Die Einmann-Operation

3HUU\5KRGDQ3ODQHWHQURPDQ ',((,10$1123(5$7,21 (LQVDW]DXI/DVKDWGHU6HXFKHQZHOW (LQ5RQDOG7HNHQHU$EH...

Author: Francis H G

22 downloads 619 Views 287KB 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

3HUU\5KRGDQ3ODQHWHQURPDQ ',((,10$1123(5$7,21 (LQVDW]DXI/DVKDWGHU6HXFKHQZHOW (LQ5RQDOG7HNHQHU$EHQWHXHUYRQ+*)5$1&,6 (5,&+3$%(/9(5/$*.*5$67$77%$'(1 3ULQWHGLQ*HUPDQ\ 2NWREHU -DKUHQDFKGHP=HUIDOOGHV9HUHLQWHQ,PSHULXPVXQGGHU*DODNWLVFKHQ $OOLDQ]PDQVFKULHEGDV-DKUQ&KUYHUIJWH7HUUDEHU 3ODQHWHQLQ6RQQHQV\VWHPHQ'D]XNDPHQQRFK:HOWHQGHU VRJHQDQQWHQ$XHQULQJJDWWXQJ'LH+HLPZHOW7HUUD6LW]GHU6RODUHQ 5HJLHUXQJXQG/HEHQVNHLPGHV6WHUQHQUHLFKVZLHVHLQH%HY|ONHUXQJYRQ 0LOOLDUGHQ0HQVFKHQDXI'LH$XVZDQGHUXQJ]XQHXHQWGHFNWHQRGHUQRFK QLFKWYROOHUVFKORVVHQHQ3ODQHWHQZXUGHPLWDOOHQ0LWWHOQJHI|UGHUW 1DFKGHU9HUQLFKWXQJYRQ$UNRQ,,,KDWWHVLFKGDVDOWH$UNRQLGHQUHLFKLP 9HUODXIGHU-DKUHLQPHKUDOVWDXVHQG,QWHUHVVHQYHUElQGHDXIJHVSOLWWHUW (KHPDOLJH*RXYHUQHXUHPDFKWHQLKUH%HVLW]DQVSUFKHJHOWHQG 'LH$NRQHQEHPKWHQVLFKPLWDOOHQ0LWWHOQGLH$UNRQLGHQNRORQLHQ]X EHUQHKPHQ6SULQJHU$UDV$QWLVXQGHWZD]ZHLWDXVHQGDQGHUH9|ONHUGLH DXVGHP$UNRQLGHQVWDPPKHUYRUJHJDQJHQZDUHQYHUVXFKWHQ]XUHWWHQZDV QRFK]XUHWWHQZDU 'DV*URUDXPJHELHWGHU0LOFKVWUDHZDU]XHLQHPJHIlKUOLFKHQ'VFKXQJHO ]ZLVFKHQGHQ6WHUQHQJHZRUGHQ(VZDUHLQH.XQVWIUVLFK%HGUlQJWHQ]X KHOIHQ0lFKWLJHLQLKUH6FKUDQNHQ]XZHLVHQXQGGLH,QWHUHVVHQGHU 0HQVFKKHLW]XZDKUHQ 2IIHQHPLOLWlULVFKH$NWLRQHQYHUERWHQVLFKXQWHUGLHVHQ8PVWlQGHQYRQ VHOEVWGDMHGH'HPRQVWUDWLRQGHU6WlUNHQHXH0DFKWEDOOXQJHQXQWHUGHQ *HJQHUGHV6RODUHQ,PSHULXPVKlWWHSURYR]LHUHQN|QQHQ 'HU+DXWIOJOHUVWRENUHLVFKHQGDXIXQGIORJIODWWHUQGELVXQWHUGDV 'DFKJHVWHOOGHV9HUNDXIVVWDQGV'RUWNDXHUWHHUVLFKDXIHLQH+RO]OHLVWH IOHWVFKWHGLH=lKQHXQGJDEHLQODXWHV=LVFKHQYRQVLFK *RUPDQ*RXOGOHJWHGLH+lQGHYRUGHU%UXVW]XVDPPHQVRGDGLH )LQJHUVSLW]HQVHLQElUWLJHV.LQQEHUKUWHQ(UYHUQHLJWHVLFKYRUGHP5HSWLO (XHU*QDGHQP|JHQPLUYHU]HLKHQVDJWHHULURQLVFK,FKZDUHWZDV XQDFKWVDP

6HLQH%OLFNHZDQGHUWHQ]XGHP$UNRQLGHQGHULQHLQHPVFKDWWLJHQ:LQNHO GHV9HUNDXIVVWDQGHVVDXQGYRUVLFKKLQG|VWH'HU$UNRQLGHKDWWH VFKXOWHUODQJHV+DDUGDVIHWWLJDXVVDK'LHU|WOLFKHQ$XJHQODJHQWLHILQGHQ +|KOHQXQWHUVFKZHUHQ/LGHUQ%HNOHLGHWZDUGHU+lQGOHUPLWlUPOLFK ZLUNHQGHP=HXJGDVPLWSULPLWLYHQ0LWWHOQJHIOLFNWZRUGHQZDU :DVZLOOVWGX7HUUDQHU"IUDJWHGHU$UNRQLGH (LQH$XGLHQ]0RUDQHUZLGHUWH*RUPDQ*RXOG,FKP|FKWHGHQ +DQGHOVIUVWHQYRQ/XPEHUVSUHFKHQ(VLVWZLFKWLJ :LFKWLJIUGLFKQHKPHLFKDQ,VWHVDXFKZLFKWLJIUPLFK" ,FKGHQNHVFKRQ 0RUDQHUKREVLFKVHXI]HQG(UZDUVRJURGDVHLQ.RSIGDV'DFKJHVWHOO GHV9HUNDXIVVWDQGVEHUKUWH'HU+DXWIOJOHUVSUDQJ]LVFKHQGDXILKQ]XXQG JUXEVHLQH.UDOOHQLQGDV+DDUGHV$UNRQLGHQ'LHVHUXPILQJGDV5HSWLOXQG KREHVYRUVLFKWLJDQELVVLFKGLH.UDOOHQDXVGHP+DDUO|VWHQ *RUPDQ*RXOGZDUWHWHYRUGHP6WDQGGHUPLW2EVW*HPVHXQG*HZU]HQ EHODGHQZDU'XUFKHLQHQ6SDOWLQGHU=HOWSODQHNDPHLQMXQJHU$NRQH'HU 7HUUDQHUVFKlW]WHLKQDXIHWZDDFKW-DKUH*HVFKlIWVWFKWLJZLQNWHGHU $NRQHHLQLJH)UDXHQ]XVLFKKHUDQXQGYHUVXFKWHLKQHQHLQLJH:DUHQ]X YHUNDXIHQ *RUPDQ*RXOGIROJWHGHP$UNRQLGHQLQHLQ+RFKKDXVGDVVLFKXQPLWWHOEDU KLQWHUGHQ9HUNDXIVVWlQGHQHUKRE:lKUHQG0RUDQDP7UVFKOR KHUXPKDQWLHUWHEOLFNWHGHU7HUUDQHUVLFKXP(UEHIDQGVLFKDXIHLQHP 0DUNWGHUHLQHQ3ODW]YRQHWZDYLHU4XDGUDWNLORPHWHUQHLQQDKP=HOWUHLKWH VLFKDQ=HOW,QWHOOLJHQ]HQDXVDOOHQ%HUHLFKHQGHU*DOD[LVGUl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|UWHQDXFK,QIRUPDWLRQHQ 'LH7UGHV+RFKKDXVHVVSUDQJDXI0RUDQJDEGHP7HUUDQHUHLQHQ:LQN .RPPKHU]XPLUVDJWHHU(VJLEWJHZLVVH6LFKHUXQJHQJHJHQ XQJHEHWHQH*lVWHLQGLHVHP+DXV'HVKDOELVWHVEHVVHUZHQQGXQHEHQ PLUELVWZHQQGHU,QGLYLGXDOWDVWHUPLFKHUIDW 6LFKHUXQJHQGLHVHU$UW"IUDJWH*RXOGZlKUHQGHU]XGHP$UNRQLGHQJLQJ 8QGGXPXWGLFKLKQHQEHXJHQ",QGHLQHPHLJHQHQ+DXV" 0RUDQODFKWHVFKDOOHQGDXI 0HLQHLJHQHV+DXV":RYRQVROOWHLFKHVZRKOHUZRUEHQKDEHQ"$XVGHQ *HZLQQHQGLHLFKEHLP9HUNDXIYRQ*HZU]HQ2EVWXQG*HPVHHU]LHOH"

(UIKUWHGHQ7HUUDQHU]XHLQHU7UGLHVLFKYRULKP|IIQHWH 7ULWWHLQLQPHLQHEHVFKHLGHQH+WWHVDJWHHU *RXOGJLQJDQLKPYRUEHLLQHLQHQlUPOLFKHLQJHULFKWHWHQ5DXP,QGHU0LWWH GHV5DXPHVVWDQGHLQ+RO]WLVFKGHVVHQ3ODWWHVLFKYHU]RJHQKDWWH(LQ 7LVFKEHLQZDUDXIKDOEHU+|KHDEJHEURFKHQ0RUDQKDWWH%FKHUXQWHUGHQ 6WXPSIJHOHJWXPGHQ7LVFKDE]XVWW]HQ$XIGHP%RGHQODJHQ+XQGHUWH YRQ3lFNFKHQXQG3DNHWHQGLHWHLOZHLVHQRFKJDUQLFKWJH|IIQHWZDUHQ(LQH IDXVWJURH6SLQQHKDWWHHLQ1HW]HUULFKWHWGDVTXHUEHUGDVJDQ]H)HQVWHU UHLFKWH'XW]HQGHYRQ,QVHNWHQKDWWHQVLFKGDULQYHUIDQJHQXQGZDUHQGHU 6SLQQH]XP2SIHUJHIDOOHQ6WDXEZLUEHOWHXQWHUGHQ)HQGHV7HUUDQHUV DXI 'LH7UVFKORVLFKKLQWHU0RUDQ:LUVLQGDOOHLQVDJWHHU1LHPDQGNDQQ XQVK|UHQ:DVJLEWHV" ,FKEUDXFKH,QIRUPDWLRQHQHUZLGHUWH*RXOG7DXVHQGHYRQWHUUDQLVFKHQ +DQGHOVUDXPHUQVLQGLP9HUODXIGHVOHW]WHQ-DKUHVDXILKUHP)OXJ]XGHQ +DQGHOVZHOWHQGHV6RODUHQ,PSHULXPVYHUVFKZXQGHQ6SXUORV ,FKZHLDXFKQLFKWZRVLHJHEOLHEHQVLQGHQWJHJQHWHGHU$UNRQLGH JHODQJZHLOW 0DJVHLQVDJWH*RXOG$EHUZLHVWHKWHVPLWGHQ:DUHQ"7DXVHQGHYRQ +DQGHOVUDXPHUQKDEHQ:DUHQPDVVHQJU|WHQ8PIDQJVPLWVLFKJHIKUW 'LHPHLVWHQYRQLKQHQODVVHQVLFKNODULGHQWLIL]LHUHQ6LHN|QQHQDOVRQLFKW VRRKQHZHLWHUHVYHUNDXIWZHUGHQZHQQVLH]XP%HLVSLHOKLHUDXI/XPEHU DQJHERWHQZHUGHQ 0RUDQVFKWWHOWHGHQ.RSI :DVVROOGHU8QVLQQ"IUDJWHHU,FKZHLQLFKWVYRQVROFKHQ:DUHQ 'LH*HVWDOWGHV7HUUDQHUVVWUDIIWHVLFK*RUPDQ*RXOGVWULFKVLFKGDV+DDU DXVGHU6WLUQ6HLQHEODXHQ$XJHQQDKPHQHLQHQVWlKOHUQHQ*ODQ]DQ 6ROOWHLFKPLFKQLFKWGHXWOLFKJHQXJDXVJHGUFNWKDEHQ$UNRQLGH"IUDJWHHU PLWXQEHUK|UEDUHU6FKlUIHLQGHU6WLPPH'LH$EZHKURUJDQLVDWLRQHQ 7HUUDVEHILQGHQVLFKLQK|FKVWHU$ODUPEHUHLWVFKDIW+LHUJHKWHVXP 5DXPVFKLIIVYHUOXVWHYRQJU|WHQ'LPHQVLRQHQ6LHODVVHQVLFKQLFKWPHKU PLW8QIlOOHQHUNOlUHQ)UXQVLVWHLQGHXWLJGDHVHLQH0DFKWJLEWGLHIU GDV9HUVFKZLQGHQGHU6FKLIIHYHUDQWZRUWOLFKLVW 'XVSULFKWYRQGHU&256$" ,FKVSUHFKHYRQNHLQHUEHVWLPPWHQ2UJDQLVDWLRQZHLOLFKQLFKWZHLZHOFKH 2UJDQLVDWLRQYHUDQWZRUWOLFKLVW6ROOWHHVGLH&256$VHLQ" 0RUDQVFKWWHOWHGHQ.RSI 'DVZWHLFKHUZLGHUWHHU1HLQGLH&256$LVWHVQLFKW (UIXKUVLFKPLWEHLGHQ+lQGHQGXUFKGDVIHWWLJH+DDUXQGDWPHWH VFKQDXIHQGGXUFKGLH1DVH ,FKKDEHHWZDVPXQNHOQJHK|UWIXKUHUIRUW0DQVSULFKWYRQ 6FKZLHULJNHLWHQGHU7HUUDQHU$OOHUGLQJVZXWHLFKQLFKWGDVLHVRJUR VLQG7DXVHQGHYRQ5DXPVFKLIIHQ1XUGLH7HUUDQHUN|QQHQHLQHQGHUDUWLJHQ 9HUOXVWYHUNUDIWHQ1LHPDQGVRQVWLQGHU*DOD[LV

6LHVLQGDEHUQLFKWEHUHLWGDVQRFKOlQJHU]XWXQHUNOlUWH*RXOG,FKZLOO GLH,QIRUPDWLRQYRQZRGLH:DUHQNRPPHQGLHDXVGLHVHQ 5DXPVFKLIIVHQWIKUXQJHQVWDPPHQ (UJULIIVLFKXQWHUVHLQH%OXVHXQGUHLFKWHGHP$UNRQLGHQHLQHPDJQHWLVLHUWH )ROLH 'DUDXIVLQGGLH,GHQWLILNDWLRQV]HLFKHQYRQHWZD]ZDQ]LJ3UR]HQWGHU:DUHQ HQWKDOWHQHUOlXWHUWHHU,FKZLOOZLVVHQREGLHVH:DUHQKLHUDXI/XPEHU DXIJHWDXFKWVLQG :RKHUVROOWHLFKGDVZLVVHQ"IUDJWHGHU$UNRQLGHEHUUDVFKW%LQLFKHLQ *RWWGDLFKVROFKH)UDJHQEHDQWZRUWHQN|QQWH" *RUPDQ*RXOGJULIIVLFKHUQHXWXQWHUGLH%OXVH(U]RJHLQHQ(QHUJLHVWUDKOHU GDUXQWHUKHUYRUGHUNDXPJU|HUDOVVHLQ0LWWHOILQJHUZDU'URKHQGULFKWHWH HULKQDXIGHQ+lQGOHU 1XQPDFKVFKRQIRUGHUWHHULKQDXI2GHUPXLFKZLUNOLFKE|VHZHUGHQ" 0RUDQ]|JHUWHGRFKGDQQHUNDQQWHHUGDGHU7HUUDQHUHVHUQVWPHLQWH 6HLQH$XJHQEHJDQQHQYRU(UUHJXQJ]XWUlQHQ :LUVLQG)UHXQGH*RUPDQVDJWHHUPLWEHOHJWHU6WLPPH6HLWPHKUDOV ]HKQ-DKUHQZLVVHQZLUGDZLUHLQDQGHUYHUWUDXHQGUIHQ+DVWGXGDV YHUJHVVHQ" ,FKQLFKWDEHUGXVFKHLQVWHVYHUJHVVHQ]XKDEHQ$OVRZRUDXIZDUWHVWGX QRFK"'LH(QWIKUHUGHU5DXPVFKLIIHKDEHQ=HKQWDXVHQGHYRQ7HUUDQHUQ HUPRUGHW,FKZHUGHQLFKW]XODVVHQGDHVQRFKPHKUZHUGHQ 0RUDQVHQNWHGHQ.RSI ,FKEHXJHPLFKGHU*HZDOWHUNOlUWHHU+RIIHQWOLFKEHUHXVWGXQLFKWZDV GXJHWDQKDVW (UVFKREHLQHVGHU3DNHWHPLWGHP)X]XU6HLWH.QLUVFKHQGYHUVDQNHLQH :DQGGHV5DXPHVLP%RGHQ'DKLQWHUZXUGHHLQKHOOHUOHXFKWHWHU5DXP VLFKWEDUDQGHVVHQ:lQGHQVLFK&RPSXWHUElQNHPRGHUQVWHU%DXDUW HUKREHQ *RUPDQ*RXOGSILIIDQHUNHQQHQGGXUFKGLH=lKQH ,FKZXWHGDGXHLQHUGHUUHLFKVWHQ0lQQHUYRQ/XPEHUELVWVDJWHHU $EHUGDVKDEHLFKQLFKWJHDKQW9RQKLHUDXVNDQQVWGXHLQJDQ]HV ,PSHULXPEHUZDFKHQXQGYHUZDOWHQ $OOHUGLQJV0RUDQQDKPGLH)ROLHXQGOHJWHVLHLQHLQ&RPSXWHUIDFK,P JOHLFKHQ$XJHQEOLFNOHXFKWHWHQDXIPHKUHUHQ%LOGVFKLUPHQ=DKOHQXQG %XFKVWDEHQNRORQQHQDXI'LH:DUHQVLQGKLHUDXI/XPEHU6LHVLQGGXUFK PHLQH+lXVHUJHJDQJHQ ,FKKDEHQLFKWGDUDQJH]ZHLIHOWEHPHUNWHGHU7HUUDQHU:UGHVWGXQXQ GLHDXHURUGHQWOLFKH*WHKDEHQGHQ&RPSXWHU]XEHIUDJHQZRKHUGLH :DUHQJHNRPPHQVLQGEHYRUVLHEHLGLUHLQJHODJHUWZXUGHQ" 'DVVROOWHVWGXQLFKWWXQHUZLGHUWH0RUDQ9HU]LFKWHGDUDXI%HLXQVHUHU )UHXQGVFKDIW $XINHLQHQ)DOO

'XKDVWHVQLFKWDQGHUVJHZROOW'HU$UNRQLGHGUFNWHHLQH7DVWHDP &RPSXWHU(LQ1DPHOHXFKWHWHDXIHLQHPGHU%LOGVFKLUPHDXI,FKZHUGH GLHVH,QIRUPDWLRQVRIRUWZLHGHUO|VFKHQ'XZHLWMHW]WZDVGXZLVVHQ ZROOWHVW+RIIHQWOLFKJHQJWHVGLU (VJHQJWDQWZRUWHWH*RUPDQ*RXOG(UKREJUHQGGLH+DQGXQGYHUOLH GHQ5DXP'HU$UNRQLGHEOLFNWHLKPQDFKELVGLH7UKLQWHULKP]XJHIDOOHQ ZDU'DQQGUFNWHHUHLQHDQGHUH7DVWHDP&RPSXWHU(LQ*HVLFKWHUVFKLHQ DXIHLQHPGHU%LOGVFKLUPH *RUPDQ*RXOGVDJWH0RUDQ(ULVW]XQHXJLHULJJHZRUGHQ*HUDGHLQ GLHVHQ6HNXQGHQYHUOlWHUPHLQ+DXV 'HU$UNRQLGHVFKDOWHWHDEXQGNHKUWHLQGDVVWDXELJH%UR]XUFN'XUFKGDV 6SLQQHQQHW]KLQGXUFKEOLFNWHHUDXIGHQ0DUNWSODW]KLQDXV(UVDKZLH *RUPDQ*RXOG]ZLVFKHQGHQ9HUNDXIVVWlQGHQDXIWDXFKWH'HU7HUUDQHU YHUVFKZDQGLP*HZKOYRUGHQ6WlQGHQ $XVGHP6FKDWWHQHLQHV=HOWHVO|VWHVLFKHLQH*HVWDOWGHUHQ*HVLFKWGXUFK HLQHQ6FKOHLHUYHUKOOWZDU6LHVFKORVLFKGHP$JHQWHQDQ 6HNXQGHQVSlWHUEOLW]WHHVVRQQHQKHOODXI0RUDQIXKUJHEOHQGHW]XUFN ,FKKDWWHGLFKJHZDUQW7HUUDQHUVDJWHHUOHLVH 5RQDOG7HNHQHUEHIDQGVLFK]XGLHVHU=HLW/LFKWMDKUHYRQ/XPEHU HQWIHUQW(UODJElXFKOLQJVXQWHUHLQLJHQEOKHQGHQ%VFKHQDXIGHU.XSSH HLQHV+JHOV,QGHU$UPEHXJHKLHOWHUHLQVFKZHUHV6WUDKOHQJHZHKUGDV XQWHUGHQDWPRVSKlULVFKHQ%HGLQJXQJHQZLHVLHDXI&RVWOHUKHUUVFKWHQ HLQH5HLFKZHLWHYRQPHKUDOV0HWHUQKDWWH(UEOLFNWHDXIHLQ*HElXGH KLQDEGDVVLFKDOV.XSSHODQHLQHP%DFKHUKRE'XUFKGDVWUDQVSDUHQWH 0DWHULDOGHU$XHQZlQGHNRQQWHHULQHLQLJH5lXPHVHKHQhEHUGHQ PHLVWHQ5lXPHQZ|OEWHVLFKDOOHUGLQJVYHUVSLHJHOWHV0DWHULDOGDVQXUHLQHQ 'XUFKEOLFNYRQLQQHQQDFKDXHQHUODXEWH 'LH%OLFNHGHV/HXWQDQWVZDQGHUWHQ]XHLQHPDQGHUHQ+JHOLQGHU1lKH(U VDKGRUWGHQ8626SH]LDOLVWHQ&KULV&KDOOHQJHUOLHJHQ8QWHUHLQLJHQ %l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

%HLGLHVHU$NWLRQNDPHVMHGRFKQLFKWLQHUVWHU/LQLHGDUDXIDQGDV*LIW VLFKHU]XVWHOOHQVRQGHUQHLQHQ9HUEUHFKHU]XYHUKDIWHQGHVVHQ1DPH/DZ %DUWRQZDU (LQ/LFKWOHXFKWHWHDP$UPNRPELJHUlW7HNHQHUVDXI $FKWXQJ(QHUJLHPHVVXQJZLVSHUWHHLQH6WLPPHDXVGHPZLQ]LJHQ /DXWVSUHFKHU'HU7UDQVPLWWHULVWHLQJHVFKDOWHWZRUGHQ 7HNHQHUZXWHGDHVVLFKEHLGHP0DQQGHQHV]XYHUKDIWHQJDOWXP HLQHQDPKDIWH3HUV|QOLFKNHLWGHU9HUEUHFKHURUJDQLVDWLRQ&256$KDQGHOWH XQGGDGDEHLDXFKPLOLWlULVFKH)UDJHQHLQH5ROOHVSLHOWHQ'DVJHQJWH 'DV$QWLJUDYWULHEZHUNDXIVHLQHP5FNHQVSUDQJDQ6HLQ.|USHUVSDQQWH VLFK'LH+lQGHXPNODPPHUWHQGHQ(QHUJLHVWUDKOHU'DVNXSSHODUWLJH *HElXGHZDUHWZDHLQKXQGHUWIQI]LJ0HWHUYRQLKPHQWIHUQW 'HFNXQJVP|JOLFKNHLWHQJDEHVELVGDKLQQLFKWPHKU'LHOHW]WH'LVWDQ] PXWHLP6WXUPDQJULIIEHUZXQGHQZHUGHQZREHLQLHPDQGZXWHREGLH .XSSHOEHU.DPSIVWDWLRQHQYHUIJWH'DUEHUKDWWHGHU90DQQGHU862 QLFKWVPLWJHWHLOW 7HNHQHUV)LQJHUJOLWWHQEHUGHQ6FKDOWHUGHU,QGLYLGXDOVSKlUH'LHVHERW HLQHQJHZLVVHQ6FKXW]VRIHUQVLFKGDVJHJQHULVFKH)HXHUQLFKW]XVWDUNDXI HLQHQ3XQNWNRQ]HQWULHUWH $NWLRQKDOOWHHVDXVGHP/DXWVSUHFKHU 5RQDOG7HNHQHUVFKDOWHWHVHLQ)OXJJHUlWHLQ2KQHQDFKOLQNVRGHUUHFKWV]X VHKHQUDVWHHUDXIGLH.XSSHO]X1HEHQLKPIORJHQGLHDQGHUHQ862 6SH]LDOLVWHQ .XU]EHYRU7HNHQHUGDV*HElXGHHUUHLFKWHO|VWHVLFKDXIGHULKP HQWJHJHQJHVHW]WHQ6HLWHHLQ*OHLWHUYRQGHU.XSSHOXQGHQWIHUQWHVLFKYRQ LKU *)NODQJHVDXVGHP/DXWVSUHFKHU 7HNHQHUPHOGHWHVLFK %ULQJHQ6LHGHQ*OHLWHUDXI*)EHIDKO2EHUVWOHXWQDQW7UHVHKU 5RQDOG7HNHQHUEHVWlWLJWHGHQ%HIHKOVFKDOWHWHGDV)OXJJHUlWXPXQGIORJ KLQWHUGHP*OHLWHUKHUZlKUHQGEHLGHU.XSSHOGLHHUVWHQ6FKVVHILHOHQ .UDFKHQGH([SORVLRQHQ]HLJWHQDQGDGLH$QJUHLIHUQHXUDOJLVFKH3XQNWH GHV&256$6WW]SXQNWVJHWURIIHQKDWWHQ 5RQDOG7HNHQHUKROWHVFKQHOODXI ,P*OHLWHUVDQXUHLQH3HUVRQ6LHWUXJHLQH.DSSHGLHGHQ.RSIHQJ XPVFKOR'LH0DVFKLQHIORJVFKQHOODEHUQLFKWPLW+|FKVWJHVFKZLQGLJNHLW 7HNHQHUEOLHEGLFKWEHUGHP%RGHQVRGDVLFKGHU*OHLWHUVWHWVGHXWOLFK EHULKPEHIDQG7HNHQHUKRIIWHGDGHU3LORWGHU0DVFKLQHLKQDXIGLHVH :HLVHQLFKWVROHLFKWHQWGHFNWH 7DWVlFKOLFKJHODQJHVLKPVRZHLWDXI]XKROHQGDHUVLFKVFKOLHOLFKGLUHNW XQWHUGHP*OHLWHUEHIDQGXQGVLFKPLWJOHLFKHU*HVFKZLQGLJNHLWZLHHULQ |VWOLFKHU5LFKWXQJEHZHJWH(UVWLHJMHW]WODQJVDPDXIVFKREVLFKDQGLH 8QWHUVHLWHGHV)DKU]HXJVKHUDQXQG]RJVHLQHQ.RPELVWUDKOHU'DQDFK

DUEHLWHWHHUVLFKVHLWOLFKDQGHU0DVFKLQHKRFKELVHUGXUFKGLH6FKHLEHLQ GDV,QQHUHGHU.DELQHVHKHQNRQQWH (UHUVFKUDNQLFKWZHQLJHUDOVGHU,QVDVVHGHV*OHLWHUVGHUHQWVHW]W ]XUFNIXKU ,QNHLQHU3KDVHGHU9HUIROJXQJVMDJGZDULKPGHU*HGDQNHJHNRPPHQGD HLQH)UDXKLQWHUGHP6WHXHUGHV*OHLWHUVVLW]HQN|QQWH-HW]WUDVWHHUQHEHQ GHU0DVFKLQHKHUXQGEOLFNWHZLHJHOlKPWGXUFKGLH6FKHLEHDXIHLQH)UDX GLHYRQHLQHPHLJHQDUWLJHQ5HL]ZDU 6LHZDUQLFKWVFK|Q,KUH$XJHQVWDQGHQ]XZHLWDXVHLQDQGHUGLH :DQJHQNQRFKHQZDUHQ]XDXVJHSUlJWGLH1DVHHLQZHQLJ]XODQJXQGGLH /LSSHQ]XVFKPDO6LHZLUNWHHWZDVHFNLJXQGXQJHOHQNXQGGRFKZDUHWZDV DQLKUZDVLKQIDV]LQLHUWH 6RYHUVWULFKHQNRVWEDUH6HNXQGHQZlKUHQGHUVHLQH(QWVFKHLGXQJ KLQDXV]|JHUWH,KPIHKOWHQQRFKGDVEOLW]DUWLJH5HDNWLRQVYHUP|JHQXQGGLH hEHUVLFKWGLHLKQLQVSlWHUHQ-DKUHQDXV]HLFKQHQVROOWHQ(UVWDOVGDV 0lGFKHQVLFKQDFKYRUQZDUIXQGGLH6FKDOWXQJHQGHV*OHLWHUV]XYHUlQGHUQ VXFKWHXPLKQVWlUNHU]XEHVFKOHXQLJHQXQG7HNHQHUGDGXUFK DE]XVFKWWHOQULGLHVHUGLH7UDXI(UVWLHGDV0lGFKHQ]XU6HLWHXQG ]RJVLFKLQGDV,QQHUHGHU.DELQH'DKLHUGHU/XIWZLGHUVWDQGIHKOWH VFKOHXGHUWHLKQVHLQHLJHQHV)OXJJHUlWQDFKYRUQ(UVFKDOWHWHHVDXVXQG ILHOLQGLH3ROVWHU'DEHLULFKWHWHHUGHQ3URMHNWRUVHLQHV.RPELVWUDKOHUVDXI GDV0lGFKHQGDVEOHLFKYRULKP]XUFNZLFK (UYHUlQGHUWHGLH6FKDOWXQJHQGHV*OHLWHUVOLHGLH0DVFKLQHDEVLQNHQXQG ODQGHWHVFKOLHOLFKQHEHQHLQHP6HH 'DVZDU VGDQQZRKOVDJWHHU(UVWUHFNWHGHP0lGFKHQGLH+DQG HQWJHJHQ*HEHQ6LHGLH:DIIHKHUDXVRGHUPXLFK6LHQDFK:DIIHQ XQWHUVXFKHQ" 6LHGHXWHWHVWXPPDXIHLQ)DFKDP$UPDWXUHQEUHWW(U|IIQHWHHVXQGQDKP HLQHQ]LHUOLFKHQ'HVLQWHJUDWRUVWUDKOHUKHUDXV .OHLQDEHUW|GOLFKVDJWHHUXQGVWHFNWHGLH:DIIHHLQ:HUVLQG6LH" 'DVIUDJHLFK6LHDQWZRUWHWHVLHXQGSUHWHlUJHUOLFKGLH/LSSHQ ]XVDPPHQ8QGZDVZROOHQ6LHYRQPLU",FKKDEHNHLQ*HOGEHLPLU 5RQDOG7HNHQHUVWDUWHWHGHQ*OHLWHUZLHGHUXQGIORJLQ5LFKWXQJGHU.XSSHO ]XUFN'LH9HUZLUUXQJGHV0lGFKHQVVWHLJHUWHVLFKQRFKPHKU 6LHIOLHJHQ]XUFN"IUDJWHVLH+DEHQ6LHGHQ9HUVWDQGYHUORUHQ"0HLQ 9DWHUZLUG,KQHQGHQ.RSIYRQGHQ6FKXOWHUQVFKLHHQ 7HNHQHUOlFKHOWHNDXPPHUNOLFK 'DVJODXEHLFK,KQHQDXIV:RUWVDJWHHU:HULVWGHQQ,KU9DWHU" 0HLQ9DWHULVW/DZ%DUWRQ 7HNHQHUEOLFNWHVLHEHUUDVFKWDQ /DZ%DUWRQ"'DPLWKDEHLFKDOOHUGLQJVQLFKWJHUHFKQHW'DQQVLQG6LH 6KDURQ%DUWRQ" $OOHUGLQJV,KUH$XJHQIXQNHOWHQ]RUQLJ:ROOHQ6LHPLUMHW]WHQGOLFK YHUUDWHQZDVGDVDOOHV]XEHGHXWHQKDW"

:HQQ6LH6KDURQ%DUWRQVLQGGDQQVROOWHLFKZRKONHLQ*HKHLPQLVGDUDXV PDFKHQ:LUKDEHQVRHEHQ,KUHQ9DWHUXQGGLHDQGHUHQ0LWJOLHGHUVHLQHU 2UJDQLVDWLRQYHUKDIWHW,FKKRIIHGDHUVLFKQLFKW]XU:HKUJHVHW]WKDW GHQQZLUKDWWHQGHQ%HIHKOVFKDUI]XVFKLHHQZHQQGLH%DQGH]XU:DIIH JUHLIW 6LHPVVHQGHQ9HUVWDQGYHUORUHQKDEHQHUZLGHUWHVLH7HNHQHUVDKLKU DQGDVLHY|OOLJGXUFKHLQDQGHUZDU:DV]XP7HXIHOZLUIWPDQPHLQHP 9DWHUEHUKDXSWYRU"(UNDQQQLFKWVJHWDQKDEHQZDVHLQHQGHUDUWLJHQ %HIHKOUHFKWIHUWLJW 6RZHLWLFKLQIRUPLHUWELQVSULFKWGLH$QNODJHYRQ0RUG$QVWLIWXQJ]XP 0RUG(QWIKUXQJ(USUHVVXQJ5DXVFKJLIWKDQGHOXQGHLQLJH.OHLQLJNHLWHQ PHKU 6KDURQ%DUWRQODFKWHK\VWHULVFK6LHVFKOXJGLH+lQGHYRUGDV*HVLFKW 'DVLVWHLQH*HPHLQKHLWVDJWHVLHPLWEHEHQGHU6WLPPH,UJHQGMHPDQG KDWHLQ/JHQJHVSLQVWXPPHLQHQ9DWHUKHUXPDXIJHEDXWXQG6LHVLQG GXPPJHQXJGDUDXIKHUHLQ]XIDOOHQ 6LFKHUHQWJHJQHWHHUUXKLJ 'HU*OHLWHUQlKHUWHVLFKGHU.XSSHOGLHMHW]WQXUQRFKHLQHEUHQQHQGH5XLQH ZDU'DYRUODJHQ/DZ%DUWRQXQGVHLQH+HOIHUDXIGHP%RGHQ'LH862 6SH]LDOLVWHQVWDQGHQYRULKQHQXQGEHZDFKWHQVLH 6KDURQ%DUWRQVFKULHlQJVWOLFKDXI 5RQDOG7HNHQHUEHREDFKWHWHVLH,PPHUPHKUJHZDQQHUGHQ(LQGUXFNGD VLHEHUGHQZDKUHQ&KDUDNWHULKUHV9DWHUVQLFKW%HVFKHLGZXWH(UJODXEWH MHW]WDXFKQLFKWPHKUGDVLHEHUVHLQH9HUEUHFKHQLQIRUPLHUWZDU*DQ] VLFKHUDEHUVFKLHQ]XVHLQGDVLHQLFKWVEHUGLH&256$ZXWH %HUXKLJHQ6LHVLFKVDJWHHU8QGPDFKHQ6LHVLFKDXIHLQLJHVFKZHUH 7DJHJHIDW0DQZLUG6LHYHUK|UHQ (UYHU]|JHUWH'HU*OHLWHUWULHEQXUQRFKODQJVDPDXIGLH.XSSHO]X $EHUZDUXPGHQQ"IUDJWHVLH,FKKDEHGRFKQLFKWVJHWDQZDVPDQPLU YRUZHUIHQN|QQWH 6LHZHUGHQEHZHLVHQPVVHQGD6LHQLFKWVPLWGHU&256$]XWXQ KDEHQ 6LHVFKWWHOWHVWXPPGHQ.RSI 6LHZHUGHQZHLWHUKLQEHZHLVHQPVVHQGD6LHQLFKWVPLWGHU*LIWVHQGXQJ ]XWXQKDEHQGLHYRUZHQLJHQ0LQXWHQPLWGHP7UDQVPLWWHUKLHU DQJHNRPPHQLVW ,KUYHUGDPPWHQ1DUUHQHQWJHJQHWHVLH:XWHWLKUGHQQQLFKWZDVPHLQ 9DWHUZLUNOLFKYRUKDWWH" .OlUHQ6LHPLFKDXI,FKODVVHPLFKJHUQEHUUDVFKHQ $OVRJXW6LHVHQNWHGHQ.RSI,FKZXWHGDHLQH*LIWVHQGXQJPLWGHP 7UDQVPLWWHUNRPPHQZUGH0HLQ9DWHUKDWHVPLUJHVDJW'DQDFKDEHU VROOWHHLQ0DQQNRPPHQGHUXQVHWZDVEHUGLHYHUVFKZXQGHQHQ +DQGHOVUDXPVFKLIIHKlWWHHU]lKOHQN|QQHQ(VZDUYHUDEUHGHWGDPHLQ 9DWHULKPQDFKGHP(LQWUHIIHQGHU*LIWVHQGXQJHLQ6LJQDOJHEHQVROOWH

