Die Horror-Reiter

',(+255255(,7(5 1DVVH6FKQHHIORFNHQILHOHQYRPEOHLJUDXHQ+LPPHOWXSIWHQ JHJHQGLHEUHLWH)URQWVFKHLEHGHV%HQWOH\...

Author: Dark Jason

16 downloads 463 Views 636KB 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

',(+255255(,7(5

1DVVH6FKQHHIORFNHQILHOHQYRPEOHLJUDXHQ+LPPHOWXSIWHQ JHJHQGLHEUHLWH)URQWVFKHLEHGHV%HQWOH\XQGVFKPRO]HQ VRIRUW(VZDUHLQZLGHUOLFKHVQDNDOWHV:HWWHU6FKQHHUHJHQ .lOWH:LQGXQGLFKZDUXQWHUZHJV 0HLQ=LHOZDUHLQNOHLQHV3IDUUKDXVQRUGZHVWOLFKYRQ /RQGRQLQHLQHPZLQ]LJHQ2UWGHU7RUUHQVKLH +HL]XQJXQG*HEOlVHOLHIHQ'LHVFKZHUHQ5HLIHQZKOWHQ GHQ6FKODPPGHVVFKPDOHQ:HJVDXI$XVGHP5DGLRK|UWH LFKOHLVH0XVLN (LJHQWOLFKZROOWHLFKJDUQLFKWPHKUXPGLHVH=HLWKLQDXV IDKUHQDEHU)DWKHU+DFNPDQQV6WLPPHKDWWHVHKUGULQJHQG JHNOXQJHQ8QGVRIXKULFKDPVSlWHQ1DFKPLWWDJPHLQHP =LHOHQWJHJHQ 'LH6FKQHHZDQGZXUGHGLFKWHU:LUEHOQGH)ORFNHQWDQ]WHQ LP/LFKWGHUEHLGHQ6FKHLQZHUIHU1RFKZDUGHU%RGHQQLFKW JHIURUHQVRGDGHU6FKQHHJOHLFKZLHGHUZHJWDXWHGRFKGDV NRQQWHVLFKLQGHQQlFKVWHQ7DJHQUDVFKlQGHUQGDQQKDWWHQ ZLUGDV&KDRVDXIGHQ6WUDHQ 'HU:HJIKUWHDQHLQHUKRKHQ0DXHUYRUEHL(IHXJHZl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lVVHDE,FKVFKDXWHGXUFKGLH7RUJLWWHUXQGVDK/LFKW VFKLPPHUQ/LQNVYRQGHU.LUFKH 'HU3IDUUHUZDUDOVR]X+DXVH

,FKGUFNWHGLH.OLQNHXQGIDQGGDV7RUYHUVFKORVVHQ'DIU HQWGHFNWHLFKLQGHU:DQGHLQHQ.OLQJHONQRSI ,FKVFKHOOWH (LQHQHOHNWULVFKHQ7U|IIQHURGHUHLQH*HJHQVSUHFKDQODJH JDEHVQLFKW'HU3IDUUHUNDPVHOEVWXP]X|IIQHQ(UKDWWH VLFKHLQHQZHLWHQ0DQWHOEHUGLH6FKXOWHUQJHKlQJW'LH .DSX]HOLHQXUGDV*HVLFKWIUHL 'HU3IDUUHUVFKORDXI ª0HLQ1DPHLVW-RKQ6LQFODLU©VWHOOWHLFKPLFKYRUª6LH KDEHQPLFKDQJHUXIHQ)DWKHU©:lKUHQGGHV6SUHFKHQV VFKDXWHLFKDXILKQKLQDE(UZDU]LHPOLFKNOHLQ ª$KMD,FKIUHXHPLFKGD6LHGDVLQG.RPPHQ6LH GRFKKHUHLQ5DVFK©(U]RJPLFKDP$UPª'LHDQGHUHQ .ODWVFKPlXOHUEUDXFKHQQLFKWXQEHGLQJW]XZLVVHQGDLFK %HVXFKKDEH© ,FKWUDWGXUFKGDV7RUª$EHULFKKDEHEHUHLWVLP'RUIQDFK GHP:HJJHIUDJW© ª,VWDXFKQLFKWPHKU]XlQGHUQ© :LUJLQJHQ]XP3IDUUKDXV'HU:HJZDUPLW.LHVEHVWUHXW (VNQLUVFKWHXQWHUXQVHUHQ)HQ'HUZHLH)ORFNHQZLUEHO KOOWHXQVHLQ'HU6FKQHHVFKPRO]]XNOHLQHQ7URSIHQDXI GHPZDVVHUDEZHLVHQGHQ0DQWHO ,FKZDUZLUNOLFKJHVSDQQWZDVGHU3IDUUHUYRQPLUZROOWH $P7HOHIRQKDWWHHUQLFKWV.RQNUHWHVJHVDJWGRFKPHLQ *HVSUVDJWHPLUGDLFKDP%HJLQQHLQHVKHLHQ)DOOVVWDQG 9RUGHU.LUFKHERJHQZLUDE'DV3IDUUKDXVZLUNWHGLUHNW ZLQ]LJJHJHQEHUGHPULHVLJHQURPDQLVFKHQ%DX ª:LHDOWLVWGLH.LUFKH"©IUDJWHLFK ª)DVWWDXVHQG-DKUH©ODXWHWHGLHVWRO]H$QWZRUW ,FKHPSIDQG(KUIXUFKWYRUGHP%DXZHUN 'HU3IDUUHUKDWWHGLH7UVHLQHV+DXVHVQXUDQJHOHKQW'HU :LQGGUFNWHVLHDXIXQGIHJWH)ORFNHQKLQHLQ 6FKQHOOEHWUDWHQZLUGDV+DXV 'LH=LPPHUZDUHQNOHLQDEHUJHPWOLFK'DDOOH7UHQ RIIHQVWDQGHQNRQQWHLFKYRQGHUVFKPDOHQ'LHOHDXVLQGLH HLQ]HOQHQ5lXPHEOLFNHQ

ª:ROOHQ6LHQLFKWDEOHJHQ"©IUDJWHGHU3IDUUHU ,FK]RJGHQ0DQWHODXV )DWKHU+DFNPDQQJLQJYRULQVHLQ$UEHLWV]LPPHU(VZDU HLQHNOHLQH%LEOLRWKHN$QGHQ:lQGHQVWDQGHQ5HJDOH6LH UHLFKWHQELV]XU'HFNHXQGZDUHQYROOJHVWRSIWPLW%FKHUQ :HQQGHU3IDUUHUKLQWHUGHP6FKUHLEWLVFKVDNRQQWHHUGXUFK GDV)HQVWHUDXIGLH.LUFKHVFKDXHQ=ZHL6WHKODPSHQYHUEUHL WHWHQHLQJHPWOLFKHV/LFKW,QHLQHU(FNHVWDQGGHU .RKOHRIHQ'XUFKHLQ6LFKWIHQVWHUVDKLFKGHQ.RNVJOKHQ (UVWMHW]WNRQQWHLFKGHQ3IDUUHUJHQDXHUEHWUDFKWHQ(UZDU VFKRQDOW,FKVFKlW]WHLKQDXIPLQGHVWHQVVLHE]LJ-DKUHQ 6HLQH+DXW]HLJWH]DKOUHLFKH)DOWHQDEHUGLHEODXHQ$XJHQ EOLFNWHQNODUXQGZDFK(UWUXJHLQHQGXQNOHQ$Q]XJXQG GDUXQWHUHLQHQVFKZDU]HQ3XOORYHU $XVHLQHP6FKUDQNKROWH)DWKHU+DFNPDQQHLQH:HLQ IODVFKH6LHKDWWHNHLQ(WLNHWWXQGZDU]XU+lOIWHPLWHLQHU GXQNOHQ)OVVLJNHLWJHIOOW ª'DVLVW6HOEVWJHEUDQQWHU©YHUNQGHWH)DWKHU+DFNPDQQ VWRO]ª0|FKWHQ6LHHLQ*OlVFKHQ"© ,FKZROOWHQLFKWXQK|IOLFKVHLQª(LQVNDQQLFKYHUDQW ZRUWHQ© 'HU3IDUUHUOlFKHOWHª,FKZHL6LHPVVHQQRFKIDKUHQ© 'DV*HWUlQNVFKPHFNWHJXW(VZDUHLQ$XIJHVHW]WHU%LOO &RQROO\PHLQDOWHU)UHXQGKDWWHGDIUYRU-DKUHQPDOHLQHQ 6SH]LDODXVGUXFNJHSUlJW6FKUHEHUJDUWHQZKLVN\ :LUKDWWHQDQHLQHPUXQGHQ7LVFK3ODW]JHQRPPHQXQG QDFKGHPGLH*OlVHUOHHUZDUHQNDPGHU3IDUUHU]XU6DFKH ª,FKGDUIYRUDXVVHW]HQ0U6LQFODLUGD6LHDQ'lPRQHQ JODXEHQ"© ª-D© ª,FKDOV*HLVWOLFKHUZHLQDWUOLFKDXFKGDHVGDV%|VH JLEW(VLVWHLQIDFKGDXQGDXFKQLFKWZHJ]XGLVNXWLHUHQ,FK KDEHPLUQXUQLHYRUVWHOOHQN|QQHQZLHHVVLFKGDUVWHOOWELV LFKYRUGUHL7DJHQGDPLWNRQIURQWLHUWZRUGHQELQ-HPDQG EUDFKWHPLUHLQHQDOWHQ)UHXQG3DWHU(PLOLR=DJDOOR:LU KDEHQ]XVDPPHQVWXGLHUWXQVKLQXQGZLHGHUJHVFKULHEHQ

GRFKGDQQLVWGHU3DWHULQHLQ.ORVWHUJHJDQJHQXQGKDWGRUW JHDUEHLWHW'DV.ORVWHUOLHJWLQGHQ3\UHQlHQDXIHLQHP %HUJJLSIHO]LHPOLFKHLQVDPXQGYRQGHU:HOWY|OOLJDEJH WUHQQW(EHQVROHEHQGLH0|QFKH6RJDUEHJUDEHQZHUGHQVLH GRUWREHQ0DQZHLQLFKWZDVKLQWHUGHQ0DXHUQJHVFKLHKW ,FKP|FKWHGDUEHUDXFKNHLQHQ.RPPHQWDUDEJHEHQ1XQ LVWHVPHLQHP)UHXQG(PLOLR=DJDOORJHOXQJHQDXVGLHVHP .ORVWHU]XIOLHKHQ$EHUHULVWHLQDQGHUHU0HQVFK$OVHUKLHU DQNDPZDUHUIHUWLJ© ,FKUXQ]HOWHGLH6WLUQª:LHVR"© 'HU3IDUUHUVWDQGDXIª.RPPHQ6LHPLW0U6LQFODLULFK ZLOO6LH]XLKPIKUHQ©'HU3IDUUHUJLQJ]XU7U.XU]GDYRU ZDQGWHHUQRFKHLQPDOGHQ.RSIª$EHUHUVFKUHFNHQ6LHQLFKW (UHUVLHKWZLUNOLFKQLFKWJXWDXV© ª,FKZHUGHPLFK]XVDPPHQUHLHQ© hEHUHLQH+RO]WUHSSHVWLHJHQZLULQGLHHUVWH(WDJH'LH 6WXIHQNQDUUWHQ 2EHQPXWHLFKGHQ.RSIHLQ]LHKHQ 'HU3IDUUHUOlFKHOWHª-DMDZHQQPDQJURLVWKDWGDVDXFK PDQFKPDOVHLQH1DFKWHLOH© ª6LHVDJHQHV© 9RUHLQHUVFKPDOHQ7UEOLHEHQZLUVWHKHQ6LHZDUJUDX JUQODFNLHUW%HYRUGHU3IDUUHUGLH7U|IIQHWHEHPHUNWHLFK GHQHLJHQWPOLFKHQ*HUXFK,FKNRQQWHLKQQLFKWJHQDXLGHQ WLIL]LHUHQJODXEWHDEHUVRHWZDVZLH6FKZHIHORGHU0RGHU]X VFKPHFNHQ 0HLQH1DFNHQKDDUHVWHOOWHQVLFKDXI8QZLOONUOLFKWDVWHWH LFKQDFKPHLQHUPLW6LOEHUNXJHOQJHODGHQHQ%HUHWWD 6LHVWHFNWHZLHLPPHULP6FKXOWHUKROVWHU 3IDUUHU+DFNPDQQKDWWHPHLQHQ*ULIIEHPHUNW(UOlFKHOWH ª6LHEUDXFKHQNHLQH$QJVW]XKDEHQ0U6LQFODLU3DWHU(PLOLR WXW,KQHQQLFKWVQLFKWVPHKU©IJWHHUEHGHXWXQJVYROOKLQ]X =ZHLPDOGUHKWHHUGHQ6FKOVVHOKHUXP'DQQVWLHHUGLH 7UDXI,FKOLHLKQYRUJHKHQ5HFKWVDQGHU:DQGEHIDQG VLFKGHU/LFKWVFKDOWHU'HU3IDUUHUGUHKWHLKQKHUXP 'LH/DPSHDQGHU'HFNHJDEHLQHQPLOFKLJWUEHQ6FKHLQ

DE(UOHXFKWHWHDXFKGDVDOWH0HWDOOEHWWDXVDXIGHP(PLOLR =DJDOORODJ ª7UHWHQ6LHQlKHU©IOVWHUWHGHU3IDUUHUXQGZLQNWHPLU]X $XI=HKHQVSLW]HQJLQJLFKLQV=LPPHU(UVWMHW]WVDKLFK GDGHU0DQQDXIGHP%HWWJHIHVVHOWZDU$UPHXQG%HLQH ZDUHQPLW6WULFNHQDQGLHMHZHLOLJHQ3IRVWHQJHEXQGHQ ª(VPXWHVHLQ©IOVWHUWHGHU3IDUUHUDOVHUPHLQHQYHU ZXQGHUWHQ%OLFNEHPHUNWH 'DQQVWDQGLFKQHEHQGHP%HWW)DWKHU+DFNPDQQZDU HWZDV]XU6HLWHJHWUHWHQVRGDLFKIUHLHV6LFKWIHOGDXI3DWHU (PLOLRKDWWH ,PQlFKVWHQ$XJHQEOLFNHUVFKUDNLFKELVLQV0DUN 'HU0DQQVDKIUFKWHUOLFKDXV(UPRFKWHXQJHIlKUVRDOWVHLQ ZLH)DWKHU+DFNPDQQKDWWHGDVJOHLFKHVFKORKZHLH+DDU ZLHHUGRFKGDPLWHQGHWHQGLH*HPHLQVDPNHLWHQ 'DV*HVLFKWZDUHVGDVPLUHLQHQ6FKRFNYHUVHW]WH 'LH+DXWDXIGHUUHFKWHQ+lOIWHVDKDXVDOVZlUHVLHPLW 6lXUHEHUJRVVHQZRUGHQ6LHEHVWDQGQXUDXVHLQHU]XVDP PHQJHGUFNWHQYHUVFKUXPSHOWHQ0DVVHGLHVLFKYRP.LQQ ELVKRFK]XP6WLUQDQVDW]]RJ$XFKGDV$XJHZDULQ 0LWOHLGHQVFKDIWJH]RJHQZRUGHQ(VKDWWHNHLQH3XSLOOHPHKU VRQGHUQZLUNWHZLHHLQHJOlVHUQHEHUJURH0XUPHO'LH +lOIWHGHU1DVHZDUEHUKDXSWQLFKWPHKUYRUKDQGHQXQG ZRQRUPDOHUZHLVHEHLHLQHP0HQVFKHQGLH/LSSHQVLW]HQ EHIDQGVLFKHLQ/RFK ,FKULPLFK]XVDPPHQXQGEHXJWHPLFKZHLWHUEHULKQ 'LHOLQNH*HVLFKWVKlOIWHVDKY|OOLJQRUPDODXV=ZDUKDWWHGDV $OWHUGRUWDXFKVHLQH6SXUHQKLQWHUODVVHQDEHUPLWVLHE]LJ -DKUHQ]HLJWHGLH+DXWQXQQLFKWPHKUGLH)ULVFKHGHU-XJHQG 'HU0DQQZDUQLFKWWRW(UDWPHWHVFKZHUXQGVHXI]HQG 6HLQJHVXQGHV$XJHPXWHXQVVHKHQGRFKHV]HLJWHNHLQH 5HDNWLRQ ,FKVWHOOWHPLFKZLHGHUDXIUHFKWKLQ6HNXQGHQODQJVFKDXWH LFKGHQ3IDUUHUDQ1LHPDQGYRQXQVVSUDFK

ª:DVLVWPLWLKPJHVFKHKHQ"©IUDJWHLFKXQGXQWHUEUDFKGDV 6FKZHLJHQ 0LWHLQHUUHVLJQLHUHQGDQPXWHQGHQ*HVWHVWULFKVLFKGHU 3IDUUHUEHUVHLQ*HVLFKWª'DVLVWHLQHODQJH*HVFKLFKWH© PXUPHOWHHUª,FKNHQQHVLHDXFKQLFKWJHQDX0LUVLQGQXU %UXFKVWFNHGDYRQEHNDQQW(EHQGDVZDVLFKYRQLKP JHK|UWKDEH© ª8QGGDVZDUQLFKWVHKUHUIUHXOLFK"©YHUPXWHLFK ª1HLQ0U6LQFODLU*DQ]XQGJDUQLFKW© ª:DVLVWPLWVHLQHP*HVLFKWSDVVLHUW"©ZROOWHLFKZLVVHQ ª(VLVWMDQLFKWQXUGDV*HVLFKW©HUZLGHUWHGHU3IDUUHU ªVRQGHUQGLHJHVDPWH.|USHUKlOIWH,FKPHLQHGDHVGLH 5DFKHGHU'lPRQHQLVW(UKDWGLH0lFKWHGHU)LQVWHUQLV KHUDXVJHIRUGHUWXQGPXGDIUQXQEHQ© ª:LVVHQ6LH1lKHUHV"©IUDJWHLFK 'HU3IDUUHUZXUGHHLQHU$QWZRUWHQWKREHQGD3DWHU=DJDOOR DQILQJ]XVSUHFKHQ9LHOPHKUZDUHVQXUHLQ/DOOHQGHQQ :RUWHNRQQWHQZLUNDXPYHUVWHKHQ:LUPXWHQXQVVFKRQ GLHHLQ]HOQHQ6lW]H]XVDPPHQUHLPHQ :LUWUDWHQQlKHUDQGDV%HWW :LHWRWODJGHU3DWHUDXIGHU]HUVFKOLVVHQHQ0DWUDW]H'DV OLQNH$XJHOHEWHGLH3XSLOOHVFKLHQ]XWDQ]HQZlKUHQGGDV UHFKWH$XJHVWDUUJHJHQGLH'HFNHVWLHUWH ª6LHVLHNRPPHQ©NHXFKWHHUª6LHVLHVLQGVFKRQGD *HIDKU'DV.ORVWHUGHP%|VHQYHUVFKULHEHQ7RUGDV 7RU© (UPXUPHOWHQRFKHLQLJH:RUWHGLHLFKQLFKWULFKWLJYHU VWHKHQNRQQWH'DQQDEHUElXPWHVLFKVHLQ.|USHUDXIXQG GHU3DWHUEHJDQQ]XVFKUHLHQ ª$HED©NHXFKWHHUª$HED$HED© (UEHWRQWH MHGHQHLQ]HOQHQ%XFKVWDEHQ ,PPHUZLHGHUULHIHUGDV:RUW'DEHLEUDFKLKPGHU 6FKZHLDXV:LHHLQH]ZHLWH+DXWODJHUDXIVHLQHU6WLUQ GRFKGHU3DWHUK|UWHQLFKWDXI ª$HED$HED© (UNUHLVFKWHXQGWREWH'HU3ULHVWHUVFKDXWHPLFKDQª6R

VFKOLPPZDUHVQRFKQLH©IOVWHUWHHU ,FKZDQGWHPHLQHQ%OLFNQLFKWYRQGHP%HWW(PLOLR=DJDOOR ZDQGVLFKLQGHQ)HVVHOQ(UElXPWHVLFKDXIERJGHQ5FNHQ GXUFKVFKULHXQGJHLIHUWH 8QGLPPHUZLHGHUULHIHUGLHVHYLHU%XFKVWDEHQELVGHU 6SHLFKHOYRUVHLQHQ/LSSHQVSUKWHXQG]XNOHLQHQ%OlVFKHQ ]HUSODW]WH 3O|W]OLFKVDQNHU]XVDPPHQ9RQHLQHP$XJHQEOLFN]XP DQGHUHQJHVFKDKGLHV3DWHU=DJDOORILQJDQ]XZHLQHQ'DV 6FKOXFK]HQVFKWWHOWHVHLQHQ.|USHUUHJHOUHFKWGXUFK )UPLFKEHVWDQGNHLQ=ZHLIHO'LHVHU0DQQZDUEHVHVVHQ 1LFKW]XPHUVWHQPDOLQPHLQHP/HEHQHUOHEWHLFKHLQHQ %HVHVVHQHQ'LH)UDJHVWHOOWHVLFKQXUREGHU3DWHUYRQHLQHP 'lPRQEHVHVVHQZDURGHURELKQGHU6DWDQEHKHUUVFKWH (VJDE)lOOHGDVXFKWHQVLFK'lPRQHQ:LUWVN|USHUDXV 0HLVWHQVJHK|UWHQGLHVH'lPRQHQ]XUXQWHUHQ.DWHJRULH6LH KDWWHQQLFKWGHQ(LQIOXXPGDV%HZXWVHLQGHV0HQVFKHQ SHUPDQHQW]XYHUlQGHUQVRQGHUQQXUKLQXQGZLHGHU 'HVKDOENDPHVDXFK]XGHQXQUHJHOPlLJHQ$QIlOOHQ'DQQ GUDQJGHU'lPRQZLHGHUDQGLH2EHUIOlFKHXQGGHU%H VHVVHQHPXWHVLFK/XIWYHUVFKDIIHQ :LHEHL3DWHU=DJDOOR )DWKHU+DFNPDQQNQLHWHQHEHQGHP%HWWQLHGHUXQGVSUDFK *HEHWH'DEHLKROWHHUHLQHQ5RVHQNUDQ]KHUYRUXQGOLHGLH HLQ]HOQHQ3HUOHQGXUFKGLH)LQJHUJOHLWHQ 'RFK3DWHU(PLOLRJHKRUFKWHLKPQLFKW(UWREWHQXUQRFK VFKOLPPHU6FKULHXQGMDXOWH (UVWLH'URKXQJHQDXVGLHVFKOLPPZDUHQXQGGHU:HOW GHQ8QWHUJDQJYHUVSUDFKHQ=ZLVFKHQGXUFKILHOLPPHUZLH GHUGDVHLQH:RUWGDVLFKQLFKWYHUVWDQG $(%$ :DVEHGHXWHWHGDV",FK]HUEUDFKPLUGHQ.RSIZlKUHQGLFK DXIGHQ3DWHUKLQDEVFKDXWH $OVLFKVDKGD)DWKHU+DFNPDQQV*HEHWHNHLQHQ(UIROJ KDWWH]RJLFKPHLQ.UHX]EHUGHQ.RSIWUDWDQGDV%HWWXQG OLHGDV.UHX]YRU3DWHU(PLOLRV$XJHQSHQGHOQ

6HLWNXU]HPZXWHLFKZDVGLHUlWVHOKDIWHQ=HLFKHQDQGHQ (QGHQGHV.UHX]HV]XEHGHXWHQKDWWHQ(VZDUHQGLH$Q IDQJVEXFKVWDEHQGHUYLHU(U]HQJHO 0LFKDHO*DEULHO5DSKDHOXQG8ULHO 6LHKDWWHQGLHVHV.UHX]JHZHLKW'HVKDOEZLUNWHHVDXI 'l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hEHUUDVFKWEOLFNWHPLFK)DWKHU+DFNPDQQDQ(UVWDQGDXI VFKWWHOWHXQJOlXELJGHQ.RSIXQGIUDJWHPLWHUVWDXQWHU 6WLPPHª:LHKDEHQ6LHGDVJHPDFKW"© ,FKOlFKHOWHª0HLQ*HKHLPQLVXQGLFKP|FKWHHVDXFKIU PLFKEHKDOWHQ1XUVRYLHOVHLJHVDJW'LHVHV.UHX]LVWZRKO GDV:HUWYROOVWHZDVLFKEHVLW]HXQGLFKZUGHHVIUNHLQ *HOGGHU:HOWKHUJHEHQ© ª,FKYHUVWHKH6LH©HUZLGHUWHGHU3IDUUHU(UZDUIHLQHQ%OLFN DXIGHQMHW]WPHUNOLFKUXKLJHUJHZRUGHQHQ3DWHU(PLOLRª:DV ZDVVROOHQZLUPLWLKPPDFKHQ"© 'DUDXIZXWHLFKNHLQH$QWZRUW$EHULFKKDWWHQRFKHLQLJH )UDJHQDQGHQ3IDUUHUGLHLFKMHGRFKQLFKWLQGHP=LPPHU VWHOOHQZROOWHª/DVVHQ6LHXQVQDFKXQWHQJHKHQ©EDWLFK ª:LH6LHZQVFKHQ© 'HU3IDUUHUVFKORGLH7UDEXQGZLUEHJDEHQXQVZLHGHU LQVHLQ$UEHLWV]LPPHU0LWWOHUZHLOHZDUHVGUDXHQGXQNHO JHZRUGHQ(VKDWWHQLFKWDXIJHK|UW]XVFKQHLHQ1DFKZLHYRU NODWVFKWHQGLH)ORFNHQJHJHQGLH6FKHLEH6LHVFKPRO]HQXQG

YHUHLQLJWHQVLFK]X5LQQVDOHQGLHDQGHP*ODVQDFKXQWHQ OLHIHQ ª0|FKWHQ6LHQRFKHLQHQ6FKOXFN"©'HU3IDUUHUERWPLUYRQ VHLQHP$XIJHVHW]WHQDQ ª$EHUQXUHLQKDOEHV*ODV© )DWKHU+DFNPDQQVFKHQNWHHLQXQGZLUWUDQNHQVFKZHL JHQG (LQH)UDJHEUDQQWHPLUVFKRQODQJHDXIGHU=XQJHXQGLFK VWHOOWHVLHVFKOLHOLFKª:DVEHGHXWHW$HED"© 'HU3IDUUHUKREGLH6FKXOWHUQª7XWPLUOHLG0U6LQFODLULFK ZHLHVQLFKW© ª$EHUGDV:RUWKDWHUVFKRQ|IWHUJHQDQQW"© ª-D© ª+DEHQ6LHVLFKQLH*HGDQNHQGDUEHUJHPDFKWZDVHV KHLHQN|QQWH"©KDNWHLFKQDFK 'HU3IDUUHUQLFNWHª6FKRQQXUKDEHLFKNHLQH(UNOlUXQJ JHIXQGHQ©(UGHXWHWHPLWGHP$UPULQJVXPª6HKHQ6LHVLFK GLHVH%FKHUKLHUDQ$OOHKDEHLFKGXUFKJHEOlWWHUWGRFKLQ NHLQHPKDEHLFKGHQ1DPHQJHIXQGHQ© 0HLQH%OLFNHIORJHQEHUGLH%XFKUFNHQ6RZHLWLFKVLH OHVHQNRQQWHKDQGHOWHHVVLFKXP:HUNHGHUFKULVWOLFKHQ /LWHUDWXU'RFK3DWHU(PLOLRKDWWHGDV:RUWUHJHOUHFKWDXVJH VSLHQVRGDLFK]ZDQJVOlXILJDQQHKPHQPXWHGDHVVLFK GDEHLXPHLQ6\QRQ\PGHV%|VHQKDQGHOWH ,FKVSUDFKGHQ3IDUUHUGDUDXIDQª(LQ%XFKEHU'lPRQR ORJLHEHVLW]HQ6LHQLFKW]XIlOOLJ"© ª1HLQ© ª'DVLVWVFKDGH© ª*ODXEHQ6LHGD6LHGRUWHLQH(UNOlUXQJIUGLHVHV:RUW $HEDILQGHQ"© ª,FKQHKPHHV]XPLQGHVWDQ© 'HU3IDUUHUVFKWWHOWHGHQ.RSIª%FKHUEHU'lPRQRORJLH VLQG7HXIHOVZHUNXQGLFKP|FKWHVLHLQPHLQHU%LEOLRWKHN QLFKWKDEHQ6LHPVVHQGDVYHUVWHKHQ,FKZHLQLFKWZDVGLH 0LWJOLHGHUPHLQHU*HPHLQGHVDJHQZHQQVLHHLQVROFKHV %XFKEHLPLUVHKHQ©

,FKOlFKHOWHª6LHEUDXFKHQVLFKQLFKW]XHQWVFKXOGLJHQ+HUU 3IDUUHUHVZDUQXUHLQH)UDJH© ª1DWUOLFK© 0HLQH1HXJLHUGHZDUQRFKOlQJVWQLFKWJHEURFKHQ,FK ZROOWHPHKUEHU(PLOLR=DJDOORZLVVHQXQGHUNXQGLJWHPLFK EHL)DWKHU+DFNPDQQLQZHOFKHP.ORVWHUHUJHOHEWKDWWH ª,QHLQHPVSDQLVFKHQ© ª*HQDXHU:ROLHJWGDV.ORVWHU"© ª,UJHQGZRLQGHQ3\UHQlHQ© ª-DGDVVDJWHQ6LHEHUHLWV:LVVHQ6LHGHQ1DPHQ"©KDNWH LFKQDFKª'HQ2UWPHLQHLFK"© 'HU3IDUUHUZDUWHWHPLWGHU$QWZRUW(UUXQ]HOWHPHKUPDOV GLHKRKH6WLUQXQGPHLQWHGDQQª'LH3\UHQlHQVLQGJUR XQGGDV.ORVWHULVWQLFKWVHKUEHNDQQW1LFKWVRZLHGLHVHV 7RXULVWHQNORVWHU0RQWVHUUDW(VOLHJWDXFKPHKUQDFK:HVWHQ KLQ© ,FKGUlQJWHQDFKªhEHUOHJHQ6LHJHQDX)DWKHU'HQNHQ6LH QDFK,FKELWWH6LH© (UZDQGVLFKPXUPHOWHPDQFKPDOHLQSDDU:RUWHXQG VFKWWHOWHGDQQZLHGHUGHQ.RSIª,FKNRPPHHLQIDFKQLFKW GDUDXI(VWXWPLUOHLG:LUNOLFK© ,FKZHFKVHOWHGDV7KHPDª:HUKDW3DWHU(PLOLRKHUJH EUDFKW"© ª(LQ)UHPGHU© ª9RQGHP6LHQLFKWZLVVHQZRHUZRKQW"© ª1HLQ(UVSUDFKDXFKQXUVHKUVFKOHFKWXQVHUH6SUDFKH'HU 3DWHUXQGHUUHGHWHQVSDQLVFK'HU0DQQKLHVRJODXEHLFK 2UWHJD-DMHW]WIlOOWHVPLUZLHGHUHLQ6RJDUGHU9RUQDPHLVW PLUEHNDQQW-XDQ-XDQ2UWHJD© ,FKDWPHWHDXIª:HQLJVWHQVHWZDV©VDJWHLFKª8QGDQGHQ 1DPHQGHV.ORVWHUN|QQHQ6LHVLFKQLFKWHULQQHUQ"© 'HU3IDUUHUVWW]WHGDV.LQQLQEHLGH+lQGHª:DVJODXEHQ 6LHZLHRIWLFKPLUEHUGLHVHQ1DPHQVFKRQGHQ.RSI]HU EURFKHQKDEH© ,FKOLHLKQLQ5XKHJULIIQDFKGHQ=LJDUHWWHQXQG]QGHWH PLUHLQ6WlEFKHQDQ(VZDUVWLOOLP=LPPHU+LQXQGZLHGHU

NQDFNWHLP2IHQHLQ6WFN+RO]'DQQVWREHQGLH)XQNHQ QDFKDOOHQ6HLWHQZHJ0HLQH%OLFNHZDQGHUWHQ1HEHQGHP )HQVWHUKLQJHLQSUlFKWLJHV.UHX](VZDUDXV(LFKHQKRO]XQG ]HLJWHHLQHDXV(OIHQEHLQJHVFKQLW]WH&KULVWXVILJXU'DV.UHX] PXWHVHKUZHUWYROOVHLQ 3O|W]OLFKVFKOXJGHU3IDUUHUPLWGHUIODFKHQ+DQGDXIGHQ 7LVFKª+LPPHO©ULHIHUª,FKKDE V© ª8QG"© ª'DV.ORVWHUKHLW0RQWH7HUUDQR© ,FKKREGLH$XJHQEUDXHQª'HU(UGHQEHUJ"(LQVHOWVDPHU 1DPHIUHLQ.ORVWHUILQGHQ6LHQLFKWDXFK)DWKHU"© (UKREGLH6FKXOWHUQ ª,FKYHUPLVVHGLHFKULVWOLFKH%H]LHKXQJGHV1DPHQV© HUNOlUWHLFKª'DVLVWHVZDVPLFKVWXW]LJZHUGHQOlW© ª0HLQHQ6LHGDV.ORVWHUZlUHHQWZHLKWZRUGHQ"© ª(VLVW]XPLQGHVWQLFKWY|OOLJDXV]XVFKOLHHQ©HUZLGHUWH LFKª2IWZHUGHQ.LUFKHQHQWZHLKWXQGIU6FKZDU]H0HVVHQ PLEUDXFKW:DUXPVROOWHDXVHLQHP.ORVWHUQLFKWHLQ+RUW GHV6DWDQVZHUGHQ"© ª$EHUGDVLVW%ODVSKHPLH*RWWHVOlVWHUXQJ© ª6WLPPW'RFKJODXEHQ6LHPLU)DWKHULFKKDEHLQPHLQHP /HEHQVFKRQVHKUYLHOHUOHEW,FKNHQQHEHLGH6HLWHQ'LHJXWH XQGGLHE|VHXQGLFKJODXEHGDHVPDQFKPDO'LQJHJLEW ZRGLH*UHQ]HQIOLHHQGVLQG:R*XWXQG%|VHLQHLQDQGHU JUHLIHQZRHLQHGLUHNWH7UHQQXQJQLFKWPHKUP|JOLFKLVW© ª-D©VDJWHGHU3IDUUHUªGDLVWHWZDV:DKUHVGUDQJODXEH LFK1XUIlOOWHVPLUVFKZHUGLHV]XEHJUHLIHQ:HQQLFKQLFKW JHQDXZWHGD6LHHLQ0HQVFKVLQGGHPPDQYHUWUDXHQ NDQQZUGHLFK6LHKLQDXVZHUIHQ© ,FKOlFKHOWHª:RKHUZROOHQ6LHZLVVHQGDPDQPLUYHU WUDXHQNDQQ"© )DWKHU+DFNPDQQVFKDXWHPLFKPLWVHLQHPNODUHQ%OLFNDQ ª,FKKDEH,KUHQ1DPHQYRQHLQHPPLUVHKUJXWEHNDQQWHQ 3IDUUHU'DPDOVJLQJHVLQHLQHP'RUIQDPHQV%ULFNDYLOOHXP HLQHGRUWDXIWUHWHQGH*HLVWHUHUVFKHLQXQJ© ª-DGDVVWLPPWLFKKDEHPLFKPLW,KUHP.ROOHJHQDXFKVHKU

JXWYHUVWDQGHQ(UZDUPLUEULJHQVHLQHJURH+LOIH© ª$EHUZDVKDOWHQ6LHYRQGLHVHP)DOO"©IUDJWH)DWKHU +DFNPDQQª,FKNDQQKLQWHUDOOGHPNHLQ6\VWHPHQWGHFNHQ© ª:DVGDKLQWHUVWHFNWZHUGHLFKZLVVHQZHQQLFKKHUDXVJH IXQGHQKDEHZDVGHU%HJULII$HEDEHGHXWHW© ª6LHVLQGGDVHKURSWLPLVWLVFK© ª'DVPXPDQLQPHLQHP-REVHLQ© 'HU3IDUUHUVFKHQNWHVLFKQRFKHLQ*OlVFKHQHLQ,FKOHKQWH DEDOVHUPLUYRQGHP6HOEVWJHEUDQQWHQDQERWª8PHLQHQ5DW P|FKWHLFK6LHQRFKELWWHQ0U6LQFODLU© ª6SUHFKHQ6LHVLFKDXV© ª:DVVROOLFKPLW3DWHU(PLOLR=DJDOORPDFKHQ"© (UKDWWHHLQHHKUOLFKH)UDJHJHVWHOOWXQGLFKJDEDXFKHLQH HKUOLFKH$QWZRUWª'DVZHLLFKOHLGHUQLFKW)DWKHU(ULVW NHLQ)DOOIUGDV.UDQNHQKDXVDEHUDXFKQLFKWIUHLQH $QVWDOW© ª,QVROFKHQ)lOOHQVDJWPDQ3IOHJHIDOO©PHLQWHHU ª6RZLUGHVZRKOVHLQ©HUZLGHUWHLFK 'DV7HOHIRQVFKULOOWH(VZDUQRFKHLQDOWHUVFKZDU]HU .OLQJHONDVWHQXQGHUVWDQGDXIHLQHP5HJDO ª(QWVFKXOGLJHQ6LHPLFK© 'HU3IDUUHUJLQJKLQXQGKREDE(UPHOGHWHVLFKODXVFKWH XQGPDFKWHPLUGDQQHLQKDVWLJHV=HLFKHQ]XLKP]XNRP PHQ5DVFKZDULFKEHLLKP )DWKHU+DFNPDQQKLHOWGHQ+|UHUVRZHLWYRP2KUZHJ GDLFKPLWK|UHQNRQQWH8QGHVZDUHQ:RUWHGLHPLUHLQHQ 6FKDXHUEHUGHQ5FNHQWULHEHQXQGJOHLFK]HLWLJEHVWlWLJWHQ ZLHWLHILFKVFKRQLQGHU6DFKHGULQVWHFNWH 'LH6WLPPHNODQJUDXKZWHQGXQGNDOW]XJOHLFKª+WHW HXFK©]LVFKWHGHU$QUXIHUª+WHWHXFKXQGODW(PLOLRLQ 5XKH'HQQHULVWHLQ$EWUQQLJHUGHQZLUEHVWUDIHQZHUGHQ $HEDZLUGNRPPHQ$HEDLVWVFKRQGD,KUZLWHVQXUQLFKW )OLHKWDXVGHP+DXVXQGODWLKQLQ5XKHGHQQHUZLUG VWHUEHQ(UPXVWHUEHQ(UKDWVLFKJHJHQ$HEDJHVWHOOW XQGLVWEHVWUDIWZRUGHQ© ,FKQDKPGHP3IDUUHUGHQ+|UHUDXVGHU+DQGª:HUVLQG

6LH"©ULHILFKVFKDUIª6DJHQ6LH,KUHQ1DPHQ6RIRUW© 'HU8QEHNDQQWHODFKWHQXUKlPLVFK'DQQXQWHUEUDFKHU GLH9HUELQGXQJEHYRULFKQRFKZHLWHUH)UDJHQVWHOOHQNRQQWH ª'LHKDEHQZDVPLW3DWHU(PLOLRYRU©IOVWHUWHGHU3IDUUHU (UVFKDXWHPLFKPLWJURHQ$XJHQDQ ,FKOHJWHGHQ+|UHUDXIGLH*DEHOXQGQLFNWHª-DGDV JODXEHLFKDXFK© ª8QGZDVVROOLFKWXQ"© ,FKOlFKHOWHª6LHJDUQLFKWV)DWKHU,FKELQMDEHL,KQHQ 6ROOWHQHVGLH'lPRQHQWDWVlFKOLFKZDJHQKLHUHLQ]XGULQJHQ ZHUGHLFKLKQHQVFKRQGHQQ|WLJHQ(PSIDQJEHUHLWHQ©,FK JLQJZLHGHU]XP7LVFK]XUFNª$XHUGHPJODXEHLFKQLFKW GDVLHLQGLHVHV+DXVKLHUJHODQJHQ© ª8QGZDUXPQLFKW"© ª:HLOGLHVHLQFKULVWOLFKHV+DXVLVWXQGGHU*HLVWGHV+HUUQ KLHUZRKQW© ª$EHU6LHVDJWHQGRFKVHOEVWGD6FKZDU]H0HVVHQLQ .LUFKHQJHIHLHUWZHUGHQ© ª'DQQZDUHQGLHVHYRUKHUHQWHKUW8QGGDVLVWKLHUQLFKW GHU)DOO© 'HU3IDUUHUYHUVWDQG,FKVDKHVVHLQHP*HVLFKWDQGDLKP HLQ6WHLQYRP+HU]HQJHIDOOHQZDUª6LHVLQGZLUNOLFKHLQ 6SH]LDOLVW©OREWHHUPLFK ª'DVPDFKWGLH(UIDKUXQJ©VFKZlFKWHLFKDE ª$EHUQXQVLQGZLULPPHUQRFKQLFKWZHLWHU©)DWKHU +DFNPDQQKDWWHVLFKWOLFK0KHGLH1HUYHQ]XEHZDKUHQ )DKULJVWULFKHUGXUFKVHLQ*HVLFKWª:HQQLFKGLH:RUWHDP 7HOHIRQULFKWLJYHUVWDQGHQKDEHVRHQWQHKPHLFKGDUDXVHLQH 0RUGGURKXQJ© ,FKNRQQWHGLH9HUPXWXQJGHV3IDUUHUVQXUEHVWlWLJHQ ª$EHUGDVN|QQHQZLUGRFKQLFKW]XODVVHQ0U6LQFODLU:LU PVVHQGLHVHQ0HQVFKHQVFKW]HQ©'HU3IDUUHUDWPHWHWLHI HLQª$XFKZHQQHUHLQ9HULUUWHULVW0HQVFKHQOHEHQVLQG JOHLFKGDJLEWHVNHLQH8QWHUVFKLHGH© ª,FKELQIURKGD6LHVRGHQNHQ©VDJWHLFK ª+DEHQ6LHHLQHDQGHUH'HQNZHLVHHUZDUWHW0U6LQFODLU"©

