Der Moloch

-RKQ6LQFODLU'HU0RORFK *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUO...

20 downloads 444 Views 771KB 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

-RKQ6LQFODLU'HU0RORFK

*HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ5DLQHU'HOIVXQG3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP 3ULQWHGLQ*HUPDQ\

/LHEH/HVHULQOLHEHU/HVHU $XFKLQGLHVHP%DQGGHU:(/7%,/'6DPPOHU(GLWLRQ-2+1 6,1&/$,5VWHKHQGLH$NWLYLWlWHQGHU7HXIHOVWRFKWHU$VPRGLQD XQGLKUHV9DVDOOHQ'U7RGLP0LWWHOSXQNW'LH6XFKHQDFKGHQ 0LWJOLHGHUQGHU0RUGOLJDLVWLQYROOHP*DQJH1HEHQ7RNDWD GHP6DPXUDLGHV6DWDQV/DG\;GHU7HUURULVWLQPLWGHU 0DVFKLQHQSLVWROH0U0RQGRGHP0RQVWHUPDFKHUXQG /XSLQDGHU.|QLJLQGHU:|OIHVLQGQXUQRFK]ZHL3RVWHQ XQEHVHW]W(LQHUGDYRQLVWIU9DPSLURGHOPDUGHQ.DLVHUGHU 9DPSLUHUHVHUYLHUW'LH0RUGOLJDLVW]XHLQHU$QVDPPOXQJ YRQPlFKWLJHQ'lPRQHQDQJHZDFKVHQXQGVHOEVW$VPRGLQD IUDJWVLFKPDQFKPDORE'U7RGGHVVHQ*HLVWLP.|USHUGHV YHUVWRUEHQHQ0DILD%RVVHV6ROR0RUDVVRVWHFNWGLHVHVWDUNHQ 'lPRQHQIKUHUXQWHUVHLQH.QXWH]ZLQJHQNDQQ$EHU'U7RG KDWYRQ$VPRGLQDGHQ:UIHOGHV8QKHLOVHUKDOWHQ0LWGLHVHU PlFKWLJHQ:DIIHLVW'U7RGSUDNWLVFKXQDQJUHLIEDU ,PHUVWHQ5RPDQGLHVHV%DQGHVª'HU7RGHVQHEHO©EHZHLVW VLFKZHOFKIUFKWHUOLFKH0DFKWGLHVHU:UIHOEHLQKDOWHW(U YHUZLUNOLFKWGLHPRQVWU|VHQ*HGDQNHQVHLQHV%HVLW]HUVXQG OlWGHQ7RGHVQHEHOHQWVWHKHQGHU0HQVFKHQZLHHLQH6lXUH ]HUVHW]WXQGLQ6NHOHWWHYHUZDQGHOW-RKQ6LQFODLUPXHUIDK UHQGDHLQ]LJVHLQ.UHX]GHU:LUNXQJGHVIUFKWHUOLFKHQ 1HEHOVVWDQGKlOW ,P]ZHLWHQ5RPDQª'U7RGV+RUURU,QVHO©QXW]W'U7RGGLH IUFKWHUOLFKH:LUNXQJGHV7RGHVQHEHOVXPGDVIQIWH0LWJOLHG GHU0RUGOLJDDXVHLQHPMlKULJHQ6FKODI]XHUZHFNHQ(V LVW9DPSLURGHOPDUGHU.DLVHUGHU9DPSLUHGHUDXVDWODQ WLVFKHQ=HLWHQVWDPPW,VW7RNDWDVFKRQHLQIXUFKWHUUHJHQGHV 0RQVWHUVREHUWULIIW9DPSLURGHOPDULKQQRFKLQVHLQHP bXHUHQDQ6FKHXOLFKNHLW6HLQ0DUNHQ]HLFKHQVLQG]ZHL IUFKWHUOLFKH+DXHUPLWGHQHQGHUXQHUVlWWOLFKH%OXWVDXJHUGLH $GHUQVHLQHU2SIHU]HUUHLW8QGDXFKGLHVPDOVFKDIIHQHV

-RKQ6LQFODLUXQGVHLQH)UHXQGHQLFKW'U7RGXQGGLH 0RUGOLJDDXI]XKDOWHQ ,PGULWWHQ5RPDQª'HU0RORFK©WDXFKW]XPHUVWHQPDOHLQ 1DPHDXIGHUELV]XPKHXWLJHQ7DJHLQHUGHUHUELWWHUWVWHQ *HJQHUYRQ-RKQ6LQFODLULVW'LHVPDOLVWHVNHLQ'lPRQVRQ GHUQHLQ*DQJVWHU(VLVW/RJDQ&RVWHOORGHU0DILD%RYRQ /RQGRQ(LQ.UDNHGHUVHLQH$UPHLQDOOHQVFKPXW]LJHQ *HVFKlIWHQGHU0LOOLRQHQVWDGWVWHFNHQKDW'LHVPDOKlOWHUVLFK QRFK]XUFNDOVVHLQ%UXGHU(QQLRPLW6FRWODQG

'(572'(61(%(/ 'LH1XGHOEOLHEPLUIDVWLP+DOVHVWHFNHQDOVGLHEOHFKHUQNOLQ JHQGH/DXWVSUHFKHUVWLUQPHGXUFKGLH.DQWLQHKDOOWH ª2EHULQVSHNWRU6LQFODLUELWWHVRIRUW]XP&KHI2EHU LQVSHNWRU6LQFODLUELWWHVRIRUW]XP&KHI© ,FKZDUIGLH3DSLHUVHUYLHWWHQHEHQGHQ7HOOHUXQGIOXFKWH :HQQVLHPLFKDXIGLHVH$UWXQG:HLVHVXFKWHQEUDQQWHHVPDO ZLHGHU$QVRQVWHQULHIHQVLHQlPOLFKDQ ,FKZDUIHLQHQOHW]WHQDEHUQLFKWEHGDXHUQGHQ%OLFNDXIGLH 1XGHOQGHQQVLHKDWWHQPLUQLFKWJHVFKPHFNWXQGGLH6RH QRFKZHQLJHU'DQQOLHILFK]XP/LIW 9LHOH.ROOHJHQVDKHQPLUJULQVHQGQDFKXQGVFKDXIHOWHQ ZHLWHU(LQH%HGLHQXQJIO|WHWHQRFKª6ROOLFK,KQHQ,KU(VVHQ ZDUPKDOWHQ2EHULQVSHNWRU"© ª1HLQVFKHQNHQ6LHHV,KUHP+XQG$EHUGHUZLUGHVZDKU VFKHLQOLFKQLFKWYHUWLOJHQZHLOHUYHUZ|KQWHULVWDOVZLU© ,KUHQEHOHLGLJWHQ*HVLFKWVDXVGUXFNNRQQWHLFKQLFKWPHKU VHKHQGHQQLFKKDWWHGLH$XI]XJWUEHUHLWVLQGHU+DQG (VZDUGHUVFKQHOOH/LIWGHU0DJHQKRFKMXEOHUZLHHLQLJH .ROOHJHQVDJWHQ0LUNDPHQGLH1XGHOQDXFKKRFKDOVHU DQIXKUZHQLJH6HNXQGHQVSlWHUMHGRFKEHIDQGLFKPLFKEHUHLWV DQPHLQHP=LHO/DXWORVJOLWWGLH6SHUUZDQG]XU6HLWHXQGLFK VWLHGLH7UDXI %LV]X3RZHOOV%URZDUHQHVQXUHLQSDDU6FKULWWH2KQH]X NORSIHQVWUPWHLFKGXUFKGDV9RU]LPPHUJHJHQGDV$OOHU KHLOLJVWHDQ 6LU-DPHV3RZHOOKRFNWHKLQWHUVHLQHP6FKUHLEWLVFKZLHHLQ DQJULIIVOXVWLJHU:ROI0LWGHPUHFKWHQ=HLJHILQJHUWLSSWHHUDXI GDV'HFNHOJODVVHLQHU8KU ª6LHVLQGVSlWGUDQ-RKQVHKUVSlW© ,FKJULQVWHª6LHKDEHQPLFKMDQLFKWIUKHUUXIHQODVVHQ'DUI LFKPLFKVHW]HQ"© ª1HLQ© ª,VWZDV6LU"©HUNXQGLJWHLFKPLFKYRUVLFKWLJ ª6LHZHUGHQJOHLFKZLHHLQH5DNHWHORV]LVFKHQ-RKQ©VDJWHHU ]XPLUª,FKZLOO6LHQXUNXU]HLQZHLKHQ©

1XQLFKK|UWH]X ª(VJHVFKDKLQ/DPEHWK©EHJDQQ6LU-DPHVª9RUHLQHU 6WXQGHGUHKWHGRUWHLQGUHL]HKQMlKULJHU-XQJHGXUFK0LW HLQHP*HZHKUHUVFKRHUHLQHQ0DQQXQGEHGURKWVHLWGHP VHLQH0XWWHU'LHVHKDWWHDEHUQRFKGLH3ROL]HLDODUPLHUHQ N|QQHQ'LH%HDPWHQKDEHQGDV+DXVXPVWHOOWZDJHQMHGRFK QLFKWHLQ]XJUHLIHQ:LH,KU)UHXQG%LOO&RQROO\GDYRQ HUIDKUHQKDWZHLLFKQLFKWZLOOHVDXFKJDUQLFKWZLVVHQ DXIMHGHQ)DOOVWHFNWHHUSO|W]OLFKPLWWHQGULQXQGQLFKWQXU GDV(VJHODQJLKPVRJDUDXILUJHQGHLQHWROONKQH$UWXQG :HLVH]ZHL)RWRV]XVFKLHHQ© ,FKJULQVWHª%LOOLVWHEHQHWZDV%HVRQGHUHV© ª9LHOOHLFKW© ª:RLVW%LOOMHW]W"© ª:LHGHUDP2UWGHV9HUEUHFKHQV©6LU-DPHVKXVWHWHWURFNHQ ª$EHUGHVZHJHQKDEHLFK6LHQLFKWKHUNRPPHQODVVHQ-RKQ(V JHKWXPGLH)RWRV+LHUVHKHQ6LH© (UJDEPLUGLHHUVWH$XIQDKPH %LOOKDWWHZLUNOLFKJXWJHNQLSVWGDPXWHLFKPHLQHPDOWHQ 6SH]LVFKRQHLQ.RPSOLPHQWPDFKHQ (UKDWWHVFKUlJLQGLH:RKQXQJEOLFNHQN|QQHQ(LQ0DQQ ODJDP%RGHQ ,QGHU1lKHGHU7UVDHLQHJUDXKDDULJH)UDXPLWGHP 5FNHQDQGHU:DQG,KU*HVLFKWZDUYRQ$QJVWXQG(QWVHW]HQ JH]HLFKQHW .HLQ:XQGHUGHQQVLHEOLFNWHLQGLH0QGXQJGHV *HZHKUHVGDVGHU-XQJHLQGHU+DQGKLHOW ,FKUHLFKWH6LU-DPHVGDV)RWR]XUFN ª:DVVDJHQ6LHGD]X-RKQ"© ª1LFKWV© ª*XWGDQQJHEHLFK,KQHQGDV]ZHLWH© (UUHLFKWHPLUDXFKGLHVH$XIQDKPH,FKGUHKWHVLHXPXQG VFKDXWHDXIGLH+RFKJODQ]VHLWH %LOOKDWWHVLFKZLUNOLFK0KHJHJHEHQ)DVWGDVJOHLFKH0RWLY KDWWHHUJHNQLSVWQXUHLQH9HUlQGHUXQJZDUDXIGHP%LOG]X

VHKHQ'HU-XQJHKDWWHVLFKXPJHGUHKWVFKDXWHSUDNWLVFKLQGLH .DPHUD ,FKVDKVHLQ*HVLFKWXQGKDWWHGDV*HIKOYRQHLQHP .HXOHQVFKODJJHWURIIHQ]XZHUGHQ 'HUHUVWGUHL]HKQ-DKUHDOWH-XQJHKDWWHGDV*HVLFKWHLQHV XUDOWHQ*UHLVHVHLQHU0XPLH /DQJVDPOLHLFKGDV)RWRVLQNHQ 6LU-DPHV3RZHOOUlXVSHUWHVLFKª:LVVHQ6LHQXQZDUXPLFK 6LHKDEHKROHQODVVHQ"© ª-D©0HLQ%OLFNJOLWWLQXQZlJEDUH)HUQHQGDQQULLFKPLFK ]XVDPPHQ ª)DKUHQ6LHKLQ6RIRUW©VDJWHGHU6XSHULQWHQGHQWª6LH ILQGHQ%LOO&RQROO\VLFKHUQRFKDP(LQVDW]RUW+LHULVWGLH $GUHVVH©(UJDEPLUHLQHQ=HWWHO ,FKVWHFNWHLKQHLQ(LQ-XQJHPLWGHP*HVLFKWHLQHU0XPLH :LHZDUGDVP|JOLFK"(VZDUPLJGDUEHUQDFK]XGHQNHQ XQGMHW]WVFKRQQDFKHLQHU/|VXQJVXFKHQ]XZROOHQLFKPXWH PLUGLH6DFKHHLQPDODQVFKDXHQ :LHGHULP/LIWODVLFKGLH$GUHVVH'HU-XQJHZRKQWHLQ /DPEHWKGLFKWDQGHU*UHQ]H]X9DX[KDOO.HLQHVHKUYRU QHKPH*HJHQGDEHUDXFKQLFKWGLHDOOHUVFKOHFKWHVWH *ODVVKRXVH:DONKLHGLH6WUDH,FKVWHFNWHGHQ=HWWHOHLQ XQGYHUOLHGHQ/LIW(UKDWWHPLFKGLUHNWELVLQGLH7LHIJDUDJH GHV

.XU]YRUGHP%DKQKRIERJLFKQDFKOLQNVDXIGLHEUHLWH 8IHUVWUDH$OEHUW(PEDQNPHQWJHQDQQW)QI0LQXWHQVSlWHU HUUHLFKWHLFKGLH6WUDH *ODVVKRXVH:DON 5HFKWVDE 6FKRQDOVLFKHLQERJILHOPLUGDV%ODXOLFKWDXI(WZDKXQGHUW
,FKQLFNWHXQGVSUDFKQDFKHLQHU:HLOHZHLWHUª,FKKDEH )RWRVJHVHKHQGLHYRQHLQHP5HSRUWHUJHVFKRVVHQZRUGHQ VLQG:RNDQQLFK0U&RQROO\ILQGHQ"© ª,P6WUHLIHQZDJHQ©NQLUVFKWHGHU%REE\ª:LUKDEHQLKQ IHVWJHKDOWHQ6LU© ª,FKZLOOVRIRUWPLWLKPUHGHQ© ª-DZRKO6LU© :LUVWHXHUWHQGHQ:DJHQDQª+DWVLFKLQ]ZLVFKHQHWZDVDQ GHU/DJHYHUlQGHUW"©ZROOWHLFKZLVVHQ ª1HLQ© 'DVZDUJXW'LH3ROL]HLKDWWH]DKOUHLFKH%HDPWHDXIJHERWHQ XPGLH1HXJLHULJHQZHJ]XGUlQJHQ%LOO&RQROO\VDKPLFK VFKRQXQGHUZLQNWH 'HU%REE\|IIQHWHGLH7U ª(QGOLFK-RKQ©ULHIPLU%LOOHQWJHJHQª'LH.DPHUDGHQKLHU KDEHQPLUGLH.DPHUDDEJHQRPPHQXQGKDOWHQPLFKIHVW© ª-HW]WQLFKWPHKU©JULQVWHLFK (LQHP6HUJHDQWPDFKWHLFKNODUGDLFK%LOO&RQROO\DOV 8QWHUVWW]XQJEUDXFKWH 'HU5HSRUWHUNRQQWHDXVVWHLJHQ ª,FKKDEHGHLQH)RWRVJHVHKHQ© %LOOJULQVWHª'DVZDUJXW'DQQKDEHQGLH%HDPWHQGRFK VFKQHOOJHVFKDOWHW©(UNORSIWHVLFKHLQH=LJDUHWWHDXVGHU 3DFNXQJª$XFKHLQHQ*OLPPVWHQJHO"©,FKVFKWWHOWHGHQ .RSI ª:LHVLHKWHVDXV"©ZROOWHLFKZLVVHQ %LOOOLHGHQ5DXFKDXVGHPOLQNHQ0XQGZLQNHOVWU|PHQ ª,FKZDU]XIlOOLJKLHUZHLOLFKGLHVH6WUDHIRWRJUDILHUHQ ZROOWH'LH6WDGWZLOOGLH+lXVHUDEUHLHQXQGDQGHUHKLQ VHW]HQ'LH%HZRKQHUZHKUWHQVLFK'XZHLWMD%HVFKHLG,FK ZROOWHHLQHQ%HULFKWVFKUHLEHQXQGZDULQGHP+DXVDOVGLH 6FKVVHILHOHQ'XNHQQVWPLFKMDLFKZDUVRIRUWDP%DOOXQG HVJHODQJPLUYRQGHU5FNVHLWHKHUHLQH$XIQDKPHGXUFKGDV )HQVWHU]XVFKLHHQ=ZHLPDOVFKDIIWHLFKHV© ª+DVWGXGLH%LOGHUVFKRQJHVHKHQ"©

%LOOVFKWWHOWHGHQ.RSIª1HLQGLHZXUGHQHUVWEHLHXFK HQWZLFNHOW$EHULFKVDKGHQ-XQJHQ©6HLQH6WLPPHNODQJ SO|W]OLFKEHOHJW ,FKQLFNWH ª+DVWGXVFKRQHLQH(UNOlUXQJ-RKQ"© ª1HLQ© ª$EHUHVLVWGRFKGHLQ)DOO"© ª:DKUVFKHLQOLFK© ª2ND\GDQQELQLFKZLHGHUPLWYRQGHU3DUWLH© )UHLQHQNXU]HQ0RPHQWKXVFKWHHLQIOFKWLJHV*ULQVHQ EHUPHLQH/LSSHQ'DVZDUGHUHFKWH%LOO&RQROO\:LHHLQ %OXWKXQGGHUHLQH6SXUHQWGHFNWKDWWH'DEHLODJHVHUVWNQDSS ]ZHL:RFKHQ]XUFNDOVHUPLW6XNR]XVDPPHQYHUVXFKW KDWWHPLFKDXVGHU.OLQLNGHV'U0RQGR]XEHIUHLHQ6LH KDWWHQHVQLFKWJHVFKDIIWLFKZDU]XHLQHP:HUZROIJHZRUGHQ XQGQXUHLQ%OXWDXVWDXVFKKDWWHPLFKJHUHWWHW$QGLHVHQ)DOO XQGDQ/XSLQDGLH.|QLJLQGHU:|OIHZROOWHLFKQLFKWPHKU HULQQHUWZHUGHQ(VZDUHLQHUGHUVFKOLPPVWHQPHLQHUELV KHULJHQ/DXIEDKQJHZHVHQ ª:LHNRPPHQZLU]XU5FNVHLWH"©IUDJWHLFK%LOO ª,FK]HLJ VGLU© /HLGHUJDEHV]ZLVFKHQGHQHLQ]HOQHQ+lXVHUQNHLQH (LQIDKUWHQ:LUPXWHQGXUFKGHQ)OXU(UZDUYRQ3ROL]LVWHQ EHVHW]W ª+DWVLFKHWZDVJHWDQ"©IUDJWHLFK .RSIVFKWWHOQ ,FKQLFNWH0LW%LOOJLQJLFK]XP+LQWHUDXVJDQJ'LH7U NQDUUWHDOVZLUVLHDXI]RJHQ ,P+RIVDKHVlKQOLFKDXV1XUKRFNWHQGLH%HDPWHQGRUWLQ VLFKHUHU'HFNXQJ +LQWHU0OOWRQQHQHLQHP$XWRXQGHLQHPHLQVDPGDVWHKHQ GHQ%DXP :LUEOLHEHQLPWRWHQ:LQNHOVWHKHQHLQJHUDKPWYRQ]ZHL %HDPWHQLQ=LYLO ,FKNDQQWHGLHNQRFKHQKDUWHQ7\SHQ6LHJHK|UWHQ]XU

(LQVDW]JUXSSHGHU7HUURULVWHQEHNlPSIXQJXQGZDUHQDXVJH ]HLFKQHWH6FKDUIVFKW]HQ ,FKVDKDEHUDXFKGLH)HXHUOHLWHUXQGGLH*LWWHUEDONRQH 'LHVHQ:HJNRQQWHLFKQHKPHQ 'LHKDUWHQ7\SHQKDWWHQHWZDVGDJHJHQ$UURJDQWZXUGHLFK DQJHIDKUHQPLFKZLHGHU]XUFN]X]LHKHQ ,FKOlFKHOWHNDOW$XIPHLQHQ6RQGHUDXVZHLVELOGHLFKPLU QRUPDOHUZHLVHQLFKWVHLQDEHUMHW]W]HLJWHLFKLKQYRU8QG SO|W]OLFKZXUGHQDXFKGLH7\SHQVWXPP ª:HQQ6LHXQEHGLQJWZROOHQDEHUZLUEHUQHKPHQNHLQHUOHL 9HUDQWZRUWXQJ© ª'DVEUDXFKHQ6LHDXFKQLFKW© ª8QGLFK"©IUDJWH%LOO ª%OHLEGXKLHU© %LOO]RJ]ZDUHLQEHOHLGLJWHV*HVLFKWHUIJWHVLFKMHGRFKXQG VDKGDV1RWZHQGLJHHLQ ,FKVFKDXWHDQGHU/HLWHUKRFK9HUWUDXHQHUZHFNHQGVDKVLH QLFKWDXVDEHUVLHKDWWH%LOODXVJHKDOWHQVLHZUGHXQWHUPLU HEHQIDOOVQLFKW]XVDPPHQEUHFKHQ ,FKVSUDQJKRFKSDFNWHGLHXQWHUVWH6SURVVHXQG]RJPLFK PLWHLQHP.OLPP]XJK|KHU'DVJHVFKDKXQWHUGHQEHREDFK WHQGHQ$XJHQGHU6FKDUIVFKW]HQ 'LHHUVWH3ODWWIRUPZDUQLFKWZHLWHQWIHUQW,FKKRFNWHPLFK GRUWQLHGHUXQGEOLFNWHQDFKREHQ %LOOKDWWHPLUGLHEHLGHQ)HQVWHUJH]HLJWKLQWHUGHQHQGLH :RKQXQJODJ9RUHLQHP)HQVWHUVDKLFKHLQHQ*LWWHUEDONRQ ,FKQDKPDQGD]XP%DONRQHLQH7UIKUWH 9RUVLFKWLJNOHWWHUWHLFKZHLWHU'LH)HXHUOHLWHUVFKZDQNWH LPPHUGDQQZHQQLFKPHLQ*HZLFKWYHUODJHUWH+LQXQG ZLHGHUlFK]WHVLHLQGHU9HUDQNHUXQJGDQQULHVHOWH0|UWHO GHP%RGHQHQWJHJHQRGHU5RVW 'UHL3ODWWIRUPHQPXWHLFKKLQWHUPLFKEULQJHQXPPHLQ =LHO]XHUUHLFKHQ,FKKRIIWHGDGHU-XQJHQLFKWYRUKHUGXUFK GUHKWHXQGLUJHQGZLH$PRNOLHI$XFKGLH6FKDUIVFKW]HQ VROOWHQVLFKPLWLKUHQ.XJHOQ]XUFNKDOWHQ

'UHL6WRFNZHUNHVFKDIIWHLFKGDQQEHIDQGVLFKGHU%DONRQ PLWPLULQJOHLFKHU+|KH=XP*OFNZDULFKYRQGHU :RKQXQJDXVJHVHKHQLPWRWHQ:LQNHOKRFKJHNOHWWHUW:HQQ GHU-XQJHPLFKVHKHQZROOWHPXWHHUHUVWDXIGHQ%DONRQ JHKHQ (WZD]ZHL
,P6FKXW]GHU*DUGLQHKRFNWHLFKDXIGHPNOHLQHQRYDOHQ %DONRQ +LQGHUQLV1XPPHUHLQVZDUEHUZXQGHQ 'XUFKGLH6WlEHSHLOWHLFKLQGHQ+RI'LH%HDPWHQYHUKLHOWHQ VLFKUXKLJ9LHOOHLFKWYRU6WDXQHQZHLOVLHZRKOVHOEVWQLFKW GDPLWJHUHFKQHWKDWWHQGDLFKHVVFKDIIHQZUGH ,FKZLQNWHLKQHQEHUXKLJHQG]XVFKUDXEWHPLFKYRUVLFKWLJLQ GLH+|KH +|UHQNRQQWHLFKQLFKWVVHKHQHEHQIDOOVQLFKWV$OVLFKHLQHQ KDOEHQ6FKULWWZHLWHUJLQJVFKDXWHLFKGXUFKGHQIUHLHQ7HLOGHU 6FKHLEHLQGDV=LPPHU :DVLFKVDKJHILHOPLUJDUQLFKW 'LHJUDXKDDULJH)UDXKRFNWHLQHLQHP]HUVFKOLVVHQHQ6HVVHO 'LH+lQGHKDWWHVLHXPGLH/HKQHQJHNUDOOWDXILKUHP*HVLFKW VSLHJHOWHVLFKGLH$QJVWZLGHU'LH=JHZLUNWHQZLHHLQJHIURUHQ 1HEHQGHP6HVVHOODJGHU7RWH'LH.XJHOKDWWHLKQLQGLH %UXVWJHWURIIHQ'HUDOWHJUDXH3XOORYHUZDUEOXWJHWUlQNW'DV *HVLFKWGHV0DQQHV]HLJWHHLQHOHLFKHQEODVVH)DUEH,QGHQ $XJHQODVLFKQRFKGHQ6FKUHFNHQGHQHULQGHQOHW]WHQ 6HNXQGHQVHLQHV/HEHQVGXUFKJHPDFKWKDWWH 'HU-XQJHZDQGWHPLUGHQ5FNHQ]X7URW]GHPVDKLFKGDV *HZHKU(UKLHOWHVPLWEHLGHQ+lQGHQXPNODPPHUW ,FKWUDWZLHGHU]XUFNXQGVFKDXWHPLUGLH7UDQ6LHZDU IHVWYHUVFKORVVHQ:HQQLFKHWZDVXQWHUQHKPHQZROOWHPXWH LFKGXUFKGLH6FKHLEH .HLQHDQJHQHKPH9RUVWHOOXQJ +LHUREHQZDUHVZLQGLJ0HLQH+DDUHZXUGHQDXIJHZKOW GRFKGLHlXHUHQ%HGLQJXQJHQVSUWHLFKQLFKW,FKNRQ]HQ WULHUWHPLFKYROODXIPHLQH$XIJDEH 6LHZDUVFKZHUJHQXJ 'LH)UDXEOLFNWHJHQDXDXIGLH6FKHLEH6LHPXWHPLFK HLJHQWOLFKVHKHQDOVLFKZLHGHUYRUWUDW 0LWGHUUHFKWHQ+DQGQDKPLFKGDV.UHX]VWUHLIWHGLH.HWWH EHUGHQ.RSIXQGEHKLHOWHVLQGHU+DQG,QGLH/LQNHQDKP LFKGLH%HUHWWD

'DPLWZLQNWHLFK -HW]WVDKPLFKGLH)UDXXQGLKU*HVLFKWVDXVGUXFNYHUlQGHU WHVLFKVFKODJDUWLJ $XVGHP(QWVHW]HQZXUGHXQJOlXELJHV6WDXQHQ+RIIHQWOLFK UHDJLHUWHVLHULFKWLJXQGGUHKWHQLFKWGXUFKGHQQGDQQZDU DOOHVYRUEHL 'LH)UDXVFKULHQLFKWVLHVWDUUWHQXUDXIPLFKZREHLLKUH $XJHQQRFKJU|HUZXUGHQ ,FKOHJWHPHLQHQUHFKWHQ=HLJHILQJHUJHJHQGLH/LSSHQXQG VLHYHUVWDQGGLHVHVLQWHUQDWLRQDOEHNDQQWH=HLFKHQ 'DQQ]XFNWHVLH]XVDPPHQ,FKQDKPDQGDLKU6RKQVLH DQJHVSURFKHQKDWWH+|UHQNRQQWHLFKQLFKWV ,FKEHUOHJWHQRFKZLHLFKDPEHVWHQLQGLH:RKQXQJHLQ GULQJHQXQGGHQ-XQJHQPLWGHP*UHLVHQJHVLFKWEHUUDVFKHQ NRQQWHDOVGDV6FKLFNVDOPLUGLH(QWVFKHLGXQJDEQDKP 'HU-XQJHZLUEHOWHSO|W]OLFKKHUXP,QVWLQNWLYVFKLHQHU JHVSUW]XKDEHQGDHWZDVQLFKWVWLPPWH -HW]WVDKHUPLFK ,FKVFKRQLFKW:LUVWDUUWHQXQVDQXQGGLH0QGXQJGHV *HZHKUHV]HLJWHQLFKWDXIPLFKVRQGHUQ]X%RGHQ 6RIRUWKRELFKPHLQ.UHX] (VEHIDQGVLFKLQVHLQHU*HVLFKWVK|KHHUPXWHHVHLQIDFK DQVHKHQXQGLFKEOLFNWHLQVHLQ*HVLFKW (VVDKZLUNOLFKVFKUHFNOLFKDXV 'LH+DXWVFKLPPHUWHJUDXZDUULVVLJXQGHLQJHIDOOHQHULQ QHUWHPLFKDQDOWHQ6WHLQ'LH0XQGZLQNHOKLQJHQODSSLJ KHUDEGDV.LQQZXFKVQDFKKLQWHQXQG]HLJWH]DKOUHLFKH )DUEHQ :LUNOLFKZLHHLQH0XPLH 1XUGLH$XJHQOHEWHQ6LHZDUHQYRQHLQHUHUVFKUHFNHQGHQ .lOWH,QLKQHQZRKQWHGDV%|VH (UVFKRQLFKWGDIUVDXJWHVLFKVHLQ%OLFNDQGHP.UHX]IHVW 3O|W]OLFKYHU]HUUWHVLFKVHLQ*HVLFKW(VVFKLHQDOVKlWWHHU XQJHKHXUH4XDOHQDXV]XVWHKHQHUZDQNWH]XUFNXQGLFK KDWWHGLH&KDQFHGLH7UHLQ]XWUHWHQ

0LWGHPUHFKWHQ)XKlPPHUWHLFKJHJHQGDV*ODV 6SOLWWHUQGJLQJGLHHLQH+lOIWHGHU%DONRQWUHQW]ZHL(LQ ZDKUHU6FKHUEHQUHJHQSUDVVHOWH]X%RGHQXQGPLWGHQ 6FKHUEHQNDPLFK (LQVFKUHFNOLFKHU6FKUHLHPSILQJPLFK 'HU-XQJHKDWWHLKQDXVJHVWRHQZlKUHQGVHLQH0XWWHU VFKUHFNHQVVWDUULP6HVVHOKRFNWH 'HU-XQJHPLWGHP*UHLVHQJHVLFKWZDUELVDQGLH:DQG ]XUFNJHZLFKHQ(UNRQQWHVHLQHQ%OLFNQLFKWPHKUYRQ PHLQHP.UHX]ODVVHQHVVFKLHQDOVZUGHHUYRQGLHVHP $QEOLFNPDJLVFKDQJH]RJHQ $XVGHQ$XJHQZLQNHOQEHPHUNWHLFKGDVLFKGLH0XWWHU HUKHEHQZROOWH,FK]LVFKWHª%OHLEHQ6LHVLW]HQ© 6LHILHOZLHGHULQGHQ6HVVHO]XUFN 1RFKKLHOWGHU-XQJHGDV*HZHKUXQGQRFKZDULFKQLFKWDXV GHU*HIDKUHQ]RQHDEHULFKJODXEWHSO|W]OLFKQLFKWPHKUGDUDQ GDHUVHLQ*HZHKUJHJHQPLFKHLQVHW]HQZROOWH 0HLQ.UHX]KLQGHUWHLKQGDUDQ (VKDWWHVLFKHLQZHQLJHUZlUPWVWUDKOWHDOOHUGLQJVQLFKWDXI VRQGHUQEDQQWHGHQ-XQJHQPLWXQVLFKWEDUHQ.UlIWHQ ,FKVFKULWWQRFKQlKHU 3ROWHUQGILHOGLH:DIIH]X%RGHQ6LHZDULKPDXVGHQ +lQGHQJHUXWVFKW -HW]WEHIDQGLFKPLFKLQHLQHUQRFKEHVVHUHQ3RVLWLRQ ª*LEDXI©IOVWHUWHLFKªJLEDXI© (UVWUHFNWHVHLQHQUHFKWHQ$UPDXVXQGVSUHL]WHGLH+DQG ª:HJ©NHXFKWHHUª*HKZHJ©'DEHLEHZHJWHVLFKVHLQ.LQQ XQGLFKVDKSO|W]OLFKHWZDV*UDXHQKDIWHV 9RQVHLQHP*HVLFKWILHOHQ6WFNHDE :LHNOHLQHJUDXH6WHLQHNODWVFKWHQVLH]X%RGHQ(VEHJDQQ DP.LQQHUUHLFKWHGLH:DQJHQGLH1DVHEU|FNHOWHDQGHU 6WLUQGLH$XJHQILHOHQKHUDXVGLH2KUHQDOOHV =XP6FKOXULHVHOWHQXUQRFK6WDXE]X%RGHQXQGODQJVDP NLSSWHGHUNUDIWORVH.|USHUXP 6FKZHUVFKOXJHU]X%RGHQ

'DVNDOWH*UDXHQQDJHOWHPLFKDXIGHU6WHOOHIHVW6RHWZDV KDWWHLFKQRFKQLHLQPHLQHP/HEHQJHVHKHQXQGYHUGDPPW QRFKPDOLFKKDWWHYLHOPLWJHPDFKW 'RFKGDVZDUVFKOLPP $XFKGLH)UDXKDWWHHVJHVHKHQ6LHVWLHUWHPLWHLQHP%OLFN DXILKUHQ6RKQGHQLFKQLHYHUJHVVHQZUGH 8QGGDQQEHJDQQVLH]XVFKUHLHQ 6LHVFKULHVLFKLQHLQHQ.UDPSIKLQHLQ'LHVHVJHOOHQGH *HUlXVFKWULHEPLUHLQHQ6FKDXHUEHUGHQ5FNHQ,FK YHUSDWHLKU]ZHL6FKOlJHLQV*HVLFKW 'DV6FKUHLHQYHUVWXPPWHXQGGLH)UDXVDQNLP6HVVHO ]XVDPPHQ:HLQHQGEOLHEVLHKRFNHQ ,FKDEHUWUDWDXIGHQ%DONRQXQGPDFKWHHLQ=HLFKHQGD DOOHVLQ2UGQXQJVHL'DQQEDWLFKGHQ(LQVDW]OHLWHUHLQHQ$U]W XQG%LOO&RQROO\]XPLUKRFK 'DQDFK]QGHWHLFKPLUHLQH=LJDUHWWHDQXQGPHLQH+lQGH ]LWWHUWHQ 6LHZDUHQDOOHHQWVHW]W 'HU(LQVDW]OHLWHUHLQ0DQQGHUVLFK6PLWKQDQQWH%LOO &RQROO\XQGGHU$U]W (UKDWWHGHU)UDXHLQH6SULW]H]XU%HUXKLJXQJJHJHEHQ6LH ZDUMHW]WUHJHOUHFKWLQ/HWKDUJLHJHIDOOHQ'DEHLZROOWHXQG PXWHLFKPLWLKUUHGHQGHQQQXUVLHNRQQWHPLUEHUGDV 6FKLFNVDOLKUHV6RKQHV$XVNXQIWJHEHQ hEHUGHQ7RWHQKDWWHQZLUHLQH'HFNHJHOHJW9RP.RSIZDU QXU6WDXEJHEOLHEHQ:LUKDWWHQLKQ]XVDPPHQJHIHJWHLQHYHU GDPPWPDNDEUH$UEHLW 6PLWKHLQ0LWWYLHU]LJHUYRQEXOOLJHU*HVWDOWNDXWHDXIHLQHU =LJDUUHKHUXPXQGPXVWHUWHPLFKVFKDUI ª'DZHUGHQ6LHYHUGDPPWYLHO]XHUNOlUHQKDEHQ6LQFODLU© PRW]WHHUPLFKDQ ª6LFKHU©,FKOlFKHOWHª1XU,KQHQQLFKW6LHKDEHQPHLQHQ $XVZHLVJHVHKHQ6PLWKXQGZLVVHQZDV6LHGDYRQ]XKDOWHQ

KDEHQ.UDIWPHLQHV$PWHVZHLVHLFK6LHMHGRFKDXIGLH 6FKZHLJHSIOLFKWKLQGHU6LHXQWHUOLHJHQ© ª:LHPHLQHQ6LHGDV"© ª.HLQ:RUW]X5HSRUWHUQRGHUDQGHUHQ$XHQVWHKHQGHQ :HQQGLHVHUMXQJH0DQQDEWUDQVSRUWLHUWZLUGLVWDOOHVLQ 2UGQXQJ2ND\"© ª*XW© ª6ROOWHQ6LHPLUQLFKWJODXEHQZROOHQGDQQVHW]HQ6LHVLFK ELWWHPLW6XSHULQWHQGHQW6LU-DPHV3RZHOOLQ9HUELQGXQJ(U ZLUG,KQHQDOOHVZHLWHUHVDJHQ© ,FKNRQQWHGLHVH/LSSHULVNLHUHQGHQQEHLPHLQHP&KHIKDWWH LFKYROOH5FNHQGHFNXQJ )UGHQ$U]WJDOWGDVJOHLFKH(UZDUHLQQRFKMXQJHU0DQQ PLWVFKPDOHQ6FKXOWHUQXQGHLQHUIDKOHQ+DXWª,FKODVVH,KQHQ HLQSDDU7DEOHWWHQKLHU'LH3DWLHQWLQVROOMHZHLOV]ZHLSUR7DJ HLQQHKPHQ© ª'DQNH'RF© 6PLWKEHVRUJWHHLQH%DKUH'DUDXIZXUGHGHU7RWHPLWVDPW GHU'HFNHJHOHJWXQGDEWUDQVSRUWLHUW ,FKKRFNWHPLFKDXIGLH&RXFK%LOOEOLHEDP)HQVWHUVWHKHQ (UVRJDQVHLQHU=LJDUHWWHXQGVFKDXWHLQV/HHUH 'LH)UDXKLH(GLWKYRQbUVVHQ6LHZDUDXVGHQ 1LHGHUODQGHQHLQJHZDQGHUW,KUHQ0DQQKDWWHVLHYRU]ZHL -DKUHQYHUORUHQVRYLHOZXWH%LOOGXUFK%HIUDJXQJGHU +DXVEHZRKQHU1LHZDUGHUMlKULJH3KLOQHJDWLYDXIJHIDOOHQ ELV]XPKHXWLJHQ7DJ 8QGGDVPXWHHLQHQ*UXQGKDEHQGHQLFKKHUDXVILQGHQ ZROOWH 0LWZHOFKHQ0lFKWHQZDUGHU-XQJH]XVDPPHQJHWURIIHQ" (GLWKYRQbUVVHQKREGHQ.RSI ,FKOlFKHOWHLKU]XXQGIUDJWHª6LQG6LHLQGHU/DJHPLU HLQLJH)UDJHQ]XEHDQWZRUWHQ"© 6LHQLFNWH ª(VWXWPLUOHLGZDVGDPLW,KUHP6RKQJHVFKHKHQLVW© EHJDQQLFKª$EHUZLUN|QQHQHVQLFKWPHKUlQGHUQ,FKZLOO

MHGRFKKHUDXVILQGHQZDUXPHUVLFKYHUZDQGHOWKDWGDPLWLFK GLHMHQLJHQGLHHLQH6FKXOGGDUDQWUDJHQEHVWUDIHQNDQQ :ROOHQ6LHPLUGDEHLKHOIHQ"© 'LH)UDXQLFNWH ª+DEHQ6LHLQGHUOHW]WHQ=HLW9HUlQGHUXQJHQEHL,KUHP6RKQ IHVWJHVWHOOW"©ZROOWHLFKZLVVHQ ª1HLQ© ªhEHUOHJHQ6LHJHQDX0LWZHPKDWHU8PJDQJJHKDEW":DV KDWWHHUDOOHVHUOHEW"© ª(UZDULPPHUKLHU© ª+DWWHHUNHLQH)UHXQGHPLWGHQHQHUPDOZHJJLQJ" 9LHOOHLFKWLQHLQH'LVFRRGHUVR"© ª.DXP8QGLQOHW]WHU=HLWVFKRQJDUQLFKW© ª:LHVR"© ª3KLOZDUJDUQLFKWKLHU,FKKDWWHLKQ]XPHLQHU6FKZHVWHUDQ GLH6HHJHVFKLFNW© ª8QGZRLVWGDV"© ª'HU2UWOLHJWLQ:DOHV$EHUSRUWK9LHOPHKULQHLQHP NOHLQHQ'RUILQGHU1lKHZRKQWPHLQH6FKZHVWHU(VKHLW *U\QH[[D'DZDUHUHLQH:RFKH© ,FKEHUOHJWH$XVJHUHFKQHW:DOHV'LHVH3URYLQ]ZDUIU PLFKIDVWZLHHLQ$XVODQG'LH0HQVFKHQZDUHQDQGHUVHLJHQ XQG]XGHPZDU:DOHVZLHDXFK6FKRWWODQGGDV/DQGGHU6DJHQ XQG/HJHQGHQ ª:LHODQJHZDUHUGDVDJWHQ6LH"© ª(LQH:RFKH© ,FKZDUI%LOOHLQHQ%OLFN]X'HU5HSRUWHUQLFNWHQDFKGHQN OLFK(UKDWWHZRKOGHQJOHLFKHQ*HGDQNHQZLHLFK9LHOOHLFKW VROOWHQZLULQ:DOHVQDFKIRUVFKHQ ª8QGZDQQLVWHU]XUFNJHNRPPHQ"© ª*HVWHUQ© ª,VW,KQHQGDHWZDVDXIJHIDOOHQ"© ª-D(UZDUVWLOOHUDOVVRQVWXQGHUKDWDXFKLP6FKODIJHVSUR FKHQ6RODXWGDLFKHVLP1HEHQ]LPPHUK|UHQNRQQWH© ª:DVKDWHUJHVDJW"©

ª(UUHGHWHYRQHLQHP1HEHOGHU$QJVWYHUEUHLWHW(UZUGH NRPPHQXQGDOOHVIUHVVHQ© ª6RQVWQRFKHWZDV"© ª1HLQ6LU© (LQ1HEHOGHUDOOHVIUD9LHOOHLFKWHLQH6SXU",FKZLVFKWHPLU EHUGLH6WLUQª$EHUJHVWHUQVDK,KU6RKQQRFKY|OOLJQRUPDO DXVRGHU"© ª-D'DVNDPHUVWKHXWHPLWWDJ8USO|W]OLFKVFKRHUGDQQ XPVLFK(UWUDIPHLQHQ%HNDQQWHQXQGZROOWHDXFKPLFK XPEULQJHQ© ª6WLPPW6LHVDJWHQMDGD6LH:LWZHVLQG©,FKUlXVSHUWH PLFKª+DWHHU,KUHQ%HNDQQWHQ"© ª1HLQVLHYHUVWDQGHQVLFKJXW(VZDUVRKDUPRQLVFK©6LH VHQNWHGHQ.RSIXQGEHJDQQ]XZHLQHQ ,FKZROOWHGLH)UDXQLFKWOlQJHUPLW)UDJHQTXlOHQXQGHUKRE PLFK%LOOYHUVWDQGGLH*HVWH(UO|VWHVLFKYRP)HQVWHUXQG VFKULWWPLWPLUDXIGLH7U]X ,FKVSUDFKGHU)UDXQRFKHLQPDOPHLQ%HLOHLGDXVXQGYHUOLH JHPHLQVDPPLWPHLQHP)UHXQGGLH:RKQXQJ ,P)OXUVWDQGHQQRFKLPPHUGLH1HXJLHULJHQ:RGLH3ROL]HL QLFKWPHKUGDZDUGUlQJWHQVLHVLFKDQGHU7UXQGZLFKHQ QXU]|JHUQG]XUFNDOVZLU]XU7UHSSHJLQJHQ ª:DVZDUGHQQ"©IUDJWHHLQHURWKDDULJH)UDXPLW/RFNHQ ZLFNOHUVFKPXFN ª1LFKWV0DGDP1LFKWVZDV6LHLQWHUHVVLHUHQN|QQWH%LWWH JHKHQ6LHZLHGHULQ,KUH:RKQXQJHQ© 6LHJLQJHQQLFKW %LOOXQGLFKVFKULWWHQGLH7UHSSHKLQDE 'LH+RO]VWXIHQNQDUUWHQXQWHUXQVHUHP*HZLFKW ª0HLQVWGXGDGLHVHU1HEHOPLWGHU9HUlQGHUXQJGHV -XQJHQ]XVDPPHQKlQJW"©IUDJWHPLFKGHU5HSRUWHU ª,FKZHUGHHVKHUDXVILQGHQ© ª1HLQ-RKQZLU© ,FKPXWHODFKHQª*XWGDQQIDKUHQZLUHEHQ]XGULWW6XNR P|FKWHLFKDXFKJHUQGDEHLKDEHQ©

ª:LUPVVHQVFKOLHOLFKDXIGLFKDFKWJHEHQ©PHLQWHGHU 5HSRUWHUª1DFKKHUOlXIWGLUQRFKHLQH:|OILQEHUGHQ:HJ XQGGXYHUOLHEVWGLFKLQVLH© ª1RFKVRHLQHQNDOWHQ:LW]XQGZLUKDEHQ:LQWHU© %LOOJULQVWHª'DVGDXHUWQRFK]ZHL0RQDWHDEHUGHU)DOO NDQQQLFKWZDUWHQ© ª'DPLWKDVWGXUHFKW© 6FKRQVHLWHZLJHQ=HLWHQGRQQHUWHGLH%UDQGXQJJHJHQGLH )HOVHQDQGHU6WHLONVWH8QGVFKRQVHLWHZLJHQ=HLWHQEUDFKWH GHU:HVWZLQG:RONHQ5HJHQXQG6FKQHHPLW (VZDUHLQZLOGURPDQWLVFKHVDEHUHLQJHKHLPQLVYROOHVXQG GVWHUHV/DQGGLHVHV:DOHV+LHUZDUGLH*HVFKLFKWHQRFK OHEHQGLJKLHUZXUGHQ/HJHQGHQ:LUNOLFKNHLWXQGGLH 0HQVFKHQLJHOWHQVLFKYRPEULJHQ7HLOGHV/DQGHVDE6LH KDWWHQLKUHHLJHQH6SUDFKHZHQQVLHXQWHUVLFKZDUHQ'DQQ UHGHWHQVLHYRQ=DXEHUHUQ(OIHQ7UROOHQXQG*QRPHQ 'RFKVHLWHLQLJHQ7DJHQEHKHUUVFKWHQXUHLQ7KHPDGLH *HVSUlFKHGHU/HXWH 'HU1HEHO :LHHLQH:DQGVWDQGHUDXIGHP0HHUHWZD]ZHLELVGUHL 0HLOHQYRUGHU.VWHXQGHUO|VWHVLFKHLQIDFKQLFKWDXI1LFKW GXUFKGHQ:LQGRGHUGXUFKGHQ5HJHQ(VVFKLHQDOVKlWWHLKQ GHU7HXIHOSHUV|QOLFKDXIGHU2EHUIOlFKHIHVWJHOHLPW ª'DVLVWHWZDV%|VHV©ZDUQWHQGLH$OWHQXQGIDOWHWHQGLHULV VLJHQ+lQGH]XP*HEHW -QJHUH/HXWHVRIHUQHVVLHQRFKJDEXQGVLHQLFKWDXVJH ZDQGHUWZDUHQVFKREHQGLH1HEHOZRONHGHU9HUVHXFKXQJGHU 8PZHOWLQGLH6FKXKH6LHJODXEWHQGDGHU1HEHOGXUFK LUJHQGZHOFKH8QWHUZDVVHUDUEHLWHQHQWVWDQGHQZDU 'RFKGDZDUQLFKWV .HLQH,QGXVWULHNHLQ%RKUWXUPUHFNWHVHLQH6WDKOWUlJHUDXV GHU&DUGLJDQ%D\(VZDUDOOHVQRUPDOELVDXIGLH:RONH )LVFKHUKDWWHQVLHXPIDKUHQXQGDXFKDXVJHPHVVHQ

=ZHL0HLOHQEUHLWHLQHKDOEH0HLOHWLHI +LQHLQJHIDKUHQZDUYRQGHQ(LQKHLPLVFKHQQLHPDQG1XU HLQMlKULJHU-XQJHDXV/RQGRQGHUEHLVHLQHU7DQWH]X %HVXFKZHLOWHZROOWHGLHVHV$EHQWHXHUHLQJHKHQ (UZDU]XUFNJHNHKUWXQGHLQHQ7DJVSlWHUZLHGHUDEJHIDK UHQ9LHOKDWWHHUQLFKWHU]lKOWQXUVHLQHP)UHXQG+D\RKDWWH HUHLQSDDU:RUWHJHVDJW 'HU1HEHOZlUHDQGHUVJHZHVHQNRPLVFKPHKUZLH/HLP XQGHUKlWWHDXFKDQGHUVJHVFKPHFNW 'LHVH:RUWHPDFKWHQLP'RUIGLH5XQGHXQGPDQEHUOHJWH VLFKZDV]XWXQVHL 'HU%UJHUPHLVWHUZDUGDIUJHZHVHQGLH3ROL]HL]XDODU PLHUHQGRFKDQGHUHKDWWHQLKQEHUVWLPPW0DQVXFKWH 0XWLJHDXVGHQHLJHQHQ5HLKHQGLHGDV3KlQRPHQXQWHU VXFKHQVROOWHQ =ZHL0lQQHUPHOGHWHQVLFK *DUG/D\WRQXQG%LOO\+RRN =ZHL)LVFKHUGLHJHPHLQVDPHLQ%RRWJHNDXIWKDWWHQXQG GDPLWDXI)DQJJLQJHQ 6LHZXUGHQDOOJHPHLQEHZXQGHUWGDVLHHVZDJHQZROOWHQ LQGLH1HEHOZRONH]XIDKUHQ *DUG/D\WRQZDUGHUbOWHUH(U]lKOWH-DKUHXQGJOLFKYRP 7\SKHUHLQHP6HHZROI%ORQGHVNUDXVHV+DDUEUHLWVFKXOWULJ JHEDXW3IHLIHQUDXFKHUVRQQHQEUDXQHV*HVLFKW %LOO\+RRNZDU]ZHL-DKUHMQJHU(LQGUDKWLJHUVFKZDU]KDD ULJHU.QDEHPLW'\QDPLWLQGHQ)lXVWHQ(UIUFKWHWHZHGHU GLH6HHQRFKVHLQH6FKZLHJHUPXWWHUKDWWHDEHU$QJVWYRUGHP 7HXIHOZREHL/D\WRQLPPHUPHLQWH]ZLVFKHQGHP7HXIHOXQG GHU6FKZLHJHUPXWWHUJlEHHVNDXPHLQHQ8QWHUVFKLHG 6LHZROOWHQPRUJHQVKLQDXVIDKUHQVREDOGGHU)UKQHEHOYHU VFKZXQGHQZDU 'LH:HWWHUPHOGXQJHQNODQJHQJXW(UVWJHJHQ$EHQGVROOWH VWlUNHUHU:LQGDXINRPPHQ'LH0HQVFKHQZDUWHWHQVFKRQDXI GLHHUVWHQ+HUEVWVWUPH%LVKHUKDWWHQVLHVLFKLQ*UHQ]HQ JHKDOWHQ

%LOO\+RRNQXFNHOWHDQVHLQHU3IHLIH'LH*OXWZlUPWHVHLQH 1DVH'HU)LVFKHUKDWWHGLH+lQGHWLHILQGHQ+RVHQWDVFKHQ YHUJUDEHQXQGVFKDXWHGLHPLWURKHP3IODVWHUEHGHFNWH6WUDH KRFKGLHGLUHNW]XU.LUFKHXQGGDPLWDXFK]XP=HQWUXPGHV 2UWHVIKUWH 9RQGRUWPXWH*DUG/D\WRQNRPPHQDEHUGLHVHU -XQJJHVHOOHYHUVFKOLHIRIW ª(LQPDOGUHKHLFKLKPQRFKGHQ+DOVXP©PXUPHOWH%LOO\ +RRN 'DQQNDPGHUDOWH=\EEDN(UZDUVFKRQEHUXQG NDQQWHGLHDOWHQ=HLWHQQRFK1HEHQ+RRNEOLHEHUVWHKHQ ª:ROOWLKUZLUNOLFKIDKUHQ"©NUlFK]WHHU ª-D© ª'HQ1HEHOKDWGHU7HXIHOJHVFKLFNWPHLQ-XQJH© ª:RKHUZHLWGXGDV"© ª'DVVSUHLFKLQPHLQHQ.QRFKHQ©'HUDOWH=\EEDNVFKRE GLHEODXH6FKLIIHUPW]HLQGHQ1DFNHQª6RHWZDVKDEHLFK LQDOOGHQ-DKUHQQRFKQLHHUOHEWGDVJHKWHLQIDFKQLFKWPLW UHFKWHQ'LQJHQ]X*ODXEHHVPLUPHLQ)UHXQG© +RRNKREGLH6FKXOWHUQª:HQQZLUMHW]WNQHLIHQVWHKHQZLU LP2UWDOV)HLJOLQJHGD© ª,KUKlWWHWHXFKHUVWJDUQLFKWPHOGHQVROOHQ© ª'DVLVW]XVSlW© ª/HLGHUPHLQ-XQJHOHLGHU© 'HU$OWHVFKDXWHEHUGHQ+DIHQ(UODJLQHLQHUQDWUOLFKHQ NOHLQHQ%XFKW'DYRUZXFKVHQKRKH)HOVHQDXVGHP0HHUGLH GHQJU|WHQ7HLOGHU%UDQGXQJDEKLHOWHQVRGDHVDXFKEHL 6WXUPLP+DIHQ]LHPOLFKUXKLJEOLHE (LQLJH6FKLIIHGPSHOWHQDQGHU0ROH0HLVW)LVFKHUNlKQH NHLQHPRGHUQHQ
ª'DYRQKDWNHLQHUZDVJHVDJW© ª$EHUHVZLUGHLQWUHWHQZHQQLKULQGLH:RONHIDKUW© ª+|UGRFKPLWGHP4XDWVFKDXI$OWHU:LUIDKUHQXQGGDPLW LVWGLH6DFKHHUOHGLJW© ª,FKKDEHHXFKMDQXUJHZDUQW©=\EEDNVFKWWHOWHEHGlFKWLJ GHQ.RSIª6RMXQJXQGVFKRQVROHEHQVPGH©PHLQWHHUXQG JLQJVFKOXUIHQGGDYRQ %LOO\+RRNZROOWHLKPQRFKHWZDVQDFKUXIHQGRFKGDERJ GLFKWDQGHU.LUFKHQPDXHUHLQH*HVWDOWDXIGHQ:HJHLQ (VZDU*DUG/D\WRQ %HGlFKWLJVFKOHQGHUWHHUQlKHU$OV%LOO\+RRNDXIGLH8KU VFKDXWHJULQVWHHUQXUª6RHLOLJZHUGHQZLUHVVFKRQQLFKW KDEHQ:DVZROOWHHLJHQWOLFKGHUDOWH=\EEDNEHLGLU"© ª8QVZDUQHQ:LUVROOHQQLFKWUDXVIDKUHQ'HU1HEHOZUGH YRP7HXIHONRPPHQKDWHUJHVDJW© *DUGYHU]RJGDV*HVLFKWª1RUPDOLVWHUMDQLFKW© ª*ODXEVWGXDXFKGDUDQ"©IUDJWH%LOO\ ª1HLQGDVQLFKW© ª$EHU"© ª1LFKWV/DXQVDEIDKUHQ©(UGHXWHWHPLWGHP'DXPHQGLH 6WUDHKRFKª'DVWHKHQVLHVFKRQXQGVFKDXHQ]X:LUZROOHQ VLHQLFKWHQWWlXVFKHQ© ,QGHU7DWKDWWHQVLFKDP(QGHGHU6WUDHHLQLJH 'RUIEHZRKQHUYHUVDPPHOW'HUDOWH=\EEDNVWDQGDXFKXQWHU LKQHQXQGUHGHWH:DVGLHEHLGHQMXQJHQ0lQQHUYRUKDWWHQ ZDUZLUNOLFKHLQH6HQVDWLRQ6RHWZDVKDWWHPDQLQ*U\QH[[D QRFKQLHHUOHEW *DUGXQG%LOO\JLQJHQ]XLKUHP%RRW(VZDUHLQVWDELOHU +RO]NDKQ9HUVHKHQPLWHLQHP6HJHOPDVWXQGHLQHPVWDUNHQ 0RWRUZDUHUIUGLH.VWHQILVFKHUHLGHUJHHLJQHWH.DKQ'DV 6WHXHUKDXVQHEHQGHUNOHLQHQ.DMWHEHIDQGVLFKDP+HFN ZlKUHQGGHUEULJH7HLODOV/DGHHLQULFKWXQJGLHQWH0LW +RO]ERKOHQZDUHQGLHHLQ]HOQHQ.DPPHUQDEJHWUHQQWLQGLH GLH)LVFKHJHZRUIHQZXUGHQ 'DV1HW]ODJ]XVDPPHQJHOHJWDP6FKLIIVKHFN6LHEUDXFKWHQ

HVKHXWHQLFKW'HU)LVFKIDQJVROOWHHUVWDPQlFKVWHQ7DJ ZLHGHUVWDUWHQ+HXWHZROOWHQGLHEHLGHQ0lQQHUGHQ1HEHO XQWHUVXFKHQXQGDQVFKOLHHQGLKUH%HREDFKWXQJHQLP2UW EHNDQQWPDFKHQ (VZDUDOOHVVRUJIlOWLJJHSODQWZRUGHQ6HJHOZXUGHQQLFKW JHVHW]WGHU.DKQVROOWHPLW0RWRUNUDIWELVDQGDV2EMHNWKHU DQJHEUDFKWZHUGHQ *DUG/D\WRQEHZHJWHVLFKVRIRUWDXIGDV+HFNGHV%RRWHV]X XQGYHUVFKZDQGLP5XGHUKDXV'HU(LQJDQJZDUVRQLHGULJ GDHUGHQ.RSIHLQ]LHKHQPXWH =ZHLURKH+RO]VWXIHQIKUWHQKLQXQWHUGDQQVWDQGHUYRU GHP6WHXHUUDG (LQH5DGDUDQODJHKDWWHGDV%RRWQLFKW6LHZDUDXFKQLFKW Q|WLJGDVLFK/D\WRQXQG+RRNVRZLHVRQXULP%HUHLFKGHU .VWHDXIKLHOWHQ %LOO\+RRNEOLHEIUHLQHQ0RPHQWDXIGHU5HOLQJVWHKHQ(U KREGHQUHFKWHQ$UPHLQ=HLFKHQGDHUGLH/HLQHQJHO|VW KDWWH /D\WRQVWHOOWHGHQ0RWRUDQXQG+RRNVSUDQJDXI'HFN 'HU0RWRUWXFNHUWHZLHHLQ2OGWLPHU)DKU]HXJXQGNDPHUVW ODQJVDPDXI7RXUHQ1DFKHLQHU:HLOHOLHIHUHQGOLFKUXQG 'LHEHLGHQ0lQQHUZDUHQJXWDXIHLQDQGHUHLQJHVSLHOW(V EHUHLWHWH/D\WRQNHLQH6FKZLHULJNHLWHQGDV6FKLIIYRQGHU 0ROHZHJXQGLQGDVIUHLH*HZlVVHUKLQHLQ]XOHQNHQ 'HU:LQGEOLHVYRQ6GZHVWHUWULHEGLH:HOOHQJHJHQGHQ .DKQXQGGHU0RWRUEUDXFKWHPHKU.UDIWXPGDV6FKLIILQ )DKUW]XEULQJHQ :HUGHQ+DIHQQLFKWNDQQWHKDWWHVHLQH0KHLKQ]XYHU ODVVHQGHQQGLHEUDQGXQJVKHPPHQGHQ)HOVHQZXFKVHQXQWHU :DVVHUZHLWHUXQGEUHLWHWHQVLFKGRUWDXV6HKUOHLFKWNRQQWH HLQ%RRWPLWVHLQHP.LHOEHUGLH)HOVHQVFKUDPPHQXQGDXI JHULVVHQZHUGHQ 'RFK*DUG/D\WRQVWHXHUWHOlVVLJGHQ.DKQDXVGHP+DIHQ 'DQDFKZXUGHQGLH:HOOHQVWlUNHU6LHKREHQGHQ%XJDQGHU VLFKHLQZHQLJVFKZHUIlOOLJZLHGHUVHQNWH

6SULW]ZDVVHUJLVFKWHWHEHUTXLUOWHLQGLH$EODXIULQQHQXQG YHUHLQLJWHVLFKZLHGHUPLWGHP0HHU %HLGH0lQQHUEHKLHOWHQGLH1HEHOEDQNLP$XJH8QG%LOO\ +RRNKDWWHSO|W]OLFKGDV*HIKODOVZUGHVLFKGHU1HEHO EHZHJHQXQGZDQGHUQ (UOLHI]XP5XGHUKDXVKLQEHUZR*DUG/D\WRQLKQIUDJHQG DQVFKDXWHª,VWZDV"© +RRNQLFNWHª,FKPHLQHGHU1HEHOZlUHQlKHUDQ/DQG JHNRPPHQ© ª8QVLQQ© ª'RFK© ª'DVNDQQDOOHVOHLFKWWlXVFKHQ©VDJWH/D\WRQJULIIDEHU WURW]GHP]XP*ODVXQGVFKDXWHGXUFK ª1XQ"©IUDJWH%LOO\+RRNJHVSDQQW ª.DQQPDQQLFKWVRVDJHQ© ª'XZUGHVWHVDEHUDXFKQLFKWDEVWUHLWHQ© ª1HLQQLFKWVRGLUHNW© ª'DQQVWLPPWHWZDVQLFKW©+RRNZDUYRQVHLQHQ:RUWHQ EHU]HXJW ª8QGZDVELWWH"© ª:HQQGHU1HEHOGHUMDVFKRQHLQLJH7DJHYRUGHU.VWH OLHJWELVKHUQLFKWJHZDQGHUWLVWZDUXPDXVJHUHFKQHWKHXWH" .DQQVWGXPLUGDVVDJHQ"© ª9LHOOHLFKWLVWHUDXFKYRUKHUJHZDQGHUWXQGZLUKDEHQHV QXUQLFKWEHPHUNW© ª,FKWUDXHGHP%UDWHQQLFKW$POLHEVWHQ*DUGZUGHLFK ZLHGHUXPNHKUHQ© /D\WRQODFKWHª:DUXPGDVGHQQ"+DWGLFKGLH5HGHUHLGHV $OWHQYHUUFNWJHPDFKW"© ª1HLQDEHUGLHVHV:DQGHUQ© ª(VVWHKWGRFKQRFKJDUQLFKWIHVW]XP7HXIHO© ª0LWGHP7HXIHOKDWHVVLFKHUOLFKZDV]XWXQ©EHPHUNWH%LOO\ +RRN ª$FKK|UDXI© %LOO\ZDUIHLQHQ%OLFN]XUFN6LHKDWWHQGLH+DIHQHLQIDKUW

OlQJVWSDVVLHUWGLH.VWHEOLHEKLQWHULKQHQ]XUFNXQGDXFK GDV'RUI(UIKOWHVLFKSO|W]OLFKXQZRKO'LHVHJUDXZHLH :DQGGDDXIGHP0HHUEHUHLWHWHLKPN|USHUOLFKHV8QEHKDJHQ %LOO\ZDUIHLQHQ%OLFNDXIVHLQHQ)UHXQG *DUG/D\WRQVWDQGUXKLJDP6WHXHU1LFKWVLQVHLQHP*HVLFKW UHJWHVLFK(UVFKLHQEHUKDXSWQLFKWQHUY|V]XVHLQ(VZDU DXFKDOOHVDEJHVSURFKHQ6LHZROOWHQGLH1HEHOZDQGGXUFKIDK UHQ8QG]ZDU]ZHLPDO$XIGHU+LQIDKUWDQGHU2VWVHLWHXQG DXIGHU5FNIDKUWDXIGHU:HVWVHLWH'DVKDWWHQVLHVLFKYRUJH QRPPHQ /D\WRQODFKWHSO|W]OLFKXQG%LOO\VFKDXWHLKQYHUZXQGHUWDQ ª:DVLVWORV"© ª,FKDPVLHUHPLFKEHUGHLQH$QJVW:LUNOLFKGXELVWGRFK VRQVWNHLQH0HPPH© ª,FKKDEHDXFKQRFKQLHVROFKHLQH1HEHOZDQGJHVHKHQ© ª-DMDVFKRQJXW©:HQQ/D\WRQVRUHGHWHZDUIULKQGDV 7KHPDHUOHGLJWGDVZXWH+RRN (UVSUDFKDXFKQLFKWPHKUZHLWHUGRFKGLH$QJVWYRUGHP 1HEHOEOLHE-HQlKHUVLHKHUDQNDPHQXPVREHGURKOLFKHU ZXUGHHU$XVGHU)HUQHKDWWHHUZLHHLQHNOHLQHJUDXZHLH :DQGDXVJHVHKHQGLHEHUGHP:DVVHUODJDEHUMHW]WZDUGLH :DQGJHZDFKVHQVRJDU]LHPOLFKKRFKJHZRUGHQ 6LHNDPLKPYRUZLHHLQ*HELUJH8QGVLHVWDQGQLFKWVWLOO,Q LKUZRJWHXQGZDOOWHHVELOGHWHGLFNH6FKOLHUHQXQG6WUHLIHQ GLHZHOOHQI|UPLJDXIHLQDQGHU]XOLHIHQ $XFKZDUGDV0HHUKLHUUXKLJHU.HLQ6HHZDVVHUJLVFKWHWH PHKUEHUGDV6FKLIIIDQGZLUNOLFKHLQHIDVWJODWWH6HHYRU 8QGQRFKHWZDVILHO%LOO\+RRNDXI ,QGHU/XIWIORJHQNHLQH9|JHO1LFKWHLQH0|ZHZDU]X VHKHQ1XULQGHU)HUQH]RJHQVLHLKUH.UHLVH(VVFKLHQDOV KlWWHQVLH$QJVWVLFKGHU1HEHOZDQG]XQlKHUQ %LOO\+RRNVFKOXJPLWGHUUHFKWHQ)DXVWDXIVHLQHOLQNH RIIHQH+DQGIOlFKHª'XNDQQVWPLUVDJHQZDVGXZLOOVW*DUG DEHUKLHUVWLPPWHWZDVQLFKW© ª+|UGRFKDXI0HQVFK©

ª6LHKGRFKPDOUDXV© ª'DVWXHLFKGLHJDQ]H=HLWIDOOVHVGLUQLFKWDXIJHIDOOHQVHLQ VROOWH© ª6RPHLQHLFKGDVQLFKW1LFKWHLQ9RJHOEHJOHLWHWXQVHUH )DKUWZRGRFKVRQVWGLH0|ZHQDXI'HFNKHUXPVLW]HQ© ª:LUKDEHQDXFKNHLQH)LVFKHJHODGHQ© ª+HLOLJHU.ODEDXWHUPDQQGXZLOOVWGLFKHLQIDFKQLFKWEHU ]HXJHQODVVHQ© ª8QGGXELVWHLQDEHUJOlXELVFKHU1DUU©VDJWH*DUGª-HW]W ODPLFKLQ5XKHLFKPXPLFKNRQ]HQWULHUHQ© %LOO\+RRNKREQXUGLH6FKXOWHUQ(UGUHKWHVLFKXPXQGZDUI HLQHQDEVFKLHGQHKPHQGHQ%OLFNGHP/DQGHQWJHJHQ'HU .LUFKWXUPZDUQRFKGHXWOLFK]XHUNHQQHQ%LOO\KDWWHGDV *HIKODOVZUGHYRQLKPHLQHVWXPPH:DUQXQJDXVJHKHQ GRFKQLFKWZHLWHU]XIDKUHQ$EHUGDOLHGHU6WHXHUPDQQQLFKW PLWVLFKUHGHQ ,P*HJHQWHLOHUZDUJXWHU'LQJHª%DOGKDEHQZLU V©VDJWH HUQDKPGLH+lQGHYRP5XGHUXQGEOLHVJHJHQVHLQH.Q|FKHO ª:ROOHQGRFKPDOVHKHQZDVGLHVHUYHUGDPPWH1HEHOZLUN OLFKLVW'HU-XQJHKDWMDQLFKWVJHVDJW© ª:LHHVLKPZRKOJHKW"©PXUPHOWH%LOO\ ª:DV"© +RRNZLHGHUKROWHVHLQH)UDJH ª.DQQLFKGRFKQLFKWULHFKHQ© ª(ULVW]LHPOLFKSO|W]OLFKDEJHUHLVW©VDJWH%LOO\ª6RRKQH hEHUJDQJZHLWGX© ª9LHOOHLFKWZDUHUHVOHLG© ª2GHUHVKLQJPLWGHP1HEHO]XVDPPHQ© *DUG/D\WRQDWPHWHWLHIGXUFKª-HW]WEHUWUHLEVWGXZLUNOLFK :lUHLFKHLQDQGHUHU7\SN|QQWHVWGXPLFKQRFKPLWVRZDV QHUY|VPDFKHQ0DQQ-XQJHEOHLEDXIGHP7HSSLFK© ª6LFKHU*DUGVLFKHU©%LOO\+RRNVFKDXWHQDFKYRUQ +DXVKRFKVFKLHQGLH1HEHOZDQGYRULKQHQDXI]XUDJHQ6LH YHUGHFNWHDOOHV6HOEVWGLH6LFKW]XP+LPPHOQDKPVLH'DV :DVVHUJXUJHOWHXQGVFKPDW]WHGUHKWH.UHLVHOXQGELOGHWH

6WUXGHO8PGDV6FKLIIKHUXPVFKLHQHVYRQWDXVHQG+lQGHQ DXIJHZKOW]XZHUGHQ ª$FKWXQJJOHLFKLVWHVVRZHLW©VDJWHGHU6WHXHUPDQQ (UKDWWHUHFKW,PQlFKVWHQ$XJHQEOLFNVWDFKGHU%XJGHV 6FKLIIHVLQGLH1HEHOZDQG %LOO\+RRNZDUOHLFKHQEODJHZRUGHQ(UVFKOXFNWH6HLQ $GDPVDSIHOWDQ]WHDXIXQGQLHGHU6HLQH+lQGHZDUHQLQ HLQDQGHUYHUNUDPSIWGLH/LSSHQPXUPHOWHQHLQ*HEHWDXVGHU .LQGHU]HLWZHLOLKPHLQDQGHUHVQLFKWHLQILHO (UDKQWHGDV%|VHHUZXWHGDHVYRUKDQGHQZDUGRFKHU NRQQWHQLFKWVGDJHJHQWXQ 'HU1HEHOYHUVFKOXFNWHGDV6FKLII ª8QGMHW]WKHLWHVDXISDVVHQ©VDJWH*DUG/D\WRQ$XFKLKP ZDUQLFKWZRKO]XPXWHGHQQHUNRQQWHHEHQIDOOVQLFKWVVHKHQ 'LHZHLJUDXHQ6FKOLHUHQZDUHQEHUDOOXQGVLHZDUHQGLFKW 1LFKWHLQPDOGHU0DVWKREVLFKDXVGHU%UKHDE ª9HUGDPPWYHUGDPPWREZLUGDMHPDOVZLHGHUUDXV NRPPHQ"©+RRNZDUHLQ3HVVLPLVW ª.ODUZLUEUDXFKHQQXUGHQ.XUV]XKDOWHQ8QG)HOVHQJLEW HVKLHUQLFKWPHKU© ª'XKDVW1HUYHQ*DUG© ª'LHEUDXFKHLFKDXFKEHLGLU©/D\WRQ]RJGLH1DVHKRFK ªhEHUQLPPGXPDOLFKVHKHPLFKHLQZHQLJDXI'HFNXP© ª$EHUVHLYRUVLFKWLJ©ZDUQWH%LOO\ $QGHU7UGUHKWH/D\WRQVLFKXPª:HVKDOE":LUVLQGKLHU GRFKKLHUDXIGHP6FKLII© ª1XUVR© /D\WRQODFKWHPLWEOLW]HQGHQ=lKQHQXQGYHUVFKZDQG1DFK ]ZHL6FKULWWHQVFKLHQVLFKVHLQH*HVWDOWDXI]XO|VHQ %LOO\+RRNZDUDOOHLQ$OOHLQPLWVHLQHU$QJVWXQGVHLQHQ *HGDQNHQ+DUWKLHOWHUGDV5XGHUXPNUDPSIW6HLQH=XQJH IXKUEHUGLHVSU|GHQ/LSSHQGLH$XJHQWUlQWHQIDVWYRU $QVWUHQJXQJZHLOHUVRVHKULQGLHJUDXH6XSSHVWDUUWH (UVWDQGZLHXQWHU6WURP/DXVFKWHDXIMHGHV*HUlXVFK'HU 0RWRUOLHIUXKLJGDZDUQLFKWVDEHUHUK|UWHGDV.ODWVFKHQGHU

:HOOHQQLFKWPHKUGLHHZLJH0XVLNGLHGHQHLQVDPHQ6FKLIIHU EHJOHLWHWHXQGPDQFKPDOURPDQWLVFKDOVDXFKZLOGNOLQJHQ NRQQWH6WDWWGHVVHQKDWWHHUGDV*HIKOPLWGHP.LHOGHV 6FKLIIHVEHU:DWWH]XJOHLWHQ6RODXWORV 9RQVHLQHP)UHXQGZDUQLFKWV]XVHKHQ'HUWXUQWHVLFKHUOLFK YRUQDP%XJKHUXP%LOO\VHOEVWKlWWHGDV5XGHUKDXVQLHYHU ODVVHQGDIUKDWWHHU]XYLHO$QJVW+LHUIKOWHHUVLFK HLQLJHUPDHQJHVFKW]WREZRKOGHU1HEHOGXUFKMHGH5LW]H GUDQJXQGDOVIDKOHU6FKOHLHULQGDV5XGHUKDXVVWLHJ 'LHVHU1HEHOZDUDQGHUVDOVQRUPDO(UKDWWHQLFKWGLH )HXFKWLJNHLWXQGHVNDP%LOO\YRUDOVVHLHUVFKZHUHUJH ZRUGHQ(UTXROOJHJHQGDV*ODVOLHVLFKGRUWQLHGHUNRQ GHQVLHUWHXQGELOGHWH7URSIHQ$EHUNHLQH:DVVHUWURSIHQ QHLQVRQGHUQJHOEOLFKH3XQNWHGLHZLHJHIlUEWH.ULVWDOO NXJHOQVFKLPPHUWHQ 6HOWVDP %LOOPHUNWHZLHHUVFKZLW]WH$OV6FKLFKWODJGHU6FKZHLDXI VHLQHP*HVLFKW(UZLVFKWHEHUGLH6WLUQ:HQQMHW]WZHQLJ VWHQV*DUG/D\WRQKLHUJHZHVHQZlUHDEHUHUWULHEVLFKLUJHQG ZRLQGHUXQGXUFKGULQJOLFKHQ6XSSHKHUXP 5XKLJIXKUGDV6FKLII$OVZUGHHVDXIHLQHUJODWWHQ :DVVHUREHUIOlFKHOLHJHQ.HLQH:HOOHKREHVKRFKXQGGUFNWH HVZLHGHUQLHGHU'LH6HHZDUUXKLJ 0LQXWHQYHUJLQJHQ 8QG*DUGZDULPPHUQRFKQLFKW]XUFN %LOO\+RRNZXUGHLPPHUQHUY|VHU:RWULHEVLFKGHU.HUO KHUXP"'DZDUGRFKQLFKWVSDVVLHUW" +RRNJDEQRFKHLQH0LQXWH]XGDQQKLHOWHUHVKLQWHUGHP 5XGHUQLFKWPHKUDXV'DGHU.DKQVRZLHVRNDXPEHZHJW ZXUGHIDWHHUVLFKHLQ+HU]XQGYHUOLHGDV5XGHUKDXV 'DQHEHQEOLHEHUVWHKHQ ª*DUG©/DXWULHIHUGHQ1DPHQVHLQHV)UHXQGHVGRFKGHU K|UWHLKQQLFKWMHGHQIDOOVJDEHUNHLQH$QWZRUW :LHGHUGHU5XIª*DUUUGGG© 'HU6FKUHLHUVWLFNWHEHUHLWVQDFKZHQLJHQ
1HEHO(UGUDQJHUVWJDUQLFKWELV]XP%XJGHV%RRWHVYRU :HQQGRFKQXUGLHVHUYHUIOXFKWH1HEHOVFKRQ]X(QGHZlUH GDFKWH%LOO\DEHUVRIXKUHQVLHLPPHUZHLWHU=ZHL0HLOHQ NRQQWHQHLQIDFKQLFKWVRODQJVHLQ 8QGGLH*HVFKZLQGLJNHLWZDUJOHLFKJHEOLHEHQ%LOO\ZDU LPPHUPHKUGDYRQEHU]HXJWGDKLHUHWZDVQLFKWPLWUHFKWHQ 'LQJHQ]XJLQJ1HLQGHU1HEHOZDUHLQ*HVFKHQNGHV7HXIHOV (UJLQJZLHGHU]XUFNLQV5XGHUKDXV .DXPKDWWHHUGDV5XGHUXPIDWXQGVFKDXWHZLHGHUQDFK GUDXHQGDVDKHUGLH*HVWDOW*DUG/D\WRQNDP]XUFN %LOO\+RRNILHOHLQ6WHLQYRP+HU]HQ(UNRQQWHDXFKZLHGHU OlFKHOQ(UZROOWH*DUGNHLQHUOHL9RUZUIHPDFKHQGDHUVR ODQJHZHJJHEOLHEHQZDU+DXSWVDFKHHUVWDQGEDOGQHEHQLKP $EHUZDVZDUGDV" *DUG/D\WRQJLQJVRVHOWVDP$OVKlWWHHUJHWUXQNHQ8QGHU KLHOWVLFKGDEHLGLFKWDQGHU%DFNERUGVHLWH:HQQHUQLFKWDFKW JDEODQGHWHHUQRFKLP:DVVHU ª3DGRFKDXI©ULHI%LOO\ 6HLQ)UHXQGK|UWHLKQQLFKW(UJLQJZHLWHU8QGHUVWHXHUWH ]LHOVWUHELJGDV5XGHUKDXVDQ 6HLQH*HVWDOWZXUGHGHXWOLFKHU-HW]WPXWHHUVLFKQDFKOLQNV ZHQGHQXPLQGDV5XGHUKDXV]XJHODQJHQ'DVWDWHUQLFKW(U JLQJQDFKUHFKWVXQGOLHIDXIGLHJURH6LFKWVFKHLEH]X ª:DVWXVWGX"©IOVWHUWH%LOO\ª0HLQ*RWWZDVLVWORV"©(U YHUVSUWHSO|W]OLFK$QJVW0LW*DUGVWLPPWHHWZDVQLFKW'D ZDUHLQLJHVDQGHUV ,PQlFKVWHQ0RPHQWILHO*DUG/D\WRQQDFKYRUQ(UVWUHFNWH GDEHLGLH$UPHDXVEHUKUWHPLWGHQ+lQGHQGLH6FKHLEHXQG IlFKHUWHVLHGDQQ]XU6HLWH 6HLQ*HVLFKWEHIDQGVLFKGLFKWYRUGHU6FKHLEH %LOO\+RRNNRQQWHHVJHQDXVHKHQ 6HLQH$XJHQZXUGHQJURHUEHJDQQSO|W]OLFK]X]LWWHUQGDV *UDXHQVSUDQJLKQDQ *DUG/D\WRQKDWWHGDV*HVLFKWHLQHU0XPLH

ª1HLQ©NHXFKWH%LOO\ª1HLQGDVJLEWHVQLFKW,FKWUlXPHLFK ©'RFKGDV%LOGEOLHE -HW]WSUHWH/D\WRQVHLQ*HVLFKWGLFKWDQGLH6FKHLEH-HGH (LQ]HOKHLWNRQQWH%LOO\HUNHQQHQ 8QGGLHZDUHQVFKDXULJJHQXJ 'DV*HVLFKWZDU]XHLQHUZDKUHQ0RQVWHUIUDW]HJHZRUGHQ 6LHVFKLHQDXVJUDXHP/HKPRGHU6WHLQ]XEHVWHKHQVRJHQDX ZDUGLH)DUEHQLFKW]XHUNHQQHQ1XUGLH$XJHQOHEWHQXQG GLHZDUHQHVGLH%LOO\PLWXQKHLPOLFKHU.lOWHDQVWDUUWHQ +RRNOLHGDV5XGHUORVXQGZDQNWH]XUFN6HLQH/LSSHQ EHZHJWHQVLFKGRFKHLQ/DXWGUDQJQLFKWKHUYRU=XVHKUKLHOW GDV(QWVHW]HQLKQJHSDFNW(UVWDOVHUPLWGHP5FNHQJHJHQ GLH:DQGVWLHNDPHUZLHGHU]XVLFK ª1HLQGDVNDQQHVQLFKWJHEHQ'LHVHU1HEHOLFKKDEHHV JHZXW'LHVHUYHUGDPPWH1HEHOHLQ*HVFKHQNGHV7HXIHOV 'HU6DWDQVWHFNWGDKLQWHUGHU6DWDQ© :LPPHUQGVDQNHULQGLH.QLHXQGKDWWHGLH+lQGHYRUVHLQ *HVLFKWJHVFKODJHQ(UZROOWHVHLQHQ)UHXQGQLFKWPHKUVHKHQ GLHVHVGLHVHV0RQVWHU (UVWDOVHU6FKULWWHK|UWHKREHUGHQ%OLFN/D\WRQKDWWHGLH 7UGHV5XGHUKDXVHVDXIJH]RJHQ (UNDP :LHGHUJLQJHUZLHHLQ%HWUXQNHQHUZDQNWHEHUGLH 6FKZHOOHXQGVWUHFNWHGHQ$UPDXV ª.RPPKHU©IOVWHUWHHUª/RVNRPP]XPLU© ª1HLQ© 'DZDU/D\WRQSO|W]OLFKEHLLKP0LWEHLGHQ+lQGHQULHU %LOO\KRFKZROOWHLKQ]ZLQJHQGRFK+RRNEHUZDQGLQHLQHP ZDKUHQ$QIDOOYRQ0XWVHLQH$QJVWXQGVFKOXJ]X %HLGH)lXVWHKlPPHUWHHULQGDV*HVLFKWVHLQHV)UHXQGHVXQG EHGDFKWHQLFKWPHKUGDHVVLFKYHUlQGHUWKDWWH(UPHUNWHHV GDUDQGDHUVLFKVHLQH.Q|FKHOEOXWLJVFKOXJ 'DV*HVLFKWZDUDXV6WHLQ *DUG/D\WRQODFKWHQXU'DQQVFKOXJHU]X 8QGHVZDUHLQ+LHEGHU%LOO\YROOWUDILKQTXHUGXUFKGDV

5XGHUKDXVVFKOHXGHUWHXQGIDVWDQGHQ5DQGGHU%HZXW ORVLJNHLWEUDFKWH $XIMHGHQ)DOOKDWWH%LOO\GDV*HIKOVHLQ.RSIZlUHVWDUN DQJHVFKZROOHQ (UPHUNWHQLFKWZLHGHUDQGHUHDXILKQ]XNDPXQGLKQODQJ VDPKRFK]RJ:LHHLQH3XSSHVFKOHLIWHHULKQKLQDXV$XI'HFN VFKOHXGHUWHHULKQ]X%RGHQXQGEOLHEEUHLWEHLQLJYRULKP VWHKHQ ª'XZLUVWMHW]WWXQZDVLFKGLUVDJH%LOO\RGHUVLHZHUGHQ GLFK]HUUHLHQ© ª:HUVLQGVLH"©NHXFKWH%LOO\GHUODQJVDPZLHGHUNODUVDK ª'LH1HEHOJHLVWHU©/D\WRQODFKWHª*HVWDOWHQDXVGHP =ZLVFKHQUHLFKGLHGXUFKHLQH%HVFKZ|UXQJLQGLHVH:HOW JHODQJWVLQG© ª:HUKDWVLHEHVFKZRUHQ"© ª(LQPlFKWLJHU0DQQKDEHLFKPLUVDJHQODVVHQ© ª'HU7HXIHO"© ª1HLQHLQDQGHUHU0DQQHQQWLKQDXFK'U7RG© 'DPLWNRQQWH%LOO\QLFKWVDQIDQJHQDEHUVHLQ)UHXQGIXKU PLWVHLQHU(UNOlUXQJIRUWª6LHKDEHQHVPLUHU]lKOWGDHULKU +HUULVWZHLOHUVLHDXVGHQ7LHIHQGHV=ZLVFKHQUHLFKHVLQGLH :HOWJHEUDFKWKDW(QGOLFKVLQGVLHZLHGHUIUHLXQGVLHVXFKHQ 2SIHU:LUZHUGHQ]XLKQHQJHK|UHQXQGHLQJHKHQLQLKUHQ K|OOLVFKHQ5HLJHQ+DVWGXPLFKYHUVWDQGHQ%LOO\"© ª-D© ª'DQQNRPP]XLKQHQ© ª1HLQQHLQ,FKZLOOQLFKW'XNDQQVWPLFKQLFKW]ZLQJHQ *DUG'XELVWQLFKWPHKUPHLQ)UHXQG'XELVWHLQ0RQVWHUHLQ 'lPRQHLQH*HVWDOWGHV*UDXHQV© /D\WRQODFKWHª:LHUHFKWGXKDW%LOO\:LHUHFKWGXGRFK KDVW,FKZLOODXFKNHLQ0HQVFKPHKUVHLQLP*HJHQWHLOLFK ZHUGHGLH0HQVFKHQEHNlPSIHQXQGGXZLUVWPLUGDEHL]XU 6HLWHVWHKHQ© %LOO\+RRNKDWWHVHLQHQHUVWHQ6FKUHFNHQEHUZXQGHQ 3O|W]OLFKNRQQWHHUZLHGHUNODUGHQNHQ'DVZDVVHLQ)UHXQG

ZROOWHGDVNRQQWHHUQLFKW(UZROOWHVLFKQLFKWLQGLH.ODXHQ GLHVHU8QJHKHXHUJHEHQ$XINHLQHQ)DOO +DVWLJVSUDQJHUDXI 0LWGLHVHU5HDNWLRQKDWWH/D\WRQQLFKWJHUHFKQHWXQGVR JHODQJHV%LOO\ZHJ]XODXIHQ ª%OHLEVWHKHQ©EUOOWH/D\WRQª:LUEHNRPPHQGLFKGRFK %LOO\'XKDVWNHLQH&KDQFH© 'RFK%LOO\ZROOWHQLFKWK|UHQ(UZROOWHQXUZHJYRQGLHVHP YHUGDPPWHQ0RQVWHU(UVSUDQJEHUGLHVHLWOLFKHQ9HU VWUHEXQJHQGHUNOHLQHQ/DGHUlXPHXQGJHODQJWHDQGLH 6WHXHUERUGVHLWHGHV6FKLIIHV /D\WRQQDKPGLH9HUIROJXQJDXI6HLQ/DFKHQNODQJGXPSI XQGKRKOLQGLHVHU1HEHOEUKHDEHUDXFKVLHJHVVLFKHUGHQQHU ZXWHGD%LOO\QLFKWHQWNRPPHQNRQQWH (LQH:DIIH+LPPHOLFKEUDXFKHHLQH:DIIHVDJWHVLFK%LOO\ )LHEHUKDIWVFKDXWHHUVLFKXP,UJHQGZRDXI'HFNODJHQLPPHU GLHVFKDUIHQ0HVVHUPLWGHQHQVLHGLHJHIDQJHQHQ)LVFKHDXI VFKOLW]WHQXPLKQHQGLH,QQHUHLHQKHUDXV]XQHKPHQ :RZDUHVGHQQ" /D\WRQNDPLPPHUQlKHU1RFKLPPHUODFKWHHU(UVDK%LOO\ EHLGHUYHU]ZHLIHOWHQ6XFKH]XXQGGDKDWWH+RRN*OFN 'LFKWQHEHQVHLQHPUHFKWHQ)XODJHLQHVGHU0HVVHU6FKQHOO EFNWHHUVLFKXQGXPNODPPHUWHGHQ+RO]JULII'LH.OLQJH VFKLPPHUWHEOlXOLFKVLHZDUDQEHLGHQ6HLWHQJHVFKOLIIHQ-HW]W NRQQWH/D\WRQUXKLJNRPPHQ %LOO\KREGLHUHFKWH+DQGª,FKZDUQHGLFK*DUG*HKNHLQHQ 6FKULWWPHKUZHLWHU© ª1DUU©EUOOWH/D\WRQª*ODXEVWGXGXN|QQWHVWPLUGDPLW $QJVWHLQMDJHQ"0LWGLHVHPOlFKHUOLFKHQ0HVVHU"© ª,FKZHUGHGLFKW|WHQ© ª'DQQYHUVXFKHHVGRFK©/D\WRQJLQJZHLWHUDOVZlUHQLFKWV JHVFKHKHQ:DIIHQORVNDPHUDXI%LOO\]X +RRNGXFNWHVLFK7|WHQGDFKWHHU'DVKDWWHHULPHUVWHQ $XJHQEOLFNVRGDKLQJHVDJW$EHUZUGHHUHVZLUNOLFKEHU VLFKEULQJHQHLQHQ0HQVFKHQ]XHUPRUGHQ"'HQQGDVZDVHU

YRUKDWWHZDUMD0RUG8QGGD]XQRFKDQVHLQHP)UHXQG (UVFKOXFK]WHDXIª%LWWH*DUGVHLYHUQQIWLJ*HKQLFKW ZHLWHU,FKPWHVRQVW© ª'DQQWXHVGRFKYHUGDPPW©VFKULH/D\WRQVHLQHQ)UHXQG DQª/RVVWLFK]X© %LOO\DWPHWHVFKZHU(UEUDXFKWHQXUGHQ$UPDXV]XVWUHFNHQ XPVHLQHQHKHPDOLJHQ)UHXQG]XW|WHQ8QGGHUOHJWHHVGDU DXIDQ(UZROOWHHVVR ª+DVWGX$QJVW"©K|KQWHHU ª6HLYHUQQIWLJ©YHUVXFKWHHV%LOO\QRFKHLQPDO ª$FKGX0HPPH©ODFKWH/D\WRQXQGVSUDQJ%LOO\+RRNDQ +RRNULGHQUHFKWHQ$UPKRFK,QVWLQNWLYOLHHULKQZLHGHU KHUDEIDOOHQZRKOPHKUHLQH$EZHKUEHZHJXQJDOVHLQJH]LHOWHU 6WLFK$EHU/D\WRQZXFKWHWHVHLQHQ.|USHUYROOLQGLH.OLQJH KLQHLQ6LHGUDQJLKPQLFKWLQGLH%UXVWRGHULQGHQ0DJHQ VRQGHUQVFKUlJLQGLH:DQJHLQVHLQHQJUDXHQYHUVWHLQHUWHQ 6FKlGHO %LOO\+RRNUHFKQHWHPLWDOOHPQXUQLFKWGDPLWZDVSO|W]OLFK JHVFKDK 'LH.OLQJHGUDQJNDXPHLQHQ=HQWLPHWHULQGLH:DQJHHLQ GDQQEUDFKVLHPLWHLQHPVLQJHQGHQ7RQDE+RRNDEHUZXUGH ]XUFNJHVWRHQZHLO/D\WRQJHJHQLKQILHOXQGHUNUDFKWHPLW GHP.UHX]JHJHQGLH5HOLQJ 'DQQZDU/D\WRQEHULKPª7|WHQ©NHLIWHHUª7|WHQ ZROOWHVWGXPLFKQLFKWZDKU"© ª1HLQGDVLVW© ª9HUVXFKHNHLQH$XVUHGHQ%LOO\'XZROOWHVWPLFKXP EULQJHQ© /D\WRQVVWHLQHUQHV*HVLFKWZDUMHW]WGLFKWYRU%LOO\V'LH $XJHQIXQNHOWHQZlKUHQGHUVSUDFKXQGGLHJUDXHPXPLHQ KDIWH+DXWEHZHJWHVLFK ª7|WHQMD©NHXFKWHHUª'DVZHUGHLFKGLFK'DQHKPWLKQ© /D\WRQULVHLQHQHKHPDOLJHQ)UHXQGKRFKXQGVFKOHXGHUWHLKQ PLWHLQHPHLQ]LJHQ:XUIEHUGLH5HOLQJ %LOO\+RRNUXGHUWHPLWGHQ$UPHQ(UGDFKWHGDUDQGDHU

LPQlFKVWHQ0RPHQWLQV:DVVHUIDOOHQPWHXQGGLH6HHEHU LKP]XVDPPHQVFKODJHQZUGHGRFKGDVJHVFKDKQLFKW .HLQ:DVVHUXPJDELKQNHLQH:RJHQVFKOXJHQEHULKP ]XVDPPHQVRQGHUQVLHZDUHQSO|W]OLFKGD 'LH1HEHOJHLVWHU )UDW]HQKDIWH*HVLFKWHUJUDXVDPH+lQGH.UDOOHQ$UPH +HXOHQXQG=lKQHNQLUVFKHQ %LOO\VFKULH 'RFKVLHODFKWHQQXU (UZXUGHZHLWHUJH]HUUWWLHIHULQGLHVHQJUDXHQKDIWHQ1HEHO KLQHLQZRGLH*HLVWHULKUHVFKDXULJHQ7lQ]HDXIIKUWHQ(U ZXWHSO|W]OLFKQLFKWPHKUZLHLKPJHVFKDKLUJHQGHWZDV YHUZLUUWHVHLQH6LQQHHUVDKQXUQRFKHLQJUDXHQHUUHJHQGHV *HVLFKWGDVbKQOLFKNHLWPLWGHU)UDW]HGHV7HXIHOVKDWWHGDQQ QLFKWVPHKU 'LH2KQPDFKWKLHOWLKQXPIDQJHQXQGHUVDKQLFKWZDVGLH DQGHUHQPLWLKPPDFKWHQ ,UJHQGZDQQHUZDFKWHHU (VZDUZLHHLQ$XIWDXFKHQDXVHLQHPWLHIHQ/RFKHLQ +RFKVWHLJHQGXUFKHLQHQ6FKDFKWXQGGLH$QNXQIWLQHLQHU DQGHUHQ:HOW %LOO\+RRNVFKOXJGLH$XJHQDXI(UPHUNWHJOHLFK]HLWLJGDV VDQIWH:LHJHQGHV%RRWVGDV3OlWVFKHUQGHU:HOOHQXQGUXFN DUWLJVHW]WHHUVLFKDXI 6HLQ%OLFNZDQGHUWHLQGLH)HUQHHUVDKGLHJUDXJUQHQ :HOOHQGHU6HHGLHZHLHQ6FKDXPNlPPHGLH0|ZHQK|UWH LKU.UHLVFKHQXQGHUYHUVWDQGQLFKWV :RZDUGLH:RONH" ª+HWUlXPVWGX"©GUDQJGLH6WLPPHVHLQHV)UHXQGHV*DUG DQ+RRNV2KUHQ ª1HLQZLHVR"© ª6DKPLUVRDXV© %LOO\+RRNHUKREVLFK(UVFKDXWH]XP5XGHUKDXVKLQ'RUW

VWDQG*DUGXQGJULQVWH0LWVHLQHQNUlIWLJHQ+lQGHQKLHOWHU GDV5XGHUXPIDQJHQ(UZDUZLUNOLFKHLQ2SWLPLVW ª+DEHQZLUGHQ1HEHOZLUNOLFKKLQWHUXQV"©IUDJWH%LOO\ *DUGODFKWHª6LHKGLFKGRFKXP© 'DVWDW%LOO\DXFK'LH1HEHOZRONHQKDWWHQVLHWDWVlFKOLFK GXUFKIDKUHQXQGVLHOHEWHQLPPHUQRFK1LFKWVZDUHLQJH WUHWHQNHLQHUKDWWHVLHHUPRUGHWDOOHVZDUQRUPDO ª:LUZHUGHQMHW]WGUHKHQ©HUNOlUWH*DUG ª:LOOVWGXQRFKHLQPDOGXUFK"© ª:DUXPQLFKW"6RZDUHVGRFKDEJHPDFKW© ª6LFKHU)DKUQXU©%LOO\ZDUIHLQHQ%OLFN]XP+LPPHOKRFK (LQ7HLOGHU:RONHQKDWWHVLFKYHU]RJHQVRGDGDV%ODXDQ HLQLJHQ6WHOOHQ]XVHKHQZDU(UVDKDXFKZLHGHUGLH0|ZHQ ZLHVLHNUHLVFKHQGEHUGLHJUDXJUQH:DVVHUREHUIOlFKH VWULFKHQXPGDQQLQGLH+|KH]XVWHLJHQXQGGHQ:RONHQ HQWJHJHQ]XIOLHJHQ 6HOWVDPHUZHLVHMHGRFKPLHGHQVLHGDV6FKLII(LQHXQVLFKW EDUH6SHUUHVFKLHQVLHGDYRQDE]XKDOWHQDXIGHP0DVWRGHU GLUHNWDQ%RUG]XODQGHQ *DUG/D\WRQNXUEHOWHDP5XGHU:LGHUZLOOLJVRVFKLHQHV IROJWHGDV%RRWGHQ6WHXHUEHZHJXQJHQ'LH:HOOHQOLHIHQMHW]W TXHUDQNODWVFKWHQJHJHQGLH%RUGZDQGXQGZLHGHUHLQPDO JLVFKWHWH6SULW]ZDVVHUEHU 'DQQODJGDV:HQGHPDQ|YHUKLQWHULKQHQXQGDEHUPDOV VWHXHUWHQVLHGLH1HEHOZDQGDQ :LHDXFKDQGHU/DQGVHLWHVRUDJWHVLHKLHUHEHQIDOOVDOV JUDXZHLH:DQGLQGLH+|KH'LFKWEHUGHU2EHUIOlFKH IODWWHUWHVLHHLQZHQLJDXVHLQDQGHUVRGDIDVHULJH1HEHOIHW]HQ EHUGLH:HOOHQWULHEHQ %LOO\+RRNGDFKWHDQGLHHUVWH%HJHJQXQJPLWGHPDXIGHP 0HHUOLHJHQGHQ1HEHO6HOWVDPHUZHLVHYHUVSUWHHUMHW]WNHLQH $QJVWPHKU(VPDFKWHLKPQLFKWVDXVDOVGHU%XJGHV%RRWHV LQGLH:DQGHLQVFKQLWW 6HNXQGHQVSlWHUXPJDEGLH0lQQHUZLHGHUGLHJHVSHQVWL VFKH6WLOOH'DZDUGDV5DXVFKHQRGHU.ODWVFKHQGHU:HOOHQ

QLFKWPHKU]XK|UHQQXUHLQHQLFKWQRUPDOH5XKH (VEHUKUWHGLH0lQQHUQLFKW(VVFKLHQDOVZlUHQVLHVFKRQ LPPHUGXUFKGHQ1HEHOJHIDKUHQ8QGHVGDXHUWHDXFKQLFKW ODQJHGDIDVHUWHQGLH6FKOHLHUYRULKQHQDXVHLQDQGHU'DV(QGH GHU1HEHOZDQGNQGLJWHVLFKDQ (VZXUGHKHOOHUGLH6LFKWEHVVHUGDQQKDWWHQVLHHVJHVFKDIIW 6LHVWLHHQDXVGHU:DQG 9RULKQHQODJGDV0HHU8QGJDUQLFKWZHLWHQWIHUQWGDV8IHU ZRVLHGLHZDUWHQGHQ0HQVFKHQHUNDQQWHQ$EHUHUVWPXWHQ VLHGLH.OLSSHQXPVFKLIIHQZDVZLHGHUXP*DUGVYROOH$XI PHUNVDPNHLWNRVWHWH(UVFKDIIWHHV 0LWKDOEHU.UDIWWXFNHUWHQVLHLQGHQ+DIHQHLQ$QGHU0ROH VWDQGHQ]DKOUHLFKH'RUIEHZRKQHUXQGZLQNWHQLKQHQ]X'LH 0lQQHUXQG)UDXHQYRQ*U\QH[[DZDUHQIURKLKUHEHLGHQ +HOGHQJHVXQGZLHGHU]XVHKHQ %LOO\+RRNZDUDQ'HFNJHJDQJHQXQGZLQNWHGHQ/HXWHQ VFKRQYRQZHLWHP]X'LHVH%HJUXQJZXUGHHUZLGHUW'LH /HXWHZDUHQMHW]WVFKRQDXIGLH%HULFKWHJHVSDQQW 'DV6FKLIIQlKHUWHVLFKGHU0ROH%LOO\KLHOWEHUHLWVGLH7DXH LQGHQ+lQGHQ(UVFKOHXGHUWHVLHUEHUGRUWZXUGHQVLHDXI JHIDQJHQXQGXPGLHGLFNHQ3ROOHUJHZLFNHOW =ZHLPDOJHVFKDKGLHV'DQQODJGDV%RRWIHVW %LOO\VSUDQJDOVHUVWHUYRQ%RUG(UZXUGHPLW]DKOUHLFKHQ )UDJHQEHVWUPWGRFKHUZDUWHWHDEELVDXFKVHLQ)UHXQGGDV 6FKLIIYHUODVVHQKDWWH 6LHVWDQGHQQHEHQHLQDQGHUXQGVFKDXWHQGLH/HXWHDQ'HU %UJHUPHLVWHUKREGLH+DQG ª$OVR)UHXQGHZLUKDEHQJHVHKHQGDLKULQGLH 1HEHOZRONHJHIDKUHQXQGDXFKZLHGHUKHUDXVJHNRPPHQVHLG :LHLVWHVHXFKGRUWHUJDQJHQ"© ª*XW©*DUG/D\WRQODFKWH ª.HLQHXQKHLPOLFKHQ'LQJH"©IUDJWHGHU%UJHUPHLVWHU ª'RFKGHU1HEHO©DQWZRUWHWH%LOO\+RRN 'LH/HXWHODFKWHQEHUGHQ6FKHU](LQHUIUDJWHª(ULVWDOVR Y|OOLJQRUPDOGLHVHU1HEHO"©

ª-D© ª8QGZDUXPZDQGHUWHUQLFKWZHLWHU"©ZXUGH/D\WRQ JHIUDJW ª(UZDQGHUWGRFK© ª:LHVR"© ª$XIGLH.VWH]X© 1DFK/D\WRQV$QWZRUWZDUHVHLQHQ0RPHQWVWLOO'LH 0HQVFKHQVFKDXWHQDXIV0HHUKLQDXVVDKHQGLH:RONHXQG PDQFKHLQHPUDQQHLQ6FKDXHUEHUGHQ5FNHQ$XIGHU6HH ODJGHU1HEHOJXWGDZDUHVJDUQLFKWVRVFKOLPPDEHUDQ/DQG ZROOWHQVLHLKQGRFKQLFKWKDEHQ ª'DLVWHXFKQLFKWVJHVFKHKHQ"©HUNXQGLJWHVLFKGHU%UJHU PHLVWHUQRFKHLQPDO,KPSDWHHVDXFKQLFKWGDGHUYHU GDPPWH1HEHODXI*U\QH[[D]XZDOOWH ª(ULVWDXIMHGHQ)DOOQLFKWZHLWHUJHIlKUOLFK©HUNOlUWHQGLH EHLGHQ=XUFNJHNHKUWHQQRFKHLQPDOª,FKPHLQHMHGHUYRQ HXFKNDQQHVMDYHUVXFKHQ© 'LH0HQVFKHQODFKWHQXQHFKW.HLQHUWUDXWHVLFKMHGRFKLQ GHQ1HEHOKLQHLQ]XIDKUHQ (LQH)UDJHZXUGHQRFKJHVWHOOWª:HQQGHU1HEHOPLWGLHVHU *HVFKZLQGLJNHLWZHLWHUZDQGHUWZDQQZLUGHUGDQQZRKOGDV 8IHUHUUHLFKWKDEHQ"© 5DWORVLJNHLWDXIGHQ*HVLFKWHUQGHU0HQVFKHQ$XFK+RRN ]XFNWHPLWGHQ6FKXOWHUQ1XU/D\WRQPHLQWHXQGVHLQH6WLPPH KDWWHGDEHLHLQHQVHOWVDPHQ8QWHUWRQª%HVWLPPWDPKHXWLJHQ $EHQG9LHOOHLFKWVRJDUQRFKYRUGHP'XQNHOZHUGHQ© 'LH9HUVDPPHOWHQVDKHQVLFKDQ9LHOHQZDUHVJDUQLFKW UHFKWGRFKVLHPXWHQGHQ7DWVDFKHQLQV$XJHVFKDXHQ ª-HW]WKDEHLFK'XUVW©VDJWH/D\WRQXQGODFKWHª:lKUHQG ZLUGXUFKGHQ1HEHOIXKUHQKDEHLFKLPPHUYRQHLQHPNHU QLJHQ:KLVN\XQGHLQHP.UXJ%LHUJHWUlXPW© ª'HQKDEWLKUHXFKYHUGLHQW©ULHIGHU%UJHUPHLVWHUXQGHV JDENHLQHQGHUQLFKWVHLQHU0HLQXQJZDU 6LHPDFKWHQVLFKDXIGHQ:HJ]XP'RUIJDVWKDXV1XU%LOO\ +RRNZROOWHQLFKWPLW

ª:DUXP"©IUDJWH/D\WRQ ª,FKKDEH+DUULHWYHUVSURFKHQVRIRUWQDFK%HHQGLJXQJGHU )DKUW]XLKU]XNRPPHQ© /D\WRQVFKDXWHVHLQHQ)UHXQGVHOWVDPDQ3O|W]OLFKVFKLHQGLH :HOWXPVLHKHUXPYHUJHVVHQ]XVHLQ=ZLVFKHQLKUHQ%OLFNHQ HQWVWDQGHLQHVWXPPH%UFNHHLQ(LQYHUVWlQGQLVNHLQHU EUDXFKWHHLQ:RUW]XVDJHQ 3O|W]OLFKWDXFKWHGHUDOWH=\EEDNDXIª1DLKUEHLGHQJURHQ +HOGHQ"©VDJWHHU 6LHVFKDXWHQLKQDQ 'HU$OWHNUDXVWHGLH6WLUQª:LHLFKVHKHKDEWLKUDOOHVEHU VWDQGHQ© ª-D$OWHU©JULQVWH/D\WRQª(VLVWDOOHVNODU© ª)UHXWPLFKIUHXFK©3UIHQGZDQGHUWHQVHLQH%OLFNHEHU GLH*HVLFKWHUGHU0lQQHUª,KUKDEWHXFKDOVRQLFKWYHUlQGHUW"© ª1HLQ©IDXFKWH/D\WRQª:DVVROOGDV"© ª(XUH$XJHQ)UHXQGH(XUH$XJHQVLQGDQGHUV(VLVWGRFK HWZDVSDVVLHUWPLFKN|QQWLKUQLFKWWlXVFKHQ©8QGOHLVHIJWH HUKLQ]Xª'LHVHQ1HEHOKDWGHU7HXIHOJHVFKLFNW,FKEOHLEH GDEHL© %HYRU%LOO\RGHU*DUGHWZDVVDJHQNRQQWHQPDFKWHGHU$OWH NHKUWXQGVFKOXJGHQ:HJ]XU.LUFKHHLQZRGHU3IDUUHUYRU GHU7UVWDQGXQGHEHQIDOOV]XP+DIHQVFKDXWH +RRNXQG/D\WRQWUHQQWHQVLFK6LHQDKPHQYHUVFKLHGHQH :HJH'DVKDWWHVHLQHQ*UXQG.HLQHUYRQLKQHQZROOWH]X QDKHDQGHU.LUFKHYRUEHLNRPPHQ,UJHQGHWZDVVW|UWHVLH GRUW :lKUHQG*DUG/D\WRQLQHLQHU*UXSSHYRQ0lQQHUQGDV JU|WH:LUWVKDXVDQVWHXHUWHJLQJ+RRNQDFK+DXVH (UKDWWHVHLQH+lQGHWLHILQGHQ+RVHQWDVFKHQYHUJUDEHQGHU VWHFKHQGH%OLFNZDUYRULKP]X%RGHQJHULFKWHWNHLQ/lFKHOQ VSLHOWHXPVHLQH/LSSHQXQGGLH$XJHQZLUNWHQWDWVlFKOLFK DQGHUV .DOWJQDGHQORV +DUULHWHUZDUWHWHLKQVFKRQ6LHZDUHLQHWZDVVSU|GHU7\S

KDWWHURWEORQGHV+DDUXQGHLQHEODVVH*HVLFKWVIDUEH7URW] LKUHU-DKUHVDKVLHlOWHUDXV'DV/HEHQKLHUKLQWHUOLHVHLQH 6SXUHQDXFKEHLMXQJHQ0HQVFKHQ +DUULHWXPDUPWHLKUHQ0DQQ ª,FKKDEHHLQHVROFKH$QJVWJHKDEW©VW|KQWHVLH %LOO\ODFKWHEOHFKHUQª:DVVROOWHGHQQSDVVLHUHQ"© ª,FKZHLQLFKW© ª(EHQ©VDJWH%LOO\XQGJLQJLQV+DXV1XUHUDOOHLQZXWH GD+DUULHWDOVHUVWHDXIVHLQHU/LVWHVWDQG:LHYLHOHDQGHUH %HZRKQHUDXFKVROOWHVLHGHQQlFKVWHQ7DJQLFKWPHKUHUOHEHQ 6RZDUHVDEJHVSURFKHQ ª+DOWHGRFKPDODQ©VDJWH%LOO&RQROO\ ,FKVWRSSWH 8QGGDVPLWWHQDXIGHU.VWHQVWUDHGLHYRQ$EHUSRUWK QDFK*U\QH[[DIKUWH(VZDUHLQHVFKPDOH6WUDHXQGGLH )DKUEDKQVFKOlQJHOWHVLFKKRFKEHUGHQ.OLSSHQSDUDOOHO]XP 0HHUKLQXQGILHOVSlWHUDEZHQQZLU*U\QH[[DHUUHLFKWHQ6R ZDUHVMHGHQIDOOVDXIGHU6SH]LDONDUWH]XVHKHQJHZHVHQ %LOO&RQROO\O|VWHGHQ*XUW|IIQHWHGLH7UXQGYHUOLHGHQ :DJHQ1LFKW]XU3LQNHOSDXVHGDVPHUNWHLFKGDUDQGDHUDP 5DQGGHU.OLSSHQVWHKHQEOLHEXQGDXIV0HHUKLQDXVVFKDXWH(U KDWWHGRUWLUJHQGHWZDVHQWGHFNW ª6FKlW]HZLUVHKHQXQVGDVDXFKPDODQ©PHOGHWHVLFK6XNR DXVGHP)RQG ,FKZDUHLQYHUVWDQGHQ :HQLJVSlWHUVWDQGHQZLUQHEHQ%LOO 7LHIXQWHUXQVZXFKWHWHQGLH:HOOHQJHJHQGLH)HOVHQ*LVFKW VSULW]WHKRFKXQGGLH)HOVHQVFKLHQHQHLQHQZHLHQ%DUW]X KDEHQ:HLWHUGUDXHQVFKLPPHUWHGDV:DVVHUJUQJUDX =DKOUHLFKH9|JHOVFKZHEWHQNUlFK]HQGXQGVFKUHLHQGEHU GHQ:HOOHQRGHUVHW]WHQ]XHOHJDQWHQ/DQGXQJHQDXIGHQ]HU NOIWHWHQ)HOVHQDQ (VZDUHLQZLOGURPDQWLVFKHV%LOGGDVVLFKXQVHUHQ$XJHQ