'LHVHV6LJQDOVROOWHLKPDQ]HLJHQGDDOOHVLQ2UGQXQJLVWXQGGDHU NRPPHQNDQQ-HW]WLVWHUEHVWLPPWQLFKWJHNRPPHQ ,KUH$XJHQIOOWHQVLFKPLW7Ul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|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lWHUQHEHQGHU EUHQQHQGHQ.XSSHO(UVWLHJDXV (VLVW6KDURQ%DUWRQVDJWHHU'LH7RFKWHUYRQ/DZ%DUWRQ (LQLJH7DJHVSlWHUEHWUDW$OODQ'0HUFDQWGLH$UEHLWVUlXPH$WODQVLQ 7HUUDQLD&LW\GHU+DXSWVWDGWGHU(UGH'HU&KHIGHU6RODUHQ$EZHKUZDU NOHLQXQGVFKPlFKWLJYRQ*HVWDOW(UZLUNWHXQVFKHLQEDUDXIGHQIOFKWLJHQ %HREDFKWHUXQGGDVVWLOOH/lFKHOQGDVIDVWLPPHUDXIVHLQHQ/LSSHQODJ WlXVFKWHGLHMHQLJHQGLHLKQQLFKWNDQQWHQGDUEHUKLQZHJ]XZHOFKHU (QWVFKOXNUDIWXQG+lUWHHUIlKLJZDU 0HUFDQWWUXJHLQH$NWHXQWHUGHP$UP(UEHJUWHGHQ$UNRQLGHQGHU KLQWHUVHLQHP$UEHLWVWLVFKVDPLWHLQHPIOFKWLJHQ1LFNHQ(UVHW]WHVLFK $WODQJHJHQEHULQHLQHQ6HVVHO

'UHLZHLWHUH9HUOXVWPHOGXQJHQVDJWHHU'UHL+DQGHOVUDXPHUDXIHLQHQ 6FKODJ'LH6FKLIIHIORJHQLP.RQYRLXQGVLQGYHUPXWOLFKJOHLFK]HLWLJLQGLH )DOOHJHUDVW:LHEOLFKNHLQ1RWVLJQDO.HLQH6SXU.HLQ+LQZHLV1LFKWV 'DIUDEHUGUHL9HUOXVWPHOGXQJHQXQVHUHU$JHQWHQGLHYHUVXFKWKDEHQ KHUDXV]XILQGHQZRGLH:DUHEOHLEWXQGDXVZHOFKHQ4XHOOHQVLHDXIGLH 0l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|HUH5lWVHOXQG6FKZLHULJNHLWHQVWHOOWHDOVMHGHV DQGHUH]XYRU'LH9HUOXVWHGLHGLHWHUUDQLVFKH+DQGHOVUDXPIDKUWKDWWH KLQQHKPHQPVVHQHUUHLFKWHDVWURQRPLVFKH+|KHQ=DKOORVH5HHGHUHLHQ ZDUHQLQ.RQNXUVJHJDQJHQXQGYLHOHKLHOWHQQXUQRFKGDQNPDVVLYHU VWDDWOLFKHU8QWHUVWW]XQJGXUFKhEHUUDVFKHQGHUZHLVHYHUVFKZDQGQLFKWHLQ HLQ]LJHVPLOLWlULVFKHV5DXPVFKLIIDXIGLHVH:HLVH9HUOXVWHWUDWHQHLQDEHU VLHZXUGHQDOOHUHVWORVDXIJHNOlUWZlKUHQGGLH+DQGHOVUDXPHUVLFK EXFKVWlEOLFKLQ1LFKWVDXI]XO|VHQVFKLHQHQ $WODQKDWWHPHKUHUH0DOHYHUVXFKWGLHJHKHLPQLVYROOHQ)HLQGHGHU WHUUDQLVFKHQ5DXPIDKUWPLWSUlSDULHUWHQ5DXPVFKLIIHQKHUHLQ]XOHJHQDEHU DXFKGDVZDUQLFKWJHOXQJHQ 'LH5DXPVFKLIIHYHUVFKZDQGHQLQSUDNWLVFKDOOHQ%HUHLFKHQGHU0LOFKVWUDH VRGDVLFKDXVHLQHUHYHQWXHOOHQ.RQ]HQWUDWLRQGHU9HUOXVWHDXFKNHLQH 6SXUHUJDE9LHOHGHUJHVWRKOHQHQ*WHUWDXFKWHQDXIGHQYHUVFKLHGHQHQ 0lUNWHQGHU*DOD[LVZLHGHUDXIRKQHGDHVP|JOLFKJHZHVHQZlUHLKUHQ :HJ]XUFN]XYHUIROJHQ 'LH5DXPVFKLIIVEHVDW]XQJHQZXUGHQEUXWDOJHW|WHW'DUDQ]ZHLIHOWHQLHPDQG PHKULQGHU862XQGGHU6RO$E'DVEHGHXWHWHGDGLH5DXPSLUDWHQIU GHQ7RGYRQ=HKQWDXVHQGHQYRQ0HQVFKHQYHUDQWZRUWOLFKZDUHQ ,FKELQKLHUZHLOLFKHLQHQ*HGDQNHQ]XU'LVNXVVLRQVWHOOHQP|FKWHVDJWH $OODQ'0HUFDQW0LWGHQELVKHULJHQ0HWKRGHQNRPPHQZLUQLFKWZHLWHU 'HU*WHUYHUNHKUEULFKW]XVDPPHQ'LH5HHGHUHLHQILQGHQNHLQH 0DQQVFKDIWHQPHKUZHLODOOHVLFKYRUGHQhEHUIlOOHQLP$OOIUFKWHQ %HJOHLWVFKXW]N|QQHQZLUQXULQEHVFKUlQNWHP0DHDQELHWHQZREHLLFK QRFKQLFKWGDYRQEHU]HXJWELQGDHUWDWVlFKOLFKZHLWHUHhEHUIlOOH YHUKLQGHUQZUGH

,FKELQPLWMHGHP9RUVFKODJHLQYHUVWDQGHQGHUXQVZHLWHUKLOIWHUZLGHUWH GHU$UNRQLGH :LUZLVVHQPLWWOHUZHLOHGDGLHEHUDOOLP6RODUHQ,PSHULXPWlWLJH *DQJVWHURUJDQLVDWLRQ&256$QLFKWIUGDV*HVFKHKHQYHUDQWZRUWOLFKLVW ,QGHU7DW'LH&256$IKOWVLFKLQLKUHQ$NWLRQHQYLHOPHKUHPSILQGOLFK JHVW|UW'XPPHUZHLVHKDEHQZLUGDVHLQ]LJH8QWHUQHKPHQJHJHQGLH 5DXPSLUDWHQYHUHLWHOW]XGHPVLFKGLH&256$ELVKHUEHUHLWJHIXQGHQKDW (EHQGDP|FKWHLFKHLQKDNHQVDJWHGHU6RO$E&KHI,FKKDEHGHQ%HULFKW HLQHVJHZLVVHQ $OODQ'0HUFDQWUXQ]HOWHGLH6WLUQXQGVFKQLSSWHPLWGHQ)LQJHUQ)UHLQHQ NXU]HQ0RPHQWVFKLHQHVDOVZROOHLKQVHLQ*HGlFKWQLVYHUODVVHQ'DQQ MHGRFKIXKUHUIRUW/HXWQDQW5RQDOG7HNHQHUJHOHVHQXQGGDEHLLVWPLU GHU*HGDQNHJHNRPPHQGLH5DXPSLUDWHQDXIGHP8PZHJEHUGLH&256$ DQ]XJHKHQ9LHOOHLFKWN|QQHQZLUGD]ZHL)OLHJHQPLWHLQHU.ODSSHVFKODJHQ 'LH6WlUNHGHU&256$LVW]XXQVHUHP/HLGZHVHQGDPDQGHQZLUNOLFK 0lFKWLJHQGLHVHU2UJDQLVDWLRQNHLQHLOOHJDOHQ$NWLRQHQQDFKZHLVHQNDQQ RGHUGRFKQXULQ$XVQDKPHIlOOHQ/HXWQDQW7HNHQHUZDUDQGHU9HUKDIWXQJ HLQHVVROFKHQ$XVQDKPHIDOOVEHWHLOLJW/DZ%DUWRQN|QQHQZLUPHKUHUH 0RUGHXQGDQGHUH'HOLNWHQDFKZHLVHQGLHDXVUHLFKHQLKQIUDOOH=HLWHQDXV GHP9HUNHKU]X]LHKHQ 6RQVWVLHKWHVJDQ]DQGHUVDXVhEHU%DJDWHOOIlOOHZLH6WHXHUKLQWHU]LHKXQJ =ROOYHUJHKHQRGHU9HUOHW]XQJGHU'HYLVHQEHVWLPPXQJHQNRPPHQZLUQLFKW KLQDXV'HVKDOEZHUGHQEHLGHU%HNlPSIXQJYRQ&256$NHLQH HQWVFKHLGHQGHQ)RUWVFKULWWHHU]LHOW:LUPVVHQXQVPLWGHU([LVWHQ]GLHVHU 2UJDQLVDWLRQZRKOHEHQVRDEILQGHQZLHHVLP]ZDQ]LJVWHQ-DKUKXQGHUWGLH 9HUHLQLJWHQ6WDDWHQYRQ$PHULNDPLWGHU0DILDRGHU&RVD1RVWUDPXWHQ 'DVZLUGVLFK]HLJHQHUZLGHUWH$WODQ ,FKVHKHHLQH0|JOLFKNHLWGLH&256$]X]HUEUHFKHQXQGJOHLFK]HLWLJGLH 5DXPSLUDWHQ]XWUHIIHQ:LUN|QQWHQILQJLHUWHV%HZHLVPDWHULDO ]XVDPPHQWUDJHQXQGGLHZLFKWLJVWHQ0lQQHUGHU&256$YHUKDIWHQ:LU N|QQWHQGHU&256$GDV9HUVFKZLQGHQGHU+DQGHOVUDXPHULQGLH6FKXKH VFKLHEHQ6HOEVWYHUVWlQGOLFKELQLFKPLUGDUEHUNODUGDZLUHLQHQ GHUDUWLJHQ6FKZLQGHOQXUHLQSDDU:RFKHQODQJGXUFKKDOWHQN|QQHQ'DV DEHUN|QQWHJHQJHQ:HQQZLUGLH&256$DXIGLHVH:HLVHPDVVLYXQWHU 'UXFNVHW]HQZLUGVLHLKUH)KOHUDXVVWUHFNHQXQGLQSDQLVFKHU+DVWQDFK GHQ5DXPSLUDWHQVXFKHQ8QGLFKELQIHVWGDYRQEHU]HXJWGDVLHGLH ,QIRUPDWLRQHQHLQKROHQGLHXQVHUH$JHQWHQQLFKWHUKDOWHQZHLOVLHGLH +lQGOHUDXIGHQYHUVFKLHGHQHQ+DQGHOVZHOWHQQLFKWVRLQGHU+DQGKDEHQ ZLHGLH0LWWHOVPlQQHUGHU&256$ $WODQGDFKWHHLQLJH6HNXQGHQODQJQDFK'DQQVFKWWHOWHHUGHQ.RSI 'DVIXQNWLRQLHUWQLFKWHUNOlUWHHUGDQQ:LUKDEHQPLWWOHUZHLOHHLQHQQHXHQ *DODNWLVFKHQ$QNOlJHU(VLVW3URIHVVRU'U7KRPDV*5RELQVRQ6FKRQYRQ LKPJHK|UW" $OOHUGLQJV,FKZXWHDEHUQLFKWGDHULP$PWLVW

6HLQ9RUJlQJHU-HIIHUVRQ0RUJDQLVWYRUGUHL6WXQGHQEHLHLQHP *OHLWHUDEVWXU]XPV/HEHQJHNRPPHQ 9HUGDPPWVDJWH0HUFDQW7KRPDV*5RELQVRQ,FKNDQQGHQ.HUOQLFKW ULHFKHQXQGHUPLFKDXFKQLFKW%HLLKPNRPPHLFKPLWGLHVHP3ODQDXI NHLQHQ)DOOGXUFK $WODQQLFNWH 'HQQRFKVROOWHQZLUQLFKWDXIJHEHQ9LHOOHLFKWJHKWHVDXFKDQGHUV 9LHOOHLFKWN|QQHQZLUHLQLJHIKUHQGH0lQQHUGHU&256$IUHLQH0LWDUEHLW JHZLQQHQ" $OODQ'0HUFDQWZLQNWHDE )UHLZLOOLJDUEHLWHQGLHQLHPLWXQV]XVDPPHQ'HU6RO$E&KHIVFKOXJVHLQH $NWHDXIXQGZDUIHLQHQ%OLFNKLQHLQ$OVHUGHQ.RSIKREODJHLQIHLQHV /lFKHOQDXIVHLQHQ/LSSHQ'DLVWGHU%HULFKWYRQ/HXWQDQW7HNHQHU'DULQ VWHKWGDGLH&256$0LWJOLHGHU$QJHK|ULJHYHUORUHQKDEHQGLHDXI 5DXPVFKLIIHQJHDUEHLWHWKDEHQ'DVLVWYLHOOHLFKWHLQ$QVDW]SXQNW *HQDXGDVPHLQHLFKVDJWH/RUGDGPLUDO$WODQ'LH&256$KDWHLQ ,QWHUHVVHGDUDQGDGLH5DXPSLUDWHQDXVJHVFKDOWHWZHUGHQ8QGGDV PVVHQZLUQXW]HQ 'LH)UDJHLVWZLH ,FKKDEHGHQ%HULFKWYRQ/HXWQDQW7HNHQHUDXFKJHOHVHQHUNOlUWHGHU $UNRQLGH(UKDW.RQWDNWPLW6KDURQ%DUWRQJHKDEW'DUDXVOlWVLFK YLHOOHLFKWHWZDVPDFKHQ6KDURQ%DUWRQN|QQWHXQVKHOIHQ*HRUJH/LPS &RDWHVIUHLQ*HVSUlFK]XJHZLQQHQ&RDWHVLVWHLQHUGHU%RVVHGHU &256$(ULVWYHUDQWZRUWOLFKIUGDV7UDQVSRUWZHVHQ(UN|QQWHIUXQV]X HLQHULQWHUHVVDQWHQ=HQWUDOILJXUZHUGHQ 'HU$UNRQLGHWLSSWHHLQLJH%XFKVWDEHQLQGLH7DVWDWXUVHLQHV 7LVFKFRPSXWHUV'HU1DPHGHV9HUEUHFKHUVOHXFKWHWHDXIGHP%LOGVFKLUP YRULKPDXI'D]XNDPHQHLQLJH$QJDEHQ]XU3HUVRQ ,FKKDEHPLFKQLFKWJHLUUW*HRUJH/LPS &RDWHVVLW]WDXI3HUVLWKGHP GULWWHQ3ODQHWHQGHU6RQQH&RQQRXULP*HIlQJQLV&RQQRXULVW /LFKWMDKUHYRQGHU(UGHHQWIHUQW&RDWHVLVWZHJHQ=ROOYHUJHKHQV 7UDQVSRUWJHIlKUGXQJXQG9HUVLFKHUXQJVEHWUXJ]XYLHU]LJ-DKUHQ )UHLKHLWVHQW]XJYHUXUWHLOWZRUGHQ'HU0DQQLVWVLHE]LJ-DKUHDOW9LHU]LJ -DKUHKLQWHU*LWWHUGDVLVWIULKQVRJXWZLHOHEHQVOlQJOLFK :DVKDW6KDURQ%DUWRQPLW&RDWHV]XWXQ"IUDJWH0HUFDQW (ULVWLKU2QNHOHUZLGHUWH$WODQ:LUN|QQWHQXQVGLUHNWDQLKQZHQGHQ GRFKGDVKlWWHZHQLJ6LQQ(UZUGHXQVQLFKWDOV*HVSUlFKVSDUWQHU DN]HSWLHUHQ$QGHUVVLHKWHVVFKRQDXVZHQQHLQ0lGFKHQZLH6KDURQ %DUWRQVLFKPLWLKPLQ9HUELQGXQJVHW]WHXQGLKPHPSILHKOWPLWXQV]X UHGHQ'DVVLHKWXQYHUIlQJOLFKDXVGDVLHHLQJXWHV0RWLYKDW=ZHLLKUHUGUHL %UGHUVLQGGHQ3LUDWHQ]XP2SIHUJHIDOOHQ $OOHQ'0HUFDQWOlFKHOWH

'DQQZHLLFKDXFKVFKRQGHQ0DQQGHUVLFKXP6KDURQEHPKHQZLUG VDJWHHU/HXWQDQW5RQDOG7HNHQHU'DEHLN|QQWHGLHVHUMXQJH0DQQ EHZHLVHQGDHUGDV/HXWQDQWVSDWHQWQLFKW]X8QUHFKWHUKDOWHQKDW 'HU$UNRQLGHOlFKHOWHHEHQIDOOV /HXWQDQW5RQDOG7HNHQHULVWGXUFKHLQHJXWH6FKXOHJHJDQJHQDQWZRUWHWH HU(UZDUGLH1XPPHUOVHLQHV/HKUJDQJVXQGKDWVFKRQHLQLJH0DOH EHZLHVHQGDHWZDVLQLKPVWHFNW,FKJODXEHGDGLHVHUMXQJH0DQQ =XNXQIWKDW (LQLJH7DJHVSlWHUOHJWH5RQDOG7HNHQHUVHLQH+DQGDXIGHQ6FKDIWHLQHU $UPEUXVWZl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lJHDXIGLH:DIIH EHUWUXJHQ (UVFKREVLFKDQGHU%ODVNDSHOOHYRUEHLGLHHLQHQLQIHUQDOLVFKHQ/lUP YHUDQVWDOWHWHXQGQlKHUWHVLFKHLQHPGXQNHOKDDULJHQ0lGFKHQGDVGLFKW QHEHQGHP6FKLHVWDQGXQWHUHLQHP/DXEEDXPZDUWHWHELVHVDQGHU5HLKH ZDU 6LHN|QQHQPLUVLFKHUOLFKVDJHQDXVZDVIUHLQHP0DWHULDOGLHVH:DIIH KHUJHVWHOOWZRUGHQLVWVDJWHHU 'DV0lGFKHQGUHKWHVLFKJHODQJZHLOWXP,KU*HVLFKWYHUIlUEWHVLFKDOVVLH LKQVDK 6LHZDJHQHVVDJWHVLH$OOHZHLWHUHQ:RUWHHUVWLFNWHQDQLKUHP=RUQ 0L6KDURQ%DUWRQ:LHQHWW8QGZHOFKHLQHhEHUUDVFKXQJEHPHUNWHHU ,FKZQVFKH,KQHQHLQHQJXWHQ7DJ 6LHEFNWHVLFKXQGQDKPGLH$UPEUXVWDXIGLHDP%DXPVWDPPOHKQWH %OLW]VFKQHOOOHJWHVLHGHQ3IHLOHLQVSDQQWHGLH:DIIHXQGULFKWHWHVLHDXI 7HNHQHUGHUNKOOlFKHOQGYRULKUVWDQG'LH$EVFKXNHUEH]HLJWHJHQDXDXI VHLQ+HU] 6LH]|JHUWHXQGVLHVXFKWHVHLQH%OLFNH6HLQH5XKHYHUZLUUWHVLH ,FKKDVVH6LHVDJWHVLHPLWEHEHQGHU6WLPPH,FKKDVVH6LHZLH QLHPDQGHQVRQVWDXIGHU:HOW*HKHQ6LH 9HUVFKZLQGHQ6LHYRQKLHURGHULFKW|WH6LH

'DUDXIVWHKWOHEHQVOlQJOLFKRGHU3HUV|QOLFKNHLWVPDQLSXODWLRQHUZLGHUWHHU :RIUZUGHQ6LHVLFKHQWVFKHLGHQ" =ZHL0lQQHUHLOWHQDXIVLH]X6LHSDFNWHQ7HNHQHUDQGHQ$UPHQXQGULVVHQ LKQ]XUFN /DGDV0lGFKHQLQ5XKH)UHXQGFKHQVDJWHHLQHUYRQLKQHQ 9HUVFKZLQGH 6LHZROOHQGDLFKJHKHRKQHGDLFKJHVDJWKDEHZHVKDOELFKKLHUELQ" IUDJWHHUGDV0lGFKHQ :DVZROOHQ6LH" 7HNHQHUEOLFNWHGLHEHLGHQ0lQQHUGLHLKQIHVWKLHOWHQDQ6KDURQ%DUWRQ EHJULIIZDVHUGDPLWVDJHQZROOWH /DWLKQORVEHIDKOVLH,FKUXIHHXFKZHQQLFKHXFKEUDXFKH 'LHEHLGHQ0lQQHUJHKRUFKWHQXQGHQWIHUQWHQVLFK5RQDOG7HNHQHUOlFKHOWH DQHUNHQQHQG 6LHPDFKHQ.DUULHUH6KDURQVDJWHHU-HW]WKDEHQ6LHVFKRQ /HLEZlFKWHUXQGGLHSDULHUHQVRJDUDXIV:RUW .RPPHQ6LH]XU6DFKHVRQVWUXIHLFKVLH]XUFNXQGGDQQJHKWHV,KQHQ VFKOHFKW 'HU6FKLHGVULFKWHUSILIIXQGZLHVDXIGHQ7HUUDQHU 6LHVLQGDQGHU5HLKHEUOOWHHU7HNHQHU]X 'LHVHUZDU]ZDQ]LJ0HWHUZHLWHUYRP=LHOHQWIHUQWDOVGLHDQGHUHQ6FKW]HQ GLHYRQHLQHP+RO]JHVWHOODXVDXIHLQHDXV.ULVWDOOVWFNHQ ]XVDPPHQJHVHW]WH)LJXUVFK|VVHQ'DEHLNDPHVGDUDXIDQ.ULVWDOOVSOLWWHU YRQQLHGHUHP:HUWZHJ]XVFKLHHQXQGHLQHQKRFKZHUWLJHQ'LDPDQWHQ KHUDXV]XO|VHQ'LHVHUGXUIWHDXINHLQHQ)DOOEHVFKlGLJWZHUGHQ:HULKQ ]HUVFKRPXWHIUGHQ6FKDGHQDXINRPPHQ:HULKQKHLOKHUXQWHUKROWH GXUIWHLKQDOV3UHLVEHKDOWHQ 5RQDOG7HNHQHUVSDQQWHGLH$UPEUXVWXQGOHJWHDQ $QJHEHUVDJWHGDV0lGFKHQ:DUXPJHKHQ6LHQLFKW]XP*HVWHOO" 0VVHQ6LHPLUXQEHGLQJWEHZHLVHQZDVIUHLQWROOHU.HUO6LHVLQG" 7HNHQHUVFKR3IHLIHQGYHUOLHGHU3IHLOGLH/HLWNHUEH.UDFKHQGVFKOXJHU JHJHQGLH.ULVWDOOILJXUXQGIHW]WHPHKUHUH6WFNHKHUDXV'HU'LDPDQWODJ IUHLILHODEHUQRFKQLFKW 'HU6FKW]HGHUQDFK7HNHQHUNDPULGLH$UPHMXEHOQGKRFK(UZDU GDYRQEHU]HXJWGDLKPGHU'LDPDQWQLFKWPHKU]XQHKPHQZDU 6FKDGHVDJWH7HNHQHU,FKKlWWH,KQHQGHQ6WHLQJHUQJHVFKHQNW (UEHREDFKWHWHGHQ6FKW]HQGHUQDFKLKPNDP,QVHLQHU)UHXGHXQGLQ VHLQHPhEHUHLIHUVFKRHUYRUEHL:WHQGVFKOHXGHUWHHUGLH$UPEUXVW]XU 6HLWH6KDURQODFKWH 'LHVHU1DUUVDJWHVLH6RHWZDVNRQQWHDXFKQXULKPSDVVLHUHQ 'HUGDUDXIIROJHQGH6FKW]HKROWHVLFKGHQ6WHLQ:lKUHQGHUVLFKYRQGHU MXEHOQGHQ0HQJHIHLHUQOLHEHWUDFKWHWH7HNHQHUGLH$UPEUXVWLQVHLQHQ +lQGHQ

:LVVHQ6LHZDVGDVIUHLQ0DWHULDOLVW"IUDJWHHU(VVFKHLQWZHUWYROO]X VHLQ (VLVWDXVGHQ3DQ]HUSODWWHQHLQHU(FKVHQDUWHQWQRPPHQHUNOlUWHVLH'LH 7LHUHJLEWHVLQGHQ8UZlOGHUQLP6GHQ (LQ]LJDUWLJVDJWHHU,FKZHUGHHLQH:DIIHNDXIHQ :DVZROOHQ6LHYRQPLU"IUDJWHVLHNKO (UEOLFNWHVLHDQDOVHULQQHUHHUVLFKHUVWMHW]WZLHGHUGDUDQZHVKDOEHU EHUKDXSWKLHUZDU ,FKEUDXFKH,KUH+LOIH6KDURQHQWJHJQHWHHU(VJHKWXPGLH 5DXPSLUDWHQ:HUGHQ6LHPLUKHOIHQ" ,KQHQKHOIHQ"+DEHQ6LHGHQ9HUVWDQGYHUORUHQ"6LHKDEHQPHLQHQ9DWHU KLQWHU*LWWHUJHEUDFKW,FKZHLPLWWOHUZHLOHGDHUNHLQH&KDQFHKDWMH ZLHGHUIUHL]XNRPPHQ'DIUKDVVHLFK6LHXQGLFKZHUGH,KQHQDXINHLQHQ )DOOKHOIHQ (VLVWGDVDOWH6SLHOYRP5lXEHUXQG*HQGDUPGDVDOOHOLHEHQVDJWHHU 'LHPHLVWHQP|FKWHQOLHEHUGHQ5lXEHUGDEHLVSLHOHQDEHUVLHZHUGHQ E|VHZHQQVLHHUZLVFKWZHUGHQ.DQQLFKHWZDVGDIUGD,KU9DWHUGHQ 3IDGGHU*HVHW]HYHUODVVHQKDW" 'DVLVWPLUHJDO,FKZHUGH,KQHQQLFKWKHOIHQ1LHPDOV ,KUHEHLGHQ%UGHUVLQGGDV2SIHUGLHVHU3LUDWHQJHZRUGHQ-HW]WKDEHQ6LH QRFKHLQHQ%UXGHU,VWHUDXFKLQGHU+DQGHOVUDXPIDKUW" 'DVZUGHLFKQLHPDOV]XODVVHQ 6LHKDEHQ)UHXQGH9HUZDQGWHXQG%HNDQQWHGLHDXI+DQGHOVUDXPHUQ IOLHJHQ=DKOORVH3ODQHWHQGHU*DOD[LVVLQGDXIGLH+DQGHOVUDXPIDKUW DQJHZLHVHQ9LHOHN|QQWHQJDUQLFKWH[LVWLHUHQZHQQVLHQLFKWODXIHQGYRQ GHU(UGHRGHUYRQDQGHUHQ:HOWHQDXVYHUVRUJWZUGHQ'HQNHQ6LHQXUDQ GLHVHQ3ODQHWHQDXIGHPZLUXQVKLHUEHILQGHQDQ'HFZDVK :DVLVWPLWLKP"IUDJWHVLHXQZLUVFK $OOH%HZRKQHUYRQ'HFZDVKPVVHQLQUHJHOPlLJHQ$EVWlQGHQYRQHWZD DFKW:RFKHQPLWHLQHP$QWLELRWLNXPYHUVHKHQZHUGHQGDVKLHUQLFKW KHUJHVWHOOWZHUGHQNDQQ2KQHGLH+DQGHOVUDXPIDKUWPWHGHU3ODQHW JHUlXPWZHUGHQ 'DQQVRUJHQ6LHGDIUGDGLH+DQGHOVUDXPIDKUWIXQNWLRQLHUWDEHUODVVHQ 6LHPLFKGDPLWLQ5XKH 'DVZUGHLFKJHUQWXQZHQQ6LHEHUHLWZlUHQPLU]XKHOIHQ 6LHEOLFNWH]XGHQEHLGHQ0lQQHUQKLQEHUGLH5RQDOG7HNHQHUIU&256$ 0LWJOLHGHUKLHOW 6LHZLVVHQPLWWOHUZHLOHGDGLH$QNODJHJHJHQ,KUHQ9DWHU]X5HFKW EHVWHKW(UKDWJHWDQZDVPDQLKPYRUZLUIW,P*UXQGHJHQRPPHQLVW QLHPDQGHPGDPLWJHKROIHQGDHU]XHLQHU)UHLKHLWVVWUDIHYHUXUWHLOWZLUG 6HLQ9HUP|JHQUHLFKWQLFKWDXVIUGLH6FKDGHQVOHLVWXQJHQDQVHLQH2SIHU 6LHDEHUN|QQWHQHLQHQ%HLWUDJOHLVWHQGHUZHUWYROOHULVWDOVGDV*HOGGDV,KU 9DWHU]DKOHQPX

6LHYHU]RJGDV*HVLFKWXQGZDQGWHVLFKDE0LWHLQHP+DQG]HLFKHQJDEVLH GHQEHLGHQ&256$0lQQHUQ]XYHUVWHKHQGDVLHHLQJUHLIHQVROOWHQ'LH EHLGHQ/HLEZlFKWHUHLOWHQKHUDQ5RQDOG7HNHQHUEOLHEUXKLJVWHKHQXQG ZDUWHWHDXIVLH'LHDQGHUHQ%HVXFKHUGHV6FKW]HQIHVWV]RJHQVLFKVFKQHOO ]XUFN,KU9HUKDOWHQEHZLHV7HNHQHUGDVLHJHQDXZXWHQZDVMHW]W JHVFKHKHQZUGH 'HU/HXWQDQWIKOWHVLFKLQEHVWHU9HUIDVVXQJ.KOVDKHUGHP XQYHUPHLGOLFKHQ.DPSIHQWJHJHQ(UZXWHGDGLHEHLGHQ&256$0lQQHU ]XQlFKVWILQWLHUHQZUGHQ'DKHUUHDJLHUWHHUDXIGHQHUVWHQ$QJULII EHUKDXSWQLFKW:LHHUZDUWHWZXUGHVHLQ*HJQHUGDYRQEHUUDVFKW'HU 6FKODJEOLHEDXV 'DIUJULIIGHUDQGHUH/HLEZlFKWHUXPVRHQWVFKORVVHQHUDQ(UYHUVXFKWH 7HNHQHUPLW+DQGNDQWHQVFKOlJHQXQGHLQHU(OOHQERJHQ.QLH.RPELQDWLRQ DXHU*HIHFKW]XVHW]HQ'HP7HUUDQHUJHODQJHVMHGRFKPKHORVDXFK GLHVHQ$QJULII]XSDULHUHQ 6HLQH)lXVWH]XFNWHQYRU8QGVLHWUDIHQ(LQHUGHUEHLGHQ*HJQHUVWU]WH]X %RGHQ'HUDQGHUHDEHUKLHOWSO|W]OLFKHLQH$UPEUXVWLQGHQ+lQGHQXQG VFKOXJVLHLKPJHJHQGLH%UXVWRKQHGDEHLHUNHQQEDUDXV]XKROHQ7HNHQHU NRQQWHGLHVHP6FKODJQLFKWDXVZHLFKHQ9RUVHLQHQ$XJHQIOLPPHUWHHV(U KDWWHGDV*HIKOGDVHLQ+HU]VFKODJDXVVHW]WH 'LHEHLGHQ&256$0lQQHUQXW]WHQGHQ9RUWHLOGHQVLHHUUXQJHQKDWWHQ6LH VWU]WHQVLFKDXI7HNHQHUXQGGHFNWHQLKQPLWHLQHU5HLKHYRQ6FKOlJHQHLQ GLHLKQQDKH]XNDPSIXQIlKLJPDFKWHQLKQDEHUQRFKQLFKWYRQGHQ%HLQHQ ULVVHQ 0LWGHP,QVWLQNWHLQHVJHVFKXOWHQ.lPSIHUVYHUVXFKWHGHU/HXWQDQWGLHDP PHLVWHQJHIlKUGHWHQ5HJLRQHQVHLQHV.|USHUVDE]XGHFNHQXPHLQLJH 6HNXQGHQ=HLW]XJHZLQQHQLQGHQHQHUVLFKHUKROHQNRQQWH'LH /HLEZlFKWHUGHV0lGFKHQVJDEHQLKPMHGRFKNHLQH&KDQFH(LVNDOW YROOHQGHWHQVLHLKU9HUQLFKWXQJVZHUN ,KUH)lXVWHXQG+DQGNDQWHQWURPPHOWHQDXI7HNHQHUHLQELVLKQHQGOLFKHLQ 6FKODJDP.LQQWUDIGHULKQ]X%RGHQVFKOHXGHUWH ,KPVFKZDQGHQGLH6LQQH (UZXWHQLFKWZLHYLHO=HLWYHUJDQJHQZDUDOVHUZLHGHU]XVLFKNDP(U K|UWHGDV*HPXUPHOYRQ6WLPPHQDEHUHUNRQQWHVLFKQLFKWGDUDXI NRQ]HQWULHUHQ(UYHUVXFKWHVLFK]XEHZHJHQGRFKDXFKGDVJHODQJLKP QLFKW6FKPHU]HQEHUIOXWHWHQVHLQHQ.|USHUXQGGURKWHQLKQLQHLQHHUQHXWH 2KQPDFKWDEVLQNHQ]XODVVHQ (UNlPSIWHJHJHQGDV9HUODQJHQDQVLFKGHU0GLJNHLWKLQ]XJHEHQ(U ZROOWHGLH$XJHQ|IIQHQXQGEHLNODUHP%HZXWVHLQEOHLEHQ'DV 6WLPPHQJHPXUPHOYHUVLHJWHXQGLKPZXUGHEHZXWGDHUVLFKJHWlXVFKW KDWWH'DV5DXVFKHQVHLQHV%OXWHVKDWWHLKPGHQ(LQGUXFNYHUPLWWHOWGD 0HQVFKHQLQVHLQHU1lKHZDUHQGLHPLWHLQDQGHUVSUDFKHQ

-HPHKUVLFKVHLQH6LQQHDEHUNOlUWHQGHVWRGHXWOLFKHUZXUGHHUVLFKGHVVHQ EHZXWGDHVY|OOLJUXKLJLQVHLQHU8PJHEXQJZDU,UJHQGZRLQGHU)HUQH VDQJHLQ9RJHO (UVFKOXJGLH$XJHQDXIXQGVDKVLFKXP (UEHIDQGVLFKLQHLQHP5DXPGHVVHQ:lQGHPLW)HOOHQXQG:DIIHQYHU]LHUW ZDUHQ'XUFKHLQRIIHQHV)HQVWHUILHOVHLQ%OLFNDXIHLQHQ6HH(LQ0lGFKHQ VWDQGLQGHU1lKHGHV)HQVWHUV (VZDU6KDURQ%DUWRQ 'LH6FKZlFKHEHUPDQQWH7HNHQHU(UNRQQWHQLFKWYHUKLQGHUQGDHUGDV %HZXWVHLQHUQHXWYHUORU 7HNHQHUULFKWHWHVLFKPKVDPDXIDOVHUJODXEWHVLFKJHQJHQGHUKROW]X KDEHQ(USUHWHGLH=lKQH]XVDPPHQXQGYHUVXFKWHGLH6FKPHU]HQQLFKW ]XU.HQQWQLV]XQHKPHQ$OVHUYRUGHP%HWWVWDQGDXIGHPHUJHOHJHQ KDWWHIKOWHHUVLFKVFKRQHLQZHQLJEHVVHU (VZDUGlPPHULJ'DUDXVVFKOR7HNHQHUGDHUZHQLJVWHQVHLQLJH 6WXQGHQEHZXWORVJHZHVHQZDU(UDWPHWHHLQLJH0DOHWLHIGXUFKXQGJLQJ GDQQ]XURIIHQHQ7U(UEOLHEVWHKHQDOVHUVLHHUUHLFKWKDWWHXQGOHKQWH VLFKJHJHQGHQ7UUDKPHQ 6KDURQ%DUWRQVDHLQLJH6FKULWWHYRQLKPHQWIHUQWDXIHLQHU%DQNGLHDXV HLQHPJUREEHKDXHQHQ%DXPVWDPPEHVWDQG(LQH%RKOHNQDUUWHXQWHU VHLQHQ)HQ6LHK|UWHHVXQGIXKUKHUXP$OVVLHLKQVDKVWDQGVLHHLOLJ DXIVWULFKVLFKGLH5|FNHJODWWXQGNDP]XLKP ,FKGDFKWH6LHZUGHQQLHZLHGHUDXIVWHKHQVDJWHVLHYHUOHJHQ 8QGLFKZXWHQLFKWGD6LHGLH*HVFKlIWVPHWKRGHQ,KUHV9DWHUVHEHQVR SHUIHNWEHKHUUVFKHQZLHHUVHOEVWHUZLGHUWHHU)DVWZlUHLFKDXI,KU XQVFKXOGLJHV*HVLFKWKHUHLQJHIDOOHQ,FKYHUVWHKHMHW]WGD6LHHPS|UW GDUEHUVLQGGDZLU,KUHQ9DWHUDXVGHP9HUNHKUJH]RJHQKDEHQ :DVZROOHQ6LHGDPLWVDJHQ"IXKUVLHLKQDQ (VJHKWDXFKRKQH6LHHUNOlUWHHUYHUlFKWOLFK,FKKlWWHZLVVHQPVVHQ GDYRQ/HXWHQ,KUHV6FKODJHVNHLQH+LOIH]XHUZDUWHQLVW (UEOLFNWHDXIGHQ6HHKLQDXV)DUEHQSUlFKWLJH)LVFKHGXUFKEUDFKHQGLH :DVVHUREHUIOlFKHEUHLWHWHQGLHIOJHODUWLJHQ)ORVVHQDXVXQGVHJHOWHQZLH VFKZHUHORVEHUGDV*HZlVVHU'LH6RQQHVWDQGDOVJUQOLFKHU/LFKWEDOO EHUGHP+RUL]RQWXQGVFKXIHLJHQDUWLJH/LFKWUHIOH[HDXIGHP6HH 7HNHQHUO|VWHVLFKYRQGHU7UXQGJLQJ]XHLQHP*OHLWHUGHUXQWHUHLQLJHQ WDQQHQDUWLJHQ%lXPHQSDUNWH(ULGHQWLIL]LHUWHGLH0DVFKLQHVFKRQYRQ ZHLWHPDOVGLHMHQLJHGLHHUDP5DXPKDIHQJHPLHWHWKDWWH(U|IIQHWHGLH7U XQGVWLHJHLQ 3O|W]OLFKVWDQG6KDURQQHEHQLKPXQGULGLH7UZLHGHUDXI

