Fkabu+ Qeb Crka fksbpqp Xq ibXpq 3-! lc fq

PLRQE HLOB: * * ;rpXk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Clo Vlr Kbt Mbkpflk Hl

PXjprkd Clo Vlr Kbt Mbkpflk HlobX Fkabu AbofsXqfsbp =lksboqfYib Fksbpqjbkq Qorpq * Cbbabo fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Mobjfrj HlobX Fkabu Pb

PXjprkd Mobjfrj HlobX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk PXjprkd DilYXi RjYobiiX HlobX Fkabu PbZrofqfbp JXpqbo Fks

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Mobjfrj HlobX Fkabu Pb

PXjprkd Mobjfrj HlobX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk PXjprkd DilYXi RjYobiiX HlobX Fkabu PbZrofqfbp JXpqbo Fks

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

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PXjprkd Mobjfrj HlobX Fkabu Pb

PXjprkd Mobjfrj HlobX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk PXjprkd DilYXi RjYobiiX HlobX Fkabu PbZrofqfbp JXpqbo Fks

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

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AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd Mobjfrj HlobX Fkabu Pb

PXjprkd Mobjfrj HlobX Fkabu PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk PXjprkd DilYXi RjYobiiX HlobX Fkabu PbZrofqfbp JXpqbo Fks

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

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PXjprkd Obsbopb Fkabu PbZrofqf

PXjprkd Obsbopb Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk *bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obsbopb oXqb lc obqrok lc qeb HLPMF/-- Yv fksbpqfkd fk Ylkap) pqlZhp) Xka abofsXqfsbp+ Qeb Crka

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

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PXjprkd Obsbopb Fkabu PbZrofqf

PXjprkd Obsbopb Fkabu PbZrofqfbp Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk *bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obsbopb oXqb lc obqrok lc qeb HLPMF/-- Yv fksbpqfkd fk Ylkap) pqlZhp) Xka abofsXqfsbp+ Qeb Crka

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

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PXjprkd TQF =orab Lfi PmbZfXi

PXjprkd TQF =orab Lfi PmbZfXi :ppbq Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

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PXjprkd TQF =orab Lfi PmbZfXi

PXjprkd TQF =orab Lfi PmbZfXi :ppbq Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

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PXjprkd TQF =orab Lfi PmbZfXi

PXjprkd TQF =orab Lfi PmbZfXi :ppbq Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*0441*43-- ttt+pXjprkdf

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PXjprkd TQF =orab Lfi PmbZfXi

PXjprkd TQF =orab Lfi PmbZfXi :ppbq Fksbpqjbkq Qorpq . fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

Plrqe HlobX Pblri

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PXjprkd HLABU .- VbXo HlobX Qo

PXjprkd HLABU .- VbXo HlobX QobXprov ;lka Crqrob BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql qoXZh qeb mboclojXkZb lc qeb Crqrobp ifkhba .- VbXo HlobX QobXprov ;lka Fkabu %C*IHQ; Fkabu&+

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

K:J*RF HFJ .,/-,./ * PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

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PXjprkd HLPMF/-- Ifkhba PbZrof

PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq . %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * FkarpqofXi ;Xkh lc

HlobX * * * PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

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PXjprkd HLPMF/-- Ifkhba PbZrof

PXjprkd HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq / %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk abofsXqfsb*ifkhba pbZrofqfbp tefZe Xob ifkhba ql qeb HLPMF/-- Fkabu+

PLRQE HLOB: * * * * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

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P:JPRKD HLPMF/-- Ifkhba PbZrof

P:JPRKD HLPMF/-- Ifkhba PbZrofqfbp Fksbpqjbkq Qorpq 3 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfkp Yv fksbpqfkd fk BIPp ifkhba ql qeb Hlpmf /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk ab

PLRQE HLOB: * * ;rpXk ;Xkh * * *

PXjprkd :ppbq JXkXdbjbkq =l Iqa,Plrqe HlobX

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PLRQE HLOB: * *

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PXjprkd HLPMF/-- IbsboXdb PbZr

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PLRQE HLOB: * *

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PXjprkd HLPMF/-- IbsboXdb PbZr

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PLRQE HLOB: * *

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PXjprkd HLPMF/-- IbsboXdb PbZr

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PXjprkd HLPMF/-- IbsboXdb PbZr

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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PefkeXk ;KMM :dofZriqrob Fkabu

