Virkninger av endringer i insentiver for kjøp og bruk av ladbare biler

Rapport 2011/30

Ingeborg Rasmussen

Virkninger av endringer i insentiver for kjøp og bruk av ladbare biler

Kategori	Rapporter
Underkategori(er)	n/a
År	2011
Rapportnummer	30
Forfatter(e)	Ingeborg Rasmussen
Last ned	file_download (1.1 MB)
Les i nettleser	find_in_page

! !!!!"#$%"%&'#()*('%+#"%&'#("("%,'%-"*'#(./#($012(/&(3#4$()*(5)+3)#'(3"5'#((6%&'3/#&(7),84,,'%(((!",-)(9%)5:,'(9;("#$%&!'(&)*$+!,&--.,%!(,/!0122341!!!

! !"#$%&'()&(*+,&-.."#$%&!'(&)*$+!!'5!6&--.,%(788+,!0122341!9!!!6&--.,%%#%%+)!!"#,:(#(;!.;!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!!!B5CD!EFG9G09G20H91II94!!J.,>&%%+,!B(;+A.,;!6&$87$$+(!!K&%.!>.,!>+,<#;$%#))#(;!D.=+8A+,!0122!!L,.$?+:%)+<+,!B(;+A.,;!6&$87$$+(!!M=&)#%+%$$#:,+,!5%+#(&,!5%,@8!!N--<,&;$;#=+,!5&8>+,<$+)$<+-&,%+8+(%+%!!!O#);?+(;+)#;P+%!N>>+(%)#;!!L7A)#$+,%!!LKJ!!QQQ/=#$%&9&(&)*$+/(.!!D@::+).,<!R)A#)+,S!)&<A&,+!A#)+,S!=#,:+8#<)+,S!#($+(%#=+,S!7%$)#--S!+>>+:%+,!!!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 1 !"#"#$%!K+((+!,&--.,%+(!+,!7%&,A+#<+%!-T!.--<,&;!>,&!5&8>+,<$+)$<+-&,%+8+(%+%/!K+%!=#$+$!.;$T!%#)!,&--.,%!>,&!+%!-&,&))+)).--<,&;!7%>@,%!>.,!J#(&($<+-&,%+8+(%+%!<+,!A#)&=;#>%+,$!=#,:(#(;+,!-T!UN097%$)#--!>,&!(*+!A#)+,!&(&)*$+,+$/!'(&)*$+(+!#!<+!%.!.--<,&;+(+!+,!A&$+,%!-T!$&88+!8.<+))S!.;!A+(*%%+,!.;$T!$&88+!P.=+<,+>+,&($+A&(+!>.,!=#,:(#(;$A+,+;(#(;+(+/!!6+$7)%&%+(+!>,&!A+;;+!-,.$?+:%+(+!P&,!=V,%!-,+$+(%+,%!>.,!<+-&,%+8+(%+(+/!B!<#$$+!8@%+(+!+,!<+%!:.88+%!8&(;+!(*%%#;+!#(($-#))/!R(!$%.,!%&::!>.,!&))+!;.<+!#(($-#))!7(<+,=+#$!#!-,.$+$$+(/!!N--<,&;$;#=+,$!:.(%&:%-+,$.(!P&,!=V,%!L+,!'(<,+!O.,-+,/!!J,&!"#$%&!'(&)*$+!P&,!"#=#&(!'/!K*AS!5%+#(&,!5%,@8!.;!W&,#)+(&!X.Y&%+))#S!Z(#=+,$#%+%!#!O.,#(.S!<+)%&%%!#!&(&)*$+&,A+#<+%/!B(;+A.,;!6&$87$$+(!P&,!=V,%!-,.$?+:%)+<+,!.;!.;$T!$:,+=+%!,&--.,%+(/!!"#$%&!'(&)*$+!'5!B(;+A.,;!6&$87$$+(!!!!!!!5%+#(&,!5%,@8!L,.$?+:%)+<+,!!!!!!!!!M=&)#%+%$$#:,+,!!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 4 50-#'0'634&-&6'0'6&-.R>>+:%+(!&=!>@);+(<+!+(<,#(;+,!+,!=7,<+,%_!!• `,&<=#$!>?+,(#(;!&=!8=&9>,#%&:!>.,!+)A#)+,!• J?+,(#(;!&=!+)A#)+,$!%#);&(;!%#)!:.))+:%#=>+)%+%!• J?+,(#(;!&=!+)A#)+,$!87)#;P+%+,!%#)!;,&%#$!-&,:+,#(;S!;,&%#$!A.8-&$$+,#(;+,!.;!;,&%#$!>+,;+.=+,;&(;+,!•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`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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 5 A.8-&$$+,#(;+,!P&!8#(<,+!+>>+:%/!K+%%+!>@);+,!&=!&%!=+,<#+(!&=!%#);&(;+(!%#)!:.))+:%#=>+)%!>.,!+(!$%.,!&(<+)!&=!A,7:+,(+!=7,<+,+$!$.8!P@*!(.:!%#)!T!>.,$=&,+!:?@-!&=!+)A#)/!B!=T,+!A+,+;(#(;+,!>T,!=#!+%!>&))!#!+)A#)$&);+%!-T!21!-,.$+(%!#!%+:(.).;#$:#>%+&)%+,(&%#=+%S!8+($!#!<+!%.!&(<,+!A&(+(+!>&))+,!$&);+%!8+<!8+)).8!2[!.;!01!-,.$+(%/!C+,+;(#(;+(+!=7,<+,+$!.;$T!#!<+%%+!%#)>+))+!$.8!$=V,%!7$#:,+/!5T!)+(;+!&(&)*$+(+!:7(!A*;;+,!-T!$&);$$%&%#$%#::S!7%+(!#(>.,8&$?.(!.8!A,7:+,(+!.;!P=.,<&(!<+!=7,<+,+,!=+,<#+(!&=!%#);&(;!%#)!:.))+:%#=>+)%!:.(%,&!;,&%#$!A.8-+(;+-&$$+,#(;+,S!A)#,!,+$7)%&%+(+!(&%7,)#;!(.:!7$#:,+/!!!""#$%#&'()'*'"2#-&#'%+/3(&3'%+/'3-(%+0'7(-$#-+&307/(00#-'=#)!P&!$%.,+!).:&)+!=&,#&$?.(+,/!"+,<#+(!&=!<+%%+!;.<+%!=#)!=&,#+,+!8+<!P=.,!$%.,!:(&--P+%!<+%!+,!-T!-&,:+,#(;$&,+&)+,S!-,#$!-T!%#);?+(;+)#;+!-&,:+,#(;$-)&$$+,!.;!:&-&$#%+%+(!-T!%#);?+(;+)#;+!^;,&%#$-)&$$+,^!#!>.,P.)<!%#)!&(%&))!+)A#)+,/!K&%&!;#,!#::+!;,7(()&;!>.,!T!&($)T!+>>+:%+(!&=!;,&%#$!-&,:+,#(;/!'(&)*$+(+!=#$+,!&%!%#);&(;!%#)!;,&%#$!-&,:+,#(;!:&(!$%*,:+!<+!@=,#;+!A,7:$#($+(%#=+(+!.;!<+,8+<!A#<,&!%#)!@:%!$&);/!R(!>?+,(#(;!&=!<+%%+!;.<+%!=#)!%,+::+!#!8.%$&%%!,+%(#(;S!8+(!+>>+:%+(!&(%&$!T!=V,+!A+;,+($+%/!!!""#$%#&'"6-'89:5;%0/+77#&#!>,&!(*A#)-&,:+(!A)#,!A+;,+($+%!.;!=&,#+,+,!>,&!7(<+,!+%!P&)=%!;,&8!UN0!-+,!:8!%#)!0!;,&8!-+,!:8/!B!&))+!&)%+,(&%#=+(+!>&))+,!;?+((.8$(#%%$7%$)#--+(+!7%+(!)&<A&,+!A#)+,/!K+,$.8!7%$)#--+(+!>,&!<+!@=,#;+!A#)+(+!>&))+,!8+<!8#(<,+!+((!>.,7%$&%%S!=#)!UN09+>>+:%+(!&=!,+<7$+,%!$&);!&=!+)A#)+,!A)#!$%@,,+/!X&<A&,+!P*A,#<+,!=#)!:7((+!P&!+(!A+%*<+)#;!+>>+:%!-T!7%$)#--+(+!<+,$.8!A#)+(+!.-->&%%+$!$.8!+%!)#:+=+,<#;!$7A$%#%7%%!#!>.,P.)<!%#)!%#)$=&,+(<+!A#)+,!#!$+;8+(%+(+!<+!)+=+,+$!#S!.;!A,7:+,(+!=+);+,!T!:?@,+!-T!+:$%+,(%!)&<+%!A&%%+,#<,#>%!-T!:.,%+!,+#$+,/!K+,$.8!A#)+(+!#::+!A)#,!:.(:7,,&($+<*:%#;+!-T!-,#$S!:&(!+(!&=;#>%$7%>.,8#(;!$.8!>&=.,#$+,+,!<+((+!%*-+!A#)+,!A#<,&!%#)!+(!,&$:+,+!#((>&$#(;!&=!)&<A&,+!A#)+,!+%%+,!P=+,%!$.8!<+!#(%,.<7$+,+$!#!8&,:+<+%/!K+,$.8!:.(:7,,&($+(!#!8&,:+<+%!>.,!)&<A&,+!A#)+,!A)#,!$=&:S!=#)!<+%!=V,+!+(!,#$#:.!>.,!&%!$7A$#<#+,!#!>.,8!&=!)&=+,+!&=;#>%!#!$%.,!;,&<!=#)!%#)>&))+!)+=+,&(<@,+(+/!R>>+:%+(!&=!,+<7$+,%!&=;#>%!\+))+,!8=&9>,#%&:]!=#)!<+,8+<!,+<7$+,+$/!!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 6 "##$%&'!!J.,.,<!(#=T!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!2!5&88+(<,&;!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!0!2/!C&:;,7((!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!F!2/2!K+>#(#$?.(+,!///////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!G!2/0!W&(<&%!a!,+>+,&($+A&(+!.;!=#,:(#(;$A+,+;(#(;+,!//////////////////////////////////////////////////!E!0/!6+>+,&($+A&(+(!////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!22!0/2!5%&%7$!-+,!0122!/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!22!2.1.1!6+>+,&($+A&(+(!a!%,+(<>,+8$:,#=(#(;!//////////////////////////////////////////////////////////////!2I!0/0!O+:(.).;#$:#>%+!//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////!2G!0/4!R>>+:%#=#$+,#(;!.;!@:%+!,+&)-,#$+,!/////////////////////////////////////////////////////////////////////////////////!2E!0/I!5&88+()#:(#(;!&=!,+>+,&($+A&(+(+!///////////////////////////////////////////////////////////////////////////!01!0/[!Z$#::+,P+%!.;!$%.,!>@)$.8P+%!>.,!+(<,+<+!>.,7%$+%(#(;+,!/////////////////////////////////!04!4/!R)A#)+,b!7%=#:)#(;!.;!#($+(%#=+,!//////////////////////////////////////////////////////////////////////////////////////////////!0[!4/2!K&;+($!=#,:+8#<)+,!/////////////////////////////////////////////////////////////////////////////////////////////////////////////!0[!3.1.1!R)A#)!A+P.)<(#(;!.;!$&);$7%=#:)#(;!////////////////////////////////////////////////////////////////////////!0[!4/0!5&);$7%=#:)#(;!.;!=#,:+8#<)+,!/////////////////////////////////////////////////////////////////////////////////////////!0E!4/4!R)A#)+,!a!#((>@,#(;!&=!A,7:+,#($+(%#=+,!.;!&=;#>%$+(<,#(;+,!////////////////////////////!44!3.3.1!O#);&(;!%#)!:.))+:%#=>+)%!a!+>>+:%!.;!A+%*<(#(;!>.,!=&);!&=!+)A#)!/////////////////!4I!I/!"#,:(#(;$A+,+;(#(;+,!////////////////////////////////////////////////////////////////////////////////////////////////////////////////!4H!I/2!Z%;&(;$-7(:%!a!&(%&))!+)9!.;!P*,#<+,!#!,+>+,&($+A&(+(+!/////////////////////////////////////!4H!I/0!c:.(.8#$:+!$V,.,<(#(;+,!>.,!+)A#)+,!a!+:$+8-)+,!//////////////////////////////////////////////!4H!I/4!`,&<=#$!>?+,(#(;!&=!8=&9>,#%&:!>.,!+)A#)+,!//////////////////////////////////////////////////////////////////!I1!4.3.1!O#)-&$(#(;!%#)!#((>&$#(;!&=!&=;#>%$+(<,#(;!/////////////////////////////////////////////////////////!I0!I/I!O.!A+,+;(#(;$8+%.<+,!a!$%.,!=&,#&($!.;!P@*!7$#::+,P+%!///////////////////////////////////!I0!4.4.1!"#,:(#(;$A+,+;(#(;+,!^8=&^!A&$+,%!-T!A#)8.<+))+(!////////////////////////////////////!I0!4.4.2!"#,:(#(;$A+,+;(#(;+,!^8=&^!A&$+,%!-T!(#$?+8.<+))!/////////////////////////////////////!II!4.4.3!M.(:)7$?.(!a!;,&<=#$!#((>@,#(;!&=!8=&!//////////////////////////////////////////////////////////////!I[!4.4.4!J?+,(#(;!&=!%#);&(;!%#)!:.))+:%#=>+)%!///////////////////////////////////////////////////////////////////////!IH!4.4.5!J?+,(#(;!&=!;,&%#$!A.8-&$$+,#(;+,!.;!>+,;+.=+,;&(;+,!/////////////////////////////!IF!4.4.6!J?+,(#(;!&=!;,&%#$!-&,:+,#(;!.;!%#);?+(;+)#;!)&<+-7(:%+,!///////////////////////////!IE!I/[!R>>+:%+(!&=!+(;&(;$&=;#>%!8+<!=+%+,&(A#)$&%$!>.,!)&<A&,+!A#)+,!/////////////////////!IE!!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 8 <+,!A,7:$+;+($:&-+,!$.8!,+::+=#<<+S!)&<+%#<S!$#::+,P+%!.;!:.8>.,%!(V,8+,!$+;!%#)$=&,+(<+!:.(=+($?.(+))+!A#)+,0/!!L+,!#!<&;!>#((+$!<+%!#(;+(!)&<A&,+!P*A,#<+,!-T!<+%!(.,$:+!8&,:+<+%/!N-+)!'8-+,&!+))+,!O.*.%&!L,#7$!=#)!87)#;+($!A)#!<+!>@,$%+S!#!0120/!".)=.!.;!W+,Y+<+$!P&,!.;$T!=&,$)+%!&%!)&<A&,+!P*A,#<+,!+,!7(<+,=+#$S!8+(!<+%!+,!>,+8<+)+$!7$#::+,P+%!:(*%%+%!%#)!(T,!<+%!:&(!>.,=+(%+$!$+,#+-,.<7:$?.(!.;!>7))!8&,:+<$#(%,.<7:$?.(!&=!)&<A&,+!P*A,#<+,/!!d*A,#<+!A#)+,!\#::+!)&<A&,+]!8+<!O.*.%&!L,#7$!#!)+<+)$+(!P&,!=V,%!#!8&,:+<+%!)+(;+!.;!P&,!#!<&;!+(!8&,:+<$&(<+)!-T!.8:,#(;!4!-,.$+(%/!O.*.%&!P&,!$.8!(+=(%!>.,&(!=&,$)+%!&%!<+!=#)!:.88+!8+<!+(!)&<A&,!=+,$?.(!#!0120/!Z%$)#--+(+!>,&!<#$$+!A#)+(+!>.,=+(%+$!T!A)#!)&=+,+!+((!H1!;,&8!UN0!-+,!:8S!8.%!GE!;,&8!UN0!-+,!:8!$.8!%#)$=&,+(<+!P*A,#<!P&,!#!<&;/!d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e.!P@*+,+!&(<+)!)&<A&,+!P*A,#<+,!<+((+!:&%+;.,#+(!=#)!#((+P.)<+S!.;!?.!$%@,,+!:&-&$#%+%!+)8.%.,+(!#!A#)+(+!=#)!P&S!<+$$!)&=+,+!=#)!:&%+;.,#+($!7%$)#--!-+,!:8!A)#/!!()( !"#$%$&'(%")*"#!P&,!)&;%!%#)!;,7((!>@);+(<+!<+>#(#$?.(+,_!• 6%53%(-)3#"-(_!J+))+$A+%+;(+)$+!-T!+)A#)+,!.;!)&<A&,+!P*A,#<A#)+,/!N8>&%%+,!A&,+!A#)%*-+,!$.8!P&,!A&%%+,#+,!$.8!:&(!)&<+$!.--!8+<!+)+:%,#$#%+%!>,&!:,&>%(+%%+%/!• 7"3#"-(_!'(=+(<+,!:7(!+)+:%,#$#%+%!)&<+%!>,&!$%#::.(%&:%!%#)!>,+8<,#>%/!!!• 6%53%(-)813(#53#"-(_!K+%!$:#))+$!8+)).8!>@);+(<+!%*-+,_!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!0!5+!A)&(%!&((+%!"#$%&!'(&)*$+_!R%%+,$-@,$+)!+%%+,!+)A#)+,!.;!)&<A&,+!P*A,#<+,/!6&--.,%!04321!>.,!+(!(V,8+,+!.=+,$#:%!.;!.8%&)+!&=!A#)+,!$.8!+,!)&($+,%!.;!>.,=+(%+%!#!8&,:+<+%/!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 9 o 6%53%(-),-(#-813(#53#"-(9)'(=+(<+,!+)+:%,#$#%+%!)&<+%!>,&!(+%%+%!<+)+,!&=!%#<+(S!8+(!P&,!.;$T!+(!>.,A,+((#(;$8.%.,!$.8!:&(!<,#=+!+(!;+(+,&%.,!$.8!-,.<7$+,+,!$%,@8!7(<+,=+#$/!5+)=+!>,&8<,#>%+(!&=!A#)+(!+,!$T)+<+$!:7(!A&$+,%!-T!+):,&>%/!o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rapporten brukes også begrepet elektriske biler om elbiler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d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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 10 +#,&-./012##&,0!%0!2.344/1$/5!'(&)*$+(+!$.8!;?@,+$!+,!A&$+,%!-T!$&);$$%&%#$%#::!$.8!=#$+,!;+.;,&>#$:!$-,+<(#(;S!#((P+(%#(;!&=!#(>.,8&$?.(!.8!.8,T<+,!<+,!+)A#)+,!$+);+$S!.;!(.+!#(>.,8&$?.(!.8!:?@-+,(+!&=!+)A#)+,/!'(&)*$+(+!+,!$7--)+,%!8+<!>7((!>,&!L,.5&8!\011E]!$.8!A)&(%!&((+%!P&,!:&,%)&;%!:?+((+%+;(!=+<!:?@-+,(+!&=!+)A#)+,S!$&8%!A,7:$8@($%+,/!J.,!T!:7((+!$#!(.+!8+,!-,+$#$%!.8!P=.,<&(!&=;#>%+(+!.;!A,7:$#($+(%#=+(+!=#,:+,S!+,!<+%!A+P.=!>.,!8+,!#(>.,8&$?.(!.8!:?@-+,(+3A,7:+,(+!&=!+)A#)+,S!A)&(%!&((+%!#(>.,8&$?.(!.8!A.$%+<S!&,A+#<$$%+<S!#((%+:%$(#=T!.;!P7$P.)<(#(;+($!$%@,,+)$+!\#(:)7<+,%!&)<+,!-T!A&,(]S!&(%&))!A#)+,!#!P7$P.)<(#(;+(S!,+#$+8@($%+,S!%,&($-.,%=&);!.;!P=#):+!&)%+,(&%#=+!%,&($-.,%8#<)+,!\&((+(!A#)S!:.))+:%#=S!$*::+)3;&(;]!$.8!+)A#):?@,+,(+!+))+,$!:&(!=+);+!8+)).8/!B!8&(;+)!&=!<+((+!%*-+!#(>.,8&$?.(!P&,!=#!A&$+,%!&(&)*$+(+!-T!:.,,+)&$?.(+,!#!.A$+,=+,%+!<&%&S!$7--)+,%!8+<!>7((!>,&!&(<,+!&(&)*$+,!$.8!=7,<+,+$!$.8!,+)+=&(%+!>.,!-,.A)+8$%#))#(;+(/!K+%%+!;#,!(.+!$%@,,+!7$#::+,P+%!#!,+$7)%&%+(+S!8+(!=#!8+(+,!)#:+=+)!&%!P.=+<>7((+(+!+,!,#8+)#;+!,.A7$%+S!$+)=!.8!$%*,:+(!-T!+>>+:%+(+!$.8!=7,<+,+$!+,!7$#:,+/!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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`?+((.8$(#%%$7%$)#--+%!#!7%;&(;$T,+%!+,!24H!;,&8!UN0!-+,!:8/!K+%!+,!$.);%!P*A,#<A#)+,!#!)7:$7$:)&$$+(!.;!$%.,+!A#)+,!$+)=!.8!<+%%+!#::+!>,&8:.88+,!&=!%&A+))+(/!d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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 12 !B06$-.89:.C(10#+0'6.0.$(3+0<<.%&)."6.$(&'.&+&#(-03#&.40+&-.D0'#+$)&-(.%EA40+&-F9.G"))-&((.*#3&.103&-.6-*%.?@8.<&-.#%9..J#;7,+(!=#$+,!&%!+)A#)+(!P&,!>T%%!+(!@:+(<+!A+%*<(#(;!>.,!;?+((.8$(#%%$7%$)#--+(+!$.8!>@);+!&=!A#)+(+$!@:+(<+!8&,:+<$&(<+)/!B!8#(#A#)$+;8+(%+%!=#))+!7%$)#--+%!7%+(!+)A#)+,!\+))+,!>.,7%$&%%!&%!+)A#)+(+!A)+!+,$%&%%+%!8+<!+(!A#)!8+<!$+;8+(%+%$!;?+((.8$(#%%$)7%$)#--]!=V,%!-T!21E!;,&8!8.%!<&;+($!F2!;,&8/!Z%=#:)#(;+(!#!8#(#A#)$+;8+(%+%!8+<!.;!7%+(!+)A#)+,!+,!=#$%!#!>@);+(<+!>#;7,_!!!B06$-.898.C(10#+0'6&'.0.$(3+0<<.0.%0'040+3&6%&'(&(>.%&)."6.$(&'.&+40+&->.8==H.(9"9%.*<-0+.8=::9.G"))-&((.*#3&.103&-.6-*%.?@8.<&-.#%9...!"#$!"%$!&#$!&%$!'#$!'%$!%#$!%%$!(#$!(%$	"##)$"##*$"##+$"#!#$"#!!$	,-./012./2$,-.3402./2$!"#!"$!"%!"&!"'!!"'#!"'$!"	#!!("#!!&"#!!)"#!'!"#!''"	*+,-./0,-0"*+,12.0,-0"

