Der Seelen-Vampir

'(56((/(19$03,5 9RUXQVJlKQWHGHU6FKOXQG (LQHGVWHUHXQKHLPOLFKH7LHIHVFKZDU]ZLH7LQWHXQG HLQHQ*HUXFKDXVVWU...

Author: Dark Jason

5 downloads 442 Views 210KB 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

'(56((/(19$03,5 9RUXQVJlKQWHGHU6FKOXQG (LQHGVWHUHXQKHLPOLFKH7LHIHVFKZDU]ZLH7LQWHXQG HLQHQ*HUXFKDXVVWU|PHQGGHUDQIDXOLJHVEUDFNLJHV:DVVHU HULQQHUWHXQGLQGHPDXFKQRFKHLQHDQGHUH.RPSRQHQWHPLW VFKZDQJ /HLFKHQJHUXFK ª8QGGDVROOHQZLUUXQWHU"©IUDJWH6XNR ,FKKREGLH6FKXOWHUQª:LUGXQVZRKOQLFKWVDQGHUHVEULJ EOHLEHQ© 0HLQ)UHXQGXQG.ROOHJHVFKDXWHVLFKXP+LQWHUPLUXQG MHW]WYRULKP|IIQHWHVLFKGDV*HZ|OEH(LQHXQWHUGHU(UGH OLHJHQGH)HOVKDOOHYRU-DKUKXQGHUWHQHQWVWDQGHQPLW*HU|OO EHUVlWXQGPLWHLQHPVFKPDOHQHLQJHIXUFKWHQ%HWWHLQ =HLFKHQGDKLHUHLQPDOHLQVFKlXPHQGHU)OXVHLQHQ:HJ JHIXQGHQKDWWH :RGDV/LFKWXQVHUHU/DPSHQQLFKWPHKUKLQUHLFKWHJDEHV GLH(LVHQOHLWHU6LHNODPPHUWHVLFKDQGDVUDXKHULVVLJH *HVWHLQXQGIKUWHQDFKREHQZRGHU:LQGXPGLHNDQWLJHQ JUDXHQ)HOVHQMDXOWH 'DYRQZDULQGLHVHU7LHIHQLFKWV]XPHUNHQ%LVDXIXQVHUH 6WLPPHQZDUHVUXKLJ 6XNRGUHKWHVLFKZLHGHUXP'HU6WUDKOVHLQHU/DPSHIDQG MHW]WGHQ(LQJDQJGHVYRUXQVOLHJHQGHQ6FKDFKWVULHLQHQ EUHLWHQKHOOHQ6WUHLIHQLQGLH6FKZlU]HGHUVLFKYHUGRSSHOWH DOVLFKHEHQIDOOVKLQXQWHUOHXFKWHWH (LQH7UHSSH 6WXIHQGLHPDQNDXPPHKUDOVVROFKHEH]HLFKQHQNRQQWH (LJHQWOLFKPHKU)UDJPHQWH(VZDUOHEHQVJHIlKUOLFKGRUW KLQDE]XVWHLJHQDEHUZLUZXWHQNHLQHQDQGHUHQ:HJXQG PXWHQGHVKDOEGLHVHQQHKPHQ ª:HUJHKW]XHUVW"©6XNRVFKDXWHPLFKDQ ª,PPHUGHUGHUIUDJW©HUZLGHUWHLFKXQGJULQVWHPHLQHP )UHXQGDXIPXQWHUQG]X ª/HXWHVFKLQGHU©EHVFKZHUWHHUVLFKª$EHUPLWPLUNDQQVW GXHVMDPDFKHQ©

ª(EHQ© 6XNRGUFNWHVLFKDQPLUYRUEHL(UZXUGHQRFKYRUVLFKWLJHU DOVHUVHLQHQUHFKWHQ)XDXIGLHHUVWH6WXIHVHW]WHXQGGDV *HZLFKWHLQZHQLJYHUODJHUWH ª6FKHLQW]XKDOWHQ©PXUPHOWHHU ª'DQQDE© (LQ*HOlQGHUJDEHVQLFKW,PVSLW]HQ:LQNHOOHXFKWHWHQZLU QDFKXQWHQDOVZLUGLHIHXFKWHQEU|FNOLJHQ6WXIHQLQGLHXQV XQEHNDQQWH7LHIHVWLHJHQ 0LWWOHUZHLOHKDWWHQZLUXQVDQGHQVFKHXOLFKHQ*HUXFK JHZ|KQWREZRKOVLFKEHLPLUQRFKLPPHUGHU0DJHQ XPGUHKWHGRFKGDUDQZDUQXQQLFKWVPHKU]XlQGHUQ %HLGHKRIIWHQZLUDP(QGHGHU7UHSSHGHQ(UIROJYRU]XILQ GHQGHQZLUXQVZQVFKWHQ (VJLQJXP7RWH2GHU)DVW7RWHGHQQHVZDUHWZDVSDVVLHUW GDVPDQDOVVFKHXOLFKHV9HUEUHFKHQEH]HLFKQHQNRQQWH$OV ZLUGDYRQK|UWHQZROOWHQZLUHVHUVWJDUQLFKWJODXEHQ ,UJHQGMHPDQGVWDKOVWHUEHQGH0HQVFKHQDXV.UDQNHQ KlXVHUQ1LFKWQXUHLQH3HUVRQZDUYHUVFKZXQGHQVRQGHUQ PLWWOHUZHLOHYLHU=ZHL)UDXHQXQG]ZHL0lQQHU -XQJH/HXWHZRKOJHPHUNWGLHDQHLQHUXQKHLOEDUHQ .UDQNKHLWOLWWHQRGHUGXUFKHLQHQ9HUNHKUVXQIDOOVRVFKZHU YHUOHW]WZRUGHQZDUHQGDNHLQH+RIIQXQJPHKUEHVWDQG 'LHVDOOHVJHVFKDKLQHLQHUGVWHUHQ(FNHYRQ&RUQZDOO GLFKWDQGHU.VWHZRGLH'|UIHUQRFKZHLWDXVHLQDQGHUJH ]RJHQZDUHQXQGGLH0HQVFKHQPHKUIUVLFKOHEWHQ (VZlUHNDXPDXIJHIDOOHQZHQQQLFKWHLQDOWHU3IDUUHU 9HUGDFKWJHVFK|SIWKlWWH-DKUH]lKOWHGHU0DQQHUZDU EHUXIOLFKQLFKWPHKUWlWLJLQRIIL]LHOOMHGRFKEHVXFKWHHUGLH 0HQVFKHQGLHLKPLKUH6RUJHQXQG1|WHDQYHUWUDXWHQ'HU 3IDUUHUHUIXKUYRQGHQPDNDEUHQ!'LHEVWlKOHQXQGHUZROOWH ZLVVHQZDVGDKLQWHUVWHFNWH (LQ:RUWZDUJHIDOOHQ0DQKDWWHHVQXUIOVWHUQGHUZlKQW DEHUGHU3IDUUHUKDWWHHV|IWHUJHK|UW 'HU6HHOHQ9DPSLU

'LHVH+RUURUJHVWDOWYRQGHUNHLQHUZXWHZLHVLHEHU KDXSWDXVVDKXQGGLHYLHOOHLFKWQXUHLQ0lUFKHQZDUVROOWHGLH 6FKZHUNUDQNHQHQWIKUWKDEHQ 'HU3IDUUHUODFKWHGLH0HQVFKHQQLFKWDXV(UVWHOOWH 1DFKIRUVFKXQJHQDXIHLJHQH)DXVWDQ1DFKZRFKHQODQJHP 6XFKHQIDQGHUKHUDXVGDGLHWRGNUDQNHQ0HQVFKHQLQGHQ )HOVHQZLUUZDUUGHU.VWHJHVFKOHSSWZRUGHQZDUHQXQGGRUW YHUVFKZDQGHQ 'HU3IDUUHUHQWGHFNWHDXFKGLH+|KOH$EHUHUZDUNOXJ JHQXJXPVLFKHLQ]XJHVWHKHQGDHUDOOHLQQXQQLFKWPHKU ZHLWHUNRQQWH$OVRLQIRUPLHUWHHUGLH3ROL]HL 'HU/DQG*HQGDUPKlWWHVLFKHUOLFKQLFKWVXQWHUQRPPHQ GHVKDOEZDQGWHVLFKGHU*HLVWOLFKHDQXQVDQ6FRWLDQG
ª6RUU\-RKQDEHUZRIKUWGLH7UHSSHGHLQHU0HLQXQJQDFK KLQ":RNRPPHQZLUUDXV"© ª:HQQLFKGDVZWHKlWWHLFKPLFKGDXQWHQDXIJHEDXW XQGGLFKLQ(PSIDQJJHQRPPHQ© ª0HLQ*RWWZDVELVWGXZLHGHUJUDQWLJ© ª*HKZHLWHU'LFNHU© $XFKLFKVHW]WHPHLQHQ)XZLHGHUYRU(VZDUHLQUHJHO UHFKWHV7DVWHQ'LHVHYHUIOXFKWH7UHSSHNRQQWHPDQPLWHLQHP $OSWUDXPYHUJOHLFKHQ6LHSDWHPLUEHUKDXSWQLFKWXQG LPPHUZLHGHUOLHIHQZLU*HIDKUDXIGHPIHXFKWHQ8QWHUJUXQG DE]XUXWVFKHQ 6XNROHXFKWHWHGLUHNWYRUVHLQH)HZlKUHQGLFKGHQKHOOHQ 6WUDKODQLKPYRUEHLXQGZHLWHULQGLH'VWHUQLVJOHLWHQOLH 'HVKDOEVDKLFKDXFK]XHUVWGDV(QGHGHU7UHSSH ª:LUKDEHQHVJOHLFKJHVFKDIIW©IOVWHUWHLFK6XNR]X2EHQ LQGHP*HZ|OEHKDWWHMHGHVJHVSURFKHQH:RUWLUJHQGZLHVHOW VDPQDFKJHKDOOWKLHUXQWHQLQGHUVWLFNLJHQ/XIWZDUHQVLHQXU VFKZHU]XYHUVWHKHQ 6XNRKREHLQZHQLJGHQ.RSIª9LHOLVWQLFKW]XVHKHQ© ª9RUDOOHQ'LQJHQNHLQH0HQVFKHQ© ª+DVWGXYLHOOHLFKWGHQ6HHOHQ9DPSLUKLHUHUZDUWHW"© ª'DVQLFKWJHUDGH$EHUGRFKPHKUDOVMHW]W]XVHKHQLVW© ª9LHOOHLFKWHUOHEHQZLUQRFKHLQHhEHUUDVFKXQJ© :LUKDWWHQXQVZHLWHUKLQQXULP)OVWHUWRQXQWHUKDOWHQ 2EZRKOZLUEHLGHQLFKWGDUEHUVSUDFKHQVSUWHQZLUGHQ QRFKGDVLFKGLHXQVXPJHEHQGH$WPRVSKlUHLUJHQGZLHYHU lQGHUWKDWWH1DWUOLFKZDUGLH/XIWVFKOHFKWHUJHZRUGHQDEHU HVJDEQRFKHWZDVDQGHUHVQLFKW*UHLIEDUHVZDVJHIlKUOLFK XQGXQVLFKWEDULQGLHVHP6FKDFKWODXHUWH 'DV*UDXHQ *HQDXGLHVHUXQKHLPOLFKH*DVWEHJOHLWHWHMHGHQXQVHUHU 6FKULWWH,FKKDWWHGDV*HIKODOVZUGHQZLUXQVGHP =HQWUXPHLQHVVFKUHFNOLFKHQ6FKDXSODW]HVQlKHUQZRHLQH XQKHLPOLFKH%UXWHLQJHIlKUOLFKHV(UEHKLQWHUODVVHQKDWWH ,FKVSUWHHVNDOWEHUPHLQHQ5FNHQODXIHQ:LUZDUHQ

EHUHLWRKQH=|JHUQ]XXQVHUHQ:DIIHQ]XJUHLIHQZHQQHVGLH 6LWXDWLRQHUIRUGHUWH 1RFKJHVFKDKQLFKWV 6XNRXQGLFKHUUHLFKWHQXQDQJHIRFKWHQGDV(QGHGHU7UHSSH XQGNRQQWHQXQVXPVFKDXHQ :LUEOLHEHQYRUGHUOHW]WHQ6WXIHVWHKHQ*HPHLQVDP VFKZHQNWHQZLUGLH/DPSHQXQGIDQGHQXQVLQHLQHUQRFK WLHIHUOLHJHQGHQ+|KOHZLHGHU /HHUZDUVLHQLFKW ª:DVLVWGDVGHQQ"©IOVWHUWH6XNRDOVHU]XU6HLWHJLQJXQG DXIHLQHQ+DXIHQDOWHU/XPSHQGHXWHWHGLHLQHLQHU(FNHGHU +|KOHODJHQ ,FKVWDQGJQVWLJHUXQGWUDWQlKHU 0LWGHU/DPSHGHXWHWHLFKDXIGLH.OHLGXQJVVWFNH 0HLQH/LSSHQYHU]RJHQVLFKDOVLFKGLH/XPSHQHUNDQQWH 1HLQPDQNRQQWHVLHQLFKWDOV.OHLGXQJVVWFNHEH]HLFKQHQ :DVZLUGD]XVHKHQEHNDPHQZDUHQDOWH+HPGHQ /HLFKHQKHPGHQ ,FKNDQQWHVLHJHQDXGHQQGLHVH+HPGHQ]RJPDQGHQ 7RGNUDQNHQLQPDQFKHQ+RVSLWlOHUQEHU6LHZDUHQSUDNWLVFK GHUOHW]WH%HZHLVGDHVPLWGHP.UDQNHQ]X(QGHJLQJ (VNRVWHWHPLFKhEHUZLQGXQJPHLQHQ.|USHU]XEHXJHQ XQGPLWGHUIUHLHQ+DQGHLQHVGHU+HPGHQ]XSDFNHQXQG KRFK]XKHEHQ(VIDOWHWHVLFKDXVHLQDQGHUZLUVDKHQJHOEHXQG JUDXH)OHFNHQDXIGHP6WRIIDEHUDXFKGXQNHOURWH6SULW]HU ª'DVLVWMD%OXW©IOVWHUWH6XNRGHUQHEHQPLFKJHWUHWHQZDU -DHVZDU%OXWGDVGDDP.UDJHQGHV+HPGHVNOHEWH,FK OLHGDV7RWHQKHPG]XU6HLWHIODWWHUQXQGVFKDXWHPLUDXFKGLH DQGHUHQDQ 6LHVDKHQIDVWDOOHJOHLFKDXV ,QGLHVHP*HZ|OEHZDUHWZDV6FKUHFNOLFKHVSDVVLHUWGDV VWDQGIUXQVIHVW :LUGXUFKVXFKWHQHV1LFKWZHLWYRQGHQ/HLFKHQKHPGHQ HQWIHUQWIDQGHQZLUHLQH/LHJH(LQDOWHV)HOGEHWWGDVDXVVDK DOVKlWWHPDQHVYRP6SHUUPOOJHKROW

(LQH0DWUDW]HODJDXIGHQ6SUXQJIHGHUQ6LHZDU]XP7HLO ]HUULVVHQXQG]HLJWHJHOEOLFKH)OHFNHQ$XHUGHPVWU|PWHVLH HLQHVWDUNHQ9HUZHVXQJVJHUXFKDXV ª:HUKDWKLHUJHKDXVW"©IUDJWH6XNRXQGVFKDXWHPLFKDQDOV RELFKLKPGLH$QWZRUWJHEHQNRQQWH ª,FKZHLHVQLFKW© ª8QGZRKLQLVWGHURGHUVLQGGLHMHQLJHQYHUVFKZXQGHQ"© IUDJWHGHU,QVSHNWRUZHLWHU 'LHVH)UDJHZDUJXW:LUKDWWHQQLHPDQGHQJHVHKHQ'HQ :HJGHQZLUJHNRPPHQZDUHQKDWWHQXQVHUHXQEHNDQQWHQ *HJQHUDOVRQLFKWJHQRPPHQ(VNRQQWHQRFKHLQHQDQGHUHQ $XVJDQJJHEHQ ª+|UVWGXQLFKWV"©IUDJWH6XNRSO|W]OLFK ª1HLQZLHVR"© (UGHXWHWHLQGLH5XQGH ª'DLVWGRFKHLQVWHWLJHV%UDXVHQGDVLUJHQGZRLPPHU JOHLFKNOLQJW© 'HU6FKHLQVHLQHU/DPSHPDFKWHVHLQH%HZHJXQJPLWXQG VWULFKJHLVWHUKDIWEHUGLHKRKHQ:lQGH 6XNRKDWWHUHFKW$XFKLFKK|UWHHV=XYRUZDUHVPLUQLFKW DXIJHIDOOHQª(VNDQQQXUGDV0HHUVHLQ©IROJHUWHLFK 'HU0HLQXQJZDUDXFK6XNR ª:LUEHILQGHQXQVDOVRLQ+|KHGHV0HHUHVVSLHJHOV©VDJWH LFKZHLWHUXQGEHUOHJWHHLQHQ0RPHQWª(VZlUHHLJHQWOLFK JDQ]QDWUOLFKZHQQVLFKGLH%HQXW]HUGHU+|KOHHLQHQ]ZHL WHQ$XVJDQJYHUVFKDIIWKlWWHQ'HQQVRQVWVlHQVLHIDOOVPDO HWZDVVFKLHIJHKWLQGHU)DOOH© ª%UDYRJURHU0U+ROPHV©OREWHGHU&KLQHVHª%HJHEHQ ZLUXQVDOVRDXIGLH6XFKH© 'HU9RUVFKODJZDUJXW:LUWHLOWHQXQVGLH$UEHLW6XNR QDKPGLHYRQGHU7UHSSHDXVJHVHKHQOLQNH+lOIWHGHU+|KOH LQ$XJHQVFKHLQLFKGLHDQGHUH 'HU%RGHQZDUIHVWGDJDEHVNHLQH6SXUHQGLHDXIHLQHQ $XVJDQJKLQJHGHXWHWKlWWHQ(VEOLHEHQGLH:lQGH0LWGHP *ULIIXQVHUHU%HUHWWDVNORSIWHQZLUVLHDE

:LUJLQJHQGDEHLPHWKRGLVFKYRU=ROOIU=ROOYRQXQWHQ QDFKREHQZREHLLFKLQ.RSIK|KHDXIK|UWH,FKZDUWHWHGDU DXIGDHVKRKONODQJ%HLPLUQLFKWDEHUEHL6XNR ,FKK|UWHGDV*HUlXVFKXQGGUHKWHPLFKXP6XNROHXFKWHWH JHJHQHLQHEHVWLPPWH6WHOOHGHU:DQGª'DLVWHWZDV© HUNOlUWHHU ª8QGGXELVWGLUVLFKHUGDGXQLFKWJHJHQGHLQHQ.RSI JHVFKODJHQKDVW"©IUDJWHLFKZlKUHQGLFK]XLKPJLQJ ª'DVKlWWHVLFKDQGHUVDQJHK|UW© ª:LHGHQQ"© ª9ROOHU© ª-D6WURKKDOOWQLFKWVR©VDJWHLFKXQGNORSIWHHEHQIDOOV JHJHQGLHEHZXWH6WHOOHDQGHU:DQG 0HLQ3DUWQHUKDWWHVLFKQLFKWJHWlXVFKW'RUWNODQJHV WDWVlFKOLFKKRKO'HPQDFKPXWHVLFKKLQWHUGHP6WHLQHLQH gIIQXQJEHILQGHQ1XUZLHEHNDPHQZLUGDV/RFKIUHL" 6XNRZDULQGLH.QLHJHJDQJHQ(UOHXFKWHWHGHQXQWHUHQ7HLO GHU:DQGDEXQGDXFKHLQ6WFNGDYRUGHQ%RGHQ ,FKEHVFKlIWLJWHPLFKPLWGHUREHUHQ+lOIWHXQGK|UWHSO|W] OLFK6XNRVOHLVHV/DFKHQ ª:DVLVWORV"©IUDJWHLFK ª,FKKDEHZDVJHIXQGHQ(LQHQ+HEHO.RPPVFKDXGLUGDV PDODQ$OWHU© ,FKNQLHWHQHEHQ6XNRXQGVDKGRUWZRGHU%RGHQXQGGLH :DQGLPUHFKWHQ:LQNHO]XVDPPHQVWLHHQWDWVlFKOLFKGHQ NOHLQHQ+HEHO(UJOlQ]WHPDWWXQGZLUNRQQWHQIHVWVWHOOHQ GDHUDXV0HWDOOEHVWDQG ª/lWHUVLFKEHZHJHQ"© ª'DVZROOWHLFKVRHEHQKHUDXVILQGHQ©6XNRIDWHPLW]ZHL )LQJHUQQDFKGHP+HEHOGUFNWHLKQQDFKUHFKWVXQGDXFK QDFKOLQNV'DVKHLWHUZROOWHHVDEHUGDV'LQJUKUWHVLFK QLFKWYRQGHU6WHOOH (VZDUZLHLQDOWHQ6SXNVFKO|VVHUQPLWHLQJHEDXWHQ *HKHLPJlQJHQ8QVKDWWHHLQHILHEULJH6SDQQXQJHUIDWXQG DOVPHLQ3DUWQHUGHQ+HEHO]XVLFKKHUDQ]RJGDWDWVLFKHWZDV

,QQHUKDOEGHU0DXHUHQWVWDQGHLQJHZDOWLJHV.QLUVFKHQ 6WHLQNUDW]WHDXI6WHLQ=ZLVFKHQGHQ+lOIWHQEHIDQGHQVLFK 6WDXEXQGNOHLQH6WHLQNUPHOXQGOHW]WHUHZXUGHQ]HUPDOPW 'DVGDEHL]XK|UHQGH*HUlXVFKOLHHLQH*lQVHKDXWEHU XQVHUH5FNHQULHVHOQ 'HU.XWWHUWUDQVSRUWLHUWHHLQHPDNDEUH)UDFKW(VVWDQGHQYLHU SHFKVFKZDU]H6lUJHDQ'HFN6lUJHLQGHQHQGLH*HVFK|SIH ODJHQGLHPDQDOVWRWEH]HLFKQHQNRQQWH 8QGGLH%HVDW]XQJGHV6FKLIIHVEHVWDQGDXV:HVHQGLHHEHQ IDOOVLQV5HLFKGHU6FKDWWHQJHK|UWHQ $P5XGHUVWDQGHLQH)UDX *DQ]LQ/HGHUZDUVLHJHNOHLGHW(VKDWWHGLHJOHLFKHGXQNOH )DUEHZLHLKU+DDU]ZLVFKHQGHVVHQ6WUlKQHQGDVEOHLFKH *HVLFKWPLWGHPKDOERIIHQHQ0XQGOHXFKWHWH $XVGHQ/LSSHQVWDFKHWZDV+HOOHV(VUDJWHDXVGHP2EHU NLHIHUKHUYRUXQGZDUQHEHQGHU0DVFKLQHQSLVWROHHLJHQWOLFK GDV0DUNHQ]HLFKHQGLHVHUVFKZDU]PDJLVFKHQ3HUVRQ 'LH)UDXZDUHLQ9DPSLU 8QGVLHK|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lKOWHQQRFK;RUURQ +HUUGHU*KRXOVXQG=RPELHVVRZLH9DPSLURGHOPDUGHU VLFK.DLVHUGHU9DPSLUHQDQQWH

8QGGLHVHU8UDOW9DPSLUEHIDQGVLFKHEHQIDOOVDQ%RUG $XILKQJLQJHLJHQWOLFKDOOHV]XUFN(UKDWWHGDIUJHVRUJW GD/DG\;LQGLHVHP7HLOYRQ&RUQZDOODNWLYZXUGHGHQQ 9DPSLURGHOPDUKDWWHVLFKDQJHZLVVH'LQJHHULQQHUWGLHWLHI LQVHLQHU9HUJDQJHQKHLWODJHQ 8QGGDZDULKPHLQ1DPHDXIJHIDOOHQ 7DUUDVFRGHU6HHOHQVDXJHU (LQKHLPOLFKHV0RQVWHUYRQGHP]DKOUHLFKH/HJHQGHQ EHULFKWHWHQXQGGDVLPPHUGDQQDXIWDXFKWHZHQQ0HQVFKHQ LP6WHUEHQODJHQ6REDOGGHU7RGVLHHUHLOWHUL7DUUDVFRGLH 6HHOHQDQVLFKXPVRZHLWHUH[LVWLHUHQ]XN|QQHQ 'DVZDULP3ULQ]LSDOOHV /DG\;LQWHUHVVLHUWHVLFKGDIUDOVVLHGDYRQK|UWH8QGVLH KDWWHGLH=XVWLPPXQJJHJHEHQQDFK&RUQZDOO]XIDKUHQXP 7DUUDVFRGRUW]XVXFKHQ6LHKDWWHQLKQJHIXQGHQ7LHILQGHQ )HOVHQYHUERUJHQLQHLQHU+|KOHZRHUVHLQHPVFKUHFNOLFKHQ 7UHLEHQXQJHVW|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lFKHXQGZDUHQNDXP]XVHKHQ 'RFKGLH8QWRWHKDWWH*OFN6LHHUUHLFKWHPLWLKUHUVFKDX ULJHQ)UDFKWGDV0HHURKQHHLQH+DYDULHJHKDEW]XKDEHQ$OV VLHGDQQ6FKULWWHKLQWHUVLFKK|UWHZDQGWHVLHVLFKXP

9DPSLURGHOPDUNDP )XUFKWHUUHJHQGVDKHUDXV(LQULHVLJHVJHIlKUOLFKHV 0RQVWHUGDV*HVLFKW]HUULVVHQXQG]HUIXUFKWLQGHQ$XJHQHLQ XQKHLPOLFKHV/HXFKWHQXQGGLHEHLGHQ9DPSLU]lKQHUDJWHQ ZLHODQJHJHERJHQH6WDKOVWLIWHDXVVHLQHP2EHUNLHIHUVRGD VLHIDVWDQGLH=lKQHHLQHV6lEHO]DKQWLJHUVHULQQHUWHQ /DG\;OLHLKUH%OLFNHEHUGLH*HVWDOWGHV0RQVWHUVJOHLWHQ ª:DVZLOOVWGX"©IUDJWHVLH ª%OXW© (VZDUHLQVFKZHUHVbFK]HQGDVDXVGHP0DXOGHV8UDOW 9DPSLUVGUDQJXQGGLH6FRWWODFKWHKlPLVFKª'DVNDQQLFK PLUYRUVWHOOHQDEHUHVJLEWQLFKWV© ª:LUKDEHQYLHUDQ%RUG©HUZLGHUWHGHU ª'LHVLQGWRW© 9DPSLURGHOPDUEDOOWHGLHNUlIWLJHQ3UDQNHQ]X)lXVWHQ ª'XGHQNVWQXUDQGLFK/DG\;$EHULFKELQDXFKGDXQGLFK PX%OXWKDEHQXPH[LVWLHUHQ]XN|QQHQ© ª'DVNULHJVWGX© ª:DQQ"© ª:HQQZLUGDVLQG© 'DODFKWHHUJUROOHQGDXIª:LUKDEHQQRFK7DJHYRUXQVVR ODQJHNDQQLFKQLFKWZDUWHQ© ª'DVPXWGX© ª1HLQ©VFKULHHUXQGGUHKWHVLFKXP0LWZXFKWLJHQ 6FKULWWHQYHUOLHHUGHQ6WHXHUVWDQGXPVLFKDQ'HFN]XEH JHEHQ /DG\;VFKDXWHLKPQDFKGHQNOLFKKLQWHUKHU9RQ%HJLQQDQ KDWWHLKU9DPSLURGHOPDUQLFKWJHIDOOHQ'DPDOVDOVVLHQRFK DOVPHQVFKOLFKHV0LWJOLHG]XU0RUGOLJD]lKOWHKDWWHGHU8UDOW 9DPSLULKU%OXWJHZROOWZDUDEHUQLHDQVLHKHUDQJHNRPPHQ ZHLO'U7RGVLHQRFKJXWVFKW]WH'XUFKHLQ9HUVHKHQZDU /DG\;HEHQIDOOV]XP9DPSLUJHZRUGHQXQGVWDQGQXQDXI GHUJOHLFKHQ6WXIHZLH9DPSLURGHOPDUGRFKVLHKDWWHGLH )KUXQJGHU0RUGOLJDDQVLFKJHULVVHQ 6RZLH/XSLQDYRQHLQHP,PSHULXPGHU:HUZ|OIHWUlXPWH

GDFKWH/DG\;DQHLQH$OOLDQ]GHU9DPSLUH%HYRUHVVRZHLW ZDUPXWHVLHQRFK*HJQHUDXVGHP:HJUlXPHQGLHLKU JHIlKUOLFKZHUGHQNRQQWHQ1LFKWQXU-RKQ6LQFODLUGHU *HLVWHUMlJHUJHK|UWHGD]XHVH[LVWLHUWHQDXFKDQGHUHDXIGHU :HOWGLH-DJGDXIVLHPDFKHQZUGHQXQGGLH:DIIHQEHVDHQ GLHPDQ]HUVW|UHQPXWH (LQHUGLHVHU0lQQHUOHEWHLQ5XPlQLHQ 0DUHNKLHHU 0DQQDQQWHLKQDXFK0DUHNGHQ3IlKOHU 'LHVHU1DPHVDJWHHLJHQWOLFKJHQXJ0DUHNGHU3IlKOHU KDWWHHVVLFK]XU$XIJDEHJHPDFKWGLH%OXWVDXJHU]XMDJHQZR HUVLHIDQG(UZDUVFKRQHLQlOWHUHU0DQQDEHUVHLQ(UEHYHU JDHUQLFKWhEHUGLH-DKUKXQGHUWHKDWWHVHLQH)DPLOLH]XGHQ 9DPSLUMlJHUQJHK|UWXQGGHU(LFKHQSIORFNPLWGHPHUGLH %OXWVDXJHUW|WHWHZDUXUDOW(UKDWWHLKQYHUHUEWEHNRPPHQ HLQ0DUHNJDEGLHVHQ3IDKOLPPHUZHLWHU6HLQHQlOWHVWHQ6RKQ ZHLKWHHUMHZHLOVNXU]YRUVHLQHP7RGLQGLH*HKHLPQLVVHGHU 9DPSLUMDJGHLQXQGVRZDUEHUGLH-DKUKXQGHUWHKLQZHJGHU 1DPH0DUHN]XHLQHU'URKXQJIUGLH%OXWVDXJHUJHZRUGHQ 'DVZXWHDXFK/DG\;XQGVLHKDWWHVLFKYRUJHQRPPHQ GLHVHQ1DPHQDXV]XO|VFKHQ 'LHVDOOHUGLQJVZDUQLFKWVRHLQIDFK6LHPXWHHUVW (UNXQGLJXQJHQHLQ]LHKHQ1DWUOLFKZXWH-RKQ6LQFODLUEHU 0DUHN%HVFKHLGLKQDEHUKlWWHVLHQLHIUDJHQN|QQHQGHVKDOE KDWWHVLHVLFKDQHLQHQ+HOIHUJHZDQGWGHUDXIGHQ1DPHQ 7DUUDVFRK|UWH (UVWDPPWHDXV5XPlQLHQXQGZDUYRUODQJHUODQJHU=HLW DXVGLHVHP/DQGJHIORKHQDOVHVHLQHP0DUHNIDVWJHOXQJHQ ZlUHLKQ]XYHUQLFKWHQ0LWHLQHP.XWWHUXQGYHUVWHFNWLQ HLQHP/DGHUDXPZDUHUQDFK(QJODQGJHODQJWZRLKQNHLQHU NDQQWHXQGHUVHLQHQVFKDXULJHQ7ULHEZHLWHUKLQQDFKJHKHQ NRQQWH %OXWZROOWHHUQLFKW (UZDUHEHQGHU6HHOHQVDXJHUXQGVFK|SIWHDXVLKQHQGLH .UDIWGLHHUEHQ|WLJWHXPZHLWHUKLQH[LVWLHUHQ]XN|QQHQ(V

ZDU]XHLQHU%HJHJQXQJ]ZLVFKHQ/DG\;XQGLKPJHNRP PHQ*XWZDUDXFKGD9DPSLURGHOPDUYRQ7DUUDVFRZXWH VRKDWWHHUIU/DG\;VSUHFKHQN|QQHQ 9RQ7DUUDVFRKDWWHGLHHKHPDOLJH7HUURULVWLQHUIDKUHQZRVLH 0DUHNGHQ3IlKOHUILQGHQNRQQWH$QVRQVWHQYHUEDQGGLH EHLGHQVFKZDU]PDJLVFKHQ:HVHQQLFKWVPHKU 1XUHLQHQ*HIDOOHQKDWWH/DG\;GHP6HHOHQVDXJHUQRFK HUZHLVHQPVVHQ6LHVROOWHGLH/HLFKHQPLWQHKPHQXPVLH LUJHQGZRGHPWLHIHQ0HHU]XEHUJHEHQ 6l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lQ]X ILQGHQGHUGLHVHVFKZDU]PDJLVFKHQ*HVFK|SIHRKQHODQJH ]XIUDJHQDQ%RUGQDKP hEHUXQVHQWVWDQGHLQHgIIQXQJ'HUJURH6WHLQPHKUHLQH KHUDXVJHVFKQLWWHQHGLFNH3ODWWHZXUGHLQHLQHQ*DQJJH VFKREHQGHUXQVGXQNHOXQGILQVWHUHQWJHJHQJlKQWH :LUWDWHQQRFKQLFKWVEOLHEHQHUVWHLQPDOVLW]HQXQGOHXFK WHWHQLQGHQ*DQJKLQHLQ 'DZLUGDV(QGHGHV6WROOHQVQLFKWVDKHQODJDQGHP .QLFNGHQHUEHVFKULHE$EHUZLUK|UWHQGDV5DXVFKHQGHXW OLFKHUIUXQVHLQ%HZHLVGDVLFKGLHgIIQXQJ]XP0HHUKLQ QLFKWPHKUZHLWHQWIHUQWEHIDQG

$XIUHFKWNRQQWHQZLUQLFKWJHKHQ:LUPXWHQVFKRQGLH .|SIHHLQ]LHKHQ 'LHVPDOJLQJLFKYRU*HGXFNWEHZHJWHLFKPLFKEHU*HU|OO ZHLWHU0LUILHOHQ7URSIHQLQGHQ1DFNHQGDVLFKDQGHU'HFNH )HXFKWLJNHLWJHVDPPHOWKDWWH'DV:DVVHUIDQGVHLQHQ:HJ XQGUDQQXQDQJHQHKPNDOWPHLQHQ5FNHQKLQDE 6FKRQEDOGKDWWHLFKGHQ.QLFNHUUHLFKWVFKDXWHQDFKYRUQ DWPHWHDXIXQGGUHKWHPLFK]X6XNRKLQXPª,FKVHKHGHQ $XVJDQJ©HUNOlUWHLFK 'DVZDU]ZDUHLQZHQLJEHUWULHEHQLP3ULQ]LSVWLPPWHHV MHGRFK9RUPLUVDKLFKHLQHQKHOOHUHQ)OHFNGXUFKGHQVLFK DOOHUGLQJVHLQLJHGXQNOH6FKDWWHQ]RJHQ (VZDUHQ=ZHLJHHLQHVVSHUULJHQ%XVFKHVGHUGHQ$XVJDQJ GHV6WROOHQVWDUQWH 0LWEHLGHQ+lQGHQGUFNWHLFKGDV=HXJ]XU6HLWHKDWWH IUHLH6LFKWXQGVSUWHVFKRQGLH1lVVHZLHVLHDOV6SUKJHJHQ PHLQ*HVLFKWJHZHKWZXUGH 6XNRGUFNWHHLQH+DQGLQPHLQHQ5FNHQª*HKVFKRQ RGHUZLOOVWGXKLHUIHVWZDFKVHQ"© ª'DVKDWWHLFKQLFKWYRU©,FKVFKREPHLQHQ.|USHUZHLWHU JHODQJWHDXIWURFNHQHQ*UXQGXQGVDKEHUHLWVGLHJHZDOWLJHQ )HOVHQGLHKLHUGHQ6WUDQGPDUNLHUWHQ (VZDUHQEHUPDQQVJURH.O|W]HGLHEL]DUUH6FKDWWHQ ZDUIHQhEHUKDXSWLPSRQLHUWHPLUGLHJHVDPWH.XOLVVHGLH VLFKXQVHUHQ$XJHQERWXQGZLUEHLGHEOLHEHQVWHKHQXPGDV %LOGLQXQVDXI]XQHKPHQ 'DZDUHUVWHLQPDOGHU+LPPHO (U]HLJWHHLQHVHOWVDPH)DUEH*UDXVDKHUDXVDEHUDXFK QRFKKHOOGHQQKLQWHUGHQODQJHQGQQHQ:RONHQPXWH QRFKGDV/LFKWHLQHUXQWHUJHKHQGHQ1RYHPEHUVRQQHODXHUQ GLHVRYLHO.UDIWKDWWHXPGXUFKGLH:RONHQ]XVFKHLQHQ =XGHPZHKWHHLQVWDUNHU:LQGhEHUIDOODUWLJKLHEHUJHJHQ XQVZKOWHGLH+DDUHDXIXQGVSLHOWHPLWXQVHUHU.OHLGXQJ 9RUXQVZXFKVHQGLH)HOVHQLQGDV0HHUKLQDXVXQGVWDUNH :HOOHQUDQQWHQJHJHQGHQ6WUDQGDQZREHLVLHYRQGHQLQV