,FKZLQNWHDEª/DVVHQZLUGDV© 'HU3IDUUHUZROOWHQRFKHWZDVVDJHQVWXW]WHDEHUGDQQ ª:DVLVW"©IUDJWHLFKDOVLFKVHLQDQJHVSDQQWHV*HVLFKWVDK )DWKHU+DFNPDQQGHXWHWH]XU'HFNHKRFKª'DREHQLFK JODXEH(PLOLRKDWVLFKEHPHUNEDUJHPDFKW,FKKDEHHLQ 3ROWHUQJHK|UW:LUPWHQQDFKVHKHQ© ª6LHQLFKW©ZHKUWHLFKDE ª$EHU© ª.HLQH:LGHUUHGH©,FKVWDQGEHUHLWVDQGHU7U'DK|UWH LFKGDV*HUlXVFKHEHQIDOOV(VZDUQLFKWQXUHLQ3ROWHUQ VRQGHUQDXFKHLQJUlOLFKHV6W|KQHQ 8QGGDQQHLQ6FKUHL +DUWXQGJXWWXUDONODQJHU8QGXQPHQVFKOLFK6RDOVKlWWH LKQHLQ7LHUDXVJHVWRHQ$EHUHUVWDPPWHYRQHLQHP 0HQVFKHQGDZDULFKPLUY|OOLJVLFKHU ,FKVSULQWHWHGLHVFKPDOH7UHSSHKRFKHUUHLFKWHGHQ)OXU XQWHUGHP'DFK]RJZHJHQGHUQLHGULJHQ'HFNHLQVWLQNWLY GHQ.RSIHLQXQGYHUJDGDV/LFKWDQ]XVFKDOWHQ,P'XQNHOQ WDVWHWHLFKPLFKZHLWHUGHQQGLH+HOOLJNHLWDXVGHQXQWHUHQ 5lXPHQUHLFKWHOlQJVWQLFKWELV]XPLU 8USO|W]OLFKWDXFKWHGHU.HUOYRUPLUDXI ,FKHUVFKUDNZHLOLFKGDPLWQLFKWJHUHFKQHWKDWWH*UQ OHXFKWHWHGLHUHFKWH*HVLFKWVKlOIWHGHV3DWHUVXQGGDV$XJH VWDFKGDUDXVZLHHLQZHLHU.UHLVKHUYRU(VZDUHLQ$QEOLFN GHUPLFKDEVWLHXQGVFKRFNWH 'HVKDOEEHUUDVFKWHPLFKDXFKGHUXQJHKHXHUZXFKWLJH 6FKODJ2EHUKDOEGHU*UWHOOLQLHZXUGHLFKJHWURIIHQXQG ]XUFNNDWDSXOWLHUW ,FKYHUVXFKWHQRFKPLFK]XIDQJHQGRFKGDZDUEHUHLWVGLH REHUVWH7UHSSHQVWXIH ,FKWUDWLQV/HHUH 'LH6WXIHQZDUHQKRFKXQGNDQWLJ,FKNXJHOWHZLHHLQOHE ORVHU*HJHQVWDQGGLH6WXIHQKLQDE,QVWLQNWLYVFKW]WHLFK PHLQHQ.RSIPLW$UPHQXQG+lQGHQ,P8QWHUEHZXWVHLQ YHUQDKPLFK)DWKHU+DFNPDQQV(QWVHW]HQVVFKUHLGDQQKDWWH LFKGLHYHUGDPPWH7UHSSHKLQWHUPLU

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ª:HLFKH 6DWDQZHLFKH© 'DQQILHOVHLQ%OLFNDXIGDV.UHX]DQGHU:DQG0LWHLQHU UDVFKHQ%HZHJXQJKREHUHVDEKLHOWHVPLWEHLGHQ+lQGHQ IHVWXQGVWUHFNWH3DWHU(PLOLRGLH&KULVWXVILJXUHQWJHJHQ 'HU0DQQ]XFNWH]XVDPPHQ6HLQYHU]HUUWHU*HVLFKWV DXVGUXFN]HLJWHPLUGDHU6FKPHU]HQRGHULQQHUH4XDOHQ YHUVSUHQPXWH)OHKHQGVWUHFNWHHUEHLGH$UPHDXV'LH /LSSHQEHZHJWHQVLFKIRUPWHQ:RUWH ª+LOI'LRVKLOI© ,FKKDWWHPLFKHUKREHQXQGHUVWDUUWHI|UPOLFK,QGHP0DQQ PXWHHLQHUHJHOUHFKWH+|OOHWREHQ'LHJUQH*HVLFKWVIDUEH WUDWHWZDV]XUFNGRFKGLH9HUVFKUXPSIXQJGHU+DXWEOLHE =ZHL6HHOHQNlPSIWHQLQVHLQHU%UXVW:LHZUGHHUVLFKHQW VFKHLGHQ" 3O|W]OLFKVFKWWHOWHHUGHQ.RSIª1HLQ©EUOOWHHUXQG VFKOXJPLWGHQ+lQGHQZLOGXPVLFKª$HED$HED© 'DV%|VHLQLKPZDUVWlUNHU2GHUHVKDWWHLKQHUUHLFKWXP LKQ]XUFN]XKROHQ :LHGHUEUOOWHHUORVª$HED$HED©(UWRUNHOWHDXIGHQ 7LVFK]XXQG3IDUUHU+DFNPDQQEUDFKWHVLFKVFKQHOOLQ 'HFNXQJ0LWGHU)DXVWVFKOXJGHU3DWHUDXIGHQ7LVFKVRGD

HVGU|KQWH'DQQGUHKWHHUVLFKXPGLHHLJHQH$FKVHXQG VWDUUWHPLFKDQ :LHGHUOHXFKWHWHGLHUHFKWH*HVLFKWVKlOIWHJUQ'LH+DXW ]XFNWHSHUPDQHQW6SHLFKHOWURIIDXVVHLQHP0XQG/HLFKW YRUJHEHXJWVWDQGHUGDª$HED6DWDQDV$HED© :HQQLFKQXUJHZXWKlWWHZDVGLHVHVYHUGDPPWH:RUW ]XEHGHXWHQKDWWHGDQQZlUHPLUZRKOHUJHZHVHQ,FKYHU VXFKWHHVHLQIDFKVFKULWWDXIGHQ3DWHU]XXQGIUDJWHª:DV LVW$HED"© (UKREGHQUHFKWHQ$UP$XFKGLH+DQGZDUYHUNUSSHOW XQG]HLJWHHLQHJUQH)DUEH ª:DVLVW$HED"©KHUUVFKWHLFKLKQDQª5HGH,FKZLOOHV HQGOLFKZLVVHQ© :LHHLQ)DOOEHLOVFKOXJGLH+DQGQDFKXQWHQ,FKNRQQWH PLFKJHUDGHQRFK]XU6HLWHGUHKHQVRGDPLFKGLH+DQGQXU VWUHLIWH6LHZDUVFKZHUZLH%OHL'LHVHU0DQQZDUNHLQ 0HQVFKPHKU(UZDU]XHLQHP'lPRQJHZRUGHQXQGLFK QDKPDQGDHULQQHUOLFKYHUVWHLQHUWH $XIGHUOLQNHQPHQVFKOLFKHQ*HVLFKWVKlOIWHVSLHJHOWHVLFK GLH4XDOZLGHUZHLOVHLQ,QQHUHV]HUULVVHQZXUGH ,FKZDUJHUDGHQRFK]XPULFKWLJHQ=HLWSXQNWJHNRPPHQ 'HQQMHW]WKDWWHVLFKGLHVHU3DWHULQHLQHQ'lPRQYHUZDQGHOW 1RFKLPPHUEUDFKWHLFKHVQLFKWIHUWLJPHLQH:DIIH]X ]LHKHQ,FKNRQQWHHLQIDFKQLFKWDXILKQVFKLHHQ:HQQHV HEHQJLQJZROOWHLFKLKQUHWWHQ (UUDQQWHYRU'DEHLKLHOWHUGHQ.RSIOHLFKWJHVHQNW,FK ZROOWHLKQVWRSSHQGRFKHUVWLHPLFKHLQIDFK]XU6HLWH 6HLQ=LHOZDUGLH7U(UULVLHDXIXQGYHUVFKZDQGQDFK GUDXHQ 6RIRUWQDKPLFKGLH9HUIROJXQJDXI,FKWDXFKWHLQGHQ 6FKQHHZLUEHOHLQ'HU3IDUUHUOLHIKLQWHUPLUKHUGRFKLFK EHGHXWHWHLKPLQV+DXV]XUFN]XJHKHQ -HW]WlUJHUWHLFKPLFKGDLFKNHLQH7DVFKHQODPSHEHLPLU KDWWH'XQNHOKHLWXQGWDQ]HQGH)ORFNHQPDFKWHQHLQH6LFKWVR JXWZLHXQP|JOLFK,QQHUKDOEYRQ6HNXQGHQZDULFKPLWHLQHU ZHLHQ6FKLFKWEHGHFNW3DWHU(PLOLRZDUQDFKUHFKWVYHU

VFKZXQGHQVRYLHOKDWWHLFKQRFKJHVHKHQ$OVRZDQGWHLFK PLFKLQGLHJOHLFKH5LFKWXQJ ,FKNDPYRP:HJDEXQGVFKULWWEHUHLQHQDVVHJOLWVFKLJH :LHVH=ZLVFKHQ.LUFKHXQG3IDUUKDXVZXFKVHLQ 6WUDXFKJUWHO'RUWLUJHQGZRPXWHVLFKGHU3DWHUYHUVWHFNW KDOWHQ 'DVKDWWHHUDXFK 3O|W]OLFKVDKLFKVHLQH*HVWDOWYRUPLUKRFKZDFKVHQ'RFK LPVHOEHQ0RPHQWHUHLJQHWHVLFKDXFKQRFKHWZDVDQGHUHV (LQKRKHV3IHLIHQODJDXIHLQPDOLQGHU/XIW*UHOOVFKQLWWHVLQ PHLQH2KUHQ,FKGUHKWHPLFKXPVXFKWHQDFKGHU8UVDFKH GHV*HUlXVFKVXQGVDKGLHXQKHLPOLFKH*HVWDOWGLHDXVGHQ :RONHQ]XNRPPHQVFKLHQ (VZDUHLQ5HLWHU (UZXUGHYRQGHQ6FKQHHIORFNHQXPWDQ]WMDJWHPLWXQJH KHXUHU*HVFKZLQGLJNHLWQlKHUVDDXIHLQHPSHFKVFKZDU]HQ 3IHUGXQGVFKZDQJHLQEOLW]HQGHV6FKZHUW 'DQQJLQJDOOHVUDVHQGVFKQHOO'HUXQKHLPOLFKH5HLWHU YLVLHUWHGDV*HEVFKDQKLQWHUGHPVLFKGHU3DWHUYHUVWHFNW KDWWH(LQJHZDOWLJHU6WUHLFKPLWGHP6FKZHUW )ODPPHQEOlXOLFKNQLVWHUQGXQG]XFNHQGVFKOXJHQSO|W] OLFKDXVGHP%RGHQKRFK8QGLQPLWWHQGHV)ODPPHQLQIHUQRV VWDQG3DWHU(PLOLR+RFKULHUGLH$UPH6HLQHQ0XQGKDWWH HU]XHLQHPODXWORVHQ6FKUHLJH|IIQHWZlKUHQGGDV+|OOHQ IHXHULKQXPWDQ]WH 'HU5HLWHUIHJWHGXUFKGLH)ODPPHQZDQGKLQGXUFK)U %UXFKWHLOHYRQ6HNXQGHQVDKLFKLKQJDQ]GHXWOLFK(UWUXJ HLQHOHGHUDUWLJHVFKZDU]H5VWXQJHLQHQ.RSIVFKXW]XQG HLQHURWH+DOEPDVNHGLHGHQREHUHQ7HLOVHLQHV*HVLFKWV EHGHFNWH 1RFKHLQPDOIKUWHHUHLQHQ6FKZHUWVWUHLFK 3DWHU(PLOLRVDFNWH]XVDPPHQ+RFKVFKOXJHQGLH)ODPPHQ XQGEOHQGHWHQPLFKVRGDLFKGLH$UPHYRUGDV*HVLFKW UHLHQPXWH 'DQQZDUDOOHVYRUEHL 5XKLJDOVZlUHQLFKWVJHVFKHKHQODJGHU*DUWHQZLHGHUYRU

PLU0LUZDUQLFKWHLQPDOGLH=HLWJHEOLHEHQDXIGHQ5HLWHU]X IHXHUQVRUDVFKJLQJDOOHV 6FKQHOOOLHILFKDXIGHQ2UW]XZR3DWHU(PLOLRJHVWDQGHQ KDWWH'LH(UGHZDUGRUWQLFKWYHUEUDQQW$OOHVZLUNWHQRUPDO DOVKlWWHHVEHUKDXSWNHLQ)HXHUJHJHEHQ 8QGGRFKZDUGDV*HJHQWHLOGHU)DOO 'HQQYRQ3DWHU(PLOLRVDKLFKNHLQH6SXUPHKU(UKDWWH VLFKEXFKVWlEOLFKDXIJHO|VW (LQLJH=HLWVWDQGLFKZLHHLQ'HQNPDOLQGHU.lOWH'LHXQ]lK OLJHQ)ORFNHQXPWDQ]WHQPLFK6LHOHJWHQHLQHZHLH+DXEH DXIPHLQH6FKXOWHUQXQGPHLQ+DDU,P*HVLFKWVFKPRO]HQVLH ]X7URSIHQGLHDQGHU+DXWHQWODQJUDQQHQ 6HKUGHXWOLFKKDWWHLFKGHQ5HLWHUJHVHKHQXQGDXIHLQPDO ZXUGHQ(ULQQHUXQJHQLQPLUZDFK $PHULND$UL]RQD0DULQJRGHU+|OOHQUHLWHU:LHHLQ )LOPOLHIHQGLH%LOGHUDQPHLQHPJHLVWLJHQ$XJHYRUEHL(V ZDUXQJHIlKUHLQKDOEHV-DKUKHU'HU6SXNHLQHUPHLQHU +DXSWJHJQHUKDWWHPLFKLQHLQHWHXIOLVFKH)DOOHJHORFNW,Q VHLQHP5HLFKZDULFKJHIDQJHQXQGKDWWHGRUWGLHYLHU5HLWHU NHQQHQJHOHUQW 'LH7RGHVERWHQGHU$SRNDO\SVH 6LHODXHUWHQLP5HLFKGHU6FKDWWHQXPGDQQORVJHVFKLFNW]X ZHUGHQZHQQGHP6SXN*HIDKUGURKWH 0XWHLFKMHW]WZLHGHUJHJHQLKQNlPSIHQ"*HJHQHLQHQ 'lPRQGHUVLFKVHOEVWDOV+WHUGHU6FKZDU]HQ6HHOHQ EH]HLFKQHWH")DVWVDKHVVRDXVGHQQGHU5HLWHUGHQLFKJH VHKHQKDWWHKDWWHJURHbKQOLFKNHLWPLWHLQHPGHUDSRNDO\S WLVFKHQ%RWHQ%LVKHUZDULFKGHU0HLQXQJGDVLHQLFKWLQGLH VLFKWEDUH:HOWNRPPHQZUGHQDEHUGDKDWWHLFKPLFK EHVWLPPWJHWlXVFKW 'DQQPXWHGHPQDFK]ZLVFKHQGHPJHKHLPQLVYROOHQ:RUW $HEDGHP.ORVWHULQGHQ3\UHQlHQXQGGHP5HLWHUHLQ XQPLWWHOEDUHU=XVDPPHQKDQJEHVWHKHQ 8QGQRFKHWZDVILHOPLUMHW]WDXI

'HU5HLWHUKDWWHDXIVHLQHUJHSDQ]HUWHQ%UXVWHLQIOLPPHUQ GHV$JHKDEW$HEDILQJDXFKPLWGHP%XFKVWDEHQ$DQ 'LH6WLPPHGHV3IDUUHUVULPLFKDXVPHLQHQ*HGDQNHQ ª,VW3DWHU(PLOLRWRW"© ,FKZDQGWHPLFKXPXQGZLVFKWHPLUHLQSDDU6FKQHH IORFNHQDXVGHQ$XJHQª,FKQHKPHDQGDHUWRWLVWDXIMHGHQ )DOOLVWHUYHUVFKZXQGHQ© 'HU3IDUUHUVFKWWHOWHVLFK(VNRQQWHGLH.lOWHDEHUDXFK GLH1DFKZLUNXQJGHVHEHQ*HK|UWHQVHLQª:LHVRYHU VFKZXQGHQ"© ,FKHU]lKOWHHVLKP ª0HLQ*RWWGDVLVWMDVFKUHFNOLFK©IOVWHUWH)DWKHU +DFNPDQQª,QZDVELQLFKGDQXUKLQHLQJHUDWHQ"© 1LHPDQGYHUVWDQGGHQ3IDUUHUEHVVHUDOVLFK(VZDUIU HLQHQ8QEHGDUIWHQLPPHUVFKZHU]XEHJUHLIHQGDHVQRFK HWZDVDQGHUHVJDE(WZDVGDV]ZLVFKHQGHQ'LQJHQODJGLH XQVGLH6FKXOZHLVKHLWOHKUWH8QGJHUDGHHLQ3IDUUHUKDWWHHV EHVRQGHUVVFKZHUGLHVH'LQJH]XYHUVWHKHQ )DWKHU+DFNPDQQZROOWHHLQH(UNOlUXQJGRFKLFKNRQQWH LKPNHLQHJHEHQ ª7XWPLUOHLG)DWKHUDEHULFKVWHKHVHOEVWYRUHLQHP5lWVHO© :LUJLQJHQZLHGHULQV+DXV'LH:lUPHWDWZRKO,QGHU'LHOH NORSIWHLFKPLUGHQ6FKQHHDE 'HU3IDUUHUVSUDFKPLFKDXIPHLQHOHW]WH%HPHUNXQJKLQDQ ª8QGZLHZROOHQ6LHGDV5lWVHOO|VHQ0U6LQFODLU"© ª,QGHPLFKQDFK6SDQLHQUHLVH© ª6LHZROOHQLQGLH3\UHQlHQ"© ª-D© 'LH$XJHQGHV6HHOVRUJHUVZXUGHQJURª$EHULVWGDVQLFKW ]XJHIlKUOLFK"© ,FKJULII]XP0DQWHOXQG]RJLKQEHUª'DVVFKRQDEHU *HIDKULVWPHLQ-RE6RDEJHJULIIHQVLFKGLHVDXFKDQK|UWDEHU GHU6DW]VWLPPWQXQPDO© ª8QGZDVPDFKHLFK"© ,FKNQ|SIWHGHQ0DQWHO]Xª6LHVFKZHLJHQDPEHVWHQEHU DOOGLHVH'LQJH.HLQ:RUW]XHLQHP$XHQVWHKHQGHQ6LH

ZUGHQGLH0HQVFKHQQXUXQQ|WLJLQ$QJVWXQG6FKUHFNHQ YHUVHW]HQ$XHUGHPLVW3DWHU(PLOLRKLHUXQEHNDQQW© 'HU3IDUUHUQLFNWHª-DGDVZLUGZRKOGDVEHVWHVHLQ© (UEHJOHLWHWHPLFK]XPHLQHP:DJHQ$OVLFKEHUHLWVKLQWHU GHP/HQNUDGVDPHLQWHHUª8QGKDOWHQ6LHPLFKDXIGHP ODXIHQGHQ0U6LQFODLU,FKP|FKWHJHUQZLVVHQZHOFKHV 5lWVHOVLFKZLUNOLFKKLQWHUDOOGHPYHUELUJW© ª0DFKLFK)DWKHU© ,FKVFKOXJGLH7U]XXQGVWDUWHWH )DWKHU+DFNPDQQEOLFNWHPLUQDFKELVGLH5FNOHXFKWHQLQ GHU'XQNHOKHLWYHUVFKZXQGHQZDUHQ 0DMHVWlWLVFKUDJWHQGLHVFKQHHEHGHFNWHQ*LSIHOGHU 3\UHQlHQLQGHQJODVNODUHQ:LQWHUKLPPHO(LQHIDKOH 6RQQHVWDQGDP)LUPDPHQW,KUH6WUDKOHQZlUPWHQQLFKW PHKU6LHWXSIWHQDOVEODVVH6FKHPHQJHJHQGLHJHZDOWLJHQ *OHWVFKHUXQG(LVIHOGHUXQGOLHHQ0LOOLDUGHQYRQ 6FKQHHNULVWDOOHQDXIEOLW]HQ 2EHUKDOEGHU=ZHLWDXVHQG0HWHU*UHQ]HODJDOOHVLQPDMH VWlWLVFKHU5XKH $XFKGDV.ORVWHU0RQWH7HUUDQR 1DFK$UWGHUJULHFKLVFKHQ9RUELOGHUZDUHVDXIHLQHPVWHLO LQGLH+|KHUDJHQGHQ)HOVHQJHEDXWZRUGHQ6HLQHEHLGHQ 7UPHZLHVHQZLH]ZHLDQNODJHQGH=HLJHILQJHULQGHQVWUDK OHQGEODXHQ:LQWHUKLPPHO0DQVDKGHQ0DXHUQDQGDVLH HLQHZHFKVHOQGH*HVFKLFKWHKLQWHUVLFKKDWWHQ'DVZDULQGHU 7DWGHU)DOO *HEDXWZRUGHQZDUGDV.ORVWHUDOVOHW]WHU6FKXW]JHJHQGLH PXVHOPDQLVFKHQ(UREHUHULPHOIWHQ-DKUKXQGHUW'XUFKVHLQH /DJHZDUHVXQHLQQHKPEDU*HJHQ0RQWH7HUUDQRZDUHQ VFKRQ$UPHHQYHUJHEOLFKDQJHUDQQW1LFKWQXUGLH 0XVHOPDQHQDXFKDQGHUH(UREHUHUXQGGHQ=ZHLWHQ :HOWNULHJKDWWHGDV.ORVWHUHEHQIDOOVEHUVWDQGHQ 'LH0|QFKHOHEWHQLQ)ULHGHQ (VZDUHLQVHOWVDPHU2UGHQGHUVLFKGRUW]XVDPPHQJH

IXQGHQKDWWH(UJHK|UWHNHLQHUGHUFKULVWOLFKHQ.LUFKHQPHKU DQ,P/DXIHGHU-DKUKXQGHUWHKDWWHVLFKGHU2UGHQ]XHLQHU UHJHOUHFKWHQ6HNWHHQWZLFNHOW=ZDUEHVWDQGQRFKHLQHFKULVW OLFKH%DVLVGRFKLQGHU$XVOHJXQJGHU/HKUHZDUHQGLH 0|QFKHHLJHQH:HJHJHJDQJHQ6LHQDQQWHQVLFKGLH'LHQHU GHU(UGHXQGOHEWHQXQJHKHXHUVSDUWDQLVFK=XYHUJOHLFKHQ QXUQRFKPLWGHQ7UDSSLVWHQGLHLQLKUHQHLJHQHQ6lUJHQ VFKOLHIHQ 'LH'LHQHUGHU(UGHVFKLHIHQDXIGHP%RGHQ,P:LQWHU ZHQQHVNDOWZXUGHVFKW]WHQ6WURKVlFNHLKUH.|USHU 6RPPHUWDJVMHGRFKVFKOLHIHQVLHDXIGHP*HVWHLQ 6LHEHZRKQWHQDXFKNHLQHQRUPDOHQ5lXPH,KUH=LPPHU JOLFKHQGHQ+|KOHQGHU9RUIDKUHQ6LHZDUHQHLQIDFKLQGHQ )HOVJHKDXHQZRUGHQ(VJDENHLQH6WKOHNHLQ/LFKWNHLQHQ 7LVFKNHLQH:lUPH1XUHLQ$OWDUDXVJUREHP6WHLQJHKDXHQ XQGPLW]ZHL.HU]HQGHNRULHUWGLHQWHGHQ0|QFKHQDOV %HWVWlWWH +LQWHUGHP$OWDUODJGHU6WURKVDFNGHVVHQ)OOXQJQXUHLQ PDOLP0RQDWJHZHFKVHOWZXUGH 'HQQ6WURKXQG/HEHQVPLWWHOZDUHQNQDSSLP.ORVWHU,Q GHPNOHLQHQ9RUKRIZXFKVHQ+DIHUXQGHWZDV*UDVGDVDOV )UHVVHQIUGLHNORVWHUHLJHQHQ=LHJHQGLHQWH'DV%URWEDFNWHQ GLH0|QFKHVHOEVWXQG)OHLVFKVRZLHDQGHUHZHOWOLFKH *HQVVHZDUHQYHUERWHQ0DQHUQlKUWHVLFKYRQ%URWXQG =LHJHQPLOFK=ZHLPDOWlJOLFKJDEHVGLH0DKO]HLW(LQ .DOIDNWRUWUXJVLHDXV *HVSURFKHQZXUGHNDXP2IWUHGHWHQGLH0|QFKHPRQDWH ODQJQLFKWPLWHLQDQGHUXQGZHQQMHPDQGVWDUEVRZXUGH HULQHLQHGHUIODFKHQ)HOVHQK|KOHQJHVFKREHQXQGGRUW EHJUDEHQ 'LH=HLWZDUDQGLHVHP.ORVWHUYRUEHUJHJDQJHQXQG %HVXFKZROOWHQGLH0|QFKHQLFKWHPSIDQJHQ$XHUGHPJDE HVQXUHLQH6WUDHGLHKRFK]XP.ORVWHUIKUWH6LHZDULP :LQWHUVRZLHVRXQSDVVLHUEDU1LFKWHLQPDO%HUJVWHLJHUQ JHZlKUWHQGLH0|QFKH6FKXW] 8QGGRFKZDUHVHLQHPGHU0|QFKHJHOXQJHQ]XHQWIOLHKHQ

'LHVH7DWVDFKHKDWWH8QUXKHLQGDV.ORVWHUJHEUDFKWGHQQ DXIHLQPDOIKOWHQVLFKGLH0|QFKHQLFKWPHKUVRVLFKHU6LH KDWWHQ$QJVWGDMHPDQGKLQWHULKU*HKHLPQLVNRPPHQ ZUGH 8QGGDVZDUHQGLH*HZ|OEHYRQ0RQWH7HUUDQR 6LHODJHQWLHILP)HOVHQXQGNHLQHUGHU0|QFKHDXHUGHP $EWGXUIWHGLHVHV/DE\ULQWKEHWUHWHQ:DVGDJHVFKDKZDUVR XQJHKHXHUOLFKGDGHUPHQVFKOLFKH9HUVWDQGEHUIRUGHUW ZDUGLHV]XEHJUHLIHQ'HQQGRUWZRQLHHLQ0HQVFKKLQNDP EHIDQGVLFKGDV7RU]XHLQHUDQGHUHQ:HOW =XP5HLFKGHU6FKDWWHQ ,FKIXKUQLFKW]XPHLQHU:RKQXQJVRQGHUQ]XP
VFKOXPLW,KUHU6HNUHWlULQKLHUKHUXPKlQJHQ©(UQDKPDXI HLQHPGHUKDUWHQ%HVXFKHUVWKOH3ODW] 'LH+HL]XQJZDUKHUXQWHUJHGUHKW.KOHKHUUVFKWHLP 5DXP,FK]RJWURW]GHPPHLQHQ0DQWHODXV ª.RPPHQ6LH]XU6DFKH©YHUODQJWH3RZHOO ,FKVWHFNWHPLUHLQH=LJDUHWWHDQXQGEHULFKWHWH3RZHOO K|UWHJHGXOGLJ]XXQGJHVWDQGGDQDFKVRJDUHLQGDPHLQ %HVXFKEHL)DWKHU+DFNPDQQQLFKWXPVRQVWJHZHVHQZDU(U KDWWHVLFKQlPOLFKHUVWGDJHJHQJHVWUlXEW ª:LHLFKGLH6DFKHVREHUEOLFNHZROOHQ6LHVLFKHUOLFKQDFK 6SDQLHQ©PHLQWHHU ª:LUGPLUZRKOQLFKWVDQGHUHVEULJEOHLEHQ6LU© ª8QGZDQQ"© ª0RUJHQQHKPHLFKGLHHUVWH0DVFKLQH© ª$OOHLQ"© ª(LJHQWOLFKVROOWH6XNRGDEHLVHLQ© 3RZHOOYHU]RJGDV*HVLFKWª$FKZLHGHUGHUNRPLVFKH &KLQHVH© ª6LUGDUILFK6LHK|IOLFKVWGDUDQHULQQHUQGD6XNRPLU PHKUDOVHLQPDOGDV/HEHQJHUHWWHWKDWXQGGDHVGLHVH $EWHLOXQJLQLKUHUMHW]LJHQ%HVHW]XQJOlQJVWRKQHLKQQLFKW PHKUJHEHQZUGH"© $XIGLHVHV7KHPDZXUGH3RZHOOQLFKWJHUQDQJHVSURFKHQ $EHUHVJLEWGDV6SULFKZRUWGDVKHLW:LHGXPLUVRLFKGLU 'HU6XSHULQWHQGHQWKROWHDXVGHU7DVFKHVHLQH3LOOHQGRVHKHU YRUXQGVFKOXFNWHHUVWHLQPDOHLQH7DEOHWWH ª)DKUHQ6LHXP+LPPHOVZLOOHQ© ª0LW6XNR"© ª0HLQHWZHJHQ(VJLEW]ZDUZLHGHUHLQHQ.DPSIZHJHQGHU 6SHVHQDEHUGDVELQLFKJHZRKQW© ª6LHZLVVHQQLFKW]XIlOOLJ6LUZDVGDV:RUW$HEDEH GHXWHW"©IUDJWHLFK 3RZHOOZDUVFKRQLP%HJULII]XJHKHQ8QZLOOLJZDQGWHHU VLFKXPª%LQLFK+HOOVHKHU"© ª1HLQ6LU© ª1DDOVR9LHO*OFNEULJHQV©

ª+lWWHMDVHLQN|QQHQGD6LHPDOHLQHQOLFKWHQ0RPHQW KDEHQ©VDJWHLFKDEHUVROHLVHGDHUHVQLFKWK|UWH $OV3RZHOOZHJZDUULHILFK%LOO&RQROO\DQXQGEHNDPHUVW HLQPDO6KHLODDQGHQ$SSDUDW ª,VWGDV*HVSUlFKSULYDWRGHUGLHQVWOLFK"©HUNXQGLJWHVLH VLFKVRIRUWPLWGHPLKUDQJHERUHQHQZHLEOLFKHQ6FKDUIVLQQ ª%HLGHV© ª%LOOKDWKHXWHDEHQGNHLQH=HLWIUGLH'lPRQHQMDJG:LU VWHFNHQPLWWHQLQGHQ:HLKQDFKWVYRUEHUHLWXQJHQ© ª,FKKDEHDXFKQXUHLQH)UDJH:LHJHKWHV-RKQQ\"© 6RIRUWZXUGH6KHLODV6WLPPHZHLFKHUª*XW6HKUJXWVRJDU© ª'DVIUHXWPLFK© :LUUHGHWHQQRFKHWZDVEHU-RKQQ\GDQQNDP%LOODQGHQ $SSDUDW ª+|U]XGX7LJHU©VDJWHLFKª:RPLWYHUELQGHVWGXGHQ %HJULII$HED"© ª+l"© ,FKEXFKVWDELHUWH ª.HQQHLFKQLFKW©EHKDXSWHWH%LOOª:RKOHLQH3RSJUXSSH DEHUGLHKHLW$EED© ª'LHNHQQHLFKVHOEVW$EHULFKEUDXFKHGHQ%HJULII$HED(U PXLUJHQGHWZDVPLW'lPRQHQ]XWXQKDEHQ2GHU 6FKZDU]HU0DJLH© ª.HLQH$KQXQJ-RKQ$EHUGXNDQQVWYRUEHLNRPPHQ,FK ELQHVVRZLHVROHLGLPPHUQXUGHQ'DXPHQDXIGLH6FKODXIHQ ]XKDOWHQGDPLW6KHLODGLH3lFNFKHQSDFNHQNDQQ:LUN|QQ WHQEHLHLQHUJXWHQ)ODVFKH:KLVN\GDUEHUQDFKGHQNHQZDV GHU%HJULII$HEDEHGHXWHW© ,FKODFKWHª(LQDQGHUHV0DOYLHOOHLFKW%LOO,FKZHUGHPLFK LQHLQLJHQ7DJHQZLHGHUPHOGHQ© %LOO&RQROO\ZROOWHQRFKZLVVHQZRLFKKLQIXKUDEHULFK YHUVFKZLHJHVLKP,FKKRIIWH]XP:HLKQDFKWVIHVWZLHGHU ]XUFN]XVHLQ 'DQQEHJDELFKPLFKLQGLHWRSRJUDSKLVFKH$EWHLOXQJ'RUW ZXUGHDOOHVEHU/DQGYHUPHVVXQJXQG*HRJUDSKLHDXVJH ZHUWHWZDVHVDXV]XZHUWHQJDE9RP6DWHOOLWHQIRWRELVKLQ

]XU*HQHUDOVWDEVNDUWHZDUDOOHVVRUJIlOWLJVRUWLHUWXQGNDWD ORJLVLHUW ª:HQQ6LQFODLUNRPPWJLEW V$UEHLW©HPSILQJPLFKGHU ]XVWlQGLJH.ROOHJH =XU9HUV|KQXQJERWLFKLKPHLQH=LJDUHWWHDQXQGUFNWH GDQQPLWPHLQHP:XQVFKKHUDXV ª,FKEUDXFKHDOOHVDQ.DUWHQPDWHULDOEHUGLH3\UHQlHQ© ª0HKUQLFKW"© ª1HLQ© ª8QGELVZDQQ"©IUDJWHGHU.ROOHJH ,FKVHW]WHPLFKDXIHLQH6FKUHLEWLVFKHFNHª6RIRUW© ª0DFKNHLQH6FKHU]H© ª6LQGDXFKNHLQH©,FKHUNOlUWHGHP.ROOHJHQGDLFKQXU .DUWHQPDWHULDOKDEHQZROOWH ª1DMDGDVNDQQVWGXKDEHQ© =HKQ0LQXWHQVSlWHUZDUDOOHVYRUEHUHLWHW'DV.DUWHQ PDWHULDOZDUDXIHLQHP)LOPYHUHZLJWZRUGHQ ,FKVDLQGHUHUVWHQ5HLKHXQGVFKDXWHDXIGLH/HLQZDQG 'DQQOLHIGHU)LOPDE 'LH.DUWHZDUDXVJH]HLFKQHW-HGHUQRFKVRNOHLQH2UWZDU GDUDXIYHU]HLFKQHW ª*HKWHVXPHWZDV%HVRQGHUHV"©IUDJWHGHU.ROOHJH ª-DXPGDV.ORVWHU0RQWH7HUUDQR© ª8QGGXZHLWQLFKWJHQDXZRHVOLHJW"© ª6WLPPW© :LUPXWHQGLH*HELUJVNHWWHGXUFKJHKHQ,FKODV1DPHQ GLHLFKQRFKQLHLQPHLQHP/HEHQJHK|UWKDWWH'DGLHHLQ ]HOQHQ+lXVHUQLFKW]XVHKHQZDUHQZXQGHUWHPLFK 1DFKHLQHU9LHUWHOVWXQGHWDWHQPLUGLH$XJHQZHKDEHU QDFKGUHLLJ0LQXWHQZDUHVVRZHLW ,FKIDQGGDV.ORVWHU ª6WRSS©ULHILFK 'HU.ROOHJHKLHOWGHQ)LOPDQ,FKVWDQGDXIXQGWUDWGLFKW YRUGLH/HLQZDQG(LQH/XSHOLHKLFKPLUNOHPPWHVLHYRUV $XJHXQGVFKDXWHJHQDXHUKLQ -DGDODJGDV.ORVWHU0RQWH7HUUDQRVWDQGGRUWLQZLQ]LJ

NOHLQHQ%XFKVWDEHQ,FKOLHGLH/XSHZHLWHUZDQGHUQXQGHQW GHFNWHDXFKGHQ1DFKEDURUW (UKLH/RV$OEDV 'HU.DUWHQDFKPXWHHUQXUZHQLJH0HLOHQYRQGLHVHP .ORVWHUHQWIHUQWOLHJHQ,FKVFKlW]HK|FKVWHQVGUHL ª:LOOVWGXGDKLQ"©IUDJWHPLFKPHLQ.ROOHJH(UVFKDOWHWH GDV/LFKWHLQ ,FKGUHKWHPLFKXPXQGHUZLGHUWHª-D© ª'DQQQLPPDEHU6NLHUPLW© ª'DQNH,FKYHUODVVHPLFKOLHEHUDXIHLQHQ6FKOLWWHQ8QG ]XU1RWUHLFKWGHU+RVHQERGHQ© ª:LW]EROG'DPHLQWPDQHVJXWXQGZDVHUQWHWPDQ"© ª8QGDQN©VDJWHLFKª'LHVHULVWEHNDQQWOLFKGHU:HOWHQ /RKQ0DFK VJXW8QGODGLUGLH=HLWQLFKW]XODQJZHUGHQ© ª+DKD© ,FKIXKUZLHGHUKRFKEHVWHOOWH]ZHL)OXJNDUWHQYRQPHLQHP %URDXVXQGYHUVFKZDQG 0HLQH:RKQXQJOLHJWQLFKWVHKUZHLWYRP
6XNRVFKDXWHPLFKJURDQª:LOOVWGXPLFKDXIGHQ$UP QHKPHQ"© ª1HLQ©,FKHUNOlUWHHVLKP$EHU6XNRKDWWHGHQ1DPHQ DXFKQRFKQLHJHK|UW ª'DQQZROOHQZLUVHKHQREZLULQ6SDQLHQGLH$XIO|VXQJ ILQGHQ©VDJWHLFKXQGWUDQNPHLQ*ODVOHHU 'HU$EWGHV.ORVWHUV0RQWH7HUUDQRKLH'RQ$OYDUH] (UOHEWHQLFKWLQHLQHUGLHVHU+|KOHQVRQGHUQLQHLQHP QRUPDOHQ5DXPPLW]ZHL)HQVWHUQGXUFKGLHHUHLQHQSKDQ WDVWLVFKHQ%OLFNDXIGLH%HUJHKDWWH (LQ)HQVWHUZLHVQDFK2VWHQKLQHLQVQDFK:HVWHQ-HGHQ 0RUJHQEHREDFKWHWHGHU$EWGHQ6RQQHQDXIJDQJXQGDP $EHQGGHQ6RQQHQXQWHUJDQJ 'RQ$OYDUH]UHJLHUWHPLWHLVHUQHU+DQG)UKHUKlWWHPDQ LKQDOVHLQHQ'HVSRWHQRGHU7\UDQQHQEH]HLFKQHW(UZDUGLH EHKHUUVFKHQGH$XWRULWlWLQQHUKDOEGHV.ORVWHUVXQGYRQLKP JLQJHQDXFKGLHJHLVWLJHQ,PSXOVHDXV 8QGHUEHVDDOVHLQ]LJHUGHQ6FKOVVHO]XGHQ*HZ|OEHQ 'LHVHHLJHQH:HOWLQQHUKDOEGHV%HUJHVZDULKPZRKOYHU WUDXW9RUGUHL-DKUHQHQWGHFNWHGHU$EWHLQDOWHV%XFK(VZDU VWDUNEHVFKlGLJWKDWWHYHUJLOEWH6HLWHQXQGHLQHQO|FKULJHQ /HGHUHLQEDQG 'HU$EWQDKPGDV%XFKPLW(UVWXGLHUWHHV6HLWHIU 6HLWH(VZDULQKHEUlLVFKJHVFKULHEHQDEHU'RQ$OYDUH] EHKHUUVFKWHGLHVH6SUDFKHZLHVHLQHHLJHQH (UYHUWLHIWHVLFKLQGHQ,QKDOW7DJXQG1DFKWODVHUXQG SO|W]OLFKZXUGHLKPEHZXWGDHUHLQH6DWDQVELEHOLQGHU +DQGKLHOW=XHUVWPHOGHWHVLFKVHLQ*HZLVVHQGRFKGDV HUORVFKVFKQHOOGHQQGHU,QKDOWGHV%XFKHVZDUVWlUNHU (UIDV]LQLHUWHLKQ 8QG'RQ$OYDUH]OHUQWH6RZXWHHUSO|W]OLFKGDHVLQQHU KDOEGHU)HOVHQJHKHLPQLVYROOH*HZ|OEHJDEGLHYRU8U]HLWHQ HQWGHFNWXQGGHP%|VHQJHZHLKWZRUGHQZDUHQ ,PPHUZLHGHUWDXFKWHHLQ:RUWLQGHQ6FKULIWHQDXI

