Die UFO-Verschwörung: Getäuscht GERMAN

'DYLG%LVFKRII'LH8)29HUVFKZ|UXQJ*HWlXVFKW $XVGHP$PHULNDQLVFKHQ YRQ-UJHQ/DQJRZVNL 1U %HVXFKHQ6LH...

Author: David Bischoff

156 downloads 973 Views 1MB 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

'DYLG%LVFKRII'LH8)29HUVFKZ|UXQJ*HWlXVFKW $XVGHP$PHULNDQLVFKHQ YRQ-UJHQ/DQJRZVNL 1U %HVXFKHQ6LHXQVLP,QWHUQHW KWWSZZZKH\QHGH 7LWHOGHU2ULJLQDODXVJDEH '(&(37,21 %DQGª(QWIKUW© LVWOLHIHUEDU %DQGª(QWKOOW© HUVFKHLQWLP$SULO 5HGDNWLRQ:HUQHU+HPDQQ &RS\ULJKWE\:DUQHU%RRNV,QF $OOULJKWVUHVHUYHG 7KLVHGLWLRQSXEOLVKHGE\DUUDQJHPHQW ZLWK:DUQHU%RRNV,QF1HZ
'DV%XFK 'HU]ZHLWH7HLOGHUIHVVHOQGHQ7ULORJLH',(8)29(5 6&+:g581* 'U(YHUHWW6FDUERURXJKLVWDXIGHU)OXFKWXQGZLUGQLFKW QXUYRQGHU*HKHLPRUJDQLVDWLRQGHUª3XEOLVKHU©VRQ GHUQDXFKYRQGHU3ROL]HLJHMDJW (YHUHWWILQGHWKHUDXVGDGLHª3XEOLVKHU©0HQVFKHQHQW IKUHQODVVHQXQGHLQHU*HKLUQZlVFKHXQWHU]LHKHQ DQJHEOLFKVLQGGLH2SIHUYRQ8)2VHQWIKUWZRUGHQ /HW]WOLFKGLHQWGLHVH$NWLRQDEHUQXUGD]XXP]XYHU VFKOHLHUQGDWDWVlFKOLFKVFKRQPHKUIDFKHFKWH8)2VPLW VFKHLQEDUIULHGOLFKHU0LVVLRQDXIGHU(UGHJHODQGHWVLQG *HPHLQVDPPLWGHP6HQVDWLRQVUHSRUWHU-DNH&DPGHQ XQGGHP$UP\2IIL]LHU0DUVKD0DQQLQJUHLVW(YHUHWW TXHUGXUFK$PHULNDLQWHUYLHZW(QWIKUXQJVRSIHUXQG :LVVHQVFKDIWOHUHULVWDXIGHU6XFKHQDFK%HZHLVHQGLH GDV.RPSORWWDXIIOLHJHQODVVHQN|QQHQRGHUDEHULKQ]X VHLQHU7RFKWHUIKUHQGLHVSXUORVYHUVFKZXQGHQLVW 'HU$XWRU 'DYLG%LVFKRIILVWHLQEHNDQQWHUDPHULNDQLVFKHU6) $XWRUGHUEHUHLWVHLQLJH5RPDQHGDUXQWHUª:DUJDPHV .ULHJVVSLHOH©XQGª+DFNHUV©YHU|IIHQWOLFKWKDW

)U6WHYH%URZQ XQG-RDQQH.ODSSDXI 0HLQHQEHVRQGHUHQ'DQNDQ$QG\=DFN &DWK\6RORPRQXQGQDWUOLFK PHLQHQ9HUOHJHU%ULDQ7KRPVRQ

3URORJ 5RVZHOO1HZ0H[LFR-XOL

/LHXWHQDQW7RGG-HQNLQVYRQGHU8QLWHG6WDWHV$LU)RUFH VDLQGHU0HVVHXQGWUDQNHLQH7DVVHGHV*HEUlXVGDV YRP.DQWLQHQSHUVRQDODOV.DIIHHEH]HLFKQHWZXUGH(UO| VWHJHUDGHGDV.UHX]ZRUWUlWVHOLQHLQHUDOWHQ$XVJDEHYRQ 6WDUVDQG6WULSHVDOVHLQ6ROGDWLQGLH:HOOEOHFKEXGHJH VWUPWNDPZLHHLQHDWHPORVH)OHGHUPDXVDXVGHP)HJH IHXHU ª/LHXWHQDQW-HQNLQV6LU©NHXFKWHGHU0DQQ-HQ NLQVHUNDQQWH3ULYDWH0DURXVHNGHUVLFKLQGHU)XQNVWXEH XPGLH.RPPXQLNDWLRQNPPHUWHª(VLVWHLQIDFKXQ JODXEOLFK6LU© ª1XQEHUXKLJHQ6LHVLFKPDOXQGKDOWHQ6LHGLH3IHUGH LP=DXPPHLQ-XQJH©VDJWH-HQNLQVXQGKREEHVFKZLFK WLJHQGHLQH+DQGª6RODQJHGLH5XVVHQQLFKWHLQH,QYDVLRQ LQ$ODVNDEHJLQQHQN|QQHQZLUXQVDXFKHLQSDDU6HNXQ GHQ=HLWODVVHQXPZLHGHU]X$WHP]XNRPPHQ© 0DURXVHNVFKQDSSWHQDFK/XIWXQGVHLQSXPPHOLJHV *HVLFKWZXUGHQRFKU|WHUDOVHVVFKRQZDUª6LUHVNDP EHU)XQNKHUHLQHLQ%HULFKWGHV6KHULIIVYRQ5RVZHOO (VJHKWXPHLQHQ5DQFKHUDXVGHU*HJHQG©0DURXVHN IXKUVLFKPLWGHQ)LQJHUQGXUFKGDVNXU]HY|OOLJ]HU]DX VWH+DDUXQGVSUXGHOWHGHQ5HVWKHUDXVª6LUHVLVWHLQH IOLHJHQGH6FKHLEH© -HQNLQVKREHLQH$XJHQEUDXHXQGVWHOOWHGLH7DVVHPLW GHPELWWHUHQ.DIIHHDE(UJODXEWHNHLQ:RUWDEHUHV NODQJYHUGDPPWLQWHUHVVDQWXQGLQWHUHVVDQWZDUKLHU GUDXHQEHLGHU%RPE*URXSGHU(LJKWK$LU)RUFH DXIGHP)OXJIHOGYRQ5RVZHOOQRUPDOHUZHLVHUHLQJDU QLFKWV9RUHLQSDDU-DKUHQKDWWHHULP=ZHLWHQ:HOWNULHJ UHLFKOLFK$UEHLWJHKDEW(UKDWWHLQ(XURSDXQGLP3D]LILN JHGLHQWXQGGLH'HXWVFKHQXQG-DSDQHUJUQGOLFKPLW %RPEHQHLQJHGHFNW$EHUIUHLQHQDXIVWUHEHQGHQ%HUXIV

2IIL]LHUGHUJHUDGHPDO0LWWH=ZDQ]LJZDUZXUGHQGLH %HUJHGLH6WHSSHQVWUlXFKHUXQGGLH.ODSSHUVFKODQJHQ QDFKHLQLJHU=HLWDXVJHVSURFKHQODQJZHLOLJDXFKZHQQ PDQGLHPHLVWH=HLWKRFKEHULKQHQDP+LPPHOKHUXP IORJ ª0HLQHQ6LHHLQHIOLHJHQGH8QWHUWDVVH"©IUDJWHHUUXKLJ 'HUJXWDXVVHKHQGH0DQQPLWGHQEORQGHQJHZHOOWHQ +DDUHQGHUVLFKVHLQHU:LUNXQJDXI)UDXHQVHKUEHZXW ZDUOlFKHOWHIDVWXQPHUNOLFK ª(LQHIOLHJHQGH8QWHUWDVVH"©ZLHGHUKROWH0DURXVHN ª
GHUREHQLP6WDDW:DVKLQJWRQDOV3ULYDWSLORWJHIORJHQ LVW"© ª-D6LU'LH.DPHUDGHQVSUDFKHQRIWGDUEHU:LUKD EHQXQVJHIUDJWREGLH5XVVHQGDKLQWHUVWHFNHQ:DOQDUG GHUOLHVWLPPHUGLHVHELOOLJHQ*HVFKLFKWHQLQ:HLUG7DOHV XQG$PD]LQJ:DOQDUGUHGHWRIWEHU'LQJHZLHGDV6KD YHU0\VWHU\XQGHUKDWHLQ$XWRJUDPPIRWRYRQ5D\ PRQG3DNQHU-HGHQIDOOVPHLQWHUGDVVHLHQHQWZHGHU:H VHQYRQHLQHPDQGHUHQ3ODQHWHQRGHUYLHOOHLFKWDXFK /HXWHGLH]XHLQHUXQEHNDQQWHQ=LYLOLVDWLRQLP,QQHUHQ GHU(UGHJHK|UHQ© -HQNLQVVFKQDXEWHª
ª2KQDWUOLFK3ULYDWH:LUPVVHQORVDEHUODVVHQ6LH PLFKGRFKELWWHHUVWPHLQHQ.DIIHHDXVWULQNHQMD",FK P|FKWHHLQIDFKYHUPHLGHQGD6LHHLQHQ+HU]DQIDOONULH JHQ:LHNDQQPDQQXUVROHLFKWJOlXELJVHLQ:HQQ6LH HUVWHLQPDOHLQHQULFKWLJHQ.ULHJPLWJHPDFKWKDEHQGDQQ OHUQHQ6LHUDVFKGLH'LQJHUXKLJDQ]XJHKHQ6LHVSULQJHQ QLFKWVRIRUWORVZHLOPDQ,KQHQVRQVWGHQ$UVFKDEVFKLHW +DEHLFKPLFKGHXWOLFKDXVJHGUFNW0DURXVHN"© 3ULYDWH0DURXVHNVWDUUWHYHUOHJHQGLH.UPHODXIGHU 7LVFKSODWWHDQª-D6LU© -HQNLQVWUDQNHLQHQ6FKOXFN.DIIHH0DQPXWHGLHVHQ MXQJHQ6SXQGHQKLQXQGZLHGHUPDO]HLJHQZHUGDV6D JHQKDWWH(VJLQJQLFKWDQGDGLH%XUVFKHQHLQHPYRU VFKUHLEHQZROOWHQZDVPDQ]XWXQRGHU]XODVVHQKDWWH GHQQVRQVWYHUORUHQVLHMHGHQ5HVSHNWYRULKUHQ9RUJH VHW]WHQ2EZRKO-HQNLQVGLH%UKHDXV.RQGHQVPLOFKXQG VRJHQDQQWHP.DIIHHLQVHLQHU7DVFKHQLFKWJHUDGHJHQR ZUGHHULQDOOHU5XKHDXVWULQNHQGDNRQQWHNRPPHQ ZHUZROOWH (LQLJH0LQXWHQYHUVWULFKHQLQEHWUHWHQHP6FKZHLJHQ ª3ULYDWH0DURXVHN©VDJWH-HQNLQVVFKOLHOLFKXPGLH 6LWXDWLRQ]XHQWVSDQQHQª6LHZLVVHQGRFKGDZLUVWlQ GLJ:HWWHUEDOORQVVWHLJHQODVVHQ:DKUVFKHLQOLFKVWHFNW QLFKWPHKUGDKLQWHUHLQJHSODW]WHU:HWWHUEDOORQ:DV PHLQHQ6LHREGLHVHU)DUPHUJHQDXZLHLFKGLH6RQQWDJV ]HLWXQJJHOHVHQKDW",FKELQQlPOLFKVLFKHUGDHLQ=HL WXQJVEHULFKWLKPGLHVH)ODXVHQLQGHQ.RSIJHVHW]WKDW© 'HU/LHXWHQDQWVWHOOWHVHLQH.DIIHHWDVVHDEVWDQGDXI]RJ JHPlFKOLFKGLH-DFNHDQXQGVHW]WHLQDOOHU5XKHGLH0W]H DXI'DQQJULQVWHHU0DURXVHNDQª:RUDXIZDUWHQ6LH QRFK3ULYDWH":LUPVVHQORVGHQYHUGDPPWHQ0DUV PHQVFKHQDXIGLH)LQJHUNORSIHQ© (VZDUHLQVFK|QHUNODUHU7DJLQ5RVZHOO1HZ0H[LFR 'LH/XIWZDUIULVFKXQGUHLQXQGGDVWDW/LHXWHQDQW-HQ NLQV 1HEHQK|KOHQJXWGLHLKPVHLWVHLQHU'LHQVW]HLWLQ GHQ%%RPEHUQPLWGHPVFKOHFKWHP'UXFNDXVJOHLFK 3UREOHPHPDFKWHQ(UVDYRUQLQHLQHPYHUEHXOWHQDOWHQ /DVWZDJHQ3ULYDWH0DURXVHNOHQNWHGDV)DKU]HXJ+LQ

WHQDXIGHUJHGHFNWHQ/DGHIOlFKHVDHQQRFKGUHL6ROGD WHQ6LHIROJWHQHLQHP]ZHLWHQ/DVWZDJHQHLQHP7LHIODGHU YRQ0DFN+LQWHULKQHQNDPGHU.UDQZDJHQGHQVLHDQ JHIRUGHUWKDWWHQDXIGHPZHLWHUHGUHL6ROGDWHQPLWIXK UHQVRGDVLHHLQHQ7UXSSYRQLQVJHVDPW]HKQ6ROGDWHQ ELOGHWHQ8PVLFKHU]XJHKHQKDWWH/LHXWHQDQW-HQNLQVYRU KHULP%URGHV6KHULIIVYRP&KDYH]&RXQW\DQJHUXIHQ $EHUZLHGHU'HSXW\LKPJHVDJWKDWWHZDUGHU6KHULIIJH UDGHXQWHUZHJV(UVHL]XP)HOGHLQHV)DUPHUVJHIDKUHQ XPLUJHQGZHOFKH7UPPHU]XEHVLFKWLJHQ-DPDQKlWWH YRP%URGHV6KHULIIVDXVPLWGHU$LU)RUFH.RQWDNWDXI JHQRPPHQ 'LH6WUDHZDUQLFKWEHIHVWLJWDEHUHVVWDXEWHQLFKWVHKU ZHLOHVHUVWYRUNXU]HPJHUHJQHWKDWWHVRGDGHU%RGHQ QRFKIHVWJHEDFNHQZDU'LH6RQQHVWDQGVFKRQKRFKDP +LPPHOHVZDUEDOG0LWWDJV]HLW'DV/DQGZDUIODFKXQG ZHLWKLQPLWGUUHQ%VFKHQEHZDFKVHQ,QGHU)HUQHHU KREVLFKGHU+D\VWDFN0RXQWDLQDXVHLQHU%HUJNHWWH ª*ODXEHQ6LHHLJHQWOLFKZDV&RUSRUDO1DUGHQJHVDJW KDW"©IUDJWH-HQNLQVª6WUDKOHQVFKXW]DQ]JH0HLQ*RWW HVKDWDOOHLQVFKRQHLQHKDOEH6WXQGHJHGDXHUWGLHYHU GDPPWHQ'LQJHU]XKROHQ:RKLQIDKUHQZLUEHUKDXSW QDFK+LURVKLPD"© ª,PPHUKLQOLHJW/RV$ODPRVLQGLHVHP6WDDW6LU© ª
]XU6FKXOH'LHVHU2UVRQ:HOOHVNHQQHQ6LHGHQ",FK PHLQHGHQ%XUVFKHQGHUGHQ)LOP&LWL]HQ.DPJHPDFKW KDW(UKDWGDV%XFK.ULHJGHU:HOWHQYRQ+*:HOOVIU GDV5DGLREHDUEHLWHWXQGHVNODQJZLHHLQHHFKWH5HSRU WDJH'LH/HXWHKDEHQPLWWHQLQGHU1DFKWHLQJHVFKDOWHW XQGJHGDFKWHVZlUHHFKW'HUKDOEH6WDDWZDUDXIGHQ %HLQHQDOOHVLQGZHJJHODXIHQ6LHGDFKWHQHVZlUHHLQH ,QYDVLRQGHU0DUVPHQVFKHQ0HLQ*RWW'LH/HXWHVLQG YLHOOHLFKWEHVFKHXHUW0DURXVHN© 'HU6ROGDWQLFNWHª-D6LU© (LQ*HVWUSSEVFKHOUROOWHDXIGLH)DKUEDKQXQG ZXUGHXQWHUGHP:DJHQ]HUTXHWVFKW'LH5DQFKGLHVHV %UD]HOODJYLHU]LJ.LORPHWHUZHLWGUDXHQLP1LFKWV9LHO *HJHQGYLHO+LPPHOYLHOJDUQLFKWV(LQHOHQGHV/DQG6R HLQ0LVWGDFKWH-HQNLQV*DQ]DQGHUVDOVGLH.VWHLQ-HU VH\2GHUHUVW1HZ-RUN$XFKZHQQGDVDOOHVKLHU*RWWHV HLJHQHV/DQGZDUHUKlWWHOLHEHULQHLQHP3HQWKRXVHDQ GHU)LIWK$YHQXHLQ0DQKDWWDQJHVHVVHQ 'LH0LOLWlUIDKU]HXJHUXPSHOWHQHLQHNOHLQH(ZLJNHLW EHUGLH6WUDHELVVLHHQGOLFK]ZLVFKHQGHQYHUWURFNQH WHQ%VFKHQLQGHU+DOEZVWHGDV6FKLOGPLWGHP1DPHQ %5$=(/HUUHLFKWHQª.HLQH=lXQH©VDJWH-HQNLQVª:LH KlOWGHU.RPLNHUQXUVHLQ9LHK]XVDPPHQ"© ª9LHOOHLFKWLVWGLH5DQFK]XJURXPGDVJDQ]H/DQG HLQ]X]lXQHQ©VFKOXJ0DURXVHNYRU ª
1RUGZHVWHQNDPHLQ:LQGGHUVWDUNJHQXJJHZHVHQ ZlUHXPHLQHOHLFKWH)ROLHVRIRUWZHJ]XZHKHQ'DV=HXJ EOLHEMHGRFKOLHJHQJOlQ]HQGXQGPDVVLYXQGDQVFKHL QHQG]LHPOLFKVFKZHU 9RUGHP=DXQZDUWHWHHLQ0DQQDXIVLH'LH0LOLWlU IDKU]HXJHPLWGHQEUDXQHQXQGJUQHQ7DUQIDUEHQEOLH EHQVWHKHQXQG/LHXWHQDQW-HQNLQVVWLHJDXVXPPLWGHP 0DQQ]XUHGHQ(UWUXJHLQHQ+XWXQGHLQHJUDXH8QLIRUP XQGKDWWHHLQ$E]HLFKHQDXIGHU%UXVW,P+DOIWHUGDVHU VLFKXPGLHVFKPDOHQ+IWHQJHJXUWHWKDWWHVWHFNWHHLQ 5HYROYHU ª'HSXW\+RUDFH%URZQ6LU©VDJWHGHUMXQJH0DQQXQG VWUHFNWHHLQH+DQGDXVª6LHPVVHQ/LHXWHQDQW-HQNLQV VHLQ© ª5LFKWLJ©-HQNLQVVFKWWHOWHGHP+LOIVVFKHULIIGLH +DQG(UGDFKWHVWLUQUXQ]HOQGQDFK0LW:HWWHUEDOORQV NDQQWHHUVLFKDXV]%PLWGHU5DZLQ6RQGHXQGGHP5D ZLQ5HIOHNWRU'LH6RQGHZDUHLQ]ZHL3IXQGVFKZHUHV 3DNHWPLW,QVWUXPHQWHQGDVDQHLQHPKHOLXPJHIOOWHQ %DOORQDXV3RO\lWK\OHQKLQJ'HU5HIOHNWRUZXUGHYRP JOHLFKHQ%DOORQJHWUDJHQXQGEHVWDQGLPZHVHQWOLFKHQ DXVHLQHPDXV%DOVDKRO]XQG6WDQQLROJHIHUWLJWHP5DGDU VFKLUP.HLQHVGHUEHLGHQ*HUlWHKDWWHHLQHbKQOLFKNHLW PLWGHPZDVHUKLHUDXIGHP)HOGVDKª:DVLVWKLHUORV"© IUDJWHHULUULWLHUW ª'DVZLVVHQZLUVHOEVWQLFKWGHVKDOEKDEHQZLUMDGLH $LU)RUFHJHUXIHQ©VDJWHGHUMXQJH0DQQ(UVFKREVHLQHQ +XW]XUFNXQGNUDW]WHVLFKDQGHUVRPPHUVSURVVLJHQ 6WLUQª9LHOOHLFKWN|QQHQ6LHXQVGDVHUNOlUHQ'HU6KHULII LVWPLW%UD]HOGDKLQWHQEHUGHQQlFKVWHQ+JHOJHJDQ JHQXQGVLHKWVLFKXP%UD]HOLVWGHU5DQFKHUGHPGDV /DQGKLHUJHK|UW:LUPVVHQXQVMHW]WEHUOHJHQZLHZLU GLH/DVWHUGDKLQEHUNULHJHQ(VJLEWGRUWQlPOLFKNHLQH 6WUDH$EHU6LHN|QQHQMDHLQIDFKPDOPLWNRPPHQXQGHV VLFKVHOEVWDQVHKHQ© ª6FK|QDEHUZRUXPKDQGHOWHVVLFKQXQHLJHQWOLFK"© ª:LHLFKVFKRQVDJWHZLUKDEHQNHLQH$KQXQJXQGZLU GDFKWHQGD6LHGDVYLHOOHLFKWZLVVHQ(VPXHLQH$UW )OXJJHUlWVHLQGDVNDQQPDQVHKHQDEHUHVLVWQLFKWVZDV

GHU6KHULIIRGHU0U%UD]HORGHULFKVHOEVWVFKRQHLQPDO JHVHKHQKlWWH:LUGDFKWHQXQVGDZLUHVOLHEHUQLFKWEH UKUHQVRODQJHLKUQLFKWGDVHLG(VN|QQWHMDUDGLRDNWLY VHLQRGHUVR©(UUlXVSHUWHVLFKª8QGDXHUGHP6LUHV KDW9HUOHW]WHJHJHEHQ7RWHPHLQHLFK© ª:DVGHQQLVWGDV'LQJDXIHLQSDDU)DUPKHOIHUQJHODQ GHW"© ª1HLQ6LU© ª:DVGHQQGDQQ0DQQ"© 'HSXW\%URZQZDQGWHGHQ%OLFNDEXQGVWDUUWHLQV /HHUHª.RPPHQ6LHGRFKHLQIDFKPLW/LHXWHQDQWXQGVH KHQ6LHHVVLFKVHOEVWDQ:HQQ6LHDXIGHQ+JHOGDKLQWHQ VWHLJHQN|QQHQ6LHVLFKHLQ8UWHLOELOGHQ© ª,FKQHKPHHLQSDDU0lQQHUPLW© 'HSXW\%URZQZDUIGHQ6ROGDWHQHLQHQUDVFKHQ%OLFN ]XXQG]RJ-HQNLQVGDQQ]XU6HLWHª+DW0DMRU0DUFHO QLFKWHUZlKQWGDGLHVKLHUP|JOLFKHUZHLVHGDVVHLQ N|QQWHZDV6LHDOV!WRSVHFUHWEH]HLFKQHQ"© ª0HLQHQ6LHZLUNOLFKGDVKLHUZlUHHLQHVWUHQJJH KHLPH$QJHOHJHQKHLW"0LUZXUGHWDWVlFKOLFKHWZDVLQGLH VHU$UWJHVDJWDEHUGDVLFKKHXW]XWDJHEHLMHGHU.OHLQLJ NHLWDOOHDXIUHJHQZHLOGLH5XVVHQGDKLQWHUVWHFNHQN|QQ WHQLVWGDVHLJHQWOLFKQLFKWV%HVRQGHUHV©0DMRU0DUFHO KDWWHGLH$QJHOHJHQKHLWRIIHQEDUPLWGHUJOHLFKHQ6NHSVLV EHWUDFKWHWZLH-HQNLQVVRQVWZlUHHUVLFKHUJOHLFKVHOEVW JHNRPPHQ ª,FKP|FKWH,KQHQYRUVFKODJHQGD6LHPLWNRPPHQ XQGHLQHQ%OLFNGDUDXIZHUIHQ'DQDFKN|QQHQ6LHMDHQW VFKHLGHQZDV6LHDQRUGQHQZROOHQXQGZDVJHWDQZHUGHQ VROO:HQQ6LHHLQ)XQNJHUlWKDEHQGDQQVROOWHQ6LHZRKO DXFKPLWGHP0DMRU9HUELQGXQJDXIQHKPHQGHUGDGU EHQDXI,KUHP/DQGHSODW]GDV6DJHQKDW© 'HUVHOEVWEHZXWHXQGOHLFKWKHUDEODVVHQGH7RQIDOOGHV 'HSXW\VVW|UWH-HQNLQVHUKHEOLFKª,FKKDEHKLHUGDV.RP PDQGR0DQQ'HU0DMRUKDWPLUGHQ(LQVDW]EHUWUD JHQ© ª
ª$OVRJXW©VDJWH-HQNLQVª:HQQ6LHGDVJOFNOLFK PDFKW'HSXW\©(UZDQGWHVLFKDQGLHDQGHUHQ6ROGDWHQ GLHQHXJLHULJLQGHU*HJHQGKHUXPOXQJHUWHQXQGEHIDKO LKQHQDQ2UWXQG6WHOOH]XEOHLEHQ 'DQQVWLHJHUPLW'HSXW\%URZQGHQ+JHOKLQDXV $OVVLHK|KHUNDPHQURFKGLH/XIWQDFK+RO]NRKOH(LQ KlOLFKHU*HUXFKZLHEHLHLQHP)OXJ]HXJDEVWXU]LP .ULHJQXUGDKLHUNHLQ7UHLEVWRIIEUDQQWHXQGGDHV QLFKWQDFKgOVWDQN =ZLVFKHQGHQ%VFKHQODJHQHLQLJHYHUGUHKWH6WFNH GHVJOlQ]HQGHQDQ6WDQQLROHULQQHUQGHQ0DWHULDOV KHUXP-HQNLQVZROOWHVLFKEFNHQXQGHLQHVDXIKHEHQ GDQQOLHHUHVOLHEHUEOHLEHQ3O|W]OLFKZDUHUVLFKVHLQHU 6DFKHEHUKDXSWQLFKWPHKUVLFKHU9LHOOHLFKWVROOWHHUVLFK GRFKEHVVHUHLQHQ6WUDKOHQVFKXW]DQ]XJDQ]LHKHQEHYRU HUGLHVHQ'LQJHUQ]XQDKHNDP9LHOOHLFKWZDUGLHJDQ]H 6DFKHGRFKHWZDVHUQVWHUDOVHUHVELVKHUDQJHQRPPHQ KDWWH -HQVHLWVGHV+JHONDPPVVHQNWHVLFKGDV/DQG]X HLQHPNOHLQHQ7DO+LQWHUGHU.XSSHHLQHVZHLWHUHQ+ JHOVXQJHIlKU]ZHL0HLOHQHQWIHUQWNRQQWH-HQNLQVGLH 'lFKHUGHU)DUPJHElXGHVHKHQHLQODQJJHVWUHFNWHV :RKQKDXVHLQSDDU6WlOOHHLQH6FKHXQHHLQ6LORPLW HLQHPNOHLQHQ:LQGUDGDXIGHP'DFK 'RFKZDVGLUHNWXQWHULKPZDUIHVVHOWHVRIRUWVHLQH $XIPHUNVDPNHLW$QHLQHU6WHOOHGHV7DOVOLHIHLQHJH VFKZlU]WHRIIHQEDUHLQJHEUDQQWH)XUFKHHQWODQJ6WFNH GHVJOlQ]HQGHQ0DWHULDOVZDUHQEHUDOOYHUVWUHXWDOV KlWWHHLQ5LHVHQURERWHUKLHUVHLQH(UVDW]WHLOHKLQWHUODVVHQ $P(QGHGHU)XUFKHVWDQGHLQ0DQQLQHLQHU/DW]KRVH XQGPLWHLQHPJUDXHQ+XWDXIGHP.RSI1HEHQLKP VWDQGHLQ]ZHLWHU0DQQGHUGLHJOHLFKH8QLIRUPWUXJZLH 'HSXW\%URZQ]XVlW]OLFKHLQHUOHLFKWHQ-DFNHEHUGHP +HPG'LHEHLGHQ0lQQHUVWDUUWHQHWZDV*HVFKZlU]WHV XQG0HWDOOLVFKHVYRQXQJHIlKUIQI]HKQ0HWHUQ'XUFK PHVVHUDQGDVLQHLQHU6HQNHODJ$XVGHP(WZDVVWLHJHQ VFKZDU]H5DXFKZRONHQDXIGLHVLFKLQGHU/XIWUDVFKDXI O|VWHQ 'HSXW\%URZQIRUGHUWHGHQ/LHXWHQDQWPLWHLQHUZRUW

ORVHQ*HVWHDXIJDQ]KLQDE]XVWHLJHQ'HU6KHULIIGHUVLH LQ]ZLVFKHQEHPHUNWKDWWHGUHKWHVLFKXPXQGZLQNWH(U VFKLHQVHKUHUIUHXWGDHQGOLFKGDV0LOLWlUNDP 8QJHIlKUIQIXQG]ZDQ]LJ0HWHUZHLWHUXQWHQYHUHL QLJWHVLFKGHU7UDPSHOSIDGGHPVLHJHIROJWZDUHQPLW HLQHP:HJXQGQDFKHLQLJHQZHLWHUHQ6FKULWWHQNRQQWH -HQNLQVGLUHNWDXIGDV'LQJKLQDEEOLFNHQGDVDP(QGHGHU JHVFKZlU]WHQ)XUFKHODJ(UEOLHEVWHKHQXQGVWDUUWHHV VSUDFKORVDQ ª

.DSLWHO 'LHEHLGHQ0lQQHUILHOHQXQWHUGHQ*lVWHQLP5HVWDXUDQW DXHUKDOEYRQ+DVWLQJV1HEUDVNDEHUKDXSWQLFKWDXI 6LHWUXJHQYHUEOLFKHQHDOWH-HDQVDEJHVWRHQHELOOLJH$U EHLWVVWLHIHOXQGZHLH6KLUWVXQWHUNDULHUWHQ)ODQHOOKHP GHQ2EZRKOLP)ODFKODQGGHV0LWWHOZHVWHQVGHU)UK OLQJOlQJVWDQJHEURFKHQZDUWUXJGLHVDXEHUHNODUH/XIW LPPHUQRFKHLQHQZLQWHUOLFKNDOWHQ+DXFKPLWVLFKXQG GHVKDOEKDWWHQGLH0lQQHUDXHUGHP$QRUDNVDQJH]R JHQGLHVLHDXFKQLFKWDEOHJWHQDOVVLHGDV7UXFNHU V6SH FLDOPLW2UDQJHQVDIW(LHUQXQG%UDWNDUWRIIHOQDHQ ,KUHPbXHUHQQDFKNRQQWHQVLH)DUPHURGHU5DQFKHU RGHU7UXFNHUVHLQDPHULNDQLVFKH$UEHLWHUXQG%XGZHL VHU.RQVXPHQWHQGLHHLQHP6RQJYRQ:D\ORQ-HQQLQJV HQWVSUXQJHQVHLQPRFKWHQ6LHKDWWHQXQDXIIlOOLJH*HVLFK WHUDQGLHVLFKVSlWHUQLHPDQGZUGHHULQQHUQN|QQHQ (LQHUVFKLHQ(QGH9LHU]LJVHLQ]HU]DXVWHV+DDUZDUDQ GHQ6FKOlIHQOHLFKWHUJUDXW'HU]ZHLWHZDUYLHOOHLFKW (QGH=ZDQ]LJXQGKDWWHHLQ$OOHUZHOWVJHVLFKWHLQ3UR GXNWGHVJHQHWLVFKHQ(LQKHLWVEUHLVLPDPHULNDQLVFKHQ .HUQODQG 6LHILHOHQLQGHPDOWPRGLVFKHQ5HVWDXUDQWPLWGHQP GHQ.HOOQHULQQHQLQJHVWlUNWHQ5|FNHQXQGGHPILQVWHU GUHLQEOLFNHQGHQ.RFK]ZLVFKHQGHQDOOPlKOLFKVSlUOLFKHU HLQWUHIIHQGHQ)UKVWFNVJlVWHQQLFKWDXI'LH*HVLFKWHU KREHQVLFKQLFKWYRQGHQDQGHUQ*HVLFKWHUQDELKUH.OHL GXQJXQGLKUHDN]HQWIUHLH$XVVSUDFKHXQWHUVFKLHGVLFK QLFKWYRQGHQHQGHUDQGHUHQ%HVXFKHUQ (VZDUJHQDXGDVZDVVLHZROOWHQ$XIGHU:DOO6WUHHW KlWWHQVLHZLH%|UVHQPDNOHUDXVJHVHKHQDXIGHP&DSLWRO +LOOZlUHQVLH5HJLHUXQJVEHDPWHJHZHVHQXQGDXIHLQHP )DUPHUWUHIIHQKlWWHQVLHDXVJHVHKHQZLH)DUPHU 6LHZDUHQKLHUZHLOVLHGHP0DQQJHIROJWZDUHQGHULQ HLQHUGHUKLQWHUHQ1LVFKHQ3ODW]JHQRPPHQKDWWH 'LHVHU0DQQZDU'U(YHUHWW6FDUERURXJK

6FDUERURXJKKDWWHQLFKWEHPHUNWGDGLH0lQQHULKP VHLW/DV9HJDVDXIGHQ)HUVHQZDUHQ6LHZDUHQDOOHUGLQJV DXFKQLFKWGDUDXIDQJHZLHVHQLKUH=LHOSHUVRQHQJ]XEH VFKDWWHQGHQQVLHYHUIJWHQEHUJDQ]DQGHUH0HWKRGHQ 6FDUERURXJKV$XIHQWKDOWVRUWIHVW]XVWHOOHQ6LHKDWWHQVR JDUHLQHUHFKWJXWH9RUVWHOOXQJ]XZHOFKHP=LHOHUZROOWH 6FDUERURXJKEHQXW]WH1HEHQVWUDHQZDVHLQHJXWH ,GHHZDUXQGHUEHVXFKWHP|JOLFKVWZHQLJH5HVWDXUDQWV ZDVHEHQIDOOVQW]OLFKVFKLHQ$EHUVHLQ)RUG)DOFRQ EUDXFKWHHLQGHXWLJHLQHQQHXHQ.HLOULHPHQXQGHUPXWH WDQNHQ$OVRKDWWHHUDQHLQHU([[RQ7DQNVWHOOHDQGHU 5RXWHJHKDOWHQXQGGDQQREDXV+XQJHURGHUhEHUP GXQJEHVFKORVVHQLP0RUW V*RRG&RRNLQ 'LQHUHLQHUD VFKH0DKO]HLWXQGHLQHQ.DIIHH]XVLFK]XQHKPHQ8QG GDVZDUNHLQHJXWH,GHHJHZHVHQ6HLQ)RWRZDUYRUHLQ SDDU7DJHQLQ=HLWXQJHQLPJDQ]HQ/DQGDEJHGUXFNW ZRUGHQXQGREZRKOHUVLFKHLQLJH0KHJHJHEHQKDWWH VLFK]XWDUQHQYHUULHWHQLKQJHZLVVH'LQJHZLH]XP%HL VSLHOGLH1DUEHQVHLQHU:XQGHQLP*HVLFKW'DV3UREOHP ZDUQXUGD6FDUERURXJKYRQ%HUXIVZHJHQ:LVVHQ VFKDIWOHUXQG$XWRUZDUXQGNHLQIOFKWLJHU.ULPLQHOOHU 'LHXQDXIIlOOLJHQ0l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lWWHVLHQlKHULQ$XJHQVFKHLQ]XQHKPHQGDQQ

ZlUHLKPDXIJHIDOOHQGDLKUH.|USHUEHPHUNHQVZHUW HQWVSDQQWEOLHEHQZlKUHQGGLH%OLFNHDXIPHUNVDPZDQ GHUWHQZLHEHLKXQJULJHQ:|OIHQ$OVVLHLKU)UKVWFN YHUVSHLVWHQ]HLJWHQVLHNHLQHUOHLDXIIlOOLJH(LJHQKHLWHQ 6LHNUDW]WHQNHLQHYHUEUDQQWHQ6WHOOHQYRP7RDVWDEVLH WDXFKWHQGDV%URWQLFKWLQV(LJHOEHLQVLHYHUERJHQQLFKW GLH)LQJHUXQGNQDFNWHQQLFKWPLWGHQ.Q|FKHOQ6LHVD HQHLQIDFKQXUGDDHQXQGZDUWHWHQ ([DNWVHFK]HKQ0LQXWHQQDFKGHPVLHVLFKJHVHW]WKDW WHQEHWUDWHQ]ZHLZHLWHUH0lQQHUGDV5HVWDXUDQW'LH EHUWULHEHQJHVFKPLQNWH.HOOQHULQPLWGHP1DPHQ 0$5*(DXIGHU+lQJHEUXVWIKUWHGLH1HXDQN|PPOLQJH ]XHLQHU1LVFKHGLUHNWQHEHQGHQEHLGHQ0lQQHUQPLWGHQ $QRUDNVGLHLQ]ZLVFKHQVFKZDU]HQ.DIIHHWUDQNHQXQG JDEGHQ1HXDQN|PPOLQJHQGLH6SHLVHNDUWHQ:HQQVLH GLH0lQQHULQGHUQlFKVWHQ1LVFKHQlKHUDQJHVHKHQKlWWH GDQQZlUHLKUDXIJHIDOOHQGDVLHMHW]WQLFKWPHKUHQW VSDQQWZLUNWHQ(LQHUGHU1HXDQN|PPOLQJHWUXJHLQH VSRUWOLFKHEUDXQH.RUGMDFNHXQGHLQHQURWHQ6FKOLSV(U OlFKHOWHZLHHLQ9HUWUHWHU'HU]ZHLWHZDUHLQ%HDPWHUGHU &RXQW\3ROL]HL 'HUlOWHUH0DQQVFKDXWH]X6FDUERURXJKKLQEHU'HU 'RNWRUKDWWHGHQ&RSQRFKQLFKWJHVHKHQXQGHVJDE NHLQH0|JOLFKNHLWLKQ]XZDUQHQ'HUMQJHUH0DQQVDK DXVDOVZROOWHHUHWZDVVDJHQDEHUGHU0DQQPLWGHPDQ JHJUDXWHQ+DDUZDUILKPHLQHQ%OLFN]XGHUEHGHXWHWH VLW]HQEOHLEHQ 'HU&RSYRQGHU&RXQW\3ROL]HLWUXJHLQHQ%LHUEDXFK YRUVLFKKHUPLWGHPHUEHLQDKHVFKZDQJHUDXVVDK(U URFKVWDUNQDFK6FKZHL.DIIHHXQGGHQ'RQXWVGLHLQ HLQHP/DGHQLQGHU1lKHNRVWHQORVDEJHJHEHQZXUGHQ /lVVLJEHVWHOOWHHUVLFK5KUHLPLW:XUVWXQGHLQJURHV *ODVNDOWH0LOFKULHEVLFKGDQQGLH$XJHQXQGEHJDQQ PLWGHPDQGHUHQ0DQQEHUHLQHQ*UXQGVWFNVNDXI]X UHGHQDQGHPVLHEHLGHEHWHLOLJWZDUHQ'HU&RSQDQQWH VHLQHQ%HJOHLWHU!7HG'HU0DQQPLWGHP6FKOLSVUHGHWH GHQ&RSDOV!3DWDQ6LHZDUHQQLFKWVZHLWHUDOV]ZHL /HXWHDXVGHP2UWGLH]XVDPPHQIUKVWFNWHQ'LH0lQ QHUPLWGHQ$QRUDNVHQWVSDQQWHQVLFKHWZDV

0DUJHEUDFKWHGDV%HVWHOOWHXQGGHUVDIWLJH*HUXFKGHU JHEUDWHQHQ:UVWFKHQKLQJPHKUHUH0LQXWHQLQGHU/XIW ZlKUHQGGHU&RSGHU3DWKLHVHLQ(VVHQYHUGUFNWH(U WUDQNGLH0LOFKGD]XUOSVWHXQGUHGHWHZHLWHUPLW7HG GHP*UXQGVWFNVPDNOHU-HW]WXQWHUKLHOWHQVLHVLFKEHU HLQH)UDXPLWGHUVLHDQVFKHLQHQGEHLGHJHVFKODIHQKDWWHQ *HQDXGLHVHQXQJOFNOLFKHQ$XJHQEOLFNZlKOWH6FDUER URXJKXPDXI]XVWHKHQXQGGDV5HVWDXUDQW]XYHUODVVHQ 'HU0DQQVFKLHQPGHWLHIH)DOWHQ]HLFKQHWHQVHLQ*H VLFKW(YHUHWW6FDUERURXJKZDUIQI]LJ-DKUHDOWDEHUHU ZDUVWRO]GDUDXIHKHUDXV]XVHKHQZLHHLQIUKHUJUDXWHU )QIXQGGUHLLJMlKULJHU-HW]WVDKPDQLKPGLHIQI]LJMH GRFKDQZHQQQLFKWQRFKHLQSDDU-DKUHPHKU(UJLQJVWHLI EHLQLJGHQ*DQJ]ZLVFKHQGHQ1LVFKHQHQWODQJ6HLQH%H ZHJXQJHQYHUULHWHQVFKPHU]HQGH0XVNHOQXQGYLHOOHLFKW VRJDUGHQ%HJLQQHLQHVVLFKJHUDGHHQWZLFNHOQGHQ5KHX PDWLVPXV'LH$XJHQZLUNWHQVWXPSIXQGEHUQlFKWLJW 'HQ3ROL]LVWHQEHPHUNWHHUHUVWDOVHUGHQ7LVFKIDVWHU UHLFKWKDWWH'LHEHLGHQ0lQQHULQGHQ$QRUDNVEHREDFKWH WHQGLH6LWXDWLRQDXIPHUNVDP)UGHQ'RNWRUZDUHQVLHVR JXWZLHXQVLFKWEDUDEHUDOVHUGHQ&RSVDK]XFNWH6FDUER URXJKVLFKWOLFK]XVDPPHQ(U]|JHUWHHLQHQ$XJHQEOLFN HKHHUZHLWHUJLQJXQGPLWGHU5HFKQXQJLQGHU+DQGYRU GLH.DVVHWUDW $OVKlWWHHUHVJHVSUWK|UWHGHU&RSDXIVHLQHP%HJOHL WHU]X]XK|UHQXQGEOLFNWH]X6FDUERURXJKKRFKDOVGLHVHU DQLKPYRUEHLJLQJ(UGUHKWHVLFKVRJDUXPXQGEHREDFK WHWHGHQ:LVVHQVFKDIWOHUDOVGHUEHLGHPGXQNHOKDDULJHQ %ULOOHQWUlJHULPNXU]lUPOLJHQ+HPGEH]DKOWHGHUGLH .DVVHEHGLHQWH ª6FKHLH©VDJWHGHU&RS ª:DVLVWGHQQ"© ª,UJHQGZLHKDEHLFKGDV*HIKOGDLFKGDV*HVLFKWGLH VHV.HUOVGDVFKRQHLQPDOJHVHKHQKDEH$XIHLQHP)RWR RGHUVR© ª:RGHQQ3DW"$XIHLQHP)DKQGXQJVIRWR"© ª9LHOOHLFKW© ª'HUVLHKWPLUDEHUQLFKWZLHHLQ9HUEUHFKHUDXV© ª,FKNDQQPLFKDXFKLUUHQ$EHUZHLWGX9HUEUHFKHU

PVVHQGXUFKDXVQLFKWE|VHDXVVHKHQ6LHN|QQHQDXFK DXVVHKHQZLH5RQDOG5HDJDQXQGWURW]GHP6HULHQP|UGHU VHLQ© 6FDUERURXJKQDKPVHLQ:HFKVHOJHOGLQ(PSIDQJXQG JLQJUDVFKKLQDXV ª'HUVLHKWMHGHQIDOOVDXVDOVKlWWHHUHVHLOLJ©EHPHUNWH 7HG ª
:lKUHQGGHUlOWHUH0DQQ]XU.DVVHJLQJXPGLH5HFK QXQJ]XEH]DKOHQJLQJGHUMQJHUH]XU7RLOHWWH'LH0lQ QHUWRLOHWWHZDULPHQWOHJHQHQKLQWHUHQ7HLOGHV*HElXGHV 'HUODQJH)OXUGHUGRUWKLQIKUWHXQGLQGHPGLH7DSHWH YRQGHQ:lQGHQEOlWWHUWHZDUQXUYRQHLQHUIODFNHUQGHQ VFKZDFKHQ%LUQHHUKHOOW$QGHUHQWVSUHFKHQGHQ7UKLQJ GDVEOLFKH6\PEROIUGLH+HUUHQWRLOHWWHVFKLHIDQHLQHU HLQVDPHQ6FKUDXEH'HUMXQJH0DQQ|IIQHWHGLH7UXQG EHWUDWGLH7RLOHWWH 6LHEHVWDQGDXVHLQHP:DVFKEHFNHQHLQHP+DQGWXFK VSHQGHUHLQHP0OOHLPHUHLQHP8ULQDOXQGHLQHU.D ELQH'HUMXQJH0DQQKDWWHJHKRIIWGHQ3ROL]HLEHDPWHQ DP8ULQDOEHLP3LQNHOQ]XILQGHQGRFKGLHEHLGHQ%HLQH GLHHUGXUFKGHQ6SDOWXQWHUGHU.DELQHQZDQGVHKHQ NRQQWHVRZLHGDV*UXQ]HQXQGGHU*HUXFKGHUVLFKLP NOHLQHQ5DXPDXVJHEUHLWHWKDWWHYHUULHWHQLKPGDGHU &RSHLQH6LW]XQJKLHOW 'HUMXQJH0DQQGUHKWHVLFKXPXQGXQWHUVXFKWHGLH 7U.HLQ6FKOR(U]RJHLQHIODFKH6FKDFKWHOGLHlKQOLFK DXVVDKZLHHLQH%ULHIWDVFKHDXVGHU-DFNH'HU6FKDFKWHO HQWQDKPHUHLQHEODXH.DSVHO6LHZDUPLW.R*DVJH IOOWGDVDEHUQXUZLUNOLFKZLUNWHZHQQPDQVLHK|FK VWHQV]ZDQ]LJ=HQWLPHWHUYRUGHU1DVHGHV2SIHUV NQDFNWH'HVKDOEKDWWHGHUMXQJH0DQQDXFKJHKRIIWGHQ &RSDP8ULQDOYRU]XILQGHQ'RUWKlWWHHUHLQIDFKKLQWHU LKQWUHWHQXQGGLH.DSVHO]HUEUHFKHQN|QQHQ 'HUMXQJH0DQQJULIILQVHLQ.UHX]XQG]RJVHLQH:DIIH GLHHUVLFKJULIIEHUHLWYRUQHLQGHQEUHLWHQ*UWHOVWHFNWH (VZDUHLQH*ORFNPLW6FKDOOGlPSIHUGRFKKDWWHHUQLFKW GLH$EVLFKWVLH]XEHQXW]HQVLHGLHQWHQXU]XU(LQVFKFK WHUXQJ *OFNOLFKHUZHLVHKDWWHGHU&RSGHU3DWKLHGLH7U VHLQHU.DELQHQLFKWYHUULHJHOW'HUMXQJH0DQQ]RJPLW GHUOLQNHQ+DQGGLH7UDXIXQGULFKWHWHPLWGHU5HFKWHQ VHLQH:DIIHDXIGHQ0DQQGHUDXIGHU7RLOHWWHVD ª(LQIDOVFKHV:RUWXQGLFKVFKLHH©IOVWHUWHHUKHLVHU 'HU3ROL]LVWVSHUUWHHUVFKURFNHQGHQ0XQGDXI(UEOLQ ]HOWHXQGKREODQJVDPGLH+lQGH'LH$XJHQKDWWHHUZHLW DXIJHULVVHQDEHUHUZDJWHHVQLFKWVLFK]XZLGHUVHW]HQ

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lUVWLHPLWHLQHU+DQGGLH :DIIHEHLVHLWHXQGJULIIPLWGHUDQGHUHQQDFKGHP*HVLFKW GHV6FKW]HQ (UHUZLVFKWHGHQMXQJHQ0DQQDQGHU6FKOlIHXQG ZROOWHGLH)LQJHUKLQHLQNUDOOHQ.QVWOLFKH+DXWJDE QDFKXQGGDV*HVLFKWGHVMXQJHQ0DQQHVUXWVFKWH]XU +lOIWHKHUXQWHU ª0HLQ*RWW©NHXFKWHGHU3ROL]LVWYHUEOIIWXQGZLFK HLQHQ6FKULWW]XUFNª-HVXV0DULD© 'HUMXQJH0DQQJHULHWLQ3DQLN (UULGLH:DIIHKHUXPXQGVFKRGHQ3ROL]LVWHQ]ZHL PDOLQGLH%UXVWXQGHLQPDOPLWEHPHUNHQVZHUWHU7UHIIVL FKHUKHLW]ZLVFKHQGLH$XJHQ%OXWVSULW]WHDXI0HWDOODU PDWXUHQXQGJUDXH+RKO]LHJHO'HUJURH0DQQVDQNLQ

VLFK]XVDPPHQDOVKlWWHPDQHLQHU3ODVWLNJHVSLHOLQGHQ 6W|SVHOKHUDXVJH]RJHQ6HLQ.RSINLSSWH]XUFNHUYHU GUHKWHGLH$XJHQGLH=XQJHKLQJLKPVFKLHIDXVGHP 0XQGXQGKHOOURWHV%OXWOLHILKPDXVGHU6WLUQLQVYROOH +DDU 'HUMXQJH0DQQDWPHWHWLHIGXUFK(UKDWWHHLQHQ3ROL]L VWHQJHW|WHWGDUDQJDEHVQLFKWV]XUWWHOQ(LQHH[WUHPH XQQ|WLJH0DQDKPHDEHUZHQLJVWHQVZDUGDV5HVXOWDW GDVJOHLFKHGDVHUDXFKPLWGHUEODXHQ.XJHOHUUHLFKW KlWWH (UVWHFNWHGLH:DIIHZLHGHULQV.UHX]XQGEHJXWDFKWHWH VHLQUDPSRQLHUWHV*HVLFKWLPYHUVFKPLHUWHQ6SLHJHOEHU GHP:DVFKEHFNHQ6RUJIlOWLJVFKREHUGLH+DXWZLHGHUDQ 2UWXQG6WHOOHXQGIL[LHUWHVLHLQGHPHUDXIGLHULFKWLJHQ 3XQNWHGHQULFKWLJHQ'UXFNDXVEWH(UKDWWHHVHLOLJDEHU HVZUGHJHKHQ(UXQGVHLQ*HIlKUWHPXWHQGLHVHQ2UW UDVFKYHUODVVHQ +DVWLJVXFKWHHUGLH.DSVHOXQGVWHFNWHVLHZLHGHULQGLH 6FKDFKWHO'DQQVFKORHUGLH7UGHU.DELQHXQGYHUOLH GLH7RLOHWWH:HJHQVHLQHU)LQJHUDEGUFNHPDFKWHHUVLFK NHLQH6RUJHQGHQQHUKLQWHUOLHNHLQH 'HUlOWHUH0DQQZDUWHWHVFKRQLP:DJHQ $OVGHUVFKZDU]H&DGLOODFDXIGLH5RXWHHLQERJ PDFKWHGHUMXQJH0DQQ$WHPEXQJHQXPVHLQH6SDQ QXQJXQG3DQLNDXINRQWUROOLHUWH:HLVHDE]XEDXHQ ª,VWHVJXWJHODXIHQ"©IUDJWHGHUlOWHUH*HIlKUWH'DV $XWRJOLWWVFKQHOOGDKLQXQWHUGHPZHLWHQEODXHQ+LPPHO GHV0LWWHOZHVWHQVDQGHPQXUKLHUXQGGRUWHLQSDDU GLFNElXFKLJH.XPXOXVZRONHQKLQJHQ ª1HLQ©VDJWHGHUMXQJH0DQQª,FKPXWHLKQW|WHQ© ª,KQW|WHQ:LUW|WHQQXUZHQQHVNHLQHDQGHUH0|J OLFKNHLWJLEW©'HUlOWHUH0DQQSDFNWHGDV/HQNUDGVRIHVW GDGLH.Q|FKHOZHLKHUYRUWUDWHQ ª(UKDWPHLQ*HVLFKWJHVHKHQ0HLQZLUNOLFKHV*HVLFKW© ª'DVLVWVHKUXQDQJHQHKP:LUPVVHQXQVGLH=HLW QHKPHQXQVHUH,GHQWLWlW]XZHFKVHOQXQGGLH=XODVVXQJ GHV$XWRV]XYHUlQGHUQ.HLQHVIDOOVGUIHQZLUGDV5LVLNR HLQJHKHQGDVLHVLFKDQXQVRGHUDQGDV$XWRHULQQHUQ© ª-D©VDJWHGHUMQJHUH0DQQª(VWXWPLUOHLG©

(UEHULFKWHWHVHLQHP*HIlKUWHQYRQGHP3UREOHPGDV HUPLWGHU.DSVHOJHKDEWKDWWH 'DQDFKVFKZLHJHQVLHOlQJHUH=HLW ª1XQZLUZLVVHQZRKLQ6FDUERURXJKZLOOXQGZLU N|QQHQHVXQVHUODXEHQLKQYRUEHUJHKHQG]XYHUOLHUHQ +RIIHQWOLFKEUDXFKWHUVHLQH6FKXW]WHXIHOQLFKWJHUDGH MHW]W©'HUlOWHUH0DQQOlFKHOWHKXPRUORV 'HUMQJHUH0DQQOlFKHOWHQLFKW (UVDKlQJVWOLFK]XP5FNIHQVWHUKLQDXVREVLHYHUIROJW ZUGHQXQGZQVFKWHVLFKVHLQHUVWHU(LQVDW]ZlUHQLFKW VRVFKUHFNOLFKYHUODXIHQ

.DSLWHO 6LHKDWWHGLH.RQWUROOH $OVVLHGLHOHW]WHQK\SQRWLVFKHQ.RPPDQGRVJDE IKOWHVLHVLFKDOV+HUULQGHU6LWXDWLRQXQGZDU]XIULHGHQ PLWVLFK'HU5DXPVFKLHQDXV5HVSHNWYRULKUDXV(KU IXUFKWYRULKUHU0DFKWVWXPP]XYHUKDUUHQ$OOHVZDUDQ 2UWXQG6WHOOHGLH-DORXVLHQJHUDGHZHLWJHQXJKHUXQWHU JH]RJHQGLH%HOHXFKWXQJH[DNWDXIGDV0DJHGlPSIW GDVVLHYHUODQJWKDWWH9RUGHU6LW]XQJKDWWHVLHLP)OXU HLQH)OLHJHEHPHUNW6LHZXWHGDVLHGRUWZDUGHQQLKU ZDUGDVKHNWLVFKH6XPPHQDXIJHIDOOHQDOVVLHLKUHQ3D WLHQWHQYRUEHUHLWHWKDWWH:HQLJH0LQXWHQVSlWHUZDUHQ VFKRQ]ZHL$JHQWHQPLW)OLHJHQNODWVFKHQXQG6SUD\XQ WHUZHJVJHZHVHQXQGNXU]GDQDFKZDUGLHJDUVWLJH )OLHJHGLHVHVE|VH,QVHNWGDVLUJHQGZLHKlWWHHLQGULQJHQ XQGGLH6LW]XQJVW|UHQN|QQHQHUOHJWXQGEHVHLWLJW ª6LHIKOHQVLFKMHW]WVHKUHQWVSDQQW©VDJWHGLHbU]WLQ ]XLKUHP3DWLHQWHQª6HKUUXKLJXQGHQWVSDQQW© ª-D©VDJWHGHU0DQQDXIGHP6WXKOª-D© 'LHbU]WLQGLHDP6FKUHLEWLVFKJHVHVVHQKDWWHVWDQG DXIXQG|IIQHWHOHLVHGHQ6FKUDQNGHUKLQWHULKUVWDQG 'RUWGULQQHQZDUDOOHVZDVVLHIUGLH6LW]XQJEUDXFKWH 'DGHU3DWLHQWMHW]WLQWLHIHU+\SQRVHZDUNRQQWHVLHGLH 'LQJHRKQHZHLWHUHVRIIHQDXIGHQ7LVFKOHJHQ(UZUGH

QXUEHPHUNHQZDVVLHLKPDXVGUFNOLFK]XEHPHUNHQEH IDKO 6LHNHKUWH]XP6FKUHLEWLVFK]XUFNXQGGUFNWHDXI HLQHQ.QRSI ,QHLQHPDQGHUHQ7HLOGHV*HElXGHVZXUGHQGLHHQW VSUHFKHQGHQ/HXWHEHQDFKULFKWLJWGDGHU3DWLHQWGHU bU]WLQVLFKLQWLHIVWHU+\SQRVHEHIDQG6LHZUGHQELQQHQ ZHQLJHU0LQXWHQIULKUQlFKVWHV6LJQDOEHUHLWVHLQ'LH bU]WLQ|IIQHWHHLQH6FKXEODGHXQG]RJHLQHQ6WDSHO3D SLHUHKHUDXV,KU6NULSW ª:LUZROOHQ]XPNOHLQHQ+DXVDXIGHU,QVHO]XUFNNHK UHQ(VLVWGHU$EHQGGHV)HEUXDU©VDJWHVLH]X GHP3DWLHQWHQª:LUZROOHQ]XMHQHU1DFKW]XUFNNHKUHQ LQGHUGLH$XHULUGLVFKHQ6LHLQLKUHUIOLHJHQGHQ8QWHU WDVVHPLWJHQRPPHQKDEHQ© 'HU0DQQDXIGHP6WXKOQLFNWH6HLQ*HVLFKWZDUHQW VSDQQW(UZDUQLFKWDOWDEHUDQGHQWLHIHQ)DOWHQXP $XJHQXQG0XQGXQGDXIGHU6WLUQNRQQWHPDQVHKHQ ZHOFKH[WUHPHQ6SDQQXQJHQHULQGHQOHW]WHQ-DKUHQDXV JHVHW]WJHZHVHQZDU ª-DMD©VDJWHHU(UVSUDFKNXOWLYLHUWXQGSUl]LVHYHU IJWHDQVFKHLQHQGEHUHLQJXWHV$XVGUXFNVYHUP|JHQ ª-HQH1DFKW©(UOLHGLH6FKXOWHUQNUHLVHQDOVPWHHU VLFKLQHLQHUQHXHQ8PJHEXQJ]XUHFKWILQGHQª,FKELQ KHXWHHUVWVSlWPLWPHLQHU$UEHLWIHUWLJJHZRUGHQXQG VLW]HPLWHLQHU7DVVH.DNDRDXIGHU9HUDQGDXPPLFK]X HQWVSDQQHQ,FKELQDOOHLQDEHULFKELQXQUXKLJ,UJHQGHW ZDVYHUXQVLFKHUWPLFKVWDUN(WZDVGDVLQGHU/XIW]XYL EULHUHQVFKHLQW:lKUHQGLFKQRFKDXIGHP6WXKOVLW]H VHKHLFKLQGHQ:RONHQEHUGHP0HHUHLQ/LFKWEOLQNHQ (LQ)OXJ]HXJ"'DV/LFKWVFKLPPHUWGXUFKGLHQLHGULJHQ :RONHQ(VEHZHJWVLFK]XVFKQHOOXQG]XDEUXSWXPHLQ )OXJ]HXJ]XVHLQ'DQQYHUVFKZLQGHWHV,FKELQVHKUXQ UXKLJDEHULFKELQDXFKPGH6HKUPGH(VZDUHLQODQ JHU7DJXQGLFKZLOOMHW]WVFKODIHQ,FKYHUULHJHOHGLH7 UHQXQGYHUVSHUUHGLH)HQVWHUXQGPDFKHDOOGDVZDVPLU VHLWHLQHU:RFKH]XHLQHP]ZDQJKDIWHQ5LWXDOJHZRUGHQ LVW:DUXPLFKGDVWXHZHLLFKDEHUQLFKW,FKVFKODIHHLQ NDXPGDPHLQ.RSIGDV.RSINLVVHQEHUKUW©

ª-D©VDJWHGLHbU]WLQ6LH]RJGLH+DQGVFKXKHDQXQG EHJDQQGLH,QVWUXPHQWHGLHVLHDXVGHP6FKUDQNJHQRP PHQKDWWHDXILKUHP6FKUHLEWLVFK]XRUGQHQª-DXQGZDV GDQQ"© (LQVWDUNHV=XFNHQYHU]HUUWHHLQH*HVLFKWVKlOIWHGHV3D WLHQWHQ ª:DVJHVFKLHKWGDQQ"©IXKUGLHbU]WLQIRUWª6FKODIHQ 6LHGLHJDQ]H1DFKWGXUFK"© ª,FKZDFKHDXILFKELQLQNDOWHQ6FKZHLJHEDGHW,FK VHKHLFKVHKHDXIGHUDQGHUHQ6HLWHGHV5DXPHV© :LHGHU]XFNWHHVLP*HVLFKWGHV3DWLHQWHQ9HUGDPPW GDFKWHGLHbU]WLQ'LH'RVLVZDU]XQLHGULJ(UEUDXFKWH DQVFKHLQHQGMHGHVPDOPHKU5DVFKQDKPVLHHLQHIULVFKH 6SULW]H]XU+DQGXQG]RJGLHVWHULOH6FKXW]NDSSHDE6LH ZDUVFKRQPLWGHUULFKWLJHQ.RPELQDWLRQYRQ0HGLND PHQWHQJHIOOWZRUGHQXQGODJIUDOOH)lOOHDXIGHP7D EOHWWEHUHLW 'HU7LFNGHV3DWLHQWHQKDWWHVLFKLQHLQHQ.UDPSIYHU ZDQGHOWGHULQ]ZLVFKHQDXIGDVJDQ]H*HVLFKWEHUJULII 'LH)XHEHJDQQHQ]X]XFNHQVHLQJDQ]HU.|USHUZDQG VLFKKLQXQGKHUHUVWUHFNWHGLH=XQJHKHUDXV'LHbU]WLQ VWHOOWHVLFKYRUZHOFKHU6WXUPMHW]WLP.RSIGHV0DQQHV ZWHWH(U]HLJWHDOOH6\PSWRPHHLQHVHSLOHSWLVFKHQ$Q IDOOV $EHUQDWUOLFKZDUGHU0DQQNHLQ(SLOHSWLNHU 6LHIDWHGLH+DQGGHV0DQQHVXQG]RJVLHQlKHU'LH 1DGHOZXUGHDQJHVHW]WXQGGUDQJLQGLH(OOHQEHXJHHLQ 6LHLQML]LHUWHGDV0LWWHO 1XUZHQLJH$XJHQEOLFNHVSlWHUHQWVSDQQWHHUVLFKXQG KLQJNUDIWORVDXIGHP6WXKO 'LHbU]WLQVHXI]WH6LH]RJGLH1DGHOKHUDXVXQGLJQR ULHUWHGDVNOHLQH%OXWULQQVDOGDVDXVGHU(LQVWLFKVWHOOH GUDQJ'DQQOHJWHVLHGLH6SULW]HDXIGDV7DEOHWWXQG ZDQGWHVLFKZLHGHUDQGHQ3DWLHQWHQGHUMHGH$QWULHEV NUDIWYHUORUHQ]XKDEHQVFKLHQ6LHJDELKPHLQH2KUIHLJH XQGHUULGLH$XJHQDXI'LH$XJHQOLGHUIODWWHUWHQª2K RK©NHXFKWHHUª-DWXWPLUZHKWXWPLUZHKLFKKDEHHV YHUGLHQW© ª'DVZDUQXUHLQIUHXQGVFKDIWOLFKHU.ODSVGDPLW6LH

PLUQLFKWHLQVFKODIHQ©VDJWHVLHXQJHUKUW6LHGDFKWH:LU PVVHQLKQEDOGHLQHUQHXHQELRFKHPLVFKHQ$QDO\VHXQ WHU]LHKHQ9LHOOHLFKWKDWWHHU]XZHQLJ6HURWRQLQª6LQG6LH MHW]WZLHGHUKLHULP=LPPHU"© ª-D©(UKDWWHGLH$XJHQZHLWJH|IIQHWª-DLFKELQZLHGHU LP=LPPHU© 6LHJLQJ]XP6FKUHLEWLVFKXQGGUFNWHDXIGHQ6XPPHU XPLKUH+HOIHU]XUXIHQª:DVVHKHQ6LHMHW]W"© 'LH7UZXUGHJH|IIQHWXQGGUHL0lQQHUNDPHQKHUHLQ 6LHWUXJHQ0DVNHQXQGVLOEHUQH$Q]JH,QGHQ+lQGHQ KDWWHQVLH6WlEHGLHHLQEOHLFKHVSKRVSKRUHV]LHUHQGHV JUQHV/LFKWDXVVWUDKOWHQ'LH*HVLFKWVPDVNHQZDUHQ RYDO0DQGHODXJHQJOlQ]WHQGDULQGLH.LQQSDUWLHQZDUHQ VFKPDOXQGVSLW]]XODXIHQG /DQJVDPKREGHU0DQQGHQ.RSIXQGVDKVLHYROODQ ª1HLQQHLQLFKZLOOQLFKW© ª6FKDXHQ6LH]XUFN6LHPVVHQVLFK,KUHQ(ULQQHUXQ JHQVWHOOHQ6LHPVVHQLQVLHHLQWDXFKHQXPGLH:DKUKHLW EHUGDVKHUDXV]XILQGHQZDVPLW,KQHQJHVFKHKHQLVW© 'HU0DQQGUHKWHVLFKPKVDPXP$OVHUGLH0lQQHU PLWGHQ0DVNHQXQGGHQVLOEHUQHQ$Q]JHQGLUHNWKLQWHU VLFKEHPHUNWHZLPPHUWHHUª1HLQ©VDJWHHUOHLVHª1HLQ© 'LHbU]WLQZLQNWHGLHGUHL0lQQHUKHUDQ$OVVLHQlKHU NDPHQKREHQVLHGLH6WlEHGLHOHLFKW]XIOLPPHUQEHJDQ QHQ ª:DVVHKHQ6LHLP=LPPHU"© ª6LHVLQGZLHGHUGD'LH%HVXFKHU(VVLQGGUHL6LHKD EHQLKUH/LFKWVWlEHGDEHL©'HU3DWLHQWNHXFKWHKROWHWLHI /XIWª%OHLEWZHJNRPPWQLFKWQlKHU%HUKUWPLFKQLFKW© (UVW|KQWHXQGZROOWH]XUFNZHLFKHQVFKDIIWHHVDEHU QLFKWVLFKYRP6WXKO]XO|VHQ(VVFKLHQDOVZUGHHUYRQ HLQHPXQVLFKWEDUHQ.OHEVWRIIIHVWJHKDOWHQ 'LHGUHL$JHQWHQGLH0DVNHQWUXJHQWUDWHQYRU,KU *DQJZDUOLQNLVFKXQGZLUNWHIDVWULWXHOO(VVDKDXVZLH HLQH=HLWOXSHQDXIQDKPHGHV/DQGVWUHLFKHUVGHQ&KDUOLH &KDSOLQGDUJHVWHOOWKDWWH'HUYRUGHUHKREGHQJOKHQGHQ 6WDEZLHHLQ=DXEHUNQVWOHUGHUJOHLFKHLQHQ6SUXFKDXI VDJHQZLOO ª:DVJHVFKLHKWMHW]W"©IUDJWHGLHbU]WLQ

ª6LHNRPPHQVLHNRPPHQ2KPHLQ*RWW1HLQ© 'DVEHOHXFKWHWH(QGHGHV6WDEHVIUGHQ(IIHNWZDU HLQHHLQIDFKH9RUULFKWXQJDXV%DWWHULHQXQG*OKELUQHQ YHUDQWZRUWOLFKEHUKUWHGHQ0DQQOHLFKW]ZLVFKHQGHQ $XJHQ 'LH:LUNXQJZDUYHUEOIIHQG'HU0DQQNUPPWH VLFKDOVKlWWHMHPDQGHLQHQ+HEHOXPJHOHJWGHUVHLQH :LUEHOVlXOHZLHHLQ6FKDUQLHU]XVDPPHQNODSSHQOLH 7URW]GHU,QMHNWLRQK|UWHQVHLQH+lQGHQLFKW]X]LWWHUQ DXIXQGGHU7LFNGHUVLFKMHW]WDXIGLHOLQNH*HVLFKWVKlOIWH EHVFKUlQNWHHUZHFNWHGHQ(LQGUXFNHLQXQVLFKWEDUHU$Q JHOKDNHQ]|JHGLH+DXWKRFKXQGODVVHORV]|JHKRFKXQG ODVVHZLHGHUORV ª$XIGHQ%HKDQGOXQJVWLVFK©VDJWHGLH)UDX]XGHQ $JHQWHQ (LQHUVFKREGLH0DVNHKRFKXQGEHWUDFKWHWHEHVRUJW GHQ3DWLHQWHQª(VVLHKWDXVDOVKlWWHHUVFKRQMHW]WHLQH $UW$QIDOO'RNWRU:lUHHVQLFKWEHVVHUGLH6LW]XQJHLQ IDFKDXVIDOOHQ]XODVVHQ"© 'LHbU]WLQVWDUUWHGHQ0DQQDQ6LHZDUHLQHDWWUDNWLYH )UDXYRQ0LWWH'UHLLJPLWKRKHQ:DQJHQNQRFKHQXQG ODQJHP+DDUGDVVLHGDPLWHVQLFKWEHLGHU$UEHLWVW|UWH ]XHLQHP.QRWHQ]XVDPPHQJHVWHFNWKDWWHVRGDLKU*H VLFKWNDQWLJXQGKDUWZLUNWH'LH/LSSHQZDUHQVFKPDO GLH$XJHQGXQNHO:HQQGLHVH/LSSHQ]XVDPPHQJHSUHW ZXUGHQXQGGLHVH$XJHQVWUHQJEOLFNWHQVRKLHHVLQGHU )LUPDGDQQZUGHMHGHU'RSSHODJHQWHLQ*HVWlQGQLVDE OHJHQ ª,FKGXOGHNHLQH,QVXERUGLQDWLRQ0DQQ+LHUKDEHLFK GDV6DJHQ+ROHQ6LHGHQ3DWLHQWHQYRP6WXKOXQGOHJHQ 6LHLKQDXIGHQ7LVFK/RVMHW]W© 'HU$JHQWVFKREVLFKGLH0DVNHZLHGHUEHUGDV*H VLFKW=XVDPPHQPLWVHLQHQ.ROOHJHQSDFNWHHUGHQ3D WLHQWHQDQ$UPHQXQG%HLQHQXQGWUXJLKQ]XGHPPLW .XQVWVWRIIJHSROVWHUWHQ7LVFKKLQEHU'RUWZXUGHGHU3D WLHQWDXIGLHVWHULOH3DSLHUGHFNHJHOHJW 'LHbU]WLQUROOWHGDV:lJHOFKHQPLWLKUHQ,QVWUXPHQWHQ KLQEHUQDKPLKU6NULSWYRP6FKUHLEWLVFKXQGEOlWWHUWH HLQSDDU6HLWHQZHLWHU

ª:LUPDFKHQKHXWHPLWGHQ$QZHLVXQJHQDXI6HLWH DFKW%LQGHVWULFK%ZHLWHUPHLQH+HUUHQ:HQQ6LHVR IUHXQGOLFKZlUHQGHQ3DWLHQWHQ]XHQWNOHLGHQ"© 'LH+lQGHGHV0DQQHV]LWWHUWHQKLOIORV ª$FKW%LVWGDVLVWQLFKWHLQELFKHQH[WUHPIUMHPDQ GHQGHUVLFKQRFKLQHLQHPVRLQVWDELOHQ=XVWDQGEHILQ GHW"©IUDJWHGHUJOHLFKH$JHQW 6LHNRQQWHVHLQHQ*HVFKLFKWVDXVGUXFNQLFKWHUNHQQHQ DEHUHVZDULKURKQHKLQJOHLFKJOWLJª,FKELQGLHbU]WLQ hEHUODVVHQ6LHGLHVH(LQVFKlW]XQJHQUXKLJPLU© 6LH]RJHQGHQ3DWLHQWHQY|OOLJQDFNWDXV ª)HVWELQGHQ©EHIDKOGLHbU]WLQPLWPRQRWRQHU 6WLPPH /HGHUULHPHQZXUGHQYRQJHJHQEHUOLHJHQGHQ6HLWHQ GHV8QWHUVXFKXQJVWLVFKVKHUDXIJH]RJHQXQGDXI%DXFK XQG%UXVWGHV3DWLHQWHQIHVWJHVFKQDOOW ª8QWHUVXFKXQJVJHUlWH© 8QWHUGHP7LVFKZXUGHQ*HUlWHKHUYRUJH]RJHQLP ULFKWLJHQ:LQNHODQJHEUDFKWXQGIHVWJHVFKUDXEW$Q VFKOLHHQGIL[LHUWHPDQGLH%HLQHGHV3DWLHQWHQPLWZHLWH UHQ5LHPHQ 'HU0DQQURFKQDFK'HRGRUDQWXQG6FKZHL6HLQH +lQGH]LWWHUWHQLPPHUQRFKGLH=lKQHNODSSHUWHQZLH .DVWDJQHWWHQ 'LHbU]WLQEHUSUIWHDOOH5LHPHQª*XW6LHN|QQHQ MHW]WJHKHQ,FKZHUGH6LHUXIHQZHQQLFK6LHEUDXFKH© ª,VWVRZHLWDOOHVNODU"©IUDJWHHLQHULKUHU+HOIHU ª-DDOOHVLQ2UGQXQJ© 'LH0lQQHUYHUOLHHQJHKRUVDPGHQ5DXP 'LHbU]WLQNHKUWH]XP6FKUDQN]XUFNXQGKROWHLKUH HLJHQH0DVNH(VZDUHLQHEHVVHUPRGHOOLHUWH9HUVLRQGHU 0DVNHQZHOFKHGLH$JHQWHQJHWUDJHQKDWWHQXQGVDKHU KHEOLFKUHDOLVWLVFKHUDXV6LHEHVWDQGDXV*XPPLXQGOLH VLFKOHLFKWEHUGHQ.RSI]LHKHQ)U$XJHQ1DVHXQG 0XQGZDUHQ/|FKHUDXVJHVSDUW$XHUGHPQDKPGLH bU]WLQHLQHQGHU6WlEHDXVGHP6FKUDQNVFKDOWHWHLKQHLQ XQGEHWUDFKWHWHGLH1DUEHQGLHVLHYRU]ZHL-DKUHQXQ PLWWHOEDUQDFK%HJLQQGHU$UEHLWPLWLKPDXIGHU+DXW GHV3DWLHQWHQKLQWHUODVVHQKDWWHHLQHGUHLHFNLJH1DUEH

DXIGHPOLQNHQ8QWHUDUPHLQHTXHUJHOHJWH$FKWDXIGHU UHFKWHQ6FKXOWHU9LHOOHLFKWVROOWHVLHGLH1DUEHQLQGHU QlFKVWHQ6LW]XQJHLQZHQLJDXIIULVFKHQ(VZDUJXWZHQQ HULQGLHVHU+LQVLFKWVWlQGLJDNWLYLHUWEOLHE'LH1DUEHQ VRUJWHQGDIUGDHURIWDQGDV3KlQRPHQGDFKWHXQGJH QDXGDVZROOWHVLHHUUHLFKHQ 6LHWLSSWHLKP]ZHLPDODXIGLH6WLUQXQGJDELKPGDV .RPPDQGRDXVGHU%HZXWORVLJNHLW]XHUZDFKHQXQG ZLHGHULQGLH+\SQRVH]XIDOOHQ ª:DVJHVFKLHKWMHW]W"© 6LHEHXJWHVLFKYRUXQGIOVWHUWHLKPGDV:RUW3HTXRG LQV2KU'DGXUFKZXUGHGDVYRUJHIHUWLJWH5HDOLWlWVNRQ VWUXNWIUHLJHJHEHQ ª,FKELQLQGHUIOLHJHQGHQ8QWHUWDVVH©EHULFKWHWHGHU 0DQQª,FKELQLPZHLHQ5DXP,P8QWHUVXFKXQJVUDXP 8QGYRUPLUVWHKWRKPHLQ*RWW6LHLVWZLHGHUGDHVLVW (YD© ª(YDVRKHLWVLHQXUIU6LHYHUJHVVHQ6LHGDVQLFKW© 'HU3DWLHQWZHKUWHVLFKª6LHKDEHQPLFKIHVWJHEXQGHQ 0HLQ*RWWZDVZLUGPDQGLHVHV0DOPLWPLUWXQ"© 'DV/lFKHOQGHUbU]WLQXQWHUGHU0DVNHYHUKLHQLFKWV *XWHV 6LHOLHGLHOHXFKWHQGH6SLW]HGHV6WDEHVEHUGLH%UXVW GHV0DQQHVZDQGHUQXQGZHLWHUEHUGHQ%DXFKELV]X GHQ6FKDPKDDUHQZRVLHNXU]GHQVFKODIIHQ3HQLVGHV 0DQQHVEHUKUWH'HU0DQQ]XFNWH]XVDPPHQXQGZDQG VLFK'HU6WDEZDQGHUWHZHLWHUKLQXQWHUELV]XP'DPP ]ZLVFKHQGHQ6FKHQNHOQZRHUODQJHYHUKDUUWH ª1HLQQHLQ©ULHIGHU0DQQª1LFKWGDVZLHGHUQHLQ K|UWDXI:HUVHLGLKU":DVPDFKWLKUGD"© 'LHbU]WLQ]RJGHQ6WDE]XUFNXQGOHJWHLKQDXIGDV 7DEOHWWPLWGHQ,QVWUXPHQWHQ1HLQGDVZDULQGHUKHXWL JHQ6LW]XQJQLFKWQ|WLJ(UEUDXFKWHGLHVH$UWYRQ9HUVWlU NXQJGLHVHV0DOQLFKW ª:HUZLUVLQG"©VDJWHGLHbU]WLQGLHMHW]WPLWLKUHU VFKULOOHQ(YD6WLPPHVSUDFKª'DVZHLWGXGRFKLQ]ZL VFKHQ:LUVLQG%HVXFKHUYRP3ODQHWHQ'UDFRXQGZLU IKUHQPLWHXFK0HQVFKHQ([SHULPHQWHGXUFK:LUEUDX FKHQIUXFKWEDUHV6SHUPDYRQGHU(UGHZHLOXQVHUH$UW

PLWGHQ*HQHQHLQHUSULPLWLYHQ5DVVHDXIJHIULVFKWZHU GHQPXXPHLQH0LVFKUDVVH]XHU]HXJHQ© :lKUHQGVLHGLHVVDJWHNQ|SIWHGLHbU]WLQVLFKGLH %OXVHXQGGHQ5RFNDXI6LHOHJWHLKUH6FKXKHXQGGLH8Q WHUZlVFKHDEXQGEHIUHLWHLKUH%UVWHGLHJURH%UXVWZDU ]HQKDWWHQDXVGHP%VWHQKDOWHU ª2KELWWH%LWWHYHUVWHKWLKUGDVGHQQQLFKWGDVWXWPLU ZHK%LWWHWXWGDVQLFKWZLHGHU© 'LHbU]WLQQDKPGHQ(GHOVWDKOVWXW]HQGHU0HONPD VFKLQHYRP7DEOHWW6LHEHUOHJWHREVLHLKQJOHLWIlKLJPD FKHQVROOWHDEHUQHLQ(UVROOWHNHLQHQ6SDDQGHU6LW ]XQJKDEHQ1LFKWLQGLHVHUGHOLNDWHQ3KDVHGHU%HKDQG OXQJ 'HU3DWLHQWEHJDQQHUElUPOLFK]XNUHLVFKHQ ª%LWWHVHLNRRSHUDWLYXQGK|UHDXI]XVFKUHLHQ©VDJWH GLHbU]WLQZlKUHQGVLHPLWGHP*HUlWQHEHQGHQ3DWLHQ WHQWUDW -DGDFKWHVLHGDVZDUGHU7HLOGHULKUDPPHLVWHQ )UHXGHPDFKWH $P1DFKPLWWDJEHNDP'U-XOLD&XQQLQJKDPLQLKUHP %UR%HVXFKYRQLKUHP9RUJHVHW]WHQGHUDXFKGLH2SHUD WLRQ:KLWH%RRNOHLWHWH ª6FK|QGD6LHJHNRPPHQVLQG©EHJUWHVLHLKQDOV HUHLQHQ6FKOXFNGHVDQJHERWHQHQNDOWHQ0LQHUDOZDVVHUV JHWUXQNHQKDWWHª:LUKDEHQHLQLJHHUQVWH'LQJH]XEH VSUHFKHQ© ª-D(QWVFKXOGLJHQ6LHGLH9HUVSlWXQJ:LUZROOWHQXQV MDHLJHQWOLFKVFKRQYRUGUHL7DJHQWUHIIHQDEHUQDFKDOO GHQ'LQJHQGLHVLFKXQOlQJVWHUHLJQHWKDEHQ© %ULDQ5LFKDUGVKDWWHGDVPDUNDQWHJXWH$XVVHKHQHLQHV &KDUDNWHUGDUVWHOOHUVGHQPDQDOVEUDXFKEDUH%HVHW]XQJ IUHLQHQ:HVWHUQRGHUIUGLH0DUOERUR:HUEXQJKlWWH HQJDJLHUHQN|QQHQ(UZDUVFKODQNXQGVDKPLWGHPWHX UHQXQGGHQQRFKXQDXIGULQJOLFKHQJUDXHQ0DDQ]XJ GHPGXQNHOURWHQ6FKOLSVXQGGHPZHLHQ7XFKGDVDXV GHU%UXVWWDVFKHOXJWHDXVJHVSURFKHQJXWDXV6HLQ+DDU ZDUJUDXGXUFKVHW]WDEHUVWDWWLKQlOWHU]XPDFKHQHU ]HXJWHGDV*UDX]XVDPPHQPLWGHP*HIOHFKWGHU)DOWHQ

LQVHLQHP*HVLFKWHLQHQ(LQGUXFNYRQHLVHUQHUQLFKW]X HUVFKWWHUQGHU$XWRULWlW$OVHUVLFKMHW]WDXIGHQ6WXKO VHW]WHXQGPLWUXKLJHQ%HZHJXQJHQGDV:DVVHUWUDQN GDVVLHLKPDQJHERWHQKDWWHIKOWH-XOLD&XQQLQJKDPVLFK XQZLOONUOLFKDQ'U3UHVWRQ&XQQLQJKDPHULQQHUWLKUHQ EHUKPWHQ9DWHU 8QGVLHKDWH5LFKDUGVJHQDXVRZLHVLHLKUHQ9DWHUJH KDWKDWWH ª-DLFKKDEHGLH%HULFKWHEHNRPPHQ©VDJWHVLHHLQZH QLJWURW]LJ6WHLIZLHHLQH6WDWXHDXVNDOWHP0HWDOOVDVLH DXILKUHP%URVWXKOª$EHULFKZDUPLWPHLQHQDQGHUHQ $XIJDEHQLP=XVDPPHQKDQJPLWGHP3URMHNW:KLWH %RRNEHVFKlIWLJW.|QQWHQ6LHPLUYLHOOHLFKWHLQHQNXU]HQ hEHUEOLFNEHUGLHZLFKWLJVWHQ(QWZLFNOXQJHQJHEHQ"© (UOlFKHOWHNKOVWHOOWHGDV*ODVDEXQGVDKVLHPLWVHL QHQKDUWHQ$XJHQLQGHQHQLUJHQGZRHLQKXPRUYROOHU )XQNHIODFNHUWHVRGXUFKGULQJHQGDQGDVLHGHQ%OLFN VHQNHQPXWH+HUDXVIRUGHUQGOlFKHOWHHUVLHDQ ª:DVVHKHQ6LHPLFKVRDQ"©IUDJWHVLHXQVLFKHU ª,FKPXWHJHUDGHDQHLQH5HGHQVDUWGHQNHQ!,QLKUHP 0XQGZUGH%XWWHUQLFKWVFKPHO]HQ:ROOHQ6LHHVDXI HLQ([SHULPHQWDQNRPPHQODVVHQ'RNWRU"© ª:DVUHGHQ6LHGD"© ª'U&XQQLQJKDP6LHPWHQHLJHQWOLFKZLVVHQGD :RRGURZ-XVWLQHEHLXQVHUHUNOHLQHQ2SHUDWLRQLQGHU OHW]WHQ:RFKHJHW|WHWZXUGH© ª-DGLHVH,QIRUPDWLRQKDEHLFKEHNRPPHQ8QGZDV ZHLWHU"© ª:DVZHLWHU"'RNWRUJHUDGH6LHVROOWHQGRFKEHLVR HLQHU1DFKULFKWHLQHHWZDVOHEKDIWHUH5HDNWLRQ]HLJHQ,P PHUKLQZDU:RRGURZ,KU3DWLHQW6LHKDEHQPHKUHUH -DKUHPLWLKPJHDUEHLWHW©:LHGHUGDVVFKLHIH/lFKHOQXQG GHU%OLFNDXVGLHVHQYHUGDPPWHQ$XJHQª6LHKDEHQLKQ GRFKHUVW]XGHPJHPDFKWZDVHUZDU© ª5LFKDUGV6LHVLQGGHUOHW]WHGHQLFKGDUDQHULQQHUQ PWHGD-XVWLQHHLQNlXIOLFKHU.LOOHUZDU,FKKDEHQXU VHLQH3V\FKRVHQVRZHLW]XUFNJHGUlQJWGDVLHLQQHU KDOEHUWUlJOLFKHU*UHQ]HQEOLHEHQGDPLWGLH(GLWRUHQ VHLQHVHLQHEHDFKWOLFKHQ7DOHQWHHLQVHW]HQNRQQWHQ

0U5LFKDUGVPXLFK6LHZLUNOLFKGDUDXIKLQZHLVHQGD HVQLFKW]XPHLQHQYRUGULQJOLFKVWHQ$XIJDEHQKLHUEHLP 3URMHNW:KLWH%RRNJHK|UW.LOOHU]XNRQWUROOLHUHQ"9LHO OHLFKWN|QQWHQ6LHMHW]WPLWGHQZLFKWLJHUHQ$VSHNWHQGHU 2SHUDWLRQIRUWIDKUHQ© 'DV/lFKHOQYHUVFKZDQGXQGGDV*HVLFKWGHV0DQQHV YHUGVWHUWHVLFK(UOHFNWHVLFKGLH/LSSHQXQGZDQGWH VLFKHLQHQ$XJHQEOLFNDE$OVHUVLFKZLHGHU]XLKUKHUXP GUHKWHIODFNHUWH=RUQLQVHLQHQ$XJHQª6LHKDEHQVLFKIU -XVWLQHV/HLVWXQJHQPLWLKUHUJDQ]HQEHUXIOLFKHQ(UIDK UXQJYHUEUJW'RNWRU©VDJWHHUVFKDUIª6LHVDJWHQ6LH KlWWHQGLH'lPRQHQDXVVHLQHP.RSIYHUWULHEHQ8QG GDQQ]HLJWVLFKGDHUPLWHLQHPOLQNVUDGLNDOHQSD]LILVWL VFKHQ7URWWHOZLH(YHUHWW6FDUERURXJKEHUIRUGHUWLVW8P +LPPHOVZLOOHQHUVWU]WHGHQ+RRYHU'DPPKLQXQWHU 8QGZLUKDEHQGLH/HLFKHLPPHUQRFKQLFKWJHIXQGHQ© 6LHVWDUUWHLKQHLQHQ0RPHQWDQEHYRUVLHDQWZRUWHWH ª0U5LFKDUGVPXLFK6LHGDUDQHULQQHUQGDHVNHLQH $XI]HLFKQXQJHQEHUGLH(UHLJQLVVHDXIGHP'DPPJLEW" 6LHVHOEVWKDEHQ-XVWLQHGRFKHUPXQWHUWDOOHLQ]XRSHULH UHQ6HLQH.ROOHJHQZDUHQDQGHUZHLWLJLP(LQVDW](VLVW JDQ]HLQIDFKVRGDZLUQLFKWZLVVHQZDVJHVFKHKHQLVW 'LHVH.DUWHN|QQHQ6LHDOVREHLPEHVWHQ:LOOHQQLFKWVSLH OHQ©6LHVWDQGDXIVWHPPWHGLH+lQGHDXIGHQ6FKUHLE WLVFKXQGEHXJWHVLFKYRUDOVZROOHVLHLKQGXUFKGLHN|U SHUOLFKH1lKHHLQVFKFKWHUQª$XHUGHP0U5LFKDUGV JLEWHVZLUNOLFKNHLQHQ*UXQGPLULQGLHVHP6WDGLXP 9RUZUIH]XPDFKHQ'DV3URMHNW:KLWH%RRNEHILQGHW VLFKLQHLQHUNULWLVFKHQ3KDVH0HKUDOVMHGHUDQGHUHZLV VHQ6LHGDGDV3URMHNWPLWPLUSHUV|QOLFKVWHKWXQGIlOOW :DUXPWXQ6LHDXIHLQPDOVRDOVZUGHQ6LHPLFKDP OLHEVWHQ]XP7HXIHOMDJHQ":DUXPYHUKDOWHQ6LHVLFKPLU JHJHQEHUVRDJJUHVVLY"© 5LFKDUGVJULQVWHJHKlVVLJ(UOHKQWHVLFKGHPRQVWUDWLY JHODVVHQ]XUFNXQGVFKOXJGLH%HLQHEHUHLQDQGHUª'DUI LFKUDXFKHQ'RNWRU"© ª-D$EHU6LHZLVVHQMDZDVLFKGDUEHUGHQNH©6LH WLSSWHDXIGDV6FKLOGDXILKUHP6FKUHLEWLVFKDXIGHPGDV LQWHUQDWLRQDOEHNDQQWH=HLFKHQIU!5DXFKHQYHUERWHQ]X

VHKHQZDUHLQURWHU.UHLVPLWHLQHPURWHQ4XHUVWULFKGHU HLQHEUHQQHQGH=LJDUHWWHGXUFKNUHX]WH 5LFKDUGV]RJHLQH3DFNXQJ%HQVRQDQG+HGJHVDXVGHU -DFNHQWDVFKHIRUPXOLHUWHODXWORVXQGLPPHUQRFKOl FKHOQGGLH:RUWH!=XU+|OOHPLWGLUGX0LVWVWFNXQG QDKPHLQH=LJDUHWWHDXVGHU3DFNXQJª6FKDXHQ6LH-XOLD LFKNDQQPLFKQRFKJXWDQGLH=HLWHULQQHUQDOVZLUHUKHE OLFKIUHXQGOLFKHUPLWHLQDQGHUXPJHJDQJHQVLQG:LVVHQ 6LHQRFK"'DVZDUGDPDOVDOVLFK6LHDQGHU8QLYHUVLWlW 6WDQIRUGJHUHWWHWKDEH6LHEHQDKPHQVLFKGDZLHHLQKHU UHQORVHV.LQGZROOWHQPLW,KUHQ,GHHQGHP6\VWHPWURW ]HQXQGKDWWHQHVPLWIHLQGVHOLJHQ/HKUHUQXQGKRII QXQJVORVHQSV\FKLDWULVFKHQ)lOOHQ]XWXQ:HQQLFKPLFK UHFKWHULQQHUHKDWWHQ6LHVLFKJHUDGHGXUFKJHUXQJHQ]X EXFNHOQXP,KU'LSORP]XEHNRPPHQ'DQQVLQGZLUDXI GHU%LOGIOlFKHHUVFKLHQHQXQGKDEHQ,KQHQDOOHVJHERWHQ ZDV6LHVLFKHUWUlXPWKDEHQ8QGVRJDUQRFKPHKUHLQHQ UDVFKHQ$EVFKOXDQGHU-RKQ+RSNLQV8QLYHUVLW\/DERU DUEHLWHQDP1,+HLQ%HUDWHUSRVWHQDP1,0+HLQSDDU ([SHULPHQWHXQGSO|W]OLFKYHUGLHQWHGDVVHNOHLQH 3SSFKHQGHP'DGG\GHQ*HOGKDKQDEJHGUHKWKDWWH HLQHQVHFKVVWHOOLJHQ%HWUDJLP-DKUGDLKUGDV*HOGIDVW ]XPKEVFKHQ+LQWHUQKHUDXVNDP©(U]QGHWHGLH=LJD UHWWHDQSDIIWHHLQSDDUPDOXQGVDKVLHDEVFKlW]HQGDQ ª6LHVSLHOHQZRKOGDUDXIDQGDLFK6LHPLWPLUVFKODIHQ OLH5LFKDUGV©VDJWHVLHXQGLKUHQ$XJHQXQGLKUHU 6WLPPHZDULKUH9HUDFKWXQJDQ]XPHUNHQª0HLQHQ6LH GDV"© 5LFKDUGVVFKWWHOWHGHQ.RSI(UEHWUDFKWHWHGLH=LJD UHWWHEHIHXFKWHWHVHLQH)LQJHUXQGGUFNWHVLHDXV'LH .LSSHZDUIHULQGHQ3DSLHUNRUEQHEHQLKUHP6FKUHLE WLVFKª1HLQ-XOLDGDVPHLQHLFKQLFKW'DVZDUHLQ)HKOHU :LUEHLGHKDEHQGDHLQHQ)HKOHUJHPDFKWXQGGDVWXWPLU OHLG©(UVFKORGLH$XJHQª'UXFN'RNWRUHVZDUGHU 'UXFN'DVLVWODQJHKHUXQGIDVWYHUJHVVHQ,FKHQWVFKXO GLJHPLFKIDOOVEHL,KQHQGHU(LQGUXFNHQWVWDQGHQLVWLFK VSLHOWHGDUDXIDQ,FKHQWVFKXOGLJHPLFKIUPHLQ9HUKDO WHQ-XOLD© 6LHHQWVSDQQWHVLFKXQGZDUXQJHKDOWHQEHUVLFK

VHOEVW'HUYHUGDPPWH.HUO'DVPDFKWHHULPPHUPLWLKU (UUHL]WHVLHELVVLHLQGLH/XIWJLQJXQGGDQQVRUJWHHU GDIUGDVLHVLFKGXPPYRUNDP(UKDWWHVLHDXVPD Q|YULHUW ª(VVLQGKDUWH=HLWHQGHQNHLFK8QGGD6FDUERURXJK MHW]WNHLQ$NWLYSRVWHQPHKULVWVRQGHUQHLQHXQEHUHFKHQ EDUH*U|H1XQMDLFKELQZRKOHWZDVJHUHL]W© ª6ROOLFK,KQHQHWZDVYHUVFKUHLEHQ0U5LFKDUGV"© IUDJWHVLHEHPKWGDUXPQLFKWGLH%HKHUUVFKXQJ]XYHU OLHUHQ ª1HLQQHLQ9LHOHQ'DQN-XOLD'DVLVWHEHQGDV%HUXIV ULVLNR$EHUOHJHQ6LHPLUHLQHQ6DW]QHXH/XQJHQXQG HLQHQHXH/HEHUDXIV(LVIDOOVLFKVLHPDOEUDXFKH© ª,FKNDQQIUQLFKWVJDUDQWLHUHQ6LHVROOWHQQLFKWUDX FKHQ6LHVROOWHQQLFKWWULQNHQ.ODUH$QZHLVXQJYRP 'RNWRU/DVVHQ6LHPLFKQXUUDVFKHLQH$QDO\VHPDFKHQ GDQQNDQQLFK,KQHQHLQH$U]QHL]XVDPPHQPL[HQGLH]X ,KUHU1HXURFKHPLHSDW'DPLW6LHNODUDEHUUXKLJGHQ NHQN|QQHQ(VLVWZLUNOLFKNHLQ3UREOHP© ª'DVZUGHQ6LHZLUNOLFKJHUQWXQQLFKWZDKU-XOLD"© (UOlFKHOWHDEHUVHLQH$XJHQEOLHEHQNDOWª6LHZUGHQ ZLUNOLFKJHUQPHLQH'HDOHULQZHUGHQZDV"'DPLW6LHGHQ $OWHQNRQWUROOLHUHQN|QQHQ© ª'DVLVWQLFKWGDVZDVLFK© ª(VLVWHLQ6SLHOZLH.DW]XQG0DXV-XOLD8QGZDUXP DXFKQLFKW"(VJHK|UWGD]XXQGPDFKW6SD(VLVWHLQ7HLO GHVJURHQ6SLHOV:LUVLQGVFKRQ]ZHLQLFKWZDKU"© 3O|W]OLFKXQJHUXIHQ]XFNWHHLQH(ULQQHUXQJGXUFK LKUHQ.RSIVLHXQG5LFKDUGVQDFNWLQLKUHP%HWWLQLKUHU :RKQXQJLQ6LOYHU6SULQJGDVHLQ]LJH/LFKWGLH%HOHXFK WXQJGHV$TXDULXPV (QHUJLVFKGUlQJWHVLHGLH(ULQQHUXQJ]XUFNVFKHQNWH VLFKHLQ*ODV0LQHUDOZDVVHUHLQXQGWUDQNHLQHQ6FKOXFN DOVN|QQWHVLHGDPLWDOOHXQHUZQVFKWHQ*HIKOHZHJVS OHQ9HUGDPPWVLHKlWWHVLFKDPOLHEVWHQVHOEVWHWZDVYHU VFKULHEHQ+HLOHUKHLOHGLFKVHOEVW ª,FKZHLQLFKWZDV6LHGDPLWPHLQHQ5LFKDUGV©VDJWH VLHª,FKJODXEHDEHUDQJHVLFKWVGHU6LWXDWLRQLVWHVGDVEH VWHXQVHUHQ0HLQXQJVDXVWDXVFKDXIGDV]XEHVFKUlQNHQ

ZDVDXVVDFKOLFKHQ*UQGHQHUIRUGHUOLFKLVW©6LHEHXJWH VLFKYRUXQGVSUDFKPLWUDXKHU6WLPPHZHLWHULKUH:RUWH JHQDXZlKOHQGXQGMHGHV:RUWEHUWULHEHQEHWRQHQG ª.XU]JHVDJWLFKP|FKWHXQVHUH%HJHJQXQJHQDXIGDVEH UXIOLFKXQEHGLQJW1RWZHQGLJHEHVFKUlQNHQ© 5LFKDUGVQLFNWH]XVWLPPHQGª-DXQGZLUVLQGMD3URILV QLFKWZDKU'RNWRU"$OVRJXWVSUHFKHQZLUEHUXQVHUH EHUXIOLFKHQ$XIJDEHQ+DEHQ6LHVFKRQ,KUHQ%HULFKWEHU GLH)RUWVFKULWWHGHV3URMHNWV:KLWH%RRNJHVFKULHEHQ"© 'HU2UGQHUODJOLQNVYRULKUDXIGHP6FKUHLEWLVFKGHP 1DPHQGHV3URMHNWVHQWVSUHFKHQGZHLZLHHLQ/DPP6LH JDELKPGLH0DSSHHUVFKOXJVLHDXIXQGEHUIORJGLHVDX EHUJHWLSSWHQ6HLWHQJOHLFKDQ2UWXQG6WHOOH 'DV3URMHNW:KLWH%RRNGDFKWH'RQQD&XQQLQJKDP ZlKUHQGVLHGHQOHVHQGHQ5LFKDUGVEHREDFKWHWH6LH ZXWHJHQDXGDGDVZDVVLHLQLKUHPH[]HOOHQWHQ6WLO]X EHULFKWHQKDWWHLKUHP9RUJHVHW]WHQJHIDOOHQZUGH:LH VHKUVLFKGDV3URMHNWGRFKVHLWVHLQHQ$QIlQJHQLQGHQ IQI]LJHU-DKUHQYHUlQGHUWKDWWH 1HLQ9HUlQGHUXQJHQZDUQLFKWGDVULFKWLJH:RUW (VZDUPXWLHUW 'DVZDUGHUULFKWLJH%HJULIIGDVULFKWLJH9HUE8QGGDV SDVVHQGH6XEVWDQWLY" 1XQGDNDPQDWUOLFKQXUMHQHVZXQGHUYROOHYRQ5H JLHUXQJVEHDPWHQJHSUlJWH:RUWLQ)UDJHGLHVHUEURNUD WLVFKH$XVGUXFNGHUGHQ9RUJDQJSHUIHNWXPVFKULHEVR GDHUVRIRUWLQGLH$OOWDJVVSUDFKHEHUQRPPHQZRUGHQ ZDU 'HVLQIRUPDWLRQ 6RKDWWHGLH&,$GDVJHQDQQWZDVGHU.*%XQGGLHUXV VLVFKHQ0HGLHQLQGHQVLHE]LJHU-DKUHQYHUDQVWDOWHWKDW WHQ1XUGDGLH$PHULNDQHUHVQDWUOLFKLPJOHLFKHQ 0DHDXFKVHOEVWWDWHQVHLWGHU.DOWH.ULHJEHJRQQHQ KDWWH'DVGXUFK$XINOlUXQJJHZRQQHQH0DWHULDOZXUGH LQ0OOYHUZDQGHOWLQOHHUHV*HVFKZlW] 3URMHNW:KLWH%RRNGDV3URMHNWKLQWHU%OXH%RRN $OVHLQLJH2IIL]LHUHGHU$LU)RUFHVSlWHULKU%HGDXHUQ ]XP$XVGUXFNEUDFKWHQZLHZHQLJGDV3URMHNW%OXH%RRN ZLUNOLFK]XU$XINOlUXQJGHV8)23KlQRPHQVEHLJHWUD

JHQKDEHKlWWHQVLHVLFKNUDVVHUQLFKWLUUHQN|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lUWHGDVVHLQH/DXQHQKDIWLJNHLW -D-XOLD&XQQLQJKDPPXWHXQZLOONUOLFKNLFKHUQ'DV ZDUGHU*UXQG'LH3XEOLVKHUKDWWHQLKQDQGHQ(LHUQ XQGHVVWDQGLQLKUHU0DFKWPLWLKP]XWXQZDVVLHZROO WHQ6LHVHOEVWKDWWHPLWLKQHQNDXP]XWXQXQGVLHZDU GDQNEDUGDIU5LFKDUGVNRQQWHLKUNHLQH$QJVWHLQMDJHQ 'LH&,$IUFKWHWHVLHQLFKWXQGVLHKDWWHQLFKWHLQPDOGHQ SV\FKRWLVFKHQYHUUFNWHQ:RRGURZ-XVWLQHEHlQJVWL JHQGJHIXQGHQ$EHUGLH3XEOLVKHUVLHJDEHVYRUQLH PDQGHPRIIHQ]XGRFKYRUGHQHQKDWWHVLHZLUNOLFKJURH $QJVW'DVZl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

KLQQXUHLQH.RPELQDWLRQDXVQDWUOLFKHQ3KlQRPHQHQ XQGPHQVFKOLFKHU)DQWDVLHPDQVHW]WHHLQHP/DQGHLLQ $UNDQVDVHLQHQ)ORKLQV2KUXQGSO|W]OLFKVDKGHUJDQ]H 2UWEHU)DUPHU-RQHV 6LOR8)2VNUHLVHQ:HQQPDQJH QXJ6LFKWXQJHQHU]HXJWHZDUPDQELQQHQNXU]HU=HLWIl KLJGLHJHVDPWH6LWXDWLRQ]XNRQWUROOLHUHQ'DVZDUGD PDOVLQGHQIQI]LJHU-DKUHQGLH7KHRULHJHZHVHQXQGHV KDWWHHLQH=HLWODQJIXQNWLRQLHUW$EHUGDQQKDWWHQVLFKGLH 'LQJHYHUlQGHUWGHU0\WKRVZDUJHZDFKVHQ%HWW\XQG %DUQH\+LOOZDUHQ$QIDQJGHUVHFK]LJHU-DKUHHQWIKUW ZRUGHQ-RKQ)XOOHUKDWWH7KH,QWHUUXSWHG-RXUQH\JH VFKULHEHQXQGVHLWGHPZDUHQGLUHNWH.RQWDNWHPLW$X HULUGLVFKHQGDVK|FKVWHGHU*HIKOH$OV7UDYLV:DOWRQ 0LWWHGHUVLHE]LJHU-DKUHYRQHLQHP8)2PLWJHQRPPHQ ZXUGHXQGGDQDFKHLQYRP(QTXLUHUSUHLVJHNU|QWHV%XFK VFKULHENHLQH$NWLRQLP5DKPHQGHV:KLWH%RRNVRQ GHUQYLHOPHKUGDVZDVGLH]XVWlQGLJH$EWHLOXQJGHU )LUPDDOVªKDXVJHPDFKWHQ6FKZLQGHO©EH]HLFKQHWH ZDU NODULQZHOFKH5LFKWXQJVLFKGHU8)20\WKRVZHLWHUHQW ZLFNHOQZUGHKDWWH%ULDQ5LFKDUGVGDPDOVVHOEVW HUVW(GLWRUHLQHYLHOYHUVSUHFKHQGH6WXGHQWLQLQGHU8QL YHUVLWlW6WDQIRUGDXIJHJDEHOWEHNDPVLHJUQHV /LFKWLKUH0HWKRGHQDQ]XZHQGHQ$OV5LFKDUGVEH I|UGHUWZXUGHYHUOLHKPDQLKUGHQ5DQJHLQHU(GLWRULQ XQGVLHZXUGHLKPXQPLWWHOEDUXQWHUVWHOOW 'LH7KHRULHVWDPPWHQLFKWYRQLKUVHOEVW'LH3XEOLVKHU KDWWHQVLHHQWZLFNHOW$EHUGLH0HWKRGHQHLQVFKOLHOLFK GHUZLVVHQVFKDIWOLFKHQ9HUIDKUHQGLH$UEHLWGLH)RUW VFKULWWHXQGGLH5FNVFKOlJHXQGVFKOLHOLFKGLHKHUDXVUD JHQGHQ(UIROJHGLHDOV*UXQGVWHLQGHVJDQ]HQ3UR JUDPPVJDOWHQDOOGDVZDULKU:HUNJHZHVHQ5LFKDUGV KDWWHHVLKUPLWGHXWOLFKHQHLQIDFKHQ:RUWHQJHVDJW ª.HQQHQ6LHGDV3KlQRPHQGDVDXIWULWWZHQQ]DKOUHLFKH )UDXHQLQHLQHP%UR]XVDPPHQDUEHLWHQ"'LHSKHURPR QLVFKH$QIKUHULQEHNRPPWLKUH7DJHXQGGDVVFKOlJW DXIGLHDQGHUHQ)UDXHQGXUFK:HQQPHKUHUH)UDXHQLP JOHLFKHQ%URHQJ]XVDPPHQDUEHLWHQGDXHUWHVQLFKW ODQJHELVGHU+DXVPHLVWHUZHLZDQQMHGHQ0RQDWGHU =HLWSXQNWNRPPWDQGHPHUGHQ7DPSRQVSHQGHULP:&

QDFKIOOHQPX6RHWZDVbKQOLFKHVWXQZLUKLHUDXFK-X OLD© 'DPDOVZDUHQVLHQRFKHLQ3DDUJHZHVHQXQGHUKDWWH HLQHQ0RPHQWJHZlKOWDOVVLH]XIULHGHQXQGXPVFKOXQ JHQLP%HWWODJHQXPHVLKU]XVDJHQª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lUEWGHQ=HLWJHLVW 'DVNROOHNWLYH8QEHZXWHZLUGJHSUlJWXQGYRQGHQ 8)2*OlXELJHQYHUlQGHUWELVVLFKGLH5HDOLWlWVHOEVWYHU lQGHUW3O|W]OLFKHQWVWHKWHLQQHXHV%HZXWVHLQLQGHUgI IHQWOLFKNHLWGDVZLUNRQWUROOLHUHQN|QQHQ:LUVXFKHQGLH $QIKUHUZLUVFKLFNHQVLH]XGLUXQGGXEHNRPPVWVR YLHO=HLWZLHGXEUDXFKVW'HUZLUNOLFKNRPSOL]LHUWH7HLO GDEHLLVWGHLQH$UEHLW'XPXWGLHVHQ/HXWHQHLQHQ7ULS YHUVFKDIIHQGXPXWVLHSURJUDPPLHUHQELVVLHJODXEHQ VLHVHLHQHQWIKUWXQGYRQ$XHULUGLVFKHQJHTXlOWXQG PLKDQGHOWZRUGHQ:LUHUILQGHQLPPHUYHUUFNWHUHLP PHUEL]DUUHUH6]HQDULHQDOV+LQWHUJUXQGDEHUZLUDFKWHQ GDUDXIGDGLH6FKLOGHUXQJHQQLFKW]XNRQVLVWHQWXQG SODXVLEHOZHUGHQGHQQGDQQZUGHQGLH:LVVHQVFKDIW OHUGLH5HJLHUXQJXQGGLH$NDGHPLNHUDXIPHUNVDPZHU GHQ-HGHV-DKUQLFKWPHKUDOVHLQSDDUULFKWLJSOD]LHUWH )lOOH9RLOi'DV%URWIlOOWLQV:DVVHU]HUNUPHOWXQGYHU WHLOWVLFK.LHVHOVWHLQHZHUGHQ]X6FKQHHElOOHQGLHHLQH /DZLQHDXVO|VHQ8QGDXIHLQPDOZHUGHQEHUDOO3KlQR PHQHEHREDFKWHW© 6LHKDWWHGLH,GHHVRDXIUHJHQGJHIXQGHQDXHUGHP 0DFKW]XHUKDOWHQH[SHULPHQWLHUHQ]XN|QQHQQHXHV

:LVVHQEHUGDVQHXURFKHPLVFKH6\VWHPGHV0HQVFKHQ ]XJHZLQQHQGDHVLKUEHUKDXSWQLFKWLQGHQ6LQQJH NRPPHQZDUGLHQDKHOLHJHQGH)UDJH]XVWHOOHQ$EHU VFKOLHOLFKKDWWHLKUH1HXJLHUGHJHVLHJW :DUXP" $XVZHOFKHP*UXQGVROOWHDOOGLHVJHWDQZHUGHQ" ª2KGDVZLUVWGXVLFKHUEDOGHUIDKUHQ©KDWWH5LFKDUGV LKUJHDQWZRUWHWª,P$XJHQEOLFNPXGLUJHQJHQGDHV GHP:RKOXQVHUHV/DQGHVGLHQWXQGGDHV.UlIWHJLEW GLHZLUDXIGLHVHYHUGHFNWHDEHUGHQQRFKVHKUHIIL]LHQWH :HLVHEHNlPSIHQ© $OVVLHGLHJDQ]H:DKUKHLWKHUDXVIDQGZDUVLHEHUHLWV ]XU(GLWRULQHUQDQQWZRUGHQXQGHPRWLRQDOEHUXIOLFK XQGLQMHGHUDQGHUHQ+LQVLFKWYLHO]XWLHILQGDV3URMHNW YHUVWULFNWXPQRFKDXVVWHLJHQ]XN|QQHQ 6HOEVWZHQQVLHHVJHZROOWKlWWHVLHNDPQLFKWPHKUKHU DXV'DV3URMHNW:KLWH%RRNZDULKU/HEHQXQGGLH 'LQJHGLHVLHOHUQWHXQGOHLVWHWHZDUHQHLQIDFKXQJODXE OLFK'LH.RQWUROOHGLHVLHEHUDQGHUH0HQVFKHQXQG EHULKUHLJHQHV6FKLFNVDODXVEHQGXUIWHHU]HXJWHHLQ *HIKOXQJHKHXUHU0DFKWXQGGDVZDUYLHOEHVVHUDOVMHGH 'URJHZHLOHVUHDOXQGGDXHUKDIWZDU $XHUGHPZUGHPDQVLHXPEULQJHQZHQQVLHNQ GLJWH ª*XW6HKUJXW'RNWRU©VDJWH5LFKDUGVZlKUHQGHU VHLQH$NWHQWDVFKHDXIKREXQGGLH0DSSHVDPW,QKDOW GDULQYHUVWDXWHª:LHHVDXVVLHKWOlXIWKLHULPJXWHQDOWHQ :LOGHQ:HVWHQDOOHVEHVWHQV©(UVDKVLFKOlFKHOQGLP %URXPª-DDXVLUJHQGHLQHP*UXQGVFKHLQWGLHVH$EWHL OXQJKLHUVWlQGLJGLHVFK|QVWHQ)UFKWH]XWUDJHQ*ODX EHQ6LHHVVWHFNWHWZDV0\VWLVFKHVGDKLQWHU'RNWRU"© ª,FKJODXEHHVOLHJWGDUDQGDZLUKLHU]LHPOLFKLVROLHUW VLQG5LFKDUGV:HLWGUDXHQDXIGHP/DQGNDQQPDQ OHLFKWHUDUEHLWHQPDQNDQQGLH2SHUDWLRQOHLFKWHUJH KHLPKDOWHQXQGZLUKDEHQPHKU)UHLUDXPIUXQVHUH%H ZHJXQJHQ©6LHWLSSWHDXILKUH.DIIHHWDVVHª$XHUGHP JLEWHVKLHUHLQH0HQJHPLOLWlULVFKHU$NWLYLWlWHQ'LH(LQ ZRKQHUVLQGGDUDQJHZ|KQWGDLQGHU1DFKW+XE VFKUDXEHUIOLHJHQXQGJHKHLPQLVYROOHJHVFKORVVHQH0LOL

WlUIDKU]HXJH]ZLVFKHQGHQ0HVDVXQG$UUR\RVKHUXP IDKUHQ© ª:LHXQURPDQWLVFKPHLQH/LHEH$XV,KQHQZUGHQLH HLQHDQVWlQGLJH8)2$QKlQJHULQ©(UVWDQGDXIª8QG MHW]WIKUHQ6LHPLFKELWWHKHUXP:LUZROOHQJOHLFKEHU GHQ*UXQGUHGHQDXVGHPLFK6LHEHUKDXSWDXIJHVXFKW KDEH,KU%HULFKWNOLQJWlXHUVWYLHOYHUVSUHFKHQG6WHKW GLH,PSOHPHQWLHUXQJXQPLWWHOEDUKHUYRU"© 6LHQLFNWHª8QVHUH6XEMHNWHVSUHFKHQDXIGLH.RQGLWLR QLHUXQJJXWDQ(VZDUEULOODQWGLH-DKUWDXVHQGZHQGHDOV )DNWRUHLQ]XIKUHQ,FKJODXEHXQVVWHKWMHW]WDOOHV]XU 9HUIJXQJXPHLQHQHXH5HOLJLRQ]XJUQGHQ(VLVWVHKU DXIUHJHQGEHLLKUHU*HEXUWPLWZLUNHQ]XN|QQHQGHQQ GLHVHU*ODXEHYHUHLQW6FK|QKHLWXQG(OHJDQ]HEHQVRZLH DEJUXQGWLHIH'XQNHOKHLW©6LHXQWHUEUDFKVLFKDOVLKU NODUZXUGHGDVLHEHJHLVWHUWJHVSURFKHQXQGLKUH*H IKOH]XRIIHQJH]HLJWKDWWH'DVNDPQLFKWLQ)UDJHª:DV LVWPLW6FDUERURXJK"©VDJWHVLHGDV7KHPDZHFKVHOQG ª(ULVWVHKUJHIlKUOLFKIUXQV6HKUJHIlKUOLFKIUGDV :KLWH%RRN8QGLFKJODXEHHUN|QQWHVRJDUGDV%ODFN %RRNJHIlKUGHQ© $OVVLHDQ6FDUERURXJKGDFKWHZDUHVLKUDOV]|JHQ GXQNOH:RONHQGXUFKLKUHQ.RSI6LHZDU]RUQLJXQGDXI HLQPDOUHJWHQVLFKQRFKDQGHUH*HIKOHGLHVLHVRIRUWXQ WHUGUFNWH'LH.DSVHOLQLKUHP,QQHUQGURKWHVLFK]X|II QHQ5LFKDUGVGXUIWHHVQLFKWVHKHQHUGXUIWHQLFKWHUIDK UHQZDVZLUNOLFKLQLKUYRUJLQJLQLKUHP,QQHUQGDV ]HUNOIWHWZDUZLHGHU6GHQ.DOLIRUQLHQV ª.HLQH6RUJH'RNWRU'DQNXQVHUHU9HUELQGXQJHQ]X GHQ0HGLHQZLUGHVLQGHU|IIHQWOLFKHQ:DKUQHKUQXQJ (YHUHWW6FDUERURXJKVHLQH.HKUWZHQGXQJJHEHQ(ULVW QLFKWPHKUGHU9RUUHLWHUYRQ/RJLNXQG9HUQXQIWQLFKW PHKUGHUNOXJHZRUWJHZDQGWH6NHSWLNHUVRQGHUQHU VFKHLQWMHW]WDOVZDKQVLQQLJHU0|UGHU$OVFKDUPDQWHU 3V\FKRSDWKGHUGLHgIIHQWOLFKNHLWVFKRQVHLW-DKUHQKLQ WHUV/LFKWIKUWH:HQQHUGHU:DKUKHLWDXFKQXUHLQ6WFN ZHLWQDKHNRPPWXQGVLHYHUEUHLWHQZLOOQXQELVGDKLQ ZHUGHQZLUVHLQHQ5XIOlQJVWUXLQLHUWKDEHQ0DQZLUG GHQ(LQGUXFNKDEHQHUOLWWHDQVHLQHPVFKUHFNOLFKHQ9HU

IROJXQJVZDKQGDVKLOIORVH2SIHUGHV*HQXVVHV]XYLHOHU 5RPDQHYRQ5REHUW/XGOXP©5LFKDUGVOlFKHOWHXQG]RJ HLQGLFNHV%XFKDXVGHU7DVFKHªhEULJHQVKDEHLFKYRUKLQ DXIGHP)OXJGDVOHW]WH%XFKYRQ/XGOXPDXVJHOHVHQ :ROOHQ6LHHVKDEHQ"© 6LHVFKWWHOWHGHQ.RSIª6LHZLVVHQGRFKGDLFKNHLQH 5RPDQHOHVH0U5LFKDUGV©6FKQHOONDPVLHDXIGDVYRU KHULJH7KHPD]XUFNª$EHUZDV6FDUERURXJKDQJHKW 6LHYHUVXFKHQLKQ]XVFKQDSSHQQLFKWZDKU"© ª$EHUVHOEVWYHUVWlQGOLFK© ª8QGGDQQ":HUGHQ6LHLKQXPEULQJHQ"© ª:LUN|QQHQQLFKW]XODVVHQGDHUZHLWHUIUHLKHUXP OlXIW1LFKWPLWGHPZDVHUMHW]WDQVFKHLQHQGZHL© ª0LUNRPPWGDHLQH,GHH5LFKDUGV:HQQHVVHLQPX GDQQW|WHQ6LHLKQPHLQHWZHJHQ,FKNDQQYHUVWHKHQZDV 6LHGDUEHUGHQNHQ$EHUIDOOV6LHLKQOHEHQGLJHUZLVFKHQ VROOWHQXQGLKQ]XEHIUDJHQZQVFKHQEHYRU6LHLKQEH VHLWLJHQ© 6LHXQWHUEUDFKVLFKVXFKWHQDFKGHQULFKWLJHQ:RUWHQ ª6LHZROOHQLKQKDEHQ'RNWRU"©IOVWHUWH5LFKDUGV(U YHUVWDQGZDVVLHPHLQWH ª-D©VDJWH'U-XOLD&XQQLQJKDPªhEHUODVVHQ6LHPLU GHQJURHQ6NHSWLNHUHLQH:HLOH© 6LHNRQQWHQLFKWDQGHUVLKUHXQJHVFKPLQNWHQ/LSSHQ YHU]RJHQVLFK]XHLQHPNOHLQHQ/lFKHOQ

.DSLWHO 'DV6FK|QHDQHLQHU9HUVHW]XQJLQV+LQWHUODQGGHU86$ ZDUGDGLH+lXVHUGRUWHUKHEOLFKZHQLJHUNRVWHWHQDOV LP(LQ]XJVEHUHLFKGHUJURHQ6WlGWH 0DUVKD0DQQLQJEHVDHLQKEVFKHV+DXVLP%DXVWLO YRQ&DSH&RGGD]XJHQDXHLQHQ$FUH/DQGHLQLJH %lXPHXQGHLQH:LHVHHLQ$QOLHJHQGDVVLHPLW+LOIH HLQHU+\SRWKHNRKQHZHLWHUHVKDWWHNDXIHQN|QQHQ(LQH NOHLQH(UEVFKDIWYRQLKUHP*URYDWHUKDWWHIUGLH$Q]DK OXQJDXVJHUHLFKW6LHKDWWHQXUQRFK]ZHL-DKUHDE]X]DK

OHQDEHULQQHUKDOEGLHVHU]ZHL-DKUHZUGHVLHPLW6LFKHU KHLWYHUVHW]WZHUGHQ6LFKHUZUGHVLHEHLP8P]XJNHLQ *HOGYHUOLHUHQXQGYLHOOHLFKWVRJDUDQLKUHPQHXHQ 'LHQVWRUWHLQ6FKQlSSFKHQPDFKHQN|QQHQ$QGHUHUVHLWV NRQQWHVLHVLFKGRUWDXFKHLQH:RKQXQJQHKPHQXQGGDV +DXVYHUPLHWHQ:LHDXFKLPPHUVLHZUGHGDV+DXV YHUODVVHQPVVHQXQGVLHZUGHHVJDQ]EHVWLPPWYHU PLVVHQGDVZXWHVLH 0DUVKD0DQQLQJGDFKWHEHUGLHVH)UDJHQQDFKZlK UHQGVLHLKUHQEODXHQ+\XQGDL([FHOYRP.HSOHU'ULYHLQ GLHDVSKDOWLHUWH=XIDKUWLKUHV+DXVHVOHQNWH 'HU)UKOLQJQHLJWHVLFKGHP(QGH]XZHLFKHV1DFK PLWWDJVOLFKWODJDXIGHPVFKLHIHUJHGHFNWHQ'DFKGHU :LQGVSLHOWHPLWGHQ%OlWWHUQGHU%lXPHXQGVWULFKEHU GLH(UGHZLHHLQOLHEHYROOHU9DWHUEHUGDV+DDUVHLQHV .LQGHV'HU*HUXFKQDFKIULVFKDXVJHWULHEHQHQ%XFKHQ EOl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lXIHQDXVGHP :DJHQ ,Q:LUNOLFKNHLWZDUHVVRGDVLHQDFKHLQHUODQJHQ%H ]LHKXQJ5DXPEUDXFKWHXPZLHGHU]XVLFK]XNRPPHQ 6LHOHEWHJHUQDOOHLQ1DWUOLFKZDUVLHKLQXQGZLHGHUPDO PLWHLQLJHQGHU0lQQHUDXVJHJDQJHQGLH-LOO3HUNLQVRGHU +DUULHW'XUNIUVLHDXVJHVXFKWKDWWHQ(VZDUMDNHLQHV ZHJVVRGDVLHPHQVFKHQVFKHXZDU$EHUVLHZROOWHVLFK HEHQQLFKWDXIWLHIHUH*HIKOHHLQODVVHQXQGVRKDWWHVLH VLFKLQGLHVH*HJHQGYHUVHW]WHLQKEVFKHVJHPWOL

FKHV+DXVJHNDXIWXQGHLQH$UWSV\FKRORJLVFKHV*URUHL QHPDFKHQLQ$QJULIIJHQRPPHQ5DXVDXVGHQYHUVWDXE WHQ$EKlQJLJNHLWHQ$XIGHQ0OOPLWGHQYHUJLOEWHQ(U LQQHUXQJHQDQHLQHJHVFKHLWHUWH/LHEH+HUHLQPLWQHXHP /HVHVWRII6SRUWWUHLEHQXQG%lQGHUPLW0HGLWDWLRQVPXVLN K|UHQGLHLKU6HOEVWEHZXWVHLQVWHLJHUQKDOIHQ0DUVKD 0DQQLQJVZROOWHJUDXH0DXHUQJUHOOURVDDQVWUHLFKHQGD PLWVLHVLFKHQGOLFKZLHGHUVRJXWIKOHQNRQQWHZLHHV HLQHUHUIROJUHLFKHQ)UDXLQGHQQHXQ]LJHU-DKUHQQXUP|J OLFKZDU 'DVZDUDOOHVVHKUVHKUJXWYHUODXIHQELVVLH'RNWRU (YHUHWW6FDUERURXJKNHQQHQJHOHUQWKDWWH 6LH]RJLKUHQ6FKOVVHOULQJDXVGHU7DVFKHDQGHPDX HUGHQ6FKOVVHOQDXFKHLQZLQ]LJHU&KLSKLQJ,KUH PlQQOLFKHQ.ROOHJHQKDWWHQLKUGDV3OlWWFKHQQDFKGHU $XVELOGXQJDP&RPSXWHUJHVFKHQNWZHLOVLHDOVEHVWHDE JHVFKQLWWHQKDWWH6LHVFKORGLH7UDXI:HUKlWWHDXFK DKQHQN|QQHQGDHLQEHNDQQWHU:LVVHQVFKDIWOHUHLQ $XWRUXQG8)26NHSWLNHUGHUGLHIQI]LJOlQJVWKLQWHU VLFKJHODVVHQKDWWHLKUHKEVFKHHPRWLRQDOH,QQHQHLQULFK WXQJGHUDUWLQ8QRUGQXQJEULQJHQNRQQWH"*DQ]]X VFKZHLJHQGDYRQGDVLHIULKQLKUH.DUULHUHDXIV6SLHO JHVHW]WKDWWH(YHUHWW6FDUERURXJKQDJXWGDFKWHVLHDOV VLHGDV/LFKWHLQVFKDOWHWH6LHKDWWHLKUHQ9RUJHVHW]WHQHL QLJHJXWH(UNOlUXQJHQJHOLHIHUWXQGHVVFKLHQVRDOVNlPH VLHQLFKWYRUV.ULHJVJHULFKW:lUHHVQDFK&RORQHO:DOWHU 'RODQJHJDQJHQGDQQKlWWHLKUGDVGXUFKDXVSDVVLHUHQ N|QQHQ*RWWVHL'DQNKDWWHVLHVLFKGLH=HLWJHQRPPHQ DOOHVVWUHQJQDFKGHQ9RUVFKULIWHQDE]XZLFNHOQDOVVLH 6FDUERURXJKDXVGHU+DIW]HOOHGHU$LU)RUFHEHIUHLWKDWWH 8QG*RWWVHL'DQNZDULKUGHU*HQHUDOGHQVLHDXVGHP %HWWJHKROWKDWWHGDPLWHULKUGLH3DSLHUHXQWHUVFKULHE SHUV|QOLFKVHKUJHZRJHQ(UZDULKUVRJDUHLQHQ*HIDOOHQ VFKXOGLJJHZHVHQ2KQHGLHVH+LOIH 1XQVLHZROOWHHLQIDFKQLFKWPHKUGDUEHUQDFKGHQ NHQ'LH$LU)RUFHZDULKUZLFKWLJHVZDULKU-REXQG DXFKZHQQVLHVLFKQLFKWJHUDGHIKOWHZLHDXIHLQHU+RFK ]HLWVUHLVHKDWWHVLHVLFKIUODQJH=HLWYHUSIOLFKWHWXQG IHVWJHOHJW(VZDU

6LHVWHOOWHGLH7WHPLWGHQ(LQNlXIHQDXIGHQ.FKHQ WLVFKXQGVDKVLFKVWLUQUXQ]HOQGXP ,UJHQGHWZDVVWLPPWHKLHUQLFKW 6LHNRQQWHHVVSUHQ $XIGHQHUVWHQ%OLFNVFKLHQDOOHVDQ2UWXQG6WHOOH]X VHLQ'LH6SOHEOLW]WHVDXEHUGLH.DIIHHS|WWHPLWGHQNR PLVFKHQ6SUFKHQXQG$EELOGXQJHQKLQJHQDQLKUHQ 3OlW]HQGLH6FKUDQNWUHQZDUHQJHVFKORVVHQ 7URW]GHPOLHILKUHLQ6FKDXHUGHQ5FNHQKLQXQWHU(V ZDUHLJHQWOLFKNHLQH$QJVWVRQGHUQHLQH$UWJHVSDQQWH 9RUVLFKWZLHEHLHLQHU.DW]H 2EHLQ(LQEUHFKHULQGDV+DXVHLQJHGUXQJHQZDU" ,KUHLQQHUHQ$ODUPJORFNHQVFKULOOWHQODXW (LQLJH0LWDUEHLWHUGHU|UWOLFKHQ3ROL]HLYRUDOOHP-LP 1LFKROVXQG5RE3URVN\KDWWHQVLHLQV+HU]JHVFKORVVHQ 6LHZDUHLQRGHU]ZHLPDOPLW-LPDXVJHJDQJHQXQGVLH KlWWHVLFKDXFKPLW5REYHUDEUHGHWZHQQGHUQLFKWYHUKHL UDWHWJHZHVHQZlUHª6LHN|QQHQXQVMHGHU]HLWDQUXIHQ 0DUVKD'LH1XPPHUKDEHQ6LHMD:HQQ6LHDXFK QXUGDVNOHLQVWH3UREOHPKDEHQGDQQSUHVFKHQZLUPLW GXUFKGUHKHQGHQ5lGHUQ]X,KUHP+DXV6HOEVWZHQQ6LH QXUMHPDQGHQVXFKHQPLWGHP6LH.DIIHHWULQNHQXQGHLQ SDDU'RQXWVHVVHQZROOHQ© 1DWUOLFKKDWWHVLHWURW]GHPQRFKQLHGLH3ROL]HLDQJH UXIHQ6LHZROOWHQLFKWGHQ(LQGUXFNHUZHFNHQVLHVHLHLQH KLOIORVHHLQVDPH)UDX'DVZDUHLQIDFKQLFKWLKU6WLO*DQ] GDYRQDEJHVHKHQGDVLHELVKHUVRZLHVRQLFKWGHQJHULQJ VWHQ*UXQGJHKDEWKDWWH1LFKWHLQPDODOV3UHVV\GLH .DW]HGHU1DFKEDULQDXILKU'DFKJHVWLHJHQZDU6LHKDWWH VLFKHLQH/HLWHUJHERUJWXQGGDV7LHUVHOEVWKHUXQWHUJH KROW 7URW]GHPKLHUVWLPPWHHWZDVQLFKWXQGQDFKGHP0DF 0DF.HQ]LHLQ,RZDHUPRUGHWZRUGHQZDUQXQMD 0DUVKD0DQQLQJZDUHLQHNOXJH)UDXGLHJHQDXZXWH ZRGHU6WRO]DXIK|UHQXQGGHU3UDJPDWLVPXVEHJLQQHQ PXWH 7URW]GHU*U|HGHV+DXVHVJDEHVQXU]ZHL7HOHIRQDS SDUDWH(LQHUVWDQGLQLKUHP$UEHLWV]LPPHUZR]XJOHLFK LKU0RGHPDQJHVFKORVVHQZDUGHU]ZHLWHLP6FKODI]LP

PHU'LH6FKODI]LPPHUWUZDUGLHQlFKVWHVLHPXWHQXU YRQGHU.FKHDXVGXUFKHLQHQNXU]HQ)OXUJHKHQ 0DUVKD0DQQLQJZDQGWHVLFKLQGLHVH5LFKWXQJ (LJHQWOLFKLVWGDVDOEHUQGDFKWHVLHDOVVLHGDV/LFKWHLQ VFKDOWHWH$EHUOLHEHUDOEHUQXQGYRUVLFKWLJDOVYHUOHW]W RGHUWRW 'DV7HOHIRQVWDQGQHEHQGHP%HWW6LHJLQJKLQEHU KREDEXQGZlKOWH 1HXQ (LQV 'HU0DQQPXWHVLFKKLQWHUGHP6FKUDQNYHUVWHFNWKD EHQ(UVWDQGDXIHLQPDOKLQWHULKUXQGOHJWHLKUHLQH+DQG DXIGHQ0XQGXQGHLQHQ$UPXPGLH7DLOOH ª.HLQH%HZHJXQJ©VDJWHHUª,FKZLOOGLUQLFKWZHKWXQ ,VWKLHUQRFKMHPDQGEHL© 6FKRQYRUGHU*UXQGDXVELOGXQJKDWWH0DUVKDHLQLJH 6HOEVWYHUWHLGLJXQJVNXUVHDEVROYLHUW6LHUHDJLHUWHUHIOH[ DUWLJXQGRKQHQDFK]XGHQNHQVHW]WHLKUHQ.|USHUDOV 'UHKSXQNWHLQVWLHGHQ+LQWHUQJHJHQGLH%HLQHGHV 0DQQHV]XUFNXQG]RJLKQEHULKUH6FKXOWHU(UODQGHWH DXIGHP%RGHQXQGVWUHFNWHEHUUDVFKWDOOHYLHUHYRQVLFK ª+L©ULHIVLHXQGKREGLH6FKODJKDQG%HLQDKHKlWWHVLH ]XJHVFKODJHQGRFKGDQQZXUGHLKUNODUGDVLHGLH 6WLPPHGHV(LQGULQJOLQJVVFKRQEHLPHUVWHQ:RUWKlWWH HUNHQQHQPVVHQ6LHKLHOWLQQHXQGVWDUUWHGDV*HVLFKW GHV0DQQHVDQGHQVLHQXU]XJXWNDQQWH ª6FDUERURXJK©VDJWHVLH ,KU]X)HQODJMHPDQGGHUQXUQRFKHQWIHUQWDQGHQ 'U(YHUHWW6FDUERURXJKHULQQHUWHGHQVLHYRUHLQLJHU=HLW NHQQHQJHOHUQWKDWWH ª0HLQH*WH0DUVKD©VW|KQWHHUª:HQQLFKJHZXW KlWWHGDGXHLQH.DUDWHPHLVWHULQELVWGDQQKlWWHLFK PLFKGLUHUKHEOLFKYRUVLFKWLJHUJHQlKHUW©(UVFKWWHOWH GHQ.RSIUROOWHVLFKKHUXPXQGNDPVFKZDQNHQGDXIGLH .QLHª,FKKDEHQLHPDQGHQJHVHKHQELVWGXDOOHLQJH NRPPHQ"© ª-DLFKELQDOOHLQ0HLQ*RWW(YHUHWWPHLQ*RWW'X KDVWGRFKPHLQH7HOHIRQQXPPHU.RQQWHVWGXQLFKWDQUX IHQ"©

(UVFKWWHOWHGHQ.RSIª,FKKDWWHNHLQH=HLW+LPPHOHV NDQQVRJDUVHLQGDGHLQ+DXVEHUZDFKWZLUGDEHUGLH VHV5LVLNRPXWHLFKHLQJHKHQ,FKEUDXFKHGHLQH+LOIH XQGLFKEUDXFKHVLHZLUNOLFKGULQJHQG© (UVWDQGDXIXQGVHW]WHVLFKDXIGLH%HWWNDQWHbXHUOLFK VDKHUDXVZLH(YHUHWW6FDUERURXJKDEHUHUZDUQLFKW PHKUGHU0DQQGHQVLHLQ,RZDLQ0DF0DF.HQ]LHV+DXV DXIGHP/DQGNHQQHQJHOHUQWKDWWH,QVHLQHPIUKHUPD NHOORVUDVLHUWHQ*HVLFKWZDUHLQ(LQZRFKHQEDUWJHZDFK VHQGDVHKHPDOVVDXEHUIULVLHUWH+DDUZLUNWH]RWWHOLJXQG XQJHNlPPWHUWUXJVFKPXW]LJH-HDQVHLQO|FKULJHV)OD QHOOKHPGXQGHLQHQEODXHQ$QRUDN)UKHUZDUHUVRJDU EHLHKHULQIRUPHOOHQ$QOlVVHQIDVWQLHRKQH.UDZDWWHDXI JHWDXFKW-HW]WKDWWHHUWLHIH5LQJHXQWHUGHQ$XJHQXQG VDKDXVJHPHUJHOWDXV 6LHZDUVSUDFKORV ª,FKELQKHXWHPRUJHQGXUFKHLQRIIHQHV)HQVWHUHLQJH VWLHJHQXQGZDUVRPGHGDLFKDXIV%HWWILHOXQGVRIRUW HLQVFKOLHI$OVGXJHNRPPHQELVWZXWHLFKQLFKWREGX DOOHLQZDUVW(VWXWPLUOHLGGDLFKPLFKVRXQJHVFKLFNW EHPHUNEDUJHPDFKWKDEH,FKZDUQLFKWUHFKWEHL9HU VWDQG© ª(Y(YZDVWXVWGXQXUKLHU"© (UVDKDQVLFKKHUDEVWDUUWHVHLQHDEJHVWRHQHQ6WUD HQVFKXKHDQXQG]XPHUVWHQPDOVHLWVLHLKQNDQQWHJH ZDQQ0DUVKDGHQ(LQGUXFNGDHUVLFKVFKRQIDVWDXIJH JHEHQKDWWH$XIMHGHQ)DOOZDUHUVWDUNDQJHVFKODJHQ ª'DPDOVDXIGHP1DWLRQDO$LUSRUWKDVWGXJHVDJWZHQQ LFKGLFKEUDXFKHN|QQWHLFKNRPPHQ'XKDVWPLUGLH $GUHVVHJHJHEHQ© ª1DWUOLFKELVWGXZLOONRPPHQ©VDJWHVLHHLQZHQLJ XQVLFKHUª,FKKDEHQXUQLFKWGDPLWJHUHFKQHW,FKPHLQH QDFKDOOGHPZDVJHVFKHKHQLVWLFKKDEHYRQGHP&,$ $JHQWHQJHK|UWGHUYRP+RRYHU'DPPJHVWU]WLVWYRQ GHLQHP9HUVFKZLQGHQDEHULFKKlWWHZLUNOLFKQLFKW YHUPXWHWGDGXKLHUDXIWDXFKHQZUGHVW© 6FDUERURXJKQLFNWHª
HVIRUPXOLHUHQVROOHQ+HJODXEVWGXLFKN|QQWHHLQHQ .DIIHHNULHJHQ",FKIKOHPLFKDOVKlWWHLFK6SLQQZHEHQ LP.RSI© ª6LFKHUGRFK6FKDIIVWGXHVELVLQGLH.FKH"© ª6REDOGPHLQ5FNJUDWXQGGLHJHEURFKHQHQ5LSSHQ YHUKHLOWVLQG© 6LHPXWHXQZLOONUOLFKODFKHQª'XOHEVWQRFKXQGGX OHUQVW'RNWRU/HJGLFKHLQH:HLOHDXIGDV%HWWZHQQGX ZLOOVW,FKJHKHUEHUXQGPDKOHHFKWHNROXPELDQLVFKH .DIIHHERKQHQXQGGDQQZHUIHLFKGLH.DIIHHPDVFKLQH DQ© ª'DQNHDEHULFKJODXEHLFKVFKDIIHHVELVLQGLH.FKH© (UEHZHJWHVLFKK|O]HUQZDQGHUWHDEHUPLWLKULQGLH .FKHKLQEHUZR0DUVKDVRIRUWPLW.DIIHHPDFKHQEH JDQQ ª:LOOVWGXZDVHVVHQ"© ª-DLFKELQ]LHPOLFKKXQJULJ© ª:LHELVWGXEHUKDXSWYRQ1HYDGDKLHUKHUDXIJHNRP PHQ"© 6FDUERURXJKVFKOXJVLFKGLH+lQGHYRUV*HVLFKWXQG VHXI]WHª9LHOOHLFKWVROOWHLFKHUVWHWZDV.DIIHHWULQNHQXQG HLQH'XVFKHQHKPHQ,FKIKOHPLFKZLHHWZDVGDVHLQH .DW]HDQJHVFKOHSSWXQGLQGHU.DW]HQNLVWHYHUEXGGHOW KDW© 6LHEUDFKWHLKPGHQ.DIIHHJDELKPHLQVDXEHUHV+DQG WXFKXQG]HLJWHLKPZRGLH'XVFKHZDU $OVGDV:DVVHULQGLH%DGHZDQQHWURPPHOWHNHKUWHVLH LQGLH.FKH]XUFNJRVLFKVHOEVWDXFKHLQHQ.DIIHHHLQ XQGJDEHWZDV6VWRIIXQGIHWWDUPH0LOFKGD]X (UVWMHW]WJHVWDWWHWH0DUVKD0DQQLQJVLFKHLQOHLFKWHV ]|JHUQGHV/lFKHOQ 1XQZDUDOVR(YHUHWW6FDUERURXJKGRFKQRFKLQLKU/H EHQ]XUFNJHNHKUWGLHVHUYHUUFNWH'LFNVFKlGHOXQGDXI HLQPDOURFKHVQDFK*HKHLPQLVVHQXQG$EHQWHXHUQ 6LHZDUVHKUIURKGHQ0DQQZLHGHU]XVHKHQ 6HKUVHKUIURK

.DSLWHO 0DUKD0DQQLQJEHUHLWHWHLKPHLQHNUlIWLJH0DKO]HLW]X PLW(LHUQXQG6SHFN%UDWNDUWRIIHOQ2UJDQJHQVDIW9ROO NRUQWRDVW0DUPHODGHXQGDOOHPDQGHUHQZDVHUDXV LKUHP.KOVFKUDQNKDEHQZROOWH (VZDUN|VWOLFK 8QWHUZHJVKDWWHHUQLFKWYLHOJHJHVVHQ(UKDWWHNDXP $SSHWLWJHKDEW$XHUGHPZDUHUEHU1HEHQVWUDHQJH IDKUHQKDWWHVLFKYRQGHQYHUNHKUVUHLFKHQ+LJKZD\V IHUQJHKDOWHQZDUGHQJXWEHVXFKWHQ7UXFN6WRSVXQG 6FKQHOOLPELVVHQDXVJHZLFKHQXQGKDWWHVLFKDQNOHLQH YRQ(LQKHLPLVFKHQEHWULHEHQH*HVFKlIWHJHKDOWHQZRHU LP9RUEHLJHKHQUDVFKHLQ6DQGZLFKNDXIHQNRQQWH6RO FKHXQGlKQOLFKHJDVWURQRPLVFKH:XQGHUZHUNHQDKPHU LP$XWR]XVLFKXQGVWHOOWHGDEHLGDV$XWRUDGLRDXIGLH 1DFKULFKWHQVHQGXQJHQHLQGLHHUMHZHLOVLQGHU*HJHQG HPSIDQJHQNRQQWH:RHVQXU0XVLNVHQGXQJHQJDEHU WUXJHUGDV*HKHXOHGHU&RXQWU\ :HVWHUQ0XVLNRGHU GDV*HKlPPHUHGHU7RS)RUW\XP]XUYROOHQ6WXQGHGLH 1DFKULFKWHQ]XHUZLVFKHQXQG]XK|UHQREGDYRQLKP YRQ8)2VRGHUYRQGHQLOOHJDOHQ2UJDQLVDWLRQGHU5HJLH UXQJGLH5HGHZDUGLHLKQVFKQDSSHQZROOWH $EHUHUNRQQWHQLFKWV1HXHVHUIDKUHQ $XFKGLH=HLWXQJHQEHULFKWHWHQNDXPEHUGHQ9RUIDOO ,QQHUKDOEYRQ]ZHL7DJHQJDEHVQXUHLQHQJURDXIJH PDFKWHQ%HULFKWGDQQNDPEHUKDXSWQLFKWVPHKU-HGHQ IDOOVKDWWHHULQGHQ%OlWWHUQGLHHULQ6XSHUPlUNWHQNDX IHQRGHUDQ$XWRPDWHQ]LHKHQNRQQWHQLFKWVJHIXQGHQ (LQHV$EHQGVKDWWHHU]XIlOOLJLQGHU)HUQVHKVHQGXQJ $&XUUHQW$IIDLUHWZDVPLWEHNRPPHQDOVHUY|OOLJHU VFK|SIWZDUXQGEHVFKORVVHQKDWWHNHLQHVIDOOVQRFKHLQH ZHLWHUH1DFKWDXIGHP5FNVLW]]XYHUEULQJHQ(UZDULQ HLQHPKHUXQWHUJHNRPPHQHQDOWHQ0RWHOPLWJUHOOHQ1H RQUHNODPHQLQGHU1lKHYRQ0XQFLH,QGLDQDDEJHVWLH JHQ,URQLVFKHUZHLVHZDUGDVZDVLP)HUQVHKHQJH]HLJW ZXUGHVFKRQYRU:RFKHQDXIJH]HLFKQHWZRUGHQXQG DOOHVDQGHUHDOVQHX9RUHLQLJHU=HLWKDWWHHUPHKUHUHQ 6HQGHUQ,QWHUYLHZVJHJHEHQXPIUVHLQQHXHV%XFK]X

ZHUEHQGDVGHQ7LWHO$ERYH8V2QO\6N\WUXJ'LHVHQVD WLRQVJHLOHQ-RXUQDOLVWHQKDWWHQMHW]WQLFKWVZHLWHUJHWDQ DOVGHU*HVFKLFKWHHLQHQHWZDVDQGHUHQ'UHK]XJHEHQHLQ SDDUDXIJHUHJWH.RPPHQWDUHHLQ]XVWUHXHQXQGHLQSDDU %OXWIOHFNHQDXIGHP+RRYHU'DPP]XILOPHQXQGVFKRQ ZDUGLH*HVFKLFKWHIHUWLJ)HUQVHKHQIUGHQVRIRUWLJHQ 9HU]HKU6FDUERURXJKNDPHVYRUDOVZlUHHVHLQ)UHP GHUGHUGDDXIGHP%LOGVFKLUPVFKDUIH%RQPRWVEHUGLH *Ol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lXPH VFKPFNWHQEHVRQGHUVZLFKWLJJHZRUGHQ(LQJURHV QLFKWJDQ]ELOOLJHV1HVWGDVVHLQH%LOELRWKHNVHLQH6WHUHR DQODJHVHLQH6FKDOOSODWWHQVDPPOXQJVHLQHQ6FKUHLEWLVFK XQGVHLQHQ&RPSXWHUEHKHUEHUJWHDOOGLHVFK|QHQ 'LQJHGLHLKQJHJHQGDV&KDRVGUDXHQDEVFKLUPWHQJH JHQGLHNDOWHXQGGXQNOH6HLWHGHV/HEHQV:lUPH9HU QXQIW,QWHOOLJHQ].ODUKHLWGDVZDUHQGLH4XDOLWlWHQGLH GLHVHV+DXVIULKQYHUN|USHUWH$EHU6FDUERURXJKZXWH QLFKWZDQQHUHVZLHGHUVHKHQZUGH)DOOVEHUKDXSWMH PDOV8QGVRZDUHUIURKGLHYLHOHQ'LQJHLQ0DUVKDV +DXVEHWUDFKWHQ]XGUIHQ'LHDOWPRGLVFKH6WDQGXKU GHQDQWLNHQ6WXKOLP(]LPPHUGLH]HUNQLWWHUWHQXQG DXIJHEOlWWHUWHQ=HLWVFKULIWHQGLHEHUDOOLP:RKQ]LPPHU KHUXPODJHQ(UKDWWHGDV*HIKOGDKHLP]XVHLQXQGHU EHNDP]XJOHLFKHLQLJH(LQEOLFNHLQGDV/HEHQXQGGLH3HU V|QOLFKNHLWGLHVHU)UDX ª+P©PDFKWH0DUVKDGLHLKQEHREDFKWHWHZlKUHQGHU GLH(LHUYHUGUFNWHXQGGHQ6SHFNYHU]HKUWH6LHXQWHU KLHOWHQVLFKZLHHUHVVLFKJHZQVFKWKDWWHEHU%HODQJOR

VLJNHLWHQ(UVWHOOWHLKUHLQLJH)UDJHQQDFKLKUHP+DXV XQGLKUHP/HEHQXQGVLHVSUDFKHQEHUDOOHVP|JOLFKH QXUQLFKWEHU8)2VXQGGLH6FKZLHULJNHLWHQLQGHQHQHU VWHFNWHª,FKJODXEHLFKPDFKHGLUQRFKPHKU© 6LHWDWHVXQGHUVFKOXJVLFKJOFNOLFKGHQ%DXFKYROO 8QWHUQRUPDOHQ8PVWlQGHQKlWWH(YHUHWW6FDUERURXJK JURH%HGHQNHQJHKDEWVHLQHQ&KROHVWHULQVSLHJHOPLW HLQHUHLQ]LJHQ0DKO]HLWVRVHKU]XVWHLJHUQ6FKRQEHLGHU MlKUOLFKHQ5RXWLQHXQWHUVXFKXQJYRUHLQLJHU=HLWZDUHQ GLH:HUWHHWZDV]XKRFKJHZHVHQXQGHUKDWWHVLFKVHKU EHPKWNHLQHIHWWHQ6SHLVHQPHKU]XHVVHQ$EHUGDHU KXQJULJZDUZLHHLQ:ROIXQGRKQHKLQQLFKWZXWHREHU GLHQlFKVWH:RFKHEHUOHEHQZUGHVWHOOWHHUVHLQH%H GHQNHQ]XUFN (UDHLQIDFKQXU $OVHUVLFKHWZDVEHVVHUIKOWHDOVGHU.DIIHHVHLQHQ .UHLVODXIDXI7RXUHQEUDFKWHXQGHUVLFKEHLQDKHZLHHLQ 0HQVFKYRUNDPEHDQWZRUWHWHHUHQGOLFKGLH)UDJHQGLH VLH]XUFNJHKDOWHQKDWWHXQGOHQNWHGDV*HVSUlFKDXIGDV 7KHPDGDVZLHHLQHGXQNOH:RONHGURKHQGEHULKQHQ JHKDQJHQKDWWH ª,FKKDEHHLQ$XWRJHNDXIW© 6LHKREGLH$XJHQEUDXHQXQGVWHOOWHGLH.DIIHHWDVVHDXI GHQ8QWHUWHOOHU ª(LQ$XWR":RKHUKDVWGXGHQQGDV*HOGKHU",FKKDEH GUDXHQEULJHQVDXFKNHLQ$XWRJHVHKHQ© ª(VLVWHLQDOWHUYHUEHXOWHU)RUG)DOFRQ(UVWHKWHLQ 6WFNZHLWHULQHLQHU6HLWHQVWUDH©(UWDXFKWHHLQ6WFN 7RDVWLQGLH3IW]H(LJHOEDXIVHLQHP7HOOHUXQGELKLQ HLQª,FKZROOWHGHQ:DJHQQLFKWGLUHNWYRUGHLQHP+DXV SDUNHQ0DUVKD(VJLEWHLQH9HUELQGXQJ]ZLVFKHQXQV XQGHVZUGHPLFKQLFKWZXQGHUQZHQQGLFKGDV)%, VFKRQQDFKXQVHUHU%H]LHKXQJEHIUDJWKDW© ª-DGDVKDEHQVLHJHWDQDEHUYLHONDPGDEHLQLFKWKHU DXV,FKKDEHGLFKMDQXULQ9LUJLQLDDXVGHU+DIWJHKROW XQGGDZXUGHVWGXLOOHJDOIHVWJHKDOWHQXQGLFKKDEH QLFKWV)DOVFKHVJHWDQ$OVVLHVDJWHQGXVHLVWHLQ0|UGHU KlWWHVWHLQHQ&,$$JHQWHQJHW|WHWXQGPDQZUGHGLFK DOV9HUGlFKWLJHQZHJHQGHU(UPRUGXQJYRQ&DSWDLQ(ULF

0DF.HQ]LHVXFKHQELQLFKSIOLFKWVFKXOGLJVWHUVFKURFNHQ XQGKDEHLKQHQVRIRUWPHLQ3IDGILQGHUHKUHQZRUWJHJH EHQGDLFKPLFKPHOGHQZUGHVREDOGGXPLUDXFKQXU HLQH3RVWNDUWHVFKLFNVW© ª'DVZDUNOXJ©(UVFKREVLFKHLQ6WFN6SHFNLQGHQ 0XQGXQGJHQRGHQUDXFKLJHQVDO]LJHQ*HVFKPDFN ZlKUHQGHUQDFKGHQNOLFKNDXWHª'LHKDEHQPHLQHWZHJHQ ZRKOVRJDUGLH1DWLRQDOJDUGHHLQJHVFKDOWHW0DUVKD'LH 5HJLHUXQJZLOOPLFKXQEHGLQJWNULHJHQ$QVFKHLQHQG NDQQLFKLKQHQPHKUVFKDGHQDOVLFKHVMHPDOVJHGDFKW KlWWH©(UVFKWWHOWHWUDXULJGHQ.RSIXQGVWDUUWHWUEVHOLJ DXIVHLQHQ7HOOHUª:DVZDULFKGRFKIUHLQ1DUUGDLFK PLFKVRODQJHDQGHU1DVHKHUXPIKUHQOLH© ª+H0DQQIUGLHVH6HOEVWEH]LFKWLJXQJHQKDEHQZLU NHLQH=HLW'XZROOWHVWPLUHU]lKOHQZRKHUGXGDV*HOG EHNRPPHQKDVW© 6FDUERURXJKVDKVLHDQXQGGDFKWHQDFKELVGLH(ULQQH UXQJ]XUFNNDPª.UHGLWNDUWHQ%DUDXV]DKOXQJHQDP $XWRPDWHQ,Q/DV9HJDVJLEWHVMHGH0HQJH*HOGDXWRPD WHQ,FKKDEHPHLQ.UHGLWOLPLWELV]XU*UHQ]HDXVJH VFK|SIWHKHVLHVLFKDQGLH.UHGLWNDUWHQILUPHQZHQGHQ NRQQWHQ$OVZLU]XP6WHLQEUXFKJHIDKUHQVLQGZXWH LFKGDVLHVFKRQEDOGKLQWHUPLUKHUVHLQZUGHQ,FK KDEHPLFKDOOHUGLQJVJHIUDJWZDUXPVLHPLFKQLFKWJOHLFK IHVWJHKDOWHQKDEHQDOVGLH3ROL]HLLQ$UL]RQD-DFN&DP GHQXQGPLFKYHUK|UWKDW© ª,QZHOFKHU$QJHOHJHQKHLWGHQQ"8QGZHOFKHU6WHLQ EUXFK":DVLVWPLWGHP6WHLQEUXFK"©0DUVKDVFKWWHOWH GHQ.RSIª'XPXWHVPLUYRQ$QIDQJDQHU]lKOHQ$OOHV ZDVSDVVLHUWLVWQDFKGHPLFKGLFKDP1DWLRQDO$LUSRUWLQ :DVKLQJWRQDEJHVHW]WKDEH$EHU]XHUVWGDVPLWGHP 6WHLQEUXFK© (YHUHWW6FDUERURXJKVFKREGHQ7HOOHUZHJXQGEHXJWH VLFKYRU6HLQ*HVLFKWZDU]RUQLJYHUNQLIIHQHUKDWWHGLH $XJHQEUDXHQ]XVDPPHQJH]RJHQXQGXPVHLQH$XJHQ ELOGHWHQVLFKYLHOHNOHLQH)DOWHQ(UZDUPGHXQHQGOLFK PGH$EHUHUZDUHV0DUVKDVFKXOGLJLKUDOOHV]XHUNOl UHQZDVVLHZLVVHQZROOWH8QG]ZDUQLFKWQXUDOV*HJHQ OHLVWXQJZHLOVLHLKP8QWHUVFKOXSIJHZlKUWHVRQGHUQ

DXFKZHLOVLHLKPZLFKWLJZDUª'RUWVROOWHVLFKDQJHEOLFK PHLQH7RFKWHUDXIKDOWHQ0DUVKD'RUWZROOWH'LDQHVLFK PLWLKUHUIOLHJHQGHQ8QWHUWDVVHWUHIIHQHULQQHUVWGX GLFK"©(UZDQGWHGHQ%OLFNDEXQGVSUDFKKHLVHUXQGEHL QDKHIOVWHUQGZHLWHUª6LHKDEHQVLHJHVFKQDSSW0DUVKD 6LHKDEHQ'LDQHHQWIKUW© ª:DV"'LDQHLVWYRQHLQHUIOLHJHQGHQ8QWHUWDVVHHQW IKUWZRUGHQ"© ª1HLQQHLQ©6FDUERURXJKVFKWWHOWHYHU]ZHLIHOWGHQ .RSIª(VZDUGHU&,$2GHULUJHQGHLQHLOOHJDOH$EWHL OXQJGLH0LWWlWHUMHQHU9HUVFKZ|UXQJGLHDQVFKHLQHQG VHLWGHQ7DJHQGHV3URMHNWV*UXGJHLQGHQYLHU]LJHU-DK UHQDNWLYLVW© ª'LH(GLWRUHQ"'LH3XEOLVKHU"'LH*UXSSHQGLHHU ZlKQWZXUGHQDOVLFK&RORQHO'RODQXQG%ULDQ5LFKDUGV LP3HQWDJRQEHODXVFKWKDEH"© ª-D'DVVLQGGLH/HXWHGLHDXFK7LP5HLOO\JHVFKQDSSW KDEHQ8QGMHW]W©6HLQH+DQGGLHGHQ.DIIHHSRWKLHOW YHUNUDPSIWHVLFK'DQQJLQJHULQV6FKODI]LPPHU]XUFN XQG]RJHWZDVDXVVHLQHUYHUGUHFNWHQ-HDQVKRVH(VZDU HLQURWHV+DOVWXFKª$XV,WDOLHQ©HUNOlUWHHUª,FKKDEHHV LKUPLWJHEUDFKWDOVLFKYRUHLQSDDU-DKUHQLQ5RPZDU 'LDQHKDWHVVHKUJHOLHEW6LHKDWHVJHWUDJHQZDQQLPPHU VLHNRQQWH,FKKDEHHVLP6WHLQEUXFKDXIHLQHP.DNWXVJH IXQGHQ(VZDUGRUWIHVWJHEXQGHQHLQH1DFKULFKWYRQ LKU©(UVHXI]WHª6LHKDEHQ7LP5HLOO\JHVFKQDSSWXQG MHW]WKDEHQVLHDXFK'LDQH©(UVDK0DUVKDDQXQG NlPSIWHPLWGHQ7UlQHQGLHLKPLQGLH$XJHQVWHLJHQ ª,FKPXVLHEHIUHLHQ0DUVKDXQGLFKPXGLHVHQYHU GDPPWHQ6FKZHLQHKXQGHQKHLP]DKOHQZDVVLHLKUDQWXQ ZROOHQ8QGZDVVLHPLUVHLWPHKUDOV]ZDQ]LJ-DKUHQDQ JHWDQKDEHQ© 'DVURWH+DOVWXFKGDVLQGHUVWHUQHQNODUHQ:VWHQQDFKW VFKODIIDPYHUZDFKVHQHQ.DNWXVKLQJ 'HU6FKUHLGHV&,$.LOOHUVGHUDXHQDP+RRYHU'DPP KLQXQWHUVWU]WHXQGMHGHVPDOZHQQHUDQGHUVWHLOHQ0DXHU DXIVFKOXJHLQHQ%OXWIOHFNKLQWHUOLH 'DV.UDFKHQGHU:DIIHLQVHLQHU+DQGDOVHUPLWGHPPXVNX

O|VHQ*HJQHUPLWGHQ$NQHQDUEHQDXIGHU6WUDHJHNlPSIW KDWWHGLHDXIV*HUDWHZRKODEJHIHXHUWH.XJHOGLHLUJHQGZLH GLH%UXVWGHV0DQQHVWUDI -DNH&DPGHQV*ULQVHQDOVVLHVLFKGLH+lQGHJHVFKWWHOWXQG HLQHQ3DNWJHVFKORVVHQKDWWHQGHQHUIUKHUIUXQGHQNEDUJH KDOWHQKlWWH 'LH*HUlXVFKHGLH%LOGHUDOOGLHVH'LQJHKDWWHQ'U(YH UHWW6FDUERURXJKYHUIROJWZlKUHQGHUNUHX]XQGTXHU GXUFKGLH86$JHIDKUHQXQGVLFKVWHWLJ0DUVKD0DQQLQJV +DXVLQ&OHYHODQG2KLRJHQlKHUWKDWWH 8QGMHW]WNRQQWHHUHQGOLFKGHQ'UXFNORVZHUGHQXQG LKUGLHJDQ]H*HVFKLFKWHHU]lKOHQ ª,FKELQ]XU8QLYHUVLW\RI.DQVDVJHIDKUHQXQGKDEH 'LDQHV)UHXQGLQDQJHUXIHQEHLGHU'LDQHVLFKHLJHQWOLFK DXIKDOWHQVROOWH'DV0lGFKHQVDJWHQXU'LDQHVHLZHJJH IDKUHQ,FKZXWHJHQDXZRKLQVLHZROOWH6LHZROOWH]XP +RRYHU'DPP© ª-DGRUWZROOWHVLHVLFKQRFKHLQPDOPLWGHQ$XHULUGL VFKHQWUHIIHQGLHDQJHEOLFKPLWLKUXQG7LP.RQWDNWDXI JHQRPPHQKDWWHQ©ZDUI0DUVKDHLQª$EHU(YGXKDVW LKUGRFKDXVGUFNOLFKJHVDJWVLHVROOHQLFKWRKQHGLFKIDK UHQ© ª'LDQHNDQQVHKULPSXOVLYXQGHLJHQVLQQLJVHLQ,FK KDWWHPLFKYHUVSlWHWGHVKDOEKDWVLHYHUPXWOLFK&DPGHQ ]XJHVHW]WXQGLKQJHGUlQJWPLWLKU]XIDKUHQ© ª$XVJHUHFKQHW&DPGHQ'LHVHUVFKPLHULJH-RXUQDOLVW (LQVHKUVFKOHFKWHU(UVDW]PDQQIUGLFK© 6FDUERURXJK]XFNWHGLH6FKXOWHUQª2EGXHVJODXEVW RGHUQLFKW&DPGHQKDWDXFKVHLQHJXWHQ6HLWHQ© ª,FKKlWWHQLHJHGDFKWVRHWZDVHLQPDODXVGHP0XQG YRQ'U(YHUHWW6FDUERURXJK]XK|UHQGHP(U]IHLQGGHU %RXOHYDUGSUHVVH© ª:DVVROOLFKVDJHQ"(UKDWPLUGDV/HEHQJHUHWWHW,FK GHQNHGDPLWKDWHUHLQSDDU3XQNWHEHLPLUJXW© $OV6FDUERURXJKLQ/DV9HJDVHLQJHWURIIHQZDUKDWWHHU HLQ$XWRJHPLHWHWXQGZDU]XP+RRYHU'DPPJHIDKUHQ ª,FKZXWHGDQRFKQLFKWGD'LDQHHLQHZHLWHUH!9LVLRQ JHKDEWKDWWH:LHHVVFKHLQWKDEHQLKUH!$XHULUGLVFKHQ