0HHUZDFKVHQGHQ)HOVHQJHEURFKHQZXUGHQXQG]XHLQHU %UDQGXQJKRFKVFKlXPWHQ 'LHKHOOHQODQJHQ6FKDXPVWUHLIHQTXLUOWHQ]ZLVFKHQGHQ )HOVHQHLQQLHDEUHLHQGHU:DVVHUYRUKDQJVWDQGLQGHU/XIW XQGHUVWGLFKWYRUXQVHUHQ)HQYHUOLHIVLFKGDVOHW]WH:DVVHU $XFKJODXEWHQZLUDXIGHP:DVVHUHLQHQGXQNOHQ*HJHQ VWDQG]XVHKHQ6XNRPDFKWHPLFKGDUDXIDXIPHUNVDPZREHL HUJOHLFK]HLWLJVHLQHQ3ODW]YHUOLHXQGDXIHLQHQGHUK|FKVWHQ )HOVHQVWLHJ9RQGRUWZLQNWHHUPLU ,FKYHUVWDQGGDV=HLFKHQXQGIROJWHLKP 1HEHQLKPEOLHELFKVWHKHQ9RQGLHVHU6WHOOHDXVKDWWHQZLU HLQHQJXWHQhEHUEOLFNXQGMHW]WHQWGHFNWHLFKGDV%RRWHEHQ IDOOV(VKDWWHQXUZHQLJH/LFKWHUJHVHW]W'HU6WHXHUPDQQ VFKLHQVLFKLQQHUKDOEGLHVHV*HZlVVHUVNDXPDXV]XNHQQHQ GHQQGHU.DKQEHZHJWHVLFK]LHPOLFKGLFKWEHLGHQJHIlKU OLFKHQ.OLSSHQ :LHLFKVFKRQHUZlKQWHHVZDUHLQVHOWVDPHV/LFKWGDVDQ GLHVHP7HLOGHU.VWHKHUUVFKWH(LQ=ZLHOLFKWGDVDOOH .RQWXUHQKDUWXQGEHUGHXWOLFKKHUYRUWUHWHQOLHXQGGHV KDOENRQQWHQZLUDXFKELV]XP6FKLIIVFKDXHQ (WZDVVWDQGDQ%RUG =XHUVWJODXEWHQZLUEHLGHDQHLQH7lXVFKXQJGDQQDEHU VDKHQZLUGLH*HJHQVWlQGHJHQDXHU ª'DVVLQG.LVWHQ©PHLQWH6XNR (UPXWHODXWVSUHFKHQGDPLWHUYRQPLUYHUVWDQGHQZXUGH (EHQVRODXWJDELFK]XUFNª.LVWHQVLQGHV$OWHUDEHU JDQ]EHVRQGHUHZHQQPLFKPHLQ+RO]DXJHQLFKWWlXVFKW 'XKDVWGRFKGHQEHUKPWHQ)DONHQEOLFNDOVRVFKDXPDO JHQDXKLQ© .HLQHPYRQXQVEHLGHQZDUZRKO]XPXWHXQGLFKVSUWH GHQ6FKDXGHUGHUPHLQHQ.|USHUHUIDWKLHOW:DVLPHUVWHQ $XJHQEOLFNZLH.LVWHQZLUNWHZDUHQLQ:LUNOLFKNHLW6lUJH 9LHU6lUJHVWDQGHQDQ'HFN ,FKVFKOXFNWH ª'DPLWKlWWHLFKQLFKWJHUHFKQHW©6XNRVSUDFKHVDXVXQG

VFKDXWHPLFKGDEHLDQª9HUGDPPWHU0LVWGDVLQGZLU]XVSlW JHNRPPHQ'LHKDEHQGLH+|KOHPLWGHPPDNDEUHQ'LHEHV JXWJHUlXPW©0HLQ)UHXQGVFKDXWHPLFKDQª:DVPDFKHQ ZLUMHW]W":LUKDEHQNHLQ%RRW© ª:LUDODUPLHUHQGLH.VWHQZDFKW0LWGHUDOWHQ%DUNDVVH VLQGVLHGHQPRGHUQHQ%RRWHQXQWHUOHJHQ/RVNRPP©,FK GUHKWHPLFKXPZROOWHYRP)HOVHQVSULQJHQDOVLFKHLQHQ %OLFNHVZDUUHLQ]XIlOOLJLQGLH+|KHZDUI 0DQNHQQWMDGLH6WHLONVWHQ&RUQZDOOVYRQ]DKOUHLFKHQ %LOGHUQXQG)RWRJUDILHQ6LHVHKHQDXVZLHKHOOHLQGHU0LWWH GXUFKJHVFKQLWWHQH%HUJHGLHVHJHZDOWLJHQVLFKGHP+LPPHO HQWJHJHQVFKUDXEHQGHQ:lQGHGLHSUDNWLVFKGHP9HUODXIGHU .VWHIROJHQXQGVLHQDFK]HLFKQHQ6LHVLQGRIW+XQGHUWHYRQ

ZLUXQWlWLJPLWDQVHKHQZLHGHU3IDUUHULPPHUZHLWHUDXIGHQ 5DQGGHUKRKHQ.OLSSH]XJHGUFNWZXUGH (VZDUJUDXHQKDIW ,FKK|UWH6XNRVSUHFKHQYHUVWDQGMHGRFKVHLQH:RUWHQLFKW 6HLQ*HVLFKW]HLJWHHLQHVHOWVDPJUDXH)DUEHXQGLFKZXWH GDLFKEHVWLPPWQLFKWDQGHUVDXVVDK 'HU3IDUUHUNRQQWHHVQLFKWVFKDIIHQ(UZDUHLQIDFK]XDOW XQGDXFK]XVFKZDFK :LUK|UWHQVHLQHQ6FKUHL 'HU0DQQPXWHHLQHVRJURH$QJVWDXVVWHKHQGDGHU 6FKUHLVRJDUGDV5DXVFKHQGHU%UDQGXQJEHUW|QWH8QGHV ZDUGHUOHW]WH6FKUHLLQVHLQHP/HEHQGHQQSO|W]OLFKUXGHUWH GHU0DQQPLWGHQ$UPHQWUDWQDFKKLQWHQPDFKWHJHQDX HLQHQ6FKULWW]XYLHOXQGVFKDIIWHHVQLFKWGDV*OHLFKJHZLFKW]X EHKDOWHQ (UILHO :LHHLQH3XSSHVDKHUDXVDOVHUZlKUHQGGHV)DOOVPLW $UPHQXQG%HLQHQZLUEHOWH8QGGLHVPDOGUDQJNHLQ6FKUHL EHUVHLQH/LSSHQ6WXPPUDVWHHULQGHQ7RG 'LH=HLWLQGHUHUVLFKLQGHU/XIWEHIDQGZDUQLFKW]XVWRS SHQ)UPLFKMHGRFKZXUGHQGLHVFKUHFNOLFKHQ6HNXQGHQ]X HLQHU(ZLJNHLW'DQQZDUGHU.|USHU]ZLVFKHQGHQ)HOVHQYHU VFKZXQGHQ :LUK|UWHQGDV$XISUDOOJHUlXVFKQLFKWGHQQGDVGRQQHUQGH 5DXVFKHQGHU%UDQGXQJEHUW|QWHDOOHVDEHUGHU3IDUUHUKDWWH NHLQH&KDQFHGHQ)DOO]XEHUOHEHQ 9RU*UDXHQJHVFKWWHOWEOLHEHQZLUDXIGHP)OHFNVWHKHQ VWDUUWHQ]XP)HOVUDQGKRFKXQGZDUWHWHQDXIVHLQHQ0|UGHU 'HU]HLJWHVLFK (UEHVDGLHXQJHKHXUH)UHFKKHLWVLFKDQGHQ5DQGGHV )HOVHQV]XVWHOOHQXQGLQGLH7LHIH]XVFKDXHQ'DEHLHUIDWH LKQHLQ:LQGVWRXQGZLUEHOWHHLQHQODQJHQGXQNOHQ0DQWHO LQGLH+|KHVRGDGHU0|UGHUDXVVDKZLHHLQHVFKZDU]H )OHGHUPDXV ,PQlFKVWHQ$XJHQEOLFNK|UWHQZLUVHLQ/DFKHQ

(VZDUVRWULXPSKLHUHQGODXWXQGJHOOHQGGDHVVRJDUGDV 7RVHQGHU%UDQGXQJEHUW|QWH'DEHLKLHOWHUGHQUHFKWHQ$UP YRUJHVWUHFNWGLH+DQGZDU]XU)DXVWJHEDOOWXQGHUGURKWH XQVPLWHLQHUILQVWHUHQ*HElUGH1RFKHLQPDOODFKWHHUJHOOHQG DXIGDQQGUHKWHHUVLFKXPXQGYHUVFKZDQG :LUVFKDXWHQXQVDQ ,Q6XNRV$XJHQVFKLPPHUWHHVIHXFKW8QVHUH+LOIORVLJNHLW KDWWHVHOEVWLKQJHVFKRFNW$XFKLQPHLQHP+DOVVWHFNWHHLQ .ORLFKZDUHLQIDFKQLFKWLQGHU/DJHPLFKGXUFK:RUWHYHU VWlQGOLFK]XPDFKHQ=XWLHIVDGHU6FKUHFNHQ 1XU]|JHUQGKRELFKGHQ$UPXQGGHXWHWHGRUWKLQZRGHU 3IDUUHUXQJHIlKUOLHJHQPXWH 6XNRZDUHLQYHUVWDQGHQ(UIROJWHPLUDOVLFKYRUJLQJ:LU NRQQWHQQLFKWQRUPDOJHKHQVRQGHUQPXWHQYRQ)HOVHQ]X )HOVHQVSULQJHQ0HLQH%HLQH]LWWHUWHQGDEHL'HQXQKHLP OLFKHQ0|UGHU]XYHUIROJHQKlWWHNHLQHQ6LQQJHKDEWVHLQ 9RUVSUXQJZDUHLQIDFK]XJUR 6FKOLHOLFKHUUHLFKWHQZLUGHQ2UW'HU:LQGKDWWHGHQ IDOOHQGHQ0DQQDEJHWULHEHQ(UODJGRUWZRGLH5HVWHGHV VFKlXPHQGHQ:DVVHUVDEOLHIHQ :LUVWHOOWHQXQVUHFKWVXQGOLQNVGHV3IDUUHUVDXI,KP NRQQWHNHLQHUPHKUKHOIHQ 6HLQ*HVLFKWZDUVHOWVDPHUZHLVHQLFKWYHUOHW]W(VODJLP :DVVHUGLH$XJHQZDUHQDXIJHULVVHQXQGDXIGHQ=JHQ ODVHQZLUQRFKLPPHUGHQ6FKUHFNHQGHQGHU*HLVWOLFKHLQGHQ OHW]WHQ6HNXQGHQVHLQHV/HEHQVHUOLWWHQKDWWH 'LHVHV%LOGSUlJWHVLFKEHLPLUHLQ 6XNRVFKLHOWHLQGLH+|KH 'HU0|UGHUEHIDQGVLFKQLFKWPHKUGRUW/HHUSUlVHQWLHUWH VLFKGLH)HOVNDQWH ª:HUZDUHV"©VFKULH6XNRSO|W]OLFKª9HUGDPPWZHUKDW GDVJHWDQ"© 0LFKKDWWHGDV(QWVHW]HQYHUVWXPPHQODVVHQGHVKDOEKRE LFKQXUGLH6FKXOWHUQ ª'HU6HHOHQ9DPSLU"©

ª0|JOLFK©,FKZXWHQLFKWHLQPDORE6XNRGDV:RUWYHU VWDQGHQKDWWHGHQQLFKGUHKWHPLFKEHUHLWVXPXQGVFKDXWH GRUWKLQZRGLH)HOVHQLQGDV0HHUKLQDXVZXFKVHQ :LUKDWWHQGDV6FKLIIJHVHKHQXQGGDQDFKVXFKWHLFK'LH 8PULVVHKlWWHLFKPLWGHQHQHLQHV)LVFKNXWWHUVYHUJOHLFKHQ N|QQHQDEHUZLUVDKHQYRQGHP%RRWQLFKWVPHKU'LH 'XQNHOKHLWKDWWHHVYHUVFKOXFNW (VZDULQ]ZLVFKHQILQVWHUHUJHZRUGHQ'LH.DQWHQGHU )HOVHQWUDWHQQLFKWPHKUVRGHXWOLFKKHUYRUVLHELOGHWHQMHW]W KRKHVHOWVDP]HUIOLHHQGH*HJHQVWlQGHXQGGDVDXVODXIHQGH 0HHUZDVVHU]ZLVFKHQLKQHQ]HLFKQHWHKHOOHVFKDXPLJH 6WUHLIHQ :LUPXWHQZLHGHU]XUFN ,FKGHXWHWHGRUWKLQZRKHUZLUJHNRPPHQZDUHQ6XNR QLFNWHHUZDUHLQYHUVWDQGHQ ,QGLHVHP0RPHQWO|VWHQVLFKDXVGHU'XQNHOKHLW]ZHL JHZDOWLJH6FKDWWHQ6HHY|JHOVLQGQLFKWVRJUR8QG6HHY|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lKHODVVHQVRQVWYHUJDVLFK8UDOW9DPSLUY|OOLJXQGILHO EHUGDV2SIHUKHU

(UZXUGHXQNRQWUROOLHUEDU /DG\;VSLHOWHPLWGHP*HGDQNHQLKQDXV]XPHU]HQ6LH ZRJLPPHU|IWHU9RUXQG1DFKWHLOHGLHVHV0RQVWHUVDE %LVKHUKDWWHVLHVLFKQRFKQLFKWGD]XEHUZLQGHQN|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lQLHQHUUHLFKWH 'DV5XGHUKLHOWVLHIHVWXPNODPPHUW'LH%OLFNHDXVLKUHQ NDOWHQ$XJHQJOLWWHQEHUGDV0HHUGDVVLFKDOVJHZDOWLJH ZRJHQGH)OlFKHYRULKUDXVEUHLWHWH (VZDULQ]ZLVFKHQGXQNHOJHZRUGHQ$XIGHU:DVVHUIOlFKH VFKLPPHUWHQNHLQH/LFKWHUIUGLH6FRWWHLQ%HZHLVGDVLFK NHLQH6FKLIIHXQWHUZHJVEHIDQGHQ $QGDV6FKDXNHOQGHV.XWWHUVKDWWHVLHVLFKOlQJVWJHZ|KQW 6LHPHUNWHHVEHUKDXSWQLFKWPHKUXQGZHQQHLQH:HOOHTXHU DQOLHIJOLFKVLHGLHVHQ6FKODJGXUFKHLQJHVFKLFNWHV'UHKHQ LKUHV.|USHUVUDVFKZLHGHUDXV 'DQQK|UWHVLHHLQDQGHUHV*HUlXVFK (LQZLOGHUXULJHU6FKUHLGUDQJDQLKUH2KUHQXQGVLH NDQQWHQXUHLQHQGHULKQKlWWHDXVVWRHQN|QQHQ 9DPSLURGHOPDU /DG\;VWHOOWHGDV5XGHUIHVWJULIIQDFKLKUHU0DVFKLQHQ SLVWROHXQGUDQQWHDXVGHP6WHXHUKDXV

)OHGHUPlXVH9DPSLUH *HZDOWLJH6FKDWWHQGLHGHQGXQNOHUZHUGHQGHQ+LPPHO QRFKPHKUYHUGVWHUWHQ :RNDPHQVLHKHU" 'LHVH)UDJHQVWHOOWHQZLUXQVEHYRUZLUQDFKUHFKWVXQG OLQNVJHGXFNWZHJWDXFKWHQXP]ZLVFKHQGHQ)HOVHQ'HFNXQJ ]XVXFKHQ 6LHMDJWHQPLWGHP:LQGKHUDQ(UWULHEGLHVHJHZDOWLJHQ *HVFK|SIHYRUDQGLHLKUH6FKZLQJHQDXVJHEUHLWHWKDWWHQXQG EHUGLH0HHUHVREHUIOlFKHVHJHOWHQ:DKUVFKHLQOLFKKDWWHQVLH XQVVFKRQHQWGHFNWGHQQVLHQDKPHQGLUHNWHQ.XUVDXIXQV ,FKNDQQWH:HVHQGLHVHU$UW6FKRQGHV|IWHUHQKDWWHLFKVLH JHVHKHQXQGDXFKJHJHQVLHJHNlPSIWZREHLHV6XNRXQGPLU JHOXQJHQZDU]DKOUHLFKHYRQLKQHQ]XYHUQLFKWHQ 'LH5LHVHQIOHGHUPlXVHDXFKURWH9DPSLUHJHQDQQWJHK|U WHQ]X9DPSLURGHOPDUHLQHP0LWJOLHGGHU0RUGOLJD'LHVHU 8UDOW9DPSLUZDUHLQ7RGIHLQGYRQXQV9RUXQHQGOLFKODQJHU =HLWKDWWHQGLHURWHQ9DPSLUHHLQPDODXIVHLQHU6HLWHJHVWDQ GHQZDUHQGDQQLQGHQODQJHQ6FKODIJHIDOOHQXQGZLHGHU HUZHFNWZRUGHQ (LQVVWDQGIHVW:HQQVLHLQGHU1lKHZDUHQGDQQZDU 9DPSLURGHOPDUHEHQIDOOVQLFKWZHLW 'DVDOOHVJLQJPLUGXUFKGHQ.RSIEHYRULFKPLFK]ZLVFKHQ GHQ)HOVHQLQ'HFNXQJZDUI'LH%HUHWWDKDWWHLFKOlQJVWJH ]RJHQGHQQPLWJHZHLKWHQ6LOEHUNXJHOQNRQQWHQZLUGHQ %OXWVDXJHUQDQGHQ.UDJHQJHKHQXQGVLHYHUQLFKWHQ 9RQ6XNRHQWGHFNWHLFKNHLQH+DDUVSLW]HNRQQWHPLUMHGRFK YRUVWHOOHQGDHULQHEHQVRJXWHU'HFNXQJODJZLHLFKXQGGLH 5LHVHQYDPSLUHQLFKWDXVGHQ$XJHQOLH ,FKGDFKWHDQ9DPSLURGHOPDUXQGZHQQLFKDQ9DPSLUR GHOPDUGDFKWHILHOPLUDXWRPDWLVFK/DG\;HLQ 7DUUDVFR9DPSLURGHOPDUXQG/DG\; (LQ'UHLHFNGDVVLFKYRUPHLQHPJHLVWLJHQ$XJHDXIEDXWH 1XUIUDJWHLFKPLFKLQZHOFKHU9HUELQGXQJVLHPLWHLQDQGHU VWDQGHQ"

'LH%OXWVDXJHUNDPHQQlKHU 6FKDXULJVDKHVDXVZLHVLHLKUH6FKZLQJHQEHZHJWHQXQG GLH*XQVWGHV:LQGHVDXVQXW]WHQ+LQWHULKQHQVWDQGZLHHLQH /HLQZDQGHLQGXQNHOJUDXHU+LPPHOXQWHULKQHQEHIDQGVLFK GLHVFKZDU]H)OlFKHGHV0HHUHVGLHQXUGRUWODQJHKHOOH 6WUHLIHQ]HLJWHZRGDV:DVVHUYRQGHQ)HOVHQJHEURFKHQ ZXUGH )UHLQHQ6FKXZDUGLH(QWIHUQXQJ]ZDUJQVWLJLFKKLHOW GHQQRFKLQQHXQGZROOWHHUVWIHXHUQZHQQGLH5LHVHQYDPSLUH QRFKQlKHUKHUDQZDUHQ 6XNRGDFKWHlKQOLFKDXFKHUKLHOWVLFKYRUHUVW]XUFNXQG IDVWVDKHVVRDXVDOVZUGHQVLFKGLHEHLGHQVFKZDU] PDJLVFKHQ:HVHQEHUKDXSWQLFKWIUXQVLQWHUHVVLHUHQ 6LHEOLHEHQEHUGHP0HHUVWLHJHQK|KHUXQG]RJHQGRUW LKUH.UHLVH,FKPXWHPHLQHQ.RSILQGHQ1DFNHQOHJHQXQG O|VWHPLFKDXVGHU'HFNXQJVRGDLFKGLH9DPSLUHMHW]W EHVVHUYHUIROJHQNRQQWH 6XNRKDWWHHVPLUQDFKJHPDFKW(UZLQNWHPLUVRJDU]XDOV HUDXIHLQHUHWZDVVFKUlJDEIDOOHQGHQ)HOVSODWWHVWDQG(UULHI ª9HUVWHKVWGXGDV-RKQ"© ª1HLQ©,FKEHJDEPLFKVSULQJHQGXQGKSIHQG]XPHLQHP )UHXQGXQG.ROOHJHQ'LH)HOVHQZDUHQJODWW0DQFKPDOODJ DXILKQHQHLQHJUQHJOLWVFKLJH6FKLFKWVRGDLFKDFKWJHEHQ PXWHQLFKWDXV]XUXWVFKHQ ª'DVWLPPWGRFKZDVQLFKW-RKQ©HUNOlUWH6XNRXQGGHXWHWH LQGLH+|KHª6FKDXGLUGLHVH9LHFKHUDQ6RQVWNRQQWHQVLHHV QLFKWHUZDUWHQXQV]XSDFNHQGRFKMHW]WJHKHQVLHXQVDXV GHP:HJ© ª9LHOOHLFKWKDEHQVLHHLQHQ$XIWUDJ"© ª:HUVROOWHLKQHQGHQJHJHEHQKDEHQ"© ª9DPSLURGHOPDU© 6XNRODFKWHª+DVWGXLKQJHVHKHQ"© ª,FKGHQNHGDDQGDV6FKLII9LHOOHLFKWKlOWHUVLFKGRUWYHU ERUJHQ© ª9HUGDPPWGDNDQQVWGXUHFKWKDEHQ©

1DFKGLHVHU$QWZRUWVFKZLHJHQZLUXQGEHREDFKWHWHQQXU QRFK%HLGHKDWWHQZLUXQVEUHLWEHLQLJDXIEDXHQPVVHQGHQQ GLH:LQGVW|HMDJWHQIDVWEHUIDOODUWLJDXIXQV]XXQG]HUUWHQ DQXQVHUHU.OHLGXQJ 'LHEHLGHQ9DPSLUHVWLHJHQQRFKK|KHU6LHZDUHQLQ]ZL VFKHQVRZHLWYRQXQVHQWIHUQWGDZLULKUHURWHQ$XJHQQLFKW PHKUHUNHQQHQNRQQWHQDEHUVLHKDWWHQDXFKEHUHLWVGHQ5DQG GHUJHZDOWLJHQ)HOVZDQGHUUHLFKWYRQZRGHU3IDUUHUKHUXQ WHUJHIDOOHQZDU 8QGGRUWODQGHWHQVLH 8QVHUH$XJHQZXUGHQJURDOVZLUGDVVDKHQ:LH9|JHO DXVGHU8U]HLWOLHHQVLHVLFKQDFKXQWHQJOHLWHQEHUKUWHQGHQ %RGHQXQGZDUHQXQVHUHQ%OLFNHQHQWVFKZXQGHQ 0HLQ)UHXQGXQGLFKVFKDXWHQXQVDQª9HUVWHKVWGXGDV"© IUDJWHPLFKGHU,QVSHNWRU ª1HLQ,FKZHLQXQGDZLUKLHUYHUGDPPWXQJQVWLJVWH KHQ:LUVROOWHQVRUDVFKZLHP|JOLFKGDREHQKLQ© ª1HLQZDUWHQRFK© 6XNREUDXFKWHQLFKWZHLWHU]XVSUHFKHQ:LHHUVDKDXFKLFK GLHEHLGHQ5LHVHQYDPSLUH1XUZDUHQVLHGLHVPDOQLFKWDOOHLQ VLHKDWWHQMHPDQGHQ]ZLVFKHQVLFKJHQRPPHQXQGWUXJHQLKQ (VZDUGHU0|UGHUGHV3IDUUHUV (UNUDOOWHVLFKDQGHQNXU]HQ8QWHUN|USHUQIHVWIORJPLW LKQHQKRFKEHUXQVXQGVFKDXWHLQGLH7LHIHXQGZLUJODXE WHQVHLQ*HVLFKWDOVHLQHQZHLHQ)OHFN]XVHKHQ (UEHJDQQ]XODFKHQ (VZDUGDVJOHLFKH*HOlFKWHUGDVHUXQVVFKRQHLQPDOHQW JHJHQJHVFKOHXGHUWKDWWH:LOGK|KQLVFKXQGWULXPSKLHUHQG XQGZLUKDWWHQDEHUPDOVGDV1DFKVHKHQ 'LHEHLGHQ9DPSLUHZDUHQVHLQH9HUEQGHWHQ6LHKLHOWHQ LKQIHVWXPNUDOOWXQGVFKDIIWHQLKQZHJ 1RFKLPPHUNRQQWHQZLUQLFKWJHQDXHUNHQQHQZLHHUDXV VDKDEHUHUPDFKWHPLWVHLQHPODQJHQYRP:LQGDXIJHEOlK WHQ0DQWHOVHOEVWGHQ(LQGUXFNHLQHV%OXWVDXJHUV )UZHQLJH6HNXQGHQNRQQWHQZLUQRFKVHLQHQIUXQV

GHSULPLHUHQGHQ$QEOLFNLQXQVDXIQHKPHQGDQQYHUVFKOXFNWH LKQGLH'XQNHOKHLWZLHHLQJHZDOWLJHV/RFK ª'HQVHKHQZLUYRUHUVWQLFKWPHKUZLHGHU©VDJWH6XNRXQG VHQNWHVHLQH:DIIH 0LUEOLHEQLFKWVDQGHUHVDOVLKP]X]XVWLPPHQ8QVHUHQ 3ODW]YHUOLHHQZLUVFKQHOOHUZDUXQV]XIHXFKW9RQGHU %UDQGXQJKHUVFKlXPWHHLQQLHDEUHLHQGHU*LVFKWUHJHQ]X XQVKHUEHU ª'HU)DOOKDWDOVRPLWHLQHU3OHLWHEHJRQQHQ©VWHOOWH6XNR IHVWDOVZLUGHQWURFNHQHQ)HOVHQHUUHLFKWKDWWHQXQGGLFKWDQ GHUKRKHQ)HOVZDQGVWHKHQEOLHEHQ ª-DHVNDQQQXUEHVVHUZHUGHQ© ª)UDJWVLFKZRZLUGHQ+HEHODQVHW]HQVROOHQ©PHLQWH6XNR XQGZLVFKWHGLH)HXFKWLJNHLWDXVVHLQHP*HVLFKWª-HW]WGDGHU 3IDUUHUWRWLVWKDEHLFKNDXPHLQH,GHH© ª:LUPWHQXQVEHLGHQ'RUIEHZRKQHUQHUNXQGLJHQ© ª'LHZHUGHQXQV)UHPGHQDXFKJHUDGHQRFKHWZDVVDJHQ© 6XNREOLHESHVVLPLVWLVFK ,FKZLQNWHDEª,UJHQGZLHLVWGDVDOOHVIUPLFKQXUQRFK ]ZHLWUDQJLJ0LUPDFKHQGLHURWHQ9DPSLUHYLHOPHKU6RUJHQ© ª:REHLPDQVLFKIUDJWREHVWDWVlFKOLFKGLHURWHQ9DPSLUH ZDUHQ'XKDVWMDQLFKWVHUNHQQHQN|QQHQ© ª.HQQVWGXDQGHUH"© ª1HLQ© ª$OVRN|QQHQZLUGDYRQDXVJHKHQ8QGDXFKGDYRQGD VLFKLKU+HUUXQG0HLVWHULQGHU1lKHEHILQGHW9DPSLURGHO PDU© ª:REHL/DG\;ZDKUVFKHLQOLFKQLFKWPHKUZHLWZlUH©IJWH 6XNRKLQ]X ª(EHQ© ª0DQPWHQXUGHQURWHQ)DGHQILQGHQGHUGLHGUHLYHU ELQGHW©VSUDFKPHLQ)UHXQGZHLWHU ª'DVZHUGHQZLU©0LWGLHVHU$QWZRUWGUHKWHLFKPLFKXP XQGGUFNWHGLH%VFKH]XU6HLWHXPZLHGHULQGHQ6WROOHQ]X WDXFKHQ6XNREOLHEQRFK

$OVHUPLUVFKOLHOLFKIROJWHVDKLFKLKQGLH6FKXOWHUQKHEHQ ª.HLQH6SXUYRQGHQ%LHVWHUQ© ª'DPLWKDEHLFKJHUHFKQHW© ,P/LFKWGHU/DPSHQIDQGHQZLUGHQ:HJ]XUFN$EHUPDOV EHUILHOXQVGHU9HUZHVXQJVJHUXFK,QQHUKDOEGHUXQWHUVWHQ +|KOHZXUGHHVEHVRQGHUVVFKOLPP'LH7RWHQKHPGHQVWUHLIWH LFKPLWPHLQHP%OLFNXQGVFKWWHOWHPLFK 6XNRVFKULWWEHUHLWVGLH7UHSSHKRFK'LH/DPSHZLHVLKP GHQ:HJ'HUKHOOH6WUDKOJOLWWEHUGLH6WXIHQWDQ]WHZHLWHU DEHUQLHPDQGOLHVLFKEOLFNHQ 'LHVHUJHKHLPQLVYROOH6HHOHQ9DPSLUVFKZHEWHOlQJVWEHU GHP0HHU6RGDFKWHQZLUGDPDOV 'DDOOHVJDQ]DQGHUVNRPPHQZUGHZRKLQXQVGHU)DOO VFKOLHOLFKQRFKIKUHQVROOWHXQGLQZHOFKH*HIDKUHQZLU JHULHWHQGDVNRQQWHQZLU]XGHP=HLWSXQNWQLFKWHLQPDO DKQHQ :LUPDFKWHQXQVDQGHQ$XIVWLHJXQGGDFKWHQDXFKDQGLH %HUJXQJGHU/HLFKH'HU3IDUUHUVROOWHDXIDOOH)lOOHHLQLKP ZUGLJHV%HJUlEQLVEHNRPPHQ 9DPSLURGHOPDUEHWUDWGHQIUHLHQ7HLOGHV'HFNV,QQHUOLFK NRFKWHHU(UZDUHUUHJWGLH*LHUQDFK%OXWVSOWHZLHHLQH JHZDOWLJH:HOOHKRFKXQGHUZUGHHVQLFKWPHKUOlQJHUDXV KDOWHQ ,KPZDUHJDOZLHGLH6FRWWGDUEHUGDFKWH=XGHPNRQQWH VLHHVVLFKQLFKWOHLVWHQLKQPLW6LOEHUNXJHOQ]XW|WHQVFKOLH OLFKZDUHQVLHDXIHLQDQGHUDQJHZLHVHQ (UVDKGLH6lUJH :RKOJHRUGQHWVWDQGHQVLHLQHLQHU5HLKH(VZDUHQYLHU 6FKZDU]VFKLOOHUWHQVLH,QGHU1lKHEUDQQWHQXUHLQH/HXFKWH 6LHKLQJDQHLQHP3IDKOXQGVFKDXNHOWHEHLMHGHU%HZHJXQJ GHV6FKLIIHVDXIXQGQLHGHU2IWPDOVVSULW]WHGLHKHOOH*LVFKW EHU%RUG6LHKDWWHHLQHQIHXFKWHQ)LOPDXIGLH6lUJHJHOHJW XQGGDV/LFKWGHU/DPSHEUDFKVLFKLQ]DKOUHLFKHQ7URSIHQ

9DPSLURGHOPDUZDUQLFKWVRWULWWVLFKHUZLH/DG\;(U KDWWH0KHVHLQ*OHLFKJHZLFKW]XKDOWHQVWDPSIWHEUHLWEHLQLJ EHU'HFNXQGQlKHUWHVLFKGHQYLHU6lUJHQ 'DYRUEOLHEHUVWHKHQ 'DPLWGLH7RWHQNLVWHQQLFKWYHUUXWVFKHQNRQQWHQZDUHQVLH YHUWlXWZRUGHQ0DQKDWWHGLHVWDUNHQ6HLOHDQGHQ*ULIIHQ EHIHVWLJWXQGGLHDQGHUHQ(QGHQPLWGHU%RUGZDQGYHUEXQ GHQ6RKLHOWHQVLH 9DPSLURGHOPDUVWDUUWHDXIGLH6DUJGHFNHO,QVHLQHPYHU ZVWHWHQ*HVLFKW]XFNWHXQGDUEHLWHWHHV(UEHIDQGVLFKXQWHU HLQHPXQJHKHXUHQ'UXFNEHXJWHVLFKYRUXQGVWW]WH]ZHL 3UDQNHQDXIGLHIHXFKWJOlQ]HQGHQVFKZDU]HQ'HFNHO 6HNXQGHQODQJYHUKDUUWHHULQGLHVHU+DOWXQJXQGHLQ 6WURPVWRVFKLHQGXUFKVHLQHQ.|USHU]XODXIHQDOVHUSO|W] OLFKHWZDVK|UWH 1HLQGDVZDUQLFKWGDV.ODWVFKHQGHU:HOOHQJHJHQGLH %RUGZDQGGDVZDUHLQDQGHUHV*HUlXVFK (LQWLHIHVXQKHLPOLFKHV6W|KQHQ 8QGHVZDUYRULKPHUNOXQJHQLP6DUJ -HW]WJHULHWGLHJHZDOWLJH*HVWDOWGHV9DPSLULQV=LWWHUQ$XV VHLQHP0XQGGUDQJHQIUFKWHUOLFKH/DXWHGLHVLFKPHKUQDFK HLQHP5|FKHOQXQG6W|KQHQDQK|UWHQEHLLKPMHGRFKHLQH$UW YRQ7ULXPSKJHEUOOVHLQVROOWHQ (LQHUGHU7RWHQOHEWHQRFK 8QGHUKDWWH%OXW %OXWIULKQGDPLWHUHUVWDUNWH 9DPSLURGHOPDUVWLHHLQWLHIHVJUXQ]HQGHV/DFKHQDXV 3O|W]OLFKZDUHUEHVHVVHQ'LHVHU7DUUDVFRKDWWHGLH6HHOHGHV 0HQVFKHQDQVLFKJHULVVHQXQGVLFKJOHLFK]HLWLJJHLUUWGHQQ GHU0HQVFKLQQHUKDOEGHU7RWHQNLVWHOHEWHQRFK'HXWOLFKZDU HU]XK|UHQXQG9DPSLURGHOPDUJHULHWLQHLQH$UW)LHEHU (UVFKDXWHZLHHUGHQ'HFNHO|IIQHQNRQQWHVDKGLHVWUDII JHVSDQQWHQ6HLOHXQGHUNDQQWHGDHUVLHHUVWO|VHQPXWH 6RVWDUNGLHVH7DXHDXFKZDUHQVHLQHQ.UlIWHQKDWWHQVLH VLFKHUOLFKQLFKWVHQWJHJHQ]XVHW]HQ:HQQGHU8UDOW9DPSLU

HLQPDODQILQJGDQQZDUHUQLFKW]XVWRSSHQYRQNHLQHU0DFKW GHU:HOWK|FKVWHQVYRQHLQHUJHZHLKWHQ6LOEHUNXJHO (UIHW]WHGDV6HLOLQHLQHUZDKUHQ:XWI|UPOLFKYRQGHQ 6DUJJULIIHQXQGVFKOHXGHUWHGDVORVH(QGHZHJ0LWGHQGUHL DQGHUHQ7DXHQYHUIXKUHUlKQOLFK 6HLQH3UDQNHQIXKUHQEHUGDVIHXFKWH+RO]HUVXFKWHGLH *ULIIHHUWDVWHWHGLH9HUVFKOVVH|IIQHWHVLHXQGNRQQWHQXQ GHQVFKZHUHQ'HFNHODQKHEHQ )ULKQHLQH.OHLQLJNHLW 6HLQH+lQGHJULIIHQ]XXQGHUZXFKWHWHGHQ'HFNHOPLW HLQHPHLQ]LJHQ5XFNQDFKREHQ -HW]WODJGLH!/HLFKHIUHL 6HOEVWGLHVHV8QWLHU]LWWHUWHYRU6SDQQXQJ:DUHVHLQH /HLFKHZDUHVNHLQH"+DWWHHUVLFKJHWlXVFKW" (UVWLHUWHPLWVHLQHQJODVDUWLJHQ$XJHQLQGHQ6DUJ 'RUWODJHLQH)UDX (LJHQWOLFKQRFKHLQ0l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|KHEUHLWHWHVHLQH$UPHDXVGDV*HVLFKW ZXUGHGXUFKHLQH9HU]HUUXQJQRFKHQWVWHOOWHUXQGHLQJUDXHQ KDIWHU6FKUHLGUDQJDXVVHLQHPJH|IIQHWHQ0DXO 6HLQ2SIHU 6HLQ%OXW

(UVWLHVHLQH$UPHZLHGHUQDFKYRUQ0LWJURHU:XFKWVR GDVLHVFKRQDQJHVFKOHXGHUWH/DQ]HQHULQQHUWHQXQGGLH 3UDQNHQJUXEHQVLFKLQGLH+DXWDQGHQ6FKXOWHUQGHV 0lGFKHQV (UULGDV2SIHUKHUYRU .DXPEHIDQGHVVLFKPLWLKPDXIJOHLFKHU+|KHDOVHUGDV 5|FKHOQYHUQDKPGDVDXVGHP0XQGGHV0lGFKHQVGUDQJ (VZDUHLQYHU]ZHLIHOWHV$WHPKROHQGHU0XQGEOLHERIIHQ XQGGLHOLQNH3UDQNHGHV9DPSLUVIDQG]LHOVLFKHUGDVEORQGH +DDUZREHLVLHGHQ.RSIQDFKOLQNV]XU6HLWHGUFNWH 'DV)OHLVFKVWUDIIWHVLFKDP+DOV :HLW|IIQHWH9DPSLURGHOPDUVHLQ0DXO(UVDKGLH$GHUQ XQWHUGHUGQQHQ+DXWXQGVHLQHODQJHQDXVGHP2EHUNLHIHU ZDFKVHQGHQ=lKQHVFKLHQHQ]XYLEULHUHQ(VZDUHQJHQDXGLH 6HNXQGHQYRUGHPDOOHVHQWVFKHLGHQGHQ%L 'DWUDILKQGHU+LHE /DG\;ZDUZLHHLQ6FKDWWHQKHUDQJHIORJHQ'HU8UDOW 9DPSLUKDWWHQLFKWVEHPHUNWGLH*LHUQDFKGHP%OXWGHV 2SIHUVEHUGHFNWHDOOHVGHVKDOENRQQWHHUGHP7UHIIHUPLW GHP/DXIGHU0DVFKLQHQSLVWROHDXFKQLFKWVHQWJHJHQVHW]HQ (VNODWVFKWHLQVHLQHQ1DFNHQ /DG\;KDWWHLP6SUXQJ]XJHVFKODJHQXQGLKU.|USHU JHZLFKW]XVlW]OLFKPLWLKUHU.UDIWLQGHQ+LHEKLQHLQJHOHJW(V ZDUHLQ7UHIIHUGHQPDQPLWHLQHUW|GOLFKHQ([SORVLRQYHU JOHLFKHQNRQQWH(LQ0HQVFKKlWWHLKQQLHEHUVWDQGHQDEHU 9DPSLURGHOPDUZDUNHLQ0HQVFKVRQGHUQHLQHXQWRWH JHIKOORVH%HVWLH 8QGGRFK]HLJWHGLHVHUEUXWDOH6FKODJVHLQH:LUNXQJ (UEUDFKWHGHQ%OXWVDXJHUDXVGHP*OHLFKJHZLFKWXQG GURVFKLKQQDFKYRUQJHQDXDXIGHQRIIHQHQ6DUJ]X 9DPSLURGHOPDUNUDFKWHDXIVHLQ2SIHUGUHKWHVLFK MHGRFKEOLW]VFKQHOONLSSWHGDPLWGHQ6DUJXPXQGUL HLQHQ$UPKRFKVRGDGHUQlFKVWHZXFKWLJH+LHEQLFKW