$HED 'LHVHU%HJULIIPXWHGHU6FKOVVHO]XHLQHPJUDXHQYROOHQ *HKHLPQLVVHLQ'HU$EWIRUVFKWHXQGVWXGLHUWH(UYHUOLH VRJDUGDV.ORVWHUXPVLFKLQGHQlOWHVWHQ%LEOLRWKHNHQGHU :HOWXP]XVHKHQ(UZDULP9DWLNDQLQ,QGLHQXQGLQ bJ\SWHQ ,Q.DLURIDQGHUHQGOLFKGHQ6FKOVVHO(UHQWGHFNWHGHQ PDJLVFKHQ6SUXFKGHU.|QLJLQYRQ6DEDGHULKPGHQ=XWULWW ]XGHQ*HZ|OEHQIUHLJDE 'RQ$OYDUH]ZDJWHHV ,QHLQHUILQVWHUHQ1DFKWVFKOLFKHUEHUGLHDOWH/HLWHU]X GHQ*HZ|OEHQKLQ|IIQHWHGLH7UXQGVWDQGLQHLQHU DQGHUHQ:HOW 'DV%|VHZDUGRUWPDQLIHVWLHUW(VVFKOXJLKPDOVHLQH XQVLFKWEDUH:RJHHQWJHJHQGUDQJLQVHLQ+LUQHUIDWHVHLQH *HGDQNHQXQGNHKUWHVLHXP $XVGHP3DXOXVZXUGHHLQ6DXOXV 'HU.HLPGHV%|VHQZDUJHOHJW $HEDKDWWHJHVLHJW 'RFKVRDXIIlOOLJGXUIWHGHU$EWGLHVQLFKW]HLJHQ(UVSLHOWH QDFKZLHYRUGHQJHVWUHQJHQ6HHOVRUJHUGRFKLQGHQ*H VSUlFKHQGLHHUPDQFKPDOIKUWHYHUXQVLFKHUWHHUVHLQH 3DGUHV6LHZXWHQQLFKWZDVVLHWXQVROOWHQ*HLVWOLFKH+LOIH EOLHELKQHQYHUZHKUWGDHVXQP|JOLFKZDUGDV.ORVWHU]X YHUODVVHQ 6LHEOLHEHQKLQWHUGHQGLFNHQ0DXHUQJHIDQJHQ+LQWHU 0DXHUQGLHGDV%|VHHLQJHIDQJHQKDWWHQGDVVFKOHLFKHQGZLH *LIWLQGLH*HKLUQHGHU0|QFKHGUDQJXQGGLH0lQQHUGDUDXI YRUEHUHLWHWH$HED]XGLHQHQ 1RFKZXWHQQXUZHQLJH(LQJHZHLKWHZDVVLFKKLQWHU $HEDYHUEDUJ(LQHUGHU(LQJHZHLKWHQZDU3DWHU(PLOLR8QG LKPJHODQJGLH)OXFKW'XUFKHLQHQ]XIlOOLJHQWGHFNWHQ *HKHLPJDQJYHUOLHHUGDV.ORVWHUXQGVFKOXJVLFKEHL1DFKW XQG1HEHOGXUFKELVLQGDVQlFKVWH'RUI9RQGRUWDXVJH ODQJWHHUDXI8PZHJHQQDFK(QJODQGZRLQ/RQGRQGHU HLQ]LJH0DQQZRKQWHGHPHUQRFKYHUWUDXWH

)DWKHU+DFNPDQQ 'RFK$HEDZDULKPDXIGHU6SXU'RQ$OYDUH]KDWWHLQ HLQHP:DKUWUDXPHUIDKUHQZDVJHVFKHKHQZDU'HVKDOEZDU HUVREHVRUJW 8QUXKLJVFKULWWHULQVHLQHU.DPPHUKLQXQGKHU(UKDWWH VlPWOLFKHFKULVWOLFKHQ6\PEROHHQWIHUQWQXUQRFKGLH 0|EHOVWFNHVWDQGHQGRUW'HU6FKUDQNGHU7LVFKGLH :DVFKVFKVVHOGDV%HWW (UOHEWHNRPIRUWDEOHUDOVVHLQH%UGHU6LHQHLGHWHQHVLKP QLFKWVRQGHUQHUNDQQWHQLKQDOV)KUHUDQ 'RQ$OYDUH]ZDUHLQ0HQVFKYRQXQJHZ|KQOLFKHU6WDWXU ,QGHU*U|HEHUUDJWHHUGLHPHLVWHQ6HLQHGXQNOHQ$XJHQ KDWWHQHLQHQ]ZLQJHQGHQ%OLFNGHUGHQDQGHUHQVRIRUWXQWHU GLH+DXWIXKU'DV*HVLFKWZDUKDJHU(LQGXQNOHU9ROOEDUW ZXFKVIDVWELVDXIGLH%UXVW(UWUXJPHLVWHQVHLQHQSHFK VFKZDU]HQ8PKDQJPLWZHLWHQbUPHOQLQGHQHQHUVHLQH +lQGHYHUEHUJHQNRQQWH:HQQHUGXUFKGLH*lQJHVFKULWW VHW]WHHUDXFKGLH.DSX]HDXIVRGDHUVFKRQYRP$XVVHKHQ KHUHLQHXQKHLPOLFKH(UVFKHLQXQJDEJDE 'RFKVHLQH6HHOHZDUQRFKVFKZlU]HU 6LHJHKRUFKWHQXUGHP6DWDQRGHU$HED $XFKDQGLHVHP$EHQGVFKULWWHUZLHGHUGXUFKGLH*lQJH GHV.ORVWHUV'UDXHQZDUHVILQVWHUJHZRUGHQ6WHUQNODU VSDQQWHVLFKGHU+LPPHOEHUGHPJHZDOWLJHQ*HELUJV PDVVLY(VJDE)URVWXQGGLHNOLUUHQGH.lOWHILHOKHUDEZLHHLQ 7HSSLFK /lQJVXQG4XHUJlQJHGXUFK]RJHQGDV.ORVWHUZLHGDV 1HW]HLQHU6SLQQH:HUVLFK]XUHFKWILQGHQZROOWHPXWH VFKRQHLQLJH=HLWKLHUOHEHQVRQVWYHUOLHIHUVLFKXQZHLJHUOLFK RGHUHUODQGHWHLQHLQHU6DFNJDVVHZRHUEDOGYRULUJHQGHLQHU 0DXHUVWDQGXQGQLFKWZHLWHUNRQQWH 'HU$EWKDWWHVHLQH+lQGHLQGHQZHLWHQbUPHOQYHUVWHFNW (UJLQJPLWJHPHVVHQHQ6FKULWWHQ'LH0|QFKHGLHLKP EHJHJQHWHQQLFNWHQGHPXWVYROOZHQQVLHGHQ$EWDQ VFKDXWHQ 'RQ$OYDUH]ZDUVLFKVHLQHU6WHOOXQJZRKOEHZXW

'HU.DOIDNWRUPDFKWHGHQWLHIVWHQ%FNOLQJXQGPXUPHOWH HLQHQ*UX 'HU$EWEOLHEVWHKHQª+RFKPLWGLU©KHUUVFKWHHUGHQ0DQQ DQ 'HU.DOIDNWRUHUKREVLFK]LWWHUQG(UZDJWHQLFKWGHP$EW LQGLH$XJHQ]XVFKDXHQ(UKLH*XOLR2UWHJD6HLQ6RKQ ZRKQWHXQWHQLP'RUI *XOLRZDUGHUHLQ]LJHGHUKLQXQGZLHGHUGDV.ORVWHU YHUOLH(UULWWGDQQDXIGHP0DXOWLHULQV'RUIXQGEHVRUJWH IULVFKHV*HPVH:HQQHU]XUFNNDPWUXJHULPPHUHLQHQ YHUVFKORVVHQHQ.RUEPLWVLFK(UHQWKLHOW'LQJHGLHQXUIU GHQ$EWEHVWLPPWZDUHQ)OHLVFK.lVH%URWDXFK=HLWXQJHQ XQG=HLWVFKULIWHQ 1LHPDQGGHUDQGHUHQ0|QFKHGXUIWHHWZDVGDYRQZLVVHQ XQG*XOLR2UWHJDKWHWHVHLQ*HKHLPQLV ª:HQQGXQlFKVWHVPDOZLHGHULQV'RUIJHKVWQLPPGHQ .RUEPLW©VDJWHGHU$EW ª-DZRKO+HUU© 'DQQJLQJGHU$EWZHLWHU0HKU:RUWHUHGHWHHUQLFKWPLW *XOLR2UWHJDGHP.DOIDNWRUPLWGHPZHLHQ+DDUNUDQ] 'HU$EWYHUOLHGHQ+DXSWJDQJ(UZDQGWHVLFKQDFKUHFKWV EHWUDWHLQHQVFKPDOHQ6HLWHQVWROOHQXQGPXWHGHQ.RSIHLQ ]LHKHQGDHUVRQVWJHJHQGLH'HFNHJHVWRHQZlUH 'HU*DQJHQGHWHYRUHLQHU:DQG)UHLQHQ)UHPGHQZlUH KLHUDOOHV]X(QGHJHZHVHQGHQQGLH)DFNHOQGLHGHQ +DXSWJDQJDXVOHXFKWHWHQYHUVWUHXWHQLKUH+HOOLJNHLWQLFKW ELVDQGLH0DXHU 'RQ$OYDUH]GUFNWHDXIHLQHQKHUYRUUDJHQGHQ6WHLQ =XHUVWJHVFKDKQLFKWV'RFKQDFKHLQLJHQ6HNXQGHQ]HLJWH HLQKlOLFKHV.QLUVFKHQDQGDHWZDVLQ%HZHJXQJJHULHW (VZDUHLQ7HLOGHU:DQG (UZXUGHNXU]HUKDQGQDFKLQQHQJHGUFNWXQGJDEHLQ JHQJHQGJURHV4XDGUDWIUHLVRGDHLQHUZDFKVHQHU 0HQVFKKLQGXUFKVFKOSIHQNRQQWH'HU$EWEHUVFKULWWGLH 6FKZHOOHXQGDXWRPDWLVFKJOLWWGLHgIIQXQJKLQWHULKP ZLHGHU]X

8QWHUVHLQHP*HZDQGKROWHGHU$EWHLQH)DFNHOKHUYRUXQG ]QGHWHGDVREHUH(QGHDQ )ODFNHUQGHV/LFKWZDUIHLQHQU|WOLFKHQ6FKLPPHULQHLQ NOHLQHV9HUOLHV(UEHUKUWHDEHUDXFKGHQ%RGHQULHLQH +RO]IDOOWUDXVGHU'XQNHOKHLWGLHGHU$EWDQKREXQGODQJ VDP]XUFNJOHLWHQOLH (LQGXPSIHUQDFK6FKZHIHOXQG9HUZHVXQJULHFKHQGHU *HVWDQNVFKOXJLKPHQWJHJHQ 'DVVW|UWH'RQ$OYDUH]QLFKW(UKDWWHVLFKOlQJVWDQGHQ *HUXFKJHZ|KQW ,P/LFKWGHU)DFNHOVDKHUGLHDOWH+RO]OHLWHUGLHLQGLH WLHIHUJHOHJHQHQ*HZ|OEHIKUWH'LH/HLWHUZDUXUDOW6LHVDK DXVDOVZUGHVLHMHGHQ$XJHQEOLFN]XVDPPHQEUHFKHQGRFK VLHKDWWHGLH-DKUKXQGHUWHEHUGDXHUWXQGZUGHDXFKQRFK OlQJHUKDOWHQ 6WXIHIU6WXIHVWLHJGHU$EWKLQHLQLQHLQHDQGHUH:HOW :DUHVLP.ORVWHUVFKRQXQKHLPOLFKVRNDPLQGLHVHP *HZ|OEHQRFKGDV*UDXHQKLQ]XGDVXQVLFKWEDU]XJHJHQZDU XQGGLH0HQVFKHQEHHLQIOXVVHQZROOWH 'RQ$OYDUH]DEHUOLHVLFKGDGXUFKQLFKWDXIKDOWHQ(U JHK|UWHEHUHLWVVHOEVW]XGHQDQGHUHQGLHGDV%|VHLQGLH:HOW WUDJHQZROOWHQ(UZDUDQJHVWHFNWZRUGHQZLHHLQ.UDQNHU YRQHLQHP%D]LOOXV (UEFNWHVLFKXQGEHWUDWGLH/HLWHU 'LH6SURVVHQERJHQVLFKXQWHUVHLQHP*HZLFKWHWZDVGXUFK VLHKLHOWHQDEHU 'RQ$OYDUH]NRQQWHVLFKQXUPLWHLQHU+DQGIHVWNODPPHUQ GDHULQGHUDQGHUHQGLH)DFNHOWUXJ2KQH]XVWROSHUQHU UHLFKWHHUGHQ%RGHQ 1HEHOGlPSIHVWLHJHQDXVGHQKDDUIHLQHQ5LVVHQLP*HVWHLQ ZDEHUWHQKRFKXQGYHUWHLOWHQVLFK]XODQJHQ6FKOHLHUQ,QGHU +|KOHVFKLHQHLQHZLJHV5DXQHQXQG:LVSHUQ]XKHUUVFKHQ HLQVWHWLJHV6XPPHQGDVGHQ$QN|PPOLQJORFNWHXQGQLFKW PHKUIUHLJHEHQZROOWH 'HU$EWVFKULWWGXUFKGLH1HEHOZDQG6HLQH)DFNHOZDUQXU QRFKHLQYHUVFKZRPPHQHU)OHFN-HWLHIHUHULQGDV*HZ|OEH

XQGGDPLWLQGHQ1HEHOHLQGUDQJXPVRGHXWOLFKHUVFKlOWH VLFKHWZDVDQGHUHVDXVGHUZDEHUQGHQ:DQGKHUYRU (VZDUHLQ7RU 'LH8PULVVHIORVVHQZDUHQGDXHUQGLQ%HZHJXQJYHU ZLVFKWHQXQGIDQGHQVLFKHUQHXW]XVDPPHQ 'LHVHV7RUZXUGHDXIHLQH)HOVZDQGSURML]LHUW*UQOLFK VLOEHUQVFKLPPHUWHQGLH.RQWXUHQXQGVWUDKOWHQDXFKGHQ )HOVGDKLQWHUDQ:HQQPDQQRUPDOHUZHLVHYRQ'lPRQHQ WRUHQVSUDFKVRZDUHQGDPLWGLH5LVVH]ZLVFKHQGHQHLQ ]HOQHQ'LPHQVLRQHQJHPHLQW+LHUDEHUVDKGHU%HWUDFKWHU HLQUHJHOUHFKWHV7RUYRUVLFK 'RQ$OYDUH]EOLHEVWHKHQ +RFKKLHOWHUGLH)DFNHOGHQDQGHUHQ$UPVWUHFNWHHUGHP 7RUHQWJHJHQª$HED©ULHIHUª+LHULVWGHLQ'LHQHU© 'LHOHW]WHQ1HEHOVWUHLIHQYRUGHP7RUIDVHUWHQDXVHLQDQGHU NDXPGDGLH6WLPPHHUNOXQJHQZDU'DQQYHUVFKZDQGGLH JUDXH6XSSHY|OOLJ )UHLODJGDV'LPHQVLRQVWRUYRUGHQ$XJHQGHVGlPRQLVFKHQ $EWV 'LH)OlFKHLQQHUKDOEGHUEHLGHQ6HLWHQYHUlQGHUWHVLFK'DV )OLUUHQZXUGHZHQLJHUYHUVFKZDQGSO|W]OLFKXQGGDV JUDXVFKZDU]H*HVWHLQYHUZDQGHOWHVLFKLQHLQHKHOOHVSLH JHOQGH)OlFKH *HEDQQWEHREDFKWHWH'RQ$OYDUH]GLHVHV3KlQRPHQ(U HUOHEWHHVQLFKW]XPHUVWHQ0DOXQGZXUGHGRFKLPPHU ZLHGHUGDYRQPLWJHULVVHQ'HUGlPRQLVFKH(LQIOXZDULQ GLHVHP*HZ|OEHXQJODXEOLFKVWDUN(UNRQQWHVLFKVRYHU EUHLWHQGDHVKLHUXQWHQNHLQHQ*HJHQSROJDE'LH.UlIWH GHV/LFKWVZDUHQDXVJHVFKDOWHW 1RFKWDWVLFKQLFKWVDXIGHU6SLHJHOIOlFKHGRFKGHU$EW ZXWHJHQDXGDVLHVLFKEDOGYHUlQGHUQXQGLKPHLQ%LOG ]HLJHQZUGH'DQQHUKLHOWHUQHXH,QIRUPDWLRQHQDXVGHP 5HLFKGHU6FKDWWHQ9LHOOHLFKWVDKHUDXFKGHQ0HLVWHUGHU 6SXNJHQDQQWZXUGHXQGRIWDOVJUDXVDPHV:HVHQDXIWUDW GDVPLWHLVHUQHU6WUHQJHEHUGLHVFKZDU]HQ6HHOHQGHU 'lPRQHQKHUUVFKWH,QVHLQHP5HLFKYHJHWLHUWHQGLH

'lPRQHQVHHOHQGDKLQGLHYRQPlFKWLJHQ*HJQHUQYHUEDQQW RGHUJHW|WHWZRUGHQZDUHQ 'RFKGHU6SXNWUDWQLFKWDXI 'DIUVDK'RQ$OYDUH]DQGHUH 9LHU5HLWHU 6LHVFKLHQHQDXVHLQHUXQHQGOLFKHQ)HUQH]XNRPPHQ JDORSSLHUWHQQHEHQHLQDQGHUKHUXQGDOOGDVJHVFKDKLQHLQHU JHVSHQVWLVFKHQ/DXWORVLJNHLWGLHGHP%HWUDFKWHUHLQH *lQVHKDXWEHUGHQ5FNHQODXIHQOLH 'LH5HLWHUQlKHUWHQVLFKZXUGHQGHXWOLFKHU 6LHKRFNWHQDXISHFKVFKZDU]HQ3IHUGHQWUXJHQOHGHUQH 5VWXQJHQ$XILKUHQ.|SIHQVDHQGLH+HOPHZLHIHVWJH NOHEW9RQGHUREHUHQ+lOIWHLKUHU*HVLFKWHUZDUQLFKWV]X VHKHQ5RWH0DVNHQYHUGHFNWHQVLH1XUGLHXQWHUHQ7HLOH VFKDXWHQKHUYRU6LHJOlQ]WHQNQRFKHQEOHLFK 'LHYLHU5HLWHU6LQQELOGGHU$SRNDO\SVH6LHEUDFKWHQGLH YLHUJURHQ3ODJHQ .ULHJ3HVW7RGXQG+XQJHU 'LHVH5HLWHUH[LVWLHUWHQVFKRQVHLW8U]HLWHQ,P0LWWHODOWHU KDWWHQVLHLKUHJURH=HLW:lKUHQGGHV'UHLLJMlKULJHQ .ULHJHVEUDFKWHQVLHGLH3HVWEHU(XURSDI|UGHUWHQGLH +XQJHUVQ|WHEUDFKWHQGDV*UDXHQPLWXQGVlWHQGHQ7RG 9LHU5HLWHUYLHU/HLEZlFKWHU -HGHUGHU5HLWHUWUXJHLQHQ%XFKVWDEHQDXIGHU5VWXQJ 'RQ$OYDUH]ODVYRQOLQNVQDFKUHFKWV $(%$ 'DV:RUWXPGDVVLFKDOOHVGUHKWH(VZDUHLQ*HKHLPQLV GHU+|OOHXQGZXUGHYRQGHQ5HLWHUQJHOIWHW 1XUZHQLJHZXWHQZDV$HEDEHGHXWHWHXQGZDUHQGD UEHULQIRUPLHUWGDGLHYLHU5HLWHUK|KHUHQ'lPRQHQDOV /HLEZlFKWHUGLHQWHQ'HQQDXFKGLH+|OOHKDWWHLKUH *QVWOLQJH6RZLHGLH(U]HQJHOGLH6FKW]HUGHV+LPPHOV VLQGJLEWHVLQGHU+|OOHGHQVFKUHFNOLFKHQ*HJHQSRO 9LHUJUDXVDPH+DXSWGlPRQHQ $VWDURWK(XU\QRPH%DHOXQG$PGXFLDV 9LHU1DPHQYLHU%HJULIIHYLHU$QIDQJVEXFKVWDEHQ'LH

$QIDQJVEXFKVWDEHQDQHLQDQGHUJHIJWHUJDEHQGDV:RUW $HED 'LHVHUJHKHLPQLVYROOH%HJULIIGHUVFKRQPDQFKH0HQVFKHQ YRU5lWVHOJHVWHOOWKDWWHZDUJDQ]HLQIDFK]XHUNOlUHQ 0DQPXWHHVQXUZLVVHQ 8QG'RQ$OYDUH]ZXWHZDVHUYRQ$HED]XKDOWHQKDWWH )ULKQZDUGLHVDOOHV$HEDEHVWLPPWHVHLQ/HEHQ$HEDKDWWH LKQLQGHQ.ODXHQ$HEDZDUGDV%|VHDQVLFK 'HU5HLWHUJDQ]OLQNVVSUHQJWHYRUZlKUHQGGLHDQGHUHQ GUHLHWZDV]XUFNEOLHEHQ ª+|U]X8QJOFNVHOLJHU©GU|KQWHGHP$EWGLHGRQQHUQGH 6WLPPHHQWJHJHQª:LUKDEHQGHQJHIXQGHQGHUDXVGHP .ORVWHUJHIORKHQLVW(UKDWHVELV]XHLQHP/DQGJHVFKDIIWGDV Q|UGOLFKYRQKLHUOLHJW(QJODQGKHLWHV'RUWLVWHU]XHLQHP )UHXQGJHODQJWJH]HLFKQHWXQGY|OOLJDP(QGH$EHUHUNRQQ WHQRFKUHGHQ$HEDLVWEHNDQQWJHZRUGHQ8QGQLFKWQXU (PLOLRV)UHXQGZHLGDYRQVRQGHUQDXFKHLQ0DQQGHU XQVHUHUNOlUWHU)HLQGLVWXQGGHQZLUELVDXIV%OXWKDVVHQ'HU 0DQQKHLW-RKQ6LQFODLU© 'HU5HLWHUOHJWHHLQH6SUHFKSDXVHHLQ'RQ$OYDUH]]XFNWH LQHLQHUKLOIORVHQ*HElUGHGLH6FKXOWHUQª:DVVROOLFKWXQ"© ª'XZLUVWPHKUHUH'LQJHWXQ(UVWHLQPDOPXWGXGHQ 0DQQEHVWUDIHQGHU(PLOLR]XU)OXFKWYHUKROIHQKDW© ª:HULVWHV"© ª*XOLR2UWHJD© ª'HU.DOIDNWRU"© ª-D(UXQGVHLQ6RKQKDEHQJHPHLQVDPGDV.RPSORWW JHJHQGLFKJHVFKPLHGHW8QGDXVGLHVHP*UXQGPVVHQ EHLGHVWHUEHQ+|UVWGXEHLGH© ª-D© ª:HQQGLHVHUOHGLJWLVWZLUVWGXGLFKXPGHLQH%UGHU NPPHUQ© ª6ROOLFKVLHDXFKW|WHQ"© ª1HLQ6LHVROOHQQXULQHLQHQPDJLVFKHQ7LHIVFKODIIDOOHQ DXVGHPVLHLUJHQGZDQQHUZHFNWZHUGHQZHQQLFKVLH EUDXFKH,FKZLOOVLHVSlWHU]XXQVHUHQ'LHQHUQPDFKHQGD

PLWVLHGLH/HKUHQGHU+|OOHYHUEUHLWHQN|QQHQ:HQQGLHV DOOHVJHVFKHKHQLVWZHUGHQZLUXQVXP-RKQ6LQFODLUNP PHUQ$HEDZLUGGLHVHQ0HQVFKHQYHUQLFKWHQ© 'HU5HLWHUVWLHGLHOHW]WHQ:RUWHKDHUIOOWDXV8QGHUIXKU IRUWª'HU6SXNXQVHU0HLVWHUZDUWHWDXI6LQFODLUV7RG8QG ZLHLFK6LQFODLUNHQQHZLUGHUQLFKWORFNHUODVVHQXQGGLH6SXU YRQ$HEDDXIQHKPHQ9LHOOHLFKWWULIIWHULUJHQGZDQQLQGHQ QlFKVWHQ7DJHQEHLGLULP.ORVWHUHLQ9HUZHLJHUHLKPQLFKW GHQ=XWULWWGHQQGDQQKDVWGXLKQLQGHU)DOOHXQGEHUOlW LKQXQV© ª,FKZHUGHDOOGDVWXQZDVGXYHUODQJVW©HUZLGHUWHGHU K|OOLVFKH$EW ª'DVLVWJXW'DQQJHKMHW]WXQGEHUHLWHDOOHVYRU© (VZDUHQGLHOHW]WHQ:RUWHGHV5HLWHUV0LWLKQHQYHUORVFK DXFKGDV%LOG 1XUQRFKGHU6SLHJHOEOLHE]XUFNGHVVHQ)OlFKHMHGRFK UDVFKVWXPSIXQGJUDXZXUGHXQGZLHGHUGLH)DUEHGHV +|KOHQJHVWHLQVDQQDKP 'HU$EWZDQGWHVLFK]XP*HKHQ(UKDWWHJHQXJHUIDKUHQ XQGHUZDUIHVWHQWVFKORVVHQGLHWHXIOLVFKHQ)RUGHUXQJHQ VHLQHV0HLVWHUVDXV]XIKUHQ *DQ]REHQDXIGHU/LVWHVWDQGHLQ1DPH *XOLR2UWHJD /RV$OEDVZDUHLQ%HUJEDXHUQGRUI (VODJHLQJHNHLOW]ZLVFKHQGHQKRKHQ)HOVPDVVLYHQGHU 3\UHQlHQXQGZDUPLWGHU$XHQZHOWSUDNWLVFKQXUGXUFK HLQH6WUDHYHUEXQGHQ'LHVHU+|KHQZHJIKUWHQDFK0RQW /RXLVZDUEHVFKZHUOLFK]XIDKUHQXQGLPWLHIHQ:LQWHU Y|OOLJ]XJHVFKQHLW 'LHZHQLJHQ(LQZRKQHUGHV2UWHVOHEWHQLQHLQHP'UHL OlQGHUHFN ,P1RUGHQ)UDQNUHLFKLP6GHQ6SDQLHQVXQGLP:HVWHQ ODJGLH5HSXEOLN$QGRUUD 'UHLKXQGHUW6HHOHQ]lKOWHGHU2UW)DVWDOOHOHEWHQYRQGHU

/DQGZLUWVFKDIW'LH)DPLOLHQEHZLUWVFKDIWHWHQGLHNDUJHQ )HOGHU7HUUDVVHQI|UPLJZDUHQGLH)HOGHUDQJHOHJWXQGRIW JHQXJJHVFKDKHVGDYRQGHQDXVGHQ3\UHQlHQNRPPHQ GHQ)DOOZLQGHQGLH6DDWZLHGHUZHJJHZHKWZXUGH 'LH%DXHUQNlPSIWHQJHJHQGLH1DWXU8QGVHLW-DKU KXQGHUWHQVWDQGGHU.DPSIXQHQWVFKLHGHQ 'LHHLQ]HOQHQ+lXVHUVLHZDUHQEHVVHUH+WWHQNOHEWHQ I|UPOLFKDP%HUJ$XVJHOEEUDXQVFKLPPHUQGHP/HKP ZDUHQGLHVH+WWHQHUULFKWHWPLWNOHLQHQ)HQVWHUQXQG VFKPDOHQ7UHQ 'HU.LUFKWXUPEHUUDJWHGLH+lXVHUMHGRFKDOOH:HLXQG PLWHLQHPJURHQ.UHX]YHUVHKHQVWDFKHULQGHQ+LPPHO 6FKDXWHPDQDP.LUFKWXUPYRUEHLXQGOLHGHQ%OLFNZHLWHU LQGLH+|KHZDQGHUQVRZDUGDV.ORVWHUQLFKW]XEHUVHKHQ :LHHLQH7UXW]EXUJVWDQGHVREHQDXIHLQHU%HUJVSLW]HYRP :LQGXPKHXOWXQGGRFKHLQXQHUVFKWWHUOLFKHV=HXJQLVHLQHU ODQJHQHUHLJQLVUHLFKHQ9HUJDQJHQKHLW (LQW|QLJZDUGHU7DJHVDEODXIGHU%HUJEDXHUQ%HVRQGHUVLP :LQWHUZHQQGLHHUVWHQ6FKQHHVWUPHLQV7DOIHJWHQXQGGHQ NOHLQHQ2UWPLWLKUHUZHLHQ3UDFKW]XGHFNWHQ $XFKLQGLHVHP-DKUKDWWHHVEHUHLWVGHQHUVWHQ6WXUPJH JHEHQ'RFKGHU6FKQHHZDUUDVFKZLHGHUJHWDXW'HU%RGHQ HQWKLHOWQRFK]XYLHO:lUPH-HW]WKDWWHGLH.lOWH(LQ]XJ JHKDOWHQ'HU)URVWOLHGLH(UGHKDUWZLH6WHLQZHUGHQXQG GLHNDOWH/XIWVWDFKEHLP$WPHQLQGHQ/XQJHQ:HQQHVQXQ VFKQHLWHGDQQEOLHEGHU6FKQHHOLHJHQXQGZUGHELV]XP )UKMDKUQLFKWZLHGHUWDXHQ 'LH(LQZRKQHUYRQ/RV$OEDVKDWWHQYRUJHVRUJW'LH9RU UDWVNDPPHUQZDUHQJHIOOWPLW%UHQQPDWHULDOXQG/HEHQV PLWWHOQ$XFKGLH6FKDIHXQG=LHJHQZDUHQLQGLH6WlOOH JHWULHEHQZRUGHQXQGZXUGHQHUVWZLHGHULQV)UHLHJHODVVHQ ZHQQGHU6FKQHHVFKPRO] ,QHQJHQ.XUYHQVFKOlQJHOWHVLFKGLH'RUIVWUDHGXUFKGHQ 2UW6LHZDQGVLFKYRUEHLDQ+DXVHFNHQIKUWHPDOLQGLH +|KHXQGILHOGDQQZLHGHUDE 9RUGHUHLQ]LJHQ%RGHJDGHV'RUIHVVWDQGHQHLQSDDU

5HNODPHWDIHOQ'HU%RGHJHURZDUGHUUHLFKVWH0DQQ(UEHVD VRJDU7HOHIRQXQGHLQHQ)HUQVHKDSSDUDW'LHPHLVWHQ+lXVHU KDWWHQQRFKNHLQHQHOHNWULVFKHQ6WURP0DQZDUDXIGDV/LFKW GHU3HWUROHXPODPSHDQJHZLHVHQ /RV$OEDVZDUZLUNOLFKYHUJHVVHQZRUGHQ )UHPGHNDPHQQXUZHQLJH+LQXQGZLHGHUWDXFKWHQ *UHQ]EHDPWHDXIGLHMHGRFKVFKQHOOZLHGHUYHUVFKZDQGHQ ZHQQVLHPHUNWHQGDVLHLKU9HUJQJHQVFKRQZRDQGHUV VXFKHQPXWHQ 'LH(LQZRKQHUZDUHQVHKUJOlXELJ$EHUDXFKDEHUJOlX ELVFK6LHYHUHKUWHQGLH-XQJIUDX0DULDIUFKWHWHQVLFKMHGRFK HEHQVRYRUGHQILQVWHUHQ0lFKWHQGHU+|OOHXQGGHQ 'lPRQHQ:DVREHQLP.ORVWHUJHVFKDKEOLHEHLQ*HKHLPQLV 8QGGRFKJDEHVMHPDQGHQGHUPHKUHUIXKUDOVDOOHDQGH UHQ'DVZDU-XDQ2UWHJDGHU6RKQGHVDOWHQ.DOIDNWRUV :HQQGHU$OWHLQV'RUINDPXP3URYLDQW]XEHVRUJHQGDQQ JLQJHULPPHUDXIHLQ6FKZlW]FKHQ]XVHLQHP6RKQ 1DWUOLFKHU]lKOWHHUZDVLP.ORVWHUORVZDUXQG-XDQHUIXKU YRQGHUYHUlQGHUWHQ+DOWXQJGHU0|QFKH%HLMHGHP%HVXFK ZXWHVHLQ9DWHUPHKU]XEHULFKWHQ(UPDFKWHGHPMXQJHQ 2UWHJD$QJVW$OV*XOLR3DWHU(PLOLRVFKOLHOLFKLQGDV'RUI EUDFKWHGDK|UWH-XDQ'LQJHGLHLKPGLH+DDUH]X%HUJH VWHKHQOLHHQ(UEHUZDQGVLFKXQGEUDFKWHGHQ3DWHU QDFK(QJODQG ,P*HJHQVDW]]XVHLQHQPHLVWHQ0LWEUJHUQKDWWH-XDQ 2UWHJDHWZDV9HUP|JHQ1LFKWYLHODEHUGDHUHLQLJH=HLWLQ 0DGULGJHOHEWXQGGRUWDXFKVWXGLHUWKDWWHNRQQWHHUVSDUHQ 7URW]VHLQHV-XUDVWXGLXPVZDUHULQGDVNOHLQH'RUI]XUFN JHNHKUWGHQQHUZDUYRQGHU,GHHEHVHVVHQGHQ/HXWHQGLH =LYLOLVDWLRQQlKHU]XEULQJHQ(UZROOWHGHQ2UWDXFKIUGHQ 7RXULVPXVHUVFKOLHHQ(UVWH$QVWUHQJXQJHQKDWWHHUVFKRQ XQWHUQRPPHQXQGVLFKGDEHLPLWGHQ]XVWlQGLJHQ6WHOOHQ XQGVRJDUPLWGHP0LQLVWHULXPLQ9HUELQGXQJJHVHW]W 'LH$QWZRUWZDUELVKHUDXVJHEOLHEHQ :LHMHGHQ7DJPDFKWH-XDQ2UWHJDDXFKDQGLHVHP 1DFKPLWWDJVHLQH5XQGHGXUFKGHQ2UW6HLQ$XWRKDWWHHU

YHUNDXIWXQGHVJHJHQHLQ)DKUUDGHLQJHWDXVFKW0LWGLHVHP 'UDKWHVHOZDUHUZHVHQWOLFKEHZHJOLFKHU (UPXWHVWUDPSHOQDOVHUGLHNOHLQH$QK|KHKRFKNDPDXI GHUHQ6FKHLWHOSXQNWGLH%RGHJDODJ'HU:LUWZDUHLQHUVHLQHU 9HUEQGHWHQ(UKDWWHQLFKWVGDJHJHQGDGHU2UWIUGHQ 7RXULVPXVHUVFKORVVHQZHUGHQVROOWH6RHWZDVKREGDV *HVFKlIW 'LHbOWHUHQZDUHQGDDQGHUHU0HLQXQJ6LHZROOWHQQLFKW GDGLH)UHPGHQNDPHQXQGLKUH5XKHVW|UWHQ6ROOWHQGLH 7RXULVWHQGRFKDQGLH.VWHIDKUHQXQGVLFKGRUWYRQGHU 6RQQHVFKPRUHQODVVHQ -XDQKDWWHJHUHGHWXQGJHUHGHW6FKOLHOLFKJHZDQQHUDXFK GHQ%UJHUPHLVWHUIUVHLQH3OlQH 'RQ)HOLSH6DUDJRQGHU$ONDOGHKDWWHHVVFKOLHOLFK JHVFKDIIWXQGDXFKGLHDOWHLQJHVHVVHQHQ%UJHUEHUUHGHW .DOWEOLHVGHPMXQJHQ2UWHJDGHU:LQGHQWJHJHQ=XP 6FKXW]KDWWHHUVLFKHLQHQ6FKDOYRUGHQ0XQGJHEXQGHQ GRFKGLH$XJHQEHJDQQHQ]XWUlQHQVRGDHUGDV*HIKO KDWWHVLHZUGHQ]X(LVWURSIHQJHIULHUHQ (LQSDDUOHW]WH6FKQHHUHVWHNOHEWHQDQGHU+DXVZDQGGHU %RGHJD -XDQ2UWHJDVWHOOWHVHLQ)DKUUDGUHFKWVQHEHQGHUVFKPDOHQ (LQJDQJVWUDE(UUROOWHGHQ6FKDOHLQXQGVFKWWHOWHVLFK 7URW]GHUGLFNHQ-DFNHZDULKPGHUVFKQHLGHQGH:LQGGRFK PDQFKPDOELVDXIGLH+DXWJHGUXQJHQ $OVHUGLH7UDXIVWLHTXROOHQLKP:lUPH6WLPPHQJHZLUU XQG7DEDNVTXDOPHQWJHJHQ (LQZHLKDDULJHU0DQQULHIª$KGDNRPPWMDXQVHUNOHLQHU 5HIRUPHU© -XDQOlFKHOWHQXUXQGJLQJYRUELV]XGHU7KHNH 'LHNOHLQHQ7LVFKHZDUHQIDVWDOOHEHVHW]W1LFKWHLQH)UDX ZDU]XVHKHQ'DV6LW]HQLQGHQ%RGHJDVZDUUHLQH 0lQQHUVDFKH'LH'RUIEHZRKQHUWUDQNHQLKUHQ3DVWLVRGHU HLQHQ5RWHQXQGGLVNXWLHUWHQEHU*RWWXQGGLH:HOW 0DQXHO&RUVRGHU%RGHJHURVWUDKOWHEHUGDVJDQ]H *HVLFKWDOVHU-XDQHUEOLFNWH