QLFKWGHQ+RRYHU'DPPVHOEVWJHPHLQW6LHZROOWHQVLFK PLWLKUDQHLQHUZHQLJHUDXIIlOOLJHQ6WHOOHWUHIIHQLQ HLQHPDXIJHJHEHQHQ6WHLQEUXFKGHUHLQSDDU0HLOHQYRP 'DPPHQWIHUQWLVW$QVFKHLQHQGKDWWHVLHGLHVH!9LVLRQ ZlKUHQGVLHIU&DPGHQHLQHQQHXHQ$Q]XJNDXIWH 'LDQHKDW+DZDLLKHPGHQVFKRQLPPHUJHKDW© ª'DVLVWVHKUZHLEOLFKJHGDFKW6LHZROOWHQLFKWLP$Q JHVLFKWYRQ$XHULUGLVFKHQPLWHLQHPVFKOHFKWJHNOHLGH WHQ%HJOHLWHULQ9HUOHJHQKHLWNRPPHQ'DVNDQQLFKJXW YHUVWHKHQ© 6FDUERURXJKJUXQ]WHQXUª:LHDXFKLPPHULFKEH NODJHPLFKMDJDUQLFKW'LDQHKDWWHHVHLOLJGHVKDOEKDWVLH &DPGHQHLQIDFKHLQHQGXQNOHQ$Q]XJYHUSDWXQGLVW UDVFK]XP6WHLQEUXFKJHIDKUHQ,Q]ZLVFKHQZDUDXFKLFK ]XP'DPPXQWHUZHJVXPVLHGRUW]XWUHIIHQ1DWUOLFK KDEHLFKNHLQH6SXUYRQLKUJHIXQGHQGHVKDOEZDUWHWHLFK XQGVDKPLUGLH$XVVLFKWDQ©(UWUDQNHLQHQ6FKOXFN.DI IHHXQGHULQQHUWHVLFKDQGHQOHLFKWHQ6FKZLQGHOXQGGLH 8UlQJVWHGLHVLFKJHPHOGHWKDWWHQDOVHUDXIGHPULHVLJHQ 'DPPVWDQGDXIHLQHU6HLWHHLQ6HHXQGDXIGHUDQGHUHQ 6HLWHHLQ$EJUXQGWLHIXQWHUGHQ)HQGDVVFKZDFKH :XPPHUQGHU7XUELQHQGHUHQ5RWDWLRQHQHUDOV9LEUD WLRQLQGHQ)HQVSUHQNRQQWHª'DQQLVWHLQ$XWRJH NRPPHQXQGKDWDQJHKDOWHQ(LQMXQJHU0DQQPLWDWKOHWL VFKHP.|USHUEDXXQGHLQHP*HVLFKWYROOHU0RQGNUDWHU LVWDXVJHVWLHJHQXQGKDWPLFKPLWHLQHU3LVWROHEHGURKW(U PHLQWHHUKlWWHPLFKYRUKHUEHVFKW]WDEHUMHW]WZUGHHU PLFKXPEULQJHQ,FKKDWWHGHQ(LQGUXFNGDHUVHLQH$U EHLWOLHEWH© ª(LQ(GLWRU"© ª5LFKWLJ,FKZLOOGLUZDVVDJHQ0DUVKDLFKKDEHPLFK LQGLHVHP$XJHQEOLFNQLFKWEHVRQGHUVZRKOJHIKOW© ª'XGDFKWHVWGHLQOHW]WHV6WQGOHLQKlWWHJHVFKODJHQ ZDV"$EHUGXELVWMDKLHU© ª-D'DQQNDPHLQ]ZHLWHU:DJHQ(LQ0DQQVWLHJDXV GHUHLQHQVFKZDU]HQ$Q]XJWUXJ'HU:DJHQZDUHLQH JURH/LPRXVLQHHEHQIDOOVVFKZDU]'HU7\SYRQGHU &,$LFKJODXEHZLUZHUGHQGHQZLUNOLFKHQ*UXQGGD IUQLHHUIDKUHQMHGHQIDOOVKDWHUY|OOLJGXUFKJHGUHKW(U

LVWHUVFKURFNHQXQGKDWHWZDVYRQ!0lQQHUQLQ6FKZDU] JHVWDPPHOW'DGXUFKEHNDPLFK*HOHJHQKHLWLKPGLH :DIIHDXVGHU+DQG]XVFKODJHQ:LUKDEHQJHNlPSIW XQGHVVWHOOWHVLFKKHUDXVGDGHU0DQQLPVFKZDU]HQ $Q]XJ-DNH&DPGHQZDU© ª'LDQHKDWLKQZRKOJHVFKLFNWXP]XVHKHQREGXDP 'DPPDQJHNRPPHQELVW© ª*HQDX,FKEHNDPGDQQGLH:DIIHLQGLH+DQGXQG KDEHGHQ0DQQDQJHVFKRVVHQ(LJHQWOLFKKDWWHLFKJHKRIIW HLQLJH,QIRUPDWLRQHQDXVLKPKHUDXV]XEHNRPPHQDEHU HULVWEHUGDV*HOlQGHUJHVWU]WXQGKLHOWVLFKQXUQRFK PLWGHQ)LQJHUVSLW]HQDXHQDQGHU0DXHUIHVW,FKZROOWH LKQUHWWHQXQGHVVDKEHLQDKHVRDXVDOVN|QQWHLFKLKQ KHUDXI]LHKHQ,FKKDEH&DPGHQJHUXIHQPLU]XKHOIHQ DEHUGDQQLVWGHU.HUOHQGJOWLJDXVJHIOLSSWXQGKDWGHQ +DOWYHUORUHQ(ULVWDQGHU0DXHUKLQXQWHUJHSROWHUWZLH HLQ6DFN.RKOHQ© 0DUVKDVFKWWHOWHGHQ.RSIª:HQLJVWHQVKDVWGXGLH 6DFKHEHUOHEWGDVLVWGDVZLFKWLJVWH9LHOOHLFKWN|QQWHVW GXMHW]WHLQHQNXU]HQ([NXUVEHUGLH0lQQHULQ6FKZDU] HLQVFKLHEHQ"© ª'DVLVWHLQ7HLOGHU8)20\WKRORJLH0DUVKD© (UWUDQNHLQHQ6FKOXFNXQGEDWVLHGHQ.DIIHHQRFKHLQ PDOIULKQDXI]XZlUPHQ'DQQJDEHULKUHLQH.XU]IDV VXQJVHLQHV9HUWUDJVEHUGLH0HQLQ%ODFNGLH0lQQHULQ 6FKZDU](UEHJDQQPLWLKUHP$XIWULWWEHL$OEHUW.%HQ GHUGHP'LUHNWRUGHV,QWHUQDWLRQDO)O\LQJ6DXFHU%XUHDX %HQGHUKDWWHHUNOlUWGUHL0lQQHULQVFKZDU]HQ$Q]JHQ ZHLHQ+HPGHQXQGPLWVFKZDU]HQ+WHQKlWWHQVLFK LKPDOV0LWDUEHLWHUHLQHU5HJLHUXQJVEHK|UGHYRUJHVWHOOW 6LHKlWWHQLKPVWUHQJJHKHLPH,QIRUPDWLRQHQEHUGLH +HUNXQIWGHU8)2VJHJHEHQLKQ]XJOHLFKDEHUJHZDUQW GDVLHQXUVHLQH1HXJLHUGHEHIULHGLJHQZROOWHQGDPLWHU NHLQH)UDJHQPHKUVWHOOWH)DOOVHUDEHU,QIRUPDWLRQHQ GXUFKVLFNHUQOLHHGDQQZUGHQVLHHVLKPKHLP]DKOHQ ª%HQGHUZDUMHGRFKZLHVLFKVSlWHUKHUDXVVWHOOWHSDUD QRLGXQGYRQ+RUURUJHVFKLFKWHQ6FLHQFHILFWLRQXQGRN NXOWHQ7KHPHQVHKUIDV]LQLHUW©HUNOlUWH6FDUERURXJK ª*UD\%DUNHUHLQIUKHUHU0LWDUEHLWHUKDWEHUGDV

7KHPDHLQSDDU%FKHUJHVFKULHEHQGLHGDV/DJHUGHU 8)29HUUFNWHQ(QGHGHUIQI]LJHUXQG$QIDQJGHU VHFK]LJHU-DKUHJHUDGH]XDXIJHSHLWVFKWKDEHQ6HLWGHP PDFKHQ]DKOUHLFKH*HVFKLFKWHQEHUGLH0HQLQ%ODFNGLH 5XQGH1RUPDOHUZHLVHVLQGVLH]XGULWWXQWHUZHJV6LH WUDJHQHQWZHGHUVHKUJXWJHEJHOWHRGHUVWDUNYHUNQLW WHUWHVFKZDU]H6DFKHQ2IWKDEHQVLH6FKOLW]DXJHQRGHUVH KHQVRQVWZLHIUHPGDUWLJDXVXQGVLHEHKDXSWHQLPPHU VLHNlPHQYRQGHU&,$RGHUHLQHUDQGHUHQ5HJLHUXQJVEH K|UGH+lXILJYHUKDOWHQVLHVLFKZLH)LJXUHQDXV]ZHLW NODVVLJHQ.ULPLQDOILOPHQGHUYLHU]LJHURGHUIQI]LJHU -DKUH6LHKDEHQDXFKZLHHVVFKHLQWVHKUPHUNZUGLJH %LOGXQJVOFNHQ0HLVWIUDJHQVLHQXUQDFK,QIRUPDWLRQHQ EHUIOLHJHQGH8QWHUWDVVHQ8QGVLHGURKHQGHQ/HXWHQ -DVLHGURKHQVRJDUVHKUKlXILJ8QGVLHVLQGPLWDOWHQ VFKZDU]HQ&DGLOODFVXQWHUZHJV© ª'DPLWZUGHQVLHEHLMHGHP7UHIIHQYRQ)UHXQGHQEL ]DUUHU$QJHZRKQKHLWHQGHQHUVWHQ3ODW]EHOHJHQ©VDJWH 0DUVKD ª,FKKDEHGLHVH*HVFKLFKWHQMDKUHODQJQXUIU0\WKHQ JHKDOWHQ'LHVHU%HQGHUKDWLUJHQGZLHGLHDOWHQ/HJHQGHQ EHUGHQ7HXIHORGHUGHQ6HQVHQPDQQGHULQHLQH6WDGW NRPPWXQG8QKHLOYHUNQGHWPLWGHP8)23KlQRPHQ LQ9HUELQGXQJJHEUDFKW8QGYLHOHDQGHUHKDEHQVHLQH )DQWDVLHQDXIJHJULIIHQ6ROHJWHLFKPLUGDV]XUHFKW$EHU LQGHUOHW]WHQ=HLWPHLQ*RWWLFKZHLHVHLQIDFKQLFKW ,FKZHLEHUKDXSWQLFKWVPHKU,FKPHLQHGXKlWWHVWGLH VHQ0DQQYRQGHU&,$PDOVHKHQVROOHQ(ULVWZLUNOLFK DXVJHQLSSWDOVHUGDFKWHGLH0HQLQ%ODFNZROOWHQLKQ VFKQDSSHQ© ª-DRND\,FKKDEHGDVYHUVWDQGHQ$EHUMHW]WHU]lKO GRFKZHLWHU'XELVWGDQQVLFKHULQGHQ6WHLQEUXFKJHIDK UHQXP'LDQH]XVXFKHQ© ª-D&DPGHQKDWPLFKPLWJHQRPPHQ© ª8QG'LDQHZDUYHUVFKZXQGHQ"© ª5LFKWLJ(VJDE$Q]HLFKHQGDHLQ+DQGJHPHQJH VWDWWJHIXQGHQKDW© ª*DEHV6SXUHQYRQHLQHU8)2/DQGXQJ"© 6FDUERURXJKOlFKHOWHJULPPLJXQGVFKWWHOWHGHQ.RSI

ª$EHUGDIUJDEHV5HLIHQVSXUHQ,FKKDEHNHLQHQ=ZHLIHO ZHUVLHJHVFKQDSSWKDW0DUVKDLFKKDEHPLUGRUWJH VFKZRUHQGDLFKVLHEHIUHLHQZHUGH$EHUGDEHLEUDXFKH LFKGHLQH+LOIH© 6LHQDKPVHLQH+DQGª,FKZHUGHWXQZDVLPPHULFK NDQQ© ª'DQQJODXEVWGXPLU"© ,KUH$XJHQIXQNHOWHQSO|W]OLFKXQGVDKHQDXVZLHIOV VLJHVJUQHV)HXHUª1DWUOLFKJODXEHLFKGLU(YHUHWW,FK ZHLGDGXQLFKWVPLW&DSWDLQ0DF.HQ]LHV7RG]XWXQ KDVW,FKZDUGRFKGDEHLDOVHUHUPRUGHWZXUGH8QGLFK KDEHGDV*HVSUlFKEHUGLH(GLWRUHQXQG3XEOLVKHUEH ODXVFKW© ª,FKEUDXFKHHLQHQ6WW]SXQNWHLQH=XIOXFKWDEHULFK ZLOONHLQHVIDOOVGHLQH6LFKHUKHLWGHLQH)UHLKHLWRGHUGHLQH .DUULHUHJHIlKUGHQ0HKUYHUODQJHLFKJDUQLFKW0DUVKD© ª2ND\RND\'RNWRU,FKKDEHGRFKJHVDJWGDLFKGLU KHOIH%LVWGXLQGHQOHW]WHQ:RFKHQHWZDDXFKVFKZHUK| ULJJHZRUGHQ"© ª1HLQLP*HJHQWHLO9LHOHVLVWPLUMHW]WVRJDUNODUHUDOV IUKHUJODXEHLFK© ª*XW'DQQHU]lKOMHW]WZHLWHU:DVLVWPLW&DPGHQ"'X VDJWHVWLKUDUEHLWHW]XVDPPHQ© ª$PQlFKVWHQ7DJKDEHQZLUGLH0HOGXQJHQLQGHQ 1DFKULFKWHQJHK|UWXQGXQV]XVDPPHQJHUHLPWZDVSDV VLHUWZDU'LH(GLWRUHQZHUDXFKLPPHUGDVLVWKDWWHQEH VFKORVVHQPLFKIUYRJHOIUHL]XHUNOlUHQ,UJHQGZLHKDWWH LFKMDVFKRQGDPLWJHUHFKQHW©HUNOlUWH6FDUERURXJKªGHV KDOEKDWWHLFKVFKRQDP$EHQGYRUKHUDQ*HOGDXWRPDWHQ DOOHVDEJHKREHQZDVLFKQXUEHNRPPHQNRQQWH,FK GDFKWHPLUVLHZUGHQPLFKVXFKHQXQGPLUGLH.UHGLW NRQWHQVSHUUHQODVVHQZDVDXFKLPPHU$EHULFKKlWWH QLFKWJHGDFKWGDVLHPLUGHQ7RGGLHVHV$JHQWHQXQG GHQYRQ0DF.HQ]LHLQGLH6FKXKHVFKLHEHQZROOWHQ© -DNH&DPGHQZDULQGHQ0HOGXQJHQQLFKWHUZlKQW ZRUGHQ:DKUVFKHLQOLFKZDUDXHUGHQ*OlXELJHUQQLH PDQGKLQWHUGHP5HSRUWHUGHV,QWUXGHUKHUVRGDGLHVHU VLFKUHODWLYIUHLEHZHJHQNRQQWH ª,FKPDFKHPLUZDV-DNH&DPGHQDQJHKWNHLQHUOHL,O

OXVLRQHQ,FKKDEHLKPXQPLYHUVWlQGOLFKJHVDJW!:HQQ 6LHPLUKHOIHQEHNRPPHQVLHGLH*HVFKLFKWHGHV-DKUKXQ GHUWV$EHUGHQ6FKPLHUHQMRXUQDOLVPXVGHV,QLUXGHUPV VHQ6LHYHUJHVVHQH&DPGHQKDWWHMHW]WGLH0|JOLFKNHLW ZLHHLQHFKWHU5HSRUWHU]XDUEHLWHQEHUKPWXQGUHLFK]X ZHUGHQXQGYLHOOHLFKWVRJDUGHQ3XOLW]HUSUHLV]XEHNRP PHQ'LH*HVFKLFKWHVROOWHLKPJHK|UHQZHQQHUEHUHLW ZDUPLU]XKHOIHQ1DWUOLFKZDUHUEHUHLW8QGLKP GURKWHMDEHUKDXSWNHLQH*HIDKU'DHUVLFKIUHLEHZHJHQ NRQQWHKDEHLFKLKQJHEHWHQ,QIRUPDWLRQHQEHUGLH(GL WRUHQXQG3XEOLVKHUXQGEHULKUHVHOWVDPHQ3URMHNWH]X EHVFKDIIHQ,FKZROOWHLKQDOVDXHQVWHKHQGHQ+HOIHUHLQ EH]LHKHQN|QQHQVRZHLWGLHVQ|WLJZXUGH(UZDUVRIRUW HLQYHUVWDQGHQ© (VZDUVRJDU&DPGHQJHZHVHQGHUGDV$XWRJHNDXIW KDWWHHLQHQDOWHQ)RUG)DOFRQIUWDXVHQG'ROODUHLQ VFKOLHOLFK6WHXHUQXQG=XODVVXQJ'DQQKDWWHQVLHVLFK JHWUHQQW&DPGHQZDUQDFK)ORULGD]XVHLQHU5HGDNWLRQ JHIORJHQ6FDUERURXJKZDUQDFK2KLRXQGLQ5LFKWXQJ 1HZ
JHQGZRKLQIlKUVWYHUVWHKVWGX"1LFKWZHQQGXPLU ZLUNOLFKKHOIHQZLOOVW0DUVKDELWWH,FKIUHXHPLFK EHUGHLQHQ9RUVFKODJDEHUGXNDQQVWPLUYLHOQW]OLFKHU VHLQZHQQGXKLHUEOHLEVW,P$XJHQEOLFNMHGHQIDOOV9HU VWHKVWGXGDVQLFKW"© 6LHELVLFKDXIGLH8QWHUOLSSHXQGVWDUUWHLKUH)LQJHUQl JHODQ6FDUERURXJKEHPHUNWHGDVLHELVDXIV)OHLVFKDE JHNDXWZDUHQ9RUHLQHU:RFKHZDUVLHQRFKQLFKWVRQHU Y|VJHZHVHQ(UKRIIWHGDQLFKWHUGHU*UXQGIUGLHVH 8QUXKHJHZHVHQZDU1HLQQDWUOLFKQLFKW'DVZDUHLQ DEVXUGHU*HGDQNH (UVDK0DUVKDDXIPHUNVDPDQ'XQNOHVGOlQGLVFKH $XJHQIDQGHUEHL)UDXHQLPDOOJHPHLQHQQLFKWVHKUDQ]LH KHQGXQGLKU+DDUZDUIUVHLQHQ*HVFKPDFNHWZDV]X EUQHWWXQG]XORFNLJ1DWUOLFKZDUVLHHLQHZXQGHUYROOH )UDXNOXJXQGOHEHQVIURKVRJDUWHPSHUDPHQWYROO:DUP XQGOLHEHQVZUGLJXQGVRZHLWHU$EHUVLHZDUQLFKWGLH $UWYRQ)UDXPLWGHU6FDUERURXJK6H[KDEHQXQGHLQH%H ]LHKXQJDXIEDXHQZROOWH1HLQGDVZDUVLHZLUNOLFKQLFKW 6LHZDUHQHLQIDFKQXU)UHXQGH ª$OVRJXW©VDJWHVLHXQGLKUH6WLPPHNODQJHWZDVVDU NDVWLVFKª,FKYHUVWHKH&KDUOHV%URQVRQPXORV]LHKHQ XQGGDV8QUHFKWGHU:HOWUlFKHQ'HUHLQVDPH+HOG$XI UHFKWHU*DQJXQGPlQQOLFKH+lUWHXQGZDVVRQVWQRFK GD]XJHK|UW© ª0DUVKDLFKELQMDJDUQLFKWDOOHLQ©ZLGHUVSUDFK6FDU ERURXJK(UQDKPLKUH+DQGª-HGHQIDOOVQLFKWZHQQGX KLHUELVWXQGPLUKLOIVW© ª2KDOOHVNODU©VDJWHVLH]RJGLH+DQG]XUFNVWDQG DXIXQGPDUVFKLHUWHDXIGHPEODQNJHERKQHUWHQ/LQROHXP GDYRQ'DQQZLUEHOWHVLHKHUXPHLQH+DQGLQGLH+IWH JHVWHPPWXQGGHQ=HLJHILQJHUGHUDQGHUHQZLHHLQH :DIIHDXILKQJHULFKWHWª.DXPGDHUZDV]XEHLHQEH NRPPWKHEWGHUDOWHHLJHQEU|WOHULVFKH6FDUERURXJK VFKRQZLHGHUGHQ.ORW]NRSI© ª-DYLHOHQ'DQNIUGDV0LWJHIKO©(UZDUHLQZHQLJ YHUOHW]W ª'XKDVWPHLQH6\PSDWKLHGXEHNRPPVWPHLQ0LW JHIKOGXEHNRPPVWDOOHVZDVGXEUDXFKVW(YHUHWW

:DUXPQLPPVWGXQLFKWPHKUDOVGDVZHQQHVGLUVFKRQ DQJHERWHQZLUG"'LUVWHKWGDV:DVVHUELV]XP+DOV,FK ELQVHLWPHKUDOV]HKQ-DKUHQEHLP0LOLWlULFKNHQQHPLFK DXVXQGLFKNDQQYLHOOHLFKWHWZDVIUGLFKWXQ© 6FDUERURXJKWUDQNUXKLJVHLQHQ.DIIHHª(VWXWPLUOHLG 0DUVKD:HLWGXLFKKlWWHZLUNOLFKJHUQ*HVHOOVFKDIW© ª*HVHOOVFKDIW"+DVWGXHLJHQWOLFKQLFKW]XJHK|UW"3D DXI)UHXQGFKHQLFKELQHLQH)UDXGLHZDVEHZHJHQNDQQ :HLWGXZLHVLHPLFKEHLGHU$XVELOGXQJJHQDQQWKD EHQ"/LHXWHQDQW6WDFKHOVFKZHLQ$EHUQDWUOLFKQXUKLQ WHUPHLQHP5FNHQZHLOVLHZXWHQGDLFKLKQHQVRQVW GHQ$UVFKYHUVRKOWKlWWH,FKKDEHVFKRQDXIGHU+LJK 6FKRROGHQVFKZDU]HQ*UWHOLQ.DUDWHEHNRPPHQMHW]W EHVLW]HLFKGHQEODXHQ*UWHOLQ$LNLGRXQGLFKELQHLQH DXVJH]HLFKQHWH6FKW]LQ=HLJPLUHLQH&RPSXWHUIHVW SODWWHXQGLFK]HLJHGLUZLHPDQHLQEULFKW'XELVWJHQDX ZLHPHLQH9RUJHVHW]WHQ'XJLEVWPLUHLQIDFKNHLQH &KDQFH© ª,FK]ZHLIOHQLFKWDQGHLQHQ)lKLJNHLWHQ0DUVKD$EHU HVZlUHPLULQGLHVHP)DOOY|OOLJJOHLFKJOWLJXQGZHQQ GXGLH.ODVVHQEHVWHJHZHVHQZlUVW© ª'D]XKDWPLUQXUHLQHLQ]LJHU3XQNWJHIHKOW©ZDUIVLH WURW]LJHLQ ª$XFKZHQQGXDOV6XSHUJLUODJLHUHQN|QQWHVWZlUH PLUGDVHJDO0DUVKD'XYHUJLWDQVFKHLQHQGGDHV VFKRQHLQYLHO]XJURHV5LVLNRIUGLFKZDUDOVGXPLFK DXVGHU$UUHVW]HOOHDXVGHP0LOLWlUVWW]SXQNWLQ9LUJLQLD KHUDXVJHKROWKDVW©(UVFKWWHOWHGHQ.RSIXQGVWW]WH PGHGHQ.RSIDXIVHLQH+lQGHª*ODXEHQLFKWGDLFK QLFKWDXFKGDUDQJHGDFKWKDEH6RJDUTXHUGXUFKQHXQ 6WDDWHQGLHJDQ]H=HLWODQJ$EHUGDVKLHULVWPHLQ.DPSI 0DUVKD,FKYHUODQJHVRZLHVRVFKRQYLHO]XYLHOYRQGLU ,FKNDQQQLFKW]XODVVHQGDGXDXFKQRFKGHLQ/HEHQULV NLHUVW© ª'DVLVWPHLQHHLJHQH(QWVFKHLGXQJ(YHUHWW,VWHVQLFKW DXFKPHLQ/HEHQ"'XGDUIVWQLFKWJODXEHQLFKZlUHKLHU EHLGHU$LU)RUFHEHUPlLJJOFNOLFK*DQ]LP*HJHQWHLO 9LHOOHLFKWGHQNVWGXLFKKlWWHJURHQ5HVSHNWYRUGHU5H JLHUXQJLQ:DVKLQJWRQXQGGHP3HQWDJRQ$EHUQHLQ

8QGPHLQ%HUXILFKELQHLQIDFKLQDOWHQ*HOHLVHQIHVWJH IDKUHQ'LUDXVGHP%DX]XKHOIHQGDVZDUGDVHUVWH9HU QQIWLJHGDVLFKVHLWZHUZHLZLHODQJHU=HLWJHWDQ KDEH© 6LHZDQGWHVLFKYRQLKPDE+XVWHWHVLHRGHUZDUGDV *HUlXVFKGDVHUK|UWHHLQXQWHUGUFNWHV6FKOXFK]HQ"(U VWDQGDXIWUDW]XLKUXQGOHJWHLKUHLQH+DQGOHLFKWDXIGHQ 5FNHQ ª*ODXEHPLU0DUVKDGXNDQQVWPLUZLUNOLFKKHOIHQ ZHQQGXWXVWZRUXPLFKGLFKELWWH6FKDXKHU©VDJWH HUVDQIWªLFKYHUVSUHFKHGLUGLFKVRIRUWDQ]XUXIHQ ZHQQHVPLU]XYLHOZLUGXQGGLFKXP+LOIH]XELWWHQ 2ND\"© 6LHQLFNWHª(QWVFKXOGLJH,FKJODXEHLFKUHDJLHUHLQGLH VHU+LQVLFKWVHKUHPRWLRQDO(Y©6LHGUHKWHVLFKZLHGHU XPXQGVDKLKQVWLUQUXQ]HOQGDQª9LHOOHLFKWZHLOLFKGLH (ULQQHUXQJDQ5LFKDUGVXQG'RODQQLFKWORVZHUGHQNDQQ =ZHLKRFKUDQJLJH0LWDUEHLWHU(YGLHVLFKXQWHUKDOWHQ KDEHQZLH*DQRYHQ6LHDUEHLWHQIULUJHQGHLQH9HU VFKZ|UXQJGHU5HJLHUXQJXQGEHJHKHQZHUZHLZDVIU 6FKDQGWDWHQ$OVLFKGDV2IIL]LHUVSDWHQWEHNDPKDEHLFK JHVFKZRUHQPHLQHP/DQG]XGLHQHQXQGHV]XVFKW]HQ XQGZHQQLFKJHJHQGLHVH6FKZHLQHDUEHLWHGDQQWXHLFK QXUPHLQH3IOLFKW© ª*XWJHVSURFKHQ0DUVKDXQGLFKNDQQGHLQH(QWWlX VFKXQJXQGGHLQHQ=RUQZLUNOLFKYHUVWHKHQ,FKHPS ILQGHJDQ]lKQOLFKGDVNDQQVWGXPLUJODXEHQ©(UNL FKHUWHZHKPWLJª,FKZLOOGLH'LQJHZLHGHULQ2UG QXQJEULQJHQ0DUVKD,FKZHUGHGLH:DKUKHLWKHUDXV ILQGHQXQGLFKZHUGHDOOHQ/HXWHQGLHVH:DKUKHLW YHUNQGHQ8QGOHW]WHQ(QGHVZHUGHLFKDXFKPHLQH 7RFKWHUILQGHQ© 6LHQLFNWHOlFKHOWHXQGOHJWHGHQ.RSIDQVHLQH6FKXOWHU (UNRQQWHQLFKWVZHLWHUWXQDOVVLHIHVW]XKDOWHQ,KU+HU] KlPPHUWH,KU.|USHUZDUZDUPVLHURFKVRJXW $EHUQHLQGDVNDPQLFKWLQ)UDJH 6LHZDUHLQH)UHXQGLQ (LQHVHKUJXWHHQJHZLFKWLJH)UHXQGLQ 8QGPHKUQLFKWYHUGDPPW

ª$EHUZDVZLOOVWGXMHW]WWXQ(YHUHWW"©IUDJWHVLHª:R KLQZLOOVWGX"© (UVDJWHHVLKU .DSLWHO 'LH)UDX]RJGLH.RSIK|UHUYRP.RSIGHV0DQQHVGHU HLQHQ7H[WWLSSWH%OXHVNOlQJHGUDQJHQEOHFKHUQDXVGHQ ZLQ]LJHQ0XVFKHOQ ª+LHUVLQGGHLQH7HOHIRQQRWL]HQ-DNH©VDJWH%HWW\1RU WRQXQGZDUIHLQHQ6WDSHOURVDIDUEHQHU1RWL]EOlWWHUDXI GHQ6FKUHLEWLVFKDXIGHPHVDXVVDKDOVKlWWHHLQH%RPEH HLQJHVFKODJHQª(VLVWVFKRQQDFKVHFKV-XQJH,FKPX MHW]WZHJ© -DNH&DPGHQZDQGWHNXU]GHQ%OLFNYRQVHLQHUUDWWHUQ GHQ,%0.XJHONRSIPDVFKLQHDE'LHKDOEJHUDXFKWH&D PHOEDXPHOWH]ZLVFKHQVHLQHQ/LSSHQZLHHLQ6DW]]HLFKHQ LQHLQHP6RQJYRQ7RP:DLWVª.ODUGRFK%DE\,FK JODXEHLFKZHUGHKHXWHDEHQGQRFKHLQSDDU6HLWHQVFKUHL EHQ,FKEOHLEHQRFKKLHU© %HWW\1RUWRQZDUGLH$VVLVWHQWLQGLHHUVLFKEHLP1DWLR QDO,QWUXGHUXQWHUDQGHUHPPLWGHP5HGDNWHXUWHLOWHGHU IUGLH.ODWVFKVSDOWH]XVWlQGLJZDU-DNH&DPGHQZDUGHU 8)25HSRUWHUGHV%ODWWHV-HGHUQDKPDQGDHUVRKDUWDU EHLWHWHZHLOHUVHLQH.ROXPQHQXQG$UWLNHOIUHLQHQ=HLW UDXPYRQPHKUHUHQ:RFKHQDEOLHIHUQPXWHEHYRUHUVLFK ZLHGHUXPGLH!)HOGIRUVFKXQJNPPHUQNRQQWHZLHHUHV VHLQHP&KHIJHJHJHQEHUJHQDQQWKDWWH,Q:LUNOLFKNHLW KDWWHHUVHLQH$UEHLWHQIUGHQ,QWUXGHUMHGRFKVFKRQDP 9RUWDJDEJHVFKORVVHQ-HW]WKDWWHHUGHQHUVWHQ(QWZXUI HLQHU*HVFKLFKWHLQGHU0DVFKLQHGLHHUGHU1HZ
URXJKPXWHQHUVWQRFKHLQLJHEHZHLVEDUH)DNWHQDXVJUD EHQ$EHUZHQQLKQHQGDVJHODQJMLSSLH(VZUGHHLQH JHZDOWLJH6DFKHZHUGHQ(UZUGHYLHOOHLFKWVRJDUHLQ$Q JHERWIUHLQ%XFKXQGHLQHQ)LOPEHNRPPHQXQGYRU DOOHPZUGHHUDXVGHP'UHFNORFKLQ)ORULGDKHUDXVILQ GHQXQGVHLQH7lWLJNHLWLQ*HILOGHYHUODJHUQN|QQHQZR GHU-RXUQDOLVPXVQRFKHWZDVJDOW6HLQ7UDXPZUGH ª,FKKDEHGLFKQRFKQLHVRIOHLLJDUEHLWHQVHKHQ©VDJWH %HWW\NRSIVFKWWHOQG ª(LQHKHLH6DFKH%DE\:LUNOLFKKHL©(UEOLFNWHZLH GHUDXIGLH7DVWDWXUXQGKDFNWHZHLWHU1DFKHLQSDDU6H NXQGHQVSUWHHUGDVLHQRFKGDZDUGUHKWHVLFKDXI GHP%URVWXKOKHUXPQDKPGLH&DPHODXVGHP0XQG XQGVDJWHª:DVKDVWGXGD]XJDIIHQ6H"© ª'XKDVWNHLQHDQ]JOLFKHQ%HPHUNXQJHQJHPDFKW XQGVHLWHLQHU:RFKHQLFKWPHKUQDFKPHLQHU6FKZHVWHU JHIUDJW-DNH:DVLVWORV"© 6LHZDUHLQHJHIlUEWH%ORQGLQHPLWHLQHURUGHQWOLFKHQ )LJXUXQGHLQHUQLHGOLFKHQ1DVH'DVZDUJHQXJXP]XU =LHOVFKHLEHIU-DNHVDQ]JOLFKH%HPHUNXQJHQ]XZHU GHQ0LWLKUHU6FKZHVWHU$UPGLHLPOHW]WHQ-DKUDXV 7DPSD]X%HVXFKJHNRPPHQZDUKDWWHHUJHVFKODIHQ XQGGDPLWZDUHUDXFKDQLKUQDKHGUDQ(UPHLQWHHVQLFKW EHVRQGHUVHUQVWPLWLKUVHW]WHLKUDEHUWURW]GHP]XZHLO HUJODXEWHVLHZlUHYHUOHW]WZHQQHUHVQLFKWWlWH$EHU VHLWHUDXV/DV9HJDV]XUFNJHNHKUWZDUKDWWHHUGLH )UDXHQLQVHLQHU1lKHLQ5XKHJHODVVHQ (VJDEJU|HUH)LVFKH]XIDQJHQ -DNHTXLWWLHUWHGHQ6HLWHQKLHEPLWHLQHP/lFKHOQª,FK ZHLGDGXPHLQH$XIPHUNVDPNHLWYHUPLW0lGFKHQ DEHUZDVVROOLFKPDFKHQ"'LH8QWHUWDVVHQPHQVFKHQKD EHQHLQHQ(QHUJLHVWUDKODXIPLFKJHULFKWHWXQGLFKWDQ]H DQ)lGHQGLHVLFKGXUFKGLHJDQ]H*DOD[LVVSDQQHQ,FK PXVFKUHLEHQXQGGDVNDQQLFKQXUZHQQLFKGLH+lQGH DXIGHU7DVWDWXUKDOWH© ª+HGDVZDUQLFKWDOV%HVFKZHUGHJHPHLQW-DNH*DQ] LP*HJHQWHLO*XWH1DFKW©6LHZROOWHJHKHQ -DNHEOlWWHUWHGLH7HOHIRQQRWL]HQGXUFKZHLOLKPSO|W] OLFKHLQILHOZHUDQJHUXIHQKDEHQN|QQWH

(LQ5FNUXIYRQ08)21HLQH1DFKULFKWYRQGHU35 $EWHLOXQJGHU$LU)RUFH$XHUGHPGLHEOLFKHQ9HUUFN WHQPLW*HVFKLFKWHQEHUIOLHJHQGH8QWHUWDVVHQGLHLKUHQ )HUQVHKHPSIDQJVW|UWHQ /HLGHUQLFKWVYRQ(YHUHWW6FDUERURXJKRGHULUJHQGMH PDQGHPGHULUJHQGZLHPLW6FDUERURXJK]XWXQKDWWH -DNHVWDQGDXIXQGERJVHLQHQYHUVSDQQWHQ+DOVKLQ XQGKHU'LH+lOIWHGHUEODXHQ0DQJRIUFKWHXQGGHU JUQHQ3DSDJHLHQDXIVHLQHP+DZDLLKHPGEDXPHOWHDXV GHUELOOLJHQ+RVHGLHDQGHUH+lOIWHZDUQRFKLUJHQGZLH LP+RVHQEXQGYHUVWDXWª%HWWVKH:DUWHPDO© 6LHGUHKWHVLFKXPXQGEOLHEYRUVLFKWLJDXI'LVWDQ] ZHLOVLHVLFKLQPLWWHQGHUOHHUHQ6FKUHLEWLVFKHQLFKWZRKO IKOWH1HEHQDQUDWWHUWHQ)HUQVFKUHLEHUXQGVSXFNWHQ HQGORVH3DSLHUIDKQHQLQGDVYHUZDLVWH1DFKULFKWHQEUR GHUEHVWHQ8)2=HLWVFKULIWGHU:HOW-DNHV%URZDUNDXP PHKUDOVHLQNOHLQHU9HUVFKODJLPKLQWHUHQ7HLOGHV5DX PHVPLWVFKXOWHUKRKHP0HWDOOJHVWlQJHXQGELOOLJHPJH IlUEWHP*ODVYRQDQGHUHQ9HUVFKODJHQDEJHWUHQQW'DQN VHL.R]ORZVNLGHPJUR]JLJHQhEHUYDWHUGHPJHL]LJHQ +HUUVFKHUGHV,QWUXGHU$EHU&DPGHQZDULP*UXQGHVR JDUGDQNEDUIUGDVELFKHQ$EJHVFKLHGHQKHLWGDVLKP GDGXUFK]XILHOJDQ]EHVRQGHUVLQHLQHU6LWXDWLRQZLH MHW]WZHQQHU5XKHEUDXFKWH ª:DVLVW"© ª1LFKWVYRQ(G&KDQH\"© ª'DVIUDJVWGXPLFKDQGDXHUQG-DNH:HQQHLQ$QUXI YRQ(G&KDQH\JHNRPPHQZlUHGDQQKlWWHLFKLKQ GXUFKJHVWHOOWZLHGXHVPLUJHVDJWKDVW.DQQLFKMHW]WJH KHQPHLQ/LHEHU",FKKDEH]XIlOOLJHLQHQ)UHXQGXQGGHU ZHLJHQDXZHOFKVFKOHFKWHQ5XIHLQHJHZLVVH6FKODQJH KDWPLWGHULFK]XVDPPHQDUEHLWH© -DNHOlFKHOWH(UIUHXWHVLFKLPPHUZHQQVHLQH*H VFKOHFKWVJHQRVVHQLKQEHZXQGHUWHQª:DVLVWPLW .R]ORZVNL"+DWHUHWZDVEHUPHLQH$UWLNHOJHVDJW"© ª1DGD$GLRV-DNH© ª'DQNH6H*UHGHLQHQ)UHXQGYRQPLU6DJHLKP HVWXWPLUOHLGGDLFKEHLGHUOHW]WHQ*ULOOSDUW\DXIVHLQH *ROIVFKXKHJHNRW]WKDEH©

%HWW\V1LNH6FKXKHTXLHWVFKWHQVFKRQGHQPLW/LQR OHXPDXVJHOHJWHQ)OXUKLQXQWHUXQGLKU+LQWHUQZDFNHOWH SUlFKWLJ-DNHVDKLKUHLQHQ$XJHQEOLFNLQWHUHVVLHUWKLQWHU KHUXQGPDFKWHHLQVFKPDW]HQGHV*HUlXVFK -DNH&DPGHQKLHOWVLFKIUHLQH$UW6SHQFHU7UDF\GHU HLQSDDU1XPPHUQNOHLQHUDOV7RP6HOOHFNZLHGHUJHERUHQ ZRUGHQZDUDEHULQVHLQHPbXHUHQXQGVHLQHP9HUKDO WHQVWHOOWHHUYLHOHKHUHLQH$UWXQKHLOLJH$OOLDQ]]ZLVFKHQ 0LFNH\5RXUNHXQG-DPHV:RRGVGDU $FKZDVVROO V$OOHGLHVH7\SHQPDFKWHQUHJHOPlLJ LKUH1XPPHUQXQGGDVPDFKWH-DNHDXFKXQGGDIU KDWWHHUHLQUHLFKHV$QJHERWDQ'DPHQ]XU9HUIJXQJ 8QGGDVDOOHLQ]lKOWHRGHU" &DPGHQKDWWHHLQIDKOHVXQJHVXQGHV*HVLFKWHLQ VFKPDOHV.LQQXQGKRKH:DQJHQNQRFKHQXQG$XJHQ PLWGHQHQHUDXVIQI]LJ6FKULWW(QWIHUQXQJHLQHQ9RJHO LQHLQHP%DXPYRU6FKUHFNHUVWDUUHQODVVHQNRQQWH ZHQQHUQFKWHUQZDU:HQQHUHVQLFKWZDUKLQJHQLKP GLH/LGHUVFKZHUEHUGLH$XJHQXQGHUZLUNWHVFKOlIULJ $EHUDXFKGDVPRFKWHQGLH0lGFKHQ6HLQ+DDUZDUND QLQFKHQEUDXQPLW*HKHLPUDWVHFNHQVHLQ.|USHUEDXXQ WHUVHW]W8PGLH7DLOOHJHULHWHUYRP7ULQNHQDOOPlKOLFK HWZDVLQGLH%UHLWHDEHU&DPGHQPDFKWHVLFKGHVKDOE NHLQH6RUJHQPLWHLQSDDU:RFKHQ6SRUWZUGHHUGDV OHLFKWZLHGHUORV,P$XJHQEOLFNVDK&DPGHQJHUDGH]X HUElUPOLFKDXV(UKDWWH%DUWVWRSSHOQLP*HVLFKWGLH .OHLGXQJZDU]HUNQLWWHUWGDV+DDU]HU]DXVW$EHUZHQQ HUHLQHQ7DJKDUWHU$UEHLWKLQWHUVLFKKDWWHVDKHULPPHU VRDXVXQGHUZDUVRJDUVWRO]GDUDXIGDPDQHVLKP DQVHKHQNRQQWHZHQQHUPHKUDOVGLHXQEHGLQJWQRWZHQ GLJHQSDDU6WXQGHQDQGHU6FKUHLEPDVFKLQHYHUEUDFKW KDWWH (UKRFNWHVLFKZLHGHUDQGHQ6FKUHLEWLVFKQDKPGLH .DVVHWWHDXVGHP:DONPDQXQGOHJWHHLQ%DQGPLW%% .LQJHLQ'DQQVHW]WHHUVLFKGHQ.RSIK|UHUDXIXQG GUHKWHGLH/DXWVWlUNHKRFK
3DFNXQJXQG]QGHWHVLHDQGDQQWUDQNHUGLHOHW]WHQ 7URSIHQ.DIIHHGLHLP6W\URSRUEHFKHUEULJJHEOLHEHQ ZDUHQXQGZDUIHLQHQNXU]HQ%OLFNDXIGLH*HVFKLFKWH PLWGHUHUDP9RUWDJQLFKWZHLWHUJHNRPPHQZDU(U ZROOWHP|JOLFKVWVFKQHOOGHQ6FKOXKHUXQWHUVFKUHLEHQ GDPLWHUVLH.R]ORZVNLDPQlFKVWHQ7DJ]XU%HJXWDFK WXQJYRUOHJHQNRQQWH 6WHKOHQ8)2VXQVHUHQ0OO" $QKDQGYRQ+LQZHLVHQDXVGHQJDQ]HQ9HUHLQLJWHQ6WDDWHQ ]HLFKQHWVLFKDOOPlKOLFKHLQHQHXHHUVFKUHFNHQGH:HQGHDEGLH GDV8)23KlQRPHQ]XQHKPHQVFKHLQW,PPHUPHKU,QGL]LHQ VSUHFKHQGDIUGDGLH$XHULUGLVFKHQYRQ%DQJRU0DLQHELV 6DQ3HGUR.DOLIRUQLHQLPPHUXQGLPPHUZLHGHULQV3ULYDWOH EHQGHUDPHULNDQLVFKHQ%UJHUHLQGULQJHQ1DFKGHPGLHVH +LQZHLVHQXQDXFKXQVHUHP%ODWW]XJlQJOLFKJHPDFKWZXUGHQ VWHOOHQXQVHUH5HSRUWHUQXUQRFKHLQHHLQ]LJHVLPSOHXQGGHQ QRFKlXHUVWZLFKWLJH)UDJH :LVVHQ6LHOLHEH/HVHUZDVDXV,KUHP0OOZLUG" (QWZHQGHQGLH$XHULUGLVFKHQGLHDOOWlJOLFKHQNOHLQHQ%H ZHLVH,KUHU([LVWHQ]XPVLHLKUHQJDQ]HLJHQHQXQEHJUHLIOLFKHQ =ZHFNHQ]X]XIKUHQ" +DUDOG%XGNH\DXV2PDKD1HEUDVNDZHLHLQHEHXQUXKL JHQGH*HVFKLFKWH]XEHULFKWHQGLHVLFKLQlKQOLFKHU)RUPDXFK DQGHUHQRUWV]XJHWUDJHQKDW ª(VZDUXQJHIlKUKDOEYLHU8KUPRUJHQVLFKKDEHQRFKJH VFKODIHQ'DK|UWHLFKSO|W]OLFKHLQVHKUODXWHV.ODSSHUQ,FK GDFKWH]XHUVWGDVZlUHQ.DW]HQRGHU+XQGHGLHLQPHLQHQ 0OOHLPHUQKHUXPNUDPWHQGHQQLFKKDWWHGLH%HKlOWHUVFKRQ YRUGLH7UJHVWHOOWGDPLWGLH0OODEIXKUVLHDPQlFKVWHQ7DJ DEKROHQNRQQWH6FKQHOOKDEHLFKGHQ%DGHPDQWHODQJH]RJHQ XQG]XU9RUGHUWUKLQDXVJHVHKHQXQGYHUGDPPWZLOOLFKVHLQ GDZKOWVRHLQNOHLQHUJODW]N|SILJHU.HUOXQJHIlKUHLQV]ZDQ ]LJJURLQPHLQHP0OOHLPHUKHUXPXQGEHULKPVFKZHEW HLQHIOLHJHQGH8QWHUWDVVH© 'LH)UDJHLVWQXQZDVGLH:HVHQYRQDQGHUHQ3ODQHWHQPLW .DIIHHVDW]9HUSDFNXQJHQYRQ)HUWLJJHULFKWHQXQGOHHUHQVWLQ NHQGHQ.DW]HQIXWWHUGRVHQDQIDQJHQZROOHQ

VRQGHUVKlOLFKHQIHWWHQ/HEHUIOHFNDP+DOVª*HUDGH KDWWHLFKHLQHZLFKWLJH%HVSUHFKXQJ(VJDEGDHLQSDDU 3UREOHPHPLWGHU6WRU\EHUGLH2UJLHQGLHXQWHU5HDJDQ LP:HLHQ+DXVVWDWWJHIXQGHQKDEHQ6LHKWDXVDOV PWHLFK%ODNHDQZHLVHQVLFKHWZDV]XUFN]XKDOWHQ© &DPGHQJULQVWHYHUVFKODJHQª'DVLVWDEHUVFKDGH.R] 'DVZDUZLUNOLFKHLQHKHLH*HVFKLFKWH© ª:DUXPOLHIHUQ6LHPLUQLFKWPDO*HVFKLFKWHQEHU2U JLHQ"
HLQPDOPLWJHKHLPHQ%RWVFKDIWHQYRQ(OYLV3UHVOH\ODX IHQ:DVPHLQHQ6LH"© ª*HKWNODU%RGDQNH©&DPGHQUlXVSHUWHVLFK ª:HQQ6LHlKZHQQ,KQHQGLH*HVFKLFKWHQJHIDOOHQ KDEHQ.R]DOVRLFKGDFKWHlKYLHOOHLFKWN|QQWHQ 6LH©6FKUHFNOLFKZLHHUDXIHLQPDOKHUXPGUXFNVWH XQGVWRWWHUWH&DPGHQWDWGDVVRQVWQLH.R]KDWWHLKP ZLUNOLFKEHO]XJHVHW]Wª9LHOOHLFKWN|QQWHQ6LHPLUHLQH $UW%RQXV]DKOHQ"© 'LH$XJHQGHVGLFNHQ+HUDXVJHEHUVYHUHQJWHQVLFKVR IRUW]X6FKOLW]HQª:DV6LHZROOHQPHKU*HOG"© 1HLQGX,GLRWLFKZLOOHLQH.LVWHYRQGHLQHQ=LJDUUHQ KDEHQ ª-DVLFKHU,FKPXWHPLFKLQJURH8QNRVWHQVWU]HQ XQGHLQHNOHLQH=X]DKOXQJZlUHPLUGDZLOONRPPHQ© .R]ORZVNLVFKZLHJHLQHQ$XJHQEOLFN'LHQDVVHEH VDEEHUWH=LJDUUHZDQGHUWH]ZLVFKHQVHLQHQ/LSSHQXQG =lKQHQKLQXQGKHUDOVNDXWHHLQ+XQGDXIHLQHP$DO 0HLQH*WHGDFKWH&DPGHQ'DVZDUDEHUZLUNOLFKHLQH 9HUlQGHUXQJ(UVSLHQLFKWDXIGHU6WHOOHGLH:RUWH ª1HLQ6LH$UVFKORFK©DXVZLHHUHVVRQVWLPPHUWDW :HOFKEOH,GHHQWULHEHQVLFKLQGLHVHPVWLQNHQGHQ7RSI YROOHU:UPHUKHUXPGHQ.R]ORZVNLDQ6WHOOHHLQHV*H KLUQVEHQXW]WH" 'LH.QRSIDXJHQZDQGHUWHQEHUGLHKRFKDXIJHVWDSHO WHQ3DSLHUHDXIGHP6FKUHLEWLVFKXQG]XUDOWHQ,%0 6FKUHLEPDVFKLQHDXIGHU&DPGHQJHVFKULHEHQKDWWH ª:RUDQDUEHLWHQ6LHGDJHUDGH&DPGHQ"©(UYHUUHQNWH GHQ+DOVXPJHQDXHU]XVHKHQ &DPGHQVHUVWH5HDNWLRQZDUGHQ7H[WYRUVHLQHP%R ]XYHUVWHFNHQDEHUHUXQWHUGUFNWHGHQ,PSXOVVRIRUW GHQQGDVKlWWH.R]ORZVNLV,QWHUHVVHHUVWUHFKWHUUHJW &DPGHQGXUIWHVLFKQLFKWVDQPHUNHQODVVHQ$XHUGHP NRQQWHGHU+HUDXVJHEHU6FKUHLEPDVFKLQHQVFKULIWQXUOH VHQZHQQHUVLHVLFKGLUHNWYRUGLH1DVHKLHOWª2KLFK VFKUHLEHJHUDGHGLHVHQ$UWLNHOKLHU]X(QGH©(UVFKRE GHPGLFNHQ0DQQGHQHUVWHQ7HLOGHV$UWLNHOVEHUGLH 0OOHLPHU]X.R]ORZVNLKLHOWVLFKGLH%OlWWHUGLFKWYRU GDV*HVLFKWXQGODVGLH6FKODJ]HLOH

ª+DJXWJHPDFKW&DPGHQ*XWHU6WRII
SDDU6FKHLQFKHQH[WUDZHUWVLQGGDPLWGHU$XWRUJOFN OLFKLVWXQGNUHDWLYEOHLEW"© .R]GUlXWHEHU&DPGHQV6FKUHLEWLVFKZLHHLQH*HZLW WHUZRONH(UVWHFNWHVLFKQDFKGHQNOLFKHLQHQ)LQJHULQGLH 1DVHZKOWHHLQH:HLOHKHUXPXQGEHJXWDFKWHWHGLH$XV EHXWHGLHDXIGHU)LQJHUVSLW]HKlQJHQJHEOLHEHQZDU(LQ 7DVFKHQWXFKDXVGHU+RVHQWDVFKH]LHKHQGUHLKWHHUGDV )XQGVWFNLQGHQ7DJHVIDQJHLQª*HOGZROOHQ6LH&DP GHQ"6LHVLQGPLUDEHUHLQHUZLVVHQ6LH9RUNQDSSDQ GHUWKDOE:RFKHQNRQQWHQ6LHVFKRQIURKVHLQEHUKDXSW ,KUHQ-RE]XEHKDOWHQZHLOLFK6LHEHLQDKHDXIGHU6WHOOHDQ GLH/XIWJHVHW]WKlWWH8QGMHW]WZROOHQ6LHHLQH=XODJH© (UQLFNWHLQ5LFKWXQJGHU6FKUHLEPDVFKLQHXQGWLSSWHDXI GHQHUVWHQ7HLOGHU0OOJHVFKLFKWHª'LHVH6DFKHKLHU GDVJHKWLQ2UGQXQJGDVJHIlOOWPLU$EHUGHQ3XW]6HOW ]HU3UHLVEHNRPPHQ6LHGDIUQLFKW©'HU3XW]6HOW]HU 3UHLVGDVZDU.R]ORZVNLVIUHLHUIXQGHQHV*HJHQVWFN ]XP3XOLW]HUSUHLV'HU1DPHGHUQLFKWH[LVWHQWHQ$XV ]HLFKQXQJIUDXIODJHQVWHLJHUQGHQ%RXOHYDUGMRXUQDOLV PXV ª
VDJH,KQHQZDV&DPGHQ)UDJHQ6LHPLFKQLFKWZDUXP LFKGDVPDFKHQDFKGHP6LHPHLQH7RFKWHUJHVFKlQGHWKD EHQ(LJHQWOLFKVROOWHLFK6LHDQGHQ(LHUQDXIKlQJHQ$EHU LFKELQHEHQHLQQDFKVLFKWLJHU0DQQ,FKVDJH,KQHQ ZDV6LHEULQJHQPLUHLQHHUGHUVFKWWHUQGHDOVRHLQH ZLUNOLFKJXWH*HVFKLFKWHGDPLWGLHVH0LOOLRQ/HVHUGLH DQGHUHQ%OlWWHUYHUJLWXQGGHQ,QWUXGHU]XU0LOFKXQG GHQ(LHUQXQGGHP%URWLQGHQ(LQNDXIVZDJHQVWHFNWXQG GDQQVROOHQ6LH,KUHQ%RQXVEHNRPPHQVRHWZDVLQGHU *U|HQRUGQXQJYRQ]Z|OIWDXVHQG6PDFNHURRV© &DPGHQEOLQ]HOWHYHUXQVLFKHUWª:LHLVWGHQQGHU :HFKVHONXUVIU6PDFNHURRV"© ª$OVLFKPLFKGDVOHW]WH0DOYHUJHZLVVHUWKDEHZDUHV HLQ'ROODUSUR6WFN,FKVHKH6LHVLQGEHUUDVFKW6LHKlW WHQZRKOQLFKWJHGDFKWGDLFKVRJUR]JLJVHLQNDQQ ZDV"1XQMDGLH*HVFKLFKWHPXDEHUZLUNOLFKJXWVHLQ &DPGHQXQGGDKHUZHUGHLFKGDV*HOGZDKUVFKHLQOLFK JDUQLFKWDXVJHEHQPVVHQ$EHUZHQQVLHGDVLVWZDVLFK PLUXQWHUHLQHUJXWHQ*HVFKLFKWHYRUVWHOOHGDQQLVWGLH $XIODJHGHU1XPPHULQGHU,KUH*HVFKLFKWHHUVFKHLQW HLQH0LOOLRQK|KHUDOVVRQVW1DZLHNOLQJWGDV"© ª'DVNOLQJWKHUYRUUDJHQG$EHUGDVQW]WPLUMHW]WLP $XJHQEOLFNEHUKDXSWQLFKWV© ª,FKVHKHGDVFKRQHLQH0|JOLFKNHLW&DPGHQ=ZHLWDX VHQGVRIRUWEDUDXIGLH+DQGGLHN|QQHQ6LHEHKDOWHQ .OLQJWGDVJXW"© ª$OVRGDQQZHUGHLFKDPEHVWHQJOHLFKPLWGHU$UEHLW DQIDQJHQ.R]© .R]ORZVNLWlWVFKHOWHGHQ$UPVHLQHV$QJHVWHOOWHQª,FK ZXWHGRFKGD,KUH0RWLYDWLRQVRIRUWVWHLJWZHQQ6LH GDVK|UHQ&DPGHQ8QGLFKZUGH,KQHQGLHVHV$QJHERW QLFKWPDFKHQZHQQLFKQLFKWJHQDXZWHGD6LHHLQH XQJODXEOLFKH*HVFKLFKWHSURGX]LHUHQN|QQHQ©(UULFK WHWHVLFKDXIXQGZDFNHOWHGDYRQHLQH:RONH=LJDUUHQ TXDOPKLQWHUODVVHQGª6LHZLVVHQMDZRLFK]XILQGHQELQ &DPGHQ%ULQJHQ6LHPLUHLQSDDUJXWH*HVFKLFKWHQXQG LFKOHJH,KQHQZDVGUDXI© &DPGHQVDFNWHLQVLFK]XVDPPHQ(UODQJWHQDFKGHP %HFKHUDEHUHUKDWWHGHQ.DIIHHVFKRQDXVJHWUXQNHQ6HLQ

+HU]UDVWHZLHZLOG(UVWDQGDXIXQGJLQJ]XGHQ$XWRPD WHQGLHLQHLQHU(FNHGHV5DXPHVVWDQGHQ =Z|OIWDXVHQG'ROODU]ZHLWDXVHQGDOV9RUVFKX$XI HLQHQ6FKODJ'DVNRQQWHHUZLUNOLFKJXWJHEUDXFKHQ 'DV3UREOHPZDUGD&DPGHQJHQDXZXWHGDHUGLH ULFKWLJH*HVFKLFKWHEHUHLWVKDWWH(UKDWWHVLHOlQJVWDQGHU $QJHO ,QGHU(FNHGHV*URUDXPEURVVWDQGHQHLQOHLVHVXP PHQGHU&ROD$XWRPDWXQGDXIHLQHP5HJDODXV0DKDJR QLLPLWDWHLQH.DIIHHPDVFKLQH,QGHU.DQQHVWDQGQRFKHLQ KDOEHU=ROOHLQHUWLHIVFKZDU]HQ)OVVLJNHLW$OV&DPGHQ VLHLQVHLQH7DVVHNLSSWHJOXFNHUWHVLH]lKIOVVLJXQGURFK YHUEUDQQW(UEHPHUNWHHVNDXPHUPXWHQDFKGHQNHQ :DVVROO VGDFKWHHUHVNRQQWHMDQLFKWVFKDGHQ(U PXWHGHP,QWUXGHUMDQLFKWXQEHGLQJWGLHJDQ]H*H VFKLFKWHKLQZHUIHQ(UNRQQWHHLQH$UWLNHOVHULHGDUDXVPD FKHQ\HDK=XHUVWQXUHLQSDDUYDJHXQEHVWLPPWH$QGHX WXQJHQ'HUHUVWH$UWLNHOZUGHVRZLHVRHUVWLQHLQSDDU :RFKHQLQGLH=HLWXQJVVWlQGHUNRPPHQ%LVGDQQDOOHVVR ZHLWZDUKlWWHHUGLHYROOVWlQGLJH*HVFKLFKWHOlQJVWDQHLQ DQJHVHKHQHV%ODWWYHUNDXIW$XHUGHPGLH%XFKUHFKWH 'DPLWZlUHHUHQGOLFKDXVGLHVHPPLHVHQ/DGHQKHUDXV 8QGELVGDKLQKlWWH6FDUERURXJKVLFKHUDXFK'LDQHJHIXQ GHQXQGDOOHVZlUHYRUEHL$OVRNRQQWHHVQLFKWVFKDGHQ (UWUDQNHLQHQ6FKOXFNGHVELWWHUHQ.DIIHHVXQGYHU]RJ GDV*HVLFKW'DV*HEUlXVFKPHFNWHHQWVHW]OLFKHUYHU GQQWHHVPLW:DVVHU,PPHUQRFKHNHOKDIWDEHUZHQLJ VWHQVWULQNEDU'DV.RIIHLQEHVFKOHXQLJWHVHLQHQ+HU] VFKODJQRFKPHKU'DQQHULQQHUWHHUVLFKDQ6FDUERURXJKV +lQGHGLHLKQDP.UDJHQJHSDFNWKDWWHQZlKUHQG6FDU ERURXJKLKPZWHQGHUNOlUWHª8QGZHKHZHQQLFKDXFK QXUHLQ:RUWGDYRQLP,QWUXGHUVHKH&DPGHQ:HQQGDV SDVVLHUWN|QQHQ6LHDOOH$EVSUDFKHQYHUJHVVHQ.HLQH([ NOXVLYUHFKWH.HLQH=XVDPPHQDUEHLWEHLHLQHP%XFK8QG YHUJHVVHQ6LHQLFKWGDLFKMHW]WZHJHQ0RUGHVJHVXFKW ZHUGH:HQQ6LHLQ,KUHP.lVHEODWWDXFKQXUHLQH$QGHX WXQJYHU|IIHQWOLFKHQPHLQ)UHXQGGDQQZHUGHLFKVHKHQ REGLHVHU9HUGDFKWQLFKWGRFKQRFKGXUFKHLQH7DWJHUHFKW IHUWLJWZLUG©

(VVDK'U(YHUHWW6FDUERURXJKEHUKDXSWQLFKWlKQ OLFK*HZDOWGURKXQJHQDXV]XVSUHFKHQDEHU&DPGHQ KDWWHDQGHUHUVHLWVDXFKQRFKQLHEHREDFKWHQN|QQHQZLH VLFKHLQ0HQVFKPLWHLQHUGHUDUWLJHQ*HVFKZLQGLJNHLW YRQHLQHP]LYLOLVLHUWHQ:HVHQLQHLQJHKHW]WHVZLOGHV7LHU YHUZDQGHOWH1DWUOLFKKDWWHHV6FDUERURXJKV6WLPPXQJ QLFKWKHEHQN|QQHQDOVHUNXU]QDFKHLQDQGHUHUIXKUGD VHLQEHVWHU)UHXQGHUPRUGHWVHLQH7RFKWHUYRQHLQHULOOH JDOHQ$EWHLOXQJGHU&,$HQWIKUWXQGHUVHOEVW]ZDQ]LJ -DKUHODQJDQGHU1DVHKHUXPJHIKUWZRUGHQZDU 1HLQGDFKWH&DPGHQ9LHOOHLFKWLVWGDVPLWGHU$UWLNHO VHULHGRFKNHLQHVRJXWH,GHH $XHUGHPPRFKWHHU6FDUERURXJK8QGHLQHQHWWH 7RFKWHUKDWWHHUDXFKHLQZLUNOLFKKEVFKHV0lGFKHQ 8QGDXHUGHPZDUHUDXFKPLW'LDQH6FDUERURXJKV )UHXQGGLHVHP7LPRWK\5HLOO\VHKUJXW]XUHFKWJHNRP PHQ(LQJXWHU-XQJH8QGGD7LPXQG'LDQHMHW]WLU JHQGZRIHVWJHKDOWHQZXUGHQXQGZHUZHLZDVGXUFK PDFKHQPXWHQZDUHVYHUPXWOLFKEHVVHUDXIGHP3IDG GHU7XJHQG]XZDQGHOQ &DPGHQVHXI]WH1DJXW(UPXWHEDOGDXIEUHFKHQ IU8KUKDWWHHUHLQHQ3ODW]IUGHQ)OXJGHU86$LU YRQ2UODQGRQDFK1HZ
(UNHKUWH]XVHLQHP6FKUHLEWLVFK]XUFNXQGVWHFNWH GHQ$UWLNHOEHU6FDUERURXJKLQVHLQH$NWHQWDVFKH1LFKW GDHUGLH$EVLFKWKDWWHGDKHLPZHLWHUGDUDQ]XDUEHLWHQ HUZROOWHHLQIDFKYHUPHLGHQGDGDV0DQXVNULSWDQVHL QHP$UEHLWVSODW]KHUXPODJZRDEXQG]XVHLQHQHXJLHUL JHQ.ROOHJHQKHUXPVFKQIIHOWHQ $OV-DNH&DPGHQGLH7UKLQWHUVLFKJHVFKORVVHQKDWWH XQGGLH7UHSSHKLQXQWHUOLHILQ*HGDQNHQVFKRQLQGHU 3DOP%UDQFK/RXQJHNOLQJHOWHGDV7HOHIRQDXIGHP 6FKUHLEWLVFKVHLQHU6HNUHWlULQ $EHU-DNHK|UWHHVQLFKWPHKU(UVDKVFKRQYRUVLFK ZDVHUWULQNHQZUGH(UZROOWH3RROVSLHOHQXQGYLHO OHLFKWHLQHKEVFKH7RXULVWLQDXIUHLHQGLHQDFK'LVQH\ :RUOGXQWHUZHJVZDU

.DSLWHO 9HUGDPPWMHW]WKHEGRFKHQGOLFKDE (YHUHWW6FDUERURXJKOLHHVHOIPDONOLQJHOQHKHHUDXI OHJWH'HU0Q]IHUQVSUHFKHUVSXFNWHGLH0Q]HQZLHGHU DXVGLHNOLQJHOQG]X%RGHQILHOHQ (UKlWWH&DPGHQIUKHUDQUXIHQPVVHQ 0RPHQW+DWWHHUQLFKWDXFKGLH3ULYDWQXPPHU"'D ZDUVLHDXIGHU5FNVHLWHGHV%ULHISDSLHUVPLWGHP:DS SHQHLQHV+RWHOV6FDUERURXJKVFKREGLH0Q]HQZLHGHU LQGHQ6FKOLW]OLHVLFKGLH)HUQYHUPLWWOXQJJHEHQXQG QDQQWHGHU0LWDUEHLWHULQGLH1XPPHU(UZDJWHHVQLFKW IUGDV*HVSUlFKVHLQH7HOHIRQNDUWH]XEHQXW]HQ$XFK VHLQH.UHGLWNDUWHQEHQXW]WHHUQLFKWPHKU6FKOLHOLFK KDWWHHUHVPLW/HXWHQ]XWXQGLHVLFKPLWPRGHUQHU7HFK QLNDXVNDQQWHQXQGNRQQWHVLFKQLFKWGDUDXIYHUODVVHQ GDDOOHVVRZHLWHUOLHIZLHELVKHU(UZlUHNHLQ3UREOHP LKQDXI]XVSUHQ $XFK(YHUHWW6FDUERURXJKNDQQWHVLFKPLWPRGHUQHU 7HFKQLNDXVDEHUVLHVWDQGLKPQLFKWPHKU]XU9HUI JXQJ(UZDUDXIGHU)OXFKW:HQQHUGLHVHV$EHQWHXHU EHUOHEWHNRQQWH+ROO\ZRRGVHLQH*HVFKLFKWH]XHLQHU

6HULHYHUDUEHLWHQ(LQH)RUWVHW]XQJYRQª(LQ0DQQDXI GHU)OXFKW© 'LH9HUPLWWOXQJPHOGHWHVLFKVHLQ$QUXIZXUGHGXUFK JHVWHOOW %HLPGULWWHQ.OLQJHOQVWDQGGLH9HUELQGXQJ ª4XHSDVD©ZDU&DPGHQV6WLPPH]XK|UHQ+HLVHUYRQ ]XYLHO6FKQDSVXQG]XYLHOHQ=LJDUHWWHQª,FKNDQQJH UDGHQLFKWVHOEVWGUDQJHKHQZHLOLFKPHLQH0DVFKLQHQSL VWROHQDFKODGHQPXXPGLH(LQEUHFKHU]XHUOHGLJHQ )DOOV6LHHLQHQJUQHQ0DQQYRP0DUVJHVHKHQKDEHQ GDQQUXIHQ6LHPHLQH6HNUHWlULQLP%URDQ)DOOV6LH*HOG IUPLFKKDEHQKLQWHUODVVHQ6LH,KUHQ1DPHQ,KUH $GUHVVHXQG,KUH7HOHIRQQXPPHU:HQQ6LH*HOGYRQ PLUZROOHQGDQQNRPPHQ6LHYRUEHLGDPLWLFKGLH0D VFKLQHQSLVWROHDXVSURELHUHQNDQQ2K\HDK,FKZHUGH JOHLFKHLQVFKPXW]LJHV:RUWVDJHQGDVGLH7HOHIRQJHVHOO VFKDIWPLWHLQHP3LHSVWRQDXVEOHQGHQZLUG:ROOHQ6LH PLUHWZDVPLWWHLOHQN|QQHQ6LHGDVQDFKGHP3LHSVWRQ WXQ© 3,(3 6FDUERURXJKOHJWHDXI :HQQHUGD]XNDPZROOWHHUHVVSlWHUQRFKHLQPDOYHU VXFKHQ (UVWDQGYRUHLQHP(OHYHQ6XSHUPDUNWLQHLQHP2UW QDPHQV,PSHULDOLQGHU1lKHYRQ3LWWVEXUJK (YHUHWW6FDUERURXJKZDUVHLWXQJHIlKU]ZHL8KUQDFK PLWWDJVXQWHUZHJV(UEHQXW]WHQDFKZLHYRU1HEHQVWUD HQXQGKLHOWVLFKVWUHQJDQGLH*HVFKZLQGLJNHLWVEHJUHQ ]XQJHQGHQQHUZROOWHXPNHLQHQ3UHLVDXIIDOOHQ-HW]WGD HUJHQDXZXWHZRKLQHUZROOWHXQGZDVHUYRUKDWWHEH GUFNWHHVLKQGDHUQXUVRODQJVDPYRUDQNDP9RUKHU KDWWHHUHVNDXPEHPHUNW(UZDUYLHO]XVHKUGDPLWEH VFKlIWLJWJHZHVHQQDFK]XGHQNHQGLH6LWXDWLRQHLQ]X VFKlW]HQXQGYRUDOOHPVHLQH(PRWLRQHQXQWHU.RQWUROOH ]XEHNRPPHQ 6FKOLHOLFKEHWUDWHUGDV*HVFKlIWXQGNDXIWHHLQH=HL WXQJXQGHLQHQ6QLFNHUV5LHJHO(UNRQQWHVSlWHUQRFK]X $EHQGHVVHQLP$XJHQEOLFNNDPHVLQHUVWHU/LQLHGDUDXI DQVHLQHQ%OXW]XFNHUVSLHJHOXQGYRUDOOHPDXFKVHLQH

6WLPPXQJ]XKHEHQ:HQQHUVLFK]X+DXVHVRQLHGHUJH VFKODJHQJHIKOWKlWWHGDQQZlUHHV=HLWIUHLQHQ6FRWFK JHZHVHQ-HW]WNRQQWHHUHVVLFKQLFKWOHLVWHQDXFKQXU HLQHQ7URSIHQ]XWULQNHQ ª+HKDEHLFK6LHQLFKWVFKRQHLQPDOLUJHQGZRJHVH KHQ"©IUDJWHGHU.DVVLHUHUHLQGUUHU.HUOPLWNOHEULJHP ODQJHP+DDUXQGHLQHPJURHQ$GDPVDSIHO 6FDUERURXJKKREGLH6FKXOWHUQXQGYHUVXFKWHVLFKVHL QHQ6FKUHFNQLFKWDQPHUNHQ]XODVVHQ)UKHUKDWWHHUVRO FKH6LWXDWLRQHQJHQRVVHQ-HW]W]XFNWHHU]XVDPPHQVR EDOGHUQXUGDUDQGDFKWH ª.HLQH$KQXQJ©PXUPHOWHHUª:RGHQQ"© 'HUMXQJH0DQQVWDUUWH6FDUERURXJKPLW]XVDPPHQJH NQLIIHQHQ$XJHQDQª1HLQHVLVWZRKOGRFKQXUHLQHHQW IHUQWHbKQOLFKNHLW© ª2K":HPVHKHLFKGHQQlKQOLFK"© ª'LHVHP5HJLHUXQJVEHDPWHQGHULP)HUQVHKHQJH]HLJW ZXUGH'HQ1DPHQZHLLFKQLFKWPHKU'DQNH©6FDUER URXJKEHNDPVHLQ:HFKVHOJHOGXQGGHU0DQQNRQ]HQ WULHUWHVLFKZLHGHUDXIVHLQHQNOHLQHQ6FKZDU]ZHLIHUQVH KHU 6FDUERURXJKJUXQ]WHQXUXQGJLQJKLQDXV (UNHKUWH]XGHQGUHL7HOHIRQKlXVFKHQ]XUFNGLH UHFKWVQHEHQGHP(LQJDQJYRUHLQHPJURHQ(LVNDVWHQ VWDQGHQ(UZROOWHQRFKMHPDQGDQGHUVDQUXIHQ(LQHQ 0DQQGHQHU]XHUVWDXVJHVFKORVVHQKDWWHGHUDEHUQDFK GHP6FDUERURXJKJUQGOLFKQDFKJHGDFKWKDWWHYLHOOHLFKW EHUHLWVHLQN|QQWHLKP]XKHOIHQ (U]RJGDVNOHLQH$GUHEXFKDXVGHU*HVlWDVFKHVDK XQWHU!0QDFKXQGZlKOWHGLH1XPPHUGLHPLWGHU9RU ZDKOYRQ9LUJLQLDEHJDQQ6HKUJHQDXHULQQHUWHHUVLFK QRFKDQ(GV:RUWHDOVGLHVHULKPHLQ-DKU]XYRUVHLQH9L VLWHQNDUWHJHJHEHQKDWWHª(GYLHOHQ'DQN,FKELQGLUHLQH 0HQJHVFKXOGLJ)DOOVGXLUJHQGZDQQPDO6FKZLHULJNHL WHQKDVWGDQQUXIHPLFKSULYDWDQ$EK|UVLFKHUHU7HOHIRQ DQVFKOXLP.HOOHUHLQHDEJHVFKLUPWH/HLWXQJRUGHQWOLFK DQJHPHOGHWXQGJDUDQWLHUWQLFKWEHUZDFKW© (GZDUG0\HUV (GDUEHLWHWHLQ/DQJOH\9LUJLQLDKLHOWVLFKDEHUQLFKWRIW

LQVHLQHP%URDXI(UUHLVWHYLHOELOGHWH5HJLRQDOOHLWHU DXVXQGVRUJWHGDIUGDGLH0lQQHUPLWGHQ6FKODSSK WHQKLQVLFKWOLFKLKUHU+DUGZDUHGHU6RIWZDUHXQGDOOHP ZDVVLHVRQVWIULKUHQ%HUXIEUDXFKWHQDXIGHPQHXHVWHQ 6WDQGEOLHEHQ.XU]JHVDJWHUZDUHPVLJGDPLWEHVFKlI WLJWEHLGHU&,$.DUULHUH]XPDFKHQ6FDUERURXJKXQG 0\HUVKDWWHQVLFKEHLHLQHP3URMHNWGHU5HJLHUXQJNHQ QHQJHOHUQWEHLGHPHVGDUXPJHJDQJHQZDUQHXH,GHHQ IUGHQHIIL]LHQWHQ(LQVDW]YRQ6SLRQDJHVDWHOOLWHQDXV]X KHFNHQ6FDUERURXJKNDQQWHVLFKGDQNVHLQHUIUKHUHQ7l WLJNHLWIUGDV0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\UHFKW JXWLQGLHVHU%UDQFKHDXV 1DFKGHP6FDUERURXJKDOVIKUHQGHU8)26NHSWLNHU GHV/DQGHVJXW]XYHUGLHQHQEHJDQQKDWWHHUGLH%HUDWHU WlWLJNHLWHWZDV]XUFNJHVWHOOWXQGVLFKQXUQRFKVRZHLW GDUDXIHLQJHODVVHQGDHULP+LQEOLFNDXIZLFKWLJHIOXJ WHFKQLVFKH1HXHUXQJHQDXIGHPODXIHQGHQEOLHE (UXQG0\HUVKDWWHQHVJHVFKDIIWGHP%HDPWHQPLHI]X HQWIOLHKHQ0\HUVZDUHLQSDDUPDOEHL6FDUERURXJKVEH UFKWLJWHQ3RNHUZRFKHQHQGHQ]X*DVWJHZHVHQXQGGRUW KDWWHHUDXFK0DF.HQ]LHNHQQHQJHOHUQW0DFKDWWH(G 0\HUVIUHLQHQDQVWlQGLJHQ.HUOJHKDOWHQZDVIUHLQHQ &,$6FKQIIOHUHLQKRKHV/REZDU ,KUH%H]LHKXQJZlUHEHUGLH3RNHUDEHQGHXQGGLH 'LQQHU3DUW\VEHLGHQHQ&\QWKLD0\HUVXQZHLJHUOLFK YHUVXFKWH6FDUERURXJK]XYHUNXSSHOQ QLFKWKLQDXVJH JDQJHQZlUHGDQLFKW'DYLG0\HUVJHZHVHQ(GV6RKQ 6FKRQLQMXQJHQ-DKUHQKDWWH'DYLGGLHXQWHUQHKPHUL VFKH7UDGLWLRQIUVLFKHQWGHFNWGXUFKGLH$PHULND]X HLQHPZLUWVFKDIWOLFKHQ*LJDQWHQJHZRUGHQZDU/HLGHU KDWWH'DYLGMHGRFK'URJHQYHUNDXIW0LWVHFK]HKQ-DKUHQ HUZLVFKWXQGYRQ.RNVYHUVFKLHGHQHQ$QUHJXQJVXQG %HUXKLJXQJVPLWWHOQXQGZDKUVFKHLQOLFKDXFKYRQ$ONR KRODEKlQJLJZDU'DYLGHLQHOlQJHUH+DIWVWUDIHQXUGDQN GHU9HUELQGXQJHQVHLQHV9DWHUV]XU5HJLHUXQJHUVSDUWJH EOLHEHQ0\HUVYHUVFKDIIWHLKPHLQH7KHUDSLHDEHUDXHU GLHVHUZDUQRFKHLQHZHLWHUH=XWDWQRWZHQGLJ$XIPHUN VDPNHLW'HU&,$$JHQWJLQJVRLQVHLQHP-REDXIGDHU 'DYLGQLHGLH$XIPHUNVDPNHLWVFKHQNHQNRQQWHGLHGLH

VHUHLJHQWOLFKJHEUDXFKWKlWWH(UKDWWHVLFKEHPKWVRJXW HVJLQJDEHUHUKDWWH'DYLGDXFKHUPXQWHUWVLFKVHOEVWlQ GLJQDFK(UZDFKVHQHQXP]XVHKHQGLHLKPDOV9RUELOG GLHQHQN|QQWHQ'DYLGVJURH/LHEHZDUGLH:LVVHQ VFKDIWXQGHLQHUVHLQHU/LHEOLQJVDXWRUHQZDU(YHUHWW 6FDUERURXJK)DVWHLQ-DKUODQJKDWWHQ(YHUHWW6FDUER URXJKXQG'DYLGVLFKUHJHOPlLJJHJHQVHLWLJEHVXFKW 6FDUERURXJKKDWWHPLWLKPEHU%FKHUGLVNXWLHUWXQG LKP(LQEOLFNHLQYHUVFKLHGHQH:LVVHQVJHELHWHJHJHEHQ XQGYRUDOOHPKDWWHHUPLWGHP-XJHQGOLFKHQULFKWLJ )UHXQGVFKDIWJHVFKORVVHQ 1DFKHLQHU:HLOHZDUGHXWOLFKJHZRUGHQGD'DYLG HLQH%HJDEXQJIUDOOHVZDVPLW&RPSXWHUQ]XVDPPHQ KLQJEHVDXQGVRKDWWH6FDUERURXJKLKQXQWHUDQGHUHP LQGLH3URJUDPPLHUVSUDFKHQ%$6,&)2575$1XQG& HLQJHIKUW,Q]ZLVFKHQEHVXFKWH'DYLGGLH8QLYHUVLW\RI 9LUJLQLDXQGKDWWHVLFKYRQGHQ'URJHQEHIUHLWZHQQHU EHUKDXSWQRFKVFKWLJZDUGDQQ]LHOWHVHLQH$EKlQJLJ NHLWDXIGDV3URJUDPPLHUHQDXI0lGFKHQXQG0XVLN 0\HUVZDU(YHUHWW6FDUERURXJKEHUDXVGDQNEDUJHZH VHQDEHULP*UXQGHKDWWH6FDUERURXJKGDVDOOHVJHWDQ ZHLOHU'DYLGPRFKWHXQGVLFKVHOEVWLQGHP-XQJHQZLH GHUHUNHQQHQNRQQWH$XHUGHPKDWWHHVLKP6SDJH PDFKWGHQQVHLQMXQJHU=XK|UHUJDELKPGLH0|JOLFKNHLW 9RUWUlJHDXV]XSURELHUHQGLHHUHLJHQVIU6FKOHUXQG 6WXGHQWHQHQWZLFNHOWKDWWH1DWUOLFKZlUH6FDUERURXJK GDPDOVQLFKWDXIGLH,GHHJHNRPPHQWDWVlFKOLFKHLQPDO DXI0\HUV $QJHERW]XUFN]XNRPPHQ 'DVVDKMHW]WDQGHUVDXV ª+LHULVW3RWRPDF&RQVXOWDQWV,QFRUSRUDWHV©YHUNQ GHWH(G0\HUV$QUXIEHDQWZRUWHUª%LWWHKLQWHUODVVHQ6LH QDFKGHP6LJQDOWRQ,KUHQ1DPHQXQG,KUH5XIQXPPHU© 'DVNODQJJDQ]DQGHUVXQGYRUDOOHPHUKHEOLFKSURIHV VLRQHOOHUDOV-DNH&DPGHQV$QVDJH 6ROOWHHUHLQH1DFKULFKWKLQWHUODVVHQ"-DGDFKWH6FDUER URXJK'LHVHV5LVLNRNRQQWHHUHLQJHKHQ ª(GLFKELQ V:LHGXVLFKHUVFKRQZHLWVWHFNHLFKLQ JURHQ6FKZLHULJNHLWHQ9LHOOHLFKWZHLWGXDXFKGD PDQPLFKKHUHLQJHOHJWKDW,FKEUDXFKHGHLQH+LOIHXQG

]ZDUVRVFKQHOOZLHP|JOLFK'XNDQQVWPLFKEHUPHLQHQ $JHQWHQ:LOOLDP)UDQNOLQHUUHLFKHQ© 6FDUERURXJKQDQQWHGLH1XPPHULQ0DQKDWWDQXQG OHJWHDXI $OVHU]XVHLQHP:DJHQ]XUFNJLQJEHPHUNWHHUVRIRUW HLQHQ6WUHLIHQZDJHQGHU6WDDWVSROL]HLYRQ3HQQV\OYDQLD 'HU3ROL]LVWLQVSL]LHUWHJHUDGHVHLQ$XWR6FDUERURXJKV +HU]NORSIWHZLOGDEHUHUXQWHUGUFNWHGHQ'UDQJHLQ IDFKZHJ]XODXIHQ2KQHGHQ6FKULWW]XYHU]|JHUQJLQJHU ZHLWHU]XP$XWR:HQQGHU&RSQDFKVHLQHP)KUHU VFKHLQIUDJWHZDUHUYLHOOHLFKWHUOHGLJWDEHUYLHOOHLFKW DXFKQLFKW:HQQHUZHJUDQQWHPDFKWHHUVLFKDEHUJDQ] EHVWLPPWYHUGlFKWLJ ª.DQQLFK,KQHQKHOIHQ2IILFHU"© ª,VWGDV,KU:DJHQ"©IUDJWHGHU0DQQHLQSXPPHOLJHU JHODQJZHLOWDXVVHKHQGHU%HDPWHGHU]ZHLIHOORVEHUHLWV GLH0RQDWH]lKOWHGLHHUELV]XVHLQHU3HQVLRQLHUXQJQRFK DEVLW]HQPXWH(UZUGLJWH6FDUERURXJKNDXPHLQHV %OLFNHVXQGGDVZDUHLQJXWHV=HLFKHQ ª-D© 'HU0DQQPLWGHUJUDXHQ8QLIRUPKREHLQHQDEJHVWR HQHQ6FKXKXQGWLSSWHXQWHUGHP5FNOLFKWDQGLH6WR VWDQJHGHV:DJHQVª'LH%OLQNOHXFKWHLVWNDSXWW0LVWHU :HQQLFKLP'LHQVWZlUHZUGHLFK,KQHQHLQH9HUZDU QXQJVFKUHLEHQ1HKPHQ6LHPHLQHQ5DWDQXQGEULQJHQ 6LHGDVLQ2UGQXQJ© ª2KYLHOHQ'DQN2IILFHU,FKKDWWHGDVQRFKJDUQLFKW EHPHUNW© 'HU%HDPWHJUXQ]WHUFNWHVHLQHQ*XUW]XUHFKWXQG ZDWVFKHOWHLQGHQ6XSHUPDUNW 6FDUERURXJKVFKQDXIWHHUOHLFKWHUW(UEFNWHVLFKXQG XQWHUVXFKWHGLH$EGHFNXQJGHU+HFNOHXFKWHGLHHLQHQ 6SUXQJKDWWH $QGHUQlFKVWHQ7DQNVWHOOHPXWHHUVLFKHQWZHGHUHLQH QHXH$EGHFNXQJEHVRUJHQRGHUGLH%UXFKVWHOOHLUJHQGZLH NOHEHQODVVHQ(UKDWWHNHLQH/XVWZHJHQHLQHUVROFKHQ .OHLQLJNHLWYRQGHU3ROL]HLHUZLVFKW]XZHUGHQ (UVWLHJHLQXQGYHUVFKZDQGVRVFKQHOOHUHVZDJWH YRP3DUNSODW]

.DSLWHO 'LH3DOP%UDQFK/RXQJHSUlVHQWLHUWHQHXHV3HUVRQDO :HLEOLFKHV3HUVRQDO(LQH%DUGDPHGLHKEVFKZDUXQG NHLQHEOH)LJXUKDWWH1LFKWPHKUJDQ]WDXIULVFKDEHU -DNH&DPGHQPRFKWHGLH$UWZLHVLHGLH+DDUHWUXJDQ GHQ6HLWHQODQJXQGYRP0LWWHOVFKHLWHODXV]XUFNJH NlPPW ª8QGGDVDJHLFK]X6WHYH6SLHOEHUJ!:HQQGXHLQRU GHQWOLFKHV6NULSWDXIGHQ7LVFKOHJVWGDQQN|QQHQZLULQV *HVFKlIWNRPPHQ©&DPGHQOHHUWHVHLQ0RRVHKHDG%LHU WHLOVDXVGUDPDWLVFKHQ*UQGHQXQGWHLOVZHLOHUZLUNOLFK 'XUVWKDWWH(UVDKGHU)UDXWLHILQGLHJHVFKPLQNWHQ $XJHQXQGVSLHOWHGLH$XIULFKWLJNHLWLQ3HUVRQª!6WHYH LFKVDJHGDVQLFKWJHUQHDEHU8QKHLPOLFKH%HJHJQXQJXQG (7ZDUHQMDJDQ]QHWWDEHUGLHKDWWHQPLWGHU5HDOLWlWXQ JHIlKUVRYLHO]XWXQZLH'LVQH\ODQGPLW+DUOHP:HQQ GXQRFKHLQHQ)LOPEHU$XHULUGLVFKHPDFKVWGDQQPX HUDXIGHQ3XQNWNRPPHQXQGUHDOLVWLVFKVHLQ,FKKDEH LKPPHLQH,GHHQDXIQRWLHUWXQGHUVHW]WMHW]WVHLQH$XWR UHQGUDQ,Q+ROO\ZRRGVDJWPDQGD]XGDVLH!LQGHU 3URMHNWLHUXQJVLQG1DWUOLFK]DKOHQ6LHPLUHLQSDDU'RO ODUGDIUDEHUZHUZHLZDVGDQDFKGUDXVZLUG'LH /HXWHZROOHQGLH:DKUKHLWHLQIDFKQLFKWK|UHQVLHZROOHQ HLQH6KRZ,FKELQIU6KRZVQLFKW]XKDEHQPLUNRPPW HVQXUDXIGLH5HDOLWlWDQ'DZLUJHUDGHGDEHLVLQG$Q QHWWHZLHZlU VPLWHLQHP-RKQQ\:DONHUXQGQRFKHLQHU )ODVFKHYRQGLHVHPNDQDGLVFKHQ=HXJVKLHU"© 'LH3DOP%UDQFK/RXQJHHLQHKHUXQWHUJHNRPPHQH %DUGLHYRQIUKHUHU*U|H]HKUWHZDUKDOEEHUHLQHQ .DQDOJHEDXWXQGZXUGHYRQHLQSDDUVDIWXQGNUDIWORVHQ 3DOPHQPHKUSUR)RUPDYRUGHU6RQQH)ORULGDVJHVFKW]W 'DVJURH(UHLJQLVIU%HVXFKHUXQG*lVWHKLHUZDUHV ZHQQ*HUWLHHLQ]ZHL0HWHUODQJHU$OOLJDWRUXQWHUGHP 9RUEDXDXIWDXFKWH'LH6WDPPJlVWHIWWHUWHQGDV7LHUPLW .DUWRIIHOFKLSVXQG0DUVKPHOORZV'LH0DUVKPDOORZV ZDUHQEHVRQGHUVDPVDQWZHLOVLHDQGHQODQJHQ=lKQHQ GHV7LHUVNOHEHQEOLHEHQ'DV/RNDOZDUHLQ7UHIISXQNW KDOEZHJVEHWXFKWHU$ONRKROLNHUXQGGHU)UDXHQYRQ*H

VFKlIWVOHXWHQGLHYLHOUHLVWHQ)U:HLEHUKHOGHQZLH-DNH &DPGHQHLQSULPD$QVDW]SXQNWXP)UDXHQDXI]XUHLHQ ª'DVPDFKWGDQQGUHLIQI]LJ0U&DPGHQ©VDJWH$Q QHWWH ª-DNH0lGFKHQ1HQQHPLFKELWWH-DNH©&DPGHQ ]FNWHVHLQH%ULHIWDVFKHXQGVDKVLHWUEVHOLJDQ ª0HQVFK$QQHWWHLFKKDEHNHLQ%DUJHOGGDEHL,FKKDEH YHUJHVVHQDP$XWRPDWHQ]XWDQNHQ.DQQVWGX VDXI PHLQH5HFKQXQJVHW]HQ",FKELQ6WDPPJDVWKLHU$EHU ZDUWHPDOZDUWHGXZROOWHVWGRFKK|UHQZLHLFKEHU KDXSWDXIGLHIOLHJHQGHQ8QWHUWDVVHQJHNRPPHQELQ©(U EHXJWHVLFKYHUVFKZ|UHULVFKYRUDOVZROOWHHULKUGDV JU|WH*HKHLPQLVGHU:HOWYHUUDWHQª%LVWGXVFKRQHLQ PDOYRQ$XHULUGLVFKHQPLWJHQRPPHQZRUGHQ$Q QHWWH"© $QQHWWHEOLQ]HOWHª7HXIHOQRFKPDOQDWUOLFKQLFKW© ª%LVWGXGDDXFKJDQ]VLFKHU"'LHN|QQHQQlPOLFKGHLQH (ULQQHUXQJHQO|VFKHQ$EHUHVJLEWEHVWLPPWH+LQ ZHLVH6\PSWRPH6ROOLFKGLUPDOHLQSDDUQHQQHQQXU GDPLWGXVLFKHUELVWGDDOOHVLQ2UGQXQJLVWXQGGDHV QLFKWRKQHGHLQ:LVVHQSDVVLHUWLVW"© ª9HUJLHVPHLQ)UHXQG6HLWPHLQHU%UXVWDPSXWDWLRQ JLEWHVGDQLFKWVPHKU]XVHKHQ© ª'DVZDUNHLQ:LW]$QQHWWH*DQ]LP(UQVWZLOOVWGX HVQXQK|UHQ"© 6LHEHlXJWHLKQPLWUDXLVFK:HQQVLHOlFKHOWHZDUVLH DXVJHVSURFKHQKEVFKDEHUZHQQVLHGLH6WLUQUXQ]HOWH ZDUYRQLKUHQ*UEFKHQQLFKWVPHKU]XVHKHQª-DNHZLH NRPPWHVHLJHQWOLFKGDLFKGDV*HIKOKDEHGDGX GLHVH6lW]HQLFKW]XPHUVWHQPDOVDJVW"© -DNHEHWUDFKWHWHVLHJUQGOLFK-HW]WDEHUPDOODQJVDP -DLKUbXHUHVYHUULHWHVGXUFKDXV'LHVH'DPHKDWWHJH QJHQG0lQQHUYHUVFKOLVVHQXQGJHQJHQGJHOLWWHQXP HLQHJDQ]H-DKUHVSURGXNWLRQYRQ7UXH&RQIHVVLRQV]XOLH IHUQ$EHULQLKUHQLPPHUQRFKMXQJHQ+DVHOQXDXJHQ JORPPGHQQRFKHLQLQWHUHVVLHUWHU)XQNH ª'DVLVWIUPLFKQLFKWHLQIDFKQXUHLQ-RE$QQ\'LH HUQVWKDIWHMRXUQDOLVWLVFKH$XVHLQDQGHUVHW]XQJPLWGHQ XQLGHQWLIL]LHUWHQ)OXJREMHNWHQLVWPHLQH/HEHQVDXIJDEH

'XNDQQVWVLFKHUVHLQGDLFK]XHUVWDXFKJH]ZHLIHOW KDEH'LH:DKUKHLWLVWGDPHKUDOV3UR]HQWGHU8)2 6LFKWXQJHQGXUFKQDWUOLFKH3KlQRPHQH7lXVFKXQJHQ RGHU6FKZLQGHOHLHQHUNOlUWZHUGHQN|QQHQ$EHUZDVLVW PLWGHQYLHURGHUIQI3UR]HQWGLHPDQQLFKWDXIGLHVH :HLVHLQGHQ*ULIIEHNRPPHQNDQQ"'DVLVWGLH)UDJHGLH LFKPLUVWHOOHVHLWLFKGLHHUVWHQ$UWLNHOIUGHQ,QWUXGHU JHVFKULHEHQKDEH© ª$EHUGXVHOEVWKDVWQRFKQLHHLQ8)2JHVHKHQ"©'LH %DUGDPHZLFNHOWHHLQHQ6WUHLIHQ:ULJOH\ V6SHDUPLQWDXV XQGVFKRELKQVLFKLQGHQ0XQG ª1HLQ9LHOOHLFKWVWHKWPLUGDVHLQHV7DJHVQRFKEHYRU $EHUZHLWGXVRZLFKWLJLVWGDVHLJHQWOLFKQLFKW,FKKDEH PLFKWURW]GHPVHKULQWHQVLYGDPLWEHVFKlIWLJW:HQQLFK DXV]XYHUOlVVLJHU4XHOOHHLQHQDXWKHQWLVFKHQHKUOLFKHQ %HULFKWEHUHLQH6LFKWXQJK|UHDOVRGDVLVWZLUNOLFKHU VWDXQOLFK%DE\'DVKDXWPLFKHLQIDFKYRQGHQ)HQ 0LUNRPPW VGDQQVRYRUDOVZlUHLFKVHOEVWGDEHLJHZH VHQ©(UUXWVFKWHDXIJHUHJWYRP%DUKRFNHUXQGVWDQGJH VWLNXOLHUHQGYRULKUª:HQQLFKK|UHGDLP0LWWHOZHVWHQ IOLHJHQGH8QWHUWDVVHQEHU6WDUNVWURPOHLWXQJHQVFKZH EHQXQGGHQ6WURPDEVDXJHQXPLKUH(QHUJLHVSHLFKHU QDFK]XODGHQGDQQELQLFKGDEHL:HQQLUJHQGMHPDQG PLUVDJWHUKlWWHNOHLQHNRPLVFKDXVVHKHQGH0lQQFKHQ GXUFKVHLQ6FKODI]LPPHUIHQVWHUKHUHLQVFKDXHQVHKHQ XQGVSlWHUZlUHHLQURWXQGJUQEOLQNHQGHV2EMHNWKHU XPJHIORJHQ0lGFKHQGDQQELQLFKGDEHL:HQQHLQH )UDXKHXOWXQGPLUVDJWGLH$XHULUGLVFKHQKlWWHQLKUHLQ NOHLQHV.LQGJH]HLJWKDOEPHQVFKOLFKXQGKDOEDXHULU GLVFKGDVPDQDXVLKUHP%DXFKJHVFKQLWWHQGDVPDQLKU DXVGHQOLHEHYROOHQ$UPHQJHULVVHQKlWWHYHUGDPPW $QQHWWHGDQQELQLFKGDEHL8QGPDQFKPDOPXLFKDXFK VHOEVWKHXOHQVRLVWGDV© 6LHVDKLKQHWZDVIUHXQGOLFKHUDQ6RODQJVDPGUDQJHU ]XLKUGXUFK 9LHOOHLFKWZUGHVLHVRJDUYHUJHVVHQVHLQ%LHULQGHP DEJHVWRHQHQVFKZDU]HQ%XFK]XQRWLHUHQGDV)ULW]GHU ,QKDEHUQHEHQGHU.DVVHDXIEHZDKUWH (UVDJWHLKUXQGGDVZDUDXVQDKPVZHLVHHLQPDOGLH

:DKUKHLWGDHUYRQGHU:HOWGHU8)2VIDV]LQLHUWZlUH (UKDEHVLFKDXIGLH/LWHUDWXUJHVWU]WXQGVLFKQHXHXQG DOWH%FKHUEHVRUJWHUKDEHDP$QIDQJVHLQHUEHUXIOLFKHQ /DXIEDKQVRJDUHLQPDOGLH.RQJUHELEOLRWKHNDXIJHVXFKW XQGHLQHJDQ]H:RFKHODQJUHFKHUFKLHUW0LWZRKONOLQ JHQGHQ:RUWHQEHVFKULHEHULKUGDV*HIKOYRQ(KUIXUFKW XQG6WDXQHQPLWGHPHUEHUGLH0|JOLFKNHLWQDFKJH GDFKWKDWWHGDDXIDQGHUHQ3ODQHWHQDQGHUH/HEHQVIRU PHQH[LVWLHUHQXQGGDLQWHOOLJHQWH:HVHQWDWVlFKOLFKGLH 0HQVFKHQEHREDFKWHQXQGVLFKYLHOOHLFKWVRJDULQVJHKHLP PLWGHQ0HQVFKHQYHUPLVFKHQN|QQWHQ-DNH&DPGHQ YHUVFKZLHJ$QQHWWHDQGLHVHP3XQNWDOOHUGLQJVGD VHLQH%HJHLVWHUXQJQLFKWOlQJHUDOVHWZDDQGHUWKDOE-DKUH DQJHKDOWHQKDWWHELVHVLKPGlPPHUWHGDVLFKDOOGLHV QXULQGHQ.|SIHQGHU0HQVFKHQDEVSLHOWHXQGGD K|FKVWZDKUVFKHLQOLFKDOOHVQXUHLQ6FKZLQGHOZDU$EHU DQGLHVHP3XQNWVWHFNWHHUEHUHLWV]XWLHIGULQYHUGLHQWH ]XJXWXQGZDU]XEHNDQQWJHZRUGHQXPHLQIDFKZLHGHU DXV]XVWHLJHQ(UKDWWHGDPDOVDQVHLQHPELOOLJHQ)LOPJH DUEHLWHWLQGHPHLQH)LJXUDXIWDXFKWHGLH6FDUERURXJK YHUEOIIHQGlKQOLFKVDK8QGQDFKXQGQDFKZDU&DPGHQ NODUJHZRUGHQGDHULQGHU)DOOHVD ª2KYHUGDPPW©PHLQWH$QQHWWH6LHKDWWHLPVFKZDU ]HQ6FKXOGQHUEXFKQDFKJHVHKHQ&DPGHQZDUVRVHKUGD PLWEHVFKlIWLJWJHZHVHQLKUVHLQGUDPDWLVFKHVDXIUHJHQ GHVLPPHUZLHGHUYRQ.ULVHQHUVFKWWHUWHV/HEHQ]X EHVFKUHLEHQGDLKPGDVEHUKDXSWQLFKWDXIJHIDOOHQ ZDU6LHVDKLKQVWUHQJDQª'X$UVFKORFK:DUXPKDVWGX PLUQLFKWJHVDJWGDGXNHLQHQ.UHGLWPHKUKDVW"© -DNHEOLQ]HOWHª.HLQHQ.UHGLWPHKU":DVGHQQLFK KDEHKLHUNHLQHQ.UHGLWPHKU"=HLJPDOKHU'DVNDQQ GRFKQXUHLQ,UUWXPVHLQ©(UWUDQNYRUVLFKWVKDOEHUVFKQHOO VHLQ%LHUDXVHKHHUHLQHQ%OLFNLQGDVDXIJHNODSSWH%XFK ZDUI1DWUOLFKZDUHVNHLQ,UUWXP(UVFKXOGHWH)ULW]XQ JHIlKUGUHLKXQGHUW'ROODUXQGZDVGHU.HUOLQJURHQ 'UXFNEXFKVWDEHQLQV%XFKJHVFKULHEHQKDWWHZDUXQPL YHUVWlQGOLFK'(51$66$8(5%(.2007.(,1(1 .5(',70(+518512&+%$5=$+/81* (LQSDDUDQGHUH6WDPPJlVWHGLHDP(QGHGHU%DUDXI

LKUHQ+RFNHUQKLQJHQZLHHLQ6FKZlUP*HLHUKDOEYHU ERUJHQKLQWHUZDEHUQGHP=LJDUHWWHQTXDOPEHJDQQHQ]X JDFNHUQ6LHKDWWHQJHZXWGDHV]XGLHVHU.RQIURQWD WLRQNRPPHQZUGHª+H-DNH©ULHIHLQHUYRQLKQHQªGX ELVWPLUQRFK]HKQ'ROODUVFKXOGLJ© ª8QGPLU]ZDQ]LJ©ULHIHLQDQGHUHU ª,KU-XQJVZHUGHWHXHU*HOGVFKRQNULHJHQ©NQXUUWHHU ZWHQG'DQQZDQGWHHUVLFKHWZDVIUHXQGOLFKHUZLHGHU DQ$QQHWWHª3DDXIGXJLEVWPLUGLH'ULQNVKLHUDXVXQG GDIUODGHLFKGLFK]XP$EHQGHVVHQHLQXQGQHKPHGLFK LQHLQH6KRZLQ2UODQGRPLWVREDOGLFKDXV1HZ
6RZUGHHVQLFKWDEODXIHQDEHUDOV-DNHDXVGHU%DU HLOWHZlKUHQGGLHQHXH%DUGDPHLKPHLQLJHVDIWLJH)OFKH KLQWHUKHUULHIVSLHOWHGDVNHLQHJURH5ROOH-DNHV)lKLJ NHLWDXIULFKWLJ]XZLUNHQEHUXKWH]XHLQHPQLFKWJHULQ JHQ7HLOGDUDXIGDHUVLFKVHOEVWMHGHV:RUWJODXEWHZlK UHQGHUVHLQH*HVFKLFKWHQHU]lKOWH /HLFKWVFKZDQNHQGXQGIURKGHU6LWXDWLRQHQWNRPPHQ ]XVHLQDQJHUHJWYRPJHVFKQRUUWHQ:KLVN\GHUVHLQHQ .UHLVODXILQ)DKUWEUDFKWHZDQGHUWH-DNH]XPJURHQ 3DUNSODW]XPVHLQ$XWR]XKROHQ%LV]XVHLQHU:RKQXQJ ZDUHVQLFKWZHLWGDEHVWDQGNDXPGLH*HIDKUGDHUZH JHQ$ONRKRODP6WHXHU]XU5HFKHQVFKDIWJH]RJHQZXUGH (UZDULPOHW]WHQ-DKUVFKRQ]ZHLPDOHUZLVFKWZRUGHQ XQGZlUHYLHOOHLFKWVRJDULP*HIlQJQLVJHODQGHWDEHU .R]ORZVNLNRQQWHHVJXWPLWGHU2UWVSROL]HLXQGVRZDU &DPGHQPLWHLQHU%HZlKUXQJVVWUDIHXQGHLQHUNOHLQHQ *HOGEXHGDYRQJHNRPPHQ 6LHZDUWHWHQDQVHLQHP$XWRDXILKQ &DPGHQVDKVLH]XHUVWEHUKDXSWQLFKW(UIXPPHOWH VFKRQPLWGHQ6FKOVVHOQKHUXPSILII!(WHUQDO)ODPHYRQ GHQ%DQJOHVXQGIUDJWHVLFKRE6XVDQQD+RIIVDQ8)2V JODXEWHGDWUDWHQSO|W]OLFKGUHL0lQQHUDXVGHP6FKDWWHQ XQGEDXWHQVLFKYRUVHLQHP)RUG(VFRUWDXI =XQlFKVWHUNDQQWHHUVLHQLFKW'LHDQJHQHKPH%HQRP PHQKHLWGHV$ONRKROVGHQLKPGLH3DOP%UDQFK/RXQJH VSHQGLHUWKDWWHYHUODQJVDPWHVHLQH5HDNWLRQXQGEOHQ GHWHGLH,QVWLQNWHDXVGLHLKQVRQVWYRUGURKHQGHQ*HIDK UHQZDUQWHQ1RUPDOHUZHLVHKlWWHHUDXIGHU6WHOOHNHKUW JHPDFKWXQGZlUHZWHQGH%DUGDPHRGHUQLFKWLQGDV /RNDO]XUFNJHNHKUW ª-DNHPHLQOLHEHU-DNH0LEXHQRDPLJR%XHQDVQRFKHV© (LQNOHLQHU0DQQGHUXQWHUHLQHU-DFNHYRQ%DQORQQXU HLQ76KLUWWUXJGLHZHLHQ+RVHQKDWWHHUEHUGLH.Q| FKHOKRFKJHUROOWGDPLWGLH$LU-RUGDQ%DVNHWEDOOVFKXKH ]XU*HOWXQJNDPHQO|VWHVLFKYRQVHLQHQ.ROOHJHQGLH GHXWOLFKJHZLFKWLJHUXQGJU|HUZDUHQDOVHU-DNHHU NDQQWHGLH6WLPPHVRIRUWXQG]XFNWH]XVDPPHQ ª2K©VDJWHHUª+DOOR-RKQQ\+DOOR,FKKDEHVFKRQ YHUVXFKWGLFK]XHUUHLFKHQ©

ª
&KDQFHQRFKMD",FKELQKLQWHUHLQHUJURHQ6DFKHKHU XQGLQ]ZHL:RFKHQKDEHLFKGDV*HOG© ª=ZHL:RFKHQ,FKNDQQNHLQH]ZHL:RFKHQZDUWHQ -DNH:HLWGXGDVQLFKW"'LH.ROXPELDQHUYHUNDXIHQ QLFKWDXI.UHGLW,FKVHOEVWELQMDHLQHQWJHJHQNRPPHQGHU 0HQVFKDEHUZHQQLFKGHQHQGDV*HOGQLFKWJHEHGDQQ VFKQHLGHQVLHPLUGLH(LHUDEXQGVWHFNHQVLHPLULQGHQ +DOV© (UVFKQLSSWHPLWGHQ)LQJHUQXQGGLH0XVNHOSDNHWH EDXWHQVLFKOlFKHOQGQHEHQ&DPGHQDXI ª+H-RKQQ\RND\2ND\,FKYHUNDXIHPHLQ$XWR,FK JHEHGLUPRUJHQGDV*HOG© -RKQQ\3OHQWHQRVJUXQ]WHQXUhEHUVHLQHQIOHLVFKLJHQ /LSSHQVSULHWHHLQGUUHU6FKQXUUEDUW(UNUDW]WHVLFK HLQHQ$XJHQEOLFNDP%DUWXQGEHWUDFKWHWHGDV$XWRª'LH VHV$XWRKLHUZLOOVWGXYHUNDXIHQ"©(UVSXFNWHDXIGHQ .LHVGHV3DUNSODW]HV]RJHLQ6WHPPHLVHQDXVGHP*UWHO XQGNQDOOWHHVYRUGHQOLQNHQKLQWHUHQ.RWIOJHO'LH +HFNOHXFKWH]HUVSUDQJLQWDXVHQG6WFNH ª:DVPDFKVWGXGD"©ULHI-DNHª:DV]XP7HXIHO PDFKVWGXGD"© 3OHQWHQRVZDQGWHVLFKZLHGHUDQ&DPGHQGRFKMHW]W ZDUVHLQ*HVLFKWYRU:XWYHU]HUUWª+|UGRFKPLWGLHVHP 6FKHLGUHFNDXI0DQQ'DV$XWRJHK|UWGLUEHUKDXSW QLFKWHVJHK|UWGHU%DQN'XELVWPLWGHLQHQ=DKOXQJHQ ZHLWLP5FNVWDQGXQGNDQQVWGLHVHV$XWRDXINHLQHQ)DOO YHUNDXIHQ6LHZROOHQHVVR]XUFNEHNRPPHQZLHHVYRU KHUZDU©'HUGXQNHOKlXWLJH0DQQWUDWYRUXQGKLHOW-DNH GDV6WHPPHLVHQXQWHUGLH1DVHª,FKZHUGHDOOPlKOLFKHW ZDVQDFKGHQNOLFK-DNH,FKIUDJHPLFKREHVPLUIQI]HKQ 5LHVHQZHUWLVWGLFKXQWHUGLH(UGH]XVFKDIIHQ'DPLWGX PLUQLFKWPHKUPLWGHLQHQ/JHQGLH2KUHQYROOKHXOHQ NDQQVW© (LQ6SUKUHJHQDXV6SXFNHJLQJDXI-DNHV6WLUQQLHGHU 'DVXQGGLHEUXWDOH'URKXQJGHV'URJHQGHDOHUVOLHHQ LKQ]XVDPPHQ]XFNHQZLHHLQH$XVWHUGLHPLW=LWURQHQ VDIWLQ%HUKUXQJNRPPWª0HLQ*RWW-RKQQ\GDVZlUH DEHUQLFKWNOXJ'XZHLWGRFKGDLFKIUGDV*HOGJXW ELQ0HLQ*RWWELWWHEULQJPLFKQLFKWXP©

(UZLFK]XUFNXQGZROOWHVLFKXPGUHKHQXQGZHJUHQ QHQDEHUGLHEHLGHQ6FKOlJHUKROWHQLKQVRIRUWHLQ ª:DVPHLQWLKU-XQJV"©-RKQQ\VFKOHQGHUWHXPGLHGUHL KHUXPELVHUGHP*HIDQJHQHQLQV*HVLFKWVHKHQNRQQWH (UJULQVWHXQGGLHJURHQZHLHQ=lKQHEOLW]WHQª0LTXHO XQG3DFRKLHUGDVVLQGPHLQHQHXHQ$VVLVWHQWHQ,FKKDEH VLHPLUDXV0LDPLJHKROW-DNHZHLOLFKPHLQH*HVFKlIWH DXI2UODQGRDXVGHKQHQZLOOYLHOOHLFKWJHKHLFKVRJDUELV 7DPSD'DEUDXFKHLFKHLQSDDUNUlIWLJH-XQJVZDV",FK P|FKWHPHLQHQHXHQ-XQJVJHUQPDODXVSURELHUHQ,KUH 6SH]LDOLWlWLVWHVEULJHQV/HXWHXP]XEULQJHQ1LFKW ZDKU0LTXHO"3DFR"2GHUZROOWLKUHVPLWGLHVHP.HUO PDFKHQZLHPLWHLQHP7UXWKDKQ]X7KDQNVJLYLQJ"-HGHU VFKQDSSWVLFKHLQ%HLQXQGZQVFKWVLFKZDVXQGGDQQ UHLHQZLULKQDXVHLQDQGHUV] "© (KHHUVLFK VYHUVDKVWDQG-DNHV:HOWDXIGHP.RSI(U ZXUGHKRFKJHKREHQXQGHLQ6WFNJHWUDJHQSO|W]OLFK KLQJHUPLWGHP.RSIQDFKXQWHQEHUHLQHP.DQDO0LW .RSIXQG+lQGHQSUDOOWHHUJHJHQGLHK|O]HUQH(LQIDV VXQJ6HLQH1DVHNDPLQLQQLJH%HUKUXQJPLWGHP3HFK PLWGHPGDV+RO]LPSUlJQLHUWZDU ª+|UGRFKDXIGDPLW-RKQQ\8P+LPPHOVZLOOHQLFK ]DKOHGLUGHLQ*HOGGRFKLQ5DWHQ]XUFN©&DPGHQIXFK WHOWHZLOGKHUXPXQGVXFKWHHLQHQ3IRVWHQDQGHPHUVLFK IHVWKDOWHQNRQQWHDEHUGLHNXEDQLVFKHQ6FKOlJHUGLHVD KHQZDVHUYRUKDWWHKLHOWHQLKQEHUGHP6FKODPPGHP 6FKLOIXQGGHP:DVVHUVRZHLWKLQDXVGDHUNHLQH &KDQFHKDWWH'LH9LHUWHOGROODUVWFNHGLHHUDQGHU.DI IHHEDULQGHU5HGDNWLRQJHNODXWKDWWHUXWVFKWHQDXVVHL QHQ7DVFKHQSXWVFKWHQLQVVWHKHQGH:DVVHUXQG]HUVW|U WHQGDEHLGDV6SLHJHOELOGGHV+DOEPRQGHV ª,FKYHUVWHKH-DNHLFKYHUVWHKH©3O|W]OLFKZDU3OHQWH QRV $N]HQWYHUVFKZXQGHQ(UVSUDFKMHW]WZLHHLQQRUPD OHU*HVFKlIWVPDQQDXV)ORULGD*HODVVHQUXKLJXQGNRQ ]HQWULHUWª$OVRGDQQP|FKWHLFKGLUPHLQ8OWLPDWXP PLWWHLOHQ'XJLEVWPLUELV0LWWZRFKQlFKVWHU:RFKHGHQ 5HVWGHV*HOGHVVRQVWEHNRPPWGXHUQVWKDIWH6FKZLHULJ NHLWHQ,FKZROOWHGLUKHXWHDEHQGQXUEHZHLVHQGDLFK GLH0DFKWKDEH]XWXQZDVLFKVDJH©

ª
ZLHGHU]XVLFK$OOHYLHUHYRQVLFKJHVWUHFNWNHXFKHQG XQGPLWUDVVHOQGHP$WHPODJHUDXIGHP5FNHQ 0LTXHOXQG3DFRQlKHUWHQVLFKLKPZLHGHUXQGYHU SDWHQLKPHLQLJHZHLWHUH7ULWWHLQ%UXVWXQG%DXFK .UDPSIDUWLJ]XFNWHGHU6FKPHU]GXUFKVHLQHQ.|USHU(U ZROOWHZHJNULHFKHQEUDFKDEHUYRU6FKZlFKH]XVDP PHQ3O|W]OLFKZXUGHLKPEHO'LH6FKOlJHUVSUDQJHQ ]XU6HLWHXPGHPKHUDXVVSUXGHOQGHQ(UEURFKHQHQDXV ]XZHLFKHQ 3OHQWHQRVGHUVLFKVFKRQHLQSDDU6FKULWWHHQWIHUQW KDWWHNLFKHUWHª-HW]WWUHWHQZLUGLFKQXUGDGXNRW]HQ PXW-DNH:HQQGXPLUGDV*HOGQLFKWEULQJVWZHUGHQ ZLUGLFKW|WHQ.RPPWVFKRQ-XQJV:LUPVVHQXQVGLH 6FKXKHSXW]HQVI"© 'LH0lQQHUVWDUUWHQ-DNHQRFKHLQHQ$XJHQEOLFNDQ 2IIHQVLFKWOLFKKDWWHQVLHNHLQH/XVWLQGHP$XJHQEOLFN ZRGHU6SDEHJDQQLKUH$UEHLW]XXQWHUEUHFKHQ-DNH ZROOWHLKQHQHWZDV(UPXQWHUQGHV]XUXIHQDEHUDXVVHL QHP0XQGNDPQXUHLQQHXHU6FKZDOOYRQ(UEURFKHQHP 6FKZHUDWPHQGXQGPLWHLQHP*HIKODOVZlUHHULQ QHUOLFKHQW]ZHLJHJDQJHQVDKHUGHQ*DQJVWHUQQDFKGLH VLFKJHPlFKOLFKHQWIHUQWHQ,KUHPLW0HWDOODXIODJHQYHU VWlUNWHQ6FKXKHNOLFNWHQOHLVHZLHEHL6WHSWlQ]HUQ -DNHNDPDXIGLH%HLQHXQGWRUNHOWH]XVHLQHP$XWR(U ZROOWHKLHUYHUVFKZLQGHQEHYRUHVVLFKGLHVH$UVFKO| FKHUDQGHUVEHUOHJWHQXQGQRFKHLQPDO]XUFNNDPHQ 9RUGHU)DKUHUWUEOLHEHUHLQHQ$XJHQEOLFNVWHKHQXP ZLHGHU]X$WHP]XNRPPHQXQGVDK]XP1DFKWKLPPHO KLQDXI'HU.DQDOZDULP*HJHQVDW]]XU6WUDHQLFKWEH OHXFKWHWXQGEHUGHQ0DJQROLHQGHKQWHVLFKHLQNODUHU ZRONHQORVHU1DFKKLPPHOLQGHPXQ]lKOLJH6WHUQHEHL QDKHKHOOHUOHXFKWHWHQDOVGHU0RQG ª9HUGDPPW©VFKQDXIWHHUZLVFKWHVLFKGHQ0XQGDE XQGVWDUUWHQRFKHLQPDOKLQDXI-DNHKDWWHVLFKELVKHUQLH EHVRQGHUVIUGLH$VWURQRPLHLQWHUHVVLHUWDXFKZHQQ VHLQHXIRORJLVFKHQ6WXGLHQHVQRWZHQGLJJHPDFKWKDWWHQ HLQZHQLJEHUGDVKLQDXV]XJHKHQZDVHUDXV6)5RPD QHQXQGLQGHU6FKXOHJHOHUQWKDWWH-HGHQIDOOVNDQQWHHU VLFKPLW6WHUQHQELOGHUQQLFKWDXVXQGMHW]W]XP%HLVSLHO

ZRHVGRFKVRZLFKWLJ]XVHLQVFKLHQHUNDQQWHHUNHLQHLQ ]LJHV ª9HUGDPPW©NHXFKWHHUQRFKHLQPDOZlKUHQGHUZDU WHWHELVGHU6FKPHU]QDFKOLHXQGHLQHPNDOWHQWDXEHQ *HIKOZLFKª)DOOVLKUNOHLQHQ:LFKVHUPDOGDUDQJHGDFKW KDEWLQHXUHQ5DXPVFKLIIHQKHUXQWHU]XNRPPHQXQG -DNH&DPGHQ]XHLQHULQWHUJDODNWLVFKHQ.UHX]IDKUWHLQ]X ODGHQ©(UKXVWHWHXQGVSXFNWHDXVª'DQQLVWMHW]WGHU ULFKWLJH$XJHQEOLFNGDIUJHNRPPHQ© +DVWLJ]RJHUGLH6FKOVVHODXVGHU7DVFKHXQGVWLHJLQ VHLQHQ:DJHQ

.DSLWHO 6FDUERURXJKWUDIDP9RUPLWWDJGHVQlFKVWHQ7DJHVLQ 1HZ
HLQHHLJHQDUWLJH0LVFKXQJDXVXUEDQHU%HVLHGOXQJXQG GHU5XKHHLQHV9RURUWHVGDU.RPSOH[HPLW+lXVHUQDXV 6DQGVWHLQZHFKVHOWHQPLWJU|HUHQ$QZHVHQKLHUXQG GRUWZDUHQGLH5HVWHYRQ6LHGOXQJVREMHNWHQ]XVHKHQGLH 3OHLWHJHPDFKWKDWWHQ6FDUERURXJKKLHOWDQHLQHPNOHLQHQ (LQNDXIV]HQWUXPDQVXFKWHHLQIXQNWLRQVWFKWLJHV 0Q]WHOHIRQXQGZlKOWHGLH1XPPHUVHLQHV$JHQWHQ +DOEHOIZDUHLQHJXWH=HLWXPMHPDQGHQDQ]XUXIHQ GHUPLWGHP9HUODJVZHVHQ]XWXQKDWWH/HNWRUHQXQG +HUDXVJHEHUWDXFKWHQPHLVWHUVWJHJHQ]HKQ8KUPRUJHQV DP$UEHLWVSODW]DXIGRFKXPHOIZDUHQVLHRIWVFKRQZLH GHUDXILUJHQGHLQHU%HVSUHFKXQJ9HUODJVPLWDUEHLWHUKDW WHQVWlQGLJLUJHQGZHOFKH%HVSUHFKXQJHQGDFKWH6FDUER URXJK:lKUHQGGHU'UXFNOHJXQJVHLQHUHUVWHQ%FKHU IDQG6FDUERURXJKUDVFKKHUDXVGDGLH0LWDUEHLWHUGLHHU HUUHLFKHQZROOWHHQWZHGHUDXIHLQHU%HVSUHFKXQJRGHU EHLP0LWWDJHVVHQZDUHQRGHUIUK)HLHUDEHQGJHPDFKW KDWWHQ%HLGHQHQGLHHUXPKDOEHOIHUZLVFKWHJDEHVGD JHJHQJXWH&KDQFHQDXIHLQHWHOHIRQLVFKH$XGLHQ] 'XPPHUZHLVHZDUVHLQ$JHQWDEHUDXI8UODXELQGHU .DULELN (LQHUZDUGDPLWJHVWULFKHQEOLHEHQQRFK]ZHL $EH1RYDNGHU$JHQWGHUVLFKXPVHLQH9RUWUDJVUHL VHQNPPHUWHZDUGHUQlFKVWHDXIGHU/LVWH$EHZDUHLQ ]XYHUOlVVLJHU0DQQPLW$EHNRQQWHHUVLFKHUUHFKQHQ ª(YHUHWW©'DVNODQJWRGHUQVWJDUQLFKWQDFKGHPDOWHQ $EHGHULKQLPPHUPLWHLQHPª6FK|QGD6LHVLFKPHO GHQ©EHJUWKDWWHª:RVLQG6LH"© ª'DVNDQQLFKQLFKWVDJHQ,FKELQLQ6FKZLHULJNHLWHQ $EH© ª'DVJODXEHLFKJHUQ$XFKLFKKDEHLP%UR%HVXFKEH NRPPHQ(YHUHWW'LH%HDPWHQZDUHQVRJDUEHLPLU]X +DXVH:DVLVWORV"© ª6LHKDEHQZRKOJHOHVHQZDVPDQEHUPLFKYHU|IIHQW OLFKWKDW"© ª-D©8QGXQDXVJHVSURFKHQZDUGLH)UDJHGHV$JHQWHQ ]XK|UHQ+DEHQ6LHHVJHWDQ6FDUERURXJK"+DEHQ6LHGLH 0lQQHUXPJHEUDFKW"1XQ"6LQG6LHHLQ9HUEUHFKHU"+D EHQ6LHHVJHWDQ"

ª,FKKRIIH6LHJODXEHQGLHVHQ8QVLQQQLFKW©VDJWH6FDU ERURXJKª'LH:DKUKHLWLVWGDLFKVHLW-DKUHQYRQHLQHU $EWHLOXQJGHU&,$DQGHU1DVHKHUXPJHIKUWZRUGHQELQ 'LHYHUVXFKHQHWZDV]XYHUWXVFKHQ$EH8QGVLHKDEHQ 'LDQHXQGLKUHQ)UHXQGHQWIKUW© ª,FKZHLQLFKWZDVLFKGD]XVDJHQVROO© ª:DUWHQ6LH,FKZROOWH6LHHLJHQWOLFKXP+LOIHELWWHQ $EHDEHUZHQQ6LHVLFKYHUKDOWHQZLHHLQ(LVEHUJGDQQ YHUJHVVHQ6LH VHLQIDFK© ª,FKNDQQ,KQHQQLFKWKHOIHQ,FKKDEHHLQH)LUPDXQG YRUDOOHPKDEHLFKHLQH)DPLOLHDQGLHLFKGHQNHQPX© ª2ND\RND\'DVZHLLFK$EHU$EHZHQQLFKPLWGLH VHU6DFKHKLHUIHUWLJELQGDQQELQLFKUHLIIUGLHWHXHUVWH 9RUWUDJVWRXUGHV-DKU]HKQWV,FKPHLQHZHQQ6LHHVLQ 'ROODUXQG&HQWK|UHQZROOHQGDQQGUIHQ6LHGDYRQ DXVJHKHQGD6LHPLFKLQ'LDPDQWHQDXIZLHJHQN|Q QHQ©(VZDUHLQ$Q]HLFKHQVHLQHU9HU]ZHLIOXQJZHQQHU $EHJHJHQEHU]XGLHVHP$UJXPHQWJULII=ZDUVFKlPWH HUVLFKHWZDVGDIUDEHUHUZXWHQLFKWZDVHUVRQVWKlWWH VDJHQN|QQHQª+|UHQ6LH$EHZLHGHPDXFKVHLLFK GDFKWH6LHZlUHQPHLQ)UHXQG© ª,FKJODXEWH6LHEHVVHU]XNHQQHQ(YHUHWW'LHVH0lQ QHUGLHKDEHQPLUHLQLJH'LQJHHU]lKOWYRQGHQHQLFK NHLQH$KQXQJKDWWH6LHZDUHQ0LWDUEHLWHUGHU5HJLHUXQJ XQGNRQQWHQVLFKDXVZHLVHQ:HPVROOLFKGHQQQXQJODX EHQ"© ª,FKYHUVWHKH2ND\$EHZHQQ6LHVRGHQNHQGDQQ NDQQLFKQLFKWVPDFKHQ,FKOHJHMHW]WOLHEHUDXI:DKU VFKHLQOLFKZLUGVRJDU,KU7HOHIRQDEJHK|UWZDV"0DQ ZHLMDQLH© ª+RIIHQWOLFKQLFKW© ª9LHOHQ'DQNMHGHQIDOOV© (UOHJWHDXIXQGZDUDXHUVLFK(VZDUVFKZHU$EHV =XUFNZHLVXQJ]XDN]HSWLHUHQ $EHUZHQQHUUHFKWGDUEHUQDFKGDFKWHNRQQWHHUGHP 0DQQNHLQHQ9RUZXUIPDFKHQ0DQKDWWHVFKZHUHV*H VFKW]JHJHQLKQDXIJHIDKUHQ(VEUDXFKWHQXUHLQSDDU )HKOLQIRUPDWLRQHQHLQELFKHQEOH1DFKUHGHXQGVFKRQ ZDU'U(YHUHWW6FDUERURXJKVJXWHU5XIGDKLQ)UZHOFKH

$EWHLOXQJGHU&,$GLHVH(GLWRUHQXQG3XEOLVKHUDXFKDU EHLWHWHQVLHKLHOWHQLQGLHVHP6SLHODOOH7UPSIHLQGHU +DQG(UNRQQWHVLFKJXWYRUVWHOOHQZDVVLH$EUDKDP1R YDNHU]lKOWKDWWHQXQG$EHZDUOHW]WHQ(QGHVQXUHLQDU PHV6FKZHLQGDVUDWLRQDOGDFKWHXQGDQGLH5HJLHUXQJ JODXEWHHUYHUN|USHUWHJHQDXGDVZDV6FDUERURXJKELV YRUNXU]HPQRFKVHOEVWJHZHVHQZDU$EHUMHW]WDXVJHO|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lFKHOQ VHKHQLKU/DFKHQK|UHQ6RVFKZLHULJVLHVLFKPDQFKPDO DXFKJDEVLHZDUGDV:LFKWLJVWHZDVLKPJHEOLHEHQZDU (UVSUWHGDVKHIWLJH3RFKHQVHLQHV+HU]HQVXQGLKP ILHODXIGDHU]XVFKQHOOXQGYLHO]XWLHIDWPHWH2IIHQ VLFKWOLFKZDUHUQXUQRFK0LOOLPHWHUYRQHLQHUNODVVLVFKHQ 3DQLNDWWDFNHHQWIHUQW 0LWGHQ=lKQHQNQLUVFKHQGGUFNWHHUVLFKGLH)LQJHU QlJHOLQGLH+DQGIOlFKHQELVHUJODXEWHVLHULVVHQLKPGLH +DXWDXI +DOWHGXUFK0DQQVDJWHHU]XVLFKVHOEVW'XNDQQVWHVGLU QLFKWHUODXEHQPLWWHQLQ
1XNXFKHQ:LHHLQ(UWULQNHQGHUDQGLH6FKZLPPZHVWH NODPPHUWHHUVLFKDQGLHVH9RUVWHOOXQJNRQ]HQWULHUWHVLFK DXIGDV%LOGGHUIULVFKHQ.UXVWHGHUVDIWLJHQ)OOXQJDQ GDV.QDFNHQGHU1VVH ª*HKWHV,KQHQQLFKWJXW0LVWHU"© (UKREGHQ.RSI(LQHlOWHUH)UDXLQHLQHPJUDXHQ:ROO PDQWHOGLHVLFKHLQ+DOVWXFKXPGHQ.RSIJHOHJWKDWWH ZDUDXIGHP*HKZHJVWHKHQJHEOLHEHQXQGVWDUUWHLKQDQ 6LHVFKREHLQHQ(LQNDXIVZDJHQPLWHLQHPYHUEHXOWHQ 5DGLQGHPHLQLJHZHQLJH/HEHQVPLWWHOODJHQ ª2KHVLVWDOOHVLQ2UGQXQJYLHOHQ'DQN©VDJWH6FDUER URXJKXQGJDEVLFKHLQHQ5XFN6HLQ$WHPJLQJZLHGHU KDOEZHJVQRUPDOª1XUHLQNOHLQHU$QIDOObK$VWKPD© 'LHHQW]QGHWHQ$XJHQGHU)UDXPXVWHUWHQLKQXQEH ZHJWXQG6FDUERURXJKJHIURUGDV%OXWLQGHQ$GHUQ +DWWHVLHLKQHUNDQQW" ª6LHVLQGGHU0DQQDXVGHP)HUQVHKHQ©VDJWHVLHSO|W] OLFKEHJHLVWHUWª0LOOLDUGHQXQG$EHUPLOOLDUGHQ'HU.RV PRV-DDXI.DQDOGUHL]HKQ,FKKDEH.DQDOGUHL]HKQ DERQQLHUWIUGUHLLJ'ROODULP-DKU.DQQLFKHLQ$XWR JUDPPKDEHQ0LVWHU"© 6DJDQ"6LHKLHOWLKQIU&DUO6DJDQ"'DQQPXWHHULQ ]ZLVFKHQZLUNOLFKVFKUHFNOLFKDXVVHKHQ8QGLUJHQGZR PHOGHWHVLFKDXFKZLHGHUVHLQ6WRO]9HUOHW]WHU6WRO](U KDWWHVLFKVFKRQHLQHJLIWLJH$QWZRUW]XUHFKWJHOHJWGRFK GDQQEHVDQQHUVLFKª6HOEVWYHUVWlQGOLFK© 5DVFKVFKULHEHUª$OOHV*XWH&DUO6DJDQ©DXIGLH7WH PLWLKUHQ(LQNlXIHQ ª6FKUHLEHQ6LHDXFK!0LOOLDUGHQXQG$EHUPLOOLDUGHQ GD]X©VDJWHGLHDOWH)UDXª0HLQ+DUU\KDWWHVLFKGDVUH JHOUHFKWEHL,KQHQDEJHJXFNW0LOOLDUGHQXQG$EHUPLOOLDU GHQGDVVDJWHHUDXFKLPPHU'HUDUPH+DUU\HULVWYRU ]ZHL-DKUHQJHVWRUEHQ© 5DVFKVFKULHE6FDUERURXJKGHQ6DW]GD]Xª(VWXWPLU OHLG0D DPDEHULFKPXMHW]WWHOHIRQLHUHQ(VIUHXWPLFK 6LHNHQQHQJHOHUQW]XKDEHQ© 6LHVFKOHQGHUWHPLWTXLHWVFKHQGHP(LQNDXIVZDJHQGD YRQª8QGSDVVHQ6LHJXWDXIGHQ+LPPHODXI©ULHIVLH ]XUFN

6FDUERURXJKEUDXFKWHHLQHQ$XJHQEOLFNELVHUGLH.R PLNGHU6LWXDWLRQYHUDUEHLWHWKDWWHGDQQEOLQ]HOWHHUXQG ODFKWHª'HVKDOEELQLFKMDEHUKDXSWHUVWLQGLHVH6LWXD WLRQJHNRPPHQ0D DP©PXUPHOWHHU6HXI]HQGGUHKWH HUVLFKZLHGHU]XP7HOHIRQXPXQGVXFKWHHLQ9LHUWHOGRO ODUVWFN'LH1XPPHUGHU4XLJOH\3XEOLVKLQJ&RPSDQ\ ZXWHHUDXVZHQGLJXQGZlKOWHUDVFK (UVWGLH9HUPLWWOXQJGDQQGLH9RU]LPPHUGDPHGDQQ ZXUGHHU]XVHLQHU/HNWRULQGXUFKJHVWHOOW 'LHLKPKRIIHQWOLFKKHOIHQNRQQWH ª&LQG\&OLQWRQ© ª&LQG\KDOOR6FK|QGD6LHGDVLQG+LHULVW(YHUHWW 6FDUERURXJK,FKPXGULQJHQGPLW,KQHQVSUHFKHQ© 6LHVFKZLHJHLQHQ$XJHQEOLFNXQG6FDUERURXJKVWHOOWH VLFKYRUZLHVLFKGHU6FKUHFNLQLKUHPKEVFKHQGH]HQW JHVFKPLQNWHQ*HVLFKWDE]HLFKQHWH ª(Y(Y0HLQH*WHLFKELQMDVRIURKGD6LHDQUXIHQ© ª'DQQKDEHQ6LHZRKOLQGHQ1DFKULFKWHQJHK|UWZDV ORVLVW© ª8QGLFKKDEHGLHVHPLHVH1XPPHULQ$&XUUHQW$IIDLU JHVHKHQ-DLFKZHL%HVFKHLG:RVLQG6LH",VWDOOHVLQ 2UGQXQJ"©,KUH6WLPPHNODQJZLUNOLFKEHVRUJWXQG6FDU ERURXJKZDUXQHQGOLFKHUOHLFKWHUW-DMDHUKlWWHHVZLV VHQPVVHQ&LQG\ZDULPPHUQRFKVHLQH)UHXQGLQ(U XQG&LQG\KDWWHQLP/DXIHGHU=HLWHLQH%H]LHKXQJDXIJH EDXWGLHEHUGDV%HUXIOLFKHKLQDXVJLQJ$XIVLHNRQQWH HUVLFKYHUODVVHQ (UKROWHWLHI/XIWHUZDUGDQNEDUª(VJHKWPLUJXWDEHU LFKNDQQQLFKWODQJHUHGHQ:LUPVVHQXQVLUJHQGZR WUHIIHQ&LQG\+HXWHDEHQGLUJHQGZRLQGHU6WDGW© ª1DWUOLFK(Y$EHUZDVLVWGHQQHLJHQWOLFKORV"© ª8PHVNXU]]XPDFKHQ&LQG\GLH5HJLHUXQJKDWPLFK ]ZDQ]LJ-DKUHODQJDQGHU1DVHKHUXPJHIKUW(VVLHKWVR DXVDOVPWHLFKQRFKHLQ%XFKVFKUHLEHQ)DOOVLFKOH EHQGKLHUKHUDXVNRPPHQDWUOLFK© ª,FKYHUVWHKHGDVQLFKW(Y© ª9HUVWHKHQ6LHGLH:RUWH9HUVFKZ|UXQJXQGDXIK|FKVWHU (EHQHXQGGLHJU|WH*HVFKLFKWHGHV-DKUKXQGHUWV"© ª'LHYHUVWHKHLFKXQGGDVNOLQJWQDFKHLQHP%HVWVHOOHU

(Y$EHULFKPDFKHPLUVROFKH6RUJHQXP6LH6LHKDEHQ GRFKQLFKWGDVDOOHVJHPDFKWZDVPDQEHU6LHVDJW© ª1DWUOLFKQLFKW&LQG\0DQKDWPLFKKHUHLQJHOHJW© ª*XWGDVLVWJXW(Y©&LQG\ZDU0LWWH'UHLLJ6LH KDWWHGLH5HEHOOLRQGHUVHFK]LJHU-DKUHQLFKWVHOEVWPLWHU OHEWDEHUVLHVFKLHQHLQH$UW1RVWDOJLHIUGLHVH=HLWHQW ZLFNHOW]XKDEHQ7URW]LKUHU'HVLJQHUNOHLGXQJGLHVLH DXIGHU)LIWK$YHQXHEHL6DNVNDXIWHVFKOXJLQLKUHU%UXVW GDV+HU]HLQHV+LSSLHPlGFKHQV,KU9DWHUZDUHLQHKH PDOLJHU866HQDWRUGHULQ]ZLVFKHQHLQHQEHTXHPHQ-RE EHLP9HUWHLGLJXQJVPLQLVWHULXPLQQHKDWWH2EVLHlKQOLFK ZLH'LDQHJHJHQGDV(VWDEOLVKPHQWUHEHOOLHUHQZROOWH" ª6DJHQ6LHPLUZRZLUXQVWUHIIHQN|QQHQXQGLFKZHUGH NRPPHQ© ª:ROOHQ6LHPLUZLUNOLFKKHOIHQ"© ª,FKNDQQ,KQHQHLQHQ8QWHUVFKOXSIXQGHWZDV*HOGDQ ELHWHQLFKJODXEHKLHUIOLHJWVRJDUQRFKHLQ6FKHFNPLW 7DQWLHPHQ]DKOXQJHQIU6LHKHUXP© ª,FKZUGHHVDEHUEDUEUDXFKHQ© ª'DVLVWNHLQ3UREOHP6DJHQ6LHPLUQXUZRKLQLFK NRPPHQVROO,FKP|FKWH,KQHQZLUNOLFKKHOIHQ(Y© ª2ND\+HXWHDEHQGXPKDOEDFKWDP=HLWXQJVNLRVN DXIGHP%DKQVWHLJLQGHU8%DKQ6WDWLRQDP&ROXPEXV &LUFOH$EHUQLFKWGLH,57/LQLHLFKZHUGHPLWGHU'/LQLH NRPPHQ© ª,FKZHUGHGDVHLQ(Y©6LHVSUDFKPLWJHGlPSIWHU 6WLPPHZHLWHUª8QGSDVVHQ6LHDXIVLFKDXI,FKZLOO6LH QLFKWYHUOLHUHQ© ª
LKUHQ/LHEOLQJVDXWRUVRLQV+HU]JHVFKORVVHQKDWWH6FDU ERURXJKKDWWHVFKRQLPPHUGDV*HIKOJHKDEWGDVLH YRQ$QIDQJDQLQLKQYHUNQDOOWJHZHVHQZDU0DQFKPDO IUDJWH6FDUERURXJKVLFKZDUXPHUQDFKGHP7RGVHLQHU )UDXQLFKWHLQIDFKDXI&LQG\VVWLOOVFKZHLJHQGHV$QJHERW HLQJHJDQJHQZDU6LHKDWWHLKQZLUNOLFKVHKUXQWHUVWW]W (UKDWWHVLFKPLWDQGHUHQ)UDXHQHLQJHODVVHQGDEHLZDU &LQG\GXUFKDXVDWWUDNWLY(LQZHQLJQHXURWLVFKYLHOOHLFKW $EHUGHUZLFKWLJVWH*UXQGGLH)LQJHUYRQLKU]XODVVHQ ZDUQDWUOLFKLKUHEHUXIOLFKH%H]LHKXQJ8QGVLHZDUHQ )UHXQGH(UZROOWHEHLGHVQLFKWJHIlKUGHQLQGHPHUHLQH $IIlUHPLWLKUEHJDQQXQGHUZXWHDXFKQLFKWZLHPDQ VRHLQ$UUDQJHPHQW]ZDQJORVKlWWHJHVWDOWHQN|QQHQRE ZRKO&LQG\VLFKDOOH0KHJDELKPHQWJHJHQ]XNRPPHQ ,P$XJHQEOLFNKDWWHVLHVRZLHVRHLQHQIHVWHQ)UHXQG(V ZDUHLQQHWWHU-XQJHQDPHQV%XUNH(WZDVlOWHUDOVVLHJH VFKLHGHQ9L]HSUlVLGHQWHLQHU35$JHQWXU(VOLHIEHVWHQV 6FDUERURXJKXQG&LQG\ZDUHQQDFKZLHYRUJXWH)UHXQGH JHEOLHEHQXQGVLHZDUHLQHVHKUJXWH/HNWRULQLQHLQHP $XJHQEOLFNZLHGLHVHPNRQQWHHUVLFKKXQGHUWSUR]HQWLJ DXIVLHYHUODVVHQ 6FDUERURXJKEHWUDWGLH%lFNHUHL /HLGHUJDEHVNHLQHQ1XNXFKHQªDEHUZLHZlUHHV PLWHLQHP6WFNGlQLVFKHP.XFKHQ6LU"© (UNDXIWHHLQH7WHJHIOOWH'RQXWVXQGHLQHQ%HFKHU .DIIHHXQGNHKUWH]XVHLQHP$XWR]XUFN %HYRUHUVLFKDP$EHQGPLW&LQG\WUHIIHQZUGHKDWWH HUQRFKHLQLJHV]XHUOHGLJHQ

.DSLWHO %HWW\EHXJWHVLFKLQVHLQHQ9HUVFKODJKHUHLQ ª-DNH©VDJWHVLHª0U.R]ORZVNLKDWVLFKJHUDGHEHLPLU JHPHOGHW(UZLOOGLFKVRIRUWLQVHLQHP%URVSUHFKHQ© ª'DQNH0lGFKHQ©VDJWH-DNH&DPGHQVFKREVLFKHLQ SDDU3LOOHQLQGHQ0XQGXQGKRIIWHVLHZUGHQGDV8Q ZHWWHUElQGLJHQGDVVLFKJHUDGHLQVHLQHP0DJHQ]XVDP

PHQEUDXWH'DQQNODWVFKWHHUVLFKHWZDV5DVLHUZDVVHULQV *HVLFKWXQGVSUKWHVLFK5LJKW*XDUGXQWHUGLH$FKVHOQ $QGLHVHP0RUJHQZROOWHHUVHLQHQ&KHIDXIJDUNHLQHQ )DOOYHUlUJHUQ6HLQ/HEHQODJLQGHQ+lQGHQGHVDOWHQ .R]6HXI]HQGVWDQGHUDXIXQG]RJVLFKHLQHIULVFKJHE JHOWHZHLH/HLQHQMDFNHEHUVHLQEHVWHV+DZDLLKHPG +HXWHKDWWHVHLQH+RVHQVRJDU%JHOIDOWHQ8QGZHQQHV VRHWZDVZLHJHZLHQHUWH7HQQLVVFKXKHJDEGDQQKlWWHQ VHLQH5HHERN6FKXKHJHJOlQ]WZLHQLH=XVFKDGHGDHU VHLQH6DQGDOHQLQVHLQHP:DQGVFKUDQNHLQIDFKQLFKW KDWWHZLHGHUILQGHQN|QQHQ7URW]GHPZDUHVHLQDXVJH VSURFKHQVDXEHUHUXQGQFKWHUQHU-DNH&DPGHQGHUDQ GLHVHP0RUJHQ.R]ORZVNLV%URDXIVXFKWH9LHOOHLFKW QLFKWJHUDGHGHU&DPGHQGHQ'LDQH6FDUERURXJKDXV LKPKDWWHPDFKHQZROOHQDEHUHVVROOWHUHLFKHQGDGHU DOWH.QDFNHUJHQDXKLQVDKXQGVHLQ2XWILWHUIUHXW]XU .HQQWQLVQDKP1DFKGHU%HJHJQXQJPLWGHP'URJHQ GHDOHUDPYHUJDQJHQHQ$EHQGZDUGLH5HVWDXULHUXQJ QLFKWXQSUREOHPDWLVFKJHZHVHQ .R]ORZVNLWHOHIRQLHUWHJHUDGH(UKDWWHVLFKLQVHLQHP ULHVLJHQ%URVHVVHO]XUFNJHOHKQWXQGVDKDXVZLHHLQNOHL QHU.|QLJGHUVHLQNOHLQHV,PSHULXPUHJLHUWH ª2ND\-RHRND\
$XJHQEOLFNXQGVHW]WHVLFKGDQQJDQ]YRUQDXIGLH.DQWH GHV6WXKOVGHUYRUGHP6FKUHLEWLVFKVWDQG ª6FK|Q0U.:LUNOLFKDXVJH]HLFKQHW© ª,FKKRIIH6LHKDEHQDXFKHWZDV*XWHVDQ]XELHWHQ VRQVW]LHKHLFK,KQHQYRPQlFKVWHQ*HKDOWGHQ3UHLVIU HLQHJDQ]H.LVWHYRQGHQ'LQJHUQZLHGHUDE© ª$EHUVLFKHUGRFK%RHWZDV(UVWNODVVLJHV© ª:DVLVWORVPLW,KQHQ"6LHVHKHQQLFKWVRQGHUOLFKEHJHL VWHUWDXV-DNH8QGZDUXPVLQG6LHVRVDXEHU".RPPW,KUH 0XWWHU]X%HVXFKRGHUZDVLVWGDLP*DQJH"© ª'LHVHV$QJHERWGD6LHPLUJHVWHUQDEHQGJHPDFKW KDEHQHLQSDDUWDXVHQG'ROODU9RUVFKXIUHLQHZLUN OLFKJXWH*HVFKLFKWH*LOWGDVQRFK"© ª$EHUVLFKHUGRFK-DNH©.R]ORZVNLKRELQWHUHVVLHUWGLH $XJHQEUDXHQª8QGZHQQZLUGDGXUFKGLH$XIODJHXP HLQH0LOOLRQKHEHQN|QQHQGDQQJLEWHVQRFKPHKUZLH LFKYHUVSURFKHQKDEH:DUXPLVW,KQHQKHXWHPRUJHQHW ZDVLQGHQ6FKRJHIDOOHQ"2GHUKDEHQ6LHPLUHWZDVYRU HQWKDOWHQ"© &DPGHQPXWHKXVWHQ(UOHJWHGLH=LJDUUHVDQIWXQG DQGlFKWLJLQGHQ$VFKHQEHFKHUXQGIDOWHWHGLH+lQGH'LH VSLW]H%HPHUNXQJVHLQHV&KHIVLJQRULHUWHHU(UPXWH VLFKNRQ]HQWULHUHQXPGDVZDVHU]XVDJHQKDWWHULFKWLJ DXIGLH5HLKH]XEHNRPPHQ ª(VLVWHLQHJURH6DFKH0U.:LUN|QQHQVLHQXULQ NOHLQHQ3RUWLRQHQEULQJHQXQGZLUGUIHQGLHYROOH :DKUKHLWQLFKWVFKUHLEHQZHLOHVVLFKXPHLQHK|FKVWGHOL NDWH$QJHOHJHQKHLWKDQGHOW© ª
PLW6FDUERURXJKGHUVLFKYRUGHQ5HJLHUXQJVEHK|UGHQ YHUVWHFNW© ª-HVXV© 'HU+HUDXVJHEHUZDUKLQUHLFKHQGLQWHUHVVLHUWVHLQH=L JDUUHJLQJDXV$OV&DPGHQIHUWLJZDUVHQNWHVLFKHLQOD VWHQGHV6FKZHLJHQEHUGDV%URDEHUGLH$XJHQGHVDO WHQ0DQQHVIXQNHOWHQZLH.ULVWDOO ª'DV©VDJWHHUªLVWHLQ.QOOHU© ª,FKVWHOOHHVPLUDOV6HULHYRU6R]XVDJHQGLUHNWYRP 2UWGHV*HVFKHKHQVEHULFKWHW(VPXJHKHW]WNOLQJHQ XQGHVVROOWHDEODXIHQZLHGLH)ROJHQHLQHU)HUQVHKVHULH© ª
&DPGHQVWDUUWHVHLQH6FKXKHDQ$QGHQ5lQGHUQZD UHQEUDXQH.UPHO]XVHKHQ(UPXWHDPYHUJDQJHQHQ $EHQGRGHUDP0RUJHQLQ+XQGHNRWJHWUHWHQVHLQª,FK EUDXFKH*HOG©VDJWHHUVHXI]HQGª8QGLFKEUDXFKHHV MHW]W,FKNDQQ,KQHQQLFKWVDJHQZDUXPLFKHVEUDXFKH ,FKEUDXFKHHVHLQIDFK(VLVWNHLQ%HWUXJNHLQ7ULFN6LU (VLVWNHLQ:LQGHL:HQQLFKDXV1HZ
HLQ6SLW]GDFKª,FKNDQQNHLQHQWRWHQ5HSRUWHUJHEUDX FKHQ:HQQMHPDQG6LHXPEULQJW-DNHGDQQZLOOLFK K|FKVWSHUV|QOLFKGHU*OFNOLFKHVHLQ/DVVHQ6LHXQVYHU KDQGHOQ© ª6LHJHEHQPLUGLHIQI]HKQWDXVHQG"© ª)QI]HKQWDXVHQG,FKZHUGH,KQHQGDV*HOGLQEDU DXVKlQGLJHQZHQQ6LH]XUFNNRPPHQ8QGLFKYHU ]LFKWHDXIGLH%XFKUHFKWH0LUJHKWHVMHW]WQXUGDUXPGLH $XIODJH]XHUK|KHQ:HQQ6LHXQVGLH/HVHUHLQIDQJHQ GDQQZLOOLFKGDPLWY|OOLJ]XIULHGHQVHLQ,FKKDEHJHQXJ *HOG-DNH:DVLFKDEHUZLOOGDVLVWGLH1XPPHUHLQV GHU%UDQFKH]XZHUGHQ© ª'DQNH(VZLUG,KQHQQLFKWOHLGWXQGDVVFKZ|UHLFK© ª,FKELQQRFKQLFKWIHUWLJ-DNH6LHEHKDOWHQGLH%XFK UHFKWHDEHULFKZLOOH[NOXVLYH,QIRUPDWLRQHQKDEHQXQG LFKZLOODOOHVEHNRPPHQZDVZLFKWLJLVW:HQQ6LHPLUEHL GLHVHU6FDUERURXJK*HVFKLFKWHDXFKQXUHLQZLFKWLJHV 'HWDLOYRUHQWKDOWHQZHQQ6LHPLFKQRFKHLQPDOKHUHLQOH JHQ-DNH&DPGHQGDQQVFKZ|UHLFK,KQHQGDPHLQH$O OLJDWRUHQ,KQHQGHQ$UVFKDXIUHLHQZHUGHQ© ª'HQNHQ6LHDEHUGDUDQ.R]GDVLVWGRFKHLJHQWOLFK JDUNHLQH*HVFKLFKWHIUGHQ,QWUXGHU,FKPHLQHGLH*H VFKLFKWHLVWHFKWXQGHVNDQQ]LHPOLFKNRPSOL]LHUWZHU GHQ,FKJODXEH]XP7HLONDQQPDQGDVJDUQLFKWLQNOHLQH OHLFKWYHUGDXOLFKH6WFNH]HUOHJHQ©-DNHVDQNGDV+HU] XQGHUVDKGLH*HVFKLFKWHGLHHUIUGLH1HZ
ª$OOHVNODU6LU©(UEHXJWHVLFKYRUXQGJDEVHLQHP &KHIGLH+DQGª(VZLUG,KQHQEHVWLPPWQLFKWOHLGWXQ 6LU8QG6LHKDEHQPLUZLUNOLFKGDV/HEHQJHUHWWHW© ª1RFKHLQV-DNH6LQG6LHYRQGLHVHPYHUGDPPWHQZHL HQ=HXJDEKlQJLJ"© ª1HLQ6LU© ª'DVLVWJXW,FKZLOOQLFKWGD6LHZHLWHUGDPLWKHUXP VSLHOHQNODU":HQQLFKGDYRQ:LQGEHNRPPHIOLHJHQ6LH DXJHQEOLFNOLFKUDXV© .HLQ3UREOHP(VJDE:LFKWLJHUHVDOV.RNV ª8QGZDVLVWPLWGHP6FKQDSV-DNH"© 2KGHUZXQGH3XQNW-DNHZDUEHUKDXSWQLFKWVLFKHU REHUGDV7ULQNHQODVVHQNRQQWH*DQ]EHVRQGHUVQLFKW ZHQQHUZLHMHW]WXQWHUVWDUNHP6WUHVWDQG ª$OVRlK© .R]ORZVNLJULQVWHª(LQJXWHU5HSRUWHUK|UWVRIRUW]X WULQNHQDXIZHQQHUDQHLQHUJXWHQ*HVFKLFKWHDUEHLWHW -DNH(UZLUGQFKWHUQGDPLWHUPLWNODUHP.RSIDOOHVKHU DXVKROHQNDQQZDVQXUKHUDXV]XKROHQJHKW=XP7HXIHO PLWGHQ7HPSHUHQ]OHUQ8QVHU0HGL]LQUHGDNWHXUOLHEWGH UHQ9HUODXWEDUXQJHQXQGZLUPVVHQVLHZHJHQXQVHUHV JXWHQ5XIVGUXFNHQDEHUZHQQLFKGLHVH6FKHLHOHVH EUDXFKHLFKSHUV|QOLFKLPPHUHLQHQ'ULQN©.R]ORZVNL QDKPHLQH)ODVFKH:KLVN\HVZDUHLQ*HRUJH'LFNHOXQG ]ZHL*OlVHUDXVGHP6FKUHLEWLVFKª(VLVWZRKOQLFKWVGD JHJHQHLQ]XZHQGHQZHQQZLUGDUDXIDQVWRHQ-DNH ZDV"©(UVFKHQNWHGLHEHUQVWHLQIDUEHQH)OVVLJNHLWHLQ XQGJDEVHLQHP5HSRUWHUHLQ*ODV ª$OVRYLHOHQ'DQN6LU,FKPXVFKRQVDJHQMHW]WIKOH LFKPLFKYLHOEHVVHU,QMHGHU+LQVLFKW© ª$XIGLH8)2VXQGGLHJHKHLPHQ9HUVFKZ|UXQJHQGHU 5HJLHUXQJ©VDJWH.R]ORZVNL(UVWDQGDXIXQGVWLHPLW &DPGHQDQ ª
MHGH5LFKWXQJVSHNXOLHUHQ-DNH'DVLVWHVMDJHUDGHZDV XQVHUH$UWYRQ-RXUQDOLVPXVVRVSDQQHQGPDFKW:LUODV VHQXQVYRQDOEHUQHQ)DNWHQQLFKWEHLUUHQ© -DNHJULQVWHª:LVVHQ6LH(OYLV3UHVOH\KDWVLFKMDDXFK IUGLHJHKHLPHQ2SHUDWLRQHQGHU5HJLHUXQJLQWHUHVVLHUW 9LHOOHLFKWVWHFNWMDGHU.LQJSHUV|QOLFKKLQWHUGLHVHPJDQ ]HQ6FKZLQGHO,FKVHKHVFKRQGLH6FKODJ]HLOH!(OYLV3UHV OH\V8)26FKZLQGHO© ª
.DSLWHO (YHUHWW6FDUERURXJKSDUNWHVHLQHQ)RUG)DNRQDXIHLQHP NOHLQHQ3DUNSODW]DP+XGVRQ5LYHULQGHU1l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

6FDUERURXJKZQVFKWHHUKlWWHGDV7UHIIHQDXIHLQHQ IUKHUHQ=HLWSXQNWJHOHJW$EHUDOVHUQXQXPKDOEIQI DP1DFKPLWWDJDP/LQFROQ&HQWHUYRUEHL]XP%URDGZD\ JLQJZlKUHQGVLFKGHU]XU6WR]HLWEHVRQGHUVVWDUNH9HU NHKUGXUFKGLH%HWRQVFKOXFKWHQYRQ1HZ
GHQLQ:DVKLQJWRQDXIJHVXFKWXQGHVVLFK]XU*HZRKQ KHLWJHPDFKWPLQGHVWHQVHLQPDOSUR:RFKHGLH1HXHU VFKHLQXQJHQGXUFK]XVHKHQ -D5LWXDOH:HQQLKPLUJHQGHWZDVKHOIHQNRQQWHGDQQ ZDUHQHV5LWXDOH$XHUGHPZHUZUGHVFKRQDXIGLH ,GHHNRPPHQLQHLQHP&'/DGHQQDFKLKP]XVXFKHQ" 'HQJU|WHQ7HLOGHV1DFKPLWWDJVKDWWHHUGDPLWYHU EUDFKWDXIGHQDEJHQXW]WHQ+LJKZD\VXQGYHUZDKUOR VWHQ%UFNHQKHUXP]XIDKUHQGLH1HZ
ZDUGDQQKDWWHHUGLH9HUIROJHUDEVFKWWHOQN|QQHQ :DKUVFKHLQOLFKVWHFNWHQVLHLPPHUQRFKLP9HUNHKUV FKDRVDXIGHU%URRNO\Q%ULGJHQDFKGHPHULPOHW]WHQ0R PHQWZDJKDOVLJDXIGHQ)'5DEJHERJHQZDU -HGHQIDOOVZDUGDV*HIKOYHUIROJW]XZHUGHQYHU VFKZXQGHQ .RPLVFKGDFKWHHUDOVHUDP+RWGRJ6WDQGYRUGHQ $%&6WXGLRVYRUEHLJLQJZRPLW/DXIVFKULIWIUª$OO0\ &KLOGUHQ©JHZRUEHQZXUGH(UOLHIUDVFKEHUGHQ%URDG ZD\ZHLOGLH)XJlQJHUDPSHOJHUDGH*UQ]HLJWH,QWXL WLRQHQXQG'LQJHZLHDXHUVLQQOLFKH:DKUQHKPXQJ KDWWHHULPPHUZHLWYRQVLFKJHZLHVHQ$EHUMHW]WVR VFKLHQHVLKPQDFKGHPVHLQHJHRUGQHWHUDWLRQDOH:HOW DXIGHQ.RSIJHVWHOOWZDUKDWWHHUVLFKLQHLQHQZHQQDXFK ZLGHUVWUHEHQGHQ*OlXELJHQYHUZDQGHOW 7RZHU5HFRUGVZDUHLQJURHV]ZHLVW|FNLJHV*HVFKlIW KHOOHUOHXFKWHWPLW1HRQU|KUHQ+LHUXQGGRUWKLQJHQ :HUEHSODNDWHDQGHQ:lQGHQXQGGLH5HJDOHTXROOHQ YRU&'V6FKDOOSODWWHQXQG.DVVHWWHQEHLQDKHEHU,P/D GHQLQ:DVKLQJWRQ'&ZR6FDUERURXJK6WDPPNXQGH ZDUJDEHVHLQHHLJHQH9LGHRDEWHLOXQJDEHUKLHULQ1HZ
KDWWH(LQHKDUPORVH6XFKWGD6FDUERURXJKJHQJHQG *HOGKDWWHXPVLFKLKUKHPPXQJVORVKLQ]XJHEHQ 8Q]XIULHGHQPLWGHU-D]]DEWHLOXQJZDQGWHHUVLFKHW ZDVVSlWHUGHU(FNHPLWGHU.ODVVLN]X1DWUOLFKZUGH HUKLHUQLFKWVNDXIHQDEHUZlKUHQGHUGLH&'VEHWUDFKWHWH XQGQDFKHLQHP6FKQlSSFKHQVXFKWHZXUGHHUUXKLJHU XQGIKOWHVLFKDQDQJHQHKPHUH=HLWHQHULQQHUW 'LH$EWHLOXQJPLWNODVVLVFKHU0XVLNZDUULHVLJ.XOWL YLHUWH0HQVFKHQPLW-DFNHQXQG6FKOLSVHQVDXEHUJH VWXW]WHQ%DUWHQXQGGHQJOl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lFKOLFKGLH&'YRQ%UHDPXQGZLHRIWLQ VROFKHQ6LWXDWLRQHQGXUFKIXKULKQHLQIUHXGLJHU6FKUHFN ,QGLHVHP$XJHQEOLFNDOVHUXQYHUPLWWHOWGHQ.RSIKRE VDKHUGLHEHLGHQ0lQQHU 6LHVDKHQVRDXVZLHGLHPHLVWHQDQGHUHQ0lQQHULP/D GHQhEHUZLHJHQGZDUHQHV$QJHVWHOOWHGLHQDFKGHU$U EHLWDXIGHP+HLPZHJZDUHQXQGVLFKHLQHQ$XJHQEOLFN =HLWQDKPHQXPGLH0XVLNDEWHLOXQJ]XGXUFKIRUVWHQ 1DGHOVWUHLIHQDQ]JH.UDZDWWHQ(LQHUGHUEHLGHQVFKLHQ (QGH=ZDQ]LJRGHU$QIDQJ'UHLLJ]XVHLQGHU]ZHLWH ZDUXQJHIlKULQ6FDUERURXJKV$OWHU6HLQ+DDUZDUJUDX GXUFKVHW]W6LHKDWWHQVLFKLQGHU-D]]DEWHLOXQJEHLGHQ%LJ %DQGVXPJHVHKHQXQGMHW]WZDUHQVLHKLHUXQWHQ6FDUER URXJKKDWWHDXIHLQPDOGDVXQEHVWLPPWH*HIKOVLHVFKRQ HLQPDOJHVHKHQ]XKDEHQ8QG]ZDUQLFKWLQGLHVHP&' /DGHQXQGQLFKWKLHULQ0DQKDWWDQVRQGHUQDQHLQHP JDQ]DQGHUHQ2UW

$EHUGDQQZDQGHUWHHLQHUYRQLKQHQ]XGHQ$XIQDK PHQPLW0XVLNYRQ0R]DUWKLQEHUZlKUHQGGHUDQGHUH VLFKIU)LOPPXVLN]XLQWHUHVVLHUHQVFKLHQ 6FDUERURXJKEOlWWHUWHPLJGLH&'VGXUFKXQGVFKW WHOWHGHQ*HGDQNHQDEGDGLHEHLGHQLKQYHUIROJWHQ :HUVROOWHQVLHDXFKVHLQ":HQQVLHYRQGHU&,$RGHU YRP)%,ZlUHQRGHU=LYLOEHDPWHGHU3ROL]HLGDQQKlWWHQ VLHLKQVFKRQOlQJVWYHUKDIWHWXQGDEJHIKUW(VZDUQLFKW ]XEHUVHKHQGD6FDUERURXJKXQEHZDIIQHWZDUHUWUXJ LP$XJHQEOLFNQXUHLQNXU]lUPOLJHV+HPGXQG-HDQV $XHUGHPVFKLHQHVXQP|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lQJHZlKUHQGGHV %HUXIVYHUNHKUV]XYHUJOHLFKHQ$P=HLWXQJVNLRVNNRQQWH HUNHLQH6SXUYRQ&LQG\HQWGHFNHQ1HUY|VVDKHUDXIGLH 8KU(VZDUHUVW8KUDOVRZDUHU]XIUKGUDQ1XQ OLHEHU]XIUKDOV]XVSlWNRPPHQGDFKWHHU (UOHKQWHVLFKDQHLQJUQJHVWULFKHQHV$EVSHUUJLWWHU ZDUWHWHXQGVDKGHQ/HXWHQ]XGLHGXUFKGHQ%DKQKRIHLO

