Die Rache der Horrorreiter

-RKQ6LQFODLU'LH5DFKHGHU+RUURU5HLWHU *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKW...

111 downloads 485 Views 747KB Size Report

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

Report copyright / DMCA form

DOWNLOAD PDF

-RKQ6LQFODLU'LH5DFKHGHU+RUURU5HLWHU *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ5DLQHU'HOIVXQG3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP

/LHEH/HVHULQOLHEHU/HVHU :LOONRPPHQ]XPQHXHQ%DQGGHU:(/7%,/'6DPPOHU(GLWLRQ-2+1 6,1&/$,5'LHVPDOHUVFKHLQHQVRJDUGUHL5RPDQHDXVGHU7DVFKHQ EXFK$XVJDEHGLHZLFKWLJIUGHQ)RUWJDQJGHU6HULHVLQG6LHHUVFKHL QHQKLHULQOHLFKWJHNU]WHU)RUPGDVLHDQVRQVWHQGHQ8PIDQJGLHVHV %DQGHVJHVSUHQJWKlWWHQ 'HU7LWHOGHVHUVWHQ%DQGHVª'LH5DFKHGHU+RUURU5HLWHU©VDJWVFKRQ DXVJHJHQZHQ-RKQ6LQFODLUZLHGHUHLQPDOVHLQHJDQ]H.UDIWDXIZHQ GHQPXXPHLQHQ$QJULIIGHU+|OOH]XVWRSSHQ'LH+RUURU5HLWHU ZHUGHQYRQ$(%$LKUHQ+HUUHQDXVJHVDQGWXPGDV.ORVWHU6W3DWULFN LQGHQVFKRWWLVFKHQ+LJKODQGVLQGHP)DWKHU,JQDWLXVOHEWXQGIU-RKQ GLHJHZHLKWHQVLOEHUQHQ.XJHOQKHUVWHOOW]XYHUQLFKWHQ $(%$GDVLVWGLH$ENU]XQJIUGLHYLHU(U]GlPRQHQ$VWDURWK (XU\QRPH%DHOXQG$PGXFLDVGHQ*HJHQSROHQ]XGHQYLHU(U]HQJHOQ 0LFKDHO5DSKDHO*DEULHOXQG8ULHO 6LHEHIUHLHQIUGLHVHQ.DPSIGHQHKHPDOLJHQ$EW'RQ$OYDUH]DXV HLQHU,UUHQDQVWDOWLQGHU1lKHYRQ0DGULGXQGEHUQHKPHQPLWGHVVHQ +LOIH6W3DWULFNDOVHUVLFKDOV%UXGHULQV.ORVWHUHLQVFKOHLFKW -RKQZLUGYRQHLQHP$WODQWHUJHZDUQW*HPHLQVDPPLW.DUDPDFKWHU VLFKDXIGHQ$QJULIIDXIGHQ+RUWGHV*XWHQDE]XZHKUHQ(UDKQWQLFKW GDPDQLKQDXI6W3DWULFNLQHLQH)DOOHORFNHQZLOO 'RFKGDV*OFNVWHKWLKQHQ]XU6HLWH.DUDPLWGHPJROGHQHQ6FKZHUW LKUHV9DWHUV'HOLRVXQG-RKQPLWGHP6FKZHUWGHVYHUQLFKWHWHQ 'lPRQHQKHQNHUV'HVWHURJHOLQJWHVGUHLGHU'LHQHU$(%$V]XYHUQLFK WHQXQGGHQ$QJULIIGHU+RUURU5HLWHUDE]XZHKUHQ1XUHLQHUYRQLKQHQ NDQQHQWNRPPHQ ª'LH9DPSLU)ORWWH©ODXWHWGHU]ZHLWH5RPDQGLHVHV%DQGHV,P6GHQ GHU9HUHLQLJWHQ6WDDWHQLVWGLH0RUGOLJDZLHGHUDNWLYJHZRUGHQhEHU GDV)%,HUIlKUW-RKQ6LQFODLUGDYRQXQGUHLVWPLW6XNRXQG%LOO&RQROO\ QDFK)ORULGD =XVDPPHQPLWGHPVFKZDU]HQ)%,$JHQWHQ-RH%DUUDFXGDWUHIIHQVLH DXIGHQ6XSHUYDPSLU9DPSLURGHOPDUXQGYHUIROJHQLKQXQGGLHDQGH UHQ0LWJOLHGHUGHU0RUGOLJDKLQDXVDXIV0HHU'RUWZLOO'U7RGGHQYHU VFKROOHQHQ9DPSLU(O6DUJRVVDXQGGLHJHVDPWH9DPSLU&UHZHLQHV DOWHQ6HJOHUV]XQHXHP/HEHQHUZHFNHQ %HLHLQHPP|UGHULVFKHQ.DPSIYHUOLHUW(O6DUJRVVDVHLQGlPRQLVFKHV /HEHQ$XFK7RNDWDGHU6DPXUDLGHV6DWDQVXQG9DPSLURGHOPDUZHU GHQVFKZHUYHUOHW]WN|QQHQMHGRFKPLWGHQDQGHUHQ0LWJOLHGHUQIOLHKHQ

,QGHP5RPDQª'LH6HHOHQEXUJ©ZLUG-RKQ6LQFODLUYRQGHPPHKUDOV -DKUHDOWHQ'UXLGHQ3\NNDGHUVLFKPLWGHP6SXNDQJHOHJWKDWXP +LOIHJHEHWHQ$OV*HJHQOHLVWXQJHU]lKOWHU-RKQYRQGHU6HHOHQEXUJGLH LQGHU6FKZHL]OLHJHQVROOXQGHLQHP0LOOLDUGlUQDPHQV*RUGRQ 6FKUHLEHUJHK|UHQVROOGHUVLFKGHU+|OOHYHUVFKULHEHQKDEHQXQG6HHOHQ IUGHQ6SXNEHVFKDIIHQVROO &HOLQH:DOGGLH6HNUHWlULQ6FKUHLEHUVNDQQLPOHW]WHQ0RPHQWEHYRU DXFKVLHVHLQ2SIHUZLUGIOLHKHQ6LHZHQGHWVLFKDQHLQH8UODXEV EHNDQQWVFKDIWQDPHQV-DQH&ROOLQVYRQGHUVLHZHLGDVLH3ULYDW GHWHNWLYLQLVW 2KQH-RKQV:LVVHQGHUEHUHLWVPLW6XNRLQGHU6FKZHL]LVWXQGJHJHQ 6FKUHLEHUHUPLWWHOWWULWW-DQHHLQHQ-REEHL6FKUHLEHUDOV1DFKIROJHULQ &HOLQH:DOGVDQ6LHDKQWQLFKWGDVLHLQGLH.ODXHQHLQHUGlPRQLVFKHQ 6HNWHJHUDWHQLVWXQGNDQQYRQ*OFNVDJHQGDHV-RKQXQG6XNR JHOLQJWGLH6HNWH]X]HUVFKODJHQEHYRUVLH]X6FKUHLEHUV2SIHUJHZRU GHQLVW6FKUHLEHUVHOEVWJHOLQJWMHGRFKGLH)OXFKW /LHEH6LQFODLU)UHXQGHLFKKRIIHGDDXFKGLHVHU%DQG,KU,QWHUHVVHDQ GHU-2+16,1&/$,56HULHZHLWHUYHUWLHIHQZLUGXQG6LHPHLQHP +HOGHQXQGVHLQHQ)UHXQGHQDXFKZHLWHUKLQEHLLKUHPJHIlKUOLFKHQ .DPSIJHJHQGLH0lFKWHGHU+|OOH]XU6HLWHVWHKHQZHUGHQ,FKNDQQ PLFKQXULPPHUZLHGHUIU,KUH/HVHUWUHXHKHU]OLFKEHGDQNHQ -DVRQ'DUN

',(5$&+('(5+255255(,7(5 'HU.DPSIZXUGHPLWHUEDUPXQJVORVHU+lUWHJHIKUW $XIGHUHLQHQ6HLWHVWDQGHQ0\[LQXQGVHLQH6FKZDU]HQ9DPSLUH0LW LKQHQ]XVDPPHQNlPSIWHHLQ9HU]ZHLIHOWHUHLQ0DQQGHUGDV.UHX] XQGGHQPDJLVFKHQ%XPHUDQJEHVD-RKQ6LQGDLU $XIGHUDQGHUHQ6HLWHVWDQGHQPlFKWLJH*HJQHU$QHUVWHU6WHOOHGHU 6FKZDU]H7RGXQWHUVWW]WYRQ$VPRGLQDV7RGHVHQJHOQXQGGHQYLHU JHIlKUOLFKHQ+RUURU5HLWHUQ 6LHZROOWHQ]XVDPPHQPLWGHP6FKZDU]HQ7RGGHQ*HLVWHUMlJHUYHU QLFKWHQ (VNDPDQGHUV=XVDPPHQPLWGHP%XPHUDQJHQWIDOWHWHGDV.UHX] HLQHQLHJHNDQQWHPDJLVFKH.UDIW$XVGHQ-HQVHLWVZHOWHQJULIIHQGLH +HUUVFKHUGHV/LFKWVHLQ'LHYLHU6WUDKOHQDXVGHPJHKHLPQLVYROOHQ .UHX]]HUULVVHQGLH+RUURU5HLWHUXQGVFKOHXGHUWHQVLHLQGLH8QHQG OLFKNHLWGHU'LPHQVLRQHQ 'RFKGLH+RUURU5HLWHUZDUHQQLFKWWRW'DV6FKLFNVDOZROOWHHV DQGHUV6LHEHUOHEWHQ 8QGVLHVDQQHQDXIJUDXVDPH5DFKH $VPRGLQDKDWWHIODPPHQGURWHV+DDUXQGDXVLKUHU6WLUQZXFKVHQ]ZHL +|UQHU'DUXQWHUEHIDQGVLFKHLQJODWWHVPDUPRUQHV*HVLFKWPLW]ZHL HLVNDOWHQ$XJHQ'HU0XQGELOGHWHHLQHQ6WULFKVRKDUWZDUHQGLH /LSSHQDXIHLQDQGHUJHSUHWZRUGHQ 6LHZDUHLQH)UDXPLWGHU)LJXUHLQHU*|WWLQXQGGRFKZDUVLHVR VFKOLPPZLHGHU7HXIHOVHOEVWGHQQVLHZDUVHLQH7RFKWHU 8QG$VPRGLQDKDWWH6RUJHQ1DFKGHPVLHGLH)XQNWLRQGHV 6FKZDU]HQ7RGVEHUQRPPHQKDWWHZROOWHVLHVLFK]XU+HUUVFKHULQLP 5HLFKGHU'lPRQHQDXIVFKZLQJHQ6LHZROOWHGLHXQ]lKOLJHQ:HOWHQ NDVVLHUHQVLHLKUHP5HLFKDQJOLHGHUQXQGVLFKJURH'lPRQHQIUVWHQ 8QWHUWDQPDFKHQ 'DVOLHHQVLFKDQGHUHPlFKWLJH'lPRQHQQLFKWJHIDOOHQDXFKZHQQ VLHGLH7RFKWHUGHV7HXIHOVZDUGHUDQJHEOLFKDQREHUVWHU6WHOOHLQGHU +|OOHQKLHUDUFKLHVWDQG'RFKGDVZDUHLQ$PWGDVHUVLFKVHOEVWJH JHEHQKDWWH7DWVlFKOLFKDEHUZDUHQGHU$XIEDXXQGGLH+LHUDUFKLH ZHVHQWOLFKYLHOVFKLFKWLJHUJHJOLHGHUW(VJDEDQGHUHVRJDUVFKOLPPHUH 'lPRQHQXQGGDVKDWWHEHVRQGHUV$VPRGLQDZlKUHQGGHULQWHUQHQ 0DFKWNlPSIH]XVSUHQEHNRPPHQ6LHPXWHHLQVHKHQGDVLFKGLH DQGHUHQQLFKWOHQNHQOLHHQ,PPHUZLHGHUZXUGHVLHLQLKUH6FKUDQNHQ YHUZLHVHQ +LQ]XNDPHQVSHNWDNXOlUH1LHGHUODJHQ6LHKDWWH'HVWHURHLQHQLKUHU ZLFKWLJVWHQ'LHQHUYHUORUHQ(VZDULKU]ZDUJHOXQJHQGLH0RUGOLJD]X

JUQGHQGRFK'U7RGXQGVHLQH9DVDOOHQJLQJHQHLJHQH:HJH6LHZROO WHQXQDEKlQJLJHUYRQLKUVHLQ $OOHV%HZHLVHGLHDXFKYRQGHQDQGHUHQKRKHQ'lPRQHQUHJLVWULHUW ZXUGHQ1LHPDQGDN]HSWLHUWHVLHDOV.|QLJLQPDQEHREDFKWHWHQXU9RU DOOHQ'LQJHQLQWHUHVVLHUWHVLHGHU.DPSI$VPRGLQDJHJHQGHQ *HLVWHUMlJHU-RKQ6LQFODLU 6LQFODLUZDUHLQ0HQVFKHLQ0DQQGHUHVVLFK]XU$XIJDEHJHPDFKW KDWWHGLH0lFKWHGHU)LQVWHUQLV]XEHNlPSIHQ8QGYRUDOOHQ'LQJHQ $VPRGLQD$OOHVKDWWHVLHYHUVXFKWXPGLHVHQ6LQFODLULQLKUH.ODXHQ]X EHNRPPHQ(LQSDDUPDOZDUVLHQDKHGUDQJHZHVHQDEHULP(QGHIIHNW KDWWHVLFKGHU*HLVWHUMlJHUDOVGHU6FKODXHUHHUZLHVHQ 'DVlUJHUWHVLHXQJHPHLQ (VJDEHLJHQWOLFKQXUZHQLJH'lPRQHQGLHQRFKDXILKUHU6HLWHVWDQ GHQ'D]XJHK|UWHQGHU6SXNHLQHUGHU0lFKWLJVWHQXQG+HUUVFKHULP 5HLFKGHU6FKDWWHQVRZLH0DGGR[GHU'lPRQHQULFKWHUGHUGLH 9HUVDJHUDEXUWHLOWH 6LHDOOHLQKLHOWHQQRFKWUHX]XLKU8QGQDWUOLFKGLH+HHUVFKDUHQ QLHGHUHU'lPRQHQDEHUGLHNRQQWHVLHYHUJHVVHQVLH]lKOWHQLP (QGHIIHNWQLFKW 0DQEHREDFKWHWHVLHZHLWHUXQGPDQ]RJ/HKUHQDXVLKUHQ 1LHGHUODJHQ $VPRGLQDPXWHGLH.DUWHQDXIGHQ7LVFKOHJHQ8QGGLHVDKHQQLFKW EHVRQGHUVDXV6LHKDWWHQDFK$XVUHGHQJHVXFKWGRFKGLHYLHU 0lFKWLJHQKDWWHQDXIGLHVHP7UHIIHQEHVWDQGHQ 6HOEVW$VPRGLVNRQQWHLKUQLFKWKHOIHQ6LHPXWHVLFKGHP9HUK|U VWHOOHQ 9LHUZDUHQHV 9LHU1DPHQYLHU%HJULIIHYLHU%XFKVWDEHQ $$VWDURWK ((XU\QRPH %%DHO $$PGXFLDV 'lPRQHQQDPHQ*HIlKUOLFKH%HJULIIHGHQQGLHVH:HVHQJHK|UWHQ]X GHQ*UQGHUQGHUULHVLJHQ5HLFKHXQGZDUHQVRDOWZLHGLH:HOWVHOEVW ZLHVLHLPPHUEHKDXSWHWHQ 6LHOHJWHQGLH$QIDQJVEXFKVWDEHQLKUHU1DPHQ]XVDPPHQXQGELO GHWHQGDUDXVHLQHQ%HJULII $(%$ 'LHVHU1DPHVWDQGIU*UDXVDPNHLW+LQWHUOLVW%UXWDOLWlW&KDRVXQG 9HUGHUEHQ'RFKVLHVHOEVWJULIIHQVHOWHQLQGLH*HVFKLFNHGHU:HOWHLQ 'DIUKDWWHQVLHLKUH'LHQHU

'LHYLHU+RUURU5HLWHU -HGHUYRQLKQHQVDKJOHLFKDXV8QGVLHWUXJHQGLH1DPHQLKUHU +HUUHQDXIGHQ%UXVWSDQ]HUQ$OOHUGLQJVQXUGLH$QIDQJVEXFKVWDEHQ GRFKZHQQVLHQHEHQHLQDQGHUKHUULWWHQXQGGLH1VWHUQGHU3IHUGH )HXHUXQG6FKZHIHOVSLHHQGDQQYHUHLQLJWHQVLFKGLH%XFKVWDEHQ]XGHU 6FKUHFNHQVYHUVLRQ$(%$ $XFKVLHKDWWHQJHJHQ-RKQ6LQFODLUJHNlPSIWGRFKGLH:LGHUVDFKHU GLHYLHU(U]HQJHOZDUHQVWlUNHUJHZHVHQ,KUH.UDIWKDWWHVLHZHLWKLQ HLQJHVFKOHXGHUWLQGLH8QHQGOLFKNHLWZRVLHDWRPLVLHUWZHUGHQVROOWHQ XPDOV*HLVWHULQGHQHZLJHQ.UHLVODXIGHU6FKZDU]HQ0DJLHHLQ]X JHKHQ )DVWZlUHHVVRZHLWJHNRPPHQGRFKGDQQJULIIHQGLHYLHU (U]GlPRQHQHLQ6LHZROOWHQQLFKWGDLKUH/HLEZlFKWHUVWDUEHQ6LH VROOWHQZHLWHUNlPSIHQXQG$QJVWXQG6FKUHFNHQYHUEUHLWHQGHQQGDIU ZDUHQVLHHUVFKDIIHQZRUGHQ %HLLKUHQ'lPRQHQIDQGHQVLH6FKXW]XQGDXFKGLH=HLWXPVLFK]X UHJHQHULHUHQGHQQGLH5DFKHGLHVLHGHP0DQQJHVFKZRUHQKDWWHQGHU VLHVRJHGHPWLJWKDWWHZDU]ZDUDXIJHVFKREHQDEHUQLFKWDXIJHKREHQ ZRUGHQ -RKQ6LQFODLUVROOWHEHQ 1XUGXUIWHQVLHQLFKWVEHUVWU]HQXQGGHVKDOEEHUOLHHQVLHHV LKUHQGlPRQLVFKHQ*|QQHUQGHQ3ODQYRU]XEHUHLWHQ 8QG6LHZROOWHQVLFKPLW$VPRGLQDWUHIIHQGDPLWQLFKWVVFKLHIOLHI6LH PXWHQVLFKPLWGHU7HXIHOVWRFKWHUDEVSUHFKHQ $VPRGLQDHUZDUWHWHVLH 8QGVLHNDPHQ 3UDNWLVFKDXVGHP1LFKWVWDXFKWHQVLHDXI6FKUHFNOLFKH*HVWDOWHQ GHQHQHVQLFKWVDXVPDFKWHKLQXQGZLHGHULKUH.|USHUIRUPHQ]X ZHFKVHOQ 'DZDU$VWDURWK(UNDP]XGLHVHP7UHIIHQDOVHLQHPlQQOLFKH 0HGXVD6HLQ6FKlGHOZXUGHYRQNQDOOURWHQ6FKODQJHQXPULQJHOWXQG VHLQH$XJHQEOLFNWHQZLHJUQH'LDPDQWHQ$QVRQVWHQEHIDQGVLFK QLFKWVLQGHP*HVLFKW.HLQ0XQGNHLQH1DVHNHLQH2KUHQ (XU\QRPHHUVFKLHQDOV]LHJHQN|SILJHJHLIHUQGH*HVWDOWPLWGHQ VFKZHOOHQGHQ)RUPHQHLQHV)UDXHQN|USHUV%DHOZLUNWHNDKOZLHHLQ IHWWHU%XGGKD(UZDUEUHLWXQGZXFKWLJ6HLQH+DXWVFKLOOHUWHJROGHQ GLH3XSLOOHQEHVWDQGHQHEHQIDOOVDXV*ROGSOlWWFKHQ $PGXFLDVVDKDXVZLHHLQHOHJDQWHU%HDX:HQLJVWHQVYRQKLQWHQ :HQQHUVLFKDOOHUGLQJVXPGUHKWHGDQQVFKDXWHGHU%HWUDFKWHULQHLQ *HVLFKWGDVDXFKHLQHP.URNRGLOKlWWHJHK|UHQN|QQHQ 6LHZDUHQGDXQGVFKDXWHQ$VPRGLQDDQ(LQ0HQVFKKlWWHYRU$QJVW

XQG*UDXHQEHLGLHVHP$QEOLFNGXUFKJHGUHKWQLFKWVRGLH7HXIHOV WRFKWHU6LHOlFKHOWHQXUVS|WWLVFKZRPLWVLHZLHGHUHLQPDOLKUHhEHU KHEOLFKNHLWGHPRQVWULHUHQZROOWH ª:LOONRPPHQPHLQH)UHXQGH© 1LHPDQGJODXEWHLKUGLH:RUWHDEHUPDQVDJWHQLFKWV 'LHYLHU(U]GlPRQHQQDKPHQKLQWHUGHPKDOEUXQGHQ6WHLQWLVFK3ODW] XQGVFKDXWHQDXI$VPRGLQDGLHHLQQDFKWVFKZDU]HV*HZDQGWUXJ GXUFKGDVLKUHKHOOH+DXWVFKLPPHUWH ª:HVKDOEZROOWHWLKUPLFKVSUHFKHQ"©IUDJWHVLH ª:HLOHVHLQPDO=HLWZXUGHPLWGLU]XUHGHQ©HUZLGHUWH$VWDURWKGHU 6FKODQJHQN|SILJH ª6R",FKZWHQLFKWZRUEHUZLUVSUHFKHQVROOWHQ© ª$EHUZLU© $VPRGLQDV6WLPPHEOLHEJHIKOORVDOVVLHLKQPLWGHQ:RUWHQXQWHU EUDFKª'DQQUHGHQLFKWVRODQJHKHUXP© 'LHDQGHUHQGUHL'lPRQHQVFKDXWHQ$VWDURWKDQGHQVLH]XLKUHP 6SUHFKHUJHZlKOWKDWWHQ'LH6WLPPHGUDQJYRQLUJHQGZRKHUQXUQLFKW DXVGHP*HVLFKW9LHOOHLFKWVSUDFKHQDXFKGLH6FKODQJHQ'LHIROJHQGHQ :RUWHWUDIHQ$VPRGLQDZLHVFKZHUH3HLWVFKHQKLHEH ª'XKDVWJURH)HKOHUJHPDFKWGHQQGXZDUVWQLFKWLQGHU/DJH GHLQHQ)HLQG-RKQ6LQFODLU]XYHUQLFKWHQ:LUNODJHQGLFKQRFKQLFKWDQ ZHLOZLUGLUZHLWHUKLQHLQH&KDQFHJHEHQZROOHQDEHUK|UHDXIGHLQH 0DFKW]XHUZHLWHUQ'DVZLUGQLFKWVJHEHQZHLOGX]XXQEHKHUUVFKW XQGDXFK]XVFKZDFKELVW'XNDQQVWJDUQLFKWJHZLQQHQDXFKZHQQ $VPRGLVGHLQ9DWHULVW0LWLKPKDEHQZLUXQVYHUVWlQGLJW(UJUHLIW QLFKWHLQDEHUDXFKHUZQVFKWGDGXGLFK]XUFNKlOWVWGHQQGHQNH GDUDQDXFK$VPRGLVLVWQLFKWDOOPlFKWLJREZRKOHUVLFKJHUQDOV +HUUVFKHUGHU+|OOHDXIVSLHOW'DGX6LQFODLUQLFKW]X%RGHQJH]ZXQJHQ KDVWXQGZLUPLWLKPHEHQIDOOVHLQHDOWH5HFKQXQJ]XEHJOHLFKHQKDEHQ ZLUVWGXGLFK]XUFNKDOWHQ:DVGHPQlFKVWJHVFKLHKWGDVJHKWDXI XQVHU.RQWR'X$VPRGLQDEOHLEVWLP+LQWHUJUXQGXQGZHQQGXYHU VXFKVWXQV]XVW|UHQZHUGHQZLUGLFKYHUQLFKWHQ© 'LH7HXIHOVWRFKWHUODFKWHª*URH:RUWHGLHLFKGDK|UHDEHUGDV KDEHQVFKRQYLHOHJHVDJW6WU]WHXFKDXI6LQFODLU,FKELQJHVSDQQWRE LKUHVVFKDIIHQZHUGHW*ODXEHQNDQQLFKHVQLFKW=XGHPKDEHLFKGDV *HIKOGDLKUHXFKJHJHQPLFKYHUEQGHWKDEW'HLQH5HGH$VWDURWK JOLFKVFKRQHLQHU.ULHJVHUNOlUXQJ:LOOVWGXHLQHQRIIHQHQ.DPSI KDEHQ"© ª1HLQGHQZROOHQZLUQLFKW'DQQZlUHQZLUQLFKW]XGLUJHNRPPHQ VRQGHUQKlWWHQGHLQ5HLFKGLUHNW]HUVW|UW'XNDQQVWJHJHQXQVHUH JHEDOOWH0DFKWQLFKWDQ=XGHPKDEHQZLUHLQHQ3ODQJHIDWZLHZLU

GHQ*HLVWHUMlJHUSDFNHQN|QQHQ'HQQGLHYLHU+RUURU5HLWHUZDUWHQDXI LKUH5DFKH© $VPRGLQDVFKWWHOWHGHQ.RSIª0DFKWHXFKQLFKWOlFKHUOLFKGLHKDW 6LQFODLUGRFKVFKRQHLQPDOIDVWYHUQLFKWHW© ª'LHVPDOMHGRFKVLQGGLH9RU]HLFKHQDQGHUV(UZLUGGHQ.DPSIYHU OLHUHQ© ª8QGZLHZROOWLKUHVDQVWHOOHQ"© ª'HQ3ODQ$VPRGLQDZHUGHQZLUGLUQLFKWYHUUDWHQ© ª,FKKlWWHHXFKJHUQJHKROIHQ© ª'LHVPDOKlOWVWGXGLFK]XUFN:LUVLQGDQGHU5HLKHXQGZLU ZHUGHQGLU]HLJHQZLHPDQPLWVHLQHQ*HJQHUQXPJHKW:HQQGLHYLHU 5HLWHU-RKQ6LQFODLUYHUQLFKWHWKDEHQUHGHQZLUPLWGHLQHP9DWHUXP DQGHUH0DFKWYHUKlOWQLVVHKHUEHL]XIKUHQ'DVQXUDOVNOHLQH:DUQXQJ GHQQGHLQH0DFKWJHOVWHPVVHQJHVWRSSWZHUGHQ6RHWZDVVHKHQZLU XQVQLFKWOlQJHUPLWDQ© 'LH7HXIHOVWRFKWHU]XFNWH]XVDPPHQ1RFKQLHKDWWHLKUMHPDQG VROFKH8QYHUVFKlPWKHLWHQHQWJHJHQJHVFKOHXGHUW6LHNRQQWHVLFK QLFKWPHKUEHKHUUVFKHQLKUH$XJHQQDKPHQHLQHNQDOOURWH)DUEHDQ XQGZXUGHQ]XURWLHUHQGHQ)HXHUUlGHUQ ª'XZDJVWHV©VFKULHVLHª'XZDJVWHVZLUNOLFKGXMlPPHUOLFKHU =ZHUJ"© $XIHLQPDO]LVFKWHQ%OLW]HDXVGHQ$XJHQWUDIHQGLH6FKODQJHQGHV $VWDURWKXQGYHUQLFKWHWHQVLH,PQlFKVWHQ0RPHQWNODIIWHGHU6FKlGHO GHV'lPRQVDXIHLQJUQOLFKHUWHQWDNHODUWLJHU$UPZLVFKWHGDUDXVKHU YRUXPVFKODQJ$VPRGLQDV1DFNHQKREVLHKRFKXQGVFKOHXGHUWHVLH ZXFKWLJJHJHQGLH:DQG 'RFKDXFKGLH7HXIHOVWRFKWHUUHDJLHUWH,KU.|USHUVFKUXPSIWHXQG ZXUGHVHOEVW]XHLQHU6FKODQJHGLHLQQHUKDOEYRQ6HNXQGHQLQV8QHQG OLFKHZXFKV $SHSGLH+|OOHQVFKODQJHHQWVWDQG =XVSlWGLHYLHU'lPRQHQKDWWHQVLFKEHUHLWVDXIJHO|VW,KUH3OlW]H ZDUHQOHHU $VPRGLQDYHUZDQGHOWHVLFKZLHGHU]XUFN ª:DUWHWQXU©NQLUVFKWHVLHª0HLQH=HLWNRPPWDXFKQRFK© 8QGDXVGHQ7LHIHQGHVGlPRQLVFKHQ5HLFKHVHUNODQJQRFKHLQPDO $VWDURWKV6WLPPH ª+WHGLFK$VPRGLQD+WHGLFK©

'LH,UUHQDQVWDOWODJGRUWZR7RXULVWHQQRUPDOHUZHLVHQLFKWKLQNRP PHQ6GOLFKYRQ0DGULGPLWWHQLQGHUKHLHQ=RQHQDKHGHUNOHLQHQ 6WDGW3LQWRZRGLH%HUJHNDKOZDUHQXQGGLH6RQQHDXIGDVEUDXQJUDXH *HVWHLQVFKLPPHUWH6LHZDUVHKUDOWXQG]ZHLPDOPRGHUQLVLHUWZRUGHQ $EHUDXFKGDVKDWWHQLFKWYLHOJHKROIHQ'LH$QVWDOWJOLFKQRFKLPPHU HLQHPVFKDXULJHQ*HIlQJQLV 'LH*UXQGPDXHUQGHV*HElXGHVEHVWDQGHQDXVXUDOWHQ6WHLQTXDGHUQ GLHVFKRQGHQ$QJULIIHQGHU0DXUHQVWDQGJHKDOWHQKDWWHQ'DUDXI UXKWHQGLHHLQ]HOQHQ7UDNWHGHU$QVWDOW6LHZDUHQHEHQIDOOVDXV6WHLQHQ JHEDXWXQGJDOWHQDOVDEVROXWDXVEUXFKVLFKHU=XGHPVFKLUPWHQRFK HLQHKRKH0DXHUGDV*HElXGHDE (VEHVWDQGDXVGUHL7UDNWHQ 'DZDUHLQPDOGHUNOHLQVWH'RUWKRFNWHQGLHbU]WHXQG9HUZDOWXQJV DQJHVWHOOWHQ,PPLWWOHUHQ7UDNWZDUHQGLHOHLFKWHUHQ)lOOHXQWHU JHEUDFKW8QGJDQ]DXHQLPlOWHVWHQ7HLOGHV*HElXGHVKRFNWHQGLH /HXWHGLHPDQSUDNWLVFKDEJHVFKULHEHQKDWWH$XVVLFKWVORVH)lOOHGLH 7REVFKWLJHQGLHHLQSDDUPDODP7DJGXUFKGUHKWHQXQGLQNDKOHQ =HOOHQKRFNWHQYRQGHQHQPDQFKHVRJDUPLW*XPPLZlQGHQDXVJH VWDWWHWZDUHQ9RQHLQHUPRGHUQHQ3V\FKLDWULHKDWWHPDQKLHUQRFK QLFKWVJHK|UW0DQKLHOWDXFKQLFKWYLHOGDYRQVRQGHUQYHUWUDXWHDXIDOW EHZlKUWH0HWKRGHQDXIGLH:LUNXQJEUXWDOHU*HZDOW %HVXFKHUNDPHQLQGLHVHQ7UDNWQLH:HUKLHUHLQHQ9HUZDQGWHQKDWWH ZDUIURKGDHUVLFKXPLKQQLFKWPHKU]XNPPHUQEUDXFKWH 6RYHUJLQJHQ7DJH0RQDWHXQG-DKUH3DWLHQWHQVWDUEHQDQGHUH ZXUGHQHLQJHOLHIHUW(LQHZLJHU.UHLVODXILQGHPMHGHUVHLQHQIHVWHQ 3ODW]KDWWH 1LFKWVSDVVLHUWH8QGGLH:lFKWHUKDWWHQVLFKOlQJVWDQGDVZLOGH 7REHQGHU3DWLHQWHQJHZ|KQWZHQQHLQHUPDOGXUFKGUHKWH'DQQWUDWHQ LKUHNQDOOKDUWHQ$UJXPHQWHLQ.UDIWXQGDOOHVZDUZLHGHULQ2UGQXQJ 8QGGRFKVROOWHGHU7DJNRPPHQDQGHPVLFKDOOHVlQGHUWH=XHUVW OLHILQGHU.OLQLNDOOHV]LHPOLFKIULHGOLFKDE'LH6RQQHEDGHWHGLHZXFK WLJHQ0DXHUQLQLKUHPVWUDKOHQGVWHQ/LFKWXQGDXFKPLWGHQ3DWLHQWHQ VFKLHQHVNHLQHUOHL6FKZLHULJNHLWHQ]XJHEHQGHQQDQGLHVHP7DJ EOLHEHQDOOHUXKLJ 'DUEHUIUHXWHQVLFKGLHbU]WHHEHQVRZLHGDV3IOHJHSHUVRQDOXQG DOOHVVDKZLUNOLFKQDFKHLQHPJXWHQ7DJLQGHU.OLQLNDXV 'DQQZXUGHHV$EHQG 1RFKKDWWHGLH'XQNHOKHLWGHQ7DJQLFKWDEJHO|VW%HLGHVVWDQGDXI GHU.LSSH:HLWLP:HVWHQZDUHQEHUHLWVGLHJUDXHQ6FKDWWHQ]XVHKHQ DEHUQRFKKHUUVFKWHGLH6RQQHGHUHQH[SORGLHUHQGH/LFKWIOOHQRFKHLQ PDOEHUGHQ+LPPHOVWUDKOWH

,QGLHVHU=HLWZXUGHQGLH.UDQNHQRIWXQUXKLJ'DQQGUlQJWHHVVLH GLH.OLQLN]XYHUODVVHQVLHZROOWHQDXVLKUHQ=HOOHQQDFKGUDXHQ6LH KLQJHQDQGHQ)HQVWHUQSUHWHQLKUH.|SIHJHJHQGLH*LWWHUVWlEH VFKULHQWREWHQXQGZLQVHOWHQMHQDFK7HPSHUDPHQWXQG.RQGLWLRQ ,P7UDNWIUGLHVFKOLPPHQ)lOOHKDWWHQDQGLHVHP$EHQG]ZHLODQJ JHGLHQWH0lQQHU'LHQVWGLHLKUH$UEHLWNDQQWHQ 3HGURXQG&DUORV %HLGHVWDPPWHQDXV0DGULGKDWWHQPDOEHLGHU3ROL]HLJHDUEHLWHW ZDUHQDEHUGRUWHQWODVVHQZRUGHQXQGKDWWHQHLQHQ-RELQGHU$QVWDOW JHIXQGHQ 0LW3HGURXQG&DUORVNRQQWHPDQNHLQH6FKHU]FKHQWUHLEHQ6LHKlP PHUWHQVRIRUW]X,QLKUHP%HUHLFKZDUHQVLHGLHXQXPVFKUlQNWHQ .|QLJH3HGUR]lKOWH-DKUHVHLQ.ROOHJHZDU]ZHL-DKUHlOWHU6LH lKQHOWHQVLFKDXFKlXHUOLFK%HLGHZDUHQEXOOLJNUDXVHV+DDUZXFKV DXILKUHQ.|SIHQXQGEHLGHVFKZlUPWHQIUUDVVLJH%ORQGLQHQ 'LHPHLVWHQ)UDXHQMHGRFKZROOWHQPLWGLHVHQEUXWDOHQ0XVNHO SDNHWHQEHUKDXSWNHLQHQ.RQWDNWXQGGDVlUJHUWHGLHEHLGHQ 'LH=HLWELV]XU(VVHQVDXVJDEHYHUWULHEHQVLHVLFKPLW/HVHQXQG 5DGLRK|UHQ3HGURVFKOLHIDXFKNXU]PDOHLQXQGGDV0DJD]LQPLWGHQ QDFNWHQ%ORQGLQHQUXWVFKWHLKPDXVGHQ)LQJHUQ &DUORVVFKOXJPLWGHUIODFKHQ+DQGDXIGLH7LVFKSODWWH'DV*HUlXVFK MDJWH3HGURKRFK ª:DVLVW"© ª6FKODIQLFKWHLQ$PLJR:LUPVVHQJOHLFKUDQ(VVHQVDXVJDEH© ª$FK0LVW©3HGURNUDW]WHVLFKPLWDOOHQ)LQJHUQDXIGHP.RSI KHUXPª,FKKDEHEHUKDXSWNHLQH/XVW© ª'LHQVWLVW'LHQVW© ª'LHNRPPHQDXFKPDORKQHDXV©3HGURZDUKXQGHPGH ª'DQQEULQJHLFKGDV(VVHQDOOHLQ©PHLQWH&DUORV ª1HHGDVJHKWDXFKQLFKW© ª1DDOVRNRPP© 3HGURVWDQGDXIVFKDXWHQDFKREVHLQ*XPPLNQSSHODXFKXPJH VFKQDOOWZDUXQGQLFNWHVHLQHP.ROOHJHQ]X*HPHLQVDPYHUOLHHQVLH LKUH%XGHZRVLHGHV1DFKWVDXFKVFKOLHIHQ 9RULKQHQODJHLQODQJHU*DQJ(UZDUVRJDU]LHPOLFKEUHLWXQGLUJHQG ZLHGHSULPLHUHQG|GH'LH/DPSHQDQGHU'HFNHZXUGHQGXUFKNOHLQH *LWWHUJHVFKW]WUHFKWVEHIDQGVLFKQXU:DQGOLQNVIKUWHQPHKUHUH 7UHQ]XGHQ=HOOHQ 'LH:DQGZDUJHNDONWZRUGHQXQGGDQQPLWHLQHUgOIDUEHJUQJUDX JHVWULFKHQ(EHQVRZLHGLH=HOOHQWUHQ$OOHVZLUNWHGHSULPLHUHQGYHU ORUHQ

(LQH*LWWHUWUWUHQQWHGLHVHQ7UDNWYRQGHQDQGHUHQDE'LH6WlEH ZDUHQVRGLFNGDHLQH.LQGHUKDQGVLHQLFKWXPIDVVHQNRQQWH3HGUR XQG&DUORVEHVDHQGLH6FKOVVHO]XU7U -HQVHLWVGDYRQK|UWHQVLHGDV.ODSSHUQGHU7|SIHXQG.EHO(LQ .DOIDNWRUEUDFKWHGDV(VVHQ'HU0DQQVROOWHHLJHQWOLFKVFKRQYRUGUHL -DKUHQDOVJHKHLOWHQWODVVHQZHUGHQGRFKHUKDWWHVLFKVRDQGLH.OLQLN JHZ|KQWGDHUGDJHEOLHEHQZDUXQGGLH$XIJDEHHLQHV0lGFKHQVIU DOOHVEHUQDKP(UZLQNWHDOVHUGLHEHLGHQVDK 3HGURVFKORDXI 'HU.DOIDNWRUNDPPLWGHP:DJHQDQJHIDKUHQXQGJULQVWH(UWUXJ HLQHQEODXHQ.LWWHOXQGDXIGHP.RSIHLQH0W]H ª6LQGDXFKNHLQH:DQ]HQLP)UD"©IUDJWH&DUORV ª1HLQ©'HU.DOIDNWRUVSUDFKPLWHLQHUKRKHQ)LVWHOVWLPPHXQGGDQQ NLFKHUWHHU ª:HQQLFKHLQHILQGH©GURKWH&DUORVªGDQQJHEHLFKVLHGLU]X IUHVVHQ© 'HU.DOIDNWRUOHFNWHVLFKGLH/LSSHQª'LHVFKPHFNHQVRJXW© ª+DXDE0HQVFK© 'HU0DQQYHUVFKZDQG &DUORVGUHKWHGHQ:DJHQXPXQGVFKRELKQELVDQGLHHUVWH=HOOHQWU 9RQDXHQ|IIQHWHHUHLQH.ODSSH ,QGHU=HOOHKRFNWHHLQDOWHU0DQQ(UKDWWHHLQHQ%XFNHOXQGZDU IUKHU0DOHUJHZHVHQ'LH,QQHQZlQGHGHU=HOOHZDUHQPLWDOOHUOHL )DUEHQYROOJHVFKPLHUWXQGZHQQGHU.UDQNHHLQHQ$QIDOOEHNDPGDQQ NLSSWHHUGLH)DUEHQHLQIDFKDXIGHP%RGHQDXV ª/RV3LFDVVRHVJLEW(VVHQ©ULHI3HGUR6LHQDQQWHQLKQLPPHU 3LFDVVRREZRKOHUDQGHUVKLH 'HU.UDQNHNDPª%OHLEWVRVWHKHQ©ULHIHUXQGPDFKWHGHQ+DOVODQJ GDPLWHUGXUFKGLH/XNHVFKDXHQNRQQWHª'LHVH*HVLFKWHUKLQWHUGHP 5HFKWHFNHLQIDFKJURDUWLJ,FKZHUGHHXFKPDOHQXQGGDV%LOGYHU NDXIHQ(VPDFKWPLFKEHUKPWZLUNOLFK© &DUORVIOOWHGHQ3DSSWHOOHUPLWGHP(VVHQ(VZDUHLQ*HPLVFKDXV 5HLVXQG*HPVH ª+LHUVFKODJGLUGLH3DPSHLQGHQ%DXFKXQGKDOWHGHLQ0DXO©VDJWH HUDOVHUGHQ7HOOHUGXUFKGLH.ODSSHVFKRE(LQHQ.XQVWVWRIIO|IIHO EHNDP3LFDVVRDXFKQRFK ª:DVEUDXFKHLFK]XHVVHQZHQQLFKGLH)DUEHQGHU1DWXUXPPLFK KHUXPKDEH©ULHIHUXQGQDKPGHQ7HOOHUWURW]GHP 'LH0lQQHUJLQJHQZHLWHU ,QGHU]ZHLWHQ=HOOHKRFNWHMHPDQGGHUGDV(VVHQYHUZHLJHUWH$XV VWDUUHQ$XJHQVWLHUWHHU]X%RGHQXQGUKUWHVLFKQLFKW

(LQH=HOOHZHLWHUKRFNWHMHPDQGGHUQRFKGLH=ZDQJVMDFNHDQKDWWH (UZROOWHDXFKQLFKWV $FKW=HOOHQEHIDQGHQVLFKKLHU6LHEHQKDWWHQGLHEHLGHQ0lQQHUKLQ WHUVLFKDOVVLHYRUGHUOHW]WHQVFKOLHOLFKVWHKHQEOLHEHQ/DQJHJHQXJ DUEHLWHWHQVLHEHUHLWVLQGHU.OLQLN6LHZDUHQDEJHEUKWXQGDEJH VWXPSIWGRFKGHU0DQQGHULQGHUOHW]WHQ=HOOHKRFNWHZDULKQHQQLFKW JHKHXHU(UNRQQWHGHQEHLGHQUHJHOUHFKW$QJVWHLQMDJHQGHQQGDVZDU NHLQQRUPDOHU,UUHUREZRKOHUKLHUHLQVD8QGGDVVHLWGUHL-DKUHQ 'HU0DQQKLH'RQ$OYDUH]%HYRUPDQLKQKLHUHLQOLHIHUWHZDUHUGHU $EWHLQHV.ORVWHUVKRFKREHQLQGHQ3\UHQlHQJHZHVHQ'HQJHQDXHQ *UXQGGHU(LQZHLVXQJNDQQWHQZRKOQXUGLHbU]WHDEHUHVKDWWHQVLFK JHZLVVH)OVWHUSDUROHQKHUXPJHVSURFKHQGLHEHVDJWHQGDVLFKGHU $EWPLWGHP7HXIHOYHUEQGHWKlWWHXQGGDGXUFKZDKQVLQQLJJHZRUGHQ ZlUHZHLOHUGHQLQQHUHQ.RQIOLNWQLFKWPHKUDXVKLHOW 6RGLH3DUROHQ (UZDULQGHU7DWDQGHUVDOVGLHEULJHQ.UDQNHQ(UUHGHWHNDXPYLHO OHLFKW]HKQ:RUWHLQHLQHU:RFKH$EHUZHQQHUHWZDVVDJWHGDQQ VSUDFKHUQXUYRP7HXIHOYRQGHU+|OOHXQGYRQVHLQHUEOXWLJHQ5DFKH DQGHP0DQQGHULKQLQGLH)HVWXQJJHEUDFKWKDWWH=XGHPZDUHU GDYRQEHU]HXJWGDPDQLKQEHIUHLHQZUGH 'LH3IOHJHUHULQQHUWHQVLFKQRFKGHXWOLFKDQGLH:RUWHEHLGHUOHW]WHQ (VVHQVDXVJDEH ª,FKVSUHHV,FKVSUHHVJHQDX'HU7DJGHU%HIUHLXQJLVWQDKHXQG QLHPDQGNDQQPLFKDXIKDOWHQ'HQQVLHZHUGHQNRPPHQXQGYRP +LPPHOZHUGHQ)HXHUXQG)ODPPHQUHJQHQXQGHXFKYHUQLFKWHQ©(U KDWWHHLQHGVWHUH$SRNDO\SVHJHPDOWXQGGHQ3IOHJHUQZDUHVVHKU PXOPLJJHZRUGHQ $XFKMHW]WZDULKQHQQLFKWZRKODOV3HGURGLH.ODSSH|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lPRQLVFKHQ5XVVHQ DXVGHPOHW]WHQ-DKUKXQGHUW

ª'DV(VVHQ©VDJWH3HGURXQGVFKDXIHOWHGHQ3DSSWHOOHUYROO $OYDUH]WUDWYRU6HLQH6FKULWWHZDUHQQRFKJHVFKPHLGLJQLFKWVR DEJHKDFNWZLHEHLGHQDQGHUHQ'LHGUHL-DKUHVFKLHQHQDQGHP0DQQ ZLUNOLFKVSXUORVYRUEHUJHJDQJHQ]XVHLQ (UVFKDXWHGXUFKGDV5HFKWHFN6HLQ%OLFNWUDIPLWGHQHQGHU0lQQHU ]XVDPPHQ ª(VZLUGGDVOHW]WH0DOVHLQGDLKUPLUGDV(VVHQEULQJW©VDJWHHU PLWGXPSIHU6WLPPHªGHQQGLH6WXQGHPHLQHU%HIUHLXQJLVWQDKH 6REDOGVLFKGLH6FKDWWHQGHU1DFKWEHUGLHVHV/DQGJHOHJWKDEHQ |IIQHWGLH+|OOHLKUH3IRUWHQXQGVFKLFNWLKUH'LHQHUGLHPLFKDXV GLHVHPXQZUGLJHQ*HIlQJQLVEHIUHLHQ'LH+RUURU5HLWHUZHUGHQ HUVFKHLQHQGHQQGLH6WXQGHGHU5DFKHLVWJHNRPPHQ© 6HOWHQKDWWH'RQ$OYDUH]VRYLHOH:RUWHDXIHLQPDOJHVSURFKHQ'HQ EHLGHQ0lQQHUQNDPGLHVGLUHNWNRPLVFKYRU 3HGURYHUVXFKWHHVPLWHLQHP:LW]ª:HUVROOGLFKKLHUUDXVKROHQGX NRPLVFKHU+HLOLJHU"© ª'LH+RUURU5HLWHU©IOVWHUWH'RQ$OYDUH] ª$KD© ª,KUJODXEWPLUQLFKWZLH"© ª1HLQ© ª2KLKU,JQRUDQWHQ:DUWHWQRFKHLQSDDU6WXQGHQDEXQGLKUZHUGHW HLQHV%HVVHUHQEHOHKUW'DQQEHNRPPHLFKZLHGHUGLH0DFKWGLHPLU ]XVWHKWXQGLFKZHLQLFKWRELFKIUHXHU/HEHQJDUDQWLHUHQNDQQ 6WHOOWHXFKDXIPHLQH6HLWH-HW]WXQGKLHUGDQQZHUGHLFKIUHXFKHLQ JXWHV:RUWHLQOHJHQ©(UVFKDXWHVLHDXVVHLQHQGXQNOHQ$XJHQDQXQG GLH0lQQHUKDWWHQGDV*HIKODOVZUGHGHU%OLFNGHV0DQQHVVLHELVLQ GLH6HHOHWUHIIHQ ª1LPPGHLQ(VVHQ©IDXFKWH3HGURXQGKDXWHGLH.ODSSH]X ª,KU1DUUHQ©NHLIWH'RQ$OYDUH]ª,KUYHUGDPPWHQ1DUUHQ©(U ODFKWH*HOOHQGXQGJUHOOW|QWHHVKLQWHUGHUVWDELOHQ=HOOHQWUDXIª,KU ZHUGHWGDV)HXHUHUOHEHQXQGLKUZHUGHW]LWWHUQXQGEHEHQZHQQ PHLQH5DFKHPLWGHU*HZDOWHLQHV6WXUPZLQGHVEHUHXFKNRPPW© 'LHEHLGHQ3IOHJHUVFKREHQGHQIDKUEDUHQ7LVFKZLHGHUGHQ*DQJ HQWODQJ ª'DNDQQPDQMDZLUNOLFK$QJVWNULHJHQ©PHLQWH&DUORVª6RYLHOKDW HUQRFKQLHJHVDJW© 3HGURQLFNWH ª*ODXEVWGXLKP"© ª,FK"©3HGURVFKWWHOWHGHQ.RSIª)HXHUYRP+LPPHOUHJQHQ'HU UHGHWDOVZUGHGLH:HOWJOHLFKXQWHUJHKHQ© ª.RPLVFKLVWHVVFKRQ©

ª.ODUDEHUGXGDUIVWQLFKWYHUJHVVHQGDHUPDO$EWXQGVRPLWELEHO IHVWZDU© 3HGURQLFNWHª'DVZLUG VZRKOVHLQ© 6LHOLHHQGHQ:DJHQDQGHU*LWWHUWUVWHKHQXQGEHJDEHQVLFKZLHGHU LQLKUH%XGH 'RUWUDXFKWHQVLHHUVWHLQPDOHLQH=LJDUHWWH,QHLQHUKDOEHQ6WXQGH ZUGHGHU.DOIDNWRUHUVFKHLQHQXQGGLH3DSSWHOOHUDXVGHQ=HOOHQ KROHQ 3HGURVWDQGDP)HVWHU(VKDWWHNHLQH*LWWHU9RQKLHUDXVNRQQWHHULQ GDV7DOVFKDXHQZRHLQSDDU6FKDIHZHLGHWHQXQGNlUJOLFKH *UDVEVFKHODXVGHP%RGHQ]XSIWHQ'RUWZDUHVVFKRQGXQNOHUJH ZRUGHQREZRKOGHU+LPPHOQRFKLPWLHIHQ5RWGHUXQWHUJHKHQGHQ 6RQQHJOlQ]WH (LQH*lQVHKDXWOLHIEHUGHQ5FNHQGHV0DQQHVXQGHUVFKWWHOWH VLFK 'DVVDK&DUORVª:DVLVW"©IUDJWHHU ª$FKYHUGDPPWPLUJHKHQGLH:RUWHGLHVHVNRPLVFKHQ0|QFKVQLFKW DXVGHP.RSIKHUDXV© &DUORVODFKWHDXIª(U]lKOGRFKQLFKWV'HU$OWHLVWHLQ6SLQQHU2GHU JODXEVWGXLKP"© ª0LWZHOFKHLQHU%HVWLPPWKHLWHUGDVVDJWH,FKZHLQLFKWLUJHQGZLH EHGUFNWPLFKGDV© ª+|UDXI]XVSLQQHQGHUHU]lKOWLPPHUGLHVHQ.UDP'HQNDQ PRUJHQGDKDEHQZLUIUHLXQGVWHLJHQYROOHLQLQV:RFKHQHQGH0DQQ LFKZHLGDYRQHLQHU3XSSHGLHLQ0DGULGZRKQWXQGEHUKDXSWQLFKW WHXHULVW'LHN|QQWHMDLKUH)UHXQGLQ© ª.HLQH/XVW© &DUORVVFKZLHJQDKPGDV0DJD]LQDXIXQG]QGHWHVLFKHLQH =LJDUHWWHDQZlKUHQGHUEOlWWHUWH 1DFKHLQHU:HLOHVWUHFNWHGHU.DOIDNWRUVHLQHQGUUHQ.RSIGXUFKGLH 7Uª,FKKROHMHW]WGLH7HOOHU© ª-DEHHLOGLFK©NQXUUWH3HGUR 'HU0DQQYHUVFKZDQG=HKQ0LQXWHQVSlWHU]RJHUDXFKPLWGHP IDKUEDUHQ7LVFKGDYRQ &DUORVVWHOOWHGDV5DGLRDQ'HU6HQGHUEUDFKWHVSDQLVFKH)RONORUH 'HU3IOHJHUOLHGHQ$SSDUDWODXIHQXQGOHJWHVLFKUFNOLQJVDXIV%HWW ZREHLHUGLH$XJHQKDOEVFKORXQGVFKRQYRQGHQ%ORQGLQHQWUlXPWH GLHHUDPQlFKVWHQ7DJEHVXFKHQZROOWH 'DV9RUKDEHQVROOWHHLQ7UDXPEOHLEHQGHQQNHLQHUGHUEHLGHQ 0lQQHUDKQWHGDVLFKGDV*UDXHQEHUHLWVQlKHUWH

'RQ$OYDUH]KDWWHVHLQHNQRFKLJHQ+lQGHEHUGLH*LWWHUVWlEHDP )HQVWHUJHNUDOOWXQGVFKDXWHQDFKGUDXHQZRGLH6RQQHLPPHUWLHIHU VDQNXQGLKUHQOHW]WHQEOXWLJHQ6FKHLQEHUGHQZRONHQORVHQ+LPPHO IlFKHUWH 'LH$XJHQGHVHKHPDOLJHQ$EWVIXQNHOWHQ:DKQVLQQXQG+DYHU HLQLJWHQVLFKLQGLHVHP%OLFN]XHLQHUJHIlKUOLFKHQ0LVFKXQJ(UZXWH GDGLH=HLWUHLIZDU +HXWHQDFKWQRFK 1LFKWVDEHUDXFKJDUQLFKWVKDWWHHUYHUJHVVHQ1LFKWGLH-DKUHLP .ORVWHUZRHUGHP6DWDQJHGLHQWKDWWHGHQQHVZDULKPJHOXQJHQHLQH 7HXIHOVELEHO]XILQGHQ'LH6FKULIWIDV]LQLHUWHLKQ(UVWXGLHUWHVLHXQG VWHOOWHIHVWGDGDV.ORVWHU0RQWH7HUUDQRDXIXQJHZHLKWHP%RGHQ VWDQG7LHILP%HUJODJHQJHKHLPQLVYROOH*HZ|OEHLQGHQHQGDV%|VH ODXHUWH$OVHUVLHGXUFKIRUVFKWHGDVSUWHHUGDV*UDXHQGDVGRUW ZRKQWH,QGLHVHU+|KOHEHIDQGVLFKHLQYRQ1HEHOQXPZDOOWHVJHKHLP QLVYROOHV7RUGDVLKPGHP7HXIHOVGLHQHUGHQ%OLFNLQHLQHDQGHUH:HOW IUHLJDE 8QGDXVGLHVHP7RUNDPHQVLH 9LHU5HLWHUGLHHUVFKRQLQGHQDOWHQ6FKULIWHQHUZlKQWIDQG $(%$ 'LH'LHQHUGHUYLHU(U]GlPRQHQNRQQWHQGXUFKGLHVHV7RULQGLH:HOW GHU0HQVFKHQJHODQJHQXQGHU'RQ$OYDUH]KDWWHHVLKQHQJH|IIQHW 6LHPXWHQLKPGDQNEDUVHLQGRFKDXFKVLHNRQQWHQQLFKWYHUKLQGHUQ GD]ZHLDXV(QJODQGNRPPHQGH0lQQHUGDV.ORVWHUVWUPWHQXQG LKQ$OYDUH]IHVWQDKPHQXQGGDIU6RUJHWUXJHQGDHULQGLHVH$QVWDOW JHVWHFNWZXUGH 'UHL-DKUHODJGDV]XUFN'UHLVFKOLPPH-DKUHLQGHQHQGHUHKHPD OLJH$EWLPPHUQXUJHZDUWHWKDWWH 6LHZUGHQVLFKPHOGHQGDYRQZDUHUUHVWORVEHU]HXJW'LH5HLWHU NRQQWHQLKQQLFKWLP6WLFKODVVHQ $(%$VROOWHXQGZUGHVLFKUlFKHQ9RUDOOHQ'LQJHQDQGHQEHLGHQ 0lQQHUQGLHDXFK$OYDUH] )HLQGHZDUHQ -RKQ6LQFODLUXQGGLHVHU&KLQHVHQDPHQV6XNR1LFKWVKDWWH'RQ $OYDUH]YHUJHVVHQYRUDOOHQ'LQJHQGLHVHEHLGHQ0lQQHUQLFKW(U KDWHVLHZLHGLH3HVWGHQQGLH0lQQHUZDUHQQLFKWQXUVHLQH)HLQGH VRQGHUQDXFKGLH)HLQGHGHU+|OOH 'LHPXWHPDQYHUQLFKWHQ /DQJHJHQXJKDWWH'RQ$OYDUH]JHZDUWHWGRFKQXQZDUHVVRZHLW 'UHLPDOKDWWHHUYRQGHU$QNXQIWGHU+RUURU5HLWHUJHWUlXPW6LHKDWWHQ ZlKUHQGGHV6FKODIV]XLKPJHVSURFKHQXQGLKPPLWJHWHLOWGDHVEDOG VRZHLWVHLQZUGH

1XUQRFKZHQLJH6WXQGHQ 'RQ$OYDUH]ILHEHUWHGHU1DFKWHQWJHJHQ$(%$ZUGHHUVFKHLQHQ XQGGLHYHUGDPPWHQ0DXHUQHLQUHLHQ:LHHLQ6WXUPZLQGZUGHQGLH YLHU5HLWHUEHUGDV/DQGEUDXVHQ1LFKWVNRQQWHVLHDXIKDOWHQ $(%$ZDUXQEHVLHJEDU 'RQ$OYDUH]NLFKHUWHDOVHUGDUDQGDFKWH-DGLH=HLWZDUUHLIXQG DOOHGLHVLFKGDQQQRFKJHJHQLKQVWHOOWHQZDUHQGHV7RGHV/lQJVWKDWWH HUVHLQH6LQQHJHVFKlUIW(UYHUVXFKWHVHLQHQ*HLVWDXIGLHODQJH5HLVH]X VFKLFNHQHUWDVWHWHKRUFKWHODXVFKWHXQGODXHUWHREQLFKWEHUHLWVGLH HUVWHQ$Q]HLFKHQGLHVHUJUDXHQYROOHQ,QYDVLRQ]XVSUHQZDUHQ 1RFKVSUWHHUQLFKWV(UVWZHQQGLH'XQNHOKHLWLKUULHVLJHV7XFKEHU GDV/DQGJHEHWWHWKDWWHZUGHHVJHVFKHKHQ 'LH.OLQLNVROOWHEUHQQHQ 'RQ$OYDUH]WUDWZLHGHUYRP)HQVWHU]XUFNXQGKRFNWHVLFKDXIGLH %DQN 'HU.DOIDNWRUNDPXQGKROWHGHQ7HOOHUDE(UZDUQRFKYROO'RQ $OYDUH]KDWWHNHLQHQ%LVVHQJHJHVVHQ ª.HLQHQ+XQJHUZLH"©IUDJWHGHU.DOIDNWRU 'HUHKHPDOLJH$EWVFKDXWHLKQPLWVHLQHQGVWHUHQ$XJHQDQª)OLHK© IOVWHUWHHUKHLVHUª)OLHKYRUGHQ0lFKWHQGHV*UDXHQV'LH=HLWGHU +|OOHLVWGDXQGGHU6FKUHFNHQZLUGGLFKEHUVFKZHPPHQZLHHLQH DOOHVYHU]HKUHQGH:RJH© 'HU.DOIDNWRUK|UWHGLH:RUWHHUYHUVWDQGDEHUQLFKWVRUHFKW 7URW]GHPEHNDPHU$QJVWXQGVFKOXJKHIWLJGLH.ODSSH]X 'DVJHOOHQGH/DFKHQGHV!,UUHQEHJOHLWHWHLKQQRFKELV]XUEHU QlFKVWHQ=HOOH 'LH'XQNHOKHLWNDP 8QGPLWLKUEHJDQQHV 'LH3DWLHQWHQZXUGHQXQUXKLJ'LHEHLGHQ3IOHJHUGLHOHLFKWHLQ JHQLFNWZDUHQK|UWHQGLH*HUlXVFKH]XHUVW 'XPSIH6FKOlJHGU|KQWHQJHJHQGLHNDKOHQ:lQGHGHU=HOOHQ'DV ZDUQLFKWQXUHLQHUGHUGXUFKGUHKWHVRQGHUQDOOH$OVKlWWHQVLHVLFK DEJHVSURFKHQVRK|UWHHVVLFKDQ'DVGXPSIH6FKODJHQJHJHQGLH :lQGHVWHLJHUWHVLFK]XHLQHPPDNDEUHQ5K\WKPXVGHULPPHUKlUWHU ZLOGHUXQGKHNWLVFKHUZXUGH =XHUVWVFKUHFNWH&DUORVKRFK(UVHW]WHVLFKDXIUHFKWKLQXQGODXVFKWH $XFK3HGURZDUZDFKJHZRUGHQª9HUGDPPW©PXUPHOWHHUªGD VWLPPWGRFKZDVQLFKW©6HLQ%OLFNIDQGGDV*HVLFKWGHV.ROOHJHQª2E GDVGHU$QIDQJLVW"©

ª9RQZDV"© ª'XZHLWGRFKZDVGLHVHU0|QFKJHVDJWKDW'HUZLOODXVEUHFKHQ XQGGLHKROHQLKQMHW]WUDXV© ª$FK4XDWVFK'XPPHV*HUHGHHLQHV:DKQVLQQLJHQ©(UVWDQGYRQ VHLQHP%HWWDXIª:LUZHUGHQPDOQDFKVHKHQ© 3HGURVDJWHQLFKWV,KPUDQQHLQH*lQVHKDXWEHUGHQ5FNHQ'LH :RUWHGHVHKHPDOLJHQ0|QFKHVKDWWHQLKQPHKUDOVQXUEHXQUXKLJW 3HGURJODXEWHGDUDQGDHVYLHOH'LQJHJDEGLHPLWGHP9HUVWDQGDOOHLQ QLFKW]XHUNOlUHQZDUHQ1HLQGDVSLHOWHQDQGHUH.UlIWHPLW &DUORVVWDQGVFKRQDQGHU7Uª,FKZHUGHGHQHQKHOIHQPLUPHLQH 1DFKWUXKH]XVW|UHQ'HQHQZHUGHQZLU%HLQHPDFKHQ©(U]RJGLH7U DXIXQGEHWUDWGHQ*DQJ 3HGURIROJWHLKPODQJVDPHU$OVHUVHLQHQ.ROOHJHQHUUHLFKWHVWDQG GLHVHUEHUHLWVYRUGHUHUVWHQ7UXQGVFKREGLH.ODSSHLQ$XJHQK|KH ]XU6HLWH 6RIRUWZXUGHGDV7URPPHOQODXWHU 3LFDVVRVWDQGDQGHU:DQGXQGKlPPHUWHJHJHQGLH6WHLQH(UOLH VLFKQLFKWVW|UHQDXFKQLFKWDOV&DUORVLKQDQVFKULH6FKOLHOLFKZDUHV GHU:lFKWHUOHLGXQGULGLH7UDXI 3HGUREOLHEGUDXHQZlKUHQGVLFK&DUORVGHP3DWLHQWHQQlKHUWH ª+|UDXI©IXKUHULKQDQ 3LFDVVRK|UWHQLFKW ª$XIK|UHQKDEHLFKJHVDJW©'URKHQG]HLJWH&DUORVGHQ.QSSHODXV +DUWJXPPL 'DGUHKWHVLFK3LFDVVRXP8QGSO|W]OLFKJULIIHUDQ(UVFKULHGDEHL ZDUDJJUHVVLYXQGZROOWHGHP3IOHJHUDQGLH.HKOHIDKUHQ&DUORVZDU LPHUVWHQ$XJHQEOLFNY|OOLJEHUUDVFKW'DVKDWWHHUQRFKQLHHUOHEW 6RQVWWREWHQGLH/HXWHLPPHURGHUOLHHQLKUH:XWDQWRWHQ *HJHQVWlQGHQDXVDEHUHLQHQ$QJULIIKDWWHQVLHQRFKQLHJHZDJW'DV ZDUGDVHUVWH0DO &DUORVZHKUWHVLFK 'DVWUHFNWH3LFDVVREHLGH$UPHYRUXQGVFKULHª'HU7HXIHONRPPW ,FKKDEHLKQJHVHKHQ(ULVWXQWHUZHJV8QGHUEULQJWGLH*OXWGHU +|OOHEHUHXFK5HWWHWHXFKIOLHKWODXIWZHJVRQVWZLUGHUHXFKYHU VFKOLQJHQ©1DFKGLHVHQ:RUWHQVFKOXFK]WHGHU0DQQDXIYHUGUHKWHGLH $XJHQXQGEOLHEOLHJHQ ª,GLRW©NQXUUWH&DUORVXQGJLQJODQJVDP]XP)HQVWHU'DVGXPSIH 6FKODJHQZDUYHUVWXPPWGLHDQGHUHQKDWWHQVLFKZLHGHUEHUXKLJW(V ZDUQXUHLQNXU]HV$XIIODFNHUQLKUHU$JJUHVVLRQHQJHZHVHQ ª:HUVDJWHVGHQQ"©PXUPHOWH&DUORVEOLHEYRUGHPYHUJLWWHUWHQ )HQVWHUVWHKHQXQGVFKDXWHQDFKGUDXHQ

(LJHQWOLFKKlWWHHVILQVWHUVHLQPVVHQGRFKGHU+LPPHOJOKWHQRFK LPPHUGXQNHOURWDOVZUGHVLFKGLH6RQQHKHXWHQLFKWWUDXHQKLQWHU GHQ%HUJHQ]XYHUVLQNHQ &DUORVVFKOXFNWH'DVZDUVFKRQVHOWVDP(VJHODQJLKPDXFKQLFKW VHLQHQ%OLFNYRQGLHVHUXQKHLPOLFKHQLKQIDV]LQLHUHQGHQ:DQGDE]X ZHQGHQ(UPXWHHLQIDFKKLQVHKHQ %HZHJWHVLHVLFKQLFKW":DUHQGRUWQLFKW*HVWDOWHQ]XHUNHQQHQGLH KLQXQGKHUVFKZDQNWHQ" &DUORVDWPHWHWLHIHLQEHVFKDWWHWHVHLQH$XJHQXQGVFKDXWHJHQDXHU KLQ -DGDVZDUHQ*HVWDOWHQ (LQ6FKUHLOLHLKQKHUXPIDKUHQXQGGDV3KlQRPHQHUVWHLQPDO YHUJHVVHQ 3HGURKDWWHLKQDXVJHVWRHQ 0LW]ZHL5LHVHQVFKULWWHQVWDQG&DUORVDXIGHP*DQJ6HLQH$XJHQ ZXUGHQJURDOVHUGDVJOHLFKHVDKZLHVHLQ.ROOHJH 'RQ$OYDUH]KDWWHVHLQH=HOOHYHUODVVHQ8QGGDVREZRKOGLH7UYHU VFKORVVHQZDU ª9HUGDPPW©KDXFKWH&DUORVª'DVJLEWHVGRFKQLFKW© 6HLQ.ROOHJHQLFNWH ª+DVWGXGLH7UJH|IIQHW"©IUDJWH&DUORVREZRKOHUZXWHGD 3HGURVRHWZDVQLHPDFKHQZUGH ª1HLQ© ª$EHUZLHGDQQ"© ª,FKZHLHVGRFKDXFKQLFKW©KHXOWH3HGURDXI &DUORVQLFNWHHQWVFKORVVHQª*XW©VDJWHHUPLWUDXKHU6WLPPHª:HQQ HUHVQLFKWDQGHUVKDEHQZLOOZHUGHQZLULKPVFKRQ0DQLHUHQEHL EULQJHQGDUDXINDQQVWGXGLFKYHUODVVHQ©(UNODWVFKWHLQGLH+lQGH EHYRUHUVHLQHQ*XPPLNQSSHO]RJª'HU.DPHUDGZLUGVLFKZXQGHUQ GDUDXIQHKPHLFKMHGH:HWWH© )RUVFKVFKULWWHUDXI$OYDUH]]XZlKUHQG3HGURVWHKHQEOLHEXQGYRU $QJVW]LWWHUWH 'DVZDULKPDOOHVXQKHLPOLFK6LFKHUKDWWHGLHVHWZDVPLWGHQ:RUWHQ GHV$EWV]XWXQGLHHULKQHQZlKUHQGGHU(VVHQVDXVJDEHLQV*HVLFKW JHVFKOHXGHUWKDWWH $XFK&DUORVYHUODQJVDPWHVHLQH6FKULWWHMHPHKUHUVLFKGLHVHP0DQQ QlKHUWH :DUGDVEHUKDXSWQRFKGHUVHOEHZLHYRUKLQ"6HLQ*HVLFKWKDWWHVLFK LUJHQGZLHYHUlQGHUW(VZDUEOHLFKHUJHZRUGHQ=XGHPVSDQQWH VLFKGLH+DXWKlUWHUEHUGHQ.QRFKHQGHUODQJH%DUW]LWWHUWHXQGGLH $XJHQVFKLHQHQGXQNHOZLH.UDWHUVHHQ]XVHLQ

ª.RPP©ORFNWHGHUHKHPDOLJH$EWª:DUXPJHKVWGXQLFKWZHLWHU"© ª=XUFN&DUORV©JHOOWHKLQWHUGHP5FNHQGHV3IOHJHUVGLH6WLPPH VHLQHV.ROOHJHQDXIª%OHLEOLHEHUKLHU'DVJHKWQLFKWPLWUHFKWHQ'LQJHQ ]X© ª:LHUHFKWHUGRFKKDW©NLFKHUWHGHU0|QFK &DUORVDEHUZROOWHHVZLVVHQ6WXUVFKWWHOWHHUGHQ.RSIª1HLQ©HU ZLGHUWHHUIHVWª,FKEULQJHGLFKZLHGHULQGHLQH=HOOHXQGGDYRQKDOWHQ PLFKDXFKNHLQH7\SHQZLHGXDE© ,PVHOEHQ$XJHQEOLFNEHJDQQHQGLH,UUHQZLHGHUPLWLKUHP ª.RQ]HUW©'LHVPDOVFKOXJHQVLHQLFKWQXUJHJHQGLH:lQGHVRQGHUQ VFKULHQXQGJHLIHUWHQDXFK,KUH6WLPPHQEHUVFKOXJHQVLFKLPVFKULOOHQ )DOVHWW'DV.UHLVFKHQGHULQGHU+|OOH*HIROWHUWHQNRQQWHQLFKWVFKOLP PHUVHLQDOVGDVLQGLHVHU$QVWDOW 3HGURGUHKWHGXUFK(UYHUORUEXFKVWlEOLFKGLH1HUYHQPDFKWHDXI GHP$EVDW]NHKUWXQGUDQQWHZHJ(UZROOWH+LOIHKROHQ$OOHLQZXUGHQ VLHPLWGHQ.UDQNHQQLFKWPHKUIHUWLJ ,QLKUHP=LPPHUEHIDQGVLFKHLQ7HOHIRQ3HGURVWU]WHLQGHQ5DXP XQGZROOWHGHQ+|UHUYRQGHU*DEHOUHLHQ 3HGURV$XJHQZXUGHQJUR:DVHUGRUW]XVHKHQEHNDPZDUXQ JHKHXHUOLFK 'DVJHVDPWH5HFKWHFNZXUGHYRQHLQHPGXQNHOURWHQJOKHQGHQ 6FKHLQDXVJHIOOWGHUZLHHLQ9RUKDQJGRUWODJ2EZRKOGHU0DQQ $QJVWKDWWHJLQJHU]XP)HQVWHUXQGVFKDXWHKLQDXV 'HU6FKHLQPXWHGDVJHVDPWH*HElXGHXPKOOWKDEHQGHQQZR 3HGURKLQVDKZDUQXU5RW 'DV5RWGHU+|OOH ,QPLWWHQGHUURWHQ/XIWXQGQRFKEHUGHQ%HUJHQVFKZHEHQGEHZHJ WHQVLFKYLHU*HVWDOWHQ 5HLWHU $(%$NDP 6LHULWWHQZLHHLQVWGLH*|WWHUJHVWDOWHQGXUFKGLH/XIW6WXUPXPEUDXVW XQGYRPEOXWLJHQ1HEHOXPZDOOWKLHOWHQVLHRKQH]X]|JHUQDXILKU=LHO ]X 'LH)HVWXQJ 'DVFKULOOWHQGLH$ODUPJORFNHQ$XFKLQGHQDQGHUHQ7UDNWHQPXWH PDQJHPHUNWKDEHQGDHWZDVQLFKWVWLPPWH 3HGURV$QJVWVWHLJHUWHVLFK'HU3IOHJHUUDQQWHDXVGHP=LPPHU VWDQGLP*DQJXQGVDKVHLQHQ.ROOHJHQZLHHUGHQ*XPPLNQSSHO JHKREHQKDWWHXPDXIGHQHKHPDOLJHQ$EWHLQ]XVFKODJHQ ª1LFKW©EUOOWH3HGURª)OLHK&DUORV'LH5HLWHUNRPPHQ6LHVLQG JOHLFKGD6FKQHOO©

&DUORVGUHKWHVLFKXP6FKZHLJOlQ]WHDXIVHLQHP*HVLFKW'LH .UDQNHQWREWHQXQGWURPPHOWHQZHLWHU ª:DVVDJVWGX"© ª:LUPVVHQIOLHKHQ'LH5HLWHU© (LQJHOOHQGHV*HOlFKWHUUL3HGURGLHQlFKVWHQ:RUWEXFKVWlEOLFKYRQ GHQ/LSSHQ'RQ$OYDUH]KDWWHHVDXVJHVWRHQ ª0HLQH)UHXQGH©EUOOWHHUª6LHODVVHQPLFKQLFKWLP6WLFK6RZLH LFKHVJHVDJWKDEH©:LHGHUODFKWHHU ª$FKKDOWGHLQ0DXO©EUOOWH&DUORVXQGVFKOXJ]X $OYDUH]ZLFKDXV(UWDWGLHVPLWHLQHUJHVFKPHLGLJHQ%HZHJXQJXQG GHU+LHEYHUIHKOWHLKQ'DIUVFKUDPPWHGHU*XPPLNQSSHODQGHU :DQGHQWODQJ)DVWKlWWH&DUORVQRFKGDV*OHLFKJHZLFKWYHUORUHQ ª.RPPGRFK©'LH6WLPPHGHV]ZHLWHQ3IOHJHUVEHUVFKOXJVLFK 8QGGDQQNDPHQGLH5HLWHU 6LHZDUIHQVlPWOLFKH1DWXUJHVHW]HEHUGHQ+DXIHQ)UVLHH[LVWLHU WHQZHGHU0DXHUQQRFK6SHUUHQVLHULWWHQVLHNXU]HUKDQGXP 'HU3IOHJHU&DUORVZDUXQIlKLJVLFK]XEHZHJHQ(UVWDQGGDVWDUUWH XQGVWDXQWHZREHLHUGDV*HVFKHKHQZLHLQHLQHP=HLWOXSHQILOPVDK GHUYRUVHLQHQ$XJHQDEOLHI (LQ7HLOGHU:DQGEUDFKHLQDOVKlWWHLKQHLQH%RPEH]HUULVVHQ'LH +RUURU5HLWHUZDUHQQLFKWLQLKUHU)RUPDWLRQJHEOLHEHQVLHULWWHQ KLQWHUHLQDQGHU $(%$ZDUQLFKWPHKU]XVWRSSHQ'LH5|VVHUEUDFKHQGXUFKGLH 0DXHUQJHZDOWLJHSHFKVFKZDU]H3IHUGH$XILKQHQKRFNWHQGLH5HLWHU PLW/DQ]HQEHZDIIQHWHJULQVHQGH6NHOHWWHVFKZDU]ZLHGLH1DFKW 'XQNOH8PKlQJHIODWWHUWHQLP5HLWZLQG'LH3IHUGHVSUHQJWHQEHUGLH 7UPPHU)ODPPHQXQG5DXFKTXROOHQDXVGHQ1VWHUQXQGHLQH ZDKUH+|OOHIDXFKWHGHPVFKUHFNHQVVWDUUHQ&DUORVHQWJHJHQ 'RQ$OYDUH]GHUHKHPDOLJH0|QFKZDULQVHLQHP(OHPHQW(UULGLH $UPHKRFKXQGVFKULHZREHLVLFKVHLQH6WLPPHEHUVFKOXJXQGNDXP QRFK]XYHUVWHKHQZDU ª0HLQH5HWWHU,FKKDEHHVJHZXWGDLKUNRPPW1HLQLKUODWHXUH 'LHQHUQLFKWLP6WLFK© (UWDQ]WHZLHYHUUFNWXQGVWLHLPPHUZLHGHUVHLQH$UPHLQGLH/XIW $XFKGLH=HOOHQZDUHQQLFKWPHKUKHLO/lQJVWKDWWHQVLFK5LVVHLP 0DXHUZHUNJHELOGHW'HFNHQ]HUVSUDQJHQGDVXUDOWH*HVWHLQKLHOWGLH VHP'UXFNQLFKWPHKUVWDQG 'LH+RUURU5HLWHUZDUHQVWlUNHU 1XU6HNXQGHQNRQQWH&DUORVGHQ(LQGUXFNLQVLFKDXIVDXJHQ'RFK GLHVH=HLWNDPLKPZLHHLQHKDOEH(ZLJNHLWYRU 'DQQZDUHVYRUEHL

'HUHUVWH5HLWHUULGLFKWYRULKPVHLQ3IHUGKRFK'LH+XIHWDQ]WHQ SO|W]OLFKYRUGHP*HVLFKWGHV3IOHJHUVXQGVFKOXJHQ]X (VZDUHQKDUWH6FKOlJHGLHVHLQHQ.RSIWUDIHQLKQQDFKKLQWHQ VFKOHXGHUWHQZRHU]X%RGHQNUDFKWH1RFKHLQPDOVSUWHHUGHQ 6FKPHU]GHULKPVHLQ%HZXWVHLQUDXEWHXQGLKQLQGHQWLHIHQXQHU JUQGOLFKHQ6FKDFKWGHV7RGHV]HUUWH &DUORVOHEWHQLFKWPHKU 6HLQ.ROOHJHDEHUZDUJHIORKHQ3HGURZROOWHZHJYRP2UWGHV *UDXHQV(UKHW]WHGXUFKGHQ7UDNWXQGK|UWHZHLWHUKLQGDV6FKULOOHQ GHU$ODUPJORFNHQ6LHEHJOHLWHWHQVHLQH)OXFKWZLH0XVLNDXVGHU+|OOH (UVWROSHUWHUDIIWHVLFKZLHGHUDXIXQGGLH$QJVWWULHELKQZHLWHU6HLQ =LHOZDUGHU$XVJDQJ (UVFKDIIWHHVQLFKWPHKU.XU]EHYRUHUPLWGHU+DQGQDFKGHUJURHQ 7UIDVVHQNRQQWHEHIDQGVLFKGHUHUVWH5HLWHULQVHLQHP5FNHQ(UWUXJ HLQH/DQ]H:LHDXFKGLHGUHLDQGHUHQ 8QGGLHKREHUDQ 'DQQHUIROJWHGHU:XUI8QJHKHXHUKDUW]LHOJHQDX 'LH/DQ]HWUDIGHQ5FNHQGHV)OFKWHQGHQ'HU6FKODJGURVFK3HGUR QDFKYRUQZRHUJHJHQGLH7UILHOXQGGDUDQKHUDEUXWVFKWH%OXWLJH 1HEHOXPZDOOWHQVHLQ6LFKWIHOG(UPHUNWHOlQJVWQLFKWPHKUGDHLQH NQRFKLJH+DQGQDFKGHP/DQ]HQVFKDIWJULIIXQGGLH:DIIHDXVVHLQHP .|USHU]RJ3HGURZDUWRW 'HU+RUURU5HLWHU]RJVHLQHQ*DXOKHUXP(UODFKWHDXI(LQJHKOOWLQ QDFK6FKZHIHOVWLQNHQGHP5DXFKULWWHUZLHGHUDQXQGVFKZHQNWHVHLQH /DQ]H 'DV=HLFKHQ'LH$XIJDEHGLHVHUVFKUHFNOLFKHQ:HVHQDXVHLQHU DQGHUHQ:HOWZDUHUIOOW 'LHYLHU5HLWHUKDWWHQGHQ(U]GlPRQHQGHQ*HIDOOHQJHWDQXQGHLQHQ LKUHU'LHQHUEHIUHLW 'RQ$OYDUH]NRQQWHZLHGHULQGHQJURHQ.DPSIHLQJUHLIHQ 'HUYLHUWH5HLWHUKDWWHVLFKVHLQHUDQJHQRPPHQXQGLKQDXIGDV IHXHUVSHLHQGH5RJH]RJHQ :LOGKlPPHUWHGLH*HVWDOWLKUHJOKHQGHQ6SRUHQLQGLH)ODQNHQGHV 7LHUHV 'DQQULWWHQGLHYLHUGDYRQ $OYDUH]DEHUQDKPHQVLHPLW 'HUHKHPDOLJH0|QFKZDUDXHUVLFK$OVGLHYLHU5HLWHUQDFK GUDXHQXQGKRFKLQGLH/IWHULWWHQGDVFKULHHUQXUHLQHQ1DPHQ ª6LQFODLU6LQFODLULFKNRPPH8QGGDQQZLUGDEJHUHFKQHW©

,QGHUEUHLWHQ*ODVWUGHV(LQJDQJVVSLHJHOWHVLFKGDVKHOOH6RQQHQOLFKW DOVLFKGLHUHFKWH+lOIWHDXIGUFNWHXQGPLFKGDUEHUZXQGHUWHZLH OHLFKWGDVJLQJ 'LH6WXIHQODJHQKLQWHUPLULFKEHWUDWHLQHJURH+DOOHZR]DKOUHLFKH %DQNDQJHVWHOOWHKLQWHU6FKDOWHUQ6FKUHLEWLVFKHQXQG.DVVHQDUEHLWHWHQ 'LH0HQVFKHQZDUHQGXUFK3DQ]HUJODVJHVFKW]WXQGIUGLH.XQGHQ JDEHV6SUHFKVFKOLW]H 'HUQRUPDOH%DQNDEODXILQWHUHVVLHUWHPLFKDQGLHVHP7DJKHU]OLFK ZHQLJLFKZROOWHGHQ'LUHNWRUVSUHFKHQHLQHQJHZLVVHQ*RUGRQ(VVH[ (LQHQ$XJHQEOLFNEOLHELFKVWHKHQXPPLFK]XRULHQWLHUHQ,FK NRQQWHZlKOHQ5HFKWVEHIDQGVLFKHLQHJHVFKZXQJHQH7UHSSH6LH IKUWHLQGLH(WDJHGHV0DQDJHPHQWVZRLFKVLFKHUOLFKDXFKPHLQHQ *HVSUlFKVSDUWQHUILQGHQZUGH8QWHUKDOEGHU7UHSSHEHIDQGHQVLFK GLH)DKUVWKOH'DUDXIYHU]LFKWHWHLFKGHQQ7UHSSHQVWHLJHQKDW EHNDQQWOLFKQRFKNHLQHPJHVFKDGHW :lKUHQGLFKGLH6WXIHQKLQDXIVFKULWWGDFKWHLFKQRFKHLQPDOGDUEHU QDFKZHOFKHU*UXQGPLFKEHUKDXSWKLHULQGLHSURW]LJH%DQNJHIKUW KDWWH (LJHQWOLFKJLQJHVXP$WODQWLV -D)UHXQGH6LHKDEHQULFKWLJJHOHVHQ$WODQWLV'LHVHUYHUVXQNHQH .RQWLQHQWXQGGHVVHQ(QGHLFKPLWHUOHEWKDWWHZDUGHUJURH'UHKXQG $QJHOSXQNW$EHUHVJDEQRFKHLQHQ]ZHLWHQ*UXQGGHP'LUHNWRUHLQHQ %HVXFKDE]XVWDWWHQ'HUKLH.DUD'DVVFKZDU]KDDULJH0lGFKHQZDU GLH6FK|QHDXVGHP7RWHQUHLFKXQG0\[LQV*HIlKUWLQ6LHKDWWHLQ $WODQWLVJHOHEW,KU9DWHUZDUHLQ3URSKHWHLQ:HLVHUHLQ0DJLHUJH ZHVHQGHU]XVDPPHQPLWVHLQHQ)UHXQGHQDOOHVYHUVXFKWKDWWHXPGHQ 8QWHUJDQJ]XVWRSSHQ(UKDWWHHVQLFKWJHVFKDIIW(UZDUJHVWRUEHQXQG LFKKDWWHLKQYRUVHLQHP7RGQRFKNHQQHQJHOHUQW,FKZDUVHKUDQJHWDQ JHZHVHQYRQGHU*U|HXQGGHU:HLVKHLWGLHVHV0DQQHV 6HLQH7RFKWHUKDWWHYLHOYRQLKUHP9DWHUJHHUEW1LFKWQXUGLHJHL VWLJHQ)lKLJNHLWHQVRQGHUQGDVVFKPDOH6FKZHUWPLWGHUJROGHQHQ .OLQJHXQGGHQ7UDQNGHV9HUJHVVHQV:HQQVLHLKQ]XVLFKQDKPGDQQ ZDULKU*HLVWLQGHU/DJHVLFKY|OOLJYRQLKUHP.|USHUDE]XVRQGHUQVR GDHU$XVIOJHLQIHUQHXQEHNDQQWH5HLFKHXQWHUQHKPHQNRQQWH.DUD ZXWHXPGLHVHQ7UDQNZXWHXPVHLQH:LUNXQJGRFKVLHKDWWHGHQ 7UDQNYHUORUHQXQGZROOWHLKQXQEHGLQJWZLHGHU]XUFNEHNRPPHQ 1LHPDQGZXWHZRHUVLFKEHIDQG .DUDJLQJ]DKOUHLFKHQ6SXUHQQDFKVLHVXFKWHPLW0\[LQDXIGHU(UGH HKHPDOLJH$WODQWHUXQGVLHKDWWHQDXFK7HLOHUIROJHHU]LHOW 0\[LQKDWWHPLFKLQHLQDOWHV+DXVJHIKUWZRGUHL0lQQHUYHUVDP PHOWZDUHQGLHHEHQIDOOVDXV$WODQWLVVWDPPWHQXQG]XGHQ:HLVHQ

JHK|UHQVROOWHQ:LUWUDIHQGLH0l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lPRQHQUHLFKHGXUFKVFKZHEWH ZUGHVLHXQVZHUWYROOH(UNHQQWQLVVHPLWDXIGLH(UGHEULQJHQGLHIU XQVHLQHEHVVHUH$XVJDQJVSRVLWLRQLP.DPSIJHJHQXQVHUH)HLQGH VFKXIHQ .DUDXQG0\[LQKDWWHQLQGHQOHW]WHQ:RFKHQXQXQWHUEURFKHQ JHIRUVFKWXQGJHVXFKW6LHZROOWHQGHQYLHUWHQ0DQQILQGHQGHQ 9HUUlWHUGHUDQJHEOLFKPHKUEHUGHQ7UDQNZXWH1LFKWXPVRQVWKDWWH HUGLHGUHLDQGHUHQ:HLVHQJHW|WHW 6FKOLHOLFKZDUHV.DUDXQG0\[LQJHOXQJHQLKQDXI]XVSUHQ'HU 0DQQKDWWHVLFKIDQWDVWLVFKHWDEOLHUWXQGQDKWORVLQGDV/HEHQDXIGLHVHU :HOWHLQJHIJW(UKDWWHHVVRJDU]XHWZDVJHEUDFKWXQGZDU'LUHNWRU HLQHUJURHQ%DQNJHZRUGHQGLHGHU%DQNYRQ(QJODQGDQJHK|UWH *RUGRQ(VVH[KLHGHU0DQQ :HGHU.DUDQRFK0\[LQWUDXWHQVLFKLKPHLQHQRIIL]LHOOHQ%HVXFK DE]XVWDWWHQ%HLGHZLUNWHQIUPHQVFKOLFKH9HUKlOWQLVVH]XIUHPG.DUD GLHHWZDVVHQVLEOH)UDXXQG0\[LQGHUNOHLQH0DJLHUPLWGHUJUQOLFK VFKLOOHUQGHQ+DXWGHUVLFKLP$OOWDJVUK\WKPXVQRFKLPPHUQLFKW ]XUHFKWIDQGZHLOHUHEHQNHLQ0HQVFKZDUVRQGHUQHLQ6FKZDU]EOWHU PLWDQGHUHP$XVVHKHQ 'LHVH3UREOHPHKDWWH*RUGRQ(VVH[QLFKW(UVWDQGDXIGHU (UIROJVOHLWHU]LHPOLFKREHQXQGZHQQVLFKGHU9HUGDFKWJHJHQLKQYHU KlUWHWHZUGHHVPLUHLQ9HUJQJHQEHUHLWHQLKQYRQVHLQHPKRKHQ 7KURQ]XVWU]HQ ,FKHUUHLFKWHGLHHUVWH(WDJHZRGLH:lQGHPLWNRVWEDUHQ0DUPRU SODWWHQEHGHFNWZDUHQ6LHVFKLPPHUWHQEHLJHEUDXQXQGZDUHQVSLHJHO EODQNSROLHUW 8QWHUPHKUHUHQ7UHQNRQQWHLFKDXVZlKOHQ*HGlPSIWQXUGUDQJ GDV.ODSSHUQHOHNWULVFKHU6FKUHLEPDVFKLQHQDQPHLQH2KUHQ ,FKVFKDXWHPLFKNXU]XP'DEHLJLQJLFKHLQLJH6FKULWWH]XU6HLWHXQG ODVGLH0HVVLQJEXFKVWDEHQDXIGHPGXQNOHQ+RO]

6HNUHWDULDW0U*RUGRQ(VVH[ +LHUZDULFKULFKWLJ,FKNORSIWHK|UWHHLQª&RPHLQ©XQG|IIQHWH =ZHL)UDXHQKRFNWHQDQ6FKUHLEWLVFKHQGLHGXUFKHLQH%OXPHQEDQN YRQHLQDQGHUJHWUHQQWZDUHQ'DV%URZDUKHOOXQGIUHXQGOLFK'LH 6RQQHQVWUDKOHQILHOHQGXUFKGLHJURHQ6FKHLEHQGHV)HQVWHUVXQG PDOWHQEUHLWH6WUHLIHQDXIGHQROLYJUQHQ7HSSLFKERGHQ 'LHlOWHUH)UDXHUKREVLFKXQGVFKREGDEHLLKUH%ULOOHYRQGHU1DVH 'DV6HKJHVWHOOEDXPHOWHDQHLQHU.HWWH )UDJHQGVFKDXWHPLFKGLH'DPHDQ ,FKSURGX]LHUWHHLQ6RQQWDJVOlFKHOQVWHOOWHPLFKYRUXQGEDWGHQ 'LUHNWRUVSUHFKHQ]XGUIHQ ª2KLFKZHLQLFKWRE0U(VVH[6LHMHW]WHPSIDQJHQNDQQ©HU ZLGHUWHVLHEHGDXHUQG ª:LUN|QQHQYRP
(LQH0LQXWHZDUYHUJDQJHQ ,FKGUHKWHPLFKZLHGHUXPXQGVDKGLH'RSSHOWUDQGLHLQGDV $OOHUKHLOLJVWHGHV%DQNGLUHNWRUVIKUWH ,UJHQGZLHZDULFKVDXHUGHQQLFKZDUWHWHQLFKWJHUQ$EHUPDQPX LP/HEHQLPPHU.RQ]HVVLRQHQPDFKHQXQGPLWPHLQHP6RQGHU DXVZHLVZROOWHLFKQLFKWZLQNHQ +lWWHLFKGDVPDOJHWDQ+LQWHUKHULVWPDQMDLPPHUVFKODXHU 'LH]ZHLWH6HNUHWlULQVWDQGDXIXQGJLQJ]XU.DIIHHPDVFKLQH)UKHU WUDQNPDQLQ(QJODQGLPPHU7HHDEHUGLH=HLWHQKDWWHQVLFKJHlQGHUW ,QGHQ%URVZXUGHGLHVFKZDU]H%UKHKLQXQWHUJHVSOW0LUJLQJHV GDEHLQLFKWDQGHUVQXUKDWWHLFKGDV*OFNHLQH6HNUHWlULQDOV 0LWDUEHLWHULQ]XKDEHQGLHGHQEHVWHQ.DIIHHGHU:HOWNRFKWH (KUOLFK)UHXQGH ª'LH=HLWLVWXP©VDJWHLFK ª1DWUOLFK2EHULQVSHNWRU©'LHYHUOLHEWH6HNUHWlULQHUKREVLFKXQG VFKULWWDXIGLH'RSSHOWU]X6LHNORSIWHYRUKHUXQG|IIQHWHGDQQZREHL VLHPLUQHWWHUZHLVHGHQ9RUWULWWOLH ª'DQNH©VDJWHLFKXQGEHUWUDWGLH6FKZHOOH 6FKRQQDFKGHPHUVWHQ6FKULWWEOLHELFKVWHKHQ.KOH/XIWWUDIPHLQ *HVLFKWXQGGLHZHKWHQLFKWYRQKLQWHQVRQGHUQNDPYRQYRUQ 'DVKDWWHVHLQHQ*UXQG (LQHVGHUEHLGHQ)HQVWHUVWDQGVSHUUDQJHOZHLWRIIHQ8QGYRQ*RUGRQ (VVH[IHKOWHMHGH6SXU ª0U(VVH[©ULHIGLH6HNUHWlULQKLQWHUPLUXQGZDUY|OOLJDXVGHP +lXVFKHQ ª6FKOLHHQ6LHGLH7U©ZLHVLFKVLHDQª$EHUYRQGUDXHQ© 6LHJHKRUFKWH ,FKDEHUKlWWHPLUVHOEVWLQGHQ+LQWHUQWUHWHQN|QQHQ'LHVHYHU GDPPWHQ]ZHL0LQXWHQKDWWHQ(VVH[JHUHLFKWXP]XYHUVFKZLQGHQ'LH 1HQQXQJPHLQHV1DPHQVPXWHLKQUHJHOUHFKWHOHNWULVLHUWKDEHQVR GDHUYRQHLQHP$XJHQEOLFN]XPDQGHUHQGLH)OXFKWHUJULIIHQXQGDOOHV OLHJHQXQGVWHKHQJHODVVHQKDWWH $XIGHP6FKUHLEWLVFKODJQRFKVHLQH$UEHLW'LH3RVWYRQPRUJHQ ]ZHLDXIJHVFKODJHQH0DSSHQ'DVDOOHVLQWHUHVVLHUWHPLFKQLFKW,FK ZROOWHGHQ0DQQXQGOLHI]XP)HQVWHU (LQ%OLFNQDFKOLQNV 1LFKWVGDQQGHU%OLFNQDFKUHFKWV $XFKQLFKWV ,FKVDKQXUGHQVFKPDOHQ6LPVGHUVLFKXQWHUGHP)HQVWHUKLQ]RJ

'D]XPXPDQZLVVHQGDGLHVHV+DXVVFKRQVHLQ$OWHUKDWWH 0LQGHVWHQVIQI]LJ-DKUH'DPDOVEDXWHPDQQRFKUHSUlVHQWDWLYGDV KHLWPLWYLHO6WXFNNOHLQHQ9RUEDXWHQ(UNHUQ6LPVHQXQGVRZHLWHU ,FKEHXJWHPLFKQRFKHLQPDOZHLWDXVGHP)HQVWHUXQGGDQQVDK LFKLKQ (LJHQWOLFKZDUHVQXUHLQ+RVHQEHLQGDVYRP:LQGHUIDWZXUGHXQG KLQWHUHLQHUNOHLQHQ6lXOHGLHGLH+DXVZDQGYHUVFK|QHUQVROOWH XQGGHP0DQQMHW]WDOV'HFNXQJGLHQWHKHUYRUIODWWHUWH 'HU.QDEHKDWWHVLFKYHUUHFKQHW ,FKZUGHLKQPLUKROHQXQG]|JHUWHNHLQH6HNXQGHVRQGHUQVWLHJ HEHQIDOOVDXVGHP)HQVWHU 'DGHU6LPVGDV*HZLFKWGHV%DQNGLUHNWRUVJHKDOWHQKDWWHZUGHHU XQWHUPHLQHPDXFKQLFKW]XVDPPHQEUHFKHQGDZDULFKVLFKHU8QWHU DQGHUHPOLHILFKQLFKW]XPHUVWHQPDODXIVROFKHLQHPVFKPDOHQ )HQVWHUVLPV ,FKGUHKWHPLFKHWZDVXQGEHZHJWHPLFKGDQQQDFKUHFKWVZREHLLFK GHU:DQGPHLQ*HVLFKW]XZDQGWHXQGPLFKPLWEHLGHQ+lQGHQ DEVWW]WH1RUPDOODXIHQNRQQWHPDQQDWUOLFKQLFKWLFKPXWHPLFK =ROOIU=ROOYRUVFKLHEHQ (VZDUJDUQLFKWVRHLQIDFKDXIGHUVFKPDOHQ8QWHUODJHGDV *OHLFKJHZLFKW]XKDOWHQ=XGHPEHKLHOWLFKGHQDQGHUHQLP$XJH %LVKHUKDWWHLFKYRQLKPQLFKWPHKUDOVGDVIODWWHUQGH+RVHQEHLQJH VHKHQ'DVJDEPLU+RIIQXQJGDPLFKGHU.QDEHQRFKQLFKWHQWGHFNW KDWWH(UVROOWHVLFKUXKLJVLFKHUIKOHQXPVRJU|HUZUGHGDQQGLH hEHUUDVFKXQJZHUGHQ =XP*OFNZDUHVVWLOO,FKNRQQWHDOVRK|UHQZHQQ*HVWHLQXQWHU PHLQHQ)HQDEEU|FNHOWH %LVMHW]WKLHOWGHU6LPV 'DVQlFKVWH)HQVWHU (VZDUYHUKlQJW'XUFKGLH*DUGLQHHUNDQQWHLFKGLH8PULVVHHLQHV 0DQQHVGHUKLQWHUVHLQHP6FKUHLEWLVFKKRFNWHXQGWHOHIRQLHUWH'DQQ KDWWHLFKGDV)HQVWHUSDVVLHUW :HLWHU 'LH+lOIWHGHU6WUHFNHODJEHUHLWVKLQWHUPLUXQGPHLQ2SWLPLVPXV VWLHJ 'DQQEHNDPHUHLQHQJHK|ULJHQ'lPSIHUGHQQ(VVH[KDWWHDQVFKHL QHQGODQJHJHQXJJHZDUWHW(UZROOWHVHKHQZDVVLFKWDW 'HU%DQNGLUHNWRUOLQVWHXPGLH6lXOH (UVDKPLFK 2EZRKOZLUXQVEHVWLPPWQLFKWOlQJHUDOVHLQH6HNXQGHDQVFKDXWHQ HUNDQQWHLFKVHLQ*HVLFKWXQGGLH=JHSUlJWHQVLFKPLUJHQDXHLQ

*UDXHV+DDUYRP:LQG]HU]DXVWHLQGXQNHOEODXHU$Q]XJ.UDZDWWH 7\SLVFK%DQNHU ª.RPPHQ6LH]XUFN©]LVFKWHLFKLKPHQWJHJHQ (UGDFKWHJDUQLFKWGDUDQVRQGHUQEHZHJWHVLFKZHLWHU1DWUOLFKLQ GLHHQWJHJHQJHVHW]WH5LFKWXQJ ,FKZDUIHLQHQ%OLFNQDFKXQWHQ6HKUWLHIZDUHVQLFKWDEHUEHLHLQHP 6SUXQJKlWWHLFKPLUVLFKHUOLFKEHLGH%HLQHJHEURFKHQ8QG(VVH[ZUGH HVQLFKWDQGHUVHUJHKHQ $XIGHP3DUNSODW]VWLHJHQVRHEHQPHKUHUH3HUVRQHQLQHLQHQ VFKZDU]HQ%HQWOH\GHUQHEHQGHPPHLQHQSDUNWH=XP*OFNVFKDXWH NHLQHUDQGHU5FNIURQWGHU%DQNKRFK 'LH6lXOHYHUGHFNWHGHQ%OLFNDXI(VVH[$OVLFKVLHHUUHLFKWKDWWH K|UWHLFKGDV.OLUUHQ 'HU%DQNGLUHNWRUPXWHHLQH6FKHLEHHLQJHVFKODJHQKDEHQ (UZROOWHVHLQH)OXFKWDXIHLQHDQGHUH$UWXQG:HLVHIRUWVHW]HQ,FK VWLHJYRUVLFKWLJXPGLH6lXOHKHUXPXQGVDK]ZHL
'lPRQZDUVRKDWWHLFKLKQQXQEHNRPPHQ(UVDKVLFKLQGLH(QJH JHWULHEHQXQGJLQJHLVNDOWVHLQHQ:HJ $XIPHQVFKOLFKHV/HEHQQDKPHUNHLQHUOHL5FNVLFKWGDVVDKLFKPLW JUDXVDPHU'HXWOLFKNHLW(UKDWWHHLQXQVFKXOGLJHV0lGFKHQXP JHEUDFKWXQGLQPLU]HUEUDFKHWZDVDOVLFKYRUPLUGHQ6WDXEVDKGHU HLQPDOHLQ0HQVFKJHZHVHQZDU,FKPXWH(VVH[NULHJHQEHYRUHU YROOVWlQGLJGXUFKGUHKWH 'HQQLFKJDEPLUVHOEVWHLQHQ7HLOGHU6FKXOGDP7RGGHV0lGFKHQV +lWWHLFKGLHVHYHUGDPPWHQ]ZHL0LQXWHQQLFKWLP9RU]LPPHUJH ZDUWHWZlUHGDVDOOHVQLFKWSDVVLHUW 1XQPXWHLFKGDPLWUHFKQHQGD*RUGRQ(VVH[ZHLWHUH0RUGH EHJLQJ ,FKYHUOLHGHQ:DVFKUDXP'LH7UIKUWHZLHGHUDXIGHQ)OXU 'LHVPDOEHIDQGLFKPLFKQXUHLQ6WFNZHLWHUKLQWHQ 'DV=LPPHUGHV$WODQWHUVODJUHFKWV :RKLHOWHUVLFKYHUERUJHQ" (VJLEW*DQJVWHUGLHEHVLW]HQHLQHXQJHKHXUH1HUYHQVWlUNH:HQQGLH VLFKYHUIROJWIKOHQGDQQYHUVWHFNHQVLHVLFKGRUWZRPDQVLHQLFKW YHUPXWHW*HK|UWH*RUGRQ(VVH[GD]XZUGHHUVLFKLQVHLQ%UR YHU]LHKHQ ,FKVFKDXWHQDFK 'LH7UZDU]XP*OFNQLFKWYHUVFKORVVHQ(VVH[EHIDQGVLFKQLFKW GRUW'DVRIIHQH)HQVWHUVFKLHQPLFKK|KQLVFKDQ]XJULQVHQ,FKNQDOOWH GLH7UZLHGHU]XGUHKWHPLFKXPVDKGLH7UHSSHXQGJODXEWHGD (VVH[GLHVHQ:HJJHZlKOWKDWWH +DVWLJOLHILFKGLH6WXIHQKLQXQWHU$XIGHUGULWWOHW]WHQEOLHELFKVWHKHQ XQGEOLFNWHLQGLHJURH6FKDOWHUKDOOH 'RUWKHUUVFKWHQRUPDOHU%HWULHE(V]HXJWHQLFKWVGDYRQGDVLFK *RUGRQ(VVH[KLHUDXIKLHOW'HU%HWULHEOLHIQRUPDOGLH0HQVFKHQ ]DKOWHQHLQRGHUKREHQ*HOGDE .HLQHUOHL3DQLN ,FKEUDFKWHDXFKGLHUHVWOLFKHQ6WXIHQKLQWHUPLFKXQGKLHOWHLQHQ $QJHVWHOOWHQDQGHUPLWHLQHP$NWHQVWRXQWHUGHP$UPDQPLUYRU EHL]LVFKHQZROOWH ª0RPHQWPDOMXQJHU0DQQ© ª%LWWH"©)UDJHQGVFKDXWHHUEHUGHQ5DQGVHLQHU%ULOOHQJOlVHU ª+DEHQ6LH]XIlOOLJ0U(VVH[JHVHKHQ"© ª'HQ'LUHNWRU"©(UHUVWDUUWHIDVWYRU(KUIXUFKW ª*HQDXGHQ© ª1HLQVRUU\LFKKDEHDXFK]XWXQ© ª'DQNH©

9HUGDPPWZRVWHFNWHGHU+XQGHVRKQQXU"'DV*HElXGHZDUJUR XQG(VVH[KDWWHHLQHQ9RUWHLO,P*HJHQVDW]]XPLUNDQQWHHUGHQ%DX ,FKPXWHPLFKKHUXPIUDJHQ 8QVFKOVVLJEOLHELFKLQGHU+DOOHVWHKHQ (LQSDDU$QJHVWHOOWHEHREDFKWHWHQPLFKVFKRQPLWUDXLVFK9LHOOHLFKW KLHOWHQVLHPLFKIUHLQHQ%DQNUlXEHUGHUGDV7HUUDLQVRQGLHUWHXP GDQDFKVHLQHQ&RXS]XVWDUWHQ (LQ0DQQLQJUDXHU8QLIRUPVWHXHUWHPLFKDQ(UZDU]LHPOLFKEUHLW JHEDXW,FKVDKGLH$XVEXFKWXQJXQWHUVHLQHUOLQNHQ6FKXOWHUXQGZXWH %HVFKHLG ª6LU"©VSUDFKPLFKGHU0DQQDQª.DQQLFK,KQHQLUJHQGZLHEHKLOIOLFK VHLQ"© ª-D6LHN|QQWHQPLUVDJHQZRLFK0U(VVH[ILQGH+DEHQ6LHLKQ ]XIlOOLJJHVHKHQ"© ª'HU+HUU'LUHNWRUKDWVHLQ%URREHQ© ª'DLVWHUQLFKW© ª'DQQWXWHVPLUOHLG,FKELQEHUGHQJHVFKlIWOLFKHQ7DJHVDEODXIGHV +HUUQ'LUHNWRUOHLGHUQLFKWLQIRUPLHUW$PEHVWHQLVWHVZHQQ6LHVLFK EHLVHLQHU6HNUHWlULQ© ª*HVFKHQNW©VDJWHLFK 6HLQ%OLFNZXUGHZLHGHUPLWUDXLVFK (UZXWHQLFKWVRUHFKWZDVHUWXQVROOWH,FKKROWHPHLQHQ$XVZHLV KHUYRUGHQQPLUZDUHLQH,GHHJHNRPPHQ ª6FRWODQG
:LUJLQJHQ'LH5lXPHXQWHUGHU6FKDOWHUKDOOHNRQQWHPDQDOVUHJHO UHFKWH*HZ|OEHEH]HLFKQHQ+LHUEHIDQGHQVLFKDXFKGLHJURHQ7UHVRUH PLWGHQJHZDOWLJHQ3DQ]HUWUHQKLQWHUGHQHQ*ROG6FKHLQHZHUWYROOH 3DSLHUHXQG0Q]HQODJHUWHQ (VZDUNKO,FKVFKDXWHPLFKXP1LHPDQGDXHUXQVEHIDQGVLFK KLHUXQWHQ 2EVLFK(VVH[LQHLQHPGHUJHZDOWLJHQ7UHVRUHHLQJHVFKORVVHQKDWWH" ,FKIUDJWHGHQ:lUWHUQDFKGHU)XQNWLRQ ª1HLQ6LU(LQHUDOOHLQNDQQGHQ7UHVRUQLFKW|IIQHQ(VJHK|UHQ LPPHUGUHL6FKOVVHOGD]XGLHVLFKLP%HVLW]YRQGUHLYHUVFKLHGHQHQ 0lQQHUQEHILQGHQ© ª'DQQNDQQLFKGDYRQDXVJHKHQGDVLFK0U(VVH[QLFKWKLHUXQWHQ DXIKlOW"© ª*HQDX© ª*LEWHVLQGLHVHP+DXVVRQVWQRFK5lXPHGLHVLFKDOV9HUVWHFN HLJQHQ"© ª-D*ODXEHQ6LHGHQQGD0U(VVH[HVQ|WLJKDWVLFK]XYHUEHUJHQ"© KDXFKWHHU ª'DVJODXEHLFKDOOHUGLQJV© ª'DQQZHLLFKHVDXFKQLFKW© ª:DVLVWXQWHUGHP'DFK"© ª'RUWREHQEHILQGHWVLFKXQVHU$UFKLY.ODUGDNDQQMHGHUKLQ 1DWUOLFKDXFK0U(VVH[© ª2ND\VHKHQZLUQDFK© 'HU:lFKWHUXQGLFKZDQGWHQXQVXP:LOOLDP7DGORFNJLQJYRU9LHO +RIIQXQJKDWWHLFKQLFKWPHKU(VVH[ZDUVLFKHUOLFKJHIORKHQ 3O|W]OLFKEOLHE7DGORFNVWHKHQ)DVWZlUHLFKJHJHQLKQJHODXIHQ ª:DVLVW"© ª6LUPLULVWGDVRHEHQHLQH,GHHJHNRPPHQ©VDJWHHUª,FKZHLMD QLFKWDXVZHOFKHQ*UQGHQ6LH0U(VVH[VXFKHQDEHUHVJLEWKLHUXQWHQ QRFKHLQHQ:HJQDFKGUDXHQ(VLVWGHUGHQGLH0lQQHUQHKPHQZHQQ VLHGLH*HOGWUDQVSRUWHUEHODGHQ© ,FKVFKDXWHGHQ0DQQDQXQGQLFNWHª'DVLVWGRFKHLQ:RUW0HLVWHU *HKHQZLU© 7DGORFNEHVDGHQ6FKOVVHO]XHLQHU3DQ]HUWUKLQWHUGHUHLQEH WRQLHUWHU*DQJODJ(UPXWHVWDUN]LHKHQXPGLHVFKZHUH7UDXI]X EHNRPPHQ,FKKDOILKPGDEHL ª,PPHUGDVJOHLFKH©VW|KQWHGHU$XISDVVHUª0DQPDORFKWVLFKKLHU QRFKNDSXWW© (UKREVHLQH+DQG'LH)LQJHUVWULFKHQDQGHU:DQGHQWODQJZRVLFK GHU/LFKWVFKDOWHUEHIDQG'HQNLSSWH7DGORFNKHUXP

$QGHU'HFNHZXUGHQUXQGH/HXFKWVWRIIULQJHKHOO 'HU*DQJEHVWDQGDXVJODWWHQ%HWRQZlQGHQ8QGGHU)XERGHQZDU HEHQIDOOVDXV%HWRQ*ODWWRKQH)XJHQ 1DFKHWZDGUHLLJ
(UYHU]RJGLH0XQGZLQNHOª'DVSDWPLUJDUQLFKW© ª7XQ6LH VWURW]GHP© 'DV*HIKOGHU*HIDKUKDWWHVLFKEHLPLUZHLWHUYHUVWlUNW$EHUZR ]XP7HXIHOODXHUWHVLH" ,QGHQ:lQGHQLP%RGHQ" ,FKJLQJZHLWHU +LQWHUPLUK|UWHLFKGLH6FKULWWHGHV:lUWHUV7DGORFNVFKULWWDXIGLH 7U]X 1XQLFKGDFKWHPLUQLFKWVGDEHLXQGZXUGHHUVWDXIPHUNVDPDOV LFKGLHVHQVFKZDSSHQGHQ/DXWK|UWHPLWGHPGLH7U]XUFNLQGLH )DVVXQJILHO +DWWH7DGORFNGHQ*DQJYHUODVVHQ" 3O|W]OLFKVWHOOWHQVLFKPHLQH1DFNHQKlUFKHQDXIUHFKW*UHLIEDUQDKH ZDUGLH*HIDKUXQGEOLW]VFKQHOOGUHKWHLFKPLFKKHUXP :LOOLDP7DGORFNKDWWHGHQ*DQJQLFKWYHUODVVHQVRQGHUQQXUGLH7U JHVFKORVVHQ(UVWDQGYRULKUXQGVFKDXWHPLFKDQ 'HU.|USHUJHK|UWH:LOOLDP7DGORFNGRFKGDV*HVLFKWGHP$WODQWHU *RUGRQ(VVH[ 'LH)DOOHZDU]XJHVFKQDSSW (LQLJH6HNXQGHQODQJZDULFKZLUNOLFKVSUDFKORVZHLOLFKGHQ6FKRFN HUVWHLQPDOYHUGDXHQPXWH7DGORFNVDKIXUFKWHUUHJHQGDXV6HLQ *HVLFKWKDWWHY|OOLJDQGHUH=JHDQJHQRPPHQHEHQGLHGHV*RUGRQ (VVH[8QGHUKDWWHDXFKQLFKWPHKUGLHQRUPDOH+DXWIDUEHVRQGHUQ ZDUNDONLJZHLJHZRUGHQ -DHLQHXQKHLPOLFKHNDONLJH%OlVVHEHU]RJGLH+DXWXQGOLHVLH DXVVHKHQZLHGLHHLQHVVFKOHFKWJHVFKPLQNWHQ&ORZQV%OXWXQWHUODXIHQ SUlVHQWLHUWHQVLFKGLH$XJHQGLH/LSSHQVWDFKHQEODYRQGHUZHLHQ +DXWDEGDV*HVLFKWZDUKDJHUHUJHZRUGHQXQGLQGHQ3XSLOOHQODVLFK HLQK|KQLVFKHV)XQNHUQ ª*RUGRQ(VVH[©VDJWHLFK ª*HQDX2EHULQVSHNWRU(VKDWODQJHJHGDXHUWELV6LHPLFKJHIXQGHQ KDEHQ© ª6LFKHUPDQFKPDODUEHLWHQGLH0KOHQYRQ6FRWODQG

ª'DELQLFKPLUQLFKWVLFKHU© *RUGRQ(VVH[GHU$WODQWHUOlFKHOWHª:DVZROOHQ6LHJHJHQPLFKDXV ULFKWHQ",FKEUDXFKH6LHGRFKQXU]XEHUKUHQXQGVFKRQ]HUIDOOHQ6LH ]X6WDXE© ª'D6LHGLHVH)lKLJNHLWEHKHUUVFKHQKDEHLFKDQGHPMXQJHQ 0lGFKHQJHVHKHQ©HUZLGHUWHLFKª:DUXPKDEHQ6LHHVJHW|WHW"(V KDWWHQLFKWVPLWGHU6DFKH]XWXQ© ª(VVWDQGPLUDEHULP:HJ$XHUGHPZROOWHLFK,KQHQ6LQFODLU PHLQH0DFKWGHPRQVWULHUHQ6LHZDUHQZLUNOLFKJXWDEHUELVKHUKDEHQ 6LHQXUPLW'lPRQHQJHNlPSIWPLWHLQIDFKHQ*HVFK|SIHQGLH]X DEKlQJLJZDUHQXPHLQHHLJHQH0DJLHHQWZLFNHOQ]XN|QQHQ6LHKDEHQ 6LHDXILUJHQGHLQH$UWXQG:HLVHLPPHUJHW|WHWGRFKEHLPLULVWHV DQGHUV,FKNHQQHGLH0DJLHGHU*URHQ$OWHQGLHGHU0lFKWLJHQGLH VFKRQZDUHQDOVGLH0HQVFKKHLWQRFKQLFKWZDU8QGGLHVHU0DJLHZLUVW DXFKGXQLFKWVHQWJHJHQ]XVHW]HQKDEHQ*HLVWHUMlJHU©(UOlFKHOWH ª'HLQ.UHX]EOHLEWEHLPLUHEHQIDOOVRKQH:LUNXQJ© 'DZDUZLHGHUGHU%HJULIIGHU*URHQ$OWHQJHIDOOHQ1LFKW]XP HUVWHQPDOWDXFKWHHUDXI8QGLFKPXHKUOLFKJHVWHKHQGDLFKPLFK LPPHUXQZRKOIKOHZHQQLFKGDYRQK|UH 'LH*URHQ$OWHQ :HUZDUHQVLH":DVKDWWHQVLHYRU":RKHUNDPHQVLH"$XVGHP$OO DXV7LHIHQGHU(UGHDOVVLHHQWVWDQG" $QWZRUWHQDXIGLHVH)UDJHQZXWHLFKQLFKW0LUZDUQXUVRYLHO EHNDQQWGDGLH*URHQ$OWHQHLQHXQJHKHXUH*UDXVDPNHLWDXV VWUDKOWHQXQGVRPLWGDV%|VHVFKOHFKWKLQZDUHQ=XP*OFNZDUHQVLH PLUELVKHUQRFKQLFKWEHJHJQHWXQGHKUOLFKJHVDJWLFKZDUDXFKEHU KDXSWQLFKWVFKDUIGDUDXI ª:RUEHUGHQNVWGXQDFK"©IUDJWHPLFKGHU$WODQWHU ªhEHUGHLQH3OlQH© ª'LHHUUlWVWGXQLFKW© ,FKKREGLH6FKXOWHUQª(VVHLGHQQGXYHUUlWVWVLHPLU© ª1HLQGDUDXIODVVHLFKPLFKQLFKWHLQ'DVLVW]XEHNDQQW6ROOWHHVGLU DXVLUJHQGHLQHP*UXQGHJHOLQJHQGRFKQRFKGDYRQ]XNRPPHQZHLW GX]XYLHO6RYLHOVHLJHVDJW,FKKDEHPlFKWLJH9HUEQGHWHGLHHEHQIDOOV EHUHLWVLQGGLFK]XW|WHQ6LHKDEHQQLFKWVYHUJHVVHQJDUQLFKWVXQGVLH VLQGVFKRQXQWHUZHJV%DOGZHUGHQVLHKLHUVHLQ© ª9RQZHPVSULFKVWGX"© ª,FKVDJHQLFKWVPHKU© 1HLQHUZUGHWDWVlFKOLFKQLFKWUHGHQGDVNRQQWHLFKDXIVHLQHPEOHL FKHQ*HVLFKWDEOHVHQ$XFKVHLQH+DDUHKDWWHQVLFKYHUlQGHUW6LHVDKHQ DXVDOVKlWWHMHPDQG0HKOVWDXEEHUVLHJHJRVVHQ

ª:DVKDVWGXPLW:LOOLDP7DGORFNJHPDFKW"©ZROOWHLFKZLVVHQ ª,FKKDEHVHLQH*HVWDOWDQJHQRPPHQGDVLVWDOOHV(UOHEWOlQJVWQLFKW PHKU(VJHK|UW]XXQVHUHQVSH]LHOOHQ)lKLJNHLWHQLQGLH+DXWHLQHV DQGHUHQVFKOSIHQ]XN|QQHQ'DVEULQJWVHKUYLHOH9RUWHLOHIUXQV© 9HUGDPPWZLHUHFKWHUKDWWH:HQQLFKPLUYRUVWHOOWHGDGLHVH 0DJLHUDXV$WODQWLVLQGHU/DJHZDUHQMHGH[EHOLHELJH*HVWDOWDQ]X QHKPHQUDQQPLUHLQ6FKDXHUEHUGHQ5FNHQ:HQQHV]DKOUHLFKH $WODQWHUXQWHUGHQ0HQVFKHQJDEGDQQZDUGLH:DKUVFKHLQOLFKNHLWDXI HLQHQ0DJLHU]XWUHIIHQ]LHPOLFKKRFK 8QGGDVPDFKWHPLU$QJVW (UVFKLHQPHLQH*HGDQNHQ]XHUUDWHQGHQQHUODFKWHª-DHVVLHKWE|VH DXV© ª'DQQELVWGXQLFKWDOOHLQDXIGHU:HOW"© ª1HLQHVJLEWQRFKDQGHUH0DJLHUXQG3URSKHWHQGLHVLFKGDPDOV NXU]YRUGHP8QWHUJDQJDEJHZDQGWKDEHQ'XZLUVWLKQHQDEHUQLFKW PHKUEHJHJQHQZHLOLFKGLFKW|WHQZHUGH'HQNHGDUDQ*HLVWHUMlJHU HLQH%HUKUXQJPHLQHUVHLWVXQGGX]HUIlOOVW]X6WDXE© -DGDUDQGDFKWHLFK$EHULFKZROOWHPLFKDXFKQLFKWNDPSIORV XPEULQJHQODVVHQ ,FK]RJPHLQH%HUHWWD (UOlFKHOWHª:DVVROOGDVGHQQ*HLVWHUMlJHU"'DPLWVFKUHFNVWGXPLFK QLFKW© 9LHOOHLFKWKDWWHHUUHFKW 7URW]GHPZROOWHLFKDXVSURELHUHQREHUDXIGLH6LOEHUNXJHOQLQ PHLQHU%HUHWWDUHDJLHUWH ,FKYLVLHUWHVHLQ*HVLFKWDQXQG]RJGHQ6WHFKHU]XUFN (LQHEODXH)ODPPHVFKRDXVGHU0QGXQJhEHUODXWKDOOWHGHU 6FKXW]LQGHPNDKOHQ*DQJZLGHUXQGLFKVDKZLHGDV*HVFKRLQGLH 6WLUQGHV0DQQHVIHJWHXQGGRUWHLQKDQGWHOOHUJURHV6WFNKHUDXVUL (VVH[VWRSSWH 8QGHUODFKWH -DHUODFKWHPLULQV*HVLFKWGHQQGLH:XQGHVFKORVLFKVRIRUW ZLHGHU ª,FKELQQLFKW]XW|WHQ©K|KQWHHUª1LFKWDXIGLHVH$UWXQG:HLVH *HLVWHUMlJHU© 'DKDWWHHUUHFKW,FKVWHFNWHGLH%HUHWWDZLHGHUZHJ'LHKDOIPLUMHW]W DXFKQLFKWPHKU +DUWSUHWHLFKGLH/LSSHQDXIHLQDQGHU 0HLQ*HJQHUNDPYRU 6FKULWWIU6FKULWWJLQJHUDXIPLFK]XXQGXPVHLQH/LSSHQVSLHOWHHLQ WHXIOLVFKJHPHLQHV/lFKHOQ

,FKZLFK]XUFNXQGKROWHGDEHLPHLQ.UHX]KHUYRU,FKZDUZLUNOLFK JHVSDQQWREHVEHLLKPQLFKWUHDJLHUWHGHQQGDV.UHX]ZDUPHLQH VWlUNVWH:DIIH )ODFKODJHVDXIPHLQHP+DQGWHOOHU,FKVDKGLH]DKOUHLFKHQ=HLFKHQ XQGGLHYLHU%XFKVWDEHQGHU(U]HQJHOGLHLQHLQHU6FKULIWLQGDV.UHX] HLQJHPHLHOWZDUHQGLHDXFKLFKOHVHQNRQQWH ª1HLQ-RKQ6LQFODLUVRQLFKW© ,FKVSUDQJYRU'DPLWKDWWH(VVH[ZRKOQLFKWJHUHFKQHWGHQQHUEOLHE VWHKHQ 'DQQVFKOHXGHUWHLFKGDV.UHX]JHJHQLKQZREHLLFKPLWGUHL)LQJHUQ GLH.HWWHIHVWKLHOW (VWUDI :XFKWLJSUDOOWHGDV.UX]LIL[LQGDV*HVLFKWGHV$WODQWHUV)UGHQ %UXFKWHLOHLQHU6HNXQGHVDKLFKGHQ6FKUHFNHQLQVHLQHQURWXPUlQ GHUWHQ$XJHQ:DUPHLQ.UHX]GRFKQLFKWVRXQJHIlKUOLFKIULKQ" (VUXWVFKWHEHUVHLQ*HVLFKWDEHUGLH:LUNXQJEOLHEJOHLFK1XOO 1LFKWVKDWWHLFKHUUHLFKW :DUXPGHQQGDV(UVFKUHFNHQ" (VVH[ZDUVRHXSKRULVFKGDHUHVPLUVRJDUVDJWHª-D*HLVWHUMlJHU GXKDVWHLQHJURH:DIIHLQGHU+DQGDEHUGXZHLWQLFKWGDPLWXP]X JHKHQGHQQPLWHLQHUHLQIDFKHQ%HUKUXQJLVWHVQLFKWJHWDQ'XPXW VFKRQGLH0DJLHJHQDXNHQQHQ'LHDOWHQ)RUPHOQGLH5LWHQGLH =DXEHUVSUFKH(UVWGDQQKlWWHVWGXPLFKW|WHQN|QQHQ1LFKWVR-RKQ 6LQFODLUGX9HUOLHUHU© $OWH6SUFKH0DJLH=DXEHUIRUPHOQ$EHUPDOVK|UWHLFKHLQH 1HXLJNHLWXQGPLUZXUGHEHZXWZLHZHQLJLFKZLUNOLFKZXWH$XFK EHUXQGXPGLH:LUNXQJGHV.UHX]HV+lWWHLFKGLHDOWHQ)RUPHOQ JHZXWVRZlUHGLH:LUNXQJVWlUNHUJHZHVHQ 9HUIOXFKWLFKIKOWHPLFKLQGLHVHQ0RPHQWHQKLOIORV:LHHLQ 7RGHVNDQGLGDWGHUVFKRQDXIGHP6FKDIRWWOLHJWXQGEHUGHVVHQ 1DFNHQGLH6FKQHLGHVFKLPPHUW ª.HLQH&KDQFH©VDJWHGHU$WODQWHUªNHLQH&KDQFH*HLVWHUMlJHU©8QG HUJLQJZHLWHU 'DVDOWH6SLHOEHJDQQYRQYRUQ ,FKZLFKZLHGHU]XUFN 'DQQVSUDQJHUYRU'DPLWKDWWHLFKQLFKWJHUHFKQHW(VVH[ZXFKWHWH VLFKGXUFKGLH/XIWVHLQ.|USHUVWUHFNWHVLFK*UHOOHV/DFKHQGUDQJDXV VHLQHU.HKOHXQGGLHJHNUPPWHQ+lQGH]LHOWHQJHQDXDXIPHLQ *HVLFKW

=ZHL3HUVRQHQZDUHQQHUY|V .DUDXQG0\[LQ 'LHEHLGHQZDUHQPLW]XU%DQNJHIDKUHQKDWWHQVLFKMHGRFKQLFKW JHWUDXWPLWKLQHLQ]XJHKHQ'LH6XFKHQDFKGLHVHP(VVH[VROOWHVR XQDXIIlOOLJZLHP|JOLFKEHUGLH%KQHJHKHQ )DOOV-RKQ6LQFODLU+LOIHEUDXFKWHGDQQZROOWHHUGHQEHLGHQHLQ =HLFKHQJHEHQ 'LHEHLGHQVDHQLP)RQGXQGIKOHQVLFKlXHUVWXQZRKOGHQQVLH ZlUHQJHUQGDEHLJHZHVHQ6LHPDFKWHQVLFK6RUJHQXP-RKQ6LQFODLU GHQQVLHKDWWHQLKQMDLQGHQJHZDOWLJHQ.RPSOH[$WODQWLVPLWKLQHLQJH ]RJHQ0\[LQXQG.DUDGLHVFKRQLQ$WODQWLVH[LVWLHUWHQZXWHQGD GHUYHUVXQNHQH.RQWLQHQWOlQJVWQLFKWDOOVHLQH*HKHLPQLVVHSUHLVJH JHEHQKDWWH9LHOHVZDUQLFKWHUIRUVFKWZRUGHQRGHULQ9HUJHVVHQKHLW JHUDWHQ(UVWLQGHUKHXWLJHQ=HLWGUDQJHLQLJHVGDYRQZLHGHUDQGLH 2EHUIOlFKH6RKDWWHQ0\[LQXQG.DUDIHVWJHVWHOOWGDHVDXHULKQHQ QRFK]DKOUHLFKH3HUVRQHQJDEGLHDXV$WODQWLVVWDPPWHQ8QGGDLQ GLHVHP.RQWLQHQWGLH0DJLHVHKUVWDUNYHUWUHWHQZDUODJHVDXIGHU +DQGGDDXFK0DJLHUGHQ8QWHUJDQJEHUOHEWKDWWHQXQGYHUVXFKWHQ DQGLHDOWHQ7UDGLWLRQHQDQ]XNQSIHQGHQQGDVKDWWH0\[LQQDFKVHLQHU (UZHFNXQJDXVGHP]HKQWDXVHQGMlKULJHQ6FKODIVFKOLHOLFKDXFK JHZROOW(UKDWWHVLFKQLFKWDXIGLH6HLWHGHV*XWHQVFKODJHQZROOHQ ,QLWLDWRUZDUHLJHQWOLFKGLH([LVWHQ]GHV6FKZDU]HQ7RGVJHZHVHQ 'LHVHU'lPRQXQG0\[LQKDWWHQVLFKEHUHLWVLQGHU9HUJDQJHQKHLW EHNlPSIWXQGVRNDPHVGD0\[LQGDV6LQFODLU7HDPXQWHUVWW]WH ZHLOHVHEHQIDOOVJHJHQGHQ6FKZDU]HQ7RGXQGGDQDFKJHJHQGHVVHQ 1DFKIROJHULQ$VPRGLQDNlPSIWH1XQNRQQWH0\[LQQLFKWPHKU ]XUFN (UZROOWHHVDXFKJDUQLFKWGHQQVHLW6LQFODLULKPJHKROIHQKDWWH VHLQHQ0XWXQGVHLQH.UlIWHZLHGHU]XILQGHQVWHOOWHHUVLFKYROODXI GLH6HLWHGHV*XWHQ 8QGHUKDWWH.DUDNHQQHQJHOHUQW'LHVHVZXQGHUEDUH0lGFKHQPLW GHPVFKZDU]HQ+DDUGLH6FK|QHDXVGHP7RWHQUHLFKGLHHEHQIDOOVYRQ HLQHP*HKHLPQLVXPJHEHQZDUXQGVLFKLPPHUQRFKDXIGHU6XFKH QDFKGHP7UDQNGHV9HUJHVVHQVEHIDQG 'LHVHU7UDQNZDUHLQ(UEHLKUHV9DWHUV'HOLRVJHZHVHQ(EHQVRZLH GDVVFKPDOH6FKZHUWPLWGHUJROGHQHQ.OLQJHGDVVLHGLHVPDOEHLVLFK WUXJ(VVWHFNWHLQHLQHUVFKPDOHQ6FKHLGHXQGZXUGHYRQGHUGUHL YLHUWHOODQJHQ-DFNHYHUGHFNWGLH.DUDXPLKUH6FKXOWHUQJHOHJWKDWWH +LQXQGZLHGHUZDUIHQGLHEHLGHQHLQHQ%OLFNDXVGHQ)HQVWHUQGRFK VLHVFKDXWHQQLFKWQDFKREHQZRMHPDQGDQGHU$XHQIDVVDGHHQWODQJ NOHWWHUWH'HU%OLFNZLQNHOZDU]XVFKOHFKW

ª(UOlWVLFK=HLW©VDJWH.DUD 0\[LQQLFNWHª6LFKHUZLUKlUWHQLKQQLFKWDOOHLQJHKHQODVVHQVROOHQ© ª*ODXEVWGXGDHWZDVSDVVLHUWLVW"© ª,FKUHFKQHGDPLW© ª$EHUGDQQKlWWHXQV-RKQ%HVFKHLGJHJHEHQ© ª9LHOOHLFKWXQGDXFKQXUZHQQHUGD]XQRFKLQGHU/DJHZDU© 'LHVH$QWZRUWPDFKWH.DUDVHKUQDFKGHQNOLFKª-DGDVNDQQQDWUOLFK VHLQ:DVVFKOlJVWGXYRU"© ª:LUZDUWHQQRFKHLQH9LHUWHOVWXQGH:HQQ-RKQGDQQQLFKWZLHGHU DXIWDXFKWJUHLIHQZLUHLQ© 'LHQlFKVWHQIQI]HKQ0LQXWHQYHUJLQJHQVFKZHLJHQG0\[LQXQG .DUDEHREDFKWHWHQGHQ3DUNSODW]DFKWHWHQDXIMHGHQGHULKQEHU TXHUWHGRFKHLQHQ)HLQGNRQQWHQVLHQLFKWLGHQWLIL]LHUHQ (VEOLHEUXKLJ ª'LH9LHUWHOVWXQGHLVWXP©HULQQHUWH.DUDGHQ0DJLHUª:LUVROOWHQ QDFKVHKHQ© 0\[LQZDUHLQYHUVWDQGHQ6LHVWLHJHQDXVXQGVFKDXWHDQGHU)DVVDGH KRFKª'DZXUGHHLQ)HQVWHUHLQJHVFKODJHQ©VDJWHVLHXQGGHXWHWHQDFK REHQ $XFK0\[LQVDKHV ª6HOWVDPRGHU]XPLQGHVWDXHUJHZ|KQOLFKIUHLQH%DQN©PHLQWHGLH 6FK|QHDXVGHP7RWHQUHLFK ª'XJODXEVWGDHVHWZDVPLWXQVHUHP)DOO]XWXQKDW"©HUNXQGLJWH VLFK0\[LQ ª:DKUVFKHLQOLFK© 'LHEHLGHQVSUWHQHLQXQJXWHV*HIKO:RKOZDULKQHQQLFKWLQLKUHU +DXW 6LHVFKULWWHQQHEHQHLQDQGHUDXIGHQ+LQWHUDXVJDQJGHU%DQN]X(LQ VHOWVDPHV3DDU0\[LQNOHLQXQGPLWHLQHUOHLFKWJUQOLFKVFKLPPHUQGHQ +DXW.DUDIDVWHLQHQ.RSIJU|HUDOVHUPLWODQJHQVFKZDU]HQ+DDUHQ LQGHQHQGHU:LQGVSLHOWH 'LH7U|IIQHWHVLFKDXWRPDWLVFKQDFKGHPVLHHLQHQ.RQWDNWXQWHU EURFKHQKDWWHQ (LQHJURH+DOOHQDKPVLHDXI.DUDXQG0\[LQPHUNWHQHWZDVYRQ GHU+HNWLNGLHKHUUVFKWH6LHK|UWHQGDV.ODSSHUQGHU6FKUHLE PDVFKLQHQGDVJHGlPSIWH5DWWHUQGHU.OHLQFRPSXWHU (LQHIUHPGH:HOW%HLGHIKOWHQVLFKHLQZHQLJXQVLFKHU 6LHGXUFKTXHUWHQGLH+DOOHXQGVFKDXWHQQDFKOLQNVDOVDXFKQDFK UHFKWV .HLQH6SXUYRQ-RKQ6LQFODLU'DIUZXUGHQVLHYRQHLQLJHQ $QJHVWHOOWHQEHREDFKWHW6HKUPLWUDXLVFK

.DOWHV/LFKWVWUDKOWHYRQGHU'HFNH.DUDXQG0\[LQHQWGHFNWHQHLQH 6LW]JUXSSHDXVVFKZDU]HP/HGHUXQGOLHHQVLFKGDUDXIQLHGHU'DV VFKLHQHLQ6WDUW]HLFKHQIUHLQHQGHU$QJHVWHOOWHQJHZHVHQ]XVHLQGHQQ HUWUDWDXIVLH]XXQGIUDJWHQDFKLKUHQ:QVFKHQ ª:LUVXFKHQ]ZHL0lQQHU©HUNOlUWH0\[LQ ª8QGZHQELWWH"© ª(LQHQ0U6LQFODLUXQG,KUHQ'LUHNWRU0U(VVH[© 'DV*HVLFKWGHV$QJHVWHOOWHQYHU]RJVLFK]XHLQHPEHGDXHUQGHQ /lFKHOQª0LWEHLGHQNDQQLFK,KQHQQLFKWGLHQHQ7XWPLUOHLG© ª$EHU0U6LQFODLUKDW,KUHP'LUHNWRUHLQHQ%HVXFKDEJHVWDWWHW© 0\[LQOLHQLFKWORFNHU ª'DVPDJVHLQ1XUVHKHLFKQLHPDOVZHQXQVHU&KHIHPSIlQJW© ª'DEHLKDQGHOWHVVLFKEHL0U6LQFODLUXPHLQHQ2EHULQVSHNWRUYRQ 6FRWODQG
'HU$QJHVWHOOWHQLFNWHKDVWLJ6LHJLQJHQ'LH$EVlW]HGHVMXQJHQ 0DQQHVKlPPHUWHQDXIGHQ)OLHVHQXQGULHIHQHLQ(FKRKHUYRU6LH OLHIHQGRUWKLQZRVLFKGLH]ZHLWH*ODVWUXQGGHU+DXSWHLQJDQJ EHIDQGHQ 'RUWJDEHVDXFKHLQHQ3RUWLHURGHU(PSIDQJVFKHI(UKRFNWHLQ VHLQHPNOHLQHQ5DXPVWDQGDEHUMHW]WYRUGHU7U ª)UDJHQ6LHLKQPDO©VDJWH0\[LQ 'HU$QJHVWHOOWHWDWHV 8QGHUEHNDPHLQHSRVLWLYH$QWZRUWª-DLFKKDEH0U(VVH[JHVHKHQ© ª:DUHUDOOHLQ"© ª$OOHUGLQJV© ª8QGHLQHQKRFKJHZDFKVHQHQEORQGHQ0DQQKDEHQ6LHQLFKWJH VHKHQ"©HUNXQGLJWHVLFK0\[LQ ª'RFKGHQDXFK© ª:R"© ª(UZDU]XVDPPHQPLWHLQHU6LFKHUKHLWVNUDIWXQGYHUVFKZDQGPLW LKPLP7UHVRU© ª'DVZDU2EHULQVSHNWRU6LQFODLU©VDJWH0\[LQ ª'DQQPVVHQZLUGRUWQDFKVHKHQ©.DUDKDWWHHVSO|W]OLFKHLOLJ6LH IDWH0\[LQDP$UP 'HU$QJHVWHOOWHJLQJPLWREZRKOHUODXWODPHQWLHUWHª$EHU6LH N|QQHQQLFKWHLQIDFK© ª'RFK©HUZLGHUWH.DUDªZLUN|QQHQ© 'HU$QJHVWHOOWHEOLHEVWHKHQXQGZDUIGHP3RUWLHUHLQHQKLOIHVXFKHQ GHQ%OLFN]X ª,FKJHEH0U-RKQVRQGHPVWHOOYHUWUHWHQGHQ'LUHNWRU%HVFKHLG© VDJWHGHU3RUWLHUXQGHLOWHLQVHLQH.DELQH .DUDXQG0\[LQZDUWHWHQ6LHKDWWHQHV]ZDUHLOLJZROOWHQMHGRFK QLFKWPHKU$XIVHKHQHUUHJHQDOVXQEHGLQJWQ|WLJZDU 0U-RKQVRQKDWWH]XP*OFN=HLW=ZHL0LQXWHQVSlWHUZDUHUGD .OHLQJODW]N|SILJXQGPLWHLQHPEXVFKLJHQ6FKQDX]EDUW(UVFKDXWH IUDJHQGLQGLH5XQGH 0\[LQEHUQDKPGLH(UNOlUXQJ ª6LQG6LHDXFKYRP
6LHHLOWHQGLH7UHSSHKLQDE /HHU (QWWlXVFKWEOLHEHQ.DUD0\[LQGHU%DQNDQJHVWHOOWHGHU3RUWLHUXQG -RKQVRQVWHKHQ ª1LFKWV©VDJWHGHUVWHOOYHUWUHWHQGH'LUHNWRUª.HLQH6SXUYRQ,KUHP 2EHULQVSHNWRUXQG'LUHNWRU(VVH[© ª8QGZDVLVWGDV"©IUDJWH0\[LQ(UGHXWHWHDXIHLQH7UGLHQLFKWLQ GHQ7UHVRUUDXPIKUWH ª+LQWHUGHU7UOLHJWGHU*DQJGHQXQVHUH/HXWHQHKPHQZHQQVLH HLQHQ*HOGWUDQVSRUWHUEHODGHQ© ª.|QQHQZLUGRUWKLQ"© -RKQVRQVFKDXWHGHQNOHLQHQ0DJLHUDQª,FKVHKHNHLQHQ*UXQG 0LVWHU=XGHPEHJLQQHLFK]XEHUOHJHQ6LHVWUPHQKLHULQGLH%DQN PDFKHQ/DQGXQG/HXWHYHUUFNWRKQHVLFKLUJHQGZLHYRU]XVWHOOHQ XQG6LHYHUODQJHQYRQXQVGD© ª6HLHQ6LHELWWHPDOUXKLJ©]LVFKWH.DUD -RKQVRQYHUVWXPPWH,Q]ZLVFKHQJLQJGLH6FK|QHDXVGHP7RWHQUHLFK QRFKHLQHQ6FKULWWYRUXQGOHJWHLKU2KUJHJHQGLH$XHQKDXWGHU7U 3O|W]OLFK]XFNWHVLH]XUFNDOVZlUHGDV0HWDOONRFKHQGKHL ª:DVLVWJHVFKHKHQ"©IOVWHUWH0\[LQ ª+LQWHUGHU7UEHILQGHWVLFK-RKQ8QGHVZHLVWDOOHVGDUDXIKLQGD HVLKPQLFKWJHUDGHJXWJHKW© ª6FKOLHHQ6LHDXI©ZLHV0\[LQGHQVWHOOYHUWUHWHQGHQ'LUHNWRUDQ 8QG.DUD]RJGDV6FKZHUWPLWGHUJROGHQHQ.OLQJH =XP*OFNZDUGHU*DQJEUHLWJHQXJ,QHLQHPVFKPDOHUHQKlWWHHU PLFKVLFKHUOLFKHUZLVFKW 6RDEHUJHODQJHVPLUDXV]XZHLFKHQ,FKSUDOOWHJHJHQGLH:DQG ZLUEHOWHVRIRUWZLHGHUKHUXPXQGHQWJLQJGHPQlFKVWHQ6FKODJ'LH +DQGNODWVFKWHJHJHQGHQ%HWRQZRGLHJHNUPPWHQ)LQJHUQDFKXQWHQ NUDW]WHQXQGGLH1lJHOEUDFKHQ ,FKKLHEGHP'LUHNWRUGLH+DQGNDQWHLQGHQ1DFNHQ(VZDUHLQ ZXFKWLJHU6FKODJGHUHLQHQQRUPDOHQ0HQVFKHQDXHU*HIHFKWJHVHW]W KlWWH$XFK(VVH[VSUWHLKQGHQQGHU$QSUDOOPHLQHU+DQGVFKOHX GHUWHLKQ]X%RGHQZRHUVLFKVRIRUWKHUXPUROOWHXQGDXIGLH%HLQH NRPPHQZROOWH $XIKDOEHU+|KHWUDILKQPHLQ7ULWW :LHGHUZXUGHGHU0DQQPLWGHPZHLHQ*HVLFKW]XUFNJHVFKOHXGHUW XQGEHUVFKOXJVLFKVRJDU $EHUHUODFKWH