6WHLJHQ6LHDXVULHIVLH6LHGUIHQQLFKWZHJIOLHJHQ6LHVLQGQRFKQLFKW GD]XLQGHU/DJH 7HNHQHUIXKUVLFKPLWGHP+DQGUFNHQEHUGLH/LSSHQ9RUVHLQHQ$XJHQ IOLPPHUWHHVXQGHUIUFKWHWHDEHUPDOVEHZXWORV]XZHUGHQ6W|UULVFK VFKWWHOWHHUGHQ.RSI ,FKELQGD]XLQGHU/DJHVDJWHHU8QGQLFKWVZLUGPLFKKLHU]XUFNKDOWHQ 'LHEHLGHQ0lQQHUKlWWHQ6LHWRWJHVFKODJHQZHQQLFK,KQHQQLFKWJHKROIHQ KlWWHHUNOlUWH6KDURQKHIWLJ 6ROOLFK,KQHQGDIUGDQNEDUVHLQ",KQHQLVWHV]X]XVFKUHLEHQGDLFKPLFK VRIKOHDOVKlWWHLFKNHLQHQKHLOHQ.QRFKHQPHKULP/HLE 6LHVLQGQLFKWWRW 'DELQLFKQLFKWVRJDQ]VLFKHU:LHIKOWPDQVLFKDOV7RWHU"$EHUGDVVROOWH LFK6LHZRKOQLFKWIUDJHQ 6LHVLQGZLGHUOLFKXQGJHPHLQVDJWHVLH,KUH$XJHQIOOWHQVLFKPLW7UlQHQ 0HLQ9DWHULVWHLQ*DQJVWHU$EHUZDVKDEHLFKGDPLW]XWXQ":DVNDQQLFK GDIUZHQQPLUGLH2UJDQLVDWLRQ]ZHL:DFKHQDQGLH6HLWHVWHOOW",FKKDEH 6LHMHGHQIDOOVQLFKWDXIJHIRUGHUWPLFK]XEHOlVWLJHQ 'DVLVW]ZHLIHOORVULFKWLJHUZLGHUWHHU'RFKGDVIKUWDOOHV]XQLFKWV,FK KlWWHPLUGLH0KHVSDUHQN|QQHQ (UZROOWHGLH7UVFKOLHHQGRFKVLHOHJWHUDVFKLKUH+DQGDXIVHLQHQ$UP +|UHQ6LH]X/HXWQDQWVDJWHVLHOHLVHXQGVHQNWHGHQ.RSI,FKELQZRKO ]LHPOLFKXQJHUHFKWJHZHVHQ(VWXWPLUOHLGZDVJHVFKHKHQLVW8QGGHVKDOE ZHUGHLFK,KQHQKHOIHQ:DVVROOLFKWXQ"(UNOlUHQ6LHHVPLUXQGLFKZHUGH HVWXQ 5RQDOG7HNHQHUVWLHJZLHGHUDXV 6SlWHUVDJWHHU-HW]WZLOOLFKHUVWHLQPDOEDGHQGDPLWLFKZLHGHU]XPLU NRPPH,FKKRIIHGRFKGDPDQLP6HHEDGHQNDQQRKQHGDHLQHP LUJHQGZHOFKH8QJHKHXHUGLH)HDEEHLHQ" %DGHQ6LHQXUHQWJHJQHWHVLH(VLVWY|OOLJXQJHIlKUOLFK9RUDXVJHVHW]W 6LHN|QQHQVFKZLPPHQ 7HNHQHUZDUVLFKGDUEHUNODUZDVGHU%HIHKOEHGHXWHWHGHQHUHUKDOWHQ KDWWH:HQQPDQHLQHQ2IIL]LHUVHLQHV5DQJHVPLWHLQHUGHUDUWLJHQ$XIJDEH EHGDFKWHGDQQZDUGLHVGHU$XVGUXFNYRUVLFKWLJHQ7DNWLHUHQV /RUGDGPLUDO$WODQZXWHPLWZHPHUHVEHL*HRUJH/LPS&RDWHV]XWXQ KDWWH 5RQDOG7HNHQHUYHUOLHGDV5DXPKDIHQJHElXGHYRQ3HUVLWKGHPGULWWHQ 3ODQHWHQGHU6RQQH&RQQRXUHWZDYLHU]HKQ7DJHQDFKVHLQHP7UHIIHQPLW 6KDURQ%DUWRQXQGGHUHQ%HJOHLWHUQ'LH:XQGHQGLHHUEHLGHU6FKOlJHUHL GDYRQJHWUDJHQKDWWHZDUHQDXVJHKHLOW9RQGHQ4XHWVFKXQJHQ %OXWHUJVVHQXQG6FKUDPPHQZDUQLFKWVPHKU]XVHKHQXQGHUNRQQWHDXFK ZLHGHUIUHLDWPHQRKQHGDVLFK6FKPHU]HQLQGHU%UXVWHLQVWHOOWHQ 7HNHQHUEOLHEXQZLOONUOLFKVWHKHQDOVHUK|UWHZLHKLQWHULKPHLQ6WDKOVFKRWW HLQUDVWHWH(UGUHKWHVLFKXPXQGVDKGDVLFKDOV]XVlW]OLFKH6LFKHUXQJHLQ

(QHUJLHVFKLUPDXIEDXWH6RPLWODJGHU5DXPKDIHQPLWVlPWOLFKHQ (LQULFKWXQJHQXQWHUHLQHUXQGXUFKGULQJOLFKHQ(QHUJLHJORFNH 'DVEHGHXWHWHQLFKWGDGHU5HVWYRQ3HUVLWKHLQHIUHLH:HOWZDU,P *HJHQWHLO1XULQQHUKDOEGHU(QHUJLHNXSSHOJDEHVQRUPDOHUZHLVHIUHLH 0HQVFKHQ$OOHDQGHUHQYHUEWHQHLQH)UHLKHLWVVWUDIH 7HNHQHUHQWVFKLHGVLFKIUHLQHQURWHQ*OHLWHUGHUQHEHQDQGHUHQDXIGHP 3DUNSODW]YRUGHP5DXPKDIHQJHOlQGHVWDQG(UWLSSWHGLH'DWHQHLQGLHLKP HLQYHUDQWZRUWOLFKHU2IIL]LHUJHJHEHQKDWWH/DXWORVVWLHJGLH0DVFKLQHDXI XQGUDVWHLQVGOLFKHU5LFKWXQJGDYRQ 0DFKHQ6LHVLFKDXIHLQLJHVJHIDWKDWWHGHU2IIL]LHULP.RQWUROOJHElXGH JHVDJW'LH*HIlQJQLVVHDXI3HUVLWKVHKHQDQGHUVDXVDOVGLHgIIHQWOLFKNHLW VLHVLFKYRUVWHOOW$EHUWlXVFKHQ6LHVLFKQLFKW(VVLQG*HIlQJQLVVH 5RQDOG7HNHQHUOHKQWHVLFKLQGHQ3ROVWHUQ]XUFN(UEOLFNWHQDFKYRUQ :HLWHVIUXFKWEDUHV/DQGGHKQWHVLFKYRULKPGDVQXUWHLOZHLVHNXOWLYLHUW ZRUGHQZDU6FKZlUPHYRQ9|JHOQ]RJHQEHUVLOEHUQVFKLPPHUQGH)OVVH XQG6HHQKLQZHJ,QGHU)HUQHHUKREVLFKHLQH%HUJNHWWHELVLQHLQH+|KH YRQHWZDYLHUWDXVHQG0HWHUQ'LH*LSIHOGHU%HUJHOHXFKWHWHQZHL 'DV/DQGZDUYRQEHLVSLHOKDIWHU6FK|QKHLW (LQHQ*HIDQJHQHQSODQHWHQKDWWH7HNHQHUVLFKDQGHUVYRUJHVWHOOW'DV *HIKOYRQ$WODQQLFKWDXVUHLFKHQGYRUEHUHLWHWLQV)HXHUJHVFKLFNW]X ZHUGHQYHUVWlUNWHVLFK 'HU/RUGDGPLUDOVSLHOWHGLH%HGHXWXQJGHV7UHIIHQVPLW*HRUJ/LPS&RDWHV KHUXQWHU'HU*DQJVWHUERVROOWHYRQ$QIDQJDQZLVVHQGDGLHVH %HJHJQXQJ]ZDUZLFKWLJZDUDEHUVLFKLP5DKPHQHLQHVJURHQ *HVFKHKHQVEHZHJWHLQGHPDQGHUH(UHLJQLVVHZHLWK|KHUUDQJLHUWHQ 6KDURQ%DUWRQKDWWHVLFKGLHJU|WH0KHJHJHEHQ&RDWHV]XU=XVWLPPXQJ ]XEULQJHQ'DVLHHVEHUKDXSWJHVFKDIIWKDWWHHUVFKLHQZLHHLQNOHLQHV :XQGHUGDVLHLKPNHLQH*HJHQOHLVWXQJKDWWHELHWHQN|QQHQ:lUHMHW]W /RUGDGPLUDO$WODQVHOEVWEHL&RDWHVHUVFKLHQHQKlWWHGLHVHUIUDJORV YHUVXFKWLKQ]XHUSUHVVHQ(UKlWWHVHLQH)RUGHUXQJHQXIHUORVDXVJHZHLWHW 8QGJOHLFK]HLWLJKlWWHHUIUHLQHZHOWZHLWH3XEOL]LWlWJHVRUJW5HSRUWHUXQG -RXUQDOLVWHQDXVGHPJHVDPWHQ,PSHULXPZlUHQDXI3HUVLWKJHZHVHQXP =HXJHGHV7UHIIHQV]XZHUGHQ 7HNHQHUZDUDOOHLQ(UYHUPXWHWHGD&RDWHVPLWGHU+LOIH6KDURQVYHUVXFKW KDWWHGLH3UHVVHIUGLHVHV7UHIIHQ]XLQWHUHVVLHUHQGDHVLKPMHGRFKQLFKW JHOXQJHQZDU(LQ/HXWQDQW5RQDOG7HNHQHUZDULQNHLQHU.DUWHLGHU 3UHVVHLPSHULHQYHU]HLFKQHW(LQHQ5RQDOG7HNHQHUNRQQWH&RDWHVQLFKW HUSUHVVHQ(UNRQQWHLKPQXU]XK|UHQ 7HNHQHUQlKHUWHVLFKHLQHPWXUPDUWLJHQ*HElXGHGDVDXIGHU.XSSHHLQHV +JHOVDQHLQHP)OXHUULFKWHWZDU(LQIOLPPHUQGHU(QHUJLHVFKLUPZ|OEWH VLFKEHUGHP7XUPGHUYRQHLQHPEOKHQGHQ*DUWHQXPJHEHQZDU 7HNHQHUVDKHLQHQYRQGHU6RQQHJHEUlXQWHQ0DQQLQHLQHP/LHJHVWXKO QHEHQHLQHP6ZLPPLQJSRROOLHJHQ9RUGHP0DQQVWDQGHLQ)HUQVHKJHUlW

7HNHQHUEHWlWLJWHHLQH7DVWHDP$UPDWXUHQEUHWW'HU*OHLWHUODQGHWHYRUGHP (QHUJLHVFKLUP$XVGHP7XUPNDPHLQ5RERWHUKHUYRUGHUDXILKQ]XHLOWH $OVHUGHQ(QHUJLHVFKLUPHUUHLFKWHHQWVWDQGHLQH6WUXNWXUOFNH 7HNHQHU]HLJWHVHLQH,'.DUWH'HU5RERWHUSUIWHVLHXQGOLHLKQHLQWUHWHQ 0U&RDWHVHUZDUWHW6LH6LUVDJWHGHU$XWRPDW0|FKWHQ6LHHWZDV]X WULQNHQ" 'DQNHHQWJHJQHWH7HNHQHU1LFKWV 'DQQHUODXEHQ6LHPLU6LH]X0U&RDWHV]XIKUHQ'HU5RERWHUGUHKWH VLFKXPXQGVWRO]LHUWHYRU7HNHQHUKHU(UEOLHEHLQLJH0HWHUYRU*HRUJH /LPS&RDWHVVWHKHQXQG]HLJWHVWXPPPLWGHU+DQGDXIGHQ*HIDQJHQHQ GHUNHLQHUOHL1RWL]YRQVHLQHP%HVXFKQDKP &RDWHVEOLHELP/LHJHVWXKO(UZDQGWH7HNHQHUGHQ5FNHQ]XXQGWDWDOV KDEHHUVHLQH$QNXQIWQRFKQLFKWEHPHUNW'HU/HXWQDQWJLQJXPGHQ /LHJHVWXKOKHUXPELVHUGHP*HIDQJHQHQLQV*HVLFKWVHKHQNRQQWH *HRUJH/LPS&RDWHVZDUHLQVFKZHUJHZLFKWLJHU0DQQ(UZDUXQWHUVHW]W XQGKDWWHHLQDXVGUXFNVORVHV*HVLFKWPLWWLHIOLHJHQGHQ$XJHQXQGEXVFKLJHQ $XJHQEUDXHQ $OVHU7HNHQHUVDKVWULFKHUVLFKPLWGHP'DXPHQEHUGLH6DWWHOQDVHXQG HLQIOFKWLJHV/lFKHOQJOLWWEHUVHLQHDXIJHZRUIHQHQ/LSSHQ =HLJHQ6LHVFKRQKHUIRUGHUWHHU 7HNHQHUUHLFKWHLKPVHLQH,'.DUWHGRFK&RDWHVEHDFKWHWHVLHNDXP,KP JHQJWHHVGDHLQ/HXWQDQWGHU862EHLLKPHUVFKLHQXQGVLFKDXVZLHV 'HU,QKDOWGHU,GHQWLILNDWLRQVNDUWHZDUQLFKWPHKUVRZLFKWLJ(QWVFKHLGHQG ZDUGLH*HVWH *HRUJH/LPS&RDWHVJULQVWH (VLVWDOVRZDKUVDJWHHUVHOEVWJHIlOOLJ'LH862HUVFKHLQWEHLPLULP *HIlQJQLVXPYRUPLUHLQHQ.QLHIDOO]XPDFKHQ *HIlQJQLV"7HNHQHUEOLFNWHVLFKXP'DV/LFKWGHU6RQQHVSLHJHOWHVLFKLP :DVVHUGHV6FKZLPPEHFNHQV'LH%OXPHQGHU%VFKHYHUVWU|PWHQHLQHQ DQJHQHKPHQ*HUXFK'DV)HUQVHKJHUlWSURGX]LHUWHGLHGUHLGLPHQVLRQDOHQ %LOGHUHLQHUSURPLQHQWHQ%DQG$XVGHQ/DXWVSUHFKHUQW|QWHQGLH5K\WKPHQ GLHGLHVH%DQGLQDOOHU:HOWEHUKPWJHPDFKWKDWWHQ (VLVWHLQ*HIlQJQLVEHWHXHUWHGHU*DQJVWHU)UXQVNRPPWHVQLFKW GDUDXIDQXQVDQ,KQHQ]XUlFKHQKDWPLUGHU5LFKWHUHUNOlUW:LUZROOHQQXU GD6LHDXVGHP9HUNHKUJH]RJHQZHUGHQ'HVKDOEZHUGHQ6LHNHLQH 9HUELQGXQJPHKU]XUgIIHQWOLFKNHLWKDEHQ 'DV*HVLFKWGHV*HIDQJHQHQYHU]HUUWHVLFK 2KPHLQH8QWHUNXQIWLVWKHUYRUUDJHQG,FKKDEHDOOHVZDVLFKZLOO'DIU EH]DKOHLFKDXFK5LFKWLJHUPHLQH)UHXQGHVRUJHQGDIUGDLFKHLQH HUWUlJOLFKH8QWHUNXQIWKDEH$EHUZDVKLOIWGDVDOOHV"9RQDXHQNRPPWDOOHV ]XPLU,FKVHKH)LOPH,FKK|UH0XVLN,FKYHUIROJHGLH1DFKULFKWHQDXVGHU JDQ]HQ*DOD[LV,FKZHLVRJDUGD3HUU\5KRGDQHLQHOHLFKWH,QIHNWLRQ EHUVWDQGHQKDW,FKZHLDOOHVZDVGUDXHQSDVVLHUW$EHUYRQPLUGULQJW NHLQHLQ]LJHV:RUWQDFKGUDXHQ(VLVWDOVRELFKQLFKWPHKUH[LVWLHUWH=X

QLHPDQGHPKDEHLFK.RQWDNW6KDURQXQG6LHVLQGGLHHLQ]LJHQ0HQVFKHQ PLWGHQHQLFKVHLW-DKUHQJHVSURFKHQKDEH,FKELQHLQ(LQVLHGOHU(EHQVRJXW N|QQWHLFKLQHLQHP5DXPVFKLIIOHEHQGDVGXUFKGLH8QHQGOLFKNHLWIOLHJW 2GHULFKN|QQWHLQHLQHP+DXVXQWHU:DVVHUGDKLQYHJHWLHUHQ'LHVLVWHLQ *HIlQJQLV*ODXEHQ6LHHVPLU *HRUJH/LPS&RDWHVKLHOWHVQLFKWPHKULP/LHJHVWXKODXV(UHUKREVLFK XQGJLQJELV]XP5DQGGHV6FKZLPPEHFNHQV(UWUXJHLQHQ$Q]XJDXV HLQHPVHLGLJHQ6WRII 'HU5LFKWHUZXWHJHQDXZDVHUWDWDOVHUPLFK]XGLHVHP/HEHQ YHUXUWHLOWHIXKUHUIRUWXQGJLQJHLQLJH6FKULWWHZHLWHU6HLQUHFKWHV%HLQZDU NU]HUDOVGDVOLQNH(UKLQNWHVWDUN'DVZDUDXFKGHU*UXQGGDIUGDPDQ LKPLQ.UHLVHQGHVRUJDQLVLHUWHQ9HUEUHFKHQVGHQ1DPHQ/LPSJHJHEHQ KDWWH (UVWUHFNWHGHQ$UPDXVXQG]HLJWH]XGHQ%HUJHQKLQEHU 'RUWGUEHQLQGHQ%HUJHQLVWHLQDQGHUHU7XUP,FKZHLGDGRUWHLQ *HIDQJHQHUOHEW+LQXQGZLHGHUZHQQGDV:HWWHUNODULVWNDQQLFKGLH (QHUJLHNXSSHOVHKHQ'DQQZHLLFK'DLVWQRFKMHPDQGDXI3HUVLWK,FKELQ QLFKWDOOHLQ8QGGHUDQGHUHGHQNWZDKUVFKHLQOLFKVRZLHLFK*ODXEHQ6LH PLU/HXWQDQWPLUZlUHHVOLHEHUJHZHVHQZHQQLFKLUJHQGZRLQHLQHP 6WHLQEUXFKPLWDQGHUHQ0HQVFKHQ]XVDPPHQDUEHLWHQPWH:HQQLFKKLQ XQGZLHGHUPLWHLQHP0HQVFKHQVSUHFKHQN|QQWHZlUHGDVVFKRQHLQH ZHVHQWOLFKH+DIWHUOHLFKWHUXQJIUPLFK'LHVLVWGLH+|OOH +LQNHQGNHKUWHHU]XP/LHJHVWXKO]XUFNXQGVHW]WHVLFK6HLQ*HVLFKW ZXUGHZLHGHUDXVGUXFNVORV(UOLHGLH8QWHUOLSSHKlQJHQ $OVRZDVZROOHQ6LHYRQPLU"IUDJWHHU ,KUH0LWDUEHLWLP.DPSIJHJHQGLH5DXPSLUDWHQDQWZRUWHWH7HNHQHU :DVELHWHQ6LHPLU" 'HUMXQJH7HUUDQHUDQWZRUWHWHQLFKW(UZDUWHWHGDUDXIGD&RDWHV )RUGHUXQJHQVWHOOHQZUGH6KDURQKDWWHLKQOlQJVWGDUEHULQIRUPLHUWGD HVXPHLQH=XVDPPHQDUEHLWLP.DPSIJHJHQGLH5DXPSLUDWHQJLQJ 7HNHQHU]ZHLIHOWHDXFKQLFKWGDUDQGD&RDWHVJHQDXZXWHZHOFKH *HJHQOHLVWXQJHQHUKDEHQZROOWH,KQEHUUDVFKWHHLQZHQLJGDGHU *HIDQJHQHVLFKVRDXVIKUOLFKEHUVHLQH6LWXDWLRQDXVJHODVVHQKDWWH 7HNHQHUZDUWURW]VHLQHU-XJHQGDXVJHELOGHWHU.RVPR3V\FKRORJH(UKDWWH VLFKDXVJLHELJPLWDOOHQ,QIRUPDWLRQHQEHU*HRUJH/LPS&RDWHVEHIDW *HUDGHGHVKDOEKDWWHHUQLFKWHUZDUWHWYRQLKPGHUDUWLJHbXHUXQJHQ]X K|UHQ&RDWHVZDUHLQ7DNWLNHUGHUVWHWVJHQDXZXWHZDVHUZROOWH 7HNHQHUZDUVLFKNODUGDUEHUGDGHU*DQJVWHUVLFKHEHQVRVRUJIlOWLJDXI GLHVHV7UHIIHQYRUEHUHLWHWKDWWHZLHHUVHOEVWDXFK &RDWHVEOLFNWHLKQIRUVFKHQGDQ 6LHHUZDUWHQGRFKZRKOQLFKWGDLFKHWZDVRKQH*HJHQOHLVWXQJWXH" 7HNHQHUVFKZLHJDXFKMHW]W&RDWHVVWXW]WH'DQQZLQNWHHUGHQ5RERWHU KHUDQXQGEHIDKOLKPHLQHQ6WXKOIUVHLQHQ%HVXFKHU]XEULQJHQ:HQLJ

VSlWHUVHW]WH7HNHQHUVLFKLQHLQHQJHSROVWHUWHQ*DUWHQVWXKO&RDWHVEOLFNWH LKQIUDJHQGDQGRFK7HNHQHUVFKZLHJDXFKMHW]W 9HUGDPPWQRFKPDOVDJWHGHU*HIDQJHQH,FKZHUGHQLFKWVWXQZHQQLFK QLFKWUHJHOPlLJ%HVXFKYRQPHLQHQ)UHXQGHQEHNRPPH 'DVZDUVFKRQIDVWHLQH=XVDJHGDFKWH7HNHQHU(UEHXJWHVLFKQDFKYRUQ =XQlFKVWHLQPDOZHUGHQ6LH3HUVLWKYHUODVVHQ6LHNRPPHQQDFK 0LVFKKDPGHPYLHUWHQ3ODQHWHQGHU6RQQH=ZXQHQ'LH(QWIHUQXQJ]XU (UGHEHWUlJWGDQQQXUQRFK/LFKWMDKUH=ZXQHQLVWHLQ3ODQHWDXIGHP HV]DKOUHLFKH*HIDQJHQHQVWlGWHJLEW6LHZHUGHQXQWHU0HQVFKHQVHLQXQG HVIlOOWYRUDOOHPQLFKWVRDXIZLHKLHUZHQQ6LH%HVXFKEHNRPPHQ &RDWHVPXVWHUWHLKQPLWYHUHQJWHQ$XJHQ :LUUHGHQZHLWHUZHQQLFKDXI0LVFKKDPELQHUNOlUWHHU 7HNHQHUHUKREVLFK(UZXWHGDHVVLQQORVZDUQRFKOlQJHUPLW&RDWHV]X YHUKDQGHOQ'DEHLKlWWHGHU*DQJVWHU9RUWHLOHIUVLFKKHUDXVJHVFKODJHQGLH 7HNHQHULKPQLFKWHLQUlXPHQZROOWH 3DFNHQ6LH,KUH6DFKHQVDJWHHU,FKEHJOHLWH6LHQDFK0LVFKKDP &RDWHVVWDQGDXIHUJULIIGHQ/LHJHVWXKOXQGVFKOHXGHUWHLKQLQV:DVVHU 'DVLVWHLQ:RUWVDJWHHU:LUN|QQHQJHKHQ,FKKDEHQLFKWVZDVLFK PLWQHKPHQP|FKWH 9HUVXFKHQ6LHNHLQH7ULFNVZDUQWHGHU/HXWQDQW,FKKlWWHNHLQH +HPPXQJHQ6LH]XHUVFKLHHQZHQQ6LHIOLHKHQZROOHQ$OVRYHUVXFKHQ 6LHHVJDUQLFKWHUVW +DOWHQ6LHPLFKQLFKWIUHLQHQ1DUUHQHQWJHJQHWHGHU*HIDQJHQH,FKELQ PLUNODUGDUEHUZDV6LHN|QQHQ=XPLUVFKLFNWPDQNHLQH9HUVDJHU (UEOLFNWH7HNHQHUGXUFKGULQJHQGDQ 'DVZDUHLQ.RPSOLPHQWVDJWHHU (VOlWPLFKNDOWHUZLGHUWHGHU8626SH]LDOLVW &RDWHVQLFNWH 'DVLVWPLUNODU 'LHEHLGHQ0lQQHUJLQJHQDXIGHQ*OHLWHU]X7HNHQHUEHUUHLFKWHGHP 5RERWHUHLQH.DUWHGLHHLQH5HLKHYRQ,QIRUPDWLRQHQHQWKLHOW'HU$XWRPDW VFKREVLHLQHLQHQ6FKOLW]DQVHLQHU%UXVW(LQLJH6HNXQGHQYHUVWULFKHQ GDQQHQWVWDQGHLQH6WUXNWXUOFNHLP(QHUJLHVFKLUP'LHEHLGHQ0lQQHU VFKULWWHQ]XP*OHLWHUXQGVWLHJHQHLQ'LH6WUXNWXUOFNHVFKORVLFKZLHGHU 7HNHQHUVWDUWHWH 6LHVDJHQNHLQ:RUWEHIDKOGHU/HXWQDQWDOVVLHVLFKGHP5DXPKDIHQ QlKHUWH6LHEHUODVVHQDOOHVPLU 'DVN|QQWH,KQHQVRSDVVHQHQWJHJQHWH&RDWHV,FKUHGHZDQQLFKZLOO XQGZDVLFKZLOO 7HNHQHU]RJGHQ*OHLWHUKHUXPXQGJLQJDXI*HJHQNXUV'HU0DQQQHEHQ LKPEOLFNWHLKQEHUUDVFKWDQVDJWHMHGRFKQLFKWV:HQLJVSlWHUODQGHWHGLH 0DVFKLQHYRUGHP(QHUJLHVFKLUPGHUGHQ7XUPEHUVSDQQWH 'HU5RERWHUQlKHUWHVLFK7HNHQHUGUFNWHHLQH7DVWHDP$UPDWXUHQEUHWW XQG]HLJWHQDFKYRUQDXIGLH6WUXNWXUOFNHGLHHQWVWDQGHQZDU

6LHN|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lFKOLFKZDUHQ(UDKQWHHVQXU(UZXWHDXFK QLFKWYRQZHOFKHU%HGHXWXQJGLHVH8QWHUUHGXQJIU7HNHQHUZDU 6LHVWHKHQXQWHU(UIROJV]ZDQJ/HXWQDQW:DVVDJHQ6LH,KUHQ 9RUJHVHW]WHQZHQQ6LH]XUFNNHKUHQXQGJHVWHKHQPVVHQGD6LH JHVFKHLWHUWVLQG" 5RQDOG7HNHQHUOlFKHOWH(VZDUHLQHLJHQDUWLJHV/lFKHOQ(V]HLJWH *HODVVHQKHLWXQGLQQHUH5XKHEDUJDEHUJOHLFK]HLWLJHLQHJHZLVVH'URKXQJ LQVLFK(VZDUHLQ/lFKHOQGDVGHQ*DQJVWHUYHUXQVLFKHUWH 6WDUWHQ6LHVDJWHHUlUJHUOLFK 6LHVLQGPLUQRFKHLQH(UNOlUXQJVFKXOGLJHULQQHUWHLKQ7HNHQHU ,FKZWHQLFKWZDVLFK,KQHQHUNOl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|KQHQG,FKJODXEH,KQHQGD6LHVLFK QLFKWYRQ,KUHP:HJDEEULQJHQODVVHQ,FKZHUGHQLFKWHLQPDOYHUVXFKHQ 6LHPLWIQI0LOOLRQHQ6RODU]XN|GHUQ 5RQDOG7HNHQHUOlFKHOWH 'DVYHUVWHFNWH$QJHERWGHV*DQJVWHUVOLHLKQNDOW

$OV7HNHQHUDP5DXPKDIHQJHElXGHODQGHWHZDUNHLQZHLWHUHV:RUW ]ZLVFKHQLKPXQG&RDWHVJHIDOOHQ'HU*DQJVWHUKDWWHHLQ%ODWW3DSLHUDXV GHU7DVFKHKHUYRUJHKROWXQGVLFKHLQH5HLKHYRQ1RWL]HQJHPDFKW7HNHQHU KDWWHLKQGDEHLQLFKWJHVW|UW (UJLQJXPGHQ*OHLWHUKHUXP&RDWHVVWLHJDXV ,FKKRIIH6LHYHU]LFKWHQDXI+DQGIHVVHOQVDJWHHU ,FKYHU]LFKWHDQWZRUWHWH7HNHQHU%OHLEHQ6LHGLFKWEHLPLU1LHPDQGGDUI VLFK]ZLVFKHQXQVGUlQJHQ$XIVHKHQGUIHQZLUDXINHLQHQ)DOOHUUHJHQ 6LHEUDXFKHQVLFKNHLQH6RUJHQ]XPDFKHQ/HXWQDQWLFKZHLZLHLFK PLFK]XYHUKDOWHQKDEH $XIGHP3DUNSODW]XQGYRUGHP.RQWUROOJHElXGHKLHOWVLFKQLHPDQGDXI 'RFKGDVLHVRUJIlOWLJEHREDFKWHWZXUGHQ]HLJWHVLFKDOVVLHVLFKGHP (QHUJLHVFKLUPQlKHUWHQ(LQH6WUXNWXUOFNHELOGHWHVLFK'DV6WDKOVFKRWWJOLWW ]XU6HLWHREZRKO7HNHQHUQLHPDQGHPHLQ=HLFKHQJHJHEHQKDWWH 'LHEHLGHQ0lQQHUEHWUDWHQHLQH+DOOHLQGHUVLFKQXUHLQHLQ]HOQHU0DQQ EHIDQG(UVDLQHLQHUJOlVHUQHQ.DELQHDQHLQHP+\SHUNRPXQGYHUIROJWH GLH1DFKULFKWHQGLHHLQPDOWlJOLFKYRQ7HUUDDXVJHVWUDKOWZXUGHQ(UEOLFNWH DXIXQGVDK7HNHQHUPLWVHLQHP%HJOHLWHU6HLQH$XJHQZHLWHWHQVLFK(LOLJ VSUDQJHUDXIXQGVWU]WHDXVVHLQHU.DELQHZREHLHUEHUVHLQHHLJHQHQ %HLQHVWROSHUWH7HNHQHUILQJLKQDXI 'HU0DQQZDUNOHLQHUDOVHUZRJDEHUVLFKHUOLFKPHKU'LH.OHLGXQJVSDQQWH VLFKEHUVHLQHP%DXFK 'DVGDUIGRFKQLFKWZDKUVHLQVDJWHHUNXU]DWPLJ*HRUJH/LPS &RDWHV YHUOlW3HUVLWKXQGLFKZHLQLFKWVGDYRQ:HVKDOEKDEHQPLUGLHVH1DUUHQ YRQGHU5HGDNWLRQQLFKWVJHVDJW":LHVRVLQG6LHIUHL/LPS"9LHU]LJ-DKUH VROOHQ6LHKLHUDEVLW]HQ-HW]WVLQGQRFKQLFKWHLQPDOGUHL-DKUHXP(UNOlUHQ 6LHPLUGDV :HULVWGDV"IUDJWH&RDWHV ,FKELQ-HUU\:LOOLDPVYRQGHU7HUUDQLD1HZV6LHNHQQHQPLFKGRFK/LPS 'LHVLVWMDQLFKWGDVHUVWHPDOGDZLUPLWHLQDQGHUUHGHQ ,FKJHEHNHLQH,QWHUYLHZVDQWZRUWHWHGHU*DQJVWHU:HQQ6LHHWZDV ZLVVHQZROOHQIUDJHQ6LH/HXWQDQW7HNHQHU :LOOLDPVPXVWHUWH7HNHQHU ,FKZLOODOOHVZLVVHQHUNOlUWHHU6HLQH$XJHQZDUHQKHOOEODX$XVLKQHQ VFKOXJ7HNHQHUHLQHHLVLJH.lOWHHQWJHJHQ:HQQ6LHPLUNHLQH ,QIRUPDWLRQHQJHEHQYHUDQVWDOWHLFKHLQHQ5LHVHQ:LUEHO'DQQZLUGPRUJHQ DXIDOOHQZLFKWLJHQ3ODQHWHQEHNDQQWVHLQGD/LPS3HUVLWKYHUODVVHQKDW XQGDXV,KUHU*HKHLPPLVVLRQZLUGQLFKWV 5RQDOG7HNHQHUODFKWHLKPLQV*HVLFKW +|UHQ6LHDXI:LOOLDPVVDJWHHU5XIHQ6LHOLHEHUEHL,KUHU5HGDNWLRQDQ 'HU$QZDOWYRQ0U&RDWHVKDWQHXH)DNWHQLQV6SLHOJHEUDFKWXQGHVLVW LKPJHOXQJHQHLQH+DIWHUOHLFKWHUXQJIU0U&RDWHVGXUFK]XGUFNHQ'LH $QZlOWHSUIHQ]XU=HLWREHLQHQHXH9HUKDQGOXQJP|JOLFKLVW ,FKZHUGHPLFKHUNXQGLJHQ'HU5HSRUWHUNHKUWHLQVHLQH.DELQH]XUFN

(LQJHIl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l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lXILJYRUHLQHUGHUDUWLJHQ=XK|UHUVFKDIWUHIHULHUW *HRUJH&RDWHVKDWPLUJHVWHUQVHLQH=XVWLPPXQJJHJHEHQHUNOlUWHHU (QWVSUHFKHQGPHLQHU(UPlFKWLJXQJKDEHLFKGDQDFKHLQLJHQVHLQHU )UHXQGHHUODXEWLKQ]XEHVXFKHQ&RDWHVKDWYLHU6WXQGHQODQJPLWLKQHQ JHVSURFKHQ$EK|UYRUULFKWXQJHQZDUHQQLFKWLQGHP5DXPYRUKDQGHQLQ GHPHUVLFKPLWVHLQHQ)UHXQGHQEHIXQGHQKDW 'DUIPDQZLVVHQZDVGDVIU)UHXQGHZDUHQ"IUDJWHHLQHUGHUlOWHUHQ 2IIL]LHUH(UVSUDFKLQDXIIDOOHQGVFKDUIHP7RQ7HNHQHUEOLFNWH$WODQIUDJHQG DQ'LHVHUQLFNWH]XVWLPPHQG :LUPDFKHQNHLQ*HKHLPQLVGDUDXVVDJWHGHU$UNRQLGH (VZDUHQ(GZDUG&RORPER-HURPH$UGHQQH*RUGRQ(DVWPDQXQG:DOWHU 36WHYHQVRQDQWZRUWHWH7HNHQHU (LQ5DXQHQJLQJGXUFKGHQ5DXP :HQQLFK6LHUHFKWYHUVWDQGHQKDEHGDQQZDUHQDOVRGLHYLHU3DWHQGHU &256$EHL&RDWHVGHULQLQIRUPLHUWHQ.UHLVHQDOVGDV2EHUKDXSWGHU 2UJDQLVDWLRQJLOWVDJWHGHU2IIL]LHU6LHKDEHQGLHVHP*HVSUlFK ]XJHVWLPPWREZRKO6LHVLFKGDUEHUNODUVHLQPVVHQGDHVGDEHL

