You are on page 1of 8




  
"!#$!&%')(*,+-
".% /021 3456% $
7
89
"-:;1 1 -
!&% .,1 /=<*!&-   >%'0)?@
*&AB&DC
56
".,?BE(F!FG% /!&>!#02!F!&?/!H<I!KJ !&+->!,!LM<*!&- 3N!1'%
 O.,1'#P >%'0)?@
*QRAB&DC

SUTWVYX@Z\[]T_^

`badcPegfghHijflknmofpa qsrtUcPeuKfpawv i)xzy{u}|W~ijfpepmbhHr&r&v mYbcPe


mw qswwr&u&mfgucPwi

T@"\ TYGB*Z\[]VET *[BXBT9X\ X \[]*H"TW


.OF!+
"!&>/}9 7Ap!O
%'6!F#w! .+/%H:$F56% .,-Fw#D FD#-Fw% /D=#+1
\ARF#\PK% /DFD+% /-:]% /D*1 /-
%'1'%p\>!&% /.:]% /D
"*!&
FD-F +!&% .O
565 1I.,F% /+
"!&>/]9j,1'A56-F5 ,$#D% /!&%% /D)+
"!&>/=/!1*FD +!&% .O)565 1 
:j7#DFD-%'% /Dj.,+/%-:E% /)1 /D-
%'1 %I>!&% /P:;
-0?G=B'DA% /DF4A?G=#D F.% .-F]A
1 !&% .,1'1g% /:;--I.FD+\
5 $D

F56
,!&% .-F]

 .,:p
B'DW 02.,FN '@ K'.,:=!FP>!&% / C
$F#D F# .,:=FD-o>!&% /
ITW\T9[4"V I[BXBTWX\ X "II[4'X
g!1'#d-F% /D
,!&% .-FCAW 5 !FdI
".%'!+FD
.,5!,+-
".% /0:;-
H1'-,OR.,F+U% /D=1 .,FD+,6LM1'-$D
"56
1 /D-
"%'1'%>!&% /=>
-?0!1p:-,-KI1 
(3Y<IIRLD8
FD>$D% E(j.,+/%'#P+
"!&>/P}E \gI.% / .+/G%:$F56% .-F !F#U!21'-$
"56O
%'6P
$D%'>$D% 9'WBdK
B"&9
B'DW BdK
Y !FU#+*N'#D-G1"F]%1 !&% .,1':% /D
5 $D
"
F56
,!&% .,-FbC
<IG&B
  
8j<p)g <I<IG&BN''
B'D90o.,F]'@ K B'
G  
*-%'2% /!&%).,:W% /D2!+-
.% /0_%'
"02.F!&%'1 A% /F .,156-

56%7,!&?@,.,FD+-:j% /oFD+% /1-:

% /D1 /-
%'1'%p>!&% /1g:
-09g$D%p% /D
.,1pF-H !-:Y%',,.,F+7.:N% /.,1g!+-
".,% /0nI.,,%'
"02.F!&%'-

FD-%  %#D >@F#1I-F% /D702 % /D-R#?R=I/.,5/P 75/D-R-1'H!F#P#+Hn'I%'-=<R&b!&%!5/


1'% !&+

  "!#$ %&(')%&&+* 
, - /.10X@[]32} "I*[4X
. J' R1'%'
! 1o!+-
".,% /0:-
1 .FD+U1'-$D
561 /D-
"%'1'%o>!&% /1o/!1! 1'%'
"$56% $D
UO
1".,02.,,!&
H%'-% /D