VHLQ*HVLFKWVRQGHUQGHQ$UPLQ+|KHGHV(OOERJHQVWUDI ª'XYHUGDPPWHU+XQG©IOXFKWHGLH9DPSLULQXQGJH EUDXFKWH:RUWHDXVLKUHUHKHPDOLJHQ7HUURULVWHQ=HLWª'X 'UHFNVNHUOKDVWGLFKEHUPHLQH$QZHLVXQJHQKLQZHJJHVHW]W XQG© ª6LHZDUQLFKWWRW©EUOOWH9DPSLURGHOPDUVFKDXULJª6LH ZDUQLFKWWRWYHUGDPPW©(UVFKRDXVGHURIIHQHQ7RWHQNLVWH KRFKXQGLQHLQHPLUUHQ$QIDOOGURVFKHUVHLQH3UDQNHJHJHQ GLH%UXVWYRQ/DG\; 'HU6WRGDVVFKZDQNHQGH6FKLIIGLH6FRWWNRQQWHVLFK QLFKWPHKUIDQJHQXQGWRUNHOWH]XUFN'DEHLWDXPHOWHVLHIDVW EHUGDVJHVDPWH'HFNELVVLHPLWGHP5FNHQJHJHQGHQ $XIEDXGHV6WHXHUKDXVHVNUDFKWHZRVLHVWHKHQEOLHEXQGGHQ .RSIVRZLOGVFKWWHOWHGDLKUODQJHV+DDUIORJ 9DPSLURGHOPDUEHJDQQ]XODFKHQª'XZLUVWPLUQLFKWV PHKUEHIHKOHQ©JUXQ]WHHUEFNWHVLFKXQGULVHLQ2SIHU DEHUPDOVLQGLH+|KH 'DV*HVLFKWGHV0lGFKHQVJOLFKGHPHLQHU7RWHQ'LH$XJHQ ZDUHQYHUGUHKWMHJOLFKHV/HEHQKDWWHGLH3XSLOOHQYHUODVVHQ GHU0XQGVWDQGRIIHQGRFKDP+DOV]XFNWHHLQH$GHU 9DPSLURGHOPDUVHQNWHVHLQHQKlOLFKHQ6FKlGHO 'DQQELHU]X 'DVVDKDXFK/DG\;6LHKDWWHVLFKZLHGHUJHIDQJHQOHKQWH PLWGHP5FNHQDQGHU9HUNOHLGXQJGHV5XGHUKDXVHVXQG XPNUDPSIWHLKUH0DVFKLQHQSLVWROH ,QLKUHP,QQHUQNRFKWHHLQH+|OOH'LH:DIIHLQLKUHU+DQG ]LWWHUWH'HU=HLJHILQJHUKDWWHOlQJVWGHQ:HJ]XP$E]XJ JHIXQGHQXQGVLHVWDQGNXU]GDYRU]XVFKLHHQ 'DV%LOGYRULKUSUlJWHVLHVLFKEHVRQGHUVGHXWOLFKHLQ'XUFK GLHVFKZDQNHQGH6WXUPODWHUQHZXUGHGHU6FKHLQLPUHJHO PlLJHQ5K\WKPXVDXIGDV3DDUJHVFKOHXGHUWXQGULHV LPPHUZLHGHUGHXWOLFKKHUYRU 9DPSLURGHOPDUKDWWHVHLQ2SIHUZLHHLQH3XSSHKRFKJH KREHQXQGDQVLFKJHGUFNW +DUWZDUGHU*ULIIHUJOLFKHLQHU=DQJH:HQGDV0RQVWHU

HLQPDOVRIHVWLQGHQ.ODXHQKLHOWGHQZUGHHVQLHXQG QLPPHUORVODVVHQ 9RQVHLQHP*HVLFKWZDUQXUGDV3URILO]XVHKHQ(UKDWWHHV QDFKXQWHQXQG]XU6HLWHJHEHXJWZHLOVHLQHJHIlKUOLFKHQ 9DPSLU]lKQHGLH6FKODJDGHUVXFKWHQXQGDXFKIDQGHQ 9DPSLURGHOPDUVDXJWHGDV%OXWGHV2SIHUV (UWDQNWHGLHURWH)OVVLJNHLWDXIVLHJDELKP.UDIWHU EUDXFKWHVLHGHQQVLHJDUDQWLHUWHGDV:HLWHUOHEHQGLHVHUXQ WRWHQ%HVWLH /DG\;QDKPGDV%LOGLQVLFKDXI6LHVWDQGZLHHLQH6WDWXH DP5XGHUKDXVLQGHQ$XJHQIXQNHOWHHVGHU+DZDUQLFKW PHKU]XXQWHUGUFNHQ:LQGIXKUEHUGDV'HFNZKOWHLKUH +DDUHZLHHLQH)DKQHKRFK*LVFKWVSUKWHDOVIHLQHU5HJHQDQ GHQ%RUGZlQGHQKRFKGRFKDOOGDVPHUNWHVLHQLFKWXQGVLH KDWWHQXU$XJHQIU9DPSLURGHOPDU )DVWHLQH0LQXWHVWDQGVLHXQEHZHJW6LHVFKDXWH]XZLH 9DPSLURGHOPDUGDV%OXWGHV0lGFKHQVWUDQNXQGGHU $XVGUXFNLQLKUHQ$XJHQZHFKVHOWHDOOPlKOLFK +DWWHQYRUKHU+DXQG:XWGDULQJHVWDQGHQVRYHU VFKZDQGGLHVXQGHLQDQGHUHV!*HIKOEOLHE]XUFN *LHU 'HQQDXFK/DG\;ZDUHLQ9DPSLU6LHEUDXFKWHGDV%OXW HEHQIDOOVQXUNRQQWHVLHVLFKEHKHUUVFKHQEHVVHUMHGHQIDOOVDOV GHU8UDOW9DPSLUDEHUVLHVDKQLFKWHLQGDVLHLKPGDV2SIHU DOOHLQEHUODVVHQVROOWH 6LHVDKHV9DPSLURGHOPDUI|UPOLFKDQZLHJXWHVLKPWDW HLQ2SIHUJHIXQGHQ]XKDEHQ 'DQQILHOHUQDFKYRUQ *OHLFK]HLWLJEUDFKHULQGLH.QLH'DEHLGUFNWHHUVHLQ2SIHU DXIGLH3ODQNHQRKQHHVORV]XODVVHQ ,QGLHVHP0RPHQWJDEVLFK/DG\;HLQHQ5XFN6LHNRQQWH XQGZROOWHQLFKWPHKUOlQJHU]XVHKHQMHW]WPXWHVLHLKQ SDFNHQVRQVWEOLHEIUVLHQLFKWVEULJ (UVDKVLHREZRKOHUVREHVFKlIWLJWZDU%HYRU/DG\;LKQ HUUHLFKWHOLHHUVHLQ2SIHUORVXQGVSUDQJDXI)HGHUQG

JHVFKDKGLHVDOVZlUHHUPLWQHXHQ.UlIWHQDQJHIOOW 'LHEHLGHQVWDUUWHQVLFKDQ ª:DVZLOOVWGX"©NHXFKWHHU ª%OXW©HUZLGHUWHGLHHKHPDOLJH7HUURULVWLQKHLVHUª$XFKLFK EUDXFKHHVYHUGDPPW© 'HU6XSHUYDPSLUODFKWH8PGHQVFKUHFNOLFKHQ0XQG KHUXP]HLJWHGDVYHUXQVWDOWHWH*HVLFKWURWH)OHFNHGLHVLFKELV ]XP.LQQKLQYHUWHLOWKDWWHQ'HU9DPSLUKDWWHQLFKWDOOHV%OXW DXIIDQJHQN|QQHQZDVDXVGHQ$GHUQJHVSUXGHOWZDU ª1LPPVLH©VDJWHHU]X/DG\;ª'XNDQQVWVLHQHKPHQXQG LKUUHVWOLFKHV%OXWWULQNHQ6FKOLHOLFKJHK|UHQZLU]XVDP PHQ©(UODFKWHVRNUHLVFKHQGDXIZLHVHOWHQ /DG\;ZDUILKPHLQHQNDOWHQ%OLFN]XGDQQVFKZDQJVLH LKUH0DVFKLQHQSLVWROHEHUGLH6FKXOWHUXQGILHODXIGLH.QLH 'LFKWQHEHQGHPEODVVHQIDVWEOXWOHHUHQ0lGFKHQNDPVLHDXI 6LHEHXJWHGHQ.RSIYRU:HLW|IIQHWHVLHGHQ0XQGVFKRE GLHEHLGHQZHLJHOEVFKLPPHUQGHQ=lKQHYRUXQGLP QlFKVWHQ$XJHQEOLFNVFKOXJVLH]X 'DPLWEHZLHVVLHZDVVLHLQ:LUNOLFKNHLWZDU(LQVFKZDU] PDJLVFKHVILQVWHUHVJUDXVDPHV:HVHQQLFKWEHVVHUDOVGLH DQGHUHQWURW]LKUHUPHQVFKOLFKHQ*HVWDOW $XFKVLHEUDXFKWH%OXW 8QGVLHWUDQN 9DPSLURGHOPDUVWDQGGDQHEHQ6HLQ%OLFNJOLWWEHUGDV 0HHU0RPHQWDQWULHEGDV%RRWVWHXHUORVEHUGLH:HOOHQ=XP *OFNKDWWHQVLHGHQXQPLWWHOEDUHQ%HUHLFKGHU.OLSSHQKLQWHU VLFKJHODVVHQVRGDVLHQLFKWLQ*HIDKUOLHIHQDXI]XODXIHQ 1DFKHLQHU:HLOHO|VWHVLFK/DG\;YRQGHUVFKPDOHQEORQG KDDULJHQ*HVWDOW6LHULFKWHWHVLFKDXI'DV*HVLFKW]HLJWHHLQHQ HQWVSDQQWHQ]XIULHGHQHQ$XVGUXFNXQGGLHPLW%OXWVWURSIHQ EHVFKPLHUWHQ/LSSHQZDUHQ]XHLQHP/lFKHOQYHU]RJHQ ª:DVLVWPLWGHQDQGHUHQGUHL/HLFKHQ"©IUDJWHVLH ª6FKDXHQZLUQDFK© /DG\;QLFNWHXQGVDK]XZLH9DPSLURGHOPDUGLH7DXH ]HUULXQGGLH6DUJGHFNHODQKRE

=ZHL0lQQHUVDKHQVLH6LHODJHQDXIGHP5FNHQ :lFKVHUQH*HVLFKWHUVWDUUWHQGLHEHLGHQ%OXWVDXJHUDQ:HLW DXIJHULVVHQZDUHQGLH0QGHUGLH.LHIHUNQRFKHQVFKLHQHQ VLFKYHUNDQWHW]XKDEHQ(LQHJUlOLFKH7RWHQVWDUUHKLHOWGLH /HLFKHQXPIDQJHQ ª7RW©VDJWH9DPSLURGHOPDUª7DUUDVFRKDWLKUH6HHOHQDQ VLFKJHULVVHQ© ª6FKOLHGLH6lUJHZLHGHU©/DG\;ZDUIQRFKHLQHQ%OLFNDXI GLHEHLGHQDQGHUHQ (LQHZHLWHUH)UDXODJVRLQGHP6DUJDOVKlWWHVLHVLFK]XP 6FKODIHQKLQJHOHJW(LQH+DQGMHGRFKVWDQGKRFK'DZDUHQ ODQJH)LQJHUQlJHO]XVHKHQGLHDQ+DNHQHULQQHUWHQ'LH 1lJHOZXFKVHQQRFKHLQH=HLWZHLWHUDXFKZHQQGHU0HQVFK WRWZDU 'HU]ZHLWH0DQQKDWWHEHUHLWVHLQHQ7HLOVHLQHU+DDUHYHU ORUHQ$OVGHU:LQGLQGHQRIIHQHQ6DUJIXKUZHKWHHUVLH GDYRQ'LH+lQGHGHV7RWHQVFKLHQHQLQHLQDQGHUYHUNQRWHW]X VHLQ(UERWPLWVHLQHUZlFKVHUQHQ+DXWHLQHQIXUFKWEDUHQ $QEOLFN 'LH6lUJHZXUGHQZLHGHUJHVFKORVVHQ %HLGH9DPSLUHZDUHQ]XIULHGHQ6LHKDWWHQLKUHQ'XUVW JHVWLOOWXQGHLQMXQJHV0lGFKHQHEHQIDOOV]XHLQHP%OXWVDXJHU JHPDFKW 1RFKODJHVDXIGHQ3ODQNHQ9HUNUPPW'LH*LVFKWKDWWH 7URSIHQDXILKUHUEOHLFKHQ+DXWJHELOGHW ª:LHKHLWVLHHLJHQWOLFK"©IUDJWH/DG\; ª,FKZHLHVQLFKW© 'LH6FRWWEOLFNWHDXIGDVEORQGKDDULJH*HVFK|SI(VZUGH VLFKEDOGHUKHEHQXQGHEHQIDOOVLQGHQ5HLJHQGHU9DPSLUH HLQJHUHLKWVHLQ=XGLHVHP=HLWSXQNWDOOHUGLQJVDKQWHGLHHKH PDOLJH7HUURULVWLQQRFKQLFKWZHOFKHLQH=HLWERPEHVLHVLFK PLWGLHVHU7DWLQVHLJHQH1HVWJHOHJWKDWWH -HW]WVDKVLHHUVWHLQPDOGDV/LFKWGDVGLFKWEHUGHUGXQNOHQ :DVVHUIOlFKHDXIEOLW]WH =ZHLPDONXU]GDQQ]ZHLPDOODQJ

'DV=HLFKHQ %HYRUGLHHKHPDOLJH7HUURULVWLQLQV5XGHUKDXVKDVWHWHVDJWH VLH]X9DPSLURGHOPDUª+DOWHGLFKEHUHLW6LHVLQGGDXP XQVDE]XKROHQ© ª8QGVLH"©IUDJWHGHU8UDOW9DPSLUZREHLHUDXIGDVEORQGH 0lGFKHQGHXWHWH ª/HJVLHVRODQJHLQGHQ6DUJ© 6XNRXQGLFKDWPHWHQHLQSDDUPDOWLHIGXUFKDOVZLUHQGOLFK GLH8QWHUZHOWYHUODVVHQKDWWHQ(VZDUJUDXHQKDIWLQGLHVHQ YRQ/HLFKHQJHUXFKGXUFKGUXQJHQHQ*lQJHQKHUXP]XODXIHQ DEHUXQVZDUNHLQHDQGHUH0|JOLFKNHLWJHEOLHEHQ %HLGHUXKWHQZLUXQVPLQXWHQODQJDXV6XNRVXFKWHGDEHL GHQ+LPPHODEDEHUYRQGHP6HHOHQ9DPSLUXQGGHQEHLGHQ )OHGHUPlXVHQIDQGHUNHLQH6SXU 'LH3URYLQ]&RUQZDOOZLUGLPDOOJHPHLQHQDOVGLHZLQGLJVWH (FNH(QJODQGVEH]HLFKQHW 'DYRQNRQQWHQZLUHLQ/LHGVLQJHQGHQQEHUGLH)HOVHQ SILIIGHU:LQGXQGVFKWWHOWHXQVUHJHOUHFKWGXUFK:HQQZLU QDFKUHFKWVEOLFNWHQVDKHQZLUDXIGDVJHZDOWLJH0HHUGDV ZLHHLQHZRJHQGHVFKZDU]H)OlFKH]XXQVHUHQ)HQODJ (LQZLUNOLFKXQJH]lKPWHVZLOGHV/DQG 'HUQlFKVWHJU|HUH2UWKLH3RUWKLHYHQ'RUWPXWHQZLU KLQZHQQZLUGHQ%HUJXQJVWUXSSDODUPLHUHQZROOWHQ 9LHO=HLWNRQQWHQZLUXQVQLFKWPHKUODVVHQ'HU3IDUUHU VROOWHQRFKLQGHUIROJHQGHQ1DFKW]ZLVFKHQGHQ.OLSSHQZHJ JHKROWZHUGHQGHQQLFKZROOWHLKQGDQLFKWOLHJHQODVVHQ :LUIXKUHQDE 1DWUOLFKZUGHQZLUEOHLEHQ'HU6HHOHQ9DPSLUPXWH DXVJHO|VFKWZHUGHQ:LUKDWWHQLKQ]ZDUQRFKQLFKWDXVGHU 1lKHJHVHKHQZXWHQQLFKWZLHHUDXVVDKDEHUZLUNDQQWHQ VHLQHVFKUHFNOLFKH$UEHLWVZHLVH9LHU7RWHZDUHQPHKUDOV JHQXJ ,Q3RUWKLHYHQEUDQQWHQQXUZHQLJH/LFKWHU'HU2UWKDWWH

HLQHQNOHLQHQ+DIHQ(UODJLQHLQHUZLQ]LJHQJHVFKW]WHQ %XFKWVRGDLKQ6FKLIIHDXFKEHL6WXUPDQODXIHQNRQQWHQ :LUIDQGHQGLH3ROL]HLVWDWLRQLP=HQWUXPGHV2UWHV=ZHL 3ROL]LVWHQWDWHQ'LHQVW 6LHKDWWHQHVVLFKEHTXHPJHPDFKWGRFKVLHEHNDPHQJURH $XJHQDOVVLHVLFKDQK|UHQPXWHQZHVKDOEZLUVLHDXIJH VXFKWKDWWHQ6FKZHLJHQGVHW]WHQVLHLKUH0W]HQDXIXQG JDEHQGDQDFK$ODUP 'HU%HUJXQJVWUXSSEHVWDQGDXVIUHLZLOOLJHQ+HOIHUQ'LH 0lQQHUKDWWHQ5RXWLQHGDVVDKHQZLUVRIRUW6LHVHLOWHQVLFK JHVFKLFNWDEXQGOHJWHQGHQ]HUVFKPHWWHUWHQ.|USHUGHV 3IDUUHUVDXIHLQH7UDJHGLHVLHDEVFKOLHHQGKRFKKLHYWHQ ,FKKDWWHEHVFKORVVHQGDGHU0DQQLQVHLQ+HLPDWGRUI JHEUDFKWZHUGHQVROOWH(VODJHWZDVQ|UGOLFKYRQ3RUWKLHYHQ DEVHLWVGHU6WUDHQYHUELQGXQJXQGQLFKWVRQDKHDQGHQ .OLSSHQ 'HU2UWKLH6RXWK7UHERQH(LQH.LUFKHHLQ)ULHGKRIHLQH NOHLQH/HLFKHQKDOOHXQGHLQ*HPHLQGHKDXVJDEHVGRUWQXU HLQH3ROL]HLVWDWLRQQLFKW :LUPDFKWHQGHQ%UJHUPHLVWHUPRELO(UKLH:LOLDP %LJJOHXQGEHNDPHLQHQ6FKRFNDOVHUGHQ7RWHQVDKhEHU VHLQ*HVLFKWOLHIHLQ=XFNHQ(UEHJDQQSO|W]OLFK]XZHLQHQ XQGZLUVWDQGHQVFKZHLJHQGQHEHQLKP'LHVHU0DQQWUDXHU WHZLUNOLFKHVZDUQLFKWJHVSLHOW ª:LHLVWHVSDVVLHUW"©IUDJWHHUVFKOLHOLFK ª'DUEHUN|QQHQZLUVSlWHUUHGHQ:LUPVVHQQXQGHQ WRWHQ3IDUUHUDXIEDKUHQ© ª-DMDLFKVDJHGHP=LPPHUPDQQ%HVFKHLG(ULVWJOHLFK ]HLWLJ7RWHQJUlEHUXQGKDWGHQ6FKOVVHO]XU/HLFKHQKDOOH :ROOHQ6LHPLWNRPPHQ"© ª1HLQZLUZDUWHQKLHU© ª*XWHVGDXHUWQLFKWODQJH© 'LH3ROL]LVWHQGLHDXV3RUWKLHYHQPLWJHNRPPHQZDUHQ JDEHQVLFKHLQZHQLJXQUXKLJ6LHVDJWHQQLFKWVDEHUZLUYHU VWDQGHQZDVVLHZROOWHQ6LHKDWWHQNHLQH/XVWQRFKOlQJHULQ

GHP.DII]XEOHLEHQ,FKHUNOlUWHLKQHQGDVLHJHKHQ NRQQWHQ )DVWIOXFKWDUWLJYHUOLHHQVLHXQV ª6HOWVDPH/HXWH©VDJWH6XNR ª'LH0HQVFKHQKLHUVLQGDQGHUVDOVLQ/RQGRQRGHU 0DQFKHVWHU© ª1DLFKZHLQLFKW© 'HU%UJHUPHLVWHUNDPZLHGHU]XUFN,QGHUOHW]WHQKDOEHQ 6WXQGHVFKLHQHUXP-DKUHJHDOWHUW]XVHLQ'DV*HVLFKWZDU HLQJHIDOOHQEHUGHQ:DQJHQNQRFKHQVSDQQWHVLFKGLH+DXW GLH/LSSHQ]XFNWHQXQGGDVGXQNOH+DDUKLQJLKPLQGLH 6WLUQ(UZDUZHVHQWOLFKNOHLQHUDOVLFKXQGPXWH]XPLU KRFKVFKDXHQZHQQLFKPLWLKPUHGHWH ª.|QQHQZLUXQVKLHULUJHQGZRXQJHVW|UWXQWHUKDOWHQ"© HUNXQGLJWHLFKPLFK ª:LUJHKHQ]XPLU0HLQH)UDXLVW]XLKUHU6FKZHVWHUJHIDK UHQ'LH.LQGHUVLQGDXVGHP+DXV%HLPLUK|UWXQVNHLQHU© ª'DVLVWJXW© 6HLQ+DXVODJQLFKWZHLWHQWIHUQW(VZDUHLQVFKPDOHU %DFNVWHLQEDXGDIUMHGRFK]ZHL(WDJHQKRFK'LH)DVVDGH VHOEVWZDUNDXP]XVHKHQZHLOZLOGZDFKVHQGHU:HLQXQG (IHXGDUDQKRFKUDQNWHQ 9RUGHP+DXVEUDQQWHHLQHDOWH/DWHUQH,KU6FKHLQVFKLP PHUWHPLOFKLJLQGHU'XQNHOKHLW 'HU%UJHUPHLVWHUIKUWHXQVLQVHLQ$UEHLWV]LPPHUGDVVLFK DQHLQ:DUWH]LPPHUDQVFKOR (LQ5DWKDXVJDEHVLQ6RXWK7UHERQHZRKOQLFKW$OOHDQ IDOOHQGHQ$UEHLWHQHUOHGLJWHGHU0DQQYRQGLHVHP$UEHLWV ]LPPHUDXV :LOOLDP%LJJOHERWXQV3OlW]HDQ:LUVHW]WHQXQVLQGLH KRFKOHKQLJHQ/HGHUVHVVHOXQGVFKDXWHQXQVXP 'HU%UJHUPHLVWHU]RJVHLQHEUDXQH&RUGMDFNHDXVXQGYHU OLHPLWHLQHUJHPXUPHOWHQ(QWVFKXOGLJXQJGHQ5DXP'DV =LPPHUZDUJHPWOLFKHLQJHULFKWHW:LUVDHQLQGHU 6HVVHOJUXSSHXQGGDJDEHVQRFKGHQDOWHQGXQNOHQ

+RO]VFKUHLEWLVFKXQG5HJDOHGLHVRZXFKWLJZDUHQGDGLH JODWWHQ$NWHQVFKUlQNHNDXPDXIILHOHQ 'LH'HFNHQODPSHEUDQQWHQLFKWVRQGHUQQXUGLH6WHKODPSH ZRZLUVDHQ'DV/LFKWVSHQGHWHHLQHJHZLVVH:lUPHXQG YHUEUHLWHWHHLQHJHPWOLFKH$WPRVSKlUH0DQNRQQWHVLFKLQ GHP=LPPHUZRKOIKOHQ'D]XWUXJHQDXFKGLHNOHLQHQ )HQVWHUPLWGHQJHWHLOWHQ6FKHLEHQEHL9RQGHP:LQGK|UWHQ ZLUQLFKWVZHLOGLHGLFNHQ0DXHUQGDV+HXOHQDXVVSHUUWH :lUPHVWUDKOWHHLQJUQHU.DFKHORIHQDXV(UVWDQGXQV JHJHQEHUHLQJHZDOWLJHU.ORW]GHUVFKRQHLQLJH-DKUHDXI GHP%XFNHO]XKDEHQVFKLHQ :LUK|UWHQ6FKULWWH%LJJOHNDP]XUFN(UWUXJHLQ7DEOHWW 'DUDXIVWDQGHQGUHL*OlVHUXQGHLQHEDXFKLJH)ODVFKHª(VLVW HLQJXWHU:KLVN\©VDJWHGHU%UJHUPHLVWHUEHYRUHUGDV 7DEOHWWDXIGHPNOHLQHQ7LVFKDEVWHOOWHª6LHVROOWHQLKQSURELH UHQ0DO]ZKLVN\© ª0DO]X©VDJWHLFK $XFK6XNRQDKPHLQHQNOHLQHQ6FKOXFN,FKYHU]RJDQHU NHQQHQGGHQ0XQGª-DGDV*HWUlQNLVWWDWVlFKOLFKJXW©OREWH LFKXQGDXFK6XNRQLFNWHK|IOLFKNHLWVKDOEHUHUPDFKWHVLFK MHGRFKQLFKWVDXV$ONRKRO ª,FKEHNRPPHGLH)lFKHQLPPHUDXV6FKRWWODQGJHVFKLFNW 'RUWZRKQWHLQ)UHXQGYRQPLU© ,FKVWHOOWHGDV*ODVDE/HLGHUZDUHQZLUQLFKWKLHUXP JHPWOLFKDP.DFKHORIHQ]XSODXGHUQGHQQXQVKDWWHQ VFKUHFNOLFKH'LQJH]X:LOOLDP%LJJOHJHIKUW'DUEHUZROOWHQ ZLUPLWGHP%UJHUPHLVWHUUHGHQ ª0U%LJJOH©VDJWHLFKª6LHZLVVHQVHOEVWZHVKDOEZLUKLHU VLQGXQGZLUP|FKWHQJHUQYRQ,KQHQ1lKHUHVHUIDKUHQ'HU 3IDUUHUNDQQXQVQXQQLFKWPHKUKHOIHQ© ª/HLGHU© ª:DVZLVVHQ6LHEHUGHQ6HHOHQVDXJHU"©IUDJWHLFKGLUHNW %LJJOHKREGHQ.RSIEOLFNWHXQVDQXQGVFKDXWHGDQDFKDXI VHLQH+lQGHGLHHUQHEHQHLQDQGHUJHOHJWKDWWHª(VLVWHLQH VFKOLPPH*HVFKLFKWH©PXUPHOWHHUªLFKVDJHEHZXWQLFKW

/HJHQGHGHQQGLHVHU%HJULIIVFKHLQWMDEHUKROW]XVHLQ© ª(VZXUGHQ9HUEUHFKHQYHUEW©VWHOOWHPHLQ)UHXQGXQG .ROOHJHIHVW ª-D=XOHW]WDP3IDUUHU© ª8QG]XYRU"© :LOOLDP%LJJOHVFKDXWHPHLQHQ3DUWQHUDQª9LHU0HQVFKHQ 6LU$OOHDXVGHU8PJHEXQJYRQ6RXWK7UHERQH=ZHL)UDXHQ XQG]ZHL0lQQHU© ª+DWVLHGHU6HHOHQVDXJHUJHKROW"© ª0DQPXGDYRQDXVJHKHQ© 'HU%UJHUPHLVWHU]HLJWHVLFKIUPHLQHQ*HVFKPDFNHLQ ZHQLJYHUVFKORVVHQ,FKZROOWHGDHUPHKUUHGHWHXQGVDJWH LKPGLHVDXFKª0U%LJJOHZLUNRPPHQQLFKWZHLWHU0HLQ .ROOHJHXQGLFKVLQGQLFKW]XP6SDKLHULQ&RUQZDOOHVJHKW XPGHQ6HHOHQVDXJHURGHU6HHOHQ9DPSLU'HU3IDUUHUKDWXQV LQIRUPLHUW© ª(VLVWMDQLFKWVEHZLHVHQ© ,FKVFKWWHOWHGHQ.RSIª'DLUUHQ6LHVLFK0U%LJJOH0HLQ .ROOHJHXQGLFKKDEHQ6SXUHQGHV6HHOHQ9DPSLUVJHVHKHQ 6LHNHQQHQVLFKHUOLFKGLHDOWH+|KOHDQGHU6WHLOZDQG© ª-DXQGQHLQ:LUZDUHQQLHGRUW'DJHKWPDQQLFKWKLQ© HUNOlUWHGHU%UJHUPHLVWHU ª:HVKDOE"© ª(VLVW]XJHIlKUOLFK© ,FKZLQNWHDEª:LHGHPDXFKVHL0U%LJJOHZLUZDUHQGD VLQGLQGLH+|KOHQJHVWLHJHQXQGKDEHQGRUWHLQLJH(QW GHFNXQJHQJHPDFKW1LFKWQXUGDHVQDFKYHUZHVHQGHQ /HLFKHQJHURFKHQKDWQHLQZLUIDQGHQDXFK7RWHQKHPGHQ© ª:LHGDV"©(UVFKUHFNWHUHJHOUHFKWDXI ª'LH7RWHQKHPGHQGHUOHW]WHQYLHUYHUVFKZXQGHQHQ 3HUVRQHQ© 'DVHQNWH%LJJOHZLHGHUGHQ.RSI ª9RQ,KQHQ0U%LJJOHP|FKWHQZLUZLVVHQZRGLHYLHU 3HUVRQHQYHUVFKZXQGHQVLQG:DQQXQGZRKDWPDQVLH]XP OHW]WHQ0DOJHVHKHQ"'DVPWHQ6LHXQVVDJHQ©

ª,FKNDQQHVQLFKW© ª+DEHQ6LHVLFKQLFKWGDUXPJHNPPHUW"© ª1HLQ© ,FKZDUI6XNRHLQHQ%OLFN]X6FKRQGLHJDQ]H=HLWEHUKDWWH LFKPLFKJHZXQGHUWZLHVHOWVDPGHU%UJHUPHLVWHUUHDJLHUWH 8QGMHW]WZXQGHUWHQZLUXQVZHLWHU'LHVHU0DQQZDUIUXQV HLJHQWOLFKNHLQH+LOIH(UJDEHLQVLOELJH$QWZRUWHQDEHUPLW (UNOlUXQJHQKLHOWHUVLFK]XUFN+DWWHHUHWZDVPLWGHU6DFKH ]XWXQ" ª6LHKDEHQVLFKDOVRIUGDV9HUVFKZLQGHQGHU7RGNUDQNHQ QLFKWLQWHUHVVLHUW"©IUDJWH6XNRª8QG6LHKDEHQDXFKQLFKWGLH 3ROL]HLHLQJHVFKDOWHW"© ª-DXQGQHLQ© ª'DVYHUVWHKHLFKQLFKW© ª(VJLEWEHLXQVNHLQH3ROL]HLVWDWLRQ=XGHPZXWHQGLH 3ROL]LVWHQDXVGHP1DFKEDURUW%HVFKHLG6LHDEHUNPPHUWHQ VLFKQLFKWXPGHQ)DOO© ª%HVWLPPWQLFKWZHJHQhEHUODVWXQJ©VDJWHLFK ª1HLQGDVKDWWHHLQHQDQGHUHQ*UXQG6LHZROOWHQQLFKW© ª6HOWVDPGLHVH'LHQVWDXIIDVVXQJ© ª0U6LQFODLU©%LJJOHVFKDXWHPLFKPLWVHLQHQJURHQ$XJHQ DQªVLHKDWWHQ$QJVW© ª9RUGHP6HHOHQVDXJHU"© ª-D0U6LQFODLU$OOHKDEHQ$QJVW,FKGLH'RUIEHZRKQHU GLH0HQVFKHQLQGHQ1DFKEDURUWHQ6LHNHQQHQGLH*H VFKLFKWHGHV9DPSLUVGHU6HHOHQDQVLFKUHLW'DVLVWHLQ )OXFKGHUXQVJHWURIIHQKDWGHPNDQQVLFKQLHPDQGHQW JHJHQVWHPPHQ'HU3IDUUHUKDWHVYHUVXFKW6LHVHKHQMDZDV GDUDXVJHZRUGHQLVW© ª:HQQPDQQLFKWVXQWHUQLPPWZLUGPDQLPPHUYHUOLHUHQ© EHKDXSWHWHLFK 'DODFKWHHUELWWHUDXIª'DVLVWOHLFKWHUJHVDJWDOVJHWDQ6LH NHQQHQGLH*HJHQGKLHUQLFKW6LU'LHLVWY|OOLJDQGHUVJODX EHQ6LHPLU6LHNRPPHQDXV/RQGRQXQGN|QQHQ&RUQZDOO QLFKWPLWGHQ0DVWlEHQGHU*URVWDGWPHVVHQ©

ª'DKDEHQ6LHUHFKW0U%LJJOHDEHUDXFKZLUVLQGNHLQH KHXULJHQ+DVHQPHKU:LUKDEHQ(UIDKUXQJHQLQGLHVHQ 'LQJHQXQGZLUZLVVHQZLHPDQJHJHQ9DPSLUHXQGlKQOL FKH*HVFK|SIHDQNlPSIW+DEHQ6LHPDOGHQ6HHOHQVDXJHU JHVHKHQ"2GHUYLHOOHLFKWDQGHUH9DPSLUH"'LHVHULHVLJHQ )OHGHUPlXVH"6LHZLVVHQMDGDVLFK9DPSLUHPDQFKPDOLQ )OHGHUPlXVHYHUZDQGHOQXQGXPJHNHKUW© %LJJOH]HLJWHVLFKYHUZLUUWª:LHPHLQHQ6LHGDV"© ª1XQKDEHQ6LHVFKRQLQGLHVHU*HJHQGKLHU5LHVHQYDPSLUH JHVHKHQ"5RWH)OHGHUPlXVHIDVWVRJURZLHIOLHJHQGH'UDFKHQ GLHPDQMDDXVJHZLVVHQ)LOPHQRGHU%FKHUQNHQQW"© :LOOLDP%LJJOHVWDUUWHPLFKPLWRIIHQHP0XQGDQ'DQQ VFKWWHOWHHUGHQ.RSIª1HLQ6LUQHLQ'LHKDEHLFKQRFKQLFKW JHVHKHQHKUOLFKQLFKW6ROFKH'UDFKHQ© ª)OHGHUPlXVH©NRUULJLHUWHLFK ª*LEWHVGLHGHQQ"© ,FKKDWWHEHVFKORVVHQGDV7KHPD]XYHUJHVVHQXQGVFKW WHOWHGHQ.RSIª/DVVHQZLUGDV%HULFKWHQ6LHOLHEHUZDVIU /HLFKHQJHUDXEWZRUGHQVLQG© ª'DVVDJWHLFK,KQHQGRFK=ZHL)UDXHQXQG]ZHL0lQQHU© ª2ND\GDVZLVVHQZLU.DQQWHQ6LHGLH8QJOFNOLFKHQSHU V|QOLFK"©'LHVPDOIUDJWH6XNR ª-D© ª9RP$QVHKHQ"© %LJJOHVFKOXFNWHSO|W]OLFK6HLQ$GDPVDSIHOKSIWHDXIXQG QLHGHU6FKZHLKDWWHVLFKDXIVHLQHU6WLUQJHVDPPHOW'LH /LSSHQELOGHWHQHLQHQGQQHQ6WULFKLQHLQHP*HVLFKWGDVGLH JUDXH)DUEHYRQ%HWRQDQJHQRPPHQKDWWH ª:DVLVWPLW,KQHQ0U%LJJOH"©0HLQH6WLPPHNODQJEHVRUJW GHQQXQVILHODXFKGDV=LWWHUQDXIGDVGHQ0DQQHUIDWKLHOW ª6LH6LHKDEHQPLFKYRUKLQJHIUDJWRELFKGLHYHU VFKZXQGHQHQ3HUVRQHQNHQQH"© ª-DGDVKDEHQZLU© ª,FKNDQQWHVLHDOOHYLHU$EHUHLQH)UDXEHVRQGHUVJXW(V ZDUPHLQHHLJHQH©