DXVVFKOLHOLFKXPJHVFKlIWOLFKH'LQJHJLQJDOVRXPGDVRUJDQLVLHUWH 9HUEUHFKHQ 6RLVWHVHUZLGHUWH$WODQNKO:LUKDEHQNHLQHDQGHUH:DKO:LUZLVVHQ GDGLHVH0lQQHUGLH%HVXFKHEHL&RDWHVGD]XPLEUDXFKHQ*HVFKlIWH]X EHVSUHFKHQ'DVLVWGDVNOHLQHUHhEHOGDVZLULQ.DXIQHKPHQPVVHQ ZHQQZLUGDVJU|HUHhEHOGLH5DXPSLUDWHQDEVWHOOHQZROOHQ-HPHKU )UHLKHLWZLU&RDWHVXQGVHLQHQ/HXWHQODVVHQGHVWRVFKQHOOHUZLUGDOOHV YRUEHLVHLQ +LQXQGZLHGHUPXPDQHEHQY|OOLJXQNRQYHQWLRQHOOH:HJHJHKHQZHQQ PDQ]XP=LHONRPPHQZLOOIJWH$OODQ'0HUFDQWKLQ]X8QGHVLVWQXQ HLQPDOHLQH7DWVDFKHGDGLH&256$GLHEHVWLPPHQGH0DFKWDXIDOOHQ EHGHXWHQGHQ+DQGHOVPlUNWHQLQGHU*DOD[LVLVW'LH&256$KDWEHUDOOLKUH /HXWH:LUZLVVHQGDVN|QQHQLKQHQDEHUQLFKWVQDFKZHLVHQVRODQJH QLHPDQGGHQ0XWKDWVLFKGHQ&256$/HXWHQHQWJHJHQ]XVWHOOHQ$XIDOOHQ 0lUNWHQLVWGLH6LWXDWLRQJOHLFK'LH&256$EHKHUUVFKWGLH 7UDQVSRUWDUEHLWHUJHZHUNVFKDIWKDWGLH+DQGHOVUHFKWHHUZRUEHQKDWGLH DOOHLQLJHQ9HUSDFKWXQJVUHFKWHIUGLH9HUNDXIVHLQULFKWXQJHQVLW]WLQGHQ +DQGHOVDJHQWXUHQRGHUVWHOOWGLH]ZLQJHQGYRUJHVFKULHEHQH9HUVLFKHUXQJ 'LH&256$KDWXQ]lKOLJH0|JOLFKNHLWHQGHU(USUHVVXQJJHIXQGHQ'DHV GDEHLIUGHQHLQ]HOQHQLPPHUQXUXPNOHLQH%HWUlJHJHKWZLOOGDIU QLHPDQGVHLQ/HEHQULVNLHUHQ0DQ]DKOWOLHEHUHLQSDDU6RODUXQGVFKOlJWVLH DXIGHQ+DQGHOVSUHLVGUDXIXPVRGHQ9HUOXVWZLHGHUDXV]XJOHLFKHQDOV GDPDQVLFKJHJHQGLH&256$VWHOOWXQGGDEHL.RSIXQG.UDJHQULVNLHUW :LUKDEHQGHQ.DPSIJHJHQGLH&256$NHLQHVZHJVDXIJHJHJHEHQ HUNOl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lUNWHQZLHGHU DXIHUZLGHUWH7HNHQHU'HUJU|WH7HLOZLUGDXIGLH0lUNWHYRQDQGHUHQ =LYLOLVDWLRQHQJHVFKOHXVWEHLVSLHOVZHLVHDXI:HOWHQGLHDXVVFKOLHOLFKYRQ $NRQHQ$UNRQLGHQRGHU$UDVEHZRKQWZHUGHQ9LHOH*WHUDEHUZHUGHQ RIIHQVLFKWOLFKLQYHUlQGHUWHU)RUPDQJHERWHQVRGDVLHQLFKWPHKU LGHQWLIL]LHUWZHUGHQN|QQHQ(EHQGHVKDOEEHQ|WLJHQZLUGLH+LOIHGHU &256$'LHVH2UJDQLVDWLRQEHIDWVLFKPLWlKQOLFKHQ*HVFKlIWHQ(VOLHJW LKUGDUDQHLQHJHIlKUOLFKH.RQNXUUHQ]ORV]XZHUGHQ:LUKDEHQDOVR]XU=HLW

GLHJOHLFKHQ)HLQGH'DVLVWGHU*UXQGGDIUGDZLUYRUEHUJHKHQG 9HUEQGHWHVHLQZHUGHQ *LEWHVGD]XQRFK)UDJHQ"HUNXQGLJWHVLFK$WODQ 9RUOlXILJQLFKWHUZLGHUWH+RUPDQ'LHDQGHUHQYHUKLHOWHQVLFKUXKLJ 'DQQP|FKWHLFK,KQHQPLWWHLOHQGDZLUEHUHLWVHLQH,QIRUPDWLRQYRQGHU &256$HUKDOWHQKDEHQIXKUGHU$UNRQLGHIRUW:LHGHUXPZXUGHHVXQUXKLJ LP5DXP'LHVH(U|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lQGHUQN|QQHQ'LH6FKLIIVIKUXQJVFKHLQWJHJHQGLHVH 0DQLSXODWLRQY|OOLJKLOIORV]XVHLQ $WODQXQWHUEUDFKVLFKXQGEOLFNWHDXI,P5DXPZDUHVWRWHQVWLOOJHZRUGHQ *HEDQQWYHUIROJWHQGLH0LWJOLHGHUGHV$UEHLWVVWDEVGHQ%HULFKWGHV $UNRQLGHQ 'LH)ROJHGHU0DQLSXODWLRQLVWGDGLH5DXPVFKLIIHDQHLQHPY|OOLJDQGHUHQ =LHODQNRPPHQDQGHPVLHRIIHQEDUGLUHNWLQHLQHW|GOLFKH)DOOHIOLHJHQ:LU YHUPXWHQGDGLH6FKLIIVEHVDW]XQJHQGDEHLVRVFKQHOOPLWHLQHU1HXWURQHQ :DIIHJHW|WHWZHUGHQGDLKQHQNHLQH=HLWPHKUIUHLQH9HUWHLGLJXQJEOHLEW %HLGHQJHVWRKOHQHQ5DXPVFKLIIHQKDQGHOWHVVLFKIDVWDXVVFKOLHOLFKXP 6FKLIIVW\SHQGLHPLW7UDQVLWLRQV7ULHEZHUNHQIOLHJHQ*HUDGHEHLGLHVHQ 5DXPHUQKDWGLH1HXWURQHQ:DIIHLQGHU3KDVHGHU0DWHULDOLVLHUXQJHLQH GXUFKVFKODJHQGH:LUNXQJ $WODQVFKREGLH$NWH]XU6HLWH :LUKDEHQGLHVH,QIRUPDWLRQEHUSUIWVRZHLWGDVP|JOLFKZDU:LU]ZHLIHOQ QLFKWGDUDQGDVLH]XWUHIIHQGVLQGVFKORGHU$UNRQLGHVHLQHQ%HULFKWDE /HXWQDQW7HNHQHUZLUGYHUVXFKHQZHLWHUH,QIRUPDWLRQHQEHUGLH7HFKQLN GHU5DXPVFKLIIVGLHEH]XEHVFKDIIHQ:LUKRIIHQGDVLFKGDQQHQGOLFK )RUWVFKULWWHHLQVWHOOHQZHUGHQ 6FKRQDPQlFKVWHQ7DJYHUOLH5RQDOG7HNHQHUGLH(UGH(UIORJDQ%RUG HLQHV+DQGHOVUDXPHUVPLWGHP=LHO7HLOORQLP6\VWHP9LHUJKHO9LHUJKHOZDU HLQHNOHLQHJHOEH6RQQHGLH/LFKWMDKUHYRQGHU(UGHHQWIHUQWZDU 7HLOORQGHU]ZHLWH3ODQHWZXUGHYRQ7HUUDQHUQ$UNRQLGHQ$NRQHQ$UDV XQG6SULQJHUQJHPHLQVDPJHQXW]W7HLOORQZDUHLQHIUHLH:HOWGLHNHLQHP 6WHUQHQUHLFKDQJHVFKORVVHQZDUXQGYRQHLQHU*UXSSHYRQJHZlKOWHQ

0lQQHUQXQG)UDXHQDXVYHUVFKLHGHQHQ9|ONHUVFKDIWHQGHU*DOD[LV YHUZDOWHWZXUGH 7HNHQHUIORJDOOHLQ(UKDWWHGHQ$XIWUDJVLFKPLWHLQHP$UNRQLGHQ]X EHIDVVHQGHUDOV3RVLWURQLNVSH]LDOLVWJDOWXQGGHUDXI7HLOORQHLQH )RUVFKXQJVVWlWWHEHWULHE'LH&256$KDWWHHUNOlUWGDGLHVHU0DQQIUGLH 862LQWHUHVVDQWH,QIRUPDWLRQHQKDWWH 8QWHUODJHQEHU7HLV]FRQGHQ$UNRQLGHQJDEHVZHGHUDXIGHU(UGHQRFK LQ4XLQWR&HQWHUGHP+DXSWTXDUWLHUGHU862 $OVGLH),5(GDV6ROV\VWHPYHUODVVHQKDWWHVXFKWH7HNHQHUGLH 2IIL]LHUVPHVVHGHV+DQGHOVUDXPHUVDXI]XGHUDOOH3DVVDJLHUH=XWULWW KDWWHQ(UWUXJHLQHQVFKOLFKWHQJUDXHQ$Q]XJGHUNHLQHUOHL5FNVFKOVVH DXIVHLQHQ%HUXI]XOLH,QGHU0HVVHKLHOWHQVLFK]ZHL2IIL]LHUHDXI6LH GLVNXWLHUWHQEHUGDV5LVLNRGDVVLHEHLGHU+DQGHOVUDXPIDKUWHLQJLQJHQ (LQHUYRQLKQHQYHUWUDWGLH$QVLFKWGDGLH),5(QLFKWJHIlKUGHWZDUGDVLH EHUGDVPRGHUQH/LQHDUWULHEZHUNYHUIJWH hEHUQHXQ]LJ3UR]HQWGHUYHUVFKZXQGHQHQ5DXPHUKDWWHQGDVYHUDOWHWH 7UDQVLWLRQVWULHEZHUNHUNOlUWHGHU2IIL]LHU'DVPXGRFKHLQHQ*UXQG KDEHQ,FKYHUPXWHGDGLH%DQGHGLHVH5DXPVFKLIIHOHLFKWHUHUZLVFKW 7HNHQHUVHW]WHVLFKDQHLQHQGHU7LVFKHXQGWLSSWHVHLQH%HVWHOOXQJLQGLH 7DVWDWXU(UJDEGHP2IIL]LHUUHFKW (LQNHJHOI|UPLJHU5RERWHUUROOWH]XLKPDQGHQ7LVFK'LHREHUH:|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lFKHOWHVLHVS|WWLVFK *HKHLPPLVVLRQ",FKKlWWHYLHOOHLFKWQLFKWIUDJHQVROOHQ :HQQLFK,KQHQVDJHGDLFKGRUW8UODXEPDFKHQZLOOJODXEHQ6LHHVPLUMD GRFKQLFKWHQWJHJQHWHHUIUHXQGOLFK,FKKDEHGRUWJHVFKlIWOLFKHWZDV]X HUOHGLJHQ ,KU(VVHQNDP6LHQDKPHVHQWJHJHQVWRFKHUWHGDQQMHGRFKOXVWORVGDULQ KHUXP ,FKKDEHHWZDV]XEHUEULQJHQHUNOlUWHVLH,KUH+lQGHEHJDQQHQSO|W]OLFK ]X]LWWHUQEHUXKLJWHQVLFKGDQQMHGRFKVFKQHOO*ODXEHQ6LHGDLFKVROFKH .XULHUGLHQVWHPDFKHQVROOWH" 'DVEOHLEWHLQ]LJXQGDOOHLQ,KQHQEHUODVVHQ

6LHVFKWWHOWHGHQ.RSI ,FKKDEHELVKHUQLFKWVPLWGLHVHQ*HVFKlIWHQ]XWXQJHKDEWXQGLFKZLOO DXFKLQ=XNXQIWQLFKWVGDPLW]XWXQKDEHQVDJWHVLH,KUH$XJHQ YHUGXQNHOWHQVLFK7HNHQHUHUNDQQWHGDVLH+LOIHEHQ|WLJWHXQGVLHYRQLKP HUZDUWHWH:DVVROOLFKWXQ",FKNDQQPLFKQLFKWGDJHJHQZHKUHQ,FKNDQQ GDVZDVLFK]XEHUEULQJHQKDEHQLFKWHLQIDFKZHJZHUIHQ$EHULFKN|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lUHQGDLFKPLFKLQHLQHUJHIlKUOLFKHQ6LWXDWLRQEHILQGH,FK ELWWH6LHXP,KUH+LOIHDEHU6LHVFKODJHQVLHPLUDE 6LHHUKREVLFK 9HUJHVVHQ6LHZDVLFKJHVDJWKDEHEDWVLHLKQPLWWRQORVHU6WLPPHXQG HLOWHKLQDXV5RQDOG7HNHQHUEOLFNWHLKUQDFK(UZDUYHUVXFKWLKU]XIROJHQ 'RFKHUJLQJQLFKW(UEOLHELQGHU0HVVH'LHKlPLVFKHQ%HPHUNXQJHQ HLQLJHU2IIL]LHUHGLHGLH6LWXDWLRQPLYHUVWDQGHQEHUK|UWHHU 6KDURQWDWLKPOHLG(UKlWWHLKUJHUQJHKROIHQDEHUHUNRQQWHHVQLFKW (LQZRONHQEUXFKDUWLJHU5HJHQJLQJEHU7HLV]GHU+DXSWVWDGWGHV3ODQHWHQ 7HLOORQQLHGHU(UILHOVRGLFKWGD5RQDOG7HNHQHUGLH)DKUWVHLQHV*OHLWHUV GURVVHOQPXWHZHLOHUQLFKWPHKUVHKHQNRQQWHZRKLQHUIORJ 7HLV]ODJDXIHLQHP3ODWHDXGDVHLQHU%HUJNHWWHYRUJHODJHUWZDU,QGHU 'XQNHOKHLWNRQQWH7HNHQHUMHGRFKQXUDQKDQGYHUHLQ]HOWHU/LFKWHUGLH $XVGHKQXQJGHU6WDGWDEVFKlW]HQ (LQ*OHLWHUVFKRPLWKRKHU*HVFKZLQGLJNHLWDQLKPYRUEHLXQGHQWIHUQWHVLFK LQGHUJOHLFKHQ5LFKWXQJLQGHUDXFKHUIORJ7HNHQHUHUZRJHUVWLKP]X IROJHQEHVFKORGDQQMHGRFKGDV(QGHGHV:RONHQEUXFKVDE]XZDUWHQ(U OLHGHQ*OHLWHUDEVLQNHQELVHUGHQ%RGHQEHUKUWH1DKH]XLPJOHLFKHQ 0RPHQWEOLW]WHHVYRULKPDXI(UJODXEWHGLH0DVFKLQHGLHLKQEHUKROW KDWWHLP)HXHUVHKHQ]XN|QQHQGRFKGDQQZXUGHHVVFKRQZLHGHUGXQNHO 7HNHQHUIKOWHZLHHVLKPNDOWEHUGHQ5FNHQOLHI(UZDUEHU]HXJW GDYRQGDGLH0DVFKLQHPLWHLQHP+LQGHUQLV]XVDPPHQJHSUDOOWZDU QDFKGHPGLHSRVLWURQLVFKH)OXJVLFKHUXQJYHUVDJWKDWWH9ROOHU8QEHKDJHQ EOLFNWHHUDXIGDV$UPDWXUHQEUHWWVHLQHV*OHLWHUV(VVDKQLFKWEHVRQGHUV YHUWUDXHQHUZHFNHQGDXV$QHLQLJHQ6WHOOHQZDUGLH9HUNOHLGXQJDXIJHSODW]W (LQHVGHU,QVWUXPHQWHIXQNWLRQLHUWHEHUKDXSWQLFKW2EGLHDQGHUHQULFKWLJ

DQ]HLJWHQZDUQLFKWIHVW]XVWHOOHQ7HNHQHUVDQNLQV3ROVWHU]XUFN(UK|UWH ZLHGLH5HJHQWURSIHQDXIGDV'DFKWURPPHOWHQ'HU9HQWLODWRUGHU .OLPDDQODJHILHODXV'LH7HPSHUDWXULQGHU.DELQHVWLHJDQ 7HLOORQZDUHLQH:HOWPLW'XUFKVFKQLWWVWHPSHUDWXUHQYRQEHU*UDG &HOVLXV'LH6WDGW7HLV]EHIDQGVLFKLQGHUJHPlLJWHQ=RQHQ|UGOLFKGHV bTXDWRUV 7HNHQHUIOXFKWH +LW]HPDFKWHLKPVRQVWQLFKWVDXV,Q7HLV]DEHUKHUUVFKWHHLQHIHXFKWH +LW]HGLHGHQ.UHLVODXIVWDUNEHODVWHWH(UEHJULIIQLFKWGDGLH6WDGW DXVJHUHFKQHWLQHLQHUVROFKHQ.OLPD]RQHHUULFKWHWZRUGHQZDUREZRKOVLFK DXI7HLOORQVLFKHUOLFKJHHLJQHWHUH*HELHWHIUHLQH6WDGWJHIXQGHQKlWWHQ (QGOLFKOLHGHU5HJHQQDFK7HNHQHUIXKUGLH)HQVWHUKHUXQWHUXPIULVFKH /XIWKHUHLQ]XODVVHQ(UVWDUWHWHDEHUQRFKQLFKWHLQPDOGHU)DKUWZLQGZDU HUIULVFKHQG 'LH:RONHQGHFNHULDXIXQGOLHGDV/LFKWGHUEHLGHQ0RQGHGXUFKGLH 7HLOORQXPNUHLVWHQ7HNHQHUVDKGDGLH6WDGWGXUFKHLQHQUHLHQGHQ)OX LQ]ZHL+lOIWHQJHWHLOWZXUGH'HU)OXVWU]WHDP5DQGGHU6WDGWEHUGLH .DQWHGHV3ODWHDXVXQGYHUVFKZDQGLUJHQGZRLQGHU7LHIH $PQ|UGOLFKHQ5DQGGHV3ODWHDXVDQGHPGLH%HUJHK|KHUDXIVWLHJHQUDJWH HLQHU|WOLFKVFKLPPHUQGH)HOVQDGHODXVGHP+lXVHUPHHUHPSRU6LHGLHQWH 7HNHQHUDOV2ULHQWLHUXQJVSXQNW(UIORJ]XLKUKLQXQGODQGHWHXQPLWWHOEDU QHEHQLKU'DQQVWLHJHUDXVXQGEOLFNWHVLFKXP6HLQH)HYHUVDQNHQLP 6FKODPP 'HU.RQWDNWPDQQGHU&256$DXIGHU(UGHKDWWHLKPGLHVH6WHOOH EHVFKULHEHQXQGLKPJHVDJWGDHU]XHLQHP+DXVPLWDXIIDOOHQGVSLW]HP *LHEHOJHKHQVROOWH(VJDEQXUHLQ+DXVGLHVHU%DXDUWLQGHU1lKH(VZDU QXUHWZDIQI]LJ0HWHUYRQLKPHQWIHUQW (UEHVFKORGHQ*OHLWHUVWHKHQ]XODVVHQXQG]X)X]XJHKHQREZRKOGHU 5HJHQJURH3IW]HQKLQWHUODVVHQKDWWH ,P+DXVEUDQQWH/LFKW'LH7UVWDQGRIIHQ'DKHUWUDW7HNHQHUHLQ(U GXUFKTXHUWHHLQHQNOHLQHQ9RUUDXPXQGNORSIWHDQHLQH,QQHQWUGLHQXU DQJHOHKQWDEHUQLFKWJHVFKORVVHQZDU(UK|UWHGDVLFKMHPDQGLP5DXP EHIDQGXQGHUVFKUHFNWKHUXPIXKU (UVWLHGLH7UDXIhEHUUDVFKWEOLFNWHHU6KDURQ%DUWRQDQ6LHVWDQGPLWWHQ LQHLQHPQFKWHUQHLQJHULFKWHWHQ5DXP,QGHU+DQGKLHOWVLHHLQH7DVFKH 6LHZDUDOOHLQ 6LHKLHU"IUDJWHHUXQGWUDWHLQ:LHVRHUVFKUHFNHQ6LHVR" :LHVRIROJHQ6LHPLU"IXKUVLHLKQDQ:DVEH]ZHFNHQ6LHHLJHQWOLFK GDPLW" 'LHVLVWDOVRGHU.RQWDNWPDQQGHP6LHHWZDVEHUEULQJHQVROOWHQVWHOOWHHU UXKLJIHVW 'DVLVWHVZDV6LHKHUDXVILQGHQZROOWHQ" 1HLQ(LJHQWOLFKKlWWHLFKHVPLUGHQNHQN|QQHQGDZLUGDVJOHLFKH=LHO KDEHQ(VLVWQDKHOLHJHQGGDHVKLHUQXUZHQLJH*HVFKlIWVIUHXQGH,KUHV

2QNHOVJLEW:DVPLFKVW|UWLVWGDZLUKLHU]XPJOHLFKHQ=HLWSXQNW HLQWUHIIHQ 'DVLVW=XIDOOEHWHXHUWHVLH(LJHQWOLFKKlWWHLFKVFKRQYRU]ZHL7DJHQKLHU VHLQVROOHQ,FKKDEHPLFKYHUVSlWHWZHLO/DZ%DUWRQJHVWRUEHQLVW ,KU9DWHU"'DVKDEHLFKQLFKWJHZXW(UZXQGHUWHVLFKGDVLHYRQ/DZ %DUWRQVSUDFKXQGQLFKWYRQLKUHP9DWHUGRFKHUVDJWHQLFKWVGDUEHU(U YHUPXWHWHGDVLHVLFKYRQLKUHP9DWHUGLVWDQ]LHUWKDWWHQDFKGHPVLH HUIDKUHQKDWWHZLHHUGUFNHQGGLH%HZHLVODVWGHV*DODNWLVFKHQ$QNOlJHUV JHJHQLKQZDU 8QGMHW]WVFKHLQWQRFKMHPDQGJHVWRUEHQ]XVHLQVDJWHVLH (UEOLFNWHVLFKLP=LPPHUXP$OOHVVDKVRDXVDOVKDEHGHU%HZRKQHUGHQ 5DXPHUVWYRUNXU]HU=HLWYHUODVVHQ1LFKWVGHXWHWHDXIHLQHQ.DPSIRGHU DXI'XUFKVXFKXQJKLQ :LHNRPPHQ6LHGDUDXI" ,FKKDEHHLQ9LGHRJHVSUlFKPLW7HLV]FRQJHKDEWHUNOlUWHVLH(UVSUDFK YRQHLQHP*OHLWHUDXVXQGZDUDXIGHP)OXJKLHUKHU0LWWHQLP6DW]JHULHWHU LQ3DQLN(UVFKULHHWZDVXQGGDQQEUDFKGDV*HVSUlFKDE6HLWGHPKDEH LFKQLFKWVPHKUYRQLKPJHK|UW (UEHULFKWHWHLKUYRQGHP$EVWXU]GHV*OHLWHUV 'DVPXHUJHZHVHQVHLQVFKORHU 6LHVFKOHXGHUWHLKUH7DVFKHZWHQGDXIGHQ%RGHQ 8QGZDVPDFKHLFKMHW]W"IUDJWHHU,FKKDEHPLFKDXIGLHVHQ.XULHUGLHQVW HLQJHODVVHQ,UJHQGHWZDVPXGRFKJHVFKHKHQ":DVVROOLFKWXQ" 5RQDOG7HNHQHUVWUHFNWHGLH5HFKWHDXV *HEHQ6LHPLUGLH7DVFKH 6LHVWLHLKPGLH7DVFKHPLWGHP)XKLQXQGHUQDKPVLHDXI (VVLQGGUHL0DJQHWSODWWHQHUNOlUWHVLH6LHVWHFNHQLQGHPGXQNOHQ 8PVFKODJ :LUPVVHQVLHXQVDQVHKHQVDJWHHU,FKEUDXFKHGLH,QIRUPDWLRQGLH PLUGHU.RQWDNWPDQQJHEHQVROOWH9LHOOHLFKWLVWVLHGDUDXIHQWKDOWHQ 5RQDOG7HNHQHUHUNDQQWHGDLKU:LGHUVWDQGLQVLFK]XVDPPHQJHEURFKHQ ZDU-HW]WZDUVLH]XHLQHU=XVDPPHQDUEHLWEHUHLW'DVZXWHVLHVHOEVW MHGRFKQRFKQLFKW7HNHQHUZDUVLFKGHVVHQVLFKHUGDVLHZWHQG SURWHVWLHUWKlWWHZHQQHUHVLKUJHVDJWKlWWH :DUWHQ6LHVDJWHHU,FKP|FKWHPLFKHLQZHQLJXPVHKHQ:HQQ6LHLKP 0DJQHWSODWWHQEULQJHQVROOWHQGDQQPWHKLHUHLJHQWOLFKDXFKLUJHQGZRHLQ &RPSXWHUYRUKDQGHQVHLQPLWGHPZLUGLH,QIRUPDWLRQHQDEUXIHQN|QQHQ (UYHUOLHGDV=LPPHUXQGEHJDQQGDPLWGDV+DXV]XGXUFKVXFKHQ6KDURQ IROJWHLKP (ULVWYHUXQJOFNW,QHLQHU6WDGWZLH7HLV]HUUHJWVRHWZDV$XIVHKHQ'LH 3ROL]HLZLUGDOVREDOGKLHUHUVFKHLQHQ(VN|QQWHXQDQJHQHKPVHLQZHQQZLU GDQQQRFKKLHUVLQG 9ROONRPPHQULFKWLJHUZLGHUWHHU'HQQRFKN|QQHQZLUQRFKQLFKW YHUVFKZLQGHQRGHUZLVVHQ6LHZRZLULQ7HLV]HLQHQJHHLJQHWHQ&RPSXWHU

ILQGHQGHQZLUEHQXW]HQN|QQHQRKQHHLQH+RUGHYRQ1HXJLHULJHQDXIGHP +DOV]XKDEHQ" (UVWLHHLQH7UDXI +LHULVWMDZDVZLUVXFKHQHUNOlUWHHUXQGVFKDOWHWHGDV/LFKWDQ,QHLQHP .HOOHUUDXPVWDQGHLQNOHLQHU&RPSXWHU5RQDOG7HNHQHUKDWWHGDV0RGHOOEHL VHLQHQ$XVELOGXQJVOHKUJl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hEHULKQHQHUW|QWHQGLH6WLPPHQPHKUHUHU0lQQHU6LHZDUHQQLFKW]X YHUVWHKHQ 7HNHQHUIKUWHGDV0lGFKHQELV]XU6WDKOWU(UOHJWHGHQ)LQJHUDQGLH /LSSHQXPLKU]XEHGHXWHQGDVLHUXKLJVHLQVROOWH'DQQXQWHUVXFKWHHU GLH7UGLHPLWJHIlKUOLFKHQ)DOOHQJHVLFKHUWZDU(UEHQ|WLJWHPHKUHUH 0LQXWHQELVHUVLHHQWVFKlUIWKDWWHZREHLLKP]XJXWHNDPGDGLH)DOOHQ VLFKDXVVFKOLHOLFKJHJHQ(LQGULQJOLQJHYRQDXHQULFKWHWHQ$OVHUGLH7U |IIQHWHYHUQDKPHU6FKULWWHDXIGHU7UHSSH(UVFKREVLFKGXUFKGHQ 7UVSDOWKLQDXVEOLFNWHVLFKNXU]XPXQG]RJ6KDURQGDQQKLQWHUVLFKKHU /DXWORVVFKORHUGLH7UZLHGHU 0HLQ*OHLWHUVWHKWGRUWGUEHQIOVWHUWHHU,FKKDEHJOFNOLFKHUZHLVH GDUDXIYHU]LFKWHWLKQGLUHNWYRUGHU+DXVWU]XSDUNHQ 8QGLFKKDEHPHLQH0DVFKLQH]XUFNJHVFKLFNWZHLOLFKGDFKWHGDLFKVLH QLFKWPHKUEHQ|WLJH 6LHHLOWHQLQGLH'XQNHOKHLWKLQDXV9RUGHP+DXVVWDQGHQYLHU $QWLJUDYJOHLWHU (VVLQGNHLQH3ROL]HLPDVFKLQHQVWHOOWHHUIHVW8QWHUGLHVHQ8PVWlQGHQLVW HVZRKOULFKWLJVLFKGDYRQ]XVWHKOHQ 6LHHUUHLFKWHQGHQ*OHLWHUXQGZHQLJVSlWHUVWDUWHWH7HNHQHUPLW DEJHEOHQGHWHQ/LFKWHUQ(UIKUWHGLH0DVFKLQHEHUHLQLJH+lXVHUKLQZHJ ELVDQGHQ5DQGGHV3ODWHDXVXQGOLHLKQGDQQDEIDOOHQ+LQXQGZLHGHU EOLFNWHHU]XUFNGRFKEDOGVWDQGIHVWGDVLHQLFKWYHUIROJWZXUGHQ :RKLQIOLHJHQ6LH"IUDJWH6KDURQ :LUPVVHQGLHQlFKVWHQ6WXQGHQLUJHQGZRYHUEULQJHQZRZLUXQJHVW|UW VLQG,QHLQ+RWHON|QQHQZLUQLFKWJHKHQRKQH$XIVHKHQ]XHUUHJHQ0DQ ZUGHXQVDOV3DVVDJLHUHGHV+DQGHOVUDXPHUVHUNHQQHQXQGVLFKIUDJHQ ZRZLULQGHU=ZLVFKHQ]HLWJHZHVHQVLQG'DVN|QQWHXQDQJHQHKPZHUGHQ

(UODQGHWHDXIHLQHU/LFKWXQJDQHLQHUVWHLODXIVWHLJHQGHQ)HOVZDQG 1DFKGHPHUGDV7ULHEZHUNDXVJHVFKDOWHWKDWWHEHUKUWHHUHLQH 6HQVRUWDVWH/LFKWIODPPWHDXI(U]RJGLH3DSLHUHDXVGHU%UXVWWDVFKH KHUYRU,FKPXDOOHVOHVHQ:ROOHQ6LHDXFK" 'DV0lGFKHQVFKWWHOWHGHQ.RSI -HZHQLJHULFKYRQGHQ3OlQHQGHU*DQJVWHUZHLGHVWREHVVHULVWHVIU PLFKHUZLGHUWHVLH (LQYHUQQIWLJHU6WDQGSXQNWVDJWHHUOREHQGZlKUHQGHUGDPLWEHJDQQGLH $XI]HLFKQXQJHQGHV&RPSXWHUVGXUFK]XOHVHQ6FKRQEHLGHQHUVWHQ=HLOHQ VWHOOWHHUIHVWGDIDVWDOOH1DFKULFKWHQYHUVFKOVVHOWZDUHQVRGD7HNHQHU VLHQLFKWHQW]LIIHUQNRQQWH(LQLJH,QIRUPDWLRQHQZXUGHQMHGRFKLP.ODUWH[W JHJHEHQ'DUXQWHUZDUGHU+LQZHLVGDGHU%RWHYRQGHP:HLKDDULJHQ VLFKPLWGHQ)RUVFKXQJVDUEHLWHQYRQ'XNH+DHQVHUEHIDVVHQVROOWH 7HNHQHUWLSSWHPLWGHP)LQJHUDXIGDV3DSLHU 'DPLWELQLFKJHPHLQWVDJWHHU,FKELQGHU%RWH$WODQV+DEHQ6LHVFKRQ PDOZDVYRQ'XNH+DHQVHUJHK|UW" 1RFKQLHDQWZRUWHWHVLH (UEOLFNWHVLHQDFKGHQNOLFKDQ 8QGZDVMHW]W"IUDJWHHU ,FKEOHLEHEHLLKQHQXQGKHOIH,KQHQ:DVN|QQWHLFKGHQQVRQVWWXQ" 'HU*OHLWHUOHLVWHWHLKPXQHUZDUWHWH+LOIH$OV5RQDOG7HNHQHUGLH)UDJH QDFK'XNH+DHQVHULQGHQ,QIRUPDWLRQVVSHLFKHUGHU0DVFKLQHHLQJDE HUVFKLHQZHQLJVSlWHUHLQH.DUWHLP$XVZXUIVFKOLW]6LHWUXJGHQ1DPHQ 'XNH+DHQVHUDXIGHUHLQHQ6HLWH]XVDPPHQPLWHLQLJHQ$QJDEHQEHU %HUXIXQG:HUGHJDQJXQGDXIGHUDQGHUHQ6HLWHHLQHQ/DJHSODQGHU )RUVFKXQJVDQVWDOWGLH+DHQVHUVHLQHLJHQQDQQWH'DQDFKZDU+DHQVHUHLQ 3RVLWURQLNVSH]LDOLVWGHUEHVRQGHUH/HLVWXQJHQDXIGHP*HELHWGHU +\SHUNRPIRUVFKXQJXQGGHV7UDQVPLWWHUWUDQVSRUWVHUEUDFKWKDWWH7HNHQHU WLSSWHDXIGDV*HElXGHGHU)RUVFKXQJVDQVWDOWGDVZLHHLQOLHJHQGHU$QNHU DXVVDK 'RUWKLQIOLHJHQZLUHQWVFKLHGHU%LV]XU'lPPHUXQJKDEHQZLUQRFKYLHU 6WXQGHQ'DVPXDXVUHLFKHQ 6LHZROOHQGDHLQVWHLJHQ"IUDJWHGDV0lGFKHQ 'DVPXLFKZRKOHUZLGHUWH7HNHQHU,FKJODXEHNDXPGDPLU'XNH +DHQVHUGLH,QIRUPDWLRQHQIUHLZLOOLJJLEWGLHLFKKDEHQZLOO (UO|VFKWHGDV/LFKWXQGVWDUWHWHGLH0DVFKLQH$OVHULQGLH1lKHGHU6WDGW NDPVFKDOWHWHHUGLH6FKHLQZHUIHUDQXPVLFKEHVVHURULHQWLHUHQ]XN|QQHQ 'DV%RUGFKURQRPHWHU]HLJWHHLQ8KUQDFKWVDQ,QGHU6WDGWKHUUVFKWH5XKH 1XUDQZHQLJHQ6WHOOHQEUDQQWH/LFKW$QKDQGHLQHU6WDGWNDUWHGLHDXIGHQ 9LGHRVFKLUPSURML]LHUWZXUGHIDQG7HNHQHUGDV)RUVFKXQJVJHElXGHVFKQHOO

(VODJDP|VWOLFKHQ5DQGGHV3ODWHDXVXQGZXUGHYRQPHKUHUHQ 6FKHLQZHUIHUQDQJHVWUDKOWVRGDHVZHLWKLQVLFKWEDUZDU :DVNDQQLFKGDEHLWXQ"IUDJWH6KDURQ 'LHVLVWNHLQHOHLFKWH6DFKHVDJWHHU8QGJHIlKUOLFKZHUGHQN|QQWHHV DXFK 'HQNHQ6LHQXUGDVLVWPLUDXFKVFKRQNODUJHZRUGHQVS|WWHOWHVLH 6LHKDEHQQLFKWGLH$XVELOGXQJJHQRVVHQZLHLFKYHUVHW]WH7HNHQHU,FK NDQQPLULQYLHOHQ6LWXDWLRQHQQRFKKHOIHQLQGHQHQDQGHUHQLFKWVPHKUWXQ N|QQHQ6LHZHUGHQPLUGDGXUFKKHOIHQGD6LHPLWGHP*OHLWHUDXIPLFK ZDUWHQ:DKUVFKHLQOLFKZHUGHLFKQDFK$EODXIHLQHUJHZLVVHQ=HLWYRU QHEHQRGHUDXIGHP*HElXGHHUVFKHLQHQ'DQQEHQ|WLJHLFKGULQJHQGHLQHQ *OHLWHUGHUPLFKDEKROW:HUGHQ6LHGDVEHUQHKPHQ" 6LHEOLFNWHLKQQDFKGHQNOLFKDQ 6LHZROOHQPLFKDEVFKLHEHQ 6LHLUUHQVLFKZLGHUVSUDFKHU(VHUIRUGHUWYLHO.RQ]HQWUDWLRQLP'XQNHOQ ]XZDUWHQXQGGDV*HElXGHQLFKWDXVGHQ$XJHQ]XODVVHQGDPLW6LHGDQQ EHLPJHULQJVWHQ$Q]HLFKHQHLQHU%HZHJXQJVRIRUWPLWGHP*OHLWHU]XVWRHQ XQGPLFKKHUDXVKROHQN|QQHQ9HUJHVVHQ6LHQLFKWGDZLUHVPLWHLQHU 2UJDQLVDWLRQ]XWXQKDEHQGLHRKQHGLHJHULQJVWHQ6NUXSHO7DXVHQGHYRQ 0HQVFKHQJHW|WHWKDW 6LHN|QQHQVLFKDXIPLFKYHUODVVHQVDJWHVLH,FKZHUGHGDVHLQZHQQ 6LHPLFKEUDXFKHQ 6LHEOLFNWH]XP*HElXGHGHV)RUVFKXQJVLQVWLWXWVKLQEHU ,FKZHLQXUQLFKWZLH6LHKLQHLQNRPPHQZROOHQIXKUVLHNRSIVFKWWHOQG IRUW$OOHVLVWKHOOHUOHXFKWHW0DQZUGH6LHVRIRUWVHKHQ2GHU"'DVKHLW GRUWVLQGHLQSDDU%VFKH'RUWLVWHVGXQNHO'RUWN|QQHQ6LHDQGDV *HElXGHKHUDQJHKHQRKQHEHPHUNW]XZHUGHQ 7HNHQHUOlFKHOWH 6LFKHUOLFKJLEWHVQRFK]ZHLRGHUGUHLZHLWHUH6WHOOHQGLHVRYHUORFNHQG DXVVHKHQHQWJHJQHWHHU'DVVLQGGLH)DOOHQGLHPDQXQJHEHWHQHQ *lVWHQZLHPLUJHVWHOOWKDW0DQKRIIWGDGHU(LQEUHFKHUHVJHUDGHGRUW YHUVXFKWZRHVVROHLFKWDXVVLHKWXQGVFKRQKDWPDQLKQHUZLVFKW 6LHOHKQWHVLFKLP6HVVHO]XUFN ,FKJODXEHHVLVWJDQ]JXWZHQQLFKLP*OHLWHUEOHLEHVDJWHVLH,FKZlUH JODWWLQVRHLQH)DOOHJHODXIHQXQGZDKUVFKHLQOLFKZlUHPLUQRFKQLFKWHLQPDO NODUJHZRUGHQZHVKDOE 'DQQVLQGZLUXQVHLQLJ)OLHJHQ6LHMHW]WEHUGDV*HElXGHKLQZHJ*HKHQ 6LHVRZHLWZLHP|JOLFKKHUXQWHUGDPLWLFKEHUGHP'DFKDEVSULQJHQNDQQ 8QGGDQQGUFNHQ6LHPLUGLH'DXPHQ (UVWLHJEHUGLH/HKQHGHV6LW]HVKLQZHJQDFKKLQWHQ6KDURQ%DUWRQ UXWVFKWH]XU6HLWHDQV6WHXHU(UHQWULHJHOWHGLHKLQWHUH7UVRGDHUVLH DXFKZlKUHQGGHV)OXJHV|IIQHQNRQQWH