WHQ'HP'RQQHUQGHU8%DKQ=JHODXVFKHQGEHREDFK WHWHHUZLHVLHKLHOWHQXQGHLQHQ6FKZDOOVFKZLW]HQGHU .|USHUDXVVSXFNWHQ -HGHVPDOZHQQHUQDFK1HZ
PHKU$UPHDOVIUKHUDEHULQ1HZ
GHQPlQWHOQGLHDXVVDKHQZLHLQHLQHP5RPDQYRQ5R EHUW/XGOXP"0KVDPHQWVSDQQWHHUVLFKO|VWHVLFKYRP VWlKOHUQHQ$EVSHUUJLWWHUXQGZLQNWHLKU 6LHVDKLKQOlFKHOWHHUZLGHUWHVHLQ:LQNHQXQGNDP GLH7UHSSHKHUXQWHU &LQG\ZDUHLQHDWWUDNWLYH)UDXPLWJXWIULVLHUWHP+DDU GDVVLHPLWUHLFKOLFK)HVWLJHULQ)RUPJHEUDFKWKDWWH6LH WUXJHLQHDTXDPDULQEODXH'HVLJQHUEULOOHPLWKDOELHUWHQ *OlVHUQGHUHQ%JHOGHQ%OLFN]XGHQ6HLWHQQLFKWEHKLQ GHUWHQ,KU*HVLFKWZDURYDOGLH6RPPHUVSURVVHQGLH YRQLKUHPOHW]WHQ8UODXELQGHU.DULELNVWDPPWHQZDUHQ QLFKWPLW0DNHXSYHUGHFNW6LHWUXJHLQQHXWUDOHV VFKZDU]HV.RVWPXQGIODFKH6FKXKH(LQHQJURHQ VFKZDU]HQ%HXWHOKDWWHVLHVLFKEHUGLH6FKXOWHUJHKlQJW 6FDUERURXJKEHWUDFKWHWH&LQG\PLWVHOWVDP]ZLHVSlOWL JHQ*HIKOHQ(LQHUVHLWVZDUVLHNOXJXQGDWWUDNWLYHLQH VHKUHKUJHL]LJHMXQJH)UDXXQGHLQHDXVJH]HLFKQHWH9HU ODJVPLWDUEHLWHULQGLHEHLLKUHU.OHLGXQJLKUHP.XQVWYHU VWDQGEHLGHU,QQHQHLQULFKWXQJLKUHU:RKQXQJEHLP 6SHLVHQXQGEHLYLHOHQDQGHUHQ'LQJHQLKUHQDXVJH]HLFK QHWHQ*HVFKPDFNLPPHUZLHGHUXQWHU%HZHLVVWHOOWH8QG VLHKDWWHHLQHQJXWHQ*HVFKPDFNZDV0lQQHUDQJLQJ(V ZDUYRQ$QIDQJDQNODUJHZHVHQGDVLH6FDUERURXJK PRFKWHVFKRQYRUGHP7RGVHLQHU)UDXZDUGLHVGHXWOLFK JHZRUGHQ'LHDQIlQJOLFKHMXJHQGOLFKH9HUNQDOOWKHLWZDU LP/DXIHGHU=HLW]XHLQHUHWZDVXQUXKLJHQ)UHXQGVFKDIW JHGlPSIWZRUGHQGLHGHQQRFKEHUHLQHUHLQEHUXIOLFKH %H]LHKXQJKLQDXVJLQJ$OV6FDUERURXJKGDQQHQWVFKLH GHQKDWWHVLFKPLWLKUQLFKWZHLWHUHLQ]XODVVHQKDWWHQVLH ]\QLVFKH:LW]HJHULVVHQ(VZUGHXQVHUHEHUXIOLFKH%H ]LHKXQJJHIlKUGHQZHQQZLUHWZDVPLWHLQDQGHUDQIDQ JHQKDWWHHUJHVDJW $EHUGDVZDUQLFKWGHUHLQ]LJH*UXQGJHZHVHQ&LQG\ KDWWHHLQLJH9HUKDOWHQVZHLVHQGLHLKQEHXQUXKLJWHQ6LH ]HLJWHPDQFKPDO$QIOJHHLQHUQHXURWLVFKHQ.lOWHGLH GHUMHZHLOLJHQ6LWXDWLRQY|OOLJXQDQJHPHVVHQZDUHQ$OV ZUGHLQGHQ7URSHQXQYHUVHKHQVGLH6SLW]HHLQHV(LV EHUJVDXIWDXFKHQ9LHOOHLFKWZDUGDVDEHUDXFKGHUJDQ] DOOWlJOLFKH1HZ
GDFKW,QGLHVHUPLHVHQ6WDGWYHUlQGHUWHQVLFK)UDXHQ]X LKUHP1DFKWHLO2KQDWUOLFKKDWWHHUJHOHJHQWOLFKDXFK $IIlUHQPLW)UDXHQDXV1HZ
GUHL8KUPRUJHQVGLH$JHQWHQDXIXQGHUWDSSHQXQVDXI IULVFKHU7DW© ª'DVLVWDEHUYRUGHP+LQWHUJUXQGXQVHUHUJHPHLQVD PHQ*HVFKLFKWHHKHUXQZDKUVFKHLQOLFK©2EZRKOHVHLQ 6FKHU]ZDUUXQ]HOWHVLHGLH6WLUQXQGHUEHNDPSO|W]OLFK HLQXQJXWHV*HIKO(VEHJDQQDOVHLVLJHU.OXPSHQDQGHU :XU]HOVHLQHU:LUEHOVlXOHGHULKPDXIXQ]lKOLJHQNOHL QHQ%HLQFKHQGDV5FNJUDWHPSRUNURFK'DVWLPPWHHW ZDVQLFKWGDZDUHWZDVIDXO(VZDUQLFKWVRGD&LQG\ VLFKVHOWVDPEHQDKP*DQ]LP*HJHQWHLO6LHYHUKLHOWVLFK ]XQRUPDO.HLQH1HUYRVLWlWNHLQHGHUNOHLQHQ8QVLFKHU KHLWHQGLHVLHQRUPDOHUZHLVH]HLJWHZHQQVLHDQJHVSDQQW ZDU6LHUHGHWHDOVVHLHVIUVLHQLFKWV%HVRQGHUHVVLFKPLW HLQHPIOFKWLJHQ.ULPLQHOOHQ]XWUHIIHQXQGVLHWDWDOV ZlUHVLHPLW6FDUERURXJKQXUDXIHLQSDDU'ULQNVYHUDEUH GHWXPVSlWHUPLWLKPLQV.LQR]XJHKHQ ª&LQG\LFKEUDXFKH*HOG.|QQHQ6LHPLUHWZDVJH EHQ"© ª6LFKHUDEHULFKVFKOHSSHVRHLQH6XPPHQLFKWPLWPLU KHUXP,FKIUFKWH6LHPVVHQVLFKGDIUVFKRQLQGHQ 'VFKXQJHOGHU:HVW(QG$YHQXHZDJHQ(Y©(VNODQJ QDFKJH]ZXQJHQHU)UHXQGOLFKNHLW'DKLQWHU$EZHKU ª'DVIUHXWPLFK&LQG\,FKNDQQJDUQLFKWYRUVLFKWLJ JHQXJVHLQ,FKUXIH6LHGDQQPRUJHQIUKDQXQGZLUYHU DEUHGHQXQV]XU*HOGEHUJDEH(LQYHUVWDQGHQ"© ª(YHUHWWLVWHWZDVQLFKWLQ2UGQXQJ"6LHYHUKDOWHQVLFK VRNRPLVFK© ª,FKZHLHVQLFKW&LQG\,FKZHLHVHLQIDFKQLFKW6LH PVVHQPLFKLP$XJHQEOLFNZRKOHLQIDFKVRHUWUDJHQZLH LFKELQ)DKUHQ6LHMHW]WQDFK+DXVHRGHUWXQ6LHZDV6LH VRQVWWXQZROOWHQ,FKPHOGHPLFK© (UZDQGWHVLFKYRQLKUDE 9(56&+:,1'(+,(5VFKULHHWZDVLQLKP9(5 6&+:,1'(62)257$86'(51b+(',(6(5)5$8 ª(YHUHWW© (UJLQJLQ5LFKWXQJ$XVJDQJ(LQPLW*UDIILWLEHGHFNWHU =XJGHU$/LQLHGHUQDFK6GHQIXKUGRQQHUWHLQGLH6WD WLRQ ª(YHUHWW6FDUERURXJKEOHLEHQ6LHVWHKHQ©

'LH6WLPPHZDUMHW]WQlKHU6LHZDUGLUHNWKLQWHULKP XQGKLHOW6FKULWWPLWLKP ª(VWXWPLUOHLG&LQG\DEHULFKPXYHUVFKZLQGHQ© 'LH7UHQGHV=XJHVZXUGHQJH|IIQHW)DKUJlVWHVWLH JHQDXVXQGHLQ ª6FDUERURXJK©,KUH6WLPPHNODQJMHW]WKDUWXQEHLUUEDU XQGHQWVFKORVVHQª,FKKDEHHLQH3LVWROHDXI,KUHQ5FNHQ JHULFKWHW%OHLEHQ6LHVWHKHQVRQVWVFKLHHLFK© 6FDUERURXJKZLUEHOWHEHUUDVFKWKHUXP &LQG\VWDQGGLUHNWYRULKP0LWHLQHU+DQGVWW]WHVLH YRQDXHQLKUHJURH7DVFKHGLHDQGHUHVWHFNWHGDULQ 9RQLQQHQGUFNWHHWZDV+DUWHVJHJHQGDVVFKZDU]H0D WHULDO(LQH3LVWROH"2GHUZDUHVQXUGHUDOWH7ULFNPLWGHP =HLJHILQJHU":LHDXFKLPPHUDOOHLQVFKRQGLH7DWVDFKH GDGLHVH)UDXRIIHQVLFKWOLFKGRFKQLFKWDXIVHLQHU6HLWH VWDQGUHLFKWHDXVXP6FDUERURXJKDQ2UWXQG6WHOOHIHVW ]XQDJHOQ ª&LQG\©VDJWHHUXQGLKPZDUDOVKlWWHLKPMHPDQG HLQHQ6FKODJLQGHQ6RODUSOH[XVYHUVHW]Wª&LQG\ZDVKDW GDV]XEHGHXWHQ"© ª,FKOLHIHUH6LHDXV(YHUHWW=X,KUHPHLJHQHQ:RKO ]XP:RKOHDOOHU6LHVLQG]XJHIlKUOLFKZHQQ6LHIUHLKHU XPODXIHQ© 6LHVDKVLFKXPXQG6FDUERURXJKZXUGHNODUQDFK ZHPVLHVXFKWH(LQ0DQQLQJUDXHP$Q]XJXQGPLWNXU ]HP+DDUGHUYRP6FKHLWHOELV]XU6RKOHDXVVDKZLHHLQ )%,$JHQWNDPGLH7UHSSHKHUXQWHUJHUDQQW'LFKWKLQWHU LKPIROJWHHLQ]ZHLWHV3DDUJUDXHU%HLQH 6LHIROJWHVHLQHP%OLFNXQGHUHUJULIIGLH&KDQFH VSUDQJDXIVLHORVVFKOXJLKUGHQ%HXWHODXVGHQ+lQGHQ XQGGLH+lQGH]XU6HLWHXQGYHUVHW]WHLKUHLQHQKDUWHQ 6FKODJLQV*HVLFKW6LHJLQJ]X%RGHQXQGHUSDFNWHVLH KREVLHKRFKXQGVDK]XGHQ0lQQHUQKLQEHU6LHNDPHQ VFKQHOOQlKHULKUH+lQGHLQGHQ-DFNHQWDVFKHQ (LQH0|JOLFKNHLWKDWWHHUQRFK9RQGHUGURKHQGHQ*H IDKUEHIOJHOWVWHOOWH6FDUERURXJKIHVWGD&LQG\OHLFKW ZDUZLHHLQH)HGHU(UKLHOWVLHIHVWXQG]HUUWHVLHLQGHQ :DJHQGHV&=XJHVXQPLWWHOEDUEHYRUGLH7UHQJH VFKORVVHQZXUGHQ'HU=XJIXKUDQXQGUROOWHVFKRQZHL

WHUEHYRUGLH0lQQHULQGHQJUDXHQ$Q]JHQLKQHUUHLFK WHQXQGYRQDXHQZWHQGXQGKLOIORVPLWGHQ)lXVWHQ JHJHQGLH7UVFKOXJHQ6FDUERURXJKZROOWHNHLQ5LVLNR HLQJHKHQ(U]RJGLHEHQRPPHQH/HNWRULQYRQGHU7U ZHJ ª/RVODVVHQ©NUHLVFKWHVLHSO|W]OLFKª/DPLFKLQ 5XKH© 'LH$JHQWHQREYRP)%,RGHUYRQGHU&,$VSLHOWHMHW]W NHLQH5ROOHPHKUZDUHQKLQWHULKPKHUGDVZDUMHW]WVL FKHU6LHKlPPHUWHQJHJHQGLH7UXQGVFKULHQGHP=XJ IKUHU]XHUVROOHDQKDOWHQ$EHUGDV.UHLVFKHQGHU5lGHU XQGGHUEULJH/lUPLQGHU6WDWLRQYHUVFKOXFNWHQLKUH 5XIH(LQSDDU6HNXQGHQVSlWHUUDWWHUWHGHU=XJEHUHLWV GXUFKGLHGXQNOHQ7XQQHO 'LH)DKUJlVWHLPVFKZDFKEHVHW]WHQ=XJ]RJHQVLFKYRU LKQHQ]XUFNDOVKlWWHQVLHGLH3HVW ª+HOIWPLU©ULHI&LQG\ª(ULVWHLQ.ULPLQHOOHU© ª(QWVFKXOGLJHQ6LHGDPHLQH)UDXVRHLQ7KHDWHU PDFKW©VDJWH6FDUERURXJKOlFKHOQG]XGHUEXQWHQ9HU VDPPOXQJYRQ)DKUJlVWHQª6LHUHJWVLFKZHJHQPHLQHU $IIlUHPLWPHLQHU6HNUHWlULQVFKUHFNOLFKDXI© ª,P=XJLVWHLQ3ROL]LVWUXIHQ6LHLKQ©VFKULH&LQG\ (LQ0DQQLQGHU1lKHGHV'XUFKJDQJV|IIQHWHGLH7U XQGHLOWHLQGHQQlFKVWHQ:DJHQ -DYLHOOHLFKWZDUZLUNOLFKHLQ&RSLP=XJDEHUHV ZUGHHLQH:HLOHGDXHUQELVHUGDZlUH6LHNRQQWHQQD WUOLFKQLFKWLP=XJEOHLEHQ1LFKWODQJHMHGHQIDOOV$EHU VRODQJHHUVLHEHLVLFKKDWWHVRODQJHHUVLHDP8QWHUDUP IHVWKLHOWGDPLWVLHQLFKWZHJODXIHQNRQQWHZROOWH(YHUHWW 6FDUERURXJKGHU&KHIOHNWRULQYRQ4XLJOH\3XEOLVKLQJHLQ SDDU)UDJHQVWHOOHQ ª:HUZDUHQGLH0lQQHULQGHU6WDWLRQ"© ª:HOFKH0lQQHU"© ª,KU%HJOHLWVFKXW]:DUHQVLHYRP)%,"9RQGHU&,$" :DVLVWORV&LQG\"+DWPDQ,KU7HOHIRQDQJH]DSIW"+DW PDQ6LHJH]ZXQJHQGDVKLHU]XWXQ"© ª'DVLVWULFKWLJPDQKDWPLFKJH]ZXQJHQ(YHUHWW© (UVDKVLHDQDEHULQLKUHQEODXHQ$XJHQZDUQXU$QJVW ]XOHVHQNHLQH$XIULFKWLJNHLW

ª:DVIUHLQ6SLHOVSLHOHQ6LH&LQG\"© ª(YHUHWWPDQZXWHGD6LHPLWPLU.RQWDNWDXIQHK PHQZUGHQGHVKDOEKDWPDQPLFKJHEHWHQ6LHIHVW]X KDOWHQ© ª1HLQ,FKZLOOZLVVHQZDV6LHZLUNOLFKZROOHQ©'D ZDUZLHGHUGDV*HIKOWLHILQVHLQHP%DXFK,KPZXUGH NODUGDVLHLKPYRQ$QIDQJDQHWZDVYRUJHPDFKWKDWWH ª,FKYHUVWHKHQLFKWZDV6LHPHLQHQ© 3O|W]OLFKILHOHVLKPHLQ(LQH(UNHQQWQLVGLHLKQWUDIZLH HLQ%OLW]GHULKPGLH6HHOH]XVSDOWHQVFKLHQ1HLQGDV NRQQWHGRFKQLFKWVHLQDEHUYLHOOHLFKWZDUHVZLUNOLFK VR&LQG\KDWWHVHLQHUVWHV%XFKDQJHQRPPHQQDFKGHP YLHOHDQGHUH9HUODJHHVDEJHOHKQWKDWWHQ&LQG\KDWWH.D SLWHOXP.DSLWHOXQG%HI|UGHUXQJXP%HI|UGHUXQJPLW LKPJHDUEHLWHW6LHZDUDXIJHVWLHJHQZHLOHUHUIROJUHLFK ZXUGH'DVKDWWHVLHLKPMHGHQIDOOVJHVDJW $EHUVHOWVDPVLHKDWWHYRQ$QIDQJDQHLQHVFK|QH:RK QXQJJHKDEW6LHZDULPPHUJXWJHNOHLGHWJHZHVHQKDWWH LPPHUHLQ$XWREHVHVVHQXQGGDQQGLHVH8UODXEVUHLVHQ ]XH[RWLVFKHQ2UWHQ6FDUERURXJKKDWWHVLFKVFKRQ|IWHU GDUEHUJHZXQGHUW'DV*HOGVWDPPHDXVGHP9HUP| JHQLKUHU)DPLOLHKDWWHVLHEHKDXSWHWDOVHUVLHHLQPDOJH IUDJWKDWWH$EHUQHLQGDVZDUQLFKWGLH:DKUKHLWJHZH VHQ1LFKWGLHJDQ]H:DKUKHLW'DVZXUGHLKPMHW]WNODU 6LHZDU]LHPOLFKRIWQDFK:DVKLQJWRQJHNRPPHQ9LHO |IWHUDOVHVIUGLH$UEHLWDQGHQ%FKHUQHLJHQWOLFKQ|WLJ JHZHVHQZlUH$QJHEOLFKXPLKUHQ'DGG\]XEHVXFKHQ KDWWHVLHHUNOlUW(UZDUVREOLQGJHZHVHQ'LH9HUELQGXQ JHQZDUHQVRNODUODJHQVRGHXWOLFKDXIGHU+DQG$EHU LP5DXVFKGHV(UIROJHVKDWWHHUQLFKWEHPHUNWZLHPDQ GLH)lGHQEHIHVWLJWHDQGHQHQHUGLULJLHUWZXUGH1HLQHU KDWWHHVQLFKWEHPHUNHQZROOHQ ª6DJHQ6LHHV&LQG\6DJHQ6LHGLH:DKUKHLW© ª+|UHQ6LHDXI6LHWXQPLUZHK© ª6LHDUEHLWHQQLFKWQXUIU4XLJOH\QLFKWZDKU"6LHDU EHLWHQIUGLH3XEOLVKHUXQGGLH(GLWRUHQ© 6FKUHFNEOLW]WHLQLKUHQ$XJHQDXIZRKHUNDQQWHHU GLHVH%HJULIIH" DEHUVLHKDWWHVLFKUDVFKZLHGHULQGHU*H ZDOW

ª,FKDUEHLWHIUGHQ9HUODJGDVZLVVHQ6LHGRFKGDVLVW PHLQ-RE© ª6WHOOHQ6LHVLFKQLFKWGXPP6LHDUEHLWHQIUGLH&,$ 2GHUEHVVHUIULUJHQGHLQHREVNXUH*UXSSHGLHYLHOOHLFKW VRJDUPlFKWLJHULVWDOVGLH&,$,FKZHLHVQLFKW$EHU6LH ZHUGHQHVPLUVDJHQ© ª:LHNDQQLFK,KQHQHWZDVVDJHQGDVLFKQLFKWZHL" 'LH3ROL]HLKDWUHFKW(YHUHWW6LHVLQGY|OOLJDXVJHQLSSW© ª1HLQLFKNRPPHQXUJHUDGH]XPLU&LQG\© ª0DQZLOO,KQHQQLFKWZHKWXQ(YHUHWW0DQZLOO,KQHQ KHOIHQ.RPPHQ6LHPLW]XPLU:LUN|QQHQGRUWHLQ*H VSUlFKDUUDQJLHUHQ0DQZLOOQXUPLW,KQHQUHGHQGDVLVW DOOHV© ª1HLQ&LQG\LFKZLOOMHW]WEHU6LHUHGHQ,FKZLOOPLW ,KQHQEHUGLHXQJODXEOLFKH.DUULHUHGHVEHNDQQWHVWHQ 8)26NHSWLNHUVGHU86$UHGHQ6LHZDUHQYRQ$QIDQJDQ PLWLP6SLHOQLFKWZDKU",KUH+LQWHUPlQQHUKDEHQ6LHLQ GHQDQJHVHKHQHQ9HUODJODQFLHUWXQG6LHDQJHZLHVHQ PHLQHHUVWHQ%FKHUDQ]XNDXIHQ8QGGDQQKDEHQ6LHGLH :HUEXQJDQJHOHLHUWXQGGDIUJHVRUJWGDLFKEHUKPW ZXUGHGDLFKHLQ6WDUZXUGH1LFKWZDKU&LQG\"1LFKW ZDKU"© ª(YHUHWWODVVHQ6LHPLFKORVPHLQ$UPWXWZHK© (UEHPHUNWHGDHUVLHYLHO]XIHVWJHKDOWHQKDWWHORN NHUWHVHLQHQ*ULIIHLQZHQLJJDEVLHDEHUWURW]GHPQLFKW Y|OOLJIUHL'HU=XJIXKUJHUDGHLQGLH6WDWLRQXQWHUGHU WK6WUHHWHLQ=XP*OFNVWLHJHQNHLQH0lQQHULQJUDXHQ $Q]JHQHLQDEHUHLQLJHGHUDQGHUHQ)DKUJlVWHHUJULIIHQ GLH*HOHJHQKHLWDXV]XVWHLJHQRGHULQHLQHQDQGHUHQ:D JHQ]XZHFKVHOQ6FDUERURXJKZDUVLFKHUGDNHLQHUYRQ LKQHQGLH3ROL]HLUXIHQZUGH'LH6LWXDWLRQKDWWHVLFK ZLHGHUEHUXKLJWXQGYRQDXHQEHWUDFKWHWPXWHHVMHW]W DXVVHKHQDOVZlUHQHUXQG&LQG\PLWHLQHPJDQ]QRUPD OHQ(KHNUDFKEHVFKlIWLJW 'LH7UHQVFKORVVHQVLFKNODSSHUQGXQGGHU=XJUXP SHOWHZHLWHU ª,FKZHLQLFKWZDV6LHGDPLWPHLQHQ(YHUHWWDEHU ELWWHYHUWUDXHQ6LHPLU,FKNDQQGDIUVRUJHQGD,KQHQ JHKROIHQZLUG0LW,KQHQVWLPPWHWZDVQLFKW©

ª1HLQPLWPLULVWDOOHVLQ2UGQXQJ,FKYHUVWHKHMHW]W ZDVLP*DQJHLVW,FKKlWWHVFKRQOlQJVWGDUDXINRPPHQ PVVHQ6LHKDEHQPLFKJHOHQNWZLHHLQH0DULRQHWWH,FK ZDULKU$XVKlQJHVFKLOGLKU9RU]HLJHZLVVHQVFKDIWOHU(V ZDUVRHLQIDFKLFKPXWHPLFKQLFKWHLQPDOGDIUYHU NDXIHQ6LHKDEHQHLQIDFKQXUPHLQ(JRJHIWWHUW© ª6LHVLQGMDYHUUFNW© ª$FKZLUNOLFK":LHNRPPWHVGDQQGD6LHHVIUQ|WLJ KDOWHQPLFKPLWGHU:DIIH]XEHGURKHQ":LHNRPPWHV GDGLH0lQQHULQGHQJUDXHQ$Q]JHQ6LHEHJOHLWHQ PXWHQ"©(UKROWHWLHI/XIWXQGNQLUVFKWHPLWGHQ=lKQHQ ª6LHEOHLEHQMHW]WHUVWHLQPDOEHLPLU7HXHUVWH:LUPV VHQXQVHUQVWKDIWXQWHUKDOWHQ© ª:RUEHUGHQQ"(YHUHWWZDV6LHGDPDFKHQGDVLVW HLQH(QWIKUXQJ6LHZHUGHQGDGXUFKQXUQRFKPHKU 6FKZLHULJNHLWHQEHNRPPHQ© ª,KUHHLJHQHQ/HXWHVLQGGLHZDKUHQ(QWIKUHU:R ZLUG'LDQHIHVWJHKDOWHQ"© ª,FKZHLQLFKWZRYRQ6LHUHGHQ© ª'LHVH/HXWHQHLQ6LHXQGGLHVH/HXWHKDEHQPHLQH 7RFKWHUJHVFKQDSSWYHUGDPPW:DVKDEHQ6LHPLWLKUJH PDFKW"© ª(YHUHWWELWWH2ND\LFKJHEHHV]X©6LHZDQGWHGHQ %OLFNDEZHLOVLHLKPQLFKWLQGLH$XJHQVHKHQNRQQWH ª,FKDUEHLWHIUGLH5HJLHUXQJ,FKGLHQHPHLQHP/DQG XQGLFKELQVWRO]GDUDXI*ODXEHQ6LHHWZDGDVKlWWHPLU 6SDJHPDFKW(YHUHWW"+DEHQ6LHQLFKWJHPHUNWZHOFKH *HIKOHLFK,KQHQHQWJHJHQEUDFKWH"*ODXEHQ6LHGDV KlWWHPLFKQLFKWLQQHUOLFK]HUULVVVHQ"© 6LHVHXI]WHXQG6FDUERURXJKNRQQWHDXILKUHU:DQJH HLQHIXQNHOQGH7UlQHKHUDEUROOHQVHKHQª:LHRIWVDJWHLFK PLUGD6LHHVQLHKHUDXVILQGHQZUGHQZHLO6LHVRJURH )UHXGHDQ,KUHP/HEHQDQ,KUHP5XKPXQG,KUHP(UIROJ KDWWHQ(VZlUHZLUNOLFKJXWIU6LHGDFKWHLFK1LHKlWWH LFKPLUWUlXPHQODVVHQGDHVPDOVRZHLWNRPPHQ ZUGH© 6LHZDQGWHVLFKIOHKHQGDQLKQXQGHUNRQQWHVHKHQ GDGLHEODXHQ$XJHQMHW]WHQGOLFKDXIULFKWLJEHVRUJWDXV VDKHQ

ª,FKVFKZ|UHHV(YHUHWWLFKN|QQWH,KQHQRGHU'LDQH QLHPDOVZHKWXQ,FKZQVFKWH6LHZlUHQEHUKDXSW QLFKW]XPLUJHNRPPHQ,FKKDWWHGLH:DKO6LH]XYHUUD WHQRGHUPHLQ/DQG]XYHUUDWHQ:HQQ6LHMHW]WHLQIDFK PLWNRPPHQZUGHQ6LHKDEHQQDWUOLFKUHFKW$XFK GDQQZlUHQLFKWDOOHVLQ2UGQXQJDEHUZLUN|QQWHQHLQH $UW$ENRPPHQDXVKDQGHOQGDVDOOHQQW]W,P$XJHQ EOLFNDEHU(YHUHWWVLQG6LHJHIlKUOLFKXQGGLHVH/HXWH IUGLHLFKDUEHLWHGLHPVVHQ6LHHLQIDFKDXIKDOWHQ$XI ZHOFKH$UWXQG:HLVHDXFKLPPHU©'HU=XJEUHPVWHODXW TXLHWVFKHQGVLHQlKHUWHQVLFKGHU6WDWLRQDP7LPHV 6TXDUH(UVROOWHMHW]WGDFKWH6FDUERURXJK]XU3HQQ6WD WLRQDQGHUWK6WUHHWIDKUHQHLQHQ=XJQDFK1RUGHQQHK PHQLQVHLQHQ:DJHQVWHLJHQXQGZLHGHU7HXIHODXV1HZ
:DJHQXQGOLHDQJHEHULVFKGLH0XVNHOQVSLHOHQ$XIGHU 6FKXOWHUWUXJHUHLQHQ*HWWREODVWHUDXVGHPODXWH5DSPX VLNGU|KQWH6FDUERURXJKZDUHLQHQ$XJHQEOLFNDEJH OHQNWXQGVHLQ*ULIIORFNHUWHVLFK1XUHLQHQ0RPHQWYHU JDHUGDVLHHLQHKHUYRUUDJHQGDXVJHELOGHWH$JHQWLQ GHU5HJLHUXQJZDU 'HU6FKODJNDPY|OOLJEHUUDVFKHQGHLQUDVFKHU6WRLQ VHLQ*HVLFKW(UZXUGH]XUFNJHZRUIHQXQGEOLQ]HOWHYRU 6FKUHFNXQG6FKPHU]HQ $OVHUGLH$XJHQZLHGHU|IIQHQNRQQWHUDQQWH&LQG\ VFKRQPLWODXWNODFNHUQGHQ6FKXKHQGXUFKGLHRIIHQH7U DXV0HWDOOXQG*ODV]XP$XVJDQJDQGHUWK6WUHHWKLQ DXI'LH6WDWLRQZDUVWDUNIUHTXHQWLHUWDEHUVLHZLFKJH VFKLFNWGHQ)DKUJlVWHQDXV6LHVFKLHQJHQDX]XZLVVHQ ZRKLQVLHZROOWH (UVSXUWHWHLKUKLQWHUKHU ª&LQG\©ULHIHUª1HLQ:LUPVVHQGRFKUHGHQ,FK VFKZ|UHLFKWXH,KQHQQLFKWV© (LQSDDU.|SIHIXKUHQKHUXPZXUGHQDEHUVRIRUWZLH GHUDEJHZHQGHWª'DVJHKWPLFKQLFKWVDQ©ZDUGHU6DW] GHQGLH1HZ
NXQJDQIRUGHUQXQGGDQQKlWWHPDQ6FDUERURXJKUDVFK JHIDW'LH0lQQHULQGHQJUDXHQ$Q]JHQZUGHQLKQ EHUQHKPHQXQGGDVZlUHHVGDQQJHZHVHQ (UPXWHIOLHKHQ $EHUQRFKZlKUHQGHUGLHVGDFKWHQRFKZlKUHQGHU]X VDKZLH&LQG\VLFKGHP&RSQlKHUWHDOVVLHVFKRQGLH +DQGKREXPLKQDQGHU6FKXOWHU]XEHUKUHQXQGLKQ DXIVLFKDXIPHUNVDP]XPDFKHQJHVFKDKHWZDVY|OOLJ 8QHUZDUWHWHV &LQG\]XFNWH]XVDPPHQ 6LH]XFNWH]XVDPPHQDOVZlUHVLHYRQHLQHUXQVLFKWED UHQ+DQGJHVFKODJHQZRUGHQ(LQHQ6HNXQGHQEUXFKWHLO VSlWHUVSUXGHOWHHLQNOHLQHUEOXWLJHU6SULQJEUXQQHQDXV LKUHP5FNHQXQGGLH7URSIHQVSULW]WHQDXIGHQVFKPLH ULJHQ%RGHQGHV%DKQVWHLJHV 0HLQ*RWWMHPDQGKDWWHVLHHUVFKRVVHQ 6LH|IIQHWHGHQ0XQGDEHUIDOOVVLHVFKULHGDQQZXUGH GDV*HUlXVFKYRP'RQQHUQGHVHLQIDKUHQGHQ=XJHVYHU VFKOXFNW6LHUXGHUWHZLOGPLWGHQ$UPHQXQGYHUORUHLQHQ 6FKXK,KUH%HZHJXQJVULFKWXQJlQGHUWHVLFKVLHWDXPHOWH KDOWORVKLQXQGKHUGLHZHLH%OXVHIlUEWHVLFKEOXWLJURW ª&LQG\©ULHI6FDUERURXJK 0HLQ*RWWVLHWDXPHOWHGLUHNWDXIGLH*OHLVH]X6LHZDU ]LHPOLFKVFKQHOOJHODXIHQXQGGHU(LQVFKODJGHU.XJHO KDWWHVLHZHLWHUJHWULHEHQ6WROSHUQGWDXPHOWHVLH]XU %DKQVWHLJNDQWHXQGILHOGLUHNWDXIGLH*OHLVHGDV*HVLFKW YRQ3DQLNXQG6FKPHU]HQHQWVWHOOW 6RIRUWDOVGHU=XJIKUHUGLH)UDXDXIGLH6FKLHQHQIDOOHQ VDKEHJDQQHQGLH%UHPVHQ]XNUHLVFKHQDEHUGHU=XJ ZDUHUVW]XHLQHP9LHUWHOLQGLH6WDWLRQHLQJHIDKUHQXQG ZDUQRFKVHKUVFKQHOO (UEHUUROOWHVLH ª&LQG\© 6FDUERURXJKVDKYRUVHLQHPLQQHUHQ$XJHZLHGLHKDU WHQVWlKOHUQHQ5lGHUGHQKEVFKHQ.|USHU]HUPDOPWHQ *OLHGPDHQDEWUHQQWHQGHQ6FKlGHO]HUWUPPHUWHQELV VLHQXUQRFKHLQJUlOLFKHU+DXIHQYRQ.QRFKHQ]HUIHW] WHU+DXWXQG(LQJHZHLGHQZDU(UNRQQWHIDVWVSUHQZLH HLQVLHGHQGKHLHU6FKPHU]VLHLPOHW]WHQ$XJHQEOLFN

GXUFK]XFNWHEHYRUVLFKGLHHZLJH'XQNHOKHLWEHUVLH VHQNWH ª2PHLQ*RWW©ULHIHUª&LQG\© 'LH0HQVFKHQEHJDQQHQ]XVFKUHLHQ 'HU&RSZDUDXIGHQ9RUIDOODXIPHUNVDPJHZRUGHQ DEHUHUVWDUUWHQXURKQHVLFK]XEHZHJHQGLH$XJHQYRU 6FKUHFNZHLWDXIJHULVVHQ(VGDXHUWHQXUZHQLJH6HNXQ GHQELVVLFKGLH9HUZLUUXQJLQ&KDRVYHUZDQGHOWH(LQLJH 0HQVFKHQZLFKHQ]XUFNHLQSDDUEOLHEHQVWDUUYRU(QW VHW]HQVWHKHQZLH6FDUERURXJKZLHGHUDQGHUHGUlQJWHQ VLFKYRUZHLOVLHJDIIHQZROOWHQ &LQG\ ,UJHQGMHPDQGKDWWHVLHHUVFKRVVHQ$EHUZDUXP":HLO VLHLKQDXVOLHIHUQZROOWH":HLOHULQ*HIDKUZDU" (VSDWHQLFKW]XVDPPHQ (VVHLGHQQ6FDUERURXJKNRQQWHGHQ*HGDQNHQQLFKW ]XUFNGUlQJHQ8QGXQJHEHWHQVWDQGSO|W]OLFKZLHGHU GDV%LOGYRULKP $XIGHU.URQHGHV+RRYHU'DPPVKDWWHHUXQJH]LHOWLQGLH 5LFKWXQJGHV.LOOHUVJHVFKRVVHQGHULKQXPEULQJHQZROOWH6HL QHU0HLQXQJQDFKKDWWHHULKQYHUIHKOWGRFKGDQQGHU$XI VFKODJGHU.XJHOGHULKQUFNZlUWVEHUGDV*HOlQGHUDP6WUD HQUDQGWDXPHOQOLHGDV%OXWGDVDXVGHU%UXVWGHV0DQQHV VSUXGHOWH 'HU=XJKDWWHDQJHKDOWHQGHU&RSVSUDFKDXIJHUHJWLQ VHLQ)XQNJHUlW6FDUERURXJKKLHOWVLFKHWZDVDEVHLWVZLGHU EHVVHUHV:LVVHQKRIIHQGGD&LQG\QRFKOHEWHGDVLH VLFKJHJHQGLH:DQGJHSUHWKDWWHXQGGHQPDKOHQGHQ5l GHUQDXVJHZLFKHQZDUGHPJHZDOWLJHQ*HZLFKWGHV=X JHV (LQH+DQGOHJWHVLFKDXIVHLQH6FKXOWHU0HLQ*RWW GXUFKIXKUHVLKQMHW]WKDEHQVLHPLFKHUZLVFKW (UZXUGHNUDIWYROOKHUXPJHGUHKWXQGVDKVLFKHLQHP 0DQQJHJHQEHUGHUHLQHQ$Q]XJXQGHLQH.UDZDWWH WUXJ6SlWHUHULQQHUWH6FDUERURXJKVLFKGDUDQGDGHU 0DQQHLJHQDUWLJJHURFKHQKDWWH(VZDUHLQ*HUXFKGHU LKPKLHULP*HGUlQJHGHU0HQVFKHQHLQHQNDOWHQ6FKDXHU EHUGHQ5FNHQMDJWH,QGLHVHP$XJHQEOLFNMHGRFKZDUHU YLHO]XDXIJHUHJWXPGHQ*HUXFKEHZXWZDKU]XQHKPHQ

ª(YHUHWW6FDUERURXJK©VDJWHGHU0DQQGHULKQDXVXQ HUJUQGOLFKHQ$XJHQDQVDK(UVSUDFKIDVWDN]HQWIUHLXQG PLWJURHU$XWRULWlWZLHHLQ$QVDJHULP5DGLRª6LHPV VHQVRIRUWYHUVFKZLQGHQ$XIGHU6WHOOH6RQVWZLUGPDQ 6LHPLW6LFKHUKHLWIHVWQHKPHQ© ª:HUVLQG6LH"©NHXFKWH6FDUERURXJK ª9HUVFKZLQGHQ6LHVRQVWPVVHQZLU6LHW|WHQ(YHUHWW 6FDUERURXJK©(VNODQJEHVRUJW(UUHJW"'HU0DQQJULIILQ GLH-DFNHQWDVFKHXQG]RJHLQH3LVWROHVRZHLWKHUYRUGD 6FDUERURXJKGHQ*ULIIVHKHQNRQQWHª'DVZlUHHLQ7UD J|GLHHLQHZDKUH7UDJ|GLH© ª6LHZDUHQHV6LHKDEHQ&LQG\XPJHEUDFKW© -HW]WHUNDQQWHHUGHQ0DQQ(VZDUHLQHUGHUEHLGHQGLH HUEHL7RZHU5HFRUGVLQGHU.ODVVLNDEWHLOXQJJHVHKHQ KDWWH 9RUQHDP%DKQVWHLJKHUUVFKWHJURH8QUXKH6FDUER URXJKVDKGLH8QLIRUPHQYRQ6DQLWlWHUQXQG3ROL]LVWHQ $OVHUVLFKZLHGHUXPZDQGWHZDUGHUJUDXJHNOHLGHWH 0DQQYHUVFKZXQGHQYRQGHU0HQJHYHUVFKOXFNW6FDU ERURXJKVSUWHHLQHQ6WLFKLQGHU%UXVWIDVWDOVKlWWHLKQ VHOEVWDXFKHLQH.XJHOJHWURIIHQ 6LHZDUHQGDXQGSDWHQDXILKQDXIGLHVHEHLGHQ0lQ QHU $EHUZLHYLHO=HLWEOLHELKPQRFKEHYRUGLHMHQLJHQ]X VFKOXJHQGLHLKQIHVWQHKPHQXQGZDKUVFKHLQOLFKVRJDU W|WHQZROOWHQ" (UZDUYHUZLUUW9HUZLUUWXQGWUDXULJ$EHUMHW]WJLQJHV LQHUVWHU/LQLHXPVHLQhEHUOHEHQ0DQGXUIWHLKQQLFKW YHUKDIWHQHUPXWHHQWNRPPHQZHQQHUGLHVHVVFKUHFNOL FKH5lWVHODXIO|VHQZHQQHUVHLQH7RFKWHUZLHGHUILQGHQ ZROOWH (QWVFKORVVHQNHKUWHHUGHP&KDRVGHQ5FNHQXQG VWLHJODQJVDPGLH7UHSSHKLQDXIHQWIHUQWHVLFKYRP 6FKDXSODW]HLQHVSO|W]OLFKHQVLQQORVHQ7RGHV

.DSLWHO 0D[LPLOOLDQ6FKURHGHU|IIQHWHVHOEVW %HLGHU.RKOHGLHGHU0DQQYHUGLHQWHKlWWH-DNHPLW HLQHPDUURJDQWHQ%XWOHUJHUHFKQHWGHULKPGLH7UDXI KLHOW$EHUQHLQ0D[6FKURHGHUVWDQGLQ)OHLVFKXQG%OXW YRULKPLQPRGLVFKHQ*DEDUGLQHKRVHQXQGHLQ3ROR KHPGJHNOHLGHW6DQGDOHQDQGHQ)HQ(UPXVWHUWH &DPGHQGXUFKVHLQH+RUQEULOOH'DVORFNLJH+DDUZLUNWH DXIJHVFKPDFNYROOH:HLVHXQIULVLHUW ª0D[©VDJWH&DPGHQQDKPGLH+DQGGHV0DQQHVXQG VFKZHQNWHVLHEHJHLVWHUWª0D[ZLHVFK|Q6LH]XVHKHQ 'DQNHGD6LHPLFKHPSIDQJHQ© 'LH+DQGZDUVFKODSSXQGZHLFK6FKURHGHUOLHVLFK HLQHQ0RPHQWGLH+DQGVFKWWHOQGDQQ]RJHUVLH]XUFN ª6LHPVVHQ-DNH&DPGHQVHLQ%LWWHNRPPHQ6LHGRFK KHUHLQ-DNH,FKKDEH)UKVWFNJHPDFKW:ROOHQ6LH HLQHQ.DIIHH"© ª'DVLVWZLUNOLFKVHKUQHWWYRQ,KQHQ0D[,FKELQJH UDGHHUVWDXIJHVWDQGHQXQGLFKGHQNHHLQH7DVVH.DIIHH N|QQWHPLUMHW]WEHVWLPPWQLFKWVFKDGHQYLHOOHLFKWEH NRPPHLFKDXFKHLQHQ7RDVWKLQXQWHURGHUVR© 6FKURHGHUVFKWWHOWHWUDXULJGHQ.RSIXQGVFKORKLQWHU VHLQHP*DVWGLH7Uª'DV)UKVWFNLVWGLHZLFKWLJVWH 0DKO]HLWGHV7DJHV6LHVROOWHQZLUNOLFKGDUDXIDFKWHQ GD6LHHLQDXVJHZRJHQHV)UKVWFN]XVLFKQHKPHQ© 0D[LPLOLDQ6FKURHGHUOHEWHLQHLQHP6DQGVWHLQEDXLQ GHUWK6WUHHWLQGHU(DVW6LGHYRQ0DQKDWWDQ(UEH ZRKQWHGDV+DXVDOOHLQPLWVHLQHU)DPLOLH6RHLQ*H ElXGHZDU0LOOLRQHQZHUW=ZDUZDU0D[LPLOOLDQ6FKURH GHUPLWVHLQHQ%FKHUQUHLFKJHZRUGHQDEHUGRFKQLFKWVR UHLFK'DV+DXVZDULKPYRQHLQHPZRKOKDEHQGHQ2QNHO YHUHUEWZRUGHQGHUVHLQ9HUP|JHQPLW([SRUW,PSRUW *HVFKlIWHQYHUGLHQWKDWWH6FKURHGHUV)DPLOLHLQ2NOD KRPDYHUIJWHHEHQIDOOVEHUHLQHQ+DXIHQ*HOGXQGGDV KDWWHLKPVHLQH$XVELOGXQJDQHLQHU1REHOXQLYHUVLWlWLP 2VWHQXQGGDV)ODLUGHV%LOGXQJVEUJHUVHLQJHEUDFKW 6FKURHGHUZDUHLQlXHUVWHUIROJUHLFKHU5RPDQDXWRUDEHU LQHUVWHU/LQLHZDUHUIUVHLQHQ9HUODJZHJHQVHLQHU6DFK

EFKHUHLQH*ROGJUXEHZHJHQGHU%FKHUEHUVHLQH (QWIKUXQJXQGGLHIROJHQGHQ%HJHJQXQJHQPLWGHQ!$Q GHUHQZLHHUVLHQDQQWH%FKHUGLHPDQFKH0HQVFKHQ HUVFKUHFNHQGXQGDQGHUHJHQLDOIDQGHQ ª,UJHQGZLHNRPPHLFKQLHGD]X9LHOOHLFKWHLQ%U|WFKHQ XQGHWZDV0DUPHODGH"'DUILFKUDXFKHQ"© ª,QGLHVHP+DXVZLUGQLFKWJHUDXFKW-DNH© ª
ª3HQQV\OYDQLD"'RUWWUHIIHQ6LHVLFKDXFKPLWGHQ(7V QLFKWZDKU"© 6FKURHGHUYHU]RJGDV*HVLFKWª%LWWH-DNH,FKQHQQHVLH GLH!$QGHUHQ:LUVLQGKLHUQLFKWLQHLQHP6SLHOYRQ 6SLHOEHUJ© ª2K\HDK(VWXWPLUOHLG:LVVHQ6LHLFKYHUJHVVHLP PHUGD6LHGDVDOOHVVHKUHUQVWQHKPHQ© 6FKURHGHUQDKPGLH%ULOOHDEXQGEHXJWHVLFKYRU$XV EODXJUDXHQ$XJHQVDKHU&DPGHQGXUFKGULQJHQGDQXQG UXQ]HOWHGLH6WLUQª(VLVWHLQHHUQVWH6DFKH:LUVWHKHQ QLFKWQXUDQGHU6FKZHOOHHLQHVQHXHQ=HLWDOWHUV-DNH:LU ZHUGHQXQVEDOGPLW'LQJHQNRQIURQWLHUWVHKHQGLHZHLW EHUXQVHU)DVVXQJVYHUP|JHQKLQDXVJHKHQ'LH!$QGH UHQEHULFKWHQPLU'LQJHGLHPHLQ%HJULIIVYHUP|JHQEHL ZHLWHPEHUVWHLJHQ0DQFKPDOEUHQQWPLUIDVWGDV+LUQ GXUFK-DNH,FKNDQQJDUQLFKWHUPHVVHQZDVIU,PSOLND WLRQHQGLHPHWDSK\VLVFKHQ1XDQFHQZHOFKHGLH$QGHUHQ PLURIIHQEDUHQQRFKQDFKVLFK]LHKHQZHUGHQ© 'HU0DQQVDKLKQVRDXIULFKWLJXQGGXUFKGULQJHQGDQ GD&DPGHQGHQ%OLFNDEZHQGHQPXWH(UWUDQNHWZDV VFKZDU]HQ.DIIHHXQGUlXVSHUWHVLFKª
OHLFKWLQGHU:DVKLQJWRQ3RVWHUVFKHLQWJHZLQQHLFK*ODXE ZUGLJNHLWELV]XP$QVFKODJ© ª:LHVFK|QIU6LH-DNH:DVLVWHVGHQQGLHVHVPDO"'LH 9LHKYHUVWPPHOXQJHQGHUVFKOHLPLJHQ9HQXVLHU"(OYLV 1DFKDKPHUYRQ$OSKD&HQWDXUL"©'HUUHLFKH0DQQJH VWDWWHWHVLFKHLQNOHLQHVKHUDEODVVHQGHV/lFKHOQ ª1HLQ0D[©-HW]WEHXJWH&DPGHQVLFKYRUXQGJULQVWH YROOHU9RUIUHXGHEHUHLQHQOHLFKWHQ6LHJª'LHZDKUH*H VFKLFKWHGHV'RNWRU(YHUHWW6FDUERURXJK© 6FKURHGHUV/lFKHOQJHIURU'HU0DQQEOLQ]HOWHHU VFKURFNHQª6FDUERURXJK"© ª
WHLOZHLVHODJHVDEHUDXFKDQGHU%RWVFKDIWGLHHUSUHGLJWH XQGGLHHUDQJHEOLFKYRQGHQ!$QGHUHQEHNRPPHQKDWWH $XIGLHHLQHRGHUDQGHUH:HLVHVDJWHHUVWHKHMHGHU 0HQVFKDXI(UGHQPLWGHQ$XHULUGLVFKHQLQ9HUELQ GXQJDEHUGDMHGHU0HQVFKDQGHUVZlUHZUGHGLH%RW VFKDIWXQWHUVFKLHGOLFKZDKUJHQRPPHQXQGGLHPHLVWHQ 0LWWHLOXQJHQVRJDUYRQGHQ0HFKDQLVPHQGHV8QEHZX WHQXQWHUGUFNW'LHMHQLJHQGLHGDQQQRFKGXUFKGUlQ JHQVFKRVVHQDXVGHPYLHOVFKLFKWLJHQ3ULVPDGDVGLH 0HQVFKKHLWQXQHLQPDOGDUVWHOOWKHUYRUZLH/LFKWVWUDK OHQ 0D[LPLOOLDQ6FKURHGHUZDUQLFKWLPPHUHLQ3URSKHW GHV6WHUQHQYRONVJHZHVHQ(UKDWWHHLQHDXVJH]HLFKQHWH $XVELOGXQJJHQRVVHQHLQ9HUP|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lW WHQ%HLGLHVHU*HOHJHQKHLWVHLLKPNODUJHZRUGHQGDLKP GLHVLQJU|HUHQ$EVWlQGHQVHLWVHLQHU-XJHQGVFKRQ PHKUPDOVSDVVLHUWZlUH'LHIROJHQGHQ%FKHU7RXFKHG XQG3HQWHFRVWZDUHQIDVWJHQDXVRJXWJHODXIHQXQGDOVHU HLQHQ5RPDQPLWGHP7LWHO5HYHODWLRQVVFKULHELQGHPHV XPGLH:HVHQJLQJGLHHUGLH!$QGHUHQQDQQWHDQJHE OLFKVHLLKPGDV%XFKWHOHSDWKLVFKGLNWLHUWZRUGHQZDU GHU'XUFKEUXFKLQGLH%HVWVHOOHUOLVWHQHQGJOWLJJHVFKDIIW 9HUPXWOLFKKDOILKPGLH7DWVDFKHGDGLH-DKUWDXVHQG ZHQGHXQPLWWHOEDUEHYRUVWDQG'LH0\WKHQGLHVLFKXP GLHVHV'DWXPUDQNWHQZDUHQLQGDV%XFKHLQJHIORVVHQ GHQQHVJLQJGRUWXP:HVHQYRQHLQHPDQGHUHQ3ODQHWHQ

GLHDXIGHU(UGHODQGHWHQXQGGHQ0HQVFKHQQDFKHLQHP VFKUHFNOLFKHQ.RQIOLNWPLWIDVFKLVWLVFKHQ5HJLHUXQJHQ HQGOLFKGHQ)ULHGHQXQGGHQHUVHKQWHQ:RKOVWDQGEUDFK WHQ'LH*XWJOlXELJHQQDQQWHQ6FKURHGHUHLQHQ9LVLRQlU VHLQH*HJQHUEH]HLFKQHWHQLKQDOVRSSRUWXQLVWLVFKHQ 6FKPLHUILQNHQ6RZHLW&DPGHQGHQ0DQQSHUV|QOLFK NDQQWHNRQQWHHUQXUEHVWlWLJHQGD6FKURHGHUHLQHQlX HUVWHUQVWHQXQGDXIULFKWLJHQ(LQGUXFNPDFKWHGDHUMH GRFKPLWHLQLJHQVFKZHUHQSV\FKLVFKHQ6W|UXQJHQEHOD VWHWZDUGLHLKQJOFNOLFKHUZHLVHQLFKWLQHLQHQ3V\FKRWL NHURGHUHLQHQ$XHQVHLWHUYHUZDQGHOWVRQGHUQLKP 5XKPXQG*HOGHLQJHEUDFKWKDWWHQ(UZDUZLUNOLFKHLQ XPJlQJOLFKHU0DQQREVFKRQJHOHJHQWOLFKHWZDVZLUU &DPGHQPRFKWHLKQZLUNOLFKXQGVHLHVQXUZHLOHULKQ HPSIDQJHQKDWWHXQGLKP]XK|UWH ª,FKYHUVWHKHGDVQLFKW,FKGDFKWH6FDUERURXJKKlWWH JURH6FKZLHULJNHLWHQPLWGHU3ROL]HL©VDJWH6FKURHGHU ª:DVKDEHQ6LHGDPLW]XWXQ"© ª,FKKDWWHGHQULFKWLJHQ5LHFKHU©&DPGHQHUNOlUWH NXU]ZLHVHLQH9HUELQGXQJ]X6FDUERURXJKDXVVDKDFK WHWHMHGRFKGDUDXINHLQHZLFKWLJHQ(LQ]HOKHLWHQ]XYHUUD WHQª'HUDUPH.HUOLVWEHOKHUHLQJHOHJWZRUGHQ0D[© 6FKURHGHUVFKWWHOWHGHQ.RSIª1DWUOLFKEHGDXHUH LFKZDV6FDUERURXJK]XJHVWRHQLVWDEHUZDVVROOGDV DOOHVMHW]WPLWPLU]XWXQKDEHQ"© &DPGHQODFKWHª(LJHQWOLFKQLFKWEHVRQGHUVYLHO$EHU LFKGDFKWHHVNDQQQLFKWVFKDGHQZHQQLFK6LHLQV9HU WUDXHQ]LHKH'DLVWHLQHE|VH9HUVFKZ|UXQJLP*DQJHDQ GHUGLH5HJLHUXQJEHWHLOLJWLVWLFKPHLQHHLQHEOHUH6D FKHDOVGLH9HUWXVFKXQJVDNWLRQEHLGHQ'RNXPHQWHQYRQ 0-JU|HUDOVDOOHVZDVZLUXQVELVKHULQ=XVDPPHQ KDQJPLWGHQ8)2VKDEHQWUlXPHQODVVHQ© ª$EHU-DNHGLH/HXWHGLHDQGLHIOLHJHQGHQ8QWHUWDVVHQ JODXEHQKDEHQGRFKVFKRQLPPHUYHUPXWHWGDHVHLQH 9HUWXVFKXQJVDNWLRQGHU5HJLHUXQJJHJHEHQKDW'LH JDQ]H:HOWUHGHWLQ]ZLVFKHQGDUEHUXQGMHGH8)2 *UXSSHDXIGHU:HOWEHKDXSWHWGLH%HK|UGHQKLHOWHQ%H ZHLVH]XUFN'DVLVWGRFKDOOHVQLFKWV1HXHVPHKU© ª+|UHQ6LHDXI0D[6LHKDEHQGDJDQ]HLIULJPLWGHQ

:|OIHQJHKHXOW,FKZHLGRFKZDV6LHEHUGLHVHV7KHPD ]XVDJHQKDWWHQ© ª-DXQG"© ª6LHJODXEHQDQVFKHLQHQGDOVRDXFKGDLUJHQGZRHLQH 9HUVFKZ|UXQJLP*DQJHLVW"© ª2KJHZLGRFK$EHULFKKDOWHGDVQLFKWIUVHKUZLFK WLJ:HQQGLH!$QGHUHGHQ:XQVFKKDEHQVLFKGHUJDQ ]HQ:HOWRIIHQ]X]HLJHQGDQQZLUGQLFKWVXQGQLHPDQG VLHGDUDQKLQGHUQN|QQHQ© ª9HUJHVVHQVLHGLH!$QGHUHQPDOIUGHQ$XJHQEOLFN 0D[/DVVHQ6LHXQVEHUGLHQDFNWHQ7DWVDFKHQUHGHQ VWHOOHQZLU0lUFKHQ]XUFN6LH]DKOHQ6WHXHUQ6LHKDEHQ GDV5HFKW]XZLVVHQZHOFKH,QIRUPDWLRQHQGLH&,$GLH $LU)RUFHGLH16$XQGZDVZHLLFKZHUQRFKDOOHV]X UFNKlOW9LHOOHLFKWKDEHQ,KUH$XHULUGLVFKHQVFKRQ OlQJVWLKUH%RWVFKDIWDQGLHJDQ]H:HOWJHVFKLFNWDEHUGLH -XQJVLQ:DVKLQJWRQKDOWHQGHQ'DXPHQGUDXI© ª:HQQ6FDUERURXJKJHIDWZLUGZHUGHLFKIUVHLQH 9HUWHLGLJXQJHLQHJU|HUH6XPPHVSHQGHQ6LHVDPPHOQ GRFKIULKQQLFKWZDKU"© ª1HLQ1HLQ0D[,FKYHUVXFKHQXU,KQHQLP$XV WDXVFKIUGDVZDV6LHIUPLFKWXQVROOHQHLQSDDULQWHU HVVDQWH,QIRUPDWLRQHQ]XNRPPHQ]XODVVHQ© 6FKURHGHUVFKWWHOWHYHUVWlQGQLVORVGHQ.RSIª(VWXW PLUOHLG-DNHDEHULFKYHUVWHKHQLFKWZRUDXI6LHKLQDXV ZROOHQ© ª%HJUHLIHQ6LHQLFKWZDVLFKLQGHQ+lQGHQKDEH0D[" (VLVWGLHJU|WH6WRU\GHV-DKU]HKQWV© ª8QGVLHZLUGLQ=HLWXQJHQDEJHGUXFNW:DVZROOHQ6LH DOVR"(LQSDDUELVVLJH.RPPHQWDUHYRQPLU"8QJHIlKUVR !,FKZXWHVFKRQLPPHUGD'U6FDUERURXJKLP*UXQGH QLFKWVZHLWHULVWDOVHLQ9HUEUHFKHU,VWHVGDVZDV6LH P|FKWHQ"© ª1HLQ0D[,FKZHUGH$QJHERWHEHNRPPHQHLQ%XFK ]XVFKUHLEHQ9LHOOHLFKWVRJDU$QJHERWHIUHLQHQ)LOP GHVVHQ'UHKEXFKPHLQ%XFKDOV*UXQGODJHEHQXW]W:LU VSUHFKHQQLFKWEHUGHQMRXUQDOLVWLVFKHQ)HOG]XJHLQHV JHZLVVHQ-DNH&DPGHQZLUVSUHFKHQEHUILQDQ]LHOOH6L FKHUKHLW,FKJODXEHGLHVHV:RUWEHGHXWHWHLQHP0HQ

VFKHQZLH,KQHQGHUVHLQ/HEHQODQJJXWYHUVRUJWZDU QLFKWYLHO0D[DEHUIUPLFKLVWGDVHLQ7UDXPHLQHXQ JHDKQWH0|JOLFKNHLW© ª-DGDVYHUVWHKHLFK8QGZDVVROOLFKMHW]WWXQ"© ª*DQ]HLQIDFK$OVLFKGDVOHW]WHPDOHLQ%XFKJHVFKULH EHQKDEHQDKPHQPLFKGLH$QZlOWHGHV,QWUXGHULQGLH 0DQJHOXQGLFKELQDXIGLH1DVHJHIDOOHQZHLOLFK]XJXW JOlXELJZDU,FKEUDXFKHHLQHQJXWHQ$JHQWHQ9LHOOHLFKW N|QQHQ6LH,KUHP9HUOHJHUZDVIOVWHUQ":HUZHL:LH LFKK|UWHKDEHQ6LHVRJDUHLQHHLJHQH3URGXNWLRQVILUPD +lWWHQ6LHJHUQGLH)LOPUHFKWH",FKPXGLH6DFKHMHW]WLQ *DQJEULQJHQ0D[:DVPHLQHQ6LH"8PGHUDOWHQ=HLWHQ ZLOOHQ© 6FKURHGHUVDKLQVHLQH.DIIHHWDVVH6LHZDUOHHUXQGHU VFKHQNWHVLFKQDFKª'HNRIIHLQLHUW,FKPXWHPLFKXP VWHOOHQGDV.RIIHLQKDWPLFK]XP1HUYHQEQGHOJH PDFKW© ª0D[MHW]WODVVHQ6LHPLFKGRFKQLFKWVR]DSSHOQ,FK HU]lKOWH,KQHQPHLQH*HVFKLFKWHXQG6LHVSLHOHQPLW PLU© 6FKURHGHUOlFKHOWHPLOGHª-DNH6LHKDEHQLP*UXQGH QXUKHLH/XIWYRQVLFKJHJHEHQ6LHKDEHQNHLQ0DQX VNULSW6LHKDEHQQLFKWHLQPDOHLQHQ$UWLNHO]X(QGHJH VFKULHEHQ© ª'HUDEHUIDVWIHUWLJLVWGLH6DFKHZLUG]XHUVWDOV6H ULHLP,QWUXGHUODXIHQ© ª2KGDVLVWDEHUJDUQLFKWJXWIU,KUH*ODXEZUGLJ NHLW© ª,FKVFKZ|UHGDGLH)DNWHQLQ2UGQXQJVHLQZHUGHQ 0D[(VZLUGHLQHJXWH$UWLNHOVHULH6LHZLUGQXUGHVKDOE LP,QWUXGHUHUVFKHLQHQZHLOLFKVFKQHOOHWZDV*HOGEUDX FKH© ª:LHEOLFK,FKJODXEH6LHVFKXOGHQPLUDXFKQRFKHL QLJHKXQGHUW'ROODUGLH6LHPLUEHLYHUVFKLHGHQHQ.RQ JUHVVHQDEJHNQ|SIWKDEHQ© &DPGHQVWDQGDXIXQGVFKULWWXQJHVWPGXUFKGHQ 5DXPGLH+lQGHLQGLH+RVHQWDVFKHQJHVWHFNW ª,FKVFKZ|UHEHL*RWW6LHEHNRPPHQ,KU*HOG]XUFN XQGLFKOHJHQRFKHWZDVGUDXI0D[ELWWH©

6FKURHGHUODFKWHª$EHUVHOEVWYHUVWlQGOLFKZHUGHLFK ,KQHQKHOIHQ-DNH1XQEHUXKLJHQ6LHVLFKGRFK:HQQ6LH ZHLWHUQLFKWVZROOHQDOVHLQHQJXWHQ$JHQWHQGHU,KQHQ EHKLOIOLFKLVW8)2%FKHU]XYHUNDXIHQGDQQLVWGDV EHUKDXSWNHLQ3UREOHP© &DPGHQZDUVLFKWOLFKHUOHLFKWHUW(UWUDWQHEHQ6FKURH GHUV6WXKOOHJWHGHP0DQQHLQH+DQGDXIGLHVFKPlFK WLJH6FKXOWHUXQGWlWVFKHOWHLKQGDQNEDUª'DVZLUG,KQHQ EHVWLPPWQLFKWOHLGWXQ0D[LFKVFKZ|UHHV,FKZHUGH 6LHLQGHQ'DQNVDJXQJHQHUZlKQHQ0HQVFKYLHOOHLFKW ZLGPHLFK,KQHQVRJDUGDVJDQ]H%XFK:HUZHLLFK N|QQWH6LHVRJDULP7H[WDOVGLHZLFKWLJVWH$XWRULWlWGHU JHVDPWHQ(UGHIUGHQ.RQWDNW]ZLVFKHQ0HQVFKHQXQG $XHULUGLVFKHQ]LWLHUHQ© 6FKURHGHUVFKWWHOWHWUDXULJGHQ.RSIª'DVLVWQLFKW GDVZDVLFKZLOOXQGHVHQWVSULFKWDXFKQLFKWGHPZDV GLH!$QGHUHQZROOHQ,FKIUFKWH-DNHPLW,KUHPDJJUHV VLYHQ6WUHEHQQDFK5XKPYHUN|USHUQ6LHJHQDXGDVZDV GLH!$QGHUHQEHLGHQ0HQVFKHQVRVHKUIUFKWHQ7URW] GHPGLH=HLWGDVLHNRPPHQZHUGHQUFNWQlKHU© ª$EHUVDJHQ6LHLKQHQELWWHVLHVROOHQQRFKHLQSDDU -DKUHZDUWHQXQGHUVWKLHUDXIWDXFKHQQDFKGHPPHLQ %XFKXQGGHU)LOPKHUDXVJHNRPPHQVLQGGDPLWLFKQLFKW QXUGHQ)ULHGHQJHQLHHVRQGHUQDXFKHLQ9HUP|JHQ© 6FKURHGHUVHXI]WHWUDXULJª-DNH6LHKDEHQGRFKPHLQH %FKHUJHOHVHQRGHU"© ª'DN|QQHQ6LH*LIWGUDXIQHKPHQ,FKKDEHHLQH0HQJH ,GHHQIUPHLQH*HVFKLFKWHQDXVLKQHQJHVWRKOHQYLHOHQ 'DQN© ª-D,GHHQXQWHUOLHJHQZRKOZLUNOLFKQLFKWGHP8UKH EHUUHFKW8QGLFKQHKPHDQ=HLWXQJHQZLHGLH,KUHWUDJHQ LUJHQGZLHGD]XEHLZLFKWLJH,PSXOVHZHLWHU]XOHLWHQ $EHUZHQQ6LHPLFKDXIHLQHU.RQIHUHQ]VSUHFKHQK|UHQ GHQNHQ6LHGDQLFKWPDQFKPDO'XPHLQH*WHYLHOOHLFKW VROOWHLFKZLUNOLFKGDUEHUQDFKGHQNHQZHULFKELQXQG PHLQHQHLJHQWOLFKHQ3ODW]LPJU|HUHQ5DKPHQGHVJDQ ]HQ8QLYHUVXPVILQGHQ*ODXEHQ6LHGHQQGDV*HOGDOOHLQ PDFKWHPLFKJOFNOLFK-DNH"*ODXEHQ6LHHVNlPHLPPHU QXUDXIGLHPDWHULHOOHQ:HUWHDQ"©

ª8QGRE© ª1HLQHVNRPPWQLFKWGDUDXIDQ,FKKDEHDXVPHLQHP .RQWDNWPLWGHQ!$QGHUHQVRYLHOJHZRQQHQGDLFKHV JDUQLFKWPLW:RUWHQDXVGUFNHQNDQQ©6FKURHGHU ZDQGWHQDFKGHQNOLFKGLHEODXJUDXHQ$XJHQYRQLKPDE (UZDU$QIDQJ9LHU]LJXQGLQVHLQHP*HVLFKWZDUQLFKW GLHNOHLQVWH)DOWH]XVHKHQ.HLQ)OHFNFKHQZRGLH+DXW WURFNHQXQGVFKODIIJHZRUGHQZlUHYHUVFKDQGHOWHVHLQ *HVLFKW,UJHQGZLHVLHKWHUDEHUDXIHLQPDOEHUKDXSW QLFKWMXQJDXVGDFKWH&DPGHQ,P*HJHQWHLOHUVLHKWVR JDUSO|W]OLFKVHKUDOWDXVª,FKKDEHPHLQHQ)ULHGHQJHIXQ GHQ-DNH(LQHQ)ULHGHQGHUEHUGDVJHULQJH9HUVWlQG QLVGHV0HQVFKHQZHLWKLQDXVJHKWZLHHVLQGHU%LEHO KHLW:DVVHLQZLUGGDVZLUGVHLQ,FKELQQXUHLQ0LWWOHU GHUVLFKJU|HUHQ.UlIWHQ]XU9HUIJXQJVWHOOW© &DPGHQZDU6FKURHGHUV9HUZDQGOXQJHWZDVXQKHLP OLFK2EZRKOHUVRHWZDVEHLLKPVFKRQIUKHUHLQPDOEH REDFKWHWKDWWH(VJHVFKDKJHOHJHQWOLFKDXFKDXIGHQ :RUNVKRSVGLHGHU0DQQDXI8)2.RQJUHVVHQDQERW(U YHUVFKPRO]PLWGHQ$XHULUGLVFKHQ'DVZDUQDWUOLFK QXUHLQVSLULWXHOOHU0XPSLW]DEHUGHQQRFKKDWWHGHU 0DQQHLQHK\SQRWLVFKH$XVVWUDKOXQJEHLGHUHV&DPGHQ NDOWGHQ5FNHQKHUXQWHUOLHI &DPGHQOLHEWHDOOGLH=XWDWHQGHV8)2*ODXEHQVJH VSHQVWLVFKH/LFKWHUMDJHQGLH)DQWDVLHVSLHOHQODVVHQGLH $XIUHJXQJHLQHV7DJHVYLHOOHLFKWGRFKHLQPDOPLWYLHOlX JLJHQ:HVHQYRQHLQHP/LFKWMDKUHHQWIHUQWHQ6WHUQ]XUH GHQ$EHUGLHVHUVSLULWXHOOH0LVWGLHVHV&KDQQHOLQJGDV ZDULKPQLFKWJHKHXHU0DQPHUNWHGDVDXFKGHQ%HLWUl JHQDQGLHHUVFKULHE6REDOGHVXP7\SHQZLH6KLUOH\ 0DF/DLQHJLQJlXHUWHHUVLFKDXVJHVSURFKHQLURQLVFK XQGOLHNHLQHQ=ZHLIHOGDUDQZLHHUEHUGLHVHV7KHPD GDFKWH $EHUYLHOH/HVHUVWU]WHQVLFKYRUDOOHPDXIGLHVSLULWX HOOHQ(EHQHGHV8)23KlQRPHQV%HLVSLHOVZHLVHJDEHV /HXWHGLH(OYLVIUGHQQHXHQ0HVVLDVKLHOWHQ1LFKW]X OHW]WDXVGLHVHP*UXQGZDUHQ0D[LPLOOLDQ6FKURHGHUV %FKHUVRHUIROJUHLFK6LHERWHQHLQHLQWHUHVVDQWHPR GHUQH0HODQJHDXV|VWOLFKHQXQGZHVWOLFKHQ0RWLYHQ

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ª:DVPHLQHQ6LH0D["6LHKHOIHQPLUXQGLFKZHUGH GHQ:LOOHQGHU!$QGHUHQSUHGLJHQ© ª1HLQGDUXPJHKWHVQLFKW-DNH,FKZROOWH6LHQXUDXI HWZDVDXIPHUNVDPPDFKHQ-DNHPDQFKPDOVHKHLFKLQ ,KQHQHLQHQ0DQQGHUPLWDOOHQ.UlIWHQDPHLJHQHQ8Q WHUJDQJDUEHLWHW6SlWDP$EHQGKDEHLFK6LHDXI.RQJUHV VHQVFKRQEHWUXQNHQJHVHKHQ-DNH'DV.RNDLQOLHI,KQHQ DXVGHU1DVH6LHKDWWHQHLQ0lGFKHQLP$UPPDQFKPDO VRJDU]ZHL,FKIUDJHPLFKREVLH,KU/HEHQVOLFKWQLFKWJH ZLVVHUPDHQDQEHLGHQ(QGHQ]XJOHLFKPLWGHP)ODP PHQZHUIHUHQW]QGHQZUGHQZHQQ6LHYLHO*HOGLQGLH )LQJHUEHNlPHQ© ª+HLFKNDQQVFKRQVHOEVWDXIPLFKDXISDVVHQ$XHU GHPNRNVHLFKQLFKWPHKUXQGPLWGHP$ONRKRONDQQLFK XPJHKHQ,P*UXQGHELQLFKMDQXUHLQ5HSRUWHU0D[,FK ZLOOHLQH*HVFKLFKWHDXIWXQXQGGDVKLHULVWHLQHJURDU WLJH6WRU\GLHPLFK]XZHLWHUHQJURDUWLJHQ*HVFKLFKWHQ IKUHQN|QQWH'DVLVWPHLQHZDKUH6XFKWPHLQ)UHXQG $OVRVHLHQ6LHQHWW]XPLUMD"© ª(VWXWPLUOHLG-DNH,FKEHJLQQHPDQFKPDO]XSUHGL JHQ9HU]HLKHQ6LH,FKPDFKHPLUQXU6RUJHQ© 6LHVFKZDW]WHQQRFKHLQH:HLOHEHUJHPHLQVDPH%H NDQQWHEHU6FKURHGHUVHUIROJUHLFKHQ)LOPXQGEHUGHQ

QHXHQ5RPDQDQGHPHUJHUDGHDUEHLWHWH'HU7LWHOVROOWH 5HGHPSWLRQODXWHQ ª'DZLUJHUDGHEHUGDV%XFKVSUHFKHQLFKNRPPH JXWYRUDQXQGLFKVROOWHPLFKDOOPlKOLFKZLHGHUDQGLH $UEHLWPDFKHQ©6FKURHGHUVWDQGDXIKROWHVLFKHLQ6WFN 3DSLHUXQGVFKULHEIU&DPGHQHLQLJH1DPHQXQG7HOH IRQQXPPHUQDXIVHLQ%XFKDJHQWVHLQ9HUOHJHUVHLQ $JHQWLQ+ROO\ZRRG ª'DQNH0D['DVLVWZLUNOLFKVHKUIUHXQGOLFKYRQ,K QHQ©VDJWH&DPGHQDXIGHP:HJQDFKGUDXHQ ª(VIUHXWPLFKGDLFK,KQHQKHOIHQNRQQWH-DNH2K HLQH6DFKHZlUHGDQRFK:LVVHQ6LHLFKZLOOGLH0|J OLFKNHLWQLFKWDXVVFKOLHHQGD*UHDW/LJKWGDVLVW PHLQH3URGXNWLRQVILUPDHVQLFKWJHUQVHKHQZUGH ZHQQ6LHVLFKLQHLQHPHWZDLJHQ2SWLRQVYHUWUDJIUGLH )LOPUHFKWHHLQHLQVHLWLJHV.QGLJXQJVUHFKWYRUEHKDOWHQ ZUGHQ© -DNHJULQVWHª6LHDOWHU7HXIHO-HW]WUHGHQ6LHPHLQH 6SUDFKH*HKWNODU.XPSHO:HQQ6LHPLUGHQ5FNHQ NUDW]HQGDQQNUDW]HLFK,KUHQ,FKVFKLFNH,KQHQGLH$UWL NHOVRZLHVLHHUVFKHLQHQXQGLFKVDJHGHP$JHQWHQGD 6LHGDVOHW]WH:RUWKDEHQ© ª'DVLVWQLFKWJDQ]GDVZDVLFKPHLQWH-DNH,QGLHVHP *HVFKlIWJHKWDOOHVVHKUVFKQHOOXQGGLH*HVFKLFKWHPLW 6FDUERURXJKLVWEUDQGDNWXHOO,FKYHUPXWHGDYLHOHVELV KHUEHUKDXSWQRFKQLFKWLQGHQ=HLWXQJHQVWDQGXQG P|FKWHGD6LHVLFKUHJHOPlLJEHLPLUPHOGHQXQG PLFKDXIGHPODXIHQGHQKDOWHQ'DVLVWGRFKQLFKW]XYLHO YHUODQJWRGHU"6LHKDEHQMDPHLQH3ULYDWQXPPHU© ª,FKVROO,KQHQDOVREHULFKWHQZDVPLW6FDUERURXJK SDVVLHUW"© ª(ULVWLPPHUKLQGHU+HOGGLHVHU*HVFKLFKWHQLFKW ZDKU"© ª6LFKHUGRFK0D[.HLQ3UREOHP© ª:lUHHV]XYLHOYHUODQJWZHQQLFK6LHELWWHMHGHQ ]ZHLWHQ7DJDQ]XUXIHQ"© ª0HLQH*WH0D[GDVNOLQJWDEHUZLUNOLFKDOVZROOWHQ 6LHVLFKPHLQH*HVFKLFKWHXQEHGLQJWIU,KUH3URGXN WLRQVILUPDVLFKHUQ©

6FKURHGHUGDFKWHHLQHQ$XJHQEOLFNGDUEHUQDFKXQG ERKUWHVLFKPLWGHU=XQJHLQGHU:DQJHKHUXPª9LHO OHLFKWZlUHHVJDUNHLQHVRVFKOHFKWH,GHHGLH6DFKHVRIRUW XQWHU'DFKXQG)DFK]XEULQJHQ(LQNOHLQHU9RUVFKX XPHLQHP)UHXQGDXVGHU.OHPPH]XKHOIHQ© ª:HQQ6LHGLH2SWLRQNDXIHQ0D[GDQQUXIHLFK6LH WlJOLFKDQ8QGLFKZHUGHHLQSHUV|QOLFKHV*HVSUlFKPLW 6FDUERURXJKDUUDQJLHUHQ© ª-DULFKWLJZLH6LHVFKRQVDJWHQEUDXFKHQ6LHGULQ JHQG*HOG$XIGDV,QWHUYLHZN|QQHQZLUDOOHUGLQJVYHU ]LFKWHQ(VZlUHVRJDUGDVEHVWHZHQQ6FDUERURXJKEHU KDXSWQLFKWHUIlKUWGDLFKEHWHLOLJWELQ8QVHUH%H]LH KXQJLVWMDQLFKWEHVRQGHUVDQJHQHKP© ª.HLQ3UREOHP-HVVHVMHW]WZHUGHQPLUGLH$JHQWHQDXV GHU+DQGIUHVVHQ0D[6LHVLQG6SLW]H© ª9LHOOHLFKWELQLFKHLQIDFKQXUHLQOHLFKWJOlXELJHU 0HQVFK© ª,FKYHUVSUHFKH,KQHQPHLQ)UHXQGGD,KQHQGDV QLFKWOHLGWXQZLUG© ª'DVKRIIHLFKVHKU8QG-DNHHVUHLFKWYROONRPPHQ ZHQQ6LHMHGHQ]ZHLWHQ7DJDQUXIHQ,FKHUZDUWH,KUHQ $QUXIGDQQEHUPRUJHQ© ª6LHN|QQHQVLFKGDUDXIYHUODVVHQ© 6LHVFKWWHOWHQVLFKGLH+lQGHXQG6FKURHGHUEHJOHLWHWH LKQ]XU7U &DPGHQVFKZHEWHEHLQDKHGHQ*HKZHJKLQXQWHUXQG ZLFKEHVFKZLQJWGHQ0OOKDXIHQDXVGLHDXIGLH0OODE IXKUZDUWHWHQ(UKDWWHHUKHEOLFKPHKUEHNRPPHQDOVHU VLFKKlWWHWUlXPHQODVVHQ7DWVlFKOLFKGDVZDUZLUNOLFK HLQHKHLH*HVFKLFKWH.HLQ:XQGHUGD6FKURHGHUVLFK VRIRUWGLH)LOPUHFKWHVLFKHUQZROOWH:HQQ6FKURHGHU9HU OHJHUJHZHVHQZlUHGDQQKlWWHHUZDKUVFKHLQOLFKDXFK GDV%XFKVRIRUWJHNDXIW &DPGHQERJLQGLH/H[LQJWRQHLQXPPLWGHU8%DKQ ]XP+RWHO]XIDKUHQ'DVZDUZLUNOLFKHLQHUIROJUHLFKHU 7DJGDFKWHHU $OVHUKDOEGHQ%ORFNKLQXQWHUZDUVDKHULQHLQHP*H VFKlIWGLH6FKODJ]HLOHGHUQHXHQ$XVJDEHGHU1HZ
ª8%$+123)(5,'(17,),=,(57)OFKWLJHU6FDUER URXJKODXW)%,EHWHLOLJW© 6FKHLHGDFKWH&DPGHQ6RHLQHYHUGDPPWH6FKHLH (UNDXIWHHLQH=HLWXQJ

.DSLWHO 'HU0DQQVDDXIHLQHU%HWRQEDQNXQGEHWUDFKWHWHGHQ 6SULQJEUXQQHQGHUYRULKPLP%HWRQEHFNHQSOlWVFKHUWH (UEHUHLWHWHVLFKLQQHUOLFKDXIGDVYRUZDVLKPMHW]WEHYRU VWDQG7DXEHQJXUUWHQWULSSHOWHQXPHLQHQEHUTXHOOHQ GHQ0OOHLPHUKHUXPXQGSLFNWHQDQVFKLPPHOLJHQ%URW VWFNHQ(VURFKQDFK6DXHUNUDXWDQGHU(FNHYHUNDXIWH HLQ0DQQ+RWGRJV+LQWHUGHP0DQQHUKREVLFKHLQHUGHU YLHOHQ7UPH0DQKDWWDQVHLQDXHUJHZ|KQOLFKHVXQGLQ GLHVHU8PJHEXQJGRFKQLFKWHLQ]LJDUWLJHV%DXZHUNHLQ %DXPLQHLQHP:DOG 'LH/XIWVFKPHFNWQDFK+XGVRQ5LYHUXQGQDFK7RG (VZLUGNHLQH3UREOHPHJHEHQGDFKWH(YHUHWW6FDUER URXJKGRFKPXWHHUVLFK]ZLQJHQQLFKWQHUY|VDXIVHL QHP3ODW]LP6FKDWWHQKHUXP]XUXWVFKHQ6HLQ*HVLFKW KDWWHHUKLQWHUHLQHU1HZ
:DIIHLP+DQGVFKXKIDFKVHLQHV:DJHQVHLQ]XVFKOLHHQ XQGVLHQXU]XU6HOEVWYHUWHLGLJXQJ]XEHQXW]HQ $EHUGLHVHU9RUVDW]ZDUOlQJVWYHUJHVVHQ*OHLFKJOWLJ REHUMHPDQGYHUOHW]HQVRJDUW|WHQPXWH(UZROOWHGHU 6DFKHDXIGHQ*UXQGJHKHQHUZROOWHKHUDXVILQGHQZDV HVPLW4XLJOH\3XEOLVKHUVDXIVLFKKDWWH%HVWLPPWZDUGHU 9HUODJHLQH7DUQILUPDGHU&,$RGHUHLQHUDQGHUHQ5HJLH UXQJVEHK|UGH9LHOOHLFKWVRJDUGDV+DXSWTXDUWLHUGHU3X EOLVKHUXQG(GLWRUHQYRQGHQHQHUVRRIWJHK|UWKDWWH(U ZROOWHGLH:DKUKHLWDXIGHFNHQHUZROOWHGLH6DFKHDXINOl UHQ6HOEVWZHQQHUGDEHL*HZDOWDQZHQGHQPXWH:LH ODQJHNRQQWHHUQRFKGDYRQODXIHQ"6LFKHUQLFKWPHKU ODQJH$EHUPLWGLHVHP6FKDFK]XJZUGHQVLHQLFKWUHFK QHQQHLQ6LHNRQQWHQQLFKWGDPLWUHFKQHQGDHUGHQ7L JHUDP1DFNHQIHOOSDFNHQXQGGXUFKVFKWWHOQZROOWH 6LHNRQQWHQQLFKWGDPLWUHFKQHQGDHUDXFKEHUHLW GD]XZlUHLQ'RQDOG0RQWFDOPV%URLP6WRFN]X VWUPHQXQGGRUWPLWHLQHUJHIlKUOLFKHQ:DIIHKHUXP]X IXFKWHOQZLHGHU5lFKHUGHU(QWHUEWHQ:LHGHU,PPROD WRU-DJHQDXZLHGHU+HOGDXV(ULF0DF.HQ]LHV$EHQWHX HUVHULH6FDUERURXJKVDKVLFKVFKRQGLH%URVPLW%UDQG ERPEHQHLQGHFNHQ$QJHVWHOOWHXQG*UDILNHUUDQQWHQPLW EUHQQHQGHQ+DDUHQ]XGHQ1RWDXVJlQJHQGLH5HGDN WHXUHXQG+HUDXVJHEHUVSUDQJHQGXUFKGLH)HQVWHUXQG VWU]WHQPLWZLOGUXGHUQGHQ$UPHQLQGHQ7RG$KMD 'DVZDUGHU7UDXPMHGHVJHGHPWLJWHQ$XWRUVª%ULQJ GLH6FKZHLQHKXQGHHLQIDFKXP©ZUGHGHU,PPRODWRU VDJHQª9HUEUHQQVLHGRFK© 1DWUOLFKZlUHHVXQVLQQLJPLWGHP$XI]XJKRFK]X IDKUHQ:HQQHLQ3ROL]LVWRGHUHLQ$JHQWGDYRQ:LQGEH NlPHGDQQZlUHHVXPLKQJHVFKHKHQ$EHUJHVWHUQ DEHQGLP%DQQVHLQHU$QJVWVHLQHV.XPPHUVXQGVHLQHU )XUFKWGDKDWWHHUVLFKYRUJHQRPPHQJHQDXGDV]XWXQ 'LHVH0RGLILNDWLRQHLQHQYRQLKQHQGUDXHQDE]XIDQ JHQZDULKPHUVWVSlWHUHLQJHIDOOHQ (UULFKWHWHGHQ%OLFNZLHGHUDXIGLH.ROXPQHYRQ3HWH +DPLOO'HU%HLWUDJVWDQGLPREHUHQ7HLOGHU6HLWHXQGVR NRQQWHHUJOHLFK]HLWLJGLH'UHKWUGHV*HElXGHVDP%UR DGZD\LP$XJHEHKDOWHQ

(LQHUGHU0LVWNHUOHZUGHJOHLFKKHUDXVNRPPHQ9LHO OHLFKWVRJDU]ZHLHUNRQQWHDXFKPLW]ZHLHQJOHLFK]HLWLJ IHUWLJZHUGHQ(UZDUMDGDUDQJHZ|KQWYRUJURHP3X EOLNXPDXI]XWUHWHQ-DHVNRQQWHQVHLQHWZHJHQDXFK]ZHL VHLQ *HVWHUQDEHQGQDFKGHU6FKLHHUHLZDUHULP*H GUlQJHDP7LPHV6TXDUHXQWHUJHWDXFKW(UZROOWHYRUGHQ ]XFNHQGHQ%ODXOLFKWHUQGHU5HWWXQJVIDKU]HXJHXQG3ROL ]HLZDJHQIOLHKHQYRUGHU(ULQQHUXQJDQGLHNUHLVFKHQGHQ %UHPVHQGHV=XJHVDQGLH6FKUHLHGHU=HXJHQDQGLH +DQGGLHHUSO|W]OLFKDXIGHU6FKXOWHUJHVSUWKDWWH,U JHQGZDQQKDWWHHULQGHUWK6WUHHWYRUHLQHP.LQRJH VWDQGHQHLQHPELOOLJHQ7KHDWHUZRLP'UHLHUSDFN+RU URUILOPHRGHU.XQJ)X6WUHLIHQJH]HLJWZXUGHQ6HFKV 'ROODUKDWWHHUEH]DKOWXQGVLFKGLH+lOIWHYRQ7KH/DXJK LQJ'HDGDQJHVHKHQ'LH=RPELHVLP)LOPGLH(QWKDXS WXQJHQXQGGDVEOXWUQVWLJH*HPHW]HOWUXJHQQLFKWGD]X EHLVHLQH6WLPPXQJ]XKHEHQDEHUHVZDUHLQJXWHU2UW VLFK]XYHUVWHFNHQELVVLFKGLH/DJHZLHGHUEHUXKLJWKDWWH $OVHUHVQLFKWPHKUDXVKLHOWYHUOLHHUGDV.LQRXQGJLQJ ]X)XELV]XU*UDQG&HQWUDO6WDWLRQ9RQGRUWDXVIXKUHU PLWGHU6FKQHOOEDKQQDFK6GHQZRHULQGHU1lKHGHU &KLQDWRZQHLQELOOLJHV+RWHOQDPHQV$SH[IDQG,QHLQHP VFKPLHULJHQ)HQVWHUKLQJHLQKDOEVHLWLJGXQNOHV1HRQ VFKLOGª9DFDQFLHV©(LQXQJHVXQGEOHLFKHU3RUWLHUQDKP %DUJHOGZROOWHNHLQHQ1DPHQZLVVHQXQGVWHOOWHNHLQH )UDJHQZDV6FDUERURXJKVHKUUHFKWZDU 6HLQHHUVWH5HDNWLRQZDUHVJHZHVHQHLQIDFKIRUW]XODX IHQ(UZROOWHLQV$XWRVWHLJHQ0DQKDWWDQYHUODVVHQXQG VRVFKQHOOZLHP|JOLFKDXIVLFKHUHDQRQ\PH/DQGVWUDHQ ]XUFNNHKUHQ'HU$XIHQWKDOWLQGHPQDFK$PPRQLDN ULHFKHQGHQ.LQRKDWWHLKQMHGRFK]XU%HVLQQXQJJHEUDFKW 1HLQKDWWHHUVLFKEHUOHJWHUPXWH]X4XLJOH\'LH JUDXHQ+HUUHQKDWWHQGLH+lQGHEHZHJWXQGDQGHQ)l GHQJH]RJHQDQGHQHQGLH3XSSH6FDUERURXJKWDQ]WH 8QGDQGHQ)lGHQGLHHLQH'DPHQDPHQV&LQG\EHZHJ WHQ%HL4XLJOH\VDHQGLH+HUUHQGLHVLFKDOV3XSSHQ VSLHOHUEHWlWLJWHQ (UKDWWHHLQHXQUXKLJH1DFKWYHUEUDFKWKDWWHNDXPJH

VFKODIHQXQGVLFKDXIGHQIDGHQVFKHLQLJHQ%HWWODNHQKHU XPJHZlO]W(VURFKQDFK6FKLPPHO:HUZDUGHU0DQQ GHULKQJHZDUQWKDWWHXQGGHULKQ]XEHREDFKWHQVFKLHQ" (UGDFKWHXQDEOlVVLJGDUEHUQDFKVFKOR0|JOLFKNHLWHQ DXVSUIWHDQGHUHXQGNRQQWHEHLPDQJHVWUHQJWHQ1DFK GHQNHQQLFKWHLQVFKODIHQ$EHUGDQQDOVIDVWVFKRQGHU 0RUJHQGlPPHUWHZDUHULQHLQHQWLHIHQXQGWUDXPORVHQ 6FKODIYHUVXQNHQ(UVWXP]HKQ8KUZDUHUDXIJHZDFKW /RVMHW]WGDFKWHHUXQGVFKDXWHZLHGHU]XU'UHKWU 0DFKWVFKRQLKU6FKZHLQHKXQGH 3O|W]OLFKILHOLKPHWZDVHLQXQGHU]XFNWH]XVDPPHQ :DVZHQQVLHJHUDGHHLQHLKUHU]DKOUHLFKHQ6LW]XQJHQDE KLHOWHQ"$EHUQHLQZDKUVFKHLQOLFKQLFKW'DGLH1DFK ULFKWYRQ&LQG\V7RGLQ]ZLVFKHQDXFKLQGHQ=HLWXQJHQ YHUEUHLWHWZXUGHZDUHQVLHYHUPXWOLFK]LHPOLFKDXIJH UHJW ª.RPPWVFKRQ/HXWH©IOVWHUWH6FDUERURXJK]lKQH NQLUVFKHQGª.RPPWGDUDXVXQGJHKW0LWWDJHVVHQXQG 0DUWLQLWULQNHQ© (UKDWWHLQHLQHPGXUFKJHKHQGJH|IIQHWHQ'UXJVWRUH HLQH6FKHUHJHNDXIWXQGVLFKGDVJHIlUEWHLQ]ZLVFKHQORN NLJH+DDUNXU]JHVFKQLWWHQ'DHUVLFKQLFKWPHKUUDVLHUW KDWWHEUHLWHWHVLFKLQ]ZLVFKHQHLQDQVHKQOLFKHU%DUWDXI :DQJHQXQG.LQQDXV$XHUGHPWUXJHUMHW]WVWlQGLJ VHLQH/HVHEULOOHVRGDHUY|OOLJDQGHUVDXVVDKDOVDXIGHQ )RWRVGLHVLHYRQLKPKDWWHQ$XFKPDJHUHUZDUHUJHZRU GHQXQGRKQHVHLQHEOLFKHQ0DDQ]JHYRUDOOHPLQ 9HUELQGXQJPLWVHLQHQEULJHQNRVPHWLVFKHQ9HUlQGH UXQJHQ KLHOWHUHVIUXQJHIlKUOLFKVLFKLP)UHLHQ]XEH ZHJHQ(UUHFKQHWHQLFKWGDPLWGDMHPDQGLKQHUNHQQHQ XQGGHU3ROL]HLDXVOLHIHUQZUGH ª6FDUERURXJK+H6FDUERURXJK© 1RFKQLHZDUHUEHLP.ODQJVHLQHV1DPHQVVRHUVFKURN NHQ8QGGLH6WLPPHZDUQDKHVHKUQDKH(UIXKUKHUXP XQGZDUEHUHLWVLFKHQWZHGHUDXIGHQYHUPHLQWOLFKHQ$Q JUHLIHU]XVWU]HQRGHUZHJ]XUHQQHQ $OVHUVLFKXPGUHKWHVDKHUHLQHQVFKODQNHQ0DQQGHU XQWHUGHU-DFNHHLQ+DZDLLKHPGWUXJDXIVLFK]XNRP PHQ'HU0DQQOLHVLFKDXIGHU%DQNQLHGHUXQGUXWVFKWH

QHEHQLKQª*RWWVHL'DQNHUZLVFKHLFK6LHKLHU,FKKDWWH PLULUJHQGZLHVFKRQJHGDFKWGD6LHKHUNRPPHQZU GHQ© 6FDUERURXJKEOLQ]HOWHLKQDQ]XJOHLFKHUOHLFKWHUWXQG HUVFKURFNHQª&DPGHQZDVWXQ6LHGHQQKLHULQ1HZ
GRFKQDFK.XPSHO4XLJOH\LVW7HLOHLQHVULHVLJHQ.RQ ]HUQV,FKJODXEHGDVRJDUHLQHGHXWVFKH)LUPDGDKLQWHU VWHKW'LHVH/HXWHN|QQWHQGLH5HJLHUXQJNDXIHQ© ª9LHOOHLFKWKDEHQVLHJHQDXGDVJHPDFKW©$EHU&DP GHQKDWWHQDWUOLFKUHFKW ª$FKZDV'LH7\SHQKLHUZROOHQQLFKWVDQGHUHVDOV *HOGYHUGLHQHQ!%XVLQHVVHEHQ,FKYHUVWHKHMDGDZLU DOOHHLQZHQLJYHUUFNWVLQGDEHUPHLQHQ6LHQLFKWGD ZLUHUVWHLQPDOHWZDVHVVHQVROOWHQHKHZLUGHQ%URDGZD\ ]X.OXPSVFKLHHQ"© 6FDUERURXJKGDFKWHHLQHQ$XJHQEOLFNGDUEHUQDFK hEHU]HXJWZDUHUQLFKWDEHUDQGHUHUVHLWVKDWWH&DPGHQ HLQHQ(LQZDQGHUKREHQGHQHUQLFKWUXQGZHJYRQGHU +DQGZHLVHQNRQQWH4XLJOH\PXWHQLFKWXQEHGLQJWPLW GLHVHQ2SHUDWLRQHQEHLGHQHQPDQVLFKVHLQHUEHGLHQW KDWWHHWZDV]XWXQKDEHQ(VZDUDXFKP|JOLFKGD &LQG\GLH(GLWRUHQXQGGLH3XEOLVKHUGHQ9HUODJHEHQVR EHQXW]WKDWWHQZLHLKQ ª$EHULFKZUGHZLUNOLFKJHUQPLWHLQHPYRQLKQHQUH GHQ©VDJWH6FDUERURXJK'RFKVHLQH(QWVFKORVVHQKHLW ZDUGDKLQVHLQH6WLPPH]LWWHUWHXQVLFKHU ª%LWWHQXQK|UHQ6LHGRFK]X'HQNHQ6LHZHQLJVWHQV PDOGDUEHUQDFK6LHVLQGVRDXHUVLFKGDPDQGHQ(LQ GUXFNKDWVLHZUGHQMHGHQ0RPHQWY|OOLJDXVUDVWHQ .RPPHQ6LH6LHN|QQHQVLFKGLH%XUVFKHQDXFKQRFK VFKQDSSHQZHQQVLHYRQGHU0LWWDJVSDXVH]XUFNNRP PHQ© 6FDUERURXJKJDEHVQLFKWJHUQ]XDEHU&DPGHQKDWWH UHFKW(UNRQQWHGLH0|JOLFKNHLWQLFKWDXVVFKOLHHQGD VHLQ'HQNYHUP|JHQZHJHQGHU$XIUHJXQJGHVYHUJDQJH QHQ$EHQGVZHJHQGHV6FKODIPDQJHOVXQGZHJHQGHU 6RUJHQGLHHUVLFKXP'LDQHXQGXPGDVHLJHQH/HEHQ PDFKWHHWZDVHLQJHVFKUlQNWZDU/DGLUHLQSDDU6WXQ GHQ=HLWGDFKWHHU(WZDV5XKHGDPLWGXZLHGHU]XGLU NRPPVW ª2ND\©VDJWHHUJULIILQGLH-DFNHQWDVFKHXQGEHWDVWHWH GLH:DIIHGDQQ]RJHUGLH+DQGZLHGHUKHUYRU ª6FK|Q8QGZDVKDEHQ6LHGDGULQ"©&DPGHQPDFKWH HLQHQODQJHQ+DOVXQGVDKGLH)RUPGHU:DIIHGLHVLFK

XQWHUGHP6WRIIDE]HLFKQHWH(UJULQVWHLKQDQZLH'DYLG /HWWHUPDQª$FKVSLHOHQZLUMHW]W'LUW\+DUU\",KUH-DN NHQWDVFKHEHXOWVLFK]LHPOLFKDXV1LFKW]XEHUVHKHQGD 6LHHLQH.DQRQHPLWVLFKUXPVFKOHSSHQ© 6FDUERURXJKEHWUDFKWHWHGLH-DFNHQWDVFKH$XFKGDPLW KDWWH&DPGHQUHFKW 0HLQ*RWWZDVKDWWHHUVLFKQXUJHGDFKW":DVZDUGHQQ ORVPLWLKP":DVJLQJLQVHLQHP*HKLUQYRUGDVIUKHUVR SUl]LVHXQGRUGHQWOLFKIXQNWLRQLHUWKDWWH" (U]RJZRUWORVGLH-DFNHDXVXQGUROOWHVLH]XVDPPHQELV GLHNORELJH3LVWROHQLFKWPHKU]XVHKHQZDU ª$OVR©VDJWH&DPGHQXQGVDKVLFKXPDOVKlWWH6FDUER URXJKV+HNWLNLKQDQJHVWHFNWª'DQQODVVHQ6LHXQVPDO KLHUYHUVFKZLQGHQ©

1HZ
VFKHQ.QHLSHQ]XUFNJH]RJHQXQGKRFNWHQLPKLQWHUHQ 7HLOGHV6SHLVHUDXPVLQHLQHUVSlUOLFKEHOHXFKWHWHQ1L VFKH6FDUERURXJKPXWH]XJHEHQGDGDV/RNDOHLQH JXWH:DKOZDU'LH:DKUVFKHLQOLFKNHLWDQVRHLQHP2UW DXI]XIDOOHQZDUJOHLFK1XOO$XHUGHPOHXFKWHWHQXUHLQ SDDU6FKULWWHHQWIHUQWLQHLQHP)OXUGLHURWH1HRQVFKULIW GLHGHQ:HJ]XP1RWDXVJDQJZLHV(LQH0|JOLFKNHLW UDVFK]XYHUVFKZLQGHQIDOOVHVQ|WLJZHUGHQVROOWH 'DV+DUSZDUHLQW\SLVFKHV/RNDOZLHHVGLHLULVFKHQ $UEHLWHUOLHEWHQ(VEHVWDQGDXVHLQHPJURHQ5DXPPLW NQDUUHQGHQ'LHOHQ$QHLQHU6HLWHEHIDQGVLFKHLQHODQJH DOWPRGLVFKH%DUGLHPLWXQ]lKOLJHQ)ODVFKHQDXVJHUVWHW ZDU'LH)ODVFKHQZDUHQPLW7OOHQYHUVHKHQXQGPLW NOHLQHQ6FKLOGHUQDXIGHQHQPDQGLH3UHLVHGHU6FKQlSVH QRWLHUWKDWWH%HLVSLHOVZHLVHNRVWHWHGDVKHXWLJH6RQGHU DQJHERW2OG&URZQXUHLQHQ'ROODUXQG]HKQ&HQWV $EHUDXFKGLHDQGHUHQ6SLULWXRVHQZDUHQQLFKWYLHOWHX UHUDXHUGHPVFKHQNWHPDQZLH&DPGHQUDVFKKHUDXV JHIXQGHQKDWWHLQ/RNDOHQZLHGLHVHPEHVRQGHUVJXWHLQ (VJDEHLQH]ZHLWH7KHNHZRPDQHLQ6DQGZLFKPLW &RUQHGEHHIXQG6DODWRGHUHLQH5RDVWEHHISODWWHPLW.DU WRIIHOQXQG]ZHL*HPVHVRUWHQIUIDVWGLHJOHLFKH 6XPPHNDXIHQNRQQWH5LQJVKHUXPXPGHQ0DQQLQ PLWWOHUHQ-DKUHQGHUPLWJHU|WHWHP*HVLFKWJHUDGH6DQG ZLFKHVEHOHJWHZLHHUHVYHUPXWOLFKVFKRQVHLW-DKUHQWDW VWLHJHQ'DPSIVFKZDGHQDXI(VURFKQDFKYHUVFKWWHWHP %LHUXQG(VVHQVUHVWHQDEHUHVZDUHLQHKUOLFKHUKHLPHOL JHU*HUXFKVRlKQOLFKZLH*URYDWHUV6WLHIHO $OV&DPGHQPLWHLQHP-RKQQ\:DONHU5HG/DEHOXQG HLQHPJURHQ*XLQHVVYRP)DPLWWURSIHQGHU6FKDXP NURQHYRQGHU%DUDQLKUHQ7LVFK]XUFNNHKUWHKDWWH6FDU ERURXJKVHLQHQ.UXJ1HZ$PVWHUGDP$PEHUGHQ&DP GHQLKPDOVHUVWHVEHVRUJWKDWWHSUDNWLVFKQRFKQLFKW DQJHUKUW ª+HWULQNHQ6LHGRFKGDPLW6LHVLFKHWZDVHQWVSDQ QHQ© 6FDUERURXJKQLSSWHYRUVLFKWLJDP%LHU(VZDUNDOWXQG PXQGHWHLKPJXWHLQNUlIWLJHV%LHUGDVGHXWOLFKQDFK +RSIHQVFKPHFNWHbKQOLFKZLHGDV%LHUGDVPDQLQGHQ

NOHLQHQ%UDXHUHLHQEHNRPPHQNRQQWHGLHPDQFKHQ*DVW VWlWWHQDQJHJOLHGHUWZDUHQ ª*XWHV%LHU©VDJWH&DPGHQª:LUGKLHULQGHU6WDGWJH EUDXW0DQNDQQGLH%UDXHUHLVRJDUEHVLFKWLJHQ7ULQNHQ 6LHVFKRQ'DVLVWYLHOEHVVHUDOV9DOLXP$QGHUHUVHLWV KlWWHLFK9DOLXPEHLPLUJHKDEWGDQQKlWWHLFK,KQHQYRU KLQDQ2UWXQG6WHOOHHLQH3LOOHJHJHEHQ0HLQH*WHZRO OHQ6LHJHVFKQDSSWRGHUVRJDUJHW|WHWZHUGHQ"© 6FDUERURXJKVDVLFKQHUY|VXP6LHVDHQLPKLQWHUHQ 7HLOGHVPlLJEHVXFKWHQ/RNDOVXQGZDUHQYRUGHQ%OLN NHQGHUDQGHUHQ*lVWHJHVFKW]W,QGLHZXPPHUQGH0X VLNDXVGHU0XVLNER[PLVFKWHVLFKGDV*HPXUPHOYLHOHU 6WLPPHQ=XIULHGHQGDQLHPDQGVLHEHODXVFKWHZDQGWH 6FDUERURXJKVLFKZLHGHUDQ&DPGHQª6LHN|QQHQVLFK EHUKDXSWQLFKWYRUVWHOOHQZDVLFKGXUFKJHPDFKWKDEH© ª,FKNDQQ VPLUGHQNHQ1XQWULQNHQ6LHVFKRQ0DQQ $ONRKROLVWGDVEHVWH0LWWHOXP6SDQQXQJHQDE]XEDXHQ© ª,FKKDEHVHLWLFKLQ/DV9HJDVZDUQLFKWVPHKUJHWUXQ NHQ1HLQYRUKHUVFKRQ,FKIUFKWHZHQQLFKMHW]WDQ IDQJHGDQQNDQQLFKQLHZLHGHUDXIK|UHQ© &DPGHQWUDQNHLQHQ6FKOXFN%LHUXQGOLHVHLQHQ :KLVN\YRUHUVWVWHKHQª(LQSDDU%LHUN|QQHQQLFKWVFKD GHQ6HKHQ6LHPLFKDQ,FKZHUGHGHQ:KLVN\KLHUHUVW WULQNHQZHQQLFKHWZDVJHJHVVHQKDEH$OVRZDVVROO V"© 6FDUERURXJKQDKPQRFKHLQHQ6FKOXFN&DPGHQKDWWH UHFKW(VHQWVSDQQWHZLUNOLFKª0DQQLFKELQYLHOOHLFKW GXUFKHLQDQGHU©VDJWHHUª'DQNHGD6LHPLFKDEJHIDQ JHQKDEHQ-DNH:DKUVFKHLQOLFKVWLPPWDOOHVZDV6LHVD JHQ©(UEHULFKWHWHDXVIKUOLFKEHUVHLQH%HJHJQXQJPLW GHU5HGDNWHXULQGLH9HUZLUUXQJVHLQHU*HIKOHXQGGDV 0LWUDXHQJHJHQEHUDOOHQ0HQVFKHQGDVVLFKGDUDXV HQWZLFNHOWKDWWHª:HUKlWWHJHGDFKWGD6LHPDOHLQHU GHUZHQLJHQ0HQVFKHQVHLQZUGHQGHQHQLFKQRFKYHU WUDXHQNDQQ-DNH© &DPGHQSILIIOHLVHª'DVLVWKDUW(VWXWPLUOHLG$EHUHV ZLUGDOOHVJXWZHUGHQZLUILQGHQ'LDQHVFKRQQRFK,Q ]ZLVFKHQPVVHQ6LHVLFKDXVUXKHQ:DKUVFKHLQOLFKVLQG 6LHGHQJDQ]HQ:HJPLWGHP$XWRJHIDKUHQ© ª
WDQDEJHVWHOOWXQGYHUVXFKWHDXFK6LHWHOHIRQLVFK]XHUUHL FKHQ-DNH© ª7MDXQGMHW]WELQLFKGD© 6FDUERURXJKHU]lKOWH&DPGHQZLHGLHODQJH)DKUWTXHU GXUFKGDV/DQGYHUODXIHQZDU ª6FK|Q©VDJWH&DPGHQVFKOLHOLFKª,FKZHUGHPLFK EHL0DUVKDPHOGHQ6LHZLUGGDIUVRUJHQGDZLU]ZHLLQ .RQWDNWEOHLEHQ:HQQLFKZLOONDQQLFKVRJDU]XYHUOlV VLJVHLQ6LHZHUGHQVHKHQ:DVKDOWHQ6LHGDYRQZHQQ ZLUXQVMHW]WZDV]XHVVHQEHVRUJHQ"© -DNHKROWHVLFKHLQ6DQGZLFKPLW%UDWHQVFKHLEHQ(YH UHWWHQWVFKLHGVLFKIU&RUQHGEHHIDXI5RJJHQEURWXQG HLQH3RUWLRQ)ULWWHQ$OOPlKOLFKHQWVSDQQWHHUVLFKEH VWHOOWHQRFKHLQ%LHUXQGWUDQNHVDXV-HW]WIKOWHHUVLFK ZLUNOLFKEHVVHU ª:DVLFKDEHUEHUKDXSWQLFKWHLQRUGQHQNDQQ©VDJWH &DPGHQDOVHUVHLQHQ:KLVN\LQ$QJULIIQDKPªGDVLVW GHU.HUOGHU6LHDXVGHU8%DKQJHVFKHXFKWKDW6LQG6LH VLFKHUGD6LHVLFKGDVQLFKWQXUHLQJHELOGHWKDEHQ"© ª$EVROXW8QGLFKKDWWHLKQMDVFKRQYRUKHUHLQPDOJH VHKHQ'DZDUHUPLWHLQHP]ZHLWHQ0DQQ]XVDPPHQ'LH EHLGHQEHVFKDWWHQPLFK-DNH(ULQQHUQ6LHVLFKQRFKGD LFKPLUEHUKDXSWQLFKWYRUVWHOOHQNRQQWHZLHLFKGLHVHQ &,$0DQQHUVFKRVVHQKDEHQVROO",Q]ZLVFKHQJODXEHLFK GDLFKLKQZLUNOLFKQLFKWXPJHOHJWKDEH'DVPXHLQHU PHLQHU6FKXW]HQJHOJHZHVHQVHLQ© ª,UJHQGZLHKDXWGDVQLFKWKLQ'LHVH/HXWHWXQVRDOV ZlUHQVLHVHOEVWYRQGHU&,$6LHYHUKDOWHQVLFKZLH3URILV :DVPHLQHQ6LH"2EGDVYHUVFKLHGHQH)UDNWLRQHQVLQG GLHVLFKJHJHQVHLWLJEHNlPSIHQ"2EGLHYRQGHU16$ZD UHQ"$XVOlQGLVFKH$JHQWHQ"(VJLEWGDYHUGDPPWYLHOH 0|JOLFKNHLWHQDEHUQLFKWVSDW© 6FDUERURXJKEHPHUNWHGD&DPGHQVWLOO]XOlFKHOQEH JRQQHQKDWWH1DWUOLFKGLH6WRU\ZXUGHLPPHUEHVVHU XQGGHU0LVWNHUOIUHXWHVLFKGDUEHUGDHV6FDUERURXJK VRPLHVJLQJ1HLQQHLQGDFKWH6FDUERURXJK,FKGDUI PLFKQLFKWDXIUHJHQXQGDXVUDVWHQ:DVLPPHUVRQVW QRFKLP*DQJHZDU-DNH&DPGHQKDWWHVLFKDOVYHUWUDX HQVZUGLJHUXQGZHUWYROOHU9HUEQGHWHUHUZLHVHQ

ª'HVKDOEEUDXFKHLFKPHKU,QIRUPDWLRQHQ,FKPHLQH ZDVKDEHQZLUGHQQLQGHU+DQG",UJHQGHLQH9HUVFKZ| UXQJQDVFK|QDEHUZDUXP":DVYHUELUJWPDQ"8QG ZHUJHQDXYHUELUJWZDV",FKPHLQHZLUZLVVHQGRFKGD GLH/HXWHLUJHQGZLHPLWGHU5HJLHUXQJLQ9HUELQGXQJVWH KHQDEHUGDVLVWQRFKQLFKWDOOHV,FKKDEHGDVRHLQNRPL VFKHV*HIKO© ª'U(YHUHWW6FDUERURXJKKDWHLQNRPLVFKHV*HIKO 'HU0HLVWHUGHU/RJLNZLUG]XP+HOOVHKHU© ª/DFKHQ6LHQLFKW(VVLQGMDZLUNOLFKHLQLJHVHKUVHOW VDPH'LQJHJHVFKHKHQ© ª2ND\ODVVHQ6LHXQVGLH)DNWHQGXUFKJHKHQ'LH)DN WHQGLHZLUKDEHQPHLQHLFK©&DPGHQ]lKOWHVLHPLWGHQ )LQJHUQDEª'DV3URMHNW%OXH%RRNZDUHLQH7DUQRSHUD WLRQ,KUH7RFKWHUXQGLKU)UHXQGZXUGHQYRQGHQHQJH VFKQDSSWGLHIUGLHVHV7lXVFKXQJVPDQ|YHUYHUDQWZRUW OLFKZDUHQ=XGHQ7lXVFKXQJHQJHK|UHQ]DKOUHLFKH 8)26LFKWXQJHQGLH]ZLVFKHQGLHHFKWHQ6LFKWXQJHQJH VWUHXWZXUGHQXQGDXHUGHPIlOVFKWHPDQ'RNXPHQWH GLHDOV%HZHLVPLWWHODXIEHZDKUWZXUGHQ© ª'HVLQIRUPDWLRQDOVR© ª
ª-D©6FDUERURXJKVWDUUWHLQV/HHUHXQGGDFKWHWUDXULJ DQVHLQHQWRWHQ)UHXQGª(UZDUHLQHUGHUEHVWHQ©9LHO OHLFKWEUDXFKWHHUZLUNOLFKQRFKHLQ%LHU ª2ND\'LH7\SHQZLVVHQGD6LHHWZDVJHJHQVLHLQGHU +DQGKDEHQ*RWWVHL'DQNZLVVHQ6LHDQVFKHLQHQGQLFKW GDLFKGDULQYHUZLFNHOWELQXQGVLHYHUVXFKHQ6LHXP ]XEULQJHQ(VNODSSWQLFKW$OVRZHUGHQ6LHGXUFKGDV JDQ]H/DQGJHKHW]W(LQHZLOGH)OXFKW8QG6LHVHOEVWMD JHQ*HVSHQVWHUQKLQWHUKHUXQGNHLQHP(LQDUPLJHQZLH HV5LFKDUG.LPEOHJHWDQKDW© ª6LHKDEHQGDHWZDVDXVJHODVVHQ© ª+HGDVNOLQJWPLUMDVFKRQIDVWZLHGHUZLHGHU6FDUER URXJKGHQLFKYRQIUKHUNHQQH'DQQVLQG6LHDOVRGRFK QLFKWVRLP(LPHUZLHHVGHQ$QVFKHLQKDW.|QQWHQ6LH PLUGDV!(WZDVPDOQlKHUHUNOlUHQGDVLFKDXVJHODVVHQ KDEHQVROO"© ª'LH)DUP'LHYHUODVVHQHQ*HElXGHGLHDXVVDKHQDOV KlWWHQGRUWZLVVHQVFKDIWOLFKH9HUVXFKHVWDWWJHIXQGHQ RGHUVRHWZDV© ª9ROOWUHIIHU(ZLH'DVLVWHVZDVGLHVHQ/HXWHQDXI VW|W'DQDFKKDWGDV7KHDWHUMDDQJHIDQJHQ'LHVHU+DXV PHLVWHUMHOlQJHULFKGDUEHUQDFKGHQNHGHVWRVWlUNHU ZLUGPHLQHhEHU]HXJXQJGDHUHLQDXVJHPXVWHUWHU $JHQWZDU6LHKDEHQLKQGDKLQJHVHW]WGDPLWHUDXIGHQ /DGHQDXISDW(LQHDQGHUH0|JOLFKNHLWJLEW VZRKO QLFKW© ª-DDEHUZDVKDWPDQGRUWJHPDFKW",FKKDEHPLUGDV +LUQ]HUPDUWHUWDEHULFKNDQQHLQIDFKNHLQH$QWZRUWGDU DXIILQGHQ,FKKDEHVRJDUGDUDQJHGDFKWQRFKHLQPDOLQ ,RZDYRUEHL]XIDKUHQ© ª1LFKWGRFK0DQPDFKWQLFKW]ZHLPDOGHQJOHLFKHQ )HKOHU© ª,FKELQMDDXFKQLFKWKLQJHIDKUHQ$EHULFKGDFKWH GDUDQZHLOLFKPLFKJHIUDJWKDEHREGRUWQLFKWLQVJHKHLP HLQVHKUZLFKWLJHVZLVVHQVFKDIWOLFKHV3URMHNWGXUFKJH]R JHQZXUGH$EHUZDVVROOWHGDVPLWGLHVHU'HVLQIRUPD WLRQVNDPSDJQH]XWXQKDEHQ"(VHUJLEWNHLQ%LOGGDIHK OHQQRFK]XYLHOH3X]]OHWHLOH© ª+DWWHQ6LHHLJHQWOLFK|IWHUPLWGLHVHP&RORQHO'RODQ

XQGGHPDQGHUHQ]XWXQZLHKLHHUQRFKJOHLFK"0LW GHP0DQQGHQ0DUVKDHUZlKQWKDWXQGGHUHEHQIDOOV EHUGLH3XEOLVKHUXQG(GLWRUHQUHGHWH"2K\HDK5L FKDUGV%ULDQ5LFKDUGV© ª'HQNHQQHLFKQLFKW0HLQHLQ]LJHU.RQWDNWEHLP0LOL WlUZDU&RORQHO'RODQ,FKKDEHIUYHUVFKLHGHQH/HXWHLQ YHUVFKLHGHQHQ$EWHLOXQJHQ)RUVFKXQJVREMHNWHGXUFKJH IKUWDEHUGDVWHFNWHZHLWHUQLFKWVGDKLQWHU6HLWLFKYRU ]ZDQ]LJ-DKUHQYRP0LOLWlUHQWODVVHQZXUGHELQLFKMD QXUQRFKHLQJDQ]QRUPDOHU%UJHUHLQ$XWRU,FKKDEH %FKHUJHVFKULHEHQXQG9RUWUlJHJHKDOWHQXQGLQGHQ 0HGLHQPHLQ*HVLFKWYRUJH]HLJWXQGJHQDXGDVKDEHQ VLHDXFKYRQPLUHUZDUWHW0HLQ*RWWZLHGXPPLFKGRFK ZDU&DPGHQMHOlQJHULFKEHU&LQG\QDFKGHQNHGHVWR ZWHQGHUZHUGHLFK,FKELQZWHQGZHLOGLHVH0LVWNHUOH PHLQH5HFKWHDOV%UJHUYHUOHW]WKDEHQJDQ]]XVFKZHL JHQYRQGHQ:HUWHQGLHGLH*UXQGODJHGLHVHV/DQGHVELO GHQ© ª6FKQHOOWULQNHQ6LH,KU%LHUDXV:LUN|QQHQHVXQV QLFKWHUODXEHQKLHUDXI]XIDOOHQ6FDUERURXJK© 6FDUERURXJKKROWHWLHI/XIWXQGDWPHWHODQJVDPZLHGHU DXVª(QWVFKXOGLJHQ6LH© ª$OVROlXIWMHW]WDOOHVDXIGLH)UDJHKLQDXVZDVGLH /HXWHGRUWLP/DERUDXIGHU)DUPJHPDFKWKDEHQ$Q VFKHLQHQGZDUHQVLHGDVFKRQHLQHJDQ]H:HLOHDP:HUN $OVDOOHUHUVWHVIlOOWPLUHLQGDVLH8)26LFKWXQJHQJH IlOVFKWKDEHQN|QQWHQ'HVLQIRUPDWLRQQLFKWZDKU"6LH XQGLFKZLUZLVVHQMDZDVGLHGXUFKVFKQLWWOLFKHQ8)2 3DUDQRLNHUVRDOOHVYRQVLFKJHEHQ© 6FDUERURXJKVHXI]WHª-D'HVLQIRUPDWLRQXPHFKWH .RQWDNWHGHU5HJLHUXQJPLW8)2V]XYHUWXVFKHQ$EHU GDVLVW%O|GVLQQ+DEHQ6LHGHQ$UWLNHOLQ8)28QLYHUVH JHOHVHQGHUHUVFKLHQHQLVWEHYRUGDVJDQ]H7KHDWHUDQJH IDQJHQKDW":RMHPDQGEHKDXSWHWHGLH5HJLHUXQJKlWWH HLQH$UW$ENRPPHQPLWGHQ$XHULUGLVFKHQJHVFKORVVHQ XQGLKQHQLP$XVWDXVFKIUPRGHUQH5DNHWHQWHFKQLNHU ODXEWPLW86%UJHUQ]XH[SHULPHQWLHUHQ"7URW]DOOHP ZDVPLU]XJHVWRHQLVWELQLFKQRFKZHLWGDYRQHQWIHUQW VRHLQHQ8QIXJ]XJODXEHQ1HLQZLUKDEHQHVKLHUPLW

HLQHU9HUWXVFKXQJVDNWLRQGHU5HJLHUXQJ]XWXQGLHDXV GHP5XGHUJHODXIHQLVW%HL$OLHQVVLQGZLUQRFKODQJH QLFKWDQJHODQJW© ª8QGZDVLVWPLWGHQ.HUOHQGLH,KQHQJHIROJWVLQG"© ª'LHVDKHQIUPLFKJDQ]QRUPDODXV9LHOOHLFKWVLQGVLH GLH0LWDUEHLWHULUJHQGHLQHU*HKHLPGLHQVWDEWHLOXQJ© ª1DJXWUHGHQZLUEHUGDV/DERU(VVFKHLQWPLUDOV KlWWHQ6LHLQ]ZLVFKHQHLQELFKHQ]XYLHOHUOHEWXP9HU VFKZ|UXQJVWKHRULHQHLQIDFKDOV8QIXJDE]XWXQ/DVVHQ 6LH,KUH*HGDQNHQHLQZHQLJVFKZHLIHQ© ª'DVKDEHLFKVFKRQRIWJHQXJJHWDQ$QVFKHLQHQGZRO OHQ6LHPLUHLQUHGHQGDGLHVH/HXWHQLFKWQXU8)26LFK WXQJHQIlOVFKHQ6LHPHLQHQVLHIlOVFKHQDXFK(QWIKUXQ JHQGXUFK$XHULUGLVFKH*HVFKLFKWHQZLHVLH%XGG +RSNLQVRGHU6WULHEHURGHU6FKURHGHUYHUEUHLWHQ© &DPGHQUlXVSHUWHVLFK,KPZDUVLFKWOLFKXQEHKDJOLFK ]XPXWHª-DGDVPHLQWHLFKGDPLW© ª2ND\$EHUZDUXP"© ª'DVPVVHQZLUMHW]WKHUDXVILQGHQ.XPSHO8QGZDV DXFKLPPHUGDKLQWHUVWHFNWHVLVWHLQH6DXHUHL.HLQ:XQ GHUGDGLH7\SHQVLFKDXIHLQPDOVROFKH0KHJHEHQ6LH ]XGLVNUHGLWLHUHQ'LHZLVVHQHLQHVJDQ]JHQDX:HQQMH PDQGGHUQXUKDOEZHJVJODXEZUGLJLVWGLH)DNWHQDXI GHQ7LVFKOHJWXQGHU]lKOWGDLUJHQGHLQH*UXSSHGLH PLWGHU5HJLHUXQJ]XWXQKDWHVLVWPLUHJDOREHV/HXWH YRP&,$RGHU3XW]NRORQQHQDXVGHP:HLHQ+DXV VLQG%UJHUHQWIXKUWXQGPLWLKUHQ*HKLUQHQKHUXP VSLHOWGDQQZLUGGDVHLQHQ5LHVHQNUDFKJHEHQYRUVLFKWLJ DXVJHGUFNW:HUZHLZHOFKH.|SIHYRQ/DPHWWDWUl JHUQGDUROOHQN|QQWHQ9LHOOHLFKWVWU]WGHVZHJHQGLH JDQ]H5HJLHUXQJ© ª6RZHLWZROOHQZLUGRFKQLFKWJHKHQ&DPGHQ© ª,FKPHLQHHVDEHUHUQVW8QG6FDUERURXJKZHQQZLU KHUDXVILQGHQZDVGDLP*DQJHLVWZHQQZLUGHQ%HZHLV ILQGHQ7HXIHOPLUZUGHQVFKRQHLQSDDUNOHLQH+LQ ZHLVHUHLFKHQGDQQZLUGGDVDXIMHGHQ)DOO6LHVHOEVW XQGZDKUVFKHLQOLFKDXFK'LDQHXQG7LPUHWWHQ© ª,FKJODXEHGDNDQQLFK,KQHQQLFKWIROJHQ© ª'LH0DFKWGHU3UHVVH0DQQ6LHZHUGHQYRQMHGHP

9HUGDFKWIUHLJHVSURFKHQXQGGLHVH.HUOHGUIHQHVGDQQ QLFKWHLQPDOZDJHQVLHDQ]XUKUHQ9LHOOHLFKWVLQGGLH 0lQQHUGLH6LHEHVFKDWWHQJHQDXGDUDXIDXV\HDKYLHO OHLFKWVLQGGDV$JHQWHQGLHQLFKWPHKUPLWVSLHOHQZROOHQ XQGGLHYHUVXFKHQGLHVH6FKZHLQHUHLDQGLHgIIHQWOLFK NHLW]X]HUUHQRKQHGDEHLLKUH,GHQWLWlWSUHLV]XJHEHQ :DVPHLQHQ6LH"© 6FDUERURXJKJUXQ]WHª'DVJHIlOOWPLUHUKHEOLFKEHVVHU DOVGLH9RUVWHOOXQJHVN|QQWHQ$XHULUGLVFKHLP6SLHO VHLQ© ª2ND\'DPLWVLQGZLUDXIMHGHQ)DOOHLQJXWHV6WFN ZHLWHUJHNRPPHQ'DVLVWVLFKHUEHVVHUDOVHLQHQDUPHQ 9HUODJVEXFKKDOWHUPLWHLQHU3LVWROHDQ]XJUHLIHQ©&DP GHQWUDQNVHLQ%LHUDXVXQGVWDUUWHQDFKGHQNOLFK]XU%DU ª:HQQZLUXQVVRXQWHUKDOWHQGDQQNRPPWPHLQGHVROD WHV*HKLUQDXI7RXUHQ© ª+DEHQ6LHHWZDVYHUJHVVHQ"© ª1HLQLFKKDEHPLFKDQHWZDVHULQQHUW,FKKDEHHLQHQ 3UHVVHGLHQVWDERQQLHUW6FDUERURXJK:LVVHQ6LHZDVGDV LVW"© ª1DWUOLFK'LHVDPPHOQ$UWLNHODXVYHUVFKLHGHQHQ 3XEOLNDWLRQHQORNDOQDWLRQDOLQWHUQDWLRQDO:DVPDQKD EHQZLOO© ª*HQDX8QGGLHVHU'LHQVWVDPPHOWIUPLFK%HULFKWH EHU8)2VGDVEUDXFKHLFKQDWUOLFKIUPHLQHQ-RE© ª,FKKlWWHHVPLUGHQNHQN|QQHQ-DLFKZHL%H VFKHLG© ª(QWVFKXOGLJHQ6LH,FKYHUJHVVHLPPHUGDZLUHLQH =HLWODQJDXIGHPJOHLFKHQ*HELHWJHDUEHLWHWKDEHQ-H GHQIDOOVLVWGDVHLQ'LHQVWGHQ6LHEHVWLPPWQLFKWDERQ QLHUWKDEHQGHQQVLHYHUVFKLFNHQGLH$UWLNHOVRIRUWXQG GDVLVWIUHLQHUHJHOPlLJHUVFKHLQHQGH=HLWXQJZLHGHQ ,QWUXGHUQDWUOLFKVHKUZLFKWLJ© ª'DVNOLQJWDOVZlUHHV]LHPOLFKWHXHU© ª-DDEHUGDVLVWHVZHUW$OVRJHVWHUQDEHQGZlKUHQG GHV)OXJVODVLFKHLQH*HVFKLFKWHGLHJHUDGHHUVFKLHQHQ ZDU,FKGHQNH6LHVROOWHQVLFKGDVPDODQVHKHQ'HU$UWL NHOOLHJWLQPHLQHP+RWHO]LPPHU© ª9LHOOHLFKWZlUHHVEHVVHUZHQQVLH0DUVKDDQUXIHQ

XQGLKUGLH*HVFKLFKWHYRUOHVHQ,FKPHOGHPLFKKHXWH DEHQGEHLLKU© ª'DVLVWHLQHJXWH,GHH:ROOHQ6LHGHQQGLH6WDGWYHU ODVVHQ"© ª-D,FKKlWWHGDVVFKRQJHVWHUQDEHQGWXQVROOHQ© &DPGHQQDJWHHLQHQ0RPHQWDQGHU8QWHUOLSSHDOV PWHHUGLHULFKWLJHQ:RUWHVXFKHQª3DVVHQ6LHDXI 0DQQ,FKZHLGDPDQ,KQHQEHOPLWJHVSLHOWKDWXQG GD6LHGLHVFKZHUVWH/DVWJDQ]DOOHLQWUDJHQPVVHQ 0HLQ*RWWPXVFKOLPPVHLQZHQQGLHHLJHQH:HOW SO|W]OLFKLQ%UFKHJHKW8QGGDQQZLUG,KUH7RFKWHUHQW IKUWDOVRLFKGHQNHZLUKDWWHQMDIUKHUQLFKWXQEH GLQJWGLHKHU]OLFKVWHQ%H]LHKXQJHQZHLOZLUVR]XVDJHQLQ ]ZHLYHUVFKLHGHQHQ/DJHUQVWDQGHQDEHULQGLHVHU6LWXD WLRQVROOWHQ6LHHLQIDFKZLVVHQGDLFKIU6LHGDELQXQG ,KQHQKHOIH,FKZHUGH,KQHQKHOIHQZRLPPHULFKQXU NDQQ© ª'DQNH&DPGHQ,FKJODXEH6LHKDEHQPLUYRUKLQ HLQHQJURHQ*HIDOOHQJHWDQ,FKZDUZLUNOLFKDXHUPLU 9LHOOHLFKWVROOWHLFKPLULUJHQGZRLQHLQHP9RURUWHLQ+R WHOVXFKHQXQGHUVWHLQPDOHLQH:HLOHVFKODIHQ© ª:HUZHL9LHOOHLFKWZlUHQDXFK,KUHEHLGHQ6FKXW]HQ JHODXIJHWDXFKWXQGKlWWHQ,KQHQHLQHQ7ULWWLQGHQ+LQ WHUQYHUSDWhEULJHQVZRKLQZROOHQ6LHHLJHQWOLFK"© ª,FKPXLQGLH*HJHQGYRQ:DVKLQJWRQ]XUFN© ª,VWGDVQLFKW]LHPOLFKJHIlKUOLFK"© ª1LFKWJHIlKUOLFKHUDOV1HZ
VWHOOWHGHQ.UXJDXIGHQ]HUNUDW]WHQ7LVFKª(UKHLW(G ZDUG5266 0\HUV©

.DSLWHO ª(QWVFKXOGLJHQVLH/LHXWHQDQW0DQQLQJ,FKZROOWH6LH QLFKWVW|UHQDEHULFKKDEHKLHUHLQHQ2UGQHUPLWHLQLJHQ 'RNXPHQWHQGLHPLW,KUHUGHU]HLWLJHQ$XIJDEH]XVDP PHQKlQJHQ© 0DUVKD0DQQLQJVFKUDNDXIDOVHVDQGHU7UNORSIWH 6LHKDWWHQLFKWPHKUJHQXJ=HLWGDV%XFKZHJ]XVWHFNHQ EHYRU&DSWDLQ)UHGULFNVKHUHLQVSD]LHUWNDP(UKDWWHVLFK HLQHQEUDXQHQ8PVFKODJXQWHUGHQ$UPJHNOHPPWXQG OlFKHOWHXQVLFKHU ª&DSWDLQ©VDJWH0DUVKDZlKUHQGVLHGDVJURH%XFK DXIHLQHP6WDSHOYRQ$XVGUXFNHQDEOHJWHªLFKKDEHJH UDGH3DXVHJHPDFKW'LHVHVWDWLVWLVFKHQ8QWHUVXFKXQJHQ VLQGZLUNOLFKHLQHIDV]LQLHUHQGH$XIJDEH© ª*RWWVHL'DQNJLEWHV/HXWHGLHVLFKPLW&RPSXWHUQ DXVNHQQHQPHKUNDQQLFKGD]XQLFKWVDJHQ©HUZLGHUWH &DSWDLQ)UHGULFNV'DV)XQNHOQVHLQHU$XJHQSDWH]X GHP*ODQ]GHQGLH/HXFKWVWRIIU|KUHQDXIVHLQHU*ODW]H KHUYRUULHIHQª2KQH/HXWHZLH6LHPWHQZLUGLH7UXS SHQDXIGHQhEXQJVSODW]PDUVFKLHUHQXQGPLW)LQJHUQ XQG=HKHQUHFKQHQODVVHQZDV"© 0DUVKD0DQQLQJODFKWHYHUOHJHQª,FKPX]XJHEHQ GDPLUGLH$UEHLWDP%LOGVFKLUPHUKHEOLFKOLHEHULVW© ª'DVNDQQLFKPLUOHEKDIWYRUVWHOOHQ©'HU&DSWDLQOHJWH GHQ.RSIVFKLHIXQGEHWDVWHWHGHQ5FNHQGHV%XFKHV(V ZDUYRQ7LPH/LIHXQGWUXJGHQ7LWHO7KH8)23KHQRPHQRQ ª9HUWLHIHQ6LH,KU:LVVHQEHU)OXJREMHNWH"© ª,FKKDEHHUNDQQWGDEHLGLHVHP7KHPDVHKUYLHOH 'LQJHK|FKVWXQNODUVLQG6LU© ª'DVLVWQDWUOLFKDOOHV8QIXJ©(UVDKVLHSUIHQGDQ XQGKREGLHEXVFKLJHQ$XJHQEUDXHQ0LWWH9LHU]LJPLW JUDXHQ6WUlKQHQLP+DDUVDKHUVFKQHLGLJDXVHUZXWH ZLHHUDXI)UDXHQZLUNWHXQGHUJHQRHVª,FKELQMDKUH

ODQJJHIORJHQXQGKDEHQLFKWHLQHLQ]LJHV8)2JHVHKHQ $EHULFKNRQQWHGXUFKDXVHLQLJHVHOWVDPH'LQJHDP+LP PHOEHREDFKWHQ+DORVYRQ6RQQHXQG0RQG(LVNULVWDOOH $OOHVGXUFKQDWUOLFKH8UVDFKHQHUNOlUEDU,QGHU$WPR VSKlUHUKUWVLFKHLQLJHV8QWHUGUXFNXQG6DXHUVWRIIPDQ JHOWXQHLQEULJHV©(UJDELKUGHQ2UGQHUª0HLQHQ6LH 6LHN|QQHQGLHVHV0DWHULDOLQ,KUHNRPSOL]LHUWHQDULWKPH WLVFKHQ$OJRULWKPHQLQWHJULHUHQ"© 0DUVKDQDKPGHQ2UGQHUHQWJHJHQXQGEOlWWHUWHGHQ GLFNHQ6WDSHO.RSLHQGXUFKGLHDOOHPLWGHUPHFKDQL VFKHQ:LUNXQJVZHLVHYHUVFKLHGHQHU'VHQXQG3URSHO OHUDQWULHEH]XWXQKDWWHQGLHLQGHQOHW]WHQGUHLLJ-DKUHQ EHLGHU$LU)RUFHHLQJHVHW]WZRUGHQZDUHQ1RUPDOHU ZHLVHZXUGHQVROFKH$XIWUlJHDQIUHLH8QWHUQHKPHULQ GHU8PJHEXQJYRQ:DVKLQJWRQYHUJHEHQ'LH7DWVDFKH GDVLHPLWGLHVHQ$XIJDEHQNRQIURQWLHUWZXUGHZDUHLQH $UW6WUDIH0DQKDWWHLKUQLFKWGDVJHULQJVWHDQKlQJHQ N|QQHQDEHUGLH$LU)RUFHNDQQWHJDQ]HLJHQH)RUPHQGHU =FKWLJXQJ6WDWWGHV!7URSIWURSIWURSIGHUFKLQHVLVFKHQ :DVVHUIROWHUKLHHVKLHU!%\WH%\WH%\WH ª'DQNH6LU,FKJODXEHGDPLWNDQQLFKGLH9HUVFKOHL WDEHOOHQHUJlQ]HQ© &DSWDLQ)UHGULFNVUlXVSHUWHVLFKGLHQVWOLFKXQGZROOWH LKU%URZLHGHUYHUODVVHQ'RFKGDQQEOLHEHUQRFKHLQPDO VWHKHQXQGGUHKWHVLFKZLHGHU]X/LHXWHQDQW0DQQLQJ XPª6LHKDEHQVLFKHUVFKRQGLH*HVFKLFKWHQEHUGLHVHQ 6WW]SXQNWKLHUJHK|UW© ª:DVPHLQHQ6LH"©0DQQLQJVSLHOWHGLH$KQXQJVORVH ª,VWKLHULQ:ULJKW3DWWHUVRQPDOHLQ8)2JHODQGHW"© ª1HLQQHLQ,FKPHLQHGLH*HVFKLFKWHQEHUGLHDEJH VWU]WHIOLHJHQGH8QWHUWDVVH'DV)OXJREMHNWGDVDQJHE OLFKLQ1HZ0H[LFRDEJHVWU]WLVW,FKJODXEHLQGHU 1lKHYRQ5RVZHOO(VZLUGHU]lKOWZLUEHZDKUWHQGDV 'LQJKLHULUJHQGZRLQHLQHP+DQJDUDXIXQGKlWWHQDXFK GLH/HLFKHQHLQLJHU5DXPIDKUHUJHERUJHQ© ª'DVNOLQJWDEHU]LHPOLFKVSDQQHQG&DSWDLQ,VWHV GHQQZDKU"© ª1DWUOLFKQLFKW,FKGDFKWHQXU6LHZlUHQDQGHU|UWOL FKHQ)RONORUHLQWHUHVVLHUW©

ª,FKJODXEHKLHULVWPLUZLUNOLFKDOOHVZLOONRPPHQZDV HWZDV$EZHFKVOXQJYHUVSULFKWQLFKWZDKU"© ª'DVVWLPPW/LHXWHQDQWGDVVWLPPW:DVPHLQHQ6LH ZDQQ6LHGLHHUVWHQ6WDWLVWLNHQJUDSKLVFKDXIEHUHLWHWKD EHQ"© ª'LH*UDSKLNHQ"1XQLFKKDEH]ZHL:RFKHQGDIUEH NRPPHQDEHUZHQQ6LHPLUQLFKWQRFKZHLWHUHV0DWHULDO JHEHQGDVLFKHLQDUEHLWHQVROOGDQQPWHLFKHLJHQW OLFKQXQMDLFKVFKlW]HGDLFKXQJHIlKUQlFKVWH:R FKH'LHQVWDJIHUWLJELQ© ª2KGDVKDWNHLQH(LOHGDVKDWEHUKDXSWNHLQH(LOH© 'HU&DSWDLQOlFKHOWHJH]ZXQJHQYHUDEVFKLHGHWHVLFKXQG JLQJ2IIHQVLFKWOLFKKDWWHHUQXUHLQSDDUYDJH$QGHXWXQ JHQEHUGDVJHK|UWZDVVLHYRUHLQSDDU:RFKHQJHWDQ KDWWHXQGZDUQHXJLHULJKLQVLFKWOLFKVDIWLJHU'HWDLOV(U ZXWHQXUGDVLHJDQ]SO|W]OLFKLQVHLQHP%HUHLFKDQ HLQHP&RPSXWHUKLQJXQGODQJZHLOLJH.OHLQDUEHLWHQPD FKHQPXWHIUGLHVLHHLQGHXWLJEHUTXDOLIL]LHUWZDU $EHUVRJLQJGDVHEHQEHLP0LOLWlU 0DUVKD0DQQLQJZDU%HUXIVRIIL]LHULQXQGZHQQPDQ VLFKIUGLHVHQ%HUXIHQWVFKLHGHQKDWWHGDQQJHK|UWHPDQ PLW+DXWXQG+DDUHQ]XUJURHQ)DPLOLHGHU6WUHLWNUlIWH 2QNHO6DPVRGHUPDQEDVWHOWHQRFKZlKUHQGPDQVHLQH IQIXQG]ZDQ]LJ-DKUHDEVDVFKRQDQGHUQlFKVWHQ.DU ULHUH0DQQLQJJHK|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lFKWOLFKLQLKUHQ(LQ JDQJVNRUEVWDUUWHGHQ%LOGVFKLUPDQULHIHLQH6XEURXWLQH GHV3URJUDPPVDXIXQGQDKPHLQLJH$EVWLPPXQJHQYRU +LHUXQGGRUWYHUlQGHUWHVLHHLQLJH.OHLQLJNHLWHQXQGJDE

HVQDFKHLQHU:HLOHDXI=XP7HXIHOGDPLW,KUH0HWKRGH ZDUVLFKHUQLFKWEHVRQGHUVHOHJDQWDEHUGDV*UXQGSUR JUDPPZDUDXFKVHOEVWQLFKWEHVRQGHUVHOHJDQWVRQGHUQ HKHU]LHPOLFKNORELJ'LHZLUNOLFKJXWHQ3URJUDPPLHUHU XQG$QDO\WLNHUDUEHLWHWHQLQGHUIUHLHQ:LUWVFKDIWXQG YHUGLHQWHQVLFKGXPPXQGGXVVHOLJ'LH3URJUDPPHGHU $LU)RUFHNDPHQVR]XVDJHQLQ6SULQJHUVWLHIHOQGDKHUXQG VWU]WHQVRJDUQRFK|IWHUDEDOVGLH3LORWHQ ª0LVW©VDJWHVLHDQJHZLGHUWXQGVWHOOWHGLH7DVVHPLW NDOWHP.DIIHHRKQH6DKQHGHUQDFKELWWHUHU5HDOLWlW VFKPHFNWHZLHGHUDE6LHVWDUUWHGXUFKGDVJHW|QWH)HQ VWHU]XPDUFKLWHNWRQLVFKHQ$OSWUDXPKLQDXVGHUGHQ 9HUZDOWXQJVWUDNWGHV/XIWZDIIHQVWW]SXQNWV:ULJKW 3DWWHUVRQGDUVWHOOWH$XIHLQHU6WDUWEDKQKREJHUDGHHLQH %RHLQJDEUDVWHKHXOHQGGHP+LPPHOHQWJHJHQOLHGLH /lUPVFKXW]ZlQGHHUEHEHQXQGZUGHZDKUVFKHLQOLFK DXVNHLQHPQDFKYROO]LHKEDUHQ*UXQGHLQH:HLOHKHUXP IOLHJHQXQGMHGH0HQJH.HURVLQYHUEUHQQHQ(VZDUHLQ WUEHU7DJ$P0RUJHQZDUOHLFKWHU5HJHQJHIDOOHQXQG GLH:RONHQKLQJHQQRFKVFKZHUEHUGHP*HOlQGH'HU JUDXH6FKLPPHUDXIGHP=HPHQWXQGEHUGHQ*HElXGHQ VFKLHQWURW]GHVJHVFKORVVHQHQ)HQVWHUVLQGHQ5DXPHLQ ]XGULQJHQ(VURFKQDFK$VSKDOWgOXQG8QLIRUPHQ'HU *HUXFKPLWGHP0DQQLQJVRODQJHJHOHEWKDWWHODVWHWH MHW]WVFKZHUDXILKUEHGUFNHQGZLHGLH:RONHQEHUGHU HLQW|QLJHQ/DQGVFKDIW2KLRV 0DUVKDVFKDXGHUWHLKUZDUSO|W]OLFKNDOW6LHIKOWHVLFK GHSULPLHUWXQGHLQJHHQJWª0LVW©VDJWHVLHQRFKHLQPDO 'DQQVFKORVLHGLH7ULKUHVZLQ]LJHQ%URVXQGVSHUUWH DEGDPLWQLFKWQRFKPHKU&DSWDLQVHLQIDFKDQNORSIHQ XQGHLQHQ6HNXQGHQEUXFKWHLOVSlWHUKHUHLQVWUPHQNRQQ WHQ 6LHQDKPZLHGHUGDV%XFKYRQ7LPH/LIH]XU+DQGXQG VFKOXJGHQ,QGH[DXI5LFKWLJGRUWZDUHV!:ULJKW3DWWHU VRQ$LU)RUFH%DVH6FKQHOOEOlWWHUWHVLH]XUULFKWLJHQ 6WHOOHXQGODVGHQ$EVFKQLWW'DQQEHUIORJVLHGLH6HLWH YRUGHP$EVFKQLWWEHUGHQ6WW]SXQNWGDQQGLH6HLWH GDKLQWHU +P

8QGXUFKVLFKWLJ+|UHQVDJHQ*HUFKWH0\WKHQJHQDX ZLH&DSWDLQ)UHGULFNVHVJHVDJWKDWWH7URW]GHP 6LHNRQQWHGHP%XFKHQWQHKPHQGDLP6GHQGHV 6WDDWHV1HZ0H[LFRDXIGHP/DQGHLQHV5DQFKHUVQD PHQV%UD]HOHLQXQLGHQWLIL]LHUWHV)OXJREMHNWJHODQGHW ZlUH'HU$EVWXU]KDEHVLFKQDKHDQHLQHP)OXJSODW]HU HLJQHWXQGGLH6ROGDWHQKlWWHQVLFKGLH6DFKHDQJHVHKHQ 'LH*HVFKLFKWHZXUGHGXUFKHLQH6DPPOXQJHLJHQDUWLJHU =HLWXQJVDXVVFKQLWWHHUJlQ]W8UVSUQJOLFKKLHHVGRUW KDEHGHUNRPPDQGLHUHQGH2IIL]LHUEHNDQQWJHJHEHQGD HLQHIOLHJHQGH8QWHUWDVVHJHODQGHWVHL'LH6ROGDWHQKlW WHQVRJDUGLH/HLFKHQYRQ!$XHULUGLVFKHQHQWGHFNW$Q JHEOLFKKlWWHQGLH7UPPHUDXVHLQHUVHOWVDPHQXQGXQ JHKHXHUZLGHUVWDQGVIlKLJHQ0HWDOOIROLHEHVWDQGHQ3O|W] OLFKKDEHVLFKMHGRFKGLHRIIL]LHOOH+DOWXQJGHU$LU)RUFH YHUlQGHUW(VJlEHNHLQHIOLHJHQGH8QWHUWDVVHXQGNHLQH $XHULUGLVFKHQKLHHV:DVGDYRP+LPPHOJHIDOOHQVHL GDVVHLQLFKWVZHLWHUDOVHLQ:HWWHUEDOORQJHZHVHQKDWWH GLH$LU)RUFHEHWHXHUW 1DFKDOOHPZDV0DQQLQJMHW]WODVNRQQWHGLHVH(UNOl UXQJRKQHZHLWHUHV]XWUHIIHQ'XUFKDXVYRUVWHOOEDUZLH VLFKHLQHVROFKH*HVFKLFKWHHLQHU/DZLQHJOHLFKDXVEUHL WHWH'LH$XWRUHQHUZlKQWHQQLFKWZLHGLH!IOLHJHQGH8Q WHUWDVVHVDPWLKUHU,QVDVVHQQDFK:ULJKW3DWWHUVRQJH ODQJWVHLQVROOWH 6LHKDWWHNHLQHJURH/XVWVLFKZLHGHUPLWGHPGXP PHQ6WDWLVWLNSURJUDPP]XEHVFKlIWLJHQ$OVQlFKVWHV KlWWHVLHGLH'DWHQHLQJHEHQPVVHQXQGGDVNDPGHU7l WLJNHLWHLQHU6HNUHWlULQUHFKWQDKH6ROFKH$UEHLWHQKDWH VLH$XHUGHPZDULKULQ]ZLVFKHQNODUGDGLH$LU)RUFH PLWJHVSDOWHQHU=XQJHUHGHWH6FDUERURXJKV(UOHEQLVVH EHZLHVHQGDV9LHOOHLFKWZDUDQGLHVHP8)2$EVWXU]WDW VlFKOLFKHWZDVGUDQYLHOOHLFKWJDEHVZLUNOLFKHWZDVGDV GLH/DPHWWDWUlJHUYHUKHLPOLFKHQZROOWHQ (VNRQQWHGRFKQLFKWVFKDGHQZHQQVLHVLFKGLH6DFKH PDODQVDKQLFKWZDKU" $XHUGHPZDUHVHLQH+HUDXVIRUGHUXQJ 0DUVKDGUHKWHVLFKOlFKHOQG]XLKUHU&RPSXWHUWDVWDWXU XP0LWGHPULFKWLJHQ3DZRUWVLHKRIIWHGDHVQRFK

QLFKWJHlQGHUWZRUGHQZDU VFKDOWHWHVLHVLFKLQGHQ*UR UHFKQHUGHV6WW]SXQNWHVHLQ =LIIHUQXQGHLQLJH%XFKVWDEHQZDQGHUWHQEHUGHQ %LOGVFKLUP 'DQQZDUVLHGULQ'LH9HUELQGXQJVWDQG 6LHHULQQHUWHVLFKGDHVLQGLHVHP6\VWHPHLQH$UW 0HQJDEXQGGRUWKDWWHVLHHLQHQ+LQZHLVDXIHLQHQ/D JHUEHUHLFKEHPHUNW6LHEUDXFKWHQXUGXUFKGLHHOHNWURQL VFKHQ)OXUHGLHVHVJLJDQWLVFKHQ6\VWHPVVWUHLIHQ 8QGZHQQHVGRUWHWZDV,QWHUHVVDQWHVJDEGDQQZUGH VLHHVILQGHQ 6HOEVWZHQQVLHGDIUGLH0LWWDJVSDXVHRSIHUQPXWH

:HQQGDVEHUKDXSWP|JOLFKZDUGDQQZDUGHU+LPPHO QRFKGXQNOHUJHZRUGHQ+LHUXQGGRUWNODWVFKWHQGLFNH 5HJHQWURSIHQKHUXQWHUXQGILHOHQDXIGHQ%RGHQRGHUODQ GHWHQLQHLQHUGHUYLHOHQ3IW]HQGLHDXIGHP*HOlQGH YHUVWUHXWZLHWUDXULJHNOHLQH6SLHJHOGDVWUEH/LFKWUH IOHNWLHUWHQ0DUVKDZLFKGHQ3IW]HQDXVZlKUHQGVLH VLFKEHU*HKZHJHXQG3DUNSOlW]HGHP/DJHUQlKHUWH GDVKLQWHUGHQ+DXSWJHElXGHQODJ'HU]XU*UXQGDXVU VWXQJJHK|UHQGH3DUNDZUGHVLHVFKW]HQIDOOVGHU5H JHQEHJDQQ%LVMHW]WWU|SIHOWHHVQXUGHVKDOEKDWWHVLHVLFK GLH.DSX]HQLFKWEHUGHQ.RSIJH]RJHQ(VZDUHLQ:HW WHUEHLGHP5HJHQZUPHUHUVDXIHQNRQQWHQ'HU*HUXFK QDFKIHXFKWHU(UGHXQGQDFKgOGDVVLFKDXI:DVVHUOD FKHQDXVEUHLWHWHZDUDOOJHJHQZlUWLJ'DV.UHLVFKHQXQG 5|KUHQGHU'VHQIOXJ]HXJHZDUOHLVHUJHZRUGHQGHQQ GLH*HElXGHKLHOWHQGHQ/lUPHWZDVDE9RQ1RUGRVWHQ ZHKWHHLQHIULVFKH%ULVHEHUGDVVDIWLJH*UDVGDVDQPDQ FKHQ6WHOOHQZXFKHUQGXUIWH'HU:LQGEOlKWHHLQHQ :LQGVDFNGHQLUJHQGHLQ6SDYRJHOLQGHU1lKHHLQHU%D UDFNHDXIJHKlQJWKDWWH:LQGVlFNHZDUHQZRKONDXP QW]OLFKH*HUlWHIUHLQHPRGHUQH/XIWZDIIH 0DUVKDKDWWHHLQ6WFN3DSLHULQGHU7DVFKHDXIGHPVLH HLQH5HJLVWULHUQXPPHUGHV/DJHUVQRWLHUWKDWWH%H UHLFK$EWHLO$)DVWHLQH6WXQGHKDWWHVLHVLFKGXUFK GDV/DJHUYHU]HLFKQLVZKOHQPVVHQEHYRUVLHIQGLJ JHZRUGHQZDU

'LH(LQWUDJXQJODXWHWHQXU!5RVZHOO 1LFKWHWZD!8QEHNDQQWH*HJHQVWlQGHRGHU!)OLHJHQGH 8QWHUWDVVHXQGJDQ]VLFKHUQLFKW!7RWH$XHULUGLVFKH 1LFKWVZHLWHUZDUHLQJHWUDJHQQXU!5RVZHOO %HUHLWVGLH7DWVDFKHGDHVGLHVH(LQWUDJXQJJDEZDU HVZHUWVLFKGLH6DFKHQlKHUDQ]XVFKDXHQ6LHKDWWHVR ZLHVRQLFKWVZHLWHU]XWXQ:HUZHLYLHOOHLFKWNRQQWHVLH VRJDUHWZDVKHUDXVILQGHQGDV6FDUERURXJKKHOIHQZUGH (LQHQ+LQZHLVDXIGDVZDVGLH5HJLHUXQJDOOGLH-DKUHJH KHLPJHKDOWHQKDWWH (LQHU.DUWHGHV6WW]SXQNWHVKDWWHVLHHQWQHKPHQN|Q QHQZRGDV/DJHU]XILQGHQZDU(VZDUQLFKWZHLW ZHJ6RQDKHGDHVVLFKQLFKWORKQWHPLWGHP:DJHQ]X IDKUHQ'DV/DJHUEHIDQGVLFKDXIHLQHPRIIHQVLFKWOLFK NDXPQRFKEHQXW]WHQ7HUUDLQYRQ:ULJKW3DWWHUVRQ$OV VLHVLFKGHP*HOlQGHQlKHUWHNRQQWH0DUVKDVHKHQGD HVVLFKEHLGHQ*HElXGHQXPDOWH+DQJDUVXQG%HKHOIV VFKXSSHQKDQGHOWHGLHDXVJHVSURFKHQKHUXQWHUJHNRP PHQXQGYHUVWDXEWDXVVDKHQ'LH$LU)RUFHEDXWHLKUH$Q ODJHQQLFKWJHUDGHIUGLH(ZLJNHLWXQGGLH*HElXGH VWDQGHQVLFKHUOLFKQXUGHVKDOEQRFKZHLOGLH$QRUGQXQJ IUGHQ$EULLPEURNUDWLVFKHQ*HZLUUXQWHUJHJDQJHQ ZDU 'RFKDOVVLHEHUHLQHDOWH6WDUWEDKQQlKHUNDPXQGGDV /DJHUEHUEOLFNHQNRQQWHZDUVLHEHUUDVFKW(LQHUGHU EHLGHQ+DQJDUVZDUYRQHLQHP=DXQXPJHEHQ (LQ(OHNWUR]DXQGHUREHQ]XVlW]OLFKPLW6WDFKHOGUDKW JHVLFKHUWZDU 9RUGHP7RUGHV=DXQVGHUGLH/DJHUXQGXPJDE VWDQGHQNHLQH:DFKHQDEHUGDV7RUZDUYHUVSHUUW,Q HLQHPRIIHQHQ3ODVWLNNDVWHQZDUHLQHOHNWURQLVFKHV6FKOR ]XVHKHQ 0DUVKDQlKHUWHVLFKGHP7RUXQGVDKVLFKGLH6DFKHDQ 6LHDKQWHEHUHLWVZDVVLHHUZDUWHWHZROOWHVLFKDEHUGHQ QRFKYHUJHZLVVHUQ5LFKWLJHVZDUHLQ6FKORGDVVLFK QXUPLWHLQHU,'.DUWH|IIQHQOLH0DQPXWHVHLQH,' .DUWHLQGHQ6FKOLW]VFKLHEHQXQGEHUGHQ=LIIHUQEORFN HLQHQ=XJDQJVFRGHHLQJHEHQGHQGHU$SSDUDWGDQQ EHUSUIWH*HQDXZLHDP*HOGDXWRPDWHQ

9HUGDPPWYRQHLQHP=XJDQJVFRGHZDULP&RPSXWHU QLFKWGLH5HGHJHZHVHQ :HUZHLZDVSDVVLHUHQZUGHZHQQVLHLKUH0DJQHW NDUWHKLQHLQVFKRE0|JOLFKHUZHLVHO|VWHGDVLUJHQGZR HLQHQ$ODUPDXVXQGYLHOOHLFKWZXUGHGDQQDXILUJHQGHL QHP'UXFNHULKU1DPHDXVJHJHEHQXQWHUVWULFKHQXQG GXUFK6WHUQHKHUYRUJHKREHQ1DFKGHPVLH6FDUERURXJK DXVGHU$UUHVW]HOOHEHIUHLWKDWWHZlUHHV&RORQHO:DOWHU 'RODQEHVWLPPWOLHEHUVLHVFKRQKHXWHDOVHUVWPRUJHQDE ]XVFKLHHQ1XUGLH,QWHUYHQWLRQKRFKJHVWHOOWHU)UHXQGH LQGHU$LU)RUFHKDWWH0DUVKDHLQH8QWHUVXFKXQJHUVSDUW GLHGHQHUVWHQ6FKULWWDXIGHP:HJ]XHLQHP'LV]LSOLQDU RGHUJDUHLQHP.ULHJVJHULFKWVYHUIDKUHQGDUJHVWHOOWKlWWH ,KUH)UHXQGHKDWWHQLKUQDKHJHOHJWHLQH:HLOHHLQEUDYHV 0lGFKHQ]XVHLQ9HUVXFKWHV(LQGULQJHQLQHLQHQJHKHL PHQ%HUHLFKZDUQLFKWJHUDGHGDVZDVPLW!EUDYJHPHLQW JHZHVHQZDU $EHULPPHUKLQNHLQH:DFKHQ'DVZDUJXWVR(VJDE QLFKWHLQPDOHOHNWURQLVFKHhEHUZDFKXQJVDQODJHQ6R ZLFKWLJZDUGLHVHUDEJHVSHUUWH%HUHLFKDOVRZRKOGRFK QLFKW 8QGZHQQVLHXQEHGLQJWZROOWHZUGHVLHKLQHLQNRP PHQ 6LHZDQGHUWHDP6FKORYRUEHLRKQHVLFKZHLWHUGDUXP ]XNPPHUQbKQOLFKH6SHUUHQKDWWHVLHDXFKDQDQGHUHQ 6WHOOHQDXIGHP6WW]SXQNWJHVHKHQXQGVLHZXWHZLH VLHIXQNWLRQLHUWHQ 9LHOOHLFKWKlWWHVLHPLWVRHLQHPGHUDUWLJHQ+LQGHUQLV UHFKQHQVROOHQ:LHDXFKLPPHUGDVHOHNWURQLVFKH6FKOR UHL]WHVLHQLFKWQXUHVZDUHLQHJURH+HUDXVIRUGHUXQJ 6LHZUGHVLFKGLH6DFKHQlKHUDQVHKHQHLQELFKHQDQ GHQ6LFKHUKHLWVV\VWHPHQKHUXPVFKQIIHOQHLQELFKHQ PLWGHQ&RGHVKHUXPVSLHOHQ 6WLOOYRUVLFKKLQOlFKHOQGZDQGHUWH/LHXWHQDQW0DUVKD 0DQQLQJDP/DJHUYRUEHLXPUXQGHWHGDV.DUUHH NHKUWHLQLKU%UR]XUFNXQGDGLH%XWWHUEURWHGLHVLH YRUVRUJOLFKHLQJHSDFNWKDWWH -DGDVZUGH(YHUHWW6FDUERURXJKVLFKHULQWHUHVVLHUHQ 6RJDUVHKU

.DSLWHO 'HU+DXSWVLW]GHU&HQWUDO,QWHOOLJHQFH$JHQF\JOHLFKW HLQHUEHHLQGUXFNHQGHQ)HVWXQJ(LQPRGHUQHV*HElXGH GDVVLFKVFKURIIDXVGHQZHLWOlXILJHQ:lOGHUQXPGHQ2UW /DQJOH\9LUJLQLDHUKHEWGXUFKGHQ3RWRPDFYRP5HJLH UXQJVVLW]JHWUHQQWXQGHLQSDDU.LORPHWHUQ|UGOLFKYRQ $UOLQJWRQXQGGHP3HQWDJRQJHOHJHQ ,Q/DQJOH\EHILQGHQVLFKGLH%URVGHV'LUHNWRUVXQG GHUOHLWHQGHQ$QJHVWHOOWHQ9LHOHGHUEULJHQ0LWDUEHLWHU GLHQDFK7DXVHQGHQ]lKOHQGHQ%HUDWHUIUZLVVHQVFKDIWOL FKHWHFKQLVFKHXQGZLUWVFKDIWOLFKH)UDJHQXQGGLH9HU ELQGXQJVOHXWH]XU5HJLHUXQJXQG]XP9HUWHLGLJXQJVPL QLVWHULXPVLW]HQMHGRFKEHUJDQ]H:DVKLQJWRQYHUVWUHXW LQ*HElXGHQGLHDXVGHP6XPSIJHELHWVSULHHQZLH3LO]H DXVGHP%RGHQJDQ]]XVFKZHLJHQYRQGHQPHKUDOV ]HKQDQGHUHQ%HK|UGHQZLHGHU1DWLRQDO6HFXULW\$JHQF\ XQGGHP)%,GLHLKUH%HULFKWHXQPLWWHOEDUEHLGHU&,$ HLQUHLFKHQ :DVKLQJWRQ'&LVWHLQZDUPHUXQGIHXFKWHU2UW9RU GHU(UILQGXQJGHU.OLPDDQODJHJDOWGLH+DXSWVWDGWGHU 86$EHL'LSORPDWHQDXVDQGHUHQ/lQGHUQDOVªVXEWURSL VFKHV©(LQVDW]JHELHW1DFKGHPGDVULHVLJH+DXSWJH ElXGHGHU&,$LP-DKUHIHUWLJJHVWHOOWZRUGHQZDU NODJWHQGLHPHKUDOV$QJHVWHOOWHQGDUEHUGDHV ]ZDUHLQHDQJHPHVVHQH+HL]XQJDEHUNHLQHYHUQQIWLJH .OLPDDQODJHJDE'DUDXIKLQZXUGHQLQGHQ%URV7KHU PRVWDWHHLQJHEDXWXQGHVZXUGHQ+DXVPLWWHLOXQJHQ]XU 5HJHOXQJGHU5DXPWHPSHUDWXUYHUWHLOW'RFKDOVGLH.OL PDDQODJHQDFKHLQLJHU=HLWZHJHQVWlQGLJHU0DQLSXODWLR QHQQRFKXQ]XOlQJOLFKHUIXQNWLRQLHUWHDOVRKQHKLQVFKRQ ZXUGHQGLH7KHUPRVWDWHPLWNOHLQHQ.lVWFKHQDEJHVSHUUW 'LH9HUWUDJVILUPDKDWWHMHGRFKQLFKWGLH7DWVDFKHEHUFN VLFKWLJWGDYLHOH&,$0LWDUEHLWHULP5DKPHQLKUHU *UXQGDXVELOGXQJHLQHQ.XUVLP6FKO|VVHUNQDFNHQPLWJH PDFKWKDWWHQ(VGDXHUWHDOVRQLFKWODQJHELVDOOH7KHUPR VWDWHZLHGHULQ%HWULHEZDUHQ ,QGHP7UDNWLQGHPVLFK%ULDQ5LFKDUGV %UREHIDQG KDWWHHVMHGRFKQRFKQLH3UREOHPHPLWGHU.OLPDDQODJHJH

JHEHQ(VEHIDQGVLFKLQHLQHP7HLOGHV&,$*HElXGHVZR GLH/HLWHUGHU%HK|UGHUHVLGLHUWHQGLHVRJHQDQQWHQK| KHUHQ&KDUJHQ]LYLOH0LWDUEHLWHUYRQK|FKVWHP5DQJ 'LHVH0LWDUEHLWHUNDPHQLQGHQ*HQXHLQHUJDQ]HQ5HLKH YRQ9HUJQVWLJXQJHQXQGHLQHGLHVHU9HUJQVWLJXQJHQ ZDUHLQSULYDWHU6SHLVHUDXP ,QGLHVHP6SHLVHUDXPVD%ULDQ5LFKDUGVJHUDGHEHLP 0LWWDJHVVHQ 'LH.|FKHEHKHUUVFKWHQ]ZDUGLHIUDQ]|VLVFKH.FKH DEHUGHUOHW]WH6FKUHLLQ:DVKLQJWRQ'&ZDUHQLWDOLHQL VFKH*HULFKWHXQGDQGLHVHQ7UHQGSDWHVLFKGLH.DQWLQH GHUOHLWHQGHQ0LWDUEHLWHUGHU&,$DQ1DFKGHU9RUVSHLVH JHQHKPLJWH5LFKDUGVVLFKHLQHVSH]LHOOH5LEROOLWDGLH 3DSSDDOSRPRGRUHJHQDQQWZXUGH$OV'HVVHUWZROOWHHU =DEDLRQHEHVWHOOHQHLQHN|VWOLFKHLWDOLHQLVFKH(LHUVSHLVH GLHHUEHVRQGHUVOLHEWH $EHUHUVROOWHQLFKWELV]XP'HVVHUWNRPPHQ 5LFKDUGVZXWHGHQSULYDWHQ6SHLVHVDDOGXUFKDXV]X VFKlW]HQZRPDQHUVWNODVVLJHV(VVHQ]XEHVFKHLGHQHQ 3UHLVHQHUKLHOW,P+DXVJDEHVQRFK]ZHLZHLWHUH5HVWDX UDQWV(LQPDOGLHNOHLQHXQDSSHWLWOLFKH&DIHWHULDIUGLH $QJHVWHOOWHQDQGHUHU5HJLHUXQJVEHK|UGHQXQG]XP ]ZHLWHQGLH.DQWLQHGLHGHQEULJHQ&,$$QJHVWHOOWHQ YRUEHKDOWHQZDU'HU*UXQGZDUGHUGD%HVXFKHUGHU &DIHWHULDNHLQHYHUGHFNWRSHULHUHQGHQ&,$0LWDUEHLWHU ZLHGHUHUNHQQHQVROOWHQ 5LFKDUGVKDWHGLH&DIHWHULDXQGDOVHUHQGOLFK]XHLQHU HQWVSUHFKHQGKRKHQ3RVLWLRQDXIJHVWLHJHQZDUKDWWHHU GDV(UHLJQLVPLWHLQHUEHVRQGHUVWHXUHQ)ODVFKH&KiWHDX 5RWKVFKLOGJHIHLHUW(UKDWWHVLFKLQGLH.DQWLQHJHVHW]W GLHHKHUZLHHLQWHXUHV5HVWDXUDQWLQGHU6WDGWGHQQZLH HLQH.DQWLQHLQHLQHU%HK|UGHHLQJHULFKWHWZDUXQGGLH )ODVFKHDOOHLQDXVJHWUXQNHQ +HXWHWUDQNHUNHLQHQ:HLQ(UDVFKQHOOHUDOVVRQVW XQGHUZlUHVRJDUPLWHLQHP6DQGZLFKLP%UR]XIULHGHQ JHZHVHQZHQQGDVVHLQ6WRO]]XJHODVVHQKlWWH$EHUHLQ 'XPPNRSIZLH(YHUHWW6FDUERURXJKVROOWHGHQYHUWUDX WHQ$EODXIVHLQHV$UEHLWVWDJHVQLFKWGXUFKHLQDQGHUEULQ JHQ1HLQNHLQHVIDOOV