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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f!%#)!7(<+,!H!f]S!.;!P&,!@:%!A,7:+(!&=!#(<#=#<7+))!A#)%,&($-.,%!%#)3>,&!&,A+#<!>,&!#!;?+((.8$(#%%!H[!f!%#)!G4!f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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 14 $.8!;?+((.8$(#%%$A#)+(!#!$+;8+(%+%/!X&=+,+!<,#=$%.>>:.$%(&<+,!%,+::+,!#!,+%(#(;!&=!&%!:?@-+,+!8+<!:?@,+)+(;<+,!.=+,!;?+((.8$(#%%+%!=#)!>&=.,#$+,+!+(!P*A,#<A#)S!&)%!&((+%!)#:%/!K+%%+!%,+::+,!#!,+%(#(;!&=!&%!P*A,#<A#)+,!+,$%&%%+,!A#)+,!8+<!:?@,+)+(;<+!.=+,!;?+((.8$(#%%+%/!"#!P&,!#::+!<.:78+(%&$?.(!$.8!;?@,!<+%!87)#;!T!:.(%,.))+,+!.8!<+%%+!+,!%#)>+))+/!!`?+((.8$(#%%$7%$)#--+%!7%+(!P*A,#<A#)+,!+,!Y&!2S[!;,&8!.=+,!;?+((.8$(#%%+%!8+<!P*A,#<A#)+,/!B!:.8-&:%:)&$$+(!%,+::+,!P*A,#<A#)+(+!;?+((.8$(#%%$7%$)#--+(+!(+<!8+<!(V,8+,+!I!;,&8/!X&<A&,+!P*A,#<+,!>.,=+%+(%+$!T!>T!+(!,+::+=#<<+!-T!01!a!H1!:8!-T!A&%%+,#<,#>%!A&$+,%!-T!+:$%+,(!)&<(#(;/!d=#):+(!A&%%+,#,+::+=#<<+!A#)+(+!>T,!=#)!P&!A+%*<(#(;!>.,!UN097%$)#--+(+!A#)+(+!,+;#$%,+,+$!8+<!.;!<+,8+<!.;$T!&=;#>%$;,7(()&;+%/!e.!)+(;,+!:?@,+)+(;<+!A#)+(+!>T,!7%+(!A+P.=!>.,!)&<(#(;!+))+,!A,7:!&=!>.$$#)!8.%.,S!?.!%*(;,+!8T!<+%!>.,=+(%+$!&%!A#)+(+!A)#,/!!"#0/#!5-'/&30/!5/#'/#./1!3!9,14/'.25C34&3#0/#!;%1!/&73&/1!3!*=((!W&,:+<$&(<+)+(+!>.,!+)A#)+,!=&,#+,+,!>,&!2S2!-,.$+(%!%#)!2SE!-,.$+(%!#!-+,#.<+(!2/?&(7&,!%#)!41/&-,#)!0122/!K+%!$&8)+<+!A#)$&);+%!#!0122!=#$+,!+(!=+:$%!$&88+()#:(+%!8+<!%#<)#;+,+!T,S!.;!(V,8+,!$+;!%#<)#;+,+!,+:.,<T,/!'(%&))!$.);%+!+)+:%,#$:+!A#)+,!P&,!<+,>.,!.;$T!@:%S!8+($!8&,:+<$&(<+)+(!P&,!+(!8+,!8.<+,&%!@:(#(;!.;!>.,=+(%+$!T!A)#!8+)).8!2!.;!0!-,.$+(%!#!0122/!!K+!.A$+,=+,%+!8&,:+<$&(<+)+(+!>.,!P*A,#<A#)+,!=&,#+,+,!#!$&88+!-+,#.<+!8+)).8!0SI!-,.$+(%!.;!IS0!-,.$+(%/!K+%!+,!#::+!(.+!8@($%+,!#!=&,#&$?.(+(+/!K+,#8.%!+,!<+%!+%!:)&,%!8@($%+,!&%!P*A,#<A#)+,!@:+,!8&,:+<$&(<+)!.;!$&8)+%!$&);!#((+(>.,!:.8-&:%:)&$$+(!T,!>.,!T,/!M.8-&:%:)&$$+(!>.,!@=,#;!P&,!>&)%!#!8&,:+<$&(<+)!%#)!%,.$$!>.,!&%!&(%&))!$.);%+!A#)+,!#!$+;8+(%+%!@:+,/!R(!$%.,!<+)!&=!@:(#(;+(!#!$8T9!.;!8#(#A#)$+;8+(%+%!%#)$:,#=+$!=+:$%!#!$&8)+%!A#)$&);/!!2.1.1 F/;/1,#./7,#/#!G!51/#';1/9.413C#3#0!!B((%+:%$=+:$%S!P@*!$*$$+)$+%%#(;!.;!;7($%#;+!&=;#>%+,!>.,!$8T!A#)+,!;#,!#($+(%#=+,!%#)!@:%!$&);S!.;!.;$T!@:%+!8&,:+<$&(<+)+,!>.,!<+!8#($%+!A#)+(+/!C&$+,%!-T!%#<)#;+,+!&(&)*$+,!\"#$%&!'(&)*$+S!011E]S!<+,!#((%+:%$9!.;!-,#$+)&$%#$#%+%+,!A)+!+$%#8+,%S!P&,!=#!:.88+%!>,&8!%#)!>@);+(<+!7%=#:)#(;!#!$+;8+(%>.,<+)#(;!#!,+>+,&($+A&(+(4_!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!4!6+>+,&($+A&(+(!P&,!7%=#:)#(;!#!8&,:+<$&(<+)!-+,!T,/!'=;#>%$+(<,#(;+(+!=7,<+,+$!#!>.,P.)<!%#)!T,)#;+!+>>+:%+,S!8+(!<+%!,&--.,%+,+$!:7(!>.,!T,+(+!0120S!012[!.;!0101/!!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 15 7*4&++.898.I&6%&'(2"-)&+0'6&'.0.-&2&-*'3&4*'&'&>.J-&'&.8=::>.8=:8>.8=:K."6.8=8=9..!5+;8+(%+%!<#=+,$+!#(:)7<+,+,!)7:$7$A#)+,S!>)+,A,7:$A#)+,S!$-.,%$A#)+,!.;!&(<,+/!K#$$+!$+;8+(%+(+!+,!P=+,!>.,!$+;!$=V,%!P+%+,.;+(+S!.;!<+%!$&88+($)T%%+!$+;8+(%!+,!<+,8+<!+(<&!8+,!P+%+,.;+(%/!B!A+,+;(#(;+(+!+,!&=;#>%$+(<,#(;+(+!=7,<+,%!-T!+(:+)%8.<+))(#=T!#!<#$$+!$+;8+(%+(+S!8+(!=#!P&,!#::+!=7,<+,%!&))+!8.<+))+(+!#!$+;8+(%+%/!K#$$+!$+;8+(%+(+!,+-,+$+(%+,+,!%#)!$&88+(!I!-$%!&=!8&,:+<+%/!C#):?@-+,(+!#!<#$$+!$+;8+(%+(+!P&,!$%@,,+!=&,#&$?.(!#!,+$-.($+(!-T!&=;#>%$+(<,#(;+,!.;!<,#=$%.>>-,#$+,!+((!<+%!=#!>#((+,!#((+(>.,!<+!$%@,,+!:?@-$$+;8+(%+(+/!K+%%+!:&(!%#)!<+)$!>.,:)&,+$!8+<!:?@,+8@($%+,/!R:$+8-+)=#$!$+,!$+;8+(%+%!$-.,%$A#)+,!7%!%#)!T!=V,+!)#%+!>@)$.88+!>.,!+(<,#(;+,!#!<,#=$%.>>-,#$+,/!5-.,%$A#)$+;8+(%+%!#(:)7<+,+,!+(!+)+:%,#$:!A#)!\O+$)&]/!K+((+!A#)+(!+,!:.$%A&,!$&88+()#:(+%!8+<!&(<,+!+)+:%,#$:+!A#)+,/!5&);+%!+,!>.,+)@-#;!)&=%!\2I!8.<+))+,!$.);%!#!0121S!21!8.<+))+,!$.);%!>,&!2/?&(7&,!%#)!41/&-,#)!0122]/!C#)+(+!#!$-.,%$A#)$+;8+(%+%!P&,!%,.)#;!)&=!T,)#;!:?@,+)+(;<+S!:.8A#(+,%!8+<!+(!;+(+,+))!)&=!-,#$>@)$.8P+%!#((+(>.,!<#$$+!:)&$$+(+/!!B!$+;8+(%+(+!^&(<,+^!.;!>)+,A,7:$A#)+,!>#((+,!=#!>)+,+!8.<+))=&,#&(%+,!$.8!,+$-.(<+,+,!-T!+(<,#(;+,!#!<,#=$%.>>-,#$+,S!8+($!:?@-+,(+!&=!&(<,+!8.<+))+,!#!)#%+(!;,&<!$+,!7%!%#)!T!=+:%)+;;+!<,#=$%.>>-,#$+,/!R)A#)+(!J#&%!J#.,#(.!\=&,+A#)]!)#;;+,!#!:&%+;.,#+(!^&(<,+^/!W.<+))+,!$.8!=&()#;=#$!P&,!.=+,!;?+((.8$(#%%)#;!T,)#;!:?@,+)+(;<+!$+,!7%!%#)!T!,+$-.(<+,+!-T!+(<,#(;+,!#!<,#=$%.>>-,#$+,/!X7:$7$A#)+,!P&,!$=V,%!P@*!-,#$S!.;!&=;#>%+(+!7%;?@,!$.8!,+;+)!+(!)#%+(!&(<+)!&=!-,#$+(/!K#$$+!A#)+(+!P+(=+(<+,!$+;!%#)!+(!)#%+(!P@*#((%+:%$;,7--+/!"#!P&,!>.,7%$&%%!&%!$+;8+(%+%!^<#=+,$+^!P&,!+(!:.($%&(%!8&,:+<$&(<+)!$.8!%#)$=&,+,!<&;+($!8&,:+<$&(<+)!\IS4f]!.;!&%!,+>+,&($+A&(+(!P&,!<+(!$&88+!8.<+))>.,<+)#(;+(!#!<+%%+!$+;8+(%+%!$.8!.A$+,=+,%!#!0122/!!5+;8+(%>.,<+)#(;+(!:.88+,!$.8!>@);+!&=!=+:$%>.,7%$+%(#(;+(+!.;!-,#$9!.;!#((%+:%$+>>+:%+(+!$.8!>@);+,!&=!%+:(.).;#7%=#:)#(;+(!.;!<+!&(;#%%+!-,#$>.,7%$+%(#(;+(+/!B!,+>+,&($+A&(+(!=.:$+,!<+%!$&8)+<+!A#)$&);+%!8+<!0S[f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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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d.=+<,+>+,&($+A&(+(!+,!A+,+;(+%!8+<!>@);+(<+!>.,<+)#(;!>.,!<+!$%@,$%+!$+;8+(%+(+_!!7*4&++.89L.!-013("22"-)&+0'6.0.-&2&-*'3&4*'&'>.8=::>.8=:8>.8=:K."6.8=8=.!K+%!>.,7%$+%%+$!&%!A,7:+,#($+(%#=+(+!$.8!+,!;#%%!+)A#)+,!.;!8=&9>,#%&:+%!=#<+,+>@,+$!#!,+>+,&($+A&(+(/!K+,$.8!<#$$+!#($+(%#=+(+!+(<,+$S!=#)!<+%%+!>T!$%.,!A+%*<(#(;!>.,!&(<+)+(!,+(+!+)+:%,#$:+!A#)+,/!B((>&$#(;+(!&=!)&<A&,+!P*A,#<+,!+,!$.8!%#<)#;+,+!!"#!!!!"$!!!!"%!!!!"&!!!!"'!!!!!"'#!!!!"'$!!!!"'%!!!!"'&!!!!"	'((#"'(()"'(($"'((*"'((%"'((+"'((&"'((("#!!!"#!!'"#!!#"#!!)"#!!$"#!!*"#!!%"#!!+"#!!&"#!!("#!'!"#!''"#!'#"#'')"#!'$"#!'*"#!'%"#!'+"#!'&"#!'("#!#!"	!"#$%&'()$*)+",-.//0-1)-02.23-,#"&45#"6$7#(8&(&+-	,-./01234"5.-167.-8/9.3:131;"
!"#$%&'(()*+,-,".,"",*/0#-,"1&'",20#-,"3,--'45-)%%,*6'47)5&5-)%%,*1480#-,"4#*#0#-,"9,(,")*%,2:;<:=,*%#*!"#$"#%&"#%'"#('"#!%"#!#,%,-)*"#)'"#+)"#'%"#*$"#%"#>?0"#+&"#&"#&"#%,"#&"#&"#@-,5&"#%#&,&&"#&"#&"#&"#&"#$+"#9,(,")*%,2:;<A=,*%#*!"#$"#)"#%*"#($"#(!"#!#,%,-)*"#)("#+'"#!+"#*,"#%"#>?0"#+&"#,"#$"#%)"#*"#&"#@-,5&"#%#&,&&"#&"#&"#&"#&"#*$"#9,(,")*%,2:;:;2=,*%#*!"#$"#)"#%*"#(*"#(,"#!#,%,-++"#),"#+'"#!("#*,"#%"#>?0"#+!"#("#*"#,,"#*"#!"#@-,5&"#%#&,&&"#&"#&"#&"#&"#*%"#

