Effekt på CO2-utslippene i nye biler av endringer i kjøpsavgift og drivstoffavgift

Rapport 2011/20

Ingeborg Rasmussen og Steinar Strøm

Effekt på CO2-utslippene i nye biler av endringer i kjøpsavgift og drivstoffavgift

Kategori	Rapporter
Underkategori(er)	n/a
År	2011
Rapportnummer	20
Forfatter(e)	Ingeborg Rasmussen Steinar Strøm
Last ned	file_download (2.5 MB)
Les i nettleser	find_in_page

!!""#$%&'(& )*+,-%./0''#1#& 0& 12#& 30/#4&56& #174018#4& 0&$9:'.5680"%&;8&7406.%;""5680"%&&<18#3;48&=5.>-..#1?&@%#0154&@%4:>&;8&A511#&B2'75C/&&&D0.%5&E15/2.#&E@&"#$%&!'(&)*$+!,&--.,%!(,/!0122301!!!

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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 3 &''(")$%%N.,.,A!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!2!2/!E(()+A(#(B!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!I!2/2!F&:B,6((!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!I!1.1.1!=--A&%+,#(B!.B!9.,?+A,#(B+,!////////////////////////////////////////////////////////////////////////////////////!J!1.1.2!Q&%&B,6(()&B!.B!%#)-&$(#(B!&@!A&%&!////////////////////////////////////////////////////////////////////////!J!0/!Q&B+($!?#)&@B#9%+,!^!6%9.,7#(B!.B!+(A,#(B+,!///////////////////////////////////////////////////////////////////!22!0/2!899+:%&@B#9%+(!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!2L!2.1.1!4&77+(R+(B!7+)).7!+99+:%&@B#9%!.B!<=0>6%$)#--!/////////////////////////////////////////!2L!4%.,+!&@B#9%$9.,$:C+))+,!9.,!$&77+!6%$)#--!//////////////////////////////////////////////////////////////////////!2M!2.1.2!N,&!+99+:%&@B#9%!%#)!<=0>&@B#9%!^!76)#B+!&@B#9%$6%9.,7#(B+,!////////////////////////!2M!2.1.3!N,&!+99+:%&@B#9%!%#)!<=0>&@B#9%_!^!8(!:.,%!A,D9%#(B!///////////////////////////////////////////!2I!0/0!N.,A+)#(B!7+)).7!?#)$+B7+(%+(+!^!R@#):+!?#)+,!:CD-+$_!/////////////////////////////////////!2J!L/!W#)?6A$$#A+(O!%#)-&$(#(B+,!.B!:.$%(&A$:.($+:@+($+,!/////////////////////////////////////////////////!02!L/2!W+,,+(B?#)+,^!6%@#:)#(B+(!-;!%#)?6A$$#A+(!.B!:CD-+,(+$!%#)-&$(#(B+,!//////////!02!L/0![+)).7:)&$$+(^!6%@#:)#(B+(!-;!%#)?6A$$#A+(!.B!:CD-+,(+$!%#)-&$(#(B+,!/////!0M!L/L!V.7-&:%:)&$$+(!^!6%@#:)#(B+(!-;!%#)?6A$$#A+(!.B!:CD-+,(+$!%#)-&$(#(B+,!0K!3.3.1!T.)9!^!7+$%!$.)B%+!?#)7.A+))!#!:.7-&:%:)&$$+(!.B!%.%&)%!/////////////////////////////!0H!L/M!47;?#)+,!^!6%@#:)#(B+(!-;!%#)?6A$$#A+(!.B!:CD-+,(+$!%#)-&$(#(B+,!////////////////!L1!L/`![&,:+A$&(A+)+,!-+,!<=0>6%$)#--!#!9#,+!R.@+A$+B7+(%!////////////////////////////////////////!L0!M/!V.$%(&A$:.($+:@+($+,!^!(.+(!+:$+7-)+,!////////////////////////////////////////////////////////////////////////!L`!'@B#9%$+(A,#(B!9,&!011H!^!0121!////////////////////////////////////////////////////////////////////////////////////////////!LK!M/2!N)+,+!)&@-,#$?#)+,!%#)BC+(B+)#B!B#,!#$.)+,%!$+%%!D:%!$&7)+%!?#)$&)B!///////////////////////!LI!M/0!Q,#@$%.99-,#$+($!?+%*A(#(B!9.,!;,)#B+!?,6:$:.$%(&A+,!////////////////////////////////////////!LH!`/!Y%@#:)#(B!#!<=0>6%$)#--!011M!>!0121!/////////////////////////////////////////////////////////////////////////////////////!M2!K/!a:.(.7+%,#$:+!&(&)*$+,!&@!?#):CD-!/////////////////////////////////////////////////////////////////////////////////////!M`!K/2!'))+!?#):CD-!^!+(!:.7?#(+,%!%@+,$$(#%%$>!.B!%#A$$+,#+&(&)*$+!////////////////////////////!M`!K/0!8)&$%#$#%+%+,!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!MK!6.2.1!'@B#9%$$]+(&,#.+,!6%+(!$+B7+(%9.,A+)#(B!/////////////////////////////////////////////////////////!MI!K/L!8(!D:.(.7+%,#$:!7.A+))!&@!@&)B!&@!?#)O!B#%%!&%!?#)!?)#,!:CD-%/!4+B7+(%9.,A+)%/!MJ![&,:+A+%!9.,!$%D,,+!?#)+,!/////////////////////////////////////////////////////////////////////////////////////////////////////////!MJ![&,:+A+%!9.,!7#(A,+!?#)+,!//////////////////////////////////////////////////////////////////////////////////////////////////////!MJ!6.3.1![.A+))+(!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!MH!6.3.2!8$%#7&%+,!.B!&BB,+B+,%+!-,+A#:$C.(+,!////////////////////////////////////////////////////////////////!`2!6.3.3!8)&$%#$#%+%+,!.B!-,+A#:+,%+!$&(($*()#BR+%+,!/////////////////////////////////////////////////////!`I!K/`/!N)+,+!)&@6%$)#--$7.A+))+,!#!7&,:+A+%!////////////////////////////////////////////////////////////////////////!K`!K/K/!N,&!+99+:%&@B#9%!%#)!<=0>&@B#9%!//////////////////////////////////////////////////////////////////////////////////////////!KK!"+A)+BB!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!KI!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 5 /*%%&')-*0."0.1"2&)3$''."#$%&! '(&)*$+! BC+((.79D,%+! +%! -,.$C+:%! #! 011H! $.7! $;! -;! $&77+(R+(B+(! 7+)).7!+(A,#(B+,! #! :CD-$&@B#9%+(! -;! -+,$.(?#)+,! .B! A,#@$%.99-,#$+(! .B! (*+! ?#)+,$! <=0>6%$)#--/! U,.$C+:%+%! ?)+! BC+((.79D,%! -;! .--A,&B! 9,&! 4%&%+($! @+B@+$+(! b4""c/!5+$6)%&%+(+! +,! A.:67+(%+,%! #! ,&--.,%+(d!!"#$%&#&'($) *+) %,-./*+'#01($) 2')3$#+/1200*+'#01($).4)&5()6#7($/)89:;<1/7#..!=)"#/1*)>&*75/()>?):@@A=))4""! D($:+%! +(! .--A&%+,#(B! .B! @#A+,+6%@#:)#(B! &@! 7.A+))+(O! A+,!+$%#7+,#(B$B,6(()&B+%! ?)+! 6%@#A+%! %#)! ;! #(:)6A+,+! $&)B$A&%&! 9,&! R+)+! 011H! .B! 9D,$%+!R&)@;,!&@!0121/![+A! 6%B&(B$-6(:%! #! +(! @#A+,+6%@#:)#(B! &@! +%%+,$-D,$+)$7.A+))+(!$:6))+! A+%! :CD,+$! 9D)B+(A+! %,+!$]+(&,#+,! 9.,! +(A,#(B+,! #! A,#@$%.99-,#$! .B!+(B&(B$&@B#9%+(d!!• 8(A,#(B!#!A,#@$%.99-,#$+(d!e!01fO!eM1fO!eK1f/!!• 8(A,#(B!#!+(B&(B$&@B#9%+(d!Q.?)#(B!&@!<=0>)+AA+%O!%,+A.?)#(B!&@!<=0>)+AA+%O!9C+,(#(B!&@!+99+:%&@B#9%+(!.B!%#)$@&,+(A+!D:(#(B!#!<=0>)+AA+%!b-,.@+(*(D*%,&)%c!F+,+B(#(B+(+!@#$+,!9D)B+(A+!@#,:(#(B+,O!B#%%!$&77+!7.A+))%#)?6A!$.7!+,!,+B#$%,+,%!$.)B%!#!-+,#.A+(!2/C&(6&,!%#)!L1/C6(#!0121d!!E(#%#&)%!+$%#7+,%!<=0!&@B#9%!Q,#@$%.99:.$%(&A!!Q.?)#(B!L>A.?)/!e01f!eM1f!eK1f!<=0!B3:7!2M1OM!2LKOH!2LMOM!2LHO2!2KJOK!2LKOJ!U,.$+(%@#$!,+A6:$C.(!!0OML!!MOL!1OH`!2O2!0O`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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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a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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 7 *+ &''),$'-'.%%*+* !"#$%&''(("#$%&! '(&)*$+! BC+((.79D,%+! +%! -,.$C+:%! #! 011H! $.7! $;! -;! $&77+(R+(B+(! 7+)).7!+(A,#(B+,! #! :CD-$&@B#9%+(! -;! -+,$.(?#)+,! .B! A,#@$%.99-,#$+(! .B! (*+! ?#)+,$! <=0>6%$)#--/! U,.$C+:%+%! ?)+! BC+((.79D,%! -;! .--A,&B! 9,&! 4%&%+($! @+B@+$+(! b4""c/!5+$6)%&%+(+! +,! A.:67+(%+,%! #! ,&--.,%+(d!!"#$%&#&'($) *+) %,-./*+'#01($) 2')3$#+/1200*+'#01($).4)&5()6#7($/)89:;<1/7#..!=)"#/1*)>&*75/()>?):@@A=))E! -,.$C+:%+%! ?)+! A+%! 6%@#:)+%! +(! +7-#,#$:!+%%+,$-D,$+)$7.A+))! ?&$+,%! -;!$&)B$$%&%#$%#::!.@+,!(*?#)$&)B!#!G.,B+/!U,.$C+:%+%!?)+!BC+((.79D,%!#!-+,#.A+(!&-,#)!>!C6(#! 011H/! VCD-$&@B#9%+($! <=0>:.7-.(+(%! ?)+! +(A,+%! 9/./7! 011H/! 4&)B$$%&%#$%#::+(!9.,!A+!9D,$%+!7;(+A+(+!#!011H!-,+B+$!A+,9.,!&@!:.,%$#:%#B+!%#)-&$(#(B+,!%#)!&@B#9%+(!b6%$&%%+! :CD-! %#)! +%%+,! &@B#9%$+(A,#(B! 9.,! ?#)+,! $.7! :.77+,! B6($%#B+,+! 6%O! .B!9.,$+,%+! :CD-! 9D,! (*%%;,! 9.,! ?#)+,! $.7! :.77+,! A;,)#B+,+! 6%c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f!D:(#(B!#!$&%$+(+!9.,!&@B#9%+(!-+,!B3:7!<=0>6%$)#--/!!!01f!D:(#(B!H!B3:7!4]+(&,#.!0!M1f!D:(#(B!#!$&%$+(+!9.,!&@B#9%+(!-+,!B3:7!<=0>6%$)#--!!M1f!D:(#(B!2`O`!B3:7!4]+(&,#.!L!K1f!D:(#(B!#!$&%$+(+!9.,!&@B#9%+(!-+,!B3:7!<=0>6%$)#--/!!K1f!D:(#(B!01!B3!:7!!!E! ?+,+B(#(B+(+! 9,&! 011H! ?)+! A+%! )&B%! ,+$%,#:$C.(+,! -;! %#)?6A$$#A+(! @+A! &%! A+%! ?)+!9.,6%$&%%! $&77+! 7.A+))%#)?6A! #! $]+(&,#.+(+! $.7! ?)+! $.)B%! #! A+%! (.,$:+! 7&,:+A+%! #!011H/! ND)$.7R+%$?+,+B(#(B+,! A+,! A+%! ?)+! )+7-+%! -;! A+((+! 9.,6%$+%(#(B+(! B&@! +(!$%+,:+,+! &@B#9%$,+$-.($/! E! $]+(&,#.+(+! 9,&! 011H! ?)+! A+%! :6(! BC.,%! &(&)*$+,! &@!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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d!!2/ N.,?+A,#(B!&@!+%%+,$-D,$+)$7.A+))+(B)C$2'&2/($)02$)(&3$#&'($)#)',(&&2D/u#')89:;<1/7#..)+(3)(&3$#&')*+)(&'*&'/*+'#01(&)2')3$#+/1200*+'#01(&=!U+,$.(?#)+(+!:&(!#((A+)+$!#!$%D,,+)$+$>3?,6:$$+B7+(%+,d!7#(#?#)+,O!$7;?#)+,O!:.7-&:%?#)+,O!7+)).7:)&$$+(O!$%.,+!?#)+,O!%+,,+(B?#)+,!.$@/!!0/ 8%%+,$-D,$+)$7.A+))+(!$:&)!9.,?+A,+$!@+A!;d!!#/ #(:)6A+,+!$&)B$A&%&!9,&!R+)+!011H!#!7.A+))+(!##/ #(:)6A+,+!$&)B$A&%&!9.,!2/!R&)@;,!0121!###/ %#)-&$$+!7.A+))+($!-&,&7+%+,+!?+$%!76)#B!%#)!.?$+,@+,%!$&)B!#@/ #A+(%#9#$+,+!+%%+,$-D,$+)$+)&$%#$#%+%+,!%.%&)%O!#((+(9.,!R@+,%!$%D,,+)$+$$+B7+(%!.B!7+)).7!$+B7+(%+,!L/ Q+%!$:&)!:CD,+$!7#(#767!L!$]+(&,#+,!9.,!+(A,#(B+,!#!A,#@$%.99-,#$!.B!+(B&(B$&@B#9%+(d!!• 8(A,#(B!#!A,#@$%.99-,#$+(d!e!01fO!eM1fO!eK1f/!!• 8(A,#(B!#!+(B&(B$&@B#9%+(d!Q.?)#(B!&@!<=0>)+AA+%O!%,+A.?)#(B!&@!<=0>)+AA+%O!9C+,(#(B!&@!+99+:%&@B#9%+(!.B!%#)$@&,+(A+!D:(#(B!#!<=0>)+AA+%!b-,.@+(*(D*%,&)%c!1.1.2 !*(*0-$''+*0."0.(?+>*='?'0.*2.)*(*.8(! &@! 6%9.,A,#(B+(+! #! 011H>&(&)*$+(! @&,! ;! :.?)+! -,#$A&%&! %#)! 7.A+))@&,#&(%! -;! +(!R+($#:%$7+$$#B! 7;%+/! E! .--A&%+,#(B+(! +,! :.?)#(B+(! 7+)).7! -,#$A&%&! .B! $&)B$A&%&!@#A+,+6%@#:)+%/! Q+%%+! #((+?Z,+,! &%! A&%&B,6(()&B+%! 9.,! 7.A+))6%@#:)#(B+(! +,!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 9 9.,?+A,+%!@+A!&%!K`H!L``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d!!! 4&)B$$%&%#$%#::! (*+! ?#)+,! 9/./7! 011M! %/./7! C6)#! 0121! b#(:)6A+,%! 7]>?#)+,c/!Q&%&+(+! +,! ;,$%&))9.,A+)%! b7+A! 6((%&:! &@! 0121cO! .B! 9.,A+)%! -;! 7.A+))O!7+,:+O! @&,#&(%O! A,#@$%.99%*-+O! B#,O! +99+:%O! @.)67O! @+:%O! <=0>6%$)#--O! :&,.$$+,#!.B! ?#)$+B7+(%/! 4%&%#$%#::+(! +,! )+@+,%! &@! =--)*$(#(B$:.(%.,+%! 9.,! @+B%,&9#::!b=N"c!.B!%#),+%%+)&B%!+%%+,!?+$%#))#(B!9,&!"#$%&!'(&)*$+/!!! U,#$A&%&! 9.,! &))+! ?#)+,! $.7! R&,! @Z,%! :.77+,$#+)%! %#)BC+(B+)#B! #! A+%! (.,$:+!7&,:+A+%! 9,&! 011M! %#)! $+-%+7?+,! 0121/!Q+%! +,! %&%%! 6%B&(B$-6(:%! #!.:%.?+,-,#$+(+! 9.,! R@+,%! ;,! b$+-%+7?+,! 0121c/! N.,! ?#)+,! #! $&)B$$%&%#$%#::+(!$.7! #::+! R&,! @Z,%! ,+B#$%,+,%! 7+A! -,#$! #! A+((+! 7;(+A+(! 9.,! BC+)A+(+! ;,O! +,!A+%!?,6:%!-,#$!9,&!%#A)#B+,+!7;(+A+,!+))+,!;,+%!9D,!b?&$+,%!-;!-,#$A&%&!?,6:%!#!011Hc/! ! 4%&%#$%#::+(! +,! )+@+,%! &@! =--)*$(#(B$:.(%.,+%! 9.,! @+B%,&9#::! b=N"c!.B!%#),+%%+)&B%!+%%+,!?+$%#))#(B!9,&!"#$%&!'(&)*$+/!! F+($#(!3!A#+$+)-,#$+,!+,!R+(%+%!9,&!G.,$:!U+%,.)+67$#($%#%6%%!.B!BC.,%!.7!%#)!;,$-,#$+,/!!! =7,+B(#(B$9&:%.,!7+)).7!<=0>6%$)#--!.B!A,#@$%.99.,?,6:!bA#+$+)!.B!?+($#(c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bA@$!9.,$:C+))#B+! ?#)7.A+))@&,#&(%+,! 9.,A+)%! -;! ;,c/! '@! A#$$+! +,! K`H! L``! ?#)+,! 9.,A+)%! -;!20! HKH! ,&A+,! :.?)+%! 7+A! -,#$/! 8$%#7+,#(B$B,6(()&B+%! R&,! A+,7+A! #(:)6A+,%! JJf!&@! ?#)$&)B+(+! .B! KHf! &@! 7.A+))@&,#&(%+(+! 9.,A+)%! -;! R.@+A:&%+B.,#+,/! Q+%%+! @#$+,!&%! A+! 7+$%! $.)B%+! 7.A+))@&,#&(%+(+! +,! B.A%! ,+-,+$+(%+,%/! T.)9! +,! +:$+7-+)@#$!,+B#$%,+,%! 