(UODFKWHJUHOOKlPLVFKXQGYROOHU)UHXGH ª6RNULHJVWGXPLFKQLH*HLVWHUMlJHU©NHXFKWHHUXQGNDPZLHGHUDXI GLH%HLQH (UVFKOXJQDFKPLU 8QGGLHVPDOKDWWHLFKZLUNOLFK*OFNGDHUPLFKQLFKWWUDI,FKNDP QLFKWVRVFKQHOOZHJ]XP*OFNMHGRFKZDUVHLQ$UP]XNXU]'LH )LQJHUNQDOOWHQGLFKWYRUPHLQHQ6FKXKVSLW]HQ]X%RGHQ ,FKWUDWLKPDXIGLH+DQGXQGGUHKWHPHLQHQ$EVDW]QRFK(UHP SIDQGNHLQHQ6FKPHU]GDQQPXWHLFKVFKQHOO]XUFNZHLOHUPLWGHU DQGHUHQ)DXVWVFKOXJ 9HUGDPPWGDKDWWHLFK.UHX]XQG3LVWROHXQGNRQQWHGRFKQLFKWV JHJHQGLHXUDOWHQ0DJLHUDQULFKWHQ:HQQLFKQXUGLH%DQQVSUFKH JHZXWKlWWHGDPLWGDV.UHX]VHLQHQYROOHQ:LUNXQJVJUDGKlWWHHQW IDOWHQN|QQHQ6RDEHUZDUHVZLUNXQJVORV *HGXFNWVWDQGGHUDQGHUHYRUPLU6HLQH$UPHSHQGHOWHQMHW]W'DV ZHLJUDXH*HVLFKWHULQQHUWHPLFKPHKUDQGDVHLQHU0XPLH'LHODQJHQ )LQJHUEHZHJWHQVLFK ª,FKNULHJHGLFK6LQFODLU9HUGDPPWLFKNULHJHGLFK© ª.RPPKHU© (UNDP%UHLWEHLQLJVFKOHLFKHQG ,FKKLHOWGDV.UHX]LQGHUUHFKWHQ+DQGOLHLKQQDKHJHQXJKHUDQ NRPPHQDEHUQLFKW]XQDKH'DQQVFKOXJLFK]X *OHLFK]HLWLJULHILFKHLQHQ%DQQVSUXFKª*|WWHUGHV/LFKWV=HUVW|UHW GLHVHQ*HLVWGHV:DKQVLQQV-DJWLKQLQGLHILQVWHUVWH+|OOHZR+HXOHQ XQG=lKQHNQLUVFKHQKHUUVFKW© 1HLQHVWDWVLFKQLFKWV=ZDUKLHELFKGDV.UHX]LQVHLQ*HVLFKWXQG ]HUVW|UWHHLQH+DXWSDUWLHPHKUJHVFKDKDEHUQLFKW'HU%DQQVSUXFK ]HLJWHNHLQH:LUNXQJ 'DIUNDP(VVH[ 'LHVPDOZROOWHHUHV]XHLQHP(QGHIKUHQ(UZDUVFKQHOOXQG EUDXFKWHPLFKMDQXUHLQPDO]XEHUKUHQGDQQZDUHVDXV ,FKVSUDQJ]XU6HLWH 'RFKGDJHVFKDKHWZDVDQGHUHV,FKK|UWHGDVVDXJHQGH*HUlXVFKGDV HQWVWDQGZHQQHLQH7UDXIJHGUFNWZLUG 8QGVLH|IIQHWHVLFK $XFK(VVH[VDKHV :LHDXFKLFKHQWGHFNWHHUHEHQIDOOVGLH0HQVFKHQGLHYRUGHU7U VWDQGHQLQGHQ5DXPVFKDXWHQXQGY|OOLJSHUSOH[ZDUHQZDVPDQDQ LKUHQ*HVLFKWHUQDEOHVHQNRQQWH $EHUDXFKLFKZDUEHUUDVFKWGHQQ]ZHL3HUVRQHQNDQQWHLFK .DUDXQG0\[LQ

8QG.DUDZDUHVGLHGLH,QLWLDWLYHHUJULII 6LHMDJWHLQGHQ*DQJKLQHLQXQGVFKZDQJLKU6FKZHUWPLWGHUJROGH QHQ.OLQJH 'HUGlPRQLVFKH%DQNGLUHNWRUKDWWHPLFKYHUJHVVHQ(UVDKQXUQRFK .DUD:LUDQGHUHQZDUHQ]XUHLQHQ6WDWLVWHQGHJUDGLHUW 'DVIROJHQGHJLQJQXUGLHEHLGHQHWZDVDQ8QGZLUPHUNWHQGD HLQHXUDOWH)HLQGVFKDIW]ZLVFKHQ.DUDXQG*RUGRQ(VVH[EHVWDQG(LQH )HLQGVFKDIWGLHHVEHUHLWVLPDOWHQ$WODQWLVJHJHEHQKDWWHXQGGLHQXQ HUQHXWDXIIODPPWH ª-HW]WKDEHLFKGLFK(VVH[2GHUVROOLFKOLHEHU6DUDQDVDJHQ"©K|KQWH .DUD ª'DVLVWPLUJOHLFK© ª6DUDQDODXWHWHGRFKGHLQULFKWLJHU1DPHLPDOWHQ$WODQWLVZHQQLFK PLFKUHFKWHULQQHUH© ª'XOLHJVWULFKWLJ© ª8QGLFKZHUGHGLUDXFK*UHYRQPHLQHP9DWHUDXVULFKWHQ 6DUDQD© ª'HULVWWRW© ª1DWUOLFKGDQQZHUGHQHVHEHQ7RGHVJUH'DUDXIKDEHLFKPLFK VFKRQODQJHJHIUHXW© ,FKZDU]XUFNJHZLFKHQGDPLWVLFKGLHEHLGHQ*HJQHULQV$XJH VFKDXHQNRQQWHQXQGEHLGHPXQYHUPHLGOLFKHQ.DPSI3ODW]JHQXJ KDWWHQ'HQQHLQVODJDXIGHU+DQG1LHPDQGZUGHDXIJHEHQVRQGHUQ ELV]XPOHW]WHQ%OXWVWURSIHQNlPSIHQ'DVDOOHLQJHERWHQGLHDOWHQ *HVHW]HGHU$WODQWHUGHQQZHUGRUWPLWHLQDQGHUYHUIHLQGHWZDUPXWH VRODQJHNlPSIHQELVHLQHUGHQDQGHUHQHUOHGLJWKDWWH 8QG.DUDEHVDGDV6FKZHUWPLWGHUJROGHQHQ.OLQJH9LHOOHLFKW ZUGHGLHVH:DIIHGDVVFKDIIHQZDVPHLQ.UHX]QLFKWHUUHLFKWKDWWH $EHUZHOFKH:DIIHEHVD(VVH[" .HLQH%LVDXIVHLQH+lQGH .DUDKDWWHLKU6FKZHUWJH]RJHQ$XIGHUJROGHQHQ.OLQJHWDQ]WHQGLH /LFKWUHIOH[H'DV6FKZHUWIXQNHOWHXQGJOHLWH(VZDUOlQJVWQLFKWVR VFKZHUZLHGDVYRQ'HVWHURGDVVLFKLQ]ZLVFKHQLQPHLQHP%HVLW]EH IDQGDEHUHVKDWWHHLQHODQJH7UDGLWLRQXQGZDUHEHQIDOOVPDJLVFK JHZHLKWZRUGHQ $WODQWLV0DJLH 6LHZUGHJHJHQGLH%|VHQDXVGHPYHUVXQNHQHQ.RQWLQHQWKHOIHQ (VVH[ZLFK]XUFN0LUVFKLHQHVDOVZlUHVHLQ*HVLFKWQRFKIDKOHU JHZRUGHQ ª:LOOVWGXHLQHQ:DIIHQORVHQW|WHQ"©K|KQWHHU .DUDVFKWWHOWHGHQ.RSIª'XYHUVXFKVWHVLPPHUZLHGHU6DUDQD'X

ELVWQLFKWZDIIHQORV'XZHLWVHOEVWZHOFKH0DFKWLQGHLQHQ+lQGHQ VWHFNW:HQGXEHUKUVWGHUZLUG]X6WDXE$EHULFKZHUGHPLFKKWHQ ]XQDKHDQGLFKKHUDQ]XNRPPHQ© 6DUDQD(VVH[ODFKWHQXU6HLQH$XJHQIXQNHOWHQ(UEHREDFKWHWH.DUD JHQDXGLHLKQHEHQIDOOVQLFKWDXVGHQ$XJHQOLHGDV6FKZHUWKDOE HUKREHQKDWWHXQGLQNDPSIEHUHLWHU+DOWXQJGDVWDQG 1DWUOLFKZXWHDXFK*RUGRQ(VVH[DOLDV6DUDQDGDHUVLFKYRU HLQHU(QWVFKHLGXQJQLFKWPHKUGUFNHQNRQQWH$OOHUGLQJVVFKLHQLKP GHU.DPSIQLFKW]XEHKDJHQGHQQZLHGHUYHUVXFKWHHUHVPLW$XV IOFKWHQXQGYRUDOOHQ'LQJHQPLW/RFNXQJHQGLH.DUDDXIVHLQH6HLWH ]LHKHQVROOWHQ ª+|U]X©VDJWHHUª:LUVWDPPHQDXV$WODQWLVKDEHQGLHJURH .DWDVWURSKHEHUOHEW:DUXPVROOHQZLUXQVJHJHQVHLWLJEHNlPSIHQ" :LUN|QQHQXQVUHVSHNWLHUHQXQG]XVDPPHQVFKOLHHQ© ª'XVWHKVWDXIGHUDQGHUHQ6HLWH©VDJWH.DUD ª(VZLUGGLHVWlUNHUHVHLQ© ª'DYRQELQLFKQRFKQLFKWEHU]HXJW© ª.RPP]XPLU8QGGHQNHDQGHQ7UDQNGHV9HUJHVVHQV© .DUD]|JHUWHHLQH6HNXQGH'DKDWWHLKU*HJQHUHLQHQVFKZDFKHQ 3XQNWEHUKUW(UZXWHGDGLH6FK|QHDXVGHP7RWHQUHLFKDXIGHU 6XFKHQDFKGHP7UDQNGHV9HUJHVVHQVZDU'DVVFKLHQVLFKLUJHQGZLH KHUXPJHVSURFKHQ]XKDEHQVRQVWKlWWH(VVH[GLHVHQ%HJULIIQLFKWLQGLH 'LVNXVVLRQJHZRUIHQ ª:DVZHLWGXEHUGHQ7UDQN"©]LVFKWH.DUD ª1LFKWYLHO© .DUDJLQJHLQHQ6FKULWWQDFKYRUQXQGVWUHFNWHLKUHQZDIIHQEHZHKUWHQ $UPDXVVRGDGLH.OLQJHIDVWGHQ+DOVGHV$WODQWHUVEHUKUWHª5HGH 6DUDQD:DVZHLWGXDOOHVEHUGHQ7UDQN"© ª1LFKWYLHO,FKNHQQHLKQQLFKWLFKKDEHLKQQLHJHVHKHQ© ª$EHUGXZHLWZRHUVLFKEHILQGHW© 'DV*HVLFKWPLWGHUEOHLFKHQ+DXWXQGGHQURWJHlGHUWHQ$XJHQYHU ]RJVLFK]XHLQHPK|KQLVFKHQ/lFKHOQª9LHOOHLFKWZHLLFKHV© ª(UEOXIIW©VDJWHLFKª9HUGDPPW.DUDHUEOXIIW6LHYHUVXFKHQHVDOOH 'HQNDQ.K\ORQGHQ'UXLGHQ© ª-D-RKQ,FKJODXEHGXKDVWUHFKW(UYHUVXFKWZLUNOLFKPLFKPLW HLQHP%OXIIKHUHLQ]XOHJHQ© ª1HLQQHLQGDVLVWNHLQHU© ª'DQQEHZHLVHHV©VFKULH.DUD ª1LFKWVRHLOLJXQGYRUDOOHQ'LQJHQQLFKWKLHU$XHUGHPPWHLFK HUVWPHLQH)UHXQGHLQIRUPLHUHQ© .DUDODFKWHDXIª'HLQH)UHXQGHGDVVLQGGLH$XVUHGHQGHUHUVLFK

DXFKGLH0HQVFKHQEHGLHQHQ'XKDVWNHLQH)UHXQGHPHKU6DUDQD'HU 6FKZDU]H7RGH[LVWLHUWLQGLHVHU=HLWQLFKWPHKU-RKQ6LQGDLUGHU *HLVWHUMlJHUKDWLKQYHUQLFKWHW(VLVWDXV1LHPDQGZLOOGLUQRFKKHOIHQ 6DUDQD1LHPDQG© (VVH[UHGHWHVLFKLQ:XWª'RFKLFKKDEH+HOIHU©NQLUVFKWHHUª,FK KDEHVRJDUVWDUNHXQGLKUZHUGHWQLFKWQXUGHUHQ0DFKW]XVSUHQ EHNRPPHQVRQGHUQDXFKGHUHQ:LUNXQJ0DQZLUGHXFKXPEULQJHQ 'X.DUDKDVWQRFKHLQH&KDQFH6WHOOGLFKDXIXQVHUH6HLWHPHKUVDJH LFKQLFKWGD]X© ª(UVWPXLFKZLVVHQZHUGLUKHOIHQZLUG©YHUODQJWHGLH6FK|QHDXV GHP7RWHQUHLFK ª-DGXVROOVWHVZLVVHQ'DEHLEUDXFKHLFKQXUHLQ:RUW]XVDJHQ8QG K|UJHQDX]X,FKVDJH$(%$© .DUDV*HVLFKWQDKPHLQHQODXHUQGHQ$XVGUXFNDQ6LHEHUOHJWH ILHEHUKDIW ,FKDEHUVFKUDN]XVDPPHQ $(%$(VVH[KDWWHGLH1DPHQGHUYLHU+RUURU5HLWHUHUZlKQW 8QJHKHXHUEUXWDOH'lPRQHQGLHQHUGLHPLUVFKRQGDV/HEHQVFKZHUJH PDFKWKDWWHQ:HU$(%$VDJWHGHUPHLQWH&KDRV*UDXHQ(QWVHW]HQ )XUFKW'LH5HLWHUGHU$SRNDO\SVHGLHYRQGHQYLHU(U]GlPRQHQ JHVFKLFNWZDUHQXPGHP6FKZDU]HQ7RG]XKHOIHQ $(%$ZDUGDV*UDXHQVFKOHFKWKLQ $EHUZDUHQVLHQLFKWYHUQLFKWHW"+DWWHVLHQLFKWPHLQ.UHX]HQGJOWLJ ]HUVW|UW" $OV.DUDNHLQH$QWZRUWJDEEHUQDKPLFKGDVDQLKUHU6WHOOHª$(%$ H[LVWLHUWQLFKWPHKU(VVH[,FKKDEHGLHYLHU5HLWHUGDPDOVYHUQLFKWHWDOV DXFKGHU6FKZDU]H7RGVWDUE© ª1HLQGXLUUVWGLFK*HLVWHUMlJHU0DQNDQQVLHQLFKWYHUQLFKWHQ :HQLJVWHQVGXQLFKW6LHVLQGQXULQHLQHDQGHUH'LPHQVLRQJHVFKOHX GHUWZRUGHQ'RUWZXUGHQVLHYRQGHQYLHU(U]GlPRQHQLQ(PSIDQJ JHQRPPHQ,FKJHEH]XGDHVODQJHJHGDXHUWKDWDEHUQXQVLQGVLH EHUHLWLKUH5DFKH]XYROOHQGHQ6LHXQGGHU0DQQGHULKQHQGHQ:HJ HEQHQZLUG'RQ$OYDUH]© $EHUPDOVYHUQDKPLFKHLQHQEHNDQQWHQ1DPHQ'RQ$OYDUH]-DLFK HULQQHUWHPLFKJXW9RUPHLQHPJHLVWLJHQ$XJHVDKLFKGLHHLVEHGHFNWH *LSIHONHWWHGHU3\UHQlHQXQGDXIHLQHPKRKHQ%HUJVWDQGHLQJHZDO WLJHV.ORVWHUGHVVHQ0DXHUQXUDOWZDUHQXQGKLQWHUGHQHQ'RQ$OYDUH] GHU7HXIHOVP|QFKHLQJUDXVDPHV5HJLPHDXIJHEDXWKDWWH (UKDWWHGDV7RU]XHLQHUDQGHUHQ'LPHQVLRQJHIXQGHQXQGGLH +RUURU5HLWHUJHKROW6XNRXQGLFKKDWWHQJHJHQGHQWHXIOLVFKHQ0|QFK JHNlPSIW,FKZDUGDPDOVVRHEHQPLWGHP/HEHQGDYRQJHNRPPHQ

$OYDUH]DEHUZXUGHQLFKWJHW|WHWVRQGHUQLQHLQH$QVWDOWHLQJHOLHIHUW VRYLHOPLUEHNDQQWZDU(VEHVWDQGGXUFKDXVGLH0|JOLFKNHLWGDHUPLW +LOIHILQVWHUHU0lFKWHGHQ:HJLQGLH)UHLKHLWJHIXQGHQKDWWH 8QGPLWLKP$(%$ (VVH[DOLDV6DUDQDIUHXWHVLFK(UPHUNWHXQVDQGDZLUOHLFKW JHVFKRFNWZDUHQ ª+DWHVHXFKGLH6SUDFKHYHUVFKODJHQ-RKQ6LQFODLU",KUVHKWVR PlFKWLJVHLGLKUJDUQLFKW$(%$LVWJU|HULVWPlFKWLJHUXQGZDUWHW EHUHLWVDXIVHLQH)HLQGH© ª8QGGLH5HLWHUZLVVHQEHUGHQ7UDQNGHV9HUJHVVHQV%HVFKHLG"© HUNXQGLJWHVLFK.DUD ª9LHOOHLFKW© ª'DVLVWNHLQH$QWZRUW(QWZHGHUZLVVHQVLHHVRGHUVLHZLVVHQHV QLFKW© ª'XPXWVLHIUDJHQ,FKLQWHUHVVLHUHPLFKQLFKWIUGHQ7UDQN'DVLVW GHLQH6DFKH© .DUDEHUOHJWH 0\[LQXQGLFKZXWHQZLHVHKULKUGDUDQJHOHJHQZDUGHQ7UDQNGHV 9HUJHVVHQV]XILQGHQ6LHZUGHYLHOGDIUJHEHQDEHUZUGHVLHDXFK XQVHUH*HPHLQVFKDIWGDPLWDXIV6SLHOVHW]HQ" .DUDOLHGDV6FKZHUWHLQZHQLJVLQNHQXQGIRFKWHLQHQLQQHUOLFKHQ .DPSIDXV 0HLQ%OLFNJOLWWDQLKUHU6FKXOWHUYRUEHLXQGWUDI0\[LQ'HUNOHLQH 0DJLHUWUXJHLQHQJHTXlOWHQ*HVLFKWVDXVGUXFN$XFKHUZDUQLFKW VLFKHUZLH.DUDUHDJLHUHQZUGH %OLHEVLHDXIXQVHUHU6HLWH" 0\[LQKLHOWHVQLFKWPHKUDXV(UKDWWHVLFKLQGHUOHW]WHQ=HLW]XVHKU DQGLH6FK|QHDXVGHP7RWHQUHLFKJHZ|KQW6LHZDUHQGHQ:HJJHPHLQ VDPJHJDQJHQKDWWHQJHJHQ]DKOUHLFKH)HLQGHJHNlPSIWXQGSO|W]OLFK VROOWHDOOHVDQGHUVVHLQ" ª.DUD©VDJWHHUQXU 'LH6FK|QHDXVGHP7RWHQUHLFKDFKWHWHQLFKWDXIVHLQH:RUWHVRQGHUQ VWHOOWHHLQHHQWVFKHLGHQGH)UDJHª*HVHW]WGHQ)DOOLFKVWHOOHPLFKDXI GHLQH6HLWH6DUDQDZLHJHKWHVGDQQZHLWHU"© ª1XQLFKEUDXFKWHHLQHQ%HZHLVGDGXZLUNOLFK]XPLUKlOWVW© ª8QGZLHVROOWHGHUDXVVHKHQ"© (VVH[OLHVLFKPLWVHLQHU$QWZRUW=HLW(UGUHKWHGHQ.RSIVFKDXWH PLFKDQXQGGDQDFK0\[LQª1XQGHU%HZHLVZUGHGLUVLFKHUOLFKQLFKW OHLFKWIDOOHQ'XPWHVW0\[LQXQG-RKQ6LQFODLUW|WHQ6FKODJLKQHQGLH 6FKlGHODE© -HW]WZDUHVKHUDXV

0\[LQ]XFNWH]XVDPPHQLFKDWPHWHVFKDUIHLQQXU.DUDEOLHEJH ODVVHQ6LHQLFNWH ª'XELVWHLQYHUVWDQGHQ"© ª8QGZDVZLUGPLWGHQDQGHUHQ=HXJHQGLHXQVKLHU]XVHKHQ"© ZROOWHVLHZLVVHQ $QGLHKDWWHLFKJDUQLFKWPHKUJHGDFKW'LH$QJHVWHOOWHQGHU%DQN VWDQGHQKLQWHU0\[LQXQGEHREDFKWHWHQGDV*HVFKHKHQ,KUHQ *HVLFKWHUQMHGRFKZDUDQ]XVHKHQGDVLHQLFKWYLHORGHUJDUQLFKWVYRQ GHPYHUVWDQGHQ ª8PGLHNPPHUHLFKPLFK©HUZLGHUWHGHU$WODQWHUXQGODFKWHE|VH ª,FKZHUGHVLHQXUEHUKUHQXQGHVKDWVLHJHJHEHQ© ª-DGDVLVWHLQH0|JOLFKNHLW©EHWRQWH.DUD ,FKVDKZLH0\[LQXQWHUVHLQHUOHLFKWJUQOLFKVFKLPPHUQGHQ+DXW EODZXUGH$XFKHUEHJULIIQLFKW]XJURZDUVHLQH)XUFKWGLH$QJVW YRUGHP8QEHNDQQWHQ .DQQWHHU.DUDZLUNOLFKJXWJHQXJ":UGHGLH6FK|QHDXVGHP 7RWHQUHLFKDXIGLHVHQVFKUHFNOLFKHQ9RUVFKODJHLQJHKHQ" ªhEHUOHJHQLFKW]XODQJH©IRUGHUWH*RUGRQ(VVH[VLHDXIª'LH=HLW GUlQJW'LH5HLWHUZDUWHQVFKRQ© ª:RNDQQLFKVLHILQGHQ"© ª:LHLFKVFKRQHUZlKQWKDEHEHILQGHWVLFK'RQ$OYDUH]ZLHGHUEHL LKQHQXQGHUKDWDXFKHLQHQ3ODW]IUVLHDXVJHVXFKW,QHLQHP.ORVWHU LQ6FKRWWODQG© ,FKKRUFKWHHQWVHW]W]X 3O|W]OLFKKDWWHLFKHLQHQVFKUHFNOLFKHQ9HUGDFKWXQGGLHQlFKVWHQ :RUWHGHV$WODQWHUVEHVWlWLJWHQLKQ ª'HQ1DPHQ©IRUGHUWH.DUD ª'DVLVWDEHUGDVOHW]WHZDVLFKGLUVDJH© ª*XW© ª,P.ORVWHU6W3DWULFN© 'DKDWWHLFKGHQ%HZHLV'HUWHXIOLVFKH$EWZROOWHLQGDV.ORVWHUHLQ GULQJHQZR3DWHU,JQDWLXVDUEHLWHWHXQGPHLQHJHZHLKWHQ.XJHOQKHU VWHOOWH 'LHVHV.ORVWHUKRFKLQGHQZLOGHQ%HUJHQ6FKRWWODQGVJHOHJHQZDU HLQ+RUWGHV)ULHGHQV'RQ$OYDUH]XQGGLH+RUURU5HLWHUZROOWHQHVLQ HLQH+|OOHYHUZDQGHOQ ,FKPXWHVLHZDUQHQLFKPXWH ª%ULQJPLUGHQ%HZHLV©'LHVFKDUIH6WLPPHGHV$WODQWHUVXQWHUEUDFK PHLQH*HGDQNHQ ª-DLFKEULQJHLKQ:HQVROOLFK]XHUVWW|WHQ"©IUDJWH.DUDPLWIODFKHU 6WLPPH

-HW]WIKOWHVLFKGHUDQGHUHLQVHLQHP(OHPHQWª,FKEHUOHJHZHUGLU DPPHLVWHQEHGHXWHW0\[LQ6LQFODLU"©(UVFKOLFKYRUVFKDXWHPLFKDQ GDQQGHQ0DJLHU 3O|W]OLFKVFKQHOOWHVHLQUHFKWHU$UPYRUXQGGHUDXVJHVWUHFNWH)LQJHU ZLHVDXIHLQH*HVWDOW ª7|WHLKQ©VDJWHHU 'DPLWZDU0\[LQJHPHLQW 'HUNOHLQH0DJLHUVDJWHQLFKWV(UVFKDXWH.DUDQXUDQ6HLQ%OLFN]HU OHJWHI|UPOLFKGDV*HVLFKWGHUJHKHLPQLVYROOHQ)UDXGRFK.DUDEOLHE JHODVVHQ6LH]HLJWHQLFKWZLHVLHVLFKHQWVFKLHGHQKDWWH1LFKWHLQ 0XVNHO]XFNWH ,FKZDUHQWVHW]WGHQQDOOHVZLHVGDUDXIKLQGD.DUDHVWXQZUGH 6LHZDU]XVHKUGDUDXIYHUVHVVHQGHQ7UDQN]XEHNRPPHQ+DWWHQZLU XQVGHQQDOOHLQLKUJHWlXVFKW":DUVLHJDUQLFKWGLHGLHVLHYRUJDE" 6SLHOWHVLHLKUHLJHQHV6SLHOXQGKDWWHXQVOHW]WHQ(QGHVQXUDXVJHQXW]W XQGIULKUH=ZHFNHHLQJHVSDQQW" $XIMHGHQ)DOOPDFKWHVLHNHLQHUOHL$QVWDOWHQYRQLKUHPVFKOLPPHQ 9RUKDEHQ$EVWDQG]XQHKPHQ 'DV6FKZHUWKLHOWVLHEHUHLWVLQGHU+DQG6LHEUDXFKWHQXUQRFK]X ]XVFKODJHQ ,FKKDWWHPLFKLQQHUOLFKGDPLWDEJHIXQGHQJHJHQ.DUD]XNlPSIHQ 'LHVH7DWNRQQWHLFKQLFKW]XODVVHQ.DUDGXUIWH0\[LQQLFKWXPEULQJHQ 1DWUOLFKPHUNWH(VVH[HWZDV(UNUHLVFKWHDXIª'HU*HLVWHUMlJHUZLOO VLFKJHJHQXQVVWHOOHQDEHULFKNPPHUHPLFKXPLKQ(UVFKDIIWHV QLFKWQHLQGLHVPDOZLUGHUGHU9HUOLHUHUVHLQ'LH+|OOHZLUGWULXP SKLHUHQ© (UO|VWHVLFKYRQVHLQHP6WDQGRUWXQGZROOWHDXIPLFK]XJHKHQ'RFK .DUDVVFKDUIHU=XUXIVWRSSWHLKQ ª1HLQEOHLEKLHU'XVROOVWVHKHQZLHLFKVLHW|WH© (UKLHOWWDWVlFKOLFKLQQH 8QG0\[LQ" :LHYHUORUHQVWDQGGHUNOHLQH0DJLHUDXIGHU6WHOOH)ULKQZDUHLQH :HOW]XVDPPHQJHEURFKHQ(UKDWWH.DUDYROOYHUWUDXW*HPHLQVDPKDW WHQVLHJHJHQGLH0lFKWHGHU)LQVWHUQLVXQGYRUDOOHQ'LQJHQJHJHQ $VPRGLQDJHNlPSIW 8QGMHW]WKDWWHVLHVLFKDXIGLHDQGHUH6HLWHJHVWHOOW 8QJODXEOLFKXQGJUDXHQKDIW .DUDKREGHQUHFKWHQ$UP (VVH[OlFKHOWHGLDEROLVFKXQGVRQQWHVLFKLQVHLQHPILQVWHUHQ7ULXPSK

'LH$QJHVWHOOWHQGHU%DQNVWDQGHQVWDUUDXILKUHQ3OlW]HQ 6LHVFKLHQHQJDUQLFKWULFKWLJ]XEHJUHLIHQZHOFKHLQ'UDPDVLFKGD DQEDKQWH ,FKXPNODPPHUWHGDV.UHX]:UGHHVPLUKHOIHQ" 'DVFKOXJ.DUD]X 0HLQH+DQGNODWVFKWHDXIGHQ*ULIIGHU%HUHWWD (VJLQJDOOHVVRVFKQHOOGDPDQHVNDXPEHVFKUHLEHQNDQQ$XIMHGHQ )DOOKDWWHLFKQLFKWUDVFKJHQXJUHDJLHUW ,FKZlUH]XVSlWJHNRPPHQZHQQ.DUDGDVJHWDQKlWWHZDV(VVH[ JHZROOWKDWWH $EHUVLHOHJWHLKQUHLQ 8QGQLFKWQXULKQVRQGHUQDXFKXQV .DUDYROOIKUWHHLQHJHGDQNHQVFKQHOOH'UHKXQJ'LHVFKPDOH 6FKQHLGHGHV6FKZHUWVZLVFKWHGXUFKGLH/XIWGLH.OLQJHZDUIEOLW ]HQGH5HIOH[HXQGGDQQ]LWWHUWHHLQJHOOHQGHU6FKUHLGXUFKGHQ*DQJ ,FKGDFKWHDQ0\[LQGRFKGHUVWDQGDXIVHLQHP3ODW] (VVH[KDWWHLKQDXVJHVWRHQ 'HQQHVZDUVHLQ.RSIGHUPLWHLQHPJODWWHQ6FKODJYRP5XPSI JHWUHQQWZRUGHQZDU 6HNXQGHQODQJVFKZHEWHHUQRFKLQGHU/XIWDOVZROOWHHUQLFKWQDFK XQWHQIDOOHQ 'DQQNLSSWHHUGRFK 'XPSIVFKOXJHU]X%RGHQ (QWVHW]WHV6FKZHLJHQ 'DV%LOGZDUVFKDXULJ (LQ7RUVRGHUZDQNHQGGDVWDQGXQGDXVGHVVHQ+DOV|IIQXQJNHLQ 7URSIHQ%OXWVFKR (LQ.RSIGHUDP%RGHQODJXQG/LSSHQGLHVLFKEHZHJWHQXQG:RUWH DXVVWLHHQJHQDXLQGHP0RPHQWDOVGHU7RUVRNLSSWH (VZDUHLQHPDNDEUHJUDXHQKDIWH6]HQH8QYRUVWHOOEDUREZRKOVLH VLFKYRUXQVHUHQ$XJHQDEVSLHOWH 'HU.RSIUHGHWH -HGHV:RUWGUDQJDEJHKDFNWEHUGLH/LSSHQª,KUZHUGHWHXFK ZXQGHUQ$OOHZHUGHWLKUHXFKZXQGHUQ'DV*UDXHQVFKOlJW]X $(%$LVWXQWHUZHJV1LFKWVNDQQVLHPHKUDXIKDOWHQ© 0HKUVDJWHGHU6FKlGHOQLFKW'RFKGLH6lW]HKDWWHQDXVJHUHLFKWXP XQVGHQ6FKUHFNHQEHUHLWVVSUHQ]XODVVHQGHUVLFKODQJVDPDEHU VLFKHUDQNQGLJWH ,FKVFKOXFNWH

6FKZHLKDWWHVLFKDXIPHLQHU6WLUQJHELOGHW'LHOHW]WHQ0LQXWHQ ZDUHQHLQ'DXHUVWUHJHZHVHQ0LWGHP+DQGUFNHQZLVFKWHLFKPLU GLH6WLUQIUHL$OVLFKHLQHQ%OLFNDXIGHQ6FKlGHOZDUIGDVDKLFKGDHU JDUQLFKWPHKUH[LVWLHUWH 1XUQRFK6WDXE 'HU.RSIZDUHEHQVRYHUJDQJHQZLHGHUUHVWOLFKH7RUVR.DUDKDWWH LKU9HUVSUHFKHQQLFKWZDKUJHPDFKW,UJHQGZLHVFKlPWHLFKPLFKGD LFKMHGDUDQJH]ZHLIHOWKDWWHDEHULFKVSUWHDXFKGLHJURH (UOHLFKWHUXQJLQPHLQHP,QQHUQ 'LHJURH%HZlKUXQJVSUREHMHGRFKGLHODJQRFKYRUXQV'RQ $OYDUH]XQGGLHYLHU+RUURU5HLWHUZUGHQVLFKGDUDQPDFKHQHLQ .ORVWHU]XVWUPHQ8QGVLHKDWWHQVLFKGDV.ORVWHUDXVJHVXFKWGDV EHVRQGHUVHLQ+RUWGHV*XWHQZDUGHQQGRUWDUEHLWHWH3DWHU,JQDWLXV GHUPHLQH6LOEHUNXJHOQGUHKWHXQGZHLKWH ,FKZXWHQXQZRPLFKGHU:HJKLQIKUHQZUGH 0\[LQWUDWDXI.DUD]X'LHVPDOXPVSLHOWHHLQ/lFKHOQVHLQH/LSSHQ DOVHUEHLGH+lQGHDXILKUHVFKPDOHQ6FKXOWHUQOHJWH ª+DVWGXJH]ZHLIHOW"©IUDJWH.DUD ª-DIUHLQHQVFKUHFNOLFKODQJHQ$XJHQEOLFNVFKRQ© ª'DVEUDXFKWHVWGXQLFKW'XZHLWGRFKGDLFKYROODXIGHLQHU6HLWH VWHKH,FKZROOWHQXUHUIDKUHQZDV6DUDQDYRUKDWWH© 0\[LQQLFNWHª1XQZHLLFKHVKXQGHUWSUR]HQWLJ©HUZLGHUWHHUOHLVH ª,QPLUKDWWHQVLFKELVKHULPPHUOHLVH=ZHLIHOJHUHJW© ,FKUlXVSHUWHPLFK +LHUZLUGXQVQLFKWVPHKUKDOWHQ©VDJWHLFKª:DVJHVFKHKHQLVWYHU JHVVHQZLU)UGLHDQGHUHQ'LQJHVRUJHLFKVFKRQ© ª$EHUGLH=HXJHQ©ZDUI0\[LQHLQ 8PGLHNPPHUWHVLFK.DUD6LHZDQGWHVLFKYRQ0\[LQDEXQG VFKULWWDXIGLH%DQNDQJHVWHOOWHQ]X 1LHPDQGYRQLKQHQKDWWHVLFKLQGHQOHW]WHQ0LQXWHQYRP)OHFN JHUKUW6LHVWDQGHQQRFK]XVHKUXQWHUGHP(LQGUXFNGHUJUDXHQYROOHQ (UHLJQLVVH 9RULKQHQEOLHE.DUDVWHKHQ6LHVFKDXWHGLH0HQVFKHQIHVWXQG]ZLQ JHQGDQ ª,KUZHUGHWYHUJHVVHQ©VSUDFKVLHPLWOHLVHU6WLPPHª,KUZHUGHWHXFK EHUKDXSWQLFKWPHKUHULQQHUQ'DV*HGlFKWQLVDQGLHOHW]WHQ0LQXWHQ LVWDXVJHO|VFKWKDEWLKUPLFKYHUVWDQGHQ"© ª-DZLUHULQQHUQXQVDQQLFKWV©HUZLGHUWHQGLH%DQNDQJHVWHOOWHQLP &KRU ª'DQQJHKWMHW]WDQHXUH$UEHLWVSOlW]H© 'LH0HQVFKHQPDFKWHQNHKUWXQGVFKULWWHQGLH7UHSSHKRFK

.DUDGUHKWHVLFKXP ,FKQLFNWHEHHLQGUXFNWª'DVKDVWGXMDHUUHLFKW©VDJWHLFKª$XV JH]HLFKQHW© ª:HQQVLHREHQVLQGZHUGHQVLHVLFKDQLKUH$UEHLWVSOlW]HEHJHEHQ XQGDOOHVLVWZLHGHUQRUPDO© ,FKPDFKWHGHQ9RUVFKODJGHQ*DQJ]XYHUODVVHQGHQQPLFKKLHOW KLHUQLFKWVPHKU .DUDXQG0\[LQZDUHQHLQYHUVWDQGHQ ,FKGUFNWHGLHVFKZHUH7U]XXQGVFKORDE'DQQQDKPLFKGHQ 6FKOVVHODQPLFK ª(VZLUGVFKZHUVHLQHLQH(UNOlUXQJDE]XJHEHQ©PHLQWHGHUNOHLQH 0DJLHU 'DKDWWHHUUHFKW$OOHUGLQJVEHIDQGLFKPLFKQLFKW]XPHUVWHQPDOLQ VROFKHQ6LWXDWLRQHQ:HQQGLHVHXQHUNOlUOLFKHQ'LQJHJHVFKHKHQGDQQ JDEPLUPHLQ&KHIGLHYROOH5FNHQGHFNXQJ(LQ$QUXIEHL6LU-DPHVHU ZUGHVHLQH%H]LHKXQJHQVSLHOHQODVVHQXQGDOOHVLQGLH:HJHOHLWHQGDV XQVVFKW]WHXQGXQVLQGHQ1DFKIRUVFKXQJHQQLFKWEHKLQGHUWH,FK IDQGHLQ7HOHIRQGHU3RUWLHUORJHJHJHQEHU'HU$SSDUDWKLQJEHUHLQHU VFKDOOGLFKWHQ+DXEHDQGHU:DQG 'HU3RUWLHUVFKDXWHPLFKDQZLHHLQHQ)UHPGHQ.DUDV7KHUDSLHKDWWH JHZLUNW 0HLQHQ&KHIKDWWHLFKVRIRUWDQGHU6WULSSH8QGZDVHU]XK|UHQ EHNDPHQWORFNWHLKPQLFKWJHUDGHHLQHQ)UHXGHQVFKUHL9RUZUIH PDFKWHHUPLUQLFKW6LU-DPHVZXWHVHOEVWZLHYHU]ZLFNWGLH)lOOHRIW ODJHQ0LWQRUPDOHQ0DVWlEHQGXUIWHPDQGDZLUNOLFKQLFKWUHFKQHQ ª:HQQLFK6LHUHFKWYHUVWDQGHQKDEH-RKQGDQQGUlQJWEHL,KQHQGLH =HLW© ª-D6LULFKNDQQPLFKKLHUXQP|JOLFKODQJHDXIKDOWHQXQGJURDUWLJH (UNOlUXQJHQDEJHEHQ:HQQ6LHGLH)UHXQGOLFKNHLWKlWWHQVLFKPLWGHQ YHUDQWZRUWOLFKHQ+HUUHQGHU%DQNLQ9HUELQGXQJ]XVHW]HQGDQQZlUH PLUVHKUJHKROIHQ© ª'DVOlWVLFKPDFKHQ© :LUEHVSUDFKHQQRFKHLQLJH(LQ]HOKHLWHQXQG]ZHL0LQXWHQVSlWHU YHUOLHLFKGLH%DQN .DUDXQG0\[LQZDUWHWHQLQPHLQHP%HQWOH\6LHVFKDXWHQPLFK JHVSDQQWDQDOVLFKKLQWHUGHP/HQNUDG3ODW]QDKPXQGPLFKGDQQ XPGUHKWHª(VLVWDOOHVNODUJHJDQJHQ©HUNOlUWHLFK ª+DVWGXJUQHV/LFKW"©IUDJWH0\[LQ ª-D© ª8QGZLHVLHKWGDVDXV"© ª:LUIDKUHQQDFK6FKRWWODQG©

ª:HUDOOHV"© ª.DUDGX6XNRXQGLFK9LHU/HXWHJHJHQ'RQ$OYDUH]XQGGLH +RUURU5HLWHU© 0\[LQJULIIQDFKGHU7UNOLQNH ª'XZLOOVWZHJ"©IUDJWHLFKHUVWDXQW ª-D.DUDXQGLFKKDEHQEHVFKORVVHQXQVHUHQHLJHQHQ:HJ]XJHKHQ© .DUDQLFNWHEHLGHQ:RUWHQ ª'DQQDOVRLQ6FKRWWODQG©VDJWHLFKDOV0\[LQGLH7U]XVFKOXJ,FK VFKDXWHLKQHQQDFKZLHVLHEHUGHQ3DUNSODW]VFKULWWHQXQGEDOGGDU DXIQLFKWPHKU]XVHKHQZDUHQ 0HLQ=LHOZDUQLFKWGDV

XQGEUDFKWHGLH/HEHQVPLWWHOGLHLP.ORVWHUJDUWHQQLFKWZXFKVHQ ,P.ORVWHUOHEWHHLQ0DQQGHPHLQHEHVRQGHUH$XIJDEH]XNDP(U VWHOOWHJHZHLKWH6LOEHUNXJHOQKHUGLHJHZHLKWH.UHLGHXQGDXFKGDV :HLKZDVVHU(VZDU3DWHU,JQDWLXV (LQPDOLP0RQDWQDKPGHU%RWHGDVVFKZHUH3DNHWPLWXPHVEHLGHU 3RVWDXI]XJHEHQ(PSIlQJHUZDUHLQJHZLVVHU-RKQ6LQFODLU 1RFKDKQWHQGLH0HQVFKHQQLFKWGDGDV*UDXHQHLQHQ$QODXI JHQRPPHQKDWWHXQGVFKRQ]XLKQHQXQWHUZHJVZDU $QHLQHPHWZDVGLHVLJHQ0RUJHQEHJDQQHV(VZDUGHU7DJDQGHP /DUU\2DNHVVHLQH)DKUW]XP.ORVWHUDQWUHWHQZROOWHXQGYRUGHP/DGHQ GHV/HEHQVPLWWHOKlQGOHUV]ZHL+HOIHU2DNHV .RPELEHOXGHQ/DUU\ VHOEVWVWDQGPLWHLQHU/LVWHGDQHEHQXQGKDNWHDOOHVDEZDVDXIGLH /DGHIOlFKHNDP ª+DEWLKUDXFKGHQ%UDQQWZHLQQLFKWYHUJHVVHQ"©ULHIHUGHQEHLGHQ +HOIHUQ]X ª1HLQGHQKDEHQZLU]XHUVWDXIJHODGHQ© ª'DQQLVWHVJXW© /DUU\2DNHVVWLHIHOWHEHUGHQ*HKVWHLJDXIGLH7UGHV/DGHQV]X 'HU%HVLW]HUVFKDXWHDXIDOVGLHNOHLQH*ORFNHELPPHOWH(VZDUHLQ UHJHOUHFKWHU.UDPODGHQZLHPDQLKQVFKRQYRU-DKUHQKDWWH'HU %HVLW]HUYHUVFKZDQGIDVWKLQWHUDOOVHLQHQ.LVWHQ.DUWRQVXQG)lVVHUQ (VURFKQDFK)LVFK6VSHLVHQXQG*HZU]HQ(LQH0LVFKXQJZLHPDQ VLHQXULQVROFKHQ/lGHQILQGHW /DUU\2DNHVQLFNWHXQGVFKREVLFKVHLQH0W]HLQGHQ1DFNHQª$OOHV NODU1HG+DVWGXGLH5HFKQXQJ"© ª0RPHQWLFKDGGLHUHQXUGLHOHW]WHQ=DKOHQ6RODQJHKDVWGXMDQRFK =HLW© ª0HLQHWZHJHQ©2DNHVOLHVLFKDXIHLQHQ6FKHPHOIDOOHQXQGVFKDXWH DXVGHP)HQVWHU(UZDUHLQEUHLWVFKXOWULJHU0DQQPLWGLFKWHQEUDXQHQ +DDUHQ0LWVHLQHQNUlIWLJHQ+lQGHQNRQQWHHURUGHQWOLFK]XSDFNHQ ZDVHUVFKRQHLQSDDUPDOEHZLHVHQKDWWH'HQQHUYHUWUDWDXFKGHQ .RQVWDEOHU(LQHQRIIL]LHOOHQ3ROL]HLSRVWHQJDEHVLQ3HHOKDPQLFKWPHKU (UZDUQLFKWHUIRUGHUOLFK 2DNHVNOHPPWHVLFKVHLQH3IHLIH]ZLVFKHQGLH=lKQHXQGNDXWHDXI GHP0XQGVWFNKHUXP:lKUHQGHUHLQ=QGKRO]DQULXQGHVJHJHQ GHQ3IHLIHQNRSIKLHOWVFKDXWHHUQDFKGUDXHQ,KPZDUHLQ)UHPGHU DXIJHIDOOHQGHUVLFKQHEHQVHLQHQ:DJHQJHVWHOOWKDWWH /DUU\2DNHVNDQQWHGHQ0DQQQLFKWDEHUHUWUXJHLQHGXQNOH.XWWH ZLHDXFKGLH0|QFKHREHQLP.ORVWHU ª6RGDLVWGLH5HFKQXQJ©VDJWHGHU/HEHQVPLWWHOKlQGOHUª,FKKDEH ZLHGHUQXUGLH(LQNDXIVSUHLVHEHUHFKQHW©

/DUU\2DNHVODFKWH ª'XJODXEVWPLUQLFKW"© ª1HLQGHQQVRFKULVWOLFKLVWNHLQ*HVFKlIWVPDQQ8QGGXHUVWUHFKW QLFKW1HG© ª'DVLVWMDXQHUK|UWZDVGXGDVDJVW©EHVFKZHUWHVLFKGHU.DXIPDQQ ª1HLQ1HGHLQH7DWVDFKH:LUEHLGHNHQQHQXQVVFKOLHOLFKODQJH JHQXJXQGEUDXFKHQXQVQLFKWVPHKUYRU]XPDFKHQ© 1HGJULQVWHª'X/XPSHQKXQG© /DUU\]HLJWHQDFKGUDXHQª.HQQVWGXGHQGDHLJHQWOLFK"© 'HU/HEHQVPLWWHOKlQGOHUPDFKWHGHQ+DOVODQJª'DVLVWHLQHUYRP .ORVWHU© ª1HLQGLHWUDJHQHLQDQGHUHV*HZDQG'DVKLHULVWYLHOGXQNOHUZLH LFKVHKH© ª9LHOOHLFKW%HVXFK© /DUU\QLFNWH ª2GHUGXVROOVWGHQPLWQHKPHQ6RQVWZUGHHUVLFKMDQLFKWEHLGLU DP:DJHQDXIKDOWHQ© /DUU\2DNHVIDOWHWHGLH5HFKQXQJ]XVDPPHQXQGOLHVLHLQVHLQHU 7DVFKHYHUVFKZLQGHQª'DVZLUGHVZRKOVHLQ© ª8QG"© ª:LHXQG"© ª1LPPVWGXLKQPLW"© ª.ODU,VWGRFK(KUHQVDFKH+lWWHVWGXGDVQLFKWJHWDQ"© ª9LHOOHLFKW© ª:DVJHIlOOWGLUGHQQDQGHP0DQQQLFKW"©IUDJWH/DUU\2DNHV 'HU/HEHQVPLWWHOKlQGOHUKREXQEHKDJOLFKGLH6FKXOWHUQª'DV*HVLFKW LVWHV© 'DODFKWH/DUU\2DNHVDXIª'DVNDQQVWGXJDUQLFKWHUNHQQHQ'LH .DSX]HLVWYLHO]XZHLWYRUJH]RJHQ© ª8QGJHQDXGDVVW|UWPLFK$OVKlWWHGLHVHU0HQVFK$QJVWVHLQ *HVLFKW]X]HLJHQ:LUVROOHQMDQXUGHQNRPLVFKHQ%DUWVHKHQ© ª'XPLWGHLQHP0LWUDXHQ©/DUU\SDIIWHHLQSDDUGLFNH:RONHQGLH GHU+RO]GHFNHGHV/DGHQVHQWJHJHQTXROOHQ ª,FKPHLQWHDXFKQXU© ª.ODULFKDXFK©/DUU\VWDQGDXI(UUHLFKWHGHP+lQGOHUGLH+DQG ª9RUGHP'XQNHOZHUGHQELQLFK]XUFN0DFK VJXW1HG© ª'XDXFK© /DUU\2DNHVYHUOLHGHQ/DGHQ:LHGHUVFKHOOWHGLHNOHLQH*ORFNH9RU GHU7UEOLHEHUVWHKHQXQGVFKDXWHGLH6WUDHKLQDE,PPHUZLHGHU IUHXWHHUVLFKEHUGHQ$QEOLFNGHQGLHVHUNOHLQH2UWLKPERW'LH VFKPXFNHQ+lXVHUGLHDOOHVHKUDOWXQGJHSIOHJWZDUHQ'DIUVRUJWHQ

GLH%HZRKQHU3HHOKDPZDUHLQH3HUOHLQGHQ+LJKODQGV,QGHQ*lUWHQ ZXFKVHQKRKH%lXPHXQGMHQVHLWVGHV'RUIHVNUDOOWHQVLFKJHZDOWLJH 7DQQHQDQGHQVWHLOHQ)HOVHQGHU%HUJHIHVWZRVLHHLQHQGLFKWHQJUQHQ 6FKLUPELOGHWHQEHYRUZHLWEHULKQHQZLHGHUGHUQDFNWH)HOV]XP 9RUVFKHLQNDP:HQQGLH$EHQGVRQQHGDUDXIVFKLHQOHXFKWHWHHUHEHQ VRJROGHQZLHGLHZXFKWLJHQ0DXHUQGHV.ORVWHUV (LQHKHUUOLFKHIDV]LQLHUHQGHZLOGURPDQWLVFKH*HJHQGPLWNODUHU /XIW6HHQZLHDXV.ULVWDOOJODVVSUXGHOQGHQ%lFKHQXQGWLHIHQ:lOGHUQ /DUU\2DNHVJLQJ]XVHLQHP:DJHQ$XVGHQ$XJHQZLQNHOQQDKPHU ZDKUZLHVLFKGHU0|QFKHEHQIDOOVLQ%HZHJXQJVHW]WH (UZLOODOVRGRFKPLWGDFKWH/DUU\ $P:DJHQWUDIHQVLH]XVDPPHQ ª-D"©IUDJWH/DUU\ 'HU0|QFKKREGHQ%OLFN=XPHUVWHQPDOVDK/DUU\2DNHVGLH VWHFKHQGHQVFKZDU]HQ$XJHQGHUHQ3XSLOOHQZLH6WHLQHZLUNWHQ ª%LWWHHQWVFKXOGLJHQ6LH©VDJWHGHU0|QFKLQHLQHPKDUWHQ(QJOLVFK GDV/DUU\EHZLHVHLQHQ$XVOlQGHUYRUVLFK]XKDEHQª,FKKDEHYHU QRPPHQ6LHIDKUHQKRFK]XP.ORVWHU6W3DWULFN"© ª'DVVWLPPW© ª:UGHQ6LHYLHOOHLFKWGLH*WHKDEHQXQGPLFKELVGRUWKLQPLW QHKPHQ"0HLQH%UGHUHUZDUWHQPLFK© ª1DWUOLFK%UXGHU6WHLJHQ6LHHLQ© ª,FKGDQNH,KQHQLFKGDQNH,KQHQYLHOPDOV© /DUU\2DNHVZXQGHUWHVLFKQLFKWEHUGLH'HPXWXQG+|IOLFKNHLWGHU 0|QFKH(UNDQQWHVRHWZDVXQGKLHOWGHP0DQQDXFKQRFKGLH7UDXI GDPLWHUHLQVWHLJHQNRQQWH ª6HKUIUHXQGOLFKZLUNOLFK© /DUU\HQWHUWHGHQ:DJHQDQGHU)DKUHUVHLWH$OVHUGLH7U]XVFKOXJ VDJWHHUª(VZLUGDOOHUGLQJVHWZDVGDXHUQELVZLUREHQVLQG'HU:HJ LVWVWHLOXQGPHLQ:DJHQYROOEHODGHQ© ª'DVPDFKWQLFKWV:HQQ6LHZWHQZLHODQJHLFKVFKRQXQWHU ZHJVELQ© /DUU\VWDUWHWHª:RKHUNRPPHQ6LHGHQQ"© ª$XV6SDQLHQ© ª:DV"© ª0HLQH+HLPDWLVWGDV.ORVWHU0RQWH7HUUDQR9RQGRUWKDEHLFKPLFK DXIGHQ3LOJHUZHJJHPDFKWXPPHLQH)UHXQGH]XEHVXFKHQ'LH%UGHU LP.ORVWHU6W3DWULFNKDEHQPLFKHLQJHODGHQ© ª:LHODQJHVLQG6LHGHQQVFKRQXQWHUZHJV"©HUNXQGLJWHVLFK/DUU\ HUVWDXQW ª:RFKHQPHLQ)UHXQG:RFKHQ©

ª'DVNDQQLFKPLUYRUVWHOOHQ©,QVJHKHLPEHZXQGHUWH/DUU\GLH /HLVWXQJGHV0DQQHVGHQQGHU0|QFKZDUQLFKWPHKUVRMXQJ(V PXWHIULKQHLQHJHZDOWLJH6WUDSD]HJHZHVHQVHLQ$QGHUHUVHLWVZXWH /DUU\XPGLH=lKLJNHLWGHU0|QFKH6LHOHEWHQDVNHWLVFKDEHUVLH EHVDHQHLQHEHVRQGHUVJXWH*HVXQGKHLW,KQHQIHKOWHQGLH.UDQNKHLWHQ GHU=LYLOLVDWLRQXQGGDVZDUHLQJURHU9RUWHLO 'HU:DJHQUROOWHGXUFKGHQ2UW -HGHUKLHUNDQQWH/DUU\2DNHV,KPZXUGHRIW]XJHZXQNHQYRUDOOHQ 'LQJHQZDUHQHVGLH.LQGHUGLHLKUH+lQGHKREHQ /DUU\KXSWHGDQQMHGHVPDO $OOHZXWHQGDHUPLW/HEHQVPLWWHOQXQWHUZHJV]XP.ORVWHU 6W3DWULFNZDUDEHUNHLQHUGHU0HQVFKHQDKQWHZHOFKHLQ7HXIHOQHEHQ /DUU\2DNHVVDDPZHQLJVWHQHUVHOEVW (UIUHXWHVLFKVRJDUQRFKEHUGLH%HJOHLWXQJGHQQGHU0|QFKKDWWH VLFKHUOLFKHLQLJHV]XHU]lKOHQ6RZDUGLH)DKUWQLFKWVRODQJZHLOLJGHQQ IU/DUU\GHUGLH6WUHFNHDXVZHQGLJNDQQWHERWVLHNHLQHQ5HL]PHKU %HYRUVLHGDV(QGHGHV'RUIHVHUUHLFKWHQJLQJ/DUU\2DNHVPLW GHU*HVFKZLQGLJNHLWKHUXQWHU(UO|VWHHLQH+DQGYRP/HQNUDGXQG GHXWHWHQDFKYRUQ ª6HKHQ6LHGRUWREHQDXIGHP%HUJVDWWHOGLH0DXHUQ"© 'RQ$OYDUH]KDWWHVLFKHWZDVQDFKYRUQJHEHXJWª-DLFKHUNHQQHHV© ª'DVLVW6W3DWULFN© ª$KD6LHKWZHLWDXV© ª'DVVLHKWQLFKWQXUZHLWDXVGDVLVWHVDXFK©/DUU\ODFKWHª6LH ZHUGHQVLFKDXIHLQHODQJH*HGXOGVSUREHHLQVWHOOHQPVVHQ3DWHU© ª*HGXOGLVWPHLQH6WlUNH© /DUU\QLFNWH 'HU0|QFKVFKDXWHDXVGHP)HQVWHUXQGJHQRGLH/DQGVFKDIW(UVDK GLHGLFKWHQ:lOGHUXQGGDUEHUGDV%ODXGHV+LPPHOV(LQQRUPDOHU 0HQVFKKlWWHVLFKDQGLHVHUKHUUOLFKHQ/DQGVFKDIWHUIUHXW1LFKWVR'RQ $OYDUH](UEHWUDFKWHWHDOOHVPLWHLQHPDQGHUHQ%OLFNGHQQHUZXWH JHQDXGDGLHVHV/DQGEDOGLKPXQGGHQYLHU+RUURU5HLWHUJHK|UHQ ZUGH8QGGDV.ORVWHUVROOWHGHU6WW]SXQNWVHLQQDFKGHPGLH 0|QFKHYHUQLFKWHWZRUGHQZDUHQ %HVWLPPWEHIDQGVLFKDXFK-RKQ6LQFODLUDXIGHP:HJ]XP.ORVWHU 'HU3ODQVWDQGOlQJVWIHVW'RQ$OYDUH]ZROOWHGHQ*HLVWHUMlJHUDQHLQHQ %DXPELQGHQXQGGLH/DQ]HQGHUYLHU+RUURU5HLWHUVROOWHQ6LQFODLU GXUFKERKUHQ (LQ]XIULHGHQHV*ULQVHQNHUEWHGLH0XQGZLQNHOGHVWHXIOLVFKHQ 0|QFKVYRQGHPGHU)DKUHUMHGRFKQLFKWVVDK(UZXQGHUWHVLFKQXU ZHVKDOEVHLQ%HJOHLWHUVRVFKZHLJVDPZDU

8QGHUIUDJWHLKQ ª,FKJHQLHHGLH/DQGVFKDIW©HUNOlUWH'RQ$OYDUH]ª:RLFKKHU NRPPHGDJLEWHVNDXP7DQQHQZlOGHUQXUNDUJH)HOVHQXQGGDVHZLJH (LVGHU*OHWVFKHU© ª,Q6SDQLHQZDULFKQRFKQLH© ª(VLVWHLQVFK|QHV/DQG© (LQHEHVRQGHUVXQDQJHQHKPH6WHLJXQJWDXFKWHDXI/DUU\VFKDOWHWH KHUXQWHUª'DVJODXEHLFK,KQHQVRJDU,FKKDEHHLQSDDUPDO$QVLFKWV NDUWHQYRQ)UHXQGHQEHNRPPHQGLHDQGHU.VWHLKUHQ8UODXEYHU EUDFKWKDEHQ'DVVDKLPPHUWROODXV© 'RQ$OYDUH]VFKWWHOWHGHQ.RSIª'DVPHLQHLFKQLFKWPLWGHU 6FK|QKHLW6LHPVVHQLQV,QQHUHPHLQHV+HLPDWODQGHVIDKUHQZRGLH 0HQVFKHQQRFKQDWUOLFKVLQGGLH*DVWIUHXQGVFKDIWHFKWLVWXQGGDV /lFKHOQGHU0HQVFKHQQLFKWDXIJHVHW]WZLUNWZLHLQGHQWRXULVWLVFKHQ %DOOXQJV]HQWUHQ© /DUU\2DNHVZXQGHUWHVLFKZLHGHU0|QFKVSUDFK*DUQLFKWNOHULNDO VDQIWRGHUPLOGH1HLQY|OOLJQRUPDO ,QGHU7DWNRQQWHVLFK'RQ$OYDUH]JXWYHUVWHOOHQ:HULKQVRUHGHQ K|UWHNRQQWHVLFKNDXPYRUVWHOOHQGDGLHVHU0|QFKGDUDQGDFKWH VHLQHQ%HJOHLWHUXP]XEULQJHQ 'LH0HVVHUVWHFNWHQVFKRQEHUHLW(UKDWWHVLHLQGHQZHLWHQbUPHOQ VHLQHU.XWWHYHUERUJHQ'XUFKHLQHVFKQHOOH%HZHJXQJNRQQWHHUVLH GDQQKHUYRUVFKWWHOQ 'LHHUVWHQVFKZHUHQ6WHLJXQJHQKDWWHQVLHKLQWHUVLFK$XIHLQHU JHZLVVHQ+|KHIKUWHGHU:HJMHW]WQRUPDOZHLWHU$EKLHUZDUHUQLFKW PHKUDVSKDOWLHUW%HLGH0lQQHUKDWWHQMHW]WHLQHQHLQLJHUPDHQIUHLHQ %OLFNEHUHLQHPLWGLFKWHP*UDVEHZDFKVHQH+RFKHEHQHZR]DKOUHLFKH 6FKDIHZHLGHWHQXQGVLFKDXFKGXUFKGHQ0RWRUHQOlUPQLFKWVW|UHQ OLHHQ :HLWYRULKQHQUDJWHQZLHGHUGLH%HUJHHPSRU)DVWJHUDGHVWLHGLH 6WUDHGDUDXI]X6LHGXUFKVFKQLWWGLHNDUJH+RFKHEHQH 'HU0|QFKKDWWHVHLQH.DSX]HHLQZHQLJDXVGHU6WLUQJHVFKREHQ(U EUDXFKWHHLQHQEHVVHUHQ%OLFNGHQQHUVXFKWHQDFKHLQHPEHVWLPPWHQ =LHO 'LH+RUURU5HLWHUKDWWHQLKU.RPPHQDQJHVDJW+LHULUJHQGZRLQGHU 1lKHGHV.ORVWHUVZROOWHQVLHVLFKWUHIIHQXPGDVZHLWHUH9RUJHKHQ]X EHVSUHFKHQ 1RFKZDUQLFKWV]XVHKHQ 1DFKGHPZHLWHUH0LQXWHQYHUJDQJHQZDUHQZHFKVHOWHGDV *HVLFKWGHU/DQGVFKDIWDEHUPDOV'LHKRKHQ%HUJHZDUHQQlKHUJHUFNW 5HFKWVXQGOLQNVGHVVFKPDOHQ:HJHVVWLHJGDV*HOlQGHMHW]WZLHGHU

VDQIWDQ,QXQUHJHOPlLJHQ$EVWlQGHQVWDQGHQ%DXPJUXSSHQDXIGHP JUQHQPRRVLJHQ*UDVXQWHUJUXQG 'LH6WUDHZXUGHNXUYLJHUOLQNVHUVFKLHQGLH2EHUIOlFKHHLQHVNOHLQHQ 6HHV6LHVFKLPPHUWHEODXJUDXXQGGHUEHUGDV:DVVHUIHJHQGH:LQG NUlXVHOWHHV]XNOHLQHQ:HOOHQ ª6FK|QQLFKW"©IUDJWH/DUU\2DNHV 'HU0|QFKQLFNWH (UKDWWHIUGLH8PJHEXQJNHLQHQ%OLFN'RQ$OYDUH]VFKDXWHQXU QDFKYRUQGHQQHUVXFKWHGLHYLHU5HLWHU6LHPXWHQGRFKKLHULUJHQG ZRVWHFNHQ (LQH.XUYH :HLWJHVFKZXQJHQDEHULQGHU]ZHLWHQ+lOIWHHQJHUZHUGHQG 'DKLQWHUIKUWHGHU:HJLQGLH+|KHGHQQGLHOHW]WHQ6WHLJXQJHQGHU KRKHQ%HUJHODJHQQRFKYRUGHP:DJHQ /DUU\2DNHVIXKUGLH.XUYHQIRUVFKDQZLHLPPHU 'HU:DJHQQHLJWHVLFKHLQZHQLJQDFKOLQNVGLH/DGXQJPDFKWHVLFK GRFKEHPHUNEDU%LVKHUKDWWHVLHLPPHUJHKDOWHQXQGZDUQLFKWYRQGHU +DFKHJHNLSSW 2DNHVKLHOWGDVVFKZDU]H/HQNUDGIHVW(UGDFKWHDQQLFKWV%|VHVJLQJ GDQQHWZDVYRP*DVZHLOGLH.XUYHGRFKHQJHUZXUGHXQGKDWWH SO|W]OLFKGDV*HIKOLQHLQHPE|VHQ$OSWUDXP]XVWHFNHQ $XIGHU6WUDHVWDQGHLQ5HLWHU ª(QGOLFK©NUHLVFKWHGHUWHXIOLVFKH0|QFKXQGNODWVFKWHEHJHLVWHUWLQ GLH+lQGH 'HU:DJHQERFNWHGLH5HLIHQUXWVFKWHQEHUGHQVFKRWWHUDUWLJHQ 8QWHUJUXQGXQGGHU:DJHQVWDQG =ZHL6FKULWWHYRUGHP5HLWHU /DUU\2DNHVZDUXQIlKLJDXFKQXUHLQHQ/DXWYRQVLFK]XJHEHQ$XV ZHLWDXIJHULVVHQHQ$XJHQVWDUUWHHUGXUFKGLH)URQWVFKHLEHXQGSUlJWH VLFKGDV%LOGGHV8QKHLPOLFKHQJHQDXHLQ (VZDUHLQVFKUHFNOLFKHU$QEOLFN 'HU5HLWHUZDUNHLQ0HQVFKVRQGHUQHLQ6NHOHWW3HFKVFKZDU]GD]X RKQH5VWXQJDEHUPLWHLQHU/DQ]HEHZDIIQHWXQGDXIHLQHP3IHUG VLW]HQGGHVVHQ1VWHUQXQG0DXO)HXHUVSLHHQ'LH)ODPPHQIDXFKWHQ JHJHQGHQ:DJHQXQGVFKLHQDQGHU)URQWVFKHLEHKRFK]XNOHWWHUQEHYRU VLHYHUVFKZDQG ª0HLQ*RWW©IOVWHUWH/DUU\2DNHV (UZDQGWHGHQ.RSIVFKDXWHDXIGHQ0|QFKXQGVFKOXJDOOHIQI )LQJHUVHLQHUOLQNHQ+DQGLQGHVVHQ$UP

ª6RVDJHQ6LHGRFKZDV'DVLVWGDVLVW© 'RQ$OYDUH]VDJWHQLFKWV6WDWWGHVVHQZDUIHUGHQ.RSIKHUXPVRGD GLH.DSX]HQDFKKLQWHQILHO'HUWHXIOLVFKH0|QFKKDWWHZlKUHQGVHLQHV =ZDQJVDXIHQWKDOWHV]DKOUHLFKH+DDUHYHUORUHQ9RUQKDWWHHUNHLQH PHKUVLHZXFKVHQLKPDOOHUGLQJVLQGHQ1DFNHQ'RQ$OYDUH]YHU]RJ VHLQH/LSSHQ]XHLQHPGLDEROLVFKHQ/lFKHOQGLH$XJHQZDUHQVFKZDU] ZLHNOHLQH.RKOHVWFNHXQGPLWHLQHPPDOZXWHDXFK/DUU\2DNHV %HVFKHLG 'DVZDUNHLQQRUPDOHU0|QFKGDVZDUGHU7HXIHOHLQ6DWDQLQGHU 9HUNOHLGXQJ %OLW]VFKQHOOVFKOXJGHU0DQQHLQ.UHX] 'HU0|QFK]XFNWH]XUFNXQGODFKWHDXI'DQQIROJWHHLQH%HZHJXQJ PLWEHLGHQ$UPHQ 6RUDVFKGD/DUU\QLFKWIROJHQNRQQWH$EHUHUVDKGLHEHLGHQ 0HVVHUGLHSO|W]OLFKLQGHQ+lQGHQGHV8QKHLPOLFKHQODJHQXQGGHUHQ ODQJH6FKQHLGHQDXVGHQ)lXVWHQVFKDXWHQ 'DZXWH/DUU\2DNHVZDVLKPEHYRUVWDQG(UZXQGHUWHVLFKVHOEVW GDUEHUZLHVHKUHUVHLQH$QJVWEHUZDQGGLHUHFKWH+DQG]XU)DXVW EDOOWHXQG]XVFKOXJ (UWUDIPLWWHQLQGDV*HVLFKWVGHV0|QFKV 'RQ$OYDUH]JXUJHOWHDXIXQGSUDOOWHJHJHQGLH7U)UHLQHQ 0RPHQWZDUHUDEJHOHQNW 'LHVHZLQ]LJH=HLWVSDQQHQXW]WH/DUU\(USDFNWHGHQNOHLQHQ+HEHO DQGHU,QQHQYHUNOHLGXQJXQGGUFNWHGLH7UPLWGHP(OOERJHQDXI 6HLWOLFKZDUIHUVLFKDXVGHP:DJHQ*HQDXLQGHP$XJHQEOLFNDOVGHU WHXIOLVFKH0|QFK]XVWLH %HLGH$UPHIXKUHQQDFKXQWHQ (LQPDOKDWWH/DUU\*OFN'DVHUVWH0HVVHUYHUIHKOWHLKQXQGMDJWHLQ GDV3ROVWHU 'RFKGDV]ZHLWHWUDI 'HU0DQQVSUWHHLQHQJOKHQGKHLHQ6FKPHU]LP2EHUVFKHQNHO'LH .OLQJHVWDFKQLFKWYROOLQGDV%HLQVRQGHUQVWUHLIWHHVQXUXQGIHW]WH GDEHLGHQ6WRIIGHU+RVHDXI=XUFNOLHHVHLQHVWDUNEOXWHQGH:XQGH /DUU\NLSSWHDXVGHP:DJHQ(UILHODXIGHQKDUWHQ%RGHQZlO]WHVLFK VRIRUWKHUXPXQGNDPDP5DQGGHV:HJHVDXIGLH%HLQH9HU]ZHLIHOW VXFKWHHUQDFKHLQHU)OXFKWFKDQFH(UUHFKQHWHVWDUNGDPLWGDGHU XQKHLPOLFKH5HLWHUDXILKQ]XJDORSSLHUHQZUGHGRFK/DUU\KDWWHVLFK JHWlXVFKW :LHHLQ6WDQGELOGEOLHEGHU+RUURU5HLWHUVWHKHQ /DUU\TXlOWHVLFKDXIGLH)H'DEHLHUKDVFKWHHUHLQHQ%OLFNLQVHLQHQ :DJHQXQGVDKGDVLFKDXFKGHUWHXIOLVFKH0|QFKEHZHJWH

(UVWLHJDQGHUDQGHUHQ6HLWHDXV /DUU\ELGLH=lKQH]XVDPPHQ$OVHUZHJODXIHQZROOWHPHUNWHHU GDVHLQUHFKWHV%HLQQLFKWPHKUPLWPDFKWH(UZDUIHLQHQ%OLFNQDFK XQWHQXQGVDKVHLQ+RVHQEHLQGDVQDYRU%OXWZDU(VNOHEWHDQGHU +DXW 7URW]GHPULHUVLFK]XVDPPHQ(UZROOWHZHJ(VJDEJHQJHQG 6WHOOHQZRHUVLFKYHUVWHFNHQNRQQWHDXFK6FKlIHUKWWHQGLHVLFKGD]X HLJQHWHQ 'RFKGD]XPXWHHUGHQDQGHUHQHUVWHLQPDOHQWNRPPHQ /DUU\TXlOWHVLFKGHQ+DQJKRFK'DVUHFKWH%HLQ]RJHUQDFK9RP %HFNHQELV]XP.QLHVFKLHQHVLQ)ODPPHQ]XVWHKHQDEHUHUNRQQWHHV VLFKQLFKWHUODXEHQHLQH3DXVHHLQ]XOHJHQ/DUU\PXWHZHLWHU 6FKUlJODXIHQGTXlOWHHUVLFKGHQ+DQJKRFKMHGHQ$XJHQEOLFNGDPLW UHFKQHQGGHQK|OOLVFKHQ$WHPVHLQHU9HUIROJHULP1DFNHQ]XVSUHQ 'LHHUVWHQ
8QGHUEHJOHLWHWHGHQ:XUIPLWHLQHPJHOOHQGHQ6FKUHL0DQPHUNWH LKPGHQ+DXQGGLH:XWDQGLHHUHPSIDQG /DUU\WUDI 3O|W]OLFKVFKULHGHUWHXIOLVFKH0|QFK(UKDWWHQLFKWPHKUDXVZHLFKHQ N|QQHQUL]ZDUQLFKWVHLQHQ$UPKRFKDEHUGDFKWHQLFKWPHKUDQGLH 0HVVHU 'HU6WHLQIORJLKPJHJHQGHQ+DOV0LWGHU.OLQJHHLQHV0HVVHUV MHGRFKVFKQLWWHUEHLGLHVHUXQEHUOHJWHQ%HZHJXQJTXHUEHUVHLQH 6WLUQHLQHQNODIIHQGHQ6SDOWDXVGHPVRIRUWGDV%OXWVWU|PWHXQGLKPLQ GLH$XJHQUDQQVRGDHUNDXPHWZDVVDK /DUU\2DNHVDEHUEUOOWHYRU)UHXGH6HLQH$XJHQIXQNHOWHQGHU 7ULXPSKPDFKWHLKQIDVWUDVHQGXQGHUJDELKPDXFKQHXH.UlIWH/DUU\ VSUWHVHLQ%HLQNDXPQRFK (UNOHWWHUWHZHLWHUGHQVFKUlJHQ+DQJKRFK(UPXWHHVVFKDIIHQXQG GDGHU5HLWHUQRFKLPPHUYRUGHP:DJHQVWDQGXQGVLFKQLFKWEH ZHJWHJODXEWH/DUU\DQHLQ6WDQGELOG (UVROOWHVLFKWlXVFKHQ 9RUHUVWMHGRFKNlPSIWHHUVLFKLQGLH+|KH'LH6FKUHLHGHVWHXIOLVFKHQ 0|QFKVNODQJHQLQVHLQHQ2KUHQZLH0XVLN'HPKDWWHHUHVJH]HLJW(U ZUGHVLFKVFKRQZHKUHQ:HQQGHU.HUONDPZUGHHUGHQ]ZHLWHQ 6WHLQLQV*HVLFKWEHNRPPHQ 9LHOOHLFKWQRFKIQI

DQGHUHQKDWWHQLKQUHLQJHOHJW*HJHQGUHL5HLWHUKDWWHHUNHLQH&KDQFH )HXHUORKHQIDXFKWHQDXVGHQ1VWHUQGHU7LHUH6LHVWUHLIWHQLKQDOV $WHPGHU+|OOH /DUU\2DNHVZDUIVLFKKHUXP-HW]WVSUWHHUDXFKZLHGHUGLH 6FKPHU]HQLP%HLQ6LHVFKLHQHQVHLQH0XVNHOQXQG6HKQHQ]HUUHLHQ ]XZROOHQ (LQH]XKDVWLJH%HZHJXQJXQGHUNQLFNWHHLQ'DEHLYHUORUHUDXI GHPVFKUlJHQ+DQJGDV*OHLFKJHZLFKWILHOSUDOOWH]X%RGHQXQG EHUVFKOXJVLFK )UOlQJHUH=HLWZXWHHUQLFKWZRREHQRGHUXQWHQZDU0DOVDKHU GLH5HLWHUGDQQGHQ+LPPHOGDQDFKZLHGHUGLH5HLWHUXQGSO|W]OLFK SUDOOWHHUJHJHQLUJHQGHWZDVGDVVHLQHQ)DOOVWRSSWH (UULGLH$XJHQDXI 8QZDKUVFKHLQOLFKJURZXUGHVHLQ6FKUHFNHQDOVHUVDKZHURGHU ZDVLKQGDDXIJHKDOWHQKDWWH 'HU0|QFK (UVDKGDV*HVLFKWGLHVHV:DKQVLQQLJHQGLFKWYRUGHPVHLQHQURFK GHQVFKOHFKWHQ$WHPXQGVDKGLHIXQNHOQGHQ$XJHQLQGHQHQHUVHLQHQ HLJHQHQ7RGODV 'LHVHU0DQQZROOWHPRUGHQRKQH0RWLYQXUW|WHQ8QGHUNUHLVFKWH ª,FKEHZHLVHHXFKGDLFKHVDXFKNDQQ,FKZHUGHHVHXFKEHZHLVHQ© :lKUHQGGHU:RUWHUDQQLPPHUPHKU%OXWDXVGHU6WLUQZXQGHXQG IOREHUGDVKDJHUH*HVLFKWGHV0|QFKV ª%LWWH©IOVWHUWH/DUU\ª%LWWH© ª1HLQ©VFKULHGHU0|QFKXQGVWLH]X /DUU\2DNHVVDKQRFKGDV%OLW]HQGHU.OLQJHGLFKWYRUVHLQHP*HVLFKW HUVDKDXFKGDV%OXWGDVVHLQHLJHQHVZDUXQGK|UWHDOVOHW]WHVGDV K|KQLVFKH*HOlFKWHUVHLQHV0|UGHUVEHYRULKQGLH6FKDWWHQGHV7RGHV XPILQJHQ 'RQ$OYDUH]KDWWHVHLQHUVWHV2SIHUJHIXQGHQ (UULFKWHWHVLFKDXI 6HLQ%OLFNWUDIGLH5HLWHU (VZDUHQGLHVPDOYLHUGLHVLFKYRULKPDXIJHEDXWKDWWHQ'HUOHW]WH ZDUYRQGHUDQGHUHQ6HLWHJHNRPPHQ ª6HLGLKU]XIULHGHQ"©ULHI'RQ$OYDUH] 'LH5HLWHUJDEHQNHLQH$QWZRUW$OVVLHGLH/DQ]HQLQGLH/XIWVWLHHQ ULHEVLFK'RQ$OYDUH]GLHEOXWLJHQ)LQJHU$OOHVOLHIJHQDXQDFK3ODQ

(ULQQHUXQJHQEHUNDPHQPLFKDOVLFKLQGHQNOHLQHQ2UW3HHOKDP HLQIXKU 6XNRZDUQDWUOLFKPLWJHIDKUHQ8QGELV6FKRWWODQGKDWWHQZLUGLH 5HLVHLQHLQHUZDKUHQ5HNRUG]HLWJHVFKDIIW'HU%HQWOH\KDWWHVHLQ%HVWHV JHJHEHQGLHEHLGHQ)DKUHUDEHUDXFK 6HOEVWYHUVWlQGOLFKZXUGHPHLQ:DJHQJHVHKHQDOVZLUGHQ2UWGXUFK TXHUWHQYLHOOHLFKWKDWWHPDQXQVDXFKHUNDQQWDEHUDQKDOWHQZDUQLFKW GULQ :LUPXWHQKRFK]XP.ORVWHU :LUOLHHQ3HHOKDPKLQWHUXQV (VEHJHJQHWHXQVQLHPDQG1LFKWHLQPDO7RXULVWHQVFKLHQHQGLH 6WUHFNH]XP.ORVWHUKLQDXI]XNHQQHQGHQQVRQVWZlUHQXQVVLFKHUOLFK HLQLJHYROOJHSDFNWH)DPLOLHQZDJHQHQWJHJHQJHNRPPHQ 6XNREHREDFKWHWHVWlQGLJGLH8PJHEXQJ1LFKWZHLOVLHVRVFK|QZDU VRQGHUQZHLOHUDQXQVHUH*HJQHUGDFKWH'LH+RUURU5HLWHUODXHUWHQ LUJHQGZRIDOOVVLHHVQLFKWYRUJH]RJHQKDWWHQGDV.ORVWHU]XEHUIDOOHQ :HQQVLHMHGRFKDQGHU6WUHFNHZDUWHWHQGDQQZROOWHQZLUZHQLJVWHQV YRUEHUHLWHWVHLQ ª0HLQVWGXGDVLHGDV.ORVWHUEHUHLWVHLQJHQRPPHQKDEHQ"©IUDJWH 6XNR ª'DPLWUHFKQHLFKVWDUN© 6XNRNUDXVWHGLH6WLUQª,VWQDWUOLFKQLFKWVFK|QVRHWZDVGHQQGDQQ KlWWHQVLH*HLVHOQ© ª/HLGHU©,FKVFKDOWHWH]XUFNZHLOYRUXQVHLQHEHVRQGHUHHNOLJH .XUYHDXIWDXFKWH6LHZDUJHJHQOlXILJLFKPXWHJDQ]VFK|QNXUEHOQ XPGHQ%HQWOH\VLFKHUKHUXP]XEULQJHQ 'LHHUVWH+RFKHEHQHKDWWHQZLUHUUHLFKW'DQDFKEHJDQQHQZLHGHUGLH %HUJHXQGDXIHLQHP6DWWHOZXFKVHQGLH0DXHUQGHV.ORVWHUVLQGLH +|KH9RQXQVHUHP6WDQGRUWDXVOHLGHUQRFKQLFKW]XVHKHQDEHUZLU ZUGHQGDV.ORVWHUEDOG]X*HVLFKWEHNRPPHQGDZDULFKPLUVLFKHU 'DQQVDKHQZLUHLQHQNOHLQHQ6HHGHVVHQ2EHUIOlFKHGLH)DUEHYRQ 6FKLHIHU]HLJWH ª+EVFK©VDJWH6XNR ,FKQLFNWHJDEHWZDVPHKU*DVZHLOGLH6WUHFNHJHUDGHDXVIKUWH 8QG=HLWKDWWHQZLUZLUNOLFKQLFKW:LUPXWHQXQVEHHLOHQ(VNDPDXI MHGH0LQXWHDQ 'LH5HLIHQGHV%HQWOH\ZLUEHOWHQGHQ6WDXEKRFKGHUZLHHLQ7XFK EHUXQVVFKZHEWH %DOGZUGHGLH'lPPHUXQJHLQVHW]HQXQGZLUZROOWHQYRUGHP 'XQNHOZHUGHQQRFKLP.ORVWHUHLQWUHIIHQIDOOVPDQXQVOLHQDWUOLFK 'LH*HJHQGQDKPZLHGHUHLQDQGHUHV*HVLFKWDQ'LH(EHQHWUDW

]XUFNGLH)HOVHQEHUJHPLWGHQGXQNOHQ1DGHOKRO]EDXPZlOGHUQ ZDUHQQlKHUJHUFNWhEHUGHQ:LSIHOQVFKLPPHUWHGHU)HOV ª:DVLVWGDV"©IUDJWH6XNR :LUZDUHQLQHLQHODQJJHVWUHFNWH.XUYHHLQJHIDKUHQ1DFKVHLQHU )UDJHVHQNWHLFKGLH*HVFKZLQGLJNHLWQRFKPHKU $XIGHU6WUDHVWDQGHLQ+LQGHUQLV ª(LQ:DJHQ©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|WHQVRQVWKlWWHGHU6WDEVHLQH:LUNXQJYHUORUHQ ª6LHKWVRDXVDOVZlUHQZLUGLHHLQ]LJHQ0HQVFKHQKLHU©NRPPHQ WLHUWHGHU&KLQHVHQDFKHLQHPJUQGOLFKHQ5XQGEOLFN $XFKLFKKDWWHQLFKWVHQWGHFNW 9RQ]ZHL6HLWHQQlKHUWHQZLUXQVGHP/LHIHUZDJHQGHUVRJDUQLFKW LQGLHVH*HJHQGSDVVHQZROOWH %HLGH:DJHQWUHQZDUHQJH|IIQHW $XFKGDVOLHPLFKVWXW]LJZHUGHQ:HOFKHU)DKUHUYHUOLHVHLQHQ :DJHQRKQHGDHUGLH7UHQVFKOR"'HU1RUPDOIDOOZDUGDVQLFKW'D PXWHHWZDVSDVVLHUWVHLQ 'DV)DKU]HXJZDUOHHU1XUDXIGHU/DGHIOlFKHVDKHQZLU.LVWHQXQG .DUWRQV'HQ$XIGUXFNHQNRQQWHQZLUHQWQHKPHQGDVLFKLQGHQ 9HUSDFNXQJHQ/HEHQVPLWWHOEHIDQGHQ ª6LHKWQLFKWJXWDXVZLH"©PHLQWH6XNR ,FKJDELKPUHFKW$OVLFKPHLQHQ.RSILQGDV)KUHUKDXVVWHFNWHVDK LFKGDV%OXWDXIGHP6LW] ,FKPDFKW6XNRGDUDXIDXIPHUNVDP (UWLSSWHGLH6SLW]HVHLQHVUHFKWHQ=HLJHILQJHUVLQGLH/DFKHª1RFK ]LHPOLFKIULVFK©VDJWHHUª'DV%OXWKDWDXIGHU2EHUIOlFKHNHLQH.UXVWH JHELOGHW© ª'LH+RUURU5HLWHU"© 6XNRKREGLH6FKXOWHUQª0|JOLFKDOOHVZHLVWHLJHQWOLFKGDUDXI KLQGDVLHDNWLYJHZRUGHQVLQG©(UVFKDXWHDXIGLH6WUDHXQGDXI

GDV+LQGHUQLVª:LUPVVHQGHQ:DJHQ]XU6HLWHIDKUHQ-RKQVRQVW NRPPHQZLUQLFKWYRUEHL© 'DVPDFKWHLFK'HU=QGVFKOVVHOVWHFNWHXQGLFKIXKUGDV$XWR GLFKWDQGHQ5DQG $OVLFKZLHGHUDXVVWLHJOLHI6XNRDXIGHUDQGHUHQ6HLWHHLQHQ+DQJ KRFK(UZDUHUVWGUHL6FKULWWHJHJDQJHQXQGGUHKWHVLFKMHW]WXP ª:DVLVWORV"©ULHILFK ª,FKYHUIROJHGLH6SXUDXV%OXW© 5DVFKZDULFKEHLLKP:LUNRQQWHQHVJHQDXVHKHQ'HU:HJGHV 9HUOHW]WHQZDUJHNHQQ]HLFKQHW'HXWOLFKKREHQVLFKGLH%OXWVWURSIHQDXI GHP*UDVDE :LUJLQJHQZHLWHU 6FKUlJIKUWHGHU+DQJLQGLH+|KH(UZDUPLW6WHLQHQEHUVlWKHOO JUDXH*HELOGHYRP5HJHQXQGYRP:LQGLP/DXIHGHU=HLWEODQN JHZDVFKHQ6XNRJLQJ]ZHL6FKULWWHYRUPLU(UZDUHVDXFKGHUGHQ 7RWHQHQWGHFNWH ª-RKQ© ,FKVWDQGQHEHQLKPXQGVWDUUWHDXIGLH/HLFKH ª2YHUGDPPW©VDJWHLFKQXU'HQ0DQQNDQQWHLFKQLFKW :DKUVFKHLQOLFKVWDPPWHHUDXVGHP'RUI(UODJDXIGHP5FNHQ %OLFNORVH$XJHQVWDUUWHQJHJHQGHQEODXHQ+LPPHO 0DQKDWWHLKQHUVWRFKHQ0LQGHVWHQVGUHL0HVVHUVWLFKHPXWHQLKQ JHWURIIHQKDEHQGHQQLFKVDKDXFKHLQH:XQGHDPUHFKWHQ%HLQGLH DOOHUGLQJVEHUHLWVYHUNUXVWHWZDU 'LHEHLGHQDQGHUHQ6WLFKHKDWWHQLKQLQGLH%UXVWJHWURIIHQ(LQH *lQVHKDXWULHVHOWHEHUPHLQHQ5FNHQ 6XNRUlXVSHUWHVLFKª'HQNVWGXGDVJOHLFKHZLHLFK-RKQ"© ª-D'RQ$OYDUH](UKDWQLFKWVYHUJHVVHQJDUQLFKWV6FKRQGDPDOVLP .ORVWHUKDWHUVHLQH0HVVHUVRVHKUJHOLHEW-HW]WKDWHUZLHGHUGHQEOX WLJHQ%HZHLVDQJHWUHWHQ© ª6ROOHQZLUGHQ7RWHQKLHUOLHJHQODVVHQ"© ª:DVEOHLEWXQVDQGHUHVEULJ"© ,FKVWLHJGHQ+DQJDOVHUVWHUKLQDE6XNRIROJWHPLUODQJVDPHU$P :DJHQHUZDUWHWHLFKLKQ ª0HLQHU$QVLFKWQDFKPVVHQVLFKGLH.HUOHQRFKKLHULQGHU1lKH EHILQGHQ©PXUPHOWHGHU&KLQHVH ª9LHOOHLFKWEHREDFKWHWHQVLHXQV© ª0|JOLFK© ª/DXQVWURW]GHPZHLWHUIDKUHQ©,FK|IIQHWHGLH7UGHV%HQWOH\ª,P .ORVWHUZHUGHQZLUGULQJHQGHUJHEUDXFKW© 'HU&KLQHVHQDKPDXIGHP%HLIDKUHUVLW]3ODW]ª:HQQLFKQXUZWH

ZDUXPVLHVLFKJHUDGH6W3DWULFNDXVJHVXFKWKDEHQ©PXUPHOWH6XNR ª6LHKlWWHQGRFKMHGHVDQGHUH.ORVWHUQHKPHQN|QQHQ© ª'DVZlUHQLFKWVRZLUNXQJVYROOJHZHVHQPHLQ/LHEHUhEHUOHJH GRFKPDO'DV.ORVWHULVWHLQ+RUWGHV*XWHQHLQ6WW]SXQNWLKUHU *HJQHU'RUWZLUGXQVHUH0XQLWLRQKHUJHVWHOOW:HQQVLHVLFKKLQWHUGHQ 0DXHUQHLQQLVWHQLVWYLHOJHZRQQHQ=XGHPZDU'RQ$OYDUH]PDOHLQ QRUPDOHU0|QFK© ª'HUVLFKJXW]XYHUVWHOOHQZHL©YROOHQGHWH6XNRGHQ6DW] ª6HKUULFKWLJ© ,FKIXKUZLHGHUDQ'HQQXQVVDGLH=HLWLP1DFNHQ,FKQDKPGLH .XUYHQYRUVLFKWLJ6LHZXUGHQLPPHUHQJHU'LH%HUJZlQGHWUDWHQMHW]W ELVGLFKWDQGLH6WUDHKHUDQ1DGHOElXPHKDWWHQLKU:XU]HOZHUNLQGHQ )HOVJHNUDOOW/LQNVJLQJHVVWHLOLQGLH7LHIH9RQHLQHP$XJHQEOLFN]XP DQGHUHQKDWWHGLH/DQGVFKDIWTXDVLJHZHFKVHOW:HLWYRUQVDKLFKGLH 6SLW]HQGHU%HUJHXQGDXFKGDV.ORVWHU(VVFKLHQ]XP*UHLIHQQDK]X VHLQ/XIWOLQLHHLQSDDU0HLOHQDEHUZLUPXWHQDXIGHUNXUYLJHQ6WUDH EOHLEHQ 5HFKWVOLQNVHLQGDXHUQGHV:HFKVHOVSLHO'LH6WUDHHUIRUGHUWH PHLQHYROOH$XIPHUNVDPNHLW8QGGLH6RQQHVDQN +LHUGHFNWHQXQVGLH)HOVZlQGH6LHZDUIHQGLHHUVWHQODQJHQ 6FKDWWHQGLHXQVXQGGHQ:DJHQLQHLQJUDXHV'lPPHUKOOWHQ 'LH)DKUWJLQJZHLWHU'LH*LSIHOGHU%HUJHZXUGHQQRFKYRP6RQQHQ OLFKWJHEDGHW$QPDQFKHQ6WHOOHQJOKWHQVLHGXQNHOURWDXI ,PPHUK|KHUIKUWHXQVGHU:HJ ª9RUVLFKW©VDJWH6XNRSO|W]OLFK ,FKEUHPVWH *HUDGHQRFKUHFKW]HLWLJGHQQHLQSDDU

=HKQ0LQXWHQJLQJHUEHYRUHUGDV7RUHUUHLFKWH(VZDUYHUVFKORVVHQ (UVWMHW]WVDK$OYDUH]ZLHJURGLH0DXHUQZDUHQ6FKLHUXQHLQQHKPEDU ZXFKVHQVLHYRULKPLQGLH+|KHJHEDXWIUHLQH(ZLJNHLWDXVJUDQLW KDUWHQ6WHLQHQDQGHQHQ:LQGXQG:HWWHULKUH6SXUHQKLQWHUODVVHQ KDWWHQ ,QGHQ=ZLVFKHQUlXPHQZXFKV0RRV:LOGHU:HLQUDQNWHVLFKDQ GHP*HPlXHULQGLH+|KHXQGGLH6WHLQHZDUHQYRQGHU3DWLQDGHU =HLWHQEHUGHFNWZRUGHQ ,Q$XJHQK|KHHQWGHFNWHGHUWHXIOLVFKH0|QFKHLQHQJURHQHLVHUQHQ .ORSIHUGHUVHKUVFKZHU]XKHEHQZDU'RQ$OYDUH]PXWHVFKRQYLHO .UDIWHLQVHW]HQXPLKQ]XEHZHJHQ 'DQQZXFKWHWHHULKQJHJHQGDV+RO]'LH6FKOlJHKDOOWHQLP,QQHQ KRIGHV.ORVWHUVQDFK 6HKUVFKQHOOZXUGHDQGHUDQGHUHQ6HLWHGHU7UHLQH.ODSSH]XUFN JHVFKREHQXQGHLQ*HVLFKWHUVFKLHQLQGHPYLHUHFNLJHQ$XVVFKQLWW'RQ $OYDUH]VDKGLHhEHUUDVFKXQJLQGHQ$XJHQGHVDQGHUHQ:DKUVFKHLQ OLFKKDWWHGHU0DQQZRKOGHQ/DVWZDJHQIDKUHUHUZDUWHWXQGQLFKWHLQHQ HLQVDPHQ:DQGHUHUGHUGD]XQRFKYHUOHW]WZDU ª:RNRPPVWGXKHU%UXGHU"©ZXUGH'RQ$OYDUH]JHIUDJW ª,FKKDEHHLQHODQJH:DQGHUXQJKLQWHUPLUXQGP|FKWHHXFKELWWHQ PLUHLQ1DFKWODJHU]XJHZlKUHQ© ª1DWUOLFK%UXGHU:DUWHHLQHQ$XJHQEOLFN© 'LH/XNHZXUGHZLHGHUJHVFKORVVHQ'RQ$OYDUH]JULQVWH'DVKDWWHMD DXVJH]HLFKQHWJHNODSSW(UYHUQDKPHLQGXPSIHV3ROWHUQDOVHLQVFKZH UHU5LHJHO]XU6HLWHJHVFKREHQZXUGHGDQQ|IIQHWHVLFKLQQHUKDOEGHV JURHQ7RUHVHLQHNOHLQH3IRUWHGLHQLFKWEUHLWHUDOVHLQH7UZDU'HU 0|QFKGHU'RQ$OYDUH]GLHHUVWHQ)UDJHQJHVWHOOWKDWWHEDWLKQHLQ ]XWUHWHQ ª,FKGDQNHGLU%UXGHU© +LQWHU$OYDUH]ZXUGHGLH7UZLHGHUJHVFKORVVHQ 'HU(LQGULQJOLQJVFKDXWHVLFKXP(UEHIDQGVLFKLP,QQHQKRIGHV .ORVWHUVXQGZDUYRQGHU*U|HEHUUDVFKW(VJDEPHKUHUH*HElXGH 6LHZDUHQ]XHLQHPRIIHQHQ.DUUHHJHEDXWZRUGHQ'HUVLFKLQGHU0LWWH EHILQGOLFKH+DXSWWUDNWZLHV]DKOUHLFKH)HQVWHUDXI'RUWPXWHQVLFK GLHHLQ]HOQHQ.DPPHUQGHU0|QFKHEHILQGHQ'RQ$OYDUH]VDKDXFKGLH NOHLQH.DSHOOHPLWGHPVSLW]HQ7XUPGHQ%UXQQHQXQGGLHZRKOJH SIOHJWHQ*lUWHQLQGHQHQGDV*HPVHDQJHEDXWZXUGHXQGHUHQW GHFNWHGLH:HUNVWlWWHQLQGHQ6HLWHQWUDNWHQ %HLHLQHPVWDQGGLH7URIIHQ'RUWJOKWHGDV)HXHUHLQHU6FKPLHGH 'DKDWWH3DWHU,JQDWLXVVHLQHQ$UEHLWVSODW]'RUWDUEHLWHWHHUXQG GUHKWHGLH6LOEHUNXJHOQ

ª'XELVWYHUOHW]W"©VSUDFKGHUDQGHUHLKQDQ ª-DDXIGHP:HJKLHUKHUVWU]WHLFKXQGVFKOXJPLUDQHLQHPNDQ WLJHQ6WHLQGLH6WLUQDXI© ª:LUZHUGHQGHLQH:XQGHJOHLFKEHKDQGHOQ© ª(VLVWQLFKWVRVFKOLPP,FKIUHXHPLFKQXUGDLFKHQGOLFKEHLHXFK ELQ© ª'DQQKDVWGXHLQHQZHLWHQ:HJKLQWHUGLU"© $OYDUH]QLFNWHKHIWLJª'DVNDQQPDQZRKOVDJHQ,FKNRPPHDXV 6SDQLHQ%UXGHU© ª1HLQ©'HU0|QFK]HLJWHVLFKHUVWDXQW ª'RFKLFKKDEHGHQ:HJDOV%XHDXIPLFKJHQRPPHQXQGZDUVHKU ODQJHXQWHUZHJV© ª'DQQZLUVWGXKXQJULJXQGGXUVWLJVHLQ%UXGHU:LUZHUGHQGLUEDOG HWZDV]XHVVHQJHEHQ© ª'DVKDW=HLW+DEHQVLFKGLHDQGHUHQQLFKW]XU%HWVWXQGHYHUVDP PHOW%UXGHU"© ª(VVWLPPWZLUKDOWHQXQVHUH9HVSHU,FKZHUGHQDFKKHUEHWHQ'X NDQQVWPLWNRPPHQZHQQGXGLFKQLFKW]XHUVFK|SIWIKOVWXPGHP +HUUJRWW]XGDQNHQGDHUGLUGHQ:HJGRFKQRFKLQVHLQHUXQHQG OLFKHQ*WHJHZLHVHQKDW© ª-DGDVZHUGHLFK© $OYDUH]NRQQWHVLFKDXVJH]HLFKQHWYHUVWHOOHQ'HUDQGHUHPHUNWH QLFKWV,FKZHUGHQLFKWGHP+HUUJRWWGDQNHQVRQGHUQGHP7HXIHO GDFKWHHU(UZLUGEDOGGDV.ORVWHUEHVHW]WKDEHQ,QQHUOLFKNLFKHUWH GHUIUHPGH0|QFK ª.RPPPLW%UXGHU©VDJWHGHUDQGHUH 6LHEHWUDWHQHLQNOHLQHV+DXVGDVOLQNVQHEHQGHP(LQJDQJODJXQG GHP0|QFKDOV:DFKKlXVFKHQGLHQWH (LQ6WXKOXQGHLQ7LVFKVWDQGHQGRUW(VJDENHLQHQ2IHQNHLQH +HL]XQJDXFKLP:LQWHUPXWHGHU0|QFKKLHULQGHU.lOWHKRFNHQ (UERW'RQ$OYDUH]HLQHQ6WXKODQDXIGHQVLFKGHUDQGHUHQLHGHUOLH (UVW|KQWHGDEHLVRJXWGDGHU0DQQXQWHUVHLQH.XWWHJULIIXQGHLQH NOHLQH)ODVFKHKHUYRUKROWHGLHPLUHLQHUGXQNOHQ)OVVLJNHLWKDOEJHIOOW ZDU ª:DVLVWGDV"©IUDJWH$OYDUH] 'HU0|QFKOlFKHOWHZLVVHQGXQGVFKUDXEWHGHQ9HUVFKOXDXIª(LQ JXWHV0LWWHO©HUNOlUWHHUª,FKKDEHGHQ7DQNVHOEVWJHEUDXW(UKLOIWRIW© ª'DQQQHKPHLFKLKQGDQNHQG©'RQ$OYDUH]WUDQNHLQHQ6FKOXFN 'LH)OVVLJNHLWUDQQIHXULJGXUFKVHLQH.HKOHIDQGLKUHQ:HJ]XP 0DJHQXQGEUHLWHWHVLFKGRUWDXV (LQHZRKOLJH:lUPHGXUFKVWU|PWHGHQ.|USHUGHV6SDQLHUV6HLQ

%OLFNQDKPIUHLQHQNXU]HQ0RPHQWHLQHQYHUNOlUWHQ$XVGUXFNDQ GDQQJDEHUGLH)ODVFKH]XUFN ª,KUZLWZLUNOLFKHLQHQJXWHQ7URSIHQ]XEUDXHQ%UXGHU©VDJWHHU XQGQLFNWHDQHUNHQQHQG ª-DXQVHUH7UDGLWLRQ© ª6FKPHFNWHLQZHQLJQDFK:KLVN\© ª1LFKWQXUHLQZHQLJ%UXGHU'DVPHLVWHLVW:KLVN\DEHUHLQEH VRQGHUVDOWHU(UODJHUWLQVSH]LHOOHQ)lVVHUQWLHILQGHQ*HZ|OEHQGHV .ORVWHUV© ª9HUNDXIWLKULKQDXFK"© ª0DQFKPDODQVRQVWHQYHUVFKHQNHQZLULKQ©'HU0|QFKZROOWHQRFK HWZDVVDJHQGRFKGDVGQQH/lXWHQGHU*ORFNHXQWHUEUDFKLKQ(U ODXVFKWHHLQHQ0RPHQWXQGQLFNWH$OYDUH]GDQQ]Xª'LH9HVSHULVW EHHQGHW©VDJWHHU 'HU6SDQLHUVWDQGDXIª'DQQN|QQWHLFKMHW]WPLWGHP$EWUHGHQ"© ª:DKUVFKHLQOLFK%UXGHU© ª0HLQVWGXGDLFKHLQLJH7DJHEHLHXFKEOHLEHQNDQQ"©HUNXQGLJWH VLFK'RQ$OYDUH] 'DOlFKHOWHGHUDQGHUHJWLJª1DWUOLFK'XNDQQVWVRODQJHEOHLEHQ ZLHGXZLOOVW(LQH.ODXVHVWHKWIUGLFKLPPHUIUHL'XZLUVWPLWXQV EHWHQXQGDUEHLWHQ© ª'DQNH© 'LHEHLGHQVRXQWHUVFKLHGOLFKHQ0|QFKHYHUOLHHQGDVNOHLQH +lXVFKHQ 'LH7UGHU.DSHOOHVWDQGLQ]ZLVFKHQRIIHQ)ODFNHUQGHU .HU]HQVFKHLQILHODXIGHQ+RIGHQODQJVDPGLH6FKDWWHQGHU 'lPPHUXQJDXVIOOWHQ+LQWHUHLQDQGHUYHUOLHHQGLH0|QFKHGLH .DSHOOH6LHKLHOWHQGLH.|SIHJHVHQNWGLH.DSX]HQUlQGHUZDUHQELV GLFKWDQGLH$XJHQEUDXHQJHUXWVFKWGLH%OLFNWHEHUKUWHQGHQ%RGHQ 'LH0|QFKHEHIDQGHQVLFKQRFKLQWLHIHU$QGDFKWGHVKDOEVHQNWH'RQ $OYDUH]VHLQH6WLPPH]XHLQHP)OVWHUQDOVHUIUDJWHª:HUYRQLKQHQ LVWGHU$EW"© ª(UEHILQGHWVLFKQRFKLQGHU.DSHOOHXQGYHUOlWVLHLPPHUDOVOHW]WHU *OHLFKPWHHUNRPPHQ© 'HU0|QFKKDWWHQLFKWJHORJHQ,QGHU7DWHUVFKLHQGHU$EW(UVFKOR DXFKGLH7U (LQ:LQGVWRIXKULQGHQ,QQHQKRIXQGEOLHVLKPGLH.DSX]HYRP .RSI'RQ$OYDUH]VDKGDGHU.ORVWHUYRUVWHKHUQXUZHQLJ+DDUHKDWWH 6LHXPJDEHQHLQHQEODQNHQ.RSIVHLWOLFKZLHHLQZHLHU.UDQ] ª/DXQVJHKHQ%UXGHU©VDJWHGHU0|QFK 'RQ$OYDUH]IROJWHGHP0DQQ(UPHUNWHGRFKGDHULQQHUOLFK

QHUY|VZDUGHQQMHW]WNDPHVGDUDXIDQ:UGHGHU$EWHEHQIDOOVDXI VHLQHQ%OXIIKHUHLQIDOOHQ"9LHO=HLWEOLHELKPQLFKWPHKU'LH+RUURU 5HLWHUZROOWHQEHL$QEUXFKGHU'XQNHOKHLWHUVFKHLQHQXQGGDV.ORVWHU LQLKUH*HZDOWQHKPHQ 'HU$EWEOLHEVWHKHQDOVHUGLHEHLGHQDXIVLFK]XNRPPHQVDK )UDJHQGVFKDXWHHUVLHDQ 'RQ$OYDUH]ZDUWHWHHWZDVDEVHLWVELVGHU0|QFKGHP$EWHLQLJH (UNOlUXQJHQJHJHEHQKDWWH(LQZHLWHUHU0|QFKJLQJDQLKQHQYRUEHL 7URW]GHU.XWWHGLHVHLQHQ.|USHUYHUEDUJZDU]XVHKHQGDHUHLQH XQJHZ|KQOLFKNUlIWLJH6WDWXUKDWWH (VZDUGHU6LOEHUVFKPLHG%UXGHU,JQDWLXV 'HU$EWQLFNWHHLQSDDUPDOVFKDXWH$OYDUH]DQXQGHLQZRKOZRO OHQGHV/lFKHOQXPVSLHOWHVHLQH/LSSHQ (UKDWQLFKWVEHPHUNWGDFKWHGHU6SDQLHU,QQHUOLFKODFKWHHU'DVOLHI DOOHVVHKUJXW 'DQQZXUGHHUYRQGHP.ORVWHUYRUVWHKHUGLUHNWDQJHVSURFKHQª-D %UXGHU$OYDUH]GXNDQQVWEHLXQVEOHLEHQ,FKKDEHJHK|UWZHOFKHLQH ODQJH5HLVHGXDXIGLFKJHQRPPHQKDVW© ª,FKNRPPHDOV%HU© ª'DQQEOHLEHEHLXQVVRODQJHGXZLOOVW6HLLQXQVHUHP.UHLVHKHU] OLFKZLOONRPPHQ©'HU$EWUHLFKWH$OYDUH]GLH+DQGGLHGLHVHUHUJULII XQGNUlIWLJGUFNWH ª,FKGDQNHGLU©HUZLGHUWHHUXQGVHQNWHGHQ%OLFNª,VWHVP|JOLFK GDLFKGLFKXQWHUYLHU$XJHQVSUHFKH"© ª1DWUOLFKPHLQ)UHXQG.RPPPLWZLUJHKHQLQPHLQ$UEHLWV ]LPPHU© 'HUDQGHUH0|QFKEOLHE]XUFN(UEHZXQGHUWHGHQ%HWEUXGHUDXV 6SDQLHQGDGLHVHUVRHLQHODQJH5HLVHXQWHUQRPPHQKDWWH 'HU$EWIKUWH'RQ$OYDUH]DXIGHQ0LWWHOWUDNW]X'RUWVFKULWWHQVLH GXUFKHLQHRIIHQVWHKHQGH]ZHLIOJHOLJH7UXQGEHWUDWHQHLQHNDKOH +DOOHLQGHUHVNHLQHLQ]LJHV0|EHOVWFNJDEVRQGHUQQXUHLQVFKOLFK WHV+RO]NUHX]DQGHU:DQG ,QHLQHU(FNHVWDQGHQGUHLPHWDOOHQH.HU]HQVWlQGHU'LHEUHQQHQGHQ 'RFKWHGHUGLFNHQ.HU]HQYHUEUHLWHWHQHLQIODFNHUQGHV/LFKWGDVOlQJVW QLFKWGLHJHVDPWH+DOOHHUOHXFKWHWHVRQGHUQHLQLJH(FNHQXQG:LQNHO LP6FKDWWHQOLH 6LHZDQGWHQVLFKQDFKOLQNV 0LWJHPHVVHQHQ6FKULWWHQJLQJGHU$EWYRUDQZlKUHQGVLFK'RQ $OYDUH]HLQHKDOEH.|USHUOlQJHKLQWHULKPKLHOWGDPLWHUDXFKGLH 8PJHEXQJEHREDFKWHQNRQQWH :RKOIKOWHHUVLFKKLHUQLFKW)U$OYDUH]ZDUHVHLQHIHLQGOLFKH

8PZHOW(UVSUWHGDKLHUHLQDQGHUHU*HLVWKHUUVFKWHDOVLQGHP .ORVWHU0RQWH7HUUDQR,Q6W3DWULFNKDWWHGHU7HXIHOQRFKNHLQHQ(LQOD JHIXQGHQ 'DVVROOWHVLFKlQGHUQ =ZHL0|QFKHQNDPHQLKQHQHQWJHJHQDOVVLHGXUFKGHQODQJHQ*DQJ VFKULWWHQGHVVHQ6WHLQERGHQ]ZDUGXQNHODEHUIDVWVREODQNZLHHLQ 6SLHJHOZDU'LH0|QFKHJUWHQ'HU$EWQLFNWH]XUFNXQGDXFK'RQ $OYDUH]HUZLGHUWHGHQ*UX 'LH7UHQDQGHUOLQNHQ*DQJVHLWHZDUHQDOOHVDPWEUDXQJHEHL]W9RU MHGHU7UVWDQGHLQHEUHQQHQGH.HU]H (VZDUNKOLQGLHVHQ0DXHUQ$OYDUH]IU|VWHOWH$OVGHU$EWVWHKHQ EOLHEYHUKLHOWDXFKHUVHLQHQ6FKULWW'HU.ORVWHUYRUVWHKHUVFKORGLH JU|WHGHU7UHQDXI|IIQHWHXQGOLHVHLQHP*DVWGHQ9RUWULWW 'RQ$OYDUH]EHWUDWGDV$UEHLWV]LPPHUGHV$EWVGDV]XJOHLFKDOV %LEOLRWKHNGLHQWH(LQJHPHLQHV/lFKHOQXPVSLHOWHGLH/LSSHQGHV 6SDQLHUVDOVHUGDUDQGDFKWHGDGLHVHV$UEHLWV]LPPHUDXFKGDV 6WHUEH]LPPHUGHV$EWVZHUGHQVROOWH 'HU$EWVFKORGLH7U ª6HW]GLFK%UXGHU©ZLHVHU'RQ$OYDUH]DQXQGGHXWHWHDXIGHQ KRFKOHKQLJHQ6WXKO ª'DQNH© 'HU6SDQLHUVFKDXWHVLFKXP+RKH5HJDOHGLHELVDQGLH'HFNHUHLFK WHQHLQDOWHU6FKUHLEWLVFKDXIGHPDXIJHVFKODJHQH%FKHUODJHQ'DV JURH)HQVWHUIKUWH]XP+RIZRGLH'lPPHUXQJLPPHUPHKUGXQNOH (FNHQXQG6FKDWWHQELOGHWH'LHVHV=LPPHUVFKLHQGHUHLQ]LJJHPWOLFKH 5DXPLQQHUKDOEGHV.ORVWHUV]XVHLQ 'HU$EWWUDWGLFKWDQVHLQHQ*DVWKHUDQ(UEHXJWHVLFKGDEHLYRUXQG EHWUDFKWHWHGLH:XQGHª%LVWGXPLWHLQHP0HVVHUYHUOHW]WZRUGHQ",FK KDEHDXFK0HGL]LQVWXGLHUWXQGNHQQHPLFKGDDXV© ª1HLQ©VDJWH$OYDUH]VFKQHOOª(VZDUHLQ6WHLQ6HKUODQJXQGVFKDUI NDQWLJ© ª:LUZHUGHQGLH:XQGHYHUELQGHQ$QVFKOLHHQGEHNRPPVWGXGHLQ (VVHQGDQQZLUGGLUMHPDQGHLQH.ODXVH]XZHLVHQ© ª,FKGDQNH©VDJWHGHUWHXIOLVFKH0|QFK 'HU$EWGUHKWHVLFKXP5HFKWVQHEHQGHU7UVWDQGHLQDOWHU +RO]VFKUDQNPLW]ZHL7UHQ'LHUHFKWHGDYRQVFKORGHU$EWDXI,Q GLHVHP6FKUDQNYHUZDKUWHHUXQWHUDQGHUHPGLH'LQJHGLHIUHLQH (UVWH+LOIHXQHUOlOLFKZDUHQ (UEFNWHVLFKZHLOGHU.DVWHQPLWGHP5RWHQ.UHX]GDUDXI]LHPOLFK ZHLWXQWHQODJ 'RQ$OYDUH]VWDQGDXI'LH*HOHJHQKHLWZDUSO|W]OLFKJQVWLJ'HU

$EWGUHKWHLKPGHQ5FNHQ]XXQGDKQWHYRQQLFKWV (LQH%HZHJXQJPLWEHLGHQ$UPHQGLHEHLGHQ0HVVHUUXWVFKWHQDXV GHQbUPHOQ 'HU/LFKWUHIOH[HLQHUEUHQQHQGHQ.HU]HWUDIGLH.OLQJHQXQGOLHVLH U|WOLFKDXIEOLW]HQ /DXWORVVFKOLFKGHUWHXIOLVFKH0|QFKDXIGHQLPPHUQRFKJHEFNW VWHKHQGHQ$EW]X 1LFKWVZDUQWHGHQ0DQQ 1RFK]ZHL6FKULWWHGDQQQXUQRFKHLQHU $OYDUH]KREEHLGH+lQGH ,QGLHVHP$XJHQEOLFNNDPGHU$EWKRFKGUHKWHVLFKXPXQGVDJWH ª'DKDEHLFKGHQ.DVWHQ© :HLWHUNDPHUQLFKW6HLQ*HVLFKWYHU]HUUWHVLFKIUHLQHQZLQ]LJHQ 0RPHQW]XQDPHQORVHP6FKUHFNHQGDQQVWLH'RQ$OYDUH]PLWEHLGHQ 0HVVHUQ]X 2EZRKOZLUGDPLWJHUHFKQHWKDWWHQDXIGLH+RUURU5HLWHU]XWUHIIHQ ZDUGDV$XIWDXFKHQGHVHUVWHQGRFKHLQ6FKRFNIUXQV8QGHUVDKVR DXVZLHLFKLKQHLJHQWOLFKQLFKWLQ(ULQQHUXQJKDWWH $XIGHP5DSSHQKRFNWHQXUHLQSHFKVFKZDU]HV6NHOHWW2KQH 5VWXQJRKQH6FKXW]QXUPLWHLQHU/DQ]HEHZDIIQHW6RHULQQHUWHHU PLFKDQGHQ6FKZDU]HQ7RGLQYHUNOHLQHUWHU)RUP,QVHLQHQ$XJHQ K|KOHQVFKLPPHUWHHVKHOO6HKUGHXWOLFKVWDFKHQVLHYRP6FKZDU]GHV 6FKlGHOVDE 'HQ6FKDIWGHU/DQ]HKLHOWHUPLWGHQ.QRFKHQILQJHUQGHUUHFKWHQ +DQGXPNODPPHUWVHLQ0DXOVWDQGKDOERIIHQXQGGDV7LHUDXIGHPHU VDVFKQDXIWH'DEHLTXROO5DXFKDXVGHQ1VWHUQ,FKZXWHDEHU DXFKGDHU)HXHUVSHLHQNRQQWH 'HU5HLWHUZDUDXVGHP:DOGUHFKWVYRUXQVHUVFKLHQHQ(UPXWH DXFKGRUWJHODXHUWKDEHQXQGQXQPDFKWHHUNHLQHUOHL$QVWDOWHQGHQ :HJIUHL]XJHEHQ 1HEHQPLUEHZHJWHVLFK6XNR(UVFKREVHLQHQ$UPGXUFKGLH/FNH ]ZLVFKHQGHQEHLGHQ9RUGHUVLW]HQSDFNWHGDVYRQ'HVWHURHUEHXWHWH 6FKZHUW'DEHLVWLHHUHLQHQ)OXFKDXV ª:DVLVW"©IUDJWHLFK ª+LQWHUXQVVWHKWDXFKHLQHU(UKDWHLQJURHV%DXIGHU%UXVW%DHOV /HLEZlFKWHU© 8QGGHU7\SYRUXQVWUXJHLQ(DXIGHQ6NHOHWWNQRFKHQJHPDOW(U JHK|UWH]X(XL\QRPH ª:DVPDFKHQZLU"©IUDJWH6XNR

ª$XVVWHLJHQ© ª(LQIDFKVR"©0HLQ3DUWQHUJULQVWH ª:DVVRQVW"© 6XNRV$UPIXKUZLHGHUYRUXQGLFKVDKGDHUGDV6FKZHUWIHVWKLHOW ª:LOOVWGXHV"© ª.ODU© ,FKO|VWHGHQ6LFKHUKHLWVJXUWSDFNWHGHQ*ULIIXQGVWLHJDXVGHP :DJHQ (VZDUNlOWHUJHZRUGHQ'DVNRQQWHDQGHU+|KHOLHJHQDEHUDXFKDQ GHU$QZHVHQKHLWGHUJHIlKUOLFKHQ5HLWHU :LUNRQQWHQQLFKWYRUXQGQLFKW]XUFN6LHKDWWHQXQVUHJHOUHFKWHLQ JHNHLOW 9RQGHQEHLGHQDQGHUHQVDKHQZLUQLFKWVDEHUXQVZDUNODUGDVLH LUJHQGZRLQGHU1lKHODXHUWHQXQGXQVEHREDFKWHWHQ 'LH7UOLHLFKQXUDQJHOHKQWJLQJHLQSDDU6FKULWWHYRUXQGEOLHE QHEHQGHPUHFKWHQ9RUGHUUHLIHQVWHKHQ 6XNRZDU]XUFNJHJDQJHQ(UVWDQGLQ+|KHGHV+LQWHUUHLIHQVXQG EHKLHOWGHQDQGHUHQ5HLWHULP$XJH :LUPDHQXQVPLW%OLFNHQ6HKUJURNDPPLUGLH*HVWDOWYRU6LH KRFNWHZLHHLQ'HQNPDODXIGHPVFKZDU]HQ*DXOXQGVSUDFKNHLQ HLQ]LJHV:RUWZlKUHQGGHUYRQGHQ%HUJHQIDOOHQGH:LQGGXUFKGLH .QRFKHQGHV5HLWHUVIXKU ª:DVZLOOVWGX"©IUDJWHLFKLKQ ª'XELVW-RKQ6LQFODLU©(UVSUDFKZLHHLQ$XWRPDW ª-DLFKKRIIHGXKDVWPLFKHUNDQQWXQGHULQQHUVWGLFKDXFKQRFKDQ XQVHUH]ZHLWH%HJHJQXQJ'DPDOVLVWHVGLUYHUGDPPWGUHFNLJJH JDQJHQ0HLQ.UHX]WUDJHLFKZLHGHUEHLPLU:LOOVWGXHVVHKHQ"©,FK KREGLHOLQNH+DQGXQG]RJGDV.UX]LIL[KHUYRUGDGDQDFKRIIHQYRU GHU%UXVWEDXPHOWH (VUHDJLHUWHQLFKW 'DVKDWWHLFKDXFKQLFKWHUZDUWHWGHQQLFKKlWWHHVHUVWJHJHQGLH *HVWDOWVFKOHXGHUQPVVHQXPHLQHQ(UIROJ]XHU]LHOHQ6RWDWVLFK QLFKWV ª'LHVPDOZLUGHVGLUQLFKWVKHOIHQ-RKQ6LQFODLU(VKDWQXUVHLQH.UDIW HQWIDOWHWZHLOVLFKDXFKGHU%XPHUDQJLQGHU1lKHEHIDQGhEHUGDV .UHX]DOOHLQODFKHQZLU© 'DNRQQWHHUUHFKWKDEHQ(UVW]XVDPPHQPLWGHP%XPHUDQJZDUHV GHP.UHX]XQGPLUJHOXQJHQGHQ6FKZDU]HQ7RG]XYHUQLFKWHQXQG GLH+RUURU5HLWHU]XUFN]XVFKOHXGHUQ ,FKKDWWHQLHZLUNOLFKGDUDQJHJODXEWGDLFKVLHHQGJOWLJYHUQLFKWHW KDWWHQXQVDKLFKGHQOHEHQGHQ%HZHLVYRUPLU

$EHULFKZROOWHHVJHQDXZLVVHQª:RNRPPWLKUKHU"©VWHOOWHLFK PHLQHQlFKVWH)UDJH ª$XVHLQHU:HOWGLHGXQLFKWNHQQVW*HLVWHUMlJHU© ª.DQQLFKPLUGHQNHQ8QGZHUKDWHXFKJHKROIHQ"© ª'LHYLHU(U]GlPRQHQ© .ODUGD$VWDURWK%DHO(XU\QRPHXQG$PGXFLDVLKUHGlPRQLVFKHQ )LQJHULP6SLHOKDWWHQ6LHZUGHQHVQLH]XODVVHQGDLKUH/HLEZlFKWHU YHUQLFKWHWZXUGHQ ª8QGZDVVDJW$VPRGLQDGD]X"© ª6LHZLUGVLFKGDPLWDEILQGHQPVVHQ© 'LHVH$QWZRUWDXIPHLQHQLFKWRKQH+LQWHUJHGDQNHQJHVWHOOWH)UDJH EHZLHVPLUGDDQGHUHPlFKWLJH'lPRQHQHVOHLGZDUHQYRQ $VPRGLQDJHJlQJHOW]XZHUGHQ6LHJULIIHQ]XHLJHQHQ0LWWHOQGDV $XIWDXFKHQGHU+RUURU5HLWHUKDWWHHVEHZLHVHQ ª:HULVWQRFKEHLHXFK"© ª'DVZHLWGXVHOEVW:LUKDEHQ'RQ$OYDUH]EHIUHLWGHQQHUKDWLQ GHU=HLWVHLQHV=ZDQJVDXIHQWKDOWHVLQGHU,UUHQDQVWDOWLPPHU]XXQV JHKDOWHQ(UKDWXQVQLFKWYHUJHVVHQXQGZLUKDEHQLKQQLFKWYHU JHVVHQ© ª8QGZREHILQGHWHUVLFK"©IUDJWHLFKREZRKOLFKGLH$QWZRUWVFKRQ DKQWH ª,P.ORVWHU(UEHUHLWHWDOOHVIUXQVHUH$QNXQIWYRU:HQQZLUHLQ WUHIIHQLVWGLHVHU6WXW]SXQNWGHV*XWHQVWXUPUHLIXQGHUZLUG]XHLQHU )HVWXQJGHU+|OOH© *URH:RUWHGRFKIUPLFKEHVWDQGNHLQ*UXQGDQLKUHU*ODXE ZUGLJNHLW]X]ZHLIHOQ 8QGLFKGXUFKVFKDXWHLKUHQ3ODQ6LHZROOWHQ6XNRXQGPLFKKLHUDXI KDOEHU6WUHFNHVRODQJHIHVWKDOWHQELV$OYDUH]GDV.ORVWHUEHUQRPPHQ KDWWH (LQWHXIOLVFKHU3ODQGHUDXIJHKHQNRQQWHZHQQZLUQLFKWVXQWHU QDKPHQ ª1HLQ©HUZLGHUWHLFKHQWVFKORVVHQª1LHZLUGGDV.ORVWHU]XHLQHU )HVWXQJGHU+|OOH'DIUWUDJHLFK6RUJH©1DFKGLHVHQ:RUWHQOLHILFK PLWVFKODJEHUHLWHP6FKZHUWDXIGLH.QRFKHQJHVWDOW]X0HLQH%HUHWWD NRQQWHLFKLP+ROVWHUODVVHQVLHKlWWHPLUGRFKQLFKWJHJHQGLHVH5HLWHU JHKROIHQ6LOEHUNXJHOQSUDOOWHQDQGLHVHQ.QRFKHQZLUNXQJVORVDE$EHU PLWGHP6FKZHUWHEHQIDOOVHLQH:DIIHGHV%|VHQKRIIWHLFKGLH6NHOHWWH ]HUVW|UHQ]XN|QQHQ 0XOPLJZDUPLUVFKRQDOVLFKGHP+RUURU5HLWHUHQWJHJHQVFKULWW 'RFKLFKZXWH6XNRLQPHLQHP5FNHQ(UZUGHPLFKIUKJHQXJ ZDUQHQVROOWHGHUDQGHUHYHUVXFKHQHLQ]XJUHLIHQ

'HU5HLWHUEOLHEDXIVHLQHPVFKZDU]HQ*DXOVLW]HQ(UPDFKWHNHLQHU OHL$QVWDOWHQPLUHQWJHJHQ]XVSUHQJHQXQGGDVZXQGHUWHPLFK6HKU EDOGHUIXKULFKGHQ*UXQG 6XNRVWLHGHQ:DUQVFKUHLDXVª-RKQZHJ© %OLW]VFKQHOOODJLFKIODFK.DXPZDULFKDXIGHP%RGHQDXIJHSUDOOWGD K|UWHLFKVFKRQGDVSIHLIHQGH*HUlXVFKPLWGHPGLHVFKZHUH/DQ]H DXIPLFK]XIORJ'RFKQLFKWGHU5HLWHUYRURGHUKLQWHUPLUKDWWHVLH JHZRUIHQVRQGHUQHLQGULWWHUGHUUHFKWVYRQPLULP:DOGODXHUWH 'DVVFKZHUH:XUIJHVFKRKlPPHUWHGLFKWQHEHQPHLQHP.RSILQ GHQ%RGHQ6RZXFKWLJGDGLH6SLW]HIDVWELV]XP%HJLQQGHV6FKDIWV GDULQYHUVFKZDQG ,FKVSUDQJDXI *OHLFK]HLWLJULWWGHU5HLWHUYRUPLUDQ'HUGULWWHSUHVFKWHGHQ+DQJ KHUXQWHUXQGDXFK6XNRZXUGHYRQ]ZHLGlPRQLVFKHQ.UHDWXUHQ DWWDFNLHUW'HUOHW]WH5HLWHUKDWWHHEHQIDOOVLP:DOGJHODXHUWDOOHUGLQJV ZHLWHUKLQWHQ 'HU&KLQHVHZROOWHVHLQHQ6WDEDXVGHU7DVFKH]LHKHQGRFKHUNDP QLFKWPHKUGD]X$OOHVJLQJYLHO]XUDVFK(UNRQQWHVLFKQXUQRFKPLW HLQHPUDVFKHQ6SUXQJ]XU6HLWHUHWWHQVRQVWZlUHHUYRQGHQ+XIHQGHV 3IHUGHVJHWURIIHQZRUGHQGLHSO|W]OLFKYRUVHLQHP*HVLFKWDXIWDXFKWHQ 6XNRSUDOOWH]X%RGHQEHUVFKOXJVLFKHLQSDDUPDOVFKOXFNWH6WDXE ZROOWHDXIGLH%HLQHNRPPHQXQGGLH'lPRQHQSHLWVFKH]LHKHQZXUGH DEHUYRQGHP5HLWHUVRKDUWJHUDPPWGDHUZLHGHU]X%RGHQVWU]WH XQGVLFKGRUWEHUVFKOXJ 'HU&KLQHVHKDWWHVRYLHO6FKZXQJGDHUTXHUEHUGLH6WUDHUROOWH XQGGHP$EJUXQGYHUGDPPWQDKHNDP.QDSSGDYRUEOLHEHUOLHJHQ NUPPWHVHLQHQ.|USHUXQGVFKQHOOWHKRFK 'LFKWYRUVLFKVDKHUGHQSHFKVFKZDU]HQ*DXO(UVWDQGDXIGHU +LQWHUKDQGGHU5HLWHUKDWWHVLFKDXIJHVHW]WXQGUDPPWHGLHJHIlKUOLFKH /DQ]HQDFKXQWHQXPGHQ&KLQHVHQ]XW|WHQ 6XNRVSUDQJ]XU6HLWHVWLHVLFKDEXQGKHFKWHWHJOHLFK]HLWLJYRU(U VSUWHQRFKGHQ/XIW]XJVRGLFKWZLVFKWHGLH:DIIHDQVHLQHP6FKlGHO YRUEHLGDQQKDWWHQGLH)LQJHUVHLQHUDXVJHVWUHFNWHQ$UPHGHQ+RUURU 5HLWHUJHSDFNWXQGNUDOOWHQVLFKDQGHQ.QRFKHQIHVW 6XNRULGDVVFKZHUH6NHOHWWYRP3IHUGHUFNHQ(VNODSSHUWHDOVGHU +RUURU5HLWHU]X%RGHQILHO 6RIRUWJULII6XNRXQWHUVHLQH-DFNHXQGKROWHGLH'lPRQHQSHLWVFKH KHUYRU(UNDPQLFKWPHKUGD]XHLQHQ.UHLV]XVFKODJHQXPGLH:DIIH HLQ]XVHW]HQ]XN|QQHQ(LQDQGHUHUJULIILQGHQ.DPSIHLQDQGHQ6XNR JDUQLFKWJHGDFKWKDWWH 'DV3IHUGEHIDQGVLFKLQVHLQHP5FNHQXQGWUDW]X

6LLNRZXUGHQDFKYRUQJHVFKOHXGHUWGLUHNWDXIGHQ5HLWHU]X 'DGXUFKKDWWHHU*OFNVRGDLKQGHU]ZHLWH+XIQXUDP.RSIVWUHLIWH %HLHLQHP9ROOWUHIIHUZlUH6XNRWRWJHZHVHQVREHUVWDQGHUYRUHUVW GHQ7UHIIHUVDKGLH6WHUQHYRUVHLQHQ$XJHQDXISODW]HQXQGPHUNWHZLH VHLQH%HLQHQDFKJDEHQ $OOHVYHUVFKZDPP(UVWROSHUWHQRFKHLQSDDU6FKULWWHZHLWHUEHYRUHU QDFKYRUQNLSSWHXQGEHZXWORVZXUGH'HQ$XISUDOOVSUWHHUVFKRQ QLFKWPHKU 6FKDXULJODFKWHGHU+RUURU5HLWHUDXI 'LHVHV/DFKHQK|UWHDXFKLFKXQGZXWHGDLUJHQGHWZDV6FKOLPPHV JHVFKHKHQZDU,FKVFKOXJPLFKQRFKLPPHUPLWPHLQHQ]ZHL5HLWHUQ KHUXPGLHXQJHKHXHUVFKQHOOXQGZHQGLJZDUHQGHQQLFKKDWWHHVQRFK QLFKWJHVFKDIIWHLQHQ7UHIIHU]XODQGHQ ,PPHUZLHGHUZLFKHQGLHEHLGHQDXV 6LHKRFNWHQDXILKUHQ*l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lWWHEHVVHU]LHOHQ VROOHQGHQQGDVDXIGHP*DXOKRFNHQGH6NHOHWWGXFNWHUHFKW]HLWLJ JHQXJZHJXQGGLH/DQ]HIHKOWH 0LVW 0LWGHP6FKZHUWIKUWHLFKGHQQlFKVWHQ6WUHLFK=LHPOLFKXQNRQWURO OLHUWDEHULFKKDWWH*OFN 'LH6SLW]HVWUHLIWHGDV.QRFKHQEHLQGHV]ZHLWHQ5HLWHUV (LQZLOGHUUDXKHU6FKUHL,PQlFKVWHQ$XJHQEOLFNILHOHLQ)XPLW HLQHP6WFN.QRFKHQGDUDQ]X%RGHQ'HU5HLWHUPXWH6FKPHU]HQ VSUHQXQGLFKOlFKHOWHJULPPLJ,FKNRQQWHPLFKDOOHUGLQJVQLFKW ZHLWHUXPLKQNPPHUQGHQQGXUFK6XNRV6FKUHLZXWHLFKGDHU +LOIHEUDXFKWH,FKZDQGWHPLFKEOLW]VFKQHOOXPSUDOOWHGDEHLJHJHQGLH 6WRVWDQJHGHV%HQWOH\VSUDQJDXIGLH.KOHUKDXEHYRQGRUWDXVDXI GDV'DFKGHV:DJHQVXQGOLHIPLWVFKQHOOHQ6FKULWWHQGDUEHUKLQZHJ 9RP'DFKDXVKHFKWHWHLFKDXIHLQHQ5HLWHU]XGHUYRQVHLQHP*DXO JHVWLHJHQZDUXQG6XNRLQGHQ$EJUXQGVFKOHXGHUQZROOWH

,FKNDPNHLQH6HNXQGH]XVSlW'DV6NHOHWWKDWWHPHLQHQ3DUWQHU VFKRQPLWEHLGHQ+lQGHQJHSDFNWDOVLFKYRQGHUHLJHQHQ:XFKW JHWULHEHQJHJHQLKQSUDOOWH 'HU.Q|FKHUQHNLSSWHQLFKWQXUXPVRQGHUQYHUVFKZDQGEHUGHU .DQWHXQGILHOLQGHQ$EJUXQG'DPLWZDUHUQLFKWHUOHGLJWDEHULFK KDWWHHLQHQ*HJQHUZHQLJHU 6RIRUWZLUEHOWHLFKKHUXP 0LWGHP6FKZHUWZHKUWHLFKHLQHQ6WLFKDE/HLGHUWUDILFKGLH/DQ]H QLFKWVRVRGDLFKVLHLQ]ZHL7HLOHJHKDXHQKlWWHGLH.OLQJHVWUHLIWHVLH QXU(VUHLFKWHDOOHUGLQJVDXVXPVLHDXVGHU5LFKWXQJ]XEULQJHQ ,FKVWDFKQDFKGHP.RSIGHV3IHUGHV 8QGKDWWH*OFN 'LH6SLW]HERKUWHVLFKLQGDVOLQNH$XJHGHVK|OOLVFKHQ7LHUV(LQ VFKULOOHV*HUlXVFKHUNODQJGDVQXUHLQHHQWIHUQWHbKQOLFKNHLWPLWGHP :LHKHUQQRUPDOHU3IHUGHKDWWH$XIGHU+LQWHUKDQGVWLHJGHUVFKZDU]H *DXOKRFKXQGLFKVDKHLQHGLFNHJUQOLFKH)OVVLJNHLWDXVGHP$XJH IOLHHQGLHLQJURHQ7URSIHQ]X%RGHQNODWVFKWH (LQHQZHLWHUHQ*HJQHUVDKLFKQLFKWLQXQPLWWHOEDUHU1lKH'LHGUHL +RUURU5HLWHU]RJHQVLFK]XUFN 8QGZLHVLHGDVPDFKWHQ 6LHJDEHQLKUHQ*l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|KQOLFKKDUWHU7ULWWJHZHVHQVHLQGHQQ6XNRNRQQWH HLQLJHVHLQVWHFNHQ $XV(UIDKUXQJZXWHLFKGD6XNRZHQQHUHLQPDOEHZXWORVZDU

VRVFKQHOOQLFKWZLHGHUDXIZDFKHQZUGH0LUEOLHEGHVKDOEQLFKWV DQGHUHVEULJDOVLKQ]XSDFNHQXQGLQGHQ:DJHQ]XKLHYHQGHQQ OLHJHQODVVHQZROOWHLFKLKQQLFKW :LHGHUHLQPDOPHUNWHLFKZLHVFKZHUPHLQ)UHXQGZDU,FKKDWWH JURH0KHVHLQHQ2EHUN|USHUEHUKDXSWKRFK]XZXFKWHQ6FKOLHOLFK IDWHLFKLKQXQWHUGLH$FKVHOQXQGVFKDIIWHLKQVR]XP:DJHQZREHL VHLQH+DFNHQEHUGHQ%RGHQVFKOHLIWHQXQGGRUW]ZHL/LQLHQKLQWHU OLHHQ )UDJHQ6LHPLFKQLFKWZLHLFK6XNRLQGHQ)RQGEHNDP,FKVFKDIIWH HVPLW.UDIWXQG*HGXOG 'DQDFKPXWHLFKPLFKHUVWHLQPDODXVUXKHQ,FKKRFNWHDXIGHP )DKUHUVLW]KDWWHGLH7URIIHQXQGDWPHWHVFKZHU0DQNRQQWHHVDOV GHSULPLHUHQGH3KDVHEH]HLFKQHQ7URW]GHV7HLOHUIROJVGHQLFKHUUXQJHQ KDWWHIKOWHLFKPLFKQLFKWZRKO 6XNRZDUEHZXWORV'HPWHXIOLVFKHQ0|QFK$OYDUH]ZDUHVVLFKHU OLFKJHOXQJHQLQGDV.ORVWHUHLQ]XGULQJHQ9RQ0\[LQXQG.DUDIHKOWH MHGHV/HEHQV]HLFKHQXQGLFKNDPPLUYHUGDPPWDOOHLQYRU 6RDOOHLQZUGHLFKDXFKJHJHQGLHYLHUYHUGDPPWHQ5HLWHUDQWUHWHQ PVVHQ 'DVNRQQWHJDUQLFKWJXWJHKHQ(LQHUDOOHLQJHJHQGLHYLHUJUDXVDPHQ *HVWDOWHQ"1LH (VZXUGHODQJVDPGXQNHO)UPLFKZDUGDV(LQIDOOHQGHU'lP PHUXQJHLQ6WDUWVLJQDO ,FKIXKUZLHGHUDQ'LHVPDOHLQHPYHUGDPPW8QJHZLVVHQ6FKLFNVDO HQWJHJHQ 'HU$EWEUDFK]XVDPPHQ )DVVXQJVORVLJNHLW8QJODXEHXQG(QWVHW]HQZDUHQLQVHLQHP *HVLFKW]XOHVHQGDVLPPHUEOHLFKHUZXUGH(UVWUHFNWHVHLQH$UPH DXVXQGZROOWHVLFKDQGHQ6FKXOWHUQVHLQHV0|UGHUVDEVWW]HQGRFK $OYDUH]WUDW]XUFNXQGVDK]XZLHGHU$EW]X%RGHQILHOXQGGRUW OLHJHQEOLHE (UODJYRUGHP6FKUDQNDXIGHU6HLWHXQGVW|KQWHOHLVH1RFKVWHFNWH /HEHQLQVHLQHP.RUSHUGRFKPLWMHGHP7URSIHQ%OXWGHUDXVGHQ :XQGHQVLFNHUWHZXUGHHVZHQLJHU 'HUWHXIOLVFKH0|QFKEFNWHVLFKXQG]RJEHLGH0HVVHUDXVGHP .|USHU'LH.OLQJHQVlXEHUWHDQGHU.OHLGXQJGHV$EWVXQGOLHVLH ZLHGHUYHUVFKZLQGHQ (UYHUQDKPGDV6W|KQHQGHV6WHUEHQGHQXQGEFNWHVLFK$QNODJHQG VFKDXWHLKQGHU$EWDQ

ª:DUXP"©IOVWHUWHHUª:DUXPKDEHQ6LHPLFK© ª(VPXWHVHLQ© ª%UXGHU"© 'DNLFKHUWH$OYDUH]KRKO'HU6FKHLQGHVIODFNHUQGHQ.HU]HQOLFKWVWUDI LKQXQGPDOWH]XFNHQGH6FKDWWHQDXIVHLQ*HVLFKWª9RQZHJHQ%UXGHU ,FKELQYRP6DWDQJHNRPPHQXQGZHUGHGLHVHV.ORVWHU]XHLQHP 6WW]SXQNWGHU+|OOHPDFKHQ'XZDUVWGHUHUVWHDQGHUHZHUGHQ IROJHQ+LHUUHJLHUHLFK© ª1HLQ©NHXFKWHGHU$EWª1HLQQLHZLUGGLUGDVJHOLQJHQ6HLYHU IOXFKW7HXIHOVGLHQHU© ª'DVELQLFKVRZLHVR©:LHGHUODFKWHHU ª,FKYHUIOXFKHGLFK©1RFKHLQPDOKDWWHVLFKGHU$EW]XVDPPHQ JHULVVHQ6HLQH6WLPPHNODQJVRVFKULOOGDVRJDU$OYDUH]HUVFKUDN GHQQGLHVH.UDIWKlWWHHUGHP6WHUEHQGHQQLFKWPHKU]XJHWUDXW (VZDUHQGLHOHW]WHQ:RUWHGHV.ORVWHUYRUVWHKHUV (LQWLHIHUU|FKHOQGHU$WHP]XJGDQQZDUDOOHVYRUEHL 'HU$EWZDUWRW ª(QGOLFK©NHXFKWH$OYDUH]ªHQGOLFK©(UVWDQGZLHGHUDXIXQG VFKDXWHVLFKXP 1HLQLQGLHVHU%LEOLRWKHNEHIDQGVLFKQLFKWVIUGDVHUVLFKLQWHU HVVLHUWH(VZDUQXUJXWGDHUGHQ$EWJHW|WHWKDWWH-HW]WZDUHQGLH 0|QFKHIKUXQJVORV 'DNORSIWHHV 6RIRUWHUVWDUUWHGHUWHXIOLVFKH0|QFK(UKDWWHQLFKWGDPLWJHUHFKQHW GDMHPDQGGHQ$EWEHVXFKHQZUGH ª:HULVWGD"©IUDJWH$OYDUH]XQGYHUVXFKWHGLH6WLPPHGHV.ORVWHU YRUVWHKHUVQDFK]XDKPHQ ª,FK%UXGHU,JQD]© 'HU0|QFKJULQVWH'DVZDUGRFKGHU.QDEHGHULKPJH|IIQHWKDWWH 'LH6WLPPHEHZLHVHV ª(LQHQ0RPHQW%UXGHULFKJHEHGLU%HVFKHLG©1DFKGLHVHQ:RUWHQ HUZDFKWHGHU0|UGHU]XHLQHUQDKH]XILHEHUKDIWHQ+HNWLNXQG$NWLYLWlW (U]RJGLH/HLFKHGHV$EWVHLQ6WFN]XU6HLWHXQGOHJWHVLHQHEHQGHP 6FKUDQNLQGHQWRWHQ:LQNHO'LH7UHQOLHHURIIHQGDPLWGHU7RWH QLFKWVRIRUWJHVHKHQZHUGHQNRQQWH ª'XNDQQVWNRPPHQ%UXGHU,JQD]© $OYDUH]KDWWHHVWDWVlFKOLFKJHVFKDIIWGLH6WLPPHGHV7RWHQVRJXW]X LPLWLHUHQGDVHOEVW%UXGHU,JQD]GDUDXIKHUHLQILHO$KQXQJVORV|IIQHWH HUGLH7U 'HUWHXIOLVFKH0|QFKKLHOWVLFKLP+LQWHUJUXQGXPQLFKWVRIRUWJH VHKHQ]XZHUGHQ

