2449853
GA0323
1986/87
23
prop
prop
prop
Proposition 1986/87:23
Proposition
Proposition
23
0
1986-10-02 00:00:00
2024-12-27 15:18:20
2008-06-13 08:56:13
om exportkreditgarantier m.m. i utländska valutor
importerad
skanning2007
https://data.riksdagen.se/dokument/GA0323/text
https://data.riksdagen.se/dokument/GA0323
https://data.riksdagen.se/dokumentstatus/GA0323
<div class="brask">Observera att dokumentet är inskannat och fel kan förekomma.</div>
<div class=Section1>
<p class=MsoNormal style='margin-top:0cm;margin-right:37.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><span style='font-size:20.0pt;
font-family:Verdana'>Regeringens propositiöii 1986/87:23</span></p>
<p class=MsoNormal style='margin-top:1.0pt'><span style='font-size:14.0pt;
font-family:Verdana'>om exportkreditgarantier m.m. i utländska valutor;</span></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:23.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:11.0pt;margin-bottom:.0001pt'><b><span style='font-size:14.0pt;
font-family:Verdana'> I</span></b></p>
<p class=MsoNormal style='margin-top:17.0pt'><span style='font-size:12.0pt;
font-family:Verdana'>Prop.</span></p>
<p class=MsoNormal style='margin-left:1.0pt'><span style='font-size:12.0pt;
font-family:Verdana'>1986/87:23</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section2>
<p class=MsoNormal style='margin-top:27.0pt;margin-right:63.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-family:Verdana'>Regeringen
förelägger riksdagen vad som har lagUs upp i bifogade utdrag ur
regeringsprotokollel den 2 oktober 1986 för de åtgärder och det ändamål som
framgår av föredragandens hemställan.</span></p>
<p class=MsoNormal style='margin-top:1.0pt;margin-right:255.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><i><span style='font-family:Verdana'>På
regeringens vägnar Ingvar Carlsson</span></i></p>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:156.0pt;margin-bottom:.0001pt'><i><span style='font-family:Verdana'>Mats
Hellström</span></i></p>
<p class=MsoNormal style='margin-top:27.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-size:14.0pt;
font-family:Verdana'>Propositionens huvudsakhga innehåll</span></p>
<p class=MsoNormal style='margin-top:5.0pt;margin-right:63.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-family:Verdana'>I
propositionen föreslås atl exportkredilgaranlier, inkl. bislåndsgarantier, får
ges i ulländska valutor och all skadereglering inom ramen för denna
garanligivning får ske i utländska valutor. Om garanlilagarna därvid får
möjlighet betala premier och få eventuell skadeersättning i sådan valula
minskar deras kursrisker. Delta bör ha en exportfrämjande effekl samlidigt som
det även har fördelar från belalningsbalanssynpunkl.</span></p>
<p class=MsoNormal style='margin-left:10.0pt'><span style='font-family:Verdana'>Vidare
föreslås alt garantier får lämnas för refinansieringslån.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:63.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Det nya systemel med exportkredilgaranlier i
ulländska valutor föreslås börja lillämpas den 1 januari 1987.</span></p>
<p class=MsoNormal style='margin-top:74.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><i><span style='font-family:Verdana'>I
Riksdagen 1986/87. I saml. Nr 23</span></i></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section3>
<p class=MsoNormal style='margin-bottom:2.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section4>
<p class=MsoNormal style='margin-left:1.0pt'><span style='font-size:14.0pt;
font-family:Verdana'>Utrikesdepartementet</span><span style='font-size:14.0pt;
font-family:Verdana'> </span><span
style='font-size:14.0pt;font-family:Verdana'>Prop. 1986/87:23</span></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-family:Verdana'>Utdrag
ur protokoll vid regeringssammanlräde den 2 oktober 1986</span></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:83.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-family:Verdana'>Närvarande;
statsminister Carlsson, ordförande, och statsråden Lundkvisl, Sigurdsen,
Gustafsson, Leijon, Bodström, Göransson, Gradin, Dahl, R. Carisson, Hellström,
Wickbom, Johansson, Lindqvist</span></p>
<p class=MsoNormal style='margin-top:12.0pt'><span style='font-family:Verdana'>Föredragande;
statsrådet Hellström</span></p>
<p class=MsoNormal style='margin-top:30.0pt;margin-right:130.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-size:14.0pt;
font-family:Verdana'>Proposition om exportkreditgarantier m.m. i utländska
valutor</span></p>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-size:14.0pt;
font-family:Verdana'>1 Inledning</span></p>
<p class=MsoNormal style='margin-top:5.0pt;margin-right:83.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-family:Verdana'>Under
senare år har en ökande andel av exportkreditgivningen sketl i ulländska
valutor. Staten har medverkat fill all styra exportkreditgivningen mot
ulländska valutor bl.a. genom beslul om all utiåningsräntan i svenska kronor i
det statsstödda exportkreditsystemet skall ligga högre än räntorna i utländska
valutor.</span></p>
<p class=MsoNormal style='margin-right:82.0pt;text-indent:10.0pt'><span
style='font-family:Verdana'>Exporikreditnämnden (EKN) är en statlig myndighel
som har till uppgift att genom utfärdande av olika typer av garanlier skydda
svenska exportörer mol förluster i samband med exportaffärer. Premier för
sådana garantier belalas i svenska kronor. Vid skadefall regleras förfallna
fordringar enbart i svenska kronor även om den garanterade kredilen är i
ulländsk valuta. När kursen på en utländsk valuta, som används för
kredilgivning, sligil mellan garantiförbindelsens uifärdande och förfallodagen,
läcker EKN:s skadeersättning med nuvarande regler inle hela kursförlusten.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:82.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>EKN erbjuder visst skydd mol kursförluster vid
skadefall. Kursstegringar upp till 10% ersätts av EKN ulan extra
premiekoslnad. Kursriskskydd därutöver kan mol lilläggspremie erhållas upp lill
100%. 1 prakliken har dock EKN lämnal sådant extra kursriskskydd ganska
restriklivi i syfle atl begränsa sina risker. Möjlighelen att utnyttja det
extra skyddel synes också ha varil föga attraktiv. Sammantaget medför detta all
garantilagarna föredrar att lämna krediter i svenska kronor för all därigenom
minska sina kursrisker.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:81.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Kursrisken vid skadefall har blivil en
belydelsefull faklor, särskilt för de kapitalvaruexporlerande förelagen och
entreprenadföretagen som exporterar mot medellånga och långa krediter.
Utvecklingen under 1980-talet med en krafiig ökning av antalet skadefall och
samtidig höjning av kurserna på de vanligasle exportkreditvalutorna har lett
lill all förelagen i samband med skadefall själva fått bära kostnadema av
kursökningar på valulan. Enligt företagen har deras sammanlagda självrisker,
inkl. kursrisker, blivit så stora att deras möjligheter atl gå in i nya
exportaffärer med krediler i utländsk valula påverkas negativt.</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section5>
<p class=MsoNormal style='margin-bottom:24.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section6>
<p class=MsoNormal style='text-indent:9.0pt'><i><span style='font-family:Verdana'>EKN
har mot denna bakgrund ularbelal ett förslag om exportkredU-garanligivning i
utländska valutor. Vidare har EKN hemstäUt om atl få lämna garanlier för
refinansieringslån. Förslagen, som har framlagts för regeringen i skrivelse den
26 juni 1986, bör fogas till protokollet i della ärende som bilaga I.
Beredningen för internationellt tekniskt-ekonomiskt samarbele (BITS) har i
skrivelse till regeringen den 27 juni 1986 hemställt atl den föreslagna
garantigivningen i valutor också skall lillämpas på krediter som ges för vissa
ulvecklingsändamål (u-krediter). BITS skrivelse bör fogas lill prolokollet som
bUaga 2.</span></i></p>
<p class=MsoNormal style='text-indent:9.0pt'><i><span style='font-family:Verdana'>Riksbanken
och riksgäldskontoret har beretts tillfälle yttra sig över EKN;s skrivelse. I
skrivelsen har EKN också lagil upp frågan om garanligivning i ulländsk valula
avseende u-krediler. Deras yllranden bör i sammandrag fogas till protokollet i
detta ärende som bilaga 3.</span></i></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><span style='font-size:11.0pt;font-family:Verdana'>Prop.
1986/87:23</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section7>
<p class=MsoNormal style='margin-top:23.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-size:14.0pt;
font-family:Verdana'>2 Föredragandens överväganden</span></p>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-size:12.0pt;
font-family:Verdana'>2.1 Exportkreditgarantier m. m. i utländska valutor</span></p>
<p class=MsoNormal style='margin-top:9.0pt;margin-right:98.0pt;margin-bottom:
0cm;margin-left:14.0pt;margin-bottom:.0001pt'><span style='font-family:Verdana'>Mitt
förslag: Etl syslem med exportkredilgaranlier och skadereglering i ulländska
valutor införs den I januari 1987. Sysiemel får tillämpas på samtliga
kredilgarantier, inkl. bislåndsgaranfier. Min bedömning: Möjlighel bör öppnas
för regeringen eller, efter regeringens bestämmande, exportkreditnämnden att ta
upp lån för skadereglering i ulländska valutor.</span></p>
<p class=MsoNormal style='margin-top:18.0pt;margin-right:85.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Exportkreditnämndens och beredningens för
internationellt tekniskt-ekonomiskt samarbete framställningar: Överensstämmer
med milt förslag och min bedömning.</span></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:84.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Remissinstanserna: Riksbanken anför att del av EKN
skisserade systemel för garantigivning i ulländsk valula förefaller all med
smärre förändringar vara möjligt all tillämpa och vill inle motsätta sig atl
elt sådant system genomförs.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:84.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Riksbanken anser vidare alt EKN utöver lån i
utlandet och i svenska valutabanker skall kunna få tillstånd lill upplåning hos
AB Svensk Exportkredil (SEK) samt kunna hyra tjänster därifrån för
valutahanleringen (se bU. 3).</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:86.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Riksgäldskontoret har ingen erinran mol systemel
med garanligivning i utländsk valuta.</span></p>
<p class=MsoNormal style='margin-right:85.0pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Riksgäldskonlorel kan emellertid inle biträda all
en annan statlig myndighet, dvs. EKN, skall få utfärda statliga garantier för
SEK:s lån i ulländsk valuta (se bil. 3).</span></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:84.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Bakgrund: Exporten skapar ell för landel angelägel
valulainflöde. När exporten sker på kredii skjuls detla inflöde på framtiden,
varvid exportens posUiva effekl på betalningsbalansen fördröjs. Denna effekl av
kreditgiv-</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section8>
<p class=MsoNormal style='margin-bottom:20.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section9>
<p class=MsoNormal style='margin-left:1.0pt'><span style='font-size:9.0pt;
font-family:Verdana'>ningen ka:i lättast molverkas genom alt exportkrediterna
finansieras med Prop. 1986/87:23 en motsvaiande upplåning i utlandet. En
sådan upplåning medför från samhällsekonomisk synpunkt också den fördelen alt
den svenska kapitalmarknaden inte belastas med exportkredilfinan.sieringen.</span></p>
<p class=MsoNormal style='margin-right:79.0pt;text-indent:10.0pt'><span
style='font-size:9.0pt;font-family:Verdana'>Av kreditmarknads- och
belalningsbalansskäl har regeringen och riksbanken sökt styra
exportkreditgivningen lill utländsk valula. Riksbanken har under senare år
hänvisat AB Svensk Exportkredil (SEK) till de utländska kapitalmarknaderna för
upplåningen både lill den statsstödda ex-portfinarisieringen och till
kredilgivningen inom SEK:s marknadssektor. Regeringen har beslutat att räntan
för utlåning i svenska kronor inom del statsstödda systemel skall ligga högre
än räntorna på krediter i ulländsk valula. För närvarande lillämpar SEK ett
påslag på de inlernationellt överenskomna minimiränlorna för statsstödda
exportkrediter (consensus-räntorna) på 0.75% för krediter i utländsk valula och
pä 2,25% för krediter i svenska kronor. Kredilgivningen i SEK:s marknadssektor
och i andra kreditinstitut styrs genom ränteläget och
refinansieringsmöjligheterna i stor utsträckning till ulländska valutor.</span></p>
<p class=MsoNormal style='margin-right:79.0pt;text-indent:9.0pt'><span
style='font-size:9.0pt;font-family:Verdana'>När en exportkredit i utländsk
valuta finansieras genom upplåning i siirnma valuta uppkommer ingen kursrisk om
exportkrediten betalas i överenskommen ordning. Om kursen på den ufländska
valulan emellerlid stigit till förfallodagen och betalning då uteblir, kommer
en kursföriusl alt realiseras eflersom EKN belalar ut ersättning för den
uleblivna betalningen i svenska kronor. EKN ersäller normalt endast en
begränsad del av uppkommen kurshöjning. Koslnaden för resterande delen slannar
normall hos exportföretagen.</span></p>
<p class=MsoNormal style='margin-right:79.0pt;text-indent:10.0pt'><span
style='font-size:9.0pt;font-family:Verdana'>Del faklum att EKN enbari
skadereglerar i svenska kronor leder således ;ill au garanlilagarna föredrar
att lämna exportkrediter i svenska kronor framför alt lämna dem i utländsk
valuta.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:77.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-size:9.0pt;font-family:Verdana'>På grund av en kraftig höjning av
skadefallen och samtidiga stora kurs-liöjningar i de vanligaste
handelsvalulorna, har förelagen under senare år belastats med belydande
ökningar av de fakiiska självriskerna. Enligt uppgift från många exportförelag
utgör kursriskerna ell osäkerhetsmoment av sådan belydelse all företagens
möjligheter alt ingå i nya exportaffärer påverkas negalivi. Slalens sirävan all
förmå företagen alt i huvudsak arrangera sina exportkrediter i utländska
valutor motverkas således av EKN:s nuvarande system att skadereglera enbart i
svenska kronor. Systemel med skadereglering i svenska kronor fungerade fulll
fillfredsställande så länge huvuddelen av exportkrediterna lämnades i kronor
och kursrelationerna var stabila. Under nuvarande förhållanden är systemet
mindre tillfredsställande. Även om EKN skulle medge extra kursrisktäckning i
större utsträckning än för närvarande, skulle problem kvarstå. Eftersom det är
omöjligl all på läng sikl och med någon högre grad av säkerhet förulsäga
utvecklingen av kurserna och räntorna i olika valutor, saknas det en fast grund
för premiesällning för extra kursrisktäckning.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:78.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt;text-indent:10.0pt'><span
style='font-size:9.0pt;font-family:Verdana'>EKN har föreslagit alt nämnden
skall utfärda garanlier i utländsk valula, dvs. premien skall inbelalas i
ulländsk valula och skadereglering ske i samma valula. Garanlilagarna skulle
härigenom slå kursrisk endasl på självriskandelen, medan EKN skulle slå för
hela kursrisken i övrigl. Kost-</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section10>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section11>
<p class=MsoNormal><span style='font-family:Verdana'>naderna härför skulle
begränsas genom att ÉKN så långt möjligt garderar Prop. 1986/87:23 sina
garantiåtaganden i utländsk valuta med motsvarande tUlgångar i form av reserver
uppbyggda av premier och återvinningar resp. upplåning. Eventuella risk- och
koslnadsökningar jåmfört med nuvarande system skulle avspegla sig i höjda
premier.</span></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:84.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Skälen för mitt förslag: För atl underlätta export
är del angelägel alt företagen erbjuds bättre möjligheter alt skydda sig mot
kursfluktuationer. Det är också viktigt att utformningen av garantisystemet
inte är sådan aU den medför att företagen hellre erbjuder krediter i svenska
kronor än ulländsk valuta. Jag anser därför atl ett system bör införas som gör
det möjligt att lämna exportkreditgarantier i utländska valutor och att även
skadereglera i sådana valutor. Regeringen bör inhämta riksdagens godkän-nade
tUl delta.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:84.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Förslagel fömtsätter att premier kan belalas in tUl
EKN i ulländsk valula och alt reserver kan placeras i ulländsk valuta. EKN:s
garantigivning med undantag av korta garanlier men inkl. garantier för kredUer
för vissa ulvecklingsändamål, bislåndsgarantier, har under senare år legal på 6
liU 7 miljarder kronor per år. Andelen krediter i utländsk valuta har ökat och
kan förvänlas nå samma nivå som i SEK:s kreditgivning, dvs. ca 70%. Premierna beräknas
i genomsnitt uppgå liU drygt 4%. Med dessa utgångspunkter har EKN beräknat att
dess förbindelseengagemang i ulländska valutor skulle uppgå till 15 å 20
miljarder kronor fem år efter införandet av systemel. Tillgångarna på
valutakonton skuUe uppgå tUl högst 600 milj.kr.</span></p>
<p class=MsoNormal style='margin-right:84.0pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Det nya systemet bör åtminstone inledningsvis
endast fillämpas för ett fåtal valutor som har en relativt spridd användning
för finansiering av exportkrediter. Därmed skuUe riskerna för slutliga
kursförluster minska. Det bör ankomma på regeringen all besluta i denna fråga.
Om del visar sig alt en koncentration av garantiåtaganden i en viss valuta
uppkommer på några få svaga länder, måste hänsyn las fill kursrisken då EKN
bedömer det tUlgängliga utrymmet på landet.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:82.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Vidare bör systemet inledningsvis reserveras för
längre krediter där behovet av garantier i utländsk valula är störst. EventueU
fillämpning på korta krediter bör diskuteras först när erfarenhei av
garanligivning i ulländsk valuta för längre krediler har vunnits. Det bör ankomma
på regeringen att bestämma även i denna fråga. Det godkännande från riksdagens
sida som jag nyss förordal att regeringen bör inhämta bör omfalla garanlier för
såväl medellånga och långa krediter som korta.</span></p>
<p class=MsoNormal style='margin-left:1.0pt;text-indent:9.0pt'><i><span
style='font-family:Verdana'>När det gäller premiesättningen i det nya systemet
bör hänsyn tas lill aU<br>
premiereserver i olika valutor förräntas till olika räntesatser. En inbetald<br>
förskoltspremie som förränlas fill en låg räntesats ger sämre täckning av<br>
ett senare skadefall än en premie som förräntas till en hög räntesats. Detta<br>
skuUe kunna motivera att en högre premie tas ut för en garanfi i en<br>
lågräntevaluta. Det ankommer på EKN att utforma premiesältningen i<br>
systemel. En given utgångspunki härvidlag är att verksamheten på sikt går<br>
ihop. Verksamheten skaU naturUgtvis också bedrivas i enlighet med Sveri<br>
ges internafionella åtaganden. Den berättelse över verksamheten som<br>
EKN varje år tillställer regeringen, bör givetvis innehålla en redovisning</span></i><i><span
style='font-family:Verdana'> </span></i><i><span style='font-family:Verdana'>'.</span></i></p>
<p class=MsoNormal style='margin-right:161.0pt'><i><span style='font-family:
Verdana'>av utfall och erfarenheter av del föreslagna systemet. ti Riksdagen
1986/87. 1 saml. Nr23</span></i></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section12>
<p class=MsoNormal style='margin-right:4.0pt;text-indent:9.0pt'><span
style='font-family:Verdana'>BITS medger för närvarande inle kurssäkring i
garantier som lämnas för Prop. 1986/87:23 krediter för vissa utvecklingsändamål
(u-krediler). Den övervägande delen av u-krediterna lämnas i ufländsk valuta
med stark koncentration fill amerikanska dollar. Om kurssäkring medgavs, skulle
kursriskexponeringen bli ensidig och skulle vid etl kursfall för kronan
geniemot den amerikanska dollarn leda fill en stor belaslning på
bislåndsanslagen. Nuvarande restriktiva system har dock indirekta negativa
effekter från bislåndssyn-punkl. Det leder lill alt företagen föredrar
u-krediler i svenska kronor. Den kursrisk som exportföretagen tar, söker de
rimligen kalkylera in i priset. Ett sådant förfarande medför en prishöjning som
drabbar mottagarlandet och, genom ett beloppsmässigt förhöjt gåvoelement,
biståndsanslaget.</span></p>
<p class=MsoNormal style='margin-right:88.0pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Efler samråd med statsrådet Hjelm-WaUén anser jag
all del nya systemet även bör tillämpas på bislåndsgarantier. De tillgångar i
utländsk valuta som EKN adminislrerar för BITS räkning måste självfallet särredovisas.
Principerna för hanteringen av fillgångarna i utländsk valuta bör fastställas i
samråd med BITS.</span></p>
<p class=MsoNormal style='margin-right:86.0pt;text-indent:8.0pt'><span
style='font-family:Verdana'>Riksdagen har medgivit alt siaten ålar sig
betalningsansvar i form av slalsgaranli för exportkrediter till etl belopp av
högst 70 miljarder kronor, varav 22 miljarder kronor reserveras för
garantigivning vid särskilt samhällsintresse och för garanfigivning vid export
av betydelse för u-ländernas ekonomiska utveckling. Vidare har regeringen
bemyndigats all överföra ytteriigare 10 miljarder kronor för sådan
garanfigivning om så anses erforderiigl (prop. 1986/87:100 bil. 5, NU 20,
rskr. 238). Avräkning mot ramarna sker för närvarande genom atl förbindelser
las upp till 100%, utfästelser lill 40% och förhandsbesked lill 20%. Om
garantiåtaganden görs i utländska valutor bör avräkning mol ramarna ske löpande
i svenska kronor till dagskurs. Risk finns för alt betydande
valulakursändringar skulle kunna leda till all ramarna överskrids. Hänsyn till
denna risk bör tas genom att en viss marginal ges vid fastställandet av
ramarnas storlek.</span></p>
<p class=MsoNormal style='margin-top:11.0pt;margin-right:87.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:8.0pt'><span
style='font-family:Verdana'>Skälen för min bedömning: Skaderegleringar
fmansieras normalt från premiereserven i resp. valula. Om premiereserven inle
räcker till, måsle EKN få rält atl la upp lån i valulan i fråga. Under fömtsättning
alt den utbetalade skadeersättningen återvinns och tiUförs premiereserven i
valulan eller används lill all återbetala upplåning i valutan, uppstår varken
kursvinst eller kursföriusl eftersom inga växlingstransaklioner förekommer.