7+A! MH1! ,&A+,O! 7+($! A+%! #! +$%#7+,#(B$B,6(()&B+%! +,! M1H! 9.,$:C+))#B+!T.)9-,#$+,! ,+B#$%,+,%! #! -+,#.A+(! 011M>0121! 7+A! %#)RD,+(A+! $&)B$%&))! 9.,! R@+,!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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`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bC9!W&?+))!0/2/!.B!N#B6,!0/Mc/!!!E!011J!D:%+!<=0>-,#$+(!-+,!B,&7!7+A!L01!:,!@+A!-&$$+,%+!2M1!B,&7!-+,!:7O!7+($!%#)$@&,+(A+! D:(#(B! #! 011H! @&,! -;! `! :,! -+,! B,&7! <=0/! Q+%! $%D,$%+! <=0>7&,:+A$$+B7+(%+%! bMI! -,.$+(%! 7&,:+A$&(A+)! #! 011Jc! ?)+! A+,7+A! )#%+! ?+,D,%! &@!&@B#9%$+(A,#(B+(!9,&!011J!%#)!011H/!!ND)B+(A+! %&?+))! @#$+,! :.$%(&A$:.($+:@+($+(+! &@! 6%9.,7#(B+(! &@! <=0>:.7-.(+(%+(!#!:CD-$&@B#9%+(!9,&!011J!%/./7!0121/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 12 4*5&++.;76./*(=&-. 3"-. 9:;<#"%>"'&'(&'. ?. #,D>=*20?3(&'. ;AAI<;A6A7. C?+)&J.K?'*'=)&>*-(&%&'(&(."0.L"2)*(*J.V,.(+,!-+,!B,&7!ND,$%+! 201!B3:7!202>2M1!B3:7!2M2>2J1!B3:7!2J2>0`1!B3:7!=@+,!0`1!B3:7!4&%$+,!011J!M2O0`!2H`OH1!`2`O2L!2MMLOMJ!2MMLOMJ!4&%$+,!011H!12!!b>`11c!`0KO11!`L2O11!2MJKOIJ!0`11O11!4&%$+,!0121!10!b>K1Hc!I0`O11!IL2O11!2I1MO11!0IL`O11!EF)G(1)'#/)(1)0$*3$*').4)H@@)%$).$=)'$*D)<1/7#..)<&3($)E:@)'I%D=):F)G(1)'#/)(1)0$*3$*').4)J@A)%$).$=)'$*D)<1/7#..)<&3($)E:@)'I%D=)K#73(B)L#&*&/3(.*$1(D(&1(1)2')M2+3*1*)TC+((.7B&(B+(! 9.,&(! @#$+,!&%! &@B#9%$+(A,#(B+(! 9,&! 011J! %#)! 011H! )&(B%! -;! @+#!$:;(+%! 6%$)#--$:)&$$+(! 2M2>2J1! B,&7! -+,! :7! b$+! "#$%&! '(&)*$+O! 10/21/1H! 9.,!+:$+7-)+,! -;! A#$$+! &@B#9%$+(A,#(B+(+c/! "+A! &@B#9%$+(A,#(B+(! 9,&! 011H! %#)! 0121!,&77+$! &@B#9%$:)&$$+(! 2M2>2J1! B,&7! -+,! :7! 7+A! $&77+!:,.(++(A,#(B! $.7! A+!D@,#B+!:)&$$+(+/!!N,&! 2/! C&(6&,! 0121! +,! <=0>!:.7-.(+(%+(! *%%+,)#B+,+! @+:%)&B%/! N,&A,&B+%! 9.,! ?#)+,!$.7! $)#--+,! 6%! 7#(A,+! +((! 201! B,&7! -+,! :7! ?)+! D:%! 9,&! `11! :,.(+,! %#)! K1H! :,.(+,!-+,! B,&7O! 7+($! $&%$+(! 7+)).7! 202! .B! 2M1! B,&7! -+,! :7! ?)+! D:%! 9,&! `0K! :,.(+,! %#)!I0`! :,.(+,/! =B$;! A+! &(A,+! 6%$)#--$:)&$$+(+! 9#::! D:%+! $&%$+,! $&77+()#B(+%! 7+A!011H>(#@;+%!b$+!W&?+))!0/2!9.,!$&%$+,!9.,!<=0>:.7-.(+(%+(!#!:CD-$&@B#9%+(c/!!ND)B+(A+! %&?+))! @#$+,! :.$%(&A$:.($+:@+($+(+! &@! &@B#9%$+(A,#(B+(! #! <=0>:.7-.(+(%+(!9,&!011H!%#)!0121!9.,!(.+(!6%$)#--$+:$+7-)+,/!4*5&++.;7;.M20?3(=&')-?'0.9:;<#"%>"'&'(&'.;AAB<.;A6A.E.$(2*+0(&.$(=+?>>='?2N&-..O(=+?>>='?2N.M20?3(.;AAB.M20?3(.;A6A.H')-?'0.3-*.;AAB.(?+.;A6A.H')-?'0.?.P.3-*.;AAB.(?+.;A6A.H1!B3:7!>2`111!>2J0I1!>L0I1!>02OJ!221B3:7!>`111!>K1H1!>21H1!>02OJ!2`1!B3:7!2`JL1!02J21!`HJ1!LIOJ!011!B3:7!K2MHK!IIJ01!2KL0M!0KO`!!"#! $+,! &%! &@B#9%$+(A,#(B+(! @&,#+,+,! 9,&! +%! &@$)&B! -;! 02OJ! -,.$+(%! %#)! +(! D:(#(B! -;!LIOJ! -,.$+(%! 9.,! 6%$)#--$(#@;+(+! #! %&?+))+(! b&@B#9%$+(A,#(B+(! #! :,.(+,! +,! -;!.7%,+(%!011!:,!-+,!B,&7!-+,!:7!9.,!&))+!6%$)#--$:)&$$+(+!.@+,!201!B,&7!-+,!:7c/!!Q+!(*+!&@B#9%$+(A,#(B+(+!#((+?Z,+,!+(!,++))!)+%%+)$+!-;!211!:,.(+,!-+,!B,&7!<=0!>6%$)#--! 6(A+,! 201! B,&7! -+,! :7/! [+A! )+%%+)$+(+! #! +99+:%:.7-.(+(%+(! b$+! :&-/!0/2c!#((+?Z,+,!A+%%+!&%!+:$+7-+)@#$!+(!?#)!7+A!+(!+99+:%!-;!K`!:g!.B!+%!6%$)#--!-;!211!B,&7! -+,! :7O! @#)! 9;! +(! $&7)+%! ,++))! )+%%+)$+! -;! .7! )&B! K/J`1! :,.(+,/! VCD,+%D*! 7+A!)&@+,+! 6%$)#--! @#)! 9;! $%D,,+! $&7)+A+! )+%%+)$+,O! 7+($! :CD,+%D*! 7+A! $%D,,+! 6%$)#--!(.,7&)%!@#)!9;!7#(A,+!)+%%+)$+,/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 13 Q+! $&7)+A+! +(A,#(B+(+! #! :CD-$&@B#9%+(! &@R+(B+,! #7#A)+,%#A! .B$;! &@! @+:%! .B!7.%.,+99+:%/! [+A! )+%%+)$+,! #! A#$$+! &@B#9%+(+! :&(! +(:+)%+! 7.A+))+,! 9;! +(!&@B#9%$)+%%+)$+! 9,&! 011H! %#)! 0121! -;! %,.$$! &@! &%! <=0>&@B#9%+(! D:+$/! VCD,+%D*! 7+A!6%$)#--! .@+,! 2`L! B,&7! <=0!-+,! :7! @#)! 6&($+%%! 9;! +(! #(($%,&77#(B! #! :CD-$&@B#9%+(O!$+)@! #! A+! %#)9+))+(+! A+,! A+! .--(;,! 7&:$#7&)! )+%%+)$+! BC+((.7! +(A,#(B+(+! #!+99+:%:.7-.(+(%+(/!9+* )**+#,"-$.*,+'(N.,! ;! BCD,+! .7)+BB#(B+(! -,.@+(*(D*%,&)O! R&,! $&7%#A#B! $&%$+(+! #!+99+:%:.7-.(+(%+(! ?)#%%! ,+A6$+,%! b$+!W&?+))!0/Lc/! Q+(! $%D,$%+! +(A,#(B+(! +,! BC.,%! #!A+(! )&@+$%+! +99+:%:)&$$+(! b1>K`! :gcO! R@.,! $&%$+(! +,! ,+A6$+,%! 9,&! :,! 20IOMM! #! 011HO!%#)!:,/!``O21!-+,!:g!#!0121!b+(!,++))!+(A,#(B!-;!`J!-,.$+(%c/!U;!&(A,+!%,#((!+,!A+(!,++))! +(A,#(B+(! -;! 22! -,.$+(%O! 7+($! A+%! 9.,! $%D,,+! 7.%.,+,! #((9D,+$! +(! D:(#(B! #!$&%$+(+/!!ND)B+(A+!%&?+))!@#$+,!$&%$+,!.B!+(A,#(B+,!#!+99+:%&@B#9%+(!9.,!-+,#.A+(!011J>0121d!!4*5&++.;7QJ. /*(=&-. 3"-. &33&#(*20?3(&'. ?. #,D>=*20?3(&'. ;AAI<;A6A7. C?+)&J.K?'*'=)&>*-(&%&'(&(."0.L"2)*(*.V,.(+,! -+,! :g!b7.%.,+99+:%c!ND,$%+!K`!:g!KK>H1!:g!H2>2L1!:g!=@+,!2L1!:g!4&%$+,!011J!20LOIL!`2`O`L!20LIO0I!0`IIOK`!4&%$+,!011H!20IOMM!`L2O11!20IMOLH!0K`MOHJ!4&%$+,!0121!``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`!B,&7!-+,!:7/!"+:%&@B#9%+(!+,!?+B,6((+%!#! +:$%+,(&)#%+%+,! :(*%%+%! %#)! 6)*::+$,#$#:.! .B! @+#$)#%&$C+O!.B! B#$! #::+! (Z,7+,+!.--7+,:$.7R+%! #! A+((+! ,&--.,%+(! b$+! 9.,! D@,#B! "#$%&! '(&)*$+O! 011HO! 9.,! (Z,7+,+!A#$:6$C.(+,!.7!@+:%&@B#9%+(c/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 14 N#B6,! 0/2!@#$+,! $&77+(R+(B! 7+)).7! <=0>6%$)#--+%! .B! +99+:%&@B#9%+(! 9.,! L`!?#)7.A+))+,! bA+! 01! 7+$%! $.)B%+! #! G.,B+! #! 011HO! $&7%! (.+(! %#)9+)A#B! 6%@&)B%+/! Q+%! +,!.B$;! #(:)6A+,%! (.+(! 6%@&)B%+! ?#)+,! 7+A! 6%$)#--! -;! 22J>22H! B,&7! -+,! :7! 9.,! ;!:6((+!$&77+()#B(+!-;!%@+,$!&@!7.A+))+,!7+A!$&77+!6%$)#--$(#@;c/!!K?0$-.;76.9:;<$(=+?>>."0.&33&#(*20?3(R.$(2*+0(&.%")&++&-.FQS.%")&++&-G.!/("-&.*20?3(=3"-=#,&++&-.3"-.=*%%&.$(=+?>>.4.7! @#! $+,! +,! A+%! #::+! +(! +(%*A#B! $&77+(R+(B! 7+)).7! 6%$)#--+%! .B! +99+:%&@B#9%+(!$.7! ?+)&$%+$! A+! 6)#:+! ?#)7.A+))+(+/! 8:$+7-+)@#$! @&,#+,+,! +99+:%&@B#9%+(! 9,&! :,!0/KM`O>!%#)!:,!L0/MI0O>!9.,!%.!?#)+,!7+A!$&77+!<=0>6%$)#--/!![+A! A&B+($! &@B#9%$$*$%+7! ?+%&)+,! 9/+:$/! +(! F[g! I>$+,#+! (+$%+(! L11/111! :,! 7+,! #!&@B#9%! +((! +(! ?#)! 7+A! %#)$@&,+(A+! 6%$)#--O! 7+(! 7+A! ?+%*A+)#B! )&@+,+! 7.%.,+99+:%!b9/+:$! ".)@.! h<H1! 7+A! +%! 6%$)#--! -;! 00M! B,&7! -+,! :7/! 4&77+()#B(+%! 7+A! "g!W#B6&(!0/1>2M1!Q!M[!7+A!+%!6%$)#--!-;!2HH!B,&7!-+,!:7O!+,!9.,$:C+))+(!-;!R+)+!:,/!M11/111O>c/!W#)!%,.$$!9.,!&%!5+BC+,#(B+(!R&,!)&B%!.7!&@B#9%+(+!9.,!;!9;!+(!7+,!7#)CD@+(()#B!-,.9#)O!@#)!A+,9.,!#::+!(DA@+(A#B@#$!+(!?#)!7+A!)&@%!<=0>6%$)#--!@Z,+!,#7+)#B+,+!+((!+(!?#)!7+A!+%!RD*+,+!6%$)#--/!Q+%%+!-;!B,6((!&@!@+:%>!.B!+99+:%&@B#9%+(!$.7!?+)&$%+$!6)#:%/!8%%! +:$+7-+)! +,! =-+)! 'B#)&! 2O1! 8(C.*! 7+A! K`! R+$%+,! .B! '6A#! 'L! <&?,#.)+%! 0O1! WQE!7+A! 2M1! R+$%+,/! F+BB+! A#$$+! ?#)+(+! R&,! +%! <=0>6%$)#--! -;! 22H! B,&7! -+,! :7O! 7+(!+(B&(B$&@B#9%+(!@&,#+,+,!9,&!:,!LJ/22MO>!%#)!:,!21`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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 15 b%/./7! C6)#c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`! %#)! I`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`! :,.(+,! -+,! B,&7! <=0/! =7! )&B! K1f! &@! ?#)+(+! #! A+((+! :)&$$+(! @#)! ?)#! #((%#)! 2111!:,.(+,!?#))#B+,+O!7+($!A+!D@,#B+!@#)!?)#!#((%#)!2111!:,.(+,!A*,+,+/!V)&$$+(!R&,!2Mf!&@!A+!%.%&)+!?#)$&)B+%/!Q+!9)+$%+!?#)+(+!#!A+%%+!$+B7+(%+%!@#)!A+,7+A!?)#!)#%+!?+,D,%!&@!+(!&@B#9%$+(A,#(B!bA@$!e3>!`11!:,c/!!899+:%&@B#9%$:)&$$+(! KK>H1! :X! R&,! R+)+! MHf! &@! ?#)+(+/! Q+,$.7! +99+:%&@B#9%+(! #!A+((+! :)&$$+(! 9.,A+)+$! -;! <=0>6%$)#--+(+! #! :)&$$+(! B#,! A+%%+! +(! <=0>-,#$! -;! I0! :,!-+,! B,&7! <=0/! V.$%(&A$:.($+:@+($+(+! 9.,! ?#)+(+! #! A+((+! :)&$$+(! @&,#+,+,! 9,&! +(!,+A6:$C.(! -;! (+$%+(! K111! :,! %#)! +(! D:(#(B! -;! #! .@+,:&(%! &@! I111! :,/! 4.7! @#! $+,! &@!9#B6,+(! @#)! A+%! 9.,! A+! 9)+$%+! <=0>6%$)#--+(+! ?;A+! @Z,+! ?#)7.A+))+,! $.7! D:+,! #! -,#$!.B!$.7!,+A6$+,+$!#!-,#$/!!899+:%&@B#9%$:)&$$+(! H2>2L1! :X! R&,! R+)+! L`f! &@! ?#)+(+/! Q+,$.7! +99+:%&@B#9%+(! #!A+((+!:)&$$+(!9.,A+)+$!-;!<=0>6%$)#--+(+!#!:)&$$+(!B#,!A+%%+!+(!<=0>-,#$!-;!2L1!:,!-+,! B,&7! <=0/! V.$%(&A$:.($+:@+($+(+! 9.,! ?#)+(+! #! A+((+! :)&$$+(! @&,#+,+,! 9,&! +(!,+A6:$C.(! -;! (Z,7+,+! M1/111! :,! %#)! +(! D:(#(B! -;! #! .@+,:&(%! &@! 0`/111! :,/! 4.7! @#!$+,! &@! 9#B6,+(! @#)! A+%! .B$;! #((+(9.,! A+((+! :)&$$+(! 9#((+$! ?#)+,! $.7! D:+,! #! -,#$! .B!&(A,+!?#)+,!$.7!,+A6$+,+$!#!-,#$!#((+(9.,!A+!9)+$%+!<=0>6%$)#--+(+/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 16 E! +99+:%&@B#9%$:)&$$+(! .@+,! 2L1! :X! B#,! +(! -,.@+(*(D*%,&)! .@+,B&(B! #((+(9.,!:)&$$+(! +(! <=0>-,#$! -;!IL1! :,! -+,! B,&7! <=0/! F#)+(+! #! A+((+! +99+:%:)&$$+(! R&,! +(!7&,:+A$&(A+)! -;! :6(! 0f/! V.$%(&A$7+$$#B! @#)! &@B#9%$+(A,#(B+(! B#! %#)! A+)$!A,&7&%#$:+! +(A,#(B+,! A+,! +(:+)%+! ?#)7.A+))+,! @#)! :6((+! 9;! +%! -,#$&@$)&B! -;! .@+,!`11!111!:,O!7+($!&(A,+!?#)+,!@#)!:6((+!9;!+%!-,#$%#))+BB!-;!#!.@+,:&(%!&@!211/111!:,/!!4.7! @#! $+,! &@! 9#B6,+(! @#)! A+%! .B$;! #((+(9.,! A+((+! :)&$$+(! 9#((+$! ?#)+,! $.7! D:+,! #!-,#$! .B! &(A,+! ?#)+,! $.7! ,+A6$+,+$! #! -,#$! #((+(9.,! A+! 9)+$%+! <=0>6%$)#--+(+/! ! F#)+(+!$.7! )#BB+,! ?)&(%! A+! RD*+$%+! <=0>6%$)#--+(+! @#)! .B$;! :6((+! .--(;! A+! $%D,$%+!-,#$&@$)&B+(+/! E! .B! 7+A! ?#)+(+! #! A+((+! :)&$$+! :6(! R&,! 0f! 7&,:+A$&(A+)! @#)!+@+(%6+))+! +(A,#(B+,! #! <=0>%#)-&$(#(B+(! R&! ?+B,+($+%! +99+:%! #! 9.,R.)A! %#)!-,.@+(*+99+:%+(! A+,$.7! ?#):CD-+,(+! %#)-&$$+,! $+B! .B! @+)B+,! ?#)+,! $.7! B#$! $%.,+!-,#$&@$)&B/!!!K?0$-.;7;.K-*.&33&#(*20?3(.(?+.9:;<*20?3(............!!!!!!!!!!.!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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b7#(A,+! +(! 1O`!-,.$+(%!c!&@!A#$$+!9;,!&@B#9%$,+A6:$C.(+,!9,&!211/111!:,!%#)!.@+,!K11/111!:,.(+,!-;!%,.$$! &@! &%! ?#)+(+! R&,! 6%$)#--! $.7! )#BB+,! .@+,! 2M1! B,&7! -+,! :7/! Q+((+! :&%+B.,#+(!,+-,+$+(%+,+,!?#)+,!#!$+B7+(%+(+!)6:$6$?#)+,O!$-.,%$?#)+,!.B!%+,,+(B?#)+,!.B!)#BB+,!#!+(!-,#$:)&$$+!9,&!H11/111!:,!%#)!0!7#))#.(+,!:,.(+,/!Q+!&))+,!9)+$%+!?#)+(+!$.7!9;,!+(!&@B#9%$D:(#(B! R&,! 6%$)#--! -;! .@+,! 2M1! B,&7! -+,! :7! .B! :.$%+,! 6(A+,! `11! 111! :,! #!A&B/! Q+%! @#)! $#! &%! A+(! ?+$:,+@(+! &@B#9%$6%9.,7#(B+(! @#)! ,&77+! A+! i@&()#B+i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j,$&:+(! %#)! A+%%+! +,! &%! ?#)#$%+(!&))+,+A+! -;! :CD-$%#A$-6(:%+%! %&,!R+($*(! %#)! <=0>&@B#9%+(! $#A+(! A+((+! -;@#,:+,!A,#9%$:.$%(&A+(+! #! ?#)+($! )+@+%#A/! P@#$! @#! #! %#))+BB! R&,! +(! :CD-$&@B#9%! $.7! +,!A#99+,+($#+,%! 7R%! ?#)+($! <=0>6%$)#--O! 9;,! @#! #! $67! 9.,! $%+,:+! #($+(%#@+,! 9.,! ;!,+A6$+,+!<=0>6%$)#--+(+!b#!9.,R.)A!%#)!R@&!$.7!+,!+(!.-%#7&)!&@@+#(#(B!&@!B+@#($%+,!.B! :.$%(&A+,! :(*%%+%! %#)! ;! ,+A6$+,+! <=0>6%$)#--c/!5+$.((+7+(%+%! 9.,6%$+%%+,! &%!:.($67+(%+(+! +,! 96))%! 6%! ,&$C.(+))+! .B! 9,+7&A$:6+(A+! (;,! A+! %,+99+,! $#(+!?+$)6%(#(B+,/!Q+%!+,!,+#$%!%@#)!.7!A+%%+!#!&))+!%#)9+))+,!+,!+(!B.A!9.,6%$+%(#(B/!Q+,$.7!:.($67+(%+,! +,! A+)@#$! 7*.-#$:+O! A@$/! &%! A+! ?&,+! #! ?+B,+($+%! B,&A! %&,! R+($*(! %#)!@&,#&$C.(+(! #! 9,+7%#A#B+! A,#9%$6%B#9%+,! $.7! A+! 6)#:+! @&)B! #7-)#$+,+,O! :&(! +(!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!1 Norges utslippskostnader kan defineres som den internasjonale kvoteprisen per tonn CO2. Dersom Norge fastsetter nasjonale mål med et høyere ambisjonsnivå enn det som følger av Norges internasjonale forpliktelser, kan det fastsettes en nasjonal kvotepris som legges som et påslag på den internasjonale kvoteprisen slik det blant annet foreslås i NOU 2009:16; Globale utfordringer, norsk politikk