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 17 (+=(%S!7$#::+,/!6+>+,&($+A&(+(!#(:)7<+,+,!P*A,#<+,!>,&!>)+,+!8+,:+,!$.8!+,!=&,$)+%S!8+(!$.8!>.,+)@-#;!#::+!%#)A*$!#!8&,:+<+%/!B!,+>+,&($+A&(+(!$:?7)+,!<+%!$+;!+(!8#:$!&=!)&<A&,+!.;!#::+!)&<A&,+!P*A,#<+,!A&:!8&,:+<$&(<+)+(!>.,!P*A,#<+,/!e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b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b!+(!<+,!7%=#:)#(;!-T!%#)A7<$$#<+(!;#,!+%!8&,:+,%!%+:(.).;#$:#>%+!#!8&,:+<+%!>,&8!8.%!0101S!.;!+(!,+>+,&($+A&(+!<+,!+>>+:%#=#$+,#(;!#!:.(=+($?.(+))!%+:(.).;#!=#((+,!>,&8!$.8!>,+8%#<+($!P.=+<=&);/!!B(;+(!&=!,+>+,&($+A&(+(+!+,!8+(%!$.8!-,.;(.$+,/!d+($#:%+(!8+<!,+>+,&($+A&(+(+!+,!T!P&!+%!7%;&(;$-7(:%!>.,!T!=7,<+,+!=#,:(#(;+(+!&=!&=;#>%$+(<,#(;+,!.;!A,7:+,#($+(%#=+,S!;#%%!7)#:+!>.,7%$+%(#(;+,!.8!7%=#:)#(;+(!#!A#)8&,:+<+%/!!!"#"$%&'"(%&"&)!"#$%&'()*+$,-.&-&'()*+$/*+$($-.&'()*+$012$+3+$$+14'()*+$!%#$+5()*+$6+**#7'.*8&&+19#7"8.%'.*8&&+1!7:'()*+$6)1)'()*+$6;'<()*+$<=>+11#7&1)%%5!"#"$!"##%&'($")*%+$,)!%+$#)-%+$,).%+$/)0%+#)0%+$*)"%+$*)#%+")#%+$*#)"%+")"%+$*)/%+*+,,)-)*+,*-,./)0-1.1)0-*.,)0-2.3)0-*.4)0-,.1)0-*.*)0-*.2)0-*./)0-/.2)0+.+)0-*.3)0*+,,)-*+,/-2.*)0-,4.+)0-2.+)0-,4.2)0-5.,)0-6.5)0-3.+)0-,*.+)0-3.5)0-,2.*)0+.+)0-,+.,)0*+,,)-)*+*+-*4.1)0-*4.4)0-,1.2)0-*4.,)0-,3.4)0-,/.4)0-,2.4)0-*,.5)0-,2./)0-*6.1)0+.+)0-,3.2)0!"##%123453(67?@A#08#,"#-/#88#,0#*0#!,#!".#"#*8*+,*,/5,25,12,25,6*,/6,4/,**,,262+,4**+,/,13,6*,43,62,/4,15,*6,,+,+5/3+,***+*+,*4,14,*5,13,41,41,,13533/*+,+3B&%C+12$)145D$85EA??;FE'-%&*)""5)5$+D+$81&+(81+1G54$875"+$5.75

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 18 *)* :"3%(;(1$&3$#."**B!<+%%+!&)%+,(&%#=+%!+,!<+%!>.,7%$&%%!+(!,&$:+,+!%+:(.).;#7%=#:)#(;!<+,!(*+!)&=7%$)#--$%+:(.).;#+,!\)&<A&,+!P*A,#<+,!+))+,!&(<,+!%+:(.).;#+,]!.;!+)A#)+,!#(%,.<7$+,+$!%#)!:.(:7,,&($+<*:%#;+!-,#$+,!.;!8+<!:.(:7,,&($+<*:%#;+!+;+($:&-+,!#!>.,P.)<!%#)!&(<,+!A#)+,/!5&8%)#;+!A#)+,!#!8#(#A#)$+;8+(%+%!+,!+)+:%,#$:+!#((+(!0101!#!<+%%+!&)%+,(&%#=+%/!!X&<A&,+!P*A,#<+,!#(%,.<7$+,+$!A,+<%!#!8&,:+<+%S!.;!<+!$%.,+!8&,:+<$)+<+,(+!#!<+%!(.,$:+!A#)8&,:+<+%!)&($+,+,!A#)+,!8+<!)&<A&,+!&)%+,(&%#=+,!%#)!:.(:7,,&($+<*:%#;+!-,#$+,/!L&,&))+)%!+>>+:%#=#$+,+$!<+!:.(=+($?.(+))+!8.%.,+(+!$)#:!&%!<#$$+!$%&<#;!A)#,!8+,!+(+,;#9!.;!:)#8&+>>+:%#=+/!R(:)+,+!%+:(.).;#!;?@,!&%!<+!:.(=+($?.(+))+!%+:(.).;#+(+!>,+8<+)+$!=#)!P&!(.+!)&=+,+!(+%%.-,#$!>@,!&=;#>%+,S!.;!<+!=#)!.;$T!P&!)&=+,+!$&);$-,#$/!C#)+(+!=#)!A,7:+!8+,!<,#=$%.>>!+((!<+!)&<A&,+!P*A,#<+(+!.;!P&!P@*+,+!T,)#;+!<,#=$%.>>:.$%(&<+,/!K+%!+,!>.,7%$&%%!&%!<+!$&8)+<+!<,#>%$:.$%(&<+(+!>.,!)&<A&,+!P*A,#<+,S!$.8!>@);+!&=!)&=+,+!<,#=$%.>>:.$%(&<+,S!+,!)&=+,+!+((!>.,!:.(=+($?.(+))+!%+:(.).;#+,/!')%+,(&%#=+%!:,+=+,!+(!>.,$+,%!%+:(.).;#$:!7%=#:)#(;!.;!8&,:+<$#(%,.<7:$?.(!>.,!)&<A&,+!A#)+,!$&88+()#:(+%!8+<!<+%!$.8!+,!>.,7%$&%%!#!,+>+,&($+A&(+(!>.,&(/!B((+(>.,!P=+,%!$+;8+(%!=#)!%#)-&$(#(;$,.88+%!8P%!T,)#;+!A#):.$%(&<+,!.;!(*A#)-,#$!=V,+!.8%,+(%!$.8!#!,+>+,&($+A&(+(/!K+%%+!#((+AV,+,!&%!>.,=+(%+<+!T,)#;+!A#):.$%(&<+,!8+<!2[!111!:?@,%+!:8!-+,!T,!>.,!+(!\)&<A&,]!P*A,#<!=#)!=V,+!-T!$&88+!(#=T!$.8!+(!%#)$=&,+(<+!:.(=+($?.(+))!A#)/!5+;8+(%>.,<+)#(;!.;!$&8)+%!$&);!A)#,!<+,>.,!<+%!$&88+!$.8!#!,+>+,&($+A&(+(/!!O+:(.).;#$:#>%,+>+,&($+A&(+(!;#,!>@);+(<+!%#)-&$(#(;+,!#!012[!.;!0101_!!7*4&++.89K.C(3+0<<."6.)-013("22A2"-)&+0'6.8=:K>.(&#'"+"603#02(4*'&'9.!!"#$%&'()*+*,-.(-/0'&'11'),2-+'130*1'%2-+'1%4'++*5(+6..')7*586(03592-+'14-)-%*,%4:;-<'1.'6++'=-'.'+>2').-)#$?#@A#!A#!#####"!#$BCD21-;%-)(+E%FD'%6+0E%#@$#?$A"G"$"#$"H+'(01-.('%2-+'1""""""",IE.)-00J0.+-88!"#!$%!#&'%!()&!!"*!!)+(=-'.'+>2').-)B"%KB"%KB"%KG"%KB$%K?"%KB$%KA"%KCD21-;%-)(+E%FD'%6+0E%#"%K#"%K#"%K@"%K$%K"%K@%K#L%KH+'(01-.('%2-+'1"%K"%K"%K"%K$%KL"%K#%K@%K,-./012-31040.!#%KL%K#B%K!B%K#G%K@%K@%K#""%K!"#$%&'()**+,-./0,*1.,203.)4'&566/781(1.,