ERW'RFKQLHPDQGYRQXQVKDWWHGDIUHLQHQOlQJHUHQ%OLFN (WZDVDQGHUHVZDULQWHUHVVDQWHU8QGGHVKDOEZDUGHUJXWH%LOO &RQROO\DXFKDXVJHVWLHJHQ 0LWGHPUHFKWHQ$UPGHXWHWHHULQ5LFKWXQJ1RUGZHVWHQ ª'D)UHXQGHGDLVWGLH:RONH© :LUEOLFNWHQJHQDXHUKLQ 'HU5HSRUWHUKDWWHUHFKW1RFKVFKZDFKDEHUJXW]XHUNHQ QHQODJGRUWHLQHJHZDOWLJH1HEHOZRONHDXIGHP:DVVHU6LH VDKYRQXQVHUHP6WDQGSXQNWDXVZLHHLQJUDXZHLHU6FKHPHQ GHUGLUHNWEHUGHP:DVVHUVFKZHEWH ,FKZQVFKWHPLUMHW]WHLQ)HUQJODV]XKDEHQGRFKVRHWZDV KDWWHQZLUQLFKWPLWJHQRPPHQGDIUZDUHQZLUPLW:DIIHQ JXWHLQJHGHFNW ª'HLQH0HLQXQJ-RKQ"©IUDJWH%LOO ª'DNDQQPDQQRFKQLFKWVVDJHQ(VLVW]XZHLWZHJ© 6XNRGHUGLHVFKlUIVWHQ$XJHQYRQXQVGUHLHQKDWWHPHLQWH OHLVHª(VEHZHJWVLFK© ª:LH"©IUDJWH%LOO ª'LH:RONHZDQGHUW© ,FKVFKDXWH6XNRDQª'XWlXVFKVWGLFKQLFKW"'HQNDQGHQ 6HHJDQJGDKDWPDQVFKRQPDOGDV*HIKODOVZUGHQVLFK *HJHQVWlQGHDXIGHP0HHUEHZHJHQ© ª$EHUKLHUQLFKW© :HQQ6XNRGLHVPLWVROFKHLQHU%HVWLPPWKHLWVDJWHGDQQ KDWWHHUDXFKUHFKW :LUVWDQGHQQRFKHLQHJDQ]H:HLOHXQGEHREDFKWHWHQ 6FKOLHOLFKVDJWH%LOOª%LV*U\QH[[DVLQGHVQRFKIQI0HLOHQ :LHLFKGDVVRHLQVFKlW]HZHUGHQZLUYRP2UWDXVGLHYHU GDPPWH:RONHEHVVHUVHKHQN|QQHQ© 'HU0HLQXQJZDUHQZLUDXFK 'DQQK|UWHQZLUKLQWHUXQVHLQUDWWHUQGHV*HUlXVFK,P QlFKVWHQ0RPHQWTXLHWVFKWHHWZDVXQGDOOHGUHLIXKUHQZLU KHUXP ,FKVFKORXQZLOONUOLFKGLH$XJHQGRFKHVJLQJDOOHVJODWW (LQH+DQGEUHLWKLQWHUGHP%HQWOH\NDPGHU:DJHQ]XP

6WHKHQ8QGVRIRUWIORJGLH7UDXI(LQ0DQQVWU]WHDXVGHP )KUHUKDXVXQGUDQQWHDXIXQV]X ª6LQG6LHYHUUFNWKLHU]XSDUNHQ©IXKUHUXQVDQª%HLQDKH KlWWHLFK,KUHQ:DJHQJHUDPPW© %HYRULFKHWZDVVDJHQNRQQWHKDWWH%LOO&RQROO\VFKRQGLH ,QLWLDWLYHEHUQRPPHQª-HW]WKDOWHQ6LHPDOGLH/XIWDQ 0HLVWHU+LHUVWHKWQLUJHQGZRGDGDV3DUNHQYHUERWHQLVW XQGDXHUGHPKDEHQZLUXQVHUHQ:DJHQQLFKWLQHLQHU.XUYH DEJHVWHOOW9HUVWDQGHQ"© ª7URW]GHP© %HYRUHV]XHLQHU$XVHLQDQGHUVHW]XQJNDPPLVFKWHLFKPLFK VFKOLFKWHQGHLQª:LUHQWVFKXOGLJHQXQVMD©HUNOlUWHLFKª$EHU QLHPDQGYRQXQVNRQQWHZLVVHQGDGLH6WUDHVREHIDKUHQ LVW©,FKGHXWHWHDXIGHQ:DJHQª9RUDOOHQ'LQJHQQLFKWYRQ VROFKJURHQ)DKU]HXJHQ© ª,FKELQKLHUGHU/HEHQVPLWWHOKlQGOHU©HUNOlUWHGHU0DQQ VFKRQZHVHQWOLFKUXKLJHU :LHZLUK|UWHQNDPHUDXV$EHUSRUWKXQGIXKU]ZHLPDOLQ GHU:RFKHQDFK*U\QH[[DXPGRUWVHLQH:DUHQ]XYHUNDXIHQ 'LHJURH/DGHIOlFKHZDUHLQNOHLQHV*HVFKlIW:LUNRQQWHQ GXUFKGLH6FKHLEHQEOLFNHQXQGVDKHQGRUW]ZHL5HJDOHLQ GHQHQVLFKGLH/HEHQVPLWWHOVWDSHOWHQ=ZLVFKHQGHQ5HJDOHQ EHIDQGVLFKHLQ*DQJ (VZDULQ]ZLVFKHQ1DFKPLWWDJGDVZXWHDXFKGHU /HEHQVPLWWHOKlQGOHUª%LQVRZLHVRVFKRQVSlWGUDQ© ª:LUIDKUHQGDQQYRU,KQHQKHUZHLOZLUGHQVHOEHQ:HJ KDEHQZLH6LH© 'HU.QDEHHUZDUPLWWHOJURWUXJHLQHQZHLHQ.LWWHOKDWWH HLQHQNOHLQHQ%DXFKXQGHLQH6WLUQJODW]HVFKDXWHXQV PLWUDXLVFKDQª6LHZROOHQDXFKGRUWKLQ"© ª-D©OlFKHOWHLFKª,VWGDVYHUERWHQ"© ª1HLQDEHUHVZXQGHUWPLFKQXU:HLOVRQVWNDXP)UHPGHLQ GLHVHQJRWWYHUODVVHQHQ2UWNRPPHQ© ª:LUVLQGHEHQDQGHUV© (UVFKDXWHDXIV0HHUPDFKWHª+P©XQGYHUHQJWHSO|W]OLFK

GLH$XJHQª2GHUVLQG6LHZHJHQGHU:RONHJHNRPPHQ"© ª:RKHUZLVVHQ6LHGDV"© (UZDUIVLFKLQGLH%UXVWª0DQKDWMD$XJHQLP.RSI© ª:LUVLQGYRP:HWWHUDPW©HUNOlUWHLFKª'LHVH:RONHGDLVW MDQLFKWQRUPDO© 'HU0DQQQLFNWHKHIWLJª'DVDJHQ6LHZDV0LVWHU:XUGH DXFK=HLWGDPDOMHPDQGHUVFKHLQW'DVLVWXQJHZ|KQOLFK GLHVHU1HEHO'LH/HXWHKDEHQVFKRQ$QJVW© ª:DUXP"© ª6LHVDJHQGHU7HXIHOKDEHGHQ1HEHOJHVFKLFNW© ª'DVLVWZRKOOHLFKWEHUWULHEHQ© ª1DWUOLFKLVWHVQLFKW© ª:LVVHQGLH0HQVFKHQLP'RUIPHKU"©HUNXQGLJWHLFKPLFK ª'DPVVHQ6LHIUDJHQ© 'DVKDWWHQZLUDXFKYRU (UVWHLQPDOPXWHQZLUGDVHLQ'HU/HEHQVPLWWHONQDEHZDU HLQYHUVWDQGHQGDZLUYRUIKUHQ6XNR%LOOXQGLFKNOHWWHUWHQ ZLHGHULQGHQ%HQWOH\ ª.RPLVFKHU.QDEH©VDJWH%LOO ,FKOlFKHOWHª,Q:DOHVVLQGGLH/HXWHHEHQDQGHUVDOVLQ /RQGRQ© ª'DVVWLPPW©HUZLGHUWH%LOOLP%UXVWWRQGHUhEHU]HXJXQJ %UHLWHUZXUGHGLH6WUDHQLFKW(KHUVFKPDOHUXQGHVJUHQ]WH VFKRQDQHLQ:XQGHUGDPDQVLHEHUKDXSWDVSKDOWLHUWKDWWH +LQWHUMHGHU.XUYHERWGLH/DQGVFKDIWHLQDQGHUHV%LOG/LQNV ILHOGLH:DQGVWHLO]XP:DVVHUKLQDE(VJDENHLQHHLJHQWOLFKH %HJUHQ]XQJQXUHLQSDDUJUDXH6WHLQHPDUNLHUWHQGHQ5DQG GHU)DKUEDKQ5HFKWVZXFKVHQ)HOVHQLQGLH+|KHPDQFKH Y|OOLJNDKODQGHUHZLHGHUXPYRQKDUWHPZLGHUVWDQGVIlKLJHP 6HHJUDVEHGHFNW 8QGEHUDOOGHPVFKZHEWHQGLFNHJUDXH:RONHQGLHQXU KLQXQGZLHGHUHLQ6WFNYRPEODXHQ+LPPHOVHKHQOLHHQ 'HU:LQGKDWWHHWZDVDXIJHIULVFKW(UNDPYRQGHU6HHKHUXQG HUZUGHDXFKGLHJHKHLPQLVYROOH1HEHOEDQNLPPHUPHKUDXI GDV/DQG]XWUHLEHQ

8PGLHVH=HLWLP2NWREHUNQGLJWHVLFKGHU+HUEVWZLUNOLFK PLWDOOHU0DFKWDQ )QI0HLOHQN|QQHQODQJZHUGHQZHQQVLHSUDNWLVFKQXUDXV .XUYHQEHVWHKHQ:LUDWPHWHQDOOHGUHLDXIDOVVLFKGHU:HJ VFKOLHOLFKVHQNWHHLQ=HLFKHQGDHVMHW]WGHP2UW]XJLQJ 1DFKGHUQlFKVWHQ.XUYHNRQQWHQZLUDXIGLH'lFKHUVFKDX HQ8QZLOONUOLFKJLQJLFKYRP*DVZHLOLFKGHQHUVWHQ (LQGUXFNLQPLUDXIQHKPHQZROOWH *U\QH[[DZDUZLUNOLFKQLFKWJUR(LQH$QVDPPOXQJYRQ YLHOOHLFKW]ZHL'XW]HQG+lXVHUQ'LH+lOIWHYRQLKQHQKDWWH URWH'lFKHUDQGHUHZDUHQPLW5LHGEHGHFNW+HUYRUVWDFKGHU .LUFKWXUP:LHHLQPDKQHQGHU)LQJHUZXFKVHULQGLH+|KH =XP+DIHQKLQILHOGHU:HJHLQZHQLJDE'HU+DIHQODJ JHVFKW]WLQHLQHUNOHLQHQ%XFKWXQGDOVPHLQ%OLFNDXIGDV 0HHUILHOHUVFKUDNLFKGRFK 'HU1HEHOKDWWHVLFKGHP+DIHQEHUHLWV]LHPOLFKZHLW JHQlKHUW0HLQHU6FKlW]XQJQDFKZDUHUQXUQRFKHLQH0HLOH HQWIHUQW ª'HUNULHFKWVFKQHOOHUDOVLFKGDFKWH©PXUPHOWH%LOO ª6ROOWHHUZLUNOLFKXQQDWUOLFKVHLQVLQGGLH0HQVFKHQLQ *HIDKU©EHPHUNWHLFK ª8QGZDVZLOOVWGXXQWHUQHKPHQ"(YDNXLHUHQ"© ª:HQQHVNHLQHDQGHUH0|JOLFKNHLWJLEWGDQQMD© 'LH6WUDHZXUGHHWZDVEUHLWHUGLH.XUYHQZHQLJHUHQJ,Q VDQIWHQ6HUSHQWLQHQIKUWHGHU:HJGHP'RUIHQWJHJHQ :LUIXKUHQDQGHUGHP+DIHQJHJHQEHUOLHJHQGHQ6HLWHQDFK *U\QH[[DHLQ'LHHUVWHQ0HQVFKHQGLHGHQ%HQWOH\VDKHQ VWDXQWHQQLFKWVFKOHFKWGDMHW]WSO|W]OLFK%HVXFKDQNDP 6LFKHUOLFKZUGHHVVLFKVFKRQKHUXPJHVSURFKHQKDEHQQRFK EHYRUZLUGLH0LWWHGHV2UWHVHUUHLFKWKDWWHQ (VJDEHLQHQNOHLQHQ0DUNWSODW](LQHQ3ODW]PLWKROSULJHQ 6WHLQHQJHSIODVWHUW'LHEUHLWHVWH6WUDHIKUWHKLQXQWHU]XP +DIHQXQGGLUHNWDQGHU.LUFKHYRUEHL $OVZLUDXVVWLHJHQKLHOWHQVLFKGLH0HQVFKHQLQUHVSHNWDEOHU (QWIHUQXQJ

+LQWHUXQVOlXWHWHHLQH*ORFNH'HUKHOOH.ODQJZXUGHDOV (FKRYRQGHQ+DXVZlQGHQ]XUFNJHZRUIHQ'HU/HEHQV PLWWHOKlQGOHUPDFKWHVLFKEHPHUNEDU (LQLJH)UDXHQPLWJURHQ(LQNDXIVWDVFKHQHUVFKLHQHQ'LH 0HQVFKHQZDUIHQXQVVFKHXH%OLFNH]X ª6LQGZLU$XVVlW]LJH"©IUDJWH%LOO&RQROO\JULQVHQG ª:HQQPDQGLFKVRDQVLHKWN|QQWHPDQHVPHLQHQ©HU ZLGHUWH6XNR ª'XKDVWZRKOODQJHQLFKWPHKUPLWHLQHP3IOHJHUSRXVVLHUW ZLH"©NRQWHUWH%LOO ª1HHGHPOHW]WHQZDULFK]XNUlIWLJ© ,FKDFKWHWHQLFKWDXIGDV*HSOlQNHOGHUEHLGHQVRQGHUQ VFKDXWHPLFKXP 0LFKLQWHUHVVLHUWHGDV5DWKDXVRGHUHLQlKQOLFKHV*HElXGH ZRLFKPLWHLQHUYHUDQWZRUWOLFKHQ3HUVRQGLHVHV2UWHVUHGHQ NRQQWH$EHUNHLQ%DXVDKPLULUJHQGZLHDPWOLFKDXV'LH +lXVHUZLUNWHQXQLIRUP.OHLQPLWVFK|QHQVDXEHUHQ 'lFKHUQXQGGXQNHOURWHQ=LHJHOVWHLQHQ'LHlOWHUHQZDUHQ DXFKDXVJUDXHQ%DVDOWVWHLQHQHUULFKWHWZRUGHQ ,FKULHEPLUGDV.LQQXQGPLUEOLHEQLFKWVDQGHUHVEULJDOV MHPDQG]XIUDJHQ 'HU/HEHQVPLWWHOKlQGOHUERWPLUGLH&KDQFH$QVHLQHP :DJHQVWDQGHLQHNOHLQH0HQVFKHQVFKODQJH ,FKVSUDFKHLQHlOWHUH)UDXDQGLH]XVDPPHQ]XFNWHDOVVLH PHLQH6WLPPHYHUQDKPª(QWVFKXOGLJHQ6LH0DGDPDEHU N|QQHQ6LUPLUVDJHQZRLFKGHQ%UJHUPHLVWHURGHU 3ROL]HLREHUHQYRQ*U\QH[[DILQGH"© 'LH)UDXVDKPLFKVFKDUIDQHQWVFKORVLFKMHGRFK]XHLQHU $QWZRUWGDLFKPLFKVFKOLHOLFKQDFKGHP%UJHUPHLVWHU HUNXQGLJWKDWWH6LHGHXWHWHVFKUlJEHUGLH6WUDHDXIGDV JURH*DVWKDXVPLWGHQGLFNHQ+RO]ERKOHQDXIGHU0DXHU ,FKEHGDQNWHPLFK ª1DKDWGHLQ)OLUW(UIROJJHKDEW"©IUDJWH%LOO ª8QGZLH©,FK]HLJWHDXIGDV*DVWKDXVª'RUWN|QQHQZLU GHQ%UJHUPHLVWHUZDKUVFKHLQOLFKILQGHQ©

ª.ODVVH'DQQQLFKWVZLHKLQ© :DKUVFKHLQOLFKKDWWHPDQXQVHUH$QNXQIWEHUHLWVGXUFKGLH )HQVWHUEHREDFKWHWGHQQDOVZLUGLH7UDXIVWLHHQYHU VWXPPWHQVFKODJDUWLJDOOH*HVSUlFKH (VZXUGHVWLOO ª*XWHQ7DJ©:LUJUWHQK|IOLFK (LQHQLHGULJH'HFNHHLQODQJHU7UHVHQNORELJH7LVFKHXQG HLQOHLFKWHU)LVFKJHUXFK$QHLQHU:DQGZDUHLQ)LVFKHUQHW] DXIJHVSDQQW 'LH/HXWHVDJWHQQLFKWV ,FKDEHUKDWWHHLQHQUXQGHQ7LVFKLQV$XJHJHIDWDQGHP PHKUHUH3HUVRQHQVDHQ $XVQDKPVORV0lQQHU 'RUWNRQQWHQZLUVLFKHUOLFKGHQ%UJHUPHLVWHUILQGHQ )UHXQGOLFKOlFKHOQGVWHXHUWHLFKGHQ7LVFKDQª,FKJUH6LH PHLQH+HUUHQ©VDJWHLFKXQGVWHOOWHPHLQH)UHXQGHXQGPLFK YRUª:LUNRPPHQYRP:HWWHUDPWXQGKDEHQJHK|UWGD EHU GHP0HHUXQGGLUHNWYRU,KUHP2UWGLH1HEHOZRONHOLHJHQVROO GLHQLFKWYHUVFKZLQGHW6WLPPWGDV"© 6FKZHLJHQ 'DPLWKDWWHLFKJHUHFKQHW 'LH:DOLVHUVLQGHLQ9RONIUVLFK:DKUVFKHLQOLFKVWLHPHLQ /RQGRQHU'LDOHNWVLHEHUHLWVDE ,FKIUDJWHZHLWHUª:HULVWGHQQQXQGHU%UJHUPHLVWHU"© 'DVWDQGHLQ0DQQLQEODXHU6WRIIMDFNHDXI(UKDWWHHLQHWZDV EUHLWIOlFKLJHV*HVLFKWXQGNXU]JHVFKQLWWHQHVVFKZDU]HV+DDU ª,FKELQ+DQN6XOOLYDQGHU%UJHUPHLVWHU© ª'DQQELQLFKEHL,KQHQULFKWLJ© ª'DVLVWQRFKGLH)UDJH© %HJHLVWHUWYRQXQVHUHP$XIWDXFKHQVFKLHQDXFKHUQLFKW]X VHLQ,FKJDEWURW]GHPQLFKWDXIª.|QQHQZLUXQVLUJHQGZRLQ 5XKHXQWHUKDOWHQ0U6XOOLYDQ"© (U]|JHUWHZDUIHLQHQ%OLFNLQGLH*HVLFKWHUGHUDP7LVFK VLW]HQGHQ0lQQHUGRFKGLHVHQNWHQGLH%OLFNH'DVZDUDOOHLQ VHLQH(QWVFKHLGXQJ

6FKOLHOLFKGHXWHWHHUDXIHLQHQIUHLHQ7LVFKQDKHDPODQJHQ 7UHVHQª6HW]HQZLUXQVGDKLQ© :LUQDKPHQ3ODW] %LOOEHVWHOOWHHLQH5XQGH%LHU$XFKIU6XNRGHULKQE|VH DQVDK 'LH*HWUlQNHZXUGHQVHUYLHUWZLUQDKPHQHLQHQ6FKOXFN GHU&KLQHVHQLSSWHQXU ª:RKHUNRPPHQ6LH"©IUDJWHPLFKGHU%UJHUPHLVWHU ª$XV/RQGRQ© ª+DWVLFKGDVEHUHLWVELV/RQGRQKHUXPJHVSURFKHQ"© ª-D© ª:RKHUZLVVHQ6LHGDV"© ,FKKDWWHPLUEHUHLWVHLQH$XVUHGH]XUHFKWJHOHJWª,QGHU 1lKHYRUEHLIDKUHQGH6FKLIIHKDEHQGLH:RONHDXIGHP 5DGDUVFKLUPJHVHKHQ'LH.DSLWlQHPHOGHWHQGDV3KlQRPHQ© 'HU0DQQQLFNWHª+lWWHLFKPLUDXFKGHQNHQN|QQHQ© ª.|QQHQ6LHVLFKHLQHQ*UXQGIUGLHVHV$XIWDXFKHQYRU VWHOOHQ"©ZROOWHLFKZLVVHQ ª1HLQ6LHVLQGGRFKGHU:LVVHQVFKDIWOHU© ,FKOlFKHOWHª'DVVWLPPWQXUZHLLFKDXV(UIDKUXQJGD (LQKHLPLVFKHRIWPHKU$KQXQJKDEHQDOVZLU6LHEHVLW]HQYLHO PHKU(UIDKUXQJNHQQHQGLH/DQGVFKDIWJHQDXXQGVLQGEHVVHU LQIRUPLHUW© %UJHUPHLVWHU6XOOLYDQQDKPHLQHQJURHQ6FKOXFNXQG ZLVFKWHVLFKGHQ6FKDXPYRQGHQ/LSSHQ6ROFKH:RUWHWDWHQ LKPJXWZHQQGLH!:LVVHQVFKDIWOHULKQIUDJWHQ ª,FKZUGH,KQHQMDJHUQHKHOIHQ*HQWOHPHQDEHULFKNDQQ HVQLFKW'LHVH1HEHOZRONHZDUSO|W]OLFKGD© ª6LHEHZHJWVLFKDEHU©ZDUILFKHLQ ª$XFKGDV© ª8QGVLHQlKHUWVLFK,KUHP'RUI©VDJWH%LOO 6XOOLYDQVFKDXWHGHQ5HSRUWHUDQª'DVVWLPPWDEHULFK JODXEHGDVLHKDUPORVLVWREZRKO© ª:DVLVWPLWREZRKO"©IUDJWHLFKZHLOLFKEHPHUNWHGD 6XOOLYDQVWRFNWH

ª1XQMDPDQFKHYRQXQVPHLQHQGDVLHNHLQHVQDWUOLFKHQ 8UVSUXQJVLVW© ª:LHGDV"©,FKWDWXQZLVVHQG ª6LHNHQQHQMDGLH*HVFKLFKWHQ9LHOHVDJHQGHU6DWDQKDEH VLHJHVFKLFNWXQGGHU1HEHOZUGHXQVDOOHIUHVVHQ'DVVLQG VRGLHEOLFKHQ6lW]H© ª*ODXEHQ6LHGHQQGDUDQ"©ZROOWH6XNRZLVVHQ ª,FK"©(UODFKWHª$ERLFK© ª*DQ]YRQGHU+DQGZHLVHQ6LHHVDXIMHGHQ)DOOQLFKW© (UVFKWWHOWHGHQ.RSI ª6LHKDEHQQRFKQLFKWVXQWHUQRPPHQ"©IUDJWHLFK (UEOLFNWHPLFKDQª,FKQLFKW© ª$EHUDQGHUH"© ª-D©'HU%UJHUPHLVWHUQDKPQRFKHLQHQ6FKOXFNGDQQ GUHKWHHUGHQ.UXJXPZHLOHUOHHUZDUª+HXWHPRUJHQVLQG ]ZHL(LQZRKQHUGHV'RUIHVUDXVJHIDKUHQ© ª,QGLH1HEHOZRONH"©IUDJWHLFKHUVWDXQW (UQDKPHVPLUDEª-DLQGLH:RONH© ª:DVLVWJHVFKHKHQ"© ª1LFKWV6LHNDPHQZLHGHU]XUFN(VLVWLKQHQQLFKWVDEHU DXFKJDUQLFKWSDVVLHUW6LHHUVFKLHQHQVRQRUPDOZLHVLHDXFK KLQJHIDKUHQVLQG© ,FKKREGLH+DQGª1RFKPDOYRQYRUQ6LHIXKUHQDOVRLQGLH :RONHKLQHLQXQG© ª=ZHLPDO6LHIXKUHQHUVWYRQGHU/DQGVHLWHDXVKLQHLQXQG GDQQYRQGHU6HHVHLWH:LUKDEHQKLHUDQGHU0ROHJHZDUWHW XQGJH]LWWHUWDEHUHVLVWGHQEHLGHQ)LVFKHUQQLFKWVSDVVLHUW *DUG/D\WRQXQG%LOO\+RRNZDUHQHEHQVRQRUPDOZLH]XYRU© ª:DVKDEHQVLHGHQQHU]lKOW"©IUDJWH%LOO ª.DXPHWZDV6LHNRQQWHQMDQLFKWVVHKHQ©(UODFKWHª%HL VRYLHO1HEHO© ª.DQQLFKPLWGHQEHLGHQUHGHQ"© 'LHVH)UDJHKDWWHLFKJHVWHOOWXQGGHU%UJHUPHLVWHUNUDW]WH VLFKDP.RSIª6LHKDEHQ3HFK9RUHLQHUKDOEHQ6WXQGHZDU HLQHUYRQLKQHQQRFKKLHULQGHU.QHLSH©

ª$EHUVLHZRKQHQLQ*U\QH[[D"© ª.ODUQLFKWZHLWYRQKLHU© ª:LUZHUGHQLKQHQHLQHQ%HVXFKDEVWDWWHQ©,FKOlFKHOWH +DQN6XOOLYDQ]Xª:HQQ6LHGLH)UHXQGOLFKNHLWKlWWHQXQGXQV EHJOHLWHQZUGHQ"© ª'DVNDQQLFKPDFKHQ© 6XNRKDWWHQRFKHLQH)UDJHª:LHVFKQHOOZDQGHUWGHU1HEHO HLJHQWOLFK"© ª'DVKDEHQZLUQLFKWJHQDXIHVWJHVWHOOW(UEHZHJWVLFKDXI GLH.VWH]X$EHUGDVLVWQLFKWWUDJLVFK(ULVWMDKDUPORVZLH ZLUMHW]WZLVVHQ© ,FKZDUYRQGHQ:RUWHQGHV%UJHUPHLVWHUVQLFKWVREHU ]HXJW6FKOLHOLFKKDWWHHUQLFKWGHQ-XQJHQJHVHKHQZLHHU VHLQH0XWWHUXPEULQJHQZROOWHQDFKGHPHUVLFKVRJUDXHQYROO YHUlQGHUWKDWWH ª6RQVWLVWQLHPDQGLQGLH1HEHOZRONHKLQHLQJHIDKUHQ"© IRUVFKWHLFKQDFK 6XOOLYDQGUXFNVWHHLQZHQLJKHUXPª-DGRFK(LQ+DOE ZFKVLJHUGHUZLH6LHDXV/RQGRQNDPXQGKLHU]X%H VXFKZDU© ª,VWLKPZDVJHVFKHKHQ"© ª1HLQ(UNDPHEHQVRQRUPDO]XUFNZLHGLHDQGHUHQEHLGHQ (UZDFKVHQHQDXFK© ª.DQQLFKGHQ-XQJHQVSUHFKHQ"© 6XOOLYDQVFKWWHOWHGHQ.RSIª'DVWXWPLUZLUNOLFKOHLG(ULVW DEJHUHLVW© ª6FKDGH© ª:DVKDEHQ6LHHLJHQWOLFKYRU"©IUDJWHGHU%UJHUPHLVWHU ª:LUZHUGHQGLH1HEHOZRONHZLVVHQVFKDIWOLFKXQWHUVXFKHQ© HUZLGHUWHLFKª8QVHUNOHLQHV/DERUEHILQGHWVLFKLP.RIIHU UDXPGHV:DJHQV'DLVWDOOHVGULQZDVZLUIUHLQHZLVVHQ VFKDIWOLFKH$QDO\VHEHQ|WLJHQ© 6XOOLYDQQLFNWHª'DQQZROOHQZLUPDO]X/D\WRQJHKHQ© VDJWHHUXQGHUKREVLFK :LUVWDQGHQHEHQIDOOVDXI

%LOO]DKOWHQRFKGLH5HFKQXQJXQGVRZDUWHWHQZLUHLQHQ 0RPHQW$P1HEHQWLVFKHUKREVLFKHLQDOWHU0DQQ(UZDUXQV ELVKHUNDXPDXIJHIDOOHQ-HW]WVFKDXWHHUXQVDQ ª$XV/RQGRQNRPPHQ6LH"©PXUPHOWHHU 6XNRDQWZRUWHWHLKPª-D© ª:DVZROOHQ6LHGHQQPLWGHU:RONHPDFKHQ"6LHXQWHU VXFKHQ"/lFKHUOLFKGDJLEWHVQLFKWV]XXQWHUVXFKHQGLHKDW QlPOLFKNHLQHQQRUPDOHQ8UVSUXQJ© ª:HOFKHQGDQQ"© 'HU$OWHVDKGHQ&KLQHVHQDQ6HLQ%DUW]LWWHUWHGDEHLª6R ZDKULFK=\EEDNKHLHXQGVFKRQELQGLHVHYHUGDPPWH :RONHKDWGHU6DWDQJHVFKLFNW© ,FKKRUFKWHDXI 'HU%UJHUPHLVWHUPLVFKWHVLFKHLQª-HW]WK|UDEHUDXI$OWHU GLH:RONHLVWQRUPDO6FKOLHOLFKKDEHQ/D\WRQXQG+RRN VLHXQWHUVXFKW6LHVLQG]XUFNJHNRPPHQLKQHQLVWQLFKWV JHVFKHKHQ'DVKDEHQZLUDOOHJHVHKHQ© 'HU$OWHOlFKHOWHªbXHUOLFKQLFKWDEHUVLHKDEHQVLFKWURW] GHPYHUlQGHUW'XEUDXFKVWQXULQLKUH$XJHQ]XVFKDXHQ %UJHUPHLVWHU'DHUNHQQVWGXHV© ª4XDWVFK©6XOOLYDQZDQGWHVLFKDQXQVª*HKHQZLU *HQWOHPHQ8PGDV*HUHGHEUDXFKHQ6LHVLFKQLFKW]XNP PHUQ© :LUZDQGWHQXQVGHU7U]XGLHJHQDXLQGLHVHP$XJHQEOLFN DXIJHVWRHQZXUGH (LQHEOXWEHUVWU|PWH*HVWDOWVWROSHUWHLQGLH*DVWVWlWWHOLHI GUHL6FKULWWHXQGEUDFK]XVDPPHQ6FKZHUILHOVLHDXIGLH URKHQ%RKOHQHVZDUQLHPDQGGDGHUVLHDXIIDQJHQNRQQWH 'LH0lQQHUVSUDQJHQYRQLKUHQ6LW]HQKRFK ª'DVLVWGHU.VWHU©ULHIMHPDQG 6XNRXQGLFKZDUHQDOVHUVWHUEHLLKP)UPLFKVWDQGIHVW GDHVMHW]WPLWGHU5XKHYRUEHLZDU ,FKVFKDXWHLQGDV*HVLFKW'HU0DQQZDUQLFKWEHZXWORV $QJVWIODFNHUWHLQVHLQHP%OLFN ª:DVLVWJHVFKHKHQ"©IUDJWHLFKKDVWLJ

ª/D\WRQ©NHXFKWHHUª/D\WRQZLOOGHQ3IDUUHUXPEULQJHQ XQGGLH.LUFKH]HUVW|UHQ© 'DVZDUHQVHLQHOHW]WHQ:RUWH'DQQZXUGHHUEHZXWORV ,FKDEHUMDJWHKRFK1RFKEHYRUHLQDQGHUHUUHDJLHUHQNRQQ WHZDULFKVFKRQDQGHU7U ª:DVLVWORVPLWGLU"©IUDJWH+DUULHW+RRNLKUHQ0DQQ%LOO\ ª1LFKWV© ª(U]lKOGRFKNHLQH0lUFKHQ'XVLW]WKLHUUXPVDJVWNHLQ :RUWXQGVWLHUVWQXULQGLH*HJHQG'DNDQQGRFKZDVQLFKW VWLPPHQ%LOO\© +RRNVFKDXWHKRFK(UKRFNWHYRUGHP.FKHQWLVFKKLQWHU LKPEHIDQGVLFKGDVVFKPDOH)HQVWHU,P5DXPVHOEVWVWDQGHQ DOWH0|EHO+DUULHWKDWWHVLHYRQLKUHQ(OWHUQEHUQRPPHQ (LQH6FKDOHQODPSHYHUEUHLWHWHJHOEOLFKHQ6FKHLQ ª6HLUXKLJ©IXKU+RRNVHLQH)UDXDQ ª1HLQLFKELQQLFKWUXKLJ'XKDVWGLFKYHUlQGHUW6HLWKHXWH PRUJHQQDFKHXUHU5FNNHKUELVWGXDQGHUVJHZRUGHQ,FK ZLOOZLVVHQZDVJHVFKHKHQLVW© %LOO\+RRNVSUDQJDXIª1LFKWVLVWJHVFKHKHQJDUQLFKWV'LFK VROOGDVDOOHVQLFKWLQWHUHVVLHUHQ©(UVFKULHSO|W]OLFKORVXQG VFKDXWHVLFKZLOGXP +DUULHWZLFK]XUFN 'LH7UVWDQGKDOERIIHQ0LWGHP5FNHQGUFNWHVLHVLHLQV 6FKOR ª0HLQH*WH%LOO\GDVGDVNDQQGRFKQLFKWVWLPPHQ'X KDVWGRFKVRQVWQLFKWJHVFKULHQ© +RRNVFKOHXGHUWHLQHLQHP$QIDOOYRQ:XWGHQ6WXKOXP(U ILHO]X%RGHQXQGHLQ6WFNYRQGHU5FNHQOHKQHVSOLWWHUWHDE 'DVZDU+RRNHJDO (UVSUWHSO|W]OLFKGDVLFKHWZDVLQVHLQHP,QQHUQYHU ZDQGHOWHGDGLHDQGHUHQGDZDUHQGLH1HEHOJHLVWHUXQG VHLQH)UDXVDKHUDOV)HLQGLQDQ (UVWDUUWHLKULQV*HVLFKW6HLQH$XJHQYHUlQGHUWHQVLFK(LQ

EUXWDOHU$XVGUXFNWUDWLQGLH3XSLOOHQGLH0XQGZLQNHOKDWWH HUKHUDEJH]RJHQDOVHUODQJVDPXPGHQ7LVFKKHUXPNDP ª%LOO\+LPPHOZDVWXVWGX%LOO\"© +RRNVFKWWHOWHQXUGHQ.RSI1HEHQGHU7UVDKHUGDV VFKOLFKWH+RO]NUHX](VlUJHUWHLKQHVPXWHZHJHUZROOWHHV QLFKWPHKUVHKHQ'HU3IDUUHUKDWWHHVJHZHLKWXQGLKQHQ]XU +RFK]HLWJHVFKHQNWDEHUQXQNRQQWHHUGHQ$QEOLFNQLFKW PHKUHUWUDJHQ +RRNPDUVFKLHUWHDXIGDV.UHX]]X'DEHLVWDQGLKPVHLQH )UDXLP:HJHUSDFNWHLKUH6FKXOWHUXQGVFKOHXGHUWH+DUULHW ]XU6HLWH6LHILHOJHJHQGHQ2IHQXQGVFKULHDXIZHLOVLHVLFK DP(OOERJHQYHUEUDQQWKDWWH +RRNEOLHEXQWHUGHP.UHX]VWHKHQ (UKREGHQ%OLFNVFKDXWHKRFKXQGVWLHHLQZLOGHV.QXUUHQ DXV'DVYHUGDPPWH.UHX]ZDUHLQhEHO (VPXWHZHJZHJ (UVSUDQJKRFKXQG+DUULHWVDKPLWZHLWDXIJHULVVHQHQ $XJHQZDVLKU0DQQWDW ª'XYHUVQGLJVWGLFK©VFKULHVLHGRFK%LOO\K|UWHQLFKW0LW HLQHPKHIWLJHQ5XFNULHUGDV.UHX]VDPW1DJHODXVGHU :DQG(UKDWWHHVPLWGHUUHFKWHQ+DQGXPNODPPHUWGRFK SO|W]OLFKEUOOWHHUDXIXQGVFKOHXGHUWHGHQJHZHLKWHQ *HJHQVWDQGGDYRQ(UVSUHL]WHGLH)LQJHUXQGVFKDXWHDXI VHLQHQ+DQGWHOOHU 'RUWEHIDQGVLFKGHU$EGUXFNWLHIHLQJHJUDEHQLQVHLQ )OHLVFK(LQKHIWLJHV=LWWHUQGXUFKOLHI+RRNV*HVWDOW *OHLFK]HLWLJVSUWHHUGLH+LW]HGLHVHLQHQ.|USHUGXUFKGUDQJ 6LHVWLHJYRQGHQ%HLQHQKHUKRFKSIODQ]WHVLFKEHUGLH *UWHOOLQLHIRUWHUUHLFKWHGLH%UXVWXQGYRUDOOHQ'LQJHQVHLQHQ .RSI 8QGMHW]WEHJDQQGLH9HUZDQGOXQJ 6HLQH+DXWYHUlQGHUWHVLFKGLHIULVFKH)DUEHZLFKGDIUWUDW HLQIDKOHV*UDXDQLKUH6WHOOHGDVDXVVDKZLH6WHLQ 8QGEUFKLJZDU %LOO\+RRNEHXJWHVLFKQDFKYRUQ(LQVFKZHUHV.HXFKHQ

GUDQJDXVVHLQHP0XQG1RFKKDWWHVHLQH)UDXQLFKWJHQDX PLWEHNRPPHQZDVPLWLKUHP0DQQJHVFKHKHQZDUGHQQHU ZDQGWHLKUGHQ5FNHQ]X6LHEHPHUNWHDEHUGDVLFKGLH )DUEHVHLQHU+DDUHYHUlQGHUWH'DV6FKZDU]YHUEODWHGLH )ULVXUZXUGHJUDXQDKPGLH)DUEHYRQ$VFKHDQ +DUULHW]RJVLFKDP.FKHQWLVFKKRFK(WZDV6FKUHFNOLFKHV JLQJPLWLKUHP0DQQYRUGDVVSUWHVLHXQGVLHVFKOXJLQLKUHU 9HU]ZHLIOXQJHLQ.UHX] 3URPSWJLQJHVLKUHLQZHQLJEHVVHU 'DQQDEHUILHOLKU%OLFNZLHGHUDXI%LOO\XQGGHUGUHKWHVLFK ODQJVDPXP 6HLQ.|USHUZDUHLQZHQLJLQVLFK]XVDPPHQJHVDFNW 5DVVHOQGGUDQJGHU$WHPEHUVHLQH/LSSHQXQGHUVWLHHLQ XQZLOOLJHV.QXUUHQDXV6HLQH+lQGH|IIQHWHQXQGVFKORVVHQ VLFKEHLGHU%HZHJXQJGHXWOLFKVDK+DUULHWGDV%UDQGPDO 6LHVW|KQWHDXI (LQ=HLFKHQGHU+LPPHOKDWWHLKUHLQ=HLFKHQJHJHEHQ %LOO\LKU0DQQKDWWHVLFKDQGHP.UHX]YHUVQGLJW 0HLQ*RWW ,KUH*HGDQNHQVWRFNWHQGHQQQXQVFKDXWHVLHLQ%LOO\+RRNV *HVLFKW'HU6FKRFNWUDIVLHPLWGHU:XFKWHLQHV.HXOHQVFKODJV 'DVZDUQLFKWPHKULKU0DQQGDVZDUHLQ0RQVWHU 6HLQ*HVLFKWHULQQHUWHDQHLQHYHU]HUUWH6WHLQIUDW]H6FKLHI XQGJUDX'LH1DVHZXFKVQDFKOLQNVHLQ$XJHKLQJWLHIHUDOV KlWWHHVMHPDQGLQGLH+|KOHKLQHLQJHVWRHQXQGVHLQ0XQG ZDUNDXPQRFK]XVHKHQ $XVGHP/RFKLPJUDXHQ*HVLFKWGUDQJHLQIUFKWHUOLFKHV bFK]HQª'LH1HEHOJHLVWHU©NHXFKWHHUª6LHZHUGHQNRPPHQ XQGLFKEHUHLWHLKQHQGHQ:HJ© (UODFKWHDXI.HKOLJXQGNUDW]LJK|UWHVLFKGDV/DFKHQDQ $EHUDXFKVFKDXULJ6FKZHUILHO%LOO\QDFKYRUQXQGVWW]WH VHLQH+lQGHDXIGHU7LVFKSODWWHDE (UVWMHW]WEHUZDQG+DUULHWLKUH(UVWDUUXQJ6LHVFKWWHOWH GHQ.RSI]LWWHUWHXQGZXWHGDGLHVHV0RQVWHUVLHZRKO QLFKWDP/HEHQODVVHQZUGH

0LWHLQHP5XFNVFKOHXGHUWHHUGHQ7LVFK]XU6HLWH -HW]WKDWWHHUIUHLH%DKQ $XVVHLQHP0DXOGUDQJHQ:RUWIHW]HQª.ULHJHGLFKW|WHQ 1HEHONRPPW© (UJLQJDXIVHLQH)UDX]X8QJHOHQNPLWVWHLIHQ6FKULWWHQ DEHUPLWHLQHP%OLFNLQGHPGLH0RUGDEVLFKW]XOHVHQVWDQG (UZUGHW|WHQXQGHUZUGHVLHW|WHQ )LHEHUKDIWVXFKWH+DUULHWQDFKHLQHP$XVZHJ:LHVROOWHVLH GDV0RQVWHUVWRSSHQ" ,KU%OLFNVXFKWHGDV.UHX]-DGDPLWPXWHVLHHVVFKDIIHQ N|QQHQ6FKOLHOLFKKDWWHVLFK%LOO\GDUDQYHUEUDQQW'DV =HLFKHQGHV*XWHQGDVHUQLFKWYHUWUXJ ,QQHUKDOEGLHVHUZHQLJHQVFKOLPPHQ6HNXQGHQKDWWHVLFKGLH )UDXIDVWYROOVWlQGLJYRQLKUHP0DQQJHO|VW(UEHGHXWHWHLKU QLFKWVPHKUDOOHVZDUYHUJHVVHQZDVVLHLQGHQOHW]WHQ 0RQDWHQVRDQHLQDQGHUJHEXQGHQKDWWH ,UUHODFKWHVLHDXI'DV/DFKHQZXUGH]XHLQHPUHJHOUHFKWHQ %HOOHQDOV+DUULHWVLFKQDFKYRUQZDUIXQGGDV.UHX]]XIDVVHQ EHNDPQRFKEHYRULKU0DQQ]XSDFNWH 6RIRUWULVLHHVKRFK %LOO\ZROOWHVLFKDXIVHLQH)UDXVWU]HQ6LHNQLHWHDP%RGHQ QLFKWVNRQQWHPHKUVFKLHIJHKHQGRFKGDKLHOWLKP+DUULHWGDV .UHX]HQWJHJHQ ª6WRSS©EUOOWHVLHDXV/HLEHVNUlIWHQ6LHZLUNWHLQGLHVHQ $XJHQEOLFNHQZLHHLQHUlFKHQGH)XULH'DV+DDUKDWWHVLFK JHO|VWILHOLQGLH6WLUQXQGLKU*HVLFKWZDUHLQH*ULPDVVHDXV $QJVWXQG3DQLN %LOO\VWRSSWHLQGHU7DW'DV.UHX]LUULWLHUWHLKQDOOHLQVHLQ $QEOLFNEHUHLWHWHLKPN|USHUOLFKHV8QEHKDJHQ)ULKQPXWH GLHVHV.UX]LIL[GLH+|OOHVHLQ (UZDQNWH]XUFN +DUULHWVWDQGDXI6LHZXWHDXFKQLFKWZRKHUVLHGHQ0XW QDKPDXILKQHLQ]XUHGHQDEHUVLHWDWHV ª=XU+|OOHPLWGLU9HUIOXFKWHU©EUOOWHVLHª)DKU]XP 7HXIHO,FKZLOOGLFKQLFKWPHKUVHKHQ:HJZHJ©

%LOO\JLQJ]XUFN6HLQ*HVLFKWEHZHJWHVLFK'HU6WHLQGHU IUKHUVHLQH+DXWZDUNQLVWHUWH0LWMHGHP6FKULWWGHQVHLQH )UDXYRUJLQJZLFKHU]XUFN +DUULHWJHZDQQ2EHUZDVVHU6LHZXWHVHOEVWGDVLHHVQLFKW PHKUODQJHGXUFKKDOWHQNRQQWH'LHVKLHUZDUHLQH 6WUHVLWXDWLRQGLHDQLKUHQ1HUYHQ]HUUWH 6LHVWDQGHQGLFKWYRUGHU=HUUHLSUREH :DQQZUGHVLHVFKODSSPDFKHQ" ,KUH/LSSHQEHZHJWHQVLFK6LHPXUPHOWH*HEHWHGHU +HUUJRWWPXWHLKUGRFKKHOIHQ 6LHWULHE%LOO\TXHUGXUFKGLH.FKHELV]XGHPDOWHQ +RO]VFKUDQNEHLGHPHLQHGHU6FKXEODGHQ]XU+lOIWHRIIHQ VWDQG *HJHQGLH.DQWHVWLHHUPLWGHU+IWH 'LHVHU$QSUDOOVHW]WHHLQH,GHHLQ%LOO\V*HKLUQIUHL,QGHU 6FKXEODGHODJHQGLH.FKHQPHVVHU 2KQHQDFK]XVFKDXHQJULIIHUKLQHLQXQGEHNDPHLQHVGHU 0HVVHU]XSDFNHQ (LQEHVRQGHUVVFKDUIHVPLWGHPVLHGDV)OHLVFKWHLOWHQ(U ZHFKVHOWHHVVRIRUWLQGLHOLQNH+DQGGDHUDQGHUUHFKWHQGLH 9HUOHW]XQJKDWWH ª6R©NQXUUWHHUWLHILQVHLQHU.HKOHª-HW]WELVWGXGUDQ:HLE 'XHQWNRPPVWPLUQLFKW©(UGUHKWHGDV0HVVHUVRGDGLH .OLQJHQDFKREHQ]HLJWH +DUULHW]LWWHUWH6LHEOLHEZLHDQJHZXU]HOWVWHKHQGHQQWURW] LKUHV.UHX]HVEHNDPVLHHVPLWGHU$QJVW]XWXQ(LQ0HVVHU ZDUJHIlKUOLFKGDPLWNRQQWHHUVLHW|WHQRKQHGDLKUGDV .UHX]HWZDVQXW]WH %LOO\VFKOLFKQlKHU (UZROOWHGLFKWDQVHLQH)UDXKHUDQXPVLHPLWHLQHPHLQ]L JHQ6WRYRP/HEHQLQGHQ7RG]XEHI|UGHUQ ª%OHLEVWHKHQ©IOVWHUWH+DUULHWª*HKNHLQHQ6FKULWWZHLWHU RGHULFK© ª:DVZLOOVWGXGHQQ"©K|KQWHHUZREHLVLFKVHLQ*HVLFKW DEHUPDOVYHU]RJª6DJVFKRQZDVZLOOVWGX"0LFKVWRSSHQ"

1HLQ:HLEGDVVFKDIIVWGXQLFKW'XIlKUVW]XU+|OOH©(UODFK WHE|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lPRQHQXQGGHUHQ'LHQHUYHUVSUHQNHLQH 6FKPHU]HQ7URW]GHPEHQ|WLJWHHU=HLWXPZLHGHUDXIGLH %HLQH]XJHODQJHQGHQQHUKLQJLQHLQHUJHEFNWHQ6WHOOXQJ 'LHVHZHUWYROOHQ6HNXQGHQQXW]WH+DUULHW,KUH5HDNWLRQHQ ZXUGHQYRPUHLQHQh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

]HUEUDFKGRFK+DUULHWDFKWHWHQLFKWDXIGLH6FKHUEHQDOVVLH DXILKUH6FKXOWHUQUHJQHWHQ *HQDXVRXQWHUGUFNWHVLHGHQ6FKPHU]VLHZROOWHEHU OHEHQ %LOO\NDP (UUDPPWHGLH.FKHQWUDXIXQGWRUNHOWHLQGHQ)OXU1RFK LPPHUKLHOWHUGDV0HVVHUIHVWVWW]WHVLFKPLWGHUIUHLHQ+DQG YRQGHU:DQGDEXQGWDXPHOWHDXIVHLQH)UDX]X 6WREHUHLWKLHOWHUGDV0HVVHU $EHU+DUULHWKDWWHGLH$[W ª6WLUE©EUOOWHVLHXQGZXFKWHWHGLH$[WQLHGHU6LHJLQJ VRJDUQRFKHLQHQ6FKULWWYRUXQGVFKOXJVRVFKQHOOXQGJHQDX ]XGD%LOO\NHLQH$EZHKUFKDQFHPHKUEOLHE 'LH.OLQJHWUDIVHLQHQ6FKlGHO (LQHQQRUPDOHQ0HQVFKHQKlWWHVLHJHW|WHWQLFKWDEHUHLQHQ 'lPRQ6LHKLHE]ZDUKLQHLQDEHUGLHVHU6FKODJKDWWHGHQJOHL FKHQ(IIHNWDOVKlWWH+DUULHWJHJHQ+RO]JH]LHOW 'LH$[WEOLHEVWHFNHQ8QGVLHUXWVFKWHGHU)UDXJOHLFK]HLWLJ DXVGHU+DQG +DUULHWZDQNWH]XUFN6LHNRQQWHQLFKWEHJUHLIHQGDLKU 0DQQQRFKOHEWH(UERWPLWGHULQVHLQHP.RSIVWHFNHQGHQ$[W HLQVFKDXULJHV%LOGDEHUHUODFKWH ª1HLQQHLQ©NHXFKWH+DUULHWª'XGXELVWGRFKWRW'X PXWWRWVHLQ© (UMHGRFKJULQVWHQXUXQGVFKULWWZHLWHU 'DZXWH+DUULHWGDDXFKGLH$[WQLFKWVJHQXW]WKDWWH6R ZDUGLHVHP0RQVWHUQLFKWEHL]XNRPPHQ 6LHZDUIVLFKDXIGHP$EVDW]KHUXP *OHLFK]HLWLJVFKQHOOWH%LOO\ORV+lWWHHUGDV0HVVHUJHVFKOHX GHUWVRZlUHDOOHVRND\JHZHVHQHUDEHUZROOWHVHLQH)UDX SDFNHQXQGGDQQXPEULQJHQ 'HVKDOEHUKLHOW+DUULHWGLH*DOJHQIULVW6LHULGLH7UDXI VWROSHUWHQDFKGUDXHQEHUVDKGDEHLGLHEHLGHQ6WXIHQILHO KLQXQGUDIIWHVLFKZLHGHUDXI 6LHPXWHLKPHQWNRPPHQ

%LOO\ZDUGLFKWKLQWHULKUDOV+DUULHWGXUFKGHQZLQ]LJHQ 9RUJDUWHQDXIGLH6WUDHUDQQWH 6LHZRKQWHQLQHLQHUNOHLQHQXQJHSIODVWHUWHQ*DVVH'HU:HJ IKUWHEHUJDEXQGPQGHWHLQGLH+DXSWVWUDH +DUULHWVFKULH ,KUHJHOOHQGHQ6FKUHLHKDOOWHQYRQGHQ+DXVZlQGHQZLGHU XQGVFKUHFNWHQDOVVFKDXULJH(FKRVGLH1DFKEDUQKRFK )HQVWHUIORJHQDXIGRFKGDZDUGLH)UDXEHUHLWVZHLWHUJH ODXIHQXQGKDWWHGDV(QGHGHU*DVVHHUUHLFKW 6LHWDXPHOWHDXIGLH+DXSWVWUDHZDQGWHVLFKQDFKUHFKWV ZRGDVJURH*DVWKDXVODJ 8QGVLHVFKULHZHLWHU ,KUH6WLPPHEHUVFKOXJVLFK+DUULHWKDWWHEHLGH+lQGHHU KREHQVLHZHLQWHEUOOWHXP+LOIHGRFKGDV0RQVWHUGDV HLQPDOLKU0DQQJHZHVHQZDUNDPLPPHUQlKHU 6FKUlJKHW]WH+DUULHWDXIGHQ/HEHQVPLWWHOZDJHQ]X'RUW ZDUPDQOlQJVWDXIPHUNVDPJHZRUGHQXQGVWDUUWHLKUHQWVHW]W HQWJHJHQ 9RU+DUULHWV$XJHQYHUVFKZDPPGLH:HOWXQGHXWOLFK JODXEWHVLH]ZHL)UHPGH]XVHKHQDOVVLFKSO|W]OLFKGLHHLV NDOWH+DQGLKUHV0DQQHVDXILKUHUHFKWH6FKXOWHUOHJWHXQGHU VLHPLWHLQHP5XFN]X%RGHQVFKOHXGHUWH +DUWILHOVLHDXIGHQ5FNHQ %LOO\ODFKWHVFKDXULJXQGKREGDV0HVVHU 1RFKLPPHUODJHUDXIGHP0HHU $EHUGLHVPDOZXUGHHUYRQNHLQHPEHREDFKWHW/DQJVDP HLQHUJHZDOWLJHQ:RJHYHUJOHLFKEDUEHZHJWHHUVLFKYRUDQ(U UROOWHDXIGDV8IHU]XZRHUVLFKHQGOLFKGLH0HQVFKHQDOV 2SIHUKROHQNRQQWH 8QGHUOHEWHGLHVHUWHXIOLVFKH1HEHO (UVFKLHQWDXVHQG$UPHXQG+lQGH]XKDEHQHUJULIIEHUDOO KLQEUHLWHWHVLFKPDOQDFKUHFKWVDXVGDQQZLHGHUQDFKOLQNV $OOHVZDVLQVHLQH1lKHJHULHWZXUGHYHUQLFKWHW

6RHUJLQJHVHLQHU0|ZH6LHSDWHQLFKWDXIXQGVHJHOWHLQ GHQ1HEHOKLQHLQ (LQVFKULOOHU6FKUHLGDQQVSLHGLHJUDXZHLH:RONH .QRFKHQWHLOHDXV6LHKDWWHGLH0|ZH]HUIUHVVHQ :LHHLQH6lXUH 8QGGLHJUDXZHLH:DQGUROOWHZHLWHU/lQJVWKDWWHVLHGLH .OLSSHQYRUGHP+DIHQEHUZXQGHQ$QGHQ6HLWHQEUHLWHWH VLHVLFKDXVVRGDGLHHUVWHQ$XVOlXIHUEHUHLWVJHJHQGLH 6WHLOZlQGHVWLHHQXQGODQJVDPGDUDQKRFKNOHWWHUWHQ 'LH+DXSWPDFKWDEHUQDKPGHQGLUHNWHQ:HJDXIGHQ NOHLQHQ+DIHQ]XXPLQGHQ2UW]XJHODQJHQ ,FKMDJWHEHUGLH6WUDH :RVLFKGLH.LUFKHEHIDQGGDVZXWHLFKVLHZDUVFKOLHOLFK QLFKW]XEHUVHKHQ,UJHQGZRLQGHU)HUQHYHUQDKPLFKJHO OHQGH6FKUHLHGRFKLFKDFKWHWHQLFKWGDUDXI,P$XJHQEOLFN ]lKOWHQXUGLH+LOIHIUGHQ3IDUUHU ,FKKDWWHVHOEVWHUOHEWZLHJQDGHQORVGLHVH:HVHQYRUJLQJHQ :HQQGHU3IDUUHUHLQHPLQGLH+lQGHJHIDOOHQZDUKDWWHHU NHLQH&KDQFH 9RUGHU.LUFKHEHIDQGVLFKHLQJURHU3ODW]=ZHLKRKH 8OPHQZXFKVHQGRUWVLHIODQNLHUWHQSUDNWLVFKGHQ(LQJDQJ 'LHJURH7UGHU.LUFKHZDUYHUVFKORVVHQDEHULFKVDKHLQHQ VFKPDOHQ:HJGHUXPGDV*HElXGHIKUWH 'HQVFKOXJLFKHLQ /LQNVYRQPLUWUHQQWHHLQHKRKH+HFNHGHQ:HJDEUHFKWV EHIDQGVLFKGLH.LUFKHQPDXHU 'DK|UWHLFKVFKRQGDV6SOLWWHUQGHU6FKHLEH8QGLFKYHU QDKPGLHGXPSIHQ6FKUHLH ª,FKNULHJHGLFKYHUGDPPWHU.HUO,FKNULHJHGLFK© ,P/DXIHQULLFKGLH%HUHWWDKHUYRU1RFK]ZHL6FKULWWHXQG GHU:HJODJKLQWHUPLU(UHQGHWHYRUHLQHP+DXVGDVLP 9HUJOHLFK]XU.LUFKHXQJHZ|KQOLFKNOHLQZLUNWH ,FKQDKPDQGDKLHUGHU3IDUUHUZRKQWH

$EUXSWEUHPVWHLFKPHLQHQ/DXIXPGLH/DJH]XVRQGLHUHQ 'LH0RQVWHUJHVWDOWHUVFKUHFNWHPLFKQLFKWLFKNDQQWHEHUHLWV GHQZLH6WHLQDXVVHKHQGHQ6FKlGHO 'DVPXWH*DUG/D\WRQVHLQ(UKLHOWHLQHDUPODQJH (LVHQVWDQJHLQGHU+DQG(LQLJH6FKHLEHQKDWWHHUEHUHLWV]HU WUPPHUWMHW]WZXFKWHWHHUGLH(LVHQVWDQJHJHJHQGLH+DXVWU 8QGVLHZDUQLFKWVRVWDELOZLHGLHGHU.LUFKH $QGHU6HLWHZDUGDV+RO]VFKRQKHUDXVJHEURFKHQ(LQLJH 6SOLWWHUVWDQGHQDEZLHGLH=LQNHQHLQHV.DPPV ,FKKREGLH3LVWROH ª(VUHLFKW©SHLWVFKWHPHLQH6WLPPH 'HU.HUOK|UWHVLHJHQDX(UKLHOWLQQHGXFNWHVLFKXQG ZLUEHOWHJHGDQNHQVFKQHOOKHUXP*OHLFK]HLWLJVFKOHXGHUWH HUVHLQHYHUGDPPWH(LVHQVWDQJHVRZXFKWLJXQG]LHOJHQDX GDLFKHVNDXPVFKDIIWHDXV]XZHLFKHQJHVFKZHLJHGHQQ ]XVFKLHHQ 'LH6WDQJHZLUEHOWHDXIPLFK]XZREHLVLHVLFKHLQSDDUPDO XPGLHHLJHQH$FKVHGUHKWH ,FKOLHPLFKHLQIDFKDXIGLH.QLHIDOOHQWURW]GHPZDUHVHLQH ,GHH]XVSlW :lKUHQGGHU'UHKXQJVWUHLIWHPLFKGLHYHUIOXFKWH (LVHQVWDQJHVHLWOLFKDP.RSIXQGEHUKUWHDXFKQRFKPHLQ 2KU,FKK|UWH]ZDUNHLQH(QJHOVLQJHQDEHUGHU6FKPHU]]XFN WHWURW]DOOHPGXUFKPHLQHQ6FKlGHO )UHLQHQ0RPHQWZDULFKXQNRQ]HQWULHUWXQGPXWHPLFK HUVWZLHGHUIDQJHQ (LQH=HLWVSDQQHGLHGDV0RQVWHUQXW]WH 0LWJHZDOWLJHQJURWHVNDQPXWHQGHQ6SUQJHQMDJWHHVDXI PLFK]X'LH$UPHKLHOWHVGDEHLDXVJHVWUHFNW:LHGHU-XQJHLQ /RQGRQVRZROOWHPLFKGDV0RQVWHUHEHQIDOOVXPEULQJHQ 'RFKGDJHJHQKDWWHLFKHWZDV $OVGLH+lQGH]XSDFNHQZROOWHQZDUILFKPLFK]XU6HLWHVR GDGHU8QKHLPOLFKHLQV/HHUHOLHIXQG]XVlW]OLFKEHUPHLQH %HLQHVWROSHUWH (UILHOKLQ

-HW]WKlWWHLFKVFKLHHQN|QQHQGRFKLFK]|JHUWH:HQQLFK GDV0RQVWHUHUVW]ZDQJHWZDV]XYHUUDWHQNRQQWHLFKQRFK LPPHUUHDJLHUHQ,FKZDUIPLFKEHUGLH*HVWDOWXQGSUHWHLKU GLH0QGXQJGHU6LOEHUNXJHO%HUHWWDJHJHQGHQVWHLQHUQHQ 6FKlGHO ª+DOWVWLOO©]LVFKWHLFK 0HLQGlPRQLVFKHU*HJQHUGDFKWHQLFKWLP7UDXPGDUDQ(U ZDUIVHLQHQ6FKlGHOKRFKVRVFKQHOOXQGVRZXFKWLJGDHU PLUGLH%HUHWWDDXVGHU+DQGSUHOOWH'DQQHUZLVFKWHPLFKHLQ 5XQGVFKODJDP6FKOVVHOEHLQGHUPLFKKLQWHQEHUZDUI -HW]WVWDQGHQGLH&KDQFHQJOHLFK1HLQEHVVHUIULKQ 'HQQHUKHFKWHWHDXIGLH%HUHWWD]X(UKDWWHGHQNU]HUHQ :HJ:LHGLH.UDOOHHLQHV*HLHUVVWLHGLH+DQGYRUXPNUDOOWH GHQ*ULIIGHU:DIIHXQGPLWGHU3LVWROHLP$QVFKODJUROOWHHU VLFKKDVWLJKHUXP ,FKEOLFNWHIUGHQ%UXFKWHLOHLQHU6HNXQGHLQGLHGURKHQGH 0QGXQJGRFKHUVFKRHUVWHLQHQ$WHP]XJVSl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|FKHUQXQG GHU0XQGK|KOH]XTXDOPHQ/D\WRQVWDUEDXIHLQHDQGHUH$UW XQG:HLVHZLHGHU-XQJH 6HLQ6FKlGHO]HUSODW]WH

(UIORJEXFKVWlEOLFKYRUPHLQHQ$XJHQDXVHLQDQGHU.OHLQH JUDXH6WFNHDQ6WHLQHHULQQHUQGVSULW]WHQUDNHWHQDUWLJQDFK DOOHQ6HLWHQZHJ=XP6FKOXSXIIWHHLQH6WDXEZRONHKRFK GDQQNLSSWHGHU.|USHUODQJVDP]XU6HLWH 'LFKWYRUGHU7U]XP3IDUUKDXVEOLHEHUOLHJHQ ,FKKROWHWLHI/XIW'HU.DPSIZDUEHUVWDQGHQ/D\WRQKDWWH PLUGRFKPHKU6FKZLHULJNHLWHQEHUHLWHWDOVLFKDQJHQRPPHQ KDWWH'LHVH0HQVFKHQ0RQVWHUVFKLHQHQXQJHKHXHUJHIlKUOLFK ]XVHLQ 'HPQDFKZDUGHU1HEHOGRFKQLFKWVRKDUPORV'HU-XQJHLQ /RQGRQKDWWHUHFKWJHKDEW 'LH7UZXUGHJH|IIQHW=LWWHUQGHUVFKLHQGHU3IDUUHUDXIGHU 6FKZHOOH(UOHKQWHVLFKDQGHQ7UUDKPHQXQGSUHWHVHLQH +DQGDXIGLHOLQNH%UXVWVHLWH ,FKOLHPHLQH%HUHWWDYHUVFKZLQGHQXQGVFKULWWDXIGHQ 3IDUUHU]XZREHLLFKOlFKHOWH ª,KQHQLVWQLFKWVSDVVLHUW"© ª1QHLQ© ª'DUILFKKHUHLQNRPPHQ"© ª1DWUOLFK©'HU3IDUUHUJDEGLH7UIUHLXQGLFKNRQQWHDQ LKPYRUEHLJHKHQ ,FKKDWWHLQPHLQHUELVKHULJHQ/DXIEDKQVFKRQ]DKOUHLFKH 3IDUUKlXVHUEHWUHWHQ,UJHQGZLHJOLFKHQVLHVLFK9RUDOOHQ 'LQJHQLP*HUXFK$XFKKLHUURFKHVQDFK:HLKUDXFKXQG %OXPHQVRIULVFKGDLFKHUVWJDUQLFKWLQ9HUVXFKXQJNDP PLUHLQH=LJDUHWWHDQ]X]QGHQ ª:DVPDFKHQZLUPLWGHP7RWHQ"©IUDJWHGHU*HLVWOLFKH ª:LUZHUGHQLKQVSlWHUZHJVFKDIIHQ© 'HU0DQQQLFNWHª,FKKHLH'HPSVH\©VDJWHHUª8QGLFK ELQ,KQHQ]X'DQNYHUSIOLFKWHW© ,FKZLQNWHDEª'DQNHQ6LH,KUHP.VWHUHUKDWPLFKZLHGHU PRELOLVLHUW© ª6LHVWDPPHQQLFKWDXVGLHVHU*HJHQG"© ª1HLQ/RQGRQ,FKKHLH-RKQ6LQFODLUXQGELQ2EHU LQVSHNWRUEHL6FRWODQG
ª2K8QGZHVKDOEVLQG6LHJHNRPPHQ"© ª:HJHQGHV1HEHOV© 'HU3IDUUHUDWPHWHWLHIHLQª'DQQJODXEHQ6LHDXFKGDVZDV PDQFKH/HXWHVDJHQ"© ª:DVGHQQ"© ª'DGHU1HEHOQLFKWQRUPDOLVW© ,FKZLQNHOWHPHLQHQUHFKWHQ$UPDQXQGOHJWHGHQ(OOERJHQ DXIHLQH9LWULQHª-DGDVJODXEHLFKDOOHUGLQJV/D\WRQKDWPLW HLQHP)UHXQGGHQ1HEHOGXUFKIDKUHQ6LHVHKHQMDVHOEVWZDV GDEHLKHUDXVJHNRPPHQLVW© 3IDUUHU'HPSVH\QLFNWH(UZDUQRFKYHUKlOWQLVPlLJMXQJ YLHOOHLFKWHLQSDDU-lKUFKHQlOWHUDOVLFK7URW]GHPZDUVHLQ +DDUVFKRQJUDX'LFKWXQGNUlIWLJZXFKVHVDXIGHP.RSI ª'HUDQGHUHKLH%LOO\+RRN©VDJWHHUOHLVH ª8QGZRVWHFNWHUMHW]W"© ª.HLQH$KQXQJ© )LHEHUKDIWGDFKWHLFKQDFK$OVLFKDXVGHP*DVWUDXP JHUDQQWZDUKDWWHLFKGDV6FKUHLHQJHK|UW2EHVHWZDVPLW GHP]ZHLWHQ0DQQPLW%LOO\+RRN]XWXQJHKDEWKDWWH" 0|JOLFKZDUHV ª6LHZLVVHQHWZDV"©IUDJWHGHU3IDUUHU(UVFKDXWHSUIHQGLQ PHLQ*HVLFKWDOVVlHLFKYRULKP]XU%HLFKWH ª:LVVHQQLFKWDEHUDKQHQ©,FKEHULFKWHWHLKPYRQPHLQHP 9HUGDFKW ª-DGLHEHLGHQVLQGJHIDKUHQ©'HU3IDUUHUQLFNWHª(VLVW VFKOLPPJHZHVHQREZRKOLFKVLHJHZDUQWKDWWH$EHUGDNDQQ PDQQLFKWVPDFKHQZLUNOLFKQLFKW© ª:ROOHQ6LHQLFKWJHJHQGHQ7HXIHONlPSIHQ"©IUDJWHLFKLKQ 6HLQH$XJHQZXUGHQJURª:LHPHLQHQ6LHGDV"© ,FKEHVFKORGHQ3IDUUHUEHUPHLQH)XQNWLRQXQGPHLQHQ %HUXIDXI]XNOlUHQ6HLQ*HVLFKWQDKPHLQHQLPPHUHUVWDXQWH UHQ$XVGUXFNDQª'DHVVRHWZDVJLEW©PXUPHOWHHULPPHU ZLHGHUª,FKNDQQHVHLQIDFKQLFKWJODXEHQ© ª(VLVWDEHUVR'LHK|OOLVFKHQ.UlIWHH[LVWLHUHQ+HUU3IDUUHU 'DVLVWHLQH7DWVDFKH©

ª8QGZDVNDQQPDQGDJHJHQXQWHUQHKPHQ"© ª9LHOXQGZHQLJ© ª'DVYHUVWHKHLFKQLFKW© ª0DQNDQQLPPHUQXU7HLOHUIROJHHUULQJHQ©HUNOlUWHLFK ª0HKULVWQLFKWIUXQVGULQ© ª$EHULQGHU%LEHOVWHKWGDGLH+|OOHHQGJOWLJEHVLHJW ZLUG0U6LQFODLU© ª'DVLVWZDKUQXUKDWGLH%LEHOGHQ=HLWSXQNWQLFKWHU ZlKQW© 'HU3IDUUHUQLFNWHª,FKKDEHJHK|UWGDGHU1HEHOZDQGHUW (UZLUGDOVRDXIGLH6WDGW]XNULHFKHQ8QGVLHKDEHQJHVHKHQ ZDVPLWGHQEHLGHQ0lQQHUQJHVFKHKHQLVW'LH)ROJH-HGHU (LQZRKQHUYRQ*U\QH[[DNDQQLQHLQHVROFKH6LWXDWLRQJH UDWHQRGHUQLFKW"© ª6LHKDEHQGHQ1DJHODXIGHQ.RSIJHWURIIHQ© ª8QGZDVWXWPDQGDJHJHQ"© ª:LUPVVHQGLH0HQVFKHQGDYRQEHU]HXJHQGDVLHLKUH +lXVHUYHUODVVHQ© ª(VZLUGVFKZHUVHLQ©VDJWHGHU3IDUUHU ª$EHUGLHHLQ]LJH0|JOLFKNHLW© 'HU*HLVWOLFKHQLFNWHPLU]Xª.RPPHQ6LHPLW+LHUKDOWHLFK HVQLFKWPHKUDXV,FKPXHLQIDFK]XGHQDQGHUHQ© 'HU0HLQXQJZDULFKDXFK :LUYHUOLHHQGDV3IDUUKDXV'HU*HLVWOLFKHKDWWHQRFKHLQH 'HFNHPLWJHQRPPHQGLHHUEHUGHQ7RWHQDXVEUHLWHWH(U VFKOXJHLQ.UHX]]HLFKHQª*RWWVHLVHLQHU6HHOHJQlGLJWURW] DOOHP©PXUPHOWHHU ,FKZDUVFKRQYRUJHJDQJHQGHQQLFKZROOWHVHKHQZLHZHLW VLFKGHU1HEHOLQ]ZLVFKHQYRUDQEHZHJWKDWWH/HLGHUNRQQWH LFKNHLQHQ%OLFNDXIV0HHUZHUIHQZHLOVLFKGLH.LUFKHQPDXHU LP:HJEHIDQG ª9RQZRDXVNDQQPDQGDV0HHUVHKHQ"©HUNXQGLJWHLFK PLFK ª:LUPVVHQQRFKHLQ6WFNJHKHQ© :LUVFKULWWHQEHUGHQ.LUFKSODW]'LH8OPHQYHUORUHQ

GLH%OlWWHU/DXWORVVHJHOWHQVLH]X%RGHQZRVLFKEHUHLWVHLQ EXQWHU7HSSLFKJHELOGHWKDWWH,FKKDWWHNHLQHQ%OLFNIUGLHVHV URPDQWLVFKH%LOGVRQGHUQZROOWHGHQ1HEHOVHKHQ 'HU3IDUUHUVFKULWWPLWPLUDXIHLQHNQLHKRKH0DXHU]X ª:HQQ6LHKLQDXINOHWWHUQN|QQHQ6LHELV]XP+DIHQVFKDXHQ© ,FKIROJWHVHLQHP5DWVWLHJDXIGLH0DXHUXQGKDWWHWDWVlFK OLFKHLQHQIUHLHQ%OLFN ,PQlFKVWHQ$XJHQEOLFNJODXEWHLFKPHLQ+HU]ZUGH VWHKHQEOHLEHQ:LHHLQH:DQGVWDQGGHUJHKHLPQLVYROOH 1HEHOLP+DIHQ(UKDWWHVRJDUVFKRQHLQHQ7HLOGHU6FKLIIH YHUGHFNWVHLQH$XVOlXIHUNURFKHQDQGHQ)HOVHQGHU6WHLONVWH KRFKGRFKGLH+DXSWPDVVHZDUGDEHLZLHPLWWDXVHQG$UPHQ XQG%HLQHQLQGDV'RUI]XNULHFKHQ (LQVZDUPLUNODU 'LH=HLWGDV'RUI]XHYDNXLHUHQKDWWHQZLUMHW]WQLFKWPHKU 'HP6FKDXSODW]DPQlFKVWHQEHIDQGVLFKGHU/HEHQVPLWWHO KlQGOHU(UKDWWHVHLQHQ:DJHQGLFKWDQGHU(LQPQGXQJGHU VFKPDOHQ*DVVHLQGLH+DXSWVWUDHJHSDUNW $XVGHQ$XJHQZLQNHOQQDKPHUZDKUZLH+DUULHW+RRNDXI GLH6WUDHVWU]WHXQGHLQHJUlOLFKH*HVWDOWVLHYHUIROJWHDQ GHU6FKXOWHUSDFNWHXQG]X%RGHQZDUI 'LH.XQGLQQHQHUJULIIHQGLH)OXFKW6LHOLHHQDOOHVOLHJHQ XQGIDOOHQ'DNODWVFKWHQ7WHQ]X%RGHQZXUGHQ]HUULVVHQ XQGIULVFKHV2EVW]HUSODW]WH]XHLQHPGLFNHQ0DWVFK 'LH$XJHQGHV.DXIPDQQVZXUGHQULHVHQJUR(UNRQQWH VLFKQLFKWYRP)OHFNUKUHQ(UVDKGLH$[WLP.RSIGHV 0DQQHVXQGJODXEWHHLQHPE|VHQ7UDXPHUOHJHQ]XVHLQ 'DQQEOLW]WHGDV0HVVHUDXI 'DVJHQDXZDUGHU0RPHQWZRHUDXVVHLQHU(UVWDUUXQJ HUZDFKWH(UEHIDQGVLFKQXUZHQLJH6FKULWWHYRQGHU]XVDP PHQJHEURFKHQHQ)UDXHQWIHUQWXQGHUPXWHHVHLQIDFKWXQ 'HU.DXIPDQQZDUIVLFKYRU6HLQ.LWWHOIODWWHUWHDXVHLQDQGHU DOVHUVFKUHLHQGDXIGDV0RQVWHU]XOLHI

ª1HLQ©EUOOWHHUª1HLQXP+LPPHOVZLOOHQODVVHQ6LHGDV ,FKEHVFKZ|UH6LH© (UUXGHUWHPLWGHQ$UPHQZROOWHGHQ8QKHLPOLFKHQVWRS SHQXQGGHU]XFNWHDXFKWDWVlFKOLFKKHUXP (UVWDUUWHGHQ/HEHQVPLWWHOKlQGOHUDQ .DOWXQGJQDGHQORVZDUVHLQ%OLFNXQGGHU0DQQDKQWH QLFKWLQZHOFKHLQH*HIDKUHUVLFKEHJDE 1RFK]ZHL6FKULWWH 'DKREGHU8QKHLPOLFKHGDV0HVVHU (UKDWWHHLQQHXHV=LHOJHIXQGHQQLFKWPHKUVHLQH)UDX VRQGHUQGHQ0DQQGHUGHQ0RUGYHUKLQGHUQZROOWH (UVFKOHXGHUWHGLH.OLQJH 'DV0HVVHUZXFKWHWHGXUFKGLH/XIW'LH.OLQJHEHUVFKOXJ VLFKGDEHLEHNDPMHGRFKGHQULFKWLJHQ'UDOOXQGKLHELQGLH %UXVWGHVKHUDQVWUPHQGHQ/HEHQVPLWWHOKlQGOHUV 'HU/DXIGHV.DXIPDQQVZXUGHJHVWRSSW(UULEHLGH$UPH KRFKDOVZROOWHHUVLFKDQGHQ:RONHQIHVWKDOWHQGRFKGDZDU QLFKWVZDVLKP+DOWJHERWHQKlWWH 6FKZHUVWU]WHHU]X%RGHQ 'LFKWQHEHQGHUDQJVWVWDUUHQ)UDXEOLHEHUOLHJHQ(UKDWWH KHOIHQZROOHQGDIUZDUHUEHVWUDIWZRUGHQ 'HU8QKHLPOLFKHPLWGHPVWHLQHUQHQ*HVLFKWODFKWH(UJLQJ ]XGHP0DQQXQG]RJGDV0HVVHUZLHGHUKHUYRU(UEUDXFKWH HVQRFKIUDQGHUH2SIHU $OOGLHVH9RUJlQJHZDUHQLQQHUKDOEYRQ6HNXQGHQEHUGLH %KQHJHODXIHQ(LQH=HLWVSDQQHGLH6XNRXQG%LOOEHQ|WLJWHQ XPVLFKHUVWHLQPDO]XRULHQWLHUHQ 6LHZDUHQKLQWHUPLUKHUJHODXIHQDOOHUGLQJVKDWWHLFKHLQHQ ]XJURHQ9RUVSUXQJJHKDEWGHQQDOVVLHGLH*DVWVWlWWH YHUOLHHQZDULFKVFKRQYHUVFKZXQGHQ 6XNRXQG%LOOVFKDXWHQVLFKXP /HLGHUQDKPLKQHQGHUSDUNHQGH/HEHQVPLWWHOZDJHQGLH 6LFKWDXIGLH9RUJlQJHVLHVDKHQQXUGLHIOFKWHQGHQ 0HQVFKHQXQGK|UWHQDXFKGLHJHOOHQGHQ6FKUHLH %LOOXQG6XNRVSXUWHWHQORV,KUH:DIIHQODJHQQRFKLP.RIIHU

VLHZROOWHQDEHUNHLQH=HLWYHUOLHUHQGHQQKLHUJLQJHVZLUNOLFK XP/HEHQRGHU7RG 6XNRZDUVFKQHOOHU1DFKZHQLJHQ6FKULWWHQNRQQWHHUDQ GHPSDUNHQGHQ:DJHQYRUEHLVFKDXHQ 8QGZDVHUVDKOLHLKPGLH+DDUH]X%HUJHVWHKHQ (LQ0HQVFK0RQVWHULQGHVVHQ6FKlGHOHLQH$[WVWHFNWHZDU GDEHLHLQHPDP%RGHQOLHJHQGHQ0DQQHLQ0HVVHUDXVGHU %UXVW]X]LHKHQVFKDIIWHHVDXFKXQGZDQGWHVLFKHLQHUHEHQ IDOOVDP%RGHQOLHJHQGHQ)UDX]XGLHGHQ$UPHUKREHQKDWWH XQGVRYHUVXFKWHGHQ6WLFKDE]XZHKUHQ6LHZUGHNHLQH &KDQFHKDEHQ 6XNRIORJIDVWEHUGHQ%RGHQ9RQGHUJHJHQEHUOLHJHQGHQ 6HLWHVDKHUDXVDOVEHVWQGHHUQXUDXVHLQHP3DDUZLUEHOQGHU %HLQH'HU&KLQHVHZXWHGDHU]XVSlWNRPPHQZUGHHU NRQQWHGHQ7RGGHU)UDXGXUFKHLQHQN|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lGHO(UQDKPVLHLQGLHOLQNH+DQGZlKUHQGHULQGHU UHFKWHQZHLWHUKLQVHLQ0HVVHUKLHOW 6XNRZDUHLQSDDUPDOXPGLHHLJHQH$FKVHJHZLUEHOW6HLQ

.|USHUVFKLHQDXV*XPPL]XEHVWHKHQ:LHHLQH.DW]HIHGHUWH GHU&KLQHVHKRFKXQGVWHOOWHVLFKGHP7HXIHOVGLHQHU +RRNNQXUUWH(UVDKJHIlKUOLFKDXVXQGGLHEHLGHQ:DIIHQ PDFKWHQLKQ]XHLQHPP|UGHULVFKHQ*HJQHU 6XNRKDWWHQXUVHLQH)lXVWH$EHUHUEHKHUUVFKWH.DUDWH8QG GDPLWKRIIWHHUGDV0RQVWHUDXI'LVWDQ]KDOWHQ]XN|QQHQ (UJULIIQLFKWDQVRQGHUQZROOWHGHQDQGHUHQNRPPHQODVVHQ 8QGDXFK+RRN]|JHUWHVRGDVLFKGLHEHLGHQ*HJQHU XPVFKOLFKHQZLH]ZHL.DW]HQGHQKHLHQ%UHL 6LH]RJHQLKUH.UHLVH-HGHUZDUWHWHDXIHLQHQ)HKOHUGHV DQGHUHQ:HUZUGH]XHUVWHLQH6FKZlFKH]HLJHQ" 'LH8PJHEXQJZDUIU6XNRYHUJHVVHQ(UNRQ]HQWULHUWHVLFK QXUDXIGHQ6FKUHFNOLFKHQ$XVGHQ$XJHQZLQNHOQEHPHUNWHHU QRFKZLHGLHMXQJH)UDXDXVGHUXQPLWWHOEDUHQ*HIDKUHQ]RQH NURFKVLHKDWWHLQVWLQNWLYULFKWLJJHKDQGHOW 3O|W]OLFKJULII6XNRDQ (UUDPPWHVHLQHQUHFKWHQ)XYRU'LHVHU7ULWWZDUVREOLW] VFKQHOOJHIKUWZRUGHQGDHU+RRNDQGHU6FKXOWHUWUDIXQG LKQKHUXPVFKOHXGHUWH 6RIRUWVHW]WH6XNRQDFK (LQ]ZHLWHU7ULWWWUDIGHQ+DOVGHV0RQVWHUVGRFK+RRN SDVVLHUWHQLFKWV(UGUHKWHVLFKXQGKlWWHGHQ&KLQHVHQIDVW QRFKPLWVHLQHU$[WDP.Q|FKHOHUZLVFKW 'DQQVWU]WHHUYRU+RRNJULIIRKQH5FNVLFKWDXI9HUOXVWH DQ(UVWLHPLWGHP0HVVHUQDFK6XNRXQGVFKOXJJOHLFK]HLWLJ PLWVHLQHP%HLO]X'DEHLZDUHUVFKQHOOXQGHLQQRUPDOHU 0HQVFKKlWWHGLHVHP$QJULIIQLFKWVPHKUHQWJHJHQ]XVHW]HQ JHKDEW 1LFKWDEHU6XNR(UODJSO|W]OLFKDP%RGHQUROOWHHLQSDDU PDOXPVHLQHHLJHQH$FKVHXQGEHYRUVLFK+RRNYHUVDKKDWWH HULKQPLWHLQHU%HLQVFKHUHXPNODPPHUW +RRNILHO 8QGJHQDXLQVHLQ0HVVHU6FKUlJGUDQJLKPGLH.OLQJHLQGLH 6FKXOWHU'RFKGLH$[WLQVHLQHP.RSIKDWWHLKPVFKRQQLFKWV DXVJHPDFKWGDV0HVVHUZDUIULKQQLFKWPHKUDOVHLQ

0FNHQVWLFK(VEHKLQGHUWHLKQQXULQVRIHUQGDHUHVQLFKW PHKULQGHU+DQGKLHOW 6XNRVlEHOWHPLWVHLQHU+DQGNDQWH]X$XIKDOEHU+|KHWUDI HU%LOO\+RRN 'LH:XFKWGHV6FKODJHVWULHELKQZLHGHU]X%RGHQZRHUVLFK VRIRUWKHUXPGUHKWHXQGDXIGLH)HVFKQHOOWH ª6XNR:HJ©%LOO&RQROO\V6WLPPHJHOOWHEHUGLH6WUDH'HU 5HSRUWHUKDWWHGHQ%HQWOH\DXIJHVFKORVVHQXQGVLFKPLW:DIIHQ YHUVRUJW-HW]WNRQQWH+RRNZLUNVDPEHNlPSIWZHUGHQ %LOOUDQQWHKHUEHL +RRNIKUWHJHUDGHPLWGHU$[WHLQHQYHU]ZHLIHOWHQ 5XQGVFKODJGRFKGHU&KLQHVHVWHSSWH]XU6HLWHXQGGHU 6FKODJYHUIHKOWHLKQ9RQGHU:XFKWGHVHLJHQHQ6FKODJHV ZXUGH+RRNQDFKYRUQJHWULHEHQXQGKDWWH0KHVLFKDXIGHQ %HLQHQ]XKDOWHQ )UHLQHQ0RPHQWDFKWHWHHUQLFKWDXIVHLQH8PJHEXQJ %LOO&RQROO\KDWWHIUHLHV6FKXIHOG(UNQLHWHDXIGHU6WUDH ]LHOWHJHQDXXQGGUFNWHGDQQDE +HOOSHLWVFKWHGLH%HUHWWDDXI(LQNXU]HU)HXHUVWUDKO]XFNWH DXVGHP/DXIDOVGLH.XJHODXVJHVWRHQZXUGHXQGPLWW|G OLFKHU3Ul]LVLRQLKU=LHOIDQG 'HQ+RUURU6FKlGHOGHV0RQVWHUV %LOO\+RRNVFKLHQHLQHQKDUWHQ6FKODJHUKDOWHQ]XKDEHQ(U ZXUGHQDFKKLQWHQJHWULHEHQEUOOWHVFKDXULJDXIXQGLP QlFKVWHQ0RPHQWILHOVHLQ.RSIDXVHLQDQGHU 3XIIHQGO|VWHHUVLFKLQHLQH:RONHYRQ6WDXEDXIGLHWUlJH EHUGLH6WUDHZHKWH 1XUVHLQ.|USHUEOLHEOLHJHQ,QGHU6FKXOWHUVWHFNWHQRFK LPPHUGDV0HVVHU'LH$[WUXWVFKWHLKPDXVGHU+DQG'DQQ EHZHJWHHUVLFKQLFKWPHKU 'DV0RQVWHUZDUWRW /DQJVDPVFKULWW%LOO&RQROO\QlKHU6HNXQGHQODQJZDUHVVWLOO JHZRUGHQZLHGLH5XKHYRUGHP6WXUP 6XNRQLFNWHGHP5HSRUWHU]X,QJHPHLQVDPHU$UEHLWKDWWHQ VLHHVJHVFKDIIWGDVJHIlKUOLFKH:HVHQ]XHUOHGLJHQ,PQlFK

VWHQ$XJHQEOLFNMHGRFKVFKULHQ]DKOUHLFKH6WLPPHQGXUFKHLQ DQGHU0lQQHUXQG)UDXHQUHGHWHQMHPDQGNUHLVFKWHJHOOHQG XQG)OFKHHUW|QWHQ %LOOXQG6XNRNPPHUWHQVLFKQLFKWXPGLH(LQZRKQHU'LH )UDXZDUZLFKWLJHU 8QGDXFKGHU/HEHQVPLWWHOKlQGOHUXQWHUGHVVHQ.|USHU ODQJVDPHLQH%OXWODFKHKHUYRUUDQQ %LOOVSUDFKEHUXKLJHQGDXIGLH)UDXHLQGLHVLFKLQ :HLQNUlPSIHQVFKWWHOWH(UVDKDXFKLKUH9HUOHW]XQJDP$UP KROWHHLQVDXEHUHV7DVFKHQWXFKKHUYRUXQGEDQGGLH:XQGH QRWGUIWLJDE 6XNRKDWWHGHQ/HEHQVPLWWHOKlQGOHUEHKXWVDPJHGUHKWXQG GHQ.RSIOHLFKWDQJHKREHQ +DUWSUHWHGHU&KLQHVHGLH/LSSHQ]XVDPPHQ'LH:XQGH VDKYHUIOXFKWE|VHDXV1RFKOHEWHGHU0DQQGRFKHVZDUIUDJ OLFKREHUGXUFKNRPPHQZUGH$XIMHGHQ)DOOPXWHHU VFKQHOOVWHQVLQlU]WOLFKH%HKDQGOXQJ(UKLHOWGLH$XJHQKDOE JHVFKORVVHQGHU$WHPGUDQJU|FKHOQGEHUVHLQH/LSSHQ 6XNRULFKWHWHVLFKDXIª(LQHQ$U]W©ULHIHU 'HU$U]WNDPQLFKWGDIUMHGRFKGHU%UJHUPHLVWHU6HLQ *HVLFKWZDUNDONZHLXQGYRU(QWVHW]HQJH]HLFKQHW(U]LWWHUWH XQGZDUNDXP]XHLQHUYHUQQIWLJHQ5HDNWLRQIlKLJ ª,FKEUDXFKHHLQHQ$U]W©ULHI6XNRLKQDQª*LEWHVLQGLHVHP 2UWHLQHQ$U]W"© 'HU%UJHUPHLVWHUJDENHLQH$QWZRUW6XNRZLHGHUKROWH VHLQH)RUGHUXQJ 'DVFKWWHOWH6XOOLYDQGHQ.RSI ª6ROOPLUGHU0DQQGHQQXQWHUGHQ+lQGHQZHJVWHUEHQ"© ª:LUKDEHQZRKOHLQHQ6DQLWlWHU©6XOOLYDQVWRFNWHXQG UDQJGLH+lQGHª,FKPHLQHHLQHQ0DQQGHULP.ULHJDOV 6DQLWlWHUDXVJHELOGHWZRUGHQLVWXQGXQVHUH.UDQNHQ EHKDQGHOW© ª7ROO©NQLUVFKWHGHU&KLQHVHª:LUNOLFKWROO:DKUVFKHLQOLFK ]LWWHUWGHU.QDEHVRVHKUGDHUQLFKWHLQPDOEHLP6SULW]HQ HLQH$GHUWULIIW©

'HU%UJHUPHLVWHUVHQNWHGHQ.RSI ª:RNDQQLFKGHQ6FKZHUYHUOHW]WHQKLQEULQJHQ"© ª,QGLH*DVWVWlWWH© 6XNRHQWKLHOWVLFKHLQHU$QWZRUW$QVFKHLQHQGVSLHOWHVLFKLQ GLHVHP2UWGDVRIIL]LHOOH/HEHQQXULQGHU*DVWVWlWWHDE %LOOKDWWHLQ]ZLVFKHQ+DUULHW+RRNDXIGLH%HLQHJHKROIHQ 'LH)UDXVWDQGXQVLFKHUDXIGHQ)HQ+lWWH%LOOVLHQLFKW JHKDOWHQZlUHVLHJHIDOOHQ $XFKVLHEUDXFKWH+LOIH ª'DQQODVVHQ6LHGHQ4XDFNVDOEHUKROHQ©IXKU6XNRGHQ %UJHUPHLVWHUDQ 6XOOLYDQUDQQWHZHJ $XFKGLHDQGHUHQ(LQZRKQHUKDWWHQVLFK]XUFNJH]RJHQ 9LHOHZDUHQZLHGHULQLKUH+lXVHUJHJDQJHQGRUWDEHUKLQWHU GHQ)HQVWHUQVWHKHQJHEOLHEHQ 6XNRVFKDXWHGLH6WUDHKLQXQWHU'DVLHHLQ*HIlOOHKDWWH NRQQWHHUELV]XP+DIHQVHKHQ 3O|W]OLFKZXUGHQVHLQH$XJHQJUR ª%LOO©ULHIHUXQGGHXWHWH]XP+DIHQKLQ 'HU5HSRUWHUVFKDXWHHEHQIDOOVª0HLQ*RWW©IOVWHUWHHU ª'HU1HEHO(UNRPPW© $POLHEVWHQKlWWHLFKPLFKZHLWZHJJHZQVFKWDEHULFK PXWHGHQ7DWVDFKHQLQV$XJHVHKHQ 'HU1HEHOZDUVFKQHOOHUDOVZLU-HW]WVFKDIIWHQZLUHVQLFKW PHKUGLH(LQZRKQHUGHV'RUIHV]XHYDNXLHUHQ'LHXQKHLP OLFKHJUDXZHLH0DVVHZUGHXQVLPPHUHLQKROHQ 6FKDXULJ ,FKVSUDQJZLHGHUYRQGHU0DXHU3IDUUHU'HPSVH\VDK PHLQHP*HVLFKWDQGDHWZDVQLFKWVWLPPWH ª:DVLVWORV"© ,FKHUNOlUWHHVLKP 'HU3IDUUHUZXUGHEOHLFKª0HLQ*RWW©IOVWHUWHHUªGDQQ KDEHQZLUNHLQH&KDQFH©

,FKKREGLH6FKXOWHUQª(VLVW]XVSlWGDV'RUI]XHYDNXLHUHQ :LUPVVHQXQVHWZDVHLQIDOOHQODVVHQ© ª8QGZDV"© 0LWGLHVHU)UDJHKDWWHGHU*HLVWOLFKHGHQ1DJHODXIGHQ.RSI JHWURIIHQ:DVVROOWHQZLUWXQ" 0HLQ%OLFNJOLWWLQGLH5XQGH1RFKZDUYRQGHUGURKHQGHQ *HIDKUQLFKWV]XVSUHQ9LHOOHLFKWEOLHEXQVHLQHKDOEH6WXQGH PHKUDEHUQLFKW6ROOWHQZLUUHQQHQ" ,FKVFKDXWHDXIGLH.LUFKH6LHVWDQGGRUWZLHHLQH7UXW]EXUJ HLQ6\PEROGHV*XWHQGHV6FKXW]HVYRUGHQ0lFKWHQGHU )LQVWHUQLV-DGDVZDUGLH0|JOLFKNHLW :LUPXWHQLQGLH.LUFKH 'DVVDJWHLFKDXFKGHP3IDUUHU 'HU*HLVWOLFKHVFKDXWHPLFKJURDQGDQQZDUIHUHLQHQ%OLFN DXIVHLQH.LUFKHXQGLQGLH$XJHQGHV0DQQHVWUDWHLQKDUWHU *ODQ]ª-D©VDJWHHUPLWIHVWHU6WLPPHª'LHVHV*RWWHVKDXVKDW ]DKOUHLFKH6WUPHHUOHEWXQGLVWQLFKWXQWHUJHJDQJHQHVZLUG DXFKKHXWHGHP%|VHQWURW]HQ8QVHU+HUUZLUGGDIUVRUJHQ GDVHLQH)HLQGHVHLQHQ+RUWQLFKW]HUVW|UHQN|QQHQ© (VWDWJXWGLHVHQ:RUWHQ]XODXVFKHQVLHJDEHQPLU.UDIW ZHLWHU]XNlPSIHQ ª:LHN|QQHQZLUGLH0HQVFKHQ]XVDPPHQKROHQ"©IUDJWHLFK GHQ3IDUUHU -HW]WOlFKHOWHHUª,FKZHUGHGLH*ORFNHOlXWHQ'LH6WXUP JORFNHZLUGVLHKLHUDXIGHP.LUFKSODW]]XVDPPHQUXIHQGDV LVWXQVHUH&KDQFH*RWWVHLXQVJQlGLJ© ,FKYHUDEVFKLHGHWHPLFK :RKOZDUPLUQLFKWGHQQLFKZXWHQLFKWZLHHV6XNRXQG %LOOHUJDQJHQZDU'HVKDOEEHHLOWHLFKPLFKDXIGLH+DXSW VWUDH]XJHODQJHQ =ZLVFKHQGXUFKNRQQWHLFKZLHGHUHLQHQ%OLFNDXIGHQ+DIHQ ZHUIHQ'HU1HEHOZDUZHLWHUJHNURFKHQ'LHGRUWDQNHUQGHQ 6FKLIIHNRQQWHLFKVFKRQQLFKWPHKUVHKHQXQGHUVWH$XVOlXIHU ZDOOWHQEHUHLWVDXIGLH6WUDH]X :LUPXWHQXQVEHHLOHQ

%LOOXQG6XNRVDKLFKEHUHLWVYRQZHLWHP8QGDXFKGHQ %UJHUPHLVWHU'DQQZXUGHPHLQ%OLFNDEJHOHQNW$XIGHU 6WUDHODJHLQ0HQVFK%LOONPPHUWHVLFKXPHLQH)UDXXQG DOVLFKHLQSDDU6FKULWWHZHLWHUOLHIVDKLFKHLQH]ZHLWH3HUVRQ DXIGHP%RGHQOLHJHQ 2KQH.RSI 'DZXWHLFKGDHVPHLQH)UHXQGHJHVFKDIIWKDWWHQ'RFK XPZHOFKHQ3UHLV"+DWWHHVYLHOOHLFKW2SIHUJHJHEHQ" ,FKOLHIMHW]WVFKQHOOHU%LOOVDKPLFKXQGZLQNWHPLU]X:HQLJ VSlWHUVWDQGLFKQHEHQLKPXQGK|UWHPLUVHLQHQ%HULFKWDQ (UZDUGHSULPLHUHQG ª:LUNRQQWHQQLFKWVPDFKHQ©VDJWHGHU5HSRUWHUXQGHU GHXWHWHDXIGHQVFKZHUYHUOHW]WHQ/HEHQVPLWWHOKlQGOHUª,FK KRIIHQXUGDZLULKQGXUFKEULQJHQ© (LQlOWHUHU0DQQNPPHUWHVLFKXPLKQ1HEHQLKPVWDQG HLQHDXIJHNODSSWH7DVFKH ª'HU$U]W"©IUDJWHLFK %LOOVFKWWHOWHGHQ.RSIª1XUHLQ6DQLWlWHU(LQHQULFKWLJHQ $U]WJLEWHVKLHUQLFKW© 9HUGDPPWGDVZDUZLUNOLFKHLQH6FKDQGH ª:LHJHKWHVGHP.VWHU"©ZROOWHLFKZLVVHQ ª(VLVWLPPHUQRFKEHZXWORV© 'DQQEHULFKWHWHLFK%LOOZDVLFKPLWGHP3IDUUHUYHUHLQEDUW KDWWH6XNRXQGGHU%UJHUPHLVWHUK|UWHQ]X ª,VWHVVRVFKOLPP"©IUDJWH6XOOLYDQ ª6FKOLPPHU©HUZLGHUWHLFK 'HU6DQLWlWHUKREGHQ.RSIª,FKKRIIHGDHUGXUFKNRPPW© VDJWHHUªDEHUHUEUDXFKW5XKHXQGPXVWLOOOLHJHQEOHLEHQ© ª:LUZHUGHQLKQDXIHLQH.LUFKHQEDQNEHWWHQ©VDJWHLFK 6XNRKDWWHLQ]ZLVFKHQXQVHUHQ(LQVDW]NRIIHUJHKROW$XFK VHLQ*HVLFKWZDUHUQVW 8QGGHU1HEHONURFKZHLWHU +LPPHOZDQQHQGOLFKOlXWHWHGHU3IDUUHUGLH*ORFNH" ,FKKDWWHGHQ*HGDQNHQNDXP]X(QGHJHGDFKWDOVGHU *ORFNHQNODQJGXUFKGDV'RUIKDOOWH

1LFKWIHVWOLFKRGHUIHLHUOLFKVRQGHUQKHNWLVFKXQGDXIJHUHJW K|UWHHVVLFKDQ.DXPVFKZDQJHQGLHHUVWHQ(FKRV]ZLVFKHQ GHQ+lXVHUQGDVWUPWHQGLH0HQVFKHQLQV)UHLH6LHZXWHQ XPGLH*HIDKUHUOHEWHQGLHVQLFKW]XPHUVWHQPDO ,FKVDK0lQQHU)UDXHQXQG.LQGHU'LH)UDXHQKLHOWHQLKUH .LQGHUXPNODPPHUW6LHKDWWHQGLH.OHLQHQDXIGHQ$UP JHQRPPHQXQGUDQQWHQVRVFKQHOOVLHNRQQWHQ0DQFKHWUXJHQ DXFK7DVFKHQLQGLHVLHUDVFKHLQLJH+DEVHOLJNHLWHQHLQJHSDFNW KDWWHQ :LUPXWHQXQVXPGLH9HUOHW]WHQNPPHUQ ª,FKQHKPHLKQ©VDJWH6XNRXQGGHXWHWHDXIGHQ /HEHQVPLWWHOKlQGOHU ª$EHUVHLHQ6LHYRUVLFKWLJ©ZDUQWHGHU6DQLWlWHU ª'HQNHQ6LHLFKWUDJHHLQHQ6DFN.DUWRIIHOQ"©IUDJWHGHU &KLQHVH]XUFN (UKLHYWHGHQ0DQQKRFK :LHHLQNOHLQHV.LQGWUXJHULKQDXIEHLGHQ$UPHQTXHUEHU GLH6WUDHZREHLGHU6DQLWlWHUQHEHQLKPKHUOLHIXQGNHLQHQ %OLFNYRQGHP9HUOHW]WHQOLH ,FKNPPHUWHPLFKXPGHQ.VWHU(UZDULQ]ZLVFKHQ HUZDFKWKRFNWHLP*DVWUDXPDQGHU:DQGXQGVW|KQWH -HPDQGKDWWHVHLQHQ.RSIVFKRQYHUSIODVWHUW ª.|QQHQ6LHODXIHQ"©IUDJWHLFKLKQ ª9HUYHUVXFKHQ© ,FKKDOILKPKRFK(UVWDQGXQGVHW]WHGDQQHLQ%HLQYRUVLFK WLJYRUGDVDQGHUH (VJLQJHLQLJHUPDHQ 'HU%UJHUPHLVWHUNPPHUWHVLFKXPLKQXQGVWW]WHLKQ 1RFKLPPHUOlXWHWHQGLH*ORFNHQ(LQLJH1DFK]JOHUUDQQ WHQQRFKDXVGHQ+lXVHUQ0lQQHUGLHLKUHYRUVLQWIOXWOLFKHQ *HZHKUHDXV9HUVWHFNHQJHKROWKDWWHQ ,FKPXWHOlFKHOQ'DPLWNRQQWHQVLHZLUNOLFKNDXPHWZDV DQIDQJHQDEHULFKZROOWHLKQHQGHQ0XWQLFKWQHKPHQ 'UHL3HUVRQHQEOLHEHQ]XUFN +DUULHW+RRN%LOO&RQROO\XQGLFK%LOONPPHUWHVLFKXP

GLH)UDX%HUXKLJHQGVSUDFKHUDXIVLHHLQGRFKLKU:HLQHQZDU QLFKWPHKU]XVWRSSHQ ª.RPPHQGOLFK©GUlQJWH%LOO ,FKVFKWWHOWHGHQ.RSIª1HLQLFKZLOOQRFKPDO]XP+DIHQ UXQWHU© ª%LVWGXYHUUFNW"© ª,FKJHKHMDQLFKWLQGHQ1HEHOKLQHLQ© %LOOVFKDXWHPLFKDQGDQQKREHUGLH6FKXOWHUQ(UQDKP DXFKGHQ.RIIHUPLW $OOHLQEOLHELFKDXIGHUPHQVFKHQOHHUHQ6WUDH]XUFN (VZDUVWLOOJHZRUGHQQDFKDOOGHU+HNWLNGHUYHUJDQJHQHQ 0LQXWHQ8QGGLHVH6WLOOHODVWHWHLUJHQGZLHVFKZHU6LHEH GUFNWHPLFK,FKJLQJHLQSDDU6FKULWWHYRUXQGKDWWHMHW]W HLQHQEHVVHUHQ%OLFNDXIGHQ+DIHQ 'HU1HEHONURFKKHUDQ 8QDXIK|UOLFKZLHHLQHJHZDOWLJH:DO]HGLHDOOHVQLHGHU SUHWHZDVVLFKLKULQGHQ:HJVWHOOWH (LQJUDXHQKDIWHU$QEOLFN 6HOEVWGHU:LQGVFKLHQHLQJHVFKODIHQ]XVHLQHUKDWWHVLFK ]XUFNJH]RJHQDOVZUGHHUVLFKYRUGHUJHZDOWLJHQ 1HEHOZDQGIUFKWHQ ,FKZLVFKWHPLUEHUGLH$XJHQ'DQQJLQJLFKODQJVDP ZHLWHU0HLQ.UHX]KDWWHLFKYRUGLH%UXVWJHKlQJW,FKKRIIWH GDHVPLFKVFKW]HQZUGH 'LHVHU1HEHONDPQLFKWYRQXQJHIlKU(UPXWHWLHILP 9HUERUJHQHQVHLQHQ8UVSUXQJKDEHQ1XUZR":HUKDWWHLKQ JHVFKLFNW":LUNOLFKGHU7HXIHORGHUHLQHUVHLQHU'LHQHU"%HLGHU ]ZHLWHQ0|JOLFKNHLWNDPHQPHKUHUHLQ%HWUDFKWXQWHUDQ GHUHPDXFK$VPRGLQDXQG'U7RGPLWVHLQHU0RUGOLJD ,FKZXWHNHLQH$QWZRUWKRIIHMHGRFKHLQH]XILQGHQ 9RP.LUFKSODW]KHUZHKWHQ6WLPPHQ]XPLUKHUEHU ,FKGDFKWHDQGLH]DKOUHLFKHQ0HQVFKHQGLHVLFKLQ*HIDKU EHIDQGHQXQGVLFKGHVKDOELQGHQ6FKXW]GHV*RWWHVKDXVHV EHJDEHQ :UGHHVHWZDVQW]HQ"

6FKDUIVRJLFKGLH/XIWHLQXQGGUHKWHPLFKXPDOVLFKLQ PHLQHP5FNHQKDVWLJH6FKULWWHK|UWH 'HU:LUWDXVGHP*DVWKDXVKDVWHWHTXHUEHUGLH6WUDH'HU GLFNH0DQQKDWWHVHLQH*HOGNDVVHWWHXQWHUGHQ$UPJHNOHPPW XQGEUDFKWHVLFKXQGGHQ0DPPRQLQ6LFKHUKHLW (LJHQWOLFKEH]HLFKQHQGIUGLH0HQVFKHQYRQKHXWH'HU :LUWPDFKWHGDNHLQH$XVQDKPH$OOHUGLQJVKDWWHHUHVVRHLOLJ GDHUVWROSHUWHXQGGHU/lQJHQDFKKLQILHO'LH.DVVHWWHEHU VWDQGGHQ6FKODJQLFKWVLHVSUDQJDXIVRGD0Q]HQXQG 6FKHLQHDXIGLH6WUDHUROOWHQXQGIODWWHUWHQ 'HU:LUWVFKULHXQGUDIIWHDOOHVZLHGHU]XVDPPHQ'DQQ UDQQWHHUZHLWHU $XFKLFKJLQJ 'LH6WUDHIKUWHMHW]WVWHLOHUEHUJDE,FKVDKGHQNOHLQHQ +DIHQGLUHNWYRUPLU :DVKHLW+DIHQ" 'DYRQZDUNDXPQRFKHWZDV]XVHKHQ 'HU1HEHOKDWWHVLFKVRDXVJHEUHLWHWGDGHUNOHLQH+DIHQ QXU]XDKQHQZDU$XFKGLH0DVWHQGHUDQNHUQGHQ6FKLIIHVDK LFKQLFKWPHKUQLFKWPDODOV6FKHPHQ 0LFKLQWHUHVVLHUWHYRUDOOHQ'LQJHQRE0HQVFKHQLQGHU 1lKHZDUHQ'HVKDOEJLQJLFKGHP1HEHOHQWJHJHQ ,FKKDWWHPLFKQLFKWJHWlXVFKW :HLWHUXQWHQVFKRQGLFKWDQGHQHUVWHQ$XVOlXIHUQGHV 1HEHOVIORJSO|W]OLFKGDVREHUH)HQVWHUHLQHVNOHLQHQ+DXVHV DXI,PQlFKVWHQ$XJHQEOLFNHUVFKLHQGDV*HVLFKWHLQHUDOWHQ )UDX6LHEHXJWHVLFKQRFKZHLWHUYRUVFKDXWHDXIGHQ1HEHO XQGVFKLHQLQLKUHU+DOWXQJEXFKVWlEOLFK]XHUVWDUUHQ ,FKEUOOWHª.RPPHQ6LHKHUDXV©*OHLFK]HLWLJEHJDQQLFK]X UHQQHQXQGPHLQH)HKlPPHUWHQKDUWDXIGHP .RSIVWHLQSIODVWHU'LH*HUlXVFKHZXUGHQDOV(FKRVYRQGHQ +DXVZlQGHQ]XUFNJHZRUIHQª%HHLOHQ6LHVLFKVFKQHOO© 'LH)UDXGUHKWHGHQ.RSIVDKPLFKXQGULHIª,FKNDQQQLFKW ,FKELQJHOlKPW© 9HUIOL[W

,FKZDUIHLQHQ%OLFNQDFKYRUQ1RFKKDWWHLFKHLQHNXU]H *DOJHQIULVWGLHLFKXQEHGLQJWQXW]HQPXWH,FKUDQQWHQRFK VFKQHOOHU'DV.UHX]IORJYRQHLQHU6HLWH]XUDQGHUHQNODWVFKWH QXUEXFKVWlEOLFKUHFKWVXQGOLQNVJHJHQGHQ.RSI (QGOLFKKDWWHLFKGDV+DXVHUUHLFKW,FKVDKHLQHZLQ]LJH7U GLH]XP*OFNQLFKWYHUVFKORVVHQZDUVWROSHUWHEHUGLHKRKH 6FKZHOOHXQGHQWGHFNWHHLQHVWHLOH+RO]WUHSSHGLHQDFKREHQ IKUWHZRVLFKGDV)HQVWHUEHIDQGDXVGHPGLH)UDXJHVFKDXW KDWWH ,FKMDJWHGLH6WXIHQKRFK0HLQH6lW]HZDUHQZLUNOLFK]LUNXV UHLI,FKK|UWHGDV5XIHQGHUDOWHQ)UDXXQGZXWHZRKLQLFK PLFK]XZHQGHQKDWWH 1DFKOLQNV =ZHL6FKULWWHZHLWHUVWDQGGLH7UHLQHV=LPPHUVELV]XP $QVFKODJRIIHQ (LQHQ$WHP]XJVSlWHUZDULFKLP5DXP'LH)UDXKRFNWHLQ HLQHP6HVVHOYRUGHPRIIHQHQ)HQVWHUGXUFKGDV.KOHLQGHQ 5DXPGUDQJ6LHVFKDXWHPLUDXVJURHQ$XJHQHQWJHJHQhEHU GLH.QLHKDWWHVLHHLQH'HFNHJHOHJWGDVJUDXH+DDUZDULP 1DFNHQ]XHLQHP.QRWHQJHEXQGHQ ª'HU1HEHO©IOVWHUWHVLHª(UZLUGXQVIUHVVHQ,FKLFK PHUNHHV'DV%|VHNRPPW© 'DVDJWHVLHPLUQLFKWV1HXHV,FKZDUPLWHLQHP6DW]EHLLKU XQGIUDJWHª.|QQHQ6LHODXIHQ"© 6LHVFKWWHOWHGHQ.RSI ,FKEFNWHPLFKXQGKREVLHKDVWLJDXVGHP6HVVHO0LWLKU DXIGHQ$UPHQYHUOLHLFKGHQ5DXP 6FKRQEHLP+RFKODXIHQZDUHVQLFKWHLQIDFKJHZHVHQGLH VWHLOH7UHSSHKLQWHUVLFK]XODVVHQ'HU5FNZHJJHVWDOWHWHVLFK ZHVHQWOLFKVFKZLHULJHU 0LWGHU)UDXDXIGHQ$UPHQPXWHLFKYRUVLFKWLJXQG6FKULWW IU6FKULWWGLH6WXIHQQHKPHQ ª:LUZHUGHQQLFKWIOLHKHQN|QQHQ©VDJWHVLHPLUª'HU7HXIHO LVWVWlUNHUDXFKPHLQH*HEHWHKDEHQQLFKWJHKROIHQ© ,FKODFKWHREZRKOPLUEHLOHLEHQLFKWGDQDFK]XPXWHZDU