$KQXQJVORVEHWUDW%UXGHU,JQD]GLH%LEOLRWKHN(VNDP$OYDUH]

3OlQHQVRJDUVHKUHQWJHJHQGDHUGLH7UKLQWHUVLFKVFKOR%HVVHU NRQQWHHVEHUKDXSWQLFKWODXIHQ %UXGHU,JQD]EOLHEVWHKHQª:RELVWGX(KUZUGLJHU9DWHU"©IUDJWH HUOHLVH (UHUKLHOWNHLQH$QWZRUW 'HU0|QFKZDQGWHVLFKXP 'DVDKHU$OYDUH] ,PHUVWHQ$XJHQEOLFNJODXEWHHUWDWVlFKOLFKGHQ$EWYRUVLFK]X KDEHQGHQQ$OYDUH]KDWWHVHLQH.DSX]HKRFKJH]RJHQXQGEHLGH+lQGH LQGLHZHLWHQbUPHOJHVWHFNW 'DVHLQH)LQJHUGRUWGLH*ULIIHGHU0HVVHUXPNODPPHUWHQNRQQWH ,JQD]QLFKWZLVVHQ ª(KUZUGLJHU9DWHULFK© /HLVHODFKWH$OYDUH]DXIª,FKELQQLFKWGHU$EW© 1RFKLPPHUZXUGH,JQD]QLFKWPLWUDXLVFKVRQGHUQIUDJWHª:R EHILQGHWHUVLFK"© ª%HLP7HXIHO(ULVWWRW© 'DHUVWDUUWHGHU0|QFKLQMlKHP6FKUHFNHQ6HLQ*HVLFKWZXUGHDVFK IDKOª:RZRLVWHU"© ª,FKKDEHLKQJHW|WHW©VDJW$OYDUH]XQGNDPODQJVDPQlKHUª6RZLH LFKDXFKGLFKW|WHQZHUGH©'DEHL]RJHUGLH0HVVHUDXVVHLQHQ .XWWHQlUPHOQ 3O|W]OLFKZXWH,JQD]%HVFKHLG%OLW]VFKQHOOZDQGWHHUVLFKXPXQG IORK]XU7U 9LHOOHLFKWKlWWHHU]XP)HQVWHUODXIHQVROOHQVRPDFKWHHUHV$OYDUH] QXUOHLFKW 'HU6SDQLHUKREGHQUHFKWHQ$UPXQGVFKOHXGHUWHGDV0HVVHU (UNRQQWHDXVJH]HLFKQHWPLWGLHVHQ:DIIHQXPJHKHQ'LH.OLQJHIDQG LQGHPEUHLWHQ5FNHQGHV0|QFKVLKU=LHOXQGYHUVFKZDQGLQGHUZDO OHQGHQ.XWWHVRGDQXUQRFKGHU6FKDIWKHUYRUVFKDXWH %UXGHU,JQD]HUUHLFKWHGLHVFKZHUH.OLQNHQLFKWPHKU6HLQH+DQG UXWVFKWHDQGHU7UIOOXQJDEHUVHOEVWILHO]X%RGHQXQGEOLHEDXIGHP *HVLFKWOLHJHQ (UZDUWRW $OYDUH]ULHEVLFKGLH+lQGH]RJGDV0HVVHUDXVGHU/HLFKHKHUYRU VlXEHUWHHVXQGVWHFNWHHVHLQ'DQQVFKOHLIWHHUGHQ7RWHQGRUWKLQZR DXFKGHU$EWODJ 1LFKWVNRQQWHLKQMHW]WQRFKDXIKDOWHQ7URW]GHPEOLHEHUYRUVLFKWLJ DOVHUGLH7U|IIQHWHXQGKLQDXVVFKDXWH /HHUODJGHU*DQJ]XEHLGHQ6HLWHQYRULKP

'RQ$OYDUH]KXVFKWHDXVGHP$UEHLWV]LPPHULQGHPHU]ZHL/HLFKHQ KLQWHUODVVHQKDWWH 6LFKHUOLFKZUGHPDQGLH7RWHQEDOGHQWGHFNHQDEHUGDVPDFKWH QLFKWV%LVGDKLQPXWH'RQ$OYDUH]GDV.ORVWHUXQWHUVHLQH.QXWH JHEUDFKWKDEHQ 8QGHUZUGHHVVFKDIIHQ (UGDFKWHJDUQLFKWGDUDQVLFK]XYHUVWHFNHQVRQGHUQVFKULWWGRUWKLQ ZRHUKHUJHNRPPHQZDU'DEHLYHUVXFKWHHUP|JOLFKVWOHLVHEHUGHQ *DQJ]XJHKHQ(UZROOWHJURHV$XIVHKHQYHUPHLGHQ 9RUGHU7UEOLHEHUVWHKHQ(VZDUQLFKWY|OOLJVWLOO$XVGHQ.ODXVHQ YHUQDKPHUGLH6WLPPHQGHU0|QFKH(LQLJHEHWHWHQODXWGHQ 5RVHQNUDQ]XQG$OYDUH]YHU]RJGDV*HVLFKW'LHVH:RUWHSDWHQLKP QLFKWPHKUVHLWHUVLFKGHP7HXIHOYHUVFKZRUHQKDWWH (U]LVFKWHHLQHQJHPHLQHQ)OXFKGXUFKGLH=lKQH|IIQHWHGLH7UXQG JLQJQDFKGUDXHQ 0LWGHU'lPPHUXQJZDUGLH.KOHJHNRPPHQ9RQGHQ%HUJHQKHU ZHKWHHLQNlOWHUHU:LQGGHUDXFKGLH.XWWHGHV0|UGHUVHUIDWHXQGVLH HQJJHJHQVHLQHQ.|USHUSUHWH(UKLHOWGLH.DSX]HQLFKWPHKUIHVWLKP ZDUHVHJDOGDVLHLQVHLQHQ1DFNHQJHZHKWZXUGH ,QGHU6FKPLHGHEUDQQWH/LFKWHLQ=HLFKHQGDGRUWQRFKJHDUEHLWHW ZXUGH8PGLH/LSSHQGHVWHXIOLVFKHQ0|QFKVVWDKOVLFKHLQE|VHV /lFKHOQDOVHUGDUDQGDFKWHZHUGRUWDP)HXHUVDXQGQRFKVRVSlW VHLQHU%HVFKlIWLJXQJQDFKJLQJ (VKDWWHVLFKLP.UHLVHGHU'lPRQHQXQG+|OOHQJHVWDOWHQKHUXPJH VSURFKHQGD%UXGHU,JQDWLXVGLH6LOEHUNXJHOKHUVWHOOWHXQGVLHZHLKWH GLHIUGHQ*HLVWHUMlJHUVRZLFKWLJZDUHQ'HQQGXUFKGLH.XJHOQ KDWWHQ]DKOUHLFKH'lPRQHQGHUXQWHUHQ6WXIHEHUHLWVLKU/HEHQYHU ORUHQXQGLKUH6HHOHQVLHFKWHQGDKLQLP5HLFKGHVJUlOLFKHQ6SXN ZRVLHQLHPDOV(UO|VXQJIDQGHQ :HQQ$OYDUH]GLHVHQ0DQQW|WHWHGDQQKDWWHHULQGHQ$XJHQGHU 6FKZDU]EOWHUHLQJURHV:HUNYROOEUDFKW $OYDUH]HQWVFKORVLFKVHLQHQYLHUWHQ0RUGDQGLHVHP7DJ]XEH JHKHQ 1LHPDQGEHREDFKWHWHLKQDOVHUDQGHPQHXHUEDXWHQ%UXQQHQYRU EHLJLQJXQGGLHNOHLQH6FKPLHGHDQVWHXHUWH(UYHUVFKPRO]LQVHLQHU GXQNOHQ.XWWHPLWGHQ6FKDWWHQGHU'XQNHOKHLWGLHLPPHUVWlUNHUZXU GHQXQGGHQ,QQHQKRIIDVWYROOVWlQGLJDXVIOOWHQ 'LH:HUNVWDWWGHV6FKPLHGVEHIDQGVLFKLQHLQHPNOHLQHQ$QEDX 'XUFKHLQRIIHQHV)HQVWHUILHOGDVU|WOLFKH/LFKWXQGPDOWHHLQHQODQJHQ 6WUHLIHQDXIGHQ%RGHQ 'LH7UEHVWDQGDXV+RO]XQGZDUQLFKWEHDUEHLWHWZRUGHQ0DQ

VDKLKUMHGRFKDQGDGLH%RKOHQVHKUGLFNZDUHQ $OYDUH]NORSIWH(UZROOWHHVY|OOLJKDUPORVPDFKHQ,JQDWLXVVROOWH NHLQHUOHL9HUGDFKWVFK|SIHQ ª-D"© 9RUVLFKWLJGUFNWHGHUWHXIOLVFKH0|QFKGLH7UDXIXQGEHWUDWDXI OHLVHQ6RKOHQGLH:HUNVWDWW ,QHLQHP6WHLQEHFNHQJOKWHQQRFKGLH.RKOHQ(LQSDDUZLQ]LJH )OlPPFKHQWDQ]WHQEHUGDV*HVWHLQIDQGHQDEHUNHLQH1DKUXQJPHKU 'HU0|QFKKRFNWHDXIHLQHP6FKHPHO9RULKPVWDQGHLQH6FKDOHPLW IOVVLJHP6LOEHU ª7ULWWQlKHU©VDJWH%UXGHU,JQDWLXVIUHXQGOLFKDOVHUVDKGDGHU $QN|PPOLQJXQVFKOVVLJDQGHU7UVWHKHQEOLHE ª*RWW]XP*UXH©VDJWH$OYDUH]ZREHLHVLKPVFKZHUILHOGLH:RUWH EHUGLH/LSSHQ]XEULQJHQª:HUELVWGX%UXGHU"© ª,FKKHLH,JQDWLXV© ª(LQHQ1DPHQVYHWWHUYRQGLUKDEHLFKEHUHLWVNHQQHQJHOHUQW(UKDW PLFKHPSIDQJHQ© ª'DQQELVWGXGHU%UXGHUGHUGLHVHKUZHLWH3LOJHUUHLVHDXIVLFK JHQRPPHQKDW"© ª-DGHUELQLFK© ª(VLVWHLQHJURH/HLVWXQJGLHGXGDYROOEUDFKWKDVW%UXGHU©VDJWH ,JQDWLXV(UQLFNWHDQHUNHQQHQGª8QGQXQZLOOVWGXGLFKHLQZHQLJ XPVHKHQ"© ª6RLVWHV,FKP|FKWHPLFKLUJHQGZLHQW]OLFKPDFKHQ,FKPXDXFK DUEHLWHQZHQQLFKKLHUEOHLEH© ª(LQHVHKUO|EOLFKH(LQVWHOOXQJ%UXGHU9HUVWHKVWGXHWZDVYRP 6FKPLHGHKDQGZHUN"© ª1HLQDEHULFKZUGHHVJHUQOHUQHQ© ª'DQQELVWGXEHLPLUULFKWLJ© ª:LHLFKVHKHDUEHLWHVWGXPLW6LOEHUXQGQLFKWPLW(LVHQ©VDJWH'RQ $OYDUH]ª+DWGDVHLQHQEHVRQGHUHQ*UXQG"© ª-DGDVKDWHV© ª'DUIPDQLKQHUIDKUHQ"© ª1HLQLFKP|FKWHQLFKWGDUEHUVSUHFKHQ'HU$EWKDWHVPLUQLFKW RIIL]LHOOHUODXEW:HQQHUMHGRFKVHLQH(LQZLOOLJXQJJLEWGDQQGDUI LFKUHGHQ© ª6LHVLQGIUHLQHQ0DQQEHVWLPPWQLFKWZDKU"© 'HU6FKPLHGNUDXVWHGLH6WLUQ ª'DVVWLPPW© ª8QGGHU0DQQKHLW-RKQ6LQFODLU© %UXGHU,JQDWLXVZDUHUVWDXQWª5LFKWLJGXELVWVHKUJXWLQIRUPLHUW

:RKHUNRPPWGDV"© ª0DQKDWVHLQH%H]LHKXQJHQ©EHPHUNWH'RQ$OYDUH]XQGJLQJODQJ VDPDXI%UXGHU,JQDWLXV]XGHUVLFKSO|W]OLFKVHKULUULWLHUW]HLJWH(U VWDQGQHEHQGHP)HXHUGHVVHQ*OXWLKQPLWLKUHPOHW]WHQ6FKHLQEHU ZDUI 'HU0|QFKZXUGHDEHUDXFKPLWUDXLVFK'LHOHW]WH%HPHUNXQJGHV 0DQQHVSDWHVRJDUQLFKW]XHLQHP*HLVWOLFKHQ 8QGSO|W]OLFKODJHQGLHEHLGHQ0HVVHULQGHQ+lQGHQGHVWHXIOLVFKHQ 0|QFKV$XFKGLHEODQNHQ.OLQJHQZXUGHQDQJHVWUDKOWXQGVDKHQDXV ZLHLQ%OXWJHWDXFKW ª'DPLWKDVWGXZRKOQLFKWJHUHFKQHWZLH"©K|KQWH$OYDUH]ª=ZHL 7RWHKDEHLFKKLHUVFKRQKLQWHUODVVHQXQGHLQHUOLHJWDXIGHU6WUDHGLH ]XP.ORVWHUIKUW'XZLUVWGHUQlFKVWHVHLQEHYRUGHU*HLVWHUMlJHUDQ GLH5HLKHNRPPW© 'LHVHLQZLOGHP7ULXPSKDXVJHVWRHQHQ:RUWHKDWWHQGHP3DWHU=HLW JHJHEHQVLFKDXIGLHQHXH/DJHHLQ]XVWHOOHQ(UZDUHLQ0DQQGHV )ULHGHQVDEHUGLH*HZDOWGLHLKPMHW]WGURKWHGLHNRQQWHQXUPLW *HZDOWEHNlPSIWZHUGHQ (UVSUDQJ]XUFNXQGJULIIQDFKHLQHPULHVLJHQ9RUVFKODJKDPPHUGHU DQGHU:DQGOHKQWH 0LWHLQHU+DQGVFKZDQJHULKQKRFKHLQ=HLFKHQGDIUZHOFKHLQH .UDIWLQVHLQHP.|USHUVWHFNWH ª:DVZLOOVWGX6DWDQ"©IDXFKWHHU$OYDUH]DQª'XZLUVWPLFKQLFKW W|WHQVRQGHUQLFKZHUGHGLFK]XU+|OOHVFKLFNHQGDPLWGXGDV+HXOHQ XQG=lKQHNQLUVFKHQDPHLJHQHQ/HLEHHUOHEHQNDQQVW© 'DVFKOHXGHUWH$OYDUH]HLQ0HVVHU 'LH%HZHJXQJZDULP$QVDW]NDXP]XHUNHQQHQDEHU,JQDWLXVKDWWH VDJHQKDIWHV*OFN$OVGDV0HVVHUDXILKQ]XIORJULGHUGHQ9RUVFKODJ KDPPHU]XU6HLWHXQGGLH.OLQJHKLHEJHQDXJHJHQGDVVFKZHUH6WFN (LVHQZRVLHPLWHLQHPNOLQJHQGHQ*HUlXVFKDESUDOOWHXQG]X%RGHQ ILHO 'RQ$OYDUH]ZDUVHNXQGHQODQJLUULWLHUW'DPLWKDWWHHUQXQZLUNOLFK QLFKWJHUHFKQHW %UXGHU,JQDWLXVZDUIVLFKYRU,QPDORVHP=RUQVFKOXJHUPLWGHP 9RUVFKODJKDPPHU]XKROWHMHGRFK]XZHLWDXVVRGDGHUWHXIOLVFKH 0|QFK*HOHJHQKHLWIDQG]XU6HLWH]XZHLFKHQ 'HU+DPPHUYHUIHKOWHLKQ %UXGHU,JQDWLXVILHOQDFKYRUQGRFK]XP*OFNDQGHUUHFKWHQ6HLWH GHV0DQQHVYRUEHLGHQQLQGLHVHU+DQGKLHOW$OYDUH]NHLQ0HVVHUPHKU 'LHEXOOLJH*HVWDOWGHV3DWHUVEHUKUWHLKQXQGGUFNWHLKQ]XU6HLWH ZREHL$OYDUH]EHUGHQ6FKHPHOVWUDXFKHOWHXQGLKQXPUL

'RFKHUJDEQLFKWDXI0LWHLQHPJHZDOWLJHQ6SUXQJZDUHUEHLVHLQHP ]ZHLWHQ0HVVHUHUZLVFKWHHVVHLQ$UPIXKUKRFKXQGEOLHEPLWWHQLQ GHU%HZHJXQJVWHKHQ (UKDWWHHWZDVJHK|UW +HXOHQXQG3IHLIHQLQGHU/XIW 'LH+RUURU5HLWHUZDUHQGD (QGOLFK :LOGODFKWHHUDXIYHUJDVHLQHQ)HLQGXQGUDQQWHDQLKPYRUEHLQDFK GUDXHQ (LQVFKDXULJVFK|QHV%LOGERWVLFKVHLQHQ$XJHQ $(%$NDPDXVGHU/XIW9RQDOOHQYLHU+LPPHOVULFKWXQJHQULWWHQGLH +RUURU5HLWHUKHUEHL6LHKRFNWHQDXILKUHQQDFKWVFKZDU]HQ*lXOHQXQG VWLHHQDXIGDV.ORVWHUQLHGHU )HXHUXQG5DXFKTXROOHQDXVGHQ1VWHUQGHU7LHUH6LHXPKOOWHQGLH 5HLWHUPLWLKUHPEOXWLJHQ6FKHLQ 'RQ$OYDUH]UDQQWH]XP%UXQQHQZRHUDXIGLH.QLHILHOXQGEHLGH +lQGHJHJHQGHQ+LPPHOVWUHFNWH ª6DWDQ©EUOOWHHUª6DWDQLFKOLHEHGLFK'XELVWJHNRPPHQKDVW GHLQH'LHQHUJHVFKLFNW1LPPGLHVHVYHUIOXFKWH.ORVWHUXQGPDFKHHV ]XHLQHP+RUWGHU+|OOH© 6HLQH6WLPPHKDOOWHDOVVFKDXULJHV(FKREHUGHQ,QQHQKRIDXIGHP GLH5HLWHUVRHEHQODQGHWHQ (LQHUKLHOWSO|W]OLFKHLQJOKHQGHV/DVVRLQGHU+DQGULWWDQKROWH DXVXQGZLHHLQ.RPHWSILIIGDVPDJLVFKH/DVVRGXUFKGLH/XIWEHYRU HVVLFKXPGDV.UHX]DXIGHP'DFKGHUNOHLQHQ.DSHOOHZLFNHOWH (LQ5XFNXQGGDV(LVHQNUHX]ILHOQDFKXQWHQ $XIGHP+RIEOLHEHVOLHJHQ $OYDUH]UDQQWHKLQXQGWUDWZWHQGPLWEHLGHQ)HQDXIGHP.UHX] KHUXP ª8QGMHW]WKROWGLH0|QFKH©EUOOWHHUZREHLVHLQH6WLPPHIDVWEHU NLSSWHª6LHVROOHQVWHUEHQ$OOHVROOHQVLHVWHUEHQ©6HLQVDWDQLVFKHV /DFKHQVWDFKLQGHQGXQNOHQ+LPPHO 8QGGLH+|OOHNRQQWHMXELOLHUHQ 6XNRZDUQRFKLPPHUEHZXWORV 1LFKWHLQPDOHLQOHLVHV6W|KQHQKDWWHHUYRQVLFKJHJHEHQ(VPXWH LKQGRFKVWlUNHUHUZLVFKWKDEHQDOVLFKDQJHQRPPHQKDWWH,FKEHIDQG PLFKQRFKLPPHUDXIGHU6WUDH0LWWOHUZHLOHKDWWHPLFKGLH'XQNHOKHLW HLQJHKROW,FKPXWHGLH6FKHLQZHUIHUHLQVFKDOWHQ,KUH6WUDKOHQZDUIHQ HLQHQKHOOHQ7HSSLFKDXIGHQ:HJ

,FKZXWHGDLFK]XVSlWNRPPHQZUGH'LH+RUURU5HLWHUZDUHQ HLQIDFK]XVFKQHOO6LHEUDXFKWHQVLFKQLFKWDQGLH*HVHW]HGHU3K\VLN]X KDOWHQGLHNRQQWHQDXILKUHQUDEHQVFKZDU]HQ3IHUGHQGXUFKGLH/XIW UHLWHQ :HQQLFKLP.ORVWHU6W3DWULFNHLQWUDIZUGHQVLHHVOlQJVWLQLKUHQ %HVLW]JHQRPPHQKDEHQ 'DYRUKDWWHLFK$QJVW6LHZDUHQ'lPRQHQKDWHQDOOHV*XWHDOOHV 0HQVFKOLFKHXQGZLHLFKVLHNDQQWHZUGHQVLHNHLQ(UEDUPHQNHQQHQ XQGDOOH,QVDVVHQW|WHQ $OVLFKGDUDQGDFKWHELOGHWHVLFKDXIPHLQHP5FNHQHLQH*lQVHKDXW 0HLQH)XUFKWVWHLJHUWHVLFKQRFKPHKU,FKIXKUVFKQHOOHUQDKPGLH .XUYHQKlUWHUREZRKOHVVFKRQIDVWDQ:DKQVLQQJUHQ]WH 'DQQWUDWLFKDXIGLH%UHPVH 9RUXQGEHUPLUVDKLFKGHQEOXWURWHQ6FKHLQDP+LPPHO,PHUVWHQ $XJHQEOLFNQDKPLFKDQGD6W3DWULFNEUHQQHQZUGHDEHUGHU6FKHLQ EHZHJWHVLFKHUZDQGHUWHYRQREHQQDFKXQWHQXQGZDUVFKOLHOLFKYHU VFKZXQGHQ 'DVZDUHQGLH5HLWHU 8QGVLHPXWHQHVWDWVlFKOLFKJHVFKDIIWKDEHQGDV.ORVWHU]X VWUPHQ *DV ,FKIXKUQRFKVFKQHOOHUQRFKULVNDQWHU0DQFKPDOUDGLHUWHQGLH5HLIHQ QXUXP+DDUHVEUHLWHDP$EJUXQGHQWODQJDEHULFKPXWHUHWWHQZDV QRFK]XUHWWHQZDU 9LHOOHLFKWQRFK]ZHL0LQXWHQ)DKUWGDQQKDWWHLFKGDV.ORVWHULQGHQ %HUJHQHUUHLFKW (VZDUHQQLFKWHLQPDO]ZHL0LQXWHQ ,FKVWRSSWH|IIQHWHGLH7UXQGYHU]RJGDV*HVLFKWZHLOLFKGLH JHOOHQGHQ6WLPPHQXQGGDV6FKUHLHQK|UWH 'LH'lPRQHQZDUHQLQLKUHP(OHPHQW $POLHEVWHQZlUHLFKDXIGDV.ORVWHU]XJHUDQQWKlWWHPLFKEHUGLH 0DXHUJHVFKZXQJHQXQGZlUHZLHHLQUlFKHQGHU*HLVWEHUGLHDQGH UHQJHNRPPHQ 'DVZlUHMHGRFKIDOVFKJHZHVHQLFKPXWHLQGLHVHQ$XJHQEOLFNHQ HLQHQNKOHQ.RSIEHZDKUHQ 1RFKKDWWHPDQPLFKQLFKWJHVHKHQ 'DV*HVFKHKHQOLHIDXIGHP,QQHQKRIDEXQGGLHGLFNHQ.ORVWHU PDXHUQWUHQQWHQXQV,FKZDUIQRFKHLQHQ%OLFNDXI6XNR 'HU&KLQHVHODJZLHKLQJHVWUHFNWGD%ODLP*HVLFKWPLWHLQJHIDO OHQHQ:DQJHQ9HUGDPPWHVKDWWHLKQGRFKKDUWHUZLVFKW,FKGLDJQR VWL]LHUWHHLQH*HKLUQHUVFKWWHUXQJ

'DV6FKZHUWQDKPLFKPLW(VZDUMHW]WPHLQHZLFKWLJVWH:DIIHLP .DPSIJHJHQGLH+RUURU5HLWHU,FKQDKP6XNRDXFKGLH'lUQRQHQ SHLWVFKHDEXQGVWHFNWHVLHHEHQIDOOVHLQ 9LHUJHJHQHLQHQ 'DV9HUKlOWQLVJHILHOPLUQLFKWDEHUYLHOOHLFKWNRQQWHQPLUGLH 0|QFKH]XU6HLWHVWHKHQ9RUDOOHQ'LQJHQ%UXGHU,JQDWLXV 8QJHVHKHQJHODQJWHLFKELVDQGDV7RUGHV.ORVWHUV+RFKZXFKVHV YRUPLUDXI 0HLQ%OLFNZXUGHHWZDVSHVVLPLVWLVFK'DV5LHVHQGLQJNRQQWHLFK DOOHLQQLFKWDXI]LHKHQ:DKUVFKHLQOLFKEOLHEPLUQLFKWVDQGHUHVEULJDOV DQGHU0DXHUKRFK]XNOHWWHP ,FKDFKWHWHDXFKDXIGLH*HUlXVFKHKLQWHUGHU0DXHU 8QGGLHZDUHQJDUQLFKWVFK|Q 0LUILHOEHVRQGHUVGLHNUHLVFKHQGH6WLPPHGHVHKHPDOLJHQ0|QFKV 'RQ$OYDUH]DXI(UEUOOWHVLFKIDVWGLH/XQJHDXVGHP/HLEZDULQ VHLQHP(OHPHQWXQGYHUVXFKWHGLH+RUURU5HLWHUDOVDXFKGLH0|QFKH ]XGLULJLHUHQ ª(LQ6FKDIRWWZHUGHLFKKLHUDXIEDXHQ©EUOOWHHUª(LQULHVLJHV 6FKDIRWW©(UODFKWHVFKDXULJª8QGLKUZHUGHWVWHUEHQ'HU5HLKHQDFK NRPPWLKUGUDQ©,FKYHUVWDQGQLFKWPHKUZDVHUQRFKDOOHVHU]lKOWH ZXWHMHGRFKGDHVIUPLFK=HLWZDU 'DHQWGHFNWHLFKGLHNOHLQH6HLWHQWU6LHOLHVLFKQDWUOLFKEHVVHU |IIQHQ9LHOOHLFKWNRQQWHLFKVLHVRJDUDXIEUHFKHQ 'DVZDUQLFKWQ|WLJGHQQGLH0|QFKHKDWWHQVLHJDUQLFKWYHUVFKORV VHQ,FKGUFNWHVLHDXI(LQHQ6SDOWQXUGXUFKGHQLFKVFKDXWH 8QGZDVLFK]XVHKHQEHNDPZDUQLFKWGD]XJHHLJQHWPHLQH/DXQH ]XKHEHQ 'DV%LOGZDUVFKDXULJPDNDEHUXQGDXFKW|GOLFK (VJDENHLQHQGHU0|QFKHGHUGLH:RUWHGHVWHXIOLVFKHQ6SDQLHUVQLFKW YHUQRPPHQKDWWH6LHGUDQJHQELVLQGLHOHW]WH.ODXVHXQGULHIHQ$QJVW (UVFKUHFNHQXQGDXFK=RUQKHUYRU ,QGLHVHPKHLOLJHQ.ORVWHUZXUGHYRP6DWDQJHVSURFKHQ9RP6LHJ GHU+|OOH :HOFKHLQ)UHYHO 1LHPDQGEUDXFKWHGHQ0|QFKHQ]XVDJHQZDVVLHWXQVROOWHQ6LH ZXWHQHVYRQDOOHLQ )DVWJOHLFK]HLWLJZXUGHQGLH7UHQGHU.ODXVHQDXIJHVWRHQDOVGLH 0|QFKHLKUHHQJHQ.DPPHUQYHUOLHHQGLH*lQJHHQWODQJHLOWHQXQG VLFKGHP$XVJDQJQlKHUWHQ

'RUWEOLHEHQVLHVREHUUDVFKWVWHKHQVRGDGLHKLQWHUHQQLFKWPHKU UHFKW]HLWLJJHQXJVWRSSHQNRQQWHQXQGJHJHQLKUH9RUGHUOHXWHSUDOOWHQ (VHQWVWDQGHLQ]LHPOLFKHV'XUFKHLQDQGHU 'LH6]HQHDXIGHP,QQHQKRIVFKLHQZLUNOLFKHLQ$EELOGGHU+|OOH]X VHLQ 'DZDUHQGLHYLHU5HLWHU6LHKRFNWHQDXISHFKVFKZDU]HQ*lXOHQGLH DXVLKUHQ1VWHUQ)HXHUVFKOHXGHUWHQXQGVRGLHXQPLWWHOEDUH8P JHEXQJVFKDXULJHUKHOOWHQ 'LH5HLWHUELOGHWHQGDV$EELOGGHV6FKUHFNHQV/DVPDQGLH %XFKVWDEHQYRQOLQNVQDFKUHFKWVGDQQIRUPLHUWHQVLHVLFK]XGHP:RUW GHU:RUWH $(%$ +LHUZDUHQVLHZLHGHUYHUWUHWHQXQGGDVDXIJHZHLKWHP*UXQG(LQ 6LHJGHU+|OOHHLQ7ULXPSKGHV7HXIHOVXQGGHU6FKZDU]HQ0DJLH 9LHOOHLFKWKDWWHQHLQLJHYRQLKQHQVFKRQEHU$(%$JHK|UWRGHUJH OHVHQDEHUQRFKQLHKDWWHMHPDQGGHU0|QFKHGLHVHQ+RUURU*HVWDOWHQ $XJHLQ$XJHJHJHQEHUJHVWDQGHQ 'DVZDUQXQGHU)DOO 8QGHVJDENHLQHQXQWHULKQHQGHUQLFKWJHVFKRFNWJHZHVHQZlUH ª'DVVLQGMD6NHOHWWH©IOVWHUWHHLQQRFKMXQJHU0|QFKXQGHUVFKDX GHUWH 'LHDQGHUHQVDJWHQQLFKWV6LHVWDQGHQQHEHQHLQDQGHUYRUGHU7U =ZDQ]LJ0lQQHU =ZDQ]LJ0|QFKHGLHVLFKGHP*XWHQYHUVFKZRUHQKDWWHQXQGEHU GLHMHW]WGLH+|OOHKHUHLQJHEURFKHQZDU 1LHPDQGVSUDFKPHKU'LH5XKHYRUGHP6WXUPODJEHUGHP ,QQHQKRIGHV.ORVWHUV 6HOEVW'RQ$OYDUH]KLHOWGHQ0XQG(UVWDQGYRUGHUJURHQ(LFKHGLH HLQSDDU6FKULWWHQHEHQGHP%UXQQHQZXFKVLKUGLFKWEHODXEWHV$VW ZHUNLQGLH+|KHVWUHFNWHXQGHLQJUQHVVFKW]HQGHV'DFKELOGHWH $XVNDOWHQ$XJHQVWDUUWHGHUWHXIOLVFKH0|QFKGLHDQGHUHQDQ'DV ZDUGLH6WXQGHVHLQHV6LHJHV(QGOLFKNRQQWHHU]XUFNVFKODJHQXQGHU ZUGHGLH0|QFKH]XVHLQHQXQG]X'LHQHUQGHU+|OOHPDFKHQ (LQHUIHKOWHDOOHUGLQJV 'DVZDU%UXGHU,JQDWLXV(UZDUQLFKWDXVVHLQHU6FKPLHGHJHODXIHQ VRQGHUQKDWWHVLFKGRUW]XUFNJH]RJHQXQGEHREDFKWHWHGLH9RUJlQJH GXUFKGDVRIIHQH)HQVWHU )LHEHUKDIWVXFKWHHUQDFKHLQHP$XVZHJ 0LWHLQHP9RUVFKODJKDPPHUKDWWHHUVHLQHQ*HJQHUDQJHJULIIHQ6R VWDUNGLHVH:DIIHDXFKZDUJHJHQGLH+RUURU5HLWHUNDPVLHQLFKWDQ(U NRQQWHVLHGDPLWQLFKWW|WHQK|FKVWHQV$OYDUH]DEHUGDQQEOLHEHQQRFK

GLHYLHUEULJGLHLKUHQ$XIWUDJPLWW|GOLFKHU3Ul]LVLRQDXVIKUHQ ZUGHQ :DVNRQQWHHUWXQ" %UXGHU,JQDWLXV]RJVLFKYRP)HQVWHU]XUFN6HLQ%OLFNVFKZHLIWH GXUFKGLHNOHLQH6FKPLHGH'DV)HXHUZDULQ]ZLVFKHQVRZHLWKHUXQWHU JHEUDQQWGDHVNDXPQRFKJOKWH1XUHLQOHW]WHV*OLPPHQGDVZDU DOOHV (UKDWWHGDV6LOEHU$OOHUGLQJVNRQQWHHUGDPLWQLFKWVDQIDQJHQ(LQLJH .XJHOQZDUHQ]ZDUVFKRQJHJRVVHQQXUIHKOWHLKPGLH:DIIHPLWGHUHU GLH*HVFKRVVHYHUIHXHUQNRQQWH 1HLQGDZDUQLFKWV]XPDFKHQ (UWDVWHWHQDFKVHLQHP.UHX]-HGHU0|QFKEHVDGLHVHVVFKOLFKWH +RO]NUHX]DXV(LFKH(VKLQJXPVHLQHQ+DOVZDU]ZDUPLW:HLKZDVVHU JHZHLKWZRUGHQGRFKGLH&KDQFH*HJQHUGDPLWDXIKDOWHQ]XN|QQHQ ZDUPHKUDOVJHULQJ 1HLQGDVZUGHQVLHQLFKWVFKDIIHQ'DIUZDUHQGLHDQGHUHQHLQIDFK ]XVWDUN :DVDOVRWXQ" )OXFKW"6ROOWHHUDOVHLQ]LJHUYHUVXFKHQ]XIOLHKHQXQGLUJHQGZR+LOIH KROHQ"'LHVHU*HGDQNHZXUGHYRQLKPVRUDVFKYHUZRUIHQZLHHU DXIJH]XFNWZDU(UVWHQVNRQQWHHUVHLQH%UGHUQLFKWLP6WLFKODVVHQ ]ZHLWHQVZXWHHUQLFKWZRHU+LOIHKHUKROHQNRQQWH 'HPQDFKVFKLHGGLHVH0|JOLFKNHLWDXV %UXGHU,JQDWLXVVFKDXWHZLHGHUDXVGHP)HQVWHU1LFKWVKDWWHVLFKYHU lQGHUWGLHIHLQGOLFKHQ3DUWHLHQVWDQGHQVLFKQRFKLPPHUJHJHQEHU 8QGDOOHQYRUDQGLHVHU0DQQDXV6SDQLHQGHUPHQVFKOLFKH7HXIHOLQGHU 0|QFKVNXWWHGHULQGDV.ORVWHUHLQJHGUXQJHQZDUXQGVFKZHUH6FKXOG DXIVLFKJHODGHQKDWWH %UXGHU,JQDWLXVYHUPLWHVHLQHQ1DPHQVYHWWHUXQGHUYHUPLWHDXFK GHQ$EW )ULKQHLQ%HZHLVGDGLHEHLGHQ]XPLQGHVWVFKZHUYHUOHW]WZDUHQ ZHQQGHUDQGHUHVLHQLFKWJHW|WHWKDWWH ª'DIHKOWQRFKMHPDQG©'LH6WLPPHGHV6SDQLHUVKDOOWHEHUGHQ ,QQHQKRI ,JQDWLXV]XFNWH]XVDPPHQ ª.RPPUDXVGX5DWWH©*HOlFKWHUIROJWHXQG%UXGHU,JQDWLXVZXWH GDHUJHPHLQWZDU (UUKUWHVLFKQLFKW ª6ROOLFKGLFKKROHQ,JQDWLXV":LOOVWGXZLUNOLFKGDLFKGLFKDXV GHLQHUYHUGDPPWHQ6FKPLHGHVFKOHLIHQODVVH"© 'DZXWHGHU0|QFKPLWOHW]WHU6LFKHUKHLWGDHUJHPHLQWZDU8QG

HU]HLJWHVLFKQLFKWIHLJH(UEHUZDQGVHLQHQLQQHUHQ6FKZHLQHKXQG GDFKWHDQGLHDQGHUHQXQGDXFKGDUDQGDHUVLHXQWHU8PVWlQGHQ GXUFKVHLQH+DOWXQJLQ*HIDKUEULQJHQZUGH9LHOOHLFKWZDUGHU 6SDQLHUQXUDQLKPLQWHUHVVLHUWZHLOHUGLH6LOEHUNXJHOQIU-RKQ6LQFODLU KHUVWHOOWHXQGOLHVHLQH%UGHULQ5XKH" %UXGHU,JQDWLXV]|JHUWHQLFKWOlQJHU(UDWPHWHQRFKHLQPDOWLHIGXUFK VFKOXJHLQ.UHX]]HLFKHQXQGVSUDFKHLQNXU]HV*HEHW 'DQQJLQJHU 0LWVFKZHUHQ6FKULWWHQQlKHUWHHUVLFKGHU7UVWLHVLHDXIXQGEOLHE DXIGHU6FKZHOOHVWHKHQZlKUHQGHUVDJWHª'DELQLFKGXYHUIOXFKWHU 6DWDQ© 'RQ$OYDUH]ODFKWHNUHLVFKHQGª6DWDQKDVWGXPLFKJHQDQQW:HOFK HLQH(KUHPHLQ)UHXQG©(UYHUEHXJWHVLFKOHLFKWXQGNLFKHUWHKRKOª,FK P|FKWHJHUQZLH6DWDQVHLQYLHOOHLFKWNRPPHLFKPHLQHP=LHODXFKHLQ 6WFNQlKHUZHQQLFKGLFKXQGGLHDQGHUHQ]X*HVFK|SIHQGHU+|OOH PDFKH©(UVFKWWHOWHGHQ.RSIª1HLQGRFKQLFKW,JQDWLXV'LFKZHUGH LFKQLFKW]XHLQHP7HXIHOVGLHQHUPDFKHQ'LUVWHKWHLQDQGHUHV6FKLFNVDO EHYRU,FKZHUGHGLFKW|WHQGHQQGXELVWGHUMHQLJHGHUIU-RKQ6LQFODLU GLH.XJHOQKHUVWHOOWGDPLWHUPHLQH)UHXQGHW|WHQNDQQ'XVROOVWVHOEVW VHKHQZLHHVLVWZHQQPDQVWLUEW$PHLJHQHQ/HLEHVROOVWGXDOOGDV HUIDKUHQ.RPPKHU© %UXGHU,JQDWLXVVSUWHGLH%OLFNHVHLQHU)UHXQGHXQG/HLGHQV JHQRVVHQDXIVLFKJHULFKWHW(UZROOWHHWZDVVDJHQHLQSDDUWU|VWHQGH :RUWHVSUHFKHQGRFKVHLQH.HKOHZDU]XGHQQDXFKLKQKLHOWGDV *UDXHQXPNODPPHUW ª:DUXP]|JHUVWGX"©VFKULH$OYDUH]ª+DVWGX$QJVWGXNRPLVFKHU +HLOLJHU"© ª'HU7RGVFKUHFNWPLFKQLFKW© ª2KZLHHGHO©VSRWWHWHGHU0DQQDXV6SDQLHQª'DQQZLOOVWGXJHUQ VWHUEHQ"© ª1HLQ©HUZLGHUWH%UXGHU,JQDWLXVGHUVLFKZLHGHUJHIDQJHQKDWWH ª,FKVWHUEHQLFKWJHUQDEHULFKZHLGDDXFKGXQLFKWXQVWHUEOLFKELVW (LQHV7DJHVZLUGPDQGLFKHUZLVFKHQ9LHOOHLFKWLVWGLH=HLWJDUQLFKW PHKUVRZHLW'DQQZLUGHLQ0DQQNRPPHQGHUDXFKGLFK]XP7HXIHO VFKLFNW© ª'HQNVWGXDQ-RKQ6LQFODLU"© ª-DDQLKQGHQNHLFK© ª9RULKPKDEHLFKNHLQH$QJVW(UNDQQPLFKQLFKWPHKUVFKUHFNHQ ZHLOHUJHJHQPLFKXQGGLHYLHU5HLWHUQLFKWDQNRPPW:LUKDWWHQVFKRQ HLQHNOHLQH%HJHJQXQJXQGLFKZLOOGLUVRJDUVDJHQGDHUDXIGHP:HJ ]XP.ORVWHULVWGRFKZHQQHUKLHUHLQWULIIWZLUGHUIHVWJHVWHOOWKDEHQ

GDGLH0|QFKH]X'LHQHUQGHU+|OOHJHZRUGHQVLQG'DVLVWXQVHUH 6WXQGHGDVLVWXQVHU7ULXPSK© %UXGHU,JQDWLXVVSUDFKQLFKWGDJHJHQ(UVDKMDVHOEVWZLHJXWGLH *HJHQVHLWHLP5HQQHQODJ8QGGDHLQHLQ]HOQHUJHJHQGLHYLHU5HLWHU XQGDXFKJHJHQ$OYDUH]HWZDVDXVULFKWHQNRQQWHGDUDQJODXEWHHU QLFKW (UVFKDXWHDXIVHLQH%UGHU 6LHVWDQGHQGRUWZLHHLQH+HUGH6FKDIHbQJVWOLFKJHVFKRFNWXQG HQWVHW]W ª8QGZHQQLKUZLVVHQZROOWZRHXHU$EWJHEOLHEHQLVW©VSUDFK $OYDUH]GLHDQGHUHQDQªGDQQVFKDXWLQVHLQHP$UEHLWV]LPPHUQDFK 'RUWOLHJWHU0LW]ZHL0HVVHUVWLFKHQLQGHU%UXVW,FKKDEHLKQJHW|WHW© 'HUWHXIOLVFKH0|QFKULHEVLFKGLHWURFNHQHQ+lQGH(VUDVFKHOWHGDEHL ZLH3DSLHU'DQQGUHKWHHUKDVWLJGHQ.RSIª/RVMHW]W,JQDWLXVKHU ]XPLU:LUKDEHQVFKRQ]XYLHO=HLWYHUORUHQ'XKlWWHVWOlQJVWWRW VHLQVROOHQ© 'DJLQJ,JQDWLXVZHLWHU%HJOHLWHWYRQGHQ%OLFNHQGHUDQGHUHQIUGLH HUVLFKRSIHUQZROOWH(UKDWWHVHLQ.UHX]XPNODPPHUW'HU*ODXEH GDUDQJDELKPGLH6WlUNHGLHHUEUDXFKWHXPLQGHQ7RG]XJHKHQ 'UHL
JHQGH.XOLVVHGHUNDXPEHOHXFKWHWH,QQHQKRIGHV.ORVWHUVXQGGLH XQVLFKWEDUEHUGHQ.|SIHQGHU0lQQHUVFKZHEHQGH$QJVWVRZLH GDVKLHUZRKQHQGH*UDXHQ :LHDXIHLQJHKHLPHV.RPPDQGRKLQJULIIHQGLH0|QFKHXQWHULKUH .XWWHQ 6LHKROWHQLKUH.UHX]HKHUYRU 'LHHLQ]LJHQ:DIIHQGLHVLHEHVDHQ ª'DVQW]WHXFKJDUQLFKWV©VFKULH$OYDUH]XQGOLHVHLQHQ$UP IDOOHQª6WLUE©EUOOWHHU :LHHLQ'HQNPDOVWDQGLFKGLFKWYRUGHU7U ,FKKDWWHPHLQH%HUHWWDJH]RJHQQLHPDQGKDWWHPLFKJHVHKHQDOVLFK GHQ,QQHQKRIEHWUDWXQGLFK]LHOWHPLWPHLQHU3LVWROHDXIGHQWHXI OLVFKHQ0|QFK /HLGHUZDUGHU6FKXZLQNHOHLQZHQLJVFKOHFKWKLQ]XNDPGDV IODFNHUQGH/LFKWGDVPHKU6FKDWWHQSURGX]LHUWHDOV+HOOLJNHLW$EHUHV JDENHLQHDQGHUH0|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|WHWHQ %UXGHU,JQDWLXVQRFKQLFKWZlKUHQGVLFK$OYDUH]JHGXFNWKDWWHXPHLQ VRNOHLQHV=LHOZLHP|JOLFK]XELOGHQ 0LW5LHVHQVlW]HQMDJWHLFKKHUDQ,FKZROOWHPLU$OYDUH]KROHQLKQDOV *HLVHOQHKPHQGRFKPHLQ3ODQZXUGHUDGLNDO]HUVW|UW 'LH5HLWHUZDUHQVFKQHOOHU %DHOV'LHQHUVSUHQJWHYRUXQGULWWPLULQGHQ:HJ,FKVFKRQRFKHLQ PDOWUDIDXFKGRFKGLH.XJHOIHJWHGDV6NHOHWWQLFKWYRP5FNHQGHV 3IHUGHV 'DIUWUDIGHU*DXOPLFK

(UUDPPWHPLFK,FKYHUORUGHQ%RGHQXQWHUGHQ)HQILHOKLQXQG UROOWHPLFKVRIRUWKHUXPZREHLLFKGDV6FKZHUWXQGGLH%HUHWWDHLVHUQ IHVWKLHOW *HJHQGHQ5DQGGHVJHPDXHUWHQ%UXQQHQVSUDOOWHLFKZROOWHZLHGHU DXIGLH%HLQHNRPPHQGRFKGDKDWWHQVLHPLFK $OVLFKGLH$XJHQ|IIQHWHVDKLFKYLHU/DQ]HQVSLW]HQGLFKWYRU PHLQHP*HVLFKW $XV 'DV6FKZHUWXQGGLH3LVWROHNRQQWHLFKYHUJHVVHQ:HQQLFKHLQH IDOVFKH%HZHJXQJPDFKWHZUGHQPLFKGLH/DQ]HQGXUFKERKUHQ,FK KDWWHPLFKVHOEVWLQGLH6LWXDWLRQJHEUDFKWXQGPXWHQXQGLH)ROJHQ WUDJHQGLHQXUHLQVEHGHXWHQNRQQWHQPHLQHQ7RG 'LH0|QFKHKDWWHQJHVWRSSW6LHWUDXWHQVLFKQLFKWPHKUZHLWHU YRUDOVVLHVDKHQGDHLQHZHLWHUH+RIIQXQJ]HUVW|UWZRUGHQZDU ,FKNRQQWHLKQHQQLFKWPHKUKHOIHQLFKZDUVHOEVWLQGLHJQDGHQORVH 0KOHGHV9HUGHUEHQVJHUDWHQ $OYDUH]GUlQJWHVLFKYRUVFKOLFKDQGHQ3IHUGHOHLEHUQYRUEHLXQGWUDW PLUPLWYROOHU:XW]ZHLPDOKDUWLQGLH6HLWH ,FK]XFNWH]XVDPPHQ(VZDUHQZLOGH7ULWWHJHZHVHQXQGGHU 6FKPHU]GXUFKVWU|PWHPHLQHQ.|USHU(LVHUQELLFKGLH=lKQH]XVDP PHQXQGVW|KQWHQLFKWHLQPDO ª6LQFODLUGX+XQG©NHXFKWH$OYDUH]ª'XKDVWHVJHZDJWDXIPLFK ]XVFKLHHQ"© ª-D©NUlFK]WHLFKªXQGLFKZUGHHVDXFKZLHGHUYHUVXFKHQGHQQ ([LVWHQ]HQZLHGXKDEHQNHLQ5HFKWDXIGLHVHU(UGH]XOHEHQ© +DUWH:RUWHIUGLHLFKHLQHQHUQHXWHQ7ULWWNDVVLHUWH'LHVPDOWUDI PLFKGHU6FKXKDQGHU%UXVWXQGSUHWHPLUGLH/XIWDXVGHQ/XQJHQ :LHGHUKRE$OYDUH]VHLQ%HLQ,FKEHIUFKWHWHGDHUPLFKWRWWUHWHQ ZUGHGRFKHLQHQYLHUWHQ7ULWWEHUOHJWHHUVLFK(UOLHVHLQ%HLQ ZLHGHUVLQNHQ ª1HLQ*HLVWHUMlJHUVROHLFKWZLOOLFKHVGLUQLFKWPDFKHQ'XVROOVWDXI HLQHDQGHUH$UWXQG:HLVHXPV/HEHQNRPPHQ/DQJHJHQXJKDEHLFK GDUEHUQDFKGHQNHQN|QQHQXQGPLULVWHLQHVHKUJXWH/|VXQJHLQ JHIDOOHQ+RFKPLWGLU© ,FKVWDQGQRFKQLFKWDXI'HU6FKPHU]ZKOWHZHLWHUKLQLQPHLQHP .|USHU (LQHUGHU5HLWHUEHXJWHVLFKYRP3IHUGHUFNHQ,FKVSUWHGLH+DQG DQPHLQHU6FKXOWHUXQGVDKGDVGXQNOHVNHOHWWLHUWH*HVLFKWGLFKWYRU GHPPHLQHQ+DUWSDFNWHGLHNQ|FKHUQH.ODXH]XXQGULPLFKLQGLH +|KHZRLFKVFKZDQNHQGVWHKHQEOLHE-HGHU/XIW]XJKlWWHPLFKMHW]W YRQGHQ%HLQHQJHKROW

'DV6FKZHUWXQGGLH%HUHWWDKDWWHLFKOLHJHQODVVHQ,FKZDUQLFKWPHKU LQGHU/DJHJHZHVHQPLFKGDPLW]XYHUWHLGLJHQVRJHVFKZlFKWZDULFK ª1DGX+HOG©K|KQWH$OYDUH]XQGGLHVPDONDVVLHUWHLFKHLQHQ 6FKODJLQV*HVLFKWGHUPLFKELVDQGHQ%UXQQHQUDQG]XUFNZDUI6RIRUW U|WHWHVLFKPHLQH:DQJH,FKVDKNDXPQRFKHLQHQ$XVZHJREZRKOVLFK PHLQ,QQHUVWHVPLW)OXFKWEHVFKlIWLJWHGRFKGLH*HJHQVHLWHKDWWHGHQ 5LQJ]XGLFKWJH]RJHQ ,FKZDUXQGEOLHELQLKUHU+DQG $OVLFKDQ$OYDUH]YRUEHLVFKDXWHWUDIPHLQ%OLFNGHQYRQ%UXGHU ,JQDWLXV ,FKVDKGLH7UDXHULQVHLQHQ$XJHQGLH'HSUHVVLRQGLH$XIJDEHGDV :LVVHQYHUORUHQ]XKDEHQ =ZHL5HLWHUO|VWHQVLFKDXVGHP.UHLV6LHULWWHQ]X,JQDWLXVXQG QDKPHQLKQLQGLH0LWWHGDPLWHUQXUNHLQHQ$XVEUXFKYHUVXFKXQWHU QDKP0LFKEHGURKWHQGLHDQGHUHQEHLGHQ $POLHEVWHQKlWWHLFKGDV6FKZHUWJHQRPPHQXQGLKQHQMHGHQ .QRFKHQHLQ]HOQ]HUVFKODJHQ 'RQ$OYDUH]ZDQGWHVLFKKDOEXPXQGVWUHFNWHVHLQHQ$UPDXV(U GHXWHWHDXIGLHDOWH(LFKHQHEHQGHP%UXQQHQ ª6LHKVWGXLKQ*HLVWHUMlJHU"© ª%LQMDQLFKWEOLQG©HUZLGHUWHLFK 'LHVPDONDVVLHUWHLFKNHLQHQ6FKODJ$OYDUH]ZDUZRKO]XVHKUPLW GHQQDKHQ=XNXQIWVSUREOHPHQEHVFKlIWLJWª$QGLHVHP%DXP *HLVWHUMlJHUZLUVWGXGHLQPGHV/HEHQDXVKDXFKHQ:LUZHUGHQGLFK DQGHQ6WDPPIHVVHOQXQGMHGHUNDQQVHKHQZHQQGLH+RUURU5HLWHU LKUHXQGPHLQH5DFKHHUIOOHQ,KUH/DQ]HQZHUGHQGLFKGXUFKERKUHQ 8QGGXZLUVWGRUWDOVWRWHU0DQQXQGDOV0DKQXQJIUDOOHDQGLHVHP %DXPVWDPPKlQJHQEOHLEHQGDPLWMHGHUVHKHQNDQQZDVPLWGHP JHVFKLHKWGHUVLFKXQVLQGHQ:HJVWHOOW,QGLHVHP.ORVWHUHQGHWGHLQ :HJ-RKQ6LQFODLU© %HLGHQ]ZHL+RUURU5HLWHUQGLHVLFKLQ%UXGHU,JQDWLXV 1lKHDXI KLHOWHQVDKLFKHLQH%HZHJXQJ3O|W]OLFKVFKZLUUWHQJOKHQGH/DVVRV GXUFKGLH/XIWNUHLVWHQHLQPDOXQGVHQNWHQVLFKDXIPLFKQLHGHU ,QHLQHP$QIDOOYRQ:DKQVLQQULVNLHUWHLFKHLQHQ$XVIDOO,FKZROOWH PLFKQLFKWNDPSIORVHUJHEHQKlPPHUWHGLH/DQ]HGHVPLUDPQlFKVWHQ EHILQGOLFKHQ5HLWHUV]XU6HLWHXQG]HUUWHJOHLFK]HLWLJDQVHLQHPNQ|FKHU QHQ%HLQ +DOEUXWVFKWHHUYRP3IHUGHUFNHQ0HLQHOLQNH+DQGIXKUXQWHUGLH -DFNHGRFKGDWUDIPLFKGHU6FKODJ,FKNDPQLFKWPHKUGD]XGDV.UHX] RGHUGLH'lPRQHQSHLWVFKHKHUYRU]XKROHQ$OYDUH]KDWWHJHQDXJHZXW ZRKLQHUVFKODJHQPXWH

0LFKWULHEHVLQGLH.QLH,FKILHOQDFKYRUQ 1HLQLFKZXUGHQLFKWEHZXWORVDEHUGHU+LHEVFKDOWHWHPHLQH 5HIOH[HDXV,FKEOLHEDXIGHP,QQHQKRIGHV.ORVWHUVOLHJHQRKQHPLFK ]XUKUHQ ª'LHVHUYHUGDPPWH%DVWDUG©NHXFKWH$OYDUH]ª(UYHUVXFKWHVLPPHU ZLHGHUGHU+XQG©'HUWHXIOLVFKH0|QFKWUDWQHEHQPLFKª/RVKRFK PLWLKP© 6LHKLHYWHQPLFKLQGLH+|KH,FKVSUWHGLHNDOWHQ.QRFKHQNODXHQ KLQJZLHHLQVFKODIIHU/XIWEDOORQLP*ULIIGHU+RUURU5HLWHUXQGNRQQWH QLFKWVIUPHLQH%HIUHLXQJWXQGDLFKQRFKLPPHUSDUDO\VLHUWZDU 6LHVFKOHSSWHQPLFK]XP%DXPZDUIHQPLFKJHJHQGHQ6WDPPXQG SUHWHQPHLQHQ5FNHQDQGLHKDUWH5LQGH :lKUHQG$OYDUH]YRUPLUVWDQGXQGPLFKIHVWKLHOWZREHLHUPLFK WHXIOLVFKDQJULQVWHULWWHQ]ZHL+RUURU5HLWHUXPGHQ%DXPKHUXP6LH KDWWHQDXVGHQ/DVVRVJOKHQGH)HVVHOQJHIRUPWGLHVLHHLQSDDUPDOXP PHLQHQ.|USHUVFKODQJHQ6RIHVWXQGKDUWGDLFKPLFKQLFKWPHKU UKUHQNRQQWH (VZDUHLQHYHUGDPPWH6DFKHVR]XKlQJHQXQGVLFKQLFKWZHKUHQ]X N|QQHQDEHULFKVWDQGVLHGXUFK $OVLFKGDQQZLHGHUQRUPDOUHDJLHUHQNRQQWHDOVGLH0XVNHOQXQG 5HIOH[HPLWVSLHOWHQGDKLHOWHQPLFKGLH)HVVHOQVRVWUDPPGDLFK VFKRQGHQ%DXPDXVGHP%RGHQKlWWHUHLHQPVVHQXPIUHL]X NRPPHQ 1LFKWVJLQJPHKU $OYDUH]VWDQGYRUPLUª:DVKDWWHLFKGLUYHUVSURFKHQ*HLVWHUMlJHU"© K|KQWHHUª,FKZHUGH]XVFKDXHQZLHPDQGLFKDXIVSLHW©(UNLFKHUWH ZLHHLQ%HVHVVHQHUXQGULHEVLFKGLH+lQGHª'DVLVWGHUVFK|QVWH7DJLQ PHLQHP/HEHQ$XILKQKDEHLFKODQJHVHKUODQJHJHZDUWHWGDVNDQQVW GXPLUJODXEHQ6LQFODLU'HQ*HLVWHUMlJHUHLQPDOVR]XVHKHQZLHHV VLFKJHK|UW*HIHVVHOWZHKUORV© ª)DKU]XU+|OOH©NHXFKWHLFK ª1DFKGLU6LQFODLU$EHUZHQQZLUXQVGRUWZLHGHUWUHIIHQZLUGHVPLU EHVVHUHUJHKHQDOVGLUGDVNDQQVWGXPLUJODXEHQGXYHUGDPPWHU %DVWDUG© :LOGWUDWHUPLWGHP)XDXIEHZHJWHEHLGH$UPHXQGKROWHGLH .OLQJHQKHUYRU ,FKVDKLKPDQZLHHVLQVHLQHP*HKLUQDUEHLWHWH(UKDWWHGHQ+RUURU 5HLWHUQYHUVSURFKHQGDVLHPLFKW|WHQGXUIWHQGRFKQXQZRLFKJHIHV VHOWXQGZHKUORVYRULKPVWDQGGDKlWWHHUPLUOLHEHQGJHUQGLH.HKOH GXUFKJHVFKQLWWHQ0DQEUDXFKWHNHLQJURHU3V\FKRORJH]XVHLQXPGDV KHUDXV]XILQGHQ

(UNDPQlKHU ,QPLUVWLHJGLH$QJVWKRFKDOVHUEHLGH$UPHDQZLQNHOWHXQGGLH 6FKQHLGHQLQ+|KHPHLQHU.HKOHZDDJHUHFKWDQHLQDQGHUKLHOW ª1D6LQFODLU$QJVW"© ,FKVFKZLHJ'DQQVSUWHLFKGHQNDOWHQ6WDKODQPHLQHP+DOVXQG ]XFNWH]XVDPPHQ 6HLQKHLHUIDXOLJULHFKHQGHU$WHPVWUHLIWHPHLQ*HVLFKWGHU0XQG ZDUYHU]HUUWGLH$XJHQOHXFKWHWHQXQGLFKVSUWHGHQ6FKQLWWDP+DOV DOVHUHWZDV]XGUFNWH 'DQQ]XFNWHQGLH.OLQJHQ]XUFN ª,FKZUGHGLU]XJHUQGLH.HKOHGXUFKVFKQHLGHQ©IOVWHUWH$OYDUH] KHLVHUªDEHULFKKDEHPHLQHQ)UHXQGHQYHUVSURFKHQLKQHQGLH5DFKH]X EHUODVVHQ'LH5DFKHGHUYLHU+RUURU5HLWHU6LHZLUGGLFKWUHIIHQ 6LQFODLU© (UWUDW]XUFNXQGEOLFNWHZLOGLQGLH5XQGH:DVHUVDKPXWHVHLQ +HU]K|KHUVFKODJHQODVVHQ 'DVWDQGHQGLHYLHU5HLWHU'HQUHFKWHQ$UPKDWWHQVLHMHZHLOVHU KREHQPLWGHQNQRFKLJHQ)lXVWHQKLHOWHQVLHGLH6FKlIWHGHU/DQ]HQ XPNODPPHUWLQGHQVFKZDU]HQ7RWHQVFKlGHOQJOlQ]WHQZHLGLH JHIlKUOLFKHQ$XJHQ (LQHXQKHLPOLFKH0|UGHUJUXSSHHEHQ$(%$ -DKUKXQGHUWHODQJJHLVWHUWHQVLHEHUHLWVGXUFKGLH*HVFKLFKWH'LHVH YLHU5HLWHUGLH9HUNQGLJHUGHU$SRNDO\SVHKDWWHQ'LFKWHUXQG0DOHU GD]XDQJHUHJWVLFKPLWLKQHQ]XEHVFKlIWLJHQ 'LHYLHU5HLWHUZDUHQGLH6\PEROHIUGHQ+XQJHUGHQ7RGGHQ.ULHJ XQGGLH3HVW 8QGVLHZDUHQGLH'LHQHUGHUYLHU(U]GlPRQHQGHQ*HJHQVWFNHQ GHU(U]HQJHO (LQPDOZDULFKLKQHQHQWNRPPHQHLQDQGHUHV0DOKDWWHLFKVLHEH VLHJW1XQZDUHVDQLKQHQ5DFKH]XQHKPHQ $OYDUH]VDKDXFKGLH0|QFKH 6FKZHLJHQGVWDQGHQVLHGD'LH+lQGHXPLKUH.UHX]HJHNUDOOW(LQHU QXUKDWWHVLFKDEJHVRQGHUW ,KQWUDIPHLQ%OLFN 8QGLFKVDKZLHHVLQLKPDUEHLWHWHZLHHUQDFKHLQHP$XVZHJ VXFKWH)LHEHUKDIWGDFKWHHUQDFKXQGHUZUGHDXFKVHLQHLJHQHV/HEHQ DXIV6SLHOVHW]HQXPGDVPHLQH]XUHWWHQ 'HVKDOEZDUQWHLFKLKQ ª1LFKW%UXGHU,JQDWLXV©ULHILFKLKQDQª:DVLPPHUGXGHQNVWXQG WXQZLOOVWODHVVHLQ© (UKRUFKWHDXIª'DQQZLOOVWGXVWHUEHQ"©

ª-DHUZLUGVWHUEHQ©NUHLVFKWH$OYDUH]XQGIXFKWHOWHPLWEHLGHQ 0HVVHUQ(UVFKDXWHGLHYLHU5HLWHUDQª6HLGLKUEHUHLW)UHXQGH"© 9LHU7RWHQVFKlGHOQLFNWHQ ª:ROOWLKU6LQFODLUVWHUEHQVHKHQ"© :LHGHUGDV1LFNHQ ª'DQQORV©NHLIWH$OYDUH]XQGUDQQWH]XU6HLWHXPGHQ5HLWHUQQLFKW LP:HJH]XVWHKHQ 'LHOHW]WHQ6HNXQGHQPHLQHV/HEHQV" :DUHQVLHHVZLUNOLFK"1XQZRDOOHV]X(QGHVHLQVROOWHKDWWHLFKGDV *HIKODOVZUGHGLH=HLWODQJVDPHUDEODXIHQ,FKVSUWHPHLQHZLOGH $QJVWGLHVLFKLQHLQHP6FKWWHOIURVWEHPHUNEDUPDFKWHXQGLFKVDK ZLHGLH5HLWHUDQULWWHQ 8QWHUGHQ+XIHQZ|ONWHQ6WDXEZRONHQKRFK'LH%HLQHGHU3IHUGH KlPPHUWHQDXIGHQIHVWJHVWDPSIWHQ8QWHUJUXQG'LH5HLWHUGXFNWHQ VLFK6WREHUHLWKLHOWHQVLHLKUHJHIlKUOLFKHQ:DIIHQXQGMDJWHQDXIPLFK GHQ:HKUORVHQXQG*HIHVVHOWHQ]X ,FKULZHLWGLH$XJHQDXIXQGVFKULH 9HUGDPPWLFKVFKULH'LH7RGHVDQJVWEHUNDPPLFK,FKPHUNWHJDU QLFKWZLHLFKDQPHLQHQ)HVVHOQ]HUUWHXQGZLHHLQ%HUVHUNHUYHUVXFKWH PLFK]XEHIUHLHQ 'LH6WULFNHKLHOWHQ :LHYLHOH6HNXQGHQZDUHQYHUJDQJHQ"(LQH]ZHLRGHUGUHL" 'HU5HLWHUOLQNVYRQPLUGHUPLWGHP$DXIGHU%UXVWZXFKWHWHVHLQHQ $UP]XHUVW]XUFNGDQQZLHGHUYRU8QGHUVFKOHXGHUWHGLH/DQ]H]LHO VLFKHUDXIPLFK]X (VNDP6XNRYRUDOVKlWWHQLKQGLH6FKDWWHQGHV7RGHVVFKRQJHKDEWXQG ZLHGHUDXVJHVSLHHQ 6RlKQOLFKJHVWDOWHWHVLFKGDV(UZDFKHQDXVGHUWLHIHQ%HZXW ORVLJNHLW ,PHUVWHQ$XJHQEOLFNZXWHGHU&KLQHVHEHUKDXSWQLFKWZRHUVLFK EHIDQG(UKDWWHGDV*HIKOLQHLQHULKPXQEHNDQQWHQ)UHPGH]XVHLQ HUVDKQXU6FKDWWHQGD]ZLVFKHQIHXULJH.UHLVHGLHDEHUZLHGHUYHU VFKZDQGHQXQG]XHLQHUEOHLEHQGHQJUDXHQ)DUEHZXUGHQGLHVLFKEHU LKPEHIDQG 6XNRVW|KQWH ([SORVLRQVDUWLJHUIDWHLKQGHU6FKPHU]XQGHVGDXHUWHHLQH=HLWELV GHU&KLQHVHGDV=HQWUXPDP.RSIORNDOLVLHUHQNRQQWH

'RUWKDWWHHUGHQP|UGHULVFKHQ7UHIIHUNDVVLHUWGHULKQYRQGHQ %HLQHQJHULVVHQKDWWH8QGHVPXWHVFKRQHLQYHUGDPPWKDUWHV'LQJ JHZHVHQVHLQGHQQ6XNRNRQQWHDOOHUKDQGHLQVWHFNHQ (UEHZHJWHVHLQHQUHFKWHQ$UP0LWGHP+DQGUFNHQNODWVFKWHHU LUJHQGZRJHJHQIKOWHHLQHZHLFKH0DVVHXQGEHJULIILPHUVWHQ $XJHQEOLFNQLFKWGDHVVLFKXP/HGHUKDQGHOWH'DVVWHOOHHUHUVWIHVW DOVHUXQWHUJURHQ0KHQGLH$XJHQDXIVFKOXJ $OOPlKOLFKQXUNHKUWHEHLGHP&KLQHVHQGLH(ULQQHUXQJ]XUFN(U GDFKWHDQ/RQGRQDQGLH)DKUWLQGLHVFKRWWLVFKHQ%HUJHGHQhEHUIDOO GHU+RUURU5HLWHUGDQQKDWWHHUHLQHQ)LOPULJHKDEW $XV 8QGMHW]W":RVWHFNWHHUMHW]W"1DFKGUDXHQKDWWHQVLHLKQQLFKW JHVFKOHLIWGDZlUHHVNlOWHUJHZHVHQ'HPQDFKODJHULQHLQHP5DXP GHU)HQVWHUKDWWH 1HLQNHLQH)HQVWHUVRQGHUQ6FKHLEHQ $XWRVFKHLEHQ -HW]WZXWHGHU&KLQHVHJHQDX%HVFKHLG(UODJDXIGHP5FNVLW]GHV %HQWOH\'RUWKLQKDWWHLKQMHPDQGYHUIUDFKWHW:HU"-RKQ6LQFODLUYHU PXWOLFK ª-RKQ"©VW|KQWHGHU&KLQHVH (UHUKLHOWNHLQH$QWZRUW 6FKZHUIlOOLJZlO]WHVLFK6XNRDXIGLH6HLWH'RUWEOLHEHUOLHJHQXQG NRQ]HQWULHUWHDOOVHLQH.UlIWHGDUDXIGLH6FKPHU]HQLQVHLQHP6FKlGHO ]XEHVLHJHQ 6XNREHKHUUVFKWHGLH.XQVWGHU6HOEVWEHUZLQGXQJGLH
'HQWUXJ6XNRQRFKEHLVLFK(EHQIDOOVGLH%HUHWWD6RZDUHUQLFKW ZDIIHQORVZHQQHUGHQ:DJHQYHUOLH 6XNREHZHJWHVLFKDXIGLH7U]X6HLQH]LWWHUQGHQ)LQJHUIDQGHQGHQ +HEHOXQGODQJVDPGUFNWHHUGLH7UDXI .KOH/XIWWUDIXQGHUIULVFKWHLKQ (VZDUGXQNHOJHZRUGHQ7URW]GHPHUNDQQWHGHU&KLQHVHGLHZXFK WLJHQ.ORVWHUPDXHUQYRUVLFK 'LHJHZDOWLJHXQHLQQHKPEDUVFKHLQHQGH:DQGUDJWHYRULKPLQGLH +|KH (UK|UWHDXFK6WLPPHQ +HNWLVFKJHOOHQGVLFKPDQFKPDOEHUVFKODJHQG$XIGHP,QQHQKRI PXWHHLQHNOHLQH+|OOHWREHQ(LQU|WOLFKHU:LGHUVFKHLQWDQ]WHXQUXKLJ DXIGHU0DXHUNURQH /LFKWYRQ)DFNHOQ" 6XNRVWHPPWHVLFKDE(VJHODQJLKPDXIGHQ%HLQHQ]XEOHLEHQDEHU QXUZHLOHUVLFKDP'DFKUDQGGHV:DJHQVDEVWW]WH6HLQH.QLH]LWWHU WHQQRFKLPPHUHUKDWWH6FKZLHULJNHLWHQPLWGHP*OHLFKJHZLFKWGHU (UGERGHQVFKZDQNWH(UNDP6XNRZLHHLQ0HHUYRUGRFKGHU&KLQHVH ULVLFK]XVDPPHQ (UGXUIWHQLFKWDXIJHEHQ 6XNRVWLHVLFKYRP:DJHQGDFKDE'HU:HJIKUWHVFKUlJDXIGDV .ORVWHUWRU]X %UHLWEHLQLJZDQNWHGHU&KLQHVHVHLQHP=LHOHQWJHJHQ(USUHWHGLH /LSSHQ]XVDPPHQXQGELGLH=lKQHDXIHLQDQGHUDOVLKQHLQHUQHXWHU 6FKZlFKHDQIDOOEHUILHOXQGHUHLQHQ%UHFKUHL]VSUWH)ROJHQGHV VFKZHUHQ6FKODJHVGLHDXIHLQH*HKLUQHUVFKWWHUXQJKLQGHXWHWHQ 6XNRPDFKWHZHLWHU(UGXUIWHQLFKWDXIJHEHQQLFKWMHW]WGDHUVLFK GLFKWYRUGHP=LHOEHIDQG 1RFKIQI6FKULWWHELV]XP7RU(LQHOlFKHUOLFKH'LVWDQ])U6XNR EHGHXWHWHVLHMHGRFK6FKZHUVWDUEHLW6HLQH)HVFKOHLIWHQEHUGHQ %RGHQGLH%HLQHZROOWHQLKPQLFKWPHKUJHKRUFKHQDEHUGHU&KLQHVH PDFKWHZHLWHU 'DV7RU (VUDJWHYRULKPKRFKGRFK6XNRVDKDXFKGLHVFKPDOH6HLWHQSIRUWH GLHVRJDURIIHQVWDQG (LQH(LQODGXQJQDKH]X 6XNRVWUHFNWHGHQOLQNHQ$UPDXV0LWGHUUHFKWHQ+DQGKROWHHU VHLQHQDXV7LEHWPLWJHEUDFKWHQUlWVHOKDIWHQ6WDEKHUYRU (UVWLHGLH7UDXI 6XNRV$XJHQZXUGHQJURDOVHUVDKZDVVLFKDXIGHP,QQHQKRI HUHLJQHWH

-RKQ6LQFODLUZDUDQHLQHP%DXPJHIHVVHOWXQGYLHU5HLWHUULWWHQYRQ YRUQDXILKQ]X'HU5HLWHUJDQ]DXHQKREVHLQHQUHFKWHQ$UPXPGLH /DQ]H]XVFKOHXGHUQ 'HU&KLQHVHQDKPDOOH.UDIW]XVDPPHQDOVHUGDVEHZXWH:RUW VFKULH(VHUP|JOLFKWHLKPGLH=HLWDQ]XKDOWHQ ª7RSDU© 'DV8QZDKUVFKHLQOLFKHJHVFKDK6lPWOLFKH0HQVFKHQDXIGHP+RI HUVWDUUWHQ 1XUHLQHUNRQQWHVLFKEHZHJHQ 'HU%HVLW]HUGHV6WDEV )QI6HNXQGHQEOLHEHQGHP&KLQHVHQ8QGHUVDKGDHUZLUNOLFKLP DOOHUOHW]WHQ$XJHQEOLFNJHNRPPHQZDU(WZDHLQ

,JQDWLXVKDWWHHLQJHJULIIHQ(UZDUIVLFKDXIGHQ6FKUHLHU]XXQGGURVFK PLWEHLGHQ)lXVWHQQDFKLKP 'RQ$OYDUH]EHNDPGHQ6FKODJLQGHQ1DFNHQ'LH:XFKWGHV7UHIIHUV VFKOHXGHUWHLKQ]X%RGHQZRHUVLFKVRIRUWDXIGHQ5FNHQGUHKWHGLH %HLQHDQ]RJXQGVLHZLHGHUYRUVFKQHOOHQOLHVRGD%UXGHU,JQDWLXV YROOLQGHQ7ULWWKLQHLQKHFKWHWH 'HU0|QFKZXUGH]XUFNJHVFKOHXGHUW ,FK]HUUWHZLHHLQ%HUVHUNHUDQGHQ)HVVHOQZROOWHVLHO|VHQGRFKVLH VDHQ]XIHVW'LH6WULFNHVFKQUWHQPLFKHLQ:LHHVDXVVDKZUGHLFK 6WDWLVWEOHLEHQ $OYDUH]GHUDXVGHU1DVHEOXWHWHNPPHUWHVLFKQLFKWPHKUXP %UXGHU,JQDWLXVVRQGHUQUDQQWHDXIGLH5HLWHU]Xª7|WHWLKQ©VFKULHHU ª5HLWHWHQGOLFKDQ© 'DJULIIHQGLH0|QFKHHLQ %LVKHUKDWWHQVLHQXUGDQHEHQJHVWDQGHQGRFKQXQZDQGWHQVLHVLFK JHJHQGLHYLHU5HLWHU6LHKDWWHQQXULKUH.UHX]HXQGLKUH+lQGHGRFK PLWGHP0XWGHU9HU]ZHLIOXQJJULIIHQVLHHLQ6LHKDWWHQJHVHKHQGD LFKQRFKOHEWH(VPXWHLKQHQZLHHLQ:XQGHUYRUJHNRPPHQVHLQXQG GDVKDWWHZRKOLKUH,QLWLDWLYHEHIOJHOW 6LHVWU]WHQDXI$OYDUH]XQGGLHYLHU+RUURU5HLWHU]X +LPPHOGDVZDU:DKQVLQQZDVVLHGDWDWHQ'DVNRQQWHQLFKWJXW JHKHQ,FKVFKULHXQGEUOOWHPLUIDVWGLH/XQJHDXVGHP+DOV ª=XUFNYHUGDPPWNRPPW]XUFN(VKDWNHLQHQ=ZHFN'LHDQGH UHQVLQGVWlUNHU© 6LHK|UWHQQLFKW 'LH+RUURU5HLWHUULVVHQLKUH*lXOHKHUXP3O|W]OLFKIDXFKWHQZLHGHU GLHJHIlKUOLFKHQ)HXHUORKHQDXVGHQ0lXOHUQGHU7LHUH1DFK6FKZHIHO VWLQNHQGHU'DPSIGUDQJDXVGHQ1VWHUQXQG]RJLQWUlJHQ:RONHQ EHUGHQ,QQHQKRI 6FKUHLHQGZLFKHQGLH0|QFKH]XUFN'LHHUVWHQLQGHUEUHLWHQ5HLKH KDWWHQGLH$XVZLUNXQJHQGHV)HXHUV]XVSUHQEHNRPPHQ 6LHNUPPWHQVLFKDP%RGHQ 8QG$OYDUH]ODFKWH :LHHLQ,UUHUVWDQGHUGD6HLQZDOOHQGHU%DUW]LWWHUWHGDV%OXWOLHIDXV VHLQHU1DVHXQGHUIXFKWHOWHPLWVHLQHQEHLGHQJHIlKUOLFKHQ0HVVHUQ KHUXP ,FKZDULPPHUQRFKJHIHVVHOW%LVSO|W]OLFKHLQH*HVWDOWYRUPLUDXI WDXFKWH %UXGHU,JQDWLXV ª-RKQ6LQFODLU©VDJWHHUª+DVWGXHLQ0HVVHU"© ª-DGHQ'ROFK8QWHUPHLQHU-DFNH©

.UlIWLJH+lQGHIXKUHQEHUPHLQHQ.|USHUXQGXQWHUGLHVWUDIIHQ 6WULFNH6LHERJHQVLH]XU6HLWH,FKK|UWHGDV.HXFKHQGHV0DQQHV$XFK HUKDWWH0KHDQGLH:DIIH]XJHODQJHQDEHUHUJDEQLFKWDXIVRQGHUQ VHW]WHDOOVHLQH.UDIWHLQ 'DQQKDWWHHUGHQVLOEHUQHQ'ROFK(UVlEHOWHPLWGHU6FKQHLGHGLH )HVVHOQGXUFK=XHUVWILHOHQGLH6WULFNHDPREHUHQ7HLOGHV.|USHUVGDQQ GLHXQWHUHQ ,FKZDUIUHL ª'DQNH©NHXFKWHLFKª9LHOHQ'DQN%UXGHU© ª'DVEUDXFKVWGXQLFKW-RKQ,FKZLOOQLFKWGDGXGLFKEHGDQNVW© 7UlQHQVFKLPPHUWHQLQVHLQHQ$XJHQª.lPSIHIUPHLQH)UHXQGH/D GLH+|OOHQLFKWVLHJHQ© ª1HLQ©NQLUVFKWHLFKªGDVEHVWLPPWQLFKW©+XPSHOQGEHZHJWHLFK PLFK]XU6HLWH'HU%OXWVWDXEHUHLWHWHPLU6FKZLHULJNHLWHQ,FKPXWH PLFKHUVWZLHGHUDQGDV*HKHQJHZ|KQHQ0LWMHGHP6FKULWWNODSSWHHV EHVVHU ,FKOLHI]XP%UXQQHQGHQQGRUWODJQLFKWQXUPHLQH%HUHWWDVRQGHUQ DXFKGDV6FKZHUW'LHVPDOZUGHLFKPLFKQLFKWEHUZlOWLJHQODVVHQ GDVVWDQGIHVW 6LHJHQRGHUXQWHUJHKHQ $OYDUH]KHL]WHGLH5HLWHULPPHUZHLWHUDQ6LHKDWWHQVLFK]XHLQHU HUQHXWHQ$QJULIIVIURQWIRUPLHUWXPJHJHQGLHWRGHVPXWLJHQ0|QFKH YRU]XJHKHQ ª5HLWHWVLHQLHGHU©EUOOWH$OYDUH] 'RFKVHLQH6WLPPHZXUGHYRQHLQHUDQGHUHQEHUW|QW ª'DVZHUGHWLKUQLFKWWXQ© (LQH6HNXQGHODQJZDUDOOHVUXKLJ-HGHUVWDQGDXIVHLQHP)OHFNXQG VWDUUWHGRUWKLQZRGHUHLQVDPH5XIHUVWDQG (VZDUHLQH)UDXXQGVLHVWDQGZLHHLQUlFKHQGHU(QJHOPLWODQJHQ VFKZDU]HQ+DDUHQDXIGHPREHUHQ5DQGGHU.ORVWHUPDXHU,QGHU UHFKWHQ+DQGKLHOWVLHGDV6FKZHUWPLWGHUJROGHQHQ.OLQJH .DUDZDUJHNRPPHQ 0LUOLHIHLQH*lQVHKDXWEHUGHQ5FNHQ(LQ.UDIWVWURPGXUFKVFKR PHLQHQ.|USHU,FKIKOWHI|UPOLFKZLHGHU*ODQ]LQPHLQH$XJHQWUDW ZLHVLFKGLH0XVNHOQVWUDIIWHQXQGLFKNRQQWHHLQIDFKQLFKWPHKUDQ PLFKKDOWHQVRQGHUQVSUDQJYRUXQGULHIPLWJHZDOWLJHU6WLPPHª.DUD KLHUELQLFK© ª-RKQ©ULHIVLH]XUFN $OYDUH]KHXOWHDXIª6LQFODLU© 8QGGDQQEHJDQQGHU.DPSI

.DUDVSUDQJYRQGHU0DXHU 6LHKDWWHLKUHQ6SUXQJIDQWDVWLVFKEHUHFKQHW%HYRUGHU5HLWHUPLWGHP %DXIGHU%UXVWEHUKDXSWUHDJLHUHQNRQQWHKRFNWH.DUDKLQWHULKPDXI GHP3IHUGXQGVFKOXJ]X 6LH]RJGLH6FKQHLGHGHVJROGHQHQ6FKZHUWVYRQREHQQDFKXQWHQWUDI GHQZLGHUOLFKHQ6FKlGHOGHV6NHOHWWVXQG]HUWUPPHUWHQLFKWQXULKQ VRQGHUQDXFKGHQ.|USHU 'LHHLQ]HOQHQ.QRFKHQILHOHQ]XEHLGHQ6HLWHQGHVVFKZDU]HQ3IHUGV DXIGHQ%RGHQ ,FKKDWWHGLH6]HQHPLWEHNRPPHQ6LHPDFKWHPLU0XW:LHHLQ %HUVHUNHUVWUPWHLFKYRU 'HVWHURV6FKZHUWKLHOWLFKLQGHUUHFKWHQ+DQGXQGUDQQWHDXIHLQHQ 5HLWHU]X%HYRUGHUVHLQH/DQ]HQDFKPLUVFKOHXGHUQNRQQWHKLHELFK]X XQGWUHQQWHLKPHLQ%HLQYRP.|USHU$XIEUOOHQGMDJWHGDV3IHUG GDYRQ $XFKGLHDQGHUHQ7LHUHJHULHWHQLQ3DQLN6LHKDWWHQEHPHUNWGD HWZDVPLWLKUHQ5HLWHUQJHVFKHKHQZDUXQGMDJWHQZLHYHUUFNWEHU GHQ.ORVWHUKRI 'XPSIXQGJOHLFK]HLWLJVFKULOOZLHKHUQGVXFKWHQVLHHLQHQ)OXFKWZHJ ,KUH0lXOHUVSLHHQ)HXHUXQG5DXFK 'LHEHLGHQQRFKYROOHLQVDW]IlKLJHQ5HLWHUKDWWHQ0KHGLH7LHUH XQWHU.RQWUROOH]XEHNRPPHQVRGDVLHJDUQLFKWGDUDQGDFKWHQLKUH /DQ]HQ]XVFKOHXGHUQ .DUDXQGLFKVWHOOWHQXQVGHQ7LHUHQ 'RFKGLHZDUHQVFKODXHUDOVGLH5HLWHU'DV)HXHUDXVLKUHQ1VWHUQ WULHEXQV]XUFN$XFKGLH0|QFKHEUDFKWHQVLFKVFKUHLHQGLQ 6LFKHUKHLW1XU%UXGHU,JQDWLXVEOLHE(UVSRUQWHXQVPLWODXWHQ5XIHQ DQXQGZLUJDEHQQLFKWDXI 0LUJHODQJHVXQWHUHLQHUIODPPHQGHQ/RKHZHJ]XWDXFKHQIKUWH HLQHQJHZDOWLJHQ6WUHLFKXQGN|SIWHPLW'HVWHURV6FKZHUWHLQHQ*DXO (LQJUQHU6WUDKOVFKRDXVGHU:XQGH'DV3IHUGEUDFKLQGLH.QLH XQGZDUIGDEHLVHLQHQ5HLWHUDE 'DVVFKZDU]H6NHOHWWEHUNXJHOWHVLFKDP%RGHQ(VZDUGDVGHVVHQ %HLQLFKDEJHVFKODJHQKDWWH'LH/DQ]HKLHOWHVQDFKZLHYRUIHVWXP NODPPHUW ,FKMDJWHDXIGDV6NHOHWW]XXQGHUUHLFKWHHVEHYRUHVVLFKHUKHEHQ NRQQWH 0LWHLQHP+LHEWUHQQWHLFKGHQ.RSIDE(LQ]ZHLWHU6FKODJWHLOWHHVLQ GHU0LWWHVRGDPLFKGLHHLQ]HOQHQ.QRFKHQWUPPHUZLH+RO]VSlQH XPIORJHQ 'DQQZLUEHOWHLFKKHUXP

1RFKHLQ5HLWHUZDUEULJJHEOLHEHQ(UMDJWHDXIGDV7RU]XGRFKHU KDWWHQLFKWPLW.DUDJHUHFKQHW6LHZDU]ZDUZHLWYRQGHP5HLWHUHQW IHUQWGRFKVLHKROWHDXVXQGVFKOHXGHUWHLKUJHKHLPQLVYROOHV6FKZHUW PLWGHUJROGHQHQ.OLQJH (VZLVFKWHGLFKWEHUGHQ5FNHQGHV3IHUGHVKLQZHJGUHKWHVLFK GDEHLXQGWHLOWHGDV6NHOHWWHWZDLQ+IWK|KH 'LH.QRFKHQVSULW]WHQQDFKDOOHQ6HLWHQZHJ 'HUOHW]WH5HLWHUZDUYHUQLFKWHW:LUKDWWHQHVLQHLQHPNXU]HQDEHU ZDKQVLQQLJHQ.DPSIJHVFKDIIW ,FKULHEEHUPHLQH$XJHQ 'DVDKLFK'RQ$OYDUH] 0HLQH)HVFKLHQHQNDXPGHQ%RGHQ]XEHUKUHQDOVLFKKLQWHUGHP )OFKWLJHQKHUMDJWH$OYDUH]PHUNWHGDHUYHUIROJWZXUGHGRFKHU KDWWHQLFKWVPHKU]X]XOHJHQHUVFKDIIWHHVQLFKW'LFKWYRUGHU0DXHU KDWWHLFKLKQ 0HLQ6FKZHUWKDWWHLFKZHJJHZRUIHQ,FKEUDXFKWHHVQLFKWDXFKGLH %HUHWWDQLFKW ,FKZROOWHLKQPLWEORHQ)lXVWHQEHVLHJHQ(UVROOWHGRUWKLQZRHU KHUJHNRPPHQZDU ,FKVFKOHXGHUWHLKQJHJHQGLH0DXHU 6RIRUWNUHLVHOWHHUZLHGHUKHUXP$XVEOXWXQWHUODXIHQHQ$XJHQ VWLHUWHHUPLFKDQ ª'X+XQG©KHXOWHHUXQGLFKVDKGLHEHLGHQ0HVVHULQVHLQHQ +lQGHQ'DQQJULIIHUDQ %OLW]VFKQHOOVSUDQJLFK]XUFNHUZLVFKWHLKQPLWHLQHP7ULWWYHU VFKDIIWHPLU/XIWXQG]RJHEHQIDOOVPHLQHQ'ROFK ª8QGQXQNRPPGX0|UGHU©IOVWHUWHLFKKHLVHU,FKVWDQGOHLFKW JHGXFNWXQGHUZDUWHWHLKQ (UNDPWDWVlFKOLFK9RUVLFKWLJHUDOVEHLPHUVWHQPDO =XHUVWNDPVHLQHUHFKWH+DQGGDQQGLHOLQNH (VZDUHQ6WLFKHGLHDXIPHLQHQ+DOVJH]LHOWZDUHQGLHPLFKW|WHQ VROOWHQ8QGHUZDUVFKQHOOVRVFKQHOOGDLFKQLFKWULFKWLJZHJNDPXQG PLUQXUQRFKHLQH&KDQFHEOLHE ,FKVFKOHXGHUWHGHQ'ROFK 8QGLFKWUDI $XIHLQPDOVWHFNWHGLHJHZHLKWH:DIIHLQVHLQHU%UXVW6HLQH$UP VDQNHQQDFKXQWHQHUWDXPHOWHQRFKYRUZROOWHVHOEVWGLH0HVVHU ZHUIHQDEHULKPIHKOWHGLH.UDIW $OYDUH]VDFNWH]XVDPPHQ 'LFKWYRUPHLQHQ)HQILHOHU]X%RGHQ ,FKGUHKWHLKQKHUXP

'HUWHXIOLVFKH0|QFKZDUWRW ,FK]RJGHQ'ROFKDXVVHLQHU%UXVWXQGVlXEHUWHGLH.OLQJH,FKKDWWH LKQQLFKWW|WHQZROOHQGRFKHUOLHPLUNHLQHDQGHUH:DKO 'DQQK|UWHLFKGLH6FKUHLH %OLW]VFKQHOOZDQGWHLFKPLFKXPXQGVDKGLH+RUURU5HLWHU$EHUYHU GDPPWGDVNRQQWHQLFKWVHLQZLUKDWWHQVLHGRFKHUOHGLJW8QGMHW]W VFKZHEWHQVLHLQGHU/XIW 1HLQHVZDUHQLKUH*HLVWHUGLHJHQDXHQ$EELOGHUGHUVFKDXULJHQ *HVHOOHQ (LQ6WXUPZLQGIHJWHSO|W]OLFKEHUGHQ3ODW]HUIDWHGLH5HLWHUXQG WUXJVLHGDYRQ ,UJHQGZRKLQ 8QGGDQQK|UWHQZLUDOOHGLH6WLPPHGLHXQVDXVGHQ7LHIHQGHV$OOV HQWJHJHQ]XVFKPHWWHUQVFKLHQ ª:LUNRPPHQ]XUFN-RKQ6LQFODLU+WHGLFK© 1RFKHLQPDOIHJWHGHU:LQG 'DQQZDU6WLOOH =XUFNEOLHEPLUQLFKWQXUHLQEOHU*HVFKPDFNLP0XQGVRQGHUQ HLQZLGHUOLFKHV*HIKOGHV8QEHKDJHQV :LUEOLHEHQGUHL7DJHLP.ORVWHU=XVDPPHQPLW.DUD0\[LQXQGDXFK 6XNRGHUJHSIOHJWZXUGHXQGGDQNGHU+DXVPLWWHOGHU0|QFKHUDVFK ZLHGHUDXIGLH%HLQHNDP 'HQWRWHQ)DKUHUKDWWHQZLUDXFKJHKROW(UZXUGHLP.ORVWHUEH JUDEHQ:LHDXFKGHU$EWXQG%UXGHU,JQD]$OYDUH]KDWWHVHLQ*UDE DXHUKDOEGHU0DXHUQJHIXQGHQ 6XNRHUKROWHVLFKVFKQHOO$OVGHU$EVFKLHGNDPZDUHQDOOH0|QFKH YHUVDPPHOW$XFKMHQHGLHGXUFKGLHIHXULJH/RKHYHUOHW]WZRUGHQ ZDUHQ 6LHEUDFKWHQXQV]XP7RU:LUDEHUIXKUHQPLWGHU*HZLKHLWKLHU )UHXQGHIULPPHUJHIXQGHQ]XKDEHQ 'HU)DOOKDWWHQRFKHLQ1DFKVSLHO8QG]ZDULP'lPRQHQUHLFK'RUW IUHXWHVLFKMHPDQGGLHELVFKGDHVGHQYLHU+RUURU5HLWHUQQLFKWJH OXQJHQZDU-RKQ6LQFODLU]XYHUQLFKWHQ 'LHVHUMHPDQGZDU$VPRGLQD ,KU$XIWUHWHQJOLFKGHPHLQHU.|QLJLQDOVVLHZLHGHUHLQPDOPLWGHQ (U]GlPRQHQ]XVDPPHQWUDI ª6RHLQIDFKLVWHUGRFKQLFKW]XEHVLHJHQZLH"©K|KQWHVLHXQGODFKWH

ODXWKDOVDOVVLHGLHYLHU(U]GlPRQHQDQVFKDXWHXQGGHUHQGHSULPLHUWH +DOWXQJVDKª$PEHVWHQLVWHVZHQQLKU6LQFODLUPLUEHUODW,FKNULH JHLKQ,UJHQGZDQQ© 8QGGLHVPDOZLGHUVSUDFKQLHPDQG

',(9$03,5)/277( hEHUDOODXIGHU:HOWNDQQGDV*UDXHQODXHUQ ,QHLQVDPHQ6FKO|VVHUQVFKDXULJHQ*UIWHQXQGPRGHUQHQ6WlGWHQ HEHQVRDXIKRKHQ%HUJHQYHUODVVHQHQ)ULHGK|IHQXQGLQPHQVFKHQ OHHUHQ(LVZVWHQ ,QGLHVHP)DOODEHUODXHUWHHVZRDQGHUV $XIGHPWLHIVWHQ*UXQGGHV0HHUHVZRNDXPHLQ6RQQHQVWUDKOKLQ GUDQJODJGDVXUDOWH6HJHOVFKLIIGHVVHQ%HVDW]XQJDXV:HVHQEHVWDQG GLHQDFKGHP%OXWGHU0HQVFKHQGUVWHWHQ 9DPSLUH 6LPRQ5RFNZDUHLQ6WDU =ZDUVSLHOWHHUQLFKWLP)LOPXQGZDUDXFKDXINHLQHU790DWWVFKHLEH ]XVHKHQWURW]GHPJDOWHUDXIVHLQHP*HELHWDOVGHUDEVROXWH6XSHU PDQQ 6LPRQ5RFNZDU7DXFKHU (UXQGVHLQH&UHZYRQYLHUHLVHQKDUWHQ0lQQHUQKDWWHQHLQLUUHV *HVFKlIWDQGHU2VWNVWH)ORULGDVDXIJH]RJHQ6LHWDXFKWHQQDFKYHU VXQNHQHQ6FKLIIHQGLHYRUYLHUKXQGHUWXQGPHKU-DKUHQPLW6LHGOHUQ DXV6SDQLHQJHNRPPHQZDUHQGDV*ROGGHU,QNDVXQG$]WHNHQUDXE WHQXQGPLWSUDOOJHIOOWHQ6FKLIIVElXFKHQ]XUFNVHJHOWHQ 9LHOH*DOHRQHQZDUHQVREHUODGHQGDVLHDXIGHU5FNIDKUWVHOEVW HLQHPNOHLQHQ6WXUPQLFKWWURW]HQNRQQWHQ6LHVDQNHQ 9RUGHU.VWH)ORULGDVODJHQVLHDXIGHPULHIHQ0HHUHVJUXQG$OJHQ XQG3ODQNWRQKDWWHQHLQHQIHVWHQ0DQWHOEHUGLH6FKLIIHJHOHJWKDWWHQ GLHRIW]HUVW|UWHQ$XIEDXWHQEHUZXFKHUWXQGQHXH/HEHQVEHUHLFKHIU XQ]lKOLJH)LVFKH3IODQ]HQXQG.OHLQVWWLHUHJHVFKDIIHQ -DKUKXQGHUWHODQJNPPHUWHVLFKQLHPDQGXPGLHYHUVXQNHQHQ *DOHRQHQ%LVHVHLQHV7DJHVHLQHQUHJHOUHFKWHQ5XQJDE,UJHQGMHPDQG KDWWHGHQ$QVWRJHJHEHQ3O|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lQQHUZDUHQGDYRUVLFKWLJHU(UKDWWHVLFKGLH

/HXWHDXVDOOHU:HOW]XVDPPHQJHKROWXQGHLQHNOHLQHDEHUVFKODJNUlI WLJH0DQQVFKDIW]XVDPPHQJHVWHOOW'D]XJHK|UWHQRFK3UHWW\%HQVRQ VHLQHVFKZDU]KDDULJH)UHXQGLQPLWGHP6FKX-DPDLFD%OXWLQGHQ $GHUQ6LHZROOWH6LPRQXQEHGLQJWKHLUDWHQGRFKGHUJURHEORQGH VRQQHQEUDXQHXQGDWKOHWLVFKJHEDXWH0DQQKDWWHNHLQ,QWHUHVVHVLFK HKHOLFK]XELQGHQ $QGLHVHP7DJZDUHQVLHVFKRQVHLWGHQIUKHQ0RUJHQVWXQGHQDXI GHP:DVVHU,KUVFKQHHZHLHV%RRWGLH)O\LQJ6WDUVFKDXNHOWHVDFKWLQ GHUKRKHQ'QXQJ'LH6RQQHZDUIHLQHQJROGHQHQ7HSSLFKDXIGLH :HOOHQXQGHULQQHUWHGLHYLHU7DXFKHULPPHUGDUDQGDHLQ9HUP|JHQ XQWHUGHU2EHUIOlFKHGHV0HHUHVODJ (VZDUVSlWHU1DFKPLWWDJ*HIXQGHQKDWWHQVLHQLFKWYLHO1XUZHQL JH0Q]HQGLHDOOHUGLQJVQLFKWVHKUYLHOZHUWZDUHQ(VNDPHQQLFKW HLQPDOGLH6SHVHQIUGHQKHXWLJHQ7DJGDEHLKHUDXV'HVKDOEEHU OHJWHQVLHREVLHDQGLHVHP7DJQRFKHLQPDOWDXFKHQVROOWHQ6LHKDWWHQ VLFKDP+HFNYHUVDPPHOWXQGKLQJHQLQGHQEXQWHQ/LHJHVWKOHQ VFKODIIXQGDEJHVSDQQW'RFKGHUlXHUH(LQGUXFNWlXVFKWH'LHVH 0lQQHUNRQQWHQYRQHLQHU6HNXQGH]XUDQGHUHQH[SORGLHUHQ=XGHP ODJHQGLH:DIIHQLPPHULQ*ULIIQlKH6FKQHOOIHXHUJHZHKUHXQG3LVWROHQ =ZHLPDOZDUHQVLHEHUHLWVYRQ6HHEDQGLWHQEHUIDOOHQZRUGHQEHLGH 0DOHKDWWHQVLHGLH$WWDFNHQEOXWLJ]XUFNJHVFKODJHQ ª,FKKDEHNHLQH/XVWPHKU©VDJWH7HG/DZUHQFHGHU6FKZDU]HXQWHU LKQHQª+DEHPLFKKHXWHJHQXJJHlUJHUW© 5RFNYHU]RJGLH/LSSHQ:LHDXFKGLHDQGHUHQWUXJHUQXUVHLQH NXU]HQ%DGHVKRUWVª6HLWZDQQJLEVWGXVRVFKQHOODXI"© ª,FKKDEHHLQHQVFKOHFKWHQ7DJ©7HGUROOWHPLWGHQ$XJHQXQG VFKDXWHDQ6LPRQYRUEHLGHQQDXVGHP1LHGHUJDQJWDXFKWH3UHWW\ %HQVRQDXI 6LHZDUHLQH$XJHQZHLGH,KUH+DXWKDWWHHLQHQ)DUEWRQGHUDQ 0LOFKNDIIHHHULQQHUWH6LHWUXJHLQHZLOGH)ULVXUGLHPDQPLWGHP:RUW $IURORRNXPVFKUHLEHQNRQQWH'LH%HLQHGHU)UDXVFKLHQHQXQHQGOLFK ODQJ]XVHLQXQGHQGHWHQGRUWZRGHUVFKQHHZHLH7DQJDPHKUDOV NQDSSVD9RQ3UHWW\V*HVLFKWZDUQLFKWYLHO]XVHKHQZHLOHVYRQHLQHU JURHQ6RQQHQEULOOHYHUGHFNWZXUGH'LH/LSSHQZDUHQOHLFKWDXIJH ZRUIHQRKQHRUGLQlU]XZLUNHQ'HUKRFKDQJHVHW]WH%XVHQKlWWHHLJHQW OLFKNHLQ2EHUWHLOQ|WLJJHKDEW3UHWW\WUXJHVWURW]GHPREZRKOGDV ZLQ]LJH6WRIIWHLOQLFKWHLQPDOGLH%UXVWZDU]HQY|OOLJEHGHFNWH 'LHVH)UDXZDUVH[SORVLY 'DVZXWHQDXFKGLH0lQQHU9LHUYRQLKQHQKlWWHQVLHJHUQHLQPDO LP%HWWJHKDEW(LQHU6LPRQ5RFNNRQQWHVLFKGDV9HUJQJHQJ|QQHQ ZDQQLPPHUHUZROOWHVRPXWHQVLFKGLHDQGHUHQGDPLWEHJQJHQ

GLHVHQZHLEOLFKHQ9XONDQPLW%OLFNHQYROOHQGVDXV]X]LHKHQGHQQJHJHQ 5RFNNDPNHLQHUDQ'HUHKHPDOLJH%RG\EXLOGHUZXWHVHLQH)lXVWH DXVJH]HLFKQHWHLQ]XVHW]HQ 3UHWW\WUXJHLQ7DEOHWWDXIGHQDXVJHVWUHFNWHQ$UPHQ(LQHJURH .DUDIIHPLW)UXFKWVDIW(LVZUIHOXQGPHKUHUH*OlVHUVWDQGHQGDUDXI 'DV*LUOKDWWH0KHGXUFKLKUH%HZHJXQJHQGDV6FKZDQNHQGHV 6FKLIIHVDXV]XJOHLFKHQDEHUVLHVFKDIIWHHVPLW*OFNXQG5RXWLQH$OV VLHVLFKYRUEHXJWHXQGGDV7DEOHWWDEVWHOOWHZXUGHQGLH(LQEOLFNHGHU 0lQQHUQRFKEHVVHUXQG2 %ULHQHLQURWKDDULJHU,UHOHFNWHVLFK JHQLHHULVFKGLH/LSSHQ ª,FKKDEHHXFKHLQHNOHLQH(UIULVFKXQJJHEUDFKW©VDJWH3UHWW\,KUH 6WLPPHNODQJOHLFKWUDXFKLJHWZDVYHUUXFKWXQGDQ6QGHHULQQHUQG ª'DQNH'DUOLQJ©OlFKHOWH6LPRQ5RFNXQGNORSIWHLKUDXIGDVZRKO JHUXQGHWH+LQWHUWHLOZDVVLHPLWHLQHP.LFNVHQTXLWWLHUWHª/HJGLFK ZLHGHULQGLH6RQQH© ª=XHXFK"© ª1HLQZLUKDEHQJHVFKlIWOLFKH'LQJH]XEHUHGHQ'XOHQNVWXQV]X VHKUDE© ª$EHULFKWXHGRFKQLFKWV©VDJWHVLHXQGZLHJWHVLFKLQGHQ+IWHQ ª'DVUHLFKWVFKRQ'DUOLQJ© 6LHODFKWHZDUI6LPRQHLQH.XKDQG]XXQGYHUVFKZDQG ª0DQQGLHLVWHLQH6QGHZHUW©VDJWH/DZUHQFHXQGVFKUDSSWHPLW GHQ)LQJHUQ (UILQJVLFKHLQHQVFKUlJHQ%OLFNYRQ6LPRQ5RFNHLQª'LHPDFKWVLFK QLFKWVDXV6FKZDU]HQ© 7HGJULQVWHPLWVFKQHHZHLHQ=lKQHQª0LVFKOLQJHVLQGDPVFKOLPP VWHQ'DVNHQQHLFK© ª.RPP]XU6DFKH©IRUGHUWHLKQ,NH&ODQWRQGHU0DQQDXV.DQDGD DXI(UZDUGHU6FKZHLJVDPVWH)ULKQJLQJHVIDVWQXUXPV*HVFKlIW :HQQHU*HOGKDWWHNDXIWHHUVLFK)UDXHQ&ODQWRQVDKDXVZLH.RMDN QXUZDUHUZHVHQWOLFKVFKODQNHUXQGWUXJHLQHQGLFKWHQ9ROOEDUW 5RFN6LPRQVFKHQNWHHLQNLSSWHDXFKQRFK(LVZUIHOLQGLH*OlVHU XQGYHUWHLOWHGLH*HWUlQNH ª2ND\)UHXQGHLKUKDEWNHLQH/XVW,FKZLOODEHUQRFKWDXFKHQ:HU NRPPWPLW"© 0RQWDQDQLFNWH:LHHUULFKWLJKLHZXWHHUVHOEVWQLFKW(UZDULQ +HOHQDGHU+DXSWVWDGW0RQWDQDVJHERUHQKDWWHDQGHU:HVWNVWH JHWDXFKWXQGVLFKLQDOOHQP|JOLFKHQ-REVGXUFKJHVFKODJHQ$QJHEOLFK VROOWHLKQDXFKGLH3ROL]HLLQPHKUHUHQ6WDDWHQGHU:HVWNVWHVXFKHQ DEHUGDVZDU5RFNHJDO0RQWDQDZDUHLQ0DQQDXIGHQHUVLFKYHU ODVVHQNRQQWH

ª,VWJHERQJW©HUZLGHUWH5RFN ª8QGZDQQ"© 6LPRQVFKDXWHDXIGLH8KU(VZDUVHFKVª,QHLQHUKDOEHQ6WXQGH N|QQWHQZLUIHUWLJVHLQ© 0RQWDQDQLFNWH(UJULIIQDFKGHQ=LJDUHWWHQGLHQHEHQLKPODJHQ ]QGHWHVLFKHLQ6WlEFKHQDQXQGVFKDXWHDXIV0HHUZRLQGHU)HUQHGHU +LPPHOXQGGDV:DVVHUHLQH/LQLHGHQ+RUL]RQWELOGHWHQ'RUWODJ DXFKHLQ3XQNW 6DKDXVZLHHLQ6FKLII 0RQWDQDQDKPGDV)HUQJODVXQGSUHWHHVJHJHQVHLQH$XJHQ ZlKUHQGHUVLFKHUKRE ª:DVLVW"©IUDJH6LPRQ ª(LQ6FKLII© ª8QG"© 0RQWDQDKREGLH6FKXOWHUQª(LJHQWOLFKQLFKWV,FKNDQQQLFKWHU NHQQHQ]XZHPHVJHK|UW,VW]XZHLWZHJ© ª'LH.RQNXUUHQ]©JULQVWH2 %ULHQ ª:HQQHV3LUDWHQVLQGNULHJHQVLH%OHL©VDJWH,NH&ODQWRQXQGJULQVWH KDUW 'LHDQGHUHQODFKWHQ1RFKVHKUJXWNRQQWHQVLHVLFKDQ(LQ]HOKHLWHQ GHUOHW]WHQ$XVHLQDQGHUVHW]XQJHQHULQQHUQ 0RQWDQDVFKQLSSWHGLH.LSSHLQV0HHUXQGVHW]WHVLFKZLHGHU6LPRQ 5RFNZDUDXIJHVWDQGHQ(UKROWHGLHQHXHQ3UHOXIWIODVFKHQXQGDXFK GLHJHOEHQ1HRSUHQDQ]JH'DXQWHQZDUHVYHUGDPPWNDOWGHQQGLH 6FKLIIHODJHQVHKUWLHI 6LPRQ5RFNVWLHJLQVHLQHQ7DXFKHUDQ]XJ'DEHLNRQQWHMHGHUGDV 6SLHOVHLQHU0XVNHOQEHREDFKWHQ(UKDWWHZLUNOLFKHLQHQJXWGXUFKWUDL QLHUHQ.|USHU%UHLWH6FKXOWHUQVFKPDOH+IWHQNHLQ*UDPP)HWW ]XYLHO,QVHLQHP*HVLFKWVWDFKGLHPDUNDQWH1DVHKHUYRUXQWHUGHUHLQ KHOOHU%DUWZXFKV /DQJVDP]RJHUGHQ5HLYHUVFKOXKRFK'HU$Q]XJVDZLHHLQH ]ZHLWH+DXW $XFK0RQWDQDKDWWHVLFKLQ]ZLVFKHQXPJH]RJHQ(UEHUSUIWHQRFK PDOGLHEHLGHQ3UHOXIWIODVFKHQGHQQGDYRQKLQJLKU/HEHQDE(LQ NOHLQHU)HKOHUNRQQWHW|GOLFKVHLQ ª$OOHVNODU"©IUDJWH7HG/DZUHQFH 0RQWDQDQLFNWH $XFK6LPRQ5RFNIDQGNHLQHQ)HKOHU%HLGHZDUIHQJOHLFK]HLWLJ GLH3UHOXIWIODVFKHQEHULKUH6FKXOWHUQXQGEHIHVWLJWHQVLHDQ 5FNHQXQG+IWHQ6LHVWOSWHQGLH7DXFKHQPDVNHQEHUGHQ.RSI XQGEHUSUIWHQGLH$WPXQJ

.HLQH6FKZLHULJNHLWHQ'DQDFKVFKOSIWHQVLHLQGLH6FKZLPPIORVVHQ 'DV*ROGORFNWH /HLGHUNRQQWHQVLHQLFKWDOOHVIUVLFKEHKDOWHQ:HQQVLHHLQOLHIHQ ZXUGHGDV6FKLIIYRQVSH]LHOODXVJHELOGHWHQ%HDPWHQGHU&RDVW*XDUG XQWHUVXFKW6LHPXWHQGLH+lOIWHDQGHQ6WDDWDEOLHIHUQ'DVZXUPWHVLH DOOH 'DV:HUN]HXJEHVWDQGDXVHLQHUNOHLQHQ6FKDXIHOHLQHUHEHQVRNOHL QHQDEHUKDUWHQ6SLW]KDFNHXQGDXV]ZHLOLFKWVWDUNHQ7DVFKHQODPSHQ GLHDXFKLQGHU7LHIHJHQJHQG+HOOLJNHLWJDEHQXPVLFKRULHQWLHUHQ]X N|QQHQ ª:DQQVHLGLKUXQJHIlKUZLHGHUREHQ"©IUDJWH/DZUHQFH ª,QHLQHU6WXQGH©DQWZRUWHWH5RFN ª2ND\© 'LHEHLGHQ0lQQHUWUDWHQDQGLH%RUGZDQG|IIQHWHQGRUWHLQ*LWWHU XQGOLHHQVLFKNRSIEHULQGDV:DVVHUIDOOHQ6LPRQ5RFNWUXJQRFKGDV :HUN]HXJ 'LHDQGHUHQGUHLVFKDXWHQLKQHQQDFK.HLQHUGHU0lQQHUZHGHU GLHGLHWDXFKWHQQRFKGLHGLHDQ%RUGEOLHEHQDKQWHQZDVGLH6WXQGH JHVFKODJHQKDWWH 'HQQZHUGDV*UDXHQZHFNWHGHUZXUGHYHUVFKOXQJHQ 'DV:DVVHUVFKOXJEHULKQHQ]XVDPPHQXQGVLHEHIDQGHQVLFKLQHLQHU DQGHUHQIDV]LQLHUHQGHQ:HOW'LH6WLOOHGHV2]HDQVXPJDEVLHGLH 6FKZHLJVDPNHLWGHV0HHUHVhEHULKQHQYHUVDQNHQGLHOHW]WHQ 6RQQHQVWUDKOHQXQWHULKQHQEUHLWHWHVLFKGLHJHKHLPQLVYROOHJUQ VFKZDU]H7LHIHDXVGLHLPPHUZLHGHUPLWQHXHQ$EHQWHXHUQXQG JHZDOWLJHQ(LQGUFNHQORFNWHVRGDGLH7DXFKHULKUHU)UHPGDUWLJNHLW XQGLKUHP5HL]RIWJHQXJHUODJHQXQGVlPWOLFKH6LFKHUKHLWHQYHUJDHQ 6LPRQ5RFNXQG0RQWDQDHUJLQJHVDQGHUV6LHZDUHQNHLQH +REE\WDXFKHUIUVLHZDUGDV:DVVHUNHLQ8UODXEVHOHPHQWVLHVDKHQ GLH7DXFKHUHLDOVUHLQHV*HVFKlIWDQ ,KUH.|USHUKDWWHQVLFKJHVWUHFNW0LWNUlIWLJHQ%HLQVFKOlJHQXQG +LOIHGHU6FKZLPPIORVVHQWDXFKWHQVLHLQGLH7LHIH 6FKRQDXIGHP%RRWKDWWHVLFK6LPRQ5RFNHQWVFKORVVHQQLFKWGRUW]X WDXFKHQZRVLHDP0RUJHQVFKRQYHUJHEHQVQDFKJHVHKHQKDWWHQ (UZROOWHVLFKZHLWHUQ|UGOLFKKDOWHQXQGVRPLWLQHLQ*HELHWJHODQJHQ GDVYRQLKQHQQRFKQLFKWXQWHUVXFKWZRUGHQZDU $XIGHU6HHNDUWHKDWWHHUVLFKGDV$UHDODQJHVHKHQ$XIGHU(UGH ZUGHPDQHVPLWHLQHU:LOGQLVYHUJOHLFKHQRGHUHLQHPXQGXUFKGULQJ OLFKHQ*HELHWGHQQKLHUKDWWHGLH1DWXULQHLQHUEHUVFKlXPHQGHQ

/DXQHHLQJHZDOWLJHV.RUDOOHQULIIJHELOGHWGDVVLFKZLHHLQ*HELUJH PHLOHQZHLWDXVEUHLWHWH(VZDUQRFKOlQJVWQLFKWHUIRUVFKWZRUGHQ'D JDEHV6SDOWHQ7ULFKWHU+|KOHQJHIlKUOLFKH7XQQHOXQG]DKOUHLFKH 9HUVWHFNHIU5DXEILVFKH 'DV*HELHWZDUJHIlKUOLFK6LPRQ5RFNZXWHPLWGHU*HIDKUXP]X JHKHQHUNDONXOLHUWHXQGUHFKQHWHVLHDXV'HVKDOEZROOWHHUDXFKQLFKW WLHILQGDV5LIIKLQHLQWDXFKHQVRQGHUQVLFKQXUDQGHVVHQ5DQGDXI KDOWHQXQGHLQHQHUVWHQ(LQGUXFNJHZLQQHQ=XGHPVROOWHQGRUW]DKO UHLFKH6FKLIIHJHVXQNHQXQGYRQGHQVFKDUIHQ(FNHQXQG.DQWHQGHV 5LIIVUHJHOUHFKWDXIJHVSLHWZRUGHQVHLQ 6LPRQ5RFNZDUIHVWGDYRQEHU]HXJWLQQHUKDOEGHV.RUDOOHQULIIVHLQ 0LOOLRQHQYHUP|JHQ]XILQGHQ 6HLQ7DXFKSDUWQHUZXQGHUWHVLFKDOVGHUYRUDXVVFKZLPPHQGH5RFN SO|W]OLFKDEERJ 0RQWDQDJDEDEHUNHLQ=HLFKHQVRQGHUQIROJWHGHP%RGHU 7DXFKHUFUHZ (LQ)LVFKVFKZDUPVLOEULJJOlQ]HQGNDPLKQHQHQWJHJHQ'LHNOHLQHQ 7LHUHQDKPHQEHUKDXSWNHLQH1RWL]YRQGHQEHLGHQ0lQQHUQ8Q JHKLQGHUWNRQQWHQVLHGHQ6FKZDUPGXUFKTXHUHQ 6LHZDUHQLQ]ZLVFKHQ]LHPOLFKWLHI/LFKWGUDQJVRJXWZLHJDUQLFKW KLHUKHU(LQJUQOLFKHVGLIIXVHV'XQNHOXPJDEVLHDEHUQRFKNRQQWHQ VLHDXIGDV(LQVFKDOWHQGHU/DPSHQYHU]LFKWHQ 3ODQNWRQ$OJHQXQGQXUXQWHUGHP0LNURVNRSVLFKWEDUH(LQ]HOOHU /HEHZHVHQVRUJWHQGDIUGDDXVGHP:DVVHUHLQH]LHPOLFKWUEH %UKHZXUGH 'DQQKXVFKWHHLQ6FKDWWHQKHUDQ%OLW]VFKQHOOZDUHUGD%HLGH 0lQQHUNDQQWHQVLFKDXV'DVZDUHLQ+DL8QZLOONUOLFKWDVWHWH6LPRQ 5RFNQDFKVHLQHPEUHLWHQ0HVVHULP*UWHO(UGDFKWHDQGLH]DKO UHLFKHQ.lPSIHGLHHUVFKRQJHJHQ+DLHJHIKUWXQGEHUOHEWKDWWH 'RFKGHUVFKODQNH)LVFKOHLEJOLWWYRUEHL 6LHVFKZDPPHQZHLWHU 5XKLJXQGJOHLFKPlLJDWPHWHQVLH'LH/XIWUHLFKWHIU]ZHL6WXQGHQ 6RODQJHKDWWHQVLHQLFKWYRUXQWHU:DVVHU]XEOHLEHQ6LHZROOWHQDXFK QLFKWNRQNUHWVXFKHQQXUGDV*HELHWHUNXQGHQGDPLWVLHDPDQGHUHQ 7DJULFKWLJEHJLQQHQNRQQWHQ 6LPRQ5RFNVFKZDPPHWZDVODQJVDPHUXQGOLHVHLQHQ3DUWQHU DXIVFKOLHHQ'DQQVWUHFNWHHUGHQUHFKWHQ$UPDXVXQGGHXWHWHQDFK YRUQ 0RQWDQDYHUVWDQG6LHZUGHQQRFKZHLWHUVFKZLPPHQ)QI 0LQXWHQYHUJLQJHQGDQQZXFKVYRULKQHQHLQHJHZDOWLJH:DQGKRFK GLHHUVWQXUDOV6FKDWWHQ]XHUNHQQHQZDU'DV5LII

'UHLLJ0HLOHQYRUGHU.VWHJDEHVGLHVHVJHZDOWLJHDXV.RUDOOHQ 0XVFKHOQ3ODQNWRQXQG.DONEHVWHKHQGH*HELUJHGDVELVKHUNDXP HUIRUVFKWZDU'LHPHLVWHQWUDXWHQVLFKQLFKWKLHUKHUVLHZROOWHQ VFKQHOOHUXQGULVLNRORVHU*HOGYHUGLHQHQGRFKGHQEHLGHQ6SLW]HQ WDXFKHUQPDFKWHGLHVQLFKWVDXV 6LHJOLWWHQZHLWHUGXUFKGLHIDVWEHlQJVWLJHQGH6WLOOHGHUWLHIHQ6HH 6LPRQ5RFNVFKDOWHWHDOVHUVWHUVHLQHVWDUNH8QWHUZDVVHUODPSHHLQ 'DV*ODVZDUGXUFKHLQNOHLQHV*LWWHUJHVFKW]WGDPLWHVQLFKWVROHLFKW ]HUEUHFKHQNRQQWH 'HU6WUDKOEDKQWHVLFKVHLQHQ:HJGXUFKGLH)LQVWHUQLV,QLKPWDQ] WHQXQGZLUEHOWHQNOHLQH/HEHZHVHQGLHQLH]XU5XKHNDPHQXQGHLQHQ HZLJHQ.UHLVHOELOGHWHQ -HQlKHUVLHDQGLH:DQGKHUDQNDPHQXPVRIDV]LQLHUHQGHUZXUGHHV IUVLH6LHZDUQLFKWJODWWGDJDEHVJHZDOWLJH.HUEHQXQG6SDOWHQLQ GHQHQ0XUlQHQODXHUWHQXQGDXI%HXWHZDUWHWHQ6LHVDKHQ+|KOHQGLH YRQLUJHQGZHOFKHQIDUEHQSUlFKWLJHQ)LVFKHQEHVHW]WZDUHQ(VJDE EHUKlQJHQGH:lQGH(LQVFKQLWWHXQGUHJHOUHFKWH7lOHULQXQGGXUFK GLHVLHVFKZLPPHQNRQQWHQ $XIJHVFKUHFNWGXUFKGDV/LFKWYHUOLHHLQZLQ]LJHU.UDNHVHLQH +|KOHVRQGHUWHVHLQHGXQNOH)OVVLJNHLWDEXQGYHUVFKZDQG$XFK DQGHUH)LVFKHZLVFKWHQEOLW]VFKQHOOGDYRQGHQQGLHEHLGHQ7DXFKHU ZDUHQ6W|UHQIULHGHLPIULHGOLFKHQ1HEHQHLQDQGHUGHV.RUDOOHQULIIV 6LPRQ5RFNGHXWHWHPLWGHP'DXPHQQDFKREHQ(UZROOWHVWHLJHQ (LQHJHVFKPHLGLJH%HZHJXQJVHLQHV.|USHUVGHU6FKODJPLWGHQ )ORVVHQXQGHUJOLWWDQGHU:DQGHQWODQJKRFK (WZDIQI]HKQ)XZHLWHUK|UWHGLH:DQGDXI6LPRQ5RFNEHXJWH VLFKZLHGHUQDFKYRUQVRGDHULQGDV7DOVFKDXHQNRQQWHGDVKLQWHU GLHVHU.RUDOOHQZDQGODJ (VZDUHLQUHJHOUHFKWHU.RUDOOHQJDUWHQGHULQ]DKOUHLFKHQ)DUEHQ EOKWHDOVHUYRP/LFKWGHUEHLGHQHLQJHVFKDOWHWHQ8QWHUZDVVHU OHXFKWHQJHWURIIHQZXUGH 'DZXFKVHQ6HHVWHUQHDXIGHPNDONUHLFKHQ8QWHUJUXQGQHEHQ$OJHQ XQGODQJVWLHOLJHQ3IODQ]HQGLHVLFKLP5K\WKPXVGHU8QWHUZDVVHU GQXQJEHZHJWHQXQGPLWLKUHQ.|SIHQ]XQLFNHQVFKLHQHQ6LH EHZHJWHQVLFKQXUQDFKHLQHU6HLWHHLQ=HLFKHQIUGLH7DXFKHUGD VLHHVKLHUXQWHQQLFKWPLWJHIlKUOLFKHQ*HJHQVWU|PXQJHQ]XWXQ KDWWHQ 'DVZDUYLHOZHUW 6LHGUDQJHQHLQLQGHQ7LHIVHH*DUWHQGHUYRULKUHQ$XJHQVROFKHLQH 3UDFKWHQWIDOWHWH'DV7DOGHKQWHVLFKZHLWDXV(VZDUDXIGHP*UXQG DXFKQLFKWIODFK,P/DXIHGHU-DKUHKDWWHQVLFKQHXH.RUDOOHQElQNH

JHELOGHWGLHGDEHLZDUHQVLFKXQWHUGLHVHQLGHDOHQ/HEHQVEHGLQJXQJHQ DXV]XGHKQHQ 'LH0lQQHUOLHHQVLFKQLFKWDEOHQNHQ6LHVFKZDPPHQVHKUODQJVDP ZHLWHU'LH6WUDKOHQNUHLVWHQJOLWWHQEHUGHQ*UDQGDXFKEHU:lQGH RGHUWDVWHWHQVLFKLQ6SDOWHQXQG+|KOHQKLQHLQZRVLHVLFKPDQFKPDO LQGHU'XQNHOKHLWYHUORUHQ 5RFNXQG0RQWDQDVXFKWHQHLQHVGHU]DKOUHLFKHQJHVXQNHQHQ6FKLIIH (VZDUQXQQLFKWVRGDGLH*DOHRQHQHLQIDFKQXUGDODJHQVRGDVLH MHGHU7DXFKHUVFKQHOOILQGHQNRQQWHQHLQPDQPXWHVFKRQHLQLJH (UIDKUXQJHQKDEHQXPHLQ6FKLIIEHUKDXSW]XILQGHQ'HQQLP/DXIH GHU-DKUKXQGHUWHZDUDXVMHGHPJHVXQNHQHQ6FKLIIHLQHHLJHQH .RUDOOHQEDQNJHZRUGHQGLHVLFKXQ]lKOLJH/HEHZHVHQDOVLKU*HELHW DXVJHVXFKWKDWWH 8QGGRFKJDEHV+LQZHLVH 0DQFKPDOZDUHVGLH)RUP+LQXQGZLHGHUJOlQ]WHDXFKHLQ6WFN 0HWDOOGDVDXVLUJHQGHLQHP*UXQGHQLFKWEHUZXFKHUWZRUGHQZDU RGHUGLHJHNQLFNWHQ0DVWHQGLHHLQEHUGHP*UXQGOLHJHQGHQ :LUUZDUUELOGHWHQ0DQEUDXFKWHZLUNOLFKHLQJXWHV$XJHXPHLQH VROFKH*DOHRQH]XHQWGHFNHQ 6LPRQ5RFNVFKZDPPQRFKLPPHUDOVHUVWHU'DVOLHHUVLFKQLH QHKPHQGHQQHUZDUGHU)KUHUHUEHJDEVLFKDXFKDOVHUVWHULQ*HIDKU 3O|W]OLFKVWRSSWHHUEOLHEVWHKHQXQGWUDW:DVVHU6RIRUWZDU0RQWDQD QHEHQLKP %HLGH0lQQHUGUHKWHQGHQ.RSIXQGVFKDXWHQVLFKXQWHUGHQ 6LFKWPDVNHQKHUDQ %LV5RFNQDFKOLQNVGHXWHWH)DVWZlUHQVLHYRUEHLJHVFKZRPPHQ GHQQLQGLH)HOVZDQGKLQHLQVWDFKHLQHWZD]ZHL
*HVFKLFKWHQGLHPDQVLFKYRQ8QWHUZDVVHUJHLVWHUQXQGPlFKWLJHQ 8QJHKHXHUQHU]lKOWH:HQQ7DXFKHU]XVDPPHQVDHQXQGGLH)ODVFKH NUHLVWHZXUGHQGLHVH*HVFKLFKWHQRIWDXVJHJUDEHQXQGHU]lKOW'DEHL OLHIVRPDQFKHPHLQH*lQVHKDXWEHUGHQ5FNHQ $Q*HLVWHUJODXEWH0RQWDQDQLFKWXQGHLQHPHQVFKHQIUHVVHQGH 6HHVFKODQJHKDWWHHUDXFKQRFKQLFKWJHVHKHQ'DVZDU6HHPDQQVJDUQ XQGJHK|UWHLQV5HLFKGHU)DEHO %HLGHOHXFKWHWHQVLHGLH:lQGHDE6LHNDPHQLKQHQGXQNOHUYRUDOV GLHEULJHQGHV5LIIV$XFKKLHUVDKHQVLHGLHNOHLQHQ6SDOWHQXQG (LQVFKQLWWHHQWGHFNWHQZLQ]LJH+|KOHQXQG/|FKHULPSRU|VHQ .DONJHVWHLQ 'HU(LQVFKQLWWZDU]LHPOLFKODQJ8QJHZ|KQOLFKHLJHQWOLFKGDQQDEHU YHUEUHLWHUWHHUVLFK 6LPRQ5RFNVFKZHQNWHVHLQHQUHFKWHQ$UPXQGOHXFKWHWHMHW]WPLWGHU /DPSHQDFKYRUQ 3O|W]OLFKWUDIGHU6WUDKOHWZDV5XQGHV*URHVGDVYRP:DVVHU JHWUDJHQZXUGHXQGYRULKPVFKZHEWH(VZDUNHLQ.XJHOILVFKGHU KDWWHHLQHDQGHUH)RUPXQGGHUKDWWHDXFKNHLQH+DDUH 'HU7DXFKHUJOLWWQRFKQlKHUDQGHQ*HJHQVWDQGKHUDQXQGNRQQWH LKQMHW]WJHQDXHUNHQQHQ (VZDUHLQ.RSI 'HU.RSIHLQHV0HQVFKHQ0LWHLQHPDXIJHULVVHQHQ0XQGLQGHVVHQ REHUHU=DKQUHLKH]ZHLODQJH9DPSLU]lKQHVFKLPPHUWHQ 6LPRQ5RFNKDWWHVFKRQYLHOLQVHLQHP/HEHQJHVHKHQDEHUVRHWZDV QRFKQLFKW'HU$QEOLFNZDUHLQIDFK]XJUDXHQKDIW'LHVHULP:DVVHU VFKZHEHQGH.RSIZDUQLFKWDEJHWUHQQWRGHUDEJHVFKQLWWHQZRUGHQ VRQGHUQDEJHULVVHQ6RJHQDXVDKHQGLH2SIHUYRQ+DLHQDXVGLH XQJOFNOLFK]ZLVFKHQGHUHQPlFKWLJHQ=lKQHJHULHWHQ 'DQQPXWHGLHVHU0DQQHLQ+DLRSIHUJHZHVHQVHLQ$EHUZLHNDPHU ]XGHQVSLW]HQ(FN]lKQHQDXVZHOFKHP*UXQGHZDUNHLQ%OXW]XVHKHQ XQGZRVWHFNWHGHU.LOOHUKDL"'LHVHXQGlKQOLFKH)UDJHQEHVFKlIWLJWHQ GLHEHLGHQ0lQQHUDOVVLHGHQ.RSIYRUVLFKVDKHQ 6LPRQ5RFNZDQGWHGHQ%OLFN(UVFKDXWH0RQWDQDDQXQGVDKLQ GHVVHQEHVWU]WHV*HVLFKWKLQWHUGHU7DXFKHUEULOOH$XFKHUZXWHNHLQH (UNOlUXQJ /DQJVDPWULHEGHU6FKlGHOYRUEHL(UZXUGHYRQGHU6WU|PXQJ JHSDFNWXQGYHUVFKZDQGLQHLQHP)HOVORFK 0RQWDQDKREGLH+DQGXQGGHXWHWHDQGDHVEHVVHUZDUZLHGHUDXI ]XWDXFKHQ6LPRQ5RFNVFKWWHOWHGHQ.RSI(UZROOWHMHW]WZHLWHU PDFKHQ'DV-DJGILHEHUKDWWHLKQJHSDFNWDXIJHEHQZDUQLFKWGULQMHW]W JLQJHV]XU6DFKH

6DXHUVWRIIKDWWHQVLHQRFKJHQXJ6LHNRQQWHQDOVRZHLWHUVFKZLPPHQ XQGGLH*HJHQGHUIRUVFKHQGLHKLQWHUGHP6SDOWODJ,UJHQGHWZDVZDU GRUW]XGHPKDWWHLKQHQHLQH*HJHQVWU|PXQJGHQ.RSIYRUGLH 6LFKWEULOOHQJHWULHEHQ 6LPRQ5RFNVWUHFNWHVHLQHQ.|USHUXQGJOLWWPLWHLQSDDUOHLFKWHQ %HLQVFKOlJHQYRUDQ0RQWDQDIROJWHLKP:LHDXFKEHL6LPRQODJVHLQH UHFKWH+DQGDXIGHP*ULIIGHVJURHQ7DXFKHUPHVVHUV(UZROOWHNHLQ 5LVLNRHLQJHKHQGHQQEHLGHDKQWHQGDGLH*HIDKUHQQRFKOlQJVWQLFKW YRUEHLZDUHQ=XPLQGHVWGHU+DLGHUGLHVHQ.|USHU]HUULVVHQKDWWH PXWHVLFKQRFKLUJHQGZRLQGHU1lKHDXIKDOWHQ 6LPRQ5RFNGDFKWHGDUEHUQDFKZRKHUGHU.RSIZRKOVWDPPWH'D HU]XHLQHP.|USHUJHK|UWKDWWHZDUQDWUOLFKNODUDEHUGLH=lKQH JLQJHQLKPQLFKWDXVGHP6LQQ'HUKDWWHZLUNOLFKDXVJHVHKHQZLHHLQ 9DPSLU'RFKGLHJDEHVQLFKWHEHQVRZHQLJZLHHLQ6HHXQJHKHXHU (UIDQGNHLQH/|VXQJVRVHKUHUDXFKJUEHOWH (VZXUGHZLHGHUHWZDVKHOOHU(LQ=HLFKHQGDIUGDVLHGHQ6SDOWLP )HOVKLQWHUVLFKJHODVVHQKDWWHQ 1RFK]ZHL6FKZLPPVW|HXQGHLQHDQGHUH:HOWODJYRUGHQEHLGHQ 7DXFKHUQ(VZDUHLQJURHV.RUDOOHQWDOPLWZHLWHQ0XVFKHOElQNHQPLW EL]DUUJHIRUPWHQ.RUDOOHQIHOVHQIDUELJHQ%OXPHQ*HZlFKVHQ+|KOHQ 9HUVWHFNHQXQGHLQHUSUlFKWLJHQ7LHUZHOW /DQJVDPJOLWWHQGLHEHLGHQ0lQQHUWLHIHU6LHVDXJWHQGLH(LQGUFNH LQVLFKDXIGHQQVHOEVWVLHGLHVLHVFKRQVHKUYLHOJHVHKHQKDWWHQZDUHQ YRQGLHVHPJHKHLPQLVYROOHQ7DOXQWHU:DVVHUEHJHLVWHUW9HUJHVVHQZDU GHU.RSIGLH0lQQHUOLHHQVLFKJDQ]YRQLKUHU8PJHEXQJJHIDQJHQ QHKPHQ 'DQQZXUGHQLKUH$XJHQJUR=XUVHOEHQ=HLWVDKHQVLHJHQDXGDV ZDVVLHJHVXFKWKDWWHQ (LQ6FKLII (VZDUOLQNVYRQLKQHQJHVXQNHQXQGVFKLHQDQGHU)HOVZDQG]X NOHEHQ0LWGHU6WHXHUERUGVHLWHGUFNWHHVJHJHQGDVULVVLJH*HVWHLQ 'DVJHVDPWH6FKLIIVWDQGVFKLHIZDUPLW$OJHQXQG0XVFKHOQEHU NUXVWHWDEHUQRFKVHKUJXWHUKDOWHQ 'LHGUHL0DVWHQJDEHVQRFKYROOVWlQGLJ6RJDUQRFK5HVWHGHV 6HJHOWXFKVEHZHJWHQVLFKLQGHU6WU|PXQJ$P%XJ]HLJWHVLFKHLQ JURHV/HFNGXUFKGDVGDV:DVVHUVWU|PWH'LH$XIEDXWHQZDUHQ]X VHKHQXQGXQ]HUVW|UW 0DQQGDVLVWHLQ'LQJGDFKWH6LPRQ5RFNXQGNRQQWHVLFKDQGLH VHP$QEOLFNJDUQLFKWVDWWVHKHQ'DVZDUNHLQVSDQLVFKHV6FKLIIHV PXWHVSlWHUJHVXQNHQVHLQ(LQH'UHLPDVWEDUNYLHOOHLFKWHQJOLVFKHQ 8UVSUXQJV

6LHVFKZDPPHQODQJVDPQlKHU $OOHUGLQJVZDUHLQVYHUZXQGHUOLFK1RUPDOHUZHLVHZXUGHQGLH JHVXQNHQHQ6FKLIIHLPPHUYRQ]DKOUHLFKHQ)LVFKHQKHLPJHVXFKWKLHU MHGRFKZDUNDXPHLQHU]XVHKHQ'LH)LVFKHPDFKWHQVHOWVDPHUZHLVHXP GLHVHV6FKLIIHLQHQ%RJHQ:HQQGHP.DKQPDOHLQHU]XQDKHNDPGDQQ ]XFNWHHUNXU]YRUGHP=LHO]XUFNXQGJOLWWGDYRQ 6HKUVHOWVDP 'LHEHLGHQ7DXFKHUZDUHQVRLQGHQ$QEOLFNGHV6FKLIIHVYHUWLHIWGD VLHGLH*HIDKUYHUJDHQ'HQ.RSIKDWWHQVLH]ZDUJHVHKHQDEHUQLFKW GHQGD]XJHK|ULJHQ.|USHURGHUGLH%HVWLHGLHGDIUYHUDQWZRUWOLFK ZDUGDGHU.RSIGXUFKV:DVVHUWUXGHOWH 'HU+DLNDPYRQGHU6HLWH /DXWORVVFKQHOOXQGJHIlKUOLFK (UZDUQRFKLPPHUDXIGHU6XFKHQDFK%HXWHKDWWH]ZDUHWZDVJH ULVVHQDEHUGDPLWNRQQWHHUQLFKWVDQIDQJHQ-HW]WVDKHUGLHEHLGHQ 7DXFKHU 0RQWDQDPHUNWHGLH*HIDKU]XHUVW(LJHQWOLFKPDFKWHLKQHUVWGHU 6FKDWWHQDXIPHUNVDPHUGUHKWHGHQ.RSIVDKGHQ+DLXQGUHDJLHUWH VRIRUW (LQH5ROOHQDFKKLQWHQZREHLHUJOHLFK]HLWLJ6LPRQ5RFNJHJHQGHQ .|USHUWUDWXQGLKQVRPLWZDUQWHGDQQ]RJ0RQWDQDVHLQ0HVVHU KHUYRU $OVGHU+DLGDZDUVWDFKGLH.OLQJHLQGLH+|KH:LHJHVDJWVLHZDU VHKUVFKDUILKUKDWWHGHU+DLQLFKWVHQWJHJHQ]XVHW]HQ 6LHVFKOLW]WHLKQDQGHU8QWHUVHLWHDXI,QHLQHPODQJHQ%RJHQIORGDV %OXWDXVGHU:XQGHXQGIlUEWHGDV:DVVHU(VZUGHQDWUOLFKQRFK PHKU+DLHDQORFNHQGLHLKUHQ$UWJHQRVVHQGDQQ]HUULVVHQGRFKGDV 5LVLNRPXWHQEHLGH7DXFKHUHLQJHKHQZROOWHQVLHVLFKQLFKWYRQGHP )LVFK]HUUHLHQODVVHQ 'HU+DLZDUQRFKQLFKWHUOHGLJW(UGUHKWHGXUFK0RQWDQDVDK]XGD HUDXVVHLQHPXQPLWWHOEDUHQ%HUHLFKNDPGHQQGHUODQJHNUlIWLJHJUDXH .|USHUSHLWVFKWHGDV:DVVHU 'HU+DLZXUGHUDVHQG(UNlPSIWHJHJHQVHLQ6FKLFNVDODQZLUEHOWH LQHLQHU:RONHYRQ%OXW]XFNWHZDUIVLFKKLQXQGKHUGUHKWHGXUFKXQG YHUVFKZDQGSO|W]OLFKLQGHP6SDOWDXVGHPGLHEHLGHQ7DXFKHUJH NRPPHQZDUHQ(UZUGHLQVRIIHQH:DVVHUVFKZLPPHQXQWHUZHJV HLQH%OXWVSXUKLQWHUVLFKKHU]LHKHQXQGYRQGHQDQGHUHQ+DLHQ]HUIHW]W ZHUGHQ 6LPRQ5RFNZLQNWH0RQWDQD]X(LQ=HLFKHQGHU$QHUNHQQXQJ 0RQWDQDZDUHLQJXWHU+DLNLOOHU -HW]WKLHOWVLHQLFKWVPHKUVLFKGDVJHKHLPQLVYROOH6FKLIIDQ]XVFKDXHQ