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 19 7*4&++.89Q.C(3+0<<."6.)-013("22A2"-)&+0'6.8=8=>.(&#'"+"603#02(4*'&'9..!O&A+))+(+!.=+,!=#$+,!$+;8+(%>.,<+)%+!7%$)#--!>.,!&)%+,(&%#=+!%+:(.).;#+,S!.;!>.,<+)#(;+(!8+)).8!%+:(.).;#+(+!#!012[!.;!0101!#!%+:(.).;#$:#>%A&(+(/!`,7--+(!P*A,#<+!A#)+,!#(:)7<+,+,!)&<A&,+!.;!#::+9)&<A&,+!P*A,#<+,S!$&8%!+=+(%7+))+!(*+!%+:(.).;#+,!$.8!>.,+)@-#;!#::+!+,!#(%,.<7$+,%!#!8&,:+<+%/!O+,,+(;A#)+,!.;!$%.,+!A#)+,!#(:)7<+,+,!$%.,+!.;!%7(;+!A#)+,!A)&(%!P*A,#<+(+/!`?+((.8$(#%%$7%$)#--+(+!>.,!P*A,#<A#)+(+!+,!<+,>.,!P@*+,+!#!:)&$$+(+!8+<!$%.,+!A#)+,!+((!#!:)&$$+(+!8+<!8#(<,+!A#)+,/!!K+%!+,!.;$T!>.,7%$&%%!+(!$%@,,+!&(<+)!)&<A&,+!P*A,#<+,!A)&(%!P*A,#<+(+!#!:.8-&:%!.;!$8TA#):)&$$+(!+((!#!<+!@=,#;+!:)&$$+(+/!W+<!;?+((.8$(#%%$7%$)#--!-T!P+(P.)<$=#$![1!.;!H1!;,&8!#!$8TA#)9!.;!:.8-&:%:)&$$+($!P*A,#<+!A#)+,!#!012[S!#((+AV,+,!<+%%+!&%!<+!&))+,!>)+$%+!A#)+(+!+,!)&<A&,+!+))+,!&%!+(!$%.,!&(<+)!&=!<+!)&<A&,+!P*A,#<+(+!P&,!+%!7%$)#--!$.8!+,!)&=+,+/!B!0101!+,!<+!>)+$%+!&=!P*A,#<+(+!)&<A&,+S!(.+!$.8!.;$T!;?+($-+#)+$!#!)&=+,+!;?+((.8$(#%%$7%$)#--!>.,!<+!P*A,#<+!A#)+(+!#!P=+,%!$+;8+(%!+((!#!012[/!!K+,$.8!)&<A&,+!P*A,#<+,!#!:.8-&:%:)&$$+(!.--(T,!;?+((.8$(#%%$7%$)#--!-T!41!;,&8!-+,!:8!.;!$&8%)#;+!P*A,#<+,!+,!)&<A&,+S!=#)!.;$T!7%$)#--+(+!>,&!$+;8+(%+%!A)#!)&=+,+/!R:$+8-+)=#$!>&))+,!:.8-&:%:)&$$+($!;?+((.8$(#%%$7%$)#--!#!0101!%#)!F1!;,&8S!.;!<+%!$&8)+<+!;?+((.8$(#%%+%!%#)!EI!;,&8S!<+,$.8!=#!>.,7%$+%%+,!&%!&))+!P*A,#<A#)+(+!+,!)&<A&,+!.;!,+;#$%,+,%!8+<!7%$)#--!-T!41!;,&8!-+,!:8!#!0101/!!*)J <##"3.$2$&")$%1*(1*=3."*)",;6)$&")*B!<+%%+!&)%+,(&%#=+%!+,!<+%!>.,7%$&%%!&%!RZ$!>.,.,<(#(;!@:+,!-,.<7:$?.($:.$%(&<+(+!$)#:!&%!(+%%.-,#$!>@,!&=;#>%!@:+,S!.;!&%!<+!$%@,$%+!A#)+(+!@:+,!,+)&%#=%!$+%%!8+$%!#!-,#$/!K+%%+!;#,!+(!,+&)-,#$=+:$%!\>@,!&=;#>%]!#!<+%!(.,$:+!8&,:+<+%!\8+(!<+(!(.,$:+!:,.(+(!=#)!8+$%!$&(($*()#;!$%*,:+!$+;!#!T,+(+!$.8!:.88+,!.;!=#)!;?@,+!#8-.,%+,%+!A#)+,!A#))#;+,+]/!L,#$=+:$%+(!>@,+,!%#)!+(!>.,>)*%(#(;!#!$+;8+(%>.,<+)#(;+(!.;!,+<7$+,%!$&8)+%!$&);/!6+<7$+,%!$&);!A#<,&,!%#)!T!,+<7$+,+!&(<+)+(!A#)+,!#!8#(#9!.;!$8TA#)$+;8+(%+%S!8+($!@:%+!-,#$+,!>.,>)*%%+,!A#)+,!(+<!#!$8TA#)$+;8+(%+%S!(.+!$.8!%,+::+,!#!,+%(#(;!&=!@:%!&(<+)!$8TA#)+,/!`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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 20 K+%!+,!=#<+,+!>.,7%$&%%!&%!:)#8&+>>+:%#=#$+,#(;+(!,+&)#$+,+$!7%+(!&%!<+%!;T,!-T!A+:.$%(#(;!&=!$%&(<&,<S!.;!&%!A#)+,!8+<!)&=!+>>+:%#=#$+,#(;$;,&<!>T,!$&88+!,+)&%#=+!-,#$@:(#(;!$.8!A#)+(+!8+<!P@*+$%!;,&<!&=!+>>+:%#=#$+,#(;/!R>>+:%#=#$+,#(;+(!>.,+;T,!-&,&))+)%!8+<!$%&(<&,<P+=#(;!#((+(>.,!$&8%)#;+!:)&$$+,/!!B((>&$#(;+(!&=!P*A,#<+!A#)+,!A)#,!)&=+,+!+((!#!P.=+<,+>+,&($+&)%+,(&%#=+%/!B((+(>.,!<+!+(:+)%+!$+;8+(%+(+!P&)=+,+$!&(<+)+(!$.);%+!P*A,#<+,/!M.8-&:%:)&$$+(!@:+,!#!8&,:+<$&(<+)/!K+((+!:)&$$+(!P&,!P@*+$%!&(<+)!P*A,#<+!A#)+,S!(.+!$.8!A#<,&,!%#)!T!<+8-+!>&))+%!#!$&);!&=!P*A,#<+!A#)+,/!!R)A#)%+:(.).;#+(!P&,!+(!A+;,+($+%!%+:(.).;#$:!7%=#:)#(;!#!&)%+,(&%#=+%S!8+(!.--,+%%P.)<+,!$&);!#!A*.8,T<+,!.;!.8,T<+,!<+,!A,7:$#($+(%#=+(+!+,!,+)+=&(%+/!R)+:%,#$:+!A#)+,!>T,!+(!,+)&%#=%!$+%%!)&=+,+!-,#$@:(#(;!+((!<+!@=,#;+!A#)+(+S!(.+!$.8!A+<,+,!A#)+(+$!:.(:7,,&($++=(+!$&88+()#:(+%!8+<!P.=+<,+>+,&($+A&(+(/!'(%&))!$.);%+!+)A#)+,!A)#,!P@*+,+!+((!#!P.=+<,+>+,&($+A&(+(/!!R>>+:%#=#$+,#(;$&)%+,(&%#=+%!;#,!>@);+(<+!%#)-&$(#(;+,!#!012[!.;!0101_!!7*4&++.89H.C(3+0<<."6.)-013("22A2"-)&+0'6.8=:K>.&22&#(0103&-0'63*+(&-'*(01&(.!7*4&++.89R.C(3+0<<."6.)-013("22A2"-)&+0'6.8=:K>.&22&#(0103&-0'63*+(&-'*(01&(.!*)K 4,>>"%;$3%$%1*,2*)"#"),%&"0,%"%"**B!O&A+))!0/E!P&,!=#!.--$788+,%!<+!%,+!,+>+,&($+A&(+(+!.;!$&88+()#:(+%!8+<!,+>+,&($+A&(+(!.;!+)+:%,#>#$+,#(;$&)%+,(&%#=+%!$.8!+,!<.:78+(%+,%!#!!"#$%&'()!"#$%&''&()*+*,&-*./,012)&-.1)*+&)3&--&./4*2&-5)6-&%4*2&-%7&2268(21,,&.968:1()58;4*2&-7*.*%6/%7<=*+&-,&122&>*&,&2?4&.,*.#$"#@$#!A##"#"B#"!#$ACD4-*=%*.(2E%FD&%12)E%#@$#G$B"H"$"#$"I2&()-*,(&%4*2&-"""""""/JE,.*))K),2*::!"#!$"!%&!#'!#&"'!""!!()">*&,&2?4&.,*.LL%MLL%MLB%MB$%MLH%M$!%MLB%ML!%MCD4-*=%*.(2E%FD&%12)E%#%M#%M!%M#$%M@%M"%M#%MH%MI2&()-*,(&%4*2&-"%M"%M"%M"%M"%M@B%M#%M#NBL%M*+,-./0+1/.2.,#LN$%MHNH%M#BNA%MG#NH%M#$NG%MGNB%M@N!%M#""%M!"#$%&'()**+,-./0,*1.,203.)4'&566/781(1.,!"!"#$%%$&'()(*$+(,-*./0'$+,/'()$'1$++$,-2(0$+3'4+$#2(0$+#5$0046&0/**$,7468/&'3692(0$+5(,(#4-#5:;()$+*$/00$<($*$0=2$,*(,>?@>?">>@>"ABAB?>!BCD2+(;#(,&0E#FD$#/0'E#>!">>"A"G"@">@"H0$&'+(*&$#2(0$+"""""""-IE*,(''J'*0(88!"#!"$!!"%%%&#'!('!$)*&<($*$0=2$,*(,BB#KBB#KBA#KAG#KBL#KG>#KBA#KB!#KCD2+(;#(,&0E#FD$#/0'E#>#K>#K!#K>G#K@#K"#K>#KL#KH0$&'+(*&$#2(0$+"#K"#K"#K"#K"#K@B#K>#K!#K+,-./01,20/3/->BM>#KGMA#K>AMG#K?!MG#K>GMG#K?MB#K@M?#K>""#K!"#$%&'()**+,-./0,*1.,203.)4'&566/781(1.,