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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PefkeXk ;KMM =ljjlafqv Fkabu M

PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *

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PefkeXk ;KMM =ljjlafqv Fkabu M

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PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM =ljjlafqv Fkabu M

PefkeXk ;KMM =ljjlafqv Fkabu Mirp AbofsXqfsbp Fksbpqjbkq Qorpq * Cbbabo . fp Xk lmbk*bka crka fkZlomloXqba fk HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM =ljjlafqv Fkabu M

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PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM =ljjlafqv Fkabu M

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PefkeXk ;KMM =ljjlafqv Fkabu M

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PefkeXk ;KMM =ljjlafqv Fkabu M

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PefkeXk ;KMM =ljjlafqv Fkabu M

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PefkeXk ;KMM =ljjlafqv Fkabu M

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PefkeXk ;KMM Bkbodv Fkabu Mirp

PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * * EXkX ;Xkh * * *

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PefkeXk ;KMM Bkbodv Fkabu Mirp

PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

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PefkeXk ;KMM Bkbodv Fkabu Mirp

PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

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PefkeXk ;KMM Bkbodv Fkabu Mirp

PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * * EXkX ;Xkh * * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM Bkbodv Fkabu Mirp

PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * * EXkX ;Xkh * * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM Bkbodv Fkabu Mirp

PefkeXk ;KMM Bkbodv Fkabu Mirp PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * * EXkX ;Xkh * * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM PbZrofqfbp Fksbpq

PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EH*5 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * * * * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM PbZrofqfbp Fksbpq

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PefkeXk ;KMM JbqXi Fkabu Mirp

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PLRQE HLOB: * * * * * *

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PefkeXk ;KMM PbZrofqfbp Fksbpq

PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EM*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *

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PefkeXk ;KMM PbZrofqfbp Fksbpq

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PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM PbZrofqfbp Fksbpq

PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EM*0 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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PefkeXk ;KMM PbZrofqfbp Fksbpq

PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq EM*1 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *

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PefkeXk ;KMM Qlmp JlXe CrkaXjb

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PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM / PqXo PbZrofqfbp

PefkeXk ;KMM / PqXo PbZrofqfbp Fksbpqjbkq Qorpq HP*2 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * Hllhjfk ;Xkh * * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM PjXoq HLPMF /-- F

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PefkeXk ;KMM PbZrofqfbp Fksbpq

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PLRQE HLOB: * * =fqfYXkh HlobX

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PefkeXk ;KMM PbZrofqfbp Fksbpq

PefkeXk ;KMM PbZrofqfbp Fksbpqjbkq Qorpq H;Ek*.6 %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql XZefbsb ZXmfqXi dXfk Yv fksbpqfkd fk BIPp ifkhba ql EP=BF Fkabu Xka H; CfkXkZfXi Eliafkdp+ Qeb Crka fksbpqp Xq ib

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PefkeXk ;KMM ClZrp :dofZriqroX

PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

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PefkeXk ;KMM ClZrp :dofZriqroX

PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

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PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM ClZrp :dofZriqroX

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PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

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PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM ClZrp :dofZriqroX

PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM ClZrp :dofZriqroX

PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq . %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * *

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PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM ClZrp :dofZriqroX

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PLRQE HLOB: * *

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PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM ClZrp :dofZriqroX

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PLRQE HLOB: * *

Elkd Hlkd Xka PeXkdeXf ;Xkhfkd =lom Iqa Pblri ;oXkZe,HlobX

* * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa

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PefkeXk ;KMM ClZrp :dofZriqroX

PefkeXk ;KMM ClZrp :dofZriqroXi Dllap PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %;lka*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * * * * * *

PefkeXk ;KM MXofYXp :ppbq JXkXdbjbkq =l Iqa,HlobX

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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PLRQE HLOB: * * =fqfYXkh HlobX

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Tllof FkafX Fkabu PbZrofqfbp =

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Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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Tllof Jv ;rii JXohbq PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb obqrokp Zloobpmlkafkd ql qeb ofpb fk pqlZh jXohbq qeolrde fksbpqjbkq fk bnrfqv*ifkhba lk*buZeXk

PLRQE HLOB: * * FkarpqofXi ;Xkh lc

HlobX * * * Tllof :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+

Zlj

Tllof /PqXo PbZrofqfbp Fksbpqj

Tllof /PqXo PbZrofqfbp Fksbpqjbkq Qorpq PHM*. %BIP * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * * * * *

Tllof :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr

kap+Zlj

Tbdbifk Iru DilYXi AfsbopfcfZX

Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l

IRUBJ;LROD * *

=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod

C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO

Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S

PtfqwboiXka Pq DXiibk

AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr

kap+Zlj

Tbdbifk Iru DilYXi AfsbopfcfZX

Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l

IRUBJ;LROD * *

=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod

C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO

Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S

PtfqwboiXka Pq DXiibk

AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr

kap+Zlj

Tbdbifk Iru DilYXi AfsbopfcfZX

Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l

IRUBJ;LROD * *

=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod

C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO

Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S

PtfqwboiXka Pq DXiibk

AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr

kap+Zlj

Tbdbifk Iru DilYXi AfsbopfcfZX

Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l

IRUBJ;LROD * *

=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod

C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO

Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S

PtfqwboiXka Pq DXiibk

AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr

kap+Zlj

Tbdbifk Iru DilYXi AfsbopfcfZX

Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l

IRUBJ;LROD * *

=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod

C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO

Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S

PtfqwboiXka Pq DXiibk

AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr

kap+Zlj

Tbdbifk Iru DilYXi AfsbopfcfZX

Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l

IRUBJ;LROD * *

=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod

C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO

Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S

PtfqwboiXka Pq DXiibk

AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr

kap+Zlj

Tbdbifk Iru DilYXi AfsbopfcfZX

Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l

IRUBJ;LROD * *

=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod

C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO

Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S

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AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr

kap+Zlj

Tbdbifk Iru DilYXi AfsbopfcfZX

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IRUBJ;LROD * *

=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod

C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO

Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S

PtfqwboiXka Pq DXiibk

AbofsXqfsb*:ppbq :iilZ 02/*12.1.1. ttt+tbdbifkcr

kap+Zlj

Tbdbifk Iru DilYXi AfsbopfcfZX

Tbdbifk %Iru& DilYXi AfsbopfcfZXqflk fp X R=FQP FS ZljmifXkq PrY*Crka lc Tbdbifk %Iru& Crkap PF=:S fkZlomloXqba fk IrubjYlrod+ Qeb Crkap lYgbZqfsb fp ilkd*qboj ZXmfqXi XmmobZfXqflk+ Qeb Crka ZXk fksbpq fk Xkv Mbojfqqba Fksbpqjbkqp tloiatfab foobpmbZqfsb l

IRUBJ;LROD * *

=fqfYXkh FkqbokXqflkXi MI= IrubjYlrod

C:;F:K ALOF 0,0.,.. J:KRBI HOFBDBO

Tbdbifk :ppbq JXkXdjbkq Crkap PF=:S

PtfqwboiXka Pq DXiibk

AbofsXqfsb*:ppbq :iilZ 3.*.0.*5.4 ttt+tbpqmXZ+Z

lj+Xr

TbpqmXZ ;rpfkbpp PrmboXkkrXqfl

TbpqmXZ ;rpfkbpp PrmboXkkrXqflk * =XmfqXi PbZrob fp X prmboXkkrXqflk crka fkZlomloXqba fk :rpqoXifX+ Qeb Crka fp Xfjp ql molsfab pbZrofqv lc ZXmfqXi qldbqebo tfqe obiXqfsbiv pqXYib obqrokp+ Qeb Crka fksbpqp fk Ylkap Xka ifnrfa fksbpqjbkqp) tfqe X obiXqfsb :RPQO:IF: * * * * * *

TbpqmXZ CfkXkZfXi PbosfZbp Iqa

:rpqoXifX Pvakbv

AbofsXqfsb*:ppbq :iilZ 11*/-*0.4-*2625 ttt+YiXZhZXqZ

XmfqXi+ZljTefqb Qfdbo Crka Iqa

Tefqb Qfdbo Crka Iqa fp Xk lmbk*bka crka fkZlomloXqba fk qeb ;ofqfpe Sfodfk FpiXkap+ Qeb Crka eXp X efde PeXomb oXqfl) ilt ZloobiXqflk tfqe lqebo Xppbq ZiXppbp Xka Xfjp ql XZefbsb Xk XsboXdb fksbpqjbkq obqrok lc /-! mbo Xkkrj+ Qeb Crka bjmilvp X criiv Xrq