Upplåningskostnaden förutsätts därvid normall bli läckt av den dröjs-målsränla
som belalas av gäldenären.</span></p>
<p class=MsoNormal style='margin-left:1.0pt;text-indent:8.0pt'><span
style='font-family:Verdana'>Riksdagen har godkänl all den rörliga kredit i
riksgäldskontoret som<br>
ställts ull EKN:s förfogande för aU vid behov användas för utbetalning av<br>
ersättning för föriuster i garantiverksamheten får uppgå till 3,3 miljarder<br>
kronor (prop. 1986/87; 100 bil. 5, NU 20, rskr. 238). Det föreslagna syste<br>
met förulsäller all de premiereserver som byggs upp i utländsk valula inle<br>
används iör betalning av skadeersättningar som uppkommer på garantier<br>
som utfärdats före systemels ikraftträdande. Skaderegleringar i ulländsk<br>
valula väntas således inte behöva ske förrän efter ell anlal år. Något behov<br>
av upplåning förutses således inte under innevarande budgetår. Jag avser<br>
all i kommande budgelproposition ta upp frågan om bemyndigande för</span><span
style='font-family:Verdana'> </span><span style='font-family:Verdana'><</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section13>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section14>
<p class=MsoNormal><span style='font-family:Verdana'>regeringen att medge att
EKN får ta upp lån i utländsk valuta under Prop. 1986/87:23 budgetårel 1987/88.
Om EKN:s resuUat inte försämras avsevärt och skaderegleringar under redan
uteslående garanlier finansieras genom den rörliga krediten, bör en minskad
likviditet i svenska kronor kunna molsvaras av reservuppbyggnaden i valutor. På
sikl skulle således EKN:s behov av kredii i riksgäldskonlorel i svenska kronor
kunna minska.</span></p>
<p class=MsoNormal style='margin-right:84.0pt;text-indent:9.0pt'><span
style='font-family:Verdana'>En särskild fråga är hur upplåningen bör gå till.
Jag vill redan här som min mening redovisa atl utomstående inslilulioner bör
anlitas med den expertis som är nödvändig för valutahanleringen. Tänkbara
sådana är SEK, valutabanker eller riksgäldskontoret. Vid upplåning hos sådana
institutioner krävs inle någon särskild garanii från EKN:s sida.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:82.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:10.0pt'><span
style='font-family:Verdana'>EKN:s och SEK:s arbeisområden berör varandra och
ett nära samarbete finns sedan gammalt på flera områden mellan dessa organ. En
betydande andel av EKN:s garantier överlåts till SEK vilket gett SEK stor
förtrogenhet med EKN;s verksamhel. SEK skulle således kunna förvalla EKN:s
premiereserver i utländsk valula och låna ufländsk valuta fill EKN.</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:82.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Chefen för industridepartementet och jag har
tidigare i skrivelser till SEK och EKN uttalat inlresse för elt närmare
samarbete mellan dessa två organ och bett dem redovisa sådana områden på vilka
samarbetet skulle kunna utvecklas. Jag ser således positivt på elt ulnylljande
av SEK:s tjänster för valutahanlering och upplåning i utländsk valuta. Det bör
dock få ankomma på regeringen eller, efler regeringens besiämmande, på EKN att
bestämma om SEK eller en valulabank eller riksgäldskontoret skall utnylljas
härför.</span></p>
<p class=MsoNormal style='margin-top:21.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><span style='font-size:12.0pt;
font-family:Verdana'>2.2 Garantier för refinansieringslån</span></p>
<p class=MsoNormal style='margin-top:10.0pt;margin-right:97.0pt;margin-bottom:
0cm;margin-left:14.0pt;margin-bottom:.0001pt'><span style='font-family:Verdana'>Mitt
förslag: Garanlier får lämnas för sådana refinansieringslån som ges för
reglering av förfallna fordringar som garanterats inom ramen för den statliga
exportkreditgivningen.</span></p>
<p class=MsoNormal style='margin-top:18.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:11.0pt;margin-bottom:.0001pt'><span style='font-family:Verdana'>Exportkreditnämndens
framställning: Överensslämmer med milt förslag.</span></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:69.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Remissinstanserna: Varken riksbanken eller
riksgäldskontoret har anförl några synpunkier på EKN:s förslag.</span></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:82.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt;text-indent:10.0pt'><span
style='font-family:Verdana'>Skälen för mitt förslag: EKN har i samband med sin
framställning om exportkredilgaranligivning i ulländska valutor också pekal på
en möjlighel att hanlera skuldkonsolideringar genom refinansiering i svenska
kronor eller ulländsk valuta som ell alternativ till den nu lillämpade modellen
med senareläggning av krediternas förfallodag och skadeersättning från EKN.
Detla innebär att etl refinansieringslån genom EKN:s förmedling lämnas till
gäldenärslandet. Utbetalningar på lånet görs i takt med att betalningar
förfaller under den ursprungligen garanterade kredilen. Detla medför all
garanlilagarna får betalt och EKN behöver således inle skadereglera förfallna
fordringar. Refinansieringslånel fömtsätls normall garanteras i dess</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section15>
<p class=MsoNormal style='margin-bottom:19.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section16>
<p class=MsoNormal><span style='font-family:Verdana'>helhet av EKN med en
garanfi av proprieborgenskaraktär. Genom ett Prop. 1986/87:23 sådant
arrangemang kan i vissa faU både administrafiva och koslnadsmässiga fördelar
uppkomma för EKN. Jag anser därför alt garantier bör få lämnas för sådana
refinansieringslån. Även biståndsgaranlerade krediter kan komma atl omfattas av
refinansieringslån garanterade av EKN. Med hänsyn tiU att skuldkonsolidering
genom refinansiering enbart medför fördelar om gäldenärslandet sköter sina nya
kreditålaganden, är det uppenbart att garantier enbart skall ges för
refinansieringslån i sådana fall där sannolikheten för att lånel återbetalas i
överenskommen ordning är hög.</span></p>
<p class=MsoNormal style='margin-right:77.0pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Regeringen bör inhämta riksdagens godkännande all
garanlier får lämnas för de nämnda lånen.</span></p>
<p class=MsoNormal style='margin-top:21.0pt'><span style='font-size:14.0pt;
font-family:Verdana'>3 Hemställan</span></p>
<p class=MsoNormal style='margin-top:5.0pt;margin-right:115.0pt;margin-bottom:
0cm;margin-left:36.0pt;margin-bottom:.0001pt;text-indent:-36.0pt'><span
style='font-family:Verdana'>Med hänvisning till vad jag anfört hemställer jag
att regeringen dels föreslår riksdagen atl</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:83.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>1. godkänna all ell syslem med exportkredilgaranlier
i ulländska<br>
valutor får införas i enlighet med vad jag anfört under avsniu 2.1,</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:81.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>2. godkänna alt garantier får lämnas för sådana
refinansieringslån<br>
som ges för reglering av förfallna fordringar som garanterats inom<br>
ramen för den slalliga exportkreditgivningen (avsnill 2.2),</span></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:84.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt;text-indent:9.0pt'><span
style='font-family:Verdana'>dels bereder riksdagen lilltalle att ta del av vad
jag i avsnUt 2.1 har anfört om upplåning för skadereglering i ulländsk valula.</span></p>
<p class=MsoNormal style='margin-top:21.0pt'><span style='font-size:14.0pt;
font-family:Verdana'>4 Beslut</span></p>
<p class=MsoNormal style='margin-top:5.0pt;margin-right:80.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-family:Verdana'>Regeringen
ansluter sig till föredragandens överväganden och beslular alt genom
proposition förelägga riksdagen vad föredraganden har anfört för de ålgärder
och det ändamål som föredraganden har hemställt om.</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section17>
<p class=MsoNormal style='margin-bottom:93.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section18>
<p class=MsoNormal style='margin-left:307.0pt'><b><span lang=EN-US
style='font-size:9.0pt;font-family:Verdana'>Prop. 1986/87:23</span></b></p>
</div>
<span lang=EN-US style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section19>
<p class=MsoNormal><b><span lang=EN-US style='font-size:9.0pt;font-family:Verdana'>EXPORTKREDITN</span></b><b><span
lang=EN-US style='font-size:9.0pt;font-family:Verdana'>Ä</span></b><b><span
lang=EN-US style='font-size:9.0pt;font-family:Verdana'>MNDEN</span></b></p>
<p class=MsoNormal><b><span lang=EN-US style='font-size:6.0pt;font-family:Verdana'>Swedish
Export Credits Guarantee Board</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:1.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>86-80182-000-1</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section20>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:0cm;margin-bottom:25.0pt;
margin-left:262.0pt'><b><i><span style='font-size:9.0pt;font-family:Verdana'>Bilaga
1</span></i></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section21>
<p class=MsoNormal style='margin-top:2.0pt'><b><span style='font-family:Verdana'>Till
Regeringen</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-family:Verdana'>UTtlKE:;..r.TEMENT</span></b><b><span
style='font-family:Verdana'>£</span></b><b><span style='font-family:Verdana'>T
I</span></b></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:12.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt;text-indent:-10.0pt'><b><span
style='font-size:6.0pt;font-family:Verdana'>*"""</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>——</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'> </span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>—</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>r...ifl</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>»</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>n Regisuatom</span></b></p>
<p class=MsoNormal style='margin-top:1.0pt'><b><span style='font-family:Verdana;
text-transform:uppercase'>'"Il </span></b><b><span style='font-family:
Verdana'>1986 -07- O 3</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section22>
<p class=MsoNormal style='margin-top:15.0pt'><b><span style='font-family:Verdana'>Garantigivning
1 valutor</span></b></p>
<p class=MsoNormal style='margin-top:21.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Jnlednlna</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Exporten skapar ett för landet angeläget valutainflöde.
DA exporten sker pS Icredlt skjuts detta Inflöde pa framtiden, varvid exportens
positiva effekt pS betalningsbalansen fördröjs. I den mAn exporten innehåller
komponenter frän utlandet eller skapar efterfrågan pA varor frSn utlandet som
betalas kontant uppkommer en negativ effekt pd betalningsbalansen. Dessa
effekter av kredit-glvnlngen kan lättast motverkas genom att exportkrediterna
finansieras med en motsvarande upplSning i utlandet. En sSdan upplåning medför
ur samhällsekonomisk synvinkel ocksd den fördelen att den svenska
kapitalmarknaden inte belastas med exportkreditfinansieringen. Uppldning i
utlandet kan i princip ske endast 1 utländsk valuta. Staten har tidigare varit
och är fortfarande i viss utsträckning beredd att bl a ta pä sig kursrisker för
att underlätta finansiering av exportkrediter i utlandet. Kursriskerna undviks
bäst genom att exportkrediterna där sS är möjligt lämnas 1 upplSnlngsbar
valuta. BKN-systemet InnehAller emellertid vissa fördelar för företagen att
lämna exportkrediter i svenska kronor.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>vid införandet av den statsstödda sektorn 1 AB Svensk
Exportkredit (SBK) 1978 åtog sig staten betydande kursrisker 1 samband med
exportkreditfinansieringen, valutakursförluster uppkommer 1 SEK i huvudsak da
exportkrediter i svenska kronor refinansieras genom upplåning av utländsk
valuta. Till 1982 hade SEK möjligheter att i begränsad omfattning ISna svenska
kronor. Därefter har riksbanken hänvisat SEK till de utländska
kapitalmarknaderna för all upplåning till den statsstödda
exportkreditfinansieringen. Staten har därmed fatt ett ökat intresse att styra
även exportkreditgivningen till utländsk valuta för att minska risken för
kursförluster. Detta har skett genom att regeringen beslutat att räntan för
utlåning i svenska kronor inom SEK-systemet skall</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section23>
<p class=MsoNormal style='margin-bottom:33.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section24>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87:23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:33.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>ligga högre än andra subventionerade exportkrediträntor.
Detta s k kronränte-påslag uppgick inledningsvis till 0,5 * och höjdes 1
januari 1984 till nuvarande 1,5 %. Även den icke-subventionerade
exportkreditgivningen hos SEK och andra kreditinstitut styrs genom ränteläget
och refinansieringsmöjligheterna i stor utsträckning till utländska valutor.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:33.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Di en exportkredit 1 utländsk valuta refinansieras 1 samma
valuta uppkommer ingen kursrisk i SEK, förutsatt att exportkrediten betalas i
vederbörlig ordning. Om kursen pa den utländska valutan stigit till
förfallodagen och betalning dä uteblir kommer emellertid en kursförlust att
realiseras da EKN betalar ut ersättning för den uteblivna betalningen 1 svenska
kronor. Son närmare framgär nedan ersätter KKN vid skadefall normalt endast en
begränsad del av uppkommen kurshöjning. Den resterande delen fdr normalt
ersättas av exportföretagen, vilket vid den valutakursutveckling som varit
under åttiotalets första hälft inneburit att företagens självrisk blivit
väsentligt högre för krediter i utländsk valuta än för krediter i svenska
kronor.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:33.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Samtidigt som staten har minskat sin kursriskexponering
genom att i ökad utsträckning styra exportkreditgivningen till utländska
valutor har kursrisken vid skadefall blivit en betydelsefull faktor, särskilt
för de kapitalvara-exporterande företagen och entreprenadföretagen som
exporterar mot medellänga och länga krediter. Utvecklingen under åttiotalet med
kraftigt ökade skadefall och samtidig stark ökning av kurserna pä de vanligaste
exportkreditvalutorna har lett till fitt företagen 1 samband med skadefall -
utöver övriga självriskbelopp - fatt betala ut i storleksordningen 320 Mkr
för att kompensera kurshöjningar. (Enligt beräkningar inom EKN avseende
perloden juli 1980 till juni 1985.) Enligt företagen har deras sammanlagda
självrisker - inkl. kursriskerna - blivit sa stora att deras möjligheter
att ta upp nya exportaffärer med krediter i utländsk valuta päverkas.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:33.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Pörslaget nedan, att EKN 1 enlighet med önskemal frdn de
större kundföretagen under framtida garantier skall lyfta av hela kursrisken
vid skadefall, syftar till att främja exporten. Samtidigt föresläs åtgärder
för att begränsa statens förlustrisk pa grund av kursrisktäckningen.</span></b></p>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:41.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Om förslaget genomförs, kommer det incitament som
BKN-systemet nu ger företagen att hellre lämna exportkrediter i svenska kronor
än i utländsk valuta praktiskt taget att försvinna. EKN torde komma att fa ta
ut högre premie för</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:206.0pt'><span style='font-family:Verdana'>10</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section25>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section26>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>Prop.
1986/87: 23</span></b></p>
<p class=MsoNormal style='margin-top:21.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>garantier som täcker valutakursrisker än för garantier 1
svenska kronor. Med det föreslagna systemet bör emellertid riskökningen hos EKN
kunna begränsas sa att premietillägget kan sättas till en för företagen
acceptabel nivä. EKN— systemet kommer säledes inte liksom hittills att
motverka andra statliga åtgärder för att styra exportkreditgivningen till
utländska valutor.</span></b></p>
<p class=MsoNormal style='margin-top:22.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>yaiut.akursrisk_vl,d_skadefail_enligt nuvarande system</span></b></p>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Den som finansierar en exportkredit (normalt SEK eller
bank) har normalt ingen valutarisk genom att han matchar krediten med Inläning
i samma valuta. För dem som är garantigivare gentemot kreditgivaren (normalt
EKN och exportföretag) finns dock en betydande valutarisk. Risken uppkommer
genom att när läntagaren inte betalar sina räntor och/eller amorteringar sä
mäste garantigivaren betala dessa 1 den utländska valutan eller 1 svenska
kronor till dagskurs. Garanti-givarnas sammanlagda kostnad härför blir dä en
funktion av valutakursen vid betalningstillfället. Risken för företagen och EKN
är alltsä en funktion bäde av att skadereglering skall ske och av valutakursförändringen.
Omedelbar kursförlust uppstär om kursen pä den utländska valutan stigit vid
skaderegleringen.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Vid skadereglering flyttas valutafordringen över frän
kreditgivaren till EKN/-exportföretaget. Normalt förväntas fordringen bil
betald förr eller senare. (EKN har hittills bara skrivit av vissa fordringar
som skadereglerats pga privata köpares insolvens. Under de senaste fem
verksamhetsåren har sammanlagt 20 Mkr avskrivits som definitiva förluster,
samtidigt som 3.440 Mkr utbetalats i skadeersättningar.) EKNs del av fordringen
finansieras frän skadereglering till återvinning normalt med svenska kronor
frän EKNs premiereserver eller frän den rörliga kredit som ställts till EKNs
förfogande hos riksgäldskontoret. Det slutliga utfallet av en transaktion blir
dä en funktion av valutakursen ocksä vid ätervinningstillfället. Efter
skaderegleringen motsvaras fordringen inte längre av matchande Inläning i
valuta, vilket Innebär fortsatt exponering för kursrisk. Vid återvinningen
uppstär sälunda förlust om kursen pa den utländska valutan sjunkit i
förhållande till den kurs <span style='text-transform:uppercase'>scmd </span>EKN
tillämpat vid skaderegleringen.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>EKN erlägger alltid skadeersättning i svenska kronor. Vid
skadereglering avseende fordran i utländsk valuta tillämpade BKK till 1974 den
lägsta av omräk-ningskurserna vid garantiförbindelsens utfärdande respektive
förfallodagen.</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><b><span style='font-family:Verdana'>11</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section27>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section28>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87:23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Detta innebar att EKN inte till nägon del inkluderade
kursstegring efter garantiförbindelsens utfärdande i ersättningen. 1974 hade
emellertid exportföretag lidit förlust pga detta och EKN beslöt att
tillmötesgå företagens önskemal om mer generösa villkor sätillvida att
ersättning skulle utbetalas även för kursstegring upp till 25 % av kursen vid
garantiförbindelsens utfärdande. Kostnaderna för denna ändring av villkoren
förutsägs bli relativt smä eftersom endast en mindre andel av exportkrediterna
lämnades 1 utländsk valuta och skadefrekvensen fortfarande var läg. Hed hänsyn
härtill genomfördes denna förbättring 1 garantitäckningen utan preniehöjning.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>1978 genomfördes en viss ytterligare förbättring för
garantitagarna dä EKN beslöt att - inom 25 % taket - lämna ersättning även för
kurshöjning efter förfallodagen till karenstidens slut. Efter ytterligare
framställning frän exportföretagen infördes 1982 möjligheten att pä särskild
begäran och not tilläggspremie erhälla täckning för kursriskstegringar utöver
25 \. Den gamla bestämmelsen om täckning vid kursstegring upp till 25 % utan
särskild premie flck da kvarstå oförändrad.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Frän 1974, dd 25 % regeln infördes, till början av
BD-talet hade emellertid bäde finansieringen av exportkrediter 1 utländsk
valuta och skadefrekvensen ökat kraftigt, vilket hade lett till att EKN
drabbades av ökade kostnader pga 25 % regeln. 1983 infördes därför nuvarande
regler som Innebär att kursstegring upp till 10 % täcks utan särskild premie
och att extra kurssäkring erbjuds till högst 200 % mot tilläggspremie enligt
följande:</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Skadereqlerinqskurs 1 förhällande</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>Tilläggspremie uttryckt i procent
av</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>till kurs vid förbindelsens ut</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>grundpremien</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>färdande</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>150 \</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'> </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>15 %</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>175 %</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'> </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>20 \</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>200 %</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'> </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>25 %</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>I praktiken lämnar EKN extra kurssäkring relativt
restriktivt, oa det gäller svagare länder är EKN ofta angelägen att hBlla ned
riskexponeringen. Extra kursrisktäckning medges da 1 regel för delskador men
inom ett pä normalt sätt beräknat högsta förlustbelopp för affären. BITS har
beslutat att inte medge extra kursrisktäckning 1 garantier för u-krediter ned
hänsyn till att alla</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><span style='font-family:Verdana'>12</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section29>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section30>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87; 23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>u-krediter ges i utl</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ndsk valuta med stark koncentration till USD och att
kursriskexponeringen d</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>rf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r skulle kunna leda till en
betydande belastning p</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä </span></b><b><span style='font-size:8.0pt;font-family:Verdana'>BITS'
anslag.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Den del av en kursf</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>rlust vid skadefall som inte ers</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tts fr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n EKN enligt ovan drabbar det
exporterande f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retaget, som normalt har att till
kreditgivaren inbetala skillnaden mellan a ena sidan v</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rdet i svenska kronor av den uteblivna
betalningen till dagskurs och a andra sidan EKNs ers</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ttning. F</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagets betalning inkluderar den
sj</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lvrisk som g</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ller enligt vederb</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rande garanti (5 -30 %), dr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jsm</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lsr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntekostnad under karenstiden
(vanligen motsvarande 4 - 12 % beroende p</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'> karenstidens l</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ngd) och den kursh</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>jning som inte t</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ckts
av EKNs ers</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ttning. I bilagorna 1 och 2 visas
exempel p</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> den faktiska sj</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lvrisk som kan uppkomma p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> grund av dr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jsm</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lsr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nta resp. kursh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jning.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Genom samtidiga avsev</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>rda h</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>jningar av skadefallsfrekvensen och valutakurserna har f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen under senare </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r drabbats av mycket betydande </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kningar av de faktiska sj</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lvriskerna. Enligt exportf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen utg</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r kursriskerna ett os</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kerhetsmoment av s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>dan dignitet att deras m</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jligheter att ta nya exportaff</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rer p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>verkas. Statens str</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>van att f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rm</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen att 1 huvudsak arrangera
sina exportkrediter i utl</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ndska
valutor, motverkas s</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ledes
direkt av EKNs nuvarande system att skadereglera enbart i svenska kronor.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Det slutliga utfallet av en transaktion p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>verkas, som tidigare n</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mnts, ocks</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>av </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tervinningen. Till den 1 mars 1985
g</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llde att </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tervunna belopp f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rdelades mellan EKN och
garantitagaren s</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> att garantItagaren erh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ll vad som svarade mot sj</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lvriskandelen enligt garantin,
medan </span></b><b><span style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>terstoden tillf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ll EKN. Den enda inskr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nkningen 1 denna f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rdelningsregel var att EKN inte
hade n</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gon r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tt till dr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jsm</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lsr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nta som h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rde sig till karenstiden. N</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gon h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nsyn togs emellertid inte till
eventuella inskr</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nkningar i EKNs ers</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ttning f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r kursstegring. Detta innebar att
EKN vid </span></b><b><span style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tervinning kunde g</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ra vinster som motsvarades av
definitiva f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rluster f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r exportf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen. Vid skadereglering efter
den 1 mars 1985 ber</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>knas emellertid EKNs och exportf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagens resp. f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rlustandelar, med h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nsyn tagen till kursh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jningen och dessa f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rlustandelar anv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nds som f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rdelningsnyckel vid </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tervinning. Effekterna av de nya
reglerna framg</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r av bilaga 3.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Bland EKNs motsvarigheter 1 utlandet t</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>cker en rad garantiinstitut,
huvudsak ligen 1 mindre l</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>nder, kursrisken vid skadereglering antingen genom att skadereglera i
nationell valuta till kurs som g</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ller vid skaderegleringen -</span></b></p>
<p class=MsoNormal style='margin-top:34.0pt'><i><span style='font-size:8.0pt;
font-family:Verdana'>t2 Riksdagen 1986/87. 1 saml. Nr 23</span></i></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><span style='font-size:11.0pt;
font-family:Verdana'>13</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section31>
<p class=MsoNormal style='margin-bottom:1.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section32>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87: 23</span></p>
<p class=MsoNormal style='margin-top:21.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>v;>r>'-iark, Finland och Storbritannien - eller
genom att skadereglera i utländsk valuta - Belgien, Finland (betr vissa
köparkrediter), Italien, Norge och Österrike. Kursrisken täcks normalt inte
i länder där exportkrediter till helt övervägande del lämnas 1 den egna
valutan, som Canada, Frankrike, Japan, Nederländerna, Schweiz, USA och
Västtyskland. Frägan är emellertid under omprövning 1 en del av de sistnämnda
länderna.</span></b></p>
<p class=MsoNormal style='margin-top:15.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Förslaa om_garantier,i_ut.ländsk valuta</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Systemet med skadereglering i svenska kronor fungerade
fullt tillfredsställande sä länge huvuddelen av exportkrediterna lämnades 1
kronor och kurs-relationerna var stabila. Under nuvarande förhällanden är
systemet emellertid mindre tillfredsställande. Problem skulle kvarstä även om
EKN skulle medge extra kursrisktäckning mer liberalt än för närvarande. En
fast grund för premiesättning för extra kursrisktäckning saknas och varken EKN
eller företagen har möjligheter att begränsa och hantera kursriskerna.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>EKNs större kunder har därför föreslagit att EKN skall
utfärda garantier 1 utländsk valuta, dvs garantiernas högsta förlustbelopp
skall anges i den garanterade kreditens valuta, premien skall Inbetalas i
valutan och skadereglering ske 1 valutan.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Garantitagarna skulle härigenom sta kursrisk endast pä
självriskandelen, medan EKN skulle stä hela kursrisken i övrigt. Kostnaderna
för detta skulle begränsas genom att EKN sä längt som möjligt skulle gardera
sina ätaganden och fordringar i valuta med matchande tillgängar resp. Inläning
i valutan. Eventuella riskoch kostnadsökningar jämfört med nuvarande system
skulle avspegla sig i premierna.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Systemet är tänkt att fungera pä följande sätt. Premie tas
ut i resp. valuta och tillförs en premiereserv i valutan som förvaltas pä
räntebärande valutakonto. Skaderegleringar finansieras normalt frän
premiereserven eller genom upplåning i resp. valuta.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>under förutsättning att beloppet slutligen ätervinns och
da tillförs premiereserven 1 valutan eller används till att återbetala
upplåningen i valutan uppstär varken kursvinst eller kursförlust, eftersom inga
växlingstransaktioner skulle förekomma 1 dessa fall. Upplänlngskostnaden
förutsätts normalt</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><span style='font-family:Verdana'>14</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section33>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section34>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87:23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>bli täckt av den dröjsmälsränta (konsolideringsränta),
som betalas av gäldenären. Förutsättningarna för att dröjsmälsräntan skall
täcka upplänlngskostnaden torde vara större vid uppläning i valuta än vid
uppläning i svenska kronor (enl nuvarande system), eftersom dröjsmälsräntorna
bestäms med hänsyn till ränteläget för den konsoliderade fordringens valuta och
detta kan vara väsentligt lägre än kronräntan.</span></b></p>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Sä länge definitiva förluster kan finansieras frän
premiereserven i resp. valuta uppkommer ingen kursrisk. Att ta upp eller
behälla ett valutalän för att finansiera en skadereglering som väntas leda till
definitiv förlust vore emellertid olämpligt. Om reserven är otillräcklig kan
EKN säledes tvingas att växla svenska kronor för att kunna betala
skadeersättning i valutan. Om kursen pä valutan stigit drabbas EKN av en
omedelbar kursförlust.</span></b></p>
<p class=MsoNormal style='margin-top:15.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Pörsiaaets_konselcvenser £ör EKN</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Förslaget förutsätter att premier kan betalas in till EKN
1 valuta och att premiereserver kan förvaltas pä räntebärande valutakonton.