,YDQHLQHUGHUVFKZDU]HQ.HOOQHUGLHJHVWlUNWHZHLH +HPGHQXQG6FKOLSVHWUXJHQNDPPLWHLQHU1DFKULFKWDQ VHLQHQ7LVFKª,KU%UR6LU©VDJWH,YDQª6LHVROOHQVRIRUW ]XUFNNRPPHQ© ª+DWPDQGHQ*UXQGJHQDQQW"©IUDJWH5LFKDUGVXQG EOLFNWHPLPXWLJDXI ª1HLQ6LUHVKLHQXUGDHVGLHK|FKVWH'ULQJOLFK NHLWVVWXIHVHL© (LQ.HOOQHULP6SHLVHUDXPGHU6SLW]HQNUlIWHGHU&,$ GHUDXVJHUHFKQHW,YDQKLHGDVERWGHQ%HDPWHQUHLFKOLFK $QOD]X6FKHU]HQ$QJHEOLFKKDWWH*HRUJH%XVKLKQSHU V|QOLFKHLQJHVWHOOWEHYRUHUGLH/HLWXQJGHU%HK|UGHDE JDEHUKlWWHHVQXUJHWDQKLHHVXPVHLQHQ1DFKIROJHU ]XlUJHUQ ª'DQNH,YDQ8QGJUHQ6LHGHQ.RFK,FKJODXEHLFK NDQQKHXWHZRKOQLFKWDOOHVDXIHVVHQ©(UWXSIWHVLFKGHQ 0XQGPLWHLQHUIULVFKJHZDVFKHQHQEHVWLFNWHQ6HUYLHWWH DEXQGVWDUUWHGLH5HVWHVHLQHV0LWWDJHVVHQVDXIGHPVFK| QHQ3RU]HOODQWHOOHUDQª$EHUHVLVWZLUNOLFKDXVJH]HLFK QHW6HW]HQ6LHHVELWWHDXIPHLQH5HFKQXQJXQGVFKUHLEHQ 6LHIQI3UR]HQW]XVlW]OLFKDOV7ULQNJHOGDXI© ª'DQNH6LU'DVPXMDZLUNOLFKHLQHZLFKWLJH6DFKH VHLQ© 5LFKDUGVOlFKHOWHYHUlFKWOLFKª:DVJODXEHQ6LH8QG DXHUGHPQDWUOLFKWRSVHFUHW+|FKVWH*HKHLPKDOWXQJV VWXIH© ,YDQNLFKHUWHEHUGHQ6FKHU]ª,QGLHVHP)DOO6LUVROO WHQ6LH]XGHQ0DQQGHUDXVJHUHFKQHW,YDQKHLWNHLQ :RUWPHKUVDJHQ© 5LFKDUGVODFKWHIUHXQGOLFKXQGNORSIWH,YDQDXIGHQ 5FNHQª*HQDX%LVPRUJHQGDQQKRIIHLFK© $OVHUVHLQ%UREHWUDWVFKDXWHVHLQ6HNUHWlUHLQ0DQQ 1DPHQV+DUROG)LQFKYRQVHLQHQ6FKUHLEFRPSXWHUDXI XQGQDKPGLH.RSIK|UHUGHV'LNWLHUJHUlWVDEª$JHQW(G ZDUG0\HUVLVWGD6LU6LHKDWWHQPLFKJHEHWHQ6LH]XUX IHQVREDOGHUHLQWULIIW© ª0\HUVLVWGD"*XWJXW©5LFKDUGVUlXVSHUWHVLFKª+D UROG6LHN|QQHQMHW]W0LWWDJVSDXVHPDFKHQ© ª,FKKDEHVFKRQJHJHVVHQ6LU©

ª'DQQPDFKHQ6LHHLQIDFKQRFKHLQH3DXVH(LQVFKZHU DUEHLWHQGHU0DQQZLH6LHNDQQLPPHUHLQH3DXVHJHEUDX FKHQ© )LQFKQLFNWHª,FKYHUVWHKH6LU© +DUROG)LQFKZXUGHQLFKWQXUYRQGHU&,$VRQGHUQ DXFKEHUHLQ3ULYDWNRQWRYRQ%ULDQ5LFKDUGVVHOEVWEH ]DKOW(UZXUGHIUGDVEH]DKOWZDVHUZXWHXQGIUGDV ZDVHUQLFKWZXWH5LFKDUGVKDWWHNHLQHQ*UXQGVHLQHP 6HNUHWlU]XPLWUDXHQDEHUGLHVHV7UHIIHQVROOWHHUDXIJDU NHLQHQ)DOOEHODXVFKHQN|QQHQQLFKWHLQPDO]XIlOOLJ )LQFKVWDQGDXIXQGULHIGLH7HOHIRQYHUPLWWOXQJDQGD PLWGLHLQGHU=ZLVFKHQ]HLWHLQJHKHQGHQ$QUXIHHQWVSUH FKHQGXPJHOHLWHWZXUGHQ'DQQYHUVFKZDQGHU5LFKDUGV UlXVSHUWHVLFK]RJVHLQ-DFNHWW]XUHFKWXQG|IIQHWHGLH7U VHLQHVSULYDWHQ.RQIHUHQ]]LPPHUVGDVJOHLFK]HLWLJDOV%L EOLRWKHNGLHQWH(G0\HUVVDDP7LVFKXQGODVHLQH=HLW VFKULIW 'LH0LWDUEHLWHUGHU&,$GLHPLWLKP]XWXQKDWWHQHU ]lKOWHQXQWHUHLQDQGHUGD(G0\HUVLPIDOVFKHQ%HUXIWl WLJZlUHHUKlWWHVLFKDOV0LWDUEHLWHUYRQ:DOW'LVQH\VL FKHUJXWJHPDFKW0LWVHLQHPRIIHQHQ*HVLFKWVDXVGUXFN VDKHUDXVZLHHLQHUGHUIU.DOLIRUQLHQXQG+ROO\ZRRG VRW\SLVFKVFKODNVLJHQEORQGHQXQGNUHDWLYHQ%XUVFKHQ *ODWWXQGJHZDQGWXQGVRDPHULNDQLVFKDOVZlUHHUPLW GHP0LFNH\0RXVH&OXEDXIJHZDFKVHQ(UZDUJURXQG VFKODQNXQGKDWWHNXU]HV+DDUGDVHUVLFKPLQGHVWHQVDOOH ]ZHL:RFKHQVFKQHLGHQOLHXQGZHQQHUMHPDQGHPGLH +DQGJDEZLHHUHVMHW]WEHL%ULDQ5LFKDUGVWDWGDQQEHU NDPVHLQ*HJHQEHUGDV*HIKOGLH:HOWVHLHLQZXQGHU VFK|QHU2UWZRPDQVLFKQLFKWDQGHUVDOVYROOHU%HJHLVWH UXQJEHZHJHQNRQQWH 'HQQRFKZDU0\HUVZLH5LFKDUGVJHQDXZXWHGXUFK DXVHLQKDUWHUIlKLJHU$JHQW ª'DQNHGD6LHNRPPHQNRQQWHQ(G(VWXWPLUOHLG GDHVVRJHKHLPQLVNUlPHULVFKXQGVFKQHOOJHVFKHKHQ PXWHDEHUGDVOLHVLFKOHLGHUQLFKWYHUPHLGHQ© ª6FKRQJXW,FKZDUJHUDGHLP1DWLRQDO$LUSRUWDXV GHP)OXJ]HXJJHVWLHJHQXQGZROOWHVRZLHVRKLHUKHUDXV NRPPHQXQGSHUV|QOLFKGDIUVRUJHQGDPHLQ%HULFKW

LQGHUULFKWLJHQ$EODJHODQGHW©'HU0DQQVDKPGHDXV 5LFKDUGVEHPHUNWHGDGLH)DOWHQXPVHLQH$XJHQVLFK VWlUNHUDE]HLFKQHWHQDOVVRQVW ª:LHLFKK|UWHZDUHQ6LHLQ%HUOLQ© ª5LFKWLJ© ª+DEHQ6LHZLHGHUHLQPDOKHIWLJDQGHU9HUEHVVHUXQJ GHU2VW:HVW%H]LHKXQJHQJHDUEHLWHW"© ª6LHZLVVHQGRFKGDLFKQLFKWGDUEHUVSUHFKHQGDUI 0U5LFKDUGV1LFKWHLQPDOPLW,KQHQ© ª-DQDWUOLFK6ROOHQZLUXQVLQPHLQ%URVHW]HQ",FK GHQNHLFKN|QQWHGRUWQRFKHWZDV.DIIHHIUXQVDXIWUHL EHQ© 0\HUVQDKPGDV$QJHERWGDQNEDUDQª6HKHLFKGHQQ VRVFKOLPPDXV"$EHUWDWVlFKOLFKLFKN|QQWHHWZDV.RI IHLQJHEUDXFKHQ,FKELQZLUNOLFKQLFKWPHKUGHUMQJVWH© ª:HULVWGDVVFKRQ(GZHULVWGDVVFKRQ© 'LHEHLGHQ0lQQHUGLHHLQJHVFKZHLWHQ,'.DUWHQPLW )RWRXQG1XPPHUNOHPPWHQDQGHQ-DFNHWWDXIVFKOlJHQ JLQJHQLQ5LFKDUGV %UR'LH.DUWHQJHK|UWHQHEHQVR]X GHQ6LFKHUKHLWVPDQDKPHQLQ/DQJOH\ZLHGHU6WDFKHO GUDKW]DXQGHUGDV*HElXGHXPJDEXQGGLHEHZDIIQHWHQ :lFKWHUXQG3ROL]HLKXQGHGLHDP=DXQSDWURXLOOLHUWHQ 1LHPDQGNRQQWHGDV*HOlQGHRKQH,GHQWLIL]LHUXQJXQG HQWVSUHFKHQGH)UHLJDEHEHWUHWHQ6HOEVWGLH3XW]NRORQQHQ PXWHQDXVJLHELJH6LFKHUKHLWVEHUSUIXQJHQEHUVLFK HUJHKHQODVVHQ'HU%HUHLFKLQGHPVLFKGLHEHLGHQ0lQ QHUEHIDQGHQZDUQRFKHLQPDO]XVlW]OLFKDEJHVFKLUPW 0DQPXWHHLQHQ.RQWUROOSRVWHQSDVVLHUHQXQGVLFKEHL :DFKHQKLQWHU6LFKHUKHLWVJODVVFKDOWHUQDXVZHLVHQ (VJDE/HXWHGLHEHKDXSWHWHQGDV!&LQ!&,$VWQGH IU!FKDRWLVFKDEHUHLQEHVRQGHUVELVVLJHU6S|WWHUKDWWH HLQPDOHUNOlUWGD3UlVLGHQW+DUU\7UXPDQGHUGLH%H K|UGHPLWGHP1DWLRQDO6HFXULW\$FWLQV/HEHQJHUX IHQKDWWHGDV:RUW!VHFXULW\QLFKWULFKWLJKDEHEXFKVWD ELHUHQN|QQHQVRQVWZlUHHVDQVWHOOHYRQ!FHQWUDO YHUZHQGHWZRUGHQ 5LFKDUGVGHXWHWHDXIHLQHQGHU3ROVWHUVHVVHOYRUVHLQHP 6FKUHLEWLVFKGDQQVFKORHUGLH7U'DV%URZDUMHW]W VFKDOOGLFKWYHUVLHJHOWXQGHUIKOWHVLFKVRIRUWHWZDVEHV

VHU:DVKLHUJOHLFKEHVSURFKHQZHUGHQPXWHGDVVROOWH QLHPDQGLQGLHVHU$EWHLOXQJDXFKQXUDQGHXWXQJVZHLVH PLWEHNRPPHQ ª:LHJHKW VGHU)DPLOLH0\HUV"© ª+HUYRUUDJHQG6LU0HLQ6RKQPDFKWVLFKJDQ]SUlFK WLJHUHQWZLFNHOWVLFKDXVJH]HLFKQHW© ª*XWJXW'DVIUHXWPLFK]XK|UHQ©5LFKDUGVXPUXQ GHWHGHQ6FKUHLEWLVFKXQGOLHVLFKDXIVHLQHPULHVLJHQ XQGVHKUEHTXHPHQ%URVHVVHODXV/HGHUQLHGHU9RQVHL QHP6LW]SODW]DXVKDWWHHUHLQHQVFK|QHQ$XVEOLFNDXIGLH 6DPPOXQJYRQ'LSORPHQ$XV]HLFKQXQJHQXQG%HI|UGH UXQJVXUNXQGHQGLHGLH:lQGHVFKPFNWHQ'DUXQWHU VWDQGHQHLQLJH%FKHUVHLQNOHLQHUYHUVFKOLHEDUHU$N WHQVFKUDQNGLH%LOGHUVHLQHU)UDXXQGVHLQHU)DPLOLHXQG HLQSSLJHV6RID:HQQHUVLFKXPGUHKWHNRQQWHHUGLHLQ IUKOLQJKDIWHV*UQJHNOHLGHWHQ:lOGHUXP/DQJOH\EH WUDFKWHQGRFKLP$XJHQEOLFNZDUHQGLH9RUKlQJHJH VFKORVVHQ'DV%URZXUGHYRQJHVFKPDFNYROOHQ/DPSHQ HUKHOOWHVJDENHLQHJUHOOHQ/HXFKWU|KUHQ5LFKDUGVKDWH GLH'LQJHU ª(LQIDFKZXQGHUYROOZHQQPDQ)DPLOLHKDWQLFKW ZDKU"©IXKU5LFKDUGVIRUWª:DVZlUHQZLURKQHXQVHUH )DPLOLHQ$EHUMHW]WODVVHQ6LHXQV]XU6DFKHNRPPHQ© 5LFKDUGV]RJHLQNOHLQHVWUDJEDUHV$XIQDKPHJHUlWKHUYRU XQGVWHOOWHHVDXIGHQ6FKUHLEWLVFKª6RZHLWLFKZHLVLQG 6LHPLW'U(YHUHWW6FDUERURXJKEHIUHXQGHW"© ª'DVLVWULFKWLJ(UKDWPLUIUKHUPDOJHKROIHQPLU XQGPHLQHP6RKQ6RJDUVHKU©'DVKHLWHUH*HVLFKWGHV 0DQQHVYHUGVWHUWHVLFKª(VJHKWGRFKKRIIHQWOLFKQLFKW XP(YHUHWW"© ª,FKIUFKWHGRFK©5LFKDUGVUlXVSHUWHVLFKª,FK JODXEH6LHNRQQWHQLQ%HUOLQQLFKWYHUIROJHQZDVKLHU GXUFKGLH0HGLHQJHJDQJHQLVW,FKKDEHPLUGLH)UHLKHLW JHQRPPHQHLQLJH=HLWXQJVDXVVFKQLWWHIU6LHYRU]XEH UHLWHQGLH6LHVLFKDQVHKHQN|QQHQ(G$EHUGDV:LFKWLJ VWHNDQQLFKIU6LHDXFKPQGOLFK]XVDPPHQIDVVHQ© 5LFKDUGVJDELKPGLHRIIL]LHOOH9HUVLRQGHU*HVFKLFKWH XQGVFKORª$QVFKHLQHQGKDWWHHUHLQH$UW1HUYHQ]X VDPPHQEUXFKHULVWHPRWLRQDODP(QGH:LUZLVVHQHV

QLFKWJHQDXDEHUGHU0RUGDQVFKODJDQGHU8QLYHUVLWlW YRQ0DU\ODQGN|QQWHHVDXVJHO|VWKDEHQ0LW6LFKHUKHLW ZLVVHQZLUQXUGDHU&DSWDLQ(ULF0DF.HQ]LHXQGHLQHQ XQVHUHU6SLW]HQDJHQWHQJHW|WHWKDW$XHUGHPPLVFKWHHU VLFKLQK|FKVWZLFKWLJH3URMHNWHHLQGLHGHUQDWLRQOHQ6L FKHUKHLWGLHQHQ(UOlXIW$PRNXQGNlPSIWJHJHQGLH5H JLHUXQJYRQGHUHUJODXEWGDVLHVLFKJHJHQLKQYHU VFKZRUHQKDEH(UEHKDXSWHWVRJDUGDZLUVHLQH7RFKWHU HQWIKUWKlWWHQ©5LFKDUGV]RJHLQHQ2UGQHUDXVGHP6WD SHO|IIQHWHLKQXQG]HLJWH0\HUVGHQ,QKDOWª'DVKLHU VLQGGLHOHW]WHQ0HOGXQJHQ6FDUERURXJKV/HNWRULQEHL 4XLJOH\&LQG\&OLQWRQZXUGHJHVWHUQDEHQGJHW|WHW (UVFKRVVHQXQGLQ1HZ
VHQXQVMDOHLGHUXPVRYLHOHGULQJHQGH'LQJHJOHLFK]HLWLJ NPPHUQ1XQJHKWHVYRUDOOHPGDUXPGLH6LWXDWLRQ ZLHGHULQGHQ*ULII]XEHNRPPHQ(VLVWEULJHQVHLQH6L WXDWLRQLQGHUGLHQDWLRQDOH6LFKHUKHLWXQPLWWHOEDUEH GURKWLVW©5LFKDUGVUlXVSHUWHVLFKª7DWVlFKOLFKEHVWHKW GLH0|JOLFKNHLWGD6FDUERURXJKPLWGHU6SLRQDJHDEWHL OXQJGHV.*%LQ9HUELQGXQJVWHKW© 0\HUVKREGLH$XJHQEUDXHQXQGVWDUUWH5LFKDUGVHLQHQ $XJHQEOLFNDQGDQQNLFKHUWHHUOHLVHª6LUXQG6LHHUZDU WHQZLUNOLFKGDLFK,KQHQGDVDOOHVJODXEH"© 5LFKDUGVUXQ]HOWHGLH6WLUQª'DVVLQGGLH7DWVDFKHQ 0\HUV© ª2ND\YLHOOHLFKWELQLFK]XPGHXPZLUNOLFK]XYHU VWHKHQZDVKLHUJHVSLHOWZLUG(QWVFKXOGLJHQ6LH6LU $EHU6FDUERURXJKZUGHVRHWZDVQLFKWWXQ'D]XNHQQH LFKLKQYLHO]XJXW8QGZDVPHLQWHQ6LHJHUDGHPLWGHU QDWLRQDOHQ6LFKHUKHLW"(ULVWHLQ8)26NHSWLNHUXQGGDV LVWQLFKWJHUDGHHLQEUDQGDNWXHOOHV7KHPD©0\HUVVHXI]WH VFKZHUXQGULHEVLFKGLH$XJHQª$XHUGHPVLQGZLU GRFKQRFKQLFKW]XGHV3XGHOV.HUQYRUJHGUXQJHQQLFKW ZDKU":DUXPHU]lKOHQ6LHPLUGDVDOOHV":HLOLFKLKQ NHQQH":ROOHQ6LHPHLQH0HLQXQJK|UHQ"1XQPHLQH 0HLQXQJLVWGD'U(YHUHWW6FDUERURXJKHLQJURDUWLJHU 0HQVFKLVWXQGGDHVVLFKKLHUQXUXPHLQVFKUHFNOLFKHV 0LYHUVWlQGQLVKDQGHOQNDQQ© 5LFKDUGVVFKREGDV.DVVHWWHQJHUlWEHUGHQ6FKUHLE WLVFK]X0\HUVª'HVKDOEKDEHLFK6LHKLQ]XJH]RJHQ(G© (UGUFNWHDXIGLHª3OD\©7DVWH (YHUHWW6FDUERURXJKV6WLPPHXQW\SLVFKJHVSDQQWXQG VFKZDQNHQGZDU]XK|UHQ(UVSUDFK(G0\HUVDQGHU DXIPHUNVDP]XK|UWH(VZDUHQGUHL$XIQDKPHQGLHOHW] WHQEHLGHQQXUNXU]H$QIUDJHQXQGGDV9HUVSUHFKHQHU ZHUGHVLFKZLHGHUPHOGHQ 5LFKDUGVVFKDOWHWHGDV*HUlWDE 0\HUVVDVFKZHLJHQGYRUGHP6FKUHLEWLVFKXQGYHU GDXWHZDVHUJHK|UWKDWWH'DQQKREHUGHQ.RSIXQGVDK 5LFKDUGVDQª,KU'UHFNVNHUOH©IOVWHUWHHU ª6RLVWGDVLP/HEHQ(G6LHVLQGHLQHUYRQXQV6LHZLV VHQGDVROFKH0DQDKPHQPDQFKPDOQRWZHQGLJVLQG©

ª'DVLVWEHUPHLQHQ3ULYDWDQVFKOXJHNRPPHQ,FK VWHKHGRFKZRKOKRFKJHQXJLQGHU+LHUDUFKLHXPGDV 3ULYLOHJ]XJHQLHHQGDPHLQ7HOHIRQQLFKWDEJHK|UW ZLUG© ª(VZLUGQLFKWDEJHK|UW:LUKDEHQQXU,KUHQ$QUXIEH DQWZRUWHUEHUSUIW:LUGDFKWHQ6FDUERURXJKN|QQWH VLFKDQ6LHZHQGHQXQG6LHXP+LOIHELWWHQ:LHHVDXV VLHKWZDUGLHVH9HUPXWXQJULFKWLJ(G8QGGHVKDOEVLQG 6LHMHW]WKLHU6DJHQ6LHZUGHQ6LHHLQHPVWHFNEULHIOLFK JHVXFKWHQ)OFKWLJHQKHOIHQ"© ª(VZlUHVFK|QPLWLKP]XUHGHQ,FKZUGHJHUQVHLQH 9HUVLRQGHU*HVFKLFKWHK|UHQ6FKOLHOLFKJLEWHVNHLQ*H VHW]GDVPLUGDVYHUELHWHW'DVLVWJDQ]EHVWLPPWNHLQ /DQGHVYHUUDW© ª1DWUOLFKQLFKW(VLVWVRJDUJHQDXGDVZDVZLUYRQ,K QHQHUZDUWHQ(G6LHVROOHQPLW(YHUHWW6FDUERURXJKUH GHQ6LHVROOHQLKQEHUUHGHQVLFK]XVWHOOHQGDPLWGLH JDQ]HWUDXULJH*HVFKLFKWHHQGOLFKEHHQGHWZHUGHQNDQQ© ª8QGZHQQHUVLFKQLFKWVWHOOHQZLOO"© ª1XQGDQQZLUGXQVHU$XVZHLFKSODQJUHLIHQ© ª6LHPHLQHQLFKVROOHLQHQ)UHXQGYHUUDWHQ"© ª:HQQZLUXQVHUHQ'LHQVWHLGDXIGLHVH%HK|UGHXQG GDV/DQGOHLVWHQ(GGDQQEHUQHKPHQZLUHLQHVFKZHUH 9HUDQWZRUWXQJGLHXQVPDQFKPDO]X+DQGOXQJHQ ]ZLQJWIUGLHZLUXQVYHUDFKWHQ/LHEWGHU0OOPDQQ GHQVWLQNHQGHQ$EIDOOGHQHUZHJEULQJW",FKJODXEH QLFKWDEHUHVLVWVHLQ-RE'LHVKLHULVW,KU-RE(GDEHUZDV QRFKPHKULVWHVLVWDXFK,KUH3IOLFKW©5LFKDUGVUHGHWH MHW]WPLWKDUWHUXQGHLJHQDUWLJQDVDOHU6WLPPHPLWGHUHU LPPHUVSUDFKZHQQHUVHLQH$XWRULWlWXQGVHLQH%HIHKOV JHZDOW]XU*HOWXQJEULQJHQZROOWHª0XLFK6LHGHQQ ZLUNOLFKDQ,KUHQ(LGHULQQHUQJDQ]]XVFKZHLJHQYRQ ,KUHU9HUDQWZRUWXQJDOV%UJHUGHU9HUHLQLJWHQ6WDDWHQ YRQ$PHULND"0XLFK6LHDQGLHJUR]JLJHQILQDQ]LHO OHQ=XZHQGXQJHQHULQQHUQLQGHUHQ*HQX6LHLP5DK PHQ,KUHV'LHQVWHVJHNRPPHQVLQG"©5LFKDUGVVHXI]WH WLHIZDQGWHGHQ%OLFNDEXQGGUFNWHPLWIDVWDEZHVHQGHQ %HZHJXQJHQDXIHLQHQ.QRSI'LH9RUKlQJHGLHGDV3DQ ]HUJODVIHQVWHUEHGHFNWKDWWHQIXKUHQPLWOHLVHP5DVFKHOQ

]XU6HLWHDOVKlWWHHLQH)UDXLKU.OHLGDEJHVWUHLIW'UDXHQ VDKPDQMHW]WGLH]DUWHQ)UKOLQJVIDUEHQGHU:lOGHUYRQ 9LUJLQLDª(LQVFK|QHU$XVEOLFNZDV"© ª:XQGHUYROO©0\HUV 6WLPPHNODQJPRQRWRQ ª*ODXEHQ6LHPLULFKPXWHHLQSDDU/HXWHQHLQ0HVVHU LQGHQ5FNHQMDJHQXPGLHVH3RVLWLRQ]XEHNRPPHQ© ª*RWWDOOHLQZHLZDV6LHDOOHVJHWDQKDEHQ5LFKDUGV© ª:DVVROOGDVKHLHQ"© ª1LFKWV© ª6LHKDEHQZLHODQJHQRFK"=ZHLRGHUGUHL-DKUHELV 6LHDXIHLQHQQHWWHQ6FKUHLEWLVFKSRVWHQYHUVHW]WZHUGHQ 'DQQPVVHQ6LHQLFKWPHKULQGHU:HOWKHUXPNXUYHQ $EHUHVVLHKWVRDXVDOVZlUHQ6LHDQJHVLFKWVGLHVHU,GHH QLFKWEHVRQGHUVEHJHLVWHUW6FKUHLEWLVFKSRVWHQN|QQHQ DXFK6DFNJDVVHQVHLQQLFKWZDKU(G"6LHZLVVHQGDVXQG LFKZHLHVDXFK,FKN|QQWH,KQHQKHOIHQDXFKVRHLQHQ $XVEOLFN]XJHQLHHQ©(UGHXWHWH]XP)HQVWHUª8QGQD WUOLFKDXFKGLH0DFKWGLHGDPLWYHUEXQGHQLVW© ª-HVXV&KULVWXV5LFKDUGV9HUGDPPWQRFKPDOVROOLFK ZLUNOLFKPHLQH6HHOHYHUNDXIHQPLFKYHUVQGLJHQXQG IU7\SHQZLH6LHDUEHLWHQ"© ª,FKVHKHGD6LHLQGHUOHW]WHQ=HLWJHZLVVHQ%HODVWXQ JHQDXVJHVHW]WZDUHQ(G'DVZLOOLFKEHUFNVLFKWLJHQ XQGGLH%HVFKLPSIXQJEHUK|UHQ© 0\HUVVFKOXJVLFKGLH+lQGHYRUGDV*HVLFKWDWPHWH WLHIGXUFKXQGVFKQDXIWHOHLVHª1HLQ9HUVXFKHQ6LHHV GRFKJHEHQ6LHPLUHLQHQPLHVHQNOHLQHQ%URMRE$EHU LFKNHQQHDXFKDQGHUHKRFKUDQJLJH0LWDUEHLWHU6LHVLQG QLFKWGHUHLQ]LJHGHUKLHUZDV]XVDJHQKDW8QGZHQQ6LH PLU6FKZLHULJNHLWHQPDFKHQZLUGGDV]LHPOLFKPLHVDXV VHKHQ8PHLQHQIUKHUHQ0LWDUEHLWHUXQVHUHU)LUPD]X]L WLHUHQ6LHGUIHQPLUGDVYRQGHQ/LSSHQDEOHVHQ,FK ZHUGHNHLQHQ)LQJHUUKUHQXPPHLQHQ)UHXQG(YHUHWW 6FDUERURXJKDQV0HVVHU]XOLHIHUQ© ª2KDEHU6LHPVVHQ(G'HQQ6LHVLQGKLHUEHLGHU )LUPDGHUHLQ]LJHGHUGD]XLQGHU/DJHLVW©5LFKDUGVIDO WHWHGLH+lQGHGDFKWHQDFKXQG]RJHLQH6FKUHLEWLVFK VFKXEODGHDXI(UQDKPGUHL2UGQHUKHUDXVXQGOHJWHVLH DXIGHQ7LVFK(LQHUZDUEODXGHU]ZHLWHZHLXQGGHU

GULWWHVFKZDU]ª(GZDUG0\HUV6LHKDWWHQPHKUDOVHLQ PDOGDV3ULYLOHJJHKHLPHV0DWHULDO]XVHKHQ]XEHNRP PHQ'DVJHK|UW]X,KUHP%HUXI'RFKGD6LHHLQHQQLHGUL JHQ'LHQVWJUDGEHNOHLGHQVLQG,KQHQQLFKWDOOH%HULFKWH ]XJlQJOLFKXQG6LHGUIHQPDQFKHVQLFKWHUIDKUHQ,FK JODXEHHVLVWMHW]WDQGHU=HLW,KQHQJHZLVVH)DNWHQPLW ]XWHLOHQGD6LHYRQVREHUUDJHQGHU%HGHXWXQJIUXQV VLQG,QGLHVHQ2UGQHUQILQGHQ6LHGLH*UQGHGDIUGD ZLUGLH%HGURKXQJGLHGHQ1DPHQ(YHUHWW6FDUERURXJK WUlJWVRVFKQHOOZLHP|JOLFKDXVGHU:HOWVFKDIIHQPV VHQ© )DVWJUDXYRU(UVFK|SIXQJDEHUGHQQRFKQHXJLHULJJH ZRUGHQXQG]XJOHLFKEHVFKlPWEHUGLHVHQ,PSXOVEH WUDFKWHWH0\HUVGLH2UGQHU ª+EVFK©VDJWHHU ª3URMHNW%OXH%RRN3URMHNW:KLWH%RRN©5LFKDUGVGHX WHWHDXIGHQVFKZDU]HQ2UGQHUª8QG3URMHNW%ODFN %RRN© ª,FKKlWWHHVPLUGHQNHQN|QQHQ(VJHKWDOVRXP8)2V 1DXQG"-HGHUZHLGRFKGDGLH5HJLHUXQJKHLPOLFKGLH 6]HQHEHUZDFKW:DVVROOGDV*HWXH5LFKDUGV"© ª6HKHQ6LHKLQHLQ,FKKDEHGLH,QIRUPDWLRQHQHLJHQVIU 6LHDXIEHUHLWHW© 0\HUVQDKPGLH2UGQHU(UEOlWWHUWHGDV0DWHULDOLP EODXHQ2UGQHUGXUFKGDQQZDUGHUZHLH2UGQHUDQGHU 5HLKH(LQLJH0LQXWHQODVHUVFKZHLJHQGXQGVDK5L FKDUGVVFKOLHOLFKDQDOVZlUHGLHVHUGHU6DWDQVHOEVW ª+|UHQ6LH5LFKDUGVGDVLVWGDVLVW©(UEHNDP GLH:RUWHQLFKWKHUDXV ª6LHKDEHQHVMHW]WJHVHKHQQLHPDQGKDW6LHGD]XJH ]ZXQJHQ:HQQ6LHPLWVSLHOHQZHUGHQ6LHQLFKWQXUDOO GDVEHNRPPHQZDVLFK,KQHQYHUVSURFKHQKDEHVRQGHUQ DXHUGHPHLQHQRUGHQWOLFKHQ%RQXV+XQGHUWWDXVHQG 1HLQVDJHQZLU]ZHLKXQGHUWWDXVHQG'ROODU© ª'DVNDQQQLFKWYRQREHQDEJHVHJQHWVHLQ5LFKDUGV 'DVKLHULVW/DQGHVYHUUDW'DVLVWHLQ9HUUDWDQGHU%LOORI 5LJKWVDQDOOHPZDVLQGLHVHP/DQGKHLOLJLVW(VLVW XQDQVWlQGLJYHUGDPPW© ª$OOGDVJHVFKLHKWQXUGHVKDOE©5LFKDUGVZHGHOWHORN

NHQGPLWGHPVFKZDU]HQ2UGQHUª:lUHQLFKWGDV3URMHNW %ODFN%RRNGDQQZUGHQGLHDQGHUHQEHLGHQQLFKWH[L VWLHUHQ+LHU6LHN|QQHQDXFKGDVOHVHQ© ª:DUXP"© 5LFKDUGVZDUIGHQ2UGQHUDXIGLHDQGHUHQEHLGHQª(G ZLUNRPPHQMHW]W]XP.HUQGHU$QJHOHJHQKHLW(VVLHKW DXVDOVZlUHQZLULQGLHVHP)DOOHLQZHQLJLQGHU .OHPPH,FKKDEHNHLQHDQGHUH:DKO© ª:DVKHLWGDV6LHKDEHQNHLQHDQGHUH:DKO"© ª:LHVSlWLVWHV(G"© 0\HUVVDKDXIGLH8KUª(VLVWMHW]W8KU(DVWHUQ 'D\OLJKW6DYLQJV7LPH© ª5LFKWLJ,FKZLOOHVP|JOLFKVWHLQIDFKDXVGUFNHQ ZHQQ6LHVLFKQLFKWELVPRUJHQXP8KUHLQYHUVWDQ GHQHUNOlUHQXQVGDEHL]XKHOIHQ(YHUHWW6FDUERURXJK]X VFKQDSSHQGDQQZHUGHQ,KUH)DPLOLHQDQJHK|ULJHQEH GDXHUOLFKHWUDJLVFKH8QIlOOHHUOHLGHQ7|GOLFKH8QIlOOH 6R:DVLVW,KQHQMHW]WOLHEHU(G"(LQHWRWH)DPLOLHXQGGLH /R\DOLWlW,KUHP)UHXQGJHJHQEHURGHUXQVGDEHLKHOIHQ HLQHQ9HUEUHFKHU]XIDVVHQ"© (G0\HUVHUEOHLFKWHª'DVLVWNHLQH$NWLRQGHU)LUPD© ª1HLQ© ª,FKKDEH*HUFKWHJHK|UW© ª:DKUVFKHLQOLFKVLQGVLHZDKU(G© ª'DQQVLQG6LH© ª'DVLVWULFKWLJ© ª*RWWVWHKPLUEHL© ª'DVZLUGHUZRKOQLFKW(G©5LFKDUGVJLQJ]XUSULYD WHQ%DUDP6RIDXQGPL[WH(G0\HUVHLQHQVWHLIHQ'ULQN (UZXWHGD0\HUVEUDXQHQ5XPPLW&RODPRFKWHXQG HVGDXHUWHQXUZHQLJH6HNXQGHQGDV*HWUlQN]X]XEHUHL WHQ'DQQNHKUWHHU]XGHP0DQQ]XUFNGHUPLWDVFKIDK OHP*HVLFKWDXIGHP6WXKOVDXQGGUFNWHLKPGDV*ODV LQGLH+DQG0\HUVWUDQNHVPHFKDQLVFK]XU+lOIWHDXV 6HLQH.Q|FKHOGLHGLH6WXKOOHKQHXPNODPPHUWHQKREHQ VLFKZHLDE (VZDUW\SLVFK 5LFKDUGVKDWWHEHUHLWVGUHLRGHUYLHUlKQOLFKH6LWXDWLR QHQHUOHEW0DQFKPDOPXWHQGLH3XEOLVKHUNXU]IULVWLJ

/HXWHUHNUXWLHUHQXQGDOVOHLWHQGHU(GLWRUKDWWH%ULDQ5L FKDUGVVLFKHLQLJH0DOHVHOEVWGDUXPJHNPPHUW0HLVW KDWWHHU.ROOHJHQYRQGHU&,$DXVJHZlKOW 6LHKDWWHQDOOHJHQDXVRUHDJLHUWZLH(G0\HUV ª9LHOOHLFKWVROOWHQ6LHDXFKQRFKGLH'RNXPHQWHLP VFKZDU]HQ2UGQHUOHVHQ(G'DQQZHUGHQ6LHHVEHVVHU YHUVWHKHQ© (GVWDUUWHGHQVFKZDU]HQ2UGQHUDQ0LWOHLFKW]LWWHUQ GHU+DQG|IIQHWHHULKQXQGVDKGLH3DSLHUHGXUFK *HPlFKOLFKVFKOHQGHUWH%ULDQ5LFKDUGVZLHGHU]XU%DU KROWHGLH)ODVFKHPLW-DPDLND5XPXQGIOOWHGDV*ODVVHL QHVQHXHQ5HNUXWHQJUR]JLJQDFK

.DSLWHO (VLVWJDQ]HLQIDFKYRQ1HZ
DQ(UKDWWHVLFKPLW0UV6WUD]LQVNLXPDFKW8KUYHUDEUH GHWXQGVREOLHELKPQRFKJHQXJ=HLWVLFKHLQ+RWHO]X VXFKHQXQG]XEHVRUJHQZDV0UV6WUD]LQVNLLKPDXIJH WUDJHQKDWWH(UIDQGGDVULFKWLJH+RWHOLQ'XQGDONLQGHU 1lKHGHU0DU\ODQG3RUW$GPLQLVWUDWLRQ+HUXQWHUJH NRPPHQQXU%DU]DKOXQJ5XKLJXQGDQRQ\P'DQQ VXFKWHHUHLQHQ6FKQDSVODGHQXQGNDXIWHHLQHQ.DUWRQ %LHU1DWLRQDO%RKHPLDQXQGIXKUGLHUHVWOLFKHQ.LORPH WHUELV]XGHP7HLO%DOWLPRUHVGHU+LJKODQGWRZQKLH %DOWLPRUHLVWLP*UXQGHHLQH$UEHLWHUVWDGWPLWYLHOHQ 9LHUWHOQLQGHQHQ$UEHLWHUOHEHQ$OV%UJHUPHLVWHU 6FKDHIHUGDV+DIHQYLHUWHOPRGHUQLVLHUHQXQGGHQ+DUERU 3ODFHDQOHJHQOLHXP7RXULVWHQDQ]XORFNHQWUXJGLHV ZHQLJGD]XEHLGLH$UEHLWHUYLHUWHOZLH+LJKODQGWRZQ]X YHUlQGHUQ+LJKODQGWRZQZDUEHUKPWIUGLHSROQLVFKH (LQZRKQHUVFKDIWXQGGHQVH[XHOOHQ8QWHUQHKPXQJVJHLVW VHLQHUMXQJHQXQYHUKHLUDWHWHQ)UDXHQ 'DV9LHUWHOEHVWDQGDXVEHVFKHLGHQHQZLQGVFKLHIHQ 5HLKHQKlXVHUQ:DV6FDUERURXJKDQ%DOWLPRUHVFKRQLP PHUEHHLQGUXFNWKDWWHZDUGHUEHPHUNHQVZHUWH0DQJHO DQ%lXPHQXQGGLHDOOJHPHLQHEHGUFNHQGH6WLPPXQJ GLHYRQ*HJHQGHQZLH+LJKODQGWRZQDXVJLQJ'LH*H JHQGZLUNWH|GHXQGYHUIDOOHQHVJDENDXP*UQXQGHV URFK]ZDUQLFKWGLUHNWQDFK$UPXWDEHUYRQ:RKOVWDQG NRQQWHDQGHUHUVHLWVPLW6LFKHUKHLWQLFKWGLH5HGHVHLQ 6FDUERURXJKIDQGLQGHU6WUDHLQGHU0UV6WUD]LQVNL OHEWHRKQHZHLWHUHVHLQHQ3DUNSODW]IUVHLQHQ:DJHQ /RPEDUGZDUGLH$GUHVVH$XVHLQHU3L]]HULDDQGHU (FNHZHKWHHLQ*HUXFKQDFKNOHEULJHU7RPDWHQVRH.lVH XQG*HZU]HQKHUEHU6FDUERURXJKKDWWH+XQJHUXQG KlWWHJHUQHLQ6WFN3L]]DJHJHVVHQDEHUHUYHU]LFKWHWH GDUDXIZHLO0U6WUD]LQVNLLKPHLQ6DQGZLFKYHUVSURFKHQ KDWWH%HLVROFKHQ*HVSUlFKHQZDUHVJXWIDQGHUGDVDQ JHERWHQH(VVHQDQ]XQHKPHQ,UJHQGZLHZXUGHGHU*DVW ZRKOGXUFKGDV5LWXDOGHVJHPHLQVDPHQ(VVHQVYRUEHU JHKHQGLQGLH)DPLOLHDXIJHQRPPHQ*DQ]VLFKHUZDU 6FDUERURXJKQLFKWDEHUHUZROOWHDOOHVWXQGDPLWGDV,Q WHUYLHZLQHLQHUDQJHQHKPHQHQWVSDQQWHQ$WPRVSKlUH VWDWWILQGHQNRQQWH(UIDQGGDV+DXVRKQH3UREOHPHVWLHJ

GLHTXLHWVFKHQGH+RO]WUHSSHKLQDXIXQGGUFNWHDXIGHQ .OLQJHONQRSIDEHUHVZDUNHLQ*HUlXVFK]XK|UHQ 6FKOLHOLFKNORSIWHHUGHQ.DUWRQPLWGHQNDOWHQ)ODVFKHQ XQWHUGHQ$UPJHNOHPPW (LQNOHLQHU-XQJH|IIQHWHLKP ª+DOOR"© ª+DOOR,FKP|FKWH0UV(ODLQH6WUD]LQNVLVSUHFKHQ 0HLQ1DPHLVW7HG$QGHUVRQ© ª,FKELQ%LOO\© ª+DOOR%LOO\© ª+DEHQ6LHPLUDXFKZDVPLWJHEUDFKW"©IUDJWHGHU -XQJHGHUGHQ.DUWRQPLWGHP%LHUEHlXJWH(UPXWH DFKWRGHUQHXQ-DKUHDOWVHLQ ª1HLQGRFKZDUWH:LHZlU VPLWHLQHP9LHUWHOGRO ODU"© ª$XZHLD'DIUNDQQPDQVLFKGRFKEHUKDXSWQLFKWV NDXIHQ© 6FDUERURXJKOlFKHOWHª'DVVWLPPW'DVOLHJWDQGHU,Q IODWLRQ:LHZlUHHVGDQQPLWHLQHPJDQ]HQ'ROODU"© 'HU-XQJHVWUDKOWHª.ODVVH©(UGUHKWHVLFKXPXQGULHI LQV+DXVª0RRRP+LHULVWMHPDQGGHUGLFKVSUHFKHQ ZLOO© ª(LQHQ$XJHQEOLFN©ULHIHLQH)UDXHQVWLPPH]XUFN ª6DJLKPHUVROOKHUHLQNRPPHQ© ª.RPPHQ6LHUHLQ0LVWHU©'HU-XQJH|IIQHWHGLH7U XQGOLH6FDUERURXJKHLQWUHWHQ 'DV+DXVURFKQDFK.RKO.DW]HQVFKPXW]LJHU:lVFKH XQG'XIWNHU]HQ%LOO\QDKPGLH'ROODUQRWHGLH6FDUER URXJKDXVGHU+RVHQWDVFKH]RJXQGIKUWHLKQLQV:RKQ ]LPPHU(LQEHUJHZLFKWLJHU0DQQOPPHOWHLQHLQHP )HUQVHKVHVVHOXQGVDKVLFKHLQ%DVHEDOOVSLHODQ'HU0DQQ VFKLHQKDOELP.RPD]XOLHJHQ,QGHQ+lQGHQKLHOWHU HLQH'RVH1DWLRQDO%RKHPLDQGLHLQHLQHP.KOEHFKHU DXV6U\URSRUVWHFNWH'HU%LHUNKOHUVWDPPWHZLHGLH $XIVFKULIWYHUULHWDXV2FHDQ&LW\,P6FKRGHV0DQQHV ODJHLQH]HUNQOOWH7WH.DUWRIIHOFKLSV(UWUXJHLQlUPHO ORVHV76KLUWXQGZDUEDUIX ª+DOOR©VDJWH6FDUERURXJKª6LHPVVHQ0U6WUD]LQVNL VHLQ©

'HU0DQQJUXQ]WHRKQHGHQ%OLFNYRP)HUQVHKHU]X ZHQGHQª'LH2VVSLHOHQ©HUNOlUWHHUUOSVHQGVHW]WHHU GLH%LHUGRVHDQXQGWUDQN ª$FKMDULFKWLJGLH2ULROHV+RIIHQWOLFKVFKQHLGHQVLH GLHVHV-DKULQGHU/LJDEHVVHUDEDOVLPOHW]WHQ© 'HU0DQQVDK6FDUERURXJKNXU]DQGDQQULFKWHWHHU VHLQH$XIPHUNVDPNHLWZLHGHUDXIGHQ)HUQVHKHU(U NUDW]WHVLFKLP6FKULWWXQGVFKLHQ6FDUERURXJKQDFKHLQ SDDU6HNXQGHQVFKRQZLHGHUYHUJHVVHQ]XKDEHQ ª0|FKWHQ6LHHLQ%LHU"©IUDJWH6FDUERURXJKª,KUH)UDX KDWPLFKJHEHWHQHLQHQ.DUWRQPLW]XEULQJHQ,FKKHLH EULJHQV7HG$QGHUVRQXQGZUGHJHUQPLWLKUVSUH FKHQ© 2EHQNUHLVFKWHHLQNOHLQHV.LQGGDUDXIIROJWHQHLQLJH PWWHUOLFKH)OFKH0U6WUD]LQVNLVFKLHQVLFKQLFKWGDIU ]XLQWHUHVVLHUHQ(UVFKWWHOWHOHLFKWGLH'RVHXQGGDHV QLFKWPHKUJOXFNHUWHVWHOOWHHUVLHDEXQGQDKPHLQH)OD VFKHYRQ6FDUERURXJKHQWJHJHQ ª'DQNH©(UQLFNWHLQ5LFKWXQJHLQHV6WXKOV6FDUER URXJKVHW]WHVLFKQDKPGHQ.DUWRQDXIGLH.QLH|IIQHWH VLFKDXFKVHOEVWHLQH)ODVFKHXQGVDKGHP6SLHO]X'DV %LHUZDU]ZDUNDOWKDWWHDEHUNHLQ$URPDXQGGDIUHLQHQ KlOLFKHQ1DFKJHVFKPDFN'RFKHUZDUGXUVWLJXQGHU KDWWHQLFKWVDQGHUHV 'DVV+DXVVDKDXVDOVZlUHQGLH6WUD]LQVNLVYHU]ZHL IHOWEHPKWHVLQ2UGQXQJ]XKDOWHQILHOHQMHGRFK7DJIU 7DJHLQHU$UWUDVHQGVFKQHOOHQ9HUIDOOV]XP2SIHUGLH GXUFK]XZHQLJ*HOGXQG]XYLHOH.LQGHULQ*DQJJHKDO WHQZXUGHhEHUGHP6RIDKLQJHQ]ZHLJURH%LOGHUYRQ WUDXULJHQ.LQGHUQPLWJURHQ$XJHQGLH%OXPHQVWUlXH KLHOWHQ$XIHLQHP5HJDOVWDQGQHEHQHLQHP3ODWWHQVSLH OHUHLQHNOHLQH6WDWXHGLH(OYLV3UHVOH\LQVHLQHU=HLWLQ/DV 9HJDVGDUVWHOOWH6LHWUXJGLH$XIVFKULIW7KH.LQJ/LYHV 6FDUERURXJKEHPHUNWHGDGHUZDFNOLJH6WXKODXIGHP HUVDPLWZHLHQ.DW]HQKDDUHQEHUVlWZDU(UWUDQN QRFKHLQSDDU6FKOXFN%LHUXQGKRIIWHLQVWlQGLJVHLQH$O OHUJLHZUGHVLFKQRFKHWZDV=HLWODVVHQ 6HLQH)ODVFKHZDUIDVWOHHUJHWUXQNHQDOVHLQH)UDXGDV :RKQ]LPPHUEHWUDWª0U$QGHUVRQKDOOR,FKELQ(ODLQH

6WUD]LQVNL(VIUHXWPLFK6LHNHQQHQ]XOHUQHQ©6LHVFKW WHOWH6FDUERURXJKGLH+DQG (ODLQH6WUD]LQVNLWUXJHLQJHOEHVXQGURWHV.OHLGPLW EUHLWHQbUPHODXIVFKOlJHQ6LHVDKDXVDOVZlUHVLHNU] OLFKEHLP)ULVHXUJHZHVHQXQGKDWWHUHLFKOLFK6FKPLQNH DXIJHOHJW:HGHUGDV.OHLGQRFKGDV0DNHXSNRQQWHQ GLH7DWVDFKHYHUEHUJHQGDVLHHLQHGLFNH)UDXYRQ0LWWH 'UHLLJZDUIUKHUYLHOOHLFKWHLQPDOKEVFKMHW]WDEHUJH QDXVRYHUEUDXFKWZLHMHGH)UDXGHUXQWHUHQ0LWWHOVFKLFKW PLWGUHLRGHUPHKU.LQGHUQ ª'DQNHGDLFK6LHVRNXU]IULVWLJVSUHFKHQNDQQ0UV 6WUD]LQVNL,FKKRIIHLFKNRPPH,KQHQQLFKWXQJHOHJHQ© ª1HLQZLUNOLFKQLFKWQDWUOLFKQLFKW,FKKDEHPLFK VFKRQJHIUDJWZDQQHLQHUYRQHXFK)RUVFKHUQPDO:LQG GDYRQEHNRPPHQXQGVLFKKLHUKHUQDFK%DOWLPRUHDXI PDFKHQZUGH©6LHVSUDFKGHQ1DPHQGHU6WDGWLP|UWOL FKHQ'LDOHNWZLH!%XOPHUDXVª$FK6LHKDEHQMDGHQ.DU WRQ%LHUPLWJHEUDFKWXQG6LHKDEHQVLFKVFKRQHLQV JHQRPPHQ'DVLVWJXW8QG6LHKDEHQ)ODVFKHQJHNDXIW $XFKJXW(DUONHQQWVLFKQlPOLFKPLW%LHUDXV$XV)OD VFKHQVFKPHFNWHVEHVVHUDOVDXV'RVHQ© (DUOJUXQ]WHQXU ª$FKWHQ6LHQLFKWDXI(DUO(UKDWHLQHQVFKZHUHQ$U EHLWVWDJLQGHU$XVSXIIZHUNVWDWWKLQWHUVLFK0HQVFK ZHQQLFKGHQOLHEHQODQJHQ7DJXQWHU$XWRVKHUXPNULH FKHQPWHGDQQZlUHPLWPLUDP$EHQGDXFKQLFKWV PHKUORV%ULQJHQ6LHHVGRFKHLQIDFKLQGLH.FKHXQG VWHOOHQ6LH VLQGHQ.KOVFKUDQNXQGGDQQN|QQHQZLU XQVKLQVHW]HQXQGUHGHQ© 6FDUERURXJKWUXJGHQ.DUWRQPLWGHQ%LHUIODVFKHQLQ GHQKLQWHUHQ7HLOGHVVFKPDOHQODQJJHVWUHFNWHQ+DXVHV (UPXWHHLQHP6NDWHERDUGXQGHLQHP1HVW0XUPHOQ DXVZHLFKHQXQGXQWHUZHJVULHEVLFKGLH.DW]HDQVHLQHP %HLQ $OVHUHQGOLFKGLH.FKHHUUHLFKWHKDWWH(ODLQH6WUD ]LQVNLVFKRQGLH7UGHVKRFKPRGHUQHQ.KOVFKUDQNVJH |IIQHWª6WHOOHQ6LH VKLHUUHLQ0U$QGHUVHQ,QVXQWHUVWH )DFK1HKPHQ6LHELWWHHLQVIUPLFKKHUDXVXQGQHKPHQ 6LHVLFKDXFKVHOEVWQRFKHLQV'DQQPDFKHLFK,KQHQ

JOHLFKHLQSDDU.UDEEHQVDQGZLFKHV,FKGDFKWHZHQQ6LH VFKRQQDFK%XOPHUNRPPHQGDQQZLOOLFK,KQHQDXFKXQ VHUH6SH]LDOLWlWDXIWLVFKHQ© ª9LHOHQ'DQN0UV6WUD]LQVNL© ª(ODLQH1HQQHQ6LHPLFKHLQIDFK(ODLQH8QGLFKZHUGH 6LH7HGQHQQHQ© 6FDUERURXJKQDKPVLFKQRFKHLQ%LHUXQGVHW]WHVLFKDQ GHQ.FKHQWLVFKPLWGHUEOLW]EODQNJHSXW]WHQ7LVFKSODWWH (UYHUVWDQGZDUXP(ODLQH6WUD]LQVNLLKQLQGLH.FKHJH EHWHQKDWWH(VZDUGHUDQJHQHKPVWH5DXPGHVJDQ]HQ +DXVHVQHXH6FKUlQNHKHOOH/LQROHXPE|GHQGLHPDNHO ORVUHLQJHKDOWHQZXUGHQ'LH.FKHZDUJURXQGPR GHUQHLQJHULFKWHWYRQGHU*HVFKLUUVSOPDVFKLQHELV]XU 0LNURZHOOHZDUDOOHVGDZDVGDV+HU]EHJHKUWH'DV)HQ VWHUEOLFNWH]XHLQHPVFKPDOHQODQJJHVWUHFNWHQ+LQWHUKRI KLQDXVZR.LQGHUVSLHO]HXJHXQG)DKUUlGHUDEJHVWHOOW ZDUHQ,QHLQHU(FNHOHKQWHHLQZLQGVFKLHIHU*ULOOXQGGHU JDQ]H+LQWHUKRIZDUYRQIHLQHP6WDXEEHU]RJHQ ª'DVKLHULVWGHU5DXPLQGHPLFKGHQJU|WHQ7HLOGHV 7DJHVYHUEULQJH'HVKDOEKDEHLFKDXFKKLHUGDV*HOGYRQ GHP%XFKKLQHLQJHVWHFNWLQGHPLFKHUZlKQWZXUGH©HU NOlUWHVLH ª$KGDVLVWGDV%XFK+LMDFNHGE\WKH6WDUVQLFKWZDKU"© ª-D©(ODLQH6WUD]LQVNLKROWHHLQHQ7HOOHUPLWNDOWHP .UDEEHQDXIODXIHLQHQ7RSI6HQIYRQ*XOGHQ VXQGHLQHQ /DLE:RQGHU%UHDGDXVGHP.KOVFKUDQNª'LHVHU0U $EH'LFNHQVKDWPLUHLQHQNOHLQHQ$QWHLOYRQGHQ7DQWLH PHQJHJHEHQZHLOLFKEHUHLWZDUVRODQJHPLWLKP]XUH GHQ0HLQH*HVFKLFKWHPDFKWMDGLH+lOIWHGHVJDQ]HQ%X FKHVDXV© $EUDKDP'LFNHQVZDUGHUZLFKWLJVWH.RQNXUUHQWYRQ %XGG+RSNLQVVRZHLWHVXPGDV7KHPDGHU(QWIKUXQ JHQGXUFK8)2VJLQJ'DVHLQ]LJHZDVVHLQH%FKHULQWHU HVVDQWPDFKWHZDU'LFNHQV DXHUJHZ|KQOLFKH*DEH DXFKGDQQY|OOLJDXIULFKWLJ]XNOLQJHQZHQQHUJHUDGH]X LQEUQVWLJGLHHQWVHW]OLFKVWHQKDDUVWUlXEHQGVWHQ6LWXD WLRQHQVFKLOGHUWHXPHLQHQHKHUVSLULWXHOOHQDOVUHDOLVWL VFKHQXQGGHQQRFKPLQGHVWHQVJHQDXVRHUVFKUHFNHQGHQ (LQEOLFNLQGDV3KlQRPHQ]XJHEHQ,QHLQHPVHLQHUHLJH

QHQ%FKHUKDWWH6FDUERURXJKLKQDOVª*HRUJH$GDPVNL GHUSDUDQRLGHQDFKW]LJHUXQGQHXQ]LJHU-DKUH©EH]HLFK QHW:KLWOH\6WULHEHUKDWWHDQJHGHXWHWZHQQGLHDUFKHW\ SLVFKH(UIDKUXQJGHU(QWIKUXQJGXUFK$XHULUGLVFKH QLFKWLPEOLFKHQ6LQQHUHDOVHLGDQQN|QQHGLHVGHU%H JLQQHLQHUQHXHQ5HOLJLRQVHLQ7UDIGDV]XGDQQZDU$E UDKDP'LFNHQVHLQH$UW-RKDQQHVGHU7lXIHUGHVQHXHQ *ODXEHQV ª1XQELQLFKDEHUZLUNOLFKQHXJLHULJ(ODLQHZLOO0U 'LFNHQV,KUHQHXHQ(UOHEQLVVHGHQQQLFKWDXFKYHUZHU WHQ"© ª2KHUZLUGVLHVFKRQQRFKYHUZHUWHQ*ODXEHQ6LHLFK ELQGXPP":HUZHLYLHOOHLFKWLQVHLQHPQlFKVWHQ%XFK $EHULP$XJHQEOLFNLVW$EHLQ$XVWUDOLHQXQGDUEHLWHWDQ HLQHP%XFKPLWGHP7LWHO'UHDPWLPH$EGXFWLRQV'DVLVW ZLUNOLFKVHKUPHWHUPHWHU© ª0HWDSK\VLVFK©KDOIHULKUDXV ª*HQDXVRKHLWGDV(ULVWHLQQHWWHUHKUOLFKHU.HUO XQGZLUKDEHQMDNHLQHQ([NOXVLYYHUWUDJRGHUVR© ª:LVVHQ6LHLFKNDQQK|FKVWHQVHLQSDDUKXQGHUW'ROODU ]DKOHQ© ª.HLQH6RUJH0LVWHU,FKGHQNHPLUZHQQLFK*HOGGD IUQHKPHGDQQJODXEHQGLH/HXWHDP(QGHQRFKLFK KlWWHPLUGDVDOOHVQXUDXVJHGDFKW8QGLFKVFKZ|UHEHL *RWWHVLVWGLHUHLQH:DKUKHLW=XHUVWKDW$EHPLUIUGLH *HVFKLFKWHDXFKJDUQLFKWVDQJHERWHQ1HLQ0LVWHU,FK KDEHHLQIDFKQXUPHLQH6WRU\HU]lKOW(LJHQWOLFKKDOWHLFK GDVIUHLQH|IIHQWOLFKH'LHQVWOHLVWXQJ:LVVHQ6LHLFKZDU VRJDULQ7DONVKRZVEHL2SUDKXQG'RQDKXHXQG*HUDOGR XQGVRJDULQ6DOO\VNOHLQHU6KRZXQGZHQQLFKNDQQZLOO LFKGDVQRFK|IWHUPDFKHQ'LH/HXWHPVVHQGRFKEHU GDVLQIRUPLHUWZHUGHQZDVGDSDVVLHUW© ª-DVLFKHU©6FDUERURXJKPXWHVLFKDXIGLH=XQJHEHL HQXPVLFKGLHEOLFKHQXQJOlXELJHQVDUNDVWLVFKHQXQG ZLW]LJYHUlFKWOLFKHQ%HPHUNXQJHQ]XYHUNQHLIHQGLH LKPVRIRUWHLQILHOHQ6HLQH0HLQXQJ]XP3KlQRPHQGHU (QWIKUXQJHQGXUFK$XHULUGLVFKHKDWWHVLFKJUXQGOH JHQGJHlQGHUWXQGLQ]ZLVFKHQZDUHUZHQLJVWHQVVR ZHLWGDHU]XK|UHQNRQQWH

ª6LHVLQGMHGHQIDOOVGHUHUVWHGHUZHJHQGHU*HVFKLFKWH XPGLHHVMHW]WJHKWHLQHLQJHKHQGHV,QWHUYLHZPLWPLU IKUHQZLOO© (ODLQH6WUD]LQVNLPDFKWHLKPHLQ.UDEEHQVDQGZLFKPLW 6DODW7RPDWHQXQG6HQI6LHVFKQLWWHVLQGHU0LWWHGXUFK OHJWHHVDXILKUHQEHVWHQ7HOOHUXQGVWHOOWHGHQ7HOOHUYRU LKPDEDOVEUlFKWHVLHGLH6SHLVHDQGlFKWLJDOV2SIHUGDU 'DV6DQGZLFKZDUN|VWOLFKXQG6FDUERURXJKOREWHVLH HQWVSUHFKHQG 6LHVWUDKOWHª'DQNHhEULJHQVGDIlOOWPLUJHUDGHHLQ 6LHNRPPHQPLULUJHQGZLHEHNDQQWYRU+DEHLFK6LH QLFKWLUJHQGZRVFKRQHLQPDOJHVHKHQ"© 6FDUERURXJK]XFNWH]XVDPPHQ0HLQ*RWWGDFKWHHU (UKRIIWHQXUVLHKlWWHNHLQHVVHLQHU%FKHUJHOHVHQ9RU DOOHPGLHJHEXQGHQHQ%FKHULQGHQHQVHLQ)RWRDEJH GUXFNWZDU ª'LHVHU.HUOLQGHQ)LOPHQEHUGLH+DLHMDGHU:HLH +DL© ª0HLQHQ6LHHWZD5R\6FKHLGHU"© ª
ª$OVR(ODLQH6LHKDEHQ,KUHIUKHUHQ(UOHEQLVVHMD VFKRQLQGHP%XFKYRQ'LFNHQVHU]lKOWXQGLP)HUQVHKHQ DXFK/DVVHQ6LHPLFKVHKHQRELFKGLHZLFKWLJVWHQ)DNWHQ ULFKWLJLP.RSIKDEH(LQ&DPSLQJXUODXELQ3HQQV\OYD QLD(QWIKUXQJDXV,KUHP=HOW%HJHJQXQJPLW$XHULU GLVFKHQ8QWHUVXFKXQJHQ([SHULPHQWH6SlWHUNDPHQ GLH$XHULUGLVFKHQDXFKKLHUKHULQ,KU+DXV0HKUHUH -DKUHQDFK,KUHUHUVWHQ(QWIKUXQJ]HLJWHQVLH,KQHQHLQ .LQGGDVKDOEPHQVFKOLFKXQGKDOEDXHULUGLVFKZDU(V VHL,KU.LQGPHLQWHQ6LH'DVLVWGHQ(UIDKUXQJHQDQGHUHU )UDXHQUHFKWlKQOLFKEHVRQGHUVGHQ)lOOHQGLHLQ,QWUX GHUVYRQ%XGG+RSNLQVEHVFKULHEHQZHUGHQ'HU8QWHU VFKLHGLVWMHGRFKGHUGD6LHLQGHUIOLHJHQGHQ8QWHUWDVVH -HVXV&KULVWXV%XGGKDXQG0RKDPPHGEHJHJQHWVLQG GLH,KQHQYHUVLFKHUWXQG,KQHQYHUVSURFKHQKDEHQGD ,KUYHUORUHQHV.LQGGDV0LWJOLHGHLQHUQHXHQ5DVVHYRQ 6WHUQHQZHVHQZHUGHQVROOH©6FDUERURXJKWUXJGLH,QIRU PDWLRQHQPLWPRQRWRQHU6WLPPHYRURKQHVLFKDQPHU NHQ]XODVVHQZDVHUZLUNOLFKGDUEHUGDFKWH (ODLQH6WUD]LQVNL]XSIWHHLQH+DQGYROO7FKHUDXVHLQHU .OHHQH[6FKDFKWHOPLW*lQVHEOPFKHQPXVWHUXQGWXSIWH VLFKGUDPDWLVFKGLH$XJHQWURFNHQª-DMD*RWWHVWXWLP PHUQRFKVRZHKGDLFKPHLQ%DE\YHUORUHQKDEH,FK KDEHYLHUXQGHLQHVLQGHQ6WHUQHQ,FKOLHEHVLHDOOH 0DQFKPDOZDFKHLFKPLWWHQLQGHU1DFKWDXIZHLOLFKVRO FKH6HKQVXFKWQDFK=HWDKDEHGDVLVWVHLQ1DPH=HWD6R HLQJROGLJHUNOHLQHU-XQJH(UKDWULFKWLJJHOHXFKWHW7HG DOVKlWWHHUHLQHQ+HLOLJHQVFKHLQXPGHQJDQ]HQ.|USHU :DVGLHGDPLWXQVPDFKHQ7HGGDVLVWQLFKWULFKWLJ,FK JODXEHVLHYHUVWHKHQXQVHLQIDFKQLFKWGLHVH$XHULUGL VFKHQ© ª%HVWLPPWVRZLUGHVVHLQ© ª$EHUWURW]GHPKDWPLUPHLQ+HUU-HVXVJHVDJWGDHV LQ2UGQXQJLVW,FKZHLQLFKWZDVGLHVHDQGHUHQ+HLGHQ GDLQGHU8QWHUWDVVH]XVXFKHQKDWWHQDEHUYLHOOHLFKW ZROOWHPLUGHU+HUUJRWWGDPLWHLQIDFKQXUVDJHQ(ODLQH GXPXW|NRQRPLVFKHUVHLQ© ª0HLQHQ6LHYLHOHLFKW|NXPHQLVFKHU"© ª-DVRZDVLQGHU$UW©

ª+DEHQ,KU0DQQXQG,KUH.LQGHUGLH$XHULUGLVFKHQ JHVHKHQ"© ª%LOO\KDWVLHJHVHKHQ$EHUGLHDQGHUHQGLHZLVVHQQXU GDHWZDV.RPLVFKHVSDVVLHUWLVW(DUOYHUVXFKWHV]XLJQR ULHUHQ(VLVW]XYLHOIULKQ(UQHQQWGDVPHLQNOHLQHV +REE\XQGHUUHGHWQLFKWJHUQGDUEHU'HVKDOEEUDXFKH LFKDXFKDQGHUH/HXWHPLWGHQHQLFKPLFKXQWHUKDOWHQ NDQQ,FKPXHVPLUYRQGHU6HHOHUHGHQZHQQ6LHYHUVWH KHQZDVLFKPHLQH© ª-DQDWUOLFK$EHUMHW]WLVWYRUHLQSDDU7DJHQHLQH.XU] PHOGXQJHUVFKLHQHQ(VKLHGDQXU6LHVHLHQQRFKHLQPDO HQWIKUWZRUGHQ$EHUGLHVHV0DOKlWWHQ6LHHLQHQ0HQ VFKHQDQ%RUGGHV8)2VJHVHKHQ(LQHVHKUVFK|QH)UDX VDJWHQ6LH(LQHVWHUEOLFKH)UDX*DQ]EHVWLPPWQLFKWGLH -XQJIUDX0DULD©6FDUERURXJKPXWHVLFKJURH0KHJH EHQQLFKWLURQLVFK]XZHUGHQª'DVLVWVRYLHOLFKZHLGHU HUVWH)DOOEHUKDXSWZRHLQ(QWIKUXQJVRSIHUDQ%RUG HLQHV5DXPVFKLIIVHLQHPDQGHUHQ0HQVFKHQEHJHJQHWLVW 6RZHLWLFKPLFKHULQQHUHlKQHOQ,KUH%HVFKUHLEXQJHQGHU $XHULUGLVFKHQGHQHQGLHDQGHUH%HREDFKWHUJHJHEHQKD EHQNOHLQH*HVFK|SIHGUHLHFNLJH*HVLFKWHUPDQGHOI|U PLJH$XJHQGLHJOlQ]HQDEHUZDV6LHKLHUHUZlKQHQ NOLQJWUHFKWXQJHZ|KQOLFK:UGHQ6LHPLUGDVQRFKHWZDV GHWDLOOLHUWHUHUOlXWHUQ",FKJODXEHGDUEHUN|QQWHPDQ YLHOOHLFKWHLQHQOlQJHUHQ$UWLNHOVFKUHLEHQ© (UKDWWHHLQGHXWLJGLHULFKWLJHQ:RUWHJHZlKOW'LHVH $UWYRQ$XIPHUNVDPNHLWZDUJHQDXGDVZDV(ODLQH6WUD ]LQVNLZROOWH,KUH.|USHUKDOWXQJlQGHUWHVLFKVFKODJDUWLJ 6LHVDKDXVDOVVlHVLHYRUHLQHP3XEOLNXPRGHULQ2SUDK :LQIUH\V7DONVKRZYRUGHU.DPHUD,KUH*HVWHQZXUGHQ DXVODGHQGHUGLH$XJHQJU|HUGLH$WPXQJVFKQHOOHU 6FDUERURXJKIKOWHVLFKDXIHLQPDOVHKUPXWORV%LVKHU KDWWH(ODLQH6WUD]LQVNLVLFKDOVH[DNWGLH!W\SLVFKH8)2 7DQWHHUZLHVHQGLHHULQ$ERYH8V2QO\6N\EHVFKULHEHQ KDWWHLQHLQHPKHIWLJXPVWULWWHQHQ.DSLWHOGHVVHQ9HU|I IHQWOLFKXQJHULQ]ZLVFKHQHLQZHQLJEHGDXHUWHª:LOOVW GXQLFKWZHQLJVWHQVGLHVH[LVWLVFKHQ%HPHUNXQJHQHWZDV DEPLOGHUQ'DG"©KDWWH'LDQHJHVDJW (UVSLHOWHPLWGHP *HGDQNHQGLHVHV.DSLWHOLQGHU7DVFKHQEXFKDXVJDEH

JDQ]]XVWUHLFKHQ(VJLQJGRUWXPYHUQDFKOlVVLJWH+DXV IUDXHQGHU0LWWHOVFKLFKWGLHDXIVH[XHOOHVSLULWXHOOHXQG JHZLDXFKSV\FKRORJLVFKH$EHQWHXHUHUSLFKWZDUHQXQG GXUFKHLQH$UW6HOEVWK\SQRVHLKUH7UlXPHLQDOOHUKDQG 6LQQHVWlXVFKXQJHQXQG)DQWDVLHQXPZDQGHOWHQ$XI PHUNVDPNHLWZDUGDVZDVVLHZLUNOLFKEUDXFKWHQ$XI PHUNVDPNHLWXQG$XIUHJXQJGLHVLHLQLKUHP|GHQVRU JHQYROOHQ/HEHQQLFKWLPJHZQVFKWHQ0DHEHNRPPHQ NRQQWHQ 0DQPXWHHLQHUMHQHUSXPPHOLJHQYHU]ZHLIHOWHQ )UDXHQGLH%XGG+RSNLQV]XVHLQHQ$XIWULWWHQPLW VFKOHSSWHZHQQHUIUVHLQ%XFK,QWUXGHUVZDUEQXU]HKQ 0LQXWHQ]XK|UHQXP]XHUNHQQHQGDVLHQLFKWJDQ] ULFKWLJLP.RSIZDUHQ,QYLHOHQ)lOOHQNRQQWHPDQVRJDU UHJLVWULHUHQGDGLHSV\FKLVFKHQ6FKZLHULJNHLWHQGLHVHU )UDXHQODQJHYRULKUHQDQJHEOLFKHQ%HJHJQXQJHQPLWGHQ 8QWHUWDVVHQSLORWHQEHJRQQHQKDWWHQ 'HQQRFKK|UWH6FDUERURXJK]XXQGEHPKWHVLFKVHLQH 9RUXUWHLOHVRZHLWZLHP|JOLFK]XUFN]XVWHOOHQ ª:LVVHQ6LHVHLWGDV%XFKHUVFKLHQHQLVWKDEHQVLHPLFK HLQIDFKQLFKWPHKUEHVXFKW,FKPHLQHZLUVLQGVRJDU QRFKHLQPDO]XP&DPSHQJHIDKUHQZHLOLFKVHKHQZROOWH REVLHPLFKZLHGHUKROHQZUGHQ8QGGLH.HUOHVLQGHLQ IDFKQLFKWJHNRPPHQ,FKGDFKWHGDVLHYLHOOHLFKWVDXHU ZlUHQZHLOLFKGLH*HVFKLFKWHYHU|IIHQWOLFKWKDWWHXQG ZHLOYLHOH/HXWHMHW]W%HVFKHLGZXWHQDXFKZHQQVLHPLU JHVDJWKDWWHQGDLFKGDVUXKLJWXQGUIWH8QGDOVLFK-H VXVJHVHKHQKDEHGDVDJWHHUPLULFKPWHGDV(YDQJH OLXPSUHGLJHQ'DV(YDQJHOLXPEHGHXWHWVRYLHOZLH!GLH JXWH%RWVFKDIWXQGLFKZDUGHU0HLQXQJLFKVROOWHDOOHV ZHLWHUHU]lKOHQZDVLFKEHUGLH/HXWHLQGHQ8QWHUWDVVHQ ZXWHDOVRKDEHLFKGDVDXFKJHWDQ8QGGHVKDOEELQLFK MHW]WDXFKDXVDOOHQ:RONHQJHIDOOHQDOVHVGRFKQRFKHLQ PDOSDVVLHUWLVW© ª:DUHQ6LHDXFKZLHGHU]HOWHQDOVHVGLHVHVPDOJH VFKDK"© ª1HLQGD]XVLQGGLH1lFKWHLQGHQ3RFRQREHUJHQQRFK HWZDV]XNDOW1HLQLFKZDUHLQIDFKKLHUXQWHQDXIGHU &RXFKHLQJHVFKODIHQ8QGDXIHLQPDOZDUHQVLHGD'LH

/HXWHDXVGHUIOLHJHQGHQ8QWHUWDVVH6LHKDEHQPLFKKLQ DXVJHVFKOHSSWXQGGDQQELQLFKRKQPlFKWLJJHZRUGHQ DOVKlWWHPDQHLQH/DPSHDXVJHNQLSVW,FKZDFKHZLHGHU DXIXQGELQLQGHUIOLHJHQGHQ8QWHUWDVVH$OVRLFKMHGHQ IDOOVELQGHU0HLQXQJGDHVHLQHIOLHJHQGH8QWHUWDVVH ZDUZHLOLFKGDVMDPLWGHU%HJHJQXQJGDPDOVLQGHQ3R FRQRVYHUJOHLFKHQNDQQ© ª-DLFKHULQQHUHPLFK©'DVHQWVSUDFK]ZDUQLFKWGHU :DKUKHLWDEHU6FDUERURXJKNRQQWHVLFKXQJHIlKUYRUVWHO OHQZDVVLHPHLQWH8)2VE]ZIOLHJHQGH8QWHUWDVVHQND PHQLQYLHOHQ*U|HQXQG)RUPHQYRUDEHUQRUPDOHU ZHLVHKXVFKWHQVLHDOOHPHKURGHUZHQLJHUVFKQHOOXQG DEUXSWKHUXPXQGEHHLQGUXFNWHQPLWEXQWHQ/LFKWHUNHW WHQ ª2ND\DOVRGDFKWHLFKKHGDVLQGVLHMDHQGOLFK9LHO OHLFKWNDQQLFKMHW]WDXFKPHLQHQ6RKQZLHGHUVHKHQ'DV ZlUHQLFKWVFKOHFKW,FKZLOOGDPLWQDWUOLFKQLFKWVDJHQ GDHVGDVUHLQH=XFNHUVFKOHFNHQZDUDOVGLHVH$XHULU GLVFKHQPLFKDEJHVFKOHSSWKDEHQ'DVLVWYHUGDPPWEH lQJVWLJHQG$EHULFKKDWWHVLHLUJHQGZLHGRFKVFKRQHLQ ELFKHQYHUPLW'LHVHUUOSVHQGH.DUWRIIHOFKLSIUHVVHUGD GUEHQLVWQLFKWVHKUDXIUHJHQGDEHUGLHVHV0DOZDUHV DQGHUVGDVKDEHLFKJOHLFKDP$QIDQJJHPHUNW© ª:DUXPZDUHVDQGHUV(ODLQH"© ª:HLOGLHIOLHJHQGH8QWHUWDVVHLQQHQJDQ]DQGHUVDXV JHVHKHQKDW8QGHVKDWVLFKDQGHUVDQJHIKOW1HLQLFK KDEHPLFKVHOEVWDQGHUVJHIKOW6RDOVZlUHLFKDXIHLQ QHXHV0HGLNDPHQWJHVHW]WZRUGHQRGHUVR© ª'URJHQ"6LHJODXEHQPDQKDW6LHXQWHU'URJHQJH VHW]W"© ª-DVLFKHUGRFK2GHUZLH$EHGDVDXVGUFNWHLQbTXL YDOHQWYRQ'URJHQ'LHIXPPHOQGRFKEHVWLPPWPLW1HX URFKHPLNDOLHQKHUXPVDJW$EHLPPHU9LHOOHLFKWZDU V DXFKVRZDVZLHHLQHHOHNWURPDJQHWLVFKH6SHNWUDONDQRQH RGHUVR-HGHQIDOOVLVWHVHWZDVJDQ].RPLVFKHVGDVHLQHQ WRWDODXVNQLSVW:LHNRPPWGDVQXUIUDJHLFKPLFKGD (DUOXQGGLH.LQGHURKQPlFKWLJVLQGZlKUHQGGLHNOHL QHQ:HVHQPLFKDXVGHP=HOWVFKZHEHQODVVHQRGHUDXV PHLQHPHLJHQHQ+DXV"©

ª-DZLUNOLFKVHOWVDP,FKZUGHGDVMHW]WJHUQPLWDOOHQ 'HWDLOVK|UHQ© ª2ND\DOVRGLHKDEHQGLHEOLFKHQ8QWHUVXFKXQJHQ YRUJHQRPPHQ'DVPDFKWNHLQHQ6SDXQGLFKKDEH PLFKDXFKEHVFKZHUWDEHUZDVZLOOPDQPDFKHQ"© ª(LQH8QWHUVXFKXQJN|QQWHQ6LHGDVHWZDVJHQDXHU EHVFKUHLEHQ"© ª'DVLVWPLUMHW]WDEHUHLQELFKHQSHLQOLFK,FKNDQQ,K QHQMDHLQ([HPSODUYRQ$EHV%XFKJHEHQ© ª2K6LHPHLQHQ$PQLR]HQWHVH%OXWSUREHQJ\QlNROR JLVFKH8QWHUVXFKXQJHQXQGVRZHLWHU© ª/DXWHUVR6DFKHQMDDEHUGDVNDPPLUHKHUYRUZLH HLQH)RUPDOLWlW'HVKDOEKDEHLFKVLHJHIUDJWREVLHPLFK ZLHGHUVFKZlQJHUQZROOWHQXQGVLHPHLQWHQQHLQGDV ZROOWHQVLHQLFKW8QGLFKVDJHGDVLVWJXW$EHUZDVKDEW LKUMHW]WPLWPLUYRU"+DEWLKUPLFKQLFKWVFKRQJHQXJJH SLHVDFNW"$OVRLFKGDFKWHZHQQLFKQLFKWULFKWLJ=RIIPD FKHGDQQGHQNHQGLHDP(QGHQRFKLFKZlUHWRWRGHUVR ZDV8QGGDQQLVWHVSDVVLHUW© ª'DQQLVWGLHPHQVFKOLFKH)UDXKHUHLQJHNRPPHQ"© ª1HLQ,FKZDUGDJHUDGHPLWWHQLPDXHULUGLVFKHQ8Q WHUVXFKXQJVUDXP6LHZLVVHQVFKRQPLWGLHVHQ/LFKWHUQ XQGGHQ*HUlWHQREHQXQGVRZHLWHU:LUNOLFKNRPLVFKH 6DFKHQZLHLQGHP)LOP$OLHQ© ª'HU$XWRUGHV'UHKEXFKVKDWDEHU© ª:LHDXFKLPPHU$OVRDXIHLQPDOZLUGPLUJDQ] VFKZXPPHULJXQGPLUZLUGVFKZDU]YRU$XJHQ(VZDU DOVKlWWHLFKXQWHQLQ+DUGLJDQV%DUHLQSDDU6FKQlSVH EHUGHQ'XUVWJHWUXQNHQ,FKVDFNHDOVR]XVDPPHQXQG DOOHVGUHKWVLFKXPPLFKZLHYHUUFNW8QGGLH$XHULUGL VFKHQDOVRGLHVLQGUHJHOUHFKWDXVJHIOLSSW8QGGDQQ JLQJDOOHVLPPHUDQXQGDXV© ª:LHEHLHLQHP6WURERVNRS"© ª
ª-D© ª(ODLQHGDVLVWMHW]WVHKUZLFKWLJ.|QQWHQ6LHPLUGLH )UDXEHVFKUHLEHQ"'DVLVWLP$UWLNHOQLFKWHUZlKQWZRU GHQ© ª6LFKHU1XUGDPHLQ*HGlFKWQLVHLQSDDU/FNHQKDW 6LHZDUZLUNOLFKVFK|QDEHUVLHKDWNHLQ0DNHXSJHWUD JHQ© ª:DUVLHMXQJ"© ª1HLQDEHUVLHZDUDXFKQLFKWDOW9LHOOHLFKW$QIDQJELV 0LWWH'UHLLJ© 6FDUERURXJKZDUHQWWlXVFKW1HLQ'LDQHZDUGDVEH VWLPPWQLFKW$EHUHUKDWWHMDYRQ$QIDQJDQJHZXWGD GLH:DKUVFKHLQOLFKNHLWGDIUlXHUVWJHULQJZDU(VZDU HLQ6FKXLQV%ODXHJHZHVHQ7URW]GHPZROOWHHUVLFKDQ K|UHQZDVGLH)UDX]XEHULFKWHQKDWWH9LHOOHLFKWZDUHV ZLFKWLJ ª,FKYHUVWHKH9HUVXFKHQ6LHELWWHVLFKJHQDX]XHULQ QHUQZLHVLHDXVJHVHKHQKDWXQGZDVVLHJHWDQKDW© ª:DVVLHJHPDFKWKDW"'LHZDUZLUNOLFK]LHPOLFKVDXHU 6LHKDWLUJHQGHWZDVJHUXIHQ8QGLFKZHLQRFKGDJOLW ]HUQGH,QVWUXPHQWHYRQGHU'HFNHKHUXQWHUJHNRPPHQ VLQG,FKKDEHHLQHQ6WLFKLP$UPJHVSUWDEHUGDVZDUDQ HLQHUDQGHUHQ6WHOOHDOVVRQVW+LHULFKNDQQHV,KQHQ]HL JHQ© 6LHUROOWHGHQbUPHOKRFKXQG]HLJWH6FDUERURXJKHLQH GUHLHFNLJH1DUEHGLHGHQ0DOHQDQGHUHU(QWIKUXQJVRS IHUVHKUlKQOLFKZDU(VVDKDXVZLHGHU$EGUXFNHLQHU 6WHFKIRUPIU*HElFN ª2MD$EHUZDVLVWPLWGHU)UDX":LHKDWVLHDXVJHVH KHQ"© ª.HQQHQ6LH!&KHHUV"6LHVDKDXVZLHGLH)UDXDQGHU %DU© ª7DWVlFKOLFK"© ª:LHGLH)UDXGLHGHQ6HHOHQNOHPSQHUJHKHLUDWHWKDW 'LHVLFKLPPHUVREHQLPPWDOVKlWWHPDQLKUHLQHQ%HVHQ LQGHQ$UVFKJHVWHFNW© ª/LOLWK/LOLWK6WHUQDQ6LHKDW)UD]LHU&DQHJHKHLUDWHW© ª
GDVLHODQJHVEORQGHV+DDUKDWWHGDVKLQWHUGHP.RSI]X VDPPHQJHEXQGHQZDU'DGXUFKKDWVLH]LHPOLFKVWUHQJ JHZLUNW8QGVLHKDWWHHLQH%ULOOH-DVLHWUXJHLQH%ULOOH 8QGVLHKDWHWZDVEHUGLH!0LVFKXQJJHVDJW0LWGHU0L VFKXQJVWLPPWHHWZDVQLFKWVDJWHVLHXQGZHQQVLHQLFKW VFKQHOOLUJHQGHLQHQ:LUNVWRIIEHNlPHQGDQQKlWWHQVLHHV EDOGPLWHLQHU/HLFKH]XWXQ© ª8QG6LHHULQQHUQVLFKJHQDXGDUDQ"© ª,UJHQGZLHVFKRQ'DQQZDULFKHLQELFKHQZHJXQG GDQQVLQGGLH$OLHQV]XUFNJHNRPPHQ6LHVDJWHQPLUGLH )UDXGLHLFKJHVHKHQKlWWHVHLHLQHGHU(UGIUDXHQPLWGH QHQVLHH[SHULPHQWLHUWHQ$XHUGHPZUGHLFKPLFKVR ZLHVRQLFKWGDUDQHULQQHUQN|QQHQ,FKVROOWHPLFKQXU GDUDQHULQQHUQGDGDVDOOHVNHLQH)DQWDVLHZlUHGDHV ZLUNOLFKJHVFKHKHQZUGHXQG6LHZLVVHQVFKRQLFK VROOWHGDV(YDQJHOLXPSUHGLJHQ$EHUGHU+HUU-HVXVZDU QLFKWGD1HLQXQGDXFKYRQGLHVHQ+HLGHQ(UO|VHUQZDU NHLQHU]XVHKHQ© ª8QGGDQQVLQG6LHZLHGHUDXIJHZDFKW© ª,FKODJDXIHLQPDOZLHGHUDXIGHU&RXFKXQGKDWWHGLH VHVYHUGDPPWH/RFKLP$UP,FKKDEHJH]LWWHUWXQGJH KHXOW8QGZLVVHQ6LHDOVLFKPLFKZLHGHUEHUXKLJWKDWWH JLQJLFK]X(DUOKLQDXIDEHUGHUKDWJHVFKODIHQZLHHLQ7R WHU'LH.LQGHUDXFK,FKNDQQ,KQHQVDJHQZDVGLHPLW HLQHPPDFKHQGDVLVWZLUNOLFKYHUUFNW©6LHUXQ]HOWHGLH 6WLUQXQGVFKWWHOWHWUDXULJGHQ.RSI ª,FKYHUVWHKH8QGLFKJODXEHGDVN|QQWHVHKUZLFKWLJ VHLQ© ª:LUNOLFK"©6LHZDUVLFKWOLFKHUIUHXW ª-DLFKELQGDYRQEHU]HXJW(ODLQH+DWWHQ6LHYLHO OHLFKWGDV*HIKOGDGLHVH)UDXLQLUJHQGHLQHU:HLVHGLH %HIHKOVJHZDOWKDWWH"© ª-DXQGRE'DVKDEHLFKDXFKGHQ=HLWXQJHQJHVDJWGLH DQJHUXIHQKDEHQ,FKJODXEHGDDQGLHVHQ'LQJHQLUJHQG ZLHDXFK0HQVFKHQEHWHLOLJWVLQGNDQQPLUGDVDEHUQLFKW ]XVDPPHQUHLPHQYLHOOHLFKWJLEWHVVRHWZDVZLHhEHU OlXIHU'DVJODXEWMHGHQIDOOV$EH,FKPHLQHGDHVKLHU /HXWHJLEWGLHGHQ$OLHQVKHOIHQDQGHUH/HXWH]XHQWIK UHQ$QGHUHUVHLWVGDZlUHMDQRFKHLQH0|JOLFKNHLW©

ª:HOFKHGHQQ(ODLQH"© (ODLQH6WUD]LQVNLULGLH$XJHQDXIXQGVDKLKQZLOG DQª9LHOOHLFKWKDEHQGDVDXFKGLH$XHULUGLVFKHQVHOEVW JHPDFKW.QVWOLFKH0HQVFKHQKHUJHVWHOOWPHLQHLFK 'LQJHUGLHVRDXVVHKHQZLH6LHXQGLFKXQGGLHVLFKXQ WHUXQVEHZHJHQQXUGDVLHNHLQH0HQVFKHQVLQG:HLO VLHLQ:LUNOLFKNHLW]XLKQHQJHK|UHQ© ª,FKYHUVWHKH$OVRGDVPXLFKXQEHGLQJWLQGHQ$UWL NHODXIQHKPHQ9LHOHQ'DQNGD6LHVLFK=HLWIUPLFK JHQRPPHQKDEHQ(ODLQH-HW]WZLOOLFK6LHDEHUZLUNOLFK QLFKWOlQJHUDXIKDOWHQ© (ODLQHEOLQ]HOWHª$EHUQLFKWGRFK1HLQ6LHGUIHQ QRFKQLFKWJHKHQ6LHKDEHQGRFK,KU6DQGZLFKQRFKJDU QLFKWDXIJHJHVVHQ%OHLEHQ6LHHLQIDFKGDVLW]HQXQGWULQ NHQ6LHQRFKHLQ%LHU6LHVHKHQQLFKWEHVRQGHUVJXWDXV 7HG,FKJODXEH6LHEUDXFKHQZDV]XHVVHQXQGQRFKHLQ %LHU©$EUXSWVWDQGVLHDXIVFKZHEWHGXUFKGLH.FKH DNWLYLHUWHLKUHZHLEOLFKHQ5HL]HXQGJLQJ]XP.KO VFKUDQNKROWHLKPHLQ%LHU|IIQHWHHVXQGVFKHQNWHLKP EHLQDKHDQGlFKWLJHLQ 6FDUERURXJKEHUOHJWHHLQHQ$XJHQEOLFN (UKDWWH]ZDUQLFKWEHNRPPHQZHVZHJHQHUKHUJH NRPPHQZDUDEHUHUKDWWHHLQHlXHUVWLQWHUHVVDQWH$XV VDJHJHK|UW$QJHQRPPHQQDWUOLFKHVZDUQLFKWYRQ YRUQELVKLQWHQ7HLOHLQHU)DQWDVLH7HLOHLQHV7lX VFKXQJVNRPSOH[HVZLHHUHVLQVHLQHP%XFKJHQDQQW KDWWH$QJHQRPPHQ(ODLQH6WUD]LQVNLZDUZLUNOLFKHQW IKUWZRUGHQ :HQQGDV]XWUDIGDQQZDUHQGLH(QWIKUHUPLWKRKHU :DKUVFKHLQOLFKNHLWNHLQH$XHULUGLVFKHQJHZHVHQ 'DPLWNDPHU]XPHQWVFKHLGHQGHQ3XQNWZDVGLH(QW IKUXQJHQGXUFK$XHULUGLVFKHDQJLQJ6FDUERURXJK ZlUHEHLQDKHVHOEVWLQGLH)DOOHJHWDSSW'DVHQWVFKHL GHQGH:RUWGDVGLH$XIPHUNVDPNHLWDXIVLFK]RJZDU !$XHULUGLVFKHP(QWIKUXQJHQHUHLJQHWHQVLFKMHGHQ7DJ GDV)%,XQWHUKLHOWVRJDUHLQHHLJHQH$EWHLOXQJGLHVLFK PLW(QWIKUXQJHQEHVFKlIWLJWH$EHUVREDOG$XHULUGL VFKHLQV6SLHONDPHQ]HUILHOHQGLH=XVFKDXHULQHLQH )UDNWLRQYRQ*OlXELJHQXQGHLQH)UDNWLRQYRQ8QJOlXEL

JHQ'LH*Ol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lWWH(YHUHWW6FDUERURXJKVROFKH ,GHHQDOVJURWHVNDEJHWDQ ,Q]ZLVFKHQZDUHUVHLQHU6DFKHQLFKWPHKUVRVLFKHU (UKDWWHLQGHQOHW]WHQ]ZHL:RFKHQGLH+|OOHDXI(U GHQGXUFKOHEWXQGIHVWJHVWHOOWGDGLH5HDOLWlWVFKOLP PHUVHLQNRQQWHDOVMHGH:DKQYRUVWHOOXQJ 6FKRQIUKHUKDWWHHUPHKUPDOVPLW(QWIKUXQJVRS IHUQJHVSURFKHQXQGYLHOHGDFKWHQXQGIKOWHQlKQOLFK ZLH(ODLQH6WUD]LQVNL9LHOHZDUHQJHQDXVRJHVSUlFKLJ XQGVLHHU]lKOWHQDQGHUHQ0HQVFKHQYRQLKUHQ(UOHEQLV VHQ0DQFKHGHU(QWIKUWHQZDUHQVLFKHUOLFKJHQDXGLH 9HUUFNWHQXQG6FKZDFKVLQQLJHQ]XGHQHQ6FDUERURXJK DQIDQJVDXFK(ODLQHJH]lKOWKDWWHVWDUNEHHLQIOXWXQG LQIL]LHUWYRQ7\SHQZLH:KLWOH\6WULHEHUXQG0D[LPLOLDQ 6FKURHGHU 1XUGDNHLQHUYRQLKQHQ6FDUERURXJKHWZDVYRQ HLQHU%HJHJQXQJPLWHLQHUPHQVFKOLFKHQ)UDXHU]lKOW KDWWH$XHUGHPKDWWHGLH%HVFKUHLEXQJGLHVHU)UDX(YH UHWW6FDUERURXJKDQLUJHQGHWZDVHULQQHUW(UDN]HSWLHUWH GDV%LOGXQGGDV$QJHERWPLWHLQHPZHLWHUHQ6DQGZLFK EHZLUWHW]XZHUGHQ 9LHOOHLFKWZUGH(ODLQHQRFKHLQLJHVHLQIDOOHQZHQQHU ZHLWHUPLWLKUUHGHWH $OVRD(YHUHWW6FDUERURXJKVHLQ.UDEEHQVDQGZLFK XQGWUDQNVHLQ1DWLRQDO%RKHPLDQVD]XPHUVWHQPDOLP

/HEHQPLWGHP2SIHUHLQHU(QWIKUXQJGXUFK$XHULUGL VFKH]XVDPPHQXQGK|UWHZLUNOLFK]X

.DSLWHO ª+DOOR"© ª(G"(G0\HUV"© ª-DULFKWLJ:HULVWGD"© ª(GKLHULVW(YHUHWW(YHUHWW6FDUERURXJK*XWGDGX ]XUFNELVW,FKKDEHVFKRQPHKUPDOVYHUVXFKWGLFK]XHU UHLFKHQ© ª-HVXV(Y$OOHVNODU0DQQ",FKELQHUVWKHXWHYRQ HLQHU5HLVH]XUFNJHNHKUWXQGPHLQH)UDXKDWPLUJH VDJWGD© ª
,FKZHLHVQLFKW(GGDJHKWHWZDV8QJODXEOLFKHVYRU (LQH$UW9HUVFKZ|UXQJYRQHLQHP$XVPDGDVLFKPLU QLHPDOVKlWWHWUlXPHQODVVHQ,FKKDEHQLFKWGLHJHULQJVWH $KQXQJZDVPDQOHW]WHQ(QGHVHUUHLFKHQZLOODEHUHV JHKWXQWHUDQGHUHPXP8)2VXQGGDVUHLFKW]XUFNELV LQGLH=HLWYRQ3URMHNW6LJQLQGHQYLHU]LJHU-DKUHQ© ª,FKYHUVWHKH© ª,FKNDQQQLFKWODQJHUHGHQ,FKZHLGDGXQLHVHKU YLHOYRQGHLQHQ$UEHLWJHEHUQJHKDOWHQKDVWDEHULFK ZHUGHGLFKQLFKWELWWHQVLH]XKLQWHUJHKHQ,FKEUDXFKH QXUHLQLJH,QIRUPDWLRQHQ,QIRUPDWLRQHQGLHGXJODXEH LFKEHVFKDIIHQNDQQVW:HQQLFKGLHKDEHNDQQLFKPLU YLHOOHLFKWZHLWHUKHOIHQ© ª(YHVJLEWPHKUHUH*HKHLPKDOWXQJVVWXIHQXQGLFK ELQQLFKWEHVRQGHUVZHLWREHQ© ª-DDEHUGXZHLW%HVFKHLGXQGKDVWJHZLVVH0HWKR GHQ© ª6LFKHUMDGDVVWLPPW$EHU(YYLHOOHLFKWVROOWHQZLU XQVHLQIDFK]XVDPPHQVHW]HQXQGUHGHQ© ª1HLQ'DV7HOHIRQJHQJWIUGHQ$XJHQEOLFNXQG GHVKDOENDQQLFKDXFKQLFKWODQJHPLWGLUVSUHFKHQ9LHO OHLFKWVSlWHU,P$XJHQEOLFNP|FKWHLFKQXUGDGXHL QLJH1DPHQQRWLHUVW&RORQHO:DOWHU'RODQ%ULDQ5L FKDUGV(LQH2UJDQLVDWLRQGLHDOV!(GLWRUHQXQG3XEOLV KHUEH]HLFKQHWZLUG8QGVFKOLHOLFKP|FKWHLFKQRFK ZLVVHQZDVGXEHUHLQH)UDXQDPHQV'RNWRU-XOLD&XQ QLQJKDPKHUDXVEHNRPPHQNDQQVW© ª*XWVFKRQQRWLHUW,FKZHUGHVHKHQZDVLFKWXQ NDQQ© ª'DQNH(G*RWWHVWXWVRJXWGHLQH6WLPPH]XK|UHQ 'XZHLWMDJDUQLFKWZDVLFKGXUFKJHPDFKWKDEH© ª+|UPDO(YELVWGXHLJHQWOLFKVFKRQHLQPDODXIGLH ,GHHJHNRPPHQGDPLWGLUVHOEVWHWZDVQLFKWLQ2UG QXQJLVW"9LHOOHLFKWVROOWHQZLUXQVZLUNOLFKWUHIIHQ,FK NDQQDQMHGHQ2UWIOLHJHQGHQGXPLUQHQQVWXQGLFK KDEHQRFKHWZDV8UODXEEULJ© ª1HLQ'DUEHUN|QQHQZLUVSlWHUQRFKUHGHQ,FKPX MHW]WDXIOHJHQ(G,FKUXIHPRUJHQDEHQGXPGLHVH=HLW ZLHGHUDQIDOOVGXGDDP7HOHIRQVHLQNDQQVW©

ª,FKZHUGHGDVHLQ-XQJH8QGLFKZHUGHVHKHQZDVLFK KHUDXVILQGHQNDQQ© ª'DQNH(G'XUHWWHVWPLUGDV/HEHQ,FKZQVFKWHZLU N|QQWHQXQVHLQIDFKLUJHQGZRKLQVHW]HQXQGHLQ%LHUWULQ NHQ,FKELQVRIURKGDHVMHPDQGHQEHLGHU5HJLHUXQJ JLEWGHPLFKYHUWUDXHQNDQQ© ª%LVPRUJHQDEHQGGDQQ© 6FDUERURXJKOHJWHDXI(UKDWWHYRQHLQHP0Q]IHUQ VSUHFKHUYRUHLQHP(OHYHQ6XSHUPDUNWLQGHU)D\HWWH 6WUHHWWHOHIRQLHUW-HW]WNHKUWHHU]XVHLQHP:DJHQ]XUFN GHUDXIGHP3DUNSODW]VWDQGXQGIXKUGHQ6RXWK%URDG ZD\KLQXQWHUELVLQHLQH*HJHQGYRQ%DOWLPRUHGLHHUXQG 0DF.HQ]LHPDQFKPDOEHVXFKWKDWWHQ'HU2UWVWHLOKLH )HOOV3RLQW(UKDWWH/XVWVLFKHLQJXWHV,PSRUWELHU]XJH QHKPLJHQXPGHQ*HVFKPDFNGHV1DWLRQDO%lKORV]X ZHUGHQXQG+LJKODQGWRZQZDUQLFKWZHLW'DDXILKQRK QHKLQQLFKWVDOVHLQVFKlELJHVGHSULPLHUHQGHV=LPPHULQ 'XQGDONZDUWHWHNRQQWHHUVLFKDXFKHLQH6WXQGH=HLW QHKPHQXQGLP%HUWKD VRGHULP:KDUI5DWHLQNHKUHQ :HQQHUVSlWHU+XQJHUEHNlPHNRQQWHHULQ0LNH V7D YHUQHLQPH[LNDQLVFKHV*HULFKWHVVHQ 6FDUERURXJKKDWWHGXUFKGHQ$QUXIHWZDV$XIWULHEEH NRPPHQ(QGOLFKKDWWHHU(G0\HUVHUUHLFKW'DV*H VSUlFKZDUNXU]DEHUGRFKVHKUNRRSHUDWLYYHUODXIHQ(G KDWWHQLFKWYHUVXFKWLKQDP7HOHIRQIHVW]XKDOWHQGDVZDU HLQJXWHV=HLFKHQ6LHKDWWHQQLFKWODQJHJHQXJJHVSUR FKHQDOVGDHVLUJHQGMHPDQGP|JOLFKJHZHVHQZlUH GHQ2UWIHVWVWHOOHQYRQGHPGHU$QUXIHUIROJWZDU(LQ%H ZHLVGDIUGD(GLKPHKUOLFKKHOIHQZROOWH 9RUKHUKDWWHHUYHUVXFKW0DUVKD]XHUUHLFKHQGRFKVLH KDWWHVLFKQLFKWJHPHOGHW(UZUGHHVVSlWHUDP$EHQG RGHUYLHOOHLFKWDXFKHUVWPRUJHQQRFKHLQPDOYHUVXFKHQ :DVQXQ"9LHOOHLFKWNRQQWHQLKPHLQSDDU%LHUKHOIHQ ]XHLQHP(QWVFKOX]XNRPPHQ )HOOV3RLQWZDUHLQKLVWRULVFKHV*HOlQGHGDVZLHHLQ DXVJHVWUHFNWHU)LQJHULQGHQ+DIHQYRQ%DOWLPRUHUDJWH )UKHUKDWWHHVKLHU%DUVPLW=ZLHOLFKWHUQ3XEOLNXP3HQ QHUXQG6HHOHXWHJHJHEHQGLHVLFKYRUGHUQlFKVWHQ)DKUW QRFKHLQHQ'ULQNJHQHKPLJWHQ$XFKKHXWHJDEHVKLHU

QRFKYLHOH%DUVDEHUZlKUHQGGHVOHW]WHQ-DKU]HKQWVKDWWH GLH!5HQDLVVDQFHLQ%DOWLPRUHGLH*HJHQGIHLQHUJHPDFKW 'LH*UXQGVWFNVSUHLVHZDUHQQDFKGHU0RGHUQLVLHUXQJ JHVWLHJHQXQGLQ]ZLVFKHQZDU)HOOV3RLQWDXIGHPEHVWHQ :HJHHLQH$UW*HRUJHWRZQYRQ%DOWLPRUH]XZHUGHQ *OFNOLFKHUZHLVHKDWWHVLFKGLH*HJHQGWURW]GHUWHXUHQ *HVFKlIWHXQG5HVWDXUDQWVGDV$PELHQWHHLQHV.QHLSHQ YLHUWHOVEHZDKUW(VZDUGHUULFKWLJH2UWXP%HNDQQWH]X WUHIIHQRGHUDP:RFKHQHQGH)RON%OXHVRGHU-D]]]XK|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lXVHUGLHVHV6WDGW YLHUWHOVJHVWU|PWZDUHQ'LHVZDUDQJHEOLFKGLH*HJHQG LQGHU(GJDU$OODQ3RHVHLQHQOHW]WHQ'ULQN]XVLFKJH QRPPHQKDWWH :lKUHQGHUVLFKGHU%DUQlKHUWHVWHOOWHQVLFK6FDUER URXJKV1DFNHQKDDUHDXIXQGHUEHNDPHLQH*lQVHKDXW $EUXSWEOLHEHUVWHKHQXQGGUHKWHVLFKXP 1XUGLHEOLFKHQ.QHLSHQJlQJHUXQG3DVVDQWHQGLHHLQ 5HVWDXUDQWVXFKWHQRGHULQV7KHDWHUZROOWHQ1LHPDQG VFKLHQGHQHLQZHQLJDEJHULVVHQZLUNHQGHQElUWLJHQ

0DQQPLWGHP)ODQHOOKHPGGHP$QRUDNXQGGHQ-HDQV DXFKQXUHLQHV%OLFNHV]XZUGLJHQ$EHU6FDUERURXJK KDWWHLQ]ZLVFKHQJHOHUQWDXIVHLQH(LQJHEXQJHQ]XDFK WHQ(UEHUOHJWHREHUDXIGHQ%HVXFKGHV/RNDOVYHU]LFK WHQXQGVRIRUWZLHGHUQDFK'XQGDONIDKUHQVROOWH'RFKLQ GLHVHP$XJHQEOLFNZXUGHGLHDOWPRGLVFKHURWH7UGHV %HUWKD VJH|IIQHWXQGHLQSDDU7DNWHYRQ!2OG&RSHQKD JHQYRQ6WDQ*HW]ZHKWHQKHUDXV6FDUERURXJKVFKWWHOWH VHLQH8QVLFKHUKHLWDE %HUWKD V%DUZDUNDXPPHKUDOVHLQODQJJHVWUHFNWHUG VWHUHU5DXPPLWVFKPLHULJHQ)HQVWHUQ(VURFKQDFKYHU VFKWWHWHP%LHUXQG&LGUHXQGGHPN|VWOLFKHQ)LVFKHLQ WRSIGHQHVDQGHU7KHNHJDE$QGHQ:lQGHQZDUHQDOOH P|JOLFKHQVHOWVDPHQ6FKLOGHUEHIHVWLJWXQGDQGHQ'HN NHQEDONHQKLQJHQDOWH0XVLNLQVWUXPHQWHZLHVFKODIHQGH )OHGHUPlXVH$QGLHVHP$EHQGZDUHQQXUZHQLJH*lVWH GD9LHUYRQLKQHQVDHQLQ]ZHL1LVFKHQ(LQHDWWUDNWLYH %UQHWWHPLWHLQHPUHL]HQGHQ/lFKHOQVWDQGKLQWHUGHU %DU6LHVHUYLHUWHLKPIUQXU]ZHLHLQKDOE'ROODUHLQHQ .UXJPLWN|VWOLFKHPHQJOLVFKHP$OHXQG6FDUERURXJK QLSSWHGDQNEDUGDUDQ(VZDU]XNDOW%ULWLVFKHV)DELHU VROOWHHLJHQWOLFKLQ=LPPHUWHPSHUDWXUVHUYLHUWZHUGHQ $EHUWURW]GHPN|VWOLFK:LHDXFKLPPHUGDV1HZFDVWOH $OHZDUEHUKPWKRFKSUR]HQWLJXQG6FDUERURXJKKDWWH RKQHKLQQLFKWGLH$EVLFKWPHKUDOVHLQHV]XWULQNHQ(U ZROOWHVLFKHLQH:HLOHDQVHLQHP.UXJIHVWKDOWHQXQGELV HULKQKDOEDXVJHWUXQNHQKDWWHZUGHGDV%LHUDXFKDQQl KHUQGGLHULFKWLJH7HPSHUDWXUHUUHLFKWKDEHQ (UWUDQNVFKZHLJHQGXQGK|UWHGHU0XVLN]X*HW]ZLFK GHQHWZDVKlUWHUHQ5K\WKPHQYRQ'DYH%UXEHFNXQG 3DXO'HVPRQGXQGGDQQNDPHQHLQSDDU.ODVVLNHUYRQ =RRW6LPVXQG$O&RKQ$KULFKWLJVRLKUMDXOHQGHQ6D[R SKRQH'HU1DFKJHVFKPDFNGHV1DWLRQDO%lKYHU VFKZDQGXQGVHLQH*HVFKPDFNVQHUYHQHUKROWHQVLFK'LH $XJHQVFKOLHHQGODXVFKWHHUGHQPHORGLVFKHQSXOVLH UHQGHQ5K\WKPHQGHV-D]]0DQNRQQWHGLH$WPRVSKlUH GHV/RNDOVVRJDUPLWJHVFKORVVHQHQ$XJHQVSUHQGDFKWH 6FDUERURXJK(UZDUIURKGDHUHVDXIJHVXFKWKDWWH :DKUVFKHLQOLFKZDUGLHVGHQ0HGLWDWLRQHQVHKUlKQOLFK

GLH'LDQHLKPLPPHUVRQDFKGUFNOLFKHPSIRKOHQKDWWH )DVWNRQQWHHULKUHNODJHQGH6WLPPHK|UHQª$EHU'DGHV PXGRFKQRFKHLQHDQGHUH0|JOLFKNHLWGHU(QWVSDQQXQJ JHEHQDOV$ONRKRO]XWULQNHQXQGGLHVHDOEHUQHDOWH0X VLN]XK|UHQ© 6FDUERURXJKVHXI]WH (UZUGHGDV7ULQNHQDXIJHEHQ(UZUGHDXIGLH -D]]PXVLNYHU]LFKWHQ(UZUGHVR]LHPOLFKDOOHVDXIJH EHQZHQQHUQXUVHLQH7RFKWHU]XUFNEHNlPHZHQQHU VLHGLHVHQKHU]ORVHQ8QJHKHXHUQLQGHQJUDXHQ$Q]JHQ HQWUHLHQN|QQWH $OV6FDUERURXJKVHLQ$OHDXVJHWUXQNHQKDWWHZXWHHU GDGLH)UDXKLQWHUGHU%DU,Y\KLHGDVLHHLQH%LOGKDXH ULQZDUXQGGHPQlFKVWLQHLQHU*DOHULHLQGHU1lKHHLQH $XVVWHOOXQJEHNRPPHQVROOWH(UJDELKUHLQJXWHV7ULQN JHOGXQGYHUDEVFKLHGHWHVLFKEHGDXHUQG(VZDU=HLW]X JHKHQ(UKDWWHJHQXJJHWUXQNHQXQGHUKDWWHNHLQH/XVW VLFKYRQHLQHP&RS]XU$ONRKRONRQWUROOHHLQODGHQ]XODV VHQ $OVHUDXIGHQ*HKZHJWUDWEHPHUNWHHUDXVGHQ$XJHQ ZLQNHOQHLQH%HZHJXQJ (LQ0DQQKDWWHVLFKUDVFKLQHLQHQ+DXVHLQJDQJJH GUFNW -HGHQIDOOVKDWWHGLH*HVWDOWZLHHLQ0DQQDXVJHVHKHQ 2GHUKDWWHHUVLFKGDVQXUHLQJHELOGHW" :XUGHHUEHVFKDWWHW" :DUHVGHU0DQQGHULKPLQGHU8%DKQ6WDWLRQGLH +DQGDXIGLH6FKXOWHUJHOHJWKDWWH" 6FDUERURXJKZROOWHHVKHUDXVILQGHQ'RFKHUZXWH ZHQQHUVLFKMHW]WGLHVHPGXQNOHQ+DXVHLQJDQJQlKHUWH GDQQNRQQWHGHU0DQQVLFKRKQHZHLWHUHVYHUGUFNHQ $OVRPXWHHUHWZDV8QYRUKHUJHVHKHQHVWXQXQGGHQ 0DQQKLQWHUVLFKKHUORFNHQ (UZDQGWHVLFKLQ5LFKWXQJ6KDNHVSHDUH6WUHHWXQG PDUVFKLHUWHUDVFKGDYRQ 'LH6KDNHVSHDUH6WUHHWZDUVFKPDOXQGPLW.RSIVWHL QHQJHSIODVWHUW'LH/DPSHQGHU6WUDHQODWHUQHQOHXFKWH WHQQHXXQGKHOOZDUHQDEHUGHPYLNWRULDQLVFKHQ6WLO QDFKHPSIXQGHQHLQH)ROJHGHU5HQRYLHUXQJGLHVHV

6WDGWYLHUWHOV6FDUERURXJKVFKOXJHLQUDVFKHV7HPSRDQ XQGZDQGWHVLFKGDQQDXIGHU'DOODVQDFKUHFKWV(U ZROOWHGHQ(LQGUXFNHUZHFNHQHUVHL]XU/DQFDVWHURGHU $OLFHDQQDXQWHUZHJVXPQDFK/LWWOH,WDO\]XJHODQJHQ 'RFKGDQQEOLHEHUVWHKHQXQGKXVFKWHLQHLQH*DUD JHQHLQIDKUW1DFKGHPHUDXIGLH'DOODVDEJHERJHQZDU KDWWHHUGDVWHXUH<XSSLH9LHUWHOYHUODVVHQXQGEHIDQG VLFKMHW]WLQHLQHP,QGXVWULHJHELHWHLQHU|GHQ6WDGWODQG VFKDIWPLW/DJHUKDOOHQXQGVFKlELJHQDOWHQ:RKQKlX VHUQZRHVNHLQHQHLQ]LJHQ%DXPXQGNHLQHQ)OHFNHQ *UDVJDE'LH*HJHQGZDUDEJHVHKHQYRQHLQLJHQZHQL JHQ$XWRVVRJXWZLHYHUODVVHQ 6FDUERURXJKZDUWHWHPLWDQJHKDOWHQHP$WHP 1LFKWV +DWWHHUVLFKJHLUUW":DUHQVHLQH:DKQYRUVWHOOXQJHQ ZLHGHUDP:HUN" (UZROOWHHVJHUDGHDXIJHEHQWLHI/XIWKROHQXQG]X VHLQHP$XWR]XUFNNHKUHQDOVHUGLH6FKULWWHK|UWH (VWDSSWHXQGVFKOXUIWH9RUVLFKWLJH6FKULWWHGLHWURW] GHPQDFK(LOHNODQJHQ 6FDUERURXJKGUFNWHVLFKWLHIHULQGLH6FKDWWHQGHU(LQ IDKUWXQGKLHOWVLFKY|OOLJVWLOO (LQ0DQQNDPXPGLH(FNH(UWUXJHLQH/HGHUMDFNH -HDQVXQG7HQQLVVFKXKHXQGVDKDXVZLHLUJHQGHLQ(LQ ZRKQHU%DOWLPRUHVGHUQDFKHLQHP.QHLSHQEHVXFKLQ )HOOV3RLQWQDFK+DXVHJLQJ'RFKDQGHU$UWZLHHUGHQ .RSIKLQXQGKHUGUHKWHXQGGLH$XJHQZDQGHUQOLH ZDUHUVLFKWOLFKGDGHU0DQQHWZDVRGHUMHPDQGHQ VXFKWH 8QGGD]XGLHVHV*HIKOGDVVLFKLQ6FDUERURXJKV %DXFKDXVEUHLWHWHGLHVHVVFKUHFNOLFKH*HIKOGDVHUQXU ]XJHUQLJQRULHUWKlWWH (UZDUWHWHELVGHU0DQQDQLKPYRUEHLZDUGDQQ VSUDQJHULKQDQ 6FDUERURXJKZDUJU|HUDOVGHUDQGHUHXQGVHLQ*H ZLFKWZDUIGHQ0DQQ]X%RGHQ(USUDOOWHPLWGHP.RSI JHJHQHLQH0OOWRQQHHVJDEHLQHQODXWHQ.QDOOGLH 0OOWRQQHILHOXPUROOWHGDYRQXQGULHLQHZHLWHUH 0OOWRQQHXP'HU0DQQGHUEHUUDVFKHQGNUlIWLJXQG

ZHQGLJZDUZHKUWHVLFKDEHU6FDUERURXJKNRQQWHLKQ WURW]GHPKHUXPGUHKHQXQGVHLQ*HVLFKWHUNHQQHQ (VZDUHLQHUGHUEHLGHQ0lQQHUGLHHUEHL7RZHU5H FRUGVLQ1HZ
6FDUERURXJKWDVWHWHQDFKGHU*HVl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lWWH]XYLHOJHWUXQNHQXQGHLQHQ 8QIDOOJHKDEW,KPZDUEHOXQGHUNRQQWHQLFKWHUNHQ QHQZRJHQDXHUVLFKEHIDQG6FDUERURXJKZXWHZLH PDQVLFKIKOWHZHQQPDQPLWHLQHP.DWHUDXIZDFKWH DEHUHUKDWWHQRFKQLHHLQHQVROFKHQ6FKODJDXIGHQ.RSI EHNRPPHQXQGVRYHUJOLFKHUVHLQHQMHW]LJHQ=XVWDQG XQZLOONUOLFKPLWHLQHP.DWHU 'HU.RSIWDWVFKUHFNOLFKZHKXQGHUIKOWHVLFKEHQRP PHQ(VGDXHUWHHLQLJH6HNXQGHQELVHUPHUNWHGDVHLQH .RSIVFKPHU]HQQLFKWVPLW$ONRKRO]XWXQKDWWHQ'LH(U LQQHUXQJHQNHKUWHQ]XUFNGHU0DQQGHU.DPSIGLH %ULHIWDVFKH 'LH%ULHIWDVFKH6FDUERURXJKKREGLH+lQGHXQGZROOWH VLHDQVHKHQ 'LH%ULHIWDVFKHKDWWHPDQLKPZLHGHUZHJJHQRPPHQ DEHULQHLQHU+DQGKLHOWHUHLQ]HUNQOOWHV6WFN3DSLHU 6W|KQHQGNDPHUDXIGLH)HXQGEHWDVWHWHVHLQHQ+LQ WHUNRSI.HLQH%HXOH8QGDOVHUVLFKGLH+DQGYRUGLH $XJHQKLHOWNRQQWHHUDXFKNHLQ%OXWHUNHQQHQ(UVFKW WHOWHGHQ.RSIKROWHWLHI/XIWXQGZDQNWH]XP/LFKWNHJHO GHUQlFKVWHQ/DWHUQH 'RUWIDOWHWHHUGDV%ODWWDXIGDVHULQGHU+DQGJHKDEW KDWWH

,Q%ORFNVFKULIWVWDQGGDUDXIJHVFKULHEHQ!(VLVWQRFK QLFKWGLHULFKWLJH=HLW6HLHQ6LHYRUVLFKWLJ6FDUERURXJK 6HLHQ6LHVHKUYRUVLFKWLJ 6FDUERURXJKGUHKWHGDV%ODWWKHUXPDEHUGLH5FNVHLWH ZDUOHHU 6HLQH.RSIVFKPHU]HQYHUZDQGHOWHQVLFKLQHLQGXPS IHV3RFKHQXQGHUIKOWHVLFKIDVWZLHGHUEHUHLWHLQ6WFN ]XODXIHQ 'DQQHUJULIIQDPHQORVH$QJVWYRQLKP%HVLW] :HUZDUHQGLHVH/HXWH" (U]HUNQOOWHGDV3DSLHUVWHFNWHHVLQGLH-DFNHQWDVFKH WDXPHOWHDXIGHQ*HKVWHLJXQGNHKUWHODQJVDP]XVHLQHP :DJHQ]XUFN )DVWJODXEWHHUEUHQQHQGH%OLFNHLP5FNHQ]XVSUHQ :HUZDUHQVLH" ,UJHQGZRWLHILQVHLQHP,QQHUQKDWWHHUGDV*HIKO GDHLQJURHU7HLOGHVY|OOLJXQEHUVLFKWOLFKHQ3X]]OHV LQGDVVHLQ/HEHQVLFKYHUZDQGHOWKDWWHDXIJHO|VWZHUGHQ NRQQWHZHQQHUGLH$QWZRUWDXIGLHVH)UDJHIDQG ,P+DIHQGU|KQWHHLQH6FKLIIVVLUHQH'UREHQEDOOWHVLFK HLQH:RONHXPGHQ0RQGZLHHLQH)DXVW 6FDUERURXJKJLQJLQ5LFKWXQJ)HOOV3RLQWGHQ*H VFKPDFNYRQ%OXWDXIGHQ/LSSHQXQGZLOGHUHQWVFKORVVH QHUGHQQMH

.DSLWHO (VZDUGXQNHOXQGVWLOODXIGHP/XIWZDIIHQVWW]SXQNW :ULJKW3DWWHUVRQDOV/LHXWHQDQW0DUVKD0DQQLQJ DEHQGVXPKDOE]HKQLKU%URYHUOLHXQGGLH$XVZHLV NDUWHPLWGHP0DJQHWVWUHLIHQLQGHU+DQG]XP/DJHU ZDQGHUWH 'HU+LPPHOZDUWHLOZHLVHEHZ|ONWDEHUJOFNOLFKHU ZHLVHUHJQHWHHVQLFKW(VKDWWHVLFKHWZDVDEJHNKOWGHV KDOEWUXJ0DUVKDMHW]WHLQHQ3XOORYHUXQWHUGHP3DUND 'HU*HUXFKYRQ$XVSXIIJDVHQXQG0RWRU|OKLQJVFKZHU LQGHU/XIWVWLQNHQGH6FKZDGHQGD]ZLVFKHQVHU'XIW

GHUYRQGHQIULVFKDXIJHEOKWHQ/LOLHQQHEHQGHQ2IILFHU V 4XDUWHUVDXVJLQJ 1LHPDQGKDWWHVLFKGDUEHUJHZXQGHUWGDVLHhEHU VWXQGHQPDFKWH,KUH.ROOHJHQZXWHQGDVLHHLQHQ7HU PLQHLQ]XKDOWHQKDWWHXQGDXHUGHPDUEHLWHWHVLHKlXILJ ELVLQGHQ$EHQG-HW]WGDGHU6WW]SXQNWSUDNWLVFKPHQ VFKHQOHHUZDUZROOWHVLHVLFKQlKHUDQVHKHQZDVIU*H KHLPPDWHULDOLQGHP/DJHUYHUERUJHQZDU 6LHKDWWHIDVWGHQJDQ]HQYHUJDQJHQHQ$EHQGJH EUDXFKWXPGHQ&RPSXWHUVSHLFKHUGHV%URV]XNQDN NHQGDVGLH$XVZHLVHDXVJDE6FKOLHOLFKZDUHVLKUJH OXQJHQGLH3URJUDPPLHUXQJLKUHU.DUWHVR]XYHUlQGHUQ GDVLH=XWULWW]XGHPDEJHVSHUUWHQ/DJHUHUKDOWHQPXWH 6LHZDUMHW]WVLFKHUGDQLUJHQGVHLQURWHV/LFKWDXIIODP PHQZUGHZHQQVLHGLH7U|IIQHWH =XP*OFNXQWHUODJGDV0DWHULDOXPGDVHVDQVFKHL QHQGJLQJNHLQHUVHKUKRKHQ(LQVWXIXQJ:lUHGDVGHU )DOOJHZHVHQGDQQKlWWHPDQHVYHUPXWOLFKVRZLHVRQLFKW LP6WW]SXQNW:ULJKW3DWWHUVRQDXIEHZDKUWXQGDXHU GHPKlWWHHLQPHQVFKOLFKHU:DFKSRVWHQYRUGHU7UJH VWDQGHQ'DV&RPSXWHUSURJUDPPZDUQLFKWVHKUXP IDQJUHLFKXQGUHODWLYHLQIDFK]XYHUlQGHUQJHZHVHQDEHU 0DUVKDZDUYRUVLFKWLJXQGKDWWHVLFK=HLWJHODVVHQELVVLH GHQULFKWLJHQ&RGHIDQGGHULKUH.DUWHIUGHQ=XWULWW SURJUDPPLHUWH$XHUGHPKDWWHVLHHLQH6XEURXWLQHJH VFKULHEHQGLHYHUVFKOHLHUQZUGHGDVLHLQGHQJHVSHUU WHQ%HUHLFKHLQJHGUXQJHQZDU'LHVH5RXWLQHNRQQWHVLH MHGHU]HLWDNWLYLHUHQXQGYHUDQODVVHQGDVLHVLFKVHOEVW O|VFKWHVRGDLP&RPSXWHUNHLQH6SXULKUHV9RUKDEHQV ]XUFNEOHLEHQZUGH 7URW]GHPZDUVLHDXIJHUHJWXQGIKOWHVLFKDOVOLHIHVLH DXIURKHQ(LHUQ8QGVLHPDFKWHVLFK6RUJHQXP(YHUHWW 6FDUERURXJK(UKDWWHQLFKWDQJHUXIHQ1XU&DPGHQKDWWH VLFKJHPHOGHWXQGVLHEHU6FDUERURXJKV+DQGOXQJHQ XQGVHLQH3UREOHPHXQWHUULFKWHW.DXP]XJODXEHQGD VHLQHHLJHQH9HUODJVUHGDNWHXULQHLQH9HUUlWHULQJHZHVHQ ZDU(LQHYRQLKQHQ0DUVKDZDUVLFKLKUHUHLJHQHQ/R\D OLWlWY|OOLJVLFKHU6FDUERURXJKZDUHLQDQVWlQGLJHU0DQQ GHUVLFKIU(KUOLFKNHLWXQG$XIULFKWLJNHLWHLQVHW]WHXQG

HVJDEKHXW]XWDJHZLUNOLFKQLFKWPHKUYLHOH0HQVFKHQ GLHGLHVHP,GHDOJHUHFKWZXUGHQ9LHOOHLFKWZDUGDVHW ZDVZDVVLHEHLLKPVRDQ]LHKHQGIDQGGLHVH$XUDYRQ 5HFKWVFKDIIHQKHLWGLHLKQXPJDE &DPGHQKDWWHHLQJHZLOOLJWPLWLKULQ.RQWDNW]XEOHL EHQVLHKDWWHDEHUEHVFKORVVHQLKPQLFKWVYRQLKUHPNOHL QHQ6SLRQDJHHLQVDW]KHXWHDEHQG]XHU]lKOHQ=ZDUYHU WUDXWHVLH6FDUERURXJKDEHUVLHZDUVLFKQLFKWVLFKHURE VLHDXFK&DPGHQYHUWUDXHQNRQQWH:HUZHLYLHOOHLFKW ZUGHHULQHLQSDDU:RFKHQLQJURHQ6FKODJ]HLOHQLP ,QWUXGHUEHUGHQ(LQEUXFKEHULFKWHQ!*HKHLPLQIRUPD WLRQHQEHUDEJHVWU]WH8QWHUWDVVHQJHIXQGHQ1LFKW ODQJHGDQQKlWWHQLKUH9RUJHVHW]WHQKHUDXVJHIXQGHQ ZHUGDDOV6FKQIIOHULQWlWLJJHZHVHQZlUHXQGGDQQ VlHVLHLQGHU7LQWH 1HLQHVZDUEHVVHUZHQQVLHGLH6DFKHYRUHUVWIUVLFK EHKLHOW)DOOVVLHHWZDV,QWHUHVVDQWHVIDQGZUGHVLHHV 6FDUERURXJKVDJHQ:HQQQLFKWGDQQEUDXFKWHVLHHVLKP JHJHQEHUZDKUVFKHLQOLFKQLFKWHLQPDOHUZlKQHQ(U KDWWHMDZLUNOLFKJHQXJDQGHUH6RUJHQ 6LHKDWWHLKU=LHOVFKRQIDVWHUUHLFKWDOVSO|W]OLFKHLQ :DJHQPLWDXIJHEOHQGHWHQ6FKHLQZHUIHUQXPHLQH(FNH NDP6LHK|UWHGDVYHUWUDXWH0RWRUHQJHUlXVFKHLQHV -HHSVLJQRULHUWHGHQ:DJHQDEHUXQGJLQJHLQIDFKZHL WHU 'HU-HHSKLHOWDQ ª+H0DUVKDELVWGXGDV"© /LHXWHQDQW0DQQLQJ]XFNWHXQZLOONUOLFK]XVDPPHQ DOVKlWWHPDQVLHDXIIULVFKHU7DWHUWDSSW$EHUQHLQGDV ZDUDOEHUQ:HUDXFKLPPHUGDVZDUHUNRQQWHQLFKW ZLVVHQZRKLQVLHZROOWHXQGZDVVLHYRUKDWWH 6LHEOLHEVWHKHQGLH6WLPPHNDPLKUEHNDQQWYRUDEHU VLHZDULKUHU6DFKHQLFKWJDQ]VLFKHUª(VWXWPLUOHLG DEHU© ª0HLQH*WHGDQQELQLFKZRKOGRFKNHLQHVRVWUDK OHQGH6FK|QKHLWGDLFKLP'XQNHOQOHXFKWH,FKELQ V 0DUVKD3HWH3HWH$GDPV:HLWGXQLFKWPHKU":LU VLQGHLQSDDUPDODXVJHJDQJHQXQGZDUHQLP.RQ]HUW GXKDVWDEHUZLUNOLFKHLQVFKZDFKHV*HGlFKWQLV+|U

PDOLFKKDEHXP]HKQ8KU)HLHUDEHQG:LHZlU VZHQQ ZLUXQVLP2IILFHU V&OXEDXIHLQHQ'ULQNWUHIIHQ"© (VZDU/LHXWHQDQW3HWHU$GDPV(LQHUYRQPHKUHUHQ 2IIL]LHUHQPLWGHQHQVLHDXVJHJDQJHQZDU(LQIUHXQGOL FKHUQHWWHU7\SGHUVLHHLQSDDUPDOJHNWKDWWH0HKU ZDUQLFKWSDVVLHUWGHQQ0DUVKDKDWWHHVVLFK]XP*UXQG VDW]JHPDFKWQXUPLW.ROOHJHQYRQGHU$LU)RUFHLQV%HWW ]XJHKHQZHQQVLHZLUNOLFKQLFKWDQGHUVNRQQWH%HL3HWH ZDUHVOHLFKWJHZHVHQGDUDXI]XYHU]LFKWHQ ª1HLQGDQNH3HWH© ª6FKDGH'DQQPXLFKDUPHU-XQJJHVHOOHZRKODOOHLQ QDFK+DXVHIDKUHQXQG%DWPDQOHVHQ6DJPDOZDVPDFKVW GXEHUKDXSWKLHUGUDXHQ"6ROOLFKGLFKPLWQHKPHQ"© ª1HLQLFKJHKHQXUVSD]LHUHQ2GHUGDUILFKGDVQLFKW"© ª+HQXQVSLHOHQLFKWJOHLFKGLHEHOHLGLJWH/HEHUZXUVW ,FKIUDJHMDQXU3DDXILFKPXVRZLHVRJOHLFKEHLP &OXEYRUEHLVFKDXHQ:HQQGXZLOOVWNRPPGRFKQDFKKHU YRUEHLGDQQJHEHLFKGLUHLQHQ6LQJDSRUH6OLQJDXV'DV VLQGGLHVH'ULQNVPLWGHQNOHLQHQ5HJHQVFKLUPHQZHLW GX"© ª'DQNH3HWH,FKZHUGHGDUEHUQDFKGHQNHQ© ª'HQDGD$GLRV0DUVKD8QGSDEORDXIGDGLFKGD KLQWHQLP/DJHUEHUHLFKQLFKWGLH5DWWHQDQNQDEEHUQ'LH VLQGKLHUGUDXHQ]LHPOLFKIHWW© 0DUVKDYHU]RJDQJHZLGHUWGDV*HVLFKWDOVGHU-HHSLQ GLH1DFKWGDYRQGU|KQWH 5DWWHQ9HUGDPPWDXFK6LHKDWHDOOH$UWHQYRQ1DJH WLHUHQXQG5DWWHQVWDQGHQDXIGLHVHU/LVWHJDQ]REHQ 8QGMHW]WZROOWHVLHLQHLQGXQNOHVVWDXELJHV/DJHUHLQ GULQJHQ $OVRJXW9LHOHQ'DQNDXFK3HWHGDFKWHVLH*HQDXGDV ZDVHLQ0lGFKHQLQPHLQHU6LWXDWLRQEUDXFKW7URW]GHP JLQJVLHZHLWHU 'HUDOWH+DQJDUNDXHUWHLP'XQNHOQZLHHLQVFKODIHQ GHU5LHVH'LHDQJHURVWHWHQ%OHFKZlQGHVFKLPPHUWHQ PDWWLP/LFKWGHV0RQGHVXQGGHUZHQLJHQ6WHUQHGLH GXUFKGLHWUHLEHQGHQ:RONHQ]XVHKHQZDUHQ(VURFK QDFKIHXFKWHP$VSKDOWXQGDOWHQ5HLIHQQDFK5RVWXQG QDFK9HUJDQJHQKHLW

0DQQLQJOHJWHGHQUHVWOLFKHQ:HJUDVFK]XUFN 'DZDUHV'DV7RUXQGGDV6FKORLQGDVVLHLKUH ,'.DUWHVWHFNHQPXWH 6LHNQLSVWHGLHNOHLQH/DPSHEHUGHPHOHNWURQLVFKHQ 6FKORDQVFKREGLH.DUWHLQGHQ6FKOLW]XQGWLSSWHLKUHQ &RGHHLQ 'DV6FKORNOLFNWH 'DV7RUZDUQLFKWPHKUJHVSHUUW0DQQLQJDWPHWHHU OHLFKWHUWDXV-HW]WPXWHVLHHVQXUQRFKDXIGUFNHQXQG KLQHLQJHKHQ6LHVFKDOWHWHGDVNOHLQH/LFKWDXVULFKWHWH VLFKDXIXQGJLQJDXIGDV7RU]X 3O|W]OLFKZXUGHVLHYRQ6FKHLQZHUIHUQHUIDWXQGHLQ -HHSNDPUDVFKQlKHU ,KUVFKOXJGDV+HU]ELV]XP+DOV 9HUGDPPW*DEHVKLHU.RQWUROOIDKUWHQGHU0LOLWlUSROL ]HLYRQGHQHQVLHQLFKWVZXWH" 6LHQDKPGLH+DQGYRP7RUXQGIXKUKHUXPXP]XVH KHQZHUGDNlPH ª+H0DUVKD(QWVFKXOGLJHGDLFKGLFKVFKRQZLHGHU VW|UHDEHULFKGDFKWHGDGXVRZLHVRQLFKW]XP&OXE NRPPVWXQGZROOWHGLFKQLFKWDXVGHQ$XJHQYHUOLHUHQ ,FKKDEHIUGDVQlFKVWH:RFKHQHQGH]ZHL7KHDWHUNDUWHQ DEHUQRFKNHLQH9HUDEUHGXQJ:DVPHLQVWGX"© 0DQQLQJHQWVSDQQWHVLFKHWZDV(VZDUQXU3HWH $GDPV ª:DVOlXIWGHQQ"©IUDJWHVLHP|JOLFKVWJHODVVHQ ª'LH1HXLQV]HQLHUXQJHLQHV6WFNVYRQ1RHO&RZDUG %ULWLVFKH6FKDXVSLHOHUHLQ*DVWVSLHOHQVHPEOH6ROOZLUN OLFKJXWVHLQ© 6LHOLHLKQQRFKHLQHQ$XJHQEOLFN]DSSHOQ ª8QGZDQQLVWGDV"© ª6RQQDEHQGLQHLQHU:RFKH© ª2ND\3HWHGDVJHKW8QGYLHOHQ'DQNIUGLH(LQOD GXQJ© ª6FK|Q6DJPDOZDVPDFKVWGXEHUKDXSWKLHU"© ª,FKELQQXUQHXJLHULJ,FKEHUSUIHDEXQG]XGLH6L FKHUXQJVHLQULFKWXQJHQGHU/DJHU'DVJHK|UW]XPHLQHP $XIWUDJKLHU© ª2KGHVKDOEKDEHQVLHGLFKDOVRKLHUKHUYHUVHW]W©,KUH

$QWZRUWZDUQLFKWVHKULQWHOOLJHQWJHZHVHQDEHU3HWH $GDPVVFKLHQEHUJOFNOLFKGDVLHVHLQH(LQODGXQJDQ JHQRPPHQKDWWHXQGGDFKWHDQQLFKWVDQGHUHVª6DJPDO ZLHZlUHHVDQVFKOLHHQGQDFKGHU9RUVWHOOXQJPLWHLQHP (VVHQEHLPLU"(LQELFKHQ:HLQHWZDV-D]]"© ª.OLQJWQLFKWVFKOHFKW3HWHN|QQWHPLU6SDPDFKHQ© ª3ULPD,FKUXIHGLFKDQXQGVDJHGLUQRFKJHQDX%H VFKHLG© ª)HLQ%LVGDQQ3HWH© 'HU0RWRUEUXPPWH3HWHZHQGHWHPLWTXLHWVFKHQGHQ 5HLIHQXQGIXKUGDYRQ 0DUVKDVHXI]WHHUOHLFKWHUWXQGDWPHWHQRFKHLQLJH0DOH WLHIGXUFKEHYRUVLH]XP7RUJLQJXQGHV|IIQHWH'LHUR VWLJHQ6FKDUQLHUHTXLHWVFKWHQODXWDEHUHVZDUQLHPDQGLQ GHU1lKHGHUHVKlWWHK|UHQN|QQHQ7URW]GHPEHZHJWH VLHVLFKYRUVLFKWLJXQGODQJVDPXQGVFKORGDV7RUKLQWHU VLFKVRZHLWZLHP|JOLFKRKQHHVHLQUDVWHQ]XODVVHQ 'DQQJLQJVLH]XU6HLWHQWUGHV+DQJDUV'LHYRUGHUHQ JURHQ7RUHGXUFKGLHMDKUHODQJ)OXJ]HXJHKLQHLQXQG KHUDXVJHUROOWZDUHQKDWWHPDQOlQJVWPLW+RKO]LHJHOQ ]XJHPDXHUW $XFKGLH6HLWHQWUZDUYHUVFKORVVHQHVJDEKLHUHLQ ]ZHLWHVHOHNWURQLVFKHV6FKORPLWHLQHPDQGHUHQ&RGH GHQ0DUVKDHEHQIDOOVNDQQWH 6LHWLSSWHGLH=DKOHQHLQHWZDVVXUUWHGDQQNOLFNWHGDV 6FKORGDVVLFKKHOOYRQGHUDOWHQ7UDEKRELQGLHHVHLQ JHVHW]WZRUGHQZDUGHQQHVZDUYLHOQHXHU'LH7UOLH VLFKRKQH6FKZLHULJNHLWHQ|IIQHQXQG0DQQLQJWUDWLQGLH +DOOHHLQ 6WDXE (VURFKQDFK6WDXEXQG$OWHU6LHKDWWHHLQHNOHLQH7D VFKHQODPSHPLWJHEUDFKWGLHVLHMHW]WHLQVFKDOWHWHXQG OLHGHQ/LFKWNHJHOZDQGHUQELVVLHGHQ/LFKWVFKDOWHUJH IXQGHQKDWWH9RUVLFKWLJGUFNWHVLHGLH6HLWHQWU]XXQG NQLSVWHGLH%HOHXFKWXQJGHU+DOOHDQ6LHEUDXFKWHVLFK NHLQH6RUJHQ]XPDFKHQGDGDV/LFKWYRQGUDXHQEH PHUNWZUGH'HU+DQJDUKDWWHNHLQH)HQVWHU 'ULQQHQVDKHVDXVZLHLQHLQHPXUDOWHQ/DJHUKDXVGDV VHKUODQJHNHLQ0HQVFKPHKUEHWUHWHQKDWWH(VJDEKLHU

DQVFKHLQHQGQXUDOWH$NWHQVFKUlQNH.DUWRQV6FKDFKWHOQ XQGHWLNHWWLHUWH+RO]NLVWHQ 0DUVKDOlFKHOWHLQVLFKKLQHLQ6LHPXWHXQZLOONUOLFK DQGHQ6SLHOEHUJ)LOP-lJHUGHVYHUORUHQHQ6FKDW]HVGHQNHQ LQGHPGLH%XQGHVODGHDP(QGHLQHLQHPULHVLJHQ/DJHU KDXVGHU5HJLHUXQJODQGHWH (LQJURHU7HLOGHU+DOOHZXUGHYRQULHVLJHQIDVWELV ]XU'HFNHUHLFKHQGHQ5HJDOHQHLQJHQRPPHQ'LH5HJDOH ZDUHQLQJURH'UDKWNlILJHXQWHUWHLOW'LHVH$EWHLOHZD UHQQXPHULHUWXQG0DUVKDKDWWHVLFKJHQDXHLQJHSUlJW ZRVLHVXFKHQPXWH (VZDU$EWHLO 6LHWUXJGLHYRUJHVFKULHEHQHQ6FKXKHGLH]XU8QLIRUP JHK|UWHQXQGZlKUHQGVLHDQGHQ5HJDOUHLKHQHQWODQJ JLQJKDOOWHQLKUH6FKULWWHODXWLPULHVLJHQ+DQJDU(VZDU HLQXQZLUNOLFKHVJHVSHQVWLVFKHV*HUlXVFK6LHEHUSUIWH GLH1XPPHUQDQGHQ.RSIHQGHQGHU5HJDOH(QGOLFKIDQG VLHGLH=DKOGLHVLHJHVXFKWKDWWH $OVVLHLQGHQGVWHUHQ*DQJHLQERJK|UWHVLHDPDQGH UHQ(QGH*HUlXVFKH (LQ4XLHWVFKHQGDQQKXVFKWHHWZDVGDYRQ 'LH5DWWHQEHUGLH3HWH$GDPVJHVSURFKHQKDWWH" 6LHVFKDXGHUWHXQGEOLHEZLHDQJHZXU]HOWVWHKHQ'LH *HUlXVFKHK|UWHQDXI 5DWWHQ6LHKDWH5DWWHQ]ZDQJVLFKDEHUZHLWHU]XJH KHQ ,QGLHVHP*DQJZDUHVVRILQVWHUGD0DQQLQJZLHGHU GLH7DVFKHQODPSHKHUDXVKROHQPXWHXPGLH1XPPHUQ GHU$EWHLOH]XOHVHQ$XIKDOEHP:HJLQGHU1lKHGHU]X JHPDXHUWHQJURHQ7RUHGHV+DQJDUVZDUHQGLH$EWHLOH HUKHEOLFKJU|HUXQGVLHZDUHQDXFKQLFKWPHKUEHUHLQ DQGHUDQJHRUGQHW6FKOLHOLFKIDQGVLHGDV$EWHLOPLWGHU 1XPPHU 'LH7UZDURIIHQGDQHEHQKLQJHLQ6FKLOG *(+(,0526:(//$XIGHU%UD ]HO5DQFKVLFKHUJHVWHOOWHV0DWHULDO 6LHKH)RUVFKXQJVEHULFKWHEHUGLH$QD O\VH

$QDO\VHEHULFKWHGHV6SH]LDOODERUV :KLWH6DQGV1HZ0H[LFR:HLWHUHV0D WHULDOYRP$EVWXU]LQ5RVZHOOLP1DFK EDUDEWHLO 0DUVKD|IIQHWHGLH7UGHV$EWHLOVXQGOHXFKWHWHKLQHLQ 'DVUHIOHNWLHUWH/LFKWEOHQGHWHVLH6LHPXWHGHQ6WUDKO GHU7DVFKHQODPSHDXIHLQH6HLWHQZDQGULFKWHQHKHVLHHW ZDVHUNHQQHQNRQQWH:DVGRUWDXIGHP%RGHQODJZDU HLQJURHU6WDSHOHLQHVVWDUNUHIOHNWLHUHQGHV0DWHULDOV=X HUVWNDPHVLKUYRUZLH0HWDOODEHUGDQQVDKVLHGDHV VWHOOHQZHLVH]HUNQOOWRGHUYHUVFKPXW]WRGHUYHUEUDQQW VFKLHQlKQOLFKHLQHU$OXPLQLXPIROLHGLHDXIHLQHPULHVL JHQ*ULOOJHOHJHQKDWWH6LHWUDWLQGDV$EWHLONQLHWHVLFK YRUGDV0DWHULDOXQGKREHLQ6WFNDXI 7URW]GHU'LFNHZDUHVEHPHUNHQVZHUWOHLFKW8QGZL GHUVWDQGVIlKLJ'DVZDUEHUKDXSWNHLQH)ROLH 6LHJLQJZHLWHUKLQHLQXQGKREHLQJU|HUHV6WFNDXI 0LWHLQHP.UHLVFKHQVFKRHLQIHWWHUSHO]LJHU.|USHU XQWHUGHP6WFNKHUYRUXQGYHUVFKZDQGLQHLQHU(FNH 0DUVKDVFKULHHUVFKURFNHQDXI,KU+HU]VFKOXJZLH ZLOGVLHZLFK]LWWHUQGELV]XU:DQG]XUFNXQGEUDXFKWH IDVWHLQH0LQXWHXPVLFK]XHUKROHQ /RV/LHXWHQDQWVDJWHVLHVLFKVHOEVW'LH5DWWHQKDEHQ PHKU$QJVWYRUGLUDOVGXYRULKQHQ5HLGLFK]XVDPPHQ6LH NHKUWH]XP+DXIHQGHVJOlQ]HQGHQ0HWDOOV]XUFN*HUQ KlWWHVLHHLQ6WFNPLWJHQRPPHQDEHUGLH%UXFKVWFNH ZDUHQ]XJURXQGHVZlUH]XVFKZLHULJJHZHVHQXQEH KHOOLJWGDPLWELV]XLKUHP$XWR]XNRPPHQ (VVSLHOWHDEHUNHLQH5ROOH'DV:LFKWLJVWHZDUGDGDV =HXJDQGHUVDOVDOOHVDXVVDKZDV0DUVKD0DQQLQJELVKHU ]XVHKHQEHNRPPHQKDWWH'DVZDUHLQGHXWLJHWZDVGDV VLH6FDUERURXJKPLWWHLOHQPXWH$XHUGHPKDWWHVLHDXI GHP6FKLOGGLH:RUWH!$EVWXU]LQ5RVZHOOJHOHVHQ$OVR ZDULQ1HZ0H[LFRWDWVlFKOLFKHWZDVYRP+LPPHOJHIDO OHQ'LHVKLHUZDUGHU%HZHLV'LH)UDJHZDUQXUZDVGRUW DEJHVWU]WZDU 9LHOOHLFKWIDQGVLHGLH(UNOlUXQJLQGHPHUZlKQWHQEH QDFKEDUWHQ$EWHLO"

6LHOLHGDVVHOWVDPH0HWDOOZRHVZDUXQGJLQJHLQ 6WFNZHLWHUGHQ*DQJKLQXQWHUELVVLHGDV$EWHLOPLW GHPHQWVSUHFKHQGHQ6FKLOGJHIXQGHQKDWWH 'LHVHV$EWHLOZDUVHKUJURYLHOOHLFKWGUHLLJPDO ]ZDQ]LJ0HWHU:HLWHUKLQWHQVDKVLHHLQHQGXQNOHQ8P UL 0DQQLQJULFKWHWHGLH7DVFKHQODPSHGDUDXI'DV'LQJ ZDUGUHL0HWHUKRFKXQGDFKW0HWHUEUHLWXQGYHUMQJWH VLFKDXVJHKHQGYRQHLQHP%XFNHOLP=HQWUXP]XGHQ 5lQGHUQKLQ$EHUGLH)RUPZDUXQUHJHOPlLJDOVZlUHHV QXUHLQ+DXIHQ$EIDOO$OVVLHQlKHUKHUDQNDPHUNDQQWH VLHGDGDV*DQ]HPLWHLQHUULHVLJHQ3ODQHEHGHFNWZDU 'LH3ODQHVDKDXVZLHGLH6FKXW]KDXEHQGLHPDQFKPDO EHU)OXJ]HXJHJHVSDQQWZXUGHQDEHUVLHVFKLHQUHFKWDOW ]XVHLQVLFKHUOLFKlOWHUDOVGDV0DWHULDOGDVGLH0HFKDQL NHUKHXWHYHUZHQGHWHQXP)OXJ]HXJH]XEHGHFNHQ6LH KREGHQ]HUIUDQVWHQ6DXPXQGPDFKWHVLFKGDUDXIJHIDW GD5DWWHQKHUDXVVWU]HQZUGHQ $EHUQLFKWVJHVFKDK 6LH]RJGLH.DQWHZHLWHUKRFKXQGMHW]WVDKVLHDXFKKLHU GLHVHVNUlIWLJHIROLHQlKQOLFKH0HWDOOGDVDQ6WUHEHQEHIH VWLJW]XVHLQVFKLHQ 1DJXWGDFKWHVLH'LH3ODQHLVWQLFKWVFKZHUDOVRNDQQ LFKPLUGDVJUQGOLFKDQVHKHQ 6LHVFKREGLH3ODQHQRFKK|KHUPXWHVLHDEHUDXIGHU JDQ]HQ/lQJVVHLWHKRFKNODSSHQHKHVLHGDVJHVDPWH2E MHNWLQ$XJHQVFKHLQQHKPHQNRQQWH$OVVLHIHUWLJZDU WUDWVLHHLQSDDU6FKULWWH]XUFNXQGOLHGHQ6WUDKOGHU7D VFKHQODPSHEHUGDVZDQGHUQZDVVLHIUHLJHOHJWKDWWH 'DQQVFKDOWHWHVLHGLH7DVFKHQODPSHDXVXQG]RJGLH 3ODQHZLHGHUKHUXQWHUGDPLWQLHPDQGEHPHUNHQNRQQWH GDVLHKLHUJHZHVHQZDU1RFKZlKUHQGVLHGDVWDWEH JDQQHQLKUH+lQGH]X]LWWHUQ6LHPXWHHLQHQ$XJHQ EOLFNLQQHKDOWHQXPGLH)DVVXQJ]XUFN]XJHZLQQHQ *XWHU*RWWGDFKWHVLH6LHZROOWHQXUQRFKKLQDXVVLH ZROOWHQXUQRFKVRVFKQHOOZLHP|JOLFKYHUVFKZLQGHQ *XWHU*RWWLP+LPPHO ,UJHQGZRLPULHVLJHQ+DQJDUKXVFKWHQYHUVWRKOHQGLH 5DWWHQKHUXP

.DSLWHO ª+DOOR"© ª(G"© ª+DOOR(Y6FK|QGXELVWSQNWOLFK:LHJHKW VGLU GHQQ"© ª:HQLJVWHQVOHEHLFKQRFK© ª'DVIUHXWPLFK(YGDVNOLQJWZLUNOLFKJXW© ª8QGGXNOLQJVWDOVKlWWHVWGXHWZDVIUPLFK© ª1LFKWVHKUYLHODEHUHVGUIWHHWZDVVHLQPLWGHPGX KRIIHQWOLFKHLQ6WFNZHLWHUNRPPVW%LVWGXVLFKHUGD ZLUXQVQLFKWSHUV|QOLFKWUHIIHQN|QQHQ"1HLQZDKU VFKHLQOLFKKDVWGXUHFKWYLHOOHLFKWLVWGDVLP$XJHQEOLFN ZLUNOLFKNHLQHVHKUJXWH,GHH© ª:DVKDVWGXGHQQIUPLFK"© ª$OVR(YHUHWWLFKZLOOGLUNXU]XQGNQDSSVDJHQZDV LFKKHUDXVILQGHQNRQQWHXQGIDQJHPLWGHQVFKOHFKWHQ 1HXLJNHLWHQDQ/HLGHUNRQQWHLFKQLFKWGHQJHULQJVWHQ +LQZHLVGDUDXIHUKDOWHQGDGLH&,$RGHULUJHQGHLQH2U JDQLVDWLRQGLHPLWGHU)LUPD]XWXQKDEHQN|QQWHDQJH IDQJHQYRQGHQ&RQWUDVELV]XGHQDIJKDQLVFKHQ)UHL KHLWVNlPSIHUQGHLQH7RFKWHURGHUVRQVWMHPDQGHQDXV GHLQHP8PIHOGHQWIKUWKDW© ª2ND\ZDVQRFK"© ª:DVQRFKDFKMD'LHVH(GLWRUHQXQG3XEOLVKHU 'DUEHUKDEHLFKQLFKWV2IIL]LHOOHVKHUDXVILQGHQN|QQHQ (YDEHULFKKDEHPLFKEHLHLQSDDU)UHXQGHQXPJHK|UW GLHHLQLJH(WDJHQK|KHUVLW]HQ$QVFKHLQHQGZHUGHQXP JDQJVVSUDFKOLFKGLH)KUXQJVNUlIWHGLH%H]LHKXQJHQ ]XPJURHQ*HOGKDEHQDOV(GLWRUHQXQG3XEOLVKHUEH ]HLFKQHW© ª'DVJURH*HOG":DVPHLQVWGXGDPLW"© ª2KGXZHLWVFKRQGLH/HXWHGLHDQJHEOLFKZLUNOLFK GLHVHV/DQGUHJLHUHQ'LH0LOOLDUGlUHGLHHLQJHVFKZRUH QHQ)UHXQGHVNUHLVH=ZLVFKHQGHPDOWHQ*HOGDGHOXQG GHU&,$JLEWHVHQJH9HUELQGXQJHQVFKDXGLUQXU *HRUJH%XVKDQ,FKJODXEHGDVLVWGDPLWJHPHLQW© ª$EHUZDVKDWGDVPLW9HUWXVFKXQJVDNWLRQHQGHU5H JLHUXQJEHL8)2*HVFKLFKWHQ]XWXQ"©

ª+|UPDOLFKKDWWHQXUHLQHQ7DJ=HLWXQGLFKPXWH DXFKQRFKGLH1DFKEHVSUHFKXQJIUPHLQHOHW]WH'LHQVW UHLVHDEVROYLHUHQ+DEHWZDV*HGXOGMD"© ª(QWVFKXOGLJH(G:DVKDVWGXVRQVWKHUDXVJHIXQGHQ"© ª$QVFKHLQHQGELQLFKGDQQGRFKQRFKDXIHWZDVJHVWR HQ,FKKDEHHLQSDDU(UNXQGLJXQJHQEHUGLHVH'RNWRU -XOLD&XQQLQJKDPHLQJH]RJHQ6LHDUEHLWHWZLUNOLFKIU XQV)RUVFKWLP+LQEOLFNDXIQHXURFKHPLVFKH.RQWUROOPH FKDQLVPHQ'DVNOLQJWZLHDXVHLQHP6FLHQFHILFWLRQ 5RPDQ:HQQVLH(QGHGHUIQI]LJHU-DKUHVFKRQIUGLH )LUPDWlWLJJHZHVHQZlUHGDQQKlWWHVLHGDPDOVZDKU VFKHLQOLFK/6'7ULSVYHUWHLOWZHQQGXYHUVWHKVWZDVLFK PHLQH© ª-DMDLFKYHUVWHKH© ª0LULVWDOOHUGLQJVLPPHUQRFKQLFKWNODUZDVGDVPLW 8)2V]XWXQKDEHQVROOVLHDUEHLWHWHLQGHXWLJDOV%HUDWHULQ IUGLH&,$© ª+HLWGDVVLHLVWQLFKWIHVWDQJHVWHOOW"© ª*HQDX$QVFKHLQHQGIRUVFKWVLHDXHUGHPDQHLQLJHQ 8QLYHUVLWlWHQXQGVWHKWDXHUGHPPLWGHP1,+XQGGHP 1,0+LQ9HUELQGXQJ© ª-DGRUWKDEHLFKVLHDXFKNHQQHQJHOHUQW%HLP1DWLRQDO ,QVWLWXWHRI+HDOWK%HHLOGLFK(GLFKNDQQQLFKWPHKU ODQJHWHOHIRQLHUHQ,FKZHLMDGDGXQLFKWDEJHK|UWZLUVW DEHUWURW]GHPOHLGHLFKDQ:DKQYRUVWHOOXQJHQ© ª6FKRQJXW1DFKGHQ8QWHUODJHQLVW'U&XQQLQJKDP HLQHU)RUVFKXQJVHLQULFKWXQJGHU5HJLHUXQJLQ1HZ0H [LFR]XJHWHLOW'DV/DERUEHILQGHWVLFKDXIGHU.LUWODQG$LU )RUFH%DVH(VJHKWGRUWXPSV\FKRORJLVFKH.RQWUROOHGLH )RUVFKXQJKDWEHUHLWVLQGHQYLHU]LJHU-DKUHQEHJRQQHQ 'LH&,$KDWGDV/DERUEHUQRPPHQQDFKGHP3UlVLGHQW 7UXPDQGLH$WRPERPEHQDEJHZRUIHQKDWWH© ª'DQNH(G.|QQWHVWGXPRUJHQXPGLHJOHLFKH=HLW ZLHGHUDP7HOHIRQVHLQ© ª.DQQLFKNHLQ3UREOHP8QGPHLQ$QJHERWGLUSHU V|QOLFK]XKHOIHQXQG]XGLU]XNRPPHQVWHKWQRFK,FK KDEHLPPHUQRFKHWZDV8UODXE© ª'DQNH(G9LHOOHLFKWPXLFKGDUDXI]XUFNNRPPHQ 0DFK VJXW©

6FDUERURXJKOHJWHDXIQDKPGDVUHVWOLFKH.OHLQJHOG DXVGHP$XVJDEHIDFKGHV0Q]IHUQVSUHFKHUVXQGVWHFNWH HVJOHLFKZLHGHUKLQHLQ(UIJWHQRFKHLQLJH9LHUWHOGROODU VWFNHKLQ]XGLHHUWDJVEHULQHLQHU%DQNLQ)UHGULFN 0DU\ODQGHLQJHWDXVFKWKDWWH 6FDUERURXJKKLHOWVLFKLQHLQHU%DULQ8QLRQWRZQ3HQQ V\OYDQLDDXI(UKDWWHJHUDGHHLQKHOOHV%LHUYRP)DJH WUXQNHQXQGHLQ6WHDNPLW)ROLHQNDUWRIIHOQJHJHVVHQ 6FKRQPHKUPDOVKDWWHHUYHUVXFKW0DUVKD0DQQLQJ]X HUUHLFKHQDEHUVLHKDWWHVLFKQLFKWJHPHOGHW (UGDFKWHMHW]WVHLGHUULFKWLJH$XJHQEOLFNHVQRFKHLQ PDO]XSURELHUHQXQGZlKOWHLKUH1XPPHU (VJLQJ6FDUERURXJKLP$XJHQEOLFNQLFKWQXUGDUXP LKU]XHU]lKOHQZDVHUHUOHEWXQGKHUDXVJHIXQGHQKDWWH 9RUDOOHPZROOWHHULKUH6WLPPHK|UHQ(UKDWWHHLQHQ ]LHPOLFKVFKZHUHQ7DJKLQWHUVLFK :HUZDUHQGLH0lQQHUGLHLKQYHUIROJWHQ" 'HQJDQ]HQ7DJODQJKDWWHHULPPHUZLHGHUJHJODXEW VLHDXVGHQ$XJHQZLQNHOQ]XVHKHQDEHUVREDOGHUVLFK XPGUHKWHNDPHQJDQ]KDUPORVH/HXWHKLQWHULKPKHU 2GHUHUNRQQWHEHUKDXSWNHLQHQ0HQVFKHQVHKHQ K|FKVWHQVHLQHQ0DQWHOVDXPGHUIODWWHUQGKLQWHUHLQHU (FNHYHUVFKZDQG :HUZDUHQVLH" (UKDWWHGHQ=HWWHOGHQVLHLKPLQGLH+DQGJHGUFNW KDWWHQLQ]ZLVFKHQKXQGHUWPDOJHOHVHQ 1RFKQLFKWGLHULFKWLJH=HLWQRFKQLFKWGLHULFKWLJH =HLW :DVKDWWHGDV]XEHGHXWHQ" (UGDFKWHEHUKXQGHUWHUOHL0|JOLFKNHLWHQQDFK:DUHQ HV%HDPWHGHU5HJLHUXQJGLHVLFKZLHHUEHPKWHQGLH 9HUVFKZ|UXQJDXIIOLHJHQ]XODVVHQ" 2GHUDUEHLWHWHQVLHXQDEKlQJLJYRQGHU5HJLHUXQJ"5H SRUWHUGLHDQHLQHUJURHQ6WRU\GUDQZDUHQ+DQGHOWHHV VLFKXP/HXWHYRP0LOLWlU":DUHQHVDXVOlQGLVFKH$JHQ WHQ"2GHUJHK|UWHQVLHJDU]XU0DQQVFKDIWGHU3XEOLVKHU GLHHLQYHUUFNWHVXQGXUFKVLFKWLJHV6SLHOPLWLKPVSLHO WHQ" :HUVLHDXFKZDUHQVLHEHVFKDWWHWHQLKQ6LHVSLHOWHQ

PLWVHLQHP/HEHQ6LHKLHOWHQLKQIUHLQH)LJXUGLHVLHZLH DXIHLQHP6FKDFKEUHWWKHUXPVFKLHEHQNRQQWHQ6FDUER URXJKJHILHOGLHVHU*HGDQNHEHUKDXSWQLFKW 1HLQHUPLILHOLKPVRJDUVHKU 7URW]GHPPXWHHUGLHVHhEHUOHJXQJHQ]XUFNVWHOOHQ HUPXWHVHLQHPILHEHUKDIWDUEHLWHQGHQ*HKLUQXQEHGLQJW HLQH3DXVHJ|QQHQ (VJLQJLKPLQ]ZLVFKHQQLFKWPHKUQXUGDUXP$QW ZRUWHQ]XEHNRPPHQ(UZROOWH5XKHILQGHQ5XKHXQG *HERUJHQKHLW'HUHLQ]LJH2UWDQGHPHUVLFKMHW]WVLFKHU IKOHQNRQQWHZDULQ2KLR,Q0DUVKD0DQQLQJV+DXV GLHHUVHOWVDPHUZHLVHVHKULQV+HU]JHVFKORVVHQKDWWHYRQ GHUHUVLFKDXIIDVWXQEHKDJOLFKH:HLVHDEKlQJLJIKOWH 6RHWZDVKDWWHHUQLFKWPHKUHPSIXQGHQVHLWQXQMDVHLW VHLQH)UDXJHVWRUEHQZDU1RUPDOHUZHLVHYHUVXFKWHHU *HIKOHZLHGLHVH]XYHUGUlQJHQVREDOGVLHHUZDFKWHQ DEHUMHW]WOLHHUVLH]X 'LH=HLWHQKDWWHQVLFKJHlQGHUW (UZROOWH]XLKU]X0DUVKD0DQQLQJXPLQLKUHP+DXV LQ2KLRHWZDV5XKH]XILQGHQ $EHUGDQQ 'DQQILHOLKPHLQZDVHUVWDWWGHVVHQWXQNRQQWH %HLPVHFKVWHQ.OLQJHOQKREVLHDE ª+DOOR"© ª0DUVKDLFKELQ V© 6LHZDUDXHU$WHP6FDUERURXJKK|UWHVLHVFKQDXIHQ 6FKOLHOLFKVDJWHVLHª'XPXWJHPHUNWKDEHQGDLFKWH OHSDWKLVFKPLWGLU9HUELQGXQJVXFKWH© (UQDQQWHLKUGLH1XPPHUGHV0Q]IHUQVSUHFKHUV(V ZDUHLQ)HUQJHVSUlFKXQGVHLQH9LHUWHOGROODUVWFNHJLQ JHQUDVFK]XU1HLJH :HQLJH6HNXQGHQVSlWHUULHIVLH]XUFN (UVDJWHª3DDXILFKELQMHW]WXQWHUZHJV(VZDU]LHP OLFKYHUUFNW© ª'DVKDEHLFKDXFKVFKRQJHK|UW&DPGHQKDWPLFKLQ IRUPLHUW$OOHVNODUEHLGLU"© ª,FKIKOHPLFKQLFKWEHVRQGHUVZRKODEHUHVJHKW QRFK,FKLFKPXPLFKHWZDVDXVUXKHQXQGGDFKWH LFKN|QQWHPLFKYLHOOHLFKWHLQH:HLOHEHLGLUYHUNULHFKHQ©