L8 !+-
.% /0=  $% . J 1'%'
"! 1=!+-
.% /0 +.O1=!w0H % /-R#-:\5"/D-R-1 .,F+% /#D+
%'-w<R&.F1 $5"/!g!% /!&%!5"/ #D+.,1
,!#5468789:<;>=-F56% I.,56.,F% /5 !1 -:
$F#.
56%'#+
"!&>/1 .:!,% /#D+b .+/% 1P!&
b>@-1 .% .On/R$1 Aj5 !F F1 $D
"% /!&%U% /D
!+-
".,% /0n%'
"02.,F!&%'1 
(3Y<II @?ACB$DL8
FD>$D% E(j.,+/%'#P+
"!&>/P}E \gI.% / .+/G%:$F56% .-F 3E!F#U!21'-$D
56O
%'6)P
$D%'>$D% 9'WBdK
B"&9
B'DW BdK
F HG
Y FJ I
=LKY,1ML P,Y} F
NPO !,41 $5"/U% /!&%**'
<RBEK
F FRQ 
  
8j<p)g <I<IG&BN''
B'D90o.,F]'@ K B'
G  
K g' SKY,1ML P,Y<T
K.,F#1 $5/=% /!&%IB']902.F#UWVYX7ZD
G  

[3\C]1^`_a]bdc
egf1hi f1kj(l/m onp frqts@uvaw xzy{)|p#}~$ on@hj' n@k f1"  of1 `j flj#!#l@n@hm
Y j(l@l f1$  n n@hP
_)^^`)
N->
-O% /D56-

56% FD1"1j-: . J 1'%'
"! 1g!+-
".,% /0=A >
-O% /D:-,-*.,FD+)-R->.,FO&!&
".,!FG% 1 
]b
b

 j(l@l f1+mnm8f kjY 3Yn np' f1k Yl@l+n@hmnh1jY onj(h f1Yl ( $n@hm f1o # nYhY
qts@uvaw xzy#{a|p}
* B F 'B'n@ f1n/m8f1Y  f1of1 ``j fR Y 
%B'Dn@
 fnm8fY  f1of1 )Cj f YnRf$ j(l@l f1n@h$ oznjh1#
jY tn@h F

  "!#$ %&(')%&&+*

s
x

K.+$D
2C&j(1"/D-
%'
>!&% /U:;
-0% /D
-$D+/
_)^^`)
I.,,>
-KO)% /.,1p,0202!\?R.,F#$56% .-F-F=% /D1 . -:% /D1' % F 

 @ 
/D F  F A F G!F#=/DF56)1'% !&%'02F% 17C!F#P\!&
"%'
".O.,!,o%'
"$D
   K O  @
Fb O
b.,%'
"!&% .-Fb-:p% /-R->4A !##b%'- F I/D
o.1% /DF-R#DoI.% /% /D02.,F.0$0
,!&?@

"1'%>
-KO2% /!&%)B'D.,1% /o1 /D-
%'1 %>!&% /:
-0os?G56-FG%'
"!#.,56% .-F42(*1 1"$0H
% /!&%=!H>!&%  / :
-0 1 $5/=% /!&%% /D .+/G%-: .,1p1"1p% /!FUB'D
*-
A _0$1 %7/!OU!&%H!1'%\-FD=FD-#D  F-%\.F F Aj1 .,F56AE?Rb% /D=.,F#$56% .-F /GR>B-% /1 .,1 A
'p.,1g% /D1 /D-
"%'1'%p>!&% /=:
-0$1".,FD+7-FoO
"% .,561I.,F F  .% /-$D%p-1 1g-:Y+FD
"!,.% A
!1 1 $0H% /!&% .,1I% /7
"1'%FD-R#., F n1 $5/% /!&%   F 1'  K.+$D
"C.F567!NFD-#D1.,F 
:
-0 ! !&
.,F F A /!O
j.+/G%p-:":
-0 !=#@
(,1'-DA1 .F56% /D>@-
% .-F-:$:
-0! .,1p!21 $D?L}>!&% /-:HADj/!O
j.+/G%-:"&%#@
/.,1p.,0H>.1W% /!&%I''%#@A*/.,5"/P56-F%'
"!#.,56% 1p-$D
I5/D-.,56-:N
*6R% AGjI>
-O*1'% !&%'0HFG% -:B% /D340o02!j -F1 .#D
E!F7O
%'62) ( I F 3 %E% /DI1 /-
%'1'%
( >!&% /U1"$5"/=% /!&%I!,@% /D).F%'
"02#.,!&%'O
% .,561*!&
:
-0 FRQ o?@*  ( 
:+,(R#D-G1FD-%E56-FG% !.,F\A1 % !&%'0HF%W.,1Y%'
"$j:
-0% /Dp.,F#$56% .-F)/GG>@-% /D1".,1 :.-+(R56-F% !.F1
A07$1'%p?@% /D,!1 %FD-R#?B :-
 (B-/ F ,(]1 .,F56'' %'@j F 1'  K.+$D
") R-
0  ( 9B'D4 K
/
".+/G%/!F#=1 .,#-:N% /.1g21G$!&% .,-FP.,1g6D!56% I/!&%<IG&BD I.,,@1' %*' ( %'-D

