Asmodinas Todeslabyrinth

$602',1$672'(6/$%...

Author: Dark Jason

7 downloads 401 Views 251KB Size Report

This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!

Report copyright / DMCA form

DOWNLOAD PDF

$602',1$672'(6/$%<5,17+ 'LH:HOWXPPLFKKHUXPYHUVFKZDQG 2EZRKODOOHVVHKUVFKQHOOJHVFKDKQDKPLFKHVZLHLQHLQHP =HLWOXSHQILOPZDKU,FKVDK0\[LQXQG.DUDZLHVLHLQQHUKDOEGHV PDJLVFKHQ.UHLVHVVWDQGHQXQGPLFKHQWVHW]WDQVFKDXWHQ 0LFKXQGGHQ'lPRQ -DZRKO)UHXQGH,FKXQWHUQDKPGLHJHIlKUOLFKH5HLVHLQHLQH DQGHUH'LPHQVLRQQLFKWDOOHLQVRQGHUQ]XVDPPHQPLWHLQHP 'lPRQGHUDXVVDKZLHHLQ0HQVFKXQGGLHJOHLFKHQEORQGHQ +DDUHKDWWHZLHLFK 0HLQOHW]WHU%OLFNDXI0\[LQ]HLJWHPLUGDHUGDV.UHX]DXI JHKREHQKDWWHXQGHVZLHHLQHQOHW]WHQ+RIIQXQJVDQNHULQGHU UHFKWHQ+DQGKLHOW+RIIQXQJ")UPLFKQLFKWGHQQLFKPXWH RKQHPHLQ.UHX]LQGLHJUDXHQYROOH'LPHQVLRQYHUVFKZLQGHQGD LFKNHLQH=HLWJHIXQGHQKDWWHHVQRFKDQPLFK]XQHKPHQ (VZDUGHUOHW]WH(LQGUXFNGHQLFKYRQGHUQRUPDOHQ:HOWPLW QDKP'DQQXPILQJXQVGLH7LHIHGHV'LPHQVLRQVVFKDFKWVXQG Y|OOLJDQGHUH(LQGUFNHVWUPWHQDXIPLFKHLQ (LQUDVHQGHV6SHNWDNHODQ)DUEHQXQG*HUlXVFKHQ6FKUHLHQ .UHLVFKHQ+HXOHQ-DXOHQ'D]ZLVFKHQSODW]WHXQGVWUDKOWHHVURW EODXJUQXQGJHOEDXI)DUENDVNDGHQZLHEHLHLQHP)HXHUZHUN $OOHVVWU]WHPLUHQWJHJHQ]HUSODW]WHGLFKWYRUPHLQHQ$XJHQ]X JHZDOWLJHQ%OXPHQVWUlXHQGLHDXVHLQDQGHUIlFKHUWHQXQGDOV ODQJH0RQVWHURGHU7HQWDNHODUPHYHUVFKZDQGHQ (LQZLUNOLFKVFKDXULJHV%LOGEHUGDVLFKQLFKWZHLWHUQDFK GDFKWHGHQQXQVLFKWEDUH+lQGHXQG.UDOOHQ]HUUWHQDQPLU6LH ]RJHQPLFKZHLWHULQGLH7LHIHGLHVHVHQGORVHQ'LPHQVLRQVWXQQHOV KLQHLQZR+HXOHQXQG=lKQHNQLUVFKHQ]X+DXVHZDUHQ ,FKNODPPHUWHPLFKDXFKQLFKWDQGHP'lPRQIHVW'LH.UlIWH KDWWHQXQVJHWUHQQWDXVHLQDQGHUJHULVVHQXQGZLUWULHEHQLUJHQG ZRGXUFKGLH/HHUHGHU'LPHQVLRQHQ $XFKYRQ$VPRGLQDPHLQHU(U]IHLQGLQZDUQLFKWVPHKU]X VHKHQ6HOWVDPQXUGDLFKPHLQH*HGDQNHQNODUXQGGHXWOLFK IRUPXOLHUHQNRQQWH ,FKWULHE]ZLVFKHQGHQ=HLWHQXQGGDFKWHGDUDQGDLFK*OHQGD 3HUNLQVQLFKWKDWWHUHWWHQN|QQHQ6LHVROOWHYRUGHP5LFKWHUWLVFK GHV'lPRQHQULFKWHUV0DGGR[VWHKHQXQGGHVVHQ8UWHLOHZDUHQ PLUQXU]XJXWEHNDQQW

8QG$VPRGLQDKDWWHVLFKGXUFKGHQ'lPRQDQGHQLFKPLFK IHVWNUDOOWHGHQVLOEHUQHQ1DJHOJHKROWPLWGHPVLH'U7RGYHU QLFKWHQZROOWH 'DV.UHX]KDWWHLFKDOVRQLFKWEHLPLUGRFKDOV:DIIHQZDUHQPLU QRFKGLH%HUHWWDGHU'ROFKXQG'HVWHURV6FKZHUWJHEOLHEHQ'UHL 'LQJHGLHPLUVLFKHUOLFKZHLWHUKDOIHQ1XUZDUHQVLHOlQJVWQLFKW VRVWDUNZLHGDVJHZHLKWH.UHX] 6LFKHUHVZDUHLQ5LVLNRVLFKGHUDUWLQ*HIDKU]XEHJHEHQGRFK LFKKDWWHDOVLFKGHQ'lPRQDQVSUDQJJDUQLFKWGDUEHUQDFK JHGDFKWVRQGHUQHLQIDFKUHDJLHUW 8QGQXQEHIDQGLFKPLFK]ZLVFKHQGHQ=HLWHQ :RZUGHGLH5HLVHHQGHQ" ,QZHOFKHLQHP5HLFKODQGHWHQZLU",Q$VPRGLQDV"2GHUGRUW ZRGHU6SXNGLH6HHOHQGHU'lPRQHQJHIDQJHQKLHOWXQGVLFK ZDKUVFKHLQOLFKDXFK*OHQGD3HUNLQVEHIDQG" ,FKZXWHHVQLFKW,FKKDWWHNHLQH$KQXQJDEHULFKVROOWHHVEDOG HUIDKUHQGHQQSO|W]OLFKZDUGLH5HLVHEHHQGHW,FKVSUWHZLHGLH (LQGUFNHXPPLFKKHUXPVWlUNHUZXUGHQZLHDOOHVDQ)HVWLJNHLW XQG5HDOLWlW]XQDKPZLHLFKPLFKZLHGHUEHZHJHQNRQQWHXQG GHU%RGHQXQWHUPHLQHQ)HQQLFKWVFKZDPPLJVRQGHUQKDUW XQGIHVWZDU,FKNRQQWHZLHGHUODXIHQ =XHUVWHLQPDOEOLHELFKVWHKHQ$XWRPDWLVFKILHOPHLQHUHFKWH +DQGDXIGHQ*ULIIGHV6FKZHUWHV=XGHPZDULFKEHUHLWMHGHQ 0RPHQWGLH%HUHWWD]X]LHKHQVROOWHVLFKLUJHQGHWZDVHUHLJQHQ 6WLOOHXPJDEPLFK $OOHUGLQJVNHLQHIULHGOLFKH6WLOOHZLHPDQVLHYLHOOHLFKWDQHLQHP HLQVDPOLHJHQGHQ%HUJVHHLUJHQGZRLQGHQ$OSHQHUOHEWVRQGHUQ HLQHJHIlKUOLFKH (VLVWVFKZHUGHQ8QWHUVFKLHGGLHVHUEHLGHQ$UWHQLQ:RUWH]X IDVVHQ'DVPXPDQHLQIDFKVSUHQ6RHWZDVOHUQWPDQLP/DXIH GHU-DKUH0DQEHNRPPWHLQHQ6LQQIU*HIDKUHQXQG *HIDKUHQKHUGHPDQPHUNWHEHQGDLUJHQGHWZDVDQGHUVLVW 2EZRKOGLH5HLFKHGHU'lPRQHQLQY|OOLJDQGHUHQ'LPHQVLRQHQ OLHJHQVRJLEWHVDXFKGRUWYHUVFKLHGHQH/DQGVFKDIWHQ (VJLEW6WlGWH$QVDPPOXQJHQYRQ+lXVHUQRGHU+WWHQZHLWH (EHQHQJHIlKUOLFKH6PSIHXQGKRKH%HUJHVRZLH6FKOXFKWHQXQG 7lOHU1XUHLQHVIHKOW

'LH6RQQH 'HVKDOEH[LVWLHUWHQLQGHQ'lPRQHQUHLFKHQZHGHU7DJQRFK 1DFKW(VEOLHELPPHUJOHLFKXQGEHUDOOGHQ/lQGHUQODJHLQ GXQVWLJHU6FKOHLHU1HEHOHLQ$WHPGHV7RGHVZLHLKQ8QJHKHXHU DXVVWLHHQGHUDXFKDOV%URGHPGHU+|OOHEHNDQQWZDU:HQQLFK JHQDXKLQVFKDXWHNRQQWHLFKGLHIHLQHQ1HEHOVWUHLIHQVHKHQGLH ZLHODQJH6FKOHLHUEHUGHP/DQGODJHQXQGPDQFKPDODOV)DKQHQ YRQHLQHPSO|W]OLFKDXINRPPHQGHQ:LQGKLQXQGKHUJHWULHEHQ ZXUGHQ ,QGLHVHQ/lQGHUQKDXVWHQ.UHDWXUHQGLHVlPWOLFKHU%HVFKUHL EXQJVSRWWHWHQ$OSWUDXPJHVFK|SIHZLHVLHPDQFKYHUUFNWHU 0DOHUDXIGLH/HLQZDQGJHEUDFKWKDWWHXQGGDIUDXVJHODFKW ZXUGH ,QGLHVHQ5HLFKHQZDUHQGLH$QJVW]X+DXVHGHU6FKUHFNHQGDV *UDXHQXQGGHU:DKQVLQQ 6FKRQLPPHUKDWWHQ0HQVFKHQYRQGLHVHQ5HLFKHQJHZXWXQG YHUVXFKWHVGXUFKHLQLJH:RUWH]XHUNOlUHQ9LHOOHLFKWKDWWHPDQ VRJDUHLQHQ%HJULIIJHIXQGHQGHQVLHGDQQPLWGHP:RUW )HJHIHXHUXPVFKULHEHQREZRKOLFKLKQDOV9RUKRI]XU+|OOH EHWUDFKWHWH ,QVRHLQHP9RUKRIZDULFKJHODQGHW $OVHUVWHVEOLFNWHLFKPLFKXPXQGVWHOOWHQXQIHVWGDLFKLQ HLQHUZHLWHQ(EHQHJHODQGHWZDU :HLWXQGJUDX *UDXZLHGHU%RGHQXQWHUPLUXQGDXFKJUDXZLHGHU+LPPHO EHUPHLQHP.RSI 'DVDKLFKNHLQHQ0RQGNHLQHQ6WHUQXQGDXFKNHLQH6RQQHGLH GLHVHV*UDXLUJHQGZLHDXIJHKHOOWKlWWH'HU+LPPHOZDUHLQIDFK GLFKW8QGGRFKNRQQWHLFKHWZDVHUNHQQHQGHQQDXVGHP*UDX GHV+LPPHOVEOLW]WHKLHUXQGGDHLQIHLQHU/LFKWVWUHLIHQGHUVLFK EHUGHP%RGHQQRFKYHUGLFKWHWHXQGDXVEUHLWHWH 6RZDULFKQLFKWY|OOLJEOLQGXQGNRQQWHJHQDXHUNHQQHQZRKLQ LFKJLQJ ,FKKRFNWHPLFKHUVWHLQPDOQLHGHU0HLQH+lQGHIXKUHQEHU GHQ8QWHUJUXQG ,FKVWHOOWHGDEHLIHVWGDHVVLFK]ZDUXPHLQKlUWHUHV*HVWHLQ KDQGHOWHGRFKHVZDULUJHQGZLHSRU|V(VODJQLFKWIHVWDQHLQDQGHU

XQGHULQQHUWHPLFKDQHUNDOWHWH/DYDDVFKH 1LFKW]XPHUVWHQPDOEHIDQGLFKPLFKLQGHQ5HLFKHQGHV 6FKUHFNHQV'LHVHU8QWHUJUXQGZDUPLUVFKRQEHNDQQW(QWZHGHU IDQGPDQLKQRGHUODQJH6DQGIHOGHUGLHDQGLH:VWHQVWULFKH XQVHUHU(UGHHULQQHUWHQ7LHUHRGHUPRQVWHUKDIWH:HVHQHQWGHFNWH LFKQLFKWXQGDXFKYRQGHP'lPRQGHUPLFKXQIUHLZLOOLJLQGLHVH 'LPHQVLRQEHJOHLWHWKDWWHZDUQLFKWV]XVHKHQ ,FKZDUDOOHLQ 'DEHLKDWWHLFKGLH:DKO,FKNRQQWHQDFKUHFKWVOLQNVQDFKYRUQ RGHU]XUFNJHKHQGDVEOLHEVLFKJOHLFKhEHUDOOGLHJOHLFKH /DQGVFKDIW /DQJHUlWVHOWHLFKQLFKWKHUXPVRQGHUQVHW]WHPLFKQDFKYRUQ KLQLQ%HZHJXQJ=XHUVWVFKULWWLFKVHKUYRUVLFKWLJZHLOLFKLPPHU GDUDXIJHIDWZDULQLUJHQGHLQH)DOOH]XJHUDWHQ+HLPWFNLVFK DXIJHVWHOOWH+LQGHUQLVVHZDUHQRIWQLFKW]XHUNHQQHQ7URW]GHP NDPLFKXQDQJHIRFKWHQYRUDQ +HLZDUHV 9LHOOHLFKWDXFKQXUZDUPGRFKLP9HUJOHLFK]XPNDOWHQ/RQGRQ HUVFKLHQHVPLUKHL 3O|W]OLFKEOLHELFKVWHKHQ (VJHVFKDKJHUDGHQRFKLPOHW]WHQ$XJHQEOLFNGHQQYRUPLUWDW VLFKGHU%RGHQDXI .UHLVUXQGZDUGLHVFKZDU]HgIIQXQJ$QLKUHP5DQGZLUNWHVLH ZLHDEJHVFKQLWWHQXQGPHLQ%OLFNILHOLQHLQH7LHIHIUGLHGDV :RUWXQHQGOLFKJHQDX]XWUDI ,FKIUFKWHWHPLFK:HQQLFKGDUDQGDFKWHGDLFKOHLFKWLQGHQ 6FKDFKWKlWWHIDOOHQN|QQHQGDQQZXUGHPLUJDQ]DQGHUV*XW GDLFKLKQUHFKW]HLWLJJHVHKHQKDWWH 9RUVLFKWLJJLQJLFKXPLKQKHUXPXQGEOLHEDEHUPDOVZLHDQJH ZXU]HOWVWHKHQ'DEHIDQGVLFKQRFKHLQ]ZHLWHU6FKDFKW(LQH XQKHLPOLFKH5|KUHGLHVHQNUHFKWLQGLH(UGHVWLH 7LHIKROWHLFK/XIW*OHLFK]HLWLJYHUQDKPLFKHLQ*HUlXVFK EOLFNWHQDFKUHFKWVXQGPHLQH$XJHQZHLWHWHQVLFKGHQQQXQHQW GHFNWHLFKGDV*HKHLPQLVGLHVHUJUDXHQ(EHQH 'LHgIIQXQJHQELOGHWHQVLFKYRQDOOHLQ$OVZUGHQXQWHUXQGLQ GLHVHP%RGHQLUJHQGZHOFKH:HVHQVWHKHQGLHGLH(UGHYRQXQWHQ KHUDXIULVVHQ

*UDXHQKDIW ,FKVFKDXWH]XUFN,QHLQHUQDKH]XVDWDQLVFKHQ*HRPHWULHDXI JHEDXWODJgIIQXQJDQgIIQXQJ:RKOJHRUGQHWXQG]ZLVFKHQ LKQHQEHIDQGVLFKMHZHLOVQXUHLQVFKPDOHU5DQGDXIGHPLFK EDODQFLHUHQPXWH (LQH)OXFKWZDUXQP|JOLFKGHQQGLHgIIQXQJHQELOGHWHQVLFK EDOGVFKQHOOHUDOVLFKVFKDXHQNRQQWH,FKVDKPLFKLQQHUKDOEHLQHU KDOEHQ0LQXWHYRQLKQHQHLQJHNUHLVW 5HVLJQLHUHQ" (LJHQWOLFKEOLHEPLUQLFKWVDQGHUHVEULJXQGHLQKDUWHV*ULQVHQ NHUEWHPHLQH0XQGZLQNHO'DEHLKDWWHLFKDQJHQRPPHQGLHVH 'LPHQVLRQZlUHYRUHUVWKDUPORVJHZHVHQ0LWGLHVHQJHIlKUOLFKHQ 6FKlFKWHQKDWWHLFKQLHJHUHFKQHW :DVWXQ" (UVWHLQPDOEOLHELFKDXIHLQHPVFKPDOHQ5DQGVWHKHQ(UZDU NDXPEUHLWHUDOVPHLQH6FKXKHXQGZHQQLFKZHLWHUZROOWHGDQQ PXWHLFKHLQHDUWLVWLVFKH/HLVWXQJYROOEULQJHQ 9RUVLFKWLJZDJWHLFKGLHHUVWHQ6FKULWWH(VZDUVFKRQHLQH ULVNDQWH6DFKHVRYRUDQ]XJHKHQXQGHLQHJHZLVVH6LFKHUKHLWIDQG LFKDXFKGDQQQLFKWDOVLFKGLHHUVWHQJHIlKUOLFKHQ/|FKHUSDVVLHUW KDWWH'DZDUQLFKWV]XPDFKHQ 1DFKGUHL/|FKHUQXQGHLQHP%DODQFHDNWDQGHQ5lQGHUQGHU 6FKlFKWHHQWODQJEOLHELFKHUVWHLQPDOVWHKHQXQGUXKWHPLFKHLQ ZHQLJDXV $XVUXKHQZDUYLHOOHLFKW]XYLHOJHVDJWGHQQLFKPHUNWHZLH PHLQH%HLQH]LWWHUWHQ,QGHQ.QLHQKDWWHLFKHLQZHLFKHV*HIKO XQGLFKK|UWHPHLQ+HU]VFKODJHQ ,PPHUZLHGHUVFKLHOWHLFKLQGLHVHVFKZDU]HQ6FKlFKWH ,FKNRQQWHPLUHLQIDFKQLFKWYRUVWHOOHQGDVLHOHHUZDUHQ6LH PXWHQGRFKHLQH%HGHXWXQJKDEHQXQGGLHZROOWHLFKWURW] PHLQHU6WUHVLWXDWLRQKHUDXVILQGHQ 9LHOOHLFKWEUDXFKWHLFKQXU*HGXOGXQGGLH*HJQHUPHOGHWHQ VLFKYRQJDQ]DOOHLQ $OOHUGLQJVZDUPLUPHLQH/DJH]XXQEHTXHP9RUVLFKWLJJLQJLFK LQGLH.QLHXQGKRFNWHPLFKVRKLQGDPHLQH%HLQHOLQNVXQG UHFKWVMHZHLOVLQHLQHQ6FKDFKWEDXPHOWHQXQGLFKPLWGHQ6HLWHQ GHU6FKXKHEHUGDVSRU|VH*HVWHLQVFKDEWH

6REOLHELFKVLW]HQ'LHVH+DOWXQJHUVFKLHQPLUVLFKHUHUDOVGDV QRUPDOH6WHKHQDXIGHPVFKPDOHQ*UDW]ZLVFKHQGHQJHIlKUOLFKHQ 6FKlFKWHQ :UGHPDQPLFKDOOHLQODVVHQ" 'LHVH)UDJHTXlOWHPLFKXQGLFKKRIIWHGDLUJHQGHWZDVJHVFKH KHQZUGH'HQQVRZXFKVPHLQH8QVLFKHUKHLWZHLOLFKQLFKW ZXWHZDVGLHQlKHUH=XNXQIWEULQJHQZUGH 8PPLFKKHUXPZXUGHGLH6WLOOHK|FKVWHQVGXUFKPHLQ$WPHQ XQWHUEURFKHQ(VELOGHWHQVLFKDXFKNHLQHZHLWHUHQ/|FKHUXQGLFK KDWWHGDV*HIKODOVRELFKDXIHLQHPULHVLJHQ6FKRUQVWHLQVLW]HQ ZUGHGHU]ZHLgIIQXQJHQKDWWH ,FKEHZHJWHPHLQHQUHFKWHQ$UPHLQZHQLJ]XU6HLWHXQGKROWH GLHNOHLQH%OHLVWLIWODPSHKHUYRU'DPLWOHXFKWHWHLFKLQHLQHQ 6FKDFKWKLQHLQ 1LFKWZHLWHUDOV]ZHLQRUPDOH$UPOlQJHQVWDFKGHU6WUDKOLQGLH )LQVWHUQLVGDQQZXUGHHUYRQGLHVHUZDWWLJHQ'XQNHOKHLWUHJHO UHFKWDXIJHVDXJW (VJDELKQQLFKWPHKU 'DLFKGLH%DWWHULHGHU/DPSHVFKRQHQZROOWHNQLSVWHLFKVLHZLH GHUDXVXQGYHUVWDXWHVLH'DQQGDFKWHLFKQDFK'LHVH6FKOlXFKH PXWHQHLQHQ6LQQKDEHQ$XFKLQGHQ5HLFKHQGHV6FKUHFNHQV JHVFKDKQLFKWVRKQH0RWLY'lPRQHQXQGILQVWHUH:HVHQKDWWHQ LKUHJHQDXHQ3OlQHGLHVLHGXUFKIKUWHQXQGYRQGHQHQVLHDXFK QLHPDOVDEJLQJHQ 6LHPXWHQPLWGLHVHQgIIQXQJHQHWZDVEH]ZHFNHQ:ROOWHQVLH GDMHPDQGKLQHLQILHOLQGHUXQHQGOLFKHUVFKHLQHQGHQ7LHIHYHU VFKZDQGXQGQLHZLHGHUNHKUWH" 'LHVH0|JOLFKNHLWZDUGXUFKDXVLQ(UZlJXQJ]X]LHKHQ $OOHUGLQJVNRQQWHLFKPLUDXFKHLQHDQGHUHYRUVWHOOHQ9LHOOHLFKW ZDUHQGLH6FKlFKWHQLFKWJUXQGORVXQGWLHIXQWHQEHZRKQW9RQ LUJHQGZHOFKHQ0RQVWHUQRGHUDQGHUHQ*HVWDOWHQGLH]XHLQHP EHVWLPPWHQ=HLWSXQNWDXIWDXFKWHQXQGVLFKLKUH%HXWHKROWHQ" :HQQLFKHKUOLFKVHLQVROOWHGDQQJHILHOPLUGLHVHU*HGDQNH EHUKDXSWQLFKW'DQQOLHEHUGLHHUVWH0|JOLFKNHLW 3O|W]OLFK]XFNWHLFK]XVDPPHQ,Q*HIDKUHQVLWXDWLRQHQYHU VWlUNHQVLFKDXJHQEOLFNOLFKGLH6LQQHGHV0HQVFKHQXQGPHLQ *HK|UZDUVHQVLELOLVLHUW,FKKDWWHHLQ*HUlXVFKYHUQRPPHQ

5HFKWVYRQPLU (VZDUDXVGHU7LHIHGHV6FKDFKWVJHGUXQJHQ(LQ6FKDEHQQXU GRFKHVUHLFKWHDXVXPPHLQH6SDQQXQJQRFK]XVWHLJHUQ :LHGHUQDKPLFKGLHNOHLQH/DPSH,FKZROOWHVHKHQZDVVLFKGD QlKHUWHXQGREEHUKDXSWHWZDVLQGLH+|KHVWLHJXQGLFKPLU QLFKWHWZDVHLQELOGHWH :LHGHUEHZHJWHLFKPLFKVHKUYRUVLFKWLJNQLSVWHGLH/DPSHDQ EHXJWHPLFKHLQZHQLJQDFKUHFKWVXQGOHXFKWHWHVRJXWHVJLQJLQ GHQ6FKDFKWKLQHLQ 'DODXHUWHHWZDVGDZDUHWZDV 1HLQJHWlXVFKWKDWWHLFKPLFKQLFKW,QQHUKDOEGHV6FKDFKWV NURFKHWZDVKRFK ,PHUVWHQ$XJHQEOLFNZROOWHLFKHVQLFKWJODXEHQGRFKGLH 7DWVDFKHOLHVLFKQLFKWZHJOHXJQHQ 'LUHNWDQGHU6FKDFKWZDQGVFKREVLFKHLQWHQWDNHODUWLJHU$UPLQ GLH+|KH,UJHQGZLHJUQOLFKVFKLOOHUQGXQGVFKOHLPLJJOlQ]HQG 'DVMHGRFKZDUQLFKWGDV6FKOLPPVWH *UDXHQYROOIUPLFKZDUGDV(QGHGLHVHV7HQWDNHODUPVGHQQ GRUWEHIDQGVLFKDOVVFKDXULJHU$EVFKOXGHU.RSIHLQHV0HQVFKHQ ,FKKDWWHYLHOJHVHKHQYHUGDPPWYLHOVRJDU$EHUGLHVHU$QEOLFN ZDUIPLFKIDVWXP ,P9RUKRIGHU+|OOHLVWDOOHVP|JOLFKGDVVFKRPLUGXUFKGHQ .RSI,FKPXWHPLFKPLWGHQPDNDEUHQ7DWVDFKHQDEILQGHQGHQQ QXQZXWHLFKGDGLH6FKlFKWHQLFKWOHHUZDUHQ,QGHUXQKHLO YROOHQ7LHIHODXHUWHHWZDV6FKUHFNOLFKHVGDVMHGHU]HLWEHUHLWZDULQ GLH+|KH]XNOHWWHUQ 'HXWOLFKHUNRQQWHLFKGHQ.RSIMHW]WVHKHQ(UKDWWHZLUNOLFKGLH *U|HHLQHV0HQVFKHQVFKlGHOVGRFKGLH+DXWZDUQLFKWKHOORGHU URVLJVRQGHUQKDWWHHLQHQVFKZDU]HQ6FKLPPHUGHUVLFKEHUGDV JHVDPWH*HVLFKWYHUWHLOWHLQGHPEHVRQGHUVGHU0XQGDXIILHO'HU ZDUEUHLWKDWWHGQQH/LSSHQVWDQGKDOERIIHQVRGDLFKGLH JHIlKUOLFKHQVSLW]HQ=lKQHVHKHQNRQQWH 5XKLJVWDQGGHU.RSIQLFKW(UEHZHJWHVLFKDOVZlUHXQWHULKP MHPDQGGHUGHQ7HQWDNHODUPLPPHUDQVWLHVRGD$UPXQG.RSI YRQHLQHU6HLWH]XUDQGHUHQVFKZDQJHQ 0DQFKPDOVWLHHUDXFKJHJHQGLH:DQG'DVHU]HXJWHGLH VFKDEHQGHQ*HUlXVFKHGLHPLFKJHZDUQWKDWWHQ

6RJDU$XJHQHUNDQQWHLFK.OHLQXQGSHFKVFKZDU]ODJHQVLHWLHI LQGHQ+|KOHQ (VZDUNODUGDGHU.RSIQLFKWLQIULHGOLFKHU$EVLFKWHUVFKLHQHQ ZDU(UZROOWHPLFKW|WHQXQGLFKPXWHUDVFKPHLQ%HLQZHJ ]LHKHQDOVLFKEHPHUNWHZLHHUGDQDFKKDFNWH 6HLQH=lKQHKLHEHQJHJHQGLH,QQHQZDQGGHV6FKDFKWV,FKKDWWH PLWGHP*OHLFKJHZLFKW]XNlPSIHQEHXJWHPLFKHLQZHQLJ]XUFN XQGVWW]WHPLFKPLWGHUOLQNHQ+DQGDEZREHLLFKGHQ$UPDXV VWUHFNWH 'DQQ]RJLFKGHQ'ROFK .XJHOQZROOWHLFKVSDUHQ:HQQHVHEHQJLQJPXWHLFKPLFKPLW 6FKZHUWXQG'ROFKYHUWHLGLJHQ%HLGHVZUGHXQJHIlKUGLHJOHLFKH :LUNXQJKDEHQ ,FKVWLH]X ,P/DXIHGHU=HLWKDWWHLFKHVJHOHUQWPLWGLHVHU:DIIHXP]X JHKHQ(LQ6WLFKUHLFKWHXPGDV*HVLFKWGLHVHVVFKUHFNOLFKHQ 6FKlGHOVYROO]XWUHIIHQ %HLQDKHZXUGHHVLQGHU0LWWHJHWHLOW(LQHGXQNOH)OVVLJNHLW VSULW]WHKHUYRUXQGSO|W]OLFKVFKZDQJGHU.RSIZLOGYRQHLQHU 6HLWH]XUDQGHUHQ(UNODWVFKWHGDEHLJHJHQGLH,QQHQZlQGHO|VWH VLFKDXIXQGUDQQDOVJDOOHUWDUWLJH0DVVHQDFKXQWHQ $XFKGHU7HQWDNHODUP]RJVLFK]XUFNGHQQDOVLFKQRFKPDOV ]XVWDFKEHIDQGHUVLFKVFKRQVRZHLWHQWIHUQWGDLFKLKQPLWGHU .OLQJHYHUIHKOWHXQGGDV0HVVHUEHUGLH:DQGVFKUDPPWH ,FKNRQQWHHLQHQ6FKUHLQLFKWXQWHUGUFNHQGHQQLFKKDWWHQLFKW DXIJHSDW0HLQOLQNHV%HLQKLQJHEHQIDOOVLQHLQHPGHU6FKlFKWH XQGGDUDXVKDWWHVLFKXQEHREDFKWHWYRQPLUHLQZHLWHUHU$UPLQ GLH+|KHJHVFKREHQ 8QG]XJHELVVHQ 'XUFKPHLQHQ+RVHQVWRIIZDUHQGLH=lKQHJHGUXQJHQ,Q+|KH GHU:DGHVSUWHLFKHLQHQVFKDUIHQ6FKPHU]]RJGDV%HLQ]XUFN XQGZlUHIDVWQRFKLQHLQ/RFKJHUXWVFKWZHLOLFKPLFK]XKHIWLJ EHZHJWH1DUDQQHVLQPHLQHQ6FKXK 'HU.RSIZROOWHPHKU 3O|W]OLFKHUVFKLHQHUEHUGHP5DQGGHV/RFKHVVFKZDQJHLQPDO ]XUFNXQGGDQQYRUXPVLFKPLWVHLQHQYRQPHLQHP%OXW EHVFKPLHUWHQ=lKQHQLQPHLQHP$UPIHVW]XEHLHQ

6RKDWWHQZLUQLFKWJHZHWWHW 'HU.RSIEHZHJWHVLFKLQ0XQGK|KHGLUHNWLQGLH.OLQJHKLQHLQ ZREHLLFKGDV0HVVHUQRFKHLQPDOUXFNDUWLJLQGLH+|KH]RJVR GDGHU6FKlGHO]HUVW|UWZXUGH $EHUPDOVTXROO)OVVLJNHLWDXVGHQEUHLWHQ:XQGHQGLHVLFKHUVW EHUGHQ6FKlGHOYHUWHLOWHLQGHQGXQNOHQ+DDUHQNOHEHQEOLHE XQGGDQQLKUHQ:HJDQGHQHLQJHIDOOHQHQ:DQJHQGHV.RSIHVQDFK XQWHQIDQG $XFKGHU$UPYHUVFKZDQG ,FKDWPHWHDXI6FKZHLEHGHFNWHPHLQH6WLUQ0HLQ+HU] KlPPHUWH,FKVWDQGXQWHUHLQHPXQJHKHXUHQ6WUHXQG]RJPHLQ OLQNHV%HLQDQXPPLUGLH:XQGH]XEHWUDFKWHQ $OVLFKGDV+RVHQEHLQLQGLH+|KHVFKREVDKLFKGLH:XQGH :XQGHZDUYLHOOHLFKWIDOVFKHVZDUHQPHKUHUHNOHLQHGLHZRKO JHRUGQHWXQGGHP$EGUXFNGHV*HELVVHVHQWVSUHFKHQGQHEHQHLQ DQGHUODJHQ ,FKKRIIWHQXUGDPLUGLHVHV:HVHQGXUFKVHLQHQ%LQLFKW LUJHQGHLQHQ.HLPHLQJHLPSIWKDWWHGHUPLFKN|USHUOLFK VFKZlFKWHXQGYLHOOHLFKWXPZDUI 5HFKWVXQGOLQNVYRQPLUKDWWHLFKGLHEHLGHQ:HVHQPLWPHLQHP JHZHLKWHQ'ROFKHUOHGLJWDEHUYRUXQGDXFKKLQWHUPLUODJHLQH XQEHUVHKEDUH=DKOYRQ6FKDFKW|IIQXQJHQGLHVLFKHUOLFKPLW GLHVHQJHIlKUOLFKHQ7HQWDNHODUPHQEHVWFNWZDUHQ 8QGVLHHUVFKLHQHQDXFK :DKUVFKHLQOLFKKDWWHHVVLFKEHLLKQHQKHUXPJHVSURFKHQGDLFK LQLKU5HLFKHLQJHGUXQJHQZDU-HW]WZROOWHQVLHHVPLU]HLJHQ6LH ZROOWHQGHQVHKHQGHUHVJHZDJWKDWWH]ZHLYRQLKQHQ]XW|WHQ :HQQLFKIODFKEHUGLHgIIQXQJHQKLQZHJVFKDXWHGDQQVDKLFK VLHDXFK(VZDUHQZLHGHUGLHVH6FKlGHOXQGVLHWUDXWHQVLFKQLFKW GLUHNWDXVGHQgIIQXQJHQ]XHUVFKHLQHQVRQGHUQEOLHEHQPLWLKQHQ DXIJOHLFKHU+|KH ,KUH+DDUHHUNDQQWHLFKGHQQRFK'LHVHVFKZDU]HQVWUlKQLJHQ 6WUHLIHQGLHIHWWLJDXIGHQ6FKlGHOQNOHEWHQXQGLUJHQGZLHHLQH JOlQ]HQGH6FKLFKWELOGHWHQ'DQQGLH*HVLFKWHUGDUXQWHUZHQQGHU $UPZHLWHULQGLH+|KHJOLWW=ZDUGXQNHODEHUGHQQRFKKHOOHU DOVGHUVFKZDU]H8QWHUJUXQGVRGDVLHVLFK]LHPOLFKGHXWOLFK DEKREHQ

1LFKWQXUYRUPLUEHIDQGHQVLFKGLHVH:HVHQDXFKDQGHU6HLWH XQGLQPHLQHP5FNHQHEHQEHUDOOZRVLFKGLHgIIQXQJHQLP %RGHQEHIDQGHQ ,FKPXWHPLFKWDWVlFKOLFKDXIGHPVFKPDOHQ*UDW]ZLVFKHQ ]ZHL/|FKHUQGUHKHQ(LQHYHUGDPPWVFKZLHULJH6DFKHGHQQLFK NRQQWHMHGHQ$XJHQEOLFNLQGLH7LHIHUXWVFKHQ 6LHNURFKHQKRFK 6RJDUK|KHUDOVGLH6FKDFKW|IIQXQJHQGHQQVRNRQQWHQVLHKHU DQVFKZLQJHQXQGPLFKWUHIIHQ ,FK]RJGDV6FKZHUW (VKDWWHHLQPDO'HVWHURJHK|UW1XQEHIDQGHVVLFKLQPHLQHP %HVLW](VKDWWHPLUVFKRQPDQFKJXWHQ'LHQVWHUZLHVHQ'DPLW ZROOWHLFKNlPSIHQGDPLWNRQQWHLFKGLHYHUIOXFKWHQ*HJQHUYHU QLFKWHQ $OOHUGLQJVZDUHV]LHPOLFKXQKDQGOLFKLP6LW]HQGDV6FKZHUW PLWGHUODQJHQ.OLQJH]XIKUHQ'DEHLPXWHLFK9HUUHQNXQJHQLQ .DXIQHKPHQXQGK|OOLVFKDFKWJHEHQGDLFKQLFKWDXVJOLWWXQG LQHLQHQGHU6FKlFKWHVWU]WH 'HUHUVWH6FKODJ =XKDUPORVJHIKUWRKQH.UDIWGHQQGHU7HQWDNHODUPNRQQWH OHLFKWDXVZHLFKHQ'DEHLYHU]RJVLFKGHU0XQG]XHLQHP*ULQVHQ :HQLJVWHQVNDPHVPLUVRYRUXQGLFKZDUWHWHDEELVGHU$UP ZLHGHU]XUFNVFKZDQJXQG]HUWUHQQWHLKQGDQQPLWHLQHP6WUHLFK LQGHU0LWWH .RSIXQGHLQ7HLOGHV7HQWDNHOVYHUVFKZDQGHQLQHLQHP6FKDFKW XQGZDUHQQLFKWPHKU]XVHKHQ (LQHQ]ZHLWHQXQGGULWWHQHUOHGLJWHLFKPLWHLQHP5XQGVFKODJ 'LH.OLQJHGXUFKVFKQLWWVLHDOVEHVWQGHQVLHDXV%XWWHU 0DJLHJHJHQ0DJLH 0HLQHZDUVWlUNHU 8QGMHW]WEHUOHJWHQHVVLFKGLHDQGHUHQ:HVHQREVLHPLFK DQJUHLIHQVROOWHQ6LHEOLHEHQVLFKHUKHLWVKDOEHU]XUFNRGHUWDXFK WHQHUVWJDUQLFKWDXI ,FKKDWWHPLUHLQHNOHLQH$WHPSDXVHHUNlPSIWXQGEOLHEHUVWHLQ PDOVLW]HQXPPLFKDXV]XUXKHQ 0DQOLHPLUNHLQH=HLWGHQQDXIHLQPDOHUW|QWHHLQ=LVFKHQ(UVW OHLVHGDQQVFKZROOHVLPPHUPHKUDQZXUGHODXWHUXQGZXUGHIU