'LHEHLGHQ0lQQHUYHUVWDQGHQVLFKJXW$XHUGHPKDWWHQ VLHJHPHLQVDPH,QWHUHVVHQ -XDQ2UWHJDNQ|SIWHVHLQH-DFNHDXI ª:LOOVWGXQLFKWDEOHJHQ"©IUDJWH&RUVR ª:DUXP",FKEOHLEHGRFKQLFKWODQJH© ª:LHLPPHU"© ª-D© 2UWHJDHUKLHOWVHLQHQ$QLVVFKQDSV'DV:DVVHUJODVZDUELV ]XU+lOIWHJHIOOW-XDQWUDQNLQNOHLQHQODQJVDPHQ 6FKOXFNHQ ª+DVWGXVFKRQHWZDVYRP0LQLVWHULXPJHK|UW"©IUDJWHGHU %RGHJHUR -XDQ]QGHWHVLFKHLQH=LJDUHWWHDQXQGEOLHVGHQ5DXFK JHJHQGLH/DPSH6LHZDUDXV.RUNXQGVFKDXNHOWHLP /XIW]XJª*HK|UWKDEHLFKQRFKQLFKWVDEHULFKNHQQHGLH %HDPWHQDXVPHLQHU6WXGLHQ]HLW%LVGLHHLQHQ$QWUDJEH DUEHLWHQGDVGDXHUW© &RUVRKXVWHWHª.DQQPDQHEHQQLFKWVPDFKHQ,FKKDEH PLFKVFKRQPLWHLQHP$UFKLWHNWHQLQ9HUELQGXQJJHVHW]W 'LH%RGHJDKLHUVROO]XHLQHPULFKWLJHQ(FNORNDOXPJHEDXW ZHUGHQ©&RUVRV$XJHQEHJDQQHQ]XJOlQ]HQª,FKVHKH VFKRQDOOHVYRUPLU/DPSLRQVVFKZLQJHQLQOLQGHU)UKOLQJV OXIW)ODPHQFR7DQJR7lQ]HUXQG7lQ]HULQQHQHLQH.DSHOOH YLHOOHLFKWDXFK=LJHXQHU'DVZLUGHLQH6FKDX© 'LHDQGHUHQ*lVWHZDUHQDXIPHUNVDPJHZRUGHQ ª6SLQQVWGXVFKRQZLHGHU"©ULHIHLQHUª)OOOLHEHUXQVHUH *OlVHUQDFK© ª$FKZDVZLWLKUGHQQVFKRQ"©VFKULH0DQXHO&RUVRXQG IXFKWHOWHPLWGHQ+lQGHQKHUXPª,KUN|QQWUXKLJDXIHXUHP $FNHUIHVWIULHUHQ'DVLVWPLUHJDO© (UJLQJPLWGHP:HLQVFKODXFKYRQ7LVFK]X7LVFKXQGIOO WHGLH%HFKHUQDFK -XDQ2UWHJDUDXFKWHVHLQH=LJDUHWWH]X(QGH ª:DVKDEHLFK]X]DKOHQ"© ª'HUJHKWDXI.RVWHQGHV+DXVHV© -XDQODFKWHª'DQNH©

(UZROOWHJHKHQGRFKGHU%RGHJHURKLHOWLKQDP$UPIHVW ª0DOZDVDQGHUHV-XDQ,FKZROOWHGLFKVFKRQLPPHUHWZDV IUDJHQ© ª5HGH© ª:LHLVWGDVHLJHQWOLFKPLWGHP.ORVWHU",FKGHQNHGDDQ GHLQHQ9DWHUGHUN|QQWHGRFKPDOKHUXPKRUFKHQ© -XDQ2UWHJDUXQ]HOWHGLH6WLUQª,FKYHUVWHKHGLFKQLFKW 0DQXHO© ª,VWGRFKJDQ]HLQIDFK+RPEUH©'HU%RGHJHUREHXJWHVLFK ZHLWHUYRUª'HQNGRFKPDODQGLHVHV7RXULVWHQNORVWHU 0RQWVHUUDWZRGLH%XVVHPLWGHQ8UODXEHUQ]XHLQHU 6HNWSUREHKLQIDKUHQ'DVN|QQWHPDQGRFKDXVXQVHUHP .ORVWHUDXFKPDFKHQ© -XDQWLSSWHVLFKJHJHQGLH6WLUQª.HQQVWGXGLH0|QFKHGLH EHLXQVKLHUREHQOHEHQ"0DQQGLHWULQNHQGRFKQLHLQLKUHP /HEHQHLQHQ6FKOXFN$XHUGHP© ª:DVLVWPLWDXHUGHP"© ª$FKQLFKWV'DQNHIUGHQ6FKQDSV:LUVHKHQXQVVSlWHU© -XDQNQ|SIWHVHLQH-DFNH]X ª8QGJU&DUPHQYRQPLU©VDJWHGHU%RGHJHUR ª0DFKLFK© &DUPHQZDU-XDQV9HUOREWHXQGHLQUHFKWHV7HXIHOVZHLE6LH KDWWHHLQ7HPSHUDPHQWZLHQXUZHQLJH)UDXHQ8QGLQLKU VWHFNWHHLQH/HLGHQVFKDIWGLHQXUPLWHLQHP9XONDQDXVEUXFK ]XYHUJOHLFKHQZDUZHQQ-XDQPLW&DUPHQLP%HWWODJ 'UDXHQSDFNWHLKQZLHGHUGHUNDOWH:LQG-XDQ2UWHJD ZLFNHOWHVLFKVHLQHQ6FKDOYRUGLHXQWHUH*HVLFKWVKlOIWHVWLHJ DXIGDV5DGXQGIXKUORV %HUJDEJLQJHVVFKQHOOHU(UERJLQGLH+DXSWVWUDHHLQIXKU XPHLQH.XUYHXQGVDKSO|W]OLFKGHQ0HUFHGHVGHUJHQDXYRU VHLQHP+DXVSDUNWH 6RHEHQVWLHJHQ]ZHL0lQQHUDXV -XDQIXKUVFKQHOOHU(UHUNDQQWHGDHVVLFKQLFKWXP (LQKHLPLVFKHKDQGHOWHXQGIUDJWHVLFKZDVGLHEHLGHQ )UHPGHQYRQLKPZROOWHQ

*XOLR2UWHJDGHUDOWH.DOIDNWRUNRQQWHQLFKWVDJHQREHV7DJ RGHU1DFKWZDU6HLQ=LPPHUKDWWHZLHGLHGHUDQGHUHQ NHLQH)HQVWHU(UKDXVWHLQHEHQVRHLQHU+|KOHZLHGLHEULJHQ 0|QFKH1XUJLQJHV*XOLRHWZDVEHVVHU(UKDWWHVLFKKLQXQG ZLHGHU'LQJHDXVGHP'RUIPLWJHEUDFKWXQGVLHLQVHLQHU =HOOHYHUVWHFNW 6FKQDSVWUDQNGHUDOWH*XOLRLPPHU (UVFKOHSSWHLPPHUHLQHJURH)ODVFKHYRQGHP6HOEVW JHEUDQQWHQPLWKRFKXQGMHGHVPDOZHQQHUXQWHQLP'RUI ZDUZXUGHHUJHIUDJWZDUXPHUGHQQZLHGHUKRFKJLQJH ª'DKDEHLFK5XKHYRUHXFK.ODWVFKPlXOHUQ©ODXWHWH LPPHUGLH$QWZRUW 2UWHJDDKQWHQLFKWGDHUEDOGVHLQHHZLJH5XKHKDEHQ ZUGH(UZDU]ZDUVHLWHLQLJHQ7DJHQ]LHPOLFKXQUXKLJ VFKOLHOLFKKDWWHHU3DWHU(PLOLR]XU)OXFKWDXVGHU)HVWXQJ YHUKROIHQDEHUJURH6RUJHQPDFKWHHUVLFKGHVZHJHQQLFKW :HUZROOWHLKPGHQQVFKRQHWZDVEHZHLVHQ" :LHEOLFKEUDFKWHHUGDV(VVHQKHUXP(LQHQ)UDGHQHU VHOEVWJHNRFKWKDWWH 'QQH6XSSHXQG:HLEURW*XOLRJDE]XGDHVLP =XFKWKDXVEHVVHUHV(VVHQJDE'RFKGLH0|QFKHQDKPHQ DHQXQGVFKZLHJHQ'DQQEUDFKWH*XOLRGHQ.HVVHOZLHGHU ]XUFNLQGLHSURYLVRULVFKH.FKH(UZXVFKGHQJURHQ7RSI GRUWDXVXQGJLQJLQVHLQH+|KOH (UEUDXFKWHNHLQ/LFKWXPGLH7U]XILQGHQ,P'XQNHOQ WDVWHWHHUQDFKGHQ=QGK|O]HUQXPHLQH.HU]HDQ]X]QGHQ 'DOHJWHVLFKHLQH+DQGDXIVHLQH6FKXOWHU *XOLRHUVFKUDNELVLQV0DUN6HLQH)LQJHUEHJDQQHQ]X ]LWWHUQHUOLHGLH=QGK|O]HUIDOOHQ ª:HUZHUELVWGX"©KDXFKWH*XOLR (UK|UWHGDV/DFKHQDQVHLQHP2KUXQGZXWHSO|W]OLFK ZHUQHEHQLKPVWDQG 'RQ$OYDUH]GHU$EW *XOLR2UWHJDEHUXKLJWHVLFKZLHGHU'HU+HU]VFKODJQRUPD OLVLHUWHVLFKXQGDXFKGDV=LWWHUQK|UWHDXIª+DEHQ6LHPLFK HUVFKUHFNW'RQ$OYDUH]©KDXFKWH*XOLR

'HU$EWODFKWHZLHGHU1RFKLPPHUZDUHVVWRFNGXQNHO *XOLR2UWHJDVSUWHHLQH.ODXHEHUVHLQHQ5FNHQZDQGHUQ ª,FKNDQQGLUHLQHQ:XQVFKHUIOOHQ.DOIDNWRU© ª8QGZHOFKHQ"©IUDJWH*XOLROHLVH ª/DGLFKEHUUDVFKHQ'XZDUVWMDVFKRQLPPHUVHKUQHX JLHULJ©*XOLRVSUWHGHQKDUWHQ*ULIIGHV$EWVDQVHLQHP$UP XQGGDFKWHQLFKWDQ:LGHUVWDQG $EHUWLHILQVHLQHP,QQHUQHQWVWDQGSO|W]OLFKHLQHQLH JHNDQQWH$QJVW8QGHUIUDJWHVLFKPLW%DQJHQREHUGDV6SLHO QLFKWEHUUHL]WKDWWH'LHVH)OXFKWKLOIHNRQQWHLKPVFKOLHOLFK GDV*HQLFNEUHFKHQZHQQMHPDQGPHUNWHGDHUGHUMHQLJH ZDUGHUGDKLQWHUVWHFNWH'RQ$OYDUH]ZDUVFKODX6FKODXXQG DEJHEUKW ,P'XQNHOQ]RJGHU$EWGLH7UDXI$OV*XOLR2UWHJDGDV .QDUUHQGHU7UK|UWHYHUVWHLIWHHUVLFK ª,FKP|FKWHOLHEHUKLHUEOHLEHQ©ZLGHUVSUDFKHU ª1HLQ'XWXVWZDVLFKGLUVDJH© ª$EHUZDUXPLFK© $OYDUH]]RJLKQNXU]HUKDQGZHLWHU6HLQ*ULIIZDUZLHHLQH .ODPPHUDXVGHUHVNHLQ(QWULQQHQJDE6WROSHUQGWDXFKWH *XOLR2UWHJDHLQLQGLH)LQVWHUQLVGHV*DQJV,QGHUWLHI VFKZDU]HQ'XQNHOKHLWIKUWHLKQGHU$EWZHLWHU 2UWHJDV$QJVWZXFKV (UKlWWHXP+LOIHVFKUHLHQN|QQHQVHLQH6FKUHLHZlUHQ DXFKJHK|UWZRUGHQ$EHUQLFKWHUK|UW,KPZlUHQLHPDQG]X +LOIHJHHLOW'LH$QJVWYRUGHP$EWVWHFNWH]XWLHI$XHUGHP ZDUHQHVGLH0|QFKHJHZRKQWVLFKQXUPLWVLFKVHOEVW]X EHVFKlIWLJHQ6LHZDUHQLQGHQOHW]WHQ-DKUHQQRFKIDWD OLVWLVFKHUJHZRUGHQ,KUHIUKHUHQ,GHDOHZDUHQGDKLQ'HU (LQIOXGHV%|VHQKDWWHVLFKGRFKVHKUVWDUNEHPHUNEDU JHPDFKW:LH*LIWEUHLWHWHHUVLFKLQGHQ*HKLUQHQGHUKLHU /HEHQGHQDXVXQGPDFKWHVLHEHUHLWXQGZLOOLJIUHLQHHQG JOWLJHhEHUQDKPH 'DVDOOHVZXWH*XOLR2UWHJD]ZDUQLFKWJHQDXDEHUHU DKQWHHWZDV8QGQXQZROOWHGHU$EWLKPHWZDV]HLJHQ 'DV5lWVHOGLHVHV.ORVWHUVYLHOOHLFKW"'DVDEVROXW%|VH

XQG*UDXHQKDIWH"'LH0lFKWHGHU+|OOHGLHXQWHQLP%HUJ ODXHUWHQ" -HOlQJHU2UWHJDGDUDQGDFKWHXPVRVFKOLPPHUH%LOGHU PDOWHHUVLFKLQVHLQHP*HLVWDXV'HVWRJU|HUZXUGHDXFK GLH$QJVW 8USO|W]OLFKEOLHEHUVWHKHQ(UVWHPPWHVLFKJHJHQGLH )lXVWHGHV$EWVXQGZLFKJOHLFK]HLWLJQDFKOLQNVDXV(V JHODQJLKPVLFKDXVGHP*ULII]XGUHKHQ+DVWLJOLHIHU ]XUFN 6LHEHIDQGHQVLFKLQ]ZLVFKHQLQHLQHP*DQJGHUGXUFK )DFNHOQHUOHXFKWHWZXUGH8QG*XOLR2UWHJDZXWHJHQDX ZRKLQHU]XODXIHQKDWWH(UNDQQWHGDV*HKHLPQLVGHV )OXFKWZHJHVGLHVHQXUDOWHQ6FKDFKWGHUPLWHLQHU:HQGHO WUHSSHDXVJHVWDWWHWZDUXQGWLHILQGHQ%HUJIKUWH]XHLQHP JHKHLPHQ$XVJDQJ 8QHQGOLFKYLHOH6WXIHQPXWHPDQEHUZLQGHQ(VJDE NHLQH*HOlQGHUQXUGLHVH6WXIHQXQGQLFKWVHOWHQKDWWH MHPDQGGDV*OHLFKJHZLFKWYHUORUHQXQGZDULQGLH7LHIH JHVWU]W 'LH*HEHLQHGHU*HVWU]WHQEOHLFKWHQGDKLQ0DQFKHZDUHQ VFKRQ]X6WDXEYHUIDOOHQ 2UWHJDOLHI(UUDQQWHVRVFKQHOOZLHQRFKQLH]XYRULQ VHLQHP/HEHQ'RFKHUZDUHLQDOWHU0DQQVHLQ.|USHU KDWWHQLFKWPHKUGLH.UDIWGLHQ|WLJZDUXPGLH7UHSSH]X HUUHLFKHQ 'HU$EWZDUVFKQHOOHU 'RQ$OYDUH]HUZLVFKWH2UWHJDZHQLJH6FKULWWHYRUGHU *HKHLPWUGLH]XP6FKDFKWIKUWH*XOLRKDWWHEHUHLWVVHLQHQ $UPDXVJHVWUHFNWXPGHQ*ULII]XEHUKUHQDOVVLFKGLH )LQJHULQGDV)OHLVFKVHLQHU6FKXOWHUERKUWHQXQGLKQKHUXP ULVVHQ *XOLR2UWHJDVFKULHDXI(USUDOOWHPLWGHP5FNHQJHJHQ GLH)HOVZDQGXQGULVHLQH+lQGHVFKW]HQGYRUGDV*HVLFKW 'HUGlPRQLVFKH$EWODFKWH'LH)DXVWWUDI2UWHJDGLFKW REHUKDOEGHU*UWHOVFKQDOOH 'HUDOWH0DQQEUDFK]XVDPPHQ

'RQ$OYDUH]ZROOWHQRFKHLQPDO]XVFKODJHQGRFKGDQQVDK HUGDHVQLFKWQ|WLJZDU(LQ6FKODJKDWWHY|OOLJJHUHLFKWXP GLH.UlIWHGHV$OWHQ]XHUVFKWWHUQ :LHWRWODJHUDXIGHP%RGHQ ª6WHKDXIYHUGDPPW©]LVFKWHGHU$EW *XOLRUKUWHVLFKQLFKW 'RQ$OYDUH]]RJLKQKRFK(UEHPHUNWHGD2UWHJD EHZXWORVZDUXQGIOXFKWH -HW]WPXWHHULKQVFKOHSSHQ'HQQYLHO=HLWKDWWHHUQLFKW (UNRQQWHQLFKWHUVWZDUWHQELV2UWHJDDXVVHLQHU%H ZXWORVLJNHLWHUZDFKWHHUPXWHLKQVRUDVFKZLHP|JOLFK GHQYLHU5HLWHUQEHUJHEHQ bFK]HQGOXGVLFKGHUYHUEUHFKHULVFKH$EWGHQ%HZXWORVHQ DXIGLH6FKXOWHU$UPHXQG%HLQHGHV$OWHQEDXPHOWHQKHUDE 'HU$EWODFKWHZLGHUOLFK2UWHJDVROOWHVLFKZXQGHUQ'LHVHU 6FKXUNHZROOWHXQEHGLQJWGDV*HKHLPQLVGHV.ORVWHUVOIWHQ 9LHOOHLFKWZDUHUVRJDUHLQ6SLRQ1XQHUVROOWHGDV5lWVHO NHQQHQOHUQHQ 6LFKHUKHLWVKDOEHUEOLFNWHVLFK'RQ$OYDUH]XPRELKQDXFK QLHPDQGEHREDFKWHWH(UVDKGDGLH/XIWUHLQZDUXQGHU YHUVFKZDQGLQGHP*DQJGHUYRUGHU0DXHUPQGHWH+LHU EHWlWLJWHHUZLHGHUGHQ.RQWDNWXQGGLHVWHLQHUQH:DQGJDE GHQ(LQJDQJIUHL 'DV*HZLFKWGHV$OWHQGUFNWHXQG'RQ$OYDUH]VWLH PHKUDOVHLQPDOHLQHQOlVWHUOLFKHQ)OXFKDXV'LH)DFNHOKDWWH HUEHLPOHW]WHQPDOQHEHQGHU)DOOWUOLHJHQODVVHQ(UKREGLH 7UDQXQGHQWIDFKWHGLH)DFNHO 6RIRUWZXUGHGDVNOHLQH9HUOLHVLQHLQJHKHLPQLVYROOHV IODFNHUQGHV/LFKWJHWDXFKW'HU$EWKDWWH$QJVWGDGLH /HLWHUGDVGRSSHOWH*HZLFKWQLFKWWUDJHQN|QQWH'LH]ZHLWH 6SURVVHEUDFKWDWVlFKOLFK1XUPLW0KHNRQQWHVLFK'RQ $OYDUH]KDOWHQ(U]LVFKWHHLQH9HUZQVFKXQJJLQJWURW]GHP ZHLWHUXQGZDUVFKOLHOLFKIURKGDGLHDQGHUHQ6SURVVHQ JHKDOWHQKDWWHQ 'HU0RGHUJHUXFKKDWWHVLFKQRFKYHUVWlUNW$XFKGHU 6FKZHIHOJHVWDQNZDUQLFKW]XUFNJHJDQJHQ,P*HJHQWHLO

$OOH$Q]HLFKHQVSUDFKHQGDIUGDGDV%|VHQRFKVWlUNHU JHZRUGHQZDU 6FKZHUDWPHQGOLHGHU$EWGHQ%HZXWORVHQ]X%RGHQ JOHLWHQ(UEUDXFKWHHLQLJH=HLWXPVLFK]XHUKROHQ0LWGHP .XWWHQlUPHOIXKUHUEHUVHLQ*HVLFKW:LH:DWWHVWUHLIHQKLQJ GHUDXVGHP%RGHQTXHOOHQGH1HEHOEHUGHP*HVWHLQ'DV 7RUZDUQLFKW]XHUNHQQHQ(UVWDOV'RQ$OYDUH]WLHIHULQGHQ 1HEHOKLQHLQVFKULWWVDKHUGLH.RQWXUHQ 1RFKLPPHUIOLPPHUWHQGLH8PULVVHDXIGHP*HVWHLQ 'LH'HFNHZDUQLFKW]XVHKHQ*HLVWHUKDIWXPZDEHUWHQ 1HEHOVFKOLHUHQGLH*HVWDOWLQGHUODQJHQ.XWWH:HLWKDWWHGHU GlPRQLVFKH$EWGLH$XJHQDXIJHULVVHQ(UVWUHFNWHVHLQH $UPHDXVXQGULHIGLH/HLEZlFKWHUGHUYLHUVFKUHFNOLFKHQ 'lPRQHQDQGDPLWVLHGDV2SIHUDQQDKPHQ 'HU$EWUHGHWHLQHLQHUXUDOWHQ6SUDFKH.HKOLJHJXWWXUDO NOLQJHQGH/DXWHGUDQJHQEHUVHLQH/LSSHQ (UZXUGHHUK|UW :LHGHU]HLJWHVLFKGDVZDVHUVFKRQRIWJHVHKHQKDWWH $XVGHU8QHQGOLFKNHLWGHU'LPHQVLRQHQWDXFKWHQGLHYLHU 5HLWHUDXIKLHOWHQDQXQG'RQ$OYDUH]VXFKWHGLH=ZLH VSUDFKH ª,FKKDEHLKQGHQ9HUUlWHU©]LVFKWHHU 'HUHUVWH5HLWHUULWWYRU6HLQH+DQGVWLHQDFKREHQª+RO LKQKHUGLHVHQ9HUGDPPWHQ© ª6RIRUW© 'RQ$OYDUH]JLQJ]XUFNXQGYHUVFKZDQGZLHGHULP 1HEHO*XOLR2UWHJDNDPVRHEHQZLHGHU]XVLFK(UVWW]WH VLFKDXIXQGVFKDXWHVLFKXP6HLQ%OLFNZDUYHUZLUUWZLHGHU HLQHV*HLVWHVNUDQNHQ2UWHJDIDQGVLFKKLHUEHUKDXSWQLFKW ]XUHFKW (UVDKGHQ1HEHOGHVVHQODQJH6FKOLHUHQDXVGHP%RGHQ NURFKHQXQGYRQHLQHU6HLWH]XUDQGHUHQVFKZDQJHQ(U VSUWHGLH$XUDGHV%|VHQPHUNWHZLHJUDXVDPHIUHPGH *HGDQNHQLQVHLQ+LUQGULQJHQZROOWHQXQGIDOWHWHLQVHLQHU 9HU]ZHLIOXQJGLH+lQGH 'LH:RUWHHLQHV*HEHWVIORVVHQEHUVHLQH/LSSHQ2UWHJD

ULHIGHQ+HUUJRWWDQXQGPHUNWHGDHVLKPVFKRQEDOG EHVVHUJLQJ 'LH)OXWGHV%|VHQZXUGH]XUFNJHGUlQJWDEHUQLFKW JHVWRSSWGDIUZDUGHU(LQIOX]XVWDUN *XOLR2UWHJDHUKREVLFKlFK]HQG,KPZDUVFKOHFKWXQGHU SUHWHEHLGH+lQGHJHJHQGLHJHWURIIHQH6WHOOH+LQ]XNDP GHUEHLHQGH.RSIVFKPHU]$OVGLH)LQJHUVHLQHUUHFKWHQ +DQGEHUGHQ+LQWHUNRSIWDVWHWHQIKOWHQVLHGLHNDXPYHU NUXVWHWH3ODW]ZXQGHGLHHUVLFKEHLP)DOO]XJH]RJHQKDWWH -HW]WILHOHQLKPDXFKZLHGHUGLH(UHLJQLVVHHLQ(UGDFKWHDQ 'RQ$OYDUH]GHULKQEHUZlOWLJWXQGHQWIKUWKDWWH $EHUZRKLQ" *XOLR2UWHJDEHUOHJWH:HQQLKQQLFKWDOOHVWlXVFKWHGDQQ KDWWHLKQGHU$EWLQGLHWLHIHQ*HZ|OEHXQWHUKDOEGHVHLJHQW OLFKHQ.ORVWHUVJHVFKDIIWJHQDXGRUWKLQZRGDV*UDXHQ ODXHUWHXQGVLFK'RQ$OYDUH]VHLQHGlPRQLVFKH.UDIWKROWH 'LHVHV:LVVHQEUDFKWHLKQIDVWXPGHQ9HUVWDQGª1HLQ© NHXFKWHHUª1HLQQLFKW© (UGUHKWHVLFKXPYHUVXFKWHPLWVHLQHQ%OLFNHQGHQ1HEHO ]XGXUFKGULQJHQXQGWDXPHOWHPLWDXVJHVWUHFNWHQ$UPHQ YRUZlUWV 'HU.DOIDNWRUKDWWH*OFN6HLQH)LQJHUVFKORVVHQVLFKXP GLH6SURVVHQGHU/HLWHU 'LH5HWWXQJ" *XOLR2UWHJDZROOWHQDFKREHQNOHWWHUQ(UKREGHQUHFKWHQ )XDQIDQGGLH6SURVVHVHLQHOLQNH+DQGIDWHQDFKGHU QlFKVWHQHU]RJGDVDQGHUH%HLQQDFKXQGVSUWHGLH*HIDKU IDVWN|USHUOLFKGLHVLFKKLQWHULKP]XVDPPHQEDOOWH 6FKDXHUULHVHOWHQEHUVHLQHQ5FNHQ 'DQQK|UWHHUGLH6WLPPH ª=XVSlW2UWHJD9LHO]XVSlW©'RQ$OYDUH]ODFKWHXQGULHE VLFKGDEHLGLH+lQGH 3O|W]OLFKSDFNWHHU]X(UXPIDWH2UWHJDV+IWHQXQGUL GHQ$OWHQYRQGHU/HLWHU 5RKZDUIHUGHQ.DOIDNWRU]X%RGHQ'RQ$OYDUH]EFNWH VLFK(UNLFKHUWHZLHGHUE|VH'LHVHVOHLVHWHXIOLVFKH*HOlFKWHU

ZDUIUGHQ.DOIDNWRUZLHHLQ*UXDXVGHU+|OOH'LH$QJVW OlKPWHLKQPDFKWHLKQIDVWZDKQVLQQLJ)UKHULQMQJHUHQ -DKUHQKlWWHHUQRFKJHNlPSIWDEHUMHW]WZDUHU]XDOWXQG]X VFKZDFK ª.RPP©KHFKHOWHGHUGlPRQLVFKH$EWª.RPPVFKRQ $HEDZDUWHWEHUHLWVDXIGLFK© 'HU'UXFNYHUVFKZDQGYRQ2UWHJDV5FNHQ'HU$OWHWUXJ HLQH]HUVFKOLVVHQH-DFNH)LQJHUZKOWHQVLFKLQGHQ.UDJHQ ]RJHQ2UWHJDKRFK ª*HKVFKRQYHUGDPPWXQGODGLFKQLFKWKlQJHQ© *XOLR2UWHJDWDXPHOWHYRUDQ (UK|UWHGLH:RUWHVHLQHV3HLQLJHUVPXWHKLQXQGZLHGHU HLQHQ6FKODJLQGHQ5FNHQKLQQHKPHQXQGQlKHUWHVLFK LPPHUPHKUGHPJHKHLPQLVYROOHQ7RULQGLH'lPRQHQZHOW 'LH5HLWHUZDUWHWHQ :LH6WDWXHQVDHQVLHDXILKUHQ3IHUGHQ/HEHQGH 'HQNPlOHUGLHEHUHLWZDUHQ7RGXQG9HUQLFKWXQJ]XYHU EUHLWHQ :HLWKDWWH*XOLR2UWHJDGLH$XJHQDXIJHULVVHQ(UVDKGLH 5HLWHU]ZDUGRFKHUQDKPVLHQLFKWEHZXWZDKU6HLQH%HLQH DUEHLWHWHQSO|W]OLFKZLHYRQVHOEVW,QVHLQHP*HKLUQEUDXVWH HV(UKDWWHGDV*HIKODOVZUGHVHLQ%OXWPLWGRSSHOWHU *HVFKZLQGLJNHLWGXUFKGLH$GHUQIOLHHQXQGJHJHQGLH 6FKlGHOGHFNHWURPPHOQ'DQQNDPHQQRFKGLHIUFKWHUOLFKHQ *HGDQNHQKLQ]X6HLQPHQVFKOLFKHV%HZXWVHLQZXUGH ]XUFNJHGUlQJWXQGIDVWY|OOLJDXVJHO|VFKW =XVWDUNZDUGLHGlPRQLVFKH.UDIW6LHNRQ]HQWULHUWHVLFK QXUDXILKQDXI*XOLR2UWHJDHLQHQVFKZDFKHQ0HQVFKHQ GHULQGLH$UPHGHV*UDXHQVJHWULHEHQZXUGH ª/DXI/DXI©SHLWVFKWHKLQWHULKPGLH6WLPPHGHV$EWV ª6LHZDUWHQDXIGLFK5HQQDXIGDV7RU]X(VVROOGLFKYHU VFKOLQJHQ© (LQOHW]WHU6WR *XOLR2UWHJDZXUGHQDFKYRUQJHZRUIHQ0LWGHQ+lQGHQ ZROOWHHUVLFKLUJHQGZRIHVWKDOWHQGRFKHVJDEQLFKWVZRUDQ HUVLFKNODPPHUQNRQQWH

'LH5HLWHUVWDQGHQEHUHLW (LQHEHKDQGVFKXKWH+DQGSDFNWHLKQDP+DOV'HU5HLWHU PLWGHPJURHQ$DXIGHU%UXVWUL2UWHJDKRFK0LWHLQHU VSLHOHULVFKHQ/HLFKWLJNHLWVFKOHXGHUWHHULKQEHUVHLQHQ .RSIKLHOWLKQZHLWHUKLQIHVWJDESO|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lHQ'LH6WUDHIKUWHGDQQZHLWHUQDFK 6GHQ]XU*UHQ]HKLQ:LUDEHUIXKUHQQDFK:HVWHQ5LFKWXQJ $QGRUUD]X 6XNRVSLHOWHGHQ)KUHUVXFKWH6WUDHQVFKLOGHUXQGIDQG GLH6WUDHGLHQDFK/RV$OEDVIKUWH$OV6WUDHKlWWHQVLHQXU 2SWLPLVWHQEH]HLFKQHW)UPLFKZDUHVHLQHEHVVHUH3LVWH $EHUXQVHU'LHVHOWDWVHLQH3IOLFKW=ZDUQLFKWVFKQHOODEHU GDIUEUDFKWHHUXQVVLFKHUQDFK/RV$OEDV 8QGKLHUZDUGHU+XQGEHJUDEHQ'HU2UWODJ]LHPOLFK KRFK$OVZLUGDVZDUPH:DJHQLQQHUHYHUOLHHQXPXQV QDFK-XDQ2UWHJDV+DXV]XHUNXQGLJHQELGHUNDOWH )URVWZLQGLQXQVHUH*HVLFKWHU :LUIDQGHQGDV+DXVXQGOLHHQGHQ:DJHQODQJVDPDXV UROOHQ$OVHUVWDQGULGDV6WDKOVHLOGHU+DQGEUHPVH,FK

OHJWHGHQHUVWHQ*DQJHLQIOXFKWHXQGVWLHJPLW6XNRDXV 'DV+DXVLQGHP-XDQ2UWHJDZRKQWHZDUHLQVW|FNLJKDWWH HLQHEUDXQJHOEH)DVVDGHXQGVWLHPLWGHU+LQWHUVHLWHJHJHQ GHQQDFNWHQ)HOV6RHWZDVKDWWHLFKPDOLQGHU6FKZHL]JH VHKHQLQHLQHPGLHVHUHQJHQ7lOHULQGHQHQPDQ3ODW]DQJVW EHNRPPHQNRQQWH 6XNRYHU]RJGDV*HVLFKWDOVHUVHLQH%OLFNHEHUGLH+DXV IURQWJOHLWHQOLHª/RQGRQLVWPLUOLHEHU©PHLQWHHU ª:HPVDJVWGXGDV"© ,FKZROOWHDXIGLH(LQJDQJVWU]XJHKHQDOVPLUHLQ 5DGIDKUHUDXIILHOGHUGLH6WUDHKHUDEIXKUXQGZLQNWH 6XNRPHLQWHª'XELVWDEHUDXFKEHUDOOEHNDQQW© ª,FKNDQQPHLQHQ5XKPNDXPWUDJHQ© 'HU)DKUHUVWLHJDE'LHOHW]WHQ
6FKDWWHQGHU'lPPHUXQJKHUDQNULHFKHQ'LH6RQQHZDUHLQ YHUZDVFKHQHUZHLJHOEHU)OHFNRKQHZlUPHQGH.UDIW 'DQQVDKLFKGDV.ORVWHU(VVWDQGDXIHLQHU%HUJVSLW]HZDU YRP6FKQHHEHIUHLWQXUXPGDV*HElXGHKHUXPODJGLHHZLJ ZHLH3UDFKW+lOLFKVWDFKHQGLH0DXHUQYRQGHPKHOOHQ 6FKQHHDE$XIPLFKZLUNWHGDV.ORVWHUZLHHLQH'URKXQJ XQGLFKIUDJWHPLFKZLHZLUGRUWMHKLQDXINRPPHQVROOWHQ $EHUGDV3UREOHPVWHOOWHVLFKLP$XJHQEOLFNQRFKQLFKW-XDQ 2UWHJDGHU(LQKHLPLVFKHZUGHVLFKHUOLFK5DWZLVVHQ (UKLHOWXQVGLH7UDXI :LUEHWUDWHQHLQ+DXVLQGHPGLHHLQ]HOQHQ=LPPHUDOOH YRQHLQHU9RUGLHOHDE]ZHLJWHQ'HU%RGHQZDUPLW)OLHVHQ DXVJHOHJW6FKPLHGHHLVHUQH:DQGOHXFKWHU7HSSLFKHXQG 6WLHUNDPSISODNDWH]HLJWHQDQGDZLUHVPLWHLQHP6SDQLHU ]XWXQKDWWHQ$OV/DPSHGLHQWHHLQ:DJHQUDG$XILKPVWHFN WHQ]Z|OI.HU]HQ ª+DEHQ6LHNHLQHQ6WURP"©IUDJWHLFK ª1HLQ©-XDQ2UWHJDODFKWHYHUELVVHQª(VLVWVR:LUVLQG KLHUHLQHVSDQLVFKH0LQGHUKHLWGLFKWDQGHU*UHQ]H(LJHQWOLFK JHK|UHQZLU]X)UDQNUHLFKDEHUGLH(LQZRKQHUZROOHQQLFKW 8QGGLH6SDQLHUNPPHUQVLFKDXFKQLFKWXPXQV'DVDOOHV OlXIWVFKRQ+XQGHUWHYRQ-DKUHQVR1LHPDQGKDWVLFKELVKHU GDUXPJHNPPHUWGDGLHVHU=XVWDQGJHlQGHUWZLUG,FK KDEHGHQHUVWHQ9HUVXFKXQWHUQRPPHQ:LUGDVKHLWGHU %RGHJHURXQGLFKZROOHQDXV/RV$OEDVHLQ7RXULVWHQ]HQWUXP PDFKHQ,FKKDEHDQGDVVSDQLVFKHXQGGDVIUDQ]|VLVFKH 0LQLVWHULXPJHVFKULHEHQ$QWZRUWHQVWHKHQQRFKDXV© ª8QGZDVVDJHQGLH(LQZRKQHUGD]X"© ª'LHVLQGQDWUOLFKGDJHJHQ©-XDQ2UWHJDODFKWHELWWHUDXI ª'LHVLQGJHJHQMHGHQ)RUWVFKULWW$EHUGDVVLQGQLFKW,KUH 3UREOHPH%LWWHODVVHQ6LHXQVKLQHLQJHKHQ,QPHLQHP $UEHLWV]LPPHULVWHVJHPWOLFKHU© ª6LHZRKQHQDOOHLQKLHU"©IUDJWHLFK ª-D©(UOlFKHOWHYHUVFKPLW]Wª+LQXQGZLHGHUNRPPW &DUPHQPHLQH9HUOREWH6LHZHUGHQ6LHQRFKNHQQHQOHUQHQ :HQQ6LHZROOHQN|QQHQZLUDXFKLQ,KUHU+HLPDWVSUDFKH

UHGHQ,FKKDEHPLFKZlKUHQGPHLQHV6WXGLXPVRIWJHQXJPLW HQJOLVFKHQ.RPPLOLWRQHQXQWHUKDOWHQ© 'HUMXQJH0DQQZXUGHPLULPPHUV\PSDWKLVFKHU ,P$UEHLWV]LPPHUVDKPDQYRUODXWHU%FKHUQGLH:lQGH QLFKWPHKU,FKEHUIORJHLQ]HOQH7LWHO3KLORVRSKLH5HFKWV ZLVVHQVFKDIWXQGgNRQRPLHZDUHQZRKOGLH+REE\VGHV MXQJHQ0DQQHV ª/DQJHZHLOHKDEHQ6LHQLFKW©EHPHUNWHLFK (UVFKWWHOWHGHQ.RSIXQGODFKWHª1HLQJDQ]XQGJDU QLFKW© 'LH6HVVHOZDUHQDXVVWDELOHP5RKUJHIHUWLJW6LW]NLVVHQ I|UGHUWHQGLH(QWVSDQQXQJ ª0|FKWHQ6LHHWZDVWULQNHQ"©IUDJWH-XDQQDFKGHPZLU 3ODW]JHQRPPHQKDWWHQ ,FKHQWVFKLHGPLFKIUHLQHQVSDQLVFKHQ:HLQEUDQG ZlKUHQG6XNR0LQHUDOZDVVHUWUDQN ,FKYHU]RJGDV*HVLFKWª'DPLWHULQQHUVWGXPLFKDQ 3RZHOO© ª6FKOLHOLFKPXMDHLQHUDXIGLFKDFKWJHEHQ©NRQWHUWH PHLQ)UHXQG -XDQ2UWHJD]QGHWHPHKUHUHGLFNH.HU]HQDQ,P.DPLQ NQLVWHUWHGDV+RO]'LH6WLPPXQJZXUGHXUJHPWOLFK'HU MXQJH0DQQKDWWHVLFKHLQH)ODVFKH:HLQJHKROWXQGWUDQN 'HUGXQNHOURWH:HLQZDUURWZLH%OXWXQGIXQNHOWHLQGHP 3RNDO (UKREVHLQ*ODVª7ULQNHQZLUGDUDXIGDHVXQVDXFKLQ GHQQlFKVWHQ-DKUHQQRFKJLEW©(UOlFKHOWHª'DVLVWHLQDOWHU 6SUXFKKLHUDXVGHQ%HUJHQ'LH0HQVFKHQKDEHQLPPHUPLW GHQ:LGULJNHLWHQGHU1DWXU]XNlPSIHQJHKDEWXQGGHVKDOE HLQHHLJHQH3KLORVRSKLHHQWZLFNHOW© 'HU:HLQEUDQGZDUPLOGXQGEUDQQWHQLFKWLP*DXPHQ,FK VDKZLH-XDQ2UWHJDJHQXYROOGLH$XJHQYHUGUHKWHª(LQ ZXQGHUEDUHV*HWUlQN6HQRUHV6LHVROOWHQHVDXFKHLQPDO SURELHUHQ(VKHLWEHLXQV7HXIHOVEOXW©(UODFKWHª:HQQ 6LHHLQLJH*OlVHUGDYRQJHWUXQNHQKDEHQGDQQVWHFNW,KQHQ ZLUNOLFKGHU7HXIHOLP/HLE©

-XDQ2UWHJDZXWHZDVVLFKJHK|UWH:LUUHGHWHQHUVWEHU DOOJHPHLQH7KHPHQEHYRUZLUDXIGHQHLJHQWOLFKHQ*UXQG XQVHUHV%HVXFKHV]XVSUHFKHQNDPHQ 2UWHJDZXUGHVFKODJDUWLJHUQVWª9RQPHLQHP9DWHUZHL LFKGDHVLQGHP.ORVWHUQLFKWPLWUHFKWHQ'LQJHQ]XJHKW 'LH0|QFKHKDEHQVLFKLP/DXIHGHU=HLWYHUlQGHUW8QGYRU DOOHQ'LQJHQGHU$EW'RQ$OYDUH]LVWYRP*ODXEHQDEJH IDOOHQXQGGLHQWQXQGHP7HXIHO© ª:HOFKHV(UHLJQLVKDWGDVEHZLUNW"©ZROOWHLFKZLVVHQ ª'DVNDQQLFKQXUYHUPXWHQ,UJHQGZRXQWHUKDOEGHV .ORVWHUVPXHVLP%HUJHLQH6WHOOHJHEHQDQGHUVLFKGLH 0DFKWGHV%|VHQPDQLIHVWLHUWKDW'RUWKRFNWHWZDVGDV VRVFKDXULJXQGJUDXVDPLVWGDPDQNDXP:RUWHGDIU ILQGHW© ª+DW,KU9DWHUGDV*HKHLPQLVJHOIWHW"© -XDQ2UWHJDVFKWWHOWHGHQ.RSIª1HLQHUQLFKWDEHU3DWHU (PLOLRGHQLFKQDFK(QJODQGJHEUDFKWKDEH'RFKVHLQ*HLVW ZDUYHUZLUUW(UVWDPPHOWHVLQQORVH:RUWH6lW]HDXVGHQHQ NHLQHUVFKODXZXUGH(LQ6FKRFNPXWHLKQJHWURIIHQKDEHQ© ª:DVLVWPLW$HED"©HUNXQGLJWHLFKPLFK 'HU0DQQKREEHUUDVFKWGLH$XJHQEUDXHQª6LH6LH NHQQHQ$HED"© ª.HQQHQLVW]XYLHOJHVDJW,FKKDEHGDYRQJHK|UW3DWHU (PLOLRKDWGDYRQJHVSURFKHQ© 2UWHJDQLFNWHHLIULJª-DGDVVWLPPW(UKDWDXFKZlKUHQG GHU5HLVHIDVWQXUGLHVHVHLQH:RUWJHVDJW© ª:DVHVEHGHXWHWZLVVHQ6LHQLFKW"© ª1HLQ6HQRU6LQFODLU'LHVHV5lWVHOKDEHLFKQLFKWO|VHQ N|QQHQ(VPXDEHUPLWGHP%HUJ]XVDPPHQKlQJHQ2GHU DQGHUVJHVDJW$HEDLVWGDV5lWVHOGHV.ORVWHUV© ª+DW3DWHU(PLOLRQRFKPHKUHU]lKOW",FKPHLQHHUPX GRFKYRQVHLQHQ7DJHQVHLQHU=HLWLP.ORVWHUEHULFKWHWKDEHQ hEHUGHQ7DJHVDEODXI]XP%HLVSLHO© ª1DWUOLFK6HQRU$EHUVREDOGGLH6SUDFKHDXI$HEDNDP ZDUGLH$QJVWGD,FKKDWWHGDV*HIKOGDHLQHJHLVWLJH %DUULHUHLKQGDYRQDEKLHOWZHLWHUGDUEHU]XUHGHQ©