;OFQ:FKMofZbtXqboelrpb=llmbop,FobiXka

* FkqboXZqfsb ;olhbop Dolrm FkZ

J:QQEBT ;OB:HTBII .,-1,.. * ;iXZhZXq =XmfqXi

MXoqkbop IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ 11*/-*0.4-*2625 ttt+YiXZhZXqZ

XmfqXi+ZljTefqb Qfdbo Crka Iqa

Tefqb Qfdbo Crka Iqa fp Xk lmbk*bka crka fkZlomloXqba fk qeb ;ofqfpe Sfodfk FpiXkap+ Qeb Crka eXp X efde PeXomb oXqfl) ilt ZloobiXqflk tfqe lqebo Xppbq ZiXppbp Xka Xfjp ql XZefbsb Xk XsboXdb fksbpqjbkq obqrok lc /-! mbo Xkkrj+ Qeb Crka bjmilvp X criiv Xrq

;OFQ:FKMofZbtXqboelrpb=llmbop,FobiXka

* FkqboXZqfsb ;olhbop Dolrm FkZ

J:QQEBT ;OB:HTBII .,-1,.. * ;iXZhZXq =XmfqXi

MXoqkbop IIM Rkfqba Hfkdalj Ilkalk

AbofsXqfsb*:ppbq :iilZ * *

Tbiifkdqlk JXkXdbjbkq Mloqclif

Tbiifkdqlk JXkXdbjbkq Mloqclifl %=XvjXk& * Dlsbokjbkq ObiXqfsb SXirb Mloqclifl fp Xk lmbk*bka crka fkZlomloXqba fk qeb =XvjXk FpiXkap+ Qeb Crka Xfjp ql dbkboXqb obqrokp fk buZbpp lc qeb Jboofii IvkZe 0*Jlkqe Q*;fii Fkabu+ Qeb Crka fksbpqp fk buZeXkdb*qoXa

=:VJ:K FPI:KAP * * PqXqb Pqobbq ;Xkh

Xka Qorpq =l * * * Tbiifkdqlk JXkXdbjbkq =l IIM

Rkfqba PqXqbp ;lpqlk

AbofsXqfsb*:ppbq :iilZ * *

Tbiifkdqlk JXkXdbjbkq Mloqclif

Tbiifkdqlk JXkXdbjbkq Mloqclifl %=XvjXk& * Dlsbokjbkq ObiXqfsb SXirb Mloqclifl fp Xk lmbk*bka crka fkZlomloXqba fk qeb =XvjXk FpiXkap+ Qeb Crka Xfjp ql dbkboXqb obqrokp fk buZbpp lc qeb Jboofii IvkZe 0*Jlkqe Q*;fii Fkabu+ Qeb Crka fksbpqp fk buZeXkdb*qoXa

=:VJ:K FPI:KAP * * PqXqb Pqobbq ;Xkh

Xka Qorpq =l * * * Tbiifkdqlk JXkXdbjbkq =l IIM

Rkfqba PqXqbp ;lpqlk

AbofsXqfsb*:ppbq :iilZ * *

Tbiifkdqlk JXkXdbjbkq Mloqclif

Tbiifkdqlk JXkXdbjbkq Mloqclifl %=XvjXk& * Dlsbokjbkq ObiXqfsb SXirb Mloqclifl fp Xk lmbk*bka crka fkZlomloXqba fk qeb =XvjXk FpiXkap+ Qeb Crka Xfjp ql dbkboXqb obqrokp fk buZbpp lc qeb Jboofii IvkZe 0*Jlkqe Q*;fii Fkabu+ Qeb Crka fksbpqp fk buZeXkdb*qoXa

=:VJ:K FPI:KAP * * PqXqb Pqobbq ;Xkh

Xka Qorpq =l * * * Tbiifkdqlk JXkXdbjbkq =l IIM

Rkfqba PqXqbp ;lpqlk

AbofsXqfsb*:ppbq :iilZ * *

Tbiifkdqlk JXkXdbjbkq Mloqclif

Tbiifkdqlk JXkXdbjbkq Mloqclifl %=XvjXk& * Dlsbokjbkq ObiXqfsb SXirb Mloqclifl fp Xk lmbk*bka crka fkZlomloXqba fk qeb =XvjXk FpiXkap+ Qeb Crka Xfjp ql dbkboXqb obqrokp fk buZbpp lc qeb Jboofii IvkZe 0*Jlkqe Q*;fii Fkabu+ Qeb Crka fksbpqp fk buZeXkdb*qoXa