ª:LUVFKODJHQGHP7HXIHOHLQ6FKQLSSFKHQ© ª6LHVLQGVHKUPXWLJDEHUJHJHQGLH+|OOHKDWQRFKQLHPDQG JHZRQQHQJODXEHQ6LHPLU© ª$EZDUWHQ© ,FKQDKPGLHOHW]WHQGUHL6WXIHQ'LH+DXVWUVWDQGQRFK RIIHQ,FKEOLFNWHMHW]WDQGHU6FKXOWHUGHU)UDXYRUEHLDXIGLH +DXSWVWUDHYRQ*U\QH[[D 0LUVWRFNWHGHU$WHP 'LH)UDXKDWWHUHFKWJHKDEW 'HU1HEHOZDUVFKRQGD =ZHL6HNXQGHQEOLHELFKVWHKHQ 'LHVHQ6FKRFNPXWHLFKHUVWHLQPDOEHUZLQGHQ=ZDUKDW WHQELVKHUQXUGLH$XVOlXIHUGHUJHZDOWLJHQ1HEHOZRONHGDV +DXVHUUHLFKWDEHUZHQQLFKGHQ6FKXW]YHUOLHXPZDOOWHQGLH JUDXHQ:RONHQPHLQH)HXQGGLH6FKLHQEHLQH $OOHLQKlWWHLFKGHQ6FKULWWJHZDJWDEHULFKKDWWHHLQH)UDX EHLPLUXQGLFKZDUPLUQLFKWVLFKHUREGDV.UHX]PLFKXQG ZHQQDXFKGLH)UDXVFKW]HQZUGH (LQHYHUIOXFKWH=ZLFNPKOHLQGHULFKVWHFNWH 8QGGHU1HEHOZXUGHGLFKWHU 'HXWOLFKVDKLFKGLHIHLQHQ6FKOLHUHQGLHZLH%lQGHUEHU GHQ%RGHQVWUHLIWHQDOVZUGHLUJHQGZRMHPDQGVWHKHQXQG VLHZHLWHU]LHKHQ'DEHLTXLUOWHXQGUROOWHHVLQQHUKDOEGHU :RONHQ$OVZUGHGHU1HEHOOHEHQXQGNHLQHWRWH0DWHULH VHLQ ª-HW]WN|QQHQZLUQLFKWPHKUZHLWHUQLFKWZDKU"©K|UWHLFK GLH6WLPPHGHUDOWHQ)UDXGLFKWDQPHLQHP2KU ª6FKZHUOLFK*LEWHVHLQHDQGHUH0|JOLFKNHLW"© ªhEHUGLH'lFKHU© +ROODGLHDOWH'DPHKDWWHJDUQLFKWVRXQUHFKW9LHOOHLFKW NRQQWHLFKZLUNOLFKEHUGDV'DFKIOLHKHQ$EHUPLWLKUDXIGHQ $UPHQ" ª9HUVXFKHQZLUHVMXQJHU0DQQ©VSRUQWHVLHPLFKDQ

:lKUHQGGLHVHU:RUWHHULQQHUWHVLHPLFKVWDUNDQ0UV *ROGZ\QGLH)UDXGLHLFKYRUHLQHP:HUZROIJHUHWWHWKDWWH XQGGHUHQ+REE\HVZDU+RUURU5RPDQH]XOHVHQ ,FKGUHKWHPLFKXPXQGVWLHJGLH7UHSSHZLHGHUKRFK /DQJVDPPHUNWHLFKDXFKGDV*HZLFKWGHU)UDXREZRKOVLH ZLUNOLFKQLFKWVHKUYLHOZRJ ª8QGQXQ"©IUDJWHLFKDOVZLUREHQVWDQGHQ 0LWLKUHPGUUHQ)LQJHUGHXWHWHVLHVFKUlJLQGDV 'lPPHUOLFKWXQWHUGHP'DFK ª'DLVWHLQH/XNH© ,FKVDKVLHHUVWDOVLFK]ZHL6FKULWWHGDYRUVWDQG ª0HLQVHOLJHU0DQQKDWVLHQDFKWUlJOLFKHLQJHEDXWZHLOHU LPPHUDXIGDV'DFKNOHWWHUWHXPGLH6WHUQH]XEHREDFKWHQ© ,PQDFKKLQHLQEHJOFNZQVFKWHLFKGHQ0DQQ]XVHLQHP +REE\ 'LH/XNHOLHVLFKOHLFKW]LHKHQ1XUGDV.OHWWHUQPLWGHU )UDXZUGHVFKZLHULJZHUGHQ ª6WHKHQNDQQLFK©VDJWHVLH 'DZDULFKEHUXKLJW ,FKVHW]WHVLHDEPDFKWHHLQHQ.OLPP]XJXQGVWLHJDOVHUVWHU GXUFKGLH/XNH9RQKLHUREHQKDWWHLFKHLQHQEHVVHUHQ%OLFN XQGNRQQWHDXFKDXIGLH7UHSSHVHKHQ'HU1HEHOTXROOEHUHLWV LQV+DXVXQGXPZ|ONWHGLHHUVWHQ6WXIHQZREHLHULPPHU K|KHUJHWULHEHQZXUGH /DQJVDPZXUGHHVJHIlKUOLFKXQGZLUPXWHQVHKHQGD ZLUZHJNDPHQ 'HU6SHLFKHUZDU]LHPOLFKQLHGULJXQGYRUDOOHQ'LQJHQ VFKPXW]LJ,FKOHJWHPLFKODQJKLQXQGVWUHFNWHGHQ$UPGXUFK GDVRIIHQH)HQVWHUVRZHLWGDGLHDOWH)UDXPHLQH+DQG XPIDVVHQNRQQWH 6LHJULII]X 0LWHLQHP5XFN]RJLFKVLHLQGLH+|KH(VJLQJOHLFKWHUDOV LFKJHGDFKWKDWWH$OVVLHDXIGHP%RGHQKRFNWHIXQNHOWHVLH PLFKDQª6LHVLQGHLQULFKWLJHU.DYDOLHU© 'DV*HIKOKDWWHLFKQLFKW.RSIVFKWWHOQGOLHILFKEHUGHQ

6SHLFKHUDXIHLQVFKUlJHV)HQVWHU]Xª:LHLVW,KU0DQQHLJHQW OLFKLPPHUGXUFKGLH/XNHJHNRPPHQ"©IUDJWHLFK ª(UKDWGLH/HLWHUDXVGHP.HOOHUJHKROW© 'DPLWZDUDOOHVJHVDJW 'DV'DFKIHQVWHUZDUNOHLQHUDOVGLH/XNHWURW]GHPJU|HU DOVGLHQRUPDOHQ(VEHUHLWHWHPLUNHLQHUOHL6FKZLHULJNHLWHQ KLQDXV]XNOHWWHUQ ,FKKROWHGLH)UDXQDFK 'DQQODJHQZLUGLFKWQHEHQHLQDQGHUDXIGHPVFKUlJHQ'DFK +LPPHOZDUGDVHLQ*HIKODEHULFKNRQQWH]XPHUVWHQPDO ULFKWLJEHUGDV'RUIVFKDXHQ :DVLFKVDKZDUQLFKWHUPXWLJHQG 'HU1HEHOZDUVFKRQVRZHLWIRUWJHVFKULWWHQGDHVVFKZHU VHLQZUGHGLH.LUFKH]XHUUHLFKHQ$XIMHGHQ)DOOGXUIWHQZLU NHLQH6HNXQGHPHKUYHUOLHUHQ +LQWHUGHP'DFKEHIDQGVLFKHLQ6FKXSSHQ8QGVHLQ'DFK ZDUQXU]ZHL
6FKUHFNOLFK ,FKVFKWWHOWHPLFKXQZLOONUOLFKXQGGLHDOWH'DPHPHUNWH HVª+DEHQ6LH$QJVW"© ª-D© ª,FKDXFK© ª'DQQVLQGZLUXQVMDHLQLJ© +XPRUKDWWHVLH8QGGDVJHILHOPLU0LWPHLQHUPHQVFK OLFKHQ/DVWEHUTXHUWHLFKKDVWLJGLH)DKUEDKQXQGWDXFKWHLQ HLQHVFKPDOH*DVVH]ZLVFKHQ]ZHL+lXVHUQHLQ ª-HW]WQDFKUHFKWV©ZLHVPLFKGLH)UDXDQª6SULQJHQ6LHHLQ IDFKEHUGHQ=DXQ© +LPPHOLFKZDUGRFKNHLQ*DXOVFKDIIWHHVGHQQRFKXQG YHUVDQNPLWGHQ)HQLP+KQHUPLVW'LH7LHUHKDWWHQVLFK YRUGHUGURKHQGHQ*HIDKUYHUNURFKHQ ,FKOLHITXHUGXUFKGHQXQJHSIOHJWHQ*DUWHQ0HLQ$WHPJLQJ NHXFKHQG/DQJHZUGHLFKGLH)UDXQLFKWPHKUKDOWHQN|QQHQ GDYHUODQJWHPDQHLQIDFKHLQZHQLJ]XYLHOYRQPLU $EHUPDOVVROOWHLFKHLQHQ=DXQEHUNOHWWHUQGRFKHUZDUVR PRUVFKGDLFKLKQNXU]HUKDQGGXUFKEUDFK:LUHUUHLFKWHQ HLQHQVFKPDOHQ:HJGHQLFKNHXFKHQGHQWODQJVWROSHUWHXQG VFKOLHOLFKVDKLFKGLH.LUFKHQKHFNHYRUPLU *HVFKDIIW ,FKZDQGWHPLFKQDFKUHFKWV3DUDOOHO]XU+HFNHOLHILFKHQW ODQJVFKOXJDQGHUHQ(QGHHLQHQ%RJHQQDFKOLQNVXQGJHODQJ WHDXIGHQ3ODW]YRUGHU.LUFKH (UZDUQRFKIUHL 2GHUIDVW 9RQGHUJHJHQEHUOLHJHQGHQ6HLWHNURFKHQGLHODQJHQ 6FKZDGHQDXIGHQ3ODW]]X'LH:DQGUROOWHLPPHUQlKHUGLH JUDXZHLHJHIlKUOLFKHODXWORVHVFKOHLFKHQGH+|OOH:HQQ PDQVLHVRDQVFKDXWHNRQQWHPDQVFKRQ$QJVWEHNRPPHQ XQGDXFKLFKVFKOXFNWH 'DV.LUFKHQSRUWDOZDUQRFKQLFKWY|OOLJJHVFKORVVHQ3IDUUHU 'HPSVH\VWDQGLQGHURIIHQHQ7UXQGZLQNWHQXU]X ª(QGOLFK0U6LQFODLUHQGOLFK©

ª-HW]WZHLLFKZHQLJVWHQVZLHPHLQ5HWWHUKHLW©VDJWHGLH )UDXXQGODFKWH ,FKJDENHLQH$QWZRUWGHQQLFKEUDXFKWHPHLQHQ$WHP:LH HLQ%HWUXQNHQHUVWROSHUWHLFKEHUGHQ3ODW]7URW]GHVKHUDQ NULHFKHQGHQ1HEHOVOLHIGHU3IDUUHUPLUHQWJHJHQ2KQHHWZDV ]XVDJHQQDKPHUPLUGLH/DVWDE ª:LUKDWWHQ6LHVFKRQYHUPLW0UV&RUFRUDQ© ª$FK8QNUDXWYHUJHKWQLFKW© 'HU*HLVWOLFKHOLHPLFKYRUEHL(UVFK|SIWVWROSHUWHLFKLQGLH .LUFKHZRGLHDQGHUHQDQJVWYROOZDUWHWHQ 'DQQUDPPWHGHU3IDUUHUGLH7UKLQWHUPLU]X 8QGGHU1HEHOGUDXHQNURFKQlKHU 9LHOVDKLFKQLFKWYRQGHU.LUFKH 'LH*HVLFKWHUGHU0HQVFKHQYHUVFKZDPPHQYRUPHLQHQ $XJHQEHUKDXSWVFKLHQVLFKDOOHV]XGUHKHQXQGGLH 6WLPPHQYHUQDKPLFKQXUDOVIHUQHV*HPXUPHO $XIGHP7DXIEHFNHQVWW]WHLFKPLFKDEEOLHEJHEFNW VWHKHQXQGDWPHWHHUVWHLQPDOWLHIGXUFK0HLQ+HU]SXPSWH ZLHGDVEHLHLQHP/DQJVWUHFNHQOlXIHUGHU6FKZHLODJPLUDXI GHP*HVLFKWXQGVRGDXHUWHHVHLQLJH=HLWELVLFKZLHGHUYROO GDZDU %LOOXQG6XNRVWDQGHQQHEHQPLU ª$OOHVNODU"©IUDJWHGHU5HSRUWHU ,FKQLFNWHª+LPPHOGDVZDUHLQ/DXI©NHXFKWHLFKQRFK LPPHUVFKZHUDWPHQGª'HUKDWPLFKJDQ]VFK|QJHVFKODXFKW :DVLVWPLWGHUDOWHQ'DPH"© ª6LHEHILQGHWVLFKEHLGHQDQGHUHQ©VDJWH6XNR 'LHDQGHUHQ ,FKVDKPLFKXP'HU,QQHQUDXPGHU.LUFKHKDWWHWDWVlFKOLFK DOOH(LQZRKQHUDXIJHQRPPHQ6LHVWDQGHQELVREHQKLQ]XP $OWDU'DVJURH+RO]NUHX]ZDUNDXP]XVHKHQ ,QVlPWOLFKHQ*HVLFKWHUQVDKLFKGHQJOHLFKHQ$XVGUXFN $QJVW

$QJVWYRUGHU8QJHZLVVHQ=XNXQIW ª:LHJHKWHVGHQ9HUOHW]WHQ"©IUDJWHLFK%LOO ª'HU.DXIPDQQOHEWQRFK© 'DVZDUHLQHJXWH1DFKULFKW ª8QGZLHVLHKWHVGUDXHQDXV"©ZROOWHGHU&KLQHVHZLVVHQ ,FKZLQNWHDEª9HUGDPPWVFKOLPP'HU1HEHONULHFKWQlKHU XQGQlKHU© ,FKVHQNWHGLH6WLPPHZHLOQLHPDQGHWZDVPLWEHNRPPHQ VROOWH ª'DVKHLWHUZLUGDXFKGLH.LUFKHQLFKWYHUVFKRQHQ© PHLQWH%LOO ,FKKREGLH6FKXOWHUQ 'LHVH*HVWHZDUEH]HLFKQHQG:DVZXWHLFKVFKRQ":RKHU NDPGHU1HEHO":HOFKHQ8UVSUXQJKDWWHHU".HLQHUDKQWH HWZDVXQGDXFKGLH(LQKHLPLVFKHQNRQQWHQPLUQLFKWKHOIHQ ª+DVWGXGLH:DIIHQ"©ZDQGWHLFKPLFKDQ6XNR 'HUQLFNWHª:LOOVWGXGHQ'ROFKKDEHQ"© ª1HLQ.UHX]XQG%HUHWWDUHLFKHQ©%HLGHP:RUW.UHX]ILHO PLUHWZDVHLQXQGLFKZDQGWHPLFKDQGHQ3IDUUHUª6LHKDEHQ GRFKKLHUHLQJURHV.UHX]LQGHU.LUFKH"© ª6LFKHU© ª+ROHQ6LHHV© ª:LHVR",FK© ª%LWWH© (UVFKDXWHPLFKDQQLFNWHXQGYHUVFKZDQG,FKVDKZLHHU VLFKGXUFKGLH0HQJHGUlQJWH ª:DVKDVWGXYRU"©HUNXQGLJWHQVLFK%LOOXQG6XNRZLHDXV HLQHP0XQGH ª,FKZLOOVHKHQREGDV.UHX]GHQ1HEHODXIKlOW© 'LH)UHXQGHVFKZLHJHQ /HLGHUNRQQWHLFKQLFKWVHKHQZLHZHLWGHU1HEHOGUDXHQ VFKRQYRUJHGUXQJHQZDU'LH)HQVWHUGHU.LUFKHODJHQHLQIDFK ]XKRFK0DQKlWWHVFKRQHLQH/HLWHUKDEHQPVVHQ $EHUGLH.LUFKHQElQNHWDWHQHVDXFK/LQNVYRP7DXIEHFNHQ VWDQGHQ]ZHLNOHLQH%HWElQNHDQGHU:DQG

ª)DPDOPLWDQ©IRUGHUWHLFK6XNRDXI 'HU&KLQHVHEHJULIIVRIRUW:LUKREHQGLH%DQNDQ=DKOUHLFKH %OLFNHEHJOHLWHWHQXQVDOVZLUGLH%DQNXQWHUHLQ)HQVWHUWUXJHQ XQGGRUWDEVWHOOWHQ :lKUHQG6XNRGLH%DQNIHVWKLHOWNOHWWHUWHLFKKLQDXI'DV )HQVWHUZDUODQJXQG]LHPOLFKKRFK=XGHPKDWWHHVJHIlUEWH 6FKHLEHQVRGDHVVFKZHUZDUQDFKGUDXHQ]XVFKDXHQ,FK KREPHLQHQ.|USHUQRFKHWZDVDQYHUODJHUWHGDV*HZLFKWDXI GLH=HKHQVSLW]HQNQLIIHLQ$XJH]XXQGOXJWHGXUFKHLQHQ KHOOHUHQ6SDOWQDFKGUDXHQ 6RNRQQWHLFKEHVVHUVHKHQ 'HUYHUIOXFKWH1HEHOKDWWHWDWVlFKOLFKGHQ3ODW]EHU VFKZHPPW,FKKDWWHGDV*HIKODOVZUGHGLH.LUFKHLQHLQHP JHZDOWLJHQZRJHQGHQ0HHUVWHKHQ 8QGGHU1HEHOZXUGHLPPHUGLFKWHU(UVWLHJVWlQGLJNURFK DQGHQ0DXHUQKRFKXQGKDWWHVFKRQIDVWGLHXQWHUH6HLWHGHV )HQVWHUVHUUHLFKW (LQ:DKQVLQQ ,FKVSUDQJZLHGHUQDFKXQWHQ ª8QG"©IUDJWHPLFK6XNR ª:LUVLQGYRP1HEHOHLQJHVFKORVVHQ©HUNOlUWHLFK ,FKKDWWHOHLVHJHVSURFKHQDEHUGLHDQGHUHQKDWWHQPLFK EHREDFKWHW(LQ0DQQULHIª:LUZROOHQZLVVHQZDVJHVFKHKHQ LVW:RLVWGHU1HEHO"+DWHUVLFKYHU]RJHQ"© /JHQNRQQWHLFKQLFKW,FKPXWHLKQHQGLH:DKUKHLWVDJHQ GHQQVRQVWKlWWHQVLHVLFKVHOEVWEHU]HXJWZDVXQWHU 8PVWlQGHQW|GOLFKIUVLHJHZHVHQZlUH ª'HU1HEHOLVWQRFKGD©ULHILFK0HLQH6WLPPHKDOOWHGXUFK GDVNDKOH.LUFKHQVFKLIIª1LHPDQGNDQQMHW]WQDFKGUDXHQ :LUPVVHQ]XVDPPHQEOHLEHQ© ª8QGZHQQHULQGLH.LUFKHNULHFKW"© 'DZXWHLFKDXFKNHLQH$QWZRUWKRIIWHMHGRFKGDGLHV QLFKWHLQWUDW ª6HLHQ6LHUXKLJ©ULHIGHU3IDUUHU ª6LHN|QQHQPLUGRFKQLFKWGDV:RUWYHUELHWHQ©VFKULHGHU

DQGHUH]XUFNª:LUVLQG*HIDQJHQHZLUZHUGHQYRUGLH +XQGHJHKHQ'DQW]WDXFKGLHVH.LUFKHQLFKWV© %LOOXQGLFKZDUIHQXQVZDUQHQGH%OLFNH]X:HQQGLHVHU .HUOZHLWHU7HUURUPDFKWHNRQQWHHUXQWHU8PVWlQGHQHLQH 3DQLNXQWHUGHQ0HQVFKHQDXVO|VHQ'DVZDUGDV$OOHUOHW]WH ZDVZLUEUDXFKHQNRQQWHQ ,FKVWHOOWHPLFKDXIGLH=HKHQVSLW]HQXPEHVVHUVHKHQ]X N|QQHQ'RFKGLHVHU.UDNHHOHUZDUEHL3IDUUHU'HPSVH\JH UDGHDQGHUULFKWLJHQ$GUHVVH'HU*HLVWOLFKHVWHOOWHVHLQ.UHX] ]XU6HLWHXQGVFKOXJDXVGHUJHEFNWHQ+DOWXQJKHUDXV]X 6HLQHIODFKH+DQGNODWVFKWHLQGDV*HVLFKWGHV0DQQHVGHU ]XUFNIXKUXQGVLFKVHLQH:DQJHULHE ª5HLFKWGDV"©IUDJWHGHU3IDUUHUNDOW 'HU0DQQVFKZLHJ ª'HU=RUQGHU*HUHFKWHQJHKWRIWXQNRPSOL]LHUWH:HJH© HUNOlUWHGHU3IDUUHU8QG]XGHQDQGHUHQJHZDQGWPHLQWHHU ª:LUGUIHQMHW]WQLFKWGHQ0XWYHUOLHUHQVRQGHUQPVVHQ ]XVDPPHQKDOWHQZDVLPPHUDXFKJHVFKHKHQPDJ© 'LH*HPHLQGHYRQGHPVFKODJNUlIWLJHQ%HZHLVLKUHV *HLVWOLFKHQQRFKEHHLQGUXFNWQLFNWH 'HU3IDUUHUQDKPVHLQ.UHX]DXIXQGVFKULWWLQGHQKLQWHUHQ 7HLOGHU.LUFKHZRZLUZDUWHWHQ 0DQPDFKWHLKPUHVSHNWYROO3ODW] 9RUXQVEOLHEHUVWHKHQ$OVHUPHLQ/lFKHOQVDKVDJWHHUª-D HVLVWVR0U6LQFODLU,QGLHVHU6WDGWJLEWHVJXWHXQGZHQLJHU JXWH0HQVFKHQ*D\ORUGZDUHLQHUYRQGHQZHQLJHUJXWHQ+LQ XQGZLHGHUPXLKQMHPDQGLQVHLQH*UHQ]HQZHLVHQ8QG ZDUXPQLFKWPDOHLQ3IDUUHU"© ,FKGDFKWHGDUDQGDPLFKZlKUHQGPHLQHU.LQGKHLWDXFK LPPHUXQVHU3DVWRUYHUKDXHQKDWWHXQGQLFNWHª-DGDVPX ZRKOPDOVHLQ©HUZLGHUWHLFK 'DV.UHX]QDKPLFKGHP*HLVWOLFKHQDXVGHU+DQG (VKDWWHVHLQ*HZLFKW$XVGHU(QWIHUQXQJKDWWHHVJDUQLFKW VRVWDELODXVJHVHKHQDEHUPDQKDWWHHVDXVPDVVLYHP+RO] JHIHUWLJWGDVVSUWHLFK

ª:DVZROOHQ6LHPLWGHP.UHX]"©IUDJWHPLFKGHU*HLVWOLFKH REZRKOHUPHLQH$QWZRUWVFKRQDKQWH ,FKGHXWHWHDXIGLH7U 'HU3IDUUHUQLFNWHª*RWWHV6HJHQEHVFKW]H6LH©IOVWHUWHHU ª8QGGDVKLHU©VDJWHLFKXQG]HLJWHDXIPHLQJHZHLKWHV .UHX]ª(VLVWPHLQVLFKHUVWHU+HOIHU© ,FKJLQJ %LOOXQG6XNRPDFKWHQHLQHQOHW]WHQ9HUVXFK6LHZROOWHQ PLFKEHJOHLWHQGRFKLFKOHKQWHDEª(VLVWMDQXUHLQ7HVW© 6LHOLHHQVLFKQLFKWEHLUUHQ6XNRZDUDOVHUVWHUDQGHU7U OHJWHGLH+DQGDXIGLH.OLQNHXQGVFKDXWHPLFKDQ ,FKQLFNWHLKP]X 'HU&KLQHVH]RJGDVVFKZHUH3RUWDODXI(VJDENHLQHQ 9RUUDXPPDQJHODQJWHGLUHNWQDFKGUDXHQXQGVRIRUW ZHKWHQGLHHUVWHQ1HEHOIHW]HQLQGDV,QQHUHGHU.LUFKH(VVDK VRDXVDOVZUGHQVLHYRQKLQWHQ1DFKVFKXEEHNRPPHQXQG LFKVFKOSIWHVFKQHOOGXUFKGHQ6SDOW ª'LH7U]X©ULHILFK 6XNRGUFNWHVLHLQV6FKOR ,FKDEHUVDKPLFKHLQHUJHIlKUOLFKHQZDOOHQGHQ:DQG JHJHQEHU:LHVFKRQ]XYRUKDWWHLFKGDV*HIKOGLHVHU1HEHO ZUGHOHEHQ(UEHZHJWHVLFKHUNURFKHUZDOOWHDEHUVHOW VDPHUZHLVHPDFKWHHUXPPLFKHLQHQ%RJHQ 7URW]GHPVSUWHLFKGDV)UHPGHGDV8QKHLPOLFKHGDVLQ GHP1HEHOODXHUWH )HVWKLHOWLFKGDV+RO]NUHX]XPNODPPHUWNRQ]HQWULHUWHPLFK DXIGLHE|VHQ6WLPPHQDXVGHP1HEHOXQGPHUNWHZLHHWZDV LQPHLQ*HKLUQGULQJHQZROOWHGRFKLUJHQGHLQH6SHUUHKLQGHU WHHVGDUDQ 0HLQVLOEHUQHV.UHX]"2GHUEHLGH.UHX]H]XVDPPHQ":LH GHPDXFKVHLLFKKLHOWGHP1HEHOVWDQG 3O|W]OLFKK|UWHLFKLUJHQGZRHLQ3IHLIHQXQGLPQlFKVWHQ $XJHQEOLFNZDOOWHHLQHH[WUHPJURH1HEHOZRONHKRFKGLH PLFKY|OOLJHLQKOOWH (LQHPHUVWHQ,PSXOVIROJHQGZROOWHLFK]XUFNGRFKLFK

YHUOLHPLFKDXIGLH.UlIWHPHLQHV.UHX]HVXQGEOLHEVWHKHQ 8QGQXQEHJDQQHLQP|UGHULVFKHU.DPSI*XWJHJHQ%|VH 6HLW8U]HLWHQSURJUDPPLHUWXQGLPPHUZLHGHUKROEDU 'HU1HEHODWWDFNLHUWHPLFK8QGPLWLKPGLHLQLKPVWHFNHQ GHQ%RVKDIWLJNHLWHQXQG*HVWDOWHQ+DWWHQLFKWLUJHQGMHPDQG YRQ1HEHOJHLVWHUQJHVSURFKHQ" -DVLHZDUHQYRUKDQGHQXQGLFKVDKVLHDXFK6FKDXULJH *HVWDOWHQ$XVJHEXUWHQGHU+|OOH9HU]HUUWH)UDW]HQ6FKHPHQ *HELOGHXQ]lKOLJH$UPHXQG%HLQHYHUHLQWPLWGHP1HEHO GLHQDFKPLUJUHLIHQZROOWHQ ,FKZDUHLVHUQXQGEOLHEVWHKHQ 0LWEHLGHQ+lQGHQKDWWHLFKGDVVFKZHUH+RO]NUHX]JHSDFNW ,FKVWHPPWHHVPLWGHUXQWHUHQ.DQWHJHJHQPHLQ.QLHGDPLW LFKEHVVHU+DOWKDWWHPHLQH/LSSHQZDUHQIHVW]XVDPPHQ JHSUHWGLH$XJHQZHLWDXIJHULVVHQGDPLWVLHGHQ1HEHO EHVVHUGXUFKGULQJHQNRQQWHQ $EHULFKVDKQLFKWVQXUGLHYHUGDPPWHQ*HVWDOWHQGLHGHQ K|OOLVFKHQ5HLJHQXPPLFKKHUXPWDQ]WHQ1RFKPDWHULDOLVLHU WHQVLHQLFKWQRFKKLHOWHQVLHVLFK]XUFNDEHUVLHZROOWHQPLU WURW]GHPDQGHQ.UDJHQQXUGDZDUGDVJHZHLKWH6LOEHUNUHX] GDVDOV]XVlW]OLFKH.UDIWTXHOOHXPPHLQHQ+DOVKLQJ 'DV.UHX]VWUDKOWH,FKVDKHVZHQQLFKGHQ%OLFNHLQZHQLJ VHQNWH(VKDWWHHLQH$XUDXPVLFKYHUEUHLWHWGLHDXFKPLU 6FKXW]JDE'RFKGDV+RO]NUHX]ZXUGHDQJHJULIIHQ(VZDU ]ZDUJHZHLKWDEHUHVKDWWHQLFKWGLH6WlUNHZLHPHLQ 6LOEHUNUHX] ,FKNRQQWHVHKHQZLHGHU1HEHOUHJHOUHFKWH6SLUDOHQXPGDV .UHX]ELOGHWHZLHVLFKNOHLQHJHOEVFKLPPHUQGH7URSIHQDXI GDV+RO]VHW]WHQXQGGDPLWEHJDQQHQHVODQJVDPDEHUVLFKHU ]X]HUIUHVVHQ 6lXUH 'LHVHU1HEHOZLUNWHZLH6lXUH 'DV+RO]EHJDQQ]XTXDOPHQXQGLFKPXWHPLWDQVHKHQ ZLHHVVLFKDXIO|VWH'DV+RO]ZXUGHEUFKLJGHUREHUH7HLOGHV .UHX]HVILHOQDFKYRUQXQGNLSSWH]X%RGHQ

3O|W]OLFKHQWVWDQGHLQ.QLUVFKHQXQGLPQlFKVWHQ $XJHQEOLFNULGDV*HIJHDXVHLQDQGHU 'DV.UHX]ZXUGH]HUVW|UW,FKKLHOWQXUQRFK5HVWHLQGHQ +lQGHQ'LHVHU1HEHOKDWWHPLUNODUJHPDFKWGDHUVLFKGXUFK HLQHLQIDFKHV.UHX]QLFKWVWRSSHQODVVHQZUGH :LHDEHUGDQQ" 6LFKGDUEHU*HGDQNHQ]XPDFKHQZDUPLJMHW]WJLQJHV SULPlUXPGLH5HWWXQJGHU0HQVFKHQGLHVLFKLQGHU.LUFKHVR KRIIQXQJVYROOYHUVDPPHOWKDWWHQ 'HU1HEHOZDUK|KHUJHVWLHJHQ,FKVDKEHUPLUQXUGLH JUDXZHLH:RONHQEDQNLQGHUHVTXLUOWHXQGEURGHOWH'LH *HVWDOWHQKDWWHQVLFK]XUFNJH]RJHQ,FKGDFKWHDXFKGDUEHU QDFKZHUGLHVH1HEHOJHLVWHUZRKOZDUHQ 6HHOHQDXVGHP7RWHQUHLFK"'lPRQHQVHHOHQ".DXPGHQQ GLHZXUGHQLQGDV5HLFKGHV6SXNVYHUEDQQWXQGGHUJDEVLH QLFKWIUHLELVDXIHLQH$XVQDKPH'U7RG 3O|W]OLFKKRUFKWHLFKDXI 6W|KQHQ+HXOHQXQG:HKNODJHQZDUDQPHLQH2KUHQ JHGUXQJHQ (VNDPDXVGHP1HEHO,FKVWLHUWHPLUIDVWGLH$XJHQDXV GHP.RSIXPHWZDVVHKHQ]XN|QQHQDEHUQLFKWV 2GHU" 'RFKGDZDUHQ*HVWDOWHQ8QGVLHVFKZHEWHQDXFKQLFKW VRQGHUQVFKULWWHQGXUFKGLH1HEHOZDQGVWDQGHQPLWLKUHQ %HLQHQIHVWDXIGHP%RGHQ,FKK|UWHDXFK6WLPPHQ .RPPDQGRVHUVFKROOHQKlOLFKHV/DFKHQHUW|QWHHLQ6FKX ILHO (LQ6FKX" $XIHLQPDOZXUGHPLUNODUGDGHU6FKXQLFKWGUDXHQ DEJHJHEHQZRUGHQZDUVRQGHUQLP,QQHUQGHU.LUFKH 6RIRUWGUHKWHLFKPLFKXPOLHGDVOHW]WH6WFNGHV +RO]NUHX]HVIDOOHQXQGUWWHOWHDQGHU.OLQNH 'DV3RUWDOZDUYHUVFKORVVHQ

'LH$QJVWGHU0HQVFKHQVWHLJHUWHVLFK .DXPMHPDQGZDJWHQRFK]XVSUHFKHQXQGZHQQGDQQ WDWHQVLHHVIOVWHUQG6LHKRFNWHQLQGHQ%lQNHQKDWWHQGLH +lQGH]XP*HEHWJHIDOWHWXQGVFKDXWHQlQJVWOLFK]XGHQ )HQVWHUQGHU.LUFKHKRFKDOVHUZDUWHWHQVLHMHGHQ$XJHQEOLFN GHQ(LQEUXFKGHV0|UGHUQHEHOV ,QGHU7DWKDWWHGHU1HEHOEHUHLWVGLH)HQVWHUHUUHLFKW (UWUEWHGLH6FKHLEHQPDFKWHKLQWHUGHQ)HQVWHUQDOOHV XQNODUXQGYHUVFKZRPPHQ(UZDUGDGDVZXWHQDOOH 'HU3IDUUHUVWDQGEHL%LOO&RQROO\XQG6XNR$XFKVLH VSUDFKHQQLFKWVRQGHUQEOLFNWHQDQJHVWUHQJWXQGEHWUHWHQ]X %RGHQ1LHPDQGZXWHHLQHQ$XVZHJXQGGLH*HGDQNHQGHU 0lQQHUGUHKWHQVLFKXPGHQGHUGLH.LUFKHYHUODVVHQKDWWH XPVLFKGHQ1HEHOJHLVWHUQ]XVWHOOHQ %LOOVFKOXJPLWGHU)DXVWJHJHQVHLQHIODFKH+DQGª$EHUHV PXGRFKHLQ0RWLYJHEHQ©VDJWHHUª9HUGDPPWQRFKPDOHV PXHLQIDFK©(UVFKDXWHGHQ3IDUUHUGDEHLDQ 'HU*HLVWOLFKHKREGLH6FKXOWHUQª,FKZHLHVQLFKW© 1LHPDQGKDWWHELVKHUDXIGHQDOWHQ=\EEDNJHDFKWHW'XUFK GDV6HLWHQVFKLIIGHU.LUFKHKDWWHHUVLFKDQJHVFKOLFKHVWDQG MHW]WLQGHU1lKHGHU0lQQHU(UUlXVSHUWHVLFKXQGVDJWHª6LH VXFKHQQDFKHLQHU(UNOlUXQJ"© 'LHGUHL0lQQHUIXKUHQKHUXP ª'X=\EEDN"©IUDJWHGHU3IDUUHU ª-DLFK©'HU$OWHJULQVWH]DKQORVª:LHLFKVHKHNRPPWLKU QLFKWZHLWHU© ª6WLPPW©%LOOQLFNWH =\EEDNWUDWQRFKHLQHQ6FKULWWYRUª,FKZHLZHVKDOEXQV GLHVHV6FKLFNVDOEHVFKHUWZLUG©IOVWHUWHHU 'HU*HLVWOLFKHVFKDXWHVNHSWLVFK%LOOXQG6XNRMHGRFKZDUHQ LQWHUHVVLHUWª5HGHQ6LHVFKRQ©VDJWHGHU5HSRUWHU ª'LH*HVFKLFKWHOLHJWODQJH]XUFNXQGGLH/HXWHYRQ *U\QH[[DVLQGVHOEVWGDUDQVFKXOGGDVLHGLHVHV6FKLFNVDO JHWURIIHQKDWGDVPDOYRUZHJJHQRPPHQ'HU1HEHOLVWHLQH 6WUDIHIUGDVZDVYRUODQJHU=HLWHLQPDOJHVFKDK©

ª)DQJQXUQLFKWPLWGHUDOWHQ*HVFKLFKWHDQ©UHGHWHGHU 3IDUUHUGD]ZLVFKHQ ª'RFKGDVPXLFK© ª8QVLQQ© ª/DVVHQ6LHLKQGRFK©VDJWH%LOO&RQROO\ª2IWLVWDQGLHVHQ /HJHQGHQYLHO:DKUHVGUDQ© ª:HQQ6LHPHLQHQ© 'HUDOWH=\EEDNEHJDQQZLHGHU]XVSUHFKHQª$OVRHVLVWVR© VDJWHHUª9RUKXQGHUWIQI]LJ-DKUHQDOVGLHVHU2UWKLHUQRFKLQ YROOHU%OWHVWDQGXQGVHKUUHLFKZDUVWUDQGHWHGUDXHQYRU GHQ.OLSSHQHLQ6FKLII'LH0HQVFKHQVDKHQHVZRKODEHUQLH PDQGKDOIZHLOHVHLQIUDQ]|VLVFKHV6FKLIIZDU8QGGLH )UDQ]RVHQZDUHQYHUKDW8QVHUH/HXWHVWDQGHQDP.DLXQG VFKDXWHQ]XZLHGDV6FKLIIVDQN0HQVFKHQGLHVLFKUHWWHQ ZROOWHQZXUGHQZLHGHULQV:DVVHUJHVWRHQPDQZROOWHNHLQH )UDQ]RVHQDQ/DQGKDEHQ1XQGDV6FKLIIVDQNDEHUEHYRUHV XQWHUJLQJ]HLJWHVLFKGHU.DSLWlQQRFKHLQPDODQ'HFNXQG VWLHHLQHQVFKDXULJHQ)OXFKDXV,UJHQGZDQQZUGHQVLH ]XUFNNRPPHQXQGJUDXVDPH5DFKHQHKPHQ,KUH.|USHU VWDUEHQ]ZDUDEHULKUH6HHOHQZUGHQVLFKPLWGHQ*HLVWHUQ GHV1HEHOVYHUEQGHQXQGZHQQGHU7DJUHLIZDUZHQQHLQHU VLHDXVGHP0HHUKROWHGDQQVROOWHQGLH0HQVFKHQGLHVHV 2UWHVIUFKWHUOLFKEHVWUDIWZHUGHQ'DVLVWJHVFKHKHQGLH 1HEHOJHLVWHUVLQG]XUFNJHNHKUWZLUPVVHQGDUXQWHUOHLGHQ© %LOOXQG6XNRKDWWHQ]XJHK|UWZlKUHQGGHU3IDUUHULPPHU ZLHGHUDEZLQNWHª'DVJODXEHLFKHLQIDFKQLFKW©VDJWHHUª'DV N|QQHQ6LHPLUQLFKWHU]lKOHQ© ª(VVWLPPWDEHU© 'HUDOWH=\EEDNVFKDXWH%LOOXQG6XNRDQ ª*ODXEHQ6LHPLU"© ª,P3ULQ]LSVFKRQ©PHLQWHGHU5HSRUWHUª:DVVDJVWGX 6XNR"© $XFKGHU&KLQHVHQLFNWH ª$EHU6LHVDJWHQYRUKLQGDQRFKHLQDQGHUHUGDKLQWHUVWHKW :HUNDQQGDVVHLQ"©

ª.HLQH$KQXQJ,UJHQGHLQ0DJLHUGHUVLFKVHKUJXWDXVNHQQW XQGGLH1HEHOJHLVWHUEHVFKZ|UHQNDQQ© %LOOXQG6XNRZDUIHQVLFKHLQHQ%OLFN]X =\EEDNEHPHUNWHHVª:LVVHQ6LHZDV"©IUDJWHHU ª9LHOOHLFKW©VDJWH%LOO ª6DJHQ6LHHV© ª1HLQHVVLQG6SHNXODWLRQHQ0LWGHQ1DPHQ'U7RGRGHU $VPRGLQDN|QQHQ6LHGRFKQLFKWVDQIDQJHQ© 'HU$OWHQLFNWH =\EEDNZROOWHQRFKHWZDVKLQ]XIJHQGRFKGHU3IDUUHU PLVFKWHVLFKHLQ ª:DVLVWGDV"©IOVWHUWHHU(UVFKDXWHGDEHL]XU7U %LOO&RQROO\6XNRXQGGHUDOWH=\EEDNZDQGWHQHEHQIDOOV GHQ%OLFN8QGMHGHUYRQLKQHQVDKZLHGHUYRQLQQHQLP 6FKORVWHFNHQGH6FKOVVHOKHUXPJHGUHKWZXUGH ª0HLQ*RWWGHU1HEHOLVWLQGHU.LUFKH©KDXFKWHGHU *HLVWOLFKH 6RIRUWZDUHQ%LOOXQG6XNRJHVSDQQW%OLW]VFKQHOO]RJGHU &KLQHVHGLH'lPRQHQSHLWVFKHVFKOXJHLQPDOHLQHQ.UHLVEHU GHQ%RGHQXQGGLHGUHL5LHPHQUROOWHQDXVGHUgIIQXQJ %LOOKROWHGLH%HUHWWDKHUYRU ª(LQH3LVWROH"©IUDJWHGHU3IDUUHUª,QGHU.LUFKH"© ª-DVLHLVWPLWJHZHLKWHQ6LOEHUNXJHOQJHODGHQ© 'HUDOWH=\EEDNZLFK]XUFN(U]LWWHUWHDPJHVDPWHQ .|USHUVWUHFNWHGHQ$UPDXVXQGGHXWHWHDXIHLQHQIHLQHQ 1HEHOVWUHLIHQGHUXQWHUGHU7UULW]HKHUHLQJHGUXQJHQZDUXQG VLFKZLHHLQH6FKODQJHEHUGHQ%RGHQZDQG 'LH0lQQHUVWDQGHQHLQHQ0RPHQWODQJVWDUU :DVVROOWHQVLHWXQ"6FKLHHQ"'DVKDWWHNHLQHQ6LQQVLH NRQQWHQPLWHLQHU.XJHONHLQHQ1HEHOIHW]HQYHUQLFKWHQ 'LHVHVYHUVWlQGOLFKH=|JHUQZXUGHGHPDOWHQ=\EEDN]XP 9HUKlQJQLV%OLW]VFKQHOOEHZHJWHVLFKGHU1HEHOIHW]HQYRUDQ HUUHLFKWHGHQ$OWHQJOLWWGDUDQKRFKXQGGLUHNWLQVHLQHQ RIIHQHQ0XQGKLQHLQ =\EEDNZUJWH

$XIHLQPDOVFKLHQHU]XZDFKVHQHUVWHOOWHVLFKDXIGLH =HKHQVSLW]HQVHLQH$XJHQWUDWHQDXVGHQ+|KOHQXQGGLH =lKQHNODSSHUWHQDXIHLQDQGHU 'HU3IDUUHUZDQNWH]XUFNZlKUHQGHUHLQ.UHX]]HLFKHQ VFKOXJ(UNRQQWHGDV*UDXHQQLFKWIDVVHQ=XP*OFNGHFNWH GDVJURH7DXIEHFNHQVLHJHJHQGLH%OLFNHGHUEULJHQ 0HQVFKHQ6LHEHNDPHQQLFKWPLWZLH=\EEDNSO|W]OLFK VWHKHQEOLHEGHQ0XQGDXIULXQGPLWYHUlQGHUWHU6WLPPH]X VSUHFKHQEHJDQQ 'XPSIXQGKRKOGUDQJHVDXVVHLQHP0XQGKHUYRUª,KU KDEWXQVGDPDOVGLH+LOIHYHUZHLJHUW©VDJWHHUª8QGGDIU ZHUGHQZLUXQVUlFKHQ8QVHU6FKLIILVWYHUVXQNHQGRFK XQVHUH6HHOHQKDEHQZLUGHP7HXIHOYHUVFKZRUHQ6LHYHU HLQLJWHQVLFKPLWGHQ1HEHOJHLVWHUQGLHMHW]WXQVHUH6FKXW] SDWURQHVLQG:LUKDWWHQ=HLWZLUZDUWHWHQELVHLQ0DQQNDP GHUVLFK]XP$QIKUHUXQVHUHV5HLFKHVDXIVFKZDQJXQGGHU +HUUGHV6FKUHFNHQVQHEHOVJHZRUGHQLVW© ª:HULVWHV"©ZROOWH%LOOZLVVHQ ª'U7RG© 'DZDUHVKHUDXV%HLGH%LOOXQG6XNRNRQQWHQQLFKWYHU PHLGHQGDLKQHQHLQH*lQVHKDXWEHUGHQ5FNHQOLHI :LHGHUHLQPDOKDWWH'U7RGDOLDV6ROR0RUDVVRVHLQH+DQGLP 6SLHO(UPXWHYRQGLHVHP)OXFKHUIDKUHQKDEHQXQGGDQN VHLQHU)lKLJNHLWHQKDWWHHUGDIUJHVRUJWGDGHU1HEHOHU VFKLHQ ª,VWHUKLHU"©ZROOWH%LOOZLVVHQ ª(UZDUWHWDXIGHP0HHU© 'DVPX-RKQZLVVHQGDFKWHGHU5HSRUWHUGRFK]XYRUK|UWH HU=\EEDNZHLWHU]X ª:LUVLQGGDZLUNRPPHQ:LUKROHQXQVGLH2SIHU(LQV QDFKGHPDQGHUHQ8QVHU.DSLWlQ*HUDUGGH/RUFDZLUGVLFK VFKUHFNOLFKUlFKHQ(ULVWXQWHUZHJVXQGNRPPWPLWGHP 1HEHO(UZLUGDXFKLQGLH.LUFKHHLQGULQJHQXQGVLH]HUVW|UHQ :LUVLQGGD:LUVLQGGD©'LHOHW]WHQ:RUWHEUOOWHHUXQGVLH KDOOWHQDOVGVWHUHV(FKRLQQHUKDOEGHV.LUFKHQVFKLIIHVZLGHU

-HW]WZXUGHQDXFKGLHEULJHQ0HQVFKHQDXIPHUNVDP6LH VSUDQJHQDXI3DQLNGURKWH ª.PPHUQ6LHVLFKXPGLH/HXWH©VFKULH%LOOGHP3IDUUHU]X GHUVRIRUWORVOLHI %LOOXQG6XNRDEHUEOLHEHQEHLGHPDOWHQ=\EEDN8QGGHU YHUlQGHUWHVLFK 6HLQH*HVLFKWVIDUEHO|VWHVLFKEXFKVWlEOLFKDXI'DIUEHU ]RJHLQJUDXHU)LOPGLH+DXW *UDXZLH6WHLQ $XV=\EEDNZXUGHHLQ0RQVWHU,KQKDWWHGLH5DFKHGHU 1HEHOJHLVWHUYROOJHWURIIHQ ª6FKODJ]X©VFKULH%LOO (VJDENHLQHQDQGHUHQ:HJ'DVVDKDXFK6XNRHLQ(UKRE GLH'lPRQHQSHLWVFKHXQGKLHEGLHGUHL5LHPHQJHJHQGHQVWHL QHUQHQ.RSIGHV'lPRQHQGLHQHUV 'LH:XFKWGHV7UHIIHUVVFKOHXGHUWHGHQDOWHQ=\EEDNELV JHJHQGDV7DXIEHFNHQ(UVWLHVLFKKDUWGHQ5FNHQULVHLQH $XJHQZHLWDXIXQGEUDFKODQJVDPLQGLH.QLH*OHLFK]HLWLJ EHJDQQVLFKVHLQ.RSIDXI]XO|VHQHU]HUILHO]XJUDXHU$VFKH XQGQXUGHU7RUVREOLHEOLHJHQ :LHGHUHLQ2SIHUGDFKWH%LOO ,QGHU.LUFKHEHUVFKZHPPWHGLH$QJVWGLH0HQVFKHQ =DKOUHLFKH$XJHQKDWWHQPLWEHNRPPHQZDVLQGHU1lKHGHV 7DXIEHFNHQVJHVFKHKHQZDU'LHP|UGHULVFKH1HEHOSHVW EHIDQGVLFKDOVRDXFKVFKRQLP*RWWHVKDXV8QGGDVHUVFKUHFN WHGLH)OFKWOLQJH 'HU3IDUUHUKDWWHVHLQH0KHXQG1RWGLH/HXWH]XEH UXKLJHQ6LHZROOWHQHLQIDFKQLFKW9LHOHKDWWHQVLFKDXIGLH .QLHJHZRUIHQXQGGHQ.RSILQGHQDQJHZLQNHOWHQ$UPHQ YHUJUDEHQ9RQGHQNDKOHQ:lQGHQKDOOWHQGLH6WLPPHQ ]XUFN 6XNRSURELHUWHHVQRFKHLQPDODQGHU7U6LHZDUXQGEOLHE YHUVFKORVVHQ ª:LUPVVHQVLHDXIUDPPHQ©VDJWH%LOO ª2GHUHLQ)HQVWHU]HUVFKLHHQ©

'HU5HSRUWHUVFKWWHOWHGHQ.RSIª'DQQKDEHQZLUJOHLFK GHQ1HEHOLQGHU.LUFKH© /DQJVDPEHUXKLJWHQVLFKGLH0HQVFKHQZLHGHU6LHVDKHQ GDVLHQLFKWGLUHNWDQJHJULIIHQZXUGHQGDGLHHUVWH$WWDFNH DEJHZHKUWZRUGHQZDU 'RFKGLHDQGHUHIROJWH 6FKQHOOHUXQGKlUWHUDOVMHGHUHUZDUWHWKDWWH 8USO|W]OLFK]HUSODW]WHHLQH6FKHLEH'LH6SOLWWHUVHJHOWHQLQ GHQ,QQHQUDXPNQDOOWHQ]X%RGHQXQG]HUVSUDQJHQGRUW LQWDXVHQGNOHLQH6FKHUEHQ 'LH.|SIHDOOHU$QZHVHQGHQ]XFNWHQKHUXP=DKOUHLFKH $XJHQSDDUHULFKWHWHQVLFKDXIGDV)HQVWHUXQGDOOHVDKHQZLH GHU1HEHOGXUFKGLHgIIQXQJTXROO $EHUQLFKWQXUGHU1HEHO $XFKHLQHKDOEYHUZHVWHPLW7DQJXQG$OJHQEHGHFNWH *HVWDOWHUVFKLHQDP)HQVWHU (LQHGHUOHEHQGHQ/HLFKHQGHU6FKLIIVEHVDW]XQJ(LQ 0RQVWHUGDVDXVVDKZLHHLQH0XPLHXQGHLQHQURVWLJHQ6lEHO LQGHUUHFKWHQ.ODXHKLHOW *HOOHQGH6FKUHLHVWDFKHQJHJHQGLH'HFNHGHV.LUFKHQVFKLIIV %HVRQGHUVGLH)UDXHQXQG.LQGHUKDWWHQVFKUHFNOLFKH$QJVW 1LHPDQGZXWHZLHHUVLFKYHUKDOWHQVROOWH %LVDXI6XNRXQG%LOO 6LHDKQWHQGDGDV)LQDOHHLQJHOlXWHWZRUGHQZDU:HQQVLH HVMHW]WQLFKWVFKDIIWHQGDQQZDUDOOHVYRUEHL %LOO&RQROO\UDQQWHYRUVWLHHLQLJH0HQVFKHQ]XU6HLWHXQG VSUDQJDXIHLQH6LW]EDQN 'LH%HUHWWDPLWGHQ6LOEHUNXJHOQKLHOWHULQGHUUHFKWHQ+DQG 6HLQ6FKXZLQNHOZDUJXWXQG%LOO]LHOWHJHQDX 'DVJUQVFKLOOHUQGH0RQVWHUKDWWHHLQ%HLQDQJHZLQNHOWXQG VWW]WHVLFKDXIGHPVFKPDOHQ6LPVDEXPLQGLH.LUFKH]X VSULQJHQ'DIHXHUWHGHU5HSRUWHU 'LHJHZHLKWH6LOEHUNXJHOUDVWHDXVGHP/DXIXQGKLHEPLW HLQHPWURFNHQHQ/DXWPLWWHQLQGHQ6FKlGHOGHULQGHU )HQVWHU|IIQXQJKRFNHQGHQ%HVWLH

'HUHLQH6FKXUHLFKWH 'LH$XISUDOOZXFKWVFKOHXGHUWHGHQ8QKHLPOLFKHQ]XUFN XQGHUILHODXVGHP)HQVWHUYLHUHFNQDFKGUDXHQ %LOOQLFNWHª'DVZDU V©VDJWHHU 'LHEULJHQ0HQVFKHQKDWWHQVWDXQHQGGHQ6FKXXQGGLH 5HDNWLRQEHREDFKWHW$XIHLQLJHQ*HVLFKWHUQVSLHJHOWHVLFK (UOHLFKWHUXQJXQGEDQJHV+RIIHQ %HLGHVMHGRFKZXUGHEUXWDO]HUVW|UW 'HQQGLH.LUFKHKDWWHQLFKWQXUHLQ)HQVWHUVRQGHUQLQVJH VDPWVHFKV8QGGLHUHVWOLFKHQIQI6FKHLEHQZXUGHQLQQHUKDOE ZHQLJHU6HNXQGHQDXIJHVWRHQ )QIJUDXVDPH*HVWDOWHQHUVFKLHQHQXQGVLH]|JHUWHQQLFKW 6LHVSUDQJHQJOHLFK]HLWLJLQGDV,QQHUHGHU.LUFKH ,FKNRQQWHHVPLUQLFKWOHLVWHQEHUUDVFKW]XVHLQRGHU=HLW]X YHUOLHUHQGHQQKLQWHUPLUODXHUWHQGLH*HJQHU 6RIRUWZLUEHOWHLFKKHUXP +|KQLVFKHV/DFKHQVFKDOOWHPLUHQWJHJHQ/DFKHQGDVYRQ NHLQHP*HLVWDXVJHVWRHQZXUGHVRQGHUQYRQHLQHUIXUFKW HUUHJHQGHQ*HVWDOWYRQGHULFKELVKHUQXUGLH8PULVVHVDK 'LH*HVWDOWZDUJU|HUDOVLFKHWZDHLQHQKDOEHQ.RSI,P HUVWHQ0RPHQWKDWWHLFKDQ7RNDWDGHQ6DPXUDLGHV6DWDQV JHGDFKWGRFKMHW]W]HLJWHVLFKGDGLH*HVWDOW]ZHL$UPHKDWWH 7RNDWDKDWWHMDQXUQRFKHLQHQGHQUHFKWHQGHUDQGHUHZDU LKPYRQPHLQHPPDJLVFKHQ%XPHUDQJYRP.|USHUJHWUHQQW ZRUGHQ 'LH*HVWDOWNDPQLFKWQlKHUVRQGHUQEOLHEVWHKHQ :DUXP" :ROOWHVLHPLFKORFNHQ" $OOULJKWGDVNRQQWHVLHKDEHQ ,FKVWUHLIWHGLH.HWWHEHUPHLQHQ.RSIXQGEHKLHOWGDV.UHX] LQGHUUHFKWHQ+DQG+DUWXPNODPPHUWHQPHLQH)LQJHUGDV JHZHLKWHVLOEHUQH0HWDOO 'HQUHFKWHQ$UPVWUHFNWHLFKYRU

'HU1HEHOZLFKGRUW]XUFNZRLKQGDV.UHX]EHUKUWHVR GDYRUPLUHLQ/RFKHQWVWDQG ,FKJLQJZHLWHU 0HLQ=LHOZDUGLHXQKHLPOLFKH*HVWDOW'DGXUFKGDPLFK GLHJUDXZHLH6XSSHQLFKWPHKUVRVWDUNEHKLQGHUWHNRQQWH LFKPHLQHQ*HJQHUGHXWOLFKHUHUNHQQHQ *OHLFK]HLWLJK|UWHLFKDXFKGDV6SOLWWHUQYRQ*ODVGRFKHV GUDQJLUJHQGZLHGXPSIDQPHLQH2KUHQXQGLFKDFKWHWHQLFKW ZHLWHUGDUDXI'HUDQGHUHZDUZLFKWLJHUXQGLFKZXUGHGDV *HIKOQLFKWORVGDHUGHU$QIKUHUGLHVHU+RUGHZDU +DXWXQG.OHLGXQJVFKLOOHUWHQJUQOLFKVLHZDUHQPLWHLQHU 6FKLFKWDXV7DQJXQG$OJHQEHGHFNW:LUNOLFKHLQ%HZHLV GDIUGDHUODQJHLP:DVVHUJHOHJHQKDEHQPXWH $EHUZDUXPZDUHUGHQ)OXWHQHQWVWLHJHQ" (VZDUPLJQDFKHLQHU$QWZRUWDXIGLH)UDJH]XVXFKHQ YLHOOHLFKWIDQGLFKVLHVSlWHU-HW]WHLQPDOPXWHLFKPLFK XPLKQVHOEVWNPPHUQ(UVFKLHQDOOHLQ]XVHLQGHQQLFK VDKNHLQHUOHL+LOIVNUlIWHGLHLKQXQWHUVWW]WHQ 8PVREHVVHU :LHEHLHLQHP5RERWHUVREHZHJWHHUVHLQHQUHFKWHQ$UP XQGGLH+DQGEOLHEDXIGHP*ULIIGHV'HJHQVOLHJHQGHUDQ VHLQHUOLQNHQ6HLWHKHUDEEDXPHOWH 0LWHLQHPUDVFKHQ*ULII]RJHUGHQ'HJHQDXVGHU6FKHLGH ,FKYHUQDKPVRJDUGDVVFKOHLIHQGH*HUlXVFKDOVGLHVJHVFKDK 'DQQNDPHUQlKHU8QGHUVSUDFKPLFKDQ ª:HLFKH©NODQJHVPLUKRKOHQWJHJHQª$XFKGXNDQQVWPLFK XQGPHLQH5DFKHQLFKWDXIKDOWHQ© ,FKEOLHEVWHKHQGHQUHFKWHQ$UPPLWGHP.UHX]ZHLWDXV JHVWUHFNWª:DUXPZLOOVWGXGLFKUlFKHQ"© ª'LH9RUIDKUHQGLHVHU0HQVFKHQKDEHQPLFKXQGPHLQ 6FKLIIDEVDXIHQODVVHQ:LUVLQG)UDQ]RVHQGLH6FKDQGH XQGGLH6FKPDFKPXJHWLOJWZHUGHQ(LQPlFKWLJHU 'lPRQKDWGLH1HEHOJHLVWHUDXVGHQ7LHIHQGHU9HUGDPPQLV JHKROWGDPLWVLHXQV]XU6HLWHVWHKHQN|QQHQZHQQVLFKGLH 5DFKHHUIOOW©

ª:HULVWGHU'lPRQ"©ZROOWHLFKZLVVHQ ª'U7RG© 'DKDWWHLFKGLH$QWZRUW(UVWHFNWHDOVRGDKLQWHU,FKKlWWHHV PLUIDVWGHQNHQN|QQHQ:RLPPHU*UDXHQXQG(QWVHW]HQDXI WDXFKWHQZDUHUQLFKWZHLW'HPQDFKNRQQWHPDQLKQIUGHQ 1HEHOYHUDQWZRUWOLFKPDFKHQ ,FKODFKWHGHU*HVWDOWLQV*HVLFKWª'XZLUVWPLFKQLFKW XPEULQJHQN|QQHQGHQQVHOEVWGHU1HEHOKDWHVQLFKW JHVFKDIIWDXVPLUHLQ*HVFK|SIGHU+|OOH]XPDFKHQ,FKKDEH GDV.UHX]GDVGLFKYHUQLFKWHWXQGLFKVWHKHDXIGHU6HLWHGHV *XWHQ'XZLUVWVWHUEHQ© (UODFKWHVFKDXULJª:DVVROO V"(VPDFKWPLUQLFKWVGHQQ GDQQZLUGVLFKPHLQ*HLVWPLWGHPGHU1HEHOJHLVWHUYHUHLQL JHQ'HU1HEHOZLUGVWlUNHULPPHUVWlUNHU-HGHUGHQGXJHW| WHWKDVWZLUGDOV*HLVWLQGHU1HEHOZRONHZHLWHUKLQH[LVWLHUHQ XQGLUJHQGZDQQHLQPDO]XUFNNHKUHQ-HGHU7RWHVWlUNWGHQ 1HEHOGHQNHGDUDQ6FKUHFNOLFKH=HLWHQZHUGHQDQEUHFKHQ GHQQGHU1HEHOLVWQLFKW]XYHUQLFKWHQ$XFKGXUFKGLFKQLFKW REZRKOGXGDV.UHX]WUlJVW$EHUYLHOOHLFKWJHOLQJWHVPLU GRFKGLFK]XW|WHQ© ,FKKDWWHQRFKHLQH)UDJHª:HUGHQDOOH0HQVFKHQN|SIH]X 6WHLQZHQQVLHPLWGHP1HEHOLQ%HUKUXQJNRPPHQ"© ª1HLQGDVLVWXQWHUVFKLHGOLFK1XUDP$QIDQJ:HQQGHU 1HEHOVWlUNHULVWZLUGHUZLHHLQHVFKUHFNOLFKH6lXUHZLUNHQ XQGGHQ0HQVFKHQGLH+DXWYRQGHQ.QRFKHQO|VHQ© 'DVZDUKDUW ,FKJODXEWHLKPMHGHV:RUWGHVKDOEPXWHLFKYHUVXFKHQ GHQ1HEHO]XYHUQLFKWHQ 'D]XNDPLFKQLFKWGHQQHUJULIIDQ 'LHJHZHLKWH=RQHGHU.LUFKHNRQQWHGLHIQI*HVWDOWHQQLFKW VWRSSHQGHQQVLHZXUGHQQLFKWXQPLWWHOEDUPLWGHP%|VHQ NRQIURQWLHUWGDVKHLWPDQEHUKUWHVLHQLFKWN|USHUOLFK %LOOXQG6XNRPXWHQHQWVHW]W]XVFKDXHQZLHGLH:HVHQ

]X%RGHQVSUDQJHQ6LHNRQQWHQQLFKWVFKLHHQGLH*HIDKU DQGHUH]XWUHIIHQZDUHLQIDFK]XJUR (LQYLHOVWLPPLJHUJHOOHQGHU6FKUHLDXV]DKOUHLFKHQ.HKOHQ EUDQGHWHJHJHQGLH'HFNHXQGSIODQ]WHVLFKDOVSDQLNHUIOOWHV (FKRGXUFKGLH.LUFKHIRUW -HW]WZDUGDV&KDRVGDQLHPDQGNRQQWHHVPHKUVWRSSHQ DXFKGHU3IDUUHUQLFKWGHUZLOGDXIGLH/HXWHHLQUHGHWHMHGRFK EHUVFKULHQZXUGH 1LHPDQGGHU$QZHVHQGHQZXWHZRKLQGHQQGLH*HVWDOWHQ ZDUHQQLFKWQXUDQHLQHU6WHOOHLQGLH.LUFKHJHVSUXQJHQ VRQGHUQJOHLFKDQPHKUHUHQ 'LHHUVWHQ%lQNHREZRKOLP%RGHQEHIHVWLJWNLSSWHQXP 0HQVFKHQILHOHQEHUGLH7UPPHUZlKUHQGVLFKGLHJUDX VDPHQ:HVHQHUKREHQXQGLKUH6lEHOXQG0HVVHU]RJHQ 'HU7RGVROOWHUHLFKOLFKH(UQWHHUKDOWHQ 6XNRXQG%LOOPLWlKQOLFKHQ(UHLJQLVVHQVFKRQGHV|IWHUHQ NRQIURQWLHUWUHDJLHUWHQEHVRQQHQXQGEHUOHJW ª'XUHFKWVLFKOLQNV©VFKULHGHU5HSRUWHUXQGVFKRQZDUHQ GLH)URQWHQDEJHVWHFNW 6XNREDKQWHVLFKVHLQHQ:HJ(UKLHOWGLH'lPRQHQSHLWVFKH LQGHU+DQGGLH%HUHWWDKDWWHHUQRFKLP+ROVWHUVWHFNHQ0LW GHU3HLWVFKHDEHUZUGHHUHEHQVRJXWDXIUlXPHQN|QQHQ 'LFKWYRUVLFKVDKHUGUHLDQJVWHUIOOWH)UDXHQJHVLFKWHU'LH $XJHQZDUHQYHUGUHKWGLH0HQVFKHQZXWHQQLFKWPHKUZDV VLHWDWHQ6XNRZROOWHVLHQLFKWVFKODJHQREZRKOVLHLKQEHKLQ GHUWHQXQGHUYHUVFKDIIWHVLFKPLW]ZHL6FKXOWHUVW|HQ/XIW 'DQQNLSSWHLKPHLQH%DQNHQWJHJHQ$OVVLHDXIGHQ%RGHQ VFKOXJXQGHLQLJH0HQVFKHQEHUVLHILHOHQK|UWHHUDXFK]ZHL 6FKVVH%LOOKDWWHDOVRVFKRQLQGHQ.DPSIHLQJHJULIIHQ 6XNRVDKGHQHUVWHQ*HJQHU]ZHL6HNXQGHQVSlWHU8PGDV JUQOLFKVFKLPPHUQGH:HVHQPLWGHPYRQ7DQJXQG$OJHQ EHGHFNWHQ*HVLFKWKDWWHVLFKSUDNWLVFKHLQ9DNXXPJHELOGHW GHQQGHUOHEHQGH7RWHVFKOXJPLWVHLQHU:DIIHHLQHQ.UHLV 6FKUHLHQGZDUHQGLH0HQVFKHQ]XUFNJHVSUXQJHQQLHPDQG ZROOWHJHWURIIHQZHUGHQ

6XNRKHFKWHWHXQWHUGHPGXUFKGLH/XIWZLVFKHQGHQ'HJHQ KLQZHJ(UEHKLHOWGLH1HUYHQXQGUDPPWHGHQ=RPELH 'HUNLSSWH]XUFN1RFKEHYRUHUGHQ6WHLQERGHQGHU.LUFKH EHUKUWHKDWWHGHU&KLQHVH]XJHVFKODJHQ 'LHGUHLPDJLVFKHQ5LHPHQGHU'lPRQHQSHLWVFKHZLFNHOWHQ VLFKXPGLH6FKXOWHUGHV8QWRWHQXQGULVVHQVHLQHQIHXFKWHQ YHUIDXOWHQ.|USHUDXI 6LHVSDOWHWHQLKQI|UPOLFKLQ]ZHL7HLOH'HU8QWRWHYHUJLQJ 1XUGLH:DIIHEOLHEOLHJHQ 'HQ'HJHQVFKQDSSWHVLFKGHU3IDUUHU(UKDWWHLQGHU1lKH JHVWDQGHQXQG6XNR]XJHVFKDXW,QGHQ$XJHQGHV*HLVWOLFKHQ EOLW]WHHLQZLOGHV)HXHU(UZUGHGLH.LUFKHGLH*HPHLQGH XQGVLFKYHUWHLGLJHQELV]XP7RG 6XNRKDWWHVFKRQGHQ]ZHLWHQ*HJQHUDQJHSHLOWGRFK3IDUUHU 'HPSVH\NDPLKP]XYRU(UVWLHHLQHQZLOGHQ6FKUHLDXVXQG VWDFKGHUYHUPRGHUWHQ*HVWDOWGHQ'HJHQGXUFKGLH%UXVW ª6WLUE©EUOOWHHU 'RFKGHU=RPELHVWDUEQLFKW,P*HJHQWHLOHUVFKULWWZHLWHU YRUDXIGHQ3IDUUHU]XGHUQLFKWEHJUHLIHQNRQQWHGDVR HWZDVP|JOLFKZDU 'DQQKLHEGHU=RPELH]XREZRKOGHU'HJHQLQVHLQHU %UXVWVWHFNWHXQGDP5FNHQVRJDUPLWGHU6SLW]HKHUDXV JHIDKUHQZDU 6XNREHPHUNWHGLH*HIDKULPOHW]WHQ$XJHQEOLFN(UKlP PHUWHVHLQH)DXVWJHJHQGLH6FKXOWHUGHV3IDUUHUV'HU *HLVWOLFKHNLSSWHLQHLQH%DQNUHLKHKLQHLQXQGVRWUDILKQGHU +LHEQLFKWYROOVRQGHUQULLKPQXUGLH.OHLGXQJDQGHU 6FKXOWHUDXIXQGULW]WHVHLQH+DXW 6XNRDEHUKlPPHUWH]X'LHVPDOWUDIGLH3HLWVFKHGHQ.RSI GHV0RQVWHUVGHUVLFKVRIRUWDXIO|VWH (LQJHOOHQGHU6FKUHLOLHLKQKHUXP]XFNHQ(LQH)UDXKDWWH LKQDXVJHVWRHQ6LHVWDQGQHEHQHLQHP0DQQGHUDP%RGHQ ODJXQGDXV]ZHL:XQGHQEOXWHWH (LQ=RPELHKDWWHLKQXPJHEUDFKWXQGHUVWDFKMHW]WDXFKDXI GLH)UDXHLQ6LHVFKDIIWHHVHEHQIDOOVQLFKWDXV]XZHLFKHQ6XNR

NDPQLFKWKHUDQZHLODQGHUH0HQVFKHQLKPGHQ:HJYHU VSHUUWHQXQGMHW]WZDQGWHVLFKGLH+RUURU*HVWDOW]ZHLNOHLQHQ .LQGHU]X 'DGUHKWH6XNRGXUFK $XIGHUDQGHUHQ6HLWHNlPSIWH%LOO&RQROO\KHOGHQKDIW(LQ =RPELHZDUEHUHLWVXQWHUVHLQHQ.XJHOQJHVWRUEHQXQG%LOO KDWWHJHVHKHQZLHHLQKHOOHU6FKHPHQDXVGHP0DXOVWLHJXQG GHP)HQVWHUHQWJHJHQIODWWHUWHZRGHU1HEHOLPPHUVWlUNHULQ GLH.LUFKHTXROOXQGVLFKODQJVDPGHP%RGHQHQWJHJHQVHQNWH =DKOUHLFKH)UDXHQKDWWHQVLFKDQGLH:DQGJHGUlQJW6LH VWDQGHQJDQ]LQ%LOOV1lKH'HU5HSRUWHUYHUVXFKWHVLHZHJ]X VFKHXFKHQGHQQGHU1HEHOQlKHUWHVLFKVFKQHOO ª:HJ©VFKULHHUZREHLVLFKVHLQH6WLPPHEHUVFKOXJ ª5HQQW]XP$XVJDQJKLQ© %LVGRUWKLQZDUGHU1HEHOQRFKQLFKWYRUJHTXROOHQ 'LH0HQVFKHQOLHIHQ %LOOVDKHLQHJUQOLFKH*HVWDOWXQGGLH.OLQJHHLQHV'HJHQV ZLHVLHQDFKXQWHQJH]RJHQZXUGH (LQ6FKUHLHLQ5|FKHOQ 'LHYHUGDPPWHQ=RPELHVKDWWHQZLHGHUHLQ2SIHUJHIXQGHQ %LOO&RQROO\VDKHLQH/FNHXQGVWUPWHYRU(UPXWHGLH %HVWLHNULHJHQEHYRUVLHQRFKPHKU8QKHLODQULFKWHWH 8QGGHU=RPELHZROOWHZHLWHUW|WHQ'LHVPDOKDWWHHUVLFK HLQHlOWHUH)UDXDOV2SIHUDXVJHVXFKW 6LHZDQNWH]XUFNGLH$UPHKDWWHVLHKDOEHUKREHQ7RGHV DQJVWYHU]HUUWHLKU*HVLFKW 'DVJHVFKDKHWZD]ZHL
(LQH$UPOlQJHWUHQQWHGLHEHLGHQ*HJQHUQXU%LOONRQQWHJDU QLFKWYRUEHLVFKLHHQ (UYLVLHUWHGHQ6FKlGHODQXQGVFKR 'HU.RSIGHV+RUURU:HVHQVILHODXVHLQDQGHUZlKUHQG%LOO ]XUFNZDQNWH(UVSUWHZLHHVQDDQVHLQHU+IWHHQW ODQJOLHI'DVZDUVHLQ%OXW'LH.OLQJHKDWWHLKPHLQ6WFN+DXW DXIJHULVVHQ .HXFKHQGKROWHGHU5HSRUWHU/XIW=ZHL*HJQHUZDUHQHV JHZHVHQHUKDWWHVLHJHVFKDIIW 'RFK6XNRKDWWHHVPLWGUHLHQ]XWXQJHKDEW:LHZDUHVLKP ZRKOHUJDQJHQ" 'HU&KLQHVHZDUHEHQIDOOVPLWGHP0XWGHU9HU]ZHLIOXQJ YRUJHVWUPW(UZROOWHXQGPXWHGLHEHLGHQ.LQGHUUHWWHQ6LH VROOWHQQLFKWXQWHUGHQW|GOLFKHQ6WLFKHQGHV0RQVWHUVIDOOHQ 'HU&KLQHVHVWUPWHZLHHLQ5DUQPERFNYRU$OVGLH%HVWLH ]XVWHFKHQZROOWHZDU6XNRKHUDQ(UILHOLKULQGHQ$UPXQG VFKOHXGHUWHVLHVRZHLWKHUXPGDVLHPLWGHP5FNHQJHJHQ GLH:DQGNUDFKWHXQGHUVWHLQPDOQLFKWGDUDQGDFKWHDQ]X JUHLIHQ $QGHU:DQGVWDQGHUULFKWLJ 9RQREHQQDFKXQWHQGURVFKGHU&KLQHVHPLWGHU3HLWVFKH]X 'LHGUHL5LHPHQKLHEHQTXHUEHUGDV*HVLFKWGHV=RPELHV XQG]HUVW|UWHQHVLQ6HNXQGHQVFKQHOOH )QI8QWRWHZDUHQHVJHZHVHQ -HW]WJDEHVVLHQLFKWPHKU 'LHVPDOVDK6XNRHEHQIDOOVGHQIHLQHQ6FKHPHQZLHHUDXV GHP.|USHUVWLHJXQGVLFKPLWGHQ1HEHOVFKZDGHQYHUHLQLJWH 'HU1HEHO (UELOGHWHQDFKZLHYRUHLQH*HIDKUXQGGUlQJWHLPPHU VWlUNHUGXUFKGLHRIIHQHQ)HQVWHULQGLH.LUFKH 'LH0HQVFKHQKDWWHQHLQHNOHLQH*DOJHQIULVW(VGDXHUWHELV GLH6FKZDGHQQDFKXQWHQNURFKHQ %LOOVEUDXQHU6FKRSIWDXFKWHDXIXQG6XNRVFKULHGHQ1DPHQ GHV5HSRUWHUV ª$OOHVNODU©DQWZRUWHWH%LOO

ª:LUPVVHQQDFKKLQWHQ©EUOOWH6XNR -HW]WKDOILKPZLHGHUGHU3IDUUHU(U6XNRXQG%LOOVFKHXFK WHQGLH0HQVFKHQLQGHQUFNZlUWLJHQ7HLOGHU.LUFKHZRVLH GLFKW]XVDPPHQJHGUlQJWVWHKHQEOLHEHQ 'LHPHLVWHQKDWWHQGLH+lQGHJHIDOWHW $XFKGHU*HLVWOLFKH0LWODXWHU6WLPPHEHWHWHHUYRU ZlKUHQGVHLQH%OLFNHDXIGHQQRFKLPPHUGXUFKGLH)HQVWHU TXHOOHQGHQ1HEHOJHULFKWHWZDUHQ $XFK6XNRXQG%LOOEOLFNWHQGRUWKLQ'HU5HSRUWHUYHU]RJKLQ XQGZLHGHUGDV*HVLFKW 6XNRILHOGDVDXIª,VWZDV"© ª1XUHLQH6FKUDPPH© 'LH6FKUDPPHZDUVRJURGDGDV%OXWVRJDU]X%RGHQ WURSIWHXQGHLQHPDNDEHUH6SXUKLQWHUOLH ª8QGVREHJHEHQZLUXQVLQGHQ6FKXW]XQVHUHV+HUUQ© EHWHWHGHU3IDUUHUª'HQQHULVWXQVHU+LUWHHUZLUGXQVOHLWHQ XQGQXUHUDOOHLQZHLZHOFKH3IOLFKWHQXQG6WUDIHQHUXQVDXI HUOHJWKDW© 'LHVH:RUWHNODQJHQODXWGXUFKGDVJHZDOWLJH.LUFKHQVFKLII -HGHUK|UWHVLHDEHUMHGHUVWDUUWHDXFKDXIGHQ1HEHOGHULQ LPPHUGLFNHUHQ6FKZDGHQGXUFKGLHIQI)HQVWHUNURFK ,FKVDKGLH6SLW]HGHV'HJHQVGLFKWYRQPHLQHP*HVLFKWDXI EOLW]HQZDUWHWHELV]XPOHW]WHQ$XJHQEOLFNXQGWDXFKWH]XU 6HLWH $QPHLQHU6FKXOWHUUDVLHUWHQGLH.OLQJHXQGGHUXQWRWH .DSLWlQYRUEHL,FKZROOWHHVPLUOHLFKWPDFKHQXQGJOHLFK ]HLWLJPLWGHP.UHX]]XVFKODJHQGRFKLUJHQGZLHNQLFNWH LFKXPXQGYHUORUGDV*OHLFKJHZLFKW 0LVW %HYRULFKPHLQH%DODQFHZLHGHUJHIXQGHQKDWWHNUHLVHOWHGHU 8QWRWHEHUHLWVDXIGHP$EVDW]KHUXPXQGVHW]WH]XHLQHP ]ZHLWHQ$QJULIIDQ 'LHVPDOUHDJLHUWHLFKDQGHUV:LUNXQJVYROOHUDEHUDXFK

VSHNWDNXOlUHU,FKVFKOHXGHUWHPHLQ.UHX]VDPW.HWWHGHP 8QWRWHQHQWJHJHQXQGLFKZDUIGLH.HWWHVRUDIILQLHUWGDVLH VLFKXPGHQ'HJHQZLFNHOWHXQGGDUDQKRFKUROOWH 'HU.DSLWlQVFKULHDXI(UVDKGDV8QKHLONRQQWHHVDEHU QLFKWPHKUDXIKDOWHQ 'LH.HWWHZLFNHOWHVLFKXPVHLQH+DQGGLHJHZHLKWH.UDIW EHUKUWHLKQXQGGLHJHVDPWHNRQ]HQWULHUWH0DFKWGHU :HLHQ0DJLHNDPEHULKQZLHGHUUlFKHQGH*HLVWHLQHV 7LWDQHQ (LQ%OLW]KHOOZLHGLH6RQQHSODW]WHSO|W]OLFKYRUPHLQHQ $XJHQDXIXQGXPORGHUWHGHQ=RPELH(UULLKQI|UPOLFKDXV HLQDQGHU,QGHQYHUZHKHQGHQ6FKUHLSXIIWHHLQHJHZDOWLJH :RONHDXV6WDXEXQG.|USHUWHLOHQKRFKZHOFKHVLFKQRFKLQ GHU/XIWDXIO|VWHQ 'DQQJDEHVLKQQLFKWPHKU 1XUGDV.UHX]ODJDP%RGHQ ,FKKREHVDXI -HW]WPXWHLFKLQGLH.LUFKHGHQQZDVLFKYRQGRUWJHK|UW KDWWHZDUVFKUHFNOLFKJHQXJJHZHVHQ $XIKDOEHP:HJVWRSSWHLFK (WZDV8QHUNOlUOLFKHVJHVFKDK 'HU1HEHO]RJVLFK]XUFN -DHUO|VWHVLFKDXI 6FKQHOOHUYLHOVFKQHOOHUDOVHUJHNRPPHQZDUZDQGHUWHHU ZLHGHULQ5LFKWXQJ0HHUDOVZUGHQJHZDOWLJH+lQGHLKQYRU DQVFKLHEHQ(UZDOOWHGHU.VWHHQWJHJHQ]RJVLFKDXVGHU .LUFKH]XUFNXQGVFKRQEDOGZDUGHU3ODW]ZLHGHUIUHL ,FKK|UWHGLH-XEHOVFKUHLHXQGLPQlFKVWHQ$XJHQEOLFN ZXUGHGLH7UGHU.LUFKHDXIJHVWRHQ 8QWHUGHQHUVWHQGLHGDV*RWWHVKDXVYHUOLHHQZDUHQ%LOO 6XNRXQGGHU3IDUUHU ª-RKQ©VFKULHGHU5HSRUWHUªZLHKDVWGXGDVJHVFKDIIW"© :LHKDWWHLFKGDVJHVFKDIIW",FKZXWHHVVHOEVWQLFKW 'DVVDJWHLFKDXFK%LOO ª$XIMHGHQ)DOOLVWGHU1HEHOZHJ©6XNROlFKHOWHXQG

ZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQ 'LHPHLVWHQ0HQVFKHQZDUHQYRUGHU.LUFKHDXIGLH.QLH JHVXQNHQXQGPXUPHOWHQ'DQNJHEHWH$XFKGHU3IDUUHUEHWHWH ODXWYRU,FKNRQQWHGLH0HQVFKHQYHUVWHKHQGRFKULFKWLJ JOFNOLFKZDULFKQLFKW $OVLFKVDKGD6XNR%LOOVWW]WHZXUGHLFKDXIPHUNVDPXQG VDKVHLQH9HUOHW]XQJ %LOOOlFKHOWHª1XUHLQ.UDW]HU© 'DVQDKPLFKLKPQLFKWDEª6DJHJOHLFKGHP6DQLWlWHU %HVFKHLG©IRUGHUWHLFKLKQDXI 'DQQOLHLFKGLHDQGHUHQVWHKHQXQGVFKULWWPXWWHUVHHOHQ DOOHLQGHP+DIHQ]X 'LH6FKLIIHZDUHQZLHGHU]XVHKHQ$OVKlWWHHVGHQ1HEHOQLH JHJHEHQGRFKLFKHQWGHFNWHLKQQRFK :HLWGUDXHQDXIGHP0HHUKDWWHHUVLFK]XHLQHUYLHOGLFK WHUHQ:RONH]XVDPPHQJHEDOOW(UKDWWH9HUVWlUNXQJHUKDOWHQ DQGHUH6HHOHQZDUHQLKP]XJHIKUWZRUGHQ 1HLQGHUZDUQRFKQLFKWYHUVFKZXQGHQ ,Q]ZLVFKHQILHOGLH'lPPHUXQJEHUGDV/DQG,POHW]WHQ /LFKWGHVVFKZLQGHQGHQ7DJHVNRQQWHLFKQRFKGLH.RQWXUHQ HLQHV%RRWHVLQQHUKDOEGHU1HEHOZRONHHUNHQQHQ (VZDUHLQ]LHPOLFKJURHV%RRWJHVFKDIIHQIUHLQH5HLVH EHUGDV0HHU %HIDQGHQVLFKGRUWPHLQH*HJQHU"'U7RG7RNDWD0U0RQGR /DG\;XQGDXFK/XSLQDGLH:HUZ|OILQ" (VZDUDQ]XQHKPHQ0LUZDUNODUGD'U7RGHVQLFKWEHL HLQHU$WWDFNHEHODVVHQZUGH (UGHU0HQVFK'lPRQZUGHGHQ1HEHOZHLWHUKLQHLQ VHW]HQGDVKLHUNRQQWHVLFKHUOLFKQXUDOV7HVWJHZHUWHWZHUGHQ (VZDUHQGVWHUH3HUVSHNWLYHQGLHVLFKPLUERWHQXQGGHU JUDXH+LPPHOPLWVHLQHQZXFKWLJHQ:RONHQSDWHVLFKPHLQHU 6WLPPXQJDQ ,FKZDUWHWHDP.DLELVGHU1HEHOYHUVFKZXQGHQZDU(UWULHE QDFK:HVWHQZHLWHUKLQDXVDXIGLH6HH :HOFKHV8QKHLOZUGHHUZLHGHUDQVWHOOHQ"

,Q*HGDQNHQYHUVXQNHQJLQJLFK]XUFN 'LH)UHXQGHNDPHQPLUVFKRQHQWJHJHQ ª1XQ"©IUDJWH%LOOGHVVHQ+IWHYHUSIODVWHUWZDU ª(ULVWZHJ© ª*DQ]"© ª-DPDQNDQQLKQQLFKWPHKUVHKHQ© ª7URW]GHPPVVHQZLULPPHUEHUHLWVHLQ© ª'DVZHUGHQZLUDXFK©VDJWHLFKXQGQLFNWHHQWVFKORVVHQ ª1RFKKDW'U7RGQLFKWJHZRQQHQ© *HPHLQVDPJLQJHQZLU]XUFNLQV'RUIZRXQV*ORFNHQ NODQJHPSILQJ'LHVPDOKHOOXQGIUHXQGOLFK(LQ)OXFKZDU JHQRPPHQ(UKDWWH2SIHUJHNRVWHWGRFKGLHPHLVWHQ 0HQVFKHQKDWWHQEHUOHEW 8QGGDVZDUDPZLFKWLJVWHQ

'572'6+25525,16(/ .HLQHUGHU]ZDQ]LJ0lQQHUDXIGHU%RKULQVHODKQWHGDGDV *UDXHQEHUHLWV]XLKQHQXQWHUZHJVZDU6LHEHVFKlIWLJWHQVLFK PLWDQGHUHQ'LQJHQ 0LWGHU5FNNHKU (QGOLFKKDWWHGLHVHV0LVWOHEHQHLQ(QGHGDV/HEHQRKQH $ONRKROXQG)UDXHQHLQJHSIHUFKWDXIGHQZHQLJHQ 4XDGUDWPHWHUQPLWGHPLPPHUVWLQNHQGHQgOJHUXFKGHQ VFKUHLHQGHQ9RUJHVHW]WHQGHP4XLHWVFKHQXQG.UHLVFKHQGHV %RKUHUVGHP6XPPHQGHU*HQHUDWRUHQ 8QGGDEHLKDWWHQGLHOHW]WHQ]ZDQ]LJQRFKOlQJHUDXIGHU %RKULQVHOLQGHU1RUGVHHEOHLEHQPVVHQ'HQQGLH,QVHOVROOWH DXIJHJHEHQZHUGHQ6LHZDUYHUDOWHWKDWWHEHL6WUPHQVFKRQ EHGURKOLFKJHZDQNWVRGDVLFKGLH9HUDQWZRUWOLFKHQHQW VFKORVVHQKDWWHQGDVNQVWOLFKH0RQVWUXPDXI]XJHEHQ 'LH0lQQHUYHUULFKWHWHQQXU5HVWDUEHLWHQ ,Q]ZHL7DJHQVROOWHQVLHDEJHKROWZHUGHQ ,QDOOHQ0lQQHUQVWHFNWHGLH9RUIUHXGHDQHLQHGURKHQGH *HIDKUGDFKWHQLHPDQG 6LHZDUDEHUGD (LQSDDU0HLOHQQXUHQWIHUQWODXHUWHVLH=XHUVWQXUHLQ KDXFKGQQHU6FKHPHQDXIGHP:DVVHUYHUGLFKWHWHVLHVLFK LQQHUKDOEYRQ0LQXWHQ]XHLQHUGLFNHQ:RONHGLHDXFKLKUH )RUPQLFKWEHLEHKLHOWVRQGHUQVLFKZLHHLQ7HSSLFKDXIGHQ JUDXJUQHQ:HOOHQGHU1RUGVHHDXVEUHLWHWH 'HU7RGHVQHEHOZDUZLHGHUGD 'HUXQKHLPOLFKHJHIlKUOLFKH1HEHOGHQ'U7RGEHUHLWV JHJHQHLQHNOHLQH6WDGWJHVFKLFNWKDWWHZDUHLQIDFKQLFKW]X YHUQLFKWHQ(LQP|UGHULVFKHU+DXFKHLQ*UXDXVGHU+|OOH HLQ1HEHOGHUVLFKDXVGHQ6HHOHQ*HW|WHWHUJHELOGHWKDWWH (LQHIXUFKWEDUH:DIIHLQGHU+DQGHLQHV0HQVFK'lPRQV ZLH'U7RG'HQQHUKDWWHGHQ1HEHOJHVFKLFNW,QVHLQHP 6FKXW]ZROOWHHURSHULHUHQ'HQQHUVXFKWHHLQ4XDUWLHU 'LH%RKULQVHONDPLKPJHUDGHUHFKW(UKDWWHGDYRQJHOHVHQ GDVLHDXIJHJHEHQZHUGHQVROOWHXQGGDVVDK6ROR0RUDVVR ZLH'U7RGDXFKQRFKKLHJDUQLFKWHLQ

(UZROOWHGLH3ODWWIRUPEHVLW]HQ8QGHVHQWVSUDFKVHLQHUYHU EUHFKHULVFKHQ0HQWDOLWlWGDHUQLFKWHUVWZDUWHWHELVGLH ]ZDQ]LJ0lQQHUYRQGHU,QVHOYHUVFKZXQGHQZDUHQVRQGHUQ VRIRUWVHLQHQ7RGHVQHEHOVFKLFNWH :LHJHVDJWHUZDUHUVWDUNWGLH6HHOHQGHU*HW|WHWHQKDWWHQ LKPQRFKPHKU.UDIWJHJHEHQ 8QGHUZRJWHKHUDQ 9RP:HVWHQKHUZDUGHU:LQGVRJDU]XHLQHPUHJHOUHFKWHQ 6WXUPJHZRUGHQGHUGDV:DVVHUDXISHLWVFKWHXQGULHVLJH :HOOHQZLHJOlVHUQH%HUJHDXVVHKHQOLH $XIGHQ:HOOHQNlPPHQJLVFKWHWHQKHOOH6FKDXPVWUHLIHQGLH KLQXQGZLHGHULQVSUXGHOQGHQ7lOHUQYHUVFKZDQGHQXQGVLFK GDQQLQODQJHQ6WUHLIHQDXIO|VWHQ 'HU:LQGKHXOWHXQGSILII6FKLIIHGLHGLH1RUGVHHURXWH IXKUHQVWDPSIWHQGXUFKGLHDXIJHZKOWH6HH (VKHUUVFKWHW\SLVFKHV+HUEVWZHWWHU8QGGLH1RUGVHHZXUGH ]XHLQHUNRFKHQGHQJLVFKWHQGHQ:DVVHUK|OOH 'HQ0lQQHUQDXIGHU%RKULQVHOJHILHOGLHVHV:HWWHUHEHQIDOOV QLFKW:HQQHVDQKLHOWGDQQZDUHVVRJXWZLHXQP|JOLFKVLH DE]XKROHQ6LHPXWHQZDUWHQELVVLFKGLH6HHZLHGHUHLQ ZHQLJEHUXKLJWKDWWH 'DVHEHQNRQQWHGLH(PRWLRQHQGHU/HXWHKRFKSHLWVFKHQ 8QGGDVZXWHDXFK0DUN%UHQQDQ&KHIGHU%RKULQVHO(UZDU HLQKDUWHU%XUVFKHGD]XQRFKLQWHOOLJHQW'LH0lQQHUDN]HS WLHUWHQLKUHQ2EHULQJHQLHXUGHUVHLQHQ*ULSVHEHQVREHQXW]WH ZLHVHLQH0XVNHOQ%UHQQDQVWDPPWHDXV6FKRWWODQGXQGKDWWH VLFKYRPHLQIDFKHQgODUEHLWHUKRFKJHGLHQW0LWVHLQHQ ZHLEORQGHQ+DDUHQVDKHUHKHUDXVZLHHLQ1RUGOlQGHU'LH +DXWZDUVRQQHQEUDXQGLH$XJHQEOLFNWHQNODUXQGKDWWHQ HLQHUDXFKJUDXH)DUEH (VJDEDXIGHU%RKULQVHOGLHDXIYLHUJHZDOWLJHQHLVHUQHQ 3IlKOHQVWDQGHLQH$UW%UFNHDXIGHUVLFKGLH .RPPDQGR]HQWUDOHGHUNQVWOLFKHQ,QVHOEHIDQG 8QGKLHUVWDQG0DUN%UHQQDQZLHHLQ)HOV(UKLHOWVHLQ*ODV YRUGHQ$XJHQKDWWHVLFKEUHLWEHLQLJDXIJHEDXWXPGLH

6FKZLQJXQJHQGHU,QVHODXV]XJOHLFKHQ 6HLQ6WHOOYHUWUHWHU+DUU\3RROHEHIDQGVLFKHEHQIDOOVEHLLKP 3RROHJHK|UWH]XGHQ7\SHQGLHGDV$EHQWHXHUOLHEWHQXQG VFKRQEHUDOOLKU*HOGYHUGLHQWKDWWHQ6HLHVEHLHLQHP 6WDXGDPPEDXDXIHLQHU%RKULQVHORGHUEHLGHU6HHIDKUW 'LH:HOOHQZXFKWHWHQJHJHQGLH3IHLOHUZXUGHQJHEURFKHQ XQGODQJH*LVFKWVWUHLIHQVSULW]WHQKRFKELV]XUXQWHUHQ 3ODWWIRUP=XP*OFNUHJQHWHHVQLFKWVRGDGLH6LFKWZHQLJ VWHQVHLQLJHUPDHQNODUZDU ª(LQ6FKHLZHWWHU©IOXFKWH3RROHXQGNORSIWHVLFKHLQH =LJDUHWWHDXVGHU3DFNXQJ+LHUREHQZDUHLQHUGHUZHQLJHQ 2UWHZRJHUDXFKWZHUGHQGXUIWH ª'XVDJVWHV©HUZLGHUWH%UHQQDQ ª8QGDXIPLFKZDUWHWHLQ:HLE©JULQVWH3RROH 0DUNZDUILKPHLQHQVFKLHIHQ%OLFN]XGHQ3RROHEHUGLH )ODPPHGHV)HXHU]HXJVKLQZHJHUZLGHUWHª,VWZDV"© ª:HQQGLH)UDXGLFKOLHEWGDQQZDUWHWVLHZHLWHU© 3RROHODFKWHª'LHXQG/LHEH1HH)UHXQGGDVLVWQXUZDV IUV%HWW.RPPLFKQLFKWNRPPWHLQDQGHUHU6LHVROO =LJHXQHUEOXWLQGHQ$GHUQKDEHQ© ª'DQQSDPDODXIGDGXGLFKQLFKWYHUEUHQQVW© ª,FKGRFKQLFKW©3RROHVSLHHLQHQ7DEDNNUPHODXV %UHQQDQKDWWHZLHGHUGDV*ODVJHQRPPHQXQGKLHOWHVYRU VHLQH$XJHQ(UVXFKWHGDV0HHUDE 3RROHVFKOHQGHUWHQlKHUXQGEOLHEQHEHQLKPVWHKHQª*LEW V ZDV%HVRQGHUHV]XVHKHQ"©HUNXQGLJWHHUVLFK 'HUDQGHUHVFKWWHOWHGHQ.RSI ª:DUXPVFKDXVWGXGDQQ"© ª1XUVR© ª$KD© 0LQXWHQYHUJLQJHQ'HUZU]LJH=LJDUHWWHQJHUXFKYHUGUlQJ WHIUHLQH:HLOHGHQ*HUXFKYRQNDOWHPgO3RROHGDFKWHDQ VHLQH=LJHXQHULQXQGJULQVWH ª'DLVWGRFKZDV©%UHQQDQV6WLPPHULLKQDXVVHLQHQ *HGDQNHQ

ª8QG"© ª,FKJODXEH©'HU%RKULQVHOFKHI]|JHUWHª-DLFKJODXEH GDVLVW1HEHO© ª:DVGXQLFKWVDJVW© ª'RFKHVVWLPPW© ª=HLJPDO©3RROHGUFNWHGLH=LJDUHWWHDXVXQGJULIIEHUHLWV QDFKGHP*ODV (UVFKDXWHKLQGXUFKXQGOLHGDV*ODVZDQGHUQª0HKUQDFK OLQNV©VDJWHGHUDQGHUH ª2ND\©3RROHNDPGHU$XIIRUGHUXQJQDFKXQG]XFNWHSO|W] OLFK]XVDPPHQª6WLPPW0DUN,QGHU7DWLVWGDHLQH1HEHO ZRONH$EHUGDVNDQQGRFKQLFKWVHLQ©+DUU\VHW]WHGDV*ODV DEXQGVFKWWHOWHYHUZXQGHUWGHQ.RSIª1LFKWEHLGHP6WXUP 'DVZLGHUVSULFKWDOOHQ*HVHW]HQGHU1DWXU'HU:LQGZUGH GRFKGHQ1HEHO]HUUHLHQ© ª0DQKDWVFKRQ3IHUGHNRW]HQVHKHQ©HUZLGHUWH%UHQQDQ JHODVVHQ 3RROHUHLFKWHLKPGDV*ODVZLHGHUª,FKELQGDYHUGDPPW VNHSWLVFK'LHVHU1HEHONRPPWQLFKWYRQXQJHIlKU'DPX LUJHQGHWZDVORVVHLQ© ª8QGZDV"© ª.HLQH$KQXQJ© ª9LHOOHLFKWLVWHVJDUNHLQ1HEHO©YHUPXWHWH0DUN%UHQQDQ ª6RQGHUQ"© ª*DVRGHU'DPSI(VN|QQWHMDVHLQGDGRUWHLQ8QJOFN SDVVLHUWLVW0|JOLFKLVWDOOHV© 3RROHIXKUGXUFKVHLQODFNVFKZDU]HV+DDUª'HLQH 9HUPXWXQJZlUH]XPLQGHVWHLQH'LVNXVVLRQZHUW© %UHQQDQJULQVWHVFKLHIKREGDV*ODVZLHGHUDQXQGVFKDXWH KLQGXUFK'DEHLVSDQQWHVLFKVHLQH+DOWXQJXQG3RROH EHPHUNWHGLH9HUlQGHUXQJVHKUZRKO ª0HQVFKGHU1HEHOEHZHJWVLFK©VDJWH%UHQQDQ ª6ROOZRKOVHLQ%HLGHP6WXUP© ª(UNRPPWJHQDXDXIXQV]X© ª'DVLVWZHQLJHUVFK|Q©

ª(EHQ©VDJWH%UHQQDQWURFNHQ (LQH:HLOHVFKZLHJHQGLH0lQQHU3RROHKXVWHWHWURFNHQ(U KDWWHVLFKHUNlOWHW6FKOLHOLFKIUDJWHHUª:DQGHUWHULPPHU QRFK"© ª.ODU© -HW]WVFKDXWHDXFK3RROHGXUFKGLHEUHLWH6LFKWVFKHLEH6HLQH *HVLFKWVPXVNHOQ]XFNWHQ0LWEORHP$XJHKDWWHHUMHW]WGLH YHUGDPPWH:RONHHUNDQQW6LHVFKZHEWHEHUGHQ:HOOHQ VFKLHQYRQXQVLFKWEDUHQ+lQGHQJHWUDJHQ]XZHUGHQXQG GHU:LQGWDWLKUQLFKWV'DVZDUHVZDVGLHEHLGHQ0lQQHU VRLUULWLHUWH1RUPDOHUZHLVHKlWWHGLH1HEHOZRONH]HUIHW]W ZHUGHQPVVHQKLHUSDVVLHUWHQLFKWV ª+DVWGXHLQH(UNOlUXQJ"©IUDJWH3RROH8QZLOONUOLFKKDWWH HUVHLQH6WLPPHJHVHQNW ª1HLQ© ª6ROOHQZLUGLH0lQQHUDODUPLHUHQ"© ª:R]X":HJHQHLQHU1HEHOZRONH"© 3RROHKREGLH6FKXOWHUQ(UZDUQXU]ZHLWHU0DQQXQGKDWWH QLFKWYLHO]XVDJHQª,FKJHKHPDOQDFKGUDXHQ©VDJWHHU %UHQQDQQLFNWHª6LHKQXU]XGDGLFKGHU:LQGQLFKWZHJ EOlVW© ª.HLQH%DQJHLFKELQVWXUPIHVW©3RROH]RJGLH0HWDOOWUDXI XQGUDPPWHVLHVRIRUWZLHGHUKLQWHUVLFK]XZHLOGHU:LQGVLH LKPIDVWDXVGHQ)LQJHUQJHULVVHQKlWWH+DUU\VWHOOWHGHQ .UDJHQVHLQHUJHOEHQ:LQGMDFNHKRFKGXFNWHVLFK]XVDPPHQ XQGEHZHJWHVLFKDXIGLHNOHLQH/HLWHU]XGLHDXIHLQHGHU 3ODWWIRUPHQIKUWH (UNOHWWHUWHGLH6SURVVHQKLQDE 'HU:LQG]HUUWHXQGULDQVHLQHU-DFNHXQGGLH*XPPLKDXW NQDWWHUWH3RROHVFKLPSIWHVSUDQJ]X%RGHQZXUGHYRQHLQHU %|HUIDWXQGIDVW]X%RGHQJHZRUIHQ $XIGHU,QVHOZDUZLUNOLFKGHU7HXIHOORV'HU:LQGKHXOWH MDPPHUWHXQGMDXOWH(VVDQJLQGHQHLVHUQHQ9HUVWUHEXQJHQ IXKUXP(FNHQXQG3IHLOHUXQGZROOWHGDVPLWUHLHQZDVQLFKW QLHWXQGQDJHOIHVWZDU

3RROHVXFKWHQDFKHLQHPJHVFKW]WHQ3ODW]YRQZRHUGDV 0HHUEHUEOLFNHQNRQQWH(UIDQGLKQLQGHU1lKHGHU 8QWHUNQIWH'RUWNOHPPWHHUVLFKEXFKVWlEOLFKIHVW 8QGGHU1HEHONDPQlKHU (UVFKUHFNHQGVDKGLH:RONHDXVZLHVLHKHUDQUROOWHXQG GXUFKQLFKWVDXI]XKDOWHQZDU6LHVFKLHQVRJDUVWlUNHUDOVGHU :LQG]XVHLQ +DUU\3RROHVRQVWHLQ.HUOGHUVHOEVWGHV7HXIHOV *URPXWWHUDXVGHU+|OOHKROWHEHJDQQ]XVFKOXFNHQ6ROFK HLQ1HEHOZDUQLFKWQRUPDOGDVJLQJQLFKWPLWUHFKWHQ'LQJHQ ]XXQGHUHLQHKHPDOLJHU6HHPDQQJODXEWHGDGHU.ODEDX WHUPDQQVHLQH+DQGLP6SLHOKDEHQPXWH :LHZHLWZDUHUQRFKZHJ"IQIKXQGHUW
$XFKGDVKDWWH3RROHQRFKQLHHUOHEW(UK|UWHGDV.ODWVFKHQ GHU:HOOHQJHJHQGLH3IHLOHUXQGVDKGLHHUVWHQ:RONHQKHUDQ TXHOOHQ 6LHUROOWHQEHUGLH3ODWWIRUPJULIIHQPLWLKUHQJLHULJHQ )LQJHUQLQMHGHQ:LQNHOXQG+DUU\3RROHKLHOWHVLQVHLQHP 9HUVWHFNQLFKWPHKUDXV (UZROOWHKRFK]X%UHQQDQ(UPXWHLKQZDUQHQGDVJLQJ QLFKWPLWUHFKWHQ'LQJHQ]X 3RROHOLHIDXIGLH/HLWHU]X+RFKEHUVHLQHP.RSIEHIDQG VLFKGLH$UEHLWVSODWWIRUPHLQULHVLJHV5HFKWHFNDXIGHPPDQ HLQHNOHLQH6LHGOXQJKlWWHHUVWHOOHQN|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|JOLFKNHLWZHQQHU ]X%UHQQDQLQGLH%UFNHZROOWH (UIDWHVLFKHLQ+HU]XQGVWROSHUWHLQGLH1HEHOZRONHKLQHLQ =XHUVWJHVFKDKQLFKWVGDQQDEHUEUDFKGDV9HUKlQJQLV VFKODJDUWLJEHU+DUU\3RROHKHUHLQ (VEHJDQQPLWVFKOLPPHQ6FKPHU]HQLP*HVLFKW(LQKHLHV %UHQQHQZROOWHLKPGLH+DXW]HUUHLHQHUNRQQWHSO|W]OLFK QLFKWVPHKUVHKHQXQGVWROSHUWHEOLQGZHLWHU 'DV%UHQQHQEOLHEHVYHUVWlUNWHVLFKVRJDUQRFKXQG3RROH

VW|KQWHYRU6FKPHU]HQZLOGDXI,UJHQGZLHILHOHUJHJHQGLH 7UGHU%UFNHEHNDPGLHHLVHUQH.OLQNH]XIDVVHQXQGGUFN WHVLHQDFKXQWHQ 'LH7UVFKZDQJDXI3RROHVWROSHUWHDXIGLH%UFNH,PVHO EHQ0RPHQWIXKU0DUN%UHQQDQKHUXPVDKVHLQHQ]ZHLWHQ 0DQQXQGVWLHHLQHQJHOOHQGHQ6FKUHLDXV 0DUN%UHQQDQHUNDQQWHVHLQHQ)UHXQGNDXPZLHGHU +DUU\V+DXWEHJDQQVLFKDXI]XO|VHQ (VZDUJUDXHQKDIW 'LH+DXWILHOYRQVHLQHP.|USHUGDGLH.OHLGXQJVFKRQYHU QLFKWHWZRUGHQZDU%ODQNH.QRFKHQZDUHQ]XVHKHQXQG GXUFKGLHRIIHQH7UGUDQJHQZHLWHUH1HEHOZRONHQ 0DUN%UHQQDQVFKORGLH$XJHQ(UNRQQWHHVHLQIDFKQLFKW PHKUPLWDQVHKHQZLHVLFKGLH+DXWYRQGHQ.QRFKHQGHV 0DQQHVO|VWH'DQQK|UWH%UHQQDQHLQHQGXPSIHQ)DOO (U|IIQHWHGLH$XJHQZLHGHU +DUU\3RROHODJDP%RGHQ6HLQ.RSIEHIDQGVLFKQLFKW HLQPDOZHLWYRQ0DUNV)HQHQWIHUQWGRFKGDVZDUNHLQ.RSI PHKUVRQGHUQHLQ6NHOHWWVFKlGHODQGHPQRFKZLH]XP+RKQ HLQLJHVFKZDU]H+DDUHNOHEWHQ (LQH(UNOlUXQJIDQG0DUN%UHQQDQQLFKW(UZROOWHDXFK NHLQHKDEHQGDV*UDXHQUHLFKWHLKPXQGZLOGVFKOXFK]WHHU DXI(UZXWHQXUGDGLHVHU1HEHOQLFKWQRUPDOZDUGDVLH LKPGHQJDQ]HQ+RUURU]XYHUGDQNHQKDWWHQ 'LH7UZDURIIHQJHEOLHEHQ,PPHUGLFNHUH:RONHQVWU|PWHQ DXIGLH%UFNHXQGGXUFKGLHRIIHQH7UYHUQDKP0DUN %UHQQDQJHOOHQGH6FKUHLH 6LHZDUHQLQZLOGHU3DQLNDXVJHVWRHQZRUGHQ(UK|UWHYHU ]ZHLIHOWH+LOIHUXIHXQGHUZXWHGDGLHVHUVFKUHFNOLFKH 1HEHODXFKYRUVHLQHQ/HXWHQQLFKWKDOWJHPDFKWKDWWH 1XUHUZDUQRFKQRUPDO 'RFKZLHODQJH" (UVFKDXWHVLFKZLOGXP'LH+lOIWHGHU%UFNHZDUEHUHLWV

PLWGHPJUDXVDPHQ1HEHOJHIOOW1XUZRHUVWDQGJDEHV QRFKHLQHIUHLH=RQH %UHQQDQKDWWHZlKUHQGVHLQHV/HEHQVJHOHUQW]XNlPSIHQ(U KDWWHVLFKQLHYRULUJHQGZHOFKHQ6FKZLHULJNHLWHQJHIUFKWHW XQGHUGDFKWHDXFKQLFKWGDUDQDXI]XJHEHQ 1HLQHUZUGHQLFKWNDSLWXOLHUHQ /LQNVYRQLKPQXUHLQH$UPOlQJHHQWIHUQWKLQJHLQH 5HWWXQJVZHVWH'LHZROOWHHUKDEHQ(VZDUVFKRQEDOGHLQ 0LQLERRW:HQQGLH:HVWHPLWGHP:DVVHULQ%HUKUXQJNDP EOLHVVLHVLFKYRQVHOEVWDXI=XGHPOHXFKWHWHVLHKHOOJHOE %UHQQDQULGLH:HVWHYRQGHU:DQGXQGOHJWHVLHVLFKXP 'DVJHVFKDKEOLW]VFKQHOO-HGHU+DQGJULIIZDUJHEW'DQQ VSUDQJHUDXIGLH.RQVROHXQGVDKGLHJURH6FKHLEHGLFKW YRUVLFK (U]|JHUWHNHLQH6HNXQGH (UQDKPHLQHQJURHQHLVHUQHQ:UIHOKRFKGHUDOV%ULHI EHVFKZHUHUGLHQWHXQGGRQQHUWHLKQPLWDOOHU.UDIWJHJHQGLH EUHLWH6FKHLEH'LHVH*HZDOWKLHOWDXFKGDV6SH]LDOJODVQLFKW DXVHVEUDFK 0LWGHP(OOERJHQKLHE%UHQQDQGLH6SOLWWHUDXVGHP 5DKPHQVDKVLFKQRFKHLQPDOKDVWLJXPXQGEHPHUNWHGD GHU1HEHOLKQVFKRQIDVWHUUHLFKWKDWWH -HW]WNDPLKP]XJXWHGDGLH%UFNH]LHPOLFKZHLWYRUJH EDXWZDU'DVKHLWVLHVFKORSUDNWLVFKPLWGHP5DQGGHU 3ODWWIRUPDEXQGPLWHLQHPJHZDJWHQ6SUXQJNRQQWHPDQHV VFKDIIHQLP:DVVHU]XODQGHQ %UHQQDQYHUVXFKWHHV(UVHW]WHDOOHVDXIHLQH.DUWHVFKQHOOWH VLFKZXFKWLJDEKROWHLQGHU/XIWOLHJHQG$WHPXQGVWUHFNWH VHLQHQ.|USHU(UWDXFKWHLQGLH1HEHOZRONHHLQXQGVFKOR LQVWLQNWLYGLH$XJHQ-HW]WNRQQWHHUQLFKWVPHKUVHKHQ VRQGHUQQXUQRFKKRIIHQ (UKDWWH*OFN 0DUN%UHQQDQSUDOOWHQLFKWDXIGHQ5DQGGHU3ODWWIRUP VRQGHUQVWLHZLHHLQH5DNHWHLQGDV0HHUKLQHLQ (VZDUHLQKDUWHU6FKODJGHULKQUHJHOUHFKWGXUFKVFKWWHOWH

,PVHOEHQ$XJHQEOLFNWUDILKQGLH(UNHQQWQLVZLHHLQ %OLW]VWUDKO'LH6FKZLPPZHVWHZUGHVLFKDXIEODVHQXQGLKQ VRIRUWDQGLH2EHUIOlFKHWUDJHQ .DXPKDWWHHUGHQ*HGDQNHQHUIDWGDJHVFKDKGLHVVFKRQ 'LH6FKZLPPZHVWHEOLHVVLFKXQWHU:DVVHUDXIXQGWULHELKQLQ GLH+|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lJHUZDUIGDQQ ZUGHHU]HUVFKPHWWHUW $EHUHUKDWWH*OFN$OVZLHGHUHLQH:HOOHDQUROOWHGLHVPDO YRQ6GRVWHQKHUZHLOGHU:LQGVHKURIWZHFKVHOWHZXUGHHU ZHLWHUYRQGHU,QVHOZHJJHVFKOHXGHUW)DVWHLQH0LQXWHEHIDQG HUVLFKXQWHU:DVVHUKLHOWYHU]ZHLIHOWGLH/XIWDQXQGVSUWH GLH.lOWHGLHVHLQHQ.|USHUGXUFKGUDQJ 1DFKHLQHUVFKLHUHQGORVHQ=HLWZXUGHHUZLHGHUDQGLH 2EHUIOlFKHJHVFKZHPPWZRHUYHU]ZHLIHOWGHQ0XQGDXIUL XQGQDFK/XIWVFKQDSSWH *LHULJVDXJWHHUVLHLQGLH/XQJHQ(UNHXFKWHXQGVSLHULHE VLFKGDV:DVVHUDXVGHQ$XJHQXQGVFKDIIWHHVVRJDU]XU,QVHO ]XUFN]XVFKDXHQ 'RUWZDEHUWHQRFKLPPHUGHUJHZDOWLJH1HEHO$EHU0DUN %UHQQDQVDKVFKHPHQKDIWGLH*HVWDOWHQGLHZLH*HLVWHU ]ZLVFKHQGHQ1HEHOVFKOLHUHQDXIWDXFKWHQXQGVLFKGDQQNRSI EHULQGLHNRFKHQGH6HHVWU]WHQ$XFKPLWLKQHQVSLHOWHGDV