PLFK]XHLQHU4XlOHUHLGHU2KUHQ (VZDUHLQVFKDXULJHV%LOG$XVDOOHQgIIQXQJHQVWDFKHQGLH 6FKlGHOXQG]LVFKWHQGXUFKLKUHDQJHVSLW]WHQ=lKQH$OOHUGLQJV QLFKWQXUGDV(VTXROODXFKQRFKHWZDVDXVLKUHQ0lXOHUQ *LIWLJHU%URGHP ,FKEHPHUNWHLKQDOVLFKKXVWHQPXWH'DV=HXJNUDW]WHLQPHL QHP+DOV(VVFKQUWHPLUGHQ$WHPDE,FKNHXFKWHUlXVSHUWH PLFKXQGVSUWHJOHLFK]HLWLJGLH9HUlQGHUXQJLQPHLQHP.RSI 0LUZDUDOVKlWWHVLFKMHPDQGHLQH6SULW]HJHQRPPHQVLHLQ PHLQH6WLUQJHVWRHQXQGGHQ6FKlGHOPLW:DWWHJHIOOW6RMHGHQ IDOOVIKOWHHVVLFKDQ8QGGLHVH:DWWHEUHLWHWHVLFKDXV6LHOlKPWH PHLQ'HQNHQXQGGHVKDOEDXFKPHLQH5HDNWLRQHQ,FKVDDXIGHP 5DQGXQGNRQQWHHLQIDFKQLFKWVWXQ'LHDQGHUHQZDUHQ]XVWDUN 6LHEHZLHVHQPLULKUH0DFKWXQGLPPHUJU|HUH*LIWZRONHQ GUDQJHQPLUHQWJHJHQXQGNUHLVWHQPLFKHLQ :LHLP.UDPSIKLHOWLFKPHLQ6FKZHUWIHVW,FKZROOWHHVQLFKWORV ODVVHQGHQQZHQQLFKMHW]WGLH)LQJHU|IIQHWHGDQQYHUORULFKGLH :DIIHXQGVLHZUGHLQGHQ6FKDFKWIDOOHQXQGLUJHQGZRLQGHU XQDXVORWEDUHQ7LHIHYHUVFKZLQGHQ 6RXQGQLFKWDQGHUVVDKHVDXV /DQJVDPVDQNLFK]XUFN,FKOLHPLFKIDVWIUHLZLOOLJIDOOHQGRFK GDQQHUUHLFKWHLFKHLQHQ3XQNWZRGHUhEHUOHEHQVZLOOHZLHGHU VWlUNHUZXUGH 1HLQVRQLFKW8P+LPPHOVZLOOHQQXUQLFKWDXIJHEHQ'X PXWGLFK]XVDPPHQUHLHQ 8QGLFKULPLFK]XVDPPHQ ,FKVFKDIIWHHVLQGHU7DWPLFKZLHGHUDXI]XULFKWHQXQGLFK EHPHUNWHDXFKGDPLUNHLQ%URGHPPHKUHQWJHJHQVWU|PWH$XFK GDV=LVFKHQOLHQDFKXQGYHUNODQJ 'LH6WLOOHNHKUWH]XUFN ,FKDEHUKRFNWHDXIGHPVFKPDOHQ5DQG]ZLVFKHQGHQEHLGHQ 6FKDFKW|IIQXQJHQXQGVWDUUWHLQV/HHUH1RFKLPPHUJHODQJHVPLU QLFKWGLH*HGDQNHQLQPHLQHP.RSIULFKWLJ]XRUGQHQ(VOLHIHLQ IDFK]XYLHOGXUFKHLQDQGHU (LQLJH0DOHDWPHWHLFKWLHIGXUFK2EZRKOGLH/XIWKLHUQLFKWPLW GHUDXIGHU(UGH]XYHUJOHLFKHQZDUNDPVLHPLUGRFKN|VWOLFKYRU QDFKGHPGHUWHXIOLVFKH%URGHPYHUVFKZXQGHQZDU

6ROOWHGDVHLQH:DUQXQJJHZHVHQVHLQ"+DWWHQ$VPRGLQDRGHU GHU6SXNGDPLWEHZHLVHQZROOHQZLHPlFKWLJVLHOHW]WHQGOLFKGRFK ZDUHQ",FKZXWHHVQLFKWVDKDOOHUGLQJVGDVLFKYRQYRUQHLQH *HVWDOWQlKHUWH8QG]ZDUHLQHGLHLFKNDQQWH (VZDUGHUEORQGH'lPRQ$OOHUGLQJVKDWWHHUVLFKYHUlQGHUW 6HLQ*HVLFKWVDKY|OOLJHQWVWHOOWDXV(VZDUDXFKQLFKWVPHKUYRQ VHLQHUQRUPDOHQ+DXW]XVHKHQ-HW]WHQWGHFNWHLFKGDULQGLHGLFNHQ URWHQ6WUHLIHQGLHEHLXQVHUHPHUVWHQ.RQWDNWKLQWHUGHUGQQHQ +DXWJHVFKLOOHUWKDWWHQ $XVGHP1LFKWVZDUHUHUVFKLHQHQ/DQJVDPVFKULWWHUQlKHU 'DEHLKDWWHLFKGHQ(LQGUXFNDOVZUGHHUGHQ%RGHQEHUKDXSW QLFKWEHUKUHQVRQGHUQVFKZHEHQ'DVNRQQWHQDWUOLFKHLQH 7lXVFKXQJVHLQGDLFKLQPHLQHP=XVWDQGVRZLHVRQLFKWDOOHVVR JHQDXHUNDQQWHDEHUEHL'lPRQHQZXWHPDQVFKOLHOLFKQLHZLH VLHUHDJLHUWHQRGHUUHDJLHUHQNRQQWHQ 0LWMHGHP6FKULWWVFKPRO]GLH(QWIHUQXQJ]ZLVFKHQXQV,FK JODXEWHHLQKlOLFKHV*ULQVHQDXIVHLQHP*HVLFKW]XVHKHQXQG JOHLFK]HLWLJDXFKHLQZLVVHQGHV (UJLQJQXUDXIGHPVFKPDOHQ5DQGEDODQFLHUWH]ZLVFKHQGHQ DXIJHULFKWHWHQ7HQWDNHODUPHQPLWGHQ.|SIHQDOVZlUHHUGHU JURH.|QLJGHU+HUUVFKHU 'DQQEOLHEHUVWHKHQ :LUVWDUUWHQXQVDQ ,FKVDJWHQLFKWVVRQGHUQZROOWHHVLKPEHUODVVHQGDV*HVSUlFK ]XEHJLQQHQ ª-RKQ6LQFODLU©VDJWHHUª:LUKDEHQXQVEHLGHQRFKQLFKW EHJUW:HQLJVWHQVQLFKWLQGLHVHU:HOWPHLQ/LHEHU'DPLWKHLH LFKGLFKKHU]OLFKZLOONRPPHQ'XEHILQGHVWGLFKDXIGHU*UHQ]H ]ZLVFKHQGHP5HLFKGHV6SXNVXQGGHPGHU7HXIHOVWRFKWHUXQG GXELVWVRJDUIUHLZLOOLJ]XXQVJHNRPPHQZHOFKHLQH(KUH© (UOlFKHOWHWHXIOLVFK'DQDFKZDQGWHHUGHQ.RSIXQGVFKDXWH VLFKXPª(LQLJHPHLQHU)UHXQGHKDVWGXMDJHW|WHWDEHUDQGHUH ZDUWHQGDUDXIGLFKXP]XEULQJHQ8QGLFKZHUGHQLFKWVWXQGDPLW VLHLKU9RUKDEHQQLFKWLQGLH7DWXPVHW]HQN|QQHQ©(U|IIQHWHGLH UHFKWH+DQGXQGLFKVDKGHQVLOEHUQHQ1DJHODXIGHU)OlFKHOLHJHQ 1RFKMHW]WZDUHVIUPLFKHLQ5lWVHOZLHHUGHQ1DJHOEHU KDXSWKDWWHDQIDVVHQN|QQHQ1RUPDOHUZHLVHKlWWHLKQGDV

JHZHLKWH6LOEHU]HUVW|UHQPVVHQDEHUGDVJHVFKDKQLFKW:DUGLH 0DJLHGHV1DJHOVYLHOOHLFKW]XVFKZDFK" 1HLQQXULFKZDUVFKZDFKGHQQGLH1DFKZLUNXQJHQGHVHLQJH DWPHWHQ*DVHVVSUWHLFKVHKUGHXWOLFK,FKNRQQWH]ZDUZLHGHU NODUGHQNHQGRFKHVEHUHLWHWHPLUQRFKLPPHU0KHPLFK]X EHZHJHQ$OOHVOLHI]XWULJHDE ª,FKEHVLW]HGHQ1DJHOXQGLFKEHVLW]HGLFK©VDJWHGHU'lPRQ YRUPLUª:DVZLOOLFKPHKU"©$OVHUGDVOHW]WH:RUWJHVSURFKHQ KDWWHVFKORHUGLH)DXVW 8QGGDVDKLFKGDVLFKVHLQH+DXWVRVHOWVDPEHZHJWH6LH VFKLHQVRJDU)DOWHQ]XZHUIHQ 'LH(UNHQQWQLVNDPPLUEOLW]DUWLJ 'HU'lPRQYRUPLUNRQQWHGHVKDOEGHQVLOEHUQHQ1DJHODQ IDVVHQZHLOHU+DQGVFKXKHWUXJ'DKHUPDFKWHLKPGDV6LOEHU QLFKWVDXV ª1RFK)UDJHQ6LQFODLU"© ª-D© ª'DQQEHHLOHGLFKGHQQLFKPX$VPRGLQDGHQ1DJHOEHU UHLFKHQGDPLWVLH'U7RGHQGOLFKLQVHLQH6FKUDQNHQYHUZHLVHQ NDQQXQGQLFKWPHKUGXUFKLKQJHVW|UWZLUG© ª:REHILQGHWVLFK*OHQGD3HUNLQV"© 'HU'lPRQODFKWHVFKDOOHQGª:LOOVWGXGDVZLUNOLFKZLVVHQ *HLVWHUMlJHU"© ª6RQVWKlWWHLFKQLFKWJHIUDJW© ª1XQVLHEHILQGHWVLFKXQWHUGLU© ,FKHUVFKUDNKHIWLJª,QHLQHP6FKDFKW"© ª6RlKQOLFK©HUZLGHUWHGHU'lPRQª6FKDFKWNDQQPDQ]ZDU QLFKWVDJHQGHQQGLHVH6FKlFKWHVLQGQLFKWXQHQGOLFKGDUXQWHU EHILQGHWVLFKHWZDV© ª:DV"© ª*DQ]HLQIDFK'DV/DE\ULQWKGHU$QJVW2GHU$VPRGLQDV 7RGHVODE\ULQWK© 'LH$QWZRUWKDWWHPLFKEHUUDVFKW'DYRQKDWWHLFKQRFKQLH JHK|UW(LQ/DE\ULQWK"8QGHVVROOWHXQWHUGHQ6FKlFKWHQOLHJHQ" :HOFKHhEHUUDVFKXQJHUZDUWHWHPLFKGHQQQRFKLQGLHVHU YLHOVFKLFKWLJHQNDXPPLWPHQVFKOLFKHQ0DVWlEHQQDFK]X YROO]LHKHQGHQ:HOW"

(LQ/DE\ULQWKXQWHUGHQ6FKlFKWHQ8QGGRUWVROOWH*OHQGD JHIDQJHQVHLQ" ,FKVFKDXWHGHQ'lPRQHWZDVXQJOlXELJDQXQGHUEHJDQQ]X ODFKHQª-D6LQFODLUGRUWVWHFNWVLH© ª$OVZDV",VWVLHJHIDQJHQ"© ª6RNDQQPDQHVQLFKWVDJHQ©HUZLGHUWHHUª6LHVWHFNW]ZDULP /DE\ULQWKMHGRFKQLFKWDOV*HIDQJHQHVRQGHUQDOV$EJHXUWHLOWH 9HUVWHKVWGX"6LHLVWLP-HQVHLWV]XP7RGHYHUXUWHLOWZRUGHQ'RUW ZLUGVLHYHUUHFNHQ,UJHQGMHPDQGZLUGVLHVFKRQW|WHQXQGLKUH *HEHLQH© ª+|UDXI©VFKULHLFKªK|UDXI© (UJULQVWHQXUª,FKNDQQPLUYRUVWHOOHQGDGXVRHWZDVQLFKW YHUWUlJVW$EHUGXZLUVWNHLQH&KDQFHPHKUKDEHQVLHMHPDOVZLH GHU]XVHKHQ,FKKDEHGHQ1DJHOXQGGDVUHLFKWPLU$XHUGHPKDW PLU$VPRGLQDHLQHQ$XIWUDJJHJHEHQ© ,FKNRQQWHPLUGHQNHQZHOFKHQ-REGLHVHU'lPRQYRQVHLQHU &KHILQHUKDOWHQKDWWH7URW]GHPZROOWHLFKHVJHQDXZLVVHQXQG IUDJWHª:HOFKHQ"© ª'LFK]XW|WHQ6LQFODLU© 6LHVWDQGHQGDXQGVFKDXWHQLQGHQJUDXHQ:LQWHUKLPPHO .DUD0\[LQXQG6XNRGHU&KLQHVH$OOHGUHLZDUHQLUJHQGZLH GHSULPLHUWXQGLQGHQHUVWHQ0LQXWHQXQIlKLJHWZDV]XVDJHQ 0\[LQKLHOWGDV.UHX]QRFKIHVW(VNLSSWHLQVHLQHQ)LQJHUQQDFK YRUQXQGHVVDKVRDXVDOVZUGHHVGHPNOHLQHQ0DJLHUDXVGHU +DQGUXWVFKHQ $VPRGLQDZDUYHUVFKZXQGHQ9RQLKUHP*HVLFKWZDUDPJUDX HQ+LPPHOQLFKWVPHKU]XVHKHQ(VKDWWHVLFKDXIJHO|VWZLHHLQ IHUQHU1HEHOVWUHLI 9LHOOHLFKWZDUHQVLH]XVLHJHVVLFKHUJHZHVHQYLHOOHLFKWKlWWHQVLH QRFKZDUWHQVROOHQDEHUVLHKDWWHQGLH7HXIHOVWRFKWHUXQWHUVFKlW]W 6LHZDUYLHOUDIILQLHUWHUXQGZLUNOLFKQLFKWKDUPORV6LHVWDQGLKUHP 9RUJlQJHUGHP6FKZDU]HQ7RGLQQLFKWVQDFK'DVKDWWHVLHKHXWH EHZLHVHQ .DUDZDUGLHHUVWHGLHVLFKEHZHJWH6LHZDUGHUHLJHQWOLFKH 0LWWHOSXQNWGHU%HVFKZ|UXQJJHZHVHQ(UVWGXUFKLKUH.UDIWXQG

GLH0DJLHGHV6FKZHUWHVZDUHVEHUKDXSWJHOXQJHQ$VPRGLQD HUVFKHLQHQ]XODVVHQ8QGQXQGLHVH1LHGHUODJH 'DV0lGFKHQDXVGHP7RWHQUHLFKVWW]WHVLFKDXI,KUHODQJHQ +DDUHZXUGHQYRP:LQGHUIDWXQG]XU6HLWHJHZHKWVRGDVLH ZLHHLQGXQNOHU6FKOHLHUDXVVDKHQ.DUDKREGDV6FKZHUWDQXQG VWHFNWHHVZLHGHULQGLH6FKHLGH,KUH+DXWZDUEOHLFKXQGGDV 0lGFKHQPDFKWHHLQHQHUVFK|SIWHQ(LQGUXFN 1LHPDQGVSUDFK %LV0\[LQVLFKXPGUHKWHXQGDQ6XNRKHUDQWUDWª:LOOVWGXGDV .UHX]DQGLFKQHKPHQ"© 'HU&KLQHVHVFKLHQZLHDXVHLQHP7UDXP]XHUZDFKHQGHQQHU VFKUHFNWHUHJHOUHFKWKRFKª:DVLVW"© 0\[LQZLHGHUKROWHGLH)UDJH ª-DLFKQHKPHHV©6XNRQDKPGDVVLOEHUQH.UX]LIL[LQGLH5HFKWH XQGVFKDXWHGDUDXI(UVDKDOOGLHVHOWVDPHQ=HLFKHQGLH]XP7HLO QRFKJDUQLFKWHQWUlWVHOWZDUHQXQGHUVFKDXWHDXFKDXIGLH *UDYXUHQGHU(U]HQJHO 'LHVHYLHUKDWWHQQLFKWKHOIHQN|QQHQ'DV*UDXHQZDUZLHHLQ SO|W]OLFKHV*HZLWWHUEHUHLQHQ7HLOGHV6LQFODLU7HDPVKHUHLQJH EURFKHQ-HW]WEHIDQGVLFK-RKQLQLUJHQGHLQHU'LPHQVLRQGLHYRQ VHLQHU7RGIHLQGLQ$VPRGLQDNRQWUROOLHUWZXUGHXQGVLHZUGH LKPNDXPGLH&KDQFHJHEHQGLHVH'LPHQVLRQZLHGHU]XYHUODVVHQ 6LHNRQQWHIU-RKQ]XHLQHPJHZDOWLJHQ*HIlQJQLVZHUGHQRGHU DXFK]XHLQHPULHVLJHQ*UDE 6XNRPDFKWHVLFK9RUZUIHGDHU]XVSlWHLQJHWURIIHQZDU(U ZDUHUVFKLHQHQDOV-RKQ6LQFODLUYHUVFKZDQG9LHOOHLFKWKlWWHHU QRFKHWZDVUHWWHQN|QQHQVRDEHUPXWHHU6LU-DPHVPHOGHQGD QLFKWVPHKU]XPDFKHQZDU 'LH+DUOH\PLWGHU6XNRJHNRPPHQZDUVWDQGDQGHU]HUVW|UWHQ .DSHOOH'HU&KLQHVHVDJWHGHQEHLGHQDQGHUHQ%HVFKHLGXQGJLQJ DXIVHLQ0RWRUUDG]X(UEHVDHLQOHLVWXQJVVWDUNHV6SUHFKIXQN JHUlWXQGKRIIWHGDHU6LU-DPHVGDPLWHUUHLFKWH (VNODSSWH6HKUGHXWOLFKZDUGLH6WLPPHGHV6XSHULQWHQGHQWHQ QLFKW]XYHUVWHKHQ(LQVWDUNHV5DXVFKHQVW|UWHGHQ(PSIDQJ 'HU&KLQHVHVSUDFKGLH6lW]HODQJVDPXQG6LU-DPHVK|UWHLKP JHQDX]X(LQSDDUPDOIUDJWHHUGD]ZLVFKHQGDQQEDWHU6XNR ZLHGHU]XP
ª$OOULJKW6LU©HUZLGHUWH6XNR ª:DVVDJWGHU&KHI"©IUDJWH0\[LQQDFKGHP6XNRZLHGHU]X LKPXQG.DUDKLQEHUJHJDQJHQZDU ª(ULVWVSUDFKORV© ª.DQQLFKPLUGHQNHQ© ª*LEWHVEHUKDXSWQRFKHLQH&KDQFH"©HUNXQGLJWHVLFK6XNR ª.DXP© ª:DVKHLWNDXP"'XVWUHLWHVWHVDOVRQLFKWDEGDXQWHU 8PVWlQGHQQRFKHWZDV]XPDFKHQLVW"© ª0|JOLFK6XNR1XUEUDXFKHQZLUGDIU=HLW.DUDPXVLFK HUKROHQ'LHOHW]WH%HVFKZ|UXQJKDWVLHVHKUHUVFK|SIW$VPRGLQD ]XEHVFKZ|UHQ]HKUWDQGHQ.UlIWHQJODXEHPLU:HQQVLHGHQ 7UDQNGHV9HUJHVVHQVKlWWHZlUHGDVDOOHVQLFKWVRVFKOLPP'DQQ N|QQWHLKU*HLVWLQGLHDQGHUHQ'LPHQVLRQHQHLQGULQJHQ$EHUGHQ KDWVLHQXQPDOQLFKW'DVLVWXQVHU3HFK© 6XNRQLFNWH'LHVHU7UDQNGHV9HUJHVVHQVZDUZDKUVFKHLQOLFK QRFKVFKZHUHU]XILQGHQDOVGHU$XIHQWKDOWVRUWYRQ6ROR0RUDVVR DOLDV'U7RG.DUDVXFKWHLKQPLWGHP0XWGHU9HU]ZHLIOXQJ6LH JLQJMHGHU6SXUQDFKELVKHUMHGRFKHUIROJORV'LH'lPRQHQ ZXWHQJHQDXZDVVLHGDLQGHQ+lQGHQKLHOWHQXQGVLHZUGHQ GHQ7UDQNKWHQZLHHLQHQNRVWEDUHQ6FKDW] ª:lUHLFKGRFKQXUIUKHUJHNRPPHQ©lUJHUWHVLFK6XNRODXW ª$EHULKUZDUWVRSO|W]OLFKYHUVFKZXQGHQXQGGD© ª(VQXW]WQLFKWVVLFKMHW]W9RUZUIH]XPDFKHQ©HUZLGHUWH 0\[LQª:LHVDJWLKU"'DV.LQGLVWLQGHQ%UXQQHQJHIDOOHQ XQG©(UYHUVWXPPWHUHGHWHQLFKWPHKUZHLWHUGHQQVHLQ%OLFN ZDUDXIGLH.QRFKHQJHULFKWHWGLHGRUWDXIGHP%RGHQHLQHQ.UHLV ELOGHWHQ 6LHGLHODQJHLQGHU*UXIWGLHVHUHQWZHLKWHQ.DSHOOHJHOHJHQ KDWWHQZXUGHQ]X6WDXE$OVJUDXHV0HKOEOLHEHQVLHDXIGHU(UGH OLHJHQ(VKREVLFKNDXPYRQGHQZLQWHUOLFKHQ*UDVIOHFNHQDE ª'DPLWLVWDXFKGLHVH0DJLHHQGJOWLJ]HUVW|UW©NRPPHQWLHUWH .DUDGHQ9RUJDQJ 'LHDQGHUHQEHLGHQVDJWHQQLFKWV6XNRILHOHQGLHIODPLQJVWRQHV HLQ(UVSUDFK0\[LQXQG.DUDGDUDXIDQª.|QQWLKUHVGRUWQLFKW YHUVXFKHQ"© ª9LHOOHLFKW$EHUGLHVHU3ODW]LVWHLQ2UWGHU:HLHQ0DJLH2E

ZLUGRUW9HUELQGXQJHQPLWGHQ'LPHQVLRQHQGHV:DKQVLQQV EHNRPPHQGDVZHLLFKQLFKW© ª9HUVXFKWHV© ª-D©VDJWH0\[LQ 'DQDFKYHUDEVFKLHGHWHVLFK6XNRYRQGHQEHLGHQª$XIMHGHQ )DOOEOHLEHQZLULQ9HUELQGXQJ©HUNOlUWHHUª0HOGHWHXFKZDQQ LPPHULKUHWZDV1HXHVHUIDKUHQKDEW© ª'XNDQQVWGLFKDXIXQVYHUODVVHQ©EHVWlWLJWHGHUNOHLQH0DJLHU ª'DVZHLLFK©6XNRJLQJ]XVHLQHU+DUOH\VHW]WHVHLQHQ 6WXU]KHOPDXIXQGVWDUWHWH /DXWU|KUWHGHU0RWRU$XVGHP$XVSXIIURKUTXROOHLQHGLFNH ZHLH:RONH6LHZLUNWHZLHHLQ$EVFKLHGVJUX =ZHL0RQVWHUIODQNLHUWHQ*OHQGD3HUNLQV (VZDUHQGLHHFKVHQN|SILJHQ:HVHQGLHDXFKDOV6FKDWWHQGXUFK GLHXQKHLPOLFKH:HOWGHV6SXNVKXVFKWHQ-HW]WDOOHUGLQJVKDWWHQ VLHLKUHZLUNOLFKH*HVWDOWDQJHQRPPHQXQGVLHZDUHQDXFK EHZDIIQHWGHQQLQLKUHQNUDOOHQEHZHKUWHQ+lQGHQWUXJHQVLH ODQJH/DQ]HQ *OHQGDKDWWHVLFKYRQGHP6FKRFNGHUGlPRQLVFKHQ *HULFKWVYHUKDQGOXQJQRFKQLFKWHUKROW0DGGR[KDWWHLKUGDV 8UWHLOLQV*HVLFKWJHVFKOHXGHUW ,P-HQVHLWVYHUXUWHLOW *DEHVHLQHVFKOLPPHUH6WUDIH" 1HLQ*OHQGDNRQQWHVLFKNHLQHJUDXVDPHUHYRUVWHOOHQ)UDOOH (ZLJNHLWHQVROOWHVLHLQGLHVHU:HOWEOHLEHQELV]XP7RG$EHUZLH ODQJHGDXHUWHHLQH(ZLJNHLW"*DEHVEHUKDXSW*UHQ]HQ]HLWOLFK JHVHKHQRGHUPHLQWH0DGGR[QXUGLH=HLWVSDQQHGLH]ZLVFKHQ LKUHU9HUXUWHLOXQJXQGGHP7RGODJ"6ROOWHGDVGLHVHVFKUHFNOLFKH (ZLJNHLWVHLQGLHVLHTXlOHQZUGH" *OHQGDZXWHHVQLFKW8QGVLHZROOWHHVDXFKQLFKWZLVVHQGHQQ DOOHVLQGLHVHP/DQGZDUVRXQZLUNOLFKVRJUDXVDPXQGVRDQGHUV :LHHLQVFKOLPPHU7UDXP1XUZDUHVNHLQ7UDXPVRQGHUQ 5HDOLWlW6LH*OHQGDEHIDQGVLFKLQHLQHUVFKUHFNOLFKHQ:HOWXQG YRQ)HLQGHQXPJHEHQ 'DV/DE\ULQWKZDUWHWHDXIVLH

0DQKDWWHHVLKUJHVDJW,P/DE\ULQWKVROOWHVLHVWHUEHQQLFKW VRIRUWVRQGHUQLUJHQGZDQQZUGHVLHGRUWGHU7RGHUHLOHQ$XI ZHOFKH$UWXQG:HLVHGLHVJHVFKDKGDVZXWHVLHQLFKW(VZUGH QXUSDVVLHUHQGDVZDUVLFKHU )OXFKWZDUVLQQORV:RKLQKlWWHVLHVLFKDXFKZHQGHQVROOHQ"6LH NDQQWHVLFKQLFKWDXVXQGZHQQVLHHWZDVYHUVXFKWKlWWHGDQQ ZlUHVLHQXULUJHQGZHOFKHQ)HLQGHQLQGLH$UPHJHODXIHQ$OVR PXWHVLHVFKRQ]ZLVFKHQLKUHQEHLGHQ%HZDFKHUQEOHLEHQGLHVLH DXFKJDUQLFKWKlWWHQODXIHQODVVHQ (VJDEHLQIDFKNHLQHQ$XVZHJ'DV8UWHLOGHV'lPRQHQULFKWHUV PXWHYROOVWUHFNWZHUGHQGHQQQRFKQLHZDUHLQYRQ0DGGR[IHVW JHOHJWHV8UWHLOQLFKWLQ(UIOOXQJJHJDQJHQ(UVRUJWHGXUFKVHLQH 9DVDOOHQLPPHUGDIUGDGLH9HUXUWHLOWHQGDVHUKLHOWHQZDVLKQHQ NUDIWVHLQHV6SUXFKHV]XVWDQG 'LFKWQHEHQ*OHQGDVFKULWWHQGLHEHLGHQ$XISDVVHU0DQFKPDO EHUKUWHQVLHGLHMXQJH)UDX'DQQ]XFNWHVLHMHGHVPDO]XVDPPHQ DOVZUGHVLHYRQHLQHP(NHOJHIKOEHUIDOOHQ 6LHKDWWHQLFKWJHVHKHQZRKLQGHU:HJIKUWH(VZDULKUDXFK HJDO,QGLHVHP/DQGLQGLHVHUXQKHLOLJHQ'LPHQVLRQJDEHVNHLQH 5LFKWXQJHQGDVSLHOWHHVNHLQH5ROOHREVLHQDFKYRUQUHFKWVOLQNV RGHUQDFKKLQWHQJLQJHQ 'HU%RGHQZDUQRFKLPPHUJOHLFK(UEHVWDQGDXVGXQNHO JUDXHPSRU|VHPLUJHQGZLHZHLFKDQPXWHQGHP*HVWHLQUDXK XQHEHQ$XFKGHU1HEHOEHIDQGVLFKZHLWHUKLQXPVLHKHUXP =ZDUQLFKWPHKUVRGLFKWHWZDVDXIJHULVVHQHUXQGPDQFKPDO JODXEWH*OHQGDYRQHLQLJHQURWHQRGHUJUQHQ$XJHQEHREDFKWHW ]XZHUGHQGLHVLHDXVGHU1HEHOVXSSHDQVWDUUWHQ 6LHVFKDXGHUWHMHGHVPDO]XVDPPHQGHQQURWH$XJHQKDWWHQ DXFKGLH(FKVHQPHQVFKHQ +LQXQGZLHGHUKXVFKWHQ6FKDWWHQEHUVLHKLQZHJ'DQQYHU GXQNHOWHVLFKIUHLQHQ0RPHQWLKU%OLFNIHOGXQGVLHVSUWHHLQHQ HLVNDOWHQ+DXFKGHUVLHVWUHLIWH 'DV*UDXHQZDUGD(VXPJDEVLHHVODXHUWHLQGHU1lKH 'XQNHOGURKHQGXQGJHKHLPQLVYROODOOJHJHQZlUWLJZDUHVLQ GLHVHUVFKUHFNOLFKHQ:HOW *OHQGDZDUVHKUVHQVLEHOJHZRUGHQ0LWMHGHU)DVHULKUHV .|USHUVVSUWHVLHGDVLHHLQJHNHVVHOWZDU0DQFKPDOUDQQHVNDOW

EHULKUHQ5FNHQGDQQVFKZLW]WHVLHXQGGLH/XIWNDPLKU VFKZHUYRUDOVEHVWQGHVLHDXV6LUXS (LQLJH0DOHVFKRQZDUVLHQDKHGDUDQJHZHVHQ]XVDPPHQ]X EUHFKHQGHQQGDV/DXIHQEHUHLWHWHLKUGRFK6FKZLHULJNHLWHQ6LH ZDUODQJHJHIHVVHOWJHZHVHQ6WULFNHKDWWHQLKUHQ.UHLVODXI PDOWUlWLHUWXQGVRGDXHUWHHVHWZDVELVVLHVLFKHUKROWKDWWH 'DQQOLFKWHWHVLFKGHU1HEHOHLQZHQLJ*OHQGDV6LFKWZXUGH EHVVHUXQGVLHHUNDQQWHGDVLHLKU=LHOHUUHLFKWKDWWHQ 9RULKUODJGDV/DE\ULQWKGHU$QJVW $VPRGLQDV7RGHVODE\ULQWK 1XQHQGOLFKVDKVLHHV 6LHEUDXFKWHHLQLJH=HLWXPGLHVHQ(LQGUXFN]XYHUNUDIWHQ(LQH JUQHJHZDOWLJH0DXHUVWDQGYRULKU,PHUVWHQ0RPHQWHULQQHUWH VLHDQJHVWXW]WHXQGVRUJIlOWLJJHVFKQLWWHQH+HFNHQZLHVLHLQ PDQFKHQ3DUNV]XVHKHQZDUHQGRFK*OHQGDJODXEWHQLFKWGDUDQ GDHVVLFKKLHUEHLXP+HFNHQKDQGHOWH,QGHQ'LPHQVLRQHQGHV 6FKUHFNHQVZXFKVQLFKWV*UQHV'DZDUDOOHVNDKOKLHUJDEHVQXU YHUEUDQQWH(UGH *OHQGDVSUWHGLH+lQGHGHU(FKVHQN|SILJHQDXILKUHQ 6FKXOWHUQ6LHVFKREHQ*OHQGDYRUVLFKKHUXQGHVKDOIDXFKQLFKWV GDVLHLKUH)HLQGHQ%RGHQVWHPPWH'LHDQGHUHQZDUHQ]X NUlIWLJ'LHMXQJH)UDXZXUGHDXIGLHJUQH0DXHU]XJHVFKREHQ XQGMHZHLWHUVLHVLFKQlKHUWHXPVRGHXWOLFKHUVDKVLHGLH:DQG MHW]W8QGVLHHUNDQQWHZRUDXVVLHZLUNOLFKEHVWDQG $XV7LHUHQ -DGLH:DQGZDUDXVNOHLQHQ7LHUHQHUULFKWHWZRUGHQ'DZLP PHOWHHVQXUYRQXQ]lKOLJHQZLQ]LJHQJUQHQ:UPHUQGLHVR LQHLQDQGHUYHUNQRWHWZDUHQGDHVNDXPHLQHQ'XUFKODJDE8QG VLHVRQGHUWHQHLQHQJUQOLFKHQ6FKOHLPDEGHUVLFKDXILKUH ]XVDPPHQJHEDOOWHQ.|USHUJHOHJWKDWWHXQGGLHVH6FKLFKWELOGHWH (LQZLUNOLFKJUDXHQYROOHV%LOGXQG*OHQGD3HUNLQVVFKWWHOWH VLFK(NHOVWLHJLQLKUKRFKDEHUGLH(FKVHQN|SILJHQGDFKWHQQLFKW GDUDQVLHLQ5XKH]XODVVHQ6LHVFKOHLIWHQLKU2SIHUDXIHLQHQ VFKPDOHQ'XUFKJDQJ]XGHQ*OHQGDHUVWMHW]WHQWGHFNWH (VZDUGDV7RU ,QGHP(LQJDQJIOLPPHUWHHVJUQOLFKXQGDOV*OHQGDGXUFKGHQ SO|W]OLFKHQ3UDQNHQKLHELQGHQ5FNHQQDFKYRUQJHVWRHQZXUGH