Premien skall betalas till EKN av garantitagaren, som normalt är svensk bank
eller svenskt företag (endast i fä undantagsfall utländsk bank).
Premiebetalning 1 valuta förutsätter säledes särskilt tillstånd frän
riksbanken. Riksbanken har meddelat förhandsbesked att sädant tlllständ kan
päräknas under viss förutsättning. Ytterst bärs premiekostnaden av den
utländske köparen.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>ftven vad gäller rätten att hälla räntebärande
valutakonton har riksbanken meddelat positivt förhandsbesked. En särskild
fräga är hur stora valutakontona kan väntas bli. Varje kvantifiering mäste
grundas pä ytterst osäkra antaganden. EKNs garantigivning exkl. korta
garantier men Inkl. garantier för u-krediter och garantier enligt särskilda
regeringsbeslut har under senare är legat pä en nivä mellan 6 och 7 miljarder
kr per är. Nägon kraftig ökning 1 garantigivningen förutses inte, med hänsyn
till de fortsatta verkningarna av den internationella skuldkrisen. Andelen
garanterade krediter i utländsk valuta torde vara ökande och kan eventuellt -
för andra än korta garantier -nä samma nivä som i SEKs kreditgivning, 70 \.
Premierna kan i genomsnitt beräknas komma att uppgä till drygt 4 \.
Premieintäkterna i utländsk valuta skulle dä sä smäningom kunna väntas öka till
ca 200 Mkr per är. I ett system för nya</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:206.0pt'><span style='font-family:Verdana'>15</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section35>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section36>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87:23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>affärer med leveranser som delvis ligger längt fram i
tiden kan emellertid förbindelseengagemanget och premieintäkterna inledningsvis
väntas bli relativt smä för att sedan växa successivt under följande är.
Detsamma kan väntas gälla skadeutbetalningarna och, med längre fördröjning,
återvinningarna.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:51.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Med ovanstående utgångspunkter kan ett engagemang av
garantier i utländsk valuta väntas uppgä till 15 å 20 miljarder kr fem är efter
införandet och tillgångarna pa valutakonton till högst 600 Mkr.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Körslaget innebär vidare att EKN mera regelmässigt bör
kunna lana belopp 1 utländsk valuta för att finansiera fordringar som
uppkommit genom skadefall pä krediter 1 utländsk valuta, och som har god
prognos för återvinning. Upp-länlngsbehovet kan emellertid inte kvantifieras.
Skadeutbetalningar pä grund av avtalade skuldkonsolideringar bör dock till den
helt övervägande delen kunna väntas bli återbetalda i reglerade former, och
säledes kunna finansleras genom uppläning 1 resp. valuta 1 den män inte
premiereserven i valutan är sä stor att reserven 1 första hand bör utnyttjas
för skadeersättningarna.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Cm garantier i valuta införs, kommer antalet skadefall
Inte att påverkas. Med nuvarande system kommer vid kurssänkning pä garanterade
valutor den uttagna premien att svara mot reducerad utbetalning vid
skadereglering, medan vid kurshöjning en ökad men dock maximerad
skadeersättning fär utbetalas, vid det föreslagna systemet blir utbetalningarna
i forhäilande till uttagen premie lika stora oavsett om kursen pa den täckta
valutan fallit eller stigit, vid stigande kurs pä den täckta valutan kan det
nya systemet leda till att teoretiskt sett obegränsade ersättningsbelopp 1
svenska kronor räknat kan t& utbetalas. Räknat 1 svenska kronor kan
emellertid de ökade utbetalningarna till övervägande del kompenseras med
kurshöjningar pä premiereserv i valuta och ökade återvinningar. (Knligt
nuvarande regler minskas EKNs del av återvinningen dä exportören drabbats av
kursförlust vid skaderegleringen). Systemet medför ökade förluster för EKN
endast 1 den män en utbetald skadeersättning blivit större genom
kurshöjning, ersättningen väntas leda till definitiv förlust och
premiereserven i valutan är otillräcklig sä att kursförlusten mäste
realiseras. EKN bör eftersträva att kompensera denna förlustrisk genom
premiesättningen.</span></b></p>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Konsekvenserna av framtida kursrörelser är omöjliga att
kvantifiera med nägon säkerhet. En viss belysning kan emellertid erhällas genom
studium av utveck-</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section37>
<p class=MsoNormal style='margin-bottom:40.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section38>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87; 23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>lingen under de senaste tio aren. I bilaga 4 redovisas
beräkningar över de resultat som skulle uppkommit 1975 - 1985 om EKN tidigare
utfärdat garantier i USD och CHF. Nägra definitiva slutsatser för framtiden kan
inte dras ur detta material men vissa erfarenheter kan vara beaktansvärda.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Beträffande ökningen av skadeutbetalningarna kan
konstateras att EKN vid de skaderegleringar och den valutakursutveckling som
varit under den senaste tioårsperioden skulle fatt betala ut ca 25 %
(motsvarande ca 450 nkr) mer för skadefall 1 USD och CHF om den nu gällande
begränsningen av EKNs kursrisk-täckning till 10 % hade varit 1 kraft och tagits
t)ort vid periodens början. (I bilaga 4, tabell 3, har ökningen
framräknats till 319 mkr. I dessa beräkningar har dä beaktats att EKN till
1983 täckte kursökningar upp till 25 %.) Till denna kraftiga ökning i
utbetalningarna hade dä bäde den plötsliga ökningen i skadefallen pa grund av
skuldkrisen och de anmärkningsvärda ökningarna 1 USD och CHF-kurserna bidragit.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>EKNs utestående fordringar skulle emellertid ha ökat 1
motsvarande grad. Om sä stor del av beloppet återbetalas - med marknadsmässiga
räntor - att de definitiva förlusterna motsvaras av premieintäkter i resp.
valutor, skulle EKN inte lida nägon slutlig förlust pä grund av den högre
risktäckningen. Beloppet skulle dä fa Ses som ett mätt pä ökat uppläningsbehov.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Frägan blir dä i vilken utsträckning förlusterna kan
väntas bli definitiva. Hittills har BKN avskrivit endast obetydliga belopp som
definitiva förluster, men en risk finns för att ytterligare avskrivningar av nu
utestående fordringar blir nödvändiga.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Frägan om det är bättre att läna 1 valuta eller i svenska
kronor för att finansiera fordringar i valuta har redan tidigare uppkommit 1
EKNs verksamhet. EKN har betydande fordringar i utländska valutor pä Polen,
som svarar för en mycket stor andel av EKNs skadefall under den gängna
tioårsperioden. I>e fordringar som uppstod fram tom juni 1983 finansierades
med län frän riksgäldskontoret i resp. valuta. Dessa lan uppgär till 205
MCHF, 11 MUSD och 3 HDBH. När en uppgörelse med Polen om ränte- och
återbetalningar dröjde, valde EKN 1983 att finansiera senare skadebetalningar
med län i svenska kronor, för att inte exponera sig för en alltför stor
kursrisk, som skulle komma att realiseras om fordringarna inte regleras till
fullo.</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:206.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>17</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section39>
<p class=MsoNormal style='margin-bottom:18.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section40>
<p class=MsoNormal><span style='font-size:9.0pt;font-family:Verdana'>Prop.
1986/87:23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Rrfarenheterna fr</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>n Polenfordringarna visar p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> en typ av avv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gningar som kan v</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntas bli vanligare vid ett system
med skadereglering i valutor. Ber</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>kningarna r</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>rande
CHF-sektorn i bilaga 4, tabell 2, tyder p</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'> att CHF-ford-ringarna, som i huvudsak h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r sig till Polen, hade kunnat
finansieras endast till ca 15 4 fr</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>n en premiereserv 1 CHF, om en s</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>dan hade funnits. Exemplet visar att det vid en f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rsiktig valutahantering kan visa
sig l</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mpligt att finanslera vissa
valutafordringar 1 svenska kronor och d</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'> eventuellt realisera en kursf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rlust, </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ven on orsak finns att r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kna med att fordringarna till sist
betalas.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Polenexemplet visar ocks</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> att premiereserven i en valuta kan
komma att motsvara en relativt liten andel av mer betydande skadefall, s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rskilt om valutan anv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nts koncentrerat till en marknad.
Risken f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r att premiereserven inte r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>cker till finansiering av f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rluster som v</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntas bli definitiva torde vara
mindre i en valuta son anv</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>nds 1 s</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>dan omfattning att riskspridning
erh</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lles. Ber</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kningarna i bilaga 4 </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ver USD-sektorn styrker denna
slutsats, vid koncentration av garanti</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>å</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>taganden 1 valuta p</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'> n</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>å</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>gra
enstaka svaga l</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nder m</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ste d</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nsyn tas till kursrisken d</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> EKN bed</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mer det tillg</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ngliga riskutrymmet p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> landet.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Det f</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>reslagna systemet f</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ruts</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tter att premier f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r krediter i utl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndsk valuta l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ggs till s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rskilda premiereserver och s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ledes inte avses anv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndas f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r betalning av skadeers</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ttningar son uppkommer p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> garantier som utf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rdats f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>re systemets ikrafttr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>dande. Enligt de ber</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kningar som redovisas ovan (sid 8)
b</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r reservuppbyggnaden 1 valutor
under en f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rsta fem</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rsperiod motsvara h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gst 600 Mkr, som allts</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> skulle undanh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llas fr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n verksamheten 1 kronor. Fr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n det tredje aret skulle en v</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>xande andel av skaderegleringarna
ske i valuta, nedan </span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>å</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>tervinningarna
i svenska kronor kunde f</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>rv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntas ligga kvar p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> en h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>g niv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> under en f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ljd av </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>é</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>On EKNs resultat inte f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rs</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mras avsev</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rt och skaderegleringar under redan
utest</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ende garantier som beslutats av
regeringen finansleras genom den av EKN disponerade r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rliga krediten 1 riksg</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ldskontoret 1 enlighet ned nu g</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llande beslut, b</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r reservuppbyggnaden 1 valutor
kunna motsvaras av minskad likviditet 1 svenska kronor och sAledes inte skapa
t>ehov av s</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rskild upplAning. Cn emellertid
EKNs likviditet 1 kronor m</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>å</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ste tas 1 anspr</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>å</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>k f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r finansiering av mycket stora
skadefall, m</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ste reservuppbyggnaden i valutor
motsvaras av drag ningar p</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'> den r</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rliga krediten.</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><span style='font-family:Verdana'>18</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section41>
<p class=MsoNormal style='margin-bottom:20.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section42>
<p class=MsoNormal><span style='font-size:9.0pt;font-family:Verdana'>Prop.
1986/87; 23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>P</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'> l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ngre sikt blir alla ber</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kningar mer os</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kra. Stora skadefall kan leda till
uppl</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ningsbehov inom kronsektorn eller 1
andra valutor.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Om verksamheten f</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>rdelas p</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'> svenska kronor och valutor torde EKN beh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>va h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lla en h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gre sammanlagd likviditet </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n som annars varit n</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>dv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndig. Eftersom EKN under </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>versk</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>dllg framtid kan f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntas ha ackumulerade underskott kan
likvi ditetsbehovet ocks</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>
komma att leda till ett visst </span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>kat totalt uppl</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ningsbehov
j</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rt med den situation som skulle
rada om nuvarande begr</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>nsning
i kursrisk-t</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ckningen beh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lles. Detta inneb</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r i sig en kostnads</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kande faktor, eftersom r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntenettot p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>verkas i negativ riktning.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Obegr</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>nsad kursriskt</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ckning
leder vid en ogynnsam valutakursutveckling till att EKN far skadereglera st</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rre belopp </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n med nuvarande begr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nsade kursriskt</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ckning. Som framh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llits i f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>reg</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ende avsnitt och som utfallet under
den senaste tio</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rsperioden utvisar kan dessa belopp
bli betydande vid en samtidig ogynnsam valutakurs- och skadeutveckling. </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>Ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ven s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>dana </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kade utbetalningar kan komma att
bidra till </span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kat uppl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ningsbehov. Omfattningen </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r emellertid svdr att
prognostisera.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Om garanti</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>å</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>taganden g</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rs i utl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndska valutor b</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r avr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kning mot riksdagens och
regeringens ramar f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r garanti</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tagandena l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>pande ske i svenska kronor till
dagskurs. Appreciering av en eller flera valutor eller en devalvering av den
svenska kronan kan emellertid d</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'> leda till att ramarna </span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>verskrids. H</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>nsyn
h</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rtill t></span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r tas genom att viss marginal ges
vid fastst</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llandet av ramarnas storlek.
Riksdagen och regeringen m</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ste h</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rut</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ver vara medvetna om att ramarna
vid pl</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tsliga och kraftiga kursr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>relser </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nda kan komma att </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>verskridas.</span></b></p>
<p class=MsoNormal style='margin-top:15.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Valut.ayai</span></b></p>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:17.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>F</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>r att
reducera riskerna f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r definitiva kursf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rluster 1 systemet b</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r detta som tidigare framh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llits till</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mpas endast f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r ett f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tal valutor som har en relativt
spridd anv</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndning f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r finansiering av exportkrediter.
Valutorna m</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ste vara fritt konvertibla och
kunna f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntas kort- och l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ngfristigt till mark nadsm</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ssiga satser samt kunna lanas upp p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> kort och l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ng sikt. BKN b</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r kunna anpassa valutavalet till
utvecklingen.</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><span style='font-family:Verdana'>19</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section43>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section44>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87: 23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:32.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>USD är en självskriven valuta. Kn viss styrning t>ort
frän subventionerade kre-riter 1 SEK-systemet torde kunna erhällas om vissa
lägräntevalutor, säsom DEM, CHK, JPX och ECU, Inkluderas i systemet.</span></b></p>
<p class=MsoNormal style='margin-top:15.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Tiiläm£nlnasOTi£äde</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Om garantier 1 valuta införs bör dessa i första hand
tillämpas för medel- och långfristiga krediter i valuta som EKN beslutar om och
rekommenderas för de kreditärenden som BITS och regeringen beslutar om.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Det är tveksamt om systemet bör tillämpas för korta
garantier med hänsyn till att administrationen kompliceras bäde hos EKN och
garantitagarna. Inledningsvis bör systemet reserveras för längre risker, där
behovet av garantier i valuta är störst. Ev tillämpning pä korta risker kan
diskuteras när erfarenhet vunnits.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:36.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Garanti 1 valuta bör vara obligatorisk i fall dä valutan
omfattas av systemet och detta i övrigt är tillämpligt, sä att riskspridning
erhälles.</span></b></p>
<p class=MsoNormal style='margin-top:15.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Hanterlna av_valutasekt.orn</span></b></p>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Skapandet av en valutasektor skulle fä betydande
konsekvenser för EKNs bokföring och databehandling mm. Systemet kan därför
inte införas med kort varsel. Pä sikt skulle beräkningen av
skadeersättningar och fördelningen av återvunna medel förenklas väsentligt.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:36.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Enligt EKNs mening bör en utomstående institut lon anlitas
för den uppläning i utlandet som systemet förutsätter och för att
tillhandahälla den expertis som är nödvändig för valutahantering. Tänkbara
institutioner är valutabank, riksgäldskontoret eller SEK.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>EKNs och SEKs arbetsområden är närliggande och ett nära
samarbete finns sedan gammalt pä flera omräden. En mycket betydande del av
EKNs garantier överläts till SEK, vilket gett SEK stor förtrogenhet med EKNs
verksamhet.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>SEK skulle, förutsatt att vederbörliga tlllständ
erhälles, kunna förvalta och förränta EKNs premiereserver i valuta och
ombesörja uppläning för EKNs räkning. Uppläning i SEKs namn med KKN-garantl
l>ör kunna ske till förmänliga</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>20</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section45>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section46>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87: 23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>r</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ntesatser.
Flexibilitet kan erh</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>llas
genom l</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n med r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tt till f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rtidsinl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>sen var sj</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tte manad (vid r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntef</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rfallen). F</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rtidsinl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>sen kan d</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> ske om t ex premiereserven 1
valutan vuxit till en niv</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'> som
anses on</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>digt h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>g eller om </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tervinning av vissa skadereglerade
fordringar framst</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r som mer osannolik s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> att fortsatt "matchande* uppl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ning inneb</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r en on</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>dig kursriskexponering.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Skuldkonsolideringar har fr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n svensk sida hittills arrangerats
s</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> att de konsoliderade krediternas
f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rfallodagar senarelagts, varvid EKN
betalat skadeers</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ttning till garantitagarna i
anslutning till de ursprungliga f</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>rfallodagarna. Konsolidering kan ocks</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> ordnas genom att de ursprungliga
exportkrediterna betalas med utnyttjande av ett nytt refinansieringsl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n fr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n SEK som garanteras av EKN. Vid en
s</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>dan refinansiering skulle varken
EKNs resultat eller premiereserver beh</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>va belastas vid konsolideringstillf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llet. Detta s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tt att arrangera
skuldkonsolideringar har inte anv</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>nts i Sverige huvudsakligen p</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä </span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>grund av sv</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>righeter att hantera f</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>retagens sj</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>lvrisker
och delningen av kursrisker mellan EKN och f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen. On dessa sv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>righeter kan l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>sas bl a genom att EKN </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>vertar kursriskerna, skulle
refinansiering genom SEK vid vissa skuldkon solideringar kunna utnyttjas som
alternativ till skadereglering fr</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>n EKN.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>SEK har erbjudit EKN sina tj</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nster f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r valutahanteringen i bifogade
skrivelse (bilaga 5).</span></b></p>
<p class=MsoNormal style='margin-top:16.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Premier</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Premies</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ttningen b</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r syfta till att ge kostnadst</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ckning </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ver tiden och l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>pande kunna anpassas av EKN. H</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nsyn b</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r bl a tas till att premiereserver
i olika valutor f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntas till olika r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntesatser. En inbetald f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rskottspremie som f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntats till en l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>g r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntesats ger s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mre t</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ckning av ett senare skadefall </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n en premie som f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntats till en h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>g r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntesats. En h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gre premie b</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ledes tas ut f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r en garanti i en l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntevaluta.</span></b></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Genom en uppdelning av verksamheten p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> olika valutasektorer uppkommer
ocks</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> en risk f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r att en viss valutasektor kommer
att uppvisa best</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ende underskott vilka bed</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ms beh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>va t</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ckas genom tillskott fr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n andra valutasektorer. Detta
exponerar EKN f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r sv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rbed</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mbara kursrisker. Exemplet Polen, s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>som det redovisats ovan och i
bilaga 4, </span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r en belysande illustration. P</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> grund av sv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>righeten att bed</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ma och allokera f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rlustrisker av detta slag b</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r kompensation f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r</span></b></p>
<p class=MsoNormal style='margin-top:2.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>dem s</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>kas vid fastst</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>llandet
av den allm</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nna premieniv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n hellre </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n vid fastst</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llandet av premiep</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>slag f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r enskilda valutor.</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><span style='font-size:11.0pt;
font-family:Verdana'>21</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section47>
<p class=MsoNormal style='margin-bottom:20.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section48>
<p class=MsoNormal><span style='font-size:9.0pt;font-family:Verdana'>Prop.