ª:LHKDWHUGLH)DKUWQDFK(QJODQGEHUVWDQGHQ"© ª*XW$XFKGHQ)OXJ2EZRKOHU]XPHUVWHQ0DOLQVHLQHP /HEHQJHIORJHQLVW(UVFKLHQZLHGHUQRUPDO]XZHUGHQ8QG DOVLFKLKQ]X)DWKHU+DFNPDQQEUDFKWHXQGLKPGLH *HVFKLFKWHHU]lKOWHGDHUZlKQWHGHU)DWKHUVRIRUW,KUHQ 1DPHQ6HQRU'HVKDOEZDULFKQLFKWEHUUDVFKW6LHXQG ,KUHQ)UHXQGKLHULQ/RV$OEDV]XILQGHQ)DWKHU+DFNPDQQ KDWPLUHLQLJHVEHU6LHHU]lKOW,FKZROOWHMDHUVWLQ/RQGRQ DXI6LHZDUWHQDEHULFKZHUGHKLHUJHEUDXFKW© ª,VWNODU©VDJWHLFKª6LHZLVVHQGHPQDFKQLFKWZHURGHU ZDV$HEDLVW©PXUPHOWHLFKª(VEOHLEWXQVDOVRQLFKWV DQGHUHVEULJDOVHVVHOEVWKHUDXV]XILQGHQ0LWDQGHUHQ :RUWHQZLUPWHQGD]XLQGDV.ORVWHUKLQHLQ© 6XNRPHOGHWHVLFKª(VZLUGVFKZHUVHLQ-RKQ+DVWGXGLU GLH/DJHVFKRQPDODQJHVHKHQ"© -XDQ2UWHJDQLFNWHKHIWLJª,KU)UHXQGKDWUHFKW6HQRU'DV .ORVWHULVWHLQH)HVWXQJ6RJXWZLHXQHLQQHKPEDU'DVLQG VFKRQ$UPHHQYHUJHEOLFKJHJHQDQJHUDQQW© ª2ND\DEHUUHLQPVVHQZLU©,FKWUDQNPHLQ*ODVOHHUª0LW GHP:DJHQNRPPHQZLUMDQLFKWELVGRUWREHQKLQ'DVLVW NODU:LHNRPPWGHQQ,KU9DWHULPPHUGRUWKLQ"© ª$XIHLQHP(VHO©DQWZRUWHWH-XDQ2UWHJD ,FKODFKWHª,VWMDSKDQWDVWLVFK:DUXPVROOHQZLUQLFKWDXFK DXIHLQHP(VHOUHLWHQ"© 6XNRUlXVSHUWHVLFKª:DUXPVFKDXVWGXPLFKGDEHLVRDQ"© ª.HLQH$QJVWLFKUHLWHVFKRQQLFKWDXIGHLQHP5FNHQ© -XDQ2UWHJDEOLHEHUQVWHUª6ROXVWLJZLH6LHILQGHLFKGDV QLFKW©HUNOlUWHHUª6LHZHUGHQVLFKZXQGHUQEHUZHOFKH :HJHXQG*HOlQGHIRUPHQ6LHUHLWHQPVVHQ8QGGDQQQRFK LQGDV.ORVWHUKLQHLQ]XNRPPHQGDVLVWDXFKQLFKWHLQIDFK 'LH0|QFKHODVVHQQLHPDQGHQ]XVLFKKHUHLQ6HQRUHV© ª%HLXQVPVVHQVLHHLQH$XVQDKPHPDFKHQ©VDJWHLFK 6XNRVWDQGSO|W]OLFKDXI ª:DVLVW"©IUDJWHLFK 0HLQFKLQHVLVFKHU)UHXQGXQG3DUWQHUZDQGWHVLFKDQ-XDQ 2UWHJDª(UZDUWHQ6LH%HVXFK6HQRU2UWHJD"©

ª:LHVR",FK© ª'DLVWMHPDQGDQGHU7U©6XNRKLHOWSO|W]OLFKVHLQH:DIIH LQGHU+DQGJOLWWHLQSDDU6FKULWWH]XU6HLWHXQGYHUVFKZDQG KLQWHUHLQHP0DXHUYRUVSUXQJ $XFKLFKZDUDXIPHUNVDPJHZRUGHQZlKUHQG-XDQ2UWHJD EODZXUGH 8QGGDQQGUFNWHMHPDQGGLH7UDXI ,PQlFKVWHQ$XJHQEOLFNVFKULHGHUMXQJH6SDQLHUDXI ª&DUPHQ©ULHIHUXQGUDQQWHDXIHLQ0lGFKHQ]XGDVDP (QGHVHLQHU.UlIWHVWDQG 'DVMXQJH0lGFKHQWDXPHOWHLQGHQ5DXP(VNRQQWHVLFK NDXPDXIGHQ%HLQHQKDOWHQ'HUODQJH)HOOPDQWHOZDU VFKPXW]LJXQG]XP7HLO]HUULVVHQ'DVODFNVFKZDU]H+DDU NOHEWHLKULP*HVLFKW6LHPDFKWHHLQ]ZHLWDXPHOQGH6FKULWWH LQGDV=LPPHUKLQHLQGDQQJDEHQLKUH.QLHQDFKXQGVLH EUDFK]XVDPPHQ -XDQ2UWHJDNRQQWHVLHLPOHW]WHQ$XJHQEOLFNDXIIDQJHQ VRQVWZlUHVLHVFKZHUJHVWU]W (UQDKPVLHDXIGLH$UPHXQGWUXJVLH]XHLQHU&RXFK,FK PDFKWHLKP3ODW] 6XNRWUDWZLHGHUKLQWHUGHP0DXHUYRUVSUXQJKHUYRU(U VWHFNWHVHLQH3LVWROHZHJ -XDQ]RJGHPMXQJHQ0lGFKHQGHQ0DQWHODXV&DUPHQ ZDUQLFKWRKQPlFKWLJ,KU$WHPJLQJVWRZHLVHGLH$XJHQ KDWWHVLHZHLWDXIJHULVVHQ'LH/LSSHQ]LWWHUWHQ ª&DUPHQ©IOVWHUWH-XDQª&DUPHQZDVLVW"©(UEHXJWHVLFK EHUVLHXQGVWUHLFKHOWHGLHEODVVHQ:DQJHQ ª:HULVWGLHVHV0lGFKHQ"©IUDJWHLFK ª&DUPHQ9DOGHUDPHLQH9HUOREWH©DQWZRUWHWHHUWRQORV ª*HEHQ6LH,KUHLQHQ6FKOXFN© ª-D©-XDQ2UWHJDQDKPHLQ*ODVVFKHQNWH:HLQEUDQGHLQ XQGVHW]WHHVLKUDQGLH/LSSHQ 'DV0lGFKHQVFKOXFNWHDXWRPDWLVFK,KU%OLFNZXUGHNODUHU XQGODQJVDPNHKUWHGLH)DUEHLQLKU*HVLFKW]XUFN

-XDQVWHOOWHGDV*ODVZHJ0LWGHQ)LQJHUVSLW]HQVWULFKHU EHU&DUPHQV:DQJHQª:DVLVWGHQQ&DULQD"5HGHGRFK ELWWH© &DUPHQYHUVXFKWHHLQ/lFKHOQDOVVLHLQGDV*HVLFKWLKUHV 9HUOREWHQVFKDXWHGRFKGDQQZXUGHLKU%OLFNZLHGHUlQJVW OLFKª(VHVZDUVRVFKUHFNOLFK© 6LHYHUVWXPPWH ,FKKLHOWPLFK]XUFN(VZDUQLFKWJXWZHQQ&DUPHQMHW]W HLQHQ)UHPGHQVDKXQGPLWLKPVSUDFK6LHPXWH 6FKUHFNOLFKHVHUOHEWKDEHQXQGLFKIDQGHVEHVVHUZHQQVLH MHW]WPLWHLQHULKUEHNDQQWHQ3HUVRQUHGHWH ª:DVZDUVFKUHFNOLFK"©KDNWH-XDQ2UWHJDQDFK ª,FKLFKKDEHLKQJHVHKHQ©IOVWHUWHGDV0lGFKHQª,FK ZROOWH]XGLUGDNDPGHU5HLWHU(UULWWGXUFKGLH/XIWODFKWH XQG©6LHVFKOXFNWHXQGEHJDQQ]XZHLQHQ:LUZDUWHWHQ ELVVLHVLFKEHUXKLJWKDWWH'DQQHU]lKOWHVLHVWRFNHQGZHLWHU ª(UZDUQLFKWDOOHLQ,QVHLQHQ.UDOOHQKLHOWHUHLQHQ 0HQVFKHQ(VZDUGHLQ9DWHU-XDQ© 'HUMXQJH2UWHJD]XFNWH]XUFN ª+DVWGXGLFKDXFKQLFKWJHWlXVFKW&DUPHQ"© ª1HLQ,FKKDEHLKQJHQDXJHVHKHQ'HLQ9DWHULVWWRW© -XDQ2UWHJDVFKORGLH$XJHQ+DUWSUHWHHUGLH/LSSHQ ]XVDPPHQ6HLQH:DQJHQPXVNHOQVSLHOWHQ'LH.ODUKHLW VHLQHU$XJHQYHUVFKZDPPLP7UlQHQZDVVHU(UEDOOWHGLH +lQGHGUHKWHVLFKKDOEXPXQGEOLFNWHPLFKDQ ª:LUZHUGHQHVQDFKSUIHQ©VDJWHLFKOHLVH(WZDVDQGHUHV ILHOPLULP$XJHQEOLFNQLFKWHLQ ª6LHKDWVLFKEHVWLPPWQLFKWJHWlXVFKW©VDJWH-XDQª'LH DQGHUHQVLQGJUDXVDP© ª:HQPHLQHQ6LHGDPLW"© ª1XQ$HED© ,PPHUZLHGHUGLHVHVYHUGDPPW:RUW0LWWOHUZHLOHKDWWHHV VLFKIUPLFK]XHLQHP$OSWUDXPHQWZLFNHOW,FKZXWHQLFKW ZDVGDKLQWHUVWHFNWHDEHUHVZDUHLQ6FKOVVHOZRUW9LHOOHLFKW VREHUOHJWHLFKEUDFKWHPLFKGLH/|VXQJGHV5lWVHOVDXI GLH6SXULUJHQGHLQHVJLJDQWLVFKHQ9RUKDEHQVGDVYRQ

GlPRQLVFKHQ0lFKWHQJHVWHXHUWZXUGH(VZDURIWVRGD NOHLQH$Q]HLFKHQHLQHJURH6DFKHDQNQGLJWHQ,FKKDWWH PLWWOHUZHLOHHLQHQ%OLFNGDIU:HQQ'lPRQHQHWZDV SODQWHQGDPLWXQWHUVFKLHGHQVLHVLFKQLFKWYRQQRUPDOHQ 9HUEUHFKHUQPXWHQVLHYRUEHUHLWHQRUJDQLVLHUHQ+HOIHU JHZLQQHQ%HL*DQJVWHUQOLHIGLHVPHLVWLPJHKHLPHQDE 'lPRQLVFKHV7UHLEHQILHOPHKUDXIDXFKZHQQHVQXUJH ULQJVWH9RUEHUHLWXQJHQZDUHQ 8QGGDVZDUHEHQXQVHU9RUWHLO:HQQXQEHWHLOLJWH=HXJHQ LQGLHVH9RUEHUHLWXQJHQKLQHLQJH]RJHQZXUGHQUHDJLHUWHQVLH RIWK\VWHULVFKVRGDGLH3ROL]HLUDVFKHUGDYRQHUIXKU'LH 0HQVFKHQZDUHQKDOWEHUHLWVRIRUW]XU3ROL]HL]XODXIHQXQG LKUHXQJHZ|KQOLFKHQ%HREDFKWXQJHQ]XPHOGHQ$XVGLHVHQ .UHLVHQKDWWHLFKVFKRQPHKUDOVHLQPDOHLQHQHQWVFKHLGHQGHQ +LQZHLVHUKDOWHQXQGNRQQWHVRPLWHLQJU|HUHV8QKHLOYHU KLQGHUQ$XFKKLHULQ/RV$OEDVVFKLHQHQPLUGLHVH9RUDXV VHW]XQJHQJHJHEHQ]XVHLQGHQQ&DUPHQV%HREDFKWXQJHQ ZDUHQIUXQVVHKUZHUWYROO 'HP0lGFKHQJLQJHVPLWWOHUZHLOHHLQZHQLJEHVVHU,FK GUFNWH-XDQ2UWHJD]XU6HLWHXQGEHXJWHPLFKEHU&DUPHQ $XIIUDQ]|VLVFKVSUDFKLFKVLHDQª6LHEUDXFKHQNHLQH$QJVW ]XKDEHQ0DGHPRLVHOOH6LHVLQGKLHULQ6LFKHUKHLW,FKKHLH -RKQ6LQFODLUXQGELQHLQ)UHXQG,KUHV9HUOREWHQ:LUZROOHQ XQVJHPHLQVDPEHPKHQGDV5lWVHO]XO|VHQ:ROOHQ6LHXQV GDEHLXQWHUVWW]HQ"© ª-D©ODXWHWHGLHVFKZDFKH$QWZRUW8QGLQ&DUPHQV$XJHQ ODVLFKGDV9HUWUDXHQGDVVLHPLUHQWJHJHQEUDFKWH ª:RKDEHQ6LHGLHVHQ5HLWHUJHVHKHQ"© ª$XIGHP:HJKLHUKHU© ª9RQZRNDPHU"© ª,FKZHLQLFKWJHQDX© ª.DPHUYRP.ORVWHU"© &DUPHQVFKOXFNWHª'DVNDQQVHLQ,FKLFKKDEHHVQLFKWVR JHQDXJHVHKHQ$OOHVJLQJVRSO|W]OLFK,FKK|UWHHLQ%UDXVHQ GDQQHLQ*HOlFKWHUXQGGDVDKLFKGHQ5HLWHU© ª.|QQHQ6LHLKQEHVFKUHLEHQ"©

ª(UKDWWHHLQH5VWXQJDQ$XIGHU%UXVWIOLPPHUWHHLQ JURHV$(LQH+DOEPDVNHKDWWHHUYRUGHP*HVLFKW6HLQ 3IHUGZDUVFKZDU]XQGDXVGHQ1VWHUQVFKOXJHLQH )HXHUORKH,FKLFKJODXEHHVZDUGHU7HXIHO© 0LWGLHVHU$QQDKPHODJVLHJDUQLFKWPDOVRZHLWGDQHEHQ 0LWGHP7HXIHOKDWWHGHU5HLWHUJDQ]VLFKHUHWZDV]XWXQ6LH DOOH'lPRQHQXQG*HVWDOWHQGHU6FKZDU]HQ0DJLHVLQGLQ OHW]WHU,QVWDQ]'LHQHUGHV7HXIHOV5RERWHUGHV%|VHQXQGGHV *UDXHQV6LHZROOHQGDV&KDRVGLH3DQLNXQGGLH$QDUFKLH 'LH(UGHVROOHLQ7UPPHUQOLHJHQXQGGDQQZUGHDXV GLHVHQ5XLQHQGLH+HUUVFKDIWGHV%|VHQHQWVWHKHQ%LVMHW]W KDWWHHVGHU6DWDQQRFKQLFKWJHVFKDIIWGHQQHVJDELPPHU ZLHGHU0HQVFKHQGLHGLH*HIDKUHUNDQQWHQXQGVLFK JHJHQVLHVWHOOWHQ ,FK]QGHWHPLUHLQH=LJDUHWWHDQª+DWWHGLHVHU5HLWHU QXQHLQH%RWVFKDIWIUXQVRGHUIU6LH"©IUDJWHLFK&DUPHQ LQWHUHVVLHUW ª1HLQ(UKDWWHQXU-XDQV9DWHUYRUVLFKEHUGHQ5FNHQ GHV3IHUGHVJHOHJWXQGKDWWULXPSKLHUHQGJHODFKW© 1DFKGHQNOLFKVWLHLFKGHQ5DXFKDXV:DVNRQQWHGLHVHU 5HLWHUPLW*XOLR2UWHJDYRUJHKDEWKDEHQ":DKUVFKHLQOLFK KDWWHHULKQJHW|WHW'RFKDXFK'lPRQHQW|WHQQLFKWRKQH 0RWLYRGHUZDKOORV6LHZROOHQPLWHLQHP0RUGLPPHUHWZDV HUUHLFKHQXQGZHQQHVHLQH%HVWUDIXQJLVW -D%HVWUDIXQJ'DVPXWHHVVHLQ*XOLR2UWHJDKDWWH3DWHU (PLOLRJHKROIHQ'DVKDWWHQVLHKHUDXVJHIXQGHQXQGHUZDU YRQGHQ0lFKWHQGHU)LQVWHUQLVEHVWUDIWZRUGHQ ,FKGUFNWHGLH=LJDUHWWHDXV 0HLQ%OLFNWUDI-XDQV*HVLFKW,QVHLQHQ$XJHQVDKLFKGLH 5DWORVLJNHLWDEHUDXFKGLH6RUJHXPVHLQHQ9DWHUVFKLPPHUQ 8QGPLUZXUGHNODUGDDXFKHUNHLQHQ$XVZHJZXWH ª:LUVROOWHQXQVDXIGLH6XFKHPDFKHQ©VFKOXJ6XNRPHLQ FKLQHVLVFKHU3DUWQHUYRU 'HU0HLQXQJZDULFKDXFK'RFKEHYRUHVVRZHLWNDP ZXUGHXQVGLHZHLWHUH+DQGOXQJEXFKVWlEOLFKDXVGHQ +lQGHQJHULVVHQ

3O|W]OLFKK|UWHQZLUHLQJHOOHQGHV3IHLIHQGDQQHLQGlPR QLVFKHVWHXIOLVFKHV*HOlFKWHU%HLGHVHUNODQJGLFKWEHU XQVHUHQ.|SIHQ ,PQlFKVWHQ$XJHQEOLFNDEHUZXUGHGLH7UPLW%UDFKLDO JHZDOWJHVSUHQJWXQGGHUGVWHUH7RGHVERWHMDJWHDXIVHLQHP SHFKVFKZDU]HQ3IHUGPLWWHQLQ-XDQ2UWHJDV+DXV .HLQHUYRQXQVKDWWHPLWGLHVHU$WWDFNHJHUHFKQHW(LQ]ZHL +HU]VFKOlJHODQJZDUHQZLUZLHJHOlKPW %LV&DUPHQVFKULH 8QGGLHVHU6FKUHLULXQVDXVGHU(UVWDUUXQJ 6XNRVWDQGGHP5HLWHUDPQlFKVWHQ(UZDUIVLFKPLW7RGHV YHUDFKWXQJGHP+|OOHQERWHQHQWJHJHQ,FKVDKLKQQRFK XQWHUGHQZLUEHOQGHQ+XIHQYHUVFKZLQGHQXQGNPPHUWH PLFKXPGDV0lGFKHQ &DUPHQVDZLHYHUVWHLQHUWDXILKUHP3ODW],FKVSUDQJDXI VLH]XULVLHDQGHU6FKXOWHUKHUXPWUDWPLWGHP)XJHJHQ GHQ7LVFKVRGDHUXPNLSSWHXQGZLULKQDOV'HFNXQJEH QXW]HQNRQQWHQ'RFKLFKNDPQLFKWPHKUGD]X&DUPHQDXI GHQ%RGHQ]XGUFNHQ 'LH(UHLJQLVVHEHUVFKOXJHQVLFK )HXHUVWU|PWHDXVGHQ1VWHUQGHV3IHUGHV -XDQ2UWHJDVFKULHJHOOHQG,FKVDKLKQVWHKHQPLWKDOE HUKREHQHQ+lQGHQXQGGDQQWDQ]WHQSO|W]OLFKGLH)ODPPHQ DXIVHLQHU.OHLGXQJhEHUGHQ7LVFKIORJLFKKLQZHJEHNDP ]XP*OFNHLQHKHUXPOLHJHQGH'HFNH]XIDVVHQXQGSUHWH VLHDXI-XDQVEUHQQHQGH.OHLGXQJ 'LHNOHLQHQ)ODPPHQZXUGHQHUVWLFNW5DXFKZ|ONWHDXI ELLQPHLQHU1DVH ª%OHLEVROLHJHQ©VFKULHLFK-XDQ2UWHJD]XNUHLVHOWHKHUXP ]RJPHLQHPLW6LOEHUNXJHOQJHODGHQH%HUHWWDXQGVWHOOWHPLFK GHP5HLWHU :LHGHUIDXFKWHQ)HXHU]XQJHQDXVGHQ1VWHUQEHJOHLWHW YRQHLQHPJHOOHQGHQ/DFKHQGHV5HLWHUV 'RFKLFKZDUJHZDUQWXQGGXFNWHPLFKVRGDGLH

)ODPPHQEHUPHLQHQ.RSIKLQZHJVWULFKHQXQGLFKQXUGHQ *OXWKDXFKGHU+|OOHVSUWH0HLQH1DFNHQKDDUHVWHOOWHQ VLFKDXI ,FKIHXHUWH ,PVHOEHQ$XJHQEOLFNULGHU5HLWHUVHLQHQVFKZDU]HQ*DXO KDUWKHUXPXQGGLHJHZHLKWH6LOEHUNXJHO]LVFKWHGLFKWDQ VHLQHP.RSIYRUEHL 'DQQWULHEGHU5HLWHUVHLQ3IHUGDQ(UVSUHQJWHDXIPLFK]X ,FKIORJ]XU6HLWHZDUI]ZHL6HVVHOXPXQGHQWJLQJVRGHQ +XIHQXQGGHQEHLGHQQHXHUOLFKDXVJHVWRHQHQ)HXHUODQ]HQ GLHGDIUMHGRFKHLQH*DUGLQHLQ%UDQGVHW]WHQ :LHHLQ:DKQVLQQLJHUKlPPHUWHLFKGLH.XJHOQDXVGHP /DXIZHLOLFKGHQYHUGDPPWHQ5HLWHUHLQIDFKVWRSSHQPXWH EHYRUHUQRFKPHKU8QKHLODQULFKWHWH ,FKWUDILKQDXFK0HKUPDOVVRJDU 'RFKGDVIOLPPHUQGH$DXIVHLQHP3DQ]HUVFKOXFNWHGLH JHZHLKWHQ*HVFKRVVH $XIGHQ.RSINRQQWHLFKQLFKW]LHOHQGDVLFKGHU5HLWHULQ GDXHUQGHU%HZHJXQJEHIDQG-HW]WULHUGDV3IHUGDXIGLH +LQWHUEHLQHEHXJWHVLFKLPQlFKVWHQ0RPHQWDXVGHP6DWWHO OLHVLFKGDEHLIDVW]X%RGHQIDOOHQXQGVWUHFNWHGHQUHFKWHQ $UPDXV 6HLQH)LQJHUJUXEHQVLFKLQ&DUPHQV.OHLG +DUWULHUGDV0lGFKHQKRFK ª&DUPHQ©-XDQ2UWHJDVFKULHGHQ1DPHQVHLQHU9HUOREWHQ (UZROOWHVLFKDXVVHLQHU'HFNHZKOHQGRFKHUZDU]XODQJ VDP&DUPHQKDWWHNHLQH&KDQFHVLFKDXVGHPHLVHQKDUWHQ *ULII]XEHIUHLHQ:LHHLQHOHEORVH3XSSHZXUGHVLHEHUGHQ 3IHUGHUFNHQJHZRUIHQ ,FKVSUDQJEHUGHQ7LVFKVFKQHOOWHYRUGHP5HLWHULQGLH +|KHXQGNUDOOWHPHLQH)LQJHULQGLHOHGHUQHQ=JHO'LH %HUHWWDKDWWHLFKHLQJHVWHFNW'DV0DJD]LQZDUOHHUJHVFKRV VHQXQG]XP1DFKODGHQZDUPLUNHLQH=HLWJHEOLHEHQ 'LHIUHLH)DXVWGHV5HLWHUVIXKUYRQREHQQDFKXQWHQ(VZDU HLQZXFKWLJHU6FKODJXQGHUWUDIPHLQH*HOHQNH

8QZLOONUOLFKVFKULHLFKDXI,FKKDWWHGDV*HIKODOVZlUHQ PHLQH+lQGHLQJOKHQGH/DYDJHWDXFKWZRUGHQ'HU 6FKPHU]]XFNWHGXUFKPHLQH$UPHIUDVLFKWLHIHULQGLH 6FKXOWHUQKLQHLQGUDQJDEHUQLFKWZHLWHUYRU hEHUGHQ*UXQGGDFKWHLFKQLFKWQDFKGHQQGHU5HLWHUUL VHLQHQ*DXOKHUXPXQGVFKOHXGHUWHPLFKPLW0LWGHQ)HQ IHJWHLFKHLQHQQRFKVWHKHQGHQ6WXKOXPNQDOOWHPLWGHQ .QLHQJHJHQHLQHQ0DXHUYRUVSUXQJXQGZXUGHZHLWHUPLW JHULVVHQ 'HU5HLWHUVSUHQJWHDXIGHQ$XVJDQJ]X 'LFKWYRUPLUWDXFKWHHLQH:DQGDXI0LWGHUUHFKWHQ 6FKXOWHUSUDOOWHLFKJHJHQGDV0DXHUZHUNZXUGHKHUXPJH GULIWHWXQGWURW]GHPZHLWHUJH]HUUW 0LWPLUDP=JHOKlQJHQGMDJWHGHU5HLWHUGXUFKGLH7U(U VWLHKHLVHUH$QIHXHUXQJVVFKUHLHDXVXQGZLUHUUHLFKWHQGDV )UHLH (LQ6SUXQJXQGGDVSHFKVFKZDU]H3IHUGVHW]WHEHUXQ VHUHQ0HUFHGHVKLQZHJ ,FKVWLHPLWGHQ.QLHQJHJHQGDV'DFK(VGU|KQWHGXPSI XQGPHLQH.QLHVFKHLEHQQDKPHQPLUGLHVHQ6WRYHUGDPPW EHO 1RFKLPPHUKLHOWLFKHLVHUQIHVW,FKKLQJDQGHPYHU IOXFKWHQ=JHOXQGNRQQWHPHLQH+lQGHDXFKJDUQLFKW PHKUGDYRQO|VHQGHQQLUJHQGZLHZDULFKPLWGHP7LHU XQGVHLQHP5HLWHUDXIHLQHPDJLVFKH:HLVHYHUEXQGHQ ,QGLHVHPHQJHQ7DOZDUHVLQ]ZLVFKHQGXQNHOJHZRUGHQ 1XUQRFKHLQLJH%HUJJUDWHJOKWHQLPOHW]WHQ/LFKWGHUXQWHU JHKHQGHQ6RQQH,KUH6WUDKOHQEHUKUWHQDXFKGDV.ORVWHU XQGOLHHQHVDXVVHKHQZLHPLW%OXWEHUJRVVHQ 'HU5HLWHUMDJWHGLHVFKPDOH6WUDHKRFK(LVHQKDUWH+XIH WURPPHOWHQEHUGHQ%RGHQZDUIHQVSUKHQGH)XQNHQ,FK ZXUGHDQGHUUHFKWHQ6HLWHGHV*DXOVPLWJHVFKOHLIWXQGEL GLH=lKQH]XVDPPHQXPQLFKWODXWDXI]XVFKUHLHQ :LHGHUVWLHHQ)HXHUODQ]HQDXVGHQ1VWHUQ'HU:LQG WULHEVLH]XUFNXQGVLHOHFNWHQEHUPHLQ*HVLFKWRKQHPLFK DOOHUGLQJV]XYHUEUHQQHQ

'DQQK|UWHLFKHLQHQLUUHQZLOGHQ6FKUHL'HU+RUURU5HLWHU KDWWHLKQDXVJHVWRHQXQGGDPLWGHP3IHUGHLQ6LJQDOJH JHEHQ (VHUKREVLFKLQGLH/XIW :LHEHL3HJDVXVGHPIOLHJHQGHQ3IHUGDXVGHUJULHFKLVFKHQ 6DJH1XUKDWWHGLHVHU*DXONHLQH)OJHO ,FKYHUORUGHQ.RQWDNWPLWGHP%RGHQ$XFKHLQOHW]WHU 9HUVXFKPHLQH)LQJHUYRQGHP=JHO]XO|VHQVFKOXJIHKO ,FKZXUGHNXU]HUKDQGPLWJHULVVHQDXIHLQHP|UGHULVFKH5HLVH LQGLHHLVNDOWH%HUJOXIWGHU3\UHQlHQ 6XNRVDKQRFKGLH3IHUGHKXIHYRUVLFKDXIWDXFKHQGDQQ IROJWHGHUWRWDOH%ODFNRXW $XVQLFKWV9RUEHL $EHUGLHVHV:HJVHLQGDXHUWHQLFKWODQJH1LFKWHLQPDOHLQH 0LQXWH6XNRNDPJHQDXGDQQZLHGHU]XVLFKDOVLFKDP =JHOGHV3IHUGHVKlQJHQGYHUVFKZDQG 'HU&KLQHVHVHW]WHVLFKDXI (UYHU]RJGDV*HVLFKWXQGWDVWHWHDQVHLQHP.RSIKRFKZR DQGHUUHFKWHQ6FKOlIHHLQH%HXOHZXFKV'RUWKDWWHLKQGHU +XIJHWURIIHQ $EHUQLFKWQXULKPJLQJHVVFKOHFKW$XFK-XDQ2UWHJDKDWWH HVDUJHUZLVFKW(UZDUHVGHUGHQ%UDQGHQWGHFNWH'LH )ODPPHQOHFNWHQDQGHU*DUGLQHKRFKXQGKDWWHQGHQ6WRIILQ HLQHQJOKHQGHQ)HXHUVWUHLIHQYHUZDQGHOW -XDQ2UWHJDVFKULHDXI7URW]GHU)ODPPHQIHW]WHHUGLH *DUGLQHQUHVWHYRQGHU6WDQJHXQGWUDPSHOWHVRODQJHGDUDXI KHUXPELVGLH)ODPPHQJHO|VFKWZDUHQ 6XNRKDWWHLQ]ZLVFKHQZLHGHU]XVLFKJHIXQGHQ(UGUHKWH VLFKXPGLHHLJHQH$FKVHXQGVFKDXWHVLFKGDEHLZLOGXP ª:RLVW-RKQ"©KHUUVFKWHHU-XDQDQ 'HUMXQJH)UDQFR6SDQLHUKREGLH6FKXOWHUQXQGPDFKWHHLQ YHU]ZHLIHOWHV*HVLFKW ª(ULVWZHJ© ª'DVVHKHLFKVHOEVW©6XNRVSUDQJEHU]ZHLXPJHNLSSWH

6WKOHXQGOLHIDXI-XDQ2UWHJD]X(UVDKGDGHU0DQQPLW VHLQHQ1HUYHQDP(QGHZDUDEHUGDUDXINRQQWHHUMHW]WNHLQH 5FNVLFKWQHKPHQ 6XNRVFKWWHOWH-XDQ2UWHJDGXUFKª0HQVFKUHGH©ULHIHU ª-HGH6HNXQGHLVWZLFKWLJ© 2UWHJDQLFNWHYHUELVVHQª'HU5HLWHUKDWVLHPLWJHQRPPHQ %HLGH6LQFODLUXQG&DUPHQ© 'HU&KLQHVHOLH-XDQORVª2YHUGDPPW©VDJWHHUªGDV ZXWHLFKQLFKW© ª(VLVWDEHUVR8QGLFKNRQQWHQLFKWVWXQ© ª(U]lKOH© -XDQ2UWHJDEHULFKWHWHZDVVLFK]XJHWUDJHQKDWWH(UUHGHWH DXFKGDYRQZLHSO|W]OLFKVHLQH.OHLGHU)HXHUJHIDQJHQKDWWHQ XQGLFKLKQJHUHWWHWKDWWH 6XNRK|UWHPLWXQEHZHJWHP*HVLFKW]X)ULKQJDEHVQXU HLQH0|JOLFKNHLWZRVLFK&DUPHQXQGLFKXQVEHILQGHQ NRQQWHQ8QGGDVVDJWHGHU&KLQHVHDXFK ª6LHVLQGEHVWLPPW]XP.ORVWHUKRFK© -XDQQLFNWH'DQQKREHULQHLQHUKLOIORVHQ*HElUGHEHLGH 6FKXOWHUQª:HQQGDVVWLPPWKDEHQZLUNDXPHLQH&KDQFH© 6XNRZDUGDDQGHUHU0HLQXQJª(UVWHLQPDODEZDUWHQXQG QXUQLFKWGLH)OLQWHLQV.RUQZHUIHQ© (UJLQJDXIGLH7U]XXQG-XDQIROJWHLKP 0LW(LQEUXFKGHU'XQNHOKHLWZDUGDV7KHUPRPHWHUJH IDOOHQ'LH.lOWHVFKLHQLQGHPNOHLQHQ7DOZLHHLQH:DQG]X VWHKHQ'HU)URVWGUFNWHVLHGHP%RGHQ]X 'LH'RUIVWUDHZDUOHHUJHIHJW.HLQH6WUDKOHQODWHUQHOHXFK WHWH:HLWHUXQWHQVFKLPPHUWHHVKHOOKLQWHUHLQLJHQ)HQVWHUQ 'DV.ORVWHUZDUOlQJVWQLFKWPHKU]XVHKHQ'LH'XQNHOKHLW KDWWHHVYHUVFKOXFNW=XP*OFNZDUHVZLQGVWLOOVRGDGLH 7HPSHUDWXUHQ]XHUWUDJHQZDUHQ 'HU0HUFHGHVVWDQGXQEHVFKlGLJWGRUWZR6XNRXQGLFK LKQYHUODVVHQKDWWHQ 6XNRJLQJDXIGHQ:DJHQ]X(UZDUQLFKWPHKUZHLWYRQ GHU%HLIDKUHUWUHQWIHUQWDOVVHLQH)XVSLW]HJHJHQHWZDV :HLFKHVVWLH

'HU&KLQHVHEFNWHVLFKXQGVDKHLQH*HVWDOWDP%RGHQ OLHJHQ,P+DXVEUDQQWHQQRFKHLQSDDU.HU]HQ6LHKDWWHQ GLH$XVHLQDQGHUVHW]XQJEHUVWDQGHQ'HUDXVGHURIIHQHQ 7UIDOOHQGH/LFKWVFKHLQUHLFKWHDXVXPHUNHQQHQ]XODVVHQ GDHVVLFKXPHLQHQlOWHUHQ0DQQKDQGHOWHJHJHQGHQ 6XNRJHVWRHQZDU 6XNRV+DQGIXKUGRUWKLQZRGDV+HU]VLW]W (VVFKOXJQLFKWPHKU 'HU0DQQZDUWRW 6XNREUDXFKWHNHLQ+HOOVHKHU]XVHLQXP]XZLVVHQZHU GLHVHU7RWHZDU(UHUKLHOWDXFKVHKUUDVFKGLH%HVWlWLJXQJ -XDQ2UWHJDWUDWDXVGHP+DXVJLQJDXI6XNR]XVFKDXWH LKPEHUGLH6FKXOWHUXQGZDUIVLFKLPQlFKVWHQ$XJHQEOLFN QHEHQGHP&KLQHVHQ]X%RGHQ ª9DWHU©VFKOXFK]WHHUDXIXQGEDUJVHLQ*HVLFKWDQGHU %UXVWGHV7RWHQ 6XNRHUKREVLFK,KPOLHIHLQH*lQVHKDXWEHUGHQ5FNHQ 'HU6FKPHU]ZKOWHGHQMXQJHQ2UWHJDDXI(UZHLQWHZLHHLQ .LQG6XNRVWDQGQHEHQLKPPLWHLQHP*HVLFKWGDVZLHDXV *UDQLWJHPHLHOW]XVHLQVFKLHQ:LHGHUHLQPDOHUOHEWHHUPLW ZLHJUDXVDP'lPRQHQPLW0HQVFKHQOHEHQXPJLQJHQXQG ZHOFKH6FKPHU]HQHLQ0HQVFKYHUVSUWHGHUHLQHQQDKHQ 9HUZDQGWHQYHUORUHQKDWWH(LQHQ0DQQGHUVLFKJHJHQGLH 0lFKWHGHU)LQVWHUQLVJHVWHOOWKDWWHXQGVHLQHQ3UHLVGDIU EH]DKOHQPXWH (VZDUHQLPPHUZLHGHUGLHVHXQGlKQOLFKH6]HQHQGLH 6XNRXQGDXFKPLUGLH(QWVFKORVVHQKHLW]XP:HLWHUPDFKHQ JDEHQGLHXQVHUH(LQVWHOOXQJIHVWLJWHQJHJHQGDV%|VH]X NlPSIHQXQGHVDXV]XPHU]HQ 0LQXWHQODQJOLH6XNR-XDQ2UWHJDDOOHLQLQVHLQHP 6FKPHU]'DQQOHJWHHULKPGLH+DQGDXIGLH6FKXOWHU ª.RPPHQ6LH-XDQ:LUN|QQHQQLFKWKLHULQGHU.lOWH EOHLEHQ© -XDQQLFNWH'DQQGUHKWHHUVLFKKDOEXPXQGEOLFNWH6XNR YRQXQWHQKHUDQª:DVZDVJHVFKLHKWPLWPHLQHP9DWHU"© ª:LUEULQJHQLKQLQV+DXV©