  "!#$ %&(')%&&+*

s e
v
v

S+v

K.+$
)RW/D1"/D-
%'1'%>!&% /=:;
"-0  ( $1 .,F+7-FoO
% .561I.,F FRQ % /
-$D+/


.F56 * @?oACBoDL8P%'
02.,F!&%'1]*/DF F 2A&1'% !&%'0HFG%jC-:D34020o!g>
-KO14% /DE% /D -
"0=


  


   "!#%$&'(!*) +,$- ./ 
/D)
"$FF.FD+% .0H-: @?ACB$DL8#D >@F#1p-F=% /)
"$FF.,FD+7% .,0H-:% /D):;-,,-I.,F+H%M -o->@
'L
!&% .-F1ADI/.,5/U.,F% $D
"F=# >BF#-F=% /D#!&% !21 %'
"$56% $D
1I$1'#=:-
I.,0H>0HFG% .,FD+7% /D0=
C&II/Dp:$F56% .-F KY,1ML P,.1E5 !,#2!190o!F7% .,0H1E!1E% /FG$0?@
E-:O
"% .,561W.,F7% /Dp+
!&>/]
RF% /D>
"-R56#$
<IG&BNAD 02!#D56
"!1'% /DO&!,$D'@j-:!FGO
%'6=P.FP F 
\1 /!]5 !,]% /.,1->B
!&% .-FU% /D *DDGaBL 0- 1->@
"!&% .-F] /.,1.1p6R5 $%'#!1*02!F
% .0H1!1% /FG$0?@
p-:#D+1I.,F% /+
"!&>/]
:jP1 %'-
!,% /DP,!&?@,12.Fw!F!&

"!AKY,1ML P, 5 !F?@P.,02>0HFG%'#w., F 2o  \% .,0H
?RP1 5 !FF.FD+!,N% /D70HFG% 1-:9% /D\!&

"! *DDGaBL 0- 1% !& 31 2oCI% .,0H/D
 :-
7% /D

"$FF.,FD+7% .,0H-: @?ACB$DL8.,41 22   5W  
:gj$1'o!P>
".-
".,%M/D!&> %'-1'%'-
% /Do,!&?@,1-:p% /2O
% .,561 A?@-% / DDRaB"GL 0- 1!F#
KY,1ML P,=5 !FH?@.,0H>,0HF%'#\.,6 F 2o-+  N% .,02I/G$1E.,%ER.#1E!
"$FF.,FD+% .,0Hp-: 22'  
 R,-,+   :-
@?ACB$DL8Y
F! KY.,?B-F!5 5 .Y/!&>4ACKY,1ML P, % !& 7 1 22-,+ 
*% .,02)/DH56-1'%-,:   R)BGL 08 1
->@
"!&% .-F1 .,1gH    9*F56% /DI
"$FF.,FD+% .0HI-: @?ACB$DLD8w$1 .,FD+! K.?@-F!5 5 ./D!&>
.,91 2o    ,-+  KD-
!2#D % !.,#P#D1 56
".>% .-F-:N% /K.?@-F!5 5 .4/D!&>P!F#=% /D)!0H-
"% .  #
!F!1 .,1g-:Y% /D
$FF.,F+% .,02-: DDR)BGL 0- 1!F#RKY,1ML P,AB1' 6  : <C ;}