,QVFKUlJHU/LQLHVFKZDPPHQVLHDXIGHQ.DKQ]X8QGEHLGH VSUWHQXQDEKlQJLJYRQHLQDQGHUGLH*HIDKUGLHYRUXQGXQWHULKQHQ ODXHUWH$QGHUHUVHLWVEWHGLHVHV6FKLIIHLQHQJHZLVVHQ5HL]DXIVLHDXV 6LHPXWHQHVVLFKHLQIDFKDQVHKHQ 8QGZLHGHUZDUHQVLHEHUUDVFKWDOVVLH]ZLVFKHQGHQ0DVWHQKHU VFKZDPPHQ(VZDUQRFKDOOHVVHKUJXWHUKDOWHQ6RJDUGLH:DQWHQ ZDUHQ]XHUNHQQHQ (LQH5ROOHQDFKYRUQXQGEHLGHJOLWWHQVLHGHP'HFNHQWJHJHQ6LH WUHQQWHQVLFKMHW]WQLFKWPHKUVRQGHUQEOLHEHQGLFKWEHLHLQDQGHU'DV :DVVHUZDUGXUFKGHQJHVDPWHQ6FKLIIVOHLEJHVWU|PW6LHVDKHQGLH RIIHQHQ/XNHQXQG.ODSSHQ]XGHQ1LHGHUJlQJHQGXUFKVLHNRQQWHQ VLHLQGHQ%DXFKGHV6FKLIIHVJHODQJHQ :LHGHUVFKDOWHWHQVLHGLH/DPSHQHLQ$XIGHP$FKWHUGHFNEHIDQG VLFKHLQ5XGHUKDXVPLWRIIHQHU7U'LH7UVFKZDQJLQGHU8QWHU ZDVVHUGQXQJKLQXQGKHUDOVZUGHVLHYRQQLFKWVLFKWEDUHQ+lQGHQ EHZHJW 'LH0lQQHULQWHUHVVLHUWHQVLFKIUGLH/DGXQJ8QGGLHODJQXQPDO LP%DXFKGHV6FKLIIHV 6LHPXWHQUXQWHU =XHUVWJOLWWZLHGHU6LPRQ5RFNGXUFKGLHRIIHQH/XNHXQGWDXFKWHHLQ LQGDV'XQNHOGHV6FKLIIVEDXFKV 'HUVWDUNH/DPSHQVWUDKOEDKQWHVLFKVHLQHQ:HJGXUFKGLHWUEH)OXW $XFKKLHUXQWHQZRVLFKGLH/DGHXQG6WDXUlXPHEHIDQGHQKDWWHQ 0XVFKHOQXQG.DONIUHPGDUWLJH.XQVWZHUNHDQGHQ,QQHQZlQGHQGHV 6FKLIIHVJHELOGHW 9RQGHU/DGXQJIHKOWHMHGH6SXU.HLQH.LVWHXQGNHLQ)DZDU LUJHQGZRYHUWlXW 'LHVHU6WDXUDXPSUlVHQWLHUWHVLFKGHQEHLGHQ7DXFKHUQY|OOLJOHHU 6LHGXUFKVFKZDPPHQLKQJDQ]ELV0RQWDQDPLWGHU/DPSHZLQNWH XQGVRPLWHLQ=HLFKHQJDE 6LPRQ5RFNJOLWWQHXJLHULJQlKHU 0RQWDQDKDWWHGHQ'XUFKJDQJ]XPQlFKVWHQ/DJHUUDXPHQWGHFNW (LQRIIHQHV5HFKWHFN'LHGD]XJHK|ULJH7UODJDXIGHQ3ODQNHQ 6LHPXWHZRKODXVGHQ$QJHOQJHULVVHQZRUGHQVHLQDOVGDV6FKLIIVR SO|W]OLFKVDQN 'LHEHLGHQ0lQQHUOHXFKWHWHQGLH7UDQXQGZXQGHUWHQVLFKDOVVLH GDV.UHX]VDKHQGDVDXIGLH7UJHQDJHOWZRUGHQZDU2EZRKO 0XVFKHOQXQG.DONHVEHUZXFKHUWKDWWHQZDUHQGLH8PULVVHGRFK GHXWOLFK]XHUNHQQHQ 5RFNXQG0RQWDQDKDWWHQVFKRQ]DKOUHLFKH6FKLIIHGXUFKVXFKWXQG OHHUJHUlXPWVLHNDQQWHQVLFKLQ]ZLVFKHQVHKUJXWDXVDEHUHLQ.UHX]

YRUHLQHU7UKDWWHQVLHQRFKQLHDXIHLQHPJHVXQNHQHQ6FKLIIJHVHKHQ 'DVPXWHVHLQH%HGHXWXQJKDEHQ 2EGHU6WDXUDXPGDKLQWHUYLHOOHLFKWHWZDV%HVRQGHUHVEHLQKDOWHWH" 6HKUZHUWYROOHNLUFKOLFKH6FKlW]H"9LHOOHLFKW0HNHOFKHRGHUDQGHUH JROGHQH.UHX]HGLH]XVlW]OLFKPLW(GHOVWHLQHQJHVFKPFNWZDUHQ" 'LH7DXFKHUGDFKWHQGDVJOHLFKH,KU)RUVFKHUGUDQJOLHVLFKQLFKW PHKUEUHPVHQGLH1HXJLHUGHZDUJU|HUDOVGLHLP8QWHUEHZXWVHLQ ODXHUQGH*HIDKU 6LHJOLWWHQGXUFKGLHgIIQXQJ/DXWORVZLH]ZHL)LVFKH (LQSDDU]HUSODW]HQGH/XIWSHUOHQZDUHQGDVHLQ]LJHZDVLQGHP HUVWHQ5DXP]XUFNEOLHEXQGQRFKDQGLH7DXFKHUHULQQHUWH $EHUPDOVQDKPVLHHLQHGXQNOHXQKHLPOLFKDQPXWHQGHXQGIUHPGH :HOWJHIDQJHQ$XFKLQGLHVHP/DGHUDXPVFKLHQDXIGHQHUVWHQ%OLFN QLFKWV]XVHLQDEHUQXUDXIGHQHUVWHQ%OLFN $OVGLHEHLGHQ7DXFKHUMHGRFKGLH/DPSHQVFKZHQNWHQGDVDKHQVLH GLH.LVWHQGLHLP6WDXUDXPVWDQGHQ6LHZDUHQYRUGHP8QWHUJDQJYHU WlXWJHZHVHQ'RFKDOVGDV6FKLIIJHJHQGLH)HOVZDQGSUDOOWHZDUGLH 9HUWlXXQJJHULVVHQVRGDGLH.LVWHQGXUFKHLQDQGHUJHUXWVFKWZDUHQ -HW]WVWDQGHQVLHNUHX]XQGTXHU 6LPRQ5RFNXQG0RQWDQDJOLWWHQEHUGLH/DGXQJKLQZHJHUUHLFKWHQ GDV(QGHGHV/DGHUDXPVXQGGUHKWHQVLFKZLHGHUXPXPGLH.LVWHQ JHQDXHU]XXQWHUVXFKHQ6LHVFKZDPPHQXQWHUGHU'HFNHNLSSWHQMHW]W LKUH.|USHUXQGVWLHHQGHP%RGHQHQWJHJHQ'LH6WUDKOHQGHU/DPSHQ ERKUWHQVLFKLQGDVWUEH'XQNHOWUDIHQDXFKGLH.LVWHQYRQHLQHUJH ULQJHUHQ(QWIHUQXQJXQGMHGHUGHUEHLGHQ7DXFKHUNRQQWHVHKHQGDHV VLFKQLFKWXP/DGHNLVWHQKDQGHOWHVRQGHUQXPHWZDVDQGHUHV 8P6lUJH 6LHEHQ6lUJHZDUHQHVGLHVLFKLQGLHVHP6WDXUDXPEHIDQGHQhEHU HLQKDOEHV'XW]HQG7RWHQNLVWHQGLHVHOWVDPHUZHLVHQLFKWPLW7DQJ $OJHQRGHU0XVFKHOQEHUGHFNWVRQGHUQVRJHEOLHEHQZDUHQZLH]XYRU 'LHUDVFKDXIVWHLJHQGHQ/XIWSHUOHQ]HXJWHQGDYRQZLHVFKQHOOXQG EHUUDVFKWGLHEHLGHQ7DXFKHUZDUHQ6LHWUDWHQ:DVVHUXQGVFKDXWHQ VLFKDQ0RQWDQDGUHKWHGLH)DXVWPLWGHPDXIJHULFKWHWHQ'DXPHQXQG GHXWHWHQDFKXQWHQ 6LPRQ5RFNYHUVWDQGGDV=HLFKHQ0RQWDQDZROOWHGLH6lUJHXQWHU VXFKHQ'DVKlWWHHUDXFKYRUJHVFKODJHQGHQQHVZDUVFKRQGHV|IWHUHQ SDVVLHUWGDLUJHQGZHOFKH6HHIDKUHUZHUWYROOH/DGXQJHQLQDXHU JHZ|KQOLFKHQ9HUVWHFNHQXQWHUJHEUDFKWKDWWHQ 'D]X]lKOWHQDXFK6lUJH $EHU6LPRQ]|JHUWH(UZXWHQLFKWVRUHFKWZLHHUVLFKYHUKDOWHQ VROOWHGHQQHUGDFKWHDQGHQWUHLEHQGHQ9DPSLUNRSI

(LQ.RSIXQGMHW]WGLHVLHEHQ6lUJH 6WDQGHQGLHEHLGHQLQHLQHUXQPLWWHOEDUHQ9HUELQGXQJ"8QGZDUHV YLHOOHLFKWP|JOLFKGDVLHLQHLQHPGHU6lUJHGHQ]XP.RSIJHK|UHQGHQ .|USHUIDQGHQ" $OV6LPRQ5RFNGDUDQGDFKWHJOLWWVHOEVWLKPGHP+DUWJHVRWWHQHQ HLQ6FKDXHUEHUGHQ5FNHQ'DUDQZROOWHHUOLHEHUQLFKWGHQNHQ 9HUQQIWLJZlUHHVHLJHQWOLFKJHZHVHQGHQ5FNZHJHLQ]XVFKODJHQ GRFKGLH*LHUQDFK*ROGZDUVWlUNHU 'HVKDOEQLFNWHHU $XFK0RQWDQDZDUHLQYHUVWDQGHQ(UKDWWHVLFKZlKUHQG5RFNVhEHU OHJXQJHQHLQZHQLJXPJHVFKDXW(LQ6DUJILHOZHJHQVHLQHU*U|HDXI (UZDULQVHLQHQ$XVPDHQIDVWGRSSHOWVRJURZLHGLHDQGHUHQ'HQ ZROOWHQVLFKGLH0lQQHUDOVHUVWHQYRUQHKPHQ *HPHLQVDPVFKZDPPHQVLHDXILKQ]X 'HU6DUJZDUYHUVFKORVVHQ'LH6FKO|VVHUKDWWHQLP/DXIHGHU=HLW 5RVWDQJHVHW]WXQGZUGHQQLFKWVROHLFKW]XNQDFNHQVHLQ$EHUVLH KDWWHQLKUHVFKDUIHQ0HVVHUDXVEHVWHP6WDKO8QG]XVlW]OLFKQRFKGLH 3LFNHO0LWGLHVHQ:HUN]HXJHQPXWHHV]XVFKDIIHQVHLQGLH6lUJH]X |IIQHQ 0RQWDQDKDWWHVHLQ0HVVHUEHUHLWVJH]RJHQ(UZROOWHHVLQGHQ6SDOW ]ZLVFKHQ'HFNHOXQG8QWHUWHLONOHPPHQZlKUHQGVLFK6LPRQ5RFNDQ GHQ6FKO|VVHUQ]XVFKDIIHQPDFKWH'D]XQDKPHUGHQKDUWHQ3LFNHOXQG KlPPHUWHGDJHJHQ 'HUJU|HUH6DUJVWDQG]LHPOLFKDOOHLQLQHLQHU(FNH(WZDVZHLWHUHQW IHUQWYRQGHQEULJHQ'HVKDOEVDKHQEHLGH7DXFKHUQLFKWZLHVLFKHLQ 'HFNHOSO|W]OLFKKREXQGHLQHEOHLFKHJUQEODXVFKLPPHUQGH+DQG HUVFKLHQGHUHQ)LQJHU]XU.ODXVHJHNUPPWZDU (LQ5XFNXQGGHU'HFNHOUXWVFKWHDE 6DFKWEHUKUWHHUGHQ%RGHQZRHUOLHJHQEOLHE$XVGHP6DUJDEHU VWLHJHLQH*HVWDOWGLHZLHHLQ6HHUlXEHUDXVVDKXQGGHUHQ.OHLGXQJ]HU IHW]WDP.|USHUKLQJ %OHLFKDXIJHGXQVHQXQGEOXWOHHUZDUGLH+DXW(LQUHJHOUHFKWHV 0RQVWHUNOHWWHUWHGDDXVGHP6DUJ$OVHVGLHDXIJHULVVHQHQ/LSSHQ ]XUFNVFKREZXUGHQ]ZHLVSLW]H9DPSLU]lKQHVLFKWEDUGLHHLQ]LJHQ GHQQGLHEULJHQ=lKQHKDWWHGLHVHU8QKROGYHUORUHQ 'HU9DPSLUZXUGHYRQGHU6WU|PXQJJHSDFNWGLHDXFKKLHUXQWHQ KHUUVFKWH 6HLQ.|USHUWULHEYRUDQ(UKDWWHGLH$UPHDXVJHEUHLWHWXQGVWUHFNWH VLHMHW]WYRUZREHLHUZHLWGLH+lQGH|IIQHWHXPPLWVHLQHQ)LQJHUQGHQ /XIWVFKODXFKGHVHUVWHQ7DXFKHUVDE]XUHLHQ

(VZDUHLQ*HJHQVDW]ZLHHULP%XFKHVWDQG ,QGHU%RGHJDGLHKHLHVWLFNLJHVFKZOHSDUIPJHVFKZlQJHUWHXQG QDFK6FKZHLULHFKHQGH/XIWDXIGHUHLQHQ6HLWHXQGGLHNDOWH.OLQJHGHV 0HVVHUVDXIGHUDQGHUHQ 'DV0HVVHUNOHEWHDQPHLQHU*XUJHO ,FKWUDXWHPLFKQLFKWPHKU]XDWPHQVRQGHUQKLHOWGLH/XIWDQ'HU .HUOKLQWHUPLUZDUHLQJHZDOWLJHU%URFNHQ,FKVDKLKQ]ZDUQLFKWDEHU GHUOLQNH$UPGHUPHLQHQ2EHUN|USHULQ*UWHOK|KHXPVSDQQWKLHOW KDWWHIDVWGHQ'XUFKPHVVHUHLQHV%DXPVWDPPHV 'LHVHU7\SKDWWHPLFKEHUUDVFKWDOVLFKDXIGLH7RLOHWWHZROOWH,P WRWHQ:LQNHOODXHUWHHUXQGLFKOLHIYROOLQGLH)DOOHZHLOLFKDQQLFKWV %|VHVGDFKWH -HW]WZDUHV]XVSlW ,FKURFKVHLQHQZLGHUOLFKHQ6FKZHL(UVFKLHQVLFKHLQSDDU0RQDWH QLFKWPHKUJHZDVFKHQ]XKDEHQ6HLQH$UPHZDUHQQDFNW:HQQLFK QDFKXQWHQSHLOWHVDKLFKGLH7lWRZLHUXQJ6LH]HLJWHHLQH0HHUMXQJIUDX PLWULHVLJHQ%UVWHQ 'LH+DXWZDUQLFKWJDQ]KHOODXFKQLFKWVRQQHQEUDXQ,FKKDWWHHVPLW HLQHP0LVFKOLQJ]XWXQ )QI6HNXQGHQYHUJLQJHQ0HLQ+HU]VFKODJ]XYRULQGLH+|KH JHVFKQHOOWKDWWHVLFKZLHGHUEHUXKLJW ª:DVZLOOVWGX"©SUHWHLFKKHUYRU ª'LFK© ª2ND\GXKDVWPLFK8QGMHW]W"© ª6FKQHLGHLFKGLUGLH.HKOHGXUFK© (UVDJWHGLHVPLWVRHLQHU%HVWLPPWKHLWGDPLUDQJVWXQGEDQJH ZXUGH(VZlUHDXFKNHLQHVZHJVXQQRUPDOJHZHVHQGHQQLQGLHVHU *HJHQGDP+DIHQWULHEVLFKDOOHUOHLOLFKWVFKHXHV*HVLQGHOKHUXP:LU EHIDQGHQXQVLQ.H\/DUJR)ORULGDZRGLH:HOWDXFKQLFKWPHKUKHLOLVW 'DVHUOHEWHLFKMHW]WDXIGUDVWLVFKH$UWXQG:HLVH'HU7D[LIDKUHUKDWWH %LOOXQGPLFKVFKLHIDQJHVHKHQDOVZLULKPXQVHU=LHOQDQQWHQDEHUZLU PXWHQLQGLHVHYHUGDPPWH%RGHJDGDUDQIKUWHNHLQ:HJYRUEHL,FK KlWWHPLFKDXFKOLHEHULQV+LOWRQJHVHW]WXQGGDPHLQHQ:KLVN\ JHVFKOUIW ª:LOOVWGX*HOG"©IUDJWHLFKOHLVH ª$XFK© ª8QGZDUXPZLOOVWGXPLFKVRQVWXPEULQJHQ"© ª:HLOGXGHLQHGUHFNLJHQ)LQJHUDQ&RQFKLWDJHOHJWKDVW© 2MH&RQFKLWD'XDUWHDOVR6LHZDUXQVHUH,QIRUPDQWLQ:HJHQLKU KDWWHQ%LOO&RQROO\XQGLFKEHUKDXSWGLHVH%RGHJDDXIJHVXFKW*HWDQ KDWWHQZLULKUQLFKWVQXUJHUHGHW8QGMHW]WNDPGLHVHUHLIHUVFKWLJH

*RFNHOXQGZROOWHPLUGLH.HKOHGXUFKVFKQHLGHQ'DEHLKDWWHGHU)DOO QRFKJDUQLFKWULFKWLJEHJRQQHQ ª6LHZLVVHQZDVDXI0RUGVWHKW©VDJWHLFK (UODFKWHUDXKª'XELVWQLFKWGHUHUVWHGHQLFK]XVHLQHQ$KQHQ JHVFKLFNWKDEH© 5HL]HQGH$XVVLFKWHQLP/DQGGHUXQEHJUHQ]WHQ0|JOLFKNHLWHQ 6KLWDXFK ª*HKYRU©VDJWHHUªXQGGHQNGDUDQGDV0HVVHUEOHLEWDQGHLQHU .HKOH© ª8QGZRVROOLFKKLQ"© ª1XUZHLWHUJHKHQ©EHIDKOHUª$EHUNHLQH'XPPKHLWHQVRQVWELVWGX VRIRUWWRW© ª2ND\%UXGHU©VDJWHLFKXQGJULQVWHVFKLHIREZRKOPLUGDQDFKEHU KDXSWQLFKW]XPXWHZDU'LH7RLOHWWHQODJHQZHLWHUOLQNVKLQWHUVFKPXW ]LJHQ:lQGHQGLHPLWVFKZHLQLVFKHQ6SUFKHQYROOJHNULW]HOWZDUHQLP KHUUVFKHQGHQ'lPPHUOLFKWYRQPLUMHGRFKQLFKWHQW]LIIHUWZHUGHQ NRQQWHQ 'HU*DQJIKUWH]XHLQHU+LQWHUWU/HHUH&RODGRVHQ3DSLHUXQG 'UHFNEHGHFNWHQLKQ$XVGHU%RGHJDK|UWHLFKVFKZDFKGDV.OLPSHUQ HLQHU*LWDUUH (VVFKLHQPHLQH7RGHVPHORGLH]XZHUGHQ 9RUHLQHU%RKOHQWUEOLHEHQZLUVWHKHQ'LFNH)OLHJHQXPVXPPWHQ PLFK6LHVFKLOOHUWHQEODX(VZDUHQGLHVH,QVHNWHQGLHVLFKDXFKLQGHQ (YHUJODGHVGHQ6PSIHQDXIKLHOWHQGLHZHLWHUQ|UGOLFKDXIGHP )HVWODQGODJHQ +LQWHUPLUK|UWHLFK6WLPPHQ=ZHL*lVWHGLHGLH%RGHJDYHUOLHHQ XQGGLH7RLOHWWHQDQVWHXHUWHQ'LH0lQQHUZDUHQOlQJVWQLFKWPHKU QFKWHUQGDVHQWQDKPLFKLKUHQ*HVSUlFKHQ 6LHZUGHQPLUNDXPKHOIHQ 9RUGHU7UPXWHLFKVWHKHQEOHLEHQ'HU.HUOPLWGHP0HVVHUZDU HLQZDKUHU.QVWOHU:lKUHQGZLUJLQJHQZDUGLH.OLQJHNHLQHQ )LQJHUEUHLWYRQPHLQHU.HKOHDEJHZLFKHQ 'LHDQGHUH+DQGYHUVFKZDQGYRQPHLQHU+IWH'HU7\SKLQWHUPLU JULIILQGLH7DVFKHXQGKROWHHLQHQ6FKOVVHOKHUYRUGHQHUPLU]ZLVFKHQ GLH)LQJHUGUFNWH ª$XIVFKOLHHQ© ,FKVFKREGHQ6FKOVVHOLQGDVYHUURVWHWH6FKORXQGGUHKWHLKQ]ZHL PDOKHUXP 'LH7UZDURIIHQ 6LHOLHVLFKQDFKDXHQDXIVWRHQXQGZLUEHWUDWHQHLQHQ+RIGHUHLQ 7XPPHOSODW]IU5DWWHQVHLQNRQQWHXQGDXFKZDUGHQQLFKVDKGLH

ZLGHUOLFKHQIHWWHQ7LHUHEHUGLH$EIDOOEHUJHKXVFKHQ$OVGLHXQV VDKHQIORKHQVLHQLFKWVRQGHUQVWDUUWHQXQVDQXQGZLGPHWHQVLFK DQVFKOLHHQGZLHGHULKUHU%HVFKlIWLJXQJ 9RUPLUVDKLFKHLQH0DXHU/LQNVXQGUHFKWVJUHQ]WH6WDFKHOGUDKWGHQ +RIHLQ 'LH1lKHGHU6HHURFKPDQLFKK|UWHDXFKGDV6FKUHLHQGHU :DVVHUY|JHOHLQHHZLJH%HJOHLWPXVLNKLHULQ.H\/DUJR :LUJLQJHQDXIGHQJURHQ$EIDOOKDXIHQ]XGDV3DUDGLHVIU 6FKPHLIOLHJHQXQG5DWWHQ 'LH,QVHNWHQXPWDQ]WHQGHQ%HUJVLHIDQGHQKLHUJHQJHQG1DKUXQJ XQGDXFK%UXWVWlWWHQIULKUH(LHU 9HUGDPPWZDUXPNDP%LOO&RQROO\GHQQQLFKW"(UPXWHGRFK EHPHUNWKDEHQGDHWZDVQLFKWVWLPPWH:DKUVFKHLQOLFKMHGRFKKLHOW LKQ&RQFKLWDIHVWGLHVHVVFKZDU]KDDULJH/XGHU ,FKELGLH=lKQHVRIHVW]XVDPPHQGDHVNQLUVFKWH'DQQK|UWHLFK GLHHUVWH)UDJHª:DVZROOWHWLKUYRQ&RQFKLWD"© ª0LWLKUUHGHQ© ª:RUEHU"© 'DVNRQQWHLFKGHP.HUOZLUNOLFKQLFKWVDJHQ(LJHQWOLFKZDUVLHHV JHZHVHQGLHXQVDXIGLH6SXUJHEUDFKWKDWWH'LH3ROL]HLKDWWH&RQFKLWD YRUHLQHU:RFKHEHLP7DVFKHQGLHEVWDKOHUZLVFKWYHUK|UWXQGHLQJH ORFKW%HLGHQ9HUK|UHQNDPHLQHLQWHUHVVDQWH6DFKHKHUDXV&RQFKLWD ODFKWHGHQ3ROL]LVWHQLQV*HVLFKWXQGVSUDFKYRQHLQHUIXUFKWEDUHQ %HGURKXQJGLHVLFKHUIOOHQZUGH0DQKDNWHQDFKZHLOPDQLQGHQ 6WDDWHQLQ]ZLVFKHQDXIJHZDFKWZDU$QVFKOlJHDXIKRKH3ROLWLNHUKDWWHQ GLH3ROL]HLVRPLWUDXLVFKJHPDFKWGDVLHVHOEVWNOHLQVWHQ6SXUHQQDFK JLQJHQXQGDOOHVUHFKHUFKLHUWHQ6RDXFKKLHU'DV)%,ZXUGHHLQJH VFKDOWHW8QGGLH6SH]LDOLVWHQNPPHUWHQVLFKXP&RQFKLWD'XDUWH6LH YHUVSUDFKHQLKU6WUDIIUHLKHLWZHQQVLHPHKUEHUGLH6DFKHHU]lKOWHGLH VLHJHK|UWKDWWH 8QG&RQFKLWDUHGHWH 'LH1DPHQ'U7RGXQG0RUGOLJDILHOHQ 'LH$PHULNDQHULQWHUHVVLHUWHQVLFKVRIRUWIUVLH 'HUJURH&RPSXWHUZXUGHHLQJHVFKDOWHW8QGGHUKDWWHWDWVlFKOLFK GLH1DPHQJHVSHLFKHUW$OOHUGLQJVQXUDOV5DQGLQIRUPDWLRQGHU (QJOlQGHUGLHLQJHZLVVHQ'LQJHQPLWGHUDPHULNDQLVFKHQ%XQGHV SROL]HL]XVDPPHQDUEHLWHQZROOWHQ9RUDOOHPGDQQZHQQHVXPHLQH ZHOWZHLWH%HGURKXQJJLQJ 'LH.ROOHJHQLQGHQ6WDDWHQUHDJLHUWHQVRIRUWXQGOHLWHWHQGLH $XVVDJHSURWRNROOHZHLWHU ,Q/RQGRQKRUFKWHPDQDXI8QGEHVRQGHUVODQJH2KUHQEHNDP

6XSHULQWHQGHQW3RZHOO(ULQIRUPLHUWHVRIRUWPLFK,FKVROOWHGHP)DOO QDFKJHKHQXQGZXUGHLQGLH6WDDWHQJHVFKLFNW,FKNRQQWH%LOO&RQROO\ EHUUHGHQPLW]XNRPPHQ'HU5HSRUWHUNDQQWH)ORULGDZLHVHLQH :HVWHQWDVFKH,QIUKHUHQ=HLWHQKDWWHHUKLHUGHV|IWHUHQUHFKHUFKLHUW XQGDXFKPDQFKHQ%HULFKWJHVFKULHEHQ %LOOIORJDOVRPLW 8QGQLFKWQXUHU 6XNRGXUIWHPLFKEHJOHLWHQ6LU3RZHOOKDWWHHVVRJDUYHUODQJWGHQQ GLH:RUWH0RUGOLJDXQG'U7RGKDWWHQDXFKLKQQHUY|VJHPDFKW(U ZXWHJHQDXZLHJHIlKUOLFKGLHVH&OLTXHZDU6FKOLHOLFKEUDXFKWHHU QXUDQGHQ7RGHVQHEHO]XGHQNHQGHUXQVJDQ]VFK|Q.RSI]HUEUHFKHQ EHUHLWHWKDWWHhEHUDOOZR'U7RGXQGVHLQH0RUGOLJDDXIWDXFKWHQYHU EUHLWHWHQVLH$QJVWXQG6FKUHFNHQ-HGHUDXFKQRFKVRNOHLQHQ6SXU ZROOWHQZLUNRQVHTXHQWQDFKJHKHQ.RVWHQVSLHOWHQGDEHLNHLQH5ROOH 'HU,QQHQPLQLVWHUJDE-DPHV3RZHOO5FNHQGHFNXQJ :LUIORJHQLQVVFK|QH)ORULGD0DQKDWWH&RQFKLWD'XDUWHZLHGHUDXI IUHLHQ)XJHVHW]W6LHWDQ]WHXQGVDQJLQHLQHU%RGHJD'RUWKDWWHQ%LOO XQGLFKVLHDXFKDXIJHVW|EHUWZlKUHQGGHU&KLQHVH6XNRXQWHUJHWDXFKW ZDU(UZROOWHHLQLJHVHLQHU9HWWHUQEHVXFKHQGLHHUEHUDOODXIGHU:HOW VLW]HQKDWWH9LHOOHLFKWZXWHQGLHPHKUZDVXQVZHLWHUKHOIHQNRQQWH 1LFKWPHKUDOVIQI6lW]HKDWWHQZLUPLW&RQFKLWDZHFKVHOQN|QQHQ GDQQPXWHVLHZHJZHLOGHU$XIWULWWQDKWH,FKJLQJ]XU7RLOHWWHXQG GRUWVWDQGGHU.HUO'HQ5HVWNHQQHQ6LHMD -HW]WVWDQGLFKDXIGHP+RIXQGGHU.HUOPLWGHP0HVVHUODXHUWHQRFK LPPHUDXIHLQH$QWZRUW ª'XELVWGRFKQLFKWYRQKLHU©VDJWHHU ª1HLQLFKELQ(QJOlQGHU© (UODFKWHª8PGLFKNUlKWNHLQ+DKQZHQQLFKGLFKXPOHJH© ª'DVZUGHLFKQLFKWVDJHQ6RZHLWLFKLQIRUPLHUWELQVFKDOWHWVLFK GDV)%,LQGLH(UPLWWOXQJHQHLQZHQQPDQGLH/HLFKHHLQHV$XVOlQGHUV ILQGHW© ª0DQZLUGGLFKQLFKWILQGHQ'DV0HHULVWJUR© 'DKDWWHHUUHFKW8QGPHLQHQlFKVWH+RIIQXQJZDU]HUSODW]W:HQQ GLHVHU+XQGHVRKQHQGOLFKGDV0HVVHUZHJQHKPHQZUGHDEHUGDUDQ GDFKWHHUJDUQLFKW1DFKZLHYRUEHIDQGVLFKGLH.OLQJHGLFKWYRU PHLQHU.HKOH'LH+DXWKDWWHVLHQLFKWHLQPDOJHULW]W'HU0XODWWH ZDUZLUNOLFKHLQ)DFKPDQQ ,FKSHLOWHLQGHQ+LPPHO+HOOEODXVWDQGHUEHUXQV (VZDUIDVW0LWWDJ'UDXHQKHUUVFKWHHLQHZHVHQWOLFKDQJHQHKPHUH 7HPSHUDWXUDOVLP,QQHUQGHU%RGHJDGHQQYRP0HHUKHUZHKWHLPPHU HLQHIULVFKH%ULVH

9RUGHP$EIDOOKDXIHQPXWHLFKVWHKHQEOHLEHQ'LH5DWWHQXQWHU EUDFKHQLKUH%HVFKlIWLJXQJXQGEHlXJWHQXQVPLWUDXLVFK ª:DVZROOWHVWGXYRQ&RQFKLWD"©IUDJWHHUQRFKHLQPDO ª1XUPLWLKUUHGHQZLUNOLFK© ª6LHZHLQLFKWV© ª'DQQLVWHVMDJXW© ª1HLQHVLVWQLFKWJXW©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lWWHPLFKLQGHQ8QWHUOHLEJHWURIIHQ$XI)DLUQHNRQQWHLFK EHLGLHVHP0DQQQLFKWKRIIHQGHUNDQQWHVlPWOLFKHGUHFNLJHQ7ULFNVGHV 6WUDHQNDPSIV'HU7ULWWVWUHLIWHPLFKQXUDP2EHUVFKHQNHO,FKPXWH GHQ0DQQORVODVVHQ =XPHUVWHQPDOVDKLFKLKQYRQYRUQ (UZDUZLUNOLFKHLQKDOEHU5LHVH(LQJHZDOWLJHU9ROOEDUWZXFKVLQ VHLQHP*HVLFKW'DV+DDUZDUORFNLJXQGJOlQ]WHZLHPLWgOEHU VFKWWHW,QGHP*HVLFKWZDUHQ1DVHXQG0XQGNDXP]XHUNHQQHQ1XU GLHNOHLQHQ$XJHQOHXFKWHWHQWFNLVFKXQGJHPHLQ ª,FKVWHFKGLFKDE©YHUVSUDFKHUPLUª*ODXEMDQLFKWGDGXVRZHJ NRPPVW© ,FKKlWWHLKQHUVFKLHHQN|QQHQDEHUGDVZDUQLFKW6LQQGHU6DFKH 7URW]GHP]RJLFKGLH:DIIHYLHOOHLFKWOLHHUGDV0HVVHUIDOOHQ ª(VUHLFKW©VDJWHLFKVFKDUIXQGOLHLKQLQGLH0QGXQJGHU%HUHWWD EOLFNHQ (UEOLHEVWHKHQ 6FKZHLJOlQ]WHDXIVHLQHU6WLUQ,QGHQWFNLVFKHQ$XJHQODVLFKGLH 0RUGDEVLFKW ª:HJPLWGHP0HVVHU© (U]|JHUWH ª:LOOVWGXGLH.XJHOLQGHQ$UPRGHULQV%HLQ"©

(UVWLHUWHPLFKDQ:DKUVFKHLQOLFKNRQQWHHUQRFKLPPHUQLFKWEH JUHLIHQGDLFKGHQ6SLHXPJHGUHKWKDWWH(UZROOWHHVDXFKQLFKW ZDKUKDEHQ 'HU0XODWWHJULIIDQ (VZDUHLQHZLOGHXQJHVWPH$WWDFNH(UVFKOHXGHUWH]XHUVWGDV 0HVVHUGDQQNDPHUVHOEVW 'HU6WDKOKlWWHPLFKDP+DOVJHWURIIHQGRFKPLWHLQHUUDVFKHQ %HZHJXQJZLFKLFKDXV,FKVSUWHGHQ/XIW]XJDOVGDV0HVVHUDQGHU +DXWYRUEHLZLVFKWHGDQQKLHELFK]X 'LH)DXVWPLWGHU:DIIHWUDIGHQ0XODWWHQLP6SUXQJ(VZDUHLQ KDUWHU6FKODJGHUVRPDQFKHQDXIGLH%UHWWHUJHVFKOHXGHUWKlWWHQLFKW DEHUPHLQHQ*HJQHU=ZDUZDUHUJHVFKODJHQDEHUQLFKWDXHU*HIHFKW JHVHW]W8QGVROFKH/HXWHVLQGGLHJHIlKUOLFKVWHQ (UVSUDQJPLFKDQ :LHGHUHPSILQJLFKLKQPLWHLQHP+LHE'LHVPDOPLWGHUOLQNHQ)DXVW ,FKNRQQWHVHLQHQ'UDQJQLFKWVWRSSHQHUSUDOOWHJHJHQPLFKGRFKGHU 7UHIIHUVFKWWHOWHLKQGXUFK(UEHNDPNDXPQRFK/XIW6HLQH$UPH VFKLHQHQPLW%OHLJHIOOW]XVHLQ(UKREVLHXQGZROOWHPLFKSDFNHQ 9LHO]XODQJVDP ,FKVWHOOWHLKQPLU]XUHFKW 'DQQVFKOXJLFKPLWGHP:DIIHQODXI]X6FKUlJWUDIHUGHQGLFNHQ +DOVGHV0XODWWHQGHUPLFKPLWGHP0HVVHUKDWWHXPEULQJHQZROOHQ 'HU+LHEUDXEWHLKPVlPWOLFKH.UDIW=XHUVWZDQNWHHUQXUGDQQ ZXUGHQVHLQH$XJHQJODVLJXQGGDQDFKVDFNWHHUODQJVDPLQGLH.QLH (UZROOWHVLFKQRFKDQPLUIHVWKDOWHQ 0LW]ZHL)LQJHUQWLSSWHLFKJHJHQVHLQH%UXVW'DVUHLFKWHXPLKQ YROOHQGVYRQGHQ%HLQHQ]XKROHQ'HU0XODWWHNLSSWHLQGHQ$EIDOO KDXIHQXQGEOLHEOLHJHQ 'HU%XOOHKlWWHPLFKIDVWJHVFKDIIW,FKKROWHNHXFKHQG/XIWXQG VSUWHZLHVHKULFK]LWWHUWH'DVZDUGHUQDFKWUlJOLFKH6FKRFNGHU LPPHUQDFKGLHVHQ6WUHVLWXDWLRQHQHLQWUDW 'LH5DWWHQZUGHQLKQQLFKWDQNQDEEHUQGLHKDWWHQ1DKUXQJJHQXJ 'HVKDOEOLHLFKLKQLQGHP$EIDOOKDXIHQOLHJHQXQGEHWUDWGXUFKGHQ +LQWHUHLQJDQJGLH%RGHJD &RQFKLWD'XDUWHVDQJ,FKYHUQDKPLKUHOHLFKWUDXFKLJH6WLPPH $OVLFKGLH7UDXIVWLHVDHQGLH*lVWHVWLOODXILKUHQ3OlW]HQXQG ODXVFKWHQGHU)UDXGLHDXIHLQHUSURYLVRULVFKHQ%KQHVWDQG &RQFKLWDZDUVHKUVH[\0DQFKHQ0lQQHUQZDUVLHYLHOOHLFKW]X VFKODQNDEHUPLUJHILHOLKUH)LJXU6LHWUXJHLQHQVFKZDU]URWHQZHLW JHVFKZXQJHQHQ5RFNXQGHLQHZHLH%OXVHGLHVLHEHUGHP%DXFK QDEHO]XVDPPHQJHNQRWHWKDWWH'DV0lGFKHQVWDPPWHDXV&XEDXQG

ZDULUJHQGZDQQJHIORKHQ,KUVFKZDU]HV+DDUILHOELVDXIGLH6FKXOWHUQ (VZDU]XXQ]lKOLJHQ/RFNHQJHGUHKW'LHURWH%OWHELOGHWHHLQHQ EHVRQGHUHQ.RQWUDVW]XLKUHU+DDUIDUEH ,FKVFKREPLFK]ZLVFKHQGHQ6LW]UHLKHQXQG7LVFKHQHQWODQJELVLFK GHQ3ODW]HUUHLFKWHZR%LOO&RQROO\VD(UVDKPLFKJDUQLFKWVRQGHUQ VFKDXWH]XU%KQHKLQ (LQHGLFNH5DXFKZRONHODJEHUGHP5DXP'HU%RGHQZDUPLW 6lJHVSlQHEHGHFNWGLHGHQYHUVFKWWHWHQ6FKQDSVXQGGDV%LHUDXI VDXJWHQ'D]ZLVFKHQODJHQXQ]lKOLJH=LJDUHWWHQNLSSHQXQGDXFK PDQFKDXVJHVFKODJHQHU=DKQOLHVLFKGRUWILQGHQ ,FKVHW]WHPLFK %LOO&RQROO\VFKLHOWHPLFKYRQGHU6HLWHKHUDQª+DWDEHUODQJHJH GDXHUW©VDJWHHU ª.ODULFKKDWWHDXFKOHLFKWH6FKZLHULJNHLWHQ© ,QGHQ$XJHQGHV5HSRUWHUVEOLW]WHHVDXIª:LHVR"© ª0DQZROOWHPLFKHUVWHFKHQ© ª'XELVWYHUUFNW© ª1HLQ©,FKEHULFKWHWHLP)OVWHUWRQZDVLFKHUOHEWKDWWHª8QVHUH &RQFKLWDVFKHLQWHVIDXVWGLFNKLQWHUGHQ2KUHQ]XKDEHQ©IJWHLFK QRFKKLQ]X ª6LHKWPLUDXFKVRDXV©%LOO]QGHWHVLFKHLQH=LJDUHWWHDQª8QG MHW]W"© ª:LUKROHQVLHWURW]GHP© ª'DVPHLQHLFKDXFK© :LUZDUWHWHQGDUDXIGD&RQFKLWDLKUHQ6RQJEHHQGHWH6LHEHZHJWH VLFK]XP5K\WKPXVGHU*LWDUUHQNOlQJHGLHHLQVFKZDU]KDDULJHUMXQJHU 0DQQVHLQHP,QVWUXPHQWHQWORFNWH ,FKVFKDXWHPLFKXP (LQEXQWJHPLVFKWHV3XEOLNXPKRFNWHKLHU'LHPHLVWHQZDUHQ 0LVFKOLQJHRGHU6FKZDU]H(VJDEDXHUXQVQRFKGUHL:HLH8QGGLH VDKHQYHUGDPPWKHUXQWHUJHNRPPHQDXV'HQHQZROOWHLFKDXFKQLFKW LP'XQNHOQEHJHJQHQ &RQFKLWDZDUGHUJURH6WDU$OVVLHLKU/LHGEHHQGHWKDWWHEUDFKHLQ ZDKUHU%HLIDOOVRUNDQORVVRGDPDQ$QJVWKDEHQNRQQWHGLHJDQ]H .QHLSHZUGH]XVDPPHQEUHFKHQ(LQLJH0lQQHUVSUDQJHQDXIZROOWHQ ]XU%KQHXQG&RQFKLWD]XVLFKKROHQGRFKVLHNDQQWHGDV6SLHOXQG HQWZLFKGHQ]XSDFNHQGHQ+lQGHQPLWHLQSDDUVFKQHOOHQ%HZHJXQJHQ VRGDGLH.HUOHLQV/HHUHJULIIHQXQGVLFKQRFKJHJHQVHLWLJEHKLQGHUWHQ +LQWHUHLQHU7KHNHVWDQGGHUGLFNH:LUW(UWUXJHLQHQEUHLW NUHPSLJHQ+XWPLWGHPHUZRKODXFKLQV%HWWJLQJGHQQELVKHU KDWWHHULKQQLFKWDEJHQRPPHQ:HQQHUVLFK]XZHLWYRUEHXJWH

EHUKUWHGLH.UHPSHGHQ9HQWLODWRUGHUVLFKPGHGUHKWH :LUWUDQNHQ&RODDXVGHU'RVH'HQ*OlVHUQWUDXWHLFKKLHUQLFKW'LH HQWKLHOWHQVlPWOLFKH.UDQNKHLWVHUUHJHUGLHVHV.RQWLQHQWV %LOOVFKDXWHDXIGLH8KU ,FKVWDQGDXI:LUNRQQWHQHVZDJHQGHQQ&RQFKLWDKDWWHHLQHNOHLQH *DUGHUREHLQGHUVLHVLFKXP]RJ7DJVEHUVDQJXQGWDQ]WHVLHQXU 1DFKWVZHQQGLH6WLPPXQJEHVRQGHUVKRFKVFKOXJGDQQVWULSSWHVLH DXFK ª0DQPXOHEHQ©KDWWHVLHXQVHUNOlUW :LUGUlQJWHQXQV]XGHUDOWHQ+RO]WUHSSHGLHQDFKREHQIKUWH'LH 6WXIHQNQDUUWHQXQWHUXQVHUHP*HZLFKW 1LHPDQGIROJWHXQV:LUZDUHQGLHHLQ]LJHQGLH&RQFKLWDHLQHQ %HVXFKDEVWDWWHQZROOWHQ +LHUREHQZDUHVQRFKVFKZOHU (LQVFKPDOHU*DQJYRQGHPPHKUHUH7UHQDE]ZHLJWHQQDKPXQV DXI'HU3DUIPJHUXFKZLHVXQVGHQ:HJ 9RUGHU7UEOLHEHQZLUVWHKHQ %LOONORSIWH .HLQH$QWZRUW ,FKPDFKWH1lJHOPLW.|SIHQXQGGUFNWHGLH7UDXI(LQ6FKULWW EUDFKWHPLFKEHUGLH6FKZHOOH 'DV=LPPHUZDUPLHV(LQZDFNOLJHU7LVFKPLWHLQHP6SLHJHOGDUDXI GHUVFKRQEHVVHUH7DJHJHVHKHQKDWWH(LQ+RFNHUGDYRUHLQHDOWH/LHJH XQGHLQ7LVFKDXIGHPHLQH9DVHVWDQGLQGHUHLQSDDUYHUZHONWH %OXPHQLKUH.|SIHKlQJHQOLHHQ &RQFKLWDODJDXIGHP%HWW %OXWEHUVWU|PW :LUZDUHQ]XVSlWJHNRPPHQ 9LHOOHLFKWQXUXPHLQHKDOEH0LQXWHDEHU]XVSlW'DV)HQVWHUVWDQG RIIHQ ª0HLQ*RWW©VDJWH%LOOXQGJLQJQHEHQ&RQFKLWDLQGLH.QLH (UIKOWHQDFKLKUHQ3XOV ª8QG"©IUDJWHLFK ª1LFKWV]XPDFKHQ-RKQ6LHLVWWRW9HUGDPPWZHUNDQQGDVQXU JHWDQKDEHQ"© 'DVZROOWHLFKDXFKZLVVHQVWDQGEHUHLWVDP)HQVWHUVFKZDQJPLFK KRFKXQGNOHWWHUWHKLQGXUFK+LQWHUGHP)HQVWHUXQGPLWLKPLQJOHL FKHU+|KHEHJDQQVRIRUWGDV'DFK(VOLHIVFKUlJQDFKXQWHQZHJKDWWH NHLQHUOHL6FKLQGHOQVRQGHUQQXUVFKPXW]LJH7HHUSDSSH

%LVDQGHQ'DFKUDQGNDPLFKEOLHEVWHKHQXQGVFKDXWHLQGHQ +LQWHUKRI 'HU0HVVHUKHOGODJQRFKLPPHUDXIGHP$EIDOOKDXIHQ'LHVPDOMHGRFK ZDUHUQLFKWDOOHLQ *HEFNWVWDQGYRULKPHLQHJHZDOWLJH*HVWDOWGLHDXVHLQHP $OSWUDXPHQWVSUXQJHQ]XVHLQVFKLHQ 9DPSLURGHOUQDU 'LHEHLGHQ7DXFKHUPHUNWHQQLFKWV +LHULQGHU7LHIHXQGGHUDEVROXWHQ6WLOOHNRQ]HQWULHUWHQVLHVLFKYROO XQGJDQ]DXILKUH$UEHLW6LHZROOWHQGHQJU|WHQGHU6lUJHDXIEHNRP PHQZDVZLHGHUXPQLFKWVRHLQIDFKZDUGHQQLKUH6FKOlJHZXUGHQ GXUFKGDV:DVVHUJHEUHPVWXQGVLHPXWHQGRSSHOWVRYLHO.UDIWDXI ZHQGHQZHQQVLHHWZDVHUUHLFKHQZROOWHQ 'HU9DPSLUGHUVHLQHQ6DUJYHUODVVHQKDWWHWULHEZHLWHU (LQHJQVWLJH6WU|PXQJEHZHJWHLKQDXIGLHEHLGHQ7DXFKHU]X+LQ XQGZLHGHUVFKOHQNHUWHQVHLQH$UPHXQG%HLQHDOVZUGHQVLHEHU KDXSWQLFKW]XLKPJHK|UHQ ,PPHUQl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gIIQXQJXQG]HUSODW]WHQXQWHU GHU'HFNH 0RQWDQDIXKUKHUXP(UVSUWHGHQ5XFNLP5FNHQGHQQGHU 9DPSLUGDFKWHQLFKWGDUDQGHQ6FKODXFKORV]XODVVHQ,PQlFKVWHQ $XJHQEOLFNVWDUUWHGHU7DXFKHULQGDVDXIJHGXQVHQH*HVLFKWGHV %OXWVDXJHUV (UKlWWHJHVFKULHQZHQQHUQLFKWXQWHU:DVVHUJHZHVHQZlUH6R ]HLFKQHWHVLFKGHU6FKUHFNHQDXIVHLQHP*HVLFKWDE6HLQH=JHVFKLHQHQ

]XHUVWDUUHQ(UVDK]XZLHVLFKGLHJUDXHQKDIWH*HVWDOWLKPQlKHUWHXQG LKUHQ0XQGDXIUL 'ROFK]lKQHEOLQNWHQ -HW]WHUVWZXUGH6LPRQ5RFNDXIPHUNVDP$XFKHUJODXEWHVLFKLP HUVWHQ$XJHQEOLFNLQHLQHP$OSWUDXPYHUVHW]WVDKDEHUGDHVNHLQHU ZDUGHQQVHLQ)UHXQGZXUGHDQJHJULIIHQ 5RFNVFKZDPPDXILKQ]X'DV7DXFKHUPHVVHUKLHOWHULQGHUUHFKWHQ +DQG 'DPLWVWDFKHU]X (UWUDIGHQ8QWRWHQLQGLH+IWH1RUPDOHUZHLVHKlWWH%OXWDXVGHP .|USHUGULQJHQPVVHQGRFKGDVZDUQLFKWGHU)DOO1LFKWHLQ7URSIHQ TXROODXVGHU:XQGH(VZDUVRDOVKlWWHGHU9DPSLUEHUKDXSWQLFKW EHPHUNWGDHUYHUOHW]WZRUGHQZDU (UZROOWH%OXW 0RQWDQDZXUGHJHJHQGLH:DQGJHGUlQJW$QVHLQH:DIIHQGDFKWHHU QLFKWPHKUHUZROOWHQXU/XIWEHNRPPHQVRQVWZUGHHUKLHUHOHQGLJ HUVWLFNHQ'RFKGHU%OXWVDXJHUKLHOWQDFKZLHYRUGHQ3UHOXIWVFKODXFK IHVW :LHGHUVWDFK6LPRQ]X 'LHVPDOWUDIHUGHQ+DOVGHVJUDXVDPHQ:LHGHUJlQJHUVXQGDEHU PDOVHU]LHOWHHUNHLQHQ(UIROJ 'HU9DPSLUVFKWWHOWHVLFKQXUXQGGUFNWH0RQWDQD]X%RGHQ 6LPRQ]RJGDV0HVVHUDXVGHP)OHLVFK(UKDWWHJHVHKHQGDHV NHLQHQ=ZHFNKDWWHHVDXIGLHVH$UWXQG:HLVH]XYHUVXFKHQGHVKDOE PXWHHU]XDQGHUHQ0LWWHOQJUHLIHQ (UZROOWHGHQ/XIWVFKODXFK=XHUVWPXWH0RQWDQDGDV0XQGVWFN ]ZLVFKHQGLH=lKQHEHNRPPHQ 'DJHVFKDKHV $XFK6LPRQ5RFNKDWWHQLFKWPHKUDXIGLHDQGHUHQ6lUJHJHDFKWHW%LV DXIGHQHLQHQGHVVHQ'HFNHOVLHO|VHQZROOWHQODJHQGLHDQGHUHQ 2EHUWHLOH]LHPOLFKOHLFKWDXIGHQ6lUJHQ0DQEUDXFKWHQLFKWYLHO.UDIW XPVLHLQGLH+|KH]XKLHYHQ )QI'HFNHO|IIQHWHQVLFK )QI+lQGHHUVFKLHQHQ%OHLFKH.UDOOHQGLHVLFKXPGLH5lQGHUGHU 6lUJHNODPPHUWHQXQGVLFKLQGLH+|KH]RJHQ )QI9DPSLUHNOHWWHUWHQDXVGHQ7RWHQNLVWHQLQGHQHQVLHVRODQJH JHOHJHQKDWWHQ 6LHZDUHQYRQHLQHPZDKUHQ%OXWUDXVFKEHVHVVHQKDWWHQGLH -DKUKXQGHUWHLQGHQ6lUJHQOLHJHQPVVHQXQGQXQZDUGLH=HLWUHLI ZRPDQVLHKROWHGHQQVLHKDWWHQGHQ5XILKUHV.DLVHUVHPSIDQJHQ 'DV:DVVHUWULHEGLH*HVWDOWHQKRFK6LHZDUHQZLHDXFKGHUHUVWH

%OXWVDXJHULQGHU.OHLGXQJLKUHU=HLWDQJH]RJHQ6LHWUXJHQQRFKGLH /XPSHQGHU6HHUlXEHUXQGVLHZDUHQEHZDIIQHW0LW(QWHUKDNHQ 6lEHOQb[WHQ.XU]VFKZHUWHUQXQGJHIlKUOLFKHQ'ROFKHQ (LQH$UPDGDGHV6FKUHFNHQVGLHGDDXIHUVWDQG6RODXWORVGD6LPRQ 5RFNQLFKWVK|UWHXQG0RQWDQDHUVWUHFKWQLFKWGHQQHUVWDQGVFKRQ NXU]YRUGHPHQGJOWLJHQ$XV 'HU9DPSLUKLHOWQRFKLPPHUGHQ/XIWVFKODXFKIHVW$XVGHUgIIQXQJ GHV0XQGVWFNVVFKlXPWHQGLH3HUOHQZLHHLQHODQJH6FKQXUOLHIHQ GDQQDXVHLQDQGHUXQG]HUSODW]WHQDQGHU'HFNH 6LPRQ5RFNZXWHQLFKWZLHHUGHQ6FKODXFKLQGLH+lQGHEHNRP PHQVROOWHHUNDPDQGHPYHUGDPPWHQ9DPSLUHLQIDFKQLFKWYRUEHL 'HQ$UPDEVFKQHLGHQ 'DVZDUGLHHLQ]LJH&KDQFH 'DNDQQWH6LPRQDXFKNHLQH+HPPXQJHQPHKU(UEUDXFKWHVLFK QXUVHLQHQ3DUWQHUDQ]XVHKHQGHU]XVDPPHQJHNUPPWLP:DVVHU VFKZHEWHXQGEHLGH$UPHDXVJHEUHLWHWKDWWHZREHLVHLQ.RSILPPHU ZHLWHUQDFKYRUQVDQN 'HU9DPSLUIROJWHLKP(UEHXJWHVHLQHQ.|USHUHLQIDFKQDFKYRUQ XPGHQDQGHUHQ]XSDFNHQ ,QGLHVHP$XJHQEOLFNVWLHVLFKDXFK6LPRQ5RFNDE(UPXWHMHW]W GHQ$UPNDSSHQVRQVWZDUDOOHVYHUORUHQ 'HU+LHEPLWGHP(QWHUPHVVHUULVHLQH6FKXOWHUDXI(VNDPVREHU UDVFKHQGGD6LPRQ5RFNQLFKWZXWHZLHLKPJHVFKDK(UZDUZLH JHOlKPW $QGHUOLQNHQ6FKXOWHUKDWWHLKQGLH:DIIHJHWURIIHQXQGDOVHUKLQ VFKLHOWHVDKHUGHQGXQNOHQ6WUHLIHQGHUDXVGHU:XQGHIORXQGVLFK UDVFKPLWGHP:DVVHUYHUPLVFKWH 6HLQ%OXW =XPHUVWHQPDOZXUGH6LPRQ5RFNEHZXWGDGLHVHV6FKLII]XHLQHU 7RGHVIDOOHJHZRUGHQZDU 6HLQ3DUWQHU0RQWDQDNlPSIWHLQ]ZLVFKHQPLWGHP7RG'XUFKXQJH KHXUH6HOEVWEHKHUUVFKXQJKDWWHHUHVELVKHUJHVFKDIIWGLH/XIWVRODQJH DQ]XKDOWHQ 'DVZDUQXQYRUEHL 8QVLFKWEDUH+lQGHVFKLHQHQVHLQHQ0XQGDXI]XUHLHQ(U|IIQHWHGLH /LSSHQGDV:DVVHUVWU|PWHKLQHLQVHLQ*HKLUQVFKLHQVLFKDXV]X GHKQHQHUK|UWHGDV+lPPHUQKLQWHUVHLQHQ6FKOlIHQXQGMHGH)DVHU VHLQHV.|SHUVVFKULHQDFK/XIW (UEHNDPNHLQH (VZDUDXV 1RFKHLQHOHW]WHJUHOOH([SORVLRQYRUVHLQHQ$XJHQGDQQVWU]WHHULQ

GHQHQGORVHQ6FKDFKWGHV7RGHVXQGYHUVDQNIULPPHU 'LH9DPSLUHDEHUKDWWHQLKUH2SIHU=ZHLYRQLKQHQELVVHQ]X6LH KDWWHQVFKRQDQVHLQHP+DOVJHKDQJHQDOVVHLQ+HU]QRFKVFKOXJXQG LKPVRGDV%OXWDXVJHVDXJW hEULJJHEOLHEHQZDUQRFK6LPRQ5RFN(UEHNDPZHLWHUKLQ/XIWDOOHU GLQJVNRQQWHHUVHLQHQOLQNHQ$UPQLFKWPHKUEHZHJHQXQGGDV%OXW ZUGHDXFK+DLHDQORFNHQGDZDUHUVLFKVLFKHU 7URW]GHPZROOWHHUQLFKWDXIJHEHQ(UPXWHKLHUZHJGLHVHQYHU GDPPWHQ5DXPYHUODVVHQDEHUGLH%OXWVDXJHUKDWWHQVLFK]XJXW YHUWHLOW6LHODXHUWHQDQDOOHQ6WHOOHQKDWWHQGLHVWUDWHJLVFKJQVWLJHQ 3XQNWHEHVHW]WXQGHUKLHOWHQVRJDUQRFK9HUVWlUNXQJ ,KU$QIKUHUHUVFKLHQ 'HU'HFNHOGHVJU|WHQ6DUJVZXUGHYRQHLQHUXQJODXEOLFKHQ.UDIW DXVGHU9HUDQNHUXQJJHVSUHQJW6RIRUWTXROOGDV:DVVHULQGHQ6DUJ XQG]ZHLEOHLFKH+lQGHHUVFKLHQHQ (O6DUJRVVDNDPGHU.DSLWlQGHV3LUDWHQVFKLIIHV (UWUXJQRFKGLHDOWH8QLIRUPGHVHKHPDOLJHQ3LUDWHQFKHIV%XQW ]XVDPPHQJHZUIHOWHEHQVRZLHDXFKGLH:DIIHQPLWGHQHQHUVLFK EHKlQJWKDWWH6HLQ0DXOVWDQGRIIHQHUZDUHLQ9DPSLUZLHHULP%XFKH VWDQG6HLQH(FN]lKQHVFKLHQHQEHVRQGHUVODQJ]XVHLQ 'DVDOOHVVDKDXFK6LPRQ5RFN(UZDU5HDOLVWXQGHUUHFKQHWHVLFK DXVGDVHLQH&KDQFHQVDQNHQ1HLQJHJHQGLHVH%UXWNDPHUQLFKWDQ 'LHPDFKWHQLKQHLVNDOWIHUWLJ 'LHVLHEHQ%OXWVDXJHUVFKZDPPHQRGHUWULHEHQKLQXQGKHUZlKUHQG 0RQWDQD]XVDPPHQJHVXQNHQDP%RGHQKRFNWH(UZDUJDUQLFKWJH IDOOHQ$OV5RFNV%OLFNEHULKQVWUHLIWHJHVFKDKGDVLQGHP$XJHQEOLFN ZR0RQWDQDGLH$XJHQ|IIQHWH 6LPRQHUVWDUUWH'HU6FKUHFNKDWWHLKQELVLQV0DUNJHWURIIHQ6HLQ .XPSDQ|IIQHWHQLFKWQXUGLH$XJHQQHLQHUWDWDXFKQRFKHWZDVJDQ] DQGHUHV(UVWHPPWHVLFKKRFK 0RQWDQDOHEWH +LQWHUGHU7DXFKHUEULOOHZHLWHWHQVLFK5RFNV$XJHQ:DVHUKLHUXQWHU :DVVHULQGLHVHPHQJHQ6WDXUDXPGHUYRQGHQOLFKWVWDUNHQ/DPSHQ HUKHOOWZXUGHVDKZDUHLQZDKUJHZRUGHQHU$OSWUDXP$OOH *UXVHOJHVFKLFKWHQGLHHUJHK|UWXQGDXFKVHOEVWHU]lKOWKDWWHNRQQWH PDQYHUJHVVHQZHQQPDQGDVKLHUVDK (VZDUVFKOLPP 8QEHVFKUHLEOLFK 6LPRQV$QJVWVWHLJHUWHVLFKQRFKGHQQ0RQWDQD|IIQHWHVHLQHQ0XQG XQG6LPRQ5RFNVDKGLHEHLGHQVSLW]JHZRUGHQHQ(FN]lKQHDOVVHLQ .XPSHOGLH/LSSHQ]XUFNVFKRE

0RQWDQDZDUHEHQIDOOVHLQ0LWJOLHGGHVVFKUHFNOLFKHQ9DPSLU5HLJHQV JHZRUGHQ 'LHJHVDPWH6]HQHGDV(UNHQQHQGHU:DKUKHLWKDWWHQXU6HNXQGHQ JHGDXHUW,QGLHVHU=HLWVSDQQHKDWWHQVLFK]ZHL:LHGHUJlQJHUIRUPLHUW VLHVFKZDPPHQDXI6LPRQ5RFN]X6LHZDUHQEHZDIIQHW %HLGHKDWWHQLKUH6lEHOJH]RJHQ/HLFKWJHNUPPWH:DIIHQGLH .OLQJHQPLWGLFNHP5RVWEHVHW]WDEHUGHQQRFKEUDQGJHIlKUOLFK'LH 8QWRWHQZROOWHQGHQ7DXFKHUGDPLWDQJUHLIHQ 6LPRQ5RFNJOLWW]XU6HLWH )DVWKlWWHLKQGHUHUVWH6lEHODP5FNHQHUZLVFKW(UYHUIHKOWHLKQQXU NQDSS 'HU]ZHLWHDEHUVWLHLQVHLQH:DGH $EHUPDOVVSUWH5RFNGHQJOKHQGKHLHQ6FKPHU]8QGLQHLQHU ZLOGHQ%HZHJXQJVWDFKHUPLWGHP0HVVHU]X(UKDWWHGDV*OFNHLQH +DQG]XWUHIIHQGLHQDFKGHP/XIWVFKODXFKJUHLIHQZROOWH'LH.OLQJH IXKULQGHQ%DOOHQXQGDEHUPDOVGUDQJNHLQ7URSIHQ%OXWDXVGHU :XQGH 'LH9DPSLUHZDUHQOHHU 5RFNVFKRGHP%RGHQ]X 2EZRKOVHLQ%HLQVFKPHU]WH]RJHUHVDQXQGVWLHHVZLHGHUYRU(U ZROOWHVRVFKQHOOZLHP|JOLFKZHJXQGVFKZDPPGLFKWEHUGLH 3ODQNHQDXIGLHgIIQXQJ]XGLHVLFKVFKDWWHQKDIWLQGHU/XNHQZDQG DE]HLFKQHWH 'UHLNDPHQYRQREHQXPLKQGHQ:HJDE]XVFKQHLGHQ (UVFKZDPPVFKQHOOHU (EHQVRVFKQHOOZDU0RQWDQD6HLQH$UPHKLHOWHUDXVJHVWUHFNWGLH +lQGHZDUHQ.UDOOHQGDPLWZROOWHHU]XJUHLIHQXQGVHLQHQHKHPDOLJHQ 3DUWQHUHUZUJHQ 6LPRQ5RFN]RJGDV0HVVHUKRFK (LQEUHLWHUURWHU6WUHLIHQZDUSO|W]OLFKDXIGHU%UXVWGHV9DPSLUV]X VHKHQ'LHVHU8QWRWHKDWWHQRFK%OXWGDVMHW]WDXVGHU:XQGHTXROOXQG YHUOLHI 6LPRQKDWWH*OFN 'LHDQGHUHQZDUHQXPHLQH,GHH]XODQJVDPXQGHUVFKRGXUFKGLH gIIQXQJLQGHQ]ZHLWHQ6WDXUDXPKLQHLQ 'LH/DPSHZLHVLKPGHQ:HJ'HU5DXPZDUOHHU6HLQ+HU]PDFKWH HLQHQUHJHOUHFKWHQ)UHXGHQVSUXQJ9HUJHVVHQZDUHQGLH6FKPHU]HQ DOVHUVHLQHQ5FNHQGXUFKERJXQGKRFKJOLWWGHQQGRUWEHIDQGVLFK GLH/XNH 6LPRQ5RFNVFKDIIWHVLHXQGVFKZDPPEHUGDV'HFNGHVJHVXQNHQHQ 6FKLIIHV(UZDQGWHVLFKVRIRUWQDFKOLQNVZROOWHUDXVDXVGHPYHU

GDPPWHQ7DONHVVHOXQGKDWWHSO|W]OLFKGDV*HIKOYRQHLQHP +DPPHUVFKODJJHWURIIHQ]XZHUGHQ 9RULKPNUHLVWHQGUHL+DLH 'HU/DPSHQVWUDKOILHOJHQDXDXIHLQJH|IIQHWHV0DXOGHUODQJHQ =DKQUHLKH 'LHVHQ$QEOLFNYHUNUDIWHWH6LPRQ5RFNQLFKW(U]|JHUWH]XODQJH ]XGHPEOXWHWHHUQRFKXQGGLHGUHL+DLHZDUHQVFKQHOOZLHGHU%OLW] 3O|W]OLFKWDXFKWHGHUHUVWH5DFKHQGLFKWYRUGHP*HVLFKWGHV7DXFKHUV DXI ,PQlFKVWHQ$XJHQEOLFNVFKQDSSWHQGLHODQJHQ=lKQH]X'DV:DVVHU VFKlXPWHDXIHLQH0LVFKXQJDXV/XIWSHUOHQXQG%OXWHQWVWDQGXQG 6LPRQ5RFNKDWWHHEHQIDOOVGDV6FKLFNVDOHUHLOW 'HU$QEOLFNWUDIPLFK]LHPOLFKKDUW 9DPSLURGHOPDUZDUHLQ6XSHUPRQVWHU(LQ.DLVHUGHU9DPSLUH $OOHUGLQJVGHU8UDOW9DPSLUHGHQQHUKDWWHVLHLUJHQGZDQQYRUODQJHU =HLWDQJHIKUWEHYRUHUDXIGHQ0HHUHVJUXQGYHUEDQQWZRUGHQZDU :LHVRXQGZDUXPGDVZDUPLUELVKHXWHHLQ5lWVHOJHEOLHEHQ1XUHLQV ]lKOWH,FKKDWWHHVPLWGHPZLHGHUHUVWDUNWHQ0RQVWHU]XWXQGDVJHJHQ 6LOEHUNXJHOQLPPXQZDU (UZDUJU|HUDOVHLQ0HQVFK(LQKDOEHU5LHVHZLH7RNDWDGHU 6DPXUDLGHV6DWDQV6HLQJUDXHV+DDUVFKLHQQXUDXVERUVWLJHQ6WUlKQHQ ]XEHVWHKHQGDV*HVLFKWZLHV1DUEHQXQG5LVVHDXIXQGGLH=lKQH ZDUHQDPDOOHUVFKOLPPVWHQ (VZDUHQ5HLHUGLHZLH6WDKOVWLIWHLQVHLQHP0DXOVDHQ%HVRQGHUV VWDFKHQQDWUOLFKGLH(FN]lKQHKHUYRU6LHZDUHQVRODQJZLHLFKVLH QRFKQLHEHLHLQHP9DPSLU]XYRUJHVHKHQKDWWHVRGDPLFKGLHVHU %OXWVDXJHUDQHLQHQ6lEHO]DKQWLJHUHULQQHUWH :DVHUPLWGLHVHPElUWLJHQ0DQQYRUKDWWHZDUNODU(UVROOWHDXIGLH JOHLFKH$UWXQG:HLVHVWHUEHQZLH&RQFKLWDGHQQIUPLFKJDEHVNHLQH =ZHLIHOGD9DPSLURGHOPDUGHU0|UGHUGHV0lGFKHQVZDU ,FKVFKlW]WHNXU]GLH(QWIHUQXQJDE 2ND\ELV]XP+RIPXWHLFKHVSDFNHQN|QQHQGDVZDUNHLQJURHV .XQVWVWFN,FKVSUDQJ %LVMHW]WKDWWHPLFKGHU.DLVHUGHU9DPSLUHQRFKQLFKWJHVHKHQGRFK DOVLFKKLQWHUVHLQHP5FNHQDXINDPXQGHUGDV*HUlXVFKK|UWHGD NUHLVHOWHGHUULHVLJH%OXWVDXJHUKHUXP ,FK]RJPHLQ.UHX](VUXWVFKWHXQWHUGHP+HPGKHUYRUXQGODJQXQ IUHLDXIPHLQHU%UXVW'LH6RQQHVFKLHQGDUDXIGDV0HWDOOUHIOHNWLHUWH XQGVFKLHQJUHOO]XH[SORGLHUHQ

9DPSLURGHOPDUYHUJDVHLQHUVWHV2SIHU-HW]WKDWWHHUQXUQRFK %OLFNHIUPLFK (UZROOWHPLFKW|WHQ8QEHGLQJWXQGPLWDOOHU0DFKW-HGHU9DPSLU KDWWH$QJVWYRUHLQHP.UHX]QXUGLHVHUQLFKWGHQQHUVWDPPWHDXV HLQHU=HLWZRHVQRFKNHLQHFKULVWOLFKH5HOLJLRQJDEXQGVRPLWQLFKW GLHVHV$EZHKUPLWWHOJHJHQ%OXWVDXJHU 9LHOOHLFKWKlWWHLFKLKQPLW'HVWHURV6FKZHUWW|WHQN|QQHQDEHUGDV WUXJLFKQLFKWEHLPLU ,FKOLHLKQNRPPHQ:RKOIKOWHLFKPLFKZLUNOLFKQLFKWDEHULFK NRQQWHGHQ%lUWLJHQQLFKWGHQ.UDOOHQGLHVHV0RQVWHUVEHUODVVHQ'DV ZlUHPLUKDUWJHJHQGHQ6WULFKJHJDQJHQ 'LH*HPPH ,FKKDWWHVLHHLQJHVWHFNW(VZDUHLQNOHLQHU6WHLQRYDOLQGHU)RUPXQG VHKUJODWWDQGHQ5lQGHUQ(U]HLJWHHLQ0RWLYHLQH6FKODQJHGLHVLFK VHOEVWLQGHQ6FKZDQ]EL6RVROOWHGHUHZLJH.UHLVODXIGHU:HOWGDU JHVWHOOWZHUGHQ 6LHNRQQWHPLUYLHOOHLFKWKHOIHQ ,FKKROWHVLHDXVGHU7DVFKH 'HU9DPSLUVWRSSWH,UULWLHUWUROOWHHUPLWVHLQHQPHWDOOHQZLUNHQGHQ $XJHQ'LH*HPPHVFKLHQGRFKHLQLJH:LUNXQJDXILKQDXV]XEHQ,FK VSUWHVHKUZRKOZLHVLFKGHU6WHLQHUZlUPWH'LH$QZHVHQKHLWGHV %|VHQDNWLYLHUWHLKQ 9DUQSLURGHOPDUZDUVWHKHQJHEOLHEHQ6HLQH$UPHKDWWHHUDXVJH EUHLWHWHUVWDQGGDDOVZROOWHHUPLFKIDQJHQGLHPlFKWLJHQ+lQGH JOLFKHQ3UDQNHQ 'DUHJWHVLFKGHU%lUWLJH (UZDUDXVVHLQHU%HZXWORVLJNHLWHUZDFKWLQGLHLFKLKQJHVFKLFNW KDWWHVHW]WHVLFKDXIXQGGXUFKVHLQH%HZHJXQJJHULHWGHU$EIDOOKDXIHQ LQV:DQNHQ'DUXWVFKWHXQGVFKHSSHUWHHV'LH5DWWHQYHUVFKZDQGHQ SIHLIHQGXQG9DPSLURGHOPDUGUHKWHVLFKXP 'HU%lUWLJHVDKLKQ]XUJOHLFKHQ=HLW :DKUVFKHLQOLFKZDUHUQRFKQLFKWYROOGDVRQVWKlWWHHUVLFKHUOLFK DQGHUVUHDJLHUWVRHQWUDQJVLFKVHLQHU.HKOHQXUHLQGXPSIHVbFK]HQ XQGEHUUDVFKWULHUGLH$XJHQDXI 9DPSLURGHOPDUZDQGWHPLUMHW]WGHQ5FNHQ]X 'DULVNLHUWHLFKHV 0LW]ZHLODQJHQ6lW]HQZDULFKEHLLKPXQGGUFNWHLKPGLH*HPPH LQGHQ1DFNHQ 'LH%HUKUXQJZLUNWHDXILKQZLHHLQ6WURPVWR 'LH0DJLHGHU*HPPHYRQPLURIWXQWHUVFKlW]WZHLONHLQHU GLUHNWHQFKULVWOLFKHQ5HOLJLRQHQWVWDPPHQG]HLJWH:LUNXQJEHL

9DPSLURGHOPDUGHP.DLVHUGHU%OXWVDXJHU (UEUOOWHDXI$XIGHUODSSLJHQ+DXWVHLQHV1DFNHQV]HLJWHVLFK JHQDXGHU$EGUXFNZRGLH*HPPHLKQJHWURIIHQKDWWH6RJDUGLH 6FKODQJHZDU]XVHKHQXQGVLHJOKWHIHXHUURW 'HUPlFKWLJH9DPSLUZLUEHOWHKHUXP(UVWLHHLQHQWLHULVFKHQ6FKUHL DXV,FKDKQWHZDVNDPXQGGXFNWHPLFK6RIHJWHQVHLQH)lXVWHEHU PLFKKLQZHJ ,FKZROOWHPLFK]XP]ZHLWHQPDOJHJHQLKQZHUIHQXQGLKQPLWGHU *HPPHDWWDFNLHUHQDOVPLFKHLQ5XQGVFKODJJHJHQ+DOVXQG:DQJH WUDIGHUPLUIDVWGHQ.RSIDEJHULVVHQKlWWH,FKVDK6WHUQHXQGIORJ GXUFKGHQKDOEHQ+RI,UJHQGZDQQVWROSHUWHLFKXQGODQGHWHKDUWDXI GHP+RVHQERGHQ 9RUPLUWDXFKWHGHU9DPSLUDXI6HLQ*HVLFKWZDU]XU)UDW]HYHU]HUUW GLH%HLHUJHEOHFNW ,FK]RJPHLQH%HUHWWDXQGIHXHUWH 7|WHQNRQQWHLKQGLH6LOEHUNXJHOQLFKWDEHUYLHOOHLFKWVHLQHQ$QJULII VFKZXQJVWRSSHQ 7DWVlFKOLFK]XFNWHHU]XVDPPHQDOVGDVJHZHLKWH6LOEHULKQLQGHU .|USHQQLWWHWUDI(UEOLHEVWHKHQVFKWWHOWHGHQ.RSIXQGVFKDXWHVLFK ZLOGXP ,FKDKQWHZDVGDV]XEHGHXWHQKDWWH9DPSLURGHOPDUZROOWHZHJ (UVXFKWHVHLQH+HOIHU(UEUDXFKWH8QWHUVWW]XQJXPYRQKLHUZHJ]X NRPPHQ,FKZXWHDXFKYRQZHPHUVLFKGLHHUKRIIWH 9RQGHU0RUGOLJD6LFKHUOLFKEHIDQGVLFK'U7RGLQGHU1lKH=X VDPPHQPLW7RNDWDRGHU/DG\;GLHPLWEUJHUOLFKHP1DPHQ3DPHOD 6FRWWKLH +RIIHQWOLFKNDPHQGLHQLFKWGHQQLFKKDWWHQRFKQLFKWDXIJHJHEHQ YLHOOHLFKWNRQQWHLFKGHQ9DPSLUSDFNHQ 'HU%lUWLJHJULIILKQDQ,UJHQGZLHPXWHHUJHPHUNWKDEHQGDQLFKW LFKVRQGHUQGHU9DPSLUVHLQHLJHQWOLFKHU*HJQHUZDU(UKDWWHVLFKDXV GHP$EIDOOKDXIHQHLQHURVWLJH(LVHQVWDQJHEHVRUJWGLHHUGHP%OXW VDXJHUEHUGHQ6FKlGHO]RJ (VZDUHLQXQJHKHXHUZXFKWLJHU+LHE6RJDUGHU%lUWLJHNDPQRFKLQV 6WUDXFKHOQXQGHUKLHOWVLFKGDEHL]XGLFKWDQGHP0RQVWHU9DPSLUR GHOPDUZDU]ZDU]XVDPPHQJH]XFNWDEHUHUKDWWHGHQ6FKODJHLQIDFK ZHJJHVWHFNW(UJULIIVRJDU]X 6HLQUHFKWHU$UPVFKQHOOWHYRU'HU%lUWLJHVFKULHDXIGHQQGLH)LQJHU NUDOOWHQVLFKLQVHLQH.OHLGXQJ'HU0DQQZXUGH]XUFNJHVFKOHXGHUW DXIGHQ6XSHUYDPSLU]X ,FKDKQWHZDVNDP 'HU8QKROGZROOWHVHLQH=lKQHLQGHQ+DOVGHV0DQQHVVFKODJHQ

'DSHLWVFKWHQ6FKVVH 1LFKWLFKKDWWHJHVFKRVVHQVRQGHUQ%LOO&RQROO\(UKRFNWHDP 'DFKUDQGXQGIHXHUWHVFKUlJLQGHQ+RI'LHJHZHLKWHQ6LOEHUJHVFKRVVH VFKOXJHQLQGHQ.|USHUGHV0RQVWHUVGDVPLWHLQHP:XWVFKUHLKHUXP IXKUXQGGHQ%lUWLJHQYRQVLFKVFKOHXGHUWH 'DVQlFKVWH*HVFKRILQJHUPLWGHU%UXVWDXI,FKVDKGHQ(LQVFKODJ GHU.XJHO %LOOKlWWHHEHQVRJXWJHJHQHLQH:DQGIHXHUQN|QQHQPHKUJHVFKDK QlPOLFKQLFKW 9DPSLURGHOPDUVFKWWHOWHVLFKQXUXQZLOOLJXQGEDOOWHGLH+DQG]XU )DXVW ª,FKNRPPH-RKQ©VFKULH%LOO (UVSUDQJEHYRULFKQRFKHLQH$QWZRUWJHEHQNRQQWH 9LHOOHLFKWZDUHVJXWXQGZLUVFKDIIWHQGDV0RQVWHUJHPHLQVDP 'DK|UWHQZLUGDV.QDWWHUQHLQHV+XEVFKUDXEHUV 8QGVFKRQWDXFKWHGLH0DVFKLQHDXI (LQHEHUJURHIOLUUHQGH/LEHOOHGHUHQ5RWRUEOlWWHULP6RQQHQOLFKW JOlQ]WHQ 6LHVFKZHEWHLQGHQ+RILFKVDKGHQRIIHQHQ(LQVWLHJXQGHUNDQQWH /DG\;GLHDQJHVFKQDOOWDXIGHP6LW]KRFNWHVLFKDEHU]XU6HLWHJH GUHKWKDWWHXQGLKU/LHEOLQJVVSLHO]HXJLQGHQ+lQGHQKLHOW (LQH0DVFKLQHQSLVWROH 6LHIHXHUWH 0LWHLQHPJHZDOWLJHQ6DW]KHFKWHWHLFK]XU6HLWHDOVLFKHVYRUGHU 0QGXQJURWJHOEDXIIODFNHUQVDK'LH*DUEHVWUHXWHLQGHQ+RI ZDQGHUWHXQGKDFNWHLQGHQJHZDOWLJHQ$EIDOOKDXIHQZRGHU'UHFN KRFKDXIVSULW]WH %LOOQDKPHEHQIDOOV'HFNXQJ(UZDUIVLFKGXUFKGLH+LQWHUWULQGHQ )OXUKLQHLQGHU]XP6FKUDQNUDXPGHU%RGHJDIKUWH 9DPSLURGHOPDUQXW]WHVHLQH&KDQFH(UMDJWHDXIGHQ+XEVFKUDXEHU ]XEHNDPGLHEHLGHQ.XIHQ]XSDFNHQEUDFKWHGHQ+HOLNRSWHU]XP 6FKDXNHOQGRFKGDQQEHNDPGLH0DVFKLQH6WRIIXQG]RJKRFK 0U0RQGRIORJGLHVWlKOHUQH/LEHOOH :LHGHUIHXHUWHGLH)UDX ,FKK|UHGLH(LQVFKOlJHGHU.XJHOQXQGPDFKWHPLFKVRNOHLQZLH P|JOLFK ,QHWZD]ZHL
EODXHQ)ORULGDKLPPHOXQGYHUVFKZDQGKLQWHUGHQ+DXVGlFKHUQ ,FKVWDQGDXI 1DWUOLFKZDULFKVDXHU)DVWKlWWHQZLU9DPSLURGHOPDUJHKDEW8QG ZLHGHUHLQPDOZDU/DG\;PLWGHP+XEVFKUDXEHUHUVFKLHQHQ 3ROL]HLVLUHQHQKHXOWHQ1DWUOLFKZDUGLH6FKLHHUHLJHK|UWZRUGHQ GRFKYRQGHQ*lVWHQDXVGHU%RGHJDOLHVLFKQLHPDQGEOLFNHQ'HQHQ ZDUHVHJDOZHUVLFKGDJHJHQVHLWLJEHUGHQ+DXIHQVFKR %LOONDP]XPLU(UYHU]RJGDV*HVLFKW,KQTXlOWHQGLHJOHLFKHQ *HGDQNHQZLHPLFK 'HU%lUWLJHVW|KQWH 9HUGDPPWHUKDWWHHWZDVDEEHNRPPHQ+DVWLJOLHIHQZLU]XLKP 'HU%lUWLJHEOXWHWHDP%HLQ'RUWZDUHQ]ZHL.XJHOQLQGDVKDUWH )OHLVFKDP2EHUVFKHQNHOJHIDKUHQXQGPXWHQDXFKHLQH$GHUYHUOHW]W KDEHQGHQQVWRZHLVHTXROOGHUURWH/HEHQVVDIWDXVGHU:XQGH ,FKKROWHHLQVDXEHUHV7DVFKHQWXFKKHUYRUXQGSUHWHHVDXIGLHJURH :XQGH'HU%lUWLJHULFKWHWHVLFKHWZDVDXI ª9HUGDPPW©NHXFKWHHUª:DUXPWXVWGXGDV"© ª:HLOLFKHLQ0HQVFKELQ© ª$EHULFKZROOWHGLFK© ª+DOWMHW]WGHLQHQ0XQG©ZLHVLFKLKQDQ 'DQQNDPHQGLH3ROL]LVWHQ6LHWUXJHQLKUH8QLIRUPKHPGHQPLWGHQ NXU]HQbUPHOQXQGKLHOWHQ:DIIHQLQGHQ+lQGHQ6RIRUWULFKWHWHQVLH GLH0QGXQJHQDXI%LOOXQGPLFK ª/DVVHQ6LHGDV©EHIDKOHLQ0DQQLQ=LYLO(UVFKREGLH8QLIRUPLHUWHQ ]XU6HLWHQLFNWHPLUNQDSS]XVDKGHQ%lUWLJHQXQGVDJWHª(LQ$U]WLVW XQWHUZHJV© ª8QGGLH0RUGNRPPLVVLRQ"© ª'LHDXFK"© ª-DREHQLP=LPPHUOLHJWHLQWRWHV0lGFKHQ© ª9HUGDPPW© ª(VLVW&RQFKLWD'XDUWHGLH7lQ]HULQ© ª2ND\LFKJHEH%HVFKHLG© 'HU0DQQYHUVFKZDQG (VZDUQXUJXWGDZLUPLWLKP]XVDPPHQDUEHLWHWHQ(UZDUXQVHUH RIIL]LHOOH+LOIHKLHULQ.H\/DUJR'LHVHU0DQQKLH-R%DUUDFXGDZDU )%,$JHQWXQGJOHLFK]HLWLJHLQ6FKZDU]HU0LWLKPYHUVWDQGHQZLUXQV SUlFKWLJ9LHOOHLFKWGHVKDOEZHLOHUHLQ6FKZDU]HUZDUGHQQVHLQH (OWHUQGLHDXVGHPWLHIVWHQ6GHQVWDPPWHQKDWWHQQRFKDQ*HLVWHU XQG'lPRQHQJHJODXEW-R%DUUDFXGDKDWWHVHOEVWLQVHLQHU.LQGKHLW HLQLJHVHUOHEWZRIUHUKHXWHQRFKNHLQH(UNOlUXQJKDWWH 1DFK]ZHL0LQXWHQNDPHUZLHGHU]XUFN=XVDPPHQPLWHLQHP

$U]WGHUVLFKVRIRUWXPGHQ9HUOHW]WHQNPPHUWHXQGGLH:XQGHQYHU EDQG-R%DUUDFXGDVFKLFNWH]ZHL3ROL]LVWHQQDFKREHQGLHYRUGHP 0RUG]LPPHU:DFKHKDOWHQVROOWHQ $OVHUPLFKDQVFKDXWHZXWHLFK%HVFKHLG-RZDUQHXJLHULJ,FK EHULFKWHWHLKPZDVXQVZLGHUIDKUHQZDU ª(LQ+XEVFKUDXEHU"+DEHQ6LHLUJHQGHLQ.HQQ]HLFKHQHUNDQQW"© ª1HLQ© ª6KLW'DQQVLQGVLHZHJ+LHUDXIGHQ,QVHOQJLEWHV7DXVHQGHYRQ 6FKOXSIZLQNHOQ$EHULKUH$QZHVHQKHLW]HLJWXQVGDVHLQHJURH6DFKH JHSODQWLVW© 'DVWLPPWHLFKLKP]X,FKEDWDXFKGDUXPGHQ%lUWLJHQNXU]YHU K|UHQ]XN|QQHQEHYRUHUZHJJHVFKDIIWZXUGH ª1DWUOLFK©VDJWH-R(UJULQVWHSO|W]OLFKXQG]HLJWHHLQZDKUHV 5DXEWLHUJHELª:LVVHQ6LH-RKQ©PHLQWHHULQVHLQHPEUHLWHQ 6GVWDDWHQVODQJªZHQQLFKPLFKQLFKWJHQDXEHU6LHHUNXQGLJWKlWWH ZUGHLFK6LHXQG%LOOMDIU6SLQQHUKDOWHQ$EHUGLH7RWHQXQG 9HUOHW]WHQVLQGNHLQH6SLQQHUHL/HLGHU© 'DJDELFKLKPUHFKW 'HU$U]WZDUIHUWLJ-R%DUUDFXGDYHUVFKZDQG(UZROOWHGRFKQRFK HLQH)DKQGXQJQDFKGHP+XEVFKUDXEHUDQNXUEHOQ,P+DXVK|UWHLFK 6WLPPHQ'LH0lQQHUGHU0RUGNRPPLVVLRQZDUHQHLQJHWURIIHQ ,FKNPPHUWHPLFKXPGHQ%lUWLJHQNQLHWHQHEHQLKPXQGVFKDXWHLKP LQV*HVLFKW ª.|QQHQ6LHUHGHQ"©IUDJWHLFK (UJULQVWHYHU]HUUWª:ROOHQ6LHVLFKMHW]WUlFKHQ"© ª1HLQ0HLVWHU,FKYHUJHVVHGD6LHPLFKDQJHJULIIHQKDEHQ $OOHUGLQJVQXUZHQQ6LHPLUHLQLJH)UDJHQEHDQWZRUWHQGLHIUPLFK VHKUZLFKWLJVLQG© ª2ND\© ª:LHVWDQGHQ6LH]X&RQFKLWD"© ª6LHLVWWRWQLFKW"© ª-D© ª6KLW,FKZXWHJOHLFKGDGDHWZDVQLFKWVWLPPWH$EHULFKKDEH )QIWDXVHQGNDVVLHUW© ª:RIU"© ª)U QHQ.ODFNV©(UYHU]RJZLHGHUGDV*HVLFKWZHLOHU6FKPHU]HQ KDWWHª,FKVROOWHHLQHP0DQQHLQHQ+XEVFKUDXEHUEHVRUJHQXQG ZHLWHUKLQJXWHV.DUWHQPDWHULDO© ª:LHKLHGHU0DQQ"© ª(UKDWVLFKDOV6ROR0RUDVVRYRUJHVWHOOWXQGJHVDJWGDLFKLKQDXFK 'U7RGQHQQHQN|QQWH©

ª8QGGDUEHUKDEHQ6LHPLW&RQFKLWDJHUHGHW© ª-DGHQQVLHXQGLFKQDMD6LHZLVVHQVFKRQ© ª,FKNDQQHVPLUGHQNHQ&RQFKLWDLVWIU6LHDXIGHQ6WULFKJH JDQJHQ© ª6WLPPW© ª+DEHQ6LHDOOHVEHVRUJW"© ª.ODUGHQYHUGDPPWHQ+XEVFKUDXEHUNRQQWHQ6LHMDVHOEVWVHKHQ© ª:HOFKHQ$XVVFKQLWW]HLJWHQGLH.DUWHQ"© ª'DV*HELHWGHUVGOLFKHQ)ORULGD.VWH© ª8QGZDVGLHVHU6ROR0RUDVVRYRUKDWWHGDVZLVVHQ6LHQLFKW"©KDNWH LFKZHLWHUQDFK ª1HLQLFKZDUMDQXUHLQ/DXIEXUVFKH© ª2ND\©VDJWHLFKª'DVZDU VGDQQZRKO© ª8QGZLHLVWHVPLW,KUHP9HUVSUHFKHQ0LVWHU"© ª'DVKDOWHLFK© (UZDUVLFKWOLFKEHHLQGUXFNW,FKDEHUZDQGWHPLFKDEXPPLW%LOO &RQROO\]XUHGHQ 'D]XVROOWHHVYRUHUVWQLFKWNRPPHQGHQQZLUK|UWHQDXVGHP 0RUG]LPPHUHLQHQJHOOHQGHQ6FKUHL'DQDFKILHOHQ]ZHL6FKVVHXQG DOVLFKHLQHQ%OLFNLQGLH+|KHZDUIXQGGXUFKGDV)HQVWHUVFKDXHQ NRQQWHVDKLFKGLHªWRWH©&RQFKLWDZLHVLHHLQHQ3ROL]LVWHQDQEHLGHQ 6FKXOWHUQJHSDFNWKLHOW ª.RPP©VFKULHLFK%LOO]XXQGUDQQWHORV -HW]WZDUHQHVDFKW9DPSLUH (O6DUJRVVDGHU$QIKUHUXQGVLHEHQZHLWHUHVFKUHFNOLFKH*HVWDOWHQ GHQQ0RQWDQDZDUQRFKKLQ]XJHNRPPHQ$XFKHUVFKZHEWHZLHVHLQH $UWJHQRVVHQEHUGHP%RGHQGHV6WDXUDXPV'DV:DVVHUPDFKWHLKQHQ QLFKWV0DQVDJWH]ZDUGD:DVVHU9DPSLUHW|WHQN|QQWHDEHUQXU VFKQHOOIOLHHQGHV,QGLHVHP(OHPHQWKLHUXQWHQIKOWHQVLFKGLH%OXW VDXJHUZRKO $EHUQLFKWVRZRKOGDVLHIULPPHUKLHUXQWHQJHEOLHEHQZlUHQ6LH ZXWHQ]ZDUGD*HIDKUHQDXIVLHODXHUWHQHLQHULKUHU%UGHUZDUYRQ HLQHP+DL]HUULVVHQZRUGHQGRFKHUZDU]XYRUHLOLJJHZHVHQ(UKlWWH VHLQHQ3ODW]DQ'HFNQLFKWYHUODVVHQVROOHQ$OVGDV6FKLIIXQWHUJLQJ ZDUHUDQHLQHQ0DVWJHEXQGHQJHZHVHQXQGPLWLQGLH7LHIHJHULVVHQ ZRUGHQ 'LH9DPSLUHIRUPLHUWHQVLFK6LHVFKZDPPHQZLHMXQJH+XQGHHV ZDUPHKUHLQ3DGGHOQDEHUVLHNDPHQJXWYRUDQ0LW(O6DUJRVVDDQGHU 6SLW]HYHUOLHHQVLHGHQKLQWHUHQ6WDXUDXPXQGGUDQJHQLQGHQHUVWHQ

YRUXPDQGLH/XNH]XVFKZLPPHQGXUFKGLHVLHGDV'HFNHUUHLFKHQ NRQQWHQ 'LH%OXWVDXJHUWULHEHQKRFK 6lEHO6FKZHUWHUb[WHXQG'ROFKHKLHOWHQVLHLQGHQ+lQGHQ'DPLW NRQQWHQVLHVLFKJHJHQGLH5lXEHUGHV0HHUHVYHUWHLGLJHQIDOOVVLHDXI GLH+DLHWUHIIHQVROOWHQ (O6DUJRVVDJOLWWDOVHUVWHUGXUFKGLH/XNH(UVWUHFNWHVHLQHQ.|USHU XQGVDKVFKRQGHQHUVWHQ+DLGHUEOLW]VFKQHOODXILKQ]XVFKR'HU )LVFKKDWWHLQ'HFNXQJGHU6FKPXFNEDOOXVWUDGHJHODXHUWXQGZROOWH DEHUPDOVHLQ2SIHU 0LW(O6DUJRVVDKDWWHHUHVQLFKWVROHLFKWZLHPLWGHP7DXFKHU'HU +DLVFKZDPPJHQDXLQGHQ6lEHOKLQHLQGHULKQGLFKWXQWHUGHP 8QWHUNLHIHUDXIVFKOLW]WH 6RIRUWVFKRGDV%OXWDXVGHU:XQGH'HU+DLGUHKWHGXUFK(UZDUI VHLQHQVFKODQNHQDEHUNUlIWLJHQ.|USHUKHUXPVWLHQDFKREHQXQG VFKOXJQRFKPLWGHU6FKZLPPIORVVH]XGLHGHQ$QIKUHUGHU9DPSLUH WUDIXQG]XUFNZDUI 'DQQZDUHQGLHDQGHUHQ+DLHGD 6LHVWU]WHQVLFKDXILKUHQ$UWJHQRVVHQXQGEDOGGXUFKVFKZDPPHQ :RONHQYRQ%OXWGDV:DVVHU 'LH9DPSLUHZDUHQQLFKWIDXO6LHVFKZDPPHQGHP3XONGHU+DLH HQWJHJHQXQGVHW]WHQLKUH:DIIHQHLQ 0LWGHQ6lEHOQ'ROFKHQXQG6FKZHUWHUQYHUOHW]WHQVLHPHKUHUH 7LHUHVFKZHU 6FKUHFNOLFKH6]HQHQVSLHOWHQVLFKXQWHU:DVVHUDE'LH+DLHEUDFKWHQ VLFKJHJHQVHLWLJXPZlKUHQGVLFKGLH9DPSLUH]XUFN]RJHQXQGLP 6FKXW]GHU'HFNVDXIEDXWHQODXHUWHQ )UVLH]HLJWHQGLH5DXEILVFKHNHLQHUOHL,QWHUHVVH(LVNDOWKDWWHQGLH 8QWRWHQGLH*LHUGHU+DLHDXVJHQXW]WVRGDVLHLKUH5XKHKDWWHQXP PLWGHQ9RUEHUHLWXQJHQEHJLQQHQ]XN|QQHQ 'DV%URGHOQGHV:DVVHUVQDKPODQJVDPDE'LH%OXWZRONHWULHEYRQ GHUXQWHUVHHLVFKHQ6WU|PXQJJHWULHEHQGDYRQ9RQHLQHPOHEHQGLJHQ +DLZDUHEHQIDOOVQLFKWVPHKU]XVHKHQ 'LH9DPSLUHKDWWHQGHQ.DPSIJHZRQQHQ 'LH.|USHUJOLWWHQEHUGDV'HFN6LHNDQQWHQVLFKDXVGHQQGLHVHV 6FKLIIKDWWHHLQPDOLKQHQJHK|UWXQGDXFKGLH-DKUKXQGHUWHKDWWHQ QLFKWVGDUDQYHUlQGHUW (O6DUJRVVDNRQWUROOLHUWHDOOHV(UVFKDXWHVLFKGLH0DVWHQDQGLH $XIEDXWHQGLHEHLGHQ'HFNVGHQ6WHXHUVWDQGGLH0DQQVFKDIWVUlXPH XQGGLH2IIL]LHUVNDELQHQ 'HU9DPSLUDXFKGHU.DSLWlQGHV6FKLIIHVIKOWHVLFKVRIRUWZLHGHU

ZRKO(VVFKLHQDOVZl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|UPOLFKLQGDV=LPPHU (VZDUVFKOLPP 'LHEOXWEHUVWU|PWH7lQ]HULQKDWWHVLFKHLQHQ3ROL]LVWHQJHSDFNWXQG LKQDXIGLH/LHJHJHGUFNW'HU0DQQZDUKDOEEHZXWORVZHKUHQ NRQQWHHUVLFKQLFKWPHKU 6HLQ.ROOHJHVWDQG]LWWHUQGDQGHU:DQG%OHLFKGDV*HVLFKWDXIJH ULVVHQGLH$XJHQYHU]HUUWGHU0XQG'HUUHFKWH$UPKLQJKHUDE'LH )LQJHUXPNODPPHUWHQQRFKLPPHUGHQ*ULIIGHU:DIIHGLH0QGXQJ ZLHV]X%RGHQ (UKDWWHVLFKHUOLFKJHVFKRVVHQXQGDXFKJHWURIIHQ)ULKQPXWHHV HLQ6FKRFNJHZHVHQVHLQGDGLHª7RWH©ZLHGHUOHEWH ,FKSDFNWHGLH)UDXDQGHU6FKXOWHUXQGULVLHKHUXP6LHZROOWHGHQ +DOVGHV0DQQHVHUVWQLFKWORVODVVHQDEHUPHLQHU.UDIWKDWWHVLHGRFK QLFKWVHQWJHJHQ]XVHW]HQ'DQQO|VWHVLHSO|W]OLFKLKUH)LQJHUXQGJULII PLFKDQ ,FKVDKLKUHVSLW]HQ=lKQHK|UWHGDV.UHLVFKHQGDVJUHOOLQPHLQH 2KUHQVWDFKKREGLH3LVWROHXQGVFKR (VPXWHHLQIDFKVHLQ &RQFKLWD]XFNWH]XVDPPHQVFKLHQGDQQ]XZDFKVHQVWHOOWHVLFKDXI GLH=HKHQVSLW]HQXQGEUDFKDQVFKOLHHQG]XVDPPHQ 6FKZHUILHOVLH]X%RGHQ ,FKUROOWHVLHKHUXP'HUVFKOLPPH*HVLFKWVDXVGUXFNKDWWHVLFKYHU

lQGHUW&RQFKLWD'XDUWHVDKY|OOLJQRUPDODXV'HU)OXFKZDUGXUFKGDV JHZHLKWH6LOEHUYRQLKUJHQRPPHQZRUGHQ %LOOVWDQGLQGHU7U ª6WHFNGLH:DIIHZHJ©VDJWHLFKXQGNPPHUWHPLFKXPGHQ 3ROL]LVWHQGHUNHXFKHQGQDFK/XIWUDQJ$QVHLQHP+DOV]HLFKQHWHQVLFK GHXWOLFKGLHURWHQ:UJHPDOHDEDEHUHUKDWWHEHUOHEWXQGGDVZDUGLH +DXSWVDFKH 6HLQ.ROOHJHVFKOXFK]WHDXIXQGVFKWWHOWHGHQ.RSI(UNRQQWHQLFKWV EHJUHLIHQ -R%DUUDFXGDNDP'DV-DFNHWWVHLQHVKHOOHQ/HLQHQDQ]XJVVWDQG ZHLWRIIHQ(UWUXJHLQHQNXU]OlXILJHQHU6PLWK :HVVRQLQGHU 5HFKWHQVWHFNWHGLH:DIIHDEHUZHJDOVHUPHLQHEHUXKLJHQGH +DQGEHZHJXQJVDK ª:DVLVWJHVFKHKHQ-RKQ"© ª'LH7RWHZDUHLQH9DPSLULQ© 'HU*PDQVWDUUWHPLFKPLWRIIHQHP0XQGDQª6DJHQ6LHGDVQRFK PDO-RKQ© ª(VVWLPPW© ª2YHUGDPPW©NHXFKWHGHU6FKZDU]H'DQQZDQGWHHUVLFKDQGHQ ]LWWHUQGHQ3ROL]LVWHQª6WLPPWGDV-~DQ"© ª-D6LU© ª8QGZDVMHW]W"© ª'LH0RUGNRPPLVVLRQNDQQVLFKXPGHQ)DOONPPHUQ©HUZLGHUWH LFKª6LHVROOLKQVREHKDQGHOQZLHMHGHQDQGHUHQ© ª1DWUOLFK©'HU)%,$JHQWPLWGHPVHOWVDPHQ1DPHQ%DUUDFXGDJDE GHQ.ROOHJHQ%HVFKHLG ,FKKDWWHKLHUQLFKWVPHKU]XVXFKHQ:LUPXWHQ]XVHKHQGDZLUGLH $XVVDJHQGHV%lUWLJHQYHUZHUWHWHQ'D]XEUDXFKWHLFKDXFK-R %DUUDFXGDV+LOIH :LUYHUOLHHQGHQ5DXP %DUUDFXGDNOHPPWHVLFKHLQH)LOWHUORVH]ZLVFKHQGLH/LSSHQXQG VFKWWHOWHGHQ.RSIª,FKEHJUHLIHGDVQLFKW-RKQ:LHKDEHQ6LHGLHVHQ ZHLEOLFKHQ9DPSLUEHUKDXSWJHVFKDIIW"© ª'XUFKHLQH6LOEHUNXJHO© ª(KUOLFK"© ª-D-R© ª$EHUGDVLVWMDZLHLP+RUURU)LOP© ,FKJULQVWHVFKLHIª6FKOLPPHU-RYLHOVFKOLPPHU© :LUVWLHJHQGLH7UHSSHKLQDEXQGJLQJHQLQGHQ6FKDQNUDXP'RUW VFKZLW]WHGHU:LUW%OXWXQG:DVVHUGHQQHUEDQJWHXPVHLQH .RQ]HVVLRQ%LOOVWLHPLFKDQª.HQQVWGXGHQGD"©IUDJWHHU

,FKGUHKWHGHQ.RSI $QGHU7UVWDQG6XNRXQGZLQNWHPLU]X$OVZLUVSUHFKHQNRQQWHQ VDJWHHUª6FKlW]H-RKQLFKKDEHGLUHLQLJHV]XEHULFKWHQ© ª'LHEOHLEHQDEHUYHUGDPPWODQJHXQWHQ©VDJWHGHUURWKDDULJH,UH 2 %ULHQXQGOHHUWHVHLQ*ODV 7HG/DZUHQFHJULQVWHVFKLHIZlKUHQGHUPLWHLQHP$XJHDXI3UHWW\ %HQVRQVFKLHOWHGLHVLFKVRQQWHª9LHOOHLFKWKDEHQVLHHWZDVJHIXQGHQ© ª'DVLVWP|JOLFK:DVPHLQVWGXGD]X,NH"© ,NH&ODQWRQVFKZLHJVLFKDXV(UVWDQGDQGHU5HOLQJKDWWHGDV*ODV YRUGLH$XJHQJHSUHWXQGVFKDXWHDXIV0HHUª0LUJHIlOOWGDVQLFKW© ª:DV"©IUDJWH/DZUHQFH ª'DV6FKLII© ª$FKK|UGRFKGDPLWDXI© ª1HLQ7HG(VOLHJWGDVFKRQ]XODQJH8QGLFKJODXEHGLHKDEHQXQV LP9LVLHU© ª6ROOLFKGLH:DIIHQEHUHLWOHJHQ"©HUNXQGLJWHVLFK2 %ULHQ ª:lUHYLHOOHLFKWEHVVHU© 2 %ULHQYHUVFKZDQG 7HG/DZUHQFHJHVHOOWHVLFK]X&ODQWRQ0LWGHP5FNHQOHKQWHHUVLFK JHJHQGLH5HOLQJXQGGUHKWHVHLQ*HVLFKWQDFK:HVWHQ$PVSlWHQ 1DFKPLWWDJRGHUDPIUKHQ$EHQGZHQQGLH6RQQHVFKRQWLHIVWDQG NKOWHGHU:LQGHLQZHQLJXQGOLHGLH*OXWKLW]HGHV7DJHVYHUJHVVHQ ª+DVWGXDXIGLH8KUJHVHKHQ,NH"©IUDJWH/DZUHQFHª:DQQVLQGGLH ]ZHL6WXQGHQXP"© ª6HLWGUHL0LQXWHQ© 'D]XFNWHGHU6FKZDU]H]XVDPPHQª9HUIOXFKWGDPXGRFKHLQHU YRQXQVUXQWHU© ª1RUPDOHUZHLVHMD© ª:DVZLOOVWGXGDPLWVDJHQ"© ª'DV6FKLII© ª$EHUGDVOLHJWGRFKGDQXU© ª1LFKWPHKU7HG(VKDW.XUVDXIXQVHU%RRWJHQRPPHQ,FKULHFKH GHQbUJHU© ª2YHUIOXFKW©7HGQDKPGDV)HUQJODVXQGSUHWHHVJHJHQGLH$XJHQ 'DVDKHUVHOEVWGDVLFKGDV6FKLIILQ%HZHJXQJJHVHW]WKDWWH(VZDU ]LHPOLFKJURHLQH

GDV*ODV]XUFN(LQGQQHU6FKZHLILOPJOlQ]WHDXIVHLQHU2EHUOLSSH ª'DVVLQGDXFKNHLQH%XOOHQ© ª(EHQ© 2 %ULHQNDP]XUFNª'LH:DIIHQVLQGNODU©PHOGHWHHUª$EHUGLH =HLWPWHDXFKKHUXPVHLQ© ª,VWVLHDXFK© 2 %ULHQVFKDXWH/DZUHQFHDQ ª:DUXPWDXFKWGHQQNHLQHUYRQXQV":HQQZDVSDVVLHUWLVW© ª,PPHUKLQUHLFKWGHU/XIWYRUUDWIUOlQJHUDOV]ZHL6WXQGHQXQG DXHUGHPEHNRPPHQZLU%HVXFK© ª'DV6FKLII"© ª-D© 2 %ULHQVWDUUWHMHW]WHEHQIDOOVLQGLH5LFKWXQJ6HLQ0XQGZXUGH WURFNHQGHQQHUNRQQWHPLWEORHP$XJHHUNHQQHQGDVLFKGHU.DKQ QlKHUWH(UVFKREHLQHQZHLHQ%DUWYRUVLFKKHUGLH%XJZHOOH ª'DVLVWHLQH6FKHLH©IOVWHUWH2 %ULHQª:DVPDFKHQZLUGHQQ MHW]W"© ª$EZDUWHQZDVVLHYRQXQVZROOHQ© ª1DGHQQ© &ODQWRQPLVFKWHVLFKLQGDV=ZLHJHVSUlFKª,FKZlUHGDIUHUVW HLQPDO3UHWW\XQWHU'HFNVFKDIIHQ'DQQJHKWLKUEHLGHQKLHULQ 'HFNXQJXQGKDOWHWPLUGHQ5FNHQIUHL$OOHVQXUIUGHQ)DOOGDHV bUJHUJLEW© 2 %ULHQXQG/DZUHQFHZDUHQHLQYHUVWDQGHQ'HU6FKZDU]HEOLHEEHL 3UHWW\%HQVRQVWHKHQ $OVVHLQ6FKDWWHQDXIVLHILHOKREVLHGLH6RQQHQEULOOHDQ ª,VWZDV"© ª-D©HUZLGHUWHGHU7DXFKHUXQGVFKDXWHDXILKUHQ.|USHUª'XVROOVW GLFKYHU]LHKHQ© ª$EHUZDUXP"© ª)UDJQLFKWYHUVFKZLQGHXQWHU'HFN©(UEFNWHVLFKXQGIDWHQDFK LKUHP$UP ª$X©TXLHNWH3UHWW\%HQVRQª'DVVDJHLFKDOOHV6LPRQZHQQHU ]XUFNNRPPW© ª.DQQVWGX'DUOLQJNDQQVWGX$EHUMHW]WZHJ©7HGGUlQJWHGDV*LUO DXIGHQ1LHGHUJDQJ]XZR3UHWW\PXUUHQGXQGVFKLPSIHQGXQWHU'HFN YHUVFKZDQG 2 %ULHQJULQVWHVFKLHIª,FKKDEHMDQLFKWVJHJHQ:HLEHUDEHUKLHUVLQG VLHIHKODP3ODW]H© ª(EHQ© 'HU,UHKDWWHVLFKPLWHLQHP6FKQHOOIHXHUJHZHKUEHZDIIQHW,P*UWHO

VWHFNWHQRFKHLQH$XWRPDWLN7HG/DZUHQFHEHNDPGLHJOHLFKHQ:DIIHQ 'DQQQDKPHUQRFKHLQHQUXVVLVFKHQ5HYROYHUDXIXQGEUDFKWHLKQ,NH &ODQWRQ'HUQDKPGLH:DIIHQLFNHQGHQWJHJHQXQGYHUVWDXWHVLHDP 5FNHQXQWHUGHP*UWHO 'DV6FKLIIKDWWHHWZDGLH+lOIWHGHU6WUHFNHKLQWHUVLFKJHEUDFKW1RFK ZDUHV]LHPOLFKZHLWHQWIHUQW'LHGUHL0lQQHUKRIIWHQQXUGDQLFKWV YRQLKUHQOHW]WHQ$NWLYLWlWHQEHPHUNWZRUGHQZDU $XFK/DZUHQFH]RJVLFK]XUFN(UZLUNWHZLHVHLQH3DUWQHUVHKU UXKLJ1LFKW]XPHUVWHQPDOVDKHQVLHHLQHU$XVHLQDQGHUVHW]XQJPLW 6HHEDQGLWHQHQWJHJHQ 'HQQDOOHGUHLZDUHQ]XGHUhEHU]HXJXQJJHODQJWGDVLHHVKLHUPLW 3LUDWHQ]XWXQKDWWHQ ,NH&ODQWRQEOLHEUXKLJVWHKHQXQGXPNODPPHUWHPLWEHLGHQ+lQGHQ GLH5HOLQJ'LH'QXQJVFKDXNHOWHGDV7DXFKHUERRWZLHHLQH0XWWHULKU %DE\ZHQQVLHHVLQGHQ6FKODIZLHJHQZLOO 'LH6RQQHVWDQGLP:HVWHQZLHHLQHULHVLJH9ROOUHLIH2UDQJH6LH EHUJRGDV0HHUPLWHLQHPJHZDOWLJHQJROGHQHQ6FKOHLHUGHUVLFKLQ GHU:HLWHGHV$WODQWLNVYHUOLHI ,NH&ODQWRQOLHGDV6FKLIIQLFKWDXVGHQ$XJHQ(UVWDQGDQGHU 6WHXHUERUGVHLWHKDWWHGLH6RQQHLP5FNHQXQGEUDXFKWHGHVKDOENHLQH GXQNOH%ULOOH +LQXQGZLHGHUVFKDXWHHUDXIV0HHU$EHUNHLQ.RSIKSIWHEHUGHQ :HOOHQ9RQ6LPRQ5RFNXQG0RQWDQDIHKOWHQDFKZLHYRUMHGH6SXU,NH TXlOWHQGLHVFKOLPPVWHQ%HIUFKWXQJHQ:HQQGLH*HJHQVHLWHJXWH :DIIHQEHVDKDWWHQ6LPRQXQGGHUDQGHUHNHLQH&KDQFH 'DVIUHPGH6FKLIIIXKUVRGDGLHTXHUODXIHQGHQ:HOOHQJHJHQGHQ %XJSUDOOWHQJHEURFKHQZXUGHQXQGKRFKDXIVSULW]WHQ(LQULFKWLJHU )DKUHQVPDQQKlWWHHLQHQDQGHUHQ.XUVJHZlKOWHUZlUHQLFKWTXHU]X GHQ:HOOHQJHVFKLSSHUW $XIGHP5XGHUKDXVJOlQ]WHQGLH$QWHQQHQLP6RQQHQOLFKW,NH HUNDQQWHGDGDV6FKLIIPLW5DGDUXQG)XQNDXVJHUVWHWZDU'LHVH
8QGGDVPXWHVHLQHQ*UXQGKDEHQ:DKUVFKHLQOLFKSODQWHQVLHHLQHQ EHUUDVFKHQGHQ$QJULII 'HU0DQQDXIGHU%UFNHEHZHJWHVLFK:HQLJVSlWHUIXKUGLH
ª:HLOVROFKHLQ6FKLIIZLH,KUHVQLFKWYRQ]ZHL3HUVRQHQJHOHQNW ZHUGHQNDQQ:RVWHFNWGLHEULJH%HVDW]XQJ"© ª0RPHQW©ULHI/DG\;XQGEFNWHVLFK'DEHLGUHKWHVLH,NH&ODQWRQ GHQ5FNHQ]XXQGULHIHWZDVLQ5LFKWXQJ1LHGHUJDQJZDVGHU7DXFKHU QLFKWYHUVWDQG 'LH6FRWWKDWWHLKQMHGRFKDEJHOHQNW8QGGDVZDUGHU6LQQGHU6DFKH JHZHVHQ6RDFKWHWHQZHGHU7HG/DZUHQFHQRFK2 %ULHQDXIGHQ0DQQ GHUGLH%UFNHEHVHW]WKLHOW (VZDU0U0RQGRGHU0RQVWHUPDFKHU ª-HW]W©ULHIHULQGDV6SUDFKURKUGDVLKQPLWGHQ0LWJOLHGHUQGHU 0RUGOLJDXQWHU'HFNYHUEDQG 8QGGLHUHDJLHUWHQ ,NH&ODQWRQNRQQWHGHQ1LHGHUJDQJYRQ%RUGGHU)O\LQJ6WDUQLFKW HLQVHKHQ'HVKDOEHQWJLQJLKPDXFKGLH*HVWDOWGLHJHGXFNWEHUGLH 6WXIHQVFKULWW (VZDU9DPSLURGHOPDU(UKLHOWHLQH0DVFKLQHQSLVWROHLQGHU+DQG GLHHUVRIRUW/DG\;EHUUHLFKWH ,NH&ODQWRQVDKZRKOGLH%HZHJXQJGRFKHVZDU]XVSlW3O|W]OLFKODJ /DG\;DXIGHQ3ODQNHQZLUEHOWHKHUXPXQGIHXHUWH ,P1XEUDFKGLH+|OOHDXV 9RQGHU'HFNHKLQJHQ)LVFKHUQHW]H6LHZDUHQPLW+DNHQDQGHQ GXQNOHQ%DONHQEHIHVWLJWGLHGLH:lQGHGHV/RNDOVGHNRULHUWHQ(LQ DXVJHVWRSIWHU+DLZDUHEHQVRYHUWUHWHQZLH]DKOUHLFKH)ODVFKHQVFKLIIH GLHVFKRQPHLQH%HZXQGHUXQJKHUYRUJHUXIHQKDWWHQGHQQVLHZDUHQ ZLUNOLFKNOHLQH.XQVWZHUNH 'DPLWGDV/RNDOEHVRQGHUVVWLOHFKWZDUEHIDQGHVVLFKLP%DXFKHLQHV DOWHQ6HJOHUV(UODJVFKRQVHLWODQJHU=HLWLP+DIHQXQGZXUGHYRQGHQ DQUROOHQGHQ:HOOHQOHLFKWEHZHJW:HQQGUDXHQHLQ6WXUPWREWHZDU HVIUHLQH/DQGUDWWHZLHPLFKQLFKWUDWVDPGRUW]XHVVHQ0HLQ0DJHQ NRQQWH]XOHLFKWGLHVFK|QHQ'LQJHGHP0HHU]XUFNJHEHQ -R%DUUDFXGDKDWWHXQVDXIGLHVHV6FKLIIJHIKUWZHLOZLUXQVLQ5XKH XQWHUKDOWHQZROOWHQ=XGHPKDWWHQZLU+XQJHUXQGEHVWHOOWHQHLQ(VVHQ +DLILVFKIORVVHQVXSSHXQGGDQQHLQH6SH]LDOLWlWGHV+DXVHV7KXQ ILVFKPH[LNDQLVFK6FKDUI*HZU]WPLW&KLOLXQGJUQHP3IHIIHUGD]X 5HLVXQGHLQJURHV%LHU :lKUHQGLFKDXQGDXFK%LOOQLFKW]XVFKDXWHEHULFKWHWH6XNRGHVVHQ (VVHQQRFKQLFKWVHUYLHUWZDU(UKDWWHVLFKEHLVHLQHQ/DQGVOHXWHQ GXUFKJHIUDJWXQGWDWVlFKOLFKHLQHQVHLQHUDXIGHUJDQ]HQ:HOWYHUWUH WHQHQ9HWWHUQJHWURIIHQ(UYHUOLHK%RRWHXQGZXWHZDVLP+DIHQVR

OLHI9RQLKPVWDPPWHGLH,QIRUPDWLRQGDVLFKHLQH)UDXQDFKHLQHU
ª8QG"© ª:LUYLHUQHKPHQGHQ.DPSIDOOHLQDXI© )DVWKlWWHVLFK-R%DUUDFXGDDQVHLQHP%LHUYHUVFKOXFNWª'DVLVWGRFK QLFKW,KU(UQVW© ª0HLQYROOVWHU© ª$EHUZLHZROOHQYLHU0DQQGDVVFKDIIHQZDVIUHLQH+XQGHUWVFKDIW GHU3ROL]HL]XVFKZHULVW"© ,FKOlFKHOWH ª'XUFK/LVW0XW(LQVDW]EHUHLWVFKDIWXQGJXWHQ:LOOHQ© ª'HQKDEHLFK© ª'DQQLVWHVRND\© ª8QGZLHKDEHQ6LHVLFKGDVYRUJHVWHOOW"© ,FKJDEQRFKNHLQH$QWZRUWZHLO6XNRV(VVHQJHEUDFKWZXUGH(U KDWWHVLFKHLQH)LVFKVXSSHEHVWHOOW'LH7HUULQHZDUIDVWELV]XP5DQG JHIOOW 6XNRIOOWHVLFKGHQ7HOOHUELV]XU+lOIWHXQGD,FKEHULFKWHWHZHLWHU ª'D6LH)%,$JHQWVLQGGDFKWHLFKPLUGD6LHXQVHLQHQVFKQHOOHQ 3ROL]HLNUHX]HUEHVRUJHQN|QQHQ-R©VDJWHLFKª:LHVWHKWHVGDPLW"© ª'DVOLHHVLFKPDFKHQ$XFK:DIIHQ"© ª-DGDVZlUHQLFKWVFKOHFKW© ª,FKEHVRUJH0DVFKLQHQSLVWROHQ© ª2ND\©,FKVWLPPWH]ZDU]XZDUMHGRFKGDYRQEHU]HXJWGDZLU VLHQLFKWHLQ]XVHW]HQEUDXFKWHQ'lPRQHQNRQQWHPDQQLFKWPLW%OHL NXJHOQEH]ZLQJHQ ª8QGZDQQVROOGLH$NWLRQVWDUWHQ"©IUDJWH-R ª1RFKKHXWH© ª'DQQZLUGHV=HLW©'HU*PDQVFKREVHLQHQ6WXKO]XUFNXQGHUKRE VLFKª,FKJHKHPDOWHOHIRQLHUHQ© $OVHUDXHU+|UZHLWHZDUIUDJWH%LOOª:DVKlOWVWGXYRQLKP"© ,FKOHHUWHPHLQ%LHUJODVª(LQSDWHQWHU7\S:LUNOLFK$XILKQN|QQHQ ZLUXQVYHUODVVHQ'DHUVNHSWLVFKLVWOLHJWDXIGHU+DQG:HOFKHU 3ROL]LVWJODXEWVFKRQDQ'lPRQHQ"© %LOOJULHQWH ª,FKNHQQHHLQHQ© 'DPLWPHLQWHHUPLFK %HLGHU%HGLHQXQJEHVWHOOWHLFK)UXFKWVDIW'DV0lGFKHQVHUYLHUWH JHUDGHGLH*HWUlQNHDOVGHU)%,0DQQ]XUFNNDP ,FK]DKOWHJOHLFK -R%DUUDFXGDQDKPZLHGHU3ODW]ª$OOHVNODU©PHOGHWHHUª:LUEH NRPPHQGDV%RRW(VZLUGGXUFKJHFKHFNWXQGDXIJHWDQNW0HLQ&KHI JLEWPLU5FNHQGHFNXQJ©

ª'DVLVWDXVJH]HLFKQHW©OREWHLFK ª+DEHQ6LHHLQH$KQXQJZDVGLHVHU'U7RGGDYRUGHU.VWHHLJHQW OLFKYRUKDW"© ª1HLQ© ª9LHOOHLFKWWDXFKWHUQDFKDOWHQ6FKlW]HQ©YHUPXWHWH-Rª0|JOLFKLVW HV© ,FKVFKWWHOWHGHQ.RSIª0LWVRHWZDVJLEWVLFKHLQ0DQQZLH'U7RG QLFKWDE© ª:HOFKHQ*UXQGKDWHUGDQQ"© ª(UZLOOVLFKHUOLFKLUJHQGHWZDVEHUJHQ©YHUPXWHWH6XNR 'DJDELFKGHP&KLQHVHQUHFKW ª8QGZDV"©IUDJWH-R%DUUDFXGD ª.HLQH$KQXQJ©:lKUHQGLFKGLH$QWZRUWJDEGDFKWHLFKDQ;RUURQ GHQ+HUUQGHU=RPELHV(UZDUQRFKLPPHUQLFKWDXIJHWDXFKWXQG 'U7RGVXFKWHLKQYHU]ZHLIHOW 2EHUZLHGDPDOV9DPSLURGHOPDUDXIGHP0HHUHVJUXQGODJ" ª:HQQZLUGLHJHQDXH6WHOOHNHQQHQZUGHQN|QQWHLFKQDFK IRUVFKHQ©PHLQWH-RªDEHUVR"© (UKDWWHUHFKW:LUZXWHQZLUNOLFKQLFKWZRUXPHVJLQJ=XGHP ZDUHV]ZHLIHOKDIWREZLUGDV%RRWEHUKDXSWILQGHQZUGHQ'HVKDOE GXUIWHQZLUNHLQH=HLWPHKUYHUOLHUHQ =ZHLhEHUIlOOHKDWWHQGLH7DXFKHUDEZHKUHQN|QQHQDEHUNHLQHUZDUPLW VROFKHLQHU%UXWDOLWlWXQG5DIILQHVVHGXUFKJHIKUWZRUGHQZLHGLHVHU /DG\;KLHOWYROODXILKU=LHO ,NH&ODQWRQVDKGDV0QGXQJVIHXHU(UZXWHGDGLH)UDXDEJH GUFNWKDWWHZROOWHVHOEVWVHLQH:DIIH]LHKHQDOVLKQGLH*DUEHHUIDWH XQGTXHUEHUGDV'HFNVFKOHXGHUWH &ODQWRQVFKULHQRFKDXIGDQQVSUWHHUGHQ0XQGYROOHU%OXWXQG EOLHEOLHJHQ 2 %ULHQXQG7HG/DZUHQFHODJHQLQJXWHU'HFNXQJ6LHNRQQWHQ KLQWHUGHQ$XIEDXWHQDXFKQLFKWYRQGHU)UDXJHVHKHQZHUGHQGLHVLFK VRSO|W]OLFK]XHLQHP7HXIHOHQWZLFNHOWKDWWH =ZHL6FKQHOOIHXHUJHZHKUHNUDFKWHQDOVHVIU,NH&ODQWRQEHUHLWV]X VSlWZDU 'DGLHEHLGHQ7DXFKHUVFKLHHQNRQQWHQEHZLHVHQVLHVHKUVFKQHOO 6LHMDJWHQDXVGHQ5RKUHQZDVVLHDQ%OHL]XU9HUIJXQJKDWWHQXQG EHVWUHXWHQGDV'HFNGHUJU|HUHQ

/DG\;VFKRQLFKW]XUFN6LHKDWWHVLFKQDFKLKUHPHUVWHQEHU UDVFKHQGHQ$QJULIILQ'HFNXQJJHUROOWXQGVFKLFNWHQXQLKUH9DVDOOHQ YRU -HW]WZUGHQVLFKGLHEHLGHQ.HUOHDXIGHP6FKLIIZXQGHUQ =XHUVWNDP9DPSLURGHOPDU$OVHUDXVGHP1LHGHUJDQJHUVFKLHQ XQGVLFK]XVHLQHUYROOHQ*U|HDXIULFKWHWHZDUHQGLH7DXFKHUVREHU UDVFKWGDVLHY|OOLJYHUJDHQ]XVFKLHHQ 9DPSLURGHOPDUODFKWH(U]HLJWHVHLQHJHZDOWLJHQ5HLXQG9DPSLU ]lKQHVHLQVWlKOHUQHU.|USHUEHEWHYRU)UHXGHXQGGDVZLHYRQ6lXUH ]HUIUHVVHQH*HVLFKW]HLJWHHLQHQZLOGHQ7ULXPSK (UVWLHVLFKDEXQGVSUDQJPLWHLQHP6DW]DQ%RUGGHVDQGHUHQ 6FKLIIHV 2 %ULHQEHUZDQGGLHhEHUUDVFKXQJDOVHUVWHUXQGIHXHUWH /DZUHQFH]LWWHUWHQRFK8QGHUNRQQWHZHLWHU]LWWHUQDOVHUVDKZLHGLH *HVWDOWYRQ2 %ULHQV.XJHOJDUEHJHWURIIHQZXUGHXQGGDEHL]ZDU XPILHODEHUQLFKWWRWZDU 9DPSLURGHOPDUNUDFKWHDXIV'HFN'HU$XISUDOOVFKWWHOWHLKQXQG GDV6FKLIIIDVWQRFKGXUFK(UUROOWHVLFKQLFKWLQ'HFNXQJVRQGHUQ VSUDQJKRFK 'LH7DXFKHUKlWWHQZLHGHUJHVFKRVVHQDEHUGDZDUQRFKMHPDQGGHP VLHLKUH$XIPHUNVDPNHLWZLGPHQPXWHQ(LQ]ZHLWHV0RQVWHUYLHO OHLFKWQRFKVFKOLPPHUDOVGDVHUVWH 7RNDWDGHU6DPXUDLGHV6DWDQV *LJDQWLVFKDQ]XVHKHQ(UKDWWHQXUQRFKGHQUHFKWHQ$UP,QGHU +DQGKLHOWHUGHQ*ULIIHLQHVODQJHQ6FKZHUWHV(UWUXJHLQH .DPSIPDVNHYRUGHP*HVLFKWGDPLWVHLQHEOHLFKHQ.QRFKHQQLFKWVR NODU]XVHKHQZDUHQGLHGXUFKGLH+DXWVFKLPPHUWHQ :LOGVFKZDQJ7RNDWDVHLQ6FKZHUW ª'HU7HXIHO©NUHLVFKWH/DZUHQFHVRZLHVRHWZDVDEHUJOlXELVFKª'HU 7HXIHO©(UVFKR 'UHL.XJHOQMDJWHHUDXI7RNDWD]XGHUVLHMHGRFKDEILQJDOVZlUHHV QLFKWV (UODFKWHQLFKWVWLHVLFKDEXQGVSUDQJPLWHLQHPJHZDOWLJHQ6DW]DQ %RUGGHU)O\LQJ6WDU $OVHUDXINDPGU|KQWHQGLH3ODQNHQXQGHUVFKDXWHVLFKXP:R VWHFNWHQGLH*HJQHU" (LQHUMHGHQIDOOVKLHOWHVLQVHLQHU'HFNXQJQLFKWPHKUDXV'DVZDU 2 %ULHQ(UKDWWHVHLQHQ3ODW]YHUODVVHQXQGUREEWHVFKODQJHQJOHLFKEHU GDV'HFN(UKDWWHGHQ9DPSLUJHVHKHQGHULKPGHQ5FNHQ]XZDQGWH XQGVXFKHQGVHLQHQ.RSIGUHKWH =ZHL
HLVWHHWZDV(UKDWWHQRFKQLHHLQHQ0HQVFKHQLQGHQ5FNHQJHVFKRVVHQ DEHUZDUGLHVHV:HVHQKLHUEHUKDXSWHLQ0HQVFK"2GHUZDUHVHLQ 0RQVWHU"-DPLW6LFKHUKHLWOHW]WHUHV ª)DKU]X+|OOH©NUHLVFKWHGHU,UHKREVHLQH:DIIHHLQZHQLJDQXQG VFKR 5DVHQGVFKQHOOVSLHGLH0QGXQJGHV*HZHKUHVGDV%OHLDXVGDVGHQ 5FNHQGLH6HLWHXQGGLH%UXVWGHV0RQVWHUVWUDIHVGXUFKVFKWWHOWH DEHUQLFKWW|WHWH 9DPSLURGHOPDUGHU.DLVHUGHU%OXWVDXJHUZLHHUVLFKVHOEVWQDQQWH ODFKWHEHUVRHWZDVQXU 'DQQVFKOXJHU]XUFN ,QPLWWHQGHV.XJHOKDJHOVGURVFKHUVHLQHJHZDOWLJH)DXVWQDFKXQWHQ WUDIVHLQHQ*HJQHUDQ+DOVXQG.RSIXQGVFKOHXGHUWHLKQ]X%RGHQ 2 %ULHQNUDFKWHPLWGHP5FNHQDXIGLH3ODQNHQ :LHLP.UDPSIKLHOWHUGLH:DIIHXPNODPPHUWVLHHUVFKLHQLKPDOV GHUHLQ]LJH/HEHQVUHWWHUGRFKGDVZDUHLQ7UXJVFKOX 'HUQlFKVWH7ULWWWUDILKQVRKDUWGDHUVHLQH6FKQHOOIHXHUZDIIHIDOOHQ ODVVHQPXWH 6LHUXWVFKWHEHUGLH3ODQNHQXQGEOLHELQHLQHUIULKQXQHUUHLFK EDUHQ(QWIHUQXQJOLHJHQ 2 %ULHQZlO]WHVLFKKHUXPXQGJULII]XU3LVWROH,QGLHVHP0DJD]LQ VWHFNWHQDXFKQRFKHLQLJH.XJHOQGLHHUGHU%HVWLHLQGHQ%DOJMDJHQ NRQQWH 'RFKGHU,UHNDPQLFKWPHKUGD]XGLH:DIIHKHUYRU]X]LHKHQ6HLQH +DQGEHUKUWH]ZDUQRFKGHQ*ULIIGRFKGDZDUGHUDQGHUHVFKRQEHU LKP9DPSLURGHOPDUKDWWHDXIGLHVHQ0RPHQWJHZDUWHW(UULGHQ,UHQ PLWXQZLGHUVWHKOLFKHU*HZDOWLQGLH+|KHLQVHLQHPYHUZVWHWHQ *HVLFKWVWDQGGLH9RUIUHXGHDXIGDV%OXWGHV0HQVFKHQ]XOHVHQ 'HQ0XQGKDWWHHUDXIJHULVVHQGLH=lKQHJHEOHFNW'LH5HL]lKQH VFKLPPHUWHQGLHEHLGHQ9DPSLUKDXHUVWDQGHQZHLWYRU 'LHVHVVFKUHFNOLFKH%LOGZDUGDVOHW]WHZDVGHU,UH2 %ULHQLQVLFKDXI QDKPGHQQ9DPSLURGHOPDUEL]X 2 %ULHQVSUWHQRFKGHQUDVHQGHQ6FKPHU]DP+DOVGDQQO|VFKWH HLQHJQlGLJH%HZXWORVLJNHLWDOOVHLQ'HQNHQXQG)KOHQDXV +LQWHUKHUZDUI9DPSLURGHOPDUVHLQHQOHEORVHQ.|USHULQV0HHU'DV :DVVHUVSULW]WHDXIDOVGHU7DXFKHU2 %ULHQLQGHQ)OXWHQYHUVFKZDQG XQGQLFKWPHKU]XVHKHQZDU 7RNDWDKDWWHVLFKLQ]ZLVFKHQGHQ6FKZDU]HQYRUJHQRPPHQ7HG /DZUHQFHKDWWHQLFKWPHKU&KDQFHQDOV2 %ULHQ /DG\;ZDUIHLQHQ%OLFN]XU%UFNHKRFKXQGVDKGLH]HUVW|UWH 3DQRUDPDVFKHLEH0U0RQGRVWDQGGRUW'LH$XJHQKLQWHUVHLQHUUDQG

ORVHQ%ULOOHIXQNHOWHQ(UKDWWHHLQ7DVFKHQWXFKJHJHQVHLQH:DQJH JHSUHWDXVGHUGDV%OXWOLHI'RUWPXWHLKQHLQ*ODVVSOLWWHUJHWURIIHQ KDEHQ ª$OOHVNODU"©IUDJWHGLH0|UGHULQ ª-D© /DG\;VWHFNWH]ZHL)LQJHULQGHQ0XQGXQGVWLHHLQHQ3ILIIDXV 'DVQlFKVWH0RQVWHUHUVFKLHQ (VZDU/XSLQDGLH:HUZ|OILQ(LQHEULVDQWH0LVFKXQJDXV:HLEXQG %HVWLH'HU.RSIZDUGHUHLQHUELOGKEVFKHQ)UDX/DQJHVEORQGHV+DDU ILHOELVDXIGLH6FKXOWHUGLH$XJHQOHXFKWHWHQEODXGDV*HVLFKWNRQQWH PDQDOVDXHUJHZ|KQOLFKKEVFKEH]HLFKQHQGRFKQDFKGHP+DOV EHJDQQGHU]RWWLJHIHOOEHGHFNWH.|USHUGHU%HVWLH(LQH:|OILQSUlVHQ WLHUWHVLFKGHQ%OLFNHQGHUEULJHQ0RUGOLJD0LWJOLHGHU(LQVFKDXULJHV *HVFK|SILQVHLQHU=XVDPPHQVHW]XQJHLQPDOLJXQGHEHQVRJUDXVDP ZLHGLHDQGHUHQ0RQVWHU )UVLHZDUQLFKWV]XWXQJHZHVHQ/XSLQDKLHOWVLFKPHLVWHWZDVLP +LQWHUJUXQGDEHULKUH6WXQGHZUGHQRFKNRPPHQGDZDUHQVLHDOOH VLFKHU 6LHWUDW]XU6HLWHGDPLWGHU)KUHUGHU0RUGOLJDGHU0HQVFKGlPRQ 'U7RGGDV'HFNEHWUHWHQNRQQWH (UZDUGDV*HKLUQGHUEUXWDOH3ODQHUDOOGHU9HUEUHFKHQGLHDXIGDV .RQWRGLHVHUGlPRQLVFKHQ%DQGHJLQJHQ2EZRKOHUDXVVDKZLHHLQ 0HQVFKKDWWHHUGRUWZRQRUPDOHUZHLVHGDV+HU]VLW]WHLQHQ6WHLQ(U ZDU]\QLVFKXQGEUXWDO 'HUULFKWLJH%RGLHVHU7UXSSH 0LWYRUGHU%UXVWYHUVFKUlQNWHQ$UPHQEOLHEHUVWHKHQ6HLQH$XJHQ JOLWWHQEHUGDVYRQGHQ0LWJOLHGHUQGHU0RUGOLJDEHVHW]WH'HFNGHU )O\LQJ6WDU =XIULHGHQQLFNWHHU 6RJHQDXKDWWHHUHVKDEHQZROOHQ'LH6FKZLHULJNHLWHQZDUHQEH VHLWLJW :LHVRRIWDXFKEHL*DQJVWHUEDQGHQVDKGHU%RGLHVHU7UXSSHQLFKW ZLHHLQSRWHQWLHOOHU)KUHUDXV(UZDUHKHUNOHLQNOHLQHUMHGHQIDOOVDOV GLH:HVHQGLHHUEHIHKOLJWH6HLQ*HVLFKWZDUKDUWJHVFKQLWWHQXQG ZLUNWHHFNLJ'LH$XJHQVFKLHQHQQXU.LHVHOVWHLQHLQGLHVHU9LVDJHRKQH 5HJXQJ]XVHLQ(VZDUGHU.|USHUYRQ6ROR0RUDVVRHLQHV0DILRVRGHU HLQPDO3DOHUPREHKHUUVFKWKDWWH0RUDVVRVWDUEDEHUGXUFK$VPRGLQDV 0DJLHZDUHVJHOXQJHQGLH6HHOHGHVYHUIOXFKWHQ'U7RGLQGHQ.|USHU GHV6ROR0RUDVVR]XVWHFNHQXQGLKQVRZLHGHU]XHUZHFNHQ(UOHEWH DOVR8QG]ZDUGXUFK$VPRGLQDV*QDGHXQG)UVSUDFKHEHLP6SXN GHP+HUUVFKHULP5HLFKGHU6FKDWWHQ

'DVZXWH'U7RGDEHU'DQNEDUNHLWZDUHLQ:RUWGDVHUDXVVHLQHP 6SUDFKVFKDW]JHVWULFKHQKDWWH(UZDU]ZDUIURKGDHUH[LVWLHUWHJOHLFK ]HLWLJMHGRFKVWUHEWHHUQDFKGHU0DFKW(UZROOWH$VPRGLQDDXVO|VFKHQ GDPLWHUDOOHLQGLH+HUUVFKDIWDQWUHWHQNRQQWH'LH7HXIHOVWRFKWHU VFKULHELKPHLQIDFK]XYLHOYRUXQGHUZDUMHPDQGGHUVLFKNHLQHUOHL 9RUVFKULIWHQPDFKHQOLH(QWZHGHUVWDQGHUDQGHU6SLW]HRGHUNHLQHU (LQPDOKDWWHHUGHQ$XIVWDQGSURELHUWGRFK$VPRGLQDKDWWHLKQPLW HLQHUGHPWLJHQGHQ0DFKWGHPRQVWUDWLRQLQGLH.QLHJH]ZXQJHQ 6LHKlWWHLKQVRJDUW|WHQN|QQHQDEHUVLHOLHHVEOHLEHQVRQGHUQ YHUK|KQWHLKQQXU 'DVYHU]LHKHLQ0DQQZLH'U7RGQLH6HLWGLHVHP=HLWSXQNWVDQQHU DXI5DFKH(UZROOWHEOXWLJ]XUFNVFKODJHQXQG$VPRGLQD]HUVW|UHQ ZDQQLPPHUHVJLQJ%LVKHUKDWWHVLFKDOOHUGLQJVNHLQH0|JOLFKNHLWHU JHEHQXQGVRVDQQHUZHLWHUDXI5DFKH ,P0RPHQWZDUHUGDEHL9DPSLURGHOPDUHLQHQ*HIDOOHQ]XWXQ(U KDWWHYRQHLQHP9DPSLU6FKLIIJHK|UWGDVYRUPHKUDOVGUHLKXQGHUW -DKUHQJHVXQNHQZDU'LH9DPSLUHKDWWHQDOVQlFKWOLFKH6HHUlXEHUGLH *HZlVVHUXQVLFKHUJHPDFKWXQGZDUHQEHUGLH0HQVFKHQKHUJHIDOOHQ -DKUHODQJGDXHUWHLKU7HUURUGHQ(O6DUJRVVDPLWJQDGHQORVHU+DQG IKUWHELVHVPXWLJHQ0lQQHUQJHOXQJHQZDUGLH9DPSLUH]XEHVLHJHQ 1LHPDQGGLHVHU0XWLJHQKDWWHVLFKDOOHUGLQJVJHWUDXWVLH]XW|WHQPDQ KDWWHQXUGLH9DPSLUHLQ6lUJHJHVWHFNWGDV6FKLIIYHUVHQNWXQGJHKRIIW GDHVQLHZLHGHUDXIWDXFKHQZUGH 6LHKLHOWHQDXFKODQJHJHQXJ5XKHELVHEHQ]XGLHVHP7DJZR'U7RG GLH8QWRWHQDXVLKUHQQDVVHQ*UlEHUQKROHQZROOWHXPGDV9DPSLU 6FKLIIZHLWHUKLQEHUGLH0HHUHJHLVWHUQ]XODVVHQ 6HKUSODVWLVFKVWHOOWHHUVLFKGDV(QWVHW]HQGHU0HQVFKHQYRUZHQQ GLHVHDXIHLQHU.UHX]IDKUWGHP6FKLIIEHJHJQHWHQ'LHZUGHQEHUVLH KHUIDOOHQVLHHEHQIDOOV]X%OXWVDXJHUQPDFKHQVRGDGHU9DPSLUNHLP LPPHUZHLWHUHXQGJU|HUH.UHLVH]RJELV]XHLQHPELWWHUHQ(QGH 'DVZDU'U7RGV3ODQ'HVKDOEZROOWHHUGDV6FKLIIKHEHQODVVHQXQG ]ZDUDXIHLQHPDJLVFKH$UWXQG:HLVH 'LH7DXFKHUKDWWHQHEHQ3HFKJHKDEWVLHKlWWHQVLFKHLQDQGHUHV *HELHWDXVVXFKHQVROOHQ /XSLQDGLH:HUZ|OILQZDUDXIGDVDQGHUH%RRWJHVSUXQJHQXQG JHVHOOWHVLFK]X9DPSLURGHOPDUXQG7RNDWD6LHJHElUGHWHVLFKHLQ ZHQLJXQUXKLJGHQQVLHURFKGDV%OXW$XFKVLHZROOWHLKUHP7ULHE IROJHQXQGQLFKWLPPHU]XUFNVWHKHQ'U7RGPXWHVLFKIUVLHLUJHQG ZDQQHWZDV%HVRQGHUHVDXVGHQNHQVRQVWNLSSWHVLHQRFKXPXQG YHUOLHGLH0RUGOLJD'DVZROOWHHUDXINHLQHQ)DOOGHQQ/XSLQDZDUHLQ ZHUWYROOHV0LWJOLHG=XGHPKDWWHVLHHLQHEHVRQGHUH(LJHQVFKDIWHQW

ZLFNHOW6LHNRQQWHVLFKZLHGHULQHLQHQRUPDOH)UDXYHUZDQGHOQZDQQ LPPHUVLHZROOWH1XUZHQQGHU9ROOPRQGGHV1DFKWVDP+LPPHO VFKLHQZDUHVIUVLHXQP|JOLFKGDVLHHLQH)UDXEOLHE $XFK6ROR0RUDVVRVSUDQJDQ%RUGGHVJHNDSHUWHQ6FKLIIHV'RUW VFKDXWHHUVLFKXP .HLQ$Q]HLFKHQGHXWHWHGDUDXIKLQGDQRFKMHPDQGDP/HEHQZDU $XFKGHUWRWH,NH&ODQWRQZDUYHUVFKZXQGHQ7RNDWDKDWWHLKQEHU %RUGJHZRUIHQ 'U7RGKDWWHGLHVHV6FKLIILQGHU7DWHLQH:HLOHEHREDFKWHQODVVHQ,KP ZDUQDWUOLFKQLFKWHQWJDQJHQGDQRFK]ZHLZHLWHUH3HUVRQHQ]XU %HVDW]XQJ]lKOWHQDEHUGLHZDUHQJHWDXFKWXQGQLFKWPHKU]XUFN JHNRPPHQ 6ROR0RUDVVRNDQQWHDXFKGHQ*UXQG9DPSLURGHOPDUGHUPLW(O 6DUJRVVDLQPDJLVFKHU9HUELQGXQJVWDQGKDWWHEHULFKWHWGDHLQHUYRQ +DLHQ]HUULVVHQXQGGHUDQGHUH]XHLQHP9DPSLUJHZRUGHQZDUGHU VLFKQDKWORVLQGHQ5HLJHQGHU8QWRWHQHLQUHLKWH8PVREHVVHU $XFK/DG\;VSUDQJMHW]WDQ%RUG'LH]ZHLIDFKH0|UGHULQVWHOOWH VLFKQHEHQLKUHQ&KHI=XUFNJHEOLHEHQZDUQXU0U0RQGRGHUJHIlKU OLFKH0RQVWHUPDFKHU )ULKQVXFKWH'U7RGQRFKLPPHUHLQJHHLJQHWHV/DERUZRHUVHLQH VFKOLPPHQ)RUVFKXQJHQLQDOOHU5XKHZHLWHUIKUHQNRQQWH'HQQ :LVVHQVFKDIWXQG0DJLHELOGHWHQHLQEUDQGJHIlKUOLFKHV7DQGHP $OOHUGLQJVIHKOWHGDVVHFKVWH0LWJOLHGGHU0RUGOLJD 'DVZDU;RUURQGHU+HUUGHU=RPELHV(UPXWHVLFKLUJHQGZRDXI GHU:HOWYHUVWHFNWKDOWHQQXUKDWWH'U7RGVHLQHQ6FKOXSIZLQNHOELV MHW]WQRFKQLFKWJHIXQGHQ8QGVRHWZDVlUJHUWHLKQGHQQDXIGHU6XFKH QDFK;RUURQZDULKPEHUHLWVHLQSDDUPDOVHLQ,QWLPIHLQG-RKQ6LQFODLULQ GLH4XHUHJHNRPPHQ 'HU*HLVWHUMlJHUZDUVRZLHVRGDVJURH3UREOHPGHU0RUGOLJD(U VWDQGDXIGHU$EVFKXOLVWHJDQ]REHQ6LQFODLU]XHUOHGLJHQGDVZDU 'U7RGVJU|WHU7UDXP%LVKHUZDUHVHLQ7UDXPJHEOLHEHQ 'U7RGGDFKWHQLFKWGDUDQGDV6FKLIIZHLWHUPLW]XIKUHQ(UZROOWHHV IOXWHQODVVHQ.HLQHUKDWWHHWZDVGDJHJHQ %LVDXI/XSLQD6LHVWLHSO|W]OLFKHLQGURKHQGHV.QXUUHQDXVXQG ZDUIGDVODQJHEORQGH+DDU]XUFN ª:DVLVWORV"©IUDJWH6ROR0RUDVVRXQGVFKDXWHGLH:HUZ|OILQODXHUQG DQ'HUHQ$XJHQJOlQ]WHQPHWDOOHQ'DVVRQVWVRDQ]LHKHQGH*HVLFKW ]HLJWHHLQHQODXHUQGHQ$XVGUXFN ª5HGH©]LVFKWH0RUDVVR ª,FKLFKULHFKH0HQVFKHQ©NQXUUWHVLH