1986/87:23</span></p>
<p class=MsoNormal style='margin-top:21.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>J</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>raf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>relse_mell.an det_ nuvarande och
det. f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>reslagna systemet</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>J</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>mf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rt med nuvarande system inneb</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rslaget f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r EKN och f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen gemensamt att </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kade m</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jligheter skapas att gardera kursf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rluster son uppkommer vid
skadefall.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>En positiv effekt </span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>r att EKN med det f</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>reslagna systemet kan ta p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> sig st</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rre kursrisker utan att detta, p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> samma s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tt som tidigare, minskar
garantiutrymmet p</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> enskilda l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nder. D</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> BKN enligt nuvarande system medger
t</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ckning av kursh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jning upp till t ex 200 % belastas
garantiutrynmet med det maximala belopp son kan komma att utbetalas i svenska
kronor. Detta har i m</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>nga
fall lett till att EKN medgett ett mer begr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nsat kursriskskydd </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nskat. Hed det f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>reslagna systemet realiseras
normalt ingen kursf</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rlust vid skadefall, varf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r garantiutrymmet inte beh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ver belastas p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> samma s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tt. H</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nsyn till potentiella kursf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rluster beh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ver vid garantigivningen tas endast
d</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> anv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndningen av en valuta </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r koncentrerad till en eller ett f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tal marknader, d</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r risken f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r mera best</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ende skadefall anses beaktansv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rd.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Med det f</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>reslagna systemet erh</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ller f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen ett generellt skydd not
kursf</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rluster vid skadefall (utom betr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ffande sj</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lvriskandelen). Premiekostnaden f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r detta skydd f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>resl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>s variera fr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mst med differensen mellan kronr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntan och r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntan f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r respektive valuta. I vissa fall,
n</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nteskillnaden </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r stor, kan premien v</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntas bli st</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rre </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n nu g</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llande, n</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>got godtyckliga premie f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r t</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ckning av kursh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jning upp till 200 % (premiep</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>slag 25 %). I dessa fall b</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r kursriskskyddet ocks</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> vara mest angel</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>get f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen, son med det nya systemet
inte beh</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ver riskera att EKN nekar att medge
kursriskt</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ckningen. I genomsnitt b</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r premietill</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ggen f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r garantier 1 valuta kunna begr</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nsas till en f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retagen acceptabel niv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>, l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gre </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n den som skulle g</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lla vid mer regelbundet utnyttjande
av den extra kurss</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kring som BKN nu erbjuder.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>F</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>r EKN
ger det f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>reslagna systemet </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ven f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ruts</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ttningar att minska den
kurs-riskexponering som nu finns i garantisystemet, dels 1 den generella t</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ckningen av kursh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jningar till 110 % och dels 1 extra
kurss</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kringar d</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rut</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ver.</span></b></p>
<p class=MsoNormal style='margin-top:17.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Samanfattning</span></b></p>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Exporten skapar ett f</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>r landet angel</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>get valutainfl</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>de.
Genom exportkrediter skjuts detta infl</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>de p</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>
freuntiden. Denna negativa effekt av kreditgivningen</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><span style='font-family:Verdana'>22</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section49>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section50>
<p class=MsoNormal><span style='font-family:Verdana'>Prop. 1986/87; 23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>motverkas genom en likformig utlandsupplåning. Ur betalningsbalanssynpunkt
är det därför en fördel om exportkreditgivningen sker i valuta och
refinansieras i valuta. Exportkreditgivningen och -finansieringen styrs därför
till utländsk valuta genom räntepäslag för svenska kronor i SEK-systemet och
genom andra valutareglerande åtgärder.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Genom EKN sker emellertid en viss styrning mot
exportkreditgivning 1 svenska kronor. Detta blir en effekt av att EKN dä
betalning frän utlandet uteblir skadereglerar i svenska kronor även dä krediten
lämnats 1 utländsk valuta och dä ersätter endast en begränsad del av inträffad
kurshöjning för den utländska valutan.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>För exportföretagen innebär risken för kurshöjning före
ett skadefall en väsentligt höjd självrisk som företagen inte kan säkra sig
emot med nuvarande system och som inte förekommer vid kreditgivning i svenska
kronor. Genom kursrisker vid skadefall pä krediter i utländsk valuta kan
företagens totala självrisker bli sä betydande att deras förmåga att ta nya
affärer päverkas och EKNs större kunder har därför uttalat starka önskemal om
att EKN skall täcka kursrisken vid skadefall. Härtill kommer att EKNs
möjligheter att garantera nya affärer pä ett Importland med nuvarande system
minskas dä EKN medger extra kursrisktäckning eftersom den totala risken för skadeutbetalningar
i svenska kronor belastar garantiutrynmet.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Säväl betalningsbalansskäl som exportfrämjandeskäl talar
säledes för att EKN bör bära denna kursrisk. I sä fall bör emellertid åtgärder
vidtas för att sä längt som möjligt begränsa riskexponeringen 1 EKN. Det
föreslagna systemet med premiereserver 1 valuta och ökade möjligheter till
uppläning 1 valuta är avsett att tjäna detta syfte. Svärlgheten att bedöma
kursutvecklingen och därigenom ocksä den rätta storleken pä premierna leder
emellertid till att systemet inte helt kan gardera för ökade förlustrisker om
mer betydande gälde-närsländer drabbas av betalningsproblem som inte kan lösas
och den svenska kronans värde samtidigt sjunker.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Det föreslagna systemet i fräga om utfärdande av garantier
i utländsk valuta kan komma att leda till att ramarna för garantigivningen -
vid oförutsedda kursrörelser - överskrldes.</span></b></p>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:16.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>I fräga om hanteringen av valutasektorn föreslås särskilt
att EKN skall kunna läna 1 första hand utländsk valuta ocksä frän SEK (och
inte som för närvarande enbart frän riksgäldskontoret).</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:206.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>23</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section51>
<p class=MsoNormal style='margin-bottom:19.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section52>
<p class=MsoNormal style='margin-right:39.0pt'><span style='font-family:Verdana'>Prop.
1986/87:23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:61.0pt;margin-bottom:
0cm;margin-left:7.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>1 fräga om placeringar av EKNs premiereserver gäller,
enligt särskilt regeringsbeslut 1983-09-08, att dessa fär placeras bl a
pä räkning 1 bank. Enligt EKNs mening torde detta fä tolkas sä att hinder frän
regeringens sida inte föreligger 1 fräga om den föreslagna placeringen av
premiereserver i utländsk valuta hos SEK.</span></b></p>
<p class=MsoNormal style='margin-top:12.0pt;margin-right:61.0pt;margin-bottom:
0cm;margin-left:7.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Det föreslagna systemet är förenat med en särskild
garantigivning frän EKN, bl a för viss uppläning av SEK för EKNs räkning. En
sädan garantigivning är att jämställa med att EKN ikläder sig ett
borgensåtagande och är säledes av annan karaktär än EKNs ordinarie
garantigivning. Denna garantigivning kommer emellertid att svara mot redan
gällande förpliktelser för EKN under tidigare utfärdade garantier.</span></b></p>
<p class=MsoNormal style='margin-top:22.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:7.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Hejnstäilan</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:82.0pt;margin-bottom:
0cm;margin-left:7.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Hemställes att regeringen medger EKN att Införa ett
system med garantier i utländsk valuta i enlighet med vad ovan anförts.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:82.0pt;margin-bottom:
0cm;margin-left:7.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>I avgörandet av det ärende har, förutom undertecknade,
deltagit ledamöterna Israelsson, Kiessling och Landahl samt suppleanterna
Frykholm, Lemne, Löwenthal och Rangrost.</span></b></p>
<p class=MsoNormal style='margin-top:16.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:7.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Föredragande har varit J. Hallsénlus.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:294.0pt;margin-bottom:
0cm;margin-left:7.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Stockholm den 26 Juni 1986 </span></b><b><span
style='font-size:7.0pt;font-family:Verdana'>EKM-EXPORTKREDITNÄHNDI</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt'><b><sub><span style='font-size:
33.0pt;font-family:Verdana'>L/I</span></sub></b></p>
<p class=MsoNormal style='margin-left:186.0pt'><b><i><span style='font-size:
11.0pt;font-family:Verdana'>/ r</span></i></b></p>
<p class=MsoNormal style='margin-left:7.0pt'><i><span style='font-family:Verdana'>Carl
Ivar </span></i><i><span style='font-family:Verdana'>ö</span></i><i><span
style='font-family:Verdana'>hman</span></i><i><span style='font-family:Verdana'> </span></i><i><span
style='font-family:Verdana'>/ </span></i><i><span style='font-family:Verdana'> </span></i><i><span
style='font-family:Verdana'>/</span>■</i><i><span style='font-family:
Verdana'> /•</span></i></p>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:0cm;margin-bottom:
41.0pt;margin-left:199.0pt'><b><span style='font-family:Verdana'>/agnar Sohlman</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section53>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>0016K</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:18.0pt'><b><span style='font-family:Verdana'>24</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section54>
<p class=MsoNormal style='margin-bottom:20.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section55>
<p class=MsoNormal style='margin-left:262.0pt'><span style='font-family:Verdana'>BiUge
1 Prop. 1986/87:23</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section56>
<p class=MsoNormal style='margin-top:29.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>TtHETACETS HISK VII DITKA KAIiDSTiaER</span></b></p>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>Sbcempea</span></b></p>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>rerutaettningar</span></b></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:9.1pt'>
<td width=31 valign=top style='width:23.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=38 valign=top style='width:28.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.1pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>100 K</span></b></p>
</td>
</tr>
<tr style='height:40.3pt'>
<td width=31 valign=top style='width:23.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:40.3pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>15*</span></b></p>
</td>
<td width=38 valign=top style='width:28.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:40.3pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>155 K</span></b></p>
</td>
</tr>
<tr style='height:35.75pt'>
<td width=31 valign=top style='width:23.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:35.75pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>90 5J
10 5i</span></b></p>
</td>
<td width=38 valign=top style='width:28.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:35.75pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>. 15
M</span></b></p>
</td>
</tr>
<tr style='height:13.45pt'>
<td width=31 valign=top style='width:23.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=38 valign=top style='width:28.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>6K</span></b></p>
</td>
</tr>
</table>
<p class=MsoNormal style='margin-top:7.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Tintnsitrat belopp</span></b></p>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>lUmtcbelopp</span></b></p>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>Högst»
förlustbelopp (EF)</span></b></p>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>I)rejsisilB-A»lkylr«nt»</span></b></p>
<p class=MsoNormal style='margin-top:7.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>BteaPel i - noraalvillkor</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>CarantiproccstaatB</span></b></p>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>SJJtlvrisk</span></b></p>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>Karenstid
4 olnader</span></b></p>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>Sr&jBtn&lBrlkiita
kaxenstid</span></b></p>
<p class=MsoNormal><b><i><span style='font-size:9.0pt;font-family:Verdana'>Faktisk
•;]iilvTisk</span></i></b><b><i><span style='font-size:9.0pt;font-family:Verdana'> </span></i></b><b><i><span
style='font-size:9.0pt;font-family:Verdana'>14 %</span></i></b></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Exenpel 2 - fBr vissa kBiaarlknder tllHJrtiade villkor</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Caxantiprocentaats</span></b><b><span style='font-size:
9.0pt;font-family:Verdana'> </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>BO 9></span></b></p>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>Självrisk</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>20 % " 31 M</span></b></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:173.0pt;margin-bottom:
0cm;margin-left:5.0pt;margin-bottom:.0001pt;text-indent:-5.0pt'><b><span
style='font-size:9.0pt;font-family:Verdana'>Karenstid • ) 6 mAn&der</span></b></p>
<p class=MsoNormal style='margin-left:18.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>DröjBallsrlmt» k*renetid</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>11 M</span></b></p>
<p class=MsoNormal style='margin-left:18.0pt'><b><i><span style='font-size:
9.0pt;font-family:Verdana'>IWrtisk »JSlvriBk</span></i></b><b><i><span
style='font-size:9.0pt;font-family:Verdana'> </span></i></b><b><i><span
style='font-size:9.0pt;font-family:Verdana'>27 %</span></i></b></p>
<p class=MsoNormal style='margin-top:3.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:5.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>b) 12 alnader</span></b></p>
<p class=MsoNormal style='margin-left:18.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Srbjamilarltxita ku-enatid</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>16 M</span></b></p>
<p class=MsoNormal style='margin-left:18.0pt'><b><i><span style='font-size:
9.0pt;font-family:Verdana'>lUrtiak BjälvTiak</span></i></b><b><i><span
style='font-size:9.0pt;font-family:Verdana'> </span></i></b><b><i><span
style='font-size:9.0pt;font-family:Verdana'>30 %</span></i></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section57>
<p class=MsoNormal style='margin-top:90.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:375.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>25</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section58>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section59>
<p class=MsoNormal style='margin-top:2.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>BilEgc 2</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>Prop.
1986/87: 23</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section60>
<p class=MsoNormal style='margin-top:26.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>f</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>retagets
risk pga valutekurshojning fatskadefall-exempel</span></b></p>
<p class=MsoNormal style='margin-top:29.0pt;margin-right:259.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>yinanalering av 100 H CEF (å 3:65)<br>
med räntor</span></b><b><span style='font-size:9.0pt;font-family:Verdana'> </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>55 K CEF (å 5:65</span></b></p>
<p class=MsoNormal style='margin-top:3.0pt;margin-right:0cm;margin-bottom:7.0pt;
margin-left:72.0pt'><b><span style='font-size:9.0pt;font-family:Verdana'>155 «
CBF</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section61>
<p class=MsoNormal style='margin-left:9.0pt;text-indent:-9.0pt'><b><span
style='font-size:9.0pt;font-family:Verdana'>i Kormalt KN täcker (i SH) hb %
ib:p37törenB ajälvriek</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:4.0pt;margin-bottom:.0001pt;text-indent:-4.0pt'><b><span
style='font-size:9.0pt;font-family:Verdana'>152 W CEF (</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> 3:65) 23 M (37 (</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> 3:65)</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section62>
<p class=MsoNormal style='margin-top:8.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section63>
<p class=MsoNormal style='margin-left:9.0pt;text-indent:-9.0pt'><b><span
style='font-size:9.0pt;font-family:Verdana'>B <span style='text-transform:uppercase'>Qd
</span>kursen CEF/SDC </span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ndras
-f 1 kr<br>
iKN t</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>cker sax -f 10 f( i kurs</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ndring > 1 CEF<br>
BCNs tak blir d& 132 x 4:02 - 530 N SBC<br>
Banken kr</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ver 155 M CEF x 4:65 </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>«</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> 720 </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>K </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>SEK<br>
ECN betalar</span></b><b><span style='font-size:9.0pt;font-family:Verdana'> </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>530 M SEK</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:8.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>4:02</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section64>
<p class=MsoNormal style='margin-top:2.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section65>
<p class=MsoNormal style='margin-left:8.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Sj</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>lvriak</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:8.0pt;margin-bottom:.0001pt;text-indent:-8.0pt'><b><span
style='font-size:9.0pt;font-family:Verdana'>C Kursen ändras -f Etnken kräver
Et3« täcker</span></b></p>
<p class=MsoNormal style='margin-top:3.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:9.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>SJälvriEk</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:18.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>2 kr</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>190 M
SEK</span></b></p>
<p class=MsoNormal style='margin-top:6.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>875 M SEK 545 M SEK</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section66>
<p class=MsoNormal style='margin-top:13.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section67>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>Ca CHF
finansieringen bar</span></b></p>
<p class=MsoNormal style='margin-top:23.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>blir exportörens Bezinalexponering</span></b></p>
<p class=MsoNormal style='margin-top:24.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Detta Mx ea. n % av finansierat belopp</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal></p>
<p class=MsoNormal style='margin-top:1.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt;text-indent:0cm'><span
style='font-size:9.0pt;font-family:"Times New Roman"'>-<span style='font:7.0pt "Times New Roman"'>
</span></span><b><span style='font-size:9.0pt;font-family:Verdana'>85 *
täckr.ing -12 BAr.aders karens</span></b></p>
<p class=MsoNormal style='margin-left:0cm;text-indent:0cm'><span
style='font-size:9.0pt;font-family:"Times New Roman"'>-<span style='font:7.0pt "Times New Roman"'>
</span></span><b><span style='font-size:9.0pt;font-family:Verdana'>normalt
kursst:.'dd (10 ??)</span></b></p>
<p class=MsoNormal style='margin-left:0cm;text-indent:0cm'><span
style='font-size:9.0pt;font-family:"Times New Roman"'>-<span style='font:7.0pt "Times New Roman"'>
</span></span><b><span style='font-size:9.0pt;font-family:Verdana'>och + 1
kr/CE?</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:5.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>85 K SEK (15 5ö s;älvris:':) 105 M EEK (kursrisl:) 93 K
SDC (dröjsmålsränte 20 K </span></b><b><span lang=EN-US style='font-size:9.0pt;
font-family:Verdana'>X </span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>4:65) 283 K SEK (- löpande pew.i:: värde)</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section68>
<p class=MsoNormal style='margin-top:65.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:381.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>26</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section69>
<p class=MsoNormal style='margin-bottom:23.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section70>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>Bilaga
3 Prop. 1986/87:23</span></b></p>
<p class=MsoNormal style='margin-top:22.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>F</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>rdelning
av </span></b><b><span style='font-size:8.0pt;font-family:Verdana'>é</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tervunns belopp i utl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nosk valuta</span></b></p>
<p class=MsoNormal style='margin-top:2.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>r</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ruta</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ttningar:</span></b></p>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>H</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>gsta
f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rlustbeloppet </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r 5:-</span></b></p>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Carantiprocentsatsen </span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>r 90</span></b></p>
<p class=MsoNormal style='margin-top:6.0pt;margin-right:55.0pt;margin-bottom:
0cm;margin-left:3.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Skadereglering sker till en kurs aom utg</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r 110 Si av kursen vid garanti-f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rbindel sens utf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rdaode.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Exempel T</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>rbin. Skade- T</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>rlust- </span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>Å</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>tervinning</span></b></p>
<p class=MsoNormal style='margin-left:53.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>delse fall andel Kldre Nya</span></b></p>
<p class=MsoNormal style='margin-left:213.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>regler</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'> </span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>regler</span></b></p>
<p class=MsoNormal style='margin-bottom:7.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:29.05pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:29.05pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>Ex 1</span></b></p>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>kurs</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:29.05pt'>
<p class=MsoNormal style='margin-left:7.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>5:-</span></b></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:29.05pt'>
<p class=MsoNormal style='margin-left:15.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>6:-</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:29.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:29.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:29.05pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>6:-</span></b></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:29.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:13.45pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>EKNs
del</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:15.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>4:95</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:8.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>61,9 ii</span></b></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:12.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>7:20'</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:3.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>4:95</span></b></p>
</td>
</tr>
<tr style='height:13.45pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>EXPs
del</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:15.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>3:05</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:8.0pt'><b><i><span style='font-size:
8.0pt;font-family:Verdana'>38,1 </span></i></b><b><i><span style='font-size:
8.0pt;font-family:Verdana'>%</span></i></b></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:12.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>0:B0</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:3.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>3:05</span></b></p>
</td>
</tr>
<tr style='height:14.65pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.65pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>Ex 2</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:11.3pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.3pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>Kurs</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.3pt'>
<p class=MsoNormal style='margin-left:7.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>5:-</span></b></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.3pt'>
<p class=MsoNormal style='margin-left:15.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>6:-</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>5:-</span></b></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:13.45pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>EKNs
del</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:15.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>4:95</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:8.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>61,9 SI</span></b></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:12.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>4:50</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>3:10</span></b></p>
</td>
</tr>
<tr style='height:13.45pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>EXPs
del</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:16.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>3:05</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:8.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>3B,1 Si</span></b></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:12.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>0:50</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.45pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>1:90</span></b></p>
</td>
</tr>
<tr style='height:14.9pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>Ex 3</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:11.5pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>Kurs</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal style='margin-left:7.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>5:-</span></b></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal style='margin-left:15.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>B.-</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>10:-</span></b></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:12.7pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.7pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>EKNs
del</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.7pt'>
<p class=MsoNormal style='margin-left:15.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>4:95</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.7pt'>
<p class=MsoNormal style='margin-left:8.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>61,9 Si</span></b></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.7pt'>
<p class=MsoNormal style='margin-left:12.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>9:-</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.7pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>6:75</span></b></p>
</td>
</tr>
<tr style='height:13.2pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.2pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>EXPs
del</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.2pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.2pt'>
<p class=MsoNormal style='margin-left:16.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>3:05</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.2pt'>
<p class=MsoNormal style='margin-left:8.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>38,1 SI</span></b></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.2pt'>
<p class=MsoNormal style='margin-left:12.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>1:-</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.2pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:13.2pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>3:25')</span></b></p>
</td>
</tr>
<tr style='height:14.9pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><b><i><span style='font-size:8.0pt;font-family:Verdana'>Ex
</span></i></b><b><i><span style='font-size:8.0pt;font-family:Verdana'>1</span></i></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:11.75pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>Kurs</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal style='margin-left:7.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>5:-</span></b></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal style='margin-left:16.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>5:-</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal style='margin-left:6.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>B:-</span></b></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:12.95pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.95pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana;
text-transform:uppercase'>EKNe </span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>del</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.95pt'>
<p class=MsoNormal style='margin-left:16.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>4:50</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.95pt'>
<p class=MsoNormal style='margin-left:8.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>90 </span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>»</span></b></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.95pt'>
<p class=MsoNormal style='margin-left:12.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>7:20</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:12.95pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>7:20</span></b></p>
</td>
</tr>
<tr style='height:14.15pt'>
<td width=65 valign=top style='width:48.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.15pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana;
text-transform:uppercase'>EXPe </span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>del</span></b></p>
</td>
<td width=57 valign=top style='width:42.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.15pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=77 valign=top style='width:57.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.15pt'>
<p class=MsoNormal style='margin-left:16.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>0:50</span></b></p>
</td>
<td width=74 valign=top style='width:55.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.15pt'>
<p class=MsoNormal style='margin-left:9.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>10 Si</span></b></p>
</td>
<td width=60 valign=top style='width:45.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.15pt'>
<p class=MsoNormal style='margin-left:13.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>0:80</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.15pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=48 valign=top style='width:36.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:14.15pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>0:B0</span></b></p>
</td>
</tr>
</table>
<p class=MsoNormal style='margin-top:35.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt;text-indent:0cm'><b><span
style='font-size:8.0pt'>1)<span style='font:7.0pt "Times New Roman"'>
</span></span></b><b><span style='font-size:8.0pt'>■</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> 90 > av 5:- </span></b><b><span
lang=EN-US style='font-size:8.0pt;font-family:Verdana'>X </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>110 ></span></b></p>
<p class=MsoNormal style='margin-top:3.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:2.0pt;margin-bottom:.0001pt;text-indent:0cm'><b><span
style='font-size:9.0pt;font-family:"Times New Roman"'>2)<span style='font:7.0pt "Times New Roman"'>
</span></span></b><b><span style='font-size:9.0pt'>■</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> 90 J av 6:-</span></b></p>
<p class=MsoNormal style='margin-top:3.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:2.0pt;margin-bottom:.0001pt;text-indent:0cm'><b><span
style='font-size:8.0pt'>3)<span style='font:7.0pt "Times New Roman"'>
</span></span></b><b><span style='font-size:8.0pt'>■</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> 10 > av 2:- </span></b><b><span
style='font-size:8.0pt'>♦</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'> 3B,1 t av 6:-</span></b></p>
<b><span style='font-size:8.0pt;font-family:Verdana'><br clear=all>
</span></b>
<p class=MsoNormal style='margin-top:205.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>27</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section71>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section72>
<p class=MsoNormal style='margin-left:256.0pt;text-indent:19.0pt'><b><span
style='font-size:8.0pt;font-family:Verdana'>1 (3) Prop. 1986/87:23 Bilaga 4</span></b></p>
<p class=MsoNormal style='margin-top:30.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:43.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Ber</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>kningar
</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ver skadereglering i valuta</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:42.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>F</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>r att
illustrera de t</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nkbara konsekvenserna av skadereglering
i valuta har ber</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kningar gjorts p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> garantiverksamheten under perioden
1975/76 - 1984/85. BKN tankes d</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>rvid ha skade-reglerat i USD och C9{F f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r fordringar i nyssn</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mnda valutor s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>vltt avser andra </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n korta aff</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rer.</span></b></p>
<p class=MsoNormal style='margin-top:16.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>,/. utg</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>å</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ngspunkt f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r ber</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kningarna </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r tabell 1, som visar det</span></b></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:52.0pt;margin-bottom:
0cm;margin-left:42.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>verkliga resultatet av garantigivningen under perioden,
dock med vissa Justeringar. Resultaten f</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>r de senare Sren har i tabellen belastats med vissa r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntekostnader f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r uppl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ning i riksg</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ldskontoret som enligt
regeringsbeslut betalats med budgetmedel. F</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r att underl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tta J</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>relser bed senare ber</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kningar har emellertid r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ntekostnader och r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nteint</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kter som h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r sig till uppianad likviditet (dvs
l</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>n ut</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ver ackumulerade underskott)
eliminerats.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:42.0pt;margin-bottom:.0001pt;text-indent:-42.0pt'><b><span
style='font-size:8.0pt;font-family:Verdana'>./. I tabell 2 redovisas de Int</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kter, kostnader och resultat som
BKN ber</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>knat skulle ha uppkommit cm
verksamheten under perioden hade varit uppdelad i tre separata sektorer, en f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r svenska kronor, en f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r USD och en f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r CHF.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:43.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>F</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>rdelningen
av garantigivningen och premieint</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>kterna p</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä
</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>krediter i
olika valutor kan inte utl</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>sas ur BKNs statistik. F</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>rdelningen mellan svenska kronor och utl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndsk valuta har antagits vara samma
som 1 SEKs kreditgivning. Premierna f</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>r garantier 1 utl</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ndsk valuta antas ha Influtit i proportionen 80 % USD resp. 20 % CHF.