ª'DVKlWWHLFKZLUNOLFKJHUQDEHUOHLGHUJODXEHLFKGD HVNHLQHEHVRQGHUVJXWH,GHHLVW(YHUHWW:LUNOLFKQLFKW© 6FDUERURXJKIKOWHVLFKVFKPHU]OLFK]XUFNJHZLHVHQ GRFKGDQQZXUGHLKPNODUGDVLHHUQVWKDIWEHVRUJWZDU ª:DVLVWSDVVLHUW"+DVWGX$JHQWHQJHVHKHQGLHGLFK EHREDFKWHQ"© ª1HLQDEHULFKELQPLUQLFKWPHKUVLFKHU(VLVWHLQH JURH6DFKH(YHUHWW9LHOJU|HUDOVLFKPLUMHKlWWHWUlX PHQODVVHQXQGLFKJODXEHZLUPVVHQVHKUVHKUYRUVLFK WLJVHLQ,FKYHUVWHKHJHQXJYRQ(OHNWURQLNXPPLFKYHU JHZLVVHUQ]XN|QQHQGDPHLQ7HOHIRQVDXEHULVW$EHU QDFKGHPZDVLFKKHXWHDEHQGJHVHKHQKDEH6DJHQ ZLUPDOLFKKDEHPLFKEHPKWPHLQH6SXUHQ]XYHUZL VFKHQDEHUHVN|QQWHVHLQGDVLHPLFKWURW]GHPEHU SUIHQ8QGZHQQVLHGLFKGDQQKLHUILQGHQGDQQLVWHV DXV© ª:RYRQUHGHVWGX"© ª:XWHVWGXGD:ULJKW3DWWHUVRQHWZDVPLW8)2V]X WXQKDW"© (UPXWHHLQHQ$XJHQEOLFNQDFKGHQNHQª2KVLFKHU 'LHDEJHVWU]WHIOLHJHQGH8QWHUWDVVHDXV5RVZHOO1HZ 0H[LFR'DVJHK|UW]XPNOHLQHQ(LQPDOHLQVMHGHV8IROR JHQ8QIXJ,FKKDEHGDVVHOEVWXQWHUVXFKW$OOHVQXU+| UHQVDJHQ*HQDXZLHGHUJU|WH7HLOGHUEULJHQ8)2 0\WKRORJLH© ª'DQQPDFKGLFKDXIHLQHhEHUUDVFKXQJJHIDW -XQJH© ª:LHELWWH"© ª,FKKDEHHWZDV]XGLHVHP7KHPDJHOHVHQGDEHLVLQG PLUHLQSDDU'LQJHDXIJHIDOOHQ8QGZHLOLFKGRFKVRZLHVR LQ:ULJKW3DWWHUVRQVLW]HQXQMDLFKKDEHGDVJHKHLPH ,QYHQWDUPLWPHLQHP&RPSXWHUGXUFKVXFKW,QGHQ$NWHQ VWDQGGDLQHLQHP+DQJDUHWZDVXQWHUGHP1DPHQ5RV ZHOO1HZ0H[LFRJHODJHUWZLUG,FKKDEHPLUDOVR=X JDQJYHUVFKDIIWXQGHVPLUVHOEVWDQJHVHKHQ© ª'XZLOOVWPLUGRFKKRIIHQWOLFKQLFKWHLQUHGHQGXKlW WHVWHLQHIOLHJHQGH8QWHUWDVVHJHVHKHQ0DUVKD"©(U NQLUVFKWHPLWGHQ=lKQHQYHUVXFKWHDEHUVFKHU]KDIW]X VSUHFKHQXQGGLH'LQJHQLFKW]XHUQVW]XQHKPHQ'DV

KDWWHLKPLQDOOGHQ-DKUHQEHLVHLQHQ9RUWUlJHQXQGVHL QHQ$XIWULWWHQEHL7DON6KRZVLP)HUQVHKHQLPPHUVHKU JHKROIHQ ª1LFKWGLUHNW$OOHUGLQJVKDEHLFKLQHLQHP+DQJDUHW ZDVJHIXQGHQGDVDXVHLQHP0DWHULDOEHVWDQGGDVLFK QRFKQLHJHVHKHQKDEHXQGGDV'LQJVDKDXVZLHHLQ8)2 GDVDXIGHQ%RGHQJHNQDOOWLVW,FKKDEH6FKULIW]JHHQW GHFNWPLW6\PEROHQGLHPLUQRFKQLHLP/HEHQEHJHJQHW VLQG(VNDPPLUVHKUIUHPGDUWLJYRU© 6FDUERURXJKKDWWHZLHVFKRQVRRIWLQGHUOHW]WHQ=HLW ZLHGHUHLQPDOGDV*HIKOGDLKPGHU%RGHQXQWHUGHQ )HQZHJJH]RJHQZXUGH ª(YHUHWW"(YHUHWWELVWGXQRFKGD"© ª-D0DUVKD-D,FKELQGD/DXQVGDVPDOIUGHQ$X JHQEOLFNDXVNODPPHUQXQG© ª:DVPHLQVWGXPLW!DXVNODPPHUQ"'DVLVWVHKUZLFK WLJ'LH$LU)RUFHXQGGLH&,$GLHJDQ]H5HJLHUXQJGLH KDEHQGDV'LQJYHUVWHFNW'LH(UGHZLUGWDWVlFKOLFKYRQ :HVHQYRQDQGHUHQ3ODQHWHQEHVXFKW(YHUHWW:HLJHUVW GXGLFKLPPHUQRFKGDV]XDN]HSWLHUHQ"© ª,FKZHLHVQLFKW0DUVKD,FKKDEHHVMDQLFKWVHOEVWJH VHKHQXQGLFKNDQQPLUNHLQ8UWHLOELOGHQ$EHUGDVLVW QLFKWGDVZRUEHULFKUHGHQZROOWHDOVRUHJHGLFKELWWH QLFKWDXI© ª'DVIlOOWPLUYHUGDPPWVFKZHUZHQQLFKVHKHZLH VW|UULVFKGXGLFKZHLJHUVWEHVWLPPWH)DNWHQDQ]XHUNHQ QHQ© ª2ND\GDQQZLOOLFKGLUHUVWPDOHLQLJHQHXH'LQJHEH ULFKWHQDXIGLHLFKLQ]ZLVFKHQJHVWRHQELQGDQQNDQQVW GXVHOEVWXUWHLOHQ© ª$OVRJXW(YHUHWW'XNDQQVWPLFKPDQFKPDOZLUNOLFK DXIGLH3DOPHWUHLEHQ© 6FDUERURXJKPXWHOlFKHOQª,FKJODXEHGDVEHUXKWDXI *HJHQVHLWLJNHLW0DUVKD© (UHU]lKOWHLKUYRQGHQ0lQQHUQGLHLKPJHIROJWZD UHQXQGYRQGHU%HJHJQXQJPLWLKQHQDPYHUJDQJHQHQ $EHQGHUEHULFKWHWHYRP.RQWDNWPLWVHLQHP)UHXQG(G 0\HUVXQGGHQ,QIRUPDWLRQHQGLHGHU&,$$JHQWIULKQ KHUDXVJHIXQGHQKDWWH$EHUZDVQRFKZLFKWLJHUZDUHU

HUNOlUWHLKUZDVHUEHUGLHYHUGHFNWHQHUVFKUHFNHQGHQ $NWLYLWlWHQGHUVRJHQDQQWHQ(GLWRUHQXQG3XEOLVKHU GDFKWHXQGZHOFKH6FKOXIROJHUXQJHQHUJH]RJHQKDWWH ª:DUXPQXUVROOWHQ0HQVFKHQVRHWZDVWXQ"©IUDJWH 0DUVKDQDFKNXU]HP6FKZHLJHQ ª,UJHQGZLHSDWGDVDXIHLQHYHUUFNWH$UWXQG:HLVH ]XVDPPHQ'LH&,$LQWHUHVVLHUWVLFKVFKRQODQJHIU%H ZXWVHLQVNRQWUROOH$OV:DIIHDOV:HUN]HXJ1DFKGHP HWZDVDQGLHgIIHQWOLFKNHLWGXUFKJHVLFNHUWZDUPXWHGLH &,$QDWUOLFKYHUVSUHFKHQGDVLHGDPLWDXIK|UHQ ZUGHDEHUPDQGDUIUXKLJDQQHKPHQGDGLH)LUPDXQ WHU5HDJDQXQG%XVKGLHVWLOOVFKZHLJHQGH(UODXEQLVEH NRPPHQKDWZHLWHU]XIRUVFKHQXQG]ZDULQWHQVLYHUGHQQ MH'LHVH)DUPLQ,RZDLVWHLQ+LQZHLVGDUDXIGDVLHGDV VFKRQ]LHPOLFKODQJHPDFKHQ© ª,FKYHUVWHKHHVLPPHUQRFKQLFKW© ª'HVLQIRUPDWLRQ0DUVKD'HVLQIRUPDWLRQXQG%H ZXWVHLQVNRQWUROOH© ª'XPHLQVWGLHVH*HVFKLFKWHQEHU(QWIKUXQJHQ 6WULHEHU6FKURHGHUGLH%HULFKWHLQGHQ%FKHUQYRQ +RSNLQV0HLQVWGXZLUNOLFKGDGLH&,$KLQWHU DOOHGHPVWHFNW"© ª2GHULUJHQGHLQHLOOHJDOH$EWHLOXQJGHU&,$YRQGHU GLHDQGHUHQ$JHQWHQEHUKDXSWQLFKWVZLVVHQ© ª$EHUZDUXP":HOFKH,QIRUPDWLRQHQZROOHQVLHJH KHLPKDOWHQ":DUWHPDOVRODQJVDPGlPPHUWHVPLU 0HLQ*RWW(YHUHWWJODXEVWGXGHQQGLHZROOHQGDPLW HFKWH$NWLYLWlWHQYRQ$XHULUGLVFKHQYHUWXVFKHQ"© ª,FKKDEHQRFKQLFKWJHQJHQG,QIRUPDWLRQHQXPGLH VHQ6FKOX]LHKHQ]XN|QQHQDEHUHVLVWHLQH0|JOLFKNHLW (LQH0|JOLFKNHLWGLHGXUFKGHLQH(QWGHFNXQJZDKU VFKHLQOLFKHUJHZRUGHQLVW0DUVKD(QWVFKXOGLJHGDLFK VRKHIWLJUHDJLHUWKDEH,FKJODXEHGDVLVWGLHDOWH6NHSVLV DXVPHLQHU9HUJDQJHQKHLW© ª*ODXEVWGXGHQQGDHV$XHULUGLVFKHDXIGHU(UGH JLEW(YHUHWW"© ª1HLQGDVNDQQLFKLPPHUQRFKQLFKWJODXEHQ:LU NHQQHQQRFKQLFKWDOOH)DNWHQXQGDXHUGHPPDFKHLFK PLUMHW]WQRFKYLHOJU|HUH6RUJHQXPPHLQH7RFKWHU,FK

VFKDXGHUHZHQQLFKPLUYRUVWHOOHZHUVLHHQWIKUWKDEHQ N|QQWHXQGZDVGLH(QWIKUHUPLWLKUJHWDQKDEHQN|QQ WHQ8QGPLW7LP© ª,FKJODXEHGDUEHUPXLFKMHW]WHUVWPDOQDFKGHQNHQ $EHULFKZHUGHGHU6DFKHZHLWHUQDFKJHKHQ© ª'DVLVWJXW9LHOOHLFKWJLEWHVLUJHQGZRHLQH9HUELQ GXQJ]ZLVFKHQXQVHUHQ%HREDFKWXQJHQ8QGLFKZHUGH PLFKMHW]WXPPHLQQlFKVWHV=LHONPPHUQ© ª8PZHOFKHVGHQQ"© ª,FKKDEH*UXQG]XGHU$QQDKPHGDLFKHLQHGHU3HU VRQHQNHQQHGLHDQGLHVHQVFKUHFNOLFKHQ'LQJHQEHWHLOLJW VLQG(VLVWHLQHJHZLVVH'RNWRU-XOLD&XQQLQJKDP(G 0\HUVKDWPLUEHULFKWHWGDVLHWDWVlFKOLFKIUGLH&,$DU EHLWHW8QGVLHLVWLQ1HZ0H[LFR0DUVKD,QHLQHP/DERU LQGHPDQVROFKHQ'LQJHQJHIRUVFKWZLUG'RUWZLOOLFK KLQ,FKKDEHGDVXQEHVWLPPWH*HIKOGDPDQ'LDQH GRUWIHVWKlOW© ª,Q1HZ0H[LFR"(WZDLQGHU1lKHYRQ5RVZHOO"© ª,FKKDEHNHLQH=HLWPLFKXPDEJHVWU]WHIOLHJHQGH 8QWHUWDVVHQ]XNPPHUQDEHUHVLVWWDWVlFKOLFKQLFKWZHLW HQWIHUQWDXIGHU.LUWODQG$LU)RUFH%DVHXPJHQDX]X VHLQ© ª5XIPLFKPRUJHQDEHQGZLHGHUDQLFKZHUGHGHU6D FKHDXIMHGHQ)DOOZHLWHUQDFKJHKHQ© ª:DVPHLQVWGXGDPLW"© ª5XIPLFKHLQIDFKPRUJHQDEHQGDQ(YHUHWWRND\"© ª0DUVKDZHQQGXHWZDVYRUKDVWGDQQVROOWHVWGXHV PLFKZLUNOLFKZLVVHQODVVHQ© ª0RUJHQDEHQG(YHUHWW©VDJWHVLH,KUH6WLPPHNODQJ DEZHLVHQGXQGGDPLWOHJWHVLHDXI 1RFKHLQ$QUXIGDQQNRQQWHHUHLQ6WFNIDKUHQXQG VLFKHLQHhEHUQDFKWXQJVJHOHJHQKHLWVXFKHQ (UJLQJ]XU%DUZHFKVHOWHQRFKHLQSDDU9LHUWHOGROODU VWFNHXQGEHVWHOOWHHLQH&RNH(VZDUHLQ/RNDOGDV KDXSWVlFKOLFKYRQ)HUQIDKUHUQEHVXFKWZXUGHhEHUGHU .DVVHKLQJHLQ+LUVFKJHZHLKDXIGHU7KHNHVWDQGHQ*Ol VHUPLWHLQJHOHJWHQ(LHUQXQG6FKZHLQVKD[HQLQ$VSLN 'DV6WHDNZDUHWZDV]lKDEHUVlWWLJHQGJHZHVHQGLH.DU WRIIHOJURXQGJXW

ª1D6LHKDEHQDEHUGLH7HOHIRQLWLV©VDJWHGHU%DUNHH SHUHLQ0DQQLQPLWWOHUHQ-DKUHQPLWVFKOlIULJHQ$XJHQ GHUVRDXVVDKDOVNRVWHWHHURIWXQGJHUQGLH*HWUlQNHGLH HUDXVVFKHQNWH ª-DGDVVWLPPW©6FDUERURXJKVFKRELKP]ZHL9LHUWHO GROODUVWFNHIUGLH&RODXQGYLHUZHLWHUH0Q]HQDOV 7ULQNJHOGEHUGLH7KHNHª%LQLFKLP:HJ":LOOQRFKMH PDQGDQGHUVWHOHIRQLHUHQ"© ª1HLQLFKZROOWH6LHGDQLFKWYHUVFKHXFKHQ,FKNP PHUHPLFKOLHEHUXPPHLQHQHLJHQHQ.UDP:DUQXUVR HLQH5HGHQVDUW© ª$OOHVNODU© ,P/RNDOKLHOWHQVLFKQXUHWZD]HKQ*lVWHDXIXQGZlK UHQG'ROO\3DUWRQXQG%XFN2ZHQVDXVGHU0XVLNER[ KHXOWHQXQGDP3RROWLVFK0lQQHUOHLVHIOXFKHQGGLH.X JHOQNODFNHUQOLHHQKDWWH6FDUERURXJKLQHLQHU(FNHHW ZDV5XKHILQGHQN|QQHQ (UWUDQNGLH&ROD.OHLQJHKDFNWHV(LVGDVZDUJXW(V JDEQLFKWYLHOH%DUVLQGHQHQGDV(LVNOHLQJHKDFNWZXUGH 6RPRFKWH6FDUERURXJKVHLQH&RNHZHQQHUHLQHWUDQN(U NHKUWHPLWGHPEHVFKODJHQHQ*ODV]XP7HOHIRQ]XUFN VWHOOWHHVQHEHQGHQ]HUIHW]WHQ7HOHIRQEFKHUQDEOHJWHGLH 9LHUWHOGROODUVWFNHQHEHQGHQ$SSDUDWXQGZlKOWH (VNOLQJHOWHQXU]ZHLPDOELVDEJHKREHQZXUGH ª+DOOR© ª&DPGHQKLHULVW6FDUERURXJK5XIHQ6LHPLFKELWWHXQ WHUGHUIROJHQGHQ1XPPHU]XUFN© ª2KGDVJHKWDEHUQLFKW,FKZROOWHJHUDGHZHJ0DQQ )HLHUQ© ª&DPGHQ,FKPXPLW,KQHQUHGHQ© (VGDXHUWHHLQHQ$XJHQEOLFNELVGHU0DQQGHUOHLFKWEH GXVHOWNODQJGLH6LWXDWLRQEHUGDFKWKDWWHª1DJXW*HEHQ VLHPLUGLH1XPPHU© &DPGHQULHI]XUFNª+H6FDUERURXJKWXWPLUOHLG,FK GDFKWHPHLQH7HOHIRQJHVHOOVFKDIWKlWWHPLUGLH)HUQJH VSUlFKHJHVSHUUW+DWVLHDEHUZRKOGRFKQLFKW© ª+lWWHQ6LHGDVQLFKWJOHLFKVDJHQN|QQHQ"© ª2KPLUZDUNODUGD6LHPLFKVRZLHVRQRFKPDODQUX IHQZUGHQZHQQLFKPLFKQLFKWPHOGH©

ª'DVKlWWHLFKGDUDXIN|QQHQ6LH*LIWQHKPHQ&DPGHQ ZDVKDEHQ6LH]XIHLHUQ"© ª(LQHHUIROJUHLFKH*HVFKlIWVUHLVHQDFK1HZ
ª$OOHVNODU'DQNH&DPGHQ© ª(VWXWPLUOHLGGD6LHLQ%DOWLPRUHHLQHQNOHLQHQ=X VDPPHQVWRPLWHLQSDDUNUlIWLJHQ-XQJVKDWWHQ.HLQH $KQXQJZHUGDVZDU6RZDVLVWPLULQGHU8)26]HQHELV KHUQRFKQLFKWXQWHUJHNRPPHQ'LH0lQQHULQ6FKZDU] VFKFKWHUQLKUH2SIHUQRUPDOHUZHLVHQXUHLQRKQHLKQHQ GHQ6FKHLWHOQDFK]X]LHKHQ© ª,FKJODXEHZLUKDEHQHVKLHUPLWPHKUDOVQXUDEVXUGHQ *HVFKLFKWHQ]XWXQ-DNH'DKLQWHUVWHFNWHLQHHFKWH9HU VFKZ|UXQJGHU5HJLHUXQJEHLGHU%UJHUGHU9HUHLQLJWHQ 6WDDWHQPLEUDXFKWXQGLP,QWHUHVVHYRQ*RWWZHLZHO FKHQSHUYHUVHQ=LHOHQVRJDUHUQVWKDIWJHIlKUGHWZHUGHQ© ª-DGDUEHUKDEHLFKDXFKVFKRQQDFKJHGDFKWPHLQ )UHXQG(ULQQHUQVLHVLFKDQGLHVHQ+DUU\5H\QROGV"$Q GHQ.XU]ZHOOHQDPDWHXUGHULPOHW]WHQ0RQDWYHU VFKZXQGHQLVW"0HLQHQ6LHGLH(GLWRUHQXQGGLH3XEOLVKHU N|QQWHQGHQDOWHQ!.ODDWXGHU.XU]ZHOOHHUZLVFKWKD EHQ"© 6FDUERURXJKGXUFKIXKUHVZLHHLQ%OLW]VFKODJ(UGDFKWH ILHEHUKDIWQDFK ª6FDUERURXJKKH\.XPSHOVLQG6LHQRFKGDRGHUKD EHQGLHJUDXHQ0lQQFKHQ6LHJHKROW"© ª1HLQLFKELQQRFKGD,FKKDEHQXUQDFKJHGDFKW+DUU\ 5H\QROGV-DLFKHULQQHUHPLFKDQLKQ© ª'DVGDFKWHLFKPLU(LQHFKWHU8)2*OlXELJHU(LQNODV VLVFKHU)DOO,FKELQLKPPDOEHJHJQHW(LQIUHXQGOLFKHUlO WHUHU7\S+DWWHHLQNQVWOLFKHV%HLQGDVULFKWLJHZXUGH LKPLQ.RUHDNDSXWWJHVFKRVVHQ:DVIUHLQ.HUOKH6LH JODXEHQPLUGRFKRGHU"© ª5H\QROGVKDWLQ,RZDJHOHEWQLFKWZDKU"© ª
ª(LQHQ%ULHI":DVIUHLQHQ%ULHI"© ª(LQHQ%ULHILQGHPHVXPGLH(QWIKUXQJYRQ5H\ QROGVGXUFK$XHULUGLVFKHJLQJ'HU%ULHINDPYRQMH PDQGHPDXV1HZ0H[LFR:LHZDUQRFKJOHLFKVHLQ 1DPH"6RZHLWLFKPLFKHULQQHUHNODQJHUUXVVLVFK 0DVKNLQGDVLVWHV0DVKNLQ.HQQHQ6LHLQ1HZ0H[LFR MHPDQGHQQDPHQV0DVKNLQ"© ª-DGDVLVWHLQSDVVLRQLHUWHU/HVHUEULHIVFKUHLEHU(U VFKUHLEWDQDOOHZLFKWLJHQ=HLWVFKULIWHQ,FKKDEHVHLQH %ULHIHRIWLQPHLQHU.ROXPQHYHUZHQGHW0DVKNLQ

.DSLWHO $OV&DPGHQVDKGD-RVHSK'RQRKXHGHUVWlQGLJH 5HFKWVEHUDWHUGHV,QWUXGHULQ.R]ORZVNLV%URDXILKQ ZDUWHWHZXWHHUGDHV6FKZLHULJNHLWHQJHEHQZUGH ª+H-RH4XHSDVD":LHJHKW VGHU)UDXXQGGHQ.LQ GHUQXQGGHP*DUWHQJULOO"©'HPRQVWUDWLYORFNHUVFKOHQ GHUWHHUEHUGHQGLFNHQ7HSSLFKXQGOLHVLFKVHOEVWEH ZXWDXIGHQ6WXKOYRUGHP6FKUHLEWLVFKIDOOHQ(UVFKOXJ GLH%HLQHEHUHLQDQGHUXQGYHUVFKUlQNWHGLH+lQGHKLQ WHUGHP.RSI $OOHUGLQJVGDVVDKQDFKbUJHUDXV(UNRQQWHQLFKWJH QDXVDJHQZDVIUHLQbUJHULKPEHYRUVWDQGDEHUGDHLQ $QZDOWLP6SLHOZDUVFKLHQHVLKPGDVEHVWHVLFKVHOEVW EHZXW]XJHEHQZHLOPDQLKQVRQVWLP+DQGXPGUHKHQ LQGHU/XIW]HUUHLHQZUGH ª-DNH©VDJWH'RQRKXH(UQLFNWHXQGVDK.R]ORZVNLDQ ª6ROOLFKHVLKPVDJHQ0U.RGHUP|FKWHQ6LHGDVVHOEVW WXQ"© .R]ORZVNLV=LJDUUHODJYHUJHVVHQLP$VFKHQEHFKHU $XFKGDVZDUHLQVHKUVFKOHFKWHV=HLFKHQ(UJUXQ]WHQXU XQGLQVSL]LHUWHVHLQH)LQJHUQlJHO 'RQRKXHYHUVWDQGGDV6LJQDOVHLQHV$UEHLWJHEHUVXQG EHUQDKPGDV(UNOlUHQ(UZDQGWHVLFKDQ&DPGHQXQG VDKLKQVWUHQJDQª-DNHHVJHKWXPGHQHUVWHQ7HLO,KUHU MRXUQDOLVWLVFKHQ%HPKXQJHQXP'U(YHUHWW6FDUER URXJK© &DPGHQVDKDXI.R]ORZVNLV6FKUHLEWLVFKHLQHPLW$Q PHUNXQJHQYHUVHKHQH.RSLHVHLQHVDFKW6HLWHQODQJHQ 7H[WHV(LQH]ZHLWH.RSLHVWHFNWHLQHLQHU$NWHQPDSSH YRQ*XFFLGLH'RQRKXHJHK|UWH (VZDU0RQWDJQDFKPLWWDJ ª+DEHLFKHWZDYHUVHKHQWOLFKMHPDQGHQEHOHLGLJW"'HU 7H[WLVWGRFKJXWRGHU"(ULVWZLUNOLFKJXW© ª7DWVlFKOLFKGHUEHVWH$UWLNHOGHQLFKVHLWODQJHPJHVH KHQKDEH©EHVWlWLJWH.R]ORZVNL'RFKHUVDK-DNHGDEHL QLFKWDQ &DPGHQOlFKHOWH9LHOOHLFKWZUGHHVGRFKQLFKWJDQ] VRVFKOLPPZHUGHQ'HUDOWH.QDEHZDUHLQIDFKIL[XQG

IHUWLJXQGYRQGHQ6RFNHQGD&DPGHQHLQVRJXWHU5H SRUWHUZDU ª-DHVLVWZLUNOLFKJXWJHVFKULHEHQ-DNH©VDJWH'RQR KXHª$EHU0U.R]ORZVNLKDWPLFKJHEHWHQGHQ7H[WDXI P|JOLFKH3UREOHPHKLQDE]XNORSIHQXQGLFKKDEHHLQ SDDUJHIXQGHQ6FKZHUZLHJHQGH3UREOHPH-DNH3UR EOHPHEHUGLHZLUHLQJHKHQGVSUHFKHQPVVHQ© 'RQRKXHZDUHLQYLHUVFKU|WLJHU0DQQYRQ$QIDQJ 9LHU]LJPLWHLQHPEHWRQWJHSIOHJWHQbXHUHQGDVLKP HEHQVRVWDQGZLHGLHGUHLWHLOLJHQ1DGHOVWUHLIHQDQ]JH GLHHUDPOLHEVWHQWUXJ(UZLUNWHJXWJHQlKUWZDUDEHU QLFKWIHWW0LWVHLQHUJHVXQGHQ*HVLFKWVIDUEHNDPHU &DPGHQYRUZLHHLQSXW]PXQWHUHU+DLGHUVLFKQDFK QHXHU%HXWHXPVLHKW$XIIDOOHQGZDUVHLQH+DNHQQDVH XQGGLHKRKH6WLUQXQWHUGHUGLHVFKPDOHQ$XJHQLQWLH IHQ+|KOHQODJHQ.OHLQH.QRSIDXJHQZDUHQHV([DNWVR VHKHQGLH5HFKWVYHUGUHKHUDXVGDFKWH-DNH&DPGHQGLH VHLW]ZDQ]LJ-DKUHQ)ORULGDLP*ULIIKDEHQXQGPLWLKUHQ *UXQGVWFNVJHVFKlIWHQGDV/DQGYHUJHZDOWLJHQXQGGLH 8PZHOWYHUVFKDQGHOQ6HLQ.ROOHJH-RKQ'0DF'RQDOG VFKULHEDXVJH]HLFKQHWH$UWLNHOEHUGLHVH/HXWH 'RQRKXHKDWWHYRUHLQSDDU-DKUHQ6FKZLHULJNHLWHQPLW GHQ%HK|UGHQEHNRPPHQXQGGDQDFKKDWWHHUGHQ%HUXI ZHFKVHOQPVVHQ(UZDUGLH6RUWH$QZDOWGLH9HUWUlJH DPOLHEVWHQDXI6FKHFNVVFKULHEGRFKPXWH'RQRKXH JXWVHLQZHQQ.R]ORZVNLLKQDOV6\QGLNXVIHVWHQJDJLHUW KDWWH3ULYDWYHUDFKWHWH&DPGHQGHQ0DQQ ª2ND\NHLQ3UREOHP'DQQYHUlQGHUQZLUHLQIDFKHLQ SDDU1DPHQXP8QEHWHLOLJWH]XVFKW]HQ9LHOOHLFKW KDEHLFKDXFK]XYLHOH)DNWHQUHLQJHSDFNW6FKUHLEHQ6LH HVXPZLH6LHZROOHQ'LH*HVFKLFKWHJHK|UWMHW]WLKQHQ© 'DVZDUJHQDXGDVZDVHUJHKRIIWKDWWH.R]ORZVNL VROOWHGLH*HVFKLFKWHXPVFKUHLEHQ(UKDWWHDOOHUGLQJV QLFKWGDPLWJHUHFKQHWGD'RQRKXHDXIGHU%LOGIOlFKH HUVFKHLQHQZUGH'DVVSLHOWHDEHUNHLQH5ROOHGHQQ ZHQQHUGHU1HZ
ª:LUZHUGHQGLH*HVFKLFKWHHLQIDFKQLFKWEULQJHQN|Q QHQVRLVWGDV© ª:LHELWWH"©-DNHEOLQ]HOWHYHUGXW]W(UZXWHQLFKW ZDVHUGDYRQKDOWHQVROOWH ª'DVJURH3UREOHP-DNH©HUNOlUWH'RQRKXHªLVWGLH 7DWVDFKHGDDXV,KUHP$UWLNHOKHUYRUJHKWGD6LH HLQHPYRP)%,JHVXFKWHQ.ULPLQHOOHQJHKROIHQKDEHQ :HQQ6LHGDVDOV$QJHVWHOOWHUGHV,QWUXGHU|IIHQWOLFKHLQ UlXPHQGDQQN|QQWHQZLUDOOHLQJURH6FKZLHULJNHLWHQ NRPPHQ© ª:DV"'DVLVWGRFK8QVLQQ,FKELQ5HSRUWHULFKDUEHLWH DQHLQHU*HVFKLFKWH5HSRUWHUVSUHFKHQGDXHUQGPLW.UL PLQHOOHQ© ª6LHKDOWHQ,QIRUPDWLRQHQ]XUFNGLH]XU(UJUHLIXQJ GLHVHV0DQQHVIKUHQN|QQWHQ&DPGHQ'DPLWYHUVWRHQ 6LHJHJHQGDV*HVHW]'HU,QWUXGHUNDQQLPSOL]LWRGHUH[ SOL]LW,KU9HUKDOWHQQLFKWXQWHUVWW]HQ© -DNHVDK.R]ORZVNLIOHKHQGDQª:DVLVWGHQQKLHUORV" 'LH*HVFKLFKWHKDW,KQHQGRFKYRUKHUJHIDOOHQ© ª(VWXWPLUOHLG-DNH,FKPXPLFKDQGDVKDOWHQZDV -RHVDJW(ULVWPHLQ$QZDOWXQGLQGLHVHU+LQVLFKWNDQQ LFKLKPYHUWUDXHQ© &DPGHQVFKWWHOWHGHQ.RSIª,FKNDQQGDVQLFKWJODX EHQ:ROOHQ6LHQLFKWHLQPDOHLQHQ]ZHLWHQ$QZDOWEHIUD JHQ"© ª,FKNDQQ,KQHQGLH*HVHW]H]HLJHQGLHKLHUJUHLIHQ -DNH©VDJWH'RQRKXHVWHLI ª:LUN|QQHQHVXQVOHLVWHQZHQQ+ROO\ZRRGVWDUVXQG 9HUUFNWHDXIXQVVDXHUVLQG©VHXI]WH.R]ORZVNLª$EHU ZHQQLFKHLQZHQLJGDUEHUQDFKGHQNHGDQQZLOOLFKPLW GHU5HJLHUXQJGHU9HUHLQLJWHQ6WDDWHQOLHEHUNHLQHQbUJHU KDEHQ*DQ]EHVRQGHUVQLFKWPLW5HJLHUXQJVDQJHVWHOOWHQ GLHEHZDIIQHWVLQG© 3O|W]OLFKHUNDQQWH-DNHGHQZDKUHQ*UXQG(VPXWH PLW.R]ORZVNLV9HUJDQJHQKHLW]XWXQKDEHQZDKU VFKHLQOLFKPXWH.R]GDUDXIDFKWHQGDVHLQH:HVWH SHLQOLFKVDXEHUEOLHE,P*UXQGHZDUGDVQDWUOLFKJDU QLFKWVFKOHFKW(UZDUVLFKHUGDGLH1HZ
8QGGDQNGLHVHU(QWZLFNOXQJPXWHHUQLFKWHLQPDOGDV 9HUVSUHFKHQEUHFKHQGDVHU6FDUERURXJKJHJHEHQKDWWH XQGHWZDVYHU|IIHQWOLFKHQEHYRUGLH6DFKHGXUFKJHVWDQ GHQZDU%HVRQGHUVGDUEHUZDU&DPGHQLQGLHVHP$X JHQEOLFNZLUNOLFKIURK(UPRFKWHGHQ0DQQXQGHUZROOWH LKQQLFKWKLQWHUJHKHQ ª,FKELQVHKUHQWWlXVFKW©VDJWH&DPGHQª$EHULFKNDQQ GDVQDWUOLFKYHUVWHKHQ©(UWLSSWHDXIGDV0DQXVNULSW ª'DVVLQGKDUWH)DNWHQXQGHVNRPPWQRFKPHKU,FKKDEH GHQ7LJHUDP6FKZDQ]JHSDFNW&KHI1XQMDHVVROOPLU UHFKWVHLQVRODQJHGHU6FKHFNHLQJHO|VWZLUG© .R]ORZVNLNUDW]WHVLFKDQGHU1DVHª:LUGHUDEHUQLFKW -DNH:LUKDEHQLKQVSHUUHQODVVHQ(VLVWHLQHYHUGDPPW JXWH*HVFKLFKWHDEHUIU'LQJHGLHZLUQLFKWJHEUDXFKHQ N|QQHQ]DKOHQZLUQLFKW© &DPGHQVSHUUWHGHQ0XQGDXIª:LHELWWH"© ª*HQDXVRLVWHV&DPGHQ©VDJWH'RQRKXHHUQVWª,FK KDEHVHOEVWGLH%DQNDQJHUXIHQ© &DPGHQVSUDQJDXIXQG]LHOWHPLWGHP=HLJHILQJHUDXI VHLQHQ&KHIª6LHKDEHQHVPLUYHUVSURFKHQ© ª,FKKDEH,KQHQ*HOGIUHWZDVYHUVSURFKHQGDVGLH $XIODJHVWHLJHUW'DZLUGDV0DWHULDOQLFKWEHQXW]HQN|Q QHQZLUGGLH$XIODJHQLFKWVWHLJHQ)LQGHQ6LHHLQHDQGHUH KHLH*HVFKLFKWH© &DPGHQZXWHQLFKWZDVHUVDJHQVROOWH(UKDWWHGDV *HIKOHLQ5LHVHKlWWHLKPGLH%UXVWPLWJHZDOWLJHQ)LQ JHUQHLQJHNOHPPWXQGZUGHMHGHQ$XJHQEOLFN]XGUN NHQ2KYHUGDPPWGDFKWHHU3OHQWHQRV,FKKDEHQLFKWJHQXJ *HOGXPGLHVHQYHUGDPPWHQ.RNVGHDOHUDXV]X]DKOHQ(UZLUG PLFKXPEULQJHQ ª$EHU&KHILFKKDEHILQDQ]LHOOH9HUSIOLFKWXQJHQ6LH ZLVVHQGRFKGDLFKLQGHU.OHPPHVWHFNH© ª-DDEHULFKJODXEHZDVZLU,KQHQDOVQlFKVWHV]XVDJHQ KDEHQZLUGGLHVHV3UREOHPO|VHQ-DNH8QGQDWUOLFK ZHUGHQ6LHDXFKQLFKWKLQDXVJHZRUIHQ6LHEOHLEHQXQVHU $QJHVWHOOWHU© &DPGHQEOLQ]HOWH:RUDXIZROOWHGHUDOWH.QDEHKLQDXV" ª:DVZROOHQ6LHPLUDOVQlFKVWHVVDJHQ":DVLVWKLHUORV" ,FKYHUVWHKHEHUKDXSWQLFKWVPHKU©

ª-RHDPEHVWHQ6LHVDJHQHVLKP6LHKDEHQMDDXFKDQ JHUXIHQ© 'RQRKXHULFKWHWHVLFKDXIXQGNRQ]HQWULHUWHVLFK ª&DPGHQLFKZDUEHUHLQLJH'LQJHGLH6LHLQ,KUHP$UWL NHOJHVFKULHEHQKDEHQlXHUVWEHXQUXKLJW,FKSHUV|QOLFK KDEH,KUH*HVFKLFKWHEULJHQVDXFKQLFKWJHJODXEW.HLQH 6HNXQGH$EHUGDLFKEHLP/HVHQHUIXKUGD,KQHQGHU $XIHQWKDOWVRUWGHVIOFKWLJHQ0|UGHUV(YHUHWW6FDUER URXJKEHNDQQWLVWKDEHLFKHVDXIPLFKJHQRPPHQGDV QlFKVWH%URGHV)%,DQ]XUXIHQ6LHVFKLFNHQKHXWHQDFK PLWWDJMHPDQGHQGHU,KQHQGLHHQWVSUHFKHQGHQ)UDJHQ VWHOOHQZLUG© &DPGHQNRQQWHQLFKWJODXEHQZDVHUGDK|UWHª6LHKD EHQZDVJHPDFKW"6LHKDEHQPLUGLH)HGVDXIGHQ+DOVJH VFKLFNW6LH6FKZHLQHKXQG"©(UIXKU]X.R]ORZVNLKHUXP ª:LHNRQQWHQ6LH]XODVVHQGDHUVRHWZDVPDFKW"'LH ZHUGHQPLFKYHUKDIWHQ© .R]ORZVNL]XFNWHGLH6FKXOWHUQª'DQQVLQG6LHZHQLJ VWHQVYRU,KUHP'URJHQGHDOHUVLFKHU,FKWXH,KQHQGDPLW VRJDUHLQHQ*HIDOOHQ-DNH6LHZHUGHQPLUVSlWHUQRFK GDQNEDUVHLQ,FKKDEHMDDXFKJDUQLFKWVHOEVWGLH)HGVDQ JHUXIHQ-DNH(VZDUMDVFKRQSDVVLHUW$EHUZHQQGLH%H DPWHQVRZLHVRNRPPHQN|QQHQ6LHDXFKLKUH)UDJHQEH DQWZRUWHQ© ª9HUVWHKHQ6LHGHQQQLFKWGDLFKGDVQLFKWWXQNDQQ" 6FDUERURXJKYHUOlWVLFKDXIPLFK+DEHQ6LHGHQ$UWLNHO QLFKWJHOHVHQ"9HUVWHKHQ6LHQLFKWGDLFKHVLKPYHUVSUR FKHQKDEH".|QQHQ6LHQLFKWVHKHQZLHZLFKWLJGDVLVW"© ª+|UHQ6LHDXI-DNH,FKZHLZDV,KQHQZLFKWLJLVW *HOG6FKQDSVXQG)UDXHQ9HUVXFKHQ6LHQLFKWPLFKHLQ ]XZLFNHOQ6LHPDFKHQGDVQLFKWZHLO6LHGHU)UHXQGGLH VHV0DQQHVVLQG6LHPDFKHQGDVDXVHLJHQQW]LJHQ*UQ GHQ6FKDXHQ6LHYLHOOHLFKWN|QQHQ6LH,KUH*HVFKLFKWHMD ZRDQGHUVYHUNDXIHQ)UXQVLVWVLHMHGHQIDOOV]XULVNDQW 8QGHLQHVPVVHQ6LHPLUJODXEHQ-DNHHVLVWZLUNOLFKLQ ,KUHPHLJHQHQ,QWHUHVVHZHQQ6LHPLWGHQ%HK|UGHQ]X VDPPHQDUEHLWHQ© ª,FKGHQNHQLFKWGDUDQ©-DNH&DPGHQJLQJ]XU7U|II QHWHVLHXQGPDUVFKLHUWHKLQDXV

ª-DNHZRKLQZROOHQ6LH"© 'UDXHQLQGHU5HGDNWLRQK|UWHQ6FKUHLEPDVFKLQHQ]X NODSSHUQDXI.|SIHIXKUHQKHUXP ª,FKVHKH]XGDLFKKLHUYHUVFKZLQGH©ULHI&DPGHQ ]XUFN(UVDKVLFKZLOGLP*URUDXPEURXPZR5H GDNWHXUH$XWRUHQ$VVLVWHQWHQXQG6HNUHWlULQQHQVDHQ ª'HU0DQQLVWY|OOLJDXVJHIOLSSW/HXWH(UKDWHLQSDDU 'URJHQVFKQIIOHUKHUEHVWHOOWGLHMHGHQ$XJHQEOLFNKHU NRPPHQXQGGHQ/DGHQDXIGHQ.RSIVWHOOHQ© 'LH+|OOHEUDFKORV 6WKOHNLSSWHQXP6FKXEODGHQZXUGHQTXLHWVFKHQG JH|IIQHW/HXWHUDQQWHQ]XGHQ7RLOHWWHQXPLKUH9RUUlWH GXUFKV.OR]XVSOHQ-DNH&DPGHQHLOWHGHQ*DQJKLQXQ WHUXQGVDKVLFKQLFKWHLQPDOXPRELQ]ZLVFKHQ .R]ORZVNLVNQDOOURWHU.RSI]XU%URWUKHUDXVVFKDXWH =XP7HXIHOPLWGHP,QWUXGHU -DNH&DPGHQKDWWHHLQHQEHVVHUHQ)LVFKDQGHU$QJHO (UZUGHHLQ%XFKRGHUVRJDUGLH)LOPUHFKWHYHUNDXIHQ N|QQHQXQGHUKDWWHHLQHDXVJH]HLFKQHWH6HULHDXIGLH MHGHDQJHVHKHQH=HLWXQJVFKDUIVHLQZUGH 1DWUOLFKPXWHHUVRVFKQHOOZLHP|JOLFKDXVGHU6WDGW YHUVFKZLQGHQZHLOHUVRQVWHQWZHGHULP*HIlQJQLVRGHU WRWZlUH -DNH&DPGHQ]RJHVYRUOHEHQGLJXQGIUHL]XVHLQ

.DSLWHO $OVRORV -DNH&DPGHQJULQVWHDOVHUVHLQHQ:DJHQDXIGLH(YHU JODGHV$YHQXHOHQNWHXQGLQ5LFKWXQJGHV,QWHUVWDWH IXKU(UZDUHLOLJ]XVHLQHU:RKQXQJJHIDKUHQXQGKDWWH VHLQH6DFKHQJHKROWYRUDOOHPVHLQHQ1RWJURVFKHQLQV JHVDPWYLHUKXQGHUW]ZHLXQG]ZDQ]LJ'ROODUXQGQHXQ ]HKQ&HQWVGHULQHLQHPDOWHQ6RFNHQLP6FKUDQNYHU VWHFNWZDUGLHHLQ]LJH9LVD&DUGGLHQRFKIXQNWLRQLHUWH XQGVFKOLHOLFKHLQHXUDOWH5HLVHVFKUHLEPDVFKLQH$OOHV ODJMHW]WDXIGHP5FNVLW]VHLQHV:DJHQV

6RGDFKWHHUDQVFKOLHHQG'DQQVWHKWPLUDOVRZLHGHUHLQ DQVWUHQJHQGHU$XVIOXJQDFK1HZ0H[LFREHYRU (VZDUVFKRQ8KUDEHUGDQNGHU6RPPHU]HLWZDU GHU+LPPHOQRFKKHOOXQGGLH6RQQHKRFNWHZLHHLQH*|W WLQDXILKUHP:RONHQWKURQ:DVIUHLQ/DQGGDFKWH&DP GHQ0DQNRQQWHIUKDP0RUJHQDXIVWHKHQQDFK2VWHQ IDKUHQXQGGLH6RQQHDP$WODQWLNDXIJHKHQVHKHQPDQ NRQQWHDUEHLWHQRGHUVLFKHLQIDFKQXUKHUXPWUHLEHQXQG GDQQIXKUPDQDQGLH2VWNVWHXQGEHREDFKWHWHGHQ6RQ QHQXQWHUJDQJ&DPGHQOLHEWH)ORULGD(UIKOWHVLFKKLHU KHLPLVFKHUDOVDQMHGHPDQGHUHQ2UWLQGHQ86$.HLQH VWDDWOLFKH(LQNRPPHQVWHXHUHLQHHUVWDXQOLFKH$XVZDKO DQ1DWXUVFK|QKHLWHQ6WUlQGHQXQG0l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lKH (JDORE)ORULGDYRQHLQHU9HUEUHFKHUEDQGHYHUJHZDOWLJW ZXUGHHUZROOWHZHQLJVWHQVPLWYRQGHU3DUWLHVHLQ6HLQ DOWHU=\QLVPXVZDUZLHGHUGD:HUZHLYLHOOHLFKWNRQQWH HUVLFKHLQJURHV6WFNYRP.XFKHQDEVFKQHLGHQ (U]QGHWHVLFKHLQH&DPHODQVHW]WHVLFKEHTXHP]X UFNXQGJHQRGLH)DKUW =ZHL.LORPHWHUZDUHUXQJHIlKUDXIGHU3DOPHWWR5RDG JHIDKUHQDOVVLFKDXVGHP1LFKWVHLQULHVLJHU%XLFNPLWRI IHQHP9HUGHFNYRULKPHLQIlGHOWHXQGLKQDXVEUHPVWH(U VWHOOWHLQVWLQNWLYGHQ)XDXIGLH%UHPVHXQGNRQQWHHLQHQ =XVDPPHQVWRQXUXP+DDUHVEUHLWHYHUPHLGHQ:HQQHU =HLW]XP1DFKGHQNHQJHKDEWKlWWHGDQQZlUHHUEHVVHU DXVJHZLFKHQDXIV*DVSHGDOJHVWLHJHQXQGHLQIDFKZHJJH IDKUHQ

'UHL0lQQHUVWLHJHQDXVGHP:DJHQXQG&DPGHQV +HU]VWU]WHELV]XP0LWWHOSXQNWGHU(UGH (UEHIDQGVLFKMHW]WLQHLQHUUHODWLYYHUNHKUVDUPHQ*H JHQG)HOGHUXQG%lXPHZUGHQGLHHLQ]LJHQ=HXJHQ GHVVHQVHLQZDVJOHLFKSDVVLHUHQZUGH-DNHOHJWHGHQ 5FNZlUWVJDQJHLQDEHUGDVDKHUEHUHLWVLQGLH0Q GXQJGHUHU$XWRPDWLNGLH-RKQQ\3OHQWHQRVDXILKQ ULFKWHWH*OHLFK]HLWLJNDPHQGLH6FKOlJHUGHV'URJHQGHD OHUVDQJHUDQQWXQG]RJHQLKQDXVGHP:DJHQ (UKDWWHQRFK+RIIQXQJ.HLQHJURH+RIIQXQJDEHU LPPHUKLQ ª-RKQQ\:DV]XP7HXIHOLVWGHQQORV"©VDJWHHUXQG YHUVXFKWHVHLQHU6WLPPHGHQ.ODQJYRQUHFKWVFKDIIHQHP bUJHU]XJHEHQª+HXWHLVW0RQWDJRGHU",FKVROOGLUGDV *HOGGRFKHUVWDP0LWWZRFKQDFKPLWWDJEULQJHQ© 3OHQWHQRVVWHFNWHGLHHUHLQXQG&DPGHQIKOWHVLFK VRIRUWHWZDVEHVVHUª,FKKDEHHLQHQ7LSEHNRPPHQGD GXGLH6WDGWVFKUHFNOLFKVFKQHOOYHUODVVHQZLOOVW-DNH 8QGHVNODQJQLFKWGDQDFKDOVZUGHVWGXEDOG]XUFN NRPPHQ6LHKWVRDXVDOVVWLPPHGDVZLH"© 3OHQWHQRVKDWWHVHLQHQNXEDQLVFKHQ$N]HQWQLFKWDXI JHOHJWXQGHUZLUNWHQLFKWVRDOVZROOWHHUGHQ0DFKR VSLHOHQ(LJHQWOLFKVFKLHQHUHKUOLFKYHUGXW]WXQGDXIHLQH VWLOOHDEHUVHKUEHXQUXKLJHQGH$UWXQG:HLVHlXHUVW ]RUQLJ]XVHLQ(UVDKGHQ0DQQDQGHUVHLQH6FKXOGHQ QLFKWEH]DKOHQNRQQWHXQGVFKLHQEHNPPHUWEHUGDV ZDVHUJOHLFKWXQPXWH ª+H-RKQQ\LFKZUGHGLFKGRFKQLFKWDQOJHQ
PVVHQGDVMHW]WDQ2UWXQG6WHOOHKLQWHUXQVEULQJHQ'X KDVWXQVHWZDV=HLWHUVSDUWZHLOGXYRQVHOEVWDXIGLH 3DOPHWWRKHUDXVJHIDKUHQELVW+EVFKHLQVDPLVWHVKLHU :LUZHUGHQHVVFKQHOOPDFKHQHVZLUGGLUQLFKWZHK WXQ© ª-HVXV©&DPGHQZROOWHVLFKYRQGHQ0lQQHUQORVUHL HQGLHLKQIHVWKLHOWHQGRFKGHUHQ*ULIIZXUGHKlUWHU &DPGHQNRQQWHVLFKQLFKWEHIUHLHQXQGHUEHNDPREHQ GUHLQHLQHQ6FKODJLQGLH0DJHQJUXEHGHULKPVHLQH:L GHUVSHQVWLJNHLWDXVWUHLEHQVROOWH 6W|KQHQGJLQJHULQGLH.QLHXQGLKPZXUGHEHOYRU 6FKPHU]HQ ª6RHLQ3HFKDEHUDXFK9LHOOHLFKWZDUGDVHLQELFKHQ ]XIHVW":LUJHKHQMHW]WVSD]LHUHQ-DNH/RVLFKVHKHGD YRUQHHLQHQ:HJ0LTXHOGXIlKUVWGLH:DJHQYRQGHU 6WUDH3DFRGXNRPPVWPLW© ª0HLQ*RWW-RKQQ\LFKKDEHGRFKIDVWIQIKXQGHUW 'ROODUGDEHL'LHJHK|UHQGLU8QGGXKDVWPLUGRFKELV 0LWWZRFK=HLWJHJHEHQ© ª,FKKDEHGLUYHUWUDXW&DPGHQ'XKDVWPHLQ9HU WUDXHQPLEUDXFKW-HW]WVLQGGLHIQI]HKQWDXVHQG'ROODU EHUKDXSWQLFKWPHKUZLFKWLJ3DFRXQG0LTXHOKDOWHQ PLFKVRZLHVRVFKRQIUHLQHQ]DKQORVHQ7LJHUZHLOLFK GLFKQLFKWEHUHLWVOHW]WH:RFKHXPJHOHJWKDEH,FK JODXEHVLHKDWWHQZRKOUHFKWGDPLW'DVZLOOLFKMHW]WZLH GHUJXWPDFKHQ'LH/HXWHVROOHQHVHUIDKUHQ:HU-RKQQ\ 3OHQWHQRVEHUV2KUKDXWOHEWQLFKWPHKUODQJH,FKPX DXIPHLQHQJXWHQ5XIDFKWHQDXIPHLQH(KUH'LUZHUGH LFK V]HLJHQ/RVNRPPVFKRQ-HPHKU8QVLQQGXXQV HU]lKOVWGHVWRPHKUZHUGHQZLUGLUZHKWXQEHYRUZLU GLFKXQWHUGLH(UGHEULQJHQ-DNH© 9HUGDPPW:DVZDUKLHUORV"'RQRKXHGLHVHU%DVWDUG HUPXWH-RKQQ\DXILKQDQJHVHW]WKDEHQ:DVEHGHX WHWHGDHV.RQWDNWHJDEZDVZLHGHUXPEHGHXWHWH 0HLQ*RWWJDEHVGHQQEHUKDXSWNHLQHQHKUOLFKHQ 0HQVFKHQPHKUDXIGHU:HOW" ª'DVZDUGLHVHUVFKPLHULJH$QZDOWGLHVHU'RQRKXH ZLH"©IDXFKWH&DPGHQª+DEWLKUGHQLQGHU7DVFKH -RKQQ\"$EHULFKVDJHGLUZHQQGXGHLQH(KUHZDKUHQ

ZLOOVWGDQQGDUIVWGXGLFKPLWGLHVHU6FKODQJHQLFKWHLQ ODVVHQ© ª+DOWGDV0DXOMD"©3OHQWHQRVIXQNHOWHLKQE|VHDQ ª,FKWXHGHU:HOWHLQHQJURHQ*HIDOOHQ&DPGHQZHQQ LFKGLUGDVYHUGDPPWH0DXOVWRSIHXQG]ZDUIULPPHU© (UYHUVHW]WH&DPGHQHLQHQ7ULWWLQGLH6HLWH(LQHQ IHVWHQ7ULWW6RIHVWGD&DPGHQDXV3DFRV+lQGHQJHULV VHQZXUGHXQGHLQSDDU0HWHUZHJUROOWH'HU7ULWWZDUVR KDUWJHZHVHQGDHUQLFKWHLQPDODXIVWHKHQXQGZHJODX IHQNRQQWH9HU]ZHLIHOWEHPKWHHUVLFKQLFKWGDV%H ZXWVHLQ]XYHUOLHUHQZHLOHUIUFKWHWHGDVLHLKQGDQQ HLQIDFKXPEULQJHQXQGLUJHQGZRYHUVFKDUUHQZUGHQ 3OHQWHQRVZROOWHGHQDP%RGHQOLHJHQGHQ&DPGHQJH UDGHQRFKHLQPDOWUHWHQDOVHLQHUVHLQHU6FKOlJHUHWZDV ULHI ª:DVLVWORV"© ª(LQ$XWR"'DNRPPWHLQ$XWR© ª6FKHLH0LTXHOIDKUGHQ%XLFNYRQGHU6WUDH6LH ZHUGHQYRUEHLIDKUHQ© 'RFKGDV$XWRIXKUQLFKWYRUEHL (UIXKUYRQGHUDQGHUHQ6HLWHLQGHQ%XLFN ª6FKHLH©ULHI3OHQWHQRVQRFKHLQPDOª:DVLVWGHQQ ORV"© 'HU%XLFNZXUGHXPJHZRUIHQXQGNUDFKWHVFKZHUJH JHQ&DPGHQV(VFRUW&DPGHQGHUQRFKDP%RGHQODJ NRQQWHQLFKWYLHOVHKHQXQGDXHUGHPVWDQGHQLKPYRU 6FKPHU]HQGLH7UlQHQLQGHQ$XJHQDEHUHUNRQQWHGLH 8PULVVHHLQHVJURHQVFKZDU]HQ:DJHQVDXVPDFKHQ 'DQQK|UWHHUZLH7UHQJH|IIQHWZXUGHQXQGYHUQDKP 6FKULWWHDXIGHP$VSKDOW(UGUHKWHGHQ.RSIXQGVDKZLH GLH/DWLQRVHUVWDXQWGLH$XJHQDXIULVVHQ ª0DDUHGH'LRV©ULHIGHU6FKOlJHUGHU3DFRKLH(UJULII LQVHLQHJHOEH3RSHOLQMDFNHXPVHLQH:DIIH]X]LHKHQ QRFKHLQHQ:LPSHUQVFKODJVFKQHOOHUDOVVHLQH*HIlKUWHQ GLHHEHQIDOOVGLH.DQRQHQKHUDXVUHLHQZROOWHQ (VJDEHLQHQ.QDOODOVZlUHHLQHJURH6SUHQJODGXQJ H[SORGLHUWXQGPLWWHQLQ3DFRV%UXVWNODIIWHHLQ/RFK(LQ 6FKZDOO%OXWVWU|PWHKHUDXVZLHHLQHDXVJHVWUHFNWH =XQJHGLHQDFKHLQSDDU$XJHQEOLFNHQVFKODIIXQGIRUP

ORVZXUGH'HUJURH0DQQZXUGHKHUXPJHZRUIHQZLH HLQ6DFN0HKOGLH.QLHJDEHQQDFKHUYHUGUHKWHGLH $XJHQXQGJLQJGLUHNWQHEHQ&DPGHQ]X%RGHQ'HU5H SRUWHUK|UWHGHQ$WHPGHV6WHUEHQGHQUDVVHOQ &DPGHQZLPPHUWHXQGYHUVXFKWHYRU6FKPHU]HQKDOE JHOlKPWLQV*HEVFKDP6WUDHQUDQG]XNULHFKHQ:HQQ GDVHLQH$UW9HQGHWWD]ZLVFKHQ'URJHQGHDOHUQZDUGDQQ ZROOWHHUQLFKWLQV.UHX]IHXHUJHUDWHQ 3OHQWHQRVXQG0LTXHOKDWWHQLQ]ZLVFKHQGLH:DIIHQJH ]RJHQXQGVRJDUHLQSDDU6FKVVHDEJHIHXHUWGRFKZLH &DPGHQEHUHLWVJHDKQWKDWWHDXFKZHQQHUQLFKWGDUDXI EHVWDQGHQKlWWHVLHDXIGLH3UREH]XVWHOOHQZDUHQGLH /DWLQRVNHLQHEHVRQGHUVJXWHQ6FKW]HQ (LQH*DUEHVFKOXJLQLKUH.|USHUHLQZLHHLQ+DJHOXQ VLFKWEDUHU6WHLQH0LTXHOZXUGHLQ%DXFKXQG%UXVWJH WURIIHQ-RKQQ\3OHQWHQRVHUZLVFKWHHVDQGHU6FKXOWHU XQGHLQH.XJHOULHLQ6WFNDXVVHLQHU6WLUQ 6LHGUHKWHQVLFKXPVLFKVHOEVWXQGJLQJHQ]X%RGHQ 'DV%OXWVSUXGHOWHDXVLKUHQ.|USHUQZLHDXV5DVHQVSUHQ JHUQ (VZXUGHVWLOO&DPGHQK|UWH]XZLPPHUQDXINURFK DEHUZHLWHULQV*HEVFKVHLQH6FKPHU]HQLJQRULHUHQG 'DQQK|UWHHUGDV7DSSHQYRQ6FKXKVRKOHQDXIGHU 6WUDHDOVGLH.LOOHULKUHQ:DJHQXPUXQGHWHQXQGVLFK LKPQlKHUWHQ $OVHUVWHVVDKHUGLH.DQRQHQ*URHVFKZDU]H:DIIHQ GLHYRQVFKODQNHQ+lQGHQJHKDOWHQZXUGHQ(VZDUHQ ]ZHL0lQQHUGLHLQVHLQH5LFKWXQJNDPHQXQGGLH:DI IHQEHUHLWKLHOWHQXPLKUHQ2SIHUQGHQ*QDGHQVFKX]X YHUSDVVHQ6LHWUXJHQ-HDQVVFKZDU]H+HPGHQVFKZDU]H /HLQHQMDFNHQXQG6RQQHQEULOOHQXQGVDKHQDXVZLHJDQ] QRUPDOH.XQGHQGLHLUJHQGZRLQ7DPSDHLQHQ6XSHU PDUNWYHUOLHHQ%HLGHZDUHQ:HLHXQGRIIHQEDUQLFKW DUP &DPGHQQDKPDQGDVLHLKQVRZLHVRQLFKWYHUIHKOHQ NRQQWHQXQGKLHOWLQQHª,FKJHK|UHQLFKW]XLKUHU%DQGH LFKVFKZ|UHHV'LHZROOWHQPLFKXPEULQJHQ©ZDU DOOHVZDVLKPHLQILHO 'LHEHLGHQ0lQQHUDQVFKHLQHQGEHU]HXJWGDGLH/D

WLQRVWRWZDUHQQlKHUWHQVLFK&DPGHQXQGEOLHEHQHLQLJH 6FKULWWHYRULKPVWHKHQª-DGDVZLVVHQZLU0U&DPGHQ© &DPGHQUROOWHVLFKKHUXPVRJXWHVLKPWURW]GHU 6FKPHU]HQP|JOLFKZDUª6LHNHQQHQPLFK":HUVLQG6LH"© ª:LUP|FKWHQ,KQHQYRUVFKODJHQLQV$XWR]XVWHLJHQ XQGVRVFKQHOOZLHP|JOLFKZHLWHU]XIDKUHQ-DNH&DPGHQ =ZLVFKHQIlOOHZLHGLHVHUKLHUPLIDOOHQXQVVHKUXQGZLU ZROOHQJHZLQLFKWULVNLHUHQGDVLFK$JHQWHQGHU5HJLH UXQJDQ,KUH)HUVHQKHIWHQ© -DNHUDSSHOWHVLFKVWDXQHQGDXIVDKDEHUQDWUOLFKQLFKW GHQJHULQJVWHQ*UXQGGHP9RUVFKODJ]XZLGHUVSUHFKHQ (UZDQNWH]XP$XWR'DQQGUHKWHHUVLFKQRFKHLQPDOXP 'LHEHLGHQ0lQQHUNHKUWHQEHUHLWV]XLKUHPHLJHQHQ :DJHQ]XUFN-DNH&DPGHQVDKGDHVHLQlOWHUHU&DGLO ODFZDU$P/HQNUDGVDHLQZHLWHUHU0DQQ ª0HLQ*RWWJHK|UHQ6LHHWZD]XGHU*UXSSHGLH(YHUHWW 6FDUERURXJKEHVFKDWWHW"© 'LH0lQQHUHQWIHUQWHQVLFKVFKZHLJHQG (LQHUVWLHJLQGHQ%XLFNXQGIXKULKQDQGHQ6WUDHQ UDQG'HU]ZHLWH|IIQHWHGLH7UGHV&DGLOODF &DPGHQV6FKPHU]HQZDUHQYRU$XIUHJXQJYHUJHVVHQ (UKXPSHOWH]XP:DJHQZLQNWHPLWGHPXQYHUOHW]WHQ $UPXQGULHIª+HZDUWHQ6LH,FKZLOOPLW,KQHQUHGHQ,FK NDQQ,KQHQKHOIHQYHUGDPPWQRFKPDO6DJHQ6LHPLU GRFKZHU6LHVLQG:DVLVWKLHUORV":DVLVWGDVIUHLQHNR PLVFKH8)29HUVFKZ|UXQJDXIGLHZLUGDJHVWRHQVLQG" (UNOlUWHVPLUGRFK-XQJV,FKNDQQEHVWLPPWDXFKZDVIU HXFKWXQ© 8QGGLHJDQ]H=HLWGDFKWHHU-HVXVGDOLHJWHLQH6FKLFKW EHUGHUDQGHUHQXQGHVNRPPHQLPPHUQHXH]XP9RUVFKHLQ ZLHEHLHLQHU=ZLHEHO'DVLVWQLFKWQXUGLH*HVFKLFKWHGHV-DKU ]HKQWVGDVLVWGLH*HVFKLFKWHGHV-DKUKXQGHUWV 'HU0DQQGHUDP:DJHQVWDQGZDQGWHVLFKDQ&DP GHQXQGQDKPVHLQH6RQQHQEULOOHDE 6HLQH$XJHQZDUHQZLH(LVNDOWXQGYROOW|GOLFKHU(QW VFKORVVHQKHLW'HU%OLFNGHQHU&DPGHQ]XZDUIYHUDQ ODWHLKQZLHDQJHZXU]HOWVWHKHQ]XEOHLEHQ (LQSDDUUDVFKH6FKULWWHXQGGHU0DQQVWDQGYRULKP 'HU-RXUQDOLVWNRQQWHVHKHQGDHUNDXPJU|HUZDUDOVHU

VHOEVWDEHUXQWHUVHLQHU-DFNH]HLFKQHWHQVLFKNUlIWLJH 0XVNHOQDENRPSDNWXQGGUDKWLJ'HU0DQQSDFNWH &DPGHQDP+HPGXQG]RJLKQPLWGHUOLQNHQ+DQG]X VLFKKHU,QGHU5HFKWHQKLHOWHUQRFKVHLQH:DIIH(UKRE VLHXQGVWHFNWH&DPGHQGHQ/DXILQGHQ0XQG0HWDOO NODSSHUWHDQ&DPGHQV=lKQHXQGGLH$QJVWIXKULKPZLH HLQ6WURPVWRGXUFKGHQ.|USHU &DPGHQPXWHSO|W]OLFKDQGLH'LUW\+DUU\)LOPHPLW &OLQW(DVWZRRGGHQNHQ)DVWUHFKQHWHHUGDPLWGDGHU .HUOLKQPLWUDXKHUNQLUVFKHQGHU6WLPPHIUDJHQZUGH !*HKW VGLUMHW]WEHVVHU$UVFKORFK" $EHUZDVGHU0DQQVDJWHNODQJOHLVHXQGJXWDUWLNX OLHUW ª0U&DPGHQHVEHNPPHUWXQVZLUNOLFKGDZLUDXI GLHVH:HLVHLQ(UVFKHLQXQJWUHWHQPXWHQ,KU:RKOHUJH KHQOLHJWXQVGHU]HLWVHKUDP+HU]HQ$EHUODVVHQ6LHVLFK HLQHVJHVDJWVHLQ:HQQLUJHQGMHPDQG6LHXPEULQJHQ VROOWHGDQQZHUGHQZLUHVVHLQ(VZlUHMHW]WVHKUOHLFKW DXIGHQ$E]XJ]XGUFNHQXQG6LHHLQIDFKEHLGHQDQGH UHQ/HLFKHQKLHU]XUFN]XODVVHQ6ROOHQZLUGDVWXQ"© &DPGHQVFKWWHOWHGHQ.RSI ª,FKZUGHGDVHEHQIDOOVEHGDXHUQ8QGMHW]WVWHLJHQ 6LHELWWHLQ,KU$XWRIDKUHQ6LHVRIRUWORVXQGNPPHUQ 6LHVLFKXP,KUHHLJHQHQ$QJHOHJHQKHLWHQ6RIRUW6WHOOHQ 6LHNHLQH)UDJHQGHQNHQ6LHQLFKWZHLWHUGDUEHUQDFK 9HUVWDQGHQ"© &DPGHQQLFNWH 'HU0DQQ]RJGHQ3LVWROHQODXIDXV&DPGHQV0XQG XQGJLQJ]XP$XWR'HUDQGHUHGHUGHQYHUEHXOWHQ%XLFN ]XU6HLWHJHIDKUHQKDWWHVWLHJJHUDGHKLQWHQHLQ1RFKHLQ PDOGUHKWHGHU0DQQVLFKXPXQGZDUI&DPGHQHLQHQHU VWHQ%OLFN]XGDQQVHW]WHHUVLFKGLH6RQQHQEULOOHZLHGHU DXIXQGVWLHJYRUQHHLQ 6LHZDUWHWHQXPVLFKHU]XVHLQGD&DPGHQORVIDKUHQ ZUGH (LQ6FKDXGHUOLHILKPEHUGHQ5FNHQ(UGUHKWHVLFK XPXQGOLHI]XVHLQHP:DJHQ*OFNOLFKHUZHLVHZDUEHL VHLQHP(VFRUWQXUGLH6WRVWDQJHOHLFKWYHUEHXOWZRUGHQ (UVWLHJHLQVWDUWHWHGHQ:DJHQZLFKGHP&DGLOODFDXV

XQGEHVFKOHXQLJWHDXIGHU(YHUJODGHV$YHQXH1XUIRUW YRQGHQ0lQQHUQGLHLKQKDWWHQXPEULQJHQZROOHQXQG GLHMHW]WWRWZDUHQ)RUWYRQGHQ0lQQHUQGLHLKPGDV/H EHQJHUHWWHWXQGGHQ7RGDQJHGURKWKDWWHQ(UVWDXIGHP ,QWHUVWDWHHUODXEWHHUHVVLFKLQ5XKHQDFK]XGHQNHQ $OOPlKOLFKZXUGHGDV$GUHQDOLQGDVVHLQHQ.UHLVODXI EHUVFKZHPPWKDWWHZLHGHUDEJHEDXW :HUZDUHQGLHVH0lQQHU" 9HUGDPPWZDVZDUGDLP*DQJH" (VGlPPHUWHDOOPlKOLFK$OVHUGLH6FKHLQZHUIHUHLQ VFKDOWHQZROOWHEHPHUNWH&DPGHQGDVHLQH+DQG]LW WHUWH (UPXWHGUHLODQJH6FKOXFNHDXVGHU)ODVFKH:KLVN\ QHKPHQGLHLP)DFKIUGLH.DVVHWWHQVWHFNWHHKHVHLQH +lQGHVLFKEHUXKLJWHQ

.DSLWHO 'U-XOLD&XQQLQJKDPZDUYRQ1DWXUDXVNHLQEHVRQGHUV QHUY|VHU0HQVFK=XPLQGHVWQLFKWlXHUOLFK$EHUGDV ZDUQLFKWLPPHUVRJHZHVHQ'LHMXQJHbU]WLQGLHVLFK YRUVRYLHOHQ-DKUHQMHGHQ7DJ]XU$UEHLWEHLP1DWLRQDO ,QVWLWXWHRI0HQWDO+HDOWKDXIGHQ:HJJHPDFKWKDWWH ZDUIUKHUYLHOYHUNUDPSIWHUJHZHVHQHLQHIDKULJH5DX FKHULQGLHDQGHQ)LQJHUQlJHOQNDXWHXQGLQ/HKUVlOHQ XQDQJHQHKPDXIILHO)ROJHHLQHV0DQJHOVDQ$XIPHUN VDPNHLWLQLKUHU.LQGKHLWZLHVLHEHLLKUHUVSlWHUHQ6HOEVW DQDO\VHIHVWVWHOOHQPXWH:lUHVLHQRFKHLQ.LQGGDQQ ZUGHPDQLKUYLHOOHLFKW5LWDOLQJHJHEHQKDEHQ$EHUMHW]W VWDQGHQLKUQDWUOLFKJDQ]DQGHUH0LWWHO]XU9HUIJXQJ +HLOHUKHLOHGLFKVHOEVW $OV'U-XOLD&XQQLQJKDPHUZDFKWHZDUVLHLQNDOWHQ 6FKZHLJHEDGHW'DV%HWW]HXJZDU]HUZKOWXQGXPVLH JHZLFNHOWGLH=lKQHKDWWHVLH]XVDPPHQJHELVVHQ,KU +HU]UDVWHXQGVLHVSUWHGDHLQH]XKRKH.RQ]HQWUD WLRQ$QWLDGHQRVRQLP%OXWLKUHQ.UHLVODXIDXIZKOWH (LQHYROOH0LQXWHPXWHVLHLQ$QJVWXQG6FKUHFNHQDE

ZDUWHQELVLKU*HKLUQGLH6LWXDWLRQGXUFKVFKDXHQXQG YHUDUEHLWHQNRQQWH%LV]XGLHVHP=HLWSXQNWEOLHEVLHGHU *HZDOWGHUQHUY|VHQ6W|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|EHO'UXFNHYRQ0DUF&KDJDOOPRGHUQH 6NXOSWXUHQ9LHOOHLFKWHWZDVNKOZLHLKUH*lVWHPDQFK PDOVDJWHQ$XIMHGHQ)DOODEHUHLQHVFK|QH8PJHEXQJ ]ZHLPDOLQGHU:RFKHNDPHLQ0lGFKHQXQGSXW]WHGLH :RKQXQJ bXHUVWHOHJDQWLQVSLULHUHQGXQGZHLEOLFK XQGVHKUEHTXHP'LHJHGlPSIWHQ)DUEHQGHV7HSSLFKV GLH%LOGHUDQGHQ:lQGHQDOOHVZDUZLVVHQVFKDIWOLFKGDU DXIDEJHVWLPPWLKUHLQHYLVXHOOH'RVLV9DOLXP]XJHEHQ ZDQQLPPHUVLHLQGHU:RKQXQJGLH$XJHQ|IIQHWH6RHW ZDVJDEHVKLHUQDWUOLFKQLFKW ,KU6FKODISODW]ZDUNDXPPHKUDOVHLQH3ULWVFKHXQGVLH KDWWHQXUHLQHQ6FKUHLEWLVFKPLWHLQHUELOOLJHQ/DPSHDXV GHP,QYHQWDUGHV0LOLWlUVHLQHQNORELJHQ6FKUDQNXQG HLQSDDU6WKOHEHNRPPHQ 9RUHLQSDDU-DKUHQKDWWHVLHYLHO=HLWDQGLHVHP6WDQG RUWYHUEUDFKWDEHULQ]ZLVFKHQZDULKUHIUKHUH:RKQXQJ HLQHPDQGHUHQ0LWDUEHLWHU]XJHZLHVHQZRUGHQ-HW]W PXWHVLHQRFKHLQPDOYRQYRUQDQIDQJHQ:HQQVLHHLQHQ 7DJIUHLEHNRPPHQKlWWHZlUHVLHQDFK6DQWD)HJHIORJHQ XQGKlWWHHLQSDDUKEVFKH1DYDMRWHSSLFKHXQGHLQLJH .XQVWJHJHQVWlQGHJHNDXIWXPGLH(LQULFKWXQJHWZDV IUHXQGOLFKHU]XJHVWDOWHQ$EHUVLHKDWWHNHLQH)UHL]HLW ZHLOVLFKGLH'LQJHUDVHQGVFKQHOOHQWZLFNHOWHQ -XOLD&XQQLQJKDPODJLP%HWWXQGZDUWHWHHLQLJHODQJH 0LQXWHQELVLKU$WHPVLFKQRUPDOLVLHUWKDWWH

'HU7UDXPYRQLKUHP9DWHU 6FKRQZLHGHUGHU7UDXPLQGHPVLHJHVFKODJHQZXUGH 6LHVFKDXGHUWH6LHKDWWHJHJODXEWVLHKlWWHVLFKGLHVHQ $OSWUDXPDXVJHWULHEHQ6LHKDWWHLKQVHLW-DKUHQQLFKW PHKUJHKDEWXQGGHVKDOEKDWWHVLHDQJHQRPPHQGDHV LKUJHOXQJHQZlUHGLH*HKLUQNRPSOH[HGLHGLHVHQ 7UDXPXQGGLHVH(ULQQHUXQJHQVSHLFKHUWHQNRPSOHWW]X GHDNWLYLHUHQ $EHUDOV:LVVHQVFKDIWOHULQZXWHVLHQDWUOLFKGDGDV PHQVFKOLFKH%HZXWVHLQXQGGLHPHQVFKOLFKH(ULQQHUXQJ QLFKWDXIGLHVH:HLVHIXQNWLRQLHUWHQ 6LHKDWWHHVWURW]GHPYHUVXFKWXQGVLHZUGHHVZHLWHU YHUVXFKHQ &KHPLHVDJWHVLH]XVLFKVHOEVW6LHVSUDFKGDV:RUWZLH HLQ0DQWUDLPPHUXQGLPPHUZLHGHU(VLVWDOOHVQXUHLQH )UDJHGHU&KHPLH1HXURWUDQVPLWWHU]ZLVFKHQGHQ6\QDSVHQ $[RQHQXQG'HQGULWHQ(PSIDQJXQG%ORFNDGHGHV(PSIDQJV 3UR]HVVHDXIPROHNXODUHU(EHQHDOOHVHUNOlUEDUNRQWUROOLHUEDU 7KHRUHWLVFKMHGHQIDOOV 8QGZDUXPKDWWHVLHGLH(ULQQHUXQJHQDQLKUHQ9DWHU QLFKWDXVO|VFKHQN|QQHQ" 1DFKHLQLJHU=HLWZDUVLHLPVWDQGHGDV%HWW]XYHUODV VHQ6LHWUXJHLQHQEHTXHPHQ%DXPZROOVFKODIDQ]XJXQG DOVVLHGDVYLHO]XJUHOOH/LFKWLP%DGHLQJHVFKDOWHWKDWWH VDKVLHGDGHU6FKODIDQ]XJYRQ6FKZHLGXUFKQlWZDU 9RUGHP:DVFKEHFNHQVWDUUWHVLHLKU6SLHJHOELOGDQ6LH IKOWHVLFKDOVZlUHVLHWDXVHQG-DKUHDOW'DV*HVLFKWGDV VLHVDKZDUQLFKWDOWDEHUHVZUGHEDOGDOWVHLQ2KQH 0DNHXSNRQQWHVLHGLH.UlKHQIHXPGLH$XJHQHUNHQ QHQGLH)XUFKHQDXIGHU6WLUQXQGGLH)DOWHQXPGHQ 0XQG&KHPLVFKH3UR]HVVH&KLUXUJLH*HJHQPLWWHOJH JHQGLH$Q]HLFKHQGHV$OWHUV8QGQDWUOLFK6FKPLQNH 'DQNVHLGHQNRVPHWLVFKHQ=DXEHUHUQ:UGHQXUGLH =DXEHUNUDIWEHLLKUHQ3V\FKRSKDUPDNDJHQDXVRVWDUN ZLUNHQ 6LHYHUGUlQJWHGHQ*HGDQNHQVRIRUWZLHGHU 1HLQ6HOEVW]ZHLIHONRQQWHVLHVLFKQLFKWHUODXEHQ'LH 7UDXPHULQQHUXQJDQGHQ0LEUDXFKGXUFKLKUHQ9DWHU ZDUHLQH)HKOOHLVWXQJ,UJHQGZRLQLKUHP8QWHUEHZXW

VHLQVWHFNWHLPPHUQRFKHLQH:XU]HOGLHQHXDXVJHWULH EHQKDWWH$EHUZDVLKUHLQPDOJHOXQJHQZDUPLW0HGLND PHQWHQ]XEHNlPSIHQGDVNRQQWHVLHDXFKHLQ]ZHLWHV 0DOYHUVXFKHQ'LH([SHULPHQWHGLHVLHDQVLFKVHOEVW GXUFKJHIKUWKDWWHZDUHQPDQFKPDOIHKOJHVFKODJHQXQG KDWWHQVLHLQWLHIVWH'HSUHVVLRQHQJHWULHEHQDEHUPDQFK PDODXFK]XGHQK|FKVWHQ+|KHQIOLHJHQODVVHQ6LHZDU ]XYHUVLFKWOLFKGDVLHGLHVHV3UREOHPRKQHZHLWHUHVLQ GHQ*ULIIEHNRPPHQNRQQWH 1XUQRFKZHQLJH0LQXWHQPXWHVLHMHW]WLQGHU+|OOH YHUEULQJHQXQJHVFKW]WXQGQDFNW $XIGHU.RPPRGHVWDQGHLQJURHU/HGHUEHXWHO0LW ]LWWHUQGHQ+lQGHQQDKPVLHLKQXQG|IIQHWHGHQ5HLYHU VFKOX'HU%HXWHOHQWKLHOWHLQH6DPPOXQJNOHLQHU)OD VFKHQ6SULW]HQXQG6FKDFKWHOQLQGHQHQGLH3LOOHQODJHQ GLHVLHVHOEVWJHSUHWKDWWH(LQH6SULW]HZUGHVLHMHW]W QLFKWEUDXFKHQHLQHVRGUDVWLVFKH0DQDKPHZDUQXU EHLHFKWHQ1RWIlOOHQHUIRUGHUOLFK1HLQHLQHNOXJ]XVDP PHQJHVWHOOWH.RPELQDWLRQYRQ3LOOHQGLHVLHLQGHUQlFK VWHQKDOEHQ6WXQGHHLQQHKPHQZUGHGDVZlUHJHQXJ 'LH'LJLWDODQ]HLJHGHV:HFNHUVVSUDQJDXI8KU6LH KDWWHLKUHQHUVWHQ7HUPLQXP8KUDOOHUGLQJVHUZDUWHWH PDQYRQLKUGDVLHEHUHLWVXP8KULP%URHUVFKLHQ =XP7HXIHOPLWLKQHQ6LHKDWWHHVYHUGLHQWHLQPDODXV ]XVFKODIHQ 9RUDXVJHVHW]WQDWUOLFKVLHZUGHEHUKDXSWVFKODIHQ N|QQHQ 6LHGDFKWHQLFKWZHLWHUGDUEHUQDFK:DVVROOWHVLH DXFKWXQ"6LHEUDXFKWHMHW]WLKUHFKHPLVFKH+LOIHQVRQVW ZUGHVLHGHQ7DJQLFKWEHUVWHKHQYRP5HVW,KUHV/H EHQVJDQ]]XVFKZHLJHQ .RQ]HQWULHUWVXFKWHVLHDXVMHGHU3LOOHQVFKDFKWHOGLH ULFKWLJH$Q]DKOKHUDXV7URW]LKUHUEHJLQQHQGHQ3DQLN ZDU-XOLD&XQQLQJKDPLQGHU/DJHGLH6LWXDWLRQ]XEH ZlOWLJHQXQGGLH'RVLVJHQDX]XEHUHFKQHQ .RQWUROOH .RQWUROOHZDUGDV(QWVFKHLGHQGH 8QDEKlQJLJYRQGHQ&KHPLNDOLHQGLHVLHEHQXW]WHXQ DEKlQJLJYRQDOOHPDQGHUHQKDWWHVLHLKUH,QWHOOLJHQ]

LKUHQ:LOOHQ'DVZDUGDV:LFKWLJVWHEHUKDXSWGHU $VSHNWGHPVLFKDOOHDQGHUHQXQWHURUGQHQPXWHQ 6LHZDUNHLQHHUElUPOLFKH'URJHQDEKlQJLJHGLHPLWWHQ LQGHU1DFKWQDFK3LOOHQJLHUWHRGHUVLFKLP%DGH]LPPHU 6FKVVHVHW]WH1HLQQDWUOLFKQLFKW6LHZDUHLQH:LVVHQ VFKDIWOHULQVLHNRQQWHGLH'RVLHUXQJGHU(QNHSKDOLQHGHV 6HURWRQLQVGHU$PLQRVlXUHQXQGYHUVFKLHGHQHUDQGHUHU &KHPLNDOLHQGLHVLHWHLOZHLVHVHOEVWV\QWKHWLVLHUWKDWWH JHQDXEHPHVVHQXPGLH5DKPHQEHGLQJXQJHQKHU]XVWHO OHQLQQHUKDOEGHUHULKU,QWHOOHNWVW|UXQJVIUHLIXQNWLRQLH UHQZUGH'DVZDUGHUZDKUH7ULXPSKGHU:LVVHQVFKDIW XQGGHU)RUVFKXQJGLH7DWVDFKHGDGDV%HZXWVHLQGLH 6W|UXQJHQGHV]HQWUDOHQ1HUYHQV\VWHPVPLWJH]LHOWHQ (LQJULIIHQNRPSHQVLHUHQNRQQWH$OOHPHQVFKOLFKHQ:H VHQKDWWHQQDWUOLFKH2SLDWHLP.|USHUDEHU+HURLQ VFKWLJHXQG$ONRKROLNHUZDUHQZLH0HQVFKHQGLHVLFK VHOEVWPLW+DPPHUXQG$[WEHDUEHLWHWHQ1LFKWVR'RNWRU -XOLD&XQQLQJKDPQHLQ6LHEHQXW]WHGLHIHLQVWHQXQG VFKlUIVWHQ6NDOSHOOHGLHGQQVWHQ/DVHUVWUDKOHQ +DVWLJGUHKWHVLHGDV:DVVHUDXIXQGOLHHVHLQSDDU $XJHQEOLFNHIOLHHQHKHVLHLKU*ODVIOOWH'DQQQDKPVLH QDFKHLQDQGHUGLH3LOOHQXQG.DSVHOQXQGVSOWHVLHPLW NOHLQHQ6FKOXFNHQKLQXQWHU'DV:DVVHUVFKPHFNWHDEJH VWDQGHQXQGGLH3LOOHQZDUHQELWWHUDEHUGLHVHNOHLQHQ 8QDQQHKPOLFKNHLWHQVSLHOWHQLP9HUJOHLFK]XLKUHQEODQ NHQ1HUYHQNHLQH5ROOH $OVVLHIHUWLJZDUVFKREVLHGLH8WHQVLOLHQYRUVLFKWLJLQ GLH7DVFKH]XUFNXQGYHUVFKORVLH'DQQOHJWHVLHVLFK ZLHGHULQV%HWWZLFNHOWHVLFKLQGLH'HFNHQXQGUROOWHVLFK ZLHHLQ)|WXVHQJ]XVDPPHQ :lKUHQGVLHODQJVDPUXKLJHUZXUGHXQGGLH6FKOlIULJ NHLWVLFKEHUVLHOHJWHZLHOHLFKWH*D]HGDFKWH-XOLD&XQ QLQJKDP(UZLUGKHXWHNRPPHQ-RKDQQHVGHU7lXIHUZLUG NRPPHQXQG$QZHLVXQJHQYRQVHLQHU+HUULQHQWJHJHQQHK PHQ 'DQQVFKOLHIVLHHLQXQGWUlXPWHYRQHLQHP0HHUYRQ *HVLFKWHUQGLHDQEHWXQJVYROO]XLKUDXIVFKDXWHQ

.DSLWHO 1HZ0H[LFRLVWGHUIQIWJU|WH6WDDWGHU86$HLQIDVW UHFKWHFNLJHVULHVLJHV6WFN/DQG&RORUDGRXQG0H[LNR OLHJHQLP1RUGHQXQG6GHQ7H[DVXQG$UL]RQDLP 2VWHQXQG:HVWHQ,QJHZLVVHU:HLVHLVWHVGHUVFK|QVWH DOOHU6WDDWHQXQGGHUHLJHQDUWLJVWH'DVGDFKWHMHGHQIDOOV (YHUHWW6FDUERURXJK(UZDUEHUHLWVIQIPDOLQ1HZ0H [LFRJHZHVHQGUHLPDOLP5DKPHQYRQ9RUWUlJHQXQG $XIWULWWHQLQ)HUQVHKVHQGXQJHQ]ZHLPDOLP5DKPHQ YRQ8)2)RUVFKXQJHQ$OVHUMHW]WEHUGLH5RXWHLQ 5LFKWXQJ$OEXTXHUTXHIXKUEHZXQGHUWHHUGLH0HVDV XQGGLH:VWHGHQZHLWHQEODXHQ+LPPHOGLHHLQVDPHQ JROGHQHQXQGEUDXQHQ/DQGVWULFKHZRGLH*LQVWHUEVFKH UROOWHQXQGZR1XSLQLHQZXFKVHQXQG<XFFDSDOPHQ VWDQGHQGLH:DSSHQSIODQ]HQGHV6WDDWHV,PPHUZLHGHU HU|IIQHWHQVLFKLKPDWHPEHUDXEHQGH$XVEOLFNHDXI%HUJH DXIGHQHQWHLOZHLVHQRFKGHU6FKQHHYRPOHW]WHQ:LQWHU ODJ8QGZLHGHUEHPHUNWH6FDUERURXJKGLHVHVJHZLVVH(W ZDVGDVLKPVFKRQEHLIUKHUHQ%HVXFKHQDXIJHIDOOHQ ZDU(VODJHLQJHZLVVHU*HVFKPDFNXQG*HUXFKLQGHU /XIWHLQH$UWNQLVWHUQGH6SDQQXQJHLQHVHOWVDPH)UHPG DUWLJNHLW(UKDWWHIUKHUYHUVXFKWHV]XLJQRULHUHQDEHU MHW]WGDHUDXIVHLQH,QVWLQNWHXQGDXIDQGHUHQRFKZHQL JHUYHUWUDXWH*HIKOH]XK|UHQEHJDQQEHNDPGLH/DQG VFKDIWGLHHUEHWUDFKWHWHHLQHQDKH]XP\VWLVFKH4XDOLWlW +LHUZLUGHWZDV:LFKWLJHVJHVFKHKHQGDFKWH6FDUER URXJK +LHUZUGHQGLH'LQJHDXILKUHQ+|KHSXQNW]XVWHXHUQ +LHUZDUVHLQH7RFKWHU 6HLQH5DWLRQDOLWlWZDUMHW]WQLFKWPHKUDOVHLQ:HUN ]HXJ(UKDWWHVLFKLQHLQHQ0HQVFKHQYHUZDQGHOWGHUYRQ VHLQHU/HLGHQVFKDIWDQJHWULHEHQZXUGHYRQGHP:LOOHQ VHLQH7RFKWHU]XILQGHQXQGGLH:DKUKHLWDXI]XGHFNHQ 'HU)RUGOLHIJXWDOVKlWWHVLFKGLH0DVFKLQHVHLQHP :LOOHQXQWHUZRUIHQXQGZROOWHLKPGXUFKUHLEXQJVORVHV )XQNWLRQLHUHQKHOIHQ(UEHQXW]WHMHW]WGLH+DXSWVWUDHQ ZHLOHUHVHLOLJKDWWH$POLHEVWHQZlUHHUJHIORJHQDEHUHU VDJWHVLFKGDGLHV]XJHIlKUOLFKZlUH)OXJ]HXJSDVVD

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lGWHQ NDXPPHKUXQWHUVFKLHG6FDUERURXJKIXKUGXUFKGLH2OG 7RZQ3OD]DGHQlOWHVWHQ7HLOGHU6WDGWGLHLP-DKUH YRQVSDQLVFKHQ%DXHUQJHJUQGHWZRUGHQZDU'DQQ NDPHUDP1DWLRQDO$WRPLF0XVHXPYRUEHLGDVHUEHL HLQHPIUKHUHQ%HVXFKXQWHUZHLWDXVDQJHQHKPHUHQ%H JOHLWXPVWlQGHQEHVLFKWLJWKDWWHXQGGDQQWDXFKWHGDV 3XHEOR&XOWXUH&HQWHUDXI'UHL.LORPHWHUZHLWHUERJHULQ HLQUXKLJHV:RKQYLHUWHODEZR$GREH+lXVHUVWDQGHQ 1DFKNXU]HP6XFKHQIDQGHUGLH1XPPHU'RUW OHEWH:DOWHU0DVKNLQ ,QGHU(LQIDKUWSDUNWHHLQYHUEHXOWHUEODXHU'RGJH .OHLQODVWHUGHUGLH$XIVFKULIWYRQ0DVKNLQV)LUPDWUXJ 0DVKNLQ V3OXPELQJ$XIGHU/DGHIOlFKHODJHQ5RKUH DOWH9HQWLOHXQGZDVHLQ.OHPSQHUVRQVWQRFKVREUDXFKWH ,QGHU*DUDJHVFKLHQMHPDQG]XDUEHLWHQ6FDUERURXJKEH VFKDWWHWHGLH$XJHQGDPLWHUEHVVHUVHKHQNRQQWH(LQ 0DQQEHXJWHVLFKEHUHLQH:HUNEDQNXQGKlPPHUWHDQ HWZDVKHUXP (UUlXVSHUWHVLFK ª0U0DVKNLQ"© 'DV+lPPHUQZXUGHEHHQGHW6FDUERURXJKK|UWHZLH GLH:HUN]HXJHDXIGLH$UEHLWVIOlFKHNQDOOWHQGDQQNDP GHU0DQQKHUDXV

ª-DZDVVHKHLFKGDLVWGDVZLUNOLFKGHUGHQLFK]X VHKHQJODXEH"©(UVSUDFKLP'LDOHNWGHU*HJHQGLQGHQ VLFKDOOHUGLQJV(ULQQHUXQJHQDQ7HQQHVVHHXQGHLQLJHDQ GHUH'LDOHNWHPLVFKWHQ ª-D0U0DVKNLQLFKELQHV.|QQHQZLUKLQHLQJHKHQ" ,FKP|FKWHQLFKWJHUQKLHUGUDXHQKHUXPVWHKHQ© ª'DVNDQQLFKPLUGHQNHQQDWUOLFK©VDJWH0DVKNLQ ª:LOONRPPHQ6FK|QGD6LHKLHUVLQG© 'HU0DQQNDPQlKHUXQGJDE6FDUERURXJKGLH+DQG (UKDWWHHLQEODVVHV*HVLFKWXQGWUXJHLQHQ2YHUDOOGHU PLWgOIOHFNHQEHUVlWZDUVRZLHEUDXQH$UEHLWVVWLHIHO (LQ%DUWXPUDKPWHGHQ0XQGVHLQIUHXQGOLFKHV*HVLFKW XQWHUGHQZLGHUERUVWLJHQKHOOEORQGHQ+DDUHQZLUNWHRI IHQXQGHQWJHJHQNRPPHQG6FDUERURXJKVFKlW]WHLKQDXI 0LWWH)QI]LJ ª*XWHQ7DJ0U0DVKNLQ,FKELQ,KQHQZLUNOLFKGDQN EDUIU,KUH+LOIHXQGLFKIUHXHPLFKDXIGDV*HVSUlFKPLW ,KQHQ© 0DVKNLQQLFNWHXQGPXVWHUWH6FDUERURXJKSUIHQG 'DQQVDKHUVLFKXPDOVZROOWHHUVLFKYHUJHZLVVHUQGD VLHQLFKWEHODXVFKWZXUGHQXQGVFKRE6FDUERURXJKLQV +DXV 'ULQQHQZDUHVNKOXQGGXQNHOHVURFKHLQZHQLJ QDFKDOWHQ%LHUIODVFKHQXQGVFKPXW]LJHQ6RFNHQ6FDUER URXJKHUNDQQWHGHQ'XQVWHVZDUGLH$XUDHLQHV-XQJJH VHOOHQGHPQLHPDQGGHQ+DXVKDOWIKUWH$EHUHVZDUHLQ DQJHQHKPHU*HUXFKGHULKQDQ0DF.HQ]LHV+DXVHULQ QHUWHQDFKGHPHUYRQVHLQHU)UDXYHUODVVHQZRUGHQZDU XQGEHYRUHUHLQ0lGFKHQHLQJHVWHOOWKDWWHGDVLKPGLH +DXVDUEHLWDEQDKP ª6LHVHKHQPGHDXV0U6FDUERURXJK.DQQLFK,KQHQ HLQ%LHUDQELHWHQ"8QGZHQQZLUHWZDVJHJHVVHQKDEHQ N|QQHQ6LHVLFKLP*lVWH]LPPHUDXFKHWZDVKLQOHJHQ© ª-DHLQ%LHUZlUHVFK|Q'DQNH0U0DVKNLQ© ª6DJHQ6LH:DOWHU2GHU:DOWZHQQ,KQHQGDVOLHEHULVW $EHUQHQQHQ6LHPLFKEORQLFKW:DOO\GDVKDVVHLFK© :DOWHU0DVKNLQJLQJ]XP.KOVFKUDQNXQGDOVHULKQ |IIQHWHZDUHQ]ZHL)lFKHU]XVHKHQGLHPLWJURHQ)OD VFKHQ%XGZHLVHUJHIOOWZDUHQ'DUXQWHUVWDQGHQHLQ.DU

WRQ(LHU0LOFKXQG%URW0DVKNLQ]RJ]ZHL)ODVFKHQ%LHU KHUDXVVFKOXJGLH.KOVFKUDQNWUZLHGHU]XXQGZLQNWH 6FDUERURXJKVLFKDXIHLQHQ.FKHQVWXKO]XVHW]HQ6FDU ERURXJKIROJWHGHU$XIIRUGHUXQJGDQNEDUXQGVDK 0DVKNLQ]XGHUHLQHQULHVLJHQ6FKOVVHODXVHLQHU6FKXE ODGHKROWHXQGGLH)ODVFKHQPLWGHUgVHIDVWDQGlFKWLJ|II QHWH ª'LHVHQHXPRGLVFKHQ)ODVFKHQPLWGHQ'UHKYHUVFKOV VHQJHIDOOHQPLUJDUQLFKW©HUNOlUWH0DVKNLQPXQWHU ZlKUHQGHUGLH.URQNRUNHQLQGHQ0OOHLPHUZDUI(UJDE 6FDUERURXJKHLQH)ODVFKHª,FKPDJPHLQ%LHUNDOWXQGDOW DOWPRGLVFKVROOGDVKHLHQ©0DVKNLQEOLQ]HOWH6FDUER URXJK]X'DQQVSUHL]WHHUHLQHQ)LQJHUDEKLHOWGLH)OD VFKHZLHHLQHIHLQHHQJOLVFKH'DPHLKUH7HHWDVVHXQG QDKPHLQHQODQJHQ=XJ6FDUERURXJKGHUHUVWMHW]W VSUWHZLHWURFNHQVHLQH.HKOHZDUIROJWHVHLQHP%HL VSLHO(VZDUIDVWDOVDEVROYLHUWHQGLH0lQQHUHLQXUDOWHV 5LWXDO ª$K©PDFKWH0DVKNLQDOVHUGDV%LHUDXIGHQ7LVFK VWHOOWHª'LHHUVWH)ODVFKHGHV7DJHVLVWLPPHUGLHEHVWH ,FKELQDEHUNHLQ$ONRKROLNHU0U6FDUERURXJK'LHQV WDJVGRQQHUVWDJVXQGPDQFKPDODXFKVRQQWDJVWULQNHLFK NHLQ%LHU6RXQGDOVDOOHUHUVWHVPXLFK,KQHQMHW]WVDJHQ GDLFKZLUNOLFKIURKGDUEHUELQGD6LHHVELV]XPLU JHVFKDIIWKDEHQ© ª'DQNH:DOWHU(VZDUHLQH]LHPOLFKDQVWUHQJHQGH )DKUW© ª$EHULFKPXDXFKVDJHQGDLFKHLQLJHUPDHQYHU ZLUUWELQ,FKNHQQH,KUH%FKHUXQG,KUHQ5XIXQGYHU VWHKHLPPHUQRFKQLFKWJDQ]ZLHVRMHPDQGZLH6LHVLFKDQ HLQHQ8)2$QKlQJHUZLHPLFKZHQGHWXQGLKQXP+LOIH ELWWHW1LFKWGDLFK,KQHQQLFKWJHUQHKHOIHQZUGH QHLQGDVLVWPLUVRJDUHLQHJURH)UHXGH$EHUQHXJLHULJ ELQLFKWURW]GHP© 6FDUERURXJKQLFNWHXQGWUDQNQRFKHLQHQ6FKOXFNª,FK JODXEHGHUOHW]WH0RQDWKDWPLFKLQJHZLVVHU:HLVHYHU lQGHUW:DOWHU=XHUVWHLQPDOVLQG6LHZLHLFKVFKRQDP 7HOHIRQVDJWHGHP2UW]XGHPLFKIDKUHQZLOOUHFKW QDKH©

ª2KVLFKHU$EHU0U6FDUERURXJK©GHU0DQQJULQVWH XQGHQWEO|WHHLQH/FNHLQVHLQHQJHOEHQ=lKQHQªLFK ELQGRFKWURW]GHPHLQZDVFKHFKWHU8IRWURWWHOZDV"© 6FDUERURXJK]XFNWHHWZDV]XVDPPHQª7RXFKH,FK GHQNHGDVKDEHLFKZRKOYHUGLHQW0U0DVKNLQ :DOWHULFKJODXEHLPPHUQRFKQLFKWGDZLU%HVXFK YRQLQWHOOLJHQWHQ/HEHQVIRUPHQYRQHLQHPDQGHUHQ3OD QHWHQEHNRPPHQ$EHULFKELQLQ]ZLVFKHQ]LHPOLFKVL FKHUGDHLQJURHU7HLOGHU8)26LFKWXQJHQZHQLJVWHQV LQXQVHUHP/DQGKLHUYRQHLQHULOOHJDOHQ(LQULFKWXQJGHU 5HJLHUXQJLQV]HQLHUWZRUGHQLVW© 0DVKNLQVFKOXJVLFKODFKHQGDXIGLH.QLHª0DQQXQG PHLQH)UHXQGHXQWHQLP7XPEOHZHHG%DUDQG*ULOOKDO WHQPLFKIUYHUUFNW© 6FDUERURXJKZDUHWZDVSLNLHUWEUDFKWHDEHUHLQYHU NQLIIHQHV/lFKHOQ]XVWDQGHª:DOWHULFKIUFKWHVHOEVW 9HUUFNWHN|QQHQWDWVlFKOLFKPDOYHUIROJWZHUGHQ© :DOWHU0DVKNLQEUOOWHYRU/DFKHQª$XVJH]HLFKQHW PHLQ)UHXQG2ND\LFKHUNOlUHGDV(LVRIIL]LHOOIUJHEUR FKHQ© ª,QPHLQHP)DOOLVWHVGLH&,$'HVKDOEKDEHLFK6LHDQ JHUXIHQ,FKHULQQHUWHPLFKDQ,KUHQ%ULHIDQ&DSWDLQ(ULF 0DF.HQ]LHLQGHP6LH,KUHQ)UHXQG+DUU\5H\QROGVHU ZlKQWHQ,FKJODXEHGDLQGLHVHP)DOOWDWVlFKOLFKHLQH 6FKZHLQHUHLSDVVLHUWLVW© ª*ODXEHQ6LHHWZDGLH&,$KlWWH+DUU\HQWIKUW"© ª2GHUHLQH$EWHLOXQJGHU&,$© ª+PPGDVLVWLQWHUHVVDQW,UJHQGZLHJHIlOOWPLUGLHVH ,GHH1DWUOLFKQLFKWGLH7DWVDFKHGD+DUU\YHUVFKZXQ GHQLVWYHUVWHKHQ6LHGDVQLFKWIDOVFK1HLQLFKPHLQHGLH 7KHRULH$EHU+DUU\V6HQGXQJHQXQGVHLQH%ULHIHYHU PLVVHLFKZLUNOLFK,FKELQLKPHLQSDDUPDODXI8)2 .RQJUHVVHQEHJHJQHW:DVIUHLQ7\S,FKJODXEHLFKLQ WHUHVVLHUHPLFKDXFKGHVKDOEVRVHKUIUGLHVH0DWHULH ZHLOPDQGDVRYLHOHLQWHUHVVDQWH/HXWHWULIIW© ª-D1XQLQGLHVHU+LQVLFKWKDEHLFKMHGHQIDOOVPHLQH 0HLQXQJJHlQGHUW:DOWHU=ZDUKDEHLFKELVKHUGLH /HXWHGLHDQIOLHJHQGH8QWHUWDVVHQJODXEHQLPPHUYHU VSRWWHW$EHUWURW]GHPGHQNHLFKGDLFK,KQHQYHUWUDXHQ

NDQQZHLOLFKEHLYLHOHQ8)2$QKlQJHUQYRUDOOHPHLQHV VHKH$XIULFKWLJNHLWXQGGDVHKUOLFKH%HVWUHEHQHWZDV]X ILQGHQ,FKJODXEHLFKKDEHHLQSDDU-DKUHODQJPHLQH 3ULRULWlWHQIDOVFKJHVHW]W© ª$EJHVHKHQGDYRQ0U6FDUERURXJK© ª(YHUHWW2GHU(YZHQQ6LHZROOHQ© ª(Y:DUXPZHQGHQ6LHVLFKDQPLFKDQHLQHQ)UHP GHQXQGELWWHQLKQXP+LOIH"© ª,FKELQQLFKWGHUHLQ]LJHGHU+LOIHEUDXFKW:DOWHU :LH6LHVLFKYLHOOHLFKWHULQQHUQKDEHQ6LHMDPHLQHQ )UHXQGJHEHWHQKHUDXV]XILQGHQZDVPLW+DUU\5H\QROGV SDVVLHUWLVW,FKELHWH,KQHQGLH*HOHJHQKHLWP|JOLFKHU ZHLVHJHQDXGLHV]XWXQ8QGGDEHLN|QQHQ6LHJOHLFK]HL WLJPLUKHOIHQ© 0DVKNLQQLFNWHQDFKGHQNOLFKª
ª%HJUHLIHQ6LHGDPLFKGDVDOOHV]XHLQHUXQDXVZHLFK OLFKHQ6FKOXIROJHUXQJIKUW:DOWHU"$OOHVDQGHUH]XP %HLVSLHOGLH)UDJHZDUXPVLHGDVWXQJHK|UWLQGHQ%H UHLFKGHU6SHNXODWLRQ$EHUYHUVWHKHQ6LHZHQQGDVZDKU LVWXQGZHQQ6LHZLUNOLFKKHUDXVILQGHQZROOHQZDVPLW ,KUHP)UHXQGSDVVLHUWLVWGDQQN|QQHQ6LHGDVWXQLQGHP 6LHPLU]XU6HLWHVWHKHQ(VZlUHPLUVFKRQHLQHJURH +LOIHZHQQLFKYRUEHUJHKHQGKLHUEHL,KQHQEOHLEHQ GUIWH© 0DVKNLQJULQVWHEUHLWª$FKZDVLFKNDQQVRJDUQRFK YLHOPHKUIU6LHWXQ(Y© ª'DQQJODXEHQ6LHPLU"© ª,FKNDQQQLFKWVDJHQGDLFK,KQHQJODXEH(VLVWHLQH ]LHPOLFKZVWH*HVFKLFKWH$EHULFKZHUGH,KQHQKHOIHQ KHUDXV]XILQGHQREHWZDVGUDQLVW6RZHLWPLUGDVKLHULQ 1HZ0H[LFRP|JOLFKLVWPHLQHLFK,FKNDQQQLFKWOlQJHU DOVHLQHQ7DJRGHUVRYHUVFKZLQGHQPHLQHV*HVFKlIWVZH JHQ,FKELQ.OHPSQHUXQGLFKPXYRQLUJHQGHWZDVOH EHQ©(UWUDQNZLHGHUHLQHQ6FKOXFN%LHUª$EHUDQGHUHU VHLWVNDQQLFKDXFKQLFKWVDJHQGDLFK,KQHQQLFKWJODXEH :LVVHQ6LH(YHVJHKWXPPHLQH3KLORVRSKLHXQGGHV KDOELQWHUHVVLHUHLFKPLFKVRIUGLH8)2V© ª,FKNDQQ,KQHQQLFKWJDQ]IROJHQ© ª7ULQNHQ6LHHLQIDFK,KU%LHUDXVXQGGDQQWULQNHQ6LH QRFKHLQV9LHOOHLFKWNRPPHQ6LHGHU6DFKHGDQQQlKHU© 0DVKNLQKROWHLKQHQ1DFKVFKXE6FDUERURXJK]XFNWH GLH6FKXOWHUQXQGWUDQNHLQHQJURHQ6FKOXFN%XGZHLVHU $XVLUJHQGHLQHP*UXQGIKOWHHUVLFKLQGLHVHP+DXV VHKUZRKO(UKDWWHGDV*HIKOGDHU0DVKNLQYHUWUDXHQ NRQQWHXQGGDVZDUJXWVRZHLOHUVROFKH0HQVFKHQ EUDXFKWH 0DVKNLQ|IIQHWHGLH)ODVFKHQXQGJDEHLQHGDYRQ6FDU ERURXJKª+LHUQHKPHQ6LHGLHPDOLQ$QJULIIXQGGDQQ NRPPHQ6LHPLWLQGHQ.HOOHU,FKPX,KQHQZDV]HLJHQ© 6FDUERURXJKVWDQGDXIQDKPGDV%LHUPLWXQGIROJWH LKPª:DVKDEHQ6LHGHQQLP.HOOHU:DOWHU"© ª'DVZHUGHQ6LHJOHLFKVHKHQ© (UIKUWHLKQGXUFKHLQHQ)OXUYRQGHP]ZHL6FKODI ]LPPHUXQGHLQ%DGDEJLQJHQGDQQ|IIQHWHHUHLQH7U

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ª6FK|QH6DPPOXQJ©VDJWHHU ª-D©HUZLGHUWH0DVKNLQVWUDKOHQGXQGYROOHU6WRO] ª,FKKDEHPLUGDVKEVFKHLQJHULFKWHWZDV"6LHVLQGEHU UDVFKWQLFKWZDKU"'DGUEHQGDVLVWGHU&RPSXWHUPLW GHPLFKPHLQH%ULHIHXQGGLH8)2$UWLNHOVFKUHLEH*RWW LFKVFKUHLEHZLUNOLFKJHUQ,FKZWHQLFKWVZDVLFKOLHEHU WlWHDOVHLQHJXWH&'RGHUHLQ%DQGHLQ]XOHJHQXQG]XWLS SHQ© ª,FKZHL:DOWHULFKNDQQGDVJXWYHUVWHKHQ© ,P5HJDOVWDQGHQHLQSDDUKXQGHUW&'VDEHUDOVHUGLH 7LWHOODVVFKZDQGVHLQHDQIlQJOLFKH%HJHLVWHUXQJGHQQHV KDQGHOWHVLFKDXVVFKOLHOLFKXP&RXQWU\XQG:HVWHUQ XQG5RFNDELOO\$EVROXWNHLQ-D]]NHLQHNODVVLVFKHQ$XI QDKPHQ 0DVKNLQWUDWQHEHQLKQ]RJHLQH&'KHUDXVXQGKLHOW VLHKRFK ª0|JHQ6LHGHQ.LQJ(Y"© 'LH&'WUXJGHQ7LWHO7KH6XQ6HVVLRQV ªbKDOVRQHLQLFKELQQLFKWJHUDGHVHLQJU|WHU)DQ© ª'DVLVWVFKDGH(UZDUZLUNOLFKHLQJURDUWLJHU6lQJHU ,FKZHLQRFKDOVLFKPLWGHP/DVWZDJHQQDFK.QR[

YLOOHJHIDKUHQELQLFKZDUJHUDGH]ZDQ]LJ-DKUHDOWGD KDEHLFKVHLQH6WLPPH]XPHUVWHQPDOLP5DGLRJHK|UW XQGHVKDWPLUHLQH*lQVHKDXWEHUGHQ5FNHQJHMDJW 'DVLVWHVGDFKWHLFK'DVLVWGLH6WLPPHPHLQHUHLJHQHQ 6HHOH8QGHLQHYHUGDPPWJXWH6WLPPHZDUHV$OVR(Y LFKP|FKWHMHW]WPDODXIGDV7KHPD]XUFNNRPPHQEHU GDVZLUJHUDGHJHVSURFKHQKDEHQEHU*ODXEHQXQG8Q JODXEHQ+DEHQ6LHGLH*HVFKLFKWHQJHK|UWGD(OYLV QRFKOHEW"© 6FDUERURXJKZDQGVLFKLQQHUOLFK ª1XQLFKZHLDOOPlKOLFKQLFKWPHKUZDVLFKJODXEHQ VROO,FKNDQQWHLKQQDWUOLFKQLFKWSHUV|QOLFKDEHULFK NHQQHGLH$XIQDKPHQYRQVHLQHQ6KRZVXQGHLQPDO KDEHLFKLKQDXFKLQ/DV9HJDVOLYHJHVHKHQDEHUGDVZDU PHKUDXVDOWHU9HUEXQGHQKHLW:LVVHQ6LHLUJHQGZLHZLOO HVPLUQLFKWLQGHQ.RSIGDHUVRHLQIDFKDEJHWUHWHQVHLQ VROO8QGHLJHQWOLFKZHLLFKVRJDUJDQ]JHQDXGDHU QRFKOHEW+LHU©(UGHXWHWHDXIVHLQH&'6DPPOXQJ ª+LHU©(UGHXWHWHDXIVHLQHQ.RSIª8QGKLHU©(UGHXWHWH DXIVHLQ+HU] 0DVKNLQJLQJ]XHLQHP6FKUDQNPLW6FKLHEHWUHQXQG |IIQHWHLKQ'ULQQHQVDK6FDUERURXJKWLHIH5HJDOEUHWWHU DXIGHQHQ=HLWXQJHQXQG=HLWVFKULIWHQJHVWDSHOWZDUHQ 6FDUERURXJKHUNDQQWHGLH6XQGHQ6WDUGHQ1DWLRQDO(Q FMXLUHUXQGQDWUOLFKGHQ,QWUXGHU0DVKNLQWlWVFKHOWH QDFKGHQNOLFKHLQHQ6WDSHOª,FKKDEHDOOHGLHVH%HULFKWH JHOHVHQ$EHULFKKDEHDXFK%FKHUJHOHVHQXQGGLH*H VFKLFKWHQYRQYHUVFKLHGHQHQ/HXWHQJHK|UW'DUEHUGD (OYLVQRFKOHEWPHLQHLFK:DVKDOWHQ6LHGDYRQ(Y" *ODXEHQ6LHGD(OYLV$DURQ3UHVOH\DOOH]XP1DUUHQKlOW XQGQRFKDXIGHU(UGHKHUXPVSD]LHUW"© ª'DUEHUKDEHLFKQRFKJDUQLFKWULFKWLJQDFKJHGDFKW© VDJWH6FDUERURXJKGLSORPDWLVFK ª:LVVHQ6LHZDVLFKJODXEH(Y",FKJODXEHGDHVYLHO OHLFKWVRJDUZDKULVW'DVLVWPHLQH3KLORVRSKLH,FKELQIU DOOHVRIIHQ,FKELQGDVZDV6LHLQ,KUHQ%FKHUQDOVOHLFKW VLQQLJEH]HLFKQHQ© ª/HLFKWJOlXELJPHLQHQ6LH© ª
EHQGLH/HXWHPLUGLHVHOWVDPVWHQ'LQJHHU]lKOW6LHKDEHQ PLU6DFKHQJHVDJWGLHVLFKVSlWHUQLFKWLPPHUDOVZDKU HUZLHVHQ=XP%HLVSLHOVDJWHQVLH!:DOWHUGHU+HUU-HVXV LVWGHLQ(UO|VHUXQGGXZLUVW]XU+|OOHIDKUHQZHQQGX LKQYHUDFKWHVW:LVVHQVLHLFKPDJMD-HVXVXQG*RWWXQG VRZHLWHUXQG]XHUVWGDFKWHLFKYLHOOHLFKWLVWGDZLUNOLFK ZDVGUDQ$EHUZDVLVWGHQQPLWDOOGHQDQGHUHQ5HOLJLR QHQ"6LQGGLHHWZDIDOVFK"8QGGDQQVDJWHQVLH]XPLU !:DOWHUGXPXWYHUKHLUDWHWVHLQEHYRUGXGHLQ'LQJGD KLQHLQVWHFNVWZRHVMHW]WQRFKQLFKWKLQJHK|UW$EHULFK ZDUQRFKQLFKWHLQPDODFKW]HKQGDKDEHLFKPHLQ'LQJ EHUDOOKLQHLQJHVWHFNWZRHVQXULUJHQGZLHKLQHLQJHKHQ ZROOWHXQGPLFKKDWQLFKWGHU%OLW]JHWURIIHQZHLOLFKPLW GHQ0lGFKHQQLFKWYHUKHLUDWHWZDU,FKKDWWH6H[KDEH )UHXQGHJHIXQGHQPLU)HLQGHJHPDFKWXQGVRZHLWHU 8QGGDQQGLHQDWXUZLVVHQVFKDIWOLFKHQ)lFKHUDXIGHU +LJK6FKRRO!:DOWHUKDEHQVLHPLUGDJHVDJW!HVJLEW NHLQH8)2V$EHUDOVLFK]ZHLXQG]ZDQ]LJ-DKUHDOWZDU XQGPLWPHLQHP/DVWHUGXUFKGLH6PRNLHVJHIDKUHQELQ GDKDEHLFKGDVVFKZ|UHLFKEHL*RWWDXIHLQHQ6FKODJGUHL 6WFNGDYRQJHVHKHQ'LHVLQGGXUFKGHQ+LPPHOJH VFKZHEWZLH6HJHOVFKLIIHKHOOEHOHXFKWHWXQGEOLQNHQG PLWXQJODXEOLFKHQ)DUEHQ©:DOWHUVFKWWHOWHGHQ.RSI XQGWUDQNHLQHQ6FKOXFN%LHU(UVFKU]WHGLH/LSSHQª7MD (Y,FKELQHLQOHLFKWJOlXELJHU+XQGHVRKQ8QGLFKELQ YHUGDPPWVWRO]GDUDXI© ª+DEHQ6LHQRFKDQGHUHIOLHJHQGH8QWHUWDVVHQJHVHKHQ :DOWHU"© ª1HLQQXUGLHVHVHLQH0DO$EHUHVKDWPLUJHUHLFKW 'DVZDUZLH6DXOXVDXIGHU6WUDHQDFK'DPDVNXV=DFN GDZDUHVSDVVLHUW8QGMHW]WQDFKDOOGHQ-DKUHQELQLFK YRQGHQ8)2VLPPHUQRFKVRIDV]LQLHUWZLHGDPDOV$FK ZLU]ZHLZLVVHQVRYLHOEHUGDV7KHPDZLUN|QQWHQWDJH ODQJGDUEHUUHGHQRKQHDXFKQXUHLQHQ6FKULWWZHLWHU]X NRPPHQ'DN|QQHQZLUDXFKJOHLFKHLQHQ:DIIHQVWLOO VWDQGVFKOLHHQ6DJHQZLUHLQIDFK-DLFKZHUGH,KQHQ KHOIHQ(YHUHWW6FDUERURXJKZHLO6LHPLFKXP+LOIHELWWHQ XQGZHLOLFKKHUDXVILQGHQZLOOZDVPLW+DUU\SDVVLHUWLVW 8QGYLHOOHLFKWKDEHQ6LHVRJDUUHFKWXQGGLHVH%DVWDUGH

PDFKHQZLUNOLFKGDVZDV6LHVDJHQ8QGLQGLHVHP)DOO ZLOOLFKDXFKGD]XEHLWUDJHQGDHVDXIK|UW,FKVWHKH QLFKWDXIEHVRQGHUVJXWHP)XPLWGHU5HJLHUXQJGDV NDQQLFK,KQHQVDJHQ© ª,FKZROOWHQLFKWGDVJDQ]H6\VWHPLQ)UDJHVWHOOHQ :DOWHU,FKVDJHQXUGDHLQH*UXSSHYRQ/HXWHQDQ VFKHLQHQGHUIROJUHLFKGDV6\VWHPDXVQXW]WXQGPL EUDXFKW© ª:DVVROO V(Y'DVPDFKHQGLH/HXWHVFKRQ]LHPOLFK ODQJH.RPPHQ6LHKHULFKZLOO,KQHQZDV]HLJHQ© 0DVKNLQZLQNWHLKQ]XHLQHUZHLWHUHQ6FKLHEHWUXQG |IIQHWHVLH(UVFKREHLQSDDU%FKHU]XU6HLWHXQGGHX WHWHDXIGLH:DQGGDKLQWHU ,QGLH+RKO]LHJHOZDUHLQ6DIHHLQJHEDXW ª'DEHZDKUHLFKPHLQ*HOGDXI(Y,FKKDEHPLWGHU 5HJLHUXQJQLFKWVDP+XW,FKDUEHLWHQXUJHJHQEDU,FK JHEHPHLQ*HOGQLFKWGHU%DQN6RQVWN|QQWHGDV)LQDQ] DPWDOOHVEHUSUIHQ'LHN|QQWHQHLQHPVRJDUGDV*HOG VWHKOHQZHQQVLHGDVZROOHQ1LFKWGD6LHPLFKGD IDOVFKYHUVWHKHQLFK]DKOHPHLQH6WHXHUQ,FKOLHEH1HZ 0H[LFRXQGLFKOLHEHDXFKGLH9HUHLQLJWHQ6WDDWHQYRQ $PHULNDXQGLFK]DKOH8PVDW]VWHXHUXQGDOOHVDQGHUH ZLHHVVLFKJHK|UW$EHU(YZHQQGLH*UQGHUYlWHUJH ZROOWKlWWHQGDXQVHU(LQNRPPHQEHVWHXHUWZLUGGDQQ KlWWHQVLHGDVLQ6FKZDU]XQG:HLDXIJHVFKULHEHQ6R ZLHLFKPLUGDVGHQNHVDXJWXQVGLH5HJLHUXQJHLQIDFK DXV,FKZLOO,KQHQZDVVDJHQ:HQQGLHKHUNRPPHQXQG DXIPHLQHP3ULYDWEHVLW]KHUXPVFKQIIHOQZROOHQGDQQ ELQLFKJXWYRUEHUHLWHW©(UPDUVFKLHUWH]XHLQHPZHLWH UHQ6FKUDQNGHUDQGHU:DQGVWDQGXQGULGLH7UHQ DXI(LQHSSLJH6DPPOXQJYRQ+DQGIHXHUZDIIHQNDP ]XP9RUVFKHLQXQWHUDQGHUHPHLQ*HZHKUXQGHLQH 6FKURWIOLQWHª+LQWHQLQPHLQHP/DVWHUKDEHLFKQRFKHLQH 5HPLQJWRQXQGLQGHU6WDGWNHQQHLFKHLQHQJXWHQ$Q ZDOW© ª,FKYHUVWHKH©VDJWH6FDUERURXJKHLQZHQLJHUVFKURN NHQEHUGLH+LW]N|SILJNHLWXQGGLH:DIIHQVDPPOXQJ GHVYRUKHUVRXPJlQJOLFKHQ0DQQHV 0DVKNLQJULQVWHSO|W]OLFKXQG]ZLQNHUWHLKP]Xª,FK

ZROOWH6LHGDVQXUZLVVHQODVVHQ(Y,FKKDEHNHLQH+HP PXQJHQJHJHQGDV]XNlPSIHQZDVLQGHU5HJLHUXQJ XQVHUHUJURHQ1DWLRQYHUNRPPHQXQGYHUURWWHWLVW© ª,FKIUFKWH6LHZHUGHQNHLQH&KDQFHEHNRPPHQ 6WHXHUIDKQGHU]XHUVFKLHHQ:DOWHU© ª1XQMDPLW$EVFKDXPYRQGHU&,$ZlUHLFKDXFK VFKRQ]XIULHGHQ© 6FDUERURXJKJDELKPGLH+DQGª(VLVWVFK|Q6LHNHQ QHQ]XOHUQHQ:DOWHU0DVKNLQ,FKKDEHGHQ(LQGUXFN GDHVIUXQVEHLGHHLQHQXW]EULQJHQGH%HNDQQWVFKDIW VHLQZLUG© 0DVKNLQVFKWWHOWHLKPNUlIWLJGLH+DQGª)UHXWPLFK (Y,FKELQZLUNOLFKIURKGD6LHDQJHUXIHQKDEHQ:DV PHLQHQ6LHVROOHQZLU]XU%HVLHJHOXQJGHV)UHXQG VFKDIWVYHUWUDJHVHLQH5XQGH3RROVSLHOHQ"8QGGDQQZRO OHQ6LHVLFKEHVWLPPWHWZDVDXVUXKHQ,FK]HLJH,KQHQGDV *lVWH]LPPHU$EHUHUVWQDFKGHPLFK6LHJHVFKODJHQ KDEH© ª,FKZHLQLFKW:DOWHULFKVSLHOHJDUQLFKWVR VFKOHFKW© ª6R,FKZUGH6LHMDOLHEHQGJHUQDXVQHKPHQ(YDEHU LFKIUFKWHHLQ0DQQGHUYRUGHU5HJLHUXQJIOLHKWKDW QLFKWYLHO*HOGLQGHU7DVFKH© ª'DKDEHQ6LHUHFKW:DOWHU©6FDUERURXJKIKOWHVLFK ZLUNOLFKJXWJHERUJHQXQGHQWVSDQQW=XPHUVWHQPDO VHLWHUVLFKLQ0DUVKD0DQQLQJV+DXVDXIJHKDOWHQKDWWH ILHOGLH6SDQQXQJHLQZHQLJYRQLKPDEª$EHULFK JODXEHIQI'ROODUN|QQWHLFKULVNLHUHQ8QGZHQQ6LH ZLUNOLFKVRVLFKHUVLQGGD6LHPLFKVFKODJHQGDQQ N|QQWHLFKVRJDUQRFKHLQPDOIQIRGHUVRJDU]HKQGUDXI OHJHQ© ª+D'DVQHQQHLFKHLQH+HUDXVIRUGHUXQJ'LHIQI 'ROODUN|QQHQ6LHDEVFKUHLEHQ)UHXQG©'HUVFKODNVLJH 0DQQJLQJ]XP7LVFKXQGQDKPYRUVLFKWLJGLH3ODQHDE (UIDOWHWHVLHVRUJIlOWLJ]XVDPPHQXQGOHJWHVLHDXIHLQHQ 6WXKO'DQQNORSIWHHUDXIGDVJUQH7XFKª(FKWHU6FKLH IHUGDUXQWHU(Y)ODFKZLH7ZLJJ\V%UXVW'DV'LQJLVW HLQKDOEHV-DKUKXQGHUWDOWLFKKDEHHVVHOEVWUHVWDXULHUW© ª'HU7LVFKLVWZLUNOLFKVHKUVFK|Q©

ª+LHUELWWH©(UGHXWHWHDXIGDV5HJDOPLWGHQ4XHXHV GLHPLW.DSSHQJHVFKW]WZDUHQª:lKOHQ6LH,KUH:DIIH 8QGEHUHLWHQ6LHVLFKDXIHLQHJURH6FKODFKWYRU,FKEDXH LQ]ZLVFKHQGLH.XJHOQDXI© 0DVKNLQVWHOOWHGDV%LHUDXIHLQHQNOHLQHQ7LVFKOHJWH GDV'UHLHFNDXIGHQ3RROWLVFKXQGKROWHGLH.XJHOQDXV GHP5HJDO ª*DQ]DOWPRGLVFK(Y'DLVWNHLQH0HFKDQLNXQWHUGHP 7LVFKGDVVLQGHLQIDFKQXUVWDELOH6WW]HQ:ROOHQZLU DXVORVHQZHUDQIlQJW"© ª-D%HL,KQHQZLOOLFKOLHEHUQLFKWVULVNLHUHQ© 0DVKNLQ]RJHLQHQ9LHUWHOGROODUDXVGHU7DVFKH6FDU ERURXJKJHZDQQ ª$FKWEDOORGHU"© ª*HQDX(Y© ª*XW©6FDUERURXJKVWHOOWHVLFKLQ3RVLWLRQXQGPDFKWH GHQHUVWHQ6WR(UEHNDPGLH6LHEHQLQV/RFKPXWHDOVR GLHYROOHQYHUVHQNHQHKHHUPLWGHU$FKWDEVFKOLHHQ GXUIWH ª:LVVHQ6LH(YLFKJODXEHLFKKDEHDOOGLH-DKUHIDOVFK JHOHJHQ© ª-D",QZHOFKHU+LQVLFKW"© ª1XQLFKKDEHVHLW-DKUHQYHUIROJWZDV6LHVRJHWULHEHQ KDEHQZHLOLFKPLFKIU8)2VLQWHUHVVLHUH8QGVHLWLFK ,KUHUVWHV%XFKJHOHVHQXQG6LH]XPHUVWHQPDOLP)HUQVH KHQJHVHKHQKDEHGDFKWHLFKPLU!0DQQHUKLHOWVHLQ 4XHXHVHQNUHFKWZLHHLQH)DKQHQVWDQJH!GHU.HUOLVWVR VWHLIXQGXQEHLUUEDUGHPKDEHQ6LHHLQHQ6WRFNLQGHQ $UVFKJHVFKREHQGDLKPGLH6SLW]HLQV*HKLUQVWLFKW© 6FDUERURXJKGDFKWHVWLUQUXQ]HOQGEHUGLH%HPHUNXQJ QDFKVHXI]WHGDQQNUDW]WHVLFKDQGHU1DVHXQGOlFKHOWH WUDXULJª:LVVHQ6LH:DOWHUZHQQLFKDXI5HLVHQZDU KDEHLFKLPPHUJHUQXQWHUZHJV%LOOLDUGJHVSLHOW,FK EUDXFKWHGLH(QWVSDQQXQJXQGPLWLUJHQGHWZDVPXWH LFKPLFKMDEHVFKlIWLJHQ© :lKUHQG:DOWHU0DVKNLQNLFKHUWH]LHOWH6FDUERURXJK DXIGLH=ZHLXQGYHUVHQNWHVLH 'LH]HKQ'ROODUJHZDQQHUPKHORV

.DSLWHO 'HU*DPPD.RPSOH[GDV+HU]VWFNGHU2SHUDWLRQ :KLWH%RRNZDUlXHUOLFKHLQVFKOLFKWHVlOWHUHV0LOLWlU JHElXGHGDVLP%DXERRPQDFKGHP=ZHLWHQ:HOWNULHJ HQWVWDQGHQZDU0DQVDKGHP.RPSOH[VHLQ$OWHUDQ(U EHIDQGVLFKXQJHIlKUIQI]HKQ.LORPHWHUVGOLFKGHV=HQ WUXPVGHV/XIWZDIIHQVWW]SXQNWHV.LUWODQG'DPDOVZDU GHU6WW]SXQNWQRFKHUKHEOLFKJU|HUJHZHVHQGRFKQDFK GHP9LHWQDPNULHJZDUHLQJURHU7HLOGHV*HOlQGHVDXI JHJHEHQZRUGHQ%ULDQ5LFKDUGV 9RUJlQJHUKDWWHGLH 0|JOLFKNHLWHQGLHVHV6WDQGRUWHVHUNDQQWXQGGDV*HOlQGH LQGDV1HW]ZHUNGHV3URMHNWV:KLWH%RRNDXIJHQRPPHQ ,QVJHVDPWKDQGHOWHHVVLFKXPYLHU*HElXGHHLQLJH DVSKDOWLHUWH6WUDHQXQGHLQHQ+XEVFKUDXEHUODQGHSODW] DOOHVXPJHEHQYRQHLQHP'UDKW]DXQPLWQXUHLQHP(LQ JDQJDQGHPEHZDIIQHWH:lFKWHUGDUDXIDFKWHWHQGD QXUDXWRULVLHUWH3HUVRQHQGDV*HOlQGHEHWUDWHQ 'DV,QQHUHGHV*DPPD.RPSOH[HVVWDQGLQNUDVVHP *HJHQVDW]]XPEHVFKHLGHQHQbXHUHQ'ULQQHQVDKHV DXVZLHDXIHLQHU5DNHWHQDEVFKXEDVLV+LQWHU(GHOVWDKO WUHQZDUHQGLHQHXHVWHQWHFKQLVFKHQ*HUlWHXQWHUJH EUDFKWGRFKVRPRGHUQGLH&RPSXWHUGLH/DERUJHUlWH XQGGLHPHGL]LQLVFKH$XVUVWXQJDXFKZDUHQGDV.RQIH UHQ]]LPPHULQGHP'U-XOLD&XQQLQJKDPMHW]WVDZDU JHQDXVR|GHXQGVSDUWDQLVFKZLHGDV4XDUWLHUGDVPDQ LKULP:RKQJHElXGHLPQ|UGOLFKHQ7HLOGHV.RPSOH[HV ]XJHZLHVHQKDWWH (VZDUYLHU8KUDP1DFKPLWWDJXQGVLHVROOWHQOlQJVWGD VHLQYHUGDPPW -XOLD&XQQLQJKDPOHJWHJURHQ:HUWDXI3QNWOLFKNHLW XQGKLHOWLKUHQHLJHQHQ=HLWSODQVWUHQJHLQREZRKOVLH PDQFKPDOVHKUHLOLJHGULQJHQGH'LQJHLP/DERU]XWXQ KDWWH'DV7UHIIHQZDUEHUHLWVYRP0RUJHQDXIGHQ1DFK PLWWDJYHUOHJWXQGIUVHFK]HKQ8KUDQJHVHW]WZRUGHQ $OVRZR]XP7HXIHOVWHFNWHQVLHMHW]WQRFK" 6LHVFKHQNWHVLFKHLQQHXHV*ODVHLVJHNKOWHV0LQHUDO ZDVVHUHLQXQGWUDQN-HW]WIKOWHVLHVLFKYLHOEHVVHUYLHO VWDELOHU'DV(OHQGGHUIUKHQ0RUJHQVWXQGHQZDUIDVW

YHUJHVVHQ'DVODJQLFKWQXUDQGHQ0HGLNDPHQWHQGLH VLHLKUHU1HXURFKHPLH]XJHIKUWKDWWH(LQDUEHLWVUHLFKHU 7DJHLQQDKUKDIWHV)UKVWFNXQGHLQJHVXQGHV0LWWDJHV VHQKDWWHQGD]XEHLJHWUDJHQGDVLHVLFKLP/DXIHGHV7D JHVZLHGHUEHVVHUIKOWH%HLQDKHQRUPDO 'DVKHLWVLHKDWWHVLFKEHLQDKHQRUPDOJHIKOW%LVJH UDGHHEHQ 6LHVDKZLHGHUDXIGLH'LJLWDODQ]HLJHLKUHU$UPEDQG XKU$OOPlKOLFKEHNDPVLH.RSIVFKPHU]HQ 'LHVHUYHUGDPPWH5LFKDUGV 1DWUOLFKZDULKUNODUGDHVLPPHUJHZLVVH7ROHUDQ ]HQJDEDEHULUJHQGZLHNRQQWHVLHGDV*HIKOQLFKWDE VFKWWHOQGDGHU0DQQGDVQXUWDWXPVLH]XEHVWUDIHQ XQGVLH]XTXlOHQ,KUVH[XHOOHV9HUKlOWQLVKDWWHQVLH VFKRQYRU-DKUHQEHHQGHWDOVVLHEHUHLQJHNRPPHQZD UHQGDHVGLH2SHUDWLRQJHIlKUGHQN|QQWHGRFK&XQ QLQJKDPIKOWHVLFKLKPHPRWLRQDOQDFKZLHYRUYHUEXQ GHQ6LHOLHEWHGHQ%DVWDUGLPPHUQRFKDXIHLQHWLHIH YHUVW|UWH$UWXQG:HLVHXQGVLHJODXEWHDXFKGHQ*UXQG GDIU]XZLVVHQ(LQ3V\FKLDWHUKlWWHLKUEHVWLPPWHUNOlUW GDGDVDQGHUJHVW|UWHQ%H]LHKXQJ]XLKUHP9DWHUODJ ,UJHQGZLHIKOWHVLHVLFKLPPHUZLHGHU]X0lQQHUQ KLQJH]RJHQGLHVLHVFKOHFKWEHKDQGHOWHQ6RVHKUVLHDXFK YHUVXFKWHGDV*HIKOPLWLKUHQ0HGLNDPHQWHQXQGGHU PDJHVFKQHLGHUWHQ7KHUDSLH]XXQWHUGUFNHQVLHZXUGH HVHLQIDFKQLFKWORV6LHGDFKWHVWlQGLJDQ5LFKDUGV6LHEH JHKUWHLKQLPPHUQRFK8QGWLHILQLKUHP,QQHUQVHKQWHVLH GHQ7DJKHUEHLDQGHPGDV3URMHNW:KLWH%RRNDEJH VFKORVVHQZDUXQGSUDNWLVFKYRQVHOEVWZHLWHUOLHI'DQQ N|QQWHLKUH%H]LHKXQJGHQ$EODXIQLFKWPHKUJHIlKUGHQ GDQQZUGH5LFKDUGVVLFKYRQVHLQHU)UDXVFKHLGHQODV VHQ(UZUGHVHLQH)DPLOLHLQ*UHDW)DOOV9LUJLQLDYHUODV VHQXQGPLWLKU]XVDPPHQOHEHQ 6LHZXWHGDGLHVHV%HGUIQLVGLHVH6HKQVXFKW .UDQNKHLWV]HLFKHQZDUHQXQGKDWWHDOOHVYHUVXFKWXP VLFKVHOEVW]XKHLOHQ$EHUGDV*HIKOZDULPPHUQRFKGD 7URW]GHPEHKLHOWVLHGLH.RQWUROOH 6LHNRQWUROOLHUWHVLFKVWUHQJGDPLWGLHVHYHULUUWHHU ElUPOLFKH6HLWHLQLKUIUQLHPDQGHQVLFKWEDUZXUGH8QG

VLHKDWWH(UIROJGDPLW'RFKPDQFKPDOLQ$XJHQEOLFNHQ ZLHGLHVHPZHQQGLH'LQJHDXVGHP5XGHUOLHIHQ]XP %HLVSLHODOVVLH:RRGURZ-XVWLQHYHUORUHQKDWWH2GHUDOV 6FDUERURXJKYHUVFKZXQGHQZDUXPIUHLLQ$PHULNDKHU XP]XODXIHQZLHHLQHZDQGHOQGH=HLWERPEH6FDUERURXJK ZDUGHU:DKUKHLWEHUVHLQHHLJHQH5ROOHXQGEHUGLH 2SHUDWLRQEHUHLWVJHIlKUOLFKQDKHJHNRPPHQ'DVZDUHQ $XJHQEOLFNHLQGHQHQHVVFKZHUZXUGHGLH)DVVXQJ]X EHZDKUHQ'DVZDUHQ$XJHQEOLFNHLQGHQHQVLHGLH0HGL NDPHQWH]XKRFKGRVLHUWHXQG.RSIVFKPHU]HQEHNDP 6LHQDKPNHLQ$VSLULQRGHU7\OHQRO'DVKlWWH]XVDP PHQPLWGHQDQGHUHQ&KHPLNDOLHQGLHLKUHQ6WRIIZHFKVHO EHHLQIOXWHQHLQHlXHUVWXQDQJHQHKPH0LVFKXQJHUJH EHQ/HLGHUZDUGLH%LRFKHPLHNHLQHVRH[DNWH:LVVHQ VFKDIWZLH&XQQLQJKDPHVJHUQJHKDEWKlWWH(VJDE]X YLHOH)DNWRUHQGLHYRP=XIDOODEKlQJLJZDUHQ$EHU GDUDQDUEHLWHWHVLH'DVZDUHLQHULKUHUSULYDWHQ*UQGH GDIUGDVLHIUGDV3URMHNW:KLWH%RRNWlWLJZDU(VJDE VRYLHOHVGDVVLHEHUGLH)XQNWLRQVZHLVHGHV*HKLUQVKHU DXVEULQJHQPXWHXQG]ZDURKQHMHGHPRUDOLVFKHRGHU JHVHOOVFKDIWOLFKH5FNVLFKWQDKPHQ /HW]WHQ(QGHVGDVZXWH'U-XOLD&XQQLQJKDPJHQDX ZUGHVLHXQWHUGHQULFKWLJHQ%HGLQJXQJHQIlKLJVHLQGDV +HU]GDV%HZXWVHLQXQGGLH6HHOHMHGHV0DQQHVXQGMH GHU)UDX]XNRQWUROOLHUHQ 9LHOOHLFKWVRJDUEHLVLFKVHOEVW %ULDQ5LFKDUGVEHWUDWGHQ.RQIHUHQ]UDXPHUVWXP 8KU(UEUDFKWHHLQHQ0DQQPLWEORQGHP+DDUPLW GHUGLH6WLUQLQNXPPHUYROOH)DOWHQJHOHJWKDWWHXQGUHVL JQLHUWGUHLQVFKDXWH&XQQLQJKDPKDWWHLQ]ZLVFKHQUD VHQGH.RSIVFKPHU]HQZROOWH5LFKDUGVDEHUQLFKWGLH*H QXJWXXQJJHEHQ]XHUIDKUHQZDVHULKUDQJHWDQKDWWH ª2K©VDJWHVLHEHLOlXILJªVFK|QGD6LHQRFKYRUEHL NRPPHQNRQQWHQ© 5LFKDUGVUlXVSHUWHVLFKª-D(QWVFKXOGLJHQ6LHELWWH 0\HUV )OXJ]HXJKDWWH9HUVSlWXQJXQGGDQQPXWHQZLU XQVDXIGHP6WW]SXQNWQRFKHLQHQ+XEVFKUDXEHUEHVRU JHQ© ª.RQQWHQ6LHGHQQQLFKWPLWGHP$XWRNRPPHQ"©

5LFKDUGVLJQRULHUWHGLH)UDJHª(GGDVKLHULVW'U-XOLD &XQQLQJKDP6LHLVWXQVHUH&KHIZLVVHQVFKDIWOHULQEHLP 3URMHNW:KLWH%RRNYRQGHPZLU,KQHQKHXWHHLQHQ7HLO ]HLJHQZROOHQ© ª*XWHQ7DJ'RNWRU©VDJWH0\HUVXQGQLFNWH ª+DOOR0U0\HUV©JDE-XOLD&XQQLQJKDPPLWEHOHJWHU 6WLPPH]XUFNª:LHLFKK|UWHVLQG6LHXQVLQGHUGHU]HL WLJHQ6LWXDWLRQHLQHJURH+LOIH© ª:HQQ6LHGDPLWPHLQHQGDLFKGHU-XGDVELQGHUVHL QHQ)UHXQGYHUUlWQXQMDGDQQKDEHQ6LHZDKUVFKHLQ OLFKUHFKW© ª,FKNDQQYHUVWHKHQGD6LHPLWGHP9HUODXIGHU'LQJH QLFKWVHKUJOFNOLFKVLQG'DVZlUHZRKOQLHPDQGGHU VLFKLQ,KUHU6LWXDWLRQEHILQGHW,FKKRIIHDEHUZLUNRQQWHQ 6LHEHU]HXJHQYRQZHOFKEHUUDJHQGHU%HGHXWXQJGLH 2SHUDWLRQLVW© ª
VFKHQQW]WGDVNXU]JHVDJWGHP:RKOGHUJDQ]HQ 0HQVFKKHLWGLHQW© ª,FKELQQLFKWVLFKHURELFKLPVWDQGHELQXQVHU3URMHNW ZLHHLQH35'DPH]XYHUNDXIHQ©VDJWH'U&XQQLQJKDP ªDEHUGD0U5LFKDUGVPHLQ9RUJHVHW]WHULVWXQGGDHU6LH IUYHUWUDXHQVZUGLJKlOWZLOOLFK,KQHQJHUQGLH/DERUV ]HLJHQEHUXQVHUH$UEHLWKLHUEHULFKWHQXQG,KQHQHWZDV EHUGLHDQGHUHQ$QODJHQHU]lKOHQGLHLQXQVHUHP/DQG XQGPLWWHOVGHU3XEOLVKHUVRJDUDXIGHUJDQ]HQ:HOWHLQ JHULFKWHWZRUGHQVLQG© ª
EHUHFKQHQGLHVLHLKPYHUDEUHLFKHQN|QQWH'DQQULVLH VLFK]XVDPPHQ(VJDE'ULQJHQGHUHV]XWXQDOVEHUGHQ 6WRIIZHFKVHOHLQHV&,$$JHQWHQQDFK]XGHQNHQ7URW] GHPDOOHVZDU&KHPLH $OOHV ª,FKKDEHNHLQHQ=ZHLIHOGD6LHVLFKYHUKDOWHQZHUGHQ ZLHPDQHVYRQHLQHP3URILZLH,KQHQHUZDUWHQNDQQ©HU ZLGHUWH5LFKDUGVª$EHU(YHUHWW6FDUERURXJKLVWQLFKW GXPP,UJHQGZDQQN|QQWHQ6LHXQVLFKHUZHUGHQ(G6LH N|QQWHQHVEHUHXHQXQG*HZLVVHQVELVVHEHNRPPHQ :RUWHGLHDXI3DSLHUJHVFKULHEHQVLQGN|QQHQEHLZHLWHP QLFKWGLHZDKUHQ$XVPDHGLHVHU6LWXDWLRQZLHGHUJHEHQ ,FKKRIIHGD6LHGXUFKGHQ5XQGJDQJLQXQVHUHU(LQULFK WXQJXQGGXUFK'U&XQQLQJKDPV(UNOlUXQJHQGLH6LFKHU KHLWILQGHQGLH6LHEUDXFKHQXPGDV5LFKWLJH]XWXQ© ª'DVNOLQJWDOVN|QQWHPLUGDEHLVFKOHFKWZHUGHQ© ª'DVZHUGHQZLUVHKHQ(G6R'RNWRUZUGHQ6LHQXQ PLW,KUHUNOHLQHQ)KUXQJEHJLQQHQ"© ª0HLQH+HUUHQKLHUHQWODQJELWWH:LUEHJLQQHQHLQIDFK DXIGLHVHP)OXUZRGDV+HU]VWFNXQVHUHV3URMHNWVXQWHU JHEUDFKWLVW© 'U&XQQLQJKDPVWRO]LHUWH]XU7U ,KU.RSIWDWQLFKWPHKUZHKVLHIKOWHVLFKYLHOEHVVHU 6LHOLHEWHHV9RUWUlJH]XKDOWHQ 'DEHLNRQQWHVLH.RQWUROOHDXVEHQ

ª'DVLVWHLQ&RPSXWHU© ª6HKUJXWEHREDFKWHW0U0\HUV$EHUHVLVWHLQJDQ]EH VRQGHUHU&RPSXWHUHLQHLQ]LJDUWLJHU&RPSXWHUGHUHL JHQVIUGDV3URMHNW:KLWH%RRNHQWZLFNHOWZXUGHKDXSW VlFKOLFKIUPHLQHDQDO\WLVFKHQ$UEHLWHQLP5DKPHQGHU 2SHUDWLRQ(UHUOHGLJWHLQH5HLKHYRQ$XIJDEHQGLHDOOH VDPWXQPLWWHOEDUPLWXQVHUHU7lWLJNHLWKLHU]XWXQKDEHQ (VJHKWXPGLHSUDNWLVFKH8QWHUVXFKXQJYRQ0HWKRGHQ ]XU*HVWDOWXQJGHUPHQVFKOLFKHQ5HDOLWlWELVLQVOHW]WH'H WDLO© 9RULKQHQVWDQGHQPHKUHUH&UD\&RPSXWHUGLHEHU .DEHOPLW]DKOUHLFKHQ%LOGVFKLUPHQ7DVWDWXUHQXQG'UXN NHUQYHUEXQGHQZDUHQ

ª$OVRJHKWHVDXFKKLHUXP*HKLUQZlVFKH©PXUPHOWH 0\HUV &XQQLQJKDPVFKWWHOWHHQHUJLVFKGHQ.RSIª1HLQ*H KLUQZlVFKHIXQNWLRQLHUWQXUXQWHUVHKUH[WUHPHQ%HGLQ JXQJHQ'DVPHQVFKOLFKH%HZXWVHLQLVWHLQK|FKVWNRP SOH[HV'LQJXQGVRPXHVDXFKEHKDQGHOWZHUGHQ *HKLUQZlVFKHLVWPHLVWZLUNXQJVORVXQGEHUGLHVJHIlKU OLFK8QGHVLVWHLQHVFKPXW]LJH$QJHOHJHQKHLW,P9HU KDOWHQGHUEHWUHIIHQGHQ0HQVFKHQNODIIHQJHZLVVHUPDHQ /|FKHUGLHJURVLQGZLH6FKHXQHQWRUH8QGGLH0HQ VFKHQZHUGHQGDGXUFKYHUOHW]W/HW]WHQ(QGHVZROOHQZLU GLH0HQVFKHQMDJDUQLFKWYHUOHW]HQ:LUZROOHQVLHQLFKW HLQPDONRQWUROOLHUHQZLUZROOHQVLHQXUIRUPHQ'HQVR ]LDOHQ+HUGHQWULHELQGLHULFKWLJH5LFKWXQJOHQNHQ$EHU LFKJUHLIHYRU0U0\HUV5LFKDUGVKDWPLFKDXIJHIRUGHUW ,KQHQYRP3URMHNW:KLWH%RRN]XHU]lKOHQXQGGDVZLOO LFKWXQ,FKP|FKWH,KQHQQXUYRU$XJHQIKUHQGDHV QLFKWGLHSULPLWLYHQ)ROWHUULWXDOHVLQGDQGLH6LHYLHOOHLFKW JHGDFKWKDEHQ© ª$UEHLWHQ6LHHWZDPLWVXEOLPLQDOHU%HHLQIOXVVXQJ",FK GDFKWHGDVIXQNWLRQLHUWQLFKW© ª6XEOLPLQDOH%HHLQIOXVVXQJLVWHLQHVGHU(OHPHQWHGHU 0L[WXU(EHQVR+\QRVHXQGHWZDVGDVZLUDOV!5HDOLWlWV SURJUDPPLHUXQJEH]HLFKQHQ$EHUYRUDOOHPLVWHVGLH .XQVWGHUELRFKHPLVFKHQ6WHXHUXQJ© ª6LHJUHLIHQVFKRQZLHGHUYRU'RNWRU©ZDQGWH5L FKDUGVHLQª0\HUVVFKHLQWVHKUXQJHKDOWHQGDUEHUGD ZLUXQVJHOHJHQWOLFK0HQVFKHQDXVERUJHQXQGPLWLKQHQ DUEHLWHQ9LHOOHLFKWVROOWHQ6LHDQGLHVHP3XQNWEHJLQQHQ© (LQZHQLJSLNLHUWGDVLHEHLGHQDOOHUHLQIDFKVWHQ *UXQGODJHQEHJLQQHQPXWHVHXI]WH&XQQLQJKDPXQG VHW]WHQHXDQª1XQJXW,FKNDQQGRFKGDYRQDXVJHKHQ 0U0\HUVGD6LHLQ*UXQG]JHQPLWGHU*HVFKLFKWHGHU XQLGHQWLIL]LHUWHQ)OXJREMHNWHLQGHQ86$YHUWUDXWVLQG"© ª
,QGLYLGXXPGHP8QEHNDQQWHQDXVJHVHW]WZLUG,FK P|FKWHZLVVHQZHOFKH,QVWDQ]HQGHV%HZXWVHLQVLQGHU /DJHVLQGGLHVH$UWYRQ(UIDKUXQJHQ]XSURGX]LHUHQGLH LQ:LUNOLFKNHLWMDQXUHLQHVXEMHNWLYH5HDOLWlWGDUVWHOOHQ© ª6LHPHLQHQ6LQQHVWlXVFKXQJHQ"© ª*HQDX:LHNRPPWHVGDDXIHLQPDOYLHOH0HQVFKHQ IOLHJHQGH8QWHUWDVVHQVHKHQQDFKGHP]XYRUQXUHLQLJH ZHQLJHYRQVROFKH%HREDFKWXQJHQJHVSURFKHQKDEHQ"(V LVWHLQH)RUPYRQ0DVVHQSV\FKRVH2E&DUO*XVWDY-XQJ UHFKWKDWWH"*LEWHVZLUNOLFKVRHWZDVZLHHLQNROOHNWLYHV 8QEHZXWHV":LHVWDUNLVWGDV%HGUIQLVGHU0HQVFKHQ VLFKDQDUFKHW\SLVFKH(UIDKUXQJVZHUWHDQ]XQlKHUQ"*LEW HVZLUNOLFKHLQH$UWSV\FKRFKHPLVFKH9HUEXQGHQKHLW]ZL VFKHQGHQ0HQVFKHQ"$EHULFKJUHLIHVFKRQZLHGHUYRU 6SUHFKHQZLU]XQlFKVWEHU8)2V© ª-DODVVHQ6LHXQVEHU8)2VVSUHFKHQ©VDJWH5LFKDUGV (UZDUHWZDVYHUVWLPPWEHULKUH8PVWlQGOLFKNHLWXQGGLH VDOEXQJVYROOHQ:RUWH-XOLD&XQQLQJKDPZXWHGDVXQG JHQDXGHVKDOEWDWVLHHV ª$QIDQJGHUVHFK]LJHU-DKUHKDWVLFKGDVSV\FKRNXOWX UHOOH(UOHEQLVGHU%HJHJQXQJPLW8)2VYHUlQGHUW(LQ(KH SDDUDXV1HXHQJODQGQDPHQV%DUQH\XQG%HWW\+LOOIXKU QDFKHLQHP8UODXEQDFK+DXVH6LHVDKHQXQWHUZHJVHLQH IOLHJHQGH8QWHUWDVVHKLHOWHQDQXQGGDQQYHUORUHQVLHDQ VFKHLQHQGGDV%HZXWVHLQ$OVVLHZLHGHUGDKHLPZDUHQ HUNDQQWHQVLHGDLQLKUHU(ULQQHUXQJPHKUHUH6WXQGHQ IHKOWHQ:DVZDUSDVVLHUW"0LW+LOIHHLQHV3V\FKRORJHQ XQGXQWHU+\SQRVHEHJDQQHQGLH+LOOVVLFKDQGDV]XHULQ QHUQZDVLQGHUIHKOHQGHQ=HLWJHVFKHKHQZDU6LHZDUHQ JODXEWHQVLHYRQNOHLQHQ0lQQFKHQLQHLQHUIOLHJHQGHQ 8QWHUWDVVHHQWIKUWZRUGHQ'RUWZXUGHQPHKUHUH7HVWV DQLKQHQYRUJHQRPPHQ+LQWHUKHUVDJWHPDQLKQHQGD VLHGHQ9RUIDOOYHUJHVVHQZUGHQ6LHEH]HLFKQHWHQLKU(U OHEQLVDOVVHKUEHlQJVWLJHQGHVZDUlXHUVWSURWHLVFKGDV LVWPHLQ:RUWGDIU0U0\HUVXQGLFKP|FKWHDQGLHVHU 6WHOOHQRFKHLQPDODXIGHQEHUHLWVHUZlKQWHQ%HJULIIGHUDU FKHW\SLVFKHQ(UOHEQLVVHKLQZHLVHQ© ª8QG"+DEHQ6LHZLUNOLFKHUOHEWZDVVLHVSlWHUEHULFKWH WHQ"©

ª1HLQQDWUOLFKQLFKWDEHUGDVVSLHOWNHLQH5ROOH(VODJ LQGHU/XIW0U0\HUV:HQQHVQLFKWGHQ+LOOVSDVVLHUW ZlUHGDQQZlUHHVMHPDQGDQGHUVSDVVLHUW'LH0DVVHQ K\VWHULHLQ=XVDPPHQKDQJPLWGHQIOLHJHQGHQ8QWHUWDV VHQZDUQXUGLH6FKDXPNURQHHLQHUYLHOWLHIHUUHLFKHQGHQ :HOOH'DVNDQQPDQEHVRQGHUVGHXWOLFKDQ%HWW\+LOOV 9HUKDOWHQHUNHQQHQ6LHZDUMDVWl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lWWHQ:LHLFKEHUHLWVVDJWHODJ HVLQGHU/XIW'DV7KHPDJLQJGHQ/HXWHQXQWHUGLH+DXW XQGLFKKDEHNHLQHQ=ZHLIHOGDYLHOH0HQVFKHQLQJDQ] $PHULNDLQGLHVHU=HLWVHKUlKQOLFKH'LQJHWUlXPWHQ1D WUOLFKKDEHQVLHZLHHVPHLVWGHU)DOOLVWLKUH7UlXPHDQ VFKOLHHQGZLHGHUYHUJHVVHQ (LQSDDU-DKUHVSlWHUZXUGHGDV3URMHNW:KLWH%RRNDXI GLHVHQ9RUIDOODXIPHUNVDP0HLQH9RUJlQJHUHUNDQQWHQ GDVXQJODXEOLFKH3RWHQWLDOGLHVHV)DOOHVGHUQLFKWQXU LKUHQHLJHQHQ=ZHFNHQGLHQHQNRQQWHVRQGHUQHVLKQHQ DXHUGHPHUODXEWHPLWSV\FKRNXOWXUHOOHQ(LQIOVVHQ]X H[SHULPHQWLHUHQ,FKZLOOMHW]WQLFKWLQV'HWDLOJHKHQ6LH ZLVVHQQDWUOLFKGDGDV3URMHNW:KLWH%RRNLP*UXQGH QLFKWVZHLWHULVWDOVHLQH9HUWXVFKXQJVDNWLRQLQ=XVDP PHQKDQJPLW8)2VGLHHQJPLWHLQHU'HVLQILUPDWLRQV NDPSDJQHYHUEXQGHQLVW-HGHQIDOOVKDEHQZLUGDIUJH VRUJWGDHLQ%XFKPLWGHU*HVFKLFKWHGHU+LOOVYHU|IIHQW OLFKWZXUGH$XV]JHGDUDXVHUVFKLHQHQLQHLQHU=HLW VFKULIWPLWKRKHU$XIODJHDQGHUHQ1DPHLFKPLFKQLFKW HULQQHUQNDQQ© ª/RRNKLHVLH©ZDUI5LFKDUGVHLQ ª-DULFKWLJ©VDJWH0\HUVª,FKHULQQHUHPLFK(VZDU

/RRN'DV%XFKKLH7KH,QWHUUXSWHG-RXUQH\GHU$XWRUZDU -RKQ)OOHU© ª*HQDX(VGDXHUWHHLQH:HLOHELVGDV%XFKLPNROOHNWL YHQ8QEHZXWHQGHU$PHULNDQHUVHLQH:LUNXQJHQWIDO WHWHDEHUQDFKHLQLJHU=HLWEHJDQQHQDXFKDQGHUH0HQ VFKHQYRQlKQOLFKHQ(UIDKUXQJHQ]XEHULFKWHQ6LH JODXEWHQVLHVHLHQYRQ$XHULUGLVFKHQHQWIKUWXQGLQ IOLHJHQGH8QWHUWDVVHQYHUVFKOHSSWZRUGHQ8QVHUH0LWDU EHLWHUKDEHQGLH%HULFKWHJUQGOLFKEHUSUIW(VJDE NHLQH$Q]HLFKHQGDIUGDGLHVH%HULFKWHGHU5HDOLWlW HQWVSUDFKHQ'RFKDOOHLQDXIJUXQGGHU%HKDXSWXQJHVVHL SDVVLHUWXQGZHUGHZLHGHUSDVVLHUHQEHJDQQHQ0HQ VFKHQLPJDQ]HQ/DQGGLHVH'LQJHDOVK\SQRWLVFKJHVWHX HUWH5HDOLWlWZDKU]XQHKPHQ'HU=HLWJHLVWKDWHLQHQ QHXHQ$VSHNWHQWZLFNHOWHLQH9HUODJHUXQJEHLGHUGDV 3URMHNW:KLWH%RRNPLWJHZLUNWKDWWH'DVZDUDEHUQRFK QLFKWDOOHV9LHOZLFKWLJHUZDUGLH7DWVDFKHGDGLH0HQ VFKHQQDFKXQGQDFKHLQHJDQ]DQGHUH(LQVWHOOXQJ]XGHQ :HVHQEHNDPHQGLHDQJHEOLFKPLWLKUHQ)DKU]HXJHQYRQ IUHPGHQ:HOWHQ]XU(UGHNDPHQ'LHVH:HVHQZXUGHQ QLFKWPHKUDOVIUHXQGOLFKRGHUGHVLQWHUHVVLHUWVRQGHUQ SO|W]OLFKDOVVHKUEHGURKOLFKZDKUJHQRPPHQ 'LH0LWDUEHLWHUGHV3URMHNWV:KLWH%RRNHUNDQQWHQGD VLHDXIHLQHZLFKWLJH6DFKHJHVWRHQZDUHQ6LHKDWWHQQD WUOLFKYRQ$QIDQJDQIDOVFKH8)26LFKWXQJHQSURGX ]LHUWXQGMHW]WZDUHQVLHHLQHUZHLWHUHQ0|JOLFKNHLWEH JHJQHW'HVLQIRUPDWLRQ]XYHUEUHLWHQ© ª+DEHQ6LHGHVKDOEEHJRQQHQ0HQVFKHQ]XHQWIKUHQ XQGLKQHQHLQ]XUHGHQVLHZlUHQYRQIOLHJHQGHQ8QWHUWDV VHQHQWIKUWZRUGHQ"© ª-DGDVZDUGHUZLFKWLJVWH*UXQG(VZDUDOOHUGLQJV NHLQHVHKUXPIDQJUHLFKH2SHUDWLRQ6RZLH)RUWVFKULWWHLQ GHU:LVVHQVFKDIW]XYHU]HLFKQHQZDUHQKDWPDQDXFKGLH 0HWKRGHQGHV9RUJHKHQVYHUIHLQHUW© ª8QGQDWUOLFKVLQGZLUHLQHQJURHQ6FKULWWYRUZlUWV JHNRPPHQDOVZLU'U&XQQLQJKDPHLQJHVWHOOWKDEHQ© -XOLD&XQQLQJKDPLJQRULHUWH5LFKDUGVXQGVWDUUWHPLW NDOWHQ$XJHQLQV/HHUHª:LUVLQGNHLQH8QJHKHXHU0U 0\HUV:LUZlKOHQGLH0HQVFKHQGLHDPEHVWHQLQGHU

/DJHVLQGLKUH*HVFKLFKWHQXQGGLHJHZQVFKWHQ,QIRU PDWLRQHQLQXQVHUHP.XOWXUNUHLVZHLWHU]XJHEHQVRUJIlO WLJDXV'DV8)23KlQRPHQYHUEUHLWHWVLFKZHQQ6LHVR ZROOHQZLHHLQH,QIHNWLRQVNUDQNKHLW:LUUHNUXWLHUHQ EHU]HXJHQGHXQGGHQQRFKOHLFKWDEQRUPH3HUV|QOLFK NHLWHQZHLOZLUQLFKWP|FKWHQGDVLFKGDV*DQ]H]X HLQHP0DVVHQSKlQRPHQHQWZLFNHOW:LUEHVFKUlQNHQ XQVDXIEORH$QGHXWXQJHQ'DVPDJ,KQHQVHOWVDPYRU NRPPHQDEHUELVKHUIXQNWLRQLHUWHVUHFKWJXW8QGQXQ NRPPHQZLU]XPQlFKVWHQ3XQNWXQVHUHU)KUXQJ :HQQ6LHPLUELWWHIROJHQZROOHQ© 6LHGUHKWHVLFKXPXQGPDUVFKLHUWHKLQDXVGLHEHLGHQ 0lQQHUIROJWHQLKU

ª'DVKLHU0U0\HUVLVWHLQ7HLOGHU$XVUVWXQJGLHXQV ]XU9HUIJXQJVWHKW© 'HU5DXPZDUPLWDOOHQP|JOLFKHQ*HUlWHQXQG5HTXL VLWHQYROOJHVWRSIW6LH|IIQHWHHLQHQ6FKUDQNXPLKPGLH DXIJHKlQJWHQ$Q]JHGHU$XHULUGLVFKHQ]X]HLJHQ'D QHEHQVWDQGHQJURH6FKPLQNNRIIHU 0\HUVJLQJ]XHLQHP$SSDUDWGHULKPYRUNDPZLHHLQ NRPSOL]LHUWHU)LOPDSSDUDWª(LQH$QODJHGLH6LHIUGLH +\SQRVHEHQXW]HQ"© ª-D© ª8QG6LHLQV]HQLHUHQDOVRGLH(QWIKUXQJHQXQG8QWHU VXFKXQJHQXQGZDVDXFKVRQVWKLHULQGLHVHP/DERUJH VFKLHKW"© ª8QGLQDQGHUHQ6WW]SXQNWHQLPJDQ]HQ/DQG'LH 8PJHEXQJLVWXQWHUVFKLHGOLFKMHQDFKGHPZHOFKH$UW YRQ(QWIKUXQJVHUOHEQLVVHQLQZHOFKHU,QWHQVLWlWSURGX ]LHUWZHUGHQVROOHQ,FKZUGH,KQHQJHUQHLQHXQVHUHEHV VHUDXVJHVWDOWHWHQ%KQHQ]HLJHQ+LHUHQWODQJELWWH© 6LHGXUFKTXHUWHQGHQ5DXPELV]XHLQHU7UPLWHLQHP HOHNWURQLVFKHQ6FKORGDV'U&XQQLQJKDPPLWLKUHU,' .DUWH|IIQHWH6LHVFKREGLH.DUWHLQGHQ6FKOLW]XQGGLH 7UVSUDQJPLWHLQHP.OLFNHQDXI=LVFKHQGHQWZLFK/XIW 'HU5DXPKDWWHXQWHUHWZDVK|KHUHP/XIWGUXFNJHVWDQ GHQDOVGLH8PJHEXQJ0\HUVPDFKWHHLQHHQWVSUHFKHQGH %HPHUNXQJ

ª-DGDGXUFKZLUGGHP3DWLHQWHQGHUJHZQVFKWH(LQ GUXFNYHUPLWWHOWGDHUVLFKLQHLQHP)OXJ]HXJRGHU HLQHP5DXPVFKLIIEHILQGHW'DVOlXIWQDWUOLFKDXV VFKOLHOLFKEHU$VVR]LDWLRQHQ'HUQRUPDOH0HQVFK NHQQWGLHVHV*HIKOQXUYRQ)OJHQPLW3DVVDJLHUPDVFKL QHQ:LUHU]HXJHQGLHJOHLFKH8PJHEXQJZHQQDXFKVR YHUlQGHUWGDVLHIUHPGDUWLJHUVFKHLQW7UHWHQ6LHELWWH HLQPHLQH+HUUHQ© 6LHNDPHQLQHLQHQNOHLQHQ5DXPDXVGHVVHQ:lQGHQ 9RUVSUQJHUDJWHQZLH.UXVWHQDXV(GHOVWHLQHQ(UVFKLHQ QDFKDQGHUHQJHRPHWULVFKHQ5HJHOQJHEDXWDOVQRUPDOH PHQVFKOLFKH:RKQUlXPHXQGLQGHUVFKUlJHLQJHVHW]WHQ 'HFNHZDUHQPHKUHUH*HUlWH]XVHKHQGLHPLWRSWLVFKHQ /LQVHQEHUVlWZDUHQ(VVDKDXVDOVKlWWH+LHURQ\PXV %RVFKGLH.XOLVVHIUHLQHQ6FLHQFHILFWLRQ)LOPHQWZRU IHQ ª0HLQ*RWWGDVN|QQWHDXIGHP3ODQWHQVHLQYRQGHP GDV:HVHQLQ$OLHQJHNRPPHQLVW© 5LFKDUGVKXVWHWHXQGVDK-XOLD&XQQLQJKDPPLWZLV VHQGHP/lFKHOQDQª(GZLUZROOHQHLQIDFKVDJHQGD GDV3URMHNW:KLWH%RRNLQ+ROO\ZRRGHLQHQJHZLVVHQ(LQ IOXKDW,QILQDQ]LHOOHUXQGLQDQGHUHU+LQVLFKW+ROO\ ZRRGLVWHLQKHUYRUUDJHQGHU$QVDW]SXQNWIUNXOWXUHOOH 0DQLSXODWLRQHQ© ª'DUILFKDQQHKPHQGD,KQHQGDVEHL6WHYHQ6SLHO EHUJQLFKWVRUHFKWJHOLQJW"© 5LFKDUGVZXUGHVRIRUWHUQVWXQGUXQ]HOWHGLH6WLUQ ª5LFKWLJ:LUN|QQHQHVQLFKWEHZHLVHQDEHUZLUKDEHQ GHQ(LQGUXFNGDEHL0U6SLHOEHUJY|OOLJDQGHUH(LQ IOVVH]XP7UDJHQNRPPHQ© 0\HUVWUDWGLFKWYRUHLQH:DQGXQGEHUKUWHVLHª-D ZLUNOLFKJXWGDVLHPLUGDVJH]HLJWKDEHQ'DUILFKDQ QHKPHQGDHVLUJHQGZRDXFKHLQ/DERUJLEW"0LW0H EHFKHUQXQG*ODVU|KUHQXQGHLQHPEOXEEHUQGHQ=DXEHU NHVVHO"© ª,FKNDQQ,KQHQGDV/DERU]HLJHQZHQQ6LHP|FKWHQ DEHUHVLVWWDWVlFKOLFKQLFKWPHKUDOVHLQ/DERUZHQQJOHLFK VHKUPRGHUQHLQJHULFKWHW©VDJWH-XOLD&XQQLQJKDP ª0RGHUQHLQJHULFKWHWMD'DVYHUVWHKHLFK$OVRKROHQ