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 18 &@B#9%$6%9.,7#(B! $.7! iRC+)-+,i! ?#)#$%+(+! ;! %&! R+($*(! %#)! )&(B$#:%#B+! A,#9%$:.$%(&A+,!?+B,6((+$/! '(&)*$+(+! 9,&! 011H! b"#$%&! '(&)*$+O! 011Hc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b7+A! %#)RD,+(A+! D:%! -,.B,+$$#@#%+%c!@6,A+,+$! #! 9.,R.)A! %#)! &(A,+! &@B#9%$6%9.,7#(B+,/! Q+%%+! ?)#,! A&! +(! $&77+()#:(#(B! &@!$;:&)%+!i#::+>.-%#7&)+! &@B#9%$6%9.,7#(B+,i! b$+! (Z,7+,+! A,D9%#(B! &@! A+%%+! %+7&! #!"#$%&!'(&)*$+O!011Hc/!P@.,@#A%!?#)$&)B!9.,%$&%%!$:&)!@Z,+!+(!-,.@+(*?&$+!9.,!$%&%+(!+))+,! .7! :CD-$&@B#9%+(! $:&)! R&! $.7! R.@+A9.,7;)! ;! :.,,#B+,+! 9.,! +:$%+,(+! +99+:%+,!&@!?#)?,6:O!b#!%#))+BB!%#)!;!:.,,#B+,+!9.,!+:$%+,(+!+99+:%+,!BC+((.7!A,#@$%.99&@B#9%+(c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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 19 ?#)$&)B+(+! #((+(9.,! A+%%+! 6%$)#--$#(%+,@&))+%/! '@B#9%$+(A,#(B+(! 9,&! 011J! %#)! 011H!,&77+%! A+,7+A! #! )#%+(! B,&A! A+! $%.,+! $+B7+(%+(+! b$+! "#$%&! '(&)*$+O! 011H! 9.,!+:$+7-)+,c/!!V.7-&:%:)&$$+(!+,!A+%!$%D,$%+!?#)$+B7+(%+%!.B!R&,!#!-+,#.A+(!011M!%/./7!C6)#!0121!R&%%! +(! 7&,:+A$&(A+)! -;! 7+)).7! L1! .B! L`! -,.$+(%/! Q+(! (+$%! $%D,$%+! :)&$$+(! +,!7+)).7:)&$$+(!7+A!7&,:+A$&(A+)+,!9,&!L2!-,.$+(%!%#)!9.,+)D-#B!02!-,.$+(%!#!0121/![&,:+A$&(A+)+(! #! A+%%+! $+B7+(%+%! R&,! +(! $@&:! 9&))+(A+! %+(A+($/! W+,,+(B?#)+,! +,!A+%! %,+AC+! $%D,$%+! $+B7+(%+%! 7+A! 7&,:+A$&(A+)+,! 7+)).7! 20! .B! 2K! -,.$+(%! b7+A!6((%&:! &@! 011K! A+,! %#)-&$(#(B+,! %#)! +(! @&,$)+%! &@B#9%$+(A,#(B! B&@! +(! $%D,,+! &(A+)O!7+A!+(!-;9D)B+(A+!7#(A,+!&(A+)!#!011Ic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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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b#(:)6A+,%!+)?#)+,! ,+B#$%,+,%! $.7! 7]c/! F#)+,! 7+A! 6%$)#--! .@+,! 0`1! B,&7! <=0!,+A6$+,%+! %#)!$&77+()#:(#(B! $&)B+%! 9,&! IK`! %#)! LL0! ?#)+,/! 4&)B+%! #! A+((+! 6%$)#--$:)&$$+(! ?)+! 7+A!&(A,+!.,A!R&)@+,%O!7+(!-;!B,6((!&@!)&@!7&,:+A$&(A+)!R&,!A+((+!R&)@+,#(B+(!)#%+(!?+%*A(#(B!9.,!A+!$&7)+A+!6%$)#--+(+!9,&!(*+!?#)+,/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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b+%%+,$-D,$+)c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b7+A! (.+(! @&,#&(%+,! $.7! :.$%+,! 6(A+,! L11/111! :,c/! Q+!&))+,! 9)+$%+! 7.A+))+(+! $.7! A+%! +,! $.)B%! 7+,! +((! 211! &@! #! 0121! b%/./7! C6)#c! )#BB+,! #!-,#$:)&$$+(!L11/111!:,!%#)!K11/111!:,/!!F)&(%! A+! 7+$%! $.)B%+! 7.A+))+(+! 9#((+,! @#! ".):$X&B+(! W#B6&(O! ".)@.! h<K1O![#%$6?#$R#!=6%)&(A+,O!W.*.%&!5&@MO!N.,A!V6B&O!'6A#!k`O!46?&,6!N.,+$%+,!.B!4:.A&!l+%#/! V)&$$+(! R&,! BC+((.7B;+(A+! RD*+! <=0>6%$)#--O! .B! 9#::! A+(! 9D,$%+! 7.A+))+(!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 22 7+A! 6%$)#--! 6(A+,! 2`1! B,&7! -+,! :7! #! 011H!^!R@.,&@! \+m6$! 5h! R*?,#A! +,! +(! &@!@&,#&(%+(+/!!TC+((.7$(#%%6%$)#--+(+!#!:)&$$+(!R&,!9&)%!9,&!02K!#!011M!%#)!2II!-+,!6%B&(B+(!&@!C6)#!0121/!ND)B+(A+!9#B6,!@#$+,!6%@#:)#(B+(!#!<=0>%#)-&$(#(Bd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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 23 &%!A+%!:6(!@&,!L!7+,:+,!$.7!%#)?DA!7.A+))+,!7+A!6%$)#--!6(A+,!2`1!B,&7!-+,!:7/!U+,! 6%B&(B+(! &@! C6)#! 0121! +,! &(%&))! 7.A+))+,! 7+A! 6%$)#--!6(A+,! 2`1! B,&7! -+,! :7!A.?)+%! #! 9.,R.)A! %#)! ;,+%! 9D,/! 4&7%#A#B! ,+B#$%,+,+$! A+%! &%! 7+$%! $.)B%+! 7.A+))! #! 0121!b-+,!C6)#c!R&,!RD*+,+!6%$)#--!+((!A+(!7+$%!-.-6)Z,+!%+,,+(B?#)+(!#!011H!R&AA+!-;!%,.$$!&@!D:(#(B+(!#!<=0>&@B#9%+(/!!ND)B+(A+! %&?+))! B#,! +(! .@+,$#:%!.@+,! &(%&))! 7+,:+,! .B! 7.A+))+,! $.7! R&,! R&%%!7.A+))+,! 7+A! i)&@+$%! %#)BC+(B+)#B! 6%$)#--i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b%/./7!C6)#c!2LK!2!2!2L1!n2LK!%>./7!2`K!I!I!20MK!011H!2LK!2!2!0!n2LK!%>./7!2`K!L!L!2K2!011J!2KI!0!0!`1!n2KI!%>./7!2JI!2L!2M!JIIJ!011I!2I0!2!2!L2!n2I0!%>./7!2H0!2M!2`!21KLK!011K!2IL!2!2!2KK1!n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b+))+,! #(B+(c! &(A,+!7.A+))+,! 7+A! %#)$@&,+(A+! )&@%! 6%$)#--/! W&?+))+(! .@+,! #))6$%,+,+,! A+%%+/! E! 011K! @&,!7.A+))+(! 7+A! )&@+$%+! %#)BC+(B+)#B! 6%$)#--! +(! W.*.%&! 5&@M/! Q+((+! %+,,+(B?#)+(! R&,!.@+,!)&(B!%#A!)#BB+%!?)&(%!A+!7+$%!$.)B%+!?#)7.A+))+(+!.B!.--(;AA+!$.7!@#!$+,!RD*+!$&)B$%&))!9.,!@&,#&(%+(!7+A!A+%!)&@+$%+!6%$)#--+%!#!$+B7+(%+%!#!011K/!E!011H!.B!0121!+,!)&@+$%+!%#)BC+(B+)#B!6%$)#--!#!F[g!h2!$+,#+(/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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`1O! 4:.A&! =]%&@#&! .B! N.,A! [.(A+./! F#)+(+! +,! BC+((.7B;+(A+! 7#(A,+O! R&,! )&@+,+!6%$)#--! .B! :.$%+,! .B$;! 7#(A,+! +((! %+,,+(B?#)+(+/! E! 0121! $+,! @#! &%! A+%! 9#((+$!%#)BC+(B+)#B+! 7.A+))+,! 7+A! -,#$+,! (+A! 7.%! 021/111! :,/! V)&$$+(! R&,! .B$;! ?#)+,! $.7!:.$%+,! .@+,! 2O0! 7#))#.(+,! :,.(+,/! U;! %,.$$! &@! $%.,! -,#$$-,+A(#(B! #((+(9.,!$+B7+(%+%! $+,! @#! &%! A+! &))+,! 9)+$%+! ?#)+(+! $.7! $+)B+$! )#BB+,! #! +(! -,#$:)&$$+! 9,&!0`1/111!:,!%#)!M11/111!:,/!!TC+((.7$(#%%$6%$)#--+(+! 9.,! :)&$$+(! R&,! 9&)%! 9,&! 2IL! B,&7! -+,! :7! #! 011K! %#)! 2ML!B,&7! -+,! :7! @+A! 6%B&(B+(! &@! C6)#! 0121/! Y%@#:)#(B+(! #! <=0>6%$)#--+(+! 9.,! 6)#:+!7.A+))@&,#&(%+,!.B!BC+((.7$(#%%+%!@#$+$!#!9D)B+(A+!9#B6,d!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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f! #! A+%%+! $+B7+(%+%! 9D,$%+! ;,+%! )&@6%$)#--$7.A+))+(+! ?)+!%#)BC+(B+)#B/!!!TC+((.7$(#%%$6%$)#--+(+! #! A+((+! :)&$$+(! )#BB+,! $.7! @#! $+,! (Z,! 6%$)#--$(#@;+%! %#)!)&@+$%! %#)BC+(B+)#B+! 6%$)#--O! 7+A! $%.,! &@$%&(A! %#)! %#)BC+(B+)#B+! 7.A+))+,! 7+A! RD*+!6%$)#--/! Q+%! +,! .B$;! @+,A%! ;! 7+,:+! $+B! &%! )&@+$%+! %#)BC+(B+)#B+! 6%$)#--$@&,#&(%! @&,!A+(! 7+$%! $.)B%+! 7.A+))+(! #! A+%%+! $+B7+(%+%! @+A! 6%B&(B+(! &@! C6)#! 0121/! Q+%%+! -;!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 26 %,.$$! &@! &%! A+%%+! 6%$)#--$(#@;+%! 9D,$%! ?)+! %#)BC+(B+)#B! ;,+%! 9D,/! 8(! @#:%#B!9.,:)&,#(B$9&:%.,! ?&:! A+%%+! ,+$6)%&%+%! +,! %,.)#B! &%! 7.A+))+(! 7+A! )&@+$%! 6%$)#--!%#)RD,+,! +%! @+)+%&?)+,%! 7+,:+! $.7! .@+,! %#A! R&,! R&%%! $%.,+! 7&,:+A$&(A+)+,! #! A+%%+!$+B7+(%+%!b".)@.c/!!ND)B+(A+! %&?+))! @#$+,! &(%&))! 7.A+))+,! 7+A! )&@+$%+! 6%$)#--O! .B! &(%&))! %#)BC+(B+)#B+!7.A+))+,!7+A!6%$)#--!.--%#)!01!B,&7!.@+,!A+%!)&@+$%+!%#)BC+(B+)#B+!6%$)#--d!!4*5&++.Q7;.M'(*++. %&-#&-R. %")&++&-. "0. =*+0. %&). +*2&=(&. (?+0,&'0&+?0&. 9:;<$(=+?>>.<.%&++"%#+*==&'.!L*2&=(.="+0(&.$(=+?>>.O(=+?>>.">>.(?+.;A.0-*%."2&-.+*2&=(&.$(=+?>>.!9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7./*+0.9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7.=*+0.0121!b%/./7!C6)#c!21M!!2!0!2LI2!n21M!%>./7!20M!`!K!0M`0!011H!21M!2!0!LHJ!n21M!%>./7!20M!K!K!2J1`!011J!20L!2!2!00M!n20L!%>./7!2ML!21!22!K2M`!011I!20L!2!2!KH!n20L!%>./7!2ML!I!J!M2IH!011K!20H!2!2!2KK!n20H!%>./7!2MH!H!21!LK`0!K#73(B) 9L") N/*7'//1*1#/1#%%) .($) ,<7#) :@E@O) 1#7$(11(7*'1) 02$) "#/1*) >&*75/() P(&/#&;)2') 3#(/(76#7($) 0-$1) D(3)&<77)#)<1/7#..)($)1*11)<1)*+)2+($/#%1(&=)Q76#7($)2')DR;6#7($)($)1*11)<1)*+)2+($/#%1(&/!E! 0121! $+,! @#! &%! A+%! +,! :.77+%! 9)+,+! )&@6%$)#--$?#)+,! #! A+((+! :)&$$+(O! .B! &%! %.!9.,$:C+))#B+! 7+,:+,! b".)@.! "`1! .B! ".):$X&B+(! U&$$&%c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`!-,.$+(%!&@! &))+! (*?#):CD-/! 4+B7+(%+%! #((+R.)A+,! ".):$X&B+(! T.)9! $.7! R&,! @Z,%! A+(! 7+$%!$.)B%+! ?#)7.A+))+(! A+! $#$%+! ;,+(+/! E! %#))+BB! #((B;,! %.! &(A,+! 7.A+))+,! 9,&!".):$X&B+(O!S+%%&!.B!W.6,&(/!W.*.%&!'6,#$!+,!.B$;!?)&(%!A+!7+$%!$.)B%+!7.A+))+(+!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 27 %.%&)%!.B!#((B;,!#!A+%%+!$+B7+(%+%/!E!%#))+BB!R&,!W.*.%&!7.A+))+(+!U,#6$!.B!<.,.))&!#!A+%%+! $+B7+(%+%/! Q+! &))+,! 9)+$%+! ?#)7+,:+(+! %#)?*,! +(! +))+,! 9)+,+! 7.A+))+,! #((+(9.,!:.7-&:%:)&$$+(/! E! %#))+BB! +,! A+%! +(! ,+::+! 6)#:+! @&,#&(%+,! #((+(9.,! R@+,! 7.A+))/! 8(!7.A+))! 9#((+$! .9%+! 7+A! 6)#:+! %*-+,! :&,.$$+,#O! 7+A! +))+,! 6%+(! 9#,+RC6)$A,#9%O! ?+($#(!+))+,! A#+$+)O! 6)#:+!B#,@&,#&(%+,! .B! 7.%.,$%D,,+)$+,O! .B! 7+A! +(! ,+::+! 6)#:+!:.7?#(&$C.(+,! &@! 6%$%*,$-&::+,/! W#)! $&77+(! B#,! A+%%+! +(! ,+::+! 6)#:+!6%$)#--$@&,#&(%+,!&@!+(!.B!$&77+!?#)7.A+))/!!VCD-$-,#$+(! -;! ?#)+,! #! A+%%+! $+B7+(%! )#BB+,! 9,&! #! 6(A+,:&(%! &@! 011/111! :,! %#)!I11/111! :,! #! 0121/! N)+$%+-&,%+(! &@! ?#)+(+! $.7! $+)B+$! )#BB+,! #! -,#$#(%+,@&))+%!00`/111! :,! L`1/111! :,O! A+,! :6(! +%! 9;%&))! &@! ?#)+(+! $.7! @+)B+$! )#BB+,! #! RD*+,+!-,#$:)&$$+,/!Q+%!+,!.B$;!@+,A%!;!7+,:+!$+B!&%!A+!,#7+)#B$%+!7.A+))@&,#&(%+(+!:.$%+,!,+)&%#@%! $+%%! 7#(A,+! #! 0121! +((! A+! ,#7+)#B$%+! 7.A+))+(+! #! A+%%+! $+B7+(%+%! :.$%+%! #!011K/!!TC+((.7$(#%%$6%$)#--+%! #! :.7-&:%:)&$$+(! -+,! 6%B&(B+(! &@! C6)#! 0121! @&,! -;! 2L1!B,&7!-+,!:7/!!K?0$-.Q7Q.O(=+?>>=2*-?*'(&-."0.$(2?#+?'0R.C"%>*#(#+*==&'.!K#73(B)9L")N/*7'//1*1#/1#%%).($),<7#):@E@O)1#7$(11(7*'1)02$)"#/1*)>&*75/(F=)P(&/#&;)2')3#(/(76#7($)0-$1)D(3)&<77)#)<1/7#..)($)1*11)<1)*+)2+($/#%1(&=)Q76#7($)2')DR;6#7($)($)1*11)<1)*+)2+($/#%1(&/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 28 "#! $+,! &@! 9#B6,+(! &%! A+%! #((+(9.,! A+%%+! $+B7+(%+%! R&,!@Z,%! %#)BC+(B+)#B+!7.A+))@&,#&(%+,! 7+A! 6%$)#--! 6(A+,! 211! B,&7! -+,! :7! 9,&! 011M/! N,&7! %#)! U,#6$+(!:.7! 7+A! +(! @&,#&(%! 7+A! 6%$)#--! -;! 6(A+,! 211! B,&7! -+,! :7O! R&,! A+! %#)BC+(B+)#B+!@&,#&(%+(+!#!-,&:$#$!R&%%!6)#:+!9.,7+,!9.,!?+B,+($(#(B+,O!.B!#!R.@+A$&:!@Z,%!,+%%+%!7.%!B,6--+(!i$-+$#+)%!#(%+,+$$+,%+iO!7+A!+%!$&)B!-;!6(A+,!01!?#)+,!-+,!;,/!!E!0121!$+,!@#!&%!?;A+!+(!)&@6%$)#--$!T.)9!bHH!B,&7!-+,!:7c!.B!+(!)&@6%$)#--$!".)@.!?+B*((+,! ;! +%&?)+,+! $+B! #! 7&,:+A+%! A+,! $&)B$%&))+(+! 9.,! ?+BB+! 7.A+))+(+! -&$$+,%+!211! ?#)+,! #! )D-+%! &@! 9D,$%+! R&)@;,/! U,#6$+(! $+,! 6%! %#)! ;! ?+:,+9%+! 7&,:+A$-.$#$C.(+(!$#(!$.7!)&@6%$)#--7.A+))!.B!@#$+,!+%!D:+(A+!$&)B/!!ND)B+(A+! %&?+))! B#,! +(! .@+,$#:%! .@+,! &(%&))! ?#)7+,:+,! .B! 7.A+))+,! 7+A! )&@+$%+!%#)BC+(B+)#B+! 6%$)#--! .B! 6%$)#--! .--! %#)! 01! B,&7! RD*+,+O!#(:)6A+,%! &(%&))! ?#)+,! $.)B%!9.,!A#$$+!6%$)#--+(+d!4*5&++.Q7Q.M'(*++. %&-#&-R. %")&++&-. "0. =*+0. %&). +*2&=(&. (?+0,&'0&+?0&. 9:;<$(=+?