3UHWW\%HQVRQHUOHEWHGLHVFKOLPPVWHQ0LQXWHQLKUHV/HEHQV6LHKRFNWH XQWHU'HFNXQGKDWWHVLFKLQGHQOHW]WHQ:LQNHOGHUKRO]JHWlIHOWHQ .DELQHHLQJHVFKORVVHQ9RU$QJVW]LWWHUWHVLHVRVHKUGDLKUH=lKQH NODSSHUWHQ3UHWW\K|UWHGLH6FKVVHXQGGLH6FKUHLH6LHZXWHGDGRUW REHQGLH+|OOHWREWHDEHUVLHWUDXWHVLFKQLFKWDXFKQXUHLQH+DDUVSLW]H DXVGHU7U]XVWHFNHQXPQDFK]XVFKDXHQ 3UHWW\%HQVRQKDWWHYRQGHQ.lPSIHQPLW6HHEDQGLWHQ]ZDUHUIDKUHQ ZDUVHOEVWDEHUQLHLQHLQHQYHUZLFNHOWJHZHVHQ6LHZXWHDXVGHQ (U]lKOXQJHQGDGLHVH$XVHLQDQGHUVHW]XQJHQRKQH5FNVLFKWDXI 9HUOXVWHJHIKUWZXUGHQGHQQHVJLQJXP*ROG'DVKDWWHGLH 0HQVFKHQVFKRQLPPHUUFNVLFKWVORVZHUGHQODVVHQ 3O|W]OLFKYHUVWXPPWHQGLH6FKVVH 3UHWW\ODXVFKWH 1LFKWVZDUPHKUREHQDQ'HFN]XK|UHQ:HQLJH6HNXQGHQVSlWHU YHUQDKPVLH6FKULWWH'DZXUGHQLKUH$XJHQJUR'DQNGHU6FKULWWH ZXWHVLHJHQDXGDHVNHLQHUGHU7DXFKHUZDUGLHGRUWEHUGLH 3ODQNHQJLQJHQ'LHKDWWHQHLQHQDQGHUHQ*DQJ3UHWW\ZDUODQJHJHQXJ DXIGHP%RRWXPGLH0lQQHUDQLKUHQ6FKULWWHQHUNHQQHQ]XN|QQHQ 'DVKLHUZDUHQDQGHUH 'DEOLHEQXUHLQH)ROJHUXQJ'HQ%DQGLWHQZDUHVJHOXQJHQGLH %HVDW]XQJ]XEHUZlOWLJHQ 'LHVHU*HGDQNHWULHELQ3UHWW\DEHUPDOVGLHKHLH$QJVWKRFK6LH NRQQWHGLH7UlQHQQLFKWOlQJHU]XUFNKDOWHQVFKOXFK]WHXQGZDUWHWH GDUDXIGDHLQHUGHU6LHJHUGHQ1LHGHUJDQJKLQXQWHUNRPPHQZUGH XPVLH]XKROHQ :DVZUGHGDQQJHVFKHKHQ":UGHPDQVLHDOVOlVWLJH=HXJLQHEHQ IDOOVEHVHLWLJHQRGHUYHUJHZDOWLJHQ" %HLGHVZDUVFKOLPPXQGWURW]GHU+LW]HOLHIHLQNDOWHU6FKDXHUEHU LKUHQ5FNHQDOVVLHGDUDQGDFKWH :DVVROOWHVLHWXQ" )OLHKHQ-D3UHWW\%HQVRQGDFKWHDQ)OXFKW(VZDULKUHHLQ]LJH &KDQFH6LHEH]HLFKQHWHVLFKVHOEVWDOVHLQHJXWH6FKZLPPHULQ0KHORV VFKDIIWHVLH]ZHL6WXQGHQXQGGDVLHVLFKLQUHODWLYHU1lKHGHU.VWH EHIDQGHQNRQQWHHVLKURKQHZHLWHUHVJHOLQJHQHLQ6FKLII]XHUUHLFKHQ GDVGLH*HZlVVHUNUHX]WH 'LHVH+RIIQXQJYHUGUlQJWHGLH$QJVW 3UHWW\NURFKDXVLKUHP:LQNHOKHUYRUXQGVFKOLFKGXUFKGLH.DELQH 'LHKRFKKDFNLJHQ6FKXKHKDWWHVLHDXVJH]RJHQEDUIXEHZHJWHVLHVLFK ZHLWHUELVVLHGLH7UHUUHLFKWHGLHHLQH$QEDXZDQGDQGLHVHU6HLWHGHU .DELQHXQWHUEUDFK 3UHWW\VFKOXFNWH1RFKWUDXWHVLHVLFKQLFKWGLH7U]X|IIQHQ6LHUHFK

QHWHPLWGHP6FKOLPPVWHQDEHUHVJDENHLQHDQGHUH&KDQFH'XUFKGLH )HQVWHUNRQQWHVLHQLFKW6LHZDUHQ]XVFKPDO=XGHPKDWWHVLHVLFKQLFKW JHWUDXWHLQPDOKLQGXUFK]XVFKDXHQ %OLHEQXUGLHVH0|JOLFKNHLW 'LH$QJHOQZDUHQJXWJH|OWVRGDGLH7UNHLQHUOHL*HUlXVFKHYHU XUVDFKWHDOV3UHWW\VLHDXI]RJ 9RULKUODJGHU1LHGHUJDQJ6LHVDKGLHKHOOJHVWULFKHQHQ6WXIHQGLH ]XP2EHUGHFNIKUWHQ/HW]WH6RQQHQVWUDKOHQILHOHQDXIGDV0HWDOO %DOGZUGHGHU/LFKWEDOOYHUVFKZXQGHQVHLQ $EHUVLHVDKQRFKPHKU /LQNVYRQLKUXQJHIlKULQGHU+|KHGHUGULWWHQ6WXIHWURSIWHHWZDV DXIGHQ+DQGODXI (VZDUHLQHGXQNOH)OVVLJNHLWXQG3UHWW\JODXEWHVRJDUHLQHQ VOLFKHQ*HUXFKZDKU]XQHKPHQ 'DVZDU%OXW )DVWKlWWHVLHJHVFKULHQ*HUDGHQRFKUHFKW]HLWLJKLHOWVLHVLFKVHOEVW GHQ0XQG]XXQGHUVWLFNWHVRPLWLKUHQ6FKUHL1HLQGDVZDUXQ P|JOLFK 3UHWW\IORJDPJHVDPWHQ.|USHU6LHPXWHHLQHQ(NHOEHUZLQGHQ XPZHLWHUJHKHQ]XN|QQHQ-HW]WHUVWPHUNWHVLHZLHKHLGDV0HWDOO QRFKZDU'DV0lGFKHQELGLH=lKQH]XVDPPHQGXFNWHVLFKXQG VFKULWWZHLWHU ,QGLHVHU+DOWXQJNRQQWHVLHYRPREHUHQ'HFNDXVQLFKWVRVFKQHOO JHVHKHQZHUGHQ 3UHWW\VFKOLFKDXIDOOHQYLHUHQZHLWHU $OVVLHGLH]ZHLWOHW]WH6WXIHYRUVLFKVDKEHPHUNWHVLHGHQ6FKDWWHQ GHUVLHEHUKUWH 3UHWW\HUVWDUUWH 6LHZDJWHQLFKWHLQPDO]XDWPHQLKU+HU]WURPPHOWHVFKQHOOHUXQG GDV%OXWVWLHJLQLKUHQ.RSI 'DQQK|UWHVLHGDV/DFKHQXQGHLQHZHLEOLFKH6WLPPHª-DZHQKDEHQ ZLUGHQQGD"© (LQ6FKDXHUUDQQEHU3UHWW\V5FNHQJOHLFK]HLWLJZXUGHGLH$QJVW HWZDVYHUGUlQJWGHQQNHLQ0DQQVRQGHUQHLQH)UDXKDWWHJHVSURFKHQ 'DV*LUODKQWHQLFKWZHQHVYRUVLFKKDWWHEHNDPHVDEHU]XVHKHQDOV HVGHQ.RSIKRE 9RULKUVWDQG/XSLQD (LQ0RQVWHU(LQH0LVFKXQJDXV)UDXXQG%HVWLH6RHWZDVKDWWH3UHWW\ QRFKQLHLQLKUHP/HEHQJHVHKHQ6LHKDWWHDXFKQLHJHGDFKWGDGLHVH :HVHQH[LVWLHUWHQXQGVLHEUDFKWHNHLQHQ/DXWKHUYRUGHQQYRU6FKUHFN ZDUVLHZLHHUVWDUUW

/XSLQD|IIQHWHGHQ0XQG-HW]WHUVWZXUGHQLKUHNUlIWLJHQ=lKQH VLFKWEDUGLHVLFKEHLHLQHUY|OOLJHQ9HUZDQGOXQJ]XP:ROIQRFKYHU VWlUNWHQª.RPPKHU©VDJWHVLH 'DV*LUOVFKOXFK]WHDXI 6LHNURFKGLHOHW]WHQ6WXIHQKRFKVDJWH8QYHUVWlQGOLFKHVLQLKUHU $QJVWIKOWHGLH+DQGDXIGHU6FKXOWHU]XFNWH]XVDPPHQXQGVFKDXWH QRFKHLQPDOKRFK 1HLQGDVGXUIWHQLFKWZDKUVHLQ 'DVWDQGNHLQ0RQVWHUPHKUVRQGHUQHLQHEORQGH)UDXXQGVLHWUXJ NHLQHQ)DGHQDP/HLEH 'HU:LQGVSLHOWHPLWGHPEORQGHQ+DDU'LH)LJXUGHU)UDXZDUDXV JH]HLFKQHW]HLJWH7UDXPPDHXQG3UHWW\VFKULHEDOOGHQYRUKHULJHQ 6FKUHFNHQLKUHUEHUUHL]WHQ)DQWDVLH]X ª:DVKDVWGX"©IUDJWH/XSLQD,KUH6WLPPHNODQJHLQVFKPHLFKHOQG XQGEHUXKLJHQGª6WHKGRFKDXI© ª-DMDQDWUOLFK,FKGDFKWHQXULFK© ª'HLQH1HUYHQVLQGQLFKWGLHEHVWHQPHLQ.LQG© ª'DVZLUGHVZRKOVHLQ© ª.RPP© 3UHWW\%HQVRQIKOWHGLH+DQGGHUDQGHUHQDXIGHULKUHQXQGVLHOLH VLFKZLOOLJKRFK]LHKHQ 6LHVFKDXWHVLFKXP)RUVFKHQGJOLWWLKU%OLFNEHUGDVOHHUH'HFN9RQ GHQDQGHUHQ7DXFKHUQNHLQH6SXU6LHVDKDOOHUGLQJVDXFKGDV]ZHLWH 6FKLIIGDVPLWGHU)O\LQJ6WDUGXUFK]ZHL7DXHYHUEXQGHQZDU%HLGH 6FKLIIHZRJWHQLQGHUODQJHQ'QXQJDXIXQGQLHGHU 3UHWW\YHUVWDQGEHUKDXSWQLFKWV6LHIURUZHLOGHU:LQGEHULKUHQ IDVWQDFNWHQ.|USHUVWULFKª6LQG6LHDOOHLQ"©IUDJWHVLH ª-D© ª$EHUZRVLQGGLHDQGHUHQ"© ª:HOFKH"© 'LH%ORQGHVWHOOWHGLH)UDJHPLWHLQHUVROFKHQ1DLYLWlWGD3UHWW\QXU VFKOXFNHQNRQQWHª'LH0lQQHUPHLQHLFK© 'DOlFKHOWHGLH%ORQGHª:HOFKH0lQQHU"© ª$EHULFKKDEHGRFK6FKVVHJHK|UW© ª1HLQ© 3UHWW\VW|KQWHXQGVWDPSIWHPLWGHP)XDXI6LHKDWWHGDV*HIKO ]XP1DUUHQJHKDOWHQ]XZHUGHQª(VPVVHQHLQIDFK0lQQHUGDJH ZHVHQVHLQ$XFKPHLQH)UHXQGHLFKKDEHPLUGDVGRFKQLFKWDOOHVHLQ JHELOGHW© ª'RFK©/XSLQDOHJWHLKUHQ$UPXP3UHWW\V6FKXOWHUQ ª.RPPODXQVJHKHQPHLQH.OHLQH©

ª:RKLQ"© ª,QGLHDQGHUH.DELQH©6LHVWUHLFKHOWH3UHWW\V5FNHQ'DV*LUOIKOWH GLHODQJHQ1lJHODXIVHLQHU+DXWXQGKDWWHGDV*HIKOYRQNOHLQHQ 0HVVHUQEHUKUW]XZHUGHQ ,KUH)OXFKWFKDQFHQKDWWHVLHVLFKDXVGHP.RSIJHVFKODJHQ6LHNDP JHJHQGLH%ORQGHQLFKWDQGDVVSUWHVLHVRIRUW'DQQPXWHVLHHEHQ PLWPDFKHQDXFKZHQQVLHQLFKWZXWHLQZHOFKHLQW|GOLFKHV6SLHOVLH GDKLQHLQJHULVVHQZXUGH ª:RIKUHQ6LHPLFKKLQ"©IUDJWHVLHPLW]LWWULJHU6WLPPH ª(VJLEWGRFKKLHUQRFKHLQH]ZHLWH.DELQH"© ª-D© ª'RUWPDFKHQZLUHVXQVJHPWOLFK© ª:LHVR"© ª6WHOOMHW]WNHLQH)UDJHQPHKUVRQGHUQODGLFKHLQIDFKEHUUDVFKHQ PHLQH/LHEH,FKKHLHEULJHQV/XSLQD© ª3UHWW\%HQVRQ©6LHVDJWHDXWRPDWLVFKLKUHQ1DPHQREZRKOVLHHV JDUQLFKWZROOWHXQGVLFKLKUH*HGDQNHQXPGLH0lQQHUGUHKWHQYRQ GHQHQVLHQRFKLPPHUNHLQH6SXUHQWGHFNWKDWWH 'LH]ZHLWH.DELQHVLHZDUZHVHQWOLFKNOHLQHUDOVGLHHUVWHODJQlKHU DQGHU%XJVHLWHGHV%RRWHV0DQNRQQWHVLHDXFKYRP'HFNHUUHLFKHQ XQGEUDXFKWHQLFKWHUVWHLQHQ1LHGHUJDQJKLQXQWHU]XJHKHQ 3UHWW\%HQVRQIUFKWHWHVLFKSO|W]OLFK6LHVFKWWHOWHGHQ.RSIª1HLQ© VDJWHVLHªLFKZLOOQLFKW© ª%OHLEWGLUHLQHDQGHUH:DKO"©/XSLQDV6WLPPHNODQJODXHUQGXQGVLH KDWWHWDWVlFKOLFKGLH:DKUKHLWDXVJHVSURFKHQ ª.DXP©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|PWH

EHULKU*HVLFKWVRGD3UHWW\%HQVRQQLFKWVVHKHQNRQQWH'DIUDEHU K|UHQ 6LHNDQQWHGLH*HUlXVFKHGLHHQWVWDQGHQZHQQHLQH0DVFKLQHQ SLVWROHDEJHIHXHUWZXUGH 'DVKlOLFKH7DFNWDFNZXUGH]XHLQHUKlPPHUQGHQ0HORGLH6RIRUW WDXFKWH3UHWW\XQWHUVWLHLQGLH7LHIHYRUXQGK|UWHQRFKGLHOHW]WHQ SHLWVFKHQGHQ(LQVFKOlJHGHU.XJHOQGRFKJHWURIIHQZXUGHVLH]XP *OFNQLFKW 3UHWW\%HQVRQVFKZDPPYHU]ZHLIHOWZHLWHU,KUH$UPHDUEHLWHWHQZLH GLH)OJHOHLQHU:LQGPKOHGLHGDV:DVVHUWHLOWHQ$XFKGLH%HLQH EHZHJWHQVLFKLPJOHLFKHQ5K\WKPXV 'LH3DQLNJDE3UHWW\GLHGRSSHOWH.UDIWXQGWULHEVLHYRUDQ $OVVLH]XP]ZHLWHQPDODXIWDXFKWHK|UWHVLHNHLQH6FKVVHPHKU'HU RGHUGLH0|UGHUKDWWHQHVDXIJHJHEHQ3UHWW\ULVNLHUWHHLQHQ%OLFNEHU LKUH6FKXOWHU6FKRQZHLWODJHQGLHEHLGHQ%RRWH]XUFN1HLQGLH KDWWHQNHLQ,QWHUHVVHPHKUDQLKU6LHUHFKQHWHQGDPLWGDGLHHLQ]LJH =HXJLQGHVhEHUIDOOVHUWULQNHQZUGH 8QG3UHWW\VFKZDPP1LFKWPHKUVRKDVWLJZLH]XYRUVRQGHUQ ODQJVDPHUNUlIWHVSDUHQGHU6LHULFKWHWHVLFKQDFKGHPZLHLQ)ODPPHQ VWHKHQGHQ+LPPHOXQGZXWHJHQDXZRKLQVLH]XVFKZLPPHQKDWWH ZHQQVLHGLH.VWHHUUHLFKHQZROOWH =XPHLVWVSOWHQGLH:HOOHQEHULKU*HVLFKWGRFKZHQQVLHVLFKYRQ GHUODQJHQ0HHUHVGQXQJKRFKWUDJHQOLHXQGDXFKLKUHQ.RSIKRE GDQQVDKVLHYRUVLFKHLQHXQHQGOLFKH)Ol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|W]OLFKVFKOXJLKU+HU]UDVHQGVFKQHOO'HUDQGHUH6FKZLPPHU EHVDHLQHQIHXHUURWHQ+DDUVFKRSIZLHLKQHLJHQWOLFKQXUHLQ0DQQ KDWWHGHQVLHNDQQWH

2 %ULHQ 3UHWW\VFKULHVFKOXFNWH:DVVHUVSLHHVZLHGHUDXVXQGZLQNWH 6RODQJHELV2 %ULHQDXIPHUNVDPZXUGH 6LHVFKZDPPHQDXIHLQDQGHU]X'DEHLZXWH3UHWW\%HQVRQQLFKW GD2 %ULHQYRQ9DPSLURGHOPDU]XHLQHP%OXWVDXJHUJHPDFKW ZRUGHQZDU -R%DUUDFXGDGHUGXQNHOKlXWLJH*PDQZDUZLUNOLFKHLQ$OOURXQG 7DOHQW(UEHKHUUVFKWHQLFKWQXUVHLQHQ-REVRQGHUQNRQQWHDXFKPLW HLQHP3ROL]HLNUHX]HUGHU&RDVW*XDUGXPJHKHQ'DVJHK|UWHZRKO]X GHQ3IOLFKWHQHLQHV)%,$JHQWHQ :LUKDWWHQGHQ+DIHQYHUODVVHQXQGIDQGHQDQ%RUGDOOHVZDV]X HLQHUNOHLQHQYLHOOHLFKWDXFKOlQJHUHQ6HHUHLVHQ|WLJZDU7ULQNZDVVHU 9HUSIOHJXQJJXWH1DFKWJOlVHUVFKW]HQGH5HJHQXPKl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lUNHQNRQQWH 0DOVHKHQ ,FKYHUOLHGLH%UFNHGHQQLFKZXWHGLH)KUXQJGHV6FKLIIHVEHL %LOO&RQROO\XQG-R%DUUDFXGDLQJXWHQ+lQGHQ6XNRKRFNWHDP+HFN (UVFKDXWHPLUHQWJHJHQXQGUFNWHGDQQ]XU6HLWHDOVLFKQHEHQLKP 3ODW]QDKP:LHDXFKLFKWUXJHUHEHQIDOOVHLQ*ODVGXUFKGDVHU VFKDXWHZHQQHUKLQXQGZLHGHUGDV0HHUQDFKHLQHPYHUGlFKWLJHQ 6FKLIIDEVXFKWH'DZDUQLFKWV ,QGHU)HUQHGLUHNWYRUGHU.LPPVDKHQZLU]ZHL6FKLIIHGLHVFKRQ MHW]WREZRKOGLH'XQNHOKHLWQRFKQLFKWY|OOLJKHUHLQJHEURFKHQZDU IHVWOLFKEHOHXFKWHWZDUHQ'DVZDUHQ

HLQHU:RONHGDKLQ]XVFKZHEHQQXUKLQXQGZLHGHUYRQDXIVSULW]HQGHQ *LVFKWWURSIHQJHWURIIHQ ª:DVPHLQVWGX-RKQZDV'U7RGVRDOOHVYRUKDW"©6XNRV6WLPPH XQWHUEUDFKPHLQH*HGDQNHQ ª.HLQH$KQXQJHKUOLFK© ª+|UDXI© ,FK|IIQHWHGLH$XJHQ'HU&KLQHVHEOLFNWHPLFKDQ(UJULQVWHª'X ELVWEHUKDXSWQLFKWEHLGHU6DFKH© ª6WLPPWPHLQ/LHEHU)UHLQHQ0RPHQWKDEHLFKWDWVlFKOLFKYHUJHV VHQZDUXPLFKHLJHQWOLFKKLHUELQ0HQVFKLFKP|FKWHHLQPDO5XKH KDEHQXQGYLHU:RFKHQ8UODXEPDFKHQ$XIV0HHUKLQDXVIDKUHQHQW VSDQQHQDXVVSDQQHQYLHOOHLFKWPLWHLQHPKEVFKHQ*LUO© ª*OHQGDRGHU-DQH"© ª%HLGHZlUHQJDUQLFKWVFKOHFKW©HUZLGHUWHLFKJULQVHQG ª'LHZUGHQGLUGRFKGLH$XJHQDXVNUDW]HQ,FKDQGHLQHU6WHOOH KLHOWHPLFKGD]XUFN© ª'DQQHEHQRKQH© ª-DGDVZlUHZDV©VWLPPWHPLUGHU&KLQHVH]XXQGZHFKVHOWHEOLW] VFKQHOOGDV7KHPDª%LVWGXHLJHQWOLFKPGHJURHU*HLVWHUMlJHU"© ª+LQXQGZLHGHU© ª'XZLUVWDOW© ª'DVZLUGMHGHUPDO:HUQLFKWDOWZHUGHQZLOOGHUPXVLFKMXQJDXI KlQJHQ© ª2GHUVLFKPLW'lPRQHQKHUXPVFKODJHQ© ª6WLPPWDXFKZLHGHU©'DEHLPXWHLFKDQGLH8QVFKXOGLJHQGHQNHQ GLHLP.DPSIJHJHQGLH0lFKWHGHU)LQVWHUQLVLKU/HEHQYHUORUHQKDW WHQ2E0lQQHURGHU)UDXHQGLHDQGHUH6HLWHPDFKWHGDNHLQH 8QWHUVFKLHGH8QGHVZDUHQDXFK)UHXQGHYRQXQVGDEHLJHZHVHQ1LFKW ]XOHW]W.DULQ0DOOPDQQGLH)UDXGHVGHXWVFKHQ.RPPLVVDUV ,FKVFKDXWH]XUFN 0LWEORHP$XJHZDUGLH.VWHVFKRQQLFKWPHKU]XHUNHQQHQ:HQQ LFKGDV*ODVQDKPVDKLFKHLQHQGXQVWLJHQJUDXHQ6WUHLIHQIHUQDP +RUL]RQW 'DV0HHUODJUXKLJ,UJHQGZLHZDUGLHODQJH'QXQJZLH%DOVDPIU PHLQH1HUYHQ0HLQHWZHJHQKlWWHGLH)DKUWQLFKW]X(QGHJHKHQEUDX FKHQDEHU7UlXPHVLQG6FKlXPHXQGVRZLGPHWHLFKPLFKZLHGHUGHQ 5HDOLWlWHQ ª6FKRQZDV]XVHKHQ"©IUDJWHLFK6XNRDOVGLHVHUPLWVHLQHP*ODVGLH *HJHQGDEVXFKWH ª1HLQ© :LUKDWWHQHLQH%HVFKUHLEXQJGHV6FKLIIHVGDVYRQ'U7RGJHPLHWHW

ZRUGHQZDU-RKDWWHHVJHVFKDIIWGLH'HWDLOV]XNULHJHQ$OVGHU 9HUOHLKHUGHQ)%,6WHUQVDKZXUGHHUZHLFK 'LH6RQQHZDUYHUVXQNHQ(LQSDDUOHW]WH6WUDKOHQILHOHQZDDJHUHFKW EHUGLH:DVVHUIOlFKH,P+LQWHUJUXQGODXHUWHVFKRQGLH'XQNHOKHLWGLH VLFKZLHHLQULHVLJHV5DXEWLHUQlKHUXQGQlKHUVFKLHEHQZUGHELVVLH DOOHVEHGHFNWH %LOO&RQROO\NDP (USODW]WHIDVWYRU7DWHQGUDQJ'DV:HLGHU.OHLGXQJKREVLFKGHXW OLFKYRQVHLQHUVRQQHQEUDXQHQ+DXWDE%LOOKDWWH=HLWJHQXJ]X+DXVH LP*DUWHQ]XOLHJHQXQGVLFKYRQVHLQHU)UDX6KHLODSIOHJHQ]XODVVHQ ª8QG"©IUDJWHLFK ª1LFKWV-RKQ:LUKDEHQGDV0HHUYRQREHQQDFKXQWHQXQGYRQOLQNV QDFKUHFKWVDEJHVXFKW© ,FKQDKPMHW]WGDV*ODVXQGVXFKWHGLH:DVVHUIOlFKHDE,PPHUZHLWHU VWULFKPHLQ%OLFNEHUGLHXQUXKLJHODQJVDPGXQNOHUZHUGHQGH)OlFKH 'DPHOGHWHVLFK6XNRª%HLGUHKHQLFKKDEHHWZDVJHVHKHQ© :HQQGHU&KLQHVHGDVVDJWHGDQQVWLPPWHHVGHQQ6XNRKDWWHGLH EHVWHQ$XJHQYRQXQVDOOHQ'DPLWXQVHU6WHXHUPDQQDXFKYHUVWDQG OLHILFKKRFK]XU%UFNHXQGJDELKP%HVFKHLG ª:DVLVWGHQQORV"©IUDJWH-RXQGJLQJDXIKDOEH.UDIW ª.HLQH$KQXQJLFKZHUGH6XNRIUDJHQ© %LOO&RQROO\VWDQGVFKRQQHEHQGHP&KLQHVHQ,FKJHVHOOWHPLFK]X GHQEHLGHQ6XNRGHXWHWHDXIV0HHUZlKUHQGHUPLWHLQHU+DQGZHLWHU KLQGDV*ODVIHVWKLHOW $XFKLFKVFKDXWHGXUFKGLH/LQVHQXQGHUNDQQWHWDWVlFKOLFKHLQHQ URWHQ+DDUVFKRSI 'DWULHEHLQ0HQVFK $EHUQLFKWQXUHLQHUVRQGHUQ]ZHL'HQODQJHQ+DDUHQQDFK]X XUWHLOHQZDUHVHLQH)UDX8PVLHKHUXPJLVFKWHWHGDV:DVVHUDXI)DVW HUVFKLHQHVPLUDOVZUGHQGLHEHLGHQNlPSIHQ 6LHWDWHQHVZLUNOLFK ,FKUDQQWHZLHGHU]XU%UFNH'RUWVFKDXWH-RHEHQIDOOVGXUFKGDV *ODV7LHIH.HUEHQKDWWHQVLFKXPVHLQH0XQGZLQNHOJHELOGHW(UZXWH VHOEVWZDVHU]XWXQKDWWHXQGJDE6WRII :LHGHUEHJDQQHLQ:HWWODXIJHJHQGLH=HLW ,FKK|UWHHLQHQ6FKUHLXQGZXWHGDHVK|FKVWH(LVHQEDKQZDU-R %DUUDFXGDKDWWHIDQWDVWLVFKUHDJLHUW(UKDWWHQLFKWLQYROOHU)DKUWDXIGLH EHLGHQ0HQVFKHQ]XJHKDOWHQVRQGHUQQXUPLWKDOEHU.UDIW8QGHU KDWWHUHFKW]HLWLJJHQXJEHLJHGUHKWVRGDHUGHQLP:DVVHUEHILQGOLFKHQ

3HUVRQHQGLH6WHXHUERUGVHLWH]XZDQGWHXQGLFKEHUGLH5HOLQJKHFKWHQ NRQQWH %LOOXQG6XNRKlWWHQHVQDWUOLFKDXFKJHWDQLFKDEHUKDWWHPLFK GXUFKJHVHW]W %LOOKLHOWEHUHLWVHLQHQGHU5HWWXQJVULQJHLQGHU+DQG,QODQJVDPHU )DKUWJOLWWGDV%RRWVHLWOLFKDQGDV0lGFKHQXQGGHQURWKDDULJHQ0DQQ KHUDQ %HLGHNlPSIWHQMHW]WXQWHU:DVVHUXQGLFKVWLHPLFKDE,FKKHFKWHWH GHP0HHUHVVSLHJHOHQWJHJHQXQGNDPGDEHLVFKOHFKWDXIGHQQLFKVWLH QLFKW]XHUVWPLWGHQDXVJHVWUHFNWHQ$UPHQLQGDV:DVVHUVRQGHUQ NODWVFKWHPLWGHP%DXFKDXIGLH:HOOHQ'DVNDPGDKHUZHLOGDV%RRW OHLGHUQRFK)DKUWXQGPHLQ.|USHUHEHQIDOOVGLH*HVFKZLQGLJNHLWDQJH QRPPHQKDWWH ,FKVFKZDPPDXIGLHEHLGHQ]XXQGULXQWHU:DVVHUPHLQH$XJHQ DXIXPVHKHQ]XN|QQHQ 'HUURWKDDULJH0DQQZROOWHGDV*LUOWDWVlFKOLFKHUZUJHQ8QGGDV ZRNHLQ/DQGLQ6LFKWZDUVRQGHUQPLWWHQDXIGHP0HHU6RHWZDV ZDUPLUDXFKQRFKQLFKWSDVVLHUW8QGHUZDUDXFKQDKHGDUDQHV]X VFKDIIHQGHQQGLH:LGHUVWDQGVNUDIWGHV*LUOVZDUHUODKPW(VKLQJ NUDIWORVLP*ULIIGHV5RWKDDULJHQ 'DQQZDULFKGD0HLQH+lQGHSDFNWHQGLH+DDUHGHV.HUOVLFKUL LKQKRFKXQGGUFNWHLKQ]XU6HLWHZHJYRQVHLQHP2SIHU(UGUHKWH VLFKXQWHU:DVVHU]RJGLH%HLQHDQXQGIUHLQHQZLQ]LJHQ0RPHQWVDK LFKVHLQ*HVLFKWPLWGHPRIIHQHQ0XQG 0LFKWUDIGHU6FKUHFN 'HU.HUOZDUHLQ9DPSLU (LQZLGHUOLFKHU%OXWVDXJHU-HW]WZXWHLFKDXFKZDUXPHUGDV 0lGFKHQDWWDFNLHUWKDWWHXQGHVLKPQLFKWVDXVPDFKWHGDULQJVKHUXP QXU:DVVHUZDU(UNRQQWHQLFKWPHKUHUWULQNHQ(UZDUVFKRQWRWXQG IKUWHQXUQRFKHLQK|OOLVFKHV'DVHLQ6HLQHRUJDQLVFKHQ)XQNWLRQHQ ZDUHQHLQJHVWHOOW 9HUGDPPW ,FKPXWHLKQORVODVVHQGHQQMHW]WJLQJHVXPGDV0lGFKHQ:DUHV YLHOOHLFKWVFKRQJHELVVHQZRUGHQ" ,FKJOLWWLQGLH7LHIHZRGDV*LUOODQJVDPDEVDFNWHWDXFKWHXQWHUGLH VFKZDU]KDDULJH6FK|QHILQJVLHDEXQGVFKDIIWHVLHZLHGHUDQGLH 2EHUIOlFKH $EHUGHU9DPSLUGDFKWHQLFKWGDUDQDXI]XJHEHQ(UZROOWHHEHQIDOOV VHLQ2SIHUVHLQ%OXWGXUVWPXWHJHVWLOOWZHUGHQXQGHUVFKZDPP VHLWOLFKDXIXQV]XXPXQVGHQ:HJDE]XVFKQHLGHQ*HUDGHUHFKW]HLWLJ WDXFKWHLFKDXI

ª1LPPHLQHUGDV0lGFKHQ©VFKULHLFKXQGVDKGXUFKGHQ:DVVHU VFKOHLHUYRUPHLQHQ$XJHQQLFKWZHUVLFKXPGLH.OHLQHNPPHUWH$XI MHGHQ)DOOIORJGHU5LQJDXIGDV*LUO]XXQGHVVSUDQJDXFKMHPDQGLQV :DVVHU 'DQQVSUWHLFKGLH+lQGHGHV9DPSLUV6HLQH$UPHXPVFKODQJHQ PLFKLQ+IWK|KHZLHGLH7HQWDNHOHLQHV.UDNHQ,FKZXUGHKHUXP JHULVVHQXQGXQWHU:DVVHUJHGUFNW(VZDUPLUDOOHUGLQJVJHQJHQG =HLWJHEOLHEHQXP/XIW]XKROHQ -HW]WEHJDQQGHU.DPSI ,FKNDP]ZDUDQPHLQH%HUHWWDKHUDQDEHUGLHQW]WHPLULP0RPHQW QLFKWVZHLOLFKXQWHU:DVVHUGDPLWQLFKWVFKLHHQNRQQWH:LFKWLJHUZDU GHU'ROFK$OOHUGLQJVVWHFNWHGHULQGHU6FKHLGHGLHZLHGHUXPDP *UWHOEHIHVWLJWZDUXQGLQGHU+|KHVSUWHLFKGLHNODPPHUQGHQ$UPH GHV%OXWVDXJHUV 0HLQH+lQGHSDFNWHQVHLQHQ.RSIXQGERJHQLKQ]XUFN'DGXUFK VDKLFKDXFKHLQHQ7HLOGHV+DOVHVXQGUHJLVWULHUWHGLHDXVJHEOXWHWH NODIIHQGH:XQGH ,FKVFKWWHOWHPLFK 'LH$XJHQGHV%OXWVDXJHUVZDUHQYHUGUHKWGHU0XQGVWDQGRIIHQ GHXWOLFKVDKLFKGLH=lKQH,FKGUFNWHPHLQHQ+DQGEDOOHQJHJHQVHLQ .LQQXQGSUHWHHV]XUFN 'DEHLPXWHLFKPLFKEHHLOHQGHQQPHLQ/XIWYRUUDWUHLFKWHQLFKW HZLJ 'HU9DPSLUVWHPPWHVLFKGDJHJHQ6HLQH.UlIWHZDUHQZLUNOLFK HQRUP (VJHODQJPLUQLFKWGLH8PNODPPHUXQJ]XO|VHQ ,QWHUYDOOZHLVHVWLHLFKGLH/XIWDXV,FKPHUNWHVFKRQZLHPHLQH +HU]VFKOlJHLKUHQ:LGHUKDOOLQPHLQHP.RSIIDQGHQHLQ=HLFKHQGD GHU/XIWPDQJHO]XQDKP (VJDEQRFKHLQH0|JOLFKNHLWIUPLFK:lKUHQGGHU9DPSLUPLFK ZHLWHULQGLH7LHIHGUFNWHKROWHLFKPHLQ.UHX]KHUYRUOLHDEHUGLH .HWWHXPPHLQHQ+DOV'DV:DVVHUGUFNWHGDV.UHX]KRFKVRGDHVLP UHFKWHQ:LQNHO]XPHLQHP+DOVVWDQGLFKHVDEHUGHQQRFKSDFNHQ NRQQWH 'HU9DPSLUEHPHUNWHLPOHW]WHQ0RPHQWGDLFKLKQEHUOLVWHWKDWWH (UOLHPLFKORVGRFKIULKQZDUHVVFKRQ]XVSlW 'DVJHZHLKWH.UX]LIL[WUDILKQPLWWHQLP*HVLFKW (VZDUHLQHW|GOLFKH%HUKUXQJ'HU%OXWVDXJHUElXPWHVLFKQRFK HLQPDODXIGDQQMHGRFKZXUGHQVHLQH%HZHJXQJHQODQJVDPHUXQG HUVWDUEHQVFKOLHOLFKY|OOLJ 'HU9DPSLUJOLWWLQGLH7LHIH$OVOHW]WHQ(LQGUXFNEHNDPLFKQRFK

PLWZLHVHLQ*HVLFKW]HUILHOXQGGLHEODQNHQ.QRFKHQGXUFKGLH +DXWVFKLPPHUWHQGDQQHQWVFKZDQGHUPHLQHQ%OLFNHQ ,FKWDXFKWHDXI (QGOLFK/XIW,FKVDXJWHVLHWLHILQPHLQH/XQJHQKXVWHWHXQGVSLH :DVVHUDXVGDVPLULQGHQ0XQGJHGUXQJHQZDU (WZDIQI]LJ
SROVWHUWH%DQNLQHLQHU.DELQHXQG-R%DUUDFXGDKROWHHLQH'HFNHGLH HUEHUGHQQDVVHQ.|USHUEUHLWHWH'DV*LUOIURU'LH=lKQHNODSSHUWHQ DXIHLQDQGHU 6LHEHNDPHWZDV:DUPHV]XWULQNHQ:LUHUIXKUHQDXFKLKUHQ1DPHQ 6LHKLH3UHWW\%HQVRQ 2EZRKOXQVGLH)UDJHQZLUNOLFKDXIGHQ1lJHOQEUDQQWHQGD3UHWW\ IUPLFKHLQH6FKOVVHOILJXULQGHPK|OOLVFKHQ6SLHOZDUOLHHQZLUVLH VRODQJHLQ5XKHELVVLHVLFKHLQLJHUPDHQJHIDQJHQKDWWH(UVWDOVLFK VLFKHUVHLQNRQQWHGDVLHLQGHU/DJHZDUXQVHLQHQ]XVDPPHQKlQ JHQGHQ%HULFKW]XJHEHQVWHOOWHLFKGLH)UDJHQ6LHDQWZRUWHWHDXFKXQG JDEXQVHLQH(U]lKOXQJGLHDOOGHQ6FKUHFNHQXQGGDV*UDXHQLQVLFK EDUJGLHVLHHUOHEWKDWWH:LUHUIXKUHQYRPhEHUIDOODXIGDV%RRWYRQ GLHVHU3HUVRQGLHKDOE0HQVFKKDOE%HVWLHZDUXQGLFKGDFKWHVRIRUWDQ /XSLQD (LQVMHGHQIDOOVVWDQGIHVW:LUZDUHQDXIGHUULFKWLJHQ6SXUGLHXQV]X 'U7RGXQGGHUYHUGDPPWHQ0RUGOLJDIKUWH ª:LUPVVHQIOLHKHQ©VDJWHVLHª'LHGLHNHQQHQNHLQH*QDGH :LUNOLFK© ,FKEHUXKLJWHVLHª(UVWHLQPDOUXKHQ6LHVLFKDXV3UHWW\GDQQZHUGHQ ZLUZHLWHUVHKHQ© ª$EHUZROOHQ6LHGHQQ"© ª-DZLUVLQGH[WUDZHJHQGLHVHU%DQGHXQWHUZHJV:LUZHUGHQVLH VWHOOHQGDVYHUVSUHFKHLFK,KQHQ© 6LHKDWWHQGDVHUREHUWH6FKLIIJHIOXWHW -HW]WVWDQGHQ'U7RGXQGGLH0LWJOLHGHUVHLQHU0RUGOLJDDXIGHP 'HFNLKUHU

:DVVHUVRGDVLHMHW]WZLHHLQJUDXHU7HSSLFKZLUNWHDXIGHPKLQXQG ZLHGHUHLQLJHZHLH6FKDXPNURQHQWDQ]WHQ .HLQDQGHUHV6FKLIIEHIDQGVLFKLQGHU1lKH'U7RGKLHOWYHUJHEOLFK QDFKIUHPGHQ3RVLWLRQVODPSHQ$XVVFKDX$XFKHUZUGHVLFKKWHQ /LFKWHU]XVHW]HQ1LHPDQGVROOWHVLHEHLGHU$UEHLWEHREDFKWHQ 1HEHQLKPVWDQG/DG\;0U0RQGRKLHOWVLFKZHLWHUKLQDXIGHU %UFNHDXI7RNDWD9DPSLURGHOPDUXQG/XSLQDKDWWHQVLFKDXIGHP 'HFNYHUWHLOW /XSLQDKLHOWVLFK]XUFN6LHZXWHDPEHVWHQZHOFKHLQHQ)HKOHUVLH JHPDFKWKDWWH9RUHUVWZDULKU$QVHKHQLQQHUKDOEGHU0RUGOLJDVWDUN JHVXQNHQ ª:DQQIlQJVWGXDQ"©IUDJWH/DG\; ª-HW]W©HUZLGHUWH'U7RG(UZDQGWHVLFKDEXQGYHUVFKZDQGXQWHU 'HFN'RUWEHIDQGVLFKHLQ*HJHQVWDQGGHUIULKQHLQHJURH %HGHXWXQJKDWWH 'HU:UIHOGHV8QKHLOV (VZDUHLQY|OOLJQRUPDOHUZHLEODXVFKLPPHUQGHU:UIHOGHPPDQ QLFKWDQVDKZHOFKHLQH0DJLHLQLKPVWHFNWH0LW+LOIHGLHVHV:UIHOV NRQQWH'U7RGGHQJHIlKUOLFKHQ1HEHOHU]HXJHQGHUEHUHLWVVRYLHO 8QKHLODQJHULFKWHWKDWWH(UNRQQWHDEHUDXFKPLWDQGHUHQ'lPRQHQLQ IHUQHQ5HLFKHQ.RQWDNWDXIQHKPHQLQDQGHUH'LPHQVLRQHQXQG =HLWHEHQHQYRUGULQJHQRGHUGDV%|VHORFNHQ,QGHU+DQGHLQHV0DQQHV ZLH'U7RGZDUHU]XHLQHPW|GOLFKHQ:HUN]HXJJHZRUGHQGHQQ GLHVHU:UIHOKDWWHDXFKGLHJHJHQWHLOLJHQ(LJHQVFKDIWHQ:DUGHU %HVLW]HUHLQ0HQVFKGHUJHJHQGLH+|OOHNlPSIWHVRIDQGHULQGHP :UIHOHLQHJURH+LOIH:LHJHVDJWHUZDUPDQLSXOLHUEDUXQG'U7RG PDQLSXOLHUWHLKQ]XP%|VHQKLQ 'DQQEHVDHUQRFKGHQVLOEHUQHQ%XPHUDQJ(LQHHEHQIDOOVVHKUZHUW YROOH:DIIH$XFKSUDOOPLW0DJLHJHIOOW$OOHUGLQJVPLWZHLHU(UKDWWH VLH-RKQ6LQFODLUGHP,QWLPIHLQGGHU0RUGOLJDDEJHQRPPHQQDFKGHP GHU%XPHUDQJ7RNDWDGHQOLQNHQ$UPDEJHVFKODJHQKDWWH'U7RGGHU 0HQVFKGlPRQNRQQWHGLHVH:DIIHDQIDVVHQZDVLP*HJHQVDW]GD]X GHQ6FKZDU]EOWHUQQLFKWP|JOLFKZDU 6LHKWHWHQVLFKLKQDXFKQXU]XEHUKUHQHUZUGHVRIRUWVHLQH ZHLPDJLVFKH.UDIWHQWIDOWHQ 6ROR0RUDVVRHUVFKLHQZLHGHUDXI'HFN'HQ:UIHOKLHOWHUPLW EHLGHQ+lQGHQXPIDW9RQ:HVWHQKHUILHOGHUHUVWHNKOH:LQGEHU GDV:DVVHU(UEHZHJWHDXFKGLH:HOOHQVWlUNHUGLHNUDIWYROOJHJHQGLH %RUGZlQGHGHV.DKQVKLHEHQ ª+DOWHWHXFKEHUHLW©VDJWH'U7RGª(VLVWVRZHLW© 'LHDQGHUHQQLFNWHQ

0RUDVVRWUDWYRUXQGEOLHEDP+HFNGHV%RRWHVVWHKHQ'LHDQGHUHQ EDXWHQVLFKKLQWHULKPLQHLQHU5HLKHDXI -HGHUZDUJHVSDQQWXQGMHGHUZXWHZDVLQGHQQlFKVWHQ0LQXWHQ IROJHQZUGH/DQJHJHQXJKDWWHQVLHJHZDUWHWMHW]WVWDQGHQVLHGLFKW YRUGHP=LHO 'LH9DPSLU)ORWWHVROOWHDXVGHQXQKHLPOLFKHQ7LHIHQGHV0HHUHVZLH GHUDQGLH2EHUIOlFKHJHODQJHQXPGDVIRUW]XIKUHQZRPLWVLHGDPDOV HLQHVRWUDXULJH%HUKPWKHLWHUODQJWKDWWH 6ROR0RUDVVRNRQ]HQWULHUWHVLFK(UVFKDXWHDXIGHQ:UIHO6HLQH *HGDQNHQYHUVXFKWHQGLHVHQ*HJHQVWDQG]XDNWLYLHUHQXQGVHLQH 0DJLHKHUDXV]XIRUGHUQ (VJHODQJ 0RUDVVRPHUNWHZLHVLFKGHU:UIHOHUZlUPWHZLHLQVHLQHP,QQHUQ HWZDVJHVFKDKIUGDVHUNHLQHUOHL(UNOlUXQJKDWWH,KPNDPHVYRUDOV KLHOWHHUHLQHQ7RSIPLWVLHGHQGHP:DVVHU]ZLVFKHQGHQ+DQGIOlFKHQ 'HU:UIHOYLEULHUWHPDFKWHVLFKVHOEVWlQGLJXQG'U7RGPXWHLKQ ORVODVVHQZHLOGLH6FKZLQJXQJHQ]XVWDUNZXUGHQ 'HU:UIHOVFKZHEWHLQGHU/XIW (WZDHLQHQ
ª:HUGHQZLUQRFKLQGLHVHU1DFKWZHLWHUVHJHOQXQGPLWGHU,QYDVLRQ EHJLQQHQ© ª(VEOHLEWEHLGHQ(YHUJODGHV"© ª-D©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hEHUVLFKW (UZDUHVDXFKGHUGHQHUVWHQ(UIROJPHOGHWH ª$FKWXQJ©ULHIHU 6RIRUWEHJDEHQVLFKVlPWOLFKH0LWJOLHGHUGHU0RUGOLJDDQGLH5HOLQJ XQGVFKDXWHQDXIGLH:DVVHUIOlFKH -DVLHZDUZLHGHUKHOOHUJHZRUGHQ(LQ=HLFKHQGDIUGDGHUZHLH 1HEHOWHSSLFKGHU2EHUIOlFKHHQWJHJHQVWLHJ8QGLQQHUKDOEGHV7HSSLFKV EUHLWHWHVLFKHLQ6FKHPHQDXVGHUJUDXVFKLPPHUWH 'DV6FKLII" 1RFKZDUHQGLH$XVPDHQLFKWJHQDX]XHUNHQQHQGRFKZHQLJH 6HNXQGHQVSlWHUDOVGHU7HSSLFKWDWVlFKOLFKVRZHLWJHVWLHJHQZDUGD PDQGDV*HIKOKDEHQNRQQWHLKQPLWGHU+DQG]XJUHLIHQ]HLFKQHWHQ VLFKGHXWOLFKGLH.RQWXUHQGHV6FKLIIHVDE *HVFKDIIW (LQWULXPSKLHUHQGHVDEHUDXFKE|VHV/lFKHOQXPVSLHOWHGLH/LSSHQ 6ROR0RUDVVRV 6RXQGQLFKWDQGHUVPXWHHVVHLQ6HLQ3ODQZDUKDDUJHQDXDXIJH JDQJHQ (UULHEVLFKGLH+lQGH:LHGHUKDWWHGLH+|OOHHLQHQ6LHJHUUXQJHQ XQGGLHVPDOEHIDQGVLFKQLHPDQGLQGHU1lKHGHULKUH$NWLYLWlWHQ VW|UHQNRQQWH -HGHUZDUHUUHJW 'HUHLQH]HLJWHHVPHKUGHUDQGHUHZHQLJHU 'LHVRQVWVRNDOWEOWLJH3DPHOD6FRWWNRQQWHVLFKQLFKWPHKU ]XUFNKDOWHQ6LHXPIDWH'U7RGV$UPXQGNUDOOWHLKUH)LQJHUQlJHO LQVHLQ)OHLVFK

ª'HU6LHJ©IOVWHUWHVLHª'HU6LHJLVWQDK© 'DNRQQWH6ROR0RUDVVRQXU]XVWLPPHQ 0DVWHQ$XIEDXWHQ6HJHOGDVDOOHV]HLFKQHWHVLFKVFKRQGHXWOLFKYRP 'HFNGHV6FKLIIHVDE(LQJHKOOWLQGHQPDJLVFKHQ1HEHOVFKZHEWHGDV 6FKLIIKRKHUXQGK|KHU =XHUVWGXUFKEUDFKHQGLH0DVWVSLW]HQGLH:DVVHUREHUIOlFKH6RJDUGHU $XVJXFNZDUQRFKYRUKDQGHQ(LQPDNDEUHU$QEOLFNERWVLFKGHQ 0LWJOLHGHUQGHU0RUGOLJDZLHGDV6FKLIIK|KHUXQGK|KHUVWLHJXQGGDV :DVVHUDQGHQ$XIEDXWHQXQG%DOXVWUDGHQKHUDEVWU|PWHXPVLFK ZLHGHUPLWGHP0HHU]XYHUHLQLJHQ 'DV*HLVWHUVFKLIIZDUHUVFKLHQHQ :LHHLQ6FKOHLHUXPKOOWHHVGHU1HEHO(UODJMHW]WQLFKWPHKUVWLOO VRQGHUQEHIDQGVLFKLQODQJVDPHU%HZHJXQJ'RUWTXROOTXLUOWHXQG ZLUEHOWHHV'LHODQJHQ)DKQHQWDQ]WHQEHUGDV'HFN6LHZXUGHQ]X VFKOHLHUlKQOLFKHQ*HELOGHQGLHGHU:LQGEHUGLH'HFNVWULHEVRGD VLHLQMHGHQ:LQNHOGHV6FKLIIVGULQJHQNRQQWHQ 'DQQODJHVDXIGHP:DVVHU 'UHL6HJHOPDVWHQPLW]HUIHW]WHP7XFK0HKUHUH'HFNV'LH%RUGZDQG UDJWHKRFKEHUGDV6FKLIIKLQDXVDXIGHP'U7RGXQGGLH0LWJOLHGHU GHU0RUGOLJDZDUWHWHQ 1RFKUKUWHVLFKQLFKWVDXIGHP*HLVWHUVFKLII$OOHVODJLQW|GOLFKHU ODXHUQGHU5XKH 'U7RGQLFNWH]XIULHGHQGDQQZDQGWHHUVLFKXPª:RLVW(O 6DUJRVVD"©IUDJWHHU 9DPSLURGHOPDUIKOWHVLFKDQJHVSURFKHQª,FKZHUGHQDFKVHKHQ© HUZLGHUWHHUPLWVHLQHUGXPSIHQ6WLPPH ª'DQQWXGDV© 9DPSLURGHOPDUNDPGHP%HIHKOVRIRUWQDFK(UOLHIEHUGDV'HFN GHU
GLH1LHGHUJlQJHDXIGHP9RUGHUGHFNGLH*HVFKW]HDXIGHP =ZLVFKHQGHFNGLH0DQQVFKDIWVNRMHQGLH5lXPHGHU2IIL]LHUH $EHUNHLQH9DPSLUH 1DFKGHPVLHGDV6FKLIIGXUFKVXFKWKDWWHQEOLHE'U7RGDXIGHP $FKWHUGHFNVWHKHQª:RVLQGVLH"©IUDJWHHU ª,FKZHLHVQLFKW© ª'XKDVWXQVKLHUHLQ0lUFKHQHU]lKOW©IXKU6ROR0RUDVVRGHQ 9DPSLUDQ ª1HLQ©NQLUVFKWH9DPSLURGHOPDUª6LHPVVHQGDVHLQYHUGDPPW© ª'DQQUXIVLH© 'HU6XSHUYDPSLUQLFNWH/DXWVFKULHHUGHQ1DPHQGHV.DSLWlQV ª(O6DUJRVVD]HLJGLFK:RELVWGX",FKZDUWHDXIGLFK,FK9DPSLURGHO PDU.DLVHUGHU%OXWVDXJHU© 'LH6WLPPHKDOOWHEHUGDVJHZDOWLJH'HFN,KU6FKDOOYHUORUVLFK LUJHQGZRLP1HEHOGRFKYRQGHQ9DPSLUHQ]HLJWHVLFKQLHPDQG6LH EOLHEHQYHUVFKZXQGHQ 'DV*HLVWHUVFKLIIEHZHJWHVLFKDXIGHUKRKHQ'QXQJGHV0HHUHV'LH 0DVWHQVFKZDQNWHQ,UJHQGZRNQDUUWHGLHPLW$OJHQXQG0XVFKHOQ EHZDFKVHQH7DNHODJHDEHUHLQHQ(UIROJKDWWH9DPSLURGHOPDUPLW VHLQHQ5XIHQQLFKWHU]LHOW 8QGGRFKH[LVWLHUWHGLHXQWRWH%HVDW]XQJ (VZDU/DG\;GLHVLH]XHUVWEHPHUNWHª+H©NODQJLKUH6WLPPHDXI ª'DVWHLJHQZHOFKHDXVGHP:DVVHU© $XJHQEOLFNOLFKVFKDXWHQ6ROR0RUDVVRXQGGHU6XSHUYDPSLUEHUGLH 5HOLQJ $XFKXQWHULKQHQZDEHUWHGHU1HEHO1LFKWNODUZDU]XHUNHQQHQZDV JHQDXVLFKGRUWDEVSLHOWHDEHUEHLGHVDKHQGDVLFK/DG\;QLFKW JHWlXVFKWKDWWH'LH9DPSLUHYHUOLHHQLQGHU7DWGDV0HHU8QGGLHV JHVFKDKDXIHLQHJUDXHQKDIWHQDKH]XJHVSHQVWLVFKH$UWXQG:HLVH0DQ K|UWHQXUGDV3OlWVFKHUQGHV:DVVHUVDOVGLH,QYDVLRQGHU8QWRWHQ EHJDQQ6LHZXWHQ]ZDUXPLKU6FKLIIDEHUHQWHUWHQGLH
'LH6FRWWEOLFNWHLKPNDOWHQWJHJHQ=XRIWVFKRQKDWWHVLHPLWGHQ %OXWVDXJHUQ]XWXQJHKDEW 6LHIUFKWHWHVLFKQLFKWYRULKQHQ,KUZDUHV]LHPOLFKHJDOREVLHYRU LKUVWDQGHQRGHUQLFKW $EHU0RQWDQDQLFKW (UVDKQXUGLH)UDX8QGHUJLQJDXIVLH]X'LH$UPHYRUJHVWUHFNWGLH )LQJHU]X.ODXHQJHNUPPW 'DZXWH/DG\;%HVFKHLG$XFKMHW]WEHUVWU]WHVLHQLFKWVQDKP LKUH0DVFKLQHQSLVWROHXQGGURVFKGHP%OXWVDXJHUGHQ/DXIYRUGHQ 6FKlGHO0RQWDQDIORJ]XUFN ª'HULVWZDKQVLQQLJ©VDJWHGLHHKHPDOLJH7HUURULVWLQXQGZDQGWHVLFK DQ7RNDWDª0DFKLKQIHUWLJ© 'HU6DPXUDLGHV6DWDQVJLQJYRU2EZRKOGHU9DPSLUQLFKWJHUDGH NOHLQZDUZLUNWHHUJHJHQ7RNDWDZLHHLQ=ZHUJ(UDKQWHDXFKZDV GLHVHV0RQVWHUPLWLKPYRUKDWWHGHQQHUGXFNWHVLFK 7RNDWDVFKOXJ]X 'DV6FKZHUW]HUVFKQLWWSIHLIHQGGLH/XIWXQGHLQHQ$XJHQEOLFN VSlWHUKDWWH0RQWDQDNHLQHQ.RSIPHKU(UUROOWHEHU%RUGXQGYHU VFKZDQG'HU7RUVRIROJWHZHQLJVSlWHUYRQ7RNDWDJHVWRHQ (LQ9DPSLUZHQLJHU ª(VZLUGGHQDQGHUHQHLQH/HKUHVHLQ©VDJWH/DG\;XQGVFKLHOWH]X 'U7RGKRFK 6HLQH*HVWDOWVDKVLHQXUYHUVFKZRPPHQLP1HEHODEHUVLHHUNDQQWH ZLHHUGHQ$UPKREDOVRKDWWHHULKUHQ%HIHKOXQG7RNDWDV7DW JXWJHKHLHQ 'HU6DPXUDLGHV6DWDQVKDWWHVHLQ6FKZHUWQLFKWZLHGHUZHJJHVWHFNW (UZDUWHWHGRUWZRGLH9DPSLUHDXIWDXFKWHQXQGGLH/HLWHU]XP'HFN IKUWH (O6DUJRVVDNOHWWHUWHDOVHUVWHUDQ%RUG(UEHIDQGVLFKPLWGHP.RSI EHUHLWVLQ'HFNK|KHDOV7RNDWDLKPGLH6FKQHLGHGHV6FKZHUWVDQGLH .HKOHVHW]WH'DVNDOWH0HWDOOEHUKUWHGLHODSSLJHJOHLFK]HLWLJDXIJH GXQVHQH+DXW (O6DUJRVVDYHUKDUUWH 2EZRKOHUELVDQGLHVSLW]HQ'ROFK]lKQHEHZDIIQHWZDUZXWHHU GRFKGDHUKLHUVHLQHQ*HJQHUJHIXQGHQKDWWH8QGDXFKGLHDQGHUHQ 9DPSLUHVWLHJHQQLFKWZHLWHUGLH/HLWHUKRFK6LHZDUWHWHQZREHLVLH WUlJHLP:DVVHUVFKZDPPHQXQGLKUHOHEORVHQ.|USHUYRQGHQ:HOOHQ DXIXQGQLHGHUEHZHJWZXUGHQ ª(O6DUJRVVD© 'LHVPDOEUOOWH9DPSLURGHOPDUQRFKODXWHU'HUXQWRWH3LUDW PXWHLKQK|UHQ(UGUHKWHGDVYHUZVWHWH*HVLFKWQDFKOLQNV7RNDWD

OLHLKQJHZlKUHQGHQQHUVROOWHGHQ6XSHUYDPSLUDQVFKDXHQ ª(UNHQQVWGXPLFK(O6DUJRVVD"© ª-D© ª8QGZHUELQLFK"© ª'XELVW9DPSLURGHOPDUGHU.DLVHUGHU%OXWVDXJHU'XELVWJH NRPPHQXP]XKROHQZDVGLUJHK|UW© ª(VVWLPPW,FKELQGHU.DLVHU8QGGHVKDOEZHUGHWLKUPLUJHKRUFKHQ 8QG'U7RGGHUQHEHQPLUVWHKWXQGPlFKWLJHULVWDOVZLUDOOH+DVWGX YHUVWDQGHQ"© ª-D© ª:LHHQWVFKHLGHVWGXGLFK"© ª,FKVWHKH]XGLU9DPSLURGHOPDU© ª'DVZROOWHLFKK|UHQ'DQQVDJHGHQDQGHUHQGDVLH]XPLUDXI 'HFNNRPPHQVROOHQGDPLWLFKHXFKPHLQH%HIHKOHJHEH© (O6DUJRVVDEHUOHJWH(UVFKLHQHLQ]XVHKHQGDHUJHJHQGLHDQGHUHQ QLFKWDQNDPGHQQLKPZDUQLFKWHQWJDQJHQZLHHLVNDOWGLHVHU'lPRQ PLWGHPHLQHQ$UPUHDJLHUWH =XGHPZDU9DPSLURGHOPDUZLUNOLFKLKU.DLVHUXQGVLHPXWHQLKP JHKRUFKHQ ª,FKNRPPH©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lPWOLFKHVHFKV9DPSLUHWUXJHQGLH]HUIHW]WH.OHLGXQJGLHVLHEHUHLWV EHLP8QWHUJDQJGHV6FKLIIHVDQJHKDEWKDWWHQ8QGVLHEHVDHQQRFKLKUH :DIIHQ 9HUURVWHWH'HJHQ6FKZHUWHU(QWHUPHVVHUJHIlKUOLFKH'ROFKHXQG NUXPPH0HVVHU+LQ]XNDPGDLKU%OXWUDXVFKNDXP]X]JHOQZDU 1RFKIKOWHQVLHVLFKOHHUXQGDXVJHEUDQQWDEHUHVZUGHQMDDQGHUH =HLWHQNRPPHQGDZDUHQVLHVLFKHUGHQQMHW]WVWDQG9DPSLURGHOPDU DXILKUHU6HLWH'HU6XSHUYDPSLUZUGHLKQHQGHQ:HJ]HLJHQGHQVLH ]XJHKHQKDWWHQ

'U7RGVFKDXWHVLFKGLHªLOOXVWUHQ©*HVWDOWHQDQ1RUPDOH0HQVFKHQ HPSIDQGHQ(NHO*UDXHQXQG$EVFKHXYRUGLHVHQWHLOZHLVHYRQ 0XVNHWHQ]HUIHW]WHQ.|USHUQDEHUQLFKWHLQ0HQVFKGlPRQZLH6ROR 0RUDVVR )ULKQZDUHQGLH%OXWVDXJHUJHUDGHGLHULFKWLJH$UPHH ª(VZLUGJHQDXGDVJHWDQZDVLFKHXFKVDJH©EHJDQQHUVHLQH5HGH ª:HUPLUQLFKWJHKRUFKWZLUGVRIRUWJHW|WHW,FKKRIIHGDVLVWNODU (EHQVRZHUGHWLKU9DPSLURGHOPDUJHKRUFKHQ:DVHUEHILHKOWLVWDXFK LQPHLQHP6LQQHGHQQHUKDWPLUVHLQH([LVWHQ]]XYHUGDQNHQHEHQVR ZLHLKUGLHHXUHLKP]XYHUGDQNHQKDEW'LHVHV6FKLIIZLUGVLFKEH ZHJHQREZRKONHLQ:LQGLQGLH6HJHOIlKUW(VZLUGEHUGDV0HHU IDKUHQXQGVHLQ=LHODQVWHXHUQGHQQPHLQH0DJLHDOOHLQZLUGHVOHLWHQ XQGYRUDQWUHLEHQ,KUQHKPWHXUH3OlW]HHLQXQGYHUODWGDV6FKLIIHUVW ZHQQLFKHVHXFKVDJH© (O6DUJRVVDQLFNWH ª9DPSLURGHOPDUZLUGKLHUDQ%RUGEOHLEHQXQGHXFKEHUZDFKHQ (UKDQGHOWLQPHLQHP$XIWUDJGDVP|FKWHLFKQRFKHLQPDOEHWRQHQ:LU VWHXHUQGLH.VWH)ORULGDVDQXQGZHUGHQEHUGLH0HQVFKHQNRPPHQ ZLHGLH+RUQLVVHQ,KU%OXWZLUGHXUH1DKUXQJVHLQXQGLKUN|QQWGHQ .HLPGHV%|VHQVRZHLWDXVEUHLWHQZLHLKUZROOW© 'DVZDUHQ:RUWHGLHGHQ8QWRWHQJHILHOHQ6LHWUDIHQEHLLKQHQ DXIIUXFKWEDUHQ%RGHQ6RHWZDVZLH8QUXKHPDFKWHVLFKEHLLKQHQ EUHLWGHQQGHU/HEHQVVDIWGHU0HQVFKHQJDUDQWLHUWHSUDNWLVFKLKUH ([LVWHQ] 'U7RGVFKDXWHVLFKQRFKHLQPDOGLHQDFK%OXWJLHUHQGHQ*HVWDOWHQ DQQLFNWHXQGYHUOLHGDV6FKLIIDXIGHPJOHLFKHQ:HJHZLHHUJH NRPPHQZDU ª.DSSGLH7DXH©EHIDKOHU7RNDWD 'HUJHKRUFKWH 6ROR0RUDVVRQDKPZLHGHUGHQ:UIHOXQGNRQ]HQWULHUWHVLFKDXILKQ (UVWHOOWH]ZLVFKHQLKPXQGGHP6FKLIIHLQHPDJLVFKH9HUELQGXQJKHU :LHGHUHQWZLFKDXVGHP:UIHOHLQIHLQHV*HVSLQVWGDVVLFKPLWGHP 1HEHOYHUHLQLJWHXQGGLH9HUELQGXQJ]ZLVFKHQGHU

%HLXQVZXFKVGLH6SDQQXQJPLWMHGHU0HLOHGLHZLU]XUFNOHJWHQ'LH 1DFKWVLFKWJOlVHUOLHHQZLUIDVWQLHYRQGHQ$XJHQ:LUVFKDXWHQJHQDX QDFKREVLFKZHLWYRUXQVHWZDVWDWRGHUEHZHJWHDEHUGDV0HHUEOLHE UXKLJ :LHHLQJURHV7XFKZDUGLH'lPPHUXQJEHUXQVKHUJHIDOOHQ'HU :LQGKDWWHDXIJHIULVFKWHUEUDFKWHHLQHDQJHQHKPH.KOHXQGGDV 6FKLIIWDQ]WHDXIGHQ:HOOHQ$P+HFN]RJHVHLQHODQJHVFKDXPLJH 6SXUKLQWHUVLFKKHUGLHVLFKVFKOLHOLFKLQGHU:HLWHGHV0HHUHVYHUORU -R%DUUDFXGDVWHXHUWHQRFKLPPHU(UO|VWHGLHVH$XIJDEHDXVJH ]HLFKQHWDOVKlWWHHUQLFKWVDQGHUHVJHWDQ %LOOWDXFKWHQHEHQPLUDXI ª:DVJLEW V"©IUDJWHLFKLKQ ª:HQQPLFKQLFKWDOOHVWlXVFKWKDEHQZLUGDV=LHOIDVWHUUHLFKW© (UVWMHW]WPHUNWHLFKGDZLUK|FKVWHQVQRFKKDOEH)DKUWPDFKWHQ,FK QDKPGDV*ODVXQGKLHOWHVJHJHQPHLQH$XJHQ ª'D©%LOOGHXWHWHQDFK6GZHVWHQ =XHUVWVDKLFKQLFKWV1XUGLHZHLWH:DVVHUIOlFKHGLHDP+RUL]RQWPLW GHPGXQNOHQ+LPPHO]XVDPPHQZXFKV'RFKGDQQPHLQH$XJHQ KDWWHQVLFKLQ]ZLVFKHQDQGLH/LFKWYHUKlOWQLVVHJHZ|KQWHUNDQQWHLFK HLQHQIHLQHQ6WUHLIHQ ª1HEHO©PXUPHOWHLFK ª*HQDX©%LOOXQG6XNRJDEHQPLUUHFKW ª8QG"© ª(VLVWNHLQ:HWWHUIU1HEHO©HUZLGHUWH%LOO&RQROO\ª,FKKDEH-R %DUUDFXGDGDQDFKJHIUDJWHUNHQQWVLFKKLHUDXV© ª$OVR'U7RG© ª8QGVHLQ7RGHVQHEHO©YROOHQGHWH6XNR %LOOPHLQWHVDUNDVWLVFKª9LHO9HUJQJHQ© 1XQHLQ9HUJQJHQZUGHHVZLUNOLFKQLFKWZHUGHQ(KHUHLQH +RUURU7RXULQV*UDXHQ'LHVHU1HEHOKDWWHGLHYHUGDPPWH$QJHZRKQ KHLW0HQVFKHQGLH+DXWYRQGHQ.QRFKHQ]XO|VHQ1XULFKZDUGD JHJHQLPPXQZHLOLFKPHLQ.UHX]WUXJ ª:DVWXQZLU"©IUDJWH%LOO ª(UVWHLQPDOQlKHUKHUDQGDPLWPDQ(LQ]HOKHLWHQHUNHQQHQNDQQ© (LQHEHVVHUH$QWZRUWILHOPLUQLFKWHLQ(VZDUYHUIOL[WVFKZLHULJKLHU HLQH(QWVFKHLGXQJ]XWUHIIHQ8QGDXVGHU)HUQHVFKRQJDUQLFKW 'LHQlFKVWHQ0LQXWHQYHUJLQJHQVFKZHLJHQG,FKOLHGDV*ODVQLFKW YRQGHQ$XJHQ'HU1HEHO]XHUVWQXUDOVKDXFKGQQHUIHLQHU6WUHLIHQ ]XVHKHQZXUGHGLFKWHUXQGHUHULQQHUWHPLFKDQHLQ:DWWHSDNHWGDV DXIGHP:DVVHUVFKZHEWH :LUNOLFKQXUVFKZHEWH"

,FKZROOWHHVJHQDXZLVVHQOLHI]XU%UFNHXQGEDWGHQ*PDQGLH 0RWRUHQ]XVWRSSHQ (UWDWPLUGHQ*HIDOOHQ %DOGVFKDXNHOWHXQVHU%RRWUXKLJDXIGHQ:HOOHQ:LHGHUULFKWHWHQZLU XQVHUH*OlVHUDXIGDV=LHO ª'HU1HEHOZDQGHUW©VDJWHLFK %LOOXQG6XNRQLFNWHQVRZDULFKVLFKHUPLFKQLFKWJHWlXVFKW]X KDEHQ 9RQGHU%UFNHKHUULHI-R%DUUDFXGDª'HUGUHKWLQ5LFKWXQJ:HVWHQ DEXQGGDPLWGHU.VWH]XYHUGDPPW© 0LWGHPOHW]WHQ:RUWKDWWHHUXQVDXVGHP+HU]HQJHVSURFKHQ ª.|QQHQZLULKQVWRSSHQ"©IUDJWH%LOO ,FKKREGLH6FKXOWHUQª.DXPGHQQ'U7RGKDWGHQ:UIHO© ª'DQQN|QQHQVLFKGLH%HZRKQHU)ORULGDVZDUPDQ]LHKHQ©PXU PHOWHGHU5HSRUWHU ,FKJLQJQLFKWDXIVHLQH%HPHUNXQJHLQVRQGHUQ]HUPDUWHUWHPLUGDV *HKLUQ:LHVRIXKU'U7RGPLWVHLQHU0RUGOLJDDXIV0HHUKLQDXV"1XU XPGHQ7RGHVQHEHOHQWVWHKHQ]XODVVHQ"1HLQGDVNRQQWHXQGZROOWH LFKHLQIDFKQLFKWJODXEHQGDPXWHHVQRFKHLQHQDQGHUHQ*UXQGJHEHQ 'HQ7RGHVQHEHOKlWWHHUDXFKLUJHQGZRDQ/DQGSURGX]LHUHQN|QQHQ GD]XEUDXFKWHHUQLFKWGDV0HHU2GHUNRQQWHPDQGLHVHQ1HEHOEHU KDXSWQLFKWPLWGHPYHUJOHLFKHQGHQZLU]XHUVWLQ*U\QH[[DNHQQHQ JHOHUQWKDWWHQ" 'DVZDUGLHJURH)UDJHDXIGLHLFKYHUGDPPWJHUQHLQH$QWZRUW JHZXWKlWWH (VEOLHEQXUQRFKHLQH0|JOLFKNHLW :LUPXWHQQlKHUUDQ 'DVVDJWHLFKDXFK-R%DUUDFXGDª*LE6WRII-R6RQVWNRPPHQZLUKLHU QLFKWZHLWHU© 'LHVFKZHUHQ0RWRUHQKHXOWHQDXI'HU%XJGHV6FKLIIHVVWLHJDXVGHP :DVVHUXQGVFKREHLQHQZHLHQ*LVFKWEDUWYRUVLFKKHU $EHUPDOVOLHHQZLUGDVVHOWVDPH*HELOGHQLFKWDXVGHQ$XJHQ8QG ZLHGHUZDUHVGHU&KLQHVHGHUDOVHUVWHUGLH(QWGHFNXQJPDFKWH ª'DLVWLUJHQGHWZDVLQQHUKDOEGHV1HEHOV© 6RIRUWKRUFKWHQ%LOOXQGLFKDXIª.DQQVWGXHVJHQDXHUHUNHQQHQ"© 6XNREHKLHOWVHLQ*ODVYRUGHQ$XJHQXQGKREGLH6FKXOWHUQª,VW QDWUOLFKVFKZHUDEHUZHQQPLFKQLFKWDOOHVWlXVFKWVLHKWHVDXVZLHHLQ 6FKLII© ª(LQ'DPSIHU"©IUDJWHLFK ª1HLQHLQ6HJHOVFKLII© 3O|W]OLFKPDFKWHHWZDVª.OLFN©LQPHLQHP*HKLUQ1DWUOLFKQXULP

EHUWUDJHQHQ6LQQH3UHWW\%HQVRQKDWWHXQVYRQGHQJHVXQNHQHQ 6FKLIIHQHU]lKOWGLHQRFKPLW*ROGEHODGHQZDUHQ'DVZDUHQDOOHV 6HJOHUXQGLFKJLQJGDYRQDXVGD'U7RGHVJHVFKDIIWKDWWHHLQHV GLHVHU6FKLIIHDXIPDJLVFKH$UWXQG:HLVH]XKHEHQ(LQ.DKQPLW*ROG ZDUHVVLFKHUOLFKQLFKWGDUDQZDU6ROR0RUDVVRNDXPLQWHUHVVLHUW$OVR PXWHGDV6FKLIIHLQDQGHUHV*HKHLPQLVEHUJHQ ,FKVSUDFKEHUPHLQHQ9HUGDFKWPLW6XNRXQG%LOO %HLGHVWLPPWHQPLU]X ª8QGMHW]W"©IUDJWHGHU5HSRUWHU ª:HUGHLFKGDV6FKLIIHQWHUQ© 'LHEHLGHQVFKDXWHQPLFKDQDOVKlWWHQVLHHLQHQ*HLVWHVNUDQNHQYRU VLFK ª:DVLVW":LWLKUHLQHDQGHUH/|VXQJ"© ª1HLQQHLQ©VWRWWHUWH%LOOXQGKREDEZHKUHQGGLHUHFKWH+DQGª1XU ZHUGHQZLUGLFKEHJOHLWHQ© ª'DVLVW]XJHIlKUOLFK© ª.DXP6HFKV+lQGHVLQGEHVVHUDOV]ZHL© ª8QGZHQQHVZLUNOLFKGHU7RGHVQHEHOLVWNDQQLFKHXFKDOV6NHOHWWH EHJUHQ© ª'DV5LVLNRPVVHQZLUHLQJHKHQ©HUZLGHUWH6XNR (VZDUHLQIDFKQLFKWGLH=HLW]XYHUVXFKHQPHLQH)UHXQGHXP]X VWLPPHQ6LHKDWWHQVLFKHLQPDOHQWVFKLHGHQXQGVLHZUGHQDXFKGDEHL EOHLEHQZLHLFKVLHNDQQWH'DKDWWHQEHLGHHLQHQVFKUHFNOLFKHQ 'LFNNRSI 1DWUOLFKZDUHQDXFKHLQLJHWHFKQLVFKH3UREOHPH]XO|VHQ'DUEHU UHGHWHLFKPLW-R%DUUDFXGDDXIGHU%UFNH $XFKHU]HLJWHVLFKYRQPHLQHP9RUVFKODJQLFKWEHJHLVWHUWKLHOWLKQ IU]XJHIlKUOLFKDEHULFKOLHPLFKQLFKWYRQPHLQHP3ODQDEEULQJHQ ª'DQQLQ*RWWHV1DPHQ©VDJWHHU ,FKGHXWHWHDXIGDV)XQNJHUlWª'DGXUFKVWHKVWGXGRFKPLWGHU .VWHQVWDWLRQLQ9HUELQGXQJRGHU"© ª.ODU© ª,FKP|FKWHGD]XPLQGHVW]ZHL+XEVFKUDXEHUVWDUWNODUJHPDFKW ZHUGHQ$EHUJURHDPEHVWHQYRQGHU$UP\'LH0lQQHUVROOHQVLFK PLWNOHLQHQ%UDQGERPEHQEHZDIIQHQ© ª:LOOVWGXKLHUHLQHQ.ULHJYHUDQVWDOWHQ"© ª1HLQDEHUZHQQHVJHKWGDVYHUGDPPWH6FKLIIYHUEUHQQHQ0LW HLQHP6WUHLFKKRO]GDXHUWQXUGDV]XODQJH© ª6WLPPWDXFKZLHGHU© 'DQQEHVSUDFKHQZLUWHFKQLVFKH'HWDLOV:LUIXKUHQQDWUOLFK DXFKRKQH/LFKWXQGLFKKRIIWHGDGHU0DQQGHUGLHDQGHUH
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lUHIDVWGDQHEHQJHVSUXQJHQDOVHUGHQ$QIDQJPDFKWH ,FKIROJWH6XNRVSUDQJDOVOHW]WHU 7URFNHQVDHQZLULP%RRW%LOOKRFNWHGRUWZRVLFKGHU$XHQERUGHU EHIDQG 'LH6FKQXUKLHOWHU]ZLVFKHQYLHU)LQJHUJHNOHPPW(UULGDUDQ =ZHLPDOVSXFNWHGHU0RWRUSURWHVWLHUHQGGDQQOLHIHUUXQG 'LH(UREHUXQJGHV*HLVWHUVFKLIIHVNRQQWHEHJLQQHQ -HQlKHUZLUGHU1HEHOEDQNNDPHQXPVRGHXWOLFKHUHQWGHFNWHQZLU GHUHQ$XVPDH 6LHZDUHQZLUNOLFKJHZDOWLJ8QGZLUVDKHQMHW]WDXFKGLH8PULVVHGHV JURHQ'UHLPDVWVHJOHUVLQPLWWHQGHU1HEHOZRONH 'DZLULQXQVHUHP6FKODXFKERRWKRFNWHQNDPHQZLUXQVGLUHNW ZLQ]LJYRU 2EGHU6HJOHUGLUHNWJH]RJHQZXUGHZDUOHLGHUQLFKWIHVW]XVWHOOHQ $XIMHGHQ)DOOVDKHQZLUHLQHDEJHGXQNHOWH

ZLHDQGHUVXQGHUKDWWHDXFKHLQHDQGHUH$XVVWUDKOXQJGHQQPHLQYRU GHU%UXVWKlQJHQGHV.UHX]HUZlUPWHVLFKQLFKW ª,FKJODXEHHVLVWQLFKWGHU7RGHVQHEHO©JDELFKPHLQH9HUPXWXQJ ZHLWHU 'LH)UHXQGHQLFNWHQ%LOOPHLQWHª+DEHLFKGRFKJOHLFKJHZXWDEHU GXPLWGHLQHQ© ª*HVFKHQNW©%OLW]VFKQHOOGXFNWHLFKPLFK]XVDPPHQGHQQLFKKDWWH DQGHU5HOLQJHLQH*HVWDOWJHVHKHQ 6LHZDUQXUXQGHXWOLFK]XHUNHQQHQDEHULFKKDWWHQXQGLH*HZLKHLW GDGLHVHV6FKLIIEHVHW]WZDU ª'DLVWQRFKHLQHU©]LVFKWH%LOOXQGGHXWHWHLQGLH+|KH 7DWVlFKOLFK'RUWDXIGHP6FKLIINOHWWHUWHMHPDQGPLWDEJHKDFNWHQ %HZHJXQJHQLQGLH]HUIHW]WHQXQG]HUIOHGGHUWHQ:DQWHQ'LH%H ZHJXQJHQNDPHQXQVEHNDQQWYRU6REHZHJWHQVLFKZLUNOLFKQXU =RPELHVRGHUDQGHUHXQWRWH:HVHQZLH9DPSLUH ª1lKHUUDQ© 6XNRKDWWHGLH$QZHLVXQJJHJHEHQ6LHZDUJXWGHQQGHU&KLQHVH ZROOWHLQGHQWRWHQ:LQNHOJHODQJHQVRGDHUYRQGHP:DQWHQJXFNHU QLFKWJHVHKHQZXUGH =XP*OFNZDUGHU0RWRUQLFKWVHKUODXW$XIGHPYRUGHUHQ6FKLII ZUGHPDQLKQNDXPK|UHQN|QQHQGHQQGDV.ODWVFKHQGHU:HOOHQZDU HEHQVRODXWZHQQQLFKWVRJDUQRFKVWlUNHU ª0RWRUDXV©VDJWHLFK %LOOVWRSSWHLKQ (LQHVHOWVDPH6WLOOHHPSILQJXQV'DZDUQXUGDV.ODWVFKHQGHU :HOOHQ]XK|UHQ :LUSDFNWHQGLH3DGGHO'DVKHLW%LOOXQG6XNRSDGGHOWHQZlKUHQG LFKPLFKIUGHQ$EVSUXQJYRUEHUHLWHWH(VJDEHLQJURHV+LQGHUQLV GLH%RUGZDQG6LHZDUYHUGDPPWKRFKXQGLFKIUDJWHPLFKZLHLFKVLH EHUZLQGHQVROOWH 6XNRXQG%LOOSDGGHOWHQZLUNOLFKZLHGLH:HOWPHLVWHU,PQlFKVWHQ $XJHQEOLFNVFKRQWDXFKWHQZLULQGHQ1HEHOHLQ6FKODJDUWLJYHU VWXPPWHGDV3OlWVFKHUQGHU:HOOHQ(LQHVHOWVDPH5XKHXPJDEXQV0LU VFKLHQHVDOVZlUHQZLULQHLQHUDQGHUHQ:HOW ª6DJHQKDIW©IOVWHUWHGHU5HSRUWHU 6XNRVWLHPLFKDQXQG]LVFKWHHWZDVGXUFKGLH=lKQHZREHLHUQRFK GHQ$UPDXVVWUHFNWH 'DV7DXGDVYRQGHU%RUGZDQGKHUDEKLQJNDPPLUZLHHLQ*HVFKHQN GHV+LPPHOVYRU(VKLQJVRZHLWQDFKXQWHQGDLFKHVPLWHLQHP 6SUXQJHUUHLFKHQNRQQWH :XQGHUEDU

:LUEHVSUDFKHQXQV=XHUVWZROOWHLFKGDV6FKLIIHQWHUQ=HKQ0LQXWHQ VSlWHUVROOWHQ6XNRXQG%LOOIROJHQ:HQQHVHEHQJLQJZROOWHLFKGLH %HVDW]XQJP|JOLFKVWODXWORVEHUZlOWLJHQ,FKWUXJDXFKQRFKHLQH /HXFKWSLVWROHEHLPLU :HQQLFKHLQH3DWURQHYHUVFKRZUGHDXFK-R%DUUDFXGDGHQURWHQ 5HJHQVHKHQZHQQHUVLFKGHP:DVVHU]XVHQNWH 8QVHU%RRWVWLHJHJHQGLH%RUGZDQG%LOOXQG6XNRSDGGHOWHQZLH GLH,UUHQGDPLWVLHGLH*HVFKZLQGLJNHLWGHV6HJOHUVKDOWHQNRQQWHQ$XI GDV6FKODXFKERRWGDVXQVELVKHUVRJXWH'LHQVWHHUZLHVHQKDWWH PXWHQZLUKLQWHUKHUYHU]LFKWHQ ,FKVWDQGVFKRQ 'HQ.RSIKDWWHLFKLQGHQ1DFNHQJHOHJWXPGDV7DXJHQDX]XYHU IROJHQ(VKLQJQLFKWUXKLJVRQGHUQVFKZDQJKLQXQGKHU(VZDUJDU QLFKWHLQIDFKHVPLWHLQHP6SUXQJ]XHUUHLFKHQ ª%HHLOGLFK©UDXQWH%LOOª/DQJHN|QQHQZLUGDV7HPSRQLFKWPLW KDOWHQ© 'LHEHLGHQZROOWHQZHQQLFKDQ'HFNZDUZLHGHUGHQ0RWRUDQ VWHOOHQ ª2ND\©,FKJDEMHW]WJHQDXDFKWSDWHPLFKPLWPHLQHQ%HZHJXQJHQ GHP5K\WKPXVGHVVFKZDQNHQGHQ6FKODXFKERRWHVXQGDXFKGHPGHV 7DXVDQ 'DQQVWLHLFKPLFKDE (VZDUHLQ9HU]ZHLIOXQJVVSUXQJXQGLFKKDWWHZLUNOLFK*OFNGDEHL GDV7DXDQGHU6WHXHUERUGVHLWHVFKRQEHLPHUVWHQPDOSDFNHQ]XN|QQHQ -HW]WKLQJLFKDQGLHVHP6HLOGDV6FKODXFKERRWZXUGHDEJHGUlQJWXQG LFKVDKYRUPLUGLHPLW$OJHQXQG0XVFKHOQEHUNUXVWHWH%RUGZDQG GLHLFKKRFKNOHWWHUQPXWH 1RFKHLQPDOKROWHLFKWLHI$WHPGDQQKDQJHOWHLFKPLFKKRFK$XFK PLWGHQ)XVSLW]HQVWHPPWHLFKPLFKDE6LHKDFNWHQLQGLH0XVFKHO XQG$OJHQNUXVWHQGHU%RUGZDQGHLQLJH%URFNHQO|VWHQVLFKXQGILHOHQ LQGLH7LHIH 'LH*HVWDOWGLHLQGLH:DQWHQJHNOHWWHUWZDUKDWWHLFKQLFKWPHKU JHVHKHQ(QWZHGHUZDUVLHKRFKEHU'HFNVLW]HQJHEOLHEHQRGHUHU KDWWHVLFKZLHGHU]XUFNJH]RJHQ =XHUVWHUUHLFKWHLFKGDV%DWWHULHGHFN+LHUVWDQGHQGLH*HVFKW]H,FK KDQJHOWHPLFKDQGHQRIIHQHQ/XNHQYRUEHLXQGVFKDXWHLQGLH]XJH ZDFKVHQHQ0QGXQJHQGHU.DQRQHQURKUH,PPHU|IWHUIDQGHQPHLQH )HVLFKHUHQ+DOW9RQGHPHUVWHQ6FKLIIDXIGHPVLFKEHVWLPPW 'U7RGXQGGLH0RUGOLJDDXIKLHOWHQVDKLFKQLFKWV -HW]WGDXHUWHHVQLFKWPHKUODQJHELVGHUJHIDKUYROOHHUVWH:HJKLQWHU PLUODJ6FKRQVDKLFKYRUPLUGDVPlFKWLJH6FKDQ]NOHLGGXUFKGHQ

$OJHQEHZXFKVQRFKJU|HUJHZRUGHQXQGXQI|UPLJHU'DV+RO]ZDU DXFKPLWVFKDUIHQ0XVFKHOQEHUZDFKVHQ,FKPXWHDFKWJHEHQGDLFK PLFKQLFKWVFKQLWW 'DV7DXKLQJDQHLQHP+DNHQGHUVLFKLQGHU.UXVWHUHJHOUHFKWYHU ELVVHQKDWWH(UKLHOWDXFKPHLQ*HZLFKWDXVDOVLFKPLFKODXWORVEHU GDV6FKDQ]NOHLGVFKZDQJXQGDQ%RUGJLQJZRLFKVRIRUWODQJDXVJH VWUHFNWDXIGHQ3ODQNHQOLHJHQEOLHE 'LH.OHWWHUHLKDWWHPLFKYHUGDPPWDQJHVWUHQJWXQGLFKZROOWHPLFK HUVWHLQPDODXVUXKHQ$XIGHP%DXFKEOLHELFKOLHJHQVDXJWHWLHIGLH /XIWLQPHLQH/XQJHQXQGZDUWHWHGDUDXIGDVLFKGLH]XP=HUUHLHQ JHVSDQQWHQ1HUYHQEHUXKLJWKDWWHQ hEHUGHP'HFNODJHLQHXQKHLPOLFKH$WPRVSKlUH'DVPDFKWHQLFKW QXUGHU1HEHOGHVVHQJHLVWHUKDIWH$UPHVFKODQJHQJOHLFKGLH$XIEDXWHQ XPILQJHQVRQGHUQLFKVSUWHDXFKGDV%|VHGDV*HIlKUOLFKHGDV 8QKHLPOLFKHGDVJDQ]LQPHLQHU1lKHODXHUWH(LQ6FKDXHUUDQQEHU PHLQHQ5FNHQ:RVWHFNWHQVLH" ,FKKREGHQ.RSIVXFKWHGLH*HVFK|SIHDEHULFKNRQQWHVLHQLFKWHQW GHFNHQ,FKUHFKQHWHPLW=RPELHVPLWJUDXHQKDIWHQ*HVWDOWHQGLH LUJHQGHLQ9RRGRR=DXEHUDXVLKUHPW|GOLFKHQ6FKODIJHKROWKDWWH :HQQVLHHVWDWVlFKOLFKZDUHQNRQQWHLFKPLFKDXIHLQLJHVJHIDW PDFKHQ%HLGHQHQGXUIWHPDQQLFKWHUVWIUDJHQVRQGHUQPXWHVRIRUW KDQGHOQXQGW|WHQ =ZHL0LQXWHQUHLFKWHQPLUXPPLFKZLHGHU]XUHJHQHULHUHQ,FK HUKREPLFKEOLHEDEHULQGHU+RFNHXQGWDVWHWHQDFKPHLQHQ:DIIHQGLH DOOHQRFKYRUKDQGHQZDUHQ%HLGHU.OHWWHUHLKDWWHLFKNHLQHYHUORUHQ 9LHO]XVHKHQJDEHVHLJHQWOLFKQLFKW'HU1HEHOYHUGHFNWHJQlGLJGDV &KDRVDQ%RUGGLHDXI.LSSHVWHKHQGHQ0DVWHQGLHGXUFKO|FKHUWHQ 6HJHOGLH]HUIHW]WHQ:DQWHQGLHDXIJHULVVHQHQ3ODQNHQGLHVFKQHOO]X 6WROSHUIDOOHQZHUGHQNRQQWHQ $XIVRHLQHP6FKLIILVWHVMDQLHUXKLJ1LFKWQXUGDV.ODWVFKHQGHU :HOOHQJHJHQGLH$XHQERUGZlQGHQHLQDXFKDXIGHQ'HFNVZDUHV QLFKWVWLOO 'DNQDUUWHGLH7DNHODJHGDVW|KQWHXQGlFK]WHGDV+RO]GDIODWWHUWHQ GLH6HJHOGDVlXVHOWHGHU:LQGGXUFK:DQWHQXQG6SDUUHQ:DVVHU WURSIWHQRFKEHUDOO(VNODWVFKWHDXI'HFNXQGPLULQGLH+DDUHRGHUOLHI EHUGHQ5FNHQ 'DV.UHX]KLQJRIIHQYRUPHLQHU%UXVWGLH%HUHWWDZDUVFKXEHUHLW DEHULQGLHVHP)DOOZROOWHLFKPLFKQLFKWQXUDXIVLHYHUODVVHQVRQGHUQ DXFKDXIGLH(LFKHQERO]HQYHUVFKLHHQGH3LVWROH'LHVHNOHLQHQDEHU lXHUVWZLUNVDPHQ%RO]HQZDUHQ]XP%HLVSLHOHLQVLFKHUHV0LWWHOJHJHQ 9DPSLUH'DLFKPHLQH*HJQHUQLFKWNDQQWHNRQQWHLFKGXUFKDXVDQ

QHKPHQGDVLFKDXFK9DPSLUHDXIGHP'HFNGHV6FKLIIHVEHIDQGHQ 0|JOLFKZDUDXIGLHVHP6HJOHUDOOHV ,FKKDWWHPLUYRUJHQRPPHQGDV2EHUGHFN]XHUUHLFKHQZRVLFKGHU 5XGHUVWDQGEHIDQG9RQGRUWKDWWHLFKHLQHQVHKUJXWHQ$XVEOLFN 9RUVLFKWLJEHZHJWHLFKPLFKEHUGDV'HFNXQGKLHOWPLFKVWHWVLQ 'HFNXQJGHU%RUGZDQG (VZDUJDUQLFKWVRHLQIDFKEHUGHQIHVWYHUNUXVWHWHQ7HSSLFK]X ODXIHQ(UZDUQLFKWJODWW0DQFKPDOKDWWHQ$OJHQ.RUDOOHQXQG 0XVFKHOQUHJHOUHFKWH6WROSHUKJHOJHELOGHWGLHLFKYRUVLFKWLJXP UXQGHWH,FKZDJWHHVQLFKWPHLQH0LQLODPSHKHUYRU]XKROHQ'HU /LFKWVWUDKOZlUH]XYHUUlWHULVFKJHZHVHQ (LQGXPSIHU6FKODJ $EUXSWEOLHELFKVWHKHQ'DV*HUlXVFKZDUOLQNVYRQPLUDXIJH NOXQJHQQDKHGHU%DFNERUGVHLWH,FKPDFKWHPLFKQRFKNOHLQHUYHU ZXFKVSUDNWLVFKPLWGHP6FKDWWHQGHV'HFNVXQGVFKDXWHLQGLH 5LFKWXQJZRLFKGHQ/DXWYHUQRPPHQKDWWH 6FKHPHQKDIWVDKLFKGLH*HVWDOW :LHHLQ*HLVWNDPVLHDXVGHP1HEHOXQGVLHJLQJVRZLHLFKHVYRQ =RPELHVRGHUªOHEHQGHQ©7RWHQHUZDUWHWH6FKZDQNHQGXQVLFKHUDEHU GHQQRFK]LHOVWUHELJ 'HU7HXIHOZROOWHHVGDGLH*HVWDOWDXVJHUHFKQHWMHQH6WHOOHDQ VWHXHUWHZRLFKJHUDGHKRFNWH:HQQVLHVRZHLWHUJLQJPXWHVLHEHU PLFKVWROSHUQ ,FKYHUVFKZDQGQLFKWVRQGHUQZDUWHWHHLVNDOWDE -HW]WVDKLFKPHLQHQ*HJQHUGHXWOLFKHU(UWUXJ]HUIHW]WH.OHLGXQJ ZDUDEHUVFKZHUEHZDIIQHW,QGHU+DQGKLHOWHU]ZHLNUXPPH'ROFKH HLQ6lEHOKLQJDQVHLQHUOLQNHQ6HLWH (LQXQWRWHU3LUDW 1RFKKDWWHHUPLFKQLFKWJHVHKHQDEHUHUVFKLHQHWZDV]XDKQHQGHQQ GUHL6FKULWWHYRUPLUEOLHEHUVWHKHQ ,FKKDWWHPLFKVRIODFKJHPDFKWZLHHVJLQJXQGLFKZDJWHNDXP]X DWPHQZREHLLFKGHQ=RPELHQLFKWDXVGHQ$XJHQOLH (U|IIQHWHVHLQHQ0XQG ,FKNRQQWHVHKHQGDLFKNHLQHQGLUHNWHQ=RPELHYRUPLUKDWWH VRQGHUQHLQHQ9DPSLU 'LH(FN]lKQH]HLJWHQHVPLUGHXWOLFK 'DVZDUQDWUOLFKHLQ'LQJ(LJHQWOLFKNODUGHQQLFKKDWWHVFKRQDQ /DQGPLW9DPSLURGHOPDU]XWXQJHKDEW'HPQDFKKDWWHHUVLFK 9HUVWlUNXQJEHVRUJW 'LH%HUHWWDOLHLFKVWHFNHQ'DIUQDKPLFKGLHHWZDVXQI|UPLJHUH %RO]HQSLVWROHLQGLHUHFKWH+DQG

,P=HLWOXSHQWHPSRVWUHFNWHLFKPHLQHQ$UPDXVXQG]LHOWHDXIGLH %UXVWGHV%OXWVDXJHUV 'HUPXWHLUJHQGHWZDVJHVSUWKDEHQGHQQHUGUHKWH]XU6HLWHDE ,FKOLHLKQHLQHQ6FKULWWJHKHQ 'DQQVFKRLFK 3IIIWPDFKWHHV(LQ*HUlXVFKGDVNDXP]XK|UHQZDUXQGVRIRUW ZLHGHUYHUNODQJ'HU(LFKHQERO]HQZXUGHPLWXQJHKHXUHU*HVFKZLQGLJ NHLWDXVGHU0QGXQJJHWULHEHQXQGZXFKWHWHLQGLH%UXVWGHV8QWRWHQ 'RUWKLQZREHLHLQHP0HQVFKHQGDV+HU]VLW]W (VZDUHLQ6FKODJGHPGHU9DPSLUQLFKWVHQWJHJHQ]XVHW]HQKDWWH =XGHPWUDIHULKQY|OOLJXQYRUEHUHLWHW'HU9DPSLUULEHLGH$UPHKRFK EOLHELQGLHVHU+DOWXQJIUGHQ%UXFKWHLOHLQHU6HNXQGHVWHKHQGDQQ NLSSWHHUQDFKKLQWHQXQGILHOVFKZHUDXI'HFN 5DVFKZDULFKEHLLKP (LQKDUWHV/lFKHOQJOLWWEHUPHLQ*HVLFKWDOVLFKVDKGDGHU (LFKHQERO]HQQLFKWVYRQVHLQHU:LUNXQJYHUORUHQKDWWH(U]HUVW|UWH GDVXQVHOLJH/HEHQGLHVHU]ZHLEHLQLJHQ%HVWLH'HU9DPSLUGHUVRODQJH DXIGHP0HHUHVJUXQGJHOHJHQKDWWHO|VWHVLFKNXU]HUKDQGDXI'LH PRUVFKHQ.QRFKHQ]HUILHOHQXQGZXUGHQ]X6WDXE=XUFNEOLHEHQHLQ SDDU]HUIHW]WH/XPSHQ (LQ*HJQHUZHQLJHU:LHYLHOHQRFKDXIPLFKODXHUWHQZXWHLFK QLFKW(VNRQQWHQRFKJHIlKUOLFKJHQXJZHUGHQ3O|W]OLFKPXWHLFK ODFKHQ:HQQ'U7RGXQGVHLQH9DVDOOHQJHZXWKlWWHQZHUVLFKKLQWHU LKQHQEHIDQGGDQQKlWWHQVLH]XHLQHP*HQHUDODQJULIIJHEODVHQ=XP *OFNZXWHQVLHHVQLFKW 'HUZHLWHUH:HJZDUHUVWHLQPDOIUHL,FKZXUGHQLFKWEHUPWLJ VRQGHUQVFKOLFKYRUVLFKWLJZHLWHU'HV|IWHUHQZDUILFKHLQHQ%OLFNLQGLH +|KHRENHLQHUPHLQHU*HJQHULQGHQ:DQWHQODXHUWHXQGVLFKDXIPLFK IDOOHQOLH'RFKGRUWEOLHEDOOHVUXKLJ $OVLFK]ZHLYHUJDPPHOWH7DXUROOHQSDVVLHUWHJHVFKDKHV*HUDGH QRFKUHFKW]HLWLJK|UWHLFKKLQWHUPLUGDV*HUlXVFK,FKGXFNWHPLFKXQG NUHLVHOWHKHUXP 'HU%OXWVDXJHUZDUDXIGLH7DXUROOHJHVSUXQJHQ*UlOLFKYHU]HUUW ZDUVHLQ*HVLFKW(UKLHOWHLQHQURVWLJHQ'HJHQLQGHU+DQGXQGVFKOXJ ZDDJHUHFKW]XXPPLUGHQ.RSIYRP5XPSI]XWUHQQHQ*HGDQNHQ VFKQHOOJLQJLFKLQGLH+RFNH 'LHYHUURVWHWH.OLQJHZLVFKWHEHUPHLQHP.RSIKLQZHJGHU9DPSLU YHUORUDXIGHQEHLGHQ7DXUROOHQVWHKHQGGDV*OHLFKJHZLFKWXQGILHODXI PLFK]X ,FKVSUDQJKDVWLJ]XU6HLWHVRGDHUQHEHQPLUDXIGDV'HFNNUDFKWH 6RIRUWZlO]WHHUVLFKKHUXP

'DVFKRLFKVFKRQ ,FKVDKQRFKVHLQYHU]HUUWHV*HVLFKWGDQQWUDILKQGHU%RO]HQJHQDX ]ZLVFKHQGLH$XJHQXQGEHUHLWHWHVHLQHPXQVHOLJHQ/HEHQHLQ(QGH(U ]HUILHOHEHQVRZLHVHLQ9RUJlQJHU 3XKGDVZDUNQDSSJHZHVHQ 0LWGHP+DQGUFNHQZLVFKWHLFKPLUGHQVDO]LJHQ6FKZHLYRQGHU 6WLUQXQGDXVGHQ$XJHQEUDXHQ 'HU]ZHLWHZDUHUOHGLJW :HQQGDVVRZHLWHUJLQJKDWWHLFKDOOH&KDQFHQGDV6FKLIIUHJHOUHFKW ]XNDSHUQ 1DFKZHQLJHQ
VLFKXQWHUPHLQHP*HZLFKW+LHUZDUGHU$OJHQZXFKVQLFKWPHKUVR VWDUNXQGGDVKlWWHPLFKHLJHQWOLFKPLWUDXLVFKPDFKHQPVVHQ 3O|W]OLFK|IIQHWHVLFKXQWHUPLUGHU%RGHQGDVKHLWHUZDUJDUQLFKW YRUKDQGHQ (LQH)DOOHGDFKWHLFKQRFKXQGGDQQILHOLFKLQGLH7LHIHGHV 6FKLIIVEDXFKV +DUWNDPLFKDXI 'HU6FKODJVFKWWHOWHPLFKGXUFKGDV(FKRGU|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lUJHGLHDOOHVDPWRIIHQZDUHQXQGLFKHUNDQQWH PHLQH*HJQHU 9LHUZDUHQHV 9LHU9DPSLUH 'UHLGLHJHNOHLGHWZDUHQZLHGLHEHLGHQGLHLFKDXIGHP'HFNHU OHGLJWKDWWH 'HUYLHUWHMHGRFKILHODXVGHP5DKPHQ(UEHUUDJWHGLHGUHLXPIDVW HLQHQ.RSI(LQEOHLFKHV7XFKKDWWHHUXPVHLQH6WLUQJHVFKOXQJHQ(U WUXJQRFKVHLQHQ5RFNGHUIDXVWJURH/|FKHUDXIZLHV6HLQ*HVLFKWZDU YHUZVWHWZLHHLQH.UDWHUODQGVFKDIWNDPHVPLUYRU(UKDWWHVHLQ0DXO

JH|IIQHWXQGLFKVDKGLHEHLGHQODQJHQJHIlKUOLFKHQ(FN]lKQHGLHIDVW ELVEHUGLH8QWHUOLSSHZXFKVHQ 'LHVHU9DPSLUVFKLHQGHU$QIKUHU]XVHLQZDVHUPLUDXFKJOHLFK EHVWlWLJWH ª,FK(O6DUJRVVD©NQXUUWHHU 'HQ1DUUWHQKDWWHLFKQRFKQLHJHK|UWQLFNWHWURW]GHP9LHOOHLFKW ZHUGHQ6LHPLFKIUDJHQZDUXPLFKPLFKQLFKWZHKUWHQLFKWHLQIDFKGLH %HUHWWDKHUYRUULXQGVFKR 'DVJLQJQLFKWGHQQGLHURVWLJHQ6SLW]HQGHU6lEHOXQG6FKZHUWHU EHIDQGHQVLFKNDXPHLQH+DQGEUHLWYRQPHLQHP.|USHUHQWIHUQW 0DFKWHLFKHLQHXQYHUQQIWLJH%HZHJXQJZUGHQGLHDQGHUHQ]X VWRHQXQGXPPLFKZDUHVJHVFKHKHQ 'HVKDOEKLHOWLFKVWLOO 8QGGDQQEHNDPLFKHLQHQQRFKJU|HUHQ6FKUHFNGHQQDXVHLQHP GXQNOHQ:LQNHOO|VWHVLFKHLQH]ZHLWH*HVWDOW 6LHEHUUDJWHDXFK(O6DUJRVVDXQGZDUDQ6FKHXOLFKNHLWQLFKWPHKU ]XEHUELHWHQ 9RUPLUVWDQG9DPSLURGHOPDU 'HUKDWWHPLU]XPHLQHP8QJOFNQRFKJHIHKOW(LJHQWOLFKODJHVDXI GHU+DQGGDHUHUVFKHLQHQZUGHVFKOLHOLFKKDWWHLFKLKQVFKRQLQ .H\/DUJRJHVHKHQ 8QGQXQVWDQGHUYRUPLU (USUlVHQWLHUWHVLFKLQDOOVHLQHU6FKHXOLFKNHLW'HQ5DFKHQKDWWHHU ZHLWDXIJHULVVHQLFKVDKQLFKWQXUVHLQHEHLGHQODQJHQ(FN]lKQHGLH PLFKPDQFKPDODQHLQHQ6lEHO]DKQWLJHUHULQQHUWHQVRQGHUQVDKDXFK VHLQEULJHV*HELGDVJHIlKUOLFKJOlQ]WHXQGPLFKDEHUPDOVDQ 6WDKOVWLIWHHULQQHUWH $XVPHLQHU3HUVSHNWLYHZLUNWHHUQRFKJU|HUXQGJHZDOWLJHUDEHUHU KWHWHVLFKPLFKDQ]XIDVVHQ ª,FKZXWHGDGXNRPPVW©VDJWH9DPSLURGHOPDU(UVSUDFKDEJH KDFNWZLHHLQUHGHQGHU&RPSXWHUª$EHULFKKDEHGHQDQGHUHQQLFKWV GDYRQJHVDJW'LHVH6DFKHJHKWQXUXQVEHLGHHWZDVDQ,FKZLOO'U7RG XQG7RNDWD]HLJHQGDLFKGDVVFKDIIHZRYRQVLHQXUJHWUlXPWKDEHQ ,FKOHJHLKQHQGHLQH/HLFKH]X)HQ-RKQ6LQFODLU© *URH:RUWH,FKNDQQWHVLHKDWWHVLHEHUHLWVGHV|IWHUHQJHK|UWGRFK ELVKHUKDWWHLFKPLFKLPPHUDXVDOOHQ)lOOHQKHUDXVZLQGHQN|QQHQ :UGHLFKHVDXFKGLHVPDOVFKDIIHQ" $OOHVVSUDFKJHJHQPLFK'LH9DPSLUHVRQQWHQVLFKLQLKUHP7ULXPSK XQGGDVNRQQWHQVLH ª5HFKQHVWGXGLUGHLQH&KDQFHQDXV"©IUDJWH9DPSLURGHOPDU ª9LHOOHLFKW©

(UVWLHHLQGU|KQHQGHV/DFKHQDXVª(VJLEWNHLQH1LFKWIUGLFK -RKQ6LQFODLU0HLQH)UHXQGHVLQGVHKUVFKQHOO,FKEUDXFKHQXUGHQ %HIHKO]XJHEHQXQGVLHVWRHQ]X© ª:DVJHVFKLHKWPLWPLU"©IUDJWHLFK ª:LUZHUGHQGLFKHUOHGLJHQ©(UGUHKWHVLFKKDOEXPXQGGHXWHWH DXIGHQJU|WHQ6DUJGHULQGLHVHP/DJHUUDXPVWDQGª'DVZLUGGHLQH OHW]WH5XKHVWlWWH*HLVWHUMlJHU:HQQGXLQGHU7RWHQNLVWHOLHJVWZLUGVLH JHVFKORVVHQXQG'U7RGEHUJHEHQ(UNDQQVLH|IIQHQXQGZLUGVLFK ZXQGHUQZHQHUGDYRUVLFKKDW© 'DVZDUHQZLUNOLFKUHL]HQGH$XVVLFKWHQ,FKVSUWHVHOEVWZLHHVPLU EHOZXUGH9RP0DJHQKHUVWLHJGLHVHV*HIKOKRFK(LQ.ORGHU JU|HUXQGJU|HUZXUGHVLFKVFKOLHOLFKLQPHLQHU.HKOHIHVWVHW]WHXQG ]X$WHPEHVFKZHUGHQIKUWH 9HUGDPPWJDEHVGHQQNHLQH)OXFKWFKDQFHPHKU" 9DPSLURGHOPDUZDQGWHVLFKDE(UZROOWHGHQVFKZHUHQ6DUJVHOEVW KHUEHLVFKDIIHQ ,QPHLQHP.RSIEHUVFKOXJHQVLFKGLH*HGDQNHQ:LHNDPLFKDXV GLHVHUYHUGDPPWHQ/DJHZLHGHUKHUDXV":HQQLFKHUVWLQGHU7RWHQNLVWH ODJZDUHVYRUEHL'DQQUHWWHWHPLFKNHLQH0DFKWGHU:HOWPHKU 9DPSLURGHOPDUEFNWHVLFK6HLQHPlFKWLJHQ.ODXHQXPVSDQQWHQ GHQ6DUJ)ULKQEHGHXWHWHHVNHLQHQ.UDIWDNWGHQ6DUJKRFK]X VWHPPHQ 'LH8QWRWHQGLHPLFKEHZDFKWHQVFKLHOWHQ]XU6HLWHXQGEHREDFK WHWHQLKUHQ$QIKUHU 0HLQH&KDQFHQZXFKVHQ:HQQVLHVLFKQXUHWZDVPHKUDEOHQNHQ OLHHQZUGHLFKHVZDJHQ 'DILHOPLUHWZDVHLQ,FKJULII]XPlOWHVWHQ7ULFNGHU:HOWXQGEHWHWH LQQHUOLFKGDHUIXQNWLRQLHUWH 0HLQ*HVLFKWYHU]HUUWHVLFKGLH$XJHQOHXFKWHWHQXQGLFKVFKULHPLW JHZDOWLJHU6WLPPHª%LOOVFKLH/HJVLHXP© ª(UOlWVLFKYHUGDPPWODQJH=HLW©VDJWHGHU5HSRUWHUXQGVFKDXWH]XP ZLHGHUKROWHQ0DOHDXIVHLQH8KU 6XNRZDUUXKLJHUª'DV6FKLIILVWJUR-RKQPXHUVWGLH'HFNVEHU TXHUHQ© ª7URW]GHPPLUJHIlOOWGDVQLFKW© 'LHEHLGHQEHIDQGHQVLFKPLWLKUHP6FKODXFKERRWLQGHU+HFNQlKH GHV6HJOHUVGHUQRFKLPPHUYRQGHQ1HEHOVFKZDGHQXPKOOWZXUGH 6LHZDUHQQLFKWHQWGHFNWZRUGHQXQGDXFKGHUNOHLQHDEHUVHKU OHLVWXQJVIlKLJH$XHQERUGHUKLHOWVLFKWDSIHU$XIGHUYRUGHUHQ

ZDUDOOHVUXKLJ'RUWUHJWHVLFKQLFKWVQLHPDQGYRQGHU0RUGOLJDOLH VLFKEOLFNHQ 'DQQVDKHQVLHGDV/LFKW'LHVHQKHOOHQ.UHLVGHUNXU]DXIOHXFKWHWH XQGYHUZLVFKWH 6RIRUWNQLSVWH%LOOVHLQH/DPSHDQ(LQ=HLFKHQGDDXFKEHLLKQHQ DOOHVLQ2UGQXQJZDU ª'DVLHKVWGX V©VDJWH6XNR %LOOODFKWHOHLVHª0DQPDFKWVLFKHEHQ6RUJHQ© ª-RKQZLUGGLH6DFKHVFKRQVFKDXNHOQ0LUSDWQXUQLFKWGDZLU KLHUKRFNHQXQGQLFKWHLQJUHLIHQN|QQHQ© ª'HQNVWGXPLUYLHOOHLFKW"©%LOOUlXVSHUWHVLFKª6ROOWHQZLUQLFKW GRFKYHUVXFKHQ© ª1HLQQRFKZDUWHQZLU© ª2ND\ZDUMDQXUHLQ9RUVFKODJ© 'LHEHLGHQ0lQQHUDKQWHQQLFKWGDHVJHQDXGHU0RPHQWZDULQ GHPLFKYROOLQGLH)DOOHOLHI ,FKKDWWHHVNDXPIUP|JOLFKJHKDOWHQDEHUHVWUDWHLQ'LH9DPSLUH OLHHQVLFKLQGHU7DWDEOHQNHQ=ZHLYRQLKQHQGUHKWHQVLFKGLUHNW KHUXPGHUGULWWHODQJVDPHUXQG(O6DUJRVVD]XFNWHQXU]XVDPPHQ 'LH6SLW]HQGHU6FKZHUWHUXQG6l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|USHU NLSSWH]XU6HLWHZREHLHUVLFKDXIO|VWH (LQH]ZHLWH.XJHOVHW]WHLFKLQGHQ6DQG'DVKHLWVLHKLHELQGLH 6HLWHQZDQGGHV.DKQV 'DQQPXWHLFKPHLQHQ3ODW]ZHFKVHOQGHQQ(O6DUJRVVDVFKOHXGHUWH HLQHQ'HJHQDXIPLFK]X (LQODQJHU6FKULWWEUDFKWHPLFKLQ6LFKHUKHLW,FKUROOWHEXFKVWlEOLFKDQ GHU:DQGHQWODQJXQGULHLQH)DFNHODXVGHU+DOWHUXQJ

'HPQlFKVWHQ9DPSLUKLHELFKGDV'LQJXPGLH2KUHQ (UIXKUDXIVFKUHLHQG]XUFNVHLQ*HVLFKWZXUGH]XU)UDW]HGLH+DDUH ILQJHQ)HXHUXQG4XDOPZ|ONWHKRFK)UHLQHQ0RPHQWZXWHHU QLFKWZDVHUWXQVROOWH ,FKVFKRLKPLQGLH%UXVW 0LWHLQHP6HXI]HUDXIGHQ/LSSHQVDFNWHHU]XVDPPHQXQGEOLHE OLHJHQ 1RFKGUHL*HJQHU 9DPSLURGHOPDU(O6DUJRVVDXQGHLQHUVHLQHU.UHDWXUHQ$XV JHUHFKQHWGHUOHW]WHOLHPLFKYROODXIODXIHQ(UZDUVHLWOLFKDQPLFKKHU DQJHVFKOLFKHQXQGZDUIVLFKJHJHQPLFK ,FKIORJ]X%RGHQZHLOLFKPLWGHPSO|W]OLFKHQ$QSUDOOQLFKWJH UHFKQHWKDWWH=ZDUVFKOXJLFKQRFKPLWGHU)DFNHO]XWUDIGHQ9DPSLU DXFKDEHUGLH.OHLGXQJZDU]XIHXFKWXPVRIRUW)HXHU]XIDQJHQ,P QlFKVWHQ$XJHQEOLFNEUOOWHHUMHGRFKZLHDP6SLH'HU9DPSLUZDU DXIPHLQ.UHX]JHIDOOHQ (U]XFNWHKRFKVHLQ0XQGZXUGH]XHLQHPULHVLJHQ0DXODXVGHP HLQJHOOHQGHU6FKUHLGUDQJ(UEHIDQGVLFKQRFKDXIPLUDOVVHLQH.RSI NQRFKHQEHUHLWVDXIPLFKILHOHQZHLOVLHVLFKJHO|VWKDWWHQ0LUGUDQJ 6WDXELQGLH$XJHQ 0HLQ%OLFNZXUGHYHUVFKZRPPHQ,FKGUFNWHHLQIDFKDEVDKQRFK GLH*HVWDOWXQGEHNDPGHQ+LHEGHUPHLQ%HZXWVHLQDXVO|VFKWH 9DPSLURGHOPDUULFKWHWHVLFKDXI,QGHU+DQGKLHOWHUGHQ 6DUJGHFNHO'DPLWKDWWHHU]XJHVFKODJHQ :LHGHUZXUGH%LOO&RQROO\QHUY|Vª'DVWLPPWZDVQLFKW©VDJWHHUXQG VFKOXJPLWGHU+DQGDXIVHLQHQ2EHUVFKHQNHO 'LHVPDOJDE6XNRLKPUHFKW'DVKHLWHUZLGHUVSUDFKQLFKW ª-RKQKlWWHHLQ]ZHLWHV=HLFKHQJHJHEHQZHQQDOOHVQRUPDOYHUODXIHQ ZlUH© ª0|JOLFK© ª8QGZDVWXQZLU"© ª$EZDUWHQ© ª1HLQ6XNRQLFKWPHKU,FKZHUGHDXIGDV6FKLIINOHWWHUQ© ª2GHULFK© %LOOVFKDXWHGHQ&KLQHVHQDQª$OVRJHKWHVGLUDXFKTXHU"© ª.ODU© ª(LQHUPXDEHUKLHUEOHLEHQ©VDJWHGHU5HSRUWHU ª:LUORVHQ©VFKOXJ6XNRYRU 'DPLWZDU%LOO&RQROO\HLQYHUVWDQGHQ

'HU&KLQHVHJULIILQGLH7DVFKHXQGKROWHHLQH0Q]HKHUYRUª.RSI RGHU=DKO"©IUDJWHHU ª=DKODEHUQXUZHQQLFKZHUIH© 6XNRJULQVWHª7UDXVWGXPLUQLFKW"© ª1HLQ© %LOOQDKPGLH0Q]H(UVFKOHXGHUWHVLHKRFKOLHDXIVHLQHQ +DQGWHOOHUIDOOHQXQGZROOWHVLHKHUXPGUHKHQGRFKMHW]WNDP6XNRPLW VHLQHP(LQVSUXFK ª1HLQVREOHLEWHV© 'HU5HSRUWHUQLFNWH'DEHLNQLUVFKWHHUPLWGHQ=lKQHQ 6XNREUDXFKWHHUVWJDUQLFKWJURQDFK]XVFKDXHQHUKDWWHJHZRQQHQ ª3HFKIUGLFKPHLQ/LHEHU%HLPQlFKVWHQ0DONODSSWHVYLHOOHLFKW EHVVHU© %LOOQLFNWH$QVFKOLHHQGlQGHUWHHUGHQ.XUVXQGVDK]XGDHUQlKHU DQGDV6FKLIIKHUDQNDP:LHGHUZXUGHYRQHLQHP0DQQDXVGHP 6LQFODLU7HDPHLQHDUWLVWLVFKH/HLVWXQJYHUODQJW 6XNRNQLHWHVLFKKLQYHUIROJWHGDV7DXPLWGHQ$XJHQXQGEHDFKWHWH DXFKGHQ:HOOHQJDQJ/DQJVDPVFKUDXEWHHUVLFKLQGLH+|KH ª/RVMHW]W©VDJWH%LOO(LQHK|KHUH:HOOHUROOWHKHUDQXQGWUXJGDV 6FKODXFKERRWQRFKQlKHUDQGLH%RUGZDQG 'DVZDUGLH&KDQFHIU6XNR (UVFKQHOOWHVLFKDE 6HLQ.|USHUVFKLHQ]XZDFKVHQ%LOOQLFNWHDQHUNHQQHQGGHQQZLHGHU HLQPDOVDKHUZHOFKHLQH.UDIWGRFKLQGHP&KLQHVHQVWHFNWH 6XNREHNDPGDV7DX]ZLVFKHQVHLQH)LQJHU6RIRUWEHJDQQHUVLFKDQ GHU%RUGZDQGKRFK]XKDQJHOQ'DEHLDKQWHQZHGHUHUQRFK%LOO&RQROO\ ZDVVLFKDXIGHP'HFNDEVSLHOWH $OOHUGLQJVZXUGHQEHLGHGDYRQEHUUDVFKWDOVGDV6FKLIISO|W]OLFK ODQJVDPHUZXUGHXQGVWRSSWH$XFKGDV0RWRUHQJHUlXVFKGHU

HVPLUDE]XQHKPHQ:HQLJVWHQVHLQNOHLQHU+RIIQXQJVIXQNH =ZHL9DPSLUHZDUHQQRFKEULJJHEOLHEHQ'LHDQGHUHQKDWWHLFKDOOH HUOHGLJWDEHUGLHVHEHLGHQZDUHQDXVJHUHFKQHWGLHJHIlKUOLFKVWHQYRQ DOOHQ 6LHVFKDXWHQDXIPLFKKHUDE ,QLKUHQ$XJHQODVLFKGHQK|KQLVFKHQ7ULXPSKHVHQGOLFKJHVFKDIIW ]XKDEHQ6HOWVDPZLHVLFKGLH%OLFNHGHU9DPSLUHYHUlQGHUQNRQQWHQ 1RUPDOHUZHLVHVFKDXWHQVLHVWXPSIXQGOHHUDXVGHU:l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lPSIHQ'HUYHUGDPPWH+LHEPLWGHPKDUWHQ *HJHQVWDQGKDWWHPHLQ*HKLUQJDQ]VFK|QGXUFKHLQDQGHUJHEUDFKW ,FKIURU 9LHOOHLFKWZDUHVDXFKGLHVHXQKHLPOLFKH$WPRVSKlUHGLHVLFKDXI GHP6FKLIIDXVJHEUHLWHWKDWWH-DKUKXQGHUWHKDWWHHVLQGHU7LHIHGHV 0HHUHVJHOHJHQ]XVDPPHQPLWVHLQHU%HVDW]XQJGLHVHQJUDXHQYROOHQ QDFK%OXWOHFK]HQGHQ0RQVWHUQ-HW]WZDUHVZLHGHUDXIJHWDXFKW 'HU3HVWKDXFKGHU+|OOHVWUHLIWHEHU%RUGGLHVH*DOHRQHZDUHLQ 7HXIHOVVFKLIIVLHJHK|UWH]HUVW|UWXQGIULPPHUYHUVHQNW'RFKGDUDQ ZDULP0RPHQWQLFKW]XGHQNHQ 6WDWWGHVVHQGDFKWHLFKDQ6XNRXQG%LOO:LHPRFKWHHVGHQEHLGHQ HUJHKHQ"$KQWHQVLHYLHOOHLFKWZDVPLUJHVFKHKHQZDU"2GHUJODXEWHQ VLHGDUDQGDDOOHVLQ2UGQXQJZDUQDFKGHPLFKPLWGHU/DPSHHLQ =HLFKHQJHJHEHQKDWWH" 'LH=HLWDUEHLWHWHIUPLFKGRFK9DPSLURGHOPDUKDWWHHWZDVGD JHJHQ,FKVDKLKQQLFKWGDIUK|UWHLFKLKQZLHHUKLQWHUPLFKWUDWXQG VHLQH+lQGHXQWHUPHLQH$FKVHOQVFKRE

6RKLHYWHHUPLFKKRFK ,FKSHLOWHQDFKXQWHQDXIPHLQ.UHX]0LUNDPGHU*HGDQNHHVHLQ IDFKPLWGHQJHIHVVHOWHQ+lQGHQ]XSDFNHQXQGHV]XUFN]XVFKDXGHUQ GRFKGHUYRUPLUVWHKHQGH(O6DUJRVVDVFKLHQPHLQH*HGDQNHQHUUDWHQ ]XKDEHQ (UEHXJWHVLFKYRU,FKQDKPGHQ0RGHUJHUXFKZDKUDOVHUVRGLFKWLQ PHLQH1lKHNDP(UYHUPLVFKWHVLFKPLWGHU)HXFKWLJNHLW]XHLQHP ZLGHUOLFKHQ*HVWDQN ª1LFKW©]LVFKWHGHUXQWRWH3LUDWHQNDSLWlQ ,FKOLHHVEOHLEHQ'LHVHU%RO]HQZDUDXIMHGHQ)DOOVFKQHOOHUDOVPHLQH %HZHJXQJ 9DPSLURGHOPDUVFKOHLIWHPLFKDXIGHQ6DUJ]X0LWGHP5FNHQ VWLHLFKJHJHQGLH/lQJVVHLWHXQGEOLHEIUHLQHQ0RPHQWVLW]HQEHYRU LFKZLHGHUKRFKJH]RJHQZXUGH 'DQQGUFNWHPLFKGHU%OXWVDXJHUI|UPOLFKLQGHQ6DUJKLQHLQ0LW GHP)XWUDWHUQDFKXQGTXHWVFKWHPLFKLQGLHHQJH7RWHQNLVWH 'DODJLFKQXQ %HLGHVFKDXWHQPLFKDQ (O6DUJRVVDODFKWH6HLQH9DPSLU]l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lXVFKHZDUHQGHQQ9DPSLURGHOPDUXQGGHU3LUDWHQYDPSLU YHUKLHOWHQVLFKQLFKWUXKLJ6LHZDQGHUWHQDXIXQGDE :DVKDWWHQVLHYRU" :RUDXIZDUWHWHQVLH" /DXHUWHQVLHGDUDXIGDLFKEHZXWORVZXUGHRGHUHUVWLFNWHXPGDQQ PHLQ%OXWWULQNHQ]XN|QQHQ" 6FKUHFNOLFKH%LOGHUSURGX]LHUWHPHLQ*HKLUQXQGSHLQLJWHPLFKGDPLW ,FKVDKPLFKZLHGHUDXIGHP'HFNOLHJHQ9DPSLUHXPVWDQGHQPLFK XQGMHGHUGXUIWHPLFKHLQPDOEHLHQXQGDQPHLQHP%OXWWULQNHQELV

VLFKNHLQ7URSIHQPHKULQPHLQHP.|USHUEHIDQGXQGLFK]XHLQHU OHEORVHQ+OOHJHZRUGHQZDU (LQHJUDXVDPH9RUVWHOOXQJ 8QGHLQH9LVLRQGLHGXUFKPHLQH$QJVWJHVFKDIIHQZXUGHGHQQPLW GHU:LUNOLFKNHLWKDWWHVLHQLFKWV]XWXQ'LH5HDOLWlWVDKDQGHUVDXVJDQ] DQGHUV 6LHKDWWHVLFKYHUlQGHUW 'DVVWHOOWHLFKXUSO|W]OLFKIHVWXQGZXWHDXFKGDPHLQH6LQQHQRFK RND\ZDUHQ ,FKNRQ]HQWULHUWHPLFKXQGKDWWHPLFKWDWVlFKOLFKQLFKWJHWlXVFKW (WZDVZDUJHVFKHKHQ 'DV6FKLIIIXKUQLFKWPHKU(VVFKDXNHOWHQXUQRFKDXIGHQ:HOOHQ :DVKDWWHGDV]XEHGHXWHQ" $Q%RUGGHU

HUHUNOlUWHZDV9DPSLURGHOPDUJHOXQJHQZDUOHXFKWHWHQHLQLJH $XJHQDXI /DG\;SDFNWHLKUH0DVFKLQHQSLVWROHVRIRUWIHVWHU7RNDWDNQXUUWH GXPSIXQWHUVHLQHU0DVNHXQGDXFK/XSLQDZXUGHXQUXKLJ'RFK JHUDGHVLHZROOWH'U7RGQLFKWGDEHLKDEHQ ª'XEOHLEVWKLHUGHQQGXKDVW)HKOHUJHPDFKW©VDJWHHUª'LHDQGHUHQ JHKHQPLWPLUUEHU© 'DVOHW]WH:RUWZDUJOHLFK]HLWLJGDV6WDUWVLJQDO 'U7RG7RNDWDXQG/DG\;YHUOLHHQGLH

,FK|IIQHWHGLH$XJHQVDKQXUYHUVFKZRPPHQHWZDVXQGDWPHWHHUVW JLHULJGLH/XIWHLQ ,FKZDUYRP5HJHQLQGLH7UDXIHJHUDWHQGDVZXUGHPLUVFKODJDUWLJ EHZXW 'U7RGVWDUUWHPLFKDQ $EHUHUZDUQLFKWDOOHLQ6HLQHVFKOLPPVWHQ.RPSOL]HQKDWWHHUPLW JHEUDFKW 'DVWDFKPLUYRUDOOHQ'LQJHQ7RNDWDLQV$XJHGHU6DPXUDLGHV 6DWDQV(UKDWHPLFKJDQ]EHVRQGHUVGHQQHUYHUGDQNWHHVPLUGDHU VHLQHQOLQNHQ$UPYHUORUHQKDWWH'HVZHJHQKDWWHHUPLUEOXWLJH5DFKH JHVFKZRUHQDEHUDXFK/DG\;GLHHKHPDOLJH7HUURULVWLQZROOWHPLFK GXUFKHLQH03L*DUEHXPEULQJHQ 8QG'U7RGVRZLHVRhEHULKQHLQ:RUW]XYHUOLHUHQKLHH(XOHQQDFK $WKHQ]XWUDJHQ (UVWDUUWHPLFKDQ6HLQH3XSLOOHQZDUHQHUEDUPXQJVORVH.ULVWDOOH RKQHMHJOLFKHV*HIKO:HQQLQLKQHQHWZDV]XOHVHQVWDQGGDQQGLH 9HUVLFKHUXQJGDGLHVHU0DQQPLFKW|WHQZROOWH (LVNDOW ª-RKQ6LQFODLU©VDJWHHU'LH$UWZLHHUPHLQHQ1DPHQDXVVSUDFK HULQQHUWHPLFKDQHLQVFKDXULJHV(FKRDXVGHU+|OOHª-HW]WKDEHLFK GLFKGXYHUGDPPWHU+XQG'XELVWLQGLH)DOOHJHJDQJHQ*HQDXVRXQG QLFKWDQGHUVZROOWHLFKHVKDEHQ'DUDXIKDEHLFKLPPHUJHZDUWHW©(U ]HLJWHPLWGHP)LQJHUDXIPHLQ.UHX]ª'DVZLUGGLUDXFKQLFKWPHKU KHOIHQ/DG\;ZLUGHVDEQHKPHQXQGLQV0HHUVFKOHXGHUQ© 'LH6FRWWODFKWHª:LUGPLUHLQ9HUJQJHQVHLQ© ,FKKDWWHPLFKQRFKQLFKWULFKWLJHUKROWVRQGHUQVFKQDSSWHZHLWHUKLQ QDFK/XIW'RFKGLH:RUWHZDUHQVFKDUIZLH0HVVHUVWLFKHLQPHLQ *HKLUQJHGUXQJHQ 6LHZDUHQPHLQ7RGHVXUWHLO 8QGZHQQVLHPLFKW|WHWHQKDWWHQVLHHLQHQ6DUJJHVSDUWGHQQGDODJ LFKVFKRQGULQ (UVDKGDLFK$QJVWKDWWHXQGHUZHLGHWHVLFKDQGHP*HIKOPLFK KLOIORVYRUVLFK]XVHKHQ 'DQQQLFNWHHUXQGZDQGWHVLFKDQ/DG\;ª1LPPGLHVHPYHU GDPPWHQ%DVWDUGGDV.UHX]DE© ª1LFKWVZDVLFKOLHEHUWlWH©HUZLGHUWHGDV.LOOHUZHLEXQGEHXJWHVLFK ]XPLUKHUDE'LH0DVFKLQHQSLVWROHQDKPVLHLQGLHOLQNH+DQGGLH UHFKWHQlKHUWHVLFKPHLQHU%UXVWZRGLHZHUWYROOVWH:DIIHODJGLHLFK EHVD 9LHU(U]HQJHOKDWWHQGDV.UHX]JHZHLKWXPGDVVLFKMHW]WGLH)LQJHU GHU0|UGHULQVFKORVVHQ6LHULHVQLFKWYRQGHU.HWWHQHLQVLHZROOWH

PLFKTXlOHQXQGPDFKWHHVVHKUEHKXWVDP 0HLQH+DDUHLP1DFNHQIXKUHQKRFKDOVVLHYRQGHU.HWWHGXUFKVWUHLIW ZXUGHQ,FKVDKGLHWHXIOLVFKH)UHXGHDXIGHP*HVLFKWGHU)UDXXQG GDQQKLHOWVLHGDV.UHX]LQGHU+DQG ª'DLVWHVIOVWHUWHVLHª'DVLVWGLHVHVYHUGDPPWH'LQJZDVVFKRQVR YLHOH/HEHQJHNRVWHWKDW-HGHU6FKZDU]EOWHUZLUGPLUGDQNEDUVHLQ ZHQQLFKHVYHUQLFKWH©6LHVFKOHXGHUWHHVKDHUIOOW]X%RGHQXQGWUDW PLWGHP$EVDW]GDUDXI 'LHDQGHUHQVFKDXWHQ]X/DG\;KDWWHVLFKLQHLQH)XULHYHUZDQGHOW VLHEFNWHVLFKKREGDV.UHX]ZLHGHUDXIXQGZDUIHVZHLWYRQVLFK GHP6FKDQ]NOHLGGHV6FKLIIHVHQWJHJHQ 'DV.UX]LIL[YHUVFKZDQGLP1HEHO 7ULXPSKLHUHQGVFKDXWHVLHVLFKXPDOVHUZDUWHWHVLHGDPDQLKU %HLIDOONODWVFKHQZUGH 'U7RGQLFNWHQXUª,KUEHLGHNLOOWLKQ7RNDWDXQGGX/DG\;© 'HU6DPXUDLGHV6DWDQVWUDWYRUXQG]RJVHLQ6FKZHUW/DG\;KREGLH 0DVFKLQHQSLVWROH $XVGHP+LQWHUJUXQGO|VWHVLFK9DPSLURGHOPDU(UZDUPLWGHP 9HUODXIGHU'LQJHEHUKDXSWQLFKWHLQYHUVWDQGHQ ª(UJHK|UWPLU©VDJWHHUGXPSIª,FKKDEHLKQJHIDQJHQ©(U ZROOWHQRFKHWZDVVDJHQDOVEHUGHP0HHUSO|W]OLFKHLQURWHU5HJHQ QLHGHUJLQJ 'LH/HXFKWNXJHO )UHLQHQ0RPHQWVWDQGHQDOOHZLHIHVWJHOHLPWXQGVFKDXWHQGHP 6LJQDOQDFK%LOO&RQROO\PXWHGLH3LVWROHDEJHVFKRVVHQKDEHQ(VZDU MHGRFKPLJVLFKGDUEHU*HGDQNHQ]XPDFKHQPLFKUHWWHWHHVQLFKW PHKU8QGDXFKPHLQ.UHX]QLFKWGDVLUJHQGZRDXIGHP0HHUHVJUXQG ODJ ª.LOOWLKQ©VFKULH'U7RG 'HU6FKDWWHQKXVFKWHEOLW]VFKQHOOKHUDQ 1LHPDQGDFKWHWHDXILKQDOOHKDWWHQQXU$XJHQIUPLFKDEHU6XNR IOLW]WHEHUGDV'HFNXQGHUKDWWHIUHLH%DKQ (O6DUJRVVDVWDQGLKPLP:HJ%HYRUGHU9DPSLUHLQJUHLIHQNRQQWH ZXUGHHUYRQ6XNRJHSDFNWXQGEHU%RUGJHVFKOHXGHUW'DVZDUJHQDX GHU$XJHQEOLFNDOVGLHDQGHUHQZDFKZXUGHQGRFKGHU&KLQHVHKLHOW EHUHLWVVHLQHQ6WDELQGHU+DQG 'DV.HQQZRUWVFKRI|UPOLFKDXVVHLQHP0XQG ª7RSDU© 8QGGDQQZDUDOOHVDQGHUV'LH0HQVFKHQXQG0RQVWHUDXIGHP'HFN

GHV9DPSLU6FKLIIHVHUVWDUUWHQ]XU5HJXQJVORVLJNHLW$XFKLFKZXUGH VWHLIXQG6XNRKDWWHMHW]WJHQDXIQI6HNXQGHQ=HLWHWZDV]XlQGHUQ =XHUVWSDFNWH6XNR/DG\;XQGVFKOHXGHUWHVLHYRQVLFK'LH03L HQWULHULKUXQGVFKOXJGDPLW7RNDWDXP6WHLIXQGVFKZHUNUDFKWHGHU 6DPXUDLGHV6DWDQVDXIGDV'HFN 'DQQZDUGHU&KLQHVHEHLPLU(UULPLFKDXVGHP6DUJVFKOHXGHUWH PLFK]X%RGHQKROWHHLQ0HVVHUKHUYRUXQGVlEHOWHDQGHQ+DQGIHVVHOQ (UVFKDIIWHHVQLFKWPHKUVLHDXI]XVFKQHLGHQGHQQGLH=HLWZDUYRU EHLXQGGLH0RUGOLJDHUZDFKWH %LOO&RQROO\KDWWHHVZLUNOLFKQLFKWPHKUDXVJHKDOWHQ(VZDULKPHJDO REHUHLQHQ)HKOHUPDFKWHDEHUHUPXWHGLH/HXFKWNXJHODEVFKLHHQ 'HUURWHGHP0HHUHQWJHJHQIDOOHQGH5HJHQZDUIU%LOOZLHHLQ)DQDO GHU+RIIQXQJ-R%DUUDFXGDZUGHHVVHKHQXQGGLHULFKWLJHQ6FKOVVH ]LHKHQ $EHUZDVZDUPLW6XNRXQG-RKQ" 9RQEHLGHQKDWWH%LOOQLFKWVPHKUJHVHKHQDEHU6WLPPHQDXIGHP 'HFNJHK|UW/HLGHUKDWWHHUQLFKWYHUVWHKHQN|QQHQZDVJHVDJWZXUGH ZRKODEHUHLQH)UDXHQVWLPPHKHUDXVJHK|UW 8QGGLHNRQQWHDQVLFKQXU/DG\;JHK|UHQ%LOOIUDJWHVLFKZLHHV P|JOLFKZDUGDGLH0LWJOLHGHUGHU0RUGOLJDXQEHREDFKWHWDQ%RUGGHV 9DPSLU6FKLIIHVJHODQJHQNRQQWHQ 6HLQH*HGDQNHQZXUGHQMHGRFKYRQGHQ(UHLJQLVVHQXQWHUEURFKHQLQ GLHDXFKHUPLWKLQHLQJH]RJHQZXUGH -HPDQGIORJEHU%RUG %LOOVDKGHQ.|USHUXQGK|UWHGDV.ODWVFKHQGLFKWQHEHQVHLQHP%RRW =ZHL

EHULKP(UKDWWHGHQ'ROFKPLWGHUURVWLJHQ.OLQJHLQGLHUHFKWH+DQG JHQRPPHQXQGVWLH]X %LOOZHKUWHDE 6HLQH+DQGNDQWHIHJWHJHJHQGDV*HOHQNGRFKGHU9DPSLUJDEQLFKW DXI(UOLHGHQ'ROFKQLFKWORVXQGKDFNWHZLHGHUQDFKGHP5HSRUWHU %LOOERJVHLQHQ.|USHU]XUFNEHNDPEHLGH*HOHQNHGHV9DPSLUV]X IDVVHQZLQNHOWHGLH%HLQHDQVWLHGLH.QLHLQGHQ/HLEGHV8QWRWHQXQG VFKOHXGHUWHLKQPLWGHP+HEHOZXUIEHU%RUGLQV0HHU 'HU5HSRUWHUKDWWHVLFKQXUHLQHNXU]H$WHPSDXVHYHUVFKDIIWGHQQ 6HNXQGHQVSlWHUVWDUWHWHGHU9DPSLUVHLQHQ]ZHLWHQ$QJULII'LHVPDO ZROOWHHUGHQ'ROFKLQGHQ*XPPLZXOVWVWRHQ %HLPHUVWHQPDOIHKOWHHUZHLOHLQH:HOOHGDV6FKODXFKERRWZHJWUXJ $OVHUKLQWHUKHUVFKZDPPKDWWH%LOO&RQROO\GLHPLW6LOEHUNXJHOQJH ODGHQH%HUHWWDJH]RJHQ 'UHLPDOVFKRHU $OOHGUHL.XJHOQWUDIHQ =ZHLGLH%UXVWGHV9DPSLUVGLHGULWWHMDJWHJHQDXLQGLH6WLUQ (LQ6FKUHLHUNODQJGHUVRIRUWZLHGHUDEEUDFKZHLO:DVVHULQGDV0DXO GHV%OXWVDXJHUVVWU|PWH (UYHUVDQNXQG%LOOVDKZLHGHU$XIO|VXQJVSUR]HEHUHLWVGLFKWXQWHU GHU2EHUIOlFKHEHJDQQ (UKDWWHHVJHVFKDIIW 6HNXQGHQVSlWHUMHGRFKOHQNWHHLQDQGHUHV(UHLJQLVLKQDE $XVGHP9DPSLU6FKLIIVFKOXJHQSO|W]OLFK)ODPPHQXQGGDQQZDU GHU7HXIHOORV ,FKIDQGPLFKDXHUKDOEGHV6DUJVZLHGHUVSUWHGLH0HVVHUZXQGHQ DQPHLQHQ+DQGJHOHQNHQDEHUDXFKGLH6WULFNHMHGRFKVDHQVLH YLHOORFNHUHU 6XNRKDWWHVLH]XP7HLOJHNDSSW ,QHLQHP$QIDOOYRQZLOGHU9HU]ZHLIOXQJ]HUUWHLFKDQPHLQHQ)HVVHOQ XQG]HUULVLH 6RIRUWVDKLFKPLFKXP 7RNDWDGHU6DPXUDLGHV6DWDQVVSUDQJJHUDGHPLWHLQHPJHZDOWLJHQ 6DW]DXIGHQ&KLQHVHQ]XXPLKQPLWVHLQHP6FKZHUWXP]XEULQJHQ'LH .OLQJH]HUVFKQLWWGLH/XIWDEHU6XNRKDWWHVLFKGXUFKHLQHVFKQHOOH 'UHKXQJLQ6LFKHUKHLWJHEUDFKWXQGPLWGHU'lPRQHQSHLWVFKH]X JHVFKODJHQ(UWUDI 'LHGUHL5LHPHQNODWVFKWHQJHJHQ7RNDWDV.|USHU'HUJHZDOWLJH 6DPXUDLVDQN]XVDPPHQXQGLFKVDKQRFKZLH5DXFKDXVVHLQHP