ª8QGGDQQ"(ULVWJHW|WHWZRUGHQ:LUPVVHQGLH3ROL]HL YHUVWlQGLJHQ© 6XNRV6WLPPHZLUNWHEHUXKLJHQGDXIGHQMXQJHQ2UWHJD ª=XHUVWPVVHQZLU,KUHQ9DWHUKLQHLQEULQJHQ©'HU&KLQHVH EFNWHVLFKª,FKKHOIH,KQHQ© *HPHLQVDPKREHQGLHEHLGHQ0lQQHUGHQ7RWHQDQ-XDQ 2UWHJDZHLQWHDOVHUPLWKDOIVHLQHQ9DWHULQV+DXV]XWUDJHQ 6XNRNLFNWHGLH7UPLWGHP)X]X(UZROOWHQLFKWGD HYHQWXHOO1HXJLHULJHLQV+DXVVFKDXWHQ 6LHOHJWHQGHQ7RWHQDXIGLH&RXFKGLHVLH]XYRUDXIULFKWHQ PXWHQ'DV*HVLFKWGHU/HLFKH]HLJWHNHLQHQIULHGOLFKHQ $XVGUXFN,P*HJHQWHLOHVZDUYHU]HUUWDOVKlWWHGHU7RWH NXU]YRUGHP6WHUEHQQRFKDOOH6FKUHFNHQGHU+|OOHGXUFK JHPDFKW -XDQIDOWHWHGLH+lQGHVHLQHV9DWHUVYRUGHU%UXVW]X VDPPHQª$GLRV©IOVWHUWHHUª,FKZHUGHDOOHVWXQXP GHLQHQ7RG]XVKQHQ9DWHU© 6XNRVWDQGVWXPPGDQHEHQ6HLQH*HGDQNHQEHVFKlIWLJWHQ VLFKEHUHLWVPLWGHUQDKHQ=XNXQIW6LHGXUIWHQMHW]WNHLQH=HLW PHKUYHUWU|GHOQ:HQQVLHQRFKHWZDVUHWWHQZROOWHQGDQQ PXWHQVLHKRFK]XP.ORVWHU$XFKRKQHJURH9RU EHUHLWXQJHQ ª,FKZHUGHGHU3ROL]HL%HVFKHLGJHEHQ©VDJWH-XDQ2UWHJD 6XNRKLHOWLKQ]XUFNª1HLQGDVZlUHIDOVFK© ª:LHVR"© ª:LUZUGHQ]XYLHO=HLWYHUOLHUHQ(VJlEH9HUK|UH 3URWRNROOHPWHQJHVFKULHEHQZHUGHQ1HLQHVLVWEHVVHU ZHQQZLUXQVJOHLFKDXIGHQ:HJPDFKHQXP&DUPHQXQG -RKQ6LQFODLU]XEHIUHLHQ© ª$EHUZLUKDEHQNHLQH$XVUVWXQJ©ZDQGWH-XDQ2UWHJD HLQ ª'DV1|WLJVWHEULQJHQZLUVFKRQ]XVDPPHQ©6XNRSDFNWH -XDQDQEHLGHQ6FKXOWHUQª5HLHQ6LHVLFK]XVDPPHQ,FK ZHLGDHVHLQVFKZHUHU6FKODJIU6LHZDUGD6LH,KUHQ 9DWHUYHUORUHQKDEHQ$EHU6LHPVVHQVLFKGDPLWDEILQGHQVR KDUWVLFKGLHVDXFKDQK|UW:LUPVVHQMHW]WDQXQVXQGDQGLH

DQGHUHQ/HEHQGHQGHQNHQ8QGGD]XJHK|UW&DUPHQ,KUH 9HUOREWH© -XDQQLFNWHª-D6LHKDEHQUHFKW(QWVFKXOGLJHQ6LH©6HLQH *HVWDOWVWUDIIWHVLFKª6DJHQ6LHPLUZDVLFKDOOHVWXQVROO© ª0LWHLQHP:DJHQNRPPHQZLUGDQLFKWKRFK$OVR EUDXFKHQZLU(VHO.|QQHQ6LHGLHEHVRUJHQ"© ª'DVJLQJHVFKRQ© ª$XFKVFKQHOO"© ª,FKPXHVYHUVXFKHQ,QGHU1lKHZRKQWHLQDOWHU%DXHU 'HUKDWPDOHLQH(VHOV]XFKWJHKDEW(LQLJH7LHUHKDWHUQRFK $EHUZDVVROOLFKVDJHQZHQQHUQDFKGHP*UXQGIUDJW"© ª*DUQLFKWV©6XNRKROWH]ZHL*HOGVFKHLQHDXVGHU7DVFKH ª:HQQ6LHLKPGLHJHEHQZLUGHUVLFKHUOLFKDXIMHJOLFKH )UDJHUHLYHU]LFKWHQ© -XDQ2UWHJDVWHFNWHGDV*HOGHLQª'DVJODXEHLFKDXFK© VDJWHHU(UKROWHVHLQHQ)HOOPDQWHOXQGKlQJWHLKQVLFKEHU ª+DEHQ6LHDXFKQRFKHLQHQIUPLFK"©HUNXQGLJWHVLFKGHU &KLQHVH ª,FKZHUGHPDOQDFKVHKHQ'HUDOWH0DQWHOYRQPHLQHP 9DWHUPWHQRFKKLHUXQWHQVHLQ© 'HU)UDQFR6SDQLHUJLQJ6XNREOLHEPLWGHP7RWHQDOOHLQ ]XUFN'HU&KLQHVHPHGLWLHUWH 0LWJHNUHX]WHQ%HLQHQVHW]WHVLFK6XNRKLQXQGHQWVSDQQWH *HLVWXQG.|USHU(UEHUHLWHWHVLFKDXIHLQH$XIJDEHYRUGLH VLFKHUOLFK]XGHQKlUWHVWHQJHK|UWHGLHHUELVKHUYRUVLFK JHKDEWKDWWH6XNRZXWHQLFKWZHURGHUZDVLKQLQGHP .ORVWHUHUZDUWHWHZLHYLHOH*HJQHUJHJHQLKQVWDQGHQXQGRE -RKQXQG&DUPHQEHUKDXSWQRFKOHEWHQ $OOHV)UDJHQDXIGLH6XNRHLQH$QWZRUWVXFKWHXQG]X ILQGHQKRIIWH (VYHUJLQJXQJHIlKUHLQHKDOEH6WXQGHELV-XDQ2UWHJD ]XUFNNHKUWH6HLQ*HVLFKWZDUURWDQJHODXIHQ(UVFKOXJGLH 7U]XXQGVWUHLIWHGHQ0DQWHOYRQGHU6FKXOWHU )UDJHQGEOLFNWH6XNRLKQDQ 2UWHJDQLFNWHª,FKKDEHHVJHVFKDIIW©PHOGHWHHUª'HU$OWH KDWPLU]ZHL(VHOYHUNDXIW©

ª+DWHUYLHOJHIUDJW"© ª1HLQGHUIUHXWHVLFKDOVHUGLH*HOGVFKHLQHVDK© -XDQ2UWHJDJLQJLQHLQHQDQGHUHQ5DXP$OVHU]XUFNNDP KLHOWHUGHQ0DQWHOVHLQHVWRWHQ9DWHUVLQGHU+DQGª'HU PWHHLQLJHUPDHQSDVVHQ©VDJWHHU 6XNRSURELHUWHLKQEHU(UVSDQQWH]ZDULQGHQ6FKXOWHUQ GRFKGDVZDUQLFKWWUDJLVFK6LHQDKPHQDXFKQRFKHLQLJH DQGHUH$XVUVWXQJVJHJHQVWlQGHPLWGLHIUHLQHQ7ULSLQGLH %HUJHXQHUOlOLFKZDUHQ6HLOH(LVSLFNHO.ODPPHUQ+DNHQ XQG9HUEDQGVNDVWHQ-XDQYHUVWDXWHDOOHVLQHLQHP6DFNGHQ HUEHUGHQ5FNHQGHV(VHOVKlQJWH 6XNRZDULQVHLQHU+HLPDWVFKRQ|IWHUDXIHLQHP(VHOJH ULWWHQ'HVKDOEKDWWHHUDXFKNHLQH6FKZLHULJNHLWHQDXI]X VWHLJHQ:HQLJVSlWHUVFKRQZDUHQVLHXQWHUZHJV8QGQDFK NXU]HU=HLWVFKOXFNWHGLH'XQNHOKHLWQLFKWQXUGLHEHLGHQDXI GHQ(VHOVUFNHQVLW]HQGHQ*HVWDOWHQDXFKGLH+XIJHUlXVFKH YHUORUHQVLFKLQGHU)HUQH (VVFKLHQDOVKlWWHHVGLHEHLGHQ0lQQHUQLHJHJHEHQ8QG NHLQ'RUIEHZRKQHUDKQWHLQZHOFKHLQHUJHIlKUOLFKHQ 0LVVLRQ6XNRXQG-XDQXQWHUZHJVZDUHQ $GDVWUD]XGHQ6WHUQHQ 9RU-DKUHQKDWWHLFKPDOHLQ%XFKPLWGLHVHP7LWHOJHOHVHQ ,FKIKOWHPLFKMHW]WZLHMHPDQGGHUVLFKGHQ6WHUQHQQlKHUW :LUVWLHHQKLQDXILQGHQQDFKWGXQNOHQ+LPPHO(VVFKLHQ DOVZROOWHQZLUGLHNDOWH3UDFKWGHU6WHUQHGXUFKHLQDQGHU ZLUEHOQGRFKZLHXQHQGOLFKZHLWZDUHQGLHVH*HVWLUQHYRQ XQVHQWIHUQW ,FKNRQ]HQWULHUWHPLFKDXIGDV1DKHOLHJHQGH8QGGDVZDU VFKOLPPJHQXJ 1RFKLPPHUKLQJLFKDQGHQ=JHOQGHV3IHUGHVZLHDQ HLQHUPDJLVFKHQ.HWWH'HUEHLHQGHHLVNDOWH:LQGVFKQLWW PLUZLHPLWXQ]lKOLJHQNOHLQHQ0HVVHUQLQV*HVLFKW 0HLQH+lQGHVSUWHLFKVFKRQOlQJVWQLFKWPHKU6LH VFKLHQHQ]X(LVNOXPSHQJHIURUHQ]XVHLQ$XFKLQGHQ$UPHQ

KDWWHLFKNHLQ*HIKOPHKUGLH%OXW]LUNXODWLRQVFKLHQ]XP 6WLOOVWDQGJHNRPPHQ]XVHLQ'LFKWYRUPLUVDKLFKGLH +LQWHUEHLQHGHV5DSSHQ:HQQLFKGHQ.RSIKRENRQQWHLFK GHQ5HLWHUVHKHQXQGVHLQJURHV$DXIGHU%UXVW 6HQNWHLFKGHQ%OLFNVROLHGLHIURVWNODUH/XIWHLQHXQ JHKHXUH:HLWVLFKW]X ,FKVDKVFKQHHEHGHFNWH*LSIHOLPOHW]WHQ:LGHUVFKHLQGHU YHUVFKZLQGHQGHQ6RQQHDXIOHXFKWHQ6LHVFKLOOHUWHQLQVlPW OLFKHQ)DUEHQREZRKOGDV5RWHGRPLQLHUHQGZDU-HGHU .XQVWPDOHUKlWWHDQGLHVHUSUlFKWLJHQ1DWXUNXOLVVHVHLQH )UHXGHJHKDEW ,FKZHQLJHUGHQQPLUJLQJHVYHUGDPPWPLHV'LHHLVLJH /XIWVWDFKPLULQGLH/XQJHQ+LQ]XNDPGLH$QJVWGDGHU 5HLWHUGLHPDJLVFKH9HUELQGXQJO|VHQZUGH'DQQKl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|WHW $EHUGDZDULFKQLFKWVRKLOIORVJHZHVHQZLHMHW]W'LH=HLW NDPPLUXQKHLPOLFKODQJYRU8QGPLWMHGHU6HNXQGHGLHYHU VWULFKIUDVLFKGLH.lOWHWLHIHULQPHLQHQ.|USHUVRGDLFK YHUPHLQWH]XHLQHP(LVNOXPSHQ]XJHIULHUHQ :DQQHQGOLFKZUGHQZLUGDV.ORVWHUHUUHLFKHQ"6HOWHQLQ PHLQHP/HEHQKDWWHLFKPLFKVRQDFKHLQHP=LHOJHVHKQW $XFKZHQQGLHVHVIUPLFK*HIDQJHQVFKDIWXQGYLHOOHLFKW VRJDUGHQ7RGEHGHXWHWH

'HQ0RQGVDKLFKQLFKW(UVWDQGLQPHLQHP5FNHQ'RFK VHLQIDKOHVVLOEULJHV/LFKWOLHGLH%HUJJLSIHODXIEOLW]HQDOV ZlUHQVLHPLWXQ]lKOLJHQ%ULOODQWHQEHVWFNW hEHUGHQ5HLWHUPDFKWHLFKPLUNDXP*HGDQNHQ+DWWHQZLU HUVWHLQPDOGDV.ORVWHUHUUHLFKWZUGHVLFKGDV*HKHLPQLV VLFKHUOLFKYRQVHOEVWOIWHQ 8QGSO|W]OLFKVDKLFKGLH0DXHUQ+RFKXQGXQEHU ZLQGOLFKVFKLHQHQVLH]XVHLQ)UHLQH(ZLJNHLWJHEDXWDOV 7UXW]EXUJGHV*XWHQ'RFKNHLQ.UHX]VWDQGDXIGHQ7UPHQ NHLQFKULVWOLFKHV6\PEROEHGHFNWHGLH0DXHUQQDFKGHQHQGLH 0lFKWHGHU)LQVWHUQLVLKUH.ODXHQDXVJHVWUHFNWKDWWHQ 6FKRQQlKHUWHQZLUXQVGHP,QQHQKRI(UEHVWDQGDXV HLQHPJURHQ*HYLHUWGDVOHHUXQGYHUODVVHQXQWHUXQVODJ 'HU5HLWHUODQGHWH (UKDWWHGLH*HVFKZLQGLJNHLWYHUULQJHUW'DV3IHUGVWUHFNWH GLH%HLQHDXVEHUKUWHGDVXQHEHQH*HVWHLQXQG]RJHLQH ODQJH)XQNHQVSXUKLQWHUVLFKKHU 'HU+RUURU5HLWHUVWDQG 0LUILHOHLQ6WHLQYRP+HU]HQREZRKOPHLQH/DJHPHKUDOV EHVFKHLGHQZDU,FKKLQJLQHLQHU6FKUlJODJH'LH)X VSLW]HQEHUKUWHQGHQ%RGHQ0HLQH$UPHZDUHQDXVJH VWUHFNWGLH+lQGHXPNODPPHUWHQQDFKZLHYRUGLH=JHO 'HU5HLWHUEHZHJWHVLFKOHLFKWQDFKUHFKWV(UKRE&DUPHQ DQXQGOLHVLH]X%RGHQJOHLWHQ 'DQQZDUWHWHHUDE 3O|W]OLFKO|VWHVLFKGHUPDJLVFKH%DQQ,FKZDUGDUDXIQLFKW YRUEHUHLWHWXQGILHOKDUWDXIGDV*HVWHLQ=XP*OFNNRQQWH LFKPHLQ*HVLFKWVFKW]HQDEHUGHU$XISUDOOZDUDXFKVR QRFKKDUWJHQXJ ,FKODJDXIGHP,QQHQKRIGHV.ORVWHUVZLHGHUJURH 9HUOLHUHU:DKUVFKHLQOLFKZDULFKGDVDXFK1DKH]XQDLYXQG EODXlXJLJZDULFKLQGHQ)DOOKLQHLQJHVWROSHUWGHUPLUELVKHU QXUHLQVJHEUDFKWKDWWHHLQH1LHGHUODJH ,FKYHUVXFKWHPHLQH*OLHGHU]XEHZHJHQ'LH)LQJHUGLH =HKHQGLH$UPH ,FKVFKDIIWHHVQLFKWHLQPDOXQWHUJURHQ6FKZLHULJNHLWHQ

0HLQ.UHLVODXIPXWHVLFKI|UPOLFKDXIGHP1XOOSXQNWEH ILQGHQLFKKDWWHNHLQ*HIKOPHKULQGHQ*OLHGHUQ 1XUPLW0KHJHODQJHVPLUGHQ.RSI]XGUHKHQXQG &DUPHQHLQHQ%OLFN]X]XZHUIHQ 6LHODJDXIGHU6HLWH,KU*HVLFKWZDUNDONZHL,FKNDQQWH GLHVH%OlVVHYRQ9DPSLURSIHUQKHURGHUYRQ/HLFKHQ 6HNXQGHQODQJGXUFK]XFNWHPLFKGHUKHLH6FKUHFNGRFK GDQQVDKLFKGD&DUPHQDWPHWH 0LWPHLQHQ%HPKXQJHQOLHLFKQLFKWQDFK,PPHUZLHGHU EHZHJWHLFK+lQGHXQG)HYHUVXFKWHGHQ.UHLVODXILQ *DQJ]XEULQJHQ'HQQLP0RPHQWZDULFKZHKUORVZLHHLQ %DE\7URW]PHLQHU%HZDIIQXQJ'DPDQPLUGLH%HUHWWD QLFKWDEJHQRPPHQKDWWHNRQQWHLFKQLFKWDOVHLQHQ9RUWHLO DXVVSLHOHQGHQQLFKKDWWHVLHQRFKQLFKWZLHGHUJHODGHQ 1RFKLPPHUVWDQGGHU5HLWHUZLHHLQ'HQNPDOQHEHQPLU (UZDUWHWHDXILUJHQGHWZDVRGHUDXILUJHQGMHPDQGHQ,FK UHFKQHWHGDPLWGDHVGHU$EWZDU 8QGLFKKDWWHPLFKQLFKWJHWlXVFKW (LQH7UVFKZDQJDXI6LHEHIDQGVLFKJHQDXLQPHLQHP %OLFNIHOG5|WOLFKJHOEHU)DFNHOVFKHLQILHOQDFKGUDXHQ ZXUGHDEHUVFKRQQDFKZHQLJHQ
ª,FKGDQNHGLUGDGXEHLGHJHEUDFKWKDVW©VDJWHHUPLW WRQORVHU6WLPPHª0HLQ2SIHUDQ$HEDZLUGXPVRJU|HU VHLQ© 'DZDUHVZLHGHUGLHVHVYHUGDPPWH:RUWGDVLFKQLFKW YHUVWDQG$EHULFKQDKPPLUYRUGLHVHQ'RQ$OYDUH] GDQDFK]XIUDJHQ *DQ]DOOPlKOLFKEHJDQQPHLQ.UHLVODXIZLHGHU]XDUEHLWHQ 'DV%OXWSXOVWHGXUFKGLH$GHUQGRFKLFKKlWWHVFKUHLHQ N|QQHQVROFKH6FKPHU]HQKDWWHLFK]XHUWUDJHQGDGXUFK GLHYHUGDPPWH.lOWHIDVWDOOHVDEJHVWRUEHQZDU ,FKELGLH=lKQH]XVDPPHQXQGOLHPLUQLFKWVDQPHUNHQ 'HU$EWKDWWHQRFKLPPHUJHQXJPLWGHP5HLWHU]XWXQ6LH VSUDFKHQPLWHLQDQGHU'DQQJDEGHU5HLWHUVHLQHP3IHUGGLH 6SRUHQVSUHQJWHDXIGLH7U]XXQGO|VWHVLFKSO|W]OLFKYRQ HLQHU6HNXQGH]XUDQGHUHQEXFKVWlEOLFKLQ/XIWDXI &DUPHQGHU$EWXQGLFKZDUHQDOOHLQ'RFKQLFKWODQJH 3O|W]OLFKNDPHQVLH+LQWHUHLQDQGHUWUDWHQGLHEULJHQ 0|QFKHDXVGHU7U=XHUVW]lKOWHLFKQRFKGRFKEDOGOLHLFK HVEOHLEHQ(VZDUHQ]XYLHOH 'LH0|QFKHEHZHJWHQVLFKDOVZUGHQVLHDQXQVLFKWEDUHQ )lGHQKlQJHQ8QGPLUZXUGHNODUGDLFKHVEHLLKQHQQLFKW PLWJHLVWLJQRUPDOHQ0HQVFKHQ]XWXQKDWWH 6LHZDUHQ'lPRQHQGLHQHU 0DULRQHWWHQGHV7HXIHOV -HGHU]ZHLWH0|QFKWUXJHLQH3HFKIDFNHO'HULQGHQ ,QQHQKRIIDOOHQGH:LQGVSLHOWHPLWGHQ)ODPPHQEHZHJWHVLH KLQXQGKHUVRGDGHU:LGHUVFKHLQVNXUULOH)LJXUHQDXIGLH GLFNHQ,QQHQPDXHUQZDUI -HGHU0|QFKZXWHJHQDXZDVHU]XWXQKDWWH6WXPPDOV JlEHHVHLQHQLQLKUHQ+LUQHQJHVSHLFKHUWHQ%HIHKOWHLOWHQVLH VLFKXQGELOGHWHQHLQRIIHQHV.DUUHH &DUPHQXQGLFKZDUHQGHU0LWWHOSXQNW 'LH0|QFKHEOLHEHQVWHKHQZLHHLQHPHQVFKOLFKH0DXHU6LH VWDQGHQVRGLFKWGDVLHHLQDQGHUEHUKUWHQ'LH)DFNHOWUlJHU KDWWHQLKUH$UPHDXVJHVWUHFNWXQGHLQZHQLJJHVHQNWVRGD GHU6FKHLQEHUXQVHUH.|USHUWDQ]WH

'RQ$OYDUH]GHUGlPRQLVFKH0|QFKKLHOWVHLQHJURH 6WXQGHIUJHNRPPHQ(UWUDWGLFKWDQXQVKHUDQXQGVHQNWH VHLQHQ%OLFN =XPHUVWHQPDONRQQWHLFKLQVHLQ*HVLFKWVFKDXHQ=XU +lOIWHZXUGHHVYRQGHP%DUWHLQJHQRPPHQGRFKGLH$XJHQ ZDUHQ]XVHKHQ8QGGDULQODVLFKHLQHQ$XVGUXFNZLHLFK LKQVFKRQRIWEHL0HQVFKHQJHVHKHQKDEHGLHYRQHLQHP 'lPRQEHVHVVHQVLQG (VZDUHLQH0LVFKXQJDXV7ULXPSK:XWXQG:DKQVLQQ %LVKHUKDWWHNHLQHUYRQXQVHLQ:RUWJHVSURFKHQ'RQ $OYDUH]XQWHUEUDFKGDV6FKZHLJHQ =XYRU]RJHUPLWHLQHP5XFNVHLQH+lQGHDXVGHQ .XWWHQlUPHOQ,FK]XFNWH]XVDPPHQGHQQVHLQH)lXVWH XPNODPPHUWHQ]ZHLXQWHUDUPODQJHJHIlKUOLFKH'ROFKH'LH 6SLW]HQ]LHOWHQQDFKXQWHQ6LH]LWWHUWHQGLFKWEHUPHLQHU %UXVW ª'DPLWZHUGHLFKGLFKW|WHQ-RKQ6LQFODLU©YHUVSUDFKGHU GlPRQLVFKH$EW 'DV(VHOVW|UULVFKVLQGGDYRQKDWWH6XNRVFKRQJHK|UW8QG HUKDWWHGDUEHUJHOlFKHOW'RFKDOVHUDPHLJHQHQ/HLEHHU IDKUHQPXWHZLHVW|UULVFKVRHLQ(VHOVHLQNDQQZXUGHDXFK 6XNRV*HGXOGDXIHLQHKDUWH3UREHJHVWHOOW 3O|W]OLFKZROOWHGDV7LHUQLFKWPHKU -XDQ2UWHJDULWWYRU6HLQ7LHUWURWWHWHGDKLQDEHU6XNRV(VHO EOLHEVWHKHQ $XFK-XDQKLHOWDQ(UVWLHJDEXQGEOLHEDEZDUWHQGVWHKHQ 6LHEHIDQGHQVLFKDXIHLQHPVFKPDOHQVWHLQLJHQ:HJGHU VHUSHQWLQHQDUWLJLQGLH+|KHIKUWH(LQHYROOH:DJHQEUHLWH KlWWHQLFKW3ODW]JHKDEW/LQNVZXFKVHLQHUDXKH)HOVZDQG KRFKUHFKWVIKUWHQDXVJHGHKQWH*HU|OOKDOGHQLQGLH7LHIH (VZDUHQJHZDOWLJH6WHLQIHOGHUXQGGDKLQXQWHU]XUXWVFKHQ NRQQWHPDQQLFKWJHUDGHDOV9HUJQJHQEH]HLFKQHQ'DV ZXWHDXFK6XNRXQGGHVKDOEVDKHU]XGDHULPPHUGLFKW DQGHU)HOVZDQGEOLHE

6WHUQNODUSUlVHQWLHUWHVLFKGHU+LPPHO$XFKGHU0RQG VFKLHQ$OVGXQNOH%XFNHO]HLFKQHWHQVLFK*UDWHXQG*LSIHO YRUGHUNDOWHQ6WHUQHQSUDFKWDE -HK|KHUVLHGUDQJHQXPVRNlOWHUZXUGHHV'HU/DPPIHOO PDQWHOZlUPWH]ZDUGRFKDXFKHUNRQQWHQLFKWYHUKLQGHUQ GDGLH.lOWHVRQDFKXQGQDFKGXUFKGLH.OHLGXQJGUDQJ ª:LOOHUQLFKW"©ULHI-XDQ ª1HLQ]XP7HXIHO©6XNRKREGHQ$UPXQGOLHLKQZLHGHU IDOOHQ6HLQH+DQGNODWVFKWHJHJHQGLH)ODQNHGHV(VHOVGRFK GDV7LHUUKUWHVLFKQLFKW(VVFKQDXIWHQLFKWHLQPDO ª6LHPVVHQLKPJXW]XUHGHQ©VFKOXJ-XDQYRU 6XNRYHUVXFKWHDXFKGLHV$EHUVHOEVW.RVHZRUWHXQG 9HUVSUHFKXQJHQUHL]WHQGHQ(VHOQLFKWZHLWHU]XJHKHQ 5HVLJQLHUHQGKRE6XNRGLH6FKXOWHUQ(UVWLHJDEJLQJ GUHLPDOXPGDV7LHUKHUXPXPVHLQH0XVNHOQ]XORFNHUQ XQG]RJDP=JHO'HU(VHOVWHPPWHVLFKGDJHJHQ=ZDU UXWVFKWHHUGXUFKGHQ=XJZHLWHUGRFKHUVHOEVWEHZHJWH QLFKWHLQPDOGHQ6FKZDQ] 6XNRJDEHVDXI(UOLHGLH$UPHVLQNHQª:LVVHQ6LHGHQQ QLFKWZLHPDQVROFKHLQ7LHUEHUUHGHQNDQQ"© -XDQ2UWHJDPDFKWHHLQHKLOIORVH+DQGEHZHJXQJª(VJLEW ]ZDUYLHOH(VHOEHLXQVDEHUVRJHQDXKDEHLFKPLFKPLW GHQHQQRFKQLFKWEHVFKlIWLJW:HQLJVWHQVQLFKWPLWGHQYLHU EHLQLJHQ© ª-D]ZHLEHLQLJHNHQQHLFKDXFK©VDJWH6XNRª8QGGDZHL LFKZLHPDQGLHDXI9RUGHUPDQQEULQJW©(UUlXVSHUWHVLFK ª$EHUEHLGHQYLHUEHLQLJHQGD©3O|W]OLFKZXUGHQ6XNRV $XJHQJURª0HQVFKGHUOlXIWMDZLHGHU©'HU&KLQHVHZDU EHJHLVWHUW ,QGHU7DWOLHIVHLQ(VHOORVDOVZlUHQLFKWVJHVFKHKHQ8QG HUGXOGHWHHVDXFKGDVLFK6XNRDXIVHLQHQ5FNHQVFKZDQJ :HLWHUJLQJGHU5LWW :LHYLHOH0HQVFKHQVRZDUDXFK6XNRHLQHU7lXVFKXQJ HUOHJHQ'HU:HJYRP'RUIELVKRFK]XP.ORVWHUZDULKPYRQ XQWHQDXVJDUQLFKWVRZHLWHUVFKLHQHQ $EHULQGHQ%HUJHQWlXVFKHQGLH(QWIHUQXQJHQ(LQH

6WUHFNHGLHPDQFKPDOVRNXU]DXVVLHKWLVWRIWVHKUYLHOOlQJHU 8QGGLH=HLWYHUUDQQ /lQJVWZDUHV$EHQG,UJHQGZRXQWHQLP7DOVFKOXJHLQH .LUFKHQJORFNH'HU.ODQJZXUGHZLHDXIXQVLFKWEDUHQ 6FKZLQJHQZHLWHUJHWUDJHQXQGKDOOWHQRFKODQJHQDFK (VKlWWHHLQHURPDQWLVFKH:LQWHUQDFKWVHLQN|QQHQGRFK 6XNRXQG-XDQYHUGUlQJWHQVROFKH*HGDQNHQ9RULKQHQODJ HLQHYHUGDPPWKDUWH$XIJDEH6LHZXWHQQLFKWZDVRGHU ZHUVLHLQGLHVHP.ORVWHUHUZDUWHWH $XFKGHU:HJZDUPLW*HU|OOEHGHFNW8QWHUGHQ+XIHQGHU 7LHUHO|VWHVLFKGDVORFNHUH*HVWHLQXQGUROOWHWDODEZlUWV'LH ODXWHQ*HUlXVFKHZDUHQGDEHLOHLGHUQLFKW]XYHUPHLGHQ,KU .ODQJZDUQRFK]LHPOLFKZHLW]XK|UHQ 'HU:LQGKDWWHJHGUHKW(UEOLHVMHW]WDXV1RUGZHVW'LH /XIWVFKPHFNWHLUJHQGZLHDQGHUV 1DFK6FKQHH 1RFKZDUQLFKWV]XVHKHQQRFKSUlVHQWLHUWHVLFKGHU +LPPHOVWHUQNODUGRFK6XNRZXWHGDVLFKGDV:HWWHULQ GHQ%HUJHQLQQHUKDOEHLQHUKDOEHQ6WXQGHY|OOLJYHUlQGHUQ NRQQWH 6XNREOLFNWHLPPHUZLHGHUVFKUlJQDFKREHQREHUQLFKWGLH 0DXHUQGHV.ORVWHUVHQWGHFNWH2KQH(UIROJhEHUKlQJHQGH )HOVYRUVSUQJHQDKPHQLKPGLH6LFKW -XDQ2UWHJDKDWWHEHULFKWHWGDGDV.ORVWHUDQGHUHQW JHJHQJHVHW]WHQ6HLWHQXUEHUHLQH=XJEUFNH]XHUUHLFKHQ ZDU'HU$XIVWLHJGRUWZDUZHQLJHUEHVFKZHUOLFKGDIUZDU GLH=XJEUFNHLPPHUKRFKJH]RJHQ6LHEHUVSDQQWHHLQ WLHIHVHQJHV7DOGDVVFKRQPHKUHLQHILQVWHUH6FKOXFKWZDU 8QHUPGOLFKWURWWHWHQGLHEHLGHQ(VHOYRUDQ'LH7LHUH KDWWHQZLUNOLFKHLQHJURH*HGXOG+LQXQGZLHGHUVFKW WHOWHQVLHGLH.|SIHRGHUVFKQDXEWHQ'DQQVWREHQKHOOH $WHPZRONHQYRUGHQ1VWHUQDXI$XFKEHL6XNRXQG-XDQ ULGLH$WHPIDKQHQLHDE ,PPHUZLHGHUEHZHJWHQVLFKGLHEHLGHQ0lQQHUXPZHQLJ VWHQVGLHlUJVWH.lOWHDXVGHQVWHLIHQ*OLHGHUQ]XWUHLEHQ 'DQQWDXFKWHGDV.ORVWHU|IWHULP%OLFNIHOGGHUEHLGHQ

0lQQHUDXI,PPHUZHQQVLHHLQH.HKUHKLQWHUVLFKJHEUDFKW KDWWHQVDKHQVLHGLHJHZDOWLJHQ0DXHUQ ª-HW]WGDXHUW VQXUQRFKHLQH6WXQGH©ULHI-XDQ2UWHJD6XNR EHUGLH6FKXOWHU]X ª:LHVFK|QIUXQV© $XVGHU6WXQGHZXUGHQIDVW]ZHLGDGLHOHW]WH6WUHFNH lXHUVWEHVFKZHUOLFKZDU6FKQHHUHVWHZDUHQ]XKDUWHQ (LVUXWVFKEDKQHQJHIURUHQ$OVZHLH%XFNHOODJHQVLHRIWTXHU EHUGHP:HJ ,Q*LSIHOQlKHVFKW]WHNHLQH)HOVZDQGPHKUGLH0lQQHU 5HFKWVXQGOLQNVGHVVFKPDOHQ3IDGHVIKUWHQNOHLQHUH *OHWVFKHULQGLH7LHIH'LH6LFKWZDUQRFKJXW$XVGHQ]DKO UHLFKHQ7lOHUQJUWHQZLQ]LJH/LFKWHUZlKUHQGVLFK6XNR KLHUREHQYRUNDPZLHDXIGHP0RQG $XFKYRP.ORVWHUDXVPXWHQVLHOlQJVWEHPHUNWZRUGHQ VHLQIDOOVMHPDQG:DFKHKLHOW'DVVFKLHQQLFKWGHU)DOO]X VHLQ-HGHQIDOOVGHXWHWHQLFKWVGDUDXIKLQGDLKUH$QNXQIW JHPHOGHWZRUGHQZDU (LQHOHW]WH%LHJXQJGDQQIKUWHGHU:HJGLUHNWDXIGDV .ORVWHU]X -XDQ2UWHJDZLQNWH6XNR]XVLFKKHUDQ ª:LUODVVHQGLH(VHODPEHVWHQKLHU]XUFN©VFKOXJHUYRU ªXQGJHKHQGHQ5HVWGHU6WUHFNH]X)X© 'HU0HLQXQJZDU6XNRDXFK6LHQDKPHQDOOGDVPLWZDV VLHEHQ|WLJWHQXPGLHGLFNHQ0DXHUQ]XEHUNOHWWHUQ 6XNRGHU.UlIWLJHUHWUXJGLH6DFKHQ(UEHUQDKPDXFK GLH)KUXQJ $XIGHP:HJ]XODXIHQZDUVFKZLHULJHUDOVHUHVVLFKYRU JHVWHOOWKDWWH9RUDOOHQ'LQJHQGHVKDOEZHLOHUNHLQH%HUJ VWHLJHUVFKXKHDQGHQ)HQKDWWH0WVHLQHQJODWWHQ6RKOHQ UXWVFKWHHULPPHUZLHGHU]XUFN 'HU:LQGEHXWHOWHGLHEHLGHQHLQVDPHQ0lQQHUUHJHOUHFKW GXUFK hEHULKQHQZDUGLHNDOWH6WHUQHQSUDFKWHWZDVYHUEODW0DQ VDKVLHZLHGXUFKHLQHQ:DWWHVFKOHLHU(LQ=HLFKHQGDIUGD VLFKHUVWH:RONHQJHELOGHWKDWWHQ

ª,QVSlWHVWHQVHLQHU6WXQGHZLUGHVVFKQHLHQ©EHPHUNWH -XDQ2UWHJDª'DQQNDQQPDQKLHUQLFKWPHKUGLH+DQGYRU $XJHQVHKHQ© ª'DVJODXEHLFK© 0DQPHUNWHGHP&KLQHVHQQLFKWDQZLHVFKZHUGLHOHW]WHQ
GHUVWlKOHUQH6WHUQKRFKVFKZDQJEHUGLH.XSSHHLQ KHOOHVPHWDOOLVFKHV.OLUUHQXQGKDNWHVLFKIHVW ª*HVFKDIIW©]LVFKWH-XDQ2UWHJD,QVHLQHQ$XJHQZHWWHU OHXFKWHWHHV 6XNRSUIWHGLH%HODVWEDUNHLWGHV6HLOV'HU+DNHQVDIHVW 6LHKDWWHQEHUHLWVYRUKHUDEJHVSURFKHQZLHVLHYRUJHKHQ ZROOWHQ6XNRVWLHJDOVHUVWHU (UQLFNWH-XDQ2UWHJDQRFKHLQPDO]XOlFKHOWHSDFNWHGDV 6HLOPLWEHLGHQ+lQGHQXQGILQJDQVLFKKRFK]XKDQJHOQ(V ZDUHLQH6FKXIWHUHL0LWGHQ%HLQHQVWHPPWHVLFK6XNRDP 0DXHUZHUNDE $XIGHU+lOIWHGHU6WUHFNWHOHJWH6XNRHLQHNOHLQH3DXVHHLQ XQGVFKDXWH]XUFN -XDQ2UWHJDVWDQGXQWHULKPXQGZLQNWH 'HU&KLQHVHPDFKWHZHLWHU 3O|W]OLFKVDKHUGHQU|WOLFKHQ:LGHUVFKHLQGLFKWREHUKDOE GHU.ORVWHUPDXHUQ'LHVHQ6FKHLQKDWWHQZHGHUHUQRFK-XDQ YRQXQWHQJHVHKHQ6XNRNDQQWHVLFKDXV(UZXWHGD GLHVHU:LGHUVFKHLQQXUYRQHLQHU$Q]DKOYRQ)DFNHOQ VWDPPHQNRQQWH(UUHFKQHWHGDPLWGDGHU,QQHQKRIGHV .ORVWHUVEHOHXFKWHWZDU :DUIHUHLQHQ%OLFNQDFKOLQNVVRVDKHUHLQHQGHUEHLGHQ 7UPH(UVDKLP'XQNHOQDXVZLHHLQHYLHUHFNLJHEHUJURH =LJDUUH 1RFK]ZHL
6XNRODJDXIGHU0DXHU)ODFKXQGVFKZHUDWPHQG 1XUODQJVDPEHUXKLJWHQVLFKVHLQH/XQJHQ'LH0DXHUZDU XQJHIlKUVREUHLWZLHGHU:HJXQGGHU&KLQHVHNRQQWHEH TXHPGDUDXIOLHJHQ-HW]WVWUHLIWHLKQDXFKGHU)DFNHOVFKHLQ 0HLQ)UHXQGVWW]WHVLFKPLWGHQ(OOERJHQDEXQGGUHKWH YRUVLFKWLJGHQ.RSIQDFKUHFKWV*HUDGHVRZHLWGDHULQGHQ +RIGHV.ORVWHUVKLQHLQVFKDXHQNRQQWH 6XNR]XFNWH]XVDPPHQDOVKlWWHHUHLQHQ6FKODJPLWGHU 3HLWVFKHHUKDOWHQ'LH)DFNHOQGLHGHQ,QQHQKRIHUOHXFKWHWHQ VWHFNWHQQLFKWLQ+DOWHUXQJHQDQGHU:DQGVRQGHUQEHIDQGHQ VLFKLQGHQ+lQGHQYRQ]DKOUHLFKHQ0|QFKHQ 6LHDOOHKDWWHQGLH.|SIHHUKREHQXQGLKUH*HVLFKWHUGHP DXIGHU0DXHUKRFNHQGHQ6XNR]XJHZDQGW 'HU&KLQHVHZXUGHNODUGDLKUHhEHUUDVFKXQJQLFKWJH OXQJHQZDU,P*HJHQWHLO'LH0|QFKHKDWWHQLKQHUZDUWHW ,FKJODXEWHGHP$EWGDV9HUVSUHFKHQDXIV:RUW1LFKWVZUGH LKQPHKUEHIULHGLJHQDOVPHLQHQ7RGPLW]XHUOHEHQ 3O|W]OLFKEHJDQQPHLQ+HU]UDVHQG]XKlPPHUQ,FKKDWWH GDV*HIKODOVZUGHHVMHGHQ$XJHQEOLFNDXVGHP.|USHU VSULQJHQ 'RQ$OYDUH]ODFKWHª-HW]WKDVWGX$QJVWZLH"© ,FKNRQQWHHVQLFKWOHXJQHQ 'LH0HVVHUVHQNWHQVLFK6\QFKURQ0LWJOHLFKPlLJHU *HVFKZLQGLJNHLW]LHOWHQVLHDXIPHLQHXQJHVFKW]WH%UXVW XPVLH]XGXUFKERKUHQ ,FKULPLFK]XVDPPHQXQGHVNRVWHWHPLFKHLQH 5LHVHQEHUZLQGXQJ ª,FKZUGHHVDQGHLQHU6WHOOHQLFKWWXQ©NHXFKWHLFK 'LH0HVVHUZDUHQQXUQRFKHLQH+DQGEUHLWYRQPHLQHU %UXVWHQWIHUQW ª8QGZDUXPQLFKW"©IUDJWHGHU$EW ,FKVHW]WHDOOHVDXIHLQH.DUWH ª,FKN|QQWHGLUZLFKWLJH,QIRUPDWLRQHQJHEHQ=XP%HLVSLHO EHUGDV'lPRQHQUHLFKRGHU©

ª+D'XZLQVHOVWXPGHLQHUElUPOLFKHV/HEHQ6LQFODLU©(U ODFKWHª6RVFKZDFKZLHGXELVWQHLQGDVKlWWHLFKYRQGLU QLHJHGDFKW8QGGDKDEHQGLHDQGHUHQ$QJVWYRUGLU,FK NDQQQXUGDUEHUODFKHQ0HKUQLFKW©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lGFKHQ]X 'LH0HVVHUVWHFNWHHUZHJEHYRUHULKUHQ.RSIDQKREVLFK QLHGHUNQLHWHXQG&DUPHQKLQVHW]WH'DV0lGFKHQVDVRGD HVPLFKDQVHKHQPXWH 'LH)DFNHOQZDUIHQHLQHQU|WOLFKHQ6FKHLQEHULKU*HVLFKW (LQHEHIDQGVLFKVRGLFKWQHEHQLKUHP.RSIGDLFKEH IUFKWHWHGDV)HXHUZUGHLKUH+DDUHYHUVHQJHQ ª:LHIKOVWGXGLFKPHLQ7lXEFKHQ"©IUDJWHGHU$EW(U UHGHWHVSDQLVFKXQGLFKYHUVWDQGQLFKWDOOHV &DUPHQVFKLHQQRFKQLFKWJDQ]LQGHU:HOW]XVHLQ,KU%OLFN ZDUHWZDVXQNODU'DQQVDKVLHPLFK,KU*HVLFKWYHU]RJVLFK 6LHUXQ]HOWHGLH6WLUQNUDPWHZRKOLQLKUHU(ULQQHUXQJXQG ZXWHGRFKQLFKWZRVLHPLFKKLQVWHFNHQVROOWH 'HU$EWNLFKHUWHª-D©]LVFKWHHUª6LHKLKQGLUQXUJHQDXDQ (ULVWJHNRPPHQXPHXFK]XUHWWHQDEHUMHW]WLVWHUJHQDX ZLHGXPHLQ*HIDQJHQHU©