>>R.#"%>*#(#+*==&'.!L*2&=(.="+0(&.$(=+?>>.O(=+?>>.">>.(?+.;A.0-*%."2&-.+*2&=(&.$(=+?>>.!9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7.=*+0.9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7.=*+0.0121!b%/./7!C6)#c!`H!2!2!L!n!`HO!%/./7!IH!1!1!1!011H!JH!2!2!`0H!n!JHO!%/./7!21H!`!K!2`K2!011J!21M!2!2!2MKI!n!21MO!%/./7!20M!20!2M!LKK2!011I!21M!2!2!HKM!n!21MO!%/./7!20M!I!I!0K1I!011K!21M!2!2!0MK!n!21MO!%/./7!20M!`!`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bU,#6$c! R&AA+! A&! @Z,%! %#)BC+(B+)#B! #! 7&,:+A+%! 9,&! 0111O! .B! @Z,%!BC+((.7!+(!7.A+))6%@#:)#(B!#!011M!/!!"#A+,+! $+,! @#! &%! BC+((.7$(#%%$6%$)#--+%! 9.,! R+)+! 6%@&)B+%! $&77+(9&))+,! 7+A!BC+((.7$(#%%6%$)#--+%! 9.,! ?#)7.A+))+(+! $.7! A+%! +,! :CD-%! 7+,! +((! 211! &@O! 7+A! +(!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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`1/111!:,/!<=0>:.7-.(+(%+(!#! :CD-$&@B#9%+(! ,+-,+$+(%+,+,! #! 6(A+,:&(%! &@! H1/111! :,! &@! -,#$9.,$:C+))+(! 7+)).7!A*,+$%+! .B! ?#))#B$%+! @&,#&(%/! Q+! 6)#:+! T.)9@&,#&(%+(+! $-+((+,! %#)! $&77+(! .@+,! 9#,+!<=0>&@B#9%$#(%+,@&))+,/!!T.)9!R&AA+!+(!7&,:+A$&(A+)!#!0121!-;!KO`f!&@!A+%!$&7)+A+!?#)7&,:+A+%!b=N"c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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 30 K?0$-.Q7V.O(=+?>>=2*-?*'(&-."0.<.$(2?#+?'0R.X"+3.!E+B @3=4.2+%(6(&,-.#2.'$+'( :=( ,.24&155.1+'( 0$( #89:+%'+5(,.2:"5'.'$+%(47;?#)+,! )#BB+,! ,+)&%#@%! $%&?#)%! 7+A! +(! 7&,:+A$&(A+)! -;! .7:,#(B! 2Lf/! E! A+%%+!$+B7+(%+%! #((B;,! ".):$X&B+(! U.).O! P*6(A&#! #01O! N.,A! N#+$%&O! W.*.%&! l&,#$! .B!46o6:#! 4X#9%! ?)&(%! A+! 7+$%! $.)B%+! 7.A+))+(+/! Q+%%+! +,! 7#(A,+! ?#)+,! +((! ?#)+(+! #!:.7-&:%:)&$$+(/!U,#$+(+!-;!A#$$+!?#)+(+!)#BB+,!9,&!201!111!:,!%#)!0H1!111!:,!#!0121/!!ND)B+(A+! 9#B6,! @#$+,! 6%@#:)#(B+(! #! RD*+$%+! $.)B%+! <=0>6%$)#--! 9.,! A+((+! :)&$$+(O!BC+((.7$(#%%)#B+!<=0>6%$)#--!.B!<=0>6%$)#--+%!-;!7+$%!$.)B%+!7.A+))@&,#&(%/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 31 K?0$-.Q7S.O(=+?>>=2*-?*'(&-."0.$(2?#+?'0R./%N5?+&-.!K#73(B)9L")N/*7'//1*1#/1#%%).($),<7#):@E@O)1#7$(11(7*'1)02$)"#/1*)>&*75/(F=)P(&/#&;)2')3#(/(76#7($)0-$1)D(3)&<77)#)<1/7#..)($)1*11)<1)*+)2+($/#%1(&=)Q76#7($)2')DR;6#7($)($)1*11)<1)*+)2+($/#%1(&/!"#! $+,! &%! )&@+$%+! %#)BC+(B+)#B+! <=0>6%$)#--! R&,! $6(:+%! BC+((.7! -+,#.A+(O! .B! &%!BC+((.7$(#%%$6%$)#--+%!R&,!96)B%!+(!,+)&%#@%!-&,&))+))!6%@#:)#(B/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 32 4*5&++.Q7V.M'(*++.%&-#&-R.%")&++&-."0.=*+0.%&).+*2&=(&.(?+0,&'0&+?0&.9:;<$(=+?>>.<.=%N5?+&-.!L*2&=(.="+0(&.$(=+?>>.O(=+?>>.">>.(?+.;A.0-*%."2&-.+*2&=(&.$(=+?>>.!9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7./*+0.9:;<0W#%.M'(7.%&-#&-.M'(7.%")&++&-.M'(7.=*+0.0121!b%/./7!C6)#c!JI!2!2!2!n!JIO!%/./7!21I!H!21!21M1!011H!HJ!2!2!2LJ!n!HJO!%/./7!22J!2M!2K!0JMH!011J!HH!2!2!JL!n!HHO!%/./7!22H!2L!2`!0IJL!011I!HH!2!2!2!n!HHO!%/./7!22H!21!22!L2K1!011K!21J!2!2!`M!n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i?+$%+i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i9)+,+! ?#):@&)#%+%+,i! #! 9.,7! &@! <=0>:,+@+(A+! %#))+BB! @+A! :CD-! &@!$7;?#)/!!!E+G >"%#+15"'1+2+%(:+%(ABCD&,52.::(.(*.%+(70-+15+$3+',(([&,:+A$$+B7+(%+(+! $.7! +,! BC+((.7B;%%! #! A+%%+! :&-#%)+%! A+::+,! %#)! $&77+(! JKf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b9.,%,#(($@#$! ?)&(%! A+! 2`! 7+$%! $.)B%+! 7.A+))+(+c! %#)?*,! @&,#&(%+,! 7+A! )&@+! 6%$)#--/!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 34 !!4.7! @#! $+,! &@! 9#B6,+(+! %.--+,! $&)B+(+! #((+(9.,! R@+,%! $+B7+(%! $+B! -;! ,+)&%#@%! 9;!6%$)#--$#(%+,@&))+,/!Q+%%+!R&,!$&77+(R+(B!7+A!%#)?6A$$#A+(O!A@$!R@#):+!6%$)#--!A+!6)#:+!7.A+))+(+!#!7&,:+A+%!R&,/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 35 B+ C"=('*)=#"'=&'=&-.E.'"&'.&#=&%>+&-.W&?+))!M/2!@#$+,!:.$%(&A$:.($+:@+($+(+!&@!&@B#9%$+(A,#(B+(+!9,&!011K!%#)!0121!9.,!2M! %#)9+)A#B! 6%@&)B%+! 7.A+))+,! bB#%%! &%! A+! &:%6+))+! 7.A+))+(+! +:$#%+,%+c/! "#! $+,! &%!+(A,#(B+(! B;,! 9,&! +(! B+@#($%! -;! .7%,+(%! ``/111! :,! %#)! +(! &@B#9%$D:(#(B! -;! A,D*+!LI1/111!:,/!!4*5&++.V76J.Z"%?'&++."0.-&&++.*20?3(=&')-?'0.3-*.;AAY.(?+.;A6A.3"-.'"&'.$(2*+0(&.5?+%")&++&-7.U&-#&.[*-?*'(.H33&#(.F#\G.H0&'2&#(.F#0G.9:;<$(=+?>>.F0W#%G.Z"%?'&++.&')-?'0.F#-"'&-G.]&&++.&')-?'0.F#-"'&-G.N.,A!N#+$%&!8].(+%#]!KK!21M2!H1!>M`!K0I!>`0!2`2!W.*.%&!U,#6$!bGlc!IL!2LI1!JH!>M0!1M0!>MH!MI2!".)@.!"`1!J1!2LLM!21M!>LK!12`!>MM!J1I!W.*.%&!'*B.!`1!IH1!21K!>00!IIM!>0I!1IM!W.*.%&!l&,#$!KK!21``!22H!>00!K1`!>0J!KKK!F[g!22JQ!QUN!211!2L21!22H!>ML!L1I!>``!2IJ!"g!U&$&%!F)6+![.%#.(!J2!2MKJ!20H!>L`!I10!>MI!``M!N.,A![.(A+.!8].(+%#]!J`!2`1I!2LH!>0H!J01!>M0!`IH!W.*.%&!<.,.))&!I2!20I1!2`H!K!0`1!>2!0KM!=-+)!'$%,&!21L!2M0`!2II!2L!LJ2!2!MJI!".)@.!h<H1!2LK!01KH!00M!IL!0MJ!ML!H0J!F[g!I>$+,#+!0M1!2JK1!0L0!2M0!KKJ!H`!`1M!U.,$]R+!<&*+((+!LKJ!0L``!L`J!MK1!2H0!LI1!IIM!N.,A!Y4'![6$%&(B!2`I!2`M1!1!2LI!212!211!LKL!K#73(B)L#&*&/3(.*$1(D(&1(1)U.,]R+!<&*+((+! 7+A! <=0>6%$)#--! -;! L`J! B,&7! -+,! :7! R&,! $.7! @#! $+,! &@! %&?+))+(!9;%%! +(! &@B#9%$D:(#(B! -;! LI1/IIM! :,/! Q+%%+! +,! +(! %+,,+(B?#)! $.7! :.$%+%! .7! )&B! 0O2!7#))#.(+,! #! 011I/! U.,]R+! <&*+((+! 9#((+$! #! 9)+,+! @&,#&(%+,O! 7+(! $%;,! 9.,! +(!6?+%*A+)#B!A+)!&@!?#)$&)B+%/!E!-+,#.A+(!011K!%/./7!C6)#!0121!+,!A+%!$&7)+A+!$&)B+%!&@!7.A+))+(! b#(:)6A+,%! &))+! @&,#&(%+,c! :6(! -;! KL! ?#)+,/! TC+((.7$(#%%$6%$)#--+(+! 9.,!A+((+!7.A+))+(!@&,!#!011K!-;!LJL!B,&7!<=0!-+,!:7O!7+($!A+%!-+,!C6)#!0121!)#BB+,!-;! 001! B,&7! <=0!-+,! :7/! Q+%! +,! 9.,! D@,#B! @+,A%! ;! 7+,:+! $+B! &%! R&)@-&,%+(! &@!U.,]R+! <&*+((+! $.)B%! %/./7! C6)#! #! 0121! R&,! +%! <=0>6%$)#--! -+,! :7! -;! 2H`! B,&7/!U,#$+(!-;!A+((+!@&,#&(%+(!.B!@&,#&(%+(!7+A!RD*+$%+!6%$)#--!#!0121!b0I1!B,&7!-+,!<=0c!@&,#+,+,!9,&!H01/111!:,.(+,!%#)!0O2!7#))#.(+,!:,.(+,/!N.,$:C+))+(!#!<=0>&@B#9%+(!,+-,+$+(%+,+,! #! 6(A+,:&(%! &@! 2`1/111! :,/! 8:$+7-+)+%! ?+:,+9%+,! &%! A,+#(#(B+(! #!&@B#9%$$%,6:%6,+(! R&,! ?#A,&%%! %#)! &%! ?#):CD-+,+! #! A+((+! :)&$$+(! @+)B+,! ?#)+,! 7+A!)&@+,+!6%$)#--O!7+(!@#$+,!$&7%#A#B!&%!A+%!+,!?+%&)#(B$@#))#BR+%!9.,!&(A,+!+B+($:&-+,!@+A! +(! ?#)7.A+))! $.7! BCD,! &%! $+)@! +(! RD*! <=0>&@B#9%! #::+! +,! %#)$%,+::+)#B! %#)! ;! @+)B+!7.A+))@&,#&(%+(!7+A!)&@+$%!<=0>6%$)#--!#((+(9.,!+%!$+B7+(%/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 36 W#)$@&,+(A+! 6%@#:)#(B! .?$+,@+,+$! .B$;! 9.,! A+! 7+$%! $.)B%+! ?#)7.A+))+(+/!TC+((.7$(#%%$6%$)#--+(+!+,!,+A6$+,%!9,&!011K!^!0121O!7+($!A+%!9,+7A+)+$!+,!$%.,+!@&,#&$C.(+,!7R%!<=0>6%$)#--!#((+(9.,!R@+,!7.A+))/!!"#! $+,! &@! %&?+))+(! .@+,! &%! +(! U&$$&%! b?)&(%! A+! `! 7+$%! $.)B%+! 7.A+))+(+! &))+! ;,! #!-+,#.A+(! 011K>0121c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`!-,.$+(%!&@!-,#$9.,$:C+))+(/!!Y%@#:)#(B+(! BC+)A+,! B+(+,+)%! 9.,! A+! 6)#:+! ?#)7.A+))+(+O! BC+((.7$(#%%$6%$)#--+%! +,!,+A6$+,%O! -,#$9.,$:C+))+(! 7+)).7! A*,+$%+! .B! )&@+$%+! @&,#&(%! +,! %#)! A+)$! ?+%*A+)#B!RD*+,+! +((! 9.,$:C+))+(! $.7! :&(! %#)$:,#@+$! <=0>&@B#9%+(O! .B! BC+((.7$(#%%$6%$)#--+%!9.,!+(!B#%%!7.A+))!)#BB+,!+%!B.A%!$%*::+!9,&!@&,#&(%+(!7+A!)&@+$%!<=0>6%$)#--/!!M20?3(=&')-?'0.3-*.;AAB.E.;A6A.N.,!A+!:@)D(/1)/27'1()6#7(&()#!011H!B&@!&@B#9%$+(A,#(B+(!9,&!011H!%#)!0121!9,&!A,D*+!J111! :,! #! D:(#(B! %#)! (+$%+(! K111! :,! #! ,+A6:$C.(! b$+!W&?+))! M/0c!8%! @#:%#B! -.+(B! #!A+((+! $&77+(R+(B! +,! &%! A+! &))+,! 9)+$%+! ?#)+(+! $.7! R&,! 9;%%! +(! &@B#9%$D:(#(B! 9,&!011H!%#)!0121O!9#((+$!7+A!&)%+,(&%#@+!@&,#&(%+,!$.7!R&,!9;%%!+%!-,#$&@$)&B/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 37 4*5&++.V7;E(Z"%?'&++. "0. -&&++. *20?3(=&')-?'0. 3-*. ;AAB. (?+. ;A6A. 3"-. )&. ;A. %&=(. ="+0(&.>&-="'5?+&'&.?.,*'$*-<=&>(&%5&-.;AAB7.U&-#&![*-?*'(....................!H33&#(.F#\G!H0&'2&#(.F#0G!9:;<$(=+?>>.F0W#%G!Z"%?'&++.&')-?'0.F#-"'&-G!]&&++.&')-?'0.F#-"'&-G!W.*.%&!'@+($#$!0/1>20K!Q!HL!2`01!2M0!>HI!>0!2KH!P.(A&!<5>"!0/0>2M1!Q!21L!2K20!2IL!K!K0I!L!IL`!"g!U&$$&%!0/1>221!Q!J2!2MKI!20H!>0!MK1!>M!1HJ!W.*.%&!Y/<,6#$!2/M>H1!Q!MgQ!KK!20M1!2L1!>2!H2M!>L!12`!"g!T.)9!2/K>H1!Q!KK!20LH!22J!>M!20M!>`!222!N.,A![.(A+.!0/1>22K!Q!J`!2`12!2`K!0!J0L!IH`!P*6(A&#!E01!2/0>II!`I!HI1!20M!>0!I2K!>L!MHK!".)@.!"I1!0/1>2LK!Q!211!2`II!2`I!L!0MK!KJJ!N.,A!V6B&!0/1>2LK!Q!MgQ!211!2`LJ!2KH!`!`02!0!HIL!U+6B+.%!L1J!2/K>21H!Q!4g!J1!2MH`!2LM!>2!LLJ!>L!1H2!46?&,6!N.,+$%+,!0/1>2MI!Q!M!21J!2``1!2I1!`!HML!L!2KM!N.,A![.(A+.!0/1>22K!Q!J`!2`12!2LH!>`IK!>0!MM2!"g!W#B6&(!0/1>2M1!Q!M[!21L!2K1M!2HH!20!20J!J!KJI!U+6B+.%!L11J!2/K>21H!Q!J1!2M0`!2LI!>HLL!>0!`0L!W.*.%&!'@+($#$!2/J>2MI!21J!2ML1!2`J!L!2H1!JIJ!W.*.%&!'6,#$!2/M>H1!Q!KK!20J1!2L1!>2!JK1!>L!12`!'6A#!k`!0/1>2I1!Q!k6&%%,.!20`!2II1!2IH!J!JLI!M!JIJ!".)@.!"`1!2/K>21H!Q!J1!2L2J!22J!>M!I2`!>`!HM`!G#$$&(!k&$Rp&#!2/`>21K!Q!IJ!2M1I!2LH!>MJ`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`!-,.$+(%!&@!7&,:+A$&(A+)+(!#!0121/!!F#)$&)B+%!9.,!0121!)#BB+,!&(!%#)!;!?)#!RD*+,+!+((!BC+((.7$(#%%+%!9.,!A+!%#!$#$%+!;,+(+/!Q+%%+!:&(!$:*)A+$!+%!+%%+,$)+-!9,&!-+,#.A+(!7+A!9&))!#!?#)$&)BO!7+(!:&(!.B$;!$:*)A+$!+(!&@B#9%$$%,6:%6,!$.7!#$.)+,%!$+%%!$%#76)+,+,!%#)!D:%!?#)$&)B!$.7!9D)B+!&@!&%!?#))#B$%+!%#)BC+(B+)#B+!(*?#)!,+)&%#@%!$+%%!R&,!B;%%!(+A!#!-,#$/!Q+%%+!:&(!R&!?#A,&%%!%#)!+(!D:(#(B!#!$&7)+%!?#)$&)B!$.7!9D)B+!&@!&%!i(*!?#)i!+,!?)#%%!+%!%#)BC+(B+)#B!B.A+!9.,!+(!$%D,,+!A+)!&@!?+9.):(#(B+(/!!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 38 N.,!?#)+,!$.7!-;!B,6((!&@!RD*+,+!<=0>6%$)#--!+,!?)#%%!A*,+,+O!9#((+$!A+%!?#)7.A+))+,!$.7! +,! 7+,! +))+,! 7#(A,+! B.A+! $6?$%#%6%%+,! b&@R+(B+,! &@! ?#)$+B7+(%O! -,+9+,+,%!7+,:+37.A+))c/! Q+%! +,! A+,9.,! )#%+(! B,6((! %#)! ;! &(%&! &%! D:%+! &@B#9%+,! -;! +(! A+)!?#)7.A+))+,!,+A6$+,+,!&(%&))!?#):CD-!$;!)+(B+!+(!,+::+!?#)+,!7+A!%#)(Z,7+%!$&77+!+B+($:&-+,!.B$;!R&,!B;%%!(+A!#!-,#$/!!ND)B+(A+! 9#B6,! @#$+,! 6%@#:)#(B+(! #! )&@+$%+! %#)BC+(B+)#B+! -,#$! -;! ?#)! #! .:%.?+,O! .B! -,#$!-;! ?#))#B$%+! @&,#&(%! &@! T.)9! .B! '@+($#$! ?&$+,%! -;! -,#$)#$%+,! 9,&! =N"! b?.,%$+%%! 9,&!0121O!A+,!&6B6$%-,#$+(!+,!?,6:%cO!C6$%+,%!7+A!44F$!-,#$#(A+:$/!!K?0$-.V76.]&*+>-?=$(2?#+?'0.3"-.+*2&=(.(?+0,&'0&+?0.>-?=.3"-.'^5?+."0.%&=(.="+0(&.%")&++&-.!!!!!!!!N#B6,+(! @#$+,! &%! ?#))#B$%+! %#)BC+(B+)#B+! ?#)! R&,! 9&)%! #! -,#$! BC+((.7! R+)+! -+,#.A+(!011K>0121/!Q+%%+! B#,! #$.)+,%! $+%%! +%! D:%! ?#)$&)B! %.%&)%/! E! "#$%&! '(&)*$+! b011Hc! 9&(%! @#!&%! +)&$%#$#%+%+(! 7R%! %.%&):.$%(&A+,! b:CD-$-,#$! .B! A,#9%$:.$%(&A+,c! @&,!^1OJ/! Q+%%+!?+%*,! &%! C.! )&@+,+! ?#)-,#$! .B! A,#9%$:.$%(&A+,O! A+$%.! 9)+,+! ?#)+,! @#)! ?)#! +%%+,$-6,%! .B!$.)B%/!\&@+,+!$&7)+A+!&@B#9%+,!$.7!,+A6$+,+,!:CD-$-,#$+(!B#,!.B$;!D:%!+%%+,$-D,$+)!+%%+,!A*,+,+!b.B!$%D,,+c!?#)+,/!!Y%@#:)#(B+(! #! ?#)$&)B+%! :&(! %*A+! -;! &%! &@B#9%$+(A,#(B+(! R&,! $%#76)+,%! ?#)$&)B+%!,+)&%#@%! $+%%! 7+,! #! A+! )&@+,+! 6%$)#--$:)&$$+(+! +((! A+(! +@+(%6+)%! R&,!,+A6$+,%!?