3DQ]HUTXROOGDQQPXWHLFKPLFKXPPHLQHQ*HJQHUNPPHUQGHQQ GDVZDU9DPSLURGHOPDU 'HU%OXWVDXJHUVWU]WHDXIPLFK]X'LH3ODQNHQGU|KQWHQVRZXFK WLJXQGVFKZHUZDUHU6HLQH$UPHKLHOWHUDXVJHVWUHFNWHUZROOWHPLFK HUZUJHQRGHUZDVZHLLFK ,FKVSUDQJ]XUFN]RJGLH%HUHWWDXQGIHXHUWH .XJHODXI.XJHOMDJWHLFKKLQDXVWUDIGHQ.|USHUXQGHLQHKLHELQGDV OLQNH$XJHGHVEOXWVDXJHQGHQ8QJHKHXHUV (LQQLFKWPHQVFKOLFK]XQHQQHQGHU6FKUHLKDOOWHEHUGDV'HFN(LQH VFKZDU]JUQH)OVVLJNHLWVWU]WHDXVGHP/RFKXQG9DPSLURGHOPDU GUHKWHGXUFK :LHGHUIHXHUWHLFK]LHOWHDXIGDVDQGHUH$XJHYHUIHKOWHHVMHGRFK 'DQQVSUWHLFKHLQHQKHLHQ/XIW]XJDOVHLQH.XJHOGLFKWDQPHLQHP .RSIYRUEHLVWULFK /DG\;KDWWHJHVFKRVVHQ6LHKRFNWHKLQWHUHLQHU7DXUROOHXQGIHXHUWH PLWGHP5HYROYHU'LH0DVFKLQHQSLVWROHKDWWH6XNRLUJHQGZRKLQJH VFKOHXGHUW 6RIRUWJLQJLFKDXI7DXFKVWDWLRQ 'HUQlFKVWH%OHLJUXZLVFKWHEHUPLFKKLQZHJ 'U7RGVFKULHZLHHLQ:DKQVLQQLJHU$XFKHUVFKR,FKUROOWHEHUGLH 3ODQNHXQGVSUWHHWZDV+DUWHVXQWHUPLU 'LH'UXFNOXIWSLVWROH 6RIRUWQDKPLFKVLHDQPLFK'LH%HUHWWDKDWWHLFKOHHUJHVFKRVVHQ,FK EHVDWURW]GHPQRFK]ZHL:DIIHQ'HQQDXFKGLH/HXFKWSLVWROHNRQQWH IUPLFKZHUWYROOVHLQ ª,QGLH=DQJHQHKPHQ©EUOOWH'U7RG ,FKVSUDQJDXIXQGKXVFKWHTXHUEHUGDV'HFNDXIGLHDQGHUH6HLWH ]X'RUWKDWWHLFKQlPOLFK6XNRJHVHKHQ(UXQG7RNDWDVWDQGHQVLFK JHJHQEHU'HU6DPXUDLKDWWHGLH7UHIIHUYHUNUDIWHW ,FKVDK7RNDWDVEUHLWHQ5FNHQQDKPGLH/HXFKWSLVWROH]LHOWHXQG GUFNWHDE 'DV*HVFKRKLHELQGHQ5FNHQGHVULHVHQKDIWHQ'lPRQVEOLHE VWUHFNHQWULHELKQQDFKYRUQXQGSO|W]OLFKVWDQGGHU6DPXUDLLQ )ODPPHQ (UEUOOWHDXI (LQPDNDEUHV%LOG'HUEUHQQHQGH7RNDWDKHFKWHWHQDFK]ZHLJHZDO WLJHQ6FKULWWHQDOVXQWRWH)DFNHOEHUGDV6FKDQ]NOHLG =LVFKHQGYHUVDQNHULP0HHU ,FKZROOWHPLFKXP'U7RGXQG/DG\;NPPHUQGRFKGDVZDU QLFKWPHKUP|JOLFKGHQQDXIHLQPDOORGHUWHDXVGHU7LHIHGHV6FKLIIHV HLQHJHZDOWLJH)HXHUVlXOH

'RUWPXWHHLQHGHU)DFNHOQGDV+RO]HQW]QGHWKDEHQ 3ODQNHQZXUGHQDQJHKREHQIORJHQLQGLH/XIWXQGZLUEHOWHQDOV IHXULJH7HLOHGXUFKGLH1DFKW ª:HJZHJ©K|UWHLFKGDV6FKUHLHQGHV0HQVFKGl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|JOLFKYRQ GHPEUHQQHQGHQ6FKLIIHQWIHUQHQ:HQQHVVDQNZROOWHQZLUQLFKWLQ GHQVWDUNHQ6RJJHUDWHQ 1RFKHLQPDOVFKZDPPHQZLUZLHGLH:HOWPHLVWHU$OVZLUGDQQDXI WDXFKWHQUDVWHHLQ6FKDWWHQYRUEHLXQGVFKQHOOODXIHQGH%XJZHOOHQ EHUVSOWHQXQVHUH.|SIH 'LH0RUGOLJDRGHUGHUHQ5HVWH"HUJULIIGLH)OXFKW8QVILVFKWH%LOO &RQROO\DXVGHP%DFK(UVFK|SIWEOLHEHQZLULP6FKODXFKERRWOLHJHQ ZlKUHQG%LOOHU]lKOWHZLHHVLKPHUJDQJHQZDU ª'DQQKDEHQZLUMDDXIGHUJDQ]HQ/LQLHJHVLHJW©VDJWHHU ,FKVHW]WHPLFKKLQXQGVFKWWHOWHGHQ.RSIVRGDGLH:DVVHUWURSIHQ DXVPHLQHQ+DDUHQIORJHQª1HLQ%LOOGHU3UHLVZDU]XKRFK© ª:HOFKHU3UHLV"© ª/DG\;KDWPHLQ.UHX]DXIGHQ*UXQGGHV0HHUHVJHVFKOHXGHUW© 'HU5HSRUWHUZXUGHEOD 1XU6XNRODFKWHDEHUGDVIDQGHQZLUJDUQLFKWNRPLVFK $OVLFKLKQE|VHDQVFKDXWHIUDJWHHUª0HLQVWGXGDVKLHU"©XQG |IIQHWHVHLQHOLQNH+DQG 'RUWODJGDV.UHX] ,FKNRQQWHHUVWHLQPDOEHUKDXSWQLFKWVVDJHQ'DQQIUDJWHLFKLKQ ª9HUGDPPWZRKHUKDVWGXGDV"© ª)DQJHQPXPDQN|QQHQ-RKQIDQJHQ© ,FKVFKOXJLKPDXIGLH6FKXOWHU'LHVHU&KLQHVHZDUZLUNOLFKHLQPLW DOOHQ:DVVHUQJHZDVFKHQHU7HXIHOVNHUO %OLHEHQXUQRFKQDFK]XWUDJHQGDHLQHJURDQJHOHJWH6XFKHQDFK

0RUDVVRV

',(6((/(1%85* 6LHMDJWHQLKQHUEDUPXQJVORV 6RKDUWVREUXWDOXQGVRXQQDFKJLHELJZLHHVQXU'lPRQHQN|QQHQ 8QGGDVZXWHGHU*HMDJWHGHQQHUZDUVHOEVWHLQ6FKZDU]EOWHUHLQ 'lPRQXQG=DXEHUHU 8QGGRFKKDWWHHUVLFK]XZHLWYRUJHZDJW(UZDULQ*HELHWHHLQ JHGUXQJHQYRQGHQHQHUHLJHQWOLFKGLH)LQJHUKlWWHODVVHQVROOHQ1XQ ZDUHV]XVSlW'LHDQGHUHQKDWWHQVFKRQUHDJLHUWXQGLKQLQGLH(QJH JHWULHEHQ 'HU'UXLGHZDULQGLH.HOOHUGHU%XUJJHIOFKWHW'RUWNDQQWHHUMHGHV 9HUVWHFN(UZXWHDXFKZRGLH*HKHLPJlQJHODJHQGLHLKQLQGLH )UHLKHLWEULQJHQZUGHQ 3\NNDGHU'UXLGHKDWWHQLFKWYRUDXI]XJHEHQDXFKZHQQPDQVHLQHQ *HJQHUDOVXQJHPHLQPlFKWLJEH]HLFKQHQNRQQWH6HLQ*HJQHUZDUNHLQ *HULQJHUHUDOVGHU6SXN+HUUVFKHULP5HLFKGHU6FKDWWHQ,KPZDUGHU 'UXLGHVR]XVDJHQDXIGLH=HKHQJHWUHWHQXQGYHUVXFKWHQXQGHQ )ROJHQGLHVHVª=HKHQWULWWV©]XHQWJHKHQ ,P)LQVWHUQKDVWHWHHUYRUDQ'LH'XQNHOKHLWEHKLQGHUWHGHQ'UXLGHQ QLFKW6HLQH$XJHQZDUHQZLHURWH5lGHUVLHSDWHQVLFKGHQMHZHLOLJHQ /LFKWYHUKlOWQLVVHQDQ 'RFKVHLQHHLJHQWOLFKH0DJLHNRQQWHGHU'UXLGHQLFKWPHKUHLQVHW]HQ 'HU6SXNGHULUJHQGZRODXHUWHKDWWHGLHVH%XUJPLWHLQHUIUHPGDUWLJHQ 0DJLHEHOHJWJHJHQGLH3\NNDPDFKWORVZDUVRGDHUNDXPJU|HUH .UlIWHKDWWHDOVHLQQRUPDOHU0HQVFK 'DVZXUPWHLKQ(LQVWZDUHUVRPlFKWLJJHZHVHQXQGZXUGHQXQ EHKDQGHOWZLHHLQQLHGHUHU'lPRQ )OFKWHQPXWHHU)OLHKHQLQGHU%XUJGLHHUDOVVHLQ(LJHQWXPDQVDK (VZDUHLQHUHJHOUHFKWH6FKDQGH *OHLFK]HLWLJZDU3\NNDHLQVLFKWLJJHQXJVLFK]XVDJHQGDHUJHJHQ GHQ6SXNQLFKWGHQ+DXFKHLQHU&KDQFHKDWWH'HUZUGHLKQJQDGHQ ORVYHUQLFKWHQ'DJDEHVNHLQH$OWHUQDWLYH(UKDWWHVLFKJHJHQLKQ JHVWHOOWXQGZHUJHJHQGHQ6SXNZDUGHUZXUGHYRQLKPJHW|WHW 'HVKDOEGXUIWH3\NNDGLHVHPJHVWDOWORVHQ:HVHQQLFKWLQGLH+lQGH IDOOHQ(UUDQQWHZHLWHU(VZDUGHU:HJGHQHUXQWHUGHU(UGHKDWWH DQOHJHQODVVHQ(LQ)OXFKWWXQQHOLQGHQ%HUJKLQHLQGHULUJHQGZR DXIHLQHP3ODWHDXVHLQHQ$XVJDQJKDWWH:HQQHUGRUWZDUZROOWHHU ZHLWHUVHKHQ 3\NNDEOLHEVWHKHQ(UODXVFKWHDXIGLH6FKULWWHVHLQHU9HUIROJHUGRFK HUK|UWHQLFKWV.HLQ*HU|OOEHZHJWHVLFKXQWHUGHQ)HQGHU 6SXNGLHQHUQDKH]XHLQHXQKHLOYROOH6WLOOHXPJDEGHQ'UXLGHQ 6ROOWHGLH-DJGYRUEHLVHLQ" 6RVFK|QHVJHZHVHQZlUHGHU'UXLGHJODXEWHQLFKWGUDQ1HLQGLH

JDEHQQLFKWDXIGLHZROOWHQLKQXQGGDEHLVHW]WHQVLHDOOHVHLQ ,UJHQGZLHVFKLHQHQVLH$QJVWYRULKP]XKDEHQ$OVGHU'UXLGHGDUDQ GDFKWHPXWHHUXQZLOONUOLFKNLFKHUQ $QJVWYRULKP" 1HLQQLFKWGHUPlFKWLJH6SXN:DVZDUHUGHQQVFKRQ"(LQ:HVHQ QLFKWJU|HUDOVHLQ=ZHUJPLWHLQHP]XJURHQ.RSIDEVWHKHQGHQ 2KUHQXQGEHUJURHQ$XJHQ$XFKGHU.|USHUZDUYHUZDFKVHQDEHU GLHlXHUOLFKHQ0HUNPDOHLQWHUHVVLHUWHQQLFKW:LFKWLJDOOHLQZDUHQ VHLQH.UlIWHXQGGLHKRIIWHHU]XEHKDOWHQZHQQHUGHPYHUGDPPWHQ 6SXNHQWNRPPHQZDU (UOLHIZHLWHU/HLGHUZDUHQGLH%HLQHYLHO]XNXU]3\NNDKlWWHJHUQ GLH*U|HHLQHVQRUPDOHQ0HQVFKHQJHKDEWGDQQKlWWHHUVHLQ=LHO VLFKHUOLFKVFKRQHUUHLFKWDEHUVR =XGHPIHKOWHQLKPVHLQHPDJLVFKHQ.UlIWH8QGGDVZDUQRFK VFKOLPPHU(UKDWWHGLH7HOHNLQHVHEHKHUUVFKWDXFKGLH7HOHSRUWDWLRQ GRFKHUNRQQWHVLHQLFKWHLQVHW]HQ 'LHDQGHUH0DJLHVWDQGGDJHJHQ8QGGHVKDOEOLHIHUZHLWHUVWU]WHHU DXIVHLQHQNOHLQHQ%HLQHQLQGHQILQVWHUHQ*DQJKLQHLQZRPDQQLFKW HLQPDOGLHEHUKPWH+DQGYRU$XJHQVHKHQNRQQWH $EHUGHU'UXLGHVDKXQGVHLQH$XJHQOHXFKWHWHQ:LHNOHLQH%lOOH VWDQGHQVLHLQGHU/XIW :DVVHUKDWWHVLFKDQGHU'HFNHJHELOGHW(VILHODQPDQFKHQ6WHOOHQLQ GLFNHQ7URSIHQQDFKXQWHQXQGNODWVFKWHDXIGHQIDVWKDDUORVHQ6FKlGHO GHV'UXLGHQ 'DQQVFKWWHOWHVLFK3\NNDMHGHVPDOXQGGURKWHPLWVHLQHUNOHLQHQ )DXVW (UVWROSHUWHZHLWHUGXUFKGHQ*DQJ(LQ0HQVFKZlUHLQGHUWRWDOHQ )LQVWHUQLVGXUFKJHGUHKWQLFKWVRGHU'UXLGHGHULP'XQNOHQVHKHQ NRQQWH 'RFKGLH+lVFKHUODXHUWHQ3\NNDVROOWHQLFKWHQWNRPPHQGDVKDWWH GHU6SXNEHIRKOHQXQGVHLQH%HIHKOHPXWHQEHIROJWZHUGHQ 6LHHUZDUWHWHQ3\NNDGRUWZRGHUXQWHULUGLVFKH*DQJQDFKREHQ IKUWHXQGDXFKHQGHWH=XHUVWHUVFKUDN3\NNDDOVHUGLHEHLGHQ *HVWDOWHQVDKGHQQHUKDWWHQLFKWGDPLWJHUHFKQHWGDGHU6SXNYRQ GLHVHP)OXFKWZHJZXWH'RFK6HNXQGHQVSlWHUKDWWHHUVLFKGDPLW DEJHIXQGHQ (UZUGHNlPSIHQPVVHQ 'HU6SXNKDWWH]ZHLVHLQHUHFKVHQN|SILJHQ9DVDOOHQJHVFKLFNW 0RQVWHUKDOE0HQVFKKDOE7LHU:DIIHQKLHOWHQVLHQLFKWLQGHQ+lQGHQ GDIUHLQJHIlKUOLFKHV1HW]GHVVHQ)lGHQSO|W]OLFKDQILQJHQJOXWURW ]XVFKLPPHUQ

3\NNDEOLHEVWHKHQ (WZDIQI6FKULWWHWUHQQWHQLKQYRQGHQ(FKVHQN|SILJHQGLHGHU+|OOH HQWVWLHJHQZDUHQGHQQVLHURFKHQQDFK6FKZHIHOXQG3HVWLOHQ]'HU 'UXLGHPDFKWHVLFKQRFKNOHLQHU ª:DVZROOWLKU"©6HLQH6WLPPHNODQJGXQNHO 'LHEHLGHQJDEHQNHLQH$QWZRUW $EHU3\NNDZXWHDXFKVRZDVVLHPLWLKPYRUKDWWHQ(UVROOWH ]XUFNJHVFKDIIWZHUGHQ 8QGVLHNDPHQQlKHU 'DV1HW]KLHOWHQVLHPLW]ZHL+lQGHQDQGHQ2EHUXQG8QWHUNDQWHQ IHVWXQGVRVSDQQWHQVLHHVEHUGLHJHVDPWH*DQJEUHLWH *DEHVQRFKHLQH&KDQFH" *HTXlOWYHU]RJGHUNOHLQH'UXLGHGDV*HVLFKW(UNRQQWH]XUFN ODXIHQDEHUZDVKlWWHGDVJHQW]W"(VZlUHHLQXQQ|WLJHU.UlIWHYHU VFKOHLJHZHVHQ 6REOLHEHUVWHKHQ :HQQHUQRFKVHLQHDOWHQ.UlIWHJHKDEWKlWWHGDQQZlUHDOOHVDQGHUV JHZHVHQGDQQKlWWHHUGDV1HW]]HUULVVHQDEHUVR (UEHIDQGVLFKQRFKLQPLWWHQVHLQHUhEHUOHJXQJHQDOVGLHEHLGHQ *HVWDOWHQGDV1HW]VFKOHXGHUWHQ(VJLQJEOLW]VFKQHOO'HU'UXLGHVDK SO|W]OLFKGLHVHVIOLUUHQGH*HELOGHEHUVLFKGXFNWHVLFKQRFKPHKUGRFK HUNRQQWHGHP1HW]QLFKWDXVZHLFKHQ(VILHOQDFKXQWHQ *HQDXDXILKQ]X (UVSUWHGLH%HUKUXQJ=XHUVWJHVFKDKQLFKWVGDQQDEHUZXUGHGLH PDJLVFKH.UDIWGHV1HW]HVYROOZLUNVDP 3\NNDVFKULHDXI$XIHLQPDOVFKLHQVHLQ.|USHUXQWHUHLQHPNDOWHQ )HXHU]XEUHQQHQhEHUDOOZRLKQGDV1HW]EHUKUWHVSUWHHUGLH 6FKPHU]HQGLHWLHIGXUFKVHLQH+DXWGUDQJHQLKQHLQKOOWHQXQGLKQ IDVW]XP:DKQVLQQWULHEHQ (UNRQQWHQXUQRFKVFKUHLHQ $EHUHUULVLFK]XVDPPHQHUZROOWHGHQEHLGHQ+lVFKHUQNHLQHQ *UXQGJHEHQVLFKDQVHLQHQ6FKPHU]HQ]XZHLGHQ6RVDFNWHHUQXU ]XVDPPHQXQGEOLHEDXIGHP%RGHQOLHJHQEHJUDEHQXQWHUGHU.UDIW GHVPDJLVFKHQ1HW]HV 'LH(FKVHQN|SILJHQWUDWHQQHEHQLKQ:RUWORVEFNWHQVLHVLFKXQG JULIIHQZLHGHU]X,KUH+lQGHSDFNWHQGLH(QGHQGHV1HW]HVXQG]RJHQ HV]XVDPPHQ 'DVVSUWH3\NNDQLFKWPHKU(UEHIDQGVLFKLQ]ZLVFKHQLQHLQHP WUDQFHlKQOLFKHQ=XVWDQG:DVXPLKQKHUXPJHVFKDKQDKPHUEHU KDXSWQLFKWZDKU 6LHWUXJHQLKQZHJ

(LQHUQXUZDUIVLFKGHQNOHLQHQHKHPDOVVRPlFKWLJHQ'UXLGHQEHU GLH6FKXOWHUXQGJLQJPLWLKPGDYRQ'HU6SXNZDUWHWHQLFKWJHUQHU ZROOWHGLH%HVWUDIXQJ (VGDXHUWHQLFKWODQJHGDKDWWHQVLHGHQILQVWHUHQ*DQJKLQWHUVLFK JHODVVHQXQGHUUHLFKWHQHLQH7UHSSHGLHQDFKREHQIKUWH*UDXHV 'lPPHUOLFKWILHOEHUGLH6WXIHQHLQ=HLFKHQGDVLHGLHXQWHULUGLVFKH 7LHIHYHUOLHHQXQGVLFKLQGLH5HJLRQHQGHV7DJHVOLFKWVEHJDEHQ 6LHJHODQJWHQLQGLH+DOOHGHUHLQVDPVWHKHQGHQ%XUJ'XUFKGLH KRKHQ)HQVWHUILHOWUEHV7DJHVOLFKW'LH%HUJHLQGHUQlKHUHQ 8PJHEXQJODJHQLP1HEHO$OVGLFNH6FKZDGHQZDQGHUWHQ:RONHQ EHUGLH*LSIHO ,QGHU+DOOHEOLHEHQGLH6SXNGLHQHUVWHKHQXQGOLHHQLKUH%HXWH]X %RGHQIDOOHQ 'RUWEOLHEGHU'UXLGHHUVWHLQPDOOLHJHQ'LHEHLGHQ(FKVHQPHQVFKHQ EHZHJWHQVLFKYRQLKPIRUWXQG|IIQHWHQHLQHKRKH7U6LHPHOGHWHQ LKUHQ(UIROJ (LQ/DFKHQZDUGLH$QWZRUW 'DQQHUW|QWHQ6FKULWWH,PQlFKVWHQ$XJHQEOLFNHUVFKLHQHLQHJUDX KDDULJHJHGXFNWJHKHQGH*HVWDOWGLHHLQHQIOHFNLJHQVFKZDU]HQ$Q]XJ WUXJHLQGLFNHV%XFKXQWHUGHQ$UPJHNOHPPWKDWWHXQGLKUPLW3LFNHOQ XQG3XVWHOQYHUXQVWDOWHWHV*HVLFKWGHPDP%RGHQOLHJHQGHQ'UXLGHQ ]XZDQGWH ª,VWHUGDVZLUNOLFK"©IUDJWHGHU0DQQ ª-D© 'HU$QN|PPOLQJJULQVWHZ|OILVFK(UJLQJZHLWHU6HLQ+DDUVWDQG ZLUUYRP.RSIDE'HU0XQGEHZHJWHVLFKGRFKQLFKWHLQ:RUWGUDQJ EHUVHLQH/LSSHQ $QHLQHPODQJHQ7LVFKQDKPHU3ODW]'DV%XFKOHJWHHUDXIGLH3ODWWH XQGVFKOXJPLWGHUIODFKHQ+DQGDXIGHQVFKZDU]HQ(LQEDQG'DQDFK JULIIHULQGLH,QQHQWDVFKHVHLQHUIOHFNLJHQ-DFNHXQGKROWHHLQHQ +RO]KDPPHUKHUYRUGHQHUQHEHQGDV%XFKOHJWH(UZLQNHOWHGLH$UPH DQOHJWHVLHDXIGHQ7LVFKXQGIL[LHUWHGHQLP1HW]]DSSHOQGHQ'UXLGHQ ª(LQQHXHV2SIHU©IOVWHUWHHUª,FKZHUGH*HULFKWEHUGLHVHQ $EWUQQLJHQKDOWHQXQGVHLQH6HHOHLQGHQ.UHLVGHUHZLJ-DPPHUQGHQ DXIQHKPHQ© 'LHVH:RUWHZDUHQW\SLVFKIULKQ'HQQHUZDUNHLQJHULQJHUHUDOV 0DGGR[GHU'lPRQHQULFKWHU(LQ:HVHQGDVLP5HLFKGHU)LQVWHUQLV JHIUFKWHWZDUGHQQHUXQGGHU6SXNELOGHWHQHLQK|OOLVFKHV7DQGHP :HQ0DGGR[YHUXUWHLOWHGHUJHULHWLQGLH)lQJHGHV6SXNVGHUGLH6HHOH GHV'lPRQVIUDOOH=HLWHQDQVLFKULXQGVLHGHULPPHUZlKUHQGHQ 4XDOSUHLVJDE

ª/|VWGDV1HW]©EHIDKOGHU'lPRQHQULFKWHU 'LH(FKVHQN|SILJHQNDPHQVHLQHU$XIIRUGHUXQJDXJHQEOLFNOLFKQDFK 6LHKREHQGDV1HW]KRFKXQGVFKOHXGHUWHQHV]XU6HLWH 6RIRUWYHUVFKZDQGHQGLH6FKPHU]HQGHV'UXLGHQ3O|W]OLFKNRQQWH HUZLHGHUNODUGHQNHQ(UIKOWHVLFKIUHLXQGHUO|VWXQGVWHPPWHVLFK ODQJVDPDXIGLH)H 'LH/HWKDUJLHZDUYHUVFKZXQGHQ3\NNDKDWWHLQGHQOHW]WHQ0LQXWHQ EHUKDXSWQLFKWPLWEHNRPPHQZDVPLWLKPJHVFKHKHQZDU'HVKDOE VFKDXWHHUVLFKYHUZXQGHUWXP (UEHIDQGVLFKZLHGHULQGHU%XUJVDKGLH+DOOHGLH)HQVWHU-DGDV ZDUVHLQ:RKQRUW ª6LHKKHU©'LH6WLPPHOLHLKQ]XVDPPHQ]XFNHQ6LHZDUZLHGHU .QDOOHLQHU3HLWVFKH 3\NNDGUHKWHGHQJURHQ.RSI (UJODXEWH]XWUlXPHQGHQQHVZDUQLFKWGHU6SXNGHQHUVDK VRQGHUQHLQDQGHUHU 'HU'lPRQHQULFKWHU 1XQZXWHHUZDVLKPEHYRUVWDQG(UKDWWHJHQXJYRQGHQ 9HUKDQGOXQJHQJHK|UWGLHGHU'lPRQHQULFKWHUGXUFKIKUWH:HQQHU YHUXUWHLOWZXUGHGDQQULPDQVHLQHVFKZDU]H'lPRQHQVHHOHDXVGHP .|USHUXQGHUZUGHIUDOOH=HLWHQGLH4XDOHQXQG6FKUHFNHQGHU 'lPRQHQK|OOHHUOHEHQ 3\NNDEHNDP$QJVW 1RFKQLHLQVHLQHP'UXLGHQOHEHQGDVLPPHUKLQVFKRQEHUWDXVHQG -DKUHZlKUWHKDWWHHUVRJH]LWWHUW(UZROOWHNHLQ9HUEDQQWHUVHLQ GHU)OXFKVROOWHLKQQLFKWWUHIIHQDEHUZLHHVDXVVDKZUGHHVNHLQHQ DQGHUHQ:HJJHEHQ 'HU'UXLGH]LWWHUWH 'LHEHLGHQ(FKVHQN|SILJHQ]RJHQVLFK]XUFN$QGHU7UEOLHEHQVLH DOVVWXPPH:lFKWHUVWHKHQ 0DGGR[VFKOXJPLWGHP+RO]KDPPHUDXIGHQ7LVFK(VJDEHLQHQ GXPSIHQ/DXWVRGD3\NND]XVDPPHQ]XFNWHª+LHUPLWHU|IIQHLFKGLH 9HUKDQGOXQJLP1DPHQGHV6SXNVGHUPLUGLH9ROOPDFKWHUWHLOWKDW EHUGLFK]XULFKWHQ© 3\NNDVFKZLHJ(UZROOWHOLHEHUQLFKWVVDJHQVRQGHUQDOOHVHLQJH VWHKHQ ª'XELVW3\NNDGHU'UXLGH"©ZXUGHHUGLUHNWDQJHVSURFKHQ ª-D© ª8QGGXKDVWHLQODQJHV/HEHQKLQWHUGLUGDVGXDOOHLQGHU*QDGHGHU 6FKZDU]EOWHUYHUGDQNVW6WLPPWGDV"© 3\NNDEHMDKWHZLHGHU

-HW]WEHXJWHVLFK0DGGR[YRUª8QGZDVLVWGLUHLJHQWOLFKHLQJHIDOOHQ GHQ6SXN]XKLQWHUJHKHQ"/RVUHGH:DVKDVWGXGLUGDEHLJHGDFKWGLFK LQHLQHVROFKH6FKDQGH]XVWU]HQ"© ª,FKZXWHQLFKW© 0DGGR[ODFKWHDXIª'DVZLUGMDLPPHUVFK|QHU'XZXWHVWQLFKW 1DWUOLFKZXWHVWGXHV'XKlWWHVWLQ6FKRWWODQGEOHLEHQVROOHQGHQQ GLHVH%XUJDXFK6HHOHQEXUJJHQDQQWJHK|UWGHP6SXN8QGQLHPDQG GHUQLFKWZUGLJLVWGDUIVLHEHWUHWHQ© 3\NNDQLFNWH 0DGGR[VWLHHLQ.QXUUHQDXVª$EHUGX:XUPKDVWHVWDWVlFKOLFK JHZDJWGLH%XUJDQGLFK]XUHLHQ*HJHQGHQ:LOOHQGHV6SXNV'X KDVWQLFKWHLQPDOJHIUDJWXQGZLUKDEHQGLFKJHZlKUHQODVVHQZHLOZLU GDFKWHQGDGXZLHGHU]X9HUQXQIWNRPPHQZUGHVW'RFKGDVZDU QLFKWGHU)DOO'XKDVWGLFKKLHUHLQJHQLVWHWZLHGHU.XFNXFNLQHLQHP IUHPGHQ1HVW-HW]WEUDXFKHQZLUGLH%XUJXQGGXELVWQRFKLPPHUGD :lUVWGXYHUVFKZXQGHQKlWWHQZLU*QDGHZDOWHQODVVHQ6RDEHU QLFKW© ª,FKZHUGHJHKHQ©MDPPHUWHGHU'UXLGHª:LUNOLFKLFKVFKZ|UHHV 6RIRUWJHKHLFK© ª(VLVW]XVSlW© 3\NNDYHUVXFKWHHVWURW]GHP%LVKHUKDWWHHUJHVWDQGHQ'RFKQXQILHO HUQDFKYRUQ$XIGHQ.QLHQEOLHEHUUDQJEHLGH+lQGHXQGIOHKWH]XP 5LFKWHUWLVFKKRFK $XVPLWOHLGVORVHQ$XJHQVFKDXWHLKQ0DGGR[DQ'HU'lPRQHQ ULFKWHUNLFKHUWHª=XVSlW]XVSlW©(VEHUHLWHWHLKPHLQHGLHELVFKH )UHXGHGHQ$QJHNODJWHQLQ$QJVW]XVHKHQ8QGQRFKPHKU)UHXGH ZUGHHVLKPEHUHLWHQGDV8UWHLO]XVSUHFKHQ ª$EHULFKNRQQWHGRFKQLFKWVGDIU©MDPPHUWHGHU'UXLGH 'LHNQRFKLJHQ)LQJHUGHV'lPRQHQULFKWHUVXPNODPPHUWHQGHQ6WLHO GHV+RO]KDPPHUVª'XNRQQWHVWQLFKWVGDIU"©K|KQWHHUª0DFKGLFK QLFKWQRFKOlFKHUOLFKHUDOVGXVFKRQELVW)UGHLQHQ)UHYHO©VFKULHHU XQGVHLQH6WLPPHKDOOWHYRQGHQ:lQGHQGHU+DOOHZLGHUªJLEWHVQXU HLQH%HVWUDIXQJGHQ7RG© -HGHV:RUWWUDIGHQNOHLQHQ'UXLGHQZLHHLQKHIWLJHU6FKODJ(U]XFNWH ]XVDPPHQXQGZXUGHQRFKNOHLQHU6HLQ*HVLFKWYHU]HUUWHVLFK]XHLQHU *ULPDVVHGHU4XDO 3\NNDVWDQGZDKUH+|OOHQlQJVWHDXV 'LHVHU'lPRQHQULFKWHUYRULKPZUGHNHLQ(UEDUPHQNHQQHQ(UZDU HEHQVRVFKOLPPZLHGHU6SXNXQGHUKDQGHOWHLQVHLQHP$XIWUDJ$OOHV ZDVHUWDWZXUGHGXUFKGHQ6SXNDEJHGHFNW 'HU+RO]KDPPHUNQDOOWHDXIGHQ7LVFK

3\NNDHUVWDUUWH'LHVHU6FKODJZDUGDV=HLFKHQZHOFKHUGDV8UWHLO DQNQGLJWH 0DGGR[EHXJWHVLFKQRFKZHLWHUYRUGDPLWHU3\NNDEHVVHUVHKHQ NRQQWHª8QGKLHUPLWGX:XUPYHUXUWHLOHLFKGLFK]XP7RGH'XVROOVW GLHHZLJHQ4XDOHQGHU'lPRQHQK|OOHHUOHLGHQ'HLQH6HHOHZLUGVLFK ZLQGHQXQGVLHZLUGVFKUHLHQ'LH6FKDWWHQGHUHZLJHQ1DFKWZHUGHQ GLFKEHUIDOOHQHLQKOOHQXQGGLFKQLHPHKUORVODVVHQ'DV8UWHLOLVW VRIRUW]XYROOVWUHFNHQ© %HVRQGHUVGLHOHW]WHQ:RUWHKDOOWHQLP6FKlGHOGHV'UXLGHQZLGHU 1XQZDUHQVHLQH&KDQFHQGDKLQ(UNRQQWHQLFKWPHKUIOLHKHQGLH DQGHUHQZDUHQ]XPlFKWLJ 6FKRQVHW]WHQVLFKGLHEHLGHQ:lFKWHULQ%HZHJXQJ%HYRUVLFK3\NND YHUVDKKDWWHQVLHLKQJHSDFNWXQG]RJHQLKQKRFK)UKHUKlWWHHUEHU VROFKH.UHDWXUHQQXUJHODFKWGRFKVHLQH.UlIWHZDUHQLKPJHQRPPHQ ZRUGHQHUNRQQWHVLFKQLFKWPHKUZHKUHQVRQGHUQPXWHGHU 9HUQLFKWXQJLQV$XJHVHKHQ 'HU7RGZlUHQLFKWVRVFKOLPPJHZHVHQDEHUHUVROOWHGLHHZLJHQ 4XDOHQHUOHLGHQXQGGDVZDUJUDXVDP 'LHEHLGHQ(FKVHQN|SILJHQVFKOHLIWHQLKQQDFKGUDXHQDXIGHQ %XUJKRI 'DV:HWWHUKDWWHVLFKQRFKQLFKWJHlQGHUW'LH%HUJHODJHQLQ:RONHQ hEHUGHP+RIVFKZHEWHQGLHGLFNHQ6FKZDGHQXQGKOOWHQDOOHVJQlGLJ HLQ $XFKGHQ6WHUEHSODW]GHV'UXLGHQ 6LHIKUWHQLKQKLQ-HQlKHUVLHNDPHQXPVRPHKUVFKlOWHQVLFKGLH .RQWXUHQGHV5LFKWSODW]HVDXVGHP1HEHO'DVWDQGGHU+DXNORW]DXI GHPVHKUEDOGGHU.RSIGHV'UXLGHQOLHJHQZUGH,UJHQGHLQHUZUGH GDV6FKZHUWQHKPHQXQGLKQN|SIHQ 0DGGR[ZDULKQHQJHIROJW (UVWDQGDQGHU7UHSSHXQGVLHK|UWHQVHLQKlOLFKHV*HOlFKWHU :LHGHUHLQPDOKDWWHHUGHP6SXNHLQH6HHOH]XJHIKUWXQGGDVIUHXWH LKQVHLQ$QVHKHQVWLHJ 'DV*HOlFKWHUHUUHLFKWHDXFKGHQ'UXLGHQ$XI3\NNDZLUNWHHVZLH HLQ6FKRFNXQG6WLPXODQV]XUJOHLFKHQ=HLW(UZROOWHQLFKWVWHUEHQXQG ZHQQHUMHW]WVHLQHOHW]WH&KDQFHQLFKWQXW]WHGDQQZDUDOOHVYHUORUHQ 'LHEHLGHQ$XISDVVHUKLHOWHQLKQQLFKWHLQPDOIHVW6LHVFKULWWHQQXU QHEHQLKPKHUGDVLHVLFKLKUHU6DFKHY|OOLJVLFKHUZDUHQ 1RFKIQI6FKULWWH]XU5LFKWVWlWWH1HEHOXPZDOOWHGHQ.ORW] 'DQHEHQODJHLQDOWHV6FKZHUW'HU'UXLGHZUGHN|USHUOLFKVWHUEHQ DEHUVHLQH6HHOHZUGHHLQJHKHQLQGLHXQHQGOLFKHQ4XDOHQXQGVLH ZUGHHLQVZHUGHQPLWGHP5HLFKGHV6SXNV

'DZDJWHHV3\NND%HYRUGLH$XISDVVHUUHDJLHUHQNRQQWHQZDUIVLFK GHU]ZHUJHQKDIWH'UXLGHQDFKOLQNVSUDOOWHJHJHQHLQHQ(FKVHQ N|SILJHQXQGVWLHLKQXPZHLOGDV:HVHQPLWGLHVHP$QJULIIEHU KDXSWQLFKWJHUHFKQHWKDWWH 3\NNDDEHUUDQQWH (UK|UWHKLQWHUVLFKGDV6FKUHLHQGHV5LFKWHUV0DGGR[MDJWHGLH EHLGHQGlPRQLVFKHQ:lFKWHUKLQWHUGHP'UXLGHQKHUDEHU3\NNDKDWWH EHUHLWVGHQ5DQGGHV3ODWHDXVHUUHLFKWDXIGHPGLH%XUJVWDQG0LW HLQHPJHZDOWLJHQ6SUXQJVHW]WHHUGDUEHUKLQZHJ 'DKLQWHUEHJDQQGHU+DQJ=XHUVWZDUHUQRFKVWHLQLJHLQHPLW*HU|OO EHUVlWHVFKLHIH(EHQHDQGHUHQ(QGHVLFKGHU%HJLQQHLQHVGLFKWHQ .LHIHUQZDOGHVDQVFKOR 3\NNDNRQQWHVLFKQLFKWPHKUKDOWHQ(UKDWWHVRYLHO6FKZXQJGDHU VLFKEHUVFKOXJXQGLQHLQHU:RJHYRQ*HU|OO'UHFNXQG6WHLQHQDXI GHQ:DOG]XUROOWH (UEUHLWHWHLQVWLQNWLYVHLQHNOHLQHQ$UPHXQG%HLQHDXVZROOWHLUJHQG ZR+DOWILQGHQXQGVLFKIHVWNODPPHUQGRFKVHLQH*HVFKZLQGLJNHLWZDU HLQIDFK]XKRFK (UVFKDIIWHHVQLFKW 'HU'UXLGHUDXVFKWHI|UPOLFKLQGDVVSHUULJH8QWHUKRO]KLQHLQZXUGH YRQWLHIZDFKVHQGHQ=ZHLJHQXQGbVWHQJHEUHPVWXQGHQGOLFKNDPHU ]XU5XKH (UODJVWLOO 5XKHKDWWHVLFKZLHGHU1HEHOEHUGDV/DQGDXVJHEUHLWHW'DVFKULH NHLQ9RJHOQXUHLQSDDUOHW]WH6WHLQHUROOWHQQDFK/DQJHGXUIWH3\NND DXINHLQHQ)DOOOLHJHQEOHLEHQGHQQGLHEHLGHQ+lVFKHUZUGHQLKQ VXFKHQ6LHKDWWHQLKQYHUORUHQ:HQQVLHQLFKWVHOEVWVWHUEHQZROOWHQ GDQQPXWHQVLHLKQZLHGHU]XUFNEULQJHQ 'LHVPDOZROOWHVLFKGHU'UXLGHQLFKWIDQJHQODVVHQ(UZKOWHVLFK XQWHUGHQ=ZHLJHQKRFKXQGOLHIZHLWHU$XIGHPVFKUlJHQ+DQJ NRQQWHHUVLFKQXUVFKZHUKDOWHQ]XGHPZDUGHU%RGHQIHXFKWXQGGLH :XU]HOQGHU%lXPHELOGHWHQJHIlKUOLFKH6WROSHUIDOOHQLQGLH3\NND DXFKKLQHLQJHULHW =ZHLPDOILHOHUODQJKLQUDIIWHVLFKVRIRUWZLHGHUDXIXQGVDKEHLP ]ZHLWHQ+RFKNRPPHQGDHUVLFKGLH+DQGDXIJHULVVHQXQGHLQH NOHLQH:XQGHEHLJHEUDFKWKDWWHDXVGHUJUQHV%OXWTXROO 'UXLGHQEOXW 7DODEZlUWVZXUGHGHU:DOGGLFKW'LH%lXPHVWDQGHQVHKUQDKHEHL HLQDQGHUZDUHQPLWLKUHQ=ZHLJHQYHUILO]WXQGELOGHWHQUHJHOUHFKWH %DUULHUHQ 3\NNDNDQQWHVLFKDXV(UKDWWHLQGHU%XUJJHOHEWXQGZlKUHQG

VHLQHV$XIHQWKDOWHVDXFKGLHQlKHUH8PJHEXQJHUNXQGHW(UZXWH JHQDXGDHUVLFKEDOGOLQNVKDOWHQPXWHGHQQGRUWIXKUGLH6HLOEDKQ (VZDUNHLQH.DELQHQEDKQVRQGHUQQXU6HVVHOOLIWH8PGLHVH=HLW KHUUVFKWHNDXP7RXULVWHQYHUNHKUXQGGLH6HLOEDKQVHOEVWZUGHEDOG DXFKQLFKWPHKUIDKUHQ $EHUQRFKUROOWHQGLH6HVVHOGLFKWKLQWHUHLQDQGHUGXUFKGLH/XIW 3\NNDDUEHLWHWHVLFKPLW+lQGHQXQG)HQYRUDQ,PPHUGDFKWHHU GDEHLDQGLHHFKVHQN|SILJHQ+lVFKHUGHQHQHUDXINHLQHQ)DOOLQGLH )LQJHUJHUDWHQGXUIWH0DQFKPDOZXUGHGHU+DQJVRVWHLOGDHUVLFK DQGHQ=ZHLJHQIHVWKDOWHQXQGZHLWHUKDQJHOQPXWH(UWUDWLQ $PHLVHQKDXIHQXQG]HUVW|UWHVLHVSUDQJEHU*HU|OOXQGXPJHVWU]WH %lXPHGLH$XVZLUNXQJHQGHUOHW]WHQ/DZLQHQYRP:LQWHU'DQQHQG OLFKHUUHLFKWHHUGLH6FKQHLVHXQGVDKDXFKGLHKRKHQ6WDKOWUlJHUGHQHQ KRKH%HWRQVRFNHO+DOWJDEHQ 6FKRQNDPGHUHUVWH/LIW (UZDUOHHU $XFKGHU]ZHLWHGHUGULWWHXQGGHUYLHUWH6FKOLHOLFKZDJWHHVGHU ]ZHUJHQKDIWH'UXLGH(UNOHWWHUWHDXIHLQHQ%DXPXQGEOLHEDXIKDOEHU +|KHKRFNHQ'DQDFKVXFKWHHUGLHVWlUNVWHQbVWHDXVGLHGHU%DKQ SUDNWLVFKHQWJHJHQZXFKVHQ (LQ$VWVDKEHVRQGHUVVWDELODXV$XILKPJOLWWHUODQJVDPYRUDQ 'HU'UXLGHVFKlW]WHGLH(QWIHUQXQJDE:LHGHUYHU]HUUWHVLFKVHLQ *HVLFKWYRU:XW+lWWHHUVHLQHDOWHQ.UlIWHQRFKEHVHVVHQZlUHHVLKP HLQ/HLFKWHVJHZHVHQ]XYHUVFKZLQGHQ6RDEHUPXWHHUGHQXQEH TXHPHQ:HJQHKPHQ (UZDUWHWHQRFKXQGVWLHVLFKGDQQDE)DVWZlUHGHU$VWJHEURFKHQ 3\NNDK|UWHQRFKGDV.QLUVFKHQGDEHIDQGHUVLFKEHUHLWVLQGHU/XIW VWUHFNWHEHLGH$UPHDXVGLHLP9HUKlOWQLV]XP.|USHU]LHPOLFKODQJ ZDUHQXQGHUEHNDPPLWGHUUHFKWHQ+DQGGLHVLFKXQWHUKDOEGHV6LW]HV EHILQGOLFKH)XVWDQJH]XIDVVHQ +DUWXPNODPPHUWHHUGDVGQQH5RKUJULIIPLWGHU/LQNHQQDFKXQG VFKZHEWHLPQlFKVWHQ0RPHQWWDODEZlUWVZREHLGHU/LIWKLQXQGKHU VFKDXNHOWH'HU'UXLGH]RJVLFKQLFKWKRFKHUEOLHEVRKlQJHQ 1XUGHQ.RSIGUHKWHHUGHV|IWHUHQXPQDFK9HUIROJHUQ$XVVFKDX]X KDOWHQ (UHQWGHFNWHVLHQLFKW :DVDOOHUGLQJVQLFKWEHVDJWHGDVLHDXIJHJHEHQKDWWHQ'LHJDEHQ QLHPDOVDXI(LJHQWOLFKZDUHUQLUJHQGZRYRULKQHQVLFKHU,UJHQGZDQQ ZUGHQVLHLKQEHNRPPHQXQGZHQQHUVRGDFKWHGDQQZDUVHLQH )OXFKWHLJHQWOLFKVLQQORVJHZHVHQ 'RFKLQ3\NNDIOR'UXLGHQEOXW(UGDFKWHGDUDQGDHVJHUDGHVHLQH

5DVVHJHZHVHQZDUGLHGDPDOVJHKHUUVFKWXQGVLFKGLH0HQVFKHQ8QWHU WDQJHPDFKWKDWWH6LHKDWWHQVLFKLPPHUPLW'lPRQHQYHUEQGHW ILQVWHUHQ=DXEHUGXUFKJHIKUWXQGVRJDUJHOHUQWGLH'lPRQHQ]X EHKHUUVFKHQ1LHPDQGKlWWHHVGDPDOVJHZDJWHLQHQ'UXLGHQDQ]X JUHLIHQ+HXWHZDUDOOHVDQGHUV'LH'lPRQHQKDWWHQVLFKLQ*UXSSHQ IRUPLHUWHVJDE)KUHUXQWHULKQHQVLHWHLOWHQVLFKLKUH*HELHWHDXIXQG GLH0DFKWGHU'UXLGHQZXUGH]XUFNJHGUlQJW9LHOHVHLQHU5DVVHZDUHQ JHW|WHWZRUGHQPDQEUDXFKWHVLHQLFKWPHKU,KU=DXEHUWUDIKHXWHQLFKW DXIIUXFKWEDUHQ%RGHQREZRKOHVQRFKJHQJHQG0HQVFKHQJDEGLHDQ GLH.UDIWGHU'UXLGHQJODXEWHQ 'lPRQHQVHOEVWJULIIHQLQGHQ.UHLVODXIGHU:HOWHLQ8QGVLHWDWHQ HVPLWXQEDUPKHU]LJHU+lUWH'DEHLIHJWHQVLHDXFKGHQDOWHQ 'UXLGHQJODXEHQKLQZHJXQGYHUEDQQWHQLKQDXVGHQ.|SIHQGHU 0HQVFKHQ hEHUGDVDOOHVGDFKWH3\NNDQDFKDOVHUDQGHPVFKPDOHQ/LIWKLQJ =ZDQJVOlXILJEHZHJWHQVLFKVHLQH*HGDQNHQLQHLQHDQGHUH5LFKWXQJ 6RJHIlKUOLFKGLH'lPRQHQDXFKJHZRUGHQZDUHQJDEHVWURW]GHP 0HQVFKHQGLHLKQHQGHQ.DPSIDQJHVDJWKDWWHQ 1DPHQJHLVWHUWHQGXUFKGLH5HLKHQGHU6FKZDU]EOWHU 3URIHVVRU=DPRUUD7RQ\%DOODUG'DPRQD.LQJXQGGHU1DPHHLQHV 0DQQHVYRQ6FRWODQG

ª$KD©*OHQGDOlFKHOWHª8QGZLHVR"© ,FKO|VWHHLQH+DQGYRP/HQNUDGXQGGHXWHWHPLWGHP'DXPHQLQ 5LFKWXQJ6FKHLEHª6HKHQ6LHPDOQDFKGUDXHQ© ª1HEHO© ª8QGZLH© (UODJZLUNOLFKNQSSHOGLFNXQVHU/RQGRQHU1HEHOGHUDFKVR EHUKPWEHUFKWLJWH'DEHLEHKDXSWHQPDQFKH0HQVFKHQGHU1HEHO ZlUHIUKHUYLHOVFKOLPPHUJHZHVHQ,FKZDJWHGDVDOOHUGLQJV]X EH]ZHLIHOQ=ZDULVWGHU1HEHOLP6RPPHUHWZDV6HOWHQHVDEHUZHQQHU NRPPWGDQQNQSSHOGLFN :LUVWHFNWHQLP9HUNHKUIHVW'DEHLKDWWHQZLUIDVWVFKRQ]ZHL 6WXQGHQIUKHU)HLHUDEHQGJHPDFKWGDPLWLFK*OHQGDSQNWOLFKDQV =LHOEULQJHQNRQQWH 0HLQH6HNUHWlULQZROOWH]XHLQHP.ODVVHQWUHIIHQ/HLGHUIDQGHVHLQ ZHQLJDXHUKDOE/RQGRQVVWDWWVRGDHVLQGHU1lKHGHV/RNDOVNHLQH 8%DKQJDE ,FKKDWWHPLFK]XU9HUIJXQJJHVWHOOWXQGIXKU*OHQGDKLQZRUEHU VLHVHKUJOFNOLFKZDU ª8QGZLHNRPPHQ6LH]XUFN"©ZROOWHLFKZLVVHQ 0LWGHU$QWZRUWZDUWHWHVLHELV]XUQlFKVWHQ$PSHOª,FKZHUGHPLU ZRKOHLQ7D[LQHKPHQ© ª)DOOVGLHIDKUHQ© ª6WLPPWDXFKZLHGHU$EHUZDVZUGHQ6LHDQPHLQHU6WHOOHWXQ -RKQ"© ª%LV]XP0RUJHQZDUWHQ© ª'DVLVWHLQ5HVWDXUDQWXQGNHLQ+RWHO© ,FKODFKWHª6LHZHUGHQVHKHQ*OHQGDZLHVFKQHOOGLH=HLWYHUJHKW6R HLQ.ODVVHQWUHIIHQILQGHWMDQLFKWMHGH:RFKHVWDWW,FKELQVLFKHUGDHV HLQHXQJHKHXUH0HQJH]XHU]lKOHQJLEW© ª'DVVWLPPW© ª1DELWWH© *UQ'HU.UHLVLQGHU$PSHOZDUJDUNHLQHUPHKUVRQGHUQQXUHLQ YHUZDVFKHQHU)OHFNGHUDQVHLQHQ5lQGHUQ]HUIDVHUWH0DQPXWH VFKRQVHKUJHQDXKLQVHKHQXPLKQ]XHUNHQQHQ ,P6FKULWWHPSRIXKULFKZHLWHU'HU1HEHOYHUPLVFKWHVLFKPLWGHQ $EJDVHQ]XHLQHUJHIlKUOLFKHQ0LVFKXQJ'DVZDUGLH=HLWZR +HU]NUDQNHXQG.UHLVODXIVFKZDFKH]X+DXVHEOLHEHQ :LUUROOWHQEHUHLWVGXUFK3DGGLQJWRQXQGZUGHQEDOGQDFK0DLGD 9DOHNRPPHQZRDXFKGDV5HVWDXUDQWZDU'LH6KLUODQG5RDGIKUWH DXIHLQHQ3ODW]]XYRQGHPGLH6WUDHQGDQQVWHUQI|UPLJDE]ZHLJWHQ 'RUWZROOWHLFK*OHQGDDEVHW]HQ

ª:LHNDQQLFKGDVMHZLHGHUJXWPDFKHQ"©IUDJWHVLH ª:DV"© ª'D6LHPLFKEHLGLHVHP:HWWHUIDKUHQ© ª,VWGRFKVHOEVWYHUVWlQGOLFK© ª,FKZHLQLFKW©*OHQGDOHKQWHVLFK]XUFN'HU0DQWHONODIIWHLQ +|KHGHU.QLHDXVHLQDQGHU,FKVDKGLHEHLGHQ5XQGXQJHQXQGPXWH OlFKHOQ *OHQGD3HUNLQVZDUZLUNOLFKHLQHVFK|QH)UDX8QGHVZDUIUHLQHQ 0DQQQLFKWOHLFKWEHLLKUVWDQGKDIW]XEOHLEHQ%LVKHUKDWWHLFKHVMD JHVFKDIIWDEHUREGDVYRQ'DXHUVHLQZUGHGDVZXWHLFKDXFKQLFKW ,KU3DUIPZDUDQGLHVHP1DFKPLWWDJMHGHQIDOOVGD]XDQJHWDQPLFK UHJHOUHFKWDQ]XPDFKHQ 2EVLHHVH[WUDDXIJHOHJWKDWWH" ª:RUDQGHQNHQ6LH-RKQ"© ,FKPRJHOWHPLFKDQHLQHP/DVWZDJHQYRUEHLXQGNRQQWHHLQZHQLJ VFKQHOOHUIDKUHQª'DVEOHLEW%HWULHEVJHKHLPQLV© ª$EHUPLUN|QQHQ6LHHVGRFKVDJHQ© ª,FKZHLQLFKW© ª'DQQLVWHLQH)UDXLP6SLHO©VWHOOWH*OHQGDVDFKNXQGLJIHVW 9HUGDPPWLFKKDWWH0KHQLFKWURW]XZHUGHQXQGVFKZLHJVLFKHU KHLWVKDOEHU ª6WLPPWHV-RKQ"© ª:LHNRPPHQ6LHGHQQGDUDXI"© ª$OVRGRFK© ª0RPHQWLFKKDEHQLFKWVJHVDJW© ª$EHUJHGDFKW,KUH*HGDQNHQNDQQPDQ,KQHQMDDP*HVLFKWDEOHVHQ 0U*HLVWHUMlJHU© ,FKVWULFKEHUPHLQHQ1DVHQUFNHQª'DQQVLQG6LHHLQ0HGLXP *OHQGD© ª,QJHZLVVHU+LQVLFKWMD© ª8QGZLHGDUILFKGDVYHUVWHKHQ"© ª:HQQHVXPHLQHQ0DQQQDPHQV-RKQ6LQFODLUJHKWGHQLFKVFKRQ ]LHPOLFKODQJHNHQQH© ª8QGZDVLVWPLW,KUHQ)UHXQGHQ"© *OHQGDYHU]RJHWZDVGLH/LSSHQ6LHKDWWHLKUHQ0XQGPLWHLQHP EODVVHQ6WLIWDQJHPDOWª:HOFKH)UHXQGH"© ,FKEHWlWLJWHGHQ%OLQNHUXQGUROOWHDQHLQHPSDUNHQGHQ:DJHQ YRUEHL ª:HQQLFKPLFKUHFKWHULQQHUHVLQG6LHVFKRQHLQSDDUPDODEJHKROW ZRUGHQ© ª'DVKDEHQ6LHJHQDXUHJLVWULHUW"©

ª0HKUHLQ=XIDOO© *OHQGDODFKWHª:HUVROOGDVJODXEHQ"© ª,FKEHOJH6LHGRFKQLFKW© ª1HLQJDQ]EHVWLPPWQLFKW'RFKLFKZLOO6LHEHUXKLJHQ-RKQGLHVH )UHXQGHVLQG© ª8P+LPPHOVZLOOHQNHLQH(UNOlUXQJHQ©VDJWHLFKª'D]XKDEHLFK JDUQLFKWGDV5HFKW© ª'RFKLFKZLOOHVDEHUVDJHQ© ª'DQQELWWH© ª0LWGLHVHQ)UHXQGHQZDUQLFKWVDEHUDXFKJDUQLFKWV(VZDUHQ ORFNHUH%HNDQQWVFKDIWHQ:LUVLQG]XP7DQ]HQJHJDQJHQGDVLVWDXFK DOOHVJHZHVHQ© ª1DGHQQ© (LQH:HLOHVFKZLHJHQZLU*OHQGDOlFKHOWHVWLOOYRUVLFKKLQ,FKKLQJ PHLQHQ*HGDQNHQQDFKXQGPXWHPLFKJOHLFK]HLWLJDXIGHQ9HUNHKU NRQ]HQWULHUHQ 6FKHPHQKDIWVDKLFKGHQ3ODW]YRQGHPGLH6WUDHQDE]ZHLJHQ$XFK *OHQGDKDWWHLKQHQWGHFNW ª:LUVLQGJOHLFKGD©VDJWHVLH ª8QGZRPXLFKDE"© ª)DKUHQ6LHQRFKHLQ6WFNGDQQGLH]ZHLWH6WUDHOLQNV'DPVVHQ 6LHUHLQ© ª2ND\© ,FKZXUGHQRFKEHUKROW(LQ0RWRUUDGIDKUHUKXVFKWHDQGHP%HQWOH\ YRUEHL 6FKDGHGD*OHQGDEDOGDXVVWLHJ,FKKlWWHVLHJHUQQRFKHLQ6WFN JHIDKUHQ0HLQ)LQJHUUXWVFKWH]XP%OLQNHUKHEHO/LQNVPXWHLFK IDKUHQ 'LH6WUDHZDUHQJ6LHZXUGHQRFKHQJHUJHPDFKWZHLO)DKU]HXJH UHFKWVXQGOLQNVSDUNWHQ,KUHQ1DPHQNDQQWHLFKQLFKW,QGLHVH(FNH YRQ/RQGRQZHKWHPLFKGHU:LQGVHOWHQ *OHQGDVFKDXWHDXVGHP)HQVWHU6LHYHUVXFKWH+DXVQXPPHUQ]X HUNHQQHQ(VZDUQLFKWP|JOLFK ª:DUHQ6LHVFKRQPDOGD"©IUDJWHLFK ª1HLQQRFKQLH'DV5HVWDXUDQWKDWHLQH.ODVVHQNDPHUDGLQYRQPLU DXVJHVXFKW© )DVWZlUHLFKYRUEHLJHIDKUHQ,POHW]WHQ$XJHQEOLFNNRQQWHLFKQRFK EUHPVHQDOV*OHQGDª6WRSS©ULHI +LQWHUPLUIXKUNHLQ:DJHQ6DQIWNDPGHU6LOEHUJUDXH]XP6WHKHQ ,FKGUHKWHGHQ.RSIXQGVFKDXWHGXUFKGLHZDEHUQGHQ1HEHOVFKOHLHU DXIGLH+lXVHUIURQW

ª6LHKW]LHPOLFKWRWDXV© ª6FKHLQWPLUDXFKVR©VDJWH*OHQGD .HLQ/LFKWEUDQQWH'DVJDQ]H*HElXGHPDFKWHHLQHQOHHUHQYHU ODVVHQHQ(LQGUXFN ª,FKVHKHPDOQDFK©VDJWHVLH ª8QGLFKZDUWHVRODQJH© *OHQGDVWLHJDXVXQGOlFKHOWH,FKVDKLKUQDFKZLHVLHDXIGHQ (LQJDQJ]XVFKULWW%DOGZDUVLHQXUQRFKVFKDWWHQKDIW]XHUNHQQHQZHLO GLH1HEHOVFKOHLHUVLHXPVSLHOWHQ ,FKJULII]XGHQ=LJDUHWWHQ|IIQHWHGDV)HQVWHUHLQHQ6SDOWXQG ]QGHWHHLQ6WlEFKHQDQ'HQ5DXFKEOLHVLFKGXUFKGLH5LW]H(UYHU PLVFKWHVLFKPLWGHP1HEHO +LQXQGZLHGHUZDUILFKHLQHQ%OLFNDXIGLH)DVVDGHGHV/RNDOV 9RQ*OHQGDZDUQLFKWVPHKU]XVHKHQ6LHKDWWHGDV5HVWDXUDQW ZDKUVFKHLQOLFKEHWUHWHQ :LHHVKLHNRQQWHLFKQLFKWOHVHQGDGLH6FKULIWEHUGHU7UQLFKW HUOHXFKWHWZDU 1DFKHLQHU=LJDUHWWHQOlQJHZDU*OHQGDQRFKLPPHUQLFKW]XUFN JHNRPPHQ,QPLUQDJWHODQJVDPHLQHJHZLVVH8QUXKH:REOLHEVLH QXU"'DVLHRKQHVLFK]XYHUDEVFKLHGHQHLQIDFKYHUVFKZLQGHQZUGH GDUDQZROOWHLFKQLFKWJODXEHQ ,FKJDELKUQRFKHLQPDOIQI0LQXWHQGDQQZDULFKHVOHLGXQGVWLHJ DXV 0HLQ-REYHUODQJWHHVLPPHUXQGEHUDOOHLQVDW]Il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|UWHDXFKNHLQH6WLPPHQXQGPHLQ 0LWUDXHQZXUGHQRFKVWlUNHU

'DQQNXU]YRUGHU7UULHI*OHQGD3HUNLQVPLFKDQª-RKQVLQG 6LHHV"© ª-D© ª.RPPHQ6LH© *OHQGDV6WLPPHYHUWULHEPHLQ0LWUDXHQ,FKGUFNWHGHQ9RUKDQJ ]XU6HLWHVFKDXWHLQGDV/RNDOXQGPDFKWHGLHQlFKVWHQEHLGHQ6FKULWWH 'DQQEOLHELFKDEUXSWVWHKHQGHQQGDV'LQJGDVPLUGDMHPDQGLQGLH 6HLWHSUHWHIKOWHVLFKYHUGDPPWQDFKGHU0QGXQJHLQHU:DIIHDQ ª:HQQ6LHQLFKWPLWPDFKHQPXLFK6LHOHLGHUW|WHQODVVHQGD6LH ]XYLHOZLVVHQ© 'LHVRJHODQJZHLOWDXVJHVSURFKHQHQ:RUWHGHV0LOOLDUGlUV*RUGRQ 6FKUHLEHUKDWWHQEHL&HOLQH:DOGHLQH3DQLNDXVJHO|VW'LHMXQJH 6FKZHL]HULQ3ULYDWVHNUHWlULQGHV0DQQHVJODXEWHVLFKYHUK|UW]X KDEHQ$EHU6FKUHLEHUKDWWHDXILKUH)UDJHKLQVHLQH:RUWHHLVNDOW ZLHGHUKROW 'LHVHU0DQQVSUDFKNHLQHOHHUHQ'URKXQJHQDXV &HOLQH:DOGZXWHQLFKWPHKUZDVVLHWXQVROOWH:LHEHWlXEWZDUVLH LQLKU=LPPHUJHODXIHQGDVLP:HVWIOJHOGHU%XUJODJKDWWHVLFKHLQ JHVFKORVVHQXQGZHLQHQGDXIV%HWWJHZRUIHQ 6WXQGHQZDUHQYHUJDQJHQ9HU]ZHLIHOWVDQQGLH'UHLXQG]ZDQ]LJ MlKULJHQDFKHLQHP$XVZHJ6LHIDQGNHLQHQ:HQQVLHLQ=ULFK%HUQ RGHU*HQIJHZHVHQZlUHKlWWHDOOHVDQGHUVDXVJHVHKHQDEHUQLFKWDXI GLHVHUJRWWYHUODVVHQHQ%XUJLQGHQ+RFKDOSHQ]ZLVFKHQ&KXUXQG6W 0RULW]1HLQKLHUNDPVLHQLFKWZHJ ,UJHQGZDQQDOVGLH'lPPHUXQJEHUHLWVGDV7DJHVOLFKWYHUWULHEHQ KDWWHVWDQG&HOLQHDXI6LHJLQJLQV%DGZXVFKLKU*HVLFKWXQGEH WUDFKWHWHVLFKLP6SLHJHO 0LWPDFKHQKlPPHUWHHVLQLKUHP.RSI'DVKLH3DUW\VVFKZDU]H 0HVVHQ2UJLHQ*HZDOW 1HLQVLHKDWWHVFKRQYRQGHQ)HLHUQJHK|UWDEHUVLHKDWWHHVQLFKW JODXEHQZROOHQELV*RUGRQ6FKUHLEHUVLHYRUGLH:DKOVWHOOWH &HOLQH:DOGZDUHLQHPRGHUQHMXQJH)UDX0DQNRQQWHVLHDXFKQLFKW DOVSUGHEH]HLFKQHQVLHIHLHUWHJHUQDEHUVFKZDU]H0HVVHQXQG2UJLHQ ZDUHQLKU]XZLGHUGDYRQOLHVLHOLHEHUGLH)LQJHUGHQQVRHWZDV NRQQWHHLQIDFKQLFKWJXWDXVJHKHQGDEOLHELPPHUHWZDV]XUFN1LFKW QXUSK\VLVFKH4XDOHQVRQGHUQDXFKGLH=HUVW|UXQJGHU6HHOH9LHOH EHUZDQGHQGHQ6FKRFNQLFKWXQGZDUHQGDQDFKOHEHQVODQJLQQHUOLFK JH]HLFKQHW 6LHVDKVLFKLP6SLHJHODQ%UDXQHV+DDUJHVFKQLWWHQ]XHLQHUKRFK

JHWUPWHQ.XU]KDDUIULVXUHLQHNOHLQHJHUDGH1DVHKRFKVWHKHQGH :DQJHQNQRFKHQXQGGHUYLHOOHLFKWHLQZHQLJ]XJURH0XQG$EHU QLHPDQGZDUYROONRPPHQ&HOLQHEH]HLFKQHWHVLFKVHOEVWDOVGXUFK VFKQLWWOLFKDXVVHKHQGREZRKOVLHYRQ0lQQHUQRIWGDV*HJHQWHLOJHK|UW KDWWH 6LHJLQJZLHGHULQGDV=LPPHU]XUFN(VZDUSUlFKWLJDXVVWDIILHUW 0DQVDKHVGHQ0|EHOQDQZLHNRVWEDUVLHZDUHQXQGDXIGHQ 7HSSLFKHQOLHIPDQZLHDXI'DXQHQ hEHUKDXSWZDUDOOHVSUlFKWLJLQGLHVHU%XUJ$EHUHVZDUQXUHLQH lXHUOLFKH3UDFKW,QQHUOLFKIDXOWHVLHGDZDUVLHVFKZDU]ZLHGLH6HHOH HLQHV0|UGHUV ,QWXLWLYIKOWH&HOLQHGDPLWGLHVHU%XUJHLQLJHVQLFKWVWLPPWH,Q GHQGLFNHQ0DXHUQODXHUWHGDV%|VHGDZDUWHWHHVQXUGDUDXIJHORFNW ]XZHUGHQXQGPDQFKPDOHULQQHUWHVLHVLFKDQGLH6WLPPHQGLHVLHGHV 1DFKWVJHK|UWKDWWH :LVSHUQGHIOVWHUQGHIUHPGH6WLPPHQ 'HU6FKUHLEWLVFKVWDQG]ZLVFKHQ%HWWXQG)HQVWHU&HOLQHZXWHVHOEVW QLFKWZDUXPVLHVLFKDXIGHQVFKPDOHQ6WXKOYRUGHP6FKUHLEWLVFK VHW]WH$XIMHGHQ)DOOILHOLKU%OLFNDXIGDV3DSLHUGDVLQHLQHP)DFK ODJ 6LHEHUOHJWH%ULHIHVFKUHLEHQ0HLQH*WHZLHODQJHKDWWHVLHNHLQHQ %ULHIPHKUJHVFKULHEHQ8QGDQZHQVROOWHVLHVFKUHLEHQ",KUH(OWHUQ ZDUHQWRWZHUNRQQWHLKUEHUKDXSWKHOIHQ"8QGZHUZUGHLKUJODX EHQ"*RUGRQ6FKUHLEHUZDUHLQPlFKWLJHU0DQQ,Q*HQIKDWWHGHU 6FKUHLEHU.RQ]HUQVHLQHQ6LW]'DV9HUZDOWXQJVJHElXGHVWDQGDP6HH 9RQGRUWDXVOHQNWHGHU0LOOLDUGlUVHLQH*HVFKlIWH )LOLDOHQJDEHVEHUDOOLQGHU:HOW,QGHQ86$HEHQVRZLHLQ 1RUGDIULND 1RUGDIULND'DVZDUGDV6WLFKZRUW3O|W]OLFKKDWWHVLHHV6LHGDFKWHDQ HLQHQ8UODXELQ7XQHVLHQ'RUWKDWWHVLHDP6WUDQGHLQHMXQJH)UDX NHQQHQJHOHUQWGLHLKUDXI$QKLHEV\PSDWKLVFKZDU :LHKLHVLHQRFKJOHLFK" &HOLQHILHOGHU1DPHQLFKWHLQDEHUVLHHULQQHUWHVLFKQRFKDQGHQ %HUXIXQGDQGLH6WDGWDXVGHULKUH8UODXEVEHNDQQWVFKDIWVWDPPWH /RQGRQXQGMDMHW]WKDWWHVLHHV'LHVHEORQGH)UDXZDU'HWHNWLYLQ6LH DUEHLWHWHLQHLQHPHLJHQWOLFKY|OOLJXQZHLEOLFKHQ%HUXI 8QGVLHKLH-DQH&ROOLQV %ULHI8UODXE-DQH&ROOLQV 'DVZDUGLH.HWWHGLH&HOLQH:DOGQLFKWPHKU]HUUHLHQODVVHQ ZROOWH6LHVHW]WHLKUH,GHHVRIRUWLQGLH7DWXP:HQQMHPDQGLKU JODXEWHGDQQ-DQH

'LH6FKZHL]HULQVFKULHE'HU)HGHUKDOWHUVFKLHQQXUVREHUGDV 3DSLHU]XIOLHJHQXQGDOVVLHIQI6HLWHQEHVFKULHEHQKDWWHZDUVLH LPPHUQRFKQLFKWDP(QGH(UVWDXIGHUVHFKVWHQ6HLWHVFKORVLHPLW HLQHP*UXDE %ULHIPDUNHQKDWWHVLH'LH$GUHVVHIDQGVLHLQLKUHP1RWL]EXFK6LH NOHEWHGHQ%ULHI]XXQGVWHFNWHLKQXQWHULKUHQGQQHQ3XOORYHUGDPLW LKQQLHPDQGIDQG $EHUHLQ%ULHIPXWHEHI|UGHUWZHUGHQ&HOLQHHULQQHUWHVLFKXQWHQ LP2UWHLQHQ%ULHINDVWHQJHVHKHQ]XKDEHQ6LHZROOWHDXFKNHLQH 0LQXWHOlQJHU]|JHUQXQGVRIRUWORVJHKHQ $OOHUGLQJVZUGHHVVHKUVFKZLHULJVHLQXQJHVHKHQDXVGHU%XUJ]X YHUVFKZLQGHQ7URW]GHPZROOWHVLHHVZDJHQ &HOLQHVFKDXWHDXVGHP)HQVWHU,Q]ZLVFKHQZDUHVGXQNHOJHZRUGHQ 'HU1HEHOWDWVHLQEULJHVXPGLH6LFKW]XYHUVFKOHFKWHUQ$EHUHUZDU LP/DXIHGHV7DJHVGQQHUJHZRUGHQ&HOLQH:DOGEHPHUNWHDXFK GD:LQGDXIJHNRPPHQZDUGHUGLH.URQHQGHUKRKHQ1DGHO ElXPHZLHJWH 6LHIKOWHQDFKXQGZDUEHUXKLJWGDGHU%ULHIQRFKXQWHUGHP 3XOORYHUVWHFNWH'DQQKROWHVLHDXVGHUDEJHWHLOWHQ*DUGHUREHLKUHQ 0DQWHOXQGVWHFNWHGLHZLFKWLJVWHQ3DSLHUHHLQVRZLHLKU*HOG$OOH DQGHUHQ6DFKHQZROOWHVLHKLHUODVVHQ'HQ.RIIHUGLH.OHLGHUGDVZDU]X HUVHW]HQLKU/HEHQMHGRFKQLFKW 1LFKWHLQHQ%OLFNZDUIVLH]XUFN'LHVHV=LPPHUKDWWHVLHWURW]VHLQHU 3UDFKWDQJHZLGHUWHEHQVRZLHGLHJHVDPWH%XUJ&HOLQHKXVFKWH]XU7U XQG]RJVLHDXI ,KU%OLFNILHOLQHLQHQEUHLWHQ*DQJGHVVHQKRFKOLHJHQGH'HFNH YRQ5XQGE|JHQJHVWW]WZXUGH'LH0DUPRUSODWWHQDXIGHP%RGHQ VWUDKOWHQHLQHUHJHOUHFKWH.lOWHDXV6LHJDEHQGDV*HIKOZLGHUGDV &HOLQHZlKUHQGLKUHV$XIHQWKDOWHVLQGHU%XUJHPSIXQGHQKDWWH 5HFKWVODJHLQZHLWHUHU7UDNWGHU%XUJ(VZDUGHUNOHLQVWHXQGGRUW KDWWHGDV3HUVRQDOVHLQH5lXPH'LH/HXWHNDPHQXQWHQDXVGHP'RUI VLHZDUHQSUDNWLVFKIUGLH=HLWHLQJHVWHOOWZRUGHQGLHGHU6FKUHLEHU &ODQLQGHU%XUJYHUEUDFKWH&HOLQHYHUVWDQGVLFKPLWGHQHLQIDFKHQ 0HQVFKHQJXW6LHKDWWHVFKRQHLQSDDUPDOPLWLKQHQ]XVDPPHQJH VHVVHQXQG6HOEVWJHEUDQQWHQ2EVWOHUJHWUXQNHQ hEHUHLQH6WHLQWUHSSHJHODQJWHVLHLQGHQ7UDNW'LH7UHSSHIKUWH QRFKWLHIHUXQGHQGHWHSUDNWLVFKYRUGHU.FKH'HUHQ7UZDU JHVFKORVVHQDEHUXQWHUGHU5LW]HILHOHLQ/LFKWVWUHLIHQKLQGXUFKDXFK K|UWH&HOLQHHLQ5DGLRGXGHOQXQGGLH6WLPPHGHU.|FKLQ 6FKQHOOKXVFKWHVLHDQGHU7UYRUEHLXQGHUUHLFKWHGDQQGHQ 3HUVRQDOHLQJDQJ

(UZDUYHUVFKORVVHQ &HOLQH:DOGVFKOXFK]WHYRU(QWWlXVFKXQJDXI6HNXQGHQODQJVFKOR VLHGLH$XJHQGDQQMHGRFKJDEVLHVLFKHLQHQLQQHUOLFKHQ5XFNXQGJLQJ ZLHGHU]XUFN $OVVLHDQNORSIHQZROOWHZXUGHGLH.FKHQWUEHUHLWVDXIJHVWRHQ 'LH.|FKLQHUVFKLHQ %HLGH)UDXHQHUVFKUDNHQ ª+LPPHO©VDJWHGLH.|FKLQªKDEHQ6LHPLFKDEHUHUVFKUHFNW )UlXOHLQ&HOLQH© ª(QWVFKXOGLJXQJGDVZROOWHLFKQLFKW©&HOLQHOlFKHOWH 'LHNRUSXOHQWH.|FKLQPLWGHPGXQNOHQ+DDUOLHLKUHQ%OLFNEHUGLH )UDXJOHLWHQª:ROOHQ6LHHWZDQRFKZHJ)UlXOHLQ&HOLQH"© ª-DLFKP|FKWHQRFKHLQHQ%ULHIHLQZHUIHQ© ª-HW]W"© ª(VLVWGULQJHQG©6LHUlXVSHUWHVLFKª$EHUGLH7UGHV/LHIHUDQWHQ HLQJDQJVLVWYHUVFKORVVHQ© ª*HKHQ6LHGRFKYRUQ© ª1HLQGDVP|FKWHLFKDXVJDQ]EHVWLPPWHQ*UQGHQQLFKWZHQQ6LH YHUVWHKHQ© ª-DQDWUOLFK©'LH.|FKLQYHUVWDQGWURW]GHPQLFKW ª.|QQWHQ6LHGHQQDXIVFKOLHHQ"©IUDJWH&HOLQH ª,FKKDEHGHQ6FKOVVHOQLFKW© 'DVZDUGHU]ZHLWH7LHIVFKODJLQGHQOHW]WHQIQI0LQXWHQ&HOLQH ZLVFKWHVLFKEHUGLH6WLUQ6LHZXUGHVHKUEODXQGDXILKUHP*HVLFKW VDPPHOWHVLFK6FKZHL ª,VW,KQHQQLFKWJXW"©IUDJWHGLH.|FKLQ ª'RFKGRFK,FKKDWWHQXUGDPLWJHUHFKQHW© 'LHlOWHUH)UDXQLFNWHYHUVWlQGQLVYROOª0RPHQWLFKVHKHPDOHEHQ QDFK©6LHYHUVFKZDQGZLHGHULQGHU.FKHZlKUHQG&HOLQHYROOHU $QJVWZDUWHWH 'DQQNDPGLH.|FKLQ]XUFN,QGHU+DQGKLHOWVLHGHQ6FKOVVHO ª'HQKDEHLFKLQGHU-DFNHGHV+DXVGLHQHUVJHIXQGHQ,FKZXWHGRFK GDHULUJHQGZRVWHFNWH© ª(LQ*OFN©&HOLQHDWPHWHDXI ª:ROOHQ6LHELVQDFK*XQWHU"© ª'DLVWGRFKGHU%ULHINDVWHQ© ª'DQQEHHLOHQ6LHVLFK'DVVLQGGUHL.LORPHWHUXQG6LHPVVHQQRFK ]XUFN© ª,FKZHLDEHUHLQ$EHQGVSD]LHUJDQJZLUGPLUJXWWXQ© ª'DVLVWVFKRQPHKUHLQ1DFKWPDUVFK9LHO*OFNDXIMHGHQ)DOO )UlXOHLQ&HOLQH©

ª'DQNH© 'LH.|FKLQVFKORGLH7U&HOLQH:DOGDWPHWHHUVWHLQPDOWLHIGXUFK DOVVLHYRUGHU%XUJVWDQG6LHSUHWHLKUH+DQGGRUWKLQZRXQWHUGHU %UXVWLKU+HU]VFKOXJ 'DVZDUKDUWJHZHVHQ,POHW]WHQ$XJHQEOLFNKDWWHVLHHVZLUNOLFK JHVFKDIIW &HOLQHVFKDXWHVLFKXP'LH%XUJODJLQHLQHP+RFKWDOXQGVWDQGDXI HLQHP3ODWHDXKRFKEHUGHP7DO+LQWHULKUVWLHJHQGLHVWHLOHQ:lQGH GHU'UHLWDXVHQGHULQGLH+|KHGHUHQREHUH.lPPHPLWHLQHUZHLHQ 6FKLFKWEHGHFNWZDUHQ'RUWODJGHUHZLJH6FKQHH =XU9RUGHUVHLWHKLQKDWWHPDQHLQHQIDQWDVWLVFKHQ%OLFNLQGDV7DOZR GLH2UWH*XQWHUXQG6DYRJQLQODJHQ'DVLFKGHU1HEHOLQ]ZLVFKHQIDVW DXIJHO|VWKDWWHVDK&HOLQHDXFKGLH/LFKWHUGLHZLHIHUQHKHOOH*UH]X LKUKHUEHUVFKLPPHUWHQ 9RQGHU%XUJ]XU6WUDHZDUHVQLFKWPDOZHLW(VJDEHLQHQ3IDGGHU VREUHLWZDUGDHUDXFK3ODW]JHQXJIU%XVVHRGHU/DVWZDJHQERW 'LHVHU:HJZXUGHGXUFK6FKUHLEHUV/HXWHLPPHUIUHLJHKDOWHQGHQQHU ZROOWHVHLQHQLOOXVWUHQ*lVWHQNHLQHDOO]XJURHQ6FKZLHULJNHLWHQ]X PXWHQ &HOLQH:DOGNDQQWHVLFKDXV$XFKLP'XQNHOQKDWWHVLHGHQ3IDG VFKQHOOJHIXQGHQ$OVGLH]XEHLGHQ6HLWHQZDFKVHQGHQ%lXPHLKUGLH 6LFKWDXIGLH%XUJQDKPHQGDDWPHWHVLHWLHIGXUFK-HW]WKDWWHVLH GLHHUVWH+UGHJHVFKDIIW 'RFK&HOLQHLUUWHVLFK6LHNRQQWHQLFKWZLVVHQGD*RUGRQ6FKUHLEHU VHLQH*lVWHGXUFKYHUVWHFNWDQJHEUDFKWH.DPHUDVEHUZDFKHQOLH,KP HQWJLQJQLFKWVXQGDXFKGLH)OXFKWVHLQHU6HNUHWlULQKDWWHHUEHPHUNW 6FKUHLEHUOlFKHOWHQXU(UYHUOLHGHQ.RQWUROOUDXPVFKORHLQH7UDXI XQGEHWUDWHLQ=LPPHUGDVSUDNWLVFKQXULKP]XU9HUIJXQJVWDQGXQG YRQNHLQHPDQGHUHQEHWUHWHQZHUGHQGXUIWH 'RUWWUDIHUVHLQH*HJHQPDQDKPHQ &HOLQHDKQWHYRQDOOGHPQLFKWV1DFKZLHYRUZDUVLHGHU0HLQXQJ XQEHREDFKWHWGLH%XUJYHUODVVHQ]XKDEHQ6LHKHW]WHGHQVFKPDOHQ:HJ KLQXQWHUXQGJHODQJWHDXIGLH6WUDHGLHNXU]YRU*XQWHULQGLH -XOLHUVWUDHHLQPQGHWHGLHYRQ&KXUQDFK6W0RULW]IKUW &HOLQHUDQQWHVRVFKQHOOZLHVHOWHQLQLKUHP/HEHQ6LHKDWWHIUKHU /HLFKWDWKOHWLNEHWULHEHQGDVPDFKWHVLFKQXQEHPHUNEDU,Q]ZLVFKHQ KlWWHQDQGHUHJHNHXFKWRGHU6HLWHQVWLFKHEHNRPPHQQLFKWVR&HOLQH6LH OLHIZLHHLQ8KUZHUNXQGVLHWUXJ]XP*OFNIODFKH6FKXKHLQGHQHQ VLHJXWUHQQHQNRQQWH /lQJVWZDUVLHLQ6FKZHLJHEDGHWDEHUXQHUPGOLFKVHW]WHVLHHLQHQ )XYRUGHQDQGHUHQ

,Q.HKUHQIKUWHGLH6WUDHKLQDE0DQFKPDONU]WH&HOLQHDE VSXUWHWHHLQIDFKGXUFKGHQ:DOGXQGWUDIGDQQZLHGHUDXIGLH6WUDH XPLKU]XIROJHQ 'RFKLKUH+lVFKHUODJHQEHUHLWVDXIGHU/DXHU6LHZDUHQQLFKWKLQWHU RGHUYRULKUVRQGHUQNDPHQDXVGHU/XIW*RUGRQ6FKUHLEHUV5HDNWLRQ ]HLJWHEHUHLWVLKUH)ROJHQ :HUDOV0HQVFKGHQ'lPRQHQKDOIGHPVWDQGHQVLHDXFKEHL6RZDU HVKLHUHEHQIDOOV .DXPKDWWH*RUGRQ6FKUHLEHUYRQGHU)OXFKWGHV0lGFKHQVEHULFKWHW GDUHDJLHUWHGHUZDKUH+HUUVFKHUGHU%XUJ 'HU6SXNOLHVHLQHQ'LHQHUQLFKWLP6WLFKXQGHUVFKLFNWHGLH:HVHQ DXVGLHIULKQNlPSIWHQ$XVGHQ'LPHQVLRQHQGHV6FKUHFNHQVZDUHQ GLH0RQVWHUPLWGHQ(FKVHQN|SIHQJHNRPPHQXQGVLHKRFNWHQDXI IOHGHUPDXVlKQOLFKHQ)OXJHFKVHQPLWODQJHQ6FKQlEHOQGLHVLFKZLH JHZDOWLJH'UDFKHQIOLHJHULQGLH/IWHVFKUDXEWHQ 6LHGUHKWHQLKUHHUVWHQ.UHLVH ,KUH%HIHKOHZDUHQNODU6XFKWXQGW|WHWVLH =XHUVWZDUHQGLH.UHLVHVHKUJURZHLOGLH:HVHQDOOHVEHREDFKWHQ PXWHQGDQQMHGRFKZXUGHQVLHHQJHUXQGVLHQlKHUWHQVLFKDOVJH ZDOWLJH6FKDWWHQGHUNOHLQHQ6WUDHEHUGLH&HOLQH:DOGLKUHU5HWWXQJ HQWJHJHQOLHI 1RFKDKQWHVLHQLFKWZHUGDXQWHUZHJVZDU6LHVDKGLH(FKVHQZHVHQ QLFKWXQGDXFKQLFKWGHUHQZHLWDXIJHULVVHQH0lXOHUGLHDQGLH 6FKQDX]HQYRQ.URNRGLOHQHULQQHUWHQ &HOLQHUDQQWHQXU'DVHLQ]LJHZDVVLHK|UWHZDUHQLKUH6FKULWWHXQG GHUHLJHQHNHXFKHQGH$WHP -HW]WPHUNWHVLHDXFKGLH$QVWUHQJXQJ/lQJVWNU]WHVLHQLFKWPHKU DEZHLOHV]XYLHO.UDIWNRVWHWH6LHOLHIDXIGHU0LWWHGHU)DKUEDKQXQG HVZDUPHKUHLQ7DXPHOQXQG:DQNHQ9RULKUHQ/LSSHQGDPSIWHGHU $WHPNDOWHU6FKZHLODJDXIGHP*HVLFKWDEHUGLH/LFKWHUGHU6WDGW ZDUHQQlKHUJHNRPPHQ 'LH+RIIQXQJZXFKV %LVVLHEHUVLFKHLQ5DXVFKHQK|UWH=XHUVWGDFKWH&HOLQHHVZlUHQ GLH%lXPHGRFKDOVVLHGHQ%OLFNKREGDVDKVLHGLHEHLGHQ6FKDWWHQ6LH EOLHEQLFKWVWHKHQ(VZlUHLKUDXFKQLFKWP|JOLFKJHZHVHQZHLOVLFKGLH %HLQHZLHYRQVHOEVWEHZHJWHQDEHUVLHVSUWHSO|W]OLFKGLH*HIDKU &HOLQHZDUIVLFK]XU6HLWH6LHILHOGDEHLQLFKW]X%RGHQVRQGHUQ SUDOOWHJHJHQGHQ+DQJUHFKWVGHU6WUDH'DIUWUDIGHU)OJHOGHV IOHGHUPDXVlKQOLFKHQ:HVHQVVLHQLFKWDEHUVLHNRQQWHGDV7LHUDXFK QLFKWDQHLQHU/DQGXQJKLQGHUQ &HOLQHHUVWDUUWHLQLKUHU)XUFKW(LQHUVWLFNWNOLQJHQGHU/DXWGUDQJDXV

LKUHU.HKOH6LHZDUIGHQ.RSIKHUXPXQGHUNDQQWHGDHLQ]ZHLWHV )OXJWLHUKLQWHULKUJHODQGHWZDU 0DQKDWWHVLHHLQJHNHVVHOW 'LH7LHUHWUXJHQ5HLWHU=ZHLVFKUHFNOLFKDQ]XVHKHQGH:HVHQPLWZHLW DXIJHNODSSWHQ(FKVHQPlXOHUQVWLHJHQYRQLKUHQ5FNHQ'LHVVDK &HOLQHWURW]GHU'XQNHOKHLW 'DZXWHVLHGDVLHYHUORUHQKDWWH 8QGGDEHLZDUGLH(LQPQGXQJ]XU-XOLHUVWDHQLFKWHLQPDO]HKQ 0HWHUHQWIHUQW =HKQ6FKULWWHQXU (LQHOlFKHUOLFKH'LVWDQ]IUVLHMHGRFKHLQH6WUHFNHZHLWHUDOVELV]XP 0RQG &HOLQH]LWWHUWHYRU$QJVW'LHVH:HVHQKDWWHVLHQLHJHVHKHQXQGDXFK QRFKQLHYRQLKQHQJHK|UWDEHUVLHZXWHGDVLHLP=XVDPPHQKDQJ PLW*RUGRQ6FKUHLEHUVWHKHQPXWHQ8QGVHOWVDPHUZHLVHGDFKWH&HOLQH QLFKWDQYHUNOHLGHWH0HQVFKHQVRQGHUQDQULFKWLJH0RQVWHU8QGDXFK GLH7LHUHPLWLKUHQODQJHQ6FKQlEHOQXQGGHQXQJHZ|KQOLFKHQ 6SDQQEUHLWHQGHU)OJHOGXUIWHHVHLQIDFKQLFKWJHEHQ'DVZDUHQ:HVHQ DXVGHP)DEHOUHLFKDXV0lUFKHQRGHU6DJHQZLH&HOLQHVLHLQLKUHU .LQGKHLWXQGIUKHQ-XJHQGJHOHVHQKDWWH 6LHGUHKWHGHQ.RSI $XFKGLH]ZHLWH%HVWLHZDUYRQLKUHP)OXJWLHUDEJHVWLHJHQ8QGEHLGH NDPHQMHW]WDXI&HOLQH:DOG]X 'DGUHKWHGDV0lGFKHQGXUFK7URW]GHU*HIDKUXQGWURW]LKUHU$QJVW ZDJWHVLHGHQ'XUFKEUXFK %HYRUGHU(FKVHQN|SILJHVLFKYHUVDKXQGHLQJUHLIHQNRQQWHZDU &HOLQHEHUHLWVDQLKPYRUEHL6LHPXWHQXUQRFKGDV7LHUSDVVLHUHQ GDQQZDUGHU:HJIUHL]XU6WUDH 'LHKHLH$QJVWEHHLQWUlFKWLJWHLKU6LFKWIHOG'LH6WUDHVFKLHQYRU LKUHQ$XJHQ:HOOHQ]XVFKODJHQVLHOLHIDEHUQRFKVFKQHOOHUZHLWHUXQG JODXEWHGHQ9RJHOSDVVLHUW]XKDEHQ 'HUOLHVLHDXFK 'DQQDOVVLHVFKRQYRUEHLZDUHUKREHUVLFKPLWHLQHPIDVWWUlJHQ )OJHOVFKODJ&HOLQHQDKPZDKUGDVLFKKLQWHULKUGLH/XIWEHZHJWH GUHKWHGHQ.RSIXQGZXUGHQRFKLQGHU%HZHJXQJYRP)OJHOJH WURIIHQ (VZDUHLQ+LHEGHUVLHQDFKYRUQXQGDXIGHQ6WUDHQEHODJVFKPHW WHUWH'HU$XISUDOOZDUVHKUKDUW&HOLQHNRQQWHHLQHQ6FKUHLQLFKWXQWHU GUFNHQ'DQQUROOWHVLHHLQSDDUPDOXPGLHHLJHQH$FKVHZHLOGLH 6WUDHEHUJDEIKUWHXQGSUDOOWHJHJHQHLQ+LQGHUQLVGDVVLHVWRSSWH &HOLQHKREGHQ%OLFN6LHZROOWHVHKHQZRJHJHQVLHJHSUDOOWZDU

(VZDUHQGLH%HLQHGHV(FKVHQN|SILJHQ ,QLKUVFKLHQGHU)DGHQ]X]HUUHLHQGHUVLHELVKHUQRFKDXIGHQ %HLQHQJHKDOWHQKDWWH'HU/HEHQVZLOOHLQ&HOLQHZXUGHDXVJHO|VFKWVLH JDEDXI 'LH(FKVHQN|SILJHQVWLHHQIDXFKHQGH/DXWHDXVGLHYRQDXVGHQ 0lXOHUQTXHOOHQGHQ5DXFKZRONHQEHJOHLWHWZXUGHQ*OHLFK]HLWLJ EHXJWHQVLHVLFKQDFKXQWHQ 1RFKHLQPDOULGDV0lGFKHQGLH$XJHQDXI6LHVDKGLHVFKUHFNOLFKHQ *HVLFKWHUGLFKWYRUVLFKXQGGDQQVSUWHVLHGLH*ULIIHXQG=lKQH EHUDOODP.|USHU (VZDUGDVOHW]WHZDVVLHPLWEHNDPHLQHJQlGLJH2KQPDFKWKLHOWVLH XPIDQJHQ $EHUDXFKGLH%HVWLHQZXUGHQDXIJHVFKUHFNWGHQQDXV5LFKWXQJ 7LHIHQFDVWHOQlKHUWHVLFKHLQ6FKHLQZHUIHUSDDU (LJHQWOLFKKLHHU&DUOR/HLGRFKPDQNDQQWHLKQQXUXQWHUGHP1DPHQ 'RQ&DUOR 7DJVEHUOHLWHWHHUHLQHQ6XSHUPDUNWHLQJHVXQGHV8QWHUQHKPHQ GHQQLQGHQ8UODXEVRUWHQYHUVRUJWHQVLFKLPPHUPHKU7RXULVWHQVHOEVW XQG&DUORV0DUNWZDUVRJXWVRUWLHUWGDPDQGRUWDOOHVILQGHQNRQQWH ZDVGDV8UODXEHUKHU]EHJHKUWH 1DFK)HLHUDEHQGNDPVHLQHJURH=HLW'DZXUGHDXV&DUORGHU'RQ &DUORRGHU/LHEOLQJGHU)UDXHQ(UYHUVWDQGHVDXVJH]HLFKQHWGLH 'DPHQ]XXQWHUKDOWHQZHQQVLHDOOHLQDQGHQ%DUVGHU+RWHOVVDHQ(U ZXWHDEHUDXFKLQWHUHVVDQW]XHU]lKOHQNDQQWHGLH*HJHQGZXWH EHUGLH0HQVFKHQ%HVFKHLGXQGEHULFKWHWHEHU6XFKDNWLRQHQQDFK DEJHVWU]WHQXQGYHUVFKWWHWHQ6NLIDKUHUQGHQQ&DUORJHK|UWHJOHLFK ]HLWLJQRFKGHU%HUJUHWWXQJDQ 'DZDUHLQEHNDQQWHU0DQQ,P2UWJLQJGLH.XQGHXPGDHUGLH )ODVFKHQGLHVHLQ+XQGWUXJXQGGHUHQ,QKDOWIUGLH*HUHWWHWHQ EHVWLPPWZDULPPHUVHOEVWOHHUWH 'RFKGDVKDWWHQRFKNHLQHUEHZHLVHQN|QQHQPDQPXQNHOWHQXU $QGLHVHP$EHQGKDWWH&DUORDOOHUGLQJVQRFKODQJH]XWXQJHKDEWXQG PXWHVFKOLHOLFKEHL(LQEUXFKGHU'XQNHOKHLWZLHGHUUDXV0DQYHU ODQJWHLQ%LYLRQDFKLKP(VJLQJXPHLQHQ/LHIHUYHUWUDJXQGGHQ ZROOWHVLFK&DUORQLFKWHQWJHKHQODVVHQ :HUGLH-XOLHUVWUDHNHQQWIUGHQLVWVLHLPPHUHLQH+HUDXVIRUGHUXQJ DQVHLQIDKUHULVFKHV.|QQHQ8QGGHUEUDXQKDDULJHKRFKJHZDFKVHQH &DUORPLWGHU+RUQEULOOHNDQQWHMHGH.XUYH]ZLVFKHQ&KXUXQG 6W0RULW]JHQDX

0LWVHLQHPVLOEHUIDUEHQHQHUMDJWHHUORVVFKQLWWGLH.XUYHQXQG IXKUDOVZROOWHHUHLQHQQHXHQ5HNRUGDXIVWHOOHQ (UNDPDXV/HQ]HUKHLGHKDWWHEDOG7LHIHQFDVWHOHUUHLFKWXQGUDVWHPLW XQYHUPLQGHUWHU*HVFKZLQGLJNHLWGXUFKGDVNOHLQHLP7DOOLHJHQGH gUWFKHQ'DQDFKJLQJHVZLHGHUKRFK 6HUSHQWLQHQ 'HU0HUFHGHVJDEVHLQ%HVWHV&DUORKLQWHUGHP6WHXHUJULQVWH6R PDFKWHLKPGDV)DKUHQ6SD 1DFKGHQ.XUYHQNDPHLQH*HUDGHGLHZHLWHUQDFK*XQWHUXQG 6DYRJQLQIKUWH'RQ&DUOR/LHEOLQJGHU)UDXHQLPPLWWOHUHQ$OWHU NLW]HOWHGDV*DVSHGDO(UEOHQGHWHDXIZHLOGLH6WUDHYRULKPOHHUZDU ZLHGLH*HOGE|UVHHLQHVDUPHQ$XWRUV 'HU:DJHQEHNDPQRFKPDO6FKXE 'LH6FKHLQZHUIHUZDUIHQLKUHJOHLHQGH)OXWDXIGLH6WUDH&DUOR NRQQWHYHUKlOWQLVPlLJZHLWVHKHQ5XKLJVDHUKLQWHUGHP/HQNUDG 3DVVLHUWZDUHLJHQWOLFKQRFKQLHHWZDVQXUHLQPDOKlWWHHUIDVWHLQHQ =XVDPPHQVWRPLWGHP3RVWEXVJHKDEWGRFKGDVZDUDXIGHU 1HEHQVWUHFNHQDFK'DYRVJHZHVHQ 8QGGDQQVDK&DUORGDV+LQGHUQLV (VODJIDVWPLWWHQDXIGHU6WUDHXQGHUEHPHUNWHDXFKZLH]ZHL 6FKDWWHQLQGLH/XIWVWLHJHQXQGEOLW]VFKQHOOYHUVFKZDQGHQ 'RQ&DUOREUHPVWH 6WRWWHUQGQXUGHQQHLQH9ROOEUHPVXQJZROOWHHUQLFKWULVNLHUHQ =ZHLPDOMDXOWHQGLH5HLIHQWURW]GHP'HU)DKUHUVFKDIIWHHVVHLQHQ :DJHQYRUGHP+LQGHUQLV]XP6WHKHQ]XEULQJHQ 6FKRQOlQJVWKDWWHHUHUNDQQWGDHLQH)UDXDXIGHU6WUDHODJ %HZHJXQJVORV 'RQ&DUORNDQQWHVLFKDXV(UIXKUGHQ:DJHQUHFKWVUDQVFKDOWHWHGLH :DUQOHXFKWHHLQXQGVWLHGLH7UDXI 'UHL6FKULWWHEHQ|WLJWHHUGDQQJLQJHUQHEHQGHU)UDXDXIGLH.QLH QLHGHU 9RUVLFKWLJGUHKWHHUVLHDXIGHQ5FNHQª0HLQ*RWW©IOVWHUWHHUQXU DOVHULQGDVEOXWEHUVWU|PWH*HVLFKWVFKDXWH8QGHUZXWHVRIRUWGD KLHUQLFKWPHKUYLHO]XPDFKHQZDU 'LH)UDXOHEWHQRFK6LH|IIQHWHGHQ0XQGGHQQVLHPXWHJHPHUNW KDEHQGDVLFKMHPDQGXPVLHNPPHUWH6LHZROOWHHWZDVVDJHQXQG &DUOREUDFKWHVHLQ2KUGLFKWDQLKUH/LSSHQ ª'HUGHU%ULHI8QWHU3XOORYHU© 'LH:RUWHYHUVWDQG&DUORVHKUGHXWOLFKª:DVLVWPLWGHP%ULHI"© IUDJWHHUKDVWLJ (UHUKLHOWNHLQH$QWZRUWPHKU'LH)UDXZDUVRHEHQJHVWRUEHQ

'RQ&DUORZDUEODJHZRUGHQ(UGUFNWHLKUGLH$XJHQ]XIDWH XQWHUGHQ3XOORYHUXQGIDQGGHQ%ULHI'LH$GUHVVHZDU]XHUNHQQHQ 'DV6FKUHLEHQZDUDQHLQHJHZLVVH-DQH&ROOLQVDGUHVVLHUWGLHLQ/RQGRQ ZRKQWH&DUORVWHFNWHGHQ%ULHIHLQ(UKDWWHVLFKHQWVFKORVVHQLKQDE]X VFKLFNHQGHQQGHU%ULHIPXWHZLFKWLJVHLQ =XYRUPXWHHUGLH.DQWRQVSROL]HLDODUPLHUHQ'DVQlFKVWH7HOHIRQ EHIDQGVLFKQLFKWZHLWHQWIHUQW(LQJXWHU%HNDQQWHUYRQLKPEHVDGLFKW DP(LQJDQJGHV'RUIHVHLQH.RQGLWRUHL'HU0DQQKLH5LKPZXUGH DEHUQXU6LU$UFKLEDOGJHQDQQW 'HQNOLQJHOWH&DUORYRP)HUQVHKDSSDUDWZHJ ª'X"©IUDJWHGHUJUDXKDDULJH6LU$UFKLEDOGXQGKREEHUUDVFKWVHLQH $XJHQEUDXHQ ª-DLFK© ª:DVLVWORV"©6LU$UFKLEDOG5LKPJDEGLH7UIUHL ª,FKPXXQEHGLQJWWHOHIRQLHUHQ©'RQ&DUOREHULFKWHWHZLHHUGLH 7RWHJHIXQGHQKDWWH ª'DVLVWMDVFKUHFNOLFK©'HU.RQGLWRUZXUGHEODXQGULHIQDFKVHLQHU )UDX &DUORWHOHIRQLHUWHLQ]ZLVFKHQ$OVHUDXIOHJWHZXUGHHUPLW)UDJHQ EHVWUPW(UNRQQWHQXUGLH6FKXOWHUQKHEHQ ª'DQQLVWVLHYLHOOHLFKWDEJHVWU]W©YHUPXWHWH6LU$UFKLEDOGXQG VFKHQNWHHLQHQ3IOPOL6FKQDSVHLQ ª1HLQ© ª:LHVRQLFKW"© &DUORQDKPGDV*ODVXQGOHHUWHHVPLWHLQHP=XJª,FKKDEHYLHOH 0HQVFKHQJHVHKHQGLHYHUVFKWWHWJHZHVHQRGHUDEJHVWU]WVLQG'LH VDKHQDQGHUVDXV© ª8QGGLH)UDXKLHU"©IUDJWH5LKP ª7MDZLHVROOLFKVDJHQ"©&DUORKREGLH6FKXOWHUQXQGKLHOWVHLQ*ODV KLQXQGEHNDPQDFKJHVFKHQNWª$OVRGLHVH)UDXNDPPLUYRUDOVZlUH VLHYRQHLQHPZLOGHQ7LHU]HUULVVHQZRUGHQ-DZLUNOLFKYRQHLQHP ZLOGHQ7LHU© 'LH5LKPVVWDUUWHQLKQDXVJURHQXQJOlXELJHQ$XJHQDQ 'RQ&DUOROHHUWHDXFKGDV]ZHLWH*ODVDXIH[ *OHQGD3HUNLQVVDKLFKPHLQHQ%HZDFKHUDOOHUGLQJVQLFKW(UPXWHLP WRWHQ:LQNHOGHU7UJHODXHUWKDEHQ 0HLQH6HNUHWlULQVWDQGDOOHLQYRUGHU%DU'HQ:LUWVDKLFKLP +LQWHUJUXQG(UVDJWHNHLQ:RUWXQGYHUVFKZDPPSUDNWLVFKPLW GHU'XQNHOKHLW

,FKVFKOXFNWHª:HQQGDVNHLQHhEHUUDVFKXQJLVWGDQQZLOOLFKQLH PHKU*HLVWHUMDJHQ© ª(VWXWPLUOHLG©VDJWH*OHQGD ª8QGLKU.ODVVHQWUHIIHQ"©IUDJWHLFK ª'DVJLEWHVQLFKW© ª$EHU6LHKDEHQHVPLUHU]lKOW© ª1DWUOLFKXQGGDIUHQWVFKXOGLJHLFKPLFKDXFK,FKPXWH6LHMD LUJHQGZLHKLHUKHUEHNRPPHQ© ª,QGLH)DOOHORFNHQPHLQHQ6LH© 'DVFKWWHOWH*OHQGDKDVWLJGHQ.RSIª1HLQ-RKQVRLVWGDVQLFKW'D ZLOOQXUMHPDQGPLW,KQHQUHGHQ© ª'HUKDWPLUVRHEHQHLQH.DQRQHLQGLH6HLWHJHSUHW© ª'DVZDUQLFKWDEJHPDFKW© ,FKOlFKHOWH0HLQ=RUQZDUVFKRQYHUIORJHQª:HULVWHVGHQQ"© HUNXQGLJWHLFKPLFK ª(UKHLW3\NND© ª.HQQHLFKQLFKW© ª(LQ'UXLGH© 2K-HW]WZXUGHHVLQWHUHVVDQW'DPLWKDWWHLFKZLUNOLFKQLFKWJH UHFKQHWª:LUNOLFKHLQ'UXLGH":LHNRPPHQ6LHDQLKQ*OHQGD"© ª(UKDWVLFKEHLPLUJHPHOGHWXQGZROOWHPLW,KQHQUHGHQ,FKVDJWH LKPHUVROOHLQ,KU%URNRPPHQDEHUGDVZROOWHHUQLFKW(UKDWWHHLQHQ DQGHUHQ3ODQGHPLFKVFKOLHOLFK]XVWLPPWHDOVHVLKPJHODQJPLFK]X EHUUHGHQ© ª8QGMHW]WVWHKWHUKLQWHUPLU"© ª-D© ,FKVDKNHLQHQ*UXQGPHKUZHLWHUKLQVWDUUDXIGHP)OHFN]XVWHKHQ XQGGUHKWHGHQ.RSI 9HUGDPPWLFKVDKLKQQLFKWDEHUGHU'UXFNDQPHLQHU+IWHYHU VFKZDQGSO|W]OLFK(LQHQ/LGVFKODJVSlWHUJHULHW3\NNDLQPHLQ 6LFKWIHOG'HU'UXLGHZDUZLUNOLFKOXVWLJDQ]XVHKHQGRFKLFKKWHWH PLFKLKQ]XXQWHUVFKlW]HQ$XFK0\[LQGHU0DJLHUZDUNOHLQ'LHVHU KLHUHUUHLFKWHLKQDQ*U|HDOOHUGLQJVQLFKW3\NNDZDUYRQ]ZHUJ KDIWHP:XFKVKDWWHODQJH$UPHXQGHLQHQEHUJURHQ.RSI'LH .OHLGXQJKDWWHHUVLFKHUOLFKLUJHQGZRJHIXQGHQGHQQVRVDKVLHDXV 'LH:DIIHKLHOWHUQRFKLPPHUIHVWDOOHUGLQJVVHQNWHHUMHW]WGHQ/DXI VRGDHU]X%RGHQZLHV ª6WHFNHQ6LHGLH3XVWHOLHEHUJOHLFKZHJ©ZLHVLFKLKQDQ (UOHJWHGHQ.RSIVFKLHIª'DQQZROOHQ6LHPLWPLUUHGHQ *HLVWHUMlJHU"© ª:HQQLFKVFKRQPDOKLHUELQ©

*OHQGDIUDJWHª6LHPDFKHQPLUDXFKNHLQH9RUZUIH-RKQGDLFK6LH DQGHU1DVHKHUXPJHIKUWKDEH"© ª:DUXPVROOWHLFK"© ª'DQQLVWHVJXW© ª:LUN|QQWHQXQVVHW]HQ©VFKOXJLFKYRUª,P6WHKHQUHGHLFKQLFKWVR JHUQ© *OHQGDXQG3\NNDIROJWHQGHU$XIIRUGHUXQJ$QHLQHP7LVFKQDKPHQ ZLU3ODW](QGOLFKWUDXWHVLFKDXFKGHU:LUWZLHGHUKHUYRUXQGIUDJWH ZDVZLUWULQNHQZROOWHQ,FKQDKPHLQ%LHU*OHQGDHEHQIDOOVQXU3\NND WUDQNQLFKWV *OHQGDEDWXPHLQH=LJDUHWWH,FKJDELKUHLQHXQGVWHFNWHPLUDXFK HLQ6WlEFKHQDQª1XQNRPPPDO]XU6DFKH'UXLGH©VDJWHLFKXQG VFKDXWHLKQVFKDUIDQ (UQLFNWHª1RUPDOHUZHLVHPWHQZLU)HLQGHVHLQ©HUNOlUWHHUª$EHU JHZLVVH8PVWlQGH]ZLQJHQPLFKGD]XPLWGLU]XUHGHQXQGHLQH$UW :DIIHQVWLOOVWDQG]XVFKOLHHQ©(UVSLHOWHPLWVHLQHQ)LQJHUQEHYRUHU ZHLWHUVSUDFK'DQQEHULFKWHWHHUYRQGHU6HHOHQEXUJXQGZDVLKP ZLGHUIDKUHQZDU'DHUGLH%XUJLQGHU6FKZHL]EHVHW]WJHKDOWHQGRFK QLFKWJHZXWKDWWHGDGLHVH%XUJHLQ5HIXJLXPGHV6SXNVJHZHVHQ ZDU0DQZROOWHLKQW|WHQ0DGGR[KDWWHVFKRQGDV8UWHLOJHVSURFKHQ GRFKHUZDUHQWNRPPHQ ª6LHKDEHQPLFKQRFKQLFKWHUZLVFKW©HUNOlUWHHUPLUª8QGLFKKRIIH DXFKGDHVVREOHLEW© ª$EHUVLHPDFKHQ-DJGDXIGLFK© ª'DVVWHKWIHVW© ª8QGZDVVROOLFKEHLGHU6DFKHWXQ"© 6HLQHJURHQ$XJHQUROOWHQSO|W]OLFKLQGHQ+|KOHQ,FKVDKVLHIHXHU URWOHXFKWHQ'HU:LUWGHUGLH*HWUlQNHEUDFKWHHUVFKUDNDOVHUGHQ 'UXLGHQVDK ª)DKUKLQ*HLVWHUMlJHU9LHOOHLFKWEHNRPPVWGXGLH&KDQFHGHQ6SXN ]XYHUQLFKWHQ© ª,VWGLH%XUJGHQQOHHU"© ª:HLLFKQLFKW(VLVWHLQLJH:RFKHQKHUVHLWLFKVLHYHUODVVHQKDEH© ª8QGZRNDQQLFKVLHILQGHQ"© 'HU'UXLGHQDQQWHPLUGLHLQGHU1lKHOLHJHQGHQ2UWVFKDIWHQ ,QGHU6FKZHL]KDWWHLFKVFKRQ8UODXEJHPDFKWXQGNDQQWHPLFK HLQLJHUPDHQDXV 3\NNDEOLFNWHPLFKJHVSDQQWDQ,FKWUDQNHLQHQ6FKOXFNYRQPHLQHP %LHU ª:LUVWGXIDKUHQ*HLVWHUMlJHU"© ª'DVLVWGXUFKDXVP|JOLFK©

ª'DQQZDUPHLQ%HVXFKGRFKQLFKWXPVRQVW©VW|KQWHHU ,FKPXWHJULQVHQª5DIILQLHUWUHLQJHOHJWKDEWLKUPLFKWURW]GHP© VDJWHLFK *OHQGDOHJWHPLULKUH+DQGDXIGHQ$UPª:LHNDQQLFKGDVZLHGHU JXWPDFKHQ"©IUDJWHVLH ª'DUEHUUHGHQZLUVSlWHU© 6LHZXUGHGRFKOHLFKWURW,FKGDFKWHGDUEHUQDFKRELFKPLUHLQH 5HLVHHUODXEHQNRQQWHGRFKPRPHQWDQODJKLHULQ/RQGRQNHLQ)DOODQ 8QG6LU-DPHV3RZHOO6XSHULQWHQGHQWXQGPHLQ&KHIZUGHPLU VLFKHUOLFKGLH=XVWLPPXQJJHEHQ6FKOLHOLFKZDUGHU6SXNHLQ*HJQHU GHQPDQHLQIDFKEHNlPSIHQXQGZHQQHVJLQJDXFKYHUQLFKWHQPXWH (UZDUGHU+HUULP5HLFKGHU6FKDWWHQ:HQQLFKGDQQ0DGGR[DOV %HLJDEHNULHJHQN|QQWHZlUHGDVJDUQLFKWVRYHUNHKUW ª:LOOVWGXDOOHLQIDKUHQ"©IUDJWHPLFKGHU'UXLGH ª9LHOOHLFKWQHKPHLFK6XNRPLW© ª'DVZlUHQLFKWVFKOHFKW© ª8QGGX"© 'HU'UXLGHOlFKHOWHXQGVFKLHQQRFKNOHLQHU]XZHUGHQ(UNRQQWH RKQHKLQNDXPEHUGHQ7LVFKVFKDXHQª,FKZHUGHPLFKLUJHQGZRYHU NULHFKHQZHQQHVJHKW© ª1LFKWLQGHU1lKHGHU%XUJ"© ª1HLQQHLQGDZUGHQVLHPLFKVRIRUWDXIVSUHQ'DVNDQQLFKQLFKW ULVNLHUHQ© ,FKZLQNWHGHQ:LUWKHUDQXP]X]DKOHQ(LJHQWOLFKZDUDOOHVJHVDJW 0LWZHLWHUHQ,QIRUPDWLRQHQNRQQWHPLU3\NNDQLFKWGLHQHQ'HU:LUW HUVFKLHQLFKEHJOLFKGLH5HFKQXQJXQGZLUVWDQGHQDXI=XHUVWVFKRE VLFK3\NNDYRP7LVFKZHJ*OHQGDIROJWHLFKPDFKWHGHQ6FKOX 3\NNDXQG*OHQGDVFKULWWHQEHUHLWVDXIGHQ9RUKDQJ]XDOVGLHVHU]XU 6HLWHJHULVVHQZXUGH'LHEHLGHQ*HVWDOWHQVDKHQZLUJOHLFK]HLWLJ (VZDUHQHFKVHQN|SILJH:HVHQPLWPHQVFKOLFKHQ8QWHUN|USHUQXQG LQGHQ+lQGHQKLHOWHQVLHIODPPHQGH/DQ]HQ :LUGUHLZXUGHQY|OOLJEHUUDVFKW %HYRULFKMHGRFKPHLQH%HUHWWDDXVGHU0DQWHOWDVFKH]LHKHQNRQQWH UHDJLHUWHGHUHUVWH(LQGULQJOLQJXQGVFKOHXGHUWHVHLQHIHXULJH/DQ]H (LQEUHQQHQGHU6FKZHLIUDVWHDXI3\NND]XGHUZLHHUVWDUUWDXIGHP )OHFNVWDQGXQGQLFKWZHJNDP$OVHUHVGDQQYHUVXFKWHZDUHVVFKRQ ]XVSlW 'LH/DQ]HWUDIYROO 3\NNDZXUGH]XUFNJHVFKOHXGHUWILHOJHJHQGHQ7LVFKKREGLH$UPH

XQGNUDOOWHEHLGH+lQGHXPGHQDXVGHU%UXVWUDJHQGHQ6FKDIW$XV VHLQHPDXIJHULVVHQHQ0XQGGUDQJHQlFK]HQGH/DXWH(UEUDFKLQGLH .QLHXQGILHO]X%RGHQ ,FKK|UWHGDV=LVFKHQXQGYHU]RJGDV*HVLFKW'DV]ZHLWH0RQVWHU KDWWHEHUHLWVGHQ$UPJHKREHQ(VZROOWHVHLQH:DIIHHEHQIDOOVDXIGLH 5HLVHVFKLFNHQXQGVHLQ=LHOZDUHQWZHGHU*OHQGD3HUNLQVRGHULFK 0LWHLQHPZXFKWLJHQ6WRIHJWHLFK*OHQGDYRQGHQ%HLQHQ,FKPXWH VRKDUWUHDJLHUHQZHQQLFKLKU/HEHQUHWWHQZROOWH6LHILHODXI]ZHL 6WKOHXQGGHU:LUWEHJDQQ]XVFKUHLHQ 'LH/DQ]HDEHUZXUGHQLFKWJHZRUIHQ,POHW]WHQ$XJHQEOLFNKDWWHGHU +|OOHQERWHLQQHJHKDOWHQ 6WDWWGHVVHQGUHKWHHUVHLQHQ.|USHUXQGVXFKWHPLFKDOV=LHODXV 'DNDPHUJHQDXDQGHQULFKWLJHQ,FKKDWWHPHLQH%HUHWWDHQGOLFKDXV GHU0DQWHOWDVFKHXQGVFKRSUDNWLVFKDXVGHU+IWH9HUIHKOHQNRQQWH LFKGDV:HVHQQLFKWGDIUVWDQGHVPLU]XQDKH 6FKUlJKLHEGLHJHZHLKWH6LOEHUNXJHOLQGHQ(FKVHQNRSI'LH)ROJHQ ZDUHQIUGDV0RQVWHUYHUKHHUHQG6HLQUHFKWHU$UPPLWGHUODQJHQ NUDOOHQEHZHKUWHQ+DQGEOLHELQGHU/XIWKlQJHQGDQQZXUGHGHU KlOLFKH6FKlGHOEXFKVWlEOLFK]HUULVVHQXQGJUDXJUQH:RONHQTXROOHQ lW]HQGGDUDXVKHUYRU 'DVZDUJHVFKDIIW 6RIRUWZDQGWHLFKPLFKGHP]ZHLWHQ0RQVWHU]X'DVVWHOOWHHV VFKODXHUDQ(VZDUVFKRQXQWHUZHJV,FKNDPQLFKWPHKUUHFKW]HLWLJ ZHJXQGNDVVLHUWHHLQHQ6FKODJJHJHQGHQUHFKWHQ$UPGHULKQIDVW OlKPWHXQGPLFKXPGLHHLJHQH$FKVHUL 'DV:HVHQKlWWHMHW]WGLH&KDQFHJHKDEWVLFKDXIPLFK]XZHUIHQ GRFKHVGDFKWHQXUDQVHLQH)HXHUODQ]H0LWHLQHP*ULIIULHVGLH:DIIH DXVGHU%UXVWGHVWRWHQ'UXLGHQXQGIXKUKHUXP ,FKGXFNWHPLFKXQGVSUDQJJOHLFK]HLWLJ]XU6HLWH=XP*OFNKDWWHQ *OHQGDXQGGHU:LUWKLQWHUGHU7KHNH'HFNXQJJHIXQGHQXQGEHIDQGHQ VLFKLQUHODWLYHU6LFKHUKHLW ,FKVFKQDSSWHPLUGLH]ZHLWH/DQ]HEHYRUGDV0RQVWHU]XVWRHQ NRQQWH 'DQQVFKOHXGHUWHLFKVLH$OOHUGLQJVPLWGHPOLQNHQ$UP,FKELQ 5HFKWVKlQGHUXQGGLHJHIlKUOLFKH:DIIHIXKUDP.|USHUGHV(FKVHQ N|SILJHQYRUEHL=ZLVFKHQ]ZHL)HQVWHUQWUDIVLHGLH:DQGSUDOOWHDE XQGEOLHEVFKUlJDXIHLQHP7LVFKOLHJHQ 0LVW 0HLQ*HJQHUOLHHVQLFKW]XGDLFKGLH%HUHWWDYRQGHUUHFKWHQLQGLH OLQNH+DQGZHFKVHOWH'LH=HLWJDEHUPLUQLFKW,FKEUDFKWHPLFKPLW HLQHPJHZDOWLJHQ6SUXQJLQ6LFKHUKHLWILHO]ZLVFKHQ6WKOHZDUIVLHXP

XQGULDXFKHLQHQ7LVFKPLWGHUPLU6HNXQGHQVSlWHUDOV'HFNXQJ GLHQWH 6LFKHUKHLWVKDOEHUUXWVFKWHLFKHLQ6WFN]XUFN'DVZDUPHLQ*OFN GHQQGLHPLW:XFKWJHVFKOHXGHUWH)HXHUODQ]HERKUWHVLFK]ZDULQGLH 7LVFKSODWWHDEHUVLHIUlVWHDXFKKLQGXUFKXQGKlWWHPLFKQRFKJHWURIIHQ ZHQQLFKDXIGHU6WHOOHJHEOLHEHQZlUH ,FKVFKULHDXI (VZDUHLQH/LVWDXIGLHGHU+|OOHQERWHKRIIHQWOLFKKHUHLQIDOOHQ ZUGH (LQWULXPSKLHUHQGHV)DXFKHQGUDQJDQPHLQH2KUHQ'DQQNDPHU VHOEVWXPUXQGHWHGHQ7LVFKKLHOWGLH]ZHLWH/DQ]HGLHHUDXIJHKREHQ KDWWHZXUIEHUHLWXQGVFKDXWHJHQDXLQGLH3LVWROHQPQGXQJGHU %HUHWWD 0HLQ6FKXEHUW|QWHVHLQHQ6FKUHL 'DVJHZHLKWH6LOEHUJHVFKRULLKQI|UPOLFKYRQGHQ%HLQHQ(U VFKOXJKDUWDXIZDUIVLFKHLQSDDUPDOKLQXQGKHUXQGDXVVHLQHU%UXVW GUDQJGHUJUDXJUQHQDFK6FKZHIHOVWLQNHQGH5DXFK (UZDUJHVFKDIIW ,FKHUKREPLFK,QPHLQHQUHFKWHQ$UPNHKUWHDOOPlKOLFKGDV*HIKO ]XUFN,FKNRQQWHLKQZLHGHUQRUPDOEHZHJHQ +LQWHUGHU%DUVDKLFKGLHEODVVHQ*HVLFKWHUYRQ*OHQGDXQGGHP :LUW,FKQLFNWHEHLGHQ]Xª(VLVWYRUEHLLKUN|QQWYRUNRPPHQ© 6LFKHUKHLWVKDOEHUVFKDXWHLFKKLQWHUGHP9RUKDQJQDFKGRFKNHLQ ZHLWHUHV0RQVWHUKLHOWVLFKGRUWDXI'LHEHLGHQKDWWHQNHLQH9HU VWlUNXQJPLWJHEUDFKW 'DQQ|IIQHWHLFK]ZHL)HQVWHU.KOHUH/XIWPLW1HEHOYHUPLVFKW GUDQJLQGHQ6FKDQNUDXP'HU:LUWMDPPHUWHQDFKGHU3ROL]HL(UWDWHV VRODQJHELVLFKLKPPHLQHQ$XVZHLV]HLJWH'DZXUGHHUUXKLJ ª8QG6LHZHUGHQEHUGLHVHQ9RUIDOOVFKZHLJHQ©VDJWHLFKLKP (UQLFNWHKHIWLJ *OHQGDVWDQGQHEHQGHPWRWHQ'UXLGHQª(LJHQWOLFKZDUHUPLU V\PSDWKLVFK©VDJWHVLH ,FKKREGLH6FKXOWHUQª(UVXFKWH9HUEQGHWHDEHUJODXEHQ6LHQXU QLFKWGDHUHLQ)UHXQGGHU0HQVFKHQJHZRUGHQZlUH(ULVWHLQ 'lPRQ6HKHQ6LH©,FKGHXWHWHDXIGLH:XQGHLQGHU%UXVW*UQHV%OXW TXROOGDUDXVKHUYRU ª0\[LQLVWGRFKDXFKNHLQ0HQVFK©YHUWHLGLJWH*OHQGDLKUH0HLQXQJ ª(ULVWHEHQGLH$XVQDKPHYRQGHU5HJHO© 9RQGHQEHLGHQ0RQVWHUQZDUQLFKWVEULJJHEOLHEHQ6LHKDWWHQVLFK Y|OOLJDXIJHO|VW$XFKYRQGHP'UXLGHQEOLHEQXUHLQHGLFNHJUQH )OVVLJNHLW]XUFN

ª8QGMHW]WIDKUHQ6LHLQGLH6FKZHL]"©IUDJWHPLFK*OHQGD ª1RFKQLFKW(UVWHLQPDOEULQJHLFK6LHQDFK+DXVHGDQQPXLFKPLW 6XNRXQGGHP$OWHQUHGHQ© ,FKVSUDFKQRFKHLQPDOPLWGHP:LUWXQGVFKlUIWHLKPDEHUPDOVHLQ GDHUEHUGLHVH9RUJlQJHGHQ0XQG]XKDOWHQKDWWH (UYHUVSUDFKHVPLUKRFKXQGKHLOLJ *OHQGDXQGLFKYHUOLHHQGDV5HVWDXUDQW$XFKDXIGHU6WUDH VFKDXWHLFKPLFKQDFKHYHQWXHOOHQ*HJQHUQXPVDKDXHU1HEHOMHGRFK QLFKWV(LQ:DJHQIXKUODQJVDPDP/RNDOYRUEHL:LHHLQJLJDQWLVFKHU 6FKDWWHQYHUVFKZDQGHULP*UDXGHV1HEHOV 0HLQHQ%HQWOH\KDWWHQLHPDQGDQJHUKUW,FKVWDUWHWHXQGUROOWHODQJ VDPDQ*OHQGDZDU]LHPOLFKVFKZHLJVDP:DKUVFKHLQOLFKKDWWHVLHHLQ VFKOHFKWHV*HZLVVHQ ,FKEHUXKLJWHVLHDEHUVLHZROOWHQLFKWK|UHQª,FKKlWWHGDVQLFKWVR PDFKHQGUIHQ0LULVWY|OOLJVFKOHLHUKDIWZDVGDLQPLFKJHIDKUHQLVW© ª9LHOOHLFKWKDWGHU'UXLGH6LHEHHLQIOXW© *OHQGDVWDXQWHª*ODXEHQ6LHGDVZLUNOLFK"© ª-D©%HLGLHVHU$QWZRUWORJLFKQLFKWHLQPDO,FKNRQQWHPLUVHKUJXW YRUVWHOOHQGDGHU'UXLGHVHLQH.UlIWHHLQJHVHW]WKDWWHXP*OHQGDLQ VHLQHJHLVWLJH*HZDOW]XEULQJHQ (LQH6WXQGHVSlWHUKDWWHQZLULKUH:RKQXQJHUUHLFKW*OHQGD]HLJWH VLFKVHKUEHVRUJWXQGJDEPLU]DKOUHLFKH5DWVFKOlJHPLWDXIGHQ:HJ ,FKEHGDQNWHPLFKOlFKHOQG 'DQQIXKULFK]XP

6LHWUXJQRFKGHQ7HQQLVGUHKDWWHDEHUHLQHQOHLFKWHQ6WULFNPDQWHO GDUEHUJHZRUIHQ'DV+DDUZDUKRFKJHEXQGHQXQGZXUGHYRQ HLQHPNQDOOURWHQ%DQGJHKDOWHQ =ZHL(LQODGXQJHQDQGLH%DUGHV&OXEKDXVHVKDWWHVLHDEJHOHKQWZHLO VLHDQGLHVHP$EHQGJHUQDOOHLQVHLQZROOWHXPHQGOLFKHLQSDDU%OLFNH LQELVKHUQRFKQLFKWJHOHVHQH%FKHU]XZHUIHQ$QVRQVWHQZROOWHVLH IUK]X%HWWJHKHQGHQQDPQlFKVWHQ0RUJHQKDWWHVLHHLQH9HU DEUHGXQJPLWHLQHP.OLHQWHQ ,KU1DPH-DQH&ROOLQV %HUXI3ULYDWGHWHNWLYLQ 'HU9:PLWGHPKRFKJH]FKWHWHQ0RWRUIDQGLQGHU7LHIJDUDJH VHLQHQ3ODW]XQGDOV-DQHLKUH:RKQXQJEHWUDWVWHOOWHVLHVLFKHUVWXQWHU GLH'XVFKH'DV6SLHOKDWWHVLHJHIRUGHUWXQGVLHlUJHUWHVLFKYHUORUHQ ]XKDEHQ'RFKGHP3DUWQHUKDWWHVLHMHW]WVFKRQELWWHUH5HYDQFKH JHVFKZRUHQ ,P+DXVPDQWHOYHUOLH-DQHGHQ'XVFKUDXPXQGVDKHUVWMHW]WZLHGHU GLH3RVWGLHVLHPLWKRFKJHEUDFKWKDWWH6LHQDKPGLH%ULHIHPL[WHHLQHQ OHLFKWHQ/RQJGULQNXQGVFKDXWHGLH6FKUHLEHQGXUFK =ZHL5HFKQXQJHQHLQH$QVLFKWVNDUWH5HNODPHVHQGXQJHQXQGHLQ %ULHIDXVGHU6FKZHL] -DQHEHUOHJWH6LHVFKDXWHDXIGHQ$EVHQGHUXQGODVGHQ1DPHQ &HOLQH:DOG )DOWHQELOGHWHQVLFKDXI-DQHV6WLUQ&HOLQHMDLUJHQGZRKDWWHVLHGHQ 1DPHQEHUHLWVJHK|UWXQGGDILHOHVLKUDXFKVFKRQHLQ 7XQHVLHQGHU6WUDQGGLH8UODXEVEHNDQQWVFKDIWGLH6SD]LHUJlQJH GXUFKGLH%DVDUH'DZDU&HOLQHLPPHUPLWJHJDQJHQ6LHKDWWHQVLFK EHLP$EVFKLHGDXFKYHUVSURFKHQLQ9HUELQGXQJ]XEOHLEHQDEHUPDQ YHUJDHLQDQGHUVHKUVFKQHOO -DQHKDWWHHLQULFKWLJVFKOHFKWHV*HZLVVHQDOVVLHGHQgIIQHUQDKP XQGGDV.XYHUWDXIVFKOLW]WH (VZDUHLQODQJHU%ULHIhEHUVHFKV6HLWHQ]RJHUVLFKKLQ&HOLQH:DOG PXWHLKQLQJURHU(LOHJHVFKULHEHQKDEHQGHQQPDQFKPDOIHKOWHQ %XFKVWDEHQRGHUJDQ]H:|UWHU$EHUGHU%ULHIVHOEVWKDWWHGLH%ULVDQ] HLQHU%RPEHXQG-DQH&ROOLQVODVLKQ]ZHLPDO:HQQGDVVWLPPWHZDV &HOLQHGDJHVFKULHEHQKDWWHGDQQJHVFKDKLP.DQWRQ*UDXEQGHQHLQH XQJHKHXUH6FKZHLQHUHL:LHPLWHLQHP0HLHOJHVFKODJHQVRKDWWHVLFK HLQ1DPHLQ-DQHV*HKLUQIHVWJHVHW]W *RUGRQ6FKUHLEHU *HK|UWKDWWHVLHGHQ1DPHQVFKRQGHQQGHU.RQ]HUQYHUNDXIWH 0LOFKSURGXNWH'DVILQJEHLGHU.XKPLOFKDQJLQJEHUGHQ.lVHELV KLQ]XP-RJKXUW

'LHVHP%ULHIQDFK]XXUWHLOHQVROOWH6FKUHLEHUGHU0DQQVHLQGHU HLQHPVRVFKOLPPHQ+REE\IU|QWH 6FKZDU]H0HVVHQ 'DVZDUQLFKWQXUHWZDVIU-DQH&ROOLQVVRQGHUQDXFKIU-RKQ 6LQFODLU6LHYHUVXFKWHLKQ]XHUUHLFKHQGRFKEHL-RKQKREQLHPDQGDE (UZDUQLFKWGD6LHIDQGLKQDXFKQLFKWLP%UR'LH7HOHIRQLVWLQDQGHU $QPHOGXQJHUNOlUWHLKUGD-RKQ]XVDPPHQPLWVHLQHU6HNUHWlULQGDV +DXVYHUODVVHQKDEH ª'DQNH©-DQHOHJWHDXIXQGVSUWHHLQHQNOHLQHQ6WLFK1LFKWGDVLH HWZDVJHJHQ*OHQGD3HUNLQVJHKDEWKlWWHDEHUGLHVFKZDU]KDDULJH 3HUVRQZDUVHKUDWWUDNWLYXQGNRQQWHHLQHQ0DQQVFKRQOHLFKWHLQ ZLFNHOQ ,QGHQQlFKVWHQ0LQXWHQHQWIDFKWH-DQHHLQHILHEHUKDIWH$NWLYLWlW6LH ULHIDP)OXJKDIHQDQXQGHUNXQGLJWHVLFKQDFKGHPQlFKVWHQ)OXJLQ 5LFKWXQJ=ULFK 'DZDUHUVWHLQPDOQLFKWV]XPDFKHQZHJHQGHV1HEHOV*HJHQ $EHQGMHGRFKVROOWHGLH1DFKPLWWDJVPDVFKLQHVWDUWHQYRUDXVJHVHW]W GHU1HEHOKDWWHVLFKDXIJHO|VW -DQHEXFKWHHLQHQ3ODW] 6LHSDFNWHGDV1|WLJVWH]XVDPPHQULHIQRFKHLQPDOEHL-RKQ6LQFODLU DQEHNDPDEHUNHLQH9HUELQGXQJXQGDXFK6XNRZXWHQLFKWZRHU VWHFNWH 'DEHVWHOOWHVLHHLQ7D[LXQGOLHVLFK]XP)OXJKDIHQEULQJHQ)UGLH 6WUHFNHEUDXFKWHGHU)DKUHUIDVWGLHGUHLIDFKH=HLWZLHEHLQRUPDOHP :HWWHU -DQHPXWHZDUWHQ=XVDPPHQPLWDQGHUHQ3DVVDJLHUHQGLHWUEHDXI GDV5ROOIHOGVFKDXWHQZRQDFKZLHYRUGHU1HEHOODJ$EHUGLH6FKOLHUHQ ZDUHQGQQHUJHZRUGHQXQGHVJDEHLQSDDUIUHLH)OHFNH.XU]YRU ]ZDQ]LJ8KUZXUGHGHU)OXJDXIJHUXIHQ :HQLJVSlWHUEHIDQGVLFK-DQHLQGHU/XIW'LH'HWHNWLYlQKDWWHJXWH 1HUYHQ6LHVFKORGLH$XJHQXQGVFKOLHIHLQ6LHZXUGHZDFKDOVVLH VLFKEHUGHP6FKZHL]HU/XIWUDXPEHIDQGHQ -DQHEHVWHOOWHVLFKQRFKHLQHQ6DIWXQGKDWWHGDV*ODVNDXPJHOHHUW DOVVLFKGLH3DVVDJLHUHEHUHLWVDQVFKQDOOHQPXWHQ8QWHUGHU0DVFKLQH IXQNHOWHQGLH/LFKWHUYRQ=ULFKXQGGHVVHQ)OXJKDIHQ.ORWKHQ %XWWHUZHLFKODQGHWHGHU-HW 'LH3DNRQWUROOHQOLHIHQQRUPDODE,QGHU1DFKWZROOWH-DQHQLFKW PHKUZHLWHU,Q%DKQKRIVQlKHQDKPVLHVLFKHLQ+RWHO]LPPHUDHLQH .OHLQLJNHLWXQGOHJWHVLFKGDQQKLQ :LHGHUVFKOLHIVLHIHVW$PDQGHUHQ0RUJHQZDUVLHIUKDXIGHQ %HLQHQ*HUQKDWWHVLHQRFKHLQHQ%XPPHOEHUGLH%DKQKRIVWUDH

KLQXQWHU]XP6HHJHPDFKWGRFKGLH=HLWGUlQJWH6LHEHVRUJWHVLFK HLQHQ/HLKZDJHQXQGIUKVWFNWHGDQQ $QVFKOLHHQGIXKUVLHDE 'HUJUQH*ROIZDUIUVLHJHQDXULFKWLJ,Q=ULFKEHJDQQGLH $XWREDKQQDFK&KXU/LQNVODJGHU6HH(LQHJUDXH)Ol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lJDXIHLQHQ %HUJJLSIHO]XZRHLQHNOHLQH6HLOEDKQKLQDXIIKUWH (LQHZXQGHUVFK|QH8UODXEVJHJHQGDEHU-DQHZDUJHNRPPHQXP]X DUEHLWHQ6LHEHQHLGHWHGLH0HQVFKHQGLHLQGHUEHU:DQGHUNOHLGXQJORV PDUVFKLHUWHQXQGGLH:HJHQDKPHQGLHKLQDXILQGLH%HUJHIKUWHQ 'DQQJLQJHVZLHGHUWDOZlUWV+LQHLQQDFK7LHIHQFDVWHO8QG VFKOLHOLFKHUUHLFKWH-DQHGHQNOHLQHQ2UW*XQWHUYRQGHP&HOLQHLQ LKUHP%ULHIJHVFKULHEHQKDWWH *DQ]LQGHU1lKHPXWHDXFKGLH%XUJOLHJHQ-DQHGURVVHOWHGLH *HVFKZLQGLJNHLWXQGUROOWHODQJVDPLQ*XQWHUHLQ(VZDUHLQVHKUPDOH ULVFKHVgUWFKHQYRUDOOHQ'LQJHQQLFKWVRDXI7RXULVPXVHLQJHULFKWHW VRQGHUQQRFKXUZFKVLJ6NLWRWDOJDEHVHUVWHLQSDDU.LORPHWHUZHLWHU LQ6DYRJQLQ 'HU2UWKDWWHSUDNWLVFKQXUHLQH6WUDH5HFKWVXQGOLQNVGHU6WUDH JUXSSLHUWHQVLFKGLH+lXVHU-DQHVDKDXFKDQGHQJUQHQVDIWLJHQ +lQJHQHLQLJH+RWHOVXQG3HQVLRQHQVWHKHQ 1XUGLH%XUJHQWGHFNWHVLHQLFKW

6LHIXKUELV]XU%XVKDOWHVWHOOHZRVLHLKUHQ:DJHQDEVWHOOWH -DQHVWLHJDXVXQGDWPHWHGLHNKOHIULVFKH%HUJOXIWHLQ6LHKDWWH EHVFKORVVHQVLFKGHQ2UWHLQZHQLJDQ]XVHKHQVFKOHQGHUWHEHUGLH 6WUDHXQGVDKGLH.LUFKHYRQ*XQWHU1LFKWZHLWHQWIHUQWZDUGHU )ULHGKRI 'RUWKDWWHQVLFKHLQLJH0HQVFKHQYHUVDPPHOW(VIDQGHLQH%H HUGLJXQJVWDWW -DQHVFKULWWGXUFKGDVNOHLQH7RUVDKGLHHUVWHQJHSIOHJWHQ*UlEHUXQG GLHVRUJIlOWLJJHKDUNWHQ:HJH6LHK|UWHGLH:RUWHGHV3ULHVWHUVGHUYRQ 7RG9HUJlQJOLFKNHLWDEHUDXFKYRQHZLJHP/HEHQVSUDFK(UEHPKWH VLFKQLFKWLP'LDOHNW]XUHGHQVRGD-DQHGDVPHLVWHYHUVWDQGZDV HUVDJWH (VZDUHQQXUZHQLJH0HQVFKHQDQZHVHQGZDV-DQH&ROOLQVDQVLFK ZXQGHUWHGHQQZHQQMHPDQGDXVGHP2UWVWDUEQDKPHQQRUPDOHU ZHLVHDOOHDQGHU%HHUGLJXQJWHLO -DQHZDUVFKRQYRUKHUGHUVFKZHUHGXQNHOEODXH0HUFHGHVDXI JHIDOOHQGHULQGHU1lKHGHU)ULHGKRIVPDXHUVWDQG6LHKDWWHGDV .HQQ]HLFKHQQLFKWJHVHKHQUHFKQHWHMHGRFKGDPLWNHLQHQ(LQKHL PLVFKHQYRUVLFK]XKDEHQ ,KU%OLFNJOLWWEHUGLH7UDXHUJHPHLQGH (LQEUHLWVFKXOWULJHU0DQQILHOLKUDXIGHUGLFKWHVGXQNHOEUDXQHV +DDUKDWWHHLQVRQQHQEUDXQHV*HVLFKWXQGMHWWVFKZDU]H$XJHQ'HU 0DQQKDWWHGLH/LSSHQIHVW]XVDPPHQJHSUHWXQG-DQHVDKVHLQHQ %OLFNSO|W]OLFKDXIVLFKJHULFKWHW 6LHVFKDXGHUWH:HUZDUGLHVHU0DQQ" 'LH'HWHNWLYLQJLQJHLQSDDU6FKULWWH]XU6HLWHVRGDVLHVLFK DXHUKDOEGHV%OLFNZLQNHOVEHIDQG 1HEHQHLQHPKRFKJHZDFKVHQHQ0DQQEOLHEVLHVWHKHQGHUHLQH +RUQEULOOHWUXJXQGDXIGHQ6DUJVWDUUWHGHUVRHEHQLQGLH(UGHJH ODVVHQZXUGH'HU0DQQZDUEOHLFK+LQXQGZLHGHU]XFNWHQVHLQH :DQJHQNQRFKHQ -DQHEHVFKORLKQDQ]XVSUHFKHQ ª.DQQWHQ6LHGHQ7RWHQ"©HUNXQGLJWHVLHVLFKPLWOHLVHU6WLPPH 'HU0DQQGUHKWHGHQ.RSIª(VLVWHLQH7RWH© ª$XVGHP'RUI"© ª1HLQ)UlXOHLQHLQH)UHPGH© ª8QGZLHKDWVLHJHKHLHQ"©-DQHV6WLPPH]LWWHUWHHLQZHQLJ ª:DOG&HOLQH:DOGJODXEHLFK© -DQH&ROOLQVKDWWHGDV*HIKOLP%RGHQYHUVLQNHQ]XPVVHQ 6HNXQGHQODQJVFKORVLHGLH$XJHQXQGDOOHV%OXWZLFKDXVLKUHP *HVLFKWª6LQG6LHVLFKHU"©