:DVVHUWULHEVLHLQDOOH5LFKWXQJHQXQGDXFKDXI0DUN %UHQQDQ]X 3O|W]OLFKVDKHUGLFKWYRUVLFKHLQH*HVWDOWDXIWDXFKHQ6LH ZXUGHUHJHOUHFKWKRFKJHSHLWVFKWXQGSUDOOWHJHJHQ0DUN %UHQQDQ 'HUVFKULHJHOOHQGDXI 'HQQGLH*HVWDOWGLHLKQEHUKUWKDWWHEHVWDQGQXUQRFKDXV .QRFKHQ6LHZDUHLQ6NHOHWW 2EZRKO0DUN%UHQQDQHLQKDUWHU%XUVFKHZDUWUDILKQGHU 6FKRFN'HQQSO|W]OLFKZXWHHUZDVPLWVHLQHQ.DPHUDGHQ JHVFKHKHQZDUXQGZHOFKHV6FKLFNVDOLKQHUZDUWHWKlWWH (LQHQlFKVWH:HOOHULGHQ.QRFKHQPDQQZLHGHUZHJXQG VSOWHLKQXQWHUZlKUHQG%UHQQDQYRQGHU6FKZLPPZHVWH JHKDOWHQZXUGH(UZROOWHQLFKWVPHKUVHKHQGHVKDOEVFKORHU GLH$XJHQ'HU$QEOLFNGHU6NHOHWWHKDWWHLKQELVLQV0DUN JHWURIIHQ 6RDOVRZLUNWHGLHVHU1HEHO :LHHLQH6lXUH 'LH6WU|PXQJWULHELKQZHLWHU8QGVLHWULHELKQZHJYRQGHU %RKULQVHOKLQDXVDXIGDVZHLWHRIIHQH0HHU+LQXQGZLHGHU YROOIKUWHHU6FKZLPPEHZHJXQJHQHUUXGHUWHPLWGHQ$UPHQ XQG%HLQHQGDPLWVLFKGLH.lOWHQLFKW]XVHKULQVHLQHQ.|USHU IUDGRFKGLHQLHGULJHQ:DVVHUWHPSHUDWXUHQNRQQWHHUHLQIDFK QLFKWDXVJOHLFKHQ (UPHUNWHVHOEVWGDVHLQH%HZHJXQJHQVFKZlFKHUZXUGHQ GDHVLKPLPPHUVFKZHUHUILHOGLH6FKZLPPEHZHJXQJHQ EHUKDXSWDXV]XIKUHQ+lWWHLKQGLH6FKZLPPZHVWHQLFKW JHKDOWHQVRZlUH0DUN%UHQQDQLQGHPNDOWHQ:DVVHUVFKRQ OlQJVWHUWUXQNHQ 6RHUKLHOWHUHLQH*DOJHQIULVW 'LH.lOWHZXUGHLPPHUVFKOLPPHU6LHIUDVLFKLQVHLQH .QRFKHQILQJDQGHQ)HQDQXQGVWLHJLPPHUK|KHU6HLQH +DXWZDUEODXDQJHODXIHQGHU.|USHUNKOWHDXVXQGHVJDE

IULKQ$XJHQEOLFNHZRHUPHKUWRWDOVOHEHQGLJZDU :HQQHULQGHQQlFKVWHQ0LQXWHQQLFKWJHUHWWHWZXUGHZDU HVDXV 1RFKHLQPDOULHUVLFK]XVDPPHQZDUIVHLQHQ.RSIKRFK DOVHUDXIGHP.DPPHLQHU:HOOHVFKZDPPXQGVFKOHXGHUWH VHLQQDVVHV+DDUDXVGHU6WLUQ )U6HNXQGHQVDKXQGGDFKWHHUZLHGHUY|OOLJNODU8QGHU VDKGDV%RRW (VZDUJDUQLFKWZHLWHQWIHUQW'LHGXQNOH%RUGZDQGKRE VLFKZLHHLQHULHVLJH0DXHUYRULKPLQGLH+|KH 'LH5HWWXQJ" (UEHJDQQ]XVFKUHLHQ]XZLQNHQ(UJODXEWHZHQLJVWHQV GDHUVFKULHGRFKDXVVHLQHU.HKOHGUDQJQLFKWPHKUDOVHLQ VFKZDFKHV.UlFK]HQ 'LH(QWGHFNXQJGHV6FKLIIHVKDWWHZLHGHU(QHUJLHLQLKPIUHLJH VHW]W(UNlPSIWHJHJHQGHQQDVVHQ7RGDQZROOWHQLFKWHUWULQNHQ XQGHUIULHUHQGRFKHLQH:HOOHVFKOHXGHUWHLKQZLHGHULQHLQ7DO KLQHLQVRGDGDV6FKLIIYRUVHLQHQ$XJHQYHUVFKZDQG 'DV:DVVHUXQGGLH6WU|PXQJVSLHOWHQPLWLKPVLHZXFKWH WHQLKQKHUXPVFKOHXGHUWHQLKQYRQHLQHU6HLWHDXIGLHDQGHUH XQGVSLHQLKQNXU]HUKDQGZLHGHUDXV (UVFKQDSSWHQDFK/XIW *XUJHOQGDWPHWHHUGXUFK3O|W]OLFKZXUGHLKPVFKOHFKWVHLQ 0DJHQGUFNWHDEHUHUVDKGDV6FKLIIZLHGHU 8QGHVKDWWHVLFKJHQlKHUW 9HU]ZHLIHOWKREHUGHQUHFKWHQ$UP(LQHPGH%HZHJXQJ QXU]XHLQHUDQGHUHQZDUHUQLFKWPHKUIlKLJ6HLQH+DQG NODWVFKWHVRIRUWZLHGHU]XUFNLQV:DVVHUXQGWURW]GHPKRIIWH HUGDPDQDXIGHP6FKLIIVHLQH%HZHJXQJJHVHKHQKDWWH -DPDQPXWHLKQHLQIDFKJHVHKHQKDEHQGHQQGRUWDQ%RUG EOLW]WHHLQ/LFKWDXI (LQ6LJQDO :LHGHUªVFKULH©HUGRFKGLHVPDOJDEHUQLFKWDFKWXQGHLQ 6FKZDOO6HHZDVVHUGUDQJLQVHLQHQ0XQG*OHLFK]HLWLJGUFNWH LKQHLQH:HOOHZLHGHUXQWHU:DVVHU

'LHQl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lKLJHQ )LQJHUXPNODPPHUWHQGHQGLFNHQ.RUNZXOVW6RIRUWJULIIHU PLWGHUDQGHUHQ+DQGQDFK -HW]WKLQJHUIHVW 'RFKGLH:HOOHQVSLHOWHQQDFKZLHYRUPLWLKPXQG0DUN ZDUNODUGDHUDXINHLQHQ)DOOORVODVVHQGXUIWHGHQQGDQQZDU HUYHUORUHQ (LVHUQKLHOWHUIHVW(UKROWHZLUNOLFKGLHOHW]WH(QHUJLHDXVVHL QHP.|USHUGHQQPLWVHLQHU5HWWXQJKDWWHHUQLFKWPHKU JHUHFKQHW+RIIHQWOLFKEHUVWDQGHUDXFKQRFKGLHOHW]WH3KDVH 6LH]RJHQLKQDQ%RUG6RJDU]LHPOLFKVFKQHOOGDHVLKP YRUNDPZLHHLQ.LHOKROHQ :LHGHUVFKOXFNWHHU:DVVHUNHXFKWHVSLHXQGZUJWH :LHHLQ8QWLHUVRJHZDOWLJWDXFKWHGLH%RUGZDQGYRUVHLQHQ $XJHQDXI,QGHQ3XSLOOHQNOHEWHQRFKLPPHUGDV:DVVHUGDV 6FKLIIVDKHUQXUVFKDWWHQKDIW (LQHJHZDOWLJH:HOOHHUIDWHLKQULLKQPLW8UJHZDOWHQKRFK XQGVFKOHXGHUWHLKQGLUHNWDXIGLHULHVLJH%RUGZDQG]X$OOHV JLQJUDVHQGVFKQHOOXQG0DUNJODXEWHVHLQOHW]WHV6WQGOHLQ KlWWHJHVFKODJHQGHQQHLQHQ$XISUDOODQGHU:DQGZUGHHU QLFKWEHUVWHKHQ 8QGZLHGHUKDWWHHU*OFN

'LFKWYRUGHP$XISUDOOULLKQGHU6RJLQHLQ:HOOHQWDOHLQH :HOOHEHUVSOWHLKQGUFNWHLKQQRFKPHKULQGLH7LHIHGHP .LHOGHV%RRWHV]XGRFKGLH*HJHQNUDIWZDUVWlUNHU 0DQKLHYWHLKQDXVGHP0HHU 0DUN%UHQQDQNRQQWHVHOEVWQLFKWVPHKUWXQHUVDKDXFK QLFKWVXQGPHUNWHNDXPGDHU]ZLVFKHQ%RUGXQG 0HHUHVREHUIOlFKHVFKZHEWHHUVSUWHQXUGHQKDUWHQ$XISUDOO DXIGLH6FKLIIVSODQNHQ 9|OOLJHUVFK|SIWUHVWORVHUOHGLJW-HPDQGERJVHLQHVWDUUHQ )LQJHUDXVHLQDQGHUXQGQDKPLKPGHQURWHQ5HWWXQJVULQJ ZHJ0DUN%UHQQDQVSUWHHVNDXP (UODJDXIGHP%DXFKGLHEHVWH6WHOOXQJGHQQDOVHUMHW]W ZUJWHTXROOGDV6HHZDVVHUDXVVHLQHP0XQG,QHLQHP EUHLWHQ6WUDKOVFKRHVDXIGLH'HFNVSODQNHQ0DUNHUEUDFK DXFKHUEHNDPNDXP/XIWU|FKHOWHXQGNHXFKWH ,KPJLQJHVYHUGDPPWVFKOHFKW (UUROOWHVLFKDXIGHQ5FNHQEUHLWHWHGLH$UPHXQG%HLQH DXV'DQQVFKQDSSWHHUQDFK/XIW'DEHLJODXEWHHUVHLQHQ+DOV NDXPQRFK]XVSUHQXQGZDUPHKUWRWDOVOHEHQGLJ,QGHQ QlFKVWHQ0LQXWHQGXUFKOHEWH0DUN%UHQQDQHLQHJUDXVDPH 7RUWXUYRQGHUHUVLFKQXUODQJVDPHUKROWH6FKOLHOLFKZDUHU PHKUWRWDOVOHEHQGLJJHZHVHQDOVPDQLKQDXVGHQ)OXWHQ UHWWHWHXQGHUZDUVHLQHQ5HWWHUQXQJHKHXHUGDQNEDU'DV ZROOWHHULKQHQVSlWHUVDJHQXQGLKQHQDXFKGLH*HVFKLFKWH YRQGHQ6NHOHWWHQHU]lKOHQ=XGHPPXWHHUVLHZDUQHQGHQQ VLHOLHIHQMDVLFKHUOLFKDXIGLH%RKULQVHOXQGGDPLWDXFKDXIGHQ 1HEHO]X $OOHV9RUVlW]HGLHVLFKMHW]WLQVHLQHP=XVWDQGQLFKWYHU ZLUNOLFKHQOLHHQ 0DUN%UHQQDQZDUHLQ0DQQPLWHLVHUQHU.RQVWLWXWLRQXQG HEHQVRHLVHUQHP:LOOHQ,KQZDUIVROHLFKWQLFKWVXP$XFK ZHQQHUWRWDOHUVFK|SIWZDUHUOHEWHQRFK 8QGHUHUKROWHVLFK 'LH5XKHWDWJXW=XGHPODJHUQLFKWPHKULPNDOWHQ :DVVHU$Q%RUGZDUHV]ZDUDXFKQLFKWZDUPDEHUHU

ZUGHQLFKWHUIULHUHQGDVZDUZLFKWLJ 1RFKLPPHUDWPHWHHUUDVVHOQGXQGNHXFKHQG$OVHU6FKULWWH K|UWHGUHKWHHUVHLQHQ.RSI]XU6HLWH -HPDQGQlKHUWHVLFKLKP(VZDUHQOHLFKWH6FKULWWHQLFKWGLH HLQHV0DQQHV 'DQQVDKHUGLH3HUVRQ (QJHURWH+RVHQEHLQHVWHFNWHQLQKDOEKRKHQ6WLHIHOQ(LQH GUHLYLHUWHOODQJH-DFNHILHOELV]XU+IWHXQGDOV0DUNV%OLFN ZHLWHUQDFKREHQZDQGHUWHVDKHULQGDV*HVLFKWHLQHU VFKZDU]KDDULJHQ)UDX ª0HLQH*WHLFKELQLP+LPPHO©IOVWHUWHHUVFKORGLH $XJHQXQG|IIQHWHVLHZLHGHU 'DV*HVLFKWEOLHE 6FK|QZLHHLQ(QJHOZLHYRQHLQHP.QVWOHUJHPHLHOWVR NDPHVLKPYRU 8QZDKUVFKHLQOLFK6ROFKHLQH)UDXDXIGLHVHP6FKLII (WZDVILHOLKPWURW]GHPDXI'LH)UDXOlFKHOWHQLFKW6LH VFKDXWHLKQDXVGXQNOHQ$XJHQNDOWDQLUJHQGZLHDEVFKlW ]HQGDOVZUGHVLHLKQWD[LHUHQ 'DVNRQQWHMHGRFKDXFKHLQH7lXVFKXQJVHLQ0DQNRQQWHQLH ZLVVHQ ª:LHIKOHQ6LHVLFK"©ZXUGHHUDQJHVSURFKHQ ª0LHV© -HW]WODFKWHGLH)UDX]XPHUVWHQ0DOGRFKLKUH$XJHQEOLHEHQ NDOWª'DVNDQQLFKPLUYRUVWHOOHQ6LHZlUHQIDVWDEJHVRIIHQ ZLHHLQH5DWWH© :LHGHUZXQGHUWHVLFK0DUN%UHQQDQZHOFKHLQHQ7RQGLHVH )UDXDQVLFKKDWWH 0DUNGDFKWHDQGLH:DUQXQJGLHHUDXVVSUHFKHQZROOWHXQG VDJWHªbQGHUQVLHGHQ.XUVGUHKHQ6LHDE©(LQ +XVWHQDQIDOOHUVWLFNWHVHLQHQlFKVWHQ:RUWH ª:DUXP"© ª:HLODQGHU%RKULQVHOGHU1HEHOLVW© ª9RU1HEHOKDWWHQZLUQRFKQLH$QJVW© ª(VLVWEHVVHUZLUNOLFK©

'LH)UDXZLQNWHDEXQGZHFKVHOWHGDV7KHPDª.|QQHQ6LH DXIVWHKHQ"8QVHU.DSLWlQZLOO6LHQlPOLFKJHUQVHKHQ© ª,FKYHUVXFKHHV© 'LHVFKZDU]KDDULJH)UDXUHLFKWHLKPGLH+DQG$XFKVLH PXWHVLFKZHJHQGHV6HHJDQJVEUHLWEHLQLJKLQVWHOOHQ 0DUNOLHVLFKKRFK]LHKHQXQGZlUHVRIRUWZLHGHUJHIDOOHQ KlWWHGLH)UDXLKQQLFKWJHVWW]W ª5HLHQ6LHVLFK]XVDPPHQ0DQQ6LHVLQGGRFKNHLQH 0HPPH© ª2ND\RND\HVJHKWVFKRQ©0DUNELGLH=lKQH]XVDPPHQ (UZROOWHNHLQH]ZHLWH6FKZlFKH]HLJHQ 'LH)UDXODFKWHQXU 0DUNKDWWH6FKZLHULJNHLWHQVLFKDXIGHQ%HLQHQ]XKDOWHQ GHQQHUVFKDIIWHHVNDXPGHQ6HHJDQJDXV]XJOHLFKHQ 'LH)UDXEHREDFKWHWHLKQNDOW=XP*OFNJDEHVJHQJHQG *HJHQVWlQGHDQGHQHQVLFK0DUNDEVWW]HQNRQQWH 6LHJLQJHQ]XP9RUVFKLII 0DUN%UHQQDQPHUNWHNDXPZLHHVXPLKQKHUXPDXVVDK 'DV6FKLIIZDU]LHPOLFKYHUURWWHWhEHUDOOQLVWHWHGHU5RVWXQG OlQJVWZDUGHU$QVWULFKDEJHEOlWWHUW 0DUNPXWHWURW]GHPQRFKHLQH3DXVHHLQOHJHQGHU0DJHQ GUFNWHZLHGHUKRFK(UEOLHEVWHKHQVDK]XIlOOLJQDFKVWHXHU ERUGXQGHQWGHFNWHHLQHZHLWHUH)UDX 2GHUYLHOPHKUGHUHQ.RSI 'LHVPDOKHOOHVEORQGHV+DDUGDVGHU:LQG]HUZKOWH %UHQQDQVFKWWHOWHGHQ.RSI(UEHJULIIHLQIDFKQLFKWª%LQLFK GHQQQXUYRQ)UDXHQXPJHEHQ"©PXUPHOWHHU 'DWUDWGLH)UDXDXILKQ]X 3O|W]OLFKZXUGHQ%UHQQDQV$XJHQZHLW'DVGDVNRQQWH GRFKQLFKWZDKUVHLQZDVHUVDK'LH)UDXVRVFK|QLKU*HVLFKW DXFKZDUKDWWHNHLQHQQRUPDOHQ.|USHUVRQGHUQGHQHLQHV 5DXEWLHUV 0DUN%UHQQDQKDWWH/XSLQDGLH.|QLJLQGHU:|OIHJHVHKHQ 8QGGDPLWVWDQGHLQHVIHVW(UZDULQ'U7RGV)lQJHJHUDWHQ

,FKIURUXQGGDFKWHGDUDQGDGDV)XWWHUPHLQHV0DQWHOV]X +DXVHLP6FKUDQNODJ,FKKlWWHHVGRFKHLQNQ|SIHQVROOHQ -HW]WZDUQLFKWVPHKUGDUDQ]XlQGHUQ/RQGRQODJHLQLJH 0HLOHQZHJLFKDEHUVWDQGDP8IHUGHUHQJOLVFKHQ2VWNVWHLQ GHU*UDIVFKDIW6XIIRON9RUPLUHLQJUDXHU6WUDQGDQGHQGHU :LQGXQXQWHUEURFKHQGLH:HOOHQGHV0HHUHVVFKDXIHOWHXQG VLHGRUWDXVODXIHQOLH ,FKUDXFKWHHLQH=LJDUHWWH'HU4XDOPZXUGHPLUYRQGHQ /LSSHQJHULVVHQXQG]HUIODWWHUWHVRIRUW8PULQJWZDULFKYRQ HLQLJHQ3ROL]HLEHDPWHQXQGHLQHP)LVFKHUGHPLFKPHLQH 5HLVHLQGLHVH*HJHQGEHUKDXSW]XYHUGDQNHQKDWWH 'HU0DQQKDWWHGLH.QRFKHQJHIXQGHQ -DZRKOVLHKDEHQULFKWLJJHOHVHQ.QRFKHQ7HLOHHLQHV PHQVFKOLFKHQ.|USHUVZDUHQKLHUDQ/DQGJHVFKZHPPW ZRUGHQ6LHKDWWHQVLFKDP6WUDQGLQHLQHPDOWHQ'UDKWQHW] YHUKDNWVRGDGDV0HHUVLHVLFKQLFKW]XUFNKROHQNRQQWH =XHUVWKDWWHGHUJXWH0DQQMDJHPHLQWGDHV7LHUNQRFKHQ ZlUHQGRFKHLQKLQ]XJHUXIHQHU$U]WKDWWHEHVWlWLJWGDHV VLFKXP0HQVFKHQNQRFKHQKDQGHOWH 'DVZDUGDV6FKOLPPH 'HU/DQGSROL]HLZDUGHU)DOO]XKHL6LHDODUPLHUWH6FRWODQG
XQGZKOWHGDULQKHUXP(UPXWHDFKWJHEHQGDLKPGHU :LQGGLH3DSLHUHQLFKWGDYRQWUXJ 'HU$U]WKDWWHGLH.QRFKHQLQ]ZLVFKHQ]XVDPPHQJH VDPPHOWXQGZLHEHLHLQHP3X]]OHVSLHODQHLQDQGHUJHOHJW (VIHKOWHQHLQLJHDEHUZLUNRQQWHQGHXWOLFKHUNHQQHQGDGLH .QRFKHQ]X]ZHL/HLFKHQJHK|UWHQ $OVRPLQGHVWHQV]ZHL7RWH /HLGHUKDWWHQZLUNHLQH.OHLGXQJVUHVWHJHIXQGHQXQGGDV ZDUXQJHZ|KQOLFK$XFKZHQQHLQH/HLFKHODQJHLP:DVVHU JHOHJHQKDWVLQGPHLVWHQVQRFKGLH5HVWHGHU.OHLGXQJYRU KDQGHQ+LHUMHGRFKQLFKW 'DVZXQGHUWHQLFKWQXUPLFKVRQGHUQDXFKGHQ$U]W ª+DEHQ6LHHLQH(UNOlUXQJGDIU'RF"©ZROOWHLFKZLVVHQ ª1HLQ© ,FKWUDWGLH=LJDUHWWHDXVª6LHEOHLEHQMHGRFKEHLGHU 0HLQXQJGDHVVLFKKLHUXPPlQQOLFKH.QRFKHQKDQGHOW"© ª-D© 'HU$U]WZDU]LHPOLFKVFKZHLJVDP(UVWULFKZLHHLQH.DW]H XPGHQKHLHQ%UHLXPGLHEHLGHQ6NHOHWWHKHUXPVFKWWHOWH KLQXQGZLHGHUGHQ.RSIXQGPXUPHOWHHWZDVZDVNHLQHU YHUVWDQG ª/DQJHN|QQHQ6LHQRFKQLFKWVNHOHWWLHUWVHLQ©PHLQWHHU ª:LHODQJH"©IUDJWHLFK ª.HLQHQ0RQDWYLHOOHLFKWQXU7DJH8QGGDQQVLQGGLH .QRFKHQVREODQNDOVKlWWHPDQGDV)OHLVFKPLWHLQHU6lXUH YRP.|USHUJHO|VW(QWVFKXOGLJHQ6LHGHQHWZDV]\QLVFKHQ $XVGUXFN© ,FKZLQNWHDEª,FKZHLGD bU]WHRIWKDUWVLQG©'DVVDJWH LFKVRKLQGHQQPLUZDUHLQH,GHHGXUFKGHQ.RSIJH]XFNW 'HU$U]WKDWWHYRQHLQHU6lXUHJHVSURFKHQ-HPDQGKDWWHPLU LQOHW]WHU=HLWGRFKVFKRQPDOHWZDVGDYRQHU]lKOW :HUZDUGDVQXU" 'DILHOHVPLUHLQ'LHVHU.DSLWlQGHQLFKJHW|WHWKDWWH VSUDFKGDYRQGDVLFKGHU1HEHOQRFKYHUGLFKWHQXQGHUGDQQ ZLHHLQH6lXUHZLUNHQZUGH

6ROOWHQGLHVH6NHOHWWHDOVVLHQRFKOHEHQGH0HQVFKHQJH ZHVHQZDUHQYLHOOHLFKWGHP7RGHVQHEHOEHJHJQHWVHLQ"'LHVH 9HUPXWXQJZDUQLFKWVRXQZDKUVFKHLQOLFKZLHVLHVLFKDQ K|UWH-HPHKULFKGDUEHUQDFKGDFKWHXPVREHU]HXJWHU ZXUGHLFKYRQPHLQHU7KHRULH -HW]WPXWHPLU'U3HWHUVKHOIHQ 'HU.QDEHKDWWHVLFKHQGOLFKKLQJHVHW]W(UKRFNWHDXIHLQHP 6WHLQKDWWHGHQ.RIIHUDXIVHLQHDQJHZLQNHOWHQ.QLHJHOHJW KLHOWHLQHQ6FKUHLEEORFNIHVWXQGJOHLFK]HLWLJHLQHQ7DVFKHQ UHFKQHULQGHQHUHLQLJH=DKOHQWLSSWH+LQXQGZLHGHU PXUPHOWHHUHWZDVXQGZLHJWHGHQ.RSI $OVPHLQ6FKDWWHQDXILKQILHOKREHUGHQ.RSIXQGEOLFNWH PLFKLUULWLHUWDQ ,FKOlFKHOWHª+DEHQ6LHYLHOOHLFKWHLQSDDU0LQXWHQ=HLW 'U3HWHUV"© ª*OHLFK,FKZLOOHUVWQRFKHWZDVHUUHFKQHQ© ª7XQ6LHGDV© ,FKVFKDXWHDXIV0HHU(VZDUVWUPLVFKHUJHZRUGHQ'LH JUQJUDXH)OlFKHZRJWHYRUXQG]XUFN$QGHU.LPPVDKLFK GLH8PULVVHHLQHVgOWDQNHUV(UIXKUDXIGDV)HVWODQG]X'HU +LPPHOZDUZRONHQEHGHFNW+LQXQGZLHGHUVWLHHQHLQSDDU 0|ZHQGDUDXVKHUYRUXQGVHJHOWHQGLFKWEHUGLHUROOHQGHQ :HOOHQZREHLVLHNUlFK]HQGH/DXWHDXVVWLHHQ ª-HW]WKDEHLFKIU6LH=HLW©VDJWH'U3HWHUVXQGUFNWHHLQ 6WFN]XU6HLWHª:ROOHQ6LHQLFKW3ODW]QHKPHQ"© ª'DQNHVHKUIUHXQGOLFK©,FKVHW]WHPLFK 9RQGHU6HLWHKHUVFKLHOWHPLFK'U3HWHUVDQª6LHZROOHQ VLFKHUOLFKZLVVHQZLHGLH6WU|PXQJVYHUKlOWQLVVHLQGLHVHP7HLO GHV0HHUHVVLQG"© ª*HQDX© ª'DVKDEHLFKEHUHLWVDXVJHUHFKQHW© ,FKZDUEHUUDVFKW'HU-XQJHZDUIL[HUDOVHUDXVVDK (UZLHVDXIHLQHQ=HWWHOGHQHUPLW=DKOHQYROOJHNULW]HOW KDWWH'D]ZLVFKHQVDKLFKHLQLJH/LQLHQXQGLFKYHUVWDQGHUVW HLQPDOQXU%DKQKRI

ª'DUILFK,KQHQHUNOlUHQZLH© ,FKKREGLH+lQGHGHQQLFKDKQWHZDVIROJHQZUGHª8P +LPPHOVZLOOHQPDFKHQ6LHHVQLFKWZLVVHQVFKDIWOLFK© ª:LHGHQQ"© ª6RGDHVDXFKHLQ1DLYOLQJZLHLFKYHUVWHKHQNDQQ© ª1XQMDGDVZLUGVFKZHU©(UZKOWHVHLQ+DDUGXUFK(VJDE QRFKHLQNOHLQHV+LQXQG+HUGRFKVFKOLHOLFKHUNOlUWHHUPLU GHQ9HUODXIGHU6WU|PXQJHQVRGDDXFKLFK%HVFKHLGZXWH 1DFKVHLQHU0HLQXQJNRQQWHQGLH6NHOHWWHYRQHLQHP3ODW]LQV :DVVHUJHZRUIHQZRUGHQVHLQGHUXQJHIlKU0HLOHQHQW IHUQWLQQ|UGOLFKHU5LFKWXQJODJ ª$EHUQLFKWYRQGHU.VWH©VDJWHLFK ª1HLQGDVQLFKW©(UOlFKHOWHª'DQQZlUHQVLHVHKUVFKQHOO ZLHGHUDQJHVFKZHPPWZRUGHQ© ª*LEWHVLQGHP*HELHWGHQQ,QVHOQ"©KDNWHLFKQDFK ª-DXQGQHLQ© ª:HUGHQ6LHELWWHNRQNUHW© ª'RUWH[LVWLHUHQ%RKULQVHOQ© ,FKSILIIGXUFKGLH=lKQH0HLQOLHEHU0DQQGDVZDU NRQNUHW*HQDXHUJLQJ VZLUNOLFKQLFKW ª=XIULHGHQ"©HUNXQGLJWHVLFK'U3HWHUV ª8QGZLH© ª'HU5HVWLVWGDQQ,KU-RE© ª.ODUZLUEUDXFKHQQXUQRFKGLH,QVHOQGHU5HLKHQDFKDE]X IDKUHQ©VDJWHLFKXQGVWDQGDXI 'DPLWKDWWHLFKQLFKWHLQPDOJHORJHQ,FKZROOWHLQGHU7DW GDIU6RUJHWUDJHQGD]DKOUHLFKH%RKULQVHOQLQGHU1RUGVHH NRQWUROOLHUWZXUGHQ8QG]ZDUDXVGHU/XIW'LHVHU1HEHOZDU QLFKWQXUJHIlKUOLFKVRQGHUQK|OOLVFK)DOOV'U7RGLUJHQGHLQH 7HXIHOHLYRUKDWWHGXUIWHHUXP+LPPHOVZLOOHQQLFKWPHUNHQ GDZLULKPEHUHLWVDXIGHU6SXUZDUHQ8QGZHJHQKRFKIOLH JHQGHU)OXJ]HXJHGLHPLW6SH]LDONDPHUDVDXVJHUVWHWZDUHQ ZUGHHUVLFKHUOLFKNHLQHQ9HUGDFKWVFK|SIHQ6RGDFKWHLFK DOVLFKODQJVDPGHQ6WUDQGKRFKVFKULWWXQGGHQVFKPDOHQ:HJ HUUHLFKWHZRPHLQ%HQWOH\VWDQG,FKZROOWHZLHGHU]XUFN

QDFK/RQGRQIDKUHQXQGGDEHLGLH.QRFKHQWHLOHPLWQHKPHQ GDPLWVLHLQXQVHUHP/DERUXQWHUVXFKWZHUGHQNRQQWHQ 'HU$U]WKDWWHGLH7HLOHIUHLJHJHEHQ6LHZDUHQLQHLQHP 3ODVWLNVDFNYHUVWDXWZRUGHQGHQHLQ8QLIRUPLHUWHULQGHQ .RIIHUUDXPOXG,FKNODSSWHGLH+DXEH]X 'U3HWHUVWUDWQRFKHLQPDO]XPLUª,FKZROOWH,KQHQHWZDV VDJHQ0U6LQFODLU© ª%LWWH© ª,P%HUHLFKGHU%RKULQVHOQKHUUVFKWZLHLFKK|UWH]LHPOLFK PLHVHV:HWWHU6LHPVVHQVFKRQPLW6WXUPE|HQUHFKQHQXQG YHUGDPPWUDXKHU6HH© ,FKEHGDQNWHPLFKIUGLHIUHXQGOLFKH:DUQXQJXQGVWLHJHLQ (LQHODQJH)DKUWGXUFKHLQHUHL]YROOH/DQGVFKDIWODJYRUPLU ,FKKRIIWHWURW]GHPJHJHQ$EHQGLQ/RQGRQ]XVHLQ8QGGRUW ZROOWHLFKGDQQZHLWHUVHKHQ 'LH6SLW]HGHU.OLQJHWXSIWHXQWHUKDOEGHV$GDPVDSIHOVJHJHQ 0DUN%UHQQDQV+DOV %UHQQDQKDWWH$QJVW+|OOLVFKH$QJVWVRJDUGHQQZDVHU HUOHEWKDWWHJOLFKHLQHP$OSWUDXP'LHOHW]WHKDOEH6WXQGHZDU LKPZLHHLQH6]HQHDXVHLQHP+RUURUILOPYRUJHNRPPHQ *UDXVDPXQZLUNOLFKVFKUHFNOLFK 'DV6FKLIIZDUPLWWHQLQGHQ1HEHOKLQHLQJHIDKUHQXQG %UHQQDQKDWWHVLFKQRFKDXI'HFNEHIXQGHQ(UUHFKQHWHGDPLW HEHQIDOOVYRQGHPYHUGDPPWHQ1HEHOJHIUHVVHQ]XZHUGHQ GRFKGDVWUDWQLFKWHLQ(USDVVLHUWHGHQ1HEHODOVZlUHGLHVHU Y|OOLJQRUPDO (LQ3KlQRPHQHLQHXQHUNOlUOLFKH6DFKHHUZXWHNHLQH $QWZRUW)ULKQZDUGDV*DQ]HQLFKWPHKUEHJUHLIEDUHVODJ MHQVHLWVGHV9HUVWHKHQV(UKDWWHDOOHVDXIVLFK]XNRPPHQ ODVVHQ'DV6FKLIIZDUDQHLQHPGHU7UlJHUYHUWlXWZRUGHQ =ZDUEHVWDQGGLH*HIDKUGDKRFKODXIHQGH:HOOHQGHQ.DKQ JHJHQGHQ7UlJHUVFKOHXGHUWHQGRFKGLHVHV5LVLNRZDUHQGLH 0HQVFKHQHLQJHJDQJHQ

0HQVFKHQ"1HLQ0HQVFKHQZDUHQGDVVLFKHUOLFKQLFKW %UHQQDQZXWHDXFKQLFKWDOVZDVHUVLHEH]HLFKQHQVROOWH GHQQGHU%HJULII'lPRQHQZlUHLKPQLHHLQJHIDOOHQ 8QGYRULKPVWDQGGHU6FKOLPPVWHYRQDOOHQ:HQLJVWHQV GHPbXHUHQQDFK]XXUWHLOHQ (LQULHVHQKDIWHU.HUOGHUQXUQRFKHLQHQ$UPKDWWH'HQ UHFKWHQ(UZDULQGXQNOHVPXIILJULHFKHQGHV/HGHUJHNOHLGHW PLWHLQHPGLFNHQ%UXVWSDQ]HU6HLQ*HVLFKWZDUKLQWHUGHU 'UDKWPDVNHQXUVFKZDFK]XHUNHQQHQXQG%UHQQDQKDWWH VRJDUJHJODXEWHLQPDOGDV:HLJHOELUJHQGZHOFKHU.QRFKHQ VFKLPPHUQ]XVHKHQ 'DEHLZXWHHUQLFKWGD7RNDWDGHU6DPXUDLGHV6DWDQV YRULKPVWDQGXQGLKQGXUFKVHLQJHIlKUOLFKHV6FKZHUW]XU %HZHJXQJVXQIlKLJNHLWYHUGDPPWH 'RFKGLHDQGHUHQZDUHQDXFKQLFKWEHVVHU 'LH6FKZDU]KDDULJHGLHLKQJHUHWWHWKDWWHVDK]ZDUDXVZLH HLQ(QJHODEHUVLHVFKLHQHLQ+HU]DXV6WHLQ]XKDEHQ6R JHIKOVNDOWNDPVLH0DUNYRU 'DQQZDUGDQRFKGLH)UDXPLWGHP.|USHUHLQHV7LHUHV(LQH ZLGHUOLFKH0XWDWLRQYRUGHUPDQVLFKDXFKIUFKWHQNRQQWH 'HQ.DSLWlQRGHU&KHIGHV6FKLIIHVKDWWHHUHEHQIDOOV NHQQHQJHOHUQW6ROR0RUDVVRKLHHU(LQ0DQQPLW$XJHQLQ GHQHQGLHJHVDPWH*QDGHQORVLJNHLW]XOHVHQVWDQG]XGHUHU IlKLJZDU )HUQHUJDEHVDXIGHP6FKLIIQRFKHLQHQNDKON|SILJHQ %XUVFKHQGHU0DUNWD[LHUWHDOVZROOWHHULKQMHGHQ0RPHQW W|WHQ8QWHUVHLQHP%OLFNIKOWHVLFKGHUHKHPDOLJH,QVHO NRPPDQGDQWN|USHUOLFKXQZRKOGHQQHUKDWWHHWZDV 6H]LHUHQGHVDQVLFK (LQHLOOXVWUH*HVHOOVFKDIWLQGLHHUJHUDWHQZDUGHQQPHKU 3HUVRQHQJDEHVQLFKWDXIGHP6FKLII.HLQH0DWURVHQQXUGLH ]ZHL)UDXHQXQGGLHGUHL0lQQHU 8QGGHUJHIlKUOLFKVWHYRQLKQHQKDWWHVHLQ6FKZHUWJH]RJHQ XQGGLH6SLW]HJHJHQ%UHQQDQV+DOVJHGUFNW 0LWGHP5FNHQVWDQG0DUNHQJDQGLH:DQGJHSUHW

(UKDWWHGHQ0XQGJH|IIQHWXQGVDXJWHQXUJDQ]IODFKVHLQHQ $WHPHLQ6LHEHIDQGHQVLFKEHUHLWVDXIGHU,QVHOLQHLQHP 5DXPXQWHUKDOEGHUHUVWHQJURHQ3ODWWIRUPGLFKWQHEHQ GHQ$XI]JHQ'LHVHU5DXPGLHQWHDOV/DJHUVWDWWIUOHHUH gOIlVVHU'HPHQWVSUHFKHQGVWDQNHVKLHUXQWHQ(LQHWUEH +lQJHODPSHEUDQQWHDQGHU'HFNHGLHMHGRFKGHQJU|WHQ 7HLOLP'XQNHOQOLH 'HU6DPXUDLVDJWHNHLQHLQ]LJHV:RUW(UVWDQGXQEHZHJOLFK ZLHHLQ'HQNPDOXQGVWDUUWHGHQDQGHUHQQXUDQ %UHQQDQPHUNWHGDGLH6SLW]HVFKRQLQVHLQ)OHLVFKHLQ JHGUXQJHQZDUGHQQHLQNOHLQHU%OXWVWURSIHQZDUDXVGHU :XQGHJHWUHWHQ 7URW]GHUJURHQ*HIDKULQGHUVLFK0DUNEHIDQGEHJDQQHU GRFK]XEHUOHJHQ(UGDFKWHGDUEHUQDFKZDVGLHDQGHUHQ ZRKOPLWLKPYRUKDWWHQ 6LHEUDXFKWHQLKQGHQQVRQVWKlWWHQVLHLKQVFKRQOlQJVW JHW|WHW$EHUZRIU" 0DUNQDKPVLFKYRUQLFKWEHLLUJHQGHLQHUVFKPXW]LJHQ6DFKH PLW]XPLVFKHQ'DVKDWWHHUELVKHUQRFKQLHJHWDQXQGGDV ZUGHHUDXFKQLFKWWXQ 6RMHGHQIDOOVODXWHWHVHLQ9RUVDW]GRFKHUEUDXFKWHVLFKQXU GLHYRULKPVWHKHQGH*HVWDOWDQ]XVHKHQXPVFKZDQNHQG]X ZHUGHQ6LFKHUOLFKZUGHHU]DKOUHLFKH0LWWHOXQG0HWKRGHQ NHQQHQXP*HJQHU]XP5HGHQ]XEULQJHQXQGJHIJLJ]X PDFKHQ )ROWHU]XP%HLVSLHO 8QGGDYRUKDWWH%UHQQDQ$QJVW(UZDU]ZDUHLQKDUWHU 0DQQGHQQRFKKDWHHUN|USHUOLFKH*HZDOW(UVHOEVWVHW]WHVLH QXUHLQZHQQHVNHLQHDQGHUH0|JOLFKNHLWPHKUJDEOLHEHU YHUKDQGHOWHHU $EHUGLH0lQQHUDXIGLHVHP6FKLIIVDKHQJDQ]GDQDFKDXV DOVZUGHQVLHDXIVRHWZDVNHLQH5FNVLFKWQHKPHQ 'HU8QKHLPOLFKHYRULKPVSUDFKNHLQ:RUW 9LHOOHLFKWNRQQWHHUDXFKJDUQLFKWUHGHQXQG0DUNIUDJWH VLFKZDVGDVEHUKDXSWIUHLQH3HUVRQZDU

(UZXUGHHLQHU$QWZRUWHQWKREHQGHQQLP+LQWHUJUXQG NODQJHQ6FKULWWHDXI (VVWLHJMHPDQGGLH(LVHQOHLWHUKHUXQWHU6FKRQILHOHLQ VFKZDQNHQGHU/LFKWNUHLVDXIGHQ%RGHQGDQQWDXFKWHHLQH VFKDWWHQKDIWH*HVWDOWDXIGLHHLQH6WXUPODWHUQHLQGHU+DQG KLHOW:HQQVLHVLFKEHZHJWHWDQ]WHDXFKGHU/LFKWNUHLV ,PQlFKVWHQ0RPHQWYHUVFKZDQGGLH6SLW]HYRP+DOVGHV 0DQQHV0DUNDWPHWH]XPHUVWHQPDOVHLWODQJHU=HLWULFKWLJ GXUFK(VWDWLKPJXW 'RFK7RNDWDYHUVFKZDQGQLFKW(UKLHOWVLFKLP+LQWHUJUXQG DXIXQGEHREDFKWHWHODXHUQGGDV*HVFKHKHQ 'HU0DQQPLWGHU/DPSHWUDWQlKHU0DUNVFKDXWHLQGLH /DWHUQHKLQHLQ(UZXUGHJHEOHQGHWXQGGHVKDOENRQQWHHU QLFKWYLHOVHKHQ(UJODXEWHMHGRFKGDGHU$QIKUHUGLHVHU %DQGHGHU.DSLWlQLKPHLQHQ%HVXFKDEVWDWWHWH 6HLQH+DQGIXKUKRFK]XP+DOVXQGZLVFKWHGHQ%OXWV WURSIHQYRQGHU.HKOH ª(UKlWWHDXFK]XVWHFKHQN|QQHQ©K|UWHHU6ROR0RUDVVRV 6WLPPHªGDQQZlUHQ6LHMHW]WHLQHQ.RSINU]HU,VW,KQHQGDV EHZXW0LVWHU"© ª-D© 'U7RGODFKWHª:LHVFK|Q$EHUHUKDWQLFKW]XJHVWRFKHQ XQGGDVDXVHLQHPEHVWLPPWHQ*UXQG(VPDFKWPLUQRU PDOHUZHLVHQLFKWVDXV/HXWHW|WHQ]XODVVHQDEHU6LHKDEHQ HLQH$XIJDEH]XHUIOOHQHLQH)XQNWLRQ6LHZHUGHQQlPOLFK XQVHU$OLELVHLQGDVZLUZLHGHUXPEHQ|WLJHQ© 0DUN%UHQQDQQLFNWH ª6LHVLQG&KHIGLHVHU%RKULQVHO"© ª-D© ª6LHNHQQHQVlPWOLFKH)XQNWLRQHQ"© 0DUNQLFNWH ª6LHZLVVHQDXFKEHUWHFKQLVFKH'HWDLOV%HVFKHLG":LHPDQ GHQJHZDOWLJHQ%RKUHUDQVWHOOW]XP%HLVSLHO"© ª'DVZHLLFK6LU© ª*XWGDQQZHUGHQ6LHGDVLQGLH+DQGQHKPHQ©

ª6LH6LHZROOHQZHLWHUERKUHQ"©IUDJWH0DUN ª1DWUOLFK© %UHQQDQZDUHUVWDXQWXQGEHUUDVFKW0DQKDWWHGHQ %RKUEHWULHEHLQJHVWHOOWZHLOHVVLFKQLFKWPHKUUHQWLHUWH =XGHPZDUGLH,QVHOWHFKQLVFKOlQJVWQLFKWPHKUDXIGHP QHXHVWHQ6WDQG6LHVROOWHDXIJHJHEHQZHUGHQXQGMHW]WYHU ODQJWHGLHVHU.HUOGDZHLWHUJHERKUWZXUGH ª'DVGDVJHKWQLFKW©HUNOlUWHHUGHPLP6FKDWWHQVWHKHQ GHQ0DQQª:LUVLQGWHFKQLVFKJDUQLFKWPHKUGDIUDXVJH UVWHW$XHUGHPILQGHQ6LHNHLQgOPHKU© ª5HGHQ6LHQLFKW©]LVFKWH'U7RGª0LUJHKWHVQLFKWXPGLH VHVPLHVHgO,FKZHLVHOEVWZDVPLWGHU%RKULQVHOORVLVW,FK KDEHPLFKODQJHJHQXJHUNXQGLJW,FKZLOONHLQgOVRQGHUQ HWZDVJDQ]DQGHUHV6LHN|QQHQXQVKHOIHQ6LHZHUGHQXQV KHOIHQGHQQ,KQHQEOHLEWNHLQHDQGHUH:DKO:HLJHUQ6LHVLFK VRZLUG,KQHQPHLQ'LHQHU7RNDWDGHQ.RSIDEVFKODJHQ© 'LH:RUWHZDUHQOlVVLJGDKLQJHVDJWDEHUVLHPDFKWHQ0DUN %UHQQDQNODUGDHUPLW*QDGHQLFKW]XUHFKQHQEUDXFKWH 'HVKDOEQLFNWHHU8QGQRFKQLHLQVHLQHP/HEHQZDULKPHLQH $QWZRUWVRVFKZHUJHIDOOHQZLHMHW]W (VJLEWJHZLVVH%HUHLFKHZRDXFK6FRWODQG

gIIHQWOLFKNHLWGULQJHQGHQQZHQQGDVJHVFKDKZDUHVDXV 'DQQZXUGHXQVHUH$UEHLWEHKLQGHUWXQGHLQH0DVVHQSDQLN ZDUP|JOLFK*HUDGHDXIGHU,QVHOZRGHU1HEHO]XP+HUEVW JHK|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lPPHUXQJ HUUHLFKWHLFKGLH5LHVHQVWDGWZKOWHPLFKGXUFKGHQ9HUNHKU XQGHUUHLFKWHGDV
'LHVHU5\NHUZDUDQVRQVWHQHLQPLFNULJHV0lQQFKHQXQG PDFKWHHLQHQDUURJDQWHQ(LQGUXFN(UZDUHVJHZHVHQGHU PLFKGDPDOVDXIGLH7RWHQNRSI,QVHOJHVFKLFNWKDWWHXQGMHW]W JHVWDWWHWHHUVLFKVRJDUHLQ/lFKHOQDOVLFKDXIWDXFKWH $QVFKHLQHQGKDWWHVLFKVHLQH0HLQXQJEHUPLFKJHlQGHUW GHQQGLH*HKHLPGLHQVWOHXWHKDOWHQVLFKRIWIUGHQ1DEHOGHU :HOW ,FKZXUGHYRUJHVWHOOW'LH1DPHQGHU0LOLWlUVYHUJDLFK(V ZDUHQNQRFKHQWURFNHQH)KUXQJVW\SHQIUGLHDOOHV 1LFKWPLOLWlULVFKHQXUZLGHUZLOOLJJHGXOGHWZXUGH 6LU-DPHVKDWWHVLHEHUHLWVHLQJHZHLKW6LHZXWHQDXFKEHU GHQ7RGHVQHEHO%HVFKHLGXQGDOVLFKPHLQHQ%HULFKWDEVSXOWH YHUVFKZDQGGLH6NHSVLVDXVLKUHQ*HVLFKWHUQQLFKW6LHJODXE WHQPLUQLFKWVRUHFKW.HLQ:XQGHUGHQQGDV$XIWDXFKHQGHV 1HEHOVZDUUDWLRQDOQLFKW]XHUNOlUHQ 7URW]GHPZDUHV6LU-DPHV3RZHOOJHOXQJHQGLHEHLGHQ 0lQQHUYRQGHU:LFKWLJNHLWGHV$XIWUDJHV]XEHU]HXJHQ $QGHU:DQGZDUGLH$WODQWLNNDUWHSURML]LHUW8QGPDQKDWWH GLH6WDQGRUWHGHU%RKULQVHOQPLW.UHX]HQPDUNLHUW'LHVH VWlKOHUQHQ8QJHWPHIDQGHQVLFKYRUDOOHQ'LQJHQLP 1RUGDWODQWLN]ZLVFKHQ1RUZHJHQXQG6FKRWWODQGDEHUDXFK ZHLWHUVGOLFKH[LVWLHUWHQHLQLJH,QVHOQ ª1DFKGHPZDV0U6LQFODLUXQVPLWJHWHLOWKDWPVVHQZLU GDYRQDXVJHKHQGDVLFKGLH1HEHOZRONHLUJHQGZRLQGHU 1RUGVHHEHILQGHW©EHJDQQ6LU-DPHVQDFKGHPLFK3ODW] JHQRPPHQKDWWHª,FKKDEHGHQ$LU)RUFH*HQHUDOJHEHWHQGLH %RKULQVHOQ]XEHUIOLHJHQXQGIRWRJUDILHUHQ]XODVVHQ'LH $XVZHUWXQJHQGHU)RWRVOLHJHQEHUHLWVYRUGLH/XIWZDIIHKDW VLFKGDVHKUNRRSHUDWLYJH]HLJW%LWWH*HQHUDO&ORXG6LHVLQG DQGHU5HLKH© 'HU*HQHUDOUlXVSHUWHVLFKXQG]RJVHLQH8QLIRUPMDFNHJODWW ª(VLVWVR©VDJWHHUªZLUKDEHQZLH6LU-DPHVVFKRQHUZlKQWH GLH,QVHOQEHUIOLHJHQODVVHQIRWRJUDILHUWXQGVLQGDXFKIQGLJ JHZRUGHQ,FKNDQQ,KQHQPLWWHLOHQGDGLH,QVHO1RUZD\YRQ HLQHU1HEHOZRONHHLQJHVFKORVVHQLVW©

ª8QGZROLHJWVLH"©IUDJWHLFKJHVSDQQWGD]ZLVFKHQ 'HU*HQHUDOEHGDFKWHPLFKPLWHLQHPXQJQlGLJHQ%OLFN ª8QJHIlKUGRUWZRQDFKGHU0HLQXQJGLHVHV6WU|PXQJV H[SHUWHQGLH.QRFKHQLQV0HHUJHIDOOHQVLQG© ª'DQQKDEHQZLUGLH,QVHO©VDJWHLFK ª-DGDVVFKRQ©JDE&ORXGPLUUHFKWª8QGGLH%RKULQVHOLVW DXFKLGHDOIUHLQHQ3ODQZLHLKQVLFKGLHVHU6ROR0RUDVVRDXV JHGDFKWKDW6LHVROOQlPOLFKGHPRQWLHUWZHUGHQXQGGLH 0HQVFKHQVROOHQGLH,QVHOYHUODVVHQ© ª+DEHQ6LHGDV"© 'HU*HQHUDOZDUHLQ=\QLNHUª+|FKVWHQVDOV6NHOHWWH©HU ZLGHUWHHU ,FKVHQNWHGHQ%OLFNZHLOGLH:XWLQPLUKRFKVWLHJXQG6LU -DPHVEHUQDKPGDV:RUWª:LUKDEHQVRIRUWJHVFKDOWHW(LQLQ GHU1lKHOLHJHQGHV6FKLIIGHU1DY\KDWVLFKELVDXI]HKQ 0HLOHQGHU,QVHOJHQlKHUWXQGEHU)XQN.RQWDNWDXIJHQRP PHQ'LH0lQQHUDXIGHP6FKLIIHUKLHOWHQVRJDUHLQH$QWZRUW 8QG]ZDUYRQGHP&KHILQJHQLHXUGHU,QVHO(VPHOGHWHVLFK 0DUN%UHQQDQ$XI$QIUDJHHUNOlUWHHUGDDOOHVLQ2UGQXQJ VHLXQGPDQVLFKNHLQHUOHL6RUJHQ]XPDFKHQEUDXFKWH1DFK GLHVHU$QWZRUW]RJVLFKGDV6FKLII]XUFN© 'DVZDUHLQHhEHUUDVFKXQJPLWGHULFKQLHLP/HEHQJHUHFK QHWKDWWH6LU-DPHVVDKHVDXFKPHLQHP*HVLFKWDQXQGHU OlFKHOWHª:LUKDEHQVHOEVWYHUVWlQGOLFKZHLWHUKLQQLFKWVXQWHU QRPPHQZHLOZLUQLFKWVLFKHUZDUHQREGLHVQLFKWHLQH)DOOH LVWGLHPDQXQVJHVWHOOWKDW(VNDQQGXUFKDXVVHLQGDQRFK HLQLJH/HXWHOHEHQXQGVLFKLQGHU*HZDOWGHV6ROR0RUDVVR EHILQGHQ'HVKDOEKDEHLFKDXFKGDYRQDEJHVHKHQDXIGLH 9RUVFKOlJHGHU0LOLWlUVHLQ]XJHKHQ.HLQH*HZDOWGDVKHLW NHLQH%RPEHQRGHU6SUHQJN|USHUEHYRUZLUQLFKWJHQDX ZLVVHQZHUVLFKDOOHVDXIGHU,QVHOEHILQGHW© 'DKDWWHPHLQ&KHIPLUDXVGHP+HU]HQJHVSURFKHQ'LHVHU )DOOZDUYLHO]XJHIlKUOLFKXPLKQVRDQ]XJHKHQZLHHVVLFK GLH0LOLWlUVVLFKHUOLFKYRUVWHOOWHQ1HLQGDPXWHQZLUK|OOLVFK DFKWJHEHQGDQLFKWVVFKLHIOLHI(LJHQWOLFKZDUHVZLHGDPDOV

EHLGHU7RWHQNRSI,QVHOHLQ(LQPDQQMRE8QGZHUNDPGDIU QXULQ)UDJH" ,FK 6LU-DPHVIXKUIRUWª:LUKDEHQDEHUZHLWHUEHUGHQ)DOO JHUHGHW-RKQXQGVLQG]XGHP(UJHEQLVJHODQJWGD6LHGLH $XIJDEHEHUQHKPHQZHUGHQGLH,QVHOVWXUPUHLI]XPDFKHQ :LUZLVVHQQLFKWZHVKDOEVLFK6ROR0RUDVVRGLH%RKULQVHODXV JHVXFKWKDWZLUN|QQHQQLFKWHLQPDOUDWHQDEHU6LHZHUGHQHV KHUDXVILQGHQ-RKQ:HQQZLUZLVVHQZLHYLHOH3HUVRQHQVLFK QRFKDXIGHU,QVHOEHILQGHQXQGRE*HLVHOQGDUXQWHUVLQGGDQQ HUVWZHUGHQZLUHWZDVXQWHUQHKPHQ© ,FKZDUHLQYHUVWDQGHQKDWWHDEHUQRFK)UDJHQª:LHVLHKWHV PLWGHU5FNHQGHFNXQJDXV"© ª'LHJLEWLKQHQGLH1DY\XQGQDWUOLFKDXFKGLH/XIWZDIIH 6LHZHUGHQHLQOHLVWXQJVVWDUNHV)XQNJHUlWPLWQHKPHQXQGVLFK QRWIDOOVPLWXQVHUHQ/HXWHQLQ9HUELQGXQJVHW]HQ$EHUGLH +DXSWDUEHLWPVVHQ6LHDOOHLQOHLVWHQ© ,FKNUDXVWHGLH6WLUQª2KQH6XNR"© 'DHUZLGHUWH6LU-DPHV3RZHOOHWZDVVHKU5LFKWLJHVª%HVLW]W HUHLQ.UHX]XQGLVWHUJHJHQGHQ1HEHOJHIHLW"© 1HLQGDVZDUHUQLFKWVRYLHOLFKZXWH$XFK%LOO&RQROO\ QLFKW,FKDOOHLQZDUHVJHZHVHQGHUGLH.LUFKHYRQ*U\QH[[D YHUODVVHQXQGVLFKGHPXQKHLPOLFKHQ1HEHOJHVWHOOWKDWWH%LOO &RQROO\6XNRGHU3IDUUHUXQGGLH(LQZRKQHUYRQ*U\QH[[D ZDUHQLQGHU.LUFKHJHEOLHEHQXQGKDWWHQGRUWJHJHQGLH 0RQVWHUJHNlPSIWGLHDXVGHP1HEHOJHNRPPHQZDUHQ 'HU1HEHOVHOEVWKDWWHVLH]XP*OFNQLFKWDQJHJULIIHQZHLO VLHVLFKLQHLQHP7HLOGHU.LUFKHYHUVWHFNWJHKDOWHQKDWWHQZR HUQRFKQLFKWKLQJHNRPPHQZDU ª:LUKDEHQXQVDXFKVFKRQ*HGDQNHQGDUEHUJHPDFKWZLH GDVDOOHVYRUVLFKJHKHQVROO©VDJWHPLUPHLQ&KHIª6LHZHUGHQ YRQHLQHP.UHX]HUPLWHLQHP+XEVFKUDXEHUVWDUWHQ'HU3LORW ZLUG6LHLQGHU1lKHGHU,QVHODEVHW]HQXQG6LHZHUGHQ VLFKGHP%RKUWXUPXQWHU:DVVHUQlKHUQ6R]XVDJHQDOV .DPSIVFKZLPPHU6LQG6LHGDPLWHLQYHUVWDQGHQ-RKQ"©

,FKZDUHV:LUKDWWHQQLFKWYLHO=HLWXQGLQGHU.U]HILHO PLUZDKUVFKHLQOLFKNHLQHDQGHUH/|VXQJHLQ ª*XW©VDJWHGHU6XSHULQWHQGHQWªGDQQZlUHGDVJHNOlUW© 6HLQH6WLPPH]LWWHUWHHWZDV(UZXWHVHOEVWZHOFKHLQH 9HUDQWZRUWXQJHUPLUGDDXIJHODGHQKDWWH8QWHU8PVWlQGHQ VWDQGLFKPXWWHUVHHOHQDOOHLQJHJHQGLH0RUGOLJDXQG'U7RG (LQ+LPPHOIDKUWVNRPPDQGR9LHOOHLFKWGHUVFKZLHULJVWH $XIWUDJGHQLFKELVKHUEHUQRPPHQKDWWH :RKOZDUPLUQLFKWGDEHL,FKVSUWHMHW]WVFKRQLP0DJHQ HLQHQ.OXPSHQGHULPPHUGLFNHUZXUGH7URW]GHPVFKDIIWH LFKHVHLQRSWLPLVWLVFKHV/lFKHOQDXI]XVHW]HQ ª:LUGVFKRQVFKLHIJHKHQ6LU©8QGGDEHLWDVWHWHLFKQDFK PHLQHP.UHX]'DVGXUIWHLFKXQWHUNHLQHQ8PVWlQGHQYHUOLH UHQGHQQGDQQZDULFKVFKXW]ORVXQGPHLQH.QRFKHQZUGHQ LUJHQGZDQQHLQPDODQGHU.VWHDQJHVFKZHPPWZHUGHQ 'LHEHLGHQ2IIL]LHUHUHLFKWHQPLUGLH+DQGXQGZQVFKWHQ PLUYLHO*OFN8QGYHUGDPPWGDVNRQQWHLFKZLUNOLFK EUDXFKHQ 6ROR0RUDVVRDOLDV'U7RGVWDQGLPPHUQHEHQ0DUN%UHQQDQ 'LHEHLGHQ0lQQHUKLHOWHQVLFKDXIGHU%UFNHDXI'HU:LQG KDWWHQDFKJHODVVHQWURW]GHPZXFKWHWHQQRFKLPPHUKRKH :HOOHQJHJHQGLHYLHU6WW]SIHLOHUGHU,QVHO(VZUGHHLQLJH =HLWGDXHUQELVVLFKGDV0HHUEHUXKLJWKDWWH 'XUFKGLH]HUVW|UWH6FKHLEHSILIIGHU:LQG6LHZUGHQLFKW ZLHGHUHUVHW]WZHUGHQGDVVWDQGIHVW0DUNKDWWHQXUGLH 6SOLWWHUEHVHLWLJW 6HLQH*HGDQNHQEHVFKlIWLJWHQVLFKPLWGHU=XNXQIW'DV NRQQWHGRFKQLFKWJODWWJHKHQZDVGLHDQGHUHQYRUKDWWHQ ,UJHQGZLHZUGHPDQHWZDVPHUNHQGHQQMHW]WVFKRQZDU HLQ$QUXIHUIROJW(LQHUHLQH5RXWLQHEHUSUIXQJ0DUNKDWWH DEJHKREHQXQGHUZXWHJHQDXZDVHU]XVDJHQKDWWH .HLQIDOVFKHV:RUWGUDQJEHUVHLQH/LSSHQVRGD6ROR 0RUDVVRVLFKVHKUEHIULHGLJW]HLJWH

1RFKZDUHUPLWVHLQHP3ODQQLFKWKHUDXVJHUFNWXQGEHL 0DUNVWHLJHUWHVLFKGLH6SDQQXQJ (UVFKDXWHQDFKGUDXHQZRQRFKLPPHUGHU1HEHOODJ 6HLQHU0HLQXQJQDFKZDUHUQLFKWPHKUVRGLFNZLHDP $QIDQJ,KPVFKLHQHVVRDOVZUGHHUVLFKDXIO|VHQ =XGHPZDUGLHVHU1HEHODQGHUV0DUNJODXEWH)LJXUHQ GDULQWDQ]HQ]XVHKHQVFKDXULJH*HVFK|SIHGLHGHU+|OOHHQW VWLHJHQZDUHQXP$QJVWXQG6FKUHFNHQ]XYHUEUHLWHQ =ZHLPDOKDWWHQVLH)OXJ]HXJHJHVHKHQGLHGLH%RKULQVHOLQ JURHU+|KHEHUIORJHQ'DVZDUDXFKDOOHV1LHPDQGNDP XP]XKHOIHQXPQDFK]XVHKHQDOOHVEOLHEUXKLJ ª*HKHQZLU©EHIDKO'U7RG,QVHLQHP*UDQLWJHVLFKWZDU NHLQH6SXUYRQ*HIKO]XOHVHQ ª:RKLQ"© 'U7RGJHVWDWWHWHVLFKHLQVFKPDOHV/lFKHOQª6LHVROOHQ HQGOLFKLQ,KUHHLJHQWOLFKH$XIJDEHHLQJHZHLKWZHUGHQ©HU NOlUWHHUXQGYHUOLHGLH%UFNH 0DUNVFKULWWKLQWHULKPKHU0RUDVVRZDUNOHLQHUDOVHUXQG HUZDQGWHLKPGHQ5FNHQ]X$POLHEVWHQKlWWH0DUNGLHVHQ 9HUEUHFKHUQLHGHUJHVFKODJHQGRFKHUZXWHDXFKGDVR HWZDVQLFKWVHLQEUDFKWH(UZDUDXIGHU,QVHOHLQ*HIDQJHQHU XQGGLHDQGHUHQZUGHQVLFKIXUFKWEDUUlFKHQ 6RVDKGLH6DFKHDXV 9RUHLQHPGHU)DKUVWKOHEOLHE'U7RGVWHKHQ8QGZLHDXV GHP1LFKWVWDXFKWHHLQHULHVHQKDIWH*HVWDOWDXI 7RNDWD (UEOLHEQHEHQ0DUN%UHQQDQVWHKHQXQGGHP,QJHQLHXUOLHI HLQH*lQVHKDXWEHUGHQ5FNHQDOVHU]XLKPKLQVFKLHOWH 0LWGHUUHFKWHQ+DQG]RJ7RNDWDGLH(LVHQWUDXI6LHZDU GRSSHOWVREUHLWZLHGLHQRUPDOHQ$XI]XJVWUHQZHLOPLW GLHVHP/LIWDXFK0DWHULDOWUDQVSRUWLHUWZXUGH ª6WHLJHLQ©HUNODQJGHU%HIHKO 0DUNVWROSHUWHLQGHQ)DKUVWXKO(UKDWWHVLFKLQ]ZLVFKHQ XPJH]RJHQWUXJMHW]WHLQHQGLFNHQ3XOORYHUHLQH%UHLWFRUG KRVHXQGHLQHQ3DUND

'HU$XI]XJUXFNWHXQGERFNWHDEHUGDVKDWWHHUVFKRQLPPHU JHWDQ0DUNOHKQWHDQGHU:DQGVWUHQJEHZDFKWYRQ7RNDWD XQG6ROR0RUDVVRGLHLKQNHLQHQ$XJHQEOLFNDXVGHQ$XJHQ OLHHQ 0RUDVVRKDWWH%UHQQDQDXFKGHQ*UXQGGDIUHUNOlUW0DUN VROOWHNHLQH=HLWKDEHQLUJHQGHWZDV]XPDQLSXOLHUHQ 6FKOLHOLFKNDQQWHHUGLH%RKULQVHODPEHVWHQXQGNRQQWHVR PDQFKH)DOOHVWHOOHQ'DVVROOWHDXVJHVFKORVVHQZHUGHQ 0LWHLQHP5XFNKLHOWGHU)DKUVWXKO7RNDWDULGLH7UDXI XQG0DUNVDKGLH6FKZDU]KDDULJHGLHLKQDXVGHP:DVVHU JH]RJHQKDWWH6LHKDWWHHLQH0DVFKLQHQSLVWROHOlVVLJEHULKUH 6FKXOWHUJHKlQJWXQGOlFKHOWHVS|WWLVFKDOV0DUNV%OLFNVLHWUDI %UHQQDQVHQNWHGLH$XJHQOLGHU'DV:HLEKDWWHVLFKDOV 3DPHOD6FRWWYRUJHVWHOOWXQGGHU1DPHZDU0DUNQLFKWXQEH NDQQW(UVWDQGDXIGHQ)DKQGXQJVOLVWHQGHU7HUURULVWHQMlJHU 'LH6FRWWDXFK/DG\;JHQDQQWZDUHLQHGHUPHLVWJHVXFK WHVWHQ7HUURULVWLQQHQ 6LHKDWWHVLFKGHP9HUEUHFKHUDQJHVFKORVVHQ +LHUXQWHQEHIDQGVLFKGDV+HU]GHU%RKULQVHO'LHJHZDO WLJHWHFKQLVFKH$QODJHGLHQ|WLJZDUXPGHQULHVLJHQ%RKUHU LQ%HWULHE]XVHW]HQ $XIGHQPRGHUQHQ,QVHOQOLHIGDVDOOHVEHU&RPSXWHUDE DEHUKLHUPXWHQRFKYLHOPDQXHOOJHFKHFNWZHUGHQ ª6LHNHQQHQVLFKMDDXV©VDJWH'U7RG 0DUNQLFNWH'HU%RKUHUKDWWHGHQ'XUFKPHVVHUHLQHV %DXPVWDPPHV:HQQHUVLFKHLQPDOGUHKWHXQGPLWVHLQHU XQJHKHXUHQ.UDIWGHQ0HHUHVERGHQDXIZKOWHZDUGDVVFKRQ JLJDQWLVFK ª:HOFKHU%RKUHULVWGULQ"©IUDJWH'U7RG ª'HU.HUQERKUHU© 0RUDVVRQLFNWH'DVZDUJXW'DPLWNRQQWHQVLHGHQ 0HHUHVERGHQDXIZKOHQ ª'LHJHQDXHQ=HLFKQXQJHQVLQGJUHLIEDU"© ª-D© ª'DQQKROHQ6LHVLHKHU©

0DUN%UHQQDQWUDWDXIGHQ6WDKOVFKUDQN]XVXFKWHGHQ SDVVHQGHQ6FKOVVHOXQGVFKORDXI (UEUDFKWHHLQH5ROOH]XUFN'U7RGHQWIDOWHWHVLHPLWLKP $XIGHP3DSLHUZDUGHU0HHUHVJUXQG]XVHKHQ8QGDXFK JHQDXGLH6WHOOHZRGHU%RKUHUDQJHVHW]WKDWWH(LQHJHZDOWLJH :DQQHZDUHEHQIDOOVPLWGQQHQ6WULFKHQHLQJH]HLFKQHW ª'DKDEHQZLUGDVgOJHIXQGHQ©HUNOlUWH0DUNª$EHUGDQQ VLQGZLUDXI6WHLQJHVWRHQHVJLQJQLFKWVPHKU© 'U7RGQLFNWH]XIULHGHQª6RLVWHVDXFKULFKWLJ© ª,FKYHUVWHKHQLFKW© ª'DVEUDXFKHQ6LHDXFKQRFKQLFKW©VDJWH0RUDVVRª,FKZLOO QXUHLQVZLVVHQ6FKDIIWGLHVHU%RKUHUHVGDV*HVWHLQ]XGXUFK GULQJHQ"© ª-DHUPWHHV$EHUZDUXPVROOHQZLU",FKPHLQH© %DUVFKZLQNWH0RUDVVRDEª6LHKDEHQKLHUQLFKWV]XIUDJHQ XQGDXFKQLFKWV]XYHUPXWHQ,FKZLOOGDZHLWHUJHERKUWZLUG ZHLOGDXQWHQHWZDVOLHJWGDVEHIUHLWZHUGHQPX© ª%HIUHLW"© ª-DGRUWJLEWHVQlPOLFKHLQHQ7RWHQGHQLFKJHUQ]XP/HEHQ HUZHFNHQP|FKWHGHQQGLHVHU7RWHOLHJWVHLWEHU-DKUHQ XQWHUGHQ7UPPHUQHLQHUDOWHQ6WDGWEHJUDEHQGLHKLHU HLQPDOJHVWDQGHQKDW8QGGHU7RWHNDQQZHLWHUOHEHQZHQQ LFKLKPGHQ3IORFNDXVGHU%UXVW]LHKH© 'LH6HHVDKJUDXDXV*UDXXQGDXIJHZKOW=ZDUKDWWHGHU :LQGQDFKJHODVVHQGDIUMHGRFKILHOHLQIHLQHU6SUKUHJHQ YRP+LPPHOGHUGLH6LFKWYHUVFKOHFKWHUWH 'LH6ROGDWHQDXIGHP6FKLIIWUXJHQGLFNHgONOHLGXQJDOVVLH GHQ+XEVFKUDXEHUVWDUWNODUPDFKWHQ(UZXUGHQRFKHLQPDO DXIJHWDQNW ,FKVWDQGHEHQIDOOVDQ'HFNXQGZlUPWHPLUPHLQH+lQGHDQ HLQHP7HHEHFKHU 1HEHQPLUQXFNHOWHGHU3LORWDQVHLQHU&ROD(UKLH*RUGRQ *UDQDGD:RKHUVHLQ1DFKQDPHVWDPPWHZXWHHUVHOEVW

QLFKWGHQQEHLGH(OWHUQNDPHQDXV%ODFNSRROZLHHUPLUEHLP HUVWHQ.HQQHQOHUQHQWUHXKHU]LJYHUVLFKHUWH*UDQDGDZDUHLQ VFKODNVLJHUHWZDVFRROZLUNHQGHU7\SGHPDOOHVHJDO]XVHLQ VFKLHQ'LHVHU0DQQNRQQWHLP6WHKHQVFKODIHQDEHUDXFK VRIRUWZLHGHUYROOGDVHLQZHQQHVGLH6LWXDWLRQHUIRUGHUWH ª0LHVHV:HWWHU©VDJWHLFK]XLKPXQGWUDQNGHQ5HVWGHV %HFKHUVOHHU (UQLFNWH ª:LUN|QQHQDEHUWURW]GHPVWDUWHQ"© :LHGHUHLQ1LFNHQ ª.|QQHQ6LHDXFKVSUHFKHQ"© 1RFKHLQPDOHLQ1LFNHQ 2*RWW:DVDQGHUH]XYLHOUHGHWHQGDVUHGHWHHU]XZHQLJ 1XUJXWGDPDQLKQEHUVHLQH$XIJDEHEHUHLWVLQIRUPLHUW KDWWH'HU+XEVFKUDXEHUVWDQGEHUHLW(VZDUHLQHZHWWHUIHVWH 0LOLWlUPDVFKLQHNHLQHNOHLQH/LEHOOHZLHVLHYRQGHU3ROL]HL EHLGHU9HUNHKUVEHUZDFKXQJEHQXW]WZLUG6LHVDKHWZDV XQI|UPLJDXV1LFKW]XOHW]WGXUFKGLHEHLGHQ]ZLVFKHQGHQ 6FKZLPPHUQEHIHVWLJWHQ=XVDW]WDQNV'HQQDXI]XVlW]OLFKHQ 7UHLEVWRIIKDWWHLFKQLFKWYHU]LFKWHQZROOHQ *RUGRQ*UDQDGDUOSVWHXQGVWHOOWHGLH)ODVFKHZHJ'DQQ ZDUIHUHLQHQ%OLFNLQGHQ+LPPHOXQGVDJWHJHQDXGDVJOHLFKH ZLHLFKª0LHVHV:HWWHU© ,FKVDKLKPQDFKZLHHU]XVHLQHU0DVFKLQHVWRO]LHUWH(LQ KRFKDXIJHVFKRVVHQHU.QDEHPLWVFKZDU]HQ+DDUHQXQGHLQHU VRODQJHQ1DVHGDHUGHQ6SLW]QDPHQª1DVH©HUKDOWHQKDWWH $EHU1DVHVROOWHHLQYHUGDPPWJXWHU3LORWVHLQXQGGDUDXI NDPHVPLUVFKOLHOLFKDQ ,QOHW]WHU=HLWZDULFKGHV|IWHUHQPLWGHP+XEVFKUDXEHU JHIORJHQ'DEUDXFKWHLFKQXUDQ'U7RGV6FKUHFNHQVLQVHO]X GHQNHQ-HW]WKDWWHHUVLFKDOOHP$QVFKHLQQDFKZLHGHUDXI HLQHU,QVHOEUHLWJHPDFKW$OOHUGLQJVDXIHLQHU%RKULQVHOZREHL LFKPLFKIUDJWHZDVHUGD]XVXFKHQKDWWH ,FKZUGHHVVFKRQKHUDXVILQGHQ 0LW:DIIHQZDULFKJXWEHVWFNW,FKWUXJPHLQ.UHX]EHLPLU

GLH%HUHWWDGHQ'ROFKXQGGLH'lPRQHQSHLWVFKH'DVDOOHV KDWWHLFKXQWHUPHLQHU3DUND-DFNHYHUVWDXW 8QVHU3ODQVDKIROJHQGHUPDHQDXV,FKZROOWHPLFKGRFK QLFKWZLHHLQ.DPSIVFKZLPPHUGHU,QVHOQlKHUQVRQGHUQGHU +XEVFKUDXEHUVROOWH]XHUVWHLQPDOGLH,QVHOEHUIOLHJHQXQG GDQQHLQLJH0HLOHQHQWIHUQWDXIGHP:DVVHUODQGHQ9RQGRUW ZROOWHLFKLQHLQ6FKODXFKERRWXPVWHLJHQGDVPLFKPLW+LOIH HLQHV$XHQERUGHUV]XGHU,QVHOEUDFKWH'DVDOOHVVROOWHLP 6FKXW]GHU'XQNHOKHLWJHVFKHKHQGHQQZLUJLQJHQGDYRQDXV GDVLFK'U7RGXQGVHLQH9DVDOOHQKWHQZUGHQGLH,QVHO]X EHOHXFKWHQ 6RHWZDVZDU]XJHIlKUOLFK :LHHVGDQQZHLWHUJLQJZHQQLFKHUVWHLQPDOGLH,QVHO HUUHLFKWKDWWHGDVODJDQPLU6ROOWHLFK+LOIHEHQ|WLJHQNRQQWH LFKSHU)XQNGLH5R\DO$LU)RUFHRGHUGLH1DY\KHUEHLKROHQ $EHUVRZHLWZDUHQZLUQRFKQLFKW(UVWHLQPDOZDUHVXQJH KHXHUVFKZLHULJEHUKDXSWGLH,QVHOXQJHVHKHQ]XEHWUHWHQ 8QGGDQQKRIIWHLFKGDVLFKGDV0HHUEHUXKLJWH 'HU&RPPDQGHUSHUV|QOLFKHUVFKLHQXQGPHOGHWHGDDOOHV VWDUWNODUZlUH(UKDWWHYRQK|FKVWHU6WHOOHGHQ%HIHKOHUKDOWHQ PLUMHJOLFKH8QWHUVWW]XQJ]XJHZlKUHQ ª'DQNH6LU©VDJWHLFK ª*XWHQ)OXJ© ,FKQLFNWHXQGJLQJORV 'LH6ROGDWHQDXI'HFNVFKDXWHQPLFKDQ ,FKJODXEWHLQLKUHQ$XJHQ0LWOHLG]XOHVHQDEHUGDVZDU ZRKOQXUHLQH7lXVFKXQJ *RUGRQ*UDQDGDKRFNWHEHUHLWVDXIGHP3LORWHQVLW]XQG FKHFNWHGLH,QVWUXPHQWHGXUFK(UKDWWHVLFKGHQ.RSIK|UHU EHUJHVWUHLIWXQGEHDFKWHWHPLFKQLFKWDOVLFKLQGHQ +XEVFKUDXEHUVWLHJ'DIUPDOPWHHUPLW%HJHLVWHUXQJDXI HLQHP.DXJXPPLKHUXP (UNQXUUWHHLQSDDU:RUWHLQGDVYRUVHLQHQ/LSSHQKlQJHQ GH0LNURIRQXQGQLFNWH]XIULHGHQ ,FKVFKDXWHDXIGDV'HFN

(LQ0DQQPLWHLQHU)ODJJHVWDQGHWZD

DXIGHU)DKUEDKQHEHQIDOOVDXIGHP5DVHQGHU&RQROO\VGHU GHQNQVWOLFKDXIJHZRUIHQHQ+JHOEHGHFNWH 6XNRVFKHOOWHDP7RU(UK|UWH%LOOV6WLPPHGXUFKGLH *HJHQVSUHFKDQODJHGDQQJOLWWGDV7RUVFKRQDXI ,P6FKULWWHPSROHQNWH6XNRGLHVFKZHUH+DUOH\GHQ:HJ KRFK%LOOVWDQGLQGHU+DXVWU(UVDKGHQEHLGHQOlFKHOQG HQWJHJHQXQGULHEVLFKGLH+lQGHZHLOHVGRFKHLQZHQLJ NKOZDU ª.RPPWUHLQ.LQGHU© 6KHLODHUVFKLHQHEHQIDOOV]XU%HJUXQJ6LHWUXJHLQHQZHLQ URWHQ3XOORYHUXQGHLQHQ5RFNPLWEUHLWHQ6WUHLIHQLQGHPVLFK GLH)DUEHGHV3XOORYHUVZLHGHUKROWH ª,FKKDEH.DIIHHJHNRFKW©VDJWHVLHOlFKHOQGXQGKDOI6KDR DXVGHU.OHLGXQJ6XNREHJUWHVLHPLW+DQGVFKODJ'LH 0lQQHUJLQJHQLQGHQ/LYLQJURRPZlKUHQG6KDRXQG6KHLOD LQGHU.FKHYHUVFKZDQGHQ %LOOXQG6XNRVHW]WHQVLFKJHJHQEHU'HU5HSRUWHUVDKGLH 6RUJHQIDOWHQDXIGHP*HVLFKWGHV&KLQHVHQ(UNRQQWHLKQJXW YHUVWHKHQGHQQZLH6XNRVRZDUDXFKHUPLWLQ*U\QH[[D JHZHVHQXQGKDWWHGDV$XIWDXFKHQGHV7RGHVQHEHOVHUOHEW 'HU5HSRUWHUNDPVRIRUW]XU6DFKHª:DUXPKDWHUGLFK GLHVPDODXVJHODVVHQ"© ª=XJHIlKUOLFK© %LOOOlFKHOWHQXU ª,P3ULQ]LSKDW-RKQUHFKW©JDE6XNR]Xª(VLVWDXFKJHIlKU OLFKGHQQZLUVLQGRKQH6FKXW]1XUVHLQ.UHX]NDQQJHJHQ GLH.UDIWGHV1HEHOVDQJHKHQ© ª'DVKHLWZLUVROOHQKLHUVLW]HQEOHLEHQ© ª1HLQLFKP|FKWH]XPLQGHVWLQGHU1lKHVHLQ©HUZLGHUWH 6XNRª'DVKDEHLFKGLUMDDP7HOHIRQJHVDJW© %LOOOlFKHOWHKLQWHUJUQGLJª,FKKDEHDOOHVYRUEHUHLWHW© HUNOlUWHHUª'XZHLWHVJHKWQLFKWVEHUJXWH%H]LHKXQJHQ XQGGLHKDEHLFKQXQPDO)UXQVVWHKWDXIHLQHP)OXJKDIHQ DQGHU.VWHHLQH0DVFKLQHEHUHLWGLHZLUQHKPHQN|QQHQ© ª+HXWHQRFK"©

ª.ODU© ª8QGZDVVDJW6KHLOD"© ª1LFKWV6KDRZLUGLKU*HVHOOVFKDIWOHLVWHQ:LUPVVHQ HLQIDFK]XVHKHQGDZLU-RKQGHQ5FNHQVWlUNHQ:HLW GXEHUKDXSWZRGLHVH,QVHOOLHJW"© ª-D-RKQKDWPLUGLH.RRUGLQDWHQJHJHEHQ© ª'DVLVWJXW© 'LH)UDXHQEUDFKWHQGHQ.DIIHHGRFKGLHEHLGHQ0lQQHU OHKQWHQDE ª:LUPVVHQIDKUHQ'DUOLQJ©VDJWH%LOOXQGOlFKHOWHGDEHL 6KHLODQLFNWH 6LHZDUHLQZHQLJEODJHZRUGHQQRFKLPPHUKDWWHVLHJURH $QJVWXPLKUHQ0DQQª:LOOVWGXGLFKDXFKYRQ-RKQQ\YHU DEVFKLHGHQ"© ª/DLKQVFKODIHQ,FKELQMDEDOGZLHGHU]XUFN© ª+RIIHQWOLFK© :HQLJVSlWHUVDHQGLHEHLGHQ0lQQHULQ%LOOV3RUVFKH ª:HOFKH:DIIHQKDVWGX"©IUDJWH6XNR ª1XUGLH6LOEHUNXJHO%HUHWWD© ª,FKHEHQIDOOV© ª9HUGDPPWZHQLJ©PHLQWH%LOOª:HQQPDQEHGHQNWZDV DOOHVDXIXQV]XNRPPHQNDQQ© 6XNRQLFNWHª'XVDJVWHVPHLQ/LHEHU© 8QWHUXQVODJGDV0HHU,FKNDQQWHLQ]ZLVFKHQGDV6FKDXVSLHO VFKRQZHLOLFKHLQHUIDKUHQHU0LWIOLHJHUEHL+XEVFKUDXEHU HLQVlW]HQZDU8QGHVLQWHUHVVLHUWHPLFKKHXWHEHVRQGHUV ,FKEHREDFKWHWHQlPOLFKGDV6SLHOGHU:HOOHQ :LHKRFKVFKOXJHQVLH"6FKOHFKWDXVPHLQHU3RVLWLRQ]X VFKlW]HQDEHUDQGHQKHOOHQ6FKDXPNlPPHQVDKLFKGRFKGD GHU:LQGLPPHUQRFKNUlIWLJEOLHV *UDQDGDKDWWHGHQ.RSIK|UHUQDFKKLQWHQJHVFKREHQVRGD VHLQH2KUHQIUHLODJHQ $XFKHUEOLFNWHKLQXQGZLHGHUVNHSWLVFKQDFKXQWHQ'DQQ

VFKREHULPPHUVHLQHQ.DXJXPPLYRQHLQHP0XQGZLQNHOLQ GHQDQGHUHQ ª6LHKWQLFKWJXWDXV©VDJWHLFK :LHGHUQLFNWHHU 9LHOOHLFKWKDWWHHUVHLQH6WLPPHYHUORUHQ0DQNRQQWHMDQLH ZLVVHQ(UZDUDOOHUGLQJVHLQ.|QQHU'HQQKLQXQGZLHGHU ZXUGHGLH0DVFKLQHYRQ:LQGE|HQGXUFKJHVFKWWHOW*UDQDGD ILQJVLHHOHJDQWDEVRZLHHLQJXWHU$XWRIDKUHUGHUGXUFK *HJHQOHQNHQVFKZLHULJH$XIJDEHQPHLVWHUW ,FKIKOWHPLFKLQGLHVHUOXIWLJHQ+|KHQLFKWEHVRQGHUVZRKO :HQQPDQ/DQGXQWHUGHP+XEVFKUDXEHUVLHKWKDWPDQ LPPHUGDV*HIKOQRFKHLQLJHUPDHQVLFKHUQDFKXQWHQ]X NRPPHQDEHULP:DVVHU]XODQGHQLVWYHUGDPPWULVNDQWGHQQ HLQH0DVFKLQHNDQQVFKQHOOZHJVDFNHQ :LUVDKHQGLHHUVWH,QVHO :LHHLQJLJDQWLVFKHUDEVWUDNWHU.RORWDXFKWHVLHLP'XQVW GHV6SUKUHJHQVDXI6LHVFKLHQPLWGHU6SLW]HGLHWLHIOLHJHQGHQ :RONHQ]XEHUKUHQXQGGLHYHUHLQ]HOWEUHQQHQGHQ/LFKWHU EOLQNWHQZLHIHUQH6WHUQH ª'DVLVWVLHQRFKQLFKW©ULHILFK ª,FKZHL© (UNRQQWHDOVRGRFKUHGHQ,FKZDUGLUHNWIURK'DQQYHU ODQJWHHUGLH.DUWHQXQGOHJWHVLHDXIVHLQH.QLH(UVWXGLHUWH VLHHLQHQ0RPHQWQLFNWHPLUGDQQ]XVRGDLFKGLH.DUWHZLH GHUZHJQHKPHQNRQQWH 'LHVHU3LORWZDUVFKRQHLQ3KlQRPHQ8QGGDEHLNOHEWH LPPHUHLQHWZDVVS|WWLVFKHV*ULQVHQLQVHLQHQ0XQGZLQNHOQ :LUEHUIORJHQGLH%RKULQVHO,QGHU1lKHZKOWHVLFKHLQ &RQWDLQHUVFKLIIDXIGLH,QVHO]X6FKZHUVWDPSIWHHVGXUFK GLH6HH ,FKZDUIHLQHQ%OLFNDXIGHQ.RPSD .XUV1RUG1RUGRVW 0LWWHQKLQHLQLQGLH1RUGVHH$XIGHU.DUWHZDUHQGLH HLQ]HOQHQ%RKULQVHOQHLQJH]HLFKQHWXQGLFKZXWHGD GLH]ZHLWHGLHZLUDQIORJHQXQVHU=LHOVHLQZUGH(LQGLFKWHU

5LQJODJXPGLH,QVHO'DVKHLWHUZDUQLFKW]XVHKHQDEHUGLH 6FKLIIHGHU5R\DO1DY\VROOWHQGDIUVRUJHQGDQLHPDQGGLH ,QVHOYHUOLH *DQ]HQWIHUQWKDWWHLFKGLH+RIIQXQJGDZLUGLH0RUGOLJD YLHOOHLFKWVSUHQJHQNRQQWHQ'HQQZHQQVLFKDXHU0DUN %UHQQDQNHLQHDQGHUHQ*HLVHOQDXIGHU,QVHOEHIDQGHQZUGH LFKGDV6LJQDO]XP$QJULIIJHEHQIDOOVHVPLUJHOLQJHQVROOWH %UHQQDQ]XEHIUHLHQ 'LH=HLWYHUVWULFK/lQJVWZDUGLHHUVWH%RKULQVHOKLQWHUXQV YHUVFKZXQGHQ:HLWYRUQYHUVFKPRO]GDV*UDXGHV0HHUHVPLW GHP*UQJUDXGHV:DVVHUV 'RUWLUJHQGZRPXWHXQVHU=LHOOLHJHQ ,QPLUVWLHJGLH6SDQQXQJ(VZDUZLUNOLFKHLQHYHUGDPPW KDUWH6DFKHGLHPLUEHYRUVWDQG ª'LH,QVHO©VDJWHGHU3LORW ,FKZDULQGHQOHW]WHQ0LQXWHQPLWPHLQHQ*HGDQNHQ EHVFKlIWLJWJHZHVHQXQGKDWWHQLFKWDXIGDV0HHUJHVFKDXW 1XQMHGRFKEOLFNWHLFKKLQXQWHU ,FKVDKVLHXQGLFKVDKVLHGRFKQLFKW'HQQGRUWZRGLH,QVHO OLHJHQPXWHKDWWHVLFKGHU'XQVWYHUGLFKWHW 1HLQGDVZDUNHLQ'XQVWVRQGHUQ1HEHO 'HU7RGHVQHEHO 'DVVDJWHLFK*RUGRQ*UDQDGDª8PIOLHJHQ6LHGLH,QVHO OLHEHU©ZDUQWHLFKª$XINHLQHQ)DOOLQGHQ1HEHOKLQHLQ© (UOlFKHOWHVS|WWLVFKª+DEHQ6LHYLHOOHLFKW$QJVWGDLFK JHJHQGHQ%RKUWXUPIOLHJH"© ª1HLQ© ª:DUXPVROOLFKGHQ1HEHOPHLGHQ"© ª:HLOHVEHVVHULVW]XP+HQNHU© ª2ND\RND\LFKKlWWHGLH,QVHOVRZLHVRXPIORJHQ©(U]RJ GLH0DVFKLQHK|KHUGDPLWVLHLQGHQ:RONHQYHUVFKZDQG 'DQQPXWHHUZLHGHUWLHIHUJHKHQGHQQLQGHQ:RONHQNRQQ WHQZLUEHUKDXSWQLFKWVPHKUVHKHQ :LUQlKHUWHQXQVDXVVGOLFKHU5LFKWXQJ,UJHQGZLHZLUNWH GLH%RKULQVHOJHLVWHUKDIWXQGGDVQLFKWQXUZHJHQGHV1HEHOV

VRQGHUQDXFKZHLONHLQH/LFKWHUEUDQQWHQ%HLGHQKHUUVFKHQ GHQ6LFKWYHUKlOWQLVVHQZDUHQGLH,QVHOQQRUPDOHUZHLVH EHOHXFKWHWGLHVHQLFKW 8QGGDVZXQGHUWHPLFKGHQQGDPLWOLHI'U7RG*HIDKUDXI ]XIDOOHQGRFKGDVVFKLHQLKQQLFKW]XVW|UHQ,FKIUDJWHPLFK QXUZDVHUDXIGLHVHU,QVHOZROOWH ª6ROOLFKQlKHUUDQ"©ULHIGHU3LORW ,FKQLFNWHª$EHUEHUIOLHJHQQLFKW"© (UJULQVWH ª-D8QGJHEHQ6LHDFKWGD6LHQLFKWLQGHQ1HEHOJHUDWHQ© ZDUQWHLFKLKQQRFKHLQPDO *RUGRQ*UDQDGDQDKPGLH6DFKHYLHO]XZHQLJHUQVW$EHU ZLHKlWWHLFKLKPDXFKEHJUHLIOLFKPDFKHQVROOHQGDGLHVHU EHUGHU%RKULQVHOOLHJHQGH1HEHOJHIlKUOLFKZDU" ,FKNRQ]HQWULHUWHPLFK 9RQGHU,QVHOVHOEVWZDUNDXPHWZDV]XVHKHQ'HU1HEHO KOOWHVLHZLHHLQULHVLJHU:DWWHEDXVFKHLQ6FKHPHQKDIWQXU HUNDQQWHLFKGLHJHZDOWLJHQ6WDKOWUlJHURGHU3ODWWIRUPHQ :LUIORJHQDQ 6FKUlJUDXVFKWHGHU+XEVFKUDXEHUDXIGLH%RKULQVHO]X 'LH1HEHOZRONHZXUGHLPPHUJU|HUJHZDOWLJHUPHLQ+HU] NORSIWHVFKQHOOHU:DUGHU.HUOGHQQZDKQVLQQLJ":ROOWHHU WURW]DOOHU:DUQXQJHQLQGHQ1HEHOKLQHLQUDVHQ" ª*HEHQ6LHDFKW©EUOOWHLFK 'D]RJHUGHQ+XEVFKUDXEHUKRFK6RVWHLOXQGVRVFKQHOO GDVLFKPLUIDVWGHU0DJHQXPGUHKWH:LUIORJHQEHUGLH ,QVHOKLQZHJOLHHQGHQ1HEHOXQWHUXQV 2GHU" ,FKSHLOWHGXUFKGLH6LFKWVFKHLEHXQGVDKSO|W]OLFKZLHGHU 1HEHOI|UPOLFKH[SORGLHUWH(LQH:RONHSXIIWHDXIVSULW]WHXQG VFKOHXGHUWHQDFKDOOHQ6HLWHQXQGZLHJHZDOWLJH$UPHQlKHU WHQVLFK]ZHLJUDXH6FKHPHQXQVHUHP+XEVFKUDXEHU *HIDKU ,FKZDUVLFKHUGDGHU+XEVFKUDXEHUXQVQLFKWVFKW]HQ ZUGHZHQQGHU7RGHVQHEHODQJULII

ª:HJ©EUOOWHLFK ª:DV"© 9HUGDPPW]XVSlW 3O|W]OLFKVDKLFKGLHNUHLVHQGHQURWLHUHQGHQ6FKOHLHUGLFKW YRUGHU6LFKWVFKHLEHXQGLFKZXWHGDGHU7RGHVQHEHOXQV HLQJHKROWKDWWH -HW]WVDQNHQGLH&KDQFHQUDSLGH +DVWLJWDVWHWHLFKQDFKPHLQHP.UHX]KROWHHVXQWHUGHP 3XOORYHUKHUYRUXQGYHUVXFKWHGLHLQGDV,QQHUHGHV +XEVFKUDXEHUVHLQGULQJHQGHQ6FKZDGHQDE]XZHKUHQ =XVSlW 6LHZDUHQVFKRQGD :LHJLHULJH)LQJHUJULIIHQVLHQDFKXQV,FKVSUWHGHQ$Q SUDOOGHV%|VHQIDVWZLHHLQHQN|USHUOLFKHQ6FKODJ6LHZROOWHQ PHLQHQ*HLVWEHKHUUVFKHQGRFKGDV.UHX]JHVWDOWHWHQVLFKDOV HLQH]XJURH%DUULHUH 'DIUIDQGHQVLHHLQDQGHUHV2SIHU *RUGRQ*UDQDGD (UZDUGHPYHUGDPPWHQ1HEHOKLOIORVDXVJHOLHIHUW3O|W]OLFK KDWWHQLKQGLHJUDXZHLHQ$UPHXPIDQJHQVLHNURFKHQEHU VHLQHQ.|USHUVHLQ*HVLFKWXQG 'HU3LORWVFKULH (UVSUWHGHQ+RUURUGHQQZDVMHW]WIROJWHZDUGHUQDFNWH $OSWUDXPGDV*UDXHQVFKOHFKWKLQ *UDQDGDYHUVWHLQHUWHQLFKWVRQGHUQZXUGH]XP6NHOHWW 6HLQH+DXWO|VWHVLFKDXI ,FKZROOWHLKPKHOIHQZROOWHGDV.UHX]DXIVHLQHQ.RSI OHJHQGRFKHVZDUVFKRQ]XVSlW 'U7RGV+RUURU1HEHOZDU]XHLQHPHUEDUPXQJVORVHQ ,QVWUXPHQWGHU5DFKHJHZRUGHQ 1RFKKLHOWHQGLH+lQGHGHV3LORWHQGHQ6WHXHUNQSSHO XPNODPPHUW$OOHUGLQJVZDUGLH+DXWDXIGHQ.Q|FKHOQOlQJVW DEJHSODW]WXQGGLHZHLHQ.QRFKHQVWDQGHQKHUYRU (LQVFKDXULJHV%LOG *RUGRQ*UDQDGDEHIDQGVLFKIHVWLQGHQ.ODXHQGHUDQGHUHQ

0DFKWGHV%|VHQ (UVFKULHEUOOWHXQGWREWH+RFNWHZHLWHUKLQDXIGHP 3LORWHQVLW]XQGVFKOXJZLOGXPVLFK'DQQVFKOHXGHUWHHUGHQ +|UHUYRP.RSIXQGO|VWHVHLQHQ$QVFKQDOOJXUW $XFKLFKZDUQRFKDQJHVFKQDOOWXQGZROOWHHEHQIDOOVORV 'DJHJHQKDWWH*UDQDGDHWZDV3O|W]OLFKZDUIHUVLFKQDFK UHFKWVXQGHKHLFKPLFKYHUVDKNUDOOWHQVLFKVHLQH .QRFKHQILQJHUXPPHLQH.HKOH ª7|WHQ©JXUJHOWHHUªLFKZHUGHQGLFKW|WHQ© (UZDUEHVHVVHQGLH.UlIWHGHU+|OOHKLHOWHQLKQXQWHULKUHP %DQQ+LQ]XNDPGDGHU+XEVFKUDXEHUMHW]WQRFKVWHXHUORV ZDUXQGZLUXQVLQGHUJURHQ*HIDKUEHIDQGHQDE]XVWU]HQ 'DVVFKRPLULQ6HNXQGHQEUXFKWHLOHQGXUFKGHQ.RSI ZlKUHQGLFKLQHLQ*HVLFKWVWDUUWHGDVVFKRQQLFKWV 0HQVFKOLFKHVPHKUDQVLFKKDWWH 'LH+DXWZDUGQQJHZRUGHQ$QGHU6WLUQKDWWHVLHVLFK EHUHLWVJHO|VW6LHZXUGH]XHLQHUVFKOHLPLJHQ0DVVHGLHODQJ VDPQDFKXQWHQIOR =XHUVWYHUVFKZDQGGLH1DVHGDQQILHOHQGLH/LSSHQHLQXQG LFKVDKGLHEOHFNHQGH=DKQUHLKH ,Q]ZLVFKHQZXUGHGHU+XEVFKUDXEHUGXUFKJHUWWHOWDOV ZlUHHULQ:LQGE|HQJHUDWHQ 9HUGDPPWLFKPXWHGDV6NHOHWWDXVVFKDOWHQGDQQVHOEVW VWHXHUQXPHLQHQ$EVWXU]]XYHUKLQGHUQ $EHUGDV0RQVWHUKLHOWHLVHUQIHVW6FKUlJODJHVDXIPLU,Q GHQMHW]WOHHUHQ$XJHQK|KOHQJlKQWHGLH6FKZlU]HXQG *UDXVDPNHLWGHV$OOV 'LH/XIWZDUPLUNQDSSJHZRUGHQLFKU|FKHOWHKDWWHPHLQH )LQJHUXPGLH.QRFKHQJHOHQNHJHNODPPHUWXQGYHUVXFKWH PLFKPLWDOOHQ0LWWHOQ]XEHIUHLHQ ,FKVFKDIIWHHVQLFKW (LVHUQKLHOWHUIHVW 'DOLHLFKPHLQH$UPHNXU]HUKDQGIDOOHQXQGIKOWHQDFK PHLQHP.UHX] ,FKQDKPHVLQGLHUHFKWH+DQGKREGHQ$UPXQGIKUWHGDV

.UX]LIL[]ZLVFKHQVHLQHQZUJHQGHQ+lQGHQKLQGXUFKJHJHQ VHLQ*HVLFKW 'LHVPDOKDWWHLFK(UIROJ 'HUPXWLHUWH3LORWVFKLHQLQHLQHP/LFKWEOLW]]XH[SORGLHUHQ 3O|W]OLFKZDUGDV,QQHUHGHV+XEVFKUDXEHUVJOHLHQGKHOO(LQ JUDXHQKDIWHU6FKUHLGUDQJDQPHLQH2KUHQXQGXQWHUPHLQHQ )LQJHUQIKOWHLFKGLH.QRFKHQ]X$VFKH]HUIDOOHQ 'DV0RQVWHUYHUJLQJ 'HU.UDIWXQGGHU0DFKWGHV.UHX]HVKDWWHHVQLFKWVHQW JHJHQ]XVHW]HQ'HU'UXFNDQPHLQHP+DOVYHUVFKZDQG,FK NRQQWHHQGOLFKZLHGHUDWPHQXQGVDXJWHGLHKHUUOLFKH/XIWLQ PHLQH/XQJHQ 'LH+HOOLJNHLWYHUVFKZDQG:RGHU3LORWJHVHVVHQKDWWHODJ QXUQRFK6WDXEVRQVWQLFKWV 0HKUQLFKW ,FKHUZDFKWH]XHLQHUILHEHUKDIWHQ$NWLYLWlWO|VWHHUVWHLQPDO PHLQHQ*XUWXQGUXWVFKWHGDQQDXIGHQ3LORWHQVLW] 'DEHLZDUILFKHLQHQ%OLFNQDFKGUDXHQ )DVWGURKWHPLUGHU+HU]VWLOOVWDQG 'HU+XEVFKUDXEHUGLHOHW]WH=HLWVWHXHUORVJHZHVHQUDVWH DXIGLHZRJHQGHJUDXJUQH)OlFKH]XXQGZUGHLQZHQLJHQ 6HNXQGHQ]HUVFKPHWWHUWVHLQ 'LH,QVHOHU]LWWHUWH 'LH6FKZLQJXQJHQGHVJHZDOWLJHQ%RKUHUVEHUWUXJHQVLFK ZHJHQGHUJXWHQ/HLWIlKLJNHLWGHV0HWDOOVDXFKDXIGLH $QZHVHQGHQ0DQFKPDOVFKLHQHQLKUH.|USHUXQWHU6WURP]X VWHKHQVRVHKUZXUGHQVLHGXUFKJHVFKWWHOW 0DUN%UHQQDQKREQXUGLH6FKXOWHUQ ª:DVLVW"©ZROOWH'U7RGZLVVHQ(UPXWHODXWUXIHQXP VLFKYHUVWlQGOLFK]XPDFKHQ ª'DV*HVWHLQLVWYHUGDPPWKDUW:LUPVVHQGDPLWUHFKQHQ GDGHU%RKUHUEULFKW© 6ROR0RUDVVRVFKDXWH0DUN%UHQQDQHLQHQ$XJHQEOLFNODQJ

NDOWDQ'DQQVDJWHHUª:HQQGDVHLQWULIIWVLQG6LHHLQWRWHU 0DQQ© %UHQQDQ]XFNWH]XVDPPHQ(UKDWWHGLH:RUWHZRKOYHUVWDQ GHQXQGHUZXWHXPGHUHQ%HGHXWXQJ,KPZDUNODUGD GLHVHU9HUEUHFKHUVLHDXFKLQGLH7DWXPVHW]HQZUGHXQG VHLQH&KDQFHQVDQNHQ ª,FKNDQQGRFKQLFKWVGDIU©YHUWHLGLJWHHUVLFKGRFK 'U7RGVFKWWHOWHXQQDFKJLHELJGHQ.RSI)ULKQZDU %UHQQDQGHU6QGHQERFN *HPHLQVDPEHREDFKWHWHQVLHHLQHQ7HLOGHVJHZDOWLJHQ %RKUJHVWl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ª:DVLVW"6FKODIHQ6LH"© ª1HLQQHLQ© ª$FKWHQ6LHDXIGHQYHUGDPPWHQ%RKUHUGHQQZHQQHU EULFKWODVWHQZLU,KQHQGDVDQ© 0DUNQLFNWH (VZDUQLFKWVJHEURFKHQXQGGLHHUVWH6FKLFKWGHV*HVWHLQV KDWWHQVLHEHUHLWVGXUFKERKUWDEHUQRFKODJHLQH+lOIWHYRU LKQHQ:UGHGHU%RKUHUKDOWHQ" :HQQMDZDVHUZDUWHWHVLHWLHIXQWHQLP0HHU"'LHVHU 0RUDVVRKDWWHYRQMHPDQGHPJHVSURFKHQGHPQXUQRFKGHU 3IORFNDXVGHU%UXVWJH]RJHQZHUGHQPXWH6FKRQODQJHKDWWH HUEHUGLH:RUWHQDFKJHGDFKWXQGZDU]XGHP6FKOX JHODQJWGDHVVLFKGDEHLQXUXP9DPSLUHKDQGHOQNRQQWH

9DPSLUHW|WHWHPDQPLWHLQHP3IORFN'RFKGLHVHU9DPSLU VFKLHQQLFKWWRW]XVHLQWURW]GHV3IORFNV :LHGHUWUDIHQVLFKVHLQHXQGGLH%OLFNHGHUVFKZDU]KDDULJHQ )UDX6LHOlFKHOWHVS|WWLVFKXQGDXFKDUURJDQW9RQLKUKDWWHHU NHLQH+LOIH]XHUZDUWHQREZRKO0DUNVFKRQGDUDXIVSHNXOLHUW KDWWHVLHDXIVHLQH6HLWH]X]LHKHQ $EHUGLH7HUURULVWLQZDU'U7RGYHUIDOOHQUHJHOUHFKWK|ULJ 1HLQVHLQH&KDQFHQZDUHQJOHLFK1XOO 'LHVH,QVHOZUGHHUQXUQRFKWRWYHUODVVHQ 3O|W]OLFKKRUFKWHHUDXI6HOEVWGXUFKGDV+lPPHUQGHV %RKUHUVKDWWHHUGDV0RWRUHQJHUlXVFKYHUQRPPHQ (LQ+XEVFKUDXEHUIORJEHUGLH%RKULQVHO $XFK'U7RGKDWWHGDV*HUlXVFKJHK|UW6HLQH$XJHQ YHUHQJWHQVLFKHUZDUI0DUNHLQHQNDOWHQ%OLFN]Xª:DVKDW GDV]XEHGHXWHQ"©ZROOWHHUZLVVHQ 0DUN%UHQQDQKREGLH6FKXOWHUQª,FKZHLHVQLFKW© 'U7RGV$XJHQYHUHQJWHQVLFKXQGHUJLQJHLQHQ6FKULWWYRU ª/JHQLFKWYHUGDPPW© 0DUNZDQNWH]XUFNZREHLHUEHLGH+lQGHKREª1HLQ QHLQZLUNOLFK,FKKDEHGDPLWQLFKWV]XWXQ© :LH'U7RGXQG/DG\;ODXVFKWHHUDXIGDV0RWRUHQJHUlXVFK GHV+XEVFKUDXEHUV(VZXUGHOHLVHUXQGDOVDOOHDXIDWPHWHQ VFKZROOHVZLHGHUDQ 'U7RGV*HVLFKWZXUGH]XHLQHUE|VHQ*ULPDVVHª1HLQ© NHXFKWHHUª,FKZHUGHHVLKQHQ]HLJHQ©6HLQ*HVLFKWVFKLHQLP QlFKVWHQ$XJHQEOLFN]XHUVWDUUHQ-HGHU0XVNHOZXUGHUXKLJ 0DQNRQQWHGDV*HIKOKDEHQ6ROR0RUDVVRZlUHYHUVWHLQHUW 1DFKHWZD]HKQ6HNXQGHQHQWVSDQQWHHUVLFKZLHGHU ª(VLVWDOOHVNODU©VDJWHHU 0DUN%UHQQDQZROOWHZLVVHQZDVJHVFKHKHQZDU 'U7RGOlFKHOWHª,FKKDEHPLFKDXIGHQ7RGHVQHEHONRQ]HQ WULHUW©HUZLGHUWHHUª'HQQHULVWPHLQ.LQG,FKNDQQLKQ OHQNHQXQGVWHXHUQ© ª8QG6LHKDEHQLKQDXIGHQ+XEVFKUDXEHU© ª-D©

%UHQQDQVFKWWHOWHGHQ.RSIª8QJODXEOLFK©lFK]WHHU ª(LQIDFKXQJODXEOLFK© ª,FKZLOOKLHUNHLQH6W|UXQJKDEHQ©VDJWH0RUDVVRKDUWª'HU 1HEHOZLUGVLHIUHVVHQXQGGDVVROODXFKIUGLHDQGHUHQHLQH :DUQXQJVHLQ+DEHQ6LHGDVYHUVWDQGHQ"© ª-D© ª'DQQLVWHVJXW,FKKRIIHQXUGD,KU%RKUHUKlOWGHQQLFK PXLKQEHIUHLHQ'LHQlFKVWH6WXQGHZLUGHQWVFKHLGHQGVHLQ :HQQHVXQVJHOLQJWLKQ]XHUZHFNHQXPVREHVVHU*HOLQJWHV QLFKWZHUGHQ6LHVWHUEHQ%UHQQDQ© 0DUNJDENHLQH$QWZRUW(UVHQNWHGHQ%OLFN'DEHLVDKHU ZLHGHUGLHVHQULHVHQKDIWHQ6DPXUDLGHUVLFKLQHLQHU1LVFKH YHUERUJHQKLHOWXQGQXUQRFK]XDKQHQZDU 'U7RGEOLHEHLQLJH6HNXQGHQZLHEHUOHJHQGVWHKHQGDQQ GUHKWHHUVLFKXPXQGVFKDXWH0DUNDQª6LHZROOWHQGRFKVR JHUQZLVVHQZHVKDOEGHU%RKUHUGDV*HVWHLQDXIUHLW"© ª-D© ª,FK]HLJH,KQHQHWZDV© $OV0DUNQLFKWYRUDQJLQJZLQNWH'U7RGKDVWLJª.RPPHQ 6LHNRPPHQ6LH© 8QGGLH)UDXPDFKWHHLQH%HZHJXQJPLWLKUHU0DVFKLQHQ SLVWROHVLHZDUXQPLYHUVWlQGOLFK 'LH0lQQHUOLHHQGDV%RKUJHVWlQJHDXHUDFKWXQGJLQJHQ ZLHGHU]XGHQ)DKUVWKOHQ7RNDWDIROJWHZLHHLQ6FKDWWHQ ª/DQJHN|QQHQZLUQLFKWZHJEOHLEHQ©VDJWH0DUNª6RQVWLVW GHU%RKUHUDXHU.RQWUROOH© ª,FKZHL© 6LHIXKUHQHLQH(WDJHWLHIHUZRGLH$XIHQWKDOWVUlXPHGHU $UEHLWHUODJHQ'LH/HLWHQGHQVFKOLHIHQKLHUHEHQIDOOV $OOHUGLQJVLQEHVVHUHQ5lXPHQ ª*HKHQ6LHLQ,KU=LPPHU©ZXUGH0DUNEHIRKOHQ 'HUIKUWHGHQ6FKOVVHOLPPHUEHLVLFKXQG|IIQHWHGLH7U 6LHVFKZDQJTXLHWVFKHQG]XUFNXQGJDEGHQ%OLFNIUHLDXI HLQHQNlUJOLFKP|EOLHUWHQ5DXPLQGHPGDVPRGHUQH5DGLR GDVHLQ]LJDXVJHIDOOHQH6WFNZDU