Efter inbetalningen antas premierna ha f</span></b><b><span style='font-size:
8.0pt;font-family:Verdana'>ö</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>rvaltats </span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ph </span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>valutakonton. Skadeers</span></b><b><span style='font-size:8.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>ttningarna och </span></b><b><span style='font-size:8.0pt;font-family:
Verdana'>å</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>tervinningarna
</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r de verkliga. F</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rdelningen av dessa p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> valutor finns registrerad 1 BKNs
statistik. F</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r ber</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kningen av r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nte-</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><span style='font-size:11.0pt;
font-family:Verdana'>28</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section73>
<p class=MsoNormal style='margin-bottom:23.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section74>
<p class=MsoNormal><span style='font-family:Verdana'>2 (3) Prop. 1986/87:23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Int</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>kter
pS ackumulerade reserver 1 USD och CHF har till</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>mpats villkoren f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r l</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>pande placeringar pS en Banad. R</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ntekostnaderna 1 valutor har baserats
p</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> villkor son till</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>mpats av riksg</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ldskontoret .</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Son framg</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>å</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>r av tabell 2 visar ber</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>kningama att s</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>å</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>v</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>l den reducerade kronsektorn <span
style='text-transform:uppercase'>boo </span>verksamheten i CHF skulle ha g</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>tt med betydande underskott medan
verksamheten i USD skulle ha uppvisat ett </span></b><b><span style='font-size:
9.0pt;font-family:Verdana'>ö</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>verskott, (underskottet 1 CHF h</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>nf</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r sig n</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>stan uteslutande till
skaderegleringar p</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> Polen.) Ned antagandet att USD-</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>verskottet beh</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>llits p</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> valutakonto, hade BKN tvingats l</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>na kronor och CHF f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r att finanslera hela undskotten i
dessa sektorer, uppl</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>å</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ningsbehovet
hade blivit ca 360 MSEK h</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>gre </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>n vid garantigivning enbart i
kronor enligt tabell 1.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Det totala resultatet f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r perloden hade emellertid blivit b</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ttre med garantigivning 1 valutor
(enligt tabell 2) </span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>n med garantigivning enbart 1
svenska kronor (enligt tabell 1), trots att BKN skulle ha burit hela kursrisken
vid skadefallen. Detta 1 och f</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>r sig f</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rv</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>nande resultat beror huvudsakligen
p</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ä </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>att BKN under den senare delen av
perloden skulle ha f</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>å</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>tt l</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>na upp CHF, vilket gett l</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ga utgiftsr</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ntor och samtidigt kunnat tillgodog</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ra sig betydande r</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>nteint</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>kter och kursvinster p</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>tillg</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ngar i USD.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>I tabell 3 j</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>mf</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rs </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r och sanmanr</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>knat f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r hela ber</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>kningsperioden resultatet av garantigivning
enbart 1 kronor (v</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rden redovisade p</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> rad a) med resultatet av
garantigivning 1 tre sektorer (v</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>rden p</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> rad b). Enligt tabell 3 skulle
utfallet av garantigivning 1 valuta blivit n</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>got s</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>mre </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>n det som framkomnit i tabell 2.
Anledningen till detta </span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>r att
de </span></b><b><span style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rliga resultaten av verksamheten 1
valuta p</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> rad b) </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r redovisade efter vid varje </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r g</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>llande valutakurser vilket, vid
saimnanr</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>knlngen f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r hela ber</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>kningsperioden, ger en
underskattning av de faktorer scen kompenserat f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r de </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>kade skaderegleringarna.</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:204.0pt'><span style='font-size:11.0pt;
font-family:Verdana'>29</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section75>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section76>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>3
(3) Prop. 1986/87:23</span></b></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:69.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Kv tabell 3 framgår att BKN vid garantigivning i valutor
hade näst betala ut aotsvarande 319 MSEK mer än vid garantigivning enbart 1
svenska kronor. Detta motsvarar en 5)cning med drygt 17 % av beräknade totala
skadeutbetalningar under 1975/76 -- 84/85 för fordringar i USD och CHF. För
fordringar i USD är ökningen ca 19 %aedan den för CHF uppgår till ca 16 \.
Dessa beräkningar baseras på förutsättningen att den gällande max-kursen för
skadereglerade garantier 1 USD och CHF nästan genomgående uppgått till 125 % av
kursen vid resp. garantis utfärdande. Oa 1 stället den 1983 införda maxkursen
på 110 % läggs till grund för beräkningarna kan de ökade skaderegleringsbeloppen
för fordringar i valuta uppskattas till drygt 450 KSEK, en ökning med ca 25 %.</span></b></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:69.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Oen studerade tioårsperioden uppvisar många
anmärkningsvärda drag. Till att börja ned skulle skadereglering i valuta inte
ha haft någon nämnvärd betydelse för utfallet av det löpande resultatet av
verksamheten före 1981/82 eftersom skaderegleringar av större omfattning i USD
och CHF hade blivit aktuella först då. Under den senare delen av perioden
skulle tillgångar i USD ha gett både kursvinster och bättre förräntning än
till-gängar i svenska kronor samtidigt san underskotten 1 CHP-sek-tom skulle ha
gett lägre upplåningskostnader. Om tillgångarna hade legat 1 CHF och skulderna
1 USD skulle ett väsentligt sämre resultat blivit följden.</span></b></p>
<p class=MsoNormal style='margin-top:76.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>0029K</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>30</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section77>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section78>
<p class=MsoNormal style='margin-right:41.0pt'><span style='font-family:Verdana'>Prop.
1986/87; 23</span></p>
<p class=MsoNormal style='margin-top:21.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:140.0pt;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>r- IO o</span></b></p>
<p class=MsoNormal style='margin-left:140.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>fM o D</span></b></p>
<p class=MsoNormal style='margin-left:140.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>-4 w rx</span></b></p>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:5.75pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>«</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal style='margin-left:22.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>»</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>eo</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>O</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>w</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>0\</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>,H</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>o>
in</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>o></span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>rg</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>in</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>4.J</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:22.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>ce</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>f-t</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>eo</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>.H</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>eo</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>eo</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><i><span style='font-size:7.0pt;font-family:Verdana'>o</span></i></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>M</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>eo</span></b></p>
</td>
</tr>
<tr style='height:8.9pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal style='margin-left:22.0pt'><b><i><span style='font-size:
5.0pt;font-family:Verdana'>tn</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>n</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'><N</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>s</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>P)</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><b><i><span style='font-size:7.0pt;font-family:Verdana'>o</span></i></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>o</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>C</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:22.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>eo</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1 1</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>fH</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>fM</span></b></p>
</td>
</tr>
<tr style='height:11.5pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>></span></b><span
style='font-family:Verdana'> </span></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:11.75pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>W</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:11.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>C</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>n</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>-</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>in</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>r</span></b><b><span
style='font-size:7.0pt;font-family:Verdana'>»</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>-H</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>m
t</span></b><b><span style='font-size:6.0pt;font-family:Verdana'>»</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>rg</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>tn</span></i></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt'>■</span></i></b><b><i><span
style='font-size:4.0pt;font-family:Verdana'>rt</span></i></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>eo</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>IC</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>r-</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>*H</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>rg</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>rg</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>v</span></i></b></p>
</td>
</tr>
<tr style='height:8.65pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><i><span style='font-size:14.0pt;font-family:Verdana'>s</span></i></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>N</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>eo</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>»</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>«</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>N</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>eo</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:3.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1 1</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>rg</span></b></p>
</td>
</tr>
<tr style='height:5.05pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><i><span style='font-size:7.0pt;font-family:Verdana'>a</span></i></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><i><span style='font-size:7.0pt;font-family:Verdana'>a</span></i></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:6.7pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>3</span></i></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:6.95pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana;
text-transform:uppercase'>JC</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 rowspan=2 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><i><span style='font-size:12.0pt;font-family:Verdana'>\i</span></i></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>M</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>fM</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>in</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>«</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>n</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>r</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>»</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>in</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>t--</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>rg</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>fH</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>00</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>(M</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>eo</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>CM</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>-H</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><i><span style='font-size:
5.0pt;font-family:Verdana'>tn</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>ov</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>te</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:22.0pt'><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>rg</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>VO</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><i><span style='font-size:
5.0pt;font-family:Verdana'>tn</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>fH</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>in</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:7.0pt;font-family:Verdana'>v</span></i></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>•</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>-(</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>eo</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:3.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:19.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>-H</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>H</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>u</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>(></span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.1pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.05pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>CT</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:23.0pt'><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>«</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>ro</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>n</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>O</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>rg</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>o</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>eo</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>O</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>kl</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>CD</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>Ul</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'><c</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>fH</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>r-</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>-H</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>in</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>p)</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>O</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>1</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:22.0pt'><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>-H</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>fH</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>O</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:7.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>O</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'><0</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>eo</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:18.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>+</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>-</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>ii</span></i></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:6.95pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>n</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:6.5pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>«</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>4.J</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>o</span></b></p>
</td>
<td width=23 style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>-</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>r-</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>r>-</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>o</span></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>e</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.3pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>«</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>CO</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>H</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>Pl</span></b></p>
</td>
</tr>
<tr style='height:8.65pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>eo</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>-4</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>tA</span></b></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>-H</span></b></p>
</td>
<td width=24 style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>CM</span></b></p>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>tn</span></i></b></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>fH</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>tn</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>eo</span></b></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.65pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;height:8.65pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>r-</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>in</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>Ol</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:6.25pt'>
<td width=11 valign=top style='width:8.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>eo</span></b></p>
</td>
<td width=52 valign=top style='width:39.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>r*</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:16.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:18.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal style='margin-left:19.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>t</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.55pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
</table>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section79>
<p class=MsoNormal style='margin-top:3.0pt;margin-right:21.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-size:6.0pt;
font-family:Verdana'>t» </span><span style='font-size:4.0pt;font-family:Verdana'>CO</span></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>»</span></b><b><span
style='font-size:7.0pt;font-family:Verdana'> rg o</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>m
M v</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:6.0pt;margin-right:31.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>o -4</span></b></p>
<p class=MsoNormal style='margin-top:2.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>I</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>rg</span></b></p>
<p class=MsoNormal style='margin-right:15.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>o in</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section80>
<p class=MsoNormal style='margin-top:20.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section81>
<p class=MsoNormal style='margin-top:4.0pt'><b><span style='font-size:20.0pt;
font-family:Verdana'>I</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-right:29.0pt'><b><i><span style='font-size:
6.0pt;font-family:Verdana'>rg tn</span></i></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section82>
<p class=MsoNormal style='margin-top:38.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section83>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:5.3pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>kl</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>fl</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>ov</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>C</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><i><span style='font-size:
4.0pt;font-family:Verdana'>4J</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>tr</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span lang=EN-US
style='font-size:4.0pt;font-family:Verdana'>II</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>kl</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>4.1</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>.H</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>c</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>kl u</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>fl</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>n</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>3</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>-4</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>1) fl</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>tn</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>0</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>n</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>u</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>o ov</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>C</span></b></p>
</td>
<td width=24 rowspan=2 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:12.0pt;
font-family:Verdana'>g</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>kl</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>M</span></i></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span lang=EN-US
style='font-size:4.0pt;font-family:Verdana'>II</span></b></p>
</td>
<td width=23 style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>•</span></b><b><span style='font-size:5.0pt;font-family:
Verdana'> C</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>Irt</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>Li</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:7.0pt;font-family:Verdana'>ii</span></i></b></p>
</td>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>•</span></b><b><span style='font-size:4.0pt;font-family:
Verdana'>1</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>>..</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>kl</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>><</span></b><span style='font-family:Verdana'> </span></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>M -H</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>«</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>«</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>c</span></b></p>
</td>
<td width=24 style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:12.0pt;font-family:Verdana'>a</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>V</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>0</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>n u</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>DV</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>4.1</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>4J</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><i><span style='font-size:
4.0pt;font-family:Verdana'>4J</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>fl</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>4.,</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>4.,</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>lu</span></b></p>
</td>
<td width=31 style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.3pt'>
<p class=MsoNormal style='margin-left:9.0pt'><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>C</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>J<</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>M</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>fl</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>C</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>Jl</span></i></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>fl</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>«</span></b><b><span style='font-size:5.0pt;font-family:
Verdana'> b</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>«</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>H</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>te</span></i></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>l</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>«</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>kl</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>4.,</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>ifl</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>u</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>fl</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'>5 0</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>C</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><i><span style='font-size:9.0pt;font-family:Verdana'>**</span></i></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>n</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><i><span style='font-size:
9.0pt;font-family:Verdana'>**</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>m</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>*></span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>*J</span></i></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>•</span></b></p>
</td>
<td width=23 rowspan=2 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>§</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>c <ki</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>L,</span></i></b></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>c</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>c</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>kl</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>m</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>0</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>c</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>fl</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>M</span></i></b></p>
</td>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>«</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>A)</span></b></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>wt</span></i></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>H</span></b></p>
</td>
<td width=24 style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>•</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>)</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>H</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>j<</span></b></p>
</td>
<td width=23 style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>4J</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>3</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>H</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>0 </span></b><b><span
lang=EN-US style='font-size:5.0pt;font-family:Verdana'>II</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>></span></b><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>V</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>(1</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>C</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>t)</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>-</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:12.0pt;
font-family:Verdana'>i</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>l4</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>4J </span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>E</span></b></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>kl</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>u</span></i></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt'>■</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt'>■</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>H</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>4J</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>3</span></b></p>
</td>
<td width=22 style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:12.0pt;
font-family:Verdana'>s</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>J<</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>n fl</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=17 style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:12.0pt;font-family:Verdana'>s</span></b></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>t)</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>c</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>fl</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>E</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>C</span></b></p>
</td>
<td width=23 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>kl</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>n</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>.K</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>n</span></b></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span lang=EN-US
style='font-size:5.0pt;font-family:Verdana'>II </span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>b</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>b</span></b></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>df'</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>10</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>j<</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>€</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>Ifl</span></b></p>
</td>
<td width=23 rowspan=2 valign=top style='width:17.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><i><span style='font-size:12.0pt;font-family:Verdana'>é</span></i></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>(1</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>l></span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>></span></b><span style='font-family:Verdana'> </span></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>4J v</span></b></p>
</td>
</tr>
<tr style='height:6.25pt'>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>0,</span></b></p>
</td>
<td width=23 valign=top style='width:17.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>t</span></i></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>K</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>in</span></b></p>
</td>
<td width=24 valign=top style='width:17.75pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:7.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=23 valign=top style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>K</span></b></p>
</td>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>K</span></b></p>
</td>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>It</span></i></b></p>
</td>
<td width=23 style='width:17.05pt;padding:0cm 2.0pt 0cm 2.0pt;height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'><</span></b><span
style='font-family:Verdana'> </span></p>
</td>
<td width=31 valign=top style='width:23.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>S -4</span></b></p>
</td>
</tr>
</table>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:51.0pt'><span style='font-family:Verdana'>31</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section84>
<p class=MsoNormal style='margin-bottom:20.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section85>
<p class=MsoNormal style='margin-right:37.0pt'><span style='font-family:Verdana'>Prop.