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 21 *+*+),-&./(%0%"1,-).(%0,2/(./!O&A+))+(!#(:)7<+,+,!.;$T!.A$+,=+,%!$&);!.;!7%$)#--!#!0121!.;!0122!\%/./8!&-,#)!0122]/!!O&A+))+(!=#$+,!&%!,+&)#$+,%+!7%$)#--!#!0121!>.,!A#)+,!8+<!>.,A,+((#(;$8.%.,!)#;;+,!A+%*<+)#;!)&=+,+!+((!#!M)#8&:7,$!,+>+,&($+A&(+S!.;!&%!<+%!$&8)+<+!A#)$&);+%!.;$T!+,!)&=+,+!#!0121!+((!#!,+>+,&($+A&(+(!$.8!+,!A+(*%%+%!#!M)#8&:7,/!6+>+,&($+A&(+(!#!M)#8&:7,!P&,!P@*+,+!7%$)#--!#!012[!.;!0101!+((!,+>+,&($+A&(+(+!$.8!+,!A,7:%!#!<+%%+!-,.$?+:%+%/!M)#8&:7,!P&,!.;$T!P@*+,+!$&);$%&))!#!012[!+((!,+>+,&($+A&(+(+!#!<+%%+!-,.$?+:%+%S!8+($!&(%&))!$.);%+!A#)+,!#!0101!)#;;+,!8+)).8!*%%+,-7(:%+(+!#!,+>+,&($+A&(+(+!#!<+%%+!-,.$?+:%+%/!!K+!=#:%#;$%+!>.,:)&,#(;$>&:%.,+(+!A&:!&==#:+%!8+)).8!>&:%#$:!7%=#:)#(;!.;!M)#8&:7,$!,+>+,&($+A&(+!$*(+$!T!=V,+_!!• '=;#>%$+(<,#(;+,! $.8! #::+! +,! >.,7%$&%%! #! ,+>+,&($+A&(+(!#! M)#8&:7,/!'=;#>%$+(<,#(;+(+!$.8! P&,! =V,%!;?+((.8>@,%! #! 0121! .;! 0122!P&,! >)*%%+%!>)+,+!A#)=&);!.=+,!#!)&=+!7%$)#--$:)&$$+,!• 5%@,,+! +>>+:%#=#$+,#(;! .;! ,&$:+,+! %+:(.).;#$:! 7%=#:)#(;! +((! >.,7%$&%%!\%#)A7<$$#<+(]!•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a!H!T,!>@,!<+!%.!A#)%*-+(+!>T,!+(!8&,:+<$&(<+)!-T![!-$%/!K+,+%%+,!=.:$+,!$&);+%!&=!+)A#)+,!8+<!+(!T,)#;!=+:$%,&%+!-T!21!-,.$+(%S!.;!)&<A&,+!P*A,#<+,!8+<!+(!T,)#;!=+:$%,&%+!-T!2[!-,.$+(%/!W+<!8#(<,+!<+%!.;$T!+,!>.,7%$&%%!+(!=+:$%!#!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 22 8#(#A#)$+;8+(%+%!#((+AV,+,!$Y+(&,#+%!&%!,+(+!+)A#)+,!A)#,!+%!&)%+,(&%#=!#!>)+,+!:)&$$+,!+((!<+%!$.8!+,!>.,7%$&%%!#!%+:(.).;#$:#>%+&)%+,(&%#=+%!>.,&(/!B!%+:(.).;#$:#>%&)%+,(&%#=+%!+,!<+%!>.,7%$&%%!&%!$&8%)#;+!A#)+,!#!8#(#A#)$+;8+(%+%!.;+(!-,.$+(%!#!$&8)+:&%+;.,#+(!^<#=+,$+^!+,!+)A#)+,/!B((+(>.,!<+!@=,#;+!A#)$+;8+(%+(+!+,!<+%!>.,7%$&%%!&%!P*A,#<+,3)&<A&,+!P*A,#<+,!A)#,!&)%+,(&%#=+%!%#)!A+($#(!.;!<#+$+)A#)+,/!d=.,=#<%!<+%!+,!,+&)#$%#$:!&%!<+%!=#)!%#)A*$!+)A#)+,!#!&(<,+!A#)$+;8+(%+,S!8+<!<+!:=&)#%+%+,!$.8!+,!(@<=+(<#;!>.,!T!,+&)#$+,+!+(!T,)#;!=+:$%,&%+!-T!21f!7%.=+,!$&);!&=!+)A#)+,!#!8#(#A#)$+;8+(%+%S!+,!7$#::+,%/!d=#$!+)+:%,#$:+!A#)+,!A)#,!+%!)#:+=+,<#;!&)%+,(&%#=!#!$+;8+(%+(+!8+<!$%@,,+!A#)+,S!=#)!<+%!%,.)#;!;T!-T!A+:.$%(#(;!&=!&(<+)+(!)&<A&,+!P*A,#<+,/!!!X&<A&,+!P*A,#<+,!+,!>.,+)@-#;!#::+!)&($+,%!#!8&,:+<+%/!"#!P&,!<+,>.,!#::+!$:#)%!8+)).8!)&<A&,+!.;!#::+!)&<A&,+!P*A,#<+,S!8+(!>.,7%$&%%!+(!8#:$!&=!<#$$+!%+:(.).;#+(+!+%%+,!P=+,%!$.8!%+:(.).;#+(+!#(%,.<7$+,+$!#!8&,:+<+%/!X&<A&,+!P*A,#<+,!+,!&(%&%%!T!P&!)&=+,+!7%$)#--!+((!#::+!)&<A&,+!P*A,#<+,/!B!%+:(.).;#$:#>%&)%+,(&%#=+%!P&,!=#!>.,7%$&%%!&%!>)+,+!&=!<+!8&,:+<$)+<+(<+!8+,:+(+!.;!8.<+))+(+!=#)!P&!$+,#+-,.<7:$?.(!&=!+(!)&<A&,!P*A,#<!)&=7%$)#--$=&,#&(%!#((+(!012[S!.;!&%!8&,:+<$$-,+<(#(;+(!<+,>.,!=#)!;T!,&$:%/!d*A,#<+,!P&,!=V,%!#!8&,:+<+%!)+(;+S!(.+!$.8!;?@,!%+:(.).;#+(!:?+(%/!K+,$.8!<+((+!%+:(.).;#+(!\)&<A&,!+))+,!#::+!)&<A&,]!)&($+,+$!>,&!8&,:+<$)+<+(<+!8+,:+,!.;!8.<+))+,S!8+(+,!=#!<+%!+,!,+&)#$%#$:!T!&(%&!&%!A#)+(+!,&$:%!=#)!@:+!8&,:+<$&(<+)+(+!<+,$.8!-,#$!.;!@=,#;+!:=&)#%+%+,!+,!:.(:7,,&($+<*:%#;+/!d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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 24 B!%#))+;;!%#)!7$#::+,P+%!,7(<%!=&,#&A)+,!=#!P&,!.A$+,=+,%S!$.8!)#;;+,!%#)!;,7((!>.,!&(&)*$+,+$7)%&%+(+!.;!8.<+))+(!$.8!+,!7%=#:)+%S!+,!<+%!.;$T!+(!,+::+!#::+9.A$+,=+,%+!=&,#&A)+,!$.8!$-#))+,!#((!(T,!<+%!;?+)<+,!=&);!&=!A#)/!R;+($:&-+,!=+<!A#):?@-+,(+!.;!P=#):+!&)%+,(&%#=+!=&);!<+!P&,!\:?@-!&=!(*!A#)S!A,7:%!A#)S!#::+!:?@-!&=!A#)S!%#);?+(;+)#;+!&)%+,(&%#=+!%,&($-.,%8#<)+,S!%,&($-.,%A+P.=S!#((%+:%S!P7$P.)<(#(;$$%@,,+)$+S!%*-+!A.)#;S!+%Y]!+,!=+$+(%)#;+!>.,!=&);!&=!A#)/!d.)<(#(;+,!.;!A#)-,+>+,&($+,!+(<,+$!.;$T!.=+,!%#<S!.;!:&(!-T=#,:+!#!P=.,!$%.,!;,&<!A#):?@-+,+!=+:%)+;;+,!+(!A#)$!8#)?@9!.;!:)#8&+;+($:&-+,S!$&8%!P=#):+!$#;(&)+>>+:%+,!$.8!=+:%)+;;+$/!!6+>+,&($+A&(+(+!+,!#::+!+;(+%!$.8!-,.;(.$+,/!6+>+,&($+A&(+(+!+,!7%=#:)+%!>.,!T!=7,<+,+!P=.,<&(!7)#:+!=#,:+8#<)+,!-T=#,:+,!=&);!&=!A#)/!"+<!T!P&!%,+!,+>+,&($+A&(+,!.8!A*;;+,!-T!7)#:+!>.,7%$+%(#(;+,!%+$%+$!=#,:+8#<)+(+$!,.A7$%P+%!#!>.,P.)<!%#)!>.,7%$+%(#(;+,/!!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 25 J) !"#$"%&'()*+$,"$-.(/.!!"#$"%!&$'!J)( !,1"%&*2$)3">$-;")*K+%! +,! #((>@,%! +(! ,+::+! %#)%&:! .;! =#,:+8#<)+,! >.,! T! $%#87)+,+! $&);+%! &=! +)A#)+,/! K+!=#:%#;$%+!#($+(%#=+(+!+,_!!• J,#%&:!>.,!:?@-$&=;#>%!• J,#%&:!>.,!8+,=+,<#&=;#>%!• 6+<7$+,%!T,$&=;#>%!• O#);&(;!%#)!T!:?@,+!#!:.))+:%#=>+)%!• `,&%#$!+))+,!,+<7$+,%!$&%$!#!A.8,#(;+,!• `,&%#$!-&,:+,#(;!-T!.>>+(%)#;!,+;7)+,%+!-&,:+,#(;$-)&$$+,!• `,&%#$!A,7:!&=!,#:$=+;>+,;+,!!B!%#))+;;!;#$!<+%!.>>+(%)#;!$%@%%+!%#)!7%A*;;#(;!&=!)&<+-7(:%+,/!R(:+)%+!$%+<+,!+,!<+%!.;$T!&=$&%%!+;(+!-&,:+,#(;$-)&$$+,!$.8!+,!,+$+,=+,%!>.,!+)A#)+,/!d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g!G9I!L+,$.(:?@,+%@*!.8>&%%+,!>,&<,&;$,+%%+(!>.,!8=&!#::+!#((;T+(<+!8+,=+,<#&=;#>%!-T!&($:&>>+)$+S!<,#>%!.;!=+<)#:+P.)<!&=!-+,$.(:?@,+%@*/!K+%!+,!(.+(!7((%&:!>.,!:?@,+%@*!$.8!A,7:+$!$.8!8#<<+)!%#)!-+,$.(%,&($-.,%!\R)]!8.%!=+<+,)&;S!8+(!<+%%+!&(%&$!T!:7(!;?+)<+!+(!)#%+(!&(<+)!&=!+)A#)+(+/!W=&9>,#%&:+%!-T!+)A#)+,!+,!<+,8+<!.;$T!;7($%#;!>.,!<+!>)+$%+!+)A#)+(+!,+;#$%,+,%!7(<+,!(V,#(;/!!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 26 ')<+,$>.,<+)#(;+(!-T!+#+,+!&=!+)A#)+,!=#$+,!+(!$%.,!$-,+<(#(;S!>,&!E1!%#)!01!T,/!`?+((.8$(#%%$&)<+,+(!-T!+#+,(+!+,!II!T,/!d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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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d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d.,<&)&(<!P&,!C+,;+(!.=+,!H1!-,.$+(%!!&=!+)A#)+(+S!8+($!O,.(<P+#8!!"#$%&'()*+,-**./)**%0123*4%#5)56"#$%&'()*+0-*4%#!"#$%&'%(30$%(555555555555555789:;8<:<=<=;5>=5>?'(125555555555555558:78:@;==@:9:5>=@5>A/()+%5$B221*%(5978@9=;8;98:5>8C5>)'%"#$'*(D)*+%()$%55555555555<8@@<87;5>8@@5>E(-22%*5555555555555888C;9:7@5>985>F)%(555555555555555599=C==7=5>C5>A/()+%5$B221*%(599=89<@7;5>:5>+,$*-.-/*?%(+%*555555555555559<;9<C8C<:95>7@5>30$A"55555555555555598<<79;5>895>?A2#B5555555555555558CC8<<5>C5>A/()+%5$B221*%(5:9G8G:=795>G5>0%.,123415561614522(7=95>8,9-.-/*HI-/-*+%(5555555555588=77=CC=85>8=5>H-*4*%05555555555555<8C97<895>7@5>A/()+%5$B221*%(588<<78;C=:5>895>:;$(<$;/*#.-9J(B*4K%)255555555555<9G7988C:;<5>9@5>A/()+%5$B221*%(5777:9@8<5>C5>=#%>?!9*#$.()0I)-*0-*45H5555557G=G8@;;;;5>995>A/()+%5$B221*%(@88887875>@5>

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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	!"#$%&'()*#)+$,-#.)#-/0,1223,'4546,6"/%,1277,	341567"81590,"

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 29 !B06$-.L98.I*+63$(10#+0'6.&+40+&-."6.%EA40+&-.8==O.Z.(9"9%.%*-3.8=::.5&);$7%=#:)#(;+(!$%@%%+,!+(!P*-.%+$+!.8!A+;,+($#(;+,!-T!%#)A7<$$#<+(/!C+;,+($(#(;+(+!P&,!AT<+!=V,%!#!>.,8!&=!8&(;)+(<+!:=&)#%+%+,!.;!:.8>.,%!-T!8Y9A#)+,!#!>.,P.)<!%#)!A#)+($!-,#$S!.;!#!>.,8!&=!8&(;)+(<+!%#)A7<!&=!+)A#)+,!%#)!+(!-,#$!$.8!:)&,+,+,!8&,:+<+%/!"#!$+,!&%!+)A#)+,!-T!%,.$$!&=!&%!<+!+,!.8!)&;!F1!a!011!-,.$+(%!<*,+,+!+((!8Y9A#)+(+!>.,%,+(;+,!8Y9A#)+,!$&8%#<#;!$.8!<+!8@%+,!+(!+%%+,$-@,$+)!$.8!8Y9A#)+(+!%*<+)#;=#$!#::+!P&,!<+::+%/!K+%%+!;?+)<+,!$V,)#;!>.,!>.,$%&<$:.887(+,!8+<!+(!$%.,!&(<+)!&,A+#<$,+#$+,!%#)!(V,8+$%+!A*:.887(+(+/!K+%%+!;#,!+(!7%=#:)#(;!8+<!$&);$(+<;&(;!>.,!8Y9A#)+,!$&8%#<#;!$.8!8Y9A#)+(+!#!$%@,,+!;,&<!+((!#!<&;!:.($+(%,+,+$!#!A*+(+/!5&);$7%=#:)#(;+(!,+>)+:%+,+,!.;$T!&%!<+%!+,!A+%&)#(;$=#)?+!>.,!+)A#)+,!<+,$.8!+;+($:&-+,!$.8!,+::+=#<<+S!$#::+,P+%S!:.8>.,%!.;!&(<,+!A#)+;+($:&-+,!7%=#:)+$/!R)A#)+,!+,!:.(:7,,&($+<*:%#;+!-T!-,#$!8+<!+(!(*!,+>+,&($+A#)!#!8#(#A#)$+;8+(%+%!#!>)+,+!.8,T<+,!8+<!A.8-+(;+-&$$+,#(;+,!.;!P@*+!-&,:+,#(;$7%;#>%+,/!B!&(<,+!8&,:+<+,!:&(!+(!+)A#)!.=+,!%#<!:.88+!(.+()7(<+!)#:%!7%!:.$%(&<$8+$$#;!8+<!+(!(*!,+>+,&($+A#)!7%+(!&%!<+%%+!;#,!(.+!=+$+(%)#;!7%$)&;!-T!$&);/!K+%%+!$%@%%+,!.--!7(<+,!+(!P*-.%+$+!.8!&%!A,7:$#($+(%#=+(+!\%#);&(;!%#)!:.))+:%#=>+)%S!-&,:+,#(;!.;!;,&%#$!A.8-+(;+,3>+,;+.=+,;&(;+,]!P&,!+(!=+,<#!$.8!=+,<$+%%+$!#!8&,:+<+%/!!J)* 4,;1&5.2$3;$%1*(1*2$)3">$-;")**N$).S!'$:+,!.;!CV,78!7%-,+;+,!$+;!$.8!>*):+(+!8+<!$%@,$%!+)A#)A+P.)<(#(;/!6.;&)&(<!7%-,+;+,!$+;!8+<!$%@,$%!$&);$@:(#(;!>,&!0121!%#)!0122/!!K+,$.8!=#!$+,!-T!+)A#)+($!&(<+)!&=!$&8)+%!(*A#)$&);!#!<#$$+!>*):+(+S!$&88+()#:(+%!8+<!,+$%+(!&=!)&(<+%S!$+,!=#!+(!@:(#(;!#!+)A#)&(<+)+(!#!N$).S!'$:+,!.;!CV,78!#!011G/!B!'$:+,!.;!CV,78!>&))+,!&(<+)+(!#;?+(!#!011E/!d+)+!A#)$&);+%!>&)%!#!011E!$.8!>@);+!&=!!"#!!"$!!"%!!"&!!"'!!"(!!")!!"$!!&"$!!'"$!!("$!!)"$!!*"$!!+"$!#!"$!##",-.-/"/012"!"#$%&'()*#)+$,-#.)#-/,0$,12,.)#-/,34456,'7071,1"/%,3488,34,055"67"34,055"859:5"