1RUPDOHUZHLVH 'RFKGDQQHQWGHFNWH0DUN%UHUPDQGHQDXIGHP7LVFKVWH KHQGHQ*HJHQVWDQGGHUGXUFKHLQ7XFKYHUGHFNWZXUGH 7URW]GHPDKQWHHUGLHYLHUHFNLJHQ)RUPHQ ª%OHLEHQ6LHDQGHU7UVWHKHQ©EHIDKO'U7RG 0DUNJHKRUFKWH 7RNDWDKDWWHVLFKQHEHQLKPDXIJHEDXW6HLQH+DQGODJDXI GHP*ULIIGHV6DPXUDL6FKZHUWHV 6ROR0RUDVVRDEHUJLQJDXIGHQ7LVFK]XSDFNWHGDV7XFKDQ HLQHP=LSIHOXQG]RJHVPLWHLQHP5XFNDE (VZDULQGHU7DWHLQ:UIHOGHQGDV7XFKYHUGHFNWKDWWH $EHUZDVIUHLQHU *OlVHUQXQGDQDOOHQ6HLWHQOHLFKWEOlXOLFKVFKLPPHUQG(U VWUDKOWHLUJHQGHWZDV*HKHLPQLVYROOHVDXVHWZDVGDV0DUN %UHQQDQXQDQJHQHKPEHUKUWH 6RIRUWWUDWHUHLQHQ6FKULWW]XUFN(UIUFKWHWHVLFKSO|W]OLFK YRUGHP:UIHOXQGKlWWHLKQXPNHLQHQ3UHLVGHU:HOW DQJHIDW 'U7RGODFKWHª$QJVW"©K|KQWHHUXQGVFKULWWDXIGHQ7LVFK ]XZRGHU:UIHOODJ %UHQQDQVFKZLHJ1XUHLQH*lQVHKDXWULHVHOWHEHUVHLQHQ 5FNHQ 'U7RGDEHUXPIDWHGHQ:UIHOPLWEHLGHQ+lQGHQª(U JHK|UWPLU©VDJWHHUIOVWHUQGª9HUGDPPWHUJHK|UWPLU(ULVW HLQ*HVFKHQNGHU+|OOHQWRFKWHU$VPRGLQD9HUVWHKVWGX"© 0DUN%UHQQDQVFKWWHOWHGHQ.RSI ª,FKJODXEHGLU©ODFKWH'U7RG,QVHLQH$XJHQZDUHLQLUUHV *OLW]HUQJHWUHWHQª'LHVHU:UIHOELUJWGLH*HKHLPQLVVHYLHOHU :HOWHQPDQNDQQGXUFKLKQVFKDXHQ0DQNDQQLKQDEHUDXFK ]XP*XWHQHLQVHW]HQZHQQHULQGLHULFKWLJHQ+lQGHIlOOW-HW]W MHGRFKJHK|UWHUPLUXQGLFKVSDQQHLKQIUPHLQH=ZHFNHHLQ 6LHKDEHQVLFKEHVWLPPWJHIUDJWZRKHUGHU1HEHOVWDPPW RGHU"© 0DUNQLFNWH ª'HU:UIHOKDWLKQJHVFKDIIHQ'LHVHUNOHLQH:UIHOKLHULVW

IUGHQ7RGHVQHEHOYHUDQWZRUWOLFKGHQQHUWXWGDVZDVLFK VDJH0LWLKPLQGHQ+lQGHQELQLFKPlFKWLJXQJHKHXHU PlFKWLJVRJDU8QGGDVZHUGHLFKGLUEHZHLVHQ©'U7RGKRE GHQ:UIHOOHLFKWDQXQGNLSSWHLKQDXIGLH.DQWHª6LHKKHU© IOVWHUWHHU (VZDUVWLOOJHZRUGHQ.DXPMHPDQGZDJWH]XDWPHQDOV 6ROR0RUDVVRGHQ:UIHOEOLW]VFKQHOOGUHKWH 3O|W]OLFKURWLHUWHHUDXIGHU.DQWHGUHKWHVLFKXPVHLQHHLJH QH$FKVHXQGELOGHWHGXUFKGLHVHVFKQHOOHQ8PGUHKXQJHQ HLQHQ.UHLVLQGHPHVDXIHLQPDOIOLPPHUWHXQG]XFNWH (LQEOlXOLFKHU6FKOHLHUOHJWHVLFKXPGHQ:UIHOXQG0DUN KDWWHVHNXQGHQODQJGLH%HIUFKWXQJGDZLHGHUXPGHU P|UGHULVFKH1HEHOHQWVWHKHQZUGH 'DVJHVFKDKQLFKW 'DIUNDPGHU:UIHOSO|W]OLFK]XU5XKH6HLQH%HZHJXQJHQ ZXUGHQVFKZlFKHUXQGVFKOLHOLFKEOLHEHUOLHJHQ 'U7RGODFKWHª-HW]W©VDJWHHUªMHW]WVLHKVWGXHV© 0DUN%UHQQDQVWDUUWHGHQ:UIHODQ(UVFKDXWHDXIGLHLKP ]XJHZDQGWH6HLWHXQGVHLQH$XJHQZXUGHQLPPHUJU|HU (UVDKLQGHP:UIHOHLQ%LOG $EHUQLFKWHUVHOEVWRGHU'U7RGVSLHJHOWHQVLFKGDULQZLH YLHOOHLFKWDQ]XQHKPHQZDUVRQGHUQHLQHY|OOLJIUHPGH6]HQH 'HU0HHUHVJUXQGDXIJHZKOWGXUFKHLQHQ%RKUHUGXUFKGHQ %RKUHUGHU,QVHO(UULGDV*HVWHLQDXIXPDQVHLQ=LHO]X JHODQJHQ =LHO" -DGDV=LHOZDU]XHUNHQQHQ8QJHKHXHUVFKZDFKQXUDEHU HVZDUYRUKDQGHQ (LQ*HVLFKWVFKLPPHUWHKLQGXUFK(LQVFKUHFNOLFKHV*HVLFKW GDVZDUMHW]WVFKRQ]XHUNHQQHQ$EHUDXFKGHU+DOVXQGHLQ 7HLOGHU%UXVW 8QGLQGHU%UXVWVWHFNWHHLQGLFNHU3IDKO ª'DVLVWHU©ULHI'U7RGª'DVLVW9DPSLURGHOPDUGHU .DLVHUGHU%OXWVDXJHUXQG1XPPHUIQIPHLQHU0RUGOLJD©

,FKKDWWHNHLQH=HLWPHKU]XEHUOHJHQGHQQMHGH6HNXQGHZDU NRVWEDU=|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lFKWQLV ]XUFNGLH*RUGRQ*UDQDGDDXVJHIKUWKDWWH (UKDWWHGHQ6WHXHUNQSSHOJHKDOWHQLKQDQJH]RJHQRGHU YRQVLFKZHJJHVWHPPW 'DVYHUVXFKWHLFKDXFK 9RUVLFKWLJXPIDWHLFKGDV*HUlWPLWEHLGHQ+lQGHQRKQH GDEHLGLH]DKOUHLFKHQ,QVWUXPHQWHDXVGHQ$XJHQ]XODVVHQ ,FKZROOWHHVVRIRUWVHKHQIDOOVLUJHQGZRHLQH:DUQODPSHDXI IODFNHUWH 'DVJHVFKDKQLFKWHVEOLHEDOOHVUXKLJ8QGGHU +XEVFKUDXEHUJHKRUFKWHPHLQHQ%HZHJXQJHQ /DQJVDPXQHQGOLFKODQJVDPVWLHJHULQGLH+|KH)UPLFK ]XODQJVDPGHQQGLHJUDXJUQH)OlFKHPLWGHQODQJHQ VFKDXPJHNU|QWHQ:HOOHQUDVWHLPPHUQRFKDXIPLFK]X 9HUGDPPWZDQQJHKRUFKWHPLUGDV'LQJHQGOLFK" ,FKJHULHWLQOHLFKWH3DQLNGHU6FKZHLEUDFKPLUDXVVlPWOL FKHQ3RUHQ,FKKDWWHGHQ0XQGDXIJHULVVHQDWPHWHNHXFKHQG XQG]RJGDV6WHXHU]XPLUKHUDQ 'HU9RJHOZDU]XVFKZHUIlOOLJ,FKVFKDIIWHHVQLFKW8QG GDQQSDVVLHUWHHV 3O|W]OLFKEHUKUWHQGLH6FKZLPPHUGLH:DVVHUREHUIOlFKH,P VHOEHQ$XJHQEOLFNZXUGHLFKKLQXQGKHUJHVFKWWHOW,FKZDU

QLFKWDQJHVFKQDOOWXQGPHLQ.|USHUIORJYRQHLQHU6HLWH]XU DQGHUHQ'DEHLVWDUUWHLFKGXUFKGLHEUHLWH6LFKWVFKHLEHVDKGLH JHZDOWLJHQ:HOOHQYRUPLUXQGGLH$QJVWZXUGHQRFKJU|HU 'DVVFKDIIVWGXQLHVFKULHHVLQPLU'XVlXIVWDE :LHGHUGDV6FKWWHOQ,FKILHOQDFKYRUQEHUKUWHPLWGHU %UXVWGDV6WHXHU'HU5RWRUEHUPLUGUHKWHZLOGGXUFK 8QZLOONUOLFKVFKULHLFKDXIDOVHLQ:HOOHQEHUJGHQ +XEVFKUDXEHUEHUVSOWH ,QGLHVHP$XJHQEOLFNHUVWDUEDXFKGHU0RWRUXQGJOHLFK ]HLWLJILHOHQGLH5RWRUEOl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lFKHPLWKRKHQ:HOOHQXQGLFKIKOWHPLFK XQHQGOLFKNOHLQKLOIORVXQGYHUORUHQ (VKDOIQLFKWV ,FKPXWHKLQGXUFK 'DV6FKODXFKERRWZDUILFK]XHUVWKLQDXVXQGKRIIWHGDHV QLFKWVRIRUWDEJHWULHEHQZXUGH

(VNODWVFKWHDXIV:DVVHUHLQH:HOOHKREHVKRFKLPQlFKVWHQ 0RPHQWVSUDQJLFK 'DV:DVVHUGHU1RUGVHHZDUHLVLJ$OVLFKHLQWDXFKWHKDWWH LFKGDV*HIKOHLQHLVHUQHU5LQJZUGHVLFKXPPHLQH%UXVW OHJHQ ,FKVWUDPSHOWHPLW$UPHQXQG%HLQHQZKOWHPLFKKRFKDQ GLH2EHUIOlFKHXQGJHULHWLQHLQH:HOOHGLHEHUPLU]XVDP PHQVFKOXJ=XP*OFNKDWWHLFKNXU]]XYRUWLHI/XIWJHKROW 1DFKHQGORVHUVFKHLQHQGHQ6HNXQGHQVDKLFKZLHGHUNODUHU XQGHUNDQQWHGDV6FKODXFKERRWDXIGHQ:HOOHQ (VKDWWHVLFKVHLQHU)XQNWLRQHQWVSUHFKHQGDXIJHEODVHQ 'DEHLWULHEHVJDUQLFKWZHLWYRQPLUHQWIHUQWHLQSDDU
,FKKLHOWPLFKVSLH:DVVHUDXVKXVWHWHXQGNHXFKWHGDQQ DEHUJLQJHVPLUEHVVHU ,FKVHW]WHPLFKDXI (LQHUVWHU5XQGEOLFNZlKUHQGGDVNOHLQH%RRW]XHLQHP 6SLHOEDOOGHU:HOOHQZXUGH 'LH,QVHOZDUZHLWJHQXJHQWIHUQW6HKHQNRQQWHLFKVLH NDXPGDVLHRIWJHQXJYRQGHQ:HOOHQEHUJHQYHUGHFNWZXUGH XQGGHU6SUKUHJHQGLH6LFKWQRFKYHUVFKOHFKWHUWH $XIDOOHQYLHUHQEHZHJWHLFKPLFKLQGDV+HFNGHV%RRWHV XPDQGHQ$XHQERUGHU]XJHODQJHQ,FKZXWHQLFKWRELFK GLH.UDIWKDWWHGHP0HHU]XWURW]HQKRIIWHHVDEHU ,FKQDKPGLH/HLQH]ZLVFKHQGUHL)LQJHU]RJNUlIWLJGDUDQ XQGEHWHWHGDPLFKGHU0RWRUQLFKWLP6WLFKOLH (UVSUDQJDQ ,FKVFKLFNWHHLQ]ZHLWHV'DQNJHEHW]XP+LPPHODOVLFKGDV .QDWWHUQYHUQDKP(VK|UWHVLFKDQZLHGLHUHLQVWH(QJHOV PXVLN 'DQQZDUILFKHLQHQ%OLFN]XGHP+XEVFKUDXEHUKLQEHU 1RFKEHIDQGHUVLFKDXIGHP:DVVHUGDGLHEHLGHQ 6FKZLPPHULKQKLHOWHQGRFKHUZDUVFKRQVRZHLW]XU6HLWH JHNLSSWGDHVQLFKWODQJHGDXHUQZUGHELVHUDEVDFNWH 'XUFKGLHYRQPLURIIHQJHODVVHQH$XVVWLHJVWUGUDQJ:DVVHU LQGDV,QQHUHGHU0DVFKLQHXQGIOOWHHVIDVWY|OOLJDXV ,PPHUPHKUQHLJWHHUVLFK]XU6HLWH,FKPXWHVHKHQGDLFK UDVFKJHQXJZHJNDPGHQQLFKKDWWHNHLQH/XVWLQGHQ6WUXGHO ]XJHUDWHQGHQGHUVLQNHQGH+XEVFKUDXEHUYHUXUVDFKWH 0HLQNOHLQHV%RRWZDUZHLWHUKLQHLQ6SLHOEDOOGHU:HOOHQ (VZDUHLQ:HWWHU]XP+HXOHQ3O|W]OLFKQDKPDXFKGHU 5HJHQ]XXQGILHOZLHHLQGLFKWHUJUDXHU9RUKDQJYRP +LPPHO 1DZDULFKVFKRQGHVKDOENDPHVDXIHLQELFKHQPHKU RGHUZHQLJHUDXFKQLFKWDQ 'DV%RRWKDWWHHVYHUGDPPWVFKZHUJHJHQGLH:RJHQ DQ]XNlPSIHQ'LH6LFKWDXIGLH%RKULQVHOYHUVFKOHFKWHUWHVLFK LPPHUPHKU

(LQ9RUWHLOGHQQGDQQNRQQWHQVLHPLFKDXIGHU,QVHODXFK QLFKWHQWGHFNHQ )UHLQH+HL]XQJKlWWHLFK]ZHL-DKUHPHLQHV/HEHQVJH JHEHQGDMHGRFKNHLQHYRUKDQGHQZDUPXWHLFKIULHUHQ 6FKRQEDOGNODSSHUWHLFKPLWGHQ=lKQHQXQGEHZHJWHPHLQH $UPHZLH:LQGPKOHQIOJHOXPZHQLJVWHQVHWZDV:lUPH]X SURGX]LHUHQ +LQWHUPLUK|UWHLFKSO|W]OLFKHLQ*XUJHOQXQG6FKPDW]HQ ,FKZDUIHLQHQKDVWLJHQ%OLFN]XUFN 'HU+XEVFKUDXEHUYHUVDQN $XFKGLH6FKZLPPHUKDWWHQLKQQLFKWKDOWHQN|QQHQGDV *HZLFKWGHVHLQVWU|PHQGHQ:DVVHUVDGGLHUWPLWGHPGHU EHLGHQ=XVDW]WDQNVZDU]XJUR 'LH0DVFKLQHYHUVFKZDQG8QGZRVLHYHUVDQNVWLHJHQ]DKO UHLFKH%ODVHQDQGLH2EHUIOlFKHGLHVRIRUW]HUSODW]WHQRGHU YRP6WUXGHO]HUULVVHQZXUGHQ ,UJHQGZLHKDWWHLFKHLQNRPLVFKHV*HIKO'RUWYHUVDQNHLQ 6WFN+RIIQXQJ8QVHU3ODQGHQZLUPKVDPDXVJHNQREHOW KDWWHQZDUY|OOLJGXUFKHLQDQGHUJHUDWHQ0LWGHP7RGGHV 3LORWHQXQGGHP$EVWXU]KDWWHZRKOQLHPDQGJHUHFKQHW 'HU:LQGVWDQGIUPLFKJQVWLJ(UWULHEGLH:HOOHQDXIGDV +HFNGHVNOHLQHQ6FKODXFKERRWHV]XXQGPLFKGDPLWLQ 5LFKWXQJ%RKULQVHO:DVPLFKGRUWHUZDUWHWHNRQQWHLFKQLFKW HLQPDODKQHQ ,FKZROOWHHLQHQ9HUVXFKVWDUWHQ1RFKLPPHUWUXJLFKPHLQ :DONLHWDONLHXQWHUGHU-DFNH+RIIHQWOLFKKDWWHHVGDVXQIUHL ZLOOLJH%DGEHUVWDQGHQ ,FKKROWHHVKHUYRUVFKREGLH$QWHQQHDXVGHUgIIQXQJ NLFNWHHLQHQNOHLQHQ+HEHOKRFKXQGPHOGHWHPLFK :LUKDWWHQHLQ(UNHQQXQJVZRUWYHUHLQEDUW ª+DOOR6HHVFKZDOEH+LHU0HHUQL[H© 'LH1L[HZDULFK 6RIRUWNDPGLH$QWZRUW ª:DVLVWJHVFKHKHQ0HHUQL[H":LUKDEHQGHQ+XEVFKUDXEHU QLFKWPHKUDXIGHP5DGDUVFKLUP©

,FKKDWWHHLQHWURFNHQH.HKOHDOVLFKGLH$QWZRUWJDEª'LH 0DVFKLQHLVWDEJHVWU]W© ª:DV"© ª-DHVWXWPLUOHLG© ª8QGGHU3LORW"© ª7RW© 6FKZHLJHQDXIGHUDQGHUHQ6HLWH'DQQGLH6WLPPHGHV &RPPDQGHUVª,VWHUHUWUXQNHQ"© :DVVROOWHLFKDQWZRUWHQ"6ROOWHLFKLKPVDJHQGDGHU1HEHO LKQEXFKVWlEOLFKJHIUHVVHQKDWWH" ª-DHULVWHUWUXQNHQ©JDELFK]XUFN ª8QG6LH"© ª,FKKDEHPLFKUHWWHQN|QQHQ© ª'DQQEHILQGHQ6LHVLFKMHW]WLQ,KUHP6FKODXFKERRW"© ª-D© ª8QG6LHKDEHQHVQLFKWJHVFKDIIWGHQ3LORWHQDXFKQRFKKLQ HLQ]X]LHKHQ"©HUNODQJGLHVNHSWLVFKH6WLPPH ª1HLQ©0HLQH$QWZRUWNODQJ]LHPOLFKVFKURII ª'DQQPHOGHQ6LHVLFKZLHGHUIDOOVVLFKHWZDV1HXHVHU HLJQHWKDW©VDJWHGHU&RPPDQGHU ª-D© 'DPLWZDUGLH9HUELQGXQJXQWHUEURFKHQ,FKKlWWHGHP &RPPDQGHUJHUQHWZDVDQGHUHVJHVDJWDEHUGD]XZDULFK QLFKWLQGHU/DJHJHZHVHQ0LWGHQ3UREOHPHQPXWHLFKDOOHLQ IHUWLJZHUGHQ6SlWHUVDKGLH6DFKHDQGHUVDXV )DOOVLFKEHUOHEWH 'LH:HOOHQKDWWHQPLFKLQ]ZLVFKHQQlKHUDQGLH%RKULQVHO KHUDQJHWULHEHQ,FKNRQQWHVLHZLHGHUPLWEORHP$XJHHUNHQ QHQ+LPPHOKRFKUDJWHGDV*HVWlQJHDXVGHQ5HJHQVFKOHLHUQ 'LHVHVZXFKWLJHPRGHUQH%DXZHUNGDVVREHUKDXSWQLFKWLQ GLH6HHSDWHXQGZLHHLQ)UHPGN|USHUZLUNWH8QEHUZLQG EDUNDPPLUGLH%RKULQVHOYRUXQGLFKVWHOOWHPLUGLH)UDJHZLH LFKVLHMHHQWHUQVROOWH 8PPLFKKHUXPJXUJHOWHXQGVFKPDW]WHHV'LH:HOOHQ NUDFKWHQRIW]XVDPPHQ6WUXGHOXQG6WU|PXQJHQHQWVWDQGHQ

GLHGDV6FKODXFKERRWYRQHLQHU6HLWH]XUDQGHUHQ]HUUWHQ,FK ZDUKHLOIURKGHQNOHLQHQ0RWRUEHLPLU]XKDEHQ (UWURW]WH]ZDUQLFKWGHQ:HOOHQDEHULFKNDPEHVVHUYRUDQ 1RFKLPPHUILHOGHU5HJHQ'LH:RONHQZDUHQQRFKWLHIHU JHVXQNHQVRGDGLHREHUVWH6SLW]HGHU%RKULQVHOLQGHP XQZLUNOLFKHUVFKHLQHQGHQ*UDXYHUVFKZDQG /DQJVDPVWHLJHUWHVLFKPHLQ+HU]VFKODJGHQQLQGHQQlFK VWHQ0LQXWHQZUGHQPLFKGLH:HOOHQXQWHUGLHJHZDOWLJH 3ODWWIRUPVSOHQ,FKKRIIWHQXUGDLFKQLFKWJHJHQHLQHQGHU YLHU3IHLOHUNUDFKWHGDQQZDUHVDXVPLWGHU+HUUOLFKNHLW 3O|W]OLFKZXUGHQPHLQH$XJHQVFKPDO,FKKDWWHXQWHUGHU 3ODWWIRUPHWZDVHQWGHFNW(LQHQJURHQXQI|UPLJHQ*HJHQ VWDQGGHUDXIGHP:DVVHUVFKZDPPXQGDOVLFKQlKHUKHUDQ ZDUHUNDQQWHLFKGDV6FKLIIGDVDQHLQHP3IHLOHUYHUWlXWZDU XQGYRQGHQ:HOOHQDXIXQGQLHGHUJHGUFNWZXUGH ,FKNQLHWHPLFKEUHLWEHLQLJKLQXPHWZDVEHVVHUVHKHQ]X N|QQHQ :LHNDPGDV6FKLIIKLHUKHU" (LQH$QWZRUWIDQGLFKVFKQHOO'DPLWPXWHQ'U7RGXQG VHLQH9DVDOOHQHLQJHWURIIHQVHLQEHYRUVLHGLH%RKULQVHOEHVHW] WHQ6RIRUWVWDQGPHLQ3ODQIHVW,FKZROOWHGDV6FKLIIHQWHUQ PLFKGRUWXPVFKDXHQXPGDQQDXIGLH%RKULQVHO]XJHODQJHQ +RIIHQWOLFKNODSSWHHV ,FKNURFK]XP+HFNVHW]WHPLFKXQGKLHOWGDV5XGHUVRGD GHU.DKQLQGLUHNWHP.XUVJHJHQGDVDP3IHLOHUYHUWlXWH6FKLII DQOLHI $OOHVJLQJJODWWELVLFKQRFKHWZD
JLJDQWLVFKH:HOOHQDOVKlWWHGHU7HXIHOVHLQHQ5DFKHQDXIJHULV VHQXQGGDV:DVVHUDXVJHVSLHQ*OlVHUQH%HUJHZXFKVHQKRFK P|UGHULVFKH:DVVHUPDVVHQKHUDXVJHZRUIHQDXVJHIlKUOLFKHQ 6WUXGHOQ 0HLQ%RRWXQGLFKZXUGHQ]XHLQHP6SLHOEDOOGHU:HOOHQ :LUZXUGHQKRFKJHVFKOHXGHUWXQGLQHLQHUYHU]ZHLIHOWHQ 5HWWXQJVDNWLRQZDUILFKPLFKDXIGHQ%DXFKXQGYHUVXFKWH PLFKLUJHQGZRIHVW]XNODPPHUQ'LH:HOOHQEHUJHVFKOXJHQVR KRFKGDLFKIDVWELVJHJHQGLHHUVWH3ODWWIRUPJHVFKOHXGHUW ZXUGH 'DQQJLQJHVLQUDVHQGHU6FKXIDKUWLQHLQ:HOOHQWDOZR PLFKEHUHLWVGLHQlFKVWHDQODXIHQGH:HOOHHUZDUWHWH 6LHEHUVFKWWHWHPLFKXQGGDVNOHLQH%RRW (LQHXQYRUVWHOOEDUHQRFKQLHHUOHEWH.UDIWULXQG]HUUWHDQ PHLQHP.|USHUXQWHUVSOWHPLFKVFKOHXGHUWHPLFKKRFKXQG ZXFKWHWHPLFKDXVGHP%RRWXQGKLQHLQLQGLHNRFKHQGH JHIUlLJH6HH 6LHZDUHQZLHGHU]XUFNJHJDQJHQ=XYRUKDWWH'U7RGGHQ :UIHOQRFKDEJHGHFNW ª(LQIDQWDVWLVFKHV,QVWUXPHQWLQGHU+DQGHLQHVZDKUHQ 0HLVWHUV©OREWHHUVLFKVHOEVW 0DUN%UHQQDQVFKZLHJ 'U7RGKDWWHLKPDOOHUGLQJVQLFKWJHVDJWGDLKPGHU:UIHO QLFKWDOOHLQJHK|UWH(UPXWHLKQSUDNWLVFKPLW$VPRGLQDGHU 7HXIHOVWRFKWHUWHLOHQ'DVlUJHUWHLKQGHQQPLWWOHUZHLOHZDU 6ROR0RUDVVR]XGHUhEHU]HXJXQJJHODQJWGD$VPRGLQD HLJHQWOLFKEHUIOVVLJZDU(UEUDXFKWHVLHQLFKWXQG 'DQNEDUNHLWNDQQWHPDQLP5HLFKGHU'lPRQHQVRZLHVRQLFKW 'HQQDOOHLQDXI$VPRGLQDV'UlQJHQKLQKDWWHGHU6SXNEHU KDXSW'U7RGV6HHOHIUHLJHJHEHQ :HQQGLH0RUGOLJDYROOVWlQGLJZDUGDQQZUGHHUVLFK LQWHQVLYPLW$VPRGLQDEHVFKlIWLJHQXQGHUKDWWHGDDXFK VFKRQHLQHQ3ODQ$EHUGDVZDU=XNXQIWVPXVLN(UVWHLQPDO

PXWH9DPSLURGHOPDUHUZHFNWZHUGHQGLHVHVJLJDQWLVFKH VFKZDU]EOWLJH0RQVWHUGDVODQJHJHQXJLQGHQ7LHIHQGHU 1RUGVHHJHOHJHQKDWWH /DG\;ZDUWHWHGRUWZRGDV%RKUJHVWlQJHXQWHULKULP (LVHQERGHQYHUVFKZDQG 'HU%RKUHUDUEHLWHWH 1RFK (UOLHIOlQJVWQLFKWPHKUVRJODWWZLH]X%HJLQQ'DV*HVWlQJH UXFNWHXQG]LWWHUWHGLH6SLW]HVFKLHQJURH6FKZLHULJNHLWHQ]X KDEHQGDVKDUWH*HVWHLQDXI]XUHLHQ +DWWHVLHVLFKIHVWJHELVVHQ" 'U7RGVFKDXWH0DUN%UHQQDQVFKDUIDQª6LHZLVVHQZDV JHVFKLHKWZHQQZLUHVQLFKWVFKDIIHQ"© ª-D© ª'DQQZQVFKHQ6LHVLFKGDGLH6SLW]HGHV%RKUHUVQLFKW DEEULFKW© ª,FKNDQQQLFKWVGDIU© 'U7RGZLQNWHVFKURIIDE /DG\;DEHUODFKWHª'XVFKHLQVWGRFKJURH$QJVWYRUGHP 6WHUEHQ]XKDEHQPHLQ-XQJHZLH"© 0DUNQLFNWHKHIWLJª'DVKDEHLFKDXFK© ª(VLVWZLHHLQ3RNHUVSLHO9LHOOHLFKWEOHLEVWGXDP/HEHQ YLHOOHLFKWDXFKQLFKW© 0DUN%UHQQDQJDENHLQH$QWZRUW(UKDWWHGHQ%RKUHULP $XJHEHKDOWHQXQGPHUNWHSO|W]OLFKGDHUQLFKWPHKUVR VWRFNHQGOLHIVRQGHUQUXKLJHU ª*HVFKDIIW©VDJWHHUVFKQHOO ª:DVLVWJHVFKDIIW"©ZROOWH'U7RGZLVVHQ ª'HU%RKUHULVWGXUFK© ª:LUNOLFK"© ª-DHUOlXIWVHKUJODWWXQGUXKLJ© ª'DQQVWRSSLKQ©VFKULH0RUDVVRª/RVKDOWHLKQDQ,FKZLOO QLFKWGDHUGHQ9DPSLUGXUFKERKUW© 0DUN%UHQQDQWDWZDVPDQLKPEHIRKOHQKDWWH =XP*OFNZDUDOOHVVRWHFKQLVLHUWGDHUGHQ%RKUHUPLW

ZHQLJHQ+DQGJULIIHQDQGHUJURHQ6FKDOWWDIHO]XU5XKH EULQJHQNRQQWH (UUXFNWHQRFKHLQSDDUPDOGDQQVWDQGHUVWLOO ª7RNDWD© 'HU6DPXUDLNDPVRIRUWQDFKGHP'U7RGLKQJHUXIHQKDWWH ª'XZLUVWLKQKROHQ© 7RNDWDQLFNWH(UPDFKWHNHKUWXQGYHUVFKZDQG ª:DVJHVFKLHKWMHW]W"©IUDJWH0DUN%UHQQDQ ª7RNDWDWDXFKWLQGLH7LHIHXQGKROW9DPSLURGHOPDUDXV VHLQHP*UDE'DVLVWDOOHV© 0DUNVFKWWHOWHGHQ.RSIª$EHUGDVJHKWQLFKW'DVLVW XQP|JOLFK'LHVHQ'UXFNKlOWQLHPDQGDXV© 6ROR0RUDVVRVWLHHLQNLFKHUQGHV/DFKHQDXVª7RNDWDODJ -DKUKXQGHUWHXQWHU7RQQHQYRQ*HVWHLQEHJUDEHQXQGHVKDW LKPQLFKWVDXVJHPDFKW(ULVWNHLQ0HQVFKYHUVWHKHQ6LH"© 0DUN%UHQQDQQLFNWHQXUREZRKOHUHVQLFKWYHUVWDQG$EHU VHLWHLQLJHQ6WXQGHQEHJULIIHUEHUKDXSWQLFKWVPHKU ,FKNDPPLUYRUZLHLQHLQHU=HQWULIXJH:XUGHKRFKJH VFKOHXGHUWJHGUHKWJHUWWHOWXQGJHVWRHQ 'DQQVWLHLFKLQV:DVVHU ,FKPHUNWHHVNDXPKLHOWQXUGLH/XIWDQXQGYHUVXFKWH P|JOLFKVWNHLQ:DVVHU]XVFKOXFNHQ 8PPLFKKHUXPWREWHGLH+|OOH (LQHNRFKHQGHP|UGHULVFKHJHZDOWLJH+|OOHDXV:DVVHU *LVFKWXQG6WUXGHOQ,FKZXWHQLFKWZRREHQQRFKXQWHQZDU XQGYHUORUMHJOLFKH2ULHQWLHUXQJ8QGJOHLFK]HLWLJDXFKGHQ :LOOHQ]XPhEHUOHEHQ0LUZDUDOOHVHJDOIUPLFKJDEHV QLFKWVPHKUDXIGHU:HOWQXUGLHVHYHUGDPPWH:DVVHUK|OOH ,QVWLQNWLYUXGHUWHLFKPLWGHQ$UPHQ(VZDUGDVJOHLFKHDOV ZUGHHLQH0FNHJHJHQGHQ(OHIDQWHQNlPSIHQZREHLLFKGLH NOHLQH0FNHZDU $XIHLQPDOZDUDOOHVYRUEHL:LHDXVHLQHPJLHULJHQ6FKOXQG ZXUGHLFKDXVJHVSLHQKRFKLQGLH/XIWZRLFKGHQ0XQG

DXIULXQGDWPHQNRQQWH 'DQDFKNODWVFKWHLFKZLHGHULQGLH:HOOHQ$EHUGLHVPDOZDU LFKQLFKWVRXQYRUEHUHLWHWGDLFKZXWHZDVPLFKHUZDUWHWH 7LHIWDXFKWHLFKHLQVWUHFNWHPHLQHQ.|USHUXQGVWLHLQHLQHP %RJHQGHU2EHUIOlFKHHQWJHJHQ 0HLQ.RSIWDXFKWHDXI :LHGHUULLFKGHQ0XQGDXIXQGVDXJWHPHLQH/XQJHQYROO PLW/XIW:HQLJH6HNXQGHQKDWWHLFK=HLWPLFKXP]XVHKHQ 'LHJLJDQWLVFKH:HOOHKDWWHPLFKXQWHUGLH3ODWWIRUPJHVSOW ZRLFKLP$XJHQEOLFNUHODWLYVLFKHUZDUGHQQ]DKOUHLFKH :RJHQZXUGHQYRQGHQ3IHLOHUQJHEURFKHQ+LHUMHGHQIDOOV NRQQWHLFKEHVVHUVFKZLPPHQDOVZHLWGUDXHQ :RZDUPHLQ%RRW" 9HUVFKZXQGHQ,FKVDKHVQLFKWPHKU'DV0HHUPXWHHV JHIUHVVHQKDEHQ (VEOLHEPLUNHLQHDQGHUH0|JOLFKNHLWDOVPLWHLJHQHU.UDIW GLH%RKULQVHO]XHUUHLFKHQ ,FKPXWHXQGGDVZDUGLHHLQ]LJH&KDQFHDXIGDV6FKLII $EHUZLHKRFKNRPPHQZHQQGLH:HOOHQPLFKKLQXQGKHU ZDUIHQZLHHLQHQ6SLHOEDOO" $XIXQGQLHGHUZXUGHLFKJHWUDJHQ0DOEHIDQGLFKPLFKLQ GHU1lKHGHU%RUGZDQGGDQQULPLFKHLQH:RJHZLHGHUZHJ (LQHZLJHV:HFKVHOVSLHO ,FKHUNDQQWHDQGHU%DFNERUGZDQGHLQH/HLWHU6LHZDULQGDV 0HWDOOHLQJHODVVHQ:HQQLFKVLHHUUHLFKWHZDUGDVVFKRQGLH KDOEH0LHWH :LHGHUUROOWHHLQH:HOOHDQ'LHVPDOK|KHUDOVGLHDQGHUHQ 6LHKREPLFKKRFKLFKKDWWHIUHLQHQ0RPHQWGLH %HIUFKWXQJJHJHQGLH%RUGZDQGJHZRUIHQ]XZHUGHQGRFK LPQlFKVWHQ$XJHQEOLFNULPLFKGLH:HOOHZLHGHU]XUFN 8QGGLHVPDOEHJDQQLFK]XVFKZLPPHQ,FKNlPSIWHZWHQG XQGYHU]ZHLIHOWJHJHQGLH]XUFNODXIHQGH:HOOHDQNUDXOWH ZLOGXQGVFKDIIWHHVLQGHU7DWQLFKWZLHGHUY|OOLJ]XUFNJH ULVVHQ]XZHUGHQ,FKILQJPLFKJXWXQGEHYRUGLHQlFKVWH :RJHDQUROOWHVFKZDPPLFKDXIGLH/HLWHU]X

'LH:HOOHEHUKROWHPLFKSUHOOWHPLFKYRULFKVDKGLH:DQG ULHVHQJURDXIWDXFKHQXQGVWHFNWHEHLGH$UPHDXV 'DQQSDFNWHLFK]X 8QGLFKKDWWH*OFN 0HLQHEHLGHQ+lQGHHUIDWHQGLH/HLWHU6LHNODPPHUWHQVLFK XPHLQH6SURVVHLQJHQDXGHP$XJHQEOLFNDOVPLFKGLH $XVOlXIHUGHU:HOOHSDFNWHQXQGQDFKYRUQVFKOHXGHUWHQ ,FKSUDOOWHJHJHQGLH%RUGZDQG ,QVWLQNWLY]RJLFKGHQ.RSIHLQVSUWHGHQ6FKODJDQGHU 6WLUQXQGGHQEHLHQGHQ6FKPHU]'RFKHLVHUQKLHOWLFKPLFK DQGHU6SURVVHIHVW,FKZROOWHMHW]WQLFKWORVODVVHQ 'LH:RJHUROOWH]XUFN 8QGZLHVLHGDVPDFKWH ,KUH*HVFKZLQGLJNHLWXQG.UDIWZLUNWHZLHHLQ6DXJQDSIGHU DQPHLQHP.|USHUULXQG]HUUWH ,FKZXUGH]XUFNJHVFKOHXGHUWXQGKDWWH0KHPLFKDQGHU 6SURVVHIHVW]XNODPPHUQ 'DV0HHUZROOWHPLFKVHLQ2SIHUQLFKWDXVGHQ.UDOOHQ ODVVHQ(V]RJXQG]HUUWH6DXJHQGVFKPDW]HQGXQGJXUJHOQG JOLWWHQGLH:DVVHUPDVVHQQDFKHLQHUPLUVFKLHUHQGORVHUVFKHL QHQGHQ=HLWZLHGHU]XUFNXQGLFKKLQJQRFKLPPHUDQGHU 6SURVVH *HVFKDIIW $OOHUGLQJVZDULFK]LHPOLFKDXVJHODXJW(VNRVWHWH0KH XQG4XDOPLFKDQGLH/HLWHUKHUDQ]X]LHKHQXQGPHKU 0KHNRVWHWHHVGLH6SURVVHQKRFK]XNOHWWHUQ 6FKRQZDUGLHQlFKVWH:HOOHKHUDQ ,KUNRQQWHLFKQLFKWPHKUZLGHUVWHKHQGDVZDUPLUNODU ,UJHQGZLHHUUHLFKWHLFKGLH%RUGZDQGXQGOLHPLFKJHQDXLQ GHP0RPHQWEHUGLH5HOLQJIDOOHQDOVGLH:HOOHJHJHQGDV 6FKLIIGRQQHUWH *LVFKWZDOOWHKRFK:DVVHUOLHIEHUTXLUOWHDXI'HFNELOGHWH GRUWNOHLQH6WUXGHOXQGOLHIZLHGHUDE ,FKDEHUKDWWHPLFKHQGJOWLJLQ6LFKHUKHLWJHEUDFKW,QYRU OlXILJHMHGHQIDOOV'DEHLJLQJLFKYRQGHU9RUDXVVHW]XQJDXV

GDVLFKNHLQHUPHLQHU)HLQGHDXIGHP6FKLIIDXIKLHOW,FK J|QQWHPLUHLQH3DXVHXP$WHP]XVFK|SIHQ 'DQQVWHPPWHLFKPLFKODQJVDPKRFK 'HU.DKQZDUZLUNOLFKNHLQ6FKPXFNVWFNDEHUGDVKDWWHLFK DXFKQLFKWHUZDUWHW,FKWDVWHWHPHLQHQ.|USHUDEGLH.QRFKHQ ZDUHQKHLO%LVDXIGLHNOHLQH3ODW]ZXQGHDQGHU6WLUQNRQQWH LFKNHLQHUOHL9HUOHW]XQJHQIHVWVWHOOHQ$OOHUGLQJVWUDIPLFKGHU 6FKUHFNDOVLFKEHPHUNWHGDLFKPHLQ:DONLHWDONLHYHUORUHQ KDWWH (VPXWHPLUZlKUHQGGHUYHUUFNWHQ6FKZLPPHUHLDXVGHU 7DVFKHJHUXWVFKWVHLQYLHOOHLFKWKDWWHLFKHVDXFKQLFKWULFKWLJ HLQJHVWHFNW (VZDUPLJVLFKGDUEHU*HGDQNHQ]XPDFKHQbQGHUQ NRQQWHLFKQLFKWVPHKU hEHUGLH5HOLQJKLQZHJVFKDXWHLFKDXIV0HHU(VKDWWHVLFK ZLHGHUEHUXKLJW $EHUZDVZDUJHVFKHKHQ":HOFKHLQHQ*UXQGKDWWHHVIU GLHVHVJLJDQWLVFKH$XIZKOHQJHJHEHQ" (LQH)UDJHDXIGLHLFKQRFKNHLQH$QWZRUWZXWH9LHOOHLFKW IDQGLFKDXFKQLHHLQH ,FKVRQGLHUWHGLH/DJH hEHUPLUVDKLFKGLHXQWHUH6HLWHGHUHUVWHQ3ODWWIRUP6LHZDU JHZDOWLJXQGHULQQHUWHPLFKDQHLQHQ+LPPHODXV0HWDOO 0HLQ%OLFNJOLWWKLQEHU]XGHUJURHQ6lXOHDQGHUGDV6FKLII YHUWlXWODJ 'RUWVDKLFKHLQH/HLWHU hEHUVLHNRQQWHLFKDXIGLH%RKULQVHOJHODQJHQ 9RUHUVWMHGRFKPXWHLFKPHLQHQ3ODQYHUVFKLHEHQGHQQYRQ GHUHUVWHQ3ODWWIRUPDXVKHFKWHWHHLQHULHVLJH*HVWDOWLQGLH VFKlXPHQGHQ:HOOHQ2EZRKOLFKVLHQXUNXU]JHVHKHQKDWWH HUNDQQWHLFKVLH (VZDU7RNDWDGHU6DPXUDLGHV6DWDQV

7RNDWDWDXFKWHHLQ (UKDWWHVHLQHQIHVWHQ$XIWUDJYRQ'U7RGXQGHUZUGHLKQ DXFKGXUFKIKUHQ 7RNDWDVROOWHDXIGHQ*UXQGGHV0HHUHVWDXFKHQXQGYRQ GRUWDXV9DPSLURGHOPDUDQGLH2EHUIOlFKHKROHQ)UHLQHQ 0HQVFKHQHLQH6DFKHRKQHhEHUOHEHQVFKDQFH 7RNDWDZDUNHLQ0HQVFKHUZDUHLQ=RPELHHLQH%HVWLH P|UGHULVFKHUEDUPXQJVORVXQGJHIlKUOLFK -HWLHIHUHUWDXFKWHXPVRUXKLJHUZXUGHGLH6HH'DQDFK XPJDELKQQXUQRFKGLH6WLOOHGHU7LHIH 2EZRKOHUQXUHLQHQ$UPKDWWHGHQUHFKWHQEHZHJWHHUVLFK JHVFKPHLGLJYRUDQ6HLQVFKZDU]HU.|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hEHUDOOODJHQJHZDOWLJH*HVWHLQV EURFNHQDXIGHP0HHUHVJUXQGKHUXPDOVKlWWHHLQ5LHVHVLH DXVGHP9HUEXQGJHULVVHQXQGYROOHU:XWZHJJHVFKOHXGHUW 'LH6WHLQHWUPWHQVLFKDXIXQGEHUHLQDQGHU6LHELOGHWHQ UHJHOUHFKWH)RUPHQXQG)LJXUHQZDUHQDEHUDXFKKLQGHUOLFK IU7RNDWDV6XFKH 'RFKHUPDFKWHNXU]HQ3UR]H'LH6WHLQHGLHLKQKLQGHUWHQ UlXPWHHU]XU6HLWH'DHU]HQWQHUVFKZHUH)HOVEURFNHQVRNXU

]HUKDQGZHJVFKDIIWHEHZLHVZLHJHZDOWLJVHLQH.UlIWHZDUHQ (UVFKDXIHOWHXQGUlXPWHVLFKGHQ:HJIUHL:R9DPSLURGHO PDUODJGDVZXWHHUJHQDX 3O|W]OLFKNLSSWHEHULKPHLQH3ODWWH]XU6HLWH6LHILHOJDQ] ODQJVDPQDFKXQWHQ7RNDWDPHUNWHHVQLFKWGDQQZXFKWHWHGLH 3ODWWHJHJHQVHLQHQ5FNHQ 'HU6DPXUDLZXUGHDXIGHQ%RGHQJHGUFNW6DQGZDOOWH KRFKDOVGLH3ODWWH]XU6HLWHUROOWHZlKUHQG7RNDWDVLFK GHQQRFKGUHKWHXQGVLHZHJVWHPPWHDOVZlUHVLHQXUHLQ OlVWLJHV6WHLQFKHQ'LHVHU8QWRWHEHVDHLQHXUZHOWKDIWH.UDIW YRUGHUPDQVLFKIUFKWHQNRQQWH0LWGHUEORHQ+DQGZKOWH HUGHQ0HHUHVERGHQDXI (UDUEHLWHWHVFKQHOOXQGJHVFKLFNWNDQQWHNHLQH3DXVHGHQQ EHLLKPJDEHVNHLQHQ.UlIWHYHUVFKOHLZLHEHLHLQHPQRUPDOHQ 0HQVFKHQ8QGHUNDPUDVFKHUYRUDQDOVHLQ0HQVFKPLW]ZHL +lQGHQ,UJHQGZLHJOLFK7RNDWDHLQHU0DVFKLQHDEHUHLQHU JHIlKUOLFKHQ0RUGPDVFKLQH 9HUELVVHQVFKDXIHOWHHUHLQ/RFKXQGVFKOHXGHUWH6DQGXQG 6WHLQHVRZHLWZHJGDQLFKWVPHKUQDFKUXWVFKWH'HU%RKUHU EHIDQGVLFKHLQJDQ]HV6WFNHQWIHUQWHUEHKLQGHUWHGHQ 6DPXUDLQLFKWLPJHULQJVWHQ 'HU%RKUHUXQGGDVOHLFKWH6HHEHEHQKDWWHQEHUHLWVGHQ JU|WHQ7HLOGHV6FKXWWHVHQWIHUQWGHUGDV*UDEGHV9DPSLUV VFKW]WH:DKUVFKHLQOLFKKDWWHGLH.UDIWGHV%RKUHUVGLH 0DWHULHVRYHUlQGHUWGDHV]XGLHVHU9HUVFKLHEXQJJHNRP PHQZDU8QG]ZDUVRVWDUNGDPDQVLHDQGHU2EHUIOlFKH QRFKEHPHUNWH 3O|W]OLFKKLHOW7RNDWDLQQH (UZDUDXIHLQHGXQNOH6WHLQSODWWHJHVWRHQ(LQH 7HXIHOVIUDW]HZDUGDUDXIDEJHELOGHW%OXWURWXQGVFKDXULJ DQ]XVHKHQ6LHKDWWHGLHODQJH=HLWEHUGDXHUWXQGZDUQLFKW YHUZLVFKWZRUGHQ6LHVDKVRDXVDOVZlUHVLHHUVWYRUZHQLJHQ 7DJHQIULVFKJHPDOWZRUGHQ 'HU6DPXUDLGHV6DWDQVEHIDQGVLFKGLFKWYRUGHPHQGJO WLJHQ=LHO(VJHODQJLKPGLHJHVDPWH)HOVSODWWHYRP6DQGXQG

DXFKYRP*HU|OO]XEHIUHLHQ'DQQVDKHUGHQVWHLQHUQHQ*ULII LQGHU0LWWHGHU3ODWWH 'LH)LQJHUGHUUHFKWHQ+DQGNUDOOWHQVLFKGDUXP 7RNDWDZDUWHWHQRFKHLQSDDU6HNXQGHQXQGULGDQDFKGLH 3ODWWHKRFK0LWHLQHUHLQ]LJHQ%HZHJXQJVFKDIIWHHUGLHVXQG PDQNRQQWHGLHVH$UEHLWVFKRQDOVSKlQRPHQDOEH]HLFKQHQ 9DPSLURGHOPDUZDUEHIUHLW 6RIRUWVWU|PWHGDV:DVVHULQGHQVWHLQHUQHQ6DUNRSKDJLQ GHPGHU9DPSLUDXIGHP5FNHQODJ (UERWHLQVFKDXULJHV%LOG,QGHU*U|HVWDQGHU7RNDWDLQ QLFKWVQDFK'RFKVHLQ.|USHUZDUNQRFKLJHU'LHZHLJUQ VFKLPPHUQGH+DXWZDUDQHLQLJHQ6WHOOHQDXIJHULVVHQVRGD GLH$GHUQXQG.QRFKHQKLQGXUFKOHXFKWHWHQ'DVXQI|UPLJH *HVLFKWPLWGHQNXJHOLJHQ$XJHQZDUHLQHHLQ]LJH)UDW]H 8QGPLWWHQLQVHLQHU%UXVWVWHFNWHGHUJHZDOWLJH3IORFN 8QJHIlKUVRGLFNZLHGHU6WDPPHLQHU%LUNH(WZDHLQH$UP OlQJHUDJWHHUDXVGHU%UXVWKHUYRUXQGQRFKLP7RGHVNDPSI KDWWHGHU5LHVHQYDPSLUEHLGH)lXVWHXPGHQ3IORFNJHNUDOOW (UERWHLQ%LOGGHV6FKUHFNHQV 1LFKWIU7RNDWDGHQQVFKOLHOLFKVROOWH9DPSLURGHOPDU VHLQ9HUEQGHWHUZHUGHQ 'HU6DPXUDLGHV6DWDQVEFNWHVLFKXQGJULIIPLWEHLGHQ +lQGHQLQGHQXUDOWHQ6DUNRSKDJ(UNOHPPWHVHLQH)LQJHU XQWHUGLH6FKXOWHUEOlWWHUGHV9DPSLUVXQGKRELKQDQ (VZDUHLQOHLFKWHVIUGHQULHVHQKDIWHQ6DPXUDLGHQ 8QWRWHQDXVGHP6DUNRSKDJ]XKLHYHQ$OVHUHVJHVFKDIIWKDWWH XQGVLFKXPGUHKWHJHULHWOLQNVYRQLKPGLHJHZDOWLJH )HOVZDQGSO|W]OLFKLQV5XWVFKHQ 7RQQHQVFKZHUH*HVWHLQVPDVVHQIORVVHQDXIGHQMHW]WRIIHQHQ 6DUNRSKDJ]XIOOWHQLKQYHUGUlQJWHQGDV:DVVHUXQGHV VFKLHQDOVZROOWHQVLFKGLH6FKOHLHUGHV9HUJHVVHQVEHUGLHVH WUDXULJH*UDEVWlWWHOHJHQ 7RNDWDDEHUVFKZDPPPLWVHLQHU/DVWODQJVDPGHU2EHU IOlFKHHQWJHJHQ

,FKQLHVWH 9HUGDPPWLFKKDWWHHVHLQIDFKQLFKWPHKUDXVKDOWHQN|QQHQ 8QGGLHVHV1LHVHQZDUZLHHLQH([SORVLRQGLHVLFKHLQIDFK /XIWPDFKHQPXWH 'DQDFKJLQJHVPLUEHVVHU,FKNULHJWHHWZDVEHVVHU/XIWXQG NRQQWHZLHGHUGXUFKGLH1DVHDWPHQ(LQH(UNl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lJHU KRFKIKUHQGH/HLWHU(VNRQQWHVHLQGD'U7RGRGHUHLQHU VHLQHU9DVDOOHQGRUWDXIWDXFKWH8QGGLHVROOWHQPLFKQXQQLFKW JHUDGHEHUUDVFKHQ (VEOLHEDOOHVUXKLJ ,FKGDFKWHDQGHQ&RPPDQGHUXQGVHLQH/HXWH:DVZUGHQ VLHZRKOXQWHUQHKPHQZHQQVLHJHPHUNWKDWWHQGDLFKPLFK QLFKWPHKUPHOGHWH" +RIIHQWOLFKKLHOWHQVLHVLFKQRFK]XUFN :LHGHUVFKDXWHLFKDXIV0HHU *UDXJUQH:HOOHQ5HJHQ6FKDXPNlPPHgOSIW]HQ :DKUOLFKNHLQ%LOGIUHLQH3RVWNDUWH 8QGGD]ZLVFKHQHLQ.RSI 7RNDWD (UWDXFKWHDXI 3O|W]OLFKVWDQGLFKXQWHU6WURP,FKSUHWHGLH/LSSHQ ]XVDPPHQXQGVFKDXWH]XGHP0RQVWHUKLQGDVVLFKMHW]W

UFNOLQJVDXIGLH:DVVHUREHUIOlFKHOHJWHXQGVLFKPLWGHQ %HLQHQYRUDQEHZHJWH'DVKDWWHVHLQHQ*UXQG 7RNDWDEUDFKWH%HXWHPLW,FKNRQQWHOHLGHUQLFKWHUNHQQHQ ZHQRGHUZDVDEHUGDHUHWZDVLP6FKOHSSKDWWHZDUVLFKHU $POLHEVWHQKlWWHLFKPHLQ.UHX]JHQRPPHQXQGHVLKP JHJHQGHQ.|USHUJHZRUIHQDEHUEHLGLHVHP6HHJDQJZDUHV IUDJOLFKRELFKEHUKDXSWWUDI 6RPXWHLFKPLFKOHLGHULQ'HFNXQJKDOWHQ8QGHLQHQ 1DKNDPSILP:DVVHUNRQQWHLFKQLFKWULVNLHUHQ'DIUZDU DXFKGDELQLFKJDQ]HKUOLFKPHLQH$QJVW]XJURGHQQLFK KlQJHDP/HEHQXQGZHUIHHVQLFKWHLQIDFKZHJ 7RNDWDVFKZDPPQLFKWDXIGDV6FKLII]XZDVPLFKHLQLJHU PDHQEHUXKLJWHVRQGHUQDXIGLHDQGHU6lXOHEHIHVWLJWH /HLWHU'RUWZROOWHHUDOVRQDFKREHQNOHWWHUQ :LHHLQ/XFKVVHLQH%HXWHVREHKLHOWLFKLKQLP$XJHVDK GDHUVHLQHQ.|USHUDXVGHP:DVVHUZXFKWHWHXQGGDEHL HWZDVQDFK]RJ /HLGHUWUEWHQGHU:HOOHQJDQJXQGGHUVFKUlJIDOOHQGH 5HJHQGLH6LFKWDEHUHVVFKLHQVLFKHEHQIDOOVXPHLQHJURH *HVWDOW]XKDQGHOQ *URZLH7RNDWDVHOEVW :HUZDUGDV"(LQ]ZHLWHV8QJHKHXHUYRQ7RNDWDV6RUWH" +DWWHVLFK'U7RGHLQHQZHLWHUHQ9HUEQGHWHQJHKROW" (VZLHVDOOHVGDUDXIKLQ 7RNDWDNOHWWHUWHPLWVHLQHU/DVWGLH/HLWHUKRFK-HW]WVDKLFK LKQGHXWOLFKHUhEHUVHLQHUUHFKWHQ6FKXOWHUODJGLHULHVLJH *HVWDOW,KU2EHUN|USHUZDUZHLWQDFKYRUQJHEHXJWXQG 7RNDWDKDWWH0KHGLH%HXWHLP*OHLFKJHZLFKW]XKDOWHQ (UVFKDIIWHHV 'DQQZDUHUVRZHLWHQWIHUQWGDLFKLKQQLFKWPHKUVHKHQ NRQQWH=XGLFKWILHOGHU5HJHQ $EHULFKKDWWHJHQXJJHVHKHQ9RUDOOHQ'LQJHQJHQXJXP QHXJLHULJ]XZHUGHQ,FKPXWHZLVVHQZHQ7RNDWDGDDXVGHQ 7LHIHQGHV0HHUHVEHIUHLWKDWWH 'D]XPXWHLFKDXIGLH%RKULQVHO

,FKOLHITXHUEHUGDV6FKLIIGDPLWLFKGRUWKLQJHODQJWHZR LFKEHUGLH5HOLQJKLQZHJGLH/HLWHUHUUHLFKHQNRQQWH 'DVZDUVFKZLHULJGHQQGHU.DKQODJQLFKWVWLOO (UVFKZDQNWHKLQXQGKHUGLH:HOOHQNODWVFKWHQJHJHQLKQ XQGLFKNRQQWHZLUNOLFKQXUPLWHLQHP6SUXQJGLH/HLWHUHU UHLFKHQ 'D]XSDWHLFKPLFKGHQ:HOOHQEHZHJXQJHQDQ'DQQYHU VXFKWHLFKHV $EVSUXQJ )U6HNXQGHQKDWWHLFK$QJVWHVQLFKW]XVFKDIIHQELVPHLQ .|USHUVFKPHU]KDIWJHJHQGLH/HLWHUSUDOOWHXQGLFKPLW EHLGHQ+lQGHQ]XJULII ,FKKLHOWPLFKHLVHUQDQGHQ6SURVVHQIHVW 0HLQH.QLHWDWHQPLUZHKXQGPHLQ%UXVWNRUEDXFK $EHUGDVOLHVLFKDOOHVHUWUDJHQJHEURFKHQZDUQLFKWV:LH ]XYRU7RNDWDNOHWWHUWHDXFKLFKGLH/HLWHUKRFK1XUWDWHQZLU GDVDQMHZHLOVYHUVFKLHGHQHQ6WHOOHQ 'LH.lOWHKDWWHVLFKLQPHLQHQ.QRFKHQIHVWJHVHW]W,FKZDU OlQJVWQLFKWVRJHOHQNLJZLHVRQVW'DVPXWHDQGHUVZHUGHQ $OVLFKGLHHUVWHJURH3ODWWIRUPHUUHLFKWKDWWHVFKZLW]WHLFK VFKRQXQGOHLFKWHU'DPSIVWLHJDXVPHLQHU.OHLGXQJ 'DQQZDUGDQRFKGHU1HEHO 8QWHUGHU3ODWWIRUPKDWWHLFKLKQQLFKWJHVHKHQGRFKKLHUODJ HUZLHGHULQJUHLIEDUHU1lKH=ZDUQLFKWVRGLFNZLHLQ *U\QH[[DVRQGHUQPHKUVFKOHLHUKDIWDEHUHUKDWWHVLFKEHU GLHJHVDPWH%RKUWXUPDQODJHDXVJHEUHLWHW (LQHUVHLWVHLQ9RUWHLOHUGHFNWHPLFKQlPOLFKDQGHUHUVHLWV HLQ1DFKWHLOGHQQGLHVHU1HEHOZDUXQEHUHFKHQEDUHUNRQQWH DQJUHLIHQZLHHLQ7LHU 8QGHUOHEWH -DZRKO)UHXQGHGLHVHUYHUGDPPWH1HEHOZDUQLFKWWRW:LH XQGZRHUHQWVWDQGHQZDUGDVZXWHLFKQLFKWDEHUZHQQLFK JHQDXHUKLQVFKDXWHGDQQVDKLFKQLFKWQXUZDOOHQGH6FKOHLHU VRQGHUQDXFKGLH)UDW]HQXQG*HVWDOWHQGDULQ *HLVWHU1HEHOJHLVWHU6FKDWWHQZHVHQGLHDXIJHK|UWKDWWHQ

GUHLGLPHQVLRQDO]XH[LVWLHUHQGHQQGLHVHU1HEHONRQQWHDXFK LQVHLQHUVWlUNVWHQ)RUPGXUFK:lQGHGULQJHQ 0LFKJULIIHUQLFKWDQGHQQGDV.UHX]VFKW]WHPLFK'DVZDU PHLQJURHV3OXV (UZLFKVRJDU]XUFNZHQQHUGLHPDJLVFKH$XVVWUDKOXQJ GHV.UX]LIL[HVVSUWH ,FKJLQJHLQSDDU6FKULWWHYRU=XPHUVWHQPDOLQPHLQHP /HEHQEHIDQGLFKPLFKDXIHLQHU%RKULQVHOXQGZDUYRQGHU *U|HXQG$XVGHKQXQJGRFKEHUUDVFKW6RJHZDOWLJKlWWHLFK VLHPLUQLFKWYRUJHVWHOOW :RVWHFNWH7RNDWD":DUHUKLHURGHUKDWWHHUVLFKDXIHLQH DQGHUH3ODWWIRUPEHJHEHQ" ,FKNRQ]HQWULHUWHPLFKYRUHUVWDXIGLHPLFKXPJHEHQGHQ *HUlXVFKH,UJHQGZRLQGHU1lKHVXPPWHHWZDV:DKUVFKHLQ OLFKGLH(QHUJLHJHZLQQXQJVDQODJHQGHU%RKULQVHO'HU%RKUHU MHGRFKDUEHLWHWHQLFKWPHKU(UVWDQGVWLOO ,FKVDK]DKOUHLFKH$XVJlQJH(LVHQWUHSSHQNOHLQH3ODWW IRUPHQ*LWWHUEDUDFNHQlKQOLFKH%DXWHQEHUDOONRQQWHQVLFK 'U7RGXQGVHLQH9DVDOOHQYHUERUJHQKDOWHQ +LQ]XNDPQDWUOLFKQRFKGLH*HLVHO 0LW6RUJHQIDOWHQDXIGHU6WLUQVWHOOWHLFKIHVWGDPLUZRKO QLFKWVDQGHUHVEULJEOHLEHQZUGHDOVGLHJHVDPWH,QVHODE]X VXFKHQZHQQLFK(UIROJKDEHQZROOWH $EHUDXFKLFKKDWWHHLQPDO*OFN 3O|W]OLFKK|UWHLFKJDQ]LQGHU1lKHHLQHQGXPSIHQ.QDOODOV ZlUHHLQH7U]XJHVFKODJHQZRUGHQ 8QGGDQQ6WLPPHQ )UDXHQVWLPPHQ ª(UZLUGLKQJOHLFKHUZHFNHQ©'DVVDJWH3DPHOD6FRWW EHVVHUEHNDQQWXQWHUGHP1DPHQ/DG\; ª-DLFKZDUWHVFKRQGDUDXI© $OVLFKGLHVH:RUWHYHUQDKPJDEHVLQPHLQHU%UXVWHLQHQ 6WLFK'DVZDUQLHPDQGDQGHUHVDOV/XSLQDGLH.|QLJLQGHU :|OIHGLH0HQVFK%HVWLHLQGLHLFKPLFKHLQPDOXQIUHLZLOOLJ YHUOLHEWKDWWH

2*RWWEHLGHLQPHLQHU1lKH $XIHLQPDOEUDFKPLUGHU6FKZHLDXV,FKYHUVXFKWHPHLQH (ULQQHUXQJDQGLHVHVVFKUHFNOLFKH$EHQWHXHU]XUFN]X GUlQJHQGRFKVRJDQ]JHODQJHVPLUQLFKWHVZDUHLQIDFK]X JUDXHQKDIWJHZHVHQ 6ROOWHLFKGLHEHLGHQVWHOOHQXQGPLFKDXIHLQHQ.DPSIPLW LKQHQHLQODVVHQ" :LHLFKGLH6FRWWNDQQWHJLQJVLHQLHXQEHZDIPHW%HVWLPPW WUXJVLHLKU/LHEOLQJVLQVWUXPHQWEHLVLFK 'LH0DVFKLQHQSLVWROH 1HLQLFKVWHOOWHPLFKLKQHQQLFKW=XGHPZXUGHPLUGLH (QWVFKHLGXQJDEJHQRPPHQGHQQLFKK|UWHGLH6WLPPHPHLQHV (U]IHLQGHV'U7RG ª6LHNRPPHQMHW]W© 'LH:DUQXQJHUUHLFKWHPLFKJHUDGHQRFK]XUUHFKWHQ=HLW GHQQPHLQ6WDQGRUWZDU]LHPOLFKJHIlKUOLFK=XOHLFKWKlWWH PDQPLFKKLHUHQWGHFNHQN|QQHQ :DVWXQ" 9RUPLUZXFKVHLQH/HLWHUKRFK,FKIDWHGLH*HOHJHQKHLW EHLP6FKRSIXQGHQWHUWHGLH6SURVVHQLQGLH+|KH'DEHL EHUKUWHLFKMHGHHLQ]HOQHQXUPLWGHQ=HKHQVSLW]HQLFK ZROOWHXP+LPPHOVZLOOHQNHLQHUOHL*HUlXVFKHYHUXUVDFKHQ (VNODSSWHYRU]JOLFK 1DFKHWZD]HKQ
,FKHUVFKUDNKHIWLJ'DV%OXWVWU|PWHPLULQGHQ.RSIDOVLFK GHQJHZDOWLJHQ.|USHUVDKGHUGHP7RNDWDVLQQLFKWVQDFK VWDQG9LHOOHLFKWVDKHUVRJDUQRFKVFKUHFNOLFKHUDXVGHQQDQ HLQLJHQ6WHOOHQZDUGLH+DXWDEJHVFKUIWJDUQLFKWPHKUYRU KDQGHQDOVKlWWHVLHMHPDQGZHJJHlW]W 6FKOLPPZLUNOLFK 8QGLQVHLQHU%UXVWVWHFNWHHLQ3IDKO 'HU9DPSLUGHUQXUHLQHQ/HQGHQVFKXU]WUXJZDUDOVRWRW 1RFKPXWHLFKVDJHQ)UPLFKJDEHVNHLQHQ=ZHLIHOGD HU]XP/HEHQHUZHFNWZUGH ª/HJLKQQLHGHU©EHIDKO'U7RGXQG7RNDWDJHKRUFKWH(UWDW LPPHUGDVZDVVHLQ0HLVWHUEHIDKO ,FKZDUOlQJVWLQGLH.QLHJHJDQJHQXQGSHLOWHEHUGHQ 5DQGGHU3ODWWIRUPKLQZHJ8QWHQKDWWHQVLFKPHLQH(U]IHLQGH YHUVDPPHOW,FKKRFNWHEHULKUHQ.|SIHQ:HQQVLHJHZXW KlWWHQZHUGDVDLFKJODXEHVLHKlWWHQGXUFKJHGUHKW 6RDEHUEHREDFKWHWHLFKZHLWHU ,FKYHUPLWHGLH*HLVHO9RQGHP&RPPDQGHUKDWWHLFK JHK|UWGDGHU0DQQ0DUN%UHQQDQKLH 7RNDWDYHUVFKZDQGZLHGHU,PQlFKVWHQ$XJHQEOLFNK|UWH LFKHLQHVFKULOONOLQJHQGH6WLPPH ª1HLQELWWHLFKZLOOQLFKW©'DQQHLQbFK]HQ=ZHL $WHP]JHVSlWHUWDXPHOWH0DUN%UHQQDQEHUGLH6FKZHOOH -DHUPXWHHVVHLQ (UEOXWHWHDP+DOVXQGKDWWHVHLQHOLQNH+DQGDXIGLH6WHOOH JHSUHW,QPLUZDOOWH=RUQKRFK'RFKLFKNRQQWHHVQLFKW ULVNLHUHQMHW]WVFKRQHLQ]XJUHLIHQ 7RNDWDVFKOHXGHUWHGHQ0DQQQDFKGUDXHQZRHUJHJHQ HLQHQ$XIEDXSUDOOWHXQGVWHKHQEOLHE9RQGHPXQKHLPOLFKHQ 6DPXUDLZXUGHHUNHLQH6HNXQGHDXVGHQ$XJHQJHODVVHQ 'U7RGDEHUWUDWGLFKWDQGHQ9DPSLUKHUDQXQGEOLHEQHEHQ LKPVWHKHQª9DPSLURGHOPDU©ULHIHUª/DQJHJHQXJKDVWGX LQGHLQHPIHXFKWHQ*UDEJHOHJHQ'XGHUYRU]HKQWDXVHQG -DKUHQ.DLVHUGHU%OXWVDXJHUJHZHVHQLVWGXZLUVWZLHGHUDXI HUVWHKHQ0DQKDWGLFKW|WHQZROOHQDEHUPDQKDWHVQLFKW

JHVFKDIIW(LQVWDUNHU*HJHQ]DXEHUEHZLUNWHGLHVXQGQXQLVW GHU=HLWSXQNWGDZRGXZLHGHULQV/HEHQ]XUFNJHUXIHQ ZLUVWXPGHLQH+HUUVFKDIWIRUW]XVHW]HQ© ,FKZDUY|OOLJSHUSOH[ 'U7RGKDWWHYRQ]HKQWDXVHQG-DKUHQJHVSURFKHQ+LPPHO GDVPXWH]X$WODQWLV=HLWHQJHZHVHQVHLQ$EHUGDZDUGRFK 0\[LQGDPDOVGHU*HJHQVSLHOHUYRP6FKZDU]HQ7RGGHUEHU GLH9DPSLUHKHUUVFKWH 2GHUJDEHVGDQRFKHLQDQGHUHV/DQG" ª9DPSLURGHOPDU©IXKU'U7RGIRUWª+HUUVFKHUEHUGDV /DQGGHU9DPSLUHGDVGHQ)OXWHQGHV0HHUHV]XP2SIHUJH IDOOHQLVW'XZLUVWHVVFKDIIHQDOOHLQGXUFKPHLQH+LOIH8QG GXZLUVWPLUJHKRUFKHQVRZLHGLH9DPSLUHGLUJHKRUFKHQ ZHUGHQ© 6ROR0RUDVVREFNWHVLFKXQGOHJWHEHLGH+lQGHXPGHQLQ GHU%UXVWVWHFNHQGHQ3IORFN 'DQQ]RJHULKQPLWHLQHP5XFNKHUDXV 'U7RGVFKULHZLOGDXIDOVHUGHQ3IORFN]ZLVFKHQGHQ+lQGHQ KLHOW0LWHLQHUZWHQGHQ%HZHJXQJVFKOHXGHUWHHULKQZHLW ZHJKLQHLQLQV0HHU ª'HQEUDXFKHQZLUQLFKWPHKU©EUOOWHHUXQGODFKWH 1HLQGHQEUDXFKWHHUZLUNOLFKQLFKWGHQQ9DPSLURGHOPDU ZDUHUZDFKW ,FKVDKHVGHXWOLFKXQGHVVFKLHQDOVZROOWHPLUGHU1HEHO HLQHQ*HIDOOHQWXQGHQQGLHGQQHQ6FKOHLHUZHKWHQ]XU6HLWH VRGDGLH6LFKWQRFKEHVVHUZXUGH 'HU0RUGYDPSLU|IIQHWHGLH$XJHQ'DVJHVFKDKDOVZUGH PDQHLQH.ODSSHKRFK]LHKHQHVJLQJVFKQHOOXQGHUVWDUUWHGLH LKQXPVWHKHQGHQ0HQVFKHQDQ 6HNXQGHQODQJJHVFKDKQLFKWV -HGHUJHULHWLUJHQGZLHXQWHUGHQ%DQQGHV1HXHQGHVY|OOLJ $QGHUHQ (VZDUGLH:LHGHUJHEXUWHLQHV0RQVWHUV8QGLFKHUOHEWHHV

PLW:lUHHVQXUHLQHUJHZHVHQRGHU]ZHLGDQQKlWWHLFKHLQ JHJULIIHQVRDEHUNRQQWHLFKHVPLUQLFKWHUODXEHQGHQQZHQQ LFKMHW]WQDFKXQWHQVSUDQJZUGH7RNDWDPLUGHQ.RSI DEVFKODJHQGHQQGDUDXIZDUWHWHHUVFKRQODQJH 6RVDKLFK]X 9RUHUVW 9DPSLURGHOPDU:HOFKHLQ1DPHZHOFKHLQH*HVWDOW8QG HUULFKWHWHVLFKDXI =XHUVWKREHUVHLQHQ]HUVFKXQGHQHQ2EHUN|USHUDQXQG VFKWWHOWHGHQ.RSIDXIGHPODQJHGXQNOH+DDUHZXFKVHQ GHUHQ6SLW]HQGLH6FKXOWHUQEHUKUWHQ ,PQlFKVWHQ0RPHQWGUDQJHLQVFKUHFNOLFKHV5|FKHOQDXV VHLQHU.HKOH(UVFKWWHOWHVLFKDOVZUGHHUIULHUHQXQGVFKOXJ PLWGHUUHFKWHQ+DQGDXIGLH3ODWWIRUP 'DQQVWDQGHUJDQ] +RFKULFKWHWHHUVLFKDXI]XVHLQHUYROOHQ*U|HXQGLQGHU 7DWEHUUDJWHHU7RNDWDQRFKHLQZHQLJ'U7RGZLUNWHJHJHQ LKQGLUHNWNOHLQ(EHQVRGLHDQGHUHQ /DG\;NRQQWHQLFKWDQGHUV$OVVLHVDKGDVLFKGHU9DPSLU XPVFKDXWHXQGVHLQ%OLFNDXILKUKlQJHQEOLHEKREVLHXQZLOO NUOLFKGLH0DVFKLQHQSLVWROHDQ 'U7RGODFKWHQXUª.HLQH6RUJHHUZLUGGLUQLFKWVWXQ'X VWHKVWXQWHUPHLQHP6FKXW]©0RUDVVRWUDWDXIGHQ8QKHLP OLFKHQ]XXQGOHJWHLKPGLH+DQGJHJHQGLH%UXVWª,FKELQGHLQ +HUUGHLQ0HLVWHU8QGQXUPLUKDVWGX]XJHKRUFKHQ 9HUVWDQGHQ"© 'HUJHZDOWLJH%OXWVDXJHUQLFNWH 'U7RGOlFKHOWHª'DQQLVWHVRND\© 0U0RQGRQDKPVHLQHUDQGORVH%ULOOHDEXQGSXW]WHGLH *OlVHUª:LUNOLFKHLQPDOLJ©VDJWHHUªHLQLQWHUHVVDQWHV 2EMHNW© ª'DVVWLPPW©JDE0RUDVVRLKPUHFKW 8QGGLH.|QLJLQGHU:|OIHXPVFKOLFKGDVQHXH0RQVWHUZLH GLH.DW]HGHQKHLHQ%UHL/XSLQDVDKVLFKGHQ9DPSLUYRQ DOOHQ6HLWHQDQLQLKUHQVFK|QHQ$XJHQIOLPPHUWHHV

'DQQ|IIQHWH9DPSLURGHOPDUVHLQ0DXO=XPHUVWHQPDO VDKLFKVHLQH=lKQH 0HLQ*RWWZHOFKHLQ*UDXHQ (UKDWWHQLFKWQXU]ZHLVSLW]H+DXHUZLHGLHPHLVWHQ 9DPSLUHVRQGHUQPHKUHUH$OOHOLHIHQYRUQVSLW]]XGRFKGLH EHLGHQ(FN]lKQHZDUHQEHVRQGHUVODQJ 6LHUHLFKWHQZHQQHUGHQ2EHUNLHIHUYRUVFKREELV]XP.LQQ (LQVFKUHFNOLFKHV%LOG,FKNRQQWHPLUJXWYRUVWHOOHQGD GLHVHU6XSHUYDPSLU$QJVWXQG6FKUHFNHQYHUEUHLWHWKDWWH :LHDXFKMHW]WGHQQ]XPHUVWHQ0DOVSUDFKHUHLQLJH:RUWH XQGGLHZDUHQVFKOLPPJHQXJ ª%OXW©U|FKHOWHHUª,FKEUDXFKH%OXW©(UGUHKWHVLFKLP.UHLV XQGVFKDXWHMHGHQDQ ,FK]RJPLFK]XUFNQRFKZDUGHU=HLWSXQNW]XIUK HQWGHFNW]XZHUGHQ 'DQQK|UWHLFKGHQ6FKUHL *HOOHQGXQGDQJVWHUIOOWKDOOWHHULQPHLQHQ2KUHQZLGHU,FK VFKDXWHDEHUPDOVEHUGHQ5DQGGHUNOHLQHQ3ODWWIRUPXQGVDK GHQ*UXQGIUGDV*HVFKUHL 0DUN%UHQQDQKDWWHVLFKEHPHUNEDU]XPDFKHQYHUVXFKW 'LHVHQ0DQQKDWWHVLFKGHU9DPSLUDOV2SIHUDXVJHVXFKW:DV IULKQQDWUOLFKDXIGHU+DQGODJ'LHEULJHQZDUHQVHLQH 9HUEQGHWHQHVEOLHEQXUQRFK0DUN%UHQQDQEULJ 'HU%OXWVDXJHUVWDQGYRULKP6HLQHQUHFKWHQ$UPKDWWHHU DXVJHVWUHFNW'HU=HLJHILQJHUGHXWHWHDXIVHLQHQ.RSIª,KQ ZLOOLFK©NQLUVFKWHHU :LHGHUVFKULH%UHQQDQ'DEHLVFKDXWHHUVLFKILHEHUKDIWXP VXFKWHQDFKHLQHP$XVZHJDEHUHVJDENHLQHQ(UZDUHLQJH NUHLVW8P]LQJHOWYRQ)HLQGHQ 6FKOX$XV .HLQH&KDQFH 8QGGDQQZDUGDQRFK7RNDWD(U]RJPLWHLQHUJODWWHQ %HZHJXQJVHLQ6DPXUDL6FKZHUWDXVGHU6FKHLGH'LHVHV 6FKZHUWYRQGHPGLH6DJHXPJLQJGDHVLQGHU+|OOH JHVFKPLHGHWZRUGHQVHL(VZDUDXIEHLGHQ6HLWHQPHVVHUVFKDUI

JHVFKOLIIHQXQGPLWHLQHPHLQ]LJHQ6FKODJNRQQWH7RNDWD GDPLWGHQ.RSIHLQHU.XKDEVFKODJHQ %OLW]VFKQHOOEHZHJWHHUVHLQHQUHFKWHQ$UP(LQHQ+HU] VFKODJVSlWHUEHIDQGVLFKGLH.OLQJHGLFKWDQGHU.HKOHGHV Y|OOLJZHKUORVHQ0DUN%UHQQDQ 'HU0DQQYHUGUHKWHGLH$XJHQVRZHLWGDEHUHLWVGDV :HLHGDULQ]XVHKHQZDU'DEHLULHUGHQ0XQGDXIDOV ZROOWHHUMHGHQ0RPHQWDQIDQJHQ]XVFKUHLHQDEHUQLFKWHLQ /DXWGUDQJEHUVHLQH/LSSHQ'DV(QWVHW]HQVFKQUWHLKPGLH .HKOH]X (UZDUI'U7RGHLQHQYHU]ZHLIHOWHQ%OLFN]XLQGHPDOOGLH $QJVWODJGLHHULQGLHVHP$XJHQEOLFNHPSIDQG 0RUDVVROlFKHOWHQXU .DOWNKOXQGEHUKHEOLFK 'DVZDUVRW\SLVFKIULKQ'LHVHU0DQQNDQQWHNHLQH*QDGH 0HQVFKOLFKNHLWZDUIULKQHLQ)UHPGZRUW(UJHEUDXFKWHGLH 0HQVFKHQDOV6FKDFKILJXUHQXQGZHQQHUVLHQLFKWPHKU EHQ|WLJWHHQWOHGLJWHHUVLFKLKUHU 6RDXFKKLHU ª%LWWH©5|FKHOQGKROWH0DUN%UHQQDQ/XIWª%LWWHLFKKDEH GRFKDOOHVJHWDQZDV6LHZROOWHQ,FKIOHKH6LHDQ/DVVHQ6LH PLFKOHEHQ%LWWH© 'U7RGOlFKHOWHQXU(VZDUNHLQIUHXGLJHV/lFKHOQVRQGHUQ HLQKLQWHUKlOWLJHVJHPHLQHV7\SLVFKIULKQ:HQQ0DUN %UHQQDQKRIIWHVRNRQQWHHUGLHVHV*HIKOEDOGEHJUDEHQGHQQ LFKNDQQWH6ROR0RUDVVREHVVHU (UZUGHNHLQ3DUGRQNHQQHQ ª1DWUOLFKZHUGHQ6LHOHEHQ©VDJWHHUXQGPDFKWHHLQH +DQGEHZHJXQJGLH7RNDWDJDOW 'HU6DPXUDLWUDWGDUDXIKLQVRIRUW]XUFN $XV$QJVWZXUGH+RIIQXQJ0DUN%UHQQDQODFKWHVFKULOODXI ª,FKLFKGDQNH,KQHQ,FKZXWHGRFKGD6LHPLFKQLFKWLP 6WLFKODVVHQZHUGHQ'DQNH© ª$XJHQEOLFNQRFK©'U7RGKREGHQ$UPª,FKVDJWH,KQHQ ]ZDUGD6LHOHEHQZHUGHQGRFKLFKVDJWH,KQHQQLFKWZLH6LH

OHEHQZHUGHQ:HQQ9DPSLURGHOPDU%OXWEUDXFKWGDQQPX HUHVKDEHQXQGHUZLUGHVVLFKEHL,KQHQKROHQ'DQDFKOHEHQ 6LHZHLWHU$OOHUGLQJVDOV8QWRWHUDOV9DPSLU© 0DUN%UHQQDQEHJULIIGLH:RUWHHUVWJDUQLFKW'RFKDOVVLH LKPHQGOLFKNODUZXUGHQ]HUIDVHUWHVLFKVHLQ/lFKHOQ(V]HU VSUDQJZLH*ODVXQGZLHGHUEHKHUUVFKWHGDV(QWVHW]HQVHLQ *HVLFKW -HW]WJDEHVNHLQHQ$XVZHJPHKU 0DUN%UHQQDQEOLHEQXUQRFKGLHUHLQH9HU]ZHLIOXQJ ª3DFNLKQ©EHIDKO'U7RGXQGJDEGHP9DPSLUGDV6LJQDO (UNUHLVHOWHVRIRUWKHUXPXQGVWU]WHVLFKDXI0DUN%UHQQDQ 0DUNVDKGHQULHVHQKDIWHQ.|USHUYHUQDKPGDVJLHULJH )DXFKHQXQGKHFKWHWH]XU6HLWH(UZROOWHZHJNXU]HUKDQGYRQ GHU3ODWWIRUPVSULQJHQXQGDEHUPDOVYHUVXFKHQLUJHQGZRLP 0HHU]XODQGHQ (UVWLHVLFKDE 9DPSLURGHOPDUHUZLVFKWHLKQPLWWHQLP6SUXQJ6HLQ 6FKODJWUDILKQKDUWDQGHU6FKXOWHUXQGVFKOHXGHUWHLKQ]X %RGHQ0DUN%UHQQDQVFKULHDXI,QVWLQNWLYULHUGLH+lQGH YRUVHLQ*HVLFKWXQGYHUVXFKWHVLFK]XVFKW]HQ (LQ]ZHLWHU+LHEIHJWHGLHSURYLVRULVFKH'HFNXQJ]XU6HLWH 'DPLWODJVHLQ+DOVIUHL 9DPSLURGHOPDUEFNWHVLFKXQGULLKQKRFK:HLW|IIQHWH HUVHLQ0DXOGLHVSLW]HQ=lKQHEOLW]WHQ'LH9RUVWHOOXQJEDOG GDV%OXWGHV0HQVFKHQ]XWULQNHQOLHGHQ9DPSLUUDVHQG ZHUGHQ 'DJULIILFKHLQ %LOO&RQROO\GUFNWHGHP)OXJZDUWGLH+DQGXQGOLHJOHLFK ]HLWLJHLQHQ6FKHLQYHUVFKZLQGHQ ª'DQNH&DUORVGDVKDEHQ6LHJXWJHPDFKW© ª,VWGRFK(KUHQVDFKH0U&RQROO\© =HKQ0LQXWHQVSlWHUHUKLHOWHQ6XNRXQG%LOOGLH6WDUW HUODXEQLV(VKHUUVFKWHWUEHV:HWWHU'LHJUDXHQ:RONHQ

KLQJHQVHKUWLHI(VZDU,UUVLQQEHLGHP:HWWHU]XVWDUWHQ GHQQ]XVlW]OLFKYHUVFKOHFKWHUWHHLQLJH0HLOHQHQWIHUQWQRFKGHU 1HEHOGLH6LFKW $EHUGLHEHLGHQ0lQQHUZROOWHQPLFKQLFKWDOOHLQODVVHQ VRQGHUQUDXVKROHQ 'LH0DVFKLQHKDWWH]ZHL6FKZLPPHUVRGDVLHDXFKDXI GHP:DVVHUODQGHQNRQQWH 'DVZDUQDWUOLFKZLFKWLJGHQQDXIGHU%RKULQVHOJDEHV NHLQHQ3ODW] %LOO&RQROO\EHVDHLQHQ)OXJVFKHLQ(UNDQQWHVLFKEHLGHQ 6SRUWPDVFKLQHQDXVXQGKDWWHVFKRQIDVWVlPWOLFKH7\SHQ JHIORJHQ6XNRKRFNWHQHEHQLKPDXIGHP&RSLORWHQVLW]XQG VWDUUWHHEHQIDOOVLQGLHYRULKQHQOLHJHQGHJUDXH:DQG ªhEHUGHP0HHUZLUGHVQRFKVFKOLPPHU©PHLQWHGHU &KLQHVH %LOOQLFNWH(UKDWWHGHQ.RSIK|UHU]XUFNJHVFKREHQXQGVLFK QXUDXIGHQ)OXJNRQ]HQWULHUW 'DV/DQGXQWHULKQHQYHUVFKZDQGXQGGLH1DVHGHU 0DVFKLQHVWLHLQGLHJUDXHQIHXFKWHQ:RONHQDXVGHQHQ XQXQWHUEURFKHQGHU1LHVHOUHJHQUDQQ =XP*OFNZDUGLH0DVFKLQHDXVJH]HLFKQHWLQ6FKX'HU 3URSHOOHUOLHIUXKLJXQGJOHLFKPlLJNHLQ+DFNHQNHLQH 6W|UXQJDOOHVJLQJJODWW 'DV:DVVHUZDUQLFKW]XVHKHQ'HU'XQVWYHUGHFNWHHV 'LH0DVFKLQHZDUQLFKWPLW5DGDUDXVJHUVWHWGHVKDOE ZROOWH%LOODXVGHQ:RONHQKHUDXVXPLP7LHIIOXJEHUGDV :DVVHU]XVWUHLFKHQ(LQULVNDQWHV8QWHUQHKPHQGDVHLQHP .|QQHUDOOHVDEYHUODQJWH%LOOVHQNWHGLH1DVHGHV9RJHOVXQG VWLHDXVGHQ:RONHQ -HW]WNRQQWHQVLHGDV:DVVHUVHKHQ (LQHVFKPXW]LJZLUNHQGHZRJHQGH)OlFKHDXIGHUKLQXQG ZLHGHU6FKDXPNURQHQEOLW]WHQ(LQPDOIORJVLHVRGLFKWEHU HLQ6FKLIIKLQZHJGDGLH0lQQHUDQ%RUGHUVFKUHFNWGLH .|SIHKREHQ %LOOJULQVWHª'HQHQKDEHQZLUHLQHQ6FKUHFNHQHLQJHMDJW©

6LHlQGHUWHQGHQ.XUV%LVKHUZDUHQVLHQDFK2VWHQJHIORJHQ MHW]WIORJHQVLHPHKUQ|UGOLFK %LOOZXWHXQJHIlKUZRGLH%RKULQVHOODJXQGHUKRIIWHVWDUN GDHUVLHILQGHQZUGH 9RULKQHQVFKLHQHQGLH:RONHQLQGDV0HHU]XWDXFKHQVR WLHIKLQJHQVLHDEHUHVJDE]XP*OFNGRFKQRFKHLQHQ =ZLVFKHQUDXPLQGHQGLH0DVFKLQHVWRHQNRQQWH ª:DVPDFKHQZLUZHQQZLUGLH,QVHOHUUHLFKWKDEHQ"©IUDJWH GHU&KLQHVH ª:LUZDVVHUQ© ª(LQIDFKVR"© ª*HQDX© ª'XPXWHHVZLVVHQ© ª:LHVR"+DVWGX$QJVW"© ª1HLQQXUHLQXQEHKDJOLFKHV*HIKO:LUVLQGSUDNWLVFK RKQH:DIIHQ© ª'DVDJVWGXPLUQLFKWV1HXHV©NQLUVFKWH%LOOª$EHUGHV ZHJHQN|QQHQZLU-RKQQLFKWLP6WLFKODVVHQ© ª*HQDX© 6LHZXWHQDXIZDVVLHVLFKHLQJHODVVHQKDWWHQDEHUHVKDWWH IUVLHNHLQ=|JHUQJHJHEHQ(LQ)UHXQGZDULQ*HIDKUGD PXWHPDQKHOIHQ -HPHKU=HLWYHUVWULFKXPVRHQWVSDQQWHUZXUGH%LOO(UKDWWH VLFKDQVHLQH3LORWHQUROOHJHZ|KQWVHW]WHZLHGHUGHQ .RSIK|UHUDXIXQGK|UWHGHQ)XQNYHUNHKUDE %HLGHZXWHQQLFKWVYRQGHP5LHJHOGHQGLH5R\DO1DY\XP GDVEHWUHIIHQGH*HELHWJHOHJWKDWWHXQGVRIORJHQVLHPLWWHQ KLQHLQ %LOOZXUGHHUVWDXIPHUNVDPDOVHLQHTXlNHQGH6WLPPHGXUFK GHQ.RSIK|UHUGUDQJ8QGVLHUHGHWHJDUQLFKWYHUELQGOLFKXQG VLHKLHOWVLFKQRFKZHQLJHUDQGHQLQWHUQDWLRQDOHQ)OXJ VSUDFKWH[W ª:DV]XP7HXIHOIOLHJHQ6LHGDUXP"©ZXUGH%LOODQJHEUOOW GDHUUHJHOUHFKW]XVDPPHQ]XFNWH ª0HLQHQ6LHPLFK"©

ª-DZHQVRQVW"6LHVLQGVFKOLHOLFKGLHHLQ]LJH0DVFKLQHGLH GHQ.UHLVGXUFKEURFKHQKDW© ª:DVNDQQLFKGDIU"© ª.HKUHQ6LHXP© ª,FKGHQNHQLFKWGDUDQ©%LOONQLII6XNRHLQ$XJH]X ª'DPLWJHIlKUGHQ6LHHLQHPLOLWlULVFKH2SHUDWLRQGHUHQ )ROJHQQLFKWDXV]XGHQNHQVLQG© ª'LH6DFKHLVWPLW-RKQ6LQFODLUDEJHVSURFKHQ©VWDUWHWHGHU 5HSRUWHUVHLQHQ%OXII (UHUQWHWHYHUEOIIWHV6FKZHLJHQ ª*ODXEHQ6LHPLUQLFKW"'DQQIUDJHQ6LH-RKQ6LQFODLUGRFK VHOEVWPHLQ/LHEHU© ª(UPHOGHWVLFKQLFKW© ª6HLWZDQQ"© ª:LUYHUVXFKHQLKQVHLWHLQHUKDOEHQ6WXQGHEHU6SUHFKIXQN ]XHUUHLFKHQ(UJLEWNHLQH$QWZRUW© 'LHVHU6DW]IHVWLJWH%LOOV3ODQMHW]WHUVWUHFKWDOOHVDXIHLQH .DUWH]XVHW]HQ(UPXWH-RKQ6LQFODLUXQEHGLQJWILQGHQGHQQ ZHQQHUVLFKWDWVlFKOLFKQLFKWJHPHOGHWKDWWHZDUHLQLJHV VFKLHIJHODXIHQ ª:LUVHKHQQDFK©PHOGHWH%LOO ª1HLQGDVHUODXEHLFKQLFKW© ª$FKOHFNPLFK©VDJWH%LOOXQGVWHOOWHGLH)XQNYHUELQGXQJ NXU]HUKDQGDE'DIUQLFNWHHU6XNR]X6HLQ*HVLFKWZDUEOD JHZRUGHQª,FKJODXEH-RKQKDWHVHUZLVFKW© ª9HUGDPPW©VDJWHGHU&KLQHVHQXU (UZLVFKWKDWWHHVPLFK]ZDUQLFKWDEHUZRKOZDUPLUDXFK QLFKW,FKVWDQGDOOHLQJHJHQVHFKV*HJQHUXQGZDUIPHLQ /HEHQLQGLH:DDJVFKDOHXPGDVHLQHVDQGHUHQ]XUHWWHQ $OOHNRQ]HQWULHUWHQVLFKDXIGHQ6XSHUYDPSLUXQG0DUN %UHQQDQ1LHPDQGNDPDXIGLH,GHHLQGLH+|KH]XVFKDXHQ ZRLFKKRFNWHXQGPHLQH%HUHWWDJH]RJHQKDWWH,KUKDWWHGHU $XIHQWKDOWLP:DVVHUQLFKWVDXVJHPDFKW

5HFKWVKLHOWLFKGLH:DIIHOLQNVGDV.UHX] 'DQQSHLWVFKWHPHLQH6WLPPHª/DLKQORV© (VZDUZLUNOLFKHLQH%RPEHQEHUUDVFKXQJIUGLHGlPR QLVFKHQ.UHDWXUHQ 'U7RG]RJVHLQHQ.RSIHLQDOVKlWWHLKQHLQ*HVFKRDP 6FKlGHOJHWURIIHQ(UNRQQWHQLFKWEHJUHLIHQGDLFKSO|W]OLFK DXIVHLQHU+RUURU,QVHODXIJHWDXFKWZDU $XFK7RNDWDHUVWDUUWH$EHUVHLQH+DQGZDUVFKRQDXIGHP *ULIIGHV6FKZHUWHVJHODQGHW 1XU0RQGRNLFKHUWHZlKUHQG/DG\;GLH$XJHQKDOE ]XVDPPHQNQLIIXQG/XSLQDHLQZLOGHV)DXFKHQDXVVWLH 'DKDWWHLFKVLHDOOH]XVDPPHQGLHJHVDPWH0RUGOLJDGRFK LFKVWDQGDOOHLQKDWWHNHLQH+LOIHXQGHVZDUIUDJOLFKRELFKHV EHUKDXSWVFKDIIWH0DUN%UHQQDQ]XUHWWHQ $OVQLFKWVJHVFKDKVFKULHLFKQRFKHLQPDOª/DLKQORV YHUGDPPW2GHU0RUDVVREHNRPPWHLQH.XJHOLQVHLQHQ 6FKlGHO© (VZDUPLUHUQVWPLWGHU'URKXQJ'DVPXWHDXFK'U7RG JHPHUNWKDEHQGHQQHUJDEGHP9DPSLUHLQHQ:LQN ª7XZDVHUJHVDJWKDW© 9DPSLURGHOPDUJHKRUFKWH6HLQH+lQGHO|VWHQVLFKYRQGHQ 6FKXOWHUQGHV0DQQHV 0DUN%UHQQDQNODSSWH]XVDPPHQ9RU6FKZlFKHXQG$QJVW NRQQWHHUVLFKQLFKWDXIGHQ%HLQHQKDOWHQ (UILHOPLWGHP5FNHQJHJHQGDV*LWWHUXQGKROWHNUDPSI KDIW/XIW ª5HLHQ6LHVLFK]XVDPPHQ©IXKULFKLKQDQRKQHGLH DQGHUHQDXVGHQ$XJHQ]XODVVHQ ª-D©NUlFK]WH%UHQQDQªMD©(UULHEVLFKGHQ+DOVZRGLH .OLQJHJHVHVVHQKDWWH ª'DV6SLHOZHUGHQ6LHQLHJHZLQQHQ6LQFODLU©ODFKWH'U7RG ª*HJHQXQVNRPPHQ6LHQLFKWDQ© ª'DVODVVHQ6LHQXUPHLQH6RUJHVHLQ'HQQKLHUIKUHLFK 5HJLH8QG6LHZHUGHQPHLQHQ%HIHKOHQDOVHUVWHUIROJHQ 0RUDVVR.RPPHQ6LHKHU/RV]XPLU©,FKOLHLKQJHQDXLQ

GLH0QGXQJGHU%HUHWWDVFKDXHQZREHLLFKGLH:DIIHXPHLQH ,GHHQDFKUHFKWVVFKZHQNWH ª,FK"© ª-DYHUVXFKHQ6LHQXUQLFKW=HLW]XVFKLQGHQ© 6ROR0RUDVVRVFKDXWHVLFKXP(UEOLFNWHVHLQH9DVDOOHQDQ GRFKGLHUKUWHQVLFKQLFKW$XFKQLFKWGHU5LHVHQYDPSLUGHU PLWJHIOHWVFKWHQ=lKQHQGDVWDQGXQGQLFKWIDVVHQNRQQWH GDLKPVHLQ2SIHULPOHW]WHQ$XJHQEOLFNQRFKHQWULVVHQ ZRUGHQZDU 6ROR0RUDVVRKREGLH6FKXOWHUQXQGJULQVWHª*XW6LQFODLU LFKNRPPH© ª'DVZROOWHLFK,KQHQDXFKJHUDWHQKDEHQ/DQJHKlWWHLFK QLFKWPHKUJHZDUWHW© $XFKLFKVWDQGXQWHU6WURP'DV*DQ]HZDUHLQUHLQHV 1HUYHQVSLHO2GHUHLQH:DKQVLQQVWDWZREHLLFKJODXEWHGD OHW]WHUHVHKHU]XWUDI,FKKDWWHHLQIDFKQLFKWDQGHUVJHNRQQWHV JLQJPLUJHJHQGHQ6WULFKHLQHQ0HQVFKHQLQGHQ.ODXHQHLQHV EOXWUQVWLJHQ9DPSLUV]XVHKHQ'DEHLKDWWHLFKVRZLHVRYRU DXIGLHVHVHEHQHUZHFNWH0RQVWHUHLQH6LOEHUNXJHODE]XIHXHUQ 9LHOOHLFKWQXW]WHHVHWZDV 'U7RGNDP(UVFKULWWDXIGLHVFKPDOH/HLWHU]XGLHDQ PHLQHU3ODWWIRUPHQGHWH 1RFKLPPHUODJGDVE|VH/lFKHOQDXIVHLQHP*HVLFKWGRFK GLH%OLFNHPLWGHQHQHUPLFKEHGDFKWHUHGHWHQHLQHY|OOLJ DQGHUH6SUDFKH'DULQODVLFKGHQUHLQHQ0RUGZLOOHQ (UNDPZLUNOLFK 'DPLWKDWWHLFKQLFKWJHUHFKQHW8PLKQZHLWHUKLQLQ6FKDFK KDOWHQ]XN|QQHQPXWHLFKGLH:DIIHVHQNHQGHQQGHU :LQNHOKDWWHVLFKYHUlQGHUW 'LH6SDQQXQJZXFKV ,FKJODXEWHGLH/XIW]ZLVFKHQXQVI|UPOLFKNQLVWHUQ]X K|UHQ7URW]GHU.lOWHEUDFKPLUGHU6FKZHLDXV(VZDU XQKHLPOLFKJHIlKUOLFKDXIZDVLFKPLFKGDHLQJHODVVHQKDWWH (LQHIDOVFKH5HDNWLRQXQGLFKNRQQWHPLUVHOEVWHLQH.XJHO GXUFKGHQ.RSIVFKLHHQ:HQQGLHDQGHUHQPLFKHLQPDO

KDWWHQZUGHQVLHPLFKHUEDUPXQJVORVDXVO|VFKHQ6FKOLHOLFK VWDQGLFKJDQ]REHQDXILKUHU/LVWH ,FKK|UWH/XSLQDV6FKQDXIHQ(VVROOWHPLFKZRKODEOHQNHQ DEHULFKULPLFK]XVDPPHQXQGNRQ]HQWULHUWHPLFKHLQ]LJ XQGDOOHLQDXI6ROR0RUDVVR 9LHOOHLFKWZDUGDVPHLQ)HKOHUGHUGLHQlFKVWHQ)ROJHQ XQZHLJHUOLFKQDFKVLFK]RJ 'UHL6SURVVHQKDWWH'U7RGEHUHLWVHUNORPPHQ(UVFKULWW EHZXWODQJVDPZDVPLUZLHGHUXPQLFKWSDWH ª6FKQHOOHU©IXKULFKLKQDQ ª,FKELQQLFKWPHKUVRMXQJZLH6LH6LQFODLU,FKNDQQQLFKW VFKQHOOHU©(UKREGHQUHFKWHQ$UPXPVHLQH:RUWHPLWGLHVHU %HZHJXQJ]XXQWHUVWUHLFKHQ 'DVGDFKWHLFK 'RFKGLHVH%HZHJXQJZDUHLQ6LJQDO 8QG]ZDUIU3DPHOD6FRWWDOLDV/DG\; (LQHNQDSSHNDXPPLWGHQ$XJHQ]XYHUIROJHQGH%H ZHJXQJQXUXQGSO|W]OLFKEHIDQGVLFKGLH0DVFKLQHQSLVWROHLQ +IWK|KHXQGGHU/DXI]HLJWHVFKUlJQDFKREHQ $XIPLFK %HYRULFKGLH*HIDKUHUNDQQWHLQJHVFKlW]WXQGGLH:DIIHKHU XPJHULVVHQKDWWHIHXHUWHVLH $XIHLQPDOWDQ]WHQ)OlPPFKHQYRUGHU0QGXQJ,FKK|UWH GDVKDUWH7DFNWDFNGHU:DIIHXQGZDUIPLFKDXIGHUVFKPDOHQ 3ODWWIRUPQDFKKLQWHQ 6RYLHO3ODW]KDWWHLFKJHUDGHQRFKXQGLFKKDWWHDXFK*OFN 1XUNQDSSZLVFKWHQGLHEOHLHUQHQ*UHDQPHLQHP*HVLFKW YRUEHLXQGMDXOWHQLUJHQGZRJHJHQGDV%RKUJHVWlQJH 'LHQlFKVWH6DOYHODJVFKRQEHVVHUDEHUGDEHIDQGLFKPLFK QLFKWPHKUDQPHLQHP3ODW] ,FKKDWWHPLWHLQHPJHZDOWLJHQ6SUXQJGHQ5FN]XJDQJH WUHWHQ8QGLP+LQWHUJUXQGK|UWHLFK'U7RGV6WLPPHGLHVLFK EHLQDKHEHUVFKOXJ ª+ROWPLUGHQ%DVWDUG7RWRGHUOHEHQGLJGDVLVWPLUHJDO 1XUKROWLKQKHU©

=XP*OFNKDWWHLFKPLUPHLQHXQPLWWHOEDUH8PJHEXQJ ZlKUHQGPHLQHV+HUJDQJVJHQDXDQJHVHKHQ,FKZXWH HLQLJHUPDHQ%HVFKHLGXQGZLVFKWHXPHLQHQ7UlJHUEHYRU /DG\;KLQWHUPLUIUHLH6FKXEDKQKDWWH 6LH]RJQRFKHLQPDODEDEHUGLH6DOYHMDJWHQXUEHUGHQ %RGHQZRVLHODQJH)XQNHQDXIZDUI ,FKUDQQWH 'HQQQLFKWYRU/DG\;KDWWHLFKGHQPHLVWHQ+RUURUVRQGHUQ YRU7RNDWDGHP6DPXUDLGHV6DWDQV )LHEHUKDIWVXFKWHLFKQDFKHLQHP$XVZHJVFKDXWHDXIGDV *HZLUUDXV/HLWHUQ%UFNHQXQG5RKUHQ 'LFKWQHEHQPLU]LVFKWHHWZDV'DPSIVWU|PWHDXVHLQHP VFKOHFKWVFKOLHHQGHQ9HQWLO,FKVDKGLH'VHHUNDQQWHGD PDQVLHGUHKHQNRQQWH 6FKRQK|UWHLFK6FKULWWH %OLW]VFKQHOOGUHKWHLFKGLH'VHQDFKOLQNVXQGGDV9HQWLODXI ,QGLHVHP0RPHQWOLHI/DG\;XPGLH(FNHXQGJHQDXLQGHQ +HLOXIWVWURPKLQHLQ 6LHVFKULHDXIULEHLGH$UPHKRFKXQGOLHGLH 0DVFKLQHQSLVWROHIDOOHQ 'DVZDUGLH*HOHJHQKHLW0LWHLQHP6SUXQJKDWWHLFKGLH :DIIHHUUHLFKWWDXFKWHXQWHUGHP+HLOXIWVWURPZHJXQG QDKPGLH03LDQPLFK'DV.UHX]KDWWHLFKPLUZLHGHUXPGHQ +DOVJHKlQJW(VEDXPHOWHIUHLYRUPHLQHU%UXVW,P $XJHQEOLFNEUDXFKWHLFKHVQLFKWHLQ]XVHW]HQ 3DPHOD6FRWWDEHUWDXPHOWH]XUFN6LHKDWWHVLFKLP*HVLFKW YHUEUKWXQGVFKULHXQDXIK|UOLFK :lUHLFKHLQ*DQJVWHUJHZHVHQKlWWHLFKGLH)UDXMHW]WDOV *HLVHOJHQRPPHQGRFKVRHWZDVZDUPLU]XZLGHU ,FKZROOWHQXUZHJ hEHUHLQHQVFKPDOHQ6WHJUDQQWHLFKZHLWHU'LH 0DVFKLQHQSLVWROHKDWWHLFKPLUXQWHUGHQ$UPJHNOHPPW'HU 6WHJIKUWHGLFKWDQGHUlXHUHQ6HLWHGHU3ODWWIRUPYRUEHL 5HFKWVYRQPLUJLQJHVVWHLOLQGLH7LHIH(LQ*HOlQGHUVFKW]WH PLFKYRUGHP)DOO

,FKUDQQWHEHU6WDKOSODWWHQVLHZDUHQDQHLQDQGHUJHQLHWHW XQGPHLQH)HULHIHQHLQKRKOHV(FKRKHUYRU ,PPHUZLHGHUZDUILFKHLQHQ%OLFNLQGLH+|KHGHQQPHLQH *HJQHUNRQQWHQEHUDOODXIWDXFKHQ6LHNDQQWHQGLHVH %RKULQVHOVFKOLHOLFKEHVVHUDOVLFK 'HU6WHJHQGHWHYRUHLQHU/HLWHU,FKKDWWH0KH]XEUHPVHQ GHQQGLH(LVHQSODWWHQZDUHQ]LHPOLFKUXWVFKLJ+DOEILHOLFK JHJHQGLH6SURVVHQ 6ROOWHLFKZLHGHUKRFK" 'LH$QWZRUWDXIGLHVH)UDJHQDKPPLUHLQDQGHUHUDE'HQQ XUSO|W]OLFKWDXFKWHHLQH*HVWDOWDP(QGHGHU/HLWHUDXI 7RNDWD 1LFKWDOOHEHWHLOLJWHQVLFKDQGHU9HUIROJXQJ(LQHUKDWWHVLFK ]XUFNJHKDOWHQEHZXW]XUFNJHKDOWHQ 9DPSLURGHOPDU (UZDUQRFKQLFKWULFKWLJHUVWDUNWREZRKOVHLQH.UlIWHEHUHLWV GLHHLQHV0HQVFKHQEHUWUDIHQ(LQ0HQVFKZDULQVHLQHU1lKH HUKDWWHLKQJHIKOWKDWWHVHLQH+DXWJHVSUWGRUWZRGDV /HEHQZXFKVXQGGDV%OXWGXUFKGLH$GHUQSXOVLHUWH %OXW -DGDVEUDXFKWHHU :lKUHQGVLFKGLHDQGHUHQYHUWHLOWHQXQGGHQ)OFKWOLQJHLQ NUHLVHQZROOWHQEOLHE9DPSLURGHOPDUVWHKHQ $XVVHLQHQJURHQ$XJHQVFKDXWHHUVLFKZLOGXPXQGHUVDK VHLQ2SIHU 0DUN%UHQQDQZDU]XVHKUYHUEOIIWXQGJHVFKRFNWJHZHVHQ (UKDWWHGLH*XQVWGHU6HNXQGHQLFKWJHQXW]W$QVWDWWZHJ]X ODXIHQNOHEWHHUDXIGHU6WHOOHIHVW $OVHUHVGDQQYHUVXFKWHZDUHV]XVSlW$XVJURHQ$XJHQ VDKHUGDGHU%OXWVDXJHULKPGHQ:HJYHUVSHUUWH ª1HLQ©IOVWHUWH0DUNª%LWWHQLFKW© 'HU9DPSLUNQXUUWHQXU1RFKZHLWHUULHUVHLQ0DXODXI 0RGHUJHUXFKWUDI0DUN%UHQQDQXQGHU]XFNWH]XUFN

'LHVHZLGHUOLFKH*HVWDOWYHUEUHLWHWHGDVQDFNWH*UDXHQVLH ZROOWHQXUHLQHV 7|WHQ 8QGZHQQVLHLKQJHELVVHQXQGVHLQ%OXWDXVJHVDXJWKDWWH GDQQZXUGHDXFKHU]XP9DPSLU =XPOHEHQGHQ7RWHQ 0HLQ*RWW'HXWOLFKKDWWHHUGLH:RUWH0RUDVVRVLQ(U LQQHUXQJ(LQOHEHQGHU7RWHU 6FKUHFNOLFK =XUFN,KPEOLHEQXUQRFKGHU:HJQDFKKLQWHQ 'RUWZXWHHUHLQHQ6WHJ9RQLKPDXVNRQQWHHUYLHOOHLFKWLQV 0HHUKHFKWHQ 9DPSLURGHOPDUIROJWHLKP(UZDUQLFKW]XVWRSSHQ-HW]W OLHHUVHLQ2SIHUQLFKWPHKUDXVGHQ.ODXHQ 3O|W]OLFKVWROSHUWH0DUN%UHQQDQPLWGHU+DFNHEHUHLQHQ KDUWHQ*HJHQVWDQG=XVlW]OLFKHQWVWDQGHLQNOLUUHQGHV*H UlXVFKXQGDOV0DUNQDFKXQWHQVFKLHOWHHQWGHFNWHHUHLQHQ XQWHUDUPODQJHQ6FKUDXEHQVFKOVVHO (LQH:DIIH 'LH,GHHVSUDQJLKQDQ%OLW]VFKQHOOEFNWHHUVLFKJLQJGDEHL ]XUFNXQGEHYRUGHU9DPSLU]XJUHLIHQNRQQWHKDWWHHUGHQ 6FKUDXEHQVFKOVVHODXIJHKREHQ 6FKODJEHUHLWKLHOWHULKQLQGHUUHFKWHQ+DQG(QWIHUQWK|UWH HUGLH6FKVVHGHU0DVFKLQHQSLVWROHXQGHUZXWHGDVHLQ XQEHNDQQWHU+HOIHUNDPPHKU&KDQFHQJHJHQVHLQH*HJQHU KDWWHDOVHLQ6FKQHHEDOOLQGHU+|OOH 'DQQVFKOXJHU]X (VZDUHLQ+LHELQGHQHUDOOH.UDIWKLQHLQJHOHJWKDWWH8QG HUWUDIDXFK'HUVFKZHUH6FKOVVHOZXFKWHWHJHJHQGLH6FKXOWHU GHV8QKHLPOLFKHQGRFKGHUVWHFNWHGHQ6FKODJZHJZLHQLFKWV (UNPPHUWHVLFKJDUQLFKWGDUXPXQGVFKWWHOWHQXUGHQ .RSI (UJLQJZHLWHU 1RFKHLQ6FKODJ 'LHVPDOJHJHQGHQ$UP

8QGGDQQSDFNWHGHU9DPSLU]X0LWGHUOLQNHQ.ODXHEHNDP HU0DUNV*HOHQN]XIDVVHQ5XFNDUWLJULHUGHQ0DQQ]XVLFK KHUDQ0DUNVFKULHDXIDOVHUJHJHQGHQ%OXWVDXJHUSUDOOWH(U ZXUGHZLHGHUZHJJHVWRHQDEHUQXUGDPLWGHUDQGHUH3ODW] IUVHLQHQ.RQWHUVFKODJKDWWH 8QGGHUWUDI0DUNPLWWHQLQV*HVLFKW(UKDWWHGDV*HIKO HLQH6RQQHZUGHYRUVHLQHQ$XJHQDXISODW]HQDOOHVZDUJUHOO GRFKGLHVHXQQDWUOLFKH+HLOLJNHLWYHUZDQGHOWHVLFKLPQl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lWWHLFKGDVQLHIHUWLJJHEUDFKWDEHU 7RNDWDZDUNHLQ0HQVFKHUZDUHLQ'lPRQHLQHYRQGHQ7RWHQ HUZHFNWH%HVWLHGLHDXVJHVFKDOWHWZHUGHQPXWH 1LFKWPLWQRUPDOHQ.XJHOQQHLQGLHVH9RUVWHOOXQJVWULFK LFKDXVPHLQHP'HQNHQDEHUYLHOOHLFKWNRQQWHGLH*DUEH LKQVWRSSHQDXIKDOWHQ]XPLQGHVW ,FKVDKZLHGLH.XJHOQLQVHLQHQ.|USHUHLQVFKOXJHQZLHVLH LKQGXUFKVFKWWHOWHQXQGVHLQHP)OXJHLQHDQGHUH5LFKWXQJ JDEHQ+lWWHLFK,GLRWQXUGLH%HUHWWDLQGHU+DQGJHKDEWVR KlWWHQGLH6LOEHUJHVFKRVVHLKQVFKZlFKHQN|QQHQ 8QGGRFKYHU]HLFKQHWHLFKHLQHQ(UIROJ'LH:XFKWGHU (LQVFKOlJHZDUIGHQ.|USHUDXVVHLQHUXUVSUQJOLFKHQ