=:VJ:K FPI:KAP * * PqXqb Pqobbq ;Xkh

Xka Qorpq =l * * * Tbiifkdqlk JXkXdbjbkq =l IIM

Rkfqba PqXqbp ;lpqlk

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+

Zlj

Tllof / PqXo PbZrofqfbp Fksbpq

Tllof / PqXo PbZrofqfbp Fksbpqjbkq Qorpq HHQ*. %BIP*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ PLRQE HLOB: * * EXkX ;Xkh * * *

Tllof :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+

Zlj

Tllof HLPBC /-- Crqrobp BQC

Tllof HLPBC /-- Crqrobp BQC fp Xk BuZeXkdb QoXaba Crka bpqXYifpeba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb C*HLPMF/-- Fkabu+ Qeb Crka jXfkiv fksbpqp fk abofsXqfsbp rkabivfkd t

PLRQE HLOB: * * * IBB

H:KDEBB .,.0,./ * Tllof :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+

Zlj

Tllof HLPBC RPA Crqrobp Fksbop

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PLRQE HLOB: * * * IBB

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Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+

Zlj

Tllof SXofXYib FkproXkZb Fkabu

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PLRQE HLOB: * * EXkX ;Xkh * * *

Tllof :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*456*-0-- ttt+tllofXj+

Zlj

Tllof PqlZh MofZb Fkabu Ifkhba

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PLRQE HLOB: * * * * * *

Tllof :ppbq JXkXdbjbkq,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 3.*.0.*5.4 ttt+tbpqmXZ+Z

lj+Xr

TbpqmXZ Ol ;lka =XmfqXi DrXoXk

TbpqmXZ Ol ;lka =XmfqXi DrXoXkqbba Crka fp X rkfq qorpq fkZlomloXqba fk :rpqoXifX+ Qeb Crka fp Xfjp ql molsfab pbZrofqv lc ZXmfqXi qldbqebo tfqe obiXqfsbiv pqXYib obqrokp+ Qeb Crka fksbpqp fk Ylkap Xka ifnrfa fksbpqjbkqp) tfqe X obiXqfsbiv pjXii Xjlrkq f :RPQO:IF: * * * * * *

TbpqmXZ CfkXkZfXi PbosfZbp Iqa

:rpqoXifX Pvakbv

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;B:O

U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;B:O

U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;B:O

U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;B:O

U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;B:O

U:=Q AbofsXq ;B:O fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ Qeb Crka$p lYgbZqfsb fp ql pfjriXqb) Yrq fk lmmlpfqb afobZqflk lc qeb L;U pqlZh fkabu) pl qeXq qeb crkap absbilmjbkq tfii Yb /--! lc qeb aXfiv mboclojXkZb Yrq fk qeb lmmlpfqb afobZqflk+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 14*//*61*-4*-- ttt+eXkabipY

Xkhbk+kl,clkaUXZq AbofsXq ;rii U:=Q AbofsXq ;rii fp Xk buZeXkdb qoXaba crka fkZlomloXqba fk KlotXv+ KLOT:V HMJD,Lpil * EXkabipYXkhbk,K

lotXv * * * EXkabipYXkhbk ClkaclosXiqkfkd :P

KlotXv Lpil

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrofb .+2u IbsboXdb PbZrofqfbp

Vrofb .+2u IbsboXdb PbZrofqfbp JXpqbo Fksbpqjbkq Qorpq %Bnrfqv * AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2 ibsboXdba aXfiv mboclojXkZb lc qeb HLPMF/-- Fkabu Yv fksbpqfkd 3-! lo jlob lc fqp Xppbqp

PLRQE HLOB: * * * * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrofb AXfiv Fkabu AbofsXqfsbp

Vrofb AXfiv Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp X Zilpba*bka crka fkZlomloXqba fk HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb qeb ZXmfqXi doltqe mboclojXkZb lc qeb HLPMF/-- fkabu Xp Zilpbiv Xp mlppfYib+ Qeb Crka fksbpqp bnrfqfbp Xka bnrfqv obiXqba pbZro

PLRQE HLOB: * * PefkeXk ;Xkh * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+hoVrofb Fkabu /-- PbZrofqfbp Fks

Vrofb Fkabu /-- PbZrofqfbp Fksbpqjbkq =ljmXkv %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb vfbia oXqb Zilpb ql HLPMF/--) Xka buZbpp obqrokp XdXfkpq HLPMF/-- fk ifjfqba oXkdb+ Qeb Crka fksbpq