/DG\;GDFKWHQLFKWPHKUDQGLH]XUFNOLHJHQGHQ(UHLJQLVVH 6LHNRQ]HQWULHUWHVLFKYROOXQGJDQ]DXIGLH*HJHQZDUWXQG GLHZDUIUVLHVFKZLHULJJHQXJ %HLGH6FKLIIHPXWHQVRGLFKWDQHLQDQGHUKHUDQIDKUHQGD VLHYRQGHP.XWWHUDXIGDVDQGHUH6FKLIIXPVWHLJHQNRQQWHQ (LQH1DFKWXQG1HEHO$NWLRQ*HIlKUOLFKDEHUWURW]GHPQRFK UHODWLYJQVWLJGHQQHVKHUUVFKWHZHGHU1HEHOQRFK6WXUP /DG\;EHVDNHLQ6WHXHUPDQQVSDWHQW)UVLHZXUGHHVHLQH VFKZLHULJH$XIJDEHGHQQGLH:HOOHQWUXJHQGHQ.XWWHU LPPHUJHIlKUOLFKQDKDQGLH%RUGZDQGGHVDQGHUHQ6FKLIIHV KHUDQ (VZDUHLQ+RFKVHHIUDFKWHU,P9HUJOHLFK]XGHP.XWWHUHLQ *HELUJH$OVGHU.XWWHUZLHHLQ6FKDWWHQQHEHQGHU%RUGZDQG GHV.DKQVDXIWDXFKWHGDZXUGHYRQGRUW/LFKWHLQJHVFKDOWHW =ZHLEUHLWH6WUDKOHQILHOHQQDFKXQWHQ]HLFKQHWHQ]XHUVW ]XFNHQGH.UHLVHDXIGLHGXQNOH:DVVHUIOlFKHZXUGHQGDQQ JHVFKZHQNWXQGHUUHLFKWHQLKU=LHO -HPDQGVFKULHHLQ.RPPDQGR,PQlFKVWHQ$XJHQEOLFN IORJHQ7DXH6LHNODWVFKWHQDXIGDV'HFN9DPSLURGHOPDU HUZDFKWH]XHLQHUILHEHUKDIWHQ+HNWLN(UIDWHGLH7DXHQGHQ XQGPDFKWHVLHDP3ROOHUIHVW$XIGHP)UDFKWHUJHVFKDKGDV JOHLFKH:HQLJVSlWHUVFKZHQNWHDQ%RUGGHV6FKLIIHVHLQ.UDQ DXV(LQVWlKOHUQHU$UPhEHUHLQH5ROOHOLHIHLQVWDUNHV6HLO QDFKXQWHQGDVDQVHLQHP(QGHHLQHQ/DVWNRUEKDWWHGHU PHKUGLH)RUPHLQHU3DOHWWHEHVD 9DPSLURGHOPDUKLHYWHGLHHUVWHQEHLGHQ6lUJHDXIGDV 7UDJJHVWHOO'LH:LQGHEHJDQQ]XDUEHLWHQTXLHWVFKWHGDEHL HUElUPOLFKGDQQZXUGHQGLH6lUJHLQGLH+|KHJH]RJHQ $OOHVJLQJJODWW $XFKGLHQlFKVWH)UDFKWJHODQJWHDQ%RUG'DVZDUGHU =HLWSXQNWDOV/DG\;LKUHQ3ODW]DP5XGHUYHUOLHXQGVLFK PLWVFKZDQNHQGHQ6FKULWWHQGHUODQJVDPKHUDEVLQNHQGHQ 3ODWWIRUPQlKHUWH=XOHW]WZROOWHQ9DPSLURGHOPDUXQGVLH DQ%RUGGHV)UDFKWHUVJHKHQ ª/|VHGLH7DXH©RUGQHWH/DG\;DQ

'HU8UDOW9DPSLUJHKRUFKWH .UlIWLJH+lQGH]RJHQGLH7DXHLQGLH+|KH%HYRUGHU .XWWHUDEWUHLEHQNRQQWHEHWUDWHQ9DPSLURGHOPDUXQG/DG\ ;GLH3ODWWIRUP(VJDEHLQHQ5XFNDOVVLHLQGLH+|KHJH]R JHQZXUGHQ 8QWHULKQHQYHUVFKZDQGGHU.XWWHU:HOOHQUROOWHQKHUDQ XQGWULHEHQLKQZHLWHUDE 'LH6FRWWYHUVFKZHQGHWHDQGHQNOHLQHQ.XWWHUNHLQHQ%OLFN PHKU(UKDWWHVHLQH6FKXOGLJNHLWJHWDQ $Q'HFNGHV)UDFKWHUVZDUWHWHGHU.DSLWlQ2EZRKOHUDXV /RQGRQJHZDUQWZRUGHQZDU]XFNWHHUGHQQRFK]XUFNDOVHU 9DPSLURGHOPDUVDKXQGHUVFKOXJKDVWLJHLQ.UHX]]HLFKHQ ª/DVVHQ6LHGDV©]LVFKWH/DG\; 'HU.DSLWlQ]LWWHUWH$XHULKPVWDQGHQQRFK]ZHL2IIL]LHUH DQ%RUGGLHGDV0DQ|YHUJHOHLWHWKDWWHQ'LH0DQQVFKDIW KDWWHPDQXQWHU'HFNYHUJDWWHUWGHQQHVVROOWHP|JOLFKVWNHL QHUHUIDKUHQZDVDOV)UDFKWDQ%RUGJHQRPPHQZRUGHQZDU 1DFKZLHYRUKHUUVFKWHGLH0HLQXQJXQWHUGHQ6HHOHXWHQGD HVHLQ8QJOFNJHEHQZUGHZHQQPDQ6lUJHJHODGHQKDWWH ª6FKDIIWVLHVFKQHOOZHJ©VDJWHGHU.DSLWlQ(UZDUHLQNOHL QHU%XUVFKHPLWIOLQNHQ$XJHQXQGKLH5RPDQHVFX 'LHEHLGHQ2IIL]LHUHQLFNWHQ$XFK9DPSLURGHOPDUKDOI PLW(UWUXJHLQHQ6DUJZlKUHQGGLH2IIL]LHUHVLFK]X]ZHLW PLWHLQHU7RWHQNLVWHDEPKWHQ /DG\;XQGGHU.DSLWlQVFKDXWHQLKQHQQDFKª:HUOLHJW GDULQ"©IUDJWH5RPDQHVFX ª/HLFKHQ© .QDSSXQGNDOWJDEGLH9DPSLULQGLH$QWZRUWXQGGHU .DSLWlQZXUGHQRFKEODVVHU$OV/DG\;GDQDFKQRFKLKUH JHIlKUOLFKHQ9DPSLU]lKQH]HLJWHZXUGHVHLQH)XUFKWVRJUR GDHUYHU]ZHLIHOWGLH+lQGHUDQJ 'LHHKHPDOLJH7HUURULVWLQDEHUODFKWHª:LVVHQ6LHQXQZHU KLHUDQ%RUGGDV.RPPDQGREHUQRPPHQKDW"© ª-D© ª2ND\GDQQVLQGZLUXQVHLQLJ8QGQXQYROOH.UDIWYRUDXV

,FKZLOOQDFK5XPlQLHQ'RUWHUZDUWHWPDQXQV© 5RPDQHVFXGUHKWHVLFKIOXFKWDUWLJXPXQGUDQQWHLQ 5LFKWXQJ%UFNH1XUKHLPOLFKVFKOXJHUGLH.UHX]]HLFKHQ XQGULHIDOOH+HLOLJHQGHV+LPPHOVDQ 'HU7RGZDUDQ%RUGJHNRPPHQXQGGDVZXWHHU $XIGHP.VWHQZDFKWVFKLII!&RUQZDOO6WDUKDWWHPDQGLH 0HOGXQJEHU)XQNHUKDOWHQ'LH0lQQHUVROOWHQQDFKHLQHP )LVFKNXWWHU$XVVFKDXKDOWHQGHUYLHU6lUJHJHODGHQKDWWH 'HU.DSLWlQVFKWWHOWHGHQ.RSI(UZDUHLQDOWHU6HHElUVR HWZDVMHGRFKKDWWHHUQRFKQLHHUOHEW(LQ6FKLIIPLWYLHU 6lUJHQZRJDEHVGDVGHQQ" 6LFKHUKHLWVKDOEHUIUDJWHHUQRFKHLQPDO]XUFNXQGHUKLHOW GLH%HVWlWLJXQJª*LEWHVGHQQNHLQHZHLWHUH%HVFKUHLEXQJGHV 6FKLIIHV"©ZROOWHHUZLVVHQ ª1HLQ© ª'DQQYLHO9HUJQJHQ© ª'DVZQVFKHQZLU,KQHQ.ROOHJH© 'HU.RPPDQGDQWVFKWWHOWHZWHQGGHQ.RSIEHYRUHUVLFK EHUVHLQH.DUWHQEHXJWH6HLQ6WHOOYHUWUHWHUWUDW]XLKP *HPHLQVDPOHJWHQVLHGHQ.XUVIHVWGHQVLHIDKUHQZROOWHQ 6LHNDQQWHQVLFKEHL6XFKDNWLRQHQDXV'LHVPDOZXUGHQVLH OHLGHUQLFKWDXVGHU/XIWXQWHUVWW]WGHVKDOEPXWHQVLHJURH .UHLVHIDKUHQXQGKRIIHQGDVLHGHQ.DKQLUJHQGZDQQ VWHOOWHQ ª9RQZHPLVWGLH$QRUGQXQJJHNRPPHQ"©ZROOWHGHU ]ZHLWH0DQQDXIGHP:DFKERRWZLVVHQ ª,FKNHQQHGHQ7\SQLFKW6ROODEHUHLQKRKHU%HDPWHUEHL 6FRWODQG

ª1LFKWSHUV|QOLFK-DPHV$EHULFKKDEHLKQPDODXVGHU )HUQHHUOHEW,VWQRFKJDUQLFKWVRODQJHKHU'DJLQJHVXPHLQH ,QVHOGLHYRUGHU.VWHOLHJW,FKK|UWHKLQWHUKHUGDPDQVLH +H[HQLQVHOJHQDQQWKDW© ª:DUHWZDVGUDQ"© ª.ODU'DPXHVVFKZHUUXQGJHJDQJHQVHLQZLHPLU MHPDQGHU]lKOWH(VZDUDXIMHGHQ)DOONHLQH)LQWH© 'HU%HVDW]XQJGHV%RRWHVZXUGHHUK|KWH:DFKEHUHLWVFKDIW EHIRKOHQ6LHVXFKWHPLWVWDUNHQ1DFKWVLFKWJHUlWHQGLHGXQNOH :DVVHUIOlFKHDE 'HU%XJGHV3ROL]HLERRWHVWHLOWHGLHKHUDQUROOHQGHQ:HOOHQ 5HFKWVXQGOLQNVGHU%RUGZlQGHOLHIHQVLHDOVKHOOHVFKDX PLJH6WUHLIHQDXV0DQFKPDOJLVFKWHWH:DVVHUEHUGDVDEHU VHKUVFKQHOOZLHGHUDEOLHI 'LH6XFKDNWLRQVROOWHDXI]ZHL6WXQGHQEHJUHQ]WEOHLEHQ'LH ZDUHQIDVWYHUJDQJHQDOVHLQHUGHU/HXWHGHQ.XWWHUHQWGHFN WH=XHUVWVDKHUQXUHLQLQGHU/XIWVFKZHEHQGHV/LFKW'HU .XUVZXUGHHLQZHQLJJHlQGHUWXQGGDV:DFKERRWKLHOWDXI GDV/LFKW]X 'DQQHUNDQQWHQGLH0lQQHUGLH8PULVVHGHV.XWWHUV ª'DVLVWHUNHLQ=ZHLIHO©VDJWHDXFKGHU.DSLWlQ6LHOLHIHQ LKQMHW]WGLUHNWDQJLQJHQGDQQOlQJVVHLWVXQGHQWHUWHQGHQ .DKQ(UZDUOHHU .HLQHLQ]LJHV%HVDW]XQJVPLWJOLHGKLHOWVLFKDXIGHPVWHXHU ORVGDKLQWUHLEHQGHQ6FKLIIDXI'LH0lQQHUGXUFKVXFKWHQHV YRP+HFNELV]XP%XJGRFKVLHIDQGHQNHLQH6SXUHQ 1XU%OXWVDKHQVLHLP/LFKWVWDUNHU6FKHLQZHUIHU%HWURIIHQ EOLHEHQVLHQHEHQGHQGXQNOHQJURHQ)OHFNHQDXIGHQ 'HFNVSODQNHQVWHKHQXQGVFKWWHOWHQGLH.|SIH ª:HOFKHLQ'UDPDKDWVLFKKLHUQXUDEJHVSLHOW"©IUDJWHHLQHU GHU/HXWHXQGVFKOXFNWH .HLQHUNRQQWHLKPHLQH$QWZRUWJHEHQ %LVGHU.DSLWlQDQRUGQHWHGDVIUHPGH6FKLIILQ6FKOHSS]X QHKPHQXQGLQGHQ+DIHQ]XVFKDIIHQ 0HKUNRQQWHQVLHQLFKWWXQ'DDXFKNHLQH/HLFKHQJHIXQGHQ

ZXUGHQJDEHVIUGHQ.RPPDQGDQWHQQXU]ZHL 0|JOLFKNHLWHQ(QWZHGHUVFKZDPPHQGLH%HVDW]XQJVPLW JOLHGHULQGHU6HHRGHUVLHZDUHQYRQHLQHPDQGHUHQ6FKLII EHUQRPPHQZRUGHQ 0HLQ*RWWGDVZDUVFKUHFNOLFK:LOOLDP%LJJOHKDWWHVHLQH HLJHQH)UDXDQGHQ6HHOHQVDXJHUYHUORUHQ1DFKGLHVHU $QWZRUWVDKLFKGHQ%UJHUPHLVWHUDXVHLQHPDQGHUHQ %OLFNZLQNHO1XQNRQQWHLFKDXFKVHLQH5HDNWLRQHQYHUVWHKHQ ª-D0U6LQFODLUVRVLHKWHVDXV©VDJWHHUOHLVHJULIIQDFK VHLQHP*ODVXQGWUDQNHLQHQ6FKOXFN :LUVFKZLHJHQGHQQZLUZXWHQQLFKWZDVZLULQGLHVHQ 6HNXQGHQVDJHQVROOWHQ 6FKOLHOLFKUlXVSHUWHLFKPLFKXQGIUDJWHª0U%LJJOHZLH ODQJHLVW,KUH)UDXEHUHLWVYHUVFKZXQGHQ"© ª6HLWXQJHIlKU]ZHL:RFKHQ© ª8QGVLHZDUNUDQN"© ª-DWRGNUDQN6LHOLWWDQ/HXNlPLHZDUQLFKWPHKU]XUHWWHQ XQGYHUILHO]XVHKHQGV© ª:RKDWGHU6HHOHQ9DPSLUVLHJHKROW"© ª$XVGHP.UDQNHQKDXVJHUDXEWHLQHQ7DJEHYRUVLHQDFK +DXVHNRPPHQVROOWH,FKZROOWHVLHZLHGHU]XPLUQHKPHQ GDQQVLHVROOWHLQLKUHP%HWWVWHUEHQ©%HLGHQOHW]WHQ :RUWHQKDWWHVHLQH6WLPPHVHKUOHLVHJHNOXQJHQ 6XNRXQGLFKVFKDXWHQXQVDQ$QXQGIUVLFKKlWWHHVMHW]W GHU$QVWDQGJHERWHQGDZLUGHQ0DQQLQVHLQHP6FKPHU] DOOHLQOLHHQDEHUGDVJLQJQLFKW:LUPXWHQZHLWHUPLWLKP UHGHQHVVWDQG]XYLHODXIGHP6SLHO :LUOLHHQLKP=HLW,FKWUDQNQRFKHLQHQNOHLQHQ6FKOXFN YRQGHPKHUYRUUDJHQGHQ:KLVN\ZlKUHQG6XNRDXIGHQ 2IHQVFKDXWHXQGGLH6WLUQLQ)DOWHQJHOHJWKDWWH0HLQ)UHXQG XQG.ROOHJHIKOWHlKQOLFKZLHLFK'HU%UJHUPHLVWHUKDWWH 6FKZHUHVKLQWHUVLFK ª:LVVHQ6LH©VDJWHHUQDFKHLQHU:HLOHª0DU\XQGLFKZLU

KDEHQXQVVHKUJHOLHEW:HQQPDQIDVW-DKUHYHUKHLUDWHWLVW GDQQNDQQPDQRKQHGHQDQGHUHQQLFKWPHKUVHLQZHQQ6LH YHUVWHKHQZDVLFKPHLQH© ª1DWUOLFK©,FKQLFNWH ª%LWWHIUDJHQ6LHZHLWHU6LHWXQMDQXU,KUH3IOLFKW *HQWOHPHQ© ª1DFKGHP9HUVFKZLQGHQ,KUHU)UDX0U%LJJOHKDEHQ6LH GDNHLQH1DFKIRUVFKXQJHQDQJHVWHOOW"©ZROOWHLFKZLVVHQ ª1HLQ© ª*DEHVGDIUHLQHQ*UXQG"© (UQLFNWHª'HQJDEXQGGHQJLEWHVLQGHU7DW6LU,FKKDWWH $QJVW(LQIDFK$QJVW© (UVSUDFKMHW]WPLWGUlQJHQGHU6WLPPHª,FKZHLQLFKWRE 6LHHVEHJUHLIHQN|QQHQ$EHUDOOHLQGLHVHP'RUIKDEHQ$QJVW 'LH([LVWHQ]GHV6HHOHQVDXJHUVODVWHWZLHHLQ)OXFKDXIGHQ 0HQVFKHQ6LHNRPPHQQLFKWGDJHJHQDQGDVPVVHQ6LHPLU JODXEHQ(LQHUKDWHVYHUVXFKW'HU3IDUUHU-HW]WLVWHUWRW:LU OHEHQKLHULQ&RUQZDOOZHLWDEYRQ/RQGRQ)U6LHVLQGZLU YLHOOHLFKWQLFKWHLQPDO]LYLOLVLHUWRGHUVRlKQOLFK6LHN|QQHQ VLFKVFKOHFKWLQXQVHUH3V\FKHKLQHLQGHQNHQ9LHOOHLFKWKDEHQ 6LHQRFKQLHLQ,KUHP/HEHQ$QJVWYHUVSUW,FKNDQQ,KQHQ VDJHQ6LUHVLVWJUDXVDP© 'HU0DQQKDWWHXQUHFKW,FKZROOWHLKPMHW]WQLFKWDXI]lKOHQ ZLHRIWLFKVFKRQ7RGHVDQJVWYHUVSUWKDWWHDEHULFKNRQQWHHV LKPQDFKIKOHQ 'LH$QJVWNDQQHLQHQ0HQVFKHQYHUlQGHUQLKQUHJHOUHFKW IHUWLJPDFKHQXQGDXFKVHLQH6HHOH]HUVW|UHQ ª:LHKDEHQHVGHQQ,KUH0LWEUJHUDXIJHQRPPHQ"©IUDJWH 6XNRª$QGHUH)DPLOLHQKDEHQGRFKHLQlKQOLFKHV6FKLFNVDO KLQWHUVLFK© ª'DVVWLPPWDEHUDXFK6LHWDWHQQLFKWV6LHKRIIWHQQXUGD VLHQLFKWGLHQlFKVWHQVHLQZUGHQ© ª(UKROWVLFKQXU.UDQNH"© %LJJOHQLFNWHDXI6XNRV)UDJHª'DVVWLPPWDOOHUGLQJV1XU NUDQNH0HQVFKHQJHUDWHQLQVHLQHQ%DQQ(UVFKHLQWGDUDXI]X

ODXHUQGDMHPDQGLP6WHUEHQOLHJWXPGDQQ]XVFKODJHQ]X N|QQHQ© ª:LVVHQ6LH]XIlOOLJREMHPDQGLP6WHUEHQOLHJW"©HUNXQ GLJWHLFKPLFKOHLVH ª6LHPHLQHQKLHULP'RUI"© ª-D© 'LH0XQGZLQNHOGHV0DQQHV]XFNWHQª'DVLVWDXFKVRHLQ 3UREOHP6LU)UKHUVLQGGLH0HQVFKHQQLFKWVRVFKQHOORGHU KLQWHUHLQDQGHUNUDQNJHZRUGHQ© ª:LHVROOLFKGDVYHUVWHKHQ"© ª$OOH)lOOHSDVVLHUWHQLQGHQOHW]WHQ:RFKHQhEHUGHP2UW OLHJWHLQ)OXFK'HU)OXFKGHV6HHOHQ9DPSLUV© ª'HQHVVFKRQOlQJHUJDE"© ª1DWUOLFK0U6LQFODLU(UWUHLEWVHLQ8QZHVHQEHUHLWVVHLW -DKUKXQGHUWHQZHQQPDQGHQDOWHQ*HVFKLFKWHQJODXEHQGDUI 8QJHIlKUVHLW-DKUHQ© ª8QGZRNDPHUKHU"© ª1LFKWYRQKLHU©%LJJOHJULII]XU)ODVFKHXQGVFKHQNWHVLFK QRFKHLQHQ:KLVN\HLQª'HU6HHOHQ9DPSLUGHUDXFK7DUUDVFR KHLWVWDPPWDXV5XPlQLHQ© ª:DV"©'DVZDULQGHU7DWHLQHhEHUUDVFKXQJª6LQG6LHGD VLFKHU0U%LJJOH"© 'HU%UJHUPHLVWHUJHQHKPLJWHVLFKHLQHQ6FKOXFNª-D6LU GHVVHQELQLFKPLUVLFKHU7DUUDVFRV+HLPDWLVW5XPlQLHQGDV NODVVLVFKH/DQGGHU9DPSLUH© :LUZDUHQLQGHU7DWPHKUDOVEHUUDVFKWGHQQGDPLWKDWWHQ ZLUQLFKWJHUHFKQHW 0HLQ3DUWQHUKDWWHHLQHQHLJHQWPOLFKHQ$XVGUXFNLP *HVLFKWGHQLFKEHLLKPVRQVWQXUNDQQWHZHQQHUEHUHLQ VFKZHUHV3UREOHPQDFKGDFKWH ª5XPlQLHQDOVR©PXUPHOWHLFK6ROOWHXQVGLH6SXUYLHO OHLFKWQRFKLQGLHVHV/DQGIKUHQ"1HLQ7DUUDVFRKDWWHVHLQH +HLPDWKLHUJHIXQGHQHEHQVRZLHGLH2SIHU ,FKZDQGWHPLFKZLHGHUDQGHQ%UJHUPHLVWHUª:LHZDUHV P|JOLFKGDHUQDFK&RUQZDOONDP"©

ª'DVZHLQLHPDQG6LU,QGHU/HJHQGHVSULFKWPDQYRQ HLQHP6FKLIIGDVLKQJHEUDFKWKDEHQVROO$OVEOLQGHQ 3DVVDJLHU© ª8QGGDQQ"© ª+DWHUKLHUZHLWHUJHPDFKWXQGGHQ0HQVFKHQGLH6HHOHQ DXVJHVDXJW© ª1LFKWGDV%OXW"© ª1HLQ© ª:LHVLHKWHUDXV"©ZROOWH6XNRZLVVHQª+DWPDQLKQJH VHKHQ"*LEWHVHLQH%HVFKUHLEXQJ"© ª'D]XNDQQLFK,KQHQNDXPHWZDVVDJHQ0LUMHGHQIDOOVLVW HUQRFKQLFKWEHUGHQ:HJJHODXIHQ© ª$EHUHVJLEW=HXJHQ"©0HLQ3DUWQHUOLHQLFKWORFNHU ª-DGLHH[LVWLHUHQ(UVROODXVVHKHQZLHHLQ*UDI*URXQG GDEHLGVWHUZHLOHUVFKZDU]H.OHLGXQJWUlJW(UVROOVHKU EOHLFKVHLQHLQ$QJVWPDFKHU© ,FKQLFNWH'LH%HVFKUHLEXQJNDPKLQ,FKEUDXFKWHQXUDQ GDV:HVHQ]XGHQNHQGDVYRQGHQEHLGHQURWHQ9DPSLUHQ GDYRQJHWUDJHQZRUGHQZDU $EHUZLHVRKDWWHQVLHLQV6SLHOHLQJHJULIIHQ":DVKDWWHQGLH URWHQ9DPSLUHPLWGLHVHP7DUUDVFR]XWXQ"'DPXWH 9DPSLURGHOPDUGDKLQWHUVWHFNHQ ,FKHUNXQGLJWHPLFKQRFKHLQPDOEHLGHP%UJHUPHLVWHU QDFKGHQURWHQ9DPSLUHQXQGHUKLHOWDEHUPDOVHLQHQHJDWLYH $QWZRUW (UKDWWHVLHQLHJHVHKHQ$XFKQLFKWVYRQLKQHQJHK|UW(V ZDUHQIULKQXQEHNDQQWH:HVHQ ,FKZROOWHGDV7KHPDQLFKWZHLWHUYHUWLHIHQXQGGDFKWH GDUDQGDQRFKHLQH)UDJHRIIHQZDUª0U%LJJOHLFKKDWWH6LH YRUKLQJHIUDJWREHV.UDQNHLP2UWJLEW6LHKDEHQPLUHLQ ZHQLJ]XDXVZHLFKHQGJHDQWZRUWHW*LEWHV.UDQNHLQ6RXWK 7UHERQH"© (UQLFNWH6HLQ*HVLFKW]HLJWH4XDOHQ)UPLFKHLQ%HZHLV GDLFKYROOLQV6FKZDU]HJHWURIIHQKDWWH ª8QGZHULVWHV"©

ª/LOLDQ/DQFDVWHU© ª(LQHlOWHUH)UDX"© ª1HLQ©IOVWHUWH%LJJOHªHLQMXQJHV0lGFKHQ6LU*HUDGH -DKUHDOWJHZRUGHQ6HLW]ZHL7DJHQOLHJWVLHEHZHJXQJVORV XQGDSDWKLVFKLQLKUHP%HWW© ª+DEHQ6LHHLQHQ$U]WJHUXIHQ"2GHULKUH(OWHUQ"© ª1HLQ6LU'DVKDWGRFKEHUKDXSWNHLQHQ6LQQ,FKJODXEH QLFKWGDUDQGDXQVHLQ$U]WKHOIHQNDQQZLUNOLFKQLFKW©(U ZLVFKWHIDKULJEHUVHLQH6WLUQXQGVFKOXFNWHHLQSDDUPDO WURFNHQ'HU%UJHUPHLVWHUZDUPLWVHLQHQ1HUYHQVR]LHPOLFK DP(QGHGDVNRQQWHQZLUDOOHOHLFKWIHVWVWHOOHQ ,FKVFKDXWH6XNRDQ 'HU&KLQHVHVWHPPWHEHUHLWVVHLQHDXVJHEUHLWHWHQ+lQGHDXI GLH6HVVHOOHKQHQª,FKJODXEH-RKQGDZLUHVHLQPDOYHU VXFKHQVROOWHQ'LHVH/LOLDQLQWHUHVVLHUWPLFKZLUNOLFK© 'HU0HLQXQJZDULFKHEHQIDOOV,FKZDQGWHPLFKDQ%UJHU PHLVWHU%LJJOHª.|QQHQ6LHXQVYLHOOHLFKWGHQ:HJHUNOlUHQ RGHUZROOHQ6LHPLWXQVNRPPHQ"© (UKREGLH6FKXOWHUQª:HQQHVVHLQPX© ª(VZlUHEHVVHUGHQQ6LHNHQQHQGLH/DQFDVWHUV'DGLH 0HQVFKHQKLHUZLH6LHVHOEVWJHVDJWKDEHQHLQZHQLJHLJHQ XQG)UHPGHQJHJHQEHUPLWUDXLVFKVLQGP|FKWHLFK6LH ELWWHQXQV]XEHJOHLWHQ© ª'DVZHUGHLFKWXQ©'HU%UJHUPHLVWHUVWDQGHEHQIDOOVDXI XQG]RJVLFKVHLQH&RUGMDFNHEHU$XIHLQHQ0DQWHOZROOWHHU YHU]LFKWHQª(VVLQGQXUHLQSDDU6FKULWWH©HUNOlUWHHU 'HQ6FKOVVHOQDKPHUPLW|IIQHWHGLHVFKPDOH+DXVWUXQG OLHXQVGHQ9RUWULWW :LUVFKDXWHQDXIHLQHGXQNOH6WUDH(VEUDQQWHQQXUVHKU ZHQLJH/DWHUQHQ'DV/LFKWNRQQWHPDQPLWGHP:RUWVSlUOLFK XPVFKUHLEHQ(LQLJHJHOEH)OHFNHQGLHLQGHU/XIWKLQJHQGDV ZDUVFKRQDOOHV ,FKWUDWHLQSDDU6FKULWWHYRUVFKDXWHQDFKOLQNVXQGDXFK QDFKUHFKWV'DVWXW]WHLFK /LQNVIKUWHGLH6WUDHQLFKWJHUDGHDXVZHLWHU6LHVFKOXJ

HLQHQNOHLQHQ%RJHQPHKUHLQH.XUYH*HQDXLP6FKHLWHO SXQNWGLHVHU.XUYHWDXFKWHHWZDVDXI (LQJHZDOWLJHU6FKDWWHQVFKZHEWHHWZDLQ'DFKK|KHKHUDQ ZXUGHYRP/LFKWIUHLQHQ0RPHQWHUIDWXQGLFKJODXEWH ]ZHLJOKHQGH$XJHQ]XHUNHQQHQ (LQURWHU9DPSLU /LOLDQ/DQFDVWHUVDKDXVZLHHLQH7RWH 6LHODJLQLKUHP%HWWGLH$XJHQJH|IIQHWXQGVLHVWDUUWHDXI GLHVFKUlJH+RO]GHFNHPLWGHQGXQNOHQ%DONHQ 6HLW]ZHL7DJHQUKUWHVLHVLFKQLFKWPHKU'LH.UDQNKHLWZDU XUSO|W]OLFKEHUVLHJHNRPPHQHLQHUVFKUHFNHQGHV6LHFKWXP GDVLKUHQ.|USHUOlKPWH6LHNRQQWHVLFKNDXPQRFKUKUHQHV ILHOLKUVFKZHUVHOEVWGLH)LQJHUVSLW]HQGHUDXIGHU'HFNH OLHJHQGHQ+lQGH]XEHZHJHQ 6LHDQLFKWVPHKUVLHWUDQNDXFKQLFKWV6LHVWDUUWHQXUGLH 'HFNHDQXQGKRUFKWHDXIGLHVLHXPJHEHQGHQ*HUlXVFKH 1DFKWVZHQQGHU:LQGVHKUVWDUNYRP0HHUKHUEHUZHKWH GDQQILQJHUVLFKLQGHQ6SDUUHQGHVDOWHQ'DFKV(UOLHGLH =LHJHONODSSHUQVRGDHLQHVFKDXULJH0HORGLHHUW|QWHGLHVLH YRQIUKHUKHUNDQQWHVLHMHW]WDOOHUGLQJVQLFKWPHKU HUVFKUHFNHQNRQQWH /LOLDQZDUQLFKWDOOHLQLP+DXV,KUH0XWWHUEHIDQGVLFK LQGHQXQWHUHQ5lXPHQDOOHUGLQJVZDUGHU9DWHUQLFKW HUUHLFKEDU(UIXKU]XU6HHDXIGHU6GDPHULND5RXWH0DQ HUZDUWHWHLKQHUVWNXU]YRUGHP:HLKQDFKWVIHVW]XUFN $EHU:HLKQDFKWHQRGHUDQGHUH)HVWWDJHZDUHQIU/LOLDQ EHGHXWXQJVORVJHZRUGHQVHLWVLHLQLKUHP%HWWODJXQGVLFK NDXPUKUWH(VLQWHUHVVLHUWHVLHQLFKWPHKUVLHZROOWHDXFK NHLQHDQGHUHQ0HQVFKHQVHKHQQXUGLH0XWWHUOLHVLHLQV =LPPHU$QGHUHQ%HVXFKKDWWHVLHDEJHZHKUW 'DVMXQJH0lGFKHQEHUHLWHWHVLFKDXIGDV6WHUEHQYRU (LQHJUDXVDPHHUVFKUHFNHQGH7DWVDFKH +LQXQGZLHGHUZHQQHVEHUVLHNDPEHZHJWHVLHGLH

/LSSHQ1LHPDQGVROOWHK|UHQZDVVLHVDJWHGLH:RUWHZDUHQ IULKQEHVWLPPWIULKQDOOHLQ ª(UZLUGNRPPHQ©UDXQWHVLHª,FKVSUHVHLQH1lKHXQGLQ GLHVHU1DFKWKROWHUPLFK© /LOLDQDWPHWHSO|W]OLFKVFKQHOOHU'DVKDWWHVLHLQGHQOHW]WHQ 7DJHQQLHJHWDQVWHWVZDULKU$WHPIODFKJHEOLHEHQQXQGUDQ JHQEHLQDKHVW|KQHQGNOLQJHQGH*HUlXVFKHDXVLKUHPRIIHQHQ 0XQG6LHHUZDUWHWHLKQGHQ0HLVWHULKUHQ0HLVWHU 2EZRKOVLHLKQQLHJHVHKHQKDWWHZXWHVLHJHQDXZLHHU DXVVDK(UZDUZLHGLH1DFKWGXQNHOHLQ6FKDWWHQXQKHLP OLFKXQGGHQQRFKVFK|Q6LHZROOWHLKPDOOHVJHEHQGHQQVLH KDWWHOlQJVWVHLQH*HGDQNHQLQLKUHP.RSIJHVSUW (UNQGLJWHVHLQ.RPPHQDQ ª-D©KDXFKWHVLHª-DNRPP]XPLU,FKZLOOGLUPHLQH6HHOH JHEHQ'XQXUVROOVWVLHEHNRPPHQGHQQGXZLUVWHUVWDUNHQ XQGGHLQH0DFKWDXVGHKQHQ-HGHUGHUGLUVHLQH6HHOHJLEWWXW HVJHUQ$XFKLFKJURHU0HLVWHU© 1DFKGLHVHQ:RUWHQVFKZLHJVLHHUVFK|SIW(VZDUHLQZHQLJ YLHOIUVLHJHZHVHQGHQQVLHKDWWHLQGHQOHW]WHQ6WXQGHQIDVW QXUJHVFKZLHJHQ$XFKZl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

:DQQNDPHUHQGOLFK" /LOLDQZDUWHWHVHKQVFKWLJ(UKDWWHVLHLQGHQOHW]WHQ7DJHQ GHUDUWEHDUEHLWHWGDVLHNDXPQRFKDQHWZDVDQGHUHVGHQNHQ NRQQWH8QGHUKDWWHLKUDQJHNQGLJWGDVLHVLFKEHUHLWKDOWHQ VROOWH (LQ*HUlXVFK (VZDUHLQ.QDFNHQXQGHVNDPYRQXQWHQZRVLFKGLH +DXVWUEHIDQG :DUGDVGHU0HLVWHU" /LOLDQUKUWHVLFKQLFKWVWHLIEOLHEVLHLQLKUHP%HWWOLHJHQ 1XULKUH$XJHQOLGHU]XFNWHQ(LQ=HLFKHQGDVLHVHKUXQWHU 6SDQQXQJVWDQG :UGHGHU0HLVWHUHQGOLFKVHLQ9HUVSUHFKHQHLQO|VHQ" 6LHZDUHLQIDFK]XVFKZDFKXPVLFKDXIULFKWHQ]XN|QQHQ DEHUVLHGUHKWHGHQ.RSIQDFKOLQNVXQGVFKLHOWHLQ5LFKWXQJ 7UGLHVLFKDOVKRKHVMHW]WGXQNHOZLUNHQGHV5HFKWHFNDEKRE 6FKULWWH 9RQXQWHQKHUNODQJHQVLHDXI6LHZXUGHQODXWHUHLQ%HZHLV GDMHPDQGGLH7UHSSHKRFKVWLHJ /LOLDQODXVFKWHGLH6SDQQXQJVWHLJHUWHVLFK:HQLJVSlWHU MHGRFKQDKPHQLKUH$XJHQZLHGHUGHQDSDWKLVFKHQEODVVHQ $XVGUXFNDQGHQVLHVFKRQ]XYRUJH]HLJWKDWWHQ 1HLQGDVZDUQLFKWGHU0HLVWHU6LHNDQQWHGLH6FKULWWHGLH GRUWGLH6WXIHQKRFKNDPHQ 6RJLQJLKUH0XWWHU /LOLDQKDWWHVLFKQLFKWJHWlXVFKW0UV/DQFDVWHUNORSIWH LPPHUDQEHYRUVLHGDV=LPPHULKUHU7RFKWHUEHWUDW6RJHVFK DKHVDXFKMHW]W/LOLDQYHUQDKP]ZHLPDOGHQGXPSIHQ SRFKHQGHQ/DXWGDQQEHZHJWHVLFKGLH.OLQNHQDFKXQWHQ XQGLPQlFKVWHQ$XJHQEOLFNVWDQGGLH0XWWHUDXIGHU 7UVFKZHOOH 6LHJLQJHLQZHQLJYRUZXUGHYRP/LFKWGHU/DPSHJHWURI IHQ6LHZLUNWHDEJHDUEHLWHW7LHIH)DOWHQKDWWHQVLFKLQLKU *HVLFKWJHJUDEHQ'LH0LHQH]HLJWHHLQHQYHUKlUPWHQ$XV GUXFN'DVJUDXH+DDUKDWWHGHU:LQGWURW]GHV.RSIWXFKVGDV