KDWWHVLHGDV*HIKOHLQ7XFKZUGHEHULKU*HVLFKWVWUHLIHQ 1DFKHLQLJHQ6FKULWWHQILQJVLHVLFKZLHGHUGUHKWHVLFKXPXQG VDKGDV7RUYHUVFKORVVHQ (LQHJUQH:DQGEHIDQGVLFKGRUW8QGLQLKUZLPPHOWHQ 7DXVHQGHYRQ:UPHUQ *OHQGD3HUNLQVZDUHLQH*HIDQJHQHLP/DE\ULQWKGHU$QJVW :LHKlWWHHVDXFKDQGHUVVHLQN|QQHQ"'DLFKDP/HEHQEOHLEHQ ZUGHZDUQLFKWGULQ'DVNRQQWHQVLFKPHLQH)HLQGHEHUKDXSW QLFKWOHLVWHQ:HQQLFKPLFKVFKRQDOV*HIDQJHQHULQLKUHU 'LPHQVLRQEHIDQGGDQQPXWHQVLHPLFKDXFKDXVGHP:HJ VFKDIIHQ.RVWHHVZDVHVZROOH 'LHVHU'lPRQYRUPLUVROOWHHVEHUQHKPHQ $EHUZLH" $QLKPVDKLFKNHLQH:DIIHOLHPLFKDOOHUGLQJVDXFKQLFKWWlX VFKHQGHQQ'lPRQHQEHVDHQRIWVHKUVWDUNH.UlIWHJHLVWLJHXQG N|USHUOLFKH.UlIWHVRGDVLHJHWURVWDXIHLQH:DIIHZLHZLUVLH NDQQWHQYHU]LFKWHQNRQQWHQ 'DV*DVKDWWHPLFKZLGHUVWDQGVORVPDFKHQVROOHQ,FKZDUHV QLFKWJHZRUGHQVRQGHUQKDWWHPLFK]XVHKHQGVHUKROWVRGDLFK JDUQLFKWGDUDQGDFKWHPHLQ/HEHQHLQIDFKZHJ]XZHUIHQ,FK ZUGHNlPSIHQ =XGHPGDFKWHLFKQLFKWVRVHKUDQPHLQHQHLJHQHQ7RGVRQGHUQ PHKUDQ*OHQGD3HUNLQV6LHEHIDQGVLFK]ZDUQLFKWLQPHLQHU XQPLWWHOEDUHQ1lKHGRFKGXUFKGLH$XVNXQIWGHV'lPRQVZXWH LFKZRKLQPDQVLHJHVFKOHSSWKDWWH ,QGDV/DE\ULQWKGHU$QJVW 8QGGDJHQDXZROOWHLFKKLQ $EHUOHEHQG 'HU'lPRQYRUPLUDKQWHQLFKWVYRQPHLQHQ*HGDQNHQ(U VROOWHPLFKUXKLJIUVFKZlFKHUKDOWHQDOVLFKWDWVlFKOLFKZDU ª6FKUHFNWGLFKGHU7RGQLFKW6LQFODLU"©IUDJWHHUK|KQLVFK ª'RFK©HUZLGHUWHLFK ª'DQQ]LWWHUH© ª:DUXP"0LUKDEHQVFKRQYLHOHGHQ7RGYHUVSURFKHQDEHUQRFK OHEHLFK8QGLFKGHQNHQLFKWGDUDQ]XVWHUEHQ©

6HLQH6WLPPHNODQJVS|WWLVFKDOVHUDQWZRUWHWHª:DVZLOOVWGX GHQQGDJHJHQXQWHUQHKPHQ"© ª,FKZLOO]X*OHQGD3HUNLQV© ª'XZLOOVWIUHLZLOOLJLQGDV/DE\ULQWK"© ª*HQDX© ª'DNRPPVWGXQLHKLQ1LH8QGZHQQGDQQKDVWGXQLFKWV JHZRQQHQGHQQDXVGHP/DE\ULQWKJLEWHVNHLQ(QWULQQHQ *HLVWHUMlJHU:HUHLQPDOGDULQVWHFNWGHUNDQQQLFKWPHKUKHUDXV 9HUVWHKVWGXGDV"'LHVHV/DE\ULQWKLVWSUDNWLVFKGHU7RG'XELVWVR JXWZLHHUOHGLJWXQGGRUWZDUWHQDXFKGLH4XDOHQGHU+|OOH© ª,VWHVGLH+|OOH"© ª1HLQDEHUIDVWVRVFKOLPP© ª'DQQKDVWGXHVVFKRQJHVHKHQ"© ª1DWUOLFK-HGHUYRQXQVKDWHVJHVHKHQDXFKDOV$EVFKUHFNXQJ :QVFKHGLUOLHEHUHLQHQ7RGVRZLHLFKLKQGLUJHEHQZHUGH-RKQ 6LQFODLU© ª:LHVlKHGHUDXV"© 'HU'lPRQPLWGHP6WUHLIHQJHVLFKWYROOIKUWHHLQHZHLWH $UPEHZHJXQJª6FKDXGLFKXP6LHKJHQDXKLQZHULQGHQ 6FKlFKWHQKDXVW6LHEUDXFKHQ2SIHUXQGLQHLQHQ6FKDFKWZHUGH LFKGLFKKLQHLQVWRHQGDUDQJLEWHVQLFKWV]XUWWHOQ© ,FKKDWWHPLFKZLHGHUDXIUHFKWKLQJHVHW]WXQGQLFNWHª'XNDQQVW HVMDPDOYHUVXFKHQ© (UYHU]RJGDV*HVLFKWª%LOGHGLUQLFKW]XYLHODXIGHLQH:DIIHQ HLQ*HLVWHUMlJHU6LHZHUGHQGLUQlPOLFKQLFKWKHOIHQ0HLQH0DJLH XQGGLH0DJLHGLHVHU'LPHQVLRQVLQGVWlUNHU'XKDVWHVQLFKW JHVFKDIIWQRFKQLFKWGHQQGLHhEHUUDVFKXQJNRPPWQRFK*LE JHQDXDFKW©(UWUDW]ZHL6FKULWWH]XUFNXQGHVVDKZLUNOLFKDXV DOVZUGHHUGLH5lQGHUGHU6FKlFKWHNDXPEHUKUHQ ,FKKREGHQUHFKWHQ$UP'LH+DQGXPNODPPHUWHGHQ 6FKZHUWJULII,FKZDUEHUHLWPHLQ/HEHQVRWHXHUZLHQXUP|JOLFK ]XYHUNDXIHQDEHUGLH*HIDKUGURKWHQLFKWGLUHNWYRQLKPVRQGHUQ YRQHLQHUY|OOLJDQGHUHQ6HLWH 8QWHUPLUEHJDQQHV :DUGHU%RGHQGHU6FKDFKWUlQGHUELVKHUIHVWXQGZLGHUVWDQGV IlKLJJHZHVHQVRZXUGHHUSO|W]OLFKZHLFK ,FKK|UWHGDVK|KQLVFKH/DFKHQGHV'lPRQVXQGNLSSWHQDFK

OLQNVZHJZHLOGHU5DQGXQWHUPLUQDFKJDE ,FKZDU]ZDUEHZDIIQHWMHGRFKQLFKWLQGHU/DJHPLFK]X ZHKUHQZHLOLFKPHLQH:DIIHQQLFKWEHQXW]HQNRQQWH,FKPXWH PLFKVWDWWGHVVHQGDUDXINRQ]HQWULHUHQQLFKWDE]XUXWVFKHQXQGLQ GHQ6FKDFKW]XIDOOHQ +DVWLJVWUHFNWHLFKGHQ$UPDXV8QGLFKVFKDIIWHHVPLFKIHVW ]XKDOWHQ'RFKNDXPKDWWHVLFKPHLQH+DQGXPGHQ6FKDFKWUDQG JHNODPPHUWGDJDEGLHVHUVFKRQQDFKXQGEU|FNHOWHXQWHUPHLQHQ )LQJHUQDE,FKNLSSWHXP 'HU'lPRQKDWWHVHLQHQ6SD(UEHREDFKWHWHPHLQYHU]ZHLIHOWHV %HPKHQXP%DODQFH:HQQLFKZLUNOLFKHWZDVHUUHLFKHQZROOWH GDQQPXWHLFKYRQGLHVHQYHUIOXFKWHQLQHLQDQGHUVLQNHQGHQ 6FKDFKW|IIQXQJHQHQGOLFKZHJ :RGHU'lPRQVWDQGGDZDUGLH+lUWHQRFKQRUPDOGRUWWDWVLFK QLFKWV$EHUEHLPLUVDQNHQVLHHLQ (VZDUPLUJHOXQJHQPLFKZLHGHUQDFKYRUQ]XEHZHJHQ0LW GHP6FKZHUWVWW]WHLFKPLFKHLQZHQLJDE8QGGDQQUXWVFKWHLFK VRZHLWYRUELVLFKZLHGHUIHVWHUHQª%RGHQ©XQWHUGHQ)HQKDWWH 'DVKHLWLFKPXWHWURW]GHPEDODQFLHUHQXQGDXVGHQgIIQXQJHQ VFKRVVHQVFKRQGLHODQJHQ.UDQNHQDUPHPLWGHQJUDXVDPHQ .|SIHQ ª:DVLVW"©YHUK|KQWHPLFKGHU'lPRQª:LOOVWGXLPPHUQRFK QLFKWVWHUEHQ"© ª1HLQ©JDELFKNUlFK]HQG]XUFNª1XUPLWGLUGXYHUIOXFKWHU 'lPRQ© (UODFKWHXQGVFKDXWH]XZLHLFKPLFKYHU]ZHLIHOWZHKUWH=XP *OFNKDWWHLFKGDV6FKZHUW(LQHQ.RSINRQQWHLFKNDSSHQ =XVDPPHQPLWGHP$UPYHUVFKZDQGHULQGHUGXQNOHQ5|KUH (LQHQ]ZHLWHQYHUIHKOWHLFK8QGQXQEHZLHVHVVLFKGDGHU %HVLW]GHV6FKZHUWHVDXFK1DFKWHLOHPLWVLFKEULQJHQNRQQWH,FK KDWWHGHQ6FKODJHWZDV]XKDVWLJGXUFKJHIKUWXQGZDUGDGXUFK LQV6WROSHUQJHUDWHQ,FKILHOQDFKYRUQUXWVFKWHGDEHLQRFKDEXQG K|UWHGHQ'lPRQZLGHUOLFKODFKHQ (UKDWWHVHLQ=LHOHUUHLFKW ,FKZUGHLQHLQHUGHU6FKDFKW|IIQXQJHQYHUVFKZLQGHQXQG GLHVDXI1LPPHUZLHGHUVHKHQ $EHUVRKDWWHQZLUQLFKWJHZHWWHW'HU'lPRQPLWGHP

6WUHLIHQJHVLFKWODFKWHQRFKLPPHUDOVLFKPLFKPLWHLQHPOHW]WHQ YHU]ZHLIHOWHQXQGJHZDOWLJHQ6SUXQJDXILKQZDUIXQGLKQDXFK ]XSDFNHQEHNDP 'DPLWKDWWHHUQLFKWJHUHFKQHW 0HLQHOLQNH+DQGNUDOOWHVLFKLQVHLQHQ.|USHU,FKVDKGDV (QWVHW]HQLQVHLQHQ$XJHQGLHDXIHLQPDOJURZXUGHQXQG ]XVDPPHQNLSSWHQZLULP=HLWOXSHQWHPSRQDFKKLQWHQ 8QGGDODXHUWHGHU6FKDFKW 'XQNHOGLHgIIQXQJGURKHQGGLHXQKHLOYROOH7LHIHDEHUQLFKW XQHQGOLFK:LUKDWWHQHLQ=LHOZLUZUGHQLUJHQGZRODQGHQ ]XVDPPHQODQGHQGHQQGLHVHU'lPRQZDUPHLQHHLQ]LJH&KDQFH (UYHUVXFKWHQRFKVLFK]XEHIUHLHQDEHUGDVOLHLFKQLFKW]X XQGJHPHLQVDPXQGDQHLQDQGHUJHNUDOOWILHOHQZLULQGLHXQKHLO YROOH7LHIHGHU5|KUH *OHQGD]LWWHUWHYRU$QJVW 2EZRKOLKUELVKHUQRFKQLHPDQGHWZDVJHWDQKDWWHZDUGLHVHV *HIKOEHUPl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|WHWZHUGHQ :DKUVFKHLQOLFKODXHUWHQLQGLHVHP/DE\ULQWKWDXVHQG*HIDKUHQ XQGVLHZUGHNHLQH&KDQFHKDEHQLKQHQ]XHQWULQQHQ6FKRQ DOOHLQGLHVHJUQHQ:lQGHPDFKWHQLKU$QJVW:lQGHGLHDXV OHEHQGHQ7LHUHQEHVWDQGHQDXVZLQ]LJHQ:UPHUQ6LHKDWWHQVLFK ]XHLQHU0DVVH]XVDPPHQJHIXQGHQULQJHOWHQXQGEHZHJWHQVLFK ZREHLVLHYRQGLHVHPJUQOLFKHQ6FKOHLPEHU]RJHQZDUHQGHQ VLHVWHWLJDEVRQGHUWHQ

7URW]LKUHU$QJVWHUUHLFKWH*OHQGDLUJHQGZDQQHLQHQ3XQNWZR JHZLVVHUPDHQGHU/HEHQVZLOOHDOVZLQ]LJHV)OlPPFKHQGHU +RIIQXQJZHLWHUEUDQQWH(VZDUQXUQRFKHLQ)ODFNHUQPHKUQLFKW DEHU*OHQGDKDWWHGLH+RIIQXQJWURW]GHPQLFKWDXIJHJHEHQ 9LHOOHLFKWJDEHVGRFKHLQHQ$XVZHJ" 6LHVDJWHVLFKVHOEVWGDGLH0|JOLFKNHLWHLJHQWOLFKXQZDKU VFKHLQOLFKNODQJGRFKMHW]WQRFKSHVVLPLVWLVFKGHQNHQGXUIWHVLH DXINHLQHQ)DOO'DQQGUHKWHVLHVSlWHUQRFKGXUFK'DV 6FKOLPPVWHZDVLKUSDVVLHUHQNRQQWH 'HVKDOEULVLFK*OHQGD3HUNLQV]XVDPPHQVRVFKZHULKUGLHV DXFKILHO 6LHVFKDXWHVLFKXP :DVVLHVDKZDUQDWUOLFKQLFKWHUPXWLJHQG6LHEHIDQGVLFK WDWVlFKOLFKLQHLQHP,UUJDUWHQ'DJDEHV=LFN]DFN*lQJHGLHXP XQG]ZLVFKHQGHQDXV:UPHUQEHVWHKHQGHQ0DXHUQKLQGXUFK IKUWHQ 'LH*l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

ZDUHVYRUKDQGHQXQGHVVFKLPPHUWHHEHQVRJUQOLFKZLHGLH TXHUXQGOlQJVVWHKHQGHQ7UHQQPDXHUQ *UQXQGJHKHLPQLVYROO *OHQGDZDUIHLQHQ%OLFNQDFKREHQ9LHOOHLFKWNRQQWHVLHHLQH 'HFNHVHKHQRGHUHLQHQ+LPPHO'RFKGDZDUQLFKWV*UDXXQG *UQPLVFKWHQVLFK]XHLQHU)DUEHGLHNDXPHWZDVHUNHQQHQOLH ,KUH$XJHQEHJDQQHQVFKRQ]XWUlQHQVRODQJHKDWWHVLHKRFKJH VWDUUWGDQQJDEVLHVLFKHLQHQ5XFNXQGEHZHJWHVLFKZHLWHUYRU 'HU%RGHQXQWHULKUHQ6FKXKHQZDUQLFKWPHKUVWHLQLJXQGUDXK HUKDWWHVHLQH%HVFKDIIHQKHLWJHZHFKVHOW:HLFKZDUHULUJHQGZLH IHGHUQGDOVZUGH*OHQGDDXI.LVVHQVFKUHLWHQ$OOHUGLQJV]HLJWH HUNHLQHVXPSILJHQ(LJHQVFKDIWHQ(U]RJGLHMXQJH)UDXQLFKWLQ GLH7LHIHXQGVDXJWHVLFKDXFKQLFKWDQLKUHQ)HQIHVW $XFKGLH:lQGHJDEHQ/LFKWDE$QPDQFKHQ6WHOOHQVFKLPPHU WHQVLHKHOOHUXQGVLHJODXEWHVRJDUKLQXQGZLHGHUHLQHQJHOEHQ 6WUHLIHQLQGHP:LUUZDUU]XHQWGHFNHQ 6FKOLPPHPSIDQGVLHDXFKGLH6WLOOH'DJDEHVNHLQHUOHL*H UlXVFKHXPVLHKHUXPQXUGLHIDVWDEVROXWH5XKHLQGHU*OHQGD QXULKUHQHLJHQHQ$WHPK|UWH 6HOEVWGHUZDULKU]XODXW'HVKDOEYHUVXFKWH*OHQGDQXUGXUFK GLH1DVH/XIW]XKROHQ 3O|W]OLFKEOLHEVLHVWHKHQ (VJLQJQLFKWPHKUZHLWHUGHQQVLHVDKYRUVLFKHLQHJUQH 0DXHU 6DFNJDVVH 6FKULOOODFKWHGLHMXQJH)UDXDXI1DWUOLFKLQHLQHP/DE\ULQWK JDEHVQLFKWQXU*lQJHGLH]XVDPPHQOLHIHQRGHUDXFKLQHLQDQGHU PQGHWHQVRQGHUQHEHQIDOOV6DFNJDVVHQ :LHGLHVHKLHU 6LHNRQQWHQLFKWPHKUZHLWHUEOLHEVWHKHQGUHKWHVLFKGDQQXP XQGJLQJGHQ:HJ]XUFN 1RFKZDUHVOHLFKW$OVVLHGLH(LQPQGXQJHUUHLFKWHEUDXFKWH VLHQXUQDFKOLQNV]XVFKDXHQXPGRUWGHQ(LQJDQJ]XVHKHQ2GHU ZDUHUGDQLFKW" 6LHUXQ]HOWHGLH6WLUQ:DUVLHVFKRQVRGXUFKHLQDQGHUGDVLH EHUHLWVDOOHVYHUZHFKVHOWH" *OHQGDZXWHHVQLFKWGRFKVLHPHUNWHGDGLHVHU,UUJDUWHQ

ZLUNOLFKHLQHP|UGHULVFKH)DOOHZDU0DQZXUGHVHOEVW]XHLQHP 7HLOGHV/DE\ULQWKVZXWHVFKOLHOLFKNHLQHQ$XVZHJPHKUXQG ODQGHWHLQHLQHP=XVWDQGGHV:DKQVLQQV *OHQGDVFKOXJGLH+lQGHYRUV*HVLFKWDOVVLHGDUDQGDFKWH(V NRVWHWHVLH0KHVLFK]XVDPPHQ]XUHLHQ6LHVFKOXFK]WHDXIXQG ]RJGLH1DVHKRFK 'DVKLHUZDUJHPHLQHLQHOHEHQVJHIlKUOLFKH)DOOH,KUH*HJQHU KDWWHQJHQDXJHZXWZDVVLHPLWGLHVHU9HUXUWHLOXQJWDWHQ0DQ ZROOWHVLHLQGHQ:DKQVLQQWUHLEHQXQGVLHZXWHQDXFKGD QLHPDQGDQHLQHP3XQNWVWHKHQEOHLEHQZUGH'LH1HUYHQKDWWH NHLQHU,UJHQGZDQQZUGHMHGHUYHUVXFKHQGHP,UUJDUWHQ]XHQW NRPPHQ'HUHLQHIUKHUGHUDQGHUHVSlWHU *OHQGDQDKPGLH5LFKWXQJGLHVLHOLQNVYRP(LQJDQJLQHLQHQ *DQJIKUWH(UZDUVFKPDO)DVWEHUKUWHVLHPLWLKUHQ6FKXOWHUQ GLHVFKOHLPLJHQDXV:UPHUQEHVWHKHQGHQ:lQGHXQGHLQ 6FKDXHUOLHIEHULKUHQ5FNHQ8QZLOONUOLFK]RJVLHGLH6FKXOWHUQ ]XVDPPHQGHQQYRUGLHVHQZLGHUOLFKHQ:UPHUQHNHOWHVLHVLFK PHKUDOVYRUDOOHPDQGHUHQ 6FKULWWIU6FKULWWWDVWHWHVLFKGLHMXQJH)UDXZHLWHUYRUWLHIHULQ GDVJHIlKUOLFKH/DE\ULQWKLQGHPQRFKWDXVHQG*HIDKUHQODXHUQ NRQQWHQ :HLFKZDUGHU%RGHQZHLFKXQGQDFKJLHELJ,KUH6FKULWWHZDUHQ QLFKW]XK|UHQXQG*OHQGDEHPHUNWHDP(QGHGLHVHVVFKPDOHQ :HJVHLQHQZHLWHUHQ*DQJGHUTXHU]XGHPYHUOLHIGXUFKGHQVLH VRHEHQVFKULWW 'HUQHXH*DQJZDUEUHLWHUXQG*OHQGDZDQGWHVLFKQDFKUHFKWV (UIKUWHMHGRFKQLFKWJHUDGHDXVVRQGHUQLQHLQHU=LFN]DFN/LQLH WLHIHULQGHQJHKHLPQLVYROOHQ,UUJDUWHQ *OHQGDIROJWHGHP*DQJ6LHDWPHWHPLWKDOERIIHQHP0XQGLKUH 6LQQHZDUHQJHVSDQQWXQGVLHZXQGHUWHVLFKDOVVLHSO|W]OLFK HLQHQ%DXPVDKGHUGLH)RUPHLQHVJHZDOWLJHQ7DQQHQ]DSIHQV KDWWHXQGHEHQIDOOVJUQVFKLPPHUWH %lXPHLQGLHVHP,UUJDUWHQ"8QGEHVWDQGHUYLHOOHLFKWDXFKDXV GLHVHQ:UPHUQ" 1HEHQGHP%DXPEOLHE*OHQGDVWHKHQ6LHOHJWHGHQ.RSILQGHQ 1DFNHQXQGVFKDXWHDQLKPKRFK (UKDWWHbVWHGLHLQLKUHU/lQJHDQGLHHLQHU)LFKWHRGHU7DQQH

HULQQHUWHQ1XUNRQQWH*OHQGDVLFKQLFKWYRUVWHOOHQGDKLHU WDWVlFKOLFKHLQ%DXPZXFKV%HVWLPPWZDUGLHVHUDQJHEOLFKH%DXP HLQ:LUUZDUUDXV:UPHUQXQGDQGHUHPHNOLJHQ=HXJ ,UJHQGZLHKDWWHVLH0XWJHIDWXQGZROOWHHVJHQDXZLVVHQ1RFK HLQZHQLJ]|JHUQGKREVLHGLHUHFKWH+DQGHUIDWHHLQHQGHU XQWHUHQ=ZHLJHXQGQDKPLKQ]ZLVFKHQLKUH)LQJHU ,PVHOEHQ$XJHQEOLFN]XFNWHLKUH+DQGVFKRQ]XUFN'HU=ZHLJ EHVWDQGQLFKWDXVHLQHU8Q]DKOYRQ:UPHUQVRQGHUQDXVHLQHP DQGHUHQ0DWHULDOGDV]ZLVFKHQLKUHQ+lQGHQ]HUEU|VHOWHXQGDOV 6WDXEYRULKUHP*HVLFKW]X%RGHQULHVHOWH 'DK|UWHVLHGDV6W|KQHQ *OHQGDYHUVWHLIWHVLFKZHLOVLHGDV*HIKOKDWWHGHU%DXPKlWWH GLHVHV*HUlXVFKYRQVLFKJHJHEHQ :HQQMDGDQQZUGHHUOHEHQ *OHQGDWUDWHLQHQ6FKULWW]XUFN6LHEHZHJWHGHQUHFKWHQ)X ]XHUVWZROOWHGHQOLQNHQQDFK]LHKHQXQGVSUWHSO|W]OLFKGHQ 'UXFNDQLKUHP*HOHQN )UHLQHQ0RPHQWVWDQGVLHXQEHZHJOLFKGD'DQQVHQNWHVLH GHQ%OLFNVFKDXWHDQLKUHP.|USHUKLQDEXQGVDKGLHZHLOLFK VFKLPPHUQGH+DQGGLHLKUHQ)XXPNODPPHUWKLHOW (LQH0HQVFKHQKDQG 'LH+DQGHLQHU)UDXGHQQGHXWOLFKHUNDQQWH-DQHGLHVFKPDOHQ )LQJHUXQGGLHURWODFNLHUWHQ1lJHO (LQH)UDXLQGLHVHP/DE\ULQWKRGHUZDUVLHHLQ=RPELHHLQH 8QWRWHGLHPDQZLHVLHKLHUKHUJHVFKOHSSWKDWWH" *OHQGDZXWHHVQLFKW6LHZDJWHDXFKQLFKWVLFK]XEHZHJHQ GHQQLQLKUHP,QQHUQWREWHHLQHNOHLQH+|OOH$XFKUHFKQHWHVLH GDPLWGDGLH+DQGVLH]X%RGHQUHLHQZUGHGRFKGDVJHVFKDK VHOWVDPHUZHLVHQLFKW 6LHKLHOWQXUIHVW 6HNXQGHQYHUJLQJHQ $WHPORVVWDQG*OHQGDXQGODXVFKWH6LHVFKOXFNWHHLQSDDUPDO K|UWHGDV(FKRLKUHV+HU]VFKODJVDQGHQ5LSSHQE|JHQXQG ZDUWHWHGDUDXIGDVLFKHWZDVWDW 'DVJHVFKDKWDWVlFKOLFK

'LH+DQGOLHVLH]ZDUQLFKWORVDEHUXQWHUGHP%DXPEHZHJWH VLFKHWZDV (LQH*HVWDOWNURFKKHUYRU *OHQGDVFKDXWHDXIVLHXQGVDK]XHUVWGDVODQJHEORQGH+DDUGDV GHQ.RSIYHUGHFNWHXQGZLHHLQ6FKOHLHU]XEHLGHQ6HLWHQGHV *HVLFKWVQDFKXQWHQILHOVRGDGLH6SLW]HQGHQ%RGHQEHUKUWHQ 'LH)UDXVDJWHNHLQHLQ]LJHV:RUWDOVVLHVLFKYRUVFKRE*OHQGD K|UWHQXUGDVVFKDEHQGH*HUlXVFKPLWGHPGLH8QEHNDQQWHEHU GHQ%RGHQJOLWW ,KUH6FKXOWHUQZXUGHQVLFKWEDUXQGGHU2EHUN|USHU1XULQGDV *HVLFKWNRQQWH*OHQGDQLFKWVFKDXHQ 'DIUVDKVLHGDGLH)UDXHLQHQKHOOHQ3XOORYHUWUXJXQGGD UEHUHLQHEUDXQHlUPHOORVH:HVWH(LQHQ5RFNKDWWHVLHQLFKWDQ GDIUHLQHGXQNOH+RVHGLHDP.QLHHQGHWH'LH%HLQHVWHFNWHQLQ URWHQ6WUPSIHQ 6FKOLHOLFKZDUGLH)UDXYROOHQGVXQWHUGHP%DXPKHUYRUJH NURFKHQXQGVLHO|VWHDXFKGHQ*ULIIXP*OHQGDV)X *OHQGDDWPHWHEHIUHLWDXI0LWHLQHU+DQGZLVFKWHVLHVLFKGHQ 6FKZHLYRQGHU6WLUQKROWHQRFKHLQPDOWLHI/XIWXQGIUDJWHPLW OHLVHU6WLPPHª.|QQHQ6LHPLFKK|UHQ"© *OHQGDHUKLHOWNHLQH$QWZRUW'LH8QEHNDQQWHDOOHUGLQJV]RJGLH $UPHDQVWHPPWHLKUH+lQGHDXIGHQ%RGHQXQGNDPODQJVDP DXIGLH%HLQH'DVDOOHVHULQQHUWH*OHQGDDQHLQHQ0HQVFKHQGHU HEHQDXVGHP6FKODIJHULVVHQZXUGHXQGGHVKDOE0KHKDWWHVLFK LQGHU5HDOLWlW]XUHFKW]XILQGHQ 'LH)UDXVFKZDQNWHHWZDVDXFKDOVVLHYRU*OHQGDVWDQGGDV ODQJHEORQGH+DDU]XUFNZDUIXQG*OHQGDDQVFKDXWH 'LH6HNUHWlULQIXKU]XUFN ,KUH$XJHQZHLWHWHQVLFKGLH/LSSHQIRUPWHQ:RUWHGLHNDXP ]XK|UHQZDUHQXQGQXUVWRWWHUQGKHUYRUGUDQJHQ ª'DVGDVGDUIGRFKQLFKWZDKUVHLQ©KDXFKWHVLHª'DVGDV JLEWHVQLFKW© 1HLQHLQH7lXVFKXQJZDUHVZLUNOLFKQLFKW9RU*OHQGD3HUNLQV VWDQGHLQH)UDXGLHVLHNDQQWH 6RJDUJXWNDQQWH -DQH&ROOLQV

(VZDUHLQ)DOOLQGLH(ZLJNHLW 'DV*HIKOKDWWHLFK,FKXPNODPPHUWHGHQPLWPLULQGLH7LHIH UDVHQGHQ'lPRQPLWHLQHU+DQG,QGHUDQGHUHQKLHOWLFKGDV 6FKZHUWGDVLFKDXINHLQHQ)DOOORVODVVHQZROOWHGHQQIUPLFK ZDUHVVRHWZDVZLHHLQH/HEHQVYHUVLFKHUXQJ (WZDVNODWVFKWHJHJHQPHLQHQ5FNHQYHUKDNWHVLFKLQGHU .OHLGXQJXQGLFKQDKPDQGDHVVSLW]H=lKQHZDUHQGLHQDFK PLUVFKQDSSWHQPLFKDEHUQLFKWIHVWKDOWHQNRQQWHQ :LUILHOHQZHLWHU 7LHIHULPPHUWLHIHU 9LHOOHLFKWGHU+|OOHHQWJHJHQ8QWHU8PVWlQGHQZDUGDVJHKHLP QLVYROOH/DE\ULQWKYRQGHPGHU'lPRQJHVSURFKHQKDWWHGLH +|OOH,FKZXWHHVQLFKW ,FKKDWWHDXFK0KHEHUKDXSWHWZDV]XGHQNHQ,FKNODPPHUWH PLFKQXUIHVWGHQQGLHVHU'lPRQZDUPHLQHHLQ]LJH&KDQFH 6RODQJHLFKEHLLKPEOLHENRQQWHLFKPLUQRFKHWZDV+RIIQXQJDXV UHFKQHQ6RMHGHQIDOOVGDFKWHLFK (LJHQWOLFKHUZDUWHWHLFKGDGHU)DOOLUJHQGZDQQLQHLQ 6FKZHEHQEHUJHKHQZUGH'LHVH+RIIQXQJZXUGHHQWWlXVFKW :LUMDJWHQZHLWHUKLQPLWGHUJOHLFKHQ*HVFKZLQGLJNHLWQDFKXQWHQ PLWGHUZLUDXFKLQGHQ6FKDFKWJHIDOOHQZDUHQ )DOOVFKLUPVSULQJHUEHZHJHQVLFKDQGHUV6LHUXGHUQPLW$UPHQ XQG%HLQHQLFKGDJHJHQEOLHEUXKLJ,FKZROOWHQLFKWLUJHQGZR JHJHQGLHKDUWHQ,QQHQZlQGHGHV6FKDFKWVNODWVFKHQXQGPLUQRFK XQWHU8PVWlQGHQ9HUOHW]XQJHQ]X]LHKHQ 'LH7LHIHXQGGLH6FKZlU]HIUDHQXQV :RIKUWHQVLHKLQ"(QGORVZDUHQVLHQLFKWZLHLFKJHK|UWKDWWH $OVRHQGOLFK6LHKDWWHQHLQ=LHOXQG 'HU$XISUDOO 2EZRKOLFKPLUYRUJHQRPPHQKDWWHPHLQHQGlPRQLVFKHQ %HJOHLWHUIHVW]XKDOWHQHUIROJWHHUVRSO|W]OLFKGDLFKLKQORVOLH :LUNODWVFKWHQDXFKQLFKWDXIGLHKDUWH(UGHVRQGHUQIHGHUWHQ ZLHGHUKRFKXQGEHUVFKOXJHQXQVLQGHU/XIW )UHLQHQ0RPHQWKDWWHLFKGLHZDKQVLQQLJH$QJVWEHLP =XUFNIDOOHQLQGLH.OLQJHGHV6FKZHUWHV]XVWU]HQGRFKGDQQ HUIROJWHVFKRQGHUQlFKVWH$XIVFKODJXQGDOOHVZDUQRUPDO ,FKZXUGHDEHUPDOVKRFKJHZRUIHQILHOZLHGHU'DVJHZDOWLJH

1HW]EHZHJWHVLFKXQGHVJHODQJPLUPLFKPLWGHUOLQNHQ+DQGLQ VHLQHQ0DVFKHQIHVW]XNODPPHUQ 6REOLHELFKHUVWHLQPDOIUZHQLJH6HNXQGHQOLHJHQXQGZDUWHWH ELVVLFKGDV1HW]EHUXKLJWKDWWH $XIGHP5FNHQODJLFKVWDUUWHLQGLH+|KHXQGVDKQLFKWV 1LFKWHLQPDOGLHgIIQXQJGHU5|KUHGXUFKGLHZLUJHIDOOHQZDUHQ 'DV/LFKWJUQOLFKVFKLPPHUQGGUDQJYRQXQWHQ]XXQVKRFK :LHKDWWHGHU'lPRQQRFKJHVDJW"8QWHUGHQ5|KUHQOLHJWGDV /DE\ULQWKGHU$QJVW$VPRGLQDV,UUJDUWHQHLQHJUDXVDPH 7RGHVIlOOHIU0HQVFKHQXQG'lPRQHQ 8QZLOONUOLFKVFKWWHOWHLFKPLFKZlO]WHPLFKGDEHLDXIGLH 6HLWHXQGVFKDXWH]XZDVPHLQ%HJOHLWHUPDFKWH (UUDSSHOWHVLFKHEHQIDOOVDXIXQGKDWWHHVEHUHLWVZHLWHUJHVFKDIIW DOVLFK/HLFKWJHGXFNWNQLHWHHUDXIGHP1HW]'LH$XJHQLQ VHLQHP*HVLFKWVWDUUWHQPLFKDQ'LHURWHQ6WUHLIHQDXIGHU+DXW ]XFNWHQXQGVFKLPPHUWHQ ,UJHQGZLHWUXJLFKGLH6DFKHPLW+XPRUGHQQGLHHUVWHJURH *HIDKUZLHVLHGLHJHKHLPQLVYROOHQ6FKlFKWHGDUVWHOOWHQKDWWHLFK EHUZXQGHQ ,FKJULQVWHVFKLHIª1DGDVKlWWHVWGXQLFKWJHGDFKWZLH"-HW]W KlQJHQZLUEHLGHKLHU© ª)UHXGLFKQXUQLFKW]XIUK©]LVFKWHHUXQGLPQlFKVWHQ $XJHQEOLFNYHUJLQJPLUGDV*ULQVHQ/HLFKWILJVFKQHOOWHHUDXI PLFK]XDOVZUGHLKQGDVJHZDOWLJH1HW]PLWVHLQHQGXQNOHQ NOHLQHQ0DVFKHQEHUKDXSWQLFKWKLQGHUQ1LFKWZLHEHLPLUGHQQ LFKKDWWH0KHEHUKDXSWGDV*OHLFKJHZLFKW]XKDOWHQ =HLWPHLQ6FKZHUWKRFK]XUHLHQKDWWHLFKQLFKW,FKPXWHQXU VHKHQGDLFKDXVZLFK 8QGZLHHLQLP*ULIIYHUVWHFNWHV0HVVHUKHUYRUVFKQHOOWVRVDK LFKSO|W]OLFKGLH+lOIWHGHV6LOEHUQDJHOVDXVVHLQHU)DXVWKHUYRU UDJHQ .HLQ=ZHLIHOHUZROOWHPLFKPLWGHP1DJHOW|WHQZLHLFK GDPDOV'U7RGYHUQLFKWHWKDWWH (U]LHOWHDXIPHLQ*HVLFKWGHQ$UPKDWWHHUKDOEHUKREHQXQG UDPPWHLKQGDQQQDFKXQWHQ ,FKYHUWHLGLJWHPLFKPLWGHQ%HLQHQKRIIWHDXIPHLQ*OFNXQG KDWWHHVWDWVlFKOLFK