6LHGLHDUPHQ/HXWHPLWWHQLQGHU1DFKWDXVLKUHQ+lXVHUQ QDFKGHP6LHVLHDXVJHZlKOWKDEHQZHLOVLHJXWVFKZDW]HQ N|QQHQ:LH]XP7HXIHOEHNRPPHQ6LHGDVKLQ"© ª$XFKGD]XEHQXW]HQZLU+\SQRVHXQGVXEOLPLQDOH%H HLQIOXVVXQJDEHUYRUDOOHPODVVHQZLUHLQVHKUZLUNXQJV YROOHV*DVLQLKUH+lXVHUHLQVWU|PHQZHOFKHVVLHLQHLQHQ K|FKVWJHIJLJHQ=XVWDQGYHUVHW]W'LH:LOOHQVNUDIWZLUG ODKPJHOHJW©HUNOlUWH&XQQLQJKDPª'DV*DVZXUGHLQ GHQVLHE]LJHU-DKUHQYRQHLQHUHLJHQHQ$EWHLOXQJGHU&,$ HQWZLFNHOWGLHDQ1HUYHQJDVHQXQGFKHPLVFKHQ:DIIHQ JHDUEHLWHWKDW$OVPDQEHLP3URMHNW:KLWH%RRNGLH3RWHQ WLDOHGHV0LWWHOVHUNDQQWHKDWPDQHVEHQXW]W© ª6LQGVLHGHQQQLHYRQGHU3ROL]HLHUZLVFKWZRUGHQ"+LQ XQGZLHGHUPVVHQ6LHGRFKDXFKDXIJHIDOOHQVHLQ© ª2KQDWUOLFK©VDJWH5LFKDUGVª0DQFKPDOLVWHVQ|WLJ JHZLVVH0HQVFKHQELRFKHPLVFK]XEHKDQGHOQGDPLWVLH GLH(ULQQHUXQJYHUOLHUHQRKQHLKQHQYRUKHUGDV0RWLYGHU (QWIKUXQJGXUFK$XHULUGLVFKHHLQ]XSIODQ]HQ© ª'DVLVWHLQHXQJHKHXHUJHIlKUOLFKH:DIIH:DVPDFKHQ 6LHVRQVWQRFKDOOHVGDPLW"5HGHQ6LHGHQ/HXWHQHWZDDXFK HLQIUZHQVLHEHLGHQ:DKOHQ]XVWLPPHQKDEHQ"© ª1HLQVRZHLWJHKHQZLUQDWUOLFKQLFKW:LULQWHUHVVLH UHQXQVQXUIU3ROLWLNVRZHLWGLHVHDXIXQVHUH2SHUDWLRQ HLQZLUNW'LH3XEOLVKHUVWHKHQVHOEVWYHUVWlQGOLFKHLQGHX WLJEHUMHJOLFKHU3ROLWLN8QGXQVN|QQWHPDQDOV(GLWRUHQ EH]HLFKQHQDOVLKUDXVIKUHQGHV2UJDQ© ª'LH3XEOLVKHUGLHYHUGDPPWHQ3XEOLVKHU©0\HUV VFKWWHOWHGHQ.RSIXQGOHKQWHVLFKDQGLH:DQGª:LVVHQ 6LHLFKKDEH*HUFKWHEHUVLHJHK|UWVHLWLFKDXIGHP&RO OHJHZDU$EHULFKGDFKWHLPPHUGDVVHLQLFKWVDOVSDUD QRLGHU8QIXJ'LQJHZLH5REHUW/XGOXPVLHLQVHLQHQ 5RPDQHQEHVFKUHLEW© ª,FKPX,KQHQOHLGHUVDJHQ(GGD0U/XGOXPRE ZRKOHLQH[]HOOHQWHU'HVLQIRUPDQWGHUgIIHQWOLFKNHLW QLFKWLQXQVHUHQ'LHQVWHQVWHKW6HLQHHQW]FNHQGDEVXU GHQ6FKLOGHUXQJHQPlFKWLJHU0HQVFKHQVLQGYHUJOLFKHQ PLWGHU:DKUKHLWGHUUHLQVWH.LQGHUNUDP$EHUZLUKDEHQ VHLQH$XIODJHQQLFKWJHVHQNWGHQQVHLQH5RPDQHGLHQHQ OHW]WOLFKDXFKXQVHUHU7DUQXQJ©

ª(LQH3XSSHLQGHU3XSSH$EHULFKYHUVWHKHLPPHU QRFKQLFKWZRUXPHVKLHUHLJHQWOLFKJHKW:HUVLQGQXQ GLHVH3XEOLVKHU"© ª,KUH,GHQWLWlWN|QQHQZLU,KQHQQDWUOLFKQLFKWSUHLV JHEHQ$EHUZLUN|QQHQ,KQHQEHULFKWHQZDUXPVLHH[L VWLHUHQXQGZHOFKEHUUDJHQGZLFKWLJH5ROOHVLHLQGHU *HVFKLFKWHGHU9HUHLQLJWHQ6WDDWHQXQGGHUJDQ]HQ 0HQVFKKHLWVSLHOHQ$EHUGDUEHUVROOHQZLUYLHOOHLFKW VSlWHUEHLHLQHU7DVVH.DIIHHVSUHFKHQ(VLVWVFKRQVSlW HLQHNOHLQH(UIULVFKXQJZlUHQLFKWVFKOHFKW8QG'U&XQ QLQJKDPKLHUQXQMD'U&XQQLQJKDPLVWLPPHUIUHLQH (UIULVFKXQJVSDXVH]XKDEHQQLFKWZDKU'RNWRU"© &XQQLQJKDPVDKLKQE|VHDQXQGVWRO]LHUWHGDYRQ ª.RPPHQ6LH(G:LUZHUGHQXQVHLQHQJXWHQ.DIIHH LQGHQ.RQIHUHQ]UDXPNRPPHQODVVHQXQGGDQQNDQQ LFK,KQHQHLQHNOHLQH*HVFKLFKWHHU]lKOHQ© 5LFKDUGVVFKREGHQVWLUQUXQ]HOQGHQ&,$$JHQWHQ]XU 7UKLQDXV +LQWHULKQHQIXQNHOWHQGLH:lQGHZLHHLQH6FKDW]K|KOH DXV7DXVHQGXQGHLQHU1DFKW 'DQQJLQJGDV/LFKWDXV

.DSLWHO =LVFKHQGHQWZLFKGLH/XIWDXVHLQHP6SDOWGHUVLFKLPXQ WHUHQ7HLOGHUJHODQGHWHQIOLHJHQGHQ8QWHUWDVVHJH|IIQHW KDWWH,QGHUKHOOJOlQ]HQGHQ/HJLHUXQJGHU6FKLIIVKOOH ZXUGHQGLH8PULVVHHLQHU7UVLFKWEDU'LH7U|IIQHWH VLFKQDFKDXHQXQGHLQH5DPSHZXUGHDXVJHIDKUHQ :LUEHOQGHU'XQVWDTXDPDULQEODXXQGKHOOURWZHKWH EHUGHQ:VWHQVDQGXQGEHUGLH)HGHV0DQQHVGHU )UDXXQGGHV.LQGHVGLHVWDUUYRU6WDXQHQGDV(UHLJQLV EHREDFKWHWHQ 'LH5DPSHVHW]WHPLWHLQHPGXPSIHQ*HUlXVFKDXI GHP%RGHQDXI ,UJHQGZRGULQQHQLP1HEHOEHZHJWHVLFKHWZDV (WZDVVWLHJGLH5DPSHKHUXQWHU

ª'DGG\'DGG\©ULHIGDVNOHLQH0lGFKHQXQGGHXWHWH PLWVWUDKOHQGHQXQGQHXJLHULJHQ]XJOHLFKDEHUDXFK lQJVWOLFKHQ$XJHQ]XP5DXPVFKLIIª6FKDXQXU© +LQWHULKQHQGU|KQWHHLQH6WLPPHª6FKQLWW2ND\GDV ZDU VIUKHXWHPRUJHQ0LWWDJVSDXVH© $OVGHU5HJLVVHXUGXUFKGHQ7URFNHQHLVQHEHOZDWHWH XPVLFKNXU]PLWGHQ6FKDXVSLHOHUQ]XEHVSUHFKHQZlK UHQGGLH7RQLQJHQLHXUHGLH%HOHXFKWHUGLH.DPHUDDVVL VWHQWHQXQGGLH.DPHUDPlQQHULKUH6DFKHQHLQSDFNWHQ XQGVLFKDXIGLH0LWWDJVSDXVHYRUEHUHLWHWHQWLSSWH-DNH &DPGHQGHP0DQQDXIGLH6FKXOWHUGHUHVVLFKDXIGHP 6WXKOGHV5HJLVVHXUVEHTXHPJHPDFKWKDWWHXQGPLWXQ EHZHJWHP*HVLFKWGLH$NWLYLWlWHQGHUDQGHUHQ0HQVFKHQ EHREDFKWHWHª.|QQHQZLUXQVMHW]WXQWHUKDOWHQ0D["© 0D[LPLOOLDQ6FKURHGHUGUHKWHVLFKXPXQGVDK&DPGHQ ODQJHDQHKHLQVHLQHQ$XJHQGDV(UNHQQHQGlPPHUWH ª$KMD-DNH(VWXWPLUOHLGGD6LHVRODQJHZDUWHQPX WHQDEHUGLHVH6]HQHLVWVHKUZLFKWLJXQGLFKZROOWHVL FKHUVWHOOHQGDDOOH'HWDLOVVWLPPHQ©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ª$OVRLFKPXVFKRQVDJHQGDVVLHKWKLHUJDQ]DQGHUV DXVDOVEHLGHP)LOPEHLGHPLFKDOV%HUDWHUPLWJHZLUNW KDEH'LHGUHKWHQSUDNWLVFKGHQJDQ]HQ6WUHLIHQLQHLQHP /DJHUKDXVLQ3DVDGHQDXQGGLH$XHQDXIQDKPHQLP *ULIILWK3DUN© ª(LQ+RFKDXI+ROO\ZRRGZDV-DNH"©VDJWH6FKURHGHU

=XPHUVWHQPDODQGLHVHP7DJOlFKHOWHHUª7URW]'UHK EXFK5HJLVVHXUXQGVRZHLWHUPXLFKQRFKGDEHLVHLQ GDPLWGDV)LOPWHDPQLFKWLUJHQGZHOFKHWHXUHQ)HKOHU PDFKWRGHUHLQIDFKHWZDVYHUlQGHUW$EJHVHKHQGDYRQ KlWWHLFKQLFKWGDPLWJHUHFKQHWGD6LHXQDQJHNQGLJW QFKWHUQXQGVRIUKDP0RUJHQLQ1HZ0H[LFRDQGHQ 6HWNRPPHQ© ª,FKPXGULQJHQGPLW,KQHQVSUHFKHQ8QWHUYLHU $XJHQ© ª$EHUVLFKHU©6FKURHGHUWLSSWHDXIGLHEODXHQXQG JUQHQ.OHFNVHDXI&DPGHQV+DZDLLKHPGKHXWHZDUHQ HV6HJHOERRWHDXIGHQHQ)UDXHQLQ%LNLQLVKHUXPOP PHOWHQ&DPGHQKDWWHVFKRQHLQLJH=HLWPHKUNHLQH*HOH JHQKHLWJHIXQGHQVHLQH6DFKHQ]XZDVFKHQXQGGDV +HPGVDK]LHPOLFK]HUNQLWWHUWDXVª6LHNRPPHQPLUHW ZDVEHUQlFKWLJWYRU-DNH,VWPLW,KQHQDOOHVLQ2UG QXQJ"© &DPGHQVDKVLFKYRUVLFKWVKDOEHUXPDEHUGLHPHLVWHQ )LOPOHXWHVDHQVFKRQDQ7LVFKHQGLHXQWHUJURHQ3OD QHQDXIJHVWHOOWZDUHQRGHUKROWHQVLFKLKUH6DQGZLFKHV DEXQGQDKPHQVLFK.DIIHHRGHU&RODª*DQ]LP*HJHQ WHLO0D[©VDJWHHUOHLVHXQGIDVWRKQHGLH/LSSHQ]XEH ZHJHQª'HVKDOEVFKZLW]HLFKPLFKMDDXFKKLHUGUDXHQ NDSXWWXQGYHUVXFKHP|JOLFKVWXQDXIIlOOLJPLW,KQHQ]X UHGHQ© ª$KQXQMDGDQQVROOWHQZLUYLHOOHLFKWLQPHLQHPSUL YDWHQ:RKQZDJHQ]X0LWWDJHVVHQZDV"©6FKURHGHU GHXWHWHOlFKHOQGDXIHLQLJH)HOVEO|FNHKLQWHUGHQHQGHU :RKQZDJHQJHSDUNWZDU0D[LPLOOLDQWUXJGDVZDVHU IUOlVVLJH)UHL]HLWNOHLGXQJKLHOWHLQHNXU]H.KDNLKRVH HLQ.KDNLKHPGPLW6FKXOWHUNODSSHQXQGHLQHQVWUDK OHQGZHLHQ+XWDXIGHPRUGHQWOLFKIULVLHUWHQ+DDU(U URFKQDFKHLQHPWHXUHQ3DUIPYRQ&DOYLQ.OHLQVDKJH VXQGXQGEUDXQDXVXQGEHUKDXSWQLFKWZLHHLQEHGDX HUQVZHUWHU0HQVFKGHUHLQHQJURHQ7HLOVHLQHV/HEHQV DXIGHQ8QWHUVXFKXQJVWLVFKHQJORW]lXJLJHU$OLHQVYHU EUDFKWKDWWH &DPGHQOlFKHOWHXQGHQWVSDQQWHVLFKª,FKKDWWHJH KRIIWGDHLQ:RKQZDJHQ]X,KUHU9HUIJXQJVWHKW%HL

GHP)LOPEHLGHPLFKPLWJHZLUNWKDEHEHVWDQGPHLQ :RKQZDJHQDXVGHP%DXPKLQWHUGHPLFKSLQNHOQ GXUIWH© 6FKURHGHU]XFNWHGLH6FKXOWHUQXQGEHGHXWHWH&DPGHQ LKP]XIROJHQ 0D[LPLOLDQ6FKURHGHUKDWWHQXUHLQ'ULWWHOHLQHVVHKU ODQJHQ:RKQZDJHQV]XJHWHLOWEHNRPPHQDEHUGLHNOHLQH 8QWHUNXQIWZDUPLWDOOHQQXUHUGHQNOLFKHQ$QQHKPOLFK NHLWHQDXVJHVWDWWHWHLQHJXWJHIOOWH%DUHLQ.KOVFKUDQN EHTXHPH6WKOHHLQSULYDWHV%DGHLQ+DQG\(VJDEDXFK HLQH.OLPDDQODJHGLHHLJHQWOLFKJDUQLFKWQ|WLJZDUZHLO GLH+LW]HLQGLHVHU*HJHQGWURFNHQXQGOHLFKW]XHUWUDJHQ ZDUDEHU&DPGHQOLHEWHGHQNKOHQ/XIW]XJYRQ.OL PDDQODJHQXQGVRIKOWHHUVLFKQDFKHLQSDDU6HNXQGHQ ULFKWLJKHLPLVFK1DFKGHPHUGLH7RLOHWWHDXIJHVXFKWXQG GHQ7RP&ROOLQVLQ(PSIDQJJHQRPPHQKDWWHGHQ 6FKURHGHULKPLQ]ZLVFKHQJHPL[WKDWWHVHW]WHHUVLFKDXI GLHPLWZHLFKHQ.LVVHQYHUVHKHQH&RXFKXQGOLHHLQODQ JHVHUOHLFKWHUWHV!$DDDKK|UHQ ª1XQLQZHOFKHQ6FKZLHULJNHLWHQVWHFNHQ6LHGLHVHV 0DO-DNH"©VDJWH6FKURHGHU(UDFKWHWHSHLQOLFKDXIHLQH JHZlKOWH$XVVSUDFKH ª,FKJODXEHHVLVWGLH6WDDWVSROL]HLYRQ)ORULGD0LW6L FKHUKHLWGDV)%,,FKDUEHLWHQLFKWPHKUIUGHQ1DWLRQDO ,QWUXGHUGDVKHLWPLUJHKWGDV*HOGDXV+DEHLFKGLH &,$HUZlKQW"
HLQPDOHWZDVLQGLHVHU$UWDQJHGHXWHW.|QQWHQ6LHGDV MHW]WHWZDVYHUWLHIHQ"© ª3DVVHQ6LHDXI0D[$OVHUVWHVPXLFKZLVVHQRE6LH KLQWHUPLUVWHKHQ,FKPXPLFKGDUDXIYHUODVVHQN|QQHQ GD6LHPLUDXVGHU.OHPPHKHOIHQ6LHVDJWHQ6LHVHLHQDQ GHQ)LOPUHFKWHQLQWHUHVVLHUWDEHUELVKHUKDEHLFKQRFK NHLQHQ&HQWJHVHKHQ5LFKWLJLVWGD6LHPLFKGHP$JHQ WHQHPSIRKOHQKDEHQXQGGHULQWHUHVVLHUWVLFKIUGLH*H VFKLFKWH,FKELQ]LHPOLFKVLFKHUGDGLH6DFKHQLFKWQXU OXNUDWLYVRQGHUQDXFKGLH(UIROJVVWRU\GHV-DKU]HKQWV ZLUG$EHUMHW]WELQLFKSOHLWHKDEH3UREOHPHXQGEUDXFKH +LOIH$OVRNDQQLFKPLFKDXI6LHYHUODVVHQ"© 6FKURHGHUVWDQGDXIXQGJLQJ]XHLQHP6FKUHLEWLVFK GHUDXIGHUDQGHUHQ6HLWHGHV5DXPHVVWDQG$XIGHU 6FKUHLEIOlFKHVWDQGHLQH/HGHUDNWHQWDVFKHYRQ*XFFL(U |IIQHWHVLHXQG]RJHLQHQ6FKULIWVDW]KHUDXVGHVVHQ%OlWWHU OLQNVREHQ]XVDPPHQJHKHIWHWZDUHQª,FKK|UWHGD6LH DQJHUXIHQKDEHQ-DNHDEHULFKQDKPQLFKWDQGDHVGHU DUWGULQJHQGLVW(LJHQWOLFKHUZDUWHWHLFKKLHU,KUHQ$QUXI ,FKKlWWHQLFKWJHJODXEWGD6LHJOHLFKSHUV|QOLFKYRUEHL NRPPHQDEHULFKELQJDUQLFKWVRXQJOFNOLFKGDUEHU GD6LHMHW]WGDVLQG1DWUOLFKZQVFKHLFK,KQHQIU,KUH $UWLNHOXQG,KU%XFKZLUNOLFKDOOHV*XWHDEHUOHLGHUNDQQ LFKLQGLHVHU+LQVLFKWQLFKWPHKUIU6LHWXQDOVGDVZDV LFKVFKRQJHWDQKDEH'RFKZHQQ6LHGDVKLHUXQWHU]HLFK QHQZUGHQGDQQN|QQWHQZLUZRKOVDJHQGDZLUGLH )LOPUHFKWHXQWHU'DFKXQG)DFKJHEUDFKWKDEHQ© (UJDE&DPGHQGLH3DSLHUH-DNHVDKVLHIOFKWLJGXUFK XQGJULQVWHª'DVLVWHLQ2SWLRQVYHUWUDJ=ZDQ]LJWDXVHQG 'ROODUQDFKHLQHP-DKU9HUOlQJHUXQJP|JOLFKEHL$E VFKOXKXQGHUWWDXVHQG1LFKWEHO0D[DEHULFKELQVL FKHUGD6LHHVPLUQRFKHLQELFKHQVFKPDFNKDIWHUPD FKHQN|QQWHQ© ª=XIlOOLJKDEHLFKJHUDGH]ZHLWDXVHQG'ROODULQEDUEHL PLUGLHGHQHUVWHQ7HLOGHV9RUVFKXVVHVGDUVWHOOHQVROOHQ 1DWUOLFKZlUHLFKEHUHLWPLW,KUHPPLWXQVHUHP$JHQ WHQ]XYHUKDQGHOQDEHULFKGDFKWH6LHEUDXFKHQGDV*HOG P|JOLFKVWUDVFK-DNH© ª:RPXLFKXQWHUVFKUHLEHQ"©

ª$QGHUEOLFKHQ6WHOOH*DQ]XQWHQ©6FKURHGHU ILVFKWHHLQHQJROGHQHQ.XJHOVFKUHLEHUDXVGHU$NWHQWD VFKHXQGUHLFKWHLKQ-DNHGHUVRIRUWGUHLPDOXQWHU VFKULHE$OV&DPGHQZLHGHUDXIEOLFNWH|IIQHWH6FKURHGHU EHUHLWVVHLQH%ULHIWDVFKHXQG]RJHLQHQ3DFN+XQGHUWGRO ODUVFKHLQHKHUDXVGLHHUDXIGHP7LVFKDE]lKOWH-DNH ]lKOWHQDFKXQGVWHFNWHVLHJOFNOLFKHLQ ª'DQNH0D[GDVZLUG,KQHQEHVWLPPWQLFKWOHLGWXQ© ª'DVKRIIHLFKGRFKVHKU© ª8QGPLUKLOIWHVMHGHQIDOOVEHUGLHHUVWHQ3UREOHPH ZHJ$EHULFKZHUGHPHLQHQ$UWLNHOXQGGDV%XFKQLFKW VFKUHLEHQN|QQHQZHQQ6LHPLUQLFKWDXFKZHLWHUKLQKHO IHQ(VVLHKWVRDXVDOVKlWWHQ6LHJHUDGHLQ-DNH&DPGHQ LQYHVWLHUWXQGGDIUP|FKWHLFKPLFKEHL,KQHQEHGDQ NHQ©-DNHSDFNWH6FKURHGHUV+DQGXQGVFKWWHOWHVLHEH JHLVWHUWª8QGMHW]WPVVHQ6LH,KUHU,QYHVWLWLRQDXFK 6FKXW]JHZlKUHQ© 6FKURHGHU]RJPLWOHLFKWPLELOOLJHQGHP*HVLFKWVDXV GUXFNGLH+DQG]XUFNª-DNH6LHEUDXFKHQEHLPLUZLUN OLFKQLFKWGHQ*HVFKlIWVPDQQ]XVSLHOHQGHUKDUWYHUKDQ GHOQNDQQ,FKELQPLUPHLQHUGHU]HLWLJHQ9HUDQWZRUW OLFKNHLWHQGXUFKDXVEHZXW©(UVFKHQNWHVLFKHLQ*ODV 3HUULHUHLQXQGJDEHLQH=LWURQHQVFKHLEHGD]Xª'LH )UDJHLVWQXURE6LHVLFK,KUHU3IOLFKWHQHEHQIDOOVEHZXW VLQG© ª:LHELWWH",FKNDQQ,KQHQGDQLFKWIROJHQ© ª:HQQ6LHVLFKGLH=HLWJHQRPPHQKlWWHQGHQ9HUWUDJ JUQGOLFK]XOHVHQGDQQZWHQ6LHGDZLUKLQVLFKWOLFK GLHVHU2SHUDWLRQHLQH$UW3DUWQHUVFKDIWEHJUQGHWKDEHQ 6LHVFKHLQHQDXFK]XYHUJHVVHQ-DNHGDLFKPLFKHEHQ IDOOVIU8)29HUVFKZ|UXQJHQXQGGHUJOHLFKHQLQWHUHV VLHUH,FKP|FKWHEHUGLHZHLWHUH(QWZLFNOXQJDXIGHP ODXIHQGHQJHKDOWHQZHUGHQ=XP%HLVSLHOP|FKWHLFK ZLVVHQZR(YHUHWW6FDUERURXJKVLFKJHUDGHDXIKlOWXQG ZDVHUWXW© ª1HLQGDVNDQQLFK,KQHQQLFKWVDJHQ,FKPHLQHLFK ZHLGDLFK,KQHQYHUWUDXHQNDQQ0D[DEHUWURW]GHP HVN|QQWHDQMHPDQGDQGHUVGXUFKVLFNHUQXQGGDQQ VLQG6FDUERURXJKXQGLFKJHOLHIHUW©

ª+HLWGDV6LHZLVVHQZR6FDUERURXJKVLFKJHUDGHEH ILQGHW"© &DPGHQQDKPHLQHQODQJHQ6FKOXFNXQGGDFKWHQDFK :DUXPZROOWH6FKURHGHUXQEHGLQJWZLVVHQZR6FDUER URXJKVWHFNWH"(UIDQGGDVVHKUEHXQUXKLJHQG 1DWUOLFKZXWHHUGD6FDUERURXJKJDUQLFKWZHLWHQW IHUQWLQ$OEXTXHUTXH:DOWHU0DVKNLQEHVXFKWH(UZDU PLW0DUVKD0DQQLQJLQ.RQWDNWJHEOLHEHQXQGHUKDWWH YRQLKU,QIRUPDWLRQHQHUKDOWHQXQGXPJHNHKUWVLHLQIRU PLHUW0DUVKDZROOWHHEHQIDOOVQDFK$OEXTXHUTXHNRP PHQ6LHZROOWH6FDUERURXJKKHOIHQXQGDXHUGHPLQGLH VHUXUDOWHQKDDUVWUlXEHQGHQ*HVFKLFKWHEHUGLHDQJHE OLFKLQ5RVZHOODEJHVWU]WHIOLHJHQGH8QWHUWDVVHUHFKHU FKLHUHQ$OVREHUGLHVH*HVFKLFKWHQLFKWLP/DXIHGHU -DKUHVFKRQY|OOLJDXVJHOXWVFKWKlWWH6FKURHGHUZXWH QLFKWVEHU0DQQLQJXQGGDVVROOWHDXFKVREOHLEHQ$EHU 6FDUERURXJKGDVZDUHLQHDQGHUH6DFKH(UZDUGDV 7KHPDLKUHV*HVFKlIWVGLH+DXSWSHUVRQGHV%XFKHVXQG GHV)LOPV:DVNRQQWHHVVFKDGHQZHQQHU0D[LPLOOLDQ 6FKURHGHUHLQSDDU,QIRUPDWLRQHQJDE"(LQHP0DQQDXI GHQGLH5HJLHUXQJPLW6LFKHUKHLWQLFKWJXW]XVSUHFKHQ ZDUZHLOHUKLHUKLQXQGGRUWKLQ]HLJWHXQGEHUDOO9HU VFKZ|UXQJHQYHUPXWHWH9HUVWlQGOLFKHUZHLVHZDU 6FKURHGHUGDUDQLQWHUHVVLHUWHWZDVEHUGLHVHOWVDPHQ 'LQJH]XK|UHQGLH&DPGHQ]XJHVWRHQZDUHQEHUGLH HLJHQDUWLJHQ6FKXW]HQJHOGLHLKQYHUIROJWHQXQGDXILKQ DFKWJDEHQ ª,FKPXGRFKZLVVHQZLHGHU3ORWZHLWHUJHKW© GUlQJWH6FKURHGHULKQ ª'DVVWLPPWXQGYLHOOHLFKWN|QQHQ6LHXQVVRJDUKHO IHQ© ª,FKZLOOXQGZHUGHZLUNOLFKDOOHVWXQ-DNH'DVZLVVHQ 6LH'DZLUMHW]W3DUWQHUVLQGELQLFKGD]XYHUSIOLFKWHW© ª$OVRLFKNDQQ,KQHQNHLQH(LQ]HOKHLWHQJHEHQZDV DEHUQLFKWKHLWGDLFK,KQHQPLWUDXH0D[© ª6FKRQJXWLFKYHUVWHKH6LHPVVHQHLQHQ0HQVFKHQ VFKW]HQ,FKELQPLW9HUDOOJHPHLQHUXQJHQGXUFKDXV]X IULHGHQ© ª2ND\(ULVWKLHULQ1HZ0H[LFR:LUKDEHQ*UXQG]X

GHU$QQDKPHGDVLFKGLH2SHUDWLRQVEDVLVGLHVHU&,$ $EWHLOXQJLQGHU1lKHGHV/XIWZDIIHQVWW]SXQNWV.LUW ODQGEHILQGHW© ª:DV6LHQLFKWVDJHQ©0D[LPLOOLDQ6FKURHGHUVDKLKQ DXVKDOE]XVDPPHQJHNQLIIHQHQ$XJHQDQª$EHU2SHUD WLRQVEDVLV-DNH":DVPHLQHQ6LHPLW2SHUDWLRQVEDVLV" *HKWHVHWZDGDUXPGLH.RQWDNWH]ZLVFKHQGHQ$XHULU GLVFKHQGHQ!$QGHUHQXQGGHQ0HQVFKHQ]XYHUWX VFKHQ"© ª6FKDXHQ6LH0D[PLULVWNODUGD6LHGDVP|JOLFKHU ZHLVHVFKRFNLHUWDEHU6FDUERURXJKXQGLFKZLUKDEHQ *UXQG]XGHU$QQDKPHGDHLQJDQ]HU7HLOGLHVHU(QW IKUXQJHQGXUFK$XHULUGLVFKHDOVRGDVDOOHVN|QQWH GXUFKDXVHLQH9HUVFKZ|UXQJGHU5HJLHUXQJVHLQ$XVLU JHQGHLQHP*UXQGHQWIKUWGLH&,$0HQVFKHQXQGVXJJH ULHUWLKQHQVLHEHIlQGHQVLFKDXIHLQHP5DXPVFKLIIYRQ $XHULUGLVFKHQ)UDJHQ6LHPLFKQLFKWZDUXP© 3O|W]OLFKILHO&DPGHQHWZDVHLQXQGHUXQWHUEUDFKVLFK PLWWHQLP6DW]-HVXV(UKDWWHGLH6DFKHQRFKQLFKWELV]X (QGHGXUFKGDFKW2QHLQ:HQQGLHVH/XPSHQWDWVlFKOLFK JHIlOVFKWH(QWIKUXQJHQLQV]HQLHUWHQGDQQZDU0D[ 6FKURHGHUZRP|JOLFKHLQHVLKUHU2SIHU8QGGDVEHGHX WHWHGD6FKURHGHUZDKUVFKHLQOLFKEHUZDFKWZXUGH ª)DKUHQ6LHGRFKIRUW-DNH© ªbKDOVRYLHOOHLFKWVROOWHLFKPLFKMHW]WHLQIDFKYHUDE VFKLHGHQ0D[,FKPHLQHLFKZLOO6LHGDQLFKW]XZHLWKLQ HLQ]LHKHQ(VN|QQWHVHKUJHIlKUOLFKZHUGHQ© ª-DNHGDPLWVDJHQ6LHPLUDEHUZLUNOLFKQLFKWV1HXHV© 6FKURHGHUVWDUUWHLKQWRGHUQVWDQª'LH!$QGHUHVLHKD EHQPLUYRQGLHVHQ'LQJHQHU]lKOWXQGVLQGGDUEHUVHKU XQJHKDOWHQ,FKKDEHGDVELVKHULQPHLQHQ%FKHUQQLFKW HUZlKQWHVZlUHLP$XJHQEOLFN]XYHUZLUUHQG©6FKURH GHUV$XJHQYHUlQGHUWHQVLFKHUZLUNWHMHW]WEHXQUXKLJW XQGIDVWJHKHW]W3O|W]OLFKZDQGWHHUVLFKDENUPPWH VLFKHWZDVXQGVHLQ*HVLFKWPDFKWHHLQHEHPHUNHQVZHUWH 7UDQVIRUPDWLRQGXUFK(LQHQNXU]HQ$XJHQEOLFNODQJ ZDUHUQLFKWPHKUGHUYHUELQGOLFKHJHIDWH<XSSLH 3ULHVWHUGHU1HZ$JH5HOLJLRQGHU!$QGHUHQVRQGHUQ HLQ0HQVFKGHUYRQ=ZHLIHOQXQG6FKPHU]HQJHSHLQLJW

ZXUGH(UVFKLHQJURH$QJVW]XKDEHQXQGGDQQJDQ] XQYHUPLWWHOWJHZDQQHUGLH.RQWUROOH]XUFNª9HU]HLKHQ 6LH-DNH,FKZHQQGLH(ULQQHUXQJHQDQPHLQHQ.RQ WDNWPLWGHQ!$QGHUHQJHZHFNWZHUGHQZLHHVJHUDGHJH VFKHKHQLVWGDQQYHUOLHUHLFKPDQFKPDOGLH)DVVXQJ© -DNH&DPGHQGDFKWHILHEHUKDIWQDFKª9LHOOHLFKWVROOWHQ 6LHDXFKPDOZDV6WlUNHUHV]XU%UXVWQHKPHQDOVIUDQ]|VL VFKHV7DIHOZDVVHU©0DQQGLHVHP6FKURHGHUVWDQGHQVR JDUGLH7UlQHQLQGHQ$XJHQ ª1RUPDOHUZHLVHJHEHLFKVROFKHQ,PSXOVHQMDQLFKW QDFKDEHULQGLHVHP)DOO© ª%OHLEHQ6LHHLQIDFKVLW]HQLFKKROH,KQHQHWZDV:DV P|FKWHQ6LHGHQQ"(LQHQ6KHUU\HLQELFKHQYHUGQQW"© ª,FKJODXEHLP6FKUDQNLVWQRFKHLQH)ODVFKH6FRWFKHLQ *OHQOLYHW© -DNHIDQGGLH)ODVFKHª:DVVHU"(LV"© ª'DVZlUHVFK|Q© ª6RGDUDXIWULQNHQZLUMHW]WHLQHQ©-DNHJDE]ZHL 6FKXGHUEHUQVWHLQIDUEHQHQ)OVVLJNHLWLQGLH*OlVHU'HU 0DQQLVWMDHFKWHUVFKWWHUWGDFKWH&DPGHQ8QGVHLQH (UVFKWWHUXQJZDUDQVFKHLQHQGVRJDUHFKW-DNHKDWWH 6FKURHGHUIUHLQHQ6SLQQHUJHKDOWHQDEHUMHW]WGDEHU DOOXPLKQKHUGLH5HDOLWlWDXVGHP/HLPJLQJNDPHUDXI GLH,GHHGDGHUJXWHDOWH6FKURHGHUP|JOLFKHUZHLVHEHU GLH(QWIKUXQJHQGXUFKGLH&,$JDQ]JXWDXIGHPODXIHQ GHQZDU ª6RKLHU©-DNHJDELKPHLQ*ODVXQG6FKURHGHUWUDQN HLQHQJURHQ6FKOXFN ª'DQNH© ª+LOIWHV"© ª(LQZHQLJ© ª2ND\'DVLVWMHW]WZLUNOLFKLQWHUHVVDQW0D[,FKPHLQH GLH7DWVDFKHGDGLH!$QGHUHQYRQGHQ(QWIKUXQJHQ GXUFKGLH&,$ZLVVHQ)UPHLQHQ7HLOGHQNHLFKPLUGDV VRHQWVFKXOGLJHQ6LHGDLFKGD=ZHLIHOKDEHDEHULVW ,KQHQVFKRQHLQPDOGLH,GHHJHNRPPHQGD6LHYLHOOHLFKW DXFKVHOEVWGDV2SIHULUJHQGHLQHU$UWYRQ*HGDQNHQNRQ WUROOHVLQG"© 6FKURHGHUVFKDXGHUWH(UWUDQNQRFKHLQHQODQJHQ

6FKOXFN'DV=LWWHUQK|UWHQLFKWDXIª-D-DNH*ODXEHQ6LH PLUGLHVHU*HGDQNHKDWPLFKYRQ$QIDQJDQYHUIROJW6HLW HVEHJRQQHQKDWJHKHQPLUYHUVFKLHGHQHlXHUVWSDUD QRLGH9RUVWHOOXQJHQQLFKWDXVGHP6LQQ9LHOHGDYRQ KDEHLFKLQPHLQHQ%FKHUQIHVWJHKDOWHQ$EHUGLH%HWHLOL JXQJGHU&,$YRQGHUPLUGLH!$QGHUHQHU]lKOWHQHU ZlKQWHLFKQLFKWZHLOLFKXPPHLQ/HEHQIUFKWHWH© ª+DEHQ6LHGHQQLQGLHVHU+LQVLFKWHWZDVXQWHUQRP PHQ"© ª1XQLFKKDEHPLWGHQ!$QGHUHQJHVSURFKHQXQGVLH IDQGHQLFKVROOWHUXKLJHLQLJHGLVNUHWH1DFKIRUVFKXQJHQ DQVWHOOHQ:LH6LHZDKUVFKHLQOLFKZLVVHQ-DNHNRPPHLFK DXVHLQHU)DPLOLHGLHQLFKWQXUZRKOKDEHQGLVWVRQGHUQ GLHDXFKEHUDXVJH]HLFKQHWH%H]LHKXQJHQYHUIJW,FK NHQQHYLHOHKRFKJHVWHOOWH3HUV|QOLFKNHLWHQEHLGHQHQLFK PLFKHUNXQGLJHQN|QQWH$EHULFKKDEHDEVROXWQLFKWVJH IXQGHQZDVDOV%HZHLVIUGHUDUWLJH$NWLYLWlWHQGHU&,$ KlWWHGLHQHQN|QQHQ'DKHUVLQGPHLQH%H]LHKXQJHQ]X JHZLVVHQ0LWJOLHGHUQGLHVHU2UJDQLVDWLRQGHUHQ(KUH XQG,QWHJULWlWEHUMHGHQ=ZHLIHOHUKDEHQVLQGGLHDOOHU EHVWHQ,FKELQDEVROXWVLFKHUGDVLHQLFKWVPLWHLQHUGHU DUWLJVFKUHFNOLFKHQ9HUOHW]XQJGHU%UJHUUHFKWH]XWXQ KDEHQ© ª6LQG6LHGHQQQLFKWGHU0HLQXQJGDDXFKGLH!$QGH UHQ,KUH5HFKWHYHUOHW]HQZHQQVLH6LHLQLKU5DXPVFKLII VFKOHSSHQ"© ª'LH!$QGHUHQVLQGQLFKWGXUFKGLH*HVHW]HGLHVHU1D WLRQJHEXQGHQ6LHN|QQHQPHQVFKOLFKH(PRWLRQHQDXFK JDUQLFKWYHUVWHKHQ'DVLVWGDV+|OOLVFKHDQGLHVHQ.RQ WDNWHQ(LJHQWOLFKVLQGVLHQLFKWHLQPDOVRQGHUOLFKEHVRUJW GDUEHUGDGLH&,$LKUH3UR]HGXUHQQDFKlIIWGDGLH :DKUQHKPXQJHQYHU]HUUWZLUGELVGLH6SLULWXDOLWlWXQG GLHHPRWLRQDOH7UDQVIRUPDWLRQLQHLQHY|OOLJQHJDWLYH(U IDKUXQJYHUZDQGHOWZHUGHQ,QGHU%H]LHKXQJ]ZLVFKHQ GHQ!$QGHUHQXQGLKUHQPHQVFKOLFKHQ.RQWDNWSHUVRQHQ JLEWHVYLHO+LPPOLVFKHV-DNH$EHUGLH%HZXWVHLQVYHU lQGHUXQJHQGLHYRQGLHVHUDQGHUHQ*UXSSHYRUJHQRP PHQZHUGHQVLQGDEVROXWK|OOLVFK6LHQHJLHUHQDOOHVZDV LFKLQPHLQHQ%FKHUQXQGPLWPHLQHQ)LOPHQYHUWUHWHQ

ZROOWH1DWUOLFKP|FKWHLFKGLHVHVFKOLPPHQ'LQJHXQ WHUELQGHQ$EHUZLHVROOLFKGDVWXQ"© ª6LHVDJWHQGRFKGD6LH9HUELQGXQJHQ]XU&,$KD EHQ© ª'DVLVWULFKWLJ© ª:LVVHQ6LHYLHOOHLFKWHWZDVEHUGLH'LQJHGLHGD GUDXHQDP5DQGHGHV/XIWZDIIHQVWW]SXQNWHV.LUWODQG YRUJHKHQ",QGLHVHP/DERURGHUZDVLPPHUHVDXFK LVW"© ª1HLQ,FKZXWHQLFKWHLQPDOGDHVEHUKDXSWH[L VWLHUW© ª*ODXEHQ6LH6LHN|QQHQ,KUH.RQWDNWSHUVRQHQDQUX IHQXQGHVKHUDXVILQGHQ".|QQWHQ6LHYLHOOHLFKWVRJDUIU XQVHLQHQ%HVXFKDXIGHP6WW]SXQNWDUUDQJLHUHQ"© ª1XQZHQQHVHLQJHKHLPHU%HUHLFKLVWGDQQGUIWH GDV]LHPOLFKVFKZLHULJZHUGHQ© &DPGHQVDKLKQVFKDUIDQª.RPPHQ6LHVFKRQ:LU DUEHLWHQGRFKIUGLH!$QGHUHQ'LHVH&,$/HXWHYHUUD WHQDOOHNRVPLVFKHQ%HPKXQJHQGLH(YROXWLRQGHU 0HQVFKKHLWYRUDQ]XWUHLEHQ(VJHKWKLHUXPGLH=XNXQIW GHVJDQ]HQ3ODQHWHQ9LHOOHLFKWN|QQWHQZLUGDPLWVRJDU HLQHQ$WRPNULHJYHUKLQGHUQRGHUVR© 6FKURHGHUQLFNWHª'DKDEHQ6LHZRKOUHFKW-DNH,FK UXIHJOHLFKPRUJHQDQ© ª0RUJHQN|QQWHHV]XVSlWVHLQ6LHPVVHQHVVRIRUW WXQ(VLVWKLHUKDOEHLQVLQ:DVKLQJWRQDOVR6SlWQDFK PLWWDJ5XIHQ6LHDQ© 0D[LPLOOLDQ6FKURHGHUOHJWHVLFKGLH+lQGHYRUGDV *HVLFKWZLHHLQH6DXHUVWRIIPDVNH'DQQKROWHHUWLHI/XIW XQGNODWVFKWHGLH+lQGHDXIGLH.QLHª(LQYHUVWDQGHQ -DNH,FKZHUGHDQUXIHQ© ª'DVLVWJXW©-DNHSURVWHWHLKP]XXQGWUDQNVHLQ*ODV DXV(UIKOWHVLFKMHW]WEHVVHUYLHOEHVVHU ª$EHU-DNHLFKJODXEH6LHVROOWHQPLFKEHVVHUDOOHLQ ODVVHQZlKUHQGLFKGLH9HUDEUHGXQJHQWUHIIH©6FKURH GHUJLQJ]XP6FKUHLEWLVFKNULW]HOWHHWZDVDXIHLQ6WFN 3DSLHUXQGJDEHV-DNHª'DVLVWPHLQHSHUV|QOLFKH7HOH IRQQXPPHU6HOEVWZHQQLFKDP6HWELQZHUGHLFKYRQ $QUXIHQXQWHUULFKWHWGLHEHUGLHVH1XPPHUHLQJHKHQ

XQGGDQQNRPPHLFKXQGQHKPHGHQ$QUXIVHOEVWHQWJH JHQ9LHOOHLFKWKDEHQ6LHUHFKW-DNHYLHOOHLFKWVROOWHQZLU KHUDXVILQGHQZDVLQ.LUWODQGYRUVLFKJHKW-D-HOlQJHU LFKGDUEHUQDFKGHQNHGHVWRHLQOHXFKWHQGHUVFKHLQWPLU GLHVHU*HGDQNH© &DPGHQVWHFNWHGHQ=HWWHOHLQª6FK|Q,FKUXIH6LH JOHLFKPRUJHQIUKDQ© ª:RZHUGHQ6LHVLFKDXIKDOWHQ"© ª'DVZHLLFKQRFKQLFKW:DKUVFKHLQOLFKLQHLQHP+R WHOLQGHU6WDGW© ª*XW6LHN|QQHQPLUGDQQPRUJHQ%HVFKHLGJHEHQ© 6LHZHFKVHOWHQQRFKHLQPDOHLQHQEHGHXWXQJVVFKZH UHQHUQVWHQ%OLFNXQGVFKWWHOWHQVLFKGLH+lQGHGDQQ JLQJ&DPGHQKLQDXV'LH*HOGVFKHLQHODJHQNRPSDNW XQGVFKZHULQVHLQHU7DVFKHXQGGLH=XNXQIWVDKDXVJH VSURFKHQURVLJDXV 6REDOG-DNH&DPGHQJHJDQJHQZDUJULII0D[LPLOOLDQ 6FKURHGHU]XP7HOHIRQ ª*UHJJ"-D6FKURHGHUKLHU*UHJJZDKUVFKHLQOLFKLVW ,KQHQGHUKHUXQWHUJHNRPPHQH.HUODXIJHIDOOHQGHUVLFK KHXWHPRUJHQDP6HWKHUXPJHWULHEHQKDW,FKKDEHLKQLQ PHLQHQ:RKQZDJHQHLQJHODGHQ-DULFKWLJGHULVWHV(U LVWPLWHLQHP)RUG(VFRUWJHNRPPHQ*UHJJHULVWJHUDGH JHJDQJHQXQGLFKP|FKWHGD6LHLKPIROJHQ6DJHQ6LH PLU%HVFKHLGZRKLQHUIlKUWXQGZDVHUWXWXQGPLWZHP HUVSULFKW+DEHQ6LHGDVYHUVWDQGHQ"6FK|Q8QGEHHLOHQ 6LHVLFKZHLOHULQ]ZLVFKHQZDKUVFKHLQOLFKVFKRQLP:D JHQVLW]W© 6FKURHGHUOHJWHZLHGHUDXIOlFKHOWHXQGVFKHQNWHVLFK QRFKHLQHQ6FRWFKHLQ

.DSLWHO 6LHZDUHQZLHGHULP.RQIHUHQ]UDXP 'HU.DIIHHGHQVLHEHVWHOOWKDWWHQZDULQ]ZLVFKHQVHU YLHUWZRUGHQ(GZDUG0\HUVQDKP6DKQH5LFKDUGVWUDQN

VHLQHQ.DIIHHVFKZDU]'U-XOLD&XQQLQJKDPYHUGQQWH GHQLKUHQPLW0LQHUDOZDVVHU 6LHVDVWHLIXQGJHUDGHDXILKUHP6WXKOXQGEHWHLOLJWH VLFKDXIPHUNVDPXQGGHQQRFKGLVWDQ]LHUWDP*HVSUlFK /LHEHUKlWWHVLHLQLKUHP/DERUJHDUEHLWHW'DVZDULKU 8QLYHUVXPQLFKWGLHVHU9HUZDOWXQJVNUDP'DIUZDU5L FKDUGV]XVWlQGLJ+LQXQGZLHGHUHUZDUWHWHPDQDOOHU GLQJVYRQLKUGDVLHHQWVSUHFKHQGH%HLWUlJHOHLVWHWHXQG GHVKDOEZDUVLHMHW]WKLHUXQGK|UWH]X'RFKLQ*HGDQNHQ ZDUVLHVFKRQZLHGHUEHLGHU$UEHLWXQGJLQJLP*HLVWHHLQ EHVRQGHUVNRPSOL]LHUWHVQHXURORJLVFKHV3UREOHPGXUFK (VZDUEHLQDKHDOVJOLWWHQLKUH)LQJHUGDEHLEHUGLH.X JHOQHLQHV$EDNXV ª:LUVSUDFKHQEHUGLH3XEOLVKHU©VDJWH0\HUVJHUDGH ª)DKUHQ6LHIRUW5LFKDUGV,FKK|UH]X-HW]WGDLFKJHJHQ PHLQHQ:LOOHQIUVLHDUEHLWHZLOOLFKZHQLJVWHQVYHUVWH KHQZDVIUHLQH2UJDQLVDWLRQGDVLVW© ª'DV3UREOHPLVWGD6LHHVELVKHUHLQIDFKQLFKWYHUVWH KHQZROOHQ(G©5LFKDUGVWUDQNHLQHQ6FKOXFN.DIIHHXQG EOLFNWHQDFKGHQNOLFK]XUJROGEUDXQHQ(EHQHKLQDXVGLH VLFKKLQWHUGHPHOHNWULVFKJHVLFKHUWHQ=DXQHUVWUHFNWH ª:LUZHLKHQ6LHLQGLHVH'LQJHHLQZHLOLFKDXIULFKWLJ JODXEHGD6LHPLWJDQ]HP+HU]HQGDEHLVHLQZHUGHQVR EDOG6LHEHJUHLIHQN|QQHQGDLFKIUHLQHSKLODQWKURSL VFKH2UJDQLVDWLRQDUEHLWH(VLVWHLQ8QWHUQHKPHQGDVGHU JDQ]HQ0HQVFKKHLWGLHQW© ª
WDNWHXQG(LQIOXDXIGHUJDQ]HQ:HOW,FKKDEH*UXQG]X GHU$QQDKPHGDLQJHZLVVHU:HLVHDXFK)UHLPDXUHUEH WHLOLJWZDUHQDEHUZLUVSUHFKHQKLHUNHLQHVIDOOVEHUHLQH UHOLJL|VH%HZHJXQJ,P*UXQGHZXUGHYLHOHQGLHVHUUHL FKHQXQGPlFKWLJHQ0lQQHUQDFKHLQHU:HLOHNODUGD HLQHEHUSROLWLVFKH2UJDQLVDWLRQJHEUDXFKWZXUGHGLH QLFKWQXUDXI$PHULNDV:RKOHUJHKHQDFKWJDEVRQGHUQ YLHONRQNUHWHUDXIGLHQDWLRQDOHXQGNXOWXUHOOH,QWHJULWlW GHV/DQGHV© ª'DQQVSUHFKHQZLUMHW]WEHU/HXWHZLH-RKQ'5RFNH IHOOHUXQG$QGUHZ&DUQHJLHXQGVRZHLWHU© ª%LWWH(GLFKGDUINHLQH1DPHQHUZlKQHQ© 0\HUVJUXQ]WHXQGYHU]RJGDV*HVLFKW&XQQLQJKDP ZXWHGDHUEHUHLWVVHLQH6FKOXIROJHUXQJHQ]RJDEHU GDVVSLHOWHNHLQH5ROOH ª.XOWXUHOOH,QWHJULWlW(GLFKZLHGHUKROHGLHVHV:RUW ZHLOHVVRZLFKWLJLVW,FKPHLQHGDPLWQLFKW]ZDQJVOlXILJ GLH.XOWXUGLHLQ.RQ]HUWHQLQ.XQVWJDOHULHQXQGLQGHU /LWHUDWXULKUHQ$XVGUXFNILQGHWREZRKOGLHVDOOHV%DX VWHLQHGHV0RVDLNVVLQG,FKPHLQHMHW]WDXFK(EHQHQZLH 6SUDFKH6LWWHQQDWLRQDOH,GHQWLWlW© ª8QG6LHPHLQHQ0HQVFKHQUDVVHQ"© ª*HQDX© ª'DQQVSUHFKHQZLUMHW]WDOVREHUHLQH%DQGHYRQ1D ]LV© ª2QHLQ'DGHQNHQ6LHJDQ]XQGJDULQGLHIDOVFKH5LFK WXQJ(G*DQ]LP*HJHQWHLO'LH3XEOLVKHUVLQGNHLQH 5DVVLVWHQ6LHVLQGVLFKEHZXWZHOFKH%HLWUlJH0HQ VFKHQDOOHU+DXWIDUEHQIUGHQZXQGHUYROOHQ6FKPHO]WLH JHO$PHULNDOHLVWHQXQGDOOHGLHVH0HQVFKHQVLQGDXFKLQ GHU*UXSSHGHU3XEOLVKHUYHUWUHWHQ9HUJHVVHQ6LHELWWH QLFKWGDGHU.DSLWDOLVPXVGDVZLFKWLJVWH(OHPHQWLVW(V JLEWLQGHQ86$UHLFKH6FKZDU]HXQG/DWLQRV$VLDWHQ XQGLULVFKH.DWKROLNHQXQGGHVKDOEVLQGVLHDOOHEHLGHQ 3XEOLVKHUQYHUWUHWHQ© ª$OVRHLQH$UW5HJLHUXQJEHUGHU5HJLHUXQJ© ª1HLQHVLVWNHLQH5HJLHUXQJ(G6LHVLQGGLH:DFK KXQGHRGHU+WHU8QGVLHEHHLQIOXVVHQGLH(QWZLFNOXQJ GHU1DWLRQ©

ª8QGGD]XKDEHQVLHHLQHHLJHQH3ROL]HLWUXSSH"© ª'LHLQGLH([HNXWLYHGHV/DQGHVHLQJHJOLHGHUWLVWXQG GHVKDOEJDQ]OHJDODXIGHP%RGHQXQVHUHUYLVLRQlUHQ9HU IDVVXQJVWHKW© ª$QGHUVDXVJHGUFNWXQWHUODXIHQVLHGLH%HVFKUlQ NXQJHQGLHQRUPDOHUZHLVHMHGH5HJLHUXQJELQGHQ© ª0HKUDOV]ZHLKXQGHUW-DKUHVLQGYHUJDQJHQVHLWXQ VHUH*UQGHUYlWHUGLH9HUIDVVXQJDXIJHVHW]WKDEHQ(L QLJHLKUHU1DFKNRPPHQVLQGEULJHQVKHXWH0LWJOLHGHU GHU3XEOLVKHU$EHUGLH=HLWHQKDEHQVLFKYHUlQGHUWGLH :HOWKDWVLFKYHUlQGHUW)UKHUEUDXFKWHPDQHLQJDQ]HV -DKUZHQQPDQXPGLH(UGHUHLVHQZROOWH+HXWHXPUXQ GHWHLQ6KXWWOHGHQ3ODQHWHQLQZHQLJHQ6WXQGHQ,FKPX ,KQHQVLFKHUQLFKWHUNOlUHQZLHEHVRUJQLVHUUHJHQGXQGEH lQJVWLJHQGGLH=XVWlQGHKHXWHDXIGHU(UGHVLQG$OOHVHQW ZLFNHOWVLFKUDVHQGVFKQHOOYLHO]XVFKQHOODOVGDZLU VFKZDFKHQ0HQVFKHQ6FKULWWKDOWHQN|QQWHQ8PHVHLQ IDFKDXV]XGUFNHQN|QQWHPDQVDJHQGDGLH3XEOLVKHU LKUH$XIJDEHGDULQVHKHQ$PHULNDOHEHQVIlKLJ]XHUKDO WHQ6LHVRUJHQGDIUGDGHUDPHULNDQLVFKH7UDXPZHL WHUJHWUlXPWZLUG*HQDXZLHXQVHUH6WUHLWNUlIWHGLH*UHQ ]HQGHV/DQGHVVFKW]HQEHZDFKHQGLH3XEOLVKHUGLH *UHQ]HQXQVHUHVQDWLRQDOHQ%HZXWVHLQVXQGGHV8QEH ZXWHQXQGZHQQ6LHPLUHUODXEHQHLQHQ%HJULIIEHL -XQJDXV]XERUJHQVLHKWHQGDVDPHULNDQLVFKHNROOHNWLYH 8QWHUEHZXWVHLQ© ª'HPQDFKZlUHGDVHWZDVbKQOLFKHVZLH35$UEHLWXQG 5HOLJLRQQXUDXIHLQHUIDVWNRVPLVFKHQ(EHQH© ª:HQQ6LHGDV:RUW!IDVWVWUHLFKHQNRPPHQ6LHGHU6D FKHVHKUQDKH©5LFKDUGVOlFKHOWHLKQDQXQGVFKLHQVHKU ]XIULHGHQPLWVLFKVHOEVW]XVHLQ ª0DQQGDPLWZHUGHQDXFKDOOH7KHRULHQGLHHVEHU 9HUVFKZ|UXQJHQJLEWDXIGLHJOHLFKH(EHQHHUKREHQ© ª'LH3XEOLVKHUXQG(GLWRUHQZUGHQVLFKQLFKWDOV9HU VFKZ|UHUEH]HLFKQHQ:LUWXQGDVDOOHVMDQLFKWXPXQV SHUV|QOLFK]XEHUHLFKHUQ/HW]WHQ(QGHVKDQGHOQZLU]XP :RKOHXQGIUGLH=XNXQIWXQVHUHVJURHQ/DQGHV© ª:DUWHQ6LHPDOMHGHUPXGRFKYRQLUJHQGHWZDVOH EHQ8QG6LHYHUVXFKHQJHUDGHPLFK]XEHVWHFKHQ©

5LFKDUGVKREHLQH$XJHQEUDXHª'LH0LWJOLHGVFKDIW EULQJWJURHSHUV|QOLFKHXQGHPRWLRQDOH5LVLNHQPLWVLFK 'DIUPXHVQDWUOLFKDXFKHLQHJUR]JLJH(QWVFKlGL JXQJJHEHQ© ª2ND\RND\LFKYHUVWHKH6LHVLQGGLHZDKUHQ*|WWHU $PHULNDV$EHUZDVKDWGLH%HZDKUXQJGHUQDWLRQDOHQ,Q WHJULWlWGDPLW]XWXQGD6LH/HXWHHQWIKUHQXQG0HWKR GHQGHU*HGDQNHQNRQWUROOHHLQVHW]HQXPGHQ2SIHUQHLQ ]XLPSIHQVLHZlUHQYRQ$XHULUGLVFKHQHQWIKUWZRU GHQ"© ª,FKKDWWHJHKRIIWGD6LHGDVRKQH(UNOlUXQJYHUVWHKHQ ZUGHQ+DEHQ6LHGDV0DWHULDOGHQQQLFKWJHOHVHQGDV,K QHQ]XU9HUIJXQJVWDQG"6LHZLVVHQGDGLHDPHULNDQL VFKH5HJLHUXQJXQGGDV0LOLWlUSUDNWLVFKYRQ$QIDQJDQ GLH:DKUKHLWEHUGLH8)2VYHUVFKOHLHUWKDEHQ© ª6LFKHUVLFKHU8QGELVKHUJODXEWHLFKDXFKZDVGLH )LUPDRIIL]LHOOGD]XHUNOlUWKDW,FKGDFKWHGDPDOVLQGHQ YLHU]LJHUXQGIQI]LJHU-DKUHQZlUHQXQVHUH/HXWHHLQIDFK EHVRUJWJHZHVHQGLH5XVVHQN|QQWHQXQVYHUVFKDXNHOQ 'DPDOVZDUPDQLQEH]XJDXIGLHQDWLRQDOH6LFKHUKHLW ZLUNOLFKVHKUQHUY|V8QGGDQQZROOWHQZLUGDVZLHE OLFKQLFKW|IIHQWOLFK]XJHEHQXQGGHVKDOEZXUGHGLH6D FKHXQWHUGHQ7HSSLFKJHNHKUWXQGYHUKHLPOLFKW,FK ZXWHQXUQLFKWGDZLUQXUZHLO7HLOHGHU%HY|ONHUXQJ JODXEHQZLUKlWWHQVLHEHORJHQJOHLFKHLQEL]DUUHV3UR JUDPPDXIOHJHQPXWHQXPGLH$XIPHUNVDPNHLWLQHLQH DQGHUH5LFKWXQJ]XOHQNHQ:DVEH]ZHFNHQ6LHHLJHQWOLFK GDPLW":ROOHQ6LHGLH8)2*OlXELJHQVRPLW(QWIKUXQ JHQEHVFKlIWLJHQGDVLHQXUQRFKLQGHQ+LPPHOVWDUUHQ" :ROOHQ/HXWHK\SQRWLVLHUHQXQGEHIUDJHQELVVLHEHU KDXSWQLFKWPHKUGDUDQGHQNHQGDGLHDPHULNDQLVFKH 5HJLHUXQJYRQ$QIDQJDQGLH)LQJHULP6SLHOJHKDEWKDW"© 5LFKDUGVZDQGWHVLFKDQ-XOLD&XQQLQJKDPGLHZLHHLQH 6WDWXHDXIGHP6WXKOJHVHVVHQXQG]XJHK|UWKDWWHª/HLGHU KDEHLFKGDVJURH%LOGDXVGHP2UGQHUEHUGDV3URMHNW %ODFN%RRNQLFKWGD]XJHOHJW©VDJWHHUVHXI]HQGª1XQGD 0U0\HUVXQVVHLQHQ:HUWEHZLHVHQKDWXQGVHLQH/R\D OLWlWP|FKWHLFKKLQ]XIJHQKDOWHLFKHVIUGDVEHVWH LKPGLH:DKUKHLW]XEHULFKWHQ©

ª:DVGHQQZDUHVHWZDEHUKDXSWQLFKWZDKUZDV6LH PLUJHUDGHHU]lKOWKDEHQ"© ª$OOHVZDV6LHKHXWHJHK|UWKDEHQLVWDEVROXWZDKU© HUNOlUWH%ULDQ5LFKDUGVPLWHUQVWHP*HVLFKW3O|W]OLFKVDK HUYLHOlOWHUDXVª'RFKPXWHQZLUHLQHQ7HLOGHQZLFK WLJVWHQ7HLODXVODVVHQ2GHUJHQDXHUJHVDJWZLUKDEHQ ,KQHQELVKHUYHUVFKZLHJHQZDVJHQDXZLULQGLHVHU2SH UDWLRQVEDVLVGHU(GLWRUHQWXQ© ª$OVRJXW,FKELQHLQJURHU-XQJH%LWWHHUNOlUHQ6LH PLUZDUXPLFKPHLQHQ)UHXQGYHUUDWHQVROO©HQWJHJQHWH 0\HUV6HLQ6DUNDVPXVZDUQLFKW]XEHUK|UHQDEHUVHLQ *HVLFKWYHUULHWGDHUVHKUQHXJLHULJZDU 5LFKDUGVYHUVWlQGLJWHVLFKPLWHLQHP1LFNHQPLW'U -XOLD&XQQLQJKDP6LHOlFKHOWHGHQQVLHJHQRVHLQHQ 6LQQIUGUDPDWLVFKH$XJHQEOLFNH 'DQQZDQGWH5LFKDUGVVLFKZLHGHUDQGHQ&,$$JHQ WHQª,P*UXQGHLVWHVJDQ]HLQIDFK0U0\HUV(VLVW QlPOLFKIROJHQGHUPDHQGLH9HUHLQLJWHQ6WDDWHQYRQ $PHULNDZHUGHQWDWVlFKOLFKYRQ$XHULUGLVFKHQEH VXFKW©

.DSLWHO (YHUHWW6FDUERURXJKKDOI:DOWHU0DVKNLQJHUDGHHLQLJH 5RKUHDXIGHQ.OHLQODVWHU]XODGHQDOVHLQZHLHU &KHYUROHW/XPLQDYRUGHP+DXVKLHOW/LHXWHQDQW 0DUVKD0DQQLQJVWLHJDXV 6FDUERURXJKXQG0DVKNLQKDWWHQPHKUHUHODQJH*H VSUlFKHEHUGDV8)23KlQRPHQJHIKUWVHLW6FDUER URXJKDQJHNRPPHQZDU0DQFKPDOZlUHQGLH*HVSUl FKHXPHLQ+DDULQHLQHQ6WUHLWDXVJHXIHUWGRFKOHW]WHQ (QGHVZDUHQVLHLP5DKPHQIUHXQGVFKDIWOLFKHU'HEDWWHQ JHEOLHEHQXQGQLFKW]XMHQHQKLW]LJHQJHPHLQHQ$XVHLQ DQGHUVHW]XQJHQDXVJHDUWHW]XGHQHQ6FDUERURXJKV'LV NXVVLRQHQPLW8)2$QKlQJHUQVLFKLQGHQOHW]WHQ-DKUHQ KlXILJHQWZLFNHOWKDWWHQ'LHPHLVWH=HLWKDWWH6FDUER URXJKMHGRFKJHVFKODIHQVLFKDXVJHUXKWXQGVLFKHQW

VSDQQW(UEHUHLWHWHVLFKLQQHUOLFKDXIGDVYRUZDVDOV QlFKVWHVNRPPHQZUGHGHU$QUXIEHL(G0\HUV 6FDUERURXJKKDWWH0DVKNLQDFKWHQJHOHUQWHUEHZXQ GHUWHLKQVRJDU$P1DFKPLWWDJPXWHGHU+DQGZHUNHU DXVZlUWVDUEHLWHQ)U6FDUERURXJKZDUHVQDWUOLFKGDV EHVWHVLFKLP+DXVYHUVWHFNW]XKDOWHQDEHUHVJDENHLQHQ *UXQGVHLQHP*DVWJHEHUQLFKWGDEHL]XKHOIHQGLH5RKUH DXIGHQ.OHLQODVWHU]XODGHQ0DVKNLQVFKLHQVLFKEHUGLH +LOIHGLHHEHQVRHLQHV\PEROLVFKH*HVWHZLHHLQHSUDNWL VFKH+DQGUHLFKXQJZDU]XIUHXHQ ª+DOOR0DUVKD©ULHI6FDUERURXJKQDFKGHPHUHLQ 5RKUYRUVLFKWLJDXIGHP6WDSHOYHUVWDXWKDWWHGHUVFKRQ DXIGHU/DGHIOlFKHGHV.OHLQODVWHUVODJª:LHVFK|QGD GXNRPPHQNRQQWHVW© ª(LQH)DKUWLQGLH6RQQHXQGLQGLH:lUPHZLHVROOWH LFKGDZLGHUVWHKHQ"© ª:DOWHUGDVKLHULVWGLHMXQJH'DPHEHUGLHLFKVRRIW JHVSURFKHQKDEH/LHXWHQDQW0DUVKD0DQQLQJYRQGHU $LU)RUFHGHU9HUHLQLJWHQ6WDDWHQYRQ$PHULND1RUPD OHUZHLVHPWHQZLUMHW]WHLQHQ7URPPHOZLUEHOK|UHQ XQGGLH)ODJJHDXI]LHKHQDEHUZLUYHU]LFKWHQGDUDXIZHLO VLHKHXWHLQ=LYLOLVW© 0DUVKDVFKQDXEWHª(YHUHWWGXELVWMDVFKRQZLHGHU ULFKWLJIUHFK+DOOR0U0DVKNLQ© ª%LWWHQHQQHQ6LHPLFK:DOWHU2GHU:DOW© ª$EHUQLHPDOV:DOO\:DOWHUJLEWJXWDXIPLFKDFKW 0DUVKD,FKIKOHPLFKEHLQDKHZLHGHUZLHHLQ0HQVFK© 0DVKNLQEOLQ]HOWHLKU]Xª(UEUDXFKWHQXUHWZDV%LHU HLQZHQLJ]XHVVHQXQGHLQELFKHQ5XKHDEHUNRPPHQ 6LHGRFKKHUHLQ0DUVKD6LHKDEHQHLQHODQJH)DKUWKLQWHU VLFKXQGYLHOOHLFKWN|QQWHQ6LHMHW]WDXFKHLQ%LHUYHUWUD JHQ© 0DUVKDOlFKHOWHVRIRUWYRQ:DOWHU0DVKNLQVRIIHQHP :HVHQHLQJHQRPPHQª9LHOHQ'DQN:DOWHU$EHUHLJHQW OLFKGDFKWHLFKGRFKLFKZlUHLQ1HZ0H[LFRJHODQGHW XQGQLFKWLQGHQ6PRN\0RXQWDLQV© :DOWHUJULQVWHEUHLWª7MDGDQQVDJHQZLUHLQIDFKLFK KDEHHLQ6WFN7HQQHVVHHLQGHQ6GZHVWHQPLWJHEUDFKW 0DUVKD$QPHLQHP$N]HQWKDOWHLFKIHVWZLHHLQ*HL]NUD

JHQDQVHLQHP*HOG+DEHQ6LH*HSlFN",FKEULQJHHVUHLQ XQG6LHN|QQHQPLW,KUHP)UHXQGVFKRQYRUDXVJHKHQXQG VLFKXQWHUKDOWHQ© 0DUVKDJDELKPGLH6FKOVVHOXQGGHXWHWHDXIGHQ.RI IHUUDXP6LHEHGDQNWHVLFKXQGOLHVLFKLQGDVNKOH VWXFNYHU]LHUWH+DXVVFKLHEHQ6FDUERURXJKZDUVHOEVW EHUUDVFKWZLHVHKUHUVLFKGDUEHUIUHXWH0DUVKD0DQ QLQJZLHGHU]XVHKHQXQGHUZXQGHUWHVLFKZHOFKHHPR WLRQDOHXQGN|USHUOLFKH:LUNXQJVLHDXILKQDXVEWHDOV HUPLWLKULQV+DXVJLQJXQGLKUYHUWUDXWHV2SLXP3DUIP XQGLKU6KDPSRRURFK0DUVKDWUXJHLQHQJUQHQ+RVHQ URFNGHULKUHUXQGHQ+IWHQEHWRQWHXQGHLQHIULVFKH ZHLH%OXVHXQWHUGHUVLFKLKUHYROOHQ%UVWHZ|OEWHQ6LH VFKLHQVHLWLKUHUOHW]WHQ%HJHJQXQJHLQSDDU3IXQGDEJH QRPPHQ]XKDEHQXQGVLHKDWWHHWZDVPHKU0DNHXS DXIJHOHJWDOVEOLFK,KUODQJHVORFNLJHV+DDUODJIHGHU OHLFKWDXIGHUKHOOHQOHLFKWHQ-DFNH$XFKZLHVLHLKQDQ VDKZDUQLFKWPL]XYHUVWHKHQ6LHIUHXWHVLFKLKQ]XVH KHQXQGVLHZDUDQVFKHLQHQGVHKUJOFNOLFKGDHVLKP HUKHEOLFKEHVVHUJLQJDOVEHLLKUHUOHW]WHQ%HJHJQXQJ ª'XVLHKVWJXWDXV0DUVKD©VDJWHHUZlKUHQGHUGDV %LHUGDV0DVKNLQLKUYHUVSURFKHQKDWWHDXVGHP.KO VFKUDQNKROWH ª'DQNH8QG6LHPHLQ+HUU6LHVHKHQDXVZLHHLQ .OHPSQHU(LQHDXVJH]HLFKQHWH9HUNOHLGXQJKDVWGXGLU GD]XJHOHJW©6LHQDKPGDV%LHUHQWJHJHQXQGVHW]WHVLFK DQGHQ.FKHQWLVFK 6FDUERURXJKVDKDQVLFKKLQXQWHU(UWUXJHLQURWHV)OD QHOOKHPGGLHbUPHOKDWWHHUKRFKJHNUHPSHOWGD]XHLQH DEJHWUDJHQH/HYLVXQGDXVJHWUHWHQH.HGV6DQGDOHQ ª:DVGHQQVLQGGLUPHLQH$LU-RUGDQ6FKXKHQLFKWIHLQ JHQXJ"© ª,FKELQVLFKHUGDGXLQGLHVHU$XIPDFKXQJEHLP%DV NHWEDOOVSLHOGHU3XEOLVKHUGDVEHUGHLQZHLWHUHV6FKLFN VDOHQWVFKHLGHQZLUGHLQHJXWH)LJXUDEJLEVW© 6FDUERURXJKJULQVWHª-HGHQIDOOVNDQQLFKJXWGULE EHOQ©8QGHLQJXWHU6WUPHUELQLFKDXFKGDFKWH6FDUER URXJKZlKUHQGHULKUHODQJHQ%HLQHEHZXQGHUWH0DQQ GDFKWHHUEHLVLFKHVLVWGRFKVFK|Q]XVHKHQGDLFKQRFK

QLFKWJDQ]DXVJHWURFNQHWELQ7URW]GHPJDEHVLP$XJHQ EOLFN:LFKWLJHUHVDOVVH[XHOOH(PRWLRQHQ ª'DZLUJHUDGHYRQ%DOOVSLHOHQUHGHQ©6LHKLHOWLQQH XQGWUDQNHLQHQ6FKOXFNª,FKKRIIHGDV6SLHOLVWQRFK QLFKWYRUEHL(VZDUVFKZLHULJKLHUKHUDXV]XNRPPHQ XQGLFKKRIIHLFKELQQLFKW]XVSlWGUDQ© 6FDUERURXJKVHW]WHVLFKQHEHQVLHXQGOHJWHLKUHLQH +DQGDXIGLH6FKXOWHUª(VOlXIWJDQ]JXW,FKKDEHLQ]ZL VFKHQHLQHUHFKWJXWH9RUVWHOOXQJZRPDQ'LDQHXQG7LP IHVWKDOWHQN|QQWH© ª1XQLFKELQKDXSWVlFKOLFKJHNRPPHQXPGHU6DFKH QDFK]XJHKHQDXIGLHLFKLQ:ULJKW3DWWHUVRQJHVWRHQ ELQ$XHUGHPGDFKWHLFKGDLFKGLUYLHOOHLFKWDXFKKLHU LP6WW]SXQNW.LUWODQGKHOIHQN|QQWHZHLOGDVMDHEHQ IDOOVHLQ*HOlQGHGHU$LU)RUFHLVW© (VZDUDQGHU=HLWGLH6WLUQ]XUXQ]HOQª0DUVKDGX KDVWVFKRQVRYLHOIUPLFKJHWDQXQGLFKELQZLUNOLFK IURKGDGXGDELVW$EHULFKNDQQHLQIDFKQLFKW]XODVVHQ GDGXGHLQH.DUULHUHDXIV6SLHOVHW]WPHLQ*RWWVRJDU GHLQH)UHLKHLW'DVVROOVWGXIUPLFKQLFKWULVNLHUHQGDV NDQQLFKQLFKWYHUODQJHQ© ª(LQ*HVFKHQNYRQPLUREGXHVKDEHQZLOOVWRGHUQLFKW MHGHQIDOOVZHUGHLFKWXQZDVLQPHLQHQ.UlIWHQVWHKW© 6LHVDKLKQHUQVWXQGHQWVFKORVVHQDQª:DVKDVWGXYRQ GHLQHP)UHXQGEHLGHU&,$JHK|UW"© ª,FKZLOOKHXWHDEHQGQRFKHLQPDOEHLLKP]X+DXVHDQ UXIHQ6HLQ6RKQ'DYLGNHQQWGHQ2UWDQGHPLFK(GPRU JHQWUHIIHQVROO©6FDUERURXJKVHXI]WHVFKZHUª0DUVKDHV ZLUGNODSSHQ,FKZHUGHPRUJHQ'LDQHKHUDXVKROHQ©(U VDKVLHHUQVWDQª-DGLH$LU)RUFHKDWWDWVlFKOLFKGDPLW]X WXQ8QGGHU/XIWZDIIHQVWW]SXQNW.LUWODQG9LHOOHLFKW NDQQVWGXPLUZLUNOLFKKHOIHQ© ª'HVKDOEELQLFKMDGD© ª1HLQLFKPHLQHGDPLWQLFKWGDGXGHLQ/HEHQULVNLH UHQVROOVWRGHUVRHWZDV© (UZXUGHYRQ0DVKNLQXQWHUEURFKHQGHUGXUFKGLH 9RUGHUWUKHUHLQNDPXQG]ZHL5HLVHWDVFKHQWUXJGLHHU PLWHLQHP6FKQDXIHQDEVWHOOWHª0DQQLKU)UDXHQUHLVW DEHUQLFKWJHUDGHPLWOHLFKWHP*HSlFN©

ª2:DOWHULFKNDQQGLHEHLGHQ7DVFKHQRKQHZHLWHUHV WUDJHQ© ª%HLHLQHPJURHQ0lGFKHQZLH,KQHQEHUUDVFKWPLFK GDVQLFKW2EZRKOLFKGHQ(LQGUXFNKDEHGDGLH7DVFKHQ PLW%OHLURKUHQYROOJHVWRSIWVLQG© ª.XJHOVLFKHUH8QWHUZlVFKH©VFKHU]WHVLH ª,FKJODXEHLFKODVVHGLH7DVFKHQHUVWPDOVWHKHQXQG UXKHPLFKHWZDVDXV=HLWIUGHQ1DFKPLWWDJVWHHZDV" 2ND\GDQQPDOORV©0DVKNLQKROWHVLFKHLQ%LHU|IIQHWH GLH)ODVFKHOHKQWHVLFKDQGLH.FKHQ]HLOHXQGSURVWHWH VHLQHQ*lVWHQ]Xª,KU]ZHLVHLGZLUNOLFKHLQVFK|QHV 3DDU© ª-DZLH'RQDOGXQG'DLV\©JDE0DUVKDODFKHQG]X UFN ª,FKKRIIHLFKKDEHHXFKQLFKWEHLLUJHQGZHOFKHQSULYD WHQ'LQJHQJHVW|UW"© ª1HLQQDWUOLFKQLFKW:DOW:LUKDEHQXQVEHUGLH 3OlQHIUGHQPRUJLJHQ7DJXQWHUKDOWHQ0HLQ7UHIIHQPLW (G0\HUV© ª8QGZLHLFK(YHUHWWLQ.LUWODQGKHOIHQNDQQ© ª-D,FKGHQNHZHQQLFKGRUW'LDQHXQGYLHOOHLFKWDXFK 7LPILQGHQXQGLQGHQOHJDOHQRIIL]LHOOHQ7HLOGHV6WW] SXQNWVVFKDIIHQNDQQGDQQZlUH0DUVKDLQGHU/DJHGD IU]XVRUJHQGDPDQVLHEHVFKW]W© ª,FKZHLQLFKW(YZUGHQ6LHGDPLWQLFKWIUHLZLOOLJ ,KUHQ6FKZDQ]LQGHQ%OHLVWLIWVSLW]HUVWHFNHQ"(QWVFKXOGL JHQ6LHGDV9RNDEXODU*QlGLJVWH© ª,FKPDFKHPLULQHUVWHU/LQLH6RUJHQXP'LDQHXQG 7LP:HUGHLFKYRQGHQ%HK|UGHQJHVFKQDSSWELQLFKVL FKHUGDLFKPHLQH8QVFKXOGEHZHLVHQNDQQ$EHULFK NDQQPLFKQLFKWVWHOOHQXQGJOHLFK]HLWLJKHUDXVILQGHQ ZDVPLW'LDQHJHVFKHKHQLVW© ª,FKYHUVWHKH1XQMDKDOEZHJVZHQLJVWHQV'HVKDOE LVW0DUVKDKLHUZDV"© ª'DVLVWQLFKWGHUHLQ]LJH*UXQG©HUNOlUWH0DUVKD 6FDUERURXJKVHXI]WHXQGYHUGUHKWHGLH$XJHQª-HW]W IDQJELWWHQLFKWZLHGHUGDPLWDQMD",FKZLOOPHLQH7RFKWHU UHWWHQXQGKHUDXVILQGHQZDVKLQWHUDOOGHPVWHFNWDEHU LFKZLOONHLQHNOHLQHQJUQHQ0lQQFKHQMDJHQ©

0DVKNLQV$XJHQIXQNHOWHQIU|KOLFKª7MD0DUVKDMHW]W VSLW]HLFKDEHUGLH2KUHQ.|QQWHQ6LHPLFKHLQZHLKHQ"© ª:LHLFKVHKHVLQG6LHREMHNWLY:DOWHU*DQ]LP*H JHQVDW]]XJHZLVVHQVW|UULVFKHQ7URWWHOQGHUHQ1DPHQ LFKLP$XJHQEOLFNQLFKWQHQQHQZLOO©6LHVDK6FDUER URXJK]RUQLJDQ ª,FKVDJHMDQLFKWGDDQGHPZDVGXGDLP/DJHUJH IXQGHQKDVWEHUKDXSWQLFKWVGUDQLVW0DUVKD,FKVDJH QXUGDGDVIUPLFKLP$XJHQEOLFNNHLQHKRKH3ULRULWlW KDWZHLOHVQLFKWVGDPLW]XWXQKDW'LDQH]XEHIUHLHQXQG KHUDXV]XILQGHQZDVLQGLHVHP.RPSOH[JHVFKLHKW© ª'DVNDQQVWGXQLFKWZLVVHQ(YHUHWW(VN|QQWHVRJDU HLQH0HQJHGDPLW]XWXQKDEHQ*XWP|JOLFKGDHVHLQ 7HLOHLQHUJU|HUHQ9HUVFKOHLHUXQJVDNWLRQLVW© ª%LWWH/HXWH,FKNRPPHYRU1HXJLHUGHIDVWXP© 6FDUERURXJKVFKWWHOWHGHQ.RSIXQGJDEVLFKJHVFKOD JHQ(UKREKLOIORVGLH+lQGHª/LHXWHQDQW0DQQLQJ JODXEWVLHKlWWHDXIGHP/XIWZDIIHQVWW]SXQNW:ULJKW 3DWWHUVRQGLHIOLHJHQGH8QWHUWDVVHJHIXQGHQGLHDQJHE OLFKLQ5RVZHOODEJHVWU]WLVW© :DOWHU0DVKNLQULGLH$XJHQDXIª:DV6LHQLFKWVD JHQ© ª1XQLP&RPSXWHUZDUHVDOVWRSVHFUHWUHJLVWULHUW XQGGHVKDOEPXWHLFKKLQJHKHQXQGVHOEVWQDFKVHKHQ© ª:LHVLQG6LHEHUKDXSWUHLQJHNRPPHQ"© 0DUVKD0DQQLQJHU]lKOWHGLHJDQ]H*HVFKLFKWHXQGDOV VLHIHUWLJZDUKDWWH0DVKNLQVHLQ%LHUOlQJVWDXVJHWUXQ NHQZDUDEHUYLHO]XJHIHVVHOWJHZHVHQXPVLFKDXVGHP .KOVFKUDQNHLQQHXHV]XKROHQ ª20DQQ©VDJWHHUDOV0DUVKDLKUHQ%HULFKWEHHQGHW KDWWHª'DVLVWXQJODXEOLFK,FKEHVFKlIWLJHPLFKMHW]WVHLW IQIXQG]ZDQ]LJ-DKUHQPLW8)2VXQGDOOHVZDVLFKYRU ]XZHLVHQKDEHVLQGHLQSDDUJXWH)UHXQGHHLQHVFK|QH 6DPPOXQJYRQ'RNXPHQWHQXQGHLQH6LFKWXQJ8QG6LH VWROSHUQMHW]WPLUQLFKWVGLUQLFKWVEHUGHQ%HZHLVGD GLHIOLHJHQGHQ8QWHUWDVVHQQLFKWQXUH[LVWLHUHQVRQGHUQ GDGLH6DFKHYRQGHU5HJLHUXQJYHUWXVFKWZLUG© ª:LUZLVVHQGDHVHLQH9HUWXVFKXQJVDNWLRQJLEW© ZDQGWH6FDUERURXJKXQJHGXOGLJHLQª$EHUZLUZLVVHQ

QLFKWZDUXPHVVLHJLEWXQGLFKELQQRFKQLFKWEHUHLW]X DN]HSWLHUHQGDZLUHVWDWVlFKOLFKPLWIOLHJHQGHQ8QWHU WDVVHQYRQ;HQRQ]XWXQKDEHQ© 0DUVKDVDKLKQWUDXULJDQª,FKZQVFKWHZLUNOLFKGX ZUGHVWPLUJODXEHQ(YHUHWW© ª0DUVKDLFKJODXEHGLUGRFK,FKZLOOQXUGLH6FKOXIRO JHUXQJHQQLFKWDN]HSWLHUHQGLHGXJH]RJHQKDVW© ª$OVRHLQ3DWW©VDJWH0DUVKD ª1HLQHLJHQWOLFKQLFKW©0DVKNLQV*HVLFKWQDKPHLQHQ VHOWVDPHQ$XVGUXFNDQª(YPHLQ)UHXQGYRUXQVOLHJW GRFKHLQIUHLHU$EHQGQLFKWZDKU",FKPHLQHQDFKGHP 6LH(G0\HUV 6RKQDQJHUXIHQKDEHQ© 6FDUERURXJK]XFNWHGLH6FKXOWHUQª-DVLFKHU:DUXP"© ª1XQZDVZUGHQ6LHVDJHQZHQQLFK6LHDXIHLQHQ NOHLQHQ$XVIOXJPLWPHLQHP/DVWHUHLQODGH"© ª8QGZDUXP"© ª+PP(VN|QQWHHLQELFKHQHQJZHUGHQLQPHLQHP /DVWHU0DUVKDZlUHHVYLHOOHLFKWP|JOLFK,KUHQ0LHWZD JHQ]XQHKPHQ"'LH]XVlW]OLFKHQ.LORPHWHUEH]DKOHLFK© 0DUVKDQLFNWHª,FKKDEHGHQ:DJHQSDXVFKDOJHPLHWHW GDJLEW VNHLQH([WUDNRVWHQ© ª2ND\RND\MHW]WKDEHQ6LHHVVSDQQHQGJHQXJJH PDFKW©VDJWH6FDUERURXJK(UZDUZWHQGEHUVLFK VHOEVWZHLOHUVHLQH1HXJLHUGHQLFKW]JHOQNRQQWH ª:DOWZDVKDEHQ6LHQXQPLWXQVYRU"© ª$OVRLFKELQQRFKQLFKWVLFKHUREHVVLQQYROOLVWKLQ]X IDKUHQ,FKPXYRUKHUDQUXIHQZHLOLFKVLFKHUVHLQ P|FKWHGDHVDXFKNODSSWGDVLVWDOOHV©(UWDWVRDOVVD OXWLHUWHHUYRU0DUVKDª8QGMHW]WHQWVFKXOGLJHQ6LHPLFK ELWWHLFKZHUGHPLFKLQPHLQH/DVWHUK|KOH]XUFN]LHKHQ XQGGHQ$QUXIWlWLJHQ© :DOWHU0DVKNLQJLQJKLQDXV.XU]GDQDFKK|UWHQVLH ZLHHLQH7UJH|IIQHWZXUGHXQG6FKULWWHGLH.HOOHUWUHSSH KLQXQWHUWUDPSHOWHQ ª:DVPHLQVWHREHUGDXQWHQVHLQHQ$OLHQIXVHOHLQJH EXQNHUWKDW"©DKPWH0DUVKDGHQ$N]HQWLKUHV*DVWJHEHUV QDFK 6FDUERURXJKODFKWH'LH6SDQQXQJGLH]ZLVFKHQLKQHQ HQWVWDQGHQZDUILHOVRIRUWYRQLKPDEª(UKDWHLQHQVHKU

JXWHLQJHULFKWHWHQ.HOOHU'DXQWHQVWHKWVRJDUHLQ&RP SXWHUPLWGHPHUVHLQH%ULHIHDQ8)2=HLWVFKULIWHQXQG DQDQGHUH8)2)DQVVFKUHLEW© ª(LQLQWHUHVVDQWHU0DQQ© ª:DUW VDEGXKDVWMDQRFKQLFKWYLHOYRQLKPJHVHKHQ© 6FDUERURXJKYHUGUHKWHGLH$XJHQGRFKHUOlFKHOWHGDEHL ª$EHULFKPDJLKQ:LHKHLWGDVQRFK"'DV6DO]GHU (UGH"© ª'DV6DO]GHUlWKHULVFKHQ(EHQHQPHLQVWGXZRKO HKHU© ª1HLQHULVWHLQJDQ]ERGHQVWlQGLJHUYHUQQIWLJHU 7\S(LQ$PDWHXUIRUVFKHU:DKUVFKHLQOLFKVRJDUVHKU JUQGOLFKXQGJHZLVVHQKDIWQXUGDHUVLFKXPHLQH $FKVHGUHKWGLHQLFKWJDQ]LP/RWLVW© ª,FKZHLQLFKW(Y1DFKDOOHPZDVSDVVLHUWLVWQDFK DOOHPZDVLFKGLUHU]lKOWKDEHELVWGXLPPHUQRFKQLFKW EHUHLWGLFKHLQZHQLJ]X|IIQHQXQGHLQ]XUlXPHQGDDQ DOOGHQ*HVFKLFKWHQGRFKHWZDVGUDQVHLQN|QQWH"© 6FDUERURXJKVHXI]WHª,FKZLOOPLFKQLFKWPLWGLUGDU EHUVWUHLWHQ'DIUDFKWHLFKGLFK]XVHKUXQGLFKELQPLU DXFKVLFKHUGDGDVZDVGXGRUWLP+DQJDUJHIXQGHQ KDVWVHKUZLFKWLJLVW$EHUODXQVELWWHNHLQHYRUHLOLJHQ 6FKOXIROJHUXQJHQ]LHKHQMD"© ª'XELVWZLUNOLFKQLHGOLFKZHQQGXGHQZHLVHQDOWHQ 0DQQVSLHOVW©HUZLGHUWH0DUVKDNRSIVFKWWHOQG ª6FK|QGDGXGDVGHQNVW©(UEHWUDFKWHWHVLHDXIPHUN VDP*RWWZLHVLHLKQDXIGLH3DOPHEULQJHQNRQQWHDEHU LP*UXQGHJHQRHUHV6LHZDUVHKUVHOEVWlQGLJLQGLHVHU +LQVLFKWlKQHOWHVLH'LDQH,QLKUHPKEVFKHQ.RSI VWHFNWHHLQJXWIXQNWLRQLHUHQGHV*HKLUQGDJDEHVNHLQHQ =ZHLIHO0DQFKPDOZDUVLHHLQELFKHQ]XNULHJHULVFK DEHULPPHUKLQGDVKLHOWLKQDXI7UDE ª(VLVWZLUNOLFKVFK|QPLWGLU]XUHGHQ(YDEHUGX NDQQVWHLQHPPDQFKPDOZLUNOLFKDXIGLH1HUYHQJHKHQ© 3O|W]OLFKKDWWHHU/XVWVLHLQGLH$UPH]XQHKPHQXQG IHVW]XKDOWHQDEHUHUXQWHUGUFNWHGHQ,PSXOVª,FKIUHXH PLFKDXFKGDGXKLHUELVW0DUVKD,FKNDQQGLUJDUQLFKW VDJHQ© 3O|W]OLFKNQLVWHUWHHV]ZLVFKHQLKQHQ6FDUERURXJKYHU

VFKOXJHVIDVWGHQ$WHPDOVHULQLKUHOHXFKWHQGHQEUDX QHQ$XJHQEOLFNWHXQGREZRKOVLHHLQSDDU6FKULWWHYRQ HLQDQGHUHQWIHUQWZDUHQNDPHVLKPYRUDOVZUGHHU LKUHQZDUPHQZHLEOLFKHQ.|USHUVSUHQ 'RFKGDQQSROWHUWHQ:DOWHU0DVKNLQV$UEHLWVVWLHIHO ZLHGHUGLH7UHSSHKHUDXIXQG]HUVW|UWHQGHQLQWLPHQ$X JHQEOLFN0DUVKDZDQGWHVLFKDEOHLFKWHUU|WHQG8QG 6FDUERURXJKKDWWHGDVVFKUHFNOLFKH*HIKOGDDXFKLKP GDV%OXW]X.RSIJHVWLHJHQZDU(UJLQJ]XP.KOVFKUDQN XQGKROWHVLFKQRFKHLQ%LHU ª$OOHVNODU/HXWH:LUKDEHQKHXWHDEHQGXPKDOEQHXQ HLQH9HUDEUHGXQJPLWHLQHP)UHXQG© 6FDUERURXJKQDKPGDV%LHUKHUDXVXQG|IIQHWHHVXP VWlQGOLFKª.OLQJWJXW:DOW$EHUPLWZHPWUHIIHQZLU XQVXQGYRUDOOHPZDUXP"© :DOWHU0DVKNLQVWLHIOLHJHQGH$XJHQIXQNHOWHQXQGHU OlFKHOWHDPVLHUWª$OVR(YGDVLVWQlPOLFKVR©

.DSLWHO 'LH6RQQHZDUVFKRQXQWHUJHJDQJHQDEHUGLHOHW]WHQ 6WUDKOHQHUIDWHQQRFKGLH*LSIHOGHU+JHOXQGOHJWHQ VDQIWHNDUPLQURWHXQGJHOEH6FKOHLHUEHUGDV/DQGXQWHU GHPKHOOEODXHQ+LPPHOGHUDOOPlKOLFKYHUEODWHXQG GHU'XQNHOKHLWXQGGHQ6WHUQHQZLFK'HU:VWHQVDQG OLH0DUVKD0DQQLQJV+DOVWXFKIODWWHUQDOVVLHDXVGHP /XPLQDVWLHJXQGDXI6FDUERURXJKXQG0DVKNLQZDUWHWH 'U6FDUERURXJKWUDWDXIGLH6DQGSLVWHGLH]XGHPZLQG VFKLHIHQDOWHQ+DXVIKUWHGDVSUDNWLVFKPLWWHQLQGHU (LQ|GHVWDQGXQGHLQYLHOVDJHQGHU*HUXFKYRQ0OOXQG YHUVWRSIWHU.DQDOLVDWLRQVWLHJLKPLQGLH1DVHVRIRUW IUDJWHHUVLFKZDUXPHUVLFKEHUKDXSWDXIGLHVHQGXP PHQ$XVIOXJHLQJHODVVHQKDWWH 'LH$QWZRUWGDUDXIODXWHWHQDWUOLFKXP:DOWHU 0DVKNLQHLQHQ*HIDOOHQ]XWXQ'HU0DQQKDWWHVLFK VFKOLHOLFKLQGHQOHW]WHQSDDU7DJHQDOV*HVFKHQN*RWWHV HUZLHVHQXQGHUKDWWHYHUVSURFKHQDXFKLQ=XNXQIWWDW

NUlIWLJ]XKHOIHQ:DVVROO VGDFKWH6FDUERURXJKHV NRQQWHMDQLFKWVFKDGHQZHQQHUPLWIXKUXPHLQHQYHU UFNWHQDXVJHIOLSSWHQ8)2)DQ]XEHVXFKHQXQGVLFK HLQHDEVXUGH*HVFKLFKWHDQ]XK|UHQ(VZlUHMDQLFKWGDV HUVWH0DOGD6FDUERURXJKVRHWZDVWDW,P/DXIHVHLQHU )RUVFKXQJHQKDWWHHUJHQJHQGDEVXUGH*HVFKLFKWHQJH VDPPHOWXPHLQHQ*URKDQGHOPLW9HUUFNWKHLWHQDXI PDFKHQ]XN|QQHQ(UKDWWHVRJDUEHUOHJWGHQDPHULND QLVFKHQ([]HQWULNHUQHLQJDQ]HV%XFK]XZLGPHQGDVHU 0DF1XWVQHQQHQZROOWH8QGGDHUDQGLHVHP$EHQGVR ZLHVRQLFKWVZHLWHUYRUKDWWHNRQQWHHUVLFKRKQHZHLWHUHV HLQHQHXH6WRU\DQK|UHQ$XHUGHPZUGHLKQGDVYRQ GHPPRUJHQEHYRUVWHKHQGHQ7UHIIHQPLW0\HUVDEOHQ NHQDQGDVHUGDXHUQGGHQNHQPXWH8QGHVZUGHYHU KLQGHUQGDHUPLW0DUVKD0DQQLQJDOOHLQZDU 'DV+DXVZDUHLQHDOWHZLQGVFKLHIHDXV$GREH]LHJHOQ JHEDXWH+D]LHQGDYRP:LQGJUDXJHVFKOLIIHQXQGYRQ GHUHUEDUPXQJVORVHQ6RQQHDXVJHG|UUWELVGLH:lQGH 5LVVHEHNRPPHQKDWWHQ*UlVHUXQGWRWH%VFKHKDWWHQ VLFKULQJVXPGDV*HElXGHIHVWJHNODPPHUWZLHGLH)LQ JHUHLQHV6NHOHWWVGLHDXVHLQHP*UDEQDFKREHQJULIIHQ 'DV+DXVODJHLQJXWHV6WFNDXHUKDOEGHUUDVFKZDFK VHQGHQ9RURUWHYRQ$OEXTXHUTXHHVZDUZRKOLQHLQHU =HLWHUEDXWZRUGHQDOVQRFKVSDQLVFKH'RQVGDV/DQG UHJLHUWHQ ª0HQVFKGLH$LU)RUFHVRUJWJXWIULKUH/HXWH©(U]RJ GLH$XJHQEUDXHQKRFKXQGVDK0DVKNLQYLHOVDJHQGDQ ª2K-HQNLQVKDWHVYRUHLQSDDU-DKUHQELOOLJDXIHLQHU $XNWLRQHUVWDQGHQ©HUNOlUWH0DVKNLQª*XWEHWXFKWLVWHU JDQ]EHVWLPPWQLFKWDEHUZHQQHUZLUNOLFKPDO*HOG EUDXFKWGDQQN|QQWHHURKQHZHLWHUHVHLQHQ7HLOGHV /DQGHVPLWJXWHP*HZLQQDQGLH(QWZLFNOXQJVJHVHOO VFKDIWHQYHUNDXIHQ:DKUVFKHLQOLFKEOHLEWHUDEHUHLQIDFK KLHUVLW]HQELVHUGHQ/|IIHODEJLEW/RVNRPPWMHW]WHU ZDUWHWVFKRQ(VSDVVLHUWQLFKWRIWGDHU%HVXFKHUHPS IlQJW:DKUVFKHLQOLFKZLUGHUVRJDUVHLQHQH[WUDJXWHQ 7HTXLODYRUKROHQ'LH6RUWHPLWGHQ:UPHUQDP%R GHQ©0DVKNLQEOLQ]HOWH0DUVKD]XGLHDQJHZLGHUWGDV *HVLFKWYHU]RJGDQQZLQNWHHUVHLQ*HIROJHZHLWHUXQG

IKUWHVLHEHUHLQHQ:HJDXV]HUEURFKHQHQ6WHLQSODWWHQ EHUGLHKLHUXQGGRUW(LGHFKVHQKXVFKWHQ ª,FKKRIIHQXUGHU%HVXFKORKQWVLFKDXFK©0DUVKD KLHOWVLFKHLQ6WFNKLQWHU0DVKNLQVDKGHQ5HSWLOLHQQDFK XQGEHUEOLFNWHGHQZHLWOlXILJHQ+RIYRUGHP+DXVGHU VLFKLQHLQHPHUElUPOLFKHQ=XVWDQGEHIDQG ª6LHZROOWHQGRFKXQEHGLQJWPLWNRPPHQ© ª,FKZHLLFKZHL©6LHVFKZLHJHLQHQ$XJHQEOLFNXQG ZDQGWHVLFKGDQQDQ6FDUERURXJKª,VWPLWGHP$QUXI DOOHVLQ2UGQXQJJHJDQJHQ"© (UQLFNWHª,FKWUHIIHPLFKPLW0\HUVLP0F'RQDOG VDX HUKDOEYRQ.LUWODQG(UKDWIU0DVKNLQXQGPLFKHLQ SDDU3DVVLHUVFKHLQH]XVDPPHQJHSIXVFKW:LUZHUGHQ XQVZLHLFKYRUJHVFKODJHQKDEHDOV.OHPSQHUDXVGHU 1lKHDXVJHEHQ'DPLWNRPPHQZLURKQHZHLWHUHVLQGHQ 6WDQGRUW© ª*XW:LUKDEHQMDVFKRQIHVWJHOHJWZRLFKGDQQVHLQ ZHUGH© ª5LFKWLJDOV5FNHQGHFNXQJLQGHU2IIL]LHUVPHVVH QLFKWZDKU"© :HQQ6FDUERURXJKVHLQH7RFKWHUXQG7LP"JHIXQ GHQKDWWHZUGHHUVLH]XGHQ]HQWUDOHQ*HElXGHQGHV 6WW]SXQNWHVVFKDIIHQXQGGHQ2IIL]LHUHQEHUJHEHQXP VLHYRUGHU&,$LQ6LFKHUKHLW]XEULQJHQ'DQQZROOWHHU VLFKVHOEVWYHUKDIWHQODVVHQ'LDQHXQG0DUVKDNRQQWHQ EH]HXJHQGDHUQLFKWHLQPDOLQGHU1lKHJHZHVHQZDU DOV0DF.HQ]LHV+DXVJHEUDQQWKDWWHXQG0DFJHW|WHW ZRUGHQZDU 6LHJULQVWHª,FKGHQNHLFKNDQQPLUEHLGHU*HOHJHQ KHLWZlKUHQGLFKDXIGLFKZDUWHJOHLFKHLQSDDU'ULQNV JHQHKPLJHQ© ª'XNOLQJVWZLH&DPGHQ© ª(UVROOWHGRFKHLJHQWOLFKOlQJVWKLHUVHLQRGHU"© ª-D9LHOOHLFKWLVWHLQH1DFKULFKWDXIGHP$QUXIEHDQW ZRUWHUZHQQZLUZLHGHU]XUFNVLQG$XIMHGHQ)DOON|Q QHQZLUHVXQVQLFKWHUODXEHQQRFKOlQJHUDXILKQ]XZDU WHQ© ª1HLQ&DPGHQZLUGGLH*HVFKLFKWHHEHQDXV]ZHLWHU +DQGEHNRPPHQ©

ª$FKZHUZHL©6FDUERURXJKVFKWWHOWHGHQ.RSI ª'HU0DQQKDWVRHLQHXQKHLPOLFKH$UWXQDQJHPHOGHW DXI]XWDXFKHQ© ª,FKGDFKWHQXUKDVWGXVFKRQPDOGDUDQJHGDFKW GD&DPGHQHWZDVPLWGHQ/HXWHQ]XWXQKDEHQN|QQWH GLHGHLQH/HNWRULQLQGHU8%DKQHUVFKRVVHQKDEHQXQG GLHGLULQ%DOWLPRUHJHIROJWVLQG"© ª1HLQ,Q]ZLVFKHQNHQQHLFK-DNHJXWJHQXJ'XNDQQVW PLUUXKLJJODXEHQ-DNH&DPGHQDUEHLWHWIUQLHPDQGHQ DXHUIUVLFKVHOEVW© ª$OVHUPLFKDQJHUXIHQKDWVFKLHQHU]LHPOLFKGDQHEHQ ]XVHLQ,FKKDEHHVGLUMDHU]lKOW'LHVH*HVFKLFKWHPLWGHQ 0lQQHUQGLHLKQJHUHWWHWKDEHQGDVKDWLKQVLFKWOLFKHU VFKWWHUW© ª0DUVKDODXQVELWWHHLQVQDFKGHPDQGHUHQLQ$QJULII QHKPHQ,P$XJHQEOLFNP|FKWHLFKPLFKGDUDXINRQ]HQ WULHUHQPHLQH7RFKWHU]XEHIUHLHQ2ND\"© 0DUVKDVDOXWLHUWHLURQLVFKª-DZROO6LU© :DOWHU0DVKNLQKDWWHEHUHLWVGDV(QGHGHVXQHEHQHQ :HJHVHUUHLFKWXQGGLHVFKPXW]LJHDXV6WHLQJHEDXWH9H UDQGDEHWUHWHQ(UNORSIWHDQGLH+RO]WUXQG6FDUER URXJKXQG0DQQLQJKLHOWHQVLFKHWZDV]XUFNGDPLWGLH )UHXQGHVLFKXQJHVW|UWEHJUHQNRQQWHQ'DV.ORSIHQ KDOOWHKRKOGXUFKGDVJURH*HElXGH ª(ULVWGRFKKRIIHQWOLFK]X+DXVH:DOW"©IUDJWH6FDUER URXJKQDFKGHPVLHHLQH:HLOHJHZDUWHWKDWWHQ ª$EHUNODU7RGG-HQNLQVJHKWNDXPQRFKYRUGLH7U 'RFKHULVWJDQ]VLFKHUGDKHLP:LUPVVHQLKQQXUZDFK EHNRPPHQGDVLVWDOOHV :DOWHU0DVKNLQNORSIWHZLHGHU 3O|W]OLFKZDULUJHQGZRLP6FKDWWHQDXIGHU9HUDQGDHLQ .OLFNHQ]XK|UHQ(LQ*HZHKUKDKQZDUJHVSDQQWZRUGHQ 6FDUERURXJK]XFNWHXQZLOONUOLFK]XVDPPHQ0DQ QLQJIDWHVHLQHQ$UPXQGGUFNWHLKQEHUXKLJHQG ª.|QQW,KU$UVFKO|FKHUGDVYHUGDPPWH6FKLOGQLFKWOH VHQ"©EODIIWHHLQHUDXKHKHLVHUH6WLPPHª.HLQH9HUWUHWHU EHVXFKH8QGMHW]WKDXWDE© 0DVKNLQWUDWYRQGHU9HUDQGDKHUXQWHULQVKHOOH6RQ QHQOLFKWXQGJULQVWHEUHLWª7RGGKDOOR:LUZROOHQGLU

QLFKWVYHUNDXIHQGX%DVWDUG,FKELQ V0DVKXQGZLU VLQGSQNWOLFK© ª:DVGHQQ0DVKNLQ":DOWHU© 6FDUERURXJKEHPHUNWHHUOHLFKWHUWGDGHU*HZHKUODXI QDFKXQWHQ]HLJWHDOVHLQYRP$OWHUJHEHXJWHU0DQQPLW ]RWWHOLJHPZHLHP+DDULQV/LFKWWUDW(UVDKVLHGXUFK GLFNH%ULOOHQJOlVHUDQª$PLJR9HUGDPPWLFKKDWWHJDQ] YHUJHVVHQGDGXKHXWHDEHQGYRUEHLNRPPHQZROOWHVW© (UEOLHEVWHKHQXQGZLQNWHPLWGHP*HZHKUODXIDEIlOOLJ LQ6FDUERURXJKVXQG0DQQLQJV5LFKWXQJª8QGZDVVLQG GDVIU:LW]ILJXUHQ"© ª9HUGDPPWQRFKPDO-HQNVLFKKDE VGLUGRFKHU]lKOW 0HLQ%HVXFK'DVKLHULVW0DUVKD0DQQLQJXQGLKU )UHXQGLVWDXFKGDEHLlK'RXJ$GDPV©6LHKDWWHQVLFK XQWHUZHJVEHUOHJWGDHVVLQQYROOZlUH6FDUERURXJK YRUEHUJHKHQGHLQHQDQGHUHQ1DPHQ]XJHEHQ 0DUVKDJDE-HQNLQVGLH+DQGDEHUGHU0DQQVWDUUWH VHLQH%HVXFKHULQQXUDQDOVZlUHVLHHLQH)DWD0RUJDQD ª2\HDK© ª6RGXDOWHU.QDFNHUXQGMHW]WELWWHXQVHQGOLFKLQV +DXV'XXQG0DUVKDLKUKDEWHLQLJHV]XEHVSUHFKHQ© ª(KUOLFK"© ª
HLQHU:DQGWUPWHQVLFKXQ]lKOLJH%FKHUDXIPDQFKHLQ 3DSSNDUWRQVGLHPHLVWHQLQZDFNOLJHQ6WDSHOQ$QHLQHU DQGHUHQ:DQGODJHUWHQ=HLWVFKULIWHQ$EJHUXQGHWZXUGH GLHFKDRWLVFKH%LEOLRWKHNGXUFKJURH0HQJHQDOWHU=HL WXQJHQ$QVFKHLQHQGZDUI7RGG-HQNLQVDEVROXWQLFKWV ZHJ (UERWLKQHQDQHLQHPODQJHQULVVLJHQXQGYHU]RJHQHQ 7LVFK6WKOHDQJLQJGDQQDXI0DVKNLQV%LWWHQDFKQHEH QDQXQGKROWH%LHU ª7RGG-HQNLQVLVW&DSWDLQGHU86$LU)RUFHLP5XKH VWDQG©HUNOlUWH0DVKNLQ(UVFKLHQDXVJHVSURFKHQVWRO] DXIVLFK]XVHLQXQGIKOWHVLFKLQGLHVHPHLJHQDUWLJHQKHU XQWHUJHNRPPHQHQ:VWHQSDODVWRIIHQEDUSXGHOZRKO ª'DVVDJWHQ6LHEHUHLWV©HUZLGHUWH6FDUERURXJKWURN NHQ(UUXWVFKWHXQEHKDJOLFKDXIGHPDOWHQTXLHWVFKHQGHQ 6WXKOKHUXP ª:DUWHQ6LH VQXUDE(Y(UKDWHLQH*HVFKLFKWH]XHU ]lKOHQGLH,KU/HEHQYHUlQGHUQZLUG© ª'DVZHUGHQZLUMDVHKHQ©(UZDQGWHVLFKDQ0DUVKD 0DQQLQJGLH]XVHLQHP.XPPHUDXVJHVSURFKHQQHXJLH ULJVFKLHQ6FDUERURXJKIKOWHVLFKHLQGHXWLJXQZRKO(U ZQVFKWHMHW]WHUZlUHHWZDVHQHUJLVFKHUJHZHVHQXQG KlWWH:DOWHU0DVKNLQV:XQVFKGLHVHQ0DQQ]XEHVX FKHQPLWHLQHPNODUHQ1HLQEHDQWZRUWHW(UKlWWHHLQIDFK GDKHLPEOHLEHQXQGIUK]X%HWWJHKHQVROOHQ0RUJHQZDU HLQlXHUVWZLFKWLJHU7DJ:DVKDWWHHUGDYRQZHQQHUGHQ $EHQGGDYRUPLWHLQHPDXVJHPDFKWHQ8)27URWWHOYHU EUDFKWHXQGVLFKKDDUVWUlXEHQGHYHUUFNWH*HVFKLFKWHQ EHU$XHULUGLVFKHXQGIOLHJHQGH8QWHUWDVVHQDQK|UWH" 'RFKQRFKZlKUHQGLKPGLHVH]RUQLJHQ*HGDQNHQ GXUFKGHQ.RSIJLQJHQULHUVLFK]XVDPPHQXQGHU PDKQWHVLFKHWZDVJHODVVHQHUPLWGHU6LWXDWLRQXP]XJH KHQ9RQGLHVHQ9RUXUWHLOHQKDWWHHU$EVFKLHGJHQRPPHQ VLHZDUHQHLQ7HLOGHVDOWHQ6FDUERURXJKJHZHVHQ,PPHU KLQKDWWHHUVLFKGRFKYHUlQGHUWQLFKWZDKU"1XQMDHLQ ZHQLJ(UZDUHV0DVKNLQHLQIDFKVFKXOGLJLKQ]XEHJOHL WHQ8QGZHQQ0DUVKD0DQQLQJKLHUVHLQZROOWHXQG ZHQQVLHZROOWHGDHUVLHEHJOHLWHWHMDGDQQZDUHUHV DXFKLKUVFKXOGLJ

$OVRYHUNQHLI VGLUGX7URWWHOVDJWHHU]XPDOWHQ'U (YHUHWW6FDUERURXJK+DOWHGLFK]XUFNXQGK|UHHLQIDFK QXU]X -HQNLQVNDPPLWHLQHP6HFKVHUSDFN'RV(TXLV%LHU]X UFN(U|IIQHWHYLHU)ODVFKHQXQGUHLFKWHGUHLVHLQHQ*l VWHQZREHLLKPGLHZHLH+DDUPlKQHLQV*HVLFKWILHO :DOWHU0DVKNLQSURVWHWHGHQDQGHUHQ]XXQGVLHWUDQ NHQ ª6R0L©NQXUUWH-HQNLQVª:DOWKLHUVDJWHPLU6LHKlW WHQLQ:ULJKW3DWWHUVRQHWZDVVHKU,QWHUHVVDQWHVJHIXQ GHQ© 0DUVKDQLFNWHXQGOHFNWHVLFKQHUY|VGLH/LSSHQª-D 6LU'DVVWLPPW©6LHWUDQNHLQHQ6FKOXFN (LQODVWHQGHV6FKZHLJHQHQWVWDQG ª9HUGDPPWGDQQIDQJHQ6LHGRFKDQXQGHU]lKOHQ6LH -HQNVZDV6LHPLUHU]lKOWKDEHQ0DUVKD2GHUEUDXFKHQ 6LHHLQH([WUDHLQODGXQJ"© 0DUVKDUlXVSHUWHVLFKXQGEHJDQQª6LHPVVHQZLVVHQ GDLFKPLFKDXI&RPSXWHUVSH]LDOLVLHUWKDEH&DSWDLQ -HQNLQV%HLPHLQHU$UEHLWKDEHLFKLP&RPSXWHUHLQH(LQ WUDJXQJJHIXQGHQGLHPLWGHP0DWHULDODXV5RVZHOO]X WXQKDWWH$QVFKOLHHQGKDEHLFKPLU=XJDQJYHUVFKDIIW XQGHVPLUDQJHVHKHQ© -HQNLQV $XJHQEHJDQQHQ]XIXQNHOQ(UQLFNWHZLHHLQ :DFNHOKXQGDXIGHU+XWDEODJHHLQHV$XWRV%HJLHULJ VFKLHQHUMHGHV:RUWDXI]XVDXJHQGDV0DUVKDVDJWH :lKUHQG6FDUERURXJKVLFK0DUVKDV*HVFKLFKWHQRFK HLQPDODQK|UWHWUDQNHUKLQXQGZLHGHUHLQHQ6FKOXFN %LHU(UPXWH]XJHEHQGDLKU%HULFKWVHKUEHU]HXJHQG NODQJDEHUDXVUHLQHU*HZRKQKHLWPDFKWHVHLQ9HUVWDQG hEHUVWXQGHQXQGHUYHUVXFKWHHLQHORJLVFKH(UNOlUXQJ ]XILQGHQ $OVVLHJHHQGHWKDWWHIXKU-HQNLQVVLFKPLWGLFNHQNXU ]HQ)LQJHUQGXUFKGDVZXFKHUQGHZHLH+DDUXQG|II QHWHVLFKHLQQHXHV'RV(TXLV(UQDKPHLQHQODQJHQ 6FKOXFNNQDOOWHGLH)ODVFKHDXIGHQ7LVFKXQGVHXI]WH ª'LHVHDOWHQ:LFKVHU© ª:LHELWWH"©VDJWH0DUVKDRIIHQVLFKWOLFKHWZDVHU VFKURFNHQ

ª0DUVKD©HUNOlUWH0DVKNLQXQGQDKPVLFKVHOEVWGDV OHW]WH%LHUª6LHPVVHQGDVYHUVWHKHQ'LH6WUHLWNUlIWHGHU 9HUHLQLJWHQ6WDDWHQKDEHQGHQ0DQQGXUFKGLH+|OOHJH MDJW© ª-DGHU.ULHJLVWGLH+|OOH©ZDUI6FDUERURXJKHLQ ª-HGHU.ULHJZlUHPLUMHGHU]HLWOLHEHUDOVGDVZDVGLHVH $UVFKO|FKHUPLUDQJHWDQKDEHQ©NQXUUWH-HQNLQV:LHGHU QDKPHUHLQHQJURHQ6FKOXFN%LHUXQGVDK6FDUERURXJK ZWHQGDQª8QGGDVDOOHVKDEHQVLHQXUJHPDFKWZHLOLFK GHQ/HXWHQGLH:DKUKHLWHU]lKOHQZROOWH©(UZDUI 0DUVKDHLQHQHWZDVZRKOZROOHQGHUHQ%OLFN]Xª0D DP LFKZDUWHVHLWPHKUDOVYLHU]LJ-DKUHQGDUDXIGDMHPDQG ZLH6LHPLUVRHWZDVEHULFKWHW7HXIHODXFKGLHZROOWHQ PLFKQLFKWHLQPDOPHKUQDFK:ULJKW3DWWHUVRQKLQHLQODV VHQ8QG6LH6LHKDEHQPLUGDHLQJURHV*HVFKHQNJH PDFKWGDVLVW%DOVDPIUPHLQH6HHOH© ª6LHKVWGX©PHOGHWH:DOWHU0DVKNLQVLFK]X:RUW ª:DVKDEHLFKGLUJHVDJW-HQNV'DVEHVWlWLJWGHLQH*H VFKLFKWH,FKKDEHGDV*HIKOGDLVWPDOZLHGHUHLQ$UWLNHO EHUGLFKIlOOLJDOWHU)UHXQG© ª+HZDUWHQ6LHPDO©ZDUI6FDUERURXJKHLQª'DVEH ZHLVWGRFKEHUKDXSWQLFKWV© ª,PPHUPLWGHU5XKH(Y©VDJWH0DVKNLQª6FKOLHOLFK KDEHLFK6LHPLWJHQRPPHQGDPLW6LHVLFK-HQNV *H VFKLFKWHDQK|UHQN|QQHQ(ULVWMHW]WQXUHLQELFKHQDXI JHUHJWZHLO0DUVKDV%HULFKWVRJXW]XGHPSDWZDVHU VHOEVWHUOHEWKDWGDVLVWDOOHV1LFKWZDKU-HQNV"© ª$XIJHUHJW"'DVLVWZRKOQLFKWJDQ]GDVULFKWLJH:RUW© ZDQGWH-HQNLQVHLQª$EHULFKJODXEHLFKELQHVHXFKMHW]W VFKXOGLJPHLQH*HVFKLFKWH]XHU]lKOHQ$OVRIDQJHQZLU DQ© 'HU0DQQNUDW]WHVLFK]ZLVFKHQGHQ%HLQHQWUDQNHW ZDV%LHUXQGEHJDQQ ª,FKZDUGDPDOV%HUXIVRIIL]LHU:DVGDVEHGHXWHWNDQQ HLJHQWOLFKQXUMHPDQGYHUVWHKHQGHUGDVDXVHLJHQHU$Q VFKDXXQJNHQQWZLH6LH0L,FKKDWWHPLWPHLQHP%OXW XQWHUVFKULHEHQQRFKEHYRUGLH-DSDQHU3HDUO+DUERU ERPEDUGLHUWHQXQGKDEHGDQQLP=ZHLWHQ:HOWNULHJDQ DOOHQ.ULHJVVFKDXSOlW]HQ%RPEHUJHIORJHQ,FKNDQQWH

QLFKWVDQGHUHVXQGLFKNDQQYHUVWHKHQZLHHVGHQDUPHQ 6FKZHLQHQHUJDQJHQLVWGLHPLWJHJULOOWHP*HKLUQXQG PLWGHP'DXPHQLP$UVFKDXV9LHWQDP]XUFNJHNRP PHQVLQGGHQQZHQQPDQHLQPDOEHLGHU$UP\LVWGDQQ LVWHVYHUGDPPWVFKZHUKDOEZHJVDQVWlQGLJZLHGHUKHU DXV]XNRPPHQ+DEHLFKUHFKW/LHXWHQDQW"© 0DUVKD0DQQLQJQLFNWHGVWHU ª
XQGGLHPHQVFKOLFKH(ULQQHUXQJZDUVFKRQQDFKIQI0L QXWHQQLFKWPHKU]XYHUOlVVLJ ª'DVLVWULFKWLJ8QGZRPLWLFKGDQQNRQIURQWLHUW ZXUGHGDVZDUGDV9HUUFNWHVWHZDVLFKMHJHVHKHQ KDEH'LHVHU5DQFKHUHUKLH%DU]HOVWDQGHLQIDFKQXUGD KHUXPXQGZXWHQLFKWZDVHUPDFKHQVROOWH'DVNDQQ LFKJXWYHUVWHKHQ(VJDEMDDXFKQLFKWVZDVHUKlWWHPD FKHQN|QQHQXQGGHVKDOEKDWHUGHQ6KHULIIDQJHUXIHQ GHUGDQQGDVJHPDFKWKDWZDVHUPDFKHQNRQQWH(UKDW QlPOLFKVRIRUWGLH5HJLHUXQJEHK|UGHQDQJHUXIHQXQG GLHKDEHQXQVJHVFKLFNW'DVZDUHLQH]LHPOLFKYHUUFNWH 6DFKHGDPDOVXQGGDV0LOLWlUKlWWHGLH6DFKHEHVWLPPW JDQ]DQGHUVDQJHSDFNWZHQQPDQJHZXWKlWWHZDVGD DXIHLQHQ]XNDP'LH)KUXQJVOHXWHMHGHQIDOOV0DQQ ZDUGDVHLQ'XUFKHLQDQGHU,FKKDEHPLUDQJHVFKDXWZDV HVGD]XVHKHQJDEXQGSO|W]OLFKZXUGHTXHUGXUFKPHLQ /HEHQHLQHGLFNHVFKZDU]H/LQLHJH]RJHQ9RQGDDQJDE V IUPLFKGLH=HLWYRU5RVZHOOXQGGLH=HLWQDFK5RVZHOO 95XQG$5JHQDXVRZLHYRU&KULVWXVXQGQDFK&KUL VWXV© ª-HQNVN|QQWHVWGXMHW]WELWWHPDOPLWGLHVHQ$XV VFKPFNXQJHQDXIK|UHQXQG]XU6DFKHNRPPHQXQG GHLQHYHUGDPPWH*HVFKLFKWHHU]lKOHQ"©VDJWH0DVKNLQ ª,PPHUPLWGHU5XKH0DVKNLQ0HLQ*RWWHVLVWGRFK PHLQH*HVFKLFKWH,FKNDQQVLHHU]lKOHQZLHLFKZLOO©(U WUDQNHLQHQJURHQ6FKOXFN%LHUXQGVDK0DVKNLQZWHQG DQ ª6FKRQJXW0U-HQNLQV©VFKDOWHWH0DUVKD0DQQLQJ VLFKHLQGLHRIIHQEDUY|OOLJKLQJHULVVHQZDUª:LUKDEHQ HVQLFKWHLOLJ© -HQNLQVNUDW]WHVLFKHLQ6WFNWRWH+DXWYRQGHUIOHFNL JHQURWHQ1DVHXQGNQDOOWHVHLQH)ODVFKHDXIGHQ7LVFK 'DV%LHUVFKlXPWHGXUFKGHQ+DOVKHUDXVXQGYHUWHLOWH VLFKDXIGHPZHOOLJHQ+RO]ª(LQHYHUGDPPWHIOLHJHQGH 8QWHUWDVVHKDEHLFKJHVHKHQ©VDJWHHU6HOEVWMHW]WQDFK DOOGHQ-DKUHQZDUHQLKPQRFKGLH(KUIXUFKWXQGGLH9HU ZXQGHUXQJDQ]XPHUNHQGLHHUGDPDOVHPSIXQGHQKDWWH ª(LQHDEJHVWU]WHIOLHJHQGH8QWHUWDVVHGLHEHLGHU%UXFK ODQGXQJLQ6WFNHJHULVVHQZRUGHQZDU$EHUGDVQLFKW

QRFKQLFKWDOOHVVDJHLFK,KQHQ©6HLQH/LSSHQEHZHJWHQ VLFKHLQLJH6HNXQGHQODQJVWXPPDOVPWHHUHUVWGLH ULFKWLJHQ:RUWHILQGHQª(VJDEDXFK/HLFKHQ(VPVVHQ IQIRGHUVHFKV/HLFKHQJHZHVHQVHLQ© ª'LH/HLFKHQYRQ$XHULUGLVFKHQ"©IUDJWH0DUVKDEH JLHULJ -HQNLQVDQWZRUWHWHLKUQLFKWHUZDUY|OOLJJHIDQJHQLQ VHLQHQ(ULQQHUXQJHQXQGVDKZLHGHUGLH6]HQHYRUVLFK GLHHUGDPDOVLQ5RVZHOOEHREDFKWHWKDWWH ª$XIGHPJDQ]HQ*HOlQGHODJHQ7UPPHUKHUXPXQG HLQODQJHU6WUHLIHQ/DQGZDUSUDNWLVFKXPJHSIOJWZRU GHQ:DVYRQGHP)OXJREMHNWQRFKEULJZDUGDVZDU QLFKWPHKUDOVHLQH]HUWUPPHUWH+OOHDXVGHUHLQ+DX IHQYRQ*HUlWHQKHUDXVVFKDXWH$OVZlUHGLHJURHGLFNH 6FKHLEHLQGHU0LWWHGXUFKJHVFKQLWWHQZRUGHQ© ª*HQDXZLHGDVZDVLFKLP+DQJDUHQWGHFNWKDEH©ULHI 0DUVKD ª
ORFKDQGLHVHQ6FDUERURXJKRGHUZLHHUKHLW$EHULFK NHQQHMD:DOWKLHUXQGLFKZHLGD:DOWPLWVRHLQHP 6FKOHLPHUQLFKWV]XWXQKDEHQZROOWH© :DOWHU0DVKNLQJULQVWH6FDUERURXJKDQª,P/HEHQ QLFKW© 'HU:LVVHQVFKDIWOHU]XFNWHQXUPLWGHQ6FKXOWHUQXQG OHKQWHVLFKZLHGHU]XUFN ª'DVN|QQWHHUNOlUHQZDUXPHVNHLQHELRORJLVFKHQ%H ZHLVHIUGLH([LVWHQ]GHU$XHULUGLVFKHQJLEW©ZDUI 0DUVKD0DQQLQJHLQª6LHYHUZHVHQ]XVFKQHOO© ª
GDQQHLQH3UHVVHHUNOlUXQJYRUEHUHLWHW,FKZHUGHLQGLH =HLWVFKULIW7LPHNRPPHQGDFKWHLFKPLU(GZDUG50XU URZZLUGHLQ,QWHUYLHZPLWPLUPDFKHQ9LHOOHLFKWZU GHQVLHVRJDUHLQ)RWRYRQPLUYHU|IIHQWOLFKHQGDPDOV SODJWHPLFKHLQHVRYHUUFNWH,GHHGDLFKHLQHV7DJHV YLHOOHLFKWPDO6FKDXVSLHOHUZHUGHQN|QQWH'DKDWWHLFK DOVRHLQHUVHLWVDOOHP|JOLFKHQ)ODXVHQLP.RSIXQGDQGH UHUVHLWVZDULFKVHKUHUVFKURFNHQ,FKPHLQHHVSDVVLHUWMD QLFKWDOOH7DJHGDHLQHPHLQ'LQJYRQHLQHPDQGHUHQ 3ODQHWHQLQV/HEHQNUDFKW,Q5RVZHOOJDEHVHLQZHQLJ*H UHGHEHUHLQDEJHVWU]WHV2EMHNWRGHUHLQDEJHVWU]WHV )OXJ]HXJXQGGLH=HLWXQJHQKDEHQHWZDVLQGHU$UWYHU |IIHQWOLFKWGDHVP|JOLFKHUZHLVHHLQHIOLHJHQGH8QWHU WDVVHJHZHVHQVHL(LQ)RWRJUDIKDWVRJDUHLQ)RWRYRQHLQL JHQPHLQHU.DPHUDGHQJHPDFKWGLHHLQ6WFNYRQ GLHVHPGQQHQIROLHQlKQOLFKHQ0DWHULDOKRFKKLHOWHQ 'HUNRPPDQGLHUHQGH2IIL]LHUHLQJHZLVVHU0DMRU0DU FHOVROOWHHLQH(UNOlUXQJ]XGHP9RUIDOODEJHEHQ$EHU GDQQDXIHLQPDOZXUGHGHU9RUKDQJJHVHQNW.HLQ:RUW GXUIWHPHKUGDUEHUQDFKDXHQGULQJHQ'LH3UHVVHKDW YRQGHU$LU)RUFHUHLQJDUQLFKWVPHKUHUIDKUHQ(LQHIOLH JHQGH8QWHUWDVVH"3DKHVJDENHLQHIOLHJHQGH8QWHUWDVVH 'DVZDUNHLQDXHULUGLVFKHV5DXPVFKLIIGDVLUJHQGZR DXIHLQHPZHLWZHLWHQWIHUQWHQ3ODQHWHQJHEDXWZRUGHQ ZDU'DV=HXJGDVGLH0lQQHUKRFKKLHOWHQZDUJDQ] QRUPDOHVLUGLVFKHV0DWHULDO:DVGDKHUXQWHUJHNRPPHQ LVWVRKDEHQVLHGDVGDQQJHGUHKWGDVZDUQLFKWVZHLWHU DOVHLQ:HWWHUEDOORQ© -HQNLQVUlXVSHUWHVLFKODXWXQGVFKWWHOWHZHKPWLJ GHQ.RSI ª9HUGDPPW,FKZHLZDVLFKPLWPHLQHQHLJHQHQ $XJHQJHVHKHQXQGZDVLFKPLWPHLQHUHLJHQHQ1DVHJH URFKHQKDEH'DV'LQJGDDXI%UD]HOV$FNHUZDUPLW6L FKHUKHLWNHLQ:HWWHUEDOORQ8QGLFKELQMHW]WQRFKWRWDO VDXHUGDLFKQLFKWHLQIDFK]XHLQHU=HLWXQJJHKHQXQG PHLQH*HVFKLFKWHHU]lKOHQGXUIWH(LQSDDU0LOLWlUSROL]L VWHQKLHOWHQPLFKDXIEHYRULFKJHKHQNRQQWHXQGKDEHQ PLFKQDFK:ULJKWJHVFKDIIW8QGGRUWKDW0DMRU0DUFHO K|FKVWSHUV|QOLFKDXIPLFKJHZDUWHW

!,FKKDEH$QZHLVXQJHQYRQGHQK|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lWWHLP=XFKWKDXVJHVFKPRUW1HLQ,FKPXWH GLH%HIHKOHDN]HSWLHUHQXQGPHLQHQ6WRO]KLQXQWHUVFKOXN NHQXQGGHQ0XQGKDOWHQ$OVRKDEHLFKZHLWHUPHLQHQ -REJHPDFKW$EHULQDOOGHQ-DKUHQKDEHLFKGLH$XJHQ XQG2KUHQRIIHQJHKDOWHQXQGLFKKDEHLQ]ZLVFKHQHLQH JDQ]JXWH9RUVWHOOXQJYRQGHPZDVGDYRUJHJDQJHQLVW 3URMHNW*UXGJHXQGQDWUOLFKGDV3URMHNW%OXH%RRN 0DQQGDVZDUHQQLFKWVDOV$EOHQNXQJVPDQ|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

NRPPHQKDWDEHULQ]ZLVFKHQLVWDOOHVVRDEJHGURVFKHQ GDHVNHLQH5ROOHPHKUVSLHOW'DVZDUMHYRUPHKUDOV YLHU]LJ-DKUHQXQGKHXWHLQWHUHVVLHUWVLFKNDXPQRFKMH PDQGIUGDVZDVYRUVRODQJHU=HLWSDVVLHUWLVW$EHULFK LQWHUHVVLHUHPLFKGDIU'DVLVWZLHHLQH6XFKW,FKWUlXPH KHXWHQRFKYRQGHP'LQJYRQGHQ/HLFKHQXQGLFK NDQQPLFKQXUIUDJHQLQZDVIUHLQHU:HOWZLUOHEHQ ZUGHQZHQQGLH5HJLHUXQJQLFKWGLHJDQ]H6DFKHJH KHLPJHKDOWHQKlWWH:HQQPDQMHW]WVFKZDU]DXIZHLLQ GHUJDQ]HQ:HOWYHU|IIHQWOLFKHQZUGHGDLQGHU7DW :HVHQYRQDQGHUHQ3ODQHWHQGLH(UGHEHVXFKHQGDQQ ZUGHHLQLJHVKLHUDQGHUVDXVVHKHQ,FKVWHOOHPLUYRUGD GLHVH:HOWHLQHEHVVHUH:HOWZlUHZHQQZLUZWHQGD ZLUQLFKWDOOHLQVLQGZHQQZLUZWHQGDHVDXHUXQV QRFKDQGHUH*HVFK|SIHLP8QLYHUVXPJLEW9HUGDPPW LFKNDQQPLFKQXUQRFKZXQGHUQ© (UVWDUUWHLQV/HHUHXQGIOVWHUWHQRFKLUJHQGHWZDV 7UDXULJHLQVDPPHODQFKROLVFK'LH=XK|UHUVFKZLHJHQ XQGVRJDU6FDUERURXJKIKOWHVLFKDXIHLQPDODOVZlUH DXFKHUVHOEVWXPHWZDV:LFKWLJHVEHWURJHQZRUGHQ 8QGLUJHQGZRWLHILQVHLQHP,QQHUQUHJWHVLFKHWZDV 6HKUVHKUWLHILQLKP (LQHQ$XJHQEOLFNODQJZXUGHLKPVRJDUHLQZHQLJ EHO(UIKOWHVLFKVFKZLQGOLJKROWHWLHI/XIWXQGVFKOR GLH$XJHQELVHUVLFKODQJVDPZLHGHUILQJ,KPZDUQLFKW NODUZRKHUGLHVH$QJVWDXIHLQPDOJHNRPPHQZDUGRFK DOVHUGLH$XJHQZLHGHU|IIQHWHXQGEHPHUNWHGDGDV *HVSUlFKLQ]ZLVFKHQIRUWJHVHW]WZXUGHZDUHUGDQNEDU GDIUGDHVDQVFKHLQHQGQLHPDQGEHPHUNWKDWWH ª(LQIDFKXQJODXEOLFK©VDJWH0DUVKD0DQQLQJJHUDGH ª,FKPXVFKRQVDJHQ0U-HQNLQV6LHVLQGHLQWDSIHUHU 0DQQGD6LHZLHHLQ*XHULOODNlPSIHUHLQIDFKZHLWHUJH PDFKWKDEHQ© -HQNLQVKREGLH6FKXOWHUQª:lUHLFKZLUNOLFKWDSIHUJH ZHVHQGDQQKlWWHLFKJOHLFKDQ2UWXQG6WHOOHGHQ0XQG DXIJHPDFKW© ª0DQQGDVZDUGRFKGDPDOVEHUKDXSWQLFKWP|J OLFK©0DVKNLQYHU]RJGDV*HVLFKWª'LHKDEHQGRFKGD PDOVXQWHUMHGHP6WHLQHLQHQ.RPPXQLVWHQYHUPXWHWXQG

6FKOlJHUWUXSSVORVJHVFKLFNWXPVLH]XIDVVHQ9HUGDPPW -HQNLQV'LH5HJLHUXQJKlWWHGLFKVFKQHOOHUDP:LFNHOJH KDEWDOVLFKSLHSVVDJHQN|QQWH'XKDVWGLFKY|OOLJULFKWLJ YHUKDOWHQ-XQJH'XKDVWHVJHQDXULFKWLJJHPDFKW©(U ZDQGWHVLFKDQGLHDQGHUHQXQGGHXWHWHPLWGHP'DXPHQ DXILKUHQ*DVWJHEHUª'HU*XHULOODNDPSIGLHVHV0DQQHV KDWGD]XEHLJHWUDJHQGDGLH8)2%HZHJXQJLQHLQHU =HLWOHEHQGLJEOLHEDOVHVIUXQVJDUQLFKWVRJXWDXVVDK ,FKN|QQWHHXFKZXQGHUYROOH*HVFKLFKWHQGDUEHUHU]lK OHQ© ª'DQNH:DOW©'HU0DQQNRQQWHVHLQH)UHXGHEHU 0DVKNLQVRIIHQH%HZXQGHUXQJXQGEHUGDV/RENDXP YHUEHUJHQª,FKPXVFKRQVDJHQHVZDUHLQHKDUWH=HLW 0DQPXMDYRQLUJHQGHWZDVOHEHQXQGLFKKDWWHGDVR ]XVDJHQLPPHUHLQHQ.ORW]DP%HLQ'UHLPDOZDULFKYHU KHLUDWHWXQGPHLQHGUHL)UDXHQNRQQWHQHVQLFKWHUWUDJHQ VLHKDEHQPLFKYHUODVVHQ1DFKHLQDQGHUPHLQHLFKQDWU OLFK©(UOlFKHOWHª,FKJODXEHLFKELQNHLQVHKUDQJHQHK PHU(KHPDQQ$EHUZLVVHQ6LH0L0DQQLQJQDFKGHQ 'LQJHQGLH6LHGDHU]lKOWKDEHQPXLFKVDJHQGDDOO GLH-DKUHGLHLFKJHNlPSIWKDEHQLFKWXPVRQVWXQGGD PHLQH6HOEVW]ZHLIHOQLFKWEHUHFKWLJWZDUHQ,FKP|FKWH ,KQHQGDIUGDQNHQ8QGZHQQLFK,KQHQEHL,KUHU6XFKH LUJHQGZLHKHOIHQNDQQRGHUZHQQ6LHHLQIDFKQXUHLQHQ 2UW]XPhEHUQDFKWHQEUDXFKHQGDQQNRPPHQ6LHHLQ IDFKKHUXQGLFKZHUGH]X,KUHU9HUIJXQJVWHKHQ© ª'DQNH0U-HQNLQV'DVLVWZLUNOLFKVHKUIUHXQGOLFK YRQ,KQHQ© ª0RUJHQLVWHLQZLFKWLJHU7DJXQGZLUKDEHQXQVHLQL JHVYRUJHQRPPHQ-HQNV©VDJWH:DOWHU0DVKNLQ(U NODWVFKWHGLH+lQGHDXIGLH6FKHQNHOXQGHUKREVLFKYRQ VHLQHPNQDUUHQGHQ6WXKOª:LUJHKHQMHW]WEHVVHU© ª-DNHLQ3UREOHP:DOW©$OVGHU0DQQVLH]XU7UEH JOHLWHWHZDUHUHUKHEOLFKIUHXQGOLFKHUDOVEHLLKUHP(PS IDQJ6FDUERURXJKEHPHUNWHGDHUVLFKEHVRQGHUH0KH JDEPLW0DUVKDK|IOLFKXQG]XYRUNRPPHQGXP]XJHKHQ ª6RXQGMHW]WPWLKUPLUDEHUYHUVSUHFKHQGDLKU GHQDOWHQ&DSWDLQ-HQNLQVDXIGHPODXIHQGHQKDOWHWZHQQ LKUHWZDVKHUDXVILQGHW,FKP|FKWH]XJHUQZLVVHQZDVGD

ORVLVWXQGZRKHUGLHIOLHJHQGH8QWHUWDVVHXQGGLH$XHU LUGLVFKHQJHNRPPHQVLQG© ª2KGDVZHUGHQZLUEHVWLPPWWXQ©0DUVKDVFKWWHOWH GHPDOWHQ0DQQIUHXQGOLFKGLH+DQG $XIGHP5FNZHJQDKPVLH6FDUERURXJKV+DQG GUFNWHVLHIHVWXQGEOLFNWH]XGHQXQ]lKOLJHQ6WHUQHQDP VDPWZHLFKHQ1DFKWKLPPHOKLQDXI ª0RUJHQ©VDJWHVLHª0RUJHQ(Y9LHOOHLFKWILQGHQZLU ZLUNOLFKGLH:DKUKHLWKHUDXV© 0RUJHQGDFKWH6FDUERURXJK$EHULKPNDPHVQLFKW GDUDXIDQIOLHJHQGH8QWHUWDVVHQ]XILQGHQXQG$XHULU GLVFKH]XHQWGHFNHQ (UGDFKWHDQ'LDQH (UGDFKWHDQVHLQH7RFKWHU 0RUJHQ

.DSLWHO -DNH&DPGHQZDUEHWUXQNHQ (UVDDXIHLQHP%DUKRFNHULP*ROGHQ:KHHOV+RQNH\ 7RQNZRHV!GLHEHVWH&RXQWU\0XVLNXQGGLHEHVWHQ 5LSSFKHQJDEVFKZHEWHLQHLQHPURVLJHQ6FKLPPHUGHU GDVJDQ]H/HEHQXQGGDVJDQ]H8QLYHUVXPGXUFKGUDQJ XQGVDKGHP%DUNHHSHU]XGHULKPGHQQlFKVWHQ2OG *UDQGDGHLQVFKHQNWH'HU:KLVN\GLHQWHDOV%HJOHLWXQJ IUGHQJURHQ+XPSHQPLWNDOWHP2O\PSLD%LHUGHUYRU LKPDXIGHU+RO]WKHNHVWDQG'LH0XVLNJUXSSHDXIGHU %KQHPKWHVLFKXQWHUGHVVHQPLW%XFN2ZHQVXQG 0HUOH+DJJDUGDE-DNH&DPGHQVWDQGHLJHQWOLFKQLFKWEH VRQGHUVDXI&RXQWU\XQG:HVWHUQDEHUHUPXWH]XJH EHQGDGLHVH$UW0XVLNJDQ]QHWWNODQJZHQQPDQDXI HLQHP%DUKRFNHUVDZlKUHQGHLQHPGHU$ONRKROLQGHQ $GHUQVXPPWHXQGGHUVDIWLJHNROXPELDQLVFKHQ.RNV GXUFKGHQ6FKlGHOEUDXVWH7DWVlFKOLFKZDUHUEHVRIIHQ XQGJOHLFK]HLWLJKHOOZDFK -DNH&DPGHQZDUDXIUHFKWHLQIDFKH$UWXQG:HLVHDQ VHLQHQ5DXVFKJHNRPPHQ

0LWGHP*HOGYRQ6FKURHGHULQGHU7DVFKHKDWWHHUVLFK LP|UWOLFKHQ+ROLGD\,QQHLQJHPLHWHWXQGZROOWHJHUDGH VHLQHQJXWHQDOWHQ)UHXQG(Y6FDUERURXJKDQUXIHQDOV LKPHWZDVHLQJHIDOOHQZDUGDVXQJHIlKUVRDEOLHI 0HQVFKLFKELQVFKRQVRODQJHHLQEUDYHU-XQJHXQGLQ]ZL VFKHQIKOHQVLFKPHLQH1HUYHQDQDOVZlUHQVLHYRQGHUVSDQL VFKHQ,QTXLVLWLRQDXIGLH6WUHFNEDQNJHVSDQQWZRUGHQ'HUDOWH -DNHLVWMDZLUNOLFKGXUFKGLH+|OOHJHJDQJHQHULVWGXUFKVJDQ]H /DQGJHVDXVWXQGWURFNHQJHEOLHEHQZLHGLH:VWHWURW]GHUYLH OHQ6RUJHQXQGbQJVWH8QGHQGOLFKLVWHUGDZRHUVHLQVROO(U LVWEHUHLWVHLQHQ)UHXQGHQXQG*HIlKUWHQ]XKHOIHQXQGMHW]W HUNOlUHPLUGRFKPDOHLQHUZDUXPHLQEUDYHU0DQQLQGLHVHU WURFNHQHQ8PJHEXQJQLFKWPDOHLQHQNOLW]HNOHLQHQ6FKOXFN WULQNHQGDUI" 1LFKWHLQPDOHLQHQKDOEHQ.LORPHWHUHQWIHUQWKDWWH-DNH HLQHLQODGHQGHV/RNDOEHPHUNWGDV*ROGHQ:KHHOLQGHP HUMHW]WVD8QZLGHUVWHKOLFK]RJHVLKQDQXQGHUGDFKWH VLFKZHQQHUVFKRQLQ1HZ0H[LFRKHUXPKlQJHQPXWH GDQQNRQQWHHUZHQLJVWHQVGDVJHQLHHQZDVGLH*HJHQG KHUJDE 1XUHLQ%LHUK|FKVWHQV]ZHL(LQ6WHDNPLWHLQHU)ROLHQ NDUWRIIHOXQG=ZLHEHOULQJHQ'DQQZl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|KUFKHQPLW.RNDLQDXIXQGLU JHQGZDQQYHUJDHUGDHUGHPZHLHQ=HXJGDVLKP GLH6HHOH]HUIUDHLJHQWOLFKDEJHVFKZRUHQKDWWHHUZDU YLHO]XVHKUGDPLWEHVFKlIWLJW(GLWK]XHU]lKOHQGDHU HLQEHUKPWHU5HSRUWHUXQGEHUXIOLFKLQ1HZ0H[LFRXQ WHUZHJVZlUH6LHZXUGHULFKWLJKHLDXILKQZHLOVLHVHL QHQ1DPHQHUNDQQWHLKUH2PDNDXIWHLPPHUGHQ1DWLR QDO,QWUXGHULP:LQQ'L[LHLP2UW'DV.RNDLQKDWWHLKQ ]ZDUQLFKWLQHLQHQWREHQGHQ,UUHQYHUZDQGHOWGHULPPHU PHKUZROOWHXQGQLFKWPHKUDXIK|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lUHLPPHUQRFKIUKJHQXJ.HLQ3UREOHP 1HLQHUKDWWHZLUNOLFKNHLQH(LOHVDJWH-DNH&DPGHQVLFK +HXWHDEHQGKDWWHHUIUHLXQGHUZROOWHRUGHQWOLFKHLQHQ

GUDXIPDFKHQ2KQHVHLQHNOHLQH3DUW\ZlUHHUVRZLHVR XQJHQLHEDUXQGIU6FDUERURXJKQLFKW]XJHEUDXFKHQ ª+L© 3O|W]OLFKZXUGHLKPNODUGDGLH%DQG]XVSLHOHQDXI JHK|UWKDWWHXQGQDFKGHPGHUZXPPHUQGH%DXQGGDV KRKH-DXOHQGHUHOHNWULVFKHQ*LWDUUHYHUNOXQJHQZDUHQ NRQQWHHUWDWVlFKOLFKZLHGHUHWZDVK|UHQ(UGUHKWHVLFK DXIGHP%DUKRFNHUKHUXPXQGVLHKHGDYRULKPVWDQG GLH$QJHEHWHWHGDVEORQGH+DDULQ:HOOHQVHLGHQZHLFK EHUGLHOHLFKWH-HDQVMDFNHJHEUHLWHWGLH%UVWHSUDOODOV ZROOWHQVLHJOHLFKDXVGHU%OXVHKSIHQ6LHKDWWH:KLWH /LQHQDXIJHOHJWHLQHQYRQ-DNHV/LHEOLQJVGIWHQXQGGLH HURWLVFKH6SDQQXQJGHV$XJHQEOLFNVZDUVRVWDUNGDHV LKPIDVWGLH6SUDFKHYHUVFKOXJ ª+L©PXUPHOWHHUEOLQ]HOQG ª'XKlWWHVWZRKOQLFKWJHGDFKWGDLFK]XUFNNRPPH ZDV"7MDLFKPXWHQXUPDOVFKQHOOQDFKKLQWHQXQGPLW HLQSDDU)UHXQGHQVSUHFKHQ8QGPLWHLQHUZHLHQ 'DPH©6LHVFKQIIHOWHXPLKP]X]HLJHQZDVVLHPHLQWH ª:LOOVWGXPLWNRPPHQXQGQDFKODGHQPHLQEHUKPWHU 5HSRUWHU"© ª1RUPDOHUZHLVHZUGHLFKGDV$QJHERWJHUQDQQHK PHQDEHULFKJODXEHIUKHXWHDEHQGKDEHLFKZLUNOLFK JHQXJ©-DNHNRQQWHQLFKWJODXEHQGDHUGLHVH:RUWH VSUDFKDEHUHUOLHVLFKHLQIDFKWUHLEHQXQGZDUWHWHDE ZDVJHVFKHKHQZUGH :DVJHVFKDKZDUIROJHQGHV(GLWKVFKPROOWH 6LHVFKPROOWHXQGVHXI]WHVFKZHUXQGLKUH%OXVHEOlKWH VLFKGDIDVWGLH.Q|SIHZHJIORJHQ'HU(LQEOLFNLQGHQ $EJUXQG]ZLVFKHQLKUHQ%UVWHQKlWWH-DNH&DPGHQEHL QDKHYRP+RFNHUJHKDXHQª$KXQGGDEHLGDFKWHLFK GRFKHVZUGHHLQVFK|QHU$EHQGPLWGLU©KDXFKWHVLH -DNHVRKQHKLQVFKRQHUPDWWHWHV*HZLVVHQZXUGHDXI HLQHQ6FKODJXPJHKDXHQ$XVGHQ6FKDWWHQVHLQHV,FKV NURFKGHUDOWH-DNHKHUYRUGLH/LELGRJOLWWDXIGHQ)DKUHU VLW]XQGEHUQDKP]LHOVWUHELJGLH.RQWUROOHª:HLWGX LFKKDEHMDJHJHQHLQSDDUVFK|QH6WXQGHQKLHUXQGGRUW EHUKDXSWQLFKWVHLQ]XZHQGHQ©(LQZLQ]LJHVWHXIOLVFKHV *ULQVHQHLQ)XQNHOQLP$XJHª,FKKlWWHQXUQLFKWJH

GDFKWGDHLQVHVXQVFKXOGLJHVMXQJHV'LQJZLHGX PLWGHPZDVDQHLQHP2UWZLHGLHVHPKLHUJHERWHQZLUG ZLUNOLFKDXIVHLQH.RVWHQNRPPW© 6LHNLFKHUWHNHKOLJª2KKLQXQGZLHGHUGXUFKDXV©6LH EOLQ]HOWHLKP]XXQGIXKUPLWHLQHPODQJHQ)LQJHUQDJHO EHUVHLQHQ$UP -DNHEHNDPHLQH*lQVHKDXWXQGPXWHVLFKDQVHLQHP %LHUIHVWKDOWHQª1XQGDQQVROOWHQZLU]ZHLXQVYLHOOHLFKW GRFKOLHEHULQV+LQWHU]LPPHUYHUNUPPHOQXQGGLH/DG\ EHJUHQGLHGXHUZlKQWKDVW©(UKLHOWLQQHWUDQNHLQHQ NOHLQHQ6FKOXFNXQGVDKVLHVFKUlJYRQGHU6HLWHDQª1XU VFKDGHGDZLUHVPLWGHQDQGHUHQWHLOHQPVVHQZHQQ ZLUQDFKKLQWHQ]XU%DQGJHKHQ'XKDVWQLFKW]XIlOOLJ /XVWPLWPLUDXIPHLQ=LPPHULP+ROLGD\,QQ]XJHKHQ GLH6FKXKHDXV]X]LHKHQXQGGLFKHWZDV]XHQWVSDQQHQ"© 6LHVWUDKOWHLKQEHJHLVWHUWDQª2-DNHGDVZUGHLFK ZLUNOLFKJHUQWXQ$EHULFKP|FKWHQRFKGHQQlFKVWHQ $XIWULWWDEZDUWHQ'LH/LHGHUVLQGDOOHPLUJHZLGPHWXQG LFKKDEHJHKROIHQVLHDXV]XVXFKHQ© ª$KD©-DNHOLHGHQ.RSIVLQNHQXQGGLH9LVLRQHQYRQ DXIJHSODW]WHQ%OXVHQNQ|SIHQ]HUVWREHQª(VVFKHLQWPLU IDVWDOVZlUHGDV9HUJQJHQLQGLHVHPJRWWYHUODVVHQHQ /DQGGQQJHVlW©(UPDFKWHHLQHYHU]ZHLIHOWH*HVWH ª:DVZRKOGHQ3LRQLHUHQHLQJHIDOOHQLVWXPGHQSK\VL VFKHQ'UXFNDE]XEDXHQ".HLQ:XQGHUGDVLHVLFKJH JHQVHLWLJHUVFKRVVHQKDEHQ© ª'XDOEHUQHU-XQJH,FKZDUQRFKJDUQLFKWIHUWLJ'D KLQWHQDXIGHUDQGHUHQ6HLWHGHU*DUGHUREHJLEWHVHLQHQ VFK|QHQJURHQ/DJHUUDXPLQGHPGLH3XW]PLWWHODXIEH ZDKUWZHUGHQ8PGLHVH=HLWVFKDXWGRUWQLHPDQGUHLQ :LUN|QQWHQGDKLQHLQJHKHQXQGGDQQEUDXFKHQZLUHV QLFKW]XWHLOHQ©6LHNORSIWHDXIGLHREHUVWH7DVFKHLKUHU -HDQVMDFNHXQGGDPLW]XJOHLFKDXILKUH%UXVWª,FKKDEH UHLFKOLFK© -DNHVWDUUWHDXIGLH6WHOOHDXIGHULKUH+DQGODJª'DV NDQQVWGXZRKOVDJHQ6H1XQZRUDXIZDUWHQZLU GDQQQRFK"© (UQDKPVHLQ%LHUPLWZHLOHUPLWGHU0|JOLFKNHLWUHFK QHWHGDHUVSlWHUHWZDVIOVVLJHQ=XVSUXFKEUDXFKHQ

ZUGHXQGIROJWH(GLWKVDXIUHL]HQGZDFNHOQGHP+LQWHU WHLOLQVYHUUlXFKHUWH+DOEGXQNHO 'DV/DJHUIUGLH3XW]PLWWHOZDUWDWVlFKOLFKQLFKWVZHL WHUDOVHLQH$EVWHOONDPPHU%HVHQ0RSV5HLQLJXQJVPLW WHODXI5HJDOHQ3DSLHUKDQGWFKHUIUGLH7RLOHWWHQXQG DOOHP|JOLFKHQDQGHUHQ9RUUlWH(VURFKQDFK$PPRQLDN VFKPXW]LJHP:LVFKZDVVHUXQGNRQ]HQWULHUWHP%RKQHU ZDFKV$EHUVREDOG(GLWKGDV/LFKWHLQJHVFKDOWHWXQGGLH 7UKLQWHULKQHQJHVFKORVVHQKDWWHURFK-DNH&DPGHQQXU QRFKSDUIPLHUWHZHLEOLFKH+DXWXQGVHLQHQHLJHQHQ %LHUGXQVW 0HLQ*RWWGDFKWHHUGHU+LPPHOLP%HVHQVFKUDQN ª,VWGLUGDV]XUFNJH]RJHQJHQXJ-DNH"© ª$EHUVLFKHUGRFK%DE\:XQGHUYROO© -DNHVDLQGHU.OHPPH(UZXWHQLFKWZDVHU]XHUVW ZROOWHGDV0lGFKHQRGHUGHQ.RNV(GLWKQDKPLKPGLH (QWVFKHLGXQJDE6LH]RJGLH-DFNHDXVVFKWWHOWHLKUHJH ZDOWLJH0lKQHXQGEUDFKWHGLH/XIWLQ%HZHJXQJ,KU 'XIWHUIOOWHGHQJDQ]HQ5DXP (WZDVXQVLFKHUZROOWH-DNHQDFKLKUJUHLIHQ (LQH+DQGGLHLKPIODFKDXIGLH%UXVWJHOHJWZXUGH KLHOWLKQDXI ª,PPHUODQJVDPPLWGHQMXQJHQ3IHUGHQ©IOVWHUWHVLH (VZDUHLQ9HUVSUHFKHQXQGJOHLFK]HLWLJHLQDXIUHL]HQGHU 5FN]XJ,KUH$XJHQXQGLKUH6WLPPHORFNWHQLKQª(LQV QDFKGHPDQGHUHQ© 6LHILVFKWHHLQ5|KUFKHQDXVGHU7DVFKHXQGKROWHGHQ NOHLQHQ6SLHJHOXQGGDV0HVVHUKHUYRUGLHVLHYRUKHUEH QXW]WKDWWH(LQH]XVDPPHQJHUROOWH)QIGROODUQRWHVSlWHU VWDQG-DNHNHU]HQJHUDGHLQGHU%HVHQNDPPHUXQGVHLQ DXIJHNUDW]WHV*HKLUQYHUVXFKWHGHQ5DNHWHQDQWULHEHLQ ]XVFKDOWHQGHQHVLQPHQVFKOLFKHQ.|USHUQQLFKWJLEW ª0DQQLFKKlWWHIDVWYHUJHVVHQZLHJXWGDV=HXJWXW© ª+PP©(GLWKOlFKHOWHVHOLJXQGGLHEODXHQ$XJHQ UROOWHQKHPPXQJVORVª-D%HQNRPPWLPPHUDQ]LHPOLFK VDXEHUHQ6WRIIUDQ© ª%HQ"© 6LHOHJWHGHQ]XVDPPHQJHUROOWHQ*HOGVFKHLQDXIHLQH JURH'RVH0U&OHDQXQGNQ|SIWHVLFKGLH%OXVHDXI

ª-DNHJODXEVWGXGDHLQVFKQHOOHU)LFNPLW.RNVEHVVHU DEJHKW",FKVFKRQ,FKJODXEHGDVLVWGDV7ROOVWHEHU KDXSWDXIGHU:HOW8QGMHW]W]LHKGLUGLHVHEO|GH+RVH DXVXQGODXQVHLQELFKHQVSLHOHQMD"© 'LH%OXVHZDUYHUVFKZXQGHQXQG-DNHVDKHLQHQ VFKZDU]HQ6SLW]HQEVWHQKDOWHUEHUHLQHU:HVSHQWDLOOH (LQHQ$XJHQEOLFNVWDUUWH-DNH&DPGHQVLHDQGDQQJD EHQGLHDXIJHZKOWHQ+RUPRQHVHLQHU0RWRULNHLQHQ 7ULWWXQGHUIXPPHOWHDQVHLQHP*UWHOKHUXP$OVGLH +RVHKDOEKHUXQWHUKLQJILHOLKPHLQGDHUQRFK6FKXKH DQKDWWH6FKQHOO]RJHUVLHDXV$OVHUGDPLWIHUWLJZDUXQG VLFKLQ+HPG%R[HUVKRUWVXQGYROOHU(UZDUWXQJZLHGHU DXIULFKWHWHZDU(GLWKVFKRQY|OOLJDXVJH]RJHQXQGVWDQG VSOLWWHUQDFNWYRULKPHLQH+DQGXQJHGXOGLJLQGLH+IWH JHVWHPPWª'XEUDXFKVWGLFKQLFKWZHLWHUDXV]X]LHKHQ -DNH0DFKVFKRQNRPPMHW]W© 8QGDXIHLQPDOKDWWHHUGLHQDFNWH)UDXLP$UPXQG ZDVDQ*HKLUQ]HOOHQEHLLKPQRFKIXQNWLRQLHUWHQZXUGH ]HUVWlXEW,KU0XQGSUHWHVLFKEHUHLWVGUlQJHQGDXIVHL QHQXQGEHYRUHULUJHQGHWZDVXQWHUQHKPHQNRQQWHEHL VSLHOVZHLVHLKUH%UVWHEHDUEHLWHQRGHULKUHQ3REHJUDS VFKHQVWHFNWHLKUH+DQGVFKRQLQVHLQHQ6KRUWVXQG EHUSUIWHZLHZHLWHUGHQQZlUH ª0PSI©PDFKWH-DNH ª/RVNRPPVFKRQ/LHEVWHU©(VGDXHUWHQLFKWODQJHELV -DNHDXI7RXUHQNDPXQGDOVVLHVHLQH5HDNWLRQVSUWH OHJWH(GLWKVLFKDXIGHQ%RGHQª,FKELQKHLDXIGLFK )HXFKWXQGKHL© 8QGREGDVLVWVLHGDFKWH-DNHDOVHUGLH)UDXEHWUDFK WHWHGLHVLFKOXVWYROODXIGHP%RGHQZDQG6RHWZDVKDWWH HUQRFKQLFKWHUOHEW'LHVH&RXQWU\XQG:HVWHUQ0XVLN GHU%OXHVXQGGDV%LHUGDVZHFNWHEHL)UDXHQDQVFKHL QHQGUHFKWLQWHUHVVDQWH(QHUJLHQ(UZDULQ]ZLVFKHQLQ QHUOLFKZLHlXHUOLFKVHKUJHVSDQQW ª,FKELQHLQ2NLHDXV0XVNRJHH©VDQJHUKDOEODXWXQG VWUHLIWHGLH6KRUWVDE (LQ%HLQKDWWHHUEHIUHLWXQGHUEHJDQQJHUDGHPLWGHP ]ZHLWHQDOVGLH7UDXIJHULVVHQZXUGH(LQJURHU0DQQ OXJWHKHUHLQhEHUGHQEUHLWHQ6FKXOWHUQJOlQ]WHHLQ]RUQL

JHVXQGSXWHUURWHV*HVLFKWGDVHLQHP=HXVJHK|UHQ PRFKWHGHUDXIGHP2O\PSGUlXWHXQGVLFKEHUOHJWH ZRKLQHUGLHQlFKVWHQ%OLW]HVFKOHXGHUQVROOWH ª-HVVHV©VDJWH(GLWKXQGVDQNYHU]DJWLQVLFK]XVDP PHQª'DVLVWPHLQ0DQQ© (GLWKV.|USHUZDUQLFKWGDVHLQ]LJHZDVSO|W]OLFKYHU ]DJWHUVFKODIIWH-DNH&DPGHQKREPLWXQVLFKHUHP/l FKHOQGHQ.RSIª+DOOR6LHPVVHQ%HQVHLQ6LFKHUZHU GHQVLHPLUGDVQLFKWJODXEHQZROOHQDEHUZLUKDEHQ JHUDGHHLQHQHXH$UWYRQ7KHUDSLHDXVSURELHUWEHLGHUHV XPQDFNWH7HOHSDWKLHJHKW© ª,FKNHQQHDXFKHLQHJXWH7KHUDSLH©VDJWHGHU0DQQ XQGNDPJDQ]KHUHLQ :DVDOVQlFKVWHVSDVVLHUWHKlWWH-DNH&DPGHQJDQ] JHUQVRVFKQHOOZLHP|JOLFKYHUJHVVHQ

(VZDUJDUQLFKWVRVFKZHUDXVGHQKHUXPOLHJHQGHQ 0OOHLPHUQKHUYRU]XNULHFKHQ'DV3UREOHPZDUDQ VFKOLHHQGDXIUHFKWDXI]ZHL%HLQHQVWHKHQ]XEOHLEHQ -DNHJDEVLFK0KHXQGQDFKHLQSDDU$QOlXIHQVFKDIIWH HUHVDXFK,Q]ZLVFKHQZDUGLH:LUNXQJGHV.RNDLQVZHLW JHKHQGDEJHNOXQJHQXQGHUEHNDPZHLFKH.QLH.RSI XQG%UXVWWDWHQQRFKYRQGHQ6FKOlJHQZHKGLHGHU0DQQ GHU6FKODPSHLKPYHUSDWKDWWH*OFNOLFKHUZHLVHKDWWH -DNHVLFK]ZLVFKHQGHQ6FKOlJHQXQGEHYRUGHUZWHQGH (KHPDQQLKQDXIGHQ0OOJHZRUIHQKDWWHVHLQH6DFKHQ DQ]LHKHQN|QQHQ8QJOFNOLFKHUZHLVHKDWWHVLFKGHU5LHVH GDQQDOOHUGLQJVHLQHQ6DFNPLWIULVFKHP0OOJHVFKQDSSW XQGDOV$EVFKLHGVJUXEHU-DNHDXVJHNLSSW -DNHVWHOOWHVLFKOLHEHUQLFKWYRUZDVGHU0DQQPLWLKP JHPDFKWKlWWHZHQQHUIQIXQGYLHU]LJ6HNXQGHQVSlWHU LQGHQ/DJHUUDXPJHNRPPHQZlUH 0HLQ+RWHO]LPPHUGDFKWHHU,FKPXLQV+RWHO:HQQ LFKGLH7UDEVFKOLHHHLQH'XVFKHQHKPHXQGLQV%HWW IDOOHLVWDOOHVLQ2UGQXQJ -DNHNlPSIWHVLFKZHLWHUHLQHQ6FKULWWQDFKGHPDQGH UHQXQGZDUIURKGDHUVLFKEHUKDXSWZLHGHUEHZHJHQ NRQQWH'DQQHUNDQQWHHUSO|W]OLFKGDHUQLFKWZXWHLQ ZHOFKH5LFKWXQJHUVLFKZHQGHQPXWH0LWJODVLJHQ