VLHEHLP5DGIDKUHQLPPHUWUXJ]HU]DXVW(VKLQJLKUZLUU LQV*HVLFKW /DQJVDPWUDWVLHQlKHU6LHWUXJQRFKLPPHULKUHQGXQNHO EUDXQHQ.LWWHOKDWWHDOOHUGLQJVEHULKQHLQH6WULFNMDFNH JHVWUHLIW'LH$XJHQEOLFNWHQPGHGLH+lQGHZDUHQUDXKGLH +DXWDXIJHVSUXQJHQ 1HEHQGHP%HWWEOLHEVLHVWHKHQOLHVLFKYRUVLFKWLJQLHGHU XQGVWULFKLKUHU7RFKWHUPLWGHU+DQGEHUGLH6WLUQª:LHJHKW HVGLU/LOLDQ"© 0UV/DQFDVWHUHUKLHOWNHLQH$QWZRUW ª%LWWH/LOLDQGXPXWHWZDVVDJHQ(VLVWVRVFKUHFNOLFKIU PLFKZHQQGXVWXPPEOHLEVW©9LUQD/DQFDVWHUV*HVLFKW QDKPHLQHQJHTXlOWHQ$XVGUXFNDQ 'DV0lGFKHQEHZHJWHGLH/LSSHQ(VZDUNDXP]X HUNHQQHQ ª6DJGRFKHWZDV.LQGELWWH© 'LH0XWWHUHUKLHOWYRQLKUHU7RFKWHUNHLQH$QWZRUW$EHUVLH VSUWHLQVWLQNWLYGD/LOLDQQLFKWVPHKUPLWLKU]XWXQKDEHQ ZROOWH ª:HQQGRFKQXUGHLQ9DWHUKLHUZlUH©VDJWH9LUQD/DQFDVWHU OHLVHª(UZWHYLHOOHLFKW5DW(UZHLLPPHU5DW2GHULFK ODVVHGLFKGRFKLQHLQ.UDQNHQKDXVVFKDIIHQ© ª.HLQ.UDQNHQKDXV©(VZDUHQGLHHUVWHQ:RUWHGLH/LOLDQ GDYRQVLFKJDEXQGLKUH0XWWHU]XFNWH]XVDPPHQ ª'XZDUWHVWDXILKQQLFKW"©VDJWHVLHVFKQHOO /LOLDQVFKZLHJ$EHUDXILKUHQ/LSSHQZDUSO|W]OLFKHLQ /lFKHOQ]XVHKHQXQG0UV/DQFDVWHUZXWHJHQDX%HVFKHLG -DLKUH7RFKWHUZDUWHWHDXILKQDXIGHQ6HHOHQ9DPSLUGHQ 'lPRQGHUGLH6HHOHQGHU7RGNUDQNHQDQVLFKQDKP'LH)UDX EUDXFKWHQXUDQGLHYRUKHULJHQYLHU2SIHU]XGHQNHQGLHGHU 6HHOHQVDXJHUDXIGHP*HZLVVHQKDWWHGDQQZXWHVLH %HVFKHLG1LHKDWWHVLHGDPLWJHUHFKQHWGDHVDXFKPDOVLH RGHULKUH7RFKWHUWUHIIHQN|QQWHXQGQXQVFKDXWHVLHLQGDV OHLFKHQEODVVH*HVLFKWGHUJHOLHEWHQ/LOLDQ ª(UVROOGLFKQLFKWEHNRPPHQ©VDJWHVLHSO|W]OLFKPLWODXWHU

6WLPPHEHXJWHVLFKYRUXQGVWHPPWHEHLGH+lQGHOLQNVXQG UHFKWVGHVVFKPDOHQ*HVLFKWVJHJHQGDV.RSINLVVHQª+|UVW GX"(UVROOGLFKQLFKWEHNRPPHQ'HQNHLPPHUGDUDQ© /LOLDQ]XFNWH]XVDPPHQª*HK©VDJWHVLHSO|W]OLFKª,FKZLOO GLFKQLFKWPHKUVHKHQ*HK0XWWHU© 'DV.UHLVFKHQDXVLKUHP0XQGZDUVRODXWXQGZLOGGD GLHlOWHUH)UDX]XUFN]XFNWHGHQQPLWVRHLQHU5HDNWLRQKDWWH VLHQLFKWJHUHFKQHW 0UV/DQFDVWHUVWDQGDXIª,FKZHUGHJHKHQPHLQ.LQG© HUZLGHUWHVLHPLWOHLVHU6WLPPHª-DLFKZHUGHYHUVFKZLQGHQ ZLHGXHVPLUVRHEHQODXWXQGGHXWOLFKEHIRKOHQKDVW$EHU YRUKHUWXHLFKQRFKHLQV©6LHVHQNWHLKUH+DQGLQGLHUHFKWH .LWWHOWDVFKHEHYRUVLHZHLWHUVSUDFKª,FKZHLGDGXYRQPLU QLFKWVZLVVHQZLOOVWDEHUGXELVWQRFKLPPHUPHLQ.LQG,FK ZLOOQLFKWGDGLHVHUIXUFKWEDUH'lPRQGLFKLQVHLQH.UDOOHQ EHNRPPW'HVKDOEKDEHLFKPLUYRUJHQRPPHQGLFK]XVFKW ]HQ8QG]ZDUGDPLW© 6LHULGLH+DQGDXVGHU7DVFKHXQGKLHOWLKUHU7RFKWHUHLQHQ *HJHQVWDQGGLFKWYRUGDV*HVLFKW (VZDUHLQ.UHX] .HLQHVDXV6LOEHU*ROGRGHUHLQHPDQGHUHQ0HWDOOVRQGHUQ HLQVLPSOHV+RO]NUHX] 7URW]GHPHUVFKUDNGDV0lGFKHQELVLQV0DUNª1LPPHV ZHJ©NUHLVFKWH/LOLDQª1LPPGDVYHUGDPPWH'LQJZHJ©6LH VFKWWHOWHVLFKXQGZDUIVLFKDXILKUHP%HWWKLQXQGKHUª,FK NDQQXQGZLOOHVQLFKWVHKHQ©6LHEHJDQQ]XWREHQGRFKLKUH 0XWWHUNDQQWHNHLQ3DUGRQ=ZDUVFKPHU]WHHVVLHVRPLWLKUHU 7RFKWHUXPJHKHQ]XPVVHQDEHUVLHVDKHLQIDFKNHLQH DQGHUH0|JOLFKNHLW ª8QGGXZLUVWGDV.UHX]QHKPHQ©VFKULHVLHJHJHQGLH 6WLPPHLKUHU7RFKWHUDQª9HUGDPPWGXQLPPVWHV,FKZLOOHV VRKDVWGXYHUVWDQGHQ/LOLDQ© ª1HLQQHLQ©KHXOWHVLHª:HJPLWGHP.UHX]6WHFNHV ZHJLFKZLOOQLFKWLFKNDQQHVQLFKWVHKHQ© ª'RFKGXPXW©0LWGLHVHQ:RUWHQWDW9LUQD/DQFDVWHUGDV

LKUHU0HLQXQJQDFKHLQ]LJ5LFKWLJH6LHVWUHFNWHGLH+DQGDXV |IIQHWHVLHXQGOHJWHGDV.UHX]DXIGLH%HWWGHFNHJHQDXLQ +|KHGHU%UXVWLKUHUMlKULJHQ7RFKWHU /LOLDQHUVWDUUWH6FKODJDUWLJILHOVLHZLHGHULQGHQ=XVWDQG GHU$SDWKLHDXVGHPVLHGHUHUVWH$QEOLFNGHV.UHX]HVKHU DXVJHULVVHQKDWWH 6LHVDJWHQLFKWVPHKUVlPWOLFKH(QHUJLHQVFKLHQHQLKUHQ .|USHUYHUODVVHQ]XKDEHQVLHVDFNWHXQWHUGHU%HWWGHFNH ]XVDPPHQDEHUGDV.UHX]EOLHEOLHJHQ9LUQD/DQFDVWHUKDWWH HVJHQDXLQGLHVFKPDOH0XOGH]ZLVFKHQGHQNOHLQHQ%UVWHQ JHOHJW ª8QGGDEOHLEWHV©IOVWHUWHGLH)UDXª1LHPDQGZLUGHV ZHJQHKPHQN|QQHQXQGZHQQHVMHPDQGYHUVXFKWGDQQ ZLUGHUVLFKGLH)LQJHUGDUDQYHUEUHQQHQ:LHGLHVHUYHUIOXFKWH 6HHOHQVDXJHU'DVNDQQLFKGLUVFKZ|UHQPHLQ.LQG© 6LHZDUZLHGHUDXIJHVWDQGHQXQGVWDQGQHEHQGHP%HWW ª*HK©IOVWHUWH/LOLDQª*HKZHJXQGQLPPHVPLW(VLVWVR VFKZHU%LWWHQLPPHVLFKZLOOHVQLFKW© 0UV/DQFDVWHUWUDWQRFKZHLWHU]XUFNGDPLWGDV%HWWLKUHQ %OLFNZLQNHOYROODXVIOOWH6LHKDWWHVLFKEHUZLQGHQPVVHQ /DQJHhEHUOHJXQJHQZDUHQGLHVHU7DWYRUDXVJHJDQJHQ6LH NRQQWHMDYRQNHLQHPPHKU+LOIHHUZDUWHQGHU3IDUUHUZDUWRW LKU0DQQEHIDQGVLFKDXI6HHXQGGLH(LQZRKQHUYRQ6RXWK 7UHERQHKDWWHQ$QJVW $OVVLHLKUH7RFKWHUPLWGHPJHTXlOWHQ*HVLFKWVDXVGUXFNVR DXIGHP%HWWOLHJHQVDKVFKOXFK]WHVLHVHOEVWDXIZHLOGLHVHV %LOGZLHHLQ0HVVHULQLKU+HU]GUDQJ'RFKVLHKDWWHGHQ:HJ HLQPDOHLQJHVFKODJHQXQGZROOWHLKQDXFK]X(QGHJHKHQ 6RZDUHVJHSODQW 0LQXWHQYHUVWULFKHQ%HLGHUKUWHQVLFKQLFKW'DV0lGFKHQ ODJDSDWKLVFKDXIGHP%HWWGLH0XWWHUVWDQGHLQLJH6FKULWWH YRP)XHQGHHQWIHUQW (WZDVVFKUHFNWHVLHSO|W]OLFKDXIXQGOLHVLHMlKKHUXPIDK UHQ'DV*HUlXVFKZDULQGHU1lKHGHV)HQVWHUVDXIJHNOXQJHQ 'RUWPXWHVLFKMHPDQGDXIKDOWHQ

'HU:LQGVlXVHOWHLQGHQDOWHQ'DFKVSDUUHQDEHUGLH)UDX VDKDXFKHWZDV (LQHQ6FKDWWHQ (UVFKZHEWHKLQWHUGHU6FKHLEHIODWWHUWHKLQXQGKHUXQGVLH HUNDQQWHLQGHU0LWWHGHV6FKDWWHQV]ZHLURWHJOKHQGH $XJHQ 'HU5LHVHQYDPSLUZDUJHNRPPHQ 0UV/DQFDVWHUYHUVWHLIWH)UZHQLJH6HNXQGHQUKUWHVLH VLFKQLFKWVRQGHUQVWLHUWHQXUGHQ6FKDWWHQDQXQGGLH VFKUHFNOLFKHQURWHQ$XJHQ (LQHKHIWLJH%HZHJXQJ 'HXWOLFKNRQQWHGLH)UDXVLHKLQWHUGHU6FKHLEHHUNHQQHQ XQGVLH]RJLKUHQ.RSIHLQ (LQHQ+HU]VFKODJVSlWHUSDFNWHVLHGDVQDFNWH(QWVHW]HQ GHQQGDV)HQVWHU]HUEDUVWPLWHLQHPVSOLWWHUQGHQ.QDOO ª$FKWXQJ-RKQ© $XFK6XNRKDWWHGLHVHVJUDXHQKDIWH:HVHQJHVHKHQGDV ]ZLVFKHQGHQ+lXVHUQEHUGLH6WUDHIORJXQGZDUQWHPLFK GHVKDOE(VZDUQLFKWQ|WLJLFKUHDJLHUWHDXFKVR :lKUHQGGHU,QVSHNWRUVLFKXP:LOOLDP%LJJOHNPPHUWH KHW]WHLFKDXIGHQDP6WUDHQUDQGSDUNHQGHQ%HQWOH\]XXQG IDQGGDKLQWHU'HFNXQJ1DWUOLFKKLHOWLFKOlQJVWGLH%HUHWWDLQ GHUUHFKWHQ+DQGXQGGLH0QGXQJZLHVVFKUlJEHUGLH .KOHUKDXEHDXIGLHDQIOLHJHQGH5LHVHQIOHGHUPDXV :LHHLQEHUJURHU)OXJGUDFKHQVHJHOWHGDV7LHUGXUFKGLH 6WUDHGLH)OJHOZHLWDXVJHEUHLWHWVRGDGLH6SLW]HQIDVWGLH +DXVZlQGHEHUKUWHQ =ZLVFKHQGHQJURHQVFKZDU]HQ6FKDWWHQGHU6FKZLQJHQ JOKWHQGLHNOHLQHQURWHQJHIlKUOLFKHQ$XJHQGLHDXIPLFK ZLHVH]LHUHQGH0HVVHUZLUNWHQ ,FK]LHOWHJHQDX 'LHVH9DPSLUEUXWPXWHPDQYHUQLFKWHQ-HZHQLJHU'LHQHU 9DPSLURGHOPDUEHVDXPVREHVVHUZDUHV

,FKNDPQLFKW]XP6FKX 6XNRIHXHUWH +LQWHUPLUK|UWHLFKGHQSHLWVFKHQGHQ.ODQJGHU%HUHWWD GUHKWHPLFKKRFNHQGXPXQGVDKIUHLQHQ0RPHQWPHLQHQ 3DUWQHUGHULQGHU+DXVWUVWDQGGHQ$UPYRUJHVWUHFNWKDWWH XQG]LHOWH 6XNRKDWWHJXWJHWURIIHQ (UPXWH]ZLVFKHQGLH$XJHQJHKDOWHQKDEHQGHQQVLH JHULHWHQSO|W]OLFKLQ%HZHJXQJXQGIKUWHQZLOGHWDQ]HQGH =LFN]DFN.XUYHQDXV 'HU)OXJZXUGHJHVWRSSWXQGGHU5LHVHQYDPSLUNlPSIWH PLWVHLQHUHQGJOWLJHQ9HUQLFKWXQJ 6XNRO|VWHVLFKDXVVHLQHU'HFNXQJXQGOLHI]XPLU$XFKLFK VWDQGDXI8QVZXUGHGLH5LHVHQIOHGHUPDXVQLFKWPHKU JHIlKUOLFK 6LHILHO -HW]WYHUQDKPHQZLUGDVZLOGH)ODWWHUQLKUHU)OJHO6LH VFKOXJHQXQNRQWUROOLHUW /HW]WH=XFNXQJHQHLQ=HLFKHQGDGLH.UDIWGDV0RQVWHU YHUOLH (VODJEHUHLWVDP%RGHQ$XFKLFKEOLHEQLFKWPHKUVWHKHQ XQGWUDWYRU 'HUURWH9DPSLUKDWWHVLFKDXIGLH6HLWHJHGUHKWXQGGDEHL HLQH6FKZLQJHDXIUHFKWJHVWHOOWVRGDVLHLQGLH+|KHVWDFK 'HU3UR]HGHU$XIO|VXQJOLHVLFKQLFKWPHKUVWRSSHQ,FK VDKZLHGLH6SLW]HGHV)OJHOVDOOPlKOLFKJUDXXQGEU|VHOLJ ZXUGH(LQHQ$XJHQEOLFNVSlWHUEUDFKVLHDE 'HU6WDXEKDWWHVLFKQRFKQLFKWDP%RGHQDEJHVHW]WDOVGLH )OHGHUPDXVHEHQIDOOV]HUILHO'LHVHV5LHVHQXQWLHUGDVHLQHVR JURH$QJVWYHUEUHLWHQNRQQWHKDWWHGDV5HFKWDXIVHLQHXQ WRWH([LVWHQ]YHUORUHQ(VYHUJLQJ /HLFKHQEODZDUGHU%UJHUPHLVWHU1DFKGHPNHLQH*HIDKU PHKUEHVWDQGKDWWHHUGDVVLFKHUH+DXVYHUODVVHQ(UEOLHE QHEHQPLUVWHKHQVFKWWHOWHGHQ.RSIXQGULHILPPHUZLHGHU DXVª0HLQ*RWWPHLQ*RWWZDVLVWGDQXUJHVFKHKHQ"©

,FKJDELKPGLH$QWZRUWª:LUKDEHQ6FKZDU]H0DJLHPLW :HLHU0DJLHEHNlPSIW© ª8QGJHZRQQHQ©IJWH6XNRKLQ]XZREHLHUVHLQH%HUHWWD ZHJVWHFNWH ª$EHUGDHVVRHWZDVJHEHQNDQQ©IOVWHUWH:LOOLDP%LJJOH (UKREGLH6FKXOWHUQª8QEHJUHLIOLFK:LHNRPPWHV"© ª'DUEHUGHQNHQZLUVFKRQODQJHQDFK©HUZLGHUWHLFK ª(LQH$QWZRUWZHUGHQZLUZRKOQLHPDOVILQGHQ=XGHPJLEW HV'LQJHGLHPDQDOV7DWVDFKHQDN]HSWLHUHQXQGQLFKWOlQJHU GDUEHUQDFKGHQNHQVROO'DVLVWPHLQH$QVLFKW© ª9LHOOHLFKWLVWHVZLUNOLFKEHVVHU©%LJJOHVFKDXWHGLH6WUDH KRFK 6XNRXQGLFKJODXEWHQVHLQHQ%OLFNYHUVWDQGHQ]XKDEHQ(U GDFKWHDQGDVNUDQNH0lGFKHQGDVXQWHU8PVWlQGHQYRQ GHP%OXWVDXJHUJHKROWZHUGHQN|QQWH ,FKQLFNWH6XNR]Xª/RV$OWHUZLUGUIHQNHLQH=HLWPHKU YHUOLHUHQ(VJLEWMDQRFKHLQH)OHGHUPDXV© ª1RFKHLQH"©%LJJOHHUVFKUDNXQGWUDWXQZLOONUOLFK]XUFN ,FKKDWWHPLFKOlQJVWHQWVFKORVVHQLKQQLFKWPLW]XQHKPHQ :LUOLHHQXQVGHQ:HJEHVFKUHLEHQXQGVWDUWHWHQGDQQ 'HU%UJHUPHLVWHUDEHUVFKDXWHXQVDXVDQJVWJHZHLWHWHQ $XJHQQDFKXQGVFKOXJKDVWLJHLQ.UHX]]HLFKHQ 0LWGHPLQGDV=LPPHUIDOOHQGHQ*ODVUHJHQNDPDXFKGDV )DXFKHQ'DVU|WOLFKVFKLPPHUQGH8QWLHUKRFNWHDXIGHU )HQVWHUEDQNXQGKDWWHVLFKGRUWLP+RO]IHVWJHNUDOOW'LH+DXW GHV8QWLHUVZDUQLFKWVFKZDU]ZLHGLH)UDX]XHUVWDQ JHQRPPHQKDWWHDOVVLHGLH)OHGHUPDXVYRUGHP)HQVWHU JHVHKHQKDWWH (LQURWHU5LHVHQYDPSLU 0LWIHXULJHQ$XJHQ 6LHJOKWHQZLH]ZHLKHLH.RKOHQVWFNH'DUXQWHUEHIDQG VLFKHLQLQ5HODWLRQ]XP*HVLFKW]XJURHVZHLWJH|IIQHWHV 0DXOLQGHP]ZHLODQJH=lKQHVFKLPPHUWHQ

'LH9DPSLU]lKQHGDV:DKU]HLFKHQGLHVHVJHIlKUOLFKHQ %OXWVDXJHUV :DUGDVGHU6HHOHQ9DPSLU" 1HLQDXINHLQHQ)DOO'DVNRQQWHXQGZROOWHGLH)UDXQLFKW JODXEHQ'HU6HHOHQ9DPSLUVDKDQGHUVDXV=HXJHQKDWWHQLKQ EHVFKULHEHQ'LHVKLHUZDUHLQHDQGHUH%HVWLHHLQH)OHGHU PDXVHLQHFKWHU9DPSLUGHUQLFKWGDUDQGDFKWHDXIGHP )OHFNKRFNHQ]XEOHLEHQGHQQHUKDWWHGLHJURHQ6FKZLQJHQ ]XVDPPHQJHOHJWXQGYHUVXFKWHQXQVHLQHQ.|USHUGXUFKGDV ]HUVW|UWH)HQVWHU]XGUFNHQ 9LUQD/DQFDVWHUGDFKWHDQ)OXFKW6LHJHVWDQGVLFKHLQGD VLHJHJHQGLHVHV0RQVWHULP.DPSIGHQNU]HUHQ]LHKHQ ZUGH,KQ]XEHVLHJHQZDUHLQIDFKXQP|JOLFKGDVVFKDIIWH VLHQLFKWVRHLQ0RQVWHUZUGHNHLQH*QDGHNHQQHQ :DVVROOWHVLHWXQ" )OFKWHQGRFKZDVJHVFKDKGDQQPLW/LOLDQLKUHU7RFKWHU" 6LHNRQQWHVLHDXINHLQHQ)DOODOOHLQODVVHQ1LFKWZHQQGLHVH JUDXVDPH%HVWLHLP=LPPHUKRFNWH :lKUHQGGHUURWH9DPSLUZHLWHUKLQYHUVXFKWHVHLQHQ .|USHUGXUFKGLH/FNHGHV)HQVWHUV]X]ZlQJHQOLHIGLH)UDX DXIGDV%HWWLKUHU7RFKWHU]XXQGK|UWHGHUHQ6WLPPH ª'HU0HLVWHU©NUHLVFKWH/LOLDQª'HU0HLVWHUNRPPW -DDD]XPLUQLPPPLFKLFKZDUWHDXIGLFKPHLQH6HHOH ZDUWHW© ª1HLQQHLQ(UZLUGGLFKQLFKWEHNRPPHQ©9LUQDEUOOWH GLH:RUWH6LHZDUIVLFKDXIGDV%HWWEHULKUH7RFKWHUXQG ZXWHGDQXQ6HNXQGHQ]lKOWHQ 'LH'HFNHZDUGQQ9LUQDVSUWHXQWHULKUHQ+lQGHQGLH *HVWDOWGHU7RFKWHUXQGGLH0DWUDW]HZXUGHHLQJHGUFNW0UV /DQFDVWHUZROOWHLKUH7RFKWHUDQVLFKUHLHQGRFKGDV.UHX] UXWVFKWHGDEHLYRQGHU'HFNHXQGILHOQHEHQGHP%HWW]X %RGHQ 'DUDXIDFKWHWHGLH)UDXQLFKW6LHULGHQPDJHUJHZRUGHQHQ .|USHULKUHU7RFKWHULQGLH+|KHXQGVLHVFKDIIWHHVLKQVLFK EHUGLH6FKXOWHU]XZXFKWHQ

/LOLDQZHKUWHVLFK0LWEHLGHQ+lQGHQGLHVLH]X)lXVWHQ JHEDOOWKDWWHVFKOXJVLHJHJHQGHQ/HLEGHU0XWWHU6LHVWUDP SHOWHDXFKPLWGHQ%HLQHQGRFKGLH)UDXHQWZLFNHOWHLQGLHVHQ 6HNXQGHQ5LHVHQNUlIWH9LUQDZXFKVSUDNWLVFKEHUVLFKVHOEVW KLQDXVOLHI]XU7UGRFKVLHKDWWHVLHQRFKQLFKWHUUHLFKWDOV GLHVHUXFNDUWLJDXIJHVWRHQZXUGH (LQHXQKHLPOLFKH*HVWDOWVWDQGDXIGHU6FKZHOOH 7DUUDVFRGHU6HHOHQVDXJHU 'LHYLHU6lUJHVWDQGHQLQHLQHPVSH]LHOODEJHVLFKHUWHQ5DXP 'HU.DSLWlQKDWWH2UGHUJHJHEHQGDGLHVHQ5DXPQLHPDQG EHWUHWHQGXUIWHXQGZLH5RPDQHVFXGLH0DQQVFKDIWHLQ VFKlW]WHKLHOWVLHVLFKDXFKGDUDQGHQQQRFKZDUHUGHU+HUU DXIGHP6FKLII =XGHPZXWHQQXUZHQLJHGDVLFKLQGHQ6lUJHQYLHU /HLFKHQEHIDQGHQ:LUNOLFKYLHU/HLFKHQ" 1HLQHLQHZDUQLFKWWRWGHU%LKDWWHVLH]XHLQHU8QWRWHQ JHPDFKW]XHLQHU9DPSLULQ 8QGVLHZDUHUZDFKW (VZDUHLQHMXQJH)UDX+DUULHWKLHVLHXQGVLHVSUWHEHLP (UZDFKHQGDHWZDVDQGHUHVYRQLKU%HVLW]HUJULIIHQKDWWH6LH NDPVLFKYRUDOVKlWWHVLHWLHIXQGIHVWJHVFKODIHQDEHUDXFK JHWUlXPWXQGZlUHMHW]WZLHGHUDQGLH2EHUIOlFKHJHVSOW ZRUGHQ ,P'XQNHOQEOLHEVLHOLHJHQ )XJHQORVVFKORGHU6DUJGHFNHO+DUULHWZXWHQLFKWGDVLH LQHLQHU7RWHQNLVWHODJ8QGZHQQKlWWHVLHVLFKGHVKDOEQLFKW HUVFKUHFNWGHQQ]XGHQZHQLJHQ'LQJHQGLH9DPSLUHOLHEHQ JHK|UHQQXQPDO6lUJH(VVLQGLKUH/LHEOLQJVDXIHQWKDOWVRUWH DEHUZHQQGLH=HLWUHLIZDUGDQQVDKHQVLHDXFK]XGDVLHGLH 6lUJHRGHUGHQ6DUJZLHGHUYHUODVVHQNRQQWHQ 1RFKHWZDVVSUWHGLH8QWRWH (LQHQVHOWVDPHQ'UDQJGHULQLKUKRFKVWLHJXQGGHQVLH ]XYRUQLHHUOHEWKDWWH

'LH*LHUQDFK%OXW 6LHEHVD]ZDUQLFKWPHKUGLHPHQVFKOLFKH9RUVWHOOXQJV NUDIWGHQQRFKGDFKWHVLHDQGHQNRVWEDUHQ/HEHQVVDIWGHULKU HLQ:HLWHUOHEHQJDUDQWLHUHQZUGH 6LHZROOWHHVVLHEUDXFKWHHV %OXW1XU%OXW 0HQVFKHQEHVDHQHV$QVLHPXWHVLHKHUDQNRPPHQ +DUULHWVWUHFNWHLKUH$UPHK|UWHGDVOHLVH.QDFNHQGHU *HOHQNHEOLHEQRFKHLQHQ0RPHQWUXKLJOLHJHQXQGODXVFKWH GHPUK\WKPLVFKHQ6WDPSIHQGDVHEHQIDOOVDQLKUH2KUHQGUDQJ 6LHNRQQWHGDV*HUlXVFKQLFKWHLQRUGQHQGDEOLW]WHDXFK QLFKWVLQLKUHU(ULQQHUXQJDXIXQGVRJHODQJHVLKUQLFKWIHVW ]XVWHOOHQGDVLHDXIHLQHP6FKLIIODJ $XIHLQHP6FKLIIXQGJHIDQJHQLQHLQHP6DUJGHQVLHDOOHU GLQJVYHUODVVHQZROOWH 1DFKGHPVLHGLH$UPHJHVWUHFNWKDWWHZLQNHOWHVLHEHLGHDQ XQGUHFNWHVLHKRFK'DVSUWHVLHGHQ:LGHUVWDQG (VZDUGHU6DUJGHFNHOXQGLKQNRQQWHVLHQLFKW|IIQHQ 7URW]GHPJDEVLHQLFKWDXIVHW]WHYLHO.UDIWHLQVWHPPWHVLFK JHJHQGHQ'HFNHODEHUGLH9HUVFKOVVHKLHOWHQ 'LH9DPSLULQZXUGHXQUXKLJ 6LHVWLHHLQIDXFKHQGHV*HUlXVFKDXVDEHUPDOVKREVLHGLH $UPHXQGLKUH)LQJHUQlJHONUDW]WHQEHUGLH,QQHQVHLWHGHV 'HFNHOV 1HLQGDVVFKDIIWHVLHQLFKW $EHUVLHZROOWHKLHUUDXV6LHEUDXFKWH%OXWPXWHHVKDEHQ GHQQGLH*LHUZXUGHLPPHUVWlUNHU 8QGGDQQK|UWHVLHHLQDQGHUHV*HUlXVFK(LQOHLVHV 4XLHWVFKHQHWZDVVFKOHLIWHEHUGHQ%RGHQXQGLKUHXQWRWHQ 6LQQHQDKPHQGHXWOLFKHWZDVDQGHUHVZDKU 'DZDUMHPDQGJHNRPPHQ (LQ0HQVFK 8QGGDVEHGHXWHWH%OXW 1XQEUDXFKWHVLHQXUGDIU]XVRUJHQGDGHUDQGHUHGHQ 6DUJ|IIQHWH

9LUQD/DQFDVWHUVDKJHQDXMHQH*HVWDOWYRUVLFKZLHGLH DQGHUHQ/HXWHLP'RUIVLHLPPHUEHVFKULHEHQKDWWHQ8QG GLH)UDXPLWGHPMXQJHQ0lGFKHQDXIGHU6FKXOWHUHUVWDUUWH YRU6FKUHFN6LHZDUHLQIDFKXQIlKLJVLFK]XUKUHQ,KUH %OLFNHVDXJWHQVLFKDQGHP8QKHLPOLFKHQIHVWGHUZLHHLQ 'HQNPDODXIGHU7UVFKZHOOHVWDQG (UWUXJWDWVlFKOLFKGHQODQJHQVFKZDU]HQ0DQWHOGHUYRUQ RIIHQVWDQGXQGVHLQHKDJHUH*HVWDOWXPZHKWH'HU$Q]XJ GDUXQWHUZDUHEHQIDOOVVFKZDU]GDV*HVLFKW]HLJWHHLQHXQJH VXQGH%OlVVHGLH/LSSHQKDWWHQHLQHIDKOH)DUEHXQGDOVGHU 6HHOHQVDXJHUMHW]WGHQ0XQG|IIQHWHGDYHUQDKPGLH)UDXHLQ ZLGHUOLFKVFKOUIHQGHV*HUlXVFK 9LUQD/DQFDVWHUEHNDPHLQH*lQVHKDXW,KUZXUGHEHZXW GDVLHGXUFKGLH7UQLFKWPHKUIOLHKHQNRQQWH6LHZDQNWH ]XUFNGDV*HZLFKWDXILKUHUOLQNHQ6FKXOWHUZXUGHLPPHU VFKZHUHUZDULKU]XHLQHU/DVWJHZRUGHQXQGDXFK/LOLDQ KDWWHGHQ6HHOHQVDXJHULQ]ZLVFKHQJHVHKHQ ª0HLVWHU©EUOOWHVLHLQLKUHP:DKQª0HLVWHULFKNRPPH ]XGLU'XELVWGD© 9LUQD/DQFDVWHUJDEIUHLQHQ0RPHQWQLFKWDFKW(LQHEOLW] VFKQHOOH%HZHJXQJLKUHU7RFKWHUHLQH'UHKXQJQDFKOLQNV XQGVLHUXWVFKWHYRQGHU6FKXOWHULKUHU0XWWHU 6LHVFKOXJDXIGHP+RO]ERGHQDXIXQGHVJDEHLQGXPSIHV *HUlXVFKGRFKGDV0lGFKHQVFKLHQNHLQH6FKPHU]HQ]XYHU VSUHQ(VZDUIVLFKKHUXPVWHPPWHVLFKDXI+lQGHXQG .QLHZREHLHVGHQ.RSIKREXQGVHLQHQJURHQ+HUUQXQG 0HLVWHUDQVFKDXWH 'DQQZDUIVLHLKUH$UPHYRUXPNODPPHUWHGLH%HLQHGHV 6HHOHQVDXJHUVGHUZLHHLQ'HQNPDOYRULKUVWDQGXQGVLH EHUKDXSWQLFKWEHDFKWHWHVRQGHUQEHUVLHKLQZHJLQGDV *HVLFKWGHU0XWWHUVFKDXWH 'LHZLFK]XUFN $QJVWKDWWHVLHEHUIDOOHQ(LQEHNOHPPHQGHV*HIKOZDULQ LKUKRFKJHVWLHJHQ6LHK|UWHLKUHLJHQHV+HU]ODXWVFKODJHQ :RKLQ"

'DK|UWHVLHGDV.ODWVFKHQ $P)HQVWHUZDUHVDXIJHNOXQJHQXQGDOVVLHGHQ.RSI GUHKWHVWHOOWHVLHPLW(QWVHW]HQIHVWGDHVGHUXQKHLPOLFKH 9DPSLUJHVFKDIIWKDWWH(UZDULQGDV=LPPHUHLQJHGUXQJHQ ,KUH$QJVWVWHLJHUWHVLFK *OHLFK]HLWLJUHDJLHUWHDXFKGHU6HHOHQVDXJHU=XPHUVWHQPDO K|UWHVLHVHLQH6WLPPH ª-DPHLQHNOHLQH)UHXQGLQLFKELQJHNRPPHQXPGLFK]X KROHQ'XJHK|UVWPLU©(UEFNWHVLFKXQGSDFNWH/LOLDQDQ EHLGHQ+DQGJHOHQNHQ ª0HLVWHU©KDXFKWHVLH1XUDOO]XZLOOLJOLHVLHVLFKYRQGHP 6HHOHQ9DPSLULQGLH+|KH]LHKHQ 'DVVDKDXFKGLH0XWWHUGDQQEOLFNWHVLHDXIGDV%HWWZR GDV.UHX]OLHJHQPXWHGRFKHVZDUYHUVFKZXQGHQ (LQH+RIIQXQJ]HUEUDFK9LUQD/DQFDVWHUKDWWHLQGLHVHV .UHX]DOOGHQ*ODXEHQKLQHLQJHVHW]WGHUQ|WLJZDUXPGHQ VFKUHFNOLFKHQ.UlIWHQ]XZLGHUVWHKHQ 9RUEHL 'HU6HHOHQVDXJHUZUGHHVVFKDIIHQ /LOLDQODJEHUVHLQHQ$UPHQ(UVFKDXWHQRFKHLQPDOLQGDV =LPPHUEHZHJWHGHQ0XQGXQGDEHUPDOVYHUQDKPGLH)UDX GLHVHVVFKOUIHQGH*HUlXVFK 'DVZDUVHLQ=HLFKHQ 'DV6DXJHQ 'DQQGUHKWHHUVLFKXPXQGYHUVFKZDQG/LOLDQQDKPHU PLW,KUH0XWWHUK|UWHQRFKGLH6WLPPHGHV0lGFKHQV:LHHV ODFKWHXQGVLFKIUHXWHHQGOLFKGHP0HLVWHU]XJHK|UHQ 'DUDQ]HUEUDFK9LUQD/DQFDVWHUIDVW6LHKDWWHJHJODXEWLKUH 7RFKWHUUHWWHQ]XN|QQHQGRFKVLHKDWWHHUIDKUHQPVVHQGD GHUDQGHUHVWlUNHUZDUDOVVLH =LWWHUQGVWDQGVLHDXIGHP)OHFN,KUNDPEHUKDXSWQLFKW GHU*HGDQNHGHQEHLGHQQDFK]XODXIHQGHQQLQLKUHP.RSI KHUUVFKWHQXUQRFKGDV&KDRV 7DUUDVFRKDWWHQRFKMHPDQG]XUFNJHODVVHQ 'HQURWHQ9DPSLU

,QGHQOHW]WHQ6HNXQGHQKDWWHHUVLFKUXKLJYHUKDOWHQDEHU VHLQ2SIHUOLHHUQLFKWDXVGHQ$XJHQ(UZXWHJHQDXGD GLH)UDXLKPQLFKWHQWNRPPHQNRQQWH'LH6FKZLQJHQNRQQWH HUQLFKWYROODXVEUHLWHQGDIUZDUGDV=LPPHUHLQZHQLJ]X NOHLQDEHUHUNRQQWHVLFKDQGHUVYRUDQEHZHJHQZLUNOLFKZLH HLQVSULQJHQGHUURWHU6FKDWWHQ 'LH)UDXHUNDQQWHHVPLW6FKUHFNHQ1LFKWQXU/LOLDQVROOWHLQ GLH.ODXHQGHU%HVWLHQJHUDWHQDXFKVLH8QGLKUZDUNODUGD HVHLQ(QWNRPPHQQLFKWPHKUJDE 6LHPXWHNlPSIHQ 'HU9DPSLUKDWWHVHLQ0DXOZHLWDXIJHULVVHQ'LHJHIlKU OLFKHQ=lKQHVFKLPPHUWHQ$XVGHUgIIQXQJGUDQJHLQ *HUlXVFKZLH9LUQDHVQRFKQLHLP/HEHQYHUQRPPHQKDWWH (VZDUHLQKRKHV]LVFKHQGHV)DXFKHQYLHOOHLFKWHLQ 7ULXPSKJHVFKUHLVLHZXWHHVQLFKWJHQDXMHGHQIDOOVNDPGDV %LHVWQlKHU 9LUQDVFKDXWHVLFKXP:RKLQVROOWHVLH"hEHUODXWWURPPHOWH GDV+HU]LQLKUHU%UXVW6LHIKOWHVLFKZLHYRQHLQHPXQVLFKW EDUHQ5LQJXPNODPPHUWXQGGDFKWHGDUDQGDHVQXUGLH $QJVWVHLQNRQQWH $QJVWYRUHLQHPVFKUHFNOLFKHQ(QGH 9LUQDVSUDQJDXIV%HWW'LHVJHVFKDKRKQHJURHVhEHUOHJHQ VLHWDWHVHLQIDFKVDFNWHHLQZHQLJHLQXQGEHZHJWHVLFKDXIGLH DQGHUH6HLWHGHV%HWWHV]XZRVLFKGLH:DQGEHIDQG 'HUURWH9DPSLUIROJWH (VJHODQJLKPVRJDUVLFKYRP%RGHQDE]XKHEHQXQGHU NDPGHU)UDXYRUZLHHLQHJHZDOWLJH:DQG 9LUQDVFKULH ,PQlFKVWHQ$XJHQEOLFNZDUGLHIODWWHUQGHXQKHLPOLFKH *HVWDOWEHUHLWVGD :LHHLQ8QZHWWHUNDPVLHEHUGLH)UDX6LHVDKGLHKHN WLVFKHQ%HZHJXQJHQGHU)OJHOXQGVSUWHGLH6FKOlJHGLH SO|W]OLFKKDUWJHJHQLKUHQ.|USHUKlPPHUWHQ $XIGHP%HWWZDUHVVRZLHVRQLFKWHLQIDFKGDV *OHLFKJHZLFKW]XEHKDOWHQGLH8QWHUODJHKDWWHQLFKWGLH