0LWGHPUHFKWHQ)XWUDILFKVHLQHUHFKWH6FKXOWHUGLHOLQNH6RKOH KLHELQVHLQ*HVLFKW (UJHULHWDXVGHU5LFKWXQJEUDFKWHGHQ$UP]ZDUQRFKQDFK XQWHQGRFKGLH1DJHOVSLW]HKLHEGXUFKHLQH0DVFKHLP1HW] 1RFKHLQ7ULWW ,FKKDWWHGDV%HLQDQJH]RJHQXQGHVZLHGHUYRUVFKQHOOHQODVVHQ 'LHVPDOHUZLVFKWHHVLKQKlUWHU(VJDEHLQHQGXPSIHQ6FKODJ'HU 'lPRQNUPPWHVLFKVSDQQWHMHGRFKVHLQHQ5FNHQDQXQGNDP ZLHGHUDXIGLH)H ,FKZDUDXFKVFKRQKRFK 0HLQ6FKZHUWKDWWHLFKIDOOHQODVVHQ'HU%RGHQZDUPLU]XXQ UXKLJ,FKKlWWHGLHVFKZHUH:DIIHNDXPDXVEDODQFLHUHQN|QQHQ 'HVKDOE]RJLFKGHQ'ROFK :HQQHVKLHUKDUWDXIKDUWNDPGDQQZROOWHLFKLKQGDPLWHUOHGL JHQ (UWlQ]HOWH]XU6HLWH%HZXQGHUQVZHUWZLHHUVLFKDXIGLHVHP VFKZDQNHQGHQ1HW]EHZHJWHZlKUHQGLFKJURH6FKZLHULJNHLWHQ KDWWHEHUKDXSWGDV*OHLFKJHZLFKW]XEHZDKUHQ,KPPDFKWH GLHVH8QWHUODJHQLFKWVDXV8QGZLHGHU]XFNWHHUYRU ,FKZLFK]XUFN(VZDUHLQH)LQWH(UKDWWHJDUQLFKW]XVWRHQ ZROOHQVRQGHUQIHJWHVHLQHQUHFKWHQ$UP]XU6HLWHGHUHLQHQ +DOENUHLVEHVFKULHEVRGDGLH1DJHOVSLW]HIDVWGDV1HW]EHUKUWH ,FKVHW]WHDOOHVDXIHLQH.DUWHXQGZDUIPLFKDXILKQ(UVDKPLFK ]ZDUQRFKGRFKGLHVPDOUHDJLHUWHHU]XVSlW0LWPHLQHPJDQ]HQ *HZLFKWSUDOOWHLFKJHJHQLKQXQGZDUILKQXP (UZROOWHVLFKQRFK]XU6HLWHZHUIHQGDPLWHUDXVPHLQHUXQPLW WHOEDUHQ5HLFKZHLWHJHODQJWH'DJHJHQDOOHUGLQJVKDWWHLFKHLQLJHV (LVHUQKLHOWLFKVHLQHUHFKWH+DQGPLWPHLQHUOLQNHQIHVW'LH)LQJHU XPVFKORVVHQVHLQ*HOHQN ,PQlFKVWHQ$XJHQEOLFN]LWWHUWHGLHJHZHLKWH6LOEHUGROFKVSLW]H GLFKWYRUVHLQHU.HKOH(UKDWWHVLFKQRFKZHKUHQZROOHQGRFKQXQ EOLHEHUOLHJHQGHQQHUZXWHJHQDXZDVPLWLKPJHVFKDKZHQQ LFK]XVWLH ª*DQ]UXKLJ©NHXFKWHLFKª%OHLEQXUOLHJHQRGHULFKEULQJH GLFKXP© (UJHKRUFKWH6HLQ0XQGYHU]HUUWHVLFKGDEHL0LUVFKLHQHVDOV ZROOWHHUPLUHWZDVVDJHQGRFKHUKLHOWVLFK]XUFN

ª'HQ1DJHO©IOVWHUWHLFKª*LEPLUGHQ1DJHO© ª1HLQ© ª'DQQVWRHLFK]X© 'DODFKWHHU(VZDUHLQZLVVHQGHVWULXPSKLHUHQGHV/DFKHQGDV LFKLQVHLQHU6LWXDWLRQQLFKWDXVJHVWRHQKlWWH'RFKHUKDWWHHLQHQ WULIWLJHQ*UXQGGHQLFKVFKRQHLQHQ$XJHQEOLFNVSlWHUHUIXKU ª:HQQGXGDVWXVWELVWGXYHUORUHQ©]LVFKWHHUPLUHQWJHJHQ ª'DVELQLFKVRRGHUVR© ª9LHOOHLFKW© ª'DQQKDVWGXPLFK]XYRUDQJHORJHQDOVZLUREHQDXIGHQ 6FKDFKWUlQGHUQVDHQ"© ª0|JOLFK© ,FKVFKDXWHLQVHLQHGXQNOHQ$XJHQ%HLHLQHP0HQVFKHQNDQQ PDQGXUFKHLQHQ%OLFNRIWPDOVHUNHQQHQZHOFKH*HIKOHLKQ EHKHUUVFKHQ%HLGLHVHP'lPRQNODSSWHGDVQLFKWª,FKJHEHGLU MHW]WHLQHKDOEH0LQXWHPLUDOOHV]XVDJHQZHQQQLFKWW|WHLFKGLFK ZLUNOLFK© ª:DVLVWVFKRQ=HLW"© ª)UPLFKEHGHXWHWVLHHWZDV© ª,QGHLQHU:HOWDEHUKLHUQLFKW© ª5HGH©,FKZDUHVOHLG ª1DWUOLFK*HLVWHUMlJHUQDWUOLFK,FKKDEHGLUMDYRQ$VPR GLQDV7RGHVODE\ULQWKEHULFKWHW(ULQQHUVWGXGLFK"© ª6HOEVWYHUVWlQGOLFK© ª:LUEHILQGHQXQVGDUEHU(LQJHZDOWLJHV1HW]XPVSDQQWGDV /DE\ULQWK9RQKLHUDXVN|QQHQZLUHLQGULQJHQ© ª8QGVLQGYHUORUHQ©IJWHLFKKLQ]X ª'DVEUDXFKWQLFKW]XVHLQ© 'HU'lPRQZROOWHPLFKQDUUHQXQGKLQKDOWHQLFKVSUWHHVGHXW OLFK'HVKDOEVDJWHLFKª+|U]XGXNDQQVWPLUPLWGHLQHP ,UUJDUWHQJHVWRKOHQEOHLEHQ:HQQLFKDXIGLHVHP1HW]ZHLWHUJHKH HUUHLFKHLFKLUJHQGZDQQPDOVHLQ(QGHXQGKDEHIROJOLFKDXFKGDV /DE\ULQWKKLQWHUPLFKJHEUDFKW© 'DODFKWHGHU'lPRQZLHGHUª'DVLVWHLQ,UUWXPVRJDUHLQ JHIlKUOLFKHU,UUWXP1LFKWVZLUVWGXHUUHLFKHQJDUQLFKWV'LHVHV 1HW]OlXIWLQGLH(ZLJNHLW(VLVWXQHQGOLFKHVHQGHWLP 1LUJHQGZRLQGHQ'LPHQVLRQHQGHV:DKQVLQQVZLHLKULPPHU]X

VDJHQSIOHJW'HQNVWGXMHW]WDQGHUVGDUEHU"© /JH"%OXII":ROOWHHUVHLQ/HEHQUHWWHQ"'DVODJGXUFKDXVLP %HUHLFKGHV0|JOLFKHQ'HU'lPRQVDKVLFKLQGHU)DOOH(UPXWH MHW]WKHUDXVLUJHQGZLH8QGZHQQHUGDEHLHLQHQ7ULFNYHUVXFKWH 1XUZDUHVZLUNOLFKHLQ7ULFN" 'HVVHQZDULFKPLUQlPOLFKQLFKWVLFKHU'DV5HLFKGHU'lPRQHQ LVWYLHOVFKLFKWLJ0DQHUOHEWLPPHUZLHGHUGLHXQKHLPOLFKVWHQ hEHUUDVFKXQJHQXQGVRNRQQWHHVPLUDXFKHUJHKHQZHQQLFKGDV UHFKWEHGDFKWH(VZDUHLQ6SLHOPLWGHP)HXHU(QWZHGHUKDWWHHU UHFKWRGHUQLFKW,FKPXWHHVGDUDXIDQNRPPHQODVVHQ ª:LOOVWGXPLFKQRFKLPPHUW|WHQ"©IOVWHUWHHU ª,FKEHUOHJHHV© ª'DQQHQWVFKHLGHGLFKLQPHLQHP6LQQHGHQQLFKELQGHUHLQ]L JHGHUGLFKDXVGLHVHP/DE\ULQWKKLQDXVIKUHQNDQQ*HLVWHUMlJHU 'HUHLQ]LJHZHLOLFKHVNHQQH© ª8QGZLHVROOHQZLUKLQXQWHUNRPPHQ"© ª'XNDQQVWGDV1HW]DXIWUHQQHQXQGVSULQJHQ© ª)UDJWVLFKQXUZLHWLHI© ª'DVLVWGHLQ5LVLNR© ,FKGDFKWHQDFK,FKEHIDQGPLFK]ZDUPRPHQWDQLQHLQHUHWZDV EHVVHUHQ/DJHWURW]GHPNRQQWHLFKHLJHQWOLFKNHLQH%HGLQJXQJHQ VWHOOHQ'LH:HOWXPPLFKKHUXPZDUPLUIHLQGOLFKJHVRQQHQ-HGHU )XEUHLW%RGHQDWPHWHKLHU*HIDKUXQGHVZDUZLUNOLFKVFKZHU VLFK]XHQWVFKHLGHQ ª:DUWHQLFKW]XODQJH© ,FKDWPHWHGXUFKXQG]RJPHLQH+DQG]XUFN'DQQJDELFKPLU 6FKZXQJXQGNDPDXIGLH%HLQH =LHPOLFKZDFNOLJEOLHELFKVWHKHQKDWWHPHLQ6FKZHUWPLWDXIJH KREHQXQGKLHOWHVIHVW $XFKPHLQXQIUHLZLOOLJHU%HJOHLWHUVWDQGZLHGHU(UVFKWWHOWH VLFKDOVKlWWHHULP:DVVHUJHOHJHQXQGULFKWHWHVLFKGDQQDXI ª'HQ1DJHO©HULQQHUWHLFKLKQ 'DJULQVWHHUª,FKKDEHLKQQLFKWPHKU© 0HLQ*HVLFKWZXUGHKDUWª:DVVDJVWGXYHUGDPPWHU.HUO"© 6FKRQKROWHLFKPLWGHP6FKZHUWDXV ª(UEHILQGHWVLFKLP/DE\ULQWK©HUNOlUWHHUVFKQHOOª,FKKDEHLKQ YRUKLQIDOOHQODVVHQ©

'DVKDWWHLFKQLFKWEHPHUNW2GHUEOXIIWHHUQXU"'DUDXINRQQWH LFKHVQLFKWDQNRPPHQODVVHQ(VKlWWHNHLQHQ=ZHFNJHKDEWLKQ HUVWQRFKODQJH]XGXUFKVXFKHQ:LUPXWHQZHLWHU ª'X]XHUVW©VDJWHLFK (UQLFNWHª-DLFKVSULQJHJHUQ© ª8QGZLHWLHILVWHV"©IUDJWHLFKXQGVHQNWHPHLQHQ%OLFNXPDXI XQGGXUFKGDV1HW]]XVFKDXHQ ª(VJHKW© ª,FKZLOOHLQHYHUQQIWLJH$QWZRUW©]LVFKWHLFK ª1XQMDGXZLUVWHVEHUOHEHQ*HLVWHUMlJHU6RJDUVLFKHUEHU OHEHQ© ,FKWUDXWHLKPQLFKW+LHUDXIGHP1HW]KDWWHHUZHQLJ&KDQFHQ GDVZXWHHUJHQDX,P,UUJDUWHQDOOHUGLQJVGDNRQQWHHUPLFK XQWHU8PVWlQGHQDXVWULFNVHQXQGGHVKDOEJHILHOHVPLUJDUQLFKW LQGDV/DE\ULQWK]XVSULQJHQ$QGHUHUVHLWVNRQQWHLFKDXFKQLFKW DXIGHP1HW]EOHLEHQ9LHOOHLFKWIKUWHHVZLUNOLFKLQV1LFKWV,P 5HLFKGHU'lPRQHQPXWHPDQPLWGHQVFKOLPPVWHQhEHU UDVFKXQJHQUHFKQHQ :DVVROOWHLFKDOVRWXQ" ªhEHUOHJHQLFKW]XODQJH*HLVWHUMlJHU=XGHPZLOOVWGXMDGHLQH NOHLQH*OHQGDZLHGHUVHKHQXQGVLHVWHFNWLQQHUKDOEGHV,UUJDUWHQV (QWVFKHLGHGLFK© 'DVKDWWHLFKLQ]ZLVFKHQXQGEHVWlWLJWHHVGXUFKPHLQ1LFNHQ ª$OVRJXW©VDJWHLFKª0DFKHQZLUHVVR© ª'XZLOOVWVSULQJHQ"© ª*HQDX© ª'DQQ]HUWHLOHGDV1HW]©'HU'lPRQVWUHFNWHGHQ$UPDXVXQG GHXWHWHDXIPHLQ6FKZHUW ,FKJLQJQRFKHLQHQ6FKULWWYRUGDPLWLFKGLFKWHUDQGHQ'lPRQ KHUDQNDP(LQH)UDJHKDWWHLFKQRFKXQGVWHOOWHVLHDXFKª:LH KHLWGXHLJHQWOLFK"© ª,FKELQ5DDQ© ª$OOULJKW5DDQHVVHL©8QGGDPLWKLHELFK]X'LH.OLQJHSILII GXUFKGLH/XIW6FKUlJKLHEVLHLQGDV1HW]XQWHUXQVXQGKDWWHHV NDXPEHUKUWDOVGLH0DVFKHQDXFKVFKRQ]HUVFKQLWWHQZXUGHQ (LQ/RFKHQWVWDQG 5DDQYHUORUGDV*OHLFKJHZLFKW(UYHUVFKZDQGYRUPHLQHQ

$XJHQXQGLPQlFKVWHQ$XJHQEOLFNNRQQWHLFKPLFKDXFKQLFKW PHKUKDOWHQ ,FKILHO =XP]ZHLWHQPDONXU]KLQWHUHLQDQGHU8QZLOONUOLFKKLHOWLFKGLH /XIWDQK|UWHGLH(FKRVPHLQHUHLJHQHQ+HU]VFKOlJHXQGGDVILQ VWHUH/DFKHQGHV'lPRQV 'DQQHUIROJWHGHU$XISUDOO ,FKKDWWHHUZDUWHWDXIHLQHQKDUWHQ%RGHQ]XIDOOHQXQGVFKRQ PHLQHQ.|USHUYRUVFKULIWVPlLJ]XVDPPHQJHNUPPW(VNDP DQGHUV,FKJODXEWHLFKZlUHLQHLQHJHZDOWLJH+HFNHJHIDOOHQGLH PHLQHQ$XISUDOOVWDUNEUHPVWHXQGDEIHGHUWH,FKUDXVFKWHI|UP OLFKKLQHLQKLHOWPHLQ6FKZHUWZHLWHUKLQIHVWXQGNDPVFKOLHOLFK ]XU5XKH (LQH6HNXQGHJHVFKDKQLFKWV 'DQQEHUILHOPLFKGHU(NHO hEHUDOOVSUWHLFKGDVNOHEULJH=HXJDXIPHLQHP*HVLFKW8P PLFKKHUXPNUDEEHOWHXQGEHZHJWHHVVLFK$XIGHP*HVLFKWGHQ +lQGHQDPJDQ]HQ.|USHU6RJDULQGLH$XJHQXQG1DVHQO|FKHU ZROOWHQVLHNULHFKHQXQGPLUZXUGHPLW(UVFKUHFNHQNODUGDLFK PLFKLQHLQHPZDKUHQ:DOGYRQNOHLQHQXQ]lKOLJHQJUQHQ :UPHUQEHIDQG *OHQGD3HUNLQVZDUYRUhEHUUDVFKXQJVWXPP(VGDXHUWHHLQH :HLOHELVVLHVLFKJHIDQJHQKDWWHXQGGLHHUVWHQ:RUWHDXVVSUDFK ª'XGXKLHU-DQH"© ª-DLFK© *OHQGDVFKWWHOWHGHQ.RSIª$EHUGDVJLEWHVGRFKQLFKW'DVLVW HLQ6SXNELOG© ª1HLQLFKELQHVZLUNOLFK© *OHQGDV*HVLFKWYHU]HUUWHVLFK6LHUXWVFKWHQDFKYRUQVWUHFNWH DEZHKUHQGLKUH$UPHDXVXQGVSUHL]WHGLH)LQJHUª'DVLVWXQ P|JOLFK-DQH:LHNRPPVWGXKLHUKHU"© ª6SlWHU*OHQGD© ª1HLQGXELVWHVQLFKW'XNDQQVWHVHLQIDFKQLFKWVHLQ©6LHWUDW PLWGHP)XDXI ª'RFK*OHQGD©

ª'DQQVDJPLUZLHGXKLHUKHUNRPPVW+LHUKHULQGLHVHYHU GDPPWH+|OOH© ª,VWGDVQLFKWXQZLFKWLJ"© +HIWLJVFKWWHOWH*OHQGDGHQ.RSIª1HLQ-DQHIUPLFKQLFKW 0DQKDWGLFKQLFKWYHUXUWHLOW,FKDEHUKDEHYRUGHP'lPRQHQ ULFKWHUJHVHVVHQXQGHUKDWPHLQ7RGHVXUWHLODXVJHVSURFKHQ LQGHPHUPLFKLQGLHVHQ,UUJDUWHQKLHUVWHFNWH'LFKDEHUKDEHLFK YRUKHUQLFKWJHVHKHQ(UZLUGGLFKQLFKWYHUXUWHLOWKDEHQ'XPXW DXILUJHQGHLQHPDQGHUHQ:HJLQGLHVHV/DE\ULQWKJHODQJWVHLQ -DQH$XIZHOFKHP"6DJHVPLU'DQQN|QQHQZLUYLHOOHLFKWKLHU KHUDXVNRPPHQ© -DQH&ROOLQVQLFNWHª6LFKHU*OHQGDZLUZHUGHQKHUDXVNRPPHQ DOOHUGLQJVZHLLFKQRFKQLFKWZLH© ª$EHUGXELVWKLQHLQJHNRPPHQ© ª0DQKDWPLFKHQWIKUW© *OHQGDKROWHWLHI/XIWª'LFKDXFK"© ª-D9RQGHU6WUDHZHJHQWIKUWXQGKLHUKHUJHVFKDIIW:LOOVWGX QRFKPHKUZLVVHQ"© ª1HLQGDVUHLFKW'DVUHLFKWZLUNOLFK'DQQLVWHVGLUVRHUJDQJHQ ZLHPLU©)DVVXQJVORVVFKWWHOWH*OHQGDGHQ.RSIXQGIUDJWH ª:HOFKHLQ6SLHOZLUGKLHUQXUJHWULHEHQ":HOFKHLQJUDXVDPHV 6SLHO"©6LHEHJDQQZLHGHU]XZHLQHQXQGOLHHV]XGD-DQHDXI VLH]XWUDWXQGWU|VWHQGGLH+DQGDXI*OHQGDV+DDUOHJWH =ZHL)UDXHQVWDQGHQPXWWHUVHHOHQDOOHLQLQGLHVHU+|OOH$XIGHU (UGHLPQRUPDOHQ/HEHQZDUHQVLHLUJHQGZLH5LYDOLQQHQZHLO EHLGHHWZDVIUGHQJOHLFKHQ0DQQHPSIDQGHQIU-RKQ6LQFODLU $EHUKLHULQGHQ5HJLRQHQGHV6FKUHFNHQVLP7RGHVODE\ULQWKGHU $VPRGLQDKDWWHGLHJHPHLQVDPHUOHEWH*HIDKUVLH]XVDPPHQ JHVFKZHLW *OHQGDEHUXKLJWHVLFKZLHGHU6LHKREGHQ.RSIXQGVFKDXWH-DQH DXVYHUZHLQWHQ$XJHQDQª:DVPDFKHQZLUMHW]W"©IUDJWHVLHOHLVH ª:LUPVVHQVHKHQGDZLUYRQKLHUYHUVFKZLQGHQ© ª1DWUOLFKDEHUZLH"'DVLVWHLQ,UUJDUWHQ'HUIKUWEHUDOOKLQ QXUQLFKWLQGLH)UHLKHLW©ULHI*OHQGDª*ODXEPLULFK© ª1XUQLFKWGLH1HUYHQYHUOLHUHQ© ª'DVVDJVWGXVRHLQIDFK,FKZHLMDQLFKWZDVGXKLQWHUGLUKDVW DEHUPLUUHLFKWHV©

ª'HQNOLHEHUGDUDQZDVYRUXQVOLHJW© ª'DVZHLQLHPDQG© ª'DVVWLPPWVFKRQ©EHVWlWLJWH-DQHªDEHUHVJLEWGDHLQLJH 'LQJHGLHNDQQLFKGLUYHUUDWHQ© ª8QG"© ª,QGLHVHP,UUJDUWHQH[LVWLHUHQQLFKWQXUGLH:lQGHDXV :UPHUQVRQGHUQHULVWDXFKHLQ+RUWIUJHIlKUOLFKH0RQVWHU6LH OHEHQKLHUVLHKDEHQKLHULKUH+HLPDW8UZHOWKDIWH*HVFK|SIH JUDXHQYROODQ]XVHKHQXQGPLW© ª+|UDXI©ULHI*OHQGDª+|UDXI©6LHKREEHLGH+lQGHXQG SUHWHVLHJHJHQGLH2KUHQª,FKNDQQHVQLFKWPHKUK|UHQZLUN OLFKQLFKW6DJQLFKWVPHKULFK© ª)LQGHGLFKPLWGHQ7DWVDFKHQDE©-DQHV6WLPPHNODQJKDUWª'X PXWHVHLQIDFK© ª1HLQ© -DQHSDFNWH*OHQGDDQGHU6FKXOWHUXQGVFKWWHOWHVLHGXUFK ª5HLGLFK]XVDPPHQ0lGFKHQ© ª-DMDLFK© -DQH&ROOLQVOlFKHOWHNQDSSDOVVLHVDKZLHVLFK*OHQGDGLH1DVH DEZLVFKWH ª8QGZRVROOHQZLUKLQJHKHQ"©IUDJWHGLHVFKZDU]KDDULJH 6HNUHWlULQ ª(UVWHLQPDOZHJ© *OHQGDZDUQRFK]LHPOLFKGRZQVLHPXWHYRQ-DQHJHVWW]W ZHUGHQ*HPHLQVDPVFKULWWHQVLHGHQ:HJHQWODQJGHUZLHDOOH YRQGHQJUQHQOHEHQGHQ:lQGHQJHVlXPWZXUGH'LH/XIWXP VLHKHUXPVFKLHQVFKZHU]XVHLQ6LHKDWWHQEHLGHDXFK0KHVLH ]XDWPHQYRUDOOHQ'LQJHQ*OHQGDGLHGRFK]LHPOLFKHUVFK|SIW ZDU 0LQXWHQODQJVSUDFKQLHPDQGGHUEHLGHQHLQ:RUWELVVLHHLQHQ 3XQNWHUUHLFKWHQZRVLHGHQ:HJZlKOHQNRQQWHQ (LQPDO]ZHLJWHHUQDFKOLQNVDEGDVDQGHUH0DOQDFKUHFKWV(U ZLUNWHZLHHLQHULHVLJH*DEHO'LHEHLGHQ)UDXHQEHIDQGHQVLFK QRFKDXIGHP6WLHO ª5HFKWVRGHUOLQNV"©IUDJWH*OHQGD ª,FKJHKHYRU© ª:DV"'XZLOOVWPLFKDOOHLQODVVHQ"©

ª-DZDUXPQLFKW"©6LHGHXWHWHQDFKUHFKWVKLQª,FKPXDXV NXQGVFKDIWHQREHWZDVSDVVLHUWLVW© ª'DVN|QQHQZLUGRFKJHPHLQVDP© ª*OHQGDGXZDUVWYRUKLQDXFKDOOHLQ,FKELWWHGLFK5HLGLFK ]XVDPPHQ© 'LHEHLGHQ)UDXHQVFKDXWHQVLFKDQª'XKDVWHWZDVJHJHQ PLFK©IOVWHUWH*OHQGDª'DVZHLLFK'XNDQQVWPLFKQLFKWDXV VWHKHQZHLOGXDQQLPPVWGDLFKGLU-RKQ6LQFODLUDXVVSDQQH $EHUGDVVWLPPWQLFKW'DVVWLPPWZLUNOLFKQLFKW=ZLVFKHQXQVLVW QLHHWZDVJHZHVHQ:HQQMHPDQGGDVEHKDXSWHWGDQQOJWHU© ª'DYRQZDUEHUKDXSWQLFKWGLH5HGH©ZHKUWHGLH3ULYDW GHWHNWLYLQDEª1RFKQLH'XELOGHVWGLUGDHWZDVHLQ© *OHQGD3HUNLQVVFKWWHOWHGHQ.RSIª,FKELOGHPLUQLFKWVHLQ© 6LHVFKOXFNWHª:DUXPUHDJLHUVWGXGDQQVRVHOWVDP"© ª:LHVR"© ª:HQQGXDOOHLQORVJHKHQZLOOVWGDQQNRPPWHVPLUVRYRUDOV ZROOWHVWGXPLFKORVZHUGHQ© ª'DVLVW8QVLQQ9RQXQVEHLGHQKDEHLFKQXQPDOGLHEHVVHUHQ 1HUYHQ© ª9LHOOHLFKW© ª1LFKWQXUYLHOOHLFKW8QGMHW]WUHLGLFK]XVDPPHQ%LWWH *OHQGDWXXQVGHQ*HIDOOHQ© ª*XW© -DQH&ROOLQVOlFKHOWHQRFKHLQPDOXQGPDFKWHVLFKGDQQDXIGHQ :HJ*OHQGDVFKDXWHLKUVRODQJHQDFKELVVLHPLWGHQODQJHQ 6FKDWWHQGHUOHEHQGHQ:lQGHYHUVFKPRO]HQZDU 'LHMXQJH)UDXKDWWHZHLWHUKLQHLQHIXUFKWEDUH$QJVWXQGVLH JODXEWHQLFKWPHKUDQHLQH&KDQFH 6LHZDUHQEHUDOO ,FKPXWHJHZDOWVDPHLQ(NHOJHIKOXQWHUGUFNHQGHQQLFK VSUWHGHQ6FKOHLPDXIGHU+DXWGHULPPHUGLFKWHUZXUGHXQG PHLQH3RUHQYHUVWRSIHQZUGH:HQQLFKQLFKWIUHLNDPGDQQZU GHQVLHPLFKEHUVFKZHPPHQXQGLFKZUGHHOHQGLJHUVWLFNHQ 1XUUDXV5DXVDXVGLHVHUYHUGDPPWHQOHEHQGHQ:DQGGLHIU PLFK]XHLQHU)DOOHJHZRUGHQZDU%HZHJHQNRQQWHLFKPLFKXQG

LFKEHVDQRFKPHLQ6FKZHUW(VJHODQJPLUDOOHUGLQJVQXUXQWHU JURHQ0KHQPHLQHQUHFKWHQ$UPDQ]XKHEHQ,FKPXWHPLU GHQ:HJIUHLNlPSIHQXQGGDVZUGHQXUXQWHU6WUDSD]HQP|JOLFK VHLQ 9RQXQWHQQDFKREHQ]RJLFKGDV6FKZHUW(VJLQJ]LHPOLFK OHLFKWXQGLFKPHUNWHDXFKGDGLHVFKZDU]PDJLVFKH.OLQJH VWlUNHUZDUDOVGLHVHZLGHUOLFKHQGlPRQLVFKHQ:UPHU 6LHEDKQWHVLFKGHQ:HJ:RVLHWUDIGDYHUJLQJHQGLH:UPHU 6LHZXUGHQ]XVFKZDU]HQHLQJHWURFNQHWHQNUDEEHQlKQOLFKHQ :HVHQGLHVLFK]XVDPPHQULQJHOWHQYHUWURFNQHWHQXQGKLQWHUKHU DOVGXQNHOJUDXHU6WDXE]XUFNEOLHEHQ 8QGLFKVFKOXJZHLWHU]X ,FKVHW]WH]XHLQHP5XQGVFKODJDQXQGVlJWHUHJHOUHFKWHLQH /FNHLQGLH0DXHUDXV :UPHUQ1RFKHLQNUDIWYROOHU.UHX]VFKODJXQGLFKKDWWH ZLHGHUIUHLH%DKQ *HGXFNWOLHILFKGXUFKGLH/FNHXQGVWDQGZHQLJVSlWHUDXI HLQHPVFKPDOHQ:HJ +LHUEOLHELFKHUVWHLQPDOVWHKHQXQGKROWHWLHI/XIW1RFKLPPHU ODJGHU6FKOHLPDXIPHLQHU+DXWXQGDXIGHQ+lQGHQNURFKHQGLH JUQHQ7LHUH 'DV6FKZHUWOLHLFKVLQNHQ'DIUQDKPLFKGHQ'ROFK'LH JHZHLKWH6LOEHUNOLQJHVFKDIIWHDXFKGLH:UPHU.DXPKDWWHLFKVLH EHUKUWGDYHUJLQJHQVLHDXFK 6RUHLQLJWHLFKPLFKQRWGUIWLJ$OOHUGLQJVNDPLFKDQGLH7LHUH QLFKWKHUDQGLHEHUGHQ.UDJHQJHNURFKHQZDUHQXQGPHLQHQ 5FNHQKLQDEOLHIHQ'RUWUXWVFKWHQVLHQDFKZLHYRUDQHLQHU 6FKOHLPVSXUHQWODQJXQGPLFKSDFNWHGHU(NHOVRGDLFKPLFK VFKWWHOQPXWH=XGHPVFKLHQGHU6FKOHLPHLQHVFKZDFKH6lXUH ]XVHLQGHQQPHLQH+DXWMXFNWHXQGEUDQQWHDQPDQFKHQ6WHOOHQ 0LWGHP7DVFKHQWXFKZLVFKWHLFKPHLQ*HVLFKWIUHLVRJXWHV HEHQP|JOLFKZDU'DQQEOLFNWHLFKPLFKXP -DLFKEHIDQGPLFKLQHLQHP,UUJDUWHQ'DVZDUQLFKWVFKZHUIHVW ]XVWHOOHQ$XVDOOHQYLHU5LFKWXQJHQOLHIHQ*lQJHXQG:lQGHDXI PLFK]XHLQJHIlKUOLFKHV/DE\ULQWKLQGHPNHLQ$XVJDQJ]X ILQGHQZDU :HQQLFKHLQPDOGDPLWDQILQJGDV/DE\ULQWK]XGXUFKIRUVFKHQ

GDQQZUGHLFKPLFKYHULUUHQ'RFK5DDQNDQQWHVLFKDXVZLHHU PLUJHVDJWKDWWH ª+H5DDQ© 0HLQ5XINODQJGXPSI+LHUJDEHVNHLQ(FKRKLHUJDEHVJDU QLFKWVQXUHLQHYLHO]XVFKZHUH/XIWGLHGHQ6FKDOOVFKRQQDFK ZHQLJHQ
ª.HLQH$KQXQJ©(UJULQVWHEUHLWKREGHQUHFKWHQ$UPXQG SIOFNWHHLQSDDU:UPHUDXVVHLQHQ+DDUHQ(UZDUIVLH]X%RGHQ XQGWUDWPLWGHP$EVDW]GDUDXI ª'DQQVXFKHQZLUVLH© ª6LFKHU©(UVFKDXWHPLFKDQXQGOlFKHOWHKLQWHUOLVWLJ 1RFKLPPHUZXUGHLFKGDV*HIKOQLFKWORVYRQLKPUHLQJHOHJW ZRUGHQ]XVHLQDEHULFKVDJWHHVQLFKWVRQGHUQEHKLHOWHVIUPLFK 1XUGHQ1DJHOZROOWHLFK'DQDFKIUDJWHLFKLKQ ª(ULVWYHUVFKZXQGHQ*HLVWHUMlJHU6LHKGLFKXP'XNDQQVWLKQ MDLQGHU+HFNHVXFKHQ© ,FKPXWHPLFKZLUNOLFKEHKHUUVFKHQ$POLHEVWHQKlWWHLFKLKQ DQJHVSUXQJHQDEHULFKOLHHVHUVWHLQPDOEOHLEHQXQGVWDUUWH LKQQXUDQ ª*HKHQZLU"©IUDJWHHU ª-D©,FKQLFNWH ª(VZLUGEHVWLPPW]DKOUHLFKHhEHUUDVFKXQJHQJHEHQ-RKQ 6LQFODLU©EHPHUNWHHU ,FKDEHUKLHOWPHLQ6FKZHUWKRFKª6ROOWHQVLHEHUKDQGQHKPHQ ZLUVWGXJHN|SIW© 'HU'lPRQPHUNWHGDLFKNHLQHOHHUH'URKXQJDXVJHVWRHQ KDWWHXQGVFKZLHJHUVFKURFNHQ -DQH&ROOLQVVFKOLFKWLHIHULQGDV/DE\ULQWKKLQHLQ6LHWDVWHWHVLFK SUDNWLVFKYRUDQGHQQVLHZDUGDUDXIJHIDWYRQLUJHQGHLQHU6HLWH HLQHK|OOLVFKHhEHUUDVFKXQJ]XHUOHEHQ'LH*lQJHZXUGHQMHW]W NU]HUXQGDXFKYHUZLQNHOWHU 2IWZDUHQVLHQXUHLQSDDU
OHEHQGH6WLOOHGLHLUJHQGHWZDVDXVVSHLHQNRQQWHGDVDQ6FKUHFNHQ NDXP]XEHUELHWHQZDU 9RUVLFKWLJGUHKWHVLFK-DQHLP.UHLV 'D]XFNWHVLH]XVDPPHQ 6LHKDWWHHWZDVJHVHKHQ =ZHL$XJHQ 5|WOLFKZHLOHXFKWHWHQVLHXQGVLHVWDUUWHQGLH'HWHNWLYLQDXV HLQHPGHU:lOOHDQ 'HXWOLFKZDUHQVLH]XHUNHQQHQGHQQLKUH)DUEHKREVLFKJXWYRQ GHU8PJHEXQJDE $XJHQGLHHLQHP7LHUJHK|UWHQ2GHUHLQHP0RQVWHU-DQH ZXWHHVQLFKWVLHZROOWHHVDXFKQLFKWZLVVHQ6LHZROOWHGHP 0RQVWHUQLFKWXQEHGLQJWLQGLH4XHUHODXIHQ 6FKULWWIU6FKULWWZLFKVLH]XUFN'DEHLJDEVLHQLFKWDFKWXQG JHULHWPLWGHP5FNHQDQHLQHGHUOHEHQGHQ:lQGH6RIRUWUHD JLHUWHQGLH:UPHU6LHEHZHJWHQVLFKXQGJOLWWHQDXILKUH 6FKXOWHUQXQGLQLKUH+DDUH -DQHZROOWHDXIVFKUHLHQDEHUGDV:RUWEOLHELKULP+DOVVWHFNHQ GHQQJHQDXYRULKUHQ$XJHQEUDFKHLQ0RQVWHUDXVGHPOHEHQGHQ :UPHUZDOO *OHQGDZDUDOOHLQ]XUFNJHEOLHEHQ8QGVLH]LWWHUWHYRU$QJVW1LH KlWWHVLHJHGDFKWGDVLHVLFKHLQPDOVRIUFKWHQZUGH=XGHP lUJHUWHVLHVLFKGDUEHUGDVLH-DQHVRKDUWDQJHIDKUHQKDWWHGRFK GDVZDUQLFKWPHKU]XlQGHUQ6LHPXWHGLH'LQJHMHW]WDXIVLFK ]XNRPPHQODVVHQ /lQJVWZDUGLH'HWHNWLYLQYHUVFKZXQGHQ'LH'XQNHOKHLWGLHVHV IXUFKWEDUHQ/DE\ULQWKVKDWWHVLHUHJHOUHFKWYHUVFKOXFNW9RQLKU ZDUQLFKWVPHKU]XVHKHQXQG*OHQGD3HUNLQVIKOWHVLFKVFKUHFN OLFKDOOHLQ$POLHEVWHQZlUHVLHKLQWHU-DQH&ROOLQVKHUJHODXIHQ GRFKVLHZDU]XIHLJH 6LHEOLHEVWHKHQ 9RUVLFKVDKVLHGLHJHKHLPQLVYROOHQJUQHQ:lQGH2EZRKO VLHDXVXQ]lKOLJHQ:UPHUQEHVWDQGHQODJHQVLHJODWWXQG GLFKWYRUGHUVFKZDU]KDDULJHQ)UDX:HQQGLH:lQGHQLFKW EHUKUWRGHUDQJHIDWZXUGHQGDQQEHZHJWHQVLHVLFKDXFK