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 30 <+(!#(%+,(&$?.(&)+!>#(&($:,#$+(/!6+<7$+,%!+%%+,$-@,$+)!+%%+,!(*+!A#)+,!,&88+%!%*-#$:+!^(788+,90^!A#)+,!$%+,:+,+!+((!&(<,+!A#)+,/!B!%#))+;;!=&,!<+%!-,.A)+8+,!-T!%#)A7<$$#<+(!>.,!+)A#)+,!$.8!;?.,<+!&%!<+%!=&,!>T!%#);?+(;+)#;+!(*+!A#)+,!#!8&,:+<+%/!B!0121!$+,!=#!&%!&(<+)+(!+)A#)+,!&=!%.%&)$&);+%!#!'$:+,!.;!CV,78!P&,!%&%%!$+;!.--!#;?+(S!8+<!+(!=#<+,+!@:(#(;!#!0122/!c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fS!N$).!0S4!fS!.;!,+$%+(!&=!)&(<+%!\7%+(!N$).S!'$:+,!.;!CV,78]!-T!2S2!f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	!"#$"%&'()"%&*%+&,")-%+&"./%0+-1%	-./0.1234.#56.7#-./0.1234.#18#619.4:#61.;#<6=4>#7;#?@>A9##-./0.1234.#B4.4#.1234:#-./0.1234.#A:42#56.7"#<6=4>#7;#?@>A9#

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 31 J.,!T!=7,<+,+!P=.,<&(!<&;+($!A,7:$#($+(%#=+,!.;!&=;#>%+,!=#,:+,!-T!$&);!&=!+)A#)+,!P&,!=#!;,7--+,%!:.887(+(+!+%%+,!A+)#;;+(P+%!.;!+;+($:&-+,!=+<!,+#$+=+#+(!%#)!$+(%,78!#!>*):+$!$%@,$%+!A*/!J@);+(<+!$&88+(P+(;+,!8+)).8!&(%&))!,+;#$%,+,%+!+)A#)+,!\(V,#(;!.;!-,#=&%+!:?@-!+,!=7,<+,%!$&8)+%!.;!P=+,!>.,!$+;]!.;!:.8A#(&$?.(+,!&=!$&88+(P+(;+,!+,!=7,<+,%_!!• M.))+:%#=>+)%!a!)+(;<+!.;!:@-,.A)+8&%#::!>,&!:.887(+!%#)!$+(%,78!• C.8-+(;+-&$$+,#(;+,S!&(%&))!.;!-,#$S!+(=+#$3%.=+#$!• J+,;+$%,+:(#(;+,S!-,#$!!• O#);&(;!%#)!-&,:+,#(;$-)&$$+,!.;!-,#$!+,!>.,$@:%!=7,<+,%S!8+(!<+%!:,+=+$!8+,!<+%&)?+,%!#(>.,8&$?.(!>.,!T!:7((+!%+$%+!<+%%+!$.8!+(!>.,:)&,#(;$=&,#&A+)/!!'(&)*$+(+!+,!;?+((.8>@,%!-T!+%!.=+,.,<(+%!(#=T!8+<!;,.=+!>.,7%$+%(#(;+,!.8!,+#$+$%,+:(#(;+,/!K+%!+,!#((P+(%+%!#(>.,8&$?.(!.8!-)&$$+,#(;!.;!)+(;<+!-T!:.))+:%#=>+)%S!>+,;+$%,+:(#(;+,!.;!A.8-+(;+-&$$+,#(;+,/!6+$7)%&%+(+!=&,#+,+,!8+)).8!>*):+(+/!J@);+(<+!>7((!=7,<+,+$!$.8!,.A7$%+_!!@3+"."6./#&-3T$3V..• L,#=&%+! +)A#)+,S! )+(;<+! -T! :.))+:%#=>+)%S! ,+#$+%#<$>.,$#(:+)$+! #! P.=+<>+)%+%!#!,7$P%#<!.;!&(%&))!A.8-+(;+-&$$+,#(;+,!+,!$+(%,&)+!>.,:)&,#(;$>&:%.,+,/!!• X&=! -&,:+,#(;$<+:(#(;! .;! P@*+! -&,:+,#(;$:.$%(&<+,! $+(%,&)%!$&88+()#:(+%!8+<!:.887(+,!8+<!>V,,+!+)A#)+,!• `.<! $-,+<(#(;! &=! )&<+$%&$?.(+,! :.8A#(+,%! 8+<! <+<#:+,%+!-&,:+,#(;$-)&$$+,!>.,!+)A#)+,!#!N$).!:.887(+/!!•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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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• d@*! A.8-+(;+-,#$! -T! %*-#$:+! &,A+#<$,+#$+,! +,! +(! $+(%,&)!>.,:)&,#(;$=&,#&A+)!A&:!P@*!+)A#)%+%%P+%!#!8#(<,+!:.887(+,!!• O,.(<P+#8! .;! M,#$%#&($&(<! P&,! P@*+,+! +)A#)&(<+)! -+,! P7$P.)<(#(;! +((!)&(<$;?+((.8$(#%%+%S! 8+($! 5%&=&(;+,! .;! C+,;+(! P&,! )&=+,+! +)A#)&(<+)! -+,!P7$P.)<(#(;! +((! )&(<$;?+((.8$(#%%+%/! J@);+(<+! >&:%.,+,! :&(! >.,:)&,+!>.,$:?+))+(_!!o O,.(<P+#8!:.887(+!P&,!+(!$%.,!:.887(&)!+)A#)>)T%+!\0F!A#)+,]!o O#);?+(;+)#;+!-&,:+,#(;$-)&$$+,!.;!;,&<!&=!%,+(;$+)!#!$+(%,78!o C.8-+(;+3>+,;+$&%$+,!.;!-&,:+,#(;$&=;#>%+,!!o O#);&(;! %#)! :.))+:%#=>+)%! .;! )+(;<+! -T! $&88+(P+(;+(<+! :.))+:%#=>+)%!-T!:@A+)&$%+<+!$%,+:(#(;+,/!!J.,:)&,#(;$>&:%.,+(+!+,!$=&:+!P=+,!>.,!$+;S!8+(!$788+(!&=!&))+!=&,#&A)+!;#,!+(!=#$$!;,&<!&=!>.,:)&,#(;/!!5&);$$%&%#$%#::+(!%*<+,!-T!+(!$%@,,+!=+:$%!#!$&);+%!&=!+)A#)+,!#!6.;&)&(<!.;!d.,<&)&(<!>,&!0121!%#)!0122!+((!#!<+!@=,#;+!>*):+(+/!C+;;+!<#$$+!>*):+(+!P&,!:.887(+,!8+<!&,A+#<$,+#$+,!#((!%#)!$+(%,78!8+<!A.8-+(;+,!.;3+))+,!>+,;+$%,+:(#(;+,!8+<!%#)!<+)$!P@*+!:.$%(&<+,/!K+%%+!;?@,!&%!+)A#)+,!:.$%(&<$8+$$#;!:.(:7,,+,+,!8+<!(*+!^,+>+,&($+A#)+,^!#!8#(#A#)$+;8+(%+%!#!>)+,+!:.887(+,!#!<#$$+!>*):+(+/!Z%=#:)#(;!-T!%#)A7<$$#<+(!8+<!>)+,+!+)A#)+,!8+<!A+<,+!^A#):=&)#%+%+,^!\,+::+=#<<+S!:.8>.,%S!$#::+,P+%S!$%@,,+)$+]!:&(!=V,+!+(!>.,:)&,#(;$>&:%.,!A&:!<+(!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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• 5-,+<%A+A*;<!!• d@*! #((-+(<)#(;37%-+(<)#(;! &=! <&;)#;+! &,A+#<$,+#$+,!P&,! #(;+(! A+%*<(#(;!>.,!+)A#)&(<+)+(!#!.8,T<+,!7%+(!:.))+:%#=>+)%!.;3+))+,!,7$P%#<$-,.A)+8&%#::/!!• J,&=V,! &=! A.8-+(;+-&$$+,#(;+,! \+))+,! )&=+! %&:$%+,]! -T! %*-#$:+!&,A+#<$,+#$+$%,+:(#(;+,!!• `.<!-&,:+,#(;$<+:(#(;!:.8A#(+,%!8+<!)&=+!-&,:+,#(;$:.$%(&<+,!• X#%+!,7$P%#<$-,.A)+8&%#::!.;!:@!•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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 34 3.3.1 L3&0,#0!53&!4%&&/453C;/&5!G!/;;/45!%0!7/5-'#3#0!;%1!C,&0!,C!/&73&!d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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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c:(#(;+(!#!+)A#)$&);S!.;!$&8)+%!+)A#)$&);!+,!$%@,$%!#!'$:+,!.;!CV,78/!B!8.%$+%(#(;!%#)!+)A#)+,!P&,!8#(#A7$$+,!A+%&)%!A.8-+(;+,/!O#);&(;!%#)!:.))+:%#=>+)%!>,&8$%T,!<+,8+<!$.8!+(!%*(;,+!>.,:)&,#(;$>&:%.,!+((!;,&%#$!A.8-+(;+-&$$+,#(;+,!.;!;,&%#$!-&,:+,#(;/!!!!"#$#$"#$%##$%"#$&##$&"#$%''($%'')$%''*$&###$&##&$&##($&##)$&##*$&#%#$&#%&$+,-,./00$12.,2$