ª-DLFKKDEH6LHGRFKVHOEVWJHIXQGHQ© -DQHQLFNWH ª&HOLQHZDUHLQH%HNDQQWHYRQPLU© ª'DVWXWPLUOHLG6LQGVLHH[WUD]XU%HHUGLJXQJKHUJHNRPPHQ"© IUDJWHGHU0DQQ ª1HLQVLHKDWWHPLUJHVFKULHEHQ© ª'DQQVLQG6LH-DQH&ROOLQV"© ª'DVVWLPPW©hEHUUDVFKWVFKDXWHGLH'HWHNWLYLQGHQ)UHPGHQDQ1LH KlWWHVLHYHUPXWHWGDPDQKLHULKUHQ1DPHQNHQQHQZUGHª:RKHU ZLVVHQ6LHGDV"© ª(VLVWHLQHWUDXULJH*HVFKLFKWH)UlXOHLQ&ROOLQV:LUN|QQWHQXQV JOHLFKEHLHLQHU7DVVH.DIIHH]XVDPPHQVHW]HQ,FKKDEH,KQHQGDZRKO HLQLJHV]XHU]lKOHQ© ª:HQQ6LHPHLQHQ© ª,FKKHLHEULJHQV&DUOR/HL© ª0HLQHQ1DPHQNHQQHQ6LHMD© 'DQQVFKZLHJHQEHLGHXPGLH%HHUGLJXQJQLFKWPHKU]XVW|UHQ-DQH EHNDPZRKOQRFKPLWZLHGHUDQGHUH)UHPGHPLWKDVWLJHQ6FKULWWHQ GDYRQJLQJXQGGLH'HWHNWLYLQJODXEWHXPVHLQHQ0XQGHLQVS|WWLVFKHV /lFKHOQ]XVHKHQ6LHVWLH&DUOR/HLDQXQGGHXWHWHEHULKUH6FKXOWHUQ ª.HQQHQ6LHGHQ0DQQ+HUU/HL"© &DUORVFKDXWHKLQXQGVFKWWHOWHGHQ.RSIª'HQNHQQHLFKQLFKW$EHU LFKELQDXFKQLFKWYRQKLHU© :HQLJVSlWHUZDUHLQ$XWRPRWRU]XK|UHQ'HUVFKZHUH0HUFHGHV VFKRGDYRQ-DQHVWHOOWHVLFKDXIGLH=HKHQVSLW]HQ6RNRQQWHVLHEHU GLH0DXHUKLQZHJVFKDXHQ'HU:DJHQIXKUELV]XP'RUIHQGHXQGYHU VFKZDQG:HQLJVSlWHUNRQQWH-DQHLKQMHGRFKZLHGHUVHKHQ(UUROOWH HLQH6HUSHQWLQHQVWUDHKRFK:DUGDV=LHOGHV)DKUHUVYLHOOHLFKW GLH%XUJ" -DQHIUDJH&DUOR/HLQDFKGHU%XUJ ª-DGLHJLEWHV$OOHUGLQJVZDULFKQRFKQLHGRUW,FKKDEHJHK|UWGD VLFKGDHLQVHKUUHLFKHU0DQQHLQJHQLVWHWKDW© ª%HLLKPKDW&HOLQH:DOGJHDUEHLWHW© ª'DVKDWGLH3ROL]HLDXFKIHVWJHVWHOOW© ª8QGVRQVWQLFKWV"© ª1HLQ6RYLHOLFKZHL© :HQLJVSlWHUO|VWHVLFKGLH%HHUGLJXQJDXI-DQHIU|VWHOWHDOVVLHQHEHQ &DUOR/HL]XUFNLQGHQ2UWJLQJ'HU0DQQOHQNWHVHLQH6FKULWWHDXI HLQHNOHLQH.RQGLWRUHL]Xª+LHUJLEWHVGHQEHVWHQ.DIIHH'HU%HVLW]HU ZLUGDXFK6LU$UFKLEDOGJHQDQQW© ª(UKHLGRFK5LKP©VDJWH-DQH6LHKDWWHGDV6FKLOGJHVHKHQ

ª6SLW]QDPHQKDWKLHUMHGHU© (LQH*ORFNHOlXWHWHDOVVLHGDVNOHLQH&DIHEHWUDWHQ6LU$UFKLEDOG VHOEVWVWDQGKLQWHUGHU7KHNHXQGVFKDXWHYROOHU6WRO]DXIVHLQHVHOEVW JHIHUWLJWHQ3UDOLQHQGLHQLFKWQXUHLQ*DXPHQVRQGHUQDXFKHLQ $XJHQVFKPDXVZDUHQ (UEHJUWH-DQHXQGDXFK&DUOR'HU/HLWHUGHV6XSHUPDUNWVVWHOOWH -DQHDOVHLQH)UHXQGLQYRQ&HOLQH:DOGYRU ª'DUILFK,KQHQPHLQ%HLOHLGDXVVSUHFKHQ"©PXUPHOWHGHU=XFNHU ElFNHU ª'DQNH© ª-HW]WZROOHQZLUXQVHUVWHLQPDOVWlUNHQ©VFKOXJ&DUOR/HLYRUXQG GHXWHWHDXIHLQHQUXQGHQ7LVFKª%LWWHQHKPHQ6LH3ODW]© &DUOREHVWHOOWH.DIIHH-DQHQDKPDXFKQRFKHLQ6WFN.XFKHQGD]X %HLHLQHU=LJDUHWWHEHJDQQ&DUOR]XUHGHQ(UHU]lKOWHZLHHUGLH7RWH JHIXQGHQKDWWHª6LHNRQQWHQXUQRFKVDJHQGDGHU%ULHIDEJHVFKLFNW ZHUGHQVROOGDQQVWDUEVLH(VZDUVFKUHFNOLFK© 'LH'HWHNWLYLQQLFNWHª6DJHQ6LH+HUU/HL6LHKDEHQYRUKLQYRQ]ZHL 6FKDWWHQJHVSURFKHQGLHKRFKVWLHJHQ.|QQHQ6LHGDHLQZHQLJNRQ NUHWHUZHUGHQ"© ª1HLQHVZDUHQQXU6FKDWWHQPHKUQLFKW© ª.|QQWHQGDVGLH0|UGHUJHZHVHQVHLQ© ª0|UGHU"©&DUOR/HLPDFKWHHLQ]ZHLIHOQGHV*HVLFKW ª-D© ª$EHUGLH3ROL]HLJODXEWDQHLQHQ8QIDOO© -DQHYHU]RJGLH/LSSHQXQGQDKPHLQHQ6FKOXFN.DIIHHª*ODXEHQ6LH DXFKDQHLQHQ8QIDOO"© &DUORVHQNWHGHQ%OLFN(UVWUHLIWH$VFKHYRQGHU=LJDUHWWHDEª:HQQ LFKHKUOLFKVHLQVROOQLFKW,FKKDEHVFKRQ]DKOUHLFKH7RWHJHERUJHQGLH DEJHVWU]WVLQGRGHUYRQHLQHU/DZLQHEHJUDEHQZXUGHQ6RZLH GLH)UDXVDKQLHPDQGDXV© ª.|QQHQ6LHGLH7RWHJHQDXHUEHVFKUHLEHQ"©IUDJWH-DQH &DUORKREGHQ%OLFNXQGGUHKWHVLFKGDQQXPZREHLHUDXI6LU $UFKLEDOGGHXWHWHª(UKDWVLHDXFKJHVHKHQ6FKUHFNOLFKNDQQLFK,KQHQ VDJHQ:LUNOLFK© ª%LWWHVSUHFKHQ6LH© ª0DQNRQQWHGDV*HIKOKDEHQGDGLH)UDXYRULKUHP7RGHLQHP 5DXEWLHUEHJHJQHWZDUXQGPLWLKPJHNlPSIWKDWWH0XLFKQRFKGHXW OLFKHUZHUGHQ"© ª1HLQGDVEUDXFKHQ6LHQLFKW©-DQHGDFKWHZLHGHUDQGLH6FKDWWHQ GLHYHUVFKZXQGHQZDUHQDOVGDV6FKHLQZHUIHUOLFKWVLHWUDI5LHVLJ VROOWHQVLHJHZHVHQVHLQ

:DUHQGDVGLH0|UGHU" ª:DVZROOHQ6LHMHW]WPDFKHQ"©IUDJH&DUOR/HL:LHGHU]XUFNQDFK /RQGRQIDKUHQ"© ª6SlWHU©HUZLGHUWH-DQHª(UVWHLQPDOZLOOLFKKRFK]XU%XUJ 6LFKHUOLFKJLEWHVQRFKHLQLJH'LQJH]XUHJHOQGHQQ&HOLQHKDWWHNHLQH $QJHK|ULJHQ© ª,FKNDQQ6LHEHJOHLWHQ©ERW&DUORVLFKDQ 6LU$UFKLEDOGGHUGLH:RUWHJHK|UWKDWWHJULQVWHKLQWHUVHLQHU /DGHQWKHNH ª1HLQGDQNH'DVLVW]ZDUVHKUQHWWYRQ,KQHQDEHULFKNRPPHVFKRQ DOOHLQ]XUHFKW© ª'DQQHUODXEHQ6LHPLUGDLFK,KUHQ.DIIHHXQGGDV6WFN.XFKHQ EH]DKOH)UlXOHLQ&ROOLQV"© ª*HUQ© 9RUGHU7UYHUDEVFKLHGHWHVLFK&DUOR/HLª:HQQLFKLUJHQGHWZDV IU6LHWXQNDQQUXIHQ6LHPLFKDQ+LHULVWPHLQH.DUWH©(UUHLFKWH VLHLKUª,FKZRKQHLQ/HQ]HUKHLGH© ª'DQNHVHKU© -DQHJLQJ]XLKUHP:DJHQ &DUORYHUIROJWHVLHPLW%OLFNHQXQGOlFKHOWH ,Q]ZLVFKHQKDWWH-DQHGHQ3DUNSODW]HUUHLFKWVHW]WHVLFKLQGHQ /HLKJROIXQGVWDUWHWH 'LH'HWHNWLYLQKDWWHVLFKJHPHUNWZRXQJHIlKUGHUHU0HUFHGHV KLQJHIDKUHQZDU 'HQ:HJQDKPVLHDXFK 6LHIDQGGLHLQGLH%HUJHIKUHQGH6WUDHDXI$QKLHEXQGUROOWHODQJ VDPGLH6HUSHQWLQHQKRFK6LHZDUIGHV|IWHUHQHLQHQ%OLFNDXVGHP )HQVWHU/HLGHUZDUGLH%XUJQLFKW]XVHKHQ6FKOLHOLFKZDUVLHVRKRFK GDVLHVFKRQIDVWGHQHUVWHQ6FKQHHPLWGHU+DQGJUHLIHQNRQQWH $EVHLWVGHU6WUDHVWDQGHLQDXV6WHLQHQHUULFKWHWHV%DXHUQKDXV(LQH lOWHUH)UDXVFKDXWHDXVGHU7UXQGEOLFNWH-DQHIUDJHQGDQDOVGLHDXI VLH]XJLQJ 'LH'HWHNWLYLQHUNXQGLJWHVLFKQDFKGHU%XUJ (VZDUIUVLHVFKZHUGLH$QWZRUW]XYHUVWHKHQ6FKOLHOLFKEHNDPVLH VRYLHOKHUDXVGDVLHZLHGHU]XUFNPXWH6LHZDU]XZHLWJHIDKUHQ -DQHEHGDQNWHVLFKZDUIQRFKHLQHQ%OLFNEHUGLHPDMHVWlWLVFKH %HUJZHOWXQGIXKUZLHGHU]XUFN$XIHLQHQVFKPDOHQ:HJVROOWHVLH DFKWJHEHQ -DQHWDWHV 8QGVLHHQWGHFNWHLKQ(UZDUZLUNOLFKQXUVFKZHU]XHUNHQQHQ6LH EHWlWLJWHGHQ%OLQNHUXQGOHQNWHGHQ*ROIKLQHLQOLQNVZXFKVHQ)HOVHQ

KRFKUHFKWVJLQJHVLQGLH+HIHhEHUDOOKDWWHQ%lXPHLKUVWDUNHV :XU]HOZHUNLQGLH)HOVHQJHNUDOOWXQGELOGHWHQHLQHQQDWUOLFKHQ 6FKXW] $XFKGLHVHU:HJVFKOl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lELJDXVDOV-DQHLKQQHEHQHLQHP%0:GHUHU .ODVVHDEVWHOOWH6LHHQWGHFNWHDXFKGHQEODXHQHU(UVWDQGHWZDV DEVHLWV 'LH'HWHNWLYLQVWLHJDXVXQGVFKULWWDXIGDVJURH7RU]X'LH%XUJ KDWWHNHLQHQ9RUKRIXQGDXFKNHLQH7UPH6LHEHVWDQG]ZDUDXV PHKUHUHQ7UDNWHQGRFKGLHVDKHQVRDXVRGHUJLQJHQVRLQHLQDQGHU EHUGDVLHZLHDXVHLQHP7HLOJHJRVVHQZLUNWHQ 2EHUKDOEGHU%XUJVSLHOWHGHU:LQGPLWGHQ=ZHLJHQGHU 1DGHOElXPHGLHDP)HOVHLQNDUJHV'DVHLQIULVWHWHQ =DKOUHLFKH)HQVWHUXQWHUEUDFKHQGDV0DXHUZHUN-DQHJODXEWHKLQWHU HLQLJHQ6FKHLEHQ/LFKW]XVHKHQNRQQWHVLFKDXFKLUUHQGHQQGLH 6FKHLEHQVFKLHQHQLKU]LHPOLFKGLFN]XVHLQ(LQZHQLJ+HU]NORSIHQ KDWWHVLHVFKRQDOVVLHDXIGLH7UHSSH]XVFKULWWGLH]XPJURHQ (LQJDQJVSRUWDOKRFKIKUWH6LHPXWHZLHGHUDQGHQ%ULHIGHU7RWHQ GHQNHQXQGGDUDQGD]DKOUHLFKH:DJHQYRUGHU7USDUNWHQ'HU %XUJKHUUKDWWHDOVR%HVXFK)HLHUWHHUYLHOOHLFKWHLQHVFKZDU]H0HVVH" 2GHUZROOWHHUVLHQRFKIHLHUQ" -DQHKROWHWLHI/XIW,FKKlWWHGRFK-RKQQRFKDQUXIHQVROOHQGDFKWHVLH XQGNODPPHUWHGLH+DQGXQWHUGHQ%RGHQGHU7DVFKHZRVLHGDV *HZLFKWGHU$VWUDGXUFKGDV/HGHUIKOWH'LH:DIIHZDUPLWJHZHLKWHQ .XJHOQJHODGHQ 8PLKUHQ+DOVKDWWHVLFK-DQHHLQNOHLQHVJHZHLKWHV.UHX]JHKlQJW %LVDXI6XNRZDUHQDOOH0LWJOLHGHUGHV6LQFODLU7HDPVPLWJHZHLKWHQ .UHX]HQDXVJHUVWHW3DWHU,JQDWLXVGHUDXFKGLH6LOEHUNXJHOQGUHKWH KDWWHVLHLQGHP.ORVWHULQ6FKRWWODQGKHUJHVWHOOW

(LQH.OLQJHOIDQG-DQHQLFKWGDIUDEHUHLQHQVWLOHFKWHQ.ORSIHU6LH KlPPHUWHJHJHQGDV+RO]GHU7UXQGK|UWHGLH6FKOlJHLP,QQHUQGHV 6FKORVVHVZLGHUKDOOHQ 5DVFKZXUGHJH|IIQHW (LQ'LHQHUVFKDXWH-DQHDQ(UKDWWHHLQ+DOEJODW]HGDIUMHGRFK .RWHOHWWHQGLHIDVWELV]XGHQ0XQGZLQNHOQUHLFKWHQ'DVYHUEOLHEHQH +DDU]HLJWHHLQHSHFKVFKZDU]H)DUEH$XIGHQ:DQJHQVFKLPPHUWHQ EOlXOLFKH%DUWVFKDWWHQ'HU%XWOHUWUXJHLQHVFKZDU]H+RVHHLQZHLHV +HPGXQGHLQHJHVWUHLIWH:HVWH ª6LHZQVFKHQ"©IUDJWHHU ª,FKKlWWHJHUQ*RUGRQ6FKUHLEHUJHVSURFKHQ© ª6LQG6LHDQJHPHOGHW"©'HU6DW]NODQJHLQVWXGLHUW(UZXUGHUXQWHU JHOHLHUW ª1HLQ© ª'DQQNDQQLFKOHLGHUQLFKWVIU6LHWXQ*QlGLJVWH©'HU0DQQ ZROOWHGLH7U]XGUFNHQ 'RFKGDZDU-DQHV)XGHQVLHLQGHQ6SDOWJHVFKREHQKDWWHXQGPLW KRQLJVHU6WLPPHVDJWHVLHª,FKELQEULJHQVHLQH%HNDQQWHYRQ &HOLQH:DOG6DJHQ6LHGDV,KUHP%U|WFKHQJHEHU© 'HU'LHQHUEHUOHJWHHLQHQ0RPHQWGDQQQLFNWHHUª(VLVWJXW ZDUWHQ6LHLQGHU+DOOH© -DQHGXUIWHHLQWUHWHQ'UDXHQZDUHVVFKRQVHOWVDPUXKLJJHZHVHQ GRFKLP,QQHUQGHU%XUJNRQQWHPDQGLH6WLOOHDOVQDKH]XXQKHLPOLFK EH]HLFKQHQ$OVGLH6FKULWWHGHV'LHQHUVYHUNOXQJHQZDUHQK|UWHPDQ NHLQHQ/DXWPHKU -DQHIU|VWHOWH%HUHLWVQDFKGHPHUVWHQ(LQGUXFNPRFKWHVLHGLHVH%XUJ QLFKW1HLQGLHOHEWHQLFKWGLHZDULUJHQGZLHDQGHUVDOVQRUPDOH 6FKO|VVHURGHU%XUJHQ$QGHQ:lQGHQGHU+DOOHKLQJHQGVWHUH *HPlOGH-DQHVWDQGDXIHLQHP6WHLQERGHQZRNHLQ6WlXEFKHQODJ'LH VFKZHUHQ6LW]P|EHOZDUHQDXV(LFKHXQG-DQHHUNDQQWHGDHVNHLQH HFKWHQ$QWLTXLWlWHQZDUHQVRQGHUQQDFKJHDKPWH6FKUHLEHUKDWWHVLH KHUVWHOOHQODVVHQ 'HU'LHQHUNDP]XUFN-DQHK|UWHQXUGDV7DSSHQGHU6FKULWWHGDQQ WDXFKWHGHU0DQQDXVGHP'lPPHUDXI ª+HUU6FKUHLEHUOlWELWWHQ©VDJWHHUª%LWWHIROJHQ6LHPLU*QlGLJVWH© 'HUJHKWPLUDXIGHQ*HLVWPLWVHLQHP*QlGLJVWHGDFKWH-DQHVDJWH DEHUQLFKWVVRQGHUQOlFKHOWHZHLWHU'HU%XWOHUUlXVSHUWHVLFKXQG VFKULWWYRUDXV 6LHPXWHQHLQH7UHSSHKRFKJHODQJWHQLQHLQHQEUHLWHQ*DQJXQG EOLHEHQYRUHLQHU]ZHLIOJHOLJHQ7UVWHKHQDQGLHGHUNRPLVFKH'LHQHU ]ZHLPDONORSIWH

ª-DELWWH"© 'HU'LHQHU|IIQHWHGLH7Uª'LH'DPHLVWGDGLH6LHVSUHFKHQZROOWH +HUU6FKUHLEHU© ª)KUHQ6LHVLHKHUHLQ© ª%LWWHVHKU©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ª+DEHQ6LHJHQXJJHVHKHQ"©IUDJWHVLHQDFKHLQHU:HLOH ª*HQXJ(UIUHXOLFKHV)UlXOHLQ© ª0HLQ1DPHLVW-DQH&ROOLQV© ª'DVNOLQJWHQJOLVFK© ª,FKNRPPHDXFKDXV/RQGRQ© ª'DQQKDEHLFK6LHEHLGHU%HHUGLJXQJJHVHKHQ©VDJWH*RUGRQ 6FKUHLEHU ª-D© ª:ROOHQZLUQLFKW3ODW]QHKPHQ0LVV&ROOLQV"©*RUGRQ6FKUHLEHU VSUDFKHQJOLVFKª0HLQ*URYDWHUPWWHUOLFKHUVHLWVVWDPPWHDXV 6FKRWWODQGGHVKDOEDXFKGHU9RUQDPH*RUGRQ©VDJWHHUXQGGHXWHWH DXIHLQH6LW]JUXSSHDXVEHVWHP$QWLORSHQOHGHU -DQHQDKPLP6HVVHO3ODW]VRNDPGHU0DQQZHQLJVWHQVQLFKWLQ 9HUVXFKXQJVLFKQHEHQVLH]XVHW]HQ (UEOLHEQRFKVWHKHQ ª'DUILFK,KQHQHWZDV]XWULQNHQDQELHWHQ"©HUNXQGLJWHHUVLFK ª:HQQ6LHHLQHQWURFNHQHQ0DUWLQLKlWWHQZlUHLFK,KQHQVHKUYHU EXQGHQ©HUZLGHUWH-DQH ª$EHUQDWUOLFK0LVV&ROOLQV©'DV/lFKHOQGHV0DQQHVILHONQDSS DXV(UEHZHJWHVLFKVHOEVWEHZXWDXIHLQHQNOHLQHQ%DUVFKUDQN]XGHU DXI.QRSIGUXFNKLQDXVIXKU 'LH%DUEHIDQGVLFK]ZLVFKHQGHQKRKHQPLW%FKHUQYROOJHVWRSIWHQ 5HJDOHQ*RUGRQ6FKUHLEHUKDWWHKLHUHLQHJURH%FKHUVDPPOXQJ

]XVDPPHQJHVWHOOW/HLGHUZDUHV]XGXQNHOXPGLH6FKULIWDXIGHQ HLQ]HOQHQ%XFKUFNHQOHVHQ]XN|QQHQ 0LW]ZHL*OlVHUQNDPGHU0DQQ]XUFNª6RJDU2OLYHQKDEHLFKDXI JHWULHEHQ©VDJWHHUXQGUHLFKWH-DQHHLQ*ODVZREHLHUVLHDEVFKlW]HQG PXVWHUWH :LHGHUGXUFKIXKUHV-DQH'LHVHU0DQQZDUSHUIHNWXQGEHUHFKQHQG 9RQEHLGHPZXUGH-DQHDEJHVWRHQXQGLUJHQGZLHIUFKWHWHVLHVLFK 'DVNDPQLFKWVRRIWYRUGRFKKLHUZDUHVGHU)DOO6LHVSUWHGDVLH GLHVHP0DQQQLFKWJHZDFKVHQZDUXQGYHUNUDPSIWHVHOEVWLQQHUOLFK ª&KHHUV©VDJWH*RUGRQ6FKUHLEHUXQGQDKPHLQHQ6FKOXFN%LV]XU +lOIWHOHHUWHHUGDVNOHLQH*ODV -DQHQLSSWHQXU 6FKUHLEHUVHW]WHVLFKXQG]RJVHLQH+RVHQEHLQHHLQ6WFNK|KHU(U OHJWHGHQ$UPDXIGLH&RXFKUFNHQOHKQHXQGVDJWHª(VWXWPLUOHLG ZDVGDPLW&HOLQH:DOGSDVVLHUWLVW6LHZDUHLQHZLUNOLFKQHWWH3HUVRQ© -DQHJODXEWHLKPNHLQ:RUW,PJOHLFKHQ7RQIDOOKlWWHHUDXFKEHUGLH -RJKXUWSUHLVHVSUHFKHQN|QQHQ'DNODQJNHLQ0LWOHLGDXVGHU6WLPPH 6FKUHLEHUZDUHLVNDOWGXUFKWULHEHQHLQSHUIHNWHU6FKDXVSLHOHU8QGHU VWUDKOWHHLQHVRVWDUNH6HOEVWVLFKHUKHLWXQG$UURJDQ]DXVGDVLFK-DQH &ROOLQVLQVHLQHU1lKHXQZRKOIKOWH'DVVROOWHEHLLKUVFKRQHWZDV KHLHQQRUPDOHUZHLVHOLH-DQHVLFKQLFKWVROHLFKWLQV%RFNVKRUQMDJHQ VRQVWKlWWHVLHLKUHQ%HUXIEHUKDXSWQLFKWDXVEHQN|QQHQ 6LHQDKPQRFKHLQHQNOHLQHQ6FKOXFN'HU0DUWLQLZDUVHKUWURFNHQ XQGVFKPHFNWHHLQZHQLJELWWHU-DQHKDWWHVLFKHQWVFKORVVHQHLQHQ%OXII ]XVWDUWHQ6LHPXWH*RUGRQ6FKUHLEHUDXVGHU5HVHUYHORFNHQ ª:LHLFKK|UWHLVW&HOLQH:DOGHUPRUGHWZRUGHQ©VWHOOWHVLHLQVDFK OLFKHP7RQIHVW $XFKMHW]WEOLHEGHU0DQQJHODVVHQ.HLQ0XVNHO]XFNWHLQVHLQHP *HVLFKWª:HUVDJWGDV"© ª'LH3ROL]HL© 6FKUHLEHUV$XJHQERJHQVLFKLQGLH+|KHª'LH3ROL]HL"+DEHLFK6LH GDULFKWLJYHUVWDQGHQ"© -DQHOlFKHOWHXQGQLFNWH ª'DVNDQQLFKQLFKWJODXEHQ0LVV&ROOLQV©(UVFKWWHOWHGHQ.RSI ª1HLQHVZDUHLQ8QIDOO© ª:HUKDW,KQHQGDVJHVDJW"© ª'LHVHOEH3ROL]HLGLH,KQHQZHLVPDFKHQZROOWHGDPHLQH6HNUHWlULQ HUPRUGHWZRUGHQLVW©HUZLGHUWHGHU*URLQGXVWULHOOHOlVVLJª'LH %HDPWHQPWHQVHKUVFKQHOOLKUH0HLQXQJJHlQGHUWKDEHQ,FKKDEH KHXWHQRFKPLWLKQHQWHOHIRQLHUW:DKUVFKHLQOLFKVLQG6LHHLQHP*HUFKW DXIJHVHVVHQ0LVV&ROOLQV©

ª6RHWZDVEHKDXSWHWPDQQLFKWHLQIDFK© 6FKUHLEHUKREGLH6FKXOWHUQª:LVVHQ6LHGHQ1DPHQ,KUHV ,QIRUPDQWHQ"© ª1HLQ© ª6FKDGHPDQKlWWHLKQVHOEVWIUDJHQN|QQHQ© -DQHGXUFKVFKDXWHGDV6SLHOVRIRUW+lWWH6FKUHLEHUGHQ1DPHQ JHZXWGDQQZlUHGLH3HUVRQZRKOQLFKWPHKUVHKUODQJHDP/HEHQ JHEOLHEHQ(LQHVLPSOH5HFKQXQJ ª:LHHVDXVVLHKW0LVV&ROOLQVKDEHQ6LHGHQ:HJYRQ/RQGRQLQGLH 6FKZHL]XPVRQVWJHPDFKW'LH%HHUGLJXQJZDUIDVWYRUEHLGDVLQG6LH PLUMDVFKRQDXIJHIDOOHQ©(LQVFKDUIHULUJHQGZLHDEVFKlW]HQGHU%OLFN WUDI-DQHª6DJHQ6LH0LVV&ROOLQVZDVVLQG6LHHLJHQWOLFKYRQ%HUXI",FK IUDJHGDDXVEHVWLPPWHQ*UQGHQ© -DQHKDWWHVLFKEHUHLWVHLQH$QWZRUW]XUHFKWJHOHJWª,FKDUEHLWHEHLGHU 6WDGW/RQGRQ© ª8QGZDVWXQ6LHGD"© ª1XQLFKELQVHOEVWVWlQGLJH6DFKEHDUEHLWHULQIU:RKQXQJVZHVHQ .HLQDXIUHJHQGHU-RE© ª'DQQOLHEHQ6LH$XIUHJXQJ"© ª6DJHQZLU$EZHFKVOXQJ© ª'LHKlWWHQ6LHEHLPLU©VWHOOWH*RUGRQ6FKUHLEHUIHVW ª:LHVR"© ª&HOLQH:DOGLVWWRWGDUDQJLEWHVQLFKWVPHKU]XUWWHOQ'HU3RVWHQ VWHKW]XU'LVSRVLWLRQ'D6LH0LVV&ROOLQVVLFKHUOLFKHLQHNDXIPlQ QLVFKH$XVELOGXQJKDEHQXQGDXFK6SUDFKHQEHKHUUVFKHQZLHLFKIHVW VWHOOHQGXUIWHP|FKWHLFK6LHELWWHQLQPHLQHQ.RQ]HUQHLQ]XWUHWHQ6LH N|QQHQIUPLFKDUEHLWHQ© ª:DQQ"© ª6RIRUW0LVV&ROOLQV6DJHQ6LHMDXQGDOOHVLVWSHUIHNW© -DQHVFKDIIWHHVWDWVlFKOLFKURW]XZHUGHQ,QQHUOLFKMXELOLHUWHVLH'DV NODSSWHMDEHVVHUDOVVLHJHGDFKWKDWWH*RUGRQ6FKUHLEHUZDUWDWVlFKOLFK DXIVLHKHUHLQJHIDOOHQ(UZROOWHVLHHLQVWHOOHQ'DQQZlUHVLHLQVHLQHU 1lKHXQGNRQQWHLKQRKQHGDHVDXIILHOEHUZDFKHQ ª:DUXP]|JHUQ6LH"©IUDJWHHU ª,FKZHLQLFKWVRUHFKW,KU9RUVFKODJHKUWPLFKDEHUHUNRPPWHLQ ZHQLJSO|W]OLFK© ª,FKZlUHLQPHLQHP/HEHQQLFKWVRZHLWJHNRPPHQZHQQLFKLPPHU QXUEHUOHJWKlWWH'LHVFKQHOOHQ(QWVFKHLGXQJHQVLQGPHLVWGLHEHVWHQ =|JHUQ6LHQLFKW=XGHPPDFKHLFKHLQ$QJHERWLPPHUQXUHLQPDO GDQQQLHZLHGHU© ª:LHVROOLFKGHQQGLH6DFKHPLWPHLQHP$UEHLWJHEHUUHJHOQ"©

6FKUHLEHUZLQNWHOlVVLJDEª'DVEHVRUJHLFK6RHWZDVVLQGNOHLQH 3UREOHPH©(UOHHUWHVHLQ*ODVª2GHUJHIlOOW,KQHQGLH6FKZHL]QLFKW 0LVV&ROOLQV"© ª6FKRQ© ª:DVKLQGHUW6LHGDQQ"© ª,FKZHLQLFKW+LHULVWHV]LHPOLFKHLQVDP,FKELQHLQ0HQVFKGHU *URVWDGW© *RUGRQ6FKUHLEHUODFKWHª'DIUKDEHLFK9HUVWlQGQLV$XFKLFK N|QQWHHVKLHUQLFKWLPPHUDXVKDOWHQDEHUGLHVH%XUJLVWQLFKWPHLQ :RKQVLW],FKEOHLEHLPPHUQXUHLQLJH7DJHKLHU'LHPHLVWH=HLWYHU EULQJHLFKLQ*HQIRGHUDQGHUIUDQ]|VLVFKHQ0LWWHOPHHUNVWH6LH PWHQPLFKGDQQEHJOHLWHQ© ª'DVK|UWVLFKQDWUOLFKJDQ]DQGHUVDQ0U6FKUHLEHU© ª'DQQVWLPPHQ6LHPHLQHP9RUVFKODJDOVR]X"© ª-D© *RUGRQ6FKUHLEHUHUKREVLFKª'DVILQGHLFKDXVJH]HLFKQHW0LVV &ROOLQV,FKJUDWXOLHUH,KQHQ]X,KUHP(QWVFKOXXQGLFKELQVLFKHUGD 6LHLKQQLFKW]XEHUHXHQEUDXFKHQ:DVGDV*HKDOWDQJHKWVRZHUGHQ6LH PHKUDOV]XIULHGHQVHLQ©(UUHLFKWHGHU'HWHNWLYLQGLH+DQGª6FKODJHQ 6LHHLQ0LVV&ROOLQV© -DQHWDWHV )DVWZlUHVLH]XVDPPHQJH]XFNW'LH+DQGGHV0DQQHVIKOWHVLFK NDOWDQ6HLQ%OLFNWUDILKU*HVLFKW:LHGHUVFKDXGHUWH-DQH,QGHQ$XJHQ VWDQGNHLQ*HIKO6LHNDPVLFKYRUZLHHLQ.DQLQFKHQGDVLQHLQHP .lILJ]XVDPPHQPLWHLQHU6FKODQJHVWHFNWXQGGDUDXIZDUWHWJHIUHVVHQ ]XZHUGHQ ª8QGZDVKDEHLFK]XWXQ"©HUNXQGLJWHVLHVLFK ª(UVWHLQPDOQLFKWV'DVKHLWDPKHXWLJHQ7DJHIlQJW,KUH$UEHLWPLW HLQHPNOHLQHQ)HVWDQ,FKKDEH*lVWHLP+DXV6LHZHUGHQHVDQGHQYRU GHU%XUJSDUNHQGHQ:DJHQHUNDQQWKDEHQ(VVLQG)UHXQGHXQG %HNDQQWH6LHZHUGHQGLH'DPHQXQG+HUUHQLP/DXIHGHV7DJHVQRFK NHQQHQOHUQHQ$P$EHQGVLQG6LHQDWUOLFK]XPHLQHUNOHLQHQ)HLHUVHKU KHU]OLFKHLQJHODGHQ+DEHQ6LH*HSlFN"© ª,P:DJHQ© ª,FKZHUGH/XNDV$QZHLVXQJJHEHQHVKHUDXI]XKROHQ©6FKUHLEHU GUHKWHVLFKXPGUFNWHDXIHLQHQ.QRSIXQWHUGHU6FKUHLEWLVFKSODWWH :HQLJVSlWHUHUVFKLHQGHU.HUOPLWGHQ.RWHOHWWHQ6FKUHLEHUVWHOOWH-DQH DOVQHXH0LWDUEHLWHULQYRUXQG/XNDVQLFNWH -DQHJDELKPGHQ:DJHQVFKOVVHOXQGHUJLQJXPVLFKXPGDV *HSlFNGHU'HWHNWLYLQ]XNPPHUQ ª0LW,KUHP=LPPHUZHUGHQ6LH]XIULHGHQVHLQ©VWHOOWH*RUGRQ

6FKUHLEHUIHVW:LHHUGDVVDJWHOLH:LGHUVSUXFKHUVWJDUQLFKW]X ª+DEHQ6LHHLJHQWOLFK9HUZDQGWHGLH6LHLQIRUPLHUHQPVVHQ"© ª1HLQ0U6FKUHLEHULFKELQGDY|OOLJXQDEKlQJLJ© ª'DVLVWDXVJH]HLFKQHW© /XNDVNDP]XUFNXQGPHOGHWHGDDOOHVLQ2UGQXQJVHL 6FKUHLEHUQLFNWHXQGGHXWHWHDXIGLH7Uª'DQQGDUILFK,KQHQMHW]W ,KU=LPPHU]HLJHQ© ª*HUQ© (UJLQJYRUXQG-DQHVFKDXWHDXIGHQ5FNHQGHV0DQQHV6FKUHLEHU ZDUHLQG\QDPLVFKHU7\SDOOHLQVHLQIHGHUQGHU*DQJYHUULHWGDVXQGGLH KRFKJH]RJHQHQ6FKXOWHUQ'LHVHU0DQQZDUZLH6WDKOHUNRQQWHVLFK GXUFKVHW]HQ 'DV=LPPHUODJLQGHUJOHLFKHQ(WDJH]LHPOLFKDP(QGHGHV*DQJHV 'DQHEHQEHIDQGVLFKQRFKHLQ5DXPDOOHUGLQJVPLWHLQHUZHVHQWOLFK VFKPDOHUHQ7U /XNDVKDWWHGLH7URIIHQJHODVVHQ ª%LWWHVHKU©VDJWH*RUGRQ6FKUHLEHU -DQH&ROOLQVEHWUDWGHQ5DXP0DQFKHU$QWLTXLWlWHQKlQGOHUKlWWH JOlQ]HQGH$XJHQEHNRPPHQ:HUWYROOH0|EHOHLQ+LPPHOEHWWPLW VHLGHQHQ9RUKlQJHQGLFNH7HSSLFKHHLQJURHV)HQVWHUXQGHLQH7U GLH]XP%DGIKUWHGHVVHQ.DFKHOQVHHJUQVFKLOOHUWHQ5DGLR7HOHIRQ XQG79ZDUHQYRUKDQGHQ7URW]GHUDQWLTXLHUWHQ(LQULFKWXQJEUDXFKWH -DQHDXIGHQPRGHUQHQ.RPIRUWQLFKW]XYHU]LFKWHQ ª*HIlOOWHV,KQHQ"©IUDJWH*RUGRQ6FKUHLEHU ª-DHVLVWVHKUQHWW© 'HU)DEULNDQWODFKWHª6LHEUDXFKHQQLFKW]XVDJHQGDHV,KQHQ JHIlOOW'HU*HVFKPDFNLVWYHUVFKLHGHQXQGHVLVWQLFKWMHGHUPDQQV 6DFKHLQHLQHUDOWHQ%XUJ]XZRKQHQ© ª,FKEOHLEHMDQLFKWLPPHUKLHU© ª'DVVWLPPW0LVV&ROOLQV,FKODVVH6LHMHW]WDOOHLQXQGHUZDUWH6LH GDQQVSlWHU]XP'LQQHUXP6LHPLWPHLQHQZLUNOLFKVHKUQHWWHQ*lVWHQ EHNDQQW]XPDFKHQ© ª'DQNH© *RUGRQ6FKUHLEHUQLFNWHLKUQRFKHLQPDO]XXQGYHUOLHGDV=LPPHU $OVHUGLH7UJHVFKORVVHQKDWWHOLHVLFK-DQHDXIGLH%HWWNDQWHIDOOHQ XQGVFKOXJEHLGH+lQGHYRULKU*HVLFKW -HW]WZRVLHDOOHLQKLHUZDUEHJDQQGDV1DFKGHQNHQ8QGVLHIUDJWH VLFKREVLHZLUNOLFKULFKWLJJHKDQGHOWKDWWHDOVVLHGHQ-REDQQDKP9RU DOOHQ'LQJHQRKQH5FNHQGHFNXQJ(VZXWHMDQLHPDQGZRVLHVLFK EHIDQG0DQNRQQWHVLHKLHUVSXUORVYHUVFKZLQGHQODVVHQXQGNHLQ +DKQZUGHQDFKLKUNUlKHQ

-DQH&ROOLQVZDUZLUNOLFKQLFKWEHUlQJVWOLFKDEHULQGLHVHP)DOO HUVFKLHQHVLKUGRFKEHVVHUGDMHPDQGZXWHZRVLHVLFKDXIKLHOW'DV PRGHUQH7DVWHQWHOHIRQVWDQGGLUHNWQHEHQGHP%HWW6LHKREGHQ+|UHU DEXQGKRIIWHGDVLHQDFK/RQGRQGXUFKZlKOHQNRQQWH .HLQ7RQGUDQJDXVGHP+|UHU'DVDK-DQHGHQKHOOHQ.QRSIDXIGHP 7HOHIRQ 'LHQHU/XNDVPHOGHWHVLFKª6LHZQVFKHQELWWH"© -DQHKDWWHGLH7HOHIRQQXPPHUVFKRQDXIGHU=XQJHVDJWHVLHDEHU QLFKWZHLOVLHSO|W]OLFKGDV*HIKOEHNDPDEJHK|UW]XZHUGHQ'DV PDFKWHQGLHEHVWLPPW ª(QWVFKXOGLJXQJ©VDJWHVLHªDEHULFKZROOWHQXUDXVSURELHUHQREGHU $SSDUDWLQPHLQHP=LPPHUDXFKIXQNWLRQLHUW© ª1DWUOLFK)UlXOHLQ&ROOLQV©/XNDVXQWHUEUDFKGLH9HUELQGXQJ-DQH OHKQWHVLFK]XUFN'LHVHV=LPPHUVRSUlFKWLJHVDXFKHLQJHULFKWHWZDU PDFKWHLKU$QJVW *HUQHKlWWH-DQHHLQ%DGJHQRPPHQ6LHWUDXWHVLFKQLFKW+LHUZDULKU DOOHV]XIUHPG]XVHOWVDPXQGVLFKHUOLFKZUGHQGLHVH*lVWHGHQHQVLH QRFKYRUJHVWHOOWZXUGHDXFKQLFKWJHUDGH]XLKUHQ)UHXQGHQ]lKOHQ -DQHHUKREVLFKXQGVFKULWWLP=LPPHUDXIXQGDE6LHGXUFKTXHUWH GHQ5DXPEOLHEYRUGHP%HWWVWHKHQGUHKWHVLFKXPXQGJLQJELV]XU 7U'DEHLILHOLKU%OLFNDXIHLQJURHVgOJHPlOGHGDVQHEHQGHU7U KLQJ (V]HLJWHHLQHQ.ULHJHULQ5LWWHUUVWXQJYRQGHPDOOHUGLQJVQXUGHU 2EHUN|USHUELV]XU+IWH]XVHKHQZDU'HU%UXVWSDQ]HUZ|OEWHVLFK YRU 'DV%LOGKLQJ]LHPOLFKLP6FKDWWHQZHLOGDVHLQIDOOHQGH/LFKWYRU EHLVWULFK 8QGGRFKVDK-DQHGDV*HVLFKWJHQDXHU9LHOOHLFKWZHLOVLH|IWHUDXI GDV*HPlOGH]XJLQJ 'LH$XJHQILHOHQLKUDXI 8QGGDYRQEHVRQGHUVGDVUHFKWH ,UJHQGHWZDVZDUGDPLW -DQHEOLHEGLFKWYRUGHP%LOGVWHKHQXQGVFKDXWHJHQDXHUQDFK'DV OLQNH$XJH]HLJWHHLQHQRUPDOHGXQNOH)DUEH'DVUHFKWHDOOHUGLQJVKDWWH GHU0DOHUDQGHUVJHPDOW1DWUOLFKHUDOVZUGHHVOHEHQ 3O|W]OLFKIXKUHLQ6FKDXHUEHU-DQHV5FNHQ /HEHQ" 6ROOWHVLHHWZDEHREDFKWHWZHUGHQ"+DWWHPDQDQVWHOOHGHV$XJHVHWZD HLQH(OHNWURQLNHLQJHEDXW":DUGDV$XJHGDV2EMHNWLYHLQHU)HUQVHK NDPHUD" -DQHVFKOXFNWH,QGLHVHU%XUJUHFKQHWHVLHPLWGHP6FKOLPPVWHQ6LH

WUDWQRFKGLFKWHUKHUDQGDQQMHGRFKVFKWWHOWHVLHGHQ.RSI1HLQGDV ZDUNHLQHOHNWURQLVFKHV$XJH'HU0DOHUVFKLHQVLFKGRFKLQGHU)DUEH YHUJULIIHQ]XKDEHQ8QGHVZDUDXFKVWDUU(VEHZHJWHVLFKQLFKWPHKU -DQHQDKPDQGDVLHVLFKYRUKLQJHWlXVFKWKDWWH 6LHJLQJZLHGHU]XUFN|IIQHWHLKUHQ.RIIHUXQGQDKPGDVKHOOEODXH ODQJH.OHLGKHUYRU6LHKDWWHHV]XIlOOLJPLWJHQRPPHQHVZUGH]XP KHXWLJHQ$EHQGSDVVHQ -DQHEUHLWHWHGDV.OHLGDXIGHP%HWWDXVGRFKLUJHQGHWZDVKLHOWVLH GDYRQDEHVEHU]XVWUHLIHQ ,PPHUZLHGHUILHOLKU%OLFNDXIGDV%LOG 'DVWLPPWHHWZDVQLFKW $EHUPDOVWUDW-DQH&ROOLQVQlKHUKHUDQ:HGHUXPVFKDXWHVLHGDV $XJHDQ (VOHEWHGRFK 'LH(UNHQQWQLVOLHVLHIU|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|UWHLKUHLJHQHV+HU]NORSIHQ(VNRVWHWHVLHZLUNOLFKhEHU ZLQGXQJGLH+DQGDXIGLH.OLQNH]XOHJHQXQGVLHODQJVDPQDFKXQWHQ ]XGUFNHQ =XP*OFNJDEHVNHLQHUOHL*HUlXVFKH/DXWORVOLHVLFKGLH.OLQNH EHZHJHQ -DQH|IIQHWHGLH7UJHUDGHVRZHLWGDVLHGXUFKGHQ6SDOWVFKOSIHQ NRQQWH 'lPPHUOLFKW 'HU5DXPKDWWHHLQ)HQVWHUGHVVHQ6FKHLEH]XU+lOIWHGXUFKHLQHQ 9RUKDQJYHUGHFNWZDU'HVKDOEILHOZHQLJHU/LFKWKHUHLQ

5HFKWVODJLKU=LPPHU-DQHGUHKWHGHQ.RSI ,PVHOEHQ$XJHQEOLFNZDQGWHVLFKDXFKGHUXQKHLPOLFKH%HREDFKWHU XPXQGGLH'HWHNWLYLQHUVWDUUWH 9RULKUVWDQGHLQ0RQVWHU 'HU%OLFNGHVHFKVHQN|SILJHQ:HVHQVZDUVWDUUDXI-DQH&ROOLQV JHULFKWHW-DQHVFKDXWHVRIRUWDXIGLHNOHLQHQNXJHOLJHQ$XJHQXQG VLHZXWHMHW]WYRPZHPVLHEHREDFKWHWZRUGHQZDU 8QZLOONUOLFKZLFKVLHHLQHQ6FKULWW]XUFN3O|W]OLFKKDWWHVLH$QJVW 'LHVHV:HVHQVDKIXUFKWHUUHJHQGDXV9RQGHU+IWHDEZlUWVZDUHV QRUPDODEHUGHUREHUH7HLOGHV.|USHUVXQGYRUDOOHQ'LQJHQGHU.RSI JOLFKGHPHLQHU5LHVHQHFKVH'DVEUHLWHYHUVFKREHQH0DXONODIIWHDXI XQG-DQHVDKGLHEHLGHQVSLW]HQXQGJHIlKUOLFKHQ=DKQUHLKHQ 'LH+lQGHNRQQWHPDQPLWGHP:RUW3UDQNHQXPVFKUHLEHQ6LH KDWWHQODQJH1lJHOGLHGLH+DXWHLQHV0HQVFKHQOHLFKWDXIUHLHQ NRQQWHQ:DVGDYRUGHU'HWHNWLYLQVWDQGZDUHLQZDKUJHZRUGHQHU $OSWUDXP 6LHVFKOXFNWH 'HU(FKVHQPHQVFKVDJWHQLFKWVDEHUHUUHDJLHUWHWURW]GHPDXILKUH $QZHVHQKHLW (UNDPDXI-DQH]X 1LFKWVFKZHUIlOOLJVRQGHUQJOHLWHQGXQGODXWORV'HUGLFNH7HSSLFK GlPSIWHGLH6FKULWWH%HYRUHUVLFK-DQH]XZDQGWHJULIIHUQDFKKLQWHQ XQGQDKPHLQHQ*HJHQVWDQGLQGLH+DQGGHUDQGHU:DQGJHOHKQW KDWWH (VZDUHLQH/DQ]H -DQHVFKOXFNWH,KUH$XJHQVXFKWHQQDFKHLQHP$XVZHJ6LHZXWH QLFKWJHQDXREGDV:HVHQVLHW|WHQZROOWHDEHUHVEHGURKWHVLHXQGGDV JDEGHQ$XVVFKODJIULKUH5HDNWLRQ -DQH&ROOLQVKREGHQUHFKWHQ$UP6LHEUDFKWHLKQLQGLH:DDJHUHFKWH XQGGDQQ]HLJWHGLH0QGXQJGHUPLW6LOEHUNXJHOQJHODGHQHQ$VWUDDXI GDV(FKVHQZHVHQ (QWZHGHUDKQWHHVGLH*HIDKUQLFKWRGHUHVZXWHQLFKW%HVFKHLG$XI MHGHQ)DOOJLQJHVZHLWHU 8QGHVKREGHQUHFKWHQ$UP .HLQHQ$XJHQEOLFN]|JHUWH-DQH&ROOLQV(VZDULKUHJDOREPDQGHQ 6FKXK|UWHRGHUQLFKW'DV8QJHKHXHUYRULKUZROOWHVLHW|WHQXQG-DQH PXWHLKU/HEHQYHUWHLGLJHQ 'HU.ODQJGHV6FKXVVHVZDULUJHQGZLHWURFNHQXQGK|UWHVLFKQLFKW HLQPDOEHVRQGHUVODXWDQ

$EHUGLH.XJHOWUDI 9ROOKLHEVLHLQGLH%UXVWGHV:HVHQV-DQHV%HIUFKWXQJGDV.DOLEHU KlWWHQLFKWJHQJHQG'XUFKVFKODJVNUDIWHUIOOWHVLFKQLFKW'LH 6LOEHUNXJHOEOLHEVWHFNHQ 'DV0RQVWHUZXUGHJHVWRSSW $OVZUGHHVYRQHLQHU+DQGIHVWJHKDOWHQXQGGDQQLP6WHKHQGXUFK JHVFKWWHOW(VEHJDQQ]X]LWWHUQ:HLWULHVGDV0DXODXIXQGDXVGHU :XQGHLQGHU(FKVHQEUXVWTXROO5DXFKGHUlW]HQGLQ-DQHV1DVHVWLHJ 'DQQNLSSWHGDV(FKVHQZHVHQXP(VVFKOXJDXIGHQ7HSSLFKGDV0DXO NODSSWH]XXQGGDV:HVHQO|VWHVLFKLQHLQHUJHOEJUQHQ5DXFKZRONH DXIZREHLHVYHUHQGHWH -DQHDEHUVWDUUWHDXIGDV0RQVWHUXQGVFKWWHOWHVLFK'LH:LUNXQJGHU 6LOEHUNXJHOKDWWHLKUJH]HLJWGDVLHYRQHLQHPGlPRQLVFKHQ:HVHQ EHGURKWZRUGHQZDU8QZLOONUOLFKPXWHVLHZLHGHUDQGLH6FKDWWHQ GHQNHQYRQGHQHQGLHVHU&DUOR/HLJHVSURFKHQKDWWH :DU&HOLQH:DOGYLHOOHLFKWYRQVRHLQHPHFKVHQN|SILJHQ0RQVWHU XPJHEUDFKWZRUGHQ" 'DIUVSUDFKYLHO:HQQVLHGLH.UDOOHQDQVDKXQGDQGLH:XQGHQ GDFKWHJDEHVHLJHQWOLFKNHLQHDQGHUH0|JOLFKNHLW&DUOR/HLZDU]ZDU QLFKWDXIQlKHUH(LQ]HOKHLWHQHLQJHJDQJHQGRFKGLHHWZDVYHUZDVFKHQH 8PVFKUHLEXQJVSUDFKIUVLFK (LQ0RQVWHUKDWWH-DQHHUOHGLJW6LHIUDJWHVLFKQDWUOLFKZLHYLHOHYRQ LKQHQDXIGLHVHU%XUJQRFKKHUXPOLHIHQXQGLKU%OLFNVFKZHLIWHXQZLOO NUOLFKGXUFKGHQ5DXP (UVWMHW]WVDKVLHGHQYRUJHEDXWHQ.DPLQ 8QGVLHHQWGHFNWHQRFKHWZDV 'HU.DPLQKDWWHNHLQH5FNZDQGVRQGHUQQXUHLQUHFKWHFNLJHV/RFK GXUFKGDVPDQNOHWWHUQNRQQWH 9RU-DQH&ROOLQVODJHLQ*HKHLPJDQJ $OVVLHGDVEHJULIIHQKDWWHK|UWHVLHSO|W]OLFKGUDXHQDXIGHP*DQJ 6FKULWWH $XJHQEOLFNOLFKHUVWDUUWHGLH'HWHNWLYLQ6LHUHFKQHWHGDPLWGDGLH 6FKULWWHYRUEHLJHKHQZUGHQGRFKGDVZDUQLFKWGHU)DOO,P*HJHQWHLO VLHQlKHUWHQVLFKGHU7UKLQWHUGHU-DQHODXHUWH 'LH'HWHNWLYLQVDKQXUHLQH&KDQFHGHU(QWGHFNXQJ]XHQWJHKHQ 6LHPXWHVLFKYHUVWHFNHQ 8QGGDIUNDPQXUGHU.DPLQPLWGHPGDQDFKEHJLQQHQGHQ *HKHLPJDQJLQ)UDJH 8QGGHU*HGDQNHZDUNDXPLQ-DQHV*HKLUQDXIJHEOLW]WDOVVLHLKQ VFKRQLQGLH7DWXPVHW]WH6LH]RJGHQ.RSIHLQXQGWDXFKWHLQGHQ*DQJ 6SLQQZHEHQNLW]HOWHQLKU*HVLFKWVWUHLIWHQDOVGQQHNDXP]XHU

NHQQHQGH*HLVWHUILQJHUEHULKUH6WLUQGLH1DVHXQGGLH:DQJHQ-DQH KDWWHGLH$UPHDXVJHVWUHFNWGDPLWLKUH+lQGHHLQ+LQGHUQLVHUWDVWHQ NRQQWHQIDOOVLKUHLQVGHQ:HJYHUVSHUUWH =ZHLNOHLQH6FKULWWHGDQQEOLHEGLH'HWHNWLYLQVWHKHQ8QGHVZDULKU *OFNRGHUHLQ,QVWLQNWGHQQVHKUVFKZDFKQXUHQWGHFNWHVLHYRUVLFK GLH8PULVVHHLQHUVFKPDOHQQDFKXQWHQIKUHQGHQ7UHSSH -DQHNDXHUWHVLFK]XVDPPHQ 'LH6FKULWWHZDUHQQRFKLPPHU]XK|UHQ$OOHUGLQJVMHW]WLP=LPPHU -DQHWUDXWHVLFKQLFKWYRU]XJHKHQXQGHLQHQ%OLFNLQGHQ5DXP]X ZHUIHQ0DQKlWWHVLH]XOHLFKWHQWGHFNHQN|QQHQGHVKDOEEOLHEVLHLQ LKUHUXQEHTXHPHQ6WHOOXQJKRFNHQ 'HURGHUGLH)UHPGHJLQJLP=LPPHUDXIXQGDE$QVRQVWHQK|UWH -DQH&ROOLQVNHLQH5HDNWLRQ'HU(LQGULQJOLQJPXWHGRFKGLH/HLFKH RGHUGLH5HVWHGHV(FKVHQN|SILJHQJHVHKHQKDEHQDEHUHUNPPHUWH VLFKQLFKWGDUXP (WZDHLQH0LQXWHYHUJLQJ -DQH&ROOLQVKLHOWGHQ$WHPDQ6LHK|UWHLKUHLJHQHV%OXWLP.RSI UDXVFKHQGDV+HU]VFKOXJVFKQHOOHU6LHZDUQHUY|VXQGDXIJHUHJW 8QGGDQQJHVFKDKHWZDVZRPLWVLHQLFKWJHUHFKQHWKDWWH 'DVRIIHQH5HFKWHFNDP.DPLQYHUGXQNHOWHVLFKSO|W]OLFKHLQTXLHW VFKHQGHV*HUlXVFKHUW|QWHXQGLPQlFKVWHQ$XJHQEOLFNZXUGHHV GXQNHO'HU(LQJDQJZDUYHUVFKORVVHQ ,QY|OOLJHU)LQVWHUQLVEOLHE-DQH&ROOLQV]XUFN 6LHEUDXFKWH6HNXQGHQXPGHQ6FKRFN]XEHUZLQGHQ'DQQUHJWHVLH VLFKVLHVWUHFNWHGLH$UPHDEHUPDOVYRUXQGXQWHUVXFKWHGLHGHQ (LQJDQJYHUVFKOLHHQGH.ODSSH 6LHEHVWDQGDXV(LVHQXQGUKUWHVLFKQLFKWDOVGLH'HWHNWLYLQGDUDQ HQWODQJWDVWHWH/XIWGLFKWVFKORVLHPLWGHP0DXHUZHUNDEXQG-DQH IDQGDXFKNHLQHQ.RQWDNWRGHULUJHQGHLQHQ0HFKDQLVPXVXPGLH .ODSSHYRQLQQHQ]X|IIQHQ (VEOLHELKUQXUHLQV 'HU:HJLQGLHXQEHNDQQWH7LHIH :LUZDUHQLQGHU6FKZHL] :LHDXFK-DQH&ROOLQVODQGHWHQZLULQ=ULFKXQGNOHWWHUWHQGRUWDXV GHU0DVFKLQH ,FKKDWWHPHLQHQ(LQVDW]NRIIHUPLWJHQRPPHQXQGWUXJVRQVWQXU +DQGJHSlFN.RQWUROOLHUWZXUGHQZLUQLFKW6LU-DPHV3RZHOOKDWWH GDIUJHVRUJWXQGHLQHQ6FKZHL]HU.ROOHJHQDQJHUXIHQGHUVLFK ZLHGHUXPPLWGHP=ROOLQ9HUELQGXQJVHW]WH

6RKDWWHQZLUIUHLH%DKQXQGVWLHJHQLQGHQWHOHIRQLVFKEHVWHOOWHQ /HLKZDJHQGHUXQVYRQ=ULFK]XXQVHUHP=LHOLQGHQ*UDXEQGHQHU %HUJHQEULQJHQVROOWH (VZDUHLQVFKQHOOHU%0:PLWGHPZLUEHUGLH$XWREDKQ]LVFKWHQ (LQHQ3ODQKDWWHLFKPLUQRFKQLFKW]XUHFKWJHOHJWLFKZROOWHDQ2UWXQG 6WHOOHLPSURYLVLHUHQ (VZDU1DFKPLWWDJDOVZLUXQVHU=LHOHUUHLFKWHQ0LFKKDWWHGLH /DQGVFKDIWIDV]LQLHUWDEHUOHLGHUZDUHQZLUQLFKWKLHUXP8UODXE]X PDFKHQ :LUPXWHQHLQHQJHIlKUOLFKHQ'lPRQMDJHQ 1LFKWVGHXWHWHLQGHPNOHLQHQ2UWGDUDXIKLQGDKLHUHLQHUGHU JHIlKUOLFKVWHQ'lPRQHQEHUKDXSWVHLQJUDXVDPHV=HSWHUVFKZLQJHQ ZUGH $OOHVZDUVWLOOIULHGOLFKXQGDXFKGLH'UDFKHQIOLHJHUSDWHQLQGLHVHV %LOGGLHEHUGHPZHLWHQ7DONUHLVWHQXQGVLFKYRQGHQ:LQGHQWUDJHQ OLHHQ $OVLFKGLH'UDFKHQIOLHJHUVDKNDPPLUHLQH,GHHª'DVN|QQWHQZLU GRFKDXFKPDFKHQ©VDJWHLFK]X6XNR ª:DV"© ª,QGLH/IWHVWHLJHQ© ª%LVWGXGHQQVFKRQJHIORJHQ"© ª1HLQ© ª'DQQZUGHLFKHVDQGHLQHU6WHOOHDXFKODVVHQGDVLVWQlPOLFKVHKU JHIlKUOLFK© ª6FKDGH© ª:LHNRPPVWGXHLJHQWOLFKDXIGLH,GHH"© ª:LUPVVHQGRFKLUJHQGZLHGLH%XUJHUUHLFKHQXQGLFKGDFKWHDOV EUXFKODQGHQGHU'UDFKHQIOLHJHUZlUHGLHVGLHEHVWH&KDQFH© ª(LQH&KDQFHLVWHVVFKRQ©JDE6XNR]Xª1XUHUVFKHLQWPLUGHU $XIZDQG]XJHIlKUOLFK© 'DKDWWHPHLQ)UHXQGUHFKW(VZDUDXFKQXUHLQH%OLW]LGHHYRQPLU JHZHVHQ0DQPXWHHEHQVlPWOLFKH0|JOLFKNHLWHQLQ%HWUDFKW]LHKHQ $XHUGHPPXWHQZLUHUVWHLQPDOZLVVHQZRVLFKGLH%XUJEHIDQGXQG GDNRQQWHQXQVGLH(LQKHLPLVFKHQKHOIHQ :LUKDWWHQGHQ%0:DP2UWVHLQJDQJJHSDUNWXQGVDKHQJHJHQEHU HLQH.RQGLWRUHLDQGLHDXFKHLQNOHLQHV&DIHDQJHVFKORVVHQZDU,FK VFKOXJYRUGRUWKLQHLQ]XJHKHQXQGHLQPDOQDFK]XIUDJHQ 6XNRZDUHLQYHUVWDQGHQ 1XUHLQ7LVFKZDUEHVHW]W'DUDQKRFNWHHLQEUDXQKDDULJHU0DQQGHU HLQH%ULOOHWUXJXQGLQHLQHU7DVVH.DIIHHUKUWH (UHUZLGHUWHIUHXQGOLFKXQVHUHQ*UXDOVZLU3ODW]QDKPHQ'HU

&KHIHLQJUDXKDDULJHU0DQQNDPOlFKHOQG]XXQVXQGIUDJWHQDFK XQVHUHQ:QVFKHQ ,FKEHVWHOOWH.DIIHHIUPLFKXQG6XNRQDKP7HH %HLGHVZXUGHVFKQHOOJHEUDFKW,FK]QGHWHPLUHLQH=LJDUHWWHDQXQG VFKDXWHPLFKXP'DEHLWUDIVLFKPHLQ%OLFNPLWGHPGHVDQGHUHQ *DVWHV 'HU0DQQQLFNWHPLU]X ª6LHVLQG(QJOlQGHU"©VDJWHHUGDQQ ª-DGDVK|UWPDQQLFKW"© 'HU0DQQ]QGHWHVLFKHLQH=LJDUHWWHPLWZHLHP)LOWHUDQª(VNRP PHQVHOWHQ(QJOlQGHULQGLHVH*HJHQG©HUNOlUWHHUª'LHPHLVWHQIDKUHQ LQGLHJU|HUHQ2UWHZLH'DYRVRGHU6W0RULW]$EHUKHXWHZDUEHUHLWV HLQH/DQGVPlQQLQYRQ,KQHQGD© ª(QJODQGLVWJUR©PHLQWHLFK ª6LHNDPDXV/RQGRQ©'HU0DQQWUDQNHLQHQ6FKOXFNª,FKKDEHPLFK PLWLKUXQWHUKDOWHQHLQHVHKUQHWWH)UDX6LHZROOWH]XU%HHUGLJXQJHLQHU )UHXQGLQ© ,FKVDKZLH6XNRDXIKRUFKWHXQGDXFKPLFKLQWHUHVVLHUWHSO|W]OLFK GDV*HVSUlFKª:HULVWGHQQEHJUDEHQZRUGHQ"© ª$XFKHLQH)UHPGH,KU1DPHODXWHWH&HOLQH:DOG© )DVWKlWWHLFKGXUFKGLH=lKQHJHSILIIHQ6XNRXQGLFKWDXVFKWHQHLQHQ EHGHXWHQGHQ%OLFNGHQGHU0DQQDP1HEHQWLVFKEHPHUNWHGHQQHU IUDJWHª.DQQWHQ6LHGLH7RWH"© ª-D© ª'DQQVLQG6LHOHLGHU]XVSlWJHNRPPHQ$EHULKU8QIDOOKDWVLFK KHUXPJHVSURFKHQ© ª:DUHVGHQQHLQ8QIDOO"©ZROOWHLFKZLVVHQ ª'LH3ROL]HLVDJWHV© ª$EHU6LHVLQGQLFKWGDYRQEHU]HXJW"© ª,FKKDEHGLH7RWHJHIXQGHQGRFKPHLQH0HLQXQJLVWDQVLFK XQZLFKWLJ© ª8QGGLH/DG\DXV/RQGRQ"© ª2KVLHKDWVLFKVHKUIUGLH7RGHVXUVDFKHLKUHU)UHXQGLQLQWHUHVVLHUW :HQQPLFKQLFKWDOOHVWlXVFKWLVWVLHVRJDUKRFK]XU%XUJJHIDKUHQ'RUW NDPGLH7RWHQlPOLFKKHU6LHKDWIU*RUGRQ6FKUHLEHUGHQ%HVLW]HU JHDUEHLWHW© ,QGLHVHQZHQLJHQ0LQXWHQKDWWHQZLUVFKRQDOOHUKDQGHUIDKUHQ ª$XFKXQVLQWHUHVVLHUW6FKUHLEHU©VDJWHLFK ª'DQQNHQQHQ6LHGLH/DG\YLHOOHLFKW"© ª6DJHQ6LHGHQ1DPHQ© ª-DQH&ROOLQV©

)DVWKlWWHLFKPLFKDP.DIIHHYHUVFKOXFNW'DVGXUIWHGRFKQLFKWZDKU VHLQ$XFK6XNRPDFKWHHLQHUVWDXQWHV*HVLFKW0LWDOOHPKlWWHQZLU JHUHFKQHWQXUGDPLWQLFKW -DQH&ROOLQVKLHU,QHLQHP2UWGHQNDXPHLQ0HQVFKNHQQW:HOFKH 9HUELQGXQJHQJDEHVGHQQIUVLH" ª0LUVFKHLQWGD6LHGLH/DG\NHQQHQ©VDJWHGHU0DQQ ,FKQLFNWHª8QGZLH-DQH&ROOLQVXQGLFKVLQGJXWH%HNDQQWH© ª'DNDQQPDQ,KQHQJUDWXOLHUHQ© ª8QGVLHLVWDOOHLQKRFK]XU%XUJJHIDKUHQ"© ª-DVLHZROOWHVLFKEHL6FKUHLEHUHUNXQGLJHQGHQQVLHJODXEWHQLFKWVR UHFKWDQGLH8QIDOOWKHRULH© ª'DQQNlPHDOV$OWHUQDWLYHQXUQRFK0RUGLQ)UDJH©VWHOOWHLFKIHVW 'HU0DQQQLFNWH'DQQEHULFKWHWHHUZLHHUGLH)UDXJHIXQGHQKDWWH 'LH8PVWlQGHNDPHQPLULQGHU7DWUHFKWVHOWVDPYRUXQGDXFKLFK VWROSHUWHEHUGLHEHLGHQ6FKDWWHQGLHHUJHVHKHQKDWWH:LUHUIXKUHQ DXFKGDGHU(U]lKOHU&DUOR/HLKLHXQGLQ/HQ]HUKHLGHZRKQWH ª=XUFNJHNHKUWLVW0LVV&ROOLQVQRFKQLFKW"©ZROOWHLFKYRQLKP ZLVVHQ ª1HLQ© ª:DUHQ6LHGHQQVFKRQPDODXIGHU%XUJ"© &DUORVFKWWHOWHGHQ.RSIª1LHREZRKOLFKPLFKKLHUVHKUJXW DXVNHQQH© ª+DWGDVHLQHQEHVRQGHUHQ*UXQG"© ª(LJHQWOLFKQLFKWDEHULUJHQGZLHPHLGHQGLH(LQKHLPLVFKHQGLHDOWH %XUJ© ª:DUXP"©,FKWUDQNPHLQH7DVVHOHHUª6SXNWHVGRUWYLHOOHLFKW"© ª'DVNDQQLFKQLFKWVDJHQ$XHUGHPJLEWHVGLH*HVSHQVWHUEXUJHQMD QXULQ,KUHP/DQG(VNDQQGDKHUNRPPHQGDVLFKGLH%XUJIDVWQLHLP %HVLW]HLQHV(LQKHLPLVFKHQEHIDQG,PPHUZLHGHULVWVLHYRQ$XV OlQGHUQHUZRUEHQZRUGHQRGHUVWDQGGLHPHLVWH=HLWOHHU-HW]WKDW *RUGRQ6FKUHLEHUVLHJHNDXIW© ª8QG]XVHLQHP:RKQVLW]HUNRUHQ"© ª1LFKW]XVHLQHPVWlQGLJHQ©HUNOlUWHPLUGHU0DQQª(UOlGWQXUVHKU RIW*lVWHHLQXQGGDPXQNHOWPDQDXFKHLQLJHV© ª:DVGHQQ"© ª,FKZHLQLFKWRE6LHGHU.ODWVFKGHU(LQKHLPLVFKHQLQWHUHVVLHUW =XGHPN|QQWHQ6LHMDVHOEVW*lVWHYRQ+HUUQ6FKUHLEHUVHLQ© ª'DVVLQGZLUQLFKW© ª$EHU6LHZROOHQKLQ"© ª0|JOLFK© ª1XQHVLVWVR0LVWHU©

,FKVWHOOWH6XNRXQGPLFKYRU ª:LHJHVDJWGLHVH%XUJVWDQGRIWOHHUXQGZHFKVHOWHKlXILJGLH %HVLW]HU'HUMHW]LJHDOOHUGLQJVLVWGHQPHLVWHQ'RUIEHZRKQHUQVXVSHNW 9RUDOOHQ'LQJHQGHVKDOEZHLOEHULKQDOOHUOHL*HUFKWHNXUVLHUHQ 6SD]LHUJlQJHUGLHQDKHGHU%XUJHQWODQJJHZDQGHUWVLQGZROOHQ6FKUHLH JHK|UWKDEHQVDKHQ)HXHUEUHQQHQQDMDGRUWVROOHVZLOG]XJHKHQ© ª6LHPHLQHQ3DUW\V© ª*HQDXDEHUEHVWLPPWH6LHZLVVHQVFKRQZDVLFKGDPLWVDJHQZLOO +HUU6LQFODLU© ª1DWUOLFK© ª,FKZROOWH,KUH%HNDQQWHGDYRQDEKDOWHQVLFKGLH%XUJDQ]XVHKHQ DEHUVLHOLHVLFKQLFKWEHU]HXJHQ'LHVHKEVFKH)UDXKDWHLQHQ 'LFNNRSI© 'DVDJWHPLU&DUOR/HLQLFKWV1HXHV9RQ-DQHV'LFNNRSINRQQWHLFK HLQ/LHGVLQJHQ:HQQVLHVLFKHLQPDOHWZDVYRUJHQRPPHQKDWWHIKUWH VLHHVDXFKGXUFK8QGPDQFKPDOELV]XPELWWHUHQ(QGH ª:LHODQJHLVWHVHLJHQWOLFKKHUGDVLH]XU%XUJJLQJ"©HUNXQGLJWH LFKPLFK ª'DPXLFKPDOQDFKGHQNHQ©PXUPHOWHGHU6FKZHL]HUXQGZDQGWH VLFKGDQQDQGHQ%lFNHUª+H6LU$UFKLEDOGZDQQKDWGLHKEVFKH EORQGH(QJOlQGHULQXQVYHUODVVHQ"© 6LU$UFKLEDOG5LKPNDPKLQWHUVHLQHU9HUNDXIVWKHNHKHUYRU ª9LHOOHLFKWYRU]ZHL6WXQGHQRGHU"© &DUOR/HLQLFNWHª6WLPPWVRODQJHPXHVXQJHIlKUKHUVHLQ© ª8QGVLHLVWQLFKWZLHGHU]XUFNJHNHKUW"© ª1HLQ© ª+DWVLHDXFKNHLQH=HLWJHVDJWZDQQVLHZLHGHUKLHULP2UWHU VFKHLQHQZROOWH"© ª$XFKGDVQLFKW6RYLHOLFKZHLZROOWHVLHQXUGHQ1DFKODUHJHOQ GDVLVWDOOHV© ,FKEHVWHOOWHQRFKHLQHQ.DIIHHª6LHNHQQHQQLFKW]XIlOOLJGLHVHQ 6FKUHLEHU"© ª.DXP*HVHKHQKDEHLFKLKQ]ZDUDEHUJHVSURFKHQQRFKQLHPLW LKP'HULVWVRUHLFKXQGH[]HQWULVFKGHUNPPHUWVLFKXPXQVHUHLQV JDUQLFKW8QGGDQQGLH%HVXFKHUGHU%XUJ'DVVLQGDXFKVRDXVJH IDOOHQH7\SHQ©(UJULQVWHª,FKP|FKWHQLFKWZLVVHQZDVGLHGDREHQ WUHLEHQ'DVPXGRUWXQKHLPOLFK]XJHKHQ,FKKDEHJHK|UWGDGLH IHLQHQ+HUUVFKDIWHQQDFNWGXUFKGLH%XUJODXIHQXQGGDEHLVFKDXULJH *HVlQJHDQVWLPPHQ9LHOOHLFKWOlXIWDXFKHLQ7RQEDQG© ª:RKHUZLVVHQ6LHGDVDOOHV"©IUDJWHLFK ª9RQHLQHU)UDXGLHGRUWNRFKW©

ª,VWGDVHLQH%HNDQQWH"© ª6RJDUYHUZDQGW8PGUHL(FNHQKHUXP'LHNDXIWDXFKPDQFKPDO EHLPLUHLQXQGGDEHLVLQGZLUGDQQLQV3ODXGHUQJHNRPPHQ:HQQGDV DOOHVVWLPPWZDVVLHVDJW© ª:DVVDJWVLHGHQQQRFKVR"©KDNWHLFKQDFK ª,FKHU]lKOWH,KQHQMDYRQGHQNRPLVFKHQ*HVlQJHQXQGGDQQZLUG JHVFKULHQGDHUW|QWHLQ+HXOHQXQGHLQ.UHLVFKHQ(VPXVRVFKDXULJ VHLQDOVZlUHGLH%XUJHLQ)HVWSODW]GHV7HXIHOV© 'HU$XVGUXFNZDUJXWJHZlKOW)HVWSODW]GHV7HXIHOV,UJHQGZLHKDWWH &DUOR/HLGDLQV6FKZDU]HJHWURIIHQ(UKlWWHQXUIUGDV:RUW7HXIHOGHQ %HJULII6SXNHLQVHW]HQVROOHQ ª:LHNDQQLFKGHQQXQEHREDFKWHWLQGLH%XUJKLQHLQNRPPHQ"© VWHOOWHLFKGLHZLFKWLJVWH)UDJH &DUORVFKDXWHPLFKDQDOVKlWWHLFKVRHEHQYRQHLQHU/DQGXQJDXI GHP0DUVEHULFKWHWª6LH6LHZROOHQLQGLH%XUJ"©ZLHGHUKROWHHU IOVWHUQGXQGDXFK6LU$UFKLEDOG5LKPVWDXQWH ,FKQLFNWHª-DLFKZLOOGLHVHU%XUJHLQHQ%HVXFKDEVWDWWHQ'HVKDOE VLQGPHLQ)UHXQGXQGLFKMDKLHU© ª'HU&KLQHVHDXFK"© ª*HQDX© ª'DVZLUGQLFKWJHKHQGLHODVVHQNHLQHQUHLQ'DVLQGVLHVWXU:HU QLFKW]XLKQHQJHK|UWZLUGDEJHZLHVHQ8QGZHQQHUQLFKWIUHLZLOOLJ YHUVFKZLQGHWGDQQEUDXFKHQVLH*HZDOW© ª$EHULFKPXKLQHLQ© ª6LHZROOHQ0LVV&ROOLQVUHWWHQQLFKW"© ª$XFKGDV© ª,FKYHUVWHKHVFKRQ©PXUPHOWH&DUOR/HLª,FKYHUVWHKHVHKUJXW VRJDU© ª9LHOOHLFKWN|QQWHQ6LHGHU.|FKLQHLQHQNOHLQHQ7LSJHEHQ©KDOILFK DXIGLH6SUQJH ª'DUDQKDEHLFKDXFKJHGDFKW8QG6LHKDEHQHLQXQYHUVFKlPWHV *OFN+HUU6LQFODLU:LVVHQ6LHGDV"© ª:LHVR"© ª'LH.|FKLQKDEHLFKYRUKLQJHVHKHQDOVVLHKLHUDP/DGHQYRUEHL PDUVFKLHUWH'DQQPXVLHQRFKHWZDVKROHQXQGZLUGEDOGDXIGLH%XUJ IDKUHQXP© ª6XFKHQZLUVLHGRFK©=XPHUVWHQPDOPLVFKWHVLFK6XNRLQGDV *HVSUlFK &DUOR/HLZLQNWHDEª'DVZLUGQLFKWQ|WLJVHLQ6LHNRPPWPHLVW DXIHLQH7DVVH.DIIHHKLHUYRUEHL:LUEUDXFKHQQXUVLW]HQ]XEOHLEHQ XQG]XZDUWHQ©

$OVKlWWH&DUOR/HLHLQ6WLFKZRUWJHJHEHQVR|IIQHWHVLFKGLH7UXQG HLQH)UDXHUVFKLHQ ª'DVLVWVLH©]LVFKWH&DUOR ª*UH]LPLWHLQDQG©VDJWHGLH)UDXXQGOlFKHOWH $XIPLFKPDFKWHVLHVRIRUWHLQHQV\PSDWKLVFKHQ(LQGUXFN6LHVFKLHQ HLQOLHEHV:HVHQ]XKDEHQGDVHUNDQQWHLFKDQGHQ$XJHQGLHLUJHQG ZLHIUHXQGOLFKXQGYHUVWlQGQLVYROOEOLFNWHQ&DUOR/HLVFKQDSSWHVLH VLFKVRIRUWXQGZLUHUIXKUHQDXFKLKUHQ1DPHQ 6LHKLH0DUJD)UDPERQ $OVVLHK|UWHGDZLUDXV(QJODQGNDPHQXQGDXIGLH%XUJZROOWHQ ZXUGHQLKUH$XJHQJUR6LHVFKOXJKDVWLJHLQ.UHX]]HLFKHQXQG IOVWHUWHª(VLVWYHUERWHQ)UHPGHDXIGLH%XUJ]XQHKPHQ©VDJWH VLHXQGQLFNWHKHIWLJZREHLLKU%XVHQZRJWH ª$EHUZLUVLQGYRQGHU3ROL]HL©VDJWHLFK ª7URW]GHP,FKZHUGHHQWODVVHQZHQQ© ª/LHEH)UDX)UDPERQ©VDJWHLFKªHQWODVVHQZHUGHQ6LHVRRGHUVR $XIGLHVHU%XUJILQGHWHLQVFKUHFNOLFKHV7UHLEHQVWDWWZRYRQ6LHMDDXFK VFKRQJHK|UWKDEHQ© 'LH)UDXQLFNWHKDVWLJ,KUHURWHQ:DQJHQJOKWHQQRFKPHKUª'DV VWLPPWDOOHUGLQJV© ª6HKHQ6LHXQGGLHVHP7UHLEHQP|FKWHQZLUHLQ(QGHEHUHLWHQ'DVLVW GRFKVLFKHUOLFKDXFKLQ,KUHP6LQQH"© ª-DQDWUOLFK© ª:ROOHQ6LHXQVKHOIHQ"© ª,FKZHLQLFKWVRUHFKW©6LHYHU]RJGDV*HVLFKWXQGNlPSIWHQRFK PLWVLFKVHOEVW ª'HQNHQ6LHDXFKDQ&HOLQH:DOG© ª2KVLHZDUHLQHVHKUQHWWH3HUVRQ:LUKDEHQXQVLPPHUJXWYHU VWDQGHQ/HLGHUHUODXEWHPDQPLUQLFKWDQGHU%HHUGLJXQJWHLO]X QHKPHQ© ª:DUXPQLFKW"© 'LH)UDXKREGLH6FKXOWHUQª+HUU6FKUHLEHULVWHVQLFKWJHZRKQW VHLQHP3HUVRQDO(UNOlUXQJHQDE]XJHEHQZHQQHUHLQPDOHLQH$QRUG QXQJHUWHLOWKDW© ª6LHP|FKWHQGRFKGD&HOLQH:DOGV7RGJHVKQWZLUG"©KDNWHLFK QDFK ª(VZDUHLQ8QJOFN© ª'DVLQGZLUQLFKWVRVLFKHU© ª.|QQWHHVYLHOOHLFKW"© ,FKOLHVLHQLFKWDXVVSUHFKHQª*HUDGHGDVP|FKWHQPHLQ)UHXQGXQG LFKMDEHUSUIHQ©

ª:HQQGDVVRLVWZLOOLFKHVYHUVXFKHQ© ,FKUHLFKWHGHU.|FKLQGLH+DQGª,FKGDQNH,KQHQVHKU)UDX )UDPERQ8QGZLUZHUGHQDOOHVWXQXP6LH]XVFKW]HQ© ª-DQDWUOLFK© :LUEOLHEHQLP&DIHXQGEHVSUDFKHQPLWGHU)UDXGLHQRFKLP5DXPH VWHKHQGHQ(LQ]HOKHLWHQ -DQH&ROOLQVKDWWHVLFKVHOEVWGLH6XSSHHLQJHEURFNW-HW]WPXWHVLH GHQ7HOOHUDXFKDXVO|IIHOQ'LHVVDKVLHHLQXQGGDUDQIKUWHNHLQ :HJYRUEHL 'LHXQEHNDQQWH3HUVRQPXWHGDV=LPPHUYHUODVVHQKDEHQGHQQ -DQHYHUQDKPGLH6FKULWWHQLFKWPHKUDOVVLHLKU2KUDQGLH(LVHQNODSSH OHJWHXQGKRUFKWH 1XULKUHLJHQHU$WHPZDU]XK|UHQ :DVKDWWHVLH"'LH.OHLGXQJGLHVLHDP.|USHUWUXJLKUH$VWUDXQG NHLQH7DVFKHQODPSH 1LFKWHLQPDOHLQ)HXHU]HXJ'DVVWHFNWHLQGHU+DQGWDVFKHGLHLP =LPPHUODJ -DQHVFKOXFNWH(VJDENHLQHDQGHUH$OWHUQDWLYHDOVGLH7UHSSHKLQ XQWHU]XVWHLJHQ:RVLHKLQIKUWHZXWHVLHQLFKW6LHKRIIWHMHGRFKGD VLHLQGHU7LHIHDXILUJHQGHLQHQ$XVJDQJVWRHQZUGH %HKXWVDPWDVWHWHVLFK-DQH&ROOLQVYRUDQ6LHVWUHFNWHGDVUHFKWH%HLQ DXVXQGIKOWHVFKRQGLH.DQWHGHUREHUVWHQ6WXIHXQWHULKUHU6RKOH NQLFNWHGHQ)XXQGVWHOOWHIHVWGDGLH6WXIH]LHPOLFKVFKPDOGDIU DEHUVHKUKRFKZDU(LQHJHIlKUOLFKH7UHSSHEHUGLHPDQOHLFKWIDOOHQ NRQQWH +LQ]XNDPQRFKGLH'XQNHOKHLWGLHGHU'HWHNWLYLQVFKZHU]X VFKDIIHQPDFKWH 6LHKLHOWVLFKGDEHLDQGHU0DXHUXPZHQLJVWHQVHLQZHQLJ+DOW]X KDEHQ,KUH+DQGJOLWWEHUUDXKHV*HVWHLQGDVVLFK]XVlW]OLFKIHXFKW DQIKOWH$XFKKLHUZDUGHU*DQJPLW6SLQQZHEHQGXUFK]RJHQ-DQH VSUWHVLHZHQQGLH)lGHQEHULKU*HVLFKWVWULFKHQXQGGHU*UXQGIU HLQH*lQVHKDXWZDUHQ =XHUVWKDWWHVLHGLH6WXIHQJH]lKOW+LQWHUKHUOLHVLHHVEOHLEHQGDV EUDFKWHQLFKWV6LHEUDXFKWHGLH.RQ]HQWUDWLRQIUDQGHUH'LQJH -DQHV6LQQHZDUHQJHVSDQQW'LH'HWHNWLYLQVWDQGXQWHU6WUH6LH GDFKWHDQGDVYRQLKUHUOHGLJWH:HVHQ'LHVHV0RQVWHUZDUVFKOLPP XQG-DQHJODXEWHGDUDQGDHVQLFKWGDVHLQ]LJHVHLQHU*DWWXQJZDU 'LH7UHSSHIKUWHVWHLOLQGLH7LHIH6LHPDFKWHNHLQHQ%RJHQKDWWH NHLQHUOHL:HQGHO

:RZUGHVLHHQGHQ" (VZDUXQP|JOLFKGLH.RQ]HQWUDWLRQZlKUHQGGHUJHVDPWHQ=HLWDXI UHFKW]XHUKDOWHQ$XFKIUHLQH)UDXZLH-DQH&ROOLQVQLFKWGLHGXUFK WDXVHQG*HIDKUHQJHJDQJHQZDU,UJHQGZDQQPXWHVLHGXUFKGUHKHQ RGHULQGHU.RQ]HQWUDWLRQQDFKODVVHQ 'DVJHVFKDKDXFK 3O|W]OLFKEHUVDK-DQHHLQH6WXIHJOHLFK]HLWLJUXWVFKWHVLHDEXQG YHUORUGDV*OHLFKJHZLFKW 6LHKDWWH0KHHLQHQ6FKUHL]XXQWHUGUFNHQ-DQHZROOWHVLFKQRFK IDQJHQGRFKGDVVFKDIIWHVLHQLFKWPHKU6LHILHOQDFKYRUQXQGVRPLWGLH 7UHSSHKLQXQWHU 'LH'HWHNWLYLQUHFKQHWHPLWGHP6FKOLPPVWHQ:lKUHQGVLHLKUHQ .|USHU]XVDPPHQNUPPWHKLHOWVLHLQVWLQNWLYGLH:DIIHIHVW'UHL YLHUPDOVSUWHVLHGLH6FKOlJHDOVVLHDXIVFKOXJGDQQEOLHEVLHOLHJHQ -DQH&ROOLQVZDULPHUVWHQ0RPHQW]XEHUUDVFKWXPJOHLFKPLWGHU QHXHQ6LWXDWLRQIHUWLJ]XZHUGHQ6LHODJQXUGDXQGGDFKWHDQQLFKWV (UVWODQJVDPEHJULIIVLHGDLKUQLFKWVJHVFKHKHQZDUXQGGDVLHQXU ZHQLJH6WXIHQKLQXQWHUJHIDOOHQZDUGHQQVLHKDWWHVFKRQIDVWGDV(QGH GHU7UHSSHHUUHLFKWJHKDEW -DQHEOLHEOLHJHQXQGDWPHWHHLQSDDUPDOWLHIGXUFK'DQQWDVWHWHVLH LKUHQ.|USHUDE(VJDE]ZDUHLQLJH6WHOOHQGLHVFKPHU]WHQDQVRQVWHQ VFKLHQQLFKWVJHVFKHKHQ]XVHLQ(VZDUHQNHLQH.QRFKHQJHEURFKHQVLH KDWWHVLFKDXFKQLFKWVYHUVWDXFKW 'LH'HWHNWLYLQDWPHWHDXI'LHVHU.HOFKZDUQRFKHLQPDODQLKUYRU EHLJHJDQJHQ $EHUZREHIDQGVLHVLFKMHW]W" 'HU8QWHUJUXQGZDULP*HJHQVDW]]XUVWHLQLJHQ7UHSSHVRJDU ]LHPOLFKZHLFK$OVVLHLKUH$UPHDXVVWUHFNWHXQGPLWGHQ+lQGHQ IKOWHYHUVDQNHQGLH)LQJHULP6WDXE)HXFKWXQGNOHEULJIKOWHHUVLFK DQ-DQHVFKWWHOWHVLFK $OVVLHLKUHQHUVWHQ(NHOEHUZXQGHQKDWWHGDFKWHVLHQDFK8QGVLH JHODQJWH]XGHP6FKOXGDVLHXQWHU8PVWlQGHQLQHLQHPDOWHQ %UXQQHQVFKDFKWJHODQGHWZDU$OOHVZLHVGDUDXIKLQ'LHIHXFKWH(UGH GDV:DVVHUGDVGDUDXIQRFKVWDQGXQGNKOEHULKUH+DQGVWULFK -DQHWDVWHWHZHLWHU 3O|W]OLFK]XFNWHVLH]XVDPPHQ ,KUH)LQJHUZDUHQJHJHQHWZDV+DUWHVJHVWRHQ-DQHZXWHQLFKWZDV HVZDUDEHUVLHWDVWHWHQRFKHLQPDOQDFKEHNDPGHQ*HJHQVWDQG]X IDVVHQXQG]RJLKQKHUDQ)DVWKlWWHVLHYRU6FKUHFNJHVFKULHQ:DVGD VROlQJOLFK]ZLVFKHQLKUHQ)LQJHUQODJZDUHLQ.QRFKHQ (LQ0HQVFKHQNQRFKHQ"

+DVWLJOLH-DQHGDV)XQGVWFNIDOOHQXQGVWDQGDXI6LH]LWWHUWHSO|W] OLFK'LH'HWHNWLYLQDKQWHGDVLHLQHLQHU.QRFKHQJUXEHRGHULQHLQHP .QRFKHQVFKDFKWJHODQGHWZDU'LH*HEHLQHKDWWHQVLFKJODWWDQJHIKOW DOVZUGHQVLHVFKRQVHLWOlQJHUHU=HLWKLHUOLHJHQ9LHOOHLFKWZDUHQVLH DXFKDEJHQDJWZRUGHQ6ROOWHGDVGHU)DOOVHLQPXWHQKLHULUJHQGZR *KRXOVKDXVHQ:HQQ-DQHGDUDQGDFKWHZXUGHLKUIDVWVFKOHFKWYRU $QJVW (LQSDDU]|JHUQGH6FKULWWHJLQJVLHQDFKYRUQ6LHEOLHEVWHKHQDOVVLH PLWGHU)XVSLW]HJHJHQHLQHQKDUWHQ*HJHQVWDQGVWLH(UUROOWHYRQLKU ZHJ6LHEFNWHVLFKJLQJHLQ6WFNXQGEHNDPGHQ*HJHQVWDQG]X IDVVHQ 2EHQZDUHUUXQG (LQ6FKlGHO +LPPHOVLHZDUJHJHQHLQHQNQ|FKHUQHQ6FKlGHOJHWUHWHQ $EHUPDOV]XFNWH-DQH]XVDPPHQ(LQ6FKWWHOIURVWGXUFKOLHIVLHVRDOV KlWWHVLH)LHEHU -DQHZROOWHXQGPXWHKLHUUDXV 1XUZLHVROOWHVLHGDVDQVWHOOHQ"+RFKNRQQWHVLHZRKODEHUGDQQ ZUGHVLHZLHGHUYRUGHU(LVHQSODWWHVWHKHQ8QGGHU:HJQDFKYRUQ" :DUHULKUYHUVSHUUW"*DEHVLKQEHUKDXSW" ,KUHhEHUOHJXQJHQZXUGHQXQWHUEURFKHQDOVVLHSO|W]OLFKHLQHQ GQQHQKHOOHQ6WUHLIHQVDK -DQH]XFNWH]XVDPPHQ,KU+HU]NORSIWHZLHGHUVFKQHOOHU'DVZDU /LFKW8QGZRVLFKGDV/LFKWEHIDQGGDPXWHQYLHOOHLFKWDXFK 0HQVFKHQVHLQ 5HFKWVYRQLKUZDUGHU/LFKWVWUHLIHQ]XVHKHQ(UEHIDQGVLFKLQ+|KH GHV(UGERGHQV'HU)RUPQDFK]XXUWHLOHQPXWHHUXQWHUHLQHU7U KHUIDOOHQ 'DQQJDEHVGRFKHLQHQ$XVJDQJ -DQHOLHIDXIGHQ6FKHLQ]XVWUHFNWHLKUH$UPHDXVXQGGLH+lQGH HUWDVWHWHQWDWVlFKOLFKGDVUDXKH+RO]HLQHU7U8QGVLHKLHOWSO|W]OLFK GLH.OLQNHXPNODPPHUW -HW]WNDPHVGDUDXIDQ 'LH6SDQQXQJLQ-DQH&ROOLQVHUUHLFKWHIDVWGHQ6LHGHSXQNW:DUGLH 7URIIHQ" 8QGZDVODJGDKLQWHU" (JDOVFKOLPPHUDOVKLHUHLQJHVFKORVVHQ]XVHLQNRQQWHHVVFKRQQLFKW ZHUGHQ-DQHGUFNWHGLH.OLQNHQDFKXQWHQXQGVWHOOWHIHVWGDGLH7U QLFKWYHUVFKORVVHQZDU $OOHUGLQJVZDUVLH]LHPOLFKQLHGULJVRGD-DQHGHQ.RSIHLQ]LHKHQ PXWHXPGLH6FKZHOOH]XEHUWUHWHQ

-DQH&ROOLQVYHUOLHLKUILQVWHUHV*HIlQJQLVXQGVWDQGSO|W]OLFKLQ HLQHUDQGHUHQ:HOW 'HU5DXPYRULKUZDUJHZDOWLJ 6RULHVHQJURKlWWHVLHLKQVLFKQLFKWYRUJHVWHOOW6LHVDKLQHLQHXQWHU LUGLVFKH+DOOHXQG-DQHNDPDXVGHP6WDXQHQQLFKWPHKUKHUDXVDOVVLH GLH(LQULFKWXQJEHPHUNWH 6RHWZDV6HOWVDPHVKDWWHVLHQRFKQLHLQLKUHP/HEHQJHVHKHQXQG DXFKQRFKQLHEHPHUNW8QGLQHLQHU%XUJKlWWHVLHHVVFKRQJDUQLFKW HUZDUWHW 'HU%RGHQZDUJODWW (UEHVWDQGDXVVFKZDU]HQYLHUHFNLJHQ6WHLQHQ1DKH]XIXJHQORV ZDUHQVLHDQHLQDQGHUJHOHJWZRUGHQXQGEHGHFNWHQGLHJHVDPWH)OlFKH VRZHLWGDV$XJHUHLFKWH'LH:lQGH]HLJWHQGLHJOHLFKH*OlWWH$XFK KLHUVDK-DQHGLHVFKZDU]HQ6WHLQH$XILKQHQVSLHJHOWHVLFKGDV/LFKW ZLGHUGDVYRQPHKUHUHQNOHLQHQ.XJHOODPSHQDXVJHVWUDKOWZXUGH6LH ZDUHQLQUHJHOPlLJHQ$EVWlQGHQ]XEHLGHQ6HLWHQDQGHQ:lQGHQ DQJHEUDFKW(WZD]ZDQ]LJ6FKULWWHZHLWHUYRUQVDK-DQHGHQ$OWDU (UVWHOOWHEHUKDXSWGDV3UXQNVWFNGHV5DXPHVGDU*HEDXWZDUHU DOVHLQHJHZDOWLJHRYDOH6FKDOHGLHDXI]ZHL6lXOHQUXKWHXQGGHQ$OWDU DPREHUHQXQGXQWHUHQ(QGHVWW]WHQ(WZDGUHL)XKRFKEHIDQGVLFK GLH6FKDOHEHUGHP%RGHQXQGDXFKVLHEHVWDQGDXVHLQHPVFKZDU]HQ 0DWHULDO hEHUKDXSWKHUUVFKWHGLH)DUEHVFKZDU]YRU(LQNDOWHVXQZLUNOLFKHV 6FKZDU]YRUGHPPDQVLFKIUFKWHQNRQQWH-DQHVSUWHJHQDXGLH $WPRVSKlUHKLHUXQWHQ6LHVWUDKOWHHWZDVXQVDJEDU%|VHVDXVHLQ JUDXHQKDIWHV2PHQGDVGLHVHV*HZ|OEHGXUFKVFKZHEWH .DOWOLHIHVGHU'HWHNWLYLQGHQ5FNHQKLQXQWHU$OOHVKDWWHVLHKLHU XQWHQHUZDUWHWHLQHQ)ROWHUNHOOHURGHUVFKDXULJH*HZ|OEHQXUVR HWZDVQLFKW 9RUVLFKWLJJLQJVLHZHLWHU-DQHVFKULWWDXI=HKHQVSLW]HQGHP$OWDUHQW JHJHQ6LHZROOWHQDFKVFKDXHQREVLFKHWZDVLQGHU2SIHUVFKDOHEHIDQG $OVVLHHWZDIQI
*HVLFKWLQ.RSIK|KHEHUGHP%RGHQ]XVFKZHEHQVFKLHQ 'DVZDUMHGRFKHLQH7lXVFKXQJGHQQ-DQHHUNDQQWHGDGLH)UDX HLQHQVFKZDU]HQ8PKDQJWUXJGHUVLFKNDXPYRQGHU)DUEHGHV%RGHQV DEKRE 8QGVLHVDKHWZDVGDVVLHVHKUHQWVHW]WH ,QGHUOLQNHQXQGDXFKGHUUHFKWHQ+DQGKLHOWGLH)UDXMHZHLOVHLQ ODQJHV0HVVHU 9RQGHQEHLGHQ.OLQJHQWURSIWH%OXW 0DUJD)UDPERQIXKUHLQHQ)RUG.RPEL'LH/DGHIOlFKHZDUYROOGD SDWHQLFKWVPHKUKLQHLQ$XILKUVWDSHOWHQVLFK.LVWHQXQG.DUWRQV$OOH ZDUHQJHIOOWPLW2EVWXQG'RVHQ0DUJD)UDPERQKDWWH9RUUlWH HLQNDXIHQPVVHQ $XIGHU5FNEDQNVWDQGHQHEHQIDOOV.LVWHQXQGZLUPXWHQXQV GD]ZLVFKHQTXHWVFKHQ ,FKKDWWHGHQ(LQVDW]NRIIHULP/HLKZDJHQJHODVVHQ'LHZLFKWLJVWHQ :DIIHQKDWWHQZLUPLWJHQRPPHQ(VIHKOWHQXUQRFK'HVWHURV6FKZHUW DEHUGDVODJLQ/RQGRQ ª(VZLUGHWZDVXQEHTXHPZHUGHQ©VDJWHGLH.|FKLQXQGOlFKHOWH HQWVFKXOGLJHQG ,FKZLQNWHDEª'DVPDFKWQLFKWV%HVVHUVFKOHFKWJHIDKUHQDOVJXW JHODXIHQ© ª'DKDEHQ6LHUHFKW©ODFKWHVLH ,FKZDUI6XNRHLQHQ%OLFN]X'HU&KLQHVHKDWWHVLFKVRNOHLQZLH P|JOLFKJHPDFKW(UZROOWHPLUQLFKWYLHO3ODW]ZHJQHKPHQ 6LU$UFKLEDOG5LKPXQG&DUOR/HLVWDQGHQLQGHURIIHQHQ7UGHU .RQGLWRUHL6LHZLQNWHQDOV0DUJD)UDPERQGHQ:DJHQVFKODJ ]XGURVFK'DQQIXKUHQZLUDE ,QGHQ3ODQZLHZLUP|JOLFKVWXQJHVHKHQLQGLH%XUJJHODQJHQ NRQQWHQKDWWHXQV0DUJD)UDPERQHLQJHZHLKW(VJDEDQGHU2VWVHLWH GHQ/LHIHUDQWHQHLQJDQJGXUFKGHQ&HOLQH:DOGDXFKGLH%XUJYHUODVVHQ KDWWH+LHUZROOWHQZLUKLQHLQ$EHU*HQDXHVNRQQWHQZLUHUVWDQ2UW XQG6WHOOHIHVWVWHOOHQ 'DV:HWWHU]HLJWHVLFKQLFKWYRQGHUEHVWHQ6HLWH*UDXH:RONHQ WUPWHQVLFKDP+LPPHO6LHXPNUHLVWHQGLH6SLW]HQGHU%HUJHRGHU ILHOHQODQJVDPDOVJHZDOWLJH6FKOHLHUGHQ+RFKWlOHUQHQWJHJHQ(LQ VFKZDFKHU:LQGZHKWHQXUXQGDXIGHQ.lPPHQGHU'UHLWDXVHQGHU JOLW]HUWHGDV(LV ª*LEWHVQRFKPHKU3HUVRQDOLQGHU%XUJ"©HUNXQGLJWHLFKPLFKEHL GHU.|FKLQ

ª-DZLUKDEHQHLQHQ'LHQHUXQGQRFKGUHLZHLWHUH.FKHQKLOIHQ© ª$XIZHOFKHU6HLWHVWHKWGHU'LHQHU"© 0DUJD)UDPERQODFKWHELWWHUª/XNDVLVWVHLQHU+HUUVFKDIWWUHXHU JHEHQ'HUZLUG,KQHQQLFKWKHOIHQGHULVW,KU)HLQG© ª8QGGLHDQGHUHQLQGHU.FKH"© ª'DIUNDQQLFKHEHQIDOOVPHLQH+DQGQLFKWLQV)HXHUOHJHQ6LH PVVHQ]XVHKHQGDVLHXQHQWGHFNWEOHLEHQ© ª:HUOlGWGHQ:DJHQDE"© ª'LH*HKLOIHQXQGLFK© 6XNRKDWWHHLQH,GHHª.|QQHQ6LHXQVQLFKWGHQ6FKOVVHOIUGHQ /LHIHUDQWHQHLQJDQJEHUODVVHQ"© 'D]XFNWHGLH.|FKLQ]XVDPPHQª:LVVHQ6LHHLJHQWOLFKZDV6LHGD YRQPLUYHUODQJHQ"© ª-DHVLVWVHKUYLHODEHUZLUVHKHQNHLQHDQGHUH0|JOLFKNHLW© ª+HUU6FKUHLEHUZLUGPLFKHQWODVVHQ(UYHUWUlJWHVQLFKWZHQQVLFK VHLQ3HUVRQDOJHJHQLKQVWHOOW'DVPVVHQ6LHYHUVWHKHQ© ,FKPLVFKWHPLFKHLQª:HQQ+HUU6FKUHLEHUZLUNOLFKGHULVWIUGHQ ZLULKQKDOWHQGDQQPVVHQ6LHVLFKVRZLHVRHLQHQHXH$UEHLWVVWHOOH VXFKHQ)UDX)UDPERQ© 'LH.|FKLQVFKZLHJ6LHEHWlWLJWHGHQ%OLQNHUXQGERJLQHLQH VFKPDOH6WUDHHLQGLHLQGLH%HUJHKRFKIKUWHª+LHUKDWPDQ&HOLQH :DOGJHIXQGHQ©VDJWHVLHPLWOHLVHU6WLPPH ª*ODXEHQ6LHGHQQDQHLQHQ8QIDOO"©IUDJWHLFK ª,FKZHLHVVHOEVWQLFKW© 'LH%XUJZDUQLFKW]XVHKHQ ,FKYHUUHQNWHPLUIDVWGHQ+DOVGRFKGHU:DOGQDKPPLUOHLGHU GLH6LFKW ª:LHLVWGDVPLWGHP6FKOVVHO"©HULQQHUWH6XNRGLH)UDX 7LHIDWPHWH0DUJRW)UDPERQGXUFK'DQQVDJWHVLHª,FKZHL ZHOFKHV5LVLNRLFKHLQJHKHDEHULFKZHUGH,KQHQGHQ6FKOVVHOJHEHQ© 6LHQDKPHLQH+DQGYRP9RODQWXQGJULIILQGLH7DVFKHLKUHUGUHL YLHUWHOODQJHQ-DFNH0HKUHUH6FKOVVHONOLPSHUWHQJHJHQHLQDQGHU6LH GUHKWHGLH+DQGQDFKKLQWHQª%LWWHVHKU© 6XNRQDKPVLHHQWJHJHQ ª8QG]XNHLQHPHLQ:RUW)UDX)UDPERQ©VFKlUIWHLFKLKUQRFK HLQPDOHLQ ª,FKELQGRFKQLFKWOHEHQVPGH©HUZLGHUWHVLHWURFNHQ 'LH.RFKLQJHILHOPLU6LHZDUHLQH)UDXDXVGHP/HEHQ0LWGHUhEHU JDEHGHV6FKOVVHOVKDWWHVLHXQVHLQHQXQVFKlW]EDUHQ'LHQVWHUZLHVHQ .XUYHDXI.XUYHIROJWH0DQPHUNWHGHU)UDXDQGDVLHGLH6WUHFNH QLFKW]XPHUVWHQPDOIXKUGHQQVLHQDKPGLH.HKUHQPLW5RXWLQH

'DQQVDKLFKGLH%XUJ,FKNRQQWHIUHLQHQ0RPHQWEHUGLH %DXPZLSIHOKLQZHJVFKDXHQXQGLFKKDWWHGHQ(LQGUXFNGLH%XUJ ZUGHGLUHNWDP%HUJNOHEHQ2EHUKDOEGHU%XUJJDEHVNHLQH%lXPH PHKUQXUQRFKQDFNWHV*HVWHLQXQG)HOVGHUJUQVFKLPPHUWHZHLO 0RRVXQG)OHFKWHQDXIVHLQHU2EHUIOlFKHZXFKVHQ ,FKKlWWHGHQUHFKWVDEIKUHQGHQ:HJQLFKWJHVHKHQDEHUGLH)UDX NDQQWHLKQ*HVFKLFNW]RJVLHGHQ.RPELLQHLQH.XUYHXQGERJLQGLH VFKPDOH=XIDKUWHLQ ª'HU:HJHQGHWYRUGHU%XUJ©HUNOlUWHVLH ,FKQLFNWH /DQJVDPEUHLWHWHVLFKDXFKLQPLUGLH6SDQQXQJDXV,FKVFKDXWHQDFK OLQNVXQGUHFKWV (QJZDUHQGLH.XUYHQ%lXPHZXFKVHQDP:HJUDQG0DQFKPDO NUDW]WHQ=ZHLJHEHUGDV'DFKXQGGLH6FKHLEHQ :DUHV]XYRUQRFKKHOOJHZHVHQVRHUIOOWHMHW]W'lPPHUOLFKWGLH NXUYHQUHLFKH6WUHFNH0DUJD)UDPERQKDWWHGDV/LFKWHLQJHVFKDOWHW'LH EHLGHQ6FKHLQZHUIHUPDOWHQKHOOH)OHFNHQDXIGLH)DKUEDKQ ,PPHUZLHGHUVWHOOWHLFKPLUGLH)UDJHREGHU6SXNXQVEHUHLWVHU ZDUWHQZUGH+DWWHHUXQWHU8PVWlQGHQHQWGHFNWGDZLUXQVHLQHP VHLQHU6WW]SXQNWHQlKHUWHQ"/DQJHKDWWHQZLUQLFKWVPHKUYRQLKP JHK|UW(UZDUGHU'lPRQGHUGLH6HHOHQGHUJHW|WHWHQ6FKZDU]EOWHU GLHYHUVDJWKDWWHQVDPPHOWH8QGHUOLHVLHQLHPHKUORVELVDXIHLQH $XVQDKPH'DVZDU'U7RGJHZHVHQGHVVHQJHIDQJHQH6HHOHDXI $VPRGLQDV%HWUHLEHQKLQLQGHQ.|USHUGHV0DILRVR6ROR0RUDVVR JHZDQGHUWZDU$QVRQVWHQEHKLHOWGHU6SXNZDVHULQGLH.ODXHQ EHNDP 6HLQH'LHQHUZDUHQGLH6FKDWWHQ$XFKHUVHOEVW]HLJWHVLFKPHLVWQXU DOV6FKDWWHQ7DWVlFKOLFKMHGRFKVDKHUDXVZLHHLQ5HSWLOXQGLFKPXWH DQGLHEHLGHQ:HVHQGHQNHQGLHXQVLQGHP/RNDOEHUIDOOHQXQG 3\NNDJHW|WHWKDWWHQ'RUWZDUHQVLHLQLKUHUULFKWLJHQ*HVWDOWDXIJH WUHWHQ ,FKKDWWHGHP6SXNDXFKVFKRQGLUHNWJHJHQEHUJHVWDQGHQDEHU QLHZDUHVPLUJHOXQJHQLKQ]XYHUQLFKWHQ(UKDWWHLPPHUZLHGHU HQWNRPPHQN|QQHQ :UGHHVGLHVPDODQGHUVVHLQ" ª:LUVLQGJOHLFKGD©'LH6WLPPHGHU.|FKLQXQWHUEUDFKPHLQH *HGDQNHQ ,FKQLFNWH 6XNRVFKDXWHGXUFKGLH6FKHLEH'LH$XJHQKDWWHHUOHLFKW]XVDPPHQ JHNQLIIHQVHLQH:DQJHQPXVNHOQZDUHQJHVSDQQW6FKDUIVSDQQWHVLFK GDV)OHLVFKEHUGHQ.QRFKHQ

ª+DVWGXZDV"©IUDJWHLFKLKQ 0HLQ)UHXQGKREGLH6FKXOWHUQª,FKZHLQLFKWDEHULUJHQGHWZDV VFKHLQWQLFKW]XVWLPPHQ© ª:LHVR"© ª)lOOWGLUQLFKWVDXI"0DQVLHKWNDXPQRFK/LFKW0LUNRPPWHVYRU DOVZUGHQZLUGXUFKHLQHQ7XQQHOIDKUHQ© ª'DVLVWGHU:DOG© 'DK|UWHQZLUGDV/DFKHQ %HLGH]XFNWHQZLU]XVDPPHQGHQQGDV*HOlFKWHUZDUGDVHLQHQ 0DQQHVJHZHVHQGRFKDXVJHVWRHQKDWWHHVHLQH)UDX 0DUJD)UDPERQ %HYRUZLUQRFKUHDJLHUHQNRQQWHQKDQGHOWHVLH6LHZDUIVLFKEOLW] VFKQHOO]XU6HLWH|IIQHWHGLH:DJHQWUXQGNDWDSXOWLHUWHVLFKDXVGHP :DJHQ,P:HJIDOOHQVDKLFKZLHDXVLKUHPQRUPDOHQ.|USHUHLQ 6FKDWWHQZXUGH 'DQQZDUVLHYHUVFKZXQGHQ 6LHKDWWHXQVQRFKJHOHLPW%HYRUVLHVLFKDXVGHP:DJHQIDOOHQOLH KDWWHVLHGDV/HQNUDGQDFKUHFKWVJHGUHKW'LHEHLGHQ5lGHUZDUHQ HLQJHVFKODJHQXQGGHU:DJHQNDPYRP:HJDE(LQH6HNXQGHVSlWHU UROOWHHUVFKRQEHUGHQ5DQGXQGNLSSWHQDFKYRUQ -DQHEOLHEVWHKHQXQGVDJWHQLFKWV hEHUGLH2SIHUVFKDOHKLQZHJVFKDXWHQVLFKGLHEHLGHQ)UDXHQDQ'LH DQGHUHPXWHZRKO]XGHQ*lVWHQGHV6FKORVVHVJHK|UHQ 6LHZDUlOWHUDOVGLH'HWHNWLYLQXQGLKUUXQGHV*HVLFKW]HLJWHLUJHQG ZLHHLQHQYHUOHEWHQ$XVGUXFNDOVKlWWHVLHQlFKWHODQJGXUFKJHPDFKW XQGJH]HFKW'LH.UDXVKDDUIULVXUEHVWDQGDXV]DKOUHLFKHQ/RFNHQGLH LKUDXFKLQGLH6WLUQILHOHQ'LH:DQJHQZLUNWHQHWZDVGLFNXQGGLH )LQJHUZDUHQPLW]DKOUHLFKHQ5LQJHQEHKlQJW'LH0XQGZLQNHO]HLJWHQ HLQHQ]\QLVFKHQ=XJXQG-DQHJODXEWHLQGHQ$XJHQGHU)UDXHLQHQXU PKVDPXQWHUGUFNWH*LHU]XOHVHQ $OVVLHMHW]W]ZHL6FKULWWHYRUJLQJNODIIWHGHUVFKZDU]H8PKDQJDXV HLQDQGHU -DQHVWHOOWHIHVWGDGLH)UDXGDUXQWHUQXULKUHQDFNWH+DXWWUXJ ª*XWHQ7DJ©VDJWHGLH8QEHNDQQWHXQGOlFKHOWHª,FKKHLHGLFK KHU]OLFKZLOONRPPHQOLHEH)UHXQGLQ© 2ELFKGHLQH)UHXQGLQELQZLUGVLFKQRFKKHUDXVVWHOOHQGDFKWH-DQH OlFKHOWHMHGRFK]XUFN ª:LHKHLWGX"©IUDJWHGLH)UDX ª-DQH&ROOLQV©

ª+DWWHLFKHVPLUGRFKJHGDFKW'XELVWVLFKHUOLFKGHU(UVDW]IU XQVHUHOLHEH&HOLQH"© ª-D© ª(VIUHXWPLFKGDGHU0HLVWHUVRVFKQHOOMHPDQGHQJHIXQGHQKDW,FK ELQEULJHQV'RGR'RUDQR© ª$QJHQHKP©VDJWH-DQH&ROOLQV$QVRQVWHQVFKZLHJVLH-DQHZXWH QLFKWZLHVLHVLFKGHU)UDXJHJHQEHUYHUKDOWHQVROOWH8P+LOIHNRQQWH VLH'RGR'RUDQRQLFKWELWWHQGHQQGDV:HLEVWDQGYROODXIGHU6HLWHGHV 0HLVWHUV 8QGGDGHU0HLVWHUPLW*RUGRQ6FKUHLEHULGHQWLVFKZDUGDUDQJDE HVQLFKWGHQJHULQJVWHQ=ZHLIHO ª'XELVWVRVFKZHLJVDP©OlFKHOWH'RGRª+DEHLFKGLUHWZDVJHWDQ"© ª1HLQQHLQHVLVWQXUHLQZHQLJIUHPGKLHU©-DQHGHXWHWHLQGLH 5XQGHª:DVJHVFKLHKWHLJHQWOLFK"© 'RGRODFKWHVFKULOOª'DVIUDJVWGXQRFK"+DWGHU0HLVWHUGLFKGHQQ QLFKWHLQJHZHLKW"© ª1RFKQLFKW© ª'DQQZLOOLFKHVWXQ:LUIHLHUQ3DUW\V$EHUJDQ]EHVWLPPWHPHLQH /LHEH+DVWGXVFKRQHWZDVYRQVFKZDU]HQ0HVVHQJHK|UW"©%HYRU-DQH DQWZRUWHQNRQQWHVDJWHVLHª1DWUOLFKZLUVWGXHVJHK|UWKDEHQ'X NRPPVWMDDXV(QJODQGZRHVGLHPHLVWHQ+H[HQJLEWXQGGLHKHUU OLFKVWHQVFKZDU]HQ0HVVHQJHIHLHUWZHUGHQ$EHUZLUKLHUVLQGVRJDU QRFKEHVVHU© ª,QZLHIHUQ"© ª1XQZLUKDEHQHLQHQHFKWHQ.RQWDNWKHUJHVWHOOW=ZDUQLFKWPLW GHP7HXIHOZLHYLHOHXQVHUHU6FKZHVWHUQYHUVXFKHQHVDEHUQLFKW VFKDIIHQVRQGHUQPLWHLQHPDQGHUHQPlFKWLJHQ'lPRQ'HU6SXN LVWDXIXQVDXIPHUNVDPJHZRUGHQ.HQQVWGXLKQ"© 8QGRE-DQHGHQNDQQWH6FKOLHOLFKKDWWHVLHVLFKVFKRQLQVHLQHP 5HLFKEHIXQGHQ8QEHNOHLGHWKDWWHVLHYRUVHLQHP7KURQJHOHJHQXQGHV ZDU-RKQ6LQFODLULPOHW]WHQ$XJHQEOLFNJHOXQJHQVLH]XUHWWHQ'HVKDOE ZDUHVNHLQ:XQGHUGD-DQHHLQH*lQVHKDXWEHUGHQ5FNHQOLHIDOV VLHGLH:RUWHGHU)UDXYHUQDKP ª'XNHQQVWLKQQLFKWRGHU"© ª1HLQ©ORJ-DQH ª$EHUHUZLUGHUVFKHLQHQGHQQGLH%XUJJHK|UWLKPQLFKWHLQPDO GHP0HLVWHU(UKDWVLHQXUYRP6SXN]XU9HUIJXQJJHVWHOOWEH NRPPHQGDPLWZLUXQJHVW|UWXQVHUH)HVWHIHLHUQN|QQHQ'XELVW KHU]OLFKHLQJHODGHQ©6LHZLQNWHPLWGHP0HVVHUª.RPPKHU]XPLU NOHLQH-DQH© 'LH'HWHNWLYLQ]|JHUWH'LHVH6]HQHLQGHUNDOWHQ+DOOHZDUVRXQZLUN

OLFKVRPDNDEHUGD-DQHVFKRQDQHLQHQ7UDXPGDFKWH$XFKGLH)UDX YRULKUGLHlXHUOLFKVRZHQLJ'lPRQLVFKHVDQVLFKKDWWHGRFKLP ,QQHUQJUDXVDPXQGJHPHLQVHLQPXWH $EHU-DQHPXWHPLWVSLHOHQREVLHZROOWHRGHUQLFKW6LHKDWWHVLFK GDUDXIHLQJHODVVHQXQGHLQ=XUFNJDEHVQLFKWPHKU 7LHIDWPHWHVLHHLQ 'RGRJLQJHLQZHQLJ]XU6HLWHXQGEUHLWHWHGLH$UPHDXV'LHEHLGHQ 0HVVHUOLHVLHQLFKWORVXQGDOVVLH-DQHDXIIRUGHUWHLQLKUH$UPH]X NRPPHQVFKWWHOWHGLH'HWHNWLYLQGHQ.RSI ª1HLQLFKZLOOQLFKW© ª:LUPVVHQXQVHUHQ%XQGGXUFKGHQ%UXGHUNXEHVLHJHOQ©'LH 6WLPPHGHU)UDXNODQJVRDOVZUGHVLHNHLQHQ:LGHUVSUXFKGXOGHQ XQG-DQHIJWHVLFK 'RGR'RUDQRVFKORGLH$UPHXP-DQH&ROOLQV)UHLQHQ0RPHQW GDFKWH-DQHGDUDQGDGLH)UDXLKUGLHEOXWLJHQ0HVVHULQGHQ5FNHQ VWRHQN|QQWHGRFK'RGRKDWWHGDUDQNHLQ,QWHUHVVH6WDWWGHVVHQ VSUWH-DQHGLH:DQJHGHU)UDXDQGHULKUHQXQGVLHPHUNWHGLH.lOWH GLH'RGRV+DXWDXVVWU|PWH -DQHVFKLHQLQGHQ$UPHQGHU)UDX]X(LV]XZHUGHQ6LHUKUWHVLFK QLFKW 'DIUEHZHJWH'RGRLKUHQ.RSIXQGGLH/LSSHQGUFNWHQVLFKJHJHQ GLH:DQJHGHU'HWHNWLYLQZlKUHQGGLH)UDXLKUH$UPHKLQWHU-DQHV 5FNHQVFKOR -DQHVSUWHGHQ.X 6LHYHUVWHLIWHQRFKPHKU(LQQLHJHNDQQWHV*HIKOGXUFKVWU|PWHVLH 'LH%HUKUXQJZDULKUXQDQJHQHKPVLHYHUVXFKWHGLH)UDXZHJ]X GUlQJHQZDUMHGRFKEHUUDVFKWPLWZHOFKHU.UDIW'RGRVLHIHVWKLHOW,P HUVWHQ$XJHQEOLFNKDWWH-DQHGHQ9HUGDFKWJHKDEWHVPLWHLQHPZHLE OLFKHQ9DPSLU]XWXQ]XKDEHQGRFKLKUH=lKQHVSUWHVLHQLFKWDXI LKUHU+DXWVWDWWGHVVHQGLH=XQJHXQGVLHIKOWHHVQDDQLKUHU:DQJH KHUDEULQQHQ ª%LWWH©TXHWVFKWHVLHKHUYRUª/DPLFK© ª*OHLFKNOHLQH-DQHJOHLFK© 'RGR'RUDQRKDWWHQLFKW]XYLHOYHUVSURFKHQ6LHOLH-DQHWDWVlFKOLFK ORVWUDW]XUFNXQGVFKDXWHVLHOlFKHOQGDQ'LH'HWHNWLYLQDWPHWHDXI 'LHVH%HUKUXQJZDULKU]XZLGHUJHZHVHQLKU,QQHUVWHVKDWWHVLFK GDJHJHQJHVWUlXEWXQGMHW]WZXUGHQLKUH$XJHQJUR 6LHVDK'RGRV0XQG (UZDU]XHLQHP/lFKHOQYHU]RJHQGDVHLQHQZLVVHQGHQXQGVS|W WLVFKHQ$XVGUXFN]XJOHLFK]HLJWH'DVDOOHUGLQJVZDUHVQLFKWZDV-DQH VRVFKDXGHUQOLH

6LHVDKVHKUGHXWOLFKGDV%OXWGDVLQGHQ0XQGZLQNHOQGHU)UDX NOHEWH ª'HU%UXGHUNX©IOVWHUWH'RGRª1XQJHK|UVWGX]XXQV© -DQH&ROOLQVEHZHJWHZLHLQ=HLWOXSHGHQUHFKWHQ$UPQDFKREHQ'LH +DQGWDVWHWHEHUGLH:DQJH)LQJHUVSLW]HQIXKUHQDXIGHUJODWWHQ+DXW HQWODQJXQGEHUKUWHQGLHIHXFKWHNOHEULJH)OVVLJNHLW -DQHV)LQJHU]XFNWH]XUFN6LHKLHOWGLH+DQGYRULKU*HVLFKWXQGVDK GLHURWHQ)OHFNHQ (VZDU%OXW 'RGR'RUDQRODFKWH,KUZDU-DQHV(QWVHW]HQGXUFKDXVQLFKWHQW JDQJHQª6RPXHVVHLQ©VDJWHVLH ª(VLVWGHLQ%OXWQLFKW"©IUDJWH-DQH ª-D0HLQV(VKlWWHDXFKHLQDQGHUHVVHLQN|QQHQDEHUGXKDVWPLFK ]XHUVWJHWURIIHQ© ª:DVVROOGDVKHLHQ"© ª'DLFKMHW]WGHLQH)KUHULQELQXQGGXPLUJHKRUFKHQPXW *OHLFK]HLWLJVWHKVWGXDXFKXQWHUPHLQHP6FKXW]'XKlWWHVWDXFK)HOL[ XQG5REHUWEHJHJQHQN|QQHQ© ª:DVVLQGGDVVFKRQZLHGHUIU/HXWH"© ª=ZHL%UGHU© ª*HK|UWVRQVWQRFKMHPDQG]XGHU*UXSSH"© ª-DPHLQH)UHXQGLQ(LQHbU]WLQ'XZLUVWVLHNHQQHQOHUQHQ,KU9DWHU ZDU(QJOlQGHUVLHKHLW$QNH%RRN©3O|W]OLFKODFKWH'RGRXQNRQ WUROOLHUWª:HQQ$QNHHUIlKUWGDGXMHW]WPHLQ6FKW]OLQJELVWGDQQ ZLUGVLHVLFKlUJHUQ'DEHLKlWWHVLHDXFKJHKHQN|QQHQ© -DQHVFKWWHOWHGHQ.RSIª,FKYHUVWHKHGDVDOOHVQLFKW©VDJWHVLH ª:LHVRPXLFKGLUJHKRUFKHQ"© ª:HLOPHLQ%OXWNXGLFKJHWURIIHQKDW© ª8QG"© ª%OXWLVWHLQEHVRQGHUHU6DIWGDVVWHKWVFKRQLP)DXVW$EHUPHLQ%OXW LVWDXHUJHZ|KQOLFKHVLVWQLFKWPHKUQRUPDOVRQGHUQYRP6SXNLQ IL]LHUW'HU6SXNXQGGHU0HLVWHUKDEHQGDIUJHVRUJWGDLFKHLQ 7HLOYRQLKQHQZHUGHQNRQQWH,FKKDEHGLHJURH:HLKHHUIDKUHQ XQGGXUIWHGDV%OXWWULQNHQ© ª:HOFKHV"© ª'lPRQHQEOXW© -HW]WZDUHVKHUDXVXQG-DQH&ROOLQV]LWWHUWH,QZHOFKHLQHQ$OSWUDXP ZDUVLHGDKLQHLQJHUDWHQ"(QWVSUDFKGDVDOOHVKLHUGHQ7DWVDFKHQ".DP VLHMHPDOVKLHUZLHGHUKHUDXV" ª,FKNDQQYHUVWHKHQGDGXQHXJLHULJELVW©VDJWH'RGRª,FKZLOO DXFKGHLQH1HXJLHUGHEHIULHGLJHQ.RPPLFK]HLJHGLUDOOHV©

-DQHJLQJPLW6LFK]XZHLJHUQKlWWHZRKONHLQHQ=ZHFNJHKDEWHV ZDUEHVVHUVLHVSLHOWHMHW]WPLW9LHOOHLFKWHUJDEVLFKVSlWHUQRFKHLQH &KDQFH 'LHEHLGHQVRXQJOHLFKHQ)UDXHQVFKULWWHQLQGHQ+LQWHUJUXQGGHU JURHQ+DOOH'RGR'RUDQRKLHOWQRFKLPPHUGLH0HVVHUIHVW'DYRQ ZROOWHVLHVLFKQLFKWWUHQQHQ -DQHNRQQWHHUNHQQHQGDGLH+DOOHDXFKKLHUQLFKWOHHUZDU6LHVDK PHKUHUH7|SIHXQG*HIlHGLHHWZDVKHOOHUZDUHQDOVGHU6WHLQERGHQ DXIGHPVLHVWDQGHQDEHUGXUFK5RKUHPLWHLQDQGHULQ9HUELQGXQJ VWDQGHQ 6LHEOLHEHQVWHKHQª6FKDXQDFKOLQNV©VDJWH'RGR 'LH'HWHNWLYLQZDQGWHGHQ.RSI'DV5RKUGDVGLH*HIlHYHUEDQG OLHIDQGHU:DQGKRFKXQGYHUVFKZDQGLQGHU'HFNH ª9RQGRUWREHQZHUGHQVLHJHIOOW©HUNOlUWHLKU'RGR ª0LW%OXW"© 'RGRQLFNWHª$XFK©HUZLGHUWHVLHª$XFKPLW%OXWDEHUPLWHLQHP EHVWLPPWHQ©6LHZLQNWH-DQH]XJLQJVFKRQYRUXQGEOLHEQHEHQGHP JU|WHQ*HIlVWHKHQ ª,FKZLOOHVGLU]HLJHQXQGGXZLUVWEHUUDVFKWVHLQZDVZLUVFKRQ DOOHVJHVFKDIIWKDEHQ©:lKUHQGGHU:RUWHVWUHFNWHVLHLKUHUHFKWH+DQG DXVJULIIQDFKGHP'HFNHOXQGKRELKQLQGLH+|KH -DQHNRQQWHHLQHQ%OLFNLQGDV*HIlZHUIHQ (LQZLGHUOLFKHU*HUXFKVWLHJLKUHQWJHJHQ'LH)OVVLJNHLWZDU ]LHPOLFKGLFN]XGHPZDUPVRGDVLH%ODVHQZDUIGLHODQJVDPDQGLH 2EHUIOlFKHWULHEHQXQGGRUWPLWHLQHPVDWWHQ.QDOO]HUSODW]WHQ(LQSDDU 6SULW]HUWUDIHQ-DQH&ROOLQVXQGVLH]XFNWH]XUFN ª'DVLVWHV©VDJWH'RGRªGDVLVWGDV*HKHLPQLVGHV'lPRQHQEOXWV :LUKDEHQHVKHUJHVWHOOW'HU6SXNKDWXQVGLH$QOHLWXQJJHJHEHQ'LH JHQDXH0LVFKXQJNHQQWQXUGHU0HLVWHU© ª8QGZRUDXVEHVWHKWHV"© ª(VLVWQLFKWQXUGDV%OXWDEWUQQLJHU'lPRQHQVRQGHUQDXFKGDV YRQ7LHUHQ© ª8QGYRQ0HQVFKHQ"© 'DKRE'RGRGLHLQGHUJHEFNWHQ+DOWXQJVWDQGGHQ.RSIXQG VFKDXWH-DQH&ROOLQVVFKUlJYRQXQWHQKHUDQª-DDXFKYRQ0HQVFKHQ PHLQHNOHLQH-DQH© -DQH]HLJWHDXIGLH0HVVHU0LWUDXKHU6WLPPHIUDJWHVLHª+DVWGX GDPLW"© ª-DGDPLWKDEHLFKJHW|WHW(VLVWQRFKQLFKWODQJHKHU,FKZROOWHMD VHKHQREVLFKGDV%OXWJXWPLWGHPDQGHUHQYHUPLVFKWKDW'HU0HLVWHU KDWWHPLUGHQ$XIWUDJJHJHEHQ©

ª:HQKDVWGXJHW|WHW"© ª5DWHPDO©'RGRV$XJHQIXQNHOWHQ6LHNRQQWHGLH*LHUMHW]WQLFKW PHKU]XUFNKDOWHQ ª0HQVFKHQ"© ª1HLQHVZDUHQ+lKQH©6LHODFKWHª'LUIlOOWHLQ6WHLQYRP+HU]HQ NOHLQH-DQHZLH"© ª,FKZHUGHNHLQH0HQVFKHQW|WHQ©HUNOlUWH-DQHIHVW ª2KGDVKDEHLFKDXFKHLQPDOJHGDFKW'RFKGDQQOHUQWHLFKGHQ 0HLVWHUULFKWLJNHQQHQXQGLFKNRVWHWH]XPHUVWHQ0DOYRP%OXWGHU 'lPRQHQ(VZDUZLH5DXVFKJLIWZHQQGXYHUVWHKVWZDVLFKPHLQH,FK KDEHIUKHUPDOJHKDVFKW$EHUDOOHVKlOWGHQ9HUJOHLFK]XHLQHP 'lPRQHQWUDQNQLFKWDXVGDVPXWGXPLUJODXEHQ©6LHGHXWHWHDXIGHQ %RWWLFKª:LOOVWGXHLQHQ6FKOXFNQHKPHQNOHLQH-DQH"© ª1HLQ©-DQHZLFK]XUFN ª8QGZHQQLFKHVGLUEHIHKOH"© ª,FKZHUGHGLHVHQ%HIHKOYHUZHLJHUQ© )UHLQHQ0RPHQWVDKHVVRDXVDOVZROOWHVLFK'RGRDXIGLH 'HWHNWLYLQVWU]HQGRFKGDQQOLHVLHHVEOHLEHQXQGQLFNWHQXUª*DQ] ZLHGXZLOOVW$EHUGLH)ROJHQKDVWGXVHOEVW]XWUDJHQGDVNDQQLFK GLUVDJHQ© ª:HOFKH)ROJHQ"© ª'DUILFKGLFKGDUDQHULQQHUQGDGXMHW]WPHLQH6NODYLQELVW"'X PXWGDVWXQZDVLFKZLOO8QGKWHGLFKPLUQRFKHLQPDO]XZLGHU VSUHFKHQ© ª,FKP|FKWHMHW]WZLHGHUDXIPHLQ=LPPHU©VDJWH-DQHª+LHUKDEHLFK JHQXJJHVHKHQ© 'RGRODFKWHVFKULOOª$XIGHLQ=LPPHUZLUVWGXQLFKWPHKUNRPPHQ (VEOHLEWEHUKDXSWNHLQH=HLW© ª8QGZLHVRQLFKW"© ª:HLOGLHVFKZDU]H0HVVHJOHLFKEHJLQQW'DVFKDX© 'RGRGUHKWHVLFKXP$OVKlWWHVLHHLQHQ0HFKDQLVPXVDXVJHO|VW |IIQHWHVLFKSO|W]OLFKHLQ7HLOGHU*HZ|OEHUFNZDQGXQGJDEGHQ%OLFN LQGHQ6WROOHQIUHL 5|WOLFKHV/LFKWHUKHOOWHLKQ8QG]ZDUVRGHXWOLFKGD-DQHGLH 6FKDWWHQGHU0lQQHUXQG)UDXHQHUNHQQHQNRQQWHGLHGHQ6WROOHQ YHUOLHHQ 'HU0HLVWHUXQGVHLQ*HIROJHNDPHQ

(VJLEWNULWLVFKH6LWXDWLRQHQZRVLFKNXU]H=HLWVSDQQHQSO|W]OLFK HQGORVLQGLH/lQJH]LHKHQ,QHLQHUlKQOLFKHQ/DJHEHIDQGHQVLFK 6XNRXQGLFK 'HU:DJHQNLSSWH 8QGGLH6HNXQGHQGLHHUQRFKDXIGHP5DQGVWDQGNDPHQXQVEHLGH VHKUODQJYRU ª5DXV©VFKULHLFK:REHLLFKHVEHVVHUKDWWHGHQQGLH)DKUHUWUDXI PHLQHU6HLWHVWDQGDXI +LQWHUKHULVWPDQLPPHUVFKODXHU$EHULQGLHVHQ$XJHQEOLFNHQ ZROOWHLFKWDWVlFKOLFKGHQ:DJHQYHUODVVHQXQGEHZHJWHPLFK'DGXUFK NDPHV]XHLQHU*HZLFKWVYHUODJHUXQJ'HU)RUGZXUGHDQVHLQHU9RUGHU VHLWHEHVFKZHUWXQGILHO ,QVWLQNWLYNDXHUWHLFKPLFK]XVDPPHQ,FKKlWWHDQJHVFKQDOOWEOHLEHQ VROOHQGDVZDUPHLQ*HGDQNHDOVGHU:DJHQLQGLH7LHIHNUDFKWH(V JHODQJPLUQRFKPLFK]ZLVFKHQ6LW]XQG)XEDQN]XGUFNHQXQG PHLQHQ.RSI]XVFKW]HQGDQDFKJLQJQLFKWVPHKU 6XNRXQGLFKZXUGHQ]XHLQHP6SLHOEDOOGHU*HZDOWHQ 'HU)RUGILHOQLFKWVWHLOQDFKXQWHQVRQGHUQEHUVFKOXJVLFKLQGHU /XIW,FKZXWHSO|W]OLFKQLFKWPHKUZRREHQRGHUXQWHQZDUGLH /DGXQJJHULHWLQ%HZHJXQJNLSSWHYRUQEHU 0LUNUDFKWHQGLHYHUGDPPWHQ.LVWHQXQG.DUWRQVJHQDXLQGHQ 1DFNHQ,FKVSUWHGLH6FKOlJHXQGK|UWHJOHLFK]HLWLJGDVKlOLFKH 5HLHQGDVHQWVWHKWZHQQVLFK0HWDOOGXUFKELHJW'HU:DJHQZXUGH GXUFKJHVFKWWHOWDOVZUGHGLH)DXVWHLQHV5LHVHQJHJHQLKQGRQQHUQ GDEHLZDUHQHVQXUGLH%lXPHXQG)HOVNDQWHQJHJHQGLHGHUIDOOHQGH )RUGVWLHXQGDQHLQLJHQ6WHOOHQVRJDUYRQGHPVFKDUIHQ*HVWHLQHLQ JHULVVHQZXUGH/lQJVWJDEHVNHLQKHLOHV)HQVWHUPHKU(LQ6SOLWWHUUHJHQ SUDVVHOWHDXIXQVQLHGHUGLHRIIHQH7UULDEXQGHLQ7HLOGHU/DGXQJ UXWVFKWHDXFKQDFKGUDXHQ $EHUGHU:DJHQILHOQLFKWPHKU (UVWDQGVWLOO ,FKKLQJQRFKLPPHUHLQJHNOHPPW]ZLVFKHQ6LW]XQG)XEDQN6XNR PXWHVLFKLUJHQGZRKLQWHQEHILQGHQXQGDXIPLUODJHQGLH.LVWHQ =ZHLKDWWHQVLFKVRYHUNDQWHWGDVLH]XHLQHU$UW6FKXW]ZDOOJHZRUGHQ ZDUHQXQGDQGHUH*HJHQVWlQGHDEJHKDOWHQKDWWHQ (LQSDDU6HNXQGHQOLHLFKYHUVWUHLFKHQGDQQYHUQDKPLFKGDV 5lXVSHUQKLQWHUPLU ª6XNR"© ª1RFKYRUKDQGHQ© ,FKPXWHJULQVHQª:LHJHKWHV"© ª'DVZHLLFKQRFKQLFKW0LULVWQXUGLHVHVYHUGDPPWH2EVWLQGHQ

5FNHQJHIDOOHQDXIPHLQHP.RSIOLHJWHLQHPDWVFKLJH%DQDQHXQG HLQHQ3ILUVLFKKDEHLFKPLWGHP(OOERJHQ]HUGUFNW$QVRQVWHQLVWDOOHV NODU%HLGLUDXFK-RKQ"© ª'DVZLOOLFKKRIIHQ© ª:RKlQJHQZLUHLJHQWOLFK"© ª,UJHQGZRDQGHU)HOVZDQG.DQQVWGXQLFKWVVHKHQ"© ª1HLQGLH.LVWHQYHUVSHUUHQPLUGLH6LFKW© ª,FKYHUVXFKHHVPDO©HUZLGHUWHLFK6RJXWHVJLQJGUHKWHLFKPLFK XPXQGVWLHPLWGHPUXQGHQ6FKXOWHUNQRFKHQJHJHQGLHYHUNDQWHWHQ .LVWHQ'DQQGUFNWHLFKVLHKRFK,FKZROOWHYRUVLFKWLJ]X:HUNHJHKHQ ]XYLHO%HZHJXQJNRQQWHVLFKVFKlGOLFKDXVZLUNHQGHU:DJHQN|QQWH GDV*OHLFKJHZLFKWYHUOLHUHQXQGZHLWHUVWU]HQ =XP*OFNEHIDQGHUVLFKLQHLQHUZHQQDXFKVFKUlJHQ1RUPDO ODJH(UVWDQGDOVRQLFKWDXIGHP.RSIXQGZLUNRQQWHQLKQ]LHPOLFK VLFKHUYHUODVVHQ ,FKVWHPPWHDXFKGLH]ZHLWH.LVWH]XUFNXQGZDUIHLQHQ%OLFNDXI GHQOHHUHQ)DKUHUVLW] 'LH7UGDQHEHQZDUDEJHULVVHQZRUGHQ0HLQ%OLFNILHOQDFK GUDXHQ ,FKVFKDXWHDXIGLHbVWH]DKOUHLFKHU%lXPHGLHVLFKPLWLKUHP :XU]HOZHUNDQGLH)HOVZDQGJHNUDOOWKDWWHQ 6LHKDWWHQGHQVFKZHUHQ:DJHQJHKDOWHQ :HQQVLHGHQKLHOWHQZUGHQVLHDXFKXQVWUDJHQ ª$XVVWHLJHQ©ULHILFK6XNR]X%HLGLHVHP:RUWNURFKLFKVFKRQEHU GHQ)DKUHUVLW]DXIGHQ$XVVWLHJ]X(LQ%DXPDVWEHIDQGVLFKGLFKWYRU PLU,FKSDFNWHLKQKLHOWIHVWXQGNRQQWHPLFKVRDXVGHQ:DJHQ]LHKHQ $OVLFKGHQ.RSILQV)UHLHVWUHFNWHK|UWHLFKGDV3OlWVFKHUQ(LQ%DFK ZDUHVQLFKWGHUVWDQNQLFKWVR %HQ]LQOLHIDXV'XUFKGHQ$XISUDOOPXWHGHU7DQNEHVFKlGLJW ZRUGHQVHLQ ,FKKRFNWHDXIHLQHP.LHIHUQDVWGHVVHQ1DGHOQPLULQV*HVLFKW VWDFKHQXQGGLH+DXWPDOWUlWLHUWHQ ª.RPPUEHU©ULHILFK6XNR]Xª$EHUVHLYRUVLFKWLJ$PEHVWHQGX NOHWWHUVWEHUPHLQHQ6LW]ZHQQGXGLH/HKQHQRFKXPOHJHQNDQQVW© ª:LOO VYHUVXFKHQ© ,FKVDKPLULQ]ZLVFKHQGHQ:DJHQDQ(UKLQJZLUNOLFKDXIHLQHPVHKU VFKPDOHQ*UDWXQGZXUGHYRQGHQ=ZHLJHQXQGbVWHQGHU%lXPH JHKDOWHQ8QGHUODJDXFKQLFKWY|OOLJUXKLJVRQGHUQZLSSWHKLQXQG KHU(VZDUIHLQHQ%OLFNQDFKREHQ:DVLFKVDKZDUNHLQH2IIHQEDUXQJ :LUPXWHQWDWVlFKOLFKGLH)HOVZDQGKRFKXPDXIGHQ:HJ]XJH ODQJHQ'DVZUGHHLQHHNOLJH6FKXIWHUHLZHUGHQVRYLHOVWDQGIHVW