QLFKWVRQGHUQVDKHQDXVDOVZlUHQVLHDXVHLQHP*X (LQHJODWWHJUQH)OlFKH hEHUDOOQXUGLHVHYHUGDPPWHQJODWWHQ)OlFKHQ:R*OHQGDDXFK KLQVFKDXWHVLHVDKLPPHUGDVJOHLFKH 7LHIKROWHVLH$WHP(VHUJLQJLKUZLHDOOHQ0HQVFKHQGLHDOOHLQ JHODVVHQZXUGHQ6LHEHJDQQGDPLWEHULKU6FKLFNVDOQDFK]XGHQ NHQ*OHQGDGDFKWHQDWUOLFKDQGLH*HIDQJHQVFKDIWXQGGDPLWDQ LKUH+RIIQXQJVORVLJNHLW 3O|W]OLFKYHUVWHLIWHVLH (LQ*HUlXVFKZDUDQLKUH2KUHQJHGUXQJHQ,QGHU6WLOOHKDWWHHV VLFKQRFKODXWHUDQJHK|UW :RKHUVWDPPWHHV" 9RUVLFKWLJGUHKWHVLFK*OHQGDXP6LHJODXEWHGDHVLQLKUHP 5FNHQHQWVWDQGHQZDUXQGVFKDXWHQXUDXIGLHJUQH:DQG $QVRQVWHQVDKVLHQLFKWV $EHUGDZDUGLH6WLPPH(LQHIOVWHUQGHKlPLVFKHXQGDXFK ZDUQHQGH6WLPPHª'XELVWJHIDQJHQNOHLQH*OHQGD:LUKDEHQ GLFKHQGOLFKLQXQVHUHQ.ODXHQ'XELVWYHUXUWHLOW0DQZLUGGLFK W|WHQXQGGXKDVWNHLQH&KDQFHJODXEPLUNHLQH&KDQFH© ª:RVLQG6LH"©IUDJWH*OHQGDª:R"© ª+LHU© ª=HLJHQ6LHVLFK©6LHNUHLVFKWHSO|W]OLFK ª,FKELQEHUDOO© ª:DUXPNDQQLFK6LHQLFKWVHKHQ":DUXPQLFKW",FKZLOOHQGOLFK ZLVVHQ© ª6LHKQDFKREHQ© 'DVWDW*OHQGD6LHULGHQ.RSILQGHQ1DFNHQXQGVDKEHUVLFK HLQ*HVLFKW 'DV*HVLFKWHLQHU)UDX $VPRGLQD 6LHZDUSHUV|QOLFKHUVFKLHQHQRGHUYLHOPHKULKU$EELOGXP *OHQGD]XGHPWLJHQ8QZLOONUOLFKZLFKGLH)UDX]XUFNGRFK VFKRQDOVVLHGLH%HUKUXQJGHU:DQGVSUWHEOLHEVLHYRU(NHO VWHKHQXQGVFKWWHOWHVLFK ª'HLQ7RG©VDJWH$VPRGLQDªLVWJHZL'HQQLFKSHUV|QOLFK ZHUGHGLFKW|WHQ© 6LHODFKWHXQGGLHVPDOVFKDOOWHHV.HLQH:DQGVFKOXFNWHGDV

(FKRGDVVRVFKDXULJZDUXQGGXUFKGDVP|UGHULVFKH/DE\ULQWK KDOOWH 'DQQYHUVFKZDQGVLHVRVFKQHOOZLHVLHJHNRPPHQZDU*OHQGD 3HUNLQVEOLHEDOOHLQ]XUFN ,KU+HU]NORSIWH5K\WKPLVFKKlPPHUWHQGLH6W|HLQLKUHU %UXVW6LHVSUWHGLH(FKRVLQLKUHP.RSIXQGKDWWHGDV*HIKOYRQ VWDUNHQ6FKPHU]HQEHUIDOOHQ]XZHUGHQ :HQQQXU-DQH&ROOLQVKLHUJHZHVHQZlUH$EHUVLHWULHEVLFK LUJHQGZRKHUXPXPHLQHQ$XVZHJDXVGLHVHPYHUIOXFKWHQ /DE\ULQWK]XILQGHQ:LHVROOWHGDVHQGHQ" $VPRGLQDKDWWHLKUGHQ7RGSURSKH]HLW8QGVLHZROOWHVLHHLJHQ KlQGLJXPEULQJHQ $EHUZLH" (LQ6FKDEHQULVLHDXVLKUHQWUEHQ*HGDQNHQ*OHQGDVFKDXWH QDFKYRUQXQGVLHVDKZLHVLFKGLH:lQGHSO|W]OLFKEHZHJWHQ'D ZDUQLFKWDOOHLQGLH%HZHJXQJGHUXQ]lKOLJHQ:UPHUQHLQ GDKLQWHUVWHFNWHHWZDVDQGHUHV'LH:lQGHEHZHJWHQVLFKZHLOVLH YRQDXHQDQJHVWRHQZXUGHQ 'DNDPHWZDV *OHQGD]LWWHUWH6LHKDWWHGHQ0XQGKDOEJH|IIQHWDOVVLHLQHLQH *DQJPQGXQJVFKDXWHGHQQYRQGRUWQlKHUWHVLFKGDV8QKHLO 'DQQVDKVLHHV (LQULHVLJHV0DXOWDXFKWHDXI(LQ+|OOHQUDFKHQGHUDOOHVYHU VFKODQJZDVVLFKLKPLQGHQ:HJVWHOOWH (VZDUGDV0DXOHLQHU6FKODQJH $SHSZDUGD -DQH&ROOLQVNRQQWHGDV0RQVWHUJHQDXVHKHQ(LQZLGHUOLFKHV VFKUHFNOLFKHV*HELOGHHLQ]XU5HDOLWlWJHZRUGHQHU8U$OSWUDXP 9RQDXHQ]HLJWHGLH+DXWHLQHQEUlXQOLFKHQ6FKLPPHUGRFK GDUXQWHUVFKLHQVLH]XOHXFKWHQ$XFKEHVWDQGVLHQLFKWDXVHLQHU GXUFKJHKHQGHQ)OlFKHVRQGHUQDXV]DKOUHLFKHQKHOOHQ+DXW IOHFNHQGLHZLHGDV0XVWHUHLQHV)OLHJHQJLWWHUVDQJHRUGQHWZDUHQ 'XUFKGLHVHKHOOHQ)OHFNHQNRQQWH-DQH&ROOLQVVFKDXHQXQGVLH KDWWHGDV*HIKODOVZlUHQVLHPLWNOHLQHQ%LUQHQJHIOOWGLH LUJHQGMHPDQGDQJHNQLSVWKDWWH

'HU.RSIEHVWDQGDXVGHUJOHLFKHQGQQHQ+DXWGLHHEHQIDOOV GLH8QWHUEUHFKXQJHQ]HLJWH5LHVLJH2KUHQVWDQGHQ]XEHLGHQ 6HLWHQGHV6FKlGHOV6LHHULQQHUWHQDQDOWH/DSSHQGLHMHGRFKKRFK DXIJHULFKWHWZDUHQ'DV*HVLFKWZXUGHYRQZHLHQJURHQNXJHO UXQGHQ$XJHQEHKHUUVFKWLQGHUHQ0LWWHHLQKHOOHU)OHFNVFKLP PHUWH'LH1DVHNRQQWHPDQDOV.OXPSHQEH]HLFKQHQXQGGDV 0DXOHUVWDXQWH-DQHZHJHQVHLQHUXQQDWUOLFKHQ*U|H +LQ]XNDPHQGLH$UPH/DQJZLHGLHHLQHV*RULOODV$XFKGLH +lQGHZDUHQNDXPDOVVROFKH]XEH]HLFKQHQ.UDOOHQZlUHGHU EHVVHUH$XVGUXFNJHZHVHQ3OXPSGDJHJHQZLUNWHQGLH%HLQHPLW GHQEHUJURHQ)HQ 'DV0RQVWHUZDUQLFKWDOOHLQ(VKDWWHQRFKHLQHQ%UXGHUPLWJH EUDFKWGHUGHPHUVWHQ0RQVWHUDXIV+DDUJOLFK'DV]ZHLWHKLHOW VLFKGLFKWGDKLQWHUKDWWHVLFKMHGRFKHLQZHQLJDXIJHULFKWHWXQG VFKDXWHEHUGLH6FKXOWHUVHLQHV$UWJHQRVVHQKLQZHJ 1RFKWDWHQVLH-DQHQLFKWVVLHIL[LHUWHQVLHQXUDEHUGLH 'HWHNWLYLQZDUVLFKHUGDVLHEDOGDQJUHLIHQZUGHQ +DWWHVLHHLQH&KDQFH" -DQHVFKDXWHVLFKXP1HLQGDJDEHVQLFKWVZRKLQVLHKlWWH IOLHKHQN|QQHQ'DV/DE\ULQWKZDUXQGXUFKGULQJOLFK'LHVHYHU GDPPWHQ0RQVWHUKl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|UWHGHXWOLFKLKUH6FKULWWHGLHDXIGHP%RGHQ SODWVFKWHQDOVZUGHMHPDQGLQHLQH3IW]HWUHWHQ -DQHV%OLFNHZLHVHOWHQXPKHU6LHPXWH]XUFNGDVVWDQGIHVW

DEHUZREHIDQGVLFK*OHQGD"(UVWMHW]WVWHOOWHVLHPLW6FKUHFNHQIHVW GDVLHVLFKZLUNOLFKYHULUUWKDWWH'LHVHV/DE\ULQWKZDULQVHLQHU $QRUGQXQJZLUNOLFKWHXIOLVFK]XQHQQHQ:HQQPDQHUVWXPHLQ SDDU(FNHQJHODXIHQZDUKDWWHPDQY|OOLJGLH2ULHQWLHUXQJYHU ORUHQZLHMHW]W-DQH&ROOLQV :REHIDQGVLFKGHU:HJ" (VEOLHE-DQHZLUNOLFKNHLQH=HLWQRFKODQJH]XEHUOHJHQ6LH PXWHGLH)OXFKWHUJUHLIHQXQGVLH]|JHUWHNHLQH0LQXWHOlQJHU -DQHKXVFKWHLQGHQQlFKVWHQ*DQJKLQHLQ0LWGHU6FKXOWHUQDKP VLHIDVWQRFKHLQHYRUVWHKHQGH(FNHPLWLKUH6FKULWWHZXUGHQYRQ GHPZHLFKHQ%RGHQJHGlPSIW ª*OHQGD©6LHULHIGHQ1DPHQGHUVFKZDU]KDDULJHQ)UDXGRFK VLHHUKLHOWNHLQH$QWZRUW(VZDUZLHYHUKH[W :DUXPK|UWHVLHGHQQQLHPDQG" :LHGHUHLQH.XUYH'HUQlFKVWH*DQJ(UIKUWHQDFKHLQLJHQ
'LH$XJHQGHU+|OOHQVFKODQJHZDUHQEHUKDXSWQLFKW]XVHKHQ GDVLHLKU0DXOVRZHLWDXIJHULVVHQKDWWH*OHQGDNRQQWHQXUGXUFK GLHVHGXQNOHgIIQXQJVFKDXHQLQHLQHQXQKHLPOLFKHQ6FKOXQGGHU EHUHLWZDUDOOHV]XYHUVFKOLQJHQZDVVLFKLKPLQGHQ:HJVWHOOWH ,KUH/LSSHQZDUHQWURFNHQYRU$QJVW6LHZDJWHQLFKWHLQPDO GHQNOHLQHQ)LQJHU]XUKUHQ,KU%OLFNZDUQXUDXIGLHVHVJUDXHQ KDIWH0RQVWHUYRULKUIL[LHUW 6FKOLPPVDKHVDXV'HU.|USHUVFKLPPHUWHJUQOLFK(WZDV KHOOHUDOVGLH:lQGHVRGDHUVLFKYRQLKQHQDEKRE7LHILP 5DFKHQ]XFNWHHLQHZDKUOLFKEHUGLPHQVLRQDOHJHVSDOWHQH=XQJH 'DVZDU$SHS*UDXHQKDIWDQ]XVHKHQHLQ=HUUELOGGHU+|OOH 7URW]LKUHU*U|HEHZHJWHVLHVLFKJHVFKPHLGLJ6LHVFKDEWHPLW LKUHP.|USHUQXUDQGHQ:lQGHQHQWODQJRKQHVLHHLQ]XUHLHQ RGHUXP]XZHUIHQ6RJOLWWVLHDXI*OHQGD]X ª%LWWH©IOVWHUWHGLH)UDXª%LWWHZDV"© $SHSVFKORLKU0DXOKDOEXQGVWLHHLQJHIlKUOLFKHV=LVFKHQ DXV'DEHLTXROOQDFK6FKZHIHOULHFKHQGHU'DPSIDXVLKUHP0DXO GHUVLFK]ZLVFKHQ6FKODQJHXQG*OHQGD]XHLQHU:RONHDXIEOlKWH XQGDXIGLH)UDX]XWULHE (UZXUGHLPPHUGLFKWHUYHUQHEHOWHLKU*HVLFKWXQGGDPLWDXFK GLHIUHLH6LFKW$XIHLQPDOIKOWHVLFK*OHQGDLQPLWWHQHLQHV *HIlQJQLVVHV6LHNRQQWHQLFKWVPHKUVHKHQXQGUHFKQHWHMHGHQ $XJHQEOLFNGDPLWYRQ$SHSYHUVFKOXQJHQ]XZHUGHQ 9RU$QJVWJLQJ*OHQGDLQGLH.QLH6LHNDXHUWHVLFKGLFKWEHU GHP%RGHQ]XVDPPHQ6LHUHFKQHWHGDPLWYRQGHPJHZDOWLJHQ 0|UGHUPDXOYHUVFKOXQJHQ]XZHUGHQGRFK$SHSOLHVLFK=HLW ,KUHU0HLQXQJQDFKKDWWH*OHQGD3HUNLQVQRFKQLFKWJHQXJJHOLW WHQ1HLQVLHVROOWHQRFKZHLWHUOHLGHQ1LFKWXPVRQVWZDUGLHVHV /DE\ULQWKVHOEVWYRQ'lPRQHQJHIUFKWHW:LHJURHUVWPXWH GDQQGLH$QJVWHLQHV0HQVFKHQVHLQ" $OVQLFKWVJHVFKDKULVNLHUWH*OHQGDHVXQG|IIQHWHGLH$XJHQ6LH KDWWHDXFKZDKUJHQRPPHQGDHVQLFKWPHKUVRVFKOLPPURFK 'LH:RONHNRQQWHVLFKYHUIOFKWLJWKDEHQ 'DVVWLPPWHLQGHU7DW 8QG$SHSZDUHEHQIDOOVYHUVFKZXQGHQ *OHQGDZROOWHHVHLQIDFKQLFKWIDVVHQ'LH+|OOHQVFKODQJHZDU QLFKWPHKU]XVHKHQVLHKDWWHVLFK]XUFNJH]RJHQ

$EHUZDUXP"8QGZRKLQ"9LHOOHLFKWKDWWHVLHDXFKJDUQLFKWH[L VWLHUW":DUDOOHVQXUHLQ7UDXPRGHUHLQH(LQELOGXQJJHZHVHQ" *OHQGDZXWHHVVHOEVWQLFKW6LHJDEVLFKHLQHQ5XFN'DQQVWDQG VLHZLHGHU 9|OOLJDOOHLQGHQQ-DQH&ROOLQVZDUQRFKQLFKW]XUFN*OHQGD VHKQWHVLFKGLH5FNNHKUGHU'HWHNWLYLQKHUEHL-DQHKDWWH]ZDU DXFK$QJVWGRFKJHPHLQVDPZDUDOOHVOHLFKWHU]XHUWUDJHQ ª-DQH©IOVWHUWH*OHQGDª-DQHPHLQ*RWWZRELVWGXGHQQ"© .HLQH$QWZRUW (VEOLHEVWLOOLQQHUKDOEGLHVHVJUDXHQYROOHQ/DE\ULQWKVGDV YROOHUW|GOLFKHUhEHUUDVFKXQJHQVWHFNWH :HQQVLHGRFKQXUQLFKWJHJDQJHQZlUHGDFKWH*OHQGD:HQQ VLHKLHUJHEOLHEHQZlUH :HQQ 6LHVWRFNWHLQLKUHQ*HGDQNHQGHQQVHOWVDPH*HUlXVFKHZDUHQ DQLKUH2KUHQJHGUXQJHQ(LQ.QDFNHQXQG6FKPDW]HQ 'D]ZLVFKHQK|UWHVLHDXFKHLQ*UXQ]HQ 8QG6FKULWWH -DGDNDPMHPDQG 9LHOOHLFKW-DQH"*OHQGDEHZHJWHVLFKHLQNOHLQZHQLJQDFKUHFKWV GHQQJHQDXDXVGLHVHU5LFKWXQJZRDXFKYRUKLQ$SHSJHVWDQGHQ KDWWHZDUHQGLH6FKULWWHDXIJHNOXQJHQ -DQHNRQQWHGDVQLFKWVHLQ7URW]LKUHU$QJVWEHPHUNWH*OHQGD GLHV'LH'HWHNWLYLQJLQJDQGHUV1LFKWVRWDSVLJXQGXQUHJHO PlLJ(VVHLGHQQPLWLKUZDUHWZDVSDVVLHUW9HUOHW]WRGHU lKQOLFKHV'DVZlUHVFKOLPPXQG*OHQGDV+HU]NUDPSIWHVLFK ]XVDPPHQDOVVLHGDUDQGDFKWH 1HLQQXUGDVQLFKW 'DHLQH%HZHJXQJ$P(QGHGHV*DQJHV1LFKW-DQH&ROOLQV NDPVRQGHUQHLQDQGHUHU8QGLQGHQQlFKVWHQ6HNXQGHQHUOHEWH *OHQGD3HUNLQVGDVDEVROXWH*UDXHQGHQQQRFKQLHLP/HEHQZDU LKUVRHWZDV6FKUHFNOLFKHVZLGHUIDKUHQ -DQH&ROOLQVZDUIHLQHQ%OLFNEHULKUH6FKXOWHUQDFKKLQWHQ(WZD GUHL6FKULWWHVWDQGGDV0RQVWHUHQWIHUQW(VZDUGDV]ZHLWH'LH EHLGHQKDWWHQ-DQHHLQJHNUHLVW'DJDEHVNHLQ(QWULQQHQXQGGLHVH

0RQVWHUZDUHQHVDXFKGLHVLFKLQQHUKDOEGHV/DE\ULQWKVDXV NDQQWHQ6LHZDUHQGLH+HUUVFKHUVLHIKOWHQVLFKKLHUZRKOXQG KROWHQVLFKGLH2SIHUGLHLKQHQGHU6SXNJHVFKLFNWKDWWH=ZHL JHIlKUOLFKH0RQVWHUZDUHQGLH.|QLJHLP,UUJDUWHQGHV6FKUHFNHQV 8QGVLHNDPHQQlKHU (LVNDOW]RJHQVLHGLH6FKOLQJH]X6LHZROOWHQ-DQHQLFKWGLH JHULQJVWH&KDQFHJHEHQ :RVROOWHVLHDXFKKLQ",QGLH0DXHUQ"9LHOOHLFKWVLFKLQGLHVHV ZLGHUOLFKH*HZUPZHUIHQXPYRQLKPJHW|WHW]XZHUGHQ" ,QPLWWHQGHU0DXHUNRQQWHVLHHOHQGLJHUVWLFNHQZHQQVLFKGDV *HZUPLQ0XQG1DVHXQG2KUHQVHW]WH -DQHZXWHQLFKWZRKLQVLHVFKDXHQVROOWH1DFKYRUQQDFK KLQWHQ"6LHZLFK]XU6HLWH 'DQQVWDQGVLHDQGHUJUQHQ:DQG6LHVSUWHGLH%HZHJXQJ DXILKUHP5FNHQXQG]XFNWHXQZLOONUOLFKQDFKYRUQ *HQDXGDVZDULKU)HKOHUGHQQGDUDXIKDWWHQGLHEHLGHQ0RQVWHU QXUJHZDUWHW'LH$UPHZDUHQVFKRQDXVJHVWUHFNW6LHKDWWHQVLFK VRZHLWJHQlKHUWGDVLHJOHLFK]HLWLJ]XJUHLIHQNRQQWHQXQG-DQH VSUWHSO|W]OLFKGLH.UDOOHQEHUDOO+lQGHJOLWWHQEHULKUHQ .|USHU6LHZXUGHKRFKJHKREHQEHIDQGVLFKLQGHU/XIWPDQ GUHKWHVLHKHUXPXQGGDQQVDKVLHGLH=lKQHYRUVLFK 6LHZDUHQQDKVRYHUIOXFKWQDK (LQHQ/LGVFKODJVSlWHUVFKQDSSWHQVLH]X ,FKZXUGHODQJVDPZDKQVLQQLJ :LHODQJHZLUVFKRQLQGLHVHPYHUGDPPWHQ/DE\ULQWKKHUXPLUU WHQNRQQWHLFKQLFKWVDJHQGHQQPLWWOHUZHLOHZDUPLUMHJOLFKHV =HLWJHIKOYHUORUHQJHJDQJHQ (VZDUHLQ+|OOHQPDUVFK ,FKVDKQXULPPHUGLHYHUGDPPWHQJUQHQ:lQGHGLHOHEHQGHQ 0DXHUQ9RUQHEHQXQGKLQWHUPLU(LQJHNHVVHOWHLQJHNUHLVWRKQH HLQH&KDQFHVLH]XGXUFKGULQJHQ *UDXHQKDIW 8QG5DDQJLQJZHLWHU(UIKUWHPLFK,FKEOLHELPPHUHLQHQ KDOEHQ6FKULWWKLQWHULKP6ROOWHHUHLQHQSO|W]OLFKHQ$QJULIIYHU VXFKHQVRNRQQWHLFKLKQVRIRUWVWRSSHQGHQQLFKWUDXWHGHP

'lPRQNHLQHVZHJV$XFKZHQQHUVLFKPRPHQWDQVRKDUPORVJDE $EHUGDVNRQQWH7lXVFKXQJVHLQ,FKKDWWHVRPHLQH(UIDKUXQJPLW GHQ6FKZDU]EOWHUQ :LHGHUJLQJHVXPHLQSDDU.XUYHQ$EHUPDOVVDKLFKGLHYHU IOXFKWHQ*lQJHYRUPLUXQGODQJVDPNDPLFK]XGHUhEHU ]HXJXQJGDPLFKGLHVHU'lPRQOHLPHQZROOWH -DHUIKUWHPLFKEHZXWIDOVFKGHQQVLFKHUOLFKNDQQWHHUNHLQHQ :HJDXVGLHVHP,UUJDUWHQ(VZDUDOOHVHLQ%OXIIJHZHVHQXQGLFK ILHOQRFKGDUDXIKHUHLQ $EHUMHW]WQLFKWPHKU 0HLQ6FKZHUWWUXJLFKQRFKLQGHUUHFKWHQ+DQG,FKZROOWHHV HLQIDFKZLVVHQKREGHQ$UPXQGOHJWH5DDQGLHIODFKH6HLWHGHU .OLQJHDXIGLH6FKXOWHU 'DVJHILHOLKPEHUKDXSWQLFKWGHQQHU]XFNWH]XVDPPHQXQG EOLHEVRIRUWVWHKHQ%HKXWVDPGUHKWHHUGHQ.RSI$OOHUGLQJV]XGHU GHP6FKZHUWHQWJHJHQJHVHW]WHQ6HLWH ª:DVLVWORV"©IUDJWHHU ,FKODFKWHKDUWª'DVVROOWHLFKGLUVDJHQGHQQLFKKDEHGDV *HIKODOVZROOWHVWGXPLFKOHLPHQ'XNHQQVWGLFKLQGLHVHP /DE\ULQWKEHUKDXSWQLFKWDXV,FKJHEHGLUDOOHUGLQJVQRFKHLQH &KDQFH:HQQZLUQLFKWLQQHUKDOEGHUQlFKVWHQ]HKQ0LQXWHQ *OHQGD3HUNLQVJHIXQGHQKDEHQGDQQW|WHLFKGLFK© ª=HLWJLEWHVKLHUQLFKW© ª'DVLVWPLUHJDO'DQQVHW]HHLQH=HLWVSDQQHDQGLHGHUPHLQHQ HQWVSULFKW© ª8QP|JOLFK© ª8QGZDUXP"© ª:HLOGLHVHV/DE\ULQWK]XJURLVW,FKZHLGHQ:HJLFKNHQQH LKQJHQDX'XPXWQXU*HGXOGKDEHQ© ª:LHRIWKDVWGXPLUGDVVFKRQJHVDJW"© ª+|UDXIPLFK© ,FKZROOWHQLFKWDXILKQK|UHQYHUGDPPW$EHUEOLHEPLUHWZDV DQGHUHVEULJ":HQQLFKLKQDXVVFKDOWHWHXQGDOOHLQGXUFKGDV /DE\ULQWKLUUWHGDQQEUDFKWHHVDXFKQLFKWVXQGGLH&KDQFH *OHQGD]XILQGHQZXUGHZLUNOLFKQLFKWJU|HU $OVRYHUOLHLFKPLFKDXILKQ :LUVHW]WHQXQVHUHQ:HJIRUW,PPHUWLHIHULQGLHZLGHUOLFKH

JUQH+|OOHKLQHLQ0DQFKPDOKDWWHLFKHLQHQ%OLFNQDFKREHQ JHZRUIHQ9RQGHPJHKHLPQLVYROOHQ1HW]ZDUQLFKWV]XVHKHQ'DV /LFKWUHLFKWHHLQIDFKQLFKWDXVXPGLH0DVFKHQHUNHQQHQ]X N|QQHQ 'LH:UPHUKDWWHQLQ]ZLVFKHQPHLQHQ.|USHUYHUODVVHQ :HQLJVWHQVVSUWHLFKQLFKWVPHKU$XFKGHU6FKOHLPVFKLHQHLQJH WURFNQHW]XVHLQ (LQH5HFKWVNXUYH=XHUVWVDKLFKQLFKWVGDQQDEHUHUIDWHQ PHLQH%OLFNHGLHDXIGHP%RGHQOLHJHQGHQ*HJHQVWlQGH6LH VFKLPPHUWHQVHOWVDPEOHLFK (VZDUHQ.QRFKHQ*HEHLQH 5DDQZROOWHVFKRQGDUDQYRUEHLJHKHQGRFKPHLQ5XIVWRSSWH LKQª%OHLEKLHU© (UJLQJWDWVlFKOLFKQLFKWZHLWHU 0LWGHU6FKZHUWVSLW]HGHXWHWHLFKDXIGLH.QRFKHQZlKUHQGLFK LQVHLQJHVWUHLIWHV*HVLFKWVFKDXWHª:HUKDWVLHKLQWHUODVVHQ"© ª'LH+RULV© ª:HU"© ª(VVLQG*HVFK|SIHGLHLQGLHVHP,UUJDUWHQOHEHQ0RQVWHUGLH VLFKVFKRQYRU8U]HLWHQGDV/DE\ULQWKXQWHUWDQJHPDFKWKDEHQ -HGHUGHUVLFKYHUOlXIWZLUGLKQHQXQZHLJHUOLFK]ZLVFKHQGLH =lKQHJHUDWHQ-HGHU© ª:DUXPKDVWGXPLUGDYRQQLFKWVJHVDJW"©IUDJWHLFKXQGPHLQH 6WLPPH]LWWHUWHGDEHLZHLOLFKDQ*OHQGDGDFKWHXQGDXFKGDUDQ GDGLH*HIDKUIUVLHQRFKJU|HUJHZRUGHQZDUGHQQZHQQLFK PLUGLH*HEHLQHEHWUDFKWHWHGDQQPXWHLFKDQQHKPHQGDGLH +RULVLKUH2SIHUQLFKWQXUW|WHWHQVRQGHUQDXFKIUDHQ :LHGLH*KRXOV ª6LQGHV*KRXOV"©ZROOWHLFKZLVVHQ ª1HLQ+RULV© ª,VWGDVQLFKWGDVJOHLFKH"© ª1LFKWLQGLHVHU:HOW6LHVLQGYRQ$VPRGLVDOV:lFKWHUHLQJH VHW]WZRUGHQXQGZHQQVLFKMHPDQGYHULUUWEHNRPPHQVLHLKUH %HXWH© ª'LUZUGHQVLHQLFKWVWXQ"© ª1HLQ©HUZLGHUWHGHU'lPRQª,FKELQHEHQIDOOVHLQ+RULV1XU VHKHLFKDQGHUVDXV©

,FKVRJVFKDUIGLH/XIWHLQ'DVGXUIWHGRFKQLFKWZDKUVHLQ5DDQ ZDUHLQ+RULV"(LQ$DVIUHVVHU" ,FKVFKOXFNWHKDUWGHQQGLHVH9RUVWHOOXQJPDFKWHPLUZLUNOLFK $QJVWXQGPHLQ0DJHQNUDPSIWHVLFKGDEHL]XVDPPHQ'DVZDU VRVFKUHFNOLFKXQGJUDXHQKDIW0DQNRQQWHHVNDXPIDVVHQRGHU EHJUHLIHQ8QP|JOLFKZLUNOLFK ª:DVLVW"©IUDJWHPLFK5DDQ ª1LFKWV©HUZLGHUWHLFKXQGVFKDXWHLKQDQª(LJHQWOLFKJDU QLFKWV1XUZHUGHLFKYRQQXQDQQRFKEHVVHUDXIGLFKDFKWJHEHQ 5DDQ© ª%LWWH©(UYHUEHXJWHVLFKª:LU+RULVN|QQHQYHUVFKLHGHQH *HVWDOWHQDQQHKPHQ© ª8QGZDVLVWHXUHZDKUH"© ª'DVZHUGHLFKQLFKWVDJHQ© ª9LHOOHLFKWWUHIIHLFKPDODXIVLH'DQQHUJHKWHVLKQHQVFKOHFKW GDYHUODGLFKGUDXI© ª:LU© (UVSUDFKQLFKWPHKUZHLWHUGHQQZLHLFKKDWWHDXFK5DDQGHQ 6FKUHLYHUQRPPHQ *UHOOPDUNHUVFKWWHUQGYROOHU$QJVW7RGHVDQJVWVRJDU=XGHP ZDUHVHLQ)UDXHQVFKUHL ,FKVFKDXWH5DDQDQª.RPP©VDJWHLFKQXUª'XJHKVWYRU©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lPSIWKlWWH

0LWWOHUZHLOHZXWHDXFK%LOO&RQROO\%HVFKHLG6XNRKDWWHLKQ LQIRUPLHUW'HU5HSRUWHUZDUHLQ0DQQGHUGLHJDQ]H:HOWNDQQWH (UNRQQWHVRPDQFKJXWHQ7LSJHEHQGRFKLQGLHVHP)DOOZDUDXFK HUUDWORV -HW]WVDHQ%LOOXQG6XNRLQGHP%URGDVGHU&KLQHVHXQGGHU *HLVWHUMlJHUWHLOWHQ%HLGHVWDUUWHQDXIGHQ6FKUHLEWLVFKZRLQGHU 0LWWHHWZDVODJGDV-RKQ6LQFODLUJHK|UWH 6HLQ.UHX] ,UJHQGZLHZLUNWHHVGHSOD]LHUW]ZLVFKHQGHQ$NWHQXQG 8QWHUODJHQGLHPDQ]XVDPPHQJHWUDJHQKDWWHXQGEHLGH0lQQHU VFKDXWHQHVDQZLHHLQ2UDNHOPLWIDVWK\SQRWLVLHUHQGHQ%OLFNHQ GRFKGDV.UHX]EOLHEVWXPP(VJDEGXUFKNHLQ=HLFKHQ]XYHU VWHKHQGDHVLUJHQGHLQHQ.RQWDNWPLWVHLQHP%HVLW]HU-RKQ 6LQFODLUKDWWH ª(VLVW]XP+HXOHQ©%LOOVFKOXJPLWGHU)DXVWDXIGHQ 6FKUHLEWLVFKª:LUKDEHQQLFKWVLQGHU+DQG© ª9HUJL.DUDXQG0\[LQQLFKW© %LOOZLQNWHDEª'LHEULQJHQGRFKDXFKQLFKWV6XNR6LHODVVHQ QLFKWVYRQVLFKK|UHQ,FKYHUWUDXHGDOLHEHUGHQPRGHUQHQ )DKQGXQJVPDQDKPHQ© ª'LHHEHQIDOOVLP6DQGHYHUODXIHQ© ª1RFKYHUODXIHQVLHLP6DQGH6XNR1RFK© 6XNROlFKHOWHEUHLWª,FKIUHXHPLFKGDGHLQ2SWLPLVPXVQDFK ZLHYRUXQJHEURFKHQLVWPHLQ/LHEHU:LUNOLFKGXKDVW0XW%LOO© ª'DVKDWPLW0XWQLFKWV]XWXQVRQGHUQEHUXKWDXIHLQHPJH ZLVVHQ(UIDKUXQJVVFKDW]0HKUQLFKW© ª:HQQGXPHLQVW© ª.ODU© 'DV7HOHIRQVXPPWH6XNRKREDEXQGODXVFKWH:lKUHQGHU QLFNWHVDJWHHUª-DZRKO6LULFKZHUGHGDQQ]X,KQHQNRPPHQ© ª3RZHOO"©IUDJWH%LOO 6XNRKDWWHGHQ+|UHUDXIJHOHJWª-DGHU$OWH© ª8QGZDVZROOWHHU"© ª2EGXHVJODXEVWRGHUQLFKW(UKDW/RJDQ&RVWHOOR]XHLQHP *HVSUlFKYRUJHODGHQ© ª:DV"©%LOOEHXJWHVLFKYRUDOVN|QQWHHUHVQLFKWJODXEHQª'DV JLEWHVGRFKQLFKW©

ª:HQQLFKHVGLUVDJH%LOO© 'HU5HSRUWHUSILIIGXUFKGLH=lKQHª'DQQNRPPWDOVRGHUJURH 0DILDERLQGLH+|KOHGHV/|ZHQ6LHKHLQPDODQ'DVKlWWHLFKQLH IUP|JOLFKJHKDOWHQ© ª-D6LU-DPHVPX'UXFNJHPDFKWKDEHQ© ª8QGZLH*XWILQGHLFKHVMDDXFKGDGXGDEHLELVW©%LOO JULQVWHª&RVWHOORPXVLFKZLUNOLFKVHKUVLFKHUIKOHQZHQQHU GLH(LQODGXQJDQQLPPW© ª9LHOOHLFKWZDUHVDXFKHLQH9RUODGXQJ© ª-DGDVNDQQHKHUKLQNRPPHQ©%LOOILQJHUWHQDFKGHQ=LJDUHWWHQ XQG]QGHWHVLFKHLQ6WlEFKHQDQ:lKUHQGHUGHQ5DXFKDXVEOLHV XQG]XVDKZLHGLH:RONHQJHJHQGLH6FKHLEHWXSIWHQPXUPHOWHHU ª:RNDQQVLFK0RUDVVRQXUYHUVWHFNWKDOWHQ":R]XP+HQNHU"© ª,FKKDEHNHLQH$KQXQJZLUNOLFKQLFKW:LUKDEHQDOOHVYHU VXFKW%LOOVRJDUGLH*HKHLPGLHQVWHHLQJHVFKDOWHW(LQHQ(UIROJKDW HVQLFKWJHJHEHQ.HLQH6SXUYRQ'U7RG:HQQ$VPRGLQDLKQ VFKRQQLFKWILQGHQNDQQZLHVROOHQZLUHVGDQQVFKDIIHQ"'HUVLW]W LUJHQGZRXQGEHUHLWHWHLVNDOWVHLQHQ)LVFK]XJYRU© ª*HJHQ$VPRGLQD"© 6XNRQLFNWHª1DWUOLFK© ª:LHGHU=DXEHUOHKUOLQJ$XFKHUKDWVLFKJHJHQVHLQHQ0HLVWHU JHVWHOOWRGHUZROOWHEHVVHUVHLQ©%LOOVFKDXWH6XNRIUDJHQGDQª'X NHQQVWGDV*HGLFKW"© ª-DLFKKDEHHVJHOHVHQ1XUVLHKWGDVLQXQVHUHP)DOODQGHUV DXV0RUDVVREHKHUUVFKWGLH.XQVW'HU=DXEHUOHKUOLQJZDU EHUIRUGHUW© ª*HVHW]WGHQ)DOOHVJHOLQJW0RUDVVR$VPRGLQD]XHQWPDFKWHQ :DVZUGHJHVFKHKHQ"© ª'XPHLQVWLP'lPRQHQUHLFK"© ª*HQDX© ª6FKZHU]XVDJHQ(VN|QQWHVWDUNH0DFKWNlPSIHJHEHQ(VZlUH DOOHUGLQJVDXFKP|JOLFKGDPDQVLFKPLW0RUDVVRDUUDQJLHUW© 6XNRKREGLH6FKXOWHUQª,FKZHLHVQLFKW© %LOOVFKWWHOWHGHQ.RSIª,FKELQQLFKWGHU0HLQXQJGDVLFK DQGHUHPLW0RUDVVRDUUDQJLHUHQ'HUZLUGVHLQH6FKZLHULJNHLWHQ EHNRPPHQGDVNDQQVWGXPLUJODXEHQ© 'HU&KLQHVHEHJDQQ]XODFKHQ