$XJHQVFKlW]WHHUVHLQH6LWXDWLRQHLQ9RULKPHUKREVLFK GLH5FNZDQGGHV*HElXGHVLQGHPGDV8QJOFNLKQ HUHLOWKDWWH%HQRPPHQGDFKWHHUHLQH:HLOHGDUEHUQDFK GDQQVFKOXUIWHHU]XU9RUGHUIURQWGHV*HElXGHV]XP 3DUNSODW]YRUGHP*ROGHQ:KHHOV(UZDU]X)XJHNRP PHQDEHUDXVZHOFKHU5LFKWXQJ".HLQ3UREOHPGDFKWH HU6REDOGHUDXIGHP+LJKZD\ZDUZUGHHUHLQ6WFN KLQDXIXQGZLHGHUKLQXQWHUJHKHQELVHUGLHYHUWUDXWH JUQHXQGZHLH5HNODPHGHVJXWEHOHXFKWHWHQ+ROLGD\ ,QQHUNHQQHQNRQQWH 0RPHQWDQIKOWHHUVLFKDOVVlHHLQHJLIWLJH.U|WHKLQ WHUVHLQHU6WLUQGLHEHLMHGHP$WHP]XJGHQVLHPDFKWH JU|HUZXUGH(UZDULQHLQHUHUElUPOLFKHQ9HUIDVVXQJ XQGHUZXWHHV-HW]WZROOWHHUQXUQRFKLQV/RFKNULHFKHQ XQGVLFKHUKROHQ ª,FKKDEH0LVWJHEDXW6FDUERURXJK©PXUPHOWHHUDOV PWHHUHLQ*HVWlQGQLVDEOHJHQª,FKKDEHHVYHUERFNW$EHU LFKZHUGHHVZLHGHUJXWPDFKHQGDVVFKZ|UHLFKEHL*RWW6REDOG LFKHWZDV$VSLULQJHQRPPHQXQGHLQH:HLOHJHVFKODIHQ KDEH© 'LHEHLGHQ0lQQHUWDXFKWHQKLQWHUHLQHPJURHQ VFKZDU]HQ&KU\VOHU/LHIHUZDJHQDXIXQGYHUVWHOOWH-DNH &DPGHQGHQ:HJ]XP+LJKZD\ ª9HU]HLKXQJPHLQH+HUUHQ©VDJWH-DNH(UZDUEHU UDVFKWZLHVFKOHSSHQGGLH:RUWHKHUDXVNDPHQª$EHULFK PXMHW]WQDFK+DXVH© 'LH0lQQHUNDPHQQlKHUXQG-DNHZXUGHNODUGD LKUH+DOWXQJHLQGHXWLJGURKHQGZDU6LHUHDJLHUWHQJDU QLFKWDXIVHLQ*HPXUPHO ª2KYHUGDPPW-XQJVHXHU)UHXQGKDWPLFKGRFK VFKRQYHUP|EHOWXQGDXIGHQ0OOJHZRUIHQ:DVZROOW LKUGHQQMHW]WQRFK"© ª0HQVFKGHU.HUOVWLQNWZLHHLQ6WFN6FKHLH©VDJWH HLQHUGHU0lQQHUª%LVWGXVLFKHUGDHUGHUULFKWLJHLVW"© ª-D©VDJWHGHUDQGHUHª(ULVWHV© (UVWMHW]WHUNDQQWH-DNHGDVLH$Q]JHXQG6FKOLSVH WUXJHQ'DVZDUHQNHLQH&RZER\VDXVGHU.QHLSH ª+HZHU]XP7HXIHOVHLGLKU"©(UZLFK]XUFNXQG ZROOWHVLFKXPGUHKHQXQGZHJODXIHQ

(LQHUOLQNVXQGHLQHUUHFKWVSDFNWHQGLH0lQQHUVHLQH $UPH ª.RPPHQ6LHPLWRKQH:LGHUVWDQG]XOHLVHQ-DNH &DPGHQ'DQQZLUG,KQHQKHXWHDEHQGQLFKWVZHLWHUJH VFKHKHQ© ª,KUN|QQWPLFKQLFKWHLQIDFKPLWQHKPHQ,FKKDEH /HXWHGLHPLFKEHVFKW]HQ© $OOHUGLQJVZDUHQGLHDXFKQLFKW]XU6WHOOHJHZHVHQDOV GHUHLIHUVFKWLJH(KHPDQQLKQPLWGHUDXIJHNQ|SIWHQ %ORQGLQHLP%HVHQVFKUDQNEHLP'RNWRUVSLHOHQHUZLVFKW KDWWH ª*HQDX-DNH8QGGLH1DVHYROOKDVWGXDXFK©VDJWH HLQHUGHU0lQQHUXQGSDFNWHJOHLFK]HLWLJIHVWHU]X 'LH$QJVWIXKUZLHHLQ%OLW]VFKODJGXUFKVHLQHQ.|USHU XQGHUZXUGHDXJHQEOLFNOLFKQFKWHUQ -DNHZHKUWHVLFKZROOWHVLFKORVUHLHQXQGLQGLH%DU]X UFNODXIHQ'RUWZUGHQVLHLKQQLFKWNULHJHQ(UPXWH QXUHLQH6FKOlJHUHLLQV]HQLHUHQXQGGDIUVRUJHQGDGLH &RSVLKQHLQEXFKWHWHQ/LHEHULQGHU*HIlQJQLV]HOOHDXI ZDFKHQDOVXPJHEUDFKWZHUGHQ (LQHUGHU0lQQHUVFKOXJLKQQLHGHUGDQQ]RJHQVLHLKQ ZLHGHUDXIGLH%HLQH'HU]ZHLWHKLHOW-DNHHLQH+DQGYRU GHQ0XQGGDPLWHUQLFKWXP+LOIHUXIHQNRQQWH6LH VFKOHSSWHQLKQ]XUKLQWHUHQ7UGHV/LHIHUZDJHQVGLHZLH YRQ=DXEHUKDQGJH|IIQHWZXUGH ª+|UHQ6LHDXIVLFK]XZHKUHQGDQQZLUG,KQHQQLFKWV ZHLWHUSDVVLHUHQ©VDJWHHLQHUGHUEHLGHQKHLVHU $EHU-DNHK|UWHQLFKWDXILKQ(UZHKUWHVLFKYHU]ZHL IHOW9LHOOLHEHUZlUHHULQGHQ+lQGHQHLQHVHLIHUVFKWLJHQ (KHPDQQHVRGHUZWHQGHU'URJHQGHDOHUJHZHVHQDOVLQ GHU*HZDOWGLHVHU0lQQHU 'HQQDXIHLQPDOZXUGH-DNHREZRKOHUYRQ$ONRKRO XQG'URJHQEHQHEHOWZDUNODUXPZHQHVVLFKEHLGLHVHQ 0lQQHUQKDQGHOWH 'HU6FKODJNDPVFKQHOOXQGJH]LHOWZLHDXVGHP 1LFKWVXQG&DPGHQYHUORUVRIRUWGDV%HZXWVHLQXQG YHUVDQNLQHLQHUNDOWHQHLQVDPHQ6FKZlU]H

.DSLWHO (UZDULQGHU+|OOH 'HU6FKPHU]KOOWHLKQHLQZLHHLQOHEHQGLJHV7XFKDXV )HXHUXQGHUYHUEUDQQWH(UZHKUWHVLFKXQGMDPPHUWHLQGHU 'XQNHOKHLW (YHUHWW6FDUERURXJKZDULQGHU+|OOHDQGLHHUQLFKWJODXEWH ª1HLQ©ULHIHUJHTXlOW0LWEORHU:LOOHQVNUDIWZROOWHHUGLH 6FKPHU]HQYHUWUHLEHQª1HLQGDVLVWDOOHVQXU(LQELOGXQJ© 6RSO|W]OLFKZLHVLHJHNRPPHQZDUHQHUORVFKHQGLH)ODPPHQ ZLHGHUXQGHUIKOWHNHLQH6FKPHU]HQPHKU'DIUKDWWHHUGDV *HIKOUDVFKQDFKREHQJH]RJHQ]XZHUGHQXQGVWHOOWHVLFKVR JDUYRUHUN|QQWHGLH%HVFKOHXQLJXQJVNUlIWHVSUHQDOVEHIlQGH HUVLFKLQHLQHP)DKU]HXJ$EHUHUZDUQLFKWYRQ0HWDOORGHU *ODVXPJHEHQ.HLQH0DVFKLQHQZDUHQLQGHU1lKHQLFKWHLQ PDO.OHLGXQJEHVDHU(UZDUQDFNWXQGHVZDUGXQNHOXPLKQ 3O|W]OLFKIODPPWHQYRULKP6WHUQHDXI(LQSUlFKWLJHU6WHU QHQKLPPHOHLQDWHPEHUDXEHQGHVVWUDKOHQGHV6FKDXVSLHO,P 9RUGHUJUXQGKLQJHQEOHQGHQGKHOOH3ODQHWHQLQGHU/HHUH (UVDKQDFKXQWHQXQGXQWHUVHLQHQ)HQVDKHUGLH6RQQH ORGHUQ 'LH)ODPPHQGDFKWHHUEHLVLFK'LH)ODPPHQKDWWHQQLFKWLQ GHU+|OOHJHORGHUW(UZDULQGHU6RQQHJHZHVHQXQGMHW]W ZXUGHHULUJHQGZLHLQGHQ:HOWUDXPKLQDXVJH]RJHQ $OOHLQ (UZDUDOOHLQLP8QLYHUVXP .DOWXQGHLQVDPWULHEHUGXUFKGDV0HHUGHU6WHUQH (LQ*HIKOYRQXQHQGOLFKHP6FKUHFNHQHLQH3ODW]DQJVWZLH HUVLHQRFKQLHHPSIXQGHQKDWWHEHUNDPLKQNODPPHUWHVLFK ZLHPLW.ODXHQDQLKQXQGULLKQDXVHLQDQGHU 8QGHUVFKULHXQGVHLQ6FKUHLZDUHLQ*HUlXVFKGDVLKQHLQ KOOWHDOVKlWWHVLFKHLQH)DXVWXPLKQJHVFKORVVHQGLHGLH 6RQQHGLH6WHUQHXQGDOOHVDQGHUHDXVEOHQGHWH 'DQQHUZDFKWHHU(UODJDXIGHP5FNHQHVZDUGXQNHO ª6FDUERURXJK©VDJWHHLQH6WLPPHLQGHU'XQNHOKHLW(VZDU HLQHOHLVH6WLPPHDEHUVLHZDUQLFKWWU|VWHQGª6FDUERURXJK ZHLWGXZHUGXELVW"© ª1HLQ©NHXFKWHHUª,FKZHLHVQLFKW*RWWVWHKPLUEHLLFK ZHLQLFKWZHULFKELQ©

=XVFKQHOOXPVLHEHZXW]XHUIDVVHQSUDVVHOWHQ(ULQQH UXQJHQQLHGHUZLH6RPPHUUHJHQDXIGDV%OHFKGDFKHLQHV 6FKXSSHQV(ULQQHUXQJHQGLHHUUHJLVWULHUHQXQGGRFKQLFKW UHJLVWULHUHQGLHHUQLFKWGLQJIHVWPDFKHQNRQQWH6LHJHK|UWHQ QLFKWKLHUKHULQGLHVH=HLWXQGDQGLHVHQ2UW(VZDUDOVVHLHQ HVGLH(ULQQHUXQJHQHLQHVDQGHUHQ0HQVFKHQ8QGGRFKZXWH HUGDYRQZDUHUIHOVHQIHVWEHU]HXJWGDHVVLFKXPVHLQHHLJH QHQ(ULQQHUXQJHQKDQGHOWH6LHJHK|UWHQLKPXQGQLHPDQGHP VRQVW 8QGVLHVSUDFKHQ]XLKPVLHVXPPWHQLKPHWZDVYRUVLH VDQJHQIULKQ6LHHU]lKOWHQYRQDQGHUHQ=HLWHQXQGDQGHUHQ 2UWHQ6HULHQYRQ%LOGHUQWDXFKWHQDXI(ULQQHUXQJHQDQ 'LQJHGLHHUEHUKUWKDWWH(LQ0DQQGHQHUQLFKWNDQQWH EHXJWHVLFKEHULKQXQGWDWHWZDVPLWVHLQHP.RSI(LQ.UDQ NHQKDXV:DUHULQHLQHP.UDQNHQKDXV"(UIKOWHVLFKDOV ZlUHHULP.UDQNHQKDXVDEHUHVJOLFKNHLQHU.OLQLNGLHHUELV KHUJHVHKHQKDWWH8QGHVZDUDXFKQLFKWQXUHLQ0DQQGHU VLFKEHULKQEHXJWH'DZDUHQQRFKPHKU3HUVRQHQXQGPLQ GHVWHQVHLQH)UDXZDUEHLLKQHQ3O|W]OLFKZXUGHLKPNODUGD HUXQWHUGHP/DFNHQGDVLKQEHGHFNWHQDFNWZDU,UJHQGHWZDV VWDFKLQVHLQHQ.RSIXQGHUKDWWHHLQH(PSILQGXQJGLHHU QLFKWHLQRUGQHQNRQQWH $XVGHQ$XJHQZLQNHOQVDKHU*HUlWH 6LHIXQNHOWHQJOlQ]WHQEHJDQQHQ]XDUEHLWHQ ª(YHUHWW6FDUERURXJK(YHUHWW6FDUERURXJKZLVVHQ6LH MHW]WZHU6LHVLQG"©IUDJWHGLHOHLVHPRQRWRQH6WLPPH ª-DQDWUOLFK©VDJWH(YHUHWW6FDUERURXJKHQGOLFKGLH 'XQVWVFKOHLHUGXUFKEUHFKHQGª,FKELQ(YHUHWW6FDUERURXJK© ª1HLQ©VDJWHGLH6WLPPHHQHUJLVFKXQGQDFKGUFNOLFK ª1HLQGDVVLQG6LHQLFKW© (LQHNDOWH+DQGHUVFKLHQXQG]RJGDV/DNHQYRQVHLQHP.|U SHU(UVSUWHZLH$XJHQJHIKOORVH$XJHQVHLQH1DFNWKHLW EHWUDFKWHWHQXQGHUVDKGLHNDOWHQVFKZHEHQGHQ0DVFKLQHQ KHUXQWHUVLQNHQ%OLW]HQGHJOlQ]HQGH%RKUHUVDKHUXQGWURS IHQGH1DGHOQ(VVDKDXVZLHGLH.LHIHUHLQHVKXQJULJHQ5DXE WLHUV (UVFKULH 'HU6FKUHLZHFNWHLKQXQGHUNDP]LWWHUQGXQGVFKZLW

]HQG]XVLFKXQGKDWWHGDV*HIKOGDV%HWWGUHKWHVLFKXP LKQ 'HU0RQGOXJWHGXUFKGLH-DORXVLHQXQGZDUI/LFKWVWUHL IHQDXIGDV]HUZKOWH%HWW]HXJ 2EZRKOHLQHNKOH%ULVHIOVWHUQGGXUFKVRIIHQH)HQVWHU KHUHLQZHKWHXQGODXWORVGXUFKGLH-DORXVLHLQV=LPPHU VWULFKZDULKPKHL,KPZDUKHLXQGLKPVFKZLQGHOWH .HXFKHQGEOLHEHUOLHJHQXQGNODPPHUWHVLFKDQGDV.RSI NLVVHQDOVZlUHHVHLQ5HWWXQJVULQJGHQPDQLKPLQJH IlKUOLFKHP:DVVHU]XJHZRUIHQKDWWH(UEUDXFKWHHLQH :HLOHELVVLFKGLHEUXFKVWFNKDIWH(ULQQHUXQJZLHGHU]X VDPPHQIJWHQ 'DVOHW]WH%LHUGHV$EHQGVNDOWXQGKHUE 'HUOlFKHOQGH:DOWHU0DVKNLQGHULKQHQHLQHJXWH 1DFKWZQVFKWH 0DUVKD0DQQLQJGLHLKPPLWZHLFKHQ/LSSHQHLQHQ .XDXIGLH:DQJHKDXFKWHXQGIOVWHUWHª6FKODIJXW© (UZDULQ1HZ0H[LFR 8QGPRUJHQZROOWHHUVLFKPLW(GZDUG0\HUVWUHIIHQ GHULKQ]XP(LQJDQJGHV/XIWZDIIHQVWW]SXQNWHVEHJOHL WHQVROOWHZRHUVHLQH7RFKWHU'LDQHZLHGHUILQGHQZROOWH (UZDU(YHUHWW6FDUERURXJK'RNWRU(YHUHWW6FDUER URXJK6RZDUHVVFKRQLPPHUJHZHVHQVRZUGHHVLPPHU EOHLEHQ ª6FDUERURXJK©IOVWHUWHHU(UVSUDFKVHLQHQHLJHQHQ 1DPHQZLHHLQ0DQWUDª(YHUHWW6FDUERURXJK(YHUHWW 6FDUERURXJK© ª(YHUHWW"© 6HLQ+HU]NDPHLQHQ0RPHQWDXVGHP7ULWWXQGHU VSDQQWHVLFKDQ+DWWHHUHLQH6WLPPHJHK|UW"(LQH6WLPPH GLHGUDXHQYRUGHUJHVFKORVVHQHQ7UJHVSURFKHQKDWWH .HLQH0lQQHUVWLPPH(LQH)UDXHQVWLPPHZDUHVJHZH VHQ6DQIWXQGEHVRUJW ª(YLVWDOOHVLQ2UGQXQJ"© 'LH7UZXUGHHLQHQ6SDOWJH|IIQHWXQGHUNRQQWHLP 0RQGOLFKWVHKHQZLHHLQ$XJHQSDDUKHUHLQVSlKWH ª0DUVKD"©(UKDWWHNKOGLVWDQ]LHUWXQGJHVDPPHOW VSUHFKHQZROOHQ6HOEVWVLFKHU$EHUZDVHUKHUDXVEHNDP ZDUQLFKWPHKUDOVHLQlQJVWOLFKHV.UlFK]HQ

6LHWUDWLQVHLQ=LPPHUPLWQLFKWVDQDOVHLQHPNXU]HQ 6HLGHQKHPGXQGHLQHP6FKOSIHU'DV+DDUGDVVLHJH O|VWKDWWHIOREHULKUH6FKXOWHUQZLHHLQ:DVVHUIDOO'HU 'XIWGHU)UDXGDV3DUIPXQGGHU*HUXFKGHV6FKODIHV VFKZHEWHXPVLHZLHHLQHXQVLFKWEDUH$XUDYHUWUDXWXQG EHUXKLJHQGXQGYLHOHVYHUVSUHFKHQG ª(Y(YLVWDOOHVLQ2UGQXQJ",FKK|UWHGLFKUXIHQ© ª(LQ$OSWUDXP=LHPOLFKEHO©(UVHW]WHVLFKDXILP PHUQRFKHWZDVEHQRPPHQXQGYHUZLUUW ª'DVZXQGHUWPLFKQLFKW'DVZXQGHUWPLFKEHUKDXSW QLFKW'XKDVWMDXQWHUHLQHPHQRUPHQ'UXFNJHVWDQGHQ© 6LHVHW]WHVLFKDXIGLH%HWWNDQWHVWUHLFKHOWHLKP6FKXOWHUQ XQG5FNHQXQGEHJDQQLKQVDQIW]XPDVVLHUHQª0HLQH *WHGXELVWMDY|OOLJYHUNUDPSIW9LHOOHLFKWKlWWHQZLU :DOWV5DWDQQHKPHQVROOHQ8QGVHLHVQXUGDPLWGLUMH PDQGQDKHLVW© (VGDXHUWHQXUHLQSDDU6HNXQGHQELVHUVLFKLP*HIKO LKUHU1lKHXQGXQWHUGHUOHLFKWHQ0DVVDJHHLQZHQLJHQW VSDQQWH(UVHXI]WHGDQNEDUª9LHOOHLFKW© $OVVLHQDFK+DXVH]XUFNJHNHKUWZDUHQXQGLKUHQ 6FKOXPPHUWUXQN]XVLFKJHQRPPHQKDWWHQZLH:DOWHU 0DVKNLQHVQDQQWHHLQOHW]WHV%LHUIUMHGHQKDWWH 0DVKNLQHUNOlUWª6RLFKJODXEHMHW]WLVWHV=HLW]X%HWW]X JHKHQ0RUJHQLVWHLQZLFKWLJHU7DJXQGLKUEUDXFKW 5XKH©(UEOLQ]HOWHVLHDQª,FKKDEHPLUGLH)UHLKHLWJH QRPPHQ,KUH6DFKHQLQ'RF6FDUERURXJKV=LPPHU]X VWHOOHQ0DUVKD© 0DUVKDHUVFKUDNDEHU6FDUERURXJKILQJVLFKQRFKYRU LKUXQGZLGHUVSUDFKDOVHUVWHUª1HLQ:DOWZLUVLQG QLFKWlKZLUVLQGQXU)UHXQGH© 0DVKNLQVFKQDSSWHHUVWDXQWQDFK/XIWª-DGDVROOPLU GRFKGLHVHUXQGMHQHU,KUZROOWPLFKYHUlSSHOQ© ª(VLVWDEHUVR©VDJWH0DUVKDOlFKHOQGª:LUVLQGHLQ IDFKQXU)UHXQGH© ª7XWPLUOHLG/HXWH©VDJWH0DVKNLQQDFKHLQHPNXU ]HQSHLQOLFKHQ6FKZHLJHQª=ZLVFKHQHXFKKDW VVRJH IXQNWGDGDFKWHLFKQDWUOLFKGDLKU]XVDPPHQJHK|UW© (UWUDQNHLQHQ6FKOXFN%LHUXQGVFKWWHOWHGHQ.RSI ª0DQQGDVLVWPLUMHW]WDEHUSHLQOLFK©JULQVWHHUª,QGLH

VHP)DOOPHLQH/LHEHZHQQ6LHYLHOOHLFKW/XVWKlWWHQ,KUH 6DFKHQQHEHQPHLQH&RZER\VWLHIHO]XVWHOOHQ",FKELQMH GHQIDOOVQLFKWYHUUFNWXQGYHUVFKOLHHQLFKWGLH$XJHQ ZHQQLFKHLQHDQ]LHKHQGH)UDXYRUPLUKDEH©6HLQ7RQIDOO XQGGHUVFKLHIJHOHJWH.RSI]HLJWHQGDVHLQ9RUVFKODJ QLFKWHUQVWJHPHLQWZDU 0DUVKDODFKWHª,FKIUHXHPLFKLPPHUZHQQHLQ0DQQ PLFKLQWHUHVVDQWILQGHW$EHU:DOWZHQQ6LHHLQH&RXFK KDEHQGDQQJHK|UWVLHPLU© ª2QHLQGDVLVWJDUQLFKWQ|WLJ,FKKDEHQRFKHLQ]ZHL WHV*lVWH]LPPHU'DVLVWNHLQ3UREOHP© 6FDUERURXJKKDWWHGDV*HIKOGDVHLQ*HVLFKWZlK UHQGGHVNXU]HQ:RUWZHFKVHOVNQDOOURWDQJHODXIHQZDU DEHU:DOWHU0DVKNLQKDWWHNHLQHLURQLVFKH%HPHUNXQJJH PDFKW 'RFKMHW]WDOVHUVLFKLP%HWWDXIVHW]WHXQGVSUWHZLH GLH(ULQQHUXQJHQDQGHQ$OSWUDXPQXUODQJVDPYRQLKP DEILHOHQZQVFKWHHU0DUVKDKlWWHEHLLKPJHVFKODIHQ XQGVHLHVQXUGDPLWHUMHPDQGHQKDWWHDQGHPHUVLFKLQ VHLQHU$QJVWIHVWKDOWHQNRQQWH ª'XZHLWHVMD(YLFKELQLPPHUGDZHQQGXPLFK EUDXFKVW© ª,FKLFK©VWDPPHOWHHU ª6HKW(Y©,KUH6WLPPHZDUVDQIWXQGZHLFKZLH 6DPWª'XEUDXFKVWMHW]WQLFKWV]XVDJHQ1LPPPLFKHLQ IDFKLQGHQ$UPZHQQGXZLOOVW© (UZROOWHDEOHKQHQHUZROOWHVDJHQGDHUVWDUNZlUH GDHUGLHVHNXU]H(QWJOHLVXQJDOOHLQLQGHQ*ULIIEHNRP PHQN|QQWHGDHVQLHZLHGHUSDVVLHUHQZUGHQHLQLKP GRFKQLFKW$EHUHUEHNDPQLFKWPHKUDOVHLQH0LVFKXQJ DXV6HXI]HQXQG.UlFK]HQKHUDXVXQGSO|W]OLFK]RJHUVLH DQVLFKXQGKDXFKWHLKUHQ1DPHQ ,KU+DDUOHJWHVLFKDXILKQZLHHLQ6HLGHQYRUKDQJLKU .|USHUZDUZDUPXQGOHEHQGLJXQGZHLFKDOVVLHVLFKDQ LKQVFKPLHJWHXPLKQ]XWU|VWHQ,KUH/LSSHQIDQGHQ VHLQH6LHNWHLKQ]lUWOLFKXQGHQWIKUWHLKQLQHLQHVL FKHUHIUHXQGOLFKHUH:HOW(UQDKPVLHIHVWLQGLH$UPH XQGVWUHLFKHOWHLKUHQQDFNWHQ5FNHQJHQRHVZLHVLH VLFKLKPKLQJDEZLHLKUH%UVWHVLFKJHJHQVHLQH%UXVW

GUFNWHQZLHGLH6SLW]HQKDUWZXUGHQZLHLKU$WHP VFKQHOOHUJLQJ9RUVLFKWLJOLHHUGHQ0XQG]XLKUHP+DOV KLQXQWHUJOHLWHQNRVWHWHGLH:lUPHLKUHU+DXWXQGVLH ERJGHQ5FNHQGXUFKXQGVHXI]WHZRKOLJ ª/LHEHPLFK(YHUHWW©IRUGHUWHVLH 6LHJDEHQVLFKGHU6SDQQXQJKLQGHUODXWORVHQ0XVLN LKUHU+HU]VFKOlJHXQGGHU7DQ]GHV%HJHKUHQVEHJDQQ 6FDUERURXJKJDEVLFKDXIOLHVLFKLQGHQ'XIWGHU)UDX KLQHLQIDOOHQYHUORUVLFKLQN|VWOLFKHU(ZLJNHLWGLHGRFK QLFKWOlQJHUZlKUWHDOVHLQ0RPHQW6LHKLHOWLKQNXU]]X UFNVWUHLIWHGDV2EHUWHLODE,KUHYROOHQ%UVWHZXUGHQ YRP0RQGOLFKWHUIDWXQGVLHERWVLFKLKPDQ6LHJHK|UWH LKPXQGHUNWHXQGVWUHLFKHOWHLKUH%UVWHELVVLHGDQN EDUVHXI]WHXQGLKQOHLVHPXUPHOQGZHLWHUWULHE ª(VUHLFKW©VDJWHVLHª,FKELQIUGLFKEHUHLW(YHUHWW LFKELQEHUHLW© 6LHOHJWHVLFKDXIGHQ5FNHQGDV0RQGOLFKWIXQNHOWHLQ LKUHQ$XJHQXQGVLH|IIQHWHYROOHU9RUIUHXGHXQG(UZDU WXQJKDOEGLH/LSSHQ $XFKHUZDUEHUHLWZDUHVJHZHVHQVHLWVLHLKQJHNW KDWWH6DQIWVWUHLIWHHULKUGDV6SLW]HQK|VFKHQDE]RJHV EHUGLH+IWHQKLQXQWHUGLHODQJHQ%HLQHHQWODQJELV]X GHQ)HQ 'DQQVWDQGHUDXIXQG]RJVLFKDXV'DV76KLUWJOLWWPLW HLQHUIOLHHQGHQ%HZHJXQJEHUVHLQHQ.RSIDEHUPLW GHQ6KRUWVYHUKHGGHUWHHUVLFK(UOHJWHVLFKQHEHQVLH SUHWHVLFKDQVLHGDPLWVLHVHLQH(UUHJXQJVSUHQNRQQWH 6DFKWHVWUHLFKHOWHHUGLH,QQHQVHLWHLKUHU6FKHQNHONWH LKUHQ$UPXQGLKUH%UXVWLKUHQ+DOVLKUHQ0XQG$OV VHLQH+DQG]ZLVFKHQLKUH6FKHQNHOJOLWWVSUWHHULKUH :lUPHXQGGLH)HXFKWLJNHLW-DVLHZDUEHUHLW0HKUDOV EHUHLW

.DSLWHO -DNH&DPGHQZDFKWHDXIXQGGLH(ULQQHUXQJEHUNDP LKQZLHHLQ'RQQHUVFKODJ(UODJDXIGHP5FNHQEHU ZlOWLJWYRQGHUXQJHKHXHUOLFKHQ6LWXDWLRQLQGHUHUVLFK EHIDQG1DFKHLQSDDU6HNXQGHQGDFKWHHU0HLQ*RWWKLOI PLULFKKDEHGHQJU|WHQ.DWHUGHQMHHLQPHQVFKOLFKHV :HVHQKDWWH 8QGGDVZROOWHHWZDVKHLHQ,QVHLQHPZHFKVHOKDIWHQ %HUXIVOHEHQKDWWH-DNH&DPGHQ]DKOUHLFKH.DWHUJHKDEW 6FKRQDXIGHP&ROOHJHKDWWHHUKHUDXVJHIXQGHQGD.D WHULQYHUVFKLHGHQHQ)RUPHQ*U|HQXQG)DUEHQYRUND PHQ,KUHJU|WH*HPHLQVDPNHLWEHVWDQGMHGRFKGDULQ GDVLHNHLQHDQJHQHKPHQ=HLWJHQRVVHQZDUHQ 'HUGHQHUMHW]WKDWWHEUDFKWHLKQEHLQDKHXP 6HLQ.RSIIKOWHVLFKDQDOVZlUHLKPGDV+HU]LQV*H KLUQJHVSHUUWZRUGHQXQGGRQQHUWHGRUWPLWDOOHU.UDIWJH JHQGLH6FKlGHONQRFKHQXPZLHGHUKHUDXV]XNRPPHQ $OVEHQXW]WHHVHLQHQ+DPPHUXPVLFKGHQ:HJIUHL]X VFKODJHQ,KPWDWHQDOOH.QRFKHQZHKYRPVFKPHU]HQ GHQ)OHLVFKJDQ]]XVFKZHLJHQ6HLQ0XQGIKOWHVLFKDQ ZLHHLQH6HQNJUXEHVHLQ%DXFKNDPLKPYRUDOVZUGH HLQ7UXSS3IDGILQGHUJHUDGHLQVHLQHQ'lUPHQGDV.QR WHQVFKODJHQEHQ $OVHUHLQSDDUPDOGXUFKJHDWPHWKDWWHXQGIlKLJZDU EHUHWZDVDQGHUHVQDFK]XGHQNHQDOVEHUGLH7DWVDFKH GDHU6FKPHU]HQKDWWHEHJDQQHUVLFK]XIUDJHQZRHU ZDU 'DVZDUQLFKWVRRKQHZHLWHUHV]XEHDQWZRUWHQ (LQPDOGHVKDOEZHLOGLH8PJHEXQJ]ZDUQLFKWSHFK VFKZDU]DEHUGRFKVRGXQNHOZDUGDHUQLFKWYLHOHUNHQ QHQNRQQWH'VWHUGDVZDUGDVULFKWLJH:RUWGDFKWHHU 7URW]GHV+lPPHUQVLP6FKlGHOGDVHUELVLQGLH$XJlS IHOVSUWHNRQQWH-DNH&DPGHQQDFKHLQHU:HLOHHLQLJH VFKDWWHQKDIWH8PULVVHZDKUQHKPHQNDQWLJH8PULVVH $OVREHIDQGHUVLFKLQHLQHP=LPPHU(VPXWHHLQH$UW =LPPHUVHLQ ª3XK©PDFKWHHUª,FKELQMDHLQULFKWLJHU6KHUORFN +ROPHV©

'RFKULFKWLJLQWHUHVVDQWZXUGHHVHUVWDOVHUVLFKEHZH JHQZROOWH (UVWHOOWHIHVWGDHUHVQLFKWNRQQWH 2GHUEHVVHUHUNRQQWHQXUHLQSDDUXQZLFKWLJH.|U SHUWHLOHEHZHJHQ=XP%HLVSLHOZDUHVLKPP|JOLFKPLW GHQ=HKHQ]XZDFNHOQ(VNDPLKPYRUDOVZlUHQVHLQH )HQDFNW(UNRQQWHDXFKGLH+lQGHEHZHJHQDEHU EHU)XJHOHQNHXQG6FKHQNHOEHUGHQ%DXFKXQGEHU GLH%UXVWZDUHQ5LHPHQJHVSDQQW(UNRQQWHGHQ.RSI GUHKHQDEHUGHU.RSIZDUGHUHLQ]LJH.|USHUWHLOGHQHU LP$XJHQEOLFNEHUKDXSWQLFKWEHZHJHQZROOWHZHLOHU ]XZHKWDW ª6R©VDJWHHUWUDXULJXQGQDFKHLQSDDUWLHIHQ$WHP] JHQ]XVLFKVHOEVWª'DKDVWGXXQVDEHUZLHGHULQHLQH VFK|QH.OHPPHJHEUDFKW6WDQOH\© ,Q]ZLVFKHQIXQNWLRQLHUWHDXFKVHLQ*HGlFKWQLVZLHGHU (UHULQQHUWHVLFKQXU]XJXWDQGDVW|GOLFKH*ODV%LHUGDV HU]XP(VVHQEHVWHOOWKDWWHDQGLHXQYHUPHLQGOLFKHQ 5XQGHQGLHHUGDQDFKJHRUGHUWKDWWHDQGLH%ORQGLQH GLH0XVLNJUXSSHGHQZWHQGHQ(KHPDQQ 8QGGDQQDOVVHLLKPHLQ.DVWHQ%LHUDXIGHQ.RSIJH NUDFKWILHOHQLKPGLH0lQQHULQGHQ$Q]JHQZLHGHU HLQGLHLKQDXIGHP3DUNSODW]DEJHIDQJHQKDWWHQ :HQQHUHVELVKHUQRFKQLFKWY|OOLJHUIDWKDWWHZHLOHU YLHO]XVHKUPLWVHLQHPDQJHVFKODJHQHQ*HVXQGKHLWV]X VWDQGEHVFKlIWLJWJHZHVHQZDUMHW]WZXUGHHVLKPNODU (UVWHFNWHQLFKWQXULQ6FKZLHULJNHLWHQHUVWHFNWHLQ JURHQ6FKZLHULJNHLWHQ(QWVHW]OLFKHQ6FKZLHULJNHLWHQ (UVW|KQWHOHLVHDOVN|QQWHLKQGHU.ODQJGHUHLJHQHQ 6WLPPHEHUXKLJHQ 6RHLQ0LVWGLHKDEHQPLFKJHIHVVHOW8QGZDVKDEHQ VLHMHW]WPLWPLUYRU" 'LH$QWZRUWDXIGLHVH)UDJHOLHQLFKWODQJHDXIVLFK ZDUWHQ $OVKlWWHLUJHQGMHPDQGEHREDFKWHWGDHUZLHGHU]X %HZXWVHLQJHNRPPHQZDUEHJDQQVLFKGHU5DXP]X YHUlQGHUQ(LQHUIDOVFKHQ0RUJHQGlPPHUXQJJOHLFK NURFKHQ/LFKWHUDXVGHQ(FNHQGHV5DXPHVKHUDQ ª+H©ULHI-DNHª:DVLVWKLHUORV"+|UWDXIPLWPHLQHP

.RSIKHUXP]XVSLHOHQGHUEUXPPWVFKRQODXWJHQXJ:HU VHLGLKU":DVZROOWLKU"© .HLQH$QWZRUW 'LH/LFKWHUKLHOWHQLQQH'HU5DXPZDUMHW]WVRKHOOGD -DNHGLHVHOWVDPH*HRPHWULHHUNHQQHQNRQQWH,QVRHLQHP 5DXPZDUHUQRFKQLHJHZHVHQ'LH'HFNH]HLJWHHLQVHOWVD PHV0XVWHU-DNHNDPHVVRJDUVRYRUDOVZlUHQGRUW6\P EROHRGHU+LHURJO\SKHQ]XVHKHQ6LHZDUHQDQYHUVFKLH GHQHQ6WHOOHQDQJHEUDFKWZLH7lWRZLHUXQJHQ:HQQHU QLFKWVR]\QLVFKJHZHVHQZlUHHUKlWWHEHLQDKHDQQHKPHQ N|QQHQGDHUVLFKDQHLQHPXQJODXEOLFKDOEHUQHQ2UWEH IDQGKDKDDQ%RUGHLQHVKDKDDXHULUGLVFKHQKDKD 5DXPVFKLIIVRGHULQHLQHPlKQOLFKXQP|JOLFKHQ'LQJ (VVDKLQGHU7DWHUVFKUHFNHQGIUHPGDUWLJDXV 9LHOOHLFKWZDUHVQXUHLQ7UDXP
LKQKREGHQOHXFKWHQGHQ6WDEXQG]RJLKQHLQHQ)XEHU GHPVSUDFKORVHQ-DNH&DPGHQGXUFKGLH/XIW'DEHLEH ZHJWHHVGHQ0XQGDOVPXUPHOWHHVHLQHQ=DXEHUVSUXFK $XFK&DPGHQ|IIQHWHGHQ0XQGXQGZROOWHHWZDV.OX JHVRGHU)UHFKHVVDJHQ%HLVSLHOVZHLVH6FKLHEWPLUELWWH QLFKWGDV'LQJLQGHQ$UVFKRGHU:RKDEWLKUQXUGLH JDQ]H=HLWJHVWHFNW" $EHUHUEHNDPQXUHLQHQ6FKUHLKHUDXV (VZDUHLQODXWHU6FKUHLGHUHZLJGDXHUWHGHULKPGLH 0DQGHOQGDV=lSIFKHQGLH=lKQHXQGGLH=XQJH]X]HU IHW]HQVFKLHQ(VNDPLKPYRUDOVKlWWHHLQGLFNHU'DX PHQPLWWHQLQVHLQHP.RSIDXIGHQ.QRSIJHGUFNWGHU VROFKH6FKUHLHDXVO|VWH%HLP6FKUHLHQEHPHUNWHHUGDHU DXVLUJHQGHLQHP*UXQGHLQHXQHQGOLFKWLHIHDOOHVXPIDV VHQGHXQGXQHUNOlUOLFKH$QJVWHPSIDQG (VJDENHLQHQ*UXQGVLFKYRUGHP:HVHQGDVYRULKP VWDQG]XIUFKWHQNHLQHORJLVFKH(UNOlUXQJMHGHQIDOOV %HLQDKHNDPHVLKPVRJDUYRUDOVKlWWHHUHLQ'pMjYX (UOHEQLVDOVZlUHHUVFKRQHLQPDOKLHUJHZHVHQ(UKDWWH JHQJHQG%HVFKUHLEXQJHQGLHVHV6]HQDULRVJHK|UWHU KDWWHRIWJHQXJVHOEVWGDUEHUJHVFKULHEHQXQGJHOHVHQ XQGHUKDWWHHVDXFKLQ)LOPHQRIWJHQXJJHVHKHQXPHV DOVXQJODXEZUGLJDE]XWXQ'DVDOOHVZDUHLQ.OLVFKHH 8QGGRFKKDWWH&DPGHQGHUMHW]WPLWWHQLQGLHVHUXQP|J OLFKHQ5HDOLWlWVWHFNWHGDV*HIKOVHLQ%OXWKl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

(LQGUXFNJHKDEWGDPLWGHU(UVFKHLQXQJHWZDVQLFKW VWLPPWH-HW]WDOVGDV*HVLFKWGLFKWYRUVHLQHPZDU NRQQWHHUGLH$XJHQJHQDXEHWUDFKWHQ6LHZDUHQ]ZDU IHXFKWXQGJOlQ]WHQDEHULUJHQGHWZDVZDUPLWLKQHQ QLFKWLQ2UGQXQJ 6LHVFKLHQHQQLFKWZDFK]XVHLQVLHVFKLHQHQQLFKWOH EHQGLJ]XVHLQ 'DVHLQ]LJHZDV-DNHEHZHJHQNRQQWHZDUVHLQ0XQG 'HQKlWWHQVLHEHVVHUDXFKIHVWELQGHQVROOHQVHLQ0XQG ZDUQlPOLFKVHLQHVWlUNVWH:DIIH ª-HW]WK|UWPDO]XLKU$UVFKO|FKHU©EUOOWHHUª,KU N|QQWPLWGLHVHP7KHDWHUYLHOOHLFKW%DXHUQODFNHODXV:LV FRQVLQYHUlSSHOQDEHUNHLQHQ-DNH&DPGHQ© 'DV:HVHQKLHOWLQQHOHJWHGHQ.RSIVFKLHIXQGVDKLKQ QHXJLHULJDQ ª/RVGRFKLKU7URWWHOKDEWLKUGHQQQLFKWV%HVVHUHV]X ELHWHQ":DVLVWGDVKLHU"(LQH$EWHLOXQJYRQ'LVQH\ODQG" ,KUKDEWPLFKVRJHOHJWGDLFKQLFKWVVHKHQNDQQDEHULFK JHKHMHGH:HWWHHLQGDGDV'LQJKLHUDXI6FKLHQHQOlXIW XQGPLW'UlKWHQJHVWHXHUWZLUG*ODXEWMDQLFKWLFKZWH QLFKWGDVULFKWLJH:RUWGDIU(LQH6LPXODWLRQLVWGDV QLFKWZDKU"8QGLKUKDEWPLFKZDKUVFKHLQOLFKPLWDOOHU KDQGDXVJHIOLSSWHQ'URJHQYROOJHSXPSW9LHOHQ'DQN GDIUDEHUZDVLFKMHW]WZLUNOLFKEUDXFKHLVWHLQ$VSLULQ XQGZHQQLKUPLUGDVJHEWXQGHLQ*ODV:DVVHUGD]X GDQQODVVHLFKYLHOOHLFKW*QDGHYRU5HFKWHUJHKHQZHQQ LFKKLHUZLHGHUKHUDXVNRPPHXQGPHLQ%XFKVFKUHLEH© 6FKZHLJHQ(LQODVWHQGHV6FKZHLJHQOHJWHVLFKEHUGHQ 5DXP -DNHZXUGHIXFKVWHXIHOVZLOG ª*ODXEWLKUGHQQLFKZWHQLFKWZDVLKUGDVSLHOW"© (LJHQWOLFKZXWHHUHVQLFKWDEHUHUEDXWHHLQIDFKDXIGLH 7KHRULHGLHHU]XVDPPHQPLW6FDUERURXJKHQWZLFNHOW KDWWHQDFKGHPVLHLQGHU)DUPJHZHVHQZDUHQXQGQDFK GHP6FDUERURXJKGDV(QWIKUXQJVRSIHULQ%DOWLPRUHEH VXFKWKDWWH ª2ND\GDQQPXLFKHEHQ.ODUWH[WVSUHFKHQ,KUZROOW PLUGHQ*ODXEHQHLQLPSIHQGDLFKYRQ$XHULUGLVFKHQ HQWIKUWZXUGH$EHUGDVLVWHLQ%HWUXJHLQ0DQ|YHUHLQH

NRPSOL]LHUWH)RUPGHU'HVLQIRUPDWLRQ,FKKDEHNHLQH $KQXQJZDVLKUGDPLWYHUWXVFKHQZROOWDEHUGDUXP JHKWHVGRFKOHW]WHQ(QGHVQLFKWZDKU":LUKDEHQHVKLHU PLWHLQHPXOWUDJHKHLPHQ3URMHNWGHU5HJLHUXQJ]XWXQ ZDV"'LH-XQJVGLHPLFKJHVFKQDSSWKDEHQGLHWUXJHQ GLHQRUPDOH8QLIRUP/HXWH'DVZDUHQNHLQH$XHULUGL VFKHQXQGNHLQH0lQQHULQ6FKZDU]'DVZDUHQ$JHQWHQ YRP)%,RGHUGHU&,$RGHUYRQLUJHQGHLQHUDQGHUHQJRWW YHUGDPPWHQLOOHJDOHQ2UJDQLVDWLRQGLHVHUNRUUXSWHQ5H JLHUXQJDEHUGDVXQGQLFKWVDQGHUHVZDUHQVLH© :LHGHUGLHVHVODVWHQGH6FKZHLJHQ-DNHVHW]WHQRFKHLQ PDODQXQGKROWH/XIWDEHUGDQQKLHOWHUGHQ0XQG :DUGDHLQ6XUUHQ]XK|UHQJHZHVHQ"(LQ.OLFNHQ"'DV 6FKOHLIHQXQG*OXFNHUQK\GUDXOLVFKHU9RUULFKWXQJHQ" 'HU6WDEGHQGDV:HVHQLQGHU+DQGKDWWHHUORVFK(U OLHGHQ$UPVLQNHQGUHKWHVLFKXPXQGYHUOLHGHQ 5DXP ª-HW]W]HLJWHXFKGRFKHQGOLFKLKU6FKZHLQHKXQGH©ULHI -DNH&DPGHQª.RPPWUDXVXQGODWHXFKVHKHQ© (UVSUWHLP1DFNHQHLQOHLFKWHV.ULEEHOQDOVZUGHHU YRQXQVLFKWEDUHQ)LQJHUQEHUKUWGLHLKQOHLFKWLQGLH +DXWNQLIIHQ (LQHGXQNOH:RJHOHJWHVLFKEHULKQZLHHLQH.DSX]H XQGHUYHUORUGDV%HZXWVHLQ $OV-DNH&DPGHQZLHGHUHUZDFKWHKDWWHQGLH6FKPHU]HQ QDFKJHODVVHQ $EHUHUZDULPPHUQRFKDXIGHQ7LVFKJHIHVVHOWZLHHLQ 8QWHUVXFKXQJVREMHNWLQHLQHP/DERUEHUHLWIUGLH6HN WLRQ&DPGHQIKOWHVLFKDOVZlUHGHU.DWHU]XPJU|WHQ 7HLOYHUIORJHQDEHUWURW]GHPZDULQVHLQHP.|USHULU JHQGHWZDVQLFKWLQ2UGQXQJ,KPZXUGHVRIRUWNODUGD GLHVHV*HIKOGXUFKGLH(LQQDKPHYRQ'URJHQHQWVWDQ GHQZDU-DNH&DPGHQKDWWHUHLFKOLFK(UIDKUXQJHQPLW 'URJHQ8QPHQJHQ0DULKXDQD/6'DXIGHP&ROOHJH([ SHULPHQWHPLW(FVWDV\XQG.RNDLQLQGHQOHW]WHQ-DKUHQ 'DV.RNDLQZDUVHLQ8QWHUJDQJ'HQ$ONRKRO]lKOWHHU QLFKWPLWGHQEHWUDFKWHWHHUDOV%HVWDQGWHLOVHLQHV%HUXIV $EHUHLJHQWOLFKDEJHVHKHQYRQGHPNXU]HQ5FNIDOOJH

VWHUQDEHQGKDWWHHUVLFKZDV'URJHQDQJLQJUHFKWJXWLP *ULII3V\FKHGHOLVFKH'URJHQQDKPHUVFKRQODQJHQLFKW PHKU:DVMHW]WLQVHLQHP.RSIYRUJLQJHULQQHUWHLKQMH GRFKHLQZHQLJDQGLHVH(UIDKUXQJHQ'HVRULHQWLHUWKHLW XQGHLQHJHZLVVH%HZXWVHLQVWUEXQJZHFKVHOWHQPLW HLQHUOHLFKWYHUlQGHUWHQ:DKUQHKPXQJ$OOHUGLQJV VFKLHQGLH:LUNXQJVXEWLOHU]XVHLQ(UNRQQWHHVQLFKW JDQ]HLQRUGQHQ$EHUZDVHVDXFKZDUHUZXWHGDPDQ LKQXQWHU'URJHQJHVHW]WKDWWH=XJOHLFKZXWHHUMHGRFK DXFKGDHUQRFKGLH.RQWUROOHEHUVLFKKDWWH (UODJQLFKWPHKULQGHPYHUZLQNHOWHQEL]DUUHQ5DXP LQGHPHU]XPHUVWHQPDOHUZDFKWZDU-HW]WEHIDQGHUVLFK LQHLQHU$UW6SUHFK]LPPHUGDVHLQHP$U]WJHK|UHQ PRFKWH(UVDK7LVFKHXQG6FKUlQNHZHLXQGNOLQLVFK(V URFKQDFK'HVLQIHNWLRQVPLWWHOQHLQ*HUXFKGHULKQDQ lU]WOLFKH%HKDQGOXQJHVUlXPHHULQQHUWH+LHUXQGGRUW EHPHUNWHHUEOLW]HQGH,QVWUXPHQWH(GHOVWDKO(UNRQQWH I|UPOLFKGLH1DGHOQVSUHQGLHLP$XJHQEOLFNQRFKZLH EHL:HVSHQYHUVWHFNWZDUHQ-DNH&DPGHQZDQGVLFK'LH 3DUDQRLDHUZDFKWHZLHGHU*RWWZLHHU6SULW]HQKDWH(U KDWWHVLHVFKRQLPPHUJHKDWHUZUGHVLHLPPHUKDVVHQ 'HVKDOEZDUHUDXFKQLHLQ9HUVXFKXQJJHNRPPHQ +HURLQ]XVSULW]HQ'DVKlWWHHUQLFKWHUWUDJHQGDVZl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|IIQHWZXUGH$EHUNHLQH$XHULU GLVFKHQPLWJURHQ$XJHQNDPHQKHUHLQ1HLQHLQ:HVHQ OLHVLFKEOLFNHQIUGDV-DNH&DPGHQJURH/HLGHQVFKDIW HQWZLFNHOQNRQQWH(LQH%ORQGLQH(LQH]LHPOLFKKEVFKH

VRJDUZLHHUHUIUHXWIHVWVWHOOWHXQGGDQQIUHXWHHUVLFK GDUEHUGDHUZLHGHULPVWDQGHZDUVROFKH'LQJH]XEH PHUNHQ ª$OVRJXW©VDJWHGLH)UDXVWHLI]XMHPDQGHPGHQHU QLFKWVHKHQNRQQWHª(ULVWIL[LHUWXQGVHGLHUW,FKZUGH PLFKJHUQDOOHLQXPLKQNPPHUQ)DOOVLFK3UREOHPH KDEHZHUGHLFKDXIGHQ.QRSIGUFNHQ© 6LHVFKORYRQLQQHQGLH7UXQGPXVWHUWH-DNHPLW HLQHUHLJHQDUWLJHQ0LVFKXQJDXV%HVRUJQLV1DFKGHQN OLFKNHLWXQG%HJLHUGH6LHWUXJHLQHQODQJHQZHLHQ/D ERUNLWWHO'DV+DDUKDWWHVLH]XHLQHPVWUHQJHQ3IHUGH VFKZDQ]]XVDPPHQJHEXQGHQhEHUHLQHU%ULOOHUXQ]HOWH VLHGLH6WLUQ $XIGHUDQGHUHQ6HLWHGHV5DXPHVVWDQGHLQ6FKUHLE WLVFK6LHJLQJKLQEHUXQGEOlWWHUWHPLWJHEWHQ)LQJHUQ HLQJH|IIQHWHV%XFKGXUFKGDVWHLOZHLVHEHGUXFNWXQG WHLOZHLVHPLWKDQGVFKULIWOLFKHQ1RWL]HQJHIOOW]XVHLQ VFKLHQ ª+PP©PDFKWHVLHXQGKXVWHWHOHLFKWLQGLH+DQGGLH VLHYRUGHQ0XQGJHKREHQKDWWHª$OVRJXW0U&DPGHQ (VVFKHLQWPLUDOVZlUHQ6LHHLQKDUWHU%XUVFKH:LHIK OHQ6LHVLFK"© ª:LHXQWHU'URJHQ© ª-D©6LHKREHLQHQ=HWWHOPLWHLQHUNXU]HQ/LVWHª'DV VLQGGLH'URJHQGLHZLULQ,KUHP)DOOEHQXW]WKDEHQGLH 'RVLHUXQJHQVLQGKLHUQRWLHUW6LHKDEHQHLQHEHPHUNHQV ZHUWHKRKH6FKZHOOH-DNH,FKYHUPXWHDEHUGDZLUEHL HLQHUJUQGOLFKHQN|USHUOLFKHQ8QWHUVXFKXQJHLQH 0HQJH6FKlGHQHQWGHFNHQZUGHQ:LHODXWHWGHU%HJULII GDIU"'LH.HU]HDQEHLGHQ(QGHQJOHLFK]HLWLJDQ]QGHQ" $QVFKHLQHQG-DNHKDW,KUH.HU]HVRJDUGUHL'RFKWH$X HUGHPKDEHLFKGHQ(LQGUXFNGD6LHEHPHUNHQVZHUW XQHPSIlQJOLFKIUGDV6]HQDULRVLQGGDVZLU,KQHQDQJH ERWHQKDEHQ2KQDWUOLFKIXQNWLRQLHUWHVQLFKWEHLMHGHP 0HQVFKHQGDVLVWEHNDQQW(VZLUNWYRUDOOHPEHL0HQ VFKHQGLHIU6XJJHVWLRQHQVHKUHPSIlQJOLFKVLQG.RP PHQZLU]XU6DFKH:RUDXIJHQDXZROOHQ6LHKLQDXV-DNH &DPGHQ"8QGZDUXPKHOIHQ6LHHLQHPJHVXFKWHQ.ULPL QHOOHQGHUPLWJURHU:DKUVFKHLQOLFKNHLWGLH,QWHUHVVHQ

XQGGLHQDWLRQDOH6LFKHUKHLWGHU9HUHLQLJWHQ6WDDWHQJH IlKUGHWKDW"© ª0HLQHQ6LH'RNWRU6FDUERURXJK"9HUGDPPWGHUKDW QLHPDQGHQJHIlKUGHW,KUVHLGYRQGHU&,$ZDV"© ª,FKVWHOOHKLHUGLH)UDJHQ&DPGHQ8QGLFKP|FKWH,K QHQUDWHQPHLQH)UDJHQYROOVWlQGLJXQGZDKUKHLWVJHPl ]XEHDQWZRUWHQ(VJLEWDXHUGHQUHODWLYVFKPHU]ORVHQ 0HGLNDPHQWHQQRFKHLQLJHDQGHUH0HWKRGHQGLH,QIRU PDWLRQHQDXV,KQHQKHUDXV]XKROHQ© ª6LHVLQGZLUNOLFKYRQGHU&,$"$KD'DQQVLQGGLH*H VFKLFKWHQDOVRZDKU2ND\YHUGDPPW,FKZLOOQLFKWJHIRO WHUWZHUGHQYHUGDPPW*HKWDXV,KUHQ$XI]HLFKQXQJHQ EHUPLFKQLFKWKHUYRUGDLFKHLQ)HLJOLQJELQ"© ª(LJHQWOLFKQLFKW8QGLFKJODXEHDXFKQLFKWGD6LH VFKRQHLQPDOLQHLQHU6LWXDWLRQZLHGLHVHUZDUHQ© ª1LFKWGLUHNWDEHULFKKDEHJUXQGVlW]OLFKHWZDVJHJHQ 6FKPHU]HQ© 'LH)UDXVWDQGDXINDP]XLKPXQGEHXJWHVLFKGLFKW EHULKQDOVZROOWHVLHLKQHLQVFKFKWHUQXQGLKUHQ:Q VFKHQ1DFKGUXFNYHUOHLKHQ ª'DQQZHUGHQ6LHXQVDOOHVVDJHQZDV6LHEHU(YHUHWW 6FDUERURXJKZLVVHQ"© ª6LFKHU,FKGHQNHVFKRQ$EHULP*UXQGHZHLLFKJDU QLFKWVRYLHOEHULKQ© ªhEHUGDVNOHLQH6]HQDULRGDZLU,KQHQYRUHLQHU 6WXQGHYRUJHIKUWKDEHQVFKLHQHQ6LHHLQHJDQ]H0HQJH ]XZLVVHQ,FKILQGHGDVVHKUEHXQUXKLJHQGZHLO6LHGD P|JOLFKHUZHLVHHLQLJHXQHUIUHXOLFKH6FKOXIROJHUXQJHQ JH]RJHQKDEHQ'DUDXVIROJHUHLFKGD,KQHQ,QIRUPDWLR QHQYRUOLHJHQYRQGHQHQXQVQLFKWVEHNDQQWLVWXQGGD 6LHP|JOLFKHUZHLVH'ULWWHQGDYRQHU]lKOWKDEHQ2GHU ZDVQRFKVFKOLPPHUZlUHGD6LH,KUH,QIRUPDWLRQHQQLH GHUJHVFKULHEHQKDEHQ©6LHNQLUVFKWHPLWGHQ=lKQHQ -DNHQDKPLKUHQ.|USHUJHUXFKZDKUNHLQ3DUIPVRQ GHUQPHGL]LQLVFKH*HUFKHª7ULIIWGDV]X-DNH&DPGHQ" 6LQGGLHVH(UNHQQWQLVVHEHUHLWVEHLHLQHU=HLWXQJRGHU HLQHP%XFKYHUODJHLQJHUHLFKWZRVLHIUGLH9HU|IIHQWOL FKXQJYRUEHUHLWHWZHUGHQ"© ª7HXIHOQHLQVRZHLWVLQGZLUGRFKEHUKDXSWQRFK

QLFKWJHNRPPHQ,FKPHLQHLFKELQQRFKQLFKWDOVRLFK KDEHHLQHQ$UWLNHOEHU6FDUERURXJKJHVFKULHEHQDEHU GRUWJLQJHVKDXSWVlFKOLFKGDUXPGDHUKHUHLQJHOHJW ZRUGHQZDU9RQlKYRQ6]HQDULRVZDUGRUWQLFKWGLH 5HGH$XFKQLFKWYRQ$OLHQ6LPXODWLRQHQXQGYRQ'HVLQ IRUPDWLRQXQGVRZHLWHU'HU*UXQGGDIULVWYRUDOOHP GHU6FKZHVWHUGDLFKQLFKWGLHJHULQJVWH$KQXQJKDEH ZDUXP6LHGLHVHQ8QIXJEHUKDXSWPDFKHQ© 'LH)UDXHQWVSDQQWHVLFKHLQZHQLJXQGWUDWHLQHQ 6FKULWW]XUFN6LHYHUVFKUlQNWHGLH$UPHYRUGHU%UXVW ª6LHHUZDUWHQGRFKKRIIHQWOLFKQLFKWYRQPLUGDLFK,K QHQGDVHU]lKOHRGHU"© ª1HLQ,FKHUZDUWHYRQ,KQHQGD6LHPLFKKLHUKHUDXV ODVVHQ,FKELQHLQDPHULNDQLVFKHU%UJHUYHUGDPPW,FK KDEH5HFKWH©'DVZDUHQGLH6lW]HGLHMHGHU5HSRUWHU VDJWHZHQQHULQGHU.OHPPHVD$EHUEHVVHUGLHVDOV EHUKDXSWQLFKWVDXHUGHPKDOILKPGLH:XWZLHGHU HLQHQNODUHQ.RSI]XEHNRPPHQª8QGGDQQZLOOLFKPLW PHLQHP$QZDOWVSUHFKHQ© 'LH)UDXJHVWDWWHWHVLFKHLQ/lFKHOQª6LHEHOLHEHQ]X VFKHU]HQ$OV6LH,KUH1DVHLQGLHVHIUGLHQDWLRQDOH6L FKHUKHLWZLFKWLJH$QJHOHJHQKHLWVWHFNWHQKDEHQ6LHVHOEVW DXI,KUH5HFKWHYHU]LFKWHW© ª'LHQDWLRQDOH6LFKHUKHLW:DVIUHLQ%O|GVLQQ6SLHOW DXFKJDUNHLQH5ROOH%LQLFKYHUKDIWHW"'DQQZLOOLFKPHL QHQ$QZDOWVSUHFKHQ© 'LH)UDXVFKLHQGDVIUDXVJHVSURFKHQZLW]LJ]XKDOWHQ ª0U&DPGHQ-DNH6LHVLQGQLFKWYHUKDIWHW6LHN|QQHQ JHKHQZDQQLPPHU6LHZROOHQ© ª'DQQQHKPHQ6LHPLUGLH)HVVHOQDE© ª6HOEVWYHUVWlQGOLFKJOHLFK1XUQRFKHLQH.OHLQLJNHLW :LUPVVHQHLQHNOHLQHLQRIIL]LHOOH%HIUDJXQJGXUFKIK UHQ© ª8QGPLUGDEHLGDV*HKLUQ]HUPDWVFKHQZDV":ROOHQ 6LHPLFKGD]XEULQJHQGLHVH0lUFKHQYRQGHQ(QWIK UXQJHQGXUFK$XHULUGLVFKH]XJODXEHQ":ROOHQ6LHKHU DXVILQGHQREHVDXFKEHLPDOWHQ-DNHIXQNWLRQLHUW"7MDHV KDWQLFKWIXQNWLRQLHUWXQG6LHPVVHQPLFKQLFKWEHIUD JHQZHLOLFK,KQHQDOOHVVDJHZDVLFKZHL©

ª:HUGHQ6LHGDVZLUNOLFKWXQ"© ª-D8QGGDVHUVWHZDVLFK,KQHQVDJHGDLFKLQ]ZL VFKHQZHLZHU6LHVLQG/DG\© ª:LUNOLFK"© ª-D6LHVLQG'U-XOLD&XQQLQJKDPHLQH$UW'U0HQ JHOHGHU&,$ZLH6FDUERURXJKPHLQWH© ª6RELQLFKGDV"©6LHYHUVXFKWHGLH)DVVXQJ]XEHZDK UHQDEHU&DPGHQNRQQWHVHKHQGDHUHLQHQ7UHIIHUJH ODQGHWKDWWHª6LHVLQGVLFK,KUHU6DFKHDEHUVHKUVLFKHU© ª1XQ6LHVLQGEORQG0LWWH'UHLLJDWWUDNWLYXQGHLV NDOW8QG6LHNHQQHQVLFKPLW3V\FKRSKDUPDNDDXV(LQ SDDUGDYRQWREHQPLUJHUDGHGXUFKGHQ6FKlGHO© ª6SLHOWHVHLJHQWOLFKHLQH5ROOHZHULFKELQ"© ª1HLQDEHUMHW]WLVWPLUNODUGD6LHIUGLH&,$DUEHL WHQ© ª,FKGDFKWHGDVKlWWHQ6LHRKQHKLQVFKRQJHNOlUWLKUHU 0HLQXQJQDFKMHGHQIDOOV© ª(VEHZHLVWGDZLUPLWXQVHUHQ1DFKIRUVFKXQJHQDXI GHUULFKWLJHQ6SXUVLQG© ª'DVLVWQDFK,KUHQMQJVWHQ(UIDKUXQJHQMDDXFKQLFKW VFKZHU]XHUUDWHQ0U&DPGHQ© ª'DVHLQ]LJHZDVLFKPLUQLFKW]XVDPPHQUHLPHQNDQQ LFKPHLQHGLHJURH)UDJHGDVLVWGRFKZDUXP6LHGDV EHUKDXSWPDFKHQ© ª(LJHQWOLFKKDWWHLFKHVPLUVRYRUJHVWHOOWGDLFK6LHEH IUDJH0U&DPGHQQLFKWXPJHNHKUW© ª2KVLFKHUGRFKVLFKHUGRFK,FKZROOWHQXUHLQSDDU )DNWHQJHNOlUWKDEHQ© ª,FKJODXEHVRODQJVDPUHLFKWHVPLU©VDJWHVLHJLQJ]X HLQHP6FKUDQNXQG]RJHLQ7DEOHWWKHUDXVDXIGHP6SULW ]HQXQG$PSXOOHQEHUHLWODJHQª:RLVW'U6FDUERURXJK 0U&DPGHQ"© ª/HLGHUNDQQLFK,KQHQGDVQLFKWVDJHQ© ª'DVKDEHLFKEHIUFKWHW©6LHEHWUDFKWHWHGLH$PSXOOHQ XQGSDFNWHHLQH(LQPDOVSULW]HDXVª,VW,KQHQHLJHQWOLFK GHU)DOOGHV$JHQWHQ:LOOLDP%XFNOH\EHNDQQWGHULQ%HL UXWHLQJHVHW]WZDU0U&DPGHQ"© ª2KVLFKHU'HU&,$6FKODSSKXWGHUYRQHLQHU7HUURUL VWHQEDQGHHQWIKUWZXUGH©

ª'DZDUDXFKHLQ$U]WEHWHLOLJW(LQ0DQQGHU:LOOLDP %XFNOH\GLH'URJHQJDE'U$]L]DO$EXG.HQQHQ6LHGLH 9LGHRElQGHUGLHDQGLH&,$JHVFKLFNWZXUGHQ"© -DNH&DPGHQNRQQWHVLFKQLFKWDQDOOH'HWDLOVGHU*H VFKLFKWHHULQQHUQDEHUHUZDUQRUPDOHUZHLVHVHKUJXWLQ IRUPLHUWXQGVRZDULKPDXFKGLHVH6WRU\LQLKUHQ*UXQG ]JHQEHNDQQW:DVYHUXUVDFKWHGDHULQQHUOLFK]XVDP PHQ]XFNWH$QJVWNURFKZLHGHUPLWVFKDUIHQ.UDOOHQVHLQ 5FNJUDWKLQDXIXQGKLQXQWHU %XFNOH\ZDUZlKUHQGGHU8QUXKHQLP1DKHQ2VWHQDOV OHLWHQGHU$JHQWGHU&,$LQ%HLUXWWlWLJJHZHVHQZDU HUYRQHLQHUUDGLNDOHQ0RVOHPJUXSSHQDPHQV+LVEROODK HQWIKUWZRUGHQ%DOGGDUDXIEHNDPGLH&,$9LGHRElQ GHU]XJHVSLHOWDXIGHQHQGRNXPHQWLHUWZDUZHOFKH)RUW VFKULWWHPDQPLW:LOOLDP%XFNOH\PDFKWH=ZDUZDU %XFNOH\DOVKHUYRUUDJHQGDXVJHELOGHWHU$JHQWDXFKDXI GDVYRUEHUHLWHWZDVLKPDOV*HLVHO]XVWRHQPRFKWHDEHU GLH+LVEROODKEUDFKWHLKQ]XHLQHPEHUFKWLJWHQ$U]WGHU ]XDOOHPEHUHLWZDU'LHVHU$U]WYHUDEUHLFKWHLKPHLQH 5HLKHYRQ0HGLDNDPHQWHQGLHVHLQH3HUV|QOLFKNHLWSUDN WLVFKDXVO|VFKWHQ$XIGHPYLHUWHQRGHUIQIWHQ9LGHR EDQGZDUHQJUlOLFKH)ROWHUV]HQHQ]XVHKHQ%XFNOH\ KDWWHRIIHQEDUQLFKWQXUGHU+LVEROODKDOOHVYHUUDWHQZDV HUZXWHXQGGDPLWHLQH6FKDW]NLVWHYROOHUJHKHLPHU,Q IRUPDWLRQHQJH|IIQHWVRQGHUQHUVSUDFKVLFKQDFKGHU!%H KDQGOXQJDXFKGDIUDXVGDPDQGLHDPHULNDQLVFKHQ 7UXSSHQDXV%HLUXW]XUFN]LHKHQXQGGLHDPHULNDQL VFKHQ$NWLYLWlWHQLP/LEDQRQHLQVWHOOHQPVVH :LOOLDP%XFNOH\KDWWHQLFKWQXUHLQH*HKLUQZlVFKHEH NRPPHQ6HLQ*HKLUQZDU]XP7URFNQHQDXIGLH:lVFKH OHLQHJHKlQJWZRUGHQXQGGDQDFKKDWWHQVHLQHXQ PHQVFKOLFKHQ(QWIKUHUHVLQGLH)RUPJHEUDFKWGLHLKQHQ JHQHKPZDU ª-D©VDJWH&DPGHQPXWORVª,FKNHQQHGLH$XIQDK PHQ© ª*XW'DQQVROOWHQ6LHQRFKZLVVHQGDZLUDXIGLH%H HLQIOXVVXQJGHU*HKLUQIXQNWLRQHQVSH]LDOLVLHUWVLQG:LU NHQQHQQLFKWQXUGLHVHKUHIIL]LHQWHQ3UDNWLNHQGHV'UDO $EXGVRQGHUQZLUKDEHQDXHUGHPDXFKQRFKJDQ]HL

JHQHYLHOZLUNVDPHUH0HWKRGHQHQWZLFNHOWGLHPDQFK PDODOOHVDQGHUHDOVVFKRQHQGVLQG'LH*HKHLPQLVVHGHV %HZXWVHLQV0U&DPGHQZHUGHQQDFKXQGQDFKJHOI WHW,FKELQHLQHUGHUSULYLOHJLHUWHQ0HQVFKHQGLHVLFKRKQH MHGH%HVFKUlQNXQJDXIGLHVHV1HXODQGYRUZDJHQGUIHQ 'HU*UXQGGDIULVWPHLQHJDQ]EHVRQGHUH6WHOOXQJLQXQ VHUHU2UJDQLVDWLRQ,FKKDEHZXQGHUYROOHXQGVFKUHFNOL FKH'LQJHHQWGHFNWXQGGLH6XFKHJHKWZHLWHU© 'U-XOLD&XQQLQJKDPEOLFNWHJHGDQNHQYHUORUHQXQG PLWJOlQ]HQGHQ$XJHQLQV/HHUHDOVKlWWHVLHJHUDGHVHOEVW HLQH,QMHNWLRQEHNRPPHQGHUHQ:LUNXQJVLHDXVNRVWHQ ZROOWH6LHEHUSUIWHGLH6SULW]HXQGGUFNWHGLH/XIW EODVH]XVDPPHQPLWHLQHPNOHLQHQ6WUDKOGHU)OVVLJNHLW KHUDXV'DQQZDQGWHVLHVLFKZLHGHUDQ&DPGHQ ª,FKKDEHGDV*HIKOGD6LHHLQVHKULQWHUHVVDQWHVXQG ORKQHQGHV8QWHUVXFKXQJVREMHNWDEJHEHQZHUGHQ0U &DPGHQ© $OVVLHVLFKLKPQlKHUWHGLH6SULW]HZLHHLQH:DIIHYRU VLFKKDOWHQGEHWUDFKWHWH-DNH&DPGHQLKU*HVLFKWXQGHQW GHFNWHHLQHQ$XVGUXFNGHULKQQRUPDOHUZHLVHYRUHLQHU )UDXGLH)OXFKWHUJUHLIHQOLH :DVHUVDKZDUVDGLVWLVFKH9RUIUHXGH 1DWUOLFKNRQQWHHUMHW]WQLFKWZHJODXIHQ -DNHKDWWHGDVNODUH*HIKOGDHVLKUQLFKWQXUXP.DU ULHUHRGHUZLVVHQVFKDIWOLFKH+HUDXVIRUGHUXQJHQRGHUXP GLH1HXJLHUGHJLQJZLHGDVPHQVFKOLFKH*HKLUQIXQNWLR QLHUWH ,KPZDUDEVROXWNODUGD-XOLD&XQQLQJKDPGLH6LWXD WLRQJHQR 6FDUERURXJKVFKREVLFKVDQIWEHUVLHIDQGLQWXLWLYGHQ ULFKWLJHQ:HJXQGGUDQJHUVWDXQOLFKOHLFKWLQVLHHLQ /HLFKWJLQJHVXQGHVIKOWHVLFKVRDQDOVZUGHQVLHRE ZRKOVLHGDVHUVWHPDO]XVDPPHQZDUHQVRIRUW]XHLQHP JU|HUHQ*DQ]HQYHUVFKPHO]HQ $OVHUWLHILQLKUZDUKREVLHGHQ.RSIXQGIOVWHUWHª-D (YHUHWWMD© (UOHJWHGLH+lQGHQHEHQLKUHQ.RSIEHZHJWHVLFKUXKLJ XQGJHQRGDV*HIKOPLWLKUYHUHLQW]XVHLQ

ª-D(YHUHWWVFKQHOOHUMHW]WVFKQHOOHU© (UZDUY|OOLJEHUUDVFKW*HUDGHQRFKKDWWHHUJHJODXEW VLFK]XUFNKDOWHQ]XN|QQHQGRFKVFKRQLPQlFKVWHQ$X JHQEOLFNVFKORVLHVLFKVDPWZHLFKXQGGHQQRFKVRIHVWXP LKQGDVHLQH5HDNWLRQDXJHQEOLFNOLFKHUIROJWH'LH:R FKHQYROOHU)XUFKWXQG3DQLNYROOHU8QJHZLKHLWXQG 6SDQQXQJDOOHVO|VWHVLFKLQHLQHUEHEHQGHQHUVFKWWHUQ GHQ([SORVLRQ=LWWHUQGXQGVW|KQHQGYRU/XVWJHQRHU GLHVHQ0RPHQWGHUHZLJ]XGDXHUQVFKLHQ(LQHQ$XJHQ EOLFNODQJIUFKWHWHHUVRJDUHUN|QQWHGDV%HZXWVHLQYHU OLHUHQ .LUVFKEOWHQ (UVFKWWHOWHGLH%HQRPPHQKHLWDEXQGODJEOLQ]HOQGQH EHQLKU6LHVWUHLFKHOWHVHLQH6WLUQXQGIOVWHUWH]lUWOLFKLU JHQGHWZDV .LUVFKEOWHQ" :DUXPGDFKWHHUDQ.LUVFKEOWHQ" 8QGSO|W]OLFKZDUHUZLHGHU'RNWRU(YHUHWW6FDUER URXJKXQGHUZXWHGDHUQHEHQHLQHU)UDXODJGLHHU HQWWlXVFKWKDWWH'LH:RUWH!YRU]HLWLJHU6DPHQHUJX GU|KQWHDQNODJHQGLQVHLQHP6FKlGHO ª(VWXWPLUOHLG©PXUPHOWHHU ª:DUXP":DVVROOWHGLUOHLGWXQ"© ª(VKDWMDQLFKWJHUDGHVHKUODQJHJHGDXHUW ª=HUUHGHHVQLFKW(VZDUVFK|QHVZDUZXQGHUYROO%LWWH ]HUVW|UHHVQLFKW© ª1RUPDOHUZHLVHGDXHUWHHVEHLPLUOlQJHUDOVQXUHLQ SDDU6HNXQGHQ© ª:DVJODXEVWGXGHQQZDVZLUKLHUWXQ(Y"©6LHPDFKWH VLFKEHULKQOXVWLJVLHZDUDPVLHUWDEHUVLHVFKLHQDXFK EHWURIIHQª,VWGDVHLQHRO\PSLVFKH'LV]LSOLQ"© ª1HLQDEHULFKZROOWHGLUHWZDVPHKUJHEHQDOVHLQSDDU 6HNXQGHQ6W|KQHQ© ª(Y(Y(Y©6LHNWHLKQ]lUWOLFKDXIGLH6WLUQXQGHU VSUWHZLHGLH6SDQQXQJQDFKOLHDOVHUGHQ.RSI]ZL VFKHQLKUH%UVWHOHJWHª'XDUPHUNOHLQHU-XQJH© ª2KYLHOHQ'DQNDXFK© ª6HLQLFKWDOEHUQ'XKDVWGLFKPLUJHVFKHQNW:LUNOLFK ,FKZROOWHNHLQHQ+HQJVWLFKZROOWHGLFK©

ª$EHULFKNDQQHLQ+HQJVWVHLQHKUOLFK© ª'DVPlQQOLFKH(JREHUUDVFKWPLFKLPPHUZLHGHU )KOVWGXGLFKMHW]WEHVVHU"© ª,FKJODXEHVFKRQ© ª6FKPROOHQLFKWGDVVWHKWGLUQLFKWJXW© ª9LHOOHLFKWELVWGXHLQIDFKHLQHEHUZlOWLJHQGH)UDX© ª-DGDVPXHVVHLQ,FKELQZLHNHLQHDQGHUH)UDXGLH GXMH]XYRUJHKDEWKDVW© ª+PP'DZDUPDOHLQHJHVFKLHGHQH)UDXLQ&OHYH ODQGGLH©(UPXWHVLFKXQWHUEUHFKHQDOVVLHLKPHLQ .RSINLVVHQDXIV*HVLFKWNODWVFKWH 6LHODFKWHQEHLGHXQGLQJHZLVVHU:HLVHZDULKU/DFKHQ HLQHHEHQVRJURH(UOHLFKWHUXQJZLHGDVZDVJHUDGHYRU KHUJHVFKHKHQZDU $OVVLHVLFKZLHGHUEHUXKLJWKDWWHQKLHOWHQVLHHLQDQGHU LP$UPXQGWDXVFKWHQ]lUWOLFKH)OVWHUZRUWH ª:LUNOLFKGDVZDUHLQIDFKXQJODXEOLFK)UPLFKMH GHQIDOOV© ª)UPLFKZDUHVDXFKHWZDVJDQ]%HVRQGHUHV© ª*RWWZLHLFKGLHVHV:RUWKDVVH'DVNOLQJWDOVZUGHQ ZLUIU6RQGHUDQJHERWHLP6XSHUPDUNWZHUEHQ© ª$FKWXQJOLHEH.XQGHQGHV6XSHUPDUNW'U(YHUHWW 6FDUERURXJKKDWWHJHUDGHHLQHQJDQ]EHVRQGHUHQ2UJDV PXV© ª8QG/LHXWHQDQW0DUVKD0DQQLQJKDWWHNHLQHQ© ª2KHVKDWVFKRQHLQELFKHQJHNLW]HOW© ª9LHOHQ'DQNDXFK'HU$SSODXVEHUZlOWLJWPLFK© ª'XGDUIVWGLUQLFKWVRYLHOH*HGDQNHQPDFKHQ%LVWGX VFKRQHLQPDODXIGLH,GHHJHNRPPHQGDHLQ0lGFKHQVR HLQHNXU]HOHLGHQVFKDIWOLFKHXQGKHIWLJH5HDNWLRQDXILKUH 5HL]HDXFKDOV.RPSOLPHQWDXIIDVVHQN|QQWH"© ª+PP1HLQDXIGLHVH,GHHELQLFKQRFKQLFKWJHNRP PHQ© ª,FKDEHU© ª'XELVWHLQ6FKDW]© ª1DLVWGHLQ(JRGDPLWUHSDULHUW"© ª*HKHLOWEHUXKLJWDPGULWWHQ7DJHUO|VWYRQGHQ/HL GHQXQGDXIJHVWLHJHQJHQ+LPPHO© ª*XWGDQQZLOOLFKGLUQRFKHWZDVDQGHUHV]HLJHQ©

6LHNWHLKQIHVWXQGNUlIWLJDXIGLH/LSSHQGDQQIXKU VLHPLWGHU=XQJHDQVHLQHP2KUHQWODQJXQGNQDEEHUWHDQ VHLQHP2KUOlSSFKHQ(UEHJDQQLKUHQ5FNHQ]XVWUHL FKHOQXPVLFK]XUHYDQFKLHUHQ ª1HLQ©VDJWHVLH]RJVLFK]XUFNXQGVFKWWHOWHGHQ .RSIGDLKU+DDUIORJª'XGDUIVWGLFKQLFKWEHZHJHQ'X GDUIVWNHLQHQ)LQJHUUKUHQZHQQGXGDVDXVKDOWHQ NDQQVW'DVKLHULVWIUGLFK(YQXUIUGLFK©6LHNLFKHUWH KHLVHUGUFNWHGLH=XQJHLQVHLQ%UXVWKDDUXQGOHFNWH VHLQH%UXVWZDU]HQELVVLHKDUWZXUGHQGDQQJOLWWVLHODQJ VDPEHUVHLQHQ%DXFKQDFKXQWHQLKU+DDUNLW]HOWHVHLQH +DXWZlKUHQGVLHLKQPLWNXQGLJHQ)LQJHUQVWUHLFKHOWH 'LH%HUKUXQJGD]XLKU*HUXFKGLHVHOEVWYHUJHVVHQH KHIWLJHXQGGHQQRFK]LHOJHULFKWHWH6H[XDOLWlWGLHHUPLWLKU HUOHEWKDWWHGDVZDUIDVWPHKUDOV(YHUHWW6FDUERURXJKHU WUDJHQNRQQWH(UDWPHWHWLHIHLQXQGVWLHGLH/XIWPLW HLQHP.HXFKHQDXV*HQDXLPULFKWLJHQ$XJHQEOLFNJOLWW VLHZHLWHUQDFKXQWHQ]XVHLQHQ6FKHQNHOQXQGOLHGLH =XQJHGDQQZLHGHUQDFKREHQJOHLWHQ 6FDUERURXJKZXUGHSO|W]OLFKNODUZDU0DUVKDYRUKDWWH ª0DUVKD©VDJWHHUª,FKJODXEHLFKEUDXFKHZLUNOLFKHWZDV PHKU=HLW,FKPHLQHODVVHQZLUGDV(JRPDOEHLVHLWH ,FKELQIQI]LJ-DKUHDOW© ª6HKW6HLVWLOO6FDUERURXJK(QWVSDQQHGLFKHLQIDFK *HQLHHHV,FKZLOOGLUPDOZDV]HLJHQ© (UOLHGHQ.RSIDXIV.LVVHQVLQNHQHWZDV]ZHLIHOQG QRFKDEHUEHUHLWVLFKKLQ]XJHEHQ:DVDXFKLPPHUJH VFKHKHQZUGHHVOHQNWHDXIMHGHQ)DOOYRQGHQVFKOLPPHQ $OSWUlXPHQDEYRQGHP*HIKOGHU%HGURKXQJXQG$Q VSDQQXQJJHQDXHUJHVDJWYRQMHQHUXQDQJHQHKPHQ GXUFKDXVQLFKWHURWLVFKHQ$QVSDQQXQJ 0DUVKDEHXJWHVLFKEHULKQNWHLKQQDKPVHLQHQ VFKODIIHQ3HQLVLQGHQ0XQGXQGKLHOWVLFKY|OOLJVWLOO 8QGGDQQVRODQJVDPGDHUHVNDXPEHPHUNWHEHJDQQ VLHVLFK]XEHZHJHQ%HKXWVDPXQGJHGXOGLJ(LQH:LQ]LJ NHLWQXU%LVSRFKHQGHV9HUODQJHQDXV6FDUERURXJKVWLHI VWHQ7LHIHQHPSRUVWLHJZLHNKOHVGXQNOHV:DVVHU %HJHLVWHUWZDUIVLHGHQ.RSI]XUFNDOVVLHVHLQH5HDN WLRQVSUWH

ª0HLQ*RWW©NHXFKWHHUª,FKNDQQ VQLFKWJODXEHQ© 0DUVKDNLFKHUWHQXU ª9LHOOHLFKWVROOWHQZLUGDVVLQQYROOQXW]HQVRODQJHHV QRFKDQKlOW"© 6LHKREGHQ.RSIXQGVFKQDSSWHQDFK/XIWEHYRUVLH ZHLWHUPDFKWHª6HLVWLOO/LHEVWHU/DPLUGDV9HUJQJHQ© 8QGNXU]EHYRUHUHVQLFKWPHKUHUWUDJHQNRQQWHNXU] EHYRUHUGDV*HIKOKDWWHHUZUGHJOHLFKLQWDXVHQG 6WFNH]HUVSULQJHQK|UWHVLHDXI ª2ND\2ND\(Y,FKJODXEHMHW]WELVWGXLQ)RUP© 6LHKRFNWHVLFKDXILKQJOLWWEHULKQXQGNHXFKWHXQG VW|KQWHDOVHULQVLHHLQGUDQJGDQQEHZHJWHVLHVLFKDXI XQGDEZLHHVLKUJHILHO 6FDUERURXJKIKOWHVLFKHLQLJHUPDHQYHUZLUUWXQGEH QRPPHQXQGGDQQHUNDQQWHHUGDHUDQHLQHP3XQNW DQJHODQJWZDUZRHUVLFKNHLQH6RUJHQPHKU]XPDFKHQ EUDXFKWHGDGLHVH9HUHLQLJXQJ]XHLQHPYRU]HLWLJHQ (QGHNRPPHQZUGH(UNRQQWHVLFKHQWVSDQQHQXQG 0DUVKDV/XVWJHQLHHQ 6LHEHZHJWHVLFKDXILKPDOVVHLVHLQ3HQLVLKUSULYDWHV 6SLHO]HXJOLHLKQJHQDXGDVEHUKUHQZDVVLHJHUHL]WKD EHQZROOWHXQGPLWHUVWDXQOLFKHU/HLGHQVFKDIWDUEHLWHWH VLHVLFKHLQHPZLOGHQ+|KHSXQNWHQWJHJHQ $OVVLHNDPZDUHVDOVKlWWHVLFKHLQHGRQQHUQGH:HOOH DP6WUDQGJHEURFKHQ ª(YHUHWW©NHXFKWHVLHXQGERJGHQ5FNHQVRZHLW GXUFKGDHUVFKRQJODXEWHVLHZUGHUFNOLQJVYRQLKP KHUXQWHUIDOOHQ *HQDXVRXQYHUPLWWHOWGUlQJWHVLHVLFKZLHGHUDQLKQ NUPPWHVLFKXQG]LWWHUWHVW|KQWHXQGZDQGVLFKDOVZlUH VLHKHIWLJHQ6WURPVFKOlJHQDXVJHVHW]W(UVWDOVVLHVLFKEH UXKLJWHHUNDQQWH(YHUHWW6FDUERURXJKGDDXFKHUJH NRPPHQZDUGRFKZDUVHLQ2UJDVPXVLQGHU.UDIWXQG (QHUJLHLKUHU(QWODGXQJY|OOLJXQWHUJHJDQJHQ 6FKZLW]HQGXQGKHIWLJDWPHQGVDQNVLHQHEHQLKPDXIV %HWW=XVDPPHQHQWVSDQQWHQVLHVLFKXQGJHQRVVHQGLH VDQIWH:lUPHGLHVLHMHW]WEHLGHHLQKOOWH ª:RZ©IOVWHUWHVLHXQGVWXSVWHVHLQHQ$UPPLWGHU 1DVH

ª:RZ©JDEHU]XUFN ª,FKPXLPPHUDQGDVGHQNHQZDV:DOWHUEHUGLH 6SDQQXQJ]ZLVFKHQXQVJHVDJWKDW© ª+PP0DFKDWGDVEULJHQVDXFKJHVDJW,FKGDFKWH LPPHUQXUGDGXPLFKDXIGLH3DOPHEULQJHQZROOWHVW© ª,VWGDVQLFKWNRPLVFK"'DEHLKlWWHQZLUXQVVFKRQGLH JDQ]H=HLWJDQ]ZRDQGHUVKLQEULQJHQN|QQHQ© ª1HLQGLHVKLHUZDUGHUULFKWLJH$XJHQEOLFN0DUVKD© ª,FKZHL© ª,FKPXWHPLFKHUVWZLUNOLFKQDFKGLUVHKQHQLFK PXWHHUVWHUNHQQHQGDLFKQLFKWDOOHLQHELQ'DVKDVWGX PLUJH]HLJW'DQNH© ª.HLQH8UVDFKH'U6FDUERURXJK©KDXFKWHVLHLKP ]lUWOLFKLQV2KUª(VZDUPLUHLQ9HUJQJHQ8QGEUL JHQVIDOOVGXPRUJHQIUKEHU7HLOHIlOOVWGLHPLUDXV GHP*HKLUQJHIORJHQVLQGXQGGLHMHW]WDXIGHP%RGHQ RGHULP%HWWKHUXPOLHJHQZUGHVWGXVLHPLUELWWH]X UFNJHEHQ",FKEUDXFKHVLHQRFK© ª:LHNDQQLFKGHQQHUNHQQHQZHOFKHGHLQHVLQGXQG ZHOFKHPHLQH"© ª$XIPHLQHQVWHKW!(YHUHWW6FDUERURXJKLVWGHUZXQ GHUEDUVWH0DQQDXIGHU:HOW© ª,FKVDJHMDZLHVROOLFKVLHGHQQXQWHUVFKHLGHQ"© 6LHVWLHLKPGHQ(OOERJHQLQGLH6HLWHª$OEHUQHU.HUO© (UOlFKHOWHXQG]RJVLHDQVLFK*HPHLQVDPVDQNHQVLHLQ HLQHQWLHIHQWUDXPORVHQ6FKODI

.DSLWHO (YHUHWW6FDUERURXJKVDDXIGHQ3ODVWLNSROVWHUQLQHLQHU 1LVFKHYRUVLFKHLQH7DVVHODQJVDPDXVNKOHQGHQ.DIIHH XQGHLQHQ0F0XIILQGHQHUQLFKWDQJHUKUWKDWWH(U IUDJWHVLFKZDUXP(G0\HUVDOV7UHIISXQNWDXVJHUHFKQHW HLQ0F'RQDOG V5HVWDXUDQWYRUJHVFKODJHQKDWWH6FDUER URXJKKDWH0F'RQDOG VVDPWYHUJOHLFKEDUHU.RQNXUUHQ] PLWLKUHPPLHVHQVHQXQGVFKPLHULJHQ)UDGHUGLH *HVXQGKHLWGHU.RQVXPHQWHQUXLQLHUWH1RUPDOHUZHLVH

ZUGHHUOLHEHUVWHUEHQDOVVLFKLQHLQVROFKHV/RNDO]XEH JHEHQ$EHU0\HUVKDWWHQDWUOLFKUHFKW'DV/RNDOZDU OHLFKW]XILQGHQXQGHVZDUZHJHQGHU]DKOUHLFKHQ*lVWH HLQXQDXIIlOOLJHU7UHIISXQNW$XHUGHPZDUHVQXUHLQ SDDU.LORPHWHUYRP(LQJDQJGHV/XIWZDIIHQVWW]SXQNWHV .LUWODQGHQWIHUQW 'LHPHLVWHQGHU*lVWHGLH]XP)UKVWFNJHNRPPHQ ZDUHQKDWWHQGDV5HVWDXUDQWLQ]ZLVFKHQZLHGHUYHUODV VHQ(LQMXQJHU0DQQZLVFKWHGHQ%RGHQPLWHLQHP0RS ZlKUHQGHLQHlOWHUH0LWDUEHLWHULQHLQHQHXH6FKXEODGHLQ GLH.DVVHHLQVHW]WH=ZHL$QJHVWHOOWHGLHlXHUVWVFKOHFKW EH]DKOWZHUGHQGDFKWH6FDUERURXJK8QG5R\.URFV .RQ]HUQVDFNWHVLFKGLHZDKQZLW]LJHQ*HZLQQHHLQLQ GHPHUGLH*HVFKPDFNVYHULUUXQJGHU.LQGHUXQGGHQ =HLWPDQJHOGHU(UZDFKVHQHQDXVQXW]WH 6FDUERURXJKWUDQNHLQHQ6FKOXFN.DIIHHXQGYHU]RJGDV *HVLFKW(QWVHW]OLFK(UVDKDXIGLH8KU =ZDQ]LJQDFKQHXQ 0\HUVKDWWHJHVDJWHUZUGH]ZLVFKHQ9LHUWHOQDFK QHXQXQGKDOE]HKQHLQWUHIIHQ6FDUERURXJKEOLHEHQDOVR QRFK]HKQ0LQXWHQ$EHUDXVLUJHQGHLQHP*UXQGKDWWHHU HLQNRPLVFKHV*HIKOLP%DXFKGDVLKQGDUDQKLQGHUWH GDVSDSSLJH)UKVWFN]XHVVHQXQGGHQHUElUPOLFKHQ .DIIHH]XWULQNHQ ª7MD©GU|KQWHHLQH6WLPPHGLUHNWYRULKP(VZDU:DO WHU0DVKNLQGHUVHLQHVFKPLHULJH$UEHLWVNOHLGXQJWUXJ (UPDFKWHVLFKEHJHLVWHWEHUVHLQ5LHVHQIUKVWFNPLW 3IDQQNXFKHQ(LHUQ6SHFN:UVWFKHQXQG7RDVWKHU 6FDUERURXJKKDWWHNHLQHQ*UXQG0DVKNLQVbXHUHV]X NULWLVLHUHQGHQQHUWUXJGLHJOHLFKHQ6DFKHQZLHVHLQ*DVW JHEHUHLQHQJUDXHQYHUVFKPLHUWHQ2YHUDOOHLQNDULHUWHV )ODQHOOKHPGXQGDEJHVWRHQH$UEHLWVVWLHIHO1LFKWHLQ PDOGLHDOWHUVVFKZDFKHVFKZDU]H%DVHEDOOPW]HIHKOHDXI GHUGLH:HUEXQJGHU)LUPDHLQJHQlKWZDU0DVKNLQ V 3OXPELQJ 6LHKDWWHQVLFKEHUOHJWGDHVNHLQHVFKOHFKWH,GHH ZlUHVLFKDXIGLHVH:HLVH]XYHUNOHLGHQ0\HUVNRQQWHVLH DOVHUIDKUHQH.OHPSQHUGLHHLQHYHUVWRSIWH/DWULQHVlX EHUQVROOWHQLQGHQ6WW]SXQNWVFKOHXVHQ6FDUERURXJK

ZDUDXIGLHVH,GHHJHNRPPHQXQG0\HUVKDWWHVLHVRIRUW DOVSUDNWLNDEOHQ(LQIDOODN]HSWLHUW:REHL6FDUERURXJK ]XJHEHQPXWHGDGLHVFKPLHULJH.OHLGXQJGDVOHW]WH 'HWDLOZDUGDVQRFKIHKOWHGDPLWEHLLKPHLQH*HQHUDO EHUKROXQJIlOOLJZXUGH%HLGHUJUQGOLFKHQ,QVSHNWLRQ DP0RUJHQKDWWH0DUVKD0DQQLQJJHODFKWHVZDUGLH SHUIHNWH9HUNOHLGXQJGDVPXWHVLH]XJHEHQ 0DUVKD'HUHLQ]LJH/LFKWEOLFNEHUKDXSW'LH(ULQQH UXQJVFKLHQXPLKQ]XVFKZHEHQZLHHLQHVFK|QH0HORGLH (LQHVWLOOHHUVWDXQOLFKH)UHXGHZDUQDFKGHUOHW]WHQ1DFKW ]XUFNJHEOLHEHQ0DUVKD ª:RLVWGHQQQXQGHU6FKODSSKXW"©IUDJWH0DVKNLQ ZlKUHQGHUVLFKHLQH)XKUHVHLQHV)UKVWFNVLQGHQ 0XQGVFKRE ª6HKW:DOWHU©VDJWH6FDUERURXJKOHLVHª:LUVLQGQLFKW DOOHLQ© ª2K(QWVFKXOGLJXQJ$EHUZDVVROO VHVLVW]LHPOLFK OHHUKLHUXQGQLHPDQGDFKWHWDXIXQV$XHUGHPZHU ZHLVFKRQGDLFKPLW!6FKODSSKXWHLQHQ&,$$JHQWHQ PHLQH"© ª:DOWHU© ª+RSSOD7XWPLUOHLG©0DVKNLQ]XFNWHHLQZHQLJEHU KHEOLFKGLH6FKXOWHUQDOVZROOWHHU6FDUERURXJK]XYHUVWH KHQJHEHQGDGLHVHLQJDQ]QRUPDOHU7DJLP/HEHQGHV :DOWHU0DVKNLQZDU:DOWHU0DVKNLQGHUHUVWNODVVLJH 8)2)RUVFKHUXQG$PDWHXU$EHQWHXUHU6FDUERURXJKHU NDQQWHDEHUGDGLH/DXWVWlUNHXQGGLHKDVWLJHQ%HZH JXQJHQGHV0DQQHVGDUDXIKLQZLHVHQGDHULP*UXQGH WHXIOLFKQHUY|VZDU(UYHUVXFKWHVLFKZLHHLQDEJHEUK WHU+HOG]XJHEHQDEHUHVJHODQJLKPQLFKWEHVRQGHUVJXW ª,FKGDFKWHQXUGHU.HUOZROOWHVFKRQXP8KUGD VHLQ© ª6SlWHVWHQVXP8KU0DFKHQ6LHVLFKNHLQH6RUJHQ HUZLUGVFKRQQRFKNRPPHQ© 6FDUERURXJKKRIIWHHVMHGHQIDOOV6HLQ0DJHQYHU NUDPSIWHVLFKHLQZHQLJDOVHUVDKZLH0DVKNLQHLQHQ /|IIHO$KRUQVLUXSDXIVHLQHP3IDQQNXFKHQYHUVWULFK(U WUDQNQRFKHLQHQ6FKOXFN.DIIHHZDQGWHVLFKDEXQG GDFKWHDQ0DUVKDXPVHLQH1HUYRVLWlW]XEHUZLQGHQ

'LHOHW]WH1DFKWZDUGDVVFK|QVWH(UOHEQLVJHZHVHQ GDVHUMHPLWHLQHU)UDXJHKDEWKDWWH6FDUERURXJKZXWH QLFKWZDUXPYLHOOHLFKWZDULKUH%HJHJQXQJVRH[SORVLY YHUODXIHQZHLOLKUHHPRWLRQDOHQ%HGUIQLVVHHLQDQGHU lKQOLFKZDUHQXQGZHLO]ZLVFKHQLKQHQGLH6SDQQXQJ KHUUVFKWHGLHVLHEHLGHJHVSUWKDWWHQ$EHUHVZDUVLFKHU OLFKQRFKPHKUDOVGDVVLHKDWWHQKHUYRUUDJHQG]XVDP PHQJHSDWHVZDUVRVFK|QJHZHVHQVRHUIOOHQGVRDXI UHJHQG 0DUVKD0DQQLQJZDUDQGLHVHP0RUJHQDQGHUVZR DEHULQGHUJOHLFKHQ0LVVLRQXQWHUZHJV=XU8QWHUVWW ]XQJKDWWHVLHJHVDJW]XU'HFNXQJGHU)ODQNH6LHZDU DOOHLQQDFK.LUWODQGJHIDKUHQXPVLFKDXIGHP*HOlQGH XP]XVHKHQXQGHLQHQVLFKHUHQ+DIHQYRU]XEHUHLWHQLQ GHQ6FDUERURXJKXQG0DVKNLQJHJHEHQHQIDOOVIOLHKHQ NRQQWHQ*HPHLQVDPKDWWHQVLHEHVFKORVVHQGDGLH2IIL ]LHUVPHVVHGLHVHU=XIOXFKWVRUWVHLQVROOWHª'DN|QQHQZLU XQVZHQLJVWHQVQRFKHLQHQKLQWHUGLH%LQGHNLSSHQEHYRU ZLUHLQJHORFKWZHUGHQ©KDWWH0DVKNLQJHVDJW (G0\HUVNDPH[DNWXP8KUGXUFKGLH7UGHV 0F'RQDOG V (UWUXJHLQHKHOOEODXH3RSHOLQHMDFNHHLQHQORFNHUJH NQRWHWHQURWHQ6FKOLSVHLQZHLHV+HPGXQGVDXEHUJH SXW]WH+DOEVFKXKH:LHLPPHUVDKHUJXWDXVHQWVSDQQW XQGJHEUlXQW'RFKDOVHUGLH6RQQHQEULOOHDEQDKPXQG VLFKLP5DXPXPVDKNRQQWHPDQHLQLJH6RUJHQIDOWHQXP GLH$XJHQHUNHQQHQ ª(G©ULHI6FDUERURXJKXQGZLQNWHª+LHUGUEHQ(G© 0\HUVOlFKHOWHKRENXU]GLH+DQGXQGNDP]XLKQHQ KHUEHU6FDUERURXJKVWDQGDXIXQGDOV0\HUVLKPGLH +DQGVFKWWHOQZROOWHJDEHUVHLQHP,PSXOVQDFKXQG XPDUPWHLKQ ª0HLQ*RWWLVWGDVHLQ6FKUDXEHQVFKOVVHOLQGHLQHU +RVHRGHUELVWGXZLUNOLFKVRIURKPLU]XEHJHJQHQ"© VDJWH0\HUVLPPHU]XHLQHPJUREHQ6FKHU]DXIJHOHJW ª(VLVWVFK|QGLFK]XVHKHQ(G8QGGXQLPPVWPLFK DXIGHQ$UP(GGDVKLHULVW:DOWHU0DVKNLQ© 'LHEHLGHQJDEHQVLFKGLH+DQG ª1XQVHLGLKUEHUHLWIUHWZDV.OHPSQHUDUEHLW"©

ª:HQQGXJODXEVWGDHVHWZDVEULQJW(G© 0\HUVVDKVLFKXPXQGFKHFNWHPLWJHEWHP%OLFNGLH 8PJHEXQJª,FKJODXEHGDVVROOWHQZLUOLHEHUGUDXHQEH VSUHFKHQ© ª+HLFKKDEHQRFKQLFKW]X(QGHJHIUKVWFNW© ª,FKNDXIH,KQHQVSlWHUGDV(VVHQ,KUHV/HEHQV:DOW /RVNRPPHQ6LH© 6LHYHUOLHHQGHQQDFK)HWWXQG%RKQHUZDFKVULHFKHQ GHQ5DXPXQGWUDWHQDXIGHQ3DUNSODW]KLQDXVEHUGHP GLH6RQQHYRQ1HZ0H[LFRVFKRQKRFKDP+LPPHOVWDQG 6FDUERURXJKVHW]WHGHQ+XWXQGVHLQH6RQQHQEULOOHDXI 0DVKNLQNQLIIGLH$XJHQ]X ª,VWGDV,KU.OHLQODVWHUGRUWGUEHQ"© ª(LQHUDXVPHLQHU)ORWWH© ª*XW'DKLQWHQVWHKWPHLQ/LQFROQ,FKKDWWHJDQ] VFK|Q3UREOHPHHLQJHKHLPHV$EZDVVHUSUREOHP]XNRQ VWUXLHUHQDEHULFKPX]XJHEHQGDHVHLQHJXWH7DUQXQJ LVW© ª'DQQEULQJHQ6LHXQV]XGHP*HOlQGHDXIGHP'LDQH IHVWJHKDOWHQZLUG"© ª*HQDX8QGLKUEHNRPPW$E]HLFKHQPLWGHQHQLKU HXFKIUHLEHZHJHQN|QQWXQGDOOHVZDVGD]XJHK|UW:LH LFKHVYHUVSURFKHQKDEH$EHUGDQQVHLGLKUDXIHXFK DOOHLQJHVWHOOW(YGXNDQQVWGLUMDGHQNHQZDVVLHPLWPLU PDFKHQZHQQVLHPLFKVFKQDSSHQZlKUHQGLFKHXFK KHOIH© 6FDUERURXJKNORSIWHVHLQHP)UHXQGDXIGLH6FKXOWHU ª'XZHLWJDUQLFKWZDVPLUGDVEHGHXWHW(G'DVLVWGDV (QGHHLQHUODQJHQVFKPHU]YROOHQ5HLVH,FKZQVFKWH QXUZLUKlWWHQPHKU=HLWXQV]XXQWHUKDOWHQ© ª(YZHQQGXGDVKLHUKHLOEHUVWDQGHQKDVWGDQQKD EHQZLUUHLFKOLFK=HLW]XP5HGHQ8QGGDQQZHUGHLFKGLU HLQHQDXVJHEHQ© ª2KLFKZHUGHHVKHLOEHUVWHKHQ:LHLFKVFKRQVDJWH KDEHLFKNHLQH3UREOHPHPHLQH8QVFKXOG]XEHZHLVHQ $EHU]XHUVWZLOOLFK'LDQHGRUWKHUDXVKROHQ,FKIUFKWH LFKNDQQGHLQHQ9RUJHVHW]WHQQLFKWYHUWUDXHQ© 0\HUVJUXQ]WHª(LQHVHOWVDPH6DFKHLVWGDVVFKRQ6R XQGMHW]W]XPHLQHP3ODQ©

6LHIROJWHQ0\HUV /LQFROQLQ0DVKNLQV.OHLQODVWHU]XP +DXSWWRUGHU.LUWODQG$LU)RUFH%DVH(VJDELPKLQWHUHQ 7HLOGHVZHLWOlXILJHQ6WW]SXQNWHVQRFKPHKUHUH(LQIDKU WHQGLHLKUHP=LHOQlKHUZDUHQDEHUGRUWZXUGHQGLH3OD NHWWHQXQG3DSLHUHVFKlUIHUNRQWUROOLHUW1HLQKDWWH0\ HUVLKQHQYHUVLFKHUWGDV+DXSWWRUZDUGHUEHVWH:HJIU VLH'DQDFKNRQQWHQVLHGLH6WUDHQLQQHUKDOEGHV6WW] SXQNWHVEHQXW]HQXQG]XP&,$*HOl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lXVFKHQOHJWHGHQ6FKDOWHUXPXQGGHU6FKODJ EDXPNODSSWHKRFK0\HUVIXKUKLQGXUFKXQGZDUWHWHGD KLQWHUELVGHU.OHLQODVWHUDEJHIHUWLJWZDU ª-XQJHGDVLVWHV©VDJWH0DVKNLQ6HLQ7HQQHVVHH $N]HQWZDUMHW]WGDHUQHUY|VZDUEHLPEHVWHQ:LOOHQ QLFKWPHKU]XEHUK|UHQª-HW]WJHKWHVORV2+HUUQXQ ZDQGOHLFKLPILQVWHUHQ7DOGHU&HQWUDO,QWHOOLJHQFH $JHQF\XQGNHLQ8QKHLOVROOPLUZLGHUIDKUHQ© 0DVKNLQIXKUELV]XU6SHUUHXQGKLHOWEHLP&RUSRUDODQ 'HU0DQQYRQGHU$LU)RUFHZDUHLQHUMHQHUMXQJHQ7\ SHQGLHLQJHVWlUNWHU8QLIRUPPLWNXU]UDVLHUWHP+DDU XQGQDFKIQI-DKUHQ'LHQVWEHLP0LOLWlUHUKHEOLFKlOWHU DXVVDKHQ9RUDOOHPVFKLHQHUNQRFKHQKDUWXQG6FDUER URXJKJODXEWHHLQHQ$XJHQEOLFNGDLKQHLQ3URILZLHGLH VHURKQHZHLWHUHVGXUFKVFKDXHQZUGH $EHUGHU&RUSRUDOZUGLJWHLKQNDXPHLQHV%OLFNHV ª,KUH$XVZHLVHELWWH©VDJWHHU6HLQH6WLPPHNODQJ UDXKZLH6DQGSDSLHU

ª.ODUGRFK©VDJWH0DVKNLQXQGJDELKPGLH3DSLHUH 'HUMXQJH0DQQKDWWHHLQNDQWLJHV*HVLFKWXQG]DKOUHL FKH$NQHQDUEHQ6RUJIlOWLJXQGJUQGOLFKSUIWHHUGLH 3DSLHUHXQGPXVWHUWHGLH,QVDVVHQGHV:DJHQVTXlOHQG ODQJH6FDUERURXJKVFKOXJGDV+HU]ELV]XP+DOV 6FKOLHOLFKJDEGHU&RUSRUDOGLH3DSLHUH]XUFNª6LHKW NRUUHNWDXV0XMDHLQHUQVWHV3UREOHPVHLQZHQQ/HXWH YRQGUDXHQJHKROWZHUGHQ© 0DVKNLQJULQVWHª
QHWHWDVWHQGRKQHGLH$XJHQYRQGHU6WUDH]XQHKPHQ GDV+DQGVFKXKIDFKQDKPHLQHQ5LHJHO5HG0DQ.DXWD EDNKHUDXVXQG]ZDFNWHVLFKHLQHRUGHQWOLFKH3RUWLRQDE ª:LHZHLWLVWGDV*HOlQGHMHW]WQRFKHQWIHUQW"© ª8QJHIlKUGUHLLJ.LORPHWHUJODXEHLFK© ª$OVREGLH5HJLHUXQJQLFKWJHQXJ/DQGKLHUGUDXHQ LP:HVWHQKlWWH9HUGDPPWDXFKVLQGGDV%HVDW]XQJV WUXSSHQRGHUZDVLVWGDV"© ª,FKPHLQHHVJLEWGDHLQGHXWLJHLQLJH)HKOHQWZLFNOXQ JHQ:DOWHU-HPHKULFKEHUGDVHUIDKUHZDVGDLP *DQJHLVWGHVWRPHKU5HVSHNWHPSILQGHLFKIUGLH$E VLFKWHQXQVHUHU*UQGHUYlWHU© ª9HUGDPPWDXFK:HQQ7RP-HIIHUVRQXQG%HQ)UDQN OLQVHKHQN|QQWHQZDVKHXWHLQ:DVKLQJWRQORVLVWZU GHQVLHHLQHQ+HU]DQIDOOEHNRPPHQ+HXWHVLQGDQGHUH =HLWHQGDVNDQQPDQQLFKWPHKUPLWHLQDQGHUYHUJOHL FKHQ0DQQ© ª2GRFKGDVNDQQPDQ:LUKDEHQLPPHUQRFKGLH9HU IDVVXQJXQGGLH%LOORI5LJKWVGLHJDUDQWLHUHQVROOHQGD EHVWLPPWH3ULQ]LSLHQQLFKWYHUUDWHQZHUGHQ9HUJHVVHQ 6LHQLFKWGDGLHVH3ULQ]LSLHQGLH*UXQGODJHDOOHUXQVHUHU *HVHW]HVLQG:DOW'DV0LOLWlUXQGGLH&RSVGDEHLKDQ GHOWHVVLFKGRFKQXUXPEH]DKOWH1XWWHQGHUHQ=XKlOWHU IUHLKHUXPODXIHQGH.ULPLQHOOHVLQG© ª+LOIH6LHZHUGHQGRFKZRKOQLFKWDXI,KUHDOWHQ7DJH QRFK]XP=\QLNHU"© ª9LHOOHLFKWGRFK© ª6FDUERURXJKPHLQ-XQJHGDVOLHJW,KQHQQLFKW6LH PVVHQVLFKXPHLQSDDUZLFKWLJH'LQJHNPPHUQ© 0DVKNLQVSXFNWHHLQHQGLFNHQ%DW]HQ7DEDNVDIWDXVGHP )HQVWHU ª,FKKDEHPLFK]ZDQ]LJ-DKUHODQJDQGHU1DVHKHUXP IKUHQODVVHQ=ZHL-DKU]HKQWHODQJZDULFKHLQH6SLHOIL JXUDXILKUHP6FKDFKEUHWWHLQ2SIHUPHLQHVHLJHQHQDXI JHEODVHQHQ(JR-HW]WKDEHLFKPLFKJHlQGHUW8QGZHQQ LFKKHLODXVGLHVHU6DFKHKHUDXVNRPPHGDQQVROOGLH:HOW HUIDKUHQZDVLFKHUOHEWKDEH© ª2\HDKJHQDX$OOHVNODU.XPSHO0DFKHQ6LHGDV XQGHUZlKQHQ6LH:DOWHU0DVKNLQLQHLQHU)XQRWHRGHU

VR$EHUGDVPHLQHLFKMHW]WQLFKW,FKUHGHEHU,KUH(LQ VWHOOXQJ,FKPHLQHLFKKlWWH,KQHQGDVLP*UXQGHVFKRQ YRU-DKUHQVDJHQN|QQHQ,KUH(LQVWHOOXQJLVWIUGHQ $UVFKHQWVFKXOGLJHQ6LHGLHGHXWOLFKHQ:RUWH0DJMD VHLQGD6LHEHUPDQFKH'LQJHMHW]WDQGHUVGHQNHQDOV IUKHUDEHUHVNRPPWPLUVRYRUDOVZlUH,KUH(LQVWHO OXQJLPPHUQRFKIUGHQ$UVFK© ª0HLQ*RWW0DVKNLQN|QQHQ6LHPLUQLFKWHWZDV=HLW ODVVHQ"0HLQHJDQ]H:HOWLVWLQ6WFNHJHJDQJHQPHLQH 7RFKWHUZLUGYRQHLQHULOOHJDOHQ*UXSSHYRQ)DQDWLNHUQ JHIDQJHQJHKDOWHQ© ª2KVLFKHUGRFK8QGMHW]WVROOLFK0LWOHLGPLW,KQHQ HPSILQGHQZDV"+|UHQ6LHLFKKDWWHDXFKPDOHLQ.LQG (LQHQNOHLQHQ-XQJHQ
:HJJHKHQXPGDV]XHUUHLFKHQ0HGLWLHUHQ]XP%HL VSLHO
5RVZHOODEJHVWU]WLVW8QGYLHOOHLFKWEHNRPPHLFKZLUN OLFKQRFKHLQPDOHLQHQ(7]XVHKHQ©0DVKNLQVWUDKOWHEH JHLVWHUWXQGJULQVWHLKQEUHLWDQ ª+HXWHZROOHQZLUXQVDEHUYRUDOOHPDXIGHQHUVWHQ 7HLONRQ]HQWULHUHQMD"© $OVVLHGLH*HElXGHKLQWHUVLFKJHODVVHQKDWWHQZDUQXU QRFKHLQHZHLWHGUUH/DQGVFKDIW]XVHKHQ,QGHU)HUQH NRQQWH6FDUERURXJK-lJHUXQG7UDQVSRUWPDVFKLQHQGHU $LU)RUFHDXVPDFKHQGLH]XU/DQGXQJDQVHW]WHQRGHUXQ WHUOHLVHP*UROOHQDEKREHQ'LH6WUDHDXIGHUVLHIXKUHQ ZDUZHLWYRQGHQ/DQGHEDKQHQHQWIHUQW 6LHPXWHQQRFKHWZD]ZDQ]LJ.LORPHWHU]XUFNOHJHQ 6FDUERURXJKEHUHLWHWHVLFKLQQHUOLFKDXIGDVYRUZDV NRPPHQZUGH8QWHUGHP6LW]KDWWHQVLHHLQLJH([HP SODUHDXV0DVKNLQV:DIIHQDUVHQDOYHUVWDXWHLQH6FKURW IOLQWHXQGPHKUHUH3LVWROHQ(UKDWWH0\HUVQLFKWVGDYRQ YHUUDWHQDEHU0DVKNLQKDWWHGDUDXIEHVWDQGHQVLHPLW]X QHKPHQXQG6FDUERURXJKPXWH]XVWLPPHQGDHV NHLQHVFKOHFKWH,GHHZlUHVLHLP1RWIDOO]XU+DQG]XKD EHQ'LH)DKU]HXJHGLHLQ1HZ0H[LFRLQ6WW]SXQNWHGHU /XIWZDIIHKLQHLQIXKUHQZXUGHQQXUVHOWHQNRQWUROOLHUW XQGHUVWUHFKWQLFKWZHQQMHPDQGZLH(G0\HUVVLHKHU HLQORWVWH6FDUERURXJKKRIIWHQXUGDVLHGLH:DIIHQQLFKW EHQXW]HQPXWHQ6LHKDWWHQVLFKEHUOHJWGDVLHHLQH :HLOHDQGHU.DQDOLVDWLRQDUEHLWHQXQGVLFKGDQQGDYRQ VFKOHLFKHQZROOWHQXP'LDQH]XEHIUHLHQXQGYLHOOHLFKW DXFKQRFKKHUDXV]XILQGHQZDVDXIGHP*HOlQGHYRUVLFK JLQJ6LHZUGHQ'LDQHXQWHUHLQHU3ODQHDXIGHU/DGHIOl FKHYHUVWHFNHQXQGDXIGHP5FNZHJEHLGHU2IIL]LHUV PHVVHYRUEHLVFKDXHQXQG]ZDUKRIIHQWOLFKRKQHYHU IROJW]XZHUGHQ'RUWZUGH:DOWHU0DVKNLQ6FDUER URXJKXQG'LDQHDEVHW]HQXQGPLWVHLQHQHLJHQHQ 3DSLHUHQGHQ6WW]SXQNWZLHGHUYHUODVVHQ9RQGLHVHP $XJHQEOLFNDQPXWH0DUVKDVLFKXPGHQ5HVWNPPHUQ 'DQQZlUHQVLHLQVLFKHUHP)DKUZDVVHU 6FDUERURXJKEHUOLHHV0\HUVVLFKDXV6FKZLHULJNHL WHQKHUDXV]XUHGHQGLHHUVHOEVWEHNRPPHQPRFKWH0\ HUVDUEHLWHWHVHLWIDVWHLQHP9LHUWHOMDKUKXQGHUWIUGLH &,$XQGZHQQMHPDQGGHP7HXIHOYRQGHU6FKLSSHVSULQ

JHQNRQQWHGDQQZDUHV(G:DKUVFKHLQOLFKKDWWHHUVLFK VFKRQLPYRUDXVEHUOHJWZLHGLH6DFKHDPEHVWHQ]XPD QDJHQZlUH(GZDUZLUNOLFKHLQHUVWDXQOLFKHU0DQQ 6FDUERURXJKZDUIURKGDHUHLQHQJXWHQ)UHXQGKDWWH GHUGDV6\VWHPLQXQGDXVZHQGLJNDQQWH(LQHQ)UHXQG GHPHUYHUWUDXHQNRQQWH 6LHIXKUHQMHW]WGXUFKgGODQGZRDXHU%HLIXXQGJH OHJHQWOLFK6WHSSHQJLQVWHUNDXPQRFKHWZDVZXFKV'HU :LQGGHUGXUFKV)HQVWHUKHUHLQSILIIWUXJGHQW\SLVFKHQ *HUXFKGHU:VWHYRQ1HZ0H[LFRPLWVLFK$EHUGHU VFKUHFNOLFKH*HVFKPDFNGHV.DIIHHVGHQHULP0F'R QDOG VJHWUXQNHQKDWWHZROOWHQLFKWDXV6FDUERURXJKV 0XQGZHLFKHQ ª+DEHQ6LH]XIlOOLJHLQHQ.DXJXPPLGDEHL:DOW"© ª'DLP+DQGVFKXKIDFKPWHQQRFKHLQSDDU-XLF\ )UXLWVHLQ%HGLHQHQ6LHVLFK© 6FDUERURXJK|IIQHWHGDV+DQGVFKXKIDFKXQGJLQJLQ GHU6LQWIOXWGHV.UDPVGHULKPHQWJHJHQNDPIDVWXQWHU (UKDWWHNHLQH$KQXQJZLH0DVKNLQVHLQHQ.DXWDEDNGD KHUDXVEHNRPPHQKDWWHRKQHDOOHVDXIGHP%RGHQ]XYHU VWUHXHQ(UMHGHQIDOOVKDWWHDOOH+lQGHYROO]XWXQXPJH QDXGLHV]XYHUKLQGHUQ(UVDK.DUWHQDOWH=XODVVXQJVEH VFKHLGH6FKHUHQ:HUN]HXJH4XLWWXQJHQXQGHLQH 0HQJHDQGHUHU'LQJHXQGPXWHHLQH:HLOHZKOHQELV HUGHQ.DXJXPPLJHIXQGHQKDWWH(VZDUHLQHIULVFKH *URSDFNXQJ6FDUERURXJKVWRSIWHGLHDQGHUHQ8WHQVL OLHQLQV+DQGVFKXKIDFK]XUFNXQGZLFNHOWH]ZHL6WUHLIHQ DXV'HUVH*HVFKPDFNZDUDQJHQHKPXQGHUIKOWH VLFKVRIRUWEHVVHU'HU.DXJXPPLVFKLHQVRJDUVHLQHQ0D JHQ]XEHUXKLJHQ ª-DEHL-XLF\)UXLWNDQQPDQQLFKWVYHUNHKUWPDFKHQ 'DVLVWPHLQH/LHEOLQJVVRUWH(LQH:HLOHKDEHLFK'RXEOH PLQWJHQRPPHQDEHU-XLFH)UXLWLVWHLQIDFKGHUEHVWH© ª)DOOV6LHNHLQHQ7DEDNNDXHQ© ª,FKNDXHEORZHLOLFKQHUY|VELQ'DV=HXJUXLQLHUW HLQHPMDGLH=lKQHZHQQPDQ]XYLHOGDYRQNRQVXPLHUW© ª)UDJHQ6LH,KUHQ$U]WRGHU$SRWKHNHU© ª6LHPDFKHQVLFKOXVWLJEHUPLFK-XQJH© ª1HLQ:DOW6LHVLQGJDQ]YRQVHOEVWOXVWLJ©

ª6RMHW]WPVVHQZLUXQVDXIZDVJHIDWPDFKHQ'LH -XQJVGDYRUQP|FKWHQVLFKZRKOPLWXQVEHVFKlIWLJHQ© (UGHXWHWHXQG6FDUERURXJKEOLFNWHLQGLHDQJHJHEHQH 5LFKWXQJ (VZDUGHU*HElXGHNRPSOH[]XGHPVLHZROOWHQ *HQDXZLH0\HUVJHVDJWKDWWHVWDQGHQGLH*HElXGH PLWWHQLQGHU:VWH(VVDKDXVDOVKlWWHPDQQDFKWUlJOLFK GHQEHUHLWVIHUWLJJHVWHOOWHQ6WW]SXQNWGXUFKHLQSDDU UDVFKHUULFKWHWH$QODJHQHUZHLWHUQZROOHQ,P*UXQGH ZDUHVHLQH0LQLDWXUDXVJDEHGHV6WW]SXQNWHVGLHJOHL FKHQQDFKOlVVLJJHVWULFKHQHQ%DXWHQGLHJOHLFKHQ+DQ JDUVXQG6FKXSSHQ 1XUGDGLHVH&,$(QNODYHHLQHQHLJHQHQ=DXQKDWWH PLWHLJHQHP7RUXQGHLJHQHQ:DFKWSRVWHQDP(LQJDQJ ª.HLQ3UREOHP©VDJWH0DVKNLQ(U]RJGLH3DSLHUHKHU YRUGLHHUXQWHUGLH6RQQHQEOHQGHJHNOHPPWKDWWHª:LU KDEHQGLHHUVWHQ.RQWUROOHQEHUVWDQGHQGDQQZHUGHQ ZLUDXFKGLHVHKLHUEHUVWHKHQ© ª-D©VWLPPWH6FDUERURXJK]Xª1DWUOLFK©+DWWH0\ HUVLKQHQYRQGLHVHP7RUHU]lKOW"(UPXWHHVEHULFKWHW KDEHQ6FDUERURXJKNRQQWHVLFKQXUQLFKWGDUDQHULQQHUQ 'LHVKLHUZDU]ZHLIHOORVHLQSHUIHNWHU6WDQGRUWIUHLQH JHKHLPH(LQULFKWXQJGHU&,$0LWWHQLP1LHPDQGVODQG LQHLQHPJXWEHZDFKWHQ6WW]SXQNWGHU$LU)RUFHLQPLW WHQLQGHU:VWH8QGREZRKOVLH]LHPOLFKZHLWYRP=HQ WUXPGHV6WW]SXQNWHVHQWIHUQWZDUHQXQWHUVFKLHGHQVLFK GLHVH*HElXGHQLFKWYRQGHQEULJHQ$QODJHQ1LHPDQG ZUGHDXIGLH,GHHNRPPHQKLHUQDFK]XIRUVFKHQ(V ZlUHVFKRQVFKZLHULJEHUKDXSWHWZDVEHUGLH*HElXGH LQ(UIDKUXQJ]XEULQJHQXQGVHOEVWZHQQPDQHWZDVHU IXKUZLHZROOWHPDQGXUFK]ZHL7RUHNRPPHQGLHYRQ GHU$LU)RUFHJHVLFKHUWZXUGHQ"-DGDVZDUHLQJXWHU2UW ZHQQPDQYRUKDWWHVFKUHFNOLFKH'LQJHPLW(QWIKUXQJV RSIHUQ]XWXQXQGHQWVHW]OLFKH([SHULPHQWHGXUFK]XIK UHQ(LQJXWHU2UWIUbU]WHGLHLKUHQKLSSRNUDWLVFKHQ(LG EUHFKHQXQGLP1DPHQGHUQDWLRQDOHQ6LFKHUKHLWXQ VFKXOGLJH2SIHUPLKDQGHOQZROOWHQ 0\HUVKLHOWVHLQHQ:DJHQGLUHNWYRUGHP7RUDQ(LQ XQLIRUPLHUWHU:DFKWSRVWHQNDPKHUDXVXPGLH$XVZHLVH

]XEHUSUIHQ0\HUVZLQNWH0DVKNLQGHQ.OHLQODVWHU DQ]XKDOWHQXQG0DVKNLQJHKRUFKWH0\HUVNDP]XLK QHQHUOlFKHOWHZLUNWHDEHUDXFKHLQZHQLJDQJHVSDQQW ª,FKKDEHEHIUFKWHWGDHVSDVVLHUHQZUGHDEHUHLQ 3UREOHPLVWHVLP*UXQGHQLFKW©VDJWHHUZlKUHQGHUVLFK OlVVLJDQGLH)DKUHUVHLWHGHV.OHLQODVWHUVOHKQWH ª:DVLVWGHQQORV"© ª2KQLFKWVZHLWHU'DVKDWQLFKWV]XEHGHXWHQ(LQH 5RXWLQHEHUSUIXQJPHKULVWGDVQLFKW,KUVROOWDXVVWHL JHQXQGPLWGHQ3DSLHUHQGLHLFKHXFKJHJHEHQKDEH]XU :DFKVWXEHNRPPHQ,FKHUOHGLJHGDVHVLVWEHUKDXSW NHLQ3UREOHP© 0DVKNLQ]XFNWHGLH6FKXOWHUQXQGVWLHJDXVª:DUXP QLFKW"6FKOLHOLFKKDEHQZLUHVKLHUPLWGHPDPHULNDQL VFKHQ0LOLWlU]XWXQ© 6FDUERURXJKZDUQRFKQLFKWJDQ]EHU]HXJW0\HUV KDWWHQLFKWHUZlKQWGDVLHDXIGLHVH$UWXQG:HLVHQRFK HLQPDOEHUSUIWZHUGHQN|QQWHQ,PPHUKLQKDWWH6FDU ERURXJKPHKUHUH-DKUHIUGLH$LU)RUFHJHDUEHLWHWXQGHU ZXWHGDGLHZDVGLH6LFKHUKHLWDQJLQJPDQFKPDOHW ZDVOD[ZDU+LHUKDWWHQVLHHVDOOHUGLQJVPLWHLQHU$EWHL OXQJGHU&,$]XWXQXQGGHUHQ6LFKHUKHLWVYRUNHKUXQJHQ ZDUHQQDWUOLFKHUKHEOLFKVWUHQJHU$EHU0\HUVZDUQLFKW GXPP(UKDWWHVLFKVLFKHUDXIGLHVH0|JOLFKNHLWYRUEHUHL WHW 6LHJLQJHQ]XU:DFKVWXEHHLQHUNOHLQHQ+WWHPLW)HQ VWHUQGLHGHQ.RQWUROOSXQNWHQlKQHOWHGLHDP+DXSWHLQ JDQJHLQJHULFKWHWZDUHQQXUGDHVKLHUQRFKHLQH$UW +LQWHU]LPPHURKQH)HQVWHUJDE ª*XWHQ0RUJHQPHLQH+HUUHQ©VDJWHGHU&RUSRUDOHLQ =ZLOOLQJVEUXGHUGHV0DQQHVGHUVLHDP+DXSWWRUNRQ WUROOLHUWKDWWH$XFKDQVHLQHUEODXHQ8QLIRUPZDUHQGLH .Q|SIHEOLW]EODQNSROLHUWDXFKHUKDWWHDP+DOV6FKQLWW YHUOHW]XQJHQYRP5DVLHUHQª'DUILFK,KUH'RNXPHQWHVH KHQ"(VNRPPWQLFKWRIWYRUGDZLU.OHPSQHUYRQGUDX HQKROHQ© ª.ODUGRFK©JULQVWH0DVKNLQ(UJDEGHP0DQQGLH3D SLHUH 6FDUERURXJKWDWGDVJOHLFKH

*HUDGHDOVVLHGLH+lQGHDXVJHVWUHFNWKDWWHQWUDWHQ ]ZHL0lQQHUGLH$Q]JH6FKOLSVHXQG6RQQHQEULOOHQWUX JHQDXVGHU:DFKVWXEH=ZHLYRQLKQHQZDUHQPLW0D VFKLQHQSLVWROHQEHZDIIQHW'LHHUVWHQEHLGHQNDQQWH6FDU ERURXJKQLFKWDEHULKPZXUGHVRIRUWNODUZHUGHUGULWWH VHLQPXWH (VNRQQWHVLFKQXUXP%ULDQ5LFKDUGVKDQGHOQ ª+DOOR6FDUERURXJK©VDJWH5LFKDUGVª:UGHQ6LHXQG ,KU)UHXQGELWWHGLH+lQGHEHUGHQ.RSIKHEHQXQGPLW NRPPHQ"© 6FDUERURXJKV+HU]WDWHLQHQ6DW](UIKOWHVLFKDOV PWHHUVLFKJOHLFKEHUJHEHQJHZDQQDEHUGLH%HKHUU VFKXQJVRIRUWZLHGHU]XUFN6LFK]X0\HUVXPGUHKHQG ZROOWHHUHWZDVVDJHQNRQQWHMHGRFKQXUNHXFKHQXQGEH NDPNHLQ:RUWKHUDXV 0\HUVKDWWHGHQ%OLFNDEJHZDQGWXQGGHQ.RSIJHVHQNW ª(VWXWPLUOHLG(Y(VWXWPLUZLUNOLFKOHLG© ª:DVVROOGHU%O|GVLQQ"©VDJWH0DVKNLQª,FKELQHLQ DPHULNDQLVFKHU%UJHUGDVN|QQWLKUPLWPLUQLFKWPD FKHQ©7URW]GHPKREHUGLH+lQGHEHUGHQ.RSI ª:LUVLQG%HDPWHHLQHU%HK|UGHGHU9HUHLQLJWHQ6WDDWHQ YRQ$PHULND©5LFKDUGV]HLJWH0DVKNLQVHLQH'LHQVW PDUNH6HLQ*HVLFKWZDUHLQHXQGXUFKGULQJOLFKH0DVNH ª+LHUPLWYHUKDIWHLFK6LHZHLO6LHHLQHPIOFKWLJHQ9HU EUHFKHUJHKROIHQXQGLKP8QWHUVFKOXSIJHZlKUWKDEHQ© (UZDQGWHVLFKDQ0\HUVª:HULVWGLHVHU.HUOEHUKDXSW"© ª'HU.OHPSQHU,FKKDEHHV,KQHQGRFKJHVDJW:DOWHU 0DVKNLQ.OHPSQHU© ª2MD'HU.OHPSQHUGHUDXI8)2VDEIlKUWULFKWLJ©(U GHXWHWHLQ5LFKWXQJGHU*HElXGHª$OVRJXW6FDUERURXJK *HKHQ6LHGRUWKLQ]XPQlFKVWHQ*HElXGH0DQZLUG6LH GRUWLQKDIWLHUHQELVZLU6LHYHUK|UHQ© ª+HZROOHQ6LHXQVQLFKWEHUXQVHUH5HFKWHDXINOlUHQ" 'UIHQZLUQLFKWXQVHUH$QZlOWHDQUXIHQ":DVLVWKLHUHL JHQWOLFKORV"© ª0U0DVKNLQ©VDJWH5LFKDUGVJUREª6LHVLQGJHUDGHLQ HLQHQULHVHQJURHQ+DXIHQ6FKHLHJHWUHWHQ:HQQ6LHGD MHPDOVZLHGHUKHUDXVNRPPHQZROOHQZUGHLFK,KQHQ GULQJHQGHPSIHKOHQPLWXQV]XVDPPHQ]XDUEHLWHQ©

2EZRKOVFKRFNLHUWXQGHQWVHW]WZDU6FDUERURXJKDOOHV DQGHUHDOVJHOlKPW$OOGLH9HUDFKWXQJXQG:XWGLHHU IUGLHVHQ0DQQXQGGDVHPSIDQGZDVHUUHSUlVHQWLHUWH VXFKWHQLQHLQHUHLQ]LJHQXQNRQWUROOLHUWHQ5HDNWLRQHLQHQ $XVEUXFK 6FDUERURXJKVSUDQJLKQDQ ª:DV© 'LHGXQNOHQ0QGXQJHQGHU0DVFKLQHQSLVWROHQ VFKZHQNWHQKHUXP]X6FDUERURXJK ª1HLQQLFKWVFKLHHQ© 6FDUERURXJKSDFNWH5LFKDUGVDP+DOVXQGULLKQXP VLHODQGHWHQEHLGHDXIGHP$VSKDOW(UZROOWHGHQ0DQQ HUZUJHQDEHUEHYRU6FDUERURXJKGLHVHV=LHODXFKQXU DQQQlKHUQGHUUHLFKHQNRQQWHEHNDPHUYRQKLQWHQPLW HLQHPVFKZHUHQKDUWHQ*HJHQVWDQGHLQHQ6FKODJDXIGHQ .RSI(LQSDDU6HNXQGHQZDUHUEHWlXEWXQGGHVRULHQ WLHUWXQGDOVHUZLHGHU]XVLFKNDPODJHUDOOHYLHUHYRQ VLFKJHVWUHFNWIODFKDXIGHP%RGHQ6HLQ1DFNHQXQGGHU +LQWHUNRSIWDWHQK|OOLVFKZHK (UK|UWH6FKULWWHEOLFNWHDXIXQGVDK0DVKNLQ]XVHL QHP.OHLQODVWHUODXIHQ(LQHQ0RPHQWODQJIODFNHUWHQHXH +RIIQXQJDXI:HQQ0DVKNLQELV]XU2IIL]LHUPHVVH GXUFKNDPXQG0DUVKD0DQQLQJEHULFKWHQNRQQWHZDV KLHUJHVFKHKHQZDUGDQQN|QQWHQVLHYLHOOHLFKWGRFK QRFK ª+DOWHWLKQDXI©EHIDKO5LFKDUGVª8P+LPPHOVZLOOHQ KDOWHWGHQ0DQQDXI© (VJDEHLQH3DXVHXQG6FDUERURXJKGDFKWHVFKRQ 0DVKNLQZUGHHVVFKDIIHQ(UKDWWHEHUHLWVGLH7UJH|II QHWXQGVWLHJHLQ 'DQQNUDFKWHQ6FKVVH .XJHOQGXUFKVLHEWHQGHQDOWHQ/DVWZDJHQXQGVWDQ]WHQ /|FKHULQGLH5HNODPHVFKULIWYRQ0DVKNLQV.OHPSQHU ILUPD6LHULVVHQ)OHLVFKIHW]HQDXV0DVKNLQV5FNHQ%OXW VSULW]WHDXVGHQ:XQGHQ'HU0DQQERJPLWHLQHP 6FKPHU]HQVVFKUHLGHQ5FNHQGXUFKKREGURKHQGGLH )lXVWHJHQ+LPPHOXQGVDFNWHDXIGHU6WUDH]XVDPPHQ ZLHHLQ6DFN.DUWRIIHOQ ª:DOWHU©ULHI6FDUERURXJK(UZROOWHDXIVWHKHQXQG]X

LKPODXIHQDEHUGLH$JHQWHQSDFNWHQLKQXQGKLHOWHQLKQ IHVW 6FDUERURXJKNRQQWHVHKHQGDVHLQ)UHXQGWRWZDU'LH $XJHQEOLFNWHQVWDUULQGHQEODXHQ+LPPHOXQG]XGHQ :RONHQKLQDXIDOVZROOWHHUQRFKLP7RGHLQHQOHW]WHQ %OLFNDXIIOLHJHQGH8QWHUWDVVHQHUKDVFKHQ ª,KU6FKZHLQHKXQGH©ULHI6FDUERURXJK 5LFKDUGVJUXQ]WHXQGNQ|SIWHVHLQ+HPGDXIª-DZHQQ HVQ|WLJLVWN|QQHQZLUDXFK6FKZHLQHKXQGHVHLQ8PGLH /HLFKHNPPHUQZLUXQVVSlWHU'XUFKVXFKWMHW]WHUVWHLQ PDOGLHVHQ0DQQKLHUDXI:DIIHQXQGGDQQOHJWLKP +DQGVFKHOOHQDQXQGVWHFNWLKQLQHLQH=HOOH.ODU"© 'LH$JHQWHQJHKRUFKWHQXQGIKUWHQ6FDUERURXJKDE ª,FKZHUGH6LHXPEULQJHQ5LFKDUGV©VFKULH(YHUHWW 6FDUERURXJKª*RWWLVWPHLQ=HXJHLFKZHUGH6LHXPEULQ JHQ© ª6HKHQ6LH(G"©VDJWH5LFKDUGVª:LHLFKVFKRQVDJWHLVW HUHLQVHKUJHIlKUOLFKHU0DQQ6LHKDEHQVLFKY|OOLJULFKWLJ YHUKDOWHQ© (G0\HUVVFKZLHJ

.DSLWHO ,UJHQGHWZDVVWLPPWHGDQLFKW /LHXWHQHQDW0DUVKD0DQQLQJVDLQGHU2IIL]LHUVPHVVH GHV/XIWZDIIHQVWW]SXQNWHV.LUWODQGXQGKDWWHHLQNRPL VFKHV*HIKOLP0DJHQ(YHUHWW6FDUERURXJKXQG:DOWHU 0DVKNLQV$XVIOXJLQGLH&,$(QNODYHZDUVFKLHIJHJDQ JHQ'DVZDUNHLQH,QWXLWLRQGHQQHVZDULQ]ZLVFKHQ VFKRQIDVWKDOEHLQVDP1DFKPLWWDJ 6LHKlWWHQVFKRQYRUPLQGHVWHQVHLQHU6WXQGHKLHUVHLQ PVVHQ 0HFKDQLVFKQLSSWHVLHDQLKUHU&RODXQGNQDEEHUWHRKQH JURH$SSHWLWDQGHPIULVFKHQJHPLVFKWHQ6DODWKHUXP GHQVLHYRUHLQLJHU=HLWEHVWHOOWKDWWHXP]ZLVFKHQGHQDQ GHUHQ*lVWHQQLFKWDXI]XIDOOHQ6HLWXQJHIlKUKDOE]Z|OI WUDIHQLPPHUPHKU2IIL]LHUHHLQGLH0LWWDJVSDXVHKDWWHQ

XQGZHQQ0DUVKDVLFKPHKUHUH6WXQGHQQXUDQHLQHU&ROD IHVWKLHOWZUGHVLHDXIIDOOHQZLHHLQEXQWHU+XQG6LHVD MHW]WDOOHLQDQHLQHP7LVFKKDWWHHLQLJH%HULFKWHYRUVLFK DXVJHEUHLWHWXQGWDWVRDOVZlUHVLHLQLKUH$UEHLWYHUWLHIW Zl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lOWL JHQ.RQWDNWHGLHVLHGDEHLJHNQSIWKDWWHZDUHQLKU PHKUDOVHLQPDOQW]OLFKJHZHVHQXQGMHW]WNRQQWHVLH VLFKGDGXUFKHLQHQEHVRQGHUVJURHQ9RUWHLOYHUVFKDIIHQ 2KQHGLH+LOIHGLHVHU/HXWHKlWWHVLHQLHLP/HEHQGLH!$E RUGQXQJQDFK.LUWODQGLQV]HQLHUHQXQG:ULJKW3DWWHU VRQIUHLQH:HLOHYHUODVVHQN|QQHQ ,KUHWHFKQLVFKHQ$XIJDEHQVROOWHVLHHUVWDPQl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|UGHQVWHOOHQ6LHZUGHQLKQYHUKDIWHQDEHUVLH NRQQWHQLKPQLFKWVHLQH5HFKWHDOVDPHULNDQLVFKHU%UJHU QHKPHQXQGHUZUGHXQWHUGHP6FKXW]K|KHUHU$XWRUL

WlWHQVWHKHQ'DIUZUGH0DUVKDVRUJHQ6LHKDWWHEHUHLWV HLQHQ$QZDOWDQJHVSURFKHQXQGVLHZXWHJHQDXZHOFKH $EJHRUGQHWHVLHDQUXIHQPXWHYRQGHU3UHVVHJDQ]]X VFKZHLJHQ6REDOG(YHUHWWGXUFKGLHVH7UWUDWZROOWHVLH GDIUVRUJHQGDGLH6DFKHDQGLHgIIHQWOLFKNHLWNDP0LW GHU=HLWNDPDOOHVLQV/RW $EHUGDVZLFKWLJVWH(UHLJQLVGDGHUIOFKWLJH'RNWRU 6FDUERURXJKK|FKVWSHUV|QOLFK]XU7UKHUHLQNlPHEOLHE DXVXQGLQ0DUVKD0DQQLQJV%DXFKEHJDQQHVLPPHU PHKU]XNULEEHOQ6LHILVFKWHHLQH3DFNXQJ0DJHQWDEOHW WHQDXVGHU+DQGWDVFKHNDXWHHLQSDDUVDKVLFKGDEHLYRU VLFKWLJXPXQGEHWUDFKWHWHGLH*HVLFKWHUGHU2IIL]LHUHGLH EHLP(VVHQVDHQXQGVLFKXQWHUKLHOWHQ 'HU*HUXFKGHV7DJHVJHULFKWV.DOEVNRWHOHWWRGHUHW ZDVbKQOLFKHVKLQJVFKZHULQGHU/XIWEHUDOOZDUGDV .OLPSHUQYRQ%HVWHFNXQG7HOOHUQXQGGDV0XUPHOQGHU *lVWH]XK|UHQ$XIGHQHUVWHQ%OLFNPRFKWHHVHLQHU ]ZDQ]LJRGHUGUHLLJ-DKUHDOWHQ6]HQHJOHLFKHQQXUGD IUKHUDXIGHQ7LVFKHQ*OlVHUPLW0DUWLQLRGHU%RXUERQ XQGlKQOLFKHQ6SLULWXRVHQJHVWDQGHQKDWWHQZlKUHQGGLH 2IIL]LHUHKHXWHHKHU0LQHUDOZDVVHUXQG6DIWEHVWHOOWHQ 'LHPLOLWlULVFKH)KUXQJPLELOOLJWHHVZHQQGLH2IIL ]LHUH$ONRKROWUDQNHQ1DFKGHPVLHHLQLJH=HLWPLW-DNH &DPGHQXQG:DOWHU0DVKNLQYHUEUDFKWKDWWHNRQQWH 0DUVKDGDVGXUFKDXVYHUVWHKHQ(VJLQJHLQIDFKQLFKWDQ GDHLQ*HZRKQKHLWVWULQNHUHLQ'VHQIOXJ]HXJVWHXHUWH RGHUHLQHQ/XIWZDIIHQVWW]SXQNWOHLWHWH+RKHU$ONRKRO NRQVXPJDOWEHLP0LOLWlUVFKRQODQJHQLFKWPHKUDOV=HL FKHQYRQ0lQQOLFKNHLWXQGGDVZDUJXWVR 8P8KUZDUGLH2IIL]LHUVPHVVHIDVWELVDXIGHQOHW] WHQ3ODW]EHVHW]WXQGGHU.HOOQHUHUNXQGLJWHVLFKRE 0DUVKDQLFKWYLHOOHLFKWDQGLH%DUXP]LHKHQN|QQWH0DQ KlWWHQLFKWGDPLWJHUHFKQHWGDVLHVRODQJHEOHLEHQ ZUGHXQGGHU7LVFKVHLIU8KUEHUHLWVZLHGHUUH VHUYLHUW $OVROLH0DUVKD0DQQLQJVLFKDQGHU%DUQLHGHUEH VWHOOWHHLQ*LQJHU$OHRKQH(LVWUDQNXQGZDUWHWH6LH ZXWHQLFKWZDVVLHVRQVWQRFKXQWHUQHKPHQVROOWH'DQQ NDPMHPDQGKHUHLQGHQVLHNDQQWH

ª5LFN©ULHIVLHXQGZLQNWHª+LHU5LFN© 5LFN+DZNLQVZDUHLQVFKODQNHUGXQNHOKDDULJHU0DQQ YRQXQJHIlKUIQIXQGGUHLLJ-DKUHQ(UKDWWHHLQHJURH +DNHQQDVHXQGHLQHQVWDUNHQhEHUELEHNOHLGHWHGHQ 5DQJHLQHV&DSWDLQVXQGKDWWHZLH0DUVKD0DQQLQJPLW &RPSXWHUQ]XWXQEHUZDFKWHDEHUKDXSWVlFKOLFKGLH %DXWlWLJNHLWDXIGHP6WW]SXQNW&DSWDLQ5LFN+DZNLQV ZDUHLQHUGHU%ULHIIUHXQGHPLWGHQHQ0DUVKDXQ]lKOLJH (PDLOVDXVJHWDXVFKWKDWWH6LHZDUHQVLFKELVKHUHUVWHLQ PDOSHUV|QOLFKEHJHJQHWDOVHU:ULJKW3DWWHUVRQEHVXFKW KDWWHXQGGDPDOVZDUHURIIHQVLFKWOLFKVHKUYRQLKUHLQJH QRPPHQJHZHVHQGHQQHUKDWWHVLH]XP$EHQGHVVHQHLQ JHODGHQ%HLQDKHKlWWHHULKUHLQHQ$QWUDJJHPDFKWGRFK GDQNLKUHUZHLEOLFKHQ*HVFKLFNOLFKNHLWKDWWH0DUVKDLKQ HLQZHQLJDXI'LVWDQ]KDOWHQN|QQHQRKQHLKQRIIHQYRU GHQ.RSI]XVWRHQ(UIUHXWHVLFKVHKUVLHZLHGHU]XVH KHQXQGZDUEHVRQGHUVDQJHWDQDOVHUK|UWHGDVLHP|J OLFKHUZHLVHVRJDUHWZDV=HLWIULKQKDWWH ª0DUVKD:LHLFKVHKHPDFKVWGXJHUDGHHLQHVHKUDXV JHGHKQWH0LWWDJVSDXVH© ª,FKlKLFKZDUWHDXIMHPDQGHQ© ª$XIPLFK"© ª1HLQDEHULFKPXVFKRQVDJHQGDLFKPLFKVHKU IUHXHGLU]XEHJHJQHQ5LFN© (UVWUDKOWHª'DUILFKGDVVREHUVHW]HQGDZLUKHXWH DEHQGHVVHQJHKHQN|QQHQ"© ª-DGDVGDUIVWGX© ª2KGDVLVWVFK|Q'DQQVDJHLFKPHLQHQ%RZOLQJ $EHQGDE(VNRPPWMDZLUNOLFKQLFKWRIWYRUGDHLQ 0DQQZLHLFKLQGHQ*HQXGHU*HVHOOVFKDIWHLQHUVFK|QHQ XQGNOXJHQMXQJHQ)UDXNRPPWPLWGHUHUVLFKVRQVWQXU SHU&RPSXWHUXQWHUKDOWHQGDUI© ª'DVVWLPPWVRHWZDVNRPPWQLFKWRIWYRU5LFN,Q 2UGQXQJZLUN|QQHQKHXWH]X$EHQGHVVHQ$EHUHLQ )UHXQGPLWGHPLFKYHUDEUHGHWZDULVWQLFKWHUVFKLHQHQ XQGMHW]WPXLFKLKQLQVHLQHP%URDXIVXFKHQ/HLGHULVW HV]LHPOLFKZHLWZHJ© ª6ROOLFKGLFKKLQEULQJHQ"© ª1HLQHVZLUGHLQH:HLOHGDXHUQXQGGDQDFKPXLFK

MDDXFKLUJHQGZLH]XUFNNRPPHQ©6LHKLHOWHLQHQ$X JHQEOLFNLQQHXQGVFKDXWHLKPWLHIXQGIUDJHQGLQGLH JUDXEODXHQ$XJHQª:LHZlU VZHQQGXPLUYLHOOHLFKW GHLQHQ:DJHQERUJHQZUGHVW":DVIUHLQHQKDVWGX QRFKJOHLFK"(LQHQEODXHQ7R\RWD&HOLFD"© (UOlFKHOWHª*HQDX'DGXGLFKGDUDQQRFKHULQQHUVW© (UVDKVLFKXPXQGPDVVLHUWHVLFKQDFKGHQNOLFKDP.LQQ 0DUVKDZXWHGDHUQXUHLQ6SLHOVSLHOWH(VKLH!+DUWHU 0DQQPXQDFKGHQNHQRGHUVRlKQOLFKª7MDKHXWHQDFK PLWWDJZHUGHLFKGHQ:DJHQZRKOQLFKWPHKUEUDXFKHQ XQG]XPHLQHP%URNDQQLFKDXFKODXIHQ2KVLFKHUGDV ZLUGJHKHQ:DUXPQLFKW"$XIGLH$UWVHKHLFKGLFKMDDX HU]XP(VVHQVRJDUYRUKHUQRFKHLQPDO© 0DUVKDOlFKHOWHXQGNQLIILKQQHFNLVFKLQV2KUª5LFN ZHQQGXPLUELVVHFK]HKQ8KUGHLQ$XWROHLKVWGDQQ NDQQVWGXGDQDFKEHUPLFKYHUIJHQ© &DSWDLQ5LFN+DZNLQVNRQQWHQLFKWZLVVHQGDFKWH 0DUVKDGDLKPGDV9HUOHLKHQGHV$XWRVHLQH0HQJHbU JHUHLQEULQJHQNRQQWH0HKUDOVHLQ$EHQGHVVHQPLWHLQHU GDQNEDUHQ0DUVKDZHUWZDU$EHUVLHKDWWHNHLQH:DKO VLHZDUYHU]ZHLIHOW 9HUIKUHULVFKNOLPSHUWHVLHPLWGHQ:LPSHUQªhEUL JHQV5LFNKDVWGX]XIlOOLJHLQH.DUWHGHV6WW]SXQNWVLP +DQGVFKXKIDFK"©

.DSLWHO 6LHKDWWHQLKP+DQGVFKHOOHQDQJHOHJWEHGURKWHQLKQPLW LKUHQ0DVFKLQHQSLVWROHQXQGGHPRQVWULHUWHQLKUH%HUHLW VFKDIWGLH:DIIHQ]XEHQXW]HQPLWGHQHQDXFKVHLQ )UHXQGJHW|WHWZRUGHQZDU'RFK6FDUERURXJKKDWWH QLFKWGLH$EVLFKWHLQHQ)OXFKWYHUVXFK]XXQWHUQHKPHQ QLFKW]XOHW]WZHLOHUYRQGHQMQJVWHQ(UHLJQLVVHQZLHEH WlXEWXQGYLHO]XVFKRFNLHUWZDUDOVGDHUHWZDVKlWWHWXQ N|QQHQ,P$XJHQEOLFNZDUHUHLQIDFKQLFKWKDQGOXQJVIl KLJ $XFKDOVVLHLKQLQHLQHPGHU*HElXGHLQHLQHPJHVL

FKHUWHQ5DXPXQWHUJHEUDFKWKDWWHQQDKPHQVLHLKPQLFKW GLH+DQGVFKHOOHQDE1HLQ%ULDQ5LFKDUGVKDWWH]XVlW] OLFKQRFKDQJHRUGQHWGD6FDUERURXJKV%HLQHPLWZHLWH UHQ+DQGVFKHOOHQDQGHQ6WXKOJHNHWWHWZXUGHDXIGHQVLH LKQJHVHW]WKDWWHQ ª,FKELQGRFKNHLQ6FKZHUYHUEUHFKHU©PXUPHOWHHU %ULDQ5LFKDUGVEHWUDFKWHWHGLH6LWXDWLRQHLQHQ0RPHQW VFKZHLJHQG$OVHUVLFKGDYRQEHU]HXJWKDWWHGD6FDU ERURXJKQLFKWIOLHKHQNRQQWHJUXQ]WHHUª9HU]HLKXQJ" :DVKDEHQ6LHJHVDJW"© 6FDUERURXJKVFKZLHJ'LHHUVFKURFNHQH6WDUUHZLFKDOO PlKOLFKYRQLKPXQGMHW]WNDPLUJHQGZRWLHILQVHLQHP ,QQHUQGLH7UDXHUKRFK'DV%LOGYRQ:DOWHU0DVKNLQGHU HUVFKRVVHQZRUGHQZDUZLHHLQZLOGHV7LHUDXIGHU-DJG VWDQGVFKUHFNOLFKYRUVHLQHPLQQHUHQ$XJHXQGHUZXWH GDHUHVQLHZLHGHUZUGHDXVO|VFKHQN|QQHQVRODQJHHU OHEWH:DVDQJHVLFKWVGHU8PVWlQGHVRZLHVRNHLQHVHKU ODQJH=HLWVSDQQHVHLQNRQQWH 8QG'LDQHHUKDWWHYHUVDJWHVZDULKPQLFKWP|J OLFKJHZHVHQVLH]XUHWWHQ:LHGHUKDWWHHUVHLQH7RFKWHU LP6WLFKJHODVVHQDOVVLHLKQDPGULQJHQGVWHQEUDXFKWH $OOHVLQLKPNUDPSIWHVLFK]XVDPPHQDOVKlWWHLKQHLQH )DXVWJHSDFNW 5LFKDUGVVHXI]WHXQGVHW]WHVLFKYRUGHP*HIDQJHQHQ DXIHLQHQ6WXKOª:LUZROOHQZLUNOLFKQXU,KU%HVWHV6FDU ERURXJK© 6FDUERURXJKKREGHQ.RSIXQGVDKGHQ0DQQZWHQG DQª(VLVWIU6LHGDV%HVWHQLFKWIUPLFK:DUXPKDEHQ 6LHPLFKQLFKWHLQIDFKQLHGHUJHVFKRVVHQZLH:DOWHU 0DVKNLQ"© ª:DUGDVVHLQ1DPH"0DVKNLQ0DVKNLQULFKWLJ'HU 8)2$QKlQJHUDXV$OEXTXHUTXH:LUKlWWHQHVXQVMD JOHLFKGHQNHQN|QQHQVLFKHUHVLVWHLQ-DPPHUGDZLU LKQW|WHQPXWHQ$EHUHUKDWYHUVXFKW]XIOLHKHQ,FK KRIIH6LHVLQGNOXJJHQXJVRHWZDVJDUQLFKWHUVWLQV$XJH ]XIDVVHQ© 5LFKDUGVUlXVSHUWHVLFKHUKREVLFKXQGEDXWHVLFKQH EHQ6FDUERURXJKDXI(U]RJLKQDQGHQ2KUHQZLHHVHLQ DOWHU6FKXOPHLVWHULP-DKUKXQGHUWPLWXQJHKRUVDPHQ

6FKOHUQJHWDQKlWWHª'HQQLFKVFKZ|UH,KQHQ'U(YH UHWW6FDUERURXJKZHQQ6LH]XIOLHKHQYHUVXFKHQEHYRU ZLUPLW,KQHQIHUWLJVLQGGDQQPVVHQZLU6LHW|WHQ© 'LHNDOWHQJUDXHQ$XJHQLQVHLQHP*HVLFKWZLUNWHQZLH 6WHLQH ª:DVKDEHQ6LHPLWPHLQHU7RFKWHUJHPDFKW6LH'UHFN VDFN"©6FDUERURXJKVSLHGLH:RUWHI|UPOLFKDXV(U VFKOXFNWHGLH6FKPHU]HQKLQXQWHUXQGZHKUWHVLFKPLW DOOHU.UDIWJHJHQGLH$QJVW ª,KUH7RFKWHU"2K6LHPHLQHQ'LDQH"*ODXEHQ6LHGHQQ ZLUNOLFKGDZLUVLHKDEHQ"© ª:HUGHQQVRQVW"© ª(LQHLQWHUHVVDQWH)UDJH$QJHQRPPHQHVOLHIHGDUDXI KLQDXVGD6LH,KUHJHOLHEWH'LDQH]XUFNEHNRPPHQ 6FDUERURXJK:UGHQ6LHGDQQPLWXQV]XVDPPHQDUEHL WHQ"© ª,FKZUGHOLHEHULQGHU+|OOHVFKPRUHQ© 5LFKDUGVODFKWHª.|QQHQ6LHKDEHQZHQQ6LHZROOHQ© (UULFKWHWHVLFKDXIXQGOLHGLH)LQJHUNQ|FKHONQDFNHQ(V ZDUHLQHHKHUQDFKGHQNOLFKHGHQQGURKHQGH*HVWH6HLQ *HVLFKWVDXVGUXFNYHUlQGHUWHVLFKQLFKWDOVHUGHQ.RSI DEZDQGWHXQGDQJHVWUHQJWEHUOHJWH6FDUERURXJKQXW]WH GLH8QWHUEUHFKXQJXPGLH8PJHEXQJ]XPXVWHUQ (UEHIDQGVLFKLQHLQHP5DXPGHULKQDQGDV6SUHFK ]LPPHUHLQHV$U]WHVHULQQHUWH'LH:lQGHZDUHQKHOO EHLJHJHVWULFKHQXQGHVJDEHLQLJH6FKUlQNHLQGHQHQ YHUPXWOLFKlU]WOLFKH,QVWUXPHQWHXQG0HGLNDPHQWHXQ WHUJHEUDFKWZDUHQ$EHUHVJDENHLQHQ8QWHUVXFKXQJV WLVFKNHLQHJHIlKUOLFKDXVVHKHQGHQ*HUlWHDXV(GHOVWDKO XQGNHLQH5LHPHQPLWGHQHQPDQZLGHUVSHQVWLJH9HU VXFKVSHUVRQHQIHVVHOQNRQQWH1HXWUDOZDUGDV:RUWGDV GLHVHQ5DXPDPEHVWHQ]XEHVFKUHLEHQVFKLHQDEHUGL UHNWGDQDFKILHO6FDUERURXJKHLQZHLWHUHV:RUWHLQGDV PLQGHVWHQVJHQDXVRJXW]XSDVVHQVFKLHQW|GOLFK ª,FKJODXEH6LHN|QQHQXQVMHW]WDOOHLQODVVHQPHLQH +HUUHQ,FKGHQNHQLFKWGDHUIOLHKHQZLUG© ª$EHU6LU©ZDQGWHHLQHUGHU&,$$JHQWHQHLQª6LH VDJWHQGRFKHUVHLVHKUJHIlKUOLFKXQGGUIWHQLFKWDXV GHQ$XJHQJHODVVHQZHUGHQ©

ª'DVKDEHLFKWDWVlFKOLFKJHVDJW1XQJXWKDOWHQ6LH GUDXHQYRUGHU7U:DFKHXQGXQWHUULFKWHQ6LH'U-XOLD &XQQLQJKDPGDVLHKLHUJHEUDXFKWZLUG© ª-DZRKO6LU© 6LHGUHKWHQVLFKXPJLQJHQKLQDXVXQGOLHHQVLHDOOHLQ ª,FKP|FKWH,KQHQ]XQlFKVWYHUVLFKHUQGDZLU,KUH 7RFKWHUQLFKWKDEHQ6FDUERURXJK,KU9HUVFKZLQGHQLVW DXFKIUXQVHLQ5lWVHO© ª,FKJODXEH,KQHQQLFKW6LHZROOHQPLUGRFKQLFKWHU ]lKOHQGD6LHDXFKLKUHQ)UHXQGQLFKWHQWIKUWKDEHQ"© ª0U7LPRWK\5HLOO\"$EHUQDWUOLFKGHQKDEHQZLU© ª:DVKDEHQ6LHPLWLKPJHPDFKW"© ª2KHULVWLQUHFKWJXWHU9HUIDVVXQJ:LUQHKPHQJH UDGHGLHOHW]WHQ$EVWLPPXQJHQYRUHKHZLULKQZLHGHULQ GLH:HOWHQWODVVHQ:LVVHQ6LH0U7LPRWK\5HLOO\KDWYRU HLQLJHU=HLWEHVFKORVVHQQDFK(XURSD]XUHLVHQ8PHWZDV $EVWDQGYRQDOOHP]XJHZLQQHQ6HLQH(OWHUQEHNRPPHQ VFKRQVHLWHLQLJHU=HLWUHJHOPlLJ$QVLFKWVNDUWHQDXV 0QFKHQDXV)ORUHQ]9HQHGLJXQGYRQGHU)UDQ]|VL VFKHQ5LYLHUDYRQDOOGHQ2UWHQYRQGHQHQHLQMXQJHU 0HQVFKWUlXPW'HUDOWH0U5HLOO\LVWEHUGLHVH(QWZLFN OXQJVHKUHUIUHXW(VVFKHLQWVRDOVKlWWH7LPVLFKYRQ,KUHU 7RFKWHUJHWUHQQWXQGNlPHHLQZHQLJ]XVLFK(UZLOODQ VFKHLQHQGGDV*HVFKlIWVHLQHV9DWHUVEHUQHKPHQVREDOG HUQRFKHWZDVYRQGHU:HOWJHVHKHQKDW© ª'DVVLHKW7LPDEHUEHUKDXSWQLFKWlKQOLFK+DEHQ6LH LKQVRYHUlQGHUW"© ª+PPGDVNOLQJWMDEHLQDKHVRDOVKlWWHQ6LH7LP5HLOO\ LQV+HU]JHVFKORVVHQ"$OVHUHLQ$XJHDXI,KUH7RFKWHUJH ZRUIHQKDWWHGDZDUHQ6LHZLHLFKPLFKHULQQHUHDOOHVDQ GHUHDOVHUEDXW© ª'LDQHLVWHLQHUZDFKVHQHU0HQVFK6LHKDEHQPHLQH )UDJHQLFKWEHDQWZRUWHW© ª,FKPXEHUKDXSWQLFKWVEHDQWZRUWHQ6FDUERURXJK ,FKELQKLHUGHUMHQLJHGHUGLH)UDJHQVWHOOW©(UEHXJWHVLFK EHUVHLQHQ*HIDQJHQHQXQGIXKULKQDQª:DUXPPX WHQ6LHXQVGHUDUWLJKLQWHUJHKHQ(YHUHWW6FDUERURXJK" :DUXPKDEHQ6LH,KUH5HJLHUXQJYHUUDWHQ"© ª,FKKDEHQLHPDQGHQYHUUDWHQ,FKELQPHLQHP/DQG

JHJHQEHUOR\DO,OOHJDOH$EWHLOXQJHQGHU*HKHLPGLHQVWH KDEHQPLFKIULKUHHLJHQHQ=ZHFNHPLEUDXFKW'DV ZHUGHLFKGHUgIIHQWOLFKNHLWPLWWHLOHQ© ª2KVLFKHU8QG6LHJODXEHQZRKODXFKQRFK6LHKlW WHQ,KUH6DFKHJXWJHPDFKWZDV"1HLQ6FDUERURXJK6LH KDEHQXQVKLQWHUJDQJHQ,UJHQGZRLQ,KUHP,QQHUQP WHQ6LHHLJHQWOLFKJHPHUNWKDEHQGD6LHQXU]X5XKP XQG5HLFKWXPJHNRPPHQVLQGZHLO6LHGHQ+DQGODQJHU IUHLQH0DFKWJHVSLHOWKDEHQGLHZHLWZLFKWLJHULVWDOV 6LHDKQHQN|QQHQ6LHKDEHQHLQHUZUGLJHQ6DFKHJH GLHQWHLQHUZHUWYROOHQ6DFKHGHUQDWLRQDOHQ6LFKHU KHLW© ª:HUGHLFKDXFKGHQ*UXQGIUDOOGLHVHUIDKUHQ"© ª,FKELQVLFKHUGD6LHMHW]WVFKRQJHZLVVH9HUPXWXQ JHQKHJHQ$EHUGDVJHK|UWQLFKWKLHUKHU:DVZLUDXI GHU6WHOOHZLVVHQPVVHQLVWZLHJURGHU6FKDGHQLVW GHQ6LHXQVHUHP3URMHNW]XJHIJWKDEHQ© ª'DVZHLLFKQLFKW(LQHQJURHQKRIIHLFK© ª+PPZLUVLQGZRKOHLQZHQLJVW|UULVFK"1XQGDV GDFKWHLFKPLU(VVSLHOWNHLQH5ROOH:LUZHUGHQ,KQHQ GDVVFKRQQRFKDXVWUHLEHQ© ª:LHGHQQ"0LW)ROWHU"2GHUPLW'URJHQ"© ª,FKELWWH6LH'DVLVWQLFKWPHLQH$UW,FKZLOO,KQHQ MHW]WQXUNODUPDFKHQGD6LHVLFKGDV/HEHQHUKHEOLFK HLQIDFKHUPDFKHQN|QQHQZHQQ6LHPLWXQVNRRSHULHUHQ 6DJHQ6LHXQVZDV6LHELVKHUXQWHUQRPPHQKDEHQ© ª6LHZLVVHQGDLFK0DF.HQ]LHQLFKWJHW|WHWKDEH© ª$EHUQDWUOLFK8QVHU$JHQWPXWHGHQ&DSWDLQXP EULQJHQ,FKNDQQ,KQHQYHUVLFKHUQGD6LHNHLQVWHFN EULHIOLFKJHVXFKWHU.ULPLQHOOHUPHKUVHLQZHUGHQVREDOG ZLU6LHZLHGHUDOVYHUWUDXHQVZUGLJHV0LWJOLHGXQVHUHU *UXSSHHLQJHVWXIWKDEHQ:LUZHUGHQ6LHQLFKWHLQPDO IUGHQ7RGXQVHUHV$JHQWHQDP+RRYHU'DPP]XU5H FKHQVFKDIW]LHKHQ:LH6LHVHKHQN|QQHQZLUVHKUJUR ]JLJVHLQ© ª8QGZHQQLFKQLFKWNRRSHULHUH"© ª6LHZHUGHQNRRSHULHUHQ6FDUERURXJKJODXEHQ6LH PLU*DQ]EHVWLPPW$EHUVROOWHQZLUGHQ(LQGUXFNJH ZLQQHQGDPDQVLFKDXI6LHQLFKWPHKUYHUODVVHQNDQQ