)OXJULFKWXQJ(UNDPQDFKOLQNVDEVFKOXJJHJHQGDV *HOlQGHUYHUORUGDV*OHLFKJHZLFKWXQGYHUVFKZDQGRKQHPLU HLQ+DDU]XNUPPHQ ,FKK|UWHGHQ$XIVFKODJ(VNODQJDOVKlWWHMHPDQGHLQHQ *RQJDQJHVFKODJHQ 0LUVWUlXEWHQVLFKGLH1DFNHQKDDUH'RFK=HLWXPODQJH QDFK]XGHQNHQKDWWHLFKQLFKW ,FKPXWHKLHUZHJGHQQGLH6FKVVHKDWWHQPLFKVLFKHUOLFK YHUUDWHQ'DEHLQDKPLFKGHQJOHLFKHQ:HJGHQ7RNDWDKHUDE JHIDOOHQZDU'LH0DVFKLQHQSLVWROHKlQJWHLFKPLUGDEHLEHU GLH6FKXOWHUXQGVWLHJKDVWLJGLH6SURVVHQKRFK =Z|OIZDUHQHV 'DQQVWDQGLFKDXIHLQHP=ZLVFKHQGHFNVFKRQLQ]LHPOLFK OXIWLJHU+|KH 9RUPLUZXFKVHLQHEUHLWH(LVHQZDQGKRFKXQGLFKVDKDXFK HLQH7U6FKQHOOULLFKVLHDXI +LQWHUGHU7UODJNHLQ5DXPVRQGHUQHLQ)DKUVWXKO 6ROOWHLFKLKQEHQXW]HQ" ª(UPXGDREHQVHLQ,UJHQGZDVLVWPLW7RNDWD©'U7RG EUOOWHGLH:RUWHª+ROWLKQHXFK© ,FKVFKOSIWHLQGHQ)DKUVUXKO $XVGHQ$XJHQZLQNHOQEHPHUNWHLFKQRFKGDVLFKGHU 1HEHOZLHGHUYHUGLFKWHWKDWWH'U7RGVFKLFNWHLKQDOVRDEHU PDOVDOV:DIIHDXV 6ROOWHHU ,FKGUFNWHGHQXQWHUVWHQ.QRSI'HU$XI]XJUXFNWHHLQ SDDUPDOGDQQIXKUHUDQ ,FKZROOWHP|JOLFKVWZHLWQDFKXQWHQGHQQZHQQLFKWURW] DOOHPZLHGHULQV:DVVHUVSULQJHQPXWHGDQQZDUHVEHVVHU ZHQQLFKQLFKWDXV]XJURHU+|KHILHO 1XUZRZUGHGLH)DKUWHQGHQ",QGHU=HLWKlWWHLFKDXFK HLQHQQRUPDOHQ:HJEHUGLH7UHSSHQRGHU/HLWHUQODXIHQ N|QQHQ (QGOLFKVWRSSWHHU ,FKZDUVFKRQDQGHU7UXQGZROOWHVLHDXIVWRHQ6LH

NOHPPWH1DFKHLQHPHUQHXWHQ5XFNHQGOLFKVFKZDQJVLHDXI 9RUPLUODJHLQNDKOHU5DXP2GHUIDVWNDKO'LHNlUJOLFKH (LQULFKWXQJNRQQWHPDQZRKONDXPDOVVROFKHEH]HLFKQHQ 1XUGDVPRGHUQH5DGLRILHOPLUDXI 8QGQRFKHWZDV 'HU:UIHO (UVWDQGDXIGHP7LVFK:LUNWHLUJHQGZLHYHUORUHQDOVKlWWH HUKLHUQLFKWV]XVXFKHQ ,FKNDQQWHLKQGHQQLFKVDKLKQQLFKW]XPHUVWHQPDO$OV 7RNDWDHUZHFNWZXUGHKDWWHHUDXFKHLQHJURH5ROOHJHVSLHOW (QWUlWVHOWKDWWHLFKGDV*HKHLPQLVGHV:UIHOVQRFKQLFKW,FK ZXWHZHQLJEHUVHLQH)XQNWLRQDKQWHDEHUGDHUVLFK VHLQHPMHZHLOLJHQ%HVLW]HUXQGGHVVHQ3OlQHQDQSDWH 'DVKLH%HIDQGHUVLFKLQ'U7RGV+DQGZLHMHW]WGDQQ JHKRUFKWHHUQXULKPXQGJDELKPHLQHJURH0DFKW%HIDQGHU VLFKMHGRFKLQPHLQHP%HVLW]ZUGHHUPLFKPLWVHLQHU 0DFKWIOOHDXVVWDWWHQ 8QGMHW]WODJHUJUHLIEDUYRUPLU ,FKJLQJDXILKQ]X (LQHQ6FKULWWGHQ]ZHLWHQ 0HLQ+HU]NORSIWHGDEHLYRU(UUHJXQJ %LVLFKGDV*HUlXVFKK|UWH8QGGDNUHLVHOWHLFKDXIGHP $EVDW]KHUXP 9RUPLUVWDQG0DUN%UHQQDQ (UJULQVWHPLFKDQ8QGGDEHLVDKLFKGHXWOLFKGLHEHLGHQ VSLW]HQ(FN]lKQH 0DUN%UHQQDQGLHHKHPDOLJH*HLVHOZDU]XHLQHP9DPSLU JHZRUGHQ8QGGDPLW]XPHLQHP)HLQG 'HU:UIHOZDUYHUJHVVHQ-HW]WPXWHLFKPLFKHUVWHLQPDOXP %UHQQDQNPPHUQGHQQHUDOV9DPSLUEUDXFKWH%OXWXP ZHLWHUKLQH[LVWLHUHQ]XN|QQHQ ,QPLUVDKHUVHLQHQJURHQ6SHQGHU 'RFKGDJHJHQKDWWHLFKHLQLJHV

0HLQH+DQGUXWVFKWHLQGHQ3DUNDDXVVFKQLWW(VZDUHLQH IOLHHQGH%HZHJXQJXQGVLHOLHIEOLW]VFKQHOODE (EHQVRVFKQHOOUHDJLHUWHGHU:LHGHUJlQJHU(UVSUDQJPLFK DQ,FKEUDFKWHGLH%HUHWWDQLFKWPHKUDXVGHP+ROVWHUPHLQH +DQGUXWVFKWHDEXQGHUWDVWHWHGHQ*ULIIGHVVLOEHUQHQ'ROFKHV 'LH)LQJHUVFKORVVHQVLFKGDUXP =XP=LHKHQNDPLFKQLFKWPHKUGHQQGHU9DPSLUSUHWH PLFKDQVLFKXQG|IIQHWHVHLQ0DXO 'DEUOOWHHUDXI ,FK]XFNWH]XVDPPHQZHLOVLFKVHLQ0XQGQLFKWZHLWYRQ PHLQHP2KUHQWIHUQWEHIDQG (UWDXPHOWH]XUFNVFKWWHOWHVLFKXQGLFKVDKDXVVHLQHU .OHLGXQJHWZDLQ%UXVWK|KH4XDOPDXIVWHLJHQ'DVKDWWH VHLQHQ*UXQG'HU9DPSLUKDWWHPLFKRKQH5FNVLFKWDXI 9HUOXVWHDQJHVSUXQJHQGDEHLDOOHUGLQJVQLFKWEHGDFKWGDLFK PHLQ.UHX]IUHLYRUGHU%UXVWWUXJ'DVJHZHLKWH.UX]LIL[KDWWH LKQEHUKUWXQGDXVJHVFKDOWHW ,FKZXWHHVQLFKWZROOWHDEHUJDQ]VLFKHUJHKHQXQG]RJ GHQVLOEHUQHQ'ROFK 'DPLWVFKULWWLFKDXIGHQ9DPSLU]XGHVVHQ$XJHQLPPHU JU|HUZXUGHQ .UlFK]HQGH/DXWHVFKOHXGHUWHHUPLUHQWJHJHQHUKREGHQ UHFKWHQ$UPZLQNHOWHLKQDQXQGVFKW]WHVHLQ*HVLFKW 'DVWDFKLFK]X (LQ6WLFKUHLFKWH'HU9DPSLUVW|KQWHQRFKHLQPDODXIEHYRU HU]X%RGHQVDFNWH (U]HUILHOQLFKW]X6WDXEDEHUHLQNOHLQHV/lFKHOQODJDXI VHLQHQ0XQGZLQNHOQ 0DUN%UHQQDQKDWWHGHQ)ULHGHQJHIXQGHQ %OLHEGHU:UIHO ,FKGUHKWHPLFKXP 'DWUDIHVPLFKZLHHLQ%OLW]VFKODJ'HU:UIHOGUHKWHVLFK XPVHLQHHLJHQH$FKVHZREHLHUDXIGHU.DQWHVWDQG(UZDU]X HLQHPZLUEHOQGHQ(WZDVJHZRUGHQZREHLHUGDVEODXH/LFKW DEVWUDKOWHZLHHLQHVWDUNH/DPSH

*HEOHQGHWIXKULFK]XUFN,FKPXWHGLH$XJHQVFKOLHHQ NRQQWHHLQIDFKQLFKWLQGLH+HOOLJNHLWKLQHLQVFKDXHQ ,FKVWROSHUWHJHJHQGLH7UVWLHPLFKZLHGHUDEXQGZROOWH DXIGHQ:UIHO]XZHLOLFKEHPHUNWKDWWHGDVHLQ/LFKW VFKZlFKHUJHZRUGHQZDU 'HU:UIHOGHV8QKHLOVZDUYHUVFKZXQGHQ ,FKVFKDXWHDXIHLQHQOHHUHQ7LVFK 9HUIOXFKWHU0LVW'LH.UlIWHGHU6FKZDU]HQ0DJLHZDUHQ GRFKEHUVWDUNJHZHVHQ 1LFKWV]XPDFKHQ 'LH.UDIWGHUDQGHUHQ0DJLHKDWWHGHQ:UIHOYRUPLULQ 6LFKHUKHLWJHEUDFKW 'LH3UREOHPHEOLHEHQ (LQHQ*HJQHUKDWWHLFKHUOHGLJWGHQVFKZlFKVWHQ'LHVWlUN VWHQVWDQGHQZHLWHUKLQJHJHQPLFK 8QGPLW7RNDWDPXWHLFKDXFKUHFKQHQGHQQHUKDWWHVLFK EHVWLPPWYRQVHLQHP)HKOVFKODJZLHGHUHUKROWXQGZDUDXIGHU 6XFKHQDFKPLU ,FKVDKHLQHZHLWHUH7U 9RUVLFKWLJ|IIQHWHLFKVLHXQGVFKDXWHLQHLQHQVFKPDOHQ *DQJGHUHWZDVKXQGHUW]ZDQ]LJ
$XIEDXWHQ'DLFKPLFKVHOEVWDXIGLHVHU%RKULQVHOQLFKWDXV NDQQWHZUGHLFKPLFKXQWHU*DUDQWLHYHUODXIHQ ,UJHQGZRYRUPLUVFKOXJHWZDVGXPSIDQ'DQQK|UWHLFKGLH KHOOH6WLPPH ª,FKIDKUHQDFKXQWHQ© /DG\;KDWWHGLH:RUWHJHUXIHQZlKUHQGLFKYRQ/XSLQD QLFKWVK|UWH6LHKLHOWVLFKVHOWVDPHUZHLVH]XUFN ,FKEHZHJWHPLFKYRUVLFKWLJZHLWHUXQGJHODQJWHZLHGHUXP DQHLQH7UHSSH 'LHHLQ]HOQHQ6SURVVHQJOlQ]WHQPDWW'LH)HXFKWLJNHLWKDWWH HLQHQ)LOPEHUVLHJHOHJW6LHZDUHQQRFKUXWVFKLJHUJH ZRUGHQ 9RUVLFKWLJVFKOLFKLFKDQGHU7UHSSHYRUEHL,FKZROOWHQLFKW PHKUQDFKREHQNOHWWHUQVRQGHUQKDWWHPLUHLQHQDQGHUHQ 3ODW]DXVJHGDFKW =XUFN]XP6FKLII ,FKKRIIWHVWDUNGDPLFKPHLQH*HJQHUGRUWQLFKWVXFKWHQ 9LHOOHLFKWNRQQWHLFKDQGLH)XQNDQODJHJHODQJHQXQG+LOIH KHUEHLUXIHQ-HW]WlUJHUWHLFKPLFKGDPLUGDVQLFKWIUKHU HLQJHIDOOHQZDUDOVLFKPLFKGDVHUVWH0DODXIGHP.DKQ EHIXQGHQKDWWH ,FKULHIPLUGLH/DJHGHU%RKULQVHOLQV*HGlFKWQLV]XUFNXQG DXFKPHLQHQXQJHIlKUHQ6WDQGSXQNW$OO]XZHLWEHIDQGLFK PLFKQLFKWYRP5DQGGHU,QVHOHQWIHUQWLFKPXWHQXUQRFK GHQULFKWLJHQ3IHLOHUILQGHQDQGHPLFKKLQDENOHWWHUQNRQQWH 'DEHLUHFKQHWHLFKMHGHQ$XJHQEOLFNPLWHLQHUK|OOLVFKHQ hEHUUDVFKXQJDEHUHVJHVFKDKQLFKWV $OOHVEOLHEUXKLJ.HLQHUPHLQHU*HJQHUOLHIPLUEHUGHQ :HJ8QGGDVZXQGHUWHPLFK:HQQLFKDQGHUHQ6WHOOHJH ZHVHQZlUHKlWWHLFKGLHYHUGDPPWH%RKULQVHOYRQREHQELV XQWHQDXIGHQ.RSIJHVWHOOW ,FKEHZHJWHPLFKZHLWHU 0LQXWHQYHUJLQJHQ(LQH=HLWLQGHULFKZLHXQWHU6WURP VWDQG7URW]GHU.lOWHVFKZLW]WHLFK'LHLQQHUH1HUYRVLWlW PDFKWHVLFKGRFKEHPHUNEDU

,FKPXWHGRFKLUJHQGZDQQPLWHLQHP*HJQHU]XVDPPHQ WUHIIHQ ,FKJHODQJWHLQHLQHPLUXQEHNDQQWH5HJLRQGHU,QVHO8QG LPPHUZLHGHUZLFKGHU1HEHOYRUPLU]XUFNVRGDLFKHLQ SDDU
-HW]WZXWHLFKDXFKZDUXP'U7RGVRKlPLVFKJHODFKWXQG QLFKWHLQJHJULIIHQKDWWH ,FKYHUORUNHLQH6HNXQGHPHKU 'UHL6SUQJHEUDFKWHQPLFKELVDQGLH5HOLQJ,FKVWHOOWHPLFK GDUDXIXQGVFKQHOOWHPLFKDE :LHHLQ3IHLOIORJLFKGHP:DVVHUHQWJHJHQXQGWDXFKWHHLQ 7LHIJLQJHVKLQDEXQGLFK2EHULQVSHNWRU-RKQ6LQFODLU VFKZDPPXPPHLQ/HEHQ 1DWUOLFKEHKLQGHUWHPLFKGLH.OHLGXQJXQGDXFKGLHVFKZH UHQ:DIIHQWUXJHQQLFKWJHUDGHGD]XEHLPHLQH6FKQHOOLJNHLW ]XI|UGHUQ:HQQGLH%RPEHMHW]WH[SORGLHUWHUHLFKWHGLH (QWIHUQXQJQLFKWGLHLFKYRP6FKLII]XUFNJHOHJWKDWWH 8QWHU:DVVHUNDPLFKDOOHUGLQJVEHVVHUYRUDQ+LHUVW|UWHQ PLFKGLHKRKHQ:HOOHQQLFKWVRVHKUXQGLFKWDXFKWHVRODQJH ELVLFKZLUNOLFKQLFKWPHKUNRQQWH 6FKUlJVFKRLFKKRFK]XU2EHUIOlFKH'DEHLULLFKZHLWGHQ 0XQGDXIXQGMDSVWHQDFK$WHP'HU:HOOHQJDQJZDUHWZDV QLHGULJHUJHZRUGHQGDIUILHOGHU5HJHQGLFKWHU ,FKVFKZDPPZHLWHU (LQUDVFKHU%OLFNEHUGLH6FKXOWHU]XUFN]XP6FKLII]HLJWH PLUGDLFKZLUNOLFKNHLQHJURH(QWIHUQXQJ]ZLVFKHQPLFK XQGGHQ.DKQJHEUDFKWKDWWH ,FKVFKZDPPZHLWHU'DEHLEHKHUUVFKWHPLFKQXUHLQ *HGDQNH,FKZROOWHP|JOLFKVWZHLWZHJYRQGLHVHPEULVDQWHQ ([SORVLRQVKHUG :HQQGDV6FKLIILQGLH/XIWIORJZUGHQDXFKPLFKQRFKGLH 7UPPHUWUHIIHQ :LHHLQ3IHLOVWLHLFKLQHLQ:HOOHQWDOKLQHLQQDFKGHPLFK ]XYRUWLHI/XIWJHKROWKDWWH 8QWHU:DVVHUEHZHJWHLFKPLFKYRUDQ 'LHVPDOVFKZDPPLFKHWZDVVFKQHOOHUDEHUQLFKWDOOHLQGLH 6RUJHQXPGLH([SORVLRQTXlOWHQPLFKVRQGHUQDXFKDQGHUH :DVJHVFKDKZHQQLFKGLH([SORVLRQEHUVWDQG",FKEHIDQG

PLFKDXIIUHLHP:DVVHULQPLWWHQGHU1RUGVHHHLQHLQVDPHU 6FKZLPPHUYHUORUHQLQGHUXQHQGOLFKHQ:DVVHUZVWH 'DVQlFKVWH$XIWDXFKHQ $EHUPDOVKROWHLFK/XIW (LQHTXHUODXIHQGH:HOOHEHUVSOWHPLFKLFKWDXFKWHZLHGHU DXIXQGGDQQJHVFKDKHV 'HU.DKQH[SORGLHUWH *HQDXLQGHP$XJHQEOLFNDOVLFKZLHGHULQGLH7LHIHGHV 0HHUHVJOLWW,FKNRQQWHQLFKWVHKHQZLHGDV6FKLIIDXVHLQ DQGHUIORJDEHUHVZDUQLFKWVFKZHUHVVLFKYRU]XVWHOOHQ ,QGHU0LWWHZXUGHGHU.DKQI|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lFKHHQWJHJHQ9RUPHLQHQ$XJHQ GUHKWHQVLFKEHUHLWVURWH.UHLVH,FKZDUHLQHU2KQPDFKWQDKH $OVLFKPLWGHP.RSIGLH2EHUIOlFKHGXUFKVWLHEHIDQGVLFK KLQWHUPLUHLQH+|OOH 'DV0HHUEUDQQWH 7UHLEVWRIIKDWWHVLFKHQW]QGHWXQGHLQHQ)ODPPHQWHSSLFK DXIGDV:DVVHUJHOHJW8PGLH([SORVLRQVWHLOHKHUXPNRFKWH XQGEURGHOWHGLH6HH'DV6FKLIIZDULQGHU0LWWHJHEURFKHQHV ODJVFKLHILP:DVVHU

,FKKDWWHXQZDKUVFKHLQOLFKHV*OFNJHKDEWGDKHUXP IOLHJHQGH7UPPHUPLFKQLFKWJHW|WHWKDWWHQ *HUHWWHWZDULFKOlQJVWQLFKW'HQQLFKVFKZDPPPXWWHU VHHOHQDOOHLQDXIGHP0HHU 0HLQ%HLQVFKPHU]WHQRFKLPPHU,FK]RJHVDQXQGZDUI HLQHQVFKUlJHQ%OLFN]XU6HLWH ,UJHQGHLQVFKDUIHU*HJHQVWDQGKDWWHPHLQH+RVHDXIJHIHW]W XQGHLQHWLHIH:XQGHKLQWHUODVVHQ %OXWUDQQGDUDXVKHUYRU,FKZDUQXUIURKGDHVLQGHU 1RUGVHHNHLQH+DLHJDE $EHUHWZDVDQGHUHVJDEHV 7RNDWD ,FKVDKVHLQHQ6FKlGHOJDUQLFKWZHLWHQWIHUQWLP:DVVHU8QG HUZDUQLFKWDOOHLQ 1HEHQLKPVFKZDPPGHUHEHQHUVW]XP/HEHQHUZHFNWH 6XSHUYDPSLU =ZHL*HJQHUGLHPLFKW|WHQZROOWHQ 0HLQ6FKUHFNGDXHUWHQXU6HNXQGHQ/lQJHUGXUIWHLFKPLU NHLQH=HLWODVVHQ $EMHW]WJLQJHVXPDOOHVRGHUQLFKWV %LOO&RQROO\NPPHUWHVLFKQLFKWXPGLHZDUQHQGHQ:RUWHGHV &RPPDQGHUV(UIORJWLHIHULQGHQYRQGHU1DY\DQJHOHJWHQ .UHLVKLQHLQª'LHVROOHQPLFKGRFKPDONUHX]ZHLVH©VDJWHHU ]X6XNR ª+RIIHQWOLFKVFKLHHQVLHQLFKWDXIXQV© %LOOVDKGHQ&KLQHVHQVFKUlJDQª'DVZHUGHQVLHQLFKW ZDJHQ*ODXEPLU© 'HU5HSRUWHUVHQNWHGLH)OXJJHVFKZLQGLJNHLW(UVFKDXWHDXI GDVJUDXJUQH0HHU6FKHPHQKDIWHUNDQQWHHULP'XQVWGLH 8PULVVHHLQHV=HUVW|UHUV:DKUVFKHLQOLFKKRFNWHGRUWGHU &RPPDQGHUGHUPLWLKPJHVSURFKHQKDWWH 9RQLKUHPHLJHQWOLFK=LHOZDUQRFKQLFKWV]XVHKHQ.HLQ %RKUWXUPLQ6LFKW

%LV6XNRHLQHQ3ILIIDXVVWLH ª:DVLVW"©IUDJWH%LOO ª'DKDEHQZLULKQ©'HU&KLQHVHGHXWHWHQDFKYRUQ $XFK%LOO&RQROO\VDKMHW]WJHQDXHUKLQXQGHQWGHFNWH WDWVlFKOLFKGLH8PULVVHGHU%RKULQVHO *OHLFK]HLWLJMHGRFKTXROOHLQHGLFKWH1HEHOZRONHKRFKGLH GHQ7XUPHLQKOOWH ª'HU7RGHVQHEHO©VDJWH%LOOXQGZXUGHEOD $XFK6XNRVFKZLHJ%HLGHZXWHQVLHZDVGDV]XEHGHXWHQ KDWWH ª'DN|QQHQZLUDXINHLQHQ)DOOKLQHLQIOLHJHQ©PHLQWHGHU 5HSRUWHUQDFKHLQHU:HLOH ª:LOOVWGXZDVVHUQ"© ª-D© ª8QGZR"© ª'LFKWYRUGHU,QVHO© ª:DVJHVFKLHKWGDQQ"© ª$FKK|UDXIYHUGDPPW,FKZHLHVQLFKW:HQQ-RKQQRFK OHEWXQGVLFKDXIGHU%RKULQVHOEHILQGHWZLUGHUXQVVLFKHUOLFK VHKHQ:HQQQLFKWGDQQ©%LOOYHUVWXPPWHXQGGUFNWHGHQ 6WHXHUNQSSHO]XKDVWLJYRQVLFKZHJVRGDGLH6FKQDX]HGHU 0DVFKLQHVWHLODENLSSWH'LHEHLGHQ0lQQHUZXUGHQYRQGHQ *XUWHQJHKDOWHQXQG%LOO]RJGLH0DVFKLQHZLHGHUK|KHU(U EHKLHOWMHGRFKGHQ6LQNIOXJEHL -HWLHIHUVLHIORJHQXPVRPHKUZXUGHLKQHQEHZXWGDHV YHUGDPPWVFKZLHULJVHLQZUGHDXIGHP:DVVHU]XODQGHQ 'HU:HOOHQJDQJZDUVHKUKRFKHVEHVWDQGGXUFKDXVGLH 0|JOLFKNHLWGDGLH0DVFKLQHNLSSWH ª'DVZLUGYHUGDPPWKDUW©IOVWHUWH%LOO&RQROO\ª+DOWGLFK IHVW3DUWQHUVRQVWJHKW VDELQGHQ%DFK© 'LHHUVWHQ:HOOHQNODWVFKWHQJHJHQGLH6FKZLPPHU*LVFKW VSUKWHDQGLH6FKHLEHGLH:LVFKHUVFKDIIWHQHVQLFKWPHKUGDV )OXJ]HXJZXUGHGXUFKJHVFKWWHOWNLSSWHYRQUHFKWVQDFKOLQNV XQGZLHGHU]XUFN'DQQNUlQJWHHVDXIGLHUHFKWH6HLWH'LH 6SLW]HGHU7UDJIOlFKHZKOWHGDV:DVVHUDXI]RJHLQHQVFKDX

PLJHQ6WUHLIHQXQG%LOOKlWWHVHOEVWNDXPHWZDVXQWHUQHKPHQ N|QQHQGRFKHLQHDQUROOHQGH:HOOHZDUIVLHZLHGHUKHUXPVR GDLKUH)DKUWEHUGDV:DVVHUHLQLJHUPDHQJODWWYHUOLHI (LQSDDU6HNXQGHQJLQJDOOHVJXW'LH6FKZLPPHUJOLWWHQ EHUGLH:HOOHQELVHLQHKRKH:RJHIURQWDOJHJHQVLHVFKOXJ XQGGLHEHLGHQ)UHXQGHDXILKUHQ6LW]HQGXUFKVFKWWHOWH %LOOIOXFKWHZLHHLQDOWHU)XKUPDQQ(UKDWWH$QJVWGDGLH 0DVFKLQHOHW]WHQ(QGHVGRFKQRFKDEVDFNWH 'DVDKHQEHLGHGHQ)ODPPHQSLO] 9RULKQHQVWLHJHUKRFK(LQHJHZDOWLJH)HXHUZDQGIODFNHUWH DXIVWLHJHJHQGLH3ODWWIRUPGHU%RKULQVHOHLQ6FKLII]HUEUDFK DOVKlWWHHLQJHZDOWLJHV6FKZHUWHV]HUWHLOWXQGLPQlFKVWHQ 0RPHQWHUIDWHGLH'UXFNZHOOHGLH0DVFKLQH (VZDUHLQK|OOLVFKHU6FKODJ %LOOXQG6XNRKDWWHQGDV*HIKOYRQGHU:DVVHUIOlFKHDE]X KHEHQ0LWGHU6FKQDX]HZXUGHGLH0DVFKLQHKRFKJHULVVHQHV EHVWDQGGLH*HIDKUGDVLHDENLSSWH'LH7UDJIOlFKHQlFK]WHQ XQGERJHQVLFKDEHUVLHKLHOWHQ :LHDXFKGDV)OXJ]HXJ (VILHO]XUFNDXIGLH:DVVHUIOlFKH %LOO&RQROO\XQG6XNRNRQQWHQDXIDWPHQ'LHHUVWHJURH *HIDKUZDUJHEDQQW 'LH0DVFKLQHEHIDQGVLFKLPPHUQRFKLQ%HZHJXQJ%LOO GURVVHOWHMHW]WGLH*HVFKZLQGLJNHLWDXI1XOO(UKDWWHNHLQH /XVWELVGLFKWDQGLH%RKULQVHOKHUDQ]XJOHLWHQGHQQGHU1HEHO ZUGHVLHQLFKWYHUVFKRQHQXQGVLHYHUQLFKWHQ :HLWHUKLQUROOWHQGLH:RJHQJHJHQGDV:DVVHUIOXJ]HXJDQ (QGOLFKVWDQGHV1XUQRFKGXUFKGLH:HOOHQZXUGHHV EHZHJW%LOODWPHWHDXI(UZDUOHLFKWJUQLP*HVLFKW'LH HUVWHQ$Q]HLFKHQHLQHU6HHNUDQNKHLW 6XNRVFKQDOOWHVLFKORV ª:DVZLOOVWGX"©IUDJWHGHU5HSRUWHU ª1DFK-RKQ$XVVFKDXKDOWHQ© ª:LOOVWGXDXIGLH,QVHO"© ª:HQQHVVHLQPX©

ª'DVEHUVWHKHQZLUQLFKW© 6XNRZDUVFKRQDQGHU7UZlKUHQG%LOOV%OLFNH]XU,QVHO XQGGDPLWDXFKEHUGDV0HHUJOLWWHQ(UVDKGLH7UPPHUGHV H[SORGLHUWHQ6FKLIIHVDXIGHU2EHUIOlFKHWUHLEHQXQGVDKDXFK ZLHVLHLP:DVVHUYHUVDQNHQ 'DVWLH6XNRGLH7UDXI*LVFKW.lOWHXQG6SUKUHJHQ ZLUEHOWHQLQGLH0DVFKLQH $P*ULIIKLHOWGHU&KLQHVHVLFKIHVWXQGVFKDXWHLQ5LFKWXQJ %RKULQVHO :LHDXFK%LOO&RQROO\EOLFNWH6XNREHUGLHZRJHQGH)OlFKH (UVDKHEHQIDOOVGLH7UPPHUGHVYHUVXQNHQHQ6FKLIIHVHUVDK DEHUDXFKQRFKPHKU 'UHL.|SIHDXIGHU:DVVHUREHUIOlFKH (LQHUGDYRQZDUPLWEORQGHP+DDUEHGHFNW -RKQ6LQFODLU +DWWHLFKQRFKHLQH&KDQFH" .DXP=XP6FKLIINRQQWHLFKQLFKW]XUFNGDVVDQN$XIGLH %RKULQVHONRQQWHLFKHEHQIDOOVQLFKWGHQQGRUWHUZDUWHWHQ PLFKDQGHUH)HLQGH %OLHEGDVRIIHQH0HHU :HQQLFKGRUWKLQDXVVFKZDPPNRQQWHLFKPLUMHW]WVFKRQ DXVUHFKQHQZDQQPHLQH.UlIWHHUODKPWHQXQGLFKNXU]HUKDQG HUWUDQN 1XUZUGHVLFKGLHVHV6WHUEHQQRFKOlQJHUKLQDXV]|JHUQ 'LHVH0|JOLFKNHLWHQKDWWHLFKXQGLFKHQWVFKLHGPLFKIU GLHOHW]WH ,FKVFKZDPP $XFKPHLQH*HJQHUEOLHEHQQLFKWDXIGHU6WHOOHXQGWUDWHQ :DVVHU6LHIlFKHUWHQDXVHLQDQGHUXQGZROOWHQPLFKLQGLH =DQJHQHKPHQ=ZHLXQWRWH:HVHQGHUHQ.UlIWHQLHPDOV HUODKPWHQGLHNHLQH.lOWHVSUWHQGLHEHUHLWVWRWZDUHQXQG QLFKWPHKUVWHUEHQNRQQWHQ:HQLJVWHQVQLFKWZLHLFKHLQ QRUPDOHU0HQVFK

(LQH:HOOHWUXJPLFKKRFKXQGZHLWHU 6RIRUWEHJDQQLFK]XNUDXOHQ 0HLQH$UPHXQG%HLQHGXUFKSIOJWHQGDV:DVVHUDEHUDXFK PHLQH9HUIROJHUZDUHQVFKQHOO =XVFKQHOOVRJDU 6LHKROWHQDXI ,FKVDKHVDOVLFKHLQHQ%OLFNEHUHLQH6FKXOWHUZDUI'DEHL ZDU7RNDWDVFKQHOOHUDOVGHU6XSHUYDPSLU 'HU6DPXUDLVFKZDPPUHFKWVYRQPLUHUZROOWHPLULP VSLW]HQ:LQNHOGHQ:HJDEVFKQHLGHQ ,FKVWUHQJWHPLFKQRFKPHKUDQREZRKOPLUHLQHLQQHUH 6WLPPHVDJWHGDHVY|OOLJVLQQORVZDU 'DVVFKDIIWHLFKQLFKW ,FKK|UWHGDV.ODWVFKHQGHU:HOOHQPHLQHQNHXFKHQGHQ $WHPXQGLFKYHUQDKPQRFKHLQDQGHUHV*HUlXVFK 'DV%UXPPHQHLQHV)OXJ]HXJHV +DVWLJULLFKGHQ.RSIKRFKREZRKOLFKGDGXUFKZHUWYROOH =HLWYHUORU 5LHVLJHUVFKLHQPLUGDV:DVVHUIOXJ]HXJGDVDXVGHU/XIW]X IDOOHQVFKLHQEHUGLH:HOOHQWDQ]WHXQGGDQQDXIVHW]WH :RKHUNDPHV":HUKDWWHHVJHVFKLFNW" )UPLFKZDUHVZLHHLQ*HVFKHQNGHV+LPPHOV2GHUZLH GHUUHWWHQGH6WURKKDOP 'LH0DVFKLQHJDEPLUZLHGHU.UDIW(LQQHXHVKHUUOLFKHV *HIKOGXUFKVWU|PWHPHLQHQ.|USHUJDEPLU0XWPRELOLVLHUWH PHLQHQ:LOOHQXQGYHUJHVVHQZDUGLH$QJVW ,FKVFKZDPP 'RFKDXFK7RNDWDXQG9DPSLURGHOPDUKDWWHQGDV)OXJ]HXJ JHVHKHQ6LHDKQWHQGDGLHVIUPLFKGLH5HWWXQJEHGHXWHQ NRQQWHXQGVLHOHJWHQQRFK]X (VJLQJZLUNOLFKXP6HNXQGHQ 'DZXUGHGLH7UGHV)OXJ]HXJVDXIJHVWRHQ,FKEHIDQG PLFKVRHEHQDXIHLQHP:HOOHQNDPPXQGKDWWHGHVKDOEHLQH HLQLJHUPDHQJXWH6LFKW (LQ0DQQHUVFKLHQLPRIIHQHQ$XVVWLHJ

6XNR ,FKVFKULHVHLQHQ1DPHQ(VZDUHLQ6FKUHLGHU(UO|VXQJ GDEHLJDELFKQLFKWDFKWXQGHLQH:RJHVSOWHPLU:DVVHULQ GHQ0XQG,FKZLQNWHVFKULHQRFKHLQPDONUlFK]WHXQG NHXFKWH 6XNRYHUVFKZDQG +DWWHHUPLFKQLFKWJHVHKHQ" 0HLQH+RIIQXQJ]HUSODW]WHYHUVFKZDQGLQGHQ7LHIHQGHV 0HHUHVXQG7RNDWDKROWHDXI 6HLQ.RSIVFKLHQZLHHLQ.RUNHQDXIGHU:DVVHUREHUIOlFKH]X KSIHQ(UZDUVFKRQVRQDKGDLFKKLQWHUVHLQHU0DVNH GLHYHU]HUUWHQ*HVLFKWV]JHHUNHQQHQNRQQWH:HLOLFK VFKLPPHUWHQGLH.QRFKHQ'LHVH%HVWLHZROOWHPLFKW|WHQ ,FKZDUJHVFKRFNWXQGYHUJDZHLWHU]XVFKZLPPHQELV PLFKHLQ5XIKHUXPUL ª-RKQ© 'DVZDUQLFKW6XNRV6WLPPHVRQGHUQGLHYRQ%LOO+DVWLJ ZDQGWHLFKGHQ.RSI 'LHEHLGHQ)UHXQGHVWDQGHQGLFKWQHEHQHLQDQGHULQGHU RIIHQHQ7U8QG6XNRVFKOHXGHUWHHLQHQ5HWWXQJVULQJLQ PHLQH5LFKWXQJ (UKDWWHHLQHNQDOOURWH)DUEH$QLKPZDUGLH/HLQHEHIHVWLJW XQGHUIORJZLHHLQ'LVNXV%LVHLQH:LQGE|LKQSDFNWHXQG]XU 6HLWHGULIWHWH 'DVZDUVFKOHFKW ,FKKDWWHVFKRQGLH+DQGHUKREHQJHKDEWXPGHQ5LQJ]X IDQJHQGRFKMHW]WNODWVFKWHHUHLQSDDU
'DUDQPXWHLFKGHQNHQ ,FKVFKZDPPZLHHLQ6SRUWOHUEHLGHPHVXPGLH *ROGPHGDLOOHJHKW0HLQH$UPHGXUFKSIOJWHQGDV:DVVHUDXI $WHPWHFKQLNNRQQWHLFKNHLQH5FNVLFKWQHKPHQ,FKVSLH NHXFKWHNUlFK]WHXQGEUDFKGDV6HHZDVVHUDXV $EHULFKKDWWHGHQ5LQJ *OHLFK]HLWLJSHLWVFKWHQ6FKVVHDXI,FKK|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lIWHYHUVFKOHLPHLQHQ7ULEXWXQGZXUGH RKQPlFKWLJ =ZDQ]LJ0LQXWHQVSlWHU ,FKZDUZLHGHUYROOGD%LVDXIGLH:XQGHDP%HLQKDWWHLFK NHLQHUOHL%OHVVXUHQGDYRQJHWUDJHQ$XIGHU6FKUDPPHNOHEWH MHW]WHLQ3IODVWHUDXVGHU%RUGDSRWKHNH 9RQ9DPSLURGHOPDUZDUQLFKWVPHKU]XVHKHQJHZHVHQ(U KDWWHGDV)HOGJDQ]7RNDWDEHUODVVHQ $EHUDXFKHUZDUYHUVFKZXQGHQ=XUFN]XU,QVHOJH VFKZRPPHQ ª-HW]WHUOHGLJHQZLUVLH©NQLUVFKWH%LOOGHUEHUHLWV9HU

ELQGXQJPLWGHP=HUVW|UHUDXIJHQRPPHQKDWWHª8QGZHQQ ZLUGDVJDQ]H'LQJLQGLH/XIWVSUHQJHQ© ,FKVFKWWHOWHGHQ.RSIª1LH© ª8QGZDUXPQLFKW"© ª6FKDXVHOEVW© 'LH1HEHOZDQGVWLHJHLQHUJLJDQWLVFKHQ:RONHJOHLFKLQGLH +|KH8QGLQQHUKDOEGHV1HEHOVVWUDKOWHHLQNDOWHVEODXHV /LFKW ª'HU:UIHOGHV8QKHLOV©PXUPHOWHLFKª(VEULQJWVLHLQ 6LFKHUKHLW© %LOOVWDUUWHPLFKHUVWDXQWDQª0HLQVWGXGDVLHVLFKZHJ WHOHSRUWLHUHQ"© ª-DGHU:UIHOPDFKW VP|JOLFK6FKZDU]H0DJLHYRQ $VPRGLQDJHVWHXHUW© :LUEHREDFKWHWHQGDV6FKDXVSLHOPLQXWHQODQJ%LVGHU1HEHO QLFKWPHKU]XVHKHQZDU 6FKOXDXV(QGHVRGDFKWHLFK :LHGHUHLQPDOKDWWHLFKHLQHQ)HKOVFKODJHUOLWWHQ ,FKKDWWHQLFKWYHUKLQGHUQN|QQHQGD9DPSLURGHOPDUGHU 6XSHUYDPSLUHUZHFNWZRUGHQZDU(UEHUHLFKHUWHMHW]WGLHYHU IOXFKWH0RUGOLJDXPHLQZHLWHUHV0LWJOLHG 'U7RGJHZDQQLPPHUPHKUDQ%RGHQ (QGOLFKNDPLFKGD]XPLFKEHLPHLQHQ)UHXQGHQIUGLH 5HWWXQJ]XEHGDQNHQDEHUGDYRQZROOWHQLHPDQGHWZDVZLVVHQ 'DNHLQHUPHKUDXIGHU,QVHO]XILQGHQZDUEHZLHVHQGLH QlFKVWHQ6WXQGHQDOV6ROGDWHQGLH%RKULQVHOGXUFKVXFKWHQ6LH IDQGHQNHLQHOHEHQGHQ3HUVRQHQ 1XUHLQHQ7RWHQ0DUN%UHQQDQ(UZUGHHLQFKULVWOLFKHV %HJUlEQLVHUKDOWHQ 'HU.DPSIJLQJZHLWHU'DVZDUXQVDOOHQNODU:lKUHQGZLU QRFK'U7RGXQGVHLQHQ9DVDOOHQQDFKJHMDJWZDUHQEHWUDWLQ /RQGRQHLQ0DQQGLH%KQHGHV6FKUHFNHQVPLWGHPLFKXQG PHLQH)UHXQGHLQGHU=XNXQIWQRFKVRPDQFKHQKDUWHQ6WUDX ZUGHQDXV]XIHFKWHQKDEHQGHU0DILD%R/RJDQ&RVWHOOR

'(502/2&+ %HlQJVWLJHQGPRQRWRQIROJWHGHUVFKZDU]H/HLFKHQZDJHQ GHP9:.lIHUGRFK-DQH&ROOLQVKDWWHNHLQH$QJVW6LHZDU QXUHLQZHQLJEHXQUXKLJWGHQQVRHLQ/HLFKHQZDJHQLVWZLUN OLFKQLFKWMHGHUPDQQV6DFKH1DWUOLFKNRQQWHDOOHVHLQHQY|OOLJ KDUPORVHQ*UXQGKDEHQHEHQVRKDUPORVZLH-DQHV)DKUW]X GHQ&RQROO\VGHQQVLHZROOWH6KHLODPDOZLHGHUEHVXFKHQ $XFK6KDRGLH&KLQHVLQZDUHLQJHODGHQ6LHVDQHEHQ-DQH ª)lOOWGLUQLFKWVDXI"©IUDJWHGLH'HWHNWLYLQ ª1HLQ© ª6FKDXPDOLQGHQ]ZHLWHQ6HLWHQVSLHJHO© 'DVWDW6KDR ª8QG"© 'LH&KLQHVLQEOLFNWH-DQHDQª'DLVWHLQGXQNOHU:DJHQKLQ WHUXQV6FKRQVHLWHLQLJHU=HLW© ª5LFKWLJ$EHULFKGDFKWHGLUZlUHQLFKWVDXIJHIDOOHQ© ª,FKZXWHMDQLFKWGDGXLKQPHLQVW© -DQHODFKWHQXUXQGJLQJPLWGHU*HVFKZLQGLJNHLWKHUXQWHU ZHLOYRULKQHQGDV5RWHLQHU$PSHOOHXFKWHWH 6LHVWRSSWHKLQWHUHLQHPJURHQ7UXFNYRQGHVVHQ /DGHIOlFKHHVWURSIWH ª6ROOLFKPDODXVVWHLJHQ"©IUDJWH6KDR ª1HLQQHLQEOLHEUXKLJKLHU(UZLUGVLFKHUOLFKEDOGDE ELHJHQ© ª'DVVDJVWGXQXUXPPLFK]XEHUXKLJHQ-DQH© ª6WLPPW© 6KDRGUHKWHVLFKDXIGHP9RUGHUVLW]9LHONRQQWHVLHYRQGHP :DJHQQLFKWVHKHQ=ZHLDQGHUH)DKU]HXJHEHIDQGHQVLFK ]ZLVFKHQLKQHQª:HQQPDQQXUZWHZRHUKLQZLOO© PXUPHOWHGLH&KLQHVLQ ª9LHOOHLFKWELHJWHUJOHLFKDE©-DQHOHJWHGHQHUVWHQ*DQJHLQ ZHLOGHU7UXFNYRULKUHEHQIDOOVDQUXFNWH ª.RPLVFKLVWHVVFKRQYRQHLQHP/HLFKHQZDJHQYHUIROJW]X ZHUGHQ©PHLQWH6KDR ª9LHOOHLFKWVROOWHQZLUDEELHJHQ8USO|W]OLFKRKQH9RU ZDUQXQJ©VFKOXJ-DQHYRU

6KDRVFKDXWHVLHDQª'HUEHXQUXKLJWGLFKDXFKRGHU"© ª.DQQVHLQ© ª2ND\PDFKHV© 'LHEHLGHQ)UDXHQKDWWHQGHQGLFKWHQ+lXVHUZLUUZDUUGHU ,QQHQVWDGWEHUHLWVKLQWHUVLFKJHODVVHQXQGIXKUHQDXIGLH &KHOVHD%ULGJH]X$P6ORDQH6TXDUHJDEGLH'HWHNWLYLQSO|W] OLFK*DVXQGERJRKQH]XEOLQNHQLQHLQHVFKPDOH6WUDHHLQ GLHVSlWHUZLHGHUDXIGLH&KHOVHD%ULGJH5RDGIKUWH 'HU:DJHQEOLHE]XUFN -DQHODFKWHHUOHLFKWHUWª*HVFKDIIW© ª1HLQ©VDJWH6KDRªGDLVWHUZLHGHU© -DQH&ROOLQVJLQJXQZLOONUOLFKPLWGHU*HVFKZLQGLJNHLWKHU XQWHU-HW]WVDKVLHHVVHOEVW'HU/HLFKHQZDJHQZDUWDWVlFKOLFK LQGLHVFKPDOH6WUDHHLQJHERJHQXQGKDWWHVLFKZLHGHUXPDXI LKUH)lKUWHJHVHW]W ª'DVJLEWHVGRFKQLFKW©PXUPHOWHGLH'HWHNWLYLQXQGIXKU ODQJVDPZHLWHU *UHOOHV+XSHQOLHVLH]XVDPPHQVFKUHFNHQ ª$FKWXQJ©VFKULH6KDR -DQHKDWWH]ZDUDXIGHQ/HLFKHQZDJHQJHDFKWHWDEHUQLFKW QDFKYRUQJHVFKDXW'DEHLZDUVLH]XVHKUDXIGLHUHFKWH6HLWH JHUDWHQXQGGDVHQWJHJHQNRPPHQGH)DKU]HXJNRQQWHQLFKW PHKUDXVZHLFKHQ +DVWLJUL-DQH&ROOLQVGDV/HQNUDGKHUXP+DDUVFKDUI ZLVFKWHQGLHEHLGHQ:DJHQDQHLQDQGHUYRUEHL ª3XKGDVLVWQRFKHLQPDOJXWJHJDQJHQ©VW|KQWH-DQHª'DV NRPPWGDYRQZHQQPDQVLFKDEOHQNHQOlW© ª8QGGHU/HLFKHQZDJHQ"©IUDJWH6KDR ª9HUIOXFKWHULVWLPPHUQRFKGD© -DQHKDWWHUHFKW/DXWORVUROOWHGHUVFKZHUH:DJHQKLQWHU LKQHQKHU(LQVFKZDU]HVJOlQ]HQGHVHFNLJHV8QJHKHXHUHLQH GVWHUH'URKXQJHLQUROOHQGHU6DUJDXIYLHU5lGHUQ ª.DQQVWGXGHQ)DKUHUHUNHQQHQ"©IOVWHUWH6KDR6LHZXWH VHOEVWQLFKWZDUXPVLHLKUH6WLPPHJHVHQNWKDWWH ª1HLQ(VLVWVFKOHFKW'LH6FKHLEHQVLQGJHW|QW0DQFKPDO

KDEHLFKGDV*HIKODOVZUGHQLHPDQGLQGHP:DJHQVLW]HQ© ª'DVJLEWHVGRFKQLFKW© -DQH&ROOLQVODFKWHDOVVLH6KDRV$QWZRUWK|UWHª0LWGHP 'DVJLEWHVGRFKQLFKWZlUHLFKHLQZHQLJYRUVLFKWLJ'XZHLW VHOEVWZDVZLUDOOHVVFKRQHUOHEWKDEHQ©-DQHYHUULQJHUWHGDV 7HPSRZHLOVLHDQHLQHPJHSDUNWHQ/DVWZDJHQYRUEHLPXWHQ ª'DVDJVWGXZDV©HUZLGHUWH6KDR6LHKDWWHVLFKJHGUHKW XQGVFKDXWHGXUFKGLH5FNVFKHLEHGDPLWVLHGHQ /HLFKHQZDJHQQXUQLFKWDXVGHQ$XJHQYHUORU 6RXQWHUVFKLHGOLFKGLHEHLGHQ)UDXHQDXFKlXHUOLFKZDUHQ VLHYHUVWDQGHQVLFKDXVJH]HLFKQHW 'DZDUGLHEORQGH-DQHHLQHVHOEVWEHZXWH)UDXGLHVLFKLP /HEHQ]XUHFKWIDQGXQGGRFKIURKZDUZHQQMHPDQGVLH EHVFKW]WH+HXWHWUXJVLH]XPHUVWHQ0DOGLHVFKZDU]H 3HUFNHGLHLKUHLQHHLIULJH)ULVHXVHDXIJHVFKZDW]WKDWWH 'DQHEHQ6KDR'LH&KLQHVLQPLWGHQODQJHQODFNVFKZDU]HQ +DDUHQ6LHVWDPPWHDXVHLQHPDQGHUHQ(UGWHLO6XNRLKU )UHXQGKDWWHVLHLQ+RQJNRQJNHQQHQJHOHUQWXQGVLHZDULKP QDFK/RQGRQJHIROJW-HW]WZRKQWHVLHEHLLKPXQGVLHKDWWH VLFKVHKUJXWLQ/RQGRQHLQJHOHEW 5HFKWVXQGOLQNVGHU6WUDHVWDQGHQQLHGULJH:RKQKlXVHU(V JDEDXFKEUDFKOLHJHQGH*UXQGVWFNHXQGNOHLQHKDQGZHUN OLFKH%HWULHEH 6LHVDKHQEHUHLWVGDV(QGHGHU6WUDHXQGGHUYHUGDPPWH /HLFKHQZDJHQEHIDQGVLFKQRFKLPPHUKLQWHULKQHQ ª/DQJVDPIlOOWHUPLUDXIGHQ:HFNHU©VDJWH-DQH ª0LUDXFK© $QGHU.UHX]XQJJDEHVHLQH$PSHO6LH]HLJWHQRFK5RW VSUDQJDEHUDXI*HOEEHUXQGZHFKVHOWHVFKQHOO]X*UQKLQ 'UHLZDUWHQGH:DJHQVHW]HQVLFKLQ%HZHJXQJ 8QGDXFKGHU/HLFKHQZDJHQEHVFKOHXQLJWH 6KDRXQG-DQHK|UWHQGDV$XIKHXOHQGHV0RWRUV3O|W]OLFK ZXUGHGDVVFKZDU]H)DKU]HXJVFKQHOO ª(UZLOOXQVEHUKROHQ©ULHI6KDR 'HUZROOWHGDVQLFKWQXUVRQGHUQWDWHV

$XIHLQPDOZDUHUUHFKWVQHEHQLKQHQ(LQGXQNOHUKXVFKHQ GHU6FKDWWHQVFKQHOOXQGYRUEHL -DQHKDWWHXQZLOONUOLFKGDV%UHPVSHGDOEHUKUWGDPLWVLH GHQ:DJHQSDVVLHUHQODVVHQNRQQWH(UVFKDIIWHHVDXFKQRFK GLH*UQSKDVHGHU$PSHO]XHUZLVFKHQXQGERJQDFKUHFKWV LQGLH&KHOVHD%ULGJH5RDGHLQ'DQQZDUHUQLFKWPHKU]X VHKHQ %HLGH)UDXHQDWPHWHQDXI -DQHVDKGHQIHLQHQ6FKZHLILOPDXI6KDRV6WLUQ$XFKLKU JLQJHVQLFKWEHVVHU'LH9HUIROJXQJKDWWHGLHEHLGHQ)UDXHQ ]LHPOLFKJHQHUYW 6LHDWPHWHQDXI ª(QGOLFK©VDJWHGLH'HWHNWLYLQ6LHVWRSSWHDPZHLHQ6WULFK ª6RHLQH9HUIROJXQJNDQQHLQHPVFKRQDXIGLH1HUYHQJHKHQ© ª8QGZHQQHVHLQ/HLFKHQZDJHQLVWQRFKPHKU©PHLQWH 6KDR 'LH'HWHNWLYLQQLFNWH ª+DVWGXZHQLJVWHQVGLH1XPPHU"©HUNXQGLJWHVLFKGLH &KLQHVLQ ª-DGLHKDEHLFKPLUJHPHUNW© 6KDRJULII]XU+DQGWDVFKHXQGKROWHHLQHQ=HWWHOKHUYRUª,FK VFKUHLEHVLHOLHEHUDXI© -DQH&ROOLQVGLNWLHUWH$OVVLHGDPLWIHUWLJZDUVSUDQJGLH $PSHOXP *UQ 6LHERJHQDXIGLHEUHLWH&KHOVHD%ULGJH5RDGHLQXQGVDKHQ OLQNHU+DQGGLH*HElXGHGHV&KHOVHD5R\DO+RVSLWDOVOLHJHQ GLHYRQHLQHPJURHQ3DUNXPJHEHQZDUHQ :HLWHUYRUQVFKLPPHUWHGXUFKGHQKHUEVWOLFKHQ'XQVWGDV *HVWlQJHGHU%UFNHXQWHUGHUHQ7UlJHUVLFKGLH)OXWHQGHU 7KHPVHZlO]WHQ 6LHNDPHQJODWW]XPDQGHUHQ8IHUKLQEHUXQGEHIDQGHQVLFK QXQLP/RQGRQHU6GHQQLFKWPHKUZHLWYRQLKUHPHLJHQW OLFKHQ=LHOHQWIHUQW ª6KHLODZLUGVLFKHUOLFKVFKRQZDUWHQ©PHLQWH6KDR6LH

VFKLHOWHDXIGHQ5FNVLW]ZRGLH*HVFKHQNHIUGHQNOHLQHQ -RQQ\ODJHQ 'HU.OHLQHZDUEHUKDXSWGHU/LHEOLQJGHVJHVDPWHQ7HDPV -HGHUKLQJDQLKPXQGHUZDUYRQGHQ&RQROO\VHLQIDFKQLFKW PHKUZHJ]XGHQNHQ 6LHUROOWHQDXIGLH%UFNH'HU9HUNHKUVWDXWHVLFKKLHUXQG VLHNDPHQQXULP6FKULWWHPSRYRUDQ 6KDRUHFNWHGHQ+DOV6LHYHUVXFKWHEHUGLHDQGHUHQ )DKU]HXJHKLQZHJ]XVFKDXHQZDVNDXPJHODQJ ª6XFKVWGXZDV"©IUDJWH-DQH ª-DGHQ/HLFKHQZDJHQ© 'LH'HWHNWLYLQODFKWHª'HQYHUPLWGXZRKOZLH"© ª6RXQJHIlKU© 8QWHULKQHQIORGHUEUHLWH7KHPVHVWURP(VKHUUVFKWHUHJHU 6FKLIIVYHUNHKU*HZDOWLJH&RQWDLQHUERRWHZXUGHQYRQGHQ 6FKOHSSHUQLQ5LFKWXQJ+DIHQJH]RJHQ:LHIULVFKJHZDVFKHQ ZLUNWHQGDJHJHQGLHZHLHQ)DUEHQGHU$XVIOXJVERRWH%XQWH )DKQHQIODWWHUWHQDQGHQ/HLQHQXQGGLH'HFNVZDUHQPLW 0HQVFKHQJHIOOWGLHKLQDXIZLQNWHQ]XGHQIDKUHQGHQ:DJHQ 1DFKGHU%UFNHNDPHQVLHEHVVHUYRUDQ'LH*HJHQGZXUGH HWZDVOlQGOLFKHU'LH+lXVHUVWDQGHQQLFKWPHKUVRGLFKWDQ GLFKWGHU9HUNHKUOLHPHUNOLFKQDFK hEHU/RQGRQVSDQQWHVLFKHLQSUlFKWLJHU+HUEVWKLPPHO,P 2NWREHUZDUHVQRFKHLQPDOZDUPJHZRUGHQ.DXP]XIDVVHQ =ZDUILHOEHUHLWVGDV/DXEPDVVHQZHLVHYRQGHQ%lXPHQGRFK GLH7HPSHUDWXUHQHUUHLFKWHQZLHGHUGLH=ZDQ]LJ*UDG *UHQ]H 0DQFKH)UDXHQ]RJHQZLHGHULKUH6RPPHUNOHLGHUDQ$XFK 6KDRXQG-DQHKDWWHQVLFKOXIWLJHUJHNOHLGHW -DQHWUXJHLQHQEXQWHQ5RFNGD]XHLQHXQLIDUEHQHORFNHU IDOOHQGH%OXVHXQGHLQ6WULFNZHVWFKHQ6KDR]RJHVYRULQ .DURWWHQMHDQV]XODXIHQXQGKDWWHVLFKHLQHQKHOOEODXHQ :LQGEORXVRQEHUGHQOHLFKWHQ3XOORYHUJHKlQJW 'LH'HWHNWLYLQIXKUVFKQHOOHU/LQNVYRQLKQHQODJHLQH *DUWHQDQODJH'DV+HUEVWODXEDQGHQ%lXPHQVFKLPPHUWH

EXQWLP6RQQHQOLFKW$OOH)DUEHQZDUHQYHUWUHWHQYRPVWUDK OHQGVWHQ*HOEELV]XPWLHIVWHQ%UDXQ 'HU/HLFKHQZDJHQZDUYHUJHVVHQ'LH/DXQHGHUEHLGHQ )UDXHQVWHLJHUWHVLFK 1XU6KDRHULQQHUWHQRFKDQGHQ:DJHQª9LHOOHLFKWKDEHQZLU XQVDXFKDOOHVQXUHLQJHELOGHW©PHLQWHVLH ª'DV)DKU]HXJH[LVWLHUWH© ª6RPHLQHLFKGDVQLFKW:LUVLQGVLFKHUOLFKQLFKWYHUIROJW ZRUGHQ© ª'DNDQQVWGXUHFKWKDEHQ©-DQHZDUIHLQHQ%OLFNDXIGLH 8KUª6FKRQYHUIOL[WVSlW6KHLODZLUGVFKLPSIHQ© ª:LHHVGHQ0lQQHUZRKOJHKW"©ZHFKVHOWH6KDRGDV7KHPD ª'LHKRFNHQLQ-RKQV%URXQGUHGHQVLFKGLH.|SIHKHL© ª*ODXEVWGXGDVLHHVVFKDIIHQGLH0RUGOLJD]XVSUHQJHQ"© ª,FKZHLHVQLFKW$EHUZHQQLFKKHOIHQNDQQELQLFKGDEHL© HUZLGHUWH-DQHIHVW 'HU:HJIKUWHQDFKOLQNV8QWHULKQHQKDWWHGHU$VSKDOW HLQLJH%XFNHOXQG%HXOHQGLH)HGHUXQJZXUGHDUJVWUDSD]LHUW DEHUGDVKLHOWGHU:DJHQGXUFK /LQNVZXFKVHLQH+HFNHELVGLFKWDQGLH)DKUEDKQ6LH VFKLUPWHGLH*lUWHQDE5HFKWHU+DQGVDKHQGLHEHLGHQ)UDXHQ ]ZHLHLQVDPVWHKHQGH+lXVHU (LQHVFKDUIH.XUYH -DQHQDKPVLH]LHPOLFKVFKQHOO'LH+LQWHUUHLIHQUDGLHUWHQ EHUGHQ$VSKDOWTXLHWVFKWHQ 8QGGDWUDW-DQH&ROOLQVKDUWDXIGLH%UHPVH 0LWWHQDXIGHU6WUDHVWDQGHLQ+LQGHUQLV 'HU/HLFKHQZDJHQ -DQHV9:.lIHUUXWVFKWHQRFKHLQLJH

UDQQEHULKUHQ.|USHUª,FKKDEHHVZLUNOLFKJHDKQW'LHVHU /HLFKHQZDJHQYHUIROJWHXQVQLFKWXPVRQVW© -DQHQLFNWH 6LHEHUOHJWHILHEHUKDIW:DVZROOWHPDQYRQLKQHQ":HVKDOE VWDQGGDV)DKU]HXJKLHUDXIHLQVDPHU6WUHFNHZRNDXPHLQ :DJHQIXKUXQG+LOIHGHPQDFKQLFKW]XHUZDUWHQZDU" ª:DVWXQZLU"©IUDJWH6KDR ª9RUEHLN|QQHQZLUQLFKW©VDJWH-DQHOHLVHª/LQNVLVWGLH +HFNHUHFKWVGHU*UDEHQ:HQQZLUGDHLQPDOGULQVWHFNHQ NRPPHQZLUQLFKWZLHGHUUDXV© ª:DUWHQELVHUZHJIlKUW©PXUPHOWH6KDR ª9LHOOHLFKW© ª:DVPHLQVWGXGDPLW"© -DQHOLHVLFK=HLWPLWGHU$QWZRUW,P:DJHQZDUHVVWLOO JHZRUGHQ0DQKlWWHGLHEHUKPWH6WHFNQDGHOK|UHQN|QQHQ ZHQQVLH]X%RGHQILHOª,FKZHUGHDXVVWHLJHQ© ª1HLQ©VFKQDSSWH6KDRªGDVLVWYLHO]XJHIlKUOLFK=XGHP KDVWGXNHLQH:DIIHEHLGLU© ª-DGDVVWLPPWDXFK©-DQHKREGLH6FKXOWHUQª$EHUHZLJ N|QQHQZLUKLHUQLFKWVWHKHQEOHLEHQ© 'LHEHLGHQ)UDXHQEHREDFKWHWHQGHQ:DJHQ'LH6FKHLEHQ ZDUHQWDWVlFKOLFKVHKUGXQNHOJHW|QW6LHNRQQWHQNDXPLQGDV ,QQHUHGHV)KUHUKDXVHVVFKDXHQ7URW]GHPKlWWHQVLHGLH 8PULVVHGHV)DKUHUVVHKHQPVVHQ 'RFKGDZDUQLFKWV 'HU/HLFKHQZDJHQVWDPPWHDXV*HUPDQ\(LQGHXWVFKHV )DEULNDWGHU0DUNH0HUFHGHV'HU6WHUQEOLW]WHDXIGHU.KOHU VFKQDX]H6FKUlJILHOHQGLH6RQQHQVWUDKOHQDXIGHQ/DFNXQG PDFKWHQXQ]lKOLJH6WDXEN|UQFKHQVLFKWEDU ª9LHOOHLFKWWUDQVSRUWLHUWHUHLQHQ7RWHQ©PHLQWH6KDR ª:LOOVWGXQDFKVHKHQ"© ª$XINHLQHQ)DOO© ª$EHUGDQQVLQGZLUVLFKHU© ª,VWGDVVRZLFKWLJ"©HUNXQGLJWHVLFK6KDRª7XPLUHLQHQ *HIDOOHQ-DQHIDKU]XUFN:LUQHKPHQHLQHQDQGHUHQ:HJ©

'LHEORQGH'HWHNWLYLQQLFNWHª'DVZlUHQDWUOLFKHLQH 0|JOLFKNHLW,FKVDJHEHZXWHLQH© ª8QGGLHDQGHUH"© ª,FKVHKHPDOQDFK© ª:DV"%LVWGXOHEHQVPGH"© ª1HLQZLHVR"© 6KDRDWPHWHVFKQHOOHUª'DVLVWYLHO]XJHIlKUOLFK:HUZHL ZDVGHUJHODGHQKDW© ª'DVZLOOLFKMDKHUDXVILQGHQ©-DQHVFKDXWHGLH&KLQHVLQDQ ª'XGHFNVWPLUGHQ5FNHQ6KDR,FKODVVHGLH:DJHQWURIIHQ XQGGUHKHHUVWHLQPDO© -DQHIXKUZLHGHUDQ$OOHUGLQJVUFNZlUWV(VZDUJDUQLFKW VRHLQIDFKDXIGHPVFKPDOHQ:HJ]XZHQGHQDEHUVLH VFKDIIWHHV'HU:DJHQZLHVPLWGHU.KOHUVFKQDX]HLQGLH 5LFKWXQJDXVGHUVLHJHNRPPHQZDUHQ ª$OOHVNODU©VDJWH-DQH ª6HLELWWHYRUVLFKWLJ© ª6LFKHUGRFK©-DQH&ROOLQVYHUOLHGHQ9:XQGDXFK6KDR EOLHEQLFKWVLW]HQ6LHVWLHJDQGHUDQGHUHQ6HLWHDXVOLHGLH 7UHEHQIDOOVRIIHQXQGOHKQWHLKUHQDQJHZLQNHOWHQ$UPDXI GHQ+ROPZlKUHQGVLHGHU'HWHNWLYLQQDFKVFKDXWH -DQH&ROOLQVVFKULWWYRUVLFKWLJDXIGHQ/HLFKHQZDJHQ]X6LH KDWWHHLQXQJXWHV*HIKOGDVPDQDXFKPLWGHP%HJULII$QJVW EHVFKUHLEHQNRQQWH$EHUVLHULVLFK]XVDPPHQ6LHZROOWHDXI NHLQHQ)DOOQDFKJHEHQ'LH1HXJLHUGHZDULQLKUHUZDFKW 'HU:LQGEOLHVYRQYRUQXQGSUHWHGHQEXQWHQ5RFNIHVW JHJHQLKUH%HLQH-DQHIU|VWHOWHSO|W]OLFKHVZDUQLFKWGLH.lOWH GHV:LQGHVGHUVWUHLFKHOWHODXZDUPLKUH+DXWHVZDUHWZDV DQGHUHV 'HU/HLFKHQZDJHQ (UVWUDKOWHGLHVH$WPRVSKlUHDXVHLQH$XUDGHU.lOWHGHV %|VHQ 'HU/HLFKHQZDJHQPDFKWHDXI-DQH&ROOLQVHLQHQXQKHLPOL FKHQ(LQGUXFN-HGHP0HQVFKHQLVWHLQ/HLFKHQZDJHQQLFKW JHKHXHUGRFKGLHVHV*HIKOZDUHVQLFKW

)U-DQHVWDQGIHVWGDYRQGHPVFKZDU]HQ)DKU]HXJHLQH UHJHOUHFKWH%HGURKXQJDXVJLQJ 6LHPHUNWHGDLKU+HU]VFKQHOOHUVFKOXJ2EZRKOVLHEHUHLWV ]DKOUHLFKHJHIlKUOLFKH$EHQWHXHUEHUVWDQGHQKDWWHZDUVLH GRFKQLFKWVRDEJHEUKWGDLKUGHU$QEOLFNGHV/HLFKHQ ZDJHQVQLFKWVDXVPDFKWH6LHZDUIHLQHQ%OLFN]XUFN 6KDROHKQWHDP:DJHQXQGOlFKHOWH -DQHOlFKHOWH]XUFN 'DQQVWDQGVLHQHEHQGHP0HUFHGHV6LHEHXJWHGHQ.RSIHLQ ZHQLJQDFKXQWHQXQGVFKDXWHGXUFKGLHJHW|QWH6FKHLEHLQGDV )DKUHUKDXV 6lPWOLFKH6FKHLEHQZDUHQKRFKJHNXUEHOWYRP)DKUHUZDU QLFKWV]XVHKHQ 'DV,QQHUHZDUOHHU 'LH/DGHIOlFKHDXFK" 'DVZROOWH-DQHJHQDXZLVVHQ ª.RPP]XUFN©ULHI6KDR ª$XJHQEOLFNQRFK,FKVHKHQXUPDODXIGLH/DGHIOlFKH 9LHOOHLFKWJLEWHVGRUWHWZDV© 6LHVFKULWWDQGHP:DJHQYRUEHL,KUH.QLH]LWWHUWHQHLQ ZHQLJVLHVFKDOWVLFKHLQH1lUULQXQGULVLFKPLW*HZDOW ]XVDPPHQ 'HU:DJHQKDWWHDQGHUKLQWHUHQ6HLWHHLQH]ZHLIOJHOLJH7U GLH]XU+lOIWHPLWXQGXUFKVLFKWLJHP*ODVHLQJHIDWZDU$XI EHLGHQ6FKHLEHQZDUHQ]ZHL3DOPHQEOlWWHU]XVHKHQ -DQHYHUVXFKWHGDV*ODVPLWLKUHQ%OLFNHQ]XGXUFKGULQJHQ 6LHVFKDIIWHHVQLFKW 'DQQVFKDXWHVLHDXIGHQPDWWJOlQ]HQGHQ+HEHO(UEHIDQG VLFKGLUHNWYRULKU6ROOWHVLHYHUVXFKHQLKQKHUXP]XGUHKHQ" 9LHOOHLFKWZDUGLH7URIIHQ" -DQHWUDXWHVLFKQLFKWVRUHFKW6LHVFKDXWHVLFKXPVDKDEHU NHLQHQDXHU6KDR 'HU)DKUHUVFKLHQVLFKYHUVWHFNW]XKDOWHQRGHUZDU]X)X]X VHLQHP=LHOJHJDQJHQ $EHUZDUXPKDWWHHUGDQQGHQ:DJHQTXHUDXIGLH6WUDH

JHVWHOOW"(UZROOWHGRFKHWZDVYRQ-DQHXQG6KDRVRQVWKlWWHHU QLFKWVRUHDJLHUW:DVVWHFNWHGDKLQWHU" -DQH&ROOLQVIDWHVLFKHLQ+HU]XQGULVNLHUWHHV6LHXPNODP PHUWHGHQ*ULIIGUFNWHLKQQDFKXQWHQXQG 'LH7UZDURIIHQ ,PHUVWHQ$XJHQEOLFNHUVFKUDNGLH'HWHNWLYLQXQGWUDWKDVWLJ HLQHQ6FKULWW]XUFN /DQJVDPVFKZDQJGLHOLQNH+lOIWHDXIXQG-DQHNRQQWH HLQHQ%OLFNLQGDV,QQHUHGHV:DJHQVZHUIHQ 'RUWVWDQGHLQ6DUJ 3HFKVFKZDU]ZDUHU$XFKGLH*ULIIHZDUHQGXQNHO -DQHKDWWHVFKRQ]XYLHOH6lUJHLQLKUHP/HEHQJHVHKHQXP MHW]WLQ3DQLN]XYHUIDOOHQ6LHGDFKWHGDUDQGDGHU)DKUHU YLHOOHLFKWXQWHUZHJV]XP)ULHGKRIZDUXQGVHLQHPDNDEUH/DVW LQGHU/HLFKHQKDOOHDEOHJHQZROOWH $OVRDOOHVKDUPORV -DQHGUHKWHVLFKXPXQGZLQNWH6KDR]Xª(VLVWRND\+LHU VWHKW]ZDUHLQ6DUJDEHUGDVLVWQDWUOLFK© 6KDRQLFNWH'HU:LQGIXKUGXUFKLKUH+DDUHXQGZHKWH VLHZLHHLQHQ6FKOHLHUDXIª'DQQN|QQHQZLUMDIDKUHQ© HUZLGHUWHVLH -DQHZDUHLQYHUVWDQGHQ6LHZROOWHQRFKHLQHQOHW]WHQ%OLFN DXIGHQ6DUJZHUIHQXQGZDQGWHVLFKXP 'DVDKVLHHV 'HU'HFNHOZXUGHJDQ]ODQJVDP]XU6HLWHJHVFKREHQ(LQ 6SDOWHQWVWDQGXQGGXUFKGLHgIIQXQJ]ZLVFKHQ'HFNHOXQG 8QWHUWHLONURFKHLQHEOHLFKH7RWHQKDQG ,PHUVWHQ$XJHQEOLFNZDU-DQH&ROOLQVXQIlKLJVLFK]XUKUHQ 'LH6]HQHZDUZLUNOLFKPDNDEHU 9RQGHU'VWHUQLVGHV/HLFKHQZDJHQLQQHUHQKREVLFKGLH +DQGVRJDUNODUXQGGHXWOLFKDE-DQH&ROOLQVVDKIQI)LQJHU GLFNH)LQJHUGLHPLW%HXOHQXQG3XVWHOQEHGHFNWVFKLHQHQ 'DQQK|UWHVLHHLQJLHULJHV6FKPDW]HQXQG6FKOUIHQHLQ

6W|KQHQGDVDXVGHQ7LHIHQGHU+|OOH]XVWDPPHQVFKLHQXQG GDVLQHLQHP+HFKHOQHQGHWH :HUKRFNWHLQGHP6DUJ":HOFKHLQ0RQVWHUKLHOWVLFKGRUW YHUERUJHQ"(LQ=RPELHHLQOHEHQGHU7RWHU" -DQH&ROOLQVSUHWHLKUH+DQGGRUWKLQZRXQWHUGHU%UXVWGDV +HU]VFKOXJ6LHZDUDXHU)DVVXQJGDVXQKHLPOLFKH 6FKDXVSLHO]HUUWHDQLKUHQ1HUYHQ1XUVFKZDFKK|UWHVLH 6KDRV5XIH ª-DQHZDVLVWSDVVLHUW"© 'LH'HWHNWLYLQUHDJLHUWHQLFKW6LHVWDUUWHQXUGHQJURHQ GXQNOHQ6DUJDQGHVVHQ'HFNHOVLFKLPPHUPHKUKREXQG JOHLFK]HLWLJ]XU6HLWHJHVFKREHQZXUGH 1LFKWQXUGLH+DQGZDU]XVHKHQVRQGHUQDXFKGHU7HLO HLQHV8QWHUDUPV'LFNIHWWXQGZHOOLJ:HQQGHU8QKHLPOLFKH GLH)LQJHUGUHKWHEHZHJWHVLFKGDV)OHLVFKDXIGHP 8QWHUDUPPLW (LQVFKOLPPHV%LOG ª-DQH9RUVLFKW©JHOOWHSO|W]OLFK6KDRV6WLPPH6LHVWDQG GLFKWYRUGHPhEHUNLSSHQ 'LH'HWHNWLYLQNUHLVHOWHKHUXPVFKDXWHQDFKOLQNVXQGVDK SO|W]OLFKHLQHKRFKJHZDFKVHQH*HVWDOWYRUGHP6WUDHQJUDEHQ VWHKHQ 'HU)DKUHUGHV/HLFKHQZDJHQV 8QVTXDOPWHQGLH.|SIH 8QVGDVZDUHQ6XNR%LOO&RQROO\XQGLFK:LUKRFNWHQLQ PHLQHP%UR]XVDPPHQXQGVSUDFKHQEHUGLHOHW]WHQ)lOOH (VZDUHLQH$UW%HVWDQGVDXIQDKPHHLQ=XVDPPHQIDVVHQGHV (UUHLFKWHQ /HLGHUKDWWHQZLUQLFKWYLHOJHVFKDIIW :LUZXWHQ]ZDUGD'U7RGH[LVWLHUWHXQGGDHUGDEHL ZDUGLH0RUGOLJD]XJUQGHQDEHUJHKLQGHUWKDWWHQZLULKQ QLFKW:LUKDWWHQ]ZDUDOOHVYHUVXFKWGRFKGHUJURH(UIROJ ZDUDXVJHEOLHEHQ

/HLGHU ,FKVFKDXWHDXIPHLQ%ODWWZRLFKPLUGLH1DPHQGHU 0RUGOLJD0LWJOLHGHUQRWLHUWKDWWH hEHUDOOHPVWDQG'U7RGGHU,QLWLDWRUXQG*UQGHU(UGHQ LFKJHW|WHWKDWWHZDUZLHGHUHUZHFNWZRUGHQ'HU6SXNKDWWH VHLQH6HHOHIUHLJHJHEHQXQGVLHZDULQGHQ.|USHUHLQHVHEHQ IDOOVWRWHQEUXWDOHQ0DILDERVVHVQDPHQV6ROR0RUDVVRJHIDK UHQGHUGDUDXIKLQZLHGHUDXIHUVWDQGHQZDU%HLVHLQHUHLJHQHQ %HHUGLJXQJJHVFKDKGLHVXQG'U7RGOHEWHZLHGHU(UZDUNHLQ 8QWRWHULPHLJHQWOLFKHQ6LQQHVRQGHUQHLQH0LVFKXQJ]ZL VFKHQ0HQVFKXQG'lPRQ(UGDFKWHEHUOHJWHXQGKDQGHOWH ZLHHLQ0HQVFKNRQQWHJHZHLKWHV6LOEHUDQIDVVHQZDUDEHU JOHLFK]HLWLJJHJHQ.XJHOQLPPXQ(LQ0RQVWUXPZLHPDQHV QLFKWDOOH7DJH]X*HVLFKWEHNDPGDFKWHLFKPLW*DOJHQKXPRU 'HUQlFKVWH1DPH7RNDWD6DPXUDLGHV6DWDQV,KQKDWWH 'U7RGDOVHUVWHQHUZHFNW,QXQKHLOLJHUMDSDQLVFKHU9XONDQ HUGHKDWWHHUJHOHJHQEHYRU'U7RGVLFKVHLQHUHULQQHUWH 7RNDWDNHKUWH]XUFNXQGZDUYRQQXQDQ0RUDVVRV /HLEZlFKWHU6HLQHJHIUFKWHWVWH:DIIHZDUVHLQ6FKZHUW'HU /HJHQGHQDFKVROOWHHVLQGHU+|OOHJHVFKPLHGHWZRUGHQVHLQ 0|JOLFKZDUDOOHV,FKKDWWHEHUHLWVJHJHQ7RNDWDJHNlPSIWXQG LKQGDEHLPLWPHLQHP%XPHUDQJDWWDFNLHUW'LH:DIIHGLHDXFK GHQ6FKZDU]HQ7RGHUOHGLJWKDWWHKLHE7RNDWDGHQOLQNHQ$UP DEPHKUJHVFKDKQLFKW9RQVHLQHU*HIlKUOLFKNHLWKDWWHHUDOOHU GLQJVQLFKWVHLQJHEW,P*HJHQWHLOHUYHUIROJWHPLFKPLW QRFKJU|HUHP+D 'DV]ZHLWH0LWJOLHGGHU0RUGOLJDZDUHLQH)UDX8QGHLQ Y|OOLJQRUPDOHU0HQVFKDOOHUGLQJVRKQH*HIKOH(LQH)UDX GLHVLFKDXIGDV7|WHQVSH]LDOLVLHUWKDWWHXQGLP.UHLVGHU JHIlKUOLFKVWHQ7HUURULVWLQQHQ]XVXFKHQZDU,KU1DPH3DPHOD 6FRWWEHNDQQWXQWHUGHP6SLW]QDPHQ/DG\;,KQKDWWHVLHYRQ GHQ5HSRUWHUQGHU5HYROYHUEOlWWHUHUKDOWHQXQGVLHZDUVWRO] GDUDXI 'DVGULWWH0LWJOLHGGHU0RUGOLJDSDWH]XGHP&OXEZLHGLH )DXVWDXIV$XJH0U0RQGRGHUJHQLDOH9HUEUHFKHUXQG

:LVVHQVFKDIWOHU6NUXSHOORVLJNHLWXQG*HQLDOLWlWSDDUWHQVLFK EHLLKP]XHLQHULPPHQVJHIlKUOLFKHQ$OOLDQ]GHQQHUZDUHV JHZHVHQGHUPLUGDV:HUZROIVHUXPHLQJHVSULW]WXQGPLFKLQ HLQHUHLHQGH%HVWLHYHUZDQGHOWKDWWH$OV:HUZROIZDULFKDXI GDVYLHUWH0LWJOLHGGHU0RUGOLJDJHWURIIHQ /XSLQDGLH.|QLJLQGHU:|OIH 6LHZDUHWZDV%HVRQGHUHVDOOHLQVFKRQYRPbXHUHQKHU,KU .|USHUZDUGHUHLQHU%HVWLHLKU.RSIGHUHLQHV0HQVFKHQ9RP *HVLFKWKHUZDUVLHHLQH6FK|QKHLWKLQ]XNDPHQGDVODQJH EORQGH+DDUXQGGLHIDV]LQLHUHQGHQ$XJHQ(LQH)UDX%HVWLH ZLHVLHHLQ0DOHUQLFKWIDQWDVWLVFKHUKlWWHHUVFKDIIHQN|QQHQ $XFKPLFKKDWWHVLHIDV]LQLHUW6RVWDUNVRJDUGDLFKPLFKLQ PHLQHU(LJHQVFKDIWDOV:HUZROILQVLHYHUOLHEWH:HQQLFKGDUDQ GDFKWHUDQQPLUMHW]WQRFKHLQ6FKDXHUEHUGHQ5FNHQ %OLHEGDVELVKHUOHW]WH0LWJOLHGGHU0RUGOLJD9DPSLURGHO PDU(LQXUDOWHU9DPSLUGHUDXIGHP*UXQGGHU1RUGVHHJH OHJHQKDWWHXQGYRQ7RNDWDDQGLH2EHUIOlFKHJHKROWZRUGHQ ZDU6HLQ(UZDFKHQODJQRFKQLFKWODQJH]XUFNJXW]ZHLHLQ KDOE:RFKHQ,FKKDWWHPLFKDXIGHU%RKULQVHOEHIXQGHQZDU GDQQYRQ7RNDWDXQG9DPSLURGHOPDUJHMDJWXQGYRQ%LOOXQG 6XNRLPOHW]WHQ$XJHQEOLFNJHUHWWHWZRUGHQ 'DQQZDUGDQRFKGLH7HXIHOVWRFKWHU6LHVWDQGSUDNWLVFK EHU'U7RGGHQQHUKDWWHLKUVHLQH([LVWHQ]]XYHUGDQNHQ $VPRGLQDKDWWHGHQ6FKZDU]HQ7RGDEJHO|VWKLHOWVLFKMHGRFK PHKULP+LQWHUJUXQGDOVGLHVHUIXUFKWEDUH'lPRQ 6RVDKHQLP$XJHQEOLFNXQVHUH*HJQHUDXVZREHLLFKDQGLH DQGHUHQJDUQLFKWGDFKWH 'DZDUHQQRFK'HVWHURGHU'lPRQHQKHQNHU0DGGR[GHU XQKHLPOLFKH5LFKWHU%HOSKHJRUGHU6SXNXQGDQGHUH (LQHQ*HJQHUDOOHUGLQJVKDWWHQZLUZHQLJHU0\[LQGHQ 0DJLHU (UKDWWHVLFKLP/DXIHGHU=HLWDXIXQVHUH6HLWHJHVWHOOWQXU ZXWHQZLUQLHZRZLUGHQ.OHLQHQZLHZLULKQKHLPOLFK QDQQWHQILQGHQNRQQWHQ(UZDUSO|W]OLFKGDXQGGDQQZLHGHU YHUVFKZXQGHQ(UIKOWHVLFKQRFKLPPHUVHKUVFKZDFKXQG

NlPSIWHZHLWHUKLQGDUXPVHLQHPDJLVFKHQ)lKLJNHLWHQ ]XUFN]XJHZLQQHQ $EHU]XU0RUGOLJD (VIHKOWHQRFKHLQ0LWJOLHG'LH1XPPHUVHFKV 1XUZHUZDUHV"'DUEHU]HUEUDFKHQZLUXQVGLH.|SIH 8QGZLUVDHQQLFKWXPVRQVWLQPHLQHP%URGHQQYRQKLHU DXVKDWWHLFKHLQHQGLUHNWHQ'UDKW]XU('9'RUWVROOWHQDOOH EHNDQQWHQ)DNWHQHLQJHJHEHQZHUGHQ9LHOOHLFKWVSLHGHU &RPSXWHUHLQ5HVXOWDWDXVRGHUHLQH6SXU(YHQWXHOOZLHVHU XQVDXFKGHQ:HJ 'DVZDUQLFKWVRXQZDKUVFKHLQOLFKZLHHVNOLQJW'LH .ROOHJHQLQGHQ6WDDWHQKDEHQGLHVYRUH[HU]LHUW6LHKDEHQLKUH &RPSXWHUPLW'DWHQEHU%DQNEHUIlOOHJHIWWHUWXQGVLHKH GDGHU5RERWHUVSLHZLUNOLFKHLQ(UJHEQLVDXVVRGDHVGHQ 3ROL]LVWHQJHODQJHLQHQhEHUIDOO]XYHUKLQGHUQ 'LHVH%HULFKWHKDWWHQPLFKIDV]LQLHUWXQGLFKZROOWHKLHUGDV JOHLFKHYHUVXFKHQ +RIIHQWOLFKJHODQJHV 'LH7UZXUGHJH|IIQHWXQG*OHQGD3HUNLQVPHLQH 6HNUHWlULQHUVFKLHQ ª.DQQLFKIUGLH+HUUHQHWZDVWXQ"©IUDJWHVLHOlFKHOQG %LOOOHKQWHVLFK]XUFNXQGJULQVWHªhEHUQHKPHQ6LHVLFKGD QLFKW*OHQGD":LUVLQG]XGULWW6LHVLQGDOOHLQ$OOHLQ6XNRLVW XQJHKHXHUNUlIWLJ(UZLUGDXWVFK©6XNRKDWWHVLFKUHYDQ FKLHUWXQGOHLFKW]XJHVFKODJHQ ª6LHN|QQHQXQVPLW.DIIHHYHUVRUJHQ©EDWLFK*OHQGD ª*HUQ© 'DVVFKZDU]KDDULJH*LUOYHUVFKZDQGZLHGHU%LOOULHEVLFK VHLQ%HLQª'XKDVWHLQHQ6FKODJZLHHLQ+RO]IlOOHU©VSUDFKHU 6XNRDQ ª(UKDWMDDXFKLQGHU6DKDUDGLH:lOGHUDEJHKRO]W© ª+P"©%LOOUXQ]HOWHGLH6WLUQª'DJLEWHVGRFKJDUNHLQH %lXPH© ª(EHQZHLO6XNRGDZDU© ª+DKDKD©

:LUZXUGHQVFKQHOOZLHGHUHUQVW,FKVFKDXWHPHLQHEHLGHQ )UHXQGHDQ ª+DEHQZLUDOOH'DWHQ"© ª-DELVDXI'U7RGV/LHEOLQJVQDFKVSHLVH©PHLQWH%LOOXQG VFKREVHLQHQ=HWWHOUEHU ª%HVWLPPWQLFKW)ULWWHQPLW.HWFKXS©PXUPHOWHLFK %LOOODFKWHª1HHGDIU© 'DV7HOHIRQXQWHUEUDFKLKQ,FKKREDEXQGPHOGHWHPLFKVR IRUVFKZLHHVVLFKIUHLQHQ2EHULQVSHNWRU,KUHU0DMHVWlW JHK|UW ª,FKELQ V6KHLOD©K|UWHLFKZHQLJVSlWHU +DVWLJGHFNWHLFKGLH6SUHFKPXVFKHODEª(VLVWGHLQ:HLE %LOO© ª2MHLFKELQQLFKWGD© ª:DVLVWGHQQORV6KHLOD"©IO|WHWHLFKLQGHQ+|UHUª0|FKWHVW GXGHLQHQOLHEHQ*DWWHQ"© ª6SULFKOLHEHUQRUPDO©6KHLODV6WLPPHNODQJHUQVWª,FKKDEH GRFKIUKHXWHQDFKPLWWDJ6KDRXQG-DQHHLQJHODGHQ© ª5LFKWLJ© ª'LHEHLGHQVLQGQRFKQLFKWGD© ª+DVWGXVFKRQEHLLKQHQ]X+DXVHYHUVXFKWDQ]XUXIHQ"© ª-DGDPHOGHWVLFKQLHPDQG© ª'DQQVLQGVLHQRFKXQWHUZHJV© ª$EHUYLHU]LJ0LQXWHQ9HUVSlWXQJLVWQLFKW-DQHV$UW© ª9LHOOHLFKWHLQ9HUNHKUVVWDX© ª'DUDQKDEHLFKDXFKJHGDFKW© ª5XIVWGX]XUFNZHQQVLHDQJHNRPPHQVLQG"© ª-D© ª%LVVSlWHUGDQQ©,FKOHJWHDXI ª:DVZDU"©IUDJWH%LOO ,FKHU]lKOWHHV ª1RFKQLFKWHLQJHWURIIHQ"©'LH:RUWHVSUDFK6XNRXQGVHLQ *HVLFKWZXUGHSO|W]OLFKHUQVW ,FKZLQNWHDE ª'DVNDQQYLHOH*UQGHKDEHQ'XNHQQVWGRFKGHQ

/RQGRQHU9HUNHKU8QGQLFKWMHGHUKDWHLQH+DUOH\PLWGHUHU VLFKLPPHUGXUFKPRJHOW© ª6WLPPWDXFKZLHGHU© *OHQGD3HUNLQVHUVFKLHQ8QVHUH8QWHUKDOWXQJZXUGHXQWHU EURFKHQ0HLQH6HNUHWlULQWUXJHLQ7DEOHWWPLWGUHL7DVVHQGDU DXIXQGHLQHU.DQQH6LHYHUWHLOWHGLH7DVVHQXQGVFKHQNWHHLQ $XFKVLHKDWWHGHPVRQQLJHQ7DJKHXWH7ULEXWJH]ROOW6LHZDU OXIWLJDQJH]RJHQ(LQKHOOHV6RPPHUNOHLGGHVVHQ)DUEHVLFK GHXWOLFKYRQGHP6FKZDU]GHU+DDUHDEKRE'LH)OXWKDWWHVLH PLW]ZHLNQDOOJHOEHQ6SDQJHQQDFKKLQWHQJHVWHFNW 'HU.DIIHHGXIWZDUHLQH:RKOWDW$OV*OHQGDGDV%UR YHUOLHOlFKHOWHVLHPLUQRFK]X 6LHZDUHLQHZLUNOLFKDWWUDNWLYH)UDXXQGPDQFKPDOILHOHV PLUYHUGDPPWVFKZHUVWDQGKDIW]XEOHLEHQ 'LHEHLGHQ-DQHXQG*OHQGDZDUHQDXIHLQDQGHUHLIHU VFKWLJREZRKONHLQ*UXQGEHVWDQG 'RFK)UDXHQILQGHQLPPHUHLQHQ :LUVFKOUIWHQGHQ.DIIHH'DVKHLH*HWUlQNWDWJXWXQG PRELOLVLHUWHXQVHUH/HEHQVJHLVWHU+LQ]XNDPGD*OHQGDHV DXVJH]HLFKQHWYHUVWDQG.DIIHH]XNRFKHQ 1XU6XNR]RJHLQVNHSWLVFKHV*HVLFKW(UZDU7HHWULQNHU .DIIHHJLQJLKPRIWTXHUUXQWHU ,FK]QGHWHPLUHLQH=LJDUHWWHDQ$XFK%LOONODXEWHVLFKHLQ 6WlEFKHQDXVGHU3DFNXQJ ª-HW]WELQLFKJHVSDQQW©VDJWHGHU5HSRUWHU ,FKZDUHVDXFKXQGWHOHIRQLHUWHGLHHLQ]HOQHQ'DWHQQDFK XQWHQLQGLH('9 %LOOZROOWHZHWWHQª,FKPHLQHGDGDEHLQLFKWVKHUDXV NRPPW©HUNOlUWHHULP%UXVWWRQGHUhEHU]HXJXQJªhEHU KDXSWQLFKWV8QGGX6XNR"© 'HU&KLQHVHKREGLH6FKXOWHUQª0DOVHKHQ© ª'DVJLOWQLFKW©ZLGHUVSUDFK%LOOª(QWZHGHUMDRGHUQHLQ© ª,FKELQGDJHJHQ© ª8QGGX-RKQ"©IUDJWH%LOO ª,FKJODXEHGDGRFKHWZDV3RVLWLYHVGDEHLKHUDXVNRPPW©

%LOOULHEVLFKGLH+lQGHª-HW]WKDVWGXYHUORUHQ-RKQ=ZHL JHJHQHLQHQDEHUDOV%HDPWHUPXWGXMDDQGHQWHFKQLVFKHQ )RUWVFKULWWJODXEHQ© ª'XQLFKW"© ª'RFKDEHUQLFKWEHLVRHWZDV© 6XNRKLHOWVLFK]XUFN(U]RJHLQVHKUHUQVWHV*HVLFKWXQG VFKDXWHDXIGLH6FKUHLEWLVFKSODWWH ª:DVLVW"©IUDJWHLFK ª,FKGHQNHDQ6KHLODV$QUXI© ª0HLQVWGXGDZlUHHWZDVSDVVLHUW"©KDNWHLFKQDFK ª6LFKHU© ª6RNHQQHLFKGLFKJDUQLFKW©VDJWH%LOOª:DVVROOGHQQ VFKRQDXIGHU)DKUWJHVFKHKHQ"© ª(LQ8QIDOO©EHPHUNWHLFK ª0|JOLFK© ,FKZROOWHHVJHQDXZLVVHQXQGOLHPLFKPLWGHP/HLWHUGHU 6FKXW]SROL]HLYHUELQGHQ%HLLKPOLHIHQVlPWOLFKH0HOGXQJHQ ]XVDPPHQ 'HU0DQQNDQQWHPLFK ª:DVNDQQLFKIUGHQJURHQ.ROOHJHQWXQ"©IUDJWHHU ª,FKP|FKWHHWZDVZLVVHQ0U+DQVRQ©'DQQHUNOlUWHLFK LKPGLH6LWXDWLRQ ª:DUWHQ6LHLFKVHKHQDFK© ,FKZDUWHWHDOVR'LH)UHXQGHVFKDXWHQPLFKJHVSDQQWDQ(V YHUJLQJHQPHKUHUH0LQXWHQVFKOLHOLFKKDWWHLFKGHQ&DSWDLQ ZLHGHUDQGHU6WULSSH ª+|UHQ6LHQRFK0U6LQFODLU"© ª-D© ª8QVOLHJWNHLQH0HOGXQJYRU(VLVWNHLQ9:YHUXQJOFNW DXIGHQ,KUH%HVFKUHLEXQJSDW© ,FKDWPHWHDXIª'DQNHGDVZROOWHLFKQXUZLVVHQ©$Q PHLQHP/lFKHOQVDKHQ%LOOXQG6XNRGDPHLQH$QWZRUW QHJDWLYDXVIDOOHQZUGH ª1LFKWV©XQWHUVWULFKLFKWURW]GHP 6XNRQLFNWHEHIUHLW

ª,FKUXIHWURW]GHPQRFKHLQPDOEHL6KHLODDQ©VDJWHLFKXQG ]X%LOOJHZDQGWª'XJHVWDWWHVWGRFK"© ª8QGZLH© 6KHLOD&RQROO\QDKPQDFKGHPHUVWHQ.OLQJHOQVFKRQDE6LH PXWHQHEHQGHP$SSDUDWJHODXHUWKDEHQ ª&RQROO\© ª,FKELQ V-RKQ© ª-DZDVLVW"© ª'DVZROOWHLFKGLFKIUDJHQ6LQGGLHEHLGHQEHLGLUQRFK QLFKWDXIJHWDXFKW"© ª1HLQ© ª7MDGDVLVWGXPP© ª'DZLUGGRFKQLFKWVSDVVLHUWVHLQ"© ª:HQQGXHLQHQ8QIDOOPHLQVWQLFKW,FKKDEHPLFKEHUHLWV HUNXQGLJW6KHLOD© ª8QGZDVPDFKHLFKMHW]W"© ª:DUWHZHLWHU© ª'XKDVW1HUYHQ© ª7XWPLUOHLGDEHUHLQHDQGHUH/|VXQJZHLLFKOHLGHUDXFK QLFKW© ª6FKRQJXW-RKQYLHOHQ'DQN©6LHUlXVSHUWHVLFKª*LEVWGX PLU%LOOQRFKPDO"© ª$EHUNODU© %LOOVSUDFKPLWVHLQHU)UDX$XFKHUYHUVXFKWHVLH]XEH UXKLJHQXQGYHUVSUDFKIUK]X+DXVH]XVHLQ :LUZXUGHQDEJHOHQNWGHQQHLQ%RWHDXVGHU('9HUVFKLHQ (UKLHOWHLQJUQVFKLOOHUQGHV6WFNHQGORVHV3DSLHULQGHU +DQG ª8PZDVKDEHQZLUHLJHQWOLFKJHZHWWHW"©ULHI%LOOVRODXWGD GHU0DQQ]XVDPPHQ]XFNWH ª(LQH)ODVFKH:KLVN\©VDJWHLFKVFKQHOO ª(LQYHUVWDQGHQ© ,FKQDKPGDV$QWZRUWVFKUHLEHQHQWJHJHQEUHLWHWHHVDXI GHP6FKUHLEWLVFKDXVXQG]XGULWWEHXJWHQZLUXQVGDUEHU 9LHOH=DKOHQDXFKHLQH5HLKHGXUFKJH[WHU,QIRUPDWLRQHQ

GRFKHWZDV.RQNUHWHVZDUQLFKWKHUDXVJHNRPPHQ1LFKW HLQPDO9HUPXWXQJHQ ª,FKKDEHJHZRQQHQ©VDJWH%LOOª8QG6XNRDXFK© 0HLQH:XWZDUVSUEDU1LFKWZHJHQGHUYHUORUHQHQ:HWWH VRQGHUQZHLOPHLQ3ODQHLQIDFKQLFKWJHNODSSWKDWWH ,FKNQOOWHGDV3DSLHU]XVDPPHQXQGIHXHUWHHVLQGHQ.RUE ª:DVMHW]W"©IUDJWH%LOO ª.PPHUQZLUXQVXP-DQHXQG6KDR© ª:LHZLOOVWGXGDVGHQQDQVWHOOHQ"© ª:LUVFKUHLEHQHLQH)DKQGXQJDXV© $Q6XNRV*HVLFKWHUNDQQWHLFKZLHVHKUHUPLWGLHVHP 9RUVFKODJHLQYHUVWDQGHQZDU(VVWUDKOWHZLHGLHDXIJHKHQGH 6RQQHLP5HLFKGHU0LWWH 'HU0DQQMHQVHLWVGHV*UDEHQVVDKXQKHLPOLFKDXV(LQH GVWHUH*HVWDOWGLHHLQHQGXQNOHQ$Q]XJWUXJXQGGDUXQWHU HLQKHOOHV+HPGPLWKRFKJHVWHOOWHP.UDJHQ$XIGHP.RSI WUXJHUHLQHQVWHLIHQ=\OLQGHUGHULUJHQGZLHOlFKHUOLFKJHZLUNW KlWWHZHQQYRQGLHVHP0DQQQLFKWHLQHVROFKILQVWHUH %HGURKXQJDXVJHJDQJHQZlUH -DQHVFKlW]WHGLH(QWIHUQXQJDE'HU0DQQVWDQGDXIGHU +lOIWHGHU6WUHFNH]ZLVFKHQGHP/HLFKHQZDJHQXQGLKUHP 9:(UNRQQWHLKUDOVRGHQ:HJDEVFKQHLGHQXQGGDVSDWH -DQH&ROOLQVJDUQLFKW $EHUQRFKVWDQGHUQXUGDXQGODXHUWH,QVHLQHUJDQ]HQ $XIPDFKXQJHULQQHUWHHU-DQHDQHLQHQYRUVLQWIOXWOLFKHQ 7RWHQJUlEHUHLQHQGHQHVQLFKWPHKUJDEGHUOlQJVWJHVWRU EHQDEHUMHW]W]XHLQHPVFKUHFNOLFKHQ/HEHQHUZHFNWZRUGHQ ZDU :DVZROOWHHU" 'LH'HWHNWLYLQVFKDXWHZLHGHUEHUGLH6FKXOWHU]XUFNXQG EOLFNWHLQGDV,QQHUHGHV/HLFKHQZDJHQV 'HU'HFNHOKDWWHVLFKZHLWHUYHUVFKREHQ(LQH6FKXOWHUZDU ]XVHKHQ(EHQVRZHLZLHGLH)LQJHUXQGGHU8QWHUDUP

:DVODJGRUWLQGHP6DUJ"(LQ0RQVWHU"-DQHQDKPHVDQVLH ZROOWHHVDXFKJDUQLFKWJHQDXZLVVHQIUVLH]lKOWHQXUQRFK GLH)OXFKW:HJZHJYRQKLHU,QGHQ:DJHQXQGDE ª-DQH© 6KDRV5XIULVLHDXVGHU(UVWDUUXQJ%OLW]VFKQHOOVWDUWHWHVLH XQGUDQQWHDXIGHQSDUNHQGHQ9:]XZR6KDRXQJHGXOGLJ DXIVLHZDUWHWH $EHUDXFKGHU8QKHLPOLFKHVWDUWHWH 8QGHUZDUVFKQHOO0LWHLQHP6DW]VSUDQJHUEHUGHQ *UDEHQXQGZDUVFKRQDXIGHU6WUDHEHYRU-DQH&ROOLQVQRFK IQI6FKULWWHJHODXIHQZDU ª6FKQHOOVFKQHOO©KHW]WH6KDRª%HHLOGLFK-DQH© 8QG-DQHUDQQWH (UNDPYRQGHU6HLWH8QGHUVFKQLWW-DQHGHQ:HJDE6LHYHU QDKPGDVJHIlKUOLFKH.QXUUHQK|UWHGD]ZLVFKHQHLQZLGHU OLFKHV+HFKHOQXQGULVNLHUWHHLQHQUDVFKHQ%OLFN 'HU8QKHLPOLFKHOLHIZLHHLQ7LHU(UPDFKWHUHJHOUHFKWH 6SUQJH%RFNVSUQJHKLHOWGDEHLGLH$UPHDXVJHVWUHFNWXQG KDWWHVHLQHJURHQ+lQGHJHNUPPW 6KDRVFKDIIWHHVHLQIDFKQLFKWVLFKLQGHQ:DJHQ]XVHW]HQ 6LHZROOWH-DQHKHOIHQZXWHDEHUQLFKWZLHXQGVR]LWWHUWHVLH ZHLWHUKLQPLWGHU'HWHNWLYLQ6LHKDWWHGHQUHFKWHQ$UPQLFKW PHKUDXIGHP+ROPOLHJHQVRQGHUQGLH+DQG]XU)DXVWJHEDOOW XQGKLHOWVLHJHJHQLKUH/LSSHQJHSUHW 6FKDIIWH-DQHHV" 1HLQGHUDQGHUHZDUVFKQHOOHU 3O|W]OLFKHLQJHZDOWLJHU6SUXQJGRSSHOWVRZHLWZLHGHU QRUPDOH'DQQEHIDQGHUVLFKLQGHU/XIWXQGSUDOOWHJHJHQGLH 'HWHNWLYLQ6HLQ.|USHUZDUVFKZHUXQG-DQH&ROOLQVZXUGH DXVYROOHP/DXI]X%RGHQJHVWRHQ -HW]WNDPLKU]XJXWHGDVLH-XGREHKHUUVFKWH-DQHILHO]ZDU KDUWDXIGLH6FKXOWHUDEHUVLHUROOWHVLFKJHVFKLFNWDEXQG ZLUEHOWHGDEHL]ZHLPDOXPGLHHLJHQH$FKVH 6LHZROOWHZLHGHUKRFK 'RFKGDJHJHQKDWWHGHUDQGHUHHWZDV

(UODJDXIGHP%RGHQZXFKWHWHMHGRFKVHLQHQ.|USHUQDFK YRUQXQGSDFNWHPLWVHLQHQ3UDQNHQ-DQHV)XNQ|FKHO ,PQlFKVWHQ$XJHQEOLFNUDVWHGHU%RGHQDXIGLH'HWHNWLYLQ ]X -DQHNRQQWHVRHEHQQRFKGLH$UPHDXVVWUHFNHQXQGGHQ $XISUDOOPLWGHQ+lQGHQDEIDQJHQVRQVWKlWWHVLHVLFKGDV *HVLFKWDXIJHVFKODJHQ 6RIRUWZDUGHUDQGHUHEHULKU-DQHK|UWHVHLQ.HXFKHQXQG .QXUUHQZXUGHGDEHLDQHLQZLOGHV7LHUHULQQHUWXQGHKHVLH VLFKYHUVDKZXUGHVLHKHUXPJHULVVHQ ª.RPP©NUHLVFKWHHLQH6WLPPHª.RPPPHLQ7lXEFKHQ GHU0RORFKZLOOGLFK©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lQGHQ'XUFKHLQHQ+HEHOZXUIZROOWHVLHGHQ.HUOEHULKUH 6FKXOWHUVFKOHXGHUQ 'HUGXUFKVFKDXWHGHQ7ULFNXQGVWHPPWHVLFKJHJHQ-DQHV *ULIIDQ(UODFKWHGDEHLZlKUHQGHUVHLQHQ2EHUN|USHUZHLWHU VWUHFNWH-DQHNRQQWHGHQ*ULIIQLFKWPHKUKDOWHQVRVHKUVLH VLFKDXFKDQVWUHQJWH6LHlFK]WHXQGNHXFKWH7UlQHQWUDWHQLQ LKUH$XJHQ9RU$QVWUHQJXQJHQVSUDQJHQGLH$GHUQGLFNKHU YRU'LU*ULIIDEHUO|VWHVLFK

'LH'HWHNWLYLQVDFNWH]XVDPPHQ8QGGLHVH5HDNWLRQOLH GHQ8QKROGODXWDXIODFKHQ 6KDRKDWWHGLHJDQ]H=HLWEHUYHU]ZHLIHOWEHUOHJWZLHVLH -DQHKHOIHQNRQQWH0LWGHQ)lXVWHQNDPVLHJHJHQGHQ0DQQ QLFKWDQ8QGHLQHQ6WHLQ]XVXFKHQGD]XIHKOWHLKUHLQIDFKGLH =HLW 'DQQKDWWHVLHHLQH,GHH ,P$XWRODJHLQ:DJHQKHEHU-DPLWLKPNRQQWHVLHHVVFKDI IHQ6LHZROOWHGDPLWGLHILQVWHUH*HVWDOWEHZXWORVVFKODJHQ +DVWLJHQWULHJHOWH6KDRGLH+DXEH'DQQOLHIVLHQDFKYRUQ XQG]RJVLHKRFK,KUH%OLFNHLUUWHQGXUFKGDVZDVNDXPDOV .RIIHUUDXP]XEH]HLFKQHQZDU :RVWHFNWGHQQGHU+HEHU" 6LHVDKHLQHQOlQJOLFKHQ*HJHQVWDQGGHULQHLQH3ODQHHLQJH ZLFNHOWZDU +DVWLJUROOWH6KDRGLH3ODQHDXIZlKUHQGVLHKLQWHUVLFKGLH .DPSIJHUlXVFKHGHUEHLGHQK|UWH(QGOLFKODJGHU:DJHQ KHEHUYRULKU ,KUH+lQGH]LWWHUWHQDOVVLHLKQDQKRE0LWDOOHQ]HKQ )LQJHUQKLHOWVLHLKQIHVWXQGUDQQWHDXIGHQ8QKHLPOLFKHQ]X 'HUVWDQGEHU-DQHJHEHXJW(UKDWWHHVJHVFKDIIWXQGGLH 'HWHNWLYLQ]X%RGHQJHGUFNW ª'HU0RORFK©NHXFKWHHUª'HU0RORFKEUDXFKWGLFK'X KDVWODQJHEORQGH+DDUH'LHZLOOHUQXUGLH8QGHUZHL DXFKGDGXHLQH3HUFNHWUlJVW© 'HUPXYHUUFNWVHLQGDFKWH6KDRXQGZDUI]XIlOOLJHLQHQ %OLFN]XP/HLFKHQZDJHQ 6LHHUVFKUDNELVLQV0DUN ,PRIIHQHQ6DUJKRFNWHHLQHJHZDOWLJH*HVWDOWGLHZHLOLFK EODXVFKLPPHUWH6LHNRQQWHGDV*HVLFKWQLFKWJHQDXHUNHQQHQ JODXEWHMHGRFKHLQ0RQVWHU]XVHKHQ :DUGDVGHU0RORFK" =HLWGDUEHUQDFK]XGHQNHQGLHKDWWHVLHQLFKW6KDRKRE EHLGH$UPHXQGVFKOXJ]X 6LHVFKORGDEHLGLH$XJHQHVNRVWHWHVLHhEHUZLQGXQJDXI

GLHVHQ0DQQHLQ]XVFKODJHQ'RFKGHUVFKLHQJHDKQW]XKDEHQ ZDVLKPEHYRUVWDQG8USO|W]OLFKOLHHU-DQH&ROOLQVORVXQG NUHLVHOWHDXIGHU6WHOOHKHUXP ,QGLHVHP$XJHQEOLFNVDXVWHGHU:DJHQKHEHUQDFKXQWHQ(U KlWWHGDV*HVLFKWGHV0DQQHVJHWURIIHQGRFKGHUKREEOLW] VFKQHOOVHLQHQOLQNHQ$UPXQGEORFNWHGHQ6FKODJDE 0LWXQJHKHXUHU:XFKWSUDOOWHQ6KDRV+DQGJHOHQNHJHJHQ GHQ8QWHUDUPGHU*HVWDOW2EZRKO6KDRGHQ+HEHUPLWEHLGHQ +lQGHQIHVWKLHOWNRQQWHVLHLKQQLFKWPHKUKDOWHQ'HU]ZHFN HQWIUHPGHWH*HJHQVWDQGIORJLKUDXVGHQ)LQJHUQ 5|FKHOQGKROWHGHU0DQQYRULKU$WHP'DQQVFKWWHOWHHU GHQ.RSIDOVKlWWHPDQLKQPLW:DVVHUEHUJRVVHQ:LHGHU GUDQJHLQ.QXUUHQDXVVHLQHU.HKOH *HIlKUOLFKK|UWHHUVLFKDQ 8QGJHIlKUOLFKZDUGHUJDQ]H0DQQZLHHU6FKULWWIU6FKULWW DXI6KDR]XVFKOLFK 'LH&KLQHVLQZDQNWH]XUFN6LHZXWHGDVLHLKPQLFKW HQWNRPPHQNRQQWH(UZDULPPHUVFKQHOOHUDOVVLH (LQ6SUXQJ 6KDRVFKULHDXI,PQlFKVWHQ0RPHQWKDWWHVLHGDV*HIKO LKU.RSIZlUHLQHLQHQ6FKUDXEVWRFNJHUDWHQVRKDUWKDWWHGHU .HUO]XJHSDFNW6LHEHNDPNHLQH/XIWPHKUGDQQYHUVFKZDQG GHU'UXFNYRQLKUHQ/LSSHQXQGSO|W]OLFKVDKVLHGLH)DXVW 5LHVHQJURXQGVFKLHULQV8QHQGOLFKHJHZDFKVHQWDXFKWHVLH YRULKUHQ$XJHQDXI (LQHQ/LGVFKODJVSlWHUKDWWHVLHGDV*HIKOLKU.RSIPWH SODW]HQ6LHVSUWHGHQZXFKWLJHQ$XISUDOOHWZDVEOLW]WHYRU LKUHQ$XJHQGDQQILHOVLHLQGHQDOOHVIUHVVHQGHQ6FKDFKWGHU %HZXWORVLJNHLW6FKZHUVDFNWH6KDR]X%RGHQ 'HU0DQQVWDUUWHDXIGLH&KLQHVLQª'XELVWQLFKWEORQG© IOVWHUWHHUªGXELVWQLFKWEORQG'HU0RORFKZLOOGLFK QLFKWGHVKDOEEUDXFKVWGXDXFKQLFKWPHKU]XOHEHQ©(U JULIILQGLH7DVFKHXQGKROWHHLQ0HVVHUKHUYRU0LW]ZHL )LQJHUQ]RJGHU0DQQGLH.OLQJHDXVGHP6FKDIWXQG QlKHUWHVLFK6KDRV.HKOH

-DQH&ROOLQVXQG6KDREOLHEHQYHUVFKZXQGHQ0LW6KHLODKDWWHQ ZLU]XPGULWWHQPDOWHOHIRQLHUW6LHZXWHHEHQVRZLHZLU NHLQHQ5DW :DVZDU]XWXQ" 'LH)DKQGXQJOLHIZLUPXWHQGDV(UJHEQLVDEZDUWHQ =ZLVFKHQGXUFKEHWUDW6LU-DPHV3RZHOOPHLQ&KHIGDV%UR $QGHU7UEOLHEHUVWHKHQXQGEOLQ]HOWHXQVGXUFKGLH*OlVHU GHUGLFNHQ%ULOOH]Xª6LQG6LHLPPHUQRFKKLHU"© ,FKQLFNWHª-D6LU© ª*LEWHVGDIUHLQHQ*UXQG":LHLFKK|UWHZDU,KUH,GHHPLW GHU&RPSXWHUEHUHFKQXQJHLQ6FKXLQV/HHUH© ª(LQZHQLJ6LU© ª+DEHLFK,KQHQMDVRIRUWJHVDJW-RKQ'DVZLUGQLFKWV6LH VROOWHQVLFKZLHGHUDXI,KUHDOWHQ0HWKRGHQEHVLQQHQ© ª.|QQHQ6LHHWZDVGHXWOLFKHUZHUGHQ"© ª-DZHQQ6LHZROOHQ© ª,FKELWWHVRJDUGDUXP© ª:LHZDUGDVGHQQGDPDOV"'DNRQQWHQ6LHVWRO]VHLQHLQH $XINOlUXQJVTXRWHYRQIDVWKXQGHUW3UR]HQW]XKDEHQ8QG KHXWH":DVLVWGDUDXVJHZRUGHQ"(LQ7UDXHUVSLHOVDJHLFK ,KQHQ-RKQ(LQZLUNOLFKHV7UDXHUVSLHO,FKKDEH,KUHOHW]WHQ %HULFKWHJHOHVHQXQGPXVDJHQGDVLFKGDVJHVDPWH6LQFODLU 7HDPZLUNOLFKNHLQ5XKPHVEODWWDQGLH:HVWHJHQlKWKDW'LH ([LVWHQ]GHV7RGHVQHEHOVLVWQRFKLPPHUQLFKWJHNOlUWXQGZLU N|QQHQGDYRQDXVJHKHQGDHUZHLWHUKLQXQVHUH:HOWEHGURKW XQGGDPLWDXFK0HQVFKHQW|WHW+DEHQ6LHLQGLHVHU5LFKWXQJ HWZDVXQWHUQRPPHQ"© ª1HLQ© ª:DUXPQLFKW"© /DQJVDPVWLHJLQPLUGLH:XWKRFK ª:HLOPLUGLHYHUGDPPWH$VPRGLQDVFKZHULP0DJHQOLHJW 'HVKDOE©VFKULHLFK]XUFNª8QGGLHVHU7HVWKLHUGHUVROOWH QXUHLQ9HUVXFKVHLQ,FKZHUGHLQ=XNXQIWDQGHUH9HUVXFKH VWDUWHQZHQQ6LHQLFKWVGDJHJHQKDEHQ© ª1HLQQHLQ1XUKRIIHLFKGD,KUH%LODQ]GDQQEHVVHUDXV