1986/87; 23</span></p>
<p class=MsoNormal style='margin-top:13.0pt;margin-right:399.0pt;margin-bottom:
20.0pt;margin-left:0cm'><b><span style='font-size:6.0pt;font-family:Verdana'>o
n</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section86>
<div>
<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 width=34 height=62>
<tr>
<td valign=top align=left height=62 style='padding-top:0cm;padding-right:
1.9pt;padding-bottom:0cm;padding-left:1.9pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>o</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>CD
O I </span></b><b><span style='font-size:4.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>>v LA </span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>Ov =J I</span></b></p>
<p class=MsoNormal style='margin-left:13.0pt;text-indent:-12.0pt'><b><span
style='font-size:6.0pt;font-family:Verdana'>r~ 3£ I</span></b></p>
<p class=MsoNormal style='margin-left:13.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>Ul LO</span></b></p>
</td>
</tr>
</table>
</div>
<p class=MsoNormal style='margin-top:27.0pt;margin-right:21.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>lA </span></b><b><span style='font-size:6.0pt;font-family:
Verdana'>D</span></b></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>00</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:4.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>U_ I ITV I lA </span></b></p>
<p class=MsoNormal><b><span lang=EN-US style='font-size:5.0pt;font-family:Verdana'>X
</span></b><b><span style='font-size:5.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>- rg</span></b></p>
<p class=MsoNormal><b><span style='font-size:8.0pt;font-family:Verdana'><->
I</span></b></p>
<p class=MsoNormal style='margin-top:9.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:14.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>SO IA rg fA Ov<br>
</span></b><b><span style='font-size:4.0pt;font-family:Verdana'>KV T- *-
-</span></b></p>
<p class=MsoNormal style='margin-top:10.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:14.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>r vO OD rg lA</span></b></p>
<p class=MsoNormal style='margin-left:14.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>rg CM csi o r*</span></b></p>
<p class=MsoNormal style='margin-left:27.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>4- KV CM 4-</span></b></p>
<p class=MsoNormal style='margin-left:56.0pt'><b><span lang=EN-US
style='font-size:6.0pt;font-family:Verdana'>I </span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>I</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-left:28.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>iA </span></b><b><span style='font-size:4.0pt;
font-family:Verdana'>»</span></b><b><span style='font-size:4.0pt;font-family:
Verdana'>- lA </span></b><b><span style='font-size:4.0pt;font-family:Verdana'>»</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>- lA</span></b></p>
<p class=MsoNormal style='margin-top:5.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:32.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>I</span></b></p>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>lA ol </span></b><b><span style='font-size:6.0pt;
font-family:Verdana'>•</span></b><b><span style='font-size:6.0pt'>■</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>-</span></b></p>
<p class=MsoNormal style='margin-right:14.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>00 ml r </span></b><b><span style='font-size:9.0pt;
font-family:Verdana'> =1</span></b></p>
<p class=MsoNormal style='margin-top:3.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>CD</span></b></p>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:13.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>Ujl vA</span></b></p>
<div>
<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 height=9>
<tr>
<td valign=top align=left height=9 style='padding-top:0cm;padding-right:1.9pt;
padding-bottom:0cm;padding-left:1.9pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>in</span></b></p>
</td>
</tr>
</table>
</div>
<p class=MsoNormal style='margin-left:41.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>o </span></b><b><span style='font-size:5.0pt'>■</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>a</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:21.0pt;margin-right:23.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>vO SO</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:30.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>o</span></b></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>(C</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section87>
<p class=MsoNormal style='margin-top:6.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section88>
<p class=MsoNormal style='margin-left:57.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>v 1 I KV Ov</span></b></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:6.95pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>f.</span><span
style='font-size:4.0pt;font-family:Verdana'>»</span></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><b><span lang=EN-US style='font-size:4.0pt;font-family:
Verdana'>X</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>4-</span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>»</span></b><b><span
style='font-family:Verdana'>-</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>lA</span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>CJ</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>r
ID</span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.8pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>O JJ</span></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>r- 3</span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal style='margin-left:5.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>Ov</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>Oj</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>r</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>O</span></b></p>
</td>
<td width=17 style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;height:5.5pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>-</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>Ov</span></b></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'><o</span></b></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal style='margin-left:5.0pt'><b><i><span style='font-family:
Verdana'>—</span></i></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal style='margin-left:5.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>r-</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>tn</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>rg</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><i><span style='font-family:Verdana'>~</span></i></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>fA</span></b></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>u.
to</span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><span style='font-family:
Verdana'>-~.</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>=>l</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span lang=EN-US style='font-size:5.0pt;font-family:
Verdana'>X </span></b><b><span style='font-size:5.0pt;font-family:Verdana'>></span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal style='margin-left:5.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>00</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>u</span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal style='margin-left:5.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>r</span></b><b><span style='font-size:6.0pt;font-family:
Verdana'>»</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.05pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal style='margin-left:6.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>o.</span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>r-</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt'>■</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>O</span></b></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>r*</span></b></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span lang=EN-US style='font-size:6.0pt;font-family:
Verdana'>X </span></b><b><span style='font-size:6.0pt;font-family:Verdana'>n</span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>UJ</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>CD</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana;
text-transform:uppercase'>On</span></b></p>
</td>
<td width=17 style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;height:5.5pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>•»</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>lA</span></b></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>rg</span></b></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>U
01</span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>in</span></b></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>rg</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-size:2.0pt'>■</span></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:6.25pt'>
<td width=26 valign=top style='width:19.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o l.</span></b></p>
</td>
<td width=27 valign=top style='width:19.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:13.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-family:
Verdana'>(</span></b></p>
</td>
<td width=15 valign=top style='width:11.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.25pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
</table>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:29.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>vo</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>ov</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:0cm;margin-right:26.0pt;margin-bottom:
0cm;margin-left:14.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>Li.| CM 4- </span></b><b><span style='font-size:5.0pt;
font-family:Verdana'>«</span></b><b><span style='font-size:5.0pt;font-family:
Verdana'> </span></b><b><span lang=EN-US style='font-size:5.0pt;font-family:
Verdana'>X </span></b><b><span style='font-size:5.0pt;font-family:Verdana'>vO
4- VO </span></b><b><span style='font-size:6.0pt;font-family:Verdana'>ul 4-</span></b></p>
<p class=MsoNormal style='margin-top:10.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>4 Ol CO</span></b></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>CO
m r</span></b></p>
<div>
<table cellspacing=0 cellpadding=0 hspace=0 vspace=0 width=23 height=14>
<tr>
<td valign=top align=left height=14 style='padding-top:0cm;padding-right:
1.9pt;padding-bottom:0cm;padding-left:1.9pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>O CD</span></b></p>
</td>
</tr>
</table>
</div>
<p class=MsoNormal style='margin-top:15.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:54.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>CS O O *- r lA lA 4- so</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:21.0pt;margin-right:29.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>(B Ov</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section89>
<p class=MsoNormal style='margin-top:7.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section90>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>Lf.
I KV fA I KV vD<br>
</span></b><b><span lang=EN-US style='font-size:4.0pt;font-family:Verdana'>X
</span></b><b><span style='font-size:4.0pt;font-family:Verdana'>4- 4-</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:1.0pt;margin-right:23.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>O vC</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>rg
KV 4-</span></b><b><span style='font-size:4.0pt;font-family:Verdana'>4-
4- o</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section91>
<p class=MsoNormal style='margin-top:10.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section92>
<p class=MsoNormal style='margin-right:16.0pt;text-indent:4.0pt'><b><span
style='font-size:7.0pt;font-family:Verdana'>- c o</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>03</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>r~ Ol</span></b></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>. LO</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>r~ 3)</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:4.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>CM r* CM lA r<br>
rg CM</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:5.0pt;margin-right:27.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>O </span></b><b><span style='font-size:6.0pt;font-family:
Verdana'>m</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section93>
<p class=MsoNormal style='margin-top:4.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section94>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>a E</span></b></p>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>CO</span></b></p>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>o .-,</span></b></p>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>k.</span></b></p>
<p class=MsoNormal style='margin-left:11.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>D.</span></b></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:17.0pt;margin-bottom:
0cm;margin-left:12.0pt;margin-bottom:.0001pt;text-indent:-12.0pt'><b><span
style='font-size:6.0pt'>■</span></b><b><span style='font-size:6.0pt;
font-family:Verdana'>H a </span></b><b><span style='font-size:7.0pt;font-family:
Verdana'>o</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>c -1</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>c u</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>H .D</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>c</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:15.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>.tf r O K 4-</span></b></p>
<p class=MsoNormal style='margin-left:15.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>KV K\ lA 00</span></b></p>
<p class=MsoNormal style='margin-left:15.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>CM 4- 4- 14</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>—</span></b></p>
<p class=MsoNormal style='margin-top:15.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>U-I O KV I KV</span></b></p>
<p class=MsoNormal><b><span lang=EN-US style='font-size:5.0pt;font-family:Verdana'>X </span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>4-</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:5.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>a r- o </span></b><b><span style='font-size:5.0pt;
font-family:Verdana'>4- r CD</span></b></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>«</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'> 4- .tf</span></b></p>
<p class=MsoNormal style='margin-top:16.0pt;margin-right:5.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>lA KV o O Ov sO I I</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section95>
<p class=MsoNormal style='margin-top:2.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section96>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>r o
I ></span></b><b><span style='font-size:6.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'> vo I vC rg<br>
r- irl CM</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-right:23.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>Cl </span></b><b><span style='font-size:6.0pt;font-family:
Verdana'>m</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>r</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>»</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'> KV</span></b></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>so
IA</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section97>
<p class=MsoNormal style='margin-top:13.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section98>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>1
KV lA .tf Ov .tf UJ vO o KV CM KV</span></b></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>ml
rg 4- *- i <span style='text-transform:uppercase'>cm</span></span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:1.0pt;margin-right:23.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>O </span></b><b><span style='font-size:5.0pt;font-family:
Verdana'>»</span></b><b><span style='font-size:5.0pt;font-family:Verdana'>A</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:1.0pt;margin-right:27.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>ict ujl m</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>so r</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>4-
lA</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>CM
4-</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>.tf
r- KV </span></b><b><span style='font-size:6.0pt;font-family:Verdana'>.tf
o o</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section99>
<p class=MsoNormal style='margin-top:14.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:55.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>u. CO rg</span></b></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:0cm;margin-bottom:5.0pt;
margin-left:55.0pt'><b><span style='font-size:12.0pt;font-family:Verdana'>£</span></b><b><span
style='font-size:12.0pt;font-family:Verdana'>1</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section100>
<p class=MsoNormal style='margin-right:15.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>NO o) PM <r I c<br>
r*</span></b><b><span style='font-size:6.0pt;font-family:Verdana'>»</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'> m </span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>«</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>- r-</span></b></p>
<p class=MsoNormal style='margin-top:16.0pt;margin-right:29.0pt;margin-bottom:
0cm;margin-left:14.0pt;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'> T r* \o f UJ </span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>«</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'> pw u fsj \o</span></b></p>
<p class=MsoNormal style='margin-bottom:20.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:5.75pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>CD</span></b></p>
</td>
</tr>
<tr style='height:6.0pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.0pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>-.4</span></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.0pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.0pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.0pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.0pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.0pt'>
<p class=MsoNormal style='margin-left:11.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>O'</span></b></p>
</td>
</tr>
<tr style='height:5.05pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>1
C</span></b></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>n</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>ID</span></b></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01
-H</span></b></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt'>■</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>O t.</span></b></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>u</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>-</span></b></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>OTI</span></b></p>
</td>
</tr>
<tr style='height:5.05pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>k</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>JC
k.</span></b></p>
</td>
</tr>
<tr style='height:5.05pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>u</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>m</span></b></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>n o</span></b></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt'>■</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>01</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt'>■</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>O</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>ID</span></b></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>w</span></b></p>
</td>
</tr>
<tr style='height:5.05pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><i><span style='font-size:3.0pt;font-family:Verdana'>*J</span></i></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>JJ</span></b></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>e</span></b></p>
</td>
<td width=32 style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;height:5.05pt'>
<p class=MsoNormal style='margin-left:5.0pt'><b><span style='font-family:
Verdana'>•</span></b></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>Jt</span></i></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>m</span></i></b></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>JJ
.</span></b></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>:a</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><span style='font-size:3.0pt'>■</span></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>n -j</span></b></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><i><span style='font-size:6.0pt;font-family:Verdana'>o</span></i></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>.u</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>n</span></b></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>J(</span></b></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>01 ov</span></b></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>C</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>u</span></b></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>JJ
01</span></b></p>
</td>
</tr>
<tr style='height:6.5pt'>
<td width=13 valign=top style='width:9.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>,</span><span
style='font-size:3.0pt;font-family:Verdana'>—</span><span style='font-size:
3.0pt;font-family:Verdana'>1</span></p>
</td>
<td width=20 valign=top style='width:14.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>•</span><span
style='font-size:3.0pt;font-family:Verdana'>-V</span></p>
</td>
<td width=17 style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana;
text-transform:uppercase'>q:</span></b></p>
</td>
<td width=21 valign=top style='width:15.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'><r</span></b></p>
</td>
<td width=32 valign=top style='width:24.0pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>=1
b</span></b></p>
</td>
</tr>
</table>
<span style='font-size:1.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><span style='font-size:1.0pt;font-family:Verdana'> </span></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:6.5pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>Cj</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>Ov</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>tf</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>yo</span></i></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><i><span style='font-size:6.0pt;font-family:Verdana'>m</span></i></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>t-</span></i></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>O</span></b></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>00</span></b></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>m</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt'>■</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>tf</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>CM</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>SO</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>= 1</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.75pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>00</span></b></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>1</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>lA</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>SO</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>rv</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>se</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>--</span></b></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>UJ</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>r-</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>KV</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>r-</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt'>■</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>tf</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt'>■</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>SO</span></b></p>
</td>
</tr>
<tr style='height:64.3pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:64.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:64.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>inj</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:64.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>1</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>JJ </span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>a</span></b></p>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>1</span></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>3</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>n</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>u</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:64.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:64.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>kl</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:64.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:64.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>CM 1</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>JJ O</span></b></p>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>JJ -4</span></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:64.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>1</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>0</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>JC</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:64.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>to</span></b></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>k</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>a</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>O'</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>c</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>L.</span></b></p>
<p class=MsoNormal><b><span style='font-size:4.0pt'>■</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>D</span></b></p>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>Lf</span></p>
</td>
</tr>
<tr style='height:5.05pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>b</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>n</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>n</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.05pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>O</span></b></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><i><span style='font-size:6.0pt;font-family:Verdana'>•</span></i></b><b><i><span
style='font-size:6.0pt;font-family:Verdana'>o</span></i></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>01</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt'>■</span></b><b><span
style='font-size:4.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>w</span></b></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>a</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>jj</span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana;
text-transform:uppercase'>q:</span></b></p>
</td>
<td width=17 style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;height:5.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-family:
Verdana'>.</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>Ol</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>JC</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>4</span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=17 style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;height:5.5pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>•</span></b></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>:n</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=17 style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;height:5.5pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-family:
Verdana'>.</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>B</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>f-4</span></p>
</td>
</tr>
<tr style='height:5.5pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><i><span style='font-size:6.0pt;font-family:Verdana'>o</span></i></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>m</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>ID</span></b></p>
</td>
<td width=17 style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;height:5.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>V</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.5pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o></span></b></p>
</td>
</tr>
<tr style='height:5.3pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>c</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>u</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><span style='font-size:3.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.3pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>01</span></b></p>
</td>
</tr>
<tr style='height:6.7pt'>
<td width=14 valign=top style='width:10.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=19 valign=top style='width:14.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>—</span></b></p>
</td>
<td width=19 valign=top style='width:14.4pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>—</span></b></p>
</td>
<td width=18 valign=top style='width:13.2pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><b><i><span style='font-size:4.0pt;font-family:Verdana'>3</span></i></b><b><i><span
style='font-size:4.0pt;font-family:Verdana'>£</span></i></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><b><i><span style='font-size:6.0pt;font-family:Verdana'>tc</span></i></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><b><span style='font-family:Verdana'>«</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=17 valign=top style='width:12.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.7pt'>
<p class=MsoNormal><b><span style='font-size:4.0pt;font-family:Verdana'>b</span></b></p>
</td>
</tr>
</table>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section101>
<p class=MsoNormal style='margin-top:2.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:374.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>32</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section102>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section103>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:1.0pt'><span style='font-family:Verdana'>Prop.
1986/87:23</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section104>
<p class=MsoNormal style='margin-top:23.0pt;margin-right:0cm;margin-bottom:
9.0pt;margin-left:4.0pt'><b><i><span style='font-size:11.0pt;font-family:Verdana'>S</span></i></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section105>
<p class=MsoNormal style='margin-top:8.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>ev</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>c</span></b></p>
<span style='font-size:1.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><span style='font-size:1.0pt;font-family:Verdana'> </span></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:5.75pt'>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>in</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:5.75pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>-J o Ov</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>ao</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><i><span style='font-size:
5.0pt;font-family:Verdana'>CM tn</span></i></b></p>
</td>
</tr>
<tr style='height:6.0pt'>
<td width=22 valign=top style='width:16.8pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.0pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>'v</span></b></p>
</td>
<td width=45 valign=top style='width:33.85pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.0pt'>
<p class=MsoNormal style='margin-left:4.0pt'><b><i><span style='font-size:
6.0pt;font-family:Verdana'>tn tn +</span></i></b></p>
</td>
</tr>
</table>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:9.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>tn col</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section106>
<p class=MsoNormal style='margin-bottom:19.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:6.95pt'>
<td width=52 valign=top style='width:38.65pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>SON</span></b></p>
</td>
<td width=69 valign=top style='width:52.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal style='margin-left:9.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>O NN</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal style='margin-left:9.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>w o</span></b></p>
</td>
<td width=35 valign=top style='width:25.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>ve</span></b></p>
</td>
<td width=58 valign=top style='width:43.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal style='margin-right:4.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>\e vo</span></b></p>
</td>
<td width=60 valign=top style='width:44.65pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal style='margin-left:5.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana;text-transform:uppercase'>pH </span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>(D CV</span></b></p>
</td>
<td width=25 valign=top style='width:18.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>D</span></b></p>
</td>
</tr>
<tr style='height:4.55pt'>
<td width=52 valign=top style='width:38.65pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>-g n </span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>»</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>g</span></b></p>
</td>
<td width=69 valign=top style='width:52.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:9.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>ev ev</span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:9.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>s ve</span></b></p>
</td>
<td width=35 valign=top style='width:25.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>r-</span></b></p>
</td>
<td width=58 valign=top style='width:43.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-right:4.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>in in</span></b></p>
</td>
<td width=60 valign=top style='width:44.65pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal style='margin-left:5.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>«</span></b><b><span style='font-size:5.0pt;font-family:
Verdana'> <D</span></b></p>
</td>
<td width=25 valign=top style='width:18.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.55pt'>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>fH</span></p>
</td>
</tr>
<tr style='height:4.1pt'>
<td width=52 valign=top style='width:38.65pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>Pl n</span></b></p>
</td>
<td width=69 valign=top style='width:52.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal style='margin-left:9.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>N <span style='text-transform:uppercase'>nI +</span></span></b></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal style='margin-left:9.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>eo ov</span></b></p>
</td>
<td width=35 valign=top style='width:25.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=58 valign=top style='width:43.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=60 valign=top style='width:44.65pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=25 valign=top style='width:18.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:6.95pt'>
<td width=52 valign=bottom style='width:38.65pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal style='margin-left:13.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>+</span></b></p>
</td>
<td width=69 valign=top style='width:52.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=39 valign=top style='width:29.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=35 valign=top style='width:25.9pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=58 valign=bottom style='width:43.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal style='margin-right:5.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>+</span></b></p>
</td>
<td width=60 valign=top style='width:44.65pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal style='margin-left:25.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=25 valign=top style='width:18.5pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.95pt'>
<p class=MsoNormal style='margin-left:8.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>1</span></b></p>
</td>
</tr>
</table>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section107>
<p class=MsoNormal><b><span style='font-size:20.0pt;font-family:Verdana'>I</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>kl h.</span></b></p>
<p class=MsoNormal><b><span style='font-size:11.0pt;font-family:Verdana'>|5</span></b></p>
<p class=MsoNormal><b><sup><span style='font-size:31.0pt;font-family:Verdana'>i!</span></sup></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:15.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:4.0pt;
font-family:Verdana'>Ij </span></b><b><span style='font-size:6.0pt;font-family:
Verdana'>01 c</span></b></p>
<p class=MsoNormal style='margin-top:3.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:1.0pt;margin-bottom:.0001pt'><b><i><span style='font-size:17.0pt;
font-family:Verdana'>z></span></i></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>bol</span></b></p>
<p class=MsoNormal><b><span style='font-size:11.0pt;font-family:Verdana'>?</span></b></p>
<p class=MsoNormal><b><i><span style='font-size:6.0pt;font-family:Verdana'>M</span></i></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>n 01</span></b></p>
<p class=MsoNormal style='margin-left:8.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>*4</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:52.0pt;margin-right:31.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>o eo</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:18.0pt;margin-right:13.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>-g cvi .H seovP,</span></b></p>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:18.0pt;margin-bottom:.0001pt'><span style='font-size:3.0pt'>■</span><span
style='font-size:3.0pt;font-family:Verdana'>»</span><span style='font-size:
3.0pt'>■</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:14.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>N ve » N « rg N N</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:19.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>in i~ CN c</span></b><b><span style='font-size:6.0pt;
font-family:Verdana'>»</span></b><b><span style='font-size:6.0pt;font-family:
Verdana'> r-</span></b></p>
<p class=MsoNormal><span style='font-size:5.0pt;font-family:Verdana'>g 4H </span><span
style='font-size:5.0pt'>■</span><span style='font-size:5.0pt;font-family:
Verdana'>f</span></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:19.0pt;margin-right:13.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>o p> o ev</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>(O eo</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:48.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>p) ev ve</span></b></p>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>»g • P)</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:18.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>N</span></b></p>
<p class=MsoNormal><b><i><span style='font-size:6.0pt;font-family:Verdana'>m</span></i></b></p>
<p class=MsoNormal style='margin-top:39.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>N</span></b></p>
<p class=MsoNormal style='margin-top:3.0pt'><span style='font-size:3.0pt'>■</span><span
style='font-size:3.0pt;font-family:Verdana'>»</span><span style='font-size:
3.0pt'>■</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section108>
<p class=MsoNormal style='margin-top:11.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section109>
<p class=MsoNormal style='margin-top:9.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>in .</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>CD</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>o</span></b></p>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>CO</span></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:1.0pt'><b><span style='font-size:11.0pt;
font-family:Verdana'>SS '</span></b></p>
<p class=MsoNormal><b><i><span style='font-size:6.0pt;font-family:Verdana'>p)
tn</span></i></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:13.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>+</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section110>
<p class=MsoNormal style='margin-top:19.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section111>
<p class=MsoNormal style='margin-top:2.0pt;margin-right:21.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>ve 01 r -g </span></b><b><span style='font-size:6.0pt;
font-family:Verdana'>•</span></b><b><span style='font-size:6.0pt;font-family:
Verdana'>v. o in 11 r. kl Ch</span></b></p>
<p class=MsoNormal><b><span style='font-size:11.0pt;font-family:Verdana'>-'</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><i><span style='font-size:5.0pt;
font-family:Verdana'>4J M</span></i></p>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:7.0pt;
font-family:Verdana'>fl n</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><span style='font-size:5.0pt;
font-family:Verdana'>4J</span></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana;
text-transform:uppercase'>t5 </span></b><b><span style='font-size:6.0pt;
font-family:Verdana'>'O</span></b></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:21.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>3 -H c </span></b><b><span style='font-size:6.0pt;
font-family:Verdana'>£</span></b></p>
<p class=MsoNormal><b><span lang=EN-US style='font-size:20.0pt;font-family:
Verdana'>II</span></b></p>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>jJ</span></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>ei4j</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt'>■</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>•4 u</span></b></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:22.0pt;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>*j fl </span></b><b><span style='font-size:6.0pt;
font-family:Verdana'>c A</span></b></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:22.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:12.0pt;
font-family:Verdana'>SS 5-</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:27.0pt;margin-right:10.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>'J P> CSI ov 0></span></b></p>
<p class=MsoNormal style='margin-left:18.0pt'><span style='font-size:5.0pt'>■</span><span
style='font-size:5.0pt;font-family:Verdana'>f</span></p>
<p class=MsoNormal style='margin-top:36.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>r- • -g ve ve</span></b></p>
<p class=MsoNormal style='margin-left:18.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>+</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:1.0pt;margin-right:19.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>* *l </span></b><b><span style='font-size:6.0pt;
font-family:Verdana'>P> P)l</span></b></p>
<p class=MsoNormal style='margin-top:22.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>* </span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>«</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>l</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>in ml</span></b></p>
<p class=MsoNormal style='margin-top:37.0pt'><b><span style='font-size:11.0pt;
font-family:Verdana'>3SI</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:7.0pt;font-family:Verdana'>o o</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section112>
<p class=MsoNormal style='margin-top:16.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section113>
<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
style='margin-left:2.0pt;border-collapse:collapse'>
<tr style='height:8.15pt'>
<td width=9 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.15pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.15pt'>
<p class=MsoNormal style='margin-left:7.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>fl .a fl</span></b></p>
</td>
<td width=16 rowspan=2 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.15pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-family:
Verdana'>8</span></b></p>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>c</span></b></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.15pt'>
<p class=MsoNormal style='margin-left:6.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>•</span></b><b><span style='font-size:6.0pt;font-family:
Verdana'> A fl</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.15pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.15pt'>
<p class=MsoNormal style='margin-left:6.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>fl fO fl</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.15pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.15pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>fl
.C fl</span></b></p>
</td>
</tr>
<tr style='height:6.5pt'>
<td width=9 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal style='margin-left:26.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<p class=MsoNormal style='margin-left:26.0pt'><span style='font-family:Verdana'> </span></p>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal style='margin-left:24.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal style='margin-left:25.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>1</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:6.5pt'>
<p class=MsoNormal style='margin-left:17.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>1</span></b></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=9 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>k,</span></b></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=16 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'><r4</span></b></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:2.0pt'><span style='font-size:4.0pt;
font-family:Verdana'>t4</span></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>k.</span></b></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.8pt'>
<td width=9 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>fl</span></b></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal style='margin-left:24.0pt'><span style='font-size:4.0pt;
font-family:Verdana'>jQ</span></p>
</td>
<td width=16 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>C</span></b></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal style='margin-left:22.0pt'><b><span style='font-size:5.0pt'>■</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>o</span></b></p>
</td>
<td width=17 style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;height:4.8pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-family:
Verdana'>«</span></b></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal style='margin-left:23.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>A</span></b></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>01</span></b></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-size:4.0pt'>■</span><span
style='font-size:4.0pt;font-family:Verdana'>Q</span></p>
</td>
</tr>
<tr style='height:4.1pt'>
<td width=9 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><b><i><span style='font-size:5.0pt;font-family:Verdana'>o</span></i></b></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=16 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>JJ</span></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal style='margin-left:1.0pt'><span style='font-size:4.0pt;
font-family:Verdana'>A'</span></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>«</span><span
style='font-size:4.0pt;font-family:Verdana'>J</span></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:9.35pt'>
<td width=9 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.35pt'>
<p class=MsoNormal><b><i><span style='font-size:13.0pt;font-family:Verdana'>s</span></i></b></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.35pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=16 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.35pt'>
<p class=MsoNormal style='text-indent:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>4J </span></b><b><span style='font-size:5.0pt'>■</span></b><b><span
style='font-size:5.0pt;font-family:Verdana'>fl</span></b></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.35pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.35pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>JC </span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>Ifl</span></b></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.35pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.35pt'>
<p class=MsoNormal><span style='font-size:5.0pt;font-family:Verdana'>UJ</span></p>
<p class=MsoNormal><span style='font-size:5.0pt;font-family:Verdana'>»</span><span
style='font-size:5.0pt;font-family:Verdana'>4</span></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:9.35pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.3pt'>
<td width=9 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>c</span></b></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=16 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>n</span></b></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal style='margin-left:1.0pt'><span style='font-size:4.0pt;
font-family:Verdana'>4J</span></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><b><span style='font-size:5.0pt;font-family:Verdana'>O</span></b></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.3pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:8.9pt'>
<td width=9 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>c</span></b></p>
<p class=MsoNormal><span style='font-size:5.0pt;font-family:Verdana'>«</span><span
style='font-size:5.0pt;font-family:Verdana'>g</span></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=16 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>kl </span></b><b><span style='font-family:Verdana'>•</span></b></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><b><span style='font-size:12.0pt;font-family:Verdana'>5</span></b></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><span style='font-size:5.0pt;font-family:Verdana'>4J</span></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>3</span></b></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:8.9pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:4.8pt'>
<td width=9 rowspan=2 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><b><i><span style='font-size:12.0pt;font-family:Verdana'>t</span></i></b></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=16 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>u</span></b></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-family:
Verdana'>«</span></b></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><b><span lang=EN-US style='font-size:5.0pt;font-family:
Verdana'>II</span></b></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:4.8pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:3.85pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:3.85pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=16 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:3.85pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:3.85pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:3.85pt'>
<p class=MsoNormal style='margin-left:1.0pt'><span style='font-size:4.0pt;
font-family:Verdana'>.M</span></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:3.85pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:3.85pt'>
<p class=MsoNormal><span style='font-size:4.0pt;font-family:Verdana'>iJ</span></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:3.85pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
<tr style='height:15.1pt'>
<td width=9 valign=top style='width:6.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:15.1pt'>
<p class=MsoNormal><span style='font-size:5.0pt;font-family:Verdana'>JJ</span></p>
<p class=MsoNormal><b><span style='font-family:Verdana'><</span></b><span
style='font-family:Verdana'> </span></p>
</td>
<td width=54 valign=top style='width:40.3pt;padding:0cm 2.0pt 0cm 2.0pt;
height:15.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=16 valign=top style='width:12.25pt;padding:0cm 2.0pt 0cm 2.0pt;
height:15.1pt'>
<p class=MsoNormal style='margin-left:1.0pt'><b><span style='font-size:5.0pt;
font-family:Verdana'>fl</span></b></p>
</td>
<td width=51 valign=top style='width:38.15pt;padding:0cm 2.0pt 0cm 2.0pt;
height:15.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.7pt;padding:0cm 2.0pt 0cm 2.0pt;
height:15.1pt'>
<p class=MsoNormal><b><span style='font-size:12.0pt;font-family:Verdana'>.g</span></b></p>
</td>
<td width=53 valign=top style='width:39.6pt;padding:0cm 2.0pt 0cm 2.0pt;
height:15.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
<td width=17 valign=top style='width:12.95pt;padding:0cm 2.0pt 0cm 2.0pt;
height:15.1pt'>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>C tfl
Dt</span></b></p>
</td>
<td width=37 valign=top style='width:28.1pt;padding:0cm 2.0pt 0cm 2.0pt;
height:15.1pt'>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</td>
</tr>
</table>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:25.0pt;margin-right:15.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>fl fl tn A</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:33.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>33</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section114>
<p class=MsoNormal style='margin-bottom:20.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section115>
<p class=MsoNormal style='margin-top:0cm;margin-right:0cm;margin-bottom:4.0pt;
margin-left:309.0pt'><span style='font-size:9.0pt;font-family:Verdana'>Prop.
1986/87:23</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section116>
<p class=MsoNormal style='margin-top:9.0pt'><span style='font-size:9.0pt;
font-family:Verdana'>AB SVENSK EXPORTKREDIT</span></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>i NIC EKN"</span></b></p>
<p class=MsoNormal style='margin-top:3.0pt'><b><span style='font-family:Verdana'>1986-05-23</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:16.0pt'><i><span style='font-size:9.0pt;
font-family:Verdana'>Bilaga b</span></i></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section117>
<p class=MsoNormal style='margin-top:19.0pt;margin-right:77.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-size:9.0pt;
font-family:Verdana'>SEK-EKN-SAHAJWETET - INi'>M RAMEN FÖR
GARANTIGIVNING I UTlJUfDSK VALUTA</span></p>
<p class=MsoNormal style='margin-top:16.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-size:9.0pt;
font-family:Verdana'>INLEDNING</span></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:64.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Vid </span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>verg</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ngen till ett garantlsystem d</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r EKN erbjuder skadereglering 1
utliindsk valuta och Sven tar in premier och </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>tervinningar 1 utltindsk valuta
uppst</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r nya m</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>jligheter och behov f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r EKN.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>F</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>ö</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>r att
tillgodose dessa och underl</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>tta </span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>verg</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ngen till ett nytt garanti system
Sr SEK villigt att erbjuda EKN vissa tjiinster p</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>omr</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>den d</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r SEK under </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rens lopp vunnit erfarenhet, fr</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>mst avseende likviditetsf</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rvaltning och uppl</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ning, men iiven bist</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> med r</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>dgivning p</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> andra omr</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>den, typ valutapositionshantering
och d</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rtill h</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rande kursriskproblematik.</span></b></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>1 Likviditetsf</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>rvaltning</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:69.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>EKN har 1 dagsl</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>get en betydande likviditet placerad dels hos Riksg</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ldskontoret och de svenska aff</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rsbankerna, dels i statsskuldv</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>xlar.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:64.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Ö</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>verg</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ngen till ett nytt garanti system
kommer att ge EKN en betydande likviditet, ocks</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> 1 utl</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ndsk valuta.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>P</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>å</span></b><b><span style='font-size:9.0pt;font-family:Verdana'> SEK
har under m</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>nga </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r bedrivits en aktiv likviditetsf</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rvaltning med mycket gott
resultat. SEK har f</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r n</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rvarande en betydande likviditet b</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>de i Skr och utl</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ndsk valuta (ca Skr 6 000 milj.).</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Vidare kan h</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>ä</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>r p</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>pekas att SEK redan idag bedriver
likviditetsf</span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rvaltning f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r statens r</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>kning, d</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'> av SEKs totala likviditet drygt
Skr 4 000 milj. finns 1 den statsst</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:9.0pt;font-family:
Verdana'>dda sektorn. SEK fungerar allts</span></b><b><span style='font-size:
9.0pt;font-family:Verdana'>å</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'> redan idag som ett institut f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r statsmakterna i detta avseende.
SEK </span></b><b><span style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r d</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rf</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r villigt att erbjuda sig att f</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>r EKNs r</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>kning vidtaga placeringar av EKNs </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>verskott i framf</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>rallt utl</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>ndsk valuta.</span></b></p>
<p class=MsoNormal style='margin-top:6.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-family:Verdana'>- Placeringsstrategi</span></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:27.0pt;margin-bottom:.0001pt'><span style='font-family:Verdana'>I
och med de stora kassaflöden som förekommer på SEK kan EKN alltid räkna med
att ha sin likviditet omedelbart tillgänglig samtidigt som man uppnår
optimala placeringar. Denna likviditetsaspekt gör att EKNs reserver 1
utländsk valuta kan placeras på längre perioder. Detta ger under normala
förhållanden en högre avkastning, samtidigt som EKN alltid har tillgång
till omedelbar likviditet.</span></p>
<p class=MsoNormal style='margin-top:16.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>- Räntebiirande
atatspapper 1 utliindsk valuta</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:52.0pt;margin-bottom:
26.0pt;margin-left:29.0pt'><span style='font-family:Verdana'>Genom att
utnyttja SEKs likviditetsförvaltning kan EKN även få sin reserv i utländsk
valuta placerad i räntebärande svenska och eventuellt andra statspapper.</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section118>
<p class=MsoNormal style='margin-top:1.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>.2.</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:9.0pt;font-family:Verdana'>34</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section119>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section120>
<p class=MsoNormal style='margin-left:308.0pt'><span style='font-size:9.0pt;
font-family:Verdana'>Prop. 1986/87; 23</span></p>
<p class=MsoNormal style='margin-top:20.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>Reservens
fördelning nellar. valutor</span></b></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:18.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>Beroende
på hur omfattningen av garantigivningen och skadefall 1 olika valutor blir
kan det från tid till annan bli aktuellt för EKN att omfördela
reserven mellan olika valutor. För att hantera denna omfördelning kan
utnyttjandet av terminsaffärer och valutaswappar bli aktuellt. Inom
detta område har SEK genom årens lopp vunnit betydande erfarenheter.</span></b></p>
<p class=MsoNormal style='margin-top:16.0pt'><b><span style='font-family:Verdana'>2
Upplåningen</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:18.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>EKNs
enda upplåningsmöjlighet är för närvarande den röriiga krediten hos
Riksgäldskontoret.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:18.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>SEK
kan erbjuda EKN krediter som är speciellt anpassade till såväl
skaderegleringar som refinansierlngar med gäldenärsländer. Dessa krediter
kan antingen vara till fast ränta på valfria tidsperioder, vilket
kan vara speciellt angeläget 1 refinansierigssamman-hang, eller till
rörlig ränta baserad på LIBOR.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:18.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>EKN
skall hos SEK ha rätt att förtidsinlösa de LIBOR-baserade krediterna
vanligtvis var 6:6 månad, dvs normalt i samband med
ränteförfallotillfället. Tillgången till matchande krediter vid ref
inansierlngar och en rörlig kreditfacilitet ger EKN en betydande
flexibilitet 1 sitt agerande.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:18.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>I
detta sammanhang kan även påpekas att ca 40% av SEKs kreditvolym för
närvarande är garanterad av EKN. SEK är därmed EKNs största kund och
det förefaller därför naturligt att SEK, såsom halvstat-llgt institut
som beviljar exportkrediter, ges möllghet att erbjuda EKN krediter,
vilka utnyttjas bl a för refinansiering och rescheduling av
exportfordringar.</span></b></p>
<p class=MsoNormal style='margin-top:6.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:27.0pt;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>'Reflnansieringar
och skuldkonsolideringar"</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:18.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>För
refinansiering förutsätts idag att det finns ett kreditinstitut som
tillhandahåller den nya krediten. SEK är villigt att agera som ett
sådant kreditinstitut förutsatt att EKN garanterar fordringen. Det
gamla kreditavtalet avslutas och ett nytt upprättas visavi
gäldenärslandet. På grund av SEKs låga refinansieringskostnad och
blygsamma marginal skulle i många fall den ränta som gäldenären
betalar, särskilt om den är LIBOR-baserad, ge överskott för EKN såsom
ersättning för EKNs fortsatta risktagande och därmed tjäna som en ny
inkomstkälla för EKN.</span></b></p>
<p class=MsoNormal style='margin-top:6.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>Kostnadsfördelar</span></b></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:18.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-family:Verdana'>Genom
att utnyttja den erfarenhet från Internationell upplåning som finns
på SEK, kan EKN försäkra sig om betydande kostnadsfördelar, jämfört med
om EKN själv skulle låna pengar på den Internationella penning- och
kapitalmarknaden. Detta ställer sig både onödigt och dyrt. Vidare kan
förväntas att om EKN utnyttjar de svenska affärs- och sparbankerna för
eventuell upplåning, kommer bankerna (då dessa lån kan liknas vid
lån för exportfinansiering) med största sannolikhet att</span></b></p>
<p class=MsoNormal style='margin-top:23.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:325.0pt;margin-bottom:.0001pt'><span style='font-size:9.0pt;
font-family:Verdana'>.3.</span><span style='font-size:9.0pt;font-family:Verdana'> </span><span
style='font-size:9.0pt;font-family:Verdana'>35</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section121>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section122>
<p class=MsoNormal style='margin-left:305.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Prop. 1986/87:23</span></b></p>
<p class=MsoNormal style='margin-top:21.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>1-efinansiera dessa lån hos SEK. Ett sådant
arrangemang skulle Istda till en högre upplåningnkostnad då SEKs
kreditvärdighet i>°r betydligt högre än svenska affärsbankers och leda
till administrativt merarbete för EKN samt ge onödiga balansräk-n i
ngsbelastnlngar.</span></b></p>
<p class=MsoNormal style='margin-top:16.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Valutapositioner</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:25.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>I det nya systemet kommer EKN att få olika
valutapositioner beroende på hur man väljer att agera. För att styra EKNs
valutaexponering kan kredltfaciliteten utnyttjas. Antag att EKN har stora
fordringar 1 USD, men vet att dessa kommer att betalas mycket snart,
dock är USD-kursen på väg ner - 1 ett sådant läge kan det vara
berättigat att belasta kredltfaciliteten och växla dessa USdollar till en
starkare valuta, t ex Skr, för att senare amortera på faclllteten när
EKN får in fordringarna.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:44.0pt;margin-bottom:
0cm;margin-left:25.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Vidare kan tillgången av en billig kreditfacilitet i en
viss valuta utnyttjas tillsammans med en valutaswap för att skapa billiga lån
i andra valutor.</span></b></p>
<p class=MsoNormal style='margin-top:16.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Resultatut jiimnande effekt</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Tillgången till ett kreditinstitut och därmed lånemöjligheter
innebär att EKN kan bestämma huruvida premiereserven skall belastas eller
ej (skadereglering contra refinansiering). EKN kan därmed uppnå cn
jämnare och mer realistisk belastning av rörelseresultatet
(premiereserven) eftersom en förlust ej realiseras om EKN väljer att gå
refInansleringsvägen.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:26.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Tillgång till LIBOR-baserade faclliteter i
konsoliderlngssam-manhang Innebär dessutom genom möjligheterna till
regelbundna återbetalningar och förändring av valutaval att EKN ges möjligheter
till en bättre och lönsammare likviditetsförvaltning samtidigt som man
fritt kan bedöma när man vill realisera kursvinster eller kursförluster och
därmed påverka resultatet.</span></b></p>
<p class=MsoNormal style='margin-top:15.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>3 Premiesättning</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Premierna avses bli baserade på aktuella
kapitalmarknadsräntor för olika valutor. SEK har här en uppbyggd
organisation för bevakning av internationell kapitalmarknad vilket EKN skulle
kunna utnyttja. Ett samarbete innebär således att EKN icke behöver bygga upp
egen expertis och bevakning för detta ändamål.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Ovanstående arrangemang innebär ett intensivare samarbete
mellan SEK och Erai, ett samarbete som gynnar uppbyggandet av ett nytt
garantlsystem samt ger EKN en Okad känsla för valuta-, pennlng-och
kapitalmarknaden. Det intensifierade samarbetet som detta arrangemang kräver
underlättas av att det redan idag finns ett väl fungerande kontaktnät mellan
SEK och EKN samt att en stor kännedom om verksamheten på varandras områden
föreligger.</span></b></p>
<p class=MsoNormal style='margin-top:21.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:2.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>1986-05-22</span></b></p>
<p class=MsoNormal style='margin-left:2.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>BL/JT/yt</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'> </span></b><b><span
style='font-size:9.0pt;font-family:Verdana'>36</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section123>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section124>
<p class=MsoNormal style='margin-right:6.0pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>Bilaga 2 Prop. 1986/87: 23</span></b></p>
<p class=MsoNormal style='margin-top:9.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:191.0pt;margin-bottom:.0001pt'><b><span style='font-size:14.0pt;
font-family:Verdana'>Beredningen f</span></b><b><span style='font-size:14.0pt;
font-family:Verdana'>ö</span></b><b><span style='font-size:14.0pt;font-family:
Verdana'>r Internationellt Tekniskt-ekonomisl<t Samarbete</span></b></p>
<p class=MsoNormal style='margin-left:191.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>Agency for International Technical and Economic
Co-operation</span></b></p>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:34.0pt;margin-bottom:.0001pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>Agence pour la cooperation technique et </span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>é</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>conomlque Internationale </span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>•</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'> Agencia para ia Cooperaci</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>n T</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>é</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>cnica y Econ</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>mica Internacional</span></b></p>
<p class=MsoNormal style='margin-top:21.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:187.0pt;margin-bottom:.0001pt'><b><span style='font-size:9.0pt;
font-family:Verdana'>U 2307</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'> </span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>0.8.1</span></b><b><span style='font-size:9.0pt;
font-family:Verdana'> </span></b><b><span style='font-size:9.0pt;
font-family:Verdana'>27 juni 1986</span></b></p>
<p class=MsoNormal style='margin-top:23.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:244.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Till regeringen</span></b></p>
<p class=MsoNormal style='margin-left:244.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Utrikesdepartementet</span></b></p>
<p class=MsoNormal style='margin-left:244.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Box 16121</span></b></p>
<p class=MsoNormal style='margin-top:0cm;margin-right:0cm;margin-bottom:25.0pt;
margin-left:245.0pt'><b><span style='font-size:8.0pt;font-family:Verdana'>103
21 STOCKHOLM</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section125>
<p class=MsoNormal style='margin-top:21.0pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>Kursrisker vid skadefa11</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:14.0pt;font-family:Verdana'>cL</span></b></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:13.0pt'><b><i><sub><span style='font-size:
20.0pt;font-family:Verdana'>/J</span></sub></i></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section126>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:66.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>EKN skadereglerar f n 1 svenska kronor </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ven om den bakomliggande exportkrediten
l</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mnas i utl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndsk valuta. Genom detta f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rfarande st</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r export</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ren en kursrisk i det fallet att
den utl</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndska valutan stigit i v</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rde gentemot kronor mellan kreditf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rs</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kringens ing</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ende och skadetillfallet. Sedan
1983 -d</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> ett tidigare system </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndrades - t</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>cker EKN en kursstegring p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> upp till W% utan s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rskild premie medan en extra kurss</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kring till h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gst 200% erbjuds mot s</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rskild premie. I praktiken har EKN
till</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mpat best</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mmelserna om extra kurss</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kring restriktivt f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r att h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>lla nere riskexponeringen.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:67.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>BITS har inte medgivit kurss</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>kring f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r u-kreditgarantier enligt det
system som till</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mpas av EKN. Sk</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>let </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r att den </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>verv</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>gande delen av u-krediterna l</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>mnats i utl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndsk valuta med stark koncentration
till USD. Kursriskexponeringen skulle bli ensidig och skulle vid ett
kursfall f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r kronan gentemot USD leda till en
stor belastning p</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> bist</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndsanslagen.</span></b></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:67.0pt;margin-bottom:.0001pt'><b><span style='font-size:8.0pt;
font-family:Verdana'>En arbetsgrupp med representanter f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r bl a EKN. SEK och riksbanken har
sedan n</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>got </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r utrett m</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>jligheterna f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r EKN att utf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rda garantier och motta premier i
utl</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndsk valuta f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r att d</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rigenom eliminera kursriskerna.