ª:DUXPODFKVWGX"©IUDJWH%LOO ª:HLOZLUGDV)HOOGHV+DVHQVFKRQDXIWHLOHQEHYRUHUQRFK JHVFKRVVHQZXUGH© ª'DVVWLPPW©JDEGHU5HSRUWHU]Xª1RFKLVW$VPRGLQDQLFKW HUOHGLJW8QGVLHZLUGNlPSIHQGDUDXINDQQVWGXGLFKYHUODVVHQ© 'DVZDU6XNRDXFKNODU$VPRGLQDZUGHQLFKWDXIJHEHQ+DWWH VLHGDVQLFKWDXFKEHZLHVHQ"(VZDULKUJHOXQJHQ-RKQ6LQFODLU]X EHUOLVWHQXQGLQLKU5HLFK]XVFKOHSSHQ(LVNDOWKDWWHVLHLKUH 7UPSIHDXVJHVSLHOWXQG-RKQZDUGDUDXIKHUHLQJHIDOOHQ ª:DQQZLUG&RVWHOORGHQQDQWDQ]HQ"©HUNXQGLJWHVLFK%LOO ª6RIRUWKDW6LU-DPHVYHUODQJW© ª'DQQLVWGHU$OWHLQ'UXFN© ª9HUVWlQGOLFK© ª8QGZLH©'HU5HSRUWHUQLFNWH]XVHLQHQHLJHQHQ:RUWHQXQG GUFNWHVHLQH=LJDUHWWHDXV 6XNRVFKDXWH]X%RGHQXQGEOLFNWHHUVWDXIDOVHLQ%RWHGDV =LPPHUEHWUDW(UEUDFKWHQHXHVFKULIWOLFKH0HOGXQJHQ6LU-DPHV KDWWHDQJHRUGQHWGDQLFKWQXUHUVLHEHNDPVRQGHUQDXFKGHU &KLQHVH 6XNREHGDQNWHVLFKXQGVDKGLH0HOGXQJHQGXUFK ª/DPLFKDXFKPDO©VDJWH%LOO (UEHNDPGLH+lOIWHDE$XI)HUQVFKUHLEHUSDSLHUZDUHQVLH JHVFKULHEHQXQGVLHVWDPPWHQZLUNOLFKDXVDOOHQ(FNHQGHU:HOW ZRGHU*HKHLPGLHQVWVHLQH0LWJOLHGHUVLW]HQKDWWH6HOEVWGHU 2VWEORFNZDUQLFKWDXVJHODVVHQZRUGHQ$EHUGDWDWVLFKDXFK QLFKWV2EZRKOGLH/lQGHUKLQWHUGHP(LVHUQHQ9RUKDQJYRQGHU 'lPRQHQEUXWHEHQIDOOVQLFKWYHUVFKRQWEOLHEHQ$XFKLPIHUQHQ 6LELULHQEOLHEDOOHVUXKLJ(VGHXWHWHZLUNOLFKQLFKWVGDUDXIKLQGD VLFK6ROR0RUDVVRLQGLHVHUXQHQGOLFKHQ:HLWHYHUVWHFNWKDEHQ N|QQWH ª1HJDWLY©VDJWH6XNRª$OOHVQHJDWLY© ª/HLGHU©%LOOZDUQRFKGDEHLVHLQH$NWHQGXUFK]XVFKDXHQ ª+DVWGXZDV"©IUDJWH6XNR ª0|JOLFK© 'HU&KLQHVHVHW]WHVLFKVWDUUKLQª8QGGDVVDJVWGXVRGDKLQ"© ª(LQH0HOGXQJYRP6GSROTXDVL© ª:LHVR"©

ª(LQHUGHU$JHQWHQKDWJHPHOGHWGDPDQGRUWHLQVHOWVDPHV 3KlQRPHQEHREDFKWHWKDW© ª8QGZHOFKHV"© ª1HEHO*UQHQ1HEHO© 6XNRUXQ]HOWHGLH6WLUQ6GSRO'DVNRQQWHHLQ6WLFKZRUWVHLQ(U HULQQHUWHVLFKJXW 'HU6GSROXQGGDPLWGLH$QWDUNWLVKDWWHQHLQHHQWVFKHLGHQGH 5ROOHJHVSLHOWDOVHV-RKQ6LQFODLUXQGLKPJHOXQJHQZDUGHQ 6FKZDU]HQ7RG]XEHVLHJHQ6LHKDWWHQGRUWLQHLQHPYHUODVVHQHQ XQGYHJHWDWLRQVUHLFKHQ7DOGDVDXVGHU8U]HLWQRFKEULJJHEOLHEHQ ZDUJHJHQGHQ6FKZDU]HQ7RGJHNlPSIWXQGDXFKJHZRQQHQ 8QGMHW]WVFKLHQGHU6GSROZLHGHUHLQH5ROOH]XVSLHOHQ ª*UQHU1HEHO©VDJWH%LOO ª0RUDVVRV7RGHVQHEHOLVWQLFKWJUQ©EHPHUNWH6XNR ª'DVQLFKW©'HU&KLQHVHVWDQGDXIª$EHUHVJLEWGDQRFKHLQHQ DQGHUHQ*HJQHUGHUPLWJUQHP1HEHODUEHLWHWGHUEHUKDXSW JUQXQGXUDOWLVW:LUKDEHQJHJHQLKQJHNlPSIWXQGVHLQH'LHQHU HUOHGLJW,KQDOOHUGLQJVOHLGHUQLFKW© ª'XVSULFKVWYRPJUQHQ'VFKLQQ"© ª-DYRQGHPUHGHLFK© ª*LEWHVGHQQ]ZLVFKHQ'U7RGXQGGHPJUQHQ'VFKLQQHLQH 9HUELQGXQJ"©IUDJWH%LOO ª'DVZHLLFKHEHQQLFKW,Q]ZLVFKHQVLQGHLQLJH0RQDWHYHU JDQJHQ0|JOLFKZlUHHV© 1DWUOLFKZXWHGHU5HSRUWHUEHUGHQJUQHQ'VFKLQQ %HVFKHLG6XNRXQG-RKQKDWWHQLKPGDYRQEHULFKWHWª'DVN|QQWH HLQH6SXUVHLQ©EHPHUNWHHU ª/DPLFKPDOPLWOHVHQ©6XNRVWDQGDXIXQGVFKDXWH%LOO &RQROO\EHUGLH6FKXOWHU 9LHOJLQJDXVGHP7HOH[QLFKWKHUYRU'LH0lQQHUHLQHU )RUVFKXQJVVWDWLRQKDWWHQHLQHJHZDOWLJHJUQH:RONHEHPHUNWGLH EHUHLQHUEHVWLPPWHQ6WHOOHGHU$QWDUNWLVVFKZHEWH(LQHUGHU /HXWHJHK|UWHGHP*HKHLPGLHQVWDQXQGNDQQWHGLH2UGHUVRIRUW DOOHV8QJHZ|KQOLFKH]XPHOGHQ'DVKDWWHHUJHWDQ ª'LH:RONHN|QQWHHWZDV]XEHGHXWHQKDEHQ©PHLQWH6XNR ª:LUVROOWHQVLHXQWHU%HREDFKWXQJKDOWHQ© 6XNRQLFNWHª,FKZHUGHGDUEHUPLW6LU-DPHVUHGHQ©

%LOOZLVFKWHEHUVHLQ*HVLFKWª+RIIHQWOLFKKDWGLHVPLW-RKQV 9HUVFKZLQGHQ]XWXQ© ª:LHVR"© ª:QVFKVWGXGLUQRFKHLQHQZHLWHUHQ)DOODQGHQ+DOV"©IUDJWH GHU5HSRUWHU ª1HLQGDVQLFKW© ª(EHQ© 6XNRQDKPGDV)HUQVFKUHLEHQXQGJLQJ]XU7Uª:DUWHVWGXKLHU DXIPLFK"© ª.ODU© 6LU-DPHV3RZHOOEHIDQGVLFKLQVHLQHP%UR(UEDW6XNRVRIRUW KHUHLQQDFKGHPGHU&KLQHVHJHNORSIWKDWWH ª%LWWH©VDJWHGHU6XSHULQWHQGHQWXQGGHXWHWHDXIHLQHQIUHLHQ 6WXKO6XNRQDKP3ODW] 6LU-DPHVVDKVFKOHFKWDXV'LH6RUJHXP-RKQ6LQFODLUVWDQGLQ VHLQHP*HVLFKWJHVFKULHEHQ'LH+DXWZDUYRQWLHIHQ)XUFKHQ GXUFK]RJHQ ª6L[6LHKDEHQGDV)HUQVFKUHLEHQJHOHVHQ"©HUNXQGLJWHVLFKGHU QRFKMXQJH,QVSHNWRU ª:HOFKHVPHLQHQ6LH"'DVEHUGHQ6GSRO"© ª-D6LU© ª,FKVHKHGDDOOHUGLQJVNDXPHLQH9HUELQGXQJ]XXQVHUHP)DOO© HUNOlUWHGHU6XSHULQWHQGHQWª:RKODEHU]XHLQHPDQGHUHQ© ª=XPJUQHQ'VFKLQQ"© 6LU-DPHVOlFKHOWHª$XVJH]HLFKQHW6XNR6LHKDEHQHEHQIDOOVGLH ULFKWLJHQ6FKOVVHJH]RJHQ(VVLQGEHUHLWV)XQNVSUFKHXQWHU ZHJVGLHXQVHUHQ0DQQLQGHU$QWDUNWLVZDUQHQ(UVROOGLH:RONH RGHUGHQ1HEHOZHLWHUKLQEHREDFKWHQ© ª'DVZlUHJXW6LU© ª8QG-RKQ6LQFODLU"© 6XNRVFKDXWHVHLQHQ&KHIDQ=XVDJHQEUDXFKWHHUQLFKWV%LVKHU ZDUDOOHVHUIROJORVJHEOLHEHQ6LHKDWWHQYRQ-RKQ6LQFODLUNHLQH 6SXUHQWGHFNW ª1LFKWDP6GSROQLFKWDP1RUGSRO,FKIUDJHPLFKZRNDQQHU GDQQVWHFNHQ"©6LU-DPHVVFKWWHOWHGHQ.RSIª8QGZDVKDEHQGLH DQGHUHQPLW*OHQGD3HUNLQVDQJHVWHOOW"%HILQGHWVLFK-RKQEHLLKU" .DQQHULKUEHLVWHKHQ"©

ª1LHPDQGZHLHV6LU©6XNRVSUDFKGLH:RUWHOHLVHDXV,QLKQHQ VWHFNWHDOOGLH9HU]ZHLIOXQJGLHHUVSUWH(UKDWWH$QJVWXP VHLQHQEHVWHQ)UHXQG(LQHQLHHUOHEWH$QJVW-RKQZDUVFKRQGHV |IWHUHQIUHLQH:HLOHXQWHUJHWDXFKW'DQQKDWWHHVDEHULPPHU +LQZHLVHJHJHEHQLQZHOFKHU'LPHQVLRQRGHULQZHOFKHP5HLFKHU VWHFNWH'RFKKLHUZDUDOOHVDQGHUV'LH'lPRQHQZHOWNRQQWHPDQ DOVXQJHPHLQYLHOVFKLFKWLJEH]HLFKQHQ'DJDEHV7DXVHQGHYRQ 5HLFKHQ/lQGHUQXQG*HELHWHQ8QHUIRUVFKWJHKHLPQLVYROO JUDXVDPXQGVFKUHFNOLFK ,UJHQGZRNRQQWH-RKQ6LQFODLUVLFKDXIKDOWHQ'D]XRKQHVHLQ .UHX]VRGDVHLQH&KDQFHQVFKOHFKWVWDQGHQ ª:DKUVFKHLQOLFKGHQNHQ6LHGDVJOHLFKHZLHLFK6XNR©VDJWHGHU 6XSHULQWHQGHQWªDEHUZLUN|QQHQQLFKWVPDFKHQVRODQJHZLU QLFKWZLVVHQZRZLUVXFKHQVROOHQ8QGYLHOOHLFKWKDEHQZLUQRFK HLQH&KDQFHZHQQZLU/RJDQ&RVWHOORDXIGHQ=DKQIKOHQ© ª'DVLVWVFKZHU]XJODXEHQ©VDJWH6XNR ª:LHVR"© ª&RVWHOORKDWYLHOOHLFKW9HUELQGXQJHQ]X'U7RG$EHU-RKQLVW YRQ$VPRGLQDUHLQJHOHJWZRUGHQ© ª9LHOOHLFKWNUHX]HQVLFKGLH:HJHLUJHQGZR,FKKDEH&RVWHOOR KHUEHVWHOOW(UKDWQLFKWDEJHVDJW(V]HLJWXQVGDHUJODXEWQLFKWV EHIUFKWHQ]XPVVHQ:LUZHUGHQVHKHQ© :LHDXIHLQ6WLFKZRUWPHOGHWHVLFKGDV7HOHIRQ6LU-DPHVQDKP DEK|UWH]XXQGQLFNWHª-DEULQJHQ6LHLKQKRFK© ª,VWHUGDV"©IUDJWH6XNR 6LU-DPHVQDKPHLQHQ6FKOXFNYRQVHLQHP0DJHQZDVVHU'LH $XJHQKLQWHUGHQGLFNHQ%ULOOHQJOlVHUQJOlQ]WHQª-DHULVWHV© $SHSZDUJUDXVDPXQGVFKUHFNOLFKJHZHVHQDEHUGLHVHV0RQVWHU ZDUQRFKVFKOLPPHU (VVWDQG*OHQGD3HUNLQVJHJHQEHUXQGVWDUUWHVLHDQ6LHVDK NDOWHZHLH$XJHQXQGKHOOHZHLH.UHLVHDOV3XSLOOHQ$XFKVHLQH +DXWVFKLPPHUWHEUDXQZHLDOVZUGHQVLFK]DKOUHLFKH/|FKHU GDULQEHILQGHQ'LH$UPHEHZHJWHQVLFKKLQXQGKHUGLHODQJHQ 2KUHQVWDQGHQYRP.RSIDE *OHQGDZXWHQLFKWGDGLHVHV8QJHKHXHUHLQ+RULVZDUHLQ

+WHUGHV,UUJDUWHQV6LHVDKQXUGLH*HVWDOWXQGGDVZDVVLH ]ZLVFKHQGLH=lKQHJHNOHPPWKDWWH (VZDUVRVFKDXULJXQGVFKOLPPGDVLFK*OHQGD3HUNLQV ZHLJHUWHGDVEHUKDXSW]XIDVVHQXQG]XYHUDUEHLWHQDEHUHVZDU HLQH7DWVDFKHDQGHUHVQLFKWV]XUWWHOQJDE ª/LHEHU*RWW©IOVWHUWH*OHQGDªGDVGDUIGRFKQLFKWZDKUVHLQ GDVNDQQQLFKW© 6LHVWDPPHOWHGLH:RUWH'LH$QJVWKLQGHUWHVLHDPQRUPDOHQ 6SUHFKHQXQGVLHHUOHEWHGDV*UDXHQVRVFKOLPPZLHQRFKQLHLQ LKUHP/HEHQ*HK|UWKDWWHVLHEHUHLWVYRQNDQQLEDOLVFKHQ 0RQVWHUQ'LHVKLHUZDUHLQVGHQQDXVVHLQHP0DXOVFKDXWHQRFK HLQ$UPKHUDXV'LH)LQJHUEHZHJWHQVLFK 'HU$UPZDUQLFKWQDFNW'QQHU%OXVHQVWRIIEHGHFNWHLKQ(U VFKLOOHUWHZHLOLFKJUQ*OHQGDKDWWHLKQYRUNXU]HPQRFKJH VHKHQGHQQGHU$UPGHUGDDXVGHP0DXOGHV0RQVWHUVVFKDXWH JHK|UWHNHLQHUJHULQJHUHQDOV-DQH&ROOLQV *OHQGD3HUNLQVEHNDPHLQHQ6FKUHLNUDPSI (UWUDWHLQRKQHDQ]XNORSIHQ6RHWZDVKDWWHHUQRFKQLHIUQ|WLJ JHKDOWHQGHQQHUZDUGHUJURH%RLQ/RQGRQHUZDU/RJDQ &RVWHOOR8QGHUZDUVLHJHVVLFKHU 9RUGHU6FKZHOOHEOLHEHUVWHKHQXQGEOLFNWHVLFKNXU]XP$XFK 6LU-DPHVXQG6XNRKDWWHQ=HLWVLFKGHQ0DILRVR]XEHWUDFKWHQ 'HU.lOWHHQWVSUHFKHQGWUXJHUHLQHQ3HO]PDQWHODXVEHVWHP)HOO GHUVLFKHUOLFKHLQNOHLQHV9HUP|JHQJHNRVWHWKDWWH(UKDWWHGHQ 0DQWHOQLFKWJHVFKORVVHQVRGDHUDXIVFKZDQJXQGGLHEHLGHQ +lOIWHQDQODQJH)DKQHQHULQQHUWHQ 'DUXQWHUWUXJ&RVWHOORHLQHQEODXJUDXHQ$Q]XJ'DV+HPGZDU ZHLGLH.UDZDWWHGH]HQWJHPXVWHUW6HLQ*HVLFKWNRQQWHPDQDOV KDJHUEH]HLFKQHQ'LH$XJHQEOLFNWHQNDOWXQGRKQH*HIKOXQG GLH/LSSHQELOGHWHQQXUHLQHQ6WULFK 6LU-DPHVEOLHEK|IOLFKª,FKELQHUIUHXWGD6LHGHQ:HJ]XXQV JHIXQGHQKDEHQ0U&RVWHOOR© 'HU0DILRVRZLQNWHDEZREHLGUHL5LQJHDQGHQ)LQJHUQDXI EOLW]WHQª6SDUHQ6LHVLFKGLH)ORVNHOQ6DJHQ6LHPLUOLHEHUZHVKDOE PDQPHLQH/HXWHXQWHQIHVWJHKDOWHQKDW©

ª(VZDUYHUHLQEDUWGD6LHDOOHLQNRPPHQ'HVKDOEPXWHQ,KUH /HXWHXQWHQEOHLEHQ©6LU-DPHVJHVWDWWHWHVLFKHLQ/lFKHOQ ª=XGHPVLQG6LHKLHULQ6LFKHUKHLW© ª,Q6LFKHUKHLW"'LH3ROL]HLELHWHWNHLQH6LFKHUKHLW© ª'DVLVW$QVLFKWVVDFKH7URW]GHPN|QQHQ6LHUXKLJ3ODW] QHKPHQ© ª,FKKDEHQLFKWYRUODQJH]XEOHLEHQ© ª'DVPVVHQ6LHVFKRQXQVEHUODVVHQ©6LU-DPHVEOLHEK|IOLFK GRFKVHLQH6WLPPHNODQJEHVWLPPWXQGGLH+lUWHGDULQZDUDXFK IU&RVWHOORQLFKW]XEHUK|UHQ 'HU0DILRVRGHXWHWHDXI6XNRª:DVZLOOGHUGHQQKLHU"© ª0U6XNRLVW,QVSHNWRUEHL6FRWODQG
ª$XVZHOFKHP*UXQGKDEHQ6LH*OHQGD3HUNLQVHQWIKUHQ ODVVHQ"© ª,FK"©&RVWHOORPDFKWHHLQHUVWDXQWHV*HVLFKWª,FKKDEHGDPLW QLFKWV]XWXQ© ª$EHU6LHZLVVHQZRVLFK0LVV3HUNLQVEHILQGHW"© ª1HLQ© ª0LWDQGHUHQ:RUWHQ6LHVWHOOHQVLFKVWXU© ª'DVEUDXFKHLFKJDUQLFKWZHLOLFKQlPOLFKQLFKWZHLZDV6LH YRQPLUZROOHQ©(UUHFNWHVLFKHLQZHQLJª,FKELQVRJDUKHU JHNRPPHQREZRKOZLUEHLGHNHLQH)UHXQGHVLQG$EHU,KUH 3UREOHPHPVVHQ6LHVFKRQDOOHLQO|VHQ© ª,KUOHW]WHV:RUW"©IUDJWH6LU-DPHV ª)DVW© ª8QGZLHVRIDVW"© ª1XQZLHLFKYRUKLQVFKRQDQGHXWHWHJLEWHV]ZLVFKHQXQVQLFKW JHUDGHGDV*HIKOHLQHU)UHXQGVFKDIW6LHKDOWHQPLFKIUHLQHQ 9HUEUHFKHUXQGVW|UHQPHLQH*HVFKlIWHREZRKOGDVZLUNOLFKQLFKW DXIPLFK]XWULIIW1XQGDKDEHLFKPLUHWZDVDXVJHGDFKW6LU -DPHV©(UEHWRQWHGDV6LUVHKUVS|WWLVFKZDVGHU6XSHULQWHQGHQW MHGRFKPLWXQEHZHJWHP*HVLFKWHQWJHJHQQDKP ª5HGHQ6LHZHLWHU0U&RVWHOOR© ª1XQHVLVWPDQFKPDOZLUNOLFKXQDQJHQHKPZHQQGLH*H VFKlIWHHLQHV0DQQHVEHKLQGHUWZHUGHQ,FKKDEHRIWJHQXJHUOHEW GDPLFK,KUH/HXWH]XXQUHFKWYHUGlFKWLJWHQXQGPHLQH3DUWQHU GLHVPLWVHKUJURHP0LWUDXHQVDKHQVRGDLFKJH]ZXQJHQZDU HLQLJH*HVFKlIWVYHUELQGXQJHQHLQ]XVWHOOHQ6LHYHUVWHKHQZDVLFK PHLQH6LU-DPHV3RZHOO"© ª1RFKQLFKW© ª'DQQZLOOLFKZHLWHUUHGHQ6LHVLW]HQLQGHU.OHPPHLFK VSUHFKHYRQ%HOlVWLJXQJHQ(VZlUHGRFKP|JOLFKGDZLUXQV LUJHQGZLHHLQLJHQN|QQHQ'DVKHLWLFKJHEH,KQHQKLQXQG ZLHGHUHLQHQNOHLQHQ7LSXQG6LHEHOlVWLJHQPLFKQLFKWPHKURGHU JHEHQ$NWLRQHQIUKJHQXJEHNDQQW,VWGDVQLFKWHLQHJHPHLQVDPH %DVLVDXIGHUZLUDUEHLWHQN|QQWHQ"© 'DV*HVLFKWGHV6XSHULQWHQGHQWHQYHUVWHLQHUWH9RQ6HNXQGH]X 6HNXQGHZXUGHHVKlUWHU'DVVDKDXFK6XNRGHUVHLQHQ&KHI JHQDXEHREDFKWHWH

:DV&RVWHOORGDYRUWUXJZDUQLFKWVDQGHUHVDOVHLQHLVNDOWHU %HVWHFKXQJVYHUVXFK1LFKWPHKUXQGQLFKWZHQLJHU1XULQZRKO IRUPXOLHUWH6lW]HYHUSDFNW ª0XLFKQRFKPHKUVDJHQ"©IUDJWHGHU0DILRVR ª1HLQ0U&RVWHOORGDVEUDXFKHQ6LHQLFKW© ª'DQQKDEHQ6LHPLFKDOVRYHUVWDQGHQ"© ª6HKUJXWVRJDU© ª:LHKDEHQ6LHVLFKHQWVFKLHGHQ"© 6LU-DPHV *HVLFKWVIDUEHKDWWHHLQHQIDKOHQ7RQDQJHQRPPHQ 'LH)LQJHUVSDQQWHQVLFKQRFKKlUWHUXPGHQ%OHLVWLIW6XNRKDWWH GDV*HIKODOVZUGHHU]HUEUHFKHQ 8QGHU]HUEUDFK &RVWHOORODFKWHª6ROOLFKGDVKLHUHEHQDOVHLQ=HLFKHQZHUWHQ ZDVXQVHUH%H]LHKXQJHQDQJHKW"© ª'DVN|QQHQ6LH© 'LH$XJHQGHV0DILRVRZXUGHQVFKPDOª$OVRNHLQHQ.RP SURPL3RZHOO"© ª1HLQLFKODVVHPLFKQLFKWEHVWHFKHQ© ª,KU3HFK'HQQYRQ%HVWHFKXQJZDUQLHGLH5HGH%HVWHFKXQJLVW HWZDVDQGHUHV(VZlUHQXUHLQEHLGHUVHLWLJHV(QWJHJHQNRPPHQ JHZHVHQ,FKKDEH,KQHQGRFKNHLQ*HOGDQJHERWHQ:LHNlPH LFKGD]XHLQHQHFKWHQ6LUEHVWHFKHQ]XZROOHQ"©&RVWHOORODFKWH KlPLVFKª'D]XQRFKYRU=HXJHQDXFKZHQQGHU=HXJHQXUHLQ &KLQHVHLVW© ª*HKHQ6LH©VDJWH6LU-DPHV ª'DQQLVW,KQHQGDV/HEHQGHV*HLVWHUMlJHUVQLFKWVZHUW"© ª,FKNDQQ6LHIHVWQHKPHQODVVHQ&RVWHOORZHQQ© ª(U]lKOHQ6LHGRFKNHLQHQ0LVW3RZHOO6LHPWHQPLFKVHKU VFKQHOOZLHGHUODXIHQODVVHQ:DVPHLQHQ6LHZHOFKH$QZlOWHLFK ,KQHQDXIGHQ+DOVKHW]H"© ª-DZLUNHQQHQ6RUYLQR© ª5LFKWLJ3RZHOO©'HU0DILRVRVWDQGDXIª6FKDGH,FKKDWWH JHGDFKWGD6LHYHUQQIWLJHUZlUHQ7XWPLUOHLGVRN|QQHQZLU QLFKWLQV*HVFKlIWNRPPHQ©(UJLQJ]XU7U 6LU-DPHVJDE6XNRHLQHQ:LQN'HU&KLQHVHYHUVWDQG(UZUGH &RVWHOORQDFKXQWHQEHJOHLWHQ 0LWGHP/LIWIXKUHQVLHQDFKXQWHQ&RVWHOORYHUVXFKWHHVQRFK

HLQPDOª9LHOYHUGLHQHQ6LHMDEHLP
9RQ6LU-DPHVKlWWH6XNRGLHVH$QWZRUWQLFKWHUZDUWHW6LH EHZLHVLKPMHGRFKGDGHU6XSHULQWHQGHQWDXFKQXUHLQ0HQVFK ZDUXQGNHLQH0DVFKLQHZLHPDQFKHVFKHU]WHQ ,FKZDUZHLWHUKLQHLQ*HIDQJHQHUXQG8PKHULUUHQGHULQGLHVHPYHU GDPPWHQ/DE\ULQWK8QGLFKWUDXWHGHP'lPRQ5DDQQLFKWEHU GHQ:HJ%HLGHKDWWHQZLUGHQJHOOHQGHQ6FKUHLYHUQRPPHQ)U PLFKVWDQGIHVWGDHVQXU*OHQGD3HUNLQVJHZHVHQVHLQNRQQWH 8QGVLHZROOWHLFKILQGHQ,FKPXWHQXUDXISDVVHQGDPLFK5DDQ QLFKWLQGLH,UUHIKUWH'DVGXUIWHDXINHLQHQ)DOOJHVFKHKHQ 'HU'lPRQOLHIWDWVlFKOLFKVFKQHOOHU$EHUPDOVZLVFKWHQZLUXP (FNHQWDXFKWHQHLQLQVFKPDOHODQJHRGHUNXU]H*lQJHDEHUXQVHU =LHOHUUHLFKWHQZLUQLFKW ,FKK|UWHZLHGHUGHQ6FKUHL $OOHUGLQJVNRQQWHLFKQLFKWKHUDXVILQGHQREHULQGHU1lKHDXI JHNOXQJHQZDURGHULPPHUQRFKVRZHLWYRQPLUHQWIHUQWZLHEHLP HUVWHQPDO ,FKSDFNWH5DDQXQGVFKOHXGHUWHLKQKHUXPVRGDHUJHJHQ GLHJUQH:DQGILHOXQGWHLOZHLVHGDULQYHUVFKZDQG6HLQ.RSI VFKDXWHQRFKKHUYRUXQGGLH6FKZHUWNOLQJH]HLJWHJHQDXDXIVHLQH .HKOHª:RVWHFNWVLH"© ª,FKLFK© 0HLQ*HVLFKWYHU]HUUWHVLFKª$XIGHPVFKQHOOVWHQ:HJHZLOOLFK ]XLKU8QGGHQZLUVWGXPLU]HLJHQGXYHUIOXFKWHU'lPRQ© ª(VJHKWQLFKWVRHLQIDFK:LUN|QQHQQLFKW© ª'DQQJHKHQZLUHEHQTXHU©EUOOWHLFKLKQDQXQG]HLJWHLKP JOHLFK]HLWLJZDVLFKGDPLWPHLQWH 0LWGHP6FKZHUWUlXPWHLFKDXI,FK]HUKDFNWHGLHVHYHUGDPPWH :UPHUZDQGYRUPLU0LW.UHX]VFKOlJHQYHUVFKDIIWHLFKPLUIUHLH %DKQXQGGLHXQ]lKOLJHQNOHLQHQ7LHUHWURFNQHWHQDXVEHYRUVLH IUDOOH=HLWHQYHUJLQJHQ ,FKOHJWH.UDIW:XWXQG+DKLQWHUPHLQH6FKOlJH/LQNVXQG UHFKWV]HUKLHEHQVLHGLH:DQG,FKVFKOXJHLQH%UHVFKHGXUFKGLH ZLUXQVEHZHJHQNRQQWHQ $OVVLHJURJHQXJZDUULLFK5DDQPLW'DQQVWDQGHQZLU ZLHGHUYRUGHUQlFKVWHQ:DQG

,FKVFKOXJZHLWHU 1XUVRNRQQWHQZLUDENU]HQXQGLFKKRIIWHGDZLUDXFK JHQDXGLH5LFKWXQJHLQJHVFKODJHQKDWWHQGLHXQVDQV=LHOIKUWH GHQQSURWHVWLHUWKDWWHGHU'lPRQELVKHUQLFKW ª,VWGLHVHU:HJNRUUHNW"©IUDJWHLFKLKQ ª,FKJODXEHVFKRQ© ª*ODXEHQKHLWQLFKWZLVVHQ© ª-DGRFK© 2ND\LFKPDFKWHZHLWHU'DEHLNDPLFKPLUYRUZLHHLQ+HOGDXV GHU$QWLNHGHUVLFKPLWGHP6FKZHUWHLQHQ:HJGXUFKHLQXQKHLP OLFKHV/DQGEDKQW (VZDUHLQH)UHXGH]XVHKHQZLHGLHYHUIOXFKWHQ:UPHU ]XVDPPHQILHOHQ0HLQH6FKXKVRKOHQ]HUWUDWHQVLH]XJUDXHP 6WDXE'LH6HNXQGHQYHUJLQJHQXQGLFKKDWWHQRFKLPPHUNHLQH 6SXUYRQ*OHQGD3HUNLQVJHIXQGHQ1DFKGHUQlFKVWHQ:DQG JHODQJWHQZLULQHLQHQHWZDVEUHLWHUHQ*DQJ,FKGUHKWHPLFKXP 5DDQEHIDQGVLFKGLFKWKLQWHUPLUª)KUWGHU*DQJ]XP=LHO"© ª0|JOLFK© ª9HUGDPPWUHGH6RQVWVFKQHLGHLFKGLUGLHYHUIOXFKWHQ6WUHLIHQ HLQ]HOQDXVGHP*HVLFKW© )UHXQGHLFKZDULQ5DJH%LVKHUKDWWHPDQPLFK]XP1DUUHQ JHKDOWHQ'DVZROOWHLFKPLUQLFKWOlQJHUJHIDOOHQODVVHQ ª-DMD©VDJWH5DDQVFKQHOO $OVRZDQGWHLFKPLFKLQGLH5LFKWXQJZRGHU*DQJQLFKWVFKRQ QDFKZHQLJHQ
*OHQGD3HUNLQV 'RFKLQZHOFKHLQHU/DJHEHIDQGVLHVLFK(VZDUVFKOLPP=ZHL 0RQVWHUKDWWHQVLHHLQJHNUHLVWXQGGDVPXWHQGLH+RULVVHLQYRQ GHQHQ5DDQJHVSURFKHQKDWWH 'HU'lPRQJDEPLUJOHLFKGLH%HVWlWLJXQJª'LH+RULV©KHFKHO WHHUªGDVVLQGVLH6LHIUHVVHQDOOHV0HQVFKHQ7LHUH1LFKWVHQW JHKWLKUHQ5HL]lKQHQ© (UEUDXFKWHHVPLUJDUQLFKWVRGHXWOLFK]XVDJHQGHQQDXVHLQHP 0DXOUDJWHQRFKHLQH+DQGKHUYRUGHUHQ)LQJHU]XFNWHQ (LQ$QEOLFNGHUPLUXQWHUGLH+DXWJLQJ 'HU]ZHLWH+RULVODXHUWHGLFKWDQGHUJUQHQ:DQG(UIL[LHUWH *OHQGDXQGKDWWHVLFK]XP6SUXQJJHGXFNW(VODJDXIGHU+DQG GDHUVLFKJOHLFKDEVWRHQZUGH 6RZHLWVROOWHHVQLFKWNRPPHQª*OHQGD©EUOOWHLFK (LQ5XIZLH'RQQHUKDOOZLUNOLFK)UHXQGH(UZXUGHDXFK JHK|UWXQG*OHQGD3HUNLQVULGHQ.RSIKHUXP ,FKVDKJHQDXZLHLKUH$XJHQJURZXUGHQXQG8QJODXEHQ VRZLH)DVVXQJVORVLJNHLWLQLKUHQ%OLFNWUDWHQ ª-RRKKQQQ© $XFKGLH+RULVKDWWHQLKUHQ6FKUHLYHUQRPPHQ'HUHLQHGHU JHGXFNWYRU*OHQGDKRFNWHVFKZDQJKHUXPXQGIL[LHUWHPLFK (UVROOWHQXUNRPPHQ ª-RRKKQQQ©:LHGHUVFKULH*OHQGD3HUNLQVPHLQHQ1DPHQ XQGLUJHQGZLHVFKDIIWHVLHHVVLFKYRQGHU6WHOOH]XO|VHQ 6LHUDQQWHDXIPLFK]XXQGIORJLQPHLQH$UPH *OHQGDV5HDNWLRQZDU]ZDUYHUVWlQGOLFKDEHUVLHKDOIPLULP $XJHQEOLFNQLFKWGHQQPHLQH6HNUHWlULQNODPPHUWHVLFKLQLKUHU EHUJURHQ$QJVWDQPLUIHVW ª-DQH©NHXFKWHVLHª-DQH© 9HUGDPPWZDVPHLQWHVLHGDPLW":DUXPVSUDFKVLHMHW]WDXV JHUHFKQHWYRQ-DQH&ROOLQV"+DWWHVLHYLHOOHLFKWGHQ9HUVWDQGYHU ORUHQ":DUVLHYRQLUJHQGZHOFKHQZLOGHQ7UlXPHQEHIDOOHQ" =HLWXPGDVKHUDXV]XILQGHQKDWWHLFKQLFKW,FKGUlQJWH*OHQGD ]XU6HLWHXQGVFKREVLHKLQWHUPLFKVRGDVLHYRQPLUJHGHFNW ZXUGH (LQHQVFKQHOOHQ%OLFNZDUILFKQRFKQDFKOLQNV'RUWVWDQG5DDQ GHU'lPRQPLWGHP6WUHLIHQJHVLFKW