)HVWLJNHLW$OV9LUQDGHP$QJULIIDXVZHLFKHQZROOWHNQLFNWH VLHHLQXQGILHOQDFKUHFKWV]XU6HLWH 6LHODJQRFKQLFKWDOVGHUURWH.|USHUVLHXQWHUVLFKEHJUXE 1RFKHLQPDOVWLHVLHHLQHQ6FKUHLDXVGDQQEOLHEVLHXQWHU GHQ]XVDPPHQVLQNHQGHQ6FKZLQJHQOLHJHQ :LUEHHLOWHQXQV 6RXWK7UHERQHODJ]ZDUQLFKWLQDEVROXWHU5XKHDEHU/lUP KHUUVFKWHGHQQRFKQLFKW$XIGHU6WUDHZDUNDXPHLQ0HQVFK ]XVHKHQ1XUHLQDOWHU0DQQVFKDXWHXQVYHUZXQGHUWQDFK DOVZLUDQLKPYRUEHLKHW]WHQ (VGDXHUWHQLFKWODQJHGDKDWWHQZLUXQVHU=LHOHUUHLFKW'LH +DXVWUZDUYHUVFKORVVHQ8QGVLHVDKYHUIOL[WVWDELODXVVR GDZLU0KHKDEHQZUGHQVLHDXI]XEUHFKHQ 'DQQK|UWHQZLUHLQHQ6FKUHL (VNODQJVHKUGQQDEHUXQVZDUNODUGDHUQLFKWGUDXHQ VRQGHUQLP+DXVDXVJHVWRHQZRUGHQZDU *HIDKU ª,FKYHUVXFKHHVDQGHU5FNVHLWH©ULHILFKXQGUDQQWH EHUHLWVXPGDVVFKPDOH*HElXGHKHUXP,FKJHULHWGDEHLLQ HLQHQ*DUWHQZKOWHPLFKGXUFK%HHWHGUFNWHGLH=ZHLJH GHU6WUlXFKHU]XU6HLWHHUUHLFKWHHLQHQVFKPDOHQ3IDG VWDQGLQHLQHPGVWHUHQ*DUWHQXQGVXFKWHGLH5FNVHLWH GHV+DXVHVDE 'HU*DUWHQZDU]ZDUVFKPDOGDIUMHGRFKVWDFKHUWLHILQGDV *HOlQGHKLQHLQ=DKOUHLFKH%lXPHZXFKVHQGRUWDXFKZDUHQ %HHWHDQJHOHJWZRUGHQXQGLFKJODXEWH]ZLVFKHQGHQ 6WUlXFKHUQQHEHQGHQ%HHWHQHLQHKXVFKHQGH*HVWDOW]XVHKHQ $OVLFKHLQLJH6FKULWWHYRUOLHIXPQDFK]XVHKHQZDUGLH *HVWDOWYHUVFKZXQGHQ 'HU+LQWHUHLQJDQJ'XUFKHLQHQDQGHUHQ%OLFNZLQNHO NRQQWHLFKLKQVHKHQXQGHUNDQQWHGLHRIIHQVWHKHQGH7U 6HNXQGHQVSlWHUKDWWHLFKGLH6FKZHOOHKLQWHUPLUJHODVVHQ XQGIDQGHLQHVFKPDOHQDFKREHQIKUHQGH7UHSSH'LHHLQ

]HOQHQ6WXIHQEHVWDQGHQDXV+RO](VGU|KQWHDOVLFKGLH 7UHSSHQDFKREHQOLHI :LHGHUHLQ6FKUHL 9RQREHQNODQJHUPLUHQWJHJHQ'DULQPLVFKWHVLFKHLQ .UDFKHQ6XNRKDWWHHVJHVFKDIIWGLH7UDXI]XEUHFKHQ ,FKZDUREHQ ,QGHPNOHLQHQ)OXUPXWHLFKGHQ.RSIHLQ]LHKHQ,FKKlWWH LKQPLUVRQVWDQGHU6FKUlJHDQJHVFKODJHQ(LQH7UVWDQG ZHLWRIIHQVRGDLFKQLFKWQXULQGDV=LPPHUKLQHLQVFKDXHQ VRQGHUQHVDXFKEHUEOLFNHQNRQQWH 'DVDKLFKLKQ (LQURWHU9DPSLU'HU'LHQHUGHVXQKHLPOLFKHQ9DPSLURGHO PDU(UKDWWHVHLQH6FKZLQJHQDXVJHEUHLWHWXQGODJEHUGHP %HWW.UDIWYROOGUFNWHHUGDEHLVHLQ2SIHUQLHGHUYRQGHPLFK QXUHLQHQ)XHUNDQQWHGHUXQWHUGHUDQU|WOLFKHV/HGHU HULQQHUQGHQ+DXWGHV%OXWVDXJHUVKHUYRUVFKDXWH 6FKLHHQZROOWHLFKQLFKWVRIRUW'LH.XJHONRQQWHOHLFKW GXUFKVFKODJHQXQGGDV2SIHUWUHIIHQ $OVRYHUVXFKWHLFKHVDQGHUV0LWHLQLJHQ6SUQJHQ HUUHLFKWHLFKGHQ%OXWVDXJHUPHLQH)LQJHUIDQGHQGHQNOHLQHQ .RSIXQG]HUUWHQLKQ]XUFN ,FKKDWWHYRQKLQWHQ]XJHJULIIHQVDKGDV0DXOGHU)OHGHU PDXVQLFKWYHUQDKPMHGRFKLKUIXUFKWEDUHV.UHLVFKHQGHVVHQ VFKULOOH7|QHLQPHLQHQ2KUHQVFKPHU]WHQ ,PQlFKVWHQ$XJHQEOLFNZDUHVYRUEHLPLWGHUURWHQ)OHGHU PDXV ,FKKDWWHQLFKWGLH%HUHWWDJHQRPPHQVRQGHUQGHQ'ROFK 'LHODQJHJHZHLKWH6LOEHUNOLQJHIDQGLKU=LHOLQGHPZHLWDXI JHULVVHQHQ0DXOGHUZLGHUOLFKHQ%HVWLH ,FK]RJGLH:DIIHQRFKHLQPDOKRFKXQGZROOWHJDQ]VLFKHU JHKHQDXFKHLQHQ(UIROJHUUHLFKW]XKDEHQ 'HU7RGHVNDPSIEHJDQQ ,FKVSUDQJ]XUFNULGHQ5LHVHQYDPSLUPLWXPQLFKW *HIDKU]XODXIHQYRQGHQ)OJHOVFKOlJHQJHWURIIHQ]X ZHUGHQ'DVNRQQWHVHKUVFKPHU]KDIWVHLQXQGDXFKGLH

)UDXZROOWHLFKDXVGHU*HIDKUHQ]RQHVFKDIIHQ 'LH%HVWLH]HUILHOXQWHUPHLQHP*ULII+DWWHVLFKGLH+DXW ]XYRUZLHDOWHV/HGHUDQJHIKOWVRZXUGHVLHSO|W]OLFK EUFKLJXQGLFKKLHOW6WDXELQGHQ+lQGHQ (UULHVHOWH]ZLVFKHQPHLQHQ)LQJHUQKLQGXUFKXQGILHOZLH HLQHJUDXH)DKQH]X%RGHQ 'DVZDU V $XFKGLHDQGHUHQ5HVWHGHVURWHQ9DPSLUVYHUJLQJHQ(LQHQ )OJHOVWDPSIWHLFKQRFKNOHLQXQGVDKGDQQ6XNRLQGHU7U VWHKHQ ª$OOHVNODU"©IUDJWHGHU,QVSHNWRU ª.HLQH$KQXQJ,FKZHLHVQRFKQLFKW©,FKGHXWHWHDXI GDV%HWW 'LH)UDXODJDXIGHP5FNHQ6LH]LWWHUWHDPJDQ]HQ.|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lGFKHQ9RQLKPKDWWHLFKQLFKWVJHVHKHQXQGHULQQHUWH PLFKGDUDQGXUFKGHQ*DUWHQMHPDQGIOFKWHQJHVHKHQ]X KDEHQ .RQQWHGDVGHU9DPSLUJHZHVHQVHLQ" (LQH$QWZRUWDXIGLH)UDJHPXWHGLH)UDXPLUJHEHQDEHU 0UV/DQFDVWHUEHIDQGVLFKQLFKWLQGHU/DJHPLWXQV]XUHGHQ 6LHZDUIVLFKYRQHLQHU6HLWHDXIGLHDQGHUHVFKOXFK]WHXQG VSUDFKPHKU]XVLFKVHOEVW9RUODXWHU$QJVWKDWWHVLHQRFK

QLFKWEHJULIIHQGDMHPDQGQHEHQLKUVD6XNRZDUDE ZDUWHQGDP)XHQGHGHV%HWWVVWHKHQJHEOLHEHQ 'DQQVWRFNWHVLH 0LWWHQLQGHU%HZHJXQJK|UWHVLHDXIEOLHEVWDUUDXIGHP 5FNHQOLHJHQXQGVFKDXWHPLULQV*HVLFKW ª0DGDP©VDJWHLFKªEHUXKLJHQ6LHVLFK(VLVWDOOHVYRUEHL ,FKELQMHW]WEHL,KQHQ© ª6LH"©'LHVHVHLQH:RUWGHKQWHVLH8QGQRFKHLQPDOª6LH"©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lQGH]LWWHUWHQVRVWDUNGDVLHNDXPGHQ*OLPP VWHQJHOKDOWHQNRQQWHQ ª.|QQHQZLUUHGHQ"©IUDJWHLFK 6LHQLFNWH ª%LWWHHU]lKOHQ6LHJHQDXZLHHVSDVVLHUWLVW:LUPVVHQHV ZLVVHQVRQVWN|QQHQZLUQLFKWVXQWHUQHKPHQ© 'HU%HULFKWGUDQJVWRFNHQGEHULKUH/LSSHQ6LHOHJWH LPPHUZLHGHUHLQH3DXVHHLQKROWH/XIWXQGVSUDFKGDQQ ZHLWHU6FKOLHOLFKUHGHWHVLHVFKQHOOHU 6XNRXQGLFKHUIXKUHQZHOFKHLQVFKUHFNOLFKHV'UDPDVLFK LQGLHVHP+DXVDEJHVSLHOWKDWWH ª7DUUDVFRKDW,KUH7RFKWHUDOVRPLWJHQRPPHQ©VWHOOWHLFK QDFKLKUHP%HULFKWIHVW ª-D6LU©

ª.|QQHQ6LHVLFKYRUVWHOOHQZRKLQHUVLHJHVFKOHSSWKDW 0UV/DQFDVWHU"© ª1LHPDQGNHQQWVHLQ9HUVWHFN© ª6LQGHVYLHOOHLFKWGLH+|KOHQ"© 6LHVFKDXWHPLFKDQª'LHDQGHU.VWHZRVLFKNHLQHU KLQWUDXW"© ª*HQDXGLHPHLQHLFK© ª'DVNDQQVHLQDEHUGDNDQQPDQNHLQHQ0HQVFKHQKLQ VFKLFNHQ© ª:LUJHKHQIUHLZLOOLJGRUWKLQ© 6LHEOLFNWH6XNRDQGDQQPLFK3O|W]OLFKEHJDQQVLHZLHGHU ]XZHLQHQª/LOLDQKDWNHLQH&KDQFHPHKU(UZLUGLKUGLH 6HHOHDXVVDXJHQ(UKlOWVLHLQVHLQHP%DQQJODXEHQ6LHPLU 6LHN|QQHQQLFKWVPHKUWXQ0LVWHU©9HU]ZHLIHOWVFKWWHOWHGLH )UDXGHQ.RSI ,FKVWDQGDXIª0DQGDUIGLH+RIIQXQJQLHPDOVDXIJHEHQ© HUNOlUWHLFKXQGZXWHVHOEVWGDHVHLQYHUGDPPWELOOLJHU 7URVWZDU 8QWHQK|UWHQZLU6FKULWWH 6XNRKXVFKWHVRIRUWDXVGHP5DXPZlKUHQGLFKQRFKEHL 0UV/DQFDVWHUEOLHE 'DQQK|UWHLFKGHQ&KLQHVHQPLWHLQHP0DQQVSUHFKHQ$Q GHU6WLPPHHUNDQQWHLFKGHQ%UJHUPHLVWHU:HQLJVSlWHU EHWUDW6XNRPLW:LOOLDP%LJJOHGDV=LPPHU 'HU%UJHUPHLVWHUZXWH%HVFKHLG6XNRKDWWHLKQLQIRU PLHUWª9LUQD©VDJWHGHU0DQQXQGNPPHUWHVLFKVRIRUWXP GLH0XWWHUGHVHQWIKUWHQ0lGFKHQV ª,FKKDEHLKPJHVDJWHUVROOEHLLKUEOHLEHQ©HUNOlUWH6XNR 'DKDWWHHUJHQDXLQPHLQHP6LQQJHVSURFKHQ :LUKDWWHQKLHUQLFKWVPHKU]XVXFKHQ'LHEHLGHQEHPHUN WHQQLFKWGDZLUGHQ5DXPYHUOLHHQXQGQDFKXQWHQJLQJHQ -HW]WZDUWHWHGHU6HHOHQVDXJHU

8QGGHUKHW]WHGXUFKGLH1DFKW (UKDWWHVLFK/LOLDQEHUGLH6FKXOWHUJHZRUIHQ(UVFK|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lKOWHGDV2SIHU EHUVHLQHU6FKXOWHU 'LH6HHOHGLHVHU3HUVRQZUGHVHLQH.UDIWQRFKPHKUVWlU NHQ/DQJHKDWWHVLHQLFKWPHKU]XOHEHQ(UKRIIWHQXUGDLKU +HU]QRFKVFKOXJZHQQHULQVHLQHU+|KOHZDU 7DUUDVFRVFKOXJGHQ:HJ]XGHQ.OLSSHQHLQ:HJHJDEHV KLHUQLFKW(UPXWHVFKRQTXHUGXUFKGLH*HJHQGODXIHQ VSUDQJEHU6WHLQHOLHIPDOHLQHQNOHLQHQ$EKDQJKRFK UXWVFKWHDQGHUDQGHUHQ6HLWHZLHGHUKLQXQWHUXQGHUUHLFKWH VFKOLHOLFKGHQ6WHLOKDQJGHU.OLSSHQ (VZDUZLQGLJHUJHZRUGHQ(UVSUWHGHQ6WXUPGHUVLFK JHJHQLKQZDUIXQGLKQ]XUFNKDOWHQZROOWH:HQQHUHLQHQ %OLFNQDFKOLQNVZDUINRQQWHHUEHUGHQ5DQGGHU.OLSSHQ VFKDXHQVDKGDV0HHUXQGGLHKHOOH%UDQGXQJGLHVLFK GRQQHUQGDQGHQ)HOVHQXQGGHQ:lQGHQEUDFKZREHLKRKH *LVFKWIRQWlQHQLQGLH/XIWJHVFKOHXGHUWZXUGHQXQGGLHHLQ ]HOQHQ7URSIHQZLHJOLW]HUQGH3HUOHQZLUNWHQ 'LH:RONHQZDUHQYRPVWDUNHQ:LQGZHJJHIHJWZRUGHQVR GDVLFKGHU+LPPHOEHUGHP8QKHLPOLFKHQOHHUXQGNODU SUlVHQWLHUWH

%ODZLUNWHGLH6FKHLEHGHV0RQGHV:LHHLQHKHOOH=LWURQH VWDQGVLHDP+LPPHO $OV6FKDWWHQULKREGLH%HVWLHVLFKPLWVHLQHP2SIHUYRU GHP5DQGGHUODQJHQ.OLSSHDE .HLQ)LOPUHJLVVHXUKlWWHHLQHEHVVHUH*UXVHOVWLPPXQJ]DX EHUQN|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|KOHYHUVFKZLQGHQ'HU(LQVWLHJ ZDUJXWJHWDUQW(UPXWHHLQHQNOHLQHQ%XFNHOKRFKDXIGHP QLFKWQXUGDVEUDXQH:LQWHUJUDVZXFKVVRQGHUQDXFK VSHUULJH%VFKHGLHGHQ(LQJDQJKHUYRUUDJHQGWDUQWHQ 'HU6HHOHQVDXJHUVFKREGLH%VFKH]XU6HLWHXQGVDKGHQ (LQVWLHJVVFKDFKWYRUVHLQHQ$XJHQ(LQH/HLWHUZDUYRUKDQ GHQGLHgIIQXQJZDUJURJHQXJGDHUEHTXHPKLQGXUFK VWHLJHQNRQQWH ,P'XQNHOQNOHWWHUWHHUQDFKXQWHQ 1XUVHLQH6FKULWWHZDUHQ]XK|UHQXQGKLQXQGZLHGHUGDV WLHIH6W|KQHQVHLQHV2SIHUV (UODFKWHDXIDOVHUDQGLH6HHOHGHV0lGFKHQVGDFKWHGLHHU HLQVDXJHQZROOWH -HW]WKDWWHHUGHQ*UXQGHUUHLFKW +LHUOLHHU/LOLDQ]X%RGHQJOHLWHQWDVWHWHVLFKZHLWHUIDQG GDV9HUVWHFNXQGGLH)DFNHOQ

(LQH]QGHWHHUDQ(VZDUHQ3HFKIDFNHOQGLHVHKUODQJH EUDQQWHQ(UKLHOWHLQHLQGHU+DQGXQGVWUHFNWHGDEHLGHQ $UPDXV'LHDQGHUHQEHLGHQ)DFNHOQKDWWHHUVLFKXQWHUGHQ $UPJHNOHPPWXQGOHXFKWHWHPLWGHUEUHQQHQGHQLQGLH 5XQGH 8QKHLPOLFKZDUHVVFKRQDOVGDV6SLHOYRQ/LFKWXQG 6FKDWWHQGXUFKGDV*HZ|OEH]XFNWH(VEUHLWHWHVLFKDXVXQG WUDIDXFKGLHDOWH7UHSSHGLHWLHIHULQGHQ8QWHUJUXQGKLQHLQ IKUWH /LOLDQKRFNWHDP%RGHQ6LHVWW]WHVLFKPLWHLQHU+DQGDE KDWWHLKU*HVLFKWGHP0HLVWHU]XJHGUHKWXQGGLH$XJHQZHLW DXIJHULVVHQ -HGHUKlWWHHUNDQQWZLHVFKOHFKWHVLKUJLQJXQGHLQMHGHU KlWWHDXFK0LWOHLGPLWLKUJHKDEW 1LFKWVRGHU9DPSLU )ULKQZDUVLHGLH%HXWH(UWUDWQDKHDQVLHKHUDQXQG OHXFKWHWH'HU6FKHLQZDUIHLQ]XFNHQGHV0XVWHUDXIGLH *HVWDOWXQG7DUUDVFRVWUHFNWHGLH+DQGDXVª.RPPKRFK .OHLQHZLUPVVHQZHLWHU©]LVFKWHHUXQGSURGX]LHUWH ZLHGHUGDVVFKOUIHQGH*HUlXVFKGDVVLFKVRZLGHUZlUWLJ DQK|UWH ª,FKLFKNDQQQLFKW0HLVWHU©'LH6WLPPHGHV 0lGFKHQVK|UWHVLFKVHOWVDPIUHPGDQ 'HU6HHOHQ9DPSLUODFKWHª'XNDQQVWQLFKW":LOOVWGX GHLQHQ0HLVWHUHQWWlXVFKHQ"©(UEHXJWHVLFKZHLWHUYRUGLH )DFNHOJOLWWWLHIHUXQGGHU6FKHLQJHULHWLQGLH1lKHVHLQHV *HVLFKWVGDVHU]XHLQHUGlPRQLVFKHQ)UDW]HYHU]HUUWH 1HLQVLHZROOWHLKUHQ0HLVWHUDXINHLQHQ)DOOHQWWlXVFKHQ VRQGHUQLKPDOOHVJHEHQVRJDULKUH6HHOH(UGXUIWHDXINHLQHQ )DOOE|VHDXIVLHVHLQ6RGUHKWHVLHVLFKXPVWUHFNWHGLH$UPH DXVNUDOOWHLKUH+lQGHVRJXWHVJLQJDQGHPIHXFKWHQULVVL JHQ*HVWHLQIHVWXQGVFKDIIWHHVDXIGLH)H]XJHODQJHQ 7DUUDVFRVFKDXWHLKU]XZLHVLHVFKZDQNHQGGDVWDQGXQG QLFKWPHKUNRQQWH 7URW]GHPWULHEHUVLHDQª:HLWHU:LUPVVHQZHLWHU

JHKHQ©0LWGHUIUHLHQ+DQGJULIIHULQGDVIDKOH+DDUGHV 0lGFKHQVXQG]RJHV]XVLFKKHUDQ (UVWLH/LOLDQGLH6WXIHQKLQDE 1RUPDOHUZHLVHZlUHVLHOlQJVW]XVDPPHQJHEURFKHQDEHU GDVWHFNWHHWZDVLQLKUGDVHLQHP0RWRUJOLFK(VZDUZLHHLQH )ODPPHXQG/LOLDQVDJWHVLFKGDVLHGHQ0HLVWHUDXINHLQHQ )DOOHQWWlXVFKHQGXUIWH(UZROOWHLKUH6HHOHXQGGLHVROOWHHU EHNRPPHQ *HVSHQVWLVFKIOOWHGDV/LFKWGHU)DFNHOQGLHXQPLWWHOEDUH 8PJHEXQJGHUEHLGHQXQJOHLFKHQ*HVFK|SIHDXV'DWDQ]WHQ GLH6FKDWWHQEHUGLH:lQGHVLHZXUGHQ]XEL]DUUHQ)LJXUHQ GLHGXUFKGHQ*HKUK\WKPXVGHV9DPSLUVHLQ$XIXQG$E HUOHEWHQXQGGLH*HVWDOWGHV0lGFKHQVPLWHLQHPOHXFKWHQGHQ 6FKOHLHUXPJDEHQ 'HU6HHOHQYDPSLUODFKWHª*OHLFK©IOVWHUWHHUªJOHLFKVLQG ZLUGDPHLQH.OHLQH© 'DZDUVHLQ*HZ|OEH 3O|W]OLFKKDWWHHUHVHLOLJEHWUDWHVXQGVFKOHXGHUWH/LOLDQDXI GLHVWLQNHQGH0DWUDW]HGHV)HOGEHWWV'HU/HLFKHQJHUXFK VW|UWHLKQQLFKWHUHPSIDQGLKQQLFKWDOVVFKOLPP)ULKQZDU QXUHWZDVDQGHUHVlXHUVWP\VWHUL|V 'LH7UGHV*HKHLPJDQJVVWDQGRIIHQ $OV7DUUDVFRGDVVDK]XFNWHHU]XUFN6HOEVWGHUGXUFKGHQ *DQJZHKHQGH:LQGKDWWHGHQ9HUZHVXQJVJHUXFKQLFKWYHU WUHLEHQN|QQHQDEHUHUWUDIGLH)DFNHOXQGEUDFKWHGLH)ODPPH ]XP7DQ]HQ6LHZDUZLHHLQH)DKQHGUHKWHVLFKXQGEHZHJWH VLFKYRQHLQHU6HLWH]XUDQGHUHQ 6HLQ9HUVWHFNZDUHQWGHFNWZRUGHQ8QGQLFKWQXUGDV0DQ KDWWHDXFKVHLQHQ)OXFKWZHJHUNXQGHW hEHUVHLQ*HVLFKWVFKLHQVLFKHLQ6FKOHLHU]XOHJHQGHUQLFKW YRP:LGHUVFKHLQGHU)DFNHOVWDPPWH(UGUHKWHVLFKKDVWLJ XPXQGULGLHDQGHUHQ)DFNHOQDXVGHP%XQGGHU+RVHLQ GHQHUVLH]XYRUJHVWHFNWKDWWH 7DUUDVFR]QGHWHGLH3HFKIDFNHOQDQXQGUDPPWHVLHLQGLH DQGHQ:lQGHQDQJHEUDFKWHQ+DOWHU

-HW]WZXUGHGDV9HUOLHVYRQPHKUHUHQ6HLWHQHUKHOOW,Q VHLQHP=HQWUXPEHIDQGVLFKGDV%HWWDXIGHPVWLOOXQGY|OOLJ DSDWKLVFKGDVIDKOEORQGH0lGFKHQODJ 'HU9DPSLUJLQJQHEHQGHPDOWHQ)HOGEHWWLQGLH.QLHhEHU VHLQKDJHUHV*HVLFKW]XFNWHHLQ/lFKHOQ 'LH%HVFKZ|UXQJNRQQWHEHJLQQHQ 'HU)UDFKWHUOLHIPLWYROOHU.UDIWLQ5LFKWXQJ6GHQ/lQJVW VWDQGGHU.XUVIHVW(UIKUWHDQGHUIUDQ]|VLVFKHQ.VWHHQW ODQJSDVVLHUWH3RUWXJDOXPGXUFKGLH0HHUHQJHYRQ*LEUDOWDU LQGDV0LWWHOPHHUYRU]XVWRHQ6L]LOLHQVROOWHSDVVLHUWZHUGHQ GLHJULHFKLVFKHQ,QVHOQHEHQIDOOV'XUFKGHQ%RVSRUXVXQGGDV 0DUPDUDPHHUJLQJHVGDQQLQV6FKZDU]H0HHU 'RUWJDEHVHLQHQUXPlQLVFKHQ+DIHQGHU]XHLQHU6WDGW QDPHQV.RQVWDQ]DJHK|UWH 6LHZDUGDV=LHO 1RFKZDUHVOlQJVWQLFKWVRZHLW=ZDUIXKUGHU)UDFKWHUVHKU VFKQHOODEHUGHU$WODQWLNKDWWHVRVHLQH7FNHQ'DV6FKLII JHULHWLQHLQHQ6WXUPGLH*HVFKZLQGLJNHLWPXWHJHGURVVHOW ZHUGHQXQG.DSLWlQ5RPDQHVFXZXUGHHVDQJVWXQGEDQJH (UKDWWHGHQ$XIWUDJHUKDOWHQGLH=HLWHQXQEHGLQJWHLQ]X KDOWHQXQGHUZROOWHVLFKQLFKWEODPLHUHQ=XGHPKDWWHPDQ LKQPLWHLQHUJU|HUHQ6XPPH*HOGJHORFNW ,P0RUJHQJUDXHQDOVGHU6WXUPVLFKJHOHJWKDWWHYHUOLHHU GLH%UFNH 'LH9HUDQWZRUWXQJGRUWEHUQDKPVHLQ(UVWHU2IIL]LHU 5RPDQHVFXDEHUZROOWHGDV6FKLIILQVSL]LHUHQ(UGDFKWHDQGLH YLHU6lUJH'LHVH)UDFKWZDULKPGLHJHVDPWH1DFKWEHUQLFKW DXVGHP6LQQJHJDQJHQ $XIGHP:HJXQWHU'HFNWUDIHU/DG\;6LHXQG9DPSLUR GHOPDUZDUHQLQHLQH*lVWHNDELQHJHVWHFNWZRUGHQXQG VROOWHQVLFKQDFK0|JOLFKNHLWQLFKWEOLFNHQODVVHQ'RFK /DG\;KDWWHGHQ.DSLWlQDP6FKULWWHUNDQQW6LH|IIQHWH EOLW]VFKQHOOGLH7U

hEHUUDVFKWEOLHE5RPDQHVFXVWHKHQ(UZXUGHEODXQG IKOWHVLFKIDVWZLHHLQHUWDSSWHU'LHE ª+H\.lSW Q©VDJWHGLH9DPSLULQOlFKHOWHVFKPDOXQGIU 6HNXQGHQEUXFKWHLOHEOLW]WHQLKUHJHIlKUOLFKHQ+DXHU 5RPDQHVFXYHUVXFKWHHLQ*ULQVHQDXIVHLQIDOWLJHV*HVLFKW ]X]DXEHUQª6FKODIHQ6LHQLFKW"©IUDJWHHU 'DODFKWHGLHHKHPDOLJH7HUURULVWLQª-HW]WWXQ6LHPLUNHLQ /HLGDQ2GHUKDEHQ6LHGDYRQJHK|UWGD9DPSLUHXQEHGLQJW 6FKODIEUDXFKHQ"© 5RPDQHVFXUlXVSHUWHVLFKª-DLFKDOVRLFKPHLQH,FK K|UWHGDVLHLQ6lUJHQ© ª/HLGHUKDEHQZLUGDYRQQLFKWJHQXJ© ª:HVKDOEKDEHQ6LHGLH6lUJHEHUKDXSWPLWJHEUDFKW"© ZROOWHGHU.DSLWlQZLVVHQ ª:LUEUDXFKHQVLH© ª8QGDXFKGHQ,QKDOW"© ª1HLQ'LH/HLFKHQVFKHQNHLFK,KQHQZHQQZLULQ .RQVWDQ]DVLQG6LHN|QQHQGDPLWPDFKHQZDV6LHZROOHQ PHLQ/LHEHU$OOHVNODU"© ª1HLQ:DVLVWPLW,KQHQ"© ª:LUQHKPHQGLH6lUJHPLWNHLQH$QJVW6FKOLHOLFKPVVHQ ZLUYRQ%RUG© ª'DVVWLPPW© ª6RQVWQRFKHWZDV"©IUDJWH/DG\; ª1LFKWVPHKU© ª'DQQZQVFKHLFK,KQHQHLQHDQJHQHKPH5XKHPHLQ /LHEHU6LHZROOWHQGRFKVFKODIHQ"© ª-DMDQDWUOLFK© ª8QGWUlXPHQ6LHJXW©(LQOHW]WHV/DFKHQK|UWHGHU.DSLWlQ QRFKGDQQZDUGLHGVWHUH7RGHVERWLQYHUVFKZXQGHQ $XIDWPHQGOHKQWHVLFK5RPDQHVFXJHJHQGLH*DQJZDQG (UZLVFKWHGHQ6FKZHLYRQGHU6WLUQGHUVLFKZlKUHQG VHLQHV*HVSUlFKVPLWGHU8QWRWHQJHELOGHWKDWWH:DUVLH PLWUDXLVFKJHZRUGHQ"(UZXWHHVQLFKWDEHUHUKDWWH QRFKHLQPDO*OFNJHKDEW

)U|VWHOQG]RJHUGLH6FKXOWHUQKRFK6HLQH0XQGZLQNHO ]XFNWHQDOVHUZHLWHUJLQJXQGGDQQGHQ$EVWLHJ]XPXQWHUHQ 'HFNQDKP=XYRUVFKDXWHHUVLFKXP 1LHPDQGIROJWHLKPGHU*DQJZDUOHHU(UZDUXQEHREDFK WHWXQGNRQQWHVLFKVHLQHP=LHOQlKHUQ 'DVZDUGHU/DGHUDXPLQGHPVLHGLHYLHU6lUJHXQWHUJH EUDFKWKDWWHQ =XGLHVHP5DXPZDUGHU0DQQVFKDIWIUGLH'DXHUGHU 5HLVHGHU=XWULWWYHUZHKUWZRUGHQ=XGHPZDUHUDEJHVFKORV VHQXQGQXUGHU.DSLWlQEHVDGHQ6FKOVVHO (UWUXJLKQEHLVLFKXQGKROWHLKQDXVGHU7DVFKHDOVHUGHQ ODQJHQ*DQJ]XP0DVFKLQHQUDXPKHUVFKULWW'DEHLEHPKWH HUVLFKVHKUOHLVHDXI]XWUHWHQ0DQEUDXFKWHLKQQLFKW]X VHKHQGLH/HXWHZUGHQQXUGXPPH)UDJHQVWHOOHQ ,QGHU1lKHODJGHUJURH0DVFKLQHQUDXP'DGDV6FKLIIPLW YROOHU.UDIWIXKUZDUGDV6WDPSIHQJHQDX]XYHUQHKPHQ(LQ VWlQGLJHV=LWWHUQXQG9LEULHUHQ(VKLHOWGDVJHVDPWH6FKLII HUIDW:HUGHQ.DKQQLFKWNDQQWHKlWWHPHLQHQN|QQHQGD HUMHGHQ$XJHQEOLFNDXVHLQDQGHUEUHFKHQZUGH 'HPZDUQLFKWVRGHU)UDFKWHUZUGHDXFKQRFKZHLWHUH ]HKQ-DKUHKDOWHQ 5RPDQHVFXVFKDXWHVLFKYRUVLFKWLJXPHKHHUGHQ6FKOVVHO LQGDV6FKORVFKRE(VZDUJXWJH|OWGHU6FKOVVHOOLHVLFK OHLFKWGUHKHQXQG6HNXQGHQVSlWHUZDUGLH7URIIHQ (LQPXIILJHU*HUXFKVWU|PWHGHP.DSLWlQHQWJHJHQ(U VFKOSIWHGXUFKGHQ6SDOWXQGKWHWHVLFKGDV/LFKWHLQ]X VFKDOWHQ$QLKUHU8QWHUVHLWHVFKORGLH7UQLFKWIXJHQGLFKW HLQYHUUlWHULVFKHUKHOOHU6WUHLIHQZlUHDOVR]XVHKHQJHZHVHQ %HKXWVDPVFKORHUGLH7U(LQH7DVFKHQODPSHWUXJHUVWHWV EHLVLFK'LHVFKDOWHWHHUHLQ 'HU/LFKWEDONHQVWDFKGXUFKGLH)LQVWHUQLV(UWUDIDXINOHLQH .LVWHQXQG.lVWHQ6LHVWDQGHQZRKOJHRUGQHWDQGHQ:lQGHQ XQGUHLFKWHQELV]XU'HFNH 'LH/DGXQJZDUJXWYHUVFKQUWXQGYHUWlXWVLHZUGHDXFK EHLHLQHPVFKZHUHQ6WXUPNDXPUXWVFKHQ'HU.DSLWlQZXWH

GDGLHVH.LVWHQ0HGLNDPHQWHHQWKLHOWHQGLHLQ5XPlQLHQ QLFKW]XEHNRPPHQZDUHQXQGDXV(QJODQGLPSRUWLHUW ZHUGHQPXWHQ :HLWHUKLQWHQIDVWDP(QGHGHV/DJHUUDXPVVWDQGHQGLH YLHUVFKZDU]HQ6lUJH $OVGHU.DSLWlQZHLWHUJLQJZXUGHQDXFKVLHDXVGHU 'XQNHOKHLWJHULVVHQXQG5RPDQHVFXYHUVSUWHLQGHU 0DJHQJHJHQGHLQOHLFKWHV=LHKHQ'LH6lUJHJHILHOHQLKP QLFKW $XFKGLH)DUEHQLFKWGHQQGLHVHV6FKZDU]PDFKWHLKQ XQUXKLJXQGOLH)XUFKWLQLKPKRFKVWHLJHQ (UZDU5XPlQHHUNDQQWHGLH/HJHQGHQXQG6DJHQGLHGLH 0HQVFKHQDXVGHQ.DUSDWHQPLWLQGLH6WlGWHJHEUDFKWKDWWHQ (VJLQJGDPHLVWHQVXP9DPSLUH:HUZ|OIHXQG'lPRQHQ )LQVWHUH6FKDWWHQJHVWDOWHQGLH0HQVFKHQDQILHOHQXQGVLH]X 'LHQHUQGHU+|OOHPDFKWHQ 'HU.DSLWlQKDWWHELVKHUQRFKNHLQHQ9DPSLU]X*HVLFKW EHNRPPHQ$XFKLQVHLQHU+HLPDWQLFKWELVHU9DPSLURGHO PDUXQG/DG\;JHWURIIHQKDWWH 1XQZXWHHUGDHVVLHJDE (UGDFKWHDQ:HLKZDVVHUDQHLQ.UHX]DQ.QREODXFKXQG HUGDFKWHDQHLQHQDQJHVSLW]WHQ(LFKHQSIORFN0LWGLHVHQ :DIIHQOLHHQVLFK9DPSLUHW|WHQ(QGJOWLJYHUQLFKWHQ ,QGHQ6lUJHQVROOWHQNHLQH9DPSLUHOLHJHQ'DVKDWWHLKP /DG\;]XYHUVWHKHQJHJHEHQ$EHUNRQQWHHULKUHP:RUW WUDXHQ"'HU.DSLWlQIUFKWHWHVLFK]ZDUYRULKUDEHUGDZDU DXFKHLQHJHZLVVH%HVRUJQLVLQLKPGHQQHUGDFKWHDQVHLQH 0DQQVFKDIWIUGLHHUGLH9HUDQWZRUWXQJWUXJ 'LHVH0lQQHUVROOWHQOHEHQGXQGDOVQRUPDOH0HQVFKHQ 5XPlQLHQHUUHLFKHQ:HQQHUHLQHQ9DPSLULP/DJHUUDXP IDQGGDQQZROOWHHULKQYHUQLFKWHQ 6LFKDXIGDV:RUWGHU/DG\;]XYHUODVVHQZDUQLFKWJXW(U ZROOWHDXI1XPPHU6LFKHUJHKHQ .DOWNURFKHVEHUVHLQHQ5FNHQDOVHUVLFKDXIGLH6lUJH]X EHZHJWH1XUDXI=HKHQVSLW]HQJLQJHUXQGVDKLP]LWWHUQGHQ