+DEHQ6LHNHLQH$QJVWVDJWHHU)OLHJHQ6LHUXKLJVFKQHOO8QGNHKUHQ 6LHQLFKWJOHLFKXP5DVHQ6LHEHUGLHJDQ]H6WDGWKLQZHJXQGNHKUHQ6LH GDQQLQZHLWHP%RJHQ]XUFN 6LHQLFNWHQXU9RUVLFKWLJEHVFKOHXQLJWHVLH7HNHQHUEHXJWHVLFKQDFKYRUQ XQGJDELKU$QZHLVXQJHQ 'DVLVWGRFKYLHO]XVFKQHOOULHIVLHDOVVLHVLFKGHP*HElXGHQlKHUWHQ 'DVLVWJHUDGHULFKWLJ %HLGLHVHP7HPSRN|QQHQ6LHXQP|JOLFKDEVSULQJHQ6LHZROOWHYHU]|JHUQ DEHU7HNHQHUKLHOWLKUHQ$UPIHVWVRGDVLHGLH(LQVWHOOXQJDP $UPDWXUHQEUHWWQLFKWlQGHUQNRQQWH0LWJHZHLWHWHQ$XJHQEOLFNWHVLHDXIGDV YRQ6FKHLQZHUIHUQDQJHVWUDKOWH*HElXGHGDVI|UPOLFKDXIVLH]X]XVSULQJHQ VFKLHQ 7HNHQHUNRUULJLHUWHPLWUXKLJHU6WLPPHGLH+|KH'DQQOHKQWHHUVLFK]XUFN 'HU7UYHUVFKOXNOLFNWH :HLWHUIOLHJHQEUOOWHHUZlKUHQGHUVLFKDXVGHU0DVFKLQHIDOOHQOLH (UVWU]WHDXVHWZD]ZHL0HWHUQ+|KHDXIGDV'DFKGHV*HElXGHVGDV ZHLWJHKHQGLP'XQNHOQODJ(UNDPPLWGHU6FKXOWHUDXIXQGUROOWHVLFKDE 6SUQJHGLHVHU$UWKDWWHHUHLQLJHWDXVHQGPDOJHEWRKQHGDHUVLFKGDEHL YHUOHW]WKDWWH'LHHLQ]LJH*HIDKUEHVWDQGLQ+LQGHUQLVVHQDXIGHP'DFKGLH HUQLFKWVHKHQNRQQWH 'RFKHUKDWWH*OFN:lKUHQGHUVLFKPHKUIDFKEHUVFKODJHQGEHUGDV 'DFKUROOWHSUDOOWHHUZHGHUJHJHQHLQHQ6FKRUQVWHLQQRFKJHJHQHLQH $QWHQQH (UEOLFNWHGHP*OHLWHUQDFKGHULQGHU'XQNHOKHLWYHUVFKZDQG$OOHVEOLHE UXKLJ1LHPDQGHUVFKLHQDXIGHP'DFK1LUJHQGZRIODPPWHHLQ6FKHLQZHUIHU DXI 7HNHQHUHUKREVLFKXQGHLOWHHLQLJH6FKULWWHZHLWHUELV]XHLQHP'DFKIHQVWHU (UEOLFNWHKLQHLQXQGVWHOOWHIHVWGDHVPHKUIDFKJHVLFKHUWZDUVRGDHUHV QLFKW|IIQHQNRQQWHRKQHHLQHQ$ODUPDXV]XO|VHQ /DXWORVEHZHJWHHUVLFK]XP5DQGGHV'DFKHVKLQ(UHULQQHUWHVLFKGLFKW XQWHUGHP'DFKHLQ)HQVWHUJHVHKHQ]XKDEHQGDVQLFKWJDQ]JHVFKORVVHQ ZDU(UIDQGHVLQQHUKDOEZHQLJHU0LQXWHQZLHGHU(VODJHWZDDQGHUWKDOE 0HWHUXQWHUGHU'DFKNDQWH|IIQHWHVLFKDOOHUGLQJVVRGDHUYRQREHQQLFKW HLQVWHLJHQNRQQWH7HNHQHUVDKHLQGDHUGLHVHV)HQVWHUQLFKWEHQXW]HQ NRQQWH,KPEOLHENHLQHDQGHUH:DKO(UPXWHHLQHQ:HJEHVFKUHLWHQDXI GHPHUGHXWOLFKH6SXUHQKLQWHUOLH*HUDGHGDVKDWWHHUYHUPHLGHQZROOHQ DEHUHUVDKNHLQHDQGHUHQ0|JOLFKNHLWHQPHKULQGDV*HElXGH]XNRPPHQ QDFKGHPHUGDVJDQ]H'DFKQDFKHLQHP(LQVWLHJDEJHVXFKWKDWWH'DKHU OHJWHHUVLFKVFKOLHOLFKQHEHQHLQ'DFKIHQVWHU(VZDUPLWPHKUHUHQ HOHNWURQLVFKHQ6LFKHUXQJHQYHUVHKHQ 7HNHQHULGHQWLIL]LHUWHGLH6LFKHUXQJVV\VWHPHPKHORVVRZLHHUHVLP 7UDLQLQJDXFKKlXILJJHPDFKWKDWWH'DQQVFKQLWWHUPLWHLQHP 'HVLQWHJUDWRUPHVVHUGDV'DFKDXI'HUJUQH(QHUJLHVWUDKOO|VWHGLH0DWHULH ELVLQHLQH7LHIHYRQPHKUHUHQ=HQWLPHWHUQDXI$XIGLHVH:HLVH

GXUFKWUHQQWHGHU8626SH]LDOLVWPHKUHUHHLQJHVFKZHLWH'UlKWHRKQH HLQHQ$ODUPDXV]XO|VHQ 1DFK$EODXIYRQHWZDIQI0LQXWHQ|IIQHWHHUGDV)HQVWHU:DUPHWURFNHQH /XIWVFKOXJLKPHQWJHJHQ (UVFKREVLFKGXUFKGDV)HQVWHUXQGOLHVLFKELVDXIHLQHQ6WDKOWUlJHU DEIDOOHQGHUVLFKHWZDGUHL0HWHUWLHIHUEHIDQG(UILQJVLFKJHVFKLFNWDE LQGHPHUVLFKDXIGLH.QLHVLQNHQOLH'DQQVDKHUVLFKLQGHU+DOOHXP (UHQWGHFNWHQXUHLQHQ5RERWHUGHUIDVWIQI]LJ0HWHUYRQLKPHQWIHUQWGXUFK GLH+DOOHVFKULWW'LH0DVFKLQHZDQGWHLKPGHQ5FNHQ]X 7HNHQHUV*HVLFKWVSDQQWHVLFK(UZDUYHUVXFKW]XOlFKHOQ(LQGHUDUW HLQIDFKHV:DFKV\VWHPZLHHVGXUFKHLQHQ5RERWHUUHSUlVHQWLHUWZXUGH SDWHQLFKW]XHLQHP)RUVFKXQJVLQVWLWXWLQGHPPLWPRGHUQVWHU7HFKQLN JHDUEHLWHWZXUGH 'HU5RERWHUZDU7HLOHLQHV7lXVFKXQJVV\VWHPVPLWGHP(LQGULQJOLQJH EHUOLVWHWZXUGHQGLHQLFKWNRQ]HQWULHUWJHQXJGDFKWHQ $OV7HNHQHUGLHVHUNDQQWKDWWHPDFKWHHUIDVWPKHORVGLHQHXUDOJLVFKHQ 3XQNWHGHV$ODUPV\VWHPVDXVPLWGHPGLH+DOOHJHVLFKHUWZXUGH (UNURFKELV]XHLQHP6WW]SIHLOHUXQGOLHVLFKDQLKPKHUXQWHUQDFKGHPHU HUPLWWHOWKDWWHZLHHUYRUJHKHQPXWH'DQDFKNRQQWHHUVLFKDXIGLH PDVFKLQHOOHQ(LQULFKWXQJHQGHV)RUVFKXQJVLQVWLWXWVNRQ]HQWULHUHQ =XQlFKVWHUVFKLHQLKPDOOHVZLHHLQFKDRWLVFKHV'XUFKHLQDQGHU0DVFKLQHQ GHUYHUVFKLHGHQVWHQ$UWVFKLHQHQZDKOORV]XVDPPHQJHVWHOOWXQGPLWHLQDQGHU YHUEXQGHQZRUGHQ]XVHLQ(UVWQDFK$EODXIYRQIDVWHLQHU6WXQGHJHODQJHV LKPHLQH$UW6\VWHPDXV]XPDFKHQ'DPLWZDUDOOHUGLQJVQRFKQLFKWJHNOlUW XPZDVHVVLFKEHLGHQ0DVFKLQHQHLJHQWOLFKKDQGHOWH 7HNHQHUVDKHLQGDHUNHLQHDQGHUH:DKOKDWWHDOVLQGDV ,QIRUPDWLRQV]HQWUXPHLQ]XGULQJHQ1XUGRUWNRQQWHHUKHUDXVILQGHQZDVGLH $XIJDEHGHV)RUVFKXQJVLQVWLWXWVZDU %LVODQJKDWWHHUQXUHLQHQ9HUGDFKW (UJODXEWHGDLQGLHVHP*HElXGHMHQHJHKHLPQLVYROOH0DVFKLQHULH HQWZLFNHOWZXUGHPLWGHUHVJHODQJGLH.XUVSURJUDPPLHUXQJGHU +DQGHOVUDXPHUEHU/LFKWMDKUHKLQZHJ]XYHUlQGHUQZlKUHQGGLH 5DXPVFKLIIHHQWPDWHULDOLVLHUWHQ(LQH9HUPXWXQJJHQJWH7HNHQHUMHGRFK QLFKW(UZROOWHQLFKWQXUHLQHQ%HZHLVHUZROOWHDXFKZLVVHQZLHGLH 5DXPSLUDWHQGLH0DQLSXODWLRQGXUFKIKUWHQGDPLWGLH5DXPVFKLIIHVLFK JHJHQ$QJULIIHGLHVHU$UWVFKW]HQNRQQWHQ (UZLFK]XU6HLWHDXVXQGYHUEDUJVLFKKLQWHUHLQHU0DVFKLQHDOVGHU 5RERWHUDXIVHLQHP5XQGJDQJEHLLKPYRUEHLNDP'DQQVFKOLFKHUODXWORV KLQWHULKPKHUELVLQGLH1lKHHLQHV.RQVWUXNWLRQVUDXPVLQGHPWHFKQLVFKH =HLFKQXQJHQDQGHQ:lQGHQKLQJHQ+LHUDOOHUGLQJVVWHOOWHQVLFKLKP XQEHUZLQGOLFKH+LQGHUQLVVHHQWJHJHQ'HU'XUFKJDQJZDUPLW SRVLWURQLVFKHQ(LQEUXFKVVLFKHUXQJHQYHUVHKHQGLHHURKQHHQWVSUHFKHQGH 0LWWHOQLFKWHQWVFKlUIHQNRQQWH

(UHUUHFKQHWHGDHUZHQLJVWHQVYLHU6WXQGHQEHQ|WLJWHYRUDXVJHVHW]WGD HVLKPJHODQJ6SH]LDOZHUN]HXJLQGHU+DOOH]XILQGHQ6RYLHO=HLWEOLHELKP QLFKWPHKU 'XUFKHLQH*ODVWUNRQQWHHULQGDV.RQVWUXNWLRQVEURVHKHQ6HLWOLFKDQGHU 7UVWDQGHLQ.OHLQVWFRPSXWHUZLHHUEHLYLHOHQ(LQULFKWXQJHQGLHVHU$UWDOV 9RUVWXIHIUGHQ+DXSWFRPSXWHUEHQXW]WZXUGH7HNHQHUNDP]XGHU (LQVLFKWGDHVXQP|JOLFKIULKQZDUGLH,QIRUPDWLRQ]XJHZLQQHQGLHHU VXFKWH'D]XKlWWHHUGLH+LOIHHLQHV.RQWDNWPDQQVJHEUDXFKWZLHHULKQIDVW JHKDEWKlWWH-HW]WDEHUZDUHUDXIVLFKDOOHLQJHVWHOOW (UHQWVFKORVLFKHQWJHJHQJHVHW]WYRU]XJHKHQXQGGLH5DXPSLUDWHQ]X EHKLQGHUQ (UZDUWHWHDEELVGHU5RERWHUZLHGHUDQLKPYRUEHLJLQJ'DQQJOLWWHUDXV VHLQHU'HFNXQJKHUYRUXQGVWDFKGHP$XWRPDWHQGDV'HVLQWHJUDWRUPHVVHU LQGLHGXUFKHLQH6WDKOSODWWHDEJHGHFNWH3URJUDPPLHUXQJVVFKHLEH'HU 5RERWHUEOLHEVWHKHQ7HNHQHUIKUWHGDV0DWHULHDXIO|VHQGH(QHUJLHIHOG EOLW]VFKQHOOXPGHQ.RSIGHU0DVFKLQHKHUXPXQG]HUVW|UWHGDEHLDOOH :DKUQHKPXQJVV\VWHPH (LQH$ODUPVLUHQHKHXOWHDXI'HU5RERWHUNLSSWHXPXQGVWU]WHVFKHSSHUQG DXIGHQ%RGHQ5RQDOG7HNHQHUWUHQQWHLKPGHQ.RSIJl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lFKHOWH]XIULHGHQ'LH=DKOHQEHVWlWLJWHQLKP GDLQGLHVHQ6HNXQGHQDOOH,QIRUPDWLRQHQJHO|VFKWZXUGHQGLHLP &RPSXWHUJHVSHLFKHUWZDUHQ'DVNRQQWHEHGHXWHQGDGLH$UEHLWGHU .RQVWUXNWHXUHIUHLQLJH:RFKHQXQWHUEURFKHQZDU0|JOLFKZDUVRJDUGD GLH$UEHLWIUHLQ-DKURGHUQRFKPHKUHLQJHVWHOOWZHUGHQPXWHZHQQGLH ,QIRUPDWLRQHQQLFKWLUJHQGZRDXIDQGHUHQ6SHLFKHUQIHVWJHKDOWHQZRUGHQ ZDUHQ7HNHQHUJDEVLFKDEHUNHLQHQ,OOXVLRQHQKLQ(UZXWHGDGLH

PHLVWHQ&RPSXWHUVSH]LDOLVWHQVLFKGXUFKHLQH.RSLHJHJHQGHUDUWLJH =ZLVFKHQIlOOHDEVLFKHUWHQ (UUDQQWHGXUFKGLH*ODVWUKLQDXVXQGVWUPWH]XHLQLJHQ0DVFKLQHQ KLQEHUGLHPHKUDOVGUHL0HWHUKRFKZDUHQ+LHUKDWWHHUHLQHDXVUHLFKHQGH 'HFNXQJJHJHQDOOHGLHGXUFKGLH(LQJlQJHKHUHLQNDPHQ(UEHIDQGVLFK GLUHNWDQGHU+DOOHQZDQG :lKUHQGHUGLH6LFKHUXQJVPDQQVFKDIWHQKHUDQQDKHQK|UWHVFKQLWWHUHLQH gIIQXQJLQGLH:DQG0LW+LOIHGHV'HVLQWHJUDWRUPHVVHUVHUOHGLJWHHUGLHVH $UEHLWLQZHQLJHQ6HNXQGHQ(UVWLHGDVKHUDXVJHVFKQLWWHQH6WFN .XQVWVWRIIQDFKDXHQXQGNOHWWHUWHGXUFKGLHgIIQXQJ (UPXWHVLFKYROOHQGVDXI6KDURQ%DUWRQYHUODVVHQ $OVHULP6FKHLQZHUIHUOLFKWYRUGHU+DOOHVWDQGVDKHUGDHWZDKXQGHUW 0HWHUYRQLKPHQWIHUQWVLHEHQ*OHLWHUVWDQGHQ0HKUHUH0lQQHUOLHIHQYRQ LKQHQKLQ]XU+DOOH=ZHLZHLWHUH*OHLWHUVFKZHEWHQJHUDGHLQGLHVHP 0RPHQWEHULKQKLQZHJXQGODQGHWHQDXIGHP'DFK (LQHUGHU0lQQHUEHLGHQVLHEHQ*OHLWHUQHQWGHFNWHLKQXQGVFKRPLWHLQHP (QHUJLHVWUDKOHUDXILKQ'LH:DIIHKDWWHMHGRFKQXUHLQH5HLFKZHLWHYRQHWZD IQI]LJ0HWHUQ'DQDFKYHUVFKZDQGGHU(QHUJLHVWUDKOLP1LFKWV(LQH +LW]HZHOOHIOXWHWHEHU7HNHQHUKLQZHJ (UEOLFNWHPLWYHUHQJWHQ$XJHQLQGLH'XQNHOKHLW :REOLHE6KDURQ" (UZXWHGDHUVLFKQXUQRFKHLQLJH6HNXQGHQODQJKDOWHQNRQQWH=X)X ]XIOLHKHQZDUDEVROXWVLQQORV =ZHLKXQGHlKQOLFKH7LHUHUDQQWHQDXILKQ]X6LHNDPHQGLUHNWDXVGHP/LFKW HLQHV6FKHLQZHUIHUVVRGDHUVLHZLHULHVLJH6FKDWWHQVDKGLHVLFKDXILKQ VWU]HQZROOWHQ 'HU*HGDQNHGXUFKIXKULKQGD6KDURQ%DUWRQLKQJHWlXVFKWKDWWHXQGGD VLHLQGLHVHQ6HNXQGHQ5DFKHDQLKPQDKPLQGHPVLHLKQGHQ :DFKPDQQVFKDIWHQGHV)RUVFKXQJVLQVWLWXWVEHUOLH (UZDUYHUVXFKWHLQIDFKLUJHQGZRKLQ]XUHQQHQDOVSO|W]OLFKHLQ*OHLWHU KHUDQUDVWH'DV,QQHUHGHU.DELQHZDUHUOHXFKWHWVRGDHUGDV*HVLFKW 6KDURQVVHKHQNRQQWH'LH0DVFKLQHYHU]|JHUWHVWDUNNXU]EHYRUVLHLKQ HUUHLFKWH7HNHQHUUDQQWHDXIVLH]X6KDURQVWLHHLQH7UDXI(UZDUIVLFK KLQHLQXQGNODPPHUWHVLFKDQGHQ6LW]HQIHVWZlKUHQGGDV0lGFKHQPLWGHU YROOHQ/HLVWXQJVNDSD]LWlWGHV$QWLJUDYVEHVFKOHXQLJWH (UNURFKLQGLH.DELQHXQG]RJGLH7UKLQWHUVLFK]X 'DQNHVDJWHHUNHXFKHQG'DVKlWWHNDXPEHVVHUNODSSHQN|QQHQ /JHQ6LHQLFKWHQWJHJQHWHVLH,FKKDEH,KQHQDQJHVHKHQGDHV,KQHQ ]XODQJHJHGDXHUWKDW6LHKDEHQJH]ZHLIHOW6LHZROOWHQJHUDGHIOLHKHQ 'LH6LWXDWLRQZDUQLFKWJHUDGHDQJHQHKPEHPHUNWHHUXQGEOLFNWHGXUFK GDVKLQWHUH)HQVWHUKLQDXV6LHEHIDQGHQVLFKEHUGHU6WDGW7HLV]-HW]WHUVW VWLHJHQEHLGHUKLQWHULKQHQOLHJHQGHQ+DOOHHLQLJH*OHLWHUDXI /DQGHQ6LHKLHULUJHQGZR]ZLVFKHQGHQ+lXVHUQXQGO|VFKHQ6LHGLH /LFKWHUEHIDKOHU

6LHJHKRUFKWH'HU*OHLWHUVDQNZLHHLQ6FKDWWHQLQGDV'XQNHO]ZLVFKHQ HLQLJHQPHKUVW|FNLJHQ*HElXGHQ7HNHQHUOHKQWHVLFKEHUXKLJW]XUFN 'LHILQGHQXQVQLHVDJWHHU%HVWHQ'DQN6KDURQGDVKDEHQ6LHJXW JHPDFKW :DVKDEHQ6LHGDGULQQHQLQGHU+DOOHJHPDFKW"IUDJWHVLH (UHUVWDWWHWHLKUHLQHQDXVIKUOLFKHQ%HULFKW =XGXPPVDJWHVLHVFKOLHOLFK-HW]WVLQGZLUJHQDXZLHGHUGDZRZLU YRUKHUZDUHQ$XIMHGHQ)DOOZLVVHQZLUQLFKWZRZLUZHLWHUVXFKHQPVVHQ :LU"IUDJWHHU :LUEHVWlWLJWHVLH,FKNHQQHDOOHZLFKWLJHQ0lQQHUEHLGHU&256$ ZHQQJOHLFKLFKJHVFKlIWOLFKQLFKWVPLWLKQHQ]XWXQKDEH,FKZHUGHGDIU VRUJHQGDGLH,QIRUPDWLRQHQQLFKWQXUEHU*HRUJH/LPS &RDWHV ZHLWHUIOLHHQ ,FKELQHLQYHUVWDQGHQHUZLGHUWHHUQDFKGHPHUNXU]EHUOHJWKDWWH*LEW HVKLHUDXI7HLOORQQRFKMHPDQGHQGHQ6LHNHQQHQRGHU]XGHP6LH.RQWDNW DXIQHKPHQN|QQWHQ" 0DQKDWPLUJHVDJWZRLFKGLH3ODWWHQDEOHJHQVROOIDOOVZLGHU(UZDUWHQ LUJHQGHWZDVQLFKWVRODXIHQVROOWHZLHYRUKHUJHVHKHQ(WZDVPHKUDOV IQIKXQGHUW.LORPHWHUVGOLFKYRQ7HLV]IOLHHQ]ZHLJURH)OVVH ]XVDPPHQ'RUWJLEWHVHLQHQ)HOVHQDXIGHPLFKGLH0DJQHWSODWWHQ DEOHJHQVROOWH :LUIOLHJHQKLQVDJWH7HNHQHU (UZHFKVHOWHDQV6WHXHUEHUXQGVWDUWHWH*HVFKLFNWIKUWHHUGHQ*OHLWHU GXUFKGLH6WDGWZREHLHUVWHWVVRQLHGULJIORJGDHULQGHU'HFNXQJGHU +lXVHUEOLHE:LHJXWHUGDUDQWDWPHUNWH6KDURQDOVVLHHLQLJH*OHLWHU EHREDFKWHWHGLHEHUVLHKLQZHJUDVWHQ:HQLJVSlWHUEHUTXHUWH7HNHQHU HLQHQ3ODW]'DEHLVDKVLHGDEHUDOOEHU7HLV]*OHLWHUSDWURXLOOLHUWHQ 6LHZLVVHQGDZLUQRFKKLHUVLQG $EHUVLHZHUGHQXQVQLFKWILQGHQ(UOHQNWHGLH0DVFKLQHDXIGHQ6WURP KLQDXVGHUGLH6WDGWLQ]ZHL+l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

VFKlXPHQGHU:DVVHUPDVVHQVWU]WHGHU*OHLWHULQGLH7LHIHVRUJIlOWLJ DXVJHVWHXHUWYRQGHP8626SH]LDOLVWHQ 'DV0lGFKHQDQVHLQHU6HLWHVFKULHDXI 6LHNRQQWHQLFKWVHUNHQQHQ,KUVFKLHQDOVUDVWHQVLHGLUHNWLQGLH)HOVHQGLH LUJHQGZRXQWHULKQHQODJHQ 7HNHQHUDEHURULHQWLHUWHVLFKDQHLQHPZHLHQ)OHFNXQWHULKQHQZlKUHQGHU GLH)OXJNDELQHLQGLH7LHIHIKUWH(UZXWHGDGLHVHUZHLH)OHFNQXU VFKlXPHQGHV:DVVHUVHLQNRQQWH6RODQJHHUHVVDKNRQQWHNHLQ+LQGHUQLV ]ZLVFKHQLKPXQGGHP:DVVHUVHLQ $OVGHU)OHFNUDVHQGVFKQHOOJU|HUZXUGH]RJGHU6SH]LDOLVWGHQ%XJGHU 0DVFKLQHKRFK8QPLWWHOEDUGDUDXIEUDFKHQGLH:RONHQDXIXQGHVZXUGH HLQZHQLJKHOOHU7HNHQHUVDKGDVLHVLFKHWZDIQI]LJ0HWHUEHUHLQHU )HOVHQEDUULHUHEHIDQGHQEHUGLHGDV:DVVHUQRFKHLQPDOXQJHIlKUKXQGHUW 0HWHUWLHIVWU]WH(VYHUVFKZDQGLQXQHUJUQGOLFKHU6FKZlU]H(UYHUPXWHWH GDHVVLFKGXUFKHLQHQ&DQRQZlO]WHGHQQHUVHOEVWEHIDQGVLFKDXIGHU +|KHHLQHUEHZDOGHWHQ(EHQHGLHVLFKELVLQGLH8QHQGOLFKNHLW]XHUVWUHFNHQ VFKLHQ 7HNHQHUEHVFKOHXQLJWH'HU*OHLWHUUDVWHGLFKWEHUGLH:LSIHOGHU%lXPH GDKLQ'XUFKGDV)HQVWHUEOLFNWHGHU7HUUDQHUQDFKREHQ(UHQWGHFNWH]ZHL 0DVFKLQHQGLHKRFKEHULKPLQGHU1lKHGHV:DVVHUIDOOVYHUKDUUWHQ :LUKDEHQHVJHVFKDIIWVDJWHHU0DQKDWXQVHUH)OXFKWQLFKWEHPHUNW 6KDURQ%DUWRQDWPHWHHUOHLFKWHUWDXI ,FKKDWWH$QJVWJHVWDQGVLH 7HNHQHUOlFKHOWHQXU (UEHVFKOHXQLJWHPLWGHU+|FKVWOHLVWXQJGHU0DVFKLQH'DEHLEHREDFKWHWHHU GLH,QVWUXPHQWHQDQ]HLJHQ(UWUDXWHGHP*OHLWHUQLFKWEHVRQGHUVYLHO]XXQG ZROOWHGDKHUPLWGHU%HODVWXQJ]XUFNJHKHQVREDOGVLFKLUJHQGZRHLQ NULWLVFKHV=HLFKHQEHPHUNEDUPDFKWH'RFKGDV7ULHEZHUNDUEHLWHWH JOHLFKPlLJXQGUXKLJVRGDGHU8626SH]LDOLVWHLQH*HVFKZLQGLJNHLWYRQ PHKUDOVGUHLKXQGHUW6WXQGHQNLORPHWHUQKDOWHQNRQQWH 'HUQHXH7DJ]RJKHUDXI(VZXUGHIDVWEHUJDQJVORVKHOO8QWHUGHU 0DVFKLQHGHKQWHQVLFKHQGORVHWURSLVFKH:lOGHUGLHQXUKLQXQGZLHGHU YRQ)OVVHQGXUFKVFKQLWWHQZXUGHQ $OVVLFKGLH7DFKRPHWHUDQ]HLJHGHU=DKOIQIKXQGHUWQlKHUWHZLHV6KDURQ PLWDXVJHVWUHFNWHP$UPQDFKYRUQ 'RUWIOLHHQ]ZHL)OVVH]XVDPPHQVDJWHVLH'HU.XUVVWLPPWELVDXI HLQHNOHLQH$EZHLFKXQJYRQHWZD]ZHL.LORPHWHUQ/HUQWPDQVRHWZDVEHL GHU862" 'DVXQGQRFKHLQLJHVPHKU :DVPHLQHQ6LHGDPLW5RQDOG"(WZDZLHPDQHLQH*DQJVWHUEUDXW XPGUHKW",KUH%OLFNHZXUGHQXQVWHW7HNHQHUVDKGDLKUH8QWHUOLSSH EHEWH 8QWHUHLQHU*DQJVWHUEUDXWYHUVWHKHLFKHWZDVYROONRPPHQDQGHUHV HUZLGHUWHHU'DEHLOHQNWHHUGHQ*OHLWHU]XHLQHUZHLWYRUVSULQJHQGHQ

/DQG]XQJHGLHVLFKDP=XVDPPHQIOXGHUEHLGHQ6WU|PHJHELOGHWKDWWH (LQH)HOVNXSSHHUKREVLFKDXILKUDXVGHPXQGXUFKGULQJOLFKHUVFKHLQHQGHQ 'VFKXQJHO 7HNHQHUODQGHWHDXIGHU6SLW]HGHU.XSSH ,FKZHUGHDXVVWHLJHQXQGKLHUZDUWHQVDJWHHU'DQQZHUGHQZLUMDVHKHQ ZDVSDVVLHUW+DOWHQ6LHVLFKGUEHQDP)OXXIHUDXIXQGEHREDFKWHQ6LH 6REDOG6LHGHQ(LQGUXFNKDEHQGDLFK+LOIHEHQ|WLJHRGHUVFKQHOO YHUVFKZLQGHQPXKROHQ6LHPLFKQDFKEHZlKUWHP0XVWHUDE (LQYHUVWDQGHQ" (LQYHUVWDQGHQHQWJHJQHWHVLHXQGVHW]WHVLFKZLHGHUKLQWHUGDV6WHXHU ZlKUHQGHUGLH)OXJNDELQHYHUOLH6LHVWDUWHWHVRIRUWZLHGHUQDFKGHPVLH LKPGLH0DJQHWSODWWHQEHUJHEHQKDWWH 5RQDOG7HNHQHUVWHOOWHVLFKDXIGLHK|FKVWH(UKHEXQJGHV)HOVHQVXQG EOLFNWHVLFKXP'LH)OVVHJOlQ]WHQVLOEHUQLP/LFKWGHVQHXHQ7DJHV*URH 7LHUHZlO]WHQVLFKDPQDKHQ8IHULQGHQ)OXWHQ6LHHULQQHUWHQGHQ7HUUDQHU DQ1LOSIHUGHXQGHUEHGDXHUWHVLHQLFKWDXVGHU1lKHEHWUDFKWHQ]XN|QQHQ 'LH%lXPHZDUHQIUHPGDUWLJ6LHJOLFKHQULHVLJHQ%VFKHQ.HLQHUYRQLKQHQ KDWWHGHQ$XIEDXGHPPDQVRQVWEHUDOOLQGHU*DOD[LVEHJHJQHWHPLWGHU :XU]HOGHP6WDPPXQGGHU.URQH9LHOPHKUELOGHWHVLFKXQWHUGHP %OlWWHUGDFKHLQGLFKWYHUVFKOXQJHQHV*HZLUUYRQbVWHQVRGDHLQ]HOQH 6WlPPHQLFKWPHKUDXV]XPDFKHQZDUHQ 7HNHQHUHUVFKLHQHVXQP|JOLFKGDVLFKHLQ0HQVFKGXUFKGLHVHV*HZLUU EHZHJHQN|QQWH'RFKHULUUWHVLFK(UKDWWHQRFKNHLQH]HKQ0LQXWHQDXI GHP)HOVJHZDUWHWDOVVLFKSO|W]OLFKHLQHVFKODQNH*HVWDOWDXVGHP 8QWHUKRO]O|VWHXQGVLFKLKPQlKHUWH6LHZDUPLWHLQHPVWDXEJUQHQ$Q]XJ EHNOHLGHWGHULKUH)LJXUYRUWHLOKDIWXQWHUVWULFK,QGHQ+lQGHQWUXJVLHHLQHQ ODQJOlXILJHQ(QHUJLHVWUDKOHUZLHHUIUGLH-DJGEHYRU]XJWZXUGH 'LH)UDXEOLHEHWZDGUHLLJ0HWHUYRQ7HNHQHUHQWIHUQWVWHKHQOHJWHGDV 6WUDKOHQJHZHKUDQGLH6FKXOWHUXQG]LHOWHDXILKQ'HU8626SH]LDOLVW ZXWHGDVLHLKQPLWHLQHPHLQ]LJHQ6FKXW|WHQNRQQWH(UKREGLH$UPH /HJHQ6LHHVDXIGLH)HOVHQULHIGLH)UDX8QGGDQQUXIHQ6LHGHQ*OHLWHU XQGYHUVFKZLQGHQ 7HNHQHUVHW]WHVLFK(UVFKWWHOWHGHQ.RSI(LQQDGHOIHLQHU(QHUJLHVWUDKO VFKRVHQJHQGKHLDQVHLQHP+DOVYRUEHL7HNHQHUZDUIVLFK]XU6HLWHXQG UROOWHVLFKKLQWHUHLQHQ)HOVHQ 'LH)UDXVFKRDEHUPDOV6LHWUDIGHQ)HOVHQKLQWHUGHPHUODJ7HNHQHU VSUWHGHQ*OXWKDXFKXQGHUVDKZLHVLFKGDV*HVWHLQYHUIlUEWH *OXWIOVVLJHV0DWHULDOVSULW]WHKRFK (UVFKREVLFK]XU6HLWHLQHLQHQ)HOVVSDOWGHQHUVFKRQ0LQXWHQYRUKHUDOV )OXFKWZHJDXVJHPDFKWKDWWH*HGXFNWUDQQWHHUGDYRQXQGVFKQHOOWHVLFK EHUHLQHQ)HOVEXFNHOKLQZHJ(UVDKGDGLH)UDXODQJVDP]XUFNZLFK ZlKUHQGVLHLQNXU]HQ$EVWlQGHQDXIGLH)HOVHQIHXHUWH

/DXWORVHLOWHHUZHLWHUELVHUGHQ:DOGUDQGIDVWHUUHLFKWKDWWH'DQQULFKWHWH HUVLFKDXVGHU'HFNXQJHLQHV)HOVHQVDXI'LH)UDXQlKHUWHVLFKLKP UFNZlUWVVFKUHLWHQG'DV*HZHKUKLHOWVLHLP$QVFKODJ 9RPMHQVHLWLJHQ)OXXIHUKHUUDVWH6KDURQ%DUWRQPLWGHP*OHLWHUKHUDQ 5RQDOG7HNHQHUWUDWHLQHQ6FKULWWYRUXQGOHJWHGHU)UDXGLH+lQGHDXIGLH 6FKXOWHUQ 1LFKWGRFKVDJWHHUIUHXQGOLFK,FKKDEHGRFKJDUQLFKWV%|VHVPLW,KQHQ YRU 6LHVFKULHDXIXQGYHUORULKU*HZHKUZlKUHQGVLHKHUXPIXKU(UKLHOWVLHIHVW 6LHVFKOXJPLWEHLGHQ)lXVWHQDXILKQHLQRKQHMHGRFKHLQH:LUNXQJ]X HU]LHOHQ (ULVWWRWVDJWH7HNHQHU'HVKDOEVLQGZLUKLHU6LHXQGLFK (UGHXWHWHDXIGHQ*OHLWHUGHUVLFKLKQHQQlKHUWH 'LH)lXVWHGHU)UDXVDQNHQQDFKXQWHQ,KU*HVLFKWYHUlQGHUWHVLFKLQ HUVFKUHFNHQGHP0D'LH$XJHQVFKLHQHQLQGHQ+|KOHQ]XYHUVLQNHQXQG GDV%OXWZLFKDXVLKUHQ:DQJHQ 5RQDOG7HNHQHU]HLJWHLKUGLH0DJQHWSODWWHQ 'DQQVLQG6LHQLFKW"IUDJWHVLHVWDPPHOQG (UVFKWWHOWHGHQ.RSI :HQDXFKLPPHU6LHPHLQHQHUZLGHUWHHUGDVVLQGZLUQLFKW:LU EUDXFKHQ,KUH+LOIH/DVVHQ6LHXQVPLWHLQDQGHUUHGHQ 6LHVHQNWHGHQ.RSI,KUH)LQJHUNUDOOWHQVLFKLQLKUHQ*UWHO 0DQKDWLKQXPJHEUDFKW6WLPPW V" :LUYHUPXWHQHV*HQDXZLVVHQZLUHVQLFKW .RPPHQ6LHVDJWHGLH)UDX:LUZHUGHQPLWHLQDQGHUUHGHQ 'UHL6WXQGHQVSlWHUIORJHQVLH]XVDPPHQPLW*UDFH5DPLUH]QDFK7HLV] ]XUFN'LHMXQJH)UDXGLHDOV-DJGIKUHULQDXI7HLOORQDUEHLWHWHKDWWHVLH PLWDOOHPYHUVRUJWZDVGD]XGLHQHQNRQQWHVLHXQYHUGlFKWLJHUVFKHLQHQ]X ODVVHQ'DVUHLFKWHYRQHLQHU-DJGOL]HQ]ELV]XHLQHPHUOHGLJWHQ7LJHUELEHU GHVVHQNRVWEDUHV)HOOLP.RIIHUUDXPPLWJHIKUWZXUGH 7DWVlFKOLFKZXUGHQVLHQXUIOFKWLJNRQWUROOLHUW1LHPDQGVFKLHQDXIGHQ *HGDQNHQ]XNRPPHQGDVLHPLWGHQ(UHLJQLVVHQGHUOHW]WHQ1DFKWLQ 9HUELQGXQJ]XEULQJHQZDUHQ*UDFH5DPLUH]EHJOHLWHWHVLHELV]XP 5DXPKDIHQXQGZDUWHWHGRUWELVVLHPLWHLQHP/LQLHQUDXPHUJHVWDUWHWZDUHQ 6LHKDWWHLKQHQQLFKWYLHOVDJHQN|QQHQ6LHZXWHOHGLJOLFKGDEHLHLQLJHQ *HVSUlFKHQLPPHUZLHGHUYRP+DQGHOVSODQHWHQ/XPEHULP&RUEHWW6\VWHP GLH5HGHJHZHVHQZDU6LHZXWHGDGHU0DQQGHQVLHJHOLHEWKDWWH]XU &256$JHK|UWKDWWHXQGGDGLH2UJDQLVDWLRQHUKHEOLFKH6FKZLHULJNHLWHQ PLWHLQHUDQGHUHQ2UJDQLVDWLRQKDWWHGLHGDUDXIVSH]LDOLVLHUWZDUEHVRQGHUV JURH:DUHQSDUWLHQXP]XVFKODJHQ'DEHLNRQQWHHVVLFKQXUXPGLH 5DXPSLUDWHQKDQGHOQ'DUDQEHVWDQGIU7HNHQHUNHLQ=ZHLIHO