#)$&)B+%! #! A+! RD*+,+! 6%$)#--$:)&$$+(+/! N#(&($:,#$+(! BCD,! A+%! #7#A)+,%#A! @&($:+)#B! ;!@6,A+,+! R@.,@#A%! &@B#9%$@,#A(#(B+(! 9,&! 011J! %#)! 011H! R&,! $%#76)+,%! A+%! $&7)+A+!?#)$&)B+%/! 5+$6)%&%+(+! 9,&! &(&)*$+(+! $.7! +,! BC+((.79D,%! B#,! B,6(()&B! 9.,! ;! &(%&! &%!D:(#(B+(! #! 7&,:+A$&(A+)! 9.,! 7#(#?#)+,37]>?#)+,! .B! $7;?#)+,! $+%%! 6(A+,! +%%O! 9.,! +(!$%.,!A+)!:&(!9.,:)&,+$!7+A!&%!A+%!$&7)+A+!?#)$&)B+%!+,!$%#76)+,%/!Q+%%+!+,!:&($:C+!+(!@+)! $;! @#:%#B! 9.,:)&,#(B$9&:%.,! ?&:! D:%! 7&,:+A$&(A+)! 9.,! A#$$+! :)&$$+(+! $.7!9.,9)*%(#(B+,!9,&!A+!D@,#B+!?#)$+B7+(%+(+!%#)!$7;?#)+,37#(#?#)+,37]>?#)+,/!!!V.7-&:%:)&$$+(! .B! $7;?#):)&$$+(! R&,! .B$;! +(! ,+::+! 7.A+))@&,#&(%+,! $.7! +,! ?)#%%!,+)&%#@%! $+%%! ?#))#B+,+! 9,&! 011K! %#)! 0121/! V.7?#(+,%! 7+A! #((%+:%$@+:$%! @#)! A+%%+!:6((+! %,+::+! #! ,+%(#(B! &@! i7+,i!?#):CD-O! .B3+))+,! +%%+,$-D,$+)! +%%+,! 9)+,+! :@&)#%+%+,!@+A!?#)+,!b$%D,,+O!9#,+RC6)$A,#9%O!+:$%,&6%$%*,!+%]c/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 39 Q+(! %+:(.).B#$:+! 6%@#:)#(B+(! .B! 6%@#:)#(B+(! #! A+%! #(%+,(&$C.(&)+! ?#)7&,:+A+%! B;,!7.%! iA.X($#o#(Bi! .B! ! D:%! +(+,B#>!.B! :)#7&+99+:%#@#%+%/! Y%@#:)#(B+(! #(%+,(&$C.(&)%!$&77+(9&))+,! 7+A! @,#A(#(B+(+! #! :CD-$&@B#9%+(! #! G.,B+/! N#(&($:,#$+(! 7+A!7+A9D)B+(A+! $%D%%+-,.B,&77+,! %#)! ?#)#(A6$%,#+(! R&,! %,.)#B! .B$;! ?#A,&%%! %#)! ;! A,+#+!%+:(.).B#6%@#:)#(B+(! #! +(! :)#7&@+(()#B! ,+%(#(B/! 4&7%#A#B! @#)! +(! 9.,%$&%%!#((%+:%$@+:$%! .B! @+)9+,A$6%@#:)#(B! D:+! +%%+,$-D,$+)+(! +%%+,! ?#)! .B! i?#):@&)#%+%+,i/!W+:(.).B#6%@#:)#(B+(! %&$! A+,7+A! A+)@#$! 6%! #! 9.,7! &@! RD*+,+! +(+,B#>!.B!:)#7&+99+:%#@#%+%O! .B! A+)@#$! 6%! #! 9.,7! &@! 7+,! :.79.,%! +))+,! &(A,+! :@&)#%+%+,! @+A!?#)+(/! Q+%! +,! A+,9.,! ,#7+)#B! ;! 9.,@+(%+! &%! BC+((.7$(#%%$6%$)#--+(+! #((+(9.,! R@+,%!$+B7+(%O! 7+,:+! +))+,! 7.A+))@&,#&(%O! &))%#A! @#)! )#BB+! (.+! RD*+,+! +((! ?+$%+!%#)BC+(B+)#B+!:)#7&@&,#&(%/!!N.,!;!:6((+!&(&)*$+,+!$-D,$7;)!.7!?#):CD-+,(+$!-,+9+,&($+,O!+,!A+%!?+R.@!9.,!7+,!#(9.,7&$C.(! .7! ?#):CD-+,(+! b#((%+:%O! 9.,76+O! )+A#BR+%O! &)A+,O! &(%&))! ?#)+,! #!R6$R.)A(#(B+(O! .B! .7! A+%! +,! :CD-%! (*! ?#)! #! -+,#.A+(! +))+,! #::+O! 77c/! ! "+A! RC+)-! &@!A+((+! #(9.,7&$C.(+(! @#)! @#! :6((+! @Z,+! #! $%&(A! %#)! ;! +$%#7+,+! .7! +(! R6$R.)A(#(B!:CD-+,! +(! ?#)O!R@.,9.,! R6$R.)A(#(B+(!:CD-+,! ?#)+,O! $&7%! &(&)*$+,+! #! A+%&)C! R@#):+(!7.A+))@&,#&(%!$.7!:CD-+$!.B!R@.,9.,!A+(!@+)B+$/!!B+9 F%.-5,0**:%.5+'5(4+,G1'.'$(*0%(=%2.$+(4%#05,'"1+%((Q,#@$%.99-,#$+(O! A,#@$%.99%*-+! .B! A,#@$%.99.,?,6:! +,! A+! @#:%#B$%+!9.,:)&,#(B$9&:%.,+(+! 9.,! +(! ?#)$! ?,6:$:.$%(&A+,/! j,$:.$%(&A+(! 9.,! ?,6:! &@! ?#)!&@R+(B+,!#!%#))+BB!&@!R@.,!7&(B+!:7!$.7!:CD,+$/!Q+%%+!@&,#+,+,!7+)).7!?#)+#+,(+/!!ND)B+(A+!B+(+,+))+!%,+::!.7!?,6:!&@!?#)!+,!:C+(%d!!• 47;!?#)+,!R&,!)&@+,+!;,)#B+!:CD,+)+(BA+!+((!$%.,+3$%D,,+!?#)+,!!• G*+!?#)+,!:CD,+,!)+(B+,!-+,!;,!+((!+)A,+!?#)+,!!•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d!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 40 4*5&++.V7Q.H#=&%>+&-.>N.*20?3(."0.)-?2=("33#"=('*)&-.2&).$+?#&.$(=+?>>.0121!&@B#9%+,O!A,#@$%.99-,#$!22!:,!3!)!O(=+?>>."0.3"-5-$#.9:;<#"=('*).?.#,D>=*20?3(&'.N-+?0.)-?2=("33<#"=('*).IAAA.#%..N-+?0.)-?2=("33<#"=('*).6SAAA.#%..N-+?0.)-?2=("33<#"=('*).;AAAA.#%..9:;<$(=+?>>.0W#%.BA.<6I.;_A.!!!A#+$+)9.,?,6:!-+,!7#)!1OLM!!0!HIM!`!`IK!I!ML`!?+($#(9.,?,6:!-+,!7#)!1OLH!!L!M01!K!M20!J!`MH!!!!!!!9:;<$(=+?>>.0W#%.6QS.6A.I_S.!!!A#+$+)9.,?,6:!-+,!7#)!1O`2!!M!MK2!J!LK`!22!2`L!?+($#(9.,?,6:!-+,!7#)!1O`J!!`!2L1!H!K2J!20!J0M!!!!!!!9:;<$(=+?>>.0W#%.6VS.6I.6SS.!!!A#+$+)9.,?,6:!-+,!7#)!1O`M!!M!IH0!J!HJM!22!HIH!?+($#(9.,?,6:!-+,!7#)!1OKL!!`!`1H!21!LL1!2L!IIM!!!!!!!9:;<$(=+?>>.0W#%.6YS.Q;.__S.!!!A#+$+)9.,?,6:!-+,!7#)!1OK0!!`!M`0!21!00L!2L!KL2!?+($#(9.,?,6:!-+,!7#)!1OI2!!K!0KH!22!I``!2`!KIM!!E! :&-#%%+)!K!$+,! @#! -;! :.($+:@+($+(+! 9.,! @&)B! &@! ?#)! .B! <=0>6%$)#--O! B#%%! +(A,#(B+,! #!A,#@$%.99:.$%(&A+(+!.B!:CD-$&@B#9%+(/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 41 G+ O(2?#+?'0.?.9:;<$(=+?>>.;AAV.<.;A6A.ND)B+(A+! 9#B6,! .--$677+,+,! R@.,A&(! A+!BC+((.7$(#%%)#B+! <=0>6%$)#--+(+! 7;)%! #!B,&7!-+,!:7!R&,!6%@#:)+%!$+B!+%%+,!.7)+BB#(B+(!#!:CD-$&@B#9%+(/!!TC+((.7$(#%%)#B+! 6%$)#--! -;! (*+! ?#)+,! #! 011M! @&,! -;! .7! )&B! 2J1! B,&7! -+,! :7O! 7.%!2`J! #! 011JO! .B! 2`2! #! 011H/! E! C&(6&,! 0121! @&,! <=0>6%$)#--+%! 9,&! (*+! -+,$.(?#)+,! -;!,+:.,A)&@+! 2LI! B,&7! -+,! :7q! +(! ,+A6:$C.(! -;! 2`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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 42 K?0$-.S76.9:;<$(=+?>>.=&0%&'(3"-)&+(."0.0,&''"%='?((.;AAY.(7"7%.,$+?.;A6A.!4%.,%#(B+%$! :)#7&9.,)#:! -+:+,! -;! .7)+BB#(B! &@! ?#)&@B#9%+(+! #! +(! 7+,! 7#)CD@+(()#B!,+%(#(B! $.7! A+%! $+(%,&)+! @#,:+7#A)+%! 9.,! ;! (;! +%! 6%$)#--$7;)! -;! 201! B! <=0!-+,! :7!9.,! (*+! -+,$.(?#)+,/! [;)+%! $&7$@&,+,! 7+A! 8Y$! 7;)! 9.,! $+:%.,+(/! E!%#))+BB! R&,! 8Y!9&$%$&%%! +%! )&(B$#:%#B! 7;)! .7! &%! 6%$)#--! 9,&! (*+! ?#)+,! $.7! $+)B+$! #! 0101! #::+! $:&)!.@+,$%#B+! H`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b$+! "#$%&! '(&)*$+! b011Hc!9.,! (Z,7+,+!?+$:,#@+)$+c/! "+A! #(($%,&77#(B+(! #! 011H! @&,! -.%+($#&)+%! -;! %#)?6A$$#A+(!?+B,+($+%! $&77+()#:(+%! 7+A! +99+:%#@#%+%$-.%+($#&)+%! #! 011I/! E! 0121! +,! A+%! )&($+,%!9)+,+!(*+!7.A+))+,!#!7&,:+A+%!#(%+,(&$C.(&)%O!7+(!9.,?+A,#(B$-.%+($#&)+%!@6,A+,+$!)#:+@+)!#::+!;!@Z,+!-;!RD*A+!7+A!9.,?+A,#(B$-.%+($#&)+%!#!011I/!N)+,+!%#)BC+(B+)#B+!$7;?#)+,! #! )&@+! -,#$:)&$$+,! @#)! :6((+! -;@#,:+! BC+((.7$(#%%$6%$)#--+(+! 9,&!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 43 (*?#):CD-+(+/!Q+%!+,!#7#A)+,%#A!#::+!.--)&B%!&%!R+)+!D:(#(B+(!#!7&,:+A$&(A+)+(!9.,!$7;?#)+,! :.77+,! i#! $%+A+%! 9.,i! $%D,,+! ?#)+,/! ! 8(! $%D,,+! +))+,! 7#(A,+! &(A+)! @#)!:.77+! i#! %#))+BB! %#)i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	!""#$!""%$!""&$!""'$!""($!"")$	!"*"$+,-.$/0123$	45.6-$$	*("$*("$*''7*$*%)7*$*%(78$*%"7'$*#*7%$	9:;<:.=$	*&%7)$*&87'$*&!7%$*%)7($*#&7#$*8)7*$	>2;1:;?$$	*')7($*')7%$*')7!$*''78$*&!7)$*%'$	>.:;=.2=-$	*%87*$*%!78$*#)7)$*#)7#$*#"7*$*887%$	@AB=1:;?$	*'#7)$*'87#$*'!7%$*&)7%$*($*%#$	CD:12:$	*%"$*#)7%$*#)7!$*#&7%$*##7'$*8&78$	EF-.26-$	*)'7!$*)87!$*((7&$*(*7#$*'87)$*%$	*8"$*#"$*%"$*&"$*'"$*("$*)"$!""$	!"#$%&'()**+,-./+*0-+1/+	+	2&3)1()4,+)+!"#$%&'()**+450+6)(0-7+%&3.(,&0+82$(.49++	
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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 44 8(! #(%+,+$$&(%! 9.,$:C+))! +,!$&)B! &@! R*?,#A?#)+(! U,#6$/! E! G.,B+! R&,! U,#6$+(! R&%%!9.,A+)+,! BC+((.7! &@B#9%$$*$%+7+%O! 7+($! A+(! #::+! +,! B#%%! 9.,A+)+,! #! Q&(7&,:/! E!G.,B+!.--(;,!U,#6$!RD*+!$&)B$%&))O!7+($!$&)B+%!#!Q&(7&,:!+,!$@Z,%!)&@%/!!N.,$:C+))+(! 7+)).7! G.,B+! .B! 4@+,#B+! 7R%! $&77+($+%(#(B! &@! ?#)-&,:+(! ?+:,+9%+,!%#)!+(!@#$$!B,&A!96((!9,&!011H>&(&)*$+(!.7!&%!)&@+,+!:CD-$-,#$+,!-;!?#)!D:+,!&(A+)+(!$%D,,+!?#)+,!7;)%!#!@+:%O!+99+:%!.B!6%$)#--/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 45 H+ `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`>B,&7$#(%+,@&))+,/!!K?0$-.Y76.U")&++&'=.(-&33=?##&-1&(7.a-&)?#&-(&."0."5=&-2&-(&.%*-#&)=*')&+&-..!"!!!!#!"!$!!#!"!%!!#!"!&!!#!"!'!!#!"(!!!#!"($!!#!"(%!!#!#)!#(!!#((!#($!#(*!#(%!#(+!#(&!#(,!#('!#()!#$!!#$(!#$$!#$*!#$%!#$+!#$&!#$,!#	!"#$%&'"(&%)*	+,-./0')122*34$5*	!6&%))%('*0#%7'1$$%#8%0*	-./012013#451607/58709#:107;6013#451607/58709#!N#B6,+(! @#$+,! &%! 7.A+))+(! $&7$@&,+,! 7+A! .?$+,@+,%+! 7&,:+A$&(A+)+,! #! 0121/![.A+))+(! $.7! $:&)! ?+(*%%+$! #! -,+A#:$C.(+(+! ?+(*%%+,! BC+((.7$(#%%$-;@#,:(#(B! -;!6%$)#--! $.7! +(! 96(:$C.(! &@! &@B#9%+(! .B! A+%! :&(! A+,9.,! 9.,@+(%+$! &%! $@#(B(#(B+(+!.?$+,@+,%!#!@#,:+)#BR+%+(!C+@(+$!6%/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 46 H+9 )2"5,.5.,+,+%([+A!6%B&(B$-6(:%!#!7&,:+A$&(A+)+(+!:&(!@#!9#((+!+)&$%#$#%+%+(!&@!$&(($*()#BR+%+(!9.,!@&)B!&@!?#)/!8)&$%#$#%+%+(!+,!+(!96(:$C.(!&@!&@B#9%+(!.B!&@!7&,:+A$&(A+)+(!%#)!A+%!&:%6+))+!<=0>6%$)#--/!Q+,9.,!@#)!A+%!@Z,+!+(!+)&$%#$#%+%!9.,?6(A+%!7+A!R@+,%!6%$)#--$#(%+,@&))/!Q+%!9.,@+(%+$!&%!RD*+,+!6%$)#--!+,!9.,?6(A+%!7+A!RD*+,+!&?$.)6%%@+,A#!-;!+)&$%#$#%+%+(O!$#A+(! A#$$+! #(%+,@&))+(+! R&,! A+(!RD*+$%+! 7&,B#(&)&@B#9%+(/! 8(! +)&$%#$#%+%! 7#(A,+!+((!r(!#!&?$.)6%%@+,A#!+,!6+)&$%#$:/!Q+%!@#)!$#!&%!+(!+(A,#(B!-;!r(!-,.$+(%!#!-,#$+(!+,!&$$.$#+,%!7+A!+(!+(A,#(B!-;!7#(A,+!+((!r(!-,.$+(%!#!7&,:+A$&(A+)/![.%$&%%!+,!+(!+)&$%#$#%+%! $.7! +,! $%D,,+! +((! r(! +)&$%#$:O! .B! @#)! 9D,+! %#)! +(! +(A,#(B! -;! 7+,! +((!r(!-,.$+(%!#!7&,:+A$&(A+)!@+A!+(!D:(#(B!-;!+(!+(R+%!#!&@B#9%+(/!!!!!8)&$%#$#%+%+(O!:&)%!+)O!R&,!9D)B+(A+!%.):(#(Bd!S+#/)*+'#01(&)-%($)D(3)ET)07511($)(7)#T)0$*)3(1)*%1<(77()89:;<1/7#..(1O)/7#%)*1)6#7($)D(3)3(11()<1/7#..(1)04$)(&)7*+($()D*$%(3/*&3(7=)!8%!+:$+7-+)!:&(!BCD,+!A+%!:)&,+,+d!!S+#/)+#)($)#)89:;<1/7#../#&1($+*77)E:HO)+#7)(&)E@)T)-%&#&')#)*+'#01(&()0-$()1#7)(&)HOEU)T)$(3<%/,2&)#)D*$%(3/*&3(7=)G(1)0#&&(/)VWA)6#7($)D(3)3(11()<1/7#..(1=)Q&)*+'#01/-%&#&').4)E@)T)+#7)3($02$)$(3</($()*&1*77)6#7($)#)3(&&()%7*//(&)D(3)WUOH)6#7($=!Q+%%+! +,! +(! )#%+(! &(A+)! &@! A+%! %.%&)+! ?#)$&)B+%/! E! 0121!b9D,$%+! R&)@;,c!?)+! A+%! $.)B%!IL/KL0!?#)+,O!.B!MLO`!?#)+,!6%BCD,!1O1K!f!&@!%.%&)+(/!!E! %&?+))+(! (+A+(9.,! -,+$+(%+,+$! 6%$)#--+%! 9,&! +%! 6%@&)B! <=0>#(%+,@&))+,/! Q+! )&@+$%+!:)&$$+(+! R&,! -.$#%#@! +)&$%#$#%+%/! Q+%%+! +,! 9.,A#! A+%! B#$! +%! 9,&A,&B! #! :CD-$&@B#9%+(!9.,!?#)+,!7+A!)&@%!6%$)#--O!$)#:!&%!<=0>:.7-.(+(%+(!#!&@B#9%+(!9,&7$%;,!7+A!+(!(+B&%#@!&@B#9%/!4*5&++.Y76!H+*=(?=?(&(&'. 3"-. 3"-=#,&++?0&. $(=+?>>=?'(&-2*++&-7. !&(. ">>3D-(&. $(=+?>>&(. &-.?'(&-2*++&(=.D2&-=(&.0-&'=&7.<=06%$)#--!8)&$%#$#%+%!21`!1OM22MMLL!22H!1OLML`1`J!201!1OML`HI2L!20`!>1O`2L21H`!2J1!>1O`2IHIKI!2J`!>2O00KLK2!0I`!>0O122KI`!MMJ!>0O121H2!!!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 47 E! 9#B6,+(! (+A+(9.,! 9,+7$%#))+$! +)&$%#$#%+%+(+! B,&9#$:/! N#B6,+(! B#,! +%! 7+,! R+)R+%)#B!?#)A+! &@! R@.,A&(!+)&$%#$#%+%+(+! 9.,A+)+,! $+B! .@+,! A+! 9.,$:C+))#B+! <=0>#(%+,@&))+(+/!<=0>&@B#9%+(+! R&,! A+(! D($:+)#B+! +99+:%+(! -;! <=0>6%$)#--+%/! Q+%! +,! +(! %*A+)#B!%+(A+($! %#)! &%! C.! RD*+,+! <=0>6%$)#--O! C.! RD*+,+! +,! +)&$%#$#%+%+(! %#)! ;! :.(@+,B+,+! 7.%!)&@+,+! 6%$)#--$:)&$$+,/! 8)&$%#$#%+%+(! +,! (+B&%#@! 9.,! &))+! :)&$$+,! (+A! %#)! 20`! B3:7/!8)&$%#$#%+%+(! 9.,! A+! RD*+! 6%$)#--+(+! +,! (+B&%#@! .B! R&,! RD*! &?$.)6%%@+,A#O! 7+($! A+!)&@+,+!6%$)#--$:)&$$+(+!R&,!7#(A,+!&?$.)6%%@+,A#/!E((+(!&))+!6%$)#--$:)&$$+,!6(A+,!2J`! B3:7! +,! +)&$%#$#%+%+(! )&@+,+!+((! r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f! %#)! L1f! @+A! +(! A.?)#(B! #! <=0>&@B#9%+(O! 7+($! A+(! ?)+! -,+A#:+,%! %#)! MIf! #!%#)9+))+%! 7+A! %,+A.?)#(B/! "#A+,+! @#)! +(! %,+A.?)#(B! &@! <=0>&@B#9%+(! 9D,+! %#)! &%! ?#)+,!7+A! 6%$)#--! .--!%/./7!201! B3:7! 