VLHKW,FKODVJHUDGH,KUHQOHW]WHQ%HULFKWEHU9DPSLURGHO PDU6LHKWQLFKWJXWDXV'LHJDQ]H$NWLRQKDWYLHO*HOG JHNRVWHW+HUDXVJHNRPPHQLVWQLFKWV© ª0RPHQW©0HLQ6WLPPHZXUGHlW]HQGZLH6lXUHª'DVLVW LPPHUHLQHMHZHLOLJH6DFKHGHV6WDQGSXQNWV8QGIUPLFKLVW HWZDVKHUDXVJHNRPPHQ'HU1HEHOLVW]XPLQGHVWYHUVFKZXQ GHQ'DVEH]HLFKQHLFKDXFKDOVHLQHQ(UIROJ© ª6LHVLQGEHVFKHLGHQJHZRUGHQ-RKQ'DVLVWVFKOHFKW©HU ZLGHUWHPHLQ&KHIVS|WWLVFK ª6ROOHQZLUWDXVFKHQ"©IUDJWHLFKª:ROOHQ6LHPHLQH $XIJDEHQEHUQHKPHQ"© ª:HUGHQ6LHQLFKWXQVDFKOLFK© ª(VZDUQXUHLQ9RUVFKODJ© 6LU-DPHVQLFNWHª'HQLFK]XU.HQQWQLVJHQRPPHQKDEH +DOWHQZLUPDOIHVW6LHKDEHQDOVRGHQ7RGHVQHEHOQLFKWYHU QLFKWHQN|QQHQXQGDXFKQLFKWGLH$XIVWRFNXQJGHU0RUGOLJD ,VWHVVR"© ª-D© ª:DVVDJHQ6LHGHQQGD]X0U&RQROO\"© ª-RKQKDWVHLQ%HVWHVJHJHEHQ:LUDOOHKDEHQHV,FKILQGH ,KUH$QJULIIHXQJHUHFKWIHUWLJW©%LOOJULQVWHGHQ$OWHQDQ ª+P©6LU-DPHV]XFNWHPLWGHQ6FKXOWHUQGUHKWHVLFKXP XQGYHUOLHGDV%UR ,FKVHW]WHPLFKª:HQQHLQHUXQJHUHFKWLVWGDQQGHU3RZHOO© VFKLPSIWHLFK 0HLQH)UHXQGHJDEHQPLUUHFKW1LFKWDXV3ULQ]LSVRQGHUQ ZHLOVLHVHOEVWPLWHUOHEWKDWWHQZLHZLUJHNlPSIWKDWWHQXP KLQWHUKHUGRFKQRFK]XYHUOLHUHQ $XVVHLQHU6LFKWKDWWH3RZHOOVRJDUUHFKW'LH$XI NOlUXQJVTXRWHQZDUHQLQGHUOHW]WHQ=HLWJHVXQNHQ$EHUPDQ GXUIWHQLFKWYHUJHVVHQGDDXFKGLH'lPRQHQGD]XJHOHUQW KDWWHQ6LHGLHVLFKIUKHUJHJHQVHLWLJEHNlPSIWHQYHUEQ GHWHQVLFKQXQJLQJHQXQKHLOLJH$OOLDQ]HQHLQXQGEHJUXEHQ YRUHUVWLKUH6WUHLWLJNHLWHQ6RJDU'U7RGKDWWHVLFK $VPRGLQDXQWHUJHRUGQHW

6LFKHUHVZlUHVFK|QJHZHVHQGLH0RUGOLJDVFKRQLP$QVDW] ]XVSUHQJHQDEHUGDVKDWWHQZLUQLFKWJHVFKDIIW-HW]WYHUORUH QHP7HUUDLQQDFK]XWUDXHUQKDWWHDXFKNHLQHQ=ZHFN:LU PXWHQXQVDXIGLHQDKH=XNXQIWNRQ]HQWULHUHQ8QGGLHVH =XNXQIWVDKJDUQLFKWURVLJDXV -DQHXQG6KDRZDUHQYHUVFKZXQGHQ'LH0RUGOLJDVWULFKLFK HUVWHLQPDODXVPHLQHP*HGlFKWQLV(VJDOWGLHEHLGHQ)UDXHQ ]XILQGHQ6RVFKQHOOZLHP|JOLFK ª9HUVXFK VQRFKPDO©VDJWH6XNR6HOWHQKDWWHLFKPHLQHQ 3DUWQHUVRXQUXKLJHUOHEW8QGDXFK%LOOZDUVHKUQDFKGHQNOLFK JHZRUGHQ(UVWDQGDP)HQVWHUXQGVFKDXWHLQGHQEODXHQ +HUEVWKLPPHOGHUVLFKZLHHLQHJHZDOWLJH'HFNHEHU/RQGRQ VSDQQWH ,FKJULII]XP+|UHU'LH6WLPPHGHV.ROOHJHQNODQJVFKRQ OHLFKWXQJHGXOGLJDOVHUVDJWHª1HLQ6LUZLUKDEHQQRFKNHL QHQ(UIROJ]XYHU]HLFKQHQ$EHUMHGH6WUHLIHQZDJHQ%HVDW]XQJ KDWHLQHJHQDXH%HVFKUHLEXQJGHV:DJHQV:LUZHUGHQLKQ VLFKHUOLFKILQGHQ© ª'DQNH© 'LH)UHXQGHVFKDXWHQPLFKDQ,FKKREGLH6FKXOWHUQ ª1LFKWV©VDJWHLFK ª6ROOHQZLUXQVQLFKWVHOEVWDXIGLH6XFKHPDFKHQ"©6XNR VWHOOWHGLH)UDJH ª1HLQGLH&KDQFHQVLQG]XJHULQJ'LH3ROL]LVWHQKDEHQGD EHVVHUH(UIDKUXQJHQ,FKKDEHLKQHQMDGHQXQJHIlKUHQ:HJ HUNOlUWGHQ-DQHJHQRPPHQKDEHQN|QQWH© ª$EHUGDZDUQLFKWV]XILQGHQ©PHLQWH%LOO ª/HLGHU© 8QVEOLHEQLFKWVZHLWHUEULJDOV]XZDUWHQ (LQ6RQQHQVWUDKOWUDIGLH0HVVHUNOLQJHOLHVLHKHOODXIEOLW]HQ XQGHUUHLFKWHDXFK-DQHV$XJHQ'LH'HWHNWLYLQODJDXIGHP 5FNHQ6LHDWPHWHVFKZHU'HU'UXFNGHUZUJHQGHQ+lQGH VFKLHQEHUKDXSWQLFKWPHKUZHLFKHQ]XZROOHQ(VJHODQJ

-DQHQXUVFKZHU/XIW]XKROHQ'RFKVLHZDUHLQH .lPSIHUQDWXU6ROHLFKWJDEVLHQLFKWDXIXQGVLHVFKDIIWHHV VLFKKLQ]XVHW]HQ -DQHVDK6KDRXQGGHQ8QKROG 'LH&KLQHVLQODJDXIGHP5FNHQXQGUKUWHVLFKQLFKW-DQH QDKPDQGDVLHEHZXWORVZDU8QGEHULKUNQLHWHGHU 0DQQKLHOWHLQ0HVVHULQGHUUHFKWHQ+DQGXQGZROOWH6KDR GDPLWW|WHQ 7|WHQ" 1HLQGDVGXUIWHQLFKWJHVFKHKHQ6KDRV*HIDKUOLH-DQHGLH HLJHQHY|OOLJYHUJHVVHQ'LH'HWHNWLYLQUDIIWHLKUH.UlIWH ]XVDPPHQXQGVWHPPWHVLFKKRFK 7DXPHOQGVWDQGVLHDXIGHQ)HQ ª(UZLOOGLFKQLFKW'HU0RORFKZLOOGLFKQLFKW©6LHYHUQDKP GLHKDVWLJDXVJHVWRHQHQ:RUWHXQGVDKZLHGHU8QKROGGHQ UHFKWHQ$UPKREXP]X]XVWHFKHQ 'LH(QWIHUQXQJ]ZLVFKHQ-DQH&ROOLQVXQGGHP0DQQEHWUXJ YLHOOHLFKWIQI
0DQQHV]XUDPPHQ'RFKGLH%HZHJXQJZDUVRPGHXQG NUDIWORVGDGHU8QKROGQXUGDUEHUODFKHQNRQQWH 0LWHLQHUIDVWOlVVLJDQPXWHQGHQ+DQGEHZHJXQJVFKOXJHU GLH%HLQH]XU6HLWH 'DQQILHOHUDXIVLH 8QGGLHVPDOZDUHV-DQHGLHVHLQH)DXVWULHVHQJURYRULKUHQ $XJHQDXIWDXFKHQVDK (LQ6FKODJUHLFKWH -DQH&ROOLQVZXUGHEHZXWORV 'HU0DQQEOLHEYRULKUNQLHQ(UODFKWHXQGULHEVLFKGDEHL GLH+lQGH ª*HVFKDIIW©VDJWHHUªJHVFKDIIW©'DQQVWDQGHUDXIXQG KRE-DQHGDEHLKRFK(UQDKPVLHDXIGLH$UPHDOVZlUHVLHVR OHLFKWZLHHLQH)HGHU ,PPHUYRUVLFKKLQPXUPHOQGWUXJHUVLH]XGHP/HLFKHQ ZDJHQ 'RUWKDWWHVLFKGDV0RQVWHUDXIJHVHW]W(VVFKPDW]WHXQG VFKOUIWHEHZHJWHVHLQHSOXPSHQ6FKXOWHUQXQG|IIQHWHHLQ ]DKQORVHV0DXO ª,FKKDEHGLH1HXH©VDJWHGHU8QKROGXQG]HLJWHGHP 0RQVWHUVHLQ2SIHU 'DVZROOWHQDFK-DQHJUHLIHQGRFKGHU0DQQWUDWKDVWLJHLQHQ 6FKULWW]XUFNª6SlWHU6SlWHUZLUVWGXVLHEHNRPPHQ:HQQ ZLUGDKHLPVLQG©(UODFKWHª*XWGDZLUKHXWHHLQH6SD]LHU IDKUWXQWHUQRPPHQKDEHQXQGGLHEHLGHQHQWGHFNWHQ'LH DQGHUHQUHLFKHQQRFKQLFKW$EHUMHW]WKDEHLFKVLH]XVDPPHQ /HJGLFKZLHGHUKLQ© 'DV0RQVWHUJHKRUFKWH'HU0DQQZDUWHWHELVDXFKGHU 'HFNHOJHVFKORVVHQZDUXQGJLQJ]XP)KUHUKDXV(UVHW]WH -DQH&ROOLQVDXIGHQ%HLIDKUHUVLW]QDKPHLQH'HFNHZLFNHOWH GLH'HWHNWLYLQGDULQHLQXQGTXHWVFKWHGLH)UDXGDQQLQGHQ )XUDXPYRUGHP6LW] ª6RGDELVWGXJXWDXIJHKREHQ©(UKlPPHUWHGLH:DJHQWU ]X'DEHLILHOVHLQ%OLFNDXI6KDR ª$FKMD©PXUPHOWHHUª,FKPXMDQRFKHWZDVHUOHGLJHQ©(U

ULHEVLFKGLH+lQGHDOVHUGDVQRFKLPPHULP%RGHQVWHFNHQ GHQ0HVVHUVDK+DVWLJOLHIHUGDUDXI]X 'RFKDXIKDOEHP:HJVWRSSWHHU (UKDWWH0RWRUHQJHUlXVFKJHK|UW(LQGXPSIHV%UXPPHQ GDVQXUYRQHLQHP/DVWZDJHQVWDPPHQNRQQWH1RFKGHFNWH GLH+HFNHLKQDEHUGHU8QKROGEHNDPSO|W]OLFK$QJVW(U NRQQWHGHQ0RUGQLFKWPHKUDXVIKUHQGHU/DVWZDJHQZDU]X VFKQHOOXQGGHU)DKUHUZUGHLKQVHKHQ(LQHQ=HXJHQZROOWH HUDXINHLQHQ)DOOKDEHQ 'HU0DQQIOXFKWHXQGMDJWHLQVHOWVDPHQ6SUQJHQ]XVHLQHP :DJHQ]XUFN +DVWLJVWLHJHUHLQXQGVWDUWHWH'HU0RWRUVSUDQJVRIRUWDQ (UPXWHQRFKZHQGHQWDWGLHVVRKDVWLJGDHUIDVWLQGHQ 6WUDHQJUDEHQJHIDKUHQZlUHDEHUHUNDPZHJ *HQDXLQGHP$XJHQEOLFNDOVGHU7UXFNHUVFKLHQ $OEHUW5D\VQHUIXKUEHUHLWVVHLWEHU]HKQ-DKUHQ/DVWZDJHQ $OV)HUQIDKUHUZDUHUQRFK-XQJJHVHOOHJHZHVHQGRFKGDQQ OHUQWHHU/L]]\NHQQHQHLQHUHVROXWH)UDXGLHLKPGLH ª)ODXVHQ©VFKRQDXVWULHE ª,FKKHLUDWHGLFKQXUXQWHUGHU%HGLQJXQJGDLFKGLFKMHGHQ $EHQG]X+DXVHKDEH©KDWWHVLHLKPJHVDJWXQGGHPJXWHQ $OEHUWZDUQLFKWVDQGHUHVEULJJHEOLHEHQDOV]X]XVWLPPHQ(U ZROOWH/L]]\QLFKWYHUOLHUHQ 6RNQGLJWHHUXQGQDKPHLQHQDQGHUHQ-REDQ%HLHLQHU %DXILUPDNDPHUXQWHU -HW]WIXKUHUQXUQRFK6FKXWW8QGQDFK)HLHUDEHQGIKUWHHU 0|EHOWUDQVSRUWHGXUFKDEHUQDFKWVGDZDUHU]X+DXVH 5D\VQHUKDWWHQLHEHUHXWGHQ7DXVFKHLQJHJDQJHQ]XVHLQ(U ZXUGHEHL/L]]\ULFKWLJJHSIOHJWXQGPLWVHLQHQ-DKUHQJLQJ HVLKPUHODWLYJXW(UKDWWHDOOHVZDVHUEUDXFKWH/L]]\YHU GLHQWH]ZHLPDOLQGHU:RFKHHLQZHQLJGD]XVLHSXW]WHXQG VRNRQQWHQVLHVRJDULQ8UODXEIDKUHQZDVEHLOHLEHQLFKWDOO VHLQHQ/DQGVOHXWHQYHUJ|QQWZDU

'HQ:HJGHQHUMHW]WQDKPKDWWHHUVLFKDXVJHWIWHOW(VZDU HLQH$ENU]XQJXQGVRVFKDIIWHHUHLQH)XKUHPHKUDP7DJ ZDVVLFKZLHGHUXPDXIVHLQHQ*HOGEHXWHOQLHGHUVFKOXJ'LH %DXVWHOOHODJQLFKWZHLWYRQHLQHU6FKUHEHUJDUWHQDQODJHHQW IHUQWHLQJHZDOWLJHV$UHDOZRGHPQlFKVWVHFKV+RFKKlXVHU HQWVWHKHQVROOWHQ*UDXH%HWRQEXUJHQ:RKQNDVHUQHQGLH 5D\VQHUVRKDWH $EHUHUEUDXFKWHQLFKWGDULQ]XOHEHQ $XIGHU6WUHFNHDQGHQ*lUWHQYRUEHLEHJHJQHWHLKPNDXP HLQ)DKU]HXJ1XU,QVLGHUNDQQWHQGHQ:HJXQGVRJDEVLFK $OEHUWLPPHU]LHPOLFKVRUJORV(UIXKUQLHVRNRQ]HQWULHUWZLH VRQVWK|UWH5DGLRQDKPKLQXQGZLHGHUHLQHQ6FKOXFN.DIIHH XQGIUHXWHVLFKGDGLH6RQQHVFKLHQ =XUOLQNHQ+DQGWDXFKWHGLH+HFNHDXI(LQJUQHU:DOOGHU DXFKHLQPDOJHVWXW]WZHUGHQN|QQWHGDFKWH$OEHUW'DVZDU QLFKWVHLQ-RE(UVFKDOWHWHK|KHUZHLOGLH6WUDHMHW]WHLQZHQLJ EHVVHUZXUGHVDKVFKRQGDV(QGHGHU+HFNHXQGJULIIZLHGHU ]XU7KHUPRVIODVFKH 5D\VQHUVHW]WHVLHDQXQGZROOWHJHUDGHHLQHQ6FKOXFNWULQNHQ DOVHU]XVDPPHQIXKU 'LH.DQQHHQWILHOVHLQHU+DQGGHUKHLH.DIIHHIORDXVXQG JHQDXEHUVHLQH+RVH 5D\VQHUIOXFKWHXQGEUHPVWHJOHLFK]HLWLJ $XIGHU6WUDHYRULKPODJHLQH)UDX =LVFKHQGVSUDFKHQGLH'UXFNOXIWEUHPVHQDQ'HU:DJHQ KROSHUWHUXWVFKWHQRFKXQGGLHJURHQ5lGHUNDPHQGHUDXI GHU6WUDHOLHJHQGHQ)UDXHUVFKUHFNHQGQDK ª0HLQ*RWW©IOVWHUWH5D\VQHU (UVFKDIIWHHV 4XDVLLPOHW]WHQ$XJHQEOLFN(LQH8PGUHKXQJZHLWHUXQG GHUUHFKWH9RUGHUUHLIHQKlWWHGLH)UDX]HUPDOPW $OEHUWDWPHWHDXI =ZHL6HNXQGHQOLHHUYHUVWUHLFKHQ6HLQ+HU]KlPPHUWH ZLOGGDQQVFKZDQJHUVLFK]XU6HLWHXQG|IIQHWHGLH7U(U VSUDQJQDFKGUDXHQXQGJODXEWHLQGHU)HUQHHLQHQ0RWRU]X

K|UHQ(UNPPHUWHVLFKQLFKWZHLWHUGDUXPXQGJLQJQHEHQ GHUDXIGHP%RGHQOLHJHQGHQ)UDXLQGLH.QLH 6LHODJDXIGHU6HLWH'DVODQJHVFKZDU]H+DDUZDUDXVJH EUHLWHWZLHHLQGXQNOHV9OLHV,PHUVWHQ$XJHQEOLFNJODXEWHGHU )DKUHUHLQH7RWHYRUVLFKOLHJHQ]XKDEHQGRFKDOVVHLQH%OLFNH EHUGHQ.|USHUZDQGHUWHQVDKHUNHLQH9HUOHW]XQJ 9RUVLFKWLJGUHKWHHUGLH)UDXDXIGHQ5FNHQ (UVFKOXFNWHª(LQH&KLQHVLQ©IOVWHUWHHUª:LHZLHLVWGDV P|JOLFK"© 'HUJXWH0DQQZDUY|OOLJGXUFKHLQDQGHUXQGVRGDXHUWHHV HLQZHQLJELVHUDXIGHQQDKHOLHJHQGHQ*HGDQNHQNDP(U SUIWHREGLH)UDXWDWVlFKOLFKQRFKOHEWH $OEHUW5D\VQHUKREGHQ$UPGHU)UDXDQXQGIKOWHQDFK GHP3XOV3RVLWLY'HP)DKUHUILHOHLQ6WHLQYRP+HU]HQ$OVHU LQGDV*HVLFKWVFKDXWHEHPHUNWHHUGHQGXQNOHQ)OHFNDP.LQQ XQGGLH%HXOHGLHODQJVDPJU|HUZXUGH'RUWPXWHGLH)UDX HLQ6FKODJJHWURIIHQKDEHQ $OEHUWZLVFKWHVLFKEHUGLH6WLUQ(UEHUOHJWHILHEHUKDIW ZDVHUWXQVROOWH 'DQQKDWWHHUGLH,GHHXQGlUJHUWHVLFKJOHLFK]HLWLJZLHVRHU QLFKWVFKRQIUKHUGDUDXIJHNRPPHQZDU6HLQ:DJHQZDUPLW 6SUHFKIXQNDXVJHUVWHW(UOLHI]XUFNNOHWWHUWHLQGDV )KUHUKDXVXQGVHW]WHVLFKPLWGHU=HQWUDOHLQ9HUELQGXQJ ª,KULKUPWVRIRUWHLQHQ.UDQNHQZDJHQVFKLFNHQ© KDVSHOWHHUª,FKKDEHKLHUHLQH9HUOHW]WHQHLQHLQH%HZXWORVH JHIXQGHQ8QGGLH3ROL]HLVROODXFK© (VGDXHUWHHLQLJH=HLWELV$OEHUWHLQHQHLQLJHUPDHQNODUHQ %HULFKWGXUFKJHEHQNRQQWH'DQDFKHUKLHOWHUGLH$QRUGQXQJ ]XZDUWHQ $OEHUWVWLHJZLHGHUDXVXQGVWHOOWHVLFKQHEHQGLH %HZXWORVH9RUKLQVFKRQZDULKPGDV0HVVHUDXIJHIDOOHQGDV GLFKWQHEHQGHP.RSIGHU)UDXLP%RGHQVWHFNWH %LV]XP+HIWZDUGLH.OLQJHLQGLH(UGHJHUDPPWZRUGHQ :DUXPQXU":DVZDUGHU*UXQG"$OEHUWEHUOHJWHILHEHUKDIW DEHUHUIDQGNHLQH/|VXQJ

8QJHGXOGLJZDUWHWHHUJULIILQGLH7DVFKHXQGKROWHGLH %OHFKVFKDFKWHOPLWGHQ=LJDULOORVKHUYRU+DVWLJ]QGHWHHU VLFKHLQGQQHV6WlEFKHQDQXQGSDIIWHGLH:RONHQLQGLHNODUH +HUEVWOXIW (UVFKZLW]WH6HLQ+HPG]HLJWHGXQNOH)OHFNHQXQWHUGHQ $FKVHOQ6HLQH+lQGH]LWWHUWHQ +LPPHOZHQQGRFKHQGOLFKGLH3ROL]HLNRPPHQZUGH+LQ XQGZLHGHUZDUIHUHLQHQVFKHXHQ%OLFNDXIGLH&KLQHVLQ(U ZDUYRQLKUHU6FK|QKHLWDQJHWDQ (QGOLFKYHUQDKPHUGDV:LPPHUQGHU6LUHQHQ:LQNHQGOLHI HUGHQ3ROL]LVWHQHQWJHJHQ+LQWHUGHP)DKU]HXJWDXFKWHDXFK GHUKHOOH:DJHQGHU$PEXODQFHDXI :HQLJVSlWHUVDHULP3ROL]HLZDJHQXQGHUVWDWWHWH%HULFKW 'LH%HZXWORVHZDUVFKRQDEWUDQVSRUWLHUWZRUGHQ'DV0HVVHU ODJVRUJIlOWLJLQHLQH3ODVWLNWWHJHSDFNWDXIHLQHPNOHLQHQ 7LVFK (UZDUGLHHLQ]LJH6SXU $OVGHUHUO|VHQGH$QUXINDPKDWWHLFKDEJHQRPPHQ(LQ .RQVWDEOHU:DLQZULJKWZROOWHPLFKVSUHFKHQ 8QGHUEUDFKWHHLQHJXWH1DFKULFKW6KDRZDUJHIXQGHQ ZRUGHQ/HEHQG,FKDWPHWHDXI ª8QGZDVLVWPLWGHUDQGHUHQ)UDX"©ZROOWHLFKZLVVHQ ª'DYRQZHLLFKQLFKWV7XWPLUOHLG© ,FKVSUWHSO|W]OLFKHLQIODXHV*HIKOLP0DJHQ'LH)LQJHU XPNUDPSIWHQGHQ+|UHUVRKDUWGDPHLQH.Q|FKHOVSLW]KHU YRUVWDFKHQ ª6FKRQJXW.RQVWDEOHU©VDJWHLFKXQGOHJWHDXI 6XNRVFKDXWHPLFKIUDJHQGDQª6LHKDEHQ6KDRJHIXQGHQ %HZXWORV(VVFKHLQDOOHVRND\]XVHLQ© ª:RLVWVLHMHW]W"© 9HUGDPPWGDVKDWWHLFKJDQ]YHUJHVVHQ]XIUDJHQ,FKULHI GHQ(LQVDW]OHLWHUDQXQGHUIXKUGDPDQVLHLQGDV&KHOVHD 5R\DO+RVSLWDOJHEUDFKWKDWWH

8QGGRUWVDHQZLUMHW]W %LOO&RQROO\ZDUQDWUOLFKPLWJHIDKUHQ'DVZROOWHHUVLFK QXQGRFKQLFKWQHKPHQODVVHQ0HLQH6RUJHQXP-DQHDEHU ZXUGHQLPPHUJU|HU,FKZDUZLUNOLFKDXI6KDRV$XVVDJH JHVSDQQWDEHUQRFKZDUVLHQLFKWHUZDFKW :LUVDHQDXIHLQHU%DQNLPODQJHQ)OXU$OOHGUHLNDPHQZLU XQVNRPLVFKYRU-DQH&ROOLQVZDUYHUVFKZXQGHQ6KDRJH UHWWHW6XNRXQG%LOOIKOWHQPLWPLU6LHNRQQWHQVLFKYRU VWHOOHQZLHHVLQPHLQHP,QQHUQDXVVDK 'DQQZXUGHHLQH7UJH|IIQHW/lFKHOQGHUVFKLHQHLQH .UDQNHQVFKZHVWHUª6LQG6LHGLH*HQWOHPHQYRQ6FRWODQG
ª8QGMHW]WHU]lKOPDOZDVHXFKSDVVLHUWLVW© 6KDREHULFKWHWH:LUK|UWHQJHVSDQQWXQGJHGXOGLJ]X$OV VLHYRQGHP$XIWDXFKHQGHV0RQVWHUVXQGLKUHP.DPSI EHULFKWHWHKLHOW6XNRGLH+DQGVHLQHU)UHXQGLQ ª'DQQVDKLFKQXUQRFKGLHULHVLJH)DXVWXQGGDQDFKQLFKWV PHKU©VDJWH6KDR]XP6FKOXª,FKELQHUVWZLHGHULP .UDQNHQKDXVDXIJHZDFKW©6LHEHIKOWHLKU.LQQGDVGLHbU]WH PLWHLQHU6DOEHHLQJHULHEHQKDWWHQ ª:DVPLW-DQHJHVFKHKHQLVWKDVWGXQLFKWJHVHKHQ"©KDNWH LFKQRFKHLQPDOQDFK ª1HLQ-RKQWXWPLUOHLG© ,FKVFKDXWH6KDRDQª,VWGLUVRQVWQRFKHWZDVDXIJHIDOOHQ" hEHUOHJHJHQDX© ª'HU/HLFKHQZDJHQZDUHLQ0HUFHGHV© ª8QGHUKDWHXFKOlQJHUYHUIROJW"© ª-D© ª+DVWGXYLHOOHLFKWGLH:DJHQQXPPHU"©IUDJWH%LOO&RQROO\ GD]ZLVFKHQ $XIHLQPDOZXUGHQ6KDRV$XJHQJURª:LHNRQQWHLFKGDV YHUJHVVHQ,FKKDEHGLH1XPPHU© ª8QG"©:LUILHEHUWHQSO|W]OLFK ª$EHUQLFKWKLHU© ª:RGHQQ"©IUDJWHLFK ª-DQHPXVLHKDEHQ,FKKDEHVLHQRWLHUWXQGGHQ=HWWHOLQ LKUH+DQGWDVFKHJHVWHFNW'LH+DQGWDVFKHPWHLP:DJHQ VHLQ6LHKDWVLHQlPOLFK]XUFNJHODVVHQDOVVLHDXIGHQ /HLFKHQZDJHQ]XJLQJGHQQGLH$VWUD3LVWROHODJ]X+DXVH© ª'HU:DJHQVWHKWEHLPQlFKVWHQ5HYLHU©VDJWHLFKª'DVLVW NHLQH6FKZLHULJNHLW© ª'DPWHVLFKDXFKGDV0HVVHUEHILQGHQ©PHLQWH6XNR ,FKQLFNWH %LOO&RQROO\VWDQGDXIª'DQQQLFKWVZLHKLQ)UHXQGH,VWMD QXUHLQ.DW]HQVSUXQJ© ,FKVFKDXWH6XNRDQ 'HU&KLQHVHYHUVWDQGPLFKXQGVFKWWHOWHGHQ.RSIª,FK

EOHLEHQRFKEHL6KDR,KUN|QQWMDDXIGHP5FNZHJYRUEHL NRPPHQXQGPLFKDEKROHQ© ª0DFKHQZLU© %LOOVWDQGEHUHLWVDQGHU7U(UNRQQWHHVNDXPHUZDUWHQ 'DV-DJGILHEHUKDWWHLKQJHSDFNW ª'DELVWGXMDZLHGHUWROOLQHLQHQ)DOOKLQHLQJHVFKOLWWHUW© VDJWHLFKJULQVHQG ª8QGZLH© ,FKVFKORGLH7Uª:LOOVWGX6KHLODQLFKW%HVFKHLGVDJHQ GDZLU6KDRJHIXQGHQKDEHQ"© ª1DWUOLFK©%LOOVHW]WHVLFKQHEHQPLFKXQGJULII]XP+|UHU GHV$XWRWHOHIRQV :LUPXWHQZLHGHUEHUGLH&KHOVHD%ULGJH0LWWHQDXIGHU %UFNHEHNDP%LOOGLH9HUELQGXQJ 0LWZHQLJHQ6lW]HQHUNOlUWHHUVHLQHU)UDXZDVYRUJHIDOOHQ ZDUXQGHUDQWZRUWHWHDXFKDXILKUH)UDJHQ'DQQVDJWHHUª-D LFKEOHLEHZHLWHUDP%DOO1DWUOLFKLFKELQYRUVLFKWLJ.ODU LFKLQIRUPLHUHGLFK'DUOLQJ,FKOLHEHGLFK© %LOOKlQJWHHLQ ª1DZDVVDJWVLH"© 'HU5HSRUWHUKREGLH6FKXOWHUQª6LHKDWQDWUOLFK$QJVWXP -DQHXQGNDQQYHUVWHKHQGDLFKGLFKEHLGHU6XFKHXQWHU VWW]HQP|FKWH'XKDVWMDLQOHW]WHU=HLW]DKOUHLFKH1LHGHU ODJHQHUOLWWHQGDPXGLUMHPDQGKHOIHQ©%LOOVSLHOWHDXI 6LU-DPHV 5HGHDQ ,FKJDELKPGLHHQWVSUHFKHQGH$QWZRUWª)UHXGLFKGDLFK EHLGH+lQGHEUDXFKHVRQVWN|QQWHVWGXPLWGHLQHP*HELLP 5DFKHQNODSSHUQ© ª$QJHEHU© ,FKJULQVWH$QXQGIUVLFKZDULFKIURKGD%LOO&RQROO\PLU ]XU6HLWHVWDQG'HU5HSRUWHUZDUHLQDOWHU.lPSHXQGNDQQWH VLFKGHPHQWVSUHFKHQGDXV :LUIDQGHQGLH3ROL]HLVWDWLRQQDFKHLQLJHP6XFKHQ6LHODJLQ HLQHUUXKLJHQ6HLWHQVWUDHGHUHQ1DPHQLFKYHUJHVVHQKDWWH ,FKVWHOOWHGHQ%HQWOH\GLUHNWKLQWHUHLQHP6WUHLIHQZDJHQDE

XQGJLQJDXIGDVKHOOJHVWULFKHQH*HElXGH]X%LOOIROJWHPLU LP6FKOHSSWDX=ZHL%HDPWHVFKDXWHQDXIDOVZLUGLH%XGH EHWUDWHQGLHEHUKHL]WZDU(LQZHLWHUHU3ROL]LVWYHUK|UWHLP +LQWHUJUXQGGUHL5RFNHUGLHODXWODPHQWLHUWHQXQGLKUH 8QVFKXOGEHWHXHUWHQZlKUHQGHLQHlOWHUH)UDXGDQHEHQVWDQG XQGZHLQWH ,FK]HLJWHPHLQHQ$XVZHLV 'HU3ROL]LVWGHUVLFKQDFKXQVHUHQ:QVFKHQHUNXQGLJW KDWWHQDKP+DOWXQJDQ ª0DFKHQ6LHNHLQHQ=LUNXV©VDJWHLFKªZLUVLQGMDQLFKW EHLP0LOLWlUXQGQXUJHNRPPHQXPGLH+DQGWDVFKHDE]X KROHQGLHVLFKLQ0LVV&ROOLQV 9:EHIXQGHQKDEHQPX© ª'HU:DJHQVWHKWDXIGHP+RI© ª8QGGLH7DVFKH"© ª+DEHLFKQLFKWJHVHKHQDEHUVLHPWHLP:DJHQVHLQ6LU© ,FKOlFKHOWHZ|OILVFKGHQQGLH/DQJVDPNHLWGHV.QDEHQILHO PLUDXIGLH1HUYHQ ª'DQQVFKDXHQZLUGRFKPDOQDFK© ª-DGDVN|QQHQZLU© 'HU.RQVWDEOHUJLQJYRUVFKQHX]WHXQWHUZHJVVHLQH1DVH XQGLFKDWPHWHDXIDOVZLUDXIGHP+RIVWDQGHQ'LH7UHQGHV 9:VZDUHQYHUVFKORVVHQ=XP*OFNKDWWHGHU3ROL]LVWGHQ 6FKOVVHOPLWJHEUDFKW,FK|IIQHWHGHQ:DJHQ 'LH+DQGWDVFKHODJDXIGHP5FNVLW],UJHQGHLQXQGHILQLHU EDUHV(WZDVDXV:LOGOHGHU,FKKROWHVLHKHUDQ|IIQHWHVLHXQG VXFKWH6FKPLQNXWHQVLOLHQHLQNOHLQHV1RWL]EXFKXQGHLQHQ =HWWHO,FKGUHKWHLKQKHUXPXQGODVGLH1XPPHU 'DVZDUGRFKVFKRQZDV ,FKVWHFNWHGHQ=HWWHOHLQ ª:DVJHVFKLHKWPLWGHP:DJHQ"©IUDJWHGHU3ROL]LVW ,FKZDUIGLH+DQGWDVFKHZLHGHULQGHQ)RQGª/DVVHQ6LHLKQ HUVWHLQPDOKLHUVWHKHQ0LVV&ROOLQVGLH%HVLW]HULQZLUGLKQ ZRKOEDOGDEKROHQ© ª-D6LU© ,P5HYLHUWHOHIRQLHUWHLFKPLWGHU'LHQVWVWHOOH'LH.ROOHJHQ

VROOWHQKHUDXVILQGHQZHPGHU:DJHQJHK|UWHXQGPLUHLQH 1DFKULFKWDXIGHQ6FKUHLEWLVFKOHJHQ ª:LHJHKWHVMHW]WZHLWHU"©IUDJWH%LOO ª:LUIDKUHQ]XP
ª.DQQLFKVRQVWQRFKHWZDVIUHXFKWXQ"©IUDJWHGHU.ROOHJH VFKHLQKHLOLJ ª1HLQGDQNH6LHEHUDUEHLWHQVLFKVRQVW© ª6FKHU]NHNV© 0LWGHP([SUHOLIWIXKUHQ%LOOXQGLFKKRFKª:HQQGLH $XWRQXPPHUMHW]WDXFKQRFKHLQH3OHLWHLVWVSULQJHLFKDXV GHP)HQVWHU©YHUVSUDFKLFK ª$XMD©ULHI%LOOª8QGLFKIDQJHGLFKDXIQDFKGHPGX HLQPDODXIJHWLFNWELVW© ª:LGHUOLFK© ,FKVWUPWHDOVHUVWHULQPHLQH.DPPHUGHQQJU|HUZDUGDV %URQLFKW$XIGHP6FKUHLEWLVFKODJWDWVlFKOLFKHLQH%RWVFKDIW IUPLFK'HUhEHUEULQJHUKDWWHHLQHQ/RFKHUDXIGDV6WFN 3DSLHUJHVWHOOWGDPLWHVQLFKWYRQHLQHP:LQG]XJKLQDE JHZHKWZXUGH ,FKQDKPGHQ=HWWHO ª.ODVVH,FKEUDXFKHQLFKW]XVSULQJHQ© ª8QGZHPJHK|UWGHU:DJHQ"©IUDJWH%LOO ª(LQHP%HHUGLJXQJVXQWHUQHKPHU:HPVRQVW"6HLQ1DPHLVW /RJDQ&RVWHOOR© ª+H©%LOOSILIIGXUFKGLH=lKQHª'DVK|UWVLFKMDGLUHNWQDFK 0DILDXQG/HLFKHQYHUVFKZLQGHQ/DVVHQDQ© ª.DQQVHLQ© ª8QGZDUGLHVHU6ROR0RUDVVRLQVHLQHPHUVWHQ/HEHQQLFKW DXFKHLQJHIlKUOLFKHU0DILRVR"© ,FKVFKDXWH%LOODQª'XGHQNVWVFKRQZLHGHUYLHO]XZHLW YRUDXV(UVWHLQPDOQHKPHQZLUXQV/RJDQ&RVWHOORYRU%LQ JHVSDQQWZDVHUXQV]XVDJHQKDW© -HPDQGVWUHLFKHOWHLKU*HVLFKW6LHK|UWHHLQHOHLVH6WLPPH ª.LQGFKHQ.LQGFKHQZDFKDXI© -DQH&ROOLQVVW|KQWH 6LHWDXFKWHDXVGHPWLHIHQ6FKDFKWGHU%HZXWORVLJNHLWQXU ODQJVDPDQGLH2EHUIOlFKH8QGPLWMHGHP6WFNPLWGHPVLH

GHP:DFKVHLQQlKHUNDPQDKPHQGLH6FKPHU]HQLQLKUHP .RSI]X %UXWDOVSUWHVLHGDV+lPPHUQXQG%RKUHQGDVWDXEH*H IKOGDVVLFKZLHHLQ5HLIXPLKUH6WLUQOHJWH 6LHVFKOXJGLH$XJHQDXI (LQ*HVLFKW 'LFKWYRULKUYHUVFKZRPPHQYHU]HUUWZLHYRQ1HEHO VFKZDGHQXPKOOW (LQ0XQGGHUOlFKHOWHGRFKWUDXULJH$XJHQ ª.LQGFKHQ©:LHGHUGLH6WLPPH -DQHVHXI]WHª2PHLQ*RWW©VW|KQWHVLHXQGWDVWHWHGLH6WHOOH DP.LQQDEGLHEHVRQGHUVVFKPHU]WH6LHZDUJHVFKZROOHQ GRSSHOWVRGLFNZLHQRUPDO ª5HLGLFK]XVDPPHQ.LQGFKHQ'XGDUIVWMHW]WQLFKW VFKODSSPDFKHQ1LFKW© ª-DMD©:LHGHUVW|KQWH-DQH&ROOLQVª,FKELQVRPGH,FK ELQ©6LHZROOWHQRFKZHLWHUVSUHFKHQGRFKGDZDUVLHVFKRQ HLQJHVFKODIHQ ª9HUGDPPWGLHSHQQW©VDJWHGLH)UDXXQGGUHKWHVLFKXP 'LHDQGHUHQIQI0lGFKHQKREHQQXUGLH6FKXOWHUQ,KQHQ ZDUDOOHVHJDO 'LH=HLWYHUJLQJ -DQH&ROOLQVVFKOLHI+LQXQGZLHGHUZXUGHVLHYRQGHQ EULJHQ*LUOVPLW%OLFNHQEHGDFKWVRQVWJHVFKDKQLFKWV 1DFKHWZDHLQHU6WXQGH|IIQHWH-DQHGLH$XJHQ ª6LHLVWZLHGHUGD©VDJWHHLQ*LUOPLWUDXKHU:KLVN\VWLPPH 'LH'HWHNWLYLQK|UWHGLH:RUWH8QGGLHVPDOJLQJHVLKU EHVVHU'LH6FKPHU]HQLP.RSIZDUHQYHUVFKZXQGHQ'DV WDXEH*HIKOOLHVLFKDXVKDOWHQ -DQHVHW]WHVLFKDXI $XVHLQHP6HVVHOHUKREVLFKHLQ0lGFKHQPLWHEHQVRODQJHQ EORQGHQ+DDUHQZLH-DQHVLHKDWWH6LHOlFKHOWHDOVVLHDXIGLH 'HWHNWLYLQ]XVFKULWWXQGQHEHQLKULQGLH.QLHJLQJ -DQHYHU]RJGDV*HVLFKWª:RELQLFKKLHU"© ª%HLXQV©

'LH$QWZRUWKlWWHPLUDXFKHLQHDQGHUHDOVGXJHEHQN|QQHQ GDFKWH-DQHXQGVFKDXWHVLFKXP 'LH%ORQGLQHOlFKHOWHª,FKELQ&KDULW\$EHUQLFKW6ZHHW &KDULW\VRQGHUQ&KDULW\+DLH© ª-DQH&ROOLQV© ª(LQH-DQHKDEHQZLUKLHUQRFKQLFKW© 'LH'HWHNWLYLQIURU6LHVDKGLH*lQVHKDXWDXILKUHQQDFNWHQ $UPHQXQGSO|W]OLFKZXUGHQLKUH$XJHQJUR +LPPHOVLHZDUQDFNWRGHU" -DQHVFKDXWHDQVLFKKHUDE1HLQVLHKDWWHVLFKJHWlXVFKW 9|OOLJQDFNWZDUVLHQLFKW6LHWUXJLPPHUQRFKLKUHQ%+XQG GHQGQQHQ6OLS 'LH.lOWHGUDQJDXVGHUJHWQFKWHQ:DQGZRJHJHQVLHPLW GHP5FNHQOHKQWH:HUKDWWHVLHDXVJH]RJHQXQGZDUXP" -DQHOLHLKUH%OLFNHNUHLVHQ:DVVLHVDKZDUWURVWORVXQG HUPXWLJHQG]XJOHLFK (UPXWLJHQGZHLOVLHVLFKLQNHLQHP9HUOLHVRGHU.HOOHU EHIDQGXQGWURVWORVZHLOGLHEULJHQVHFKV0lGFKHQHLQHQ GHSULPLHUWHQ(LQGUXFNPDFKWHQ 'HUJHVDPWH5DXPNDPLKUYRUZLHHLQH*DUGHUREH'LHEUL JHQDOOHVDPWEORQGH*LUOVKRFNWHQLQNOHLQHQ6FKDOHQVHVVHOQ GLHYRUHLQHPHLQ]LJHQSDUDOOHO]XU:DQGODXIHQGHQ 6FKPLQNWLVFKVWDQGHQ,QGHQVFKRQ]LHPOLFKEOLQGHQ6SLHJHOQ VDK-DQHGLH+LQWHUN|SIHGHU*LUOVGLH*HVLFKWHUZDUHQLKU ]XJHZDQGW $QGHU'HFNHEUDQQWHQ]ZHL/DPSHQ'LH*ODVXPUDQGXQJ ZDUVWDXEEHGHFNWXQGZLHVNOHEULJHQ)OLHJHQGUHFNDXI (LQ3ODW]ZDUQRFKIUHL ª'DVLVWGHLQHU©VDJWH&KDULW\ -DQHEHVFKOR]XQlFKVWJXWH0LHQH]XPE|VHQ6SLHO]X PDFKHQ6LHVWDQGDXI &KDULW\VWHOOWHLKUGLHDQGHUHQ*LUOVYRU -DQHK|UWH1DPHQZLH3DXOD-XQH*ODG\V0RQLFDXQG 0DQG\'DVLFKGLH*LUOVLQLKUHU+DDUIDUEH]LHPOLFKlKQHOWHQ ZDUHVVFKZHUVLHDXVHLQDQGHU]XKDOWHQ

ª1LPP3ODW]© -DQHVHW]WHVLFKDXIGHQ6WXKO &KDULW\ZDUILKUHLQHQURVDIDUEHQHQ%DGHPDQWHO]XGHQVLFK GLH'HWHNWLYLQEHUKlQJWH=XPHUVWHQPDOVHLWHLQLJHQ 6WXQGHQVDK-DQH&ROOLQVZLHGHULKU*HVLFKW 6LHHUVFKUDNYRUVLFKVHOEVW +LPPHOVLHVDKVFKOHFKWDXV'LH5LQJHXQWHUGHQ$XJHQGLH DQJHVSDQQWH+DXWGHUWUEH%OLFNXQGGDVJHVFKZROOHQH.LQQ 'DPLWNRQQWHVLHNHLQH6FK|QKHLWVNRQNXUUHQ]JHZLQQHQ ª*HIlOOVWGXGLU"©IUDJWH&KDULW\ 6LHVWDQGKLQWHU-DQHXQGKDWWHGLH$UPHYRUGHPSSLJHQ %XVHQYHUVFKUlQNW$XFKVLHWUXJZHQLJDP/HLEH(LQ *OLW]HUGLQJYRQ%LNLQLZLHLKQGLH0lGFKHQDQKDWWHQZHQQ VLHDXILUJHQGHLQHU%KQHWDQ]WHQ ,KU*HVLFKWZDUOHLGOLFKKEVFK1XUGLH/LSSHQZDUHQIU -DQHV*HVFKPDFNHLQZHQLJ]XDXIJHZRUIHQ ª'XJHIlOOVWGLUDQVFKHLQHQGQLFKWZLH"©ZLHGHUKROWH &KDULW\GLH)UDJH ª1HLQ© &KDULW\ODFKWHª'DVKDEHLFKPLUJHGDFKW© -DQHVFKOXJPLWGHU)DXVWDXIGHQ7LVFKª:RELQLFKHLJHQW OLFKJHODQGHW"©IUDJWVLHª'DVDOOHVLVWGRFKNHLQ7UDXP]XP 7HXIHO0DQKDWPLFKZHJJHVFKOHSSW'LHVHUGLHVHU7\SKDW PLFKUHJHOUHFKWJHNLGQDSSW© ª0HLQVWGX,UHXV"© ª:HLQLFKWZLHGHUKHLW(LQ.HUOLQ6FKZDU]XQGPLW HLQHP=\OLQGHUDXIGHP.RSI© ª-DGDVLVW,UHXV© ª2ND\XQGZDVVROOHQZLUKLHU"© ª$XILKQZDUWHQ© ª:HULVWGDVGHQQ"© ª'HU0RORFK© 'LH)UDXJDEGLH$QWZRUWPLWHLQHUVROFKHQ*HODVVHQKHLWGD -DQHQXUQRFKVFKOXFNHQNRQQWHª'HU0RORFK"©HFKRWHVLH ª-DGHU0RORFK:LUZHUGHQLKPKHXWHQRFKJHRSIHUW©

(LQVFKUHFNOLFKHU*HGDQNHGXUFK]XFNWH-DQHV*HKLUQª6ROO GDVKHLHQGDPDQXQVW|WHQZLOO"© &KDULW\KREGLH6FKXOWHUQ -DQHVSUDQJDXIª$EHUGDVLVWGRFK8QVLQQGDVJHKWQLFKW ,KUN|QQWGRFKQLFKW]XVHKHQZLHPDQHXFKLQV9HUGHUEHQ VFKLFNW,KUPWZDVGDJHJHQWXQ)OLHKHQZLU,FKKDEHNHLQH /XVW2SIHUHLQHV'lPRQV]XZHUGHQ,FKQLFKW© ª5HJGLFKQLFKWDXI©HUZLGHUWH&KDULW\+DLHODKP -DQH&ROOLQVYHUVWDQGGLH:HOWQLFKWPHKU'DKRFNWHVLH ]XVDPPHQPLWVHFKV6FKLFNVDOVJHQRVVLQQHQXQGGLHUHGHWHQ YRQLKUHP7RGDOVZlUHHVGLHQDWUOLFKVWH6DFKHGHU:HOW 'DUEHUNRQQWH-DQHZLUNOLFKQXUGHQ.RSIVFKWWHOQª:ROOW LKUHXHU/HEHQHLQIDFKZHJZHUIHQ"©ULHIVLH &KDULW\DQWZRUWHWHª'DVLVWJDUQLFKWVLFKHUREZLUVWHUEHQ ZHUGHQ© ª:DVLVWGHQQVLFKHU"© ª.HLQH$KQXQJ$XHUGHPPXWGXGLFKGDUDQJHZ|KQHQ GDGXMHW]WLKPJHK|UVW(ULVWGHUMHQLJHGHVVHQ6NODYLQGX MHW]WELVW© -DQHEHXJWHLKUHQ2EHUN|USHUYRUXQGVFKWWHOWHGHQ.RSI ª,FKYHUVWHKHHXFKQLFKW,FKYHUVWHKHHXFKZLUNOLFKQLFKW:LH NDQQPDQQXUVRUHDJLHUHQ"© ª'XZUGHVWDQGHUVVSUHFKHQZHQQGXZWHVWZDVZLU KLQWHUXQVKDEHQ©'LHVVDJWHQLFKW&KDULW\VRQGHUQGDV*LUO QHEHQ-DQH ª8QGZDVKDEWLKUKLQWHUHXFK"© ª'LH+|OOH-DQH'DUOLQJ0DQKDWXQVIHUWLJJHPDFKW'LH VFKOLPPVWHQ'HPWLJXQJHQGLHPDQ)UDXHQDQWXQNRQQWH GLHKDWPDQXQVDQJHWDQ(VZDUJUDXHQKDIW:LUJHULHWHQDOV EOXWMXQJH'LQJHULQGLH)lQJHHLQHV*DQJVWHUVGHUXQVYHU PLHWHWH$EHUDQ$XVOlQGHUDQ2ULHQWDOHQXQGVRZHLWHU8QV NDQQQLFKWVPHKUHUVFKWWHUQXQGZLUZDUHQIURKDOVPDQXQV ODXIHQOLH© ª$EHULKUVHLGKLHUDXFK*HIDQJHQH© ª'HQHQHVJXWJHKW©HUZLGHUWH&KDULW\ª:LUEUDXFKHQQLFKW

PHKUPLWVFKPLHULJHQ0lQQHUQ]XVFKODIHQZLUZDUWHQQXU DXILKQ,FKJHEH]XHVLVWPDNDEHUDEHUZDVZLOOPDQPDFKHQ" 1LFKWMHGHUNDQQVLFKVHLQ/HEHQDXVVXFKHQ© ª8QGZDUXPODXIHQZLUDOOHKDOEQDFNWKHUXP"©IUDJWH-DQH ª:HLODEKHXWHDQGHQQlFKVWHQVLHEHQ7DJHQMHHLQHYRQXQV HLQHQ7DQ]YRUIKUW(UPXLKPJHIDOOHQGHQQGDQQHUVWZHU GHQZLU]XLKPJHODVVHQ.HQQVWGX6DORPH"© ª-DGHQ6FKOHLHUWDQ]©HUZLGHUWH-DQH ª6RlKQOLFKOlXIWGDVKHXWHDEHQGDE© -DQHKREGHQ.RSIXQGVFKDXWH&KDULW\DQª2ND\LFKKDEH DOOHVYHUVWDQGHQGXKDVWDXFKJHQXJHU]lKOW$EHUHLQVVDJHLFK GLU,KUN|QQWWDQ]HQZDVLKUZROOWQXURKQHPLFK,FKYHU VFKZLQGHGDVLVWPHLQOHW]WHV:RUW©-DQH&ROOLQVVWDQGDXI ª8QGZRZLOOVWGXKLQ"© 'LH'HWHNWLYLQGHXWHWHDXIGLH7Uª,VWVLHDEJHVFKORVVHQ"© 'LH*LUOVZDUIHQVLFKEH]LHKXQJVYROOH%OLFNH]Xª1HLQ© VDJWH&KDULW\ªVLHLVWQLFKWDEJHVFKORVVHQ© ª'DQQJHKHLFKMHW]W© ª%LWWH© -DQHZXQGHUWHVLFKGDGLH0lGFKHQVLHQLFKW]XUFNKDOWHQ ZROOWHQ'DZDUHWZDVQLFKWJHKHXHUGDVNRQQWHVLHGLUHNW IKOHQ1DFK]ZHL6FKULWWHQEOLHEVLHVWHKHQXQGGUHKWHGHQ .RSIª6WLPPWHWZDVQLFKW"©,KUH6WLPPHNODQJXQVLFKHU ª1HLQQHLQJHKQXU$EHUVHLYRUVLFKWLJ© -DQHDKQWHGDVLHNHLQH&KDQFHKDWWH$EHUVLHZROOWHHV JHQDXZLVVHQVLHKDWWH$JHVDJWXQGPXWHDXFK%VDJHQ$OVR JLQJVLHZHLWHU 9RUGHU7U]|JHUWHVLH ª%LVWGXIHLJH"©K|UWHVLHGLHUDXFKLJH6WLPPH ª1HLQ© ª'DQQPDFKGRFKDXI© (QWVFKORVVHQOHJWH-DQH&ROOLQVGLH+DQGDXIGLH.OLQNH GUFNWHVLHQDFKXQWHQXQG]RJKDVWLJGLH7UDXI 0LWHLQHP6FKUHLIXKUVLH]XUFN

$QJVWXQG(QWVHW]HQVFKWWHOWHQVLH6LHSUHWHHLQH+DQGYRU GHQ0XQGGHQQMHW]WZXWHVLHZHQGLH0lGFKHQPLWLKP JHPHLQWKDWWHQ 'HU0RORFK (UKRFNWHDXIGHP*UXQGHLQHUYLHUHFNLJHQ*UXEHHLQH ZHLEODXVFKLPPHUQGH*HVWDOWPLWHLQHPJUlOLFKHQ*HVLFKW $OVGHU/LFKWVFKHLQLQGLH*UXEHIXKUVFKQHOOWHVHLQH3UDQNH KRFKXQGNODWVFKWHJHJHQGLHLQQHUH*UXEHQZDQG )DVWKlWWHGLH3UDQNH-DQHHUZLVFKW'RFKVLHZDUQRFKUHFKW ]HLWLJ]XUFNJHVSUXQJHQ 6LHK|UWH&KDULW\V/DFKHQª:LOOVWGXLPPHUQRFKIOLHKHQ NOHLQH-DQH"© 'LH'HWHNWLYLQVFKWWHOWHGHQ.RSI:DVVLHJHVHKHQKDWWH UHLFKWHLKU8QGGDEHLZDUGLH*UXEHQLFKWHLQPDOJUR6LH KlWWHVLHEHTXHPEHUVSULQJHQN|QQHQ1XUEHIDQGHQVLFK DQGHUJHJHQEHUOLHJHQGHQ6HLWHHEHQVRZLHUHFKWVXQG OLQNV:lQGH8QGGLHVFKORVVHQIXJHQORVPLWGHP5DQGGHU *UXEHDE (LQH5DWWHQIDOOH -DQH&ROOLQVKlPPHUWHGLH7U]XVWROSHUWH]XLKUHP6WXKO XQGVDQNGRUW]XVDPPHQ 'LH0lGFKHQOLHHQVLHLQ5XKH %LV&KDULW\VDJWHª-HGHUYRQXQVLVWHVVRHUJDQJHQ-DQH -HGHU© 'LH'HWHNWLYLQQLFNWH6LHKDWWHGLH$XVZHJORVLJNHLWLKUHU /DJHHLQJHVHKHQGHU6FKRFNVDQRFKWLHIWURW]GHPZROOWHVLH QLFKWDXIJHEHQ6LHZDUHLQIDFKQLFKWGHU7\SGHUGLH)OLQWHLQV .RUQZDUI6FKRQMHW]WIRUPLHUWHVLFKLQLKUHP,QQHUQ :LGHUVWDQG &KDULW\NORSIWHLKUDXIGLH6FKXOWHUXQG]RJHLQHNOHLQH7U XQWHUGHP6FKPLQNWLVFKDXI6LHKROWHHLQH)ODVFKHKHUYRU ª7ULQN%DE\©VDJWHVLHª2KQHGDV=HXJLVWXQVHUEHVFKLVVHQHV /HEHQKLHUNDXPQRFK]XHUWUDJHQ:LUVWHKHQDOOHXQWHU6WRII GLHHLQHPHKUGLHDQGHUHZHQLJHU(LQLJHKDEHQDXFK.RNV JHQRPPHQ©

-DQHVFKWWHOWHGHQ.RSI6LHGUFNWH&KDULW\V$UPEHLVHLWH ª,FKZLOOQLFKWGDQNH© ª'DVKlOWVWGXDEHUVRQVWQLFKWGXUFK© ª0DOVHKHQ© ª'DQQQHKPHLFKHLQHQ©&KDULW\VHW]WHGLH)ODVFKHDQXQG WUDQNLQODQJHQGXUVWLJHQ=JHQ'HUELOOLJH:KLVN\PXWH ZLHGHUOHW]WH)XVHOVFKPHFNHQ&KDULW\WUDQNLKQWURW]GHP -DQHVFKDXWHDXIGLH7U1HLQGDNDPVLHQLFKWZHJ(VVHL GHQQVLHEHJDEVLFKIUHLZLOOLJLQGLH+DQGGHV0RORFKV9RU GHP*HGDQNHQVFKDXGHUWHVLH $EHUHVPXWHGRFKHLQHQ$XVZHJJHEHQ 'DQDFKHUNXQGLJWHVLHVLFKEHL&KDULW\ 'LHVHW]WHKDVWLJGLH)ODVFKHDEª(VJLEWHLQHQ*LUOLH©VDJWH VLHª'XEUDXFKVWQXUGXUFKGLH7U]XJHKHQ© ª$EHUGDLVWGRFK© ª8QVLQQ:HQQZLUKHUDXVJHODVVHQZHUGHQLVWGLH/XNH QDWUOLFK]X8QGGLH:DQGJHJHQEHUGHU7UOlWVLFKEH ZHJHQ(LQJDQ]HLQIDFKHU0HFKDQLVPXV© ª'DUDQKDWWHLFKQLFKWJHGDFKW© ª+LHULVWHEHQYLHOHVDQGHUV© ª,FKPHUNHHVPLW6FKUHFNHQ© ª'HQ6FKUHFNHQZLUVWGXZRKOKHXWHDEHQGHUOHEHQ'DLVW GLHVH0LVWEDUJHVFKORVVHQ1XUEHVWLPPWH3HUVRQHQGUIHQ KLQHLQ'DVKDWPLU,UHXVHU]lKOW© ª*HK|UWLKPGLH%DU"© ª1HH© ª:HULVWGHQQGHU%HVLW]HU"© &KDULW\KREGLH6FKXOWHUQª(LQVFKPLHULJHU7\SGHVVHQ 1DPHLFKQLFKWHLQPDOZHL©3O|W]OLFKJULQVWHVLHª(UULHFKW LUJHQGZLHLPPHUVRQDFK%HHUGLJXQJXQG/HLFKHQZHLWGX© -DQHVFKOXFNWH6ROOWHGHU,QKDEHUGHV6FKXSSHQVYLHOOHLFKW HLQ*KRXOVHLQ" 6LHIUDJWHGDQDFK &KDULW\VDKVLHDXVJURHQ$XJHQDQª:DVLVWGDVGHQQHLQ *KRXO".DQQPDQGDVHVVHQ"©

ª6RXQJHIlKU©ZLFK-DQHDXV &KDULW\NLFKHUWHXQGQDKPQRFKHLQHQ6FKOXFN'DQQVWHOOWH VLHGLH)ODVFKHZLHGHUZHJ'LH)UDXNRQQWHHLQHXQJHKHXUH 0HQJHYHUWUDJHQ-DQHZXQGHUWHVLFK ª$OOHVLP(LPHU©VDJWH&KDULW\ª:LUVLQGQLFKWVZHUW 0lGFKHQ:LUZHUGHQJHRSIHUW© ª$FKKDOWV0DXO©VDJWHGLHPLWGHU:KLVN\VWLPPH-DQH ZXWHDXFKZLHVLHKLH 3DXOD &KDULW\ZLHVPLWGHP)LQJHUDXI3DXODª'XKDVWMDNHLQH $KQXQJhEHUKDXSWQLFKW© 3DXODZROOWHHWZDVDQWZRUWHQGRFKHLQ*HUlXVFKOHQNWHGLH )UDXHQDE (VZDUHLQ.UDW]HQXQG6FKDEHQ ª$QGHU7U©IOVWHUWH&KDULW\ª'DVLVWHU(UNDQQHVNDXP HUZDUWHQXQV]XEHNRPPHQ© 'HQ*LUOVOLHIEHLGLHVHQ:RUWHQHLQH*lQVHKDXWEHUGHQ 5FNHQ /RJDQ&RVWHOOR :LUKDWWHQHLQH$NWHEHULKQ8QGGLHZDUJDUQLFKWPDOVR GQQ,FKEOlWWHUWHVLHGXUFKEHYRUZLU]XLKPIXKUHQ 'DEHLJLQJHQPLUGLH$XJHQEHU &RVWHOORZDUHLQ9HUEUHFKHU(UJHK|UWH]XGHU6SLW]HGHU /RQGRQHU8QWHUZHOW&RVWHOORKHUUVFKWHEHU]DKOUHLFKH%DUV XQG1DFKWFOXEVKLHOWHLQHQ7HLOGHV3RUQRXQG6H[JHVFKlIWHV LQGHU+DQG$XHUGHPZDUHUDXFKQRFK(LJHQWPHUHLQHV %HHUGLJXQJVLQVWLWXWHVLQ6RKR 1RUPDOHUZHLVHSDVVHQ%HHUGLJXQJVLQVWLWXWHXQG1DFKWFOXEV QLFKW]XVDPPHQGRFKEHL&RVWHOORVDKGLH/DJHY|OOLJDQGHUV DXV:HQQHUZLUNOLFK]XU0DILDJHK|UWHXQGGDPLWDQHUVWHU 6WHOOHVWDQGKDWWHHUDXFKGLH$XIJDEH/HLFKHQYHUVFKZLQGHQ ]XODVVHQ(VZDUVFKRQLPPHUHLQH6SH]LDOLWlWGHUª(KUHQ ZHUWHQ*HVHOOVFKDIW©JHZHVHQGRSSHOWH%HHUGLJXQJHQGXUFK

]XIKUHQ'DVKHLWPDQOHJWHEHLHLQHU%HVWDWWXQJNXU]HUKDQG ]ZHL/HLFKHQLQGHQ6DUJ 'LH0DILDKDWWHGLHVHV9HUIDKUHQDXVJHNOJHOW,FKZROOWH QLFKWZLVVHQZLHYLHOH*UlEHULQ/RQGRQGRSSHOWEHVHW]W ZDUHQ 6HLQH%HVWDWWXQJVILUPDODJLQ6RKRDOVRLQGHU6]HQHZLH PDQVRVFK|QVDJW8QGGLHVHPIHLQHQ*HVFKlIWZROOWHQ%LOO XQGLFKHLQHQ%HVXFKDEVWDWWHQ 'LH6WUDHODJQLFKWZHLWYRP/HLFHVWHU6TXDUHHQWIHUQWLFK NDQQWHVLH'RUWJDEHVZHQLJHU%DUVXQG&OXEVVRQGHUQPHKU *HVFKlIWH :LUPXWHQXQVEHHLOHQZHQQZLUYRU/DGHQVFKOXGRUWVHLQ ZROOWHQ(VEOLHEDXFKNHLQH=HLWPHKU6XNRDE]XKROHQ,FK KLQWHUOLHLKPQXUHLQH1DFKULFKWLQPHLQHP%UR 'DQQGDPSIWHQZLUDE (VZXUGHHLQH4XlOHUHL$P7UDIDOJDU6TXDUHEOLHEHQZLU VWHFNHQGDQQKDWWHQZLUHLQHQ%XVYRUXQVGHUMDJWHVHLQH $EJDVHLQGLH/XIWXQGGHU%HQWOH\QDKPVLHPLWVHLQHU %HOIWXQJDXI 6FKOLHOLFKNDPHQZLUEHVVHUYRUDQXQGJHQDXIQI0LQXWHQ YRU7RUHVVFKOXHUUHLFKWHQZLUGLH6WUDHLQGHUGDV,QVWLWXW ODJ :LUNRQQWHQHVJDUQLFKWYHUIHKOHQGHQQGDVJURH 6FKDXIHQVWHUZDUGXQNHOJHW|QW(LQVFKZHUHU(LFKHQVDUJ VWDQGDOV'HNRUDWLRQLQGHU$XVODJH(UZXUGHYRQ]ZHL NLWVFKLJHQ/HXFKWHUQHLQJHUDKPWXQGYRQHLQHP6SRWOLJKW DQJHVWUDKOW 'DV/LFKWJLQJDXVDOVZLUGHQ:DJHQYHUOLHHQ(LQHQ 3DUNSODW]KDWWHQZLUJHIXQGHQZHQQGHU%HQWOH\DXFKVFKUlJ VWDQGDEHUGDVKLHUZDUHLQH3ROL]HLDNWLRQ ª,FKIUDJHPLFKQXUZDVVROFKHLQ0DILRVRPLWGHQ'lPRQHQ ]XWXQKDW©PHLQWH%LOO ª:HLLFKDXFKQLFKW© (LQH7UHSSHIKUWH]XU(LQJDQJVWUKRFK,FKGUFNWHVLHDXI XQGK|UWHEHUPHLQHP.RSIHLQPHODQFKROLVFKHV

*ORFNHQVSLHO:LUEHWUDWHQHLQHQJURHQ5DXPLQGHPHLQ 6FKUHLEWLVFKVWDQGEHUGHPHLQH+lQJHODPSHOHXFKWHWH'LH :lQGHZDUHQJUDXJHVWULFKHQ(VURFKVRZLHLQGHU /HLFKHQKDOOH,FKVDKDXFKYLHU%HVXFKHUVWKOHVRUJIlOWLJ QHEHQHLQDQGHUDXIJHVWHOOW(LQGXUFKHLQHQEODXHQ9RUKDQJ DEJHGHFNWHU'XUFKJDQJIKUWH]XGHQDQGHUHQ5lXPHQ GHV,QVWLWXWV 1RFKNDPQLHPDQG 'DQQEHZHJWHVLFKGHU9RUKDQJXQGHLQPLWWHOJURHU0DQQ PLW+DOEJODW]HHUVFKLHQ'HU.QDEHWUXJHLQHQGXQNOHQ$Q]XJ KDWWHHLQZHLHV+HPGDQXQGVLFKHLQHVFKZDU]H.UDZDWWH XPJHEXQGHQ'D]XWUXJHUGDVOHLGHQGH*HVLFKWHLQHVOLHEHV NUDQNHQ+DPVWHUV]XU6FKDX(UWUDWDXIXQV]XXQGULHEGLH +lQGHJHJHQHLQDQGHU ª,FKGDUI,KQHQPHLQWLHIVWHV0LWJHIKO]XP7RGH,KUHVQDKHQ 9HUZDQGWHQDXVVSUHFKHQ©VDJWHHUVFKHLQKHLOLJXQGVFKDXWH HLQPDO%LOODQXQGGDQQPLFK ª1RFKLVWQLHPDQGJHVWRUEHQ©VDJWHLFK 6HLQIDOVFKHVPLWOHLGLJHV*HVLFKWYHUVFKZDQG'DIUWUDWHLQ ODXHUQGHU$XVGUXFNDXIVHLQH=JHª,FKYHUVWHKH6LHQLFKW© ,FK]HLJWHPHLQHQ$XVZHLV ª6FRWODQG
ª1DWUOLFK© ª'DQQXQWHUVWHKW,KQHQDXFKGHU:DJHQSDUN"© ª:DVKHLW:DJHQSDUN:LUKDEHQ]ZHL)DKU]HXJH0HKU QLFKW:LUVLQGVHKUEHVFKHLGHQ© ,FKODVLKPGLH$XWRQXPPHUYRUª,VWGDV,KU:DJHQ"© ª.HLQH$KQXQJ,FKNDQQ$XWRQXPPHUQQLFKWEHKDOWHQ©(U KREGLH6FKXOWHUQª'DPWHQ6LHVFKRQPHLQHQ0LWDUEHLWHU IUDJHQ© ª8QGZRILQGHQZLUGHQ"© &RVWHOORGHXWHWHPLWGHP'DXPHQEHUVHLQH6FKXOWHUª,Q GHQ$UEHLWVUlXPHQ© ª2ND\JHKHQZLUKLQ© (UZDQGVLFKª,FKZHLQLFKWVRUHFKW0U,UHXVEHILQGHWVLFK EHLVHLQHU$UEHLWXQG© ª'DVODVVHQ6LHPDOXQVHUH6RUJHVHLQ© ª%LWWHLFKZROOWH6LHQXUZDUQHQ© (UOLHIVFKQHOODQXQVYRUEHLXQG|IIQHWHGHQ9RUKDQJGDPLW ZLUKLQGXUFKJHKHQNRQQWHQ:DUHQZLU]XYRUDXIHLQHP 7HSSLFKERGHQJHODXIHQVRVFKULWWHQZLUMHW]WEHUURWH)OLHVHQ &RVWHOORPDFKWH/LFKW=ZHLUXQGH/HXFKWVWRIIU|KUHQIODPP WHQDXI/LQNVVDKLFKHLQHQ*DQJGHUZRKO]XP+RIIKUWH *HJHQEHUEHIDQGHQVLFK]ZHL7UHQ(LQHIKUWH]XP/DJHU GDVODVLFKDQGHU$XIVFKULIW %LOOVFKDXWHPLFKDQ6HLQHP%OLFNHQWQDKPLFKGDHUGHP )ULHGHQQLFKWVRJDQ]WUDXWH8QGDXFKLFKZDUVNHSWLVFK ZROOWHDEHUQRFKQLFKWXUWHLOHQ &RVWHOOR|IIQHWHHLQHGHUEHLGHQ7UHQª%LWWHVHKU©VDJWHHU XQGVHLQH6WLPPHNODQJHLQZHQLJEHOHJW :LUVFKULWWHQLQGHQ5DXP*HOEH)OLHVHQEHIDQGHQVLFKXQWHU XQVHUHQ6RKOHQ6LHSDWHQ]XP,QKDOWGHVPDNDEUHQ5DXPV (UVWHLQPDOVDKLFK]ZHL/HLFKHQ6LHODQJHQDXIODQJHQ +RO]WLVFKHQZDUHQY|OOLJQDFNWXQGZDUWHWHQZRKOGDUDXI JHZDVFKHQ]XZHUGHQ(VVWDQNQDFK'HVLQIHNWLRQVPLWWHOXQG DQGHU:DQGEHIDQGHQVLFK]ZHL:DQQHQ$QHLQHUDUEHLWHWH HLQ0DQQGHUXQVGHQ5FNHQ]XZDQGWH

ª,UHXV©ULHI&RVWHOOR /DQJVDPGUHKWHVLFKGHU0DQQXP'DEHLOLHHUHLQH/HLFKH ORVPLWGHUHUEHVFKlIWLJWZDU 6LHNODWVFKWH]XUFNLQV:DVVHU ª-D"©IUDJWHHUXQGVHLQH6WLPPHNUDW]WH ,FKVFKDXWHPLUGHQ.HUOJHQDXDQ(UZDUJU|HUDOVLFK VRJDUXPHLQHQ.RSI(UKDWWHHLQKDJHUHV*HVLFKWWLHILQGHQ +|KOHQOLHJHQGH$XJHQXQGHLQHQNDQWLJHQ6FKlGHO6HLQ *HVLFKWZDULUJHQGZLHVFKLHIJHZDFKVHQGLH1DVHYHUNQRUSHOW GLH/LSSHQNDXP]XVHKHQ(UWUXJHLQHQODQJHQZHLHQ.LWWHO GHU:DVVHUIOHFNHQ]HLJWH6HLQH+lQGHVWHFNWHQLQ+DQG VFKXKHQ ª'DVLVW0U,UHXVPHLQ0LWDUEHLWHU©HUNOlUWHXQV&RVWHOOR 'DQQZXUGHQZLUYRUJHVWHOOW ,UHXVQLFNWHQXU 0LUZDUGHU.HUOYRQ%HJLQQDQXQV\PSDWKLVFK,FKGDFKWH DQ6KDRV%HVFKUHLEXQJVWHOOWHLKQPLULPVFKZDU]HQ$Q]XJ YRUXQGPLWHLQHP=\OLQGHUDXIGHP6FKlGHO -DGDVNRQQWHGHU7\SVHLQGHU-DQHHQWIKUWXQG6KDRIDVW JHW|WHWKDWWH ª'LH+HUUHQKDEHQHLQSDDU)UDJHQDQ6LH©VDJWH&RVWHOOR ,UHXVQLFNWH ,FKKROWHWLHI/XIW'LH8PJHEXQJSDWHPLUQLFKW6LHZDU PLUXQKHLPOLFK ª+DEHQ6LHKHXWHGHQ/HLFKHQZDJHQPLWIROJHQGHU1XPPHU JHIDKUHQ"©,FK]lKOWHLKPGLH=DKOHQDXI ,UHXVVFKDXWHVHLQHQ&KHIDQ ª6DJHQ6LHHVVFKRQ©QLFNWH&RVWHOOR ª-DGHQKDEHLFKJHIDKUHQ© ª'DUILFKZLVVHQZR6LHJHZHVHQVLQG"© ª,FKKDEHHLQH/HLFKHDEJHKROW'LHGD©(UGHXWHWHDXIGHQ HUVWHQODQJHQ+RO]WLVFKZRHLQQRFKMXQJHU0DQQODJ ª+HURLQ© ª6RQVWQLFKWV"© ª1HLQ©

'HUORJ'DVVSUWHLFKª,KQHQVLQGQLFKW]XIlOOLJ]ZHL )UDXHQLQHLQHP9:EHJHJQHW"© ª.DQQPLFKQLFKWHULQQHUQ© ª:DVZDUGHQQPLWGHQ)UDXHQ"©HUNXQGLJWHVLFK&RVWHOOR ,FKVFKDXWHLKQDQXQGVSUWHGDHUJHQDXZXWHZDV JHVFKHKHQZDUXQVDEHU]XP1DUUHQKLHOW 1HEHQPLUEDOOWH%LOOGLH+lQGH ª(LQH)UDXLVWHQWIKUWZRUGHQ'LHVXFKHQZLUMHW]W'LH ]ZHLWHHLQH&KLQHVLQZXUGHJHUHWWHWDEHULKUH$XVVDJHQVLQG VHKULQWHUHVVDQW:HQQLFKVLHYHUJOHLFKHKDEHLFKGDV*HIKO GD,KU0LWDUEHLWHUDQGHP.LGQDSSLQJEHWHLOLJWZDU© ª'DVLVWQLFKWZDKU©VDJWH,UHXV ª'LH:DKUKHLWZHUGHQZLUKHUDXVILQGHQ0LVWHU©DQWZRUWHWH LFKXQGZDQGWHPLFKDQ&RVWHOORª0DFKWHV,KQHQHWZDVDXV ZHQQZLUHLQHQ%OLFNLQGLHDQGHUHQ5lXPHZHUIHQ"© ª+DEHQ6LHHLQHQ'XUFKVXFKXQJVEHIHKO"© ª1HLQGHVKDOEIUDJHLFKMDK|IOLFKDQ© &RVWHOORVHQNWHGHQ%OLFN(UVFKLHQ]XEHUOHJHQ6FKOLHOLFK PHLQWHHUª%LWWH6LHZHUGHQQLFKWVILQGHQ,FKKDEHQLFKWV]X YHUEHUJHQZHQQ6LHGLH8PJHEXQJQLFKWVW|UW© ª.DXP© ª:RZROOHQ6LHEHJLQQHQ"© ,FKVFKDXWHPLFKXP,UHXVOHKQWHDQGHU:DQQHXQGVWDUUWH DXVGUXFNVORVYRUVLFKKLQ(UVFKLHQLQQHUOLFKDEJHVFKDOWHW]X KDEHQGRFKLFKWUDXWHGHP)ULHGHQQLFKW ª+LHUVFKHLQWMDDOOHVLQ2UGQXQJ]XVHLQ©EHPHUNWHLFK %LOOPLVFKWHVLFKHLQª6LFKHUOLFKKDEHQ6LHHLQ6DUJODJHU 1HEHQDQVDKLFKDQGHU7UHLQ6FKLOG© ª-DGRUWJHKWHVWDWVlFKOLFKLQV/DJHU© ª'DQQELWWH© :LUYHUOLHHQGHQ:DVFKUDXPXQGZDQGWHQXQVVFKDUIQDFK OLQNV,UHXVJLQJQLFKWPLW (QQLR&RVWHOORVFKORGLH7UDXI6LHTXLHWVFKWHHUElUPOLFK LQGHQ$QJHOQDOVHUVLH]XUFN]RJª,FKPDFKH,KQHQ/LFKW© VDJWHHUXQGGUFNWHVLFKDQXQVYRUEHL

0LUZDUNODUGDZLULQGHP/DJHUQLFKWVILQGHQZUGHQ 6RQVWKlWWH&RVWHOORQLFKWVREHUHLWZLOOLJUHDJLHUW$EHULFK ZROOWHDXFKNHLQH&KDQFHYHUVWUHLFKHQODVVHQVRQVWKDWWHLFK PLUKLQWHUKHU9RUZUIHJHPDFKW 9RQGHU*U|HGHV/DJHUVZDULFKEHUUDVFKW'DVKlWWHLFK QLFKWIUP|JOLFKJHKDOWHQ:LUEHIDQGHQXQVLQHLQHUUHJHO UHFKWHQ+DOOHXQGQRFKQLHKDWWHLFKVRYLHOH6lUJHDXIHLQPDO JHVHKHQ ª*DQ]VFK|QH/DGXQJ©VDJWHLFK ª,FKEHOLHIHUHDXFK.ROOHJHQPLW1DFKVFKXE©HUNOlUWH &RVWHOOR ª+RIIHQWOLFKQLFKWPLW/HLFKHQ©JULQVWH%LOO ª6FKHU]EROG© %LOONQLIIPLUHLQ$XJH]XXQGVFKWWHOWHGHQ.RSIDOVZLUGLH +DOOHEHWUDWHQ(UVFKLHQGHQJOHLFKHQ*HGDQNHQ]XKDEHQZLH LFK(VURFKDQJHQHKPQDFK+RO] 'LH6lUJHVWDQGHQQLFKWZLOGGXUFKHLQDQGHUVRQGHUQZDUHQ GHP0DWHULDOQDFKJHRUGQHWZRUGHQ ,FKVDK(LFKHQVlUJH)LFKWHQVlUJHHLQLJHDXV0DKDJRQLXQG IODFKHVFKOLFKWH7RWHQNLVWHQDXVLUJHQGZHOFKHQ%UHWWHUQ ]XVDPPHQJHQDJHOW ,QHLQSDDU6lUJHVFKDXWHLFKKLQHLQ 'LHWHXUHQZDUHQPLW6DPWDXVVWDIILHUW6HLGHQNLVVHQGLHQWHQ GHQ7RWHQDOV.RSIVWW]H (QQLR&RVWHOOREOLHEDQGHU7UVWHKHQ(UKDWWHGLH+lQGH DXIGHP5FNHQYHUVFKUlQNWXQGOlFKHOWH%LOOVWDQGLQVHLQHU 1lKHXQGOLHLKQQLFKWDXVGHQ$XJHQ ,FKPDFKWHZHLWHUKLQQXU6WLFKSUREHQ0HLQH9HUPXWXQJ ZXUGHEHVWlWLJWGLH6lUJHZDUHQOHHU ª+DEHQ6LHJHIXQGHQZDV6LHVXFKWHQ"©IUDJWH&RVWHOOR 6HLQH)UDJHZDUGHUEODQNH+RKQ ª1HLQ© ª:ROOHQ6LHQRFKDQGHUH5lXPHVHKHQ"© ª*LEWHVGHQQQRFKZHOFKH"© ª'HQ.HOOHU©

,FKVFKDXWH%LOODQ'HUKREGLH6FKXOWHUQHUEHUOLHPLUGLH (QWVFKHLGXQJ ,FKYHU]LFKWHWH:HQQ&RVWHOORVLFKVFKRQIUHLZLOOLJDQERW PLUGLH.HOOHUUlXPH]X]HLJHQKDWWHHUGRUWVLFKHUOLFKQLFKWV YHUERUJHQ-DQH&ROOLQVPXWHVLFKZRDQGHUVEHILQGHQ ª'DQQGDUILFK,KUHQ%HVXFKDOVEHHQGHWDQVHKHQ *HQWOHPHQ"©IUDJWH(QQLR&RVWHOOR ,FKEOLHEQHEHQLKPVWHKHQª1LFKWJDQ]0LVWHU© ª:LHVR"© ª,FKP|FKWHQRFKHLQPDOPLW,KUHP0LWDUEHLWHU,UHXVUHGHQ© ª%LWWH© :LUJLQJHQZLHGHU]XUFNXQGVW|UWHQ,UHXVEHLGHU$UEHLW (UZDUJHUDGHGDEHLGHQ7RWHQDXVGHU:DQQH]XKLHYHQ'HU DOWH0DQQZDUVWHLIZLHHLQH3XSSH6HLQH+DXWVFKLPPHUWH EOlXOLFKGLH$XJHQ]HLJWHQHLQHQVWDUUHQ%OLFNGHU0XQGZDU DXIJHULVVHQVRGDLFK]ZHL*ROG]lKQHIXQNHOQVDK ,UHXVKLHYWHGHQ7RWHQDXIGHQ+RO]WLVFK'HQMXQJHQ0DQQ VFKREHU]XU6HLWH'DQQZLVFKWHHUVLFKGLH+lQGHDE ª'LH*HQWOHPHQP|FKWHQQRFKPLW,KQHQUHGHQ0U,UHXV© VDJWH&RVWHOOR 'HU0DQQVFKDXWHXQVPLWUDXLVFKDQ ª$EHUQLFKWKLHU©VSUDFKLFKGHQ/HLFKHQZlVFKHUDQª,FK P|FKWHGD6LHPLWXQVNRPPHQ© ª:RKLQ"© ª,FKZLOO6LHJHUQHLQHU=HXJLQJHJHQEHUVWHOOHQ'D6LHMD QLFKWV]XYHUEHUJHQKDEHQLVWDOOHVKDOEVRVFKOLPP© ª-DVLFKHU©(UQLFNWHXQGVFKDXWHGDQQVHLQHQ&KHIDQ &RVWHOOREOLFNWH]X%RGHQ ª.DQQLFKPLFKQRFKXP]LHKHQ"©IUDJWHHU ª1DWUOLFK©,FKOlFKHOWHª$EHULFKZHUGHPLWJHKHQZHQQ 6LHHUODXEHQ© ª.ODU© (UGUHKWHVLFKXPXQGJLQJDXIHLQHVFKPDOH7U]X'D GDKLQWHUQRFKPHKU5lXPHODJHQKDWWH&RVWHOORJDUQLFKW HUZlKQW,FKIDQGPLFKLQHLQHPVFKPDOHQ)OXUZLHGHU'XUFK

HLQ)HQVWHUILHOGDVOHW]WH7DJHVOLFKW(VZDU]LHPOLFKGVWHU ,FKVDKQRFKHLQH7UGRFKVLHVWDQGRIIHQVRGDLFKLQGDV GDKLQWHUOLHJHQGH=LPPHUVFKDXHQNRQQWH (VZDUHLQ%UR ,P)OXUVWDQGHLQ6SLQG ,UHXVVFKORLKQDXIVFKOSIWHDXVVHLQHP.LWWHO|IIQHWHGLH 7UQRFKZHLWHUXQGKlQJWHGHQ.LWWHODQHLQHQ+DNHQ (VVDKDOOHVKDUPORVDXV 'DLFKHLQHQ%OLFNLQGDV%URJHZRUIHQKDWWHVFKDXWHLFK ]ZDQJVOlXILJ]XU6HLWH$OVLFKPLFKZLHGHUXPGUHKWHVDK LFKGLH%HZHJXQJ %OLW]VFKQHOOULLFKGLH$UPHKRFK =XVSlW 'HU7RWVFKOlJHUWUDI]ZDUQXUPHLQH+DQGJHOHQNHDEHUHV UHLFKWHXPGLH'HFNXQJ]X]HUWUPPHUQ'HU]ZHLWH6FKODJ NDPHEHQVRVFKQHOO:LHGHUVFKDIIWHLFKHVQLFKWDXV]X ZHLFKHQ (WZDVNUDFKWHJHJHQPHLQH6WLUQXQGGDQQKDWWHLFKGHQ WRWDOHQ%ODFNRXW ,UHXVDWPHWHWLHIGXUFK(UVFKDXWHDXIGHQ7RWVFKOlJHUXQGDXI GHQDP%RGHQOLHJHQGHQ3ROL]LVWHQ'DVZlUHJHVFKDIIW (UVDKGDV%OXWDQGHU6FKOlIHGHV0DQQHV'RUWKDWWHLKQGHU +LHEJHWURIIHQ ,UHXVJULQVWH'HUPDFKWNHLQHQbUJHUPHKUDXFKVSlWHU QLFKWGHQQGLHVHU%XOOHZUGHVWHUEHQ 'RFKGDZDUQRFKGHU]ZHLWH$XFKHUPXWHDXVJHVFKDOWHW ZHUGHQ(VZUGHQLFKWVRHLQIDFKVHLQ ,UHXVKROWHWLHI/XIWXQGJLQJ]XU7U(U|IIQHWHVLHHLQHQ 6SDOWEUHLWZREHLHUZLHGHULQGLH/HLFKHQNDPPHUVFKDXWH(U VDKGLHEHLGHQ0lQQHULP*HVSUlFKXQGKDWWHDXFKGLHEHLGHQ :DQQHQLP%OLFNIHOG (LQHWHXIOLVFKH,GHHGXUFK]XFNWHVHLQ+LUQ ª0LVWHU©ULHIHU

%LOOGUHKWHVLFKXPª-D"© ª6LHP|FKWHQPDONRPPHQ© 'HU5HSRUWHUVDKGHQ.HUODQGHU7UVWHKHQXQGVRIRUW IODFNHUWH0LWUDXHQLQLKPKRFK ª:DVLVWPLWPHLQHP.ROOHJHQ"©HUNXQGLJWHHUVLFK ª(UVLHKWQRFKLP%URQDFK© 'LH$QWZRUWNODQJSODXVLEHOXQG&RVWHOORVDJWHª*HKHQ6LH UXKLJ0LVWHU© %LOOYHUWUDXWHDXIVHLQH6WlUNH8QGHLQHHUNDQQWH*HIDKULVW VRZLHVRQXUHLQHKDOEH*HIDKU %LOOJLQJKLQ &RVWHOOREOLHE]XUFN(UDKQWHZDVIROJHQZUGHXQGVHLQH +DQGQlKHUWHVLFKGHP-DFNHQDXVVFKQLWW ,UHXVWUDW]XU6HLWHXQG%LOO&RQROO\VWLHGLH7UY|OOLJDXI ª-RKQ©ULHIHU 9RQPLUHUKLHOWHUNHLQH$QWZRUWGDIUYRQ,UHXV'HUVFKOXJ XQJHKHXHUZXFKWLJ]X (UKDWWHGHQ7RWVFKOlJHUVRJHKDOWHQGD%LOOLKQQLFKWVHKHQ NRQQWH(UVSUWHDOOHUGLQJVGHQ/XIW]XJXQGVSUDQJLQVWLQNWLY ]XUFN 'HU+LHEYHUIHKOWHLKQ,UHXVKDWWH]XHLQHP5XQGVFKODJ DQJHVHW]WXQGQXUNQDSSZLVFKWHGLH:DIIHDQ%LOOV*HVLFKW YRUEHL ª'X+XQG©NHXFKWHGHU5HSRUWHU(UKDWWHHVJHDKQWDEHU HLQ]ZHLWHV0DOZUGHHUVLFKQLFKWEHUUDVFKHQODVVHQ 6HLQ.RQWHUWUDI,UHXVGLFKWEHUGHU*UWHOVFKQDOOH'HU /HLFKHQZlVFKHUZXUGHJHJHQGLH:DQGJHZRUIHQXQGZXUGH QRFKEODVVHU 6RIRUWVHW]WH%LOOQDFKZDUDEHU]XKDVWLJXQGOLHILQHLQHQ 7ULWW'HUUDXEWHLKPJODWWGLH/XIW6FKZHUNHXFKWHGHU 5HSRUWHUVFKWWHOWHGHQ.RSIXPZLHGHUNODU]XZHUGHQXQG HUZDUWHWHGHQQlFKVWHQ$QJULII ,UHXVKDWWHGHQ7RWVFKOlJHUQLFKWORVJHODVVHQ:LHGHUKLHEHU GDPLW]X %LOOJOLWW]XU6HLWH1HEHQLKPNODWVFKWHGLH:DIIHJHJHQGLH

:DQG$XVGHU'UHKXQJVlEHOWH%LOOPLWGHU+DQGNDQWH]X 3O|W]OLFKZXUGH,UHXVGXUFKJHVFKWWHOWDOVKlWWHHUHLQHQKHI WLJHQ6WURPVWRHUKDOWHQ(UVFKDXWH%LOODQXQGNQLUVFKWHPLW GHQ=lKQHQ ª'X6DXNHUO©VDJWHGHU5HSRUWHUKROWHPLWGHU/LQNHQDXV XQGZROOWHVHLQHP*HJQHUHLQYROOHV3IXQGJHEHQ 'DK|UWHHUKLQWHUVLFKHLQH6WLPPHª6ROOLFK,KQHQGLH.XJHO LQGHQ6FKlGHOMDJHQ"© %LOOHUVWDUUWH&RVWHOORKDWWHJHVSURFKHQXQGVHLQH6WLPPH K|UWHVLFKQLFKWVRDQDOVZUGHHUQXUEOXIIHQ%LOOVFKDXWHDXI PLFKVDKGDV%OXWDQPHLQHU6WLUQXQGOLHGHQOLQNHQ$UP VLQNHQ ª2ND\6LHKDEHQJHZRQQHQ© ª'DVZLOOLFKZRKOPHLQHQ8PGUHKHQ© %LOOJHKRUFKWH (QQLR&RVWHOORVWDQGYRULKPXQGOlFKHOWH'RFKVHLQH$XJHQ OlFKHOWHQQLFKW6LHVFKLHQHQDXV(LVNULVWDOOHQ]XEHVWHKHQXQG %LOOODVGDULQVHLQ6FKLFNVDO&RVWHOORKLHOWHLQH/XJHU3LVWROHLQ GHUUHFKWHQ+DQG 1HLQGLHVHU0DQQZUGHNHLQ(UEDUPHQNHQQHQ(UXQGVHLQ +HOIHUVKHOIHUKDWWHQ%LOOGHXWOLFKNODUJHPDFKWGDVLHVLFKDXI GHUULFKWLJHQ6SXUEHIDQGHQ 7URW]GHPYHUVXFKWHHUHV(UZROOWH&RVWHOORHLQVFKFKWHUQ HLQODKPHU9HUVXFKDEHUEHVVHUDOVJDUNHLQHU8QGZHQQHU VLFKPLWGHP.HUOXQWHUKLHOWZUGHGHUQLFKWVFKLHHQ ª:ROOHQ6LHVLFKZLUNOLFKGHV0RUGHVDQ]ZHL3ROL]LVWHQ VFKXOGLJPDFKHQ"©IUDJWHHU%LOO]lKOWHVLFKGDEHLDOV3ROL]LVW PLW ª-DGDVZLOOLFK© ª:LVVHQ6LHZDVPLW3ROL]LVWHQP|UGHUQJHVFKLHKW"© ª'DVLVWPLUEHNDQQW1XUPDQZLUGPLFK]ZDUYHUGlFK WLJHQDEHUPDQZLUGQLFKWVYRQ,KQHQILQGHQZHLOGLH6lXUH LQGLHLFK6LHEHLGHZHUIHDOOHVDXIO|VW© %LOONRQQWHQLFKWYHUKLQGHUQGDLKPEHLGLHVHQ:RUWHQHLQH *lQVHKDXWEHUGHQ5FNHQUDQQ(UWUDXWHGHP.HUODOOHV]X

'LHVHU0DQQGHULPPHUQXUPLW7RWHQXPJLQJKDWWHYRUGHQ /HEHQGHQHUVWUHFKWNHLQHQ5HVSHNW(UZDUHLQJHIKOORVHU 5RERWHU &RVWHOORJLQJ]XUFNª)ROJHQ6LHPLU©VDJWHHUª$EHUNHLQH 0lW]FKHQ8QGGX,UHXVKHEGHQDQGHUHQKRFK© :lKUHQG%LOO]XUFNLQGHQ/HLFKHQZDVFKUDXPVFKULWWKRE GHUDQGHUHPLFKKRFKXQGZXFKWHWHPHLQHQ.|USHUEHUVHLQH 6FKXOWHU'HQ7RWVFKOlJHUOLHHUGDEHLQLFKWDXVGHU+DQG ª$QGLH:DQG©EHIDKO&RVWHOOR 'HU5HSRUWHUZDQGWHVLFKQDFKOLQNVEOLHE]ZHLKDOEH 6FKULWWHYRUGHU:DQGVWHKHQXQGVWW]WHVLFKPLWGHQ$UPHQ DE'DEHLVFKLHOWHHUXQWHUVHLQHU$FKVHOKLQGXUFK ,UHXVQlKHUWHVLFKLKP %LOOVDKLKQXQGEHPHUNWHZLHHUVHLQHQUHFKWHQ$UPKRE 0LFKKDWWHHUIDOOHQJHODVVHQ 2KQH9RUZDUQXQJVFKOXJHU]X%LOOKDWWHQRFKVHLQHQ.RSI HLQZHQLJHLQJH]RJHQHVQW]WHLKPQLFKWV 'HU+LHEPLWGHP7RWVFKOlJHUWUDIVHLQHQ1DFNHQYROO9RP +DOVKHUVFKRHLQHXQJHKHXUH'UXFNZHOOHGXUFKVHLQHQ 6FKlGHOXQG]HUSODW]WHXQWHUGHU.RSIKDXWLQPLWWHQHLQHU JUHOOHQ([SORVLRQ ,PQlFKVWHQ$XJHQEOLFNHUORVFKHQIUGHQ5HSRUWHUVlPW OLFKH/LFKWHU%LOOUXWVFKWHDQGHU:DQGHQWODQJXQGILHOVFKZHU ]X%RGHQ ,UHXVKDWWHEHLGHJHVFKDIIW8QGGDUEHUIUHXWHHUVLFKVRGD HUGHQ7RWVFKOlJHULQVHLQHOLQNHRIIHQH+DQGIOlFKHNODWVFKHQ OLH &RVWHOORQLFNWH]XIULHGHQ(UVWHFNWHGLH/XJHUZLHGHUZHJ ª'LHEUDXFKHLFKQLFKWPHKU© ,UHXVVFKDXWHDXIGLH8KU ª,FKZHLZDVGXZLOOVWDEHUHVJHKWQLFKW© ª'RFKLFKPXZHJ,FKKDEHMHW]WGLHVLHEHQ]XVDPPHQ 'HU0RORFKZLOOVLH© ª8QGZDVJHVFKLHKWGDQQ"© ª:LUGHUHQGOLFKHUVWDUNWVHLQXQGEHVLW]WGLH.UDIWHLQHV

PlFKWLJHQ'lPRQV'DQQNDQQVWGXGHLQHP%UXGHUJHJHQ EHUWUHWHQGHQQGHU0RORFKLVWJHJHQ.XJHOQJHIHLW© 3O|W]OLFKEOLW]WH+DLQ(QQLR&RVWHOORV$XJHQDXI-DGHU 0RORFKVROOWHLKQVFKW]HQ8QGZHQQ/RJDQGLHVHUYHU GDPPWH%DVWDUGQLFKWGDVWDWZDVHUZROOWHGDQQZUGHHU LKPGHQ0RORFKDXIGHQ+DOVVFKLFNHQ%LVKHUKDWWHHULPPHU QXUGLH'UHFNVDUEHLWPDFKHQPVVHQ(UPXWHGLH/HLFKHQ YHUVFKZLQGHQODVVHQXQG/RJDQULHEVHLQH+lQGH'DVK|UWH DXI(QGJOWLJ ª+DWHUYLHOH$QKlQJHU"© ,UHXVQLFNWHª8QGZLH+HXWHDEHQGZLUGGLHNOHLQH%DUYROO VHLQ6LHILHEHUQVFKRQGHQQVLHDOOHEHWHQGHQ*|W]HQDQ'HU 0RORFKVROODXFKLKQHQ0DFKWYHUVFKDIIHQ© 'LH:RUWHEHU]HXJWHQ&RVWHOORª'XNDQQVWPLUWURW]GHP QRFKHLQHQ*HIDOOHQWXQ©VDJWHHU ª8QGZHOFKHQ"© ª+ROGLH6lXUHKRFK© ª'DVPDFKHLFK© ,UHXVYHUVFKZDQG(UJLQJLQGHQ.HOOHUZRGLH%DOORQVPLW GHU6lXUHVWDQGHQ0DQKDWWHGLH*ODVEHKlOWHULQ.|UEH JHVWHOOWGLHDQGHQ6HLWHQPLW*ULIIHQYHUVHKHQZDUHQ ,UHXVKDWWH.UDIW(UWUXJQDFKHLQDQGHU]ZHL%HKlOWHUDOOHLQ KRFK ,QGHU=ZLVFKHQ]HLWZDU(QQLR&RVWHOORDXFKQLFKWXQWlWLJ JHEOLHEHQ(UKDWWH%LOOXQGPLFKJHIHVVHOW(UYHUVWDQGVHLQ +DQGZHUNGLH6WULFNHXPVSDQQWHQKDUWXQVHUH$UPXQG )XJHOHQNH (QQLRGHXWHWHDXIGLHEHLGHQ:DQQHQª.LSSGLHYHUGDPPWH 6lXUHGDKLQHLQ© ,UHXVJHKRUFKWH(UWUXJGHQHUVWHQVFKZHUHQ%HKlOWHUDQGHQ 5DQGGHU:DQQHXQGOLHVLHHUVWOHHUODXIHQ 'DQQYHUVFKORHUGDV/RFKZXFKWHWHGHQ%HKlOWHUKRFKXQG ]RJGHQKDUWHQ*XPPLVWRSIHQKHUYRUGHUDQVHLQHU8QWHUVHLWH GDQNGHU6lXUHGlPSIHVFKRQOHLFKWJHOEOLFKVFKLPPHUWHXQG DQJHIUHVVHQZDU

,UHXVNLSSWHGLH6lXUHLQGLH:DQQH'DV*OXFNHUQZDU 0XVLNIUVHLQH2KUHQ (VZDU6FKZHIHOVlXUHGLHGDLQGLH:DQQHUDQQ8QG 6FKZHIHOGlPSIHVWLHJHQYRQGHU2EHUIOlFKHWUlJHQDFKREHQ 6LHVDPPHOWHQVLFKGLFKWEHUGHP6lXUHVSLHJHOZDOOWHQGDEHL ZLH1HEHOVFKZDGHQKLQXQGKHU (QQLR&RVWHOOREHREDFKWHWHJHQDX $OV,UHXVDXFKGLH]ZHLWH:DQQHHWZD]XHLQHP'ULWWHO JHIOOWKDWWHZDUHU]XIULHGHQ ª2ND\GXNDQQVWMHW]WJHKHQ© ,UHXVQLFNWHª.RPPVWGXQDFK"© ª6LFKHUGLH6FKDXODVVHLFKPLUGRFKQLFKWHQWJHKHQ,FKZLOO PHLQHQ9HUEQGHWHQVFKOLHOLFKVHKHQ© ,UHXVULHEVHLQH+lQGH$XVVHLQHQ$XJHQVFKLHQHQ%OLW]H]X VFKODJHQª'XZLUVW]XIULHGHQVHLQ© 'DQQJLQJHU (QQLR&RVWHOORDEHUYHUOLHGHQ5DXPGXUFKTXHUWHGDV *HVFKlIWXQGVFKORGLH(LQJDQJVWUDE (UVWMHW]WIKOWHHUVLFKVLFKHU /DQJVDPVFKOHQGHUWHHU]XUFN(LQE|VHV*ULQVHQKDWWHVLFK DXIVHLQHQ/LSSHQIHVWJHVHW]W(UEHUOHJWHZHQHU]XHUVWLQGLH :DQQHZHUIHQVROOWH (UHQWVFKLHGVLFKIUGHQ2EHULQVSHNWRUEFNWHVLFKXQG VFKREEHLGH+lQGHXQWHUGLH$FKVHOQGHV0DQQHV ,QGLHVHP$XJHQEOLFNVFKOXJLFKGLH$XJHQDXI 6XNROlFKHOWH6KDR]Xª,FKPXGLFKMHW]WYHUODVVHQ'DUOLQJ© VDJWHHU ª6FKRQ"© ª-DGLHDQGHUHQZDUWHQ:LHLFKGLFKNHQQHELVWGXPRUJHQ ZLHGHUDXIGHP'DPP© 6KDROlFKHOWHª'DVKRIIHLFKGRFKVHKU© ª:HQQQLFKWZLUVWGXDXVGHP.UDQNHQKDXVHQWIKUW©6XNR JDELKUQRFKHLQHQ.XXQGHUKREVLFKYRQGHU%HWWNDQWH

ª+DVWGXDXFKJHQJHQG*HOGEHLGLU"©IUDJWH6KDR ª:LHVR"© ª'XKDVWGRFKNHLQHQ:DJHQXQGDXFKGHLQH0DVFKLQHQLFKW KLHU© ª-DQDWUOLFK'DV*HOGUHLFKW%LVPRUJHQGDQQ©'HU &KLQHVHYHUOLHGDV.UDQNHQ]LPPHU ,P)OXUZDULKPGRFKHLQZHQLJNRPLVFK]XPXWH(VSDWH LKPJDUQLFKW6KDRDOOHLQ]XUFN]XODVVHQGDQQDEHUGDFKWHHU DQ-DQH&ROOLQVXQGNRQQWHPLW6KDRV6FKLFNVDO]XIULHGHQVHLQ 9RQ-DQHZXWHQRFKNHLQHUZDVPLWLKUJHVFKHKHQZDU (LQVFKODXHU.RSIKDWPDOQDFKJHUHFKQHWXQGJHVDJWGDLQ /RQGRQXQJHIlKUDFKW]LJWDXVHQG7D[LVKHUXPIDKUHQ$Q .UDQNHQKlXVHUQIDQGPDQVRZLHVRHLQSDDU:DJHQ 6XNRZLQNWH (LQQHXHU5RYHUVFKQXUUWHKHUDQ'HU)DKUHU|IIQHWHQRFK ZlKUHQGGHU)DKUWGLH7U 6XNRVWLHJHLQª6FRWODQG
6XSHULQWHQGHQWEOLHEEHUUDVFKWVWHKHQª:DVPDFKHQ6LH GHQQKLHU"© ª,FKVXFKH-RKQ6LQFODLU© ª'HULVWQLFKWGD© ª:LVVHQ6LHZRLFKLKQILQGHQNDQQ"© ª1HLQ©6LU-DPHV $XJHQKLQWHUGHQGLFNHQ%ULOOHQJOlVHUQ ZXUGHQSO|W]OLFKVWDUUª,VWZDVSDVVLHUW"© ª-DQH&ROOLQVLVWYHUVFKZXQGHQ© ª'DVKDEHLFKLQ]ZLVFKHQDXFKHUIDKUHQ6HKHQ6LHPDOLP %URQDFKYLHOOHLFKWKDW-RKQHLQH1DFKULFKWKLQWHUODVVHQ© ª'DQNH6LU© 'LH3XW]IUDXHQKDWWHQGLH%URVEHUHLWVYHUODVVHQ'LH7U]X PHLQHP5DXPVWDQGRIIHQ $QGHQ6FKUHLEWLVFKGDVZXWH6XNRJLQJHQGLH)UDXHQ QLFKW'RUWKDWWHQVLHDXFKQLFKWV]XVXFKHQ 'HU&KLQHVHVDKGHQ=HWWHOVRIRUWGHUPLWHLQHP/RFKHU EHVFKZHUWZRUGHQZDU +DVWLJODVHUGLH=HLOHQ (LQ1DPHWDXFKWHDXI&RVWHOOR%HHUGLJXQJVXQWHUQHKPHU 'RUWKRIIWH6XNR%LOOXQGPLFK]XILQGHQ 'LH1XPPHUVXFKWHHUVLFKDXVGHP7HOHIRQEXFKKHUDXVXQG ZlKOWH(VOlXWHWHGXUFKGRFKHVKREQLHPDQGDE 6XNRGDFKWHQDFK=HKQ6HNXQGHQVSlWHUKDWWHHUHLQHQ (QWVFKOXJHIDW 6XNRYHUOLHGDV%UROLHI]XP)DKUVWXKOXQGMDJWHQDFK XQWHQ(UKDWWHHVSO|W]OLFKVHKUHLOLJ 'LH0lGFKHQWUDQNHQ,PPHUPHKU:KLVN\IODVFKHQ]DXEHUWHQ VLHDXVGHQ6FKXEODGHQGHU6FKUlQNHDEHUVLHKDWWHQHVDXIJH JHEHQ-DQHHLQHQ6FKOXFNDQ]XELHWHQ 'LH'HWHNWLYLQZROOWHQLFKW (LQHQ]ZHLWHQ)OXFKWYHUVXFKKDWWHVLHQLFKWXQWHUQRPPHQ 6LHZXWHGDLKUH&KDQFHJOHLFK1XOOZDU8QGGXUFKGDV *LWWHUGHU)ULVFKOXIWDQODJHNRQQWHVLHDXFKQLFKWIOLHKHQ(V

EHIDQGVLFKDQGHU'HFNHXQGZDUDXHUGHP]XVFKPDO (VEOLHEQXUGDV:DUWHQ ª0DFKGLUQLFKWVGUDXV©VDJWH&KDULW\XQGOHJWHHLQHQ$UP XPLKUH6FKXOWHUQª:LUVFKDXNHOQGDV'LQJVFKRQ© ª9LHOOHLFKWNDQQPDQDXVGHU%DUIOLHKHQ©VDJWH-DQH ª.DXP'DZHUGHQVRYLHOH3HUVRQHQVHLQGLHVFKQDSSHQ GLFKVFKRQEHLPHUVWHQ9HUVXFK© ª:RKHUZHLWGXGDV"© ª,FKKDEHGDYRQJHK|UW© -DQHVWULFKEHULKUHVFKZHLQDVVH6WLUQ2EZRKO)ULVFKOXIWLQ GHQ5DXPJHEODVHQZXUGHZDULKUKHL'HU*HUXFKHLQH 0LVFKXQJDXV$ONRKROGXQVWXQG6FKPLQNHVW|UWHVLH =ZHL0lGFKHQZDUHQHLQJHVFKODIHQ6LHKDWWHQGLH.|SIHDXI GLHDQJHZLQNHOWHQ$UPHJHOHJWXQGVFKQDUFKWHQOHLVH ª'LHKDEHQ1HUYHQ©VDJWH-DQH &KDULW\OlFKHOWHª8QVNDQQHEHQQLFKWVHUVFKWWHUQ© ª:LHUHFKWGXKDVW©VDJWH3DXOD6LHKDWWHDOVHLQ]LJHVGHU 0lGFKHQQXUKDOEODQJHV+DDU(VZDU]LHPOLFKGQQXQGILHO VRHEHQELVEHUGLH2KUHQ 3O|W]OLFKVWDQG&KDULW\DXIª3VVW©VDJWHVLHªLFKK|UHZDV© ª,VWHUHV"©'LHDQGHUHQ0lGFKHQVFKDXWHQLKUH.ROOHJLQ JHVSDQQWDQ ª1HLQGDVVLQGQRUPDOH6FKULWWH© -HW]WK|UWHQDXFKGLHDQGHUHQ0lGFKHQGDV*HUlXVFK(V NODQJGUDXHQYRUGHU7UDXI $OOHVWDQGHQDXI 'LHEHLGHQ6FKODIHQGHQZXUGHQJHZHFNWULHEHQVLFKGLH $XJHQXQGHUKREHQVLFKHEHQIDOOVYRQGHQ3OlW]HQ 'LH6FKULWWHYHUVWXPPWHQYRUGHU7U 'DQQEHZHJWHVLFKGLH.OLQNH :HUNDP" (LQ0DQQQLFKWGHU0RORFK$EHUHLQ0DQQGHQ-DQHNDQQ WH'XQNOHU$Q]XJ=\OLQGHUHLQZHLHVOHLFKWDQJHVFKPXW]WHV +HPG 'DVZDU,UHXV

(LQHQ6FKULWWYRUGHU7UEOLHEHUVWHKHQXQGYHU]RJGLH /LSSHQ]XHLQHPGQQHQ/lFKHOQª,FKIUHXHPLFK©VDJWHHU ªGDLFKHXFKVLHEHQ]XVDPPHQKDEH1XQNDQQQLFKWVPHKU VFKLHIJHKHQ© (UUHGHWHQRFKZHLWHUGRFK-DQH&ROOLQVK|UWHJDUQLFKWKLQ ZDVHUVDJWH,KUZDUHWZDVDQGHUHVDXIJHIDOOHQ (LQ7HLOGHU0DXHUEHIDQGVLFKQLFKWPHKUGRUWZRVLH]XYRU QRFKJHVWDQGHQKDWWH6LHZDUYHUVFKREHQZRUGHQDQLKUHU 6WHOOHJlKQWHHLQ5HFKWHFNXQGGDKLQWHUVDK-DQHHVURWJORVHQ )UHLQHQ0RPHQWJODXEWHVLHHLQHQ%OLFNLQGLH+|OOH]X ZHUIHQELVLKUGHUQFKWHUQH9HUVWDQGVDJWHGDHVVLFKGDEHL XPGLH%DUEHOHXFKWXQJKDQGHOWH 'LH/XNHZDUJHVFKORVVHQ (LQH&KDQFH" ,UHXVUHGHWHZHLWHU(UEHULFKWHWHYRQGHP0RORFKYRQVHLQHU .UDIWYRQVHLQHUQDKH]XJUDQGLRVHQ6WlUNH6ROOWHHUGDVDOOHV LQWHUHVVLHUWH-DQHQLFKW 6LHZROOWHZHJ 'HU5HLKHQDFKVFKDXWH,UHXVGLH0lGFKHQDQ -XQH0DQG\3DXOD 'LH'HWHNWLYLQVWDQGHWZDVDEVHLWV(VZUGHHLQSDDU 6HNXQGHQGDXHUQELVGHU%OLFNGHV0DQQHVVLHWUDI 'LH=HLWQXW]WH-DQH 8USO|W]OLFKVWDUWHWHVLHXQGZDUVFKRQPLW,UHXVDXIHLQHU +|KHEHYRUGHUEHJULIIZDVHLJHQWOLFKORVZDU 'HUQlFKVWH6DW]EUDFKWH-DQHDQLKPYRUEHL (LQ0lGFKHQVFKULHXQGGDQQUHDJLHUWH,UHXVJHGDQNHQ VFKQHOO(UIOLUUWHKHUXPXQGVHLQUHFKWHU$UPVFKQHOOWHYRU -DQH&ROOLQVNDPQLFKWVRVFKQHOOZHJ)QI)LQJHUNUDOOWHQ VLFKLP.UDJHQGHV%DGHPDQWHOVIHVWXQGIHW]WHQ-DQHGDV .OHLGXQJVVWFNYRP.|USHU 'XUFKGLHVH$NWLRQZXUGHLKUH)OXFKWEHKLQGHUW 6LHWDXPHOWH]XU6HLWHXQGVWLHPLWGHU+IWHJHJHQGLH(FNH HLQHV6FKPLQNWLVFKHV,PHUVWHQ0RPHQWVSUWHVLHGHQKHI WLJHQ6FKPHU]GRFKVLHELGLH=lKQH]XVDPPHQ