  "!#$ %&(')%&&+*

US Dollars

log 0.19

log 2
log 5
log 0.48

Francs log 5 Gilders

log 0.19
K.+$D
 RW(+
"!&>/U%'-o1'-O% /5 $D

F5656-FGO
"1 .-FP>
-?0
 HH""VE X@ \X T I[BX@T9X X []H TW
 *-j7I.,4-R- U!&%1'-027.,FG%'
1'% .FD+!&>>,.,5 !&% .-F1-:9% /D1"/D-
%'1'%>!&% />
-?0UII-Kj O
A
FD-%'U% /!&%o P02!wFD-%o?BU!&?=%'-$1  . J 1'%'
"! 1!+-
".% /0l.,Fw1'-,$D% .,-F1\%'- 1'-0H-:*% /1'
!&>>.,5 !&% .-F1p!1p% /+
"!&>/1p.FO-O#P02!=/!OFD +!&% .O#D+ .+/G% 1 

`b 8]  c  K   O  O   O   
 -F1 .,#D
W!#.
56%'#+
"!&>/}9 79I/D
"I!5"/O
%'6#DFD-%'1 !)5 $D

"F56E :EC*$F.%9-:
!o5 $

F565 !F?$D    $F.% 1p-:E!5 $D

F56A% /D
).1I!FU#+-:Ej.,+/%P-+  :
-0
P%'-o1'  KY.,+$D
 
:p% /D
.,1)!>!&% /   " 5   " :;
"-0!O
%'6  BAY% /D .+/G%)-:% /o>!&% /.,1
+.OF=?R
0   !V 
 N !V U,-"+  
U-$+ # N %V  
/.,1I0H!F1I% /!&%?RU56-FO
% .FD+%'-5 $D

"F5 .1I!,-FD+% /)>!&% / HABj\5 !F56-FO
'% &$F.% 1
-:N5 $

F56 P%'-(&%)+* $F.,% 1W-:Y5 $D

F56,9I/G$1AG% /D?@1'%gg!%'-\56-FGO
%'P%'-(o.,1 %'-2#D-
.%I!,-FD+o% /D71 /D-
%'1 %*>!&% /.,FU% /.,1+
"!&>/]p(*,1 -DA.:% /D
7.,1I!FD +!&% .O\565 .,FU% /D+
!&>/]A 
/!O#.,1 56-O
"#!>@-%'F% .,!g!2%'-\#D % /D
-F*g.,,@!&%'1g:;
"-0 /.,1W>@-1 .% .-F!1j% /I
".,5/D1'% 02!F
.,F% /D)j-
"#.-/-

`b 8]0  ; O  O 9  O  O  
(d%' >/D-FDW6D5"/!FD+p/!1->@
"!&%'-
1 -
.,FD+I-F\Q/-$D
N1 /.:;% 1N.,F)565 ,.,5j!* /D-$D
Y1 5"/D#$
34 % 1 2#DFD-%'% /DFG$0)?@
p-:->@
"!&%'-
"1*/D-21'% !&
%I!&%*/D-$D

3 !F5 # 462Y% /)02.,F.0$0nFR$0?B


p-:
->@
"!&%'-
"1*FD #D#U#$
".,FD+\/D-$D$
3j:;-
I8  793;: D )FD-/!O)% /D:-,-*.,FD+H56-F1'%'
"!.F% 1

  "!#$ %&(')%&&+*

1 2 ) 91 2 )   &91 2 4 2 :-


Q(7 3;: 
1 2 E   91 2 E W   &91 9   &91 2  462:-
 7 3;:Q 
/>
-?,0.,1p%'-oF#51 Y2 :-
I,73 :  1"$5"/P% /!&%I% /D56-F1'%'
"!.,FG% 1I.F=21G$!&% .-F1)I!F#
!&
21"!&% .,1'#!F#  5
1 2 .102.,F.,07$0% /D2FR$0)?@
-: ->B
!&%'-
"1%'-U?@\0H>-K#b07$1'%
?@02.,F.02. #
*-Aj)# FD (2E!1p:-,-*1
2
3  1 G