'HU0DQQVDKMXQJXQGXQVFKHLQEDUDXV(UWUDWDQ7HNHQHUKHUDQDOV GLHVHUGLH7UGHU$QWLJUDYOLIW.DELQHJHVFKORVVHQKDWWHXQG]HLJWHLKPHLQH 6RO$E0DUNH ,QHLQHU6WXQGHZLUGGLHVHV6FKLIIDXI/XPEHUODQGHQVDJWHHUPLW JHGlPSIWHU6WLPPH(UVSUDFKVFKQHOOZHLOHUQXUHWZDHLQH0LQXWH=HLW KDWWHELVGHU/LIWDQVHLQHP=LHODQJHNRPPHQZDU:LUKDEHQHLQ ZHLWYHUEUHLWHWHV1HW]YRQ0LWDUEHLWHUQDXI/XPEHUNRPPHQMHGRFKWURW]GHU +LOIHGLHXQV&256$JLEWQLFKWHQWVFKHLGHQGZHLWHU*HRUJH/LPS &RDWHV OlWVLFKQLFKWOXPSHQ(UVHW]WVHLQH/HXWHZLUNOLFKIUXQVHLQ'DV(UJHEQLV LVWMHGRFKPDJHU6LHKDEHQGHQ$XIWUDJVLFKQLFKWPLWXQVLQ9HUELQGXQJ]X VHW]HQVRQGHUQDXIHLJHQH)DXVW]XUHFKHUFKLHUHQ+LHUKDEHQ6LHHLQH ,QIRUPDWLRQVNDSVHO (UUHLFKWH7HNHQHUHLQHQNOHLQHQ3ODVWLNEHXWHOLQGHPHLQH.DSVHOODJGLH HWZDHLQHQ0LOOLPHWHU'XUFKPHVVHUKDWWH 'HU/LIWNRUEKLHOW 'LHEHLGHQ0lQQHUVWDQGHQQHEHQHLQDQGHUXQGEOLFNWHQLQV/HHUHDOVVLFK GLH7U|IIQHWH6LHYHUKLHOWHQVLFKVRDOVJlEHHVNHLQHUOHL %HUKUXQJVSXQNWH]ZLVFKHQLKQHQ9RUGHP/LIWVWDQG6KDURQ%DUWRQ6LH OlFKHOWHDOVVLH7HNHQHUVDK (VUHLFKWQRFKIUHLQHQNOHLQHQ,PELVDJWHVLH (UJLQJDXIGHQ3ODXGHUWRQHLQGHQVLHDQVFKOXJOHJWHLKUGHQ$UPXPGLH 6FKXOWHUXQGEHJOHLWHWHVLHLQGHQ6SHLVHUDXP :lKUHQGGHV(VVHQVVFKRE7HNHQHUGLH,QIRUPDWLRQVNDSVHOXQDXIIlOOLJLQ HLQHQ6FKOLW]DQVHLQHP$UPEDQGNRPELJHUlW(USODXGHUWHPLW6KDURQQDKP KLHUXQGGDPDOHLQHQ%LVVHQ]XVLFKXQGOLHGLH1DFKULFKWHQXQG ,QVWUXNWLRQHQDXIGHPZLQ]LJHQ9LGHRVFKLUPGHV.RPELJHUlWVDXIEOLW]HQ 'DEHLYHUKLHOWHUVLFKVRJHVFKLFNWGDQLFKWHLQPDO6KDURQHWZDVPHUNWH $OVHUDXI/XPEHUGHQ5DXPKDIHQYHUOLHZXWHGHU/HXWQDQWZHOFKH 6FKULWWHHU]XQlFKVWXQWHUQHKPHQPXWH =XVDPPHQPLW6KDURQVXFKWHHUHLQH:RKQXQJDXIGLHYRQGHU862DOV $XVUVWXQJVVWW]SXQNWHLQJHULFKWHWZRUGHQZDU6LHOLHVLFKPLW+LOIHGHU,' .DUWH7HNHQHUV|IIQHQ7HNHQHUHQWQDKPGHQ6FKUlQNHQHLQLJH 6SH]LDOLQVWUXPHQWHGLHHULQGHQ7DVFKHQVHLQHV$Q]XJVYHUVWDXWH6KDURQ UHLFKWHHUHLQHQNOHLQHQ.RPELVWUDKOHU 'HU3DUDO\VDWRUKDWHLQH5HLFKZHLWHYRQHWZD]Z|OI0HWHUQHUNOlUWHHULKU 'DVVROOWHQRUPDOHUZHLVHDXVUHLFKHQ$XI(QHUJLHVWUDKOZLUNXQJVFKDOWHQ6LH ELWWHQXUGDQQXPZHQQ6LHJDUNHLQHDQGHUH0|JOLFKNHLWKDEHQVLFK]X YHUWHLGLJHQ ,FKKDEHNHLQH/XVWLUJHQGMHPDQGHQXP]XEULQJHQHUZLGHUWHVLH 0LWHLQHP$QWLJUDYJOHLWHUIORJHQVLHZHQLJVSlWHUQDFK:HVWHQ'LH0DVFKLQH JHK|UWH]XP|IIHQWOLFKHQ7D[LGLHQVW7HNHQHUKDWWHNHLQH%HGHQNHQJHKDEW VLHLQGHU1lKHGHU862:RKQXQJ]XPLHWHQ :HQLJVSlWHUWDXFKWHHLQHJLJDQWLVFKH6WDGWYRULKQHQDXI+RFKEDXWHQ UHLFKWHQELVLQHLQH+|KHYRQIQIKXQGHUW0HWHUQXQGPHKUKLQDXI

.XJHOUDXPVFKLIIHGLHPLW+LOIHLKUHU$QWLJUDYWULHEZHUNHPDQ|YULHUWKDWWHQ SDUNWHQPLWWHQLQGHU6WDGWGHUHQ/HXFKWUHNODPHQNLORPHWHUZHLW]XVHKHQ ZDUHQ :DUHQ6LHVFKRQHLQPDOKLHU"IUDJWHVLH 1RFKQLHDQWZRUWHWHVLH 'LH6WDGWHUVWUHFNWVLFKEHUPHKUDOVYLHUKXQGHUW.LORPHWHU/lQJHQDFK :HVWHQ,QQRUGVGOLFKHU5LFKWXQJKDWVLHHLQHQ'XUFKPHVVHUYRQ ZHQLJVWHQV]ZHLKXQGHUW.LORPHWHUQ/XPEHU&LW\LVWHLQHUGHUJU|WHQ +DQGHOVSOlW]HLQGHU*DOD[LV+LHUN|QQHQ6LHVLFKDOOHVNDXIHQZDV6LHVLFK QXUYRUVWHOOHQN|QQHQ9RQGHU6WHFNQDGHOELV]XP5DXPVFKLIIXQGYRP 6RGDZDVVHUELVKLQ]XJDQ]HQ3ODQHWHQJLEWHVDOOHV 6KDURQVDKGD]ZLVFKHQGHQ+RFKKlXVHUQULHVLJH3OlW]HODJHQGLHPLW =HOWHQ9HUNDXIVVWlQGHQXQGSULPLWLYHQ+WWHQJHIOOWZDUHQ$XIHLQHPGHU 3OlW]HVWDQGHLQ:DO]HQUDXPHUGHU6SULQJHU'LH6FKOHXVHQZDUHQJH|IIQHW XQGHLQ6WURPYRQ,QWHUHVVHQWHQHUJRVLFKLQGDV,QQHUHGHV5DXPVFKLIIV /XPEHU&LW\LVWQLFKWGLHHLQ]LJH+DQGHOVVWDGWDXIGLHVHP3ODQHWHQVDJWH HU:HQQPDQHVHLQZHQLJJUR]JLJEHWUDFKWHWLVWLP*UXQGHJHQRPPHQ GHUJDQ]H3ODQHWYRQHLQHUHLQ]LJHQ6WDGWEHGHFNW8QGZRNHLQH6WDGWLVW GRUWEHILQGHQVLFKGLH5DXPKlIHQDXIGHQHQGLH*WHUDXVDOOHQ7HLOHQGHU 0LOFKVWUDHXPJHVFKODJHQZHUGHQ (VPXPlUFKHQKDIWUHLFKH0HQVFKHQDXI/XPEHUJHEHQEHPHUNWHVLH /XPEHUJHK|UW]XGHQUHLFKVWHQ:HOWHQGHU*DOD[LVEHVWlWLJWHHU+LHU OHEHQPHKU0LOOLDUGlUHDOVDXIGHU(UGHRGHUVRQVWLUJHQGZR (UODQGHWHDXIGHP'DFKHLQHV9HUZDOWXQJVJHElXGHVXQGIXKU]XVDPPHQ PLW6KDURQLP/LIWQDFKXQWHQ :RKLQJHKHQZLUMHW]W"IUDJWHVLH :LUVHKHQXQVQXUHLQZHQLJXPHUZLGHUWHHUOHLFKWKLQVRDOVKDEHHUNHLQ EHVWLPPWHV=LHO6LHEOLFNWHLKQEHUUDVFKWDQVWHOOWHMHGRFKNHLQHZHLWHUHQ )UDJHQ :HQLJVSlWHUOLHVLHVLFKYRQGHP0DUNWOHEHQJHIDQJHQQHKPHQGDV ]ZLVFKHQGHQ+RFKEDXWHQKHUUVFKWH+lQGOHUDXVDOOHQ9|ONHUVWlPPHQGHU *DOD[LVKDWWHQLKUH9HUNDXIVVWlQGHDXIJHVWHOOW%HLHLQLJHQODJHQ:DUHQDXV EHLDQGHUHQZDUNDXPPHKUDOVHLQ9HUKDQGOXQJVSXOWYRUKDQGHQ:DVDEHU DXFKLPPHUDQJHERWHQZXUGHHVKDWWHHLQHQ:HUWGHUVRKRFKODJGDHV VLFKORKQWHGDV2EMHNWEHU/LFKWMDKUHKLQZHJPLWHLQHP5DXPVFKLII]X WUDQVSRUWLHUHQ 6KDURQHQWGHFNWHVFKQHOOHLQH5HLKHYRQ'LQJHQGLHVLHVLFKDPOLHEVWHQ JHNDXIWKlWWH0LWHLQHPZDKUHQ)HXHUHLIHUVWU]WHVLHVLFKLQHLQH 9HUNDXIVDXVVWHOOXQJLQGHU0XVLNLQVWUXPHQWHSULPLWLYHU9RONVVWlPPHJH]HLJW ZXUGHQ0LWHUVWDXQOLFKHP*HVFKLFNYHUVWDQGVLHHVGLHVHQNOHLQHQ .XQVWZHUNHQ7|QH]XHQWORFNHQ 5RQDOG7HNHQHUOLHVLHJHZlKUHQ(UZDUEHU]HXJWGDYRQGDVLH EHREDFKWHWZXUGHQ(UZXWHGDGLH&256$/HXWHEHUDOODXI/XPEHU ZDUHQXQGMHGHQ1HXDQN|PPOLQJDUJZ|KQLVFKXQWHUGLH/XSHQDKPHQ

$EHUDXFKGLH9HUWUHWHUGHU2UJDQLVDWLRQGHU5DXPSLUDWHQPXWHQKLHUVHLQ ZHQQGLH+LQZHLVHULFKWLJZDUHQGLHHUHUKDOWHQKDWWH(UJLQJGDYRQDXV GDVLHQLFKWQXUEHVRQGHUVUFNVLFKWVORVXQGEUXWDODUEHLWHWHQVRQGHUQ DXFKPLWJU|WHP*HVFKLFNGDVLHLPPHUKLQQLFKWQXUGLH6LFKHUKHLWVRUJDQH GHV6RODUHQ,PSHULXPVJHJHQVLFKKDWWHQVRQGHUQDXFKGLH&256$'LHVH NlPSIWHKDUWXQGNRPSURPLORVXPLKUH0DFKWSRVLWLRQDXI/XPEHU 7HNHQHUZDUVLFKNODUGDUEHUGDGLH%HVSUHFKXQJHQGHU*DQJVWHUREHUHQ PLW*HRUJH/LPS&RDWHVLQZHVHQWOLFKHQ7HLOHQDXFKGD]XGLHQWHQGLH 6WUDWHJLHGLHVHV.DPSIHVIHVW]XOHJHQ ,FKPXGLHVHV,QVWUXPHQWKDEHQ5RQDOGVDJWHGDV0lGFKHQXQGKLHOW LKPHLQNRPSOL]LHUWDXVVHKHQGHV*HELOGHDXVURWHP.ULVWDOOHQWJHJHQ +|UHQ6LHQXUZLHHVNOLQJW 6LHVWULFKPLWGHU=XQJHQVSLW]HEHUHLQH)HGHUGLHDXVGHP*HELOGH KHUYRUUDJWHXQGHQWORFNWHGHP,QVWUXPHQWGDPLWHLQH5HLKHYRQ7|QHQGLH EHUUDVFKHQGNODUZDUHQ6KDURQV$XJHQJOlQ]WHQ 'LHVLVWHLQ.XQVWZHUNZLHLFKHVQRFKQLH]XYRUJHVHKHQKDEHVDJWHVLH EHJHLVWHUW,FKPXHVHLQIDFKKDEHQ.|QQHQ6LHPLU*HOGOHLKHQ" .DXPZDUHQGLHVH:RUWHEHULKUH/LSSHQJHNRPPHQDOVVLFKLKUH$XJHQ YHUGXQNHOWH 1DWUOLFKN|QQHQ6LHHVQLFKWVDJWHVLHHQWWlXVFKW:RKHUVROOWHQ6LH VRYLHO*HOGKDEHQ" :DVNRVWHWHVGHQQ" 9LHUWDXVHQG6RODUHUZLGHUWHHLQ$UNRQLGHGHUKLQWHUHLQHPNDVWHQI|UPLJHQ ,QVWUXPHQWKHUYRUWUDW(UKDWWHVLFKGDVVLOEHUKHOOH+DDUYRQDOOHQ6HLWHQ]XU .RSIPLWWHKLQJHNlPPWXQGHVPLWHLQHP=LHUEDQG]XVDPPHQJHEXQGHQ 'DVGDUEHUKLQDXVUDJHQGH+DDUELOGHWHHLQH+DXEHGLHEHLPOHLVHVWHQ :LQG]XJLQ%HZHJXQJJHULHW 'DVLVWZRKO]XYLHORGHU"IUDJWH6KDURQVFKFKWHUQ 'DV'LQJLVWGDV)UDJPHQWHLQHUVLJDQHVLVFKHQ0XVLNKDOOHHUZLGHUWH 7HNHQHU:RKHUKDEHQ6LHHV" 'HU$UNRQLGHEOLHEXQEHHLQGUXFNW :HQQ6LHPHLQHQGDHVVRLVWEOHLEHQ6LHEHL,KUHP*ODXEHQVDJWHHU XQGQDKP6KDURQGDV*HELOGHDXVGHQ+lQGHQ,FKKDEHYRQGLHVHQ 'LQJHQPHKU$KQXQJDOV6LH $FKWDWVlFKOLFK"IUDJWHGHU/HXWQDQW6ROOWHGDV6WFNQLFKW]XIlOOLJYRQ HLQHP+DQGHOVUDXPHUVWDPPHQGHULQOHW]WHU=HLWYHUVFKZXQGHQLVW" 'HU$UNRQLGHEOLFNWHGHQ7HUUDQHUEHUUDVFKWDQ(UVFKWWHOWHGHQ.RSI 6RHWZDVVROOWHQ6LHQLFKWVDJHQPDKQWHHU-HGHQIDOOVQLFKWZHQQ6LH NHLQ6HOEVWP|UGHUVLQG,FKKDEHPLWGLHVHQ9HUEUHFKHQQLFKWV]XWXQXQG LFKJODXEHDXFKQLFKWGDLUJHQGMHPDQGKLHULQGHU1lKHGDULQYHUZLFNHOW LVW$OVRVROOWHQ6LHEHVVHUGHQ0XQGKDOWHQ 'DPLWLPSRQLHUHQ6LHGLHVHUMXQJHQ'DPHEHVWLPPWQLFKW

'DVNODQJHUVWDXQOLFKYHUQQIWLJ5RQDOG7HNHQHUKDWWHQLFKWPLWHLQHUVR UXKLJHQ(QWJHJQXQJJHUHFKQHWVRQGHUQPLWHLQHUKHIWLJHQXQGXQEHGDFKWHQ 5HDNWLRQ'HU$UNRQLGHJHILHOLKPSO|W]OLFKZHVHQWOLFKEHVVHUDOV]XYRU 6FKRQJXWVDJWHHU9HUPXWOLFKKDEHQ6LHUHFKW (UQLFNWHLKP]XOHJWH6KDURQGHQ$UPXPGLH6FKXOWHUXQGYHUOLH ]XVDPPHQPLWLKUGHQ6WDQG :DUXPKDEHQ6LHGDVJHVDJW"IUDJWHVLHOHLVHDOVVLHVRZHLWHQWIHUQW ZDUHQGDGHU$UNRQLGHVLHQLFKWPHKUK|UHQNRQQWH -HPDQGKDWPLUHLQHQ7LSJHJHEHQHUZLGHUWHHU'DEHLZXUGHGHU6WDQG GLHVHV$UNRQLGHQHUZlKQW,FKZHLQLFKWREHUWDWVlFKOLFKHWZDVPLWGHQ 3LUDWHQ]XWXQKDW0LUNDPHVGDUDXIDQLKQ]XSURYR]LHUHQ 'DVLVW,KQHQQLFKWJHOXQJHQ 'DVNDQQLFKQRFKQLFKWEHXUWHLOHQ(UEOLHEVWHKHQODFKWHXQG]HLJWHDXI HLQHQDQGHUHQ6WDQG6HKHQ6LHGRUW6KDURQGDVPVVHQZLUXQV XQEHGLQJWDQVHKHQ :DIIHQ"IUDJWHVLH,QWHUHVVLHUHQ6LHVLFKIU:DIIHQ" :DIIHQKDEHQHWZDVJDQ]%HVRQGHUHVDQVLFKHQWJHJQHWHHUZlKUHQGVLH VLFKGHP6WDQGQl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|ONHUEHL GHQHQ:DIIHQLQLKUHPbXHUHQVRXPJHVWDOWHWZXUGHQGDDOOHLQLKU $QEOLFNGLH)HLQGHLQGLH)OXFKWMDJWH8QGDXFKXPJHNHKUWJLEWHV:DIIHQ GLHVRXQVFKHLQEDUVLQGGDVLFKGHU*HJQHUGXUFKVLH]XP$QJULIIYHUOHLWHQ XQGGDPLWLQHLQHW|GOLFKH)DOOHORFNHQOLH :DIIHQVDJHQRIWPHKUEHUGHQ&KDUDNWHUHLQHV9RONHVXQGVHLQH0HQWDOLWlW DXVDOVJDQ]H%HUJHYRQ%FKHUQXQG0DJQHWElQGHUQ 6LHKDWWHQGHQ6WDQGHUUHLFKW7HNHQHUODFKWHODXWDXI 6HKHQ6LHKLHU6KDURQIXKUHUIRUWXQGJULIIQDFKHLQHPPRQVWU|VHQ *HELOGHGDVDXIGHQHUVWHQ%OLFNJDUQLFKWDOV:DIIH]XHUNHQQHQZDU$XI GHPDXVJHEOHLFKWHQ6FKlGHOHLQHV5DXEWLHUVGUHKWHVLFKGHUEL]DUUJHIRUPWH .RSIHLQHV'UDFKHQGHUEHUXQGEHUPLW.RUDOOHQDOOHUQXUGHQNEDUHQ )DUEHQEHGHFNWZDU)DXVWJURH$XJHQDXVEOXWURWHQ(GHOVWHLQHQVWHOOWHQ GLH$XJHQGDU6LHEOLFNWHQ7HNHQHUXQG6KDURQIXQNHOQGDQDOVRE ZLUNOLFKHV/HEHQLQLKQHQVHL'HU5DFKHQVWDQGRIIHQVRGDVLHGDV*HEL DXVILQJHUODQJHQXQGPHVVHUVFKDUIHQ.RUDOOHQVHKHQNRQQWHQ

'DVVROOHLQH:DIIHVHLQ"IUDJWHVLHYHUEOIIW (VLVWHLQHEHVWlWLJWHHUEHYRUGHU9HUNlXIHUHLQURWKDDULJHU6SULQJHUVLFK lXHUQNRQQWH8QGVLHEHVWlWLJWZDVLFKHEHQJHVDJWKDEH'LHVH:DIIH VROOGHQ)HLQGDOOHLQGXUFKLKUbXHUHVHUVFKUHFNHQXQGYRQHLQHP$QJULII DEKDOWHQ $EHUZDVIUHLQH:DIIHLVWHVGHQQ"IUDJWHGDV0lGFKHQYHUZLUUW (LQ*HVFKW]DQWZRUWHWH7HNHQHU(UJULIIQDFKHLQHP.DVWHQGHULQGHU 1lKHVWDQGXQG|IIQHWHLKQ%OXWURWH*UDQDWHQYRQHWZD]ZDQ]LJ =HQWLPHWHUQ/lQJHXQGYLHU=HQWLPHWHUQ'XUFKPHVVHUODJHQGDULQ7HNHQHU QDKPHLQHKHUDXVZLUEHOWHGHQ.RUDOOHQNRSIKHUXPXQGVFKREGLH*UDQDWH LQHLQHgIIQXQJDQGHU+LQWHUVHLWHGHV.RSIHV 1LFKW+|UHQ6LHDXIEUOOWHGHU6SULQJHU .HLQH6RUJHHQWJHJQHWH7HNHQHUODFKHQG,FKKDEHQLFKWYRUKLHU 6FKLHEXQJHQ]XYHUDQVWDOWHQ$XHUGHPZHLLFKJDUQLFKWZLHVRHLQ 'LQJDEJHVFKRVVHQZLUG $P2KUEHJDQQGHU6SULQJHU'DQQVWRFNWHHUHUVFKUHFNW 7HNHQHUZLUEHOWHGLH.DQRQHKHUXPEHUKUWHGDVUHFKWH2KUGHV 'UDFKHQNRSIHVXQGVSUWHZLHHLQLJH.RUDOOHQXQWHUGHP'UXFNVHLQHU )LQJHUQDFKJDEHQ 0LWHLQHPRKUHQEHWlXEHQGHQ.UDFKHQH[SORGLHUWHGHU7UHLEVDW]GHU*UDQDWH 'DV*HVFKRUDVWHLQHLQHUEODXHQ:RONHDXVGHP5DFKHQGHV 'UDFKHQNRSIHVKHUYRUMDJWHTXHUGXUFKGHQ9HUNDXIVVWDQGGXUFKVFKOXJGLH UFNZlUWLJH=HOWZDQGXQG]HUWUPPHUWHXQPLWWHOEDUGDUDXIGLH*ODVVFKHLEH HLQHVGHU%URVLQHLQHPGHU+RFKKlXVHU 9HU]HLKHQ6LHVDJWH7HNHQHU-HW]WKDEHLFKZRKOIU8QUXKHJHVRUJW )OXFKHQGVWU]WHVLFKGHU6SULQJHUDXILKQ7HNHQHUVFKRELKPGLH 0XQLWLRQVNLVWHLQGHQ:HJVRGDHUGDUEHUVWROSHUWHHUJULIIGLH+DQG 6KDURQVXQGIOFKWHWH]XVDPPHQPLWGHP0lGFKHQ'HU6FKXO|VWHHLQHQ XQJHKHXUHQ/lUPDXIGHP0DUNWDXV'LH9HUWUHWHUGHUYHUVFKLHGHQVWHQ 9|ONHUVWlPPHHLOWHQDXVDOOHQ5LFKWXQJHQKHUEHLXPVLFKQLFKWVHQWJHKHQ ]XODVVHQ'HU6SULQJHUEUOOWHXQGIOXFKWH(LQH6LUHQHKHXOWHDXIXQG LUJHQGMHPDQGVFKRPLWHLQHP(QHUJLHVWUDKOHUEHUGLH.|SIHGHU 0DUNWEHVXFKHUKLQZHJ 6LQG6LHYHUUFNWJHZRUGHQ5RQDOG"ULHI6KDURQDOVVLHPHUNWHGDHULQ GDV*HElXGHIOFKWHQZROOWHGDVHUPLWGHP*HVFKREHVFKlGLJWKDWWH6LH ZROOHQGRFKQLFKWGRUWKLQHLQ" 1DWUOLFKZLOOLFKGDVDQWZRUWHWHHU6FKODJHQ6LHPLU,KUH+DQGWDVFKH EHUGHQ.RSIXQGODXIHQ6LHZHJ%OHLEHQ6LHDEHULQGHU1lKH:HQQLFK ZLHGHUKHUDXVNRPPHEUDXFKHLFK,KUH+LOIH 6LHEOLFNWHLKQDQXQGHUVDKGDVLHEHJULIIHQKDWWH 6LHKDWWHQVLFKDOOHVJHQDXEHUOHJWVDJWHVLH 1DWUOLFK1XQPDFKHQ6LHVFKRQ 6LHUHDJLHUWHZLHHVEHVVHUQLFKWKlWWHVHLQN|QQHQ6LHVFKULHDXILKQHLQ EHVFKLPSIWHLKQULVLFKORVXQGKLHELKPLKUH+DQGWDVFKHEHUGHQ.RSI

5RQDOG7HNHQHUVFKW]WHVLFKLQGHPHUGLH$UPHEHUGHP.RSINUHX]WHXQG IOFKWHWHLQGDV9HUZDOWXQJVJHElXGH 6LHULHILKPQRFKHLQLJHE|VH:RUWHQDFKGDQQEHPHUNWHVLHGDHLQLJH 0lQQHUYRQGHP9HUNDXIVVWDQGNDPHQDQGHP7HNHQHUJHVFKRVVHQKDWWH 6LHZXWHGDVLHLKQHQQLFKWLQGLH+lQGHIDOOHQGXUIWHXQGUDQQWHZHJ(V JHODQJLKULP*HZKOGHU0HQJHXQWHU]XWDXFKHQ 6LHZDUY|OOLJYHUZLUUW6LHZXWHQXQ]ZDUGD5RQDOG7HNHQHUGHQ =ZLVFKHQIDOOPLWGHU.DQRQHQXULQV]HQLHUWKDWWHZHLOHULQGDV*HElXGH HLQGULQJHQZROOWHGDVHUEHVFKRVVHQKDWWH(UNOlUHQNRQQWHVLHVLFKMHGRFK QLFKWZDUXPHUHVJHWDQKDWWH 5RQDOG7HNHQHUVFKRDXVQlFKVWHU'LVWDQ]QDFKGHPHUGHQ (QHUJLHVWUDKOHULQVHLQHU+DQGDXINOHLQVWH:LUNXQJHLQJHVWHOOWKDWWH'HU 7UYHUVFKOXJOKWHDXIXQG]HUSODW]WH,PJOHLFKHQ0RPHQWVWLH7HNHQHU GLH7UPLWGHP)X]XU6HLWH6LHJDEQDFK(UEHWUDWHLQHQ9RUUDXPYRQ GHPPHKUHUH7UHQDE]ZHLJWHQ,P+LQWHUJUXQGEHIDQGHQVLFKGLH gIIQXQJHQGHU$QWLJUDYOLIWH .HLQHQ6FKULWWZHLWHUKDOOWHHLQH6WLPPHDXVHLQHPYHUERUJHQHQ /DXWVSUHFKHUEHULKP+LHUJLEWHV6LFKHUXQJHQJHJHQXQJHEHWHQH %HVXFKHU 7HNHQHUEOLHEVWHKHQ.HLQ0XVNHOEHZHJWHVLFKLQVHLQHP*HVLFKW ,FKZDUWHVDJWHHU (LQEODEODXHU(QHUJLHVWUDKO]XFNWHTXHUYRULKPGXUFKGHQ5DXP 'HU:HJLVWIUHL6LHN|QQHQJHKHQYHUNQGHWHGLH6WLPPHEHULKP$OOHV YHUOLHILQQHUKDOEZHQLJHU6HNXQGHQ7HNHQHUK|UWHZLHGLHDXIJHEUDFKWH 0HQJHVLFKGHP(LQJDQJQlKHUWH(UJLQJZHLWHU(LQH7U|IIQHWHVLFKYRU LKP(UVDKHLQHQ$UNRQLGHQPLWWLHIOLHJHQGHQ$XJHQXQGIHWWLJHP+DDU .RPPHQ6LHKHUHLQ6LH0HLVWHUVFKW]HVDJWHGHU$UNRQLGH,FKGHQNH ZLUKDEHQHWZDV]XEHVSUHFKHQ 5RQDOG7HNHQHUIROJWHGHU$XIIRUGHUXQJ'LH7UVFKORVLFKKLQWHULKP 2KYHUGDPPWVDJWHHUDOVHUVDKZHOFKH9HUZVWXQJHQGDV*HVFKR DQJHULFKWHWKDWWH'LHJHULQJVWHQ=HUVW|UXQJHQEHIDQGHQVLFKDP)HQVWHU,P ,QQHQUDXPZDUMHGRFKVRJXWZLHQLFKWVKHLOJHEOLHEHQ6WKOH7LVFKHXQG HLQHXQEHUVHKEDUH=DKOYRQ3DNHWHQXQG3lFNFKHQZDUHQ]HUULVVHQ ZRUGHQ'DUEHUKLQDXVNODIIWHHLQ/RFKYRQPHKUDOVHLQHP0HWHU 'XUFKPHVVHULQGHU5FNZDQG'XUFKGLHVHgIIQXQJKLQGXUFKVDK7HNHQHU HLQHQ*URFRPSXWHUPRGHUQVWHU%DXDUW ,FKKDEH*OFNJHKDEWGDLFKQLFKWLP5DXPZDUVDJWHGHU$UNRQLGH :HQQLFKKLHUJHZHVHQZlUHKlWWHHVPLFKHUZLVFKW (VZDUHLQ9HUVHKHQHUNOlUWH7HNHQHU'HU6FKXKDWVLFKYRQVHOEVW JHO|VW1DWUOLFKZDUHVGXPPYRQPLUHLQH*UDQDWHHLQ]XOHJHQ7XWPLU OHLG :HUVLQG6LH" 0HLQ1DPHLVW5RQDOG7HNHQHU8QG6LH" ,FKELQ0RUDQ

7HNHQHU]HLJWHDXIGLHgIIQXQJLQGHU:DQG(UWUDWQlKHUKHUDQXQGEOLFNWH JULQVHQGKLQGXUFK 6LHEOXIIHQJDQ]VFK|QZLH"IUDJWHHU,QGLHVHP%URPLPHQ6LHGHQ DUPHQ.QDEHQZlKUHQG6LHWDWVlFKOLFK5LHVHQJHVFKlIWHPDFKHQ1LFKW VFKOHFKW hEHUUDVFKHQGHUZHLVHVFKLHQVLFKGHU$UNRQLGHQLFKWEHUGHQ=ZLVFKHQIDOO ]XHPS|UHQHUVFKLHQLKQVRJDU]XDPVLHUHQ/HGLJOLFKGDV/RFKLQGHU :DQGEHWUDFKWHWHHUPLWHLQLJHP8QZLOOHQ :DUXPVLQG6LHKLHUKHUJHIOFKWHW"IUDJWHHU6LHKlWWHQEHUDOOKLQODXIHQ N|QQHQ:DUXPJHUDGHKLHUKHU" 'DVZlUHHLQ'LQJHUZLGHUWH7HNHQHU-HPDQGHPGDV%UR]HUERPEHQ XQGGDQQZHJODXIHQDOVREQLFKWVZlUH:LHZHLWZlUHLFKGHQQJHNRPPHQ 0RUDQ" 1LFKWZHLW 6HKHQ6LH'DVGDFKWHLFKPLU :DUXPKDEHQ6LHVLFKGDVJHGDFKW"0RUDQEOLFNWHLKQPLWYHUHQJWHQ $XJHQDQ0LWUDXHQ]HLFKQHWHVHLQ*HVLFKW 1XQHVLVWHLQRIIHQHV*HKHLPQLVGDGLH&256$0DFKWXQG(LQIOXKDW DXI/XPEHU,FKELQIUHPGKLHUXQGKDEHHLQH'XPPKHLWJHPDFKWGXUFKGLH OHLFKWJHIlKUOLFKH0LYHUVWlQGQLVVHDXINRPPHQN|QQHQ8QGGLH&256$ P|FKWHLFK]XPLQGHVWQLFKWJHJHQPLFKKDEHQ 6LHJODXEHQDOVRGDLFKPLWGHU&256$XQWHUHLQHU'HFNHVWHFNH" 7HNHQHUZLHVHUVWDXIGDV%URPLWVHLQHU]HUWUPPHUWHQ(LQULFKWXQJGDQQ DXIGHQ&RPSXWHU (LQ0DQQGHUDXI/XPEHU*HVFKlIWHPDFKWZHLGHU&256$ZHQLJVWHQV ]XHUNOlUHQZDVLFKQLFKWHUNOl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lGLJWZRUGHQhEHUGDVDQGHUHZROOHQZLUQLFKWUHGHQ'DVLVWNHLQ JURHU9HUOXVW0LWHLQHPNOHLQHQ'LHQVWN|QQHQ6LHDOOHVDXVJOHLFKHQZHQQ 6LHZROOHQ (UGUFNWHHLQH7DVWHDP&RPSXWHU:HQLJVSlWHUOHXFKWHWHHLQHUGHU %LOGVFKLUPHDXI'DV*HVLFKWGHV6SULQJHUVHUVFKLHQEHLGHP7HNHQHUGLH .DQRQHDEJHVFKRVVHQKDWWH2IIHQEDUNRQQWHGHU6SULQJHUGHQ7HUUDQHU QLFKWVHKHQGHQQDXIVHLQHP*HVLFKW]HLFKQHWHVLFKNHLQH5HJXQJDE