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 37 &(<,+!-+,$.(A#)+,!8+<!%.!$+%+,S!.;!=#!P&,!P+))+,!#::+!>7((+%!,+)+=&(%+!,+>+,&($+A#)+,!8+<!%,+!$+%+,/!5&88+()#:(#(;+(+!8T!<+,>.,!=7,<+,+$!#!>.,P.)<!%#)!<+!(+=(%+!$=&:P+%+(+/!!7*4&++.O98.M-03&%<+&-.&+40+&-."6.-&2&-*'3&40+&-..S+40+.C(3*+63A<-03.1&-)0.%1*.2-0(*#..;&##&A10))&>.#%.7"<<A2*-(>.#%P(./'(*++.3&(&-.M-03.-&2&-*'3&40+.?@8A$(3+0<<.-&2&-*'3&40+.;&2&-*'3&40+.M-03A)022&-*'3&.&+40+."6.-&2&-*'3&A40+.J#&%!+[11!I1F!111!212!F[1!241!221!I!2GE!E11!E0!J#&%![11/!1SE!OQ#(&#,!02F!211!U#%,.h(!U9i+,.S!W#$7A#$P#!#!9!WBR"S!L+7;.7%!#N(!04E!E11![E!EF[!241!221!I!2II!E11!21E!N-+)!';#)&!2S1!\I!$+%+,]!E[!111!L#,,%0)6-%4=)M),-.-()*MM)+++)NO)PM+)QPM)R)M)*OQ)SS+)SS)T/"4)Q=N):GD)U"'-K/.#/0)*O)+Q+)J#&%!J#.,#(.S![!$+%+,!I41!111!21F![11!211!211![!2FH!111!22G!O.*.%&!j&,#$!2S1!\[!$+%+,]!0[I!111!C7<<*!'XCS!4!$+%+,!2II!E11!4H!00[!41!9!G1!G1!4!22H!I11!214!O.*.%&!'*;.!2S14!\I!$+%+,]!0G![11!C7<<*!DB9WdS!4!$+%+,!2HE!E11!I0!IF[!H1!9!201!G1!4!22[!211!214!D#$$&(!L#k.!2S1!"#$)&!\I!$+%+,]![I!G11!6+=&!$%&(<&,<!21I!111!0H!111!41!9F1!F[!4!200!H11!214!L+7;.7%!21F!Z,A&(!\I!$+%+,]!92G!H11!6+=&!X#!9#.(!2F2!111!I0!F[1!41!9!F1!F[!4!22F!E11!214!U#%,.h(!U2!HG!\I!$+%+,]![4!211!O&ll&,#!i+,.!2EI!111!IG![11!2I1!!!0!22[!111!EF!58&,%!J.,%Q.!\0!$+%+,]!FE!111!O+$)&!6.&<$%&,S!$-.,%$A#)!F41!111!2G0![11!4I1!011!0!!!!!!!!!J.,<!O,&($#%!9!U.((+Y%!4EH!111!EE!111!211!211!0!2FI![1[!2[4!U#%,.h(!C+,)#(;.!dKB!F[!\0!$+%+,]!002!IE[!J#&%!J#.,#(.S!"&,+A#)!I2[!111!214!F[1!211!211!0!2GE!E11!!J#&%!K.A).!2S4!\0!$+%+,]!!!M#)<+_!`,.((A#)/(.!.;!N--)*$(#(;$:.(%.,+%!>.,!=+#%,&>#::!!D#$$&(!X+&>!+,!>.,+)@-#;!#::+!#!$&);S!8+(!:.88+,!#!$&);!#!)@-+%!&=!0122/!K+((+!A#)+(!$:#))+,!$+;!>,&!<+!8+$%!$.);%+!A#)+(+!=+<!&%!<+(!P&,![!$+%+,!#!%#))+;;!%#)!+(!,+::+!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 38 &(<,+!+;+($:&-+,!$.8!;?@,!&%!=#!P&,!A,7:%!`.)>!\8+$%!$.);%+!8.<+))!#!:.8-&:%:)&$$+(]!$.8!,+>+,&($+A#)/!!O&A+))+(!=#$+,!&%!-,#$<#>>+,&($+(!8+)).8!+)A#)+,!#!-+,$.(A#)8&,:+<+%!$.8!+,!#!$&);!#!<&;!.;!,+)+=&(%+!,+>+,&($+A#)+,!)#;;+,!8+)).8!FE!111!.;!0[I!111!:,.(+,/!B(:)7<+,+$!D#$$&(!X+&>!$+,!=#!&%!<+(!=#)!>T!+(!-,#$!$.8!)#;;+,!04!111!:,.(+,!.=+,!-,#$+(!-T!`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d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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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a!WBR"!(+<A+%&)%!-T!>+8!T,!<+,$.8!+)A#)-&,:+,#(;+(!-T!':+,!C,*;;+!P&,!%#)$%,+::+)#;!:&-&$#%+%!%#)!T!<+::+!A+P.=+%!>.,!-&,:+,#(;/!W+<!<&;)#;!-+(<)#(;!>,&!J#((@*!%#)!5%&=&(;+,!+,!$&88+!A#)!(+<A+%&)%!;?+((.8!A.8-+(;+A+$-&,+)$+,!#!)@-+%!&=!>+8!T,/!!B!%#))+;;!:.88+,!=+,<#+(!&=!%#);&(;!%#)!:.))+:%#=>+)%/!5.8!=#$%!>.,&(!+,!<+%!(#$?+8&,:+<+,!8+<!P@*!A+%&)#(;$=#))#;P+%!>.,!%#<$A+$-&,+)$+(+!%#);&(;+(!%#)!:.))+:%#=>+)%+%!;#,/!!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 40 K)J E),-2$&*#'")%$%1*,2*>2,A#)$.,3*#()*";0$;")*K+,$.8!8=&9>,#%&:+%!>?+,(+$!;,&<=#$!.;!<+!@=,#;+!A,7:$#($+(%#=+(+!A+P.)<+$S!=#)!-,#$+(!-T!+)A#)+,!@:+/!K+!&))+,!>)+$%+!-+,$.(A#)+(+!\+)A#)+,]!$.8!:?@-+$!&=!(V,#(;$=#,:$.8P+%+,I!=#)!.;$T!:7((+!@:+!#!-,#$/!d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• 0124S!8=&!G!-$%!• 012IS!8=&!24!-$%!•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e>!8+,=+,<#).=+(!g!G9I/!L+,$.(:?@,+%@*!<+,!<+%!>,&8:.88+,!&%!>,&<,&;$,+%%+(!>.,!8=&!#::+!.8>&%%+,!#((;T+(<+!8+,=+,<#&=;#>%!-T!&($:&>>+)$+S!<,#>%!.;!=+<)#:+P.)<!&=!-+,$.(:?@,+%@*!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 41 J7))!#((>&$#(;!&=!8=&!;#,!+%!-,#$-T$)&;!-T!(*+!+)A#)+,!-T!0[!-,.$+(%/!K+!T,)#;+!A#):.$%(&<+(+!@:+,!8+<!8#(<,+/!K+%%+!>.,<#!#((:?@-$-,#$+(!:7(!7%;?@,!+(!&(<+)!&=!<+!T,)#;+!+)A#):.$%(&<+(+/!m,)#;+!A#):.$%(&<+,!@:+,!>.,!<+!>)+$%+!A#)+(+!8+<!2H!a!00!-,.$+(%/!!"#!$+,!&%!@:(#(;+(!8T)%!#!:,.(+,!(&%7,)#;!(.:!A)#,!P@*+$%!>.,!<+(!<*,+$%+!+)A#)+(/!R%%+,!#((>&$#(;+(!=#)!<#$$+!A#)+(+!P&!+%!-,#$-T$)&;!-T!2F[!111!:,!$&88+()#:(+%!8+<!-,#$!7%+(!8=&/!C#)+(!<+%%+!;?+)<+,!%#)P@,+,!$-.,%$A#)$+;8+(%+%/!K+%%+!$+;8+(%+%!7%8+,:+,!$+;!8+<!;+(+,+)%!)&=+!-,#$+)&$%#$#%+%+,\#!%&))=+,<#]/!K+%!+,!$.);%!>T!+)A#)+,!#!<+%%+!$+;8+(%+%S!8+(!<+%!.A$+,=+,+$!+%!@:+(<+!$&);/!!"+,<#+(!&=!A,7:$#($+(%#=+,!=&,#+,+,!8+)).8!7)#:+!:?@-$$+;8+(%/!`?+((.8;&(;+(!>.,&(!;#,!;,7(()&;!>.,!T!&(%&!&%!-,#$+)&$%#$#%+%+(!>.,!+)A#)+,!#!<+%!-,#=&%+!8&,:+<+%!+,!)&=!#!'$:+,!.;!CV,78/!K+%%+!>.,:)&,+$!8+<!P@*!A+%&)#(;$=#)?+!>.,!%#);&(;!%#)!:.))+:%#=>+)%+%S!$&8%!&%!&(<+)+(!)&=-,#$!8Y9A#)+,!&=%&,!8+<!@:+(<+!)+(;<+!-T!:.))+:%#=>+)%+%/!!B!.8,T<+,!<+,!A.83>+,;+&=;#>%!+,!+(!$%+,:!>.,:)&,#(;$=&,#&A+)!>.,!:?@-!&=!+)A#)S!+,!<+%!;,7(()&;!>.,!T!&(%&!+(!P@*+,+!-,#$+)&$%#$#%+%!#!%&))=+,<#!+((!#!.8,T<+,!<+,!:.))+:%#=>+)%!+,!<+(!$%+,:+$%+!>.,:)&,#(;$>&:%.,+(/!K+%%+!$:*)<+$!&%!:?@-+,+!&=!+)A#)+,!$.8!+,!@:.(.8#$:!8.%#=+,%!(&%7,)#;!(.:!=#)!=V,+!8+,!-,#$>@)$.88+!+((!+)A#):?@-+,+!$.8!#!-,&:$#$!:?@-+,!$+;!%#);&(;!%#)!:.))+:%#=>+)%+%/!B!A*$+(%,+!+,!<+%!>)+,+!=&,#&A)+!$.8!%#)!$&88+(!;#,!>.,:)&,#(;$$%*,:+S!A)&(%!&((+%!&,+&)9!.;!-&,:+,#(;$:(&--P+%S!%,+(;$+)$-,.A)+8&%#::!.;!A,7:+,+!8+<!:.,%+!,+#$+,/!'(<+)+(!)&=-,#$!8Y9A#)+,!+,!$%@,$%!#!A*.8,T<+(+/!J@);+(<+!>.,:)&,#(;$=&,#&A)+!A&:!<+((+!.A$+,=&$?.(+(!:&(!=V,+!,+)+=&(%+_!!• WU9A#)+(+!<+::+,!:?@,+A+P.=+(+!+(!(788+,90!A#)!#!A*.8,T<+,!$:&)!<+::+!• R)A#):?@-+,+! #! >.,$%&<$:.887(+,! $.8! #! P.=+<$&:! A+(*%%+,! +)A#)+(! -T!&,A+#<$,+#$+,!P&,!P@*+,+!#((%+:%/!!• WU9A#)+(+$!:&-&$#%+%S!>&,%S!$%#;(#(;$+=(+!.;!,+::+=#<<+!;?@,!<+(!7+;(+%!-T!+(!<+)!&,A+#<$,+#$+$%,+:(#(;+,!K&%&;,7(()&;+%!;#,!#::+!87)#;P+%+,!>.,!T!%+$%+!<#$$+!>.,:)&,#(;$=&,#&A)+(+/!"#!P&,!<+,8+<!+%!$=&:%!;,7(()&;!>.,!T!:7((+!=7,<+,+!P=.,!$%.,!&(<+)!&=!+)A#):?@-+,(+!$.8!=7,<+,+,!8Y9A#)!$.8!+%!&)%+,(&%#=!$.8!:&(!<+::+!<+!%#)%+(:%+!:?@,+A+P.=+(+/!B((>@,#(;!&=!8=&!>.,!+)A#)+,!=#)!>)*%%+!<+)+,!&=!:?@-+(+!>,&!+)A#)+,!%#)!8Y9A#)+,!<+,!8Y9A#)+($!+;+($:&-+,!<+::+,!:?@,+A+P.=+(+/!O+$%#(;!#!A#)8.<+))+(!;#,!#!)#%+(!;,&<!<+((+!%*-+!>.,$:*=(#(;+,/!K+%%+!:&(!>.,:)&,+$!=+<!&%!8Y9A#)+(+!;?+((.8;T+(<+!P&,!:.,%+,+!,+::+=#<<+S!)&=+,+!%.-->&,%!.;!)&=+,+!:.8>.,%!+((!+)A#)+(+!$.8!(T!+,!-T!8&,:+<+%/!W&(;)+(<+!>.,$:*=(#(;+,!#!8.<+))+(!:&(!.;$T!$:*)<+$!&%!8.<+))+(!+,!+$%#8+,%!-T!<&%&!>,&!+(!-+,#.<+!8+<!>7))!%#);&(;!%#)!8Y9A#)+,S!:.8A#(+,%!8+<!+%!$=V,%!A+;,+($+%!%#)A7<!&=!+)A#)+,/!!!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 42 4.3.1 L3&:,.#3#0!53&!3##;,.3#0!,C!,C03;5./#'13#0!R,>&,#(;+(+!>,&!+(<,#(;+(+!#!A#)&=;#>%+(+!$.8!+,!;?.,%!>,&!011H!.;!>,&8!%#)!#!<&;S!=#$+,!+(!P@*!;,&<!&=!&=;#>%$%#)-&$(#(;!>,&!+(<,#(;+(!+,!=&,$)+%!%#)!<+(!;?@,+$!;?+)<+(<+/!B!<+%!@=,#;+!A#)8&,:+<+%!,+;#$%,+,!=#!>.,$+,%!:?@-!&=!A#)+,!$.8!;T,!.--!#!-,#$!$.8!>@);+!&=!+(<,#(;+(S!.;!7%$&%%!:?@-!>.,!A#)+,!$.8!>T,!)&=+,+!&=;#>%/!"+<!#((>&$#(;!&=!8+,=+,<#&=;#>%!8T!<+%!>.,=+(%+$!@:%!$&);!>,&!>,#%&:+%!=&,$)+$!%#)!>@,$%+!)+<<!#!#((>&$#(;+(/!5&8%#<#;!+,!<+%!,#8+)#;!&%!>.,P&(<)+,(+!.;$T!=#)!7%(*%%+!+%%+,$-@,$+)+(!=+<!T!P.)<+!-,#$+(!$T!P@*!$.8!87)#;!>@,!#((>@,#(;!&=!8=&S!8+<!+%!87)#;!&=$)&;!>@,!&=;#>%!>.,!T!:.8-+($+,+!>.,!8=&9%#))+;;+%!$)#:!&%!$&);+%!&=!+)A#)+,!.--,+%%P.)<+$!+%%+,!>@,$%+!#((>&$#(;/!'=;#>%$@:(#(;+(!&(<,+!T,!#!#((>&$#(;+(!;#,!+%!)&=+,+!%#))+;;!+((!>@,$%+!T,$!&=;#>%$@:(#(;S!.;!+,!.;$T!)&=+,+!+((!$#$%+!&=;#>%$@:(#(;/!K+%!8T!>.,=+(%+$!+(!+>>+:%!8+<!>.,$+,%+!:?@-!8.%!$)7%%+(!&=!>@,$%+!T,!#!#((>&$#(;+(S!8+(!<+((+!+>>+:%+(!=#)!%,.)#;!=V,+!8#(<,+!+((!<+%!$.8!:&(!>.,=+(%+$!>@,!>@,$%+!)+<<!#!#((>&$#(;+(/!L,#$@:(#(;+(!#!%,+<?+!)+<<!&=!#((>&$#(;!;#,!<+(!$%@,$%+!&=;#>%$@:(#(;+(S!.;!8T!.;$T!>.,=+(%+$!T!A#<,&!%#)!>.,$+,%+!:?@-!8.%!$)7%%+(!&=!<+%!&(<,+!T,+%/!d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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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`,7((+(!%#)!<+%%+!+,!&%!+)A#)+(!#!<+%%+!&)%+,(&%#=+%!#!$%@,,+!;,&<!+,!+%!)#:+=+,<#;!$7A$%#%7%%!>.,!:.(=+($?.(+))+!A#)+,/!C#)+(+!+,!<+,>.,!=&);%!#!8&,:+<$$+;8+(%+,!.;!#!;+.;,&>#$:+!.8,T<+,!<+,!A,7:$#($+(%#=+(+!P&,!8#(<,+!A+%*<(#(;/!R(!-,#$@:(#(;!-T!0[!-,.$+(%!$.8!>@);+!&=!>?+,(#(;!&=!8=&9>,#%&:+%!$)T,!7%!+(!$%@,,+!<+)!&=!+)A#)$&);+%!$&8%#<#;!$.8!+(!$%@,,+!&(<+)!=+);+,!+(!A#))#;+,+!A+($#(A#)/!!R)A#)+($!-,#$8+$$#;+!:.(:7,,&($+:,&>%!+,!$%+,:+,+!#!+>>+:%#=#$+,#(;$&)%+,(&%#=+%!+((!#!P.=+<&)%+,(&%#=+%/!W=&9@:(#(;!;#,!<+,>.,!+(!8#(<,+!.=+,;&(;!%#)!A+($#(A#)+,!+((!#!P.=+<&)%+,(&%#=+%/!O.%&)$&);+%!+,!#!7%;&(;$-7(:%+%!)&=+,+!#!+>>+:%#=#$+,#(;$&)%+,(&%#=+%/!K+%%+!:&(!>.,:)&,+!P=.,>.,!@:%!-,#$!-T!+)A#)+,!$)T,!7%!>V,,+!A#)+,!>,&!$&8)+%!$&);!+((!P.=+<,+>+,&($+A&(+(/!!"#!$+,!&%!+>>+:%+(!-T!;?+((.8$(#%%)#;+!UN097%$)#--!+,!7A+%*<+)#;!#!P.=+<&)%+,(&%#=+%!.;!+>>+:%#=#$+,#(;$&)%+,(&%#=+%/!B!%+:(.).;#$:#>%&)%+,(&%#=+%!A#<,&,!#((>@,#(;!&=!8=&!>.,!+)A#)+,!%#)!+(!@:(#(;!#!<+!;?+((.8$(#%%)#;+!UN097%$)#--+(+!8+<!2S[!;,&8/!R(!=#:%#;!T,$&:!%#)!>.,$:?+))+(!+,!&%!+)A#)+,!#!%+:(.).;#$:#>%&)%+,(&%#=+%!-+,!>.,7%$+%(#(;!+,!+%!)#:+=+,<#;!&)%+,(&%#=!#!>.,P.)<!%#)!&(<,+!A#)+,!#!8#(#A#)$+;8+(%+%S!AT<+!-,#$9!.;!:=&)#%+%$8+$$#;/!W+<!#((>@,#(;!&=!8=&!8#$%+,!+)A#)+(+!:.(:7,,&($+:,&>%!.;!$&);+%!>&))+,!<+,>.,!#!&))+!8&,:+<$$+;8+(%+(+!<+,!A,7:$#($+(%#=+(+!#::+!P&,!=+,<#/!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!![!L.$#%#=!:,*$$-,#$+)&$%#$#%+%!;?@,!&%!:?@-!&=!&(<,+!A#)+,!@:+,!(T,!-,#$+(!-T!+)A#)+,!@:+,/!R%%+,!P=+,%!$.8!+)A#)+(+$!^A#)+;+($:&-+,^!A+<,+$S!@:+,!:,*$$+)&$%#$#%+%+(!#!>.,P.)<!%#)!&(<,+!A#)+,/!R)A#):?@-!A+;,7((+%!#!A,7:$#($+(%#=+(+!P&,!+(!:,*$$+)&$%#$#%+%!(V,!(7))!#!>.,P.)<!%#)!&(<,+!A#)+,!$.8!>@);+!&=!&%!A#)+(+!#::+!+,!(V,+!$7A$%#%7%%+,/!!!"#"$%&'"(%&")&*%++,"+"-*$.'-",(.+"$,$"#(%&"/0,1%+2345"++!"56%&*%++,78,9'*,31%:'*6,$"5;-'<4&,!"5;'"$*,*4*%+'%+2=-*,%&*6,>"&'.&)&*%++,'4+2*","+(.+"$/+(.+%&5"+,/&5$.&2,?@7,2$%3A-3/##"-*.1.'"$.&2!"#$!%$&#"'!##($$'(#%)*&+#!%&"+#'*,%)"'#!"!"!%,*("'#,#&&&'-+%)*,+$!%-!,#'-+%)"'#B"-&4+42.'-.#*"!"#$$%#$!"'+(-#+#$'-&%)#+(+$(&%((+('""%)"'$!"!"$%-!,"'$!*+"#('"(%)#$!+"-$%"*"('#"%)#'$C41"5%+*"$&%*.1!"#$!%$#""'(##,**'-$%)#"--,!%(#(#'+"%)"'#!"!"!%*#+"'(,!+(,'+-%)#&$##-!%&$(#'$"%)"'#