9;,! +(! 7&,:+A$&(A+)! -;! K1! f/!Q+%%+! ?+%*,! +(!:,&9%#B! D:(#(B! #! (6))6%$)#--$?#)+,/!TC+((.7$(#%%$6%$)#--+(+! )#BB+,! -;! +%! (#@;! ,6(A%!201!B,&7/!!E! &(&)*$+(! A+,! R+)+! ?#)7&,:+A+%! ?+R&(A)+$! 6(A+,! +%%!)#BB+,! A+%! +(! &(%&:+)$+! .7! &%!&))+! ?#)+,! +,! (Z,+! $6?$%#%6%%+,/! ! '(%&:+)$+(! +,! #::+! (DA@+(A#B@#$! -)&6$#?+)q! +(! +)?#)!:&(!#::+!+,$%&%%+!$&77+!?+R.@!$.7!+(!$%&$C.($@.B(!9.,!+(!$%.,!9&7#)#+/!8(!$7;?#)!A+::+,! R+))+,! #::+! (DA@+(A#B@#$! A+! $&77+! ?+R.@+(+! $.7! +(! %+,,+(B?#)/! E! .B! 7+A!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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d!U*-#&)&(.3"-.=(D--&.5?+&-.[&,:+A$$+B7+(%!2d!4-.,%$?#)+,![&,:+A$$+B7+(%!0d!W+,,+(B?#)+,![&,:+A$$+B7+(%!Ld!\6:$6$?#)+,![&,:+A$$+B7+(%!Md!N)+,?,6:$?#)+,!!Q&%&! 9.,! $+B7+(%! L! R&,! +(! ?+B,+($+%! &(A+)! &@! A+%! %.%&)+! 7&,:+A+%! b1O2! -,.$+(%! %#)!$&77+(!#!0121c/!Q+%!@#$+,!$+B!.B$;!;!@Z,+!$%.,!R+%+,.B+(#%+%!#!A+%%+!A+)$+B7+(%+%/!Q+%%+!$+B7+(%+%!+,!A+,9.,!%&%%!6%!&@!&(&)*$+(/!!!U*-#&)&(.3"-.%?')-&.5?+&-.[&,:+A$$+B7+(%!2d!47;?#)+,![&,:+A$$+B7+(%!0d!V.7-&:%:)&$$+(![&,:+A$$+B7+(%!Ld![+)).7:)&$$+(![&,:+A$$+B7+(%!Md!4%.,+!?#)+,![&,:+A$$+B7+(%!`d![#(#?#)+,!!"+A)+BB!2!B#,!+(!.@+,$#:%!.@+,!$+B7+(%9.,A+)#(B!#!$&)B$$%&%#$%#::+(!.B!A&%&+(+!$.7!?,6:%!#!+$%#7+,#(B$B,6(()&B+%!9.,!-+,#.A+(!011M!%/./7!9D,$%+!R&)@;,!0121/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 49 6.3.1 J"$,)),'%N.,! @&)B+%! &@! ?#)! #((+(! R@+,%! $+B7+(%O! B#%%! &%! +(! $:&)! @+)B+! +(! ?#)! #((+(! $+B7+(%+%O!R&,!@#! $-+$#9#$+,%!+(! @&)B$&(($*()#BR+%! 9.,! ;! @+)B+! +(! ?#)! 7+A!<=0!6%$)#--! #! +%!<=0!#(%+,@&))!&@!)+(BA+!0!B3:7/!'(%&))!<=0!#(%+,@&))O!E$O!@&,#+,+,!9,&!$+B7+(%!%#)!$+B7+(%/!Q+((+! @&)B$&(($*()#BR+%+(! R&,! +(! %+))+,! .B! (+@(+,/!E! %+))+,+(!%#)! $&(($*()#BR+%+(!#((B;,!+(!96(:$C.(!&@!$677+(!&@!+99+:%&@B#9%!.B!@+:%&@B#9%!b(+A+(9.,!:&)%!'@B#9%c!#!9.,R.)A! %#)! ?#)+($! -,#$! 9D,! &))+! &@B#9%+,O! $&7%!<=0!&@B#9%+(! #! #((:CD-$-,#$+(! #! 9.,R.)A!%#)! ?#)+($! (+%%.-,#$O! $&7%! A,#@$%.99:.$%(&A+(! -+,! :CD,%! :7/!"#A+,+! R&,! @#! #(:)6A+,%!+%! @&,#+,+(A+! &(%&))! A677#+$! $)#:! &%! 7.A+))+(! $:&)! B#! +(! ?+A,+! 9D*(#(B/! Q#$$+!A677#+(+!,+9)+:%+,+,!&%!A+%!+,!@#$$+!%*-+,!?#)+,!7+A!<=0!6%$)#--!#!@#$$+!$+B7+(%+,!$.7! +,! 7+,! -.-6)Z,+! +((! &(A,+! ?#)+,/!E! (+@(+,+(! #((B;,! A+(! $&77+! 96(:$C.(+(O!7+(!$677+,%!.@+,!&))+!&:%6+))+!?#)+,!#!$+B7+(%+%/!![+,:! &%! A+(! +7-#,#$:+! -&,&))+))+(! %#)! @&)B$&(($*()#BR+%+(+! +,! 7&,:+A$&(A+)+,! 9.,!?#)+,!#!A+!6)#:+!<=0!#(%+,@&))/!!!4&(($*()#BR+%+(O!s#$!9.,!@&)B!&@!?#)!#((+(!+%!$+B7+(%!+,!B#%%!@+Ad!	
s	
is 2 is	1s 2s 3s is s is	is is	is s	I	js 2 js	1s 2s 3s js s js	j=1	js js	
Avgift CO Avgift	exp(b +b +b Drivstoffkost +d D )	Nettopris Nettopris	= ;i=1,2,,,I	Avgift CO Avgift	exp(b +b +b Drivstoffkost +d D )	Nettopris Nettopris	
!	
"	
!"#!R&,!+:$-+,#7+(%+,%!7+A!9)+,+!@+,$C.(+,d!- F,6%%.-,#$!#!$%+A+%!9.,!(+%%.-,#$O!- G;@+,A#!&@!A,#@$%.99:.$%(&A!.7BC.,%!%#)!+(!;,$:.$%(&A!!- [.A+))+(!7+A!.B!6%+(!A,#@$%.99:.$%(&A!.B!7+A!.B!6%+(!i'@B#9%i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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 50 D:.(.7#$:+! $#%6&$C.(+(! #! )&(A+%! .B! @#! ?,6:+,! +(A,#(B+(! #! #(A+:$+(! -;! =$).! ?D,$!$.7!#(A#:&%.,!9.,!A+((+!$#%6&$C.(+(/!!N.,! -+,#.A+(! C&(6&,>C6)#! #! 0121! +(A,+%! #(A+:$+(! $+B! 7+A! HO1`! -,.$+(%-.+(B/!4&(($*()#BR+%+(+!9.,!;!@+)B+!$+B7+(%!+,!B#%%!@+A!	
ss	s	3	
kk	k1	
ørre biler	
s= 1,2,3,4,5 min dre biler	
exp(Y Z)	P;	
e xp(Y Z)	
s 1, 2, 3 i marke det for st	
i marke det for	
=	
+!	=	
+!	
=	
"	
!P+,!+,!	
s	
sI	2	js js	
s	1s 2s	js	j=1	js js	
D	
Avgift CO Avgift	
Y = ln exp b + b + d	Netopris Nettopris	
!"
#$
#$
#$%&	
'	
!l$!+,!:.($67+(%.@+,$:6AA+%!&@!;!@+)B+!?#)+,!#!$+B7+(%!$/!!U,.A6:%+%! &@! $&(($*()#BR+%+(! 9.,! :CD-! &@! ?#)! #! +%!<=0!#(%+,@&))O! B#%%! $+B7+(%O! .B!$&(($*()#BR+%+(!9.,!@&)B!&@!$+B7+(%O!+,!A+(!6?+%#(B+%+!$&(($*()#BR+%+(!9.,!@&)B!&@!?#)!#!+%!<=0!#(%+,@&))/!![.A+))+(!+,!?,6:%!%#)!;!$#76)+,+!@#,:(#(B+,!-;!A+%!9.,@+(%+%+!6%$)#--!&@!<=0!#!0121!&@d!2c Q.?)#(B!&@!<=0>&@B#9%+(!#!#((:CD-$-,#$+(!0c W,+A.?)#(B!&@!<=0>&@B#9%+(!#!#((:CD-$-,#$+(!Lc 01O!M1!.B!K1!-,.$+(%$!D:(#(B!#!A,#@$%.99:.$%(&A+,!-+,!:7/!!!Mc =@+,9D,#(B!&@!+99+:%&@B#9%+(!%#)!<=0>:.7-.(+(%+(!9.,!?#)+,!7+A!6%$)#--!.@+,!2M1!B,&7!<=0!bC9!:&-#%%+)!0/2/0c!!!!Q+%! 9.,@+(%+%+! %.%&)+! 6%$)#--! #((+(! R@+,%! &@! A+! %.! 7&,:+A+(+O! Y7!b7&,:+A+(+! 9.,!R+(R.)A$@#$!$%D,,+!.B!7#(A,+!?#)+,c!+,!B#%%!@+Ad!	
st	
ist	
I	
m	st	ist	s	i=1	
;m=1,2	U= q Pu	!!	
!P+,! +,! p#$%t! $&(($*()#BR+%+(! 9.,!;! @+)B+! +(! ?#)! b#! ;,! %c! 7+A! <=0>6%$)#--! #! <=0>#(%+,@&))!#O!.B!R@.,!?#)+(!+,!#!$+B7+(%!$O!E$%!+,!&(%&))!<=0>#(%+,@&))!#!$+B7+(%!$O!U$%!+,!$&(($*()#BR+%+(!9.,!&%!?#)+(!+,!#!$+B7+(%!$!.B!6#$%!+,!<=0>6%$)#--+%!#!#(%+,@&))+%/!"#,:(#(B+(! &@! ;! +(A,+! <=0>&@B#9%+,!.B! A,#@$%.99:.$%(&A+,! @#)! A&! R&! 9D)B+(A+! %.!)+AAd!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 51 2c VCD-!&@!?#)!#((+(!R@+,%!$+B7+(%!+(A,+,!$+B!@+A!&%!7&,:+A$&(A+)+,!7+A!7#(A,+!6%$)#--!D:+,!7+($!7&,:+A$&(A+)+,!%#)!?#)+,!7+A!$%D,,+!6%$)#--!B;,!(+A/!0c '(A+)!?#)+,!$.)B%!#!+%!$+B7+(%!R@.,!A+%!BC+((.7B;+(A+!+,!7#(A,+!6%$)#--!&@!<=0!+))+,!R@.,!A+%!+,!76)#BR+%+,!6%!9,&!%#)?6A+%!&@!?#)+,!%#)!;!@+)B+!9)+,+!?#)+,!7+A!7#(A,+!6%$)#--O!B;,!.--!.B!A+!&(A,+!$+B7+(%+(+$!&(A+)!&@!$.)B%+!?#)+,!B;,!(+A/!!!6.3.2 L63-723,#%".%2..#,.,#3,%4#,$-=6M"',#%J2#=,$,3%<"#%63N##,%O-),#%W&?+))! K/0!@#$+,! +$%#7+,#(B$,+$6)%&%+,/! "#! $+,! &%! ?;A+! $677+(! &@!+99+:%>O! .B!@+:%&@B#9%+,! b'@B#9%c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`!-,.$+(%!&@!@&,#&$C.(+(+!#!A&%&!bU$+6A.!50c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f!+(!;,)#B!7+,:.$%(&A!-;!A,D*+!L011!:,!9.,!+(!A#+$+)?#)!7+A!$+B7+(%+%$! BC+((.7$(#%%$6%$)#--! b2KK! B,&7! -+,! :7c/! <=0>&@B#9%+(! 9.,! %#)$@&,+(A+!6%$)#--!9D,!+(A,#(B!+,!-;!LL/`11!:,O!.B!D:+,!%#)!.@+,!211/111!:,!7+A!+(!%,+A.?)#(B/!!E!$+B7+(%!0O!%+,,+(B?#)+,O!$.7!+,!A+%!:)&,%!$%D,$%+!$+B7+(%+%O!R&,!?;A+!<=0>&@B#9%+(!.B! A,#@$%.99:.$%(&A+(! +(! $#B(#9#:&(%! @#,:(#(BO! 7+($! 9.,! 9)+,?,6:$?#)+,! +,! A+%! ?&,+!A,#@$%.99:.$%(&A+(! $.7!#! A#$$+! ?+,+B(#(B+(+!R&,! +(! $#B(#9#:&(%! @#,:(#(B/!N)+,?,6:$?#)+,! R&,! $.7! @#! $+,! &@!N#B6,!`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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 52 N#B6,! K/L!B#,! +(! $&77+()#:(#(B! &@! .?$+,@+,%+! &(A+)+,! .@+,! <=0>#(%+,@&))! $&7%!7.A+))+($! -,+A#:$C.(+,! &@! A#$$+! &(A+)+(+!9.,! %+,,+(B?#)+,O! 9)+,?,6:$?#)+,! .B!$-.,%$?#)+,!#!B,6((&(&)*$+(/!"#!$+,!&%!%#)!%,.$$!9.,!9;!9.,:)&,#(B$@&,#&?)+,!#!7.A+))+(O!9.,:)&,+,!7.A+))+(!A+!.?$+,@+,%+!&(A+)+(+!,#7+)#B!?,&/!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 1 (sport cars)	
!!!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 2 (terrain cars)	
!	
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!	
0
.1
.2
.3
130	180	230	category	
 observed	 estimated	
Year 2010 - Segment 4 (multiple cars)	
!	
!
"#$%&'!()!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!9:;!
!
!
!
!
!	
0
.05
.1
.15
.2
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 1 (small cars)	
!!!!!!	
0
.05
.1
.15
.2
.25
.3
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 2 (compact cars)	
!	
!
"#$%&'!<)!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!=8>??!
!!
!
!	
@!	
!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 1 (sport cars)	
!!!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 2 (terrain cars)	
!	
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!	
0
.1
.2
.3
130	180	230	category	
 observed	 estimated	
Year 2010 - Segment 4 (multiple cars)	
!	
!
"#$%&'!()!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!9:;!
!
!
!
!
!	
0
.05
.1
.15
.2
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 1 (small cars)	
!!!!!!	
0
.05
.1
.15
.2
.25
.3
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 2 (compact cars)	
!	
!
"#$%&'!<)!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!=8>??!
!!
!
!	
@!	
!	
!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 1 (sport cars)	
!!!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 2 (terrain cars)	
!	
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!	
0
.1
.2
.3
130	180	230	category	
 observed	 estimated	
Year 2010 - Segment 4 (multiple cars)	
!	
!
"#$%&'!()!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!9:;!
!
!
!
!
!	
0
.05
.1
.15
.2
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 1 (small cars)	
!!!!!!	
0
.05
.1
.15
.2
.25
.3
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 2 (compact cars)	
!	
!
"#$%&'!<)!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!=8>??!
!!
!
!	
@!	
!	
!!K?0$-.Y7Q.a-&)?#&-(."0."5=&-2&-(&.9:;<*')&+&-R.%*-#&)&(.3"-.=(D--&.5?+&-.E! +@&)6+,#(B+(! &@! +(A,#(B+,! :CD-$&@B#9%+(! R&,! @#! ?+(*%%+%! +(! 7.A+))! A+,!A,#@$%.99:.$%(&A+(+!+,!6%+)&%%!.B!R@.,!A+%!.B$;!+,!#((9D,%!9)+,+!A677#+,/!Q+%%+!B#,!?+A,+!9D*(#(B+,!%#)!.?$+,@+,%+!A&%&!+((!A+%!$.7!9,+7:.77+,!&@!9#B6,+(+!.@+,/!Q+%!+,! .B$;! :.,,#B+,%! 9.,! @#,:(#(B+,! &@! i+:$%,+7@+,A#+,i! A+,! A#$$+! @#$+,! $+B! ;! R&! $%.,!?+%*A(#(B! 9.,! +$%#7+,#(B$,+$6)%&%+(+/![.A+))+(! B#,! A+,7+A! ?+A,+! 9D*(#(B! %#)!.?$+,@+,%+!A&%&!+((!B,6((7.A+))+(!$.7!+,!@#$%!.@+,/!!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 53 4*5&++.Y7;7bK?c&)<&33&@(=.+"0?=(?@.-&0-&==?"'bR.=*''=^'+?01&(&'&.d?=7.U*-#&)==&0%&'(.6J./>"-(=5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>0/0LHM!>I/J!<=0!&@B#9%3(+%%.-,#$!>2/IKK2!>0/L!Q,#@$%.99:.$%(&A!>1/``LI!>2/K!Q677*!2!1/I1JL!M/L!Q677*!0!2O0`IL!I/H!Q677*!L!2O`IIM!HO2!Q677*!M!1/JIH`!KO0!'(%&))!?#)+,3&(%&))!@&)B!`J13LM!\5!]R#!0bLc!M`0OIK!U,.?u]R#!0!1!\.B!)#:+)#R..A!>2IHM!U$+A.!50!!1/22!!U*-#&)==&0%&'(.;J.4&--&'05?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>2O2`JK!>20OJ!<=0!&@B#9%3(+%%.-,#$!>2O100H!>J/2!Q,#@$%.99:.$%(&A!>1OK12K!>LO`!Q677*!2!2O`00H!L0OM!Q677*!0!2O2KMJ!0IO2!Q677*!L!2OJJ0I!MKOI!Q677*!M!2OKJ2H!M`O2!Q677*!`!0OL0KI!KIOL!Q677*!K!2OIM`M!`2O0!Q677*!I!0OJKJM!HKOH!'(%&))!?#)+,3&(%&))!@&)B!220M13`1!\5!]R#!0bLc!2`0KKOLJ!U,.?u]R#!0!1!\.B!)#:+)#R..A!>LJM1K!U$+A.!50!!1/2I!!U*-#&)==&0%&'(.VJ.K+&-5-$#=5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>LOL21L!>HOI!<=0!&@B#9%3(+%%.-,#$!>1/MK2K!>1/0!Q,#@$%.99:.$%(&A!>M/`LJM!>0/L!Q677*!2!1OL1J`!LO0!Q677*!0!1O``02!IOM!'(%&))!?#)+,3&(%&))!@&)B!22K132K!\5!]R#!0bLc!2`IJ/0L!U,.?u]R#!0!1!\.B!)#:+)#R..A!>0M0I!U$+A.!50!!1/0`!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 54 J2#=,$,3%<"#%7-'$#,%O-),#%W&?+))! K/L!@#$+,! +$%#7+,#(B$,+$6)%&%+,!9.,! B,6--+(! 7#(A,+! ?#)+,/! "#! $+,! &%! ?;A+!$677+(! &@! +99+:%>O! .B! @+:%&@B#9%+,! b'@B#9%c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	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 1 (sport cars)	
!!!!	