&DUPHQIURU6LHVFKWWHOWHVLFKXQGLFKVDJWHª*HEWLKU ZHQLJVWHQVHLQH-DFNH© ª'XKlOWVWGLFKGDUDXV6LQFODLU© ,FKVFKZLHJGHQQZHQQVLFKGHU$EWZHLWHULQVHLQH:XW KLQHLQVWHLJHUWHZUGHHUVLFKXQWHU8PVWlQGHQ]XXQ NRQWUROOLHUWHQ5HDNWLRQHQKLQUHLHQODVVHQ6FKRQGLHJDQ]H =HLWEHUIUDJWHLFKPLFKZRKLQGHU5HLWHUYHUVFKZXQGHQ ZDU(UKDWWHVLFK]ZDULQ/XIWDXIJHO|VWDEHUZDUHULQHLQH DQGHUH'LPHQVLRQJHULWWHQ"2GHUKDWWHHUVLFKLP,QQHUQGHV .ORVWHUVZLHGHUQHXPDQLIHVWLHUW" :lKUHQGVLFKGHU$EWXP&DUPHQNPPHUWHEHZHJWH LFKPHLQH)LQJHUXQGGLH=HKHQXQGYHUVXFKWHVRZLHGHU *HIKOLQPHLQHQ.|USHU]XEHNRPPHQ+LQXQGZLHGHU EHREDFKWHWHLFKDXFKGLHXQVXPVWHKHQGHQ0|QFKH9RQ LKQHQVFKLHQPLULP$XJHQEOLFNNHLQHXQPLWWHOEDUH*HIDKU ]XGURKHQ,FKJODXEWHGDVLHQLFKWYRQDOOHLQKDQGHOWHQ VRQGHUQHUVWDXIHLQHQ%HIHKOLKUHV$EWVZDUWHWHQ :DUGDVPHLQH&KDQFH" ,FKZLQNHOWHGLH$UPHDQXQGVWW]WHPLFKDXIGLH(OOERJHQ 'RQ$OYDUH]PHUNWHQLFKWVRGHUHUOLHPLFKEHZXWLQ5XKH (VZDUPLUDXFKHJDO+DXSWVDFKHLFKNRQQWHGLH,QLWLDWLYHDQ PLFKUHLHQ 'HU$EWUHGHWHZHLWHUPLW&DUPHQ(UEHULFKWHWHYRQVHLQHQ 7ULXPSKHQXQGGDEHLILHOLPPHUZLHGHUGDV:RUW$HED 0LUZDUHVMHW]WHJDOZDVGHU%HJULIIEHGHXWHWH,FKZROOWH VRUDVFKZLHP|JOLFKGHQ6SLHXPGUHKHQXQG]XVHKHQGD LFKGLHVHQLUUHQ0|QFK]XU5lVRQEUDFKWH ,FKVFKREPLFKHWZDVZHLWHUQDFKKLQWHQXPHLQHQEHVVHUHQ $NWLRQVUDGLXV]XKDEHQ0HLQH+DQGOLHLFKXQWHUGDV -DFNHWWUXWVFKHQGHQQGLH%HUHWWDVWHFNWHQRFKLP+ROVWHU 8QJHODGHQ 'RFKGDVZXWH'RQ$OYDUH]QLFKW 0HLQH)LQJHUIDQGHQGDV0HWDOOGHU:DIIH8QHQGOLFK EHKXWVDP]RJLFKVLHDXVGHP+ROVWHU'HU$EWUHGHWHLPPHU QRFKDXI&DUPHQHLQ(UVFKULHLKUIODPPHQGH:RUWHLQV *HVLFKWGRFKVLHVFKWWHOWHQXUGHQ.RSIULGLH+lQGHYRUV

*HVLFKWXQGEUOOWHª1HLQQHLQGDVGDUIQLFKWZDKUVHLQ'X OJVW'X© ª,FKOJHQLFKW©VFKULH'RQ$OYDUH]]XUFN(USDFNWH &DUPHQDQEHLGHQ6FKXOWHUQXQGVFKWWHOWHVLHGXUFKª,FK ZHUGHHXFKRSIHUQ$HEDZDUWHW,P%HUJZLUVWGXLQGLH DQGHUH'LPHQVLRQKLQHLQJHZRUIHQXQGGRUWZHUGHQGLFKGLH 5HLWHUYHUVFKOLQJHQ(LQ2SIHUIU$HED,FKPXHVEULQJHQ© ,FKZDUVRZHLW ,FKKLHOWGLH:DIIHLQGHU+DQGXQGVFKZHQNWHVLHHLQZHQLJ QDFKOLQNVVRGDGLH0QGXQJDXI'RQ$OYDUH]]HLJWH $OVHUHUQHXW$WHPVFK|SIWHXQGQXUGDV6FKOXFK]HQGHV 0lGFKHQV]XK|UHQZDUVDJWHLFKNDOWª/DVLHORVRGHULFK VFKLHHGLUHLQ/RFKGXUFKGHLQHQGlPRQLVFKHQ6FKlGHO© )UHLQHQ$XJHQEOLFNZXUGHHVWRWHQVWLOO'HU$EWVWDUUWH PLFKDQDOVZlUHLFKHLQ*HLVW$XFK&DUPHQVSUDFKNHLQ :RUW,QLKUHP*HVLFKWVWDQGGLHhEHUUDVFKXQJZLHHLQ JHPHLHOW ,FKXQWHUEUDFKGDV6FKZHLJHQª:HJYRQGHP0lGFKHQ $OYDUH]-HW]WELQLFKDQGHU5HLKH© (U]|JHUWH'DQQVFKOXFNWHHUXQGNQLUVFKWHª1LH1LH NRPPVWGXKLHUUDXV6LQFODLU'DV6SLHOLVWDXVVLFKWVORV© ª)UGLFKYLHOOHLFKW/RVZHJMHW]WYRQLKU© 'HU$EWJHKRUFKWHXQGJOLWW]XU6HLWH,FKVWDQGDXI 2YHUGDPPWZDUHVPLUZDFNOLJLQGHQ.QLHQ(VNRVWHWH PLFK%HKHUUVFKXQJPLUPHLQHQ=XVWDQGQLFKWDQPHUNHQ]X ODVVHQ'LH]XUFNOLHJHQGHQ6WUDSD]HQZDUHQGRFKYHUIOL[W KDUWJHZHVHQ $EHULFKVWDQGEUHLWEHLQLJXQGKLHOWGDV*OHLFKJHZLFKW'LH 0|QFKHUKUWHQVLFKQLFKW8QEHZHJOLFKKDWWHXQVGLHVH 0DXHUGHUPHQVFKOLFKHQ0DULRQHWWHQHLQJHNUHLVW'DVLHXQV ELVKHUQRFKQLFKWDQJHJULIIHQKDWWHQZUGHQVLHHVYLHOOHLFKW DXFKMHW]WQLFKWZDJHQ ª6WHKDXI©KHUUVFKWHLFK&DUPHQDQ ,FKPXWHKDUWVSUHFKHQGDPLWPHLQH$XIIRUGHUXQJDXFK

YHUVWDQGHQZXUGHGHQQ&DUPHQEHJULIIQRFKLPPHUQLFKW GDVLFKGDV%ODWW]XXQVHUHQ*XQVWHQJHZHQGHWKDWWH 'DQQDEHUJHKRUFKWHVLH ª.RPPODQJVDPQlKHU©VDJWHLFK:lKUHQGGLHVHU:RUWH EHKLHOWLFKZHLWHUKLQGHQ$EWLP$XJHGHQQHUPDFKWHPLU ZDKUOLFKQLFKWGHQ(LQGUXFNDOVKlWWHHUVFKRQDXIJHJHEHQ 8QGVRVFKlW]WHLFKLKQDXFKJDUQLFKWHLQ &DUPHQVFKULWWDXIPLFK]X=XP*OFNOLHIVLHQLFKWLQGLH 6FKXOLQLH,KUH$XJHQZDUHQZHLWDXIJHULVVHQ,FKODVLQ LKQHQDOOGHQ6FKUHFNHQGHQVLHHPSIDQG,FKKDWWHVLHDOV ELOGKEVFKHV0lGFKHQLQ(ULQQHUXQJ'RFKQXQZDUVLHJH ]HLFKQHWYRQGHQ(UHLJQLVVHQGHUYHUJDQJHQHQ6WXQGHQ ,QGHUUHFKWHQ+DQGKLHOWLFKGLH%HUHWWDGLHOLQNHVWUHFNWH LFKDXVEHUKUWH&DUPHQV$UPOlFKHOWHGDEHLDXIPXQWHUQG XQG]RJGDV0lGFKHQDQPLFK 'LHHUVWH+UGHZDUJHQRPPHQ ª8QGQXQVROOMHPDQGGDV7RU|IIQHQ©YHUODQJWHLFK 'RQ$OYDUH]UKUWHVLFKQLFKW ª%LVWGXLPPHUQRFKVFKDUIDXIHLQH.XJHO"© 'DJDEHUGHQ%HIHKODEHUQLFKWGHQGHQLFKYRQLKPYHU ODQJWKDWWH'LH)DFNHOWUlJHUGLHOLQNVYRQXQVVWDQGHQWUDWHQ SO|W]OLFKHLQHQ6FKULWWYRU*OHLFK]HLWLJYHUVFKZDQG'RQ $OYDUH](UQDKPKLQWHUVHLQHQ0lQQHUQ'HFNXQJ :LHGHUJHOOWHHLQ%HIHKO $XFKGLH)DFNHOWUlJHUUHFKWVYRQXQVJLQJHQHLQHQ6FKULWW YRU (LQGULWWHU5XI'LH5HLKHYRUXQVVHW]WHVLFKLQ%HZHJXQJ 8QGGDQQHUW|QWHGDVWHXIOLVFKH/DFKHQGHVGlPRQLVFKHQ $EWV ª-HW]WVLHK]XZLHGXKLHUKHUDXVNRPPVW6LQFODLU©EUOOWH HUPLWEHUVFKQDSSHQGHU6WLPPHXQGVHW]WHZLHGHU]X VHLQHPK|KQLVFKHQ/DFKHQDQ ,FKVSUDQJPLWGHP0lGFKHQ]XUFNUL&DUPHQKHUXP XQGYHUVXFKWHGRUWKLQ]XHQWNRPPHQZRGDV.DUUHHQRFK RIIHQZDU 1RFK

$EHUHVVFKORVLFK'LH)DFNHOWUlJHUZXWHQZDVZLUYRU KDWWHQ6LHYHUVXFKWHQXQVGHQ:HJDE]XVFKQHLGHQ=XP *OFNEHZHJWHQVLHVLFKQLFKWVRVFKQHOOVRGDZLUVRHEHQ QRFKGXUFKZLVFKHQNRQQWHQ $EHUGDZDUGLH0DXHU=HLWXPKLQEHU]XNOHWWHUQKDWWHQ ZLUQLFKW$XHUGHPNRQQWHQZLUPLWGHQEORHQ+lQGHQ QLFKWDQGHP*HVWHLQKLQDXINOHWWHUQ :LUVDHQLQGHU)DOOH 'LH)DFNHOWUlJHUIRUPLHUWHQVLFK]XHLQHUJHVFKORVVHQHQ )URQWZlKUHQGGLHDQGHUHQ0|QFKHVWHKHQEOLHEHQXQG DEZDUWHWHQ6LHZUGHQVLFKHUOLFKVSlWHUHLQJUHLIHQ 'LHDQGHUHQDEHUNDPHQQlKHU 8QGVLHVDKHQZDKUOLFKQLFKWVRDXVDOVZlUHQVLH)UHXQGH YRQXQV8QVEOLHEQXUQRFKHLQH*DOJHQIULVW(LQSDDU 6HNXQGHQYLHOOHLFKWGLHLFKDEHUQXW]WH ,FKKROWHGDV5HVHUYHPDJD]LQKHUYRUXQGGUFNWHHVLQGHQ *ULIIGHU%HUHWWD 'LH)DFNHOWUlJHUVHQNWHQGLH$UPH$OOHVJHVFKDKZLHDXI HLQJHKHLPHV.RPPDQGRKLQ'LH)ODPPHQGHU)DFNHOQ ZLHVHQJHQDXDXIXQVHUH.|USHUPLWWH8QGPLUZDUNODUZDV VLHPLWXQVYRUKDWWHQ 6LHZROOWHQXQVYHUEUHQQHQ &DUPHQHUOLWWHLQHQK\VWHULVFKHQ$QIDOOª6RWXGRFKHWZDV© VFKULHVLHPLULQV2KUª6FKLHVFKLH© 6LHXPNODPPHUWHPHLQHQ$UPGUFNWHPLUGLH)LQJHUQlJHO LQV)OHLVFK]LWWHUWHXQGSUHWHVLFKDQPLFK ,FKVFKOXJLKULQV*HVLFKW'LHHLQ]LJH0|JOLFKNHLWLKUH +\VWHULH]XVWRSSHQ 6LHZXUGHDXFKVRIRUWUXKLJ ,FKSDFNWHVLHVFKOHXGHUWHVLHKHUXPGUFNWHVLHGDQQ JHJHQGLH0DXHUVWHOOWHPLFKYRUVLHXQGVFKW]WHGDV 0lGFKHQVRPLWPHLQHPHLJHQHQ.|USHU &DUPHQVFKOXFK]WHXQGVFKULHª:DUXPVFKLHWGXQLFKW" 'XKDVWGRFKHLQH:DIIH©

,FKODFKWHKDUW6LFKHUVLHKDWWHUHFKW$EHUYRUPLUVWDQGHQ NHLQH'lPRQHQNHLQH*HVFK|SIHGHU)LQVWHUQLVGHUHQ XQVHOLJHV/HEHQPDQPLWHLQHJHZHLKWHQ6LOEHUNXJHODXV O|VFKHQNRQQWH 8QVJHJHQEHUVWDQGHQ0HQVFKHQ,UUHJHOHLWHWH.UHDWXUHQ GLHDXIHLQHQZDKUHQ7HXIHOLQ0HQVFKHQJHVWDOWK|UWHQGLH HLQ9HUEUHFKHQEHJHKHQZROOWHQRKQHGDVLHHWZDVGDIU NRQQWHQ 1HLQLFKNRQQWHQLFKWDXIVLHVFKLHHQ $EHUVLHQlKHUWHQVLFKXQV6FKULWWIU6FKULWW+DUWH)lXVWH XPNODPPHUWHQGLH)DFNHOVWLHOH'LH)ODPPHQ]QJHOWHQ+LQ XQGKHUWDQ]WHQVLH 'LH0|QFKHJLQJHQLP*OHLFKVFKULWW,KUH$EVlW]HNQDOOWHQ DXIGDVKDUWHKROSULJH.RSIVWHLQSIODVWHU (LQH$UPHHGHV6FKUHFNHQVQlKHUWHVLFKXQVXQGLFK VXFKWHYHU]ZHLIHOWQDFKHLQHP$XVZHJ,QGHQQlFKVWHQ 6HNXQGHQPXWHHVVLFKHQWVFKHLGHQGDPXWHLFKHLQIDFK HWZDVWXQ ,FKVFKR 'LFKWEHUGLH.|SIHGHU0|QFKHVHW]WHLFKGLH.XJHO 6LHEOLHEHQQLFKWVWHKHQ]XFNWHQQLFKWHLQPDO]XVDPPHQ RGHUYHUKDUUWHQIUHLQHQZLQ]LJHQ$XJHQEOLFNQHLQVLH JLQJHQZHLWHU 8QEHLUUEDU ,FKOLHGLH:DIIHYHUVFKZLQGHQ'LH0|QFKHZDUHQYHU GDPPWQDKH,FKVSUWHEHUHLWVGHQ*OXWKDXFKGHU)DFNHOQ VSUDQJ]XU6HLWHXQGUL&DUPHQ9DOGHUDNXU]HUKDQGPLW 6LHVWROSHUWHKLQWHUPLUKHUYHUORUGDV*OHLFKJHZLFKW XQGILHOKLQ'RFKLFK]RJVLHZLHGHUKRFK:LUUDQQWHQDQ GHU0DXHUHQWODQJ(LQH+DQGQXUKDWWHLFKIUHLXQGGLH VHW]WHLFKHLQ ,FKIHJWHHLQHGLFKWYRUPLUDXIWDXFKHQGH)DFNHO]XU6HLWH *OHLFK]HLWLJVFKQHOOWHPHLQ)XKRFK,FKWUDIPHLQHQ*HJQHU GRUWZRHLQH.RUGHOGLH.XWWH]XVDPPHQKLHOW 'HU0|QFKNLSSWH]XUFN (LQDQGHUHUVFKOXJQDFKPLU,FKXQWHUOLHIGHQ6FKODJXQGHV

JHODQJPLUGHP0|QFKGLH)DFNHODXVGHU+DQG]XZLQGHQ -HW]WKDWWHLFKHWZDVZRPLWLFKPLFKYHUWHLGLJHQNRQQWH &DUPHQULVLFKORV,FKNRQQWHPLFKQLFKWXPVLHNPPHUQ GHQQVRIRUWDWWDFNLHUWHQPLFKGUHL0|QFKH (LQKHIWLJHU.DPSIEHJDQQ (VZDUZLH'HJHQIHFKWHQ1XUWUXJHQZLUHVPLWXQVHUHQ )DFNHOQDXV 'XUFKHLQHQ5XQGVFKODJZHKUWHLFK]ZHL+LHEHDEXQG KDWWHZLHGHUHWZDV/XIW:HQQGHU)DFNHOVFKHLQHWZDV]XU 6HLWHWDQ]WHVDKLFKIU6HNXQGHQEUXFKWHLOHGLHYHU]HUUWHQ *HVLFKWHUXQWHUGHQ.DSX]HQ%OLW]VFKQHOOGUHKWHLFKPLFKXP GLHHLJHQH$FKVH'DEHLWUDILFKHLQHQKLQWHUPLUVWHKHQGHQ *HJQHUGHUEHUHLWV]XP6FKODJDXVJHKROWKDWWH 'HU0DQQILHO]X%RGHQ ,FKGXFNWHPLFKHQWJLQJVRHLQHPZHLWHUHQ+LHEXQGULGLH GHPOHW]WHQ0|QFKHQWIDOOHQH)DFNHODQPLFK0LW]ZHL 3HFKIDFNHOQLQGHQ)lXVWHQVWHOOWHLFKPLFKPHLQHQ*HJQHUQ 6LHJULIIHQMHW]WNRQ]HQWULHUWHUDQ,FKNRQQWHPLFKDOOHLQ QLFKWPHKUKDOWHQXQGDOVPLFKHLQH)DFNHOLQ+|KHGHU+IWH WUDIPXWHLFK]XUFNVSULQJHQ 0LWWHQLP6SUXQJK|UWHLFKGHQ6FKUHL &DUPHQ 0HLQ*RWWVLHKDWWHLFKLQGHQOHW]WHQ6HNXQGHQJDQ] YHUJHVVHQ,FKQDKPPLUGLH=HLWXQGZDUIHLQHQ%OLFN EHUGLH6FKXOWHU 'DV0lGFKHQZDUELVDQGLH0DXHUJHIORKHQ+LHUNRQQWH VLHQLFKWPHKUZHLWHU =ZHL0|QFKHDWWDFNLHUWHQVLH&DUPHQVFKOXJPLWGHQ $UPHQXPVLFK6LHZHKUWHVLFKYHU]ZHLIHOWJHJHQGLH $QJULIIH ,FKNDPEHUGLH.HUOHZLHHLQ8QJHZLWWHUWULHEVLHPLW EOLW]VFKQHOOHQ6FKOlJHQDXVHLQDQGHUXQGYHUVFKDIIWH&DUPHQ VRIUZHQLJH$XJHQEOLFNH/XIW,FKZDUILKUPHLQH]ZHLWH )DFNHO]X ª+DOWVLHIHVW©VFKULHLFKVLHDQª:LUPVVHQLQGDV.ORVWHU 1XUGRUWVLQGZLUYRUOlXILJVLFKHU©

,FKZXWHQLFKWREVLHPLFKYHUVWDQGHQKDWWHDXIMHGHQ)DOO IROJWHVLHPLU :LUUDQQWHQTXHUEHUGHQ+RI $EHUVHKUEDOGPHUNWHQGLH0|QFKHZDVZLUYRUKDWWHQ6LH VFKQLWWHQXQVGHQ:HJDE 6LHVFKULHQVLFKSO|W]OLFKJHJHQVHLWLJ%HIHKOH]XUDQQWHQPLW ZHKHQGHQ.XWWHQEHUGHQ,QQHQKRIXQGVFKZHQNWHQLKUH )DFNHOQ=ZHL0|QFKHVWHOOWHQVLFKYRUGHQ(LQJDQJ6LH VWUHFNWHQGDEHLLKUH$UPHDXVXQGKLHOWHQGLH)DFNHOQ EHU.UHX] $EHUZLUPXWHQGXUFK.RVWHHVZDVHVZROOH(VZDU XQVHUHHLQ]LJH&KDQFH &DUPHQ9DOGHUDUDQQWHQHEHQPLUKHU6LHKDWWHGHQ0XQG JH|IIQHWXQGNHXFKWH+HOOVWDQGGHU$WHPYRULKUHQ/LSSHQ 0LFKZXQGHUWHHVGDVLHQRFKDXIGHQ%HLQHQZDU,UJHQG ZDQQPXWHVLH]XVDPPHQEUHFKHQ 'LHEHLGHQ0|QFKHZLFKHQXPNHLQHQ'HXW]XU6HLWH 2ND\GDQQDOVRQLFKW $OVLFKQRFK]ZHL6FKULWWHYRQGHQ0|QFKHQHQWIHUQWZDU VWLHLFKPLFKDE(VZDUHLQ6SUXQJGHQPDQLP.DUDWHNXUV OHUQW8QGLFKWUDIGLH0|QFKHGRUWZRLFKVLHWUHIIHQZROOWH *HPHLQVDPIORJHQVLHGXUFKGLH7UEHUVFKOXJHQVLFKXQG EOLHEHQOLHJHQ $XFKLFKSUDOOWH]X%RGHQYHUORUGDEHLPHLQH)DFNHOZDUI PLFKDEHUVRIRUWKHUXPXQGVSUDQJZLHGHUDXI &DUPHQ9DOGHUDKDWWHEHUHLWVGLH6FKZHOOHEHUVSUXQJHQ 8QGVLHEHZLHV*HLVWHVJHJHQZDUWXQG1HUYHQVWlUNH 6LHSDFNWHGLH7UXQGNQDOOWHVLH]X*HUDGHLPUHFKWHQ $XJHQEOLFN (LQHULKUHU9HUIROJHUNRQQWHVHLQHQ/DXIQLFKWPHKUVFKQHOO JHQXJDEEUHPVHQXQGGRQQHUWHJHJHQGDVGLFNH+RO] ,FKVDKGHQ5LHJHODQGHUREHUHQ7UKlOIWHVFKOXJPLWGHU )DXVWGDJHJHQXQGYHUULHJHOWHGLH7U $WHPSDXVH &DUPHQXQGLFKVFKDXWHQXQVDQ,FKODVLQLKUHQ$XJHQHLQH VWXPPH)UDJH

ª9LHOOHLFKWKDEHQZLUHVJHVFKDIIW©OlFKHOWHLFKXQGQDKP PHLQH)DFNHODXI ª8QGZDVMHW]W"© ,FKVDKPLFKXP:LUVWDQGHQLQHLQHP]LHPOLFKEUHLWHQ *DQJGHUWLHIHULQGDV.ORVWHUIKUWH,FKKlWWHPHLQH)DFNHO HLJHQWOLFKJDUQLFKWJHEUDXFKWGHQQDQGHQ:lQGHQVWHFNWHQ 3HFKIDFNHOQGHUHQ5DXFKEHLHQGXQGVFKDUIXQWHUGHU 'HFNHHQWODQJZHKWHXQGLQHLQHP$E]XJYHUVFKZDQG:R GHUVLFKEHIDQGNRQQWHQZLUQLFKWVHKHQ'RFKPLUILHOHLQ GDHLQPDOYRQHLQHP6FKDFKWJHUHGHWZRUGHQZDU-XDQ 2UWHJDKDWWHGDYRQJHVSURFKHQ ,FKIUDJWH&DUPHQGDQDFK ª(LQ6FKDFKW"©IOVWHUWHVLHª,FKZHLGDYRQQLFKWV© 0HLQH+RIIQXQJVDQN 6LHODVHVDQPHLQHPHQWWlXVFKWHQ*HVLFKWDEXQGVDJWH OHLVHª(VWXWPLUOHLG6HQRU6LQFODLU© ª6LHEUDXFKHQVLFKGRFKNHLQH9RUZUIH]XPDFKHQ©HU ZLGHUWHLFK'DQQODXVFKWHQZLUJHPHLQVDPGRFKLQQHUKDOE GHV.ORVWHUVZDUHVUXKLJ$XFKYRQGUDXHQYHUQDKPHQ ZLUNHLQH6WLPPHQ'DVZXQGHUWHPLFKGHQQLFKUHFKQHWH GDPLWGDGLH0|QFKHGLH7UHLQUDPPHQZUGHQRGHU DEHUGXUFKHLQHQ]ZHLWHQ(LQJDQJGHQZLUQLFKWNDQQWHQ LQGLH)HVWXQJHLQGUDQJHQ :LFKWLJZDUGHU6FKDFKW8QVHUHZRKOHLQ]LJH)OXFKWFKDQFH 1RFKJHQDXZDUPLULQ(ULQQHUXQJJHEOLHEHQGDHVXQ ]lKOLJH6WXIHQVHLQVROOWHQGLHLQGLH7LHIHIKUWHQ'HU 6FKDFKWZDUVRDOWZLHGDV.ORVWHUVHOEVW.ODUGDGLH6WXIHQ LP/DXIHGHU=HLWQLFKWEHVVHUJHZRUGHQZDUHQ'DHVNHLQ *HOlQGHUJDEZDUHVIUXQVHLQHOHEHQVJHIlKUOLFKH6DFKHLQ GLH7LHIH]XVWHLJHQ 'RFKKDWWHQZLUHLQH:DKO" 1HLQJDQ]EHVWLPPWQLFKW &DUPHQVSUDFKGDVDXVZDVLFKGDFKWHª'HU$EWZLUG ZLVVHQZRVLFKGHU6FKDFKWEHILQGHW© -DGDVZDUNODU1XUIUDJWHHVVLFKREHUDXFKEHUHLWZDU VHLQ*HKHLPQLV]XOIWHQ,FKJODXEWHHVQLFKW$XFKPXWHQ

ZLULKQHUVWILQGHQ(VZDUVFKRQHLQHYHUWUDFNWH6LWXDWLRQ(LQ 7RGIHLQGVROOWHXQVGHQ:HJ]HLJHQDXVGLHVHP*HIlQJQLV KHUDXV]XNRPPHQ ª*HKHQZLU©VDJWHLFKXQGIDWH&DUPHQDP$UP'LH EHLGHQ0|QFKHGLHGHQ(LQJDQJEHZDFKWKDWWHQOLHHQZLU ]XUFN6LHZDUHQQRFKLPPHUEHZXWORV :LUVFKULWWHQWLHIHULQGDV.ORVWHUKLQHLQ 4XHUJlQJHWDXFKWHQDXINOHLQHUH6WROOHQGLHLFKDXV OHXFKWHWH:LUVDKHQDXFK7UHQGLH]XLUJHQGZHOFKHQ =HOOHQIKUWHQDEHUHVZDUHQYHUKlOWQLVPlLJZHQLJHZHQQ LFKGLH$Q]DKOGHU0|QFKHLQ5HODWLRQGD]XVHW]WH ,FKIUDJWH&DUPHQª:LVVHQ6LHZRGLH0|QFKHLKUH .DPPHUQKDEHQ"© ª1HLQWXWPLUOHLG© ª+DW,KU]XNQIWLJHU6FKZLHJHUYDWHUGHQQQLFKWVJHVDJW"© ª,FKKDEHNDXPPLWLKPJHVSURFKHQ,FKVDKLKQQXUZHQLJ (UNDPQXUGUHLPDOYRP.ORVWHUKHUXQWHUQDFK/RV$OEDV 8QGPLWPLUKDWHUVRZLHVRZHQLJJHVSURFKHQ©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ª6LH6LHZROOHQGDKRFK"©IUDJWH&DUPHQ,KUH6WLPPH ]LWWHUWH ª-D(VEOHLEWXQVZRKOQLFKWVDQGHUHVEULJ5DXVPVVHQ ZLUKLHU8QVHUH*HJQHUNHQQHQVLFKLQGLHVHP.ORVWHUDXV :LUQLFKWPHLQHOLHEH&DUPHQ©

3O|W]OLFKSDFNWH&DUPHQPHLQHQ$UPª'D6HKHQ6LH GRFK© ,FKZDQGWHGHQ.RSIXQGEOLFNWHLQGLH5LFKWXQJDXVGHU ZLUJHNRPPHQZDUHQ,QGHU/XIWODJSO|W]OLFKHLQVLOEHUQHV /HXFKWHQ,FKGDFKWHVRIRUWDQGHQ5HLWHUXQGVROOWHDXFKUHFKW EHKDOWHQ $EHUQLFKWQXUHLQ5HLWHUPDQLIHVWLHUWHVLFKGRUWLP*DQJ VRQGHUQYLHUDQGHU=DKO'LFKWQHEHQHLQDQGHUVWDQGHQVLHGD 8QEHZHJOLFKZLH6WDWXHQ8QGDOOHVDKHQVLHJOHLFKDXV %LVDXIGLH%XFKVWDEHQDXILKUHQ%UXVWSDQ]HUQ ,FKODVYRQOLQNVQDFKUHFKWV $(%$ 6XNRKRFNWHVSUXQJEHUHLWDXIGHU0DXHU(UVWDUUWHLQGHQ )DFNHOVFKHLQXQGNQLIIGLH$XJHQHWZDV]XVDPPHQXPQLFKW JHEOHQGHW]XZHUGHQ 8QWHULKPZDEHUWHGLHU|WOLFKH/LFKWIOOH'LH0|QFKH VWDUUWHQ]XLKPKRFKEOLHEHQGRUWVWHKHQZRVLHJHUDGH VWDQGHQXQGPDFKWHQNHLQH$QVWDOWHQGHQ&KLQHVHQYRQ GHU0DXHU]XKROHQ 6XNREHUZDQGVHLQHQHUVWHQ6FKUHFNHQDOVHUEHPHUNWH GDLKPNHLQHXQPLWWHOEDUH*HIDKUGURKWH6HLQ%OLFN ZDQGHUWH5HFKWVYRQLKPEHIDQGVLFKGLH=XJEUFNH6LH ZDULQGHU7DWKRFKJH]RJHQ'DVK|O]HUQH*HVWHOOVWDQG VHQNUHFKW]XU0DXHU *HJHQEHUVDK6XNRHLQHQVFKPDOHQ6WHJGHUYRQGHU 0DXHUNURQHEHUGHQ,QQHQKRIKLQZHJDXIGDV.ORVWHU JHElXGH]XIKUWH 'HU&KLQHVHVFKDOWHWHVRIRUW:HQQHUQRFKHLQH&KDQFH KDEHQZROOWHLQGDV.ORVWHUHLQ]XGULQJHQGDQQPXWHHU XQEHGLQJWDXIGLHDQGHUH6HLWH 'RFKGDVZDUJDUQLFKWVRHLQIDFK6XNRKDWWHGDV*HIKO DOVZUGHLKPHLQ6SLHUXWHQODXIHQEHYRUVWHKHQ 8QGHUVROOWHVLFKQLFKWJHWlXVFKWKDEHQ 6XNRHUKREVLFKDXVVHLQHUNQLHQGHQ6WHOOXQJXQGOLHI

JHGXFNWORV(UPXWHDFKWJHEHQGHQQGLH0DXHUNURQHZDU QLFKWHEHQVRQGHUQYROOHU6SDOWHQ5LVVHXQGWFNLVFKHU )XIDOOHQ)UOHW]WHUHZDUHQYRUDOOHQ'LQJHQGLHKHUYRU VWHKHQGHQ6WHLQHYHUDQWZRUWOLFK hEHUGLH8QHEHQKHLWHQVSUDQJ6XNRKLQZHJ(LQPDOEOLHE HUVWHKHQXQGZDUIHLQHQ%OLFNQDFKUHFKWV (LQ/LFKWNUHLVZLUEHOWHGXUFKGLH'XQNHOKHLW-XDQ2UWHJDV =HLFKHQ'HUMXQJH0DQQIUDJWHGDGXUFKDQREHU6XNRIROJHQ VROOWH(VZDUVRYHUHLQEDUWZRUGHQ6XNRKDWWHHUVWHLQPDOGLH /DJHHUNXQGHQXQGGDQQ%HVFKHLGJHEHQZROOHQ 'RFKLQGHU6LWXDWLRQLQGHUHUVLFKMHW]WEHIDQGKLHOWHUHV IUUDWVDP2UWHJDDXVGHP6SLHOKHUDXV]XKDOWHQ(VUHLFKWH Y|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lUXQJJHEHQ )DOOVHVIULKQQRFKHLQ+LQWHUKHUJDE (UOLHIZHLWHU:DUMHW]WQRFKYRUVLFKWLJHUGHQQGDV%HLVSLHO GHVHUVWHQ:HUIHUVKDWWH6FKXOHJHPDFKW 0HKUHUH)DFNHOQVHJHOWHQDXI6XNR]X(VZDUJHVSHQVWLVFK .HLQHUGHU0|QFKHVSUDFKHLQ:RUW6LHZDUIHQQXULKUH )DFNHOQ0DQFKHZXUGHQYRQHLQHU:LQGE|HJHSDFNWXQG DEJHWULHEHQDQGHUHZLHGHUXPWUDIHQ(LQHNODWVFKWHJHJHQ 6XNRV+IWH'DVVFKPLHULJH3HFK]HXJNOHEWH6XNRULGLH )DFNHODEXQGVFKOHXGHUWHVLHZHJ(UKDWWHDEHUQLFKWYHU PHLGHQN|QQHQGDVHLQ+RVHQEHLQ)HXHUILQJ +DVWLJVFKOXJGHU&KLQHVHGLHNOHLQHQ)ODPPHQDXV'HU 6WRIITXDOPWHQRFKQDFK

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|QFKHKDWWHQHVDXIJHJHEHQPLWGHQ)DFNHOQ]X ZHUIHQ6LHKLHOWHQVLFK]XUFNXQGEHREDFKWHWHQQXU6XNR IUDJWHVLFKZHVKDOEVLHQLFKWLP,QQHUQGHV.ORVWHUVYHU VFKZDQGHQDEHUGDUEHUJURQDFK]XGHQNHQZDULQGLHVHU 6LWXDWLRQ]ZHFNORV :LHGHUPXWH6XNRDXIHLQHDQGHUH0DXHUVHLWHNOHWWHUQ $XFKGDVVFKDIIWHHURKQHJURH6FKZLHULJNHLWHQ 8QGGHUhEHUJDQJUFNWHQlKHU(LQVFKPDOHU6WHJDXV 6WHLQGHUGLFKWXQWHUKDOEHLQHV)HQVWHUVHQGHWHZLH6XNRMHW]W HUNHQQHQNRQQWH (UZDULPQDFKKLQHLQIURKGDUEHUGDGLH0|QFKHPLW LKUHQ)DFNHOQOHXFKWHWHQVRQVWKlWWHHUGHQhEHUJDQJ EHVWLPPWQLFKWHQWGHFNW 'DQQKDWWHHULKQHUUHLFKW (UODJHWZDVWLHIHUDOVGLH0DXHUDEHU6XNRNRQQWHKLQDXI VSULQJHQPXWHDOOHUGLQJVYRUVLFKWLJVHLQGDPLWHUGDV *OHLFKJHZLFKWQLFKWYHUORU (UOLHVLFKYRQGHU0DXHUUXWVFKHQ (LQ0|QFKYHUVXFKWHHVQRFKHLQPDO:XFKWLJVFKOHXGHUWH HUVHLQH)DFNHOLQGHP$XJHQEOLFNDOVVLFK6XNR]ZLVFKHQ 0DXHUXQG6WHJEHIDQG'LH)DFNHOKlWWHLKQJHQDXLQV *HVLFKWJHWURIIHQGRFK6XNRUHDJLHUWHJHLVWHVJHJHQZlUWLJ

XQGEOLW]VFKQHOO(UJULIIQDFKGHUEUHQQHQGHQ3HFKIDFNHOXQG VFKOHXGHUWHVLHVRIRUW]XUFN 'HU0|QFKVFKDIIWHHVQLFKWPHKUUHFKW]HLWLJDXV]X ZHLFKHQ'LH)DFNHOEOLHEDQVHLQHU.XWWHNOHEHQ 6FKUHLHQGUDQQWHGHU0DQQGDYRQ 6XNRNPPHUWHVLFKQLFKWXPLKQ(UEDODQFLHUWHDXI +lQGHQXQG.QLHQEHUGHQ6WHLQVWHJNDPGLFKWXQWHUKDOE GHV)HQVWHUVDQVDKGLH6FKHLEHYRUVLFKXQGZLQNHOWHGHQ UHFKWHQ$UPDQ 'DQQKLHEHUEOLW]VFKQHOOXQGKDUW]X 6HLQ(OOERJHQNQDOOWHLQGLH6FKHLEHXQG]HUVW|UWHVLH 5DVFKVFKOXJ6XNRHLQ]HOQKlQJHQGH6SOLWWHUDXVGHP 5DKPHQGDPLWHUVLFKQLFKWYHUOHW]WHXQGHUWXUQWHLQGDV ,QQHUHGHV.ORVWHUV 9LHU%XFKVWDEHQGLHVLFK]XHLQHPJHKHLPQLVYROOHQ:RUW IRUPWHQ $(%$ -HW]WZXWHLFKZLHVLFKGLHVHV5lWVHO]XVDPPHQVHW]WHDEHU LFKKDWWHNHLQH$KQXQJZDVHVJHQDXEHGHXWHWHXQGZLHVR GLH5HLWHUGLH6\PEROHDXILKUHQ%UXVWSDQ]HUQWUXJHQ $QGLH*HIDKUGDFKWHLFKHUVWVSlWHU$EHUGDQQZXUGHPLU EHZXWGDLFKQXUHLQHZLQ]LJH&KDQFHKDWWH 'LHVHYLHU5HLWHUZDUHQPlFKWLJH'lPRQHQDXVHLQHU DQGHUHQ'LPHQVLRQ6LHEUDFKWHQGLHJURHQ3ODJHQ .ULHJ3HVW+XQJHUXQG7RG 6LHKDWWHQGLH:HOWJHVFKLFKWHEHHLQIOXW%HVRQGHUVLP 0LWWHODOWHUKDWWHQVLHJHZWHWGRFKGDQQOLHLKUH:LUNXQJ QDFKGDVLFKGLH0HQVFKHQGHU:HOWZLHGHUDXILKUHZDKUHQ :HUWHEHVDQQHQ$XFKKDWWHGLH:LVVHQVFKDIW)RUWVFKULWWH JHPDFKWGLH3ODJHQXQG6HXFKHQZXUGHQHLQJHGlPPW$EHU MHW]WVDKHVJDQ]VRDXVDOVZROOWHQGLHYLHU5HLWHUGHU $SRNDO\SVHZLHGHUDNWLYZHUGHQ-HW]WZRGLH0HQVFKHQ QLFKWPHKUDQGLH*HIDKUHQGDFKWHQKLHOWHQVLHGLH=HLW IUJHNRPPHQ