1G$!&% .,-F1)g!F# g5 !FU?@
 
.%'%'F=!1

(2] (2 )   462 :-


Q(7 3: 
5
   E 2( 2  462 :-
 7 3:Q 
$
E+-!.,1EFD-K%'-)0o.,F.,02.   5
$ FD-% /!&%W : 5
:  5
4 WR-.: I5 !FoO
".:
.:!2O&!,$D-: 5
4.,1p:!1 .?A 5 !FP#-o!2?.F!&
1 !&
"5"/%'-oF#=% /D)02.F.,07$0n:;!1".? 4K
.OF 5
4KADj/!O

(2 ) p
  (2 7 64 2 :-
(Q 7 ;3 : }
 E 24 (2 7
 4 46
2 :-
 7 ;3 :Q Q
*-A456-F1'%'
"$56%!#.
56%'#+
"!&>/       
5
 7)\n (2 K.,:W!F#
-F.:N!F56-F1'%'
"!.F%p-:Y% /D:-
"0  (2 7  26D.,1'% 1!F#=.,%pj.+/G%I.,1g+.,OF=?G W  2
 8!b"
# f1j(l8$  5
4
n <j(on!l
n@ j(h)Yh&l %Rn@ 5fj(hh1omzj np' %)ol
_)^^`)) (+*
:% /D
"!&
FD-HFD +!&% .O)565 1.,FU7AD 5 !FF#!H1 /-
%'1'%g>!&% /=,!&?@,.,F+ 5
 .,FU7
*-, ) % 2 4w 5
2  .,OFU!F#D+ 2  /!O
 5
 Yb 5
2 7 ' 2  '
( 4w 5
' 4Ed 5
(2}'$ 7  2
( (
 7  2
2B
/R$1 A!@% /D)56-F1'%'
!.,F% 1I!&
)1 !&% .,1 #?G% /.,1I!1 1 .+F02F%p-:YO!$D1p%'-2% /D!&

"!,
 
- *
3  %= . 0/    01 )?@!FD +!&% .OU565 .,Fd I.,% /2 . 3 41 bg-F1 .,#D
% /D56-FL
1'%'
"!.F% 1p?!1'#=-F=I/.,5"/% /D)#D+1I.,F% /)56R5 ,j
56-F1'%'
"$56%'#
0576 .  4 5 7  458 0576 . ' 45 4 576 . 'sYC 7 3;::9

  "!#$ %&(')%&&+* 

(##.,F+7% /1'21R$!&% .-F1 AD + %


41   . 7wj.,+/%-:p% /)56R5 ,
( .   . :
/.,1*02!F1% /!&%*% /
H.,1*F-:!1 .?,!1 1 .,+F0HFG%*-:jO!,$1I%'-% /D\!&

