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Acino ? Delivering Health

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Reduced currency exposure<br />

Mepha / Cephalon acquisition leads to reduced FX exposure<br />

- Sales in CHF: FY 2011 nearly 0%, H1-2012 increase to 15%<br />

- Sales in USD or related currencies: FY 2011 0%, H1-2012 24%<br />

- Operating Expenses in USD or related currencies:<br />

FY 2011 0%, H1-2012 27%<br />

Amended natural hedge<br />

86

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