,FKKDEHQXUHLQH)UDJHHUNOlUWH0RUDQ:DVLVWGDVIUHLQH.DQRQH JHZHVHQGLHGDDEJHIHXHUWZRUGHQLVW" (VZDUHLQH.RUDOOHQNDQRQHYRP3ODQHWHQ(VIDSKDW(LQHLQPDOLJHV6WFN :DUGHP6FKW]HQGLH)XQNWLRQGHU.DQRQHEHNDQQWRGHUQLFKW" (UZXWHZRGLH*UDQDWHHLQ]XVFKLHEHQLVWDEHUGDVKlWWHZRKOMHGHU KDOEZHJVLQWHOOLJHQWH0HQVFKKHUDXVJHIXQGHQ'DHUDXFKZXWHZLHVLH DEJHIHXHUWZLUGKDOWHLFKIUHLQHQSXUHQ=XIDOO 'DQNHVDJWH0RUDQXQGVFKDOWHWHDE(UGUHKWHVLFK]X7HNHQHUXPXQG MHW]WVDKGLHVHUGDGHU$UNRQLGHHLQHQZLQ]LJHQ(QHUJLHVWUDKOHULQGHU +DQGYHUERUJHQKLHOW 0RUDQZDUIGLH:DIIHKRFKILQJVLHZLHGHUDXIXQGVWHFNWHVLHLQVHLQH +RVHQWDVFKH $EHUPDOV*OFNJHKDEWVDJWHGHU$UNRQLGH6LHZlUHQHLQWRWHU0DQQ JHZHVHQZHQQGHU6SULQJHUHWZDVDQGHUHVJHDQWZRUWHWKlWWH 5RQDOG7HNHQHUVWULFKVLFKVW|KQHQGPLWGHU+DQGEHUGHQ0XQG 2KYHUGDPPWYHUVHW]WHHU/XPEHUVFKHLQWPLUJHIlKUOLFKHU]XVHLQDOV LFKGDFKWH /XPEHUKDWHLQHQJXWHQ5XI7URW]DOOHPNRUULJLHUWHGHU$UNRQLGHHUQVWKDIW 0DQZHL]ZDUGDGLH&256$XQGJHZLVVHDQGHUH/HXWHKLHULKUH *HVFKlIWHPDFKHQDEHUDQVRQVWHQJLOW/XPEHUDOVHLQHIULHGIHUWLJH:HOW *HZLVVHDQGHUH/HXWH"IUDJWH7HNHQHUhEHUUDVFKXQJ]HLFKQHWHVLFKDXI VHLQHP*HVLFKWDE:LHPHLQHQ6LHGDV" 6FKRQJXW(VZDUQXUVRHLQH%HPHUNXQJ-HW]W]X,KQHQ6LHZHUGHQPLU HLQHQ'LHQVWHUZHLVHQ6LQG6LHDOOHLQKLHURGHULQ%HJOHLWXQJ" (LQ0lGFKHQLVWPLWPLUJHNRPPHQ:LUYHUVWHKHQXQVJDQ]JXW 'LH/LGHUGHV$UNRQLGHQ]XFNWHQNDXPPHUNOLFK7HNHQHUEHREDFKWHWHGLHVH 5HDNWLRQ(UKDWWHVLHYRUKHUJHVHKHQ0RUDQZXWHDOVRGDHUQLFKWDOOHLQ JHZHVHQZDU7HNHQHUYHUPXWHWHGDHUDXVGHP)HQVWHUJHVHKHQRGHU GDGHU6SULQJHULKPHLQ=HLFKHQJHJHEHQKDWWH(VZlUHHLQW|GOLFKHU )HKOHUJHZHVHQ6KDURQ]XYHUVFKZHLJHQ 1XQJXWVDJWH0RUDQ6LHZHUGHQHLQHQ%HVXFKIUPLFKPDFKHQ (U|IIQHWHHLQ)DFKDP&RPSXWHUXQGQDKPGDUDXVHLQH0HWDOOVFKDFKWHO KHUYRU'LHVHUHLFKWHHU7HNHQHU 0RUJHQILQGHWLQ/XPEHU'DUSKLQHLQ)HVWVWDWW'HUDUNRQLGLVFKH +DQGHOVKHUU7HPPHUWKDQLVWGHU*DVWJHEHU(UKDWDXFKPLUHLQH(LQODGXQJ JHVFKLFNW,FKNDQQLKUQLFKWIROJHQ,FKHLJQHPLFKDXFKQLFKWIUVROFKH )HVWH6LHZHUGHQPLW,KUHU)UHXQGLQGRUWKLQJHKHQXQG7HPPHUWKDQGLHVHV *HVFKHQNEHUUHLFKHQ:HQQ6LHGDVJHWDQKDEHQLVWGLHVH6DFKH YHUJHVVHQ (UZLHVDXIGDV]HUWUPPHUWH%UR 5RQDOG7HNHQHUVWUHFNWHGLH+DQGDXVXQGQDKPGLH6FKDFKWHOHQWJHJHQ (LQVHOWVDPHV/lFKHOQHUVFKLHQDXIVHLQHPMXQJHQ*HVLFKW(VVWUDKOWHNHLQH +HLWHUNHLWDXVVRQGHUQHLQHWLHIHLQQHUH5XKHXQGHLQHGHXWOLFKH'URKXQJ ,FKKRIIH0RUDQ6LHZROOHQPLFKGDPLWQLFKWKHUHLQOHJHQ

'HU$UNRQLGHODFKWHGU|KQHQG 6LHJHIDOOHQPLU5RQDOGHUZLGHUWHHU.HLQH6RUJHQ(VLVWNHLQ7ULFN6LH ZHUGHQEDOGZLVVHQZDVHVLVWXQGLFKJDUDQWLHUH,KQHQGLH$XJHQZHUGHQ LKQHQDXIJHKHQ:HQQ6LHVRNOXJVLQGZLHLFKGHQNHGDQQZHUGHQ6LH HUNHQQHQGD6LHKHXWHHLQHQ*OFNVVFKXJHWDQKDEHQ8QGMHW]WJHKHQ 6LH,FKODVVH6LHKHUDXV6LHZHUGHQGDV+DXVEHUGDV'DFKPLWHLQHP $QWLJUDYJOHLWHUYHUODVVHQ,KUH)UHXQGLQZHUGHQ6LHVFKRQZLHGHUILQGHQ (UUHLFKWH7HNHQHUHLQH.DUWH(VZDUGLH(LQODGXQJIUGDV)HVWGHV DUNRQLGLVFKHQ+DQGHOVKHUUQ7HPPHUWKDQ :HUGHQ6LHJHKHQ"IUDJWH0RUDQ ,FKJHKHDQWZRUWHWH7HNHQHU (UVWDPQlFKVWHQ7DJIDQG5RQDOG7HNHQHU6KDURQ%DUWRQZLHGHU6LHKLHOW VLFKLQGHU1lKHGHV9HUZDOWXQJVJHElXGHVYRQ0RUDQDXIXQGEHREDFKWHWH GHQ(LQJDQJ2IIHQEDUZDUVLHGDYRQEHU]HXJWGDHUGDV*HElXGHQRFK QLFKWYHUODVVHQKDWWH hEHUUDVFKWEHUVRYLHO7UHXHXQG=XYHUOlVVLJNHLWJLQJHU]XLKU 0DQKDWPLFKEHUGDV'DFKZHJJHVFKLFNWVDJWHHUDOVHUKLQWHULKUVWDQG 6LHIXKUKHUXP )UHLQHQNXU]HQ0RPHQWVFKLHQHVVRDOVZUGHVLHLQ7UlQHQDXVEUHFKHQ )UHXGHXQG(UOHLFKWHUXQJGURKWHQVLH]XEHUZlOWLJHQ'RFKVLHILQJVLFK ,FKELQ]XIlOOLJKLHUYRUEHLJHNRPPHQVFKZLQGHOWHVLH*ODXEHQ6LHQXU QLFKWGDLFKZLHHLQDOOHLQJHODVVHQHU+XQG:DFKHJHKDOWHQKDEHELVGHU +HUUVLFKZLHGHUEOLFNHQOlW .RPPHQ6LH6KDURQVDJWHHU,FKKDEHHLQH(LQODGXQJIUXQVEHLGH:LU ZHUGHQHLQH5LHVHQSDUW\EHVXFKHQXQGGHVKDOEPVVHQZLUXQEHGLQJWHLQ SDDU6DFKHQIU6LHNDXIHQ :LHVR"3DW,KQHQQLFKWZDVLFKWUDJH"IUDJWHVLHKLW]LJ (VJHIlOOWPLUDEHUHVLVWQLFKWJHHLJQHWIUHLQH3DUW\EHLHLQHPGHU UHLFKVWHQXQGPlFKWLJVWHQ0lQQHUYRQ/XPEHU'DVVHKHQ6LHGRFKHLQ RGHU" 6LHKDEHQEHUKDXSWQLFKWJHIUDJWRELFKGLHVHEO|GH3DUW\EHUKDXSW EHVXFKHQZLOO6LHEHVWLPPHQHLQIDFK:LUJHKHQ%DVWD8QGMHW]WNDXIHQZLU HLQSDDUVFK|QH6DFKHQ%DVWD:DVGHQNHQ6LHVLFKHLJHQWOLFK" %HVWU]WEOLFNWH7HNHQHUVLHDQ(UHUNDQQWHGDVLHYROONRPPHQYHUZLUUWZDU XQGXQWHUGHU$QJVWJHOLWWHQKDWWHHUZHUGHQLFKWPHKUOHEHQGDXVGHP 9HUZDOWXQJVJHElXGHKHUDXVNRPPHQ(UEHJULIIGDVLHVLFKLKUHU*HIKOH VFKlPWHXQGLKQGXUFKLKUDEZHLVHQGHV9HUKDOWHQZLHGHUDXI'LVWDQ] EULQJHQZROOWH (VWXWPLUOHLG6KDURQ,FKZROOWHQLFKWEHU6LHEHVWLPPHQ,FKZDULQ PHLQHU)UHXGH6LHZLHGHU]XVHKHQZRKOHWZDVEHUVFKZHQJOLFK (QWVFKXOGLJHQ6LH

:RKLQJHKHQZLU"IUDJWHVLHXPHLQHQNKOHQ7RQEHPKW =XPHLQHP*OHLWHU(UVWHKWDXIGHP'DFKGHV*HElXGHVGRUW(U]HLJWH DXIHLQOHXFKWHQGZHLHV+RFKKDXVGDVVLFKDXVGHP*HZKOGHV0DUNWHV HUKRE:LUVROOWHQQLFKWOlQJHUKLHUEOHLEHQ(VLVWQLFKWJDQ]XQJHIlKUOLFKLQ GLHVHU*HJHQG 6LHVWHFNWHGHQLQGLHVHQ:RUWHQYHUERUJHQHQ9RUZXUIRKQH:LGHUVSUXFKHLQ XQGIROJWHLKP]XGHPEH]HLFKQHWHQ*HElXGH$OVVLHLP)DKUVWXKONRUEGHU YRQ$QWLJUDYIHOGHUQEHZHJWZXUGHQDFKREHQJOLWWHQ]RJVLHVLFKLQHLQH (FNH]XUFNXQGEOLFNWHEHKDUUOLFK]X%RGHQ :LH6LHHUNDQQWKDEHQZDUGHU6FKXPLWGHU.DQRQHYRQPLUJHSODQWXQG JHQDXJH]LHOW(UKDWJHVHVVHQ0RUDQHLQ$UNRQLGHKDWPLFK]XVLFKLQV ]HUVW|UWH%URJHEHWHQ(ULVWEULJHQVHLQPlFKWLJHUXQGUHLFKHU0DQQ 0DQFKHEHKDXSWHQVRJDUGDHUGHUKHLPOLFKH+HUUVFKHUYRQ/XPEHULVW XQGGDVJU|WH+DQGHOVLPSHULXPEHIHKOLJWGDVHVMHJHJHEHQKDW'DEHL OLHEWHUHVVLFKLQGHU0DVNHHLQHVKHUXQWHUJHNRPPHQHQ6WUDHQKlQGOHUV XQWHUV9RON]XPLVFKHQ 6LHO|VWHVLFKDOOPlKOLFKDXVLKUHU9HUNUDPSIXQJPDFKWHVLFKQXQDEHU 9RUZUIHZHJHQLKUHVVFKURIIHQ9HUKDOWHQV )UPLFKZDUEHUUDVFKHQGGD0RUDQPLFK]XGLHVHQ $EHQGJHVHOOVFKDIWHQVHLQHV.RQNXUUHQWHQHLQJHODGHQKDWIXKU7HNHQHUIRUW ,FKKDEHPLFKLQ]ZLVFKHQHUNXQGLJW7HPPHUWKDQXQG0RUDQVLQG)HLQGH :LUYHUPXWHQGDHLQHUYRQEHLGHQHLQHZHVHQWOLFKH5ROOHLP/DJHUGHU 5DXPSLUDWHQVSLHOW'LH&256$KDWXQVHLQLJH,QIRUPDWLRQHQ]XJHVSLHOW:LU ZLVVHQMHGRFKQLFKWZHUYRQEHLGHQ9LHOHVVSULFKWGDIUGDGHUDQGHUH VLFKGDUXPEHPKW]XGHQ5DXPSLUDWHQ]XVWRHQXP*HVFKlIWHPLWLKQHQ ]XPDFKHQ 'HU/LIWNRUEKLHOW6LHWUDWHQDXIGDV'DFKKLQDXV7HNHQHUIKUWHGDV 0lGFKHQ]XHLQHP*OHLWHUEHUOLHLKUGDV6WHXHUXQGVHW]WHVLFKQHEHQVLH 6KDURQVWDUWHWHQDFKGHPHUGDV=LHOLQGLH3URJUDPPWDVWDWXUJHWLSSWKDWWH *HKW0RUDQDXFKKLQ"IUDJWHVLH (UVFKLFNWPLFK 'DVLVWGRFKHLQHIDXOH$QJHOHJHQKHLW 'DVLVWHVPLW6LFKHUKHLWHQWJHJQHWHHU9HUPXWOLFKZLOOHUPLUHLQHQ 'HQN]HWWHOGDIUYHUSDVVHQGDLFKLKPGLH%XGH]HUVFKRVVHQKDEH 7HNHQHU]RJGLH6FKDFKWHODXVGHU7DVFKHGLH0RUDQLKPJHJHEHQKDWWH XQG]HLJWHVLHGHP0lGFKHQ ,FKVROOLKPGLHVKLHUJHEHQHUNOlUWHHUDEHUGDVZHUGHLFKQDWUOLFKQLFKW WXQRKQHQDFKJHVHKHQ]XKDEHQZDVGDULQLVW 6LHODQGHWHQLQHLQHU*OHLWHUSDUNQLVFKHDXIKDOEHU+|KHHLQHV 9HUZDOWXQJVJHElXGHV7HNHQHUIKUWHGDV0lGFKHQEHU*lQJHXQG YHUVFKLHGHQH7UHSSHQDQ*HVFKlIWHQXQG5HVWDXUDQWVYRUEHLELV]XHLQHP :RKQPDUNW+LHUEHWUDWHUHLQH:RKQXQJ 6LHLVWYRQXQVHLQJHULFKWHWZRUGHQVDJWHHU6LHGLHQWXQVHUHQ/HXWHQDOV 6WW]SXQNWXQGDOV/DERU

(U|IIQHWHHLQHZHLWHUH7UGLH]XHLQHPQFKWHUQHLQJHULFKWHWHQ:RKQUDXP IKUWH'DKLQWHUODJHLQNOHLQHU5DXPGHUPLWSRVLWURQLVFKHQ*HUlWHQDOOHU$UW ELVXQWHUGLH'HFNHJHIOOWZDUVRGD7HNHQHUVLFKNDXPGDULQEHZHJHQ NRQQWH (UEHJDQQQXQPLWHLQHU5HLKHYRQ8QWHUVXFKXQJHQGLHVLHVRUJIlOWLJ EHREDFKWHWHYRQGHQHQVLHMHGRFKQLFKWVYHUVWDQGREZRKOHULKUDOOHV HUOlXWHUWH6LHHUIDWHQXUGDHULQGHU6FKDFKWHOHLQH$UW%RPEHVDKXQG GDHUIUFKWHWHVLH]XU([SORVLRQ]XEULQJHQZHQQHUQLFKWYRUVLFKWLJJHQXJ ZDU ,FKJODXEHMHW]WKDEHLFKHVVDJWHHUQDFKGHPHUHWZDHLQH6WXQGHODQJ JHDUEHLWHWKDWWH(UVFKREGLH6FKDFKWHOLQHLQNOHLQHV)DFKXQGEHUKUWH HLQLJH7DVWHQ(LQHUGHU%LOGVFKLUPHHUKHOOWHVLFK=XQlFKVWHUVFKLHQHQQXU GLHXQVFKDUIGDUJHVWHOOWHQ8PULVVHGHU6FKDFKWHOGDUDXI1DFKGHPHUHLQLJH (LQVWHOOXQJHQYRUJHQRPPHQKDWWHZXUGHGLH6FKDFKWHOHUVWGHXWOLFKXQG VFKDUIDEJHELOGHWGDQQZXUGHVLHWUDQVSDUHQWVRGDYHUVFKLHGHQH'LQJH VLFKWEDUZXUGHQGLHVLFKGDULQEHIDQGHQ 6KDURQHUNDQQWHHLQLJH7HLOFKHQGLHVLHDQSRVLWURQLVFKH%DXWHLOH HULQQHUWHQ :DVLVWGDV"IUDJWHVLH (LQHGHUUDIILQLHUWHVWHQ%RPEHQGLHLFKMHJHVHKHQKDEHHUZLGHUWHHU(V LVWHLQH9HUELQGXQJYRQK\SHUSK\VLNDOLVFKHQ0RGXOHOHPHQWHQDXVGHP +DQGVFKHQ(UIDVVXQJVEHUHLFKPLW +|UHQ6LHDXIEDWVLHODFKHQG'DYRQYHUVWHKHLFKNHLQ:RUW6LHPVVHQ HVPLUVFKRQHLQIDFKHUHUNOlUHQ:DVWXWGLHVHV'LQJ",FKPHLQHLFKZHL GDHVH[SORGLHUW$EHUZDVLVWGDUDQVR%HVRQGHUHV" 'LH%RPEHLVWPLWHLQHPPLNURPLQLDWXULVLHUWHQ,'7DVWHUJHNRSSHOW(U VWDPPWDXVVLJDQHVLVFKHU)HUWLJXQJ:HLGHU7HXIHOZLH0RUDQDQVRHLQ 'LQJJHNRPPHQLVW,FKJHKHMHGH:HWWHGDUDXIHLQGDGLHVHU,'7DVWHUDXI GLH'DWHQGHV$UNRQLGHQ7HPPHUWKDQHLQJHVWHOOWLVW 'DVZUGHEHGHXWHQGDGLH%RPEHH[SORGLHUWZHQQ6LH7HPPHUWKDQGLH 6FKDFKWHOEHUUHLFKHQ" 'DVN|QQWHHVEHGHXWHQ$EHUVRHLQIDFKPDFKW0RUDQHVVLFKQLFKW6REDOG 7HPPHUWKDQGLH6FKDFKWHOEHUKUWZLUGGHU=QGHUHQWVLFKHUW'DVKHLW DOVRGDLFKPLFKXQJHIlKUGHWHQWIHUQHQNDQQ0RUDQJHKWGDYRQDXVGD 7HPPHUWKDQYLHOH*HVFKHQNHHUKDOWHQZLUGGDHUVLHHQWJHJHQQHKPHQ XQG]XU6HLWHOHJHQZLUG(UVWVSlWHUZLUGHUVLFKPLWGHQHLQ]HOQHQ *HVFKHQNHQEHIDVVHQ9LHOOHLFKWDPQlFKVWHQ7DJRGHUDPEHUQlFKVWHQ :HQQHUGLH6FKDFKWHOGDQQEHUKUWH[SORGLHUWGLH%RPEHXQG7HPPHUWKDQ LVWWRW 8QJODXEOLFKVDJWH6KDURQ 9HUWHXIHOWUDIILQLHUWHQWJHJQHWH6KDURQ2E6LHLKPGLH%RPEHJHJHEHQ KDEHQRGHULUJHQGMHPDQGDQGHUHUGDVZLUGPDQGDQQNDXPQRFK IHVWVWHOOHQN|QQHQIDOOV7HPPHUWKDQQLFKWMHGHV*HVFKHQNPLWHLQHP 1DPHQYHUVHKHQOlW

'DVSIOHJHQUHLFKH$UNRQLGHQQLFKW]XWXQHUZLGHUWH7HNHQHU'DVZlUH JHJHQMHGHQJXWHQ*HVFKPDFN 6KDURQVHW]WHVLFKDXIHLQHQ+RFNHUGHQVLHVLFKKHUDQ]RJ 8QGMHW]W"IUDJWHVLH:DVJHVFKLHKW":HUGHQ6LH7HPPHUWKDQGLH%RPEH EHUUHLFKHQ" :LUJHKHQKLQ,FKZHUGHLKPGLH6FKDFKWHOJHEHQDEHUGLH%RPEHZLUG QLFKWH[SORGLHUHQDQWZRUWHWHHU 'DEHLQDKPHUZLHGHUXPHLQLJH6FKDOWXQJHQYRU6KDURQGLHLKPEHUGLH 6FKXOWHUEOLFNWHEHREDFKWHWHDXIGHP%LOGVFKLUPGDLQGHU6FKDFKWHOHWZDV ]HUEUDFK $XIDWPHQGOHKQWH7HNHQHUVLFK]XUFN 'DVZlU VVDJWHHU:ROOHQZLUMHW]WHLQKEVFKHV.OHLGIU6LHNDXIHQ" ,FKKDEHHLQH6FKZlFKHIUKEVFKH.OHLGHUHUZLGHUWHVLHOlFKHOQG 9RUDXVJHVHW]WLFKPXVLHQLFKWEH]DKOHQ 6KDURQZDUZLHYHUZDQGHOWDOVVLHQHEHQ5RQDOG7HNHQHUGLH,QVHO/XPEHU 'DUSKLQEHWUDW6LHWUXJHLQODQJHVVLOEHUQVFKLPPHUQGHV.OHLGGDVLQ JHVWUHFNWHQIOLHHQGHQ/LQLHQGLH$QPXWLKUHU)LJXUXQWHUVWULFK(LQ +DDUNQVWOHUKDWWHHLQH)ULVXUJHVFKDIIHQGLHDOOH0lQJHOLKUHV*HVLFKWV DXVJOLFKXQGVLHVRVFK|QDXVVHKHQOLHGD5RQDOG7HNHQHUVLHLPPHU ZLHGHUDQEOLFNWHDOVKDEHHUVLH]XYRUQLHJHVHKHQ6KDURQEHPHUNWHHVXQG YHUULHWQXUPLWHLQHPNOHLQHQ/lFKHOQGDVLHVLFKJHVFKPHLFKHOWIKOWH 0LW(GHOPHWDOOHQXQG(GHOVWHLQHQYHU]LHUWH5RERWHUHPSILQJHQGLH*lVWHGLH DXI]DKOUHLFKHQ3DUNSOlW]HQODQGHWHQ'LH/DQGHSOlW]HZDUHQJHVFKLFNWLQ HLQHU3DUNDQODJHHUULFKWHWZRUGHQVRGD+XQGHUWHYRQ0DVFKLQHQSDUNHQ NRQQWHQRKQHGDEHLDXI]XIDOOHQ (LQPLWJOLW]HUQGHQ(GHOVWHLQHQEHGHFNWHU5RERWHUIKUWH7HNHQHUXQGVHLQH %HJOHLWHULQGXUFKGHQ3DUN *HVFKPDFNVFKHLQWGHU+DXVKHUUQLFKWJHUDGH]XKDEHQZLVSHUWH6KDURQ XQGGHXWHWHDXIGHQ$XWRPDWHQ 'HU/HXWQDQWYHU]RJGDV*HVLFKW'LHNLWVFKLJDXVVWDIILHUWHQ5RERWHU]HLJWHQ DOO]XDXIGULQJOLFKGHQ5HLFKWXPLKUHV%HVLW]HUV6LHPDFKWHQDXILKQNHLQHQ (LQGUXFNVRQGHUQULHIHQ9HUDFKWXQJEHLLKPKHUYRU(UZDUGHU$QVLFKWGD HVGRUWDQ3HUV|QOLFKNHLWIHKOWHZR5HLFKWXPDOO]XGHXWOLFKLQGHQ 9RUGHUJUXQGJHVWHOOWZXUGH $XVYHUVWHFNWDQJHEUDFKWHQ/DXWVSUHFKHUQHUW|QWHGH]HQWH0XVLN7HNHQHU WUXJHLQHQ$Q]XJYRQXQDXIIlOOLJHU(OHJDQ](UKDWWHHLQSDDU =XJHVWlQGQLVVHDQGLHPRGLVFKH(LWHONHLWJHPDFKW(UPXWHHVWXQZHLOHU VRQVWXQWHUGHQPLW6FKPXFNXQGDQGHUHQ$WWULEXWHQGHV5HLFKWXPV SUXQNHQGHQ%HVXFKHUQDXIJHIDOOHQZlUH6RKDWWHHU6FKXOWHUQXQG%UXVWPLW HLQLJHQ+RZDOJRQLXPVWLFNHUHLHQYHU]LHUWXQG6WLHIHODQJH]RJHQGLHPLW 0LNURSURMHNWRUHQYHUVHKHQZDUHQ'LHVHOLHHQXPVHLQH)HKHUXPGDV GUHLGLPHQVLRQDOH%LOGYRQ*UlVHUQXQG%OXPHQHQWVWHKHQVRGDHV DXVVDKDOVREHUEHUHLQHEOKHQGH:LHVHVFKUHLWH0RGLVFKH*DJVGLHVHU

$UWHUIUHXWHQVLFK]XU=HLWDXI/XPEHUJU|WHU%HOLHEWKHLW9RQ6KDURQPXWH HUVLFKHLQLJHVS|WWLVFKH%HPHUNXQJHQJHIDOOHQODVVHQGDVLHYRQGHUDUWLJHQ 'LQJHQQLFKWVKLHOW 6LHKDEHQY|OOLJUHFKWIOVWHUWHHULKU]X'LHVHU$XI]XJLVWOlFKHUOLFK$EHU ZDVVROOLFKPDFKHQ"(VJHKWQXQPDOQLFKWDQGHUV hEHUHLQHYRQLQQHQKHUDXVOHXFKWHQGH7UHSSHVFKULWWHQGLH*lVWHGLHDXV DOOHQ5LFKWXQJHQ]XHLQHPSDODVWDUWLJHQ*HElXGHNDPHQLQHLQH+DOOHLQ GHUVLHYRQGHU)DPLOLHGHV+DQGHOVIUVWHQHPSIDQJHQZXUGHQ+LHUEHL ]HLJWHVLFKGDGLH*lVWHYRQ]LHUOLFKJHEDXWHQ5RERWHUQVFKRQYRUKHULQ YHUVFKLHGHQH%DKQHQJHOHQNWZXUGHQVRGDQXUZHQLJH]X7HPPHUWKDQ VHOEVWJHODQJWHQGHUVLFKLQHLQHP1HEHQUDXPEHIDQG 6LHZHUGHQQLFKWELV]XLKPGXUFKGULQJHQZLVSHUWH6KDURQDOVVLH EHREDFKWHWHZLHGLH5RERWHUGLH*lVWHHLQWHLOWHQ8QVNHQQWKLHUQLHPDQG 9LHOOHLFKWGUIHQZLUQXUHLQHP'LHQVWERWHQGLH+DQGUHLFKHQ $EZDUWHQ 7HNHQHUUHLFKWHHLQHPGHU5RERWHUGLH.DUWHGLHHUYRQ0RUDQHUKDOWHQ KDWWH'HU$XWRPDWQDKPVLHHQWJHJHQ(UZDUPLWHLQHUJROGHQ VFKLPPHUQGHQ)ROLHEHU]RJHQZRUGHQGLHGHQ(LQGUXFNHQWVWHKHQOLH GDHUDXVHLQHPHLQ]LJHQ6WFN0HWDOOJHIRUPWZDU (UKDWWHZHLEOLFKH)RUPHQXQGWUXJHLQHQKDXWHQJHQ5RFNGHUYRQGHQ +IWHQELVNQDSSEHUGLH+lOIWHGHU2EHUVFKHQNHOUHLFKWH'DV*HVLFKWZDU QXUDQJHGHXWHW'LHRSWLVFKHQ6\VWHPHYHUEDUJHQVLFKXQWHUGHU)ROLHGLH QXULQHLQHU5LFKWXQJGXUFKVLFKWLJ]XVHLQVFKLHQ (VVFKLHQDOVVHLGHU$XWRPDWXQVFKOVVLJDOV]|JHUHHU'RFK7HNHQHU ZXWHGDLQGLHVHP0RPHQW)XQNVLJQDOHPLWHLQHPLQGHU1lKH YHUERUJHQHQ&RPSXWHUDXVJHWDXVFKWZXUGHQ'DQQVWUHFNWHGLH0DVFKLQH LKUHQ$UPDXVXQG]HLJWHDXIGHQ=XJDQJ]XP1HEHQUDXPLQGHPGHU DUNRQLGLVFKH+DQGHOVKHUUVHLQH*lVWHEHJUWH:lKUHQG6KDURQLKUH hEHUUDVFKXQJQLFKWYHUEHUJHQNRQQWHEOLHE5RQDOG7HNHQHUVRJHODVVHQDOV REHUGLHVH(QWVFKHLGXQJHUZDUWHWKlWWH (UERW6KDURQGHQ$UP6LHOHJWHLKPLKUH+DQGDQGHQ(OOHQERJHQVRZLH HV6LWWHZDUDXI/XPEHUXQGVFKULWWJUD]L|VQHEHQLKPKHULQGHQ5DXP 6KDURQVSUWHGLH%OLFNHGHUDQGHUHQ*lVWHDXIVLFKUXKHQGLHQHLGLVFK YHUIROJWHQZHOFKH*XQVWLKQHQHLQJHUlXPWZXUGHREZRKOVLHGRFKY|OOLJ XQEHNDQQWZDUHQ6KDURQK|UWHZLHHLQH$UNRQLGLQLKUHQ%HJOHLWHUSLNLHUW IUDJWHZHUVLHVHLHQ 1XUNHLQH$XIUHJXQJPXUPHOWH7HNHQHUGHUGDV%HEHQLKUHU+DQGDQ VHLQHP$UPIKOWH'DVPDFKHQZLUVFKRQ =ZHL6SULQJHUGLHYRULKQHQDQGHU5HLKHZDUHQZLFKHQ]XU6HLWH5RQDOG 7HNHQHUXQGVHLQH%HJOHLWHULQVWDQGHQGHP+DQGHOVKHUUQ7HPPHUWKDQ JHJHQEHU'HU7HUUDQHUVSUDFKGLH%HJUXQJVIRUPHOLQGHUHUVLFKDXFK IUGLH*QDGHEHGDQNWHDQGHP)HVWWHLOQHKPHQ]XGUIHQ'DQQ EHUUHLFKWHHUGHP$UNRQLGHQGDV*HVFKHQNGDVGLHVHUPLWHLQHP KHUDEODVVHQGHQ/lFKHOQHQWJHJHQQDKP

7HPPHUWKDQZDUHLQNOHLQZFKVLJHU0DQQPLWWLHIOLHJHQGHQU|WOLFKHQ$XJHQ XQGGQQHP+DDU(UKDWWHHLQHQIDVWOLSSHQORVHQ0XQG6HLQ*HVLFKWZDU KDUWXQGNDQWLJJHVFKQLWWHQ 'LH)UDXQHEHQLKPXQWHUVFKLHGVLFKLQGLHVHU+LQVLFKWQLFKWYRQLKP6LHZDU JU|HUXQGVDKEHLZHLWHPDQ]LHKHQGHUDXVDEHUDXFKVRVWUDKOWHVLHHLQH .lOWHDXVGLH6KDURQHUVFKDXHUQOLH 6DJHQ6LH0RUDQGDLFKLKPIUGDV*HVFKHQNGDQNHVDJWH 7HPPHUWKDQ(VLVWHQWJHJHQNRPPHQGYRQLKPGDHUPLUHQGOLFKYHUUlW ZHUVHLQ6FKDWWHQLVW 7HNHQHUEHJULIIGD0RUDQQRFKZHLWDXVJHVFKLFNWHUZDUDOVHU DQJHQRPPHQKDWWH(UKDWWH7HPPHUWKDQRIIHQEDUGLH,QIRUPDWLRQ ]XJHVSLHOWGDVHLQ9HUWUDXWHUXQG6WHOOYHUWUHWHUDXIGDV)HVWNRPPHQ ZHUGH'LHVHU0DQQVSLHOWHZLHHVVFKLHQHLQHZLFKWLJH5ROOHDXI/XPEHU REZRKOHUVWHWVDXVGHP+LQWHUJUXQGKHUDXV]XKDQGHOQXQGQLHPDQGHP DXHU0RUDQEHNDQQW]XVHLQVFKLHQ 'LH=HLWHQlQGHUQVLFKDQWZRUWHWH7HNHQHUQDFKGHPHUGLH =XVDPPHQKlQJHEOLW]VFKQHOOHUIDWKDWWH0DQFKPDOLVWHVQRWZHQGLJVLFK LKQHQDQ]XSDVVHQ (UYHUQHLJWHVLFKK|IOLFKXQGIKUWH6KDURQGXUFKHLQHQIHVWOLFK JHVFKPFNWHQ*DQJLQHLQHQ6DDOLQGHPQDFKHLQHP*UlWHQPXVWHU7LVFKH DXIJHVWHOOWZRUGHQZDUHQ(LQ5RERWHUIKUWHVLH]XLKUHP3ODW]DQHLQHPGHU 7LVFKH :LUVLW]HQQXUHLQHQ7LVFKYRQ7HPPHUWKDQHQWIHUQWIOVWHUWHHU6KDURQ]X 0DQVFKHLQWXQVQRFKZHLWK|KHUHLQ]XVWXIHQDOVLFKHUZDUWHWKDEH 8QGHLQHQVRMXQJHQ0DQQZLH6LHKlOW7HPPHUWKDQIUHLQH*UDXH (PLQHQ]HUZLGHUWHVLH :DVLFKQRFKQLFKWHLQPDODOVVFKPHLFKHOKDIWHPSILQGHEHPHUNWHHU 6KDURQ%DUWRQZDUVLFKGHVVHQHEHQVREHZXWZLHGHU8626SH]LDOLVWGD VLHVLFKDXIHLQHPlXHUVWJHIlKUOLFKHQ3IODVWHUEHZHJWHQXQGVLFKMHGHQ LKUHU6FKULWWHJHQDXEHUOHJHQPXWHQ6LHHUNDQQWHGDHULKUDXIJUXQG VHLQHU$XVELOGXQJYLHOHVYRUDXVKDWWHXQGVLHEHUOHJWHVLFKMHGHV:RUW EHYRUVLHHVDXVVSUDFK9ROOHU%HZXQGHUXQJEHREDFKWHWHVLHPLWZHOFKHU /HLFKWLJNHLWHVLKPJHODQJHLQ*HVSUlFKPLWGHQ*lVWHQLQLKUHU8PJHEXQJ DQ]XNQSIHQXQGGLHVHVYRQHUVWHQEDQDOHQ6lW]HQUDVFKDXIHLQKRKHV 1LYHDX]XEULQJHQ'DEHLKDWWHHUNHLQH0KHYRQGHU0HQWDOLWlWHLQHV VFKZHUEOWLJHQ6SULQJHUVDXIMHQHHLQHV$UDVXP]XVFKDOWHQGHUHEHQVR HPSILQGOLFKZLHDUURJDQWZDU8QGHU]RJVLFKJHVFKLFNWDXVGHU$IIlUHDOV SO|W]OLFKHLQVLJDQHVLVFKHV3DDU]ZLVFKHQGHQ7HOOHUQXQG7DVVHQ DXIWDXFKWHXQGHLQHQ6WUHLWPLWGHP$UDDQ]HWWHOWHZREHLHVYHUVXFKWHLKQ PLWHLQ]XEH]LHKHQ 6KDURQZXUGHDEZHFKVHOQGKHLXQGNDOWZlKUHQGLKUPLWHLQHP0DOLQDOOHU 'HXWOLFKNHLWDXIJLQJLQZHOFKJHIlKUOLFKHU6LWXDWLRQVLHVLFKEHIDQGHQ %LV]XGLHVHP$XJHQEOLFNKDWWHVLHQLFKWGDUDQJHGDFKWGDHLQHUYRQ 7HPPHUWKDQV/HXWHQGDV*HVFKHQNEHUSUIHQN|QQWHGDVVLHGHP