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * * Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+hoVrofb Fkabu /-- PbZrofqfbp Fks

Vrofb Fkabu /-- PbZrofqfbp Fksbpqjbkq =ljmXkv %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb vfbia oXqb Zilpb ql HLPMF/--) Xka buZbpp obqrokp XdXfkpq HLPMF/-- fk ifjfqba oXkdb+ Qeb Crka fksbpq

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * * Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+hoVrofb Fkabu /-- PbZrofqfbp Fks

Vrofb Fkabu /-- PbZrofqfbp Fksbpqjbkq =ljmXkv %Bnrfqv*AbofsXqfsbp& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb vfbia oXqb Zilpb ql HLPMF/--) Xka buZbpp obqrokp XdXfkpq HLPMF/-- fk ifjfqba oXkdb+ Qeb Crka fksbpq

PLRQE HLOB: * * =fqfYXkh HlobX

FkZ * * * Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrofb HLPA:N Fkabu 2- Bnrfqv A

Vrofb HLPA:N Fkabu 2- Bnrfqv AbofsXqfsb Fksbpqjbkq =ljmXkv fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb lYgbZqfsb lc qeb Crka fp ql XZefbsb vfbia oXqb Zilpb ql HLPA:N 2- Fkabu vfbia oXqb+ Qeb Crka fksbpqp 2-! lo jlob fk pqlZhp) 1-! lo ibpp fk =Mp)

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrofb HLPMF/-- Fkabu AbofsXqfs

Vrofb HLPMF/-- Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk alj

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrofb HLPMF/-- Fkabu AbofsXqfs

Vrofb HLPMF/-- Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk alj

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrofb HLPMF/-- Fkabu AbofsXqfs

Vrofb HLPMF/-- Fkabu AbofsXqfsbp Fksbpqjbkq Qorpq fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql molsfab fksbpqjbkq obqrok qeXq Zloobpmlkap Zilpbiv ql qeb mboclojXkZb lc qeb HLPMF /-- Fkabu+ Qeb Crka fksbpqp 3-! lo jlob fk alj

PLRQE HLOB: * * Hllhjfk ;Xkh * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrof Qlm0Dolrm .+2u IbsboXdb J

Vrofb Qlm0Dolrm .+2u IbsboXdb JXpqbo DlXi =lksboqfYib PbZrofqfbp Fksbpqjbkq Qorpq . %Bnrfqv ;XiXkZba*AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+

PLRQE HLOB: * * * * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrofb Qlm 0 Dolrm .+2U IbsboXd

Vrofb Qlm 0 Dolrm .+2U IbsboXdb PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2u ibsboXdba aXfiv mboclojXkZb lc qeb JHC Qlm0 Fkabu Yv fksbpqfkd fk qeb Vrofb Q

PLRQE HLOB: * * * * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrofb Qlm 0 Dolrm .+2U IbsboXd

Vrofb Qlm 0 Dolrm .+2U IbsboXdb PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2u ibsboXdba aXfiv mboclojXkZb lc qeb JHC Qlm0 Fkabu Yv fksbpqfkd fk qeb Vrofb Q

PLRQE HLOB: * * * * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

AbofsXqfsb*:ppbq :iilZ 5/*/*/.35*46-- ttt+vrofbXppbq

+Zl+ho

Vrofb Qlm 0 Dolrm .+2U IbsboXd

Vrofb Qlm 0 Dolrm .+2U IbsboXdb PbZrofqfbp Cbbabo Fksbpqjbkq Qorpq %Bnrfqv AbofsXqfsb& fp Xk lmbk*bka crka fkZlomloXqba fk Plrqe HlobX+ Qeb Crka$p lYgbZqfsb fp ql obmifZXqb .+2u ibsboXdba aXfiv mboclojXkZb lc qeb JHC Qlm0 Fkabu Yv fksbpqfkd fk qeb Vrofb Q

PLRQE HLOB: * * * * * *

Vrofb :ppbq JXkXdbjbkq =l Iqa,HlobX

Plrqe HlobX Pblri

Q.M.S Advisors Av. de la Gare, 1 | 1003, Lausanne - CH | tel: +41 (0)78 922 08 77 | +41 (0)21 711 40 89 | e-mail: info@qmsadv.com |

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