EKNs styrelse accepterade den 26 juni arbetsgruppens f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rslag vilket nu tillst</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>llts regeringen. F</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rslaget, som upptas i en EKN
skrivelse med titeln "Garantigivning i valutor" inneh</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ller sammanfattningsvis f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ljande</span></b></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:18.0pt;margin-bottom:
0cm;margin-left:81.0pt;margin-bottom:.0001pt;text-indent:-14.0pt'><span
style='font-size:8.0pt'>-<span style='font:7.0pt "Times New Roman"'>
</span></span><b><span style='font-size:8.0pt;font-family:Verdana'>premier
mottas i utl</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndsk valuta och premiereserv f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rvaltas p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> r</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nteb</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rande valutakonton</span></b></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:81.0pt;margin-bottom:.0001pt;text-indent:-14.0pt'><span
style='font-size:8.0pt'>-<span style='font:7.0pt "Times New Roman"'>
</span></span><b><span style='font-size:8.0pt;font-family:Verdana'>skadereglering
f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>retas i utl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndsk valuta och att </span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>tervunna belopp h</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>nf</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rande sig till garantier 1 utl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ndsk valuta placeras p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> valutakonto</span></b></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:0cm;margin-bottom:23.0pt;
margin-left:81.0pt;text-indent:-14.0pt'><span style='font-size:8.0pt'>-<span
style='font:7.0pt "Times New Roman"'>
</span></span><b><span style='font-size:8.0pt;font-family:Verdana'>SEK
medverkar vid f</span></b><b><span style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>rvaltningen av EKNs valutatillg</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ngar och den uppl</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ning som kan komna att erfordras f</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ö</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>r att t</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>ä</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>cka likviditetsunderskott p</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'>å</span></b><b><span
style='font-size:8.0pt;font-family:Verdana'> valutakontona</span></b></p>
</div>
<b><span style='font-size:8.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span></b>
<div class=Section127>
<p class=MsoNormal style='margin-top:7.0pt'><span style='font-family:Verdana'> </span></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>Address Telephone Telela</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'>»</span></b><b><span
style='font-size:6.0pt;font-family:Verdana'> Telex</span></b></p>
<p class=MsoNormal style='margin-top:1.0pt'><b><span style='font-size:6.0pt;
font-family:Verdana'>BITS</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>Fredsgatan
2 Nat 06-24 53 90 Nal 08-796
71 54</span></b></p>
<p class=MsoNormal><b><span style='font-size:6.0pt;font-family:Verdana'>S-111
52 Stockholm, SWEDEN Int-f 46 8 24 53 90 Int -i-46 8 796 71 54 13091
SWEDCOM S</span></b></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section128>
<p class=MsoNormal style='margin-bottom:10.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section129>
<p class=MsoNormal><span style='font-size:9.0pt;font-family:Verdana'>Prop.
1986/87:23</span></p>
<p class=MsoNormal style='margin-top:29.0pt;margin-right:49.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-size:8.0pt;
font-family:Verdana'>Vad g</span><span style='font-size:8.0pt;font-family:Verdana'>ä</span><span
style='font-size:8.0pt;font-family:Verdana'>ller BITS och s</span><span
style='font-size:8.0pt;font-family:Verdana'>ä</span><span style='font-size:
8.0pt;font-family:Verdana'>kerhetsreserven f</span><span style='font-size:8.0pt;
font-family:Verdana'>ö</span><span style='font-size:8.0pt;font-family:Verdana'>r
u-kreditsystemet finns anledning att </span><span style='font-size:8.0pt;
font-family:Verdana'>ö</span><span style='font-size:8.0pt;font-family:Verdana'>verv</span><span
style='font-size:8.0pt;font-family:Verdana'>ä</span><span style='font-size:
8.0pt;font-family:Verdana'>ga om inte en samtidig </span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>verg</span><span style='font-size:8.0pt;font-family:
Verdana'>å</span><span style='font-size:8.0pt;font-family:Verdana'>ng till det
f</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>reslagna nya systemet borde f</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>retas.</span></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-size:8.0pt;
font-family:Verdana'>Nuvarande restriktiva system inneb</span><span
style='font-size:8.0pt;font-family:Verdana'>ä</span><span style='font-size:
8.0pt;font-family:Verdana'>r ingen direkt ol</span><span style='font-size:8.0pt;
font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:Verdana'>genhet
f</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>r bist</span><span
style='font-size:8.0pt;font-family:Verdana'>å</span><span style='font-size:
8.0pt;font-family:Verdana'>ndet utan drabbar snarare de svenskaf</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>retagen. Indirekt har det dock tv</span><span
style='font-size:8.0pt;font-family:Verdana'>å </span><span style='font-size:
8.0pt;font-family:Verdana'>negativa effekter ocks</span><span style='font-size:
8.0pt;font-family:Verdana'>å</span><span style='font-size:8.0pt;font-family:
Verdana'> ur bist</span><span style='font-size:8.0pt;font-family:Verdana'>å</span><span
style='font-size:8.0pt;font-family:Verdana'>ndssynpunkt:</span></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:13.0pt;margin-bottom:.0001pt;text-indent:-12.0pt'><span
style='font-size:8.0pt'>-<span style='font:7.0pt "Times New Roman"'>
</span></span><span style='font-size:8.0pt;font-family:Verdana'>det skapar ett
incitament f</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>r f</span><span style='font-size:
8.0pt;font-family:Verdana'>ö</span><span style='font-size:8.0pt;font-family:
Verdana'>retagen att s</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>ka u-krediter i kronor. Om, n</span><span
style='font-size:8.0pt;font-family:Verdana'>å</span><span style='font-size:
8.0pt;font-family:Verdana'>got som ofta </span><span style='font-size:8.0pt;
font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:Verdana'>r
fallet, det finns en preferens ocks</span><span style='font-size:8.0pt;
font-family:Verdana'>å</span><span style='font-size:8.0pt;font-family:Verdana'>
hos mottagarlandet/k</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>paren f</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>r kronor (eller som i fallet Algeriet en
"reglementa-tion" inneb</span><span style='font-size:8.0pt;
font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:Verdana'>rande
krav om leverant</span><span style='font-size:8.0pt;
font-family:Verdana'>ö</span><span style='font-size:8.0pt;font-family:Verdana'>rslandets
valuta) skapas en "ohelig allians" mellan k</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>pare och s</span><span style='font-size:8.0pt;
font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:Verdana'>ljare
till f</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>rm</span><span style='font-size:
8.0pt;font-family:Verdana'>å</span><span style='font-size:8.0pt;font-family:
Verdana'>n f</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>r kronfinansiering, vilket f</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>rsv</span><span style='font-size:8.0pt;font-family:
Verdana'>å</span><span style='font-size:8.0pt;font-family:Verdana'>rar f</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>r BITS att tillse att u-krediter
enbart l</span><span style='font-size:8.0pt;font-family:Verdana'>ä</span><span
style='font-size:8.0pt;font-family:Verdana'>mnas i utl</span><span
style='font-size:8.0pt;font-family:Verdana'>ä</span><span style='font-size:
8.0pt;font-family:Verdana'>ndsk valuta,</span></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:13.0pt;margin-bottom:.0001pt;text-indent:-12.0pt'><span
style='font-size:8.0pt'>-<span style='font:7.0pt "Times New Roman"'>
</span></span><span style='font-size:8.0pt;font-family:Verdana'>den kursrisk
som exportf</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>retagen tar s</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>ker de rimligen inkalkylera i priset. Ett dylikt f</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>rfarande inneb</span><span style='font-size:8.0pt;
font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:Verdana'>r
en prish</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>jning som drabbar mottagarlandet
och, genom ett beloppsm</span><span style='font-size:8.0pt;font-family:Verdana'>ä</span><span
style='font-size:8.0pt;font-family:Verdana'>ssigt f</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>rh</span><span style='font-size:8.0pt;font-family:
Verdana'>ö</span><span style='font-size:8.0pt;font-family:Verdana'>jt g</span><span
style='font-size:8.0pt;font-family:Verdana'>å</span><span style='font-size:
8.0pt;font-family:Verdana'>voelement, bist</span><span style='font-size:8.0pt;
font-family:Verdana'>å</span><span style='font-size:8.0pt;font-family:Verdana'>ndsanslaget.</span></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-size:8.0pt;
font-family:Verdana'>Samnantaget talar </span><span style='font-size:8.0pt;
font-family:Verdana'>ö</span><span style='font-size:8.0pt;font-family:Verdana'>verv</span><span
style='font-size:8.0pt;font-family:Verdana'>ä</span><span style='font-size:
8.0pt;font-family:Verdana'>gande sk</span><span style='font-size:8.0pt;
font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:Verdana'>l
f</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>r att </span><span
style='font-size:8.0pt;font-family:Verdana'>ä</span><span style='font-size:
8.0pt;font-family:Verdana'>ven garantierna f</span><span style='font-size:8.0pt;
font-family:Verdana'>ö</span><span style='font-size:8.0pt;font-family:Verdana'>r
u-krediterna b</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>r inordnas i det nya systemet.</span></p>
<p class=MsoNormal style='margin-top:7.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-size:8.0pt;
font-family:Verdana'>En f</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>ruts</span><span style='font-size:
8.0pt;font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:
Verdana'>ttning f</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>r BITS medverkan b</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>r vara att de valutakonton som EKN administrerar f</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>r BITS r</span><span style='font-size:8.0pt;
font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:Verdana'>kning
h</span><span style='font-size:8.0pt;font-family:Verdana'>å</span><span
style='font-size:8.0pt;font-family:Verdana'>lls separata fr</span><span
style='font-size:8.0pt;font-family:Verdana'>å</span><span style='font-size:
8.0pt;font-family:Verdana'>n EKNs </span><span style='font-size:8.0pt;
font-family:Verdana'>ö</span><span style='font-size:8.0pt;font-family:Verdana'>vriga
valutakonton (p</span><span style='font-size:8.0pt;font-family:Verdana'>å</span><span
style='font-size:8.0pt;font-family:Verdana'> samna s</span><span
style='font-size:8.0pt;font-family:Verdana'>ä</span><span style='font-size:
8.0pt;font-family:Verdana'>tt som idag kronkonton h</span><span
style='font-size:8.0pt;font-family:Verdana'>å</span><span style='font-size:
8.0pt;font-family:Verdana'>lls separata). H</span><span style='font-size:8.0pt;
font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:Verdana'>rigenom
kan inte en diskussion uppst</span><span style='font-size:8.0pt;font-family:
Verdana'>å</span><span style='font-size:8.0pt;font-family:Verdana'> i ett
senare skede till vilket system en viss valutatransaktion skall h</span><span
style='font-size:8.0pt;font-family:Verdana'>ä</span><span style='font-size:
8.0pt;font-family:Verdana'>nf</span><span style='font-size:8.0pt;font-family:
Verdana'>ö</span><span style='font-size:8.0pt;font-family:Verdana'>ras.</span></p>
<p class=MsoNormal style='margin-top:7.0pt'><span style='font-size:8.0pt;
font-family:Verdana'>Hemst</span><span style='font-size:8.0pt;font-family:Verdana'>ä</span><span
style='font-size:8.0pt;font-family:Verdana'>llan</span></p>
<p class=MsoNormal style='margin-top:7.0pt'><span style='font-size:8.0pt;
font-family:Verdana'>Styrelsen hemst</span><span style='font-size:8.0pt;
font-family:Verdana'>ä</span><span style='font-size:8.0pt;font-family:Verdana'>ller</span></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:35.0pt;margin-bottom:
0cm;margin-left:22.0pt;margin-bottom:.0001pt;text-indent:-22.0pt'><span
style='font-size:8.0pt;font-family:Verdana'>att det nu aktuella f</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>rslaget fr</span><span style='font-size:8.0pt;
font-family:Verdana'>å</span><span style='font-size:8.0pt;font-family:Verdana'>n
Exportkreditn</span><span style='font-size:8.0pt;font-family:Verdana'>ä</span><span
style='font-size:8.0pt;font-family:Verdana'>mnden avseende elminering av
kursrisker vid skadefall ocks</span><span style='font-size:8.0pt;font-family:
Verdana'>å</span><span style='font-size:8.0pt;font-family:Verdana'> skall
till</span><span style='font-size:8.0pt;font-family:Verdana'>ä</span><span
style='font-size:8.0pt;font-family:Verdana'>mpas p</span><span
style='font-size:8.0pt;font-family:Verdana'>å</span><span style='font-size:
8.0pt;font-family:Verdana'> u-kreditsystemet.</span></p>
<p class=MsoNormal style='margin-top:8.0pt;margin-right:52.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-size:8.0pt;
font-family:Verdana'>I styrelsens behandling av detta </span><span
style='font-size:8.0pt;font-family:Verdana'>ä</span><span style='font-size:
8.0pt;font-family:Verdana'>rende har deltagit: E Michanek, ordf</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>rande, G Dahlstr</span><span style='font-size:8.0pt;
font-family:Verdana'>ö</span><span style='font-size:8.0pt;font-family:Verdana'>m,
H Gr</span><span style='font-size:8.0pt;font-family:Verdana'>ö</span><span
style='font-size:8.0pt;font-family:Verdana'>nwall, T Hagdahl, B Nygren, B
Ljunggren, C Wall och C I </span><span style='font-size:8.0pt;font-family:
Verdana'>Ö</span><span style='font-size:8.0pt;font-family:Verdana'>hman. F</span><span
style='font-size:8.0pt;font-family:Verdana'>ö</span><span style='font-size:
8.0pt;font-family:Verdana'>redragande har varit L Ekengren.</span></p>
<p class=MsoNormal style='margin-top:25.0pt'><i><span style='font-size:8.0pt;
font-family:Verdana'>rSSrSId;"' ' [{myUc0.b(</span></i></p>
<p class=MsoNormal style='margin-top:1.0pt;margin-right:0cm;margin-bottom:0cm;
margin-left:198.0pt;margin-bottom:.0001pt'><span style='font-size:8.0pt;
font-family:Verdana'>Ingvar Kari</span><span style='font-size:8.0pt;font-family:
Verdana'>é</span><span style='font-size:8.0pt;font-family:Verdana'>n</span></p>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all>
</span>
<p class=MsoNormal style='margin-top:205.0pt'><span style='font-size:9.0pt;
font-family:Verdana'>38</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section130>
<p class=MsoNormal style='margin-bottom:22.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section131>
<p class=MsoNormal style='margin-left:1.0pt;text-indent:260.0pt'><span
style='font-size:11.0pt;font-family:Verdana'>Bilagas Prop. 1986/87:23 </span><span
style='font-size:14.0pt;font-family:Verdana'>Remissyttranden i sammandrag</span></p>
<p class=MsoNormal style='margin-top:4.0pt'><i><span style='font-family:Verdana'>Exportkredilgaranlier
m.m.</span></i></p>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:87.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-family:Verdana'>Riksbanken
anför att den beskrivning som finns i exportkreditnämndens (EKN) ansökan av hur
ett sådant system skall fungera närmast får betraktas som en skiss som så
småningom får utarbetas till ett fastare regelsystem. Det nya är att EKN tänkt
bygga upp premiefonder i utländsk valuta för att minska kursrisken och låna i
utländsk valuta för att finansiera skaderegleringar om det bedöms som sannolikt
att fordringarna kommer att återvinnas. Det i ansökan skisserade systemet kan
tolkas som en grupp enskilda försäkringssystem i var sin valuta. Skadereglering
sker i första hand genom att reserv i aktuell valuta ianspråktas.</span></p>
<p class=MsoNormal style='margin-right:88.0pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Ett synsätt som utgår frän att kreditgarantierna
ses som ett för varje valuta separat försäkringssystem, är naturligt om man
tror att kreditrisken är relaterad till valet av valuta. Ett enligt riksbanken
rimligare synsätt är att relationen kreditrisk och valuta är mer slumpmässig
varför premiereserverna bör ses mer integrerat i den totala
valutasammansättningen av utfärdade garantier, upptagna län och övertagna
fordringar. Följaktligen bör skadereglering ske från den totala premiereserven
med olika valutor.</span></p>
<p class=MsoNormal style='margin-right:88.0pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Övertar EKN vid skadereglering en fordran som med
stor sannolikhet kommer att återvinnas ärdet som framgår av EKN:s skrivelse
naturligt att skadereglering kan finansieras genom uppläning i den valuta som
gäller för ifrågavarande fordran. Däremot anser EKN att man inte bör ta upp
eller behålla ett valutalån för att finansiera en skadereglering som väntas
leda till en definitiv förlust. I en sådan situation bör man enligt EKN
istället "växla svenska kronor" vilket t.ex. kan betyda att EKN drar
på kredit i riksgäldskontoret för att kunna betala skadeersättning i valutan.
Riksbanken anser att EKN:s resonemang i denna fråga bygger på missuppfattningen
att svenska kronor intar någon särställning i ett system med kreditgarantier i
utländsk valuta. Om premiereserverna inte räcker till och upplåning bedöms
önskvärd bör man enligt riksbankens uppfattning finansiera sådana förluster i
valuta som svarar mot valutafördelningen av de förväntade framtida
premieintäkterna.</span></p>
<p class=MsoNormal style='margin-right:87.0pt;text-indent:9.0pt'><span
style='font-family:Verdana'>Det av EKN skisserade systemet för garantigivning i
utländsk valuta förefaller med smärre förändringar vara möjligt att tillämpa
och fullmäktige viil inte motsätta sig att ett sädant system genomförs. Från de
valutapolitiska synpunkter som fullmäktige har att beakta är det en nackdel
att det föreslagna systemet inledningsvis leder till en avtappning av valutareserven
genom att premiereserver byggs upp i utländsk valuta. Detta uppvägs av att EKN
tänkt sig att fordringar som uppstår vid skadereglering kan finansieras genom
upplåning i valuta. Från valulapolitisk synpunkt medför detta klara fördelar
genom att en tillfällig ackumulation av skadefall inte belastar valutareserven
utan balanseras av ökad utlandsupplåning.</span></p>
<p class=MsoNormal style='text-indent:9.0pt'><span style='font-family:Verdana'>Efter
en övergångsperiod bör vid en skicklig premiesättning det inte<br>
finnas nägra systematiska förändringar i premiereserverna, bortsett från<br>
dem som förklaras av förändringar i den totala garantigivningen. Det är</span><span
style='font-family:Verdana'> </span><span style='font-family:Verdana'>39</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section132>
<p class=MsoNormal style='margin-bottom:21.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section133>
<p class=MsoNormal style='margin-right:8.0pt'><span style='font-size:9.0pt;
font-family:Verdana'>fråga om balans på lång sikt, och också från
valutapolitisk synpunkt blir Prop. 1986/87:23 uppgiften att bevaka att
utvecklingen inte spårar ur. 1 de valutatillstånd som ges bör därför gränser
anges för att förhindra en excessiv uppbyggnad av premiereserverna. Detta har
också angivits i det förhandsbesked som valutastyrelsen på EKN:s önskemål givit
för att möjliggöra de valutatransaktioner med valutakonton som erfordras för
ett system med garantigivning i utländsk valuta. Fullmäktige vill också
understryka att omväxlingar av tillgångar i svenska kronor till utländska
valuta bör begränsas av valuta-politiska skäl varför sådana transaktioner bör
fordra valutatillständ.</span></p>
<p class=MsoNormal style='margin-right:95.0pt;text-indent:10.0pt'><span
style='font-size:9.0pt;font-family:Verdana'>Riksgäldskontoret har ingen erinran
mot EKN:s förslag utom vad avser upplåningen för systemet.</span></p>
<p class=MsoNormal style='margin-top:19.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><i><span style='font-size:9.0pt;
font-family:Verdana'>Upplåning Jör systemet</span></i></p>
<p class=MsoNormal style='margin-top:4.0pt;margin-right:94.0pt;margin-bottom:
0cm;margin-left:0cm;margin-bottom:.0001pt'><span style='font-size:9.0pt;
font-family:Verdana'>Riksbanken finner det lämpligt att EKN utöver lån i
utlandet och i svenska valutabanker skall kunna få tillstånd till upplåning
genom Svensk Exportkredit (SEK) samt kunna hyra tjänster därifrån för
valutahanteringen.</span></p>
<p class=MsoNormal style='margin-right:94.0pt;text-indent:9.0pt'><span
style='font-size:9.0pt;font-family:Verdana'>Riksgäldskontoret anför att som
förslaget nu är utformat kan fullmäktige inte biträda förslaget till den del
det innebär att en annan statlig myndighet - EKN - skall få utfärda statliga
garantier för SEK:s lån i utländsk valuta. Enligt fullmäktiges uppfattning bör
all statlig garantigivning för utlandsupplåning ske genom riksgäldskontoret.</span></p>
<p class=MsoNormal style='margin-right:94.0pt;text-indent:9.0pt'><span
style='font-size:9.0pt;font-family:Verdana'>Riksgäldskontoret erinrarom att
motsvarande frågeställning var aktuell i samband med att televerket önskade ta
upp lån i utländsk valuta. Därvid tillsattes en arbetsgrupp med företrädare för
regeringskansliet och övriga berörda parter. Genom prop. 1984/85:100 (se bil.
s. 118 f) redovisades gruppens överväganden för riksdagen. Behovet av
samordning av den statliga upplåningen utomlands underströks. När det gäller
statlig garantigivning för utlandsupplåning, har denna fråga varit aktuell i
samband med upplåning av bolag i vilka vattenfallsverket förvaltar statens aktier.
I prop. 1985/86; 100 bil. 14 s. 143 anför föredraganden att han förordar att
"regeringen föreslår riksdagen att bemyndiga fullmäktige i
riksgäldskontoret att, efter hemställan av regeringen i varje enskilt fall och
inom den av riksdagen fastställda ramen för borgensåtaganden för lån till
bolag i vilket statens vattenfallsverk förvaltar statens aktier, teckna borgen
för uppläning utomlands till bolag i vilka statens vattenfallsverk förvaltar
statens aktier".</span></p>
<p class=MsoNormal style='margin-top:59.0pt;margin-right:0cm;margin-bottom:
0cm;margin-left:1.0pt;margin-bottom:.0001pt'><span style='font-size:6.0pt;
font-family:Verdana'>Norstedts Tryckeri. Stockholm 1986 40</span></p>
</div>
<span style='font-size:10.0pt;font-family:Verdana'><br clear=all
style='page-break-before:auto'>
</span>
<div class=Section134>
<p class=MsoNormal style='margin-bottom:23.0pt'><span style='font-size:1.0pt;
font-family:Verdana'> </span></p>
<p class=MsoNormal><span style='font-family:Verdana'> </span></p>
</div>
GA0323
prop_198687__23.pdf
1326254
pdf
om exportkreditgarantier m.m. i utländska valutor
https://data.riksdagen.se/fil/BCF0CC6A-09CE-41A8-BD5E-15C07CD69E3E