/LFKWVWUDKOGHU/DPSHXQ]lKOLJH6WDXESDUWLNHOWDQ]HQ 9RUGHQ6lUJHQEOLHEHUVWHKHQ0LWWOHUZHLOHKDWWHVLFKHLQH 6WDXEVFKLFKWDXIGLH6DUJGHFNHOJHOHJW7URW]GHPJOlQ]WHQVLH LUJHQGZLHIDKO]XGHPURFKHQVLHPXIILJ 'HU.DSLWlQ]|JHUWHQRFK (UZDUHLQKDUWHU*HVHOOHGDVPXWHPDQVHLQZHQQPDQ ]XU6HHIXKU$EHU6lUJH]X|IIQHQZDUGRFKQLFKWVHLQH6DFKH 'DVJHILHOLKPQLFKWVRUHFKW 'DK|UWHHUGDV.UDW]HQ (LQIUFKWHUOLFKHV*HUlXVFKXQGHVZDUYRULKPLQHLQHP GHU6lUJHHQWVWDQGHQ 'DZROOWHMHPDQGUDXV $OVRNHLQH/HLFKHQ'LH8QWRWHKDWWHGHQ.DSLWlQDQJHORJHQ 'LHVH(UNHQQWQLVWUDI5RPDQHVFXVHKUKDUW-HJOLFKHV%OXW ZLFKDXVVHLQHP*HVLFKWXQGHUVSUWHGDV=LWWHUQLQGHQ .QLHQ0LQGHVWHQVHLQHUGHU6lUJHZDUQLFKWPLWHLQHUQRUPD OHQ/HLFKHEHOHJWVRQGHUQPLWHLQHPOHEHQGHQ7RWHQ 8QGGDVZDUVFKOLPP 'HU+RUURUGHU.DSLWlQVVWHLJHUWHVLFKDOVHUGDV.ORSIHQ YHUQDKP9RQGHU,QQHQVHLWHKHUSRFKWHMHPDQGJHJHQGHQ 6DUJGHFNHO(LQGXPSIHV*HUlXVFK'LHVH%HVWLHGHU'XQNHO KHLWJDEVRJDUQRFK=HLFKHQVLHIRUGHUWHGDPDQVLHUDXVOLH GRFK5RPDQHVFXVFKWWHOWHKHIWLJGHQ.RSI1HLQHUPXWH MHW]WGHQNODUHQhEHUEOLFNEHKDOWHQXQGYRUDOOHQ'LQJHQGLH 8QWRWHLQLKUHU.LVWHODVVHQ (UNRQ]HQWULHUWHVLFKXQGODXVFKWHGHQ*HUlXVFKHQ'DVKl OLFKH.UDW]HQNDPDXVGHPUHFKWVDXHQVWHKHQGHQ6DUJ 'DKHUDOVR (LQ6FKULWWEUDFKWHLKQDQGHQVFKZDU]HQ6DUJKHUDQ'RUW JLQJHULQGLH.QLHDFKWHWHQLFKWPHKUDXIGLHZHLWHUHQ/DXWH VRQGHUQNRQWUROOLHUWHGLH9HUVFKOVVH 6LHVDHQIHVW ,KPILHOHLQ6WHLQYRP+HU]HQ$OVHUDOOHUGLQJVGDVLUJHQG ZLHGURKHQGNOLQJHQGH/DFKHQYHUQDKPGD]XFNWHHUMlKLQ GLH+|KHXQGWRUNHOWH]XUFN

1HLQLQGLHVHPYHUGDPPWHQ/DJHUUDXPKLHOWLKQQLFKWV PHKU1LFKWDOOHV*ROGGHU(UGH (UUDPPWHKDUWGLH7UKLQWHUVLFK]XDOVHUDXVGHP5DXP JHIORKHQZDU6FKZHLEHGHFNWXQGVFKZHUDWPHQGOHKQWHHU VLFKDQGLH*DQJZDQGXQGVFKQDSSWHHUVWHLQPDOQDFK/XIW 'LHEHLGHQDQGHUHQ9DPSLUHKDWWHQYHUVXFKWLKQ]XOHLPHQ GRFKHUZDUKLQWHULKUVFKUHFNOLFKHV*HKHLPQLVJHNRPPHQ(V EHIDQGVLFKQRFKHLQGULWWHU%OXWVDXJHUDXIGHP)UDFKWHU 1XUZDVKDWWHQGLHEHLGHQDQGHUHQYRU" 'HU*HGDQNHGDUDQEHUHLWHWHLKP0DJHQGUFNHQ 6LHZDUQLFKWWRW1HLQLKUH6HHOHEHIDQGVLFKQRFKLP.|USHU GDVVDK7DUUDVFRJHQDX$EHUVLHVWDQGGLFKWGDYRUGLH 6FKZHOOH]XP-HQVHLWV]XEHUVFKUHLWHQ ,QGHPDOWHQ9HUOLHVXQWHUGHU(UGHKDWWHVLFKHLQXQKHLP OLFKHV)OXLGXPDXVJHEUHLWHW'LHQDFNWHQNDKOHQ:lQGHGLH IODFNHUQGHQ)DFNHOQGDVJHKHLPQLVYROOH6SLHOYRQ/LFKWXQG 6FKDWWHQGDVPDQFKPDOPHKUYHUGXQNHOWHDOVHUKHOOWHGHU 9HUZHVXQJVJHUXFKXQGGDVIHUQH5DXVFKHQGHU%UDQGXQJGDV ZLHHLQH7RGHVPHORGLHGHQOHW]WHQ:HJGHV0lGFKHQVEHJOHL WHQZROOWH+LHUVWLPPWHGLH+RUURU$WPRVSKlUHXQGGHU 6HHOHQ9DPSLUIKOWHVLFKZRKO (UNQLHWHQHEHQGHUDOWHQ/LHJHVWDWW'LH*HKHLPWUKDWWHHU QLFKWZLHGHUJHVFKORVVHQ:HQQHUVFKQHOOIOLHKHQPXWHGDQQ GXUFKGLHVHQ7XQQHO 'DV0lGFKHQ]LWWHUWH(VZDUQLFKWIHVW]XVWHOOHQREYRU .lOWHRGHU(QWNUlIWXQJ:DKUVFKHLQOLFKVWLPPWHEHLGHV 'LH$XJHQKDWWH/LOLDQZHLWJH|IIQHW,KUH3XSLOOHQKDWWHQ EHUHLWVLKUHQ*ODQ]YHUORUHQVLHVFKLHQHQLQV/HHUH]X VWDUUHQ ª0HLVWHU©ZLVSHUWHVLH 7DUUDVFRNLFKHUWHKRKOXQGSURGX]LHUWHJOHLFK]HLWLJGLHVHV ZLGHUOLFKH6FKOUIHQHLQHVFKUHFNOLFKH9RUIUHXGHDXIGDVQHXH 2SIHUGDVEDOGLKPJHK|UHQVROOWH

ª,FKELQMDEHLGLU.OHLQHV©VDJWHHUª.HLQH6RUJHLFKEOHLEH LQGHLQHU1lKH© ª8QGLFKZLOOGLUPHLQH6HHOHJHEHQ©HUZLGHUWH/LOLDQIO VWHUQGª%DOGEDOGEHNRPPVWGXVLH,FKIKOHHVEHUHLWV'HU 7RGGLHVHUXQKHLPOLFKH*HVHOOHQlKHUWVLFKLPPHUPHKU© ª-DHUZLUGGLFKSDFNHQ© ª8QGGDQQ"© ª:HUGHLFKHUVWDUNWVHLQXQGOHEHQNOHLQH/LOLDQ©VDJWHGHU 6HHOHQVDXJHUª(UIOOWHVGLFKQLFKWPLW6WRO]VRLQGHQ7RG JHKHQ]XN|QQHQ"© ª-DJURHU0HLVWHULFKZDUWHGDUDXI© 'HU6HHOHQVDXJHUQLFNWH6RKDWWHHUVLFKGDVYRUJHVWHOOWVR PXWHHVDXFKVHLQ:HQQVLHWRWZDUZUGHHUGLH/HLFKHLQV 0HHUZHUIHQ'LHYRUKHULJHQYLHUKDWWHQGLHDQGHUHQPLWJH QRPPHQ7DUUDVFRZDUIURKZLHGHUDOOHLQ]XVHLQ(UPRFKWH NHLQH.RQNXUUHQ]DXFKZHQQVLFKGLHVH/DG\;VHKUNRRSH UDWLYJH]HLJWKDWWH=XGHPKDWWHPDQLKP]ZHL/HLEZlFKWHU EHUODVVHQGLHDOOHUGLQJVYHUVFKZXQGHQZDUHQ(UGDFKWH DXFKQDFKEHUGLH,QIRUPDWLRQHQGLHHU/DG\;JHJHEHQ KDWWH9LHOZDUHVQLFKWJHZHVHQhEHU5XPlQLHQXQGGLH )DPLOLH0DUHNGLHZRKOMHGHU6FKZDU]EOWHUDXIGHP%DONDQ NDQQWHKDWWHVLH%HVFKHLGZLVVHQZROOHQ 'LH0DUHNVZDUHQEHNDQQW*QDGHQORVJLQJ)UDQWLVHN0DUHN JHJHQGLH*HVFK|SIHGHU)LQVWHUQLVYRUXQGVHLQHP]XJH VSLW]WHQ(LFKHQSIDKOZDUNDXPMHPDQGHQWNRPPHQ /LOLDQV+XVWHQDQIDOOXQWHUEUDFKVHLQH*HGDQNHQ(UGUHKWH HLQZHQLJGHQ.RSIXQGVDKZLHLKU.|USHUUHJHOUHFKW JHVFKWWHOWZXUGH'DVZDUHQVFKRQ.UlPSIH'HUVFKPDOH 5FNHQERJVLFK/LOLDQYHUNUDOOWHLKUH+lQGHLQGDV VFKPXW]LJH/DNHQGHU.RSIOLHIURWDQXQGYRQLKUHQ /LSSHQVSUKWHKHOOHU6SHLFKHO 6LHZDUIDVWDP(QGH $OOPlKOLFKEHUXKLJWHVLHVLFKZLHGHUXQGGHU6HHOHQVDXJHU VFKDXWHLQGDVOHLFKHQEODVVH*HVLFKWGHV0lGFKHQV(UVHOEVW KDWWHLQGHU7DWHLQHJHZLVVHbKQOLFKNHLWPLWGHU)LOPJHVWDOW

GHV*UDIHQ'UDFXOD(UZDUHEHQVRJURXQGPDFKWHHLQHQ HEHQVRGVWHUHQ(LQGUXFN 9RUKLQKDWWHGHU6HHOHQ9DPSLUVRVFKUHFNOLFKJHVFKOUIW QXQJDEGDV0lGFKHQHLQHQlKQOLFKHQ/DXWYRQVLFK ,KUOHW]WHU$WHP]XJ" 'DV*HVLFKWGHV6HHOHQVDXJHUVQDKPSO|W]OLFKHLQHQ JHVSDQQWHQ$XVGUXFNDQ,QVHLQHQ$XJHQODJHLQODXHUQGHV /HXFKWHQGHQQLQMHGHU0LQXWHNRQQWHGHU7RGGHV0lGFKHQV HLQWUHWHQXQGLKUH6HHOHIUHLJHEHQ ª(VHVLVWVRNDOW©IOVWHUWH/LOLDQª6RVFKUHFNOLFKNDOW LFKIULHUH© ª.HLQH$QJVWJOHLFKZLUGGLUZDUPZHUGHQ©HUZLGHUWHGHU 'lPRQJLHULJª:HQQGHU7RGNRPPWZLUVWGXQDFKGHU.lOWH VHLQHKHUUOLFKH:lUPHVSUHQGHQQGXZLUVWLQPLUVWHFNHQ 'HLQH6HHOHJLEWPLUGLH.UDIW(VLVWHLQJXWHV*HIKOGLHV HLQHU6WHUEHQGHQVDJHQ]XN|QQHQ© /LOLDQ/DQFDVWHUDFKWHWHQLFKWPHKUDXIGLH:RUWHGHV 8QKHLPOLFKHQ:DKUVFKHLQOLFKKDWWHVLHGLH6lW]HDXFKQLFKW YHUVWDQGHQ]XQDKHZDUVFKRQGDV(QGH ª'LH'XQNHOKHLW©ZLVSHUWHVLHPLWHLQHU6WLPPHGLHQXU PHKUHLQ+DXFKZDUª6LHNRPPWLPPHUQlKHU6LHLVWZLHHLQ 7XFK6RJURVRILQVWHU6LHZLUGPLFKIUHVVHQ© *HEDQQWK|UWHGHU9DPSLU]X(UODXVFKWHXQGNRQ]HQWULHUWH VLFKQXUDXIVHLQ2SIHU %DOGZUGHGLH6HHOHIUHLNRPPHQEDOG ª,VWHVQRFKGXQNHO"©]LVFKHOWHHU ª-DMDVRILQVWHU$EHUGDKLQWHU©'DV0lGFKHQDWPHWH UDVVHOQGª'DKLQWHUHLQ/LFKWGHU+LPPHO0HLQ*RWWGHU +LPPHOLVWQDKH,FKZHUGHDXIJH© 0LWHLQHP)OXFKDXIGHQ/LSSHQVSUDQJ7DUUDVFRKRFK'LH :RUWH+LPPHOXQG*RWWVW|UWHQLKQ(UVFKWWHOWHGHQ.RSI GLHVFKZDU]HQ+DDUHIORJHQVRHWZDVZROOWHHUQLFKWQRFKHLQ PDOK|UHQ(VJDEIULKQNHLQHQ+LPPHOXQGDXFKNHLQHQ *RWW 1RFKHLQPDOElXPWH/LOLDQ/DQFDVWHULKUHQ2EHUN|USHULQ

GLH+|KH6LHULVRZHLWLKUHQ0XQGDXIGDVLHVLFKIDVWGHQ 8QWHUNLHIHUDXVUHQNWHhEHULKUH/LSSHQIORHLQJUDXHQYROOHV 6W|KQHQ (VZDUVRZHLW /LOLDQ/DQFDVWHUVWDUE 'DVZXWHDXFKGHU6HHOHQVDXJHU7DUUDVFRKDWWHVHLQH (UIDKUXQJHQJHVDPPHOW(UZXWHJHQDXZDVHU]XWXQKDWWH (UKREEHLGH6FKXOWHUQGDQQZLQNHOWHHUGLH$UPHDQ VSUHL]WHGLH6SLQQHQILQJHUXQGVWLHVLHZXFKWLJYRU 'LH)LQJHUJUXEHQVLFKLQGHQ.|USHUGHV0lGFKHQVEHJDQ QHQSO|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ª+LHULVWHUKHUJHODXIHQ-RKQ©PHOGHWHGHU&KLQHVH ,FKEHHLOWHPLFK]XLKP]XJHODQJHQ7DWVlFKOLFKDXFKLFK VDKGLH6SXUHQLP*UDV

:LUIDQGHQGDV9HUVWHFN'HU6HHOHQVDXJHUPXWHHVHLOLJ JHKDEWKDEHQGHQQHLQLJH=ZHLJHGHVGHQ(LQVWLHJVFKW]HQ GHQ%XVFKZHUNV]HLJWHQIULVFKH%UXFKVWHOOHQ ª'HQKROHQZLUXQV©NQXUUWH6XNRXQGYHUVFKZDQGYRU PHLQHQ$XJHQLQGHP6FKDFKW =XP*OFNZDUHQZLUGHQ:HJVFKRQJHJDQJHQXQGNDQQ WHQXQVHLQLJHUPDHQDXV:LUODQGHWHQDEHUPDOVLQGHP *HZ|OEHZRZLUGDVDXVJHWURFNQHWHXQWHULUGLVFKH)OXEHWW VDKHQ$OVGLH6WHLQHYRP6FKHLQXQVHUHU/DPSHQJHWURIIHQ ZXUGHQEOLW]WHQVLHDQHLQLJHQ6WHOOHQDXIZRVLHVLOEULJH 0HWDOOHLQVFKOVVH]HLJWHQ 'LHVPDOZDULFKYRUJHJDQJHQ(VZDUQDWUOLFKULVNDQWGLH /DPSHQHLQJHVFKDOWHW]XODVVHQDEHUQRFKJHIlKUOLFKHUZlUH HVIUXQVJHZHVHQLP'XQNHOQ]XODXIHQDOVRVFKLUPWHQZLU GLHEHLGHQKHOOHQ.UHLVHPLWGHQ+lQGHQDE$OOHUGLQJVJDEHV QRFKDXVUHLFKHQG/LFKWGDZLUXQVRULHQWLHUHQNRQQWHQ 'LH7UHSSHODJQLFKWZHLWHQWIHUQW$EHUPDOVVWDQGHQZLU GDYRUXQGZLHGHUXPEHUNDPXQVGLHVHVVHOWVDPHOHLFKW EHNOHPPHQGH*HIKO'LH7UHSSHIKUWHLQGDV9HUOLHVZR VLFKXQVHU*HJQHUDOOHU:DKUVFKHLQOLFKNHLWQDFKDXIKLHOW ª(ULVWGD©ZLVSHUWH6XNR (UKDWWHHVDQGHPU|WOLFKHQ6FKHLQHUNDQQWGHUDP(QGHGHU 7UHSSHDXI]XFNWH 0DQPXWHVFKRQVHKUJHQDXKLQVHKHQXPLKQ]XHUNHQQHQ DEHUHUZDUYRUKDQGHQ %HLPHUVWHQ+LQDEVWHLJHQZDUGLH7UHSSHVFKRQJHIlKUOLFK JHZHVHQ'LHVPDOPXWHQZLUXQVQLFKWQXUYRUVLFKWLJEH ZHJHQVRQGHUQDXFKQRFKODXWORV 8QGGDVZDUJDUQLFKWHLQIDFK (VYHUJLQJHQ0LQXWHQ:LUODXVFKWHQKDWWHQXQVHUH2KUHQ JHVSLW]WGHQQZLUZROOWHQPLWEHNRPPHQZDVLQGLHVHP VFKUHFNOLFKHQ9HUOLHVLQGHPHVVRQDFK9HUZHVXQJVWDQN SDVVLHUWH 6WLPPHQK|UWHQZLUQLFKWGDIU*HUlXVFKHGLHPLFKDQ HLQHQ*KRXOHULQQHUWHQ

'DZDUHLQZLGHUOLFKHVVDWWHV6W|KQHQEHJOHLWHWYRQHLQHP ODQJHQXQKHLPOLFKNOLQJHQGHQ6FKOUIHQGDVXQVHLQH *lQVHKDXWEHUGHQ5FNHQMDJWH (UVWDQGGDZLHHLQ6LHJHU 8QGGDVZDUHUDXFK(UKDWWHGHQ7RGEHVLHJWGLH6HHOH NRQQWHQLFKWPHKUHQWZHLFKHQGHQQVLHZDUGXUFKVHLQH PDJLVFKHQ.UlIWHJHIDQJHQ 1RFKLPPHUKLHOWHUGLH$UPHDXVJHVWUHFNWXQGVHLQH+lQGH JHJHQGHQ/HLEGHU7RWHQJHGUFNW7DUUDVFRVFKDXWH]ZDU QDFKXQWHQGRFKHUVFKLHOWHLQGDVEOHLFKH*HVLFKWXQGVDKQXU GHQRIIHQHQ0XQGDXVGHPHLQHZHLH:RONHTXROO 'LH6HHOH 2GHUGHU=ZHLWN|USHUGHV0lGFKHQVGHQQZDVVRQVW XQVLFKWEDUZDUZXUGHGXUFKGLH.UlIWHGHV6HHOHQIUHVVHUV VLFKWEDUJHPDFKW'LH:RONHEOLHEQLFKWVRZLHVLHDXVGHP RIIHQHQ0XQGVWU|PWH6LHQDKPLPPHUPHKUDQ*U|H]X YHUIRUPWHXQGVWUHFNWHVLFKGDEHLDOVZUGHQXQVLFKWEDUH +lQGHQLFKWQXUDQLKU]LHKHQVRQGHUQVLHDXFKPLWJHVFKLFN WHQ)LQJHUQPRGHOOLHUHQ (LQ.|USHUHQWVWDQG 'HU.|USHUHLQHV0lGFKHQV -HPHKU3ODVPDDXVGHP0XQGTXROOXPVRNODUHUNRQQWHHV GLH.RQWXUHQGHV.|USHUVDQQHKPHQ (VZDUVRZLHLPPHU 'LH'RSSHOJHVWDOWGHU/LOLDQ/DQFDVWHUHQWVWDQGDOVIHLQVWRII OLFKHV:HVHQ 'LHHFKWHXQGWRWH/LOLDQODJDXIGHPDOWHQ)HOGEHWWXQG NRQQWHVLFKQLFKWPHKUUKUHQ,KUIHLQVWRIIOLFKHU.|USHU MHGRFK]LWWHUWHDOVVWQGHHUXQWHU6WURP (LQJHQDXHV'RSSHOELOGGHVWRWHQ0lGFKHQVVFKZHEWH QHEHQGHU/HLFKHLQGHU/XIW .HLQ:RUWZXUGHJHVSURFKHQ'LH+lQGHGHV6HHOHQVDXJHUV JOKWHQLQHLQHPGXQNOHQ5RW(UDNWLYLHUWHVHLQHPDJLVFKHQ

.UlIWHSUHWHGLH6HHOHDXVGHP/HLEGHU7RWHQGDPLWVLHLQ VHLQH)lQJHJHULHWXQGYRQLKPDXIJHVDXJWZHUGHQNRQQWH (LQJHVSHQVWLVFKHV%LOGYRP)DFNHOVFKHLQXQWHUPDOWXQG YRQGHQ]XFNHQGHQ6FKDWWHQLQHLQHVFKDXULJH+RUURU6LQIRQLH YHUZDQGHOW .HLQPHQVFKOLFKHU/DXWGXUFKEUDFKGLH6WLOOHGLHVHV 9HUOLHVHVWLHIXQWHUGHU(UGH 'LH.lOWHGHV7RGHVZXUGHVSUEDU+LHUYHUVXFKWHMHPDQG GHQ7RG]XEHUZLQGHQXQGLKPGDV]XHQWUHLHQZDVLKP HLJHQWOLFKJHK|UWH 'HU3ODVPDVWUHLIHQDXVGHP0XQGGHV0lGFKHQVZXUGH LPPHUGQQHU 'LH6HHOHKDWWHGHQ.|USHUGHV0lGFKHQVYHUODVVHQLKQ DEHUJHQDXQDFKJHELOGHWXQGZDUQXQJUHLIEDUIUGHQ6HHOHQ VDXJHU $OV'lPRQEUDXFKWHHUQLFKW]XDWPHQ7URW]GHPVDKHVVR DXVDOVZUGHHUWLHI/XIWKROHQDOVHUVLFKUHFNWHXQGVHLQH XUVSUQJOLFKH+DOWXQJDXIJDE 7DUUDVFRO|VWHGLH+lQGHYRP.|USHUGHVWRWHQ0lGFKHQV XQGULFKWHWHVLFKDXI /DQJVDPZDQGWHHUVLFKXP 'HU*HLVWRGHUIHLQVWRIIOLFKH.|USHUVFKZHEWHHWZDLQ%UXVW K|KHYRULKP-HGH*HVLFKWVIDOWHZDUWURW]GHU'XUFKOlVVLJNHLW JHQDX]XHUNHQQHQ'LHVHU*HLVWZDULQGHU7DWGDVJHQDXH $EELOGGHVHFKWHQ.|USHUV 7DUUDVFRVFKOLFKXPGHQVHOWVDPHQ6HHOHQN|USHUGHV 0lGFKHQVKHUXP6HLQH6FKULWWHZDUHQNDXP]XK|UHQHU KDWWHGLH$UPHDXVJHVWUHFNWXQGGLH+lQGHEOLHEHQLPPHU EHUGHP.|USHUZREHLHUVHLQH)LQJHUOHLFKWEHZHJWH 1HLQVROHLFKWZDUHVQLFKW:HQQHUGLH6HHOHLQVLFKDXI QDKPEHGXUIWHGLHVHLQHUJHZLVVHQ9RUEHUHLWXQJ(UNRVWHWH GDV9HUJQJHQDXVGHQQGDGHU3ODVPDN|USHUEHUHLWVLP 5DXPVWDQGNRQQWHLKQQLFKWVPHKUYRUVHLQHP9HU]HKUUHWWHQ 'DVURWH*OKHQZDUYRQVHLQHQ+lQGHQYHUVFKZXQGHQ6LH VDKHQMHW]WDXVZLHLPPHU

%OHLFKVSLQQHQDUWLJ 'LH1lJHOVFKLPPHUWHQKHOOHU:HQQVLHYRP]XFNHQGHQ )HXHUVFKHLQHUIDWZXUGHQVDKHVVRDXVDOVZUGHGHU *OXWKDXFKGHU+|OOHEHUVLHKLQZHJVWUHLIHQ *HQDXDP.RSIGHV*HLVWZHVHQVYHUKLHOWHUVHLQHQ6FKULWW 1XQNDPGLH/DEXQJ 6HLQH6FKXOWHUQVDFNWHQZLHGHUQDFKXQWHQ0LWHLQHUIDVW XQZLOOLJHQ*HElUGHVFKOHXGHUWHHUVHLQHQGXQNOHQ0DQWHO ]XUFN'HUGDEHLHQWVWHKHQGH:LQG]XJVWUHLIWHGLH)ODPPH GHULQGHU1lKHEUHQQHQGHQ)DFNHOXQGOLHVLHDXIXQG QLHGHUWDQ]HQ (UZDUKXQJULJGRFKHUZUGHVDWWZHUGHQ (LQZHQLJQHLJWHHUGHQ.RSIQDFKYRUQ,QVHLQH$XJHQWUDW HLQVHOWVDPHV/HXFKWHQYHUJOHLFKEDUPLWHLQHUXQVWLOOEDUHQ *LHUGLHLPPHUGDQQEHULKQNDPZHQQHVVRZHLWZDU 7DUUDVFR|IIQHWHGHQ0XQG'DQDFKYHU]RJHUVRGLH/LSSHQ GDVHLQH:DQJHQNOHLQH+|KOHQ]HLJWHQDOVKlWWHMHPDQGPLW HLQHP)LQJHUKLQHLQJHVWRHQ 'DVVDXJHQGH*HUlXVFKZDUZLHGHU]XK|UHQ 'HU6HHOHQ9DPSLUEHJDQQ]XVFKOUIHQ (VPXWHVLFKIUHLQHQ0HQVFKHQZLGHUOLFKDQK|UHQZLHHU VFKPDW]WHXQGVDXJWH=ZLVFKHQGHQ6FKOUIODXWHQHUW|QWH PDQFKPDOHLQKRKONOLQJHQGHV3IHLIHQXQGHUEUDFKWHVHLQH JHVSLW]WHQ/LSSHQELVGLFKWDQGHQ.RSIGHVLQGHU/XIWVFKZH EHQGHQ3ODVPD:HVHQVKHUDQ $XVGHP6FKOUIHQZXUGHHLQVDWWHV6FKPDW]HQ(LQH.UDIW VFKLHQDQGHP*HLVWZHVHQ]X]HUUHQGHU.RSIYHUIRUPWHVLFK XQGZXUGHDQVHLQHU2EHUVHLWHLQGLH/lQJHJH]RJHQVRGD HUHLQHVHOWVDPH)RUPEHNDP/DQJRYDOHLQHP(LQLFKW XQlKQOLFK (LQZHQLJKDWWHGHU6HHOHQ9DPSLUVHLQH$UPHHUKREHQXQG VLHJOHLFK]HLWLJZLHGHUDQJHZLQNHOW(UVWDQGGD]LWWHUWHOHLFKW XQGLPPHUPHKUYHUVFKZDQGYRQGHP.RSIGHVN|USHUORVHQ 0lGFKHQV 7DUUDVFRVDXJWHHVDXI

(UPDFKWHLQGLHVHQ$XJHQEOLFNHQVHLQHP1DPHQDOOH(KUH WDQNWHGXUFKGLH6HHOHGHV0lGFKHQVQHXH.UDIWKDWWHGLH $XJHQYHUGUHKWGHQ%OLFNGDEHLJHVHQNWXQGVDK]XZLH LPPHUPHKUGHV3ODVPDVWRIIHVLQVHLQHP0XQGYHUVFKZDQG %HJOHLWHWZXUGHGLHVHU9RUJDQJYRQGHPZLGHUOLFKHQ 6FKOUIHQXQG6FKPDW]HQGDVDXFKGLH*KRXOVEHLLKUHU 1DKUXQJVDXIQDKPHYRQVLFKJDEHQ 'HU6HHOHQYDPSLUJDENHLQH5XKH1RFKLPPHUKLQJHUPLW VHLQHP0XQGDQGHP*HLVWN|USHUGHUEHUHLWV]XU+lOIWHLQ VHLQHP/HLEYHUVFKZXQGHQZDU (VZDUHLQVFKUHFNOLFKHV%LOG6FKRQDOOHLQGLH7DWVDFKHDQ VLFKZDUJUDXHQKDIWVLHZXUGH]XVlW]OLFKQRFKYRQGHP ]XFNHQGHQ6FKHLQGHU)DFNHOQXQWHUPDOWXQGHUKLHOWHLQHQ QRFKVFKDXULJHUHQ$QVWULFK 'HU6HHOHQVDXJHUZDULQVHLQHP(OHPHQW1RFKVFKQHOOHU KDVWLJHUXQGJLHULJHUZXUGHHU'DEHLVSUWHHUGDVLFKLQ VHLQHPXQWRWHQ.|USHUHLQH9HUlQGHUXQJDQEDKQWH(VZDU ZLHHLQ6WURPGHUYRQGHU*HLVWJHVWDOWDXILKQEHUIOR (UIOOWHLKQY|OOLJDXV,QGHQ)HQVSUWHHULKQEHUHLWV XQGGHU6WURPZDQGHUWHK|KHUXQGZXUGH]XHLQHP%QGHO JHZDOWLJHU.UDIW (LQU|KUHQGHU6FKUHLYHUOLHGHQ0XQGGHV6HHOHQVDXJHUV XQGPLWHLQHPJHZDOWLJHQ6FKOXFNEHJOHLWHWYRQHLQHPZLGHU OLFKHQ6FKPDW]HQXQG.HXFKHQVDXJWHHUGLH6HHOHGHV 0lGFKHQVUHVWORVLQVLFKDXI (UZDUJHVlWWLJW 6HLQVFKZHUHU2EHUN|USHUVHQNWHVLFKQDFKYRUQ'HU.RSI SHQGHOWHGLH/LSSHQEHZHJWHQVLFKQRFKXQGHLQKRKOHV 3IHLIHQ]LVFKWHGDUDXVKHUYRU 6RYLHO.UDIWLKPGDV6DXJHQGHU6HHOHDXFKJHJHEHQKDWWHHV ZDUGRFKVHKUDQVWUHQJHQGJHZHVHQ $EHUHUIKOWHVLFKEHVVHUYLHOEHVVHU (UKREGHQ.RSI ,PVHOEHQ$XJHQEOLFNVFKLHQVHLQ.|USHU]X(LV]XZHUGHQ GHQQ]ZHL*HVWDOWHQVWDQGHQDQGHU7UHSSH

=ZHL0lQQHU (LQHUYRQLKQHQKLHOWHLQHVHOWVDPH3HLWVFKHLQGHUOLQNHQ XQGHLQH3LVWROHLQGHUUHFKWHQ+DQG 'HUDQGHUHGHUJU|HUHPLWGHQEORQGHQ+DDUHQXQGGHQ MHW]WNDOWEOLFNHQGHQ$XJHQKLHOWNHLQH3LVWROHGDIUMHGRFK HLQHQ*HJHQVWDQGGHUVFKOLPPHUVHLQNRQQWHDOVHLQ 6FKLHHLVHQ (VZDUHLQVLOEHUQHV.UHX] :LHGDV=HLFKHQGHV7RGHVUDJWHHVDXVGHU)DXVWGHV *HLVWHUMlJHUV-RKQ6LQFODLU (VZDUQLFKWHLQIDFKLQGLHVHQ$XJHQEOLFNHQGLH*HIKOH]X EHVFKUHLEHQGLHPLFKGXUFKWRVWHQ :LUKDWWHQDOOHVHLQJHVHW]WXQGHVGRFKQLFKWJHVFKDIIW :LUZDUHQ]XVSlWJHNRPPHQ (LQ%OLFNDXI/LOLDQ/DQFDVWHUUHLFKWHXP]XHUNHQQHQGD HLQH7RWHDXIGHPVFKPXW]LJHQ/DNHQGHV)HOGEHWWVODJ:LU ZDUHQODXWORVGLH7UHSSHKLQXQWHUJHVWLHJHQXQGKDWWHQQRFK JHVHKHQZLH7DUUDVFRVDXJWH 6LFKHUZLUKlWWHQVFKLHHQRGHULKQDQGHUVHUOHGLJHQN|QQHQ DEHUHVVWDQGHQ]XYLHOH)UDJHQRIIHQ)UDJHQDXIGLHZLUYRQ GHP6HHOHQVDXJHU$QWZRUWHQZROOWHQ =XPHUVWHQPDOVDKHQ6XNRXQGLFKLKQDXVGHU1lKH,Q GLHVHPXQKHLPOLFKHQ9HUOLHVZLUNWHHUZLHHLQHNODVVLVFKH )LJXUDXVHLQHP+RUURUILOP'DZDUGDVEOHLFKH*HVLFKWGHU ODQJH0DQWHOGHURIIHQEHUVHLQHP5FNHQODJGDQQGLH HEHQIDOOVGXQNOH.OHLGXQJXQGGHUKRKH6FKDONUDJHQGHV 0DQWHOVGHUPLWURWHP6WRIIJHIWWHUWZDU 'LHVHU7DUUDVFRKDWWHLQGHU7DWYLHOYRQHLQHP9DPSLU(U ZDUMHGRFKNHLQHULPODQGOlXILJHQ6LQQHVRQGHUQHLQ6HHOHQ VDXJHU(UVDXJWH]ZDUDXFKGRFKHUHUQlKUWHVLFKQLFKWYRP %OXWDQGHUHUHUQDKPLKQHQGLH6HHOH ,QPLUNRFKWHHV ,FKKDWWH0KHPLFK]XEHKHUUVFKHQ+LQWHUGHU*HVWDOW

HUNDQQWHLFKGHQRIIHQHQ'XUFKJDQJ]XP0HHUGHQZLUDXFK VFKRQEHQXW]WKDWWHQ 7DUUDVFRPXWHYRQXQVHUHP$XIWDXFKHQEHUUDVFKWVHLQ GHQQLFKVDKGDV(UVWDXQHQDXIVHLQHP*HVLFKWXQGJOHLFK ]HLWLJDXFKGLH$QJVW'DUEHUOlFKHOWHLFKKDUWGHQQLFK NDQQWHVHKUZRKOGHQ*UXQGIUGLHVHV*HIKO (VZDUPHLQJHZHLKWHV6LOEHUNUHX]8UDOWVFKRQHUVFKDIIHQ YRQGHPJURHQ3URSKHWHQ+HVHNLHOZlKUHQGVHLQHUEDE\OR QLVFKHQ*HIDQJHQVFKDIW 'HU6HHOHQVDXJHUVW|KQWH 6HLQ*HVLFKWYHU]HUUWHVLFK8QWHUVHLQHUGQQHQEOHLFK VFKLPPHUQGHQ+DXW]XFNWHHVXQGDOVLFKHLQHQ6FKULWWYRU JLQJGDZLFKHU]XUFN ª%OHLEVWHKHQ'lPRQ©0HLQH6WLPPHGRQQHUWHLKPHQW JHJHQ (UJHKRUFKWHWDWVlFKOLFKZDUIDEHUQRFKHLQHQVFKLHIHQ%OLFN DXIGHQ7XQQHOHLQJDQJ 'DVZDUVHLQ)OXFKWZHJ$XFK6XNRKDWWHGHQ%OLFNEHPHUNW (UUHDJLHUWHHQWVSUHFKHQGVHW]WHVLFKLQ%HZHJXQJKXVFKWHDQ GHP6HHOHQ9DPSLUYRUEHLXQGQDKPGLFKWQHEHQGHP 7XQQHOHLQJDQJ$XIVWHOOXQJ-HW]WKDWWHQZLULKQLQGHU=DQJH ª'XKDVWVLHJHW|WHW©VDJWHLFKDQNODJHQGª'XKDVWHLQHP MXQJHQ0HQVFKHQGHUQRFKDP$QIDQJVHLQHV/HEHQVVWDQG GLH6HHOHJHUDXEWKDVWLKQGXUFKGHLQHXQKHLPOLFKH0DFKW NUDQNZHUGHQODVVHQDEHULFKVFKZ|UHGLU'lPRQHVZDUGLH OHW]WH7DWLQGHLQHPXQVHOLJHQ/HEHQ'HLQ7HUURUZLUGJH EURFKHQ© ª,FKLFK©lFK]WHHUªLFKEUDXFKHVLH,FKEUDXFKH6HHOHQ XPOHEHQ]XN|QQHQ© ª'XKDVWNHLQ5HFKWGDUDXI1LFKWDXIGLHVHU:HOW'XZLUVW LP=HLFKHQPHLQHVPDJLVFKHQ.UHX]HVVWHUEHQYHUJHKHQ]HU IDOOHQXQG]X6WDXEZHUGHQ© (UULVHLQH$XJHQZHLWDXIª'DVGDV.UHX]©IOVWHUWHHU ª:RKHUKDVWGXHV",FK© ª.HQQVWGXGDV.UHX]"©