0
.1
.2
.3
130	180	230	280	330	380	category	
 observed	 estimated	
Year 2010 - Segment 2 (terrain cars)	
!	
!
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!	
0
.1
.2
.3
130	180	230	category	
 observed	 estimated	
Year 2010 - Segment 4 (multiple cars)	
!	
!
"#$%&'!()!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!9:;!
!
!
!
!
!	
0
.05
.1
.15
.2
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 1 (small cars)	
!!!!!!	
0
.05
.1
.15
.2
.25
.3
80	120	160	200	category	
 observed	 estimated	
Year 2010 - Segment 2 (compact cars)	
!	
!
"#$%&'!<)!*+,'&-'.!/0.!1&'.#23'.!4/&5'3!,6/&'!$#-'0!36'!,'$4'03!7!8/&5'3!=8>??!
!!
!
!	
@!	
!	
!K?0$-.Y7V.a-&)?#&-(&."0."5=&-2&-(&.*')&+&-7./%N5?+=&0%&'(&(.N#B6,+(! @#$+,! -,+A#:+,%+! &(A+)+,! @+A! ?,6:! &@! B,6((7.A+))+(/! [.A+))+,! A+,! 9)+,+!A677#+,! #(:)6A+,+$O! +:$%,+7@+,A#+,! %&$! 6%! .B! :CD-$&@B#9%+(! .B!A,#@$%.99:.$%(&A+(+! #$.)+,+$! B#,! ?+A,+! 9D*(#(B+,! %#)! .?$+,@+,%+! A&%&! +((! A+%! $.7!@#$+$!#!9#B6,+(!.@+,/!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 55 4*5&++.Y7Q7bK?c&)<&33&@(=.+"0?=(?@.-&0-&==?"'bR.=*''=^'+?01&(&'&.d?=7!U*-#&)==&0%&'(.6J./%N5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>`O2KLH!>2HOM!<=0!&@B#9%3(+%%.-,#$!>2O0M21!>LOJ!Q,#@$%.99:.$%(&A!>1/0HL0!>2/2!Q677*!2!2OJ2J1!MJO2!Q677*!0!2OJ2H0!MHOL!Q677*!L!2OIJ02!`IO2!Q677*!M!2OHJ22!KIO`!'(%&))!?#)+,3&(%&))!@&)B!22L`03L`!\5!]R#!0bLc!2M`I2O1I!U,.?u]R#!0!1!\.B!)#:+)#R..A!>LL1IM!U$+A.!50!!1/2J!.U*-#&)==&0%&'(.;J.C"%>*#(#+*==&'."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>2OL`0L!>JOK!<=0!&@B#9%3(+%%.-,#$!>0OMJLM!>21O2!Q,#@$%.99:.$%(&A!>1/K1H2!>LOK!Q677*!2!2OL012!M1OH!Q677*!0!2OLI11!`LOM!Q677*!L!2OK0K1!KKO`!Q677*!M!2OIK`J!JKO1!'(%&))!?#)+,3&(%&))!@&)B!001J23MJ!\5!]R#!0bLc!0LIIIOI2!U,.?u]R#!0!1!\.B!)#:+)#R..A!>I00H2!U$+A.!50!!1/2M!!U*-#&)==&0%&'(.QJ.U&++"%#+*==&'."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>0/2KHM!>00OJ!<=0&@B#9%3(+%%.-,#$mA677*!2!>KO1H2!>21OK!Q,#@$%.99:.$%(&A!>2OIHIK!>2HO1!'(%&))!?#)+,3&(%&))!@&)B!2MIH13M2!\5!]R#!0bLc!K2H2O21!U,.?u]R#!0!1!\.B!)#:+)#R..A!>`2J0J!U$+A.!50!!1/1I!!.

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 56 U*-#&)==&0%&'(.VJ./("-&.5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>0/`10K!>21/J!<=0&@B#9%3(+%%.-,#$mA677*!2!>2`OI`I1!>IOK!Q,#@$%.99:.$%(&A!>JOLJIM!>01OM!Q677*!0m<.03(+%%.-,#$!20O`HK0!L1O1!Q677*!Lm<=03(+%%.-,#$!IOK`HL!2MOJ!Q677*!Mm<=03(+%%.-,#$!21OH12J!0LO1!Q677*!`m<=03(+%%.-,#$!21OJ00J!2JOH!'(%&))!?#)+,3&(%&))!@&)B!M1KJ3L0!\5!]R#!0bLc!K2LJOMK!U,.?u]R#!0!1!\.B!)#:+)#R..A!>2210H!U$+A.!50!!1/00!!.U*-#&)==&0%&'(.SJ.U?'?5?+&-."&,#&?+)!8$%#7&%!%>@+,A#!'@B#9%3(+%%.-,#$!>1OI1ML!>2/0!<=0&@B#9%3(+%%.-,#$!>LO2I2H!>LOK!Q,#@$%.99:.$%(&A!1O11IK!1O2!Q677*!2mA,#@$%.99:.$%!2OI12M!JO2!Q677*!0mA,#@$%.99:.$%!MO2MIL!LKOL!Q677*!LmA,#@$%.99:.$%!MO`2HK!L2OL!'(%&))!?#)+,3&(%&))!@&)B!01K232K!\5!]R#!0bLc!LK`JOJ`!U,.?u]R#!0!1!\.B!)#:+)#R..A!>2210H!U$+A.!50!!1OL0!!!I sannsynlighetene for å velge segment inngår ytterligere fire parametre (i segment 5 er parameteren satt til null) som er estimert til Segment 1: 0,3983 Segment 2: 0,3717 Segment 3: 0,5015 Segment 4: 0,8696 !!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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e&+*=(?=?(&(.%&).1&'=^'.>N.9:;<*20?3(.H)-?2e&+*=(?=?(&(.%&).1&'=^'.>N.)-?2=("33#"=(.!!/&0%&'(.6./>"-(=5?+&-./&0%&'(;.4&--&'05?+&-./&0%&'(.K+&-5-$#=5?+&-.9:;.0W#%./*''=^'+?01&(.H9:;.H)-?2./*''=^'+?01&(.H9:;.H)-?2../*''=^'+?01&(.H9:;.H)-?2.2LM!1/1MI`!>1/1J0K!>1/L1LL!1/10ML!>1/1KK0!>1/LM0K!1/2JIH!>1/10KJ!>0/2L`M!2LK!1/1LLJ!>1/22MH!>1/L2M`!1/101JL!>1/1IM1!>1/L`2M!!!!!!!2LJ!1/1KM1!>1/1HI0!>1/L1H2!1/10KK!>1/1HIJ!>1/L`2H!!!!!!!2M1!!!!!!!!!!!!!1/2J2I!>1/1L0H!>0/0L2`!2MM!1/1MI0!>1/2IM2!>1/L0IK!1/1012!>1/2L22!>1/LI2H!1/0K1L!>1/1LH1!>0/1JHK!2MK!1/1I0K!>1/2HJL!>1/LJ`2!1/12JH!>1/2M2J!>1/LHL`!!!!!!!2MJ!1/21LJ!>1/01JK!>1/LH10!1/1022!>1/22JK!>1/LIH2!!!!!!!2`1!!!!!!!1/12J1!>1/20M2!>1/LJIH!!!!!!!2`0!1/1MML!>1/2HIM!>1/LJ`0!1/101`!>1/2LH2!>1/LH11!1/2L2J!>1/1`12!>0/`I1L!2`M!1/10JK!>1/0HKH!>1/M`ML!1/12HH!>1/2K0K!>1/LHIL!1/1MJI!>1/1KI1!>0/J`LI!2`K!!!!!!!1/1HML!>1/2ILI!>1/LI2J!!!!!!!2`J!1/1LLJ!>1/02LJ!>1/LHJK!!!!!!!1/1MJ`!>1/1IHJ!>0/HMKI!2K1!1/1MKI!>1/02H1!>1/LKMI!!!!!!!!!!!!!2K0!!!!!!!1/12J!>1/2K2H!>1/M2`J!!!!!!!2KM!1/1L1`!>1/0HI2!>1/MJ2H!1/12M0!>1/0002!>1/M0`2!1/12IH!>1/1HJ0!>L/2`K`!2KK!1/1MII!>1/LML0!>1/MKJ2!1/1`2K!>1/02JI!>1/M2LJ!!!!!!!2KJ!1/1IH`!>1/L1KH!>1/MKMJ!1/12KK!>1/01KJ!>1/ML2K!!!!!!!2I1!!!!!!!1/12M!>1/01MM!>1/MLIJ!1/11IJ!>1/20J0!>L/0JK0!2I0!1/1MIL!>1/0L`I!>1/MJK2!1/12L`!>1/01HI!>1/MMMJ!1/11I0!>1/2LLM!>L/L0K1!2IM!1/1JL1!>1/0KL1!>1/M``L!!!!1/1LK2!>1/1HJH!>L/0J`M!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 58 2IK!!!!!!!1/121I!>1/0H00!>1/`KML!1/100I!>1/21MK!>L/L`1M!2IJ!1/120M!>1/0KIM!>1/M`JK!1/1I0J!>1/01JJ!>1/MLM2!!!!!!!2J1!1/1LH`!>1/M10H!>1/`0KH!1/120I!>1/0IJK!>1/M`HK!1/12K`!>1/2L0K!>L/MKIM!2J0!!!!!!!1/1HM2!>1/LM0I!>1/MJ0I!!!!!!!2JM!1/121L!>1/L1HM!>1/``01!1/12MK!>1/00`I!>1/MKJ`!!!!!!!2JK!!!!!!!1/122`!>1/LK1`!>1/MIMJ!!!!!!!2JJ!!!!!!!1/1212!>1/LJ1J!>1/MHMH!1/112K!>1/2KK`!>M/KJJK!2H1!!!!!!!1/1MML!>1/M10I!>1/MH2L!!!!!!!2H0!1/12L2!>1/`L`J!>1/`IML!1/2``M!>1/LMJ1!>1/MM``!!!!!!!2HM!!!!!!!1/11JI!>1/M1J0!>1/`JI1!!!!!!!2HK!!!!!!!1/11IL!>1/L0LL!>1/KMM2!!!!!!!2HJ!1/11JK!>1/I0L1!>1/`HJ1!1/1KL2!>1/LIKK!>1/MJ2L!1/101H!>1/2M22!>L/IH`L!01M!!!!!!!1/11I1!>1/I`HK!>1/KKJI!!!!!!!01J!!!!!!!1/11`L!>1/J2LJ!>1/KJ2M!!!!!!!021!1/112K!>1/K0LI!>1/KL``!1/11`K!>1/IKI2!>1/KJIJ!!!!!!!020!1/12IM!>1/J2HL!>1/KL2M!!!!!!!!!!!!!02M!1/101`!>1/`JK2!>1/KL`L!1/1210!>1/LH0`!>1/`MKH!!!!!!!02K!1/11LM!>1/ILL0!>1/K`0M!1/11I2!>1/`0`1!>1/```0!1/11HJ!>1/0L``!>M/2J`0!02J!!!!!!!1/11KK!>1/M0J1!>1/`K2I!!!!!!!001!!!!!!!1/11M1!>1/LHIL!>1/`K`I!!!!!!!000!!!!!!!1/11M0!>1/J`HK!>1/IL2M!!!!!!!00M!1/112K!>1/KJH1!>1/KIIJ!1/11KI!>1/`001!>1/`JI0!1/1112!>1/MML`!>`/`K``!00J!1/121K!>2/1K1J!>1/KJKI!1/11M2!>1/K1`M!>1/IMIJ!!!!!!!0LM!!!!!!!1/112L!>2/000I!>1/IKHI!!!!!!!0LJ!!!!!!!1/112I!>2/1JJJ!>1/K2MJ!!!!!!!0M0!!!!!!!1/11L1!>1/`KH1!>1/K0`K!!!!!!!0MM!!!!!!!1/1102!>1/IL02!>1/KHJI!!!!0MK!!!!!!!1/112K!>1/H0`1!>1/KLKI!!!!0`1!1/101K!>1/LMJ2!>1/IMM2!!!!!!!!!!0`M!!!!!!!!!!!!!!..0`K!1/111K!>2/22HH!>1/II`M!!!!!!!!..0K1!1/11I0!>1/`M`H!>1/IJ0M!!!!!!!!..0K0!!!!!!!!!!!!!!..0KM!1/11KL!>1/K`1I!>1/IH`0!!!!!!!!..0I1!!!!!!!1/11LK!>1/LHJ2!>1/J`JJ!!..0JK!1/11K0!>1/`I2H!>1/JK2`!!!!!!!!..0H1!!!!!!!1/1120!>2/H0``!>1/I`1`!!..0HM!!!!!!!1/11MJ!>1/K211!>1/I```!!..LMJ!!!!!!!1/1112!>2/KLLI!>2/2MK0!!..LKJ!1/11M`!>1/HJ0L!>2/2I1J!!!!!!!!..LJJ!1/11LH!>2/1`0J!>2/2I2`!!!!!!!!..!467!6...6....6....!4&(($*()#BR+%+(+!9.,!;!@+)B+!$+B7+(%!9D)B+,!&@!7.A+))+(!.@+(9.,!.B!:&(!&($);$!%#)d!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 59 4-.,%$?#)+,d!!!!!!!M/M`f!W+,,+(B?#)+,d!!!JKO`Hf!N)+,?,6:$?#)+,d!!JOHMf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e&+*=(?=?(&(.%&).1&'=^'.>N.9:;.*20?3(.........................................H)-?2e&+*=(?=?(&(.%&).1&'=^'.>N.)-?2=("33#"=(.4+B7+(%!2!47;!?#)+,!4+B7+(%!0!V.7-&:%:)&$$+(!9:;.0W#%./*''=^'+?01&(.H9:;.H)-?2./*''=^'+?01&(.H9:;.H)-?2.JK!1/1L1K!1/011K!>1/21K2!!!!!!!JJ!1/10HI!1/2JJJ!>1/21JK!!!!!!!H1!1/1L2K!1/2L2L!>1/22I1!!!!!!!H0!1/10`0!1/20J`!>1/201J!!!!!!!HM!1/12KI!1/2KIH!>1/2K0`!!!!!!!HK!1/10J0!1/1I`0!>1/2L1J!!!!!!!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 60 HJ!1/2`L`!1/1`I`!>1/22K1!1/1LKI!1/020I!>1/0MHL!211!1/2JM0!1/1`0J!>1/220H!!!!!!!210!1/10II!1/1M0`!>1/2LI0!1/1LLK!1/2JM`!>1/0`IK!21M!1/12II!1/1LIH!>1/2ML`!1/1LLL!1/2II2!>1/0K0J!21K!1/12HM!1/12HL!>1/2MML!1/1LLL!1/2L0L!>1/0I1L!21J!1/12II!1/11H0!>1/2IHM!1/1L1I!1/21HK!>1/0IK2!221!1/12KM!>1/1110!>1/2KJI!!!!!!!220!1/12K`!>1/101J!>1/2H0K!1/10HJ!1/1IJJ!>1/0JM2!22M!1/1HML!>1/1LKM!>1/2J1M!1/10JI!1/1``1!>1/0H2J!22K!1/12K0!>1/1KLI!>1/2H2L!1/10J`!1/1M1I!>1/0H`L!22J!1/21JI!>1/1K21!>1/2JL1!1/2K10!1/12`L!>1/0`HH!201!1/120`!>1/1I0J!>1/2K2`!!!!!!!200!1/12KJ!>1/221`!>1/01HI!1/10MH!>1/10H0!>1/LL0K!20M!1/102L!>1/21MH!>1/0220!1/10M1!>1/1KLI!>1/L010!20K!1/12K0!>1/2L`1!>1/02KL!1/101`!>1/1J2`!>1/LMJ0!20J!1/12`I!>1/2`JI!>1/02HK!1/101J!>1/221L!>1/LLMK!2L1!1/11JJ!>1/021M!>1/000J!1/1J2M!>1/220M!>1/L202!2L0!1/11MM!>1/2JIM!>1/00J`!1/12JK!>1/2JK`!>1/M0MK!2LM!1/11`J!>1/01L0!>1/00HJ!1/12I`!>1/02H2!>1/M0HH!2LK!1/121M!>1/0LJJ!>1/0L01!1/1H11!>1/01KK!>1/LMLM!2LJ!1/11HK!>1/0LLI!>1/0L`L!1/12K2!>1/0`JL!>1/LJ`M!2M1!1/11K0!>1/01J0!>1/0LHL!1/12MI!>1/0K1M!>1/LK1`!2M0!1/11H1!>1/L1LK!>1/0M``!1/12`1!>1/0JIH!>1/LJMK!2MM!1/1122!>1/L2JI!>1/0`12!1/12LL!>1/LL11!>1/LJJ0!2MK!1/11``!>1/L0L2!>1/0`L`!1/120`!>1/LJII!>1/ML0H!2MJ!1/11IH!>1/0JKK!>1/0`MJ!1/1MJH!>1/LI`0!>1/M10J!2`1!1/11L2!>1/LJHM!>1/0K0H!1/12M1!>1/M00J!>1/LJJM!2`0!1/11ML!>1/L`2M!>1/021`!1/11H1!>1/MHIH!>1/MMJM!2`M!1/11`L!>1/``02!>1/0JIM!1/121`!>1/MJ1M!>1/MMMI!2`K!1/1122!>2/L0KL!>1/0`12K!1/120H!>1/M00I!>1/M21K!2`J!1/11``!>2/LMM`!>1/0`L`L!1/11HK!>1/`K1J!>1/MI`JH!2K1!1/11IH!>2/2H0H!>1/0`MJM!1/121M!>1/`22M!>1/M2LJ!2K0!!!!!!!1/11JJ!>1/``12!>1/`L`J!2KM!1/11L2!>2/K01K!>1/0K0H!1/11HL!>1/`JIK!>1/`L`1!2KK!!!!!!!1/11IJ!>1/I2HH!>1/`M0I!2KJ!1/11ML!>2/MK0M!>1/021`!1/11II!>1/I`JH!>1/``IL!2I1!!!!!!!1/11IH!>1/KK1`!>1/`K0L!2I0!!!!!!!1/11`0!>1/J`J1!>1/`I1`!2IM!!!!!!!1/11`1!>1/JIL0!>1/`KI1!2IK!!!!!!!1/11K0!>1/IJ02!>1/`2L2!2IJ!!!!!!!1/11KI!>1/J1JJ!>1/`I`0!2J1!1/11`L!>0/0HII!>1/0JIM!1/11`I!>1/IMLK!>1/MKIJ!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 61 2J0!!!!!!!1/11LL!>1/JJL`!>1/MIM2!2JM!!!!!!!1/11MI`!>2/1L11!>1/`MMK!2JK!!!!!!!1/11KM!>1/JH00!>1/MJLJ!2JJ!!!!!!!1/110H!>2/0KLI!>1/`H`K!2H0!!!!!!!1/110M!>2/MJL1!>1/KLJK!2HM!!!!!!!1/110L!>2/`ML2!>1/KMK`!2HK!!!!!!!1/112M!>2/I`2H!>1/K``H!2HJ!!!!!!!1/112H!>2/K2IM!>1/K0KL!01M!!!!!!!1/111H!>0/1KMK!>1/KJ0H!01K!!!!!!!!!!!!!01J!!!!!!!1/112L!>2/JLL`!>1/`ML1!467!!2!!!!!2!!!!!4*5&++. Y7SR. 3"-(=*((7. H=(?%&-(&. %*-#&)=*')&+&-. "0. &+*=(?=?(&(&-R. %?')-&. 5?+&-R.;A6A7.H9:;e&+*=(?=?(&(.%&).1&'=^'.>N.9:;.*20?3(.F$(&+*((.>0*.3"-.$=?#-&.2?-#'?'0&-G.H)-?2e&+*=(?=?(&(.%&).1&'=^'.>N.)-?2=("33#"=('*).9:;./&0%&'(.Q.U&++"%#+*==&'./&0&%&'(.V./("-&.5?+&-.0W#%./*''=^'+?01&(.H)-?2./*''=^'+?01&(.H)-?2.6AV.1/1H0K!