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 44 4.4.2 V314#3#0.7/1/0#3#0/1!W9C,W!7,./15!:?!#3.8/9%'/&&!!B!<+(!&(<,+!%#)(V,8#(;+(!P&,!=#!%&%%!7%!+)A#)+(+!&=!A#)=&);8.<+))+(S!>.,<+)%!A#)+(+!#((!#!(#$?+8&,:+<+,!.;!>.,<+)%!=+:$%+(!-T!<&;+($!(#$?+8&,:+<+,/!L,#$>@)$.8P+%+(!=&,#+,+,!-T!%=+,$!&=!(#$?+8&,:+<+(+!#!<&;S!.;!>.,=+(%+$!.;$T!T!=&,#+,+!-T!%=+,$!&=!8&,:+<+(+!>,&8.=+,/!`#%%!-,#$>.,7%$+%(#(;+(+!-T!+)A#)+,!.;!<+!@=,#;+!A#)+(+!#!,+>+,&($+A&(+(S!:&(!>@);+(<+!^(#$?+-,#$+)&$%#$#%+%+,^!&=)+<+$_!!• M.))+:%#=>+)%(#$?+(_!9!1S2!• C.8-+(;+3>+,;+3-&,:+,#(;$(#$?+(_!91SF!• C*>&:%.,(#$?+(_!!91SI!• c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d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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 45 \"%<&'6&P2&-6&P<*-#&-0'6.J.,!+)A#):?@-+,+!<+,!@:.(.8#$:!,&$?.(&)#%+%!:(*%%+%!%#)!A.8-+(;+3>+,;+-+(;+,!+))+,!-&,:+,#(;$:.$%(&<+,!A+;,7((+,!=&);!&=!+)A#)S!=#)!#((>@,#(;!&=!8=&!-T!+)A#)+,!,+<7$+,+!$%@,,+)$+(!-T!(#$?+8&,:+<+%!<+,!+)A#)!+,!+%!A+<,+!@:.(.8#$:!=&);!+((!+(!,+>+,&($+A#)/!!5-+$#+)%!#!.8,T<+,!<+,!%#);&(;!%#)!:.))+:%#=>+)%!#::+!+,!=+,<$&%%S!=#)!#((>@,#(;!&=!8=&!,+<7$+,+!&(<+)+(!+)A#)+,/!K+%%+!;?+)<+,!$%,+:(#(;+,!8+<!$8T!,7$P%#<$>.,$#(:+)$+,!.;!$%,+:(#(;+,!7%+(!\+))+,!8+<!+(!)#%+(!&(<+)]!:.))+:%#=>+)%/!K+((+!(#$?+(!+,!#!&))!P.=+<$&:!).:&)#$+,%!#!8#(<,+!:.887(+,!8+<!&,A+#<$,+#$+,!-T!<*,+!A.8-+(;+$%,+:(#(;+,/!WU9A#)+(+!$)#:!<+!+,!#!<&;S!P&,!>.,!:.,%!,+::+=#<<+!.;!>.,!)&=!:.8>.,%!>.,!<+!$.8!#!<&;!=+);+,!+)A#)!#!<+((+!(#$?+(/!B((>@,#(;!&=!8=&!=#)!<+,>.,!$)T!7%!+)A#)+,!<+,!&)%+,(&%#=+!>.$$#)+!A#)+,!=#)!;#!)&=+,+!A#):.$%(&<+,/!!]#"'"%03#.+X''3"%(.$(&'.4-$#30'3&'(01&-!C#):?@-+,+!$.8!=+);+,!+)A#)!>.,<#!<+%!+,!8+,!)@(($.8%!.=+,!A#)+($!)+=+%#<S!.;!$.8!P&,!+%!A,7:$8@($%+,!<+,!<+!@=,#;+!A,7:$#($+(%#=+(+!P&,!)#%+(!A+%*<(#(;S!=#)!=V,+!>@)$.88+!>.,!-,#$@:(#(;!$.8!>@);+!&=!#((>@,#(;!&=!8=&/!K+((+!;,7--+(!+,!$%@,$%!#!%+:(.).;#$:#>%&)%+,(&%#=+%!<+,!<+%!+,!>.,7%$&%%!&%!+)A#)+(+!+,!:.(:7,,&($+<*:%#;!-T!-,#$!.;!:=&)#%+%!#!8#(#A#)$+;8+(%+%/!L,#$@:(#(;!-T!+)A#)+,!=#)!;#!+%!$:#>%+!%#)!A+($#(3<#+$+)A#)+,!#!<+%%+!$+;8+(%+%/!!\W'03,&."6.*')-&>.%0+,X4&1033(&>.(&#'"+"60<-&2&-*'3&-.A.'03,&-.`,7--+(!8#)?@A+=#$$%+S!%+:(.).;#-,+>+,&($+,!.;!<+!$.8!-,.>#)+,+,!$+;!;?+((.8!A,7:!&=!+)A#)!+,!8#(<,+!-,#$>@)$.88+!+((!;,7--+(!>.,&(/!'(&)*$+,!-T!7%%,+::!&=!(V,#(;$)#=$:?@-+,+!%*<+,!)#:+=+)!-T!&%!<+%!+,!+(!=#$$!-,#$>@)$.8P+%!#!<+%%+!8&,:+<+%/!K+%%+!;?+)<+,!$V,)#;!#((+(>.,!:&%+;.,#+(!^8#)?@:.887(+,^S!<+,!:=&)#%+%!.;!-,#$!%#))+;;+$!+(!A+%*<+)#;!=+:%S!#!%#))+;;!%#)!8#)?@-,.>#)/!!4.4.3 U%#4&2.8%#!G!01,'C3.!3##;Q13#0!,C!9C,!'(&)*$+(+!=#$+,!&%!<+%!+,!+(!-.$#%#=!:,*$$-,#$+)&$%#$#%+%!8+)).8!+)A#)+,!.;!A+($#(3<#+$+)A#)+,/!M,*$$-,#$+)&$%#$#%+%+(!+,!$%@,$%!#!%+:(.).;#$:#>%&)%+,(&%#=+%/!B!%+:(.).;#$:#>%&)%+,(&%#=+%!=+);+,!+(!$%.,!;,7--+!+)A#)!-T!;,7((!&=!:.(:7,,&($+<*:%#;!-,#$!#!>.,P.)<!%#)!A#)+($!:=&)#%+%+,/!c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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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`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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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`,&%#$!A.8-+(;+-&$$+,#(;!.;!>+,;+.=+,;&(;+,!P&,!$%@,,+!A+%*<(#(;!?.!P@*+,+!A.8-+(;+-,#$+(!+,!-T!&,A+#<$,+#$+$%,+:(#(;+,/!B!.8,T<+,!7%+(!:.))+:%#=>+)%!$%T,!;,&%#$!A.8-&$$+,#(;+,!$.8!<+(!=#:%#;$%+!\.;!+(+$%+!$#;(#>#:&(%+]!>.,:)&,#(;$=&,#&A+)!A&:!=&);!&=!+)A#)/!J?+,(#(;!&=!;,&%#$!A.8-+(;+-&$$+,#(;+,!=#)!>,&8$%T!$.8!+(!:.$%(&<!8+<!).:&)+!=&,#&$?.(+,/!B!>)+,+!.8,T<+,!=#)!:.$%(&<$:.($+:=+($+(!=V,+!$%@,,+!+((!=+<!T!#((>@,+!8=&S!8+($!<+%!#!&(<,+!

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 48 .8,T<+,!#::+!=#)!P&!(.+(!=+$+(%)#;!A+%*<(#(;!>.,!<&;)#;+!,+#$+,/!B((>@,#(;!&=!8=&!;#,!=,#<(#(;+,!#((+(>.,!+)A#)8&,:+<S!;#%%!&%!<+!@=,#;+!A,7:$#($+(%#=+(+!.--,+%%P.)<+$/!J?+,(#(;!&=!;,&%#$!A.8-+(;+-&$$+,#(;!=#)!;#!=,#<(#(;+,!8.%!&(<,+!A#)%*-+,!#!$&88+!-,#$:)&$$+!+))+,!)&=+,+!-,#$:)&$$+/!!C+,+;(#(;+,!#!+(!>.,+(:)+%!=+,$?.(!&=!A#)8.<+))+(!8+<!+%!7%=&);!:.887(+,!;#,!,+<7:$?.(+,!$%@,$%!-,.$+(%=#$!,+<7:$?.(+,!#!6.;&)&(<!.;!d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`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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse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e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

"#,:(#(;+,!&=!+(<,#(;+,!#!#($+(%#=+,!>.,!:?@-!.;!A,7:!&=!)&<A&,+!A#)+,!Vista Analyse AS 50 =+%+,&(A#)%&:$!-T!)&<A&,+!P*A,#<+,!<+,$.8!<#$$+!A#)+(+!+,!<*,+,+!>@,!&=;#>%!+((!%#)$=&,+(<+!A+($#(3<#+$+)A#)+,/!!B!%+:(.).;#$:#>%&)%+,(&%#=+%!P&,!P*A,#<A#)+,!+(!8&,:+<$&(<+)!-T!4F!-,.$+(%/!B!0101!+,!<+%!>.,7%$&%%!&%!<+!&))+,!>)+$%+!P*A,#<A#)+(+!+,!)&<A&,+/!K+%!+,!=#<+,+!>.,7%$&%%!&%!)&<A&,+!P*A,#<+,!P&,!2[!a!01!-,.$+(%!)&=+,+!7%$)#--!+((!+(!%#)$=&,+(<+!P*A,#<!A#)!$.8!#::+!+,!)&<A&,/!!R%!&=;#>%$&=$)&;!-T!<+!)&<A&,+!P*A,#<+(+!#!$%@,,+)$+$.,<+(!41!111!%#)![1!111!:,.(+,!=#)!@:+!A#)+(+$!:.(:7,,&($+:,&>%/!C#)+(+!=#)S!;#%%!&%!&=;#>%$&=$)&;+%!#!$#(!P+)P+%!$)T,!7%!#!-,#$S!@:+!8&,:+<$&(<+)+(!#!>.,P.)<!%#)!,+>+,&($+A&(+(/!e.!$=&:+,+!:.(:7,,&($+!<+%!+,!#((+(>.,!8&,:+<+%!>.,!)&<A&,+!A#)+,S!?.!$%@,,+!+,!,#$#:.+(!>.,!&%!+=+(%7+))+!$7A$#<#+,!=#)!%#)>&))+!)+=+,&(<@,+(/!K+%%+!=#)!$=+::+!+>>+:%+(!&=!+(!,+<7$+,%!&=;#>%$$&%$/!!K+,$.8!&=;#>%$,+<7:$?.(+(!#!$#(!P+)P+%!$)T,!7%!#!-,#$S!.;!-,#$!>@,!&=;#>%!+,!$.8!>.,7%$&%%!#!P.=+<,+>+,&($+&)%+,(&%#=+%S!=#)!#((>@,#(;!&=!=+%+,&(A#)%&:$%!-T!)&<A&,+!A#)+,!A)#!.8%,+(%!$.8!#!%+:(.).;#$:#>%&)%+,(&%#=+%/!!