=XHUVWVDKHVVRDXVDOVZROOWHHUPLUNHLQH$QWZRUWJHEHQ (UVWDUUWHPLFKXQGGDV.UHX]DQGDQQQLFNWHHUKHIWLJª-DLFK KDEHGDYRQJHK|UW'DPDOVYRUODQJHU=HLW© ª:RZDUGDV"© ª,QPHLQHU+HLPDW5XPlQLHQ0DQKDWGDYRQJHVSUR FKHQ(VVROOWHLQHLQHPDOWHQ.ORVWHUOLHJHQ9LHOH'lPRQHQ ZXWHQHVXQGMHGHUZQVFKWHVLFKGDHVYHUQLFKWHWZXUGH© ª(VLVWDEHUQLFKWYHUQLFKWHWZRUGHQ,FKELQVHLQ(UEHLFK GHU6RKQGHV/LFKWV© ª'DQQKDVWGXHVEHNRPPHQ"© ª-DLFKKDEHHV$EHUZHLWGXPHKUEHUPHLQ.UHX]"© ª1HLQQHLQ©(UVFKULHGLH:RUWHIDVWª0DQIOVWHUWHQXU GDYRQ©6HLQH+lQGHEHZHJWHQVLFKª-HGHUKDWWH$QJVW GDYRU© $XIMHGHQ)DOOORJGHU6HHOHQVDXJHUQLFKW,QGHU7DWKDWWH PHLQ.UHX]VHLWVHLQHU(QWVWHKXQJHLQHZDKUH2G\VVHHKLQWHU VLFK'LHHLQ]HOQHQ6WDWLRQHQNDQQWHLFKQLFKW9LHOOHLFKWZXUGH LFKLUJHQGZDQQPDOZLHGHULQGLH9HUJDQJHQKHLWYHUVFKODJHQ XQGHUIXKUGDQQZRPHLQ.UHX]QDFKVHLQHU(QWVWHKXQJQRFK EHUDOOJHZHVHQZDU$OOHUGLQJVZXWHLFKGDHVVLFKWDWVlFK OLFKHLQPDOLQHLQHPUXPlQLVFKHQ.ORVWHUEHIXQGHQKDWWH EHYRUGDV.ORVWHUDEJHEUDQQWZXUGHXQGGDV.UHX]LQGLH +DQGHLQHUDQGHUHQ)DPLOLHJHULHWGLHHVZLHLKUHQ$XJDSIHO KWHWH'DVDOOHVZDUPLUQRFK]XDOOJHPHLQ,UJHQGZDQQ ZUGHLFKPHKUHUIDKUHQ ª8QGGXELVWDXV5XPlQLHQJHIORKHQ"©IUDJWHLFK ª-DLFKNDPZHJ© ª:HVKDOE"© ª,FKKDWWHGRUWQLFKWQXU)UHXQGHDXFK)HLQGH(VZDUHQ 6FKZDU]EOWHUGLHPLFKDXVPHLQHU+HLPDWWULHEHQZHLOLFK QLFKW]XLKQHQSDWH© ª'DVYHUVWHKHLFKQLFKW©(VZDUHLQH/JHDEHULFKZROOWH GHQVRZLHVRVFKRQUHGVHOLJHQ6HHOHQ9DPSLUZHLWHUDXVVHLQHU 5HVHUYHORFNHQ ª'LH0DUHNVJDEHVVFKRQ©VDJWHHUSO|W]OLFK

'DVZDUZLHGHUHLQ6WLFKZRUW,FKNDQQWHGLH0DUHNV9RU DOOHP)UDQWLVHN0DUHNGHQ3IlKOHU(UZDUPLU]XP)UHXQG JHZRUGHQGHQQZLUEHLGHZROOWHQGDVJOHLFKH6HLW+XQGHUWHQ YRQ-DKUHQOHEWHGLH)DPLOLH0DUHNLQ5XPlQLHQXQGVHLW +XQGHUWHQYRQ-DKUHQMDJWHVLH'lPRQHQYRUDOOHP9DPSLUH ,FKKDWWHVRJDU9RUIDKUHQGLHVHVKHXWLJHQ0DUHNNHQQHQJH OHUQWXQGPHKUEHUGHQ(LFKHQSIORFNHUIDKUHQGHUYRQGHP 9DWHUDXIGHQ6RKQMHZHLOVZHLWHUYHUHUEWZXUGH(LQHVHKU ZHFKVHOYROOH*HVFKLFKWHEHVDGLHVH)DPLOLHXQGDXFK 7DUUDVFRGHU6HHOHQVDXJHUNDQQWHGLH0DUHNV ª:DVKDEHQGLH0DUHNVPLWGLU]XWXQ"©ZROOWHLFKYRQLKP ZLVVHQ ª1LFKWV'LUHNWHV© ª'DQQHU]lKOHGDV,QGLUHNWH© ª/lWGXPLFKIUHL"© ª'DPLWGXQRFKPHKU6HHOHQVDXJHQNDQQVW"© 6HLQ*HVLFKWQDKPHLQHQYHUVFKODJHQHQ$XVGUXFNDQª:DV VLQGGLHSDDU6HHOHQLP9HUJOHLFK]XGHQHQGLHGXGXUFK PHLQH$XVVDJHQQRFKDOOHUHWWHQNDQQVW© ª0LW'lPRQHQODVVHLFKPLFKQLFKWDXILUJHQGZHOFKH *HVFKlIWHHLQ© 6XNRGDFKWHHEHQVR1XUUHDJLHUWHHUDQGHUV 7DUUDVFRNRQQWHQLFKWVHKHQZLH6XNRVHLQHQUHFKWHQ$UP EHZHJWH'LH'lPRQHQSHLWVFKHEHZHJWHVLFKPLWDEHUGLHGUHL 5LHPHQZLFNHOWHQVLFKQLFKWXPGLH*HVWDOWGHV6HHOHQVDXJHUV VRQGHUQNODWVFKWHQGLFKWQHEHQLKPDXIGHQ)HOV 'DV*HUlXVFKEHUUDVFKWH7DUUDVFR+DVWLJVSUDQJHU]XU 6HLWHVFKDXWHDXI6XNRXQGVDKGHVVHQ1LFNHQ ª'HUQlFKVWH6FKODJVLW]WXQG]HUVW|UWGLFK©YHUVSUDFKPHLQ 3DUWQHU 3O|W]OLFKZXUGH7DUUDVFRNOHLQ6HLQH:DQJHQ]XFNWHQ(U KDWWHZRKOHLQJHVHKHQGDHVIULKQNHLQH&KDQFHJDE1LFKW DXIGLHVH$UWXQG:HLVH(UYHUVXFKWHVRJDUHLQ/lFKHOQZDV DOOHUGLQJV]LHPOLFKPLODQJ 6XNRXQWHUVWULFKVHLQH'URKXQJGDGXUFKGDHUKLQWHUGHQ

'lPRQWUDWXQGLKPVHLQH6LOEHUNXJHO%HUHWWDJHJHQGHQ 1DFNHQGUFNWHª:DVJODXEVWGXPLWZDVLFKVLHJHODGHQ KDEH"©IUDJWHGHU&KLQHVH]LVFKHQGª*HZHLKWH6LOEHUNXJHOQ XQGGLHVLQGQLFKWQXUIUQRUPDOH9DPSLUHW|GOLFKDXFKIU GLFKPHLQOLHEHU7DUUDVFR© ª(UZLUGEHVWLPPWUHGHQ©VDJWHLFKXQGOlFKHOWHGDEHLHLVLJ 7DUUDVFRZDU]XVDPPHQJH]XFNW(UPDFKWHMHW]WHLQHQ lQJVWOLFKHQ(LQGUXFN9RQVHLQHULPSRQLHUHQGHQ*U|HZDU QLFKWPHKUYLHOJHEOLHEHQ ª1XQ"©IUDJWHLFKª:LHZDUGDVGHQQPLWGHU)DPLOLH 0DUHN"© ª6DJLKPHUVROO]XUFNJHKHQ©'LH%HUKUXQJGHU:DIIH SDWHGHP6HHOHQVDXJHUQLFKW ,UJHQGZLHNRQQWHLFKGDVYHUVWHKHQXQGJDE6XNRHLQ =HLFKHQ=XGHPKDWWHPLFKGHU'lPRQQHXJLHULJJHPDFKW,FK KDWWHSO|W]OLFKGDV*HIKOGDGLHVHU)DOOQRFKOlQJVWQLFKW EHHQGHWZDUXQGZLUMHW]WGLH&KDQFHKDWWHQGHQ$QIDQJGHV URWHQ)DGHQVLQGLH+DQG]XEHNRPPHQ'DVSXNWHQVLFKHUOLFK QRFK/DG\;XQG9DPSLURGHOPDUKHUXP $OV6XNRGLH:DIIH]XUFNJH]RJHQKDWWHEHJDQQ7DUUDVFR ZLHGHU]XUHGHQª,FKELQQLFKWQXUYRU0DUHNJHIORKHQ VRQGHUQDXFKYRUHLQHPDQGHUHQ%DURQ)UHGHULFNYRQ /HSSH© (LQQHXHU1DPH,FKKDWWHLKQQLHJHK|UW,UJHQGZLHPXWH HUPLWGHQ0DUHNV]XVDPPHQKlQJHQ ª:HUZDUGDV"© ª(LQDOWHU%DURQXQG9DPSLU(UOHEWHZLHHLQVW'UDFXODDXI HLQHPJURHQ6FKORLQ5XPlQLHQ9RQ/HSSHZXUGHJHMDJW 'LH0DUHNVKDWWHQLKQDXIV.RUQJHQRPPHQ,FKDEHUZDULQ VHLQ*HELHWHLQJHGUXQJHQXPPLUGLH6HHOHQ]XKROHQ'DV ZROOWHYRQ/HSSHQLFKW'HU%DURQULHWPLU]XIOLHKHQ,FK NRQQWHQLFKWDQGHUVXQGPXWHZHJ-DLFKIORKYHUNURFK PLFKDXIHLQHP6FKLIIXQGNDPQDFK(QJODQG,QGLHVHP7HLO GHV/DQGHVEDXWHLFKPLUHLQHQHXH([LVWHQ]DXI+LHUEHJDQQ LFKGDVIRUW]XIKUHQZDVLFKLQ5XPlQLHQDQJHIDQJHQKDWWH

,FKKROWHPLUGLH6HHOHQGHQQLFKEUDXFKHVLHXPH[LVWLHUHQ]X N|QQHQ© ª8QG%DURQYRQ/HSSH"© ª,FKZHLQLFKWZDVPLWLKPJHVFKHKHQLVW© ª'DQQNDQQHUQRFKOHEHQ"© ª-D2EZRKOLFKQLFKWVRUHFKWGDUDQJODXEHQZLOO'HQ 0DUHNVLVWQRFKNDXPHLQHUHQWNRPPHQ© ª*XW7DUUDVFRGDVZDUGLHHLQH6HLWH(VJLEWDEHUQRFKHLQH DQGHUH:LHZDUGDVPLW/DG\;XQG9DPSLURGHOPDU"© ª:LHVR"© ª.HLQH/JHQ©VDJWHLFKVFKDUIª,FKZHLGDVLHEHLGLU JHZHVHQVLQG,FKKDEHGLHURWHQ9DPSLUHJHVHKHQ0HLQ )UHXQGXQGLFKKDEHQVLHYHUQLFKWHW8QGVLHNRPPHQQLFKW YRQDOOHLQKHUEHLJHIORJHQ'DPXLUJHQGHWZDVGDKLQWHU VWHFNHQ:DKUVFKHLQOLFK/DG\;XQG9DPSLURGHOPDU.HLQH /JHQMHW]W© ª6LHZDUHQKLHU© 'DKDWWHQZLUGLH%HVWlWLJXQJª8QGZDVZROOWHQVLHYRQGLU 7DUUDVFR"© ª,QIRUPDWLRQHQ,FKVROOWHLKQHQDOOHVVDJHQ© ª:RUEHU"© ªhEHUPHLQH+HLPDW© ª5XPlQLHQ"©IUDJWHLFKEHUUDVFKW ª6RLVWHV6LHZROOWHQEHU5XPlQLHQDOOHVZLVVHQXQGDXFK EHUGLH0DUHNV9RUDOOHQ'LQJHQGHUZHLEOLFKH9DPSLU(U EUDXFKWHPHLQH,QIRUPDWLRQHQ© ª:ROOWHQVLHKLQ"© ª6LFKHU© 'DVZDUHLQHhEHUUDVFKXQJ$OVLFK6XNRNXU]DQVFKDXWH HQWGHFNWHLFKGDDXFKLKQGLH:RUWHGHV6HHOHQVDXJHUV JHWURIIHQKDWWHQ(V|IIQHWHQVLFKSO|W]OLFKQHXH'LPHQVLRQHQ /DG\;5XPlQLHQGDVNODVVLVFKH9DPSLUODQGXQGYLHOOHLFKW DXFK)UDQWLVHN0DUHN .RQQWHXQGZUGHHV]XHLQHU%HJHJQXQJ]ZLVFKHQ/DG\; 9DPSLURGHOPDUXQGLKPNRPPHQ"

'DVZDUGLH)UDJHXQGLFKYHUVXFKWHHVKHUDXV]XILQGHQ ª+DVWGXLKQHQDXFKYRQ0DUHNGHP3IlKOHUEHULFKWHW"© ª'DVPXWHLFK© 1XQZDUXQVHLQLJHVNODU,FKEHUOHJWHEHUHLWVZDVHV]XWXQ JDE(VZUGHNHLQHOHLFKWH$XIJDEHZHUGHQGDVVFKRQHLQPDO YRUZHJJHQRPPHQ'LH$NWLYLWlWHQGHU/DG\;KDWWHQVLFK YHUVWlUNW6LHYHUVXFKWHDOOHVXPGLH0DFKW]XJHZLQQHQ ª:DVKDW/DG\;YRU"©'LHVPDOVWHOOWH6XNRGLH)UDJH ª,FKNDQQHVQLFKWVDJHQ© ª:LOOVWGXHVQLFKW"© ª1HLQQHLQLFKNDQQHVQLFKW:LUNOLFKQLFKW6LHKDWPLU QLFKWVHU]lKOW©'HU6HHOHQVDXJHUKREGLH6FKXOWHUQXQG GUHKWHVLFKJOHLFK]HLWLJ]X6XNRXP(UZROOWHGXUFKVHLQH *HVWLNXQG*HElUGHQGHPRQVWULHUHQGDHUQLFKWVZXWH 6RMHGHQIDOOVGDFKWHQZLU $EHUHUOHJWHXQVUHLQ ,FKZDUQLFKWPHKUVRZDFKVDP6XNRHEHQIDOOVQLFKW8QG 7DUUDVFREHVD.UDIW(UKDWWHHLQHIULVFKH6HHOHDXIJHVRJHQ QXW]WHVHLQH&KDQFHXQGVFKOXJ6XNRV:DIIHQDUP]XU6HLWH 'HU+LHEZDUEOLW]VFKQHOOJHIKUWZRUGHQXQGHEHQVR VFKQHOOKXVFKWH7DUUDVFRDQGHP&KLQHVHQYRUEHL %HYRUZLUUHDJLHUWHQZDUHULQQHUKDOEGHV7XQQHOVYHU VFKZXQGHQ 'DQQMHGRFKJDEHVIUXQVNHLQ+DOWHQPHKU .DSLWlQ5RPDQHVFXVFKOLFKZLHHLQ'LHEGXUFKVHLQHLJHQHV 6FKLII(UKDWWHQDFKGHU(QWGHFNXQJVRJXWZLHQLFKWJH VFKODIHQXQGZDUGHQ7DJEHUUXKHORVGXUFKGDV6FKLII JHZDQGHUWRKQHDOOHUGLQJVVHLQH3DVVDJLHUH]X*HVLFKW]X EHNRPPHQ9LHOOHLFKWZDUWHWHQVLHGLH'XQNHOKHLWDE 'HU.DSLWlQZXWHQLFKWZDVHUQRFKDOOHVWXQVROOWH(U EHUOHJWHKLQXQGKHU'DVVFKDXULJH*HKHLPQLVKDWWHHUQXQ JHOIWHW(UZXWHGDQLFKWLQDOOHQYLHU6lUJHQ/HLFKHQ ODJHQ,QHLQHP]XPLQGHVWODJHLQOHEHQGHU7RWHUZDKUVFKHLQ

OLFKHLQ9DPSLUDXFKZHQQ5RPDQHVFXLKQQRFKQLFKW JHVHKHQKDWWH (UKRFNWHVLFKVFKOLHOLFKLQVHLQH.DELQHXQGGDFKWHQDFK 9RUDOOHPGUHKWHQVLFKVHLQH*HGDQNHQXPGLH0DQQVFKDIW 'LH5HLVHQDFK5XPlQLHQZUGHQRFKHLQLJH7DJHGDXHUQXQG DXIGHU)DKUWNRQQWHVHKUYLHOSDVVLHUHQ:HUJDELKPGHQQGLH *HZLKHLWGDGLH%OXWVDXJHUQLFKWSO|W]OLFKGXUFKGUHKWHQ ZHLOVLHHVVLFKDQGHUVEHUOHJWKDWWHQ" 'LH)UDXXQGGDV0RQVWHUYLHOOHLFKWQLFKWDEHUGDVDQGHUH :HVHQLQGHP6DUJ(VZDUGXUFKDXVP|JOLFKGDHVVLFK EHIUHLWH0DQVDJWHGHQ9DPSLUHQVFKUHFNOLFKH.UlIWHQDFKGD NRQQWHHVGHP9DPSLUVLFKHUOLFKDXFKJHOLQJHQGHQ 6DUJGHFNHO]XVSUHQJHQ :DVZDU]XWXQ" )U5RPDQHVFXJDEHVQXUHLQH0|JOLFKNHLW0DQPXWHGHQ %OXWVDXJHUYHUQLFKWHQ $OVHUVLFK]XGLHVHP(QWVFKOXGXUFKJHUXQJHQKDWWHHUKRE HUVLFKUXFNDUWLJ(LQKDUWHU=XJVWDQGLQVHLQHP*HVLFKW(U ZDUNHLQ:DLVHQNQDEHXQGIU]XVlW]OLFKH*HVFKlIWHLPPHU ]XJlQJOLFKDEHU9DPSLUHDQ%RUGQHLQGDVGXUIWHHUDXI NHLQHQ)DOO]XODVVHQ (UEHUOHJWHPLWZHOFKHQ:DIIHQPDQGLHVH%OXWVDXJHU W|WHQNRQQWH9LHONDPGDQLFKW]XVDPPHQZDVLKP]XU9HU IJXQJVWDQG'DZDUHUVWHLQPDOHLQH3LVWROHPLW6LOEHU NXJHOQGLHHUQLFKWKDWWH(EHQVRZHQLJHLQHQ(LFKHQSIORFN RGHU:HLKZDVVHU$XFKNHLQ.UHX]DEHUHVJDEQRFKHWZDV DQGHUHV .QREODXFK 5RPDQHVFXJULQVWHKDUWDOVHUGDUDQGDFKWH3O|W]OLFKKDWWH HUHVHLOLJGLH.DELQH]XYHUODVVHQ6HLQ:HJIKUWHLKQGRUW KLQZRGLH.RPEVHODJ (LQLWDOLHQLVFKHU.RFKZLUEHOWHGRUW*LQRZDUHLQ0HLVWHU VHLQHV)DFKV(UYHUVWDQGHVDXVZHQLJHQ=XWDWHQGLHEHVWHQ *HULFKWH]X]DXEHUQGRFKLQGLH.RPEVHOLHHUDXHUGHP .DSLWlQXQGGHP(UVWHQ2IIL]LHUNHLQHQUHLQ

5RPDQHVFXOLHVLFKDXFKQXUVHOWHQEHLVHLQHP.RFK EOLFNHQ(VZDULPPHUHLQHhEHUUDVFKXQJZHQQHUDXIWDXFKWH $OVHUSO|W]OLFKDXIGHU6FKZHOOHVWDQGGDVFKUHFNWHGHU.RFK ]XVDPPHQXQGVFKOHXGHUWHVHLQ3RUQRKHIWLQGHPHUJHOHVHQ KDWWH]XU6HLWH ª%OHLEHQ6LHUXKLJVLW]HQ©VDJWHGHU.DSLWlQª,FKVXFKHQXU HWZDV© ª8QGZDV6LU"©*LQRVDJWHLPPHU6LUREZRKOHU,WDOLHQHUZDU ª.QREODXFK© 'HU.RFKJULQVWHª:LUNOLFK.QREODXFK6LU"© ª-D© ª0RPHQW©*LQRGUHKWHVLFKXPXQGKROWHHLQH'RVHDXV GHP6FKUDQNKHUYRU(UUHLFKWHVLHGHP.DSLWlQGHUDOOHUGLQJV VFKWWHOWHGHQ.RSIª1HLQQLFKWVRHWZDV© ª:DVGDQQ"© ª+DEHQ6LHNHLQH6WDXGHQ"© ª-DVLFKHUDOV'HNRUDWLRQ© ª'DQQJHEHQ6LHPLUGLH'HNRUDWLRQ'DVLVWGRFKY|OOLJQRU PDOHU.QREODXFKRGHU"© ª.ODU6LU©'HU.RFKEFNWHVLFKXQG|IIQHWHHLQH7UDP 8QWHUWHLOGHVHLQJHEDXWHQ6FKUDQNV(UZKOWH]ZLVFKHQ 7|SIHQXQG3IDQQHQKHUXPIOXFKWHHLQSDDUPDOXQGODFKWH PHFNHUQGDXIDOVHUGLHODQJH6WDXGHJHIXQGHQKDWWHXQGVLH WULXPSKLHUHQGLQGLH+|KHKLHOWª'DLVWVLH6LU©VDJWHHU ª:ROOHQ6LHDXI9DPSLUMDJGJHKHQ"© ª1DWUOLFK© *LQRZROOWHVLFKEHUGHQ:LW]WRWODFKHQYHUVWXPPWH MHGRFKDOVHUGLHHUQVWH0LHQHGHV.DSLWlQVVDKª6FKRQJXW 6LUVFKRQJXW,FKPHLQWHMDQXU© 2KQHHLQZHLWHUHV:RUW]XYHUOLHUHQPDFKWH5RPDQHVFX NHKUWXQGYHUOLHGLH.RPEVH=XUFNEOLHEHLQ]LHPOLFK HUVWDXQWHU.RFKGHUEHU9DPSLUHQDFKGDFKWHXQGKDVWLJHLQ .UHX]]HLFKHQVFKOXJ 'HU.DSLWlQDEHUVWHXHUWHGHQ/DGHUDXPDQLQGHPGLHYLHU 6lUJHVWDQGHQ

(UKDWWHHLQVFKOHFKWHV*HZLVVHQWURW]VHLQHVJXWHQ 9RUKDEHQVGHQQHUNDPVLFKDXIVHLQHPHLJHQHQ6FKLIIZLHHLQ )UHPGHUYRU9RQXQVLFKWEDUHQ)HLQGHQIKOWHHUVLFKXP JHEHQHLQJHNUHLVWXQGHLQJHNHVVHOWXQGHUVFKDXWHVLFKYRU VLFKWLJXPREQLFKWGLH8QWRWHKLQWHULKPVWDQG 5RPDQHVFXVDKVLHQLFKW8QDQJHIRFKWHQHUUHLFKWHHUVHLQ =LHO9RUGHU7U]XP/DJHUUDXPEOLHEHUHUVWHLQPDOVWHKHQ 'DEHL]RJHUVHLQHQ.RSIHLQXQGHLQH*lQVHKDXWOLHIEHU VHLQHQ5FNHQ'LH.QREODXFKVWDXGHKLHOWHULQGHUUHFKWHQ +DQG6LHVHW]WHVLFKDXV]DKOUHLFKHQ.QROOHQ]XVDPPHQ:LH HLQH.HWWHUHLKWHQVLHVLFKDQHLQDQGHU'DPLWPXWHGHU 9DPSLUGRFK]XW|WHQVHLQ (UVFKORDXI 6WLOOHZLHLQHLQHP*UDEKHUUVFKWHLQQHUKDOEGHV/DGHUDXPV .HLQ.UDW]HQRGHU6W|KQHQZLHEHLVHLQHPHUVWHQ%HVXFKZDU ]XYHUQHKPHQ %HYRU5RPDQHVFXZHLWHUJLQJGUFNWHHUGLH7UVDFKWLQV 6FKOR1LHPDQGVROOWHLKQVHKHQ (UKDWWHZLHGHUVHLQH/DPSHGDEHL'LH7DVFKHQODPSHZDU VHKUOLFKWVWDUN6LHZUGHDXVUHLFKHQXPGHQ/DJHUUDXPIU VHLQH=ZHFNHDXV]XOHXFKWHQ (UVFKDOWHWHVLHHLQ 'HUKHOOHEUHLWH)LQJHUIDQGVHLQHQ:HJGXUFKGLH'XQNHO KHLWVFKQLWWHLQHQ7XQQHOLQGHPGHU6WDXEWDQ]WHXQG 5RPDQHVFXVDKGLHYLHU6lUJH 6LHVWDQGHQH[DNWQHEHQHLQDQGHU(LQVFKDXULJHU$QEOLFN GHULKPHLQH*lQVHKDXWEHUGHQ.|USHUWULHE (LQ=XUFNJDEHVIULKQQLFKW 0LW]LHOVWUHELJHQ6FKULWWHQQlKHUWHHUVLFKGHQYLHU 7RWHQNLVWHQXQGOHJWHVHLQH/DPSHVRDXIHLQHQQLFKWZHLWHQW IHUQWVWHKHQGHQ.DUWRQKLQGDGHU6WUDKOGLHYLHU6lUJHWUDI 6HLQH/LSSHQELOGHWHQHLQHQGQQHQ6WULFKDOVHUVLFK EFNWHXQGQDFKGHQ9HUVFKOVVHQVFKDXWH 6LHZDUHQQRFKLPPHU]X (UZXWHDEHUZLHHUVLH]X|IIQHQKDWWH0LWHLQHU+DQG

PDFKWHHUGLHVGHQQLQGHUDQGHUHQEHKLHOWHUGLH.QREODXFK VWDXGH 'DQQZDUGHU6DUJRIIHQ ,PQlFKVWHQ$XJHQEOLFNZXUGHGHU.DSLWlQEHUUDVFKW GHQQYRQLQQHQGUFNWHHWZDVJHJHQGHQ'HFNHOXQGVFKOHX GHUWHGDVVFKZHUH'LQJI|UPOLFKLQGLH+|KH 5RPDQHVFXZLFK]XUFN7URW]GHPZXUGHHUJHVWUHLIW VSUWHGHQ$XISUDOODQGHU+IWHXQGVDKDXVGHURIIHQHQ 7RWHQNLVWHHLQHZHLEOLFKH*HVWDOWLQGLH+|KHVFKQHOOHQ (LQHMXQJH)UDXQRFKDEHUHUVDKDXFKGLHYRUVWHKHQGHQ VSLW]HQ=lKQHQHLQHV%OXWVDXJHUV 7DUUDVFRKDWWHXQVWDWVlFKOLFKJHOHLPW'DVlUJHUWHPLFKPD ORV:LHHLQ6FKDWWHQZDUHULQGHP*DQJYHUVFKZXQGHQXQG QLFKWQXUGDV(UYHUVFKZDQGDXVXQVHUHP%OLFNIHOG 'HU*DQJIKUWH]XP0HHU(UHQGHWHGRUWZRDQGHQ)HOVHQ GLH%UDQGXQJGRQQHUWHLQHLQHP:LUUZDUUDXVJHZDOWLJHQ 6WHLQHQ 'RUWJDEHV9HUVWHFNHGLHGHU'lPRQDXINHLQHQ)DOOHU UHLFKHQVROOWH 6XNRGHUQl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

,UJHQGZRGD]ZLVFKHQKDWWHGHU6HHOHQVDXJHUVHLQH'HFNXQJ JHIXQGHQZDVXQVEHUKDXSWQLFKWJHILHO ª'HUOHLPWXQVQRFK©VDJWH6XNRYROOHU:XW 1HLQGHQQLFKKDWWHLKQJHVHKHQ/LQNVYRQXQVOLHIHU SDUDOOHO]XGHUVLFKQHEHQLKPKRFKWUPHQGHQ6WHLQZDQG(U EHIDQGVLFK]ZLVFKHQ%UDQGXQJXQG:DQGZROOWHDXINHLQHQ )DOOKLQDXVDXIV0HHU'DV:DVVHUZDULKP]XJHIlKUOLFK 6HLQODQJHU8PKDQJZHKWH(UZXUGHYRP:LQGHUIDWXQG KLQWHUVHLQHP5FNHQZLHHLQVFKZDU]HU6FKOHLHULQGLH+|KH JHKREHQ 6FKQHOONRQQWHHUQLFKWODXIHQGHQQHVODJHQHLQIDFK]XYLHOH +LQGHUQLVVHDXIGHP%RGHQ ª'HQNDXIHQZLUXQV© :LUKDWWHQOlQJVWGLH9HUIROJXQJDXIJHQRPPHQDOV6XNRGLH :RUWHULHI8QGHUZDUHVDXFKGHUVFKR 6XNRKDWWHJXWJH]LHOW1XUNQDSSMDXOWHGDVJHZHLKWH 6LOEHUJHVFKRDQ7DUUDVFRV.RSIYRUEHLXQGNODWVFKWHJHJHQ GLH)HOVZDQGOLQNVQHEHQLKP 'HU6HHOHQ9DPSLUGXFNWHVLFKJHULHWDXVGHP/DXIUK\WK PXVXQGZLUKROWHQDXI ª6WHKHQEOHLEHQ©EUOOWHLFKJHJHQGDV'RQQHUQGHU %UDQGXQJDQ 'HU6HHOHQ9DPSLUK|UWHQLFKWRGHUZROOWHQLFKWK|UHQ(U PXWHQXUZHJXQGWDWHWZDVZDVZLUEHLGHQLFKWIUP|JOLFK JHKDOWHQKlWWHQ(UlQGHUWHGLH5LFKWXQJUDGLNDO,PVSLW]HQ :LQNHOKXVFKWHHUQDFKUHFKWVZHJDXIGDV:DVVHU]X ª'HULVWYHUUFNW©VDJWH6XNR 'DVZDUHULQGHU7DW2GHUDEHUGLH3DQLNYHUDQODWHLKQ GD]XGHQQZLUKDWWHQLKQ]LHPOLFKLQGLH(QJHJHWULHEHQ %HYRUZLULKPGHQ:HJDEVFKQHLGHQNRQQWHQKSIWHHU EHUHLWVYRQ)HOVHQ]X)HOVHQ(UUXGHUWHPLWGHQ$UPHQXQG YHUVXFKWHVRVHLQ*OHLFKJHZLFKW]XKDOWHQ 'DQQUDXVFKWHHLQH:HOOHKHUDQ 0lFKWLJZXUGHVLHJHJHQGLH)HOVHQJHVFKOHXGHUW(LQ 9RUKDQJDXV*LVFKWVSULW]WHKRFKGLH:DVVHUNUDIWVFKOHXGHUWH

LKQDXIGHQ9DPSLU]XGHUVLFKYRUNRPPHQPXWHZLHXQWHU HLQHU'XVFKH 1HLQHUKDWWHNHLQH&KDQFHPHKUXQGZUGHXQVQLFKWHQW ZLVFKHQ :HJHQGHU'XQNHOKHLWVDKHQZLULKQQXUVFKDWWHQKDIW(U VWDQGLQPLWWHQGHV6SUKVZLUEHOWHPLWVHLQHQ$UPHQXQG ZDUDXIHLQPDOYHUVFKZXQGHQ$XFKLFKVDFNWHHLQDOVLFKLQ HLQH6SDOWHWUDWGLHPLW:DVVHUDXVJHIOOWZXUGH 6XNRKXVFKWHDQPLUYRUEHLNOHWWHUWHDXIHLQHQEHVRQGHUV KRFKDXVGHP:DVVHUUDJHQGHQ)HOVHQXQGVFKDXWHVLFKXP ª'DVWHFNW7DUUDVFR©6XNRGHXWHWHYRQPLUDXVJHVHKHQ QDFKUHFKWV,FKEUDXFKWHGHQ)HOVHQQLFKW]XHUNOHWWHUQGHQQ LFKVDKDXFKYRQPHLQHP6WDQGRUWDXVZRVLFKGHU9DPSLU DXIKLHOW(UZDUGXUFKGLHDQUROOHQGH:HOOHYRQVHLQHUIHVWHQ 8QWHUODJHJHVSOWZRUGHQXQGODJXQJOFNOLFKHLQJHNOHPPW ]ZLVFKHQ]ZHL)HOVHQ 'LH$UPHUDJWHQDXVGHP:DVVHU%HLGH+lQGHKLHOWHUUHFKWV XQGOLQNVLQGDV*HVWHLQJHNUDOOWXQGVRYHUVXFKWHHUVLFKDXV GHP:DVVHU]X]LHKHQEHYRUGLHQlFKVWH:HOOHDQUROOWH 9DPSLUHYHUWUDJHQIOLHHQGHV:DVVHUQLFKW:DUHVEHLLKP DXFKVR" 'LHQlFKVWH:HOOH 6LHGRQQHUWHJHJHQGLHZHLWLQV:DVVHUJHVFKREHQHQ)HOVHQ ZXUGHJHEURFKHQXQGIDQGWURW]GHPQRFKLKUHQ:HJ'DV PHLVWH*HVWHLQZXUGHEHUVSOW+HOOH6FKDXPVWUHLIHQZLUEHO WHQXQGVFKlXPWHQKHUEHL6LHHUIDWHQDOOHV $XFKGHQ6HHOHQVDXJHU ,QVHLQHU)HOVVSDOWHGLHYRQGHUKHUDQUROOHQGHQ:HOOHEHU VFKZHPPWZXUGHZDUHUSO|W]OLFKQLFKWPHKU]XVHKHQ $XFKLFKNDPQLFKWVFKQHOOJHQXJZHJXQGZXUGHYRQGHP :DVVHUHUIDWREZRKOLFKVFKRQGRUWKLQVSUDQJZRGHU 9DPSLUODJ'LHDXVODXIHQGH:HOOHKDWWHQRFK.UDIWREZRKO VLHPLUQXUELV]XP.QLHUHLFKWH)DVWKlWWHVLHPLFKXPJH ULVVHQ6HNXQGHQODQJZDUPLUGLH6LFKWGXUFKGHQ *LVFKWYRUKDQJJHQRPPHQ

$OVLFKZLHGHUGHQ!'XUFKEOLFNKDWWHVDKLFKDXFKGHQ 6HHOHQ9DPSLU(UNOHPPWHQRFKLQGHU6SDOWH]ZLVFKHQGHQ )HOVHQKDWWHVHLQHQ.RSIHUKREHQVRGDLFKLQGDV*HVLFKW VFKDXHQNRQQWH (VZDUYHU]HUUW 7DUUDVFRPXWH7RGHVlQJVWHGXUFKVWHKHQGHQQGDVIOLHHQGH :DVVHUZDUGDEHLGHQ6HHOHQ9DPSLU]X]HUVW|UHQ 'LH+DDUHVFKZHPPWHHVEHUHLWVZHJVRGDHLQHJUDX VFKLPPHUQGH.RSIKDXW]XP9RUVFKHLQNDP (UZUGHQRFKQLFKWVWHUEHQ9LHOOHLFKWGDXHUWHHVHLQH 6WXQGHELVGDVIOLHHQGH:DVVHULKQ]HUVW|UWH ,FKJLQJLQGLH.QLH8QVHUH%OLFNHWUDIHQVLFK(UYHU]HUUWH VHLQ*HVLFKWZREHLLFKHUNDQQWHGDGLH+DXWDXIVHLQHU6WLUQ HLQHQZHLOLFKHQ6FKLPPHUDQJHQRPPHQKDWWHXQGVLFK EHVWLPPWEDOGO|VHQZUGH ª'DNRPPWGLHQlFKVWH:HOOH©ULHI6XNR 'LHZROOWHLFKQLFKWPHKUDEZDUWHQVRQGHUQGHP6HHOHQ VDXJHUGLH4XDOHQHUVSDUHQ(UKDWWHXQVVFKOLHOLFKDXIGLH 6SXUQDFK5XPlQLHQJHEUDFKW ,FKQDKPPHLQ.UHX] $OVHUVDKGDVLFKPHLQH+DQGPLWGHP.UHX]VHLQHP *HVLFKWQlKHUWHGDGUHKWHHUIDVWGXUFKXQGEHJDQQJHOOHQG]X VFKUHLHQ ª1HLLLQQQQ©)XUFKWEDUZDUGLHVHU5XIXQGHUYHUVWXPPWH HUVWDOVLFKGDV.UHX]JHJHQVHLQ*HVLFKWSUHWH 'DHUIDWHXQVGLH:HOOH ,FKPXWHPLFKIHVWNODPPHUQXPQLFKWXPJHULVVHQ]X ZHUGHQDEHULFKIDQG+DOW 'LH:HOOHOLHIDE6XNRVWDQGSO|W]OLFKQHEHQPLUXQGVWDUUWH ]XVDPPHQPLWPLUDXIGDVZDVYRQ7DUUDVFR]XUFNJHEOLHEHQ ZDU 1LFKWYLHO )UDJPHQWHHLQHV6FKlGHOVZLGHUOLFKDQ]XVHKHQ.QRFKHQ XQGHLQHJDOOHUWDUWLJH0DVVHGD]ZLVFKHQ ª'DVZDU VZRKO©PHLQWH6XNR

1HLQHVZDUQRFKQLFKWDOOHVGHQQHLQHQ$XJHQEOLFNVSlWHU O|VWHQVLFKGLH6FKHPHQDXVGHPYHUJHKHQGHQ.|USHUGHV 6HHOHQ9DPSLUV+HOOHIODWWHUQGH6WUHLIHQGLHLKUHQ:HJLQ 5LFKWXQJ+LPPHOVXFKWHQXQGIUXQVQXUNXU]]XVHKHQ ZDUHQEHYRUVLHVLFKDXIO|VWHQ -HW]WZDUHQDXFKGLH6HHOHQVHLQHU2SIHUHUO|VWXQGNRQQWHQ LKUHHZLJH5XKHILQGHQ ,FKVWDQGDXI 1DELVDXIGLH+DXWZDULFKXQGPHUNWHHUVWMHW]WZLH VFKQHLGHQGGHU:LQGZDU 6XNRJULQVWHª%HYRUZLUREHQVLQGELVWGXZLHGHUJH WURFNQHW$OWHU/RVNRPP© 'HU9RUVFKODJZDUJXW+LHUKDWWHQZLUQLFKWVPHKUYHUORUHQ &RUQZDOONRQQWHQZLUYRUHUVWYHUJHVVHQGHQ)DOODOOHUGLQJV QLFKWGHQQ5XPlQLHQGDV/DQGGHU9DPSLUHZDUWHWHDXIXQV 8QGDXFK0DUHNGHU3IlKOHU