>1/I0J1!..6AI.1/1L`J!>1/J21J!..66V.1/1``I!>1/JL1`!..66I.1/1MHJ!>1/JI2M!1/2LK`!>L/KHJJ!6;;.1/1`2J!>1/JHHI!!!!!6;V.1/1LK0!>1/H0IJ!!!!!6;Y.1/1LLL!>1/HMI2!!!!!6;I.1/1LH1!>1/H``2!1/1MJH!>M/M2KJ!6QA.1/10HH!>1/HIIM!!!!!6QV.1/1LMM!>2/120`!!!!!6QY.1/10KM!>2/22``!1/1M`I!>M/I1K`!6QI.1/10KI!>2/1MII!1/1`0K!>M/IM1M!6VA.1/1LI0!>2/1M`I!1/1M2L!>M/JL2`!6V;.1/10K`!>2/1I`L!!!!!6VV.1/10IL!>2/1JLI!1/1LL1!>`/1LI0!6VY.1/10J0!>2/0K2J!!!!!6VI.1/10M`!>2/2LHJ!1/1LLJ!>`/2J0`!6SA.1/10I0!>2/20KI!1/1LII!>`/0L1I!6S;.1/12KH!>2/MLH0!1/101`!>`/LI2`!6SV.1/100J!>2/01I`!1/1J`1!>`/1JJK!6SY.1/12JK!>2/MLIJ!1/1I0`!>`/0M02!6SI.1/12I`!>2/L2HH!1/1IHM!>`/K0`I!6YA.1/101K!>2/02`H!1/11IL!>`/I2I`!6Y;.1/12HH!>2/MJK`!1/11LI!>`/J212!6YV.1/1010!>2/L0ML!1/11HI!>`/JIIJ!6YY.1/10LI!>2/0`H2!1/11`M!>K/`1M`!6YI.1/12LI!>2/L`02!1/11JH!>K/10HI!6_A.1/12`H!>2/LIHM!1/112I!>I/J12M!6_;.1/12IJ!>2/LMM1!1/11LK!>K/2HKM!6_V.1/12``!>2/MLL2!1/11K1!>K/KJLL!6_Y.1/12LJ!>2/M0IJ!1/111K!>J/200J!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 62 6_I.1/121L!>2/MJ10!1/1`JH!>K/M1L1!6IA.1/11JI!>2/KLI1!1/1120!>J/L122!6I;.1/11HH!>2/I1IK!1/11L1!>K/KK2L!6IV.1/121L!>2/II20!1/11M`!>K/`HL2!6IY.1/12ML!>2/`22I!1/11MH!>K/I0IL!6II.1/11M`!>2/I0I1!1/11M`!>K/II02!6BA.1/11`I!>2/IIJH!1/111M!>J/IKKJ!6B;.1/11LH!>2/JJ01!!!!!6BV.1/1212!>2/JJHH!1/1112!>J/H`M0!6BY.1/111J!>2/H0I0!1/1110!>J/HHJH!6BI.!!!!1/2JK`!>`/J0I1!;AV.!!!!1/111J!>J/0J2I!/$%.6..6...4*5&++. Y7SR.3"-(=*((7. H=(?%&-(&. %*-#&)=*')&+&-. "0. &+*=(?=?(&(&-R. %?'?5?+&-R.;A6A7.H9:;e&+*=(?=?(&(.%&).1&'=^'.>N.9:;<*20?3(..H)-?2e&+*=(?=?(&(. %&). 1&'=^'. >N. )-?2=("33#"=('*). F$(&+*((. >0*. 3"-. $=?#-&.2?-#'?'0&-G.9:;./&0%&'(.Q.U&++"%#+*==&'.0W#%./*''=^'+?01&(.H9:;.BI.1/1I`K!1/L`K`!6A;.1/10JM!1/LKLK!6AV.1/10K0!1/0``1!6AY.1/LI0K!1/01`M!6AI.1/10`0!1/0JJ`!66A.1/10MM!1/2KJK!66;.1/1002!1/2J0`!66V.1/101J!1/20MJ!66I.1/L1KK!1/12M`!6;;.1/12JJ!>1/1MH1!6;V.1/1011!>1/1K`1!6;I.1/12LH!>1/0K20!6QA.1/12L2!>1/L2HM!6QI.1/1211!>1/`J`J!6V;.1/121M!>1/`IJK!6VI.1/1222!>1/`H1L!/$%.6...4+B7+(%$&(($*()#BR+%+(+!9D)B+,!&@!7.A+))+(d!!47;!?#)+,d!!!!!!!!!!!!!01OJHf!V.7-&:%:)&$$+(d!!M1OKLf![+)).7:)&$$+(!d!!!0IO02f!4%.,+!?#)+,d!!!!!!!!!!!!!!IOMJf![#(#?#)+,d!!!!!!!!!!!!!!!!LOIHf!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse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f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`O`! B3:7/! P+,! +,! A+%! @#:%#B! ;! )+BB+! %#)! &%!6%$)#--+%! #!B3:7! +,! )&@%! #! 6%B&(B$-6(:%+%! .B! &%! A+%! .B$;! R+,! +,! ?+B,+($(#(B+,! -;!%#)?6A$$#A+(! 7R%! R@.,! )&@+! 6%$)#--! #((+(9.,! +(! 7.A+))! +))+,! +%! 7&,:+A$$+B7+(%!$.7! +,! %#)BC+(B+)#B! #! 7&,:+A+%/! 8(! D:(#(B! #! A,#@$%.99:.$%(&A+(! -;! K1! f! ,+A6$+,+,!6%$)#--+(+! 9,&! B,6--+(+! 7#(A,+! ?#)+,! 7+A! (+$%+(! M! B,&7/! Q+%%+! +,! 76)#B! BC+((.7!+%! $:#9%+! %#)!+(! $%D,,+! A#+$+)&(A+)! #((+(9.,! $+B7+(%+(+! $.7! #! A&B! R&,! +(! RD*!?+($#(&(A+)/! E! $+B7+(%+%! i$%.,+! ?#)+,i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`1f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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 64 4*5&++.Y7Y7./&0%&'(=*''=^'+?01&(&-R.%*-#&)=0-$>>&'.b=(D--&.5?+&-b.>-"=&'(7.!E(#%#&)%!<=0!&@B#9%!Q,#@$%.99:.$%(&A!!Q.?)#(B!L>A.?)/!e01f!eM1f!eK1f!4-.,%$?#)+,!KO11!`OKI!`OLK!KOL0!KO`L!KOKI!W+,,+(B?#)+,!J1OJ1!IJOIL!IKOI1!J`O2`!JJO1M!JHOH1!N)+,?,6:$?#)+,!2LO01!2`OK1!2IOHM!JO`L!`OML!LOML!467!211!211!211!211!211!211!.4*5&++. Y7_7.[?-#'?'0&-. >N. 3"-2&'(&(. ("(*+(. $(=+?>>. *2. 9:;R. 0W#%7. /(D--&. 5?+&-. ?.;A6AJ./>"-(=5?+&-R.4&--&'05?+&-R.K+&-5-$#=5?+&-7.!E(#%#&)%!<=0!&@B#9%!Q,#@$%.99:.$%(&A!!Q.?)#(B!L>A.?)/!e01f!eM1f!eK1f!<=0!B3:7!2KHOHI!2K`OMK!2K2OHK!2KHO`1!2KJOK`!2KIO`K!U,.$+(%@#$!,+A6:$C.(!!0OK`!MOI2!1OL!1OJ!2OM0!J-'$#,%O-),#%4*5&++.Y7I7./&0%&'(=*''=^'+?01&(&-R.>-"=&'(7.!E(#%#&)%!<=0!&@B#9%!Q,#@$%.99:.$%(&A!!Q.?)#(B!L>A.?)/!e01f!eM1f!eK1f!47;?#)+,!2`OI1!2KOMJ!2IO11!2IOJM!2HOKI!02OL0!V.7-&:%:)&$$+(!LHOM1!LKO2I!LMOJ0!M0OHJ!M`O``!MIOMH![+)).7:)&$$+(!LKOI1!LJO`1!LJOJL!LMOLJ!L2O0H!0JO1I!4%.,+!?#)+,!KO`1!KOJL!KOJH!0OIJ!2O2I!1OMH![#(#?#)+,!2OI1!0O10!0OMK!0O10!0OL0!0OKL!467!211!211!211!211!211!211!.4*5&++.Y7B7.[?-#'?'0&-.>N.3"-2&'(&(.("(*+(.$(=+?>>.*2.9:;R.0W#%7./&0%&'(&-.*2.%?')-&.5?+&-.?.;A6A.!E(#%#&)%!<=0!&@B#9%!Q,#@$%.99:.$%(&A!!Q.?)#(B!L>A.?)/!e01f!eM1f!eK1f!<=0!B3:7!2LLO10!20HOJI!20IO`K!2L2OM`!2L1O2I!20HO1I!U,.$+(%@#$!,+A6:$C.(!!0OLI!MO2!2O2J!0O2M!0OHI!.R1"#%6-=#,%,#%#,68)323,',S%%Antall større biler i utvalget er 12.980 og antall mindre biler er 54.352. Dette betyr at større biler har en markedsandel på 0,1928, mens mindre biler har en markedsandel på 0,8072. Modellens anslag på CO2-utslipp (før endringer i avgifter) er 169,97 g/km i gjennomsnitt for større biler og 133,02 g/km for mindre biler. Det betyr at modellens anslag på CO2-utslipp (før endringer i avgifter) i gjennomsnitt for alle biler i det totale

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 65 bilmarkedet i 2010 er på 140,15 g/km, noe som praktisk talt er likt det observerte gjennomsnittet. Modellen gir også rimelig gode anslag på CO2-utslippene når den testes på 2009-data med det tilgjengelige utvalget som var i 2009 og gitt antall solgte biler. Virkningene som er beregnet viser kun de som følger av endret valg innenfor et gitt modellutvalg og samlet salg. I tillegg må det forventes en fortsatt teknologiutvikling som gjør at den reelle nedgangen vil bli større som følge av at bilene som tilbys blir stadig mer klimaeffektive. Med prosentvise like endringer er det ytterpunktene som vil møte de største avgiftsendringene. Dette må forventes å slå ut noe av nybilsalget i de markedene som får høye avgiftsøkninger, mens bilsalget i segmentene med avgiftsavslag må forventes å bidra til økt salg. Beregningene vurderes derfor som rimelige sikre gitt de forutsetningene som er gjort om tilbudssiden og samlet bilsalg. Dersom resultatene skal benyttes til å predikere effekten av framtidige avgiftsendringer må det også tas hensyn til utviklingen på tilbudssiden og forventninger om samlet bilsalg, samt avgiftsutformingens effekt på det samlede salgsvolumet. IJKJ /2+%+(2"-&,52.::5301+22+%(.(3"%#+1+,((F+,+B(#(B+(+! 9.,&(! +,! BC.,%! 7+A! ,+$%,#:$C.(+,! -;! %#)?6A$$#A+(! A+,! A+%! +,! 9.,6%$&%%!$&77+!%#)?6A$$#A+!#((+(9.,!R@+,%!$+B7+(%!$.7!+,!-;!A+%!(.,$:+!7&,:+A+%!9,&7!%#)!.B! 7+A! C6)#! 0121/! N.,! ;! %+$%+! ?+%*A(#(B+(! &@! A+((+! ,+$%,#:$C.(+(! +,! A+%! BC.,%! %.!9D)$.7R+%$?+,+B(#(B+,/!E!A+(!+(+!+,!A+%!)&B%!#((!%#)BC+(B+)#B+!?#)+,!#!<=0>#(%+,@&))+%!6(A+,! A+%! @&)B%+! #(%+,@&))+%! 9.,! R@+,%! @&)B%+! <=0>#(%+,@&))/! U,#$! 6%+(! &@B#9%! +,! R.)A%!-;! $&77+! (#@;! $.7! #(%+,@&))+%! .@+,O! 7+($! <=0>&@B#9%+(! .B! A,#@$%.99:.$%(&A+(! ?)#,!)&@+,+/!!E!A+(!&(A,+!9D)$.7R+%$&(&)*$+(!+,!A+%!)&B%!#((!?#)+,!7+A!`!B,&7!)&@+,+!6%$)#--!+((!A+%!A+(!)&@+$%+!%#)BC+(B+)#B+!6%$)#--$@&,#&(%+(!#!R@+,%!$+B7+(%!R&,!#!A&B/!Q+%!+,!)&B%!#((!7.A+))+,!9,&!A+!7+$%!$.)B%+!7+,:+(+!$)#:!&%!A+%!+,!7#($%!J!7+,:+,!.B!7.A+))+,!;! @+)B+! 7+)).7/! U,#$! 6%+(! &@B#9%! +,! $&%%! )#:! )&@+$%+! %#)BC+(B+)#B+!6%$)#--$@&,#&(%!#((+(9.,! R@+,! 7.A+))! #!A&BO! 7+($! 6%$&)B$-,#$+(! +,! ,+A6$+,%! %#)! &@B#9%$+99+:%+(! $.7!9D)B+,!&@!)&@+,+!6%$)#--/!!N.,@+(%+%! ,+A6:$C.(! #! 0121! b9,&7! %#)! C6)#c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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 66 :CD-%! ?#)! #! +%! #(%+,@&))/! ! E! +:$-+,#7+(%+%! .@+(9.,! R&,! @#! :6(! 9)*%%+%! 7&,:+A$&(A+)+,!%#)! ]+))+,! 7+A! )&@+,+! <=0!+((! :CD-+,+! $.7!R&,! @Z,%! (Z,7+$%! A#$$+! ]+))+(+/! Q+!&(A,+! R&,! @#! #::+! 9)*%%+%O! 7+A! A+(! ?+B,6((+)$+! &%! A+! :6((+! C.! @&)B%! A+! )&@+,+! <=0>6%$)#--!$.7!&(A,+!:CD-+,+!R&,!@&)B%/!![+A!9)+,+!?#)+,!%#)BC+(B+)#B+!7+A!`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b#((%#)!K11/111!:,c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

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 67 K,$),..%:2&-=?#(."2&-.=*+0=(*++.3"-)&+(.>N.N-."0.=&0%&'(.E.*++&.=*+0.FC?+)&J.:K[G...N-=(*++.W.*'(*++.>&-.=&0.;AAV.;AAS.;AAY.;AA_.;AAI.;AAB.(7"7%.,$+?;A6A.M'(*++.=$%.66S.YVS.6AB.BQ;.6AB.QAQ.6;B.V6Q.66A.BAV.BI.BQI._Q.YQ;.........4%.,+!?#)+,!H!11K!K!`1K!I!`IL!H!1J1!K!H`L!K!L02!M!HJH!N)+,?,6:$?#)+,!2!2I2!H0J!2!J2H!0!10M!2!`0`!2!M0`!2!L`J![<e[#(#!`J0!JM`!2!LJM!2!`KJ!0!102!L!0H2!0!ILM!4-.,%$?#)+,!K01!MHL!ILM!K2H!IMH!JJI!KI0!\6:$6$?#)+,!21`!JH!2MH!20M!2II!JJ!`I!47;?#)+,!2K!2KH!2L!JKJ!2L!MHK!2J!121!2L!1J`!22!021!H!IIH!V.7-&:%:)&$$+!L`!K0K!LJ!LKH!L0!`IL!M`!2LH!LK!HL0!L0!M`L!0`!KJK!W+,,+(B?#)+,!2M!KKK!2`!J1M!00!MI`!2K!K`2!2I!`I1!2`!IJ`!22!H2M![+)).7:)&$$+!LK!KM2!L2!JJ0!0I!J`M!LM!J12!L1!2ML!0K!22H!2`!KJJ!'(A,+!!2!1`H!2!2MJ!2!0MK!2!LHI!2!IMH!2!L`H!I``!!!!!!!!!!!!!!!!!N-=(*++.W.*')&+.>&-.=&0.;AAV.;AAS.;AAY.;AA_.;AAI.;AAB.(7"7%.,$+?;A6A.4%.,+!?#)+,!IOJ!f!`OH!f!KOH!f!IO1!f!KOL!f!KOM!f!KOJ!f!N)+,?,6:$?#)+,!2O1!f!1OJ!f!2OI!f!2OK!f!2OM!f!2OM!f!2OJ!f![<e[#(#!1O`!f!1OJ!f!2OL!f!2O0!f!2OJ!f!LOL!f!LOI!f!4-.,%$?#)+,!1O`!f!1OM!f!1OI!f!1O`!f!1OI!f!1OH!f!1OH!f!\6:$6$?#)+,!1O2!f!1O2!f!1O2!f!1O2!f!1O0!f!1O2!f!1O2!f!47;?#)+,!2MO1!f!20OK!f!20OL!f!2LOH!f!22OJ!f!22OL!f!2LOL!f!V.7-&:%:)&$$+!L1OJ!f!LMOH!f!0HOJ!f!LMOH!f!LLOL!f!L0OJ!f!LMOH!f!W+,,+(B?#)+,!20OI!f!2MOM!f!01OK!f!20OH!f!2`OJ!f!2KO1!f!2KO0!f![+)).7:)&$$+!L2OI!f!0HO1!f!0`O`!f!0KOH!f!0IO0!f!0KOM!f!02OL!f!'(A,+!!1OH!f!2O1!f!2O2!f!2O2!f!2OK!f!2OM!f!2O1!f!!!!!!!!!!!!!!!!!N-=(*++.W.0,79:;.>&-.=&0.;AAV.;AAS.;AAY.;AA_.;AAI.;AAB.(7"7%.,$+?.;A6A.4%.,+!?#)+,!002!02H!020!2JJ!2JM!2I1!2`J!N)+,?,6:$?#)+,!02L!010!2JL!2IL!2J1!2I1!2`L![<e[#(#!2LL!20L!21M!HJ!JH!212!211!4-.,%$?#)+,!001!02M!02K!2HH!2J2!2K`!2KK!\6:$6$?#)+,!0`0!0M0!0MI!0LM!002!01K!2HJ!47;?#)+,!2`1!2MI!2MM!2LJ!2L`!20J!202!V.7-&:%:)&$$+!2KH!2KM!2K1!2MJ!2MK!2LJ!2L1!W+,,+(B?#)+,!02K!02M!02K!2H0!2H2!2J`!2II![+)).7:)&$$+!2IH!2IL!2IL!2K1!2`J!2`L!2ML!'(A,+!!02M!01L!2HI!01M!01K!01K!2HM!................X,&''"%='?((.*++&.6IA.6IA.6__R6.6SBR6.6SIRQ.6SAR_.6V6RS.!

899+:%!&@!+(A,#(B+,!#!:CD-$&@B#9%!.B!A,#@$%.99&@B#9%!Vista Analyse AS 68 !:2&-=?#(."2&-.$(2*+0.#"5+&(.%&).>-?=...!!!