(UOLHXQVNHLQHQ$XJHQEOLFNDXVGHQ$XJHQ $XFKLFKZDUYRUVLFKWLJXQG]XFNWH]XVDPPHQDOVGHU+RULV VHLQ0DXOHLQ6WFNZHLWHU|IIQHWH,PQlFKVWHQ$XJHQEOLFNZDUGLH +DQGYHUVFKZXQGHQ (UKDWWHVLHYHUVFKOXFNW 'XUFKGLH1DVHKROWHLFK/XIW'DVZDUHLQ6FKRFNJHZHVHQ9RU PHLQHQ$XJHQ ª-DQH©NHXFKWH*OHQGDZLHGHUª(VZDU-DQH&ROOLQV© 3O|W]OLFKUDVWHWHHWZDVLQPHLQHP.RSIDXVª:DVKDVWGXGD JHVDJW0lGFKHQ"© ª'LH7RWHZDU-DQH&ROOLQV© .HQQHQ6LHGDV*HIKOGDVPDQKDEHQNDQQZHQQQLFKWVPHKU OlXIW" :HQQMDGDQQN|QQHQ6LHVLFKYRUVWHOOHQZLHPLU]XPXWHZDU -DQH&ROOLQVWRW"9RUPHLQHQ$XJHQYHUVFKOXFNWYRQGLHVHPYHU IOXFKWHQ0RQVWHU" 'DVNRQQWHGRFKQLFKWVHLQGDV ª*OHQGDYHUGDPPW6LHOJHQ©,FKVDJWHLQPHLQHU(UUHJXQJ HLQPDO6LHXQGGDQQZLHGHUGX]XLKU ª1HLQ-RKQ6LHZDUHV© ,FKVWLHUWHGDV0RQVWHUDQ1RFKHLQPDOVDKLFKZLHHVVFKOXFNWH XQGZLHVLFKGLH.LHIHUEHZHJWHQ+HLVWLHJHVLQPLUKRFK,FK NDQQWHGRFKGLHYHUGDPPWHQ'lPRQHQXQGLFKNDQQWHDXFKPHLQ *HIKOGDVPLFKMHW]WXPNODPPHUWKLHOW(VZDUHQGLH:XWXQG GHU+DGLHLKUHQ:HJIDQGHQEHJOHLWHWYRQHLQHUXQEHVFKUHLE OLFKHQ7UDXHU(LQH)UHXQGLQKDWWHLFKEHUHLWVYHUORUHQ 1DGLQH%HUJHU6LHZDUYRQHLQHPlKQOLFKHQ0RQVWHUJHW|WHW ZRUGHQZLHLFKHVYRUPLUVDK,FKKDWWHVLHQLFKWUHWWHQN|QQHQ DEHULKU*HLVWOHEWHLP.|USHUHLQHU:|OILQZHLWHU$OVVLHVWDUE ZDUHVIUPLFKHLQVFKZDU]HU7DJLQPHLQHP/HEHQJHZHVHQGRFK QXQVDKGLH6DFKHJDQ]DQGHUVDXV -DQH&ROOLQVZDUHEHQIDOOVWRW :HQLJVWHQVZHQQLFK*OHQGD3HUNLQVJODXEHQGXUIWH0DQKDWWH -DQHDXIHLQHVFKUHFNOLFKH$UWXQG:HLVHXPJHEUDFKWHLQIDFKYHU VFKOXFNW (LQ/DFKHQGXUFKEUDFKPHLQH*HGDQNHQ'DVZDU5DDQGHUVR KlPLVFKNLFKHUWHª,FKKDEHHVGLUGRFKJHVDJWGLH+RULVVLQG

.DQQLEDOHQ*HLVWHUMlJHUXQGVLHVLQGQRFKOlQJVWQLFKWVDWW© ª+DOWGHLQ0DXO©EUOOWHLFKLQPDORVHU:XWXQGIXKU]XLKP KHUXP 5DDQ]XFNWH]XVDPPHQ(UGXFNWHVLFKVRJDUXQGKLHOWDXFKGHQ 0XQGZDVEHVVHUIULKQZDU ,FKDEHUJLQJDXIGHQ+RULV]X*HQDXVFKDXWHLFKPLUGDV 0RQVWHUDQ(VKHUUVFKWHLQGLHVHP/DE\ULQWKJHK|UWH]XGHQ :HVHQGLHDOOHVYHUQLFKWHWHQ-HW]WZROOWHLFKGHQ+RULVYHUQLFKWHQ :LUVWDUUWHQXQVDQ'HU]ZHLWHKLHOWVLFKLP+LQWHUJUXQG(U VWLHQXUKLQXQGZLHGHUVHOWVDPH/DXWHDXVGLHPLFKDQGDV *UXQ]HQXQVHUHUKHLPLVFKHQ6FKZHLQHHULQQHUWHQ :DKUVFKHLQOLFKZDUHVGLH9RUIUHXGHDXIGLHQHXH%HXWHDEHUGLH ZUGHLFKGHQEHLGHQYHUVDO]HQGDUDXINRQQWHQVLH*LIWQHKPHQ 'HU5HLKHQDFKZROOWHLFKVLHPLUYRUQHKPHQ(LQHQQDFKGHP DQGHUHQ ª$FKWHGXDXI5DDQ©]LVFKWHLFK*OHQGD3HUNLQV]XªGDPLWHU PLUQLFKWLQGHQ5FNHQIlOOW© 6LHQLFNWH*OHQGDKDWWHGLH/LSSHQ]XVDPPHQJHSUHW:LH HLQJHVFKZHLWODJGLH$QJVWDXILKUHP*HVLFKW.DONZHLZDULKUH +DXWEHUGLHHLQ6FKDXHUQDFKGHPDQGHUHQUDQQ ,FKJOLWWYRU0HLQH%HLQHWDWHQPLUZHK,FKKDWWHPLFKLQQHUOLFK YHUNUDPSIWGHQQLFKZDUPLWGHQ*HGDQNHQEHUKDXSWQLFKWEHL GHU6DFKH,PPHUZLHGHUVDKLFKGDVOHW]WHJUDXVDPH%LOGYRUPLU ZLHGLH+DQGYHUVFKZDQG (LQH+DQGGLH-DQH&ROOLQVJHK|UWH -HW]WKDWWHLFK-DQHDXFKYHUORUHQ'LH0lFKWHGHU)LQVWHUQLVKDW WHQWULXPSKLHUW,FKKDWWHHVQLFKWYHUKLQGHUQN|QQHQMDLFKPXWH PLFKGDPLWDEILQGHQ(LVNDOWGH]LPLHUWHQVLHGDV6LQFODLU7HDP 'LHVH*HGDQNHQTXlOWHQPLFKPDFKWHQPLFKXQVLFKHU'HVKDOE UHDJLHUWHLFKDXFKVRVSlWDOVQLFKWLFKGDV0RQVWHUDQJULII VRQGHUQHVPLFK'HU$UPZXUGHSO|W]OLFKYHUGDPPWODQJ 6FKODQJHQJOHLFKVFKREHUVLFKYRU]XVFKQHOOIUPLFKXQGSO|W] OLFKXPNODPPHUWHHUPHLQHQ$UPGLFKWEHUGHP+DQGJHOHQN (VZDUDXVJHUHFKQHWGDVUHFKWHLQGHPLFKGDV6FKZHUWKLHOW'LH .UDIWGHV+RULV]ZDQJPLFKQLFKWQXULQGLH+RFNHVRQGHUQDXFK ]X%RGHQ (LQ*HEUOOGDVGHQ7ULXPSKDXVGUFNWHGHQGHU+RULVHPS

IDQGJUROOWHLQPHLQHQ2KUHQZlKUHQGGLHVH%HVWLHPHLQHQ$UP QRFKZHLWHUGXUFKERJ ,FKPXWHQDFKJHEHQZHQQPLUGLHVHV0RQVWHUQLFKWGHQ$UP EUHFKHQVROOWH ,FKK|UWH*OHQGD3HUNLQVVFKUHLHQXQG5DDQODFKHQ%HLGHVDKHQ PLFKDXIGHU9HUOLHUHUVWUDHXQGEHLGHZXUGHQYRQXQWHUVFKLHG OLFKHQ*HIKOHQEHKHUUVFKW 'HUHLQHZROOWHPHLQHQ7RGGLHDQGHUHEDQJWHXPPHLQ/HEHQ 9HUIOXFKWLFKNRQQWHGDV6FKZHUWQLFKWPHKUKDOWHQ%LVKHUZDU HVPLUHLQHJURH6WW]HJHZHVHQ,FKKDWWHPLUPLWVHLQHU+LOIHGHQ :HJIUHLJHNlPSIW-HW]WEUDFKWHPLFKGHU+RULVGD]XHVORV]X ODVVHQ 'DQQODJHVQHEHQPLU .UDOOHQIHW]WHQPHLQHQ-DFNHQlUPHODXI:WHQGH3UDQNHQ VFKOlJHJHJHQGLHLFKQLFKWVDXVULFKWHQNRQQWH0HLQH$QJVW ZXUGHJU|HUhEHUGLPHQVLRQDOWDXFKWHGDVDXIJHULVVHQH0DXO GHU%HVWLHYRUPLUDXI,FKVDKGLHPHVVHUVFKDUIHQJUlOLFKHQ =lKQHGLHVRJQDGHQORV]XEHLHQNRQQWHQXQGNHLQ3DUGRQ NDQQWHQ 0RUGOXVWZWHWHLQGHQ$XJHQGHU%HVWLH6LHVFKLHQHQVLFKQRFK YHUJU|HUW]XKDEHQZlKUHQGVLFKGHU+RULVEHUPLFKEHXJWH PHLQHQ$UPQRFKLPPHUIHVWKLHOWXQGPLFKGDUDQKLQGHUWHGHQ 'ROFK]X]LHKHQ ,FKQDKPGLH/LQNH 'DPLWKlPPHUWHLFK]X 'LH)DXVWNODWVFKWHJHJHQGHQ.|USHU(EHQVRJXWKlWWHLFKDXFK JHJHQHLQHQKDUWHQ6WHLQVFKODJHQN|QQHQGHQQHLQH5HDNWLRQ HUIROJWHQLFKW'HU+RULVVWHFNWHGHQ6FKODJNXU]HUKDQGZHJ 0HLQH.Q|FKHOVFKPHU]WHQ'LH+DXWGHV0RQVWHUVZDUVFKXS SLJUDXKXQGKDUW,FKEHIDQGPLFKZLUNOLFKLQHLQHUVFKZLHULJHQ /DJH:HQQLFKLQGHQQlFKVWHQ]ZHL6HNXQGHQNHLQH/|VXQJIDQG GDQQZDUQLFKWQXULFKYHUORUHQVRQGHUQDXFK*OHQGD3HUNLQV 1RFKODJLFKDXIGHU6HLWHHLQHXQJQVWLJH6WHOOXQJ$EHUGDQQ GUHKWHLFKPLFKDXIGHQ5FNHQZDVPLUQXUXQWHUJURHQ0KHQ JHODQJ'HU+RULVZDUVRPLWVLFKXQGVHLQHP7ULXPSKJHIKO EHVFKlIWLJWGDHUDXIGLH9HUlQGHUXQJPHLQHU/DJHEHUKDXSW QLFKWDFKWHWH

'DVZDUJXWVRGHQQQXQNRQQWHLFKHLQ%HLQKHEHQHVZDUGDV OLQNHXQGHVYROOQDFKYRUQUDPPHQ 0HLQH6FKXKVRKOHNODWVFKWHLQGDV*HVLFKWGHU%HVWLHXQGWUDIHV LQVHLQHUJHVDPWHQ/lQJH'HU.RSIZXUGH]XUFNJHZRUIHQ 8QZLOONUOLFKORFNHUWHGHU+RULVVHLQHQ*ULIIXPPHLQ*HOHQNXQG PLUERWVLFKGLHJURH&KDQFH =ZDUVFKPHU]WHQPHLQHUHFKWH+DQGXQGGHU$UPK|OOLVFK 7URW]GHPNDPLFKDQGHQ'ROFKKHUDQ ,FKULLKQDXVGHU6FKHLGHXQGKLHOWLKQVRGDGLH.OLQJHQDFK REHQ]HLJWH :HQQHUMHW]WNDPGDQQ 'HU+RULV]|JHUWH,UJHQGZLHVFKLHQHUJHPHUNW]XKDEHQGDHV QLFKWPHKUVRJODWWJLQJZLH]XYRU(UZDUEHUUDVFKW6FKOLHOLFK KDWWHLFKHLQ0HQVFKPLFKEHIUHLHQN|QQHQ6RHWZDVZDULKP ZRKOQRFKQLHSDVVLHUW =ZHL6HNXQGHQ5DWORVLJNHLW 'LHVH%O|HGXUIWHHUVLFKEHLPLUQLFKWJHEHQ,FKZDUIPLFKYRU 9ROOHU+DXQG=RUQ$OOHVOHJWHLFKLQGLHVHQ6SUXQJZREHLGLH .OLQJHDXIVHLQH%UXVW]HLJWH3O|W]OLFKVWUDKOWHVLHGLFKWYRUVHLQHP .|USHUDXI %LV]XP+HIWGUDQJVLHLQLKQKLQHLQ (VZDUHLQ*HIKOGDVLFKQLFKWEHVFKUHLEHQNRQQWH(QGOLFK KDWWHLFKLKQHUZLVFKW (QGOLFK 8QGLFKOLHGHQ'ROFKLQVHLQHP.|USHUKLHOWZHLWHUKLQQXUGHQ *ULIIIHVWVRGDZLUXQVDXVHLQHU+DQGEUHLWH(QWIHUQXQJDQ VWDUUWHQ-DLFKZROOWHLKQVWHUEHQVHKHQ0HLQ=RUQZDUHLQIDFK]X JURGHQQHUKDWWHPLU-DQH&ROOLQVJHQRPPHQ 1XQWUDILKQPHLQH5DFKHREZRKOGLHPLU-DQHDXFKQLFKW ]XUFNJDE 'DV:HLHLQVHLQHQ3XSLOOHQVFKLHQSO|W]OLFK]XH[SORGLHUHQ(V ZXUGHJU|HUXQGJU|HUELVHVVFKOLHOLFKGHQJHVDPWHQ$XJDSIHO HUIDWH(LQ=LWWHUQOLHIGXUFKVHLQH*HVWDOW(UVWHOOWHVLFKDXIGLH =HKHQVSLW]HQ'DV*HVLFKW]HUOLHI(VZXUGHUHJHOUHFKWEUHLLJXQG GLH+DXWQDKPHLQHQY|OOLJDQGHUHQ6FKLPPHUDQ 6LH]HLJWHHLQVWXPSIHVXQGEUFKLJHV*UDXGXUFKGDVVLFK5LVVH ]RJHQZLHEHLHLQHPJHZDOWLJHQ1HW]

'HU+RULVYHUJLQJ 'DQQVSUDQJLFK]XUFNGHQQGLHYHUGDPPWH%HVWLH]HUEUDFK YRUPHLQHQ$XJHQ'HU.|USHUZXUGHEXFKVWlEOLFK]HUULVVHQXQG QXQHUOHEWHLFKPLWHLJHQHQ$XJHQHLQHGHUJUDXHQKDIWHVWHQ 6HNXQGHQLQPHLQHPJHVDPWHQ/HEHQ $XVGHUYHUJHKHQGHQ*HVWDOWTXROOQLFKWQXUHLQHZHLEUDXQH 0DVVHGLHDQIHXFKWHV6lJHPHKOHULQQHUWHVRQGHUQDXFKGLH7HLOH HLQHV0HQVFKHQ -DQH&ROOLQV ,FKVW|KQWHYRU$QJVWXQG(QWVHW]HQ 'DVGXUIWHQLFKWZDKUVHLQDEHUHVEOLHEHLQH7DWVDFKH,FKVDK GHQ.|USHUGHU'HWHNWLYLQ 'RFKNHLQ%OXW .HLQ%OXW"0HLQH*HGDQNHQOLHIHQLQGLH,UUHLFKZDUZLHYRUGHQ .RSIJHVFKODJHQ,UJHQGZRWLHILQPHLQHP*HKLUQHQWVWDQGHLQH 9HUELQGXQJ]ZLVFKHQGLHVHP9RUIDOOXQGGHPGHQLFKHUOHEWKDWWH DOVHV]ZLVFKHQPLUXQG$VPRGLQD]XGHP7DXVFKJHNRPPHQZDU 0DQKDWWHPLU*OHQGD3HUNLQVLQGLH$UPHJHZRUIHQ(LQH *OHQGD3HUNLQVGLH]ZDUVRDXVVDKZLHVLHXQGWURW]GHPQLFKWGLH HFKWHJHZHVHQZDU +LHUVDKLFK-DQH&ROOLQV 8QGNHLQ%OXW 6ROOWHHWZDGDVJOHLFKH" ,FKZDJWHEHUKDXSWQLFKWZHLWHU]XGHQNHQVRQGHUQEFNWHPLFK XQGJULIIQDFKLKU (VZDUHLQ$UP 6LHN|QQHQVLFKYRUVWHOOHQZHOFKH*HIKOHPLFKLQGLHVHP $XJHQEOLFNEHKHUUVFKWHQ'LH8PZHOWKDWWHLFKYHUJHVVHQ,FKVDK QXUQRFKGHQ$UPKRELKQKRFKSDFNWHIHVWHU]XXQGVSUWHJOHLFK GDUDXIZLHHUXQWHUPHLQHP*ULII]HUILHO (U]HUEU|VHOWHXQGGLH5HVWHVDQNHQ]X%RGHQZRVLHOLHJHQ EOLHEHQ -DQH&ROOLQVZDUQLFKWHFKW1XUHLQH,PLWDWLRQ 6LHLVWQLFKWHFKWQLFKWHFKW 'LHVH6lW]HVFKULHQI|UPOLFKLQPHLQHP,QQHUQ'LH6FKZDU]H

0DJLHKDWWHHVJHVFKDIIW'XUFKWHXIOLVFKH.UlIWHEUDFKWHVLHGLH 0HQVFKHQ]XP:DKQVLQQ+LHUNRQQWHPDQGHP,UUVLQQDQKHLP IDOOHQXQGZHQQHVVRZHLWZDUGDQQVFKOXJHQGLH'lPRQHQHLV NDOW]XXQGW|WHWHQ *OHLFK]HLWLJDOVGDV*HIKOGHV:LVVHQVYRUEHLZDUEUDFKVLFK GLH(UOHLFKWHUXQJLQPLUIUHLH%DKQ,FKNRQQWHHQGOLFKGXUFK DWPHQ7LHIXQGIHVW 'DEHLEHPHUNWHLFKNDXPZLHGDV0RQVWHUYHUJLQJ(VZXUGH]X HLQHUZLGHUOLFKHQ0DVVHGLHODQJVDP]HUUDQQXQGHUVWYRUPHLQHQ )HQ]XU5XKHNDP (LQHQ7HLOVLHJKDWWHLFKHUUXQJHQ/HLGHUJDEHVGDQRFKDQGHUH ,FKGDFKWHDQGHQ]ZHLWHQ+RULVXQGLFKGDFKWHDXFKDQ5DDQGHU MDHEHQIDOOV]XLKQHQJHK|UWH ,FKNUHLVHOWHKHUXP *OHQGD3HUNLQVKDWWHHVQLFKWPHKUHUWUDJHQN|QQHQ6LHZDU RKQPlFKWLJJHZRUGHQ:LHWRWODJVLH]XGHQ)HQGHV'lPRQV PLWGHPJHVWUHLIWHQ*HVLFKW (UDEHUKDWWHVLFKJHEFNWVHLQHQ0XQGDXIJHULVVHQXQGGLH JHIlKUOLFKHQ=lKQHEHIDQGHQVLFKQXUHLQH)LQJHUEUHLWHYRP+DOV PHLQHU6HNUHWlULQHQWIHUQW 'LHVH*OHQGDZDUHFKWNHLQH$WWUDSSH:HQQ5DDQ]XELGDQQ ZDU*OHQGDYHUORUHQ1LFKWVXQGQLHPDQGNRQQWHVLHQRFKUHWWHQ DXFKLFKQLFKWREZRKOLFKDOOHVGDIUJHJHEHQKlWWH 6REOLHELFKVWHKHQ 6FKZHUDWPHQGXQGLFKK|UWHLQPHLQHP5FNHQGDV.ODJHQGHV ]ZHLWHQ0RQVWHUV(VWUDXHUWHXPVHLQHQ$UWJHQRVVHQGHQQHV KDWWHLKQVWHUEHQVHKHQ 8QGHVZUGHHLQHQXQEHVFKUHLEOLFKHQ+DDXIPLFKKDEHQ ª:HJPLWGHP'ROFK©5DDQIOVWHUWHGLH:RUWH6LHGUDQJHQWLHI DXVVHLQHU.HKOHXQGHUEOLHELQGHU6WHOOXQJKRFNHQGLHHUHLQJH QRPPHQKDWWH ,FKOLHDXFKPHLQH]ZHLWH:DIIHIDOOHQ-HW]WKDWWHLFKQXUQRFK GLH%HUHWWD +RIIHQWOLFKGDFKWHGHU'lPRQQLFKWGDUDQ,FK]LWWHUWHLQQHUOLFK PLWXQGZXUGHHQWWlXVFKW

ª'XKDVWQRFKGLH3LVWROH©]LVFKWHHUª1LPPVLHXQGZLUIVLH ZHJ$EHUKEVFKYRUVLFKWLJGDPLWLFKQLFKWQHUY|VZHUGH*OHQGD LVWYHUXUWHLOWXQGVLHZLUGVWHUEHQ1RFKQLHLVWMHPDQGHQW NRPPHQGDVVDJHLFKGLU© ª2ND\GXKDVWJHZRQQHQ©,FKKRIIWHPLWGLHVHU$QWZRUWGLH 6LWXDWLRQHLQZHQLJ]XHQWNUDPSIHQ 8QGLFKVFKDIIWHHVGHQQLFKVDKZLHVLFK5DDQHQWVSDQQWH 'DVZDUJXW 9RUVLFKWLJKRELFKGLHUHFKWH+DQG'HU'DXPHQVWULFKGDEHLDQ PHLQHP-DFNHWWHQWODQJGLH)LQJHUQlKHUWHQVLFKGHP-DFNHQDXV VFKQLWWXQGNURFKHQODQJVDPKLQHLQ :HLWHULPPHUZHLWHU -HW]WEHUKUWHQGLH6SLW]HQVFKRQGHQ*ULIIGHU%HUHWWD(LQVZDU VLFKHU:HQQLFKGLH:DIIHWDWVlFKOLFKKHUYRUKROWHXQGVLHZHJ ZDUIGDQQEHUDXEWHLFKPLFKVHOEVWVlPWOLFKHU&KDQFHQ'DQQ NRQQWHQ5DDQXQGGHUDQGHUH+RULVZWHQ 'HVKDOEPXWHLFKGLHVPDODOOHVZDJHQXQGQDWUOLFKDOOHVDXI HLQH.DUWHVHW]HQ ª0DFKVFKRQ©5DDQZDUQHUY|V$XFK'lPRQHQOLWWHQ6LHKDW WHQ*HIKOHZLH0HQVFKHQZHQQDXFKQLFKWVRVWDUNDXVJHSUlJW DEHUZHQQVLHHWZDVZROOWHQGDQQZDUHQVLHQLFKW]XKDOWHQ :LHMHW]W ª1XUNHLQH$XIUHJXQJ©HUZLGHUWHLFKª'XEHNRPPVWGLH:DIIH +LQWHUPLUK|UWHLFKWDSSHQGH6FKULWWH'HU]ZHLWH+RULVQlKHUWH VLFKPLU (LQH*lQVHKDXWVWULFKEHUPHLQHQ.|USHU,FKKDWWHLP5FNHQ NHLQH$XJHQOHLGHUPXLFKVDJHQDEHULFKVSUWHGLHVFKOLPPH GlPRQLVFKH$XUDGLHPLFKEHUKUWHZLHHLQNDOWHU+DXFK (LQW|GOLFKHU -HW]WEHIDQGLFKPLFKLQGHU=ZLFNPKOH 9RUPLUHLQ0RQVWHUXQGDXFKKLQWHUPLU8QGGDVYRUGHUH 5DDQDOVRKDWWHQRFKHLQH*HLVHO ,FKGXUIWHPLFKYRQPHLQHU:DIIHQLFKWWUHQQHQ$XINHLQHQ)DOO NRQQWHLFKGDVWXQ 6FKZHLODJDXIGHQ,QQHQIOlFKHQPHLQHU+lQGH$XFKPHLQH )LQJHUVSLW]HQZDUHQIHXFKW,FKDWPHWHGXUFKGLH1DVHGLH

(UUHJXQJLQPLUZXFKV9RUGLHVHUJURHQ(QWVFKHLGXQJZDULFK YHUIOL[WQHUY|V$EHUHVPXWHVHLQNHLQ:HJJLQJGDUDQYRUEHL -HW]WKDWWHLFKGLH:DIIH,P1RUPDOIDOOULLFKVLHKHUYRU]LHOWH NXU]XQGVFKR +LHUZDUHVQLFKWP|JOLFK,FKNRQQWHXQGGXUIWHPLFKQLFKWHUVW ODQJHPLWGHP=LHOHQDXIKDOWHQ,FKPXWHGLH%HUHWWDKHUYRUUHLHQ XQGVFKLHHQ 3O|W]OLFK]XFNWHLFK]XVDPPHQGHQQGLHVSLW]HQ.ODXHQGHV ]ZHLWHQ+RULVKDWWHQPHLQH6FKXOWHUQEHUKUW6LHKLHOWHQDXFKIHVW ZROOWHQQLFKWORVODVVHQXQG 'D]RJLFK (VZDUZLUNOLFKHLQJQVWLJHU$XJHQEOLFNGHQQ5DDQNRQ]HQ WULHUWHVLFKQLFKWQXUDXI*OHQGDVRQGHUQDXFKDXIPLFK'HU%OLFN VHLQHU$XJHQZLHVHOWH]ZLVFKHQXQVEHLGHQKLQXQGKHU$XFKHLQ 'lPRQNRQQWHVLFKQLFKWDXI]ZHL'LQJHJOHLFK]HLWLJNRQ]HQWULH UHQ(UEHVD]ZDULPPHQVH)lKLJNHLWHQGRFKVRHWZDVVFKDIIWHHU QLFKW 'HU6FKXSHLWVFKWHDXI'LHJHZHLKWH6LOEHUNXJHOYHUVHQJWH VRJDUQRFKGHQ6WRIIPHLQHU-DFNHZDVMHGRFKQLFKWVDXVPDFKWH GHQQGHU7UHIIHUVD 5DDQZXUGHLQGHQ.RSIJHWURIIHQ 6FKUlJKLHEGLH.XJHOKLQHLQXQGVLH]HUVW|UWHLKQ$OOHVJLQJVR VFKQHOOGDGHU'lPRQQLFKWGD]XNDPVHLQH=lKQHLQ*OHQGDV .HKOH]XVFKODJHQ (UVWDUEQRFKEHYRUVHLQHh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

+RULVVFKOXJQRFKLQVHLQHQOHW]WHQ5HIOH[HQXPVLFKGDQQZXUGH HUEXFKVWlEOLFKYRQGHU:DQGDXIJHVDXJW ,FKKDWWHJHZRQQHQ (LQSDDU6HNXQGHQEOLHELFKPLWVFKXEHUHLWHU:DIIHLQGHUOHLFKW JHEFNWHQ+DOWXQJVWHKHQ7LHIDWPHWHLFKGXUFKGHQQLFKPXWH HUVWHLQPDOPHLQHIODWWHUQGHQ1HUYHQEHUXKLJHQ'LHVHV1HUYHQ IODWWHUQSIODQ]WHVLFKIRUWGHQQPHLQH+lQGH]LWWHUWHQHEHQIDOOV JHQDXZLHGLH%HLQH0HLQH.QLHVFKLHQHQDXVHLQHPZHLFKHQ 0DWHULDO]XEHVWHKHQ,FKVFKORGLH$XJHQXQGYHUVXFKWHQLFKW PHKUDQGLH]XUFNOLHJHQGHQ(UHLJQLVVH]XGHQNHQ 'DVJHODQJPLUQXUVFKZHUGHQQHLQ0HQVFKLVWNHLQH0DVFKLQH XQGLFKELQHVDXFKQLFKW'DLFKGLH$XVHLQDQGHUVHW]XQJIU PLFKHQWVFKLHGHQKDWWHNRQQWHLFKQXUDOVHLQJURHV*OFN EH]HLFKQHQ(WZDVDQGHUHVILHOPLUQLFKWHLQ 'LH+RULVZDUHQWRW $EHUDXFK5DDQ 8QGGDVZDUGDV6FKOLPPH(UKlWWHHLQHQ:HJDXVGHP ,UUJDUWHQGHV6FKUHFNHQVJHZXW1XQH[LVWLHUWHHUQLFKWPHKU,FK KDWWHLKQW|WHQPVVHQXPGDV/HEHQYRQ*OHQGD3HUNLQV]X UHWWHQ6ROHEWHQZLUEHLGHQRFK ,FKJLQJ]XLKU0HLQH6FKULWWHZDUHQVFKOHSSHQGDOVKlWWHLFK XQWHUHLQHUVFKZHUHQ/DVW]XWUDJHQ,FKEFNWHPLFKXQGVFKDXWH DXI*OHQGDKLQDE 6LHZDUQRFKLPPHURKQPlFKWLJ,KUH1HUYHQKDWWHQQLFKWPHKU PLWJHVSLHOWZDVZLUNOLFKNHLQ:XQGHUZDU6HOEVWLFKIKOWHPLFK PLHV 'LH+RULVZDUHQHUOHGLJWXQGDXFK5DDQH[LVWLHUWHQLFKWPHKU ,FKZDUDOOHUGLQJVVLFKHUGDGLH6FKUHFNHQGLHVHV,UUJDUWHQVGDPLW QLFKWDXVJHVWDQGHQZDUHQ ,UJHQGZRZUGHQZHLWHUHODXHUQ7LHILQGHQJHIlKUOLFKHQ OHEHQGHQ:lQGHQXQGLFKGDFKWHDQ$VPRGLQDGLHPHLQH7DWHQ VLFKHUOLFKQLFKWVRRKQHZHLWHUHVKLQQHKPHQZUGH6LHZUGHVLFK ]HLJHQXQGIXUFKWEDUUlFKHQZROOHQ 1HEHQ*OHQGDNQLHWHLFKPLFKKLQ6LHGXUIWHKLHUQLFKWOLHJHQ EOHLEHQ=XGHPEHVDLFKDXFKQLFKWPHKUGLH.UDIWVLHGXUFKGDV /DE\ULQWK]XVFKOHSSHQ 0LWGHP+DQGUFNHQWlWVFKHOWHLFKLKU*HVLFKW=ZHLPDOOLQNV

]ZHLPDODXIGLHUHFKWH:DQJHZREHLLFKLKU*HVLFKWVWHWVXQWHU %HREDFKWXQJKLHOW 0HLQOHLFKWHV6FKODJHQ]HLJWH(UIROJGHQQ*OHQGDV$XJHQOLGHU ]XFNWHQ6LHNDP]XVLFK ,FKKRELKUHQ.RSIJHQDXLQGHP0RPHQWDQDOVVLHLKUH$XJHQ |IIQHWH'LH3XSLOOHQ]HLJWHQHLQHJHZLVVH5DWORVLJNHLW6LHZXWH QLFKWZRVLHVLFKEHIDQGGDVZDULKUVRIRUWDQ]XPHUNHQ'DQQ HUNDQQWHVLHPLFK ª-RKQ© 'LHVPDOZDUHVNHLQZLOGHU$QJVWVFKUHLGHQVLHDXVVWLH(LQ :RUWGHU(UOHLFKWHUXQJGUDQJEHULKUH/LSSHQXQGVLHZDUIGLH $UPHKRFKZREHLVLHVLHKLQWHUPHLQHP1DFNHQYHUVFKUlQNWHXQG VLFKIHVWDQPLFKNODPPHUWH *OHQGDVWDPPHOWH:RUWHGLHLFKQLFKWZLHGHUJHEHQP|FKWH6LH GUFNWHQHEHQLKUH*HIKOHDXVGLHVLHLQGLHVHQ0RPHQWHQHPS IDQG6LHZDUJHUHWWHW:HQLJVWHQVYRUOlXILJ 2EZRKOGLH=HLWGUlQJWHOLHLFK*OHQGDVRODQJHLQ5XKHELVVLH VLFKZLHGHUJHIDQJHQKDWWH ª,FKPXVFKUHFNOLFKYHUKHXOWDXVVHKHQ©VDJWHVLH 'DZXWHLFKGDHVLKUZLHGHUEHVVHUJLQJ$XFKPHLQ/DFKHQ NODQJEHIUHLW $OOHUGLQJVZDUHVHLQHUHLQH6FKDXVSLHOHUHL,QPHLQHP,QQHUQ VDKHVDQGHUVDXV,FKKlWWHPLFKDPOLHEVWHQLUJHQGZRYHUNURFKHQ GRFKGDVNRQQWHLFK*OHQGDMDQLFKW]HLJHQ)UVLHZDULFKGHU 6WURKKDOPDQGHQVLHVLFKNODPPHUQNRQQWH ª:LUPVVHQZHLWHU©VDJWHLFK]XLKU $XVJURHQGXQNOHQ$XJHQVFKDXWHVLHPLFKDQª$EHUZRKLQ"© ª'HQ$XVJDQJILQGHQ© ª2*RWW©6LHSUHWHHLQH+DQGJHJHQLKUHQ0XQGXQGQDKPVLH GDQQZLHGHUIRUWª'DVVFKDIIHQZLUQLFKW1HLQQLHPDOV'LHVHV /DE\ULQWKLVWW|GOLFK© ª1XQZDUWHHUVWHLQPDODE%LVKHUKDEHQZLUXQVMDWDSIHU JHVFKODJHQRGHUQLFKW"©,FKPDFKWHDXI2SWLPLVPXVXQG*OHQGD QLFNWH$OVLFKHLQHQ$UPXPLKUH6FKXOWHUOHJWHGDSUHWHVLHVLFK HQJDQPLFK,FKVSUWHLKU=LWWHUQ :LUJLQJHQ 1XUZRKLQ"'DVDKDOOHVJOHLFKDXV*lQJH:lQGHGXQNOH

7XQQHOV'HU,UUJDUWHQGHV7HXIHOV 0HLQH:DIIHQKDWWHLFKZLHGHUDQPLFKJHQRPPHQ'DV6FKZHUW WUXJLFKQDFKZLHYRULQGHUUHFKWHQ+DQG'HQ$UPNRQQWHLFK DXFKQRUPDOEHZHJHQ'HU'UXFNGHQGDV0RQVWHUDXIPHLQ +DQGJHOHQNDXVJHEWKDWWHZDUYHUVFKZXQGHQ ª'DLVWQRFKHWZDV©VDJWH*OHQGDSO|W]OLFKXQGEOLHEVWHKHQ hEHULKUHQ.|USHUOLHIHLQH*lQVHKDXW ª-D"© ª'LHVHEHLGHQ0RQVWHUZDUHQQLFKWDOOHLQ6LHNDPHQGLUHNWQDFK LKU© ª1DFKZHP"© ª'LHGLH+|OOHQVFKODQJH©IOVWHUWH*OHQGD ª:DV"© 0HLQH6HNUHWlULQQLFNWHª-DLFKKDEH$SHSGLH+|OOHQVFKODQJH JHVHKHQ6LHVFKOlQJHOWHVLFKGXUFKGDV/DE\ULQWKXQGVWDQGGLFKW YRUPLU6LHKDWWHLKUHQ5DFKHQDXIJHULVVHQ(VZDUVFKUHFNOLFK,FK GDFKWHVLHZUGHPLFKYHUVFKOLQJHQ© ª:DQQZDUGDV"© ª%HYRUGLHEHLGHQ0RQVWHUDXIWDXFKWHQ© ª8QGVLHKDWVLFK]XUFNJH]RJHQ"© *OHQGDQLFNWH ª1HLQVLHLVWQRFKKLHU© %HLGHK|UWHQZLUGLHNDOWHJUDXVDPH6WLPPHXQGEHLGHHUVFKUD NHQZLU]XWLHIVW,FKNDQQWHGLH6WLPPHEHVRQGHUVJXWGHQQVLH JHK|UWH$VPRGLQDGHU7HXIHOVWRFKWHU 8QGVLHZDUJOHLFK]HLWLJ$SHSGLH+|OOHQVFKODQJH 6RIRUWVFKRELFK*OHQGD]XUFNXQGVWDUUWHDQJHVWUHQJWQDFK YRUQGHQQGRUWZDUGLH6WLPPHDXIJHNOXQJHQ ,FKVDK$SHSQLFKW (LQH7lXVFKXQJ" 1HLQ(LQH6HNXQGHVSlWHUZXUGHQZLUHLQHV%HVVHUHQEHOHKUW GHQQQLFKWZHLWYRUXQVEUDFKGH:DQG]XVDPPHQXQGGDKLQWHU HUVFKLHQGDVJHZDOWLJH0DXOHLQHU6FKODQJH 1LFKWQXUGLHVHV8QJHKHXHUZDUGD'LH5LHVHQVFKODQJHZXUGH YRQPHKUHUHQ7RGHVHQJHOQXPVFKZLUUWGLHLKUH3IHLOHEHUHLWVDXI GLH%|JHQJHOHJWKDWWHQ