,FKKDWWH+RO]VFKQLWWHXQG=HLFKQXQJHQJHVHKHQYRQ .QVWOHUQGHV0LWWHODOWHUV8QJHKHXHUUHDOLVWLVFKZDUHQGLH YLHU5HLWHUGDUJHVWHOOWZRUGHQ6FKRQEHLP%HWUDFKWHQGHU %LOGHUEHNDPPDQHVPLWGHU$QJVW]XWXQ$EHUGLHVH0DOHU KDWWHQJHZXWZDVVLHGD]HLFKQHWHQ6LHKDWWHQGLH*HIDKU JHDKQWXQG]XZDUQHQYHUVXFKWGRFKVLHZDUHQRIWQLFKWHUQVW JHQRPPHQZRUGHQ (LQ)HKOHUYLHOOHLFKW 8QGQXQVWDQGHQGLHYLHUDSRNDO\SWLVFKHQ5HLWHUYRUPLU =XP]ZHLWHQPDO 8QGGDVLQHLQHP.ORVWHUHLQHP+RUWGHV*XWHQGDVDEHU YRP%|VHQEHIDOOHQZRUGHQZDU 'XUFKHLQHQ$EWGHUGHP7HXIHOGLHQWH 'XUFK'RQ$OYDUH] $XFKLKQVDKLFK(UWDXFKWHDXVVHLQHP6HLWHQVWROOHQDXI XQGVWHOOWHVLFKYRUGLHYLHU5HLWHU 6HLQHEHLGHQ'ROFKHKLHOWHUIHVWXPNODPPHUW(UVWDQG JHGXFNWGDZLHHLQVSUXQJEHUHLWHV5DXEWLHUGDVVLFKDXIVHLQ 2SIHUVWU]HQZLOO 8QG2SIHUZDUHQ&DUPHQXQGLFK ª,KUIDKUWDOVHUVWH]XU+|OOH©]LVFKWH'RQ$OYDUH]ª$EHU QLFKWGXUFKHLQH.XJHOQHLQIUHXFKKDEHQZLUXQVHWZDV %HVRQGHUHVDXVJHGDFKW© 'DVNRQQWHLFKPLUJXWYRUVWHOOHQ6FKRQPDQFKHU'lPRQ KDWWHPLUGHQ7RGYHUVSURFKHQ%LVMHW]WDOOHUGLQJVZDULFK LPPHUGHU6LHJHUJHEOLHEHQ 8QGLFKKDWWHLP/DXIHGHU=HLWHLQHJHZLVVH.DOWEOWLJNHLW HUUXQJHQGLHPLFKDXFKLQEUDQGJHIlKUOLFKHQ6LWXDWLRQHQZLH GLHVHUQLFKWYHUOLH ,FKZXUGHQHXJLHULJ9RUDOOHQ'LQJHQZROOWHLFKZLVVHQ ZDV$HEDEHGHXWHWH ,FKKREEHLGH+lQGHXQGGUHKWHGLH+DQGIOlFKHQQDFK DXHQ ª:ROOHQ6LHDXIJHEHQ"©IOVWHUWH&DUPHQKLQWHUPLU ª1HLQ(UVWHLQPDO=HLWJHZLQQHQ© ª:DVQW]WGDVQRFK"©

,FKJDELKUNHLQH$QWZRUWGHQQLFKNPPHUWHPLFKXPGHQ YHUEUHFKHULVFKHQ$EW ª:LHMHGHU]XP7RGH9HUXUWHLOWHKDEHDXFKLFKHLQHQ :XQVFK'RQ$OYDUH]*HZlKUVWGXLKQPLU"© ª6SULFK© 7LHIKROWHLFK/XIWEHYRULFKPHLQH)UDJHIRUPXOLHUWHª,FK P|FKWHJHUQZLVVHQZDV$HED]XEHGHXWHQKDW:HOFKHQ6LQQ KDEHQGLH%XFKVWDEHQDXIGHQ%UXVWSDQ]HUQ"© 'RQ$OYDUH]ULHEVLFKGLH+lQGHª-DGDVJODXEHLFKGDGX QHXJLHULJELVW$EHUZLHGXHEHQVFKRQVDJWHVWHLQHP]XP 7RGH9HUXUWHLOWHQJHZlKUWPDQVHLQHQOHW]WHQ:XQVFK'HLQH )UDJH-RKQ6LQFODLULVWQLFKWOHLFKW]XEHDQWZRUWHQ,FK PXZHLWHU]XUFNJUHLIHQELVLQGLHDOWWHVWDPHQWDULVFKH .LUFKHQJHVFKLFKWH'XZHLWGDHVVLHEHQ(U]HQJHOJLEW *DEULHO5DSKDHO0LFKDHOXQG8ULHO'LHVHYLHUVSLHOHQQXU HLQH5ROOH'LHDQGHUHQGUHLKDEHQLQGHU*HVFKLFKWHQLFKWYLHO ]XVDJHQ:HQLJVWHQVQLFKWLPFKULVWOLFKHQ*ODXEHQ$EHUZR )HXHULVWGDLVWDXFK:DVVHU0LWDQGHUHQ:RUWHQ=XGLHVHQ YLHU(U]HQJHOQJLEWHVYLHU*HJHQSDUWH'lPRQHQDOVR'LHVH YLHUKHLHQ$VWDURWK(XU\QRPH%DHOXQG$PGXFLDV(VJLEW QRFKDQGHUH+DXSWGlPRQHQZLH]XP%HLVSLHO%HOSKHJRU DEHUXQVLQWHUHVVLHUHQQXUGLHVHYLHUREZRKOGXDXFKJHJHQ %HOSKHJRUVFKRQHLQPDOJHNlPSIWKDVWZLHLFKPLUKDEH VDJHQODVVHQ 1XQ]XXQVHUHQYLHU'lPRQHQ-HGHUGLHVHU'lPRQHQKDW HLQHQ/HLEZlFKWHUHLQHQ5HLWHUGHQHUYRUVFKLFNWEHYRUHU VHOEVWHUVFKHLQW8QGGLHVH5HLWHUWUDJHQMHZHLOVGLH$QIDQJV EXFKVWDEHQGHU1DPHQLKUHU+HUUHQDXIGHQ%UXVWSDQ]HUQ 9LHU%XFKVWDEHQELOGHQHLQ:RUW$HED'LHQHXH$SRNDO\SVH GLHDXFKGX-RKQ6LQFODLUQLFKWPHKUDXIKDOWHQNDQQVW,P %XFKGHU6FKZDU]HQ*HVHW]HGDVGHU6FKZDU]H7RG+HUU EHUDOOH'lPRQHQLQGHQ+lQGHQKlOWLVWGHLQ8QWHUJDQJ XQGGDPLWGDV(QGHGHUKHXWLJHQ:HOWYHUEULHIW9RQGLHVHP .ORVWHUDXVZLUGGLHGlPRQLVFKH5HYROXWLRQGLH:HOWHU IDVVHQXQGQLHPDQGNDQQVLHDXIKDOWHQ,KU0HQVFKHQVHLG QLFKWPHKUDOV6DQGN|UQHULP)OXJZLQGHLQHUGlPRQLVFKHQ

$WWDFNH'LH-HQVHLWVPlFKWHKDEHQOlQJVW]XP6WXUPJH EODVHQ/HLGHUKDVWGXXQVVRPDQFKHV0DOHLQHQ6WULFK GXUFKGLH5HFKQXQJJHPDFKW$EHUGDVLVWQXQYRUEHL 8QGLFKHLQ0HQVFKZHUGHGDV7RUIUGLHDQGHUHQ|IIQHQ (LQ7RUGDVGLFKYHUVFKOLQJHQZLUGXPGLFKQLHZLHGHUIUHL ]XJHEHQ'HQQGXZLUVWLQGHQ'LPHQVLRQHQYHUJHKHQGHLQ 7RGLVW© 'HU5HLWHUPLWGHP$DXIGHU%UXVWVSUHQJWHYRUª5HGH QLFKWVRYLHOVRQGHUQKDQGOH© (U]RJVHLQ6FKZHUWXQGLQVWLQNWLYULLFKPHLQH%HUHWWDDXV GHP+ROVWHU ,FKVDKQRFKGHQ%OLW]DXVGHU6FKZHUWVSLW]HIHJHQVSUWH HLQHQXQJHKHXUHQ6FKPHU]LP*HKLUQXQGGDQQQLFKWVPHKU 6FKZHUILHOLFK]X%RGHQ &DUPHQ9DOGHUDVFKULHZLHDP6SLHGRFKLKU6FKUHLHQ ZXUGHYRQ'RQ$OYDUH] *ULIIHUVWLFNW 6XNRVSUDQJ]X%RGHQ )LQVWHUQLVKOOWHLKQHLQ(UVWUHFNWHVHLQH$UPHYRUXQG ZDUWHWHDEELVVLFKVHLQH$XJHQDQGLHKHUUVFKHQGH 'XQNHOKHLWJHZ|KQWKDWWHQ(UVWGDQQJLQJHUZHLWHU .RQWXUHQKDIWQXUVDKHUGLH*HJHQVWlQGH(LQHQ6FKUDQN HLQ%HWWHLQH.RPPRGHGLH7U 6XNRV+lQGHVWLHHQJHJHQGDV+RO](LQHQ+HU]VFKODJ VSlWHUKDWWHQVLHGLH.OLQNHJHIXQGHQ 6LHZDU]LHPOLFKJURDXV*XHLVHQJHIHUWLJWXQGDOVHUVLH QDFKXQWHQGUFNWHVWHOOWHUIHVWGDGLH7UDEJHVFKORVVHQ ZDU 6XNRKROWHZLHGHUVHLQH0LQLODPSHKHUYRUXQGOHXFKWHWH GDV6FKORDE)UGLHSULPLWLYH.RQVWUXNWLRQKDWWHHUQLFKW PHKUDOVHLQPGHV/lFKHOQEULJ'DV6FKOR |IIQHWHHU]ZDU QLFKWPLWGHUOLQNHQ+DQGGDIUDEHUPLWHLQHP]XUHFKWJH ERJHQHQ'UDKW (UIKUWHLKQLQGDV6FKORHLQGUHKWHHLQSDDUPDOKLQXQG KHUXQGKDWWH(UIROJ

'LH7UZDURIIHQ 6XNRYHUOLHGLHPXIILJULHFKHQGH=HOOHXQGJHODQJWHLQ HLQHQVFKPDOHQ*DQJGHUQLFKWYLHOK|KHUDOVHLQ6WROOHQZDU VRGDGHU&KLQHVHGHQ.RSIHLQ]LHKHQPXWHXPVLFKQLFKW DQGHUQLHGULJHQ'HFNH]XVWRHQ 'RFKVFKRQEDOGHUUHLFKWHHUHLQHQEUHLWHUHQ*DQJ:LHGHU WUDWGLH7DVFKHQODPSHLQ$NWLRQ =XHUVWOHXFKWHWH6XNRQDFKUHFKWV'RUWYHUORUVLFKGHU 6WUDKOLQGHU'XQNHOKHLW (UVFKZHQNWHGHQ$UPQDFKOLQNVOLHGLH/DPSHHWZDV NUHLVHQXQGVDKGLHEHLGHQ0|QFKHGLHVLFKVRHEHQWDXPHOQG YRP%RGHQHUKREHQ(VZDUHQGLH.HUOHGLHLFKQLHGHU JHVFKODJHQKDWWH $XFKVLHZXUGHQDXIGHQ&KLQHVHQDXIPHUNVDP 8QGQRFKHKHVLFK6XNRYHUVDKVWU]WHQGLHEHLGHQ.HUOH VFKRQDXILKQ]X =XHUVWQDKPLFKDQLQHLQHUDQGHUHQ'LPHQVLRQJHIDQJHQ]X VHLQ1HEHOXPZDEHUWHPLFK(UNURFKEHUGHQ%RGHQKOOWH PHLQHQ.|USHUHLQXQGHUVFKZHUWHGDV$WPHQ 0LUZDUQLFKWVFKOHFKWLFKVSUWHDXFKNHLQH.RSI VFKPHU]HQMDLFKVSUWHHLJHQWOLFKQLFKWV 1XUGDLFKDXIHLQHPKDUWHQ%RGHQODJDXVJHVWUHFNW $UPHVRZRKODOVDXFK%HLQH,FKNRQQWHVLHQLFKWPHKUEH ZHJHQ,FKPHUNWHHVDOVLFKPLFKDXIULFKWHQZROOWHPLFK DEHUQLFKWUKUHQNRQQWH 0HLQH$UPHZDUHQZHLWEHUGLH6FKXOWHUQQDFKKLQWHQ JHVWUHFNW6LHVWDQGHQHWZDVKRFKXQGHEHQVRHUJLQJHV PHLQHQ%HLQHQ$XFKVLHNODSSWHQDXVHLQDQGHUZLHGLH 6FKHQNHOHLQHU6FKHUHXQGEHIDQGHQVLFKLQLKUHU6FKUlJ ODJHGDEHLGLFKWEHUGHPKDUWHQ%RGHQ ,FKEOLHEHUVWHLQPDOOLHJHQQDFKGHPLFKPHLQHPLHVH/DJH IHVWJHVWHOOWKDWWH6HNXQGHQODQJUXKWHLFKPLFKDXVGDQQKRE LFKHLQZHQLJGHQ.RSI'DEHLGUHKWHLFKLKQQDFKOLQNVXQG VXFKWHGLH+DQGIHVVHOQ

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lGFKHQDQJHVWHOOW KDWWH:DU&DUPHQXPJHEUDFKWZRUGHQ":HQQMDZDUXPKDW WHQVLHPLFKGDQQQRFKDP/HEHQJHODVVHQ" $EHUPLWPLUZROOWHQVLHMDHWZDV%HVRQGHUHVDQVWHOOHQGDV KDWWHPLUGHU$EWSURSKH]HLW ,FKYHUVXFKWHGLH$UPHDQ]X]LHKHQXQGVHW]WHGDEHLYLHO .UDIWHLQGRFKHVJHODQJPLUQLFKW'LHPDJLVFKHQ)HVVHOQ ZDUHQHLQIDFK]XVWUDPP :HQQQXUGLHVHUYHUGDPPWH1HEHOQLFKWJHZHVHQZlUH(U NURFKDXVMHGHU%RGHQVSDOWHXQGPDFKWHHLQH6LFKWVRJXWZLH XQP|JOLFK,FKZXWHQLFKWHLQPDOZRLFKPLFKEHIDQG 'RQ$OYDUH] :RUWHVFKZLUUWHQQRFKLQPHLQHP.RSI KHUXP(UKDWWHYRQGHUQHXHQ$SRNDO\SVHJHVSURFKHQYRQ GHQYLHU5HLWHUQGLHVFKRQEHUHLWVWDQGHQGLHJURHQ3ODJHQ EHUGLH0HQVFKKHLW]XEULQJHQ 6ROOWHGLHVGHU$QIDQJYRP(QGHVHLQ"6WDQGHQZLUEHUHLWV GLFKWYRUGHP(QGHGHU:HOWVRZLHHVLQDOWHQ6FKULIWHQSUR SKH]HLWZRUGHQZDU":DUGHU6FKZDU]H7RGYLHOOHLFKWPLW GHPVRRIW]LWLHUWHQ$QWLFKULVWLGHQWLVFK" 'LH:HLVHQKDWWHQQLHHLQH=HLWDQJDEHJHPDFKWDEHU LPPHUDXIGLH=HLFKHQKLQJHZLHVHQGLHDXIHLQH$QNXQIW

GHV$QWLFKULVWVKLQGHXWHWHQ:DU$(%$GDV6WLFKZRUW" ,FKPXHKUOLFKJHVWHKHQGDPLFKGHU*HGDQNHGDUDQ QLFKWQXUXQDQJHQHKPEHUKUWHVRQGHUQPLUDXFK$QJVWHLQ MDJWH,FKODJJHIHVVHOWDP%RGHQXQGZDUZHKUORVZl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|VFKWHGDV)HXHU ,FKJLQJGLHVH*HGDQNHQVSLHOHUHLHLQSDDUPDOGXUFKELVPLU NODUZXUGHGDPLUGDV.UHX]JDUQLFKWVQXW]WH'HQQLFK ZDUJHIHVVHOWXQGNDPQLFKWDQGHQ7DOLVPDQKHUDQ 3O|W]OLFKOLFKWHWHVLFKGHU1HEHO$OVZlUHHLQ:LQGVWR GXUFKLKQJHIDKUHQDEHUGDVZDUQLFKWGHU)DOO'LHODQJHQ JUDXHQ6FKOHLHUYHUVFKZDQGHQHLQIDFKLQGHQ]DKOUHLFKHQ 6SDOWHQXQG5LVVHQDXVGHQHQVLHJHVWLHJHQZDUHQ 1XUGLH'XQNHOKHLWEOLHE1HLQGLHDXFKQLFKWGHQQYRUPLU VDKLFK]ZHLJUQOLFKH/LFKWILQJHUGLHLQGUHL
JLQJYRQLKUHQ+lQGHQDXVHUVWDQGQLFKWJHUDGHLQGHU/XIW VRQGHUQ]LWWHUWHKLQXQGKHU -HW]WHUVWVDKLFKGHQ$EWXQGGDV0lGFKHQ 'RQ$OYDUH]KDWWHVLFKPLW&DUPHQLQGHU1lKHGHV 'LPHQVLRQVWRUVDXIJHKDOWHQ (UWUDWMHW]WDXVGHP6FKDWWHQKHUDXVXQGWULHE&DUPHQYRU VLFKKHU 'HUGlPRQLVFKH$EWKDWWHLKUHLQHQ$UPDXIGHQ5FNHQ JHGUHKW&DUPHQJLQJJHEHXJW'DVVFKZDU]H+DDUILHOZLH HLQ9RUKDQJ]XEHLGHQ6HLWHQGHV.RSIHVKHUDE6LHNRQQWH VLFKNDXPDXIGHQ%HLQHQKDOWHQXQGVFKLHQDP(QGHLKUHU .UlIWH]XVHLQ ,KUH)HVFKOHLIWHQEHUGHQ%RGHQXQGDOVVLHHLQPDOGHQ .RSIKREVDKLFKDQLKUHUURWHQ:DQJHGDVLHJHVFKODJHQ ZRUGHQZDU ,QPLUVWLHJGLHKHLH:XWDXIGLHVHQ7HXIHO'RQ$OYDUH] KRFK(UZROOWHPLFKW|WHQXQGZUGHDXFK&DUPHQQLFKWYHU VFKRQHQ 6HLWOLFKYRQPLUEOLHEHUVWHKHQ6HLQHOLQNH+DQGIXKUXP &DUPHQV6FKXOWHUKHUXPGLH)LQJHUIDWHQQDFKGHP.LQQ XQGKREHQGHQ.RSIDQª'D©VFKULHHUª6LHKLKQGLUQXU JHQDXDQGHLQHQ5HWWHU'RUWOLHJWHUDXIGHP%RGHQXQGZDU WHWDXIGHQ7RG©'HU$EWODFKWHª:HLWGXZDVLFKPLUIU LKQDXVJHGDFKWKDEH"$KQVWGXHV"© &DUPHQVFKWWHOWHGHQ.RSI ª+|UHQ6LHDXI©ULHILFK ª+DOWGXGHLQ0DXO6LQFODLU,FKZHUGHHVLKUVDJHQ'X VLHKVWGDHUJHIHVVHOWLVW(ULVWDQ+lQGHQXQG)HQPLW PDJLVFKHQ6WULFNHQJHEXQGHQ8QGDXIPHLQ.RPPDQGR ZHUGHQGLHYLHU5HLWHUDQUHLWHQXQGLKQ© ª1HLQ©VFKULH&DUPHQª1LFKW5HGHQ6LHQLFKWZHLWHU©6LH VFKWWHOWHLQZLOGHU3DQLNGHQ.RSIXQGHLQYHU]ZHLIHOWHV 6FKOXFK]HQGUDQJDXVLKUHP0XQG 'RQ$OYDUH]KDWWHVHLQHQ6SD2EZRKOLFKHVPLWHLQHP 0HQVFKHQ]XWXQKDWWHZDUHUQLFKWZHQLJHUVFKOLPPDOVHLQ 'lPRQ'DV%|VHEHKHUUVFKWHLKQWRWDO

'HU$EWVSUDFKZHLWHUª=XHUVWZHUGHLFK6LQFODLUW|WHQ ODVVHQXQGGDQQELVWGXDQGHU5HLKH,KUEHLGHPDFKWGHQ $QIDQJDQGHUHZHUGHQIROJHQJODXEHPLU'LHQHXH $SRNDO\SVHLVWQLFKWPHKUDXI]XKDOWHQ6LHEHJLQQWPLW HXUHP7RG© 'LH:RUWHWUDIHQPLFKZLH6FKZHUWKLHEHZKOWHQPHLQ ,QQHUVWHVDXI-DKUHODQJKDWWHLFKJHJHQGDV%|VHJHNlPSIW XQGMHW]WVROOWHDOOHVYRUEHLVHLQ":DUDOOHVXPVRQVWJHZHVHQ" 0HLQH$UEHLWPHLQH%HUXIXQJ"6DKVRGDV(QGHDXV" =HUULVVHQYRQYLHU3IHUGHQ" :HKUORVODJLFKDXIGHP%RGHQ1LFKWLP.DPSIZUGHLFK VWHUEHQQHLQJHGHPWLJWXQGJHVFKZlFKW(LQ*UDELQGHQ 3\UHQlHQGDVQLHPDQGIDQG ,FKGDFKWHDQPHLQHQ)UHXQG6XNR(UZDULP'RUI]XUFN JHEOLHEHQ:DKUVFKHLQOLFKKDWWHHU+LPPHOXQG+|OOHLQ %HZHJXQJJHVHW]WXPPLFK]XILQGHQ $EHUZXWHHUEHUKDXSWZRHUVXFKHQVROOWH":HQQHU WDWVlFKOLFK]XP.ORVWHUJHNRPPHQZDUKDWWHHULPPHU QRFKHLQH$Q]DKOYRQ*HJQHUQYRUVLFKGLHHUDOOHLQQLFKW EHVLHJHQNRQQWH 1HLQGLH&KDQFHQVWDQGHQPHKUDOVPLHV ª,FKZLOONHLQHODQJHQ:RUWHPHKUPDFKHQ©VDJWHGHU$EW XQGKREGLH+DQG]XP=HLFKHQ(UEOLFNWHPLFKGDEHLDQ ª:HQQLFKGHQ$UPIDOOHQODVVHUHLWHQVLHDQ6LQFODLU© 7URW]VHLQHUDXVJH]HLFKQHWHQ5HIOH[HNRQQWH6XNRQLFKWPHKU UDVFKJHQXJDXVZHLFKHQ'HUHUVWH0|QFKSUDOOWHJHJHQLKQ 6XNRYHUORUGLH/DPSHXQGZXUGHLQGHQHQJHQ*DQJKLQHLQ JHVFKOHXGHUW6HLQ*HJQHUVHW]WHVRIRUWQDFK)LQJHUWDVWHWHQ EHU6XNRV%UXVWIXKUHQKRFKELV]XU.HKOH 'HU&KLQHVHGUFNWHGDV.LQQKHUXQWHU6HLQH+lQGHKDWWH HU]XP*OFNIUHL6LH]XFNWHQYRQREHQQDFKXQWHQXQG WUDIHQGLFKWXQWHUKDOEGHU.DSX]H 'HU0|QFKElXPWHVLFKDXIXQGNLSSWH]XU6HLWH6XNR PXWHLKQZHJZlO]HQXPDXIVWHKHQ]XN|QQHQ

6HLQ]ZHLWHU*HJQHUZDUYRUVLFKWLJHU(UKDWWHVLFKPLWHLQHU )DFNHOEHZDIIQHWXQGHUZDUWHWHPHLQHQ)UHXQGDP(QGHGHV VFKPDOHQ6WROOHQV%UHLWEHLQLJVWDQGHUGRUWKLHOWGLH)DFNHOLQ GHU5HFKWHQXQG]LHOWHGDPLWDXI6XNRV.|USHUPLWWH 6XNRZLFKDXV6HLQOLQNHV%HLQIORJKRFKXQGVWUHLIWHGHQ ]XUFNVFKQHOOHQGHQ$UP'HU7ULWWVFKOHXGHUWHGLH+DQG ]XUFN'LH)DFNHONQDOOWHJHJHQGLH'HFNH(LQ)XQNHQUHJHQ VWREEHUEHLGH.lPSIHU(KHGHU0|QFKHLQ]ZHLWHVPDO ]XVFKODJHQNRQQWHKDWWH6XNRLKQXQWHUODXIHQ'HU0|QFK ILHOGXUFKGHQHLJHQHQ6FKZXQJJHJHQGLH*DQJZDQG6HLQ *HVLFKWYHU]HUUWHVLFK6XNRVSUDQJYRUSDFNWHGHQ$UPGHV 0DQQHVXQGGUHKWHLKQKHUXP 'HU.HUOVFKULHDXIXQGOLHGLH)DFNHOIDOOHQ(UJDEMHGRFK QLFKWQDFKXQGZROOWH6XNR]X%RGHQGUFNHQ'RFKGLH .XWWHEHKLQGHUWHLKQ]XVHKU6XNRZLFKDXVXQG]RJGHP 0DQQGLH)HZHJ'HU0|QFKILHO]X%RGHQ 6RIRUWZDUIVLFKGHU&KLQHVHDXILKQGUHKWHLKPYRUGHP +DOVGLH.XWWH]XVDPPHQXQGSUHWHLKQPLWVHLQHP*HZLFKW DXIGHQ%RGHQ ª6RPHLQ)UHXQG©]LVFKWH6XNRªMHW]WZHUGHQZLUPDO )UDNWXUPLWHLQDQGHUUHGHQ:RLVW-RKQ6LQFODLU"© 'HU0|QFKDQWZRUWHWHLQHLQHU6SUDFKHGLH6XNRQLFKWYHU VWDQGDEHUPHLQ)UHXQGZDUVLFKHUGDGHU.HUODXFK (QJOLVFKEHKHUUVFKWHHVQXUQLFKW]XJHEHQZROOWH 6XNREDOOWHGLHOLQNH+DQG]XU)DXVWª5HGHHQGOLFKRGHUHV JHKWGLUGUHFNLJ© 'HU0|QFKVDKGLH(QWVFKORVVHQKHLWLQ6XNRV$XJHQXQG EHJDQQ]XVSUHFKHQª:DVZROOHQ6LHZLVVHQ"© ª1DDOVRHVJHKWMDGRFK:RKDOWHWLKU-RKQ6LQFODLUXQGGDV 0lGFKHQJHIDQJHQ"© ª,FKZHLQLFKW© ª'XOJVW©]LVFKWH6XNR ª1HLQQHLQ'HU$EWZHLHV8QGHUNHQQWDXFKQXUGDV *HKHLPQLVGHU*HZ|OEH,FK© ª%LVWGXLKPQLHKHLPOLFKJHIROJW"© ª(VZDUYHUERWHQ©

ª$FKYHUGDPPW©6XNRVFKOXFNWHª:RN|QQWHHVGHQQ XQJHIlKUVHLQ"© ª9LHOOHLFKWKLQWHQDP*DQJ© ª'DQQ]HLJHVPLU©6XNR]RJGHQEHUZlOWLJWHQ0|QFK ZLHGHUKRFKXQGVWLHLKQYRUZlUWVª*HKPHLQ)UHXQGXQG ODGLUMDNHLQHQ8PZHJHLQIDOOHQ© 'HU0|QFKVWROSHUWHYRUGHP&KLQHVHQKHU(UVSUWH LPPHU6XNRV)DXVWLP5FNHQXQGKWHWHVLFKLUJHQGHLQH GXPPH%HZHJXQJ]XPDFKHQGLHPLYHUVWDQGHQZHUGHQ NRQQWH 'LH=HLWYHUJLQJ6XNRZXUGHLPPHUQHUY|VHUXQGVWHOOWH VLFKPLWWOHUZHLOHGLHEDQJH)UDJHREEHUKDXSWQRFK &KDQFHQEHVWDQGHQPLFK]XILQGHQ /HEHQGLJZRKOJHPHUNW ª+DOW0RPHQWQRFK©ULHILFKPLW]LWWHUQGHU6WLPPH 'RQ$OYDUH] $UPEOLHELQGHU/XIWKlQJHQª:DVLVW"© NHLIWHHUª:DVZLOOVWGXGHQQQRFK"© ª,FKP|FKWHQRFKHLQPDOPLWLKUUHGHQ© 'HU$EW]|JHUWH(UKLHOW&DUPHQQRFKLPPHUIHVW ,FKPHUNWHI|UPOLFKZLHHVKLQWHUVHLQHU6WLUQDUEHLWHWH 6FKDUIVRJLFKGLH/XIWHLQ :HQQ$OYDUH]MHW]WQHLQVDJWHZDUDOOHVYHUORUHQGDQQZDU XQVHUHOHW]WHKDXFKGQQH&KDQFHGDKLQ ª%LWWH©VDJWHLFK-HGHUNDQQZRKOQDFKIKOHQZLHVFKZHU PLUGLHVHV:RUWEHUGLH/LSSHQNDP $EHUHVYHUIHKOWHVHLQH:LUNXQJQLFKW 'RQ$OYDUH]VWLPPWH]Xª*XW©VDJWHHUªGXNDQQVWHLQ SDDU:RUWHPLWLKUUHGHQ,FKELQMDNHLQ8QPHQVFK©(UODFK WHZLHGHUª*HKKLQ]XLKP© (UVWLH&DUPHQVRKDUWYRUGDVLHI|UPOLFKDXIPLFK ]XWDXPHOWHVWROSHUWHXQGEHUPLFKILHO*HQDXGDVKDWWHLFK HLJHQWOLFKJHZROOW-HW]WNDPHVGDUDXIDQGD&DUPHQEHJULII ,FKEUDFKWHPHLQH/LSSHQGLFKWDQLKU2KUª7XJHQDXGDV ZDVLFKGLUMHW]WVDJH©]LVFKWHLFKª8QGUHLGLFKQRFKHLQPDO

]XVDPPHQGDQQVFKDIIHQZLUHV+DVWGXPLFKYHUVWDQGHQ"© ª-D©'LH$QWZRUWZDUQXUHLQ+DXFK ª*XW%OHLEVROLHJHQ&DUPHQXQGNQ|SIHPHLQ+HPGDXI 5HLHVDXFKPHLQHWZHJHQDXVHLQDQGHU+DXSWVDFKHLVWGLH %UXVWOLHJWIUHL'DQQ]LHKGDV.UHX]XQWHUGHP8QWHUKHPG KHUYRU© ª:DVQRFK"© ª1LFKWVPHKU© ª+HLKUEHLGHQ7XUWHOWlXEFKHQ©VFKULH'RQ$OYDUH]ª-HW]W UHLFKWHV,KUWUHIIWHXFKLP-HQVHLWVZLHGHU© ª6FKQHOO©UDXQWHLFK &DUPHQV+lQGHIXKUHQEHUPHLQH%UXVWIDQGHQGLH +HPGHQNQ|SIHXQGIHW]WHQVLHDE ª:LUG VEDOGYHUGDPPW©$OYDUH]VFKULHXQGWUDWQlKHUXP &DUPHQ9DOGHUDZHJ]XUHLHQ(USDFNWHVLHDQGHU6FKXOWHU ULVLH]XUFNXQGEXFKVWlEOLFKLPOHW]WHQ$XJHQEOLFN]RJ &DUPHQQRFKGDV.UHX]KHUYRU -HW]WODJHVIUHLDXIPHLQHU%UXVW 8QGGDQQJLQJDOOHVGUXQWHUXQGGUEHU(LQHJUHOOH /LFKWDXUDVWUDKOWHYRQGHP.UHX]DXV,FKVFKULHGLH1DPHQ GHUYLHU(U]HQJHO'RQ$OYDUH]EUOOWHYHU]ZHLIHOWXQGWDX PHOWHPLW&DUPHQ]XUFNGLHYHUVXFKWHLKPGDV*HVLFKW]X ]HUNUDW]HQ$EHUGDVDOOHVVDKLFKQXUDXVGHQ$XJHQZLQNHOQ :LFKWLJIUPLFKZDUHQDOOHLQGLHYLHU5HLWHU )ODPPHQGH/LFKWVSHHUHO|VWHQVLFKYRQGHQYLHU6HLWHQGHV .UHX]HVXQGERKUWHQVLFKLQGLH%UXVWGHUYLHU5HLWHU 'DPSIZ|ONWHDXI0HLQHPDJLVFKHQ)HVVHOQYHUVFKZDQ GHQ,FKNRQQWHPLFKZLHGHUIUHLEHZHJHQVSUDQJDXIXQG EUDFKGRFKZLHGHU]XVDPPHQGDPLUGLH.UDIWIHKOWHDXIGHQ %HLQHQ]XEOHLEHQ ,QGHQQlFKVWHQ6HNXQGHQZDULFKQXU6WDWLVWXQGVDK]X ZLHGXUFKGLH.UlIWHGHV/LFKWVGDV'lPRQHQWRUYHUVFKZDQG 8QGPLWLKPGLHYLHU+RUURU5HLWHU $OOHYLHUZXUGHQYRQHLQHUJOHLHQGHQ/LFKWZRONHHLQJH KOOW,QGHU:RONHVDKLFKZLUEHOQGH6FKDWWHQK|UWHJUlOLFKH GlPRQLVFKH8UODXWH(VWREWHHLQ.DPSIGHU0lFKWH:LQG

SILIIXQGZDUIXQVXPKHUZLHZHONH%OlWWHU'XUFK=XIDOO SUDOOWH&DUPHQ9DOGHUDJHJHQPLFK,FKKLHOWVLHHLVHUQIHVW XQGVFKW]WHVLHYRUGHPWREHQGHQ6WXUP'DV.UHX]KDWWH VHLQH6WUDKOXQJVLQWHQVLWlWYHUORUHQ(VVFKLPPHUWHZLHGHULQ VHLQHPY|OOLJQRUPDOHQVLOEHUQHQ*ODQ]$EHUVHLQH.UDIW KDWWHDXVJHUHLFKWXPGLH5HLWHUYRUHUVWDXV]XVFKDOWHQ'LH /LFKWDXUDGLHVLHXPJDEKDWWHVLFK]XHLQHU6SLUDOHJHGUHKW LQGHUDOOHYLHU5HLWHUI|UPOLFKJHIHVVHOWZDUHQ 0LWXQJHKHXUHU*HVFKZLQGLJNHLWGUHKWHVLFKGLH/LFKW VSLUDOHXPGLHHLJHQH$FKVH'DQQUDVWHVLHKDDUJHQDXDXIGDV QXUVFKHPHQKDIW]XHUNHQQHQGH'lPRQHQWRU]XXQGYHU VFKZDQGGDULQ 'LHJURH*HIDKUZDUYRUHUVWJHEDQQW $EHUQRFKJDEHV'RQ$OYDUH] (UVFKULHXQGWREWHZLHHLQ:DKQVLQQLJHUDOVHUHLQVHKHQ PXWHGDHUYHUORUHQKDWWHXQGHUPDFKWHPLFKIUVHLQH 1LHGHUODJHYHUDQWZRUWOLFK 3O|W]OLFKULHUGLH'ROFKHDXVVHLQHQZHLWHQbUPHOQKHUYRU ª,FKEULQJHGLFKXP©EUOOWHHUª'X6LQFODLUVROOVWDXFK QLFKWPHKUOHEHQ© ,FKVWLH&DUPHQ9DOGHUD]XU6HLWH'RFKOlQJVWQLFKW VFKQHOOJHQXJ'HU$EWKDWWHPLFKIDVWHUUHLFKW1XUQRFK HLQHQ6FKULWWGDQQZUGHHUVLFKDXIPLFKVWU]HQ 'DIORJYRQGHU6HLWHKHUHLQ6FKDWWHQKHUDQ,FKK|UWHHLQHQ PLUEHNDQQWHQ.DPSIVFKUHLXQGLPQlFKVWHQ$XJHQEOLFN NQDOOWHQ]ZHLVWDKOKDUWH.DUDWHIlXVWHDXIGLH$UPHGHVYHU EUHFKHULVFKHQ$EWV 'RQ$OYDUH]EUOOWHZLHDP6SLH'LHP|UGHULVFKHQ'ROFKH UXWVFKWHQLKPDXVGHQ+lQGHQXQGNOLUUWHQ]X%RGHQ (UVWDQGGDXQG]LWWHUWH'DQQDOVKlWWHMHPDQGEHLLKP HLQHQ)DGHQDEJHVFKQLWWHQEUDFKHULQGLH.QLHXQGILHO DXIV*HVLFKW ,FKUDSSHOWHPLFKDXI 1HEHQ'RQ$OYDUH]VWDQG6XNR'DVHUOHLFKWHUWH/lFKHOQ PDFKWHVHLQ9ROOPRQGJHVLFKWQRFKEUHLWHU

:LUYHUOLHHQGLHXQWHULUGLVFKHQ*HZ|OEHGHV.ORVWHUV,FK VWW]WH&DUPHQ6LHZHLQWHXQXQWHUEURFKHQ'HU6FKRFNVD LKULQGHQ.QRFKHQXQGVLHNRQQWHHVNDXPEHJUHLIHQQRFK HLQPDOPLWGHP/HEHQGDYRQJHNRPPHQ]XVHLQ 6XNRKDWWHVLFKGHQEHZXWORVHQ$EWEHUGLH6FKXOWHU JHZRUIHQ:DVPLWLKPJHVFKHKHQVROOWHZXWHQZLUQRFK QLFKW:DKUVFKHLQOLFKZUGHHULQHLQH$QVWDOWHLQJHOLHIHUW ZHUGHQ *HPHLQVDPEHWUDWHQZLUGHQ,QQHQKRIGHV.ORVWHUV 9HUVWlQGQLVORVVWDUUWHQXQVGLH0|QFKHDQ6LHEHJULIIHQQLFKW $XIJHUHJWVSUDFKHQVLHGXUFKHLQDQGHU ,FKYHUVXFKWHHLQH(UNOlUXQJDE]XJHEHQVSUDFKYRQHLQHP %DQQXQWHUGHPVLHJHVWDQGHQKlWWHQ2EVLHPLUJODXEWHQ ZDU]ZHLIHOKDIW 3O|W]OLFKK|UWHQZLUHLQHQ5XI ª&DUPHQ© -XDQ2UWHJDKRFNWHDXIGHU.ORVWHUPDXHU(UKDWWHHVDXI VHLQHP3ODW]QLFKWPHKUDXVJHKDOWHQ$OVHUVHLQH9HUOREWH VDKVSUDQJHULQGHQ,QQHQKRIXQGZHQLJVSlWHUODJHQVLFK GLHEHLGHQMXQJHQ0HQVFKHQLQGHQ$UPHQ 2EGLH0|QFKHZHLWHUKLQLQGHP.ORVWHUEOHLEHQZUGHQ GDVZDULKU3UREOHP6XNR&DUPHQ-XDQXQGLFKVDKHQ]X GDZLUVRUDVFKZLHP|JOLFKLQV7DO]XUFNNHKUWHQ:LU JLQJHQGHQ:HJEHUGLH=XJEUFNHGHQ$EWQDKPHQ ZLUPLW $XIKDOEHU6WUHFNHEHJDQQHV]XVFKQHLHQ6XNRKDWWHGLH )KUXQJEHUQRPPHQ'XUFK+DQGVFKHOOHQZDUHUPLW'RQ $OYDUH]YHUEXQGHQ$OVZLUVFKOLHOLFKGDV'RUIHUUHLFKWHQ ZDUYRQXQVHUHP:DJHQQLFKWVPHKU]XVHKHQ(LQHGLFNH 6FKQHHVFKLFKWEHGHFNWHLKQ -XDQ2UWHJDZROOWHGDZLUQRFKEOLHEHQGRFKLFKZDU GDJHJHQ:HQQZLUQRFKOlQJHUZDUWHWHQGDQQZDUGLH 6FKQHHGHFNHZDKUVFKHLQOLFKEDOGVRGLFKWGDZLUQLFKWPHKU ZHLWHUNDPHQ -XDQ2UWHJDVDJWH]XP$EVFKLHGª,FKZHUGHPHLQHQ9DWHU LQDOOHU6WLOOHEHJUDEHQODVVHQ1LHPDQGVROOZLVVHQZLHHU

XPJHNRPPHQLVWXQGZDVLQGHP.ORVWHUJHVFKDK© (VZDUPLUUHFKWGDHUVRGDFKWH$XFKLFKZROOWHNHLQHQ :LUEHO'LH*HIDKUGLH$HEDKHUDXIEHVFKZRUHQKDWWHZDU YRUHUVWJHEDQQW 'RQ$OYDUH]ZXUGHWDWVlFKOLFKLQHLQH,UUHQDQVWDOWHLQJH OLHIHUW$OVGDVJHVFKDKZDUHQZLUOlQJVWZLHGHULQ/RQGRQ XQGNPPHUWHQXQVXPDQGHUH)lOOHGHQQGLH0lFKWHGHU )LQVWHUQLVVFKODIHQQLH