"!
% /!&%1 !&% .,1 1
!,@% /D56-F1'%'
"!.,FG% 1 


 T Tj"")\I[  *I[4'X


F\?B-% /\% /p6!0H>1+.OF2!&?@-OAGjpF#7% /!&%9 02!7F#\I.% /H!+
!&>/\I.% /\FD +!&% .OI#D+
.+/% 1 *F56ABj)5 !FFD-%*$1  . J 1'%'
"! 1*!+-
".% /0.,F=.% /
I5 !1' FD-K+.,O)!o1 /-
%'1'%
>!&% /U!,+-
".% /0*/.,5"/ -
1pI/DF% /#D+1I/!O)FD +!&% .,O) .+/% 1
(3Y<II G& gBL K
@ML8
FD>$D% E(j.,+/%'#P+
"!&>/P}E \gI.% / .+/G%:$F56% .-F !F#U!21'-$
"56O
%'6P
$D%'>$D% 9'}dK
B"&9
B'DW BdK
-1Z*
Y -1ZK 7  
NPO !5"/PO
%'6UI/D-1'#.,1'% !F56,!&?@]5/!FD+#P.F% /D),!1'%p>!1 1
<RB!,@% /D-$D%'+-.FD+H#D+1
N FD-2#.,1'% !F56,!&?@]5"/!FD+1
 

-1ZR* -1ZRj C
N -ZR 7  
G   Ig 

G  <I(8W*((  (Ep  )g3N

/.,12.,1HO
"1 .,02.,!&
H%'- % /D#DRF!02.,5>
-+
!0202.,FD+b1 -,$D% .-F#.,1 5 $1 1 #.,Fw% /DP>
 O.-$1
 56% $D
" I-%'\% /!&%!&:%'
3p>!1 1'1 AoA]'.,1*% /D\j.,+/%-:9% /DH1 /-
%'1'%7 =>!&% /
-:FD+% / 7 3 9:% /
.,1gFD-HFD +!&% .O)565 .,F% /D!,@1 /D-
%'1'%p>!&% /1p!&
1 .,02>*!F#=/DF56
/!OI!&%LM0H-1'%  =C #D+1 9/D
" :;-
AG.:% /D#.1'% !F56p,!&?@,1#D-FD-%91'% !&?.,. g!&:;%'
,K>!1"1'1 A
% /DF% /D
"\.1!FD +!&% .,O256R5 H.,Fb7/D\
"$FF.,FD+2% .,02-: jR& gBL K
@ML8 .,1 2o   
1 .,F56!5"/U#+).,1p
!R#=6D!56% -F56).F!5"/U>!1 1 
$
>
".,1".,FD+AD OF% /-$D+/% /D7 ,02!FgKD-
"#!+-
".,% /0.1*>
 %'%M1 .,0H>,)!F#/!1!/.+/

"$FF.,FD+% .,0HA%'-#!&%'A% /D
b.,1=FD-w!+-
.% /0 % /!&%U1 .,+F.5 !FG% .,0H>
-O1U.,% 1=!1'R02>%'-% .,5
56-0H>,6.%  : ;*+.O1!F!,+-
".% /0l% /!&%o
"$F12., F 2o    -+ )\% .,0HAgI/D
   .,1o% /D
!&?1'-$D%')O&!,$D-:E% /70H-1 %*FD +!&% .O7#D+7j.,+/%.,FU% /D+
"!&>/]g$D%*:;-
.%*%'-o -
AB 7/!O
% /D56-F#.% .-F% /!&%!,#D+ .+/% 107$1'%o?@.,F%' +
! IF56AI.%o-Fw1'-O1! 1 $?1' %o-:

  "!#$ %&(')%&&+* Q

% /D>
-?0o1p% /!&%j,02!FLKD-
#5 !F1'-OA@!F#U% /!1'0H>%'-% .,5?@-$F#=-F.% 1I
"$FF.FD+\% .,0H
#D >@F#1g-FU>!&
"!0H %'
"1-% /D
I% /!FU% /D)1 .  -:E !F#2
T"TW[]TW\VET9
: C ;\ -
0HF]A34.1'
"1'-F]A<*.O1'% A!F#R%'.,F]:
9:   :;   :
W 89
FG% .,566LM!,A&DC&
: ;(F#D
 7-,#D?@
+DD5 !,.,FD+!+-
".% /021:;-
E% /1 /D-
%'1'%>!&% /1>
-?0UDF!"#
= %$&' ( &) +*, -W9.4W:4 7(;/0 <:AB>!&+1*21R.C&A43!FR$!&
C
505.R

You might also like