0\[LQXQG.DUDYHUVXFKWHQDOOHV 6LHEHIDQGHQVLFKLQQHUKDOEGHU)ODPPHQGHQ6WHLQHXQGYHU VXFKWHQ.RQWDNWPLWGHQMHQVHLWLJHQ5HLFKHQDXI]XQHKPHQ ,UJHQGZRPXWHHVGRFKHLQHJHPHLQVDPH9HUELQGXQJJHEHQ GRFKGLHPDJLVFKHQ6WUDKOHQ]XVlW]OLFKJHVWlUNWGXUFKGDV 6FKZHUWPLWGHUJROGHQHQ.OLQJHVWLHHQLQV/HHUH ª1LFKWV©IOVWHUWH.DUDXQGOLHGHQ.RSIVLQNHQª,FKEHNRPPH NHLQHQ.RQWDNW© 0\[LQVFKDXWHDXIGLH6WHLQH+RFKUDJWHQVLHYRULKPDXIGRFK GHQ1DPHQIODPLQJVWRQHVYHUGLHQWHQVLHPRPHQWDQQLFKW6LH KDWWHQQLFKWGLHJOKHQGURWH)DUEHDQJHQRPPHQVRQGHUQVDKHQ Y|OOLJQRUPDODXV *UDXIDVWVFKZDU] ª6LHKDEHQVLFK]XJXWDEJHVFKRWWHW©HUNOlUWH.DUDª$OVZWHQ VLHJHQDXGDZLUHVYHUVXFKHQ© 0\[LQQLFNWH6HLQ%OLFNVFKZHLIWHKLQEHU]XGHQ+JHOQGLH GDVNOHLQH7DOPLWGHQ)ODPPHQGHQ6WHLQHQXPJDEHQ6LHK|UWHQ DXFKGDV3OlWVFKHUQGHV%DFKHV(UGXUFKIORGDV7DOXQGZDU LUJHQGZLHHLQ6\PEROGHU/HEHQGLJNHLW]ZLVFKHQGHQYLHUKRKHQ .O|W]HQ /DQJVDPZDQGWHHUGHQ.RSIXQGVFKDXWH.DUDDQª.|QQHQZLU QRFKHWZDVWXQ"© ª.DXP© ª$EHUHVPXGRFKHLQH9HUELQGXQJJHEHQ©'HUNOHLQH0DJLHU VWDPSIWHPLWGHP)XDXIª:LUKDEHQHVVRQVWDXFKLPPHU JHVFKDIIW© ª9LHOOHLFKWJLEWHVHLQH&KDQFH© ª8QGZHOFKH"© .DUDKREGLHVFKPDOHQ6FKXOWHUQª,FKZDJHHVNDXPDXV]X VSUHFKHQGRFKZLUVROOWHQYHUVXFKHQHLQPDOGDV.UHX]HLQ]X VHW]HQ'DV.UHX]JHK|UW]X-RKQ6LQFODLUZLHGLH+|UQHU]X $VPRGLQD9LHOOHLFKWN|QQHQZLUPLWVHLQHU+LOIHHLQHQPDJLVFKHQ %RJHQVSDQQHQXQGLKPYRQKLHUDXV]XU6HLWHVWHKHQ© ª,VWGDVGHLQ(UQVW"© ª0HLQYROOHU© ª'DQQKROHQZLUHV© .DUDVFKWWHOWHGHQ.RSIª1LFKWZLUVRQGHUQLFK'XEOHLEVW

KLHU,FKZHUGHPLFKQDFK/RQGRQWHOHSRUWLHUHQXQGGDV.UHX]GRUW DQPLFKQHKPHQ© 0\[LQQLFNWHXQGVFKDXWH]XZLHVLFK.DUDLQGHQ0LWWHOSXQNW GHV4XDGUDWVVWHOOWHGRUWQLHGHUNQLHWHXQGLKUH+lQGHXPGHQ 6FKZHUWJULIIOHJWH 6LHNRQ]HQWULHUWHVLFKULHIGLH.UlIWHHLQHUXUDOWHQDWODQWLVFKHQ 0DJLHDQXQGVFKDIIWHGLH7HOHSRUWDWLRQ,KU.|USHUIOLPPHUWHLKU HLQHQZLQ]LJHQ$XJHQEOLFNGDQQZDUHUYHUVFKZXQGHQ 0\[LQEOLHEDOOHLQ]XUFN (UZXWHQLFKWZLHODQJHHVGDXHUQZUGHELV.DUD]XUFN NHKUWH(UGUFNWHLKUVLFKXQG-RKQ6LQFODLUGLH'DXPHQGDPLW DOOHVJODWWEHUGLH%KQHOLHI (VZDUZLUNOLFKGLHOHW]WH&KDQFHPLW-RKQ6LQFODLU.RQWDNWDXI ]XQHKPHQ'DV.UHX]ZDUJHZLVVHUPDHQHLQ7HLOYRQLKP'LH EHLGHQJHK|UWHQ]XVDPPHQXQGZHQQPDQHVDNWLYLHUWHZUGHHV YLHOOHLFKWQLFKWQXUGHQ:HJ]XP*HLVWHUMlJHU]HLJHQVRQGHUQLKQ DXFKDXVGHU:HOWGHV6FKUHFNHQV]XUFNKROHQ 7UEHDEHUDXFKKRIIQXQJVYROOH*HGDQNHQGXUFK]XFNWHQGHQ 0DJLHU(UZDUZLUNOLFKJHVSDQQWRE.DUDHVVFKDIIWH 8QGVLHNDP]XUFN :LHGHUHQWVWDQGGDV)OLPPHUQ'LHVPDOYRQREHQQDFKXQWHQ $XVGHP1LFKWVHQWVWDQGHVXQGILHOI|UPOLFKYRP+LPPHONRQ ]HQWULHUWHVLFKGLFKWEHUGHP%RGHQXQGHLQH*HVWDOWHQWVWDQG .DUD 6LHZDU]XUFNJHNHKUW 0\[LQV$XJHQEHJDQQHQ]XVWUDKOHQ6RUDVFKHVJLQJHLOWHHUDXI .DUD]Xª+DVWGXHV"© 'DV0lGFKHQDXVGHP7RWHQUHLFKPXWHVLFKHUVWXPGUHKHQ 'DQQVWUHFNWHVLHGHQ$UPDXV|IIQHWHGLHUHFKWH+DQGXQG0\[LQ VDKGDV.UHX] 6LHKDWWHHVJHKROW 0\[LQV$XJHQJOlQ]WHQDOVHUGDV.UX]LIL[HUEOLFNWHª(QGOLFK© IOVWHUWHHU ª6HLQLFKWVRRSWLPLVWLVFK©ZHKUWH.DUDDE ª,FKPXHVZDJHQ(VLVWGLHHLQ]LJH&KDQFH9HUELQGXQJPLW -RKQ6LQFODLUDXI]XQHKPHQ©'HUNOHLQH0DJLHUZDUY|OOLJDXVGHP +lXVFKHQ(UVFKOXFNWHXQGVRDXIJHUHJWKDWWH.DUDLKQQRFKQLH

JHVHKHQª:LHPDFKHQZLUHVGHQQ"©IUDJWHHU ª'DV.UHX]XQGPHLQ6FKZHUWPVVHQHLQH9HUELQGXQJVFKDI IHQ©HUNOlUWHGLH6FK|QHDXVGHP7RWHQUHLFKª9LHOOHLFKWKLOIWXQV GLH0DJLHGLHHLQPDO$WODQWLVJURJHPDFKWKDWWH© ª,FKKRIIHHV© .DUDEOLHEGRUWVWHKHQZRVLHVLFKPDWHULDOLVLHUWKDWWH(VZDU JHQDXGHU0LWWHOSXQNWGHUIODPLQJVWRQHV 6LHKRELKUH:DIIHPLWEHLGHQ+lQGHQKRFKXQGUDPPWHVLHGDQQ KDUWLQGHQ%RGHQ 'LH.OLQJHYHUVFKZDQGIDVW]XHLQHP'ULWWHO:LHHLQ'HQNPDO EOLHEGDV6FKZHUWVWHKHQ .DUDKREGHQUHFKWHQ$UP,QGHU+DQGKLHOWVLHQDFKZLHYRUGDV .UHX] (VVDKY|OOLJQRUPDODXVUHDJLHUWHQLFKWVWUDKOWHQLFKWXQG ]HLJWHQLFKWVYRQVHLQHUXQJHKHXUHQ.UDIWGLHLQLKPZRKQWH (VEOLHEQRUPDO .DUDVDK0\[LQVDQJVWYROOHQ%OLFNXQGZLQNWHDEª.HLQH 3DQLN©VDJWHVLH]LHPOLFKORFNHUª'DVZLUGVFKRQQRFKNODSSHQ© ª:LHGHQQ"© ª+LHUPLW©.DUDKDWWHGHQUHFKWHQ$UPDXVJHVWUHFNWXQGDXFK LKUHQ=HLJHILQJHU'DPLWGHXWHWHVLHDXIHLQ=HLFKHQGDVVLFKGLUHNW EHUGHP3HQWDJUDPPPLWGHP.UHLVEHIDQG (VZDUGDV'UHLHFNPLWGHP$OOVHKHQGHQ$XJHLQGHU0LWWH ª'DPLWZLOOVWGXHVVFKDIIHQ"© ª-D%HUHLWVLPDOWHQ$WODQWLVVSLHOWHGDVPDJLVFKH$OOVHKHQGH $XJHHLQHJURH5ROOHEHYRUHVYRQGHQbJ\SWHUQEHUQRPPHQ ZXUGH:HQQHVHLQH&KDQFHJLEWGDQQQXUEHUGDV$XJHGHQQ HVNDQQLQGLH:HOWHQKLQHLQVHKHQ© ª'XELVWGLUVLFKHU"© .DUDQLFNWHª:DVYRU7DXVHQGHQYRQ-DKUHQIXQNWLRQLHUWKDW PXDXFKKHXWHQRFKP|JOLFKVHLQ©6LHVDJWHGLHVPLWVRHLQHU %HVWLPPWKHLWGD0\[LQQLFNWH ª,FKKRIIHHV© ª'DVNDQQVWGXDXFK© .DUDNQLHWHVLFKGLFKWYRUGHPLP(UGUHLFKVWHFNHQGHQ6FKZHUW ]X%RGHQ'DQQEHXJWHVLHGHQ.RSIYRUXQGSUHWHLKUH6WLUQ JHJHQGLH6FKZHUWNOLQJH

6REOLHEVLHIUHLQHQ0RPHQWLQVWLOOHU$QGDFKWKRFNHQZlKUHQG VLFKLKUH+lQGHIHVWXPGLHEHLGHQZDDJHUHFKWHQ(QGHQGHV .UHX]HVNODPPHUWHQ ,KU%OLFNZDUGDEHLVWDUUDXIGDV$OOVHKHQGH$XJHIL[LHUWXQGVLH NRQ]HQWULHUWHDXFKLKUH*HGDQNHQGDUDXI 1RFKHLQPDOKROWHVLHWLHI$WHP 'DQQEHJDQQVLHPLWGHU%HVFKZ|UXQJ ª-HW]WLVWHVDXV© 'LHVH:RUWHVDJWH*OHQGD3HUNLQVXQGYHUGDPPWQRFKPDOVLH VSUDFKPLUGDPLWDXVGHU6HHOH(LQH&KDQFHVDKLFKNDXPQRFK 9RUXQVGLH+|OOHQVFKODQJHGLHLKUHQ5DFKHQVRZHLWZLHHVJLQJ JH|IIQHWKDWWHXQGYRQVHFKV7RGHVHQJHOQEHZDFKWZXUGHGLHVLH ZLH9|JHOXPVFKZLUUWHQ ,FKGDFKWHDQGLH(QJHOGLHXQVKDWWHQW|WHQZROOHQ:LUZDUHQ PLWLKQHQIHUWLJJHZRUGHQOHLFKWVRJDU$EHUKLHUVWDQGLFKDOOHLQ EHIDQGPLFKLQHLQHUIUHPGHQXQKHLPOLFKHQ8PJHEXQJXQGDXI *OHQGD3HUNLQVNRQQWHLFKQLFKW]lKOHQ 6LHKDWWH]XYLHOGXUFKJHPDFKWXQGZUGHPLUZRKONDXPHLQH +LOIHVHLQ$OVRPXWHLFKPLFK$SHSDOOHLQVWHOOHQEHZDIIQHWPLW HLQHP6FKZHUWPHLQHU%HUHWWDXQGGHP'ROFK :DUVLHGDPLW]XEHVLHJHQ" .DXPGHQQ$SHSZDU$VPRGLQD8PVLH]XW|WHQPXWHPDQ KlUWHUH*HVFKW]HDXIIDKUHQ:LUNOLFKHZHLPDJLVFKH%RPEHQ ZLHHVPHLQ.UHX]ZDUDEHUGDVEHIDQGVLFKQLFKWKLHUXQGHVKDWWH NHLQHQ=ZHFNODQJHGDUXP]XWUDXHUQ ª,FKPXGLUHLQ.RPSOLPHQWPDFKHQ-RKQ6LQFODLU©GUDQJHV DXVGHP0DXOGHU+|OOHQVFKODQJHª'XKDVWGLFKELVKHUWDSIHU JHVFKODJHQ:LUNOLFK'XKDVWGLH+RULVYHUQLFKWHWZDVZRKO NHLQHPDQGHUHQJHOXQJHQZlUHGHQQVLHZDUHQHLQIDFK]XVWDUN 'XELVWDXFKDXIGLHEHLGHQ%OXIIVQLFKWUHLQJHIDOOHQ]XHUVW*OHQGD 3HUNLQVGDQQ-DQH&ROOLQV$EHUGXKDVWGLFKLQHLQH/DJH PDQ|YULHUWDXVGHUHVIUGLFKNHLQHQ$XVZHJJLEW© ª'DVLVWQLFKWVLFKHU©KLHOWLFK$VPRGLQDWURW]DOOPHLQHU %HIUFKWXQJHQHQWJHJHQ ª0XWKDVWGXGDVHUNHQQHDXFKLFKDQDEHUGXKDVWGHLQH

$XIJDEHOHLGHUQLFKWJHO|VW8QGGDVLVWGHLQSHUV|QOLFKHV3HFK -RKQ6LQFODLU7XWPLUOHLG© ª:DVYHUODQJVWGXHLJHQWOLFK"©ULHILFKODXWª'XELVWGRFKVHOEVW QLFKWLQGHU/DJH'U7RGXQGGHVVHQ0RUGOLJD]XYHUQLFKWHQ'X PXWGDEHLEHUGHLQHQHLJHQHQ6FKDWWHQVSULQJHQXQGGHLQHQ 7RGIHLQGKHUKROHQGDPLWHUIUGLFKGLH$XIJDEHEHUQLPPW,VW GDVHLQHU7RFKWHUGHV7HXIHOVZUGLJ"© ª,FKYHUVWHKHGHLQH:RUWH*HLVWHUMlJHU©JDE$VPRGLQD]XUFN ª$EHUGXNDQQVWPLFKQLFKWDXVGHU5HVHUYHORFNHQ,FKPDFKH ZDVLFKZLOOXQGLFKEHVWLPPHZDVJHVSLHOWZLUG1RFKELQLFK KLHUGLH+HUULQ'LHVH'LPHQVLRQJHK|UWPLUPLUDOOHLQEHJUHLIVW GXGDV"8QGVLHZLUGGLFKYHUVFKOLQJHQ*HLVWHUMlJHU© ª'DQQLVWQLHPDQGPHKUGDGHUIUGLFKGDV9HUVWHFNYRQ6ROR 0RUDVVRVXFKW© ª1DXQG"'HQNVWGXHVZlUHWUDJLVFK"1HLQPHLQ/LHEHU©6LH ODFKWHª,FKVHKHGDVDQGHUV:HQQLFKGLFKHUOHGLJWKDEHNDQQLFK PLFKXPVREHVVHUDXI6ROR0RUDVVRNRQ]HQWULHUHQGHQQGDQQ ZLUGQLHPDQGPHKUGDVHLQGHUPLULQGLH4XHUHNRPPHQN|QQWH 6RPXWGXGDVVHKHQ-RKQ6LQFODLU© 'DKDWWHVLHUHFKWGHQQZLUEHLGHKDWWHQVFKRQHLQLJHKDUWH .lPSIHKLQWHUXQV%LVKHUZDULFKPLWYLHO*OFNGHU6LHJHUJH EOLHEHQ -HW]WYHUVXFKWHVLHHV ,FKVFKDXWHGLUHNWLQGHQDXIJHULVVHQHQ+|OOHQUDFKHQKLQHLQ)U PLFKZDUHUHLQZLGHUOLFKHUGXQNHOURWHU6FKOXQGLQGHPHVDUEHL WHWHXQG]XFNWH(UVRQGHUWH6HNUHWHDEGLHDXIGDV,QQHUHGHV 8QWHUNLHIHUVWURSIWHQXQGGRUW]LVFKHQGYHUGDPSIWHQZREHLVLH HLQHQZLGHUOLFKHQ4XDOPDXVVWLHHQGHUDXVGHP5DFKHQGUDQJ XQGXQVDOV'DPSIHQWJHJHQZHKWH 6LHKDWWHPLFK'DUDQJDEHVNHLQHQ=ZHLIHO,FKGDFKWHDQ *OHQGDXQGVDKZLUNOLFKQLFKWHLQGDDXFKVLHVWHUEHQVROOWH 'HVKDOEYHUVXFKWHLFKHV ª0LULVWEHNDQQWGDPHLQH&KDQFHQJHVXQNHQVLQGXQGLFK ZRKONDXPIUHLNRPPH$EHU*OHQGD3HUNLQVKDWGDPLWQLFKWV]X WXQ,FKIUPHLQHQ7HLOKDEHXQVHUHQ+DQGHOHLQJHKDOWHQ'XKDVW GHQ1DJHOEHNRPPHQ/DVLHIUHL© ª1HLQ©

'LH$QWZRUWKDWWHLFKHUZDUWHW,FKZROOWHDEHUWURW]GHPQRFK HLQH(UNOlUXQJKDEHQª8QGZDUXPQLFKW"© ª:HLOVLHYRQ0DGGR[YHUXUWHLOWZRUGHQLVW:HQQGHU 'lPRQHQULFKWHUGDV8UWHLOHLQPDODXVJHVSURFKHQKDWGDQQPX HVYROOVWUHFNWZHUGHQ(VJHKWNHLQ:HJGDUDQYRUEHL'LH*HVHW]H GHV6FKDWWHQUHLFKVZHUGHQDXIMHGHQ)DOOHLQJHKDOWHQ© ª6RVLHKWDOVRGDV:RUWHLQHV'lPRQVDXV©VSRWWHWHLFKª1DMD LFKKlWWHHVPLUGHQNHQN|QQHQ© ª'XKDVWHEHQ]XIUKDXIJHJHEHQ© ª1HLQ$VPRGLQD©+HIWLJVFKWWHOWHLFKGHQ.RSIª=XIUKKDEH LFKQLFKWDXIJHJHEHQ,FKKlWWHPLFKQXUQLFKWDXIGHQ+DQGHOPLW GLUHLQODVVHQVROOHQGDVLVWHVGRFK© ª'HLQ3HFK© ª/HLGHU© ,FKVSUWH*OHQGDV)LQJHUDQPHLQHU6FKXOWHU6LHKDWWH$QJVW,FK NRQQWHHVLKUQLFKWYHUEHOQDEHULFKVDKNHLQH&KDQFHVLHDXV GHP'LOHPPD]XEHIUHLHQ ª:RUDXIZDUWHVWGXQRFK"©IUDJWHLFKLQHLQHP$QIDOOYRQ:XW ª'XZLOOVWVWHUEHQ"© ª1HLQGDVQLFKWDEHULFKZLOOHQGOLFKHLQH(QWVFKHLGXQJ6WHOO GLFK$VPRGLQD6WHOOGLFK]XP.DPSIGDPLWLFKGLFKYHUQLFKWHQ NDQQ©'LH:RUWHEUOOWHLFKLKUHQWJHJHQXQGKREVRIRUWPHLQ 6FKZHUWGDPLWVLHVDKGDLFKEHUHLWZDUXQGDXINHLQHQ)DOODXI JHEHQZROOWH ª1DGHQQ©GUDQJHVDXVGHPZHLWJH|IIQHWHQ0DXOXQGLP QlFKVWHQ$XJHQEOLFNVFKREVLFKGHU.|USHUGHU6FKODQJHYRU *HQDXLQXQVHUH5LFKWXQJVRGDXQVGDV+|OOHQPDXOGHU 5LHVHQVFKODQJHYHUVFKOLQJHQNRQQWH .DUDOHLVWHWHZLUNOLFKhEHUPHQVFKOLFKHV =XVDPPHQJHNDXHUWVDVLHGD$QLKUHQ+lQGHQGLHGHQ .UHX]JULIIXPNODPPHUWKLHOWHQVSUDQJHQGLH.Q|FKHOKDUWXQG VSLW]KHUYRU,KU*HVLFKWZDUEOHLFKGLH+DXWZLUNWHGXUFKVLFKWLJ 0\[LQGHUVLHJHQDXEHREDFKWHWHNRQQWHVRJDUGLHGQQHQEOlX OLFKHQ$GHUQVHKHQ (UVWDQGZLHXQWHU6WURP'HUNOHLQH0DJLHUKDWWHQLFKWQXU

$QJVWXP-RKQ6LQFODLUVRQGHUQDXFKXP.DUD'HQQDOOHVZLHV GDUDXIKLQGDVLHVLFK]XVHKUDQVWUHQJWHGDLKUH3K\VLVXQG DXFK3V\FKHQLFKWPHKUPLWPDFKWHQ 8PVLHKHUXPZDUHVNlOWHUJHZRUGHQ(LQ=HLFKHQGDGLH/XIW ZHLPDJLVFKDXIJHODGHQZXUGH8QG0\[LQVDKHVDXFKDQGHQ 6WHLQHQ6LHYHUORUHQLKUHJUDXH)DUEH(LQHUVWHVURVD6FKLPPHUQ ]HLJWHVLFKLP*HVWHLQ,P$QIDQJVFKZDFKGRFKDOV.DUDDQILQJ]X VSUHFKHQGDZXUGHHVVWlUNHU $OWHXUDOWH:RUWHEHQXW]WHVLH$XVLKUHP0XQGGUDQJHLQH %HVFKZ|UXQJGLHVLHLKU9DWHU'HOLRVQRFKJHOHKUWKDWWHXQGGLHLQ NHLQHP%XFKMHPDOVQLHGHUJHVFKULHEHQZRUGHQZDUVRQGHUQQXU PQGOLFKEHUOLHIHUWZXUGH 'LH:RUWHNODQJHQGXPSINHKOLJHULQQHUWHQYLHOOHLFKWHLQZHQLJ DQGLHRULHQWDOLVFKHQ6SUDFKHQXQGVLHZDUHQGRFKQLFKWVFKOLPP RGHUYROOHU+DZLHHVRIWLQGHU6SUDFKHGHU'lPRQHQ]XYHU QHKPHQZDU0DQVSUWHLQLKQHQHLQHJHZLVVH6DQIWKHLWXQGVLH YHUODQJWHQQDFKHLQHPJURHQ5HVSHNWGHQPDQGLHVHUDOWHQ 6SUDFKH]ROOHQVROOWH .DUDNRQ]HQWULHUWHLKUHQ%OLFNIHVWDXIGDV$OOVHKHQGH$XJH9RQ LKPVROOWHGLHDOWH0DJLHDXVJHKHQ'LHVHV$XJHVROOWHVLHXP VHW]HQXQGHLQH%UFNH]ZLVFKHQGHP'LHVVHLWVXQGGHP-HQVHLWV VFKDIIHQ'DVZDUGDVJURH:XQGHUGDV.DUDNUDIWLKUHU %HVFKZ|UXQJYROOEULQJHQZROOWH 1RFK]HLJWHGDV.UHX]NHLQH5HDNWLRQODJHVLUJHQGZLHEODLQ GHQ+lQGHQGHUJHKHLPQLVYROOHQ)UDX 8QGHVZXUGHQRFKEODVVHU'DVVLOEHUIDUEHQH)ODLUVFKLHQ ]XUFN]XZHLFKHQDOVZUGHGDV6FKZHUWGHP.UHX]VlPWOLFKH 0DJLHHQW]LHKHQDEHUGLHVZDUHLQ,UUWXP 3O|W]OLFKJHVFKDKHV9RQHLQHP$XJHQEOLFN]XPDQGHUHQZXUGH GLH0DJLHZLUNVDPXQG.DUDGLHDOOHVDXIHLQH.DUWHJHVHW]WKDWWH ZXUGHIULKUH0KHEHORKQW 'DV$OOVHKHQGH$XJHEHZHJWHVLFK(LQHUHJHOUHFKWH.DVNDGH VWU|PWHGDUDXVKHUYRU 6LOEULJJUHOOOHXFKWHQG 8QGGLHVH/LFKWNDVNDGHIDQGLKU=LHOLQGHU.OLQJHGHVJROGHQHQ 6FKZHUWHV 'DVZDUHV

ª'LH%UFNH©ULHI0\[LQª'LHPDJLVFKH%UFNHVLHIXQNWLR QLHUW©6HLQH$XJHQOHXFKWHWHQGHQQHUVDKGDVLFKHLQVLOEHU IDUEHQHU6WUHLIPLWKDDUIHLQHQJROGHQHQ)lGHQDXVGHU.OLQJH DEVSDOWHWHVLFKYHU]ZHLJWHXQGMHZHLOVGLHYLHUMHW]WKHOOURWHQW IODPPWHQ6WHLQHWUDI (LQ1HW]DXV0DJLHODJEHUGHQIODPLQJVWRQHV'LHXUDOWHQ %HVFKZ|UXQJHQGHU$WODQWHUZDUHQYROOZLUNVDPJHZRUGHQ6LH KDWWHQQLFKWVYRQLKUHU0DFKWYHUORUHQ .DUDVDZHLWHUKLQLP0LWWHOSXQNWGHVPDJLVFKHQ=HQWUXPV6LH KDWWHQGHQ.RSI]XUFNJHZRUIHQ'HU0XQGVWDQGKDOERIIHQXQG QXUPLWDOOHUJU|WHU%HKHUUVFKXQJKLHOWVLHGLHPDJLVFKH%UFNH DXIUHFKWGHQQVLHGXUIWHDXINHLQHQ)DOO]XVDPPHQEUHFKHQ'DQQ ZDUDOOHVXPVRQVW $OOHVKLQJYRQLKUDEYRQHLQHP:HVHQGDVLQGLHVHUPlFKWLJHQ PDJLVFKHQ6SHUU]RQHLUJHQGZLHYHUORUHQZLUNWHXQG'LQJH OHLVWHWHGLHPLW:RUWHQNDXPQRFK]XEHVFKUHLEHQZDUHQ :UGHVLHHVVFKDIIHQ" 0\[LQGHUNOHLQH0DJLHUILHEHUWHXQGHUKRIIWHGD.DUDGXUFK KLHOW 6FKZHUWJHJHQ5LHVHQVFKODQJH .RQQWHLFKHVVFKDIIHQ"5HLFKWHQPHLQ0XWXQGGLHPDJLVFKH .OLQJHDXVXP$VPRGLQD]XW|WHQ"2GHUZUGHQLKUH+HOIHU HLQJUHLIHQXQGPLUDOVDXFK*OHQGDLKUHW|GOLFKHQ3IHLOHLQGHQ 5FNHQVFKLHHQ" 1HLQVLHEHKLHOWHQVLHDXIGHQ%|JHQKDWWHQGLH6HKQHQ JHVSDQQWDEHUVLH]RJHQQLFKWDE ,FKIKUWHGHQHUVWHQ6FKODJ'DPLWHUNUlIWLJJHQXJZXUGHKLHOW LFKGDV6FKZHUWPLWEHLGHQ+lQGHQIHVW,FKYROOIKUWHHLQHQ 5XQGVFKODJGHUEHUGHQ5DQGGHVXQWHUHQ.LHIHUVIHW]WHXQGHLQH WLHIH:XQGHKLQWHUOLHDXVGHUJUQHV'lPRQHQEOXWVFKlXPWH 8QGQRFKHLQ6FKODJ 'LHVPDOYRQXQWHQQDFKREHQJH]RJHQKLQHLQJHVWRFKHQLQGDV NODIIHQGH0DXOEHYRUHV]XVFKQDSSHQNRQQWH 'DVJHVFKDKVRIRUWGDQDFK =XP*OFNZDULFKYROONRQ]HQWULHUWXQGVDKHVIUKJHQXJ0LW

HLQHPUDVFKHQ6SUXQJEUDFKWHLFKPLFKLQ6LFKHUKHLWILHOGDEHL JHJHQ*OHQGD3HUNLQVXQGULVLHPLW *HPHLQVDPODQGHWHQZLULQGHUJUQHQ:DQGDXV:UPHUQ(V ZDUZLHGDV+LQHLQWDXFKHQLQ]lKHQ6LUXS6FKRQHLQPDOKDWWHLFK LQGLHVHU:DQGJHVWHFNWXQGMHW]WZDUHVHEHQVRVFKOLPPZLHEHLP HUVWHQPDO'DV*HWLHUNUDEEHOWHEHUDOOKLQ ,FKVFKWWHOWHPLFKYHUVXFKWHPLFK]XEHIUHLHQVWDFKPLWGHP 6FKZHUW]XXQGVFKDIIWHHVPLUHLQHQ7XQQHOLQGLH:DQG]X VFKQHLGHQVRGDLFKGXUFKLKQVFKDXHQNRQQWH $SHSIROJWHXQV *OHQGDNODPPHUWHVLFKDQPLFK6LHVFKULHZLHYRQ6LQQHQELV LKUH6FKUHLHLQHLQHPGXPSIHQ5|FKHOQHUVWLFNWHQZHLOLKUGDV *HZUPLQGHQ0XQGJHGUXQJHQZDU 'LH+|OOHQVFKODQJHZROOWHHVZLVVHQ0LWHLQHPJHZDOWLJHQ 6FKODJLKUHV.|USHUVYHUVFKDIIWHVLHVLFKIUHLH%DKQXQGGLH JHJHQEHUOLHJHQGH:DQGZXUGHYRQLKUUHJHOUHFKWSODWWJHZDO]W 'LH7RGHVHQJHOVFKRVVHQGLHHUVWHQ3IHLOHDE(VZDUHQODXWORVH 7RGHVERWHQ1LFKWHLQPDOHLQ=LVFKHQK|UWHQZLU6LHZDUHQDXIXQV JH]LHOWVROOWHQGLH+|OOHQVFKODQJHXQWHUVWW]HQGRFKQXQHUZLHV HVVLFKDOVHLQ9RUWHLOGDZLUXQVLQQHUKDOEGLHVHU:UPHUZDQG EHIDQGHQGHQQGLH3IHLOHEOLHEHQVWHFNHQ 6LHHUUHLFKWHQXQVJDUQLFKWXQGZLUZXUGHQQLFKWHLQPDODQGHU +DXWJHULW]W ,FKYHUVXFKWHZHJ]XNULHFKHQ0LWGHUOLQNHQ+DQGKLHOWLFK *OHQGDIHVWGLHUHFKWHXPNODPPHUWHZHLWHUKLQGHQ*ULIIGHV 'lPRQHQVFKZHUWV $SHSEDKQWHVLFKLKUHQ:HJ6LHZDUGXUFKQLFKWVDXI]XKDOWHQ .HLQH0DXHUNHLQH:DQGNRQQWHVLHVWRSSHQZHQQVLHLKUH XUZFKVLJH.UDIWDXVVSLHOWH )HXHU 3O|W]OLFKVDKLFK)ODPPHQDXIORGHUQ'LFKWYRUXQVVFKRHLQH JHZDOWLJH/RKHKRFK(LQ%UDXVHQHUW|QWH 8Q]lKOLJH:UPHUZXUGHQHUIDWXQGYHUEUDQQWHQ 'LHQlFKVWH)HXHUODGXQJZUGHXQVWUHIIHQGDUDQEHVWDQGNHLQ =ZHLIHOGHQQ$SHSNDPQlKHU +DOEODJHQZLUDXIGHP%RGHQ9HU]ZHLIHOWSUHWHVLFK*OHQGD 3HUNLQVDQPLFK,FKYHUQDKPLKUWURFNHQHV6FKOXFK]HQGDVPLU

ZLHHLQ0HVVHULQV+HU]VFKQLWWXQGLFKNRQQWHLKUGRFKQLFKW KHOIHQPHLQ*RWW ª*OHQGD©VFKULHLFKªZLUPVVHQ© :DVZLUPXWHQHUIXKUVLHQLHGHQQLFKPHUNWHSO|W]OLFKZLH VLFKPHLQ.|USHUDXIElXPWH,FKVDKHWZDLQGHU0LWWHZRPHLQ 'ROFKVWHFNWHHLQHQKHOOHQVLOEHUIDUEHQHQ)OHFNGHUVLFKJHGDQ NHQVFKQHOOYHUJU|HUWHXQGHLQH9HUELQGXQJIDQGPLWHLQHPDXV GHP1LFKWVNRPPHQGHQ6WUDKOGHUHLQHUHJHOUHFKWH%UFNHVFKXI XQGPLFKDQHLQHQ5HJHQERJHQHULQQHUWH 8QGGDQQZDUHVDOVJULIIHQXQVLFKWEDUH+lQGHQDFKXQV,FK JHULHWLQHLQHQP|UGHULVFKHQ.UHLVHOGHULPPHUZHLWHUXPVLFK JULIIXQGQLFKWQXUPLFKVRQGHUQDXFK*OHQGDPLW]RJKRFKKRE XQGDXIGLH%UFNH]XVFKOHXGHUWH :LUVFKZHEWHQSO|W]OLFKNRQQWHQDEHUQRFKQDFKXQWHQVFKDXHQ XQGGHUOHW]WH(LQGUXFNGHQLFKDXVGLHVHU:HOWPLWQDKPZDUVR VFKDXULJZLHGDVJHVDPWH/DE\ULQWK $SHSVSLHQRFKHLQHJHZDOWLJH)ODPPHQVlXOHDXVGLHXQVMHGRFK QLFKWPHKUHUUHLFKWHGDIUDEHUHLQLJHLKUHU7RGHVHQJHO6LH ZXUGHQYRP)HXHUHUIDWXQGYHUJOKWHQZLH.RPHWHQ 'DQQEUDFKGDV/DE\ULQWKDXVHLQDQGHU8UNUlIWHZWHWHQULVVHQ GHQ%RGHQDXI]HUVW|UWHQ0DXHUQXQG:lQGH(VJDEUHJHOUHFKWH ([SORVLRQHQXQGJHZDOWLJH'DPSIZRONHQVWLHHQDOVULHVLJH3LO]H LQGLH+|KH 8QVPDFKWHHVQLFKWVPHKUDXV:LUEHIDQGHQXQVOlQJVWDXIGHP :HJLQ6LFKHUKHLW (LQ%DQQZDUJHEURFKHQ'DV/DE\ULQWKGHU$QJVW$VPRGLQDV WHXIOLVFKHU8UJDUWHQH[LVWLHUWHQLFKWPHKU(LQH:HOWGHUVFKUHFN OLFKHQ,OOXVLRQHQZDU]HUVW|UWZHLO]ZHL0HQVFKHQHVJHVFKDIIW KDWWHQGLHVHP:DKQVLQQ]XHQWNRPPHQ 'DV/DE\ULQWKKDWWHVHLQH([LVWHQ]EHUHFKWLJXQJGDPLWYHUORUHQ 8QGGDVZDUJXW $OVZLU]ZLVFKHQGHQ)ODPPHQGHQ6WHLQHQVWDQGHQNLSSWH.DUD XP6RIRUWEUDFKGLHPDJLVFKH%UFNH]XVDPPHQ'LHOHW]WH %HVFKZ|UXQJZDUEHULKUH.UlIWHJHJDQJHQ 0\[LQVFKDXWHXQVDQª,KUVHLGGD"©IOVWHUWHHU

:LUQLFNWHQGHQQVSUHFKHQNRQQWHQZLUQLFKW(UVWHLQPDO PXWHQZLUXQVHUKROHQ 'DQQNPPHUWHVLFKGHUNOHLQH0DJLHUXP.DUDZlKUHQGLFK *OHQGD3HUNLQVIHVWKLHOWGLHHEHQIDOOVNDXPEHJULIIHQKDWWHGDVLH JHUHWWHWZRUGHQZDU ª,VWHVZLUNOLFKZDKU"©IUDJWHVLHQDFKHLQHU:HLOH ª-DHVVWLPPW'XEUDXFKVWGLUNHLQH6RUJHQPHKU]X PDFKHQ©ª'X"© ª:DUXPQLFKW"©OlFKHOWHLFK ª'DPWHQZLUGLHVMDHLJHQWOLFKPLWHLQHP%UGHUVFKDIWVNX EHVLHJHOQ© ª0HLQHWZHJHQ© 'LHVHQ.XJDEHQZLUXQV8QGLFKPXHKUOLFKJHVWHKHQHU KlWWHUXKLJOlQJHUGDXHUQN|QQHQGRFK0\[LQVW|UWHXQVLQGHP HUPLUDXIGLH6FKXOWHUNORSIWH ª.|QQWLKUGDVQLFKW]X+DXVHIRUWVHW]HQ"©IUDJWHHUª:LUKDEHQ QlPOLFKNHLQH/XVWQRFKOlQJHUKLHU]XVHLQ© ,FKOlFKHOWH*OHQGDDQª0DOVHKHQZDVVLFKPDFKHQOlW© $OV*OHQGDURWZXUGHZHFKVHOWHLFKGDV7KHPDª$XIMHGHQ)DOO N|QQHQZLUVLFKHU:HLKQDFKWHQIHLHUQ© (1'(