.HLQ/DXWGUDQJEHULKUH/LSSHQ $XVGHP6WDQGVSUDQJ-DQH&ROOLQVDXIGLH7U]X'DVZDU LKU)HKOHUGHQQ,UHXVKDWWHGDPLWJHUHFKQHW6HLQOLQNHV%HLQ IORJKRFK-DQHVDKGDV+LQGHUQLV]XVSlWXQGVWROSHUWH 6LHKDWWHVRYLHO6FKZXQJGDVLHVLFKQLFKWIDQJHQNRQQWH 'LH'HWHNWLYLQILHOODQJ]X%RGHQ 6RIRUWDEHUUROOWHVLHVLFKKHUXPK|UWHGHQZLOGHQ6FKUHLGHV .HUOVXQGVDKGHQ6FKXKDXIVLFK]XUDVHQ ,KUH$UPHIHJWHQKRFKGLH+lQGHJULIIHQ]XXQGEHYRUVLH GHU7ULWWWUHIIHQNRQQWHKDWWH-DQH&ROOLQVGHQ)XJHSDFNWXQG GUHKWHLKQKHUXP ,UHXVNQDOOWH]X%RGHQ (VGU|KQWHODXWDOVHUDXIGLH+RO]SODQNHQNUDFKWH$EHU VHLQHDIIHQDUWLJHQ$UPHEHZHJWHQVLFKPLWVROFKHLQHU *HVFKZLQGLJNHLWGDHVLKPHLQ/HLFKWHVZDU-DQH]XSDFNHQ 'LH'HWHNWLYLQZDUZLHHLQH:LOGNDW]H6LHUROOWHVLFKKHUXP XQGHVJHODQJLKU]ZHL)LQJHUGHV0DQQHV]XU6HLWH]XGUHKHQ ,UHXVVFKULHDXI (UOLHORVXQGGHU6FKPHU]WULHELKPIDVWGLH7UlQHQLQGLH $XJHQ'LH'HWHNWLYLQQXW]WHGLHJQVWLJH*HOHJHQKHLWVSUDQJ DXIXQGUDQQWHGXUFKGLH7U ,KUH)HKlPPHUWHQDXIGHP%OHFKGHU/XNH-DQHZDUIVLFK I|UPOLFKLQGLHgIIQXQJ]XU%DUKLQHLQ6LHZROOWHZHJGRFKVLH VFKDIIWHHVQLFKWHLQPDOGLH6FKZHOOH]XEHUZLQGHQ 3O|W]OLFKZDUHQGD]ZHL0lQQHU 6WDELOH.HUOHJHJHQGLH-DQH&ROOLQVUDQQWH-DQH&ROOLQV HUVFKUDNZDUHLQHQ0RPHQWODQJNRSIORVXQGGDZXFKWHWHQ VLHVWDUNH$UPHZLHGHU]XUFN )DQJHQNRQQWHVLFK-DQHQLFKWPHKU $EHUVLHZXUGHJHIDQJHQ 9RQ,UHXV $XIHLQPDOKDWWHHUVLHXQGVHLQHPlFKWLJHQ+lQGHGUFNWHQ -DQHLQGLH.QLH ª6R©NHXFKWHHUª-HW]WZLUVWGXGLFKZXQGHUQPHLQH6H GHQQPLFKEHUOLVWHWPDQQLFKWXPVRQVW©

-DQHZDUIGHQ.RSIKHUXPXQGVLHVFKDXWHYRQXQWHQLQGDV E|VDUWLJYHU]HUUWH*HVLFKWGHV0DQQHV (UKDWWHGHQ0XQGKDOEJH|IIQHW*HLIHUWURSIWHKHUYRUXQG EHQHW]WH-DQHV6FKXOWHU 6LHVFKULH 8QWHQODXHUWHGHU0RORFK (UZDUHLQ8QWLHUHLQH0XWDWLRQGHU+|OOH(UVFKPDW]WHXQG VFKOUIWHQLFKW0HQVFKQLFKW7LHUQRFK'lPRQ (LQ0RQVWHU" 9LHOOHLFKW*HERUHQDOVGHU7HXIHOHLQHVFKZDFKH6WXQGH KDWWH$XVJHVWRHQ1LHPDQGZXWHZRHUKHUNDP*HKDXVW KDWWHHULQHLQVDPHQ7PSHOQELVGHU/HLFKHQZlVFKHULKQ IDQG(UQDKPLKQPLW 8QGGHU0RORFKIDWH9HUWUDXHQ'LHVHU0DQQUHGHWHPLW LKPQDKPLKQHUQVWVRHUQVWGDGHU0RORFK'DQNEDUNHLW ]HLJWHXQGVHLQH.UlIWHLQGHQ'LHQVWGHVDQGHUHQVWHOOHQ ZROOWH $OVHU,UHXVGDVPLWWHLOWHGDOHXFKWHWHQGLH$XJHQGHV 0DQQHV(UZXWHVFKRQZDVVLHJHPHLQVDPXQWHUQHKPHQ ZUGHQZHQQHUHUVWDUNWZDU)OVWHUQGKDWWHHULKPVHLQHQ 3ODQHUNOlUW'HU0RORFKZDUHLQYHUVWDQGHQ(UWDWDOOHVZHQQ HUQXU/HEHQEHNDP -XQJHV/HEHQ )UDXHQ =ZHLYRQLKQHQKDWWHHUJHW|WHW0lGFKHQQRFKQLFKWlOWHU DOV]ZDQ]LJ-DKUH'LHKDWWHQLQGHP7PSHOZRHUKDXVWH JHEDGHW (UKDWWHLKQHQNHLQH&KDQFHJHODVVHQ 8QGMHW]WZDUWHWHQVLHEHQDXILKQ 6LHEHQ)UDXHQ ,KUH/HEHQIUVHLQV 'LH=HLWZDUUHLIXQGGHUZLGHUOLFKH0RORFKVWLHHLQ]XIULH GHQHV6FKOUIHQDXV

7URW]PHLQHU.RSIVFKPHU]HQVSUWHLFKGHQ'UXFNDXIGHU 6WLUQ,QGHU0LWWHJHQDX]ZLVFKHQGHQ$XJHQ ,FKVFKLHOWH]XU6HLWH 9HUVFKZRPPHQVDKLFKHWZDV6FKZDU]HV/lQJOLFKHVXQG NDP]XGHP6FKOXGDHVVLFKQXUXPHLQH:DIIHKDQGHOQ N|QQWH8QGGHU'UXFNGDVZDUGLH0QGXQJ ,FKDWPHWHWLHIHLQ *OHLFK]HLWLJK|UWHLFKGDV/DFKHQXQGHLQHKlPLVFKH 6WLPPHVDJWHª:LHGHUZDFK%XOOH"© 6RKDWWHLFKGDVJHUQ(QGOLFKZXWHLFKGDLFKPLFKQLFKW LP+LPPHOEHIDQG'LH(QJHOKlWWHQPLFKEHVWLPPWQLFKWPLW GHP:RUW%XOOHEHJUWXQG(QJHOKDEHQDXFKNHLQHVRWLHIH 6WLPPH,FKVFKDXWHMHW]WGLUHNWKRFKXQGLQ&RVWHOORV9LVDJH 'HU.HUONQLHWHQHEHQPLUKLHOWHLQH3LVWROHLQGHU+DQGXQG GUFNWHPLUGLH0QGXQJJHJHQGLH6WLUQ6HLQ)LQJHUODJ GDEHLDP$E]XJDOVKlWWHHU$QJVWGDLFKLKPGLH:DIIH DEQHKPHQN|QQWH'DVZDUQLFKWGULQPDQKDWWHPLFK JHIHVVHOW 'LHVEHUHLWHWHPLU6RUJH*HIHVVHOWDQ+lQGHQXQG)HQ 8QGGDVJDUQLFKWVRVFKOHFKW:HQQ&RVWHOORPLUGLH6WULFNH DQJHOHJWKDWWHGDQQYHUVWDQGHUVHLQ+DQGZHUN,FKZUGH PLQGHVWHQVHLQHKDOEH6WXQGHEUDXFKHQXPGLH)HVVHOQ]X O|VHQ ,FKVFKLHOWHDQLKPYRUEHLXQGVDKPHLQHQ)UHXQG%LOO &RQROO\$XFKHUODJDP%RGHQXQGHUZDUHEHQVRJHIHVVHOW ZLHLFK,QHLQHPXQWHUVFKLHGHQZLUXQVMHGRFK%LOOEHIDQGVLFK QRFKLP6WDGLXPGHU%HZXWORVLJNHLW 'DQQILHOPLUQRFKHWZDVDXI'DVKHLWLFKURFKHVbW]HQGH 'lPSIHEHUKUWHQPHLQH1DVHXQGUHL]WHQGLH6FKOHLPKlXWH DXIJHIlKUOLFKH$UWXQG:HLVH ,FKKDWWHVRHWZDVVFKRQJHURFKHQ)UKHULP&KHPLH XQWHUULFKWZHQQGHU3DXNHUEHKXWVDPXQGYRUVLFKWLJHLQH )ODVFKHPLW6FKZHIHOVlXUH|IIQHWH 6FKZHIHOVlXUHFKHPLVFKH)RUPHO+62(LQH6lXUHGLH DOOHV2UJDQLVFKH]HUVW|UW$XFKPHQVFKOLFKH=HOOHQ

(LQVFKUHFNOLFKHU9HUGDFKWNHLPWHLQPLUKRFKXQG&RVWHOOR PXWHZRKODQPHLQHP*HVLFKWDEJHOHVHQKDEHQZDVPLWPLU ORVZDUGHQQHUEHJDQQ]XNLFKHUQ ª-D%XOOHHVLVW6lXUHZDVGXGDJHURFKHQKDVW6LHZLUGGLFK XQGGHLQHQ3DUWQHUIUHVVHQ© ª0DFKHQ6LHGDVLPPHUVR"©IUDJWHLFK ª:DV"© ª'D6LH0HQVFKHQLQ6lXUHDXIO|VHQ© ª1HLQ1XUEHLVROFKHQGLHZLUNOLFKVSXUORVYHUVFKZLQGHQ PVVHQ'LH5HVWHIDOOVPDOZHOFKHEULJEOHLEHQSDFNHLFKLQ GLH8UQHQPLWGHU$VFKH9HUEUDQQWHU]XVDPPHQ'HQQZHU VFKDXWVLFKVFKRQVROFKH8UQHQDQ"2GHUVLHKWKLQHLQ"© 'DKDWWHHUUHFKW'LHVHU.HUOKDWWHHLQHWHXIOLVFKH0HWKRGH HUIXQGHQXP0HQVFKHQ]XEHVHLWLJHQ*UDXVDP (UVWLFKGDQQ%LOO 6RGLH5HLKHQIROJH ª7URW]GHPZHUGHQ6LHHVQLFKWVFKDIIHQ©VDJWHLFK (U]XFNWH]XUFNXQGGHU'UXFNDXIPHLQHU6WLUQPLWWHYHU VFKZDQGª:LHVRVROOWHLFKHVQLFKWVFKDIIHQ"© ª:HLOPDQZHLZRZLUKLQJHJDQJHQVLQG© ª1DXQG":HQQPDQPLFKIUDJWGDQQVHLGLKUHEHQZLHGHU JHJDQJHQ8QG5HVWHZLUGPDQQLFKWILQGHQGDIUVRUJHLFK© ª8QVHUH:LVVHQVFKDIWOHUVWHOOHQ,KQHQGLHJDQ]H%XGHDXI GHQ.RSI©YHUVSUDFKLFKGHP.HUOª'LHILQGHQZDVJODXEHQ 6LHPLU© ª$FKGXZLOOVWGLFKQXUUDXVUHGHQ%XOOH$XIVROFKHLQH &KDQFHKDEHLFKVFKRQLPPHUJHODXHUW%LVKHUZDUHVPLUQLFKW YHUJ|QQWJHZHVHQHLQHQ%XOOHQXP]XOHJHQ1HLQXPOHJHQLVW GHUIDOVFKH$XVGUXFN7|WHQZLOOLFKGLFK$XIO|VHQ©(U NLFKHUWH 'LHVHU.HUOZDUXQEHUHFKHQEDULQVHLQHP+D,FKPXWH PLFKZLUNOLFKYRUVHKHQ 'DNOLQJHOWHGDV7HOHIRQ(VVWDQG]ZDUYRUQLP*HVFKlIW GRFKLQGHU6WLOOHK|UWHQZLUGDV/lXWHQELVKLHULQGHQ /HLFKHQZDVFKUDXP&RVWHOOR]XFNWH]XVDPPHQ(UVFKDXWH

PLFKDQDOVZUGHHUYRQPLUHLQH$QWZRUWHUZDUWHQ ,FKJDELKPDXFKHLQHª'DVVLQGEHUHLWVPHLQH.ROOHJHQGLH PLFKVXFKHQ© (UEHWUDFKWHWHPLFKPLWHLQHPXQGHILQLHUEDUHQ$XVGUXFNLQ GHQ$XJHQ,FKZXWHQLFKWREHUGHQ%OXIIJHVFKOXFNWKDWWH 'HU$SSDUDWNOLQJHOWHZHLWHU ª:ROOHQ6LHQLFKWDEKHEHQ"© 3O|W]OLFKJULQVWHHUª1HLQ%XOOHLFKIDOOHDXIGHLQH7ULFNV QLFKWKHUHLQ:RKHUZLOOVWGXZLVVHQGDHVGHLQH.XPSDQH VLQGGLHGLFKDQUXIHQ"© ª:LUKDEHQHLQH=HLWYHUDEUHGHW© (UZROOWHHWZDVVDJHQYHUVFKOXFNWHGLH:RUWHMHGRFKGHQQ GDV.OLQJHOQYHUVWXPPWH ª3HFKIUGLFK©VDJWHHUVFKOLHOLFKª(VKDWQLFKWVJHQXW]W :HQQHVZLUNOLFKGHLQH.ROOHJHQZDUHQGDQQVROOHQVLHUXKLJ ZHLWHUVXFKHQ©(UVWHFNWHGLH/XJHUZLHGHUZHJª-HW]WUHWWHW GLFKQLFKWVPHKUYHUGDPPWHU%XOOH© (VZXUGHZLUNOLFKJHIlKUOLFKXQGLFKPHUNWHZLHVLFK PHLQH+DXWVSDQQWH$XIHLQPDOZDUDXFKGLH$QJVWGD,FK ODJPLWGHP5FNHQ]XU:DQQHNRQQWHGDV'DPSIHQGHU 6FKZHIHOVlXUHQLFKWVHKHQGRFKLFKJODXEWHGDGHU*HUXFK LQWHQVLYHUJHZRUGHQZDU :DVVROOWHLFKWXQ" )LHEHUKDIWVXFKWHLFKQDFKHLQHP$XVZHJ'LHVHU.HUOZDU IHVWHQWVFKORVVHQVHLQH'URKXQJLQGLH7DWXP]XVHW]HQ:lUH LFKQLFKWVRUDVFKDXVPHLQHU%HZXWORVLJNHLWHUZDFKWOlJHLFK VLFKHUOLFKVFKRQLQGHU:DQQHXQGPLUWlWHQLFKWVPHKUZHK 6RYHUGDQNWHLFKPHLQ/HEHQELVKHUPHLQHUHLVHUQHQ .RQVWLWXWLRQ (VVDKE|VHDXV (QQLR&RVWHOOREHXJWHVLFKZLHGHUYRUXPVHLQH+lQGHXP PHLQH6FKXOWHUQ]XOHJHQ 'DVDJWHLFKª:HQQ6LHPLFKVFKRQW|WHQGDQQP|FKWHLFK JHUQZLVVHQDXVZHOFKHP*UXQG© (U]XFNWH]XUFNª:HLOGXPLULQGLH4XHUHJHNRPPHQELVW©

ª:REHL"© ª%HLPHLQHP:HJDQGLH6SLW]H© ª$QGLHGHU0DILD"©K|KQWHLFKª'DVJODXEHLFKNDXPGD]X KDEHQ6LHQLFKWGDV)RUPDW©-HW]WSURYR]LHUWHLFKLKQEHZXW ª'XWlXVFKVWGLFK3ROL]LVW,KUDOOHWlXVFKWHXFK/DQJH JHQXJKDEHLFKGLH'UHFNVDUEHLWPDFKHQPVVHQ© ª)U,KUHQ%UXGHU"© ª*HQDX)UPHLQHQ%UXGHU'HQQHULVWGHUJURH%RKDW VLFKLPPHUDXIJHVSLHOW,FKPXWHIULKQGLH/HLFKHQYHU VFKZLQGHQODVVHQ(UKDWPLFKDXV1HDSHOJHKROWXQGPLUKLHU GDV%HHUGLJXQJVXQWHUQHKPHQDXIJHEDXW'DIU]DKOHLFKQXQ ,FKVWHKHLQVHLQHP6FKDWWHQ:HQQYRQ&RVWHOORJHVSURFKHQ ZLUGGDQQLPPHUQXUYRQLKP1LHYRQPLU$EHUGDVZLUG VLFKlQGHUQGDVVFKZ|UHLFKGLU%DOGELQLFKGHUJURH%R %DOGVHKUEDOG© ª:DVKDWGDVDOOHVPLWGHU(QWIKUXQJGHV0lGFKHQV]X WXQ"©ZROOWHLFKZLVVHQª:DUXPKDEHQ6LHHVNLGQDSSHQ ODVVHQ"© ª,FKQLFKW© ª6RQGHUQ"© ª,UHXVLVWDOOHLQGDIUYHUDQWZRUWOLFK'XUFKLKQELQLFKEDOG DQGHU0DFKW:LUEHLGHZHUGHQLQGHU8QWHUZHOWUHJLHUHQXQG ZLUKDEHQHLQHQPlFKWLJH+HOIHU© ª:HQGHQ6DWDQ"© ª9LHOOHLFKWDXFKLKQ$EHU,UHXVKDWHLQHQDQGHUHQGHQ 0RORFK© (QGOLFK]HLFKQHWHVLFKHLQH9HUELQGXQJ]XGHP0RQVWHUDE GDV6KDREHVFKULHEHQKDWWH 'HU0RORFK :DVZDUHUZRNDPHUKHU" ª'XNHQQVWLKQQLFKWZLH"©IUDJWH&RVWHOOR ª1HLQ© ª:RHUKHUNRPPWZHLLFKDXFKQLFKW$EHULFKKDEHLKQKLHU YHUVWHFNW8QG,UHXVKDWLKQPLWJHQRPPHQ(ULVWPLWLKPDXI 7RXUJHJDQJHQKDWGLH0lGFKHQPLWGHQODQJHQEORQGHQ

+DDUHQJHVXFKWXQGDXFKJHIXQGHQ'HQQ0lGFKHQEUDXFKWHU GHU0RORFK(UZLUGHUVWDUNHQ'XUFKGLH.UDIWGHU%ORQGLQHQ ZLUGHUVWDUNZHUGHQ6LHEHQ0lGFKHQ6LHEHQ/HEHQGLHLKP JHK|UHQ© ª:DVPDFKWHUPLWLKQHQ"© ª(UQLPPWLKQHQGLH/HEHQVNUDIW© ª$OVRW|WHQ"© ª-D© -HW]WZXWHLFKJHQDXZHOFKHV6FKLFNVDO-DQH&ROOLQVEHYRU VWDQG8QGLFKNRQQWHQLFKWVWXQ 9HUGDPPWDXFK ª8QGZRVWHFNWVLH"©IUDJWHLFK &RVWHOORVFKWWHOWHGHQ.RSIª'DVZHUGHLFKGLUQLFKWYHU UDWHQ'XVROOVWLQGHP%HZXWVHLQGHU+LOIORVLJNHLWVWHUEHQ(V JLEWNHLQH&KDQFHPHKUIUGLFKXQGGHLQHQ.ROOHJHQ© ª:LUGGLUGHU0RORFKJHKRUFKHQ"© ª,QGLUHNWGHQQHUK|UWDXI,UHXV'LHVHV0RQVWHULVWLKP 8QWHUWDQXQG,UHXVLVWPHLQ0LWDUEHLWHU(UWXWGDVZDVLFK LKPVDJH8QGGHU0RORFKLVWXQEHVLHJEDU:HQQPDQDXILKQ VFKLHWGDQQZLUGHUGLH.XJHOQIUHVVHQ6LHN|QQHQLKPQLFKWV DQKDEHQ,FKVHW]HPLFKDQGLH6SLW]HGHU0DILD=XGHPELQLFK QLFKWDOOHLQ(VJLEWLQ/RQGRQ0HQVFKHQGLHGHQ0RORFKYHU HKUHQGLHLKQIULKUHQ*|W]HQKDOWHQ6LHWUHIIHQVLFKKHXWH DEHQG]XHLQHU)HLHUGHV6FKUHFNHQVXQGVHKHQ]XZLHGHU 0RORFKHUVWDUNW© -DHUZUGHHUVWDUNHQZLHLFKGLH/DJHVDK'HQQXQVHUH &KDQFHQGLHV]XYHUKLQGHUQZDUHQYHUGDPPWJHULQJ ,FKKDWWHZlKUHQGGHV*HVSUlFKVYHUVXFKWPHLQH)HVVHOQ ]XORFNHUQ'DVZDUPLUQLFKWJHOXQJHQ,FKNRQQWH]ZDU GLH+lQGHGUHKHQDEHUGLH6FKODXIHQXQG.QRWHQZDUHQVR UDIILQLHUWDQJHOHJWGDLFKVLHQLFKWDXIEHNDP 'LHVHU&RVWHOORYHUVWDQGVHLQ+DQGZHUN ª8QGMHW]WUHWWHWGLFKQLFKWVPHKU%XOOH©VDJWHHUPLULQV *HVLFKWZREHLVHLQH6WLPPHYRU+DNOLUUWH ª:ROOHQ6LHHVVLFKQLFKWQRFKPDOEHUOHJHQ"©IUDJWHLFK

ª,FKN|QQWHHLQJXWHV:RUWIU6LHHLQOHJHQ:HQQ6LHJHJHQ ,KUHQ%UXGHUDXVVDJHQXQGGDEHLGHQ.URQ]HXJHQVSLHOHQ ZHUGHQ6LHOlQJVWQLFKWVRVFKOLPPEHVWUDIW© ª1HLQYHUGDPPWQRFKPDO1HLQ©VFKULHHU 'DZXWHLFKHQGJOWLJGDPHLQH/HEHQVXKUODQJVDP DEOLHI(UJLQJXPPLFKKHUXP0LFKYRP5FNHQKHUXQWHU EHLGH$FKVHOQ]XIDVVHQZDUEHTXHPHU ,FKVSUWHVHLQH+lQGHPDFKWHPLFKVFKZHUZXUGHDEHU WURW]GHPDQJHKREHQ 0HLQ6LFKWIHOGZDUMHW]WIUHL,FKNRQQWHHLQHQ%OLFNDXI%LOO &RQROO\ZHUIHQXQGVDKZLHHUVLFKEHZHJWH %LOOZDUDXVGHU%HZXWORVLJNHLWHUZDFKW (UOlFKHOWHPLUNQDSS]X 6DKHUQRFKHLQH&KDQFH":DUHVLKPYLHOOHLFKWJHOXQJHQGLH )HVVHOQ]XO|VHQ" ,FKNRQQWHQXUKRIIHQ ,Q]ZLVFKHQVFKOHLIWHPLFK&RVWHOORDXIGLH:DQQH]X0HLQH +DFNHQNUDW]WHQEHUGHQ%RGHQGHUlW]HQGH6lXUHJHUXFK ZXUGHVWlUNHU,FKZDJWHNDXP]XDWPHQGHQQLFKVSUWHGDV %UHQQHQXQG.UDW]HQDXIGHQ6FKOHLPKlXWHQ 'DQQOLH&RVWHOORPLFKIDOOHQ ,FKEHIDQGPLFKEHUHLWVVRGLFKWDQGHU:DQQHGDLFKPLW GHP+LQWHUNRSIGDJHJHQVFKOXJ (LQ%OLW]]XFNWHYRUPHLQHQ$XJHQDXI6HNXQGHQODQJGURK WHPLUHLQHHUQHXWH%HZXWORVLJNHLW,FKVFKDIIWHHVHUIROJUHLFK GDJHJHQDQ]XNlPSIHQ ª6RXQGQXQ]XP6FKOX©VDJWH&RVWHOORXQGKLHYWHPLFK DEHUPDOVKRFK(UGUHKWHPLFKGDEHLKHUXPVRGDLFKDXIGLH :DQQHVFKDXHQNRQQWH,FKVDKGLHZDEHUQGHQ6lXUHGlPSIH EHUGHP5DQGXQGZHKUWHPLFKPLWDOOHU.UDIW ,FKVFKOHXGHUWHPHLQHQ.|USHUKHUXP]RJGLH%HLQHDQ VWHPPWHPLFKDEXQGWUDWGHP.HUOJHJHQGLH.QLHNHKOHQ :WHQGEUOOWHHUDXI 'DQQ]RJHUVHLQH:DIIH ª9HUGDPPWHU%XOOH©]LVFKWHHUXQGKLHEPLWGHP/DXI]X

(UWUDIPHLQHQ1DFNHQ ,FK]XFNWH]XVDPPHQVSUWHGHQ6FKPHU]XQGJOHLFK]HLWLJ GLH$SDWKLHGLHPHLQHQ.|USHUHUJULII ,FKZXUGHQLFKWEHZXWORVDEHUQXUZDUDOOHVHJDO-HGH %HZHJXQJJHVFKDKLQ=HLWOXSH,FKUXWVFKWHZLHGHU]X%RGHQ XQGGHU.HUOILQJPLFKDE ª-HW]WUHWWHWGLFKQLFKWVPHKU©VDJWHHUXQGHUKLHYWHPLFK KRFK -DQHKDWWHLKUH6WUDIHHUKDOWHQ ,UHXVZDUZLHYRQ6LQQHQJHZHVHQ(UKDWWHNHLQ0HVVHU JHQRPPHQVRQGHUQGHQ7RWVFKOlJHU 9LHOOHLFKWKlWWHHUVLFKY|OOLJYHUJHVVHQZHQQQLFKW&KDULW\ XQGGLHDQGHUHQGD]ZLVFKHQJHIDKUHQZlUHQ -DQHK|UWHVLHVFKUHLHQª/DVLH6LHLVWQRFKQHXVLHNHQQW GDV6SLHOQLFKW© ,UHXVK|UWHWDWVlFKOLFKDXI(UIXKUKHUXPXQGVWDUUWHGHQ 0lGFKHQDXVEOXWXQWHUODXIHQHQ$XJHQLQV*HVLFKW (UEHZHJWHVHLQH.LHIHUDOVZUGHHULUJHQGHWZDV]HUPDO PHQGDQQQLFNWHHUXQGVWHFNWHGLH:DIIHZHJ 'UHL0lGFKHQ]RJHQ-DQH&ROOLQVDXIGLH%HLQH(LQYLHUWHV EUDFKWHHLQHQDQJHIHXFKWHWHQ/DSSHQ 'HU'HWHNWLYLQJLQJHVVFKOHFKW6LHNRQQWHNDXP/XIWKROHQ 5LSSHQXQG/XQJHQIOJHOVFKPHU]WHQ]XGHPZDULKUH 8QWHUOLSSHDXIJHSODW]WDEHUVLHOHEWH'DVZDUDPZLFKWLJVWHQ 0DQG\KLHOWGHQ/DSSHQª+DOWPDOVWLOO©VDJWHVLHXQG ZLVFKWH-DQHGDV%OXWYRQGHU/LSSH 'LH'HWHNWLYLQ]XFNWH(VZDUHLQHPHUNZUGLJH6LWXDWLRQ +LHUZXUGHVLHYHUDU]WHWREZRKOVLHZXWHGDVLHEDOG VWHUEHQVROOWH$OOHVVFKLHQLKUVRXQZLUNOLFKDOVZUGHVLH GLH:HOWQXUGXUFKHLQHQ6FKOHLHUVHKHQ *UDXHQKDIW 6LHVSUWHGLH.KOHHLQHU)OVVLJNHLWDXIGHU+DXWPHUNWH ZLHJXWGDVWDW

ª*LELKUPDOHLQHQ6FKOXFN©VDJWH&KDULW\ -HPDQGOLH:KLVN\LQHLQNOHLQHV*ODVODXIHQXQGVHW]WHHV -DQHDQGLH/LSSHQ -HW]WWUDQNGLH'HWHNWLYLQHLQHQ6FKOXFN'HU:KLVN\UDQQ VFKDUIGLH.HKOHKLQDEXQGEUHLWHWHVLFKLP0DJHQPLWHLQHU DQJHQHKPHQ:lUPHDXV ª(QGOLFKZLUVWGXYHUQQIWLJ©K|UWHVLH&KDULW\V6WLPPH ZlKUHQG-DQHV$XJHQLQ7UlQHQVFKZDPPHQ ª1RFKHLQHQ6FKOXFN"© ª1HLQ© ,UHXVVWDQGDQGHU7UXQGVFKDXWH]X+LQXQGZLHGHUZDUI HUHLQHQ%OLFNDXIGLH%RGHQNODSSH'HU0RORFKLQVHLQHP 9HUOLHVZDUVFKRQXQUXKLJJHZRUGHQ (UEHZHJWHVLFKKLQXQGKHUVFKPDW]WHXQGNHXFKWH(U NUDW]WHDP'HFNHONRQQWHHVNDXPHUZDUWHQGLHVLHEHQMXQJHQ /HEHQLQVLFKDXI]XVDXJHQ ª(VUHLFKW©VDJWH,UHXV 'LH0lGFKHQWUDWHQ]XUFN-DQH&ROOLQVZXUGHORVJHODVVHQ $XFKMHW]WQRFKILHOHVLKUVFKZHUVLFKDXIGHQ%HLQHQ]X KDOWHQ6LHVFKZDQNWHDWPHWHWLHIGXUFKXQGVFKDIIWHHVLKUHQ .UHLVODXI]XVWDELOLVLHUHQ ,UHXVGHXWHWHDXIGHQ'XUFKJDQJª,QGLH%DUPLWGLU© -DQH&ROOLQVJLQJYRU6LHKLHOWGHQ.RSIJHVHQNW:LHHLQ 9RUKDQJILHOGDVODQJH+DDUEHULKU*HVLFKW2EZRKOVLH6OLS XQG%+WUXJIKOWHVLHVLFKQDFNW -DQHVFKlPWHVLFKXQWHUGHQ%OLFNHQ ,KUH.QLHZDUHQZHLFKVLH]LWWHUWHQGLH/LSSHQEHEWHQGLH 0XVNHOQLP*HVLFKW]XFNWHQ 6RJHKWHLQH7RGHVNDQGLGDWLQGDFKWHVLH $OVVLHEHUGLH.ODSSHVFKULWWZXUGHXQWHULKUGDV.HXFKHQ XQG6FKPDW]HQODXWHU'HU0RORFKVFKLHQ]XPHUNHQGDHLQ 2SIHUQLFKWZHLWHQWIHUQWZDU (UZXUGHQRFKXQUXKLJHU -DQHPDFKWH]ZHLVFKQHOOH6FKULWWHXQGOLHGLH/XNHKLQWHU VLFK'DQQEHWUDWVLHGLH%DU

(VZDUHLQPLHVHU1HSSVFKXSSHQ6RZLHVLFKGHU0DQQYRP /DQGHHLQVQGLJHV+DXVYRUVWHOOW5RWHV/LFKWHLQH%DUWKHNH LQ)RUPHLQHV+XIHLVHQVPHKUHUHNOHLQH7LVFKHPLWZLQ]LJHQ 6HVVHOQGDYRUXQGHLQHNUHLVUXQGH7DQ]IOlFKH6LHZXUGHYRQ GHU'HFNHKHUDQJHVWUDKOW5RWHV/LFKWILHODXIGDV*ODV 1DFK]ZHL6FKULWWHQEOLHE-DQH&ROOLQVVWHKHQ6LHVDKSO|W] OLFKGLH*HVWDOWHQGLH'LHQHUGHV0RORFKV 'LH'HWHNWLYLQKDWWHGDPLWJHUHFKQHW7\SHQLQODQJHQ 8PKlQJHQRGHU7DODUHQ]XEHJHJQHQGRFKVLHVDKVLFK JHWlXVFKW6WDWWGHVVHQWUXJHQGLH'LHQHUGHV0RORFKVHOHJDQWH $EHQGNOHLGXQJ6PRNLQJRGHUGXQNOH$Q]JHGLH+HUUHQ /DQJH.OHLGHUGLH'DPHQ6FKPXFNJOLW]HUWHLP/LFKWGHU NOHLQHQ6FKHLQZHUIHUZDUIEOLW]HQGH5HIOH[H'LH*HVLFKWHU GHU0HQVFKHQZDUHQPDVNHQKDIWVWDUUDOVVLH-DQH&ROOLQV DQVFKDXWHQ 3O|W]OLFKYHUJD-DQHLKU6FKLFNVDO6LHGDFKWHGDUEHUQDFK ZDVVROFKH7\SHQGD]XYHUOHLWHWHHLQHP0RQVWHUZLHGHP 0RORFK]XGLHQHQ6LHDOOHVDKHQY|OOLJQRUPDODXVVFKLHQHQ *HOG]XEHVLW]HQGHQQGHU6FKPXFNZDUNHLQH,PLWDWLRQ -DQHNRQQWHQXUUDWHQ:DUHVGLHhEHUVlWWLJXQJGHU *HVHOOVFKDIW"'DV$XVEUHFKHQDXVGHQQRUPDOHQ%DKQHQ"(LQ 6SLHOPLWGHU*HIDKUPLWGHP8QJHZ|KQOLFKHQ":ROOWHQVLH GLH+|OOHKHUDXVIRUGHUQ"'LHVH.XOWHZDUHQLQOHW]WHU=HLWVHKU PRGHUQJHZRUGHQ'DVZXWH-DQH8UDOWH5LWXDOHOlQJVWYHU JHVVHQHU.XOWXUHQZXUGHQZLHGHUDXVJHJUDEHQXQGLQV/HEHQ ]XUFNJHUXIHQ 'LHPRGHUQH*HVHOOVFKDIWGLHLQGHUhEHUWHFKQLVLHUXQJOHEWH VXFKWHZLHGHUGDV*HKHLPQLVYROOHGDV5lWVHOKDIWHGHU7HXIHO NDPPLWLQV6SLHOZXUGHDQJHEHWHW (LQHVFKOLPPH(QWZLFNOXQJGHQQDXIGHU(UGHJDEHVJHQ JHQG3UREOHPHGLHQLFKWJHO|VWZDUHQDEHUGDUXPNPPHUWHQ VLFKGLHVH0HQVFKHQQLFKW2EZRKOVLHGDV*HOGKDWWHQHLQHQ NOHLQHQ%HLWUDJ]XOHLVWHQODJHQLKUH,QWHUHVVHQZRDQGHUV 6LHZROOWHQHWZDV1HXHVHUOHEHQZROOWHQVLFKVHOEVWEHVWlWLJW IKOHQXQGJLQJHQGDEHLEHU/HLFKHQ

(LQHVFKOLPPH(QWZLFNOXQJ 'LHVH*HGDQNHQJLQJHQ-DQHGXUFKGHQ.RSIDOVVLHQDFK OLQNVVFKDXWHXQGGLHEODVVHQ*HVLFKWHUVDK 6LHOHXFKWHWHQZLH)UDW]HQKLQXQGZLHGHU]XFNWHHLQ5HIOH[ EHUGLH+DXW ,KUH%OLFNHVDXJWHQVLFKDQ-DQHV.|USHUIHVW6WLPPHQ ZLVSHUWHQLP+LQWHUJUXQG ª'DVLVWVLHGDVLVWGLHHUVWH© ª6LHVLHKWKEVFKDXVQLFKW"© ª-DGHU0RORFKZLOOQXU+EVFKH© /DFKHQ 'DQQNDP,UHXV8QGVRIRUWYHUVWXPPWHQGLH*HVSUlFKH 'HP0DQQIROJWHQGLHDQGHUHQVHFKV)UDXHQ $QGHU6SLW]HJLQJ&KDULW\ -DQHZDQGWHHLQZHQLJGHQ.RSIVFKDXWH&KDULW\DQGRFK GLHKDWWHGHQ%OLFNJHVHQNW'LH'HWHNWLYLQVSUWHGDGDV*LUO $QJVWKDWWH$QJVWYRUGHU=XNXQIW ,UHXVZLHVGLH)UDXHQHLQª6WHOOWHXFKYRUGHU%DUDXI©VDJWH HUXQGGLH*LUOVJHKRUFKWHQ ,QHLQHU5HLKHEOLHEHQVLHVWHKHQ ,UHXVZDU]XIULHGHQ )HKOWHQXUQRFKHLQH -DQH&ROOLQV ª'X©VDJWHHUXQGZLHVPLWGHP)LQJHUDXI-DQHª'XJHKVW DXIGLH7DQ]IOlFKHXQGEOHLEVWGRUW© -DQHGDFKWHDQGLH6FKOlJHGLHVLHHUKDOWHQKDWWH(VZDU EHVVHUZHQQVLHJHKRUFKWH 0LWODQJVDPHQ6FKULWWHQJLQJVLHDXIGLH7DQ]IOlFKH]XXQG EOLHELQGHUHQ0LWWHVWHKHQ 6LHZDQGWHGHQ'LHQHUQGHV0RORFKVGHQ5FNHQ]XXQG VSUWHGLH%OLFNHI|UPOLFKDXILKUHUQDFNWHQ+DXWEUHQQHQ(LQH *lQVHKDXWULHVHOWHEHUGHQ.|USHU6LHIU|VWHOWH (VZXUGHVWLOO6HOEVWGLH'LHQHUGHV0RORFKVZDJWHQNDXP ]XDWPHQ-HGHUZDUWHWHDXIVHLQ$XIWDXFKHQ 8QGHUNDP

1RFKZDUHUQLFKW]XVHKHQDEHU]XK|UHQ(LQ6FKPDW]HQ XQG6FKOUIHQ+HFKHOQXQG.HXFKHQGDV.ODWVFKHQQDFNWHU )HDXIGHP%RGHQHLQGURKHQGHV.QXUUHQGDQQHUVFKLHQHU (LQJHZDOWLJHU6FKDWWHQWDXFKWHLQGHU7U|IIQXQJ]XP 1HEHQUDXPDXI(LQHLPPHQVH%HVWLHGLHQLFKWGXUFKGLH7U SDWHXQGVLFKGHVKDOEEFNHQPXWH 'HU6FKDWWHQZXUGHOlQJHUYHU]HUUWHVLFKDOVHUVHLQHQ 2EHUN|USHUQDFKYRUQEHXJWHXQGGDQQVWDQGHULP5DXP ª'HU0RORFK©IOVWHUWHHLQH)UDXEHLQDKHDQGlFKWLJ -DHVZDUGHU0RORFK (UGUHKWHVLFKEOLFNWH]XU7DQ]IOlFKHKLQXQGKDWWHQXU $XJHQIU-DQH&ROOLQV 'DVHUVWH2SIHU -DQHVFKDXWHQLFKW]XU6HLWHVLHVDKGHQ0RORFKDQXQGVLH HUVFKUDNELVLQV0DUNYRUGHVVHQ6FKHXOLFKNHLW 1HLQYRQGLHVHU%HVWLHGXUIWHVLHNHLQH*QDGHHUZDUWHQ1XU HLQVGHQ7RG %LOO&RQROO\YHU]RJGDV*HVLFKWDOV&RVWHOORPLWGHP:DIIHQ ODXI]XVFKOXJ'HU5HSRUWHUVDKPLFK]XVDPPHQEUHFKHQXQG GHU+RIIQXQJVIXQNHGHQHUELVMHW]WQRFKJHKDEWKDWWH HUORVFKMlK &RVWHOORZUGH6LHJHUEOHLEHQ %LOOZROOWHDEHUQLFKWVWHUEHQ1RFKGDFKWHGHU.HUOQXU GDUDQPLFKLQGLH:DQQHPLW6lXUH]XZHUIHQDXILKQ%LOO DFKWHWHHUQLFKW(UJODXEWHLKQQRFKLPPHULQWLHIHU%H ZXWORVLJNHLW $EHUGHU5HSRUWHUZDUZLHGHUGD=ZDUPLWVFKPHU]HQGHP 6FKlGHOGRFKHUNRQQWHVLFKEHZHJHQ 8QGHUQXW]WHHVDXV %LOOUROOWHVLFKDXI&RVWHOOR]XGHUGDEHLZDUPLFKKRFK]X KLHYHQXPPHLQHQ.|USHUGDQQEHUGHQ:DQQHQUDQG]X ZXFKWHQ 3O|W]OLFKKDWWHGHU5HSRUWHU$QJVWHVQLFKWPHKU]XVFKDIIHQ

(UEHHLOWHVLFKQRFKPHKUUROOWHVLFKLPPHUZLHGHUXPGLH HLJHQH$FKVHXQGZDUIDVWGD &RVWHOORNHXFKWH(UKDWWHPLWPHLQHP.|USHU]XWXQ'DHU VHOEVWVRVFKZHUDWPHWHK|UWHHUDXFKQLFKWGLH*HUl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lXVWHQGURVFK&RVWHOORDXIGHQ5HSRUWHUHLQ ª'XYHUGDPPWHU+XQG©VFKULHHUª'X%DVWDUG,FKZHUGHHV GLU]HLJHQ'DGDGD© %LOOKDWWHVHLQHJHIHVVHOWHQ$UPHKRFKJHULVVHQXQGHVJHODQJ LKPHLQHQ*URWHLOGHU6FKOlJHDE]XZHKUHQ(UYHUVXFKWH JOHLFK]HLWLJVLFKDXVGHUXQPLWWHOEDUHQ5HLFKZHLWHGHV0DQQHV ]XUROOHQ 'D&RVWHOORPLW%LOOEHVFKlIWLJWZDUHUKLHOWLFKGLH=HLWPLFK ]XHUKROHQ 'HUOHW]WH6FKODJKDWWHPLFK]ZDUHPSILQGOLFKJHWURIIHQ PLFKDEHUQLFKWPDWWJHVHW]W,FKVSUWHZLHPHLQH.UlIWH ]XUFNNHKUWHQZLHLFKZLHGHUNODUGHQNHQXQGDXFKKDQGHOQ NRQQWH ,FKODJQHEHQGHU:DQQH1DFKGHP+LHEZDULFKGDUDQ

KHUXQWHUJHUXWVFKW0HLQ*HVLFKWEHUKUWHGHQ%RGHQXQGLFK URFKGDVVFKDUIH3XW]PLWWHOPLWGHPGLH)OLHVHQDEJHZDVFKHQ ZRUGHQZDUHQ ,UJHQGZLHPDFKWHPLFKGLHVHU6DOPLDNJHUXFKPXQWHU,FK K|UWHGLH.DPSIJHUlXVFKHXQGGDVZLOGH6FKUHLHQGHV 0DILRVR ,FKUROOWHPLFKDXIGLH6HLWH %LOOKDWWHHVVFKZHU(UYHUVXFKWHVLFKYHU]ZHLIHOWJHJHQGLH KDUWHQ6FKOlJHGHV0DQQHV]XZHKUHQHU]LHOWHDXFKHLQLJHQ (UIROJDEHUDXI'DXHUNRQQWHHUGDVQLFKWGXUFKKDOWHQ ,FKPXWHLKPKHOIHQ 1XUZLH" ,P.LQRKDWWHLFKPDOJHVHKHQZLHVLFKGHU+HOGEOLW]VFKQHOO HQWIHVVHOWH 'DVJLQJEHLPLUQLFKW $QPHLQH%HUHWWDNRQQWHLFKDXFKQLFKWGHQQGLH$UPH ZDUHQPLUDXIGHP5FNHQJHIHVVHOW ,FKPXWHSUDNWLVFKPLWPHLQHPJHVDPWHQ.|USHUNlPSIHQ ,FKODJDXIGHU6HLWHKROWHWLHI/XIWXQGGDQQYHUVXFKWHLFK HV$OOH.UDIWQDKPLFK]XVDPPHQZXFKWHWHPLFKKRFKHV NODSSWHWDWVlFKOLFK8QGGDQQVWROSHUWHXQGIORJLFKDXIGLH EHLGHQ.lPSIHQGHQ]X %UHPVHQNRQQWHLFKQLFKW9ROONUDFKWHLFKJHJHQ(QQLR &RVWHOORVFKOHXGHUWHLKQYRQ%LOOZHJJOHLFK]HLWLJDXFK]X %RGHQXQGLFKILHOEHULKQ 'HU.HUOVWLHHLQXQGHILQLHUEDUHV*HUlXVFKDXVZXFKWHWH VLFKKRFKXQGNUPPWHGHQ5FNHQ,FKILHOKHUXQWHUXQG UROOWHZLHGHUDXIGLH6HLWH &RVWHOORVSUDQJDXIª6HLGLKUGHQQQLFKWXP]XNULHJHQLKU YHUGDPPWHQ+XQGH©EUOOWHHU (UKDVWHWH]XU6HLWHVRGDHUDXVXQVHUHU5HLFKZHLWHNDP -HW]W]RJHUVHLQH3LVWROH ª(LQ6lXUHEDGKDWWHLFKHXFKYHUVSURFKHQ©VFKULOOWHHUXQG VHLQH$XJHQJOLW]HUWHQYRU+Dª(LQ6lXUHEDGZHUGHWLKUDXFK EHNRPPHQDEHUDOV7RWH'DVLVWPLUHJDO,FKOHJHHXFKXP©

ª+DOWHQ6LHHLQ©VFKULHLFKª:LUN|QQHQQRFK© (VKDWWHNHLQHQ=ZHFN'HUYHUGDPPWH.HUOZDUZDKQ VLQQLJ(UVFKWWHOWHGHQ.RSIGLH/XJHULQVHLQHUUHFKWHQ +DQGSHQGHOWHVLFKHLQPDODXIPLFKHLQGDQQDXI%LOO :HPZUGHHU]XHUVWGLH.XJHOYHUSDVVHQ" ,FKVDKHLQHQDOWHQ+RO]VWXKOLQ5HLFKZHLWHXQGWUDWJHJHQ LKQ'DV0|EHOVWFNNLSSWHXPXQGVFKOLWWHUWHDXFKDXIGHQ .HUO]XGRFKGHUZLFKPLWHLQHPEHLQDKHHOHJDQWDXVVHKHQGHQ 6LGHVWHSDXVVRGDGHU6WXKODQLKPYRUEHLUXWVFKWH ª,GLRWHQ©VFKULHHUª,FKKlWWHHXFKIUEHVVHUJHKDOWHQ,KU GXPPHQ%XOOHQ© :LHGHU]LHOWHHUDXI%LOO(UZUGHVFKLHHQLFKPHUNWHHV GRFKGDQQVFKZDQJGLH/XJHUKHUXP ª1HLQGX]XHUVW©(UGUFNWHDE ,FKVFKDXWHLQGDV0QGXQJVIHXHUKLQHLQK|UWHGHQ $EVFKXZDUWHWHDXIGHQ(LQVFKODJLQGHU%UXVWGRFK&RVWHOOR KDWWHLQVHLQHU$XIUHJXQJQLFKWULFKWLJJH]LHOW 'LH.XJHOVLUUWHQHEHQPHLQHU+IWHJHJHQGLH.DFKHOQXQG VDXVWHDOV4XHUVFKOlJHUGDYRQ ,FKUROOWHPLFK]XU6HLWH 'DGXUFKYHUIHKOWHPLFKGLH]ZHLWH.XJHO &RVWHOOREUOOWHZLHGHUNUDFKWHHLQ6FKXXQGGDQQK|UWH LFKHLQHQJHOOHQGHQ6FKUHL 3O|W]OLFKZXFKWHWHHLQH*HVWDOWGXUFKGLH7U(LQ6FKDWWHQ EOLW]VFKQHOOXQGQLFKW]XVWRSSHQ 6XNR ,P%UXFKWHLOHLQHU6HNXQGHEHUVDKHUGLH6LWXDWLRQXQG GDQQVWLHHUVLFKDE 6XNRGHU.DUDWHPHLVWHUGHQLFKZHJHQVHLQHUJHZDOWLJHQ .UDIWVSUQJHLPPHUEHZXQGHUWKDEHIHJWHDXIGHQ0DILRVR ]X%HYRUGLHVHUGLH+DQGPLWGHU:DIIHKHUXPUHLHQNRQQWH KDWWH6XNRLKQHUUHLFKW8QGGDQQWUDIHLQP|UGHULVFKHU7ULWW GLH6FKXOWHUGHV*DQJVWHUV

&RVWHOORKDWWHGHPQLFKWVHQWJHJHQ]XVHW]HQ(UIORJTXHU GXUFKGHQ:DVFKUDXPVFKULHXQGNUDFKWHJHJHQGLH:DQG %HQRPPHQEOLHEHUOLHJHQ 6XNRMDJWHDXILKQ]X &RVWHOORVWDUUWHGHP&KLQHVHQGHUIULKQHLQUlFKHQGHU *HLVWVHLQPXWHDXVJURHQ$XJHQHQWJHJHQXQGLUJHQGZLH PXWHHUPHUNHQGDDOOHVYHUORUHQZDUGDHUHVQLFKWPHKU VFKDIIHQNRQQWH %HLLKPULGHU)DGHQ %HYRU6XNRHVYHUKLQGHUQNRQQWHGUHKWHHUVHLQHUHFKWH +DQG]LHOWHPLWGHU3LVWROHQPQGXQJDXIVHLQH%UXVWXQG GUFNWHDE 'HUOHW]WH6FKXVFKLHQEHVRQGHUVODXWQDFK]XKDOWHQDEHU GDVZDUZRKOQXU(LQELOGXQJ$XIMHGHQ)DOOVDFNWH&RVWHOOR ]XVDPPHQXQGVHLQGXQNOHU$Q]XJIlUEWHVLFKLQ+|KHGHU OLQNHQ%UXVWVHLWHODQJVDPURW'LH:DIIHUXWVFKWHLKPDXV GHU+DQGXQGEOLHEQHEHQLKPOLHJHQ 6XNRVWRSSWHJHUDGHQRFKVHLQHQUDVDQWHQ/DXI(UVFKDXWHLQ GLHODQJVDPEUHFKHQGHQ$XJHQ 'LHVHP0DQQZDUQLFKWPHKU]XKHOIHQ ª+H©ULHILFKª:LOOVWGXXQVQLFKWHQGOLFKORVVFKQHLGHQGX DOWHU*DQRYHGX"© ª.ODU© 6XNR]RJHLQ0HVVHUXQGVlEHOWHGLH6WULFNHGXUFK=XHUVWEHL PLUGDQQEHL%LOO ,FK]RJPLFKDQGHU.DQWHGHV7LVFKVDXIGHPGLH/HLFKHQ ODJHQKRFK 'DQQZDQNWHLFK]X&RVWHOOR -DHVZDUHLQ:DQNHQGHQQGLHYHUGDPPWH)HVVHOXQJ PDFKWHVLFKMHW]WEHPHUNEDU &RVWHOORZDUQRFKQLFKWWRWDEHUGDV-HQVHLWVKDWWHEHUHLWV VHLQH6FKOHLHUDXVJHVFKLFNWGLHLKQXPZREHQ/DQJHZUGHHU QLFKWPHKUOHEHQ8QGQRFKLPPHUZXWHQZLUQLFKWZRVLFK -DQH&ROOLQVEHIDQG ,FKILHOQHEHQ&RVWHOORDXIGLH.QLH

(UKDWWHVHLQHOLQNH+DQGMHW]WDXIGLH:XQGHJHSUHW1LFKW QXU]ZLVFKHQVHLQHQ)LQJHUQVLFNHUWHHVURWKLQGXUFKLFKVDK DXFKLPUHFKWHQ0XQGZLQNHOHLQHQ%OXWVWURSIHQEOLW]HQ :DKUVFKHLQOLFKZDUGLH/XQJHLQ0LWOHLGHQVFKDIWJH]RJHQ ZRUGHQ ª&RVWHOOR+|UVWGXPLFK"© (UVFKOXJGLH$XJHQDXI6HLQ%OLFNZXUGHDXIHLQPDONODU ª:DVZDVLVW"© ª:REHILQGHWVLFK-DQH&ROOLQV"'XZLUVWEDOGYRUHLQHP DQGHUHQ5LFKWHUVWHKHQ(UOHLFKWHUHGHLQ*HZLVVHQGXPXW XQVVDJHQZRVLFK-DQH&ROOLQVDXIKlOW%LWWH© ª,FKLFK© ª6DJHV&RVWHOOR© ª0HLQ%UXGHUHUVROOQLFKW© ª:RLVWVLH"© 'HU$XVGUXFNLQVHLQHQ$XJHQYHUVFKOHLHUWHPHUNOLFK0LW LKPJLQJHVXQDXIKDOWVDPGHP(QGH]X1XUQRFKHLQSDDU 6HNXQGHQEHQ|WLJWHLFK ª:R"© ª5HG/LJKW,FKNDQQHXFKQLFKWGHU0RORFKZLUGVLH IUHVVHQ'HU0RORFK© 'DVZDUVHLQOHW]WHV:RUW(LQVFKZHUHU$WHP]XJYHUJOHLFK EDUPLWHLQHP6HXI]HUGUDQJQRFKEHUVHLQH/LSSHQGDQQ ZXUGHVHLQ.|USHUVFKODII (UPLR&RVWHOORZDUWRW'HU0DQQGHULPPHUQXUGLH VFKPXW]LJH$UEHLWVHLQHV%UXGHUVHUOHGLJWKDWWHKDWWHVLFK VHOEVWJHULFKWHW ,FKGUFNWHLKPGLH$XJHQ]X 0HKUNRQQWHLFKQLFKWWXQ %LOOXQG6XNRVWDQGHQQHEHQPLU,FKKDWWHVLHJDUQLFKWJHVH KHQ'HU5HSRUWHUULHEVLFKGLH+DQGJHOHQNHª8QG"©IUDJWHHU ª9LHOOHLFKWZHLLFKZR-DQHVWHFNW© ª8QG"© ª,QHLQHU%DUGLHZRKOVHLQHP%UXGHUJHK|UW© ª'XKDVWGHQ1DPHQ"©

ª-D© ª8QG"0HQVFKODGLUGRFKQLFKWMHGHV:RUWDXVGHU1DVH ]LHKHQ]XP+HQNHU© ,FKZLQNWHDE'DQQEHGDQNWHLFKPLFKEHL6XNRIUGLH 5HWWXQJ ª5HG/LJKWKHLWGHU6FKXSSHQ© ª1LFKWVZLHKLQ©VDJWH%LOO ª1HLQZLUZROOHQQLFKWVEHUVWU]HQ© ª$EHUGDQQNDQQHV]XVSlWVHLQ© ª'DVZHLLFKVHOEVW+|U]X%LOO'LHVHU0RORFKLVWPLWGHQ 0lGFKHQQLFKWDOOHLQ:LUPVVHQDXHUGHPQRFKPLW,UHXVDOV *HJQHUUHFKQHQXQGPLWHLQHU0HQJH/HXWHGLHVLFKDOVVHLQH 'LHQHUEH]HLFKQHQ-HGHUHLQ]HOQHZLUGHLQ7RGIHLQGYRQXQV VHLQ'HQNGDUDQ© ª:RKHUZHLWGXGDV"© ª$OVGXEHZXWORVZDUVWKDW&RVWHOORDOOHVLQVHLQHP 7ULXPSKHU]lKOW'HVKDOEELQLFKIUHLQHQ*URHLQVDW]$EHU HLQHJHKHLPH$NWLRQ:LUODVVHQGHQ1DFKWFOXEYRQ3ROL]LVWHQ XPVWHOOHQXQGGULQJHQVHOEVWHLQ)DOOVZLUGLH6DFKHQLFKW XQWHU.RQWUROOHEHNRPPHQPVVHQGLH%HDPWHQHLQJUHLIHQ© %LOOVFKDXWH6XNRDQª:DVPHLQVWGX"© 'HU&KLQHVHQLFNWHª-RKQKDWUHFKW© ,FKVFKOXJGHQEHLGHQDXIGLH6FKXOWHUQª'DQQNRPPW )UHXQGH-HW]WJHKWHVZLUNOLFKXPMHGH0LQXWH© 6HLQH+DXWVFKLPPHUWHMHW]WQLFKWPHKUEOlXOLFKZHLVRQGHUQ OHLFKWURW'LH%HVWLHZXUGHYRP/LFKWGHU6FKHLQZHUIHUDQJH VWUDKOWXQG-DQHJODXEWHLKUHQ$XJHQQLFKW]XWUDXHQ 'HU0RORFKZDUQLFKWPHKUQDFNW (UWUXJHLQHQGXQNOHQ$Q]XJGHUZLHHLQ6PRNLQJJHVFKQLW WHQZDUXQGHLQZHLHV+HPGGDUXQWHUPLW6WHKNUDJHQhEHU VHLQH6FKXOWHUQKDWWHHUHLQHQ0DQWHOJHZRUIHQZLHLKQHLQVW &KULVWRSKHU/HHLQVHLQHQ'UDFXOD)LOPHQJHWUDJHQKDWWH1XU XQWHUVFKLHGHUVLFKYRQGHP)LOPVFKDXVSLHOHUJHZDOWLJ

'HU0RORFKVDKVFKUHFNOLFKDXV 9RUDOOHQ'LQJHQVHLQ6FKlGHOZDUHVGHU$QJVWXQG 6FKUHFNHQHLQIO|WH(UZDUPLW%HXOHQEHUVlW6LHVWDQGHQZLH NOHLQHEUHLWJHNORSIWH.XJHOQYRQGHU6FKlGHOGHFNHDE6LH ZXFKVHQDXFKQRFKDXIGHUEUHLWHQDIIHQlKQOLFKHQ6WLUQXQG HLQHP$IIHQJOLFKDXFKGDV*HVLFKWGHU0RORFKV7LHIODJHQGLH $XJHQLQGHQ+|KOHQGLH1DVHZDUY|OOLJIODFKXQGGHQ 0XQGNRQQWHPDQDOV/RFKEH]HLFKQHQ (UVWDQGKDOERIIHQXQG-DQHVDKGDV6FKLPPHUQYRQ ]ZHL=DKQUHLKHQ-HGRFKNHLQHVSLW]HQ=lKQHRGHUHLQ]HOQ ZDFKVHQGHVRQGHUQHLQHJOHLFKPlLJGXUFKODXIHQGH5HLKH 9RQGHPIOLHKHQGHQ.LQQKLQJHQHLQSDDUZHQLJH%DUWKDDUH KHUDEGHUHQ(QGHQGHQ.QRWHQGHU.UDZDWWHEHUKUWHQ (LJHQWOLFKHLQHOlFKHUOLFKH)LJXUDEHUYHUGDPPWJHIlKUOLFK $OVHUVLFKDQ-DQH&ROOLQVVDWWJHVHKHQKDWWHEUHLWHWHHUVHLQH $UPHDXVXQGGDPLWDXFKGHQ0DQWHO -HW]WVDK-DQHGDHULQGHUUHFKWHQ+DQGHLQHQ6WDEWUXJ GHVVHQREHUHV(QGHVHOWVDPJUQOLFKVFKLPPHUWHDOVZlUHHV DXVGXUFKVLFKWLJHP*ODV 'LH+lQGHZDUHQQRUPDO-DQHVDKGLH]HKQ)LQJHUXQGIQI GDYRQXPNODPPHUWHQGHQ6WDE 'HU0RORFKVFKDXWHVHLQH'LHQHUDQ8QGDOVGLH%OLFNHEHU GLH0HQVFKHQJOLWWHQEHXJWHQGLHLKUH2EHUN|USHUQDFKYRUQ XQGYHUQHLJWHQVLFKYRUGHP0RORFK (UZDULKU*|W]H(UJHK|UWHLKQHQ ,UHXVWUDWYRU(UKDWWHVLFKZLHGHUVHLQHQ=\OLQGHUDXIJHVHW]W XQGZLUNWHZLHHLQ=DXEHUHUZDVHULP(QGHIIHNWDXFKZDU (LQ=DXEHUHUGHV%|VHQ ,UHXVVSUDFKª(ULVWJHNRPPHQXPPLUXQGXPHXFKGLH 0DFKW]XJHEHQ:HQQHUGLHVLHEHQ/HEHQLQVLFKDXIJHQRP PHQKDWZLUGVHLQH.UDIWVRVWDUNVHLQGDLKQQLFKWVPHKU EHVLHJHQNDQQGHQQHUKDWHLQHQJURHQ9HUEQGHWHQGHQ 6DWDQ© (KUIXUFKWVYROOHV6FKZHLJHQQDFKGLHVHQ:RUWHQ 'HP6DWDQGLHQWHMHGHUJHUQGHQQVLHDOOHKDWWHQGHP*XWHQ

DEJHVFKZRUHQXQGVLFKGHP%|VHQ]XJHZDQGW 6DWDQVROOVLHJHQGHU0RORFKVROOWHVLHJHQ ª1RFKLVWHUVFKZDFK©ULHI,UHXVPLWODXWHU6WLPPHªDEHULKU GLHLKULKPGLH)UDXHQEHVRUJWKDEWN|QQWEDOGVWDUNVHLQ ,KUZHUGHW/RQGRQEHKHUUVFKHQQLHPDQGNDQQHXFKHWZDV DQWXQGHQQGHUJHZDOWLJH5lFKHUVFKW]WHXFK)UHXQGH© :DVKDWWH-DQHGDJHK|UW"'LH'LHQHUKDWWHQGLH0lGFKHQ KHUEHLJHVFKDIIW" 'DVGXUIWHGRFKQLFKWZDKUVHLQ ,UHXVIXKUIRUWª9RUHLQHP-DKUZXUGHDOOGDVYRUEHUHLWHW,KU KDEWPLUGLH1DPHQGHU2SIHUJHQDQQWLFKKDEHVLHZHLWHUJH JHEHQXQGPlFKWLJH)UHXQGH+HUUVFKHUGHU8QWHUZHOWKDEHQ GLHVH0lGFKHQSUlSDULHUW6LHVLQGEHUHLWVLHVFKUHFNWGHU7RG QLFKWPHKUGHQQVLHWXQHXFKHLQHQ*HIDOOHQLQGHPVLHLKU /HEHQIUHXFKKLQJHEHQ,KUH6HHOHLKUH-XJHQG8QGGHU 0RORFKHUVWDUNW© 'DVZROOWHHLQIDFKQLFKWLQ-DQHV.RSIKLQHLQ9LHOOHLFKW KDWWHQGLH7HXIHOVGLHQHUVRJDULKUHHLJHQHQ9HUZDQGWHQYHU UDWHQXPGHP0RORFKGLHQOLFK]XVHLQ 6FKOLPP6RVFKOLPPGDPDQJDUQLFKWGDUEHUQDFK GHQNHQGXUIWH:LHGHUHLQPDOHUOHEWH-DQH&ROOLQVZLHJUDX VDPXQGZLHVFKOLPP0HQVFKHQGRFKVHLQN|QQHQ 'HU0HQVFKZDUPDQFKPDOVFKOLPPHUDOVHLQ7LHU0DQ NRQQWHGHP0RORFKQLFKWHLQPDOHLQHQ9RUZXUIPDFKHQHU ZDUNHLQGHQNHQGHV:HVHQHUOHEWHQXUVHLQHQ7ULHEHQ HQWVSUHFKHQGDEHUGLHDQGHUHQGLHZDUHQYROOGDIUYHU DQWZRUWOLFK ,UHXVDQHUVWHU6WHOOH (UKDWWHGDV0RQVWHUJHOHLWHWKDWWHLKPEHUKDXSWGLH &KDQFHJHJHEHQVRHWZDV]XWXQ 'HU0DQQJLQJYRUXQGOHJWHVHLQH+DQGDXIGLH6FKXOWHUGHV 0RORFKVª(UIUHXWVLFKGDVKDWHUPLUJHVDJW8QGHUZLUGHXFK GDVJHEHQZRQDFKLKUOHFK]W©,UHXVVFKDXWHVLFKXPª*HQXJ© VDJWHHUª]QGHWGLH.HU]HQDQ© 1DFKGLHVHQ:RUWHQYHUVFKZDQGHU

'HU0RORFKEOLHEDOOHLQ]XUFN1RFKLPPHUVWDUUWHHUDXI -DQH0LQXWHQYHUJLQJHQ(LQH=HLWVSDQQHGLHYRQGHQ 'LHQHUQGHV0RORFKVJHQXW]WZXUGH 6LHKROWHQHWZDVKHUYRU 6FKZDU]H.HU]HQGLH)DUEHGHU+|OOH 6LHVWHOOWHQVLHDXIGLH7LVFKH=QGK|O]HUZXUGHQDXIJH ULVVHQIODFNHUWHQDXI)ODPPHQEHUKUWHQGLH'RFKWHGLH VRIRUW)HXHUILQJHQXQGEUDQQWHQ 'DQQYHUO|VFKWHGDV/LFKW 6FKODJDUWLJJLQJHQGLH/DPSHQDQGHQ:lQGHQDXV1XU QRFKGLH.HU]HQEUDQQWHQXQGGLHURWH/DPSHDQGHU'HFNH GLH-DQH&ROOLQVPLWLKUHP6FKHLQEHUJR 'LH'HWHNWLYLQNDPVLFKYRUZLHDXIHLQHU,QVHO6LHVFKDX GHUWH]XVDPPHQXQGSUHWHXQZLOONUOLFKGLH$UPHJHJHQGHQ .|USHU $OVVLFKGHU0RORFKEHZHJWHHUVFKUDNVLH(UJLQJ]XU6HLWH QDKPGHQ6WDEXQGGHXWHWHDXI&KDULW\ 'DVJUQH*OKHQZXUGHLQWHQVLYHUHUUHLFKWH&KDULW\V *HVLFKWXQGOLHHVVHOWVDPIDKODXVVHKHQ 'DV0lGFKHQZXWHZDVHV]XWXQKDWWH&KDULW\JLQJODQJ VDPYRUXQGVWHXHUWHGLH7DQ]IOlFKHDQ(VEHWUDWVLHXQG VRIRUWZXUGHDXFKLKUIDVWQDFNWHU.|USHUYRPURWHQ/LFKW JHVWUHLIW 1HEHQ-DQHEOLHEVLHVWHKHQ ª:DVZLOOGHUYRQGLU"©IOVWHUWHGLH'HWHNWLYLQ ª9RQPLULVWJXW9RQXQVEHLGHQ.LQGFKHQ(UZLOOXQVEHLGH KDEHQ:DKUVFKHLQOLFKKDWLKPGDV,UHXVHLQJHIOVWHUWGLHVHU YHUGDPPWH+XQGHVRKQ© &KDULW\VFKLHQDXFKQLFKWPHKUDXIVHLQHU6HLWH]XVWHKHQ $EHUGDVKDWWHVLHHLJHQWOLFKQLHVLHZDUQXULP/DXIHLKUHV /HEHQVYHUGDPPWLOOXVLRQVORVJHZRUGHQ -DQHVFKDXWHVLHYRQGHU6HLWHKHUDQ &KDULW\ZDUQLFKWXQEHGLQJWDOV6FK|QKHLW]XEH]HLFKQHQ GDIUZLHVLKU*HVLFKWEHUHLWV]XKDUWH/LQLHQDXI6SXUHQHLQHV /HEHQVGDVZLUNOLFKNHLQ=XFNHUVFKOHFNHQJHZHVHQZDU,KUH

:DQJHQZDUHQHLQJHIDOOHQHWZDVVSLW]VWDFKGLH1DVHKHUYRU GHU0XQGZLUNWHYHUNQLIIHQ ª9HUGDPPW©ZLVSHUWHVLHª-HW]WP|FKWHLFKLQGHQ +LJKODQGVYRQ6FKRWWODQGVHLQDEHULFKPXWHMDPHLQH +HLPDWYHUODVVHQ0LUZDUHVGD]XHLQVDP'DVLVWGLH4XLW WXQJ©6LHVFKOXFNWHKDUWXQG-DQHVDKWDWVlFKOLFKLQLKUHP $XJHQZLQNHOHLQH7UlQHJOLW]HUQ :HQLJVSlWHUHUVFKLHQ,UHXV:DKUVFKHLQOLFKKDWWHHUGDV /LFKWDXVJHGUHKW6HLQH$XJHQIXQNHOWHQ,KPJHILHOGLH6]HQH 'DVIODFNHUQGH.HU]HQOLFKWGHVVHQ5HIOH[HEHUGLH*HVLFKWHU GHU0HQVFKHQWDQ]HQXQGGDEHLHLQHXQKHLPOLFKH$WPRVSKlUH VFKXIHQ ,UHXVZDULUULWLHUW(UZXQGHUWHVLFKGDUEHUGD]ZHL 0lGFKHQDXIGHU)OlFKHVWDQGHQ ª'XZLOOVWEHLGH"©IUDJWHHU 'HU0RORFKQLFNWH ,UHXVOlFKHOWHª(VLVWGHLQH6DFKH©'DQQZDQGWHHUVLFKDQ GLH'LHQHUª:HQQGHU0RORFKGDVMXQJH/HEHQGLHVHU)UDXHQ LQVLFKDXIJHVDXJWKDWZHUGHWLKULKPHXUH5HYHUHQ]HU ZHLVHQ© =XVWLPPXQJZXUGHODXW ,UHXVQLFNWH]XIULHGHQª'DQQJHKXQGYROOHQGHGHLQ:HUN GDVLFKEHJRQQHQKDEH©ZLHVHUGHQ0RORFKDQ 'HUVHW]WHVLFKLQ%HZHJXQJ6FKZHUIlOOLJVFKULWWHUDXIGLH 7DQ]IOlFKH]X(UZDUIPLWVHLQHPODQJHQ0DQWHOHLQHQ6WXKO XP/DXWGXUFKEUDFKGDV*HUlXVFKGHVIDOOHQGHQ6WXKOVGLH HUZDUWXQJVYROOH6WLOOH -HW]WZUGHHVQXUQRFK6HNXQGHQGDXHUQ'DQQZUGHGHU 0RORFKVHLQH6WlUNHGHPRQVWULHUHQ (UHUUHLFKWHGLH7DQ]IOlFKH1RFKHLQHQNOHLQHQ6FKULWWXQG HUVWDQGYRUGHQEHLGHQ)UDXHQ :XFKWLJUDJWHHULQGLH+|KH:HQQ-DQHVHLQ*HVLFKWVHKHQ ZROOWHPXWHVLHKRFKVFKDXHQ 6LH]LWWHUWH /DQJVDPKREGHU0RORFKVHLQHQJUQHQ6WDE

'LH'HWHNWLYLQVSUWHGLHJHIlKUOLFKH$XUDGLHYRQGLHVHP 6WDEDXVJLQJ(UPXWHHLQHJURH0DFKWEHVLW]HQVFKRQVHLQH 1lKHVWUDKOWH.lOWHDXV 'HU0RORFKSHQGHOWHPLWGHP6WDE]ZLVFKHQGHQEHLGHQ )UDXHQKLQXQGKHU :HUZUGHDOVHUVWHDQGHU5HLKHVHLQ" 'DMHW]WNDPHU]XU5XKH (UZLHVDXI&KDULW\ 'LH5HG/LJKW%DUODJLQHLQHU*HJHQGGLH3ROL]LVWHQQXULQ 'RSSHOVWUHLIHQGXUFKTXHUWHQ(VZDUZLUNOLFKILQVWHUHV6RKR (QJH6WUDHQVFKPDOH+lXVHUDXFKNHLQH7RXULVWHQ6LHYHU LUUWHQVLFKQLFKWLQGLHVHNDOWHEUXWDOH8QWHUZHOW6LHVFKLHQHQ GLHXQVLFKWEDUH*UHQ]H]XVSUHQGLHVLFKGDDXIJHWDQKDWWH :LUNPPHUWHQXQVQLFKWGDUXP'HQ%HQWOH\KDWWHLFKLQ GHU

1LFKWVURFKQDFKHLQHU5D]]LDDOOHVVDKQRUPDODXVXQGLFK KRIIWHGDQLHPDQG9HUGDFKWVFK|SIWH 'DQQERJHQZLULQGLH6WUDHHLQZRGLH5HG/LJKW%DUODJ (VZDUPHKUHLQH*DVVHVLHKDWWHJDUNHLQHQ1DPHQ*HKVWHLJH IHKOWHQHEHQIDOOVXQGVRPXWHQZLUEHUGDVKROSULJH.RSI VWHLQSIODVWHUVFKUHLWHQ +DWWHDP7DJQRFKGLH6RQQHJHVFKLHQHQVRZDUHVMHW]WGRFK ]LHPOLFKNKOJHZRUGHQ8QVHUH$WHPZRONHQVWDQGHQDOV KHOOHU1HEHOYRUGHQ/LSSHQ 'DVNKOH:HWWHUKDWWHDXFKGDVOLFKWVFKHXH*HVLQGHOLQ GLH%DUV]XUFNJHWULHEHQYRQGHQHQHV]DKOUHLFKHJDE0LHVH 6FKXSSHQPLWQRFKPLHVHUHQ*lVWHQ0HLVWHQVDEJHWDNHOWH 'LUQHQGLHZRDQGHUVNHLQHQ3HQQ\PHKUYHUGLHQHQNRQQWHQ 8QGDXVJHUHFKQHWVROFKHLQ/RNDOKDWWHQVLFKGLH'LHQHUGHV 0RORFKVDOV7UHIISXQNWDXVJHVXFKW (LQHHLQVDPH/DWHUQHEUDQQWHQRFK'LUHNWGDQHEHQEHIDQG VLFKHLQH%DU $XVLKUVWU|PWHQ]ZHLIDUELJH0lGFKHQGLHGUHL:HLHLP 6FKOHSSWDXKDWWHQ6LHWRUNHOWHQDXIGLHJHJHQEHUOLHJHQGH 6HLWHXQGYHUVFKZDQGHQLQHLQHUVFKPDOHQ(LQIDKUW ª'LHZHUGHQMHW]WDXVJHQRPPHQ©PHLQWH%LOO 'DKDWWHHUUHFKW$EHUXQVEOLHEQLFKWGLH=HLWXQVGDUXP]X NPPHUQ 8QVHU=LHOODJVR]LHPOLFKDP(QGHGHU6WUDHZRDQGHU +DXVZDQGHLQHURWH/DWHUQHEUDQQWH :LHW\SLVFK :LUJLQJHQYRUEHLVFKLHOWHQGDEHLQDFKUHFKWVXQGMHGHUYRQ XQVVDKGLHVWDELOH+RO]WUGLHGHQ(LQJDQJGHU%DUPDUNLHUWH 'LHZDUQLFKWVROHLFKWDXI]XEUHFKHQ :LUJLQJHQELV]XU6WUDHQHFNH-HGHUYRQXQVZDUPLWHLQHP 6SUHFKIXQNJHUlWEHZDIIQHW ,FKKROWHPHLQVKHUYRU ª:LUKDEHQGDV=LHOHUUHLFKW©PHOGHWHLFKPLFKª'LH7ULVW YHUVFKORVVHQ:DKUVFKHLQOLFKPVVHQZLUHLQHQDQGHUHQ:HJ VXFKHQXPLQGLH%DU]XJHODQJHQ©

ª:ROOHQ6LHHVYRQGHU5FNVHLWHYHUVXFKHQ"©TXlNWHGLH 6WLPPH ª:DKUVFKHLQOLFK© ª9LHO*OFN© ª'DQNH© ª)UDJWVLFKQXUZLHZLUDQGLH5FNVHLWHJHODQJHQ©PHLQWH %LOO&RQROO\ ª6ROOHQZLUXQVOLHEHUWUHQQHQ"©,FKVFKDXWHPHLQHEHLGHQ )UHXQGHDQ %LOOKREGLH6FKXOWHUQ ,FKSUl]LVLHUWHPHLQHQ3ODQª6XNRXQGGX%LOOLKUYHUVXFKW YRQYRUQGHQ6FKXSSHQ]XEHWUHWHQZlKUHQGLFKPLUGLH5FN VHLWHYRUQHKPH(LQYHUVWDQGHQ"© ª,VWGDVQLFKWJHIlKUOLFK"©IUDJWH%LOO ª8QVLQQ© 6XNRZDUHLQYHUVWDQGHQª,FKKDEHHLQH.OLQJHOJHVHKHQ© VDJWHHU ª'DQQLVWDOOHVNODU© :LUYHUDEVFKLHGHWHQXQV ,FKJLQJXPGLH(FNHKHUXP6XNRXQG%LOOZUGHQQRFK ZDUWHQXQGPLUHUVWPDO=HLWJHEHQGLH7U]XILQGHQGXUFK GLHLFKYRQGHU5FNVHLWHKHUGLH%DUEHWUHWHQNRQQWH 'LH6WUDHZDUHWZDVEUHLWHUDOVGLH*DVVHLQGHUGLH%DUODJ XQGHEHQIDOOVDXVJHVWRUEHQ (LQ:DJHQNDPPLUHQWJHJHQ(VZDUHLQ)DKU]HXJGHU 3ROL]HL)DVWODXWORVUROOWHHVYRUEHL /HLGHUHQWGHFNWHLFKNHLQH(LQIDKUW1XUGLFKWDQGLFKW VWHKHQGH+lXVHU (VEOLHEPLUQLFKWVDQGHUHVEULJDOVHLQHVGLHVHU+lXVHU]X GXUFKTXHUHQ 1LFKWZHLWHQWIHUQWVWUDKOWHHLQH/HXFKWUHNODPH!7KH 0RXVHIODFNHUWHGDLQUHJHOPlLJHQ$EVWlQGHQDXI:DVVR KDUPORVDXVVDKZDUHLQSROL]HLEHNDQQWHU6FKXSSHQLQGHP 3RUQRVWUHLIHQDOV7ULFNILOPHOLHIHQXQG=XKlOWHUVLFKUHJHO PlLJWUDIHQ

'LHVHQ/DGHQEHWUDWLFK .DXPKDWWHLFKGLH7UJH|IIQHWDOVLFKGDV6WLPPHQJHZLUU K|UWH(LQDOWHVYHUVWLPPWHV.ODYLHUTXlNWHXQGDQGHU:DQG OLHIJHUDGHHLQ3RUQRVWUHLIHQPLWEHNDQQWHQ0lUFKHQILJXUHQ 6FKQHHIOLWWFKHQXQGGLHVLHEHQ=ZHUJH 'LH*lVWHKDWWHQLKUHQ6SD1LHPDQGDFKWHWHDXIPLFK DOVLFKPLFKGXUFKGLH5HLKHQTXHWVFKWHHUVWGHQ7UHVHQDQ VWHXHUWHGDQQDEHUHLQHKDOEH.HKUWZHQGXQJPDFKWHXQGDXI GLH7U]XGHQ7RLOHWWHQ]XJLQJ :LGHUOLFKHU*HUXFKGUDQJPLUHQWJHJHQDOVLFKPHLQHQ)X LQHLQHQVFKPDOHQ*DQJVHW]WHPLWJUQJHVWULFKHQHQ:lQGHQ ]XEHLGHQ6HLWHQ9RUGHQ7RLOHWWHQEHIDQGHQVLFKJDUNHLQH 7UHQ'HU%RGHQVWDUUWHYRU6FKPXW])HKOWHQQXUQRFKGLH 5DWWHQ ,FKPXWHXPGLH(FNHJHKHQXQGVDKGLH+LQWHUWU'RFK GRUWKRFNWHMHPDQG (LQH:DFKHRGHUVR $OVGHU.HUODXIVWDQGNRQQWHLFK0LQGHUZHUWLJNHLWV NRPSOH[HEHNRPPHQ(UEHUUDJWHPLFKIDVWXPHLQHQ .RSI(U]HLJWHGDEHLHLQ*ULQVHQGDVVRIDOVFKZDUZLHGLH =lKQHPHLQHU7DQWH :HQQLFKDXIGHQ+RIZROOWHPXWHLFKDQLKPYRUEHL8QG GDVZUGH6FKZLHULJNHLWHQJHEHQ (UVWUHFNWHGLH+DQGDXVª+DVWZRKOYHUJHVVHQ]XEH]DKOHQ ZLH"© ª1HLQLFKKDEHJDUQLFKWVJHWUXQNHQ/DPLFKGXUFK© (UVFKWWHOWHGHQ.RSI $XIHLQH6FKOlJHUHLZROOWHLFKPLFKQLFKWHLQODVVHQLFKKlWWH DXFKGHQNU]HUHQ]LHKHQN|QQHQDEHUGXUFKPXWHLFK 'HVKDOE]RJLFKGLH%HUHWWD 3O|W]OLFKZXUGHQGLHWFNLVFKHQ$XJHQGHV$XISDVVHUVJDQ] JUR(UZXUGHJOHLFK]HLWLJEOD ª'UHKGLFKXP©EHIDKOLFK (UJHKRUFKWH 0HLQ6FKODJPLWGHP:DIIHQODXIWUDILKQQRFKLQGHU

'UHKXQJXQGGHU.HUOILHOODQJVDP]X%RGHQZRHUOLHJHQ EOLHEXQGVLFKQLFKWPHKUUKUWH ,FKVWLHJEHULKQKLQZHJVFKORGLH7UDXIXQGEHIDQG PLFKWDWVlFKOLFKLQHLQHP+RI(UZDUVWRFNILQVWHU )HKOWHPLUQXUQRFKGDLUJHQGZR7\SHQODXHUWHQGLHPLU DQGLH:lVFKHZROOWHQDEHUGDVZDUQLFKWGHU)DOO,FKKROWH PHLQHNOHLQH/DPSHKHUYRUXQGOLHGHQ6WUDKOZDQGHUQ 'DVZDUDXFKJXWVRGHQQLQGHU'XQNHOKHLWZlUHLFKVLFKHU OLFKJHJHQDOOGDV*HUPSHOXQGGHQ0OOJHODXIHQGHUDXI GHP+RIODJHUWH6RNRQQWHLFKDXVZHLFKHQ ,FKPXWH]ZHL0DXHUQEHUNOHWWHUQVW|UWHHLQLJH3DDUHGLH VLFKWURW]GHU.l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lOOHQDQ :LHDXFKKLHU $XI=HKHQVSLW]HQEHWUDWLFKGHQ)OXU'DQQKROWHLFKGDV .UHX]KHUYRUXQGQDKPGLH%HUHWWDLQGLHUHFKWH+DQG (VZDUQLFKWY|OOLJGXQNHO:HLWHUYRUQVDKLFKHLQHQURWHQ 6FKLPPHU8QGK|UWHDXFKGLH6WLPPHQ ª)ULVLH0RORFK)ULVLHDXIVLHJHK|UWGLU1LPPLKUGLH -XJHQGXQGGDV/HEHQ© 0LUUDQQHLQ6FKDXHUEHUGHQ5FNHQ-HW]WZXUGHHV K|FKVWH(LVHQEDKQ

&KDULW\+DLHZXUGHOHLFKHQEOD'DVZDUVHOEVWLQGHPKHUU VFKHQGHQ5RWOLFKW]XVHKHQ6LH]LWWHUWHZDQGWHLKUHQ.RSIXQG IOVWHUWH-DQH&ROOLQV]Xª6WW]PLFK-DQHELWWH© 'LH'HWHNWLYLQOHJWHLKUH+DQGDXI&KDULW\V6FKXOWHU,UHXV VDKGLH*HVWHXQGVFKOHXGHUWH-DQH]XU6HLWHª/DVLHLQ5XKH© IDXFKWHHUª-HW]WLVWVLHGUDQ© 'HU0RORFKKREGHQ6WDE(UQlKHUWHVLFKGDPLWGHU6WLUQGHV 0lGFKHQV ,UHXVODFKWHDXIª'XKDVWJHZlKOW©VDJWHHUªGDVLVWJXWGDV LVWVHKUJXW'DQQQLPPHQGOLFKLKU/HEHQ© ª1HLQ©VFKULH-DQHSO|W]OLFKª1HLQLKUGUIWVLHQLFKWW|WHQ /DWVLHOHEHQ© 6LHZROOWHYRUVWU]HQGRFKGDZDUHQGLH'LHQHUGHV 0RORFKVXQGJHJHQVLHKDWWHGLH'HWHNWLYLQNHLQH&KDQFH +DUWZXUGHVLH]XUFNJHULVVHQ ª+DOWHWVLHIHVW©VDJWH,UHXV 'LH0lQQHUIROJWHQGHU$XIIRUGHUXQJQXU]XJHUQ -DQH&ROOLQVZDQGVLFKXQWHULKUHQ*ULIIHQNRQQWHDEHUQLFKWV DXVULFKWHQ $XVVFKRFNJHZHLWHWHQ$XJHQVDKVLHZDVPLW&KDULW\+DLH JHVFKDK(VZDUJUDXHQKDIWXQGGLHQlFKVWHQ6HNXQGHQJH K|UWHQPLW]XGHQVFKOLPPVWHQLQLKUHP/HEHQ6LHHUOHEWH GLHVFKUHFNOLFKH0DJLHGHV0RORFKVXQGLKUZXUGHEHZXW ZHOFKHV6FKLFNVDODXFKLKUGURKWH 'LH6SLW]HGHV6WDEHVEHUKUWHJDQ]OHLFKWGLH6WLUQGHV 0lGFKHQV &KDULW\VFKULHDXI 6LH]XFNWH]XVDPPHQDOVKlWWHLKUMHPDQGHLQHQ3HLWVFKHQ VFKODJYHUSDW/HLFKWJLQJVLHLQGLH.QLHNUPPWHVLFKXQG ZROOWHEHLGH$UPHKHEHQGRFKVLHVFKDIIWHHVQLFKW ª'HLQH-XJHQGGHLQH.UDIWJLEVLHPLU©VFKULHGHU0RORFK 8QGGHU6WDEOHXFKWHWHSO|W]OLFKDXI 'LHJUQH)DUEHVFKLPPHUWHYRP$QIDQJELV]XP(QGH GXUFKVFKLHQ]XH[SORGLHUHQXQGEHUVFKZHPPWHZLHHLQH :RJHGDV0lGFKHQ&KDULW\+DLH

3O|W]OLFKZXUGHLKU.|USHUGXUFKVLFKWLJ-DQHVDKPLW 6FKUHFNHQMHGH$GHUGLHPLWJUQHP%OXWJHIOOW]XVHLQ VFKLHQGDVKLQXQGKHUSXOVLHUWH 'RFKDXFKGLHlXHUH+OOHGLH+DXWYHUlQGHUWHVLFK$XV &KDULW\+DLHZXUGHHLQHDOWH)UDX =XHUVWVFKLPPHUWHVLHQXUJUDXGDQQMHGRFK]HLJWHQVLFKGLH HUVWHQ)DOWHQGLHLPPHUWLHIHUZXUGHQXQGSO|W]OLFKUHJHOUHFKW 5LVVHELOGHWHQ :LHPLWHLQHP0HVVHUJHVFKQLWWHQIUDHQVLHVLFKLQGLH+DXW KLQHLQ&KDULW\VFKULHDXI6LHEUDFK]XVDPPHQXQGGHU 0RORFKYHUIROJWHPLWVHLQHPPDJLVFKHQ6WDEGHQ/DXILKUHV .|USHUV 'LH)UDXZXUGH]XU0XPLH 'LH+DDUHILHOHQDE$XVGHP%ORQGZDUHLQHVFKOLPPHJUDXH )DUEHJHZRUGHQ*DQ]H%VFKHOULHVHOWHQ]X%RGHQXQGGLH .RSIKDXWVFKUXPSIWH]XVDPPHQ 'HU0RORFKKDWWHLQGHU7DW&KDULW\+DLHGDV/HEHQDXVJH VDXJWXQGVLH]XHLQHUDOWHQJUHLVHQKDIWHQ)UDXJHPDFKWGLH MHW]WLPPHUPHKU]XVDPPHQVFKUXPSIWH'LH$UPHZXUGHQ NU]HUHEHQVRGLH%HLQH]XUFNEOLHEHQ)UDJPHQWHDXVGHQ )LQJHUQZXUGHQ6WXPPHOXQGDXVGHU+DXWHLQHGQQH 6FKLFKWGLHDQ3HUJDPHQWHULQQHUWHXQGSO|W]OLFK]HUEU|FNHOWH 6WDXEULHVHOWH]X%RGHQ *UDXHU6WDXE &KDULW\+DLHO|VWHVLFKDXI 8QG-DQH&ROOLQVVDKEHUHLWVGXUFKGLHGQQH3HUJDPHQWKDXW GLH.QRFKHQVFKLPPHUQ %OHLFKXQGZlFKVHUQ ,KU/HEHQHUORVFK 'DQQHLQOHW]WHUYHU]ZHLIHOWHU6HXI]HUHLQWLHIHU$WHP]XJ YRUEHL=XUFNEOLHEGLH0XPLH 8QGGHU0RORFKZDUJHVWlUNWZRUGHQ -DQH&ROOLQVEHUVFKZHPPWHGDV*UDXHQZLHHLQHJHZDOWLJH :RJH6LHNRQQWHHVJDUQLFKWIDVVHQHVZDULKUXQEHJUHLIOLFK VLHKDWWHNHLQH(UNOlUXQJ

'HU0RORFKWUDW]XUFN6HLQ6WDEO|VWHVLFKYRPHLQJH VFKUXPSIWHQ.RSIGHU0XPLH (UVDKGDVQHXH2SIHU -DQH&ROOLQV 6HLQJUlOLFKHV*HVLFKWYHU]HUUWHVLFK]XHLQHPE|VHQ /lFKHOQ 'LHUHFKWH+DQGVFKZDQJKHUXP 8QGPLWLKUGHUJHKHLPQLVYROOH6WDE 'LH'LHQHUGHV0RORFKVKDWWHQGLHYRUKHULJHVFKUHFNOLFKH 6]HQHDXVZHLWDXIJHULVVHQHQ$XJHQEHREDFKWHW)UVLHZDUHV %DOVDPJHZHVHQ -HW]WZDUWHWHQVLHDXIHLQHZHLWHUH(UVWDUNXQJ ª'HLQH6HHOH©VDJWHGHU0RORFKGHQQDXIHLQPDONRQQWHHU VSUHFKHQ(UUHGHWHPLWHLQHUKRKHQVFKULOOHQ6WLPPHª'HLQH 6HHOHZLOOLFKDOVQlFKVWHKDEHQ© -DQHZDUIHLQHQ%OLFNDXIGDVZDVYRQ&KDULW\+DLHEULJ JHEOLHEHQZDU 'LH0XPLHZDUQLFKWHLQPDOHLQHQKDOEHQ

,FKKDWWHGLHIRUGHUQGHQ:RUWHJHQDXYHUQRPPHQ*HVSURFKHQ YRQGHQ'LHQHUQGHV*UDXVDPHQKDWWHQVLHPHLQH5HDNWLRQ QXUQRFKEHVFKOHXQLJW$EHUHVJLQJQLFKWVRHLQIDFK,FK EHIDQGPLFKDXIIUHPGHP*HOlQGHXQGPXWHPLFKHUVWHLQ PDORULHQWLHUHQ )DVWZlUHLFKJHJHQHLQH:DQGJHODXIHQNRQQWHPLFKMHGRFK LPOHW]WHQ$XJHQEOLFNQRFKDEVWW]HQ /LQNVJLQJHVZHLWHU0HLQ)XVWLHJHJHQLUJHQGHWZDV %OHFKHUQHVGDVODXWVFKHSSHUQGGDYRQUROOWH'DQQULVNLHUWHLFK HVXQGVFKDOWHWHGLH/DPSHHLQ 'HUGQQH6WUDKOOHXFKWHWHGLHXQPLWWHOEDUH8PJHEXQJDXV ,FKEHIDQGPLFKLQHLQHPHQJHQ*DQJQDKPGHQW\SLVFKHQ 7RLOHWWHQJHUXFKZDKUXQGVWUHFNWHGHQ$UPDXV 'HU/DPSHQVWUDKOHUIDWHHLQH7UGLHVSDOWEUHLWRIIHQVWDQG 8QGGRUWYRQPLUDXVJHVHKHQKLQWHUGHU7UZDUHQDXFKGLH 6WLPPHQDXIJHNOXQJHQ (QGOLFKDP=LHO 'LH=HLWPHLQ6SUHFKIXQNJHUlWKHUYRU]XKROHQQDKPLFKPLU QRFK0LW]ZHL6lW]HQHUNOlUWHLFKGHP(LQVDW]OHLWHUGHU 3ROL]LVWHQZRLFKPLFKEHIDQG ª6ROOHQZLUVWUPHQ"© ª1HLQQXUGHQ5LQJHQJHU]LHKHQ© ª2ND\6LQFODLULFKYHUODVVHPLFKDXI,KU:RUW© ª'DVN|QQHQ6LHDXFK(QGH© (LJHQWOLFKPXWHQ6XNRXQG%LOODXFKVRZHLWVHLQ6LHKDWWHQ VLFKDOOHUGLQJVQLFKWJHPHOGHWPLUIHKOWHMHW]WDXFKGLH=HLW QRFKJURDUWLJPLWLKQHQ]XUHGHQ6LHZUGHQHVVFKRQ SDFNHQGDZDULFKPLUVLFKHU ,FKOLHGDV:DONLHWDONLHZLHGHUYHUVFKZLQGHQXQGQDKP VWDWWGHVVHQGLH%HUHWWDLQGLH+DQG'LH:DIIHZDUMHW]WZLFK WLJHU 'UHL6FKULWWHEUDFKWHQPLFKDQGLH7U 'HU6SDOWZDUOHLGHUQLFKWEUHLWJHQXJ:HQQLFKKLQGXUFK ZROOWHPXWHLFKLKQHUZHLWHUQ =XHUVWZDUILFKHLQHQ%OLFNKLQGXUFK

5RWHV/LFKW7\SLVFK%DU,FKVDKDXFK0HQVFKHQOHLGHUQXU GLH5FNHQYRQLKQHQ %HKXWVDPYHUEUHLWHUWHLFKGHQ7UVSDOW8QG]ZDUVRZHLW GDLFKPLFKKLQGXUFKVFKLHEHQNRQQWH 9RUPLUEHIDQGVLFKGLHKXIHLVHQI|UPLJH%DU8QGGDYRU ZLHGHUXPVDKLFKIQIEORQGKDDULJH0lGFKHQ 6LHVWDQGHQLQHLQHU5HLKHXQGZDQGWHQPLUGHQ5FNHQ]X 6LHZDUHQ]ZDUQLFKWQDFNWDEHUVLHWUXJHQQXUlXHUVWNQDSSH %LNLQLV0DQKlWWHVLHLPHUVWHQ$XJHQEOLFNIU7lQ]HULQQHQ KDOWHQN|QQHQ,FKZXWHEHVVHUZDVPLWLKQHQJHVFKHKHQVROO WH ,FKGXFNWHPLFK 1RFKLQGHU%HZHJXQJVDKLFKHVJUQDXIVWUDKOHQ(LQLQWHQ VLYHV/HXFKWHQGDVLPPHUVWlUNHUZXUGH 'LH0DJLHGHV0RORFKV" %HVWLPPW ,FKKDWWHLKQGHQ0RORFKQRFKQLFKWJHVHKHQ /DQJVDPHUKRELFKPLFKZLHGHUVRZHLWGDLFKEHUGLH%DU VFKDXHQNRQQWH ,FKEHZHJWHPLFKJOHLFK]HLWLJHLQSDDU6FKULWWHQDFKUHFKWV XPHLQHQEHVVHUHQ%OLFNZLQNHO]XKDEHQ 'HU0RORFKEHUUDJWHDOOH ,FKVDKLKQOHLGHUQXUYRQKLQWHQDEHULFKNRQQWHPLUYRU VWHOOHQZHOFKHLQHJUDXVLJH*HVWDOWGHQ0lGFKHQGDJH]HLJW ZXUGH,FKHQWGHFNWHDXFK,UHXVGHUVFKUlJOLQNVQHEHQGHP 0RORFKVWDQGGDKLQWHUVFKLPPHUWHQYHUVFKZRPPHQGLH *HVLFKWHUGHU0RORFK'LHQHU0HLQ+HU]PDFKWHHLQHQUDVFKHQ 6SUXQJDOVLFK-DQH&ROOLQVVDK 6LHVROOWHGDVQlFKVWH2SIHUGLHVHUXQKHLPOLFKHQ*HVWDOW ZHUGHQ 'HU0RORFKQlKHUWHGHQJUQVFKLPPHUQGHQ6WDEGHP *HVLFKWGHU'HWHNWLYLQ 8QDXIKDOWVDP ,FKKLHOWGHQ$WHPDQ 1RFKKDWWHPDQPLFKQLFKWJHVHKHQXQGPLUJHUHLFKWHHV

MHW]W]XP1DFKWHLOGDLQGHU%DUGDV/LFKWVRVFKOHFKWZDU,FK KDWWHYRUDXIGHQ6WDE]XVFKLHHQDEHUZUGHLFKLKQDXFK WUHIIHQ"%HLGHUVFKOHFKWHQ%HOHXFKWXQJZRKONDXP 8P-DQH&ROOLQV]XUHWWHQNRQQWHLFKQXUQRFKHLQVWXQ8QG GDVZDUZLUNOLFKGLHOHW]WH&KDQFH -DQHVDKGHQ6WDE :LHK\SQRWLVLHUWVFKDXWHVLHLKQDQ'LHJHIlKUOLFKH6SLW]HLQ GHUHLQHXQJHKHXUHPDJLVFKH.UDIWYHUERUJHQVHLQPXWHGLH GHQ0HQVFKHQGDV/HEHQXQGGLH6HHOHDXVVDXJWH -HW]WZDUVLHDQGHU5HLKH -DQHNRQQWHQLFKWZHJ'LH.DOWEOWLJNHLWGLHGLH'HWHNWLYLQ VRQVWDXV]HLFKQHWHZDUYHUVFKZXQGHQ-DQH&ROOLQVZDULQ GLHVHQ$XJHQEOLFNHQQXUHLQKLOIORVHV%QGHO$QJVW hEHUGHP6WDEVDKVLHGLH)UDW]HGHV0RORFKV'LHVHV VFKUHFNOLFKH*HVLFKWEOlXOLFKZHLVFKLPPHUQGYRQ*UDX VDPNHLWJH]HLFKQHW(LQH0LVFKXQJDXV7LHUXQG0RQVWHUHLQ PRQVWU|VHV*HVFK|SIHLQZLGHUOLFKHU*|W]H 'DV*LUOVSUWHEHUHLWVGLHJHIlKUOLFKH6WUDKOXQJGLHVHV 6WDEHV,KUH.UlIWHOLHHQQDFK(VILHOLKUQLFKWOHLFKWVLFKDXI GHQ%HLQHQ]XKDOWHQGLH.QLHZROOWHQQDFKJHEHQGHU$WHP GUDQJVFKZHUXQGNHXFKHQGEHULKUH/LSSHQ 1RFKHLQSDDU=ROOGDQQZUGHGDV0RQVWHUVHLQHQ6WDEDXI -DQHV6WLUQSUHVVHQ 8QGGDQQ" -DQHEUDXFKWHQXUQDFKOLQNV]XVFKLHOHQXP]XVHKHQZDV YRQ&KDULW\EULJJHEOLHEHQZDU (LQH0XPLH ª1HLLLLQQQ©EUOOWHVLHPLWHLQHU6WLPPHGLHVLFKIDVW EHUVFKOXJª,FKZLOOQLFKW© /DFKHQ 'DQQHLQH6WLPPHª9RUVLFKW-DQH© -RKQ6LQFODLU

,FKKDWWHZLUNOLFK]XPOHW]WHQ0LWWHOJHJULIIHQ6FKLHHQ NRQQWHLFKQLFKWDEHULFKKDWWHGDV.UHX] 8QGGDVVFKOHXGHUWHLFK ª9RUVLFKW-DQH©JHOOWHPHLQH6WLPPHQDFKGHPLFKGHQ 6FKUHLJHK|UWKDWWH ,FKZXWHQLFKWZLHVLHUHDJLHUHQZUGHLFKEHWHWHQXUGD PHLQ.UHX]GHQ6WDEWUHIIHQZUGH 2EHVJHVFKDKVDKLFKQLFKWGHQQPLWHLQHPJHZDOWLJHQ6DW] IODQNWHLFKEHUGLH%DUXQGVFKOHXGHUWH*OlVHU$VFKHQEHFKHU NOHLQH%OXPHQJHVWHFNH0L[EHKlOWHUXQG(LVZUIHO]X%RGHQ ,PQlFKVWHQ0RPHQWVSUDQJLFK,UHXVDQ 'HUKDWWHVLFKKDOEXPJHGUHKWZDUDEHUQLFKWVFKQHOOJHQXJ XQGZXUGHELVYRUGLH7DQ]IOlFKHJHVFKOHXGHUW )UHLQHQ0RPHQWKDWWHLFKIUHLH6LFKW 0LUZDUGDV*OFNZLUNOLFKKROGJHZHVHQ'DV.UHX]KDWWH GHQ6WDEJHWURIIHQ8QGGLHVHUZDUPLWVFKZDU]PDJLVFKHU 0DJLHDXIJHODGHQJHZHVHQGHQQQDFKGHP7UHIIHUKDWWHHU VHLQHJUQH)DUEHYHUORUHQ(UZLUNWHMHW]WZLHYHUNRKOW -DQHZDU]XVDPPHQJHVXQNHQXQGKDWWHLKUH+lQGHYRU GDV*HVLFKWJHSUHW6LHVFKDXWHPLFKGXUFKLKUHJHVSUHL]WHQ )LQJHUDQ 1HEHQLKUVDKLFKHLQHQJUDXHQ.|USHUDXIGHUNOHLQHQ 7DQ]IOlFKHOLHJHQHLQH0XPLH ,UHXVILQJVLFKDOVHUVWHUZlKUHQGGLH'LHQHUGHV0RORFKV QRFKJDUQLFKWULFKWLJEHJULIIHQGDVLFKGLH/DJHYHUlQGHUW KDWWH0LWHLQHUEOLW]VFKQHOOHQ%HZHJXQJWDXFKWHHU]XU6HLWH GRFKQRFKEHYRULFKLKQJUHLIHQNRQQWHZDUHUYHUVFKZXQGHQ 8QGGHU0RORFK" (UVWDQGKRFKDXIJHULFKWHWQHEHQGHUNQLHQGHQ-DQH&ROOLQV GLHGDVHLQ]LJULFKWLJHPDFKWHQDFKGHP.UHX]JULIIXQGHV KDVWLJDQVLFKQDKP 6LHZXUGHJHVFKW]W ª1LHPDQGUKUWVLFK©EUOOWHLFKXQGOLHIDXIGHQ0RORFK]X 'HUGUHKWHVLFKKHUXP 3O|W]OLFKVSUDQJPLUDXVVHLQHQ$XJHQIODPPHQGHU+DHQW

JHJHQ*OHLFK]HLWLJILHOGHU6WDEDXVHLQDQGHU,QPHKUHUHQ 7HLOHQODQGHWHHUDXIGHP%RGHQGHU7DQ]IOlFKH 'HU0RORFKJULIIDQ ,FKVFKR 'LHVHU6FKXZDUGHU$XIWDNW]XHLQHPXQJHKHXUHQ7XPXOW :lKUHQGGLH6LOEHUNXJHOHLQ/RFKLQGLH+DXWGHV0RORFKUL VFKULHQGLH'LHQHUZLOGGXUFKHLQDQGHU(VNDP]XHLQHU3DQLN 1LHPDQGWUDXWHVLFKDXIGLH7DQ]IOlFKHDXIGHUVLFK-DQHGHU 0RORFKXQGLFKEHIDQGHQ $EHUHLQH6WLPPHEHUW|QWHGDV*HVFKUHL ,UHXVEUOOWHª9HUUHFNHQLKUZHUGHWYHUUHFNHQ$OOH© :LHHUGDVPDFKHQZROOWHZXUGHXQVLQGHQQlFKVWHQ 6HNXQGHQNODU'LHNOHLQH7DQ]IOlFKHVHQNWVLFKQDFKXQWHQ 8QGZLUIXKUHQDXIGHUUXQGHQ6FKHLEHPLW (VJLQJLQGLH7LHIHHLQHV.HOOHUV ,FKNPPHUWHPLFKQLFKWXPGHQ0RORFKGHUDXIVHLQH :XQGHVWDUUWHZDUIPLFKQDFKOLQNVZRLFK-DQHVFKQDSSWH XQGVLHYRQGHU7DQ]IOlFKHVFKOHXGHUWH ª+DOWGDV.UHX]IHVW©VFKULHLFKª+DOWHHVXP+LPPHOV ZLOOHQIHVW© ª9HUUHFNHQYHUUHFNHQ©,UHXV 6WLPPHEHUVFKOXJVLFKYRU ZLOGHP+D ,FKNUHLVHOWHZLHGHUKHUXP 'HU0RORFKKDWWHVLFKKDOEDXIJHULFKWHW6HLQ*HVLFKW]LWWHUWH HLQH)UDW]HDXV+DXQG:DKQVLQQ *HLIHUWURSIWHDXVGHP0DXOXQGGHU:LOOH]XW|WHQKLHOWLKQ LPPHUQRFKXPNODPPHUW (UZDUIVLFKYRU :LHGHUVFKRLFK 6HLQHEUHLWH%UXVWILQJGLHJHZHLKWH6LOEHUNXJHODXI $EHUPDOVTXROOHLQJHOEOLFKVFKLPPHUQGHUGLFNHUVLUXSDUWLJHU 6DIWDXVVHLQHU:XQGH(UZDUXQJHKHXHUVWDUNGHQQGLH 6LOEHUNXJHOQKDWWHQLKQQRFKQLFKWXPJHEUDFKW 8QGQRFKLPPHUVFKULH,UHXV :DVPHLQWHHUPLWYHUUHFNHQ"

,FKVROOWHHVLQGHUQlFKVWHQ6HNXQGHHUIDKUHQ 3O|W]OLFKK|UWHLFKXQWHUPLUHLQ=LVFKHQ(LQH3UHOXIW IODVFKH.DXPKDWWHLFKPLFKPLWGLHVHP*HGDQNHQYHUWUDXW JHPDFKWDOVGDVDXVVWU|PHQGH*DV)HXHUILQJ $OVLFKHLQHQ%OLFNQDFKXQWHQZDUIVDKLFKHLQHQHWZD NQLHKRKHQEOlXOLFKVFKLPPHUQGHQ)ODPPHQWHSSLFKGHUEHU HLQHP*DVURVW]LWWHUWH 'LHVH)ODPPHQVROOWHQXQVYHUQLFKWHQ -HW]WZXWHLFKZDUXP,UHXVVRVLHJHVVLFKHUZDU 'LH+LW]HHUIDWHPLFK8QGDXFKGLH3DQLN'HU5DQGGHV UHWWHQGHQ)XERGHQVZDUHWZD]ZHL
'DEHLGDFKWHLFKHUZUGHVLFKDXIPLFKZHUIHQGRFK,UHXV KHFKWHWHDQPLUYRUEHL ,P)DOOHQEUOOWHHUª,FKNRPPHLFKNRPPH]XGLU© 'DQQZDUHUYHUVFKZXQGHQ ,UHXVKDWWH6HOEVWPRUGEHJDQJHQ(UZROOWH]XVDPPHQPLW VHLQHP*HVFK|SIVWHUEHQ ,FKZLUEHOWHKHUXPDOVLFKHLQH+DQGDQPHLQHP$UP VSUWH ª1DQDQXUQLFKWVRKHNWLVFK©VDJWH%LOO&RQROO\XQG JULQVWH ª$OOHVNODU"©IUDJWHLFK ª8QGZLH©HUZLGHUWH%LOOZREHLHUQDFKYRUQGHXWHWH,FK VDKGLH3ROL]LVWHQXQGDWPHWHDXI *HVFKDIIW 3O|W]OLFKILHOPLUMHPDQGXPGHQ+DOV -DQH&ROOLQV ,QDOOGHP7UXEHOEHGDQNWHVLHVLFKEHLPLUIULKUH5HWWXQJ XQGHVPDFKWHLKUQLFKWVDXVGDVLHVRJXWZLHQDFNWZDU hEHULKUH:DQJHQUDQQHQ7UlQHQLFKVSUWHGLH1lVVHXQG EHGHFNWHLKUH/LSSHQPLW.VVHQ :LUZDUHQJHUHWWHW)U&KDULW\+DLHKDWWHHVQLFKWPHKU JHUHLFKW8QGZHQQVLFKGHU0RORFKDQGHUVHQWVFKLHGHQXQG VLFK-DQH]XHUVWYRUJHQRPPHQKlWWHZlUHDXFKLFK]XVSlW JHNRPPHQ 6RKDWWHQZLUXQZDKUVFKHLQOLFKHV*OFNJHKDEW,FKIKUWH -DQH&ROOLQVZHJGHQQDXIGHUQDFKXQWHQJHVXQNHQHQ 7DQ]IOlFKHVSLHOWHVLFKHLQHJUDXHQKDIWH6]HQHDE ,FKVDKHVLP:HJJHKHQ ,UHXVGHUZDKUVFKHLQOLFKDXFKGDV*DVJH]QGHWKDWWH XPNODPPHUWHVHLQ*HVFK|SI*HPHLQVDPJLQJHUPLWGHP 0RORFKLQGHQ7RG 6FKLFNVDO ,FKZDUIURKGDHVQLFKW-DQHXQGPLFKJHWURIIHQKDWWH

9RQ/RJDQ&RVWHOORGHP%UXGHUKDEHQZLUQLFKWVJHK|UW /RJDQKLHOWVLFKKHUDXV(UZDUYLHO]XJHZLW]WXPHWZDV]X]X JHEHQ$EHULUJHQGZDQQGDZDULFKPLUVLFKHUZUGHQZLU DXFKLKQSDFNHQ:HQQLFKQLFKWGDQQPHLQH.ROOHJHQDXI GHUHQ/LVWHHUMDVHLWODQJHPVWDQG :LUIHLHUWHQ-DQHV5HWWXQJ$OOHUGLQJVQLFKWLQHLQHU%DU VRQGHUQLQHLQHPQHXHU|IIQHWHQ)UHORNDO:LUNOLFK)UH ORNDOGHQQZDVHVGDIU3RUWLRQHQJDEGDVZDUVFKRQEHL QDKHSHUYHUV ,FKVFKDIIWHVLHDOOH (LQHQ7DJVSlWHUODJLFKIODFK=XP*OFNZDU6RQQWDJXQG VRKDWWH6FRWODQG

Der Moloch

Der Moloch

Der Moloch

Der Moloch

Der Moloch

Der Moloch

Der Moloch

Der Moloch

Der Moloch

Der Moloch

Der Moloch

Der Moloch

Der Moloch von Balmoral

Der Moloch von Balmoral

Moloch

Moloch

Moloch

Moloch

Der Moloch von Balmoral

Der Moloch von Balmoral

Der Schwimmende Moloch

Der Schwimmende Moloch

Der schwimmende Moloch

Der schwimmende Moloch

Moloch

Moloch

Moloch

Der Moloch. Eine kritische Geschichte der USA

Der Moloch. Eine kritische Geschichte der USA

Los Moloch

The Curse of the Moloch

The Curse of the Moloch

Der Ruf der Trommel

Der Ruf der Trommel

Der Ruf Der Trommel

Der Ruf Der Trommel

Der Fluch der Sphinx

Der Fluch der Sphinx

Der Ruf der Trommel

Der Ruf der Trommel

Our partners will collect data and use cookies for ad personalization and measurement. Learn how we and our ad partner Google, collect and use data. Agree & close