QXQMDLQGLHVHP)DOOOLHJHQ6LHPLW,KUHQ9HUPXWXQJHQ ]LHPOLFKULFKWLJ'DQQPWHQZLU6LHW|WHQ© ª$XV*UQGHQGHUQDWLRQDOHQ6LFKHUKHLW© ª6LHKDEHQHVHUIDW© ª2GXPHLQVFK|QHV/DQGLQGHPGLH)UHLKHLWVJORFNH NOLQJW© 5LFKDUGVUXQ]HOWHPLPXWLJGLH6WLUQª+|UHLFKGD HWZDHLQHQJHZLVVHQ6DUNDVPXVKHUDXV"© .DOWH:XWGXUFKVWU|PWH6FDUERURXJKHLQHWLHIHXQG PlFKWLJH.UDIWZLHHUVLHQRFKQLHLQVLFKJHVSUWKDWWH 1DFKDOOGHU$QJVWQDFKGHQ6FKUHFNHQXQGGHP7HUURU KDWWHHUMHW]WGHQ%RGHQGHV$EJUXQGHVHUUHLFKW(UZDU JHIDQJHQXQGVDKLOIORVLP6SLQQHQQHW]GHV)HLQGHVXQG JHQDXLQGLHVHP$XJHQEOLFNVSUWHHUHLQH.UDIWYRQGHU HUELVKHUQRFKJDUQLFKWJHZXWKDWWHGDHUVLHEHU KDXSWEHVD(LQH.UDIWGLHQLFKWGHU9HU]ZHLIOXQJHQW VSUDQJXQGNHLQHUQLKLOLVWLVFKHQ5HVLJQDWLRQVRQGHUQVHL QHU&KDUDNWHUVWlUNH ª0DFKHQ6LHZDV6LHZROOHQ$XVPLUZHUGHQ6LHQLFKWV KHUDXVEHNRPPHQVRODQJHLFKQRFKEHL9HUVWDQGELQ© ª:LHUHL]HQG,FKELQVLFKHUGD'U&XQQLQJKDPJUR HQ6SDDQ,KQHQKDWhEULJHQVZLUKDEHQDXFK,KUHQ )UHXQG-DNH&DPGHQHUZLVFKW(ULVW]LHPOLFKVFKQHOOXP JHIDOOHQ(VVLHKWVRDXVDOVYHUIJWHQZLUPLWLKPEHU HLQHQZHLWHUHQlXHUVWNRRSHUDWLYHQ-RXUQDOLVWHQPLW GHPHVVLFKJXW]XVDPPHQDUEHLWHQOlW© ª6LHN|QQHQPLFKPDO©VFKULH6FDUERURXJK 5LFKDUGVVFKOXJLKPLQV*HVLFKW 6FDUERURXJKVFKPHFNWHVHLQHLJHQHV%OXW(UOLHGHQ .RSIHLQHQ$XJHQEOLFNKlQJHQGDQQVDXJWHHUGHQ6SHL FKHOXQGGDV%OXWHLQZDUIGHQ.RSIKRFKXQGVSXFNWHDXI 5LFKDUGV VDXEHUHV+HPGXQGVHLQH-DFNH ª0HLQ*RWW©VDJWH5LFKDUGVXQGVFKOXJQRFKHLQPDO ]XGLHVPDOIHVWHUª,FKZQVFKWHZLUKlWWHQ,KU)OLWWFKHQ YRQ7RFKWHU6LH0LVWNHUO'DQQKlWWHQZLU]ZHL1XWWHQ DXVGHUJOHLFKHQ)DPLOLHDP:LFNHO© 6FDUERURXJKZXUGHVFKZDU]YRU$XJHQ(UZROOWHVHL QHQ*HJQHUDQVSULQJHQGRFK5LFKDUGVZLFKHLQHQ6FKULWW ]XUFNXQGGHU6WXKOVDPWGHPDQJHNHWWHWHQ:LVVHQ

VFKDIWOHUSROWHUWHDXIGHQ%RGHQZR6FDUERURXJKOLHJHQ EOLHE9HU]ZHLIHOWYHUVXFKWHHUVLFK]XEHIUHLHQXQGVHLQHQ )ROWHUNQHFKWDP.UDJHQ]XSDFNHQ'RFKGDQQEHWUDWMH PDQGGHQ5DXPXQGGLH)UDXHQVWLPPHGLHHUQXQK|UWH OLHLKQLQQHKDOWHQ ª:LHLFKVHKHZDUWLKU-XQJVLQPHLQHU$QZHVHQKHLW QLFKWXQWlWLJ©VDJWHGLH)UDXYHUlFKWOLFK ª,FKIUFKWHXQVHU'U6FDUERURXJKLVWHLQZHQLJDXI VlVVLJ©EHPHUNWH5LFKDUGVKROWHHLQ7DVFKHQWXFKKHUDXV XQGVlXEHUWHVLFK ª2IIHQVLFKWOLFK8QGDXFK6LHGHU6LHVRQVWVRUXKLJ VLQGVFKHLQHQLP$XJHQEOLFNHWZDVHUUHJW:HQQHUGRUW DXIGHP%RGHQOLHJWNDQQLFKQLFKWYLHOPLWLKPDQIDQJHQ .|QQWHQ6LH,KUH6FKOlJHUUXIHQXQGVLHELWWHQLKQIU PLFKDXI]XULFKWHQ"© 5LFKDUGVULHIQDFKVHLQHQ0lQQHUQXQG6FDUERURXJK ZXUGHPLWVDPWGHP6WXKOZLHGHUKRFKJH]RJHQ'LH*H VLFKWHUGHU$QZHVHQGHQYHUVFKZDPPHQYRUVHLQHQ $XJHQ5LFKDUGVGHUVLFKDEZLVFKWHXQGHLQHEORQGH %ULOOHQWUlJHULQLQHLQHP/DERUNLWWHOGLHLQHLQHUVWUHQJHQ XQGIDVWVFKXOPHLVWHUOLFKHQ3RVHGLH$UPHXQWHUGHQ%U VWHQYHUVFKUlQNWKLHOW (UHUNDQQWHVLHVRIRUW(LQLJH0DOHZDUHULKUEHL(PS IlQJHQEHJHJQHWGLH&RORQHO'RODQJHJHEHQKDWWHXQGHU KDWWHVLHDXI.RQIHUHQ]HQJHVHKHQDQGHQHQHULP$XIWUDJ GHV1DWLRQDO,QVWLWXWHRI0HQWDO+HDOWKWHLOJHQRPPHQ KDWWH'LH(LVN|QLJLQVRZXUGHVLHYRQLKUHQ.ROOHJHQ KLQWHULKUHP5FNHQJHQDQQW6HLQH0XWPDXQJHQKDWWHQ VLFKEHVWlWLJW:DVHUVLFKQDFKGHP*HVSUlFKPLWGHU )UDXLQ%DOWLPRUH]XVDPPHQJHUHLPWKDWWHWUDI]X-XOLD &XQQLQJKDPZDUGLHZLFKWLJVWHZLVVHQVFKDIWOLFKH0LWDU EHLWHULQGHV3URMHNWVLQGHVVHQ5DKPHQ(QWIKUXQJHQ GXUFK$XHULUGLVFKHYRUJHWlXVFKWZXUGHQ6LHZDUGLH )UDXGLHGDQNLKUHUELRFKHPLVFKHQ7ULFNVXQGLKUHU.RP SHWHQ]LQGHU/DJHZDUHLQH%HZXWVHLQVNRQWUROOHDXV]X EHQYRQGHUVLFKNHLQ0HGL]LQHUHLQH9RUVWHOOXQJPD FKHQNRQQWH ª+DOOR'RNWRU+DEHQ6LH]XIlOOLJPHGL]LQLVFKHQ$ONR KROGD",FKN|QQWHHLQHQVWHLIHQ'ULQNYHUWUDJHQ©VDJWH

HU$OOPlKOLFKEHNDPHUVHLQH*HIKOHZLHGHUXQWHU.RQ WUROOH 'U&XQQLQJKDPLJQRULHUWHLKQª'DUILFKEHU,KUH 0lQQHUYHUIJHQQDFKGHPHUVRVWDUNH1HLJXQJHQJH ]HLJWKDWJHZDOWWlWLJ]XZHUGHQ"© ª-DNHLQ3UREOHP©5LFKDUGVVDKDXIGLH8KUª,FK IUFKWH6LHPVVHQMHW]WRKQHPLFKZHLWHUPDFKHQ,FK GDUIPHLQ)OXJ]HXJQLFKWYHUSDVVHQ,Q:DVKLQJWRQPX LFKPLFKXPHLQLJHZLFKWLJH'LQJHNPPHUQ$EHULFKELQ VHKUIURKGDGLH(UHLJQLVVHGLHVHXQGNHLQHDQGHUH:HQ GXQJJHQRPPHQKDEHQ:LUNOLFKVHKUIURK6LHZHUGHQ PLFKGRFKEHU,KUH)RUWVFKULWWHPLWXQVHUHQPLWXQVH UHP*DVWDXIGHPODXIHQGHQKDOWHQ"© ª,FKKRIIH6LHKDEHQ=HLWVLFKLP)OXJ]HXJXP]X]LH KHQ6LHVHKHQVFKUHFNOLFKDXV5LFKDUGV8QGZDVGLHVHQ 0DQQKLHUDQJHKW©6LHZDQGWHVLFKDQ6FDUERURXJK XQGKREHLQH$XJHQEUDXHª8PLKQZHUGHLFKPLFKPLW DOOPHLQHUEHUXIOLFKHQ.RPSHWHQ]NPPHUQ,FKJODXEH LQHLQRGHU]ZHL7DJHQZLUGHUHLQQHXHU0HQVFKVHLQ© 6LHOlFKHOWHHLVNDOWXQG6FDUERURXJKOLHIHVNDOWGHQ 5FNHQKLQXQWHU ª$XVJH]HLFKQHW6FDUERURXJKGDQQEHUODVVHLFK6LH DOVR'U&XQQLQJKDPVKHLOHQGHQ+lQGHQ,FKKRIIHZLU N|QQHQXQVHUH8QWHUKDOWXQJEDOGLQEHVWHP(LQYHUQHK PHQIRUWVHW]HQ© ª:HQQZLUXQVGDVQlFKVWH0DOEHJHJQHQ5LFKDUGV GDQQZHUGHLFKVLHXPEULQJHQGDVVFKZ|UHLFK© ª6HKHQ6LHPHLQH/LHEH©VDJWH5LFKDUGVPLWNQVWOLFK NOLQJHQGHP.LFKHUQªLUJHQGZRLVWHULQGHUOHW]WHQ=HLW ZLUNOLFKUHFKWIHLQGVHOLJJHZRUGHQ%HKHEHQ6LHGDVGRFK ELWWH©5LFKDUGVZDUI6FDUERURXJKQRFKHLQHQNDOWHQ%OLFN ]XGDQQHLOWHHUDXVGHP5DXP ª'U6FDUERURXJK©VDJWH&XQQLQJKDPªPHLQ.ROOHJH EHOLHEW]XVFKHU]HQ0LUOLHJWGDVQLFKW,FKQHKPH:LGHU VWlQGHEHL,KQHQZDKUXQGLFKP|FKWH6LHZDUQHQGD :LGHUVWDQGJHEURFKHQZHUGHQNDQQ'DVZLUGDOOHUGLQJV QLFKWVFKPHU]ORVYRUVLFKJHKHQ,FKVFKODJH,KQHQYRU VLFK]XHQWVSDQQHQXQGVLFKVRJXWHVJHKWPLWGHU6LWXD WLRQDE]XILQGHQ©

ª9LHOHQ'DQNDEHULFKIUFKWHGDVZLUGQLFKWP|JOLFK VHLQ© ª1HLQ":LHVFKDGH(VNRPPWVHOWHQYRUGDLFKHVPLW HLQHP,QWHOOHNW]XWXQKDEHGHUVRVWDUNLVWZLHGHU,KUH XQGPLWHLQHUVRNRPSOH[HQ3HUV|QOLFKNHLW:HQQGHU3D WLHQWVLFKQLFKWIJWGDQQVLQGPLWXQWHUGXUFKJUHLIHQGH 0DQDKPHQXQGK|KHUH'RVLHUXQJHQQRWZHQGLJ'DEHL NDQQHVMHGRFK]XJHZLVVHQXQHUIUHXOLFKHQ1HEHQZLUNXQ JHQNRPPHQ© ª,FKNDQQPLUIDVWGHQNHQGD6LHQLFKWVFKHU]HQ'RN WRU© ª.XU]JHVDJW6FDUERURXJK©IXKUVLH]lKQHNQLUVFKHQG IRUWZlKUHQGLKUH$XJHQNDOWZLH(LVEOLW]WHQªIDOOV6LH GHQ:XQVFKKDEHQGDYRQ,KQHQQRFKHLQ)HW]HQEULJ LVWZHQQLFKPLW,KQHQIHUWLJELQGDQQVROOWHQ6LHEHVVHU PLWXQVNRRSHULHUHQ© ,QVWLQNWLYHUNDQQWH6FDUERURXJKGDHUPLWGLHVHU)UDX DQGHUVXPJHKHQPXWH5LFKDUGVZDURIIHQVLFKWOLFKHLQ 0DQQGHUWURW]VHLQHVUDXKHQ$XIWUHWHQVGLH+lUWHHLQHV DQGHUHQ0DQQHV]XZUGLJHQZXWH'LHVH)UDXZDUHLV NDOW%HLLKUPXWHHUHLQDQGHUHV6SLHOVSLHOHQ ª6RJDQ]YHUVWHKHLFKGDVQLFKW:LHN|QQWHLFKNRRSH ULHUHQ"6LHKDEHQPLFKJHIHVVHOW6LHN|QQHQPLWPLUWXQ ZDV6LHZROOHQ:HOFKHQ8QWHUVFKLHGPDFKWHVGDQRFK RELFKNRRSHULHUHRGHUQLFKW'RNWRU"© ª%LHWHQ6LHDQPLWPLU]XVDPPHQ]XDUEHLWHQ"©,KUH 6WLPPHZDUDQ]XK|UHQGDVLHPLWUDXLVFKZDU ª,FKP|FKWH]XHUVWZLVVHQZDV6LHGDUXQWHUYHUVWH KHQ© 6LHVFKQDXEWHª,FKPHLQHGDPLWQDWUOLFK,KUH(LQVWHO OXQJ6LHVROOHQNDSLWXOLHUHQZHQQ6LHGDVVRDXVGUFNHQ P|FKWHQ6LHVROOHQVLFKLQ,KU6FKLFNVDOIJHQ© ª,FKVROOPLFKXQWHUZHUIHQ"© ª-D*HQDX1DWUOLFKZROOHQZLUYRQ,KQHQDXFK,QIRU PDWLRQHQEHNRPPHQ© ª$FKULFKWLJ6LQG,KUH0HWKRGHQGHQHQlKQOLFKGLH EHL:LOOLDP%XFNOH\LQ%HLUXWEHQXW]WZXUGHQ"© 6LHOlFKHOWHHLQZHQLJª'DVZDUHQEDUEDULVFKH0HWKR GHQDEHUOHW]WHQ(QGHVKDWPDQGLHJHZQVFKWHQ,QIRU

PDWLRQHQHUKDOWHQ1HLQ6FDUERURXJK:LUVLQGLQ]ZL VFKHQ/LFKWMDKUHGDYRQHQWIHUQW:LUEUDXFKHQQLFKWDXI SK\VLVFKH)ROWHU]XUFN]XJUHLIHQ2EZRKOLFKJHOHJHQW OLFKK|UHGDGHUSK\VLVFKHQ)ROWHUGHU9RU]XJJHJHEHQ ZUGHZHQQPDQGLH:DKOKlWWH0HLQH3DWLHQWHQODVVHQ PLFKGDVMHGHQIDOOVPDQFKPDOZLVVHQ© ª6RYLHO]X,KUHPKLSSRNUDWLVFKHQ(LG© ª,FKELQ'RNWRUGHU1DWXUZLVVHQVFKDIWHQGLHQHPHL QHP/DQGXQGEUDXFKHPLFKIUQLFKWV]XHQWVFKXOGLJHQ $EHU6LHKDEHQGDV7KHPDJHZHFKVHOW:LUZROOHQJH ZLVVH,QIRUPDWLRQHQYRQ,KQHQEHNRPPHQ'LHVH,QIRU PDWLRQHQODVVHQVLFKOHLFKWYHULIL]LHUHQDOVRVROOWHQ6LH GLH:DKUKHLWVDJHQ©1DFKGHQNOLFKUXQ]HOWHVLHGLH6WLUQ ª6LHKDEHQVLFK5LFKDUGVZLGHUVHW]W6FDUERURXJK-HW]W VFKHLQHQ6LHDQ]XGHXWHQGD6LHNRRSHULHUHQZROOHQ :DUXPGLHVHU6LQQHVZDQGHO"© ª9LHOOHLFKWZHLOLFK=HLW]XP1DFKGHQNHQKDWWH© ª'DQQZHUGHQ6LHUHGHQ"© ª6DJHQ6LHPLUZDV6LHZLVVHQZROOHQXQGLFKZHUGH PLU0KHJHEHQ© ª+PP©6LH]XFNWHGLH6FKXOWHUQª6HKUJXWGDQQZLOO LFKPHLQHQ.DVVHWWHQUHFRUGHUKROHQ©6LHJLQJ]XHLQHP %HLVWHOOWLVFKXQG|IIQHWHHLQH6FKXEODGHGHUVLHHLQNOHL QHV$XIQDKPHJHUlWHQWQDKP ª+HLWGDV6LHZROOHQPLUNHLQH'URJHQYHUDEUHL FKHQ"© ª(QWWlXVFKW6LHGDV"© ª+DW,KQHQHLJHQWOLFKPDOMHPDQGJHVDJWGDVLHbKQ OLFKNHLWPLW/LOLWK6WHUQDQLQ!&KHHUVKDEHQ"© ª&KHHUV":DVLVWGDV"© ª6FKRQJXW© -DHUZUGHLKUH)UDJHQEHDQWZRUWHQ'RFKHLQHV ZXWHHUJHQDX6REDOGVLHEHJDQQHQLKQPLWLKUHQ1D GHOQ]XVWHFKHQVREDOGVLHLKUHHQWVHW]OLFKHQ&KHPLND OLHQLQVHLQHQ.UHLVODXIVSULW]WHQZUGHQGLH'LQJHHU KHEOLFKNRPSOL]LHUWHUZHUGHQ(UPXWHDXI=HLWVSLHOHQ ZHLOHUHUNDQQWHGDHVQXUHLQH+RIIQXQJJDE0DUVKD :HQQHUXQG0DVKNLQVLFKYHUVSlWHWHQZUGHVLHYLHO OHLFKWNRPPHQXQG]XKHOIHQYHUVXFKHQ

'DVZDUGLHHLQ]LJH+RIIQXQJDQGLHHUVLFKNODPPHUQ NRQQWH ª)DQJHQ6LHDQ,FKZHUGHDQWZRUWHQ© ª$XVJH]HLFKQHW'U6FDUERURXJK,FKKDEH,KUH.UDQ NHQXQWHUODJHQXQG7HVWHUJHEQLVVHHLQVHKHQN|QQHQ©6LH VFKZLHJHLQH:HLOHDOVZROOWHVLHVLFKGLHULFKWLJHQ:RUWH ]XUHFKWOHJHQª(VJLEWQDWUOLFKHLQHJDQ]H5HLKHYRQ$N WHQEHU6LHGLH,KUH5ROOHEHLP3URMHNW%OXH%RRNEH VFKUHLEHQ© ª6LHPHLQHQPHLQH5ROOHDOVQW]OLFKHU,GLRW© ª1HQQHQ6LHHVZLH6LHZROOHQ,KQHQLVWVLFKHUNODU GDZLU$NWHQEHU6LHEHVLW]HQQLFKWZDKU"© ª'LFNH$NWHQZUGHLFKVDJHQ© ª-D$EHUXPGLH%HIUDJXQJIUGHQKHXWLJHQ7DJHLQ ]XOHLWHQ'U6FDUERURXJKP|FKWHLFKDXIHLQHQ3XQNW]X VSUHFKHQNRPPHQGHUPLFKVWDUNEHXQUXKLJW(VJHKW XPIROJHQGHV,Q,KUHU3HUV|QOLFKNHLWJLEWHVHLQH)DFHWWH GLHXQVVFKRQLPPHU.RSI]HUEUHFKHQEHUHLWHWKDW(UODX EHQ6LHPLUGLH)UDJHIROJHQGHUPDHQ]XIRUPXOLHUHQ (YHUHWW6FDUERURXJKKDEHQ6LH*UXQG]XGHU$QQDKPH GD6LHLUJHQGZDQQHLQPDOP|JOLFKHUZHLVHVFKRQVHKU IUKLQ,KUHP/HEHQYRQ$XHULUGLVFKHQHQWIKUWZRU GHQVLQG"©

.DSLWHO (G0\HUVGUFNWHGLH6SOXQJGHU7RLOHWWHXQGEOLHE QRFKHLQHQ$XJHQEOLFNDXI.QLHQYRUGHU6FKVVHOKRN NHQ(UVFKZLW]WHLKPZDUEHOHVEUDFKLKPIDVWGDV +HU]XQGHUKDWWH6FKXOGJHIKOHGLH]XVDPPHQPLWVHL QHUhEHONHLWLQ:HOOHQEHULKQNDPHQ6LFK]XEHUJH EHQKDWWHLKQHWZDVHUOHLFKWHUWDEHUGLHhEHONHLWOLH QRFKLPPHUQLFKWQDFK (VWXWPLUOHLG6FDUERURXJKGDFKWH0\HUV0HLQ*RWWHV WXWPLUVROHLG $EHUHUKDWWHJHKRUFKHQPVVHQ6LHKDWWHQLKPNHLQH :DKOJHODVVHQ6LHKDWWHQJHGURKWVHLQHU)DPLOLHHWZDV

DQ]XWXQXQGHUZXWHJDQ]JHQDXGDGLHVHUJRWWORVH 6FKZHLQHKXQG%ULDQ5LFKDUGVZLOOHQVXQGEHUHLWZDUJH QDXGDVDXV]XIKUHQZDVHUDQJHGURKWKDWWH 1DFKHLQHU:HLOHVWDQG0\HUVDXIXQGJLQJ]XP :DVFKEHFNHQZRHUVLFKNDOWHV:DVVHULQV*HVLFKW VSULW]WH(UOLHGLH7URSIHQHLQHQ0RPHQWKLQXQWHUULQ QHQGDQQQDKPHUHLQ+DQGWXFKXQGZLVFKWHVLFKGDV*H VLFKWDE:LGHUVWUHEHQGKREHUGDVJHU|WHWH*HVLFKWXQG VWDUUWHVHLQ6SLHOELOGDQ 'LH$XJHQVDKHQDXVDOVKlWWHQVLHVLFKWLHILQGHQ6FKl GHO]XUFNJH]RJHQXQGZDVIUKHUHLQ1HW]NOHLQHU)lOW FKHQJHZHVHQZDUHUVFKLHQMHW]WZLHHLQ*HIOHFKWWLHIHU 5LVVH$EHUJDQ]VRVFKOLPPZLHHUVLFKIKOWHVDKHU GRFKQRFKQLFKWDXV(UPXWHSO|W]OLFKDQGDV%LOGQLVGHV 'RULDQ*UD\GHQNHQ=XPHUVWHQPDOLQVHLQHP/HEHQHU NDQQWHHURIIHQHQ$XJHVZDVVHLQ%HUXIDXVLKPJHPDFKW KDWWH 6LFKHUREHUIOlFKOLFKEHWUDFKWHWKDWWHDOOHVHLQHQJURDU WLJHQ(LQGUXFNJHPDFKWYLHOHQ'DQNDXFK6HLQH)DPLOLH HQWVSUDFKGHP,GHDOELOGNRQVHUYDWLYHU3ROLWLNHU0HQ VFKHQZLHHUXQGVHLQH$QJHK|ULJHQZXUGHQGHU1DWLRQ LP)HUQVHKHQYRUJHVWHOOWXQGDOV$UJXPHQWIUGLH:DKO NRQVHUYDWLYHU3ROLWLNHULQV)HOGJHIKUW!)UDJHQLFKWZDV GHLQ/DQGIUGLFKWXQNDQQVRQGHUQIUDJHZDVGXIU GHLQ/DQGWXQNDQQVWVRKDWWHHUVHLQHQ-REDXIJHIDW(U KDWWHHLQH(OLWHXQLYHUVLWlWEHVXFKW]ZHL-DKUHEHLGHQ0D ULQHVJHGLHQWVlXEHUWHVLFKMHGHQ0RUJHQGLH=lKQHPLW =DKQVHLGHKDWWHGDV5DXFKHQQDFKGHP&ROOHJHXQGGDV 7ULQNHQQDFKGHU*HEXUWGHVHUVWHQ.LQGHVDXIJHJHEHQ ZDUDQVWlQGLJJHEOLHEHQXQGEHPKWHVLFKHLQHQJHVXQ GHQDPHULNDQLVFKHQ2SWLPLVPXV]XEHZDKUHQ 6WHWVKDWWHHUVLFKJHZHLJHUW0HQVFKHQ]XW|WHQKDWWH GDIUJHVRUJWGDHUEHLVHLQHU$UEHLWDOV&,$$JHQWQLH LQGLHVH6LWXDWLRQJHNRPPHQZDU8QGHUKDWWHDXFKQRFK QLHHLQHPDQGHUHQ$JHQWHQEHIRKOHQMHPDQGHQXP]X EULQJHQ,P$XIWUDJGHU)LUPDZDUHULQ&KLOHLQ0LWWHO DPHULNDLQ%HLUXWXQGLP)HUQHQ2VWHQWlWLJJHZHVHQ JDQ]]XVFKZHLJHQYRQGHQZXQGHUYROOHQH[WUDYDJDQWHQ $XVIOJHQQDFK(XURSD8QGGRFKREZRKOHUPDQFKPDO

VHKUODQJHYRQLKUJHWUHQQWZDUKDWWHHUVHLQH)UDX&DURO QLHEHWURJHQ 7URW]VHLQHUODQJHQ'LHQVWUHLVHQKDWWHHUVLFKLPPHUEH PKWHLQJXWHU9DWHU]XVHLQJHUHFKWYHUQQIWLJXQGOLH EHYROO(UKDWWHJHVHKHQZDVGLH0DFKWDXVHLQHP0DQQ PDFKHQNRQQWHXQGKDWWHGHVKDOEGHQ9HUORFNXQJHQLU JHQGZLHZLGHUVWDQGHQ7DWVlFKOLFKKLHOWHUVLFKIUHLQHQ JXWHQXQGDQVWlQGLJHQ0LWEUJHUGHUVHLQH3IOLFKWWDW DEHUMHW]WGDHULQGHQ6SLHJHOVDKHUNDQQWHHUGDHUVLFK GDVDOOHVQXUHLQJHELOGHWKDWWH,QGHQPHKUDOV]ZDQ]LJ -DKUHQGLHHUEHLGHU&,$ZDUKDWWHGLH)lXOQLVXQPHUN OLFKYRQLKP%HVLW]HUJULIIHQXQGMHW]WZDUVLHPLWYROOHU .UDIWDXVJHEURFKHQ (UKDWWHVHLQHQ)UHXQGYHUUDWHQHUZDUQLFKWEHVVHUDOV GHUELEOLVFKH-XGDV:DVZDUHUGHQQHLQH=LIIHULP5HJL VWHUHLQ5lGFKHQLP*HWULHEH8QGDOVGDV5lGFKHQ NOHPPWHKDWWHQVLHGHQ6FKUDXEHQVFKOVVHODQJHVHW]W XQGHUKDWWHQDFKJHEHQPVVHQ:LHHLQ=RPELH:LHHLQ ZLOOHQORVHV0RQVWHU6RYLHO]XVHLQHQ,GHDOHQXQGVHLQHU ,QGLYLGXDOLWlW+LQWHUGHPlXHUHQ*HSUlQJHKLQWHUGHU KRFKJHOREWHQ'HPRNUDWLHVHLQHV9DWHUODQGHVKLQWHUGHQ QREOHQ:RUWHQGHU9HUIDVVXQJKLQWHUDOOHGHPODXHUWHHLQ JUlOLFKHV*HULSSHHLQIDVFKLVWRLGHU0DFKWDSSDUDW :HQQPDQGHQVFK|QHQ6FKHLQGXUFKVFKDXWHGDQQ NDPHQGLHJULQVHQGHQ7RWHQVFKlGHOYRQ/HXWHQZLH 5LFKDUGV]XP9RUVFKHLQ8QGGLHJDQ]H=HLWZDUHU(G 0\HUVQLFKWVZHLWHUDOVHLQGXPPHU0LWOlXIHUJHZHVHQ GHUMHGHV:RUWJODXEWHGDVPDQLKPHU]lKOWH (G0\HUVVHXI]WHVFKZHUXQGVHLQ0DJHQUHYROWLHUWH VFKRQZLHGHU(UVFKWWHOWHVLFKQDKPHLQIULVFKHV3DSLHU KDQGWXFKXQGZLVFKWHVLFKGDV*HVLFKWWURFNHQ :DVZUGHQVLHPLW6FDUERURXJKWXQ" 'LH)UDJHKDOOWHGXUFKVHLQHQ.RSIZLHHLQ*ORFNHQ VFKODJ3O|W]OLFKZROOWHHUXQEHGLQJWGLH$QWZRUWGDUDXI ZLVVHQ3O|W]OLFKZXUGHLKPNODUGDGLH'LQJHGLHVLH LKPHU]lKOWKDWWHQGLHVHV*HVFKZlW]EHU(GLWRUHQXQG 3XEOLVKHUXQG$XHULUGLVFKHXQGZHUZHLZDVQRFK DOOHVQLFKWXQEHGLQJWGHU:DKUKHLWHQWVSUHFKHQPXWH :DVZUGHQVLHPLW6FDUERURXJKWXQ"

0\HUV]RJVHLQH-DFNHDQ(UNlPPWHVLFKGDV+DDU UFNWHVHLQ$E]HLFKHQJHUDGHXQGPDFKWHVLFK]XUHFKWELV HUZLHGHUGHQ$QVFKHLQYRQ3URIHVVLRQDOLWlW'XUFKVHW ]XQJVYHUP|JHQXQG.RPSHWHQ]HUZHFNWHGHQPDQEHL HLQHP&,$$JHQWHQYRU]XILQGHQHUZDUWHWH *HVWHUQDEHQGDOVHVLKPQLFKWJHOXQJHQZDUHLQ]X VFKODIHQKDWWHHUVLFKDXIGLHVHQ)OXUHQXPJHVHKHQ,Q HLQHPGHU5lXPHKDWWHHU6FKUHLHJHK|UW(UZXWHZHO FKH5ROOH'U-XOLD&XQQLQJKDPEHLGLHVHP3URMHNWVSLHOWH DEHUHUKDWWHQLFKWJHZXWGDDXFKN|USHUOLFKH)ROWHUDXI GHP3URJUDPPVWDQG-HW]WKDWWHQVLH6FDUERURXJKLQGHU *HZDOW2ELKPGDVJOHLFKH6FKLFNVDOEHYRUVWDQG")ROWHU" .DXPYRUVWHOOEDUDEHULKPZDUGLHWUDXULJH*HVFKLFKWH GHU&,$ZDVGHUDUWLJH'LQJHDQJLQJQXU]XJXWEHNDQQW :HQQHVGDUDXIDQNDPZHQQHVXPGLH!QDWLRQDOH6LFKHU KHLWJLQJGDQQNRQQWHQGLH$PHULNDQHUJHQDXVRZLGHU ZlUWLJH'LQJHWXQZLHGLH5XVVHQGLH&KLQHVHQRGHUGLH 'LNWDWRUHQLQ(QWZLFNOXQJVOlQGHUQGLHLKUHQ*HIDQJH QHQGLH,QIRUPDWLRQHQPLW(OHNWURVFKRFNVXQG=DKQDU]W EHVWHFNHQHQWULVVHQ 8QGMHW]WKDWWHQVLH6FDUERURXJKLQGHU*HZDOW'HQ )UHXQGGHQHUYHUUDWHQKDWWH'HQ)UHXQGGHULKPJHKRO IHQKDWWHVHLQHQ6RKQYRQGHQ'URJHQORV]XEHNRPPHQ (UPXWHKHUDXVILQGHQZDVVLHPLWLKPWDWHQ3O|W]OLFK NDPHVQXUQRFKGDUDXIDQ 0\HUVVSOWHVLFKGHQ0XQGDXVNDXWHHLQ7LF7DFXQG ZDUEHUHLW]XJHKHQ (UZXWHJHQDXZRKLQHUVLFKZHQGHQPXWH 'LH)OXUHZDUHQSUDNWLVFKPHQVFKHQOHHUJHZHVHQ9RU GHUYHUVFKORVVHQHQ7UVWDQGHQNHLQH:DFKWSRVWHQ 'DV6FKORZDUNHLQ3UREOHP(G0\HUV]RJVHLQHQ 6FKOVVHOEXQGKHUDXVDQGHPHLQKDQGHOVEOLFKHU:HUN ]HXJVDW]]XP6FKO|VVHUNQDFNHQKLQJ6FKO|VVHUZDUHQ HLQHYRQ0\HUV 6SH]LDOLWlWHQ1DFKHLQSDDUJHQDXEH UHFKQHWHQ0DQLSXODWLRQHQOLHVLFKGHU=\OLQGHUGUHKHQ GLH7UJLQJDXI 'DKLQWHUZDUHVGXQNHO'DV/LFKWGDVDXVGHP)OXU KHUHLQILHONRQQWHGHQJURHQ5DXPNDXPHUKHOOHQPHKU

DOVYHUVFKZRPPHQH6FKDWWHQZDUHQQLFKW]XHUNHQQHQ (LQHHLJHQDUWLJH0LVFKXQJYHUVFKLHGHQHU*HUFKHGUDQJ 0\HUVLQGLH1DVH'HVLQIHNWLRQVPLWWHOXQGPHGL]LQLVFKH &KHPLNDOLHQZDUHQGHXWOLFK]XHUNHQQHQXQGDXHUGHP URFKHVQDFK%OXWXQG(UEURFKHQHPXQG([NUHPHQWHQ(V ZDUHLQHHQWVHW]OLFKH.RPELQDWLRQGHU*HUXFKKLQJLP 5DXPZLHGDV*HVSHQVWHLQHV0DQQHVGHUXQWHUJUlOL FKHQ8PVWlQGHQJHVWRUEHQZDU 0\HUVWDVWHWHQDFKGHP/LFKWVFKDOWHUXQGIDQGLKQ VFKORMHGRFKKLQWHUVLFKGLH7UHKHHULKQXPOHJWH$XV LUJHQGHLQHP*UXQGZROOWHQGLH/HXFKWVWRIIU|KUHQQLFKW EUHQQHQ9LHOPHKUIODPPWHHLQHZHLFKHUHLQGLUHNWH%H OHXFKWXQJDXIGLHHLQHVHOWVDPXQZLUNOLFKH$WPRVSKlUH HQWVWHKHQOLH (VZDUMHGHQIDOOVKHOOJHQXJXQG0\HUVNRQQWHVHKHQ ZDVHU]XVHKHQEHIUFKWHWKDWWH 'HU0DQQZDUPLW/HGHUJXUWHQDXIHLQHQ7LVFKJHIHV VHOW(VVDKDXVZLHHLQH6]HQHDXVHLQHP+RUURUILOPGHU GUHLLJHU-DKUHPLW%HOD/XJRVLXQG%RULV.DUORIIZLUNWH DXIJUXQGGHU$OOWlJOLFKNHLWXQG%DQDOLWlWGHU8PJHEXQJ MHGRFKYLHOVFKUHFNOLFKHU'HU0DQQOHEWHQRFK(UZDU EHZXWORVXQGDWPHWHIODFK8QWHUGHU1DVHZDUHQ%OXW NUXVWHQ]XVHKHQDXI+DOVXQG.LQQKDWWHHU)OHFNHQYRQ (UEURFKHQHP'LH.OHLGXQJZDUVFKZHLQD (G0\HUVHUNDQQWHGHQ0DQQQLFKWDEHUHUZDU]LHP OLFKVLFKHUXPZHQHVVLFKKDQGHOWH(UWUDWQHEHQGHQ 8QWHUVXFKXQJVWLVFKXQGZROOWHLKQDQVWRHQXPLKQ]X ZHFNHQGRFKGDQQKLHOWHULQQH 'DV6FKOLPPVWHEHPHUNWHHUHUVWMHW]W 'LH(LQVWLFKVWHOOHQDQGHQ8QWHUDUPHQ 0HLQ*RWWGDFKWHHU$OOPlFKWLJHUGLHKDEHQGHQDU PHQ.HUOGXUFKO|FKHUWZLHHLQ1DGHONLVVHQ 8QGJHQDXGDVJOHLFKHZUGHQVLHDXFKPLW(YHUHWW 6FDUERURXJKWXQ'DJDEHVNHLQHQ=ZHLIHO 'LH+DXWGHV0DQQHVIKOWHVLFKNDOWXQGNODPPDQ DEHUGHU3XOVVFKOXJNUlIWLJ0\HUVVFKWWHOWHLKQOHLFKW DQGHU6FKXOWHU.HLQH5HDNWLRQ(UVFKWWHOWHIHVWHU'LH $XJHQOLGHUGHV0DQQHVIODWWHUWHQGHU0XQGEHZHJWH VLFK

ª6DJHQ6LHMHW]WQLFKWV©VDJWH0\HUVª1LFKWEHZHJHQ %OHLEHQ6LHHLQHQ$XJHQEOLFNJDQ]UXKLJ© 'LH$XJHQ|IIQHWHQVLFKXQGVRIRUWIODFNHUWHHLQHXQJH KHXUH3DQLNLQLKQHQDXI0\HUVNRQQWHVHKHQGDGHU 0DQQVFKUHLHQZROOWH(UOHJWHLKPGLH+DQGDXIGHQ 0XQGXQGHUVWLFNWHGHQ6FKUHL ª+|UHQ6LH]X,FKELQHLQ)UHXQG6LQG6LH&DPGHQ" -DNH&DPGHQ"(YHUHWW6FDUERURXJKV)UHXQG"© 'HU0DQQEHUXKLJWHVLFK'LH$XJHQUROOWHQHLQZHQLJ KLQXQGKHUDOVVlKHGHU0DQQ%LOGHUGLHQLFKW]XGLHVHU :HOWJHK|UWHQª&DPGHQ©PXUPHOWHHUª-DNH -DNH© ª-D6LQG6LHHV"© ª'LH)UDXVROODXIK|UHQGDPLW$XIK|UHQ,FKVFKZ|UH GDVLVWDOOHVZDVLFKZHL,FKVFKZ|UHGDLFKDOOHVWXQ ZHUGH$OOHV© ª,FKKROH6LHKLHUUDXV$EHUMHW]WEHUXKLJHQ6LHVLFK ELWWHRND\"© 0HLQ*RWWZDVIUHLQ7HXIHOV]HXJKDWWHQVLHGLHVHPDU PHQ.HUOJHVSULW]W"6HLQH+lQGH]LWWHUWHQDOVZlUHHUHLQ *UHLVXQGGDV*HVLFKW]XFNWH'LH$XJHQVFKLHQHQGXUFK GLH'HFNHKLQGXUFK]XVWDUUHQXQGYROOHU$QJVWHLQHQ$XI PDUVFKYRQ'lPRQHQXQG*HVSHQVWHUQ]XEHREDFKWHQ ª6LHGUIHQPLFKQLFKWHUZLVFKHQ6LHGUIHQPLFKQLFKW NULHJHQELWWH© ª,PPHUPLWGHU5XKH)UHXQG'LHZHUGHQ6LHVFKRQ QLFKWNULHJHQ8QGMHW]WVDJHQ6LHPLUVLQG6LH-DNH&DP GHQ"© ª-D-DNH-DNH'DVELQLFK-DNH©(UEUDFKDE(LQWLH IHV6HXI]HQª0HQVFKLFKN|QQWHHLQHQ'ULQNYHUWUDJHQ $EHULQIOLHJHQGHQ8QWHUWDVVHQJLEW VZRKONHLQHQ 6FKQDSV.HLQHQ6FKQDSVNHLQ%LHUGDWURFNQHWPDQDXV ,FKEUDXFKHHLQHQ'ULQN0DQQ© ª,FKEHVRUJH,KQHQHLQHQ'ULQN$EHUMHW]WEHUXKLJHQ 6LHVLFK© 6FKRQGHU*HGDQNHDQHLQHQ'ULQNVFKLHQGHQ0DQQ VLFKWOLFK]XEHOHEHQ ª2ND\-DNH:HQQ6LHPLUYHUVSUHFKHQQLFKWV9HUUFN WHV]XWXQZHUGHLFK6LHYRQGLHVHQ5LHPHQEHIUHLHQ©

ª
GLFNDQJHVFKZROOHQª$EHU6LHKDEHQPHLQH)UDJHQLFKW EHDQWZRUWHW:RLVW6FDUERURXJK"© $OV(G0\HUVVLFKXPGUHKWHKDWWHHUHLQHHU$XWRPD WLNLQGHU+DQG 0DQNDQQHLQHQ0DQQQXUELV]XHLQHPJHZLVVHQ3XQNW ]ZLQJHQGLH'LQJH]XYHUUDWHQDQGLHHUJODXEW:HQQ GLHVHU3XQNWEHUVFKULWWHQZLUG]HUEULFKWHURGHUHU VFKOlJW]XUFN (GZDUG0\HUVZDUQLFKW]HUEURFKHQ ª,FKKROHLKQ©VDJWHHUXQGUDQQWHLQGHQ)OXUKLQDXV

.DSLWHO ª2ELFKYRQ$XHULUGLVFKHQHQWIKUWZRUGHQELQ"©VDJWH 6FDUERURXJK(UYHUVXFKWHNKOXQGEHUOHJHQ]XUHDJLH UHQDEHUVHLQ0XQGZDUWURFNHQXQGHUNRQQWHGLH$QW ZRUWQXUVWDPPHOQ ª'GDVKDEHQ6LHVLFKGRFKQXUDXVJHGDFKW'RNWRU© -XOLD&XQQLQJKDPVFKZLHJHLQHQ$XJHQEOLFNXQGPX VWHUWHDXIPHUNVDPLKUHQ*HIDQJHQHQª(VZlUHVLQQORV]X OHXJQHQGDXQVHU3URMHNWDQGHU(QWZLFNOXQJXQG$XV JHVWDOWXQJGHV3KlQRPHQVGHUDXHULUGLVFKHQ%HVXFKHU EHWHLOLJWZDU$EHUHVLVWHLQUHDOHV3KlQRPHQ'U6FDUER URXJK0DFKHQ6LHVLFKGDQLFKWVYRU(VJHVFKLHKWZLUN OLFK© ª:DVGHQQ"6LHZROOHQPLUGRFKQLFKWHLQUHGHQHVJlEH WDWVlFKOLFK$XHULUGLVFKHGLHDXIGHU(UGHKHUXPODXIHQ XQGYHUUFNWH'LQJHWXQ"© ª'LHVHU$VSHNWLVWEHODQJORV©6LHWLSSWHLKPPLWHLQHP HLVNDOWHQ)LQJHUDXIGLH6WLUQª,FKUHGHEHUGLH'LQJHGLH LQGHQ7LHIHQGHVPHQVFKOLFKHQ%HZXWVHLQVYRUVLFKJH KHQ'U6FDUERURXJK,FKUHGHEHUGLH3V\FKRORJLH&DUO *XVWDY-XQJZDUYRP3KlQRPHQGHUIOLHJHQGHQ8QWHUWDV VHQIDV]LQLHUW,FKQHKPHDQGDVLVW,KQHQEHNDQQW© ª6LHKDEHQDQVFKHLQHQGPHLQH%FKHUQLFKWJHOHVHQ© ª'RFKLFKKDEHVLHJHOHVHQ6LHHUZlKQHQLKQJHOHJHQW OLFKDEHULPPHUVHKUKHUDEODVVHQG'DVLVWHVDXFKZDV

LFKDQ,KUHU1HXURVHVRIDV]LQLHUHQGILQGHGLHVH9HUOHXJ QXQJGLHGDVLFKWEDUZLUG,FKPHLQHHVLVWMDQLFKWVRGD 6LHJHJHQEHUGHP8)23KlQRPHQXQGGHQGDPLWYHU EXQGHQHQORJLVFKHQ9HUUHQNXQJHQHLQIDFKQXUVNHSWLVFK ZlUHQ(VNRPPWPLUHKHUYRUDOVIKUWHQ6LHHLQHQSHU V|QOLFKHQ5DFKHIHOG]XJGDJHJHQJHQDXHUJHVDJWJHJHQ HWZDVGDV,KQHQVHOEVW]XJHVWRHQLVW© ª8QIXJ© ª:LUNOLFK",FKNHQQH,KUH.UDQNHQDNWH'U6FDUER URXJK:LUNHQQHQ6LHEHVVHUDOV6LHVLFKVHOEVWNHQQHQ ZLVVHQ%HVFKHLGEHU,KUSV\FKRORJLVFKHV3URILOZLUZLV VHQVRJXWZLHDOOHVEHU'U(YHUHWW6FDUERURXJKEHU VHLQH3V\FKHHEHQVRZLHEHUVHLQH3K\VLV$XVGLHVHP *UXQGNRQQWHQZLU6LHMDDXFKVRJXWDP*lQJHOEDQGIK UHQ© ª:DUXPHU]lKOHQVLHPLUGDVDOOHV",KQHQLVWGRFKNODU GDLFKHVJHJHQ6LHEHQXW]HQZHUGHZHQQLFKNDQQ8QG ZHQQ6LHPLFKVRZLHVRXPEULQJHQZROOHQGDQQYHU VFKZHQGHQ6LH,KUH=HLW© ª:LUZROOHQ6LHQLFKWXPEULQJHQ:LUZLUZROOHQ6LH EHVVHUNHQQHQOHUQHQ8QGZDV6LHGDEHLGXUFKPDFKHQ© VLHOlFKHOWHEHUKHEOLFKªGDVZLUGLQGHQ*XOOLJHVSOW *ODXEHQ6LHQLFKWZLUZlUHQGD]XQLFKWLPVWDQGH$OVR HQWVSDQQHQ6LHVLFKIDOOV6LHXP,KU/HEHQIUFKWHQ$U EHLWHQ6LHPLWXQV]XVDPPHQ(VZLUGDOOHV]XHLQHPJX WHQ(QGHNRPPHQ© ª:DUXPEULQJHQ6LHPLFKSHUV|QOLFKPLW(QWIKUXQJHQ GXUFK$XHULUGLVFKHLQ9HUELQGXQJ"8QGZHQQ6LHVR ZLHVRPHLQ*HGlFKWQLVO|VFKHQN|QQHQZLH6LHHVEH KDXSWHQZDUXPHU]lKOHQ6LHPLUGDQQQLFKWHLQIDFK ZDUXP6LHGHQ*ODXEHQDQGLH(QWIKUXQJHQI|UGHUQ RGHUVRJDUVHOEVWZHFNHQZROOHQ"© ª,FKELQGLHMHQLJHGLHKLHUGLH)UDJHQVWHOOW6FDUER URXJK©VDJWHVLH.DOWXQGJHVFKlIWPlLJª9LHOOHLFKW ZlUHHLQHNOHLQH+\SQRVHVLW]XQJLQ9HUELQGXQJPLWHQW VSUHFKHQGHQ0HGLNDPHQWHQDQJH]HLJWXP,KQHQGLH ULFKWLJHQ$QWZRUWHQ]XHQWORFNHQ© ª:HQQ6LHPLUHLQSDDU%HZHLVHDQELHWHQN|QQWHLFK PLFKMDYLHOOHLFKW]X,KUHU)UDJHlXHUQ©

ª+DWWHQ6LHPDOVHOWVDPH7UlXPH"© ª6LFKHU:HUKDWGLHQLFKW"© ª'LH)UDJHZDUQLFKWNRUUHNWIRUPXOLHUW/DVVHQ6LHHV PLFKVRVDJHQ6LHKDEHQGDV3KlQRPHQGHU(QWIKUXQ JHQXQWHUVXFKW6LHKDEHQGDUEHUJHVFKULHEHQ6LHPV VHQVLFKGDUEHULPNODUHQVHLQGDGLH(ULQQHUXQJHQRIW HUVWODQJHQDFKGHUYHUPHLQWOLFKHQ%HJHJQXQJPLWGHQ IUHPGHQ:HVHQDXIWDXFKHQ7UlXPHEOLW]DUWLJH(LQ GUFNH9LVLRQHQZDVDXFKLPPHU,FKJODXEHHLQHUGHU ZLFKWLJVWHQ$XWRUHQGLHEHUGLHVHV7KHPDJHVFKULHEHQ KDEHQLVWZLHKHLWHUQRFKJOHLFK"0D[LPLOOLDQ 6FKURHGHU"-DULFKWLJ(UKDWDP(QGHVHLQHVHUVWHQ%XFKHV HLQH/LVWHGHU6\PSWRPHYHU|IIHQWOLFKWXQGHUKDW]DKOUHL FKH$QWZRUWHQYRQVHLQHQ/HVHUQHUKDOWHQ+DWWHQ6LH GLHVH6\PSWRPH6FDUERURXJK"© 8QJHEHWHQNDPLKPHLQ:RUWLQGHQ6LQQ 1HXOLFK (UVFKREHVZHJQHJLHUWHHVZROOWHHVQLFKWDQHUNHQQHQ ª1HLQJDQ]EHVWLPPWQLFKW© ª+PP:DVLVWPLWGHQ%ODFNRXWVGLH6LHDXIGHP&RO OHJHKDWWHQ":LUKDEHQVRJXWZLHNHLQH,QIRUPDWLRQHQ GDUEHUDXHUGDVLHZDKUVFKHLQOLFKQLFKWGXUFK'UR JHQRGHU$ONRKROYHUXUVDFKWZXUGHQ© %ODFNRXW'DV:RUWO|VWHEHL(YHUHWW6FDUERURXJKVRIRUW HLQH5HDNWLRQDXV6SDQQXQJ9HUOHXJQXQJ'DVZDUHLQH 3KDVHVHLQHV/HEHQVJHZHVHQGLHHUOlQJVWYHUJHVVHQJH JODXEWKDWWH8QGGHQQRFKZXWHGLHVHYRQGHU&,$EH ]DKOWH:LVVHQVFKDIWOHULQYRQGHQ%HZXWVHLQVDXVIlOOHQ GLHLKPDP&ROOHJHZLGHUIDKUHQZDUHQVLHZXWHYRQ GHQ(ULQQHUXQJVOFNHQLQGHU=HLWDOVHUIUGDV0,7WlWLJ JHZHVHQZDU0LWGUUHQ:RUWHQZLHVVLHLKQGDUDXIKLQ DOVKlWWHVLHLKPYRU$XJHQJHKDOWHQGDHUVLFKDOV.LQG LQGLH:LQGHOQJHPDFKWKDWWH ª6LHKDEHQZLUNOLFKJUQGOLFKUHFKHUFKLHUW©VDJWHHU ª-DVRHWZDVKDWHVJHJHEHQ'DVZDULPHUVWHQ-DKUDOV LFKGLHHUVWHQ3UIXQJHQYRUPLUKDWWH,FKELQQDWUOLFK ]XP$U]WJHJDQJHQ:DKUVFKHLQOLFKKDEHQ6LHGLH,QIRU PDWLRQHQDXIGLHVHP:HJEHNRPPHQ$XVGHU3DWLHQWHQ NDUWHL(VJLEWDOOHUGLQJVQLFKWVZHLWHUDOVGDV]XEHULFKWHQ

ZDV6LHEHUHLWVJHVDJWKDEHQ(VZDUZRKOLUJHQGHLQH )XQNWLRQVVW|UXQJLP*HKLUQXQGHVKDWVLFKGDQDFKQLH PDOVZLHGHUKROW© &XQQLQJKDPELVLFKDXIGLH8QWHUOLSSHª:LHLFK K|UWHKDWHLQHUGLHVHU$XVIlOOHJDQ]HGUHL7DJHJHGDXHUW© ª-DDEHULFKELQQLFKWYHUVFKZXQGHQ,FKKDEHZHLWHU KLQGHQ8QWHUULFKWEHVXFKWXQGPLFKPLWPHLQHQ)UHXQ GHQJHWURIIHQ,FKNRQQWHPLFKQXUVSlWHUQLFKWGDUDQHU LQQHUQ© ª$EHUHVKDWGRFKDXFK3KDVHQJHJHEHQLQGHQHQ6LH YHUVFKZXQGHQVLQG© ª,FKKDEHDOOHLQJHOHEW9LHOOHLFKWZDULFKLQPHLQHU :RKQXQJ© ª,PPHUKLQ6LHHULQQHUQVLFKQLFKWGDUDQXQGGDVLVW GHUVSULQJHQGH3XQNW© ª8QGGDUDXVZROOHQ6LHVFKOLHHQLFKVHLYRQHLQHUIOLH JHQGHQ8QWHUWDVVHHQWIKUWZRUGHQ"© ª1HLQ,FKVDJHQXUGDGLHV,QGL]LHQVLQGGLHDXI(QW IKUXQJVHUOHEQLVVHKLQZHLVHQN|QQWHQ'U6FDUERURXJK LFKKDEHGDV6WXGLXPGHVPHQVFKOLFKHQ%HZXWVHLQV]X PHLQHU/HEHQVDXIJDEHJHPDFKWXQGHVZlUHHLQHVWDUNH 8QWHUWUHLEXQJZROOWHPDQVDJHQGDXQVHU%HZXWVHLQ QDFKZLHYRUHLQJURHV*HKHLPQLVLVW'DQNGHU0|JOLFK NHLWHQGLHPLUDXIJUXQGPHLQHU3RVLWLRQ]XU9HUIJXQJ VWHKHQKDEHLFKMHGRFKHLQLJH'LQJHJHOHUQWGLHEHUGDV DOOJHPHLQ%HNDQQWHZHLWKLQDXVJHKHQ6LHOLHJHQ]ZDU Y|OOLJULFKWLJPLWGHU$QQDKPHGDPDQDOOHVORJLVFKHU NOlUHQNDQQGRFKLFKIUFKWH,KUHVRJHQDQQWH/RJLNLVW]X HQJEHJUHQ]W© ª$EHUZDVKDWGDVGDPLW]XWXQGDLFKHLQ(QWIK UXQJVHUOHEQLVJHKDEWKDEHQVROO"© ª'DVZLOOLFKJHUDGHKHUDXVILQGHQ© ª6LHZHUGHQQLFKWVILQGHQGDVNDQQLFK,KQHQYHUVSUH FKHQ©NQXUUWH6FDUERURXJK ª1XQZLUKDEHQUHLFKOLFK=HLWGLHVH)UDJH]XNOlUHQ 8QG,KUH.UDQNHQDNWHQZHUGHQXQVGDEHLKHOIHQ©-XOLD &XQQLQJKDPWUDWYRUGHQ7LVFKEOLFNWHLQHLQHQJH|IIQH WHQ2UGQHUXQGUXQ]HOWHQDFKGHQNOLFKGLH6WLUQ6LHODV QRFKHLQHQ$XJHQEOLFNGDQQWLSSWHVLHDXIGDV'RNX

PHQWª(LQQRUPDOHU'RNWRUGHU0HGL]LQZUGHKLHUYHU PXWOLFKEHUKDXSWQLFKWV$XHUJHZ|KQOLFKHVHUNHQQHQ $EHUQHKPHQZLUEHLVSLHOVZHLVH,KU%OXWELOG6HKUXQJH Z|KQOLFK(LJHQDUWLJH(Q]\PUHDNWLRQHQ(LQSDDUZHLWHUH 7HVWVGLH]XPHUNZUGLJHQ5HVXOWDWHQJHIKUWKDEHQ YLHOOHLFKWQLFKWHLQ]HOQEHWUDFKWHWDEHUDOOH]XVDPPHQ ]HLFKQHQVLHHLQ%LOGGDVIUHLQHQ6SH]LDOLVWHQGHUVLFK PLWGHP6WRIIZHFKVHOGHVPHQVFKOLFKHQ.|USHUVDXV NHQQWVHKULQWHUHVVDQWLVW(LQLJH,KUHU*HKLUQWHVWVEHL VSLHOVZHLVHOLHJHQYRPFKHPLVFKHQ6WDQGSXQNWDXVJHVH KHQGLFKWDQGHU6FKL]RSKUHQLHDEHUSV\FKRORJLVFK JHVHKHQ]HLJHQ6LHQLFKWGLHJHULQJVWHQ6\PSWRPHGLHVHU .UDQNKHLW© ª'DVIUHXWPLFK]XK|UHQ© ª.DQQLFKPLUGHQNHQ$EHUHU]lKOHQ6LHPLUGRFKQRFK HWZDVEHU,KUIUKHUHV/HEHQ(YHUHWW6FDUERURXJK+D EHQ6LHLUJHQGZDQQHLQPDOGDV*HIKOJHKDEWDQGHUV]X VHLQ"$OVVHLHQ6LHQLFKWYRQGLHVHU:HOW"© ª,FKGDFKWHGDVVHLHLQHJDQ]QRUPDOH3KDVHGLHMHGHU +HUDQZDFKVHQGHGXUFKOHEW© ª:DQQZDUGDV"© ª,FKPXVFKRQVDJHQGDVVLQGZLUNOLFKVHOWVDPH)UD JHQ,FKGDFKWH6LHZROOWHQ]XEHZHLVHQYHUVXFKHQGD LFK*HKHLPQLVVHYHUUDWHQKDEHGLHIUGLH/DQGHVYHUWHL GLJXQJYRQ%HODQJVLQG© ª.DXP:LUVLQGXQVVHKUZRKOEHZXWZLHPDNHOORV ,KU5XILQGLHVHU+LQVLFKWLVW8QGRIIHQJHVWDQGHQZDU ,KUH5HDNWLRQDOV6LHHUIXKUHQGD6LHYRQXQVHUHU *UXSSHJHWlXVFKWZRUGHQVLQGLQJHZLVVHP0DHYRU KHUVDJEDU,KUH:XWLKUH%HVHVVHQHKHLWGDVSDWDOOHV UHFKWJXW]X,KUHPSV\FKRORJLVFKHQ3URILO8QG6LHVLQG NHLQ)HLJOLQJ'U6FDUERURXJK©6LHOlFKHOWHOHLFKWª,FK PXDOOHUGLQJVDQPHUNHQGD6LHPHLQHQ9RUJHVHW]WHQ JURHQ.XPPHUJHPDFKWKDEHQ© ª,KUH9RUJHVHW]WHQKDEHQXPJHNHKUWDXFKPLUJURHQ .XPPHUJHPDFKW© ª'DVJODXEHLFK,KQHQJHUQ©6LHEOlWWHUWHHLQH6HLWHGHU $NWHQXPODVQRFKHLQHQ0RPHQWXQGVSUDFKEHLP/HVHQ ZHLWHUª6LHVDJHQDOVR6LHKlWWHQVLFKDOV-XJHQGOLFKHU

IUHPGJHIKOWJHZLVVHUPDHQDOVZlUHQ6LHNHLQ7HLO GHU0HQVFKKHLW"6LQGGLHVH*HIKOHVSlWHUQRFKHLQPDO DXIJHWDXFKW"© 'LH:HQGXQJGLHGDV*HVSUlFKQDKPEHKDJWHLKP EHUKDXSWQLFKWDEHUHUPXWHHVLQ*DQJKDOWHQ(U PXWHPHKU=HLWKHUDXVVFKLQGHQª9RQ=HLW]X=HLWKDWWH LFKGDV*HIKOPLWGHPJHVDPWHQ8QLYHUVXPQLFKWLP (LQNODQJ]XVHLQ$EHULFKYHUVWHKHQLFKWZDV6LHPLWGLH VHU'LVNXVVLRQEH]ZHFNHQ© ª'DVODVVHQ6LHQXUPHLQH6RUJHVHLQ'U6FDUERURXJK ,FKVWHOOHGLHVH)UDJHQQLFKWXP6LH]XWKHUDSLHUHQ$X HUGHPKDEHLFKQXUQRFKHLQHZHLWHUH)UDJH6DJHQ6LH 'U6FDUERURXJKKDWWHQ6LHVFKRQHLQPDOGDV*HIKO QLFKWKLHUKHU]XJHK|UHQ"© ª:DVPHLQHQ6LHPLWKLHUKHU"© ª$XIGLHVHQ3ODQHWHQ"© ª'DVLVWOlFKHUOLFK,FKELQHLQ0HQVFKHLQ+RPRVDSLHQV 1DWUOLFKJHK|UHLFKKLHUKHU:RKLQVRQVWVROOWHLFKJHK| UHQ"© ª'DVZUGHLFKJHUQYRQ,KQHQZLVVHQ'U6FDUER URXJK©6LHJLQJ]XHLQHP6FKUDQNXQG|IIQHWHHLQH 6FKXEODGHDXVGHUVLHHLQ7DEOHWWPLWHLQHU5HLKHYRQ$P SXOOHQXQG)OlVFKFKHQQDKP(LQLJHHQWKLHOWHQIDUELJH )OVVLJNHLWHQGLHPHLVWHQZDUHQNODUª'DVVROOHQ6LHPLU HU]lKOHQ©6LHQDKPHLQZHLWHUHV7DEOHWWKHUDXVDXIGHP 6FDUERURXJKPHWDOOHQH,QVWUXPHQWHEOLW]HQXQGEOLQNHQ VDK6SULW]HQLQYHUVFKLHGHQHQ*U|HQ ª,FKZHLQLFKWZRUDXI6LHKLQDXVZROOHQ©VDJWHHUYHU ]ZHLIHOW:HQQHUQXUGDV*HVSUlFKLQ*DQJKDOWHQ N|QQWH ª%HZXWYLHOOHLFKWQLFKW6DJHQZLUHLQIDFKLFKIKUH 6LHMHW]WDXIGHQULFKWLJHQ:HJ©6LHKREHLQHJURH6SULW]H XQGKLHOWVLHLQV/LFKWª,FKQHKPHQlPOLFKDQGD,KU8Q WHUEHZXWVHLQHVJHQDXYHUVWHKWQLFKWZDKU"9HUERUJHQH (ULQQHUXQJHQ"'LHYHUVFKWWHWHYHUJHVVHQH9HUJDQJHQ KHLW"'DV6FDUERURXJKZROOHQZLUMHW]WDOVQlFKVWHVXQ WHUVXFKHQ(LQZHQLJ'UXFNDQGHUULFKWLJHQ6WHOOHHLQ SDDUNOHLQH$QSDVVXQJHQXQG6LHZHUGHQHLQQHXHU 0HQVFK'DVLVWPHLQH6SH]LDOLWlW©

ª'LH,QTXLVLWLRQGHV7RUTXHPDGDKDWGLH6WUHFNEDQN GHQ)ROWHUKHOPXQGJOKHQGH(LVHQEHQXW]W6LHYHUZHQ GHQ&KHPLNDOLHQ© 6LHOHJWHGLH6SULW]H]XU6HLWHª$EHUYHUVWHKHQ6LHHV GHQQQLFKW6FDUERURXJK"(VLVWDOOHVQXU&KHPLH'DV*H KHLPQLVGHV/HEHQVGDV*HKHLPQLVGHV%HZXWVHLQVGLH *HKHLPQLVVHDOOHU'LQJHGLHPDQVLFKQXUYRUVWHOOHQPDJ MHGHQIDOOVVRZHLWZLU0HQVFKHQEHWURIIHQVLQG:HQQ 6LHPRUJHQVDXIVWHKHQWULQNHQ6LHHLQH7DVVH.DIIHHXQG QHKPHQGDPLW(LQIOXDXI,KUH.|USHUFKHPLH0LWHLQHP VHKUXQYROONRPPHQHQ0LWWHOQHEHQEHLEHPHUNW6LHWULQ NHQHLQHQ:KLVN\EULJHQVVROOWHQ6LHGDPLWDXIK|UHQ 6FDUERURXJK,FKVHKHKLHUGD6LHHLQHQNOHLQHQ/HEHU VFKDGHQKDEHQ6LHWULQNHQDOVRHLQHQ:KLVN\XQGDXFK GHUYHUlQGHUW,KUH.|USHUFKHPLH,QVWLQNWLYZLVVHQZLU %HVFKHLGZLUZLVVHQQXUQLFKWZLHZLUGDPLWXPJHKHQ VROOHQ'LHVHV*HELHWVWXGLHUHLFK6FDUERURXJK8QGHL QLJH5lWVHOKDEHLFKJHO|VW2ELFKNHLQ*HZLVVHQKDEH" 9LHOOHLFKWKDEHLFKZLUNOLFKNHLQHV9LHOOHLFKWKDEHLFK PHLQHHLJHQHQ*UQGHGLHVDOOHV]XWXQPHLQHHLJHQHQ 'lPRQHQ6LHNHQQHQGRFKVLFKHUGHQ6SUXFK!+HLOHU KHLOHGLFKVHOEVW1XQYLHOOHLFKWELQLFKHLQ+HLOHUGHP GDVJHOXQJHQLVW© ª:DUXPHU]lKOHQVLHPLUGDVDOOHV"© 6LH]XFNWHGLH6FKXOWHUQª(VLVWDQJHQHKPMHPDQGHQ ]XP5HGHQ]XKDEHQ(LQJHIHVVHOWHV3XEOLNXPGDVEHU GLH,QWHOOLJHQ]YHUIJWPLFK]XYHUVWHKHQ9LHOOHLFKWILQGH LFK6LHVRJDUIDV]LQLHUHQG6FDUERURXJK9LHOOHLFKWEH QXW]HLFK6LHDOVHLQH$UW%HLFKWYDWHU:DVZUGHQ6LHGD YRQKDOWHQ"© ª,FKZUGHGHQNHQGDHVVWLPPHQN|QQWH$EHUGD6LH HLQHVRLQWHOOLJHQWH)UDXVLQGKDWWHQ6LHHLJHQWOLFKQLH*H ZLVVHQVELVVHZHJHQGHU'LQJHGLH6LHWXQ"+DEHQ6LH NHLQH$FKWXQJYRUGHQ0HQVFKHQUHFKWHQXQGGHU:UGH GHV0HQVFKHQ"© 6LHVDKLKQVFKDUIDQXQGLKUH$XJHQZXUGHQSO|W]OLFK ZLHGHUNDOWZLH6WHLQª9LHOOHLFKWIUKHUHLQPDO6FDUER URXJK9LHOOHLFKWKDWWHLFKDOVMXQJHV0lGFKHQZLUNOLFK QRFKKRFKIOLHJHQGH7UlXPHXQG,GHDOH9LHOOHLFKWZDULFK

VRJDUEHLHLQSDDU3URWHVWPlUVFKHQGDEHLXQGKDEHPLFK *UHHQSHDFHDQJHVFKORVVHQZDVZHLLFK$EHUZHQQPDQ lOWHUZLUGEHJLQQWPDQGLH:DKUKHLW]XHUNHQQHQ8QG GLH:DKUKHLWLVWGDGLH0HQVFKHQWLHILQQHQVFKHXOLFK HQWVWHOOWH*HVFK|SIHVLQG%HLGHQ0HQVFKHQGLHPLUEH JHJQHWVLQGNRQQWHLFKNHLQHQ5HVSHNWYRUGHQ0HQ VFKHQUHFKWHQXQGYRUGHU:UGHGHV0HQVFKHQIHVWVWHO OHQ1LFKWEHLGHQHQGLHPLFKYHUOHW]WXQGPLFKJHIRUPW KDEHQ© (LQVHOWVDPHVKDOELUUHV/lFKHOQIODFNHUWHEHULKU*H VLFKWª9LHOOHLFKWVLQGHVJHQDXGLHVH(UIDKUXQJHQGLH PLFKDQWUHLEHQ,FKZLOOGLHPHQVFKOLFKH5DVVHYHUYROO NRPPQHQ(LQEHVVHUHV/HEHQGXUFKGLH&KHPLH0LWJH IKOXQG/LHEHGXUFKGLH1DGHO©6LHQDKPHLQH6SULW]HLQ GLH+DQGEHWUDFKWHWHVLHXQGOHJWHVLHZLHGHU]XUFNª6LH VHKHQQLFKWVRDXVDOVZUGHQ6LHVLFKEHVRQGHUVZRKO IKOHQ6FDUERURXJK9LHOOHLFKWEUDXFKHQZLUGLH+LOIHGHU 0lQQHUGUDXHQGDPLWVLFKGDVlQGHUW© ª6LHJODXEHQGLH+DQGVFKHOOHQUHLFKHQQLFKW"© ª.|QQWHVFKRQVHLQ©6LHJLQJ]XU7UXQG|IIQHWHVLH ª0HLQH+HUUHQZUGHQ6LHELWWHKHUHLQNRPPHQ"+DOWHQ 6LHGHQ3DWLHQWHQIHVWZlKUHQGLFKLKPHLQHNOHLQH,QMHN WLRQJHEH(VZLUGQXUHLQHQ$XJHQEOLFNGDXHUQ© (LQHUGHU0lQQHUOlFKHOWHª+H'RFGDVLVWHUKHEOLFK LQWHUHVVDQWHUDOVGUDXHQYRUGHU7U:DFKH]XVWHKHQ© 'HU]ZHLWHNLFKHUWHª
GHQQZLUNOLFKQ|WLJ"6LHVLQGHLQLQWHOOLJHQWHU0HQVFK :LUN|QQHQGRFKGDUEHUUHGHQ:LUN|QQHQ]XVDPPHQ DUEHLWHQ©(QHUJLVFKVROOWHHVNOLQJHQNHLQH$QJVWYHUUD WHQª6LHKDEHQPLFKGDYRQEHU]HXJWZLHZLFKWLJ,KUH $UEHLWLVW'U&XQQLQJKDP$EHUN|QQWHQZLUHVQLFKW HLQPDORKQH'URJHQYHUVXFKHQ"© ª8QVLQQ© ª'RNWRUGHUbUPHOKDWVLFKLQGHQ+DQGVFKHOOHQYHU IDQJHQ©VDJWHHLQHUGHU0lQQHU ª.HLQ3UREOHP©0HWDOONODSSHUWHDOVGLH)UDXHLQ,Q VWUXPHQWYRP7DEOHWWQDKP6LHKREHLQ6NDOSHOONDP HLQHQ6FKULWWQlKHUXQGZLQNWHGHQ0lQQHUQLKU3ODW]]X PDFKHQª,FKZUGHYRUVFKODJHQGD6LHMHW]WJDQ]VWLOO KDOWHQ6FDUERURXJK©6LHSDFNWHGHQbUPHOXQGVFKQLWW GHQ6WRIIELV]XU6FKXOWHUDXI6FDUERURXJK]XFNWH]XVDP PHQDOVHUGLHOHLFKWH%HUKUXQJGHVNDOWHQ0HWDOOVDXI GHU+DXWVSUWH ª6HKUVFK|Q©VDJWHVLH]XUFNWUHWHQGª-HW]WN|QQHQ 6LHLKQZLHGHUIHVWKDOWHQ© 'RFKLQGLHVHP$XJHQEOLFNNDPHLQZHLWHUHU0DQQLQ GHQ5DXP 6FDUERURXJKVDKLKQ]XHUVWQXUDXVGHQ$XJHQZLQNHOQ DEHUHUHUNDQQWHLKQVRIRUWXQGUHDJLHUWHVRIRUWDXILKQ(V ZDU(G0\HUVGHUOHLVHGHQ5DXPEHWUDW6FDUERURXJK NlPSIWHRKQPlFKWLJJHJHQGLH)HVVHOQDQXQGVWLHGLH 6FKXOWHUQQDFKYRUQ'LH$JHQWHQPXWHQVLFKEHULKQ EHXJHQXQGLKQIHVWKDOWHQ ª0\HUV©ULHI6FDUERURXJKª0\HUVGX+XUHQVRKQ :LHNRQQWHVWGXPLUGDVQXUDQWXQ"© ª0\HUV©VDJWH-XOLD&XQQLQJKDPVWLUQUXQ]HOQGªZDV PDFKHQ6LHGHQQQRFKKLHU",FKGDFKWH6LHPWHQ,KU )OXJ]HXJHUUHLFKHQ" ª,FKIUFKWHLFKKDEHHVYHUSDW©HQWJHJQHWH0\HUV XQGVWHOOWHVLFKPLWHLQHPUDVFKHQ6FKULWWQHEHQVLHª$EHU GDVWULIIWVLFKJDQ]JXWZHLOLFKKLHUQRFKHWZDV]XHUOHGL JHQKDEH© 0LWGHU*HZDQGWKHLWGHV3URILV]RJHUVHLQH:DIIHWUDW KLQWHU-XOLD&XQQLQJKDPSDFNWHLKUHQ$UPXQGVHW]WHLKU GLH0QGXQJGHV6FKDOOGlPSIHUVDQGLH6FKOlIH

.DSLWHO ª6RPHLQH+HUUHQXQGMHW]WKHUDXVPLW,KUHQ:DIIHQXQG DXIGHQ%RGHQGDPLW© ª0\HUVZDVIlOOW,KQHQHLQ"©VDJWHHLQHUGHU$JHQWHQ ª:DV]XP7HXIHOVROOGDV"© ª,FKYHUVXFKHHWZDVZLHGHUJXW]XPDFKHQ8QGMHW]WJH KRUFKHQ6LHVRQVWEULQJHLFKGLH)UDXXP©6HLQH$XJHQ IXQNHOWHQIDVWLUUª,FKZHUGHGLFKKLHUUDXVKROHQ6FDUER URXJK,FKKlWWHGLFKJDUQLFKWHUVWKLHUKHUHLQEULQJHQGU IHQ(VWXWPLUOHLG© 'LH$JHQWHQVFKDXWHQ-XOLD&XQQLQJKDPDQGLHVLFK VWHLIZLHHLQ%UHWWKLHOWLKUH$XJHQEOLFNWHQLQV/HHUH $QJVWVFKLHQVLHQLFKW]XKDEHQGRFKZLHZLQNWHGHQ 0lQQHUQGHU$QZHLVXQJ]XJHKRUFKHQ 3LVWROHQILHOHQDXIGHQ%RGHQXQGZXUGHQPLWGHQ) HQ]XGHQ6FKUlQNHQKLQEHUJHVWRHQ ª*XW'RNWRU:RVLQGGLH6FKOVVHOIUGLH+DQGVFKHO OHQ"© ª,QGHU7DVFKHPHLQHV.LWWHOV©VDJWHVLHPLWPRQRWRQHU 6WLPPH ª*XW+ROHQ6LHVLHKHUDXVXQGEHIUHLHQ6LHGHQ0DQQ GHQ6LHGDDQGHQ6WXKOJHIHVVHOWKDEHQ© 6LHQLFNWHXQGJULIILQGLH7DVFKH$OVHUGHQ(GHOVWDKO IXQNHOQVDKILHO6FDUERURXJKHLQGD-XOLD&XQQLQJKDP GDV6NDOSHOOQLFKWZHJJHOHJWKDWWH ª0\HUV©ULHIHUª3DDXIVLHKDW© 0HWDOOEOLW]WHDOVVLHPLWGHP6NDOSHOOTXHUEHU0\HUV

OLQNHQ$UPXQGVHLQH%UXVWKLHE0LWHLQHP6FKPHU]HQV ODXWJDE0\HUVVLHIUHLXQGVLHEUDFKWHVLFKPLWHLQHP 6SUXQJLQ6LFKHUKHLW ª7|WHWLKQ©NUHLVFKWHVLHª/HJWLKQXPVRIRUW© 'LH&,$0lQQHUEFNWHQVLFKXQGZROOWHQLKUH:DIIHQ DXIKHEHQDEHUGLH:XQGHREZRKOVFKPHU]KDIWXQGVWDUN EOXWHQGZDUDOOHVDQGHUHDOVW|GOLFK'LH+DQGPLWGHU 0\HUVGLH3LVWROHKLHOWZDUXQYHUOHW]WXQGHUULFKWHWHGLH :DIIHPLWGHP6FKDOOGlPSIHUDXIVHLQH.ROOHJHQ'LH3L VWROHVSXFNWHZXUGHKHUXPJHVFKZHQNWVSXFNWHQRFK HLQPDO(LQ*UXQ]HQXQGHLQ6W|KQHQXQGGLH&,$$JHQ

WHQZDUIHV]X%RGHQ,QLKUHQHOHJDQWHQJUDXHQ$Q]JHQ NODIIWHQKlOLFKH/|FKHU-XOLD&XQQLQJKDPNUHLVFKWHYHU ]ZHLIHOWXQGVWU]WHYRUZlUWVXPVHOEVWHLQH:DIIHDXI ]XKHEHQ 0\HUVGUHKWHVLFKXP]LHOWHXQGVFKRQRFKHLQPDO 'LH.XJHOWUDI-XOLD&XQQLQJKDPV6FKXOWHU6LH VFKZDQNWHVFKOXJPLWGHP.RSIVFKZHUJHJHQHLQHQ0H WDOOVFKUDQNXQGVDQNEHZXWORVDXIGHQ%RGHQ ª1XUJXWGDLFKGDUDQJHGDFKWKDEHGHQ6FKDOOGlPS IHUDXI]XVHW]HQ©VDJWH0\HUVª6RQVWZUGHHVKLHUMHW]W VFKRQYRU0LOLWlUSROL]HLXQG&,$$JHQWHQZLPPHOQ 0HLQ*RWWGLHVHV0LVWVWFNKDWYLHOOHLFKW.UDOOHQZDV"© (UYHU]RJYRU6FKPHU]HQGDV*HVLFKWXQGEHVDKVLFKVHL QHQ$UP6FDUERURXJKNRQQWHVHKHQGDGLH:XQGHEOX WHWHDEHUDQVFKHLQHQGKDWWHGDV6NDOSHOONHLQHHUQVWKDIWH 9HUOHW]XQJHQYHUXUVDFKW ª(G©VDJWH6FDUERURXJKY|OOLJEHUUDVFKWYRQGHU(QW ZLFNOXQJª:DUXPPDFKVWGXGDV"© ª,FKKDEHHVYHUPDVVHOWPHLQ)UHXQG,FKKDEHPLFK YRQLKQHQHLQVFKFKWHUQODVVHQ6LHKDEHQPHLQH)DPLOLH EHGURKWXQGLFKJODXEHGDPXEHLPLULUJHQGHLQ,Q VWLQNWGLH2EHUKDQGJHZRQQHQKDEHQ'LH)DPLOLHEH VFKW]HQRGHUVRZDV(VZDUGLHVHUYHUGDPPWH5LFKDUGV GHUPLUJHGURKWKDWXQGLFKZXWHGD5LFKDUGVVHLQH 'URKXQJZDKUPDFKHQZUGH© (UVHXI]WHJLQJ]XGHUEHZXWORVHQ:LVVHQVFKDIWOHULQ XQGNORSIWHLKUH7DVFKHQDE$OVHUHVNOLPSHUQK|UWH]RJ HUGLH6FKOVVHOKHUYRUª$EHUZHLWGXOHW]WHQ(QGHV VWHKWHLQ0DQQLPPHUDOOHLQ:HQQVLHGLFKEHHUGLJHQ GDQQOLHJVWGXDOOHLQLP6DUJXQGKDVWODQJHODQJH=HLWLQ GHLQHPHLJHQHQ6DIW]XVFKPRUHQ0LWGHPZDVLFKGLU DQJHWDQKDEHKlWWHLFKQLFKWOHEHQXQGQLFKWVWHUEHQN|Q QHQ6FDUERURXJK:DVMHW]WQRFKJHVFKLHKWPXLFKHEHQ QHKPHQZLHHVNRPPW© (UJLQJ]XVHLQHPJHIDQJHQHQ)UHXQGXQGO|VWHGLH +DQGVFKHOOHQGLH6FDUERURXJKV%HLQHIL[LHUWKDWWHQ ª'UEHQLQGHU2IIL]LHUVPHVVHLP]HQWUDOHQ%HUHLFKYRQ .LUWODQGZDUWHWHLQH)UHXQGLQDXIPLFK©HUNOlUWH6FDUER URXJKª6LHZDUWHWGDUDXIGDLFKPLFKPHOGHXQGZLUG

GDIUVRUJHQGDXQVQLFKWVSDVVLHUW:LUZHUGHQGLHVH 9HUEUHFKHUDQV/LFKWEULQJHQ0\HUVPHLQ)UHXQGLFK KDEHGLH0lQQHUKLHUHUVFKRVVHQLVWGDVNODU"© ª'DPLWNlPHQZLUQLFKWGXUFK©(UVFKORDXFKGLH +DQGVFKHOOHQDQGHQ+DQGJHOHQNHQDXIª$EHUWURW]GHP GDQNHIUGDV$QJHERW'LHVHJDQ]H6DFKHLVWGHUHQWVHW] OLFKVWH0LVWYRQGHPLFKMHJHK|UWKDEH:HQQGDVDQV /LFKWNRPPWZLUG:DWHUJDWHGDQHEHQDXVVHKHQZLHHLQ QHFNLVFKHU6WUHLFK1XQPDOVHKHQZLHHVVLFKHQWZLN NHOW© ª:LUVWGXYRU*HULFKWDXVVDJHQ"© ª8QGRE(YHUHWW,FKELQQRFKQLFKWIHUWLJPLWPHLQHU :LHGHUJXWPDFKXQJ,FKKDEHQXUHLQSDDUGXQNOH)OHFNHQ DXIGHU6HHOH]XJH]RJHQXQGGLH© (VNODQJZLHHLQ3HLWVFKHQVFKODJ0\HUVERJGHQ5N NHQGXUFKVHLQ*HVLFKWZXUGHNUHLGHEOHLFK(UWDXPHOWH XQGNLSSWHEHU6FDUERURXJK hEHUVHLQH6FKXOWHUKLQZHJNRQQWH6FDUERURXJK-XOLD &XQQLQJKDPVHKHQGLHJHUDGHDXIVWDQG6LHKDWWHGLH :DIIHHLQHVGHUWRWHQ$JHQWHQLQGHU+DQG%OXWDXVGHU 6FKXOWHUZXQGHUDQQEHULKUHQZHLHQ/DERUNLWWHO,KU EORQGHV+DDUKDWWHVLFKJHO|VWXQGKLQJZLHHLQXQRUGHQW OLFKHU+HLOLJHQVFKHLQXPLKUHQ.RSI ª.HLQH%HZHJXQJ6FDUERURXJK%OHLEHQ6LHZR6LH VLQG,FKVFKODJH$ODUP© ª'HQ7HXIHOZHUGHQ6LHWXQ©NHXFKWH0\HUVSO|W]OLFK (UGUHKWHVLFKXPKREVHLQH:DIIHXQGVFKRVLHLQGLH %UXVW'HU$XIVFKODJZDUIVLHQDFKKLQWHQ6LHVWU]WHEHU GDV7DEOHWWPLWGHQ0HGLNDPHQWHQXQG,QVWUXPHQWHQ GDVVLHDXIGHPNOHLQHQ7LVFKDEJHVWHOOWKDWWH -XOLD&XQQLQJKDPNUHLVFKWH 6LHIXFKWHOWHZLOGKHUXPXPHLQHQ+DOW]XILQGHQDEHU HVJDEQLFKWVDQGHPVLHVLFKKlWWHIHVWKDOWHQN|QQHQ9RU GHQ6FKUlQNHQNLSSWHVLHKHUXQWHUGLH7DEOHWWVUXWVFKWHQ YRP7LVFKXQGNUDFKWHQDXIGHQ%RGHQ*ODVVSOLWWHUWH XQG.ODPPHUQ=DQJHQ6NDOSHOOH6SULW]HQXQGGLH)OV VLJNHLWHQDXVGHQJHERUVWHQHQ)ODVFKHQDOOHVILHOXQG UDQQEHUVLHLQLKU*HVLFKWXQGLQLKUHRIIHQH6FKXOWHU ZXQGH

-XOLD&XQQLQJKDPVFKULHZLHGHUXQGYHUNUDPSIWHVLFK 0\HUVKDWWHVLFKHLQZHQLJYRU6FDUERURXJKDXIJHULFK WHWDEHUMHW]WEUDFKHU]XVDPPHQ -XOLD&XQQLQJKDPZDQGVLFKYRU6FKPHU]HQ 6FDUERURXJKNRQQWHVHKHQGDVLHQLFKWQXUGXUFKHL QLJH,QVWUXPHQWHXQGGLH*ODVVSOLWWHUGHU]HUEURFKHQHQ $PSXOOHQXQG)ODVFKHQYHUOHW]WZRUGHQZDU*U|HUH 0HQJHQGHU3V\FKRSKDUPDNDZDUHQGXUFKGLH:XQGH GLUHNWLQLKUHQ.UHLVODXIJHODQJWXQGGLH'URJHQEHJDQ QHQVRIRUW]XZLUNHQ 'U-XOLD&XQQLQJKDPVWDUEQLFKWHLQIDFKVLHVWDUEPLW WHQLPVFKOLPPVWHQ'URJHQWULSGHQPDQVLFKYRUVWHOOHQ PRFKWH 6LHNHXFKWHXQGZDQGVLFK6LHUROOWHVLFK]XVDPPHQ ZLHHLQ)|WXVGDV*HVLFKWZDUHQWVWHOOWXQGHULQQHUWH NDXPQRFKDQGDVHLQHV0HQVFKHQ'LH$XJHQVFKLHQHQ IDVWDXVGHQ+|KOHQ]XWUHWHQXQGGLHSXUSXUQDQJHODX IHQH=XQJH]XFNWHLP0XQGKLQXQGKHU =ZLVFKHQGHQ/LSSHQVSUXGHOWH%OXWKHUYRU 6FDUERURXJKZDQGWHVLFKYRQGHPHQWVHW]OLFKHQ$Q EOLFNDEXPVLFKXP0\HUV]XNPPHUQ'LH:LVVHQ VFKDIWOHULQNRQQWHLKQHQMHW]WQLFKWPHKUJHIlKUOLFKZHU GHQ6HLQ)UHXQGODJDXIGHP%RGHQXQGDWPHWHODQJVDP XQGIODFK6FDUERURXJKNQLHWHVLFKQHEHQLKQXQGQDKP LKPGLH:DIIHDXVGHU+DQG )ODWWHUQG|IIQHWHQVLFKGLH$XJHQOLGHUGHV0DQQHV(U VDK6FDUERURXJKDQDEHUVHLQ%OLFNVFKLHQLQGLH)HUQHJH ULFKWHWª(VLVWDPEHVWHQVRMHW]WLVWZHQLJVWHQV PHLQH)DPLOLHVLFKHU©VDJWHHUOHLVHª6FDUERURXJK© ª-D0\HUVZDVVROOLFKWXQ"© ª&DPGHQ+LHUDXIGHP)OXU/LQNV9LHU7UHQZHL WHU'LH7ULVWRIIHQ'HLQ)UHXQG-DNH&DPGHQ1LFKWLQ JXWHU9HUIDVVXQJDEHUEHVVHUGUDQDOVLFK©(UKXVWHWHXQG VSXFNWH%OXW'LH$XJHQOLGHUIODWWHUWHQZLHGHUXQGHVVDK DXVDOVZROOWHGDVZHQLJH/LFKWLQVHLQHQ$XJHQMHGHQ 0RPHQWYHUO|VFKHQ ª0\HUVQHLQ1HLQZDUWH'XPXWPLUVDJHQ© ª:DVVDJHQ"©'LH6WLPPHZDUIDVWXQK|UEDUGLH/LS SHQEHZHJWHQVLFKNDXPQRFK

ª'LDQH0HLQH7RFKWHU:RLVW'LDQH"© 0\HUVVFKWWHOWHPKVDPGHQ.RSIª6LHKDEHQ'LDQH QLFKWHQWIKUW'DVZDUQLFKWGLH&,$QLFKWGLH(GLWR UHQXQG3XEOLVKHU© ª8P+LPPHOVZLOOHQZDVLVWGHQQGDQQPLWLKUSDV VLHUW"© 'LHOHW]WHQ:RUWHVSUDFK0\HUVJXUJHOQG(VZDUNODU GDGHU0DQQVWDUEª'LH!$QGHUHQKDEHQ6LH6FDUER URXJK'LH!$QGHUHQ© ª'LH!$QGHUHQ":DVPHLQVWGXGDPLW(G"© $EHUGLH/LSSHQEHZHJWHQVLFKQLFKWPHKUXQGGDV /LFKWLQVHLQHQ$XJHQZDUHUORVFKHQ (GZDUG0\HUVZDUWRW ª9HUGDPPW©ULHI6FDUERURXJK(UEOLFNWHDXI-XOLD &XQQLQJKDPKDWWHVLFKLQGHP&KDRVDXV*ODV,QVWUX PHQWHQXQG%OXWKHUXPJHZlO]WXQGGLH+lQGHYRUV*H VLFKWJHVFKODJHQ 6FDUERURXJKVWDQGDXIXQGJLQJ]XLKU ª'LH!$QGHUHQ'U&XQQLQJKDP©VDJWHHUDOVVLH HLQHQ$XJHQEOLFN]XVW|KQHQDXIK|UWH(UNQLHWHVLFKQH EHQVLHª:HUVLQGGLH!$QGHUHQ"© 6LH|IIQHWHGLH$XJHQDEHULQLKQHQZDUHQQXU$QJVW XQG(QWVHW]HQ]XVHKHQNHLQ(UNHQQHQ ª*HKWZHJJHKWZHJ©NHXFKWHVLH ª'LH!$QGHUHQ'U&XQQLQJKDP:HUVLQGVLH":HUVLQG GLH!$QGHUHQ":RLVWPHLQH7RFKWHU":HUVLQGGLH!$QGH UHQ"© ª6LHVHOEVWVLQGHV6FDUERURXJK©VDJWHVLHNUlFK]HQG 'LH:RUWHZDUHQNDXP]XYHUVWHKHQª6LHVHOEVWVLQGHV© 8QGGDQQQDFKHLQHPOHW]WHQ=XFNHQGDVLKUHQJDQ ]HQ.|USHUGXUFKOLHIVWDUEGLH)UDX 'LH'URJHQKDWWHQVLHXPGHQ9HUVWDQGJHEUDFKW6LH ZDUQLFKWEHL6LQQHQ'HQQRFKJDEHVHWZDVGDVHUWXQ NRQQWHXQGGDVWDWHUMHW]W(UJLQJ]XGHP6FKUHLEWLVFK DXIGHPGLH$NWHQODJHQGLHVLHGXUFKJHVHKHQKDWWH'HU %HULFKWEHULKQ(UIDOWHWHGHQ3DSLHUVWDSHO]XVDPPHQ XQGVWHFNWHLKQLQGLH7DVFKH 0\HUVKDWWHQDWUOLFKYROONRPPHQUHFKW (UPXWHVHKHQGDHUKLHUKHUDXVNDP

6FDUERURXJKIDQG&DPGHQLQGHP5DXPGHQ0\HUVLKP EHVFKULHEHQKDWWH(UKLQJVFKODIIDXIHLQHP6WXKOXQGVDK DXVDOVKlWWHHUJHUDGHGHP7RGLQV*HVLFKWJHVFKDXWXQG ZlUHEHUHLWGDVLUGLVFKH-DPPHUWDOIULPPHU]XYHUODV VHQ ª&DPGHQ&DPGHQ0DQQ$OOHVLQ2UGQXQJ"© ª1HLQJDQ]LP*HJHQWHLO© $XIGHQ)OXUHQKDWWHQNHLQH6LUHQHQJHKHXOWHVKDWWH NHLQHQ$ODUPJHJHEHQQLUJHQGVZDUGDV7UDPSHOQYRQ 6ROGDWHQVWLHIHOQ]XK|UHQ6FDUERURXJKKDWWHNHLQH0HQ VFKHQVHHOHJHVHKHQ,QGLHVHP7HLOGHU(LQULFKWXQJJDEHV RIIHQVLFKWOLFKQLFKWYLHO3HUVRQDO'DVZDUZHQQPDQEH GDFKWHZHOFKVWUHQJJHKHLPHQ'LQJHKLHUYRUVLFKJLQJHQ HLJHQWOLFKDXFKJDQ]ORJLVFK 8QGIULKQZDUHVHLQJURHU9RUWHLO(VEHGHXWHWHGD VLHHLQH&KDQFHKDWWHQKHUDXV]XNRPPHQ:HQQHUQXU -DNH&DPGHQDXIGLH%HLQHEULQJHQNRQQWH ª:LHZlU VPLWHLQHP*ODV:DVVHU"© ª:LHZlU VPLWHLQHP*ODV:KLVN\"© ª+LHUJLEW VQXU:DVVHU© 6FDUERURXJKJLQJDXIGHQ)OXUKLQDXVXQGIDQGHLQH 7RLOHWWHZRHVHLQHQ7ULQNZDVVHUVSHQGHUXQG3DSLHUEH FKHUJDE(UVFKHQNWH]ZHL%HFKHUYROO'HQHUVWHQIO|WH HU&DPGHQYRUVLFKWLJHLQGHQ]ZHLWHQVSULW]WHHULKPLQV *HVLFKW ª+HZDVVROOGHQQGDV"©VDJWH&DPGHQVSXFNHQG ª.RPPHQ6LH:LUKDEHQNHLQH=HLWQRFKOlQJHUKHU XP]XWU|GHOQ:HQQZLUQLFKWEDOGKLHUKHUDXVNRPPHQ GDQQZHUGHQZLUZDKUVFKHLQOLFKVHKUODQJHKLHUEOHLEHQ PVVHQ© 'DVEUDFKWH&DPGHQLQ%HZHJXQJª6LHKDEHQUHFKW© (UVFKZDQNWHOHLFKWXQGKDWWHHLQLJH.RRUGLQDWLRQV VFKZLHULJNHLWHQDEHULPPHUKLQNRQQWHHUDXIVWHKHQXQG LQ5LFKWXQJ7UZDFNHOQ6FDUERURXJKIDWHLKQDP$UP XQGVWW]WHLKQª*XWGD6LHGLH.DQRQHKDEHQ©PXU PHOWHGHU5HSRUWHU ª(VLVWQXUVFKDGHGDLFKNHLQVHKUJXWHU6FKW]H ELQ© ª6ROOLFKVLHQHKPHQ"©

ª9LHOHQ'DQN&DPGHQDEHULFKIUFKWH6LHZUGHQ DXV9HUVHKHQDP(QGHQRFKPLFKHUVFKLHHQ© ª9LHOOHLFKWKDEHQ6LHGDVRJDUUHFKW© ª'LH)UDJHLVWMHW]WZLHZLUKLHUKHUDXVNRPPHQ© ª:ROOHQ6LHVLFK]XHUVWQRFKKLHUXPVFKDXHQ"'DPLW 6LHVHKHQZDVGLHKLHUJHPDFKWKDEHQ"© ª6LHN|QQHQHVPLUVSlWHUEHVFKUHLEHQ,P$XJHQEOLFN ZLOOLFKQXUUDXV© ª:DVLVWPLW'LDQH"© ª0\HUVVDJWGDGLH/HXWHKLHUVLHQLFKWKDEHQ© ª8QGZDVLVWPLW0\HUV"© ª7RW© ª6FKHLH8QGGLHVHEORQGHbU]WLQ"© ª*DQ]EHVRQGHUVWRW© &DPGHQJUXQ]WHª'DJHKW VPLUJOHLFKEHVVHU© ª,KUVLFKHUDXFK© 6LHHLOWHQGHQ)OXUKLQXQWHU=ZDUZXWHQVLHQLFKWZR KLQDEHUVLHZXWHQGDVLHHVDXIMHGHQ)DOOVHKUVHKU HLOLJKDWWHQ

.DSLWHO 'HU:LQGOLHLKU+DDUIODWWHUQQHEHQLKUDXIGHP%HLIDK UHUVLW]IODWWHUWHGLH.DUWHGHV6WW]SXQNWHV'HUJHERUJWH 7R\RWD&HOLFDVFKQXUUWHEHUGLH6WUDHGLH]XP&,$ 4XDUWLHULPHQWOHJHQGVWHQ7HLOGHV/XIWZDIIHQVWW]SXQN WHV.LUWODQGIKUWH 1DWUOLFKZDUGLHVH(LQULFKWXQJQLFKWHLQJH]HLFKQHW 1LUJHQGVJDEHVHLQHQ+LQZHLVGDUDXIGDVHLQ]LJH$Q ]HLFKHQGDGRUWDP5DQGHYRQ.LUWODQGEHUKDXSW*H ElXGHH[LVWLHUWHQZDUHQHLQSDDUXQEHVFKULIWHWH4XD GUDWH)UHLQHXQEHIDQJHQHQ%HWUDFKWHUGHU.DUWHKlWWHQ HVDXFK7RLOHWWHQVHLQN|QQHQ,QGHU1lKHZDUQLFKWVZHL WHU]XVHKHQXQGVRZDUGLHVHV*HELHWVLFKHUOLFKHLQJXWHU 2UWXPHLQHJHKHLPH'LHQVWVWHOOHXQWHU]XEULQJHQ 0DUVKDZROOWHVRVFKQHOOZLHP|JOLFKGRUWKLQ,Q]ZL VFKHQJDEHVEHUKDXSWNHLQHQ=ZHLIHOPHKUGD6FDUER

URXJKPLWVHLQHU0LVVLRQJHVFKHLWHUWZDU(LQHDQGHUH(U NOlUXQJGDIUGDHUQLFKWLQGHU2IIL]LHUVPHVVHHUVFKLH QHQZDUZROOWHLKUQLFKWHLQIDOOHQ6LHKDWWHLKPVRJDUGLH 7HOHIRQQXPPHUJHJHEHQXQWHUGHUHUVLHKlWWHHUUHLFKHQ N|QQHQDEHUHVZDUNHLQ$QUXIJHNRPPHQ 6LHEHKLHOWGLH6WUDHJHQDXLP$XJHRELKU)DKU]HXJH HQWJHJHQNlPHQ'LHVZDUGLHHLQ]LJH=XIDKUW]XGHP*H KHLPTXDUWLHUGRFKLQGHUKDOEHQ6WXQGHGLHVLHXQWHU ZHJVZDUNDPLKUNHLQHLQ]LJHU3HUVRQHQNUDIWZDJHQ RGHU/DVWZDJHQHQWJHJHQ :HQQ6FDUERURXJKQXUQLFKWWRWZDU $EHULUJHQGZLHNRQQWHVLHGDVQLFKWJODXEHQ'DV%DQG GDV]ZLVFKHQLKQHQHQWVWDQGHQZDUIKOWHVLFKQLFKWDQ DOVZlUHHV]HUVFKQLWWHQ0DUVKDZXWHHVVLHVSUWHHLQ IDFKGDHUQRFKOHEWHXQGQDFKLKUVXFKWH (UVDHLQIDFKQXU]LHPOLFKWLHILQGHU7LQWH $OVVLHGHQ=DXQXQGGDV7RUHUUHLFKWHZXWHVLHGD HV3UREOHPHJHEHQZUGH$EHUGDPLWKDWWHVLHJHUHFKQHW XQGKDWWHVLFKHLQHQ6FKODFKWSODQ]XUHFKWJHOHJW ª*XWHQ7DJ/LHXWHQDQW©VDJWHGHU6ROGDWDP7RUQDFK GHPHUK|IOLFKVDOXWLHUWKDWWHª'DUILFK,KUH$XVZHLVHXQG ,KUHQ3DVVLHUVFKHLQVHKHQ"© ª*HZL©6LHJDELKPLKUH,'.DUWHGLHHUJUQGOLFKHU XQWHUVXFKWHDOVHVDQVROFKHQ3RVWHQVRQVWEOLFKZDU ª8QG,KUHQ3DVVLHUVFKHLQELWWH© 6LHJDELKPGLH.DUWHGLHVLHDOV&RPSXWHUVSH]LDOLVWLQ DXVZLHVGLH6\VWHPDQDO\VHQIUGLH$LU)RUFHGXUFK IKUWH ª'DVLVWVRZHLWDOOHVLQ2UGQXQJDEHUHVLVWQLFKWGDV ZDVLFKEUDXFKH:HQZROOHQ6LHKLHUDXIVXFKHQ"© ª'LH&RPSXWHUDEWHLOXQJ'RUWJLEWHVHLQHQ1RWIDOO XQGVLHKDEHQPLFKJHKROWGDPLWLFKGLH6DFKHLQ2UG QXQJEULQJH© ª,FKKDEHNHLQH$QZHLVXQJGD6LHKLHUHUZDUWHWZHU GHQ/LHXWHQDQW0DQQLQJ1RUPDOHUZHLVHZHUGHQZLU HQWVSUHFKHQGXQWHUULFKWHW© 6LHVHXI]WHª0XLFKMHW]WHWZDELV]XP+DXSWEURGHV 6WW]SXQNWHV]XUFNIDKUHQXQGPLUHLQHVFKULIWOLFKH(U ODXEQLVKROHQ"©

ª*LEWHVMHPDQGHQGHQLFKDQUXIHQNDQQ"© ª-D©9HU]ZHLIHOWEHUOHJWHVLHZHOFKHQ1DPHQ6FDUER URXJKJHQDQQWKDWWHª'RNWRU©EHJDQQVLH6LHZDU VLFKQRFKQLFKWJDQ]VLFKHUª2KULFKWLJ'RNWRU-XOLD &XQQLQJKDP5XIHQ6LHVLHELWWHDQ6LHZLUGSHUV|QOLFK KHUDXVNRPPHQXQG,KQHQEHVWlWLJHQGDLFKKHUHLQGDUI :UGH,KQHQGDVUHLFKHQ"© 'HU:lFKWHUOlFKHOWHQLFKWHUQLFNWHQLFKWHLQPDOJLQJ HLQIDFKQXULQVHLQH:DFKKWWH]XUFNXQGEOlWWHUWHHLQH 7HOHIRQOLVWHGXUFK'DQQQDKPHUGHQ+|UHUDEXQG ZlKOWHHLQH1XPPHU :DVMHW]W"IUDJWHVLHVLFK'DV*DVSHGDOGXUFKWUHWHQXQG GDV7RUUDPPHQ"'DVZlUHQLFKWEHVRQGHUVNOXJGHQQ GLH7RUHZXUGHQKHXW]XWDJHQLFKWPHKUDXV]HUEUHFKOL FKHP+RO]VRQGHUQDXV]LHPOLFKVWDELOHP0HWDOOJHEDXW 1HLQVLHPXWHHLQIDFKDEZDUWHQXQGYHUVXFKHQPLW HLQHP%OXIIKLQHLQ]XNRPPHQ -DHLQIDFKDEZDUWHQXQGGDV%HVWHDXVGHU6LWXDWLRQ PDFKHQ 8QJHIlKUKXQGHUW0HWHUKLQWHUGHP7RUVDKVLHHLQJH GUXQJHQHVVFKOLFKWHV*HElXGH$XVHLQHU6HLWHQWUND PHQ]ZHL*HVWDOWHQKHUDXVXQG0DQQLQJHUNDQQWHVRIRUW GDVLHHLQGHXWLJQLFKWZLH0LWDUEHLWHUGHU$LU)RUFHRGHU GHU&,$DXVVDKHQ 6LHZLUNWHQVRJDU]LHPOLFKDEJHULVVHQXQGHUZHFNWHQ GHQ(LQGUXFNDOVZlUHQVLHDXIGHU)OXFKW5DVFKHQWIHUQ WHQVLHVLFKLQGLHDQGHUH5LFKWXQJDOVVXFKWHQVLHHWZDV ª(VWXWPLUOHLG/LHXWHQDQWDEHU'U-XOLD&XQQLQJKDP PHOGHWVLFKQLFKW,FKIUFKWH© ª:DUWHQ6LHPDO&RUSRUDO'DGUEHQVHKHLFKHLQHQ 0DQQPLWGHPLFK]XVDPPHQDUEHLWHQVROO(ULVWJHUDGH DXVGHP*HElXGHJHNRPPHQ.|QQHQZLULUJHQGZLH .RQWDNWPLWLKPDXIQHKPHQ"© 'HU&RUSRUDOVDKVLHHUVFKURFNHQDQª'DVYHUVW|WDEHU JHJHQGLH9RUVFKULIWHQ© ª&RUSRUDOLFKZHL]XIlOOLJGDHLQ0HJDSKRQ]XU 6WDQGDUGDXVUVWXQJYRQ.RQWUROOSRVWHQJHK|UW6LHN|Q QHQGDV0DJDSKRQEHQXW]HQ/RVUDVFK© ª,FKKDEHQRFKQLH©

ª&RUSRUDOPLULVWEHNDQQWGDGLHVH(LQULFKWXQJJH KHLPLVW$EHUZLUEHILQGHQXQVKLHUDXI0LOLWlUJHOlQGH XQGLFKEHNOHLGHHLQHQK|KHUHQ5DQJDOV6LH%HWUDFKWHQ6LH GDVDOV%HIHKO© 'HU6ROGDWJULIIQDFK0HJDSKRQª:LHLVWVHLQ1DPH"© ª&DSWDLQ&DSWDLQ(YHUHWW1HQQHQ6LHPHLQHQ1D PHQ© 'HU6ROGDWVHW]WHGDV0HJDSKRQDQGLH/LSSHQOHJWHGHQ 6FKDOWHUXPXQGVHLQH6WLPPHGU|KQWHEHUGDV*HOlQGH ª,FKUXIH&DSWDLQ(YHUHWW$FKWXQJ&DSWDLQ(YHUHWW /LHXWHQDQW0DUVKD0DQQLQJELWWHW6LH]XP7RU© 0DUVKDNRQQWHVHKHQZLHVLFKGLHEHLGHQ*HVWDOWHQXP GUHKWHQ(LQHQ$XJHQEOLFNVDKHVVRDXVDOVZROOWHQVLH ZHJODXIHQ 1HLQ(YHUHWWQHLQ,FKELQHVGRFK 6LHUDQQWHQQLFKWZHJ 9LHOPHKUOLHIHQVLHHLQLJH$XJHQEOLFNHVSlWHULQ5LFK WXQJGHV7RUV ª'DQNH&RUSRUDOLFKZHUGH6LHEHL,KUHQ9RUJHVHW]WHQ OREHQGHUZlKQHQ© ª:DUWHQ6LH(UWUlJWNHLQH8QLIRUP'DVLVWEHUKDXSW NHLQ&DSWDLQ,FKHUNHQQHLKQ'DVLVW© 0DUVKD0DQQLQJQDKPGLH3LVWROHDXVLKUHU+DQGWDVFKH XQGULFKWHWHVLHDXIGHQ&RUSRUDO6LHKDWWHGDVYHUPHLGHQ ZROOHQDEHULQGLHVHU6LWXDWLRQKDWWHVLHNHLQH:DKO ª:HQQ6LHVLFKXPGUHKHQZHUGHQ6LHHLQVHKHQGDHV GDVEHVWHLVWZHQQ6LHGHQ0XQGKDOWHQXQG,KUH+lQGH GRUWODVVHQZRVLHVLQG© 'HU0DQQGUHKWHVLFKXPXQGVWDUUWHVLHHUVFKURFNHQDQ 'LH0QGXQJGHU:DIIHGLHDXILKQJHULFKWHWZDUWULHE LKPDOOHVDXVZDVHULQVHLQHU$XVELOGXQJJHOHUQWKDWWH(U ZROOWHHWZDVVDJHQDEHUGLH:RUWHEOLHEHQLKPLP+DOV VWHFNHQ ª*XW%HZHJHQ6LHVLFKQLFKWVRQVWPXLFK6LHW|WHQ© (LQHPDVVLYH'URKXQJGUIWHJHQXJVHLQXPLKQHLQ]X VFKFKWHUQELV6FDUERURXJKGDV7RUHUUHLFKWKDWWH 2EPDQVLHLQV=XFKWKDXV/HDYHQZRUWKVWHFNWHRGHU QLFKWLKUH.DUULHUHEHLGHU$LU)RUFHZDUVRZLHVRYRUEHL (VVSLHOWHNHLQH5ROOHPHKU

ª$FKWXQJ&DSWDLQ(YHUHWW/LHXWHQDQW0DUVKD0DQQLQJ ELWWHW6LH]XP7RU© $OVGLHHOHNWURQLVFKYHUVWlUNWHQ:RUWHZLH'RQQHUJURO OHQHUNODQJHQZDU6FDUERURXJKVHUVWHU,PSXOVJHZHVHQ HLQIDFKZHJ]XUHQQHQ&DPGHQGHUVLFKUDVFKHUKROWH IROJWHLKPGLFKWDXI(USDFNWH6FDUERURXJKDP$UPXQG ]RJLKQKHUXP ª+H0DQQ,FKJODXEHGLHUXIHQ6LH© (UVWMHW]WGlPPHUWHHV6FDUERURXJKGDGHU1DPH 0DUVKD0DQQLQJJHIDOOHQZDU (UGUHKWHVLFKXP ,QHLQLJHU(QWIHUQXQJVWDQGHLQEODXHU7R\RWD&HOLFDLP 6FKDWWHQGHV:DFKKlXVFKHQV6FDUERURXJKKDWWHJXWH $XJHQDEHUVRJXWZDUHQVLHGHQQGRFKQLFKWHUNRQQWH QLFKWHUNHQQHQZHULP$XWRVD$OOHUGLQJVHUNDQQWHHU DPODQJHQIUHLIDOOHQGHQ+DDUGDHVHLQH)UDXVHLQ PXWH 0DUVKD0DQQLQJ6LHZDUJHNRPPHQXPLKQDE]XKR OHQ0LWLKUHU+LOIHZUGH,KQHQGLH)OXFKWYLHOOHLFKWJH OLQJHQ 6LHPXWHQQXU]XLKUODXIHQ ª/RVNRPPHQ6LH©VFKULHHUGHQ5HSRUWHUDQ &DPGHQEUDXFKWHNHLQHZHLWHUH(LQODGXQJ0LWHLQHU *HVFKZLQGLJNHLWGLHIUHLQHQ0DQQLQHLQHUN|USHUOL FKHQXQGVHHOLVFKHQ9HUIDVVXQJlXHUVWHUVWDXQOLFKZDU KXPSHOWHHUORVXQGOLH6FDUERURXJKPKHORVKLQWHUVLFK ]XUFN 6LHKDQGDFKWH6FDUERURXJK'LH(QHUJLHGHU-XJHQG(U YHUVXFKWHDXI]XKROHQ 'DV5HQQHQYHUOLHIXQHQWVFKLHGHQDEHUDOV&DPGHQ GHQ:DJHQHUUHLFKWHKDWWHHUVLFKY|OOLJYHUDXVJDEW6FDU ERURXJKZDUXQHQGOLFKIURKDOVHUVDKGDGLH)UDXLP :DJHQWDWVlFKOLFK0DUVKD0DQQLQJZDU6LHKDWWHHLQH3L VWROHDXIGHQ3RVWHQJHULFKWHWXQGKLHOWLKQRIIHQVLFKWOLFK GDYRQDEXP+LOIH]XUXIHQ &DPGHQOLHIXPGHQ:DJHQKHUXP|IIQHWHGLHKLQWHUH 7UXQGOLHVLFKDXIGHQ5FNVLW]IDOOHQ ª0DUVKD'XJODXEVWQLFKWZLHIURKLFKELQGLFK]XVH KHQ©

ªhEHUWUHLE VQLFKW:HULVWGHU.HUODXIGHP5FNVLW]"© ª-DNH&DPGHQ© ª:DVLVWPLW:DOWHUSDVVLHUW"© ª7RW(LQH)DOOHGLUHNWKLHUDP7RU,FKHUNOlUHHVGLU VSlWHU:LUPVVHQMHW]WYHUVFKZLQGHQ© ª6LHVLQG6FDUERURXJK©PXUPHOWHGHU:DFKVROGDWª6LH VLQGGHU0DQQGHU© ª*HQDXPHLQ)UHXQG+DW,KQHQGLH9RUVWHOOXQJYRU NXU]HPJHIDOOHQ"©:WHQGQDKPGHU:LVVHQVFKDIWOHU 0DUVKDGLH3LVWROHDEXQGYHUVHW]WHGHP0DQQHLQHQKDU WHQ6FKODJLQGHQ1DFNHQ'HU6ROGDWJLQJVRIRUW]X%R GHQDEHU6FDUERURXJKILQJLKQDXIXQGVFKOHSSWHLKQLQ GLH:DFKVWXEH ª:DVVROOGDV"'XKDVWVRHEHQGDIUJHVRUJWGDLFK YRUGDV.ULHJVJHULFKWNRPPH© ª(UZLUGEDOGZLHGHUDXIZDFKHQ,FKZROOWHQXUYHUKLQ GHUQGDHUVRIRUWMHPDQGHQDQUXIHQNDQQ©6FDUERURXJK GUHKWHVLFKXPXQGPXVWHUWHGLH8PJHEXQJ,QHLQLJHU (QWIHUQXQJVDKHUHLQSDDU0lQQHU]ZLVFKHQ*HElXGHQ KLQXQGKHUODXIHQQRFKZHLWHUHQWIHUQWEHZHJWHVLFKHLQ /DVWZDJHQ'DVZDUHLQHUGHUJURHQ9RUWHLOHGLHVHU 'LHQVWVWHOOHNDXP3XEOLNXPVYHUNHKUQXUZHQLJH0HQ VFKHQXQWHUZHJV6LHKDWWHQHLQHJXWH&KDQFHXQEHKHOOLJW GDYRQ]XNRPPHQDEHUXPGDVVLFKHU]XVWHOOHQPXWHGHU 8QLIRUPLHUWHXQDXIIlOOLJDXVGHP9HUNHKUJH]RJHQZHU GHQ,QGHU:DFKVWXEHJDEHVHLQHQ+RFNHU6FDUERURXJK VHW]WHGHQ0DQQGDUDXIULGLH7HOHIRQVFKQXUKHUDXVXQG EHQXW]WHVLHXP+lQGHXQG)HGHV6ROGDWHQ]XIHVVHOQ ª+DVWGXHLQ7DVFKHQWXFK"©IUDJWHHU0DQQLQJ 6LHIDQGHLQHVLQLKUHU+DQGWDVFKH6FDUERURXJKNQH EHOWHGHQ&RUSRUDOGDPLWVRUJWHDEHUGDIUGDGLH1DVH IUHLEOLHEGDPLWHUDWPHQNRQQWH ª:LUZROOHQKRIIHQGDHUQRFKHLQH:HLOHEHZXWORV LVW©VDJWH6FDUERURXJK'DQQUDQQWHHU]XUDQGHUHQ6HLWH GHV:DJHQV|IIQHWHGLH%HLIDKUHUWUXQGVWLHJHLQ ª2ND\©VDJWHHUª6HW]]XUFNXQGZHQGHXQGGDQQ VHKHQZLU]XGDZLUKLHUUDXVNRPPHQ© ª$QWUDJDQJHQRPPHQ©VW|KQWH&DPGHQDXIGHP 5FNVLW]

.DSLWHO 1DFKGHP0DUVKDDXIGLH+DXSWVWUDHGHV6WW]SXQNWHV HLQJHERJHQZDUWUDWVLHGDV*DVSHGDOGXUFKXQGIXKUVR VFKQHOOZLHHVGHU&HOLFD]XOLH6LHUDVWHQGXUFKGLHWURN NHQH:VWHQODQGVFKDIWXQGKLQWHULKQHQVWLHJHLQHKRKH 6WDXEIDKQHDXIDOVZUGHQVLHYRP7HXIHOSHUV|QOLFKJH KHW]W 6RIDOVFKZDUGHU9HUJOHLFKJDUQLFKW 6LHZROOWHQLQGHUEHUVLFKWOLFKHQ/DQGVFKDIW1HZ0H [LFRVYRQHLQHP/XIWZDIIHQVWW]SXQNWIOLHKHQXQGGDV ZDUHLQ3UREOHP6REDOGGLH/XIWZDIIHYRQLKUHU)OXFKWHU IXKURGHUEHVVHUGLH&,$GLHVLFKDXIGHP/XIWZDIIHQ VWW]SXQNWHLQJHQLVWHWKDWWH EUDXFKWHVLHQXUQRFKHLQLJH GHUYLHOHQ+XEVFKUDXEHUORV]XVFKLFNHQGLHPDQKLHU ]ZHLIHOORV]XU9HUIJXQJKDWWH+HUYRUUDJHQGDXVJHELO GHWHEHZDIIQHWH0lQQHUZUGHQLQGLH0DVFKLQHQVWHL JHQXQGHVNRQQWHQLFKWODQJHGDXHUQELVPDQGLH)OFK WLJHQHQWZHGHUJHIDWRGHUHLQIDFKYRP$QWOLW]GHU(UGH JHERPEWKDWWH 6FDUERURXJKZDUVLFKLKUHV'LOHPPDVEHZXW ,KPZDUNODUGDVLHZHQQVLHEHUKDXSWHLQH&KDQFH KDEHQZROOWHQ]XIOLHKHQVRVFKQHOOZLHP|JOLFKGLFKWEH VLHGHOWHV*HELHWHUUHLFKHQPXWHQ$XHUGHPPXWHQVLH VFKQHOOVWHQVGHQ:DJHQORVZHUGHQDEHUQDFK0|JOLFK NHLWHUVWZHQQVLHLQHLQHU6WDGWXQWHUJHWDXFKWZDUHQ 'LHVH6WDGWGDVZDUQDWUOLFK$OEXTXHUTXH.HLQDQGHUHU 2UWZDUQDKHJHQXJXPLKQVFKQHOOJHQXJHUUHLFKHQ]X N|QQHQ $XIGHU.DUWHGHV/XIWZDIIHQVWW]SXQNWHV.LUWODQGDQ GLH0DUVKD0DQQLQJJOFNOLFKHUZHLVHJHGDFKWKDWWHZDU DPVGOLFKHQ5DQGXQGHUKHEOLFKQlKHUDP&,$6WW] SXQNWHLQ]ZHLWHV7RUHLQJH]HLFKQHWGDVZDKUVFKHLQOLFK VRJDUJHHLJQHWHUZDUDOVGDV+DXSWWRU =XGLHVHP7RUIXKU0DUVKD0DQQLQJMHW]WPLW+|FKVW JHVFKZLQGLJNHLW ª0LUZXUGHLUJHQGZDQQNODUGDHWZDVVFKLHIJHJDQ JHQLVW,FKPXWHGLFKHLQIDFKDEKROHQDXFKZHQQGX PLFKJHEHWHQKDWWHVWHVQLFKW]XWXQ©

ª'DQNH©VDJWH6FDUERURXJK(UZDUIURKGDVLH]X QlFKVWHLQH:HLOHVFKZHLJHQGJHIDKUHQZDU(UKDWWHHW ZDV=HLWJHEUDXFKWXPZLHGHU]X$WHP]XNRPPHQ ª'DQQZLUVWGXQLFKWPLWPLUVFKLPSIHQ"© (UKROWHWLHI/XIWª,FKJODXEHZDVELVKHUQRFKDQ6WDUU VLQQXQG6WRO]LQGLHVHPDOWHUQGHQ.|USHUJHVWHFNWKDW ZXUGHPLUJUQGOLFKDXVJHWULHEHQ© ª(VWXWPLUOHLGGD:DOWHUWRWLVW8QGZDVLVWPLW 0\HUV"(UKDWGLFKYHUUDWHQQLFKWZDKU"8QGZRKDVWGX &DPGHQDXIJHOHVHQ"© 6FDUERURXJKHU]lKOWHLKUGLH*HVFKLFKWHVRJXWGDVDXI GHUIQI]HKQ.LORPHWHUODQJHQ)DKUWELV]XP6GWRUP|J OLFKZDU$OVHUJHHQGHWKDWWHNDPGDV7RUVFKRQLQ6LFKW XQJHIlKUHLQHQ.LORPHWHUHQWIHUQW ª0HLQ*RWWGDVLVWXQJODXEOLFK©VDJWHVLHª'LHVH:LV VHQVFKDIWOHULQGDVNOLQJWDOVZlUHVLHZLUNOLFKHLQH VFKUHFNOLFKH)UDXJHZHVHQ© ª9LHOOHLFKWKDWPLWLKUHU3V\FKHHWZDVQLFKWJHVWLPPW© VDJWH6FDUERURXJKª:LUN|QQHQVSlWHUQRFKDXVIKUOL FKHUGDUEHUUHGHQ©'DHUDQJHEOLFK.RQWDNW]X$XHU LUGLVFKHQJHKDEWKlWWHZROOWHHULKUQLFKWHU]lKOHQ'LHVHU +DSSHQZDUHWZDV]XJURXPJOHLFKDQ2UWXQG6WHOOH YHUGDXW]XZHUGHQ1XUQLFKWLP$XJHQEOLFNGDUEHU QDFKGHQNHQ ª+DVWGXGLHQRWZHQGLJHQ3DSLHUH0DUVKD"© ª.ODU© ª,FKIUFKWHZLUDEHUQLFKW© ª8PHLQHQ6WW]SXQNW]XYHUODVVHQEUDXFKVWGXNHLQHQ $XVZHLV(VZUGHPLFKQLFKWZXQGHUQZHQQVLHXQV HLQIDFKGXUFKZLQNHQ© 6FDUERURXJKGUHKWHVLFKXQGZDQGWHVLFKDQ&DPGHQ ª-DNHVHW]HQ6LHVLFKELWWHJHUDGHXQGUFNHQ6LHDXI GLH6HLWHGLHDPZHLWHVWHQYRQGHP3RVWHQHQWIHUQWLVW :HQQZLUDQJHKDOWHQZHUGHQEHZHJHQ6LHVLFKQLFKW5H GHQ6LHQLFKWKDOWHQ6LHVLFKHLQIDFKVWLOOXQGWXQ6LHVR DOVZlUHPLW,KQHQDOOHVLQ2UGQXQJ+DEHQ6LHGDVYHU VWDQGHQ"© ª+PP©PDFKWH-DNH(UODJDXIGHU6HLWHGDV*HVLFKW WLHILQVVFKZDU]H.XQVWOHGHUGHV5FNVLW]HVJHGUFNW

ª-DNHNRPPHQ6LHKRFK© :LGHUVWUHEHQGULFKWHWHVLFKGHU5HSRUWHUDXI6FDUER URXJKEUDFKWHVHLQ]HU]DXVWHV+DDULQ2UGQXQJXQG]RJ VHLQ+HPG]XUHFKWVRJXWHVJLQJ+RIIHQWOLFKZUGHGHU :DFKWSRVWHQQLFKWLQGHQ:DJHQKLQHLQULHFKHQ'HUDUPH -DNHVWDQNHLQIDFKHUElUPOLFK ª:DFKWSRVWHQGLUHNWYRUXQV©NQGLJWH0DUVKDDQ6LH KROWHWLHI/XIWXQGPDFKWHVLFKDXIGDVJHIDWZDVNRP PHQZUGH 'HU6ROGDWVHLQHP.ROOHJHQ]XP9HUZHFKVHOQlKQOLFK ZLQNWHLKQHQXQGIRUGHUWHVLHDXIDQ]XKDOWHQ ª1DDOVR©PXUPHOWH0DUVKDOHLVHªLPPHUKLQ VFKZHQNWHUQLFKWVHLQH.QDUUH© ª(UVLHKWDXFKQLFKWEHVRQGHUVEHXQUXKLJWRGHUHUUHJW DXV,FKIUDJHPLFKZDUXPHUXQVEHUKDXSWDQKlOW© 6LHEUHPVWHGLFKYRUGHP7RU 'HU0DQQEHXJWHVLFKPLWIUHXQGOLFKHP/lFKHOQDXIGHU )DKUHUVHLWH]XP)HQVWHUKHUXQWHUª(QWVFKXOGLJHQ6LH GDLFK6LHDQJHKDOWHQKDEH/LHXWHQDQW'DUILFKELWWH ,KUHQ$XVZHLVVHKHQ"© ª*LEWHVHLQ3UREOHP"© ª-DLFKNDQQDXI,KUHP$XWRNHLQHQ$XINOHEHUHQWGHN NHQ© ª2KGDVLVWHV5LFKWLJGHU:DJHQJHK|UWHLQHP )UHXQGHVLVWJDUQLFKWPHLQHU© ª.HLQH6RUJH,KUH=XODVVXQJEUDXFKHLFKDXFKQLFKW ,FKZROOWHPLFKQXUYHUJHZLVVHUQ©(UEHWUDFKWHWHGLH(LQ WUDJXQJHQXQGGDV)RWRDXI0DUVKDV$XVZHLVGDQQYHU JOLFKHUVLHPLWGHP%LOGª-DGDVVFKHLQWLQ2UGQXQJ]X VHLQ:LHLFKVHKHNRPPHQ6LHYRQ:ULJKW3DWWHUVRQ"© ª5LFKWLJ© ª,FKZDUPDOGRUWVWDWLRQLHUW©(UEOLFNWH]XUZHLWHQ :VWHQODQGVFKDIWKLQDXVª8QGLFKGDFKWHVFKRQGRUW ZlUHHVODQJZHLOLJ© 0DUVKDODFKWHIUHXQGOLFKª-DLFKZHLZDV6LHPHLQHQ 6RZlUHGDVGDQQDOOHV6ROGDW"© :LHDXIHLQ6WLFKZRUWNOLQJHOWHGDV7HOHIRQLQGHU :DFKVWXEHDOVVLHGDV:RUW!DOOHVDXVVSUDFK ª2KHLQ$QUXIGDVLVWVHKUXQJHZ|KQOLFK:UGHQ6LH

ELWWHQRFKHLQHQ$XJHQEOLFNZDUWHQ/LHXWHQDQW",FK P|FKWH6LHQRFKHWZDVIUDJHQ© 'DV7HOHIRQNOLQJHOWHZLHGHU 5LHIHQ6LHDQGDHUGLH$XVIDKUWVSHUUHQVROOWH":DV VRQVWNRQQWHHVVHLQ"6FDUERURXJKVSUWHZLHVLFKVHLQH 0XVNHOQXQZLOONUOLFKYHUNUDPSIWHQ ª+|UHQ6LH6ROGDWZLUKDEHQHVHWZDVHLOLJ©'DV7HOH IRQNOLQJHOWHZLHGHUª:DVZROOWHQ6LHGHQQIUDJHQ"© ª,FKKlWWHQXUJHUQHJHZXWZLHODQJH6LHZRKOLQ1HZ 0H[LFREOHLEHQ"© ª8QJHIlKUHLQH:RFKH©6LHOlFKHOWHLKQDQª'DVKLHU VLQGPHLQH%UGHU,FKKDEHVLHKHUXPJHIKUW0|FKWHQ 6LHYLHOOHLFKWPDOHWZDVWULQNHQRGHU]XP$EHQGHVVHQ DXVJHKHQ"© ª-DDOVR© ª6LHN|QQHQPLFKEHU&RORQHO1RUWKV%URHUUHLFKHQ 5XIHQ6LHPLFKPRUJHQDQRND\"© ª.ODUMDDEHUVLFKHUGRFK© (VNOLQJHOWHZLHGHU ª.|QQHQZLUMHW]WIDKUHQ"© ª2MDQDWUOLFK©(WZDVYHUGXW]WXQGEHUJOFNOLFK GDHUHLQH9HUDEUHGXQJKDWWHPDUVFKLHUWHGHU6ROGDW]XU :DFKKWWHXQGOHJWHGHQ6FKDOWHUXPGHUGLH6SHUUH|II QHWH1RFKZlKUHQGVLFKGHU6FKODJEDXPKREQDKPHU GHQ+|UHUDE 0DUVKD0DQQLQJYHUVFKZHQGHWHNHLQH=HLW6REDOGGHU 6FKODJEDXPKRFKJHQXJZDUXPGDUXQWHUKLQGXUFK]X IDKUHQJDEVLH*DVXQGEHVFKOHXQLJWHHQHUJLVFK ª&DPGHQVHKHQ6LHVLFKXPXQGEHREDFKWHQ6LHZDV KLQWHUXQVSDVVLHUW© ª,FKGDFKWHLFKGDUIPLFKQLFKWEHZHJHQ© ª1HXH$QZHLVXQJYRQREHQ© ª,FKELQJDUQLFKWVRVLFKHURELFKPLFKEHUKDXSWEH ZHJHQZLOO,FKIKOHPLFKWRWDOVWHLI0DQQ8QGLFK JODXEHLFKZHUGHJOHLFKGDV%HZXWVHLQYHUOLHUHQ© ª'DQQWXQ6LHGDVGRFKHQGOLFKGDPLWZHQLJVWHQVLFK XQJHKLQGHUWKLQDXVVHKHQNDQQ©VDJWH6FDUERURXJK &DPGHQEUDFKDXIGHP6LW]]XVDPPHQXQG6FDUER URXJKGUHKWHVLFKXP

'HU0DQQWHOHIRQLHUWHLPPHUQRFK )DOVFKHU$ODUP":HQQGLH1DFKULFKWJHODXWHWKlWWHGD DOOH)DKU]HXJH]XEHUSUIHQVHLHQGDQQZlUHGHU0DQQ OlQJVWZLHGHUDXIGLH6WUDHJHUDQQWXQGKlWWHKLQWHUKHU JHVFKRVVHQ2GHUSDVVLHUWHVRHWZDVQXULQ)LOPHQ" $XIMHGHQ)DOONOHEWH0DUVKDV)XDXIGHP*DVSHGDO GDV7RUVFKUXPSIWHKLQWHULKQHQ]XHLQHPNOHLQHQ3XQNW XQGVLHZDUHQLQ5LFKWXQJ+LJKZD\XQWHUZHJV ª2EHULQ]ZLVFKHQ%HVFKHLGZHL"© ª2KZHQQVLHHVELVKHUQRFKQLFKWZLVVHQGDQQZHUGHQ VLHHVEDOGKHUDXVILQGHQ©VDJWH0DQQLQJ6LHSDFNWHGDV /HQNUDGIHVWHUXQGVFKREHQWVFKORVVHQGDV.LQQYRUª:LU KDEHQMDUHLFKOLFK6SXUHQKLQWHUODVVHQ© ª(VZlUHMHW]WQLFKWVFKOHFKW©PXUPHOWH6FDUERURXJK ªZHQQZLUGHQ:DJHQZHFKVHOQN|QQWHQ(LQHQ:DJHQ ZLHGLHVHQKLHUN|QQHQVLHOHLFKWILQGHQ© ª6LFKHULFKKDOWHJOHLFKPDOEHL-RHV*HEUDXFKWZDJHQ ODGHQDQGHU(FNHGDN|QQHQZLUHLQHQQHXHQNDXIHQ© ª%ULQJXQVHLQIDFKQDFK$OEXTXHUTXH0DUVKD0HKU YHUODQJHLFKJDUQLFKWYRQGLU© ª8QGYRQGRUWDXVNRPPVWGXDOOHLQ]XUHFKW"© 6FDUERURXJKGHXWHWHPLWGHP'DXPHQ]XP5FNVLW] ª0LWLKPLVWMDLP$XJHQEOLFNQLFKW]XUHFKQHQ© 6LHUDVWHQEHUGHQVFKZDU]HQ$VSKDOWGHUGLH:VWH VFKQXUJHUDGH]HUVFKQLWW 'HQ:LQQHEDJRVDKHQVLHDOVVLHHLQHQ)HOVYRUVSUXQJ SDVVLHUWKDWWHQ'HU:RKQZDJHQVWDQG]XU+lOIWHDXIGHP 5DQGVWUHLIHQGLHDQGHUH+lOIWHUDJWHLQLKUH)DKUEDKQGHU ]ZHLVSXULJHQ6WUDHKLQHLQ9RUGHP:RKQZDJHQZDU DXIGHU6WUDHHLQH:DUQIDFNHODXIJHVWHOOWZRUGHQGLH JUHOOOHXFKWHWHXQGHLQHGXQNOH5DXFKVlXOHLQGLHNODUH 1DFKPLWWDJVOXIWDXIVWHLJHQOLH ª'DVVLHKWDXVDOVKlWWHQVLHHLQH5HLIHQSDQQHRGHUVR© EHPHUNWH0DUVKD6LHWLSSWHOHLFKWDXIGLH%UHPVH ª-D© ª6ROOHQZLUKDOWHQXQGLKQHQKHOIHQRGHUVROOHQZLUOLH EHUZHLWHUIDKUHQ"© ª'XGHQNVWLQGLHJOHLFKH5LFKWXQJZLHLFKZDV"'X

IUDJVWGLFKZRKOZDVZlUHZHQQXQVHU$XWRDXIHLQPDO HLQHQ0RWRUVFKDGHQEHNlPHVRGDXQVQLFKWVDQGHUHV EULJEOLHEHDOV]XKDOWHQXQGLKQHQ]XKHOIHQZRUDXIKLQ ZLUVLHELWWHQN|QQWHQXQVQDFK$OEXTXHUTXHPLW]XQHK PHQ© ª6RHWZDVKDEHLFKPLULQGHU7DWEHUOHJW/DVVHQZLU GHQ&HOLFDGRFKHLQIDFKVWHKHQ'LH$LU)RUFHZLUGLKQ EDOGILQGHQXQGPHLQ)UHXQGZLUGLKQ]XUFNEHNRP PHQ$OOHUGLQJVZLUGHUGDQDFKZRKOQLFKWPHKUPHLQ )UHXQGVHLQ© 6FDUERURXJKJUXQ]WHª'DQQVLHKWHVZRKOVRDXVDOV VROOWHQZLUKDOWHQ© 0DUVKDVWLHJKlUWHUDXIGLH%UHPVHOHQNWHGHQ:DJHQ DXIGHQ5DQGVWUHLIHQXQGKLHOWNXU]KLQWHUGHP:RKQZD JHQDQ6LHVFKDOWHWHGLH=QGXQJDXVXQGVLHVWLHJHQDXV 'DVJUHOOH6RQQHQOLFKWEOHQGHWHVLH +LQWHUGHP:RKQZDJHQDUEHLWHWHQ]ZHL0lQQHU:LH HVDXVVDKZDUWDWVlFKOLFKHLQ5HLIHQSODWW6LHZDUHQJH UDGHGDPLWEHVFKlIWLJWGDVVFKZHUH)DKU]HXJDQ]XKHEHQ KDWWHQDEHUDQVFKHLQHQG3UREOHPHPLWGHPK\GUDXOL VFKHQ:DJHQKHEHU ª+DOOR©ULHI6FDUERURXJKª:LUKDEHQJHVHKHQGD6LH HLQH3DQQHKDEHQ:LUKDEHQDXFKHLQH6ROOHQZLUXQV]X HUVWXP,KUHQ:DJHQNPPHUQ"© 'LHEHLGHQ0lQQHUEOLFNWHQDXIXQGGUHKWHQVLFK]XLK QHQKHUXP (LQHUZDUMQJHUYLHOOHLFKW(QGH=ZDQ]LJ(UWUXJHLQ /DFRVWH+HPGPLWJUQHQ6WUHLIHQ%OXHMHDQVXQG7HQ QLVVFKXKH'HU]ZHLWHlOWHUH0DQQKDWWHHLQJHOEURWHV+D ZDLLKHPGDQGDVZHLWELV]XP%DXFKKHUXQWHUDXIJH NQ|SIWZDUXQGHLQHZHLH7HQQLVKRVH ª$EHUVLFKHUGRFK0U6FDUERURXJK©VDJWHGHUlOWHUH ª'DVZlUHVHKUIUHXQGOLFKYRQ,KQHQ©

.DSLWHO (UKDWWH.RSIVFKPHU]HQ 6HLQ.RSIIKOWHVLFKPLHVDQ(LQVSLW]HU6FKPHU]DOV KlWWHPDQLKPHLQHQ.RUNHQ]LHKHULQGHQ1DFNHQJH GUHKW 6FDUERURXJKZDFKWHDXI:LHVRZDFKWHHUDXI"+DWWHHU GHQQJHVFKODIHQ" (LQHQ=HLWVSUXQJVFKLHQHVQLFKWJHJH EHQ]XKDEHQ'RFKDOVHUOlQJHUGDUEHUQDFKJHGDFKW KDWWHHUNDQQWHHUGDHUVLFKLUUWH$EHUHUZDUVRGXUFK HLQDQGHUGDHUQLFKWZXWHZRKLQHUJHUDWHQZDUXQG HUNRQQWHVLFKDXFKQLFKWHULQQHUQZRHUDEJHKREHQKDWWH 6FDUERURXJKEOLFNWHQDFKYRUQ(UVDDXIGHP%HLIDK UHUVLW]HLQHV)DKU]HXJHVKRFKEHUGHP%RGHQ'UDXHQ YRUGHUJURHQ:LQGVFKXW]VFKHLEHEOHQGHWHJUHOOHV6RQ QHQOLFKW (UKDWWH$QJVWXQGHUIKOWHVLFKDOVZlUHHVDXVXQG YRUEHLPLWLKP ,FKPXKLHUUDXVGDFKWHHU,FKPXVRIRUWKLHUUDXV +DVWLJZROOWHHUGLH7U|IIQHQDEHUVLHZDUYHUULHJHOW 9HU]ZHLIHOWKlPPHUWHHUGDJHJHQXQGGUFNWHQRFKHLQ PDOIHVWDXIGHQ*ULII (VZDU]ZHFNORV 6FDUERURXJKJHULHWLQ3DQLN(UZROOWH]XP)DKUHUVLW] KLQEHUUXWVFKHQGRFKLQGLHVHP$XJHQEOLFNXPILQJLKQ YRQKLQWHQHLQ$UPXQG]RJLKPPLW*HZDOWDXIGHQ%HL IDKUHUVLW]]XUFN ª:DV© ª%HZHJHQ6LHVLFKQLFKW6FDUERURXJK©VDJWHHLQHWLHIH GURKHQGH6WLPPHª'UHKHQ6LHVLFKQLFKWXP© 6FDUERURXJKZDUYLHO]XEHQRPPHQXPVLFKHUQVWKDIW ]XZHKUHQ ª:HUVLQGVLH"©TXHWVFKWHHUKHUDXV'DVZDUQDWUOLFK HLQHGXPPH)UDJHGDFKWHHUVRIRUWGDQDFKGHQQHU ZXWHQXU]XJHQDXZHUHVZDU 6LHZDUHQHV ª(VLVW]XIUKXPXQVRIIHQ]X]HLJHQ© ª6LHKDEHQ'LDQH6LHKDEHQPHLQH7RFKWHU© ª'DVLVWULFKWLJ(YHUHWW6FDUERURXJK9HUJHVVHQ6LHGDV

QLFKW:LUKDEHQLKUH7RFKWHU,KUZLUGQLFKWVJHVFKHKHQ LKUZLUGNHLQ/HLGDQJHWDQXQWHUGHU%HGLQJXQJGD6LH NRRSHULHUHQ© ª:DVVROOLFKGHQQWXQ"© 6FDUERURXJKURFK(DXGH&RORJQH%UXW 'HU0DQQVFKZLHJ(VZDUHLQODVWHQGHVEHGURKOLFKHV 6FKZHLJHQ6FDUERURXJKVSUWHGHQ(LQIOXYRQHWZDV )UHPGHP'LH3HUVRQKLQWHULKPGLH3HUVRQ" EHVDHQ HLQHXQJHZ|KQOLFKHSV\FKLVFKH7LHIHHLQHJURH,QWHOOL JHQ]$EHUZLHNRQQWHHUGDVEHUKDXSWZLVVHQ"IUDJWHHU VLFKVRIRUW (UKDWWHNHLQH=HLWOlQJHUGDUEHUQDFK]XGHQNHQ 'LHWLHIH6WLPPHVSUDFKHQHUJLVFKZHLWHU ª,P+DQGVFKXKIDFKGLHVHV)DKU]HXJVILQGHQ6LHHLQ .DVVHWWHQJHUlW,KUH$QZHLVXQJHQZXUGHQDXI%DQGJH VSURFKHQ© ª,FKYHUVWHKH©6FDUERURXJKZDULQ9HUVXFKXQJHLQ IDFKDXI]XVSULQJHQGHQ0DQQKLQWHULKPDQ]XJUHLIHQ XQGGLH:DKUKHLWDXVLKPKHUDXV]XSUJHOQ(UZROOWHLKQ ]ZLQJHQLKQ]XVHLQHU7RFKWHU]XIKUHQ$EHUGDV*H IKOGHU%HGURKXQJZDUVRVWDUNGD6FDUERURXJKVHLQH JDQ]H:LOOHQVNUDIWDXIELHWHQPXWHXPVHLQH$QJVWQLH GHU]XULQJHQª0HLQH)UHXQGH© ª,KUHQ)UHXQGHQJHKWHVJXW© ª6LHKDEHQDXIXQVJHZDUWHW'LH0lQQHUDP:RKQZD JHQGDVZDUHQ6LH© ª-D6FDUERURXJK6LHPVVHQGLH$QZHLVXQJHQDXI GHP%DQGEHIROJHQ,FKNDQQ,KQHQJDUQLFKWQDFKGUFN OLFKJHQXJVDJHQGD6LHVLFKXQEHGLQJWGDUDQKDOWHQ PVVHQ© ª:HUVLQG6LH":DVZROOHQVLH":DVLVWKLHUORV"© (UEHNDPNHLQH$QWZRUW 6FDUERURXJKVSUWHSO|W]OLFKHLQHQ6WLFKLPOLQNHQ $UPHVURFKQRFKVWlUNHUQDFKHLQHP0lQQHUSDUIP 8QGGDQQVWU]WHHULQGLH'XQNHOKHLWZLHLQNDOWHV VFKZDU]HV:DVVHU $OOPlKOLFKZDFKWH(YHUHWW6FDUERURXJKDXI 'HUHUVWH6FKULWWZDUHLQHVHKUODQJH3KDVHLQGHUHU

]ZLVFKHQY|OOLJHQGXQNOHQ$EVFKQLWWHQ%HZHJXQJHQ VSUWH 'DQQXQYHUPLWWHOWEHJDQQGLH7UDXPSKDVH (UWUlXPWHHUZUGHIDOOHQ(UWUlXPWHYRP)OLHJHQ(U WUlXPWHDOOH7UlXPHQRFKHLQPDOGLHHUELVKHULQVHLQHP /HEHQJHWUlXPWKDWWHSHUV|QOLFKH7UlXPHXQGNODVVLVFKH 7UlXPHDOVOLHIHYRUVHLQHPLQQHUHQ$XJHHLQH$UW5FN VFKDXDEZLHHVDQJHEOLFKGHQ0HQVFKHQJHVFKLHKWGLH LP6WHUEHQOLHJHQ (UVDKVHLQH$OSWUlXPH 'RFKDOV6FDUERURXJKLQVQlFKVWH6WDGLXPGHV(UZD FKHQVKLQEHUJOLWWKDWWHHUNHLQH$QJVW(UHPSIDQGQLFKW HLQPDO8QEHKDQJHQ9LHOPHKUIKOWHHUVLFKHQWVSDQQW XQGIULHGOLFK'LHQlFKVWH3KDVHlKQHOWHHLQHPVDQIWHQ ZHLFKHQ6FKZHEHQ(UG|VWHXQGWULHEVFKZHUHORVLQ HLQHP0HHULQGHPLKQQLFKWV6W|UHQGHVEHUKUHQ NRQQWH ,UJHQGZDQQEHPHUNWHHUGDQQGDGLH%HZHJXQJHQ DXIJHK|UWKDWWHQ (UVFKOLHIZLHGHUHLQ $OVHUJDQ]ZDFKZXUGHIXKUHUVRIRUWHUVFKURFNHQDXI (UKREGHQ.RSIXQGVDKVLFKXP (UODJDXIHLQHU.RMHGLHLQGLH:DQGHLQHVNOHLQHQ5DX PHVHLQJHODVVHQZDU1HEHQVLFKNRQQWHHU]DKOUHLFKH 6FKUlQNHHLQHQ.KOVFKUDQNHLQHQ7LVFKHLQH%DU+RN NHUHLQH&RXFKHLQHQ)HUQVHKHUXQGGUHLRGHUYLHUZHL WHUH.RMHQVHKHQ'HU5DXPURFKQDFKVFKODIHQGHQ0HQ VFKHQDEJHVWDQGHQHP.DIIHHXQGQDFKHLQHU.OLPDDQ ODJH,QGHQDQGHUHQ.RMHQODJHQ]ZHL0HQVFKHQGLH EHLGHVFKOLHIHQ -DNH&DPGHQXQG0DUVKD0DQQLQJ (LQHQ$XJHQEOLFNIKOWH6FDUERURXJKVLFKY|OOLJGHV RULHQWLHUW(UZXWHQLFKWZRHUZDUXQGHUIKOWHVLFK VHKUEHQRPPHQ$EHUHLQ:RUWILHOLKPLPPHUZLHGHUHLQ XQGGDQNGLHVHV:RUWHVNHKUWHQVFKOLHOLFKDXFKGLH(ULQ QHUXQJHQ]XUFNXQGIOOWHQGLH/HHUH 'DV:RUWZDU:LQQHEDJR 6LHEHIDQGHQVLFKLP:RKQZDJHQ (UHULQQHUWHVLFKMHW]WZLHVLHDP6WUDHQUDQGJHKDOWHQ

KDWWHQXQGDXVJHVWLHJHQZDUHQ6LHKDWWHQGLH0lQQHUJH IUDJWREVLH+LOIHEUDXFKWHQ (LQHUYRQLKQHQKDWWHHWZDVDXVGHU7DVFKHJH]RJHQ XQGGDPLWDXIVLHJH]LHOWXQGLQGLHVHP$XJHQEOLFNVHW]WH VHLQH(ULQQHUXQJDXV ,UJHQGZDQQZDUHUGDQQDXIGHP%HLIDKUHUVLW]GHV :RKQZDJHQVNXU]HUZDFKW :DUGDVHLQ7UDXPJHZHVHQ"IUDJWHHUVLFK8QGJDE VLFKVHOEVWGLH$QWZRUWXQGVLHOLHNHLQHQ=ZHLIHO]X 1HLQ'DVZDUGLH5HDOLWlWJHZHVHQ(LQHDXVJHVSUR FKHQEHGUFNHQGH5HDOLWlW 6HLQHHUVWH6RUJHJDOW0DUVKD 6LHODJLQGHU.RMHGLHVHLQHP6FKODISODW]DPQlFKVWHQ ZDU(UVWDQGDXIXQGVFKWWHOWHVLHOHLFKWDP$UP ª0DUVKD©VDJWHHUª0DUVKDZLHJHKWHVGLU"© 6LH|IIQHWHGLH$XJHQEOLQ]HOWHXQGHUNDQQWHLKQ ª+DOOR©VDJWHVLHXQGVWUHFNWHLKPGLH$UPHHQWJHJHQ (UQDKPGLH(LQODGXQJJHUQDQEHXJWHVLFKEHUVLH XPDUPWHVLHXQGNWHVLHHEHQVR]lUWOLFKZLHOHLGHQ VFKDIWOLFK,KUH1lKHOLHGLH$QJVWYRQLKPDEIDOOHQGLH LKQ]XEHUZlOWLJHQGURKWH$EHUVRVFK|QGHU0RPHQW DXFKZDUGLH5HDOLWlWIRUGHUWHLKUHQ7ULEXW :RZDUHQVLH" :DUXPEHIDQGHQVLHVLFKDXIHLQPDOLQGHP:LQQH EDJR" *HQDXGDVIUDJWH0DUVKDDOVVLHVLFKXPJHVHKHQKDWWH ª,FKELQQLFKWVLFKHU©DQWZRUWHWHHULKUª,FKELQVHOEVW DXFKQRFK]LHPOLFKGXUFKHLQDQGHU© ª'LHVH0lQQHUMHW]WHULQQHUHLFKPLFKDQVLH© 6FDUERURXJKEOLFNWH]XPYRUGHP7HLOGHV)DKU]HXJV (LQ9RUKDQJWUHQQWHGLH)DKUHUNDELQHYRP:RKQEHUHLFK ª9LHOOHLFKWVROOWHQZLUXQVHWZDVXPVHKHQYLHOOHLFKWEH NRPPHQZLUVRJDUHLQH&KDQFHPLWGHQ/HXWHQ]XVSUH FKHQGLHXQVJHIDQJHQJHQRPPHQKDEHQ© (UKDWWHHLQHQ9HUGDFKWZHUVLHZDUHQGLH0lQQHU GLHLKQLQGHU1HZ
6FKQHOOKDOIHULKUDXVGHU.RMHXQG]XVDPPHQJLQJHQ VLHQDFKYRUQ]XP9RUKDQJ6FDUERURXJK]RJLKQPLW HLQHP5XFN]XUFNDXIDOOHVJHIDW 'RFKDXHU]ZHLOHHUHQ6LW]HQZDUQLFKWV]XVHKHQ ª(VVFKHLQWVRDOVZlUHQZLUDOOHLQ©VDJWH0DUVKD ª,FKVHKHPLFKPDOGUDXHQXP© ª)DOOVZLUQLFKWHLQJHVSHUUWVLQG© ª'DVZHUGHQZLUJOHLFKZLVVHQ© (UNOHWWHUWHDXIGHQ)DKUHUVLW]XQGZXQGHUWHVLFKZLH EHZHJOLFKXQGHUIULVFKWZLHNUlIWLJHUVLFKIKOWH6RJXW ZDUHUVHLWGHP%HJLQQVHLQHV$EHQWHXHUVQLFKWLQ)RUP JHZHVHQ 'HU7UJULIIOLHVLFKKHUXQWHUGUFNHQXQGGLH7U|II QHWHVLFK(LQ6FKZDOOKHLHUWURFNHQHU/XIWZHKWHKHUHLQ 6FDUERURXJKWUDWDXIGHQ.LHVKLQDXVXQGHQWIHUQWHVLFK HLQ6WFNYRP:DJHQ 'HU:LQQHEDJRVWDQGDP6WUDHQUDQGHLQHV+LJKZD\V ,QHLQHU5LFKWXQJZDUHQ%HUJHHLQ6WFN:VWHXQGHLQ NODUHUEODXHU+LPPHO]XVHKHQ,QGHUDQGHUHQ5LFKWXQJ NRQQWH6FDUERURXJK5HVWDXUDQWV7DQNVWHOOHQHLQHQ*H EUDXFKWZDJHQKDQGHOXQGLQHLQLJHU(QWIHUQXQJGLH6SLW ]HQK|KHUHU*HElXGHDXVPDFKHQGLHLQGHU+LW]HIOLP PHUWHQ'RUWZDUHLQHJU|HUH6WDGW ª(VVLHKWDXVDOVZlUHQZLULPPHUQRFKLUJHQGZRLP 6GZHVWHQGDVLVWPDOVLFKHU©VDJWH0DUVKD6LHULHEVLFK GHQ6FKODIDXVGHQ$XJHQ ª$EHUZR"$UL]RQDYLHOOHLFKW"© ª.DQQVHLQ© ª'DQQKDEHQVLHXQVKHUJHIDKUHQXQGXQVGDQQYHUODV VHQ$EHUZDUXP"© ,P:LQQHEDJRNODSSHUWHXQGSROWHUWHHV ª'HLQ)UHXQG&DPGHQHQWVSULFKWH[DNWGHLQHU%H VFKUHLEXQJ©VDJWH0DUVKDWURFNHQ ª(UKDWMDDXFKHLQH0HQJHGXUFKJHPDFKW© ª,FKKlWWHQLHYHUPXWHWGDGXLKQHLQHV7DJHVPDOLQ 6FKXW]QHKPHQZUGHVW© ª:LUVROOWHQOLHEHUZLHGHUHLQVWHLJHQXQGVHKHQZLHHV LKPJHKW© 6LHNOHWWHUWHQEHUGLH6LW]HLQGHQKLQWHUHQ7HLOGHV

:RKQZDJHQV]XUFN,P.FKHQEHUHLFKPLWWHQ]ZL VFKHQ7|SIHQ3IDQQHQXQGDQGHUHQ8WHQVLOLHQGLHDXI GHP%RGHQYHUVWUHXWODJHQVWDQG-DNH&DPGHQ(UVWDUUWH VLHPLWJURHQ$XJHQDQXQGVDJWHª+DOORLKUEHLGHQ .|QQWLKUPLUPDOKHOIHQ",FKZROOWHPLUJHUDGHHLQHQ.DI IHHPDFKHQ© 6FDUERURXJKODFKWHHUOHLFKWHUWª-DLFKJODXEHGDVOlW VLFKHLQULFKWHQ-DNH© ª'LH0LOFKKDEHLFKJHIXQGHQ'HU.KOVFKUDQNLVWPLW /HEHQVPLWWHOQYROOJHVWRSIW1XUGHQ.DIIHHNDQQLFKQLFKW HQWGHFNHQhEULJHQVZRELQLFKKLHUHLJHQWOLFK"© ª-DNH6LHEHILQGHQVLFKLQHLQHP:LQQHEDJR© ª,QHLQHP:LQQHEDJR",QHLQHP:RKQZDJHQ"© ª*HQDX© -DNH&DPGHQYHU]RJGDV*HVLFKW(UZXWHRIIHQEDU QLFKWVPLWGHU$QWZRUWDQ]XIDQJHQGRFKGDQQ]XFNWHHU GLH6FKXOWHUQXQGEHJDQQZLHGHUQDFK.DIIHH]XVXFKHQ ª.|QQWHQ6LHXQVDXFKHLQHQ.DIIHHPDFKHQ-DNH"© IUDJWH6FDUERURXJK ª:DVKDEHQ6LHYRU(Y"© 6FDUERURXJKZDUVFKRQZLHGHU]XP)DKUHUKDXVXQWHU ZHJV 'HU7UDXP(UKDWWHJHWUlXPWDXIGHP%HLIDKUHUVLW] GHV:LQQHEDJR]XVLW]HQ$EHUHVZDUNHLQ7UDXPJHZH VHQ -HW]WHULQQHUWHHUVLFK'DV%DQGGHU.DVVHWWHQVSLHOHU LP+DQGVFKXKIDFK (UOLHVLFKDXIGHQ%HLIDKUHUVLW]IDOOHQXQG|IIQHWHGDV +DQGVFKXKIDFKGDVQLFKWYHUVFKORVVHQZDU ª,FKVXFKHHLQH$UW=XODVVXQJ,FKP|FKWHZLVVHQZHP GDV)DKU]HXJJHK|UW©(UZROOWHVHLQH*HIlKUWHQQLFKWEH XQUXKLJHQXQGYHUVFKZLHJLKQHQGLHVFKUHFNOLFKH%HGUR KXQJGLHHUHPSIXQGHQKDWWHVHLQ(QWVHW]HQVHLQH $QJVW )DKU]HXJSDSLHUHIDQGHUQLFKWDEHUGDIUHLQHQ:DON PDQYRQ6RQ\PLWHLQHPNOHLQHQ/DXWVSUHFKHU 0DUVKDVHW]WHVLFKDXIGHQ)DKUHUVLW]XQGVWDUUWHGDV *HUlWDQGDV6FDUERURXJKQDFKGHQNOLFKLQGHU+DQG ZRJ

ª0HLQH*WH©VDJWHVLHª'HU:HLKQDFKWVPDQQZDU GD© ª,FKJODXEHPLUEOHLEWNDXPHWZDVEULJDOVGLH$QZHL VXQJHQ]XEHIROJHQ© 6FDUERURXJKGUFNWHDXIª3OD\© (LQHQ$XJHQEOLFNZDU5DXVFKHQ]XK|UHQGDQQEHJDQQ HLQH6WLPPH]XVSUHFKHQ 'LHVH%RWVFKDIWLVWIU(YHUHWW6FDUERURXJKEHVWLPPW %LWWHQHKPHQ6LH]XU.HQQWQLVGD6LHLQHLQHP)DKU ]HXJVLW]HQGHVVHQ%HQ]LQWDQNJHIOOWLVW'DV)DKU]HXJLVW LQHLQZDQGIUHLHP=XVWDQG+LQWHQVLQGUHLFKOLFK9RUUlWH XQGIULVFKH.OHLGXQJIU6LHXQG,KUH%HJOHLWHUJHODJHUW,P +DQGVFKXKIDFKZHUGHQ6LHNHLQH=XODVVXQJILQGHQDEHU 6LHZHUGHQVLHK|FKVWZDKUVFKHLQOLFKRKQHKLQQLFKWEUDX FKHQ%LWWHEHDFKWHQ6LHDEHUGDGRUWHLQ8PVFKODJPLW IQIWDXVHQG'ROODULQ+XQGHUWGROODUQRWHQOLHJW 6LHEHILQGHQVLFKDXJHQEOLFNOLFKHLQ6WFNDXHUKDOEGHU 6WDGW3UHVFRWW$UL]RQD :LUKDEHQ,KUH7RFKWHU'LDQH6FDUERURXJK6LHLVWLQ6L FKHUKHLWXQGHVJHKWLKUJXWXQGVRZLUGHVEOHLEHQZHQQ 6LHZHLWHUKLQPLWXQVNRRSHULHUHQ )UGHQ$XJHQEOLFNN|QQHQ6LHWXQXQGODVVHQZDV6LH ZROOHQ(VLVWQLFKWGHUULFKWLJH$XJHQEOLFNXPGLUHNW PLW,KQHQ.RQWDNWDXI]XQHKPHQ:HQQGHU=HLWSXQNW NRPPWZHUGHQZLUXQVPHOGHQ %LVGDKLQOHEHQ6LHZRKO0U6FDUERURXJK(LQHV7DJHV ZHUGHQZLUDOOHLKUH)UDJHQEHDQWZRUWHQ 'DV%DQGUDXVFKWHQXUQRFK ª$EHUZHUVLQGGLHVH/HXWH"©IUDJWH0DUVKDGDVOD VWHQGH6FKZHLJHQGXUFKEUHFKHQG ª+DEHLFKUHFKWJHK|UWGDMHPDQGIQIWDXVHQG'ROODU HUZlKQWKDW"©VDJWH&DPGHQ(UOXJWHVWUDKOHQGGXUFKGHQ 9RUKDQJ 3O|W]OLFKZXUGHHV6FDUERURXJK]XHQJLP)KUHUKDXV (UKDWWHGDV*HIKODOV]|JHVLFKGDV0HWDOOXQG3ODVWLNGHV :RKQZDJHQVXPLKQ]XVDPPHQXQGZROOHLKQHUGURV VHOQ

ª,FKPXKLHUUDXV©VDJWH6FDUERURXJKPLWHUVWLFNWHU 6WLPPH (UYHUVWDXWHGHQ:DONPDQZLHGHULP+DQGVFKXKIDFK GUFNWHGLH7UGHV:RKQZDJHQVDXIVSUDQJDXIGHQ 6FKRWWHUKLQDXVXQGOLHIHLQLJH6FKULWWHKLQHLQLQGLHUDXKH YRQZHQLJHQ%VFKHQXQG.DNWHHQEHOHEWH/DQGVFKDIW 'LH+LW]HKOOWHLKQHLQGLH6RQQHVWUDKOWHDXILKQKHUXQWHU ZLHHLQ6FKHLQZHUIHUDXIHLQHUJURHQ%KQH ª(YHUHWW(YHUHWW©ULHI0DUVKDLKPKLQWHUKHUª$OOHVLQ 2UGQXQJ"© ª,FKEUDXFKHHWZDV=HLW©ULHIHU]XUFNGLH:RUWH HEHQVRDQVHLQH*HIlKUWHQJHULFKWHWZLHDQVLFKVHOEVWª,FK PXHLQH:HLOHDOOHLQVHLQ© 6LHIROJWHLKPQLFKWXQG6FDUERURXJKZDULKUGDQNEDU GDIU(UZDULQQHUOLFK]HUULVVHQYRU)XUFKWXQG=RUQHU ZXWHQLFKWZRKLQXQGKDWWHWURW]GHUQGDV%HGUIQLVHW ZDV]XWXQ 1DFKXQJHIlKUKXQGHUW0HWHUQKDWWHHUHLQH*UXSSH .DNWHHQHUUHLFKWXQGVHW]WHVLFKGRUWDXIHLQHQIODFKHQ 6WHLQ(UVWMHW]WEHPHUNWHHUGDLKPGLH7UlQHQLQGHQ $XJHQVWDQGHQ 'LDQHGDFKWHHU'LDQH 'LH:RUWHYRQ(G0\HUVXQG-XOLD&XQQLQJKDPKDWWH VLFKLKPXQDXVO|VFKOLFKHLQJHSUlJW 'LH$QGHUHQ 'LH$QGHUHQ ([LVWLHUWHQVLHHWZDZLUNOLFK" :DUHQVLHZLUNOLFKKLHU" $EHUZHUZDUHQVLHEHUKDXSW" 8QGZDVLQ*RWWHV1DPHQZROOWHQVLHYRQLKP" (UEOLHEHLQH:HLOHVLW]HQELVGLH:lUPHVHLQH7UlQHQ JHWURFNQHWKDWWH 8QGGDQQHULQQHUWH(YHUHWW6FDUERURXJKVLFKDQGHQ%H ULFKWDQGLH3DSLHUHGLHHUYRP6FKUHLEWLVFKJHVFKQDSSW XQGLQVHLQH+RVHQWDVFKHJHVWRSIWKDWWH=|JHUQGIDVWZL GHUVWUHEHQG]RJHUVLHKHUYRUXQGIDOWHWHVLHDXI (UODV $OVHUIHUWLJZDUOHJWHHUVLHVRUJIlOWLJZLHGHU]XVDPPHQ XQGVWHFNWHVLHLQGLH*HVlWDVFKH]XUFN

'DQQKRFNWHHUVLFKDXIGLH.QLHEDOOWHGLH+lQGH]X )lXVWHQXQGELVLFKDXIGLH8QWHUOLSSHELVHU%OXW VFKPHFNWH $OVHUHQGOLFKGLH*HIKOHDEVFKWWHOQNRQQWHGLHLKQ EHUPDQQWKDWWHQVWDQGHUDXIXQGKROWHHLQ]ZHLPDO WLHI/XIW 'DQQEOLFNWHHU]XU:VWHKLQDXV]XGHQIHUQHQ%HUJHQ KLQEHUXQGKLQDXI]XPNDOWHQKHOOEODXHQ+LPPHO(U ZQVFKWHHUZlUHWRW $EHUQHLQ(UZDUQLFKWWRW(UOHEWHXQGLUJHQGMHPDQG KDWWH'LDQHLQVHLQHU*HZDOW (UPXWHKHUDXVILQGHQZHUGLHVHU-HPDQGZDU (QWVFKORVVHQVWDQGHUDXIXQGNHKUWH]XVHLQHQ)UHXQ GHQ]XUFNGLHLP:RKQZDJHQDXILKQZDUWHWHQ