(VVFKLHQPLUDXFKKHOOHUJHZRUGHQ]XVHLQ'LHGXQNOHQ6FKDWWHQ ZDUHQYHUVFKZXQGHQ 6FKDWWHQ'DZDULFKZLHGHUEHLP7KHPD'HU6SXNKDWWHVHLQH+lQGH LQGLHVHPVFKPXW]LJHQ6SLHO'LH.|FKLQZDUYRQLKPEHHLQIOXWZRU GHQLQVLHZDUHQGLH6FKDWWHQGLUHNWKLQHLQJHIDKUHQXQGKDWWHQUHDJLHUW 1RFKHWZDVNDPKLQ]X 6FKDWWHQNRQQWHPDQDOVDPRUSKDOVJHVWDOWORVEH]HLFKQHQ'HUHU ZXUGHPDQQLFKW+HUUGLHQDKPHQNHLQH.XJHODXIHEHQZHLOVLHNHLQH *HVWDOWKDWWHQ *HJHQ6FKDWWHQ]XNlPSIHQZDUHLQ'LQJGHU8QP|JOLFKNHLW $OOHUGLQJVKDWWHLFKIHVWJHVWHOOWXQGGDVVFKRQYRUHLQLJHU=HLWGDVLH PLFKDXFKNDXPSDFNHQNRQQWHQGHQQPHLQ.UHX]VWLHVLHKHIWLJDE 'LHZHLPDJLVFKH$XUDGLHGDV.UHX]YHUEUHLWHWHZDUIUGLH6FKDWWHQ HLQ*UHXHO6LHNRQQWHQGHVKDOEQLFKWLQPHLQHQ.|USHUHLQGULQJHQXQG LKQYHUlQGHUQVRZLHPHLQH6HHOHLQ%HVLW]QHKPHQ /DXHUWHQVLHYLHOOHLFKWLUJHQGZR" ,FKKRFNWHLQGHU%DXPNURQHNODPPHUWHPLFKIHVWXQGEOLFNWH PLFKXP1HLQLFKVDKVLHQLFKW6LHZDUHQGDUDQ]XHUNHQQHQGDVLH GXQNOHUZDUHQDOVQRUPDOH6FKDWWHQXQGGDEHLKLQXQGKHUKXVFKWHQ 6XNRKDWWHHVDXFKJHVFKDIIW,FKVDKVHLQHQ.RSILP/RFKDQGHU )DKUHUVHLWH (UZLQNWHPLU]X 8QGGDQQK|UWHLFKGDV.QDFNHQ (VZDUHLQ*HUlXVFKGDVVFKDUIGXUFKGLH6WLOOHVFKQLWW ,FKVHQNWHGHQ.RSI6FKUlJXQWHUPLUZRGLH:DQGHWZDVYRUVSUDQJ HQWGHFNWHLFKHLQH%HZHJXQJ (LQ6FKDWWHQ" -DXQGQHLQGHQQHUKDWWHVLFKPDWHULDOLVLHUW'HU6FKDWWHQKDWWHGLH *HVWDOWGHV(FKVHQN|SILJHQDQJHQRPPHQ8QGHUKLHOWHWZDVLQGHU +DQG (LQH/DQ]HDEHUHLQHIHXULJH ,FKDKQWHGLH*HIDKUPHKUDOVGDLFKVLHPLWPHLQHQ6LQQHQHUIDWH ,FKGDFKWHLQGLHVHQ6HNXQGHQQXUDQGDV%HQ]LQXQGVFKULH6XNR]X ª:HJKLHU© 'HU&KLQHVHYHUVWDQG+DWWHHUVLFKYRUKLQQRFKYRUVLFKWLJEHZHJWVR VSUDQJHUMHW]W 0LWYROOHP*HZLFKWZDUIHUVLFKLQGHQ%DXPKLQHLQLQGHPDXFKLFK KRFNWH'HU:DJHQDQGHPHUVLFKQRFKDEJHVWW]WKDWWHVFKZDQNWH SO|W]OLFKEHNDPGDVhEHUJHZLFKWXQGILHO ,PVHOEHQ$XJHQEOLFNIODPPWHXQWHQHWZDVDXI'HUPDWHULDOLVLHUWH 6FKDWWHQKDWWHGDVDXVJHODXIHQH%HQ]LQDQJH]QGHW

6RIRUWILQJGDV0DWHULDO)HXHU(VSXIIWHI|UPOLFKKRFKEUHLWHWHVLFK EOLW]VFKQHOODXVXQGLQQHUKDOEYRQ6HNXQGHQZDUGHUIDOOHQGH:DJHQLQ HLQHIHXULJH/RKHJHKOOW ,FKZDUOlQJVWQLFKWPHKUVLW]HQJHEOLHEHQVRQGHUQKDWWHPLFKQDFK YRUQJHZRUIHQ:LHHLQ%HUVHUNHUNUDFKWHLFKLQGLH=ZHLJHGHVQlFKVWHQ %DXPHV6LHVFKOXJHQPLUJHJHQGDV*HVLFKWHVJDEODQJH.UDW]HUXQG LFKYHUQDKPXQWHUPLUGDV.UDFKHQDOV6XNRHEHQIDOOVLQGHQ%DXP KHFKWHWH 'DQQIORJGHU:DJHQLQGLH/XIW =XP*OFNZDUGHU:DJHQWLHIHUJHIDOOHQXQGGRFKWUDIXQVGLH 'UXFNZHOOH3O|W]OLFKZXUGHGHU%DXPGXUFKJHVFKWWHOWXQGERJVLFK GHU)HOVZDQGHQWJHJHQ ,FKNDPPLUYRUZLHHLQ9RJHOLP1HVWELGLH=lKQH]XVDPPHQXQG KLHOWHLVHUQIHVW 'DQQZDUDOOHVYRUEHL$XFKZLUKDWWHQGLH([SORVLRQEHUVWDQGHQ RKQHN|USHUOLFKH6FKlGHQ]XQHKPHQ 8QWHUXQVEUDQQWHGHU:DJHQDXV)HWWH5DXFKZRONHQVWLHJHQZLH 1HEHOKRFKXQGYHUPLVFKWHQVLFKPLWWLHIKlQJHQGHQ:RONHQ(V NQDWWHUWHXQGNQLVWHUWHGHU*HVWDQNYRQYHUEUDQQWHP*XPPLNLW]HOWH PHLQH1DVHXQGUHL]WHPHLQHQ5DFKHQ ,FKPXWHKXVWHQ ª$OOHVNODU"©K|UWHLFK6XNRIUDJHQ ª-D8QGGX"© ª$XFKRND\'LH%lXPHKDOWHQPHKUDXVDOVLFKHUVWJHGDFKWKDWWH© ª0VVHQ6LHDXFK'HQNQXUPDODQGLH6WUPHGLHKLHULQGHQ%HUJHQ WREHQ© ª'DVDJVWGXZDV© 8QWHUPLUEHZHJWHQVLFKGLH=ZHLJHKHIWLJHU6XNRNOHWWHUWHQDFK REHQ,FKEHIDQGPLFKEHUHLWVLQ]LHPOLFKHU+|KHXQGKLHOWQDFKHLQHP EHTXHPHQ:HJ$XVVFKDX6FKOLHOLFKZROOWHQZLUZLHGHUDXIGLH]XU %XUJIKUHQGH6WUDHJHODQJHQ :LUPXWHQDQGHQ)HOVHQKRFKHLQHDQGHUH0|JOLFKNHLWJDEHVIU XQVQLFKW 'DHQWGHFNWHLFKHLQHQNOHLQHQ9RUVSUXQJ(UZDUQLFKWZHLWHQWIHUQW XQGPLW*HEVFKEHZDFKVHQ$XFKVDKPLUGHU+DQJGRUWQLFKWVRVWHLO DXVZLHDQGHU6WHOOHZRZLUXQVMHW]WEHIDQGHQ ,FKVDJWH6XNR%HVFKHLG 'HU&KLQHVHZDUHLQYHUVWDQGHQ :LUYHUVXFKWHQHV=XHUVWNOHEWHQZLUZLHGLH)OLHJHQDQGHU)HOV ZDQG=XP*OFNJDEHVJHQJHQG6SDOWHQXQGNOHLQHUH9RUVSUQJH DQGHQHQZLUXQVIHVWKDOWHQNRQQWHQ

DXFKQLFKWVGDUXQWHU-DQH&ROOLQVVFKLHQHQVLHEHUKDXSWQLFKW]XU .HQQWQLV]XQHKPHQ %OLHEQRFKGHUGULWWHGHU0HLVWHU *RUGRQ6FKUHLEHUKDWWHVLFKHEHQIDOOVXPJH]RJHQ(UWUXJHLQHQ 0DQWHOGHUHLQHQKRKHQ6FKDONUDJHQDXIZLHVXQGGHQ1DFNHQY|OOLJ YHUGHFNWH'HU0DQWHOZDUYRUQRIIHQ$XIGHU+DXWGHV0HLVWHUVODJ HLQSHFKVFKZDU]HV7ULNRW(UKDWWHGLH+lQGH]XVDPPHQJHOHJWXQG VFKDXWHVWDUUJHUDGHDXV$XFKLKQVFKLHQGLHQlKHUH8PJHEXQJQLFKW]X LQWHUHVVLHUHQ 'DVZDUHQVLHDOVR -DQHKDWWHVLFKGLH3HUVRQHQJHQDXDQJHVHKHQ.HLQHJHILHOLKUXQGVLH NRQQWHVLFKYRUVWHOOHQGDGDV)HLHUQYRQVFKZDU]HQ0HVVHQLKQHQ HLQHQXQJHKHXUHQ6SDEHUHLWHWH 'HU(LQJDQJKDWWHVLFKKLQWHULKQHQZLHGHUJHVFKORVVHQVRGD-DQH GLHVH)OXFKWFKDQFHYHUVSHUUWZDU 6LHlUJHUWHVLFK 'LH3UR]HVVLRQVWRSSWHQHEHQGHUDXIGHQ6WW]HQVWHKHQGHQRYDOHQ 6FKDOH'LH3HUVRQHQYHUWHLOWHQVLFKGDUXPXQGGDQQVWHFNWHQ5REHUW XQG)HOL[GLHEHLGHQ.HU]HQLQ+DOWHUGLH-DQHYRQLKUHP6WDQGRUWDXV QLFKWVHKHQNRQQWH 'RUWEUDQQWHQVLHZHLWHU -DQHIKOWH'RGRV+DQGDQLKUHU+IWH'LHEHLGHQ0HVVHUKDWWH GLH)UDXZHJJHVWHFNW6LHZDUHQLUJHQGZRLP,QQHQIXWWHUGHV8P KDQJVYHUVFKZXQGHQ 0LWGHQ)LQJHUQJULII'RGR]X6LHNQLII-DQHª/RV.OHLQHZLUZROOHQ KLHUQLFKWDQZDFKVHQ*HKHQZLU]XLKQHQ© ª0XGDVVHLQ"© ª6WHOOGLFKQLFKWVRDQ© -DQH&ROOLQVEOLHEQLFKWVDQGHUHVEULJDOVGHP%HIHKOGHU)UDX]X IROJHQ'LH*lVWHXQGGHU0HLVWHUVHOEVWKDWWHQVLFKXPGLHRYDOH6FKDOH DXIJHEDXW'HU0HLVWHUVWDQGDXIGHU6FKPDOVHLWHZlKUHQGGLHDQGHUHQ OLQNVXQGUHFKWVYRQLKP$XIVWHOOXQJJHQRPPHQKDWWHQ 1LHPDQGVSUDFKHLQ:RUW(VZDUVWLOO'HVKDOENODQJHQGLH6FKULWWH GHU)UDXHQGRSSHOWVRODXWDOVVLHDXIGLH6FKDOH]XWUDWHQXQGHWZD HLQHQ6FKULWWGDYRUVWHKHQEOLHEHQ $EHUVRGDGHU0HLVWHUVLHDQVHKHQNRQQWHRKQHHUVWGHQ.RSI]X GUHKHQ (UVFKDXWHVLHDXFKDQ =XHUVW'RGRGLHLKUUXQGHV*HVLFKWLQ6WUDKOHPDQQIDOWHQOHJWHZREHL GLH$XJHQJOlQ]WHQ ª,FKKDEHVLHPLUDOV)UHXQGLQDXVHUNRUHQ0HLVWHU©

6FKUHLEHUQLFNWHVRQVWVDJWHHUQLFKWV 'DIUPLVFKWHVLFK$QNH%RRNHLQª'DVNRQQWHVLHJDUQLFKW,FKELQ QLFKWJHIUDJWZRUGHQ8QGDXFK5REHUWXQG)HOL[KlWWHQZRKODXFKJHUQ PLWJHUHGHW© 'LHEHLGHQQLFNWHQ ª.HLQHYRQHXFKZLUGVLHEHNRPPHQ©VDJWHGHU0HLVWHUPLWUXKLJHU 6WLPPH 'DVFKZLHJHQGLH)UDXHQ -DQHKDWWHGLH:RUWHHEHQIDOOVYHUQRPPHQXQGLKUZDUHVJDUQLFKW UHFKWGD6FKUHLEHUVRHWZDVJHVDJWKDWWH'DVNRQQWHQXUEHGHXWHQGD HU-DQHIUVLFKVHOEVWZROOWH 8QGVLHHUKLHOWDXFKVHKUEDOGGLH%HVWlWLJXQJ ª,FK©VDJWHGHU0HLVWHUXQGVHLQH6WLPPHQDKPDQ6FKlUIH]XªKDEH VLHJHKROW8QGGHVKDOEZLUGVLHPLUJHK|UHQPLUJDQ]DOOHLQ©(U EOLFNWH-DQHQLFKWDQDOVHUVSUDFKVRQGHUQ'RGR'RUDQRª,FKYHUVWHKH GLFK6FKZHVWHU©IXKUHUIRUWª'XKDVWLKUGHQ%OXWNXJHJHEHQ(ULVW MDQRFK]XVHKHQXQGGHVKDOEZHUGHLFKGLFKQLFKWYHUJHVVHQ© 'RGRYHUQHLJWHVLFKª,FKGDQNHGLU0HLVWHU© -DQHKlWWHQRUPDOHUZHLVHEHUGLHVH.RP|GLHJHODFKWZHQQVLHHLQH JHZHVHQZlUH'RFKKLHUVWDQGHQHUZDFKVHQH0HQVFKHQGLHPLWGHU +|OOHHLQHQJUDXVDPHQ3DNWJHVFKORVVHQKDWWHQXQGPLWDOOHQ.UlIWHQ YHUVXFKWHQGLHVHQ3DNW]XHUIOOHQ 'HU0HLVWHUVSUDFKZHLWHUª:LHLKUDOOHZLWJHK|UWGLHVH%XUJQLFKW PLUVRQGHUQHLQHP*U|HUHQGHP6SXN(UXQGVHLQH'LHQHUVRUJHQ GDIUGDZLUKLHUXQJHVW|UWVLQGXQGLKPGLH6HHOHQ]XIKUHQN|QQHQ 0LWLKPVSUHFKHLFKEHUDOOHV(ULVWPLWXQVVHKU]XIULHGHQHUIUHXWVLFK EHUMHGHYRQHXFKRGHUIDVWMHGHGHQQLFKKDEHPLWLKPDXFKEHU-DQH &ROOLQVJHVSURFKHQ$OVLFKGHQ1DPHQHUZlKQWHGDKRUFKWHGHU6SXN DXI8QGSO|W]OLFKHUNOlUWHHUPLUZDVHVPLWGLHVHU-DQH&ROOLQVDXIVLFK KDW8QVHUHNOHLQH)UHXQGLQLVWQLFKWVRKDUPORVZLHVLHVLFKJLEW,P *HJHQWHLOVLHLVWHLQH)HLQGLQGHU+|OOHQPlFKWHXQGHLQH)HLQGLQGHV 6SXNV6LHDUEHLWHWPLWHLQHP0DQQ]XVDPPHQGHU-RKQ6LQFODLUKHLW XQGGHQVLHDXFKGHQ*HLVWHUMlJHUQHQQHQ:R-DQH&ROOLQVLVWEHILQGHW VLFKDXFK-RKQ6LQFODLUGDVNDQQPDQUXKLJVDJHQ© 'LH'HWHNWLYLQZXWHZDVGLHVH:RUWH]XEHGHXWHQKDWWHQ6LHZDU GXUFKVFKDXW $OOHVQXU7ULFNDOOHVQXU7lXVFKXQJ*RUGRQ6FKUHLEHUKDWWHJHQDX JHZXWZHQHUYRUVLFKKDWWH :R-DQH&ROOLQVLVWGDEHILQGHWVLFKDXFK-RKQ6LQFODLU6RKDWWHHU JHVSURFKHQ 'LH'HWHNWLYLQODFKWHLQQHUOLFKDXI:HQQHVQXUVRZlUHDEHU-RKQ

EHIDQGVLFKLQ/RQGRQXQGHUDKQWHQLFKWHLQPDOLQZHOFKHLQHU 6LWXDWLRQVLHVWHFNWH (LQNDOWHU6FKDXHUUDQQEHULKUHQ5FNHQHUIDWHLKUHQJHVDPWHQ .|USHUXQG]RJLKQ]XVDPPHQ 'XUFKVFKDXW 'LHVHVHLQH:RUWEUDQQWHLQLKUHP*HKLUQXQGOLHVLFKQLFKWPHKU IRUWZLVFKHQ ª1XQ-DQH&ROOLQV"©=XPHUVWHQPDOZDQGWHVLFK6FKUHLEHUVHLQHU QHXHQª6HNUHWlULQ©]Xª:DVVDJVWGXGD]X"© ª(VVWLPPW© ª+D©ODFKWHHUª6LHJLEWHV]X+DEWLKUHVJHK|UW"6LHJLEW]XGDVLH QLFKWDXIXQVHUHU6HLWHVWHKW© 1HEHQ-DQHVWLH'RGR'RUDQRHLQHQIDXFKHQGHQ/DXWDXVª8QGGLU KDEHLFKYHUWUDXW'LFKKDEHLFK]XPHLQHU6NODYLQJHPDFKWXQGGXKDVW YRQPLUGHQ%UXGHUNXEHNRPPHQ©,KUH$XJHQIXQNHOWHQZLOGXQG SO|W]OLFKKLHOWVLHZLHGHUGLHEHLGHQ0HVVHULQGHQ+lQGHQ(VVDKVR DXVDOVZROOWHVLHVLFKDXIGLH'HWHNWLYLQVWU]HQGLHVLFKHUKHLWVKDOEHU HLQHQ6FKULWW]XU6HLWHWUDWGRFKGLH6WLPPHGHV0HLVWHUVKLHOW'RGR ]XUFN ª1HLQQRFKQLFKW© 'DVHQNWH'RGRGLH$UPH $QNH%RRNDEHUODFKWH,KUVFKPDOHV*HVLFKWYHU]RJVLFKª(VIUHXW PLFK'RGRGDGXPDOUHLQJHIDOOHQELVW'XZLOOVWMDDOOHVDQGLFK UHLHQ-HW]WHQGOLFKKDVWGXGLH4XLWWXQJEHNRPPHQGXYRUODXWHV :HLE© 'RGRIXKUKHUXP'LHEHLGHQ)UDXHQJLIWHWHQVLFKPLW%OLFNHQDQ ZlKUHQGGLH0lQQHUQLFKWVVDJWHQ )HOL[KDWWHQXUVHLQH$XJHQEUDXHQZHLWHULQGLH+|KHJHERJHQXQG GLH0XQGZLQNHOYHU]RJHQDQVRQVWHQKLHOWHUVLFK]XUFNXQGVDJWHNHLQ HLQ]LJHV:RUW 5REHUWOlFKHOWHhEHUKDXSWVFKLHQGDV/lFKHOQXPVHLQH/LSSHQIHVW JHIURUHQ]XVHLQ (UNRQQWH-DQHMHGRFKQLFKWWlXVFKHQ'LHVHU0DQQZDUHEHQVRJHIlKU OLFKZLHGLHDQGHUHQ ª:LHLFKHXFKHU]lKOWH©IXKU*RUGRQ6FKUHLEHUIRUWªKDEHLFKPLW GHP6SXNJHVSURFKHQ6RJDUVHKUDXVIKUOLFKUHGHWHLFKEHUGLHVHV 3UREOHPXQGZLHLFKZDUHUGDIUGDZLUHVHLQIUDOOHPDODXVGHU :HOWVFKDIIHQ0LWDQGHUHQ:RUWHQ-DQH&ROOLQVZLUGGLHVH%XUJQXUDOV 7RWHYHUODVVHQ,KU%OXWZLUGVLFKPLWGHPGHU'lPRQHQPLVFKHQXQG]X HLQHUEULVDQWHQ0L[WXUZHUGHQ'HU6SXNZLUGLKUH6HHOHDXVGHP .|USHUUHLHQXQGVLHPLWLQVHLQ5HLFKQHKPHQZRVLHELVLQDOOH

(ZLJNHLWHQ+|OOHQTXDOHQDXVVWHKHQZLUG'DVKDEHQZLUEHVFKORVVHQ VRZHUGHQZLUHVDXVIKUHQ© 'HU0HLVWHUVFKDXWHVLFKXPHUHUQWHWHEHLIlOOLJHV1LFNHQ.HLQHU ZLGHUVSUDFKLKP $XFK-DQHVDJWHNHLQ:RUW6LHGDFKWHMHGRFKDQLKUH$VWUDGHQ OHW]WHQ7UXPSIGHQVLHQRFKDXVVSLHOHQNRQQWHZHQQHVKDUWDXIKDUW JLQJ 6FKUHLEHUGHXWHWHDXIGLHRYDOH2SIHUVFKDOHª'RUWZLUVWGXOLHJHQ -DQH&ROOLQVXQGGHLQ%OXWZLUGLQGLHVHU6FKDOHDXIJHIDQJHQXQG DQVFKOLHHQGPLWGHPDQGHUHQYHUPLVFKW'DQDFKZHUGHQZLUHLQ)HVW IHLHUQZLHHVGLHVH%XUJQRFKQLFKWHUOHEWKDW'RFKDOOHVPXVHLQH 5LFKWLJNHLWKDEHQGHVKDOEKDWGHU6SXNVHLQHQ'LHQHUJHVFKLFNWGHUHUVW QRFKGDV8UWHLODXVVSUHFKHQVROO'XNHQQVWLKQ-DQH&ROOLQV(UEH ILQGHWVLFKEHUHLWVKLHU,FKVSUHLKQ© 'LHDQGHUHQGUHKWHQVLFKXP$XFK-DQHZDQGWHGHQ.RSIVFKDXWHLQ GHQ+LQWHUJUXQGGHUVFKZDU]HQ+DOOH 'RUWO|VWHVLFKHLQH*HVWDOW /DQJVDPNDPVLHQlKHU=XHUVWKREVLHVLFKNDXPYRP+LQWHUJUXQG DEGDVLHVHOEVWLQGXQNOHV=HXJJHNOHLGHWZDU(LQIDVWVFKZDU]HU $Q]XJGDIUHLQZHLHV+HPG*UDXH+DDUHGLHZLUUYRP.RSI VWDQGHQ(LQYHUZVWHWHV*HVLFKWHLQDXIJHNODSSWHU0XQGDXVGHPHLQ KlOLFKHV.LFKHUQGUDQJ8QWHUVHLQHQOLQNHQ$UPKDWWHHUVHLQ%XFK JHNOHPPWLQGHUUHFKWHQ+DQGKLHOWHUHLQHQ+DPPHUDXVEOHLFKHP +RO] -DQHNDQQWHGLH*HVWDOW (VZDU0DGGR[GHU'lPRQHQULFKWHU ,FKVSUWHGLH*HIDKUN|USHUOLFK'HUNDOWH+DXFKGHV7RGHVVWUHLIWH PLFK9RUPHLQHQ$XJHQZXUGHHVIUHLQHQ0RPHQWGXQNHODOVGLH 6FKDWWHQEHUPLFKKLQZHJJOLWWHQ 0LWHLQHU+DQGKLHOWLFKPLFKDQHLQHP9RUVSUXQJIHVWPLWGHU DQGHUHQKROWHLFKPHLQ.UHX]KHUYRUXQGOLHHVYRUGHU%UXVWEDXPHOQ (VELOGHWHGHQEHVWHQ6FKXW]JHJHQGLH6FKDWWHQ 'DQQGUHKWHLFKPLFKXP 'LH6FKDWWHQZDUHQYHUVFKZXQGHQ6LHZDUHQZLHHLQ+DXFKJH ZHVHQHLQH:DUQXQJGRFKLFKJODXEWHQLFKWGDVLHVFKRQDXIJHJHEHQ KDWWHQ 'HU0HLQXQJZDUDXFK6XNRDOVLFKPLWLKPEHUGLHVHV3UREOHP VSUDFKª'LHVLQGQRFKGD-RKQ©VDJWHHU ª'DQQZHLWHU©

:LUPXWHQ]XVHKHQGDZLUVRUDVFKZLHP|JOLFKGDVNOHLQH3ODWHDX HUUHLFKWHQGHQQKLHUDQGHU:DQGZDUHQZLUGRFKYHUGDPPWKLOIORV 8QGVLHNDPHQZLHGHU 'LHVPDODEHUQLFKWDOV6FKDWWHQVRQGHUQLQHLQHU*HVWDOWGLHLFK EHUHLWVNDQQWH 'LH(FKVHQN|SILJHQKRFNWHQDXIIOHGHUPDXVDUWLJHQ)OXJWLHUHQPLW ODQJHQ6FKQlEHOQGLHPLFKDQGLH9|JHOGHU8U]HLWHULQQHUWHQ6LH IORJHQGLFKWEHUGHQ%lXPHQKLHOWHQLKUH/DQ]HQIHVWXPNODPPHUW XQGLKUH$EVLFKWZDUNODU 6LHZROOWHQXQVW|WHQ 6XNRKDWWHVLFKVFKRQKDOEXPJHGUHKW$XFKHUYHUQDKPGDV 5DXVFKHQGHU)OJHOXQGWDWGDVJOHLFKHZLHLFK (U]RJVHLQH:DIIH (VZDUVFKRQHLQHYHUGDPPWH/DJHLQGHUZLUXQVEHIDQGHQ%HLGH KLQJHQZLUDQGHU)HOVZDQGXQGVDKHQGLH)OXJPRQVWHUPLWLKUHQ PDNDEUHQ5HLWHUQGLH.XUVDXIXQVQDKPHQ :LHGHUKDWWHQZLUXQVHUH:DIIHQJH]RJHQ$XIHLQHQODQJHQ.DPSI NRQQWHQZLUXQVQLFKWHLQODVVHQ:LUPXWHQGLHEHLGHQ:HVHQVR VFKQHOOZLHP|JOLFKDXVVFKDOWHQ ,FKVFKR]XHUVW (VZDUHLQHWZDVXQJH]LHOWHU6FKXXQGLFKIHKOWH 'DIUMHGRFKIODPPWHQGLH/DQ]HQGHU6SXNGLHQHUDQGHU6SLW]HDXI XQGZXUGHQ]XUHJHOUHFKWHQ)HXHUVWUHLIHQ -HW]WQDKPGLH*HIDKUQRFKPHKU]X=XGHPIORJHQGLH(FKVHQZHVHQ QLFKWLQHLQHU/LQLHVRQGHUQHLQHQ=LFN]DFNNXUVVRGDVLHNDXP]X WUHIIHQZDUHQ (WZDYLHU6FKULWWHYRUPLUKRFNWH6XNR(UKDWWHHLQHQVFKPDOHQ*UDW JHIXQGHQZRHUHLQHQEHVVHUHQ+DOWIDQGDOVLFKGHQQLFKVWDQGPHKU DOVXQEHTXHP 6XNR]RJGXUFK =ZHLPDOVFKRHU ,FKVDKGLHEHLGHQ6LOEHUNXJHOQQLFKWEHNDPDEHUPLWZLHGDV HFKVHQN|SILJH0RQVWHU]XVDPPHQ]XFNWHXQGQDFKKLQWHQJHZRUIHQ ZXUGH=XHUVWYHUORUHVHLQH/DQ]HGDQQNLSSWHHVQDFKOLQNVZHJXQG ILHOYRP5FNHQGHV)OXJWLHUHVZREHLHVVLFKQRFKLQGHU/XIWDXIO|VWH (LQH5DXFKZRONHKLQWHUVLFKKHU]LHKHQGYHUVFKZDQGHVLUJHQGZRXQWHU XQVLQGHU7LHIH $XFKGDV)OXJWLHUZDUYRQHLQHU.XJHOJHWURIIHQZRUGHQ(VIODWWHUWH QRFKHLQPDOZLOGDXIYHUORUGLH%DODQFHXQGMDJWHLQGLH7LHIHZRHV ]ZLVFKHQGLH%lXPHNUDFKWHXQGGRUWYHUJLQJ %OLHEQRFKHLQ*HJQHU

'DV(FKVHQZHVHQKDWWHQDWUOLFKPLWEHNRPPHQZDVPLWVHLQHP $UWJHQRVVHQJHVFKHKHQZDU(VZROOWHHVEHVVHUPDFKHQIORJLQGLH 7LHIHXQGLFKQDKPKDVWLJGHQ)LQJHUYRP'UFNHUVRQVWKDWWHLFKHV DEHUPDOVYHUIHKOW 3O|W]OLFKEHIDQGVLFKGDV7LHUGLFKWDQGHU)HOVZDQGHWZD]ZDQ]LJ 6FKULWWHXQWHUPLU 'DVFKOHXGHUWHHVVFKRQVHLQH/DQ]H 0LUEOLHEIDVWGDV+HU]VWHKHQ 'HUJOKHQGH*HJHQVWDQGUDVWHDXIPLFK]X$XVZHLFKHQNRQQWHLFK QLFKW]RJQXUPHLQHQ.|USHULQVWLQNWLY]XVDPPHQ:HQQGLH/DQ]H PLFKWUDIZDULFKYHUORUHQ 6LHZLVFKWHYRUEHL ,FKVSUWHQRFKGHQ*OXWKDXFKGHV+ROOHQIHXHUVGDQQZDUGLH*HIDKU JHEDQQW 9RUHUVW hEHUPLUNOLUUWHHWZDV $OVLFKGHQ.RSIGUHKWHVDKLFKGLH/DQ]HGLHPLWGHU6SLW]HJHJHQ HLQHQYRUVWHKHQGHQ6WHLQJHKlPPHUWZDUXQGLKQDXVGHP9HUEXQGUL 'LH/DQ]HKDWWHPLFKQLFKWJHWURIIHQGDIUGHQ6WHLQDOVHUQDFK XQWHQILHO+DUWNQDOOWHHUDXIPHLQHOLQNH6FKXOWHUXQGLFKELGLH=lKQH ]XVDPPHQ $XFKGLH/DQ]HILHOVLHWUDIPLFKDEHUQLFKWVRQGHUQWUXGHOWHHLQSDDU
,FKPDVVLHUWHPHLQH6FKXOWHUª0|JOLFK$XIMHGHQ)DOOPVVHQZLU ]XVHKHQGDZLUVRUDVFKHVHEHQJHKWLQGLH%XUJNRPPHQ,FKKDEH $QJVWXP-DQH© ª'DVZLUGHLQHWROOHU:HJ©6XNRGHXWHWHLQGLH+|KH 'DKDWWHHUUHFKW2KQH%HUJVFKXKHZDUHVHLJHQWOLFKGHUUHLQH :DKQVLQQZDVZLUGDYRUKDWWHQ$EHUZLUNDPHQQLFKWGUXPKHUXP ª0DQPWHVHOEVWDXIVRHLQHP)OXJWLHUVLW]HQ©PXUPHOWH6XNR ,FKYHUVWDQGQXUGLH+lOIWHYRQVHLQHQ:RUWHQZHLOLFKGDV3ODWHDX XQWHUVXFKWH:RHVPLWGHU:DQGDEVFKORZXFKVHQVSHUULJH%VFKH ,FKNRQQWHNDXP]ZLVFKHQGLH=ZHLJHXQGbVWHVFKDXHQDEHUHWZDVILHO PLUDXI+LQWHUGHQbVWHQKlWWHHVHLJHQWOLFKKHOOVFKLPPHUQPVVHQ GHQQGHU)HOVZDUHLJHQWOLFKJUDX 'DVZDUMHGRFKQLFKWGHU)DOO'LH:DQGKLQWHUGHP*HEVFKZDU GXQNHO ,FKEFNWHPLFKXQG]RJGLH=ZHLJH]XU6HLWH0HLQHhEHUUDVFKXQJ ZDUJURDOVLFKGHQ(LQJDQJ]XHLQHP6WROOHQHQWGHFNWHGHULQGHQ %HUJIKUWH ,FKULHIQDFK6XNR ª'DVLVWHLQ'LQJ©VDJWHGHU&KLQHVHDOVHUQHEHQPLUNQLHWHXQGLQ GLH'XQNHOKHLWVFKDXWH ª2GHUHLQ*HVFKHQNGHV+LPPHOV© ª6ROOHQZLUGHQ:HJQHKPHQ"© ª6LFKHU'DEUHFKHQZLUXQVZHQLJVWHQQLFKWGLH.QRFKHQ9LHOOHLFKW LVWGDVHLQ)OXFKWWXQQHOGHU]XU%XUJIKUW© ª2GHUHULVWXQWHUZHJV]XJHVFKWWHW© ª'DQQKDEHQZLU3HFKJHKDEW© %HLGHDKQWHQZLUQLFKWGDDXFK3\NNDGHU'UXLGHGHQ:HJKDWWH QHKPHQZROOHQXPGHQ+lVFKHUQGHV6SXNV]XHQWNRPPHQZDVLKP EHLPHUVWHQPDOQLFKWJHOXQJHQZDU :LUKROWHQXQVHUH7DVFKHQODPSHQKHUYRUNQLSVWHQVLHDQPDFKWHQ XQVDXIGHQ*DQJLQV8QJHZLVVH ,QHLQHP+DOENUHLVKDWWHQVLHVLFKYRU-DQH&ROOLQVDXIJHEDXW1XUHLQHU VWDQGLQLKUHP5FNHQ (VZDU*RUGRQ6FKUHLEHU $OOHLQGXUFKVHLQHQ6WDQGRUWQDKPHULKUGLH)OXFKWFKDQFH2EZRKO -DQHLKQQLFKWVHKHQNRQQWHVSUWHVLHLQVWLQNWLYGLH$XUDYRQ*HZDOW XQG%UXWDOLWlWGLHYRQGLHVHP0DQQDXVJLQJ :HQQVLHQDFKYRUQVFKDXWHGDQQVDKVLHLQGLHHUEDUPXQJVORVHQ $XJHQGHV'lPRQHQULFKWHUV

'LH9HUKDQGOXQJODJEHUHLWVKLQWHULKQHQ6LHZDUHLQH)DUFHJHZHVHQ 0DGGR[KDWWHGHU'HWHNWLYLQNHLQH9HUWHLGLJXQJVFKDQFHJHODVVHQ VRQGHUQLKUZDKUH+DWLUDGHQLQV*HVLFKWJHVFKOHXGHUW'DEHLKDWWHHU JUQHQ6FKOHLPJHVSXFNWXQGQLFKWQXUVLHEHVFKLPSIWVRQGHUQGDV 6LQFODLU7HDPDOOJHPHLQ -DQHVROOWHIUGDVDOOHVEHQZDVGDV6LQFODLU7HDPGHQ'lPRQHQDQ 1LHGHUODJHQEHLJHEUDFKWKDWWH ª8QGGHVKDOE©ULHIGHU'lPRQHQULFKWHUªJLEWHVQXUHLQ8UWHLOIU GLFKGHQ7RG© $OVHUGDVOHW]WH:RUWJHVFKULHQKDWWHGDOHXFKWHWHQGLH$XJHQGHU DQGHUHQ9RUDOOHQ'LQJHQ'RGRVFKDXWHPLWYHUNOlUWHP%OLFNDXILKUH EHLGHQEOXWLJHQ0HVVHU 0DGGR[VDKHVXQGVDJWHª(VLVWPLUHJDOZHUGDV8UWHLODXVIKUW,FK KDEHHVQXUJHVSURFKHQ© (VZXUGHZLHGHUVWLOOELV*RUGRQ6FKUHLEHUGLH6WLOOHPLWVHLQHQ :RUWHQXQWHUEUDFKª'DQQNDQQLFKEHVWLPPHQZHU-DQH&ROOLQVLQGLH 2SIHUVFKDOHOHJWXQGW|WHW"© ª-D© :LHGHUODVWHWH6FKZHLJHQEHUGHP5DXP-HGHUVFKDXWHGHQ0HLVWHUDQ )HOL[PHOGHWHVLFKª,FKZUGHHVJHUQWXQ©VDJWHHUPLWHLQHUHWZDV QDVDONOLQJHQGHQ6WLPPHª%LWWHLFKKDEHODQJHQLFKW© ª1HLQQHLQ©NUHLVFKWH'RGRª'LH)UDXLVWPHLQH6NODYLQ,FKKDEHLKU GHQ%UXGHUNXJHJHEHQ© ª'DVVWLPPW©HUNOlUWH*RUGRQ6FKUHLEHU ª$EHUVLHKDWVLFKQLFKWDQGLH5HJHOQJHKDOWHQ©ULHI$QNH%RRNª6LH LVWKLHUKHUJHJDQJHQXQGKDWDXIVLHJHZDUWHW'DVGDUIQLFKWVHLQ© ª'RFK©NUHLVFKWH'RGR6LHZDUZLHHLQH)XULHXQGIXFKWHOWHPLWGHQ 0HVVHUQKHUXP ª.HLQHQ6WUHLW©EHIDKOGHU0HLVWHUXQGGLHEHLGHQ)UDXHQZDUHQ VRIRUWUXKLJ *RUGRQ6FKUHLEHUZDQGWHVLFKZLHGHUDQGLH'HWHNWLYLQª'XKDVW JHK|UWZLHGDV8UWHLODXVJHIDOOHQLVW© -DQHQLFNWH ª+DVWGXQRFKHWZDV]XGHLQHU9HUWHLGLJXQJ]XVDJHQ"© (VZDUHLQHOlFKHUOLFKH)UDJHGDVZXWHQEHLGH'LH'HWHNWLYLQ GUHKWHVLFKXP'HU5HLKHQDFKVFKDXWHVLHLQGLH*HVLFKWHULKUHU)HLQGH 9RQGHP0HLVWHUVHOEVWKDWWHVLHNHLQ(UEDUPHQ]XHUZDUWHQDXFKGLH DQGHUHQZDUWHWHQGDUDXIGDVLHVWHUEHQZUGH 'DZDUYRUDOOHQ'LQJHQ'RGR'RUDQRGLHVLFKVRJHWlXVFKWVDK6LH KDWWHDXI-DQH&ROOLQVJHVHW]WZROOWHVLHEHVLW]HQXQGKDWWHLKUEHUHLWV GHQ%UXGHUNXJHJHEHQ

'DVZDUQXQYRUEHL$XVGHUHUVWHQ6\PSDWKLHKDWWHVLFKHLQJOKHQ GHU+DHQWZLFNHOW 'U$QNH%RRNKDWH-DQHHEHQIDOOV9LHOOHLFKWZHLO'RGRVLHLKUZHJ JHQRPPHQKDWWH 8QGGLHEHLGHQ0lQQHU"6LHKDWWHQVLFKELVKHUDPPHLVWHQ]XUFN JHKDOWHQGRFKIU-DQHZUGHNHLQHUYRQLKQHQ3DUWHLHUJUHLIHQ 'LH'HWHNWLYLQVDKVLFKHLQHU:HOWYRQ)HLQGHQXPJHEHQ ª,FKZDUWHDXIGLH$QWZRUW©IRUGHUWH6FKUHLEHUVLHDXI ª1HLQLFKKDEHQLFKWVPHKU]XVDJHQ©HUZLGHUWH-DQH ª'DQQLVWHVJXW6WHLJVWGXIUHLZLOOLJLQGLH2SIHUVFKDOHRGHUPVVHQ ZLUGLFK]ZLQJHQ"© ª,FKJHKHIUHLZLOOLJ©-DQHYHUVWDQGLKUHHLJHQH6WLPPHNDXPVR IUHPGNDPVLHLKUYRU ª%OHLEKLQWHULKU'RGR©EHIDKOGHU0HLVWHUª:HQQVLHHLQHIDOVFKH %HZHJXQJPDFKWVW|WGX]X© ª1DWUOLFKZHUGHLFKGDV%LHVWNLOOHQ© -DQHKDWWHHLQHQ%OLFNEHULKUH6FKXOWHUQJHZRUIHQ1RFKVWDQG'RGR QLFKWGLUHNWKLQWHULKU 'LH'HWHNWLYLQZDJWHDOOHV,KUZDUHVMHW]WHJDOZLHGLHDQGHUHQ UHDJLHUWHQVLHPXWHLKU/HEHQYHUWHLGLJHQXQGYLHOOHLFKWVFKDIIWHVLHHV PLWGLHVHU$NWLRQ %HYRU'RGR'RUDQRQRFKLKUHQ3ODW]LQ-DQHV5FNHQHLQJHQRPPHQ KDWWHVSUDQJGLH'HWHNWLYLQYRU.HLQHUJULIIHLQDOOHZDUHQ]XEHU UDVFKWXQGDOVVLHVLFKHQGOLFKHQWVFKORVVHQGDZDUHVEHUHLWV]XVSlW -DQHKDWWHVLFKGHQ'lPRQHQULFKWHUDOV=LHOREMHNWDXVJHVXFKWXQGHV DXFKJHVFKDIIW6LHVWDQGKLQWHU0DGGR[KDWWHGLHOLQNH+DQGXPVHLQHQ +DOVJHOHJWXQGKLHOWLQGHUUHFKWHQLKUH$VWUDGHUHQ0QGXQJVLH JHJHQGLH6FKOlIHGHV8QKHLPOLFKHQSUHWH ª.HLQHUUKUWVLFK©VFKULHVLH 'LHEHLGHQ)UDXHQXQGGLHGUHL0lQQHUEOLHEHQWDWVlFKOLFKVWHKHQ 8QJOlXELJHV6WDXQHQEUHLWHWHVLFKDXIGHP*HVLFKWGHV*RUGRQ 6FKUHLEHUDXV(UVFKOXFNWHXQGVHLQ$GDPVDSIHOKSIWHGDEHLDXIXQG QLHGHU'DVNRQQWHHUQLFKWEHJUHLIHQ $XFK'RGRVWDQGDXIGHU6WHOOHZLH]XU6DO]VlXOHHUVWDUUW,KUH$XJHQ ZDUHQZHLWDXIJHULVVHQHEHQVRGHU0XQG6LHVFKDXWHHLQPDODXI-DQH XQGGHQ5LFKWHUGDQQDXILKUH0HVVHUGHUHQ.OLQJHQQRFKLPPHU EOXWLJZDUHQ 1XU)HOL[ODFKWHª6LHLVWVFKODXHUDOVZLUGDFKWHQ© ª'DVQW]WGLUJDUQLFKWV©HUNOlUWH*RUGRQ6FKUHLEHUª:LUVLQGLQGHU hEHU]DKO© ª0|FKWHWLKUJHUQGHQ5LFKWHUYHUOLHUHQ"©K|KQWH-DQHª,FKJODXEH

NDXPGDGHU6SXNGDPLWHLQYHUVWDQGHQZlUH1HLQGDVJDQ]VLFKHU OLFKQLFKW© ª'XVFKDIIVWLKQQLFKW© ª$EHUYLHOOHLFKWPHLQH$VWUD6LHLVWPLWJHZHLKWHQ6LOEHUNXJHOQJH ODGHQ'DYRUKDEHQPDQFKHHXUHU)UHXQGHHLQHK|OOLVFKH$QJVW© ª$EHUQLFKW0DGGR[© ª:ROOHQ6LHHVGDUDXIDQNRPPHQODVVHQ"©]LVFKWH-DQH,KUH6WLPPH NLSSWHIDVWEHUVRDXIJHUHJWZDUGLH'HWHNWLYLQ'DVPHUNWHDXFK *RUGRQ6FKUHLEHU(UZDU3V\FKRORJHJHQXJXP]XZLVVHQGD 0HQVFKHQLQGLHVHU9HUIDVVXQJZLUNOLFKXQEHUHFKHQEDUVLQG'HVKDOE VWHFNWHHU]XUFN ª*XWGXKDVWJHZRQQHQ9RUHUVWMHGHQIDOOV:DVZLOOVWGXQXQYRQ XQV"© -DQHOlFKHOWHPRNDQWª'DVEUDXFKHLFKZRKOQLFKWQlKHU]XHUOlXWHUQ ,FKZLOOIUHLHQ$E]XJ© ª'HQN|QQHQZLUGLUQLFKWJHZlKUHQ© ª6ROOLFKVFKLHHQ"© 'D]|JHUWHGHU0HLVWHU$XFKGLHDQGHUHQVDJWHQQLFKWV6LHEHU OHJWHQXQGVLHZXWHQGDGLHVHEORQGH)UDXZLUNOLFKQLFKWEOXIIWH 0DGGR[VDJWHQLFKWV(UKLQJLQ-DQHV*ULII6HLQ*HVLFKWVDXVGUXFN KDWWHVLFKDXFKQLFKWYHUlQGHUWXQGHVZDUQLFKW]XHUNHQQHQREHUVLFK YRUGHUJHZHLKWHQ.XJHOIUFKWHWHRGHUQLFKW$XFK-DQHZXWHQLFKW PLWKXQGHUWSUR]HQWLJHU6LFKHUKHLWREVLHLQGHU/DJHZDU0DGGR[PLW HLQHU6LOEHUNXJHO]XW|WHQ ªhEHUOHJWQLFKW]XODQJH©ZDUQWHVLHª,FKKDEHHLQHQYHUGDPPW QHUY|VHQ=HLJHILQJHU© 'DQLFNWHGHU0HLVWHUª'XKDVW*OFNJHKDEWNOHLQH6SLRQLQ-HGHQ DQGHUHQKlWWHLFKJHRSIHUWDEHUQLFKWGHQ'lPRQHQULFKWHU(UZLUGQRFK JHEUDXFKW'HU6SXNZUGHHVPLUQLHYHU]HLKHQ'XNDQQVWJHKHQ© ª$EHU0HLVWHU©ULHI'RUDQR ª6HLUXKLJ© 'RGRVFKZLHJ -DQHILHOHLQ6WHLQYRP+HU]HQ'LHHUVWH5XQGHKDWWHVLHJHZRQQHQ ªgIIQHWPLUGHQ$XVJDQJ©YHUODQJWHVLH ª-DGDVZHUGHQZLU©'HU0HLVWHUVSUDFKJHODVVHQXQGZDQGWHVLFK XP'RFKPLWWHQLQGHU%HZHJXQJVWRFNWHHU(UKDWWHHLQH*HVWDOWJH VHKHQXQGHLQE|VHV/lFKHOQXPVSLHOWHSO|W]OLFKVHLQH/LSSHQ(U GUHKWHVLFKXPXQGQDKPZLHGHUVHLQHDOWH6WHOOXQJHLQª,FKZHUGHGHQ $XVJDQJQLFKW|IIQHQ©HUNOlUWHHU ª6ROOGHU5LFKWHUVWHUEHQ"© ª(UZLUGQLFKWVWHUEHQ©

ª8QGZDUXPQLFKW"©IUDJWH-DQHLUULWLHUWYRQGHU6LFKHUKHLWGHV 0DQQHV ª6FKDXQDFKUHFKWV© 'DVWDW-DQH6LHZDQGWHODQJVDPGHQ.RSI(LJHQWOLFKKDWWHVLHQRFK PLWHLQHP%OXIIJHUHFKQHWGRFKGLHVH+RIIQXQJZXUGHJUDXVDP ]HUVW|UW 'LH6]HQHKDWWHHLQHQZHLWHUHQ0LWVSLHOHUEHNRPPHQ8QK|UEDUYRQ DOOHQZDUHUHUVFKLHQHQ 'HUZDKUH%HVLW]HUGHU6HHOHQEXUJGHU6SXN -DQH&ROOLQVVDKLKQVRZLHHUVLFK]XPHLVW]HLJWH(LQSHFKVFKZDU]HV :HVHQLQHLQHPHEHQVRVFKZDU]HQ8PKDQJ'HQ6SXNVHOEVWVDKPDQ QLFKWQXUGHU8PKDQJEHZHJWHVLFKDOVZUGHHUYRQVDQIWHQ:LQG VW|HQJHWURIIHQ (LQJHVLFKWVORVHVJHVWDOWORVHV:HVHQZDUGHU6SXNGHUDEHUUHGHQ XQGDXFKKDQGHOQNRQQWH (UVSUDFK-DQH&ROOLQVDQ6HLQH6WLPPHGUDQJXQWHUGHU.DSX]HKHU YRUDQGLH2KUHQGHU'HWHNWLYLQª'XKDVWHLQJURHV6SLHOJHZDJWHLQ VHKUJURHVVRJDU$EHUGXZLUVWHVQLFKWPHKUEHHQGHQN|QQHQGDIU VWHKHLFK,FKODVVHPLUPHLQH'LHQHUQLFKWQHKPHQXQGPLWGHUOlFKHU OLFKHQ3LVWROHZLUVWGX0DGGR[QLFKWVDQWXQN|QQHQ%LVKHUKDEHLFK ]XJHVFKDXWQXQZLUGHV=HLWGDLFKVHOEVWLQGHQ.DPSIHLQJUHLIH 'LHVH-DQH&ROOLQVPXVWHUEHQ©'LHVH:RUWHZDUHQIUGHQ0HLVWHU EHVWLPPWª'DQQZLUGDXFK6LQFODLUXQVLQGLH)DOOHODXIHQZHQQZLU LKPGHQ/HLFKQDPVHLQHU)UHXQGLQYRUGLH)HVFKOHXGHUQ6HHOHQORV XQGDXVJHEOXWHW© (LQJUDXVDPHV*HOlFKWHUGUDQJXQWHUGHU.DSX]HKHUYRULQGDVGLH DQGHUHQPLWHLQVWLPPWHQ6FKDXULJKDOOWHGDV/DFKHQYRQGHQ:lQGHQ ZLGHUXQG-DQHIU|VWHOWH 1RFKLPPHUXPNODPPHUWHLKU)LQJHUGHQ$E]XJGHU3LVWROH6ROOWHVLH HVZDJHQ"6ROOWHVLHVFKLHHQ" 6LH]|JHUWHQRFK 'DVZDULKU)HKOHU6LHKlWWHLKUHQOHW]WHQ7UXPSIUXKLJDXVGHU+DQG JHEHQVROOHQGHQQQXQUHDJLHUWHGHU6SXN8QGHUGHU0lFKWLJHLP 5HLFKGHU6FKDWWHQVHW]WHVHLQH0DJLHHLQXP-DQHXQGGHQDQGHUHQGHQ %HZHLVVHLQHUJURHQ0DFKWXQG)lKLJNHLWHQ]XGHPRQVWULHUHQ 3O|W]OLFKVSUWH-DQHGDGHU'lPRQHQULFKWHUXQWHULKUHQ+lQGHQ YHUVFKZDQG6HLQ.|USHUVFKLHQ]X:DFKV]XZHUGHQ-DQHZROOWHQDFK JUHLIHQGRFKGDZDUHVVFKRQJHVFKHKHQ 0DGGR[KDWWHVLFKDXIJHO|VW

8QGGHU6SXNODFKWH(UZHLGHWHVLFKDQ-DQHVhEHUUDVFKXQJGLH GDVWDQGXQGQRFKLPPHUGLH3LVWROHLQGHU+DQGKLHOW'LH0QGXQJ DOOHUGLQJVZLHVLQV/HHUH $XFKGLHDQGHUHQVWDQGHQZLHIHVWJHOHLPWDXILKUHQ3OlW]HQ6LH EHJULIIHQHEHQIDOOVQLFKWZDVYRUJHIDOOHQZDUXQGZLHVR'RFKGHU IlOOLJH%HZHLVZXUGHLKQHQJOHLFKGDUDXIJHOLHIHUW -DPHV0DGGR[PDWHULDOLVLHUWHDQHLQHUDQGHUHQ6WHOOH ,P+LQWHUJUXQGGHU+DOOHVWDQGHUSO|W]OLFKXQGVWLPPWHLQGDV /DFKHQPLWHLQ -DQHV*HVLFKWYHU]HUUWHVLFK(UVWMHW]WVSUWHVLHGLH5HDNWLRQZXUGH LKUEHZXWGDVLHYHUORUHQKDWWH 8QGLKUZDUNODUZDVGLHVEHGHXWHWH ª3DFNWVLH©VFKULHGHU6SXN $XIGLHVH:RUWHKDWWHYRUDOOHQ'LQJHQ'RGR'RUDQRJHZDUWHW6LH VSUDQJDOVHUVWHYRUXQGKRELKUHQUHFKWHQ$UP 'D-DQH&ROOLQVPHKUHUH3HUVRQHQLP$XJHEHKDOWHQPXWHDFKWHWH VLHQLFKWVRVHKUDXI'RGR$OVVLHVFKOLHOLFKGLH%HZHJXQJGHU)UDX EHPHUNWHZDUHV]XVSlW 'DV0HVVHUEHIDQGVLFKEHUHLWVLQGHU/XIW (LQIOLUUHQGHU*HJHQVWDQGZLUEHOWHDXI-DQH&ROOLQV]X,QVWLQNWLY GUHKWHVLHVLFK]XU6HLWHXQGGDVUHWWHWHLKUYRUOlXILJGDV/HEHQ'DV 0HVVHUWUDIGHVKDOEQLFKWLKUH%UXVWVRQGHUQKLHELQLKUHQUHFKWHQ $UP 8QVHU:HJQDFKYRUQZDUHLQHHLQ]LJH4XlOHUHL'DEHLZXWHQZLU QLFKWREZLUEHUKDXSWGDVJHZQVFKWH=LHOHUUHLFKHQZUGHQ ,FKJLQJYRUGHU&KLQHVHKLHOWVLFKHLQHQ6FKULWWKLQWHUPLU'LH /DPSHQZDUHQHLQJHVFKDOWHW=ZHLKHOOH6WUDKOHQVFKQLWWHQGLH )LQVWHUQLVHQW]ZHLXQGWUDIHQRIWJHQXJDXI*HU|OOXQG*HVWHLQGDVYRQ GHU'HFNHJHIDOOHQZDUXQGGHQ*DQJ]XJHVFKWWHWKDWWH$EHUQLHVR YROOGDZLUQLFKWKLQGXUFKJHNRPPHQZDUHQ:LUNOHWWHUWHQEHUGLH %HUJHXQGZHQQHVZLUNOLFKQLFKWPHKUZHLWHUJLQJVFKDXIHOWHQZLUXQV GHQ:HJIUHL 'LH/XIWNRQQWHPDQVFKRQJDUQLFKWPHKUDOVVROFKHEH]HLFKQHQ6LH ZDUPHKUDOVVFKOHFKW=XGHPZDUHVVWLFNLJXQGLUJHQGZLHVFKZO'LH .OHLGXQJNOHEWHXQVDP.|USHUGRFK6FKULWWIU6FKULWWGUDQJHQZLU WLHIHULQGHQ*DQJYRU =ZLVFKHQGXUFKKDWWHQZLUGDUEHUQDFKJHGDFKWZLHZHLWHVZRKO QRFKVHLQNRQQWH:LUNRQQWHQQXUKRIIHQGDHULUJHQGZDQQHLQPDO]X (QGHZDUXQGZLUYRUXQVHUHP=LHOVWDQGHQ

=XP*OFNKDWWHGLH+|KHJHUHLFKWGRFKLP/LFKWGHU/DPSHQVDKHQ ZLUGDGHU*DQJQLFKWQXUHQJHUVRQGHUQDXFKWLHIHUZXUGH,FKPXWH PLFKDOVHUVWHUGXFNHQZHQLJH6FKULWWHVSlWHU]RJDXFK6XNRGHQ.RSI HLQ :LHGHUXPVWLHJHQZLUEHU6WHLQHXQG*HU|OO-HW]WNDPHQVRJDU 6WHOOHQZRZLUXQVQXUDXIDOOHQYLHUHQIRUWEHZHJHQNRQQWHQ'LHZDUHQ ]XP*OFNEDOGYRUEHLGDQDFKVFKORVLFKHLQ6WROOHQDQLQGHPZLU ZLHGHUDXIUHFKWJHKHQNRQQWHQ 8QVEHLGHQILHOHLQ6WHLQYRP+HU]HQ ª6LHKWVRDXVDOVKlWWHQZLUHVEDOGJHVFKDIIW©NHXFKWH6XNRXQG ZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQ ª+RIIHQWOLFK© ,UJHQGZHOFKH0RQVWHUNUHX]WHQ]XP*OFNQLFKWXQVHUHQ:HJ'DV KlWWHXQVDXFKQRFKJHIHKOW6RNRQQWHQZLUXQVYROOXQGJDQ]DXI GDV=LHONRQ]HQWULHUHQ ,FKVFKDXWHDXIGLH8KU 9HUIOL[WhEHUHLQHKDOEH6WXQGHEHIDQGHQZLUXQVEHUHLWVLQGLHVHP GVWHUHQ6WROOHQXQGHLQ(QGHZDULPPHUQRFKQLFKWDE]XVHKHQ'DEHL ]lKOWHMHGH0LQXWH ,FKPDFKWHPLUJURH6RUJHQXP-DQH&ROOLQV6FKOLHOLFKVWHFNWHVLHLQ GLHVHUYHUGDPPWHQ6HHOHQEXUJXQGZDUYRQ)HLQGHQXPJHEHQ:HQQ LFKGDUDQGDFKWHGDVLHLQGLH.ODXHQGHUHFKVHQN|SILJHQ0RQVWHU JHUDWHQNRQQWHZXUGHPLUPHLQ0XQGQRFKWURFNHQHU %LVKHUKDWWHQZLUXQVSUDNWLVFKLQHLQHU/LQLHZHLWHUEHZHJW1XQ PDFKWHGHU*DQJHLQH.XUYH5HFKWVJLQJHVZHLWHU,FKOHXFKWHWHPLWGHU /DPSHXQGKlWWHYRU)UHXGHIDVWHLQHQ6DOWRIDEUL]LHUWGHQQGHU6WUDKO YHUORUVLFKQLFKWPHKULQGHU'XQNHOKHLWVRQGHUQZDUDXIHLQ=LHO JHIDOOHQ (LQH7UHSSH ,FKKREGHQ$UPHWZDVK|KHUXQGGHUKHOOH*HLVWHUILQJHUVWULFKEHU GLH6WXIHQ$XFK6XNRV/DPSHYHUVWlUNWHGLH/LFKWNUDIW:LHZLUHU NHQQHQNRQQWHQZDUGLH7UHSSH]LHPOLFKVWDELO$XIMHGHQ)DOOVDKHQ ZLUNHLQH]HUVW|UWHQRGHUHLQJHVWU]WHQ6WXIHQ ª'DVKlWWHQZLUGDQQZRKO©VDJWHGHU&KLQHVHXQGULHEVLFKGLH +lQGH :LUJLQJHQZHLWHU ,FKVDKDXFKHLQH7U6LHVWDQGDOOHUGLQJVRIIHQXQGZLUEHWUDFKWHWHQ HVDOVHLQHUHJHOUHFKWH(LQODGXQJ$OOHUGLQJVVWUPWHQZLUQLFKWZLHGLH :LOGHQGLH7UHSSHKRFKVRQGHUQZDUHQKEVFKYRUVLFKWLJ %HKXWVDPJLQJHQZLUGLH7UHSSHDQ,FKWDVWHWHGLH6WXIHQHUVWDE EHYRULFKPHLQ*HZLFKWGDUDXIYHUODJHUWH

(VJDENHLQHQbUJHUZLUNDPHQXQDQJHIRFKWHQYRUDQ 'LH7UHSSHPQGHWHQLFKWLQHLQHQ)OXURGHULQLUJHQGHLQHQ*DQJ VRQGHUQLQHLQHJURH+DOOH hEHUUDVFKWEOLHEHQZLUDXIGHUOHW]WHQ6WXIHVWHKHQ'DPLWKDWWHQZLU EHLGHQLFKWJHUHFKQHW 'LH+DOOHSDWH]XGLHVHU%XUJ6LHZDUJHZDOWLJLQGHQ$XVPDHQ GDEHL]LHPOLFKNDKOGHQQHVJDENDXP(LQULFKWXQJVJHJHQVWlQGH,FK NDQQWHDQGHUH%XUJHQPLWSUXQNYROOHQ+DOOHQZRGLH%HVLW]HULKUHQ :RKOVWDQG]HLJWHQKLHUZLUNWHMHGRFKDOOHVYHUODVVHQLUJHQGZLHDXIJH UlXPW=ZDUVDKLFKGHQJURHQ7LVFKXQGGLHGVWHUHQ*HPlOGHDQGHQ :lQGHQDEHUGLH9RUKlQJHZDUHQ]XJH]RJHQXQGZHLOGUDXHQGDV 7DJHVOLFKWODQJVDPVFKZDQGZDUHVLQGHU+DOOHQRFKGVWHUHU :LUVFKULWWHQEHU6WHLQERGHQ1DKH]XIXJHQORVODJ3ODWWHDQ3ODWWH $XI=HKHQVSLW]HQEHZHJWHQZLUXQVZHLWHU.HLQ6WDXENRUQNQLUVFKWH XQWHUXQVHUHQ6RKOHQ (LQNKOHU6FKDXHUOLHIEHUPHLQHQ5FNHQ'DVODJVLFKHUOLFKDQGHU 7HPSHUDWXUDEHUDXFKDQGHUJHVDPWHQ$WPRVSKlUHGLHLQGLHVHU%XUJ KHUUVFKWH 0HKUHUHJURH7UHQ]ZHLJWHQDEXQGIKUWHQVLFKHUOLFK]XGHQ DQGHUHQ7UDNWHQGHV6FKORVVHV 6XNRXQGLFK]XFNWHQIDVWV\QFKURQPLWGHQ6FKXOWHUQ +LHUIDQGHQZLUQLFKWV ª:DVPDFKHQZLU"©IUDJWH6XNR ,FKOLHPLU=HLWPLWGHU$QWZRUW$XVJHVWRUEHQVFKLHQPLUGLH%XUJ QLFKW]XVHLQ'HQQDOVLFKHLQHQ%OLFNQDFKGUDXHQZDUIVDKLFKGLH SDUNHQGHQ:DJHQ ª'LHKDEHQVLFKKLHULUJHQGZRYHUVWHFNW©VDJWHLFK ª1XUZR"© ª+DWGLH.|FKLQQLFKWYRQHLQHP/LHIHUDQWHQHLQJDQJJHVSURFKHQXQG YRQ3HUVRQDO"© ª-D© ª'DQQN|QQWHQZLUXQVGRUWHUNXQGLJHQ'LHPVVHQGRFKZLVVHQ ZRVLFKGHU%XUJKHUUEHILQGHW© ª'HQNGDUDQGDGLHNRPLVFKH.|FKLQDXFK]XGHQ'lPRQHQJH K|UWH©ZDUQWHPLFK6XNR ª$EHUGLHVPDOZLVVHQZLU%HVFKHLG© ª'DQQPDOORV©JULQVWH6XNRXQGULHEVLFKGLH+lQGH0HLQ)UHXQG ZDUXQJHKHXHUWDWHQGXUVWLJ(UZROOWHGHQ)DOOHQGOLFKKLQWHUVLFK JHEUDFKWKDEHQ :LHLFKDXFK 6FKULWWH

:LUYHUQDKPHQVLHJOHLFK]HLWLJXQGVLHZDUHQEHUXQVDXIJH NOXQJHQZRHLQHEUHLWH7UHSSH]XHLQHUJURHQ*DOHULHKRFKIKUWH 1DFKUHFKWVXQGOLQNVJLQJHQZLUDXVHLQDQGHUOHJWHQGLH.|SIHLQGHQ 1DFNHQXQGEOLFNWHQKRFK /HLGHUZDUGDV/LFKWVRVFKOHFKWGDZLUQLFKWVVHKHQNRQQWHQ8QG ]XP6FKDOWHUODXIHQGDVZROOWHLFKDXFKQLFKWHUVW'HVKDOEQDKPLFKGLH 7DVFKHQODPSHGUHKWHPHLQH+DQGXQGOHXFKWHWHQDFKREHQ 6FKUlJVFKQLWWGHU6WUDKOGXUFKGLH/XIW(UWDQ]WHEHUGLHJHGUHFK VHOWHQ6WlEHGHU%DOXVWUDGHXQGIDQGGLH*HVWDOWGLHGRUWREHQVWDQG XQGQLFKWGDUDQGDFKWH]XIOLHKHQ (VZDUHLQ0DQQ $XIVHLQHP.RSIZXFKVHQZHQLJ+DDUHGDIUKDWWHHUDEHUODQJH .RWHOHWWHQGLHLKPIDVWELV]XGHQ0XQGZLQNHOQZXFKVHQZDVLFK GHXWOLFKLP/LFKWPHLQHU7DVFKHQODPSHHUNHQQHQNRQQWH'LH+lQGH GHV0DQQHVODJHQDXIGHP*HOlQGHUXQGHUWUXJGLH.OHLGXQJHLQHV 'LHQHUV ª:HUVLQG6LH"©IUDJWHHU ª'DVN|QQWHLFK6LHDXFKIUDJHQ© ª1HKPHQ6LHGLH/DPSHZHJ© ,FKVHQNWHGHQ6WUDKOHWZDVª:LUVXFKHQHLQH)UDX(LQHJHZLVVH-DQH &ROOLQV:LVVHQ6LHYRQLKU"© ª1HLQ© 'HU7\SORJGDVZDUPLUNODUª'DQQN|QQHQ6LHXQVDEHUVLFKHUOLFK VDJHQZRZLU*RUGRQ6FKUHLEHUILQGHQ"© ª,FKELQQXUVHLQ'LHQHU© ª+HLWGDVGDVLFK0U6FKUHLEHUQLFKWDXIGHU%XUJEHILQGHW"© ª9LHOOHLFKW© ª'DVJODXEHLFK,KQHQQLFKW,FKKDEHGLH:DJHQGUDXHQJHVHKHQ 6HLQHUZDUDXFKGDEHL© 6HLQ*HVLFKWYHU]HUUWHVLFKª:DVQHKPHQ6LHVLFKHLJHQWOLFKKHUDXV KLHUHLQ]XGULQJHQ"©IXKUHUPLFKDQª+HUU6FKUHLEHULVWGHU+HUUGHU %XUJXQGHULVW,KQHQNHLQH5HFKHQVFKDIWGDUEHUVFKXOGLJZDVHUWXW XQGZDVHUJHGHQNW]X© ª6SDUHQ6LHVLFKGLH:RUWH:LUKDEHQGHQEHJUQGHWHQ9HUGDFKWGD VLFKLQGLHVHU%XUJHLQ0HQVFKLQ/HEHQVJHIDKUEHILQGHW$XVGLHVHP *UXQGHZROOHQZLUQDFKVHKHQXQGDXFK6LHZHUGHQXQVQLFKWGDUDQ KLQGHUQ© 'HU'LHQHUGDFKWHQDFK'DQQQLFNWHHUXQGVDJWHª:DUWHQ6LHLFK NRPPH© ª(QGOLFK©PXUPHOWH6XNRª2EZRKOPLUKLHUHLQLJHVQLFKWJHIlOOWGDV PXLFKGLUVDJHQ©

ª+DVWGXHLQHQ*UXQG"© ª0HKUHLQ*HIKO© ª:LUZHUGHQMDVHKHQ© 'HU%XWOHUNDPGLH7UHSSHKHUXQWHU:UGHYROODXIUHFKWJHKHQGZLH HVVLFKJHK|UWH :LUHUZDUWHWHQLKQYRUGHUOHW]WHQ6WXIH$XIGHU]ZHLWOHW]WHQEOLHEHU VWHKHQ ª:HQQLFK6LHUHFKWYHUVWDQGHQKDEHZROOHQ6LHGLH%XUJGXUFK VXFKHQPHLQH+HUUHQ"© ª*HQDX© ª+DEHQ6LHHLQHULFKWHUOLFKH(UODXEQLV"© 'HU.QDEHJLQJPLUDXIGHQ:HFNHUª'LHEUDXFKHQZLUQLFKWZHLOZLU GHQEHJUQGHWHQ9HUGDFKWKDEHQGDVLFKKLHULQGLHVHQ$XJHQEOLFNHQ HLQ9HUEUHFKHQDEVSLHOW©,FKVFKDXWHEHLGLHVHQ:RUWHQLQGDV*HVLFKW GHV0DQQHVZRHVXQWHUGHP$XJHQOLG]XFNWH(UVFKLHQ0KH]X KDEHQHLQVS|WWLVFKHV*ULQVHQ]XYHUPHLGHQ $XFKLQPLUEUHLWHWHVLFKMHW]WGDV*HIKODXVGDKLHUHLQLJHVQLFKW VWLPPWH ª,FKNDQQ,KQHQGDQLFKWIROJHQPHLQH+HUUHQ(VWXWPLUOHLG,FK KDEHYRQ+HUUQ6FKUHLEHUGLH2UGHUHUKDOWHQNHLQHQ© ª-RKQZHJ© (VZDU6XNRVJHOOHQGHU:DUQVFKUHLGHUPLFK]XU6HLWHKHFKWHQOLH ,FKSUDOOWHDXIGHQ%RGHQEHUVFKOXJPLFKXQGVDKGLH*HVWDOWGLH SO|W]OLFKDXVGHP+LQWHUJUXQGGHU+DOOHDXIWDXFKWH 'LH.|FKLQ 8QGVLHKLHOWPLWEHLGHQ+lQGHQHLQH6FKURWIOLQWHXPNODPPHUW 6LHVFKR (LQDUPODQJHU)HXHUVWUDKOMDJWHDXVGHP/DXIEOHQGHWHPLFKIU NXU]H=HLWXQGLFKK|UWHZLHGLH.XJHOQHLQVFKOXJHQ6LHKLHEHQLQGHQ %RGHQZRVLHDOVVLQJHQGH4XHUVFKOlJHUGDYRQZLUEHOWHQ=ZHLPDO ZXUGHDXFKLFKJHWURIIHQXQG]ZDUDQGHU:DGH $EHUGLHYHUGDPPWH:DIIHKDWWH]ZHL/lXIH 8QGGLH.|FKLQOLHIYRUXPVLFKHUHUWUHIIHQ]XN|QQHQ'LHVH =HLWVSDQQHQXW]WHLFKDXV ,QGHU+DOOHUROOWHQQRFKGLH(FKRVGHVHUVWHQ$EVFKXVVHVDOVLFK EHUHLWVPHLQ.UHX]LQGHU+DQGKLHOWXQGHVVFKOHXGHUWH =LHOHQNRQQWHLFK 'LH.|FKLQZXUGHYRP.UHX]YROOYRUGHU%UXVWJHWURIIHQ,KU6FKUHL ZDUQLFKWPHKUPHQVFKOLFK]XQHQQHQ$XVYROOHP/DXIVFKOHXGHUWHVLH

GLH:DIIHZHJVLHULGLH$QQHKRFKIKUWHHLQHQGHUZLVFKDUWLJHQ7DQ] DXIXQGEUDFKGDQQ]XVDPPHQ (LQGXQNOHU6FKDWWHQZLVFKWHDXVLKUHPRIIHQHQ0XQGGHU'HFNHHQW JHJHQZRHULQ]DKOUHLFKH7HLOH]HUULVVHQZXUGH ,FKK|UWHHLQHQHUVWLFNWHQ5XI'HU'LHQHUKDWWHLKQDXVJHVWRHQZHLO 6XNRV)DXVWLKPGLH/XIWDXVGHQ/XQJHQWULHE'HU0DQQNUPPWHVLFK ]XVDPPHQ6XNRSDFNWHLKQKRELKQKRFKXQGVFKOHXGHUWHLKQ]X %RGHQZRHUNUDFKHQGDXIVFKOXJXQGVLFKPHKUHUH0DOHXPVHLQH HLJHQH$FKVHGUHKWH $EHUHUZDUQRFKQLFKWDXVJHVFKDOWHW3O|W]OLFKJULIIHUKLQWHUVLFKXQG ]RJHLQHQ5HYROYHU ,FKVFKOHXGHUWHGLH7DVFKHQODPSH =ZHLPDOGUHKWHVLHVLFKLQGHU/XIWGDQQSUDOOWHVLHJHJHQGHQ.RSI GHV'LHQHUV 'HU.HUO]XFNWH]XVDPPHQXQGGDFKWHQLFKWPHKUDQVHLQH:DIIH %HZXWORVEOLHEHUOLHJHQ ª'DVKlWWHQZLU©VDJWH6XNRª:DVLVWPLWGHU)UDX"© ,FKJLQJ]XLKU 'HU.|FKLQZDUQLFKWPHKU]XKHOIHQ%OLFNORVH$XJHQVWDUUWHQPLFK DQ6LHZDUWRW$EHUVLHO|VWHVLFKQLFKWDXI6LHZDUNHLQH'lPRQLQ JHZHVHQ1XULKUH6HHOHKDWWHVLFKGHU6SXNJHQRPPHQXQGDXFKGLH ZXUGH]HUVW|UWZLHLFKVHOEVWJHVHKHQKDWWH ª9LHOOHLFKWLVWHVEHVVHUVR©PHLQWH6XNR ,FKKREGLH6FKXOWHUQ 8QVHUVSH]LHOOHU)UHXQGGHU'LHQHUKDWWHQRFKLPPHUJHLVWLJDE JHVFKDOWHW6XNRVRUJWHEHUHLWVGDIUGDHUVRVFKQHOOZLHP|JOLFK ZLHGHU]XVLFKNDP'HU&KLQHVHWlWVFKHOWHLKPGLH:DQJHQ(LQPDO OLQNVXQGHLQPDOUHFKWV ,FKHQWOXGGLH6FKURWIOLQWHXQGDXFKGHQ5HYROYHUGHV%XUVFKHQ'LH 3DWURQHQVFKOHXGHUWHLFKGLH7UHSSHKLQXQWHU 'HU'LHQHUNDP]XVLFK ª:LHKHLWGX"©IXKU6XNRLKQDQ ª/XNDV©DQWZRUWHWHHUDXWRPDWLVFKGDQQILHOLKPVHLQH%HXOHHLQXQG HUWDVWHWHEHUVHLQHQ.RSIZREHLHUDXIVW|KQWH ª0DFKGXZHLWHU©VDJH6XNRªGXEHKHUUVFKWGLH6SUDFKHEHVVHUDOV LFK© $OVRQDKPLFKPLU/XNDVYRU,FKVFKOHLIWHLKQ]XU7UHSSHXQGVHW]WH LKQGRUWKLQª$OOHVNODU"©IUDJWHLFKª'XZHLWZRHVODQJJHKW© ª-D© ª'DQQVLQJPDOVFK|QGHQQKLHUVSLHOHQPHLQ)UHXQGXQGLFKGLH 'LULJHQWHQ©

ª,FKZHLQLFKWV© ª:RVWHFNW6FKUHLEHU"© ª.HLQH$KQXQJ© ª-XQJHGXKlQJVWPLWGULQ©ZDUQWHLFKLKQª'DVKLHULVWNHLQ 6SLHOFKHQVRQGHUQYHUGDPPWHU(UQVW8QGZLUVLQGDXFKNHLQH]X IlOOLJHQ%HVXFKHUVRQGHUQ3ROL]LVWHQ'DV]XU,QIRUPDWLRQGDPLWGX ZHLWZRHVODQJJHKW© (UVFKDXWHPLFKDQ,QVHLQHQ$XJHQODVLFK8QJODXEHQDEHUGDV MXFNWHPLFKQLFKWª1RFKPDO©VDJWHLFKªZRVWHFNW6FKUHLEHU"© ª:DKUVFKHLQOLFKLP*HZ|OEH© ª:DUXPQLFKWJOHLFKVR",VWHUDOOHLQ"© ª1HLQ© ª:HULVWDXHULKPQRFKGDEHL"© ª9LHU3HUVRQHQ©SUHWHHUKHUYRUª=ZHL0lQQHUXQG]ZHL)UDXHQ© ª'LH1DPHQ© (UVDJWHVLHDXI-DQH&ROOLQVQDQQWHHUQLFKWGDVJDEPLUHLQHQ6WLFK ª8QGZRILQGHLFK0LVV&ROOLQV"© 6HLQ*HVLFKWYHUVFKORVLFK ,FKSDFNWHLKQDQGHQ6FKXOWHUQXQGVFKWWHOWHLKQª:RVWHFNWVLH YHUGDPPW"© ª$XFKXQWHQYLHOOHLFKW© ª+DVWGXVLHJHVHKHQRGHUZHVKDOEVDJVWGXYLHOOHLFKW"© ª,FKZHLHVGRFKQLFKW6LHLVWZDKUVFKHLQOLFKGRUW6LHZDULQGHP =LPPHUPLWGHP.DPLQXQGGD©(UEHULFKWHWHGDHU-DQHHQWGHFNW KDWWHXQGDXFKGLHVHV0RQVWHU'DQDFKKDEHHUGDQQGHQ.DPLQYHU VFKORVVHQ 6RDOVRVDKGDVDXV,FKQLFNWHJHGDQNHQYHUORUHQ'DVNRQQWHMDQRFK KHLWHUZHUGHQ ª8QGZDVKDW6FKUHLEHUGDXQWHQYRU"©ZROOWHLFK]XP6FKOXQRFK ZLVVHQ ª(UIHLHUWGDVHLQH3DUW\V© ª6FKZDU]H0HVVHQZLH"© 'HU0DQQQLFNWH 'DKDWWHLFKGLH%HVWlWLJXQJ,FKKDWWHYLHOEHUVFKZDU]H0HVVHJH OHVHQGLHHVVFKRQYRU+XQGHUWHQYRQ-DKUHQJDE$OOHUGLQJVHUOHEWHQ VLHLQXQVHUHUKHXWLJHQ=HLWHLQH:LHGHUDXIHUVWHKXQJGLHPLUJDUQLFKW JHILHO(VJDE]DKOUHLFKH+H[HQFODQVGLHQXU+RNXVSRNXVEHWULHEHQXQG GDUDXIDXVZDUHQHLQH2UJLH]XIHLHUQ6ROOWHQVLHUXKLJ6RODQJHNHLQH -XJHQGOLFKHQPLWKLQHLQJH]RJHQZXUGHQZDUGDVHJDO$EHUDQGHUH &OXEVGLHHFKWHQ.RQWDNWPLW-HQVHLWVZHOWHQXQGPLWGHU+|OOHDXIJH QRPPHQKDWWHQH[LVWLHUWHQHEHQIDOOV

8QGGLHZDUHQJHIlKUOLFK ª'XNHQQVWGHQ:HJ"©IUDJWHLFKLKQ (UQLFNWH ª'DQQKRFKPLWGLU:LUGUHLZHUGHQXQVPDOJHPHLQVDPGDV7UHLEHQ HLQZHQLJQlKHUDQVHKHQ© =ZHL6HNXQGHQVSUWH-DQH&ROOLQVEHUKDXSWQLFKWVPHKU6LHVFKLHOWH DXIGHQ'ROFKJULIIXQGEHJULIIQLFKWZDVPLWLKUJHVFKHKHQZDU 'DQQNDPGHU6FKPHU] ([SORVLRQVDUWLJEUHLWHWHHUVLFKDXV]RJGXUFKLKUHQJHVDPWHQ$UP DEZlUWVIXKULQGLH)LQJHUXQGEUHLWHWHVLFKDXFK]XU6FKXOWHUKLQDXV ZREHLHU-DQHVUHFKWH6HLWHOlKPWH6LHVDKGDVDXVGHU:XQGHTXHOOHQ GH%OXWXQGZLHHVLQHLQHPEUHLWHQ5LQQVDOEHUGHQ6WRIIUDQQ -DQHVFKWWHOWHVLFKYRU$QJVW6LHNRQQWHGHQ6FKPHU]QLFKWPHKU VFKZHLJHQGHUWUDJHQXQG|IIQHWHGHQ0XQG(LQOHLVHV:HKNODJHQ GUDQJEHULKUH/LSSHQ:LHYRQVHOEVW|IIQHWHQVLFKGLH)LQJHULKUHU UHFKWHQ+DQGXQGGLH$VWUDILHO]X%RGHQ -DQH&ROOLQVNRQQWHQLFKWPHKUDEHUVLHKLHOWVLFKDXIGHQ%HLQHQ ZROOWHGHQDQGHUHQGHQ)HLQGHQLKUH6FKZlFKHDXINHLQHQ)DOO]HLJHQ 'LHZROOWHQVLFKDXIGLH:HKUORVHVWU]HQGRFK6FKUHLEHUVVFKDUIHU %HIHKOKLHOWVLH]XUFN ª1HLQPDFKWHVODQJVDPJHQLHWHVXQGGHQNWGDUDQGDLKUGLH 'LHQHUGHV6SXNVVHLG,KUKDEWYRQGHP%OXWJHWUXQNHQXQGGDPLWHXUH 6HHOHQYHUNDXIW© $OVZlUHQGLH:RUWHHLQ=HLFKHQJHZHVHQVRYHUlQGHUWHVLFKSO|W]OLFK GLH+DXWGHU0HQVFKHQ+DWWHVLHYRU6HNXQGHQQRFKQRUPDODXVJHVH KHQVRYHUVFKZDQGGLHPHLVWH6RPPHUEUlXQHDXVGHQ*HVLFKWHUQ'LH +DXWZXUGHEODXQGIDKO6LHVFKUXPSIWHQLFKW]XVDPPHQDEHUVLH QDKPHLQHQDQGHUHQ)DUEWRQDQ'LH+DXWZXUGHEOlXOLFK6LHEHNDP VRJDUHLQHQ6WLFKLQV*UQHXQGGLHVHQHXH)DUEHOHJWHVLFKZLH 6FKDWWHQEHUGLH*HVLFKWHUGHUYLHU0HQVFKHQ 6LHZLUNWHQSO|W]OLFKPDVNHQKDIWVWDUUZLH6WHLQHGLHMHPDQGDXVGHP )HOVJHKDXHQKDWWH -DQHVDKGDVDOOHVQLFKW6LHKDWWHJHQXJPLWVLFKVHOEVW]XWXQ(V JHODQJLKUNDXPQRFKVLFKDXIGHQ%HLQHQ]XKDOWHQ(LQ 6FKZLQGHOJHIXKOSDFNWHVLH9RULKUHQ$XJHQEHJDQQVLFKDOOHV]XGUH KHQVRGDDXFK-DQHLQHLQHQUHJHOUHFKWHQ7DXPHOJHULHWZREHLVLHHLQ PDOQDFKOLQNVXQGGDQQZLHGHUQDFKUHFKWVVFKZDQNWH )HOL[XQG5REHUW'RGRXQG$QNHVLHQlKHUWHQVLFKGHU'HWHNWLYLQ PLWODQJVDPHQMHGRFK]LHOVWUHELJHQ6FKULWWHQ'RGRKLHOWQRFKLKU

0HVVHULQGHU/LQNHQGLH5HFKWHZDU]XU)DXVWJHEDOOWGDV*HVLFKWQXU QRFKHLQH*ULPDVVHDXV:XW+DXQG5DFKH $QNH%RRNOlFKHOWHWHXIOLVFK'LH)UDX'RNWRU|IIQHWHXQGVFKORLKUH +lQGHYROOHUJLHULJHU(UZDUWXQJZlKUHQGDXI5REHUWV*HVLFKWHLQ VFKPDOHV/lFKHOQODJGDVGXUFKDXVDOVJHIlKUOLFKHLQJHVWXIWZHUGHQ NRQQWH1XUEHL)HOL[UHJWHVLFKNHLQ0XVNHO,KQVFKLHQGDVDOOHVJOHLFK JOWLJ]XODVVHQDEHUHUZDUGHUHUVWHGHUVHLQH$UPHDXVVWUHFNWHXQG -DQHEHUKUWH 8QGHVZDUGLH%HUKUXQJGLH-DQHDXVLKUHU/HWKDUJLHUL)UHLQHQ 0RPHQWVDKVLHDOOHVNODUXQGVLHVFKULH ª1HLLLLQQQ©,KU6FKUHLJHOOWHGXUFKGDVNDKOH.HOOHUJHZ|OEHXQG EUDFKVLFKDOVVFKULOOHV(FKRDQGHQQDFNWHQ:lQGHQ )HOL[]RJLKUGHQ'ROFKDXVGHP$UP6RIRUWVWU|PWH%OXWKHUDXV -DQH&ROOLQVEUDFKLQGLH.QLH6LHKDWWHQRFKYHUVXFKWVLFK]XZHKUHQ GRFK5REHUWKLHOWLKUHOLQNH+DQGIHVWZlKUHQG$QNH%RRNLQLKUHQ 5FNHQJHODQJWZDUXQGVLH]X%RGHQGUFNWH 'RGR'RUDQRDEHUVWDQGYRULKUXQGEHGURKWHVLHPLWGHP0HVVHU'LH .OLQJH]LWWHUWHGLFKWYRU-DQHV$XJHQ ª(LQH%HZHJXQJ©]LVFKWHGDVEORQGH:HLEªHLQHQ0XFNVQXUXQG LFKVWHFKH]X© -DQHGDFKWHJDUQLFKWDQ:LGHUVWDQG6LHIKOWHVLFKGD]XEHUKDXSW QLFKWLQGHU/DJH'HU0HVVHUVWLFKKDWWHVLHY|OOLJIHUWLJJHPDFKW'LH 'HWHNWLYLQZDUDP(QGH 0DQKREVLHKRFK 'LH0lQQHUDQGHQ6FKXOWHUQGLH)UDXHQDQGHQ%HLQHQZlKUHQG *RUGRQ6FKUHLEHU]XVFKDXWHXQGHLQ]XIULHGHQHV/lFKHOQVHLQH/LSSHQ NUlXVHOWH 6RZROOWHHUHVKDEHQ $XFKGHU6SXNZDU]XIULHGHQHEHQVRZLH0DGGR['LHEHLGHQ *HVWDOWHQVFKDXWHQ]XZLH-DQH]XU2SIHUVFKDOHJHWUDJHQZXUGH 'DQQYHUVFKZDQGHQVLH 9RQHLQHU6HNXQGH]XUDQGHUHQO|VWHVLFKGHU6SXNDXIXQGQDKP 0DGGR[PLW =XUFNEOLHEHQVHLQH'LHQHU 'LHYLHUKLHYWHQ-DQHKRFK6LHNLSSWHQVLHEHUGHQ5DQGGHU6FKDOH ZRGLH'HWHNWLYLQDXIGHP5FNHQOLHJHQEOLHE'LH$XJHQKDWWHVLHZHLW DXIJHULVVHQ6LHVWDUUWHGLH'HFNHDQ$XVGHU$UPZXQGHUDQQGDV%OXW XQGVDPPHOWHVLFKLQGHU6FKDOH 9LHU6SXNGLHQHUVWHOOWHQVLFKLP.UHLVXPGLH6FKDOHDXI6LHZDUWHWHQ DXIGDV=HLFKHQGHV0HLVWHUV%HLGH0HVVHUPXWH'RGRDXIGLHJHJHQ EHUOLHJHQGHQ5lQGHUOHJHQ

+lQGHIDQGHQVLFKELOGHWHQHLQHQ.UHLVGHQQLHPDQGGXUFKEUHFKHQ VROOWH *RUGRQ6FKUHLEHUKREGHQ$UPª,FKKDEHEHVFKORVVHQGDHVGLH )UDXHQVHLQVROOHQGLH-DQH&ROOLQVW|WHQGUIHQXQGGHVKDOEZHUGHQ 'RGR'RUDQRXQG$QNH%RRNJHPHLQVDPGLH6HHOHGLHVHU9HUUlWHULQ GHP6SXN]XIKUHQ© 'RGRNUHLVFKWHZLOG6LHVDKVLFKEHVWlWLJW 8QGDXFK$QNH%RRNODFKWH ª6RQHKPWGLH0HVVHU©EHIDKOGHU0HLVWHU =ZHLEOlXOLFKVFKLPPHUQGH+lQGHJULIIHQQDFKGHQ.OLQJHQ)LQJHU XPVFKORVVHQGLH*ULIIH 6FKZHUHV$WPHQZDU]XK|UHQDXVJHVWRHQYRQGHQEHLGHQ)UDXHQ GLH]X0|UGHULQQHQZHUGHQVROOWHQ -DQH&ROOLQVODJLQGHU6FKDOHXQGEHNDPNDXPHWZDVPLW'LH:HOOHQ GHU%HZXWORVLJNHLWVFKZHPPWHQLPPHUZLHGHUDXIVLH]X(VZDUQXU HLQH)UDJHGHU=HLWZDQQVLHHQGOLFKGLH'HWHNWLYLQPLWUHLHQZUGHQ ª(VVHL©VFKULH*RUGRQ6FKUHLEHUª%OXW]X%OXW© 'LHPHVVHUEHZHKUWHQ+lQGHIXKUHQQDFKXQWHQ 'LHVHU/XNDVZDUHLQ7\SGHU]ZDULP0RPHQWDXIJHJHEHQKDWWHDEHU QLFKWIULPPHU'HUODXHUWHEHVWLPPWDXIHLQH&KDQFHXPHVVSlWHU]X YHUVXFKHQ,FKKDWWHGDVRPHLQH(UIDKUXQJHQJHVDPPHOW,UJHQGZLH JOLFKHQVLFKGLH.HUOHLPPHU,FKZDUDXFKGDYRQEHU]HXJWGDHU 'UHFNDP6WHFNHQKDWWH :LUYHUOLHHQGLH+DOOH (UJLQJYRUXQV6HLQH6FKULWWHZDUHQVFKOHSSHQGPDQFKPDO VFKZDQNWHHUDXFKZREHLLFKGDV*HIKOQLFKWORVZXUGHGDHUXQV HWZDVYRUVSLHOWHVRDUJZDUHQGLH)ROJHQGHU%HZXWORVLJNHLWQLFKW 8QGGLHVHU/XNDVNRQQWHHLQVWHFNHQXQGDXVWHLOHQGDVKDWWHHULQGHU NXU]HQ=HLWEHZLHVHQ (LQPDOEOLHEHUVWHKHQª6ROOHQZLUGLH7UHSSHQHKPHQ"© ª*LEWHVGHQQHLQHDQGHUH0|JOLFKNHLW"© ª-DGHQ/LIW© ª'HULVWVFKQHOOHU©VDJWH6XNRª1HKPHQZLULKQ© 'DPLWZDULFKHLQYHUVWDQGHQ,P)DKUVWXKOZUGHHUXQVQLFKW HQWNRPPHQ/XNDVQLFNWHGUHKWHVLFKXPEHWUDWHLQHQ.RUULGRUGHU SUDNWLVFKHLQH6DFNJDVVHZDUGHQQHUHQGHWHYRUGHU/LIWWU ª'DLVWHV© 9RUGHU7UEOLHEHQZLUVWHKHQ6LHZDUJUDXJHVWULFKHQXQGVDK Y|OOLJQRUPDODXV

ª:DVLVW"©IXKULFKGHQ0DQQDQªgIIQH/RVPDFKVFKRQ© /XNDV]RJGLH7UDXI,QGHU.DELQHIDQGHQZLUGUHLEHTXHP3ODW] 1HEHQGHU7UVDKLFKHLQH.QRSIOHLVWH%HVRQGHUVHLQURWHU.QRSIVWDFK PLULQV$XJH (VZDUGHU$ODUPNQRSI,FK]RJGLH7U]X 6XNROHKQWHDQGHU:DQGXQGEHKLHOW/XNDVLP$XJHGHUVLFKYHU GlFKWLJQDKHDQGHU.QRSIOHLVWHKHUXPWULHEXQGXQVVFKLHOHQGLP$XJH EHKLHOW $OVHUGHQ$UPDQZLQNHOWHZXWHLFKZDVHUZROOWH %OLW]VFKQHOONDPPHLQ+LHE/XNDVVSUWHGLH)DXVWDQGHU%UXVWXQG ZXUGHJHJHQ6XNRJHVFKOHXGHUWQRFKEHYRUHUGD]XNDPPLWGHP (OOERJHQGHQ.QRSI]XGUFNHQ (UKDWWH$ODUPDXVO|VHQZROOHQ 6XNRKLHOWLKQIHVW ª1RFKHLQPDOVRHLQHGXPPH%HZHJXQJXQGHVJHKWGLUVFKOHFKW© ZDUQWHLFK /XNDVVHQNWHGHQ.RSI ª:DVZROOWHHUGHQQ"©IUDJWH6XNR ,FKHUNOlUWHHVLKP'DQQGUFNWHLFKDXIGHQ.QRSIGHUGHQ/LIWQDFK XQWHQLQ%HZHJXQJVHW]WHXQGXQVLQGHQ.HOOHUEULQJHQVROOWH'HU )DKUVWXKOIXKUHWZDVXQUXKLJUXPSHOWHHLQSDDUPDOXQGVWDQGGDQQ VWLOO /XNDVVSUWHSO|W]OLFKGLH0QGXQJGHU%HUHWWDLP1DFNHQ(UEHNDP HLQH*lQVHKDXWZDVLFKVHKUJXWVHKHQNRQQWHª.HLQHQ/DXWVRQVWLVW HVYRUEHL©]LVFKWHLFK (UQLFNWH 6XNR|IIQHWHGLH7U $XFKHUKLHOWGLH%HUHWWDLQGHU+DQG'LHDQGHUH:DIIHQVWHFNWHQ JULIIEHUHLW 'HU&KLQHVHZDUIDOVHUVWHUHLQHQ%OLFNLQGHQOHHUHQ*DQJ6XNR ZLQNWHXQV]XXQGLFKWULHE)UHXQG/XNDVDXVGHP)DKUVWXKO'HU 0DQQVFKZLW]WH-HPHKUZLUXQVGHP=LHOJHQlKHUWKDWWHQXPVRXQ UXKLJHUZDUHUJHZRUGHQ/XNDVVFKLHQQLFKWQXU$QJVWVRQGHUQDXFK HLQVFKOHFKWHV*HZLVVHQ]XKDEHQ ª:RKLQ"©IUDJWHLFK ª1DFKUHFKWV© (VZDUHJDOREZLUUHFKWVRGHUOLQNVJLQJHQ'HU*DQJZDUNDKOXQG QDFKWUlJOLFKDXVJHEDXWZRUGHQ*UDXHU%HWRQKDWWHGLH:lQGHJH JOlWWHW /XNDVIKUWHXQVGLUHNWDXIHLQH:DQG]XZRLFKNHLQH7URGHU LUJHQGHLQHQDQGHUHQ$XVJDQJHQWGHFNWH

ª:HQQGXXQVUHLQOHJHQZLOOVW©VDJWHLFKOHLVH]XLKPªZLUVWGXDOV HUVWHUVWHUEHQ© ª1HLQQHLQHVLVWKLQWHUGHU:DQG© ª8QGGRUWLVWDXFKGHU(LQJDQJ"© ª-D© ª2ND\GDQQPDQ]X© (VZDUHQYLHOOHLFKWQRFKIQI6FKULWWHGDQQKDWWHQZLUXQVHU=LHO HUUHLFKW6XNRXQGLFKVWDQGHQGDXQGVFKDXWHQYRUGLH%HWRQIOlFKH hEHUXQVEUDQQWHHLQH/DPSH 1LFKWVZDU]XK|UHQ ª,FKPXPLFKEFNHQ©VDJWHGHU'LHQHU ª7XGDV© (UJLQJLQGLH.QLH0LWGHP:DIIHQODXIIROJWHLFKMHGHUVHLQHU %HZHJXQJHQ 6HLQH+lQGHWDVWHWHQDXIGHQ%RGHQKHUXPXQGVXFKWHQHLQH EHVWLPPWH6WHOOH,FKVDKHLQHNOHLQH9HUWLHIXQJlKQOLFKHLQHU0XOGH 8QGGRUWVFKLPPHUWHHWZDV6FKZDU]HV 'HU.RQWDNW /XNDVZROOWHVFKRQVHLQHQ)LQJHUGDUDXIOHJHQDOVLKQPHLQ5XI ]XUFNKLHOWª+DOW© (U]XFNWHWDWVlFKOLFK]XUFN ª:DVSDVVLHUWJHQDXZHQQGXGHQ.RQWDNWEHUKUVW"© ª'LH:DQGYLHOPHKUHLQ7HLOVFKLHEWVLFK]XU6HLWH© ª'DQNH©HUZLGHUWHLFKªHVUHLFKW©%OLW]VFKQHOOXQGWURW]GHPJH]LHOW VFKOXJLFK]X'DEHLGRVLHUWHLFKGHQ6FKODJJHQDXGHU/XNDVDQGHU 6FKOlIHWUDI (UVFKDXWHPLFKHUVWDXQWDQJDEHLQHQ6HXI]HUYRQVLFKXQGILHO]XU 6HLWH 6XNRVFKDIIWHLKQDXVGHP:HJ ,FKKDWWHPHLQHQ)LQJHUEHUGHP.QRSIOLHJHQXQGVFKDXWHDXV JHEFNWHU+DOWXQJGHP&KLQHVHQLQV*HVLFKW 6XNRQLFNWH 'DGUFNWHLFKGHQ.RQWDNW =XHUVWNQLUVFKWHHV (LQ*HUlXVFKGDVXQVEHLGHQGXUFK0DUNXQG%HLQIXKU:LUYHU ]RJHQGLH*HVLFKWHUDOVKlWWHQZLULQ=LWURQHQJHELVVHQ'LHJODWWH %HWRQZDQGVFKREVLFKlKQOLFKHLQHU6FKLHEHWUQDFKOLQNVLQHLQHQ EUHLWHUHQ5DKPHQXQGJDEXQVGLH6LFKWQDFKYRUQIUHL :LUVFKDXWHQLQHLQH+DOOH

6FKZDU]GHU%RGHQVFKZDU]GLH:lQGH'VWHUGDV/LFKW 8QGZLUK|UWHQ6WLPPHQ ,FKIURUSO|W]OLFK$OVHUVWHUVFKRELFKPLFKGXUFKGHQ6SDOWXQG KXVFKWHLQGHQGDKLQWHUOLHJHQGHQULHVLJHQ5DXP'LH6WLPPHQKDWWHLFK ]ZDUYHUQRPPHQDEHULFKVDKGLH3HUVRQHQQLFKWZHLOGDV*HZ|OEH HLQIDFK]XJURZDU 6XNRNDPKLQWHUPLU 2KQHGDXQVMHPDQGHLQ.RPPDQGRJHJHEHQKlWWHWUHQQWHQZLU XQV'HU&KLQHVHKXVFKWHQDFKOLQNVZHJLFKQDKPGLHUHFKWH6HLWHZR LFKSDUDOOHO]XU:DQGYRUOLHI 8QGGDQQVDKLFKVLHXQGK|UWHHLQHVFKDUIHKDOOHQGH0lQQHUVWLPPH ª(VVHL%OXW]X%OXW© 'LHVH:RUWHEUDQQWHQZLH6WURPVW|HLQPHLQHP*HKLUQ$XIHLQPDO ZXWHLFKGDHVXP/HEHQXQG7RGJLQJ'DV(FKRGHU6WLPPH VFKZDQJPLUQRFKHQWJHJHQDOVLFKEHUHLWVPHLQª6WRSS©VFKULH 'DEHLOLHILFKZHLWHUQDKPLQGHQQlFKVWHQ6HNXQGHQHLQPDNDEUHV %LOGLQPLUDXI (VZDUHQIQI3HUVRQHQ 'UHL0lQQHUXQG]ZHL)UDXHQ (LQHUGHU0lQQHUVWDQGHWZDVDEVHLWV'DVPXWH*RUGRQ6FKUHLEHU VHLQGHQQDOOHLQYRPbXHUHQKHUVDKHUDXVZLHHLQ)KUHURGHU HLQ0HLVWHU(UZDUDXFKGHUHUVWHGHUVLFKXPGUHKWHhEHUUDVFKXQJ ]HLFKQHWHVHLQ*HVLFKW 'LHDQGHUHQYLHUXPVWDQGHQHLQHHWZDGUHL)XEHUGHP%RGHQ VWHKHQGHVWHLQHUQH2SIHUVFKDOHLQGHUHLQ0HQVFKODJ,PHUVWHQ $XJHQEOLFNVDKLFKQXUGDVEORQGH+DDUXQGHQWGHFNWHHLQLJH %OXWVSULW]HU$OVLFKGLHQlFKVWHQ6FKULWWHOLHIKDWWHLFKGDV*HIKO MHPDQGZUGHPLUHLQH/DQ]HGXUFKGDV+HU]VWRHQ 'LH3HUVRQLQGHU2SIHUVFKDOHZDU-DQH&ROOLQV 'DQQVDKLFKGLH0HVVHULQGHQ+lQGHQGHUEHLGHQ)UDXHQ'LH .OLQJHQZDUHQYROO%OXW2IIHQEDUKDWWHQGLHYHUGDPPWHQ:HLEHUGDPLW ]XJHVWRHQ /HEWH-DQHEHUKDXSWQRFK" ,QGLHVHQ$XJHQEOLFNJHVFKDKHWZDVPLWPLUZRIULFKNDXPHLQH (UNOlUXQJILQGH7LHIDXVPHLQHP.|USHUVFKRHLQHORGHUQGH)ODPPH LQPLUKRFKXQGEHUVFKZHPPWHPHLQ'HQNHQ ,FKKDEHYHUVXFKWLPPHUNKO]XEOHLEHQXQGNODU]XGHQNHQDEHU GDPDOVVDKLFKURW ,FKZDUVFKQHOOZLHNDXP]XYRULQPHLQHP/HEHQXQGLFKNDPEHU VLHZLHHLQJHIlKUOLFKHU:LUEHOVWXUP%HYRUGLHEHLGHQ:HLEHUQRFK ]XVWRHQNRQQWHQZDULFKEHLLKQHQ'LHHUVWHHLQHEORQGH)UDXLP

PLWWOHUHQ$OWHUZDQGWHVLFKJHUDGHXPXQGPXWHPHLQHQ6FKODJYROO QHKPHQ'HU+LHEVFKOHXGHUWHVLHYRQGHU2SIHUVFKDOHZHJ .UHLVFKHQGILHOGDV:HLE]X%RGHQ 'DQQZDUGLHQlFKVWHGUDQ,FKZDUIPLFKEHUGLH6FKDOHXQGVFKOXJ PLWGHUUHFKWHQ+DQG]X 'HU3LVWROHQODXIWUDIHLQKDYHU]HUUWHV*HVLFKWLQGHVVHQ$XJHQ 0RUGZLOOHQOHXFKWHWH 'LH)UDXNLSSWH]XUFN 'DQDFKEHXJWHLFKPLFKEHU-DQH 0HLQ*RWWZDVKDWWHQVLHPLWLKUJHPDFKW6LHEOXWHWHDXVPHKUHUHQ :XQGHQ$PUHFKWHQ$UPDQGHUOLQNHQ6FKXOWHUXQGDXFKDQGHU +IWH'RUWPXWHQGLH0HVVHUVLHJHWURIIHQKDEHQ%ODZDULKU*HVLFKW /HLFKHQEOD (WZDVZUJWHLQPHLQHU.HKOH ª-DQH©IOVWHUWHLFKZREHLLFKGHQ1DPHQNDXPDXVVSUHFKHQNRQQWH 8QGGRFKPXWHVLHLKQJHK|UWKDEHQGHQQLKUH$XJHQOLGHUIODWWHUWHQ 6LHVDKPLFKXQGLFKZHLQLFKWREVLHPLFKHUNDQQWH$XIMHGHQ)DOO PXWHVLH]XHLQHP$U]W8QGGDVP|JOLFKVWVFKQHOO /HLGHUZDUHVQLFKWP|JOLFK'DJHJHQKDWWHQGLHDQGHUHQHWZDV6LH ZROOWHQLKU2SIHUXQGVLHGDFKWHQJDUQLFKWGDUDQDXI]XJHEHQ ª'LH+|OOHZLUGHXFKXQWHUVWW]HQ©VFKULH6FKUHLEHUXQGIHXHUWH VHLQH'LHQHUDQ 'LHEHLGHQ:HLEHUZDUHQVFKRQZLHGHUDXIGHQ%HLQHQ$EHUDXFKGLH 0lQQHUJULIIHQXQWHULKUHODQJHQ*HZlQGHUXQGKROWHQJHIlKUOLFKH 0HVVHUPLWVFKDUIHQ.OLQJHQKHUYRU 'LH.HUOHZXUGHQYRQ6XNRDWWDFNLHUW$XIPHLQHQ)UHXQGKDWWH ELVKHUNHLQHUJHDFKWHW6RZDUHVLKPJHOXQJHQIDVWXQEHREDFKWHWLQGHQ 5FNHQGHUEHLGHQ]XJHODQJHQ$OV)HOL[GLH6FKULWWHK|UWHXQGVLFK XPGUHKWHNDPHUQLFKWPHKUGD]XVHLQHQUHFKWHQ$UPPLWGHP0HVVHU ]XKHEHQ5LHVHQJURVDKHUGLH)DXVWYRUVHLQHP*HVLFKWDXIWDXFKHQ GDQQVFKPHWWHUWHGHU7UHIIHUXQWHUVHLQ.LQQ 'HU0DQQIORJELVJHJHQGLH2SIHUVFKDOHVWLHQRFKPLWGHP+LQWHU NRSIJHJHQGLH.DQWHXQGEUDFK]XVDPPHQ 5REHUWGHU/lFKOHUZROOWHHVEHVVHUPDFKHQ(UVWDFKQDFK6XNR'HU &KLQHVHGUHKWHDEXQGWUDW]X 'HU.DUDWHWULWWHUZLVFKWH5REHUWXQWHUGHUUHFKWHQ$FKVHOK|KOH 3O|W]OLFKZXUGHVHLQ$UPVFKZHU(UILHOQDFKXQWHQXQGZLHYRQVHOEVW |IIQHWHVLFKVHLQH)DXVW 'DQQODJGDV0HVVHUDP%RGHQ 'HUQlFKVWH6FKODJNDPZLHHLQ+DPPHU6XNRKDWWHGLH+DQGNDQWH JHQRPPHQXQGWUDIJHQDX

5REHUWKREHVQRFKHLQPDOKRFKGDQQILHOHULQVLFK]XVDPPHQXQG EOLHEZLH)HOL[EHZXWORVOLHJHQ ,FKKDWWHPLFKLQ]ZLVFKHQPLWGHQEHLGHQ)UDXHQDXVHLQDQGHU]X VHW]HQ6LHZDUHQNHLQHOHLFKWHUHQ*HJQHUDOVGLH0lQQHU,QLKUHU %HVHVVHQKHLWJOLFKHQVLHEUDQGJHIlKUOLFKHQ)XULHQ'LHEODXJUQYHU IlUEWHQ*HVLFKWHUVWDUUWHQPLFKDQZLHVWHLQHUQH0DVNHQ6LHKDWWHQGLH 0HVVHUZLHGHUDQVLFKJHULVVHQXQGYHUVXFKWHQQXQPLFKLQGLH=DQJH ]XQHKPHQ 6ROOWHLFKVFKLHHQ" %HL*RWWLQPHLQHUHUVWHQ:XWKlWWHLFKHVJHWDQGRFKGHU6FKRFNZDU YHUJDQJHQLFKGDFKWHZLHGHUHLVNDOW 1HLQGLHVH:HLEHUZROOWHLFKOHEHQG6LHVROOWHQKLQWHU*LWWHUQEHU DOOHVQDFKGHQNHQ ª.RPPWGRFK©KHW]WHLFKª/RVZRUDXIZDUWHWLKUQRFK"© (VZDUGLH%ORQGHGLH]XHUVW]XVWDFK:LHVLHGDVPDFKWHOLHDXIHLQH JHZLVVH5RXWLQHVFKOLHHQ'DV0HVVHUKlWWHPLFKGLFKWEHUGHU *XUWHOVFKQDOOHJHWURIIHQ,FKZLFKJHVFKLFNWDXVXQGVFKOXJPLWGHU OLQNHQ+DQG]X 'LH%ORQGHILHO]X%RGHQXQGVFKULHZLOG 'DQQNDPGLHDQGHUH 6LHVWU]WHVLFKDXIPLFKKLHOWGHQUHFKWHQ$UPHUKREHQXQGZROOWH PLUGLH.OLQJHYRQREHQQDFKXQWHQLQGHQ/HLEVWRHQ ,FKILQJLKUHQ$UPPLWGHUOLQNHQ+DQGDE 9RU:XWEUOOWHVLHDXIXQGVSLHPLU6SHLFKHOLQV*HVLFKW,FKWUDWLKU GLH%HLQHZHJRKQHGHQ$UPORV]XODVVHQ 'DVFKULHVLHQRFKPHKUGHQQSO|W]OLFKNRQQWHVLHLKUHQ$UPQLFKW PHKUEHZHJHQ6LHKDWWHLKQVLFKDXVJHNXJHOW0LWHLQHPVDQIWHQ6FKODJ VFKLFNWHLFKVLHLQV5HLFKGHU7UlXPH ª+XQG© 'LH%ORQGHGUHKWHGXUFK6LHZDUZLHGHUKRFKJHNRPPHQXQGVWDFK ZLHUDVHQGDXIPLFKHLQ1XUWUDIVLHPLFKQLFKWDEHULFKPXWH]XUFN ZHLFKHQ'DV0HVVHUEOLW]WHYRUPHLQHQ$XJHQ0DONDPHVYRQOLQNV GDQQZLHGHUYRQUHFKWV $OOHVJLQJVRVFKQHOOGDLFKQLFKWPHKUGD]XNDPLKUHQ$UP]X SDFNHQ 3O|W]OLFKZDU6XNRGD (UWDXFKWHLP5FNHQGHU)UDXDXIXQGPDFKWHDOOHVNODU6HLQ7UHIIHU VFKLFNWHGLH%ORQGHLQV5HLFKGHU7UlXPH9RUPHLQHQ)HQVDQNVLHLQ VLFK]XVDPPHQXQGEOLHEOLHJHQ ,FKZLVFKWHPLUGHQ6FKZHLDXVGHU6WLUQª'DQNH6XNR©VDJWHLFK ª'LHZDUY|OOLJGXUFKJHGUHKW©

ª+DEHLFKJHVHKHQ©HUZLGHUWHHUWURFNHQ 'DQDFKLQWHUHVVLHUWHPLFKQXUQRFK-DQH&ROOLQV,FKUDQQWHDXIGLHVH YHUGDPPWH2SIHUVFKDOH]XEHXJWHPLFKKLQEHUXQGKROWH-DQHKHUYRU $XIEHLGHQ$UPHQWUXJLFKVLHXQGVFKDXWHLQHLQZlFKVHUQHV*HVLFKW GDVPLFKVFKRQDQHLQH/HLFKHHULQQHUWH ,QPHLQHU.HKOHVDHLQGLFNHU.OR=XP*OFNIORNHLQ%OXWPHKU DXVGHQ:XQGHQ 9RUVLFKWLJEHWWHWHLFK-DQH]X%RGHQ,FKIKOWHQDFKGHP+HU]VFKODJ -DGDV+HU]VFKOXJ$XFKGHQ3XOVVFKODJNRQQWHLFKIKOHQ'LH 'HWHNWLYLQZDURKQPlFKWLJJHZRUGHQ9LHOOHLFKWEHVVHUIUVLH ,FKVFKDXWH6XNRDQª-DQHPXVRVFKQHOOZLHP|JOLFKLQlU]WOLFKH %HKDQGOXQJ/DXQVKRFKJHKHQXQG© ª:DVLVW"©IUDJWHGHU&KLQHVH 0LUZDUHWZDVDXIJHIDOOHQ,FK]lKOWHVLFKHUKHLWVKDOEHUQRFKQDFKXQG NDPZLHGHUXP]XGHPVHOEHQ(UJHEQLV $XIGHP%RGHQODJHQQXUYLHUEHZXWORVH3HUVRQHQ 'LHIQIWHIHKOWH $XVJHUHFKQHWGHU$QIKUHU ª6FKUHLEHULVWZHJ©VDJWHLFK 'D]XFNWHDXFK6XNR]XVDPPHQª9HUIOXFKWDXILKQKDEHLFKQLFKW JHDFKWHW:DVPDFKHQZLU"© ª+LQWHUKHU:HLWNDQQHUQRFKQLFKWVHLQ©,FKKRE-DQH&ROOLQVKRFK XQGEHKLHOWVLHZHLWHUKLQDXIPHLQHQ$UPHQDOVZLUGDV*HZ|OEH YHUOLHHQ 'HU/LIWEHIDQGVLFKQLFKWPHKUXQWHQ.ODUPLWLKPZDU6FKUHLEHU JHIORKHQ (VGDXHUWHHWZDVELVGHU)DKUVWXKOZLHGHUEHLXQVZDUXQGZLULKQ EHQXW]HQNRQQWHQ 'DQQJOLWWHQZLUKRFK ,QGHU+DOOHOHJWHLFK-DQHDXIGHQODQJHQ7LVFK1XQEHIDQGLFKPLFK LQGHU=ZLFNPKOH *HUQZlUHLFKEHLLKUJHEOLHEHQDEHUGDZDUQRFK*RUGRQ6FKUHLEHU GLHVHUPHQVFKOLFKH6DWDQGHQLFKXQEHGLQJWIDVVHQPXWH6XNR HUNDQQWHZHOFKHLQHQLQQHUHQ.DPSILFKDXVIRFKW ª*HK©VDJWHHUXQGVFKOXJPLUDXIGLH6FKXOWHUªLFKNPPHUHPLFK VFKRQXP-DQH© ª'DQNH© ,FKKHW]WH]XU7U6FKUHLEHUKDWWHVLFKQLFKWGLH0KHJHPDFKWXQG VLHYHUVFKORVVHQ$OVLFKQDFKGUDXHQNDPXQGPLFKGLHNKOH/XIWWUDI GDVDKVLHLKQ (UKRFNWHLQVHLQHP0HUFHGHVDEHUHUNDPQLFKWZHJ,UJHQGHWZDV

ZDUPLWGHP0RWRU'HURUJHOWHHLQSDDUPDOXQGVSUDQJQLFKWDQ$XFK GDVSDVVLHUWEHLHLQHPGHXWVFKHQ1REHOIDKU]HXJ )UPLFKZDUHVGHUJURH*OFNVIDOO *RUGRQ6FKUHLEHUPXWHPLFKZRKOLP6SLHJHOJHVHKHQKDEHQGHQQ HUUDPPWHGHQ:DJHQVFKODJDXIXQGYHUOLHGDV)DKU]HXJ8QVWUHQQWHQ YLHOOHLFKWGUHLLJ6FKULWWH ,FKKREGLH%HUHLWHª%OHLEHQ6LHVWHKHQ©EUOOWHLFK 6FKUHLEHUGDFKWHJDUQLFKWGDUDQXQGUDQQWHJHGXFNW]ZLVFKHQGHQ SDUNHQGHQ:DJHQKLQGXUFKZHLWHU 6RIRUWQDKPLFKGLH9HUIROJXQJDXI(VZDUPLWWOHUZHLOHGlPPULJ JHZRUGHQXQGZHQQ6FKUHLEHUHVVFKDIIWHLP:DOG]XYHUVFKZLQGHQ KDWWHLFKGDV1DFKVHKHQGHQQGHU,QGXVWULHOOHNDQQWHVLFKKLHUEHVVHU DXVDOVLFK $OVRVHW]WHLFKQRFKPHKU]X *RUGRQ6FKUHLEHUEUDFKWDWVlFKOLFKGXUFKGLH%VFKH,FKYHUQDKP GDV.QDFNHQGHU=ZHLJHXQG%UHFKHQGHUbVWH$OOHUGLQJVQLFKWOLQNV YRQPLUZRHVWDOZlUWVJLQJVRQGHUQ]XUUHFKWHQ6HLWHKLQ6FKUHLEHU ZROOWHKRFKNOHWWHUQ :DUXP"+DWWHHUGRUWLUJHQGZRHLQVLFKHUHV9HUVWHFN" 'HQ*UXQGVROOWHLFK0LQXWHQVSlWHUHUIDKUHQGRFKHUVWHLQPDOPXWH LFKLKPDXIGHQ)HUVHQEOHLEHQ ,FKELQNHLQJHEWHU%HUJVWHLJHUXQGGLH6WUHFNHEHUHLWHWHPLUYHU GDPPW0KH(VJDENHLQHQ:HJEHUGHQLFKJHKHQNRQQWHVRQGHUQ QXUGHQQDFNWHQ)HOV,FKPXWHPLFKSUDNWLVFKYRQ9RUVSUXQJ]X 9RUVSUXQJKDQJHOQZREHLLFKPLFKDQGHQbVWHQGHUVFKLHIZDFKVHQGHQ %lXPHIHVWNODPPHUWHXPQLFKWDE]XUXWVFKHQ .OHLQHUH6WHLQHO|VWHQVLFKXQWHUPHLQHQ7ULWWHQXQGNROOHUWHQLQGLH 7LHIH*RUGRQ6FKUHLEHUHUJLQJHVHEHQVRGHVKDOENRQQWHLFKVHLQHQ:HJ JXWYHUIROJHQ :LUOLHIHQSUDNWLVFKLQHLQHU/LQLHKLQWHUHLQDQGHUKHU (LQPDONRQQWHLFKLPOHW]WHQ$XJHQEOLFNQRFKGHQ.RSIHLQ]LHKHQ GHQQHLQIDXVWJURHU6WHLQVSUDQJVRDXIPLFK]XGDHUPLFKJHWURIIHQ KlWWH 'DQQDEHUlQGHUWH6FKUHLEHUVHLQH5LFKWXQJ(UNOHWWHUWHPHKU]XU UHFKWHQ6HLWHKLQXQGYLVLHUWHVHLQ=LHOGLUHNWDQ ,FKNHXFKWH'LH6FKXIWHUHLNRQQWHPDQVFKRQDOVP|UGHULVFKEH ]HLFKQHQ=ZHLJHVFKOXJHQPLULQV*HVLFKWSHLWVFKWHQGLH+DXW$XFK bVWHVWUHLIWHQPHLQHQ.RSI :LHGHUHLQPDONRQQWHLFKIHVWVWHOOHQGDGUHLKXQGHUW)X+|KHQ XQWHUVFKLHGHLQYHUGDPPWHU6FKODXFKZHUGHQN|QQHQ 3O|W]OLFKZXUGHGHU:HJEHVVHU(VJLQJQLFKWPHKUVWHLOLQGLH+|KH

,FKEUDXFKWHPLFKDXFKQLFKWPHKUDQGHQ%lXPHQIHVW]XKDOWHQ VRQGHUQNRQQWHDXIDOOHQYLHUHQZHLWHUNULHFKHQ 6FKUHLEHUPXWHHVlKQOLFKHUJHKHQPLUUROOWHQDXFKNHLQH6WHLQH PHKUHQWJHJHQ 'DQQYHUVFKZDQGHQGLH%lXPH9RUPLUVDKLFKHLQHIUHLH)OlFKH(V ZDUHLQ+DQJGHUDXIHLQHP)HOVYRUVSUXQJHQGHWH 8QGGRUWVWDQG6FKUHLEHU (UKDWWHVLFK]ZDUJHEFNWGRFKVHLQH*HVWDOWKREVLFKGHXWOLFKDE :DVHUWDWNRQQWHLFKQLFKWVHKHQDXIMHGHQ)DOOKDQWLHUWHHUPLW LUJHQGHWZDVKHUXP ,FKULHILKQDQª*HEHQ6LHDXI6FKUHLEHU© (UGUHKWHVLFKXP6RJDUVHLQ*HVLFKWVDKLFK'DQQODFKWHHUEH ZHJWHVHLQHQ)XXQGLFKYHUQDKPHLQNQLUVFKHQGHV*HUlXVFK ,PQlFKVWHQ$XJHQEOLFNZXUGHVHLQH*HVWDOW]XU+lOIWHYHUGXQNHOW 8QG]ZDUYRQHLQHP)HOVEURFNHQ 1XQZXWHLFKZDVGLHVHV.QLUVFKHQ]XEHGHXWHQKDWWH6FKUHLEHU ZROOWHPLFKPLWGHPYHUGDPPWHQ)HOVEURFNHQW|WHQ 8QGHUUROOWH )LHEHUKDIWVDKLFKPLFKQDFKHLQHU'HFNXQJXPHQWGHFNWHHLQHNOHLQH 0XOGHHLQSDDU6FKULWWHZHLWHUXQGKHW]WHGDUDXI]X,FKKHFKWHWHKLQHLQ XQGNUPPWHPHLQHQ.|USHU]XVDPPHQ 'HU%URFNHQUROOWHYRUEHL.OHLQHUH6WHLQHIROJWHQ6WDXEKOOWHPLFK HLQGDQQK|UWHLFKHLQ.UDFKHQXQG%UHFKHQDOVGHU)HOVPLW %UDFKLDOJHZDOWLQGLH%lXPHUDXVFKWHXQGHUVWHLQSDDU

$EHUQLFKWODQJHGHQQPHLQ%OLFNILHOLQGLH+WWHXQGLFKHQWGHFNWH GHQ]ZHLWHQ'UDFKHQ'DVJUQH6HJHOODJ]XVDPPHQJHIDOWHWDP%RGHQ EHUGHP*HVWlQJH ,FK]|JHUWHQLFKWPHKU6RVFKQHOOZLHP|JOLFKKROWHLFKGHQ )OXJGUDFKHQDXVGHU+WWH,FKZDU]ZDUQRFKQLHVHOEHUJHIORJHQDEHU LFKZXWHGXUFKDXVZLHPDQHLQVROFKHV*HUlW]XVDPPHQEDXWH (LQZHQLJPXOPLJZDUPLUVFKRQDOVLFKGHQ'UDFKHQDXVGHU+WWH LQGHQ8QWHUVWDQGVFKOHLIWH8QGGLHVHV*HIKOYHUVWlUNWHVLFKDOVLFK PHLQHQ*HJQHUVDK(UVFKLHQDXFKNHLQJHEWHU'UDFKHQIOLHJHU]XVHLQ GHQQGLHJHIlKUOLFKHQ$XIZLQGHPDFKWHQPLWLKPZDVVLHZROOWHQ(U WRUNHOWHUHJHOUHFKWLQGHU/XIWXQGHLQSDDUPDOJODXEWHLFKHUZUGH DEVFKPLHUHQ ,FKEHHLOWHPLFKGHQ'UDFKHQ]XVDPPHQ]XEDXHQXQGVFKDXWHLKQ PLUGDQQDQ%LVKHUKDWWHLFKGLHPXWLJHQ0lQQHULPPHULP)LOP EHZXQGHUWQXQPXWHLFKVHOEVWUDQ'DV)OXJJHUlWEHVWDQGDXVHLQHP GHOWDI|UPLJHQYRQHLQHP$OXPLQLXPJHUVWJHKDOWHQHQ7UDJVHJHOXQG HLQHPGXUFK6WDKOVHLOHPLWGHQ(QGHQGHV4XHUXQG/lQJVKROPVYHU EXQGHQHQ6WHXHUWUDSH]HV'HU)OLHJHUVHOEVWKLQJLQ*XUWHQ,FKNRQQWH DOVRGXUFK%HZHJXQJHQGHV7UDSH]HV$QVWHOOZLQNHOXQG6HLWHQODJHGHV )OXJN|USHUVVWHXHUQ ,FKKREGHQ'UDFKHQKRFKXQGJXUWHWHPLFKIHVW:REHLLFKVHKU GDUDXIDFKWHWHGDGLH*XUWHDXFKIHVWODJHQVFKOLHOLFKZROOWHLFKQLFKW KHUDXVUXWVFKHQ 'DQQXPIDWHLFKGHQ4XHUKROPGHV6WHXHUWUDSH]HV 9RUPLUVDKLFKGDVZHLWH7DOLP'lPPHUOLFKWGHUKHUHLQEUHFKHQGHQ 'XQNHOKHLW/LFKWHUVFKLPPHUWHQ]XPLUKRFK6LHNDPHQPLUVRXQ HQGOLFKZHLWHQWIHUQWYRU8QGGLH6LFKWSHUVSHNWLYHYHU]HUUWHDOOHV:DV VHKUZHLWDXVVDKNRQQWH]LHPOLFKQDKVHLQZLH]XP%HLVSLHO*RUGRQ 6FKUHLEHUGHUHLQIDFKQLFKWDXVGHP7DOKHUDXVNDP ,FKSHLOWHGLH6WUHFNH]XP$EJUXQGDQSUIWHGHQ:LQGXQGZDU ]XIULHGHQ(LQSDDU6FKULWWHJLQJLFKQRFK]XUFN(LQ:LQGVWRIXKU EHUHLWVXQWHUGDV6HJHOXQGKREHVDQ,FKKDWWH0KHGHQ'UDFKHQ EHUKDXSW]XKDOWHQ'DQQOLHILFKORV =XHUVWZDFNHOWHQPLUQRFKGLH.QLHDEHUHVJDENHLQHDQGHUH 0|JOLFKNHLWIUPLFK :HJPLW6FKDQGHQGDFKWHLFK 'LH.DQWHWDXFKWHYRUPLUDXI 1RFK]ZHL6FKULWWHQRFKHLQHU 'DQQVFKZDQJLFKPHLQHQ.|USHUKRFKXQGYHUORUGHQ.RQWDNWPLW GHP%RGHQ

-HGHU)OXJOHKUHUKlWWHQXUGHQ.RSIJHVFKWWHOWRGHUVLFKGLH6HHOHDXV GHP/HLEJHVFKULHQMHQDFK7HPSHUDPHQW:HUPLFKVDKPXWHPLFK IUYHUUFNWKDOWHQVRZLHLFKDQGHP'UDFKHQKLQJ(VILHOPLUVFKZHU PHLQHQ.|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lUWVVDXVHQ 'HU:LQGSILIIPLUXPGLH2KUHQ(VZDUYHUGDPPWNDOWKLHU0HLQH .OHLGXQJIODWWHUWHXQGNQDWWHUWHZLHGDV6HJHOWURW]GHPVWDQGPLUGHU 6FKZHLDXIGHU6WLUQ ,FKJHULHWLQHLQHZLQGUXKLJH=RQHXQGNRQQWHPLFK]XPHUVWHQPDO XPVFKDXHQ 6FKUlJYRUPLUVDKLFKPHLQHQ*HJQHU'DVURWH6HJHOZLUNWHZLHHLQ OHW]WHU)DUENOHFNVLP*UDXGHU'lPPHUXQJ:HQQLFK6FKUHLEHUSDFNHQ ZROOWHPXWHLFKQDFKUHFKWV 'DVYHUVXFKWHLFKDXFK (LQNOHLQHU'UXFNXQGGHU'UDFKHQJHKRUFKWHPLUWDWVlFKOLFK'DV PDFKWHPLU0XWGHU$QJVWNOXPSHQLP0DJHQZXUGHHLQZHQLJNOHLQHU $EHUGHU:LQGVSLHOWHPLUHLQHQ6WUHLFK(UZHFKVHOWHGLH5LFKWXQJ SDFNWHGDV6HJHOXQGWULHEPLFKDE (LQJHEWHU)OLHJHUKlWWHJHJHQVWHXHUQN|QQHQLFKVFKDIIWHGDVQLFKW XQGZXUGH]XHLQHP6SLHOEDOOGHUYRQVHLQHPHLJHQWOLFKHQ=LHOZHJ JHWULHEHQZXUGH ,FKKDWWH*OFNLP8QJOFN:lUHLFKYRQGLHVHP:LQGVWRQLFKW HUIDWZRUGHQKlWWHLFKYLHOOHLFKWQLFKWGLHEHLGHQ.UHDWXUHQJHVHKHQ GLHVLFKSUDNWLVFKDXVGHU'lPPHUXQJKHUYRUVFKlOWHQ=XHUVWZDUHQVLH QXUJURH3XQNWHGDQQDEHUVDKLFKVLHJHQDXHU ,FKKDWWHGDV*HIKOPHLQ+HU]ZUGHVWHKHQEOHLEHQ'HQQGLH :HVHQGLHGDDXILKUHQ)OXJWLHUHQKRFNWHQZDUHQ(FKVHQZHVHQ

1XQZXWHLFKZDUXP*RUGRQ6FKUHLEHUJH]|JHUWKDWWHXQGQLFKW ZHJJHIORJHQZDU(UEUDXFKWHPLFKQLFKWDQ]XJUHLIHQVRQGHUQQXU ]X]XVFKDXHQ'DQQEHNDPHUPLWZLHPLFKGLH'LHQHUGHV6SXNV IHUWLJPDFKWHQ )UHLQHQ0RPHQWJODXEWHLFKVHLQ/DFKHQ]XK|UHQ(VNRQQWHDEHU (LQELOGXQJVHLQZHLOPLUPHLQHEHUUHL]WHQ1HUYHQVFKRQHLQHQ6WUHLFK VSLHOWHQ 'LH)OXJWLHUHZDUHQYHUGDPPWVFKQHOO3O|W]OLFKVDKLFKHVDXFKDXI OHXFKWHQ(VZDUHQGLH/DQ]HQGLHLQHLQHP+|OOHQIHXHUEUDQQWHQ :HQQGLH(FKVHQZHVHQGLH'LQJHUVFKOHXGHUWHQXQGGDV6HJHOWUDIHQ ZDUHVYRUEHL ,FKVFKOXFNWHKDUW 6LHQDKPHQPLFKLQGLH=DQJH(LQHUNDPYRQOLQNVGHUDQGHUH ZROOWHHVYRQUHFKWVYHUVXFKHQ 0LWEHLGHQ+lQGHQGUFNWHLFKGLH6WHXHUVWDQJHHLQZHQLJQDFKYRUQ 6RIRUWNLSSWHGHU'UDFKHQDE=XVFKQHOO*OHLFK]HLWLJVFKREDXFKGHU :LQGXQGLFKVDKHLQHQ+DQJLPVFKUlJHQ:LQNHODXIPLFK]XUDVHQ $QJVWHUIDWHPLFK9HU]ZHLIHOWULLFKGHQ'UDFKHQK|KHUEHWHWHGD GHU:LQGPLWVSLHOWHXQGEUDFKWHGDV*HUlWZLHGHUXQWHU.RQWUROOH,FK VWLHJLQGLH+|KH 'DVZDUDXFKJXWVRGHQQGLHYHUGDPPWHQ(FKVHQZDUHQVFKRQ ]LHPOLFKQDKH hEHUJURNDPHQPLUGLH)OXJWLHUHYRUGLHLKUHJHZDOWLJHQ6FKQl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|SILJHZXUGHYRQVHLQHP)OXJWLHUJHVFKOHXGHUWXQG YHUVFKZDQG 'DV7LHUVHOEVW]RJKRFK,FKZROOWHLKPQRFKHLQH.XJHOQDFK VFKLFNHQPXWHPLFKDEHUXPGHQ]ZHLWHQ*HJQHUNPPHUQ8QGGDV :HVHQVFKOHXGHUWHGLH/DQ]H $P%RGHQZlUHLFKDXVJHZLFKHQQLFKWKLHULQGHU/XIW,FK]RJ]ZDU GHQ.RSIHLQDEHUDXVZHLFKHQNRQQWHLFKQLFKWPHKU

'LH)HXHUODQ]HWUDI 'DVKlOLFKH*HUlXVFKPLWGHUGHU6HJHOVWRIIULJLQJPLUGXUFK 0DUNXQG%HLQ =XHUVWJHVFKDKQLFKWVGLH/DQ]HZDUDXFKZHLWHUJHIORJHQDEHUGDQQ WDQ]WHQNOHLQH)ODPPHQDXI :LHKRFKEHIDQGLFKPLFKEHUGHP%RGHQ" +XQGHUW)XKXQGHUW]ZDQ]LJ" ,FKEOLFNWHPLFKXP'DEHIDQGVLFKQRFKGHUPLW*UDVEHZDFKVHQH +DQJJHJHQGHQLFKYRUKLQIDVWJHSUDOOWZlUH.RQQWHHUMHW]WPHLQH 5HWWXQJZHUGHQ" 'LH=HLWODQJHQDFK]XGHQNHQGLHKDWWHLFKQLFKWPHKU.XU] HQWVFKORVVHQNLSSWHLFKGHQ'UDFKHQQDFKYRUQXQGJHULHWLQHLQHQ 6WXU]IOXJ 1HLQGDVEHUOHEWHLFKQLFKW ,FKK|UWHGDV5DXVFKHQGHV:LQGHVGLH$QJVWSHLWVFKWHLQKHLHQ :HOOHQLQPLUKRFKGHU'UDFKHQZDFNHOWHXQG]LWWHUWHDEHUGDV6HJHO EUDQQWHQLFKWPHKU'LH)ODPPHQZDUHQYRP)OXJZLQGJHO|VFKW ZRUGHQ 8PPLFKKHUXPGUHKWHVLFKDOOHV'HU+DQJVFKZDQNWHYRQHLQHU6HLWH ]XUDQGHUHQ,FKYHUVXFKWHYHU]ZHLIHOWGHQ'UDFKHQKRFK]XUHLHQRGHU LKQLQHLQHDQGHUH/DJH]XEULQJHQGDPLWLFKQLFKWGLUHNWJHJHQGHQ +DQJNUDFKWH ,UJHQGZLHJHODQJHVPLU'HU6WXU]IOXJZXUGHJOHLWHQGHUZDUDEHU LPPHUQRFKVHKUVFKQHOO =XVFKQHOO 8QGGDZDUGHU+DQJ ,FKVWUHFNWHPHLQHQ.|USHUQLFKWPHKUVRQGHUQOLHGLH%HLQHQDFK XQWHQEDXPHOQ0HLQH)HIDQGHQ.RQWDNW,FKUDQQWH9HUVXFKWHGLH *HVFKZLQGLJNHLWEHL]XEHKDOWHQUDQQWHZHLWHUOLHGHQ'UDFKHQORVXQG GDQQKDWWHLFKGDV*HIKOHLQHQVFKPHWWHUQGHQ6FKODJJHJHQGLH:DGHQ ]XEHNRPPHQ ,FKEHNDPLKQWDWVlFKOLFK 'DQQYHUORULFKGHQ.RQWDNWPLWGHP%RGHQKREUHJHOUHFKWDEXQG IUPLFKJLQJSUDNWLVFKGLH:HOWXQWHU,FKILHODXIGLH1DVHNQDOOWHODQJ KLQUXWVFKWHZHLWHUEHUVFKOXJPLFKZXWHQLFKWZRREHQQRFKXQWHQ ZDUXQGGDFKWHQLFKWPHKUDQGLH)OXJHFKVHQXQGDQ*RUGRQ6FKUHLEHU ,FKUROOWHGHQ+DQJKLQXQWHUZREHLLFKPLFK]XVDPPHQNUPPWHXQG PHLQHQ.RSIPLWEHLGHQ$UPHQVFKW]WH 3O|W]OLFKZDUDOOHVYRUEHL ,FKODJVWLOO8QGVSUWHGLH1lVVH8PPLFKKHUXPUDXVFKWH:DVVHU (LQ%DFKKDWWHPHLQHQ6WXU]DXIJHKDOWHQ

,FKULFKWHWHPLFKDXIXQGZXQGHUWHPLFKGDHVQRFKNODSSWH=XHUVW ZDUILFKHLQHQ%OLFNLQGHQ+LPPHO 9RQGHP(FKVHQZHVHQZDUQLFKWVPHKU]XVHKHQ7URW]GHPUDXVFKWH HWZDVKHUDQ (VZDU*RUGRQ6FKUHLEHU ª:LUVSUHFKHQXQVQRFK©EUOOWHHUVRODXWHUNRQQWHELVLKPGHU :LQGVHLQH:RUWHYRQGHQ/LSSHQULDEHULFKKDWWHVLHWURW]GHPYHU QRPPHQ *RUGRQ6FKUHLEHUYHUVFKZDQG $OOHLQEOLHELFK]XUFN 0LWHLQLJHQ3UHOOXQJHQDEHURKQH.QRFKHQEUFKH,FKKDWWHHLQHQ)DOO KLQWHUPLFKJHEUDFKW$OOHUGLQJVQXUKDOE*RUGRQ6FKUHLEHUZDU HQWZLVFKW6LFKHUZUGHLFKLUJHQGZDQQYRQLKPK|UHQ 9RU:XWKDWWHLFKDPOLHEVWHQLQHLQHQ6WHLQJHELVVHQ 1DFKHLQHPTXlOHQGHQPKHYROOHQ0DUVFKHUUHLFKWHLFK*XQWHUZR GHU/HLKZDJHQVWDQG:LHHLQ*UHLVEHZHJWHLFKPLFKYRUDQZHLO PLUVlPWOLFKH.QRFKHQZHKWDWHQ,FKDWPHWHHUVWDXIDOVLFKKLQWHU GHP/HQNUDGVD 'DQQKLHOWPLFKQLFKWVPHKU 'HQ:HJ]XU%XUJVFKDIIWHLFKLQHLQHUZDKUHQ5HNRUG]HLW9RUGHU %XUJVWDQGHQ3ROL]HLZDJHQXQG]ZHL)DKU]HXJHGHU$PEXODQ](V ZLPPHOWHYRQ%HDPWHQ 0LFKLQWHUHVVLHUWHQXU-DQH&ROOLQV 6LHODJVFKRQDXIGHU7UDJHXQGKLQJDP7URSI1HEHQLKUVWDQG6XNR ,FKVDKDXFK&DUOR/HL ª8QG"©IUDJWHLFKDOVLFKLQGLH+DOOHVWUPWHXQGPLFKDXFKQLFKW YRQ3ROL]LVWHQDXIKDOWHQOLH ª6LHZLUGHVVFKDIIHQ©DQWZRUWHWH6XNR ,FKK|UWHGHQ%URFNHQI|UPOLFKSROWHUQGHUPLUYRP+HU]HQILHO-DQH ZDUEHL%HZXWVHLQ6LHHUNDQQWHPLFK ª-RKQ©IOVWHUWHVLH0HKUQLFKW ,FKVFKOXFNWHYHUVXFKWH]XOlFKHOQDEHUHVZXUGHQXUHLQYHU]HUUWHV *ULQVHQ 'DQQKDXFKWHLFKLKUHLQHQ.XDXIGLHEODVVHQ/LSSHQ 'LHYLHU3HUVRQHQGHV+H[HQ]LUNHOVZDUHQVFKRQZHJJHVFKDIIW ZRUGHQ0LWLKQHQZUGHQVLFKGLH%HK|UGHQEHIDVVHQ ª8QG6FKUHLEHU"©IUDJWH6XNR ª(QWNRPPHQ© 0HLQ)UHXQGVDJWHQLFKWVPHKU

-DQHNDPLQHLQ.UDQNHQKDXV6XNRXQGLFKEOLHEHQQRFK]ZHL7DJH ,Q*XQWHUTXDUWLHUWHQZLUXQVHLQ,FKKDWWHQRFKHLQHJHULQJH+RIIQXQJ GDGLH)DKQGXQJQDFK6FKUHLEHU(UIROJ]HLJHQZUGHGRFKHUZDU QLFKWZLHGHUDXIJHWDXFKW :LUEHVXFKWHQ-DQHGHUHVVFKRQZLHGHUEHVVHUJLQJ$OOHUGLQJV ZROOWHQGLHbU]WHVLHQRFK]ZHL:RFKHQGDEHKDOWHQ $XFKGHQYLHU3HUVRQHQLP*HIlQJQLVVWDWWHWHQZLUPHKUHUH%HVXFKH DE$XVGHQEHLGHQ)UDXHQXQGDXVGHQ0lQQHUQZDUNHLQ:RUWKHU DXV]XEHNRPPHQ$QJHEOLFKZXWHQLHPDQGZRVLFK*RUGRQ6FKUHLEHU DXIKLHOW,Q*HQIZDUHUMHGHQIDOOVQLFKWHUVFKLHQHQ $PGULWWHQ7DJVWDUWHWHXQVHU)OXJ]HXJ'RQ&DUORIXKUPLWELV=ULFK 9RUGHP)OXJYHUVSUDFKHUXQVVLFKXP-DQH&ROOLQV]XNPPHUQ(U VDKHVDOVVHLQH3IOLFKWDQZLHHUVDJWH ªhEHUQHKPHQ6LHVLFKQLFKW©ZDUQWHLFKLKQª0LVV&ROOLQVLVWPDQFK PDOHLQH.UDW]EUVWH© ª,FKPHLQHGDVDXFKQXUUHLQIUHXQGVFKDIWOLFK©HUNOlUWHPLU'RQ &DUOR ª$QHWZDVDQGHUHVKDEHLFKDXFKQLHJHGDFKW©HUZLGHUWHLFKJULQVHQG XQGUHLFKWHLKPGLH+DQG =ZDQ]LJ0LQXWHQVSlWHUVFKZHEWHQZLULQGHU/XIW'LHVPDOIKOWHLFK PLFKVLFKHUGHQQHLQ-HWLVWNHLQ6HJHOGUDFKHQ (1'(

Die Rache der Horrorreiter

Die Rache der Horrorreiter

Die Rache Der Horrorreiter

Die Rache Der Horrorreiter

Die Rache der Zwerge

Die Rache der Zwerge

Die Rache der Dimensionauten

Die Rache der Dimensionauten

Die Rache der Versklavten

Die Rache der Versklavten

Die Rache der Versklavten

Die Rache der Versklavten

Die Rache der Göttin

Die Rache der Göttin

Die Rache der Wache

Die Rache der Wache

Die Rache der Hexe

Die Rache der Hexe

Die Rache der Feuerflieger

Die Rache der Feuerflieger

Die Rache der Wanderhure

Die Rache der Wanderhure

Die Rache der Gartenzwerge

Die Rache der Gartenzwerge

Die Rache der Toten

Die Rache der Toten

Die Rache der Versklavten

Die Rache der Versklavten

Die Rache der Romanows

Die Rache der Romanows

Die Rache der Göttin

Die Rache der Göttin

Die Rache der Hexe

Die Rache der Hexe

Die Rache der Zwerge

Die Rache der Zwerge

Die Rache der Menschengeier

Die Rache der Menschengeier

Die Rache der Hexe

Die Rache der Hexe

Die Stunde der Rache

Die Stunde der Rache

Die Rache der Nibelungen

Die Rache der Nibelungen

Die Rache der Flußgötter

Die Rache der Flußgötter

Die Rache der Wölfin

Die Rache der Wölfin

Die Rache der Pharaonen

Die Rache der Pharaonen

Die Rache der Hexe

Die Rache der Hexe

Die Rache der Hexe

Die Rache der Hexe

Die Rache der Juclas

Die Rache der Juclas

Die Rache der Sith

Die Rache der Sith

Die Rache der Zwerge

Die Rache der Zwerge

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