$UNRQLGHQPLWJHEUDFKWKDWWHQ'DEHLZXUGHLKUEHZXWGDGLH6SH]LDOLVWHQ GHV+DQGHOVKHUUQGLH%RPEHHEHQVRHQWGHFNHQZUGHQZLH7HNHQHUHV JHWDQKDWWH *OHLFK]HLWLJPHUNWHVLHGDVLH]ZLVFKHQ]HLWOLFKY|OOLJYHUJHVVHQKDWWHZHU 7HPPHUWKDQHLJHQWOLFKZDUXQGZLHHUHLQ]XRUGQHQZDU,KUH%OLFNHVXFKWHQ GHQ+DQGHOVKHUUQYRQGHP7HNHQHUYHUPXWHWHGDHU]XGHQ5DXPSLUDWHQ JHK|UWHRGHUGRFK]XPLQGHVWLKU+HKOHUZDU6LHGDFKWHGDUDQGDVLHLQ 7HPPHUWKDQHLQHQGHU0|UGHULKUHU%UGHUVHKHQPXWHXQGGDVLH ]XVDPPHQPLWGHP8626SH]LDOLVWHQQXULQGLHVHP3DODVWZDUZHLO 7HNHQHUKRIIWH%HZHLVHIUGLH9HUEUHFKHQGHV$UNRQLGHQ]XILQGHQ 6LHHULQQHUWHVLFKGDUDQGDHUVLHYRUGLHVHP%HVXFKJHZDUQWXQGHVLKU IUHLJHVWHOOWKDWWHVLH]XEHJOHLWHQ'RFKHUVFKUHFNWHVLHZHQLJHUGLH %|VDUWLJNHLWGLHVLFKKLQWHUGHUJOlQ]HQGHQ)DVVDGHGLHVHVSDODVWlKQOLFKHQ $QZHVHQVYHUEDUJDOVGLH7DWVDFKHGDVLHVLFKYRUEHUJHKHQGYRQGHU IHVWOLFKHQ$WPRVSKlUHXQGGHQ*lVWHQXQGLKUHU$XVVWDIILHUXQJKDWWH EOHQGHQODVVHQ 6LHKLHOWVLFKYRQQXQDQEHLGHQ*HVSUlFKHQQRFKPHKU]XUFNXQG DQWZRUWHWHQXUHLQVLOELJEOLHEDEHUIUHXQGOLFKXQGEHPKWHVLFKVWHWVXPHLQ HQWJHJHQNRPPHQGHV/lFKHOQ 5RQDOG7HNHQHUZDUVLFKGDJHJHQLQMHGHU6HNXQGHVHLQHV$XIHQWKDOWVLP +DXVHGHV$UNRQLGHQGHU*HIDKUEHZXW(UJODXEWHQLFKWGDUDQGD 7HPPHUWKDQLKQVRRKQHZHLWHUHVDN]HSWLHUWHXQGHUZDUWHWHVWlQGLJGDUDXI GDPDQYHUVXFKHQZUGHLKPHLQH)DOOH]XVWHOOHQ'DEHLEHREDFKWHWHHU :lKUHQGGHV(VVHQVEHLGHPGLHHUOHVHQVWHQ*HQVVHGHUYHUVFKLHGHQHQ 3ODQHWHQGHU*DOD[LVDXIJHWLVFKWZXUGHQEHREDFKWHWH7HNHQHU$OOHLQGLH JHUHLFKWHQ6SHLVHQXQG*HWUlQNHYHUULHWHQLKPYLHOHVEHU7HPPHUWKDQ'HU NRQQWHVLFKHLQH*HVHOOVFKDIWGLHVHU$UWQXUOHLVWHQZHQQHUEHUHLQHQ JHUDGH]XPlUFKHQKDIWHQ5HLFKWXPYHUIJWH7HNHQHUZXWHGDHLQLJH 'HOLNDWHVVHQGLHHUYHUVSHLVWHVRYLHO*HOGNRVWHWHQZLHHULQ]HKQ-DKUHQ QLFKWYHUGLHQWH'DEHLZXUGHQYRQGLHVHQ6SH]LDOLWlWHQ7DXVHQGHJHUHLFKW $XIGHQ7LVFKHQGHU*lVWHGHUHQ=DKOGHU6SH]LDOLVWDXIQDKH]XYLHUWDXVHQG VFKlW]WHVWDSHOWHQVLFKGLH*HQVVHGLHVLFKYLHOH5HLFKHGHV6RODUHQ ,PSHULXPVVHOEVWLQNOHLQHUHQ3RUWLRQHQNDXPOHLVWHQNRQQWHQ 7HPPHUWKDQVFKHXWVLFKQLFKWVHLQHQ5HLFKWXP]XU6FKDX]XVWHOOHQ VDJWH7HNHQHUDOVHUQDFKGHP(VVHQPLW6KDURQGXUFKGLH+DOOHQGHV 3DODVWVVFKOHQGHUWHXPVLFKGLHYHUVFKLHGHQHQ'DUELHWXQJHQDQ]XVHKHQ GLH7HPPHUWKDQVHLQHQ*lVWHQSUlVHQWLHUWH,FKKDEHPLFKEHULKQ LQIRUPLHUW(VJLEWQLFKWYLHOH,QIRUPDWLRQHQEHULKQ6LFKHULVWMHGRFKGDHU QRFKYRUIQI-DKUHQNDXPPHKU*HOGKDWWHDOV6LHRGHULFK1LHPDQGZHL ]XHUNOlUHQZLHVRHUSUDNWLVFKEHU1DFKW]X0LWWHOQNDPPLWGHQHQHUVLFK HLQJDQ]HV+DQGHOVLPSHULXPDXIEDXHQNRQQWHGDVKHXWHPLW DVWURQRPLVFKHQ*HZLQQHQDUEHLWHW

*LEWHVKLHUQLFKWVRHWZDVZLHHLQ)LQDQ]DPW"IUDJWH6KDURQ6RZHLWLFK ZHLLVWGDVGRFKVRQVWLP6RODUHQ,PSHULXPHLQH0DFKWGLHDOOHDXIGLH .QLH]ZLQJWGLHQLFKWQDFKZHLVHQN|QQHQZRKHUVLHLKU*HOGKDEHQ /XPEHULVWHLQHIUHLH+DQGHOVZHOWGLHQLFKW]XP6RODUHQ,PSHULXPJHK|UW DQWZRUWHWHHU'LH5HLFKHQKDEHQHLQHQ3RROJHJUQGHWDXVGHPDOOHV ILQDQ]LHUWZLUGZDVDQ|IIHQWOLFKHQ$XVJDEHQ]XEHVWUHLWHQLVW1LHPDQG NRQWUROOLHUWGLH5HLFKHQ6LHN|QQHQWXQXQGODVVHQZDVVLHZROOHQ (LQNRUSXOHQWHU7HUUDQHUWUDWDXIVLH]X(UWUXJNRVWEDUH.OHLGHU$QVHLQHQ )LQJHUQJOLW]HUWHQZHQLJVWHQV]ZDQ]LJ5LQJH(UOlFKHOWHMRYLDO ,FKPX6LHXQEHGLQJWVSUHFKHQ7HNHQHUVDJWHHU7HPPHUWKDQV )UHXQGHKDEHQPLUPLWJHWHLOWGD6LHHLQHQJHU9HUWUDXWHUYRQ0RUDQVLQG 6LHEHIDQGHQVLFKLQHLQHUGLFKWHQ*UXSSHYRQ=XVFKDXHUQGLHGHQ H[RWLVFKHQ7lQ]HQHLQHU6FKDUYRQGHJHQHULHUWHQ$UNRQLGHQDEN|PPOLQJHQ YRQHLQHUWURSLVFKHQ:HOW]XVDKHQ 5RQDOG7HNHQHUZROOWHGHQ0DQQ]XUFNZHLVHQDOVGLHVHULKPSO|W]OLFKHLQH 8623ODNHWWH]HLJWHGLHHUIUGHQ%UXFKWHLOHLQHU6HNXQGHDXVVHLQHP bUPHOUXWVFKHQOLH'HUNRUSXOHQWH6SH]LDOLVWJHK|UWHRIIHQEDU]XGHP.UHLV GHUQLHGULJHUHLQJHVWXIWHQ*lVWH :DUXPQLFKW"HQWJHJQHWHHU:HQQ6LHPLUHWZDV,QWHUHVVDQWHV PLW]XWHLOHQRGHUDQ]XELHWHQKDEHQ" 'DVKDEHLFKEHWHXHUWHGHU'LFNH 7HNHQHUJDE6KDURQHLQ=HLFKHQ6LHVFKORVLFKLKQHQQLFKWDQDOVVLFKGLH EHLGHQ0lQQHUHQWIHUQWHQ :DVJLEWHV"IUDJWH7HNHQHUDOVVLHVLFKLQHLQH:HLQODXEHJHVHW]WKDWWHQ GLHPLWWHQLQHLQHP6DDOHUULFKWHWZDU'LH*lVWHWDQ]WHQQDFKGHQ.OlQJHQ HLQHU$NRQHQ.DSHOOHXPVLHKHUXP'LHEHLGHQ8626SH]LDOLVWHQEUDXFKWHQ VLFKZHJHQHLQHU$EK|UJHIDKUNHLQH*HGDQNHQ]XPDFKHQ6LHKDWWHQEHLGH ZLQ]LJH6W|UVHQGHULQLKUHU.OHLGXQJYHUERUJHQGLHMHGHHOHNWURPDJQHWLVFKH $XI]HLFKQXQJLP8PNUHLVYRQHWZD]ZHL0HWHUQXPVLHKHUXPXQP|JOLFK PDFKWH'LH*HUlWHVWDPPWHQDXVVLJDQHVLVFKHU)HUWLJXQJXQGDUEHLWHWHQ DEVROXW]XYHUOlVVLJ 'LH/DJHVSLW]WVLFK]XHUNOlUWHGHUNRUSXOHQWH6SH]LDOLVWGHUVLFKDOV :LOOLDP&RSKDP]XHUNHQQHQJDE:LUKDEHQEHUDOOGRUWZR6LHLP(LQVDW] ZDUHQQDFKJHIDWXQGZHUWYROOH,QIRUPDWLRQHQJHZRQQHQ$OOHVGHXWHW GDUDXIKLQGD7HPPHUWKDQGHU.RSIGHU2UJDQLVDWLRQLVWPLWGHUZLUHV]X WXQKDEHQ :DUXPVFKODJHQZLUGDQQQLFKW]X" 'DVN|QQHQZLUQLFKWVRODQJHZLUQLFKWZLVVHQZRMHQH$SSDUDWXU]XILQGHQ LVWPLWGHUGLH.XUVSURJUDPPHGHU+DQGHOVUDXPHUPDQLSXOLHUWZHUGHQ:LU ZLVVHQGDGLH$QODJHDXI7HLOORQQLFKWPHKUDOVHLQH9HUVXFKVDQODJH JHZHVHQLVW6LHLVWXQVEHUGLHVQLFKWKHLOLQGLH+lQGHJHIDOOHQ'LH *DQJVWHUKDWWHQVLHVFKRQZHLWJHKHQG]HUVW|UWEHYRUZLUVLHHUVWUPHQ NRQQWHQ$XIMHGHQ)DOOZDUHVQLFKWGLH$QODJHXPGLHHVXQVJHKW'RFK GHVKDOEELQLFKQLFKWKLHU

6RQGHUQ"7HNHQHUZDUEHXQUXKLJW(UZXWHGDHUGLH6SLW]HGHV3IHLOHV ZDUPLWGHUGLH862JHJHQGLH5DXPSLUDWHQYRUJLQJ'DKHUZDUHUPHKU JHIlKUGHWDOVDOOHDQGHUHQ-HW]WVFKLHQHVDOVZUGHHUYRQGHU(QWZLFNOXQJ EHUUROOWZHUGHQRKQHHWZDVGDJHJHQWXQ]XN|QQHQ $XV]ZHLHUOHL*UQGHQHUZLGHUWH&RSKDP:LUVLQGJH]ZXQJHQQRFKLQ GLHVHU1DFKWHLQLJHGHUZLFKWLJVWHQ0lQQHUGHU2UJDQLVDWLRQDXV]XVFKDOWHQ :LUZHUGHQVLHDXVGHP3DODVWHQWIKUHQXQG]XU(UGHEULQJHQ'RUWZHUGHQ VLHYRU*HULFKWJHVWHOOW=ZHLIHOORVZLUGHVHLQHQ6NDQGDOJHEHQGRFKZLU ZHUGHQ/XPEHUYHUODVVHQKDEHQEHYRU7HPPHUWKDQHWZDVXQWHUQHKPHQ NDQQ ,Q7HNHQHUUHJWHVLFK:LGHUVWDQG(UKDWWHGDV*HIKOYRUHLQHP$EJUXQG]X VWHKHQ3O|W]OLFKZXUGHLKPNODUZLHZHQLJHUWDWVlFKOLFKZXWH%LV]X GLHVHP$XJHQEOLFNKDWWHHUJHJODXEWGHUMHQLJH]XVHLQGHUDPPHLVWHQEHU GLH2UJDQLVDWLRQGHU5DXPSLUDWHQXQGGHUHQZLFKWLJVWH0lQQHUZXWH-HW]W VWHOOWHHUIHVWGDHUQLFKWPHKUDOVHLQHQJHZLVVHQ9HUGDFKWJHJHQHLQLJH 0lQQHUKDWWHRKQHGDEHLKDQGIHVWH%HZHLVHDQELHWHQ]XN|QQHQ :DUXPGLHVH(LOH"IUDJWHHU 'DVZLUG,KQHQ$WODQHUNOlUHQHUZLGHUWH&RSKDP'DVLVWGHU]ZHLWH *UXQGDXVGHPLFKKLHUELQ'HU/RUGDGPLUDOWULIIWLP/DXIGHU1DFKWDXI /XPEHUHLQ(UHUZDUWHW6LHXP8KU2UWV]HLWLQ6WW]SXQNW875 ,FKKDEHYHUVWDQGHQVDJWH7HNHQHU(UYHUVXFKWHVLFKQLFKWDQPHUNHQ]X ODVVHQZLHQLHGHUJHVFKODJHQHUZDU:DVKDEHLFK]XWXQ" :LUVLQGEHU]HXJWGDYRQGDHVKLHULUJHQGZRLP3DODVWHLQH6SXUJLEW GLH]XP6WW]SXQNWGHU5DXPSLUDWHQIKUW1XUZHQQZLUGLHVHQILQGHQ KDEHQZLUHLQHYHUQQIWLJH&KDQFHDXFKGLH2UJDQLVDWLRQ]XEHVLHJHQ 5lXFKHUQZLULKQQLFKWDXVGDQQYHUVFKZLQGHQQDFKHLQHUJHZLVVHQ3DXVH DEHUPDOV5DXPVFKLIIHXQGDOOHVJHKWZLHGHUYRQYRUQORV6HKHQ6LHVLFK DOVRLP3DODVWXP.HLQHUYRQXQVDQGHUHQKDWGLH0|JOLFKNHLWHQGD]X6LH DEHUJHK|UHQ]XHLQHPHQJHQ.UHLVYRQSULYLOHJLHUWHQ*lVWHQ,KQHQVWHKHQ VlPWOLFKH5lXPHRIIHQ2EPDQ,KQHQZLUNOLFKYHUWUDXWGDVN|QQHQ6LH EHVVHUEHXUWHLOHQDOVLFK$XIMHGHQ)DOOKDEHQ6LHHVPLW+LOIH0RUDQV JHVFKDIIWKDXWQDKDQ7HPPHUWKDQKHUDQ]XNRPPHQ *ODXEHQ6LHQXUQLFKWGD0RUDQGDVDXVUHLQHP(GHOPXWXQGY|OOLJ VHOEVWORVJHWDQKDWHQWJHJQHWH7HNHQHUVS|WWLVFK,FKELQQLFKWVDOVGHU hEHUEULQJHUHLQHU%RPEH (UVFKLOGHUWHUDVFKZDVHUKHUDXVJHIXQGHQKDWWH&RSKDP]HLJWHVLFKQLFKW EHHLQGUXFNW(UVFKLHQPLWHLQHUGHUDUWLJHQ(QWZLFNOXQJJHUHFKQHW]XKDEHQ 7XQ6LHZDV6LHN|QQHQVDJWHHUVFKOLHOLFK 6FKODJHQ6LHVLFKQLFKWGHQ0DJHQPLW.|VWOLFKNHLWHQYROOGLH6LHVLFK YLHOOHLFKWQLHZLHGHULQ,KUHP/HEHQOHLVWHQN|QQHQVRQGHUQGHQNHQ6LHDQ ,KUH$XIJDEH6LHVHKHQHQWVFKLHGHQYHUIUHVVHQHUDXVDOVLFKDQWZRUWHWH GHU/HXWQDQWDEZHLVHQGHUKREVLFKXQGJLQJ(UOlFKHOWHIUHXQGOLFKDOV 6KDURQLKPHQWJHJHQNDPXQGHUWDWDOVVHLHUIURKHQGOLFKHLQHP DXIGULQJOLFKHQ*HVSUlFKVSDUWQHUHQWNRPPHQ]XVHLQ

5RQDOG7HNHQHUGUHKWHVLFKXPXQGEOLFNWHDXIGLH7DIHODXIGHUGLH *HVFKHQNHGHU*lVWHDXIJHUHLKWZDUHQ(UHUNDQQWHDXJHQEOLFNOLFKGDVLH QDFKHLQHPEHVWLPPWHQ6\VWHPDXIJHEDXWZRUGHQZDUHQGDVVLFK HLQHUVHLWVQDFKGHU*U|HDQGHUHUVHLWVQDFKGHU5HLKHQIROJHULFKWHWHLQGHU GLH*lVWHHLQJHWURIIHQZDUHQ 'LH6FKDFKWHOLVWQLFKWPHKUGDIOVWHUWH6KDURQDQVHLQHU6HLWHJHUDGHDOV HUGLHVHOEH)HVWVWHOOXQJWUHIIHQZROOWH (UIKUWHGDV0lGFKHQDXVGHP5DXP,QLKPNUDPSIWHVLFKHWZDV ]XVDPPHQ (VZLUG=HLWIU6LH6KDURQVDJWHHU6LHPVVHQGHQ3DODVWVRIRUW YHUODVVHQ,QHLQLJHQ0LQXWHQN|QQWHHVVFKRQ]XVSlWVHLQ (QHUJLVFKVFKWWHOWHVLHGHQ.RSI ,FKEOHLEHZLGHUVSUDFKVLH,FKP|FKWHPLW,KQHQHLQ6SLHOPDFKHQ (UEOLFNWHVLHEHUUDVFKWDQ (LQ6SLHO",FKYHUVWHKHQLFKW ,FKKDEHYRUKLQJHK|UWGDLP2EHUJHVFKRHLQ6SLHOVDDOLVW0DQVSUDFK GDYRQGDPDQGRUWREHQPlUFKHQKDIWH*HZLQQHHLQVWUHLFKHQNDQQ ,FKELQQLFKWDQLUJHQGZHOFKHQ*HZLQQHQLQWHUHVVLHUWVRQGHUQ]XQlFKVW HLQPDOGDUDQGD6LHKLHUPLWKHLOHU+DXWKHUDXVNRPPHQ6KDURQ ,KUH$XJHQZXUGHQIHXFKW 9LHOOHLFKWKDEHQZLUVSlWHUHLQPDO=HLW1HWWLJNHLWHQDXV]XWDXVFKHQ HQWJHJQHWHVLH-HW]WZLOOLFKVSLHOHQ (UHUIDWHGDVLHPHKUJHK|UWKDWWHDOVVLH]XJHEHQZROOWH:RUWORVQDKP HULKUHQ$UPXQGJLQJPLWLKU]XHLQHUZHLWDXVVFKZLQJHQGHQ6SLUDOHGLH QDFKREHQIKUWH$OVVLHGHQ)XGHV%DQGHVHUUHLFKWHQGDVGLH6SLUDOH ELOGHWHHUIDWHVLHHLQ$QWLJUDYIHOGXQGVFKREVLHVDQIWQDFKREHQ (UUHJWHV6WLPPHQJHZLUUVFKOXJLKQHQHQWJHJHQDOVVLHGDVREHUH*HVFKR HUUHLFKWKDWWHQ$XFKKLHUERWHQVLFKLKQHQEHUDOO$Q]HLFKHQJURHQ 5HLFKWXPV0lQQHUXQG)UDXHQVWDQGHQGLFKWJHGUlQJWXPHLQLJH6SLHOWLVFKH EHUGHQHQVLFKGUHLGLPHQVLRQDOH)DUEIHOGHUDXIEDXWHQ0LW+LOIHHLQHU DXVJHIHLOWHQ3RVLWURQLNNRQQWHQGLHXQWHUVFKLHGOLFKVWHQ)DUENRPELQDWLRQHQ PLWWHQLP5DXPHU]LHOWZHUGHQ $OV7HNHQHUXQG6KDURQDQHLQHPGHU/DVHUWLVFKHVWHKHQEOLHEHQHUW|QWHHLQ *RQJ(LQH7U|IIQHWHVLFKLP+LQWHUJUXQG(VZXUGHVWLOOLP5DXP7HNHQHU K|UWHGLH6FKULWWHHLQHV5RERWHUVGHUVLFKLKPQlKHUWH.DXP]ZHL0HWHU YRQLKPHQWIHUQWEOLHEHUYRUHLQHPXQWHUVHW]WHQ(UWUXVHUVWHKHQ(UKLHOW HLQHQPLW+RZDOJRQLXPYHU]LHUWHQ.DVWHQLQGHQ+lQGHQ)HLHUOLFK EHUUHLFKWHHULKQGHP*HZLQQHU 6LHKDEHQJHZRQQHQYHUNQGHWHHU+HU]OLFKHQ*OFNZXQVFK

'HU(UWUXVHUQDKPGHQ.DVWHQDQVLFKEOLFNWHHLQLJH6HNXQGHQODQJ YHU]FNWGDUDXIXQGKRELKQGDQQKRFKEHUGHQ.RSI(UVWLHHLQHQ WULXPSKLHUHQGHQ6FKUHLDXV'LH0HQJHDSSODXGLHUWH ,FKP|FKWHZLVVHQZLHVRHWZDVP|JOLFKLVWVDJWHMHPDQGKLQWHU7HNHQHU (UEOLFNWHVLFKXPXQGEHPHUNWHGDHLQHDOWH$UNRQLGLQKLQWHULKPVWDQG 6LHKDWWHQLFKWLKQJHPHLQWVRQGHUQHLQHQ$NRQHQGHUVLHEHJOHLWHWH ,FKNDQQHVPLUDXFKQLFKWHUNOlUHQHUZLGHUWHGHU$NRQHZlKUHQGGLH EHLGHQVLFKHQWIHUQWHQ(VLVWEHUHLWVGHUIQIWH 0HKUYHUVWDQG7HNHQHUQLFKW)UDJHQGEOLFNWHHU6KDURQDQDEHUVLH]XFNWH QXUPLWGHQ6FKXOWHUQ :DVPDJLQGHP.DVWHQVHLQ"ZLVSHUWHVLH ,FKKDEHNHLQH$KQXQJDQWZRUWHWHHU$XIMHGHQ)DOOLVWHVVHKUZHUWYROO XQGZDVGDVLQGLHVHP+DXVEHGHXWHWLVWZRKONODU*ODXEHQ6LHGDHU 0LOOLRQHQYHUVFKHQNW".DXPYRUVWHOOEDUVDJWHHU(UPXGLHVHU *HVHOOVFKDIWMHGRFKHWZDVELHWHQ'LH(LQVlW]HVLQGNOHLQ:HQQGDEHLHLQ *HZLQQKHUDXVNRPPWGHUGLHVHVYHUZ|KQWH9RONVREHJHLVWHUWGDQQPX VFKRQZDVGUDQVHLQ (UEHREDFKWHWHGHQ(UWUXVHUGHUQXUHWZD0HWHUJURGDIULQGHQ 6FKXOWHUQDEHUEHVRQGHUVEUHLWZDU'HU8PZHOWDQJHSDWHEHUUDJWHGLH DQGHUHQ*lVWHGHXWOLFK0DQFKQHLGHUIOOWHU%OLFNVWUHLIWHLKQDOVHUVLFKDXV GHP6DDO]XUFN]RJZREHLHUVLFKHLQHU7UQlKHUWHGLHGHP$XIJDQJ JHJHQEHUODJ .RPPHQ6LH6KDURQEDW7HNHQHU:LUZROOHQLKQQLFKWDXVGHQ$XJHQ ODVVHQ9LHOOHLFKWHUIDKUHQZLUHWZDV 8QUXKHHQWVWDQGXQWHUGHQ*lVWHQ$XVGHQXQWHUHQ5lXPHQNODQJHLQ 6FKUHLKHUDXI:HQLJVSlWHUH[SORGLHUWHHWZDV(LQLJHGHU*lVWHDP 6SLHOWLVFKODFKWHQ$XVLKUHQbXHUXQJHQHQWQDKP7HNHQHUGDVLHDQHLQ )HXHUZHUNGDFKWHQGDV]XP9HUJQJHQGHU*lVWHYHUDQVWDOWHWZXUGH(U ZXWHHVEHVVHU (VJHKWORVVDJWHHUXQGEHVFKOHXQLJWHVHLQH6FKULWWH:LUKDEHQQLFKW PHKUYLHO=HLW (LQLJH%HGLHQVWHWHHLOWHQDQLKQHQYRUEHL6LHZDUHQEOHLFKXQGVDKHQ YHUVW|UWDXV'HU(UWUXVHUYHUVFKZDQGGXUFKGLH7U$OV7HNHQHUGLHVH ZHQLJVSlWHUHUUHLFKWHVWHOOWHHUIHVWGDVLHYHUVFKORVVHQZDU,Q]ZLVFKHQ KlXIWHQVLFKGLH6FKUHLHGLHDXVGHQXQWHUHQ5lXPHQKHUDXINODQJHQ$Q GHQ6SLHOWLVFKHQZXUGHHVXQUXKLJ'LH6SLHOHUPHUNWHQGDHWZDVQLFKW VWLPPWH :DVLVWORV"IUDJWH6KDURQ 0HLQH/HXWHJUHLIHQHLQHUNOlUWH7HNHQHUZlKUHQGHUILHEHUKDIWYHUVXFKWH GLH7U]X|IIQHQ'LH$XIPHUNVDPNHLWGHU*lVWHULFKWHWHVLFKY|OOLJDXIGHQ $XIJDQJ1LHPDQGDFKWHWHDXILKQVRGDVHLQH%HPKXQJHQQLFKW DXIILHOHQ 8QWHULKQHQH[SORGLHUWHHWZDVVRKHIWLJGDGHU%RGHQXQWHULKUHQ)HQ HU]LWWHUWH(LQH3DQLNEUDFKXQWHUGHQ*lVWHQLP6SLHOVDDODXV)UDXHQXQG

0lQQHUVFKULHQDXI$OOHUDQQWHQLQHLQH5LFKWXQJ]XU6SLUDOHKLQREZRKO YRQGRUWGLHJU|WH*HIDKU]XNRPPHQVFKLHQ'RUWDEHUZDUGHUHLQ]LJH $XVJDQJ 'DV7UVFKORNQDFNWHYHUQHKPOLFK'LH7UVSUDQJDXI7HNHQHU]RJ 6KDURQPLWVLFKLQHLQHQPlLJHUKHOOWHQ*DQJ(UGUFNWHGLH7UKLQWHUVLFK ]X :LHVRJUHLIHQ,KUH/HXWHHLQ"IUDJWH6KDURQ:DVVROOGDV"6LHEULQJHQ XQVLQ*HIDKUXQGHUUHLFKHQEHUKDXSWQLFKWVGDPLW (UDQWZRUWHWHQLFKWVRQGHUQHLOWHDXIHLQH7UDP(QGHGHV*DQJHV]X'RUW EHIDQGVLFKHLQHVLOEHUQVFKLPPHUQGH7U7HNHQHUJODXEWHVLHOHLFKW GXUFKEUHFKHQ]XN|QQHQDOVHUVLFKLKUQlKHUWH$OVHUMHGRFKYRULKUVWDQG VDKHUGDGHURSWLVFKH(LQGUXFNWlXVFKWH(UYHUPLWWHOWHGDV%LOGHLQHU7U 7DWVlFKOLFKEHIDQGVLFKMHGRFKHLQXQEHUZLQGOLFKHV(QHUJLHIHOGDQGLHVHU 6WHOOH .|QQHQ6LHHVQLFKWDXIEUHFKHQ"IUDJWH6KDURQ'DVPXGRFKP|JOLFK VHLQ 7HNHQHUVFKWWHOWHGHQ.RSI $XVVLFKWVORVHUZLGHUWHHU'LH3URMHNWRUHQEHILQGHQVLFKDXIGHUDQGHUHQ 6HLWH'DVN|QQHQ6LHDQGHQIHLQHQ)DUEDEZHLFKXQJHQKLHUDP5DQG HUNHQQHQ+LHUNRPPHQZLUQLFKWZHLWHU:LUJHKHQ]XUFN $OVVLHGXUFKGLHDQGHUH7ULQGHQ6SLHOVDDO]XUFNNHKUWHQKLHOWHQVLFKQXU QRFKZHQLJH0lQQHUGDULQDXI6LHVDHQDQHLQHPGHU6SLHOWLVFKHXQG ZDUHQY|OOLJLQLKU6SLHOYHUWLHIW:DVVRQVWQRFKLPSDODVWDUWLJHQ*HElXGH 7HPPHUWKDQVJHVFKDKVFKLHQVLHQLFKW]XLQWHUHVVLHUHQ,QGHQXQWHUHQ 5lXPHQZDUHVUXKLJJHZRUGHQ7HNHQHUYHUQDKPQXUHLQHHLQ]LJH6WLPPH -HPDQGVSUDFKEHVFKZ|UHQGDXIDQGHUHHLQ(UYHUPXWHWHGDHVGHU +DXVKHUUZDUGHUYHUVXFKWHVHLQH*lVWHGDUDQ]XKLQGHUQGDV+DXV]X YHUODVVHQ 7HNHQHUJDEVHLQHU%HJOHLWHULQHLQHQ:LQN/DQJVDPWUDWHUDQGHQ 6SLHOWLVFKKHUDQVRXQDXIIlOOLJXQGODXWORVGDGLH6SLHOHUHUVWDXIPHUNVDP ZXUGHQDOVHUKLQWHUHLQHPIUHLHQ6HVVHOVWDQG(LQHUYRQLKQHQEOLFNWHDXI XQGOlFKHOWH $KGDLVWQRFKMHPDQGGHUVHLQH1HUYHQLQGHU+DQGKDWVDJWHHU6LQG ,KUH1HUYHQDXFKVWDUNJHQXJIUHLQ6SLHOFKHQ" ,FKGHQNHVFKRQHUZLGHUWH7HNHQHUXQGVHW]WHVLFK (UZXWHGDHUQXUQRFKHLQH&KDQFHKDWWHGDV*HKHLPQLVGHV +DXSWJHZLQQVKHUDXV]XILQGHQ(UPXWHLKQVHOEVWJHZLQQHQ (UKLHOWHVIU]XJHIlKUOLFKXQGDOV0HWKRGH]XXQJHQDXGLH*lVWH]X EHIUDJHQ'DEHLNRQQWHQ'XW]HQGHYRQYHUVFKLHGHQHQ$QWZRUWHQ KHUDXVNRPPHQYRQGHQHQQLFKWHLQHHLQ]LJHZDKUVHLQPXWH 1HXH.DUWHQIRUGHUWHHLQHUGHUDQGHUHQ6SLHOHU 7HNHQHUOHJWHHLQ%QGHO6RODUVFKHLQHDXIGHQ7LVFKXP]XGRNXPHQWLHUHQ GDHULQGHU/DJHZDUHLQWUHWHQGH9HUOXVWH]XEHJOHLFKHQVRZLHGLH DQGHUHQHVDXFKJHWDQKDWWHQ(UEHPHUNWHGD6KDURQEODJHZRUGHQZDU

6LHEOLFNWHLKQIOHKHQGDQXQGHUHUULHWLKUH*HGDQNHQ,QLKUHQ$XJHQZDUHV VWUlIOLFKOHLFKWVLQQLJGDHUVLFKDXIGDV6SLHOHLQOLHXQGGDPLWQRFKPHKU =HLWRSIHUWH6LHJODXEWHGDVLHHVVLFKQLFKWOHLVWHQNRQQWHQQRFKOlQJHU LP3DODVW]XEOHLEHQ1DFKGHU$NWLRQGHU862YRQGHUVLHEHLGHQLFKW ZXWHQZHOFKHQ8PIDQJVLHJHKDEWKDWWHXQGZLHVLHYHUODXIHQZDUZROOWH VLHGHQ5FN]XJ6LHIUFKWHWHGHQ=RUQ7HPPHUWKDQVREZRKOGLHVHUQLFKW ZLVVHQNRQQWHGD7HNHQHU]XU862JHK|UWH6LHGDFKWHGDUDQGDGLH 6FKDFKWHOYHUVFKZXQGHQZDUGLH7HNHQHUGHP$UNRQLGHQJHVFKHQNWKDWWH XQGVLHIUFKWHWHGDGDV*HKHLPQLVGHU6FKDFKWHOEDOGJHNOlUWVHLQZUGH 'RFK5RQDOG7HNHQHUVWUDKOWHHLQH5XKHDXVGLHXQHUVFKWWHUOLFK]XVHLQ VFKLHQ$XIVHLQHQMXQJHQ/LSSHQODJHLQVHOWVDPHV/lFKHOQGDVVLH HUVFKDXHUQOLH(VZDUZLHHLQHXQVLFKWEDUH:DQGGLHVLFK]ZLVFKHQLKQHQ HUKRE 'LH6SLHONDUWHQJOLWWHQZLHIDUELJH6FKHPHQDXVGHU+DQGHLQHV$UNRQLGHQ EHUGHQ7LVFK6LHODQGHWHQPLOOLPHWHUJHQDXYRUGHQ)LQJHUNXSSHQGHU 6SLHOHU(VZXUGHVWLOODP7LVFK.HLQ:RUWILHO(VZDUDOVREGLH6SLHOHU]X OHEORVHQ3XSSHQHUVWDUUWHQ 'LH6SLHONDUWHQZDUHQ7HNHQHUHEHQVREHNDQQWZLHGDV6SLHOEHLGHPHV GDUDXIDQNDPEHVWLPPWH)DUENRPELQDWLRQHQ]XHU]LHOHQ(VKDWWHHLQH JHZLVVHbKQOLFKNHLWPLW*OFNVVSLHOHQGLHDXFKLP6RODUHQ,PSHULXPV JHVSLHOWZXUGHQZDUMHGRFKYRQGHQ$UNRQLGHQHQWZLFNHOWZRUGHQ 'LHHUVWHQEHLGHQ6SLHOHYHUORUGHU7HUUDQHU'RFKGDVZDULKPXQZLFKWLJ ,KPNDPHVQXUGDUDXIDQGLH.DUWHQNHQQHQ]XOHUQHQ (UVDPLWYLHU$UNRQLGHQXQGHLQHP$NRQHQDP7LVFK$OOHIQI0lQQHU ZDUHQlOWHUDOVHUXQGLKU9HUKDOWHQ]HLJWHLKPGDVLHEHUHLQ EHWUlFKWOLFKHV9HUP|JHQYHUIJWHQ6LHVHW]WHQ6XPPHQHLQGLHGDV +XQGHUWIDFKHVHLQHV0RQDWVHLQNRPPHQVEHUVWLHJHQ $EHUDXFKGDVEHHLQGUXFNWHLKQQLFKW 5RQDOG7HNHQHUEHVDGLHDXHURUGHQWOLFKH)lKLJNHLW8QWHUVFKLHGHDXIGHU 5FNVHLWHGHU6SLHONDUWHQ]XHUNHQQHQDXFKZHQQGLHVHQDKH]X PLNURVNRSLVFKNOHLQZDUHQXPVLHVLFKHLQ]XSUlJHQ1DFKGHPGLH 6SLHONDUWHQHLQPDOEHUGHQ7LVFKJHJDQJHQZDUHQZXWHHUPHKUDOVGLH +lOIWHYRQLKQHQ]XXQWHUVFKHLGHQ1DFKGHP]ZHLWHQ6SLHONDQQWHHUDOOH .DUWHQ(UEOLFNWHIOFKWLJLQGLH5XQGHXQGZXWHGDQDFKJHQDXZHOFKH .DUWHQVHLQH0LWVSLHOHULQGHQ+lQGHQKLHOWHQ,KPHQWJLQJMHGRFKDXFK QLFKWGDGLH*lVWHDXVGHQXQWHUHQ5lXPHQLQGHQ6SLHOVDDO ]XUFNNHKUWHQZRVLHYRQ%HGLHQVWHWHQXQG5RERWHUQPLW*HWUlQNHQXQG HLQHPNOHLQHQ,PELYHUVHKHQZXUGHQ6KDURQ%DUWRQVWDQGKLQWHULKP6LH ZDUQHUY|VGRFKGDVEHHLQWUlFKWLJWHVHLQH.RQ]HQWUDWLRQQLFKW *HODVVHQZDUWHWHHUVHLQH&KDQFHDE6LHNDPEHUHLWVLQGLHVHPGULWWHQ 6SLHO .KOXQGEHUOHJWEOXIIWH7HNHQHUGLHDQGHUHQ6SLHOHUXQGIKUWHGDPLWHLQHQ .DUWHQDXVWDXVFKKHUEHLEHLGHPHUVHLQH&KDQFHQZHLWHUHUK|KHQNRQQWH

1RFKDEHUVDHQLKP]ZHL*HJQHUJHJHQEHUGLHGLHEHVVHUHQ.DUWHQLQ GHQ+lQGHQKLHOWHQ 'HU7HUUDQHUHUK|KWHGHQ(LQVDW]XQGHU]ZDQJGDPLWHLQHQZHLWHUHQ .DUWHQDXVWDXVFKEHLGHPHUGHQ6SLHOUHJHOQHQWVSUHFKHQG.DUWHQDXVGHQ +lQGHQVHLQHU*HJQHUDEUXIHQNRQQWH(UVHOEVWOHJWHGLH.DUWHQ]XJHGHFNW YRUVLFKDXIGHQ7LVFK 1DFKGLHVHU5XQGHKDWWHQXUQRFKHLQHUGHUEHLGHQ6SLHOHUGLHEHVVHUHQ .DUWHQDOVHU7HNHQHUULFKWHWHVHLQHQ+DXSWDQJULIIMHGRFKQLFKWJHJHQLKQ VRQGHUQJHJHQHLQHQDQGHUHQGHUOlQJVWDEJHVFKODJHQZDUXQGNHLQH &KDQFHPHKUKDWWH0LWGLHVHU)LQWHHUUHLFKWHHUGDVLFKGLH $XIPHUNVDPNHLWDOOHUDXILKQXQGGLHVHQYRQLKPJHZlKOWHQ.RQWUDKHQWHQ ULFKWHWH 'DPLWYHUOHLWHWHHUVHLQHQZLUNOLFKHQ*HJQHU]XHLQHP/HLFKWVLQQVIHKOHU ,PPHUPHKU*lVWHGUlQJWHQVLFKXPGHQ7LVFK$QGHQDQGHUHQ7LVFKHQ ZXUGHQLFKWJHVSLHOW$OOHVSUWHQGDVLFKZLUNOLFK$XIUHJHQGHVQXUKLHUWDW 7HNHQHUHUK|KWHGLH(LQVDW]VXPPHGLHGDPLWHLQH+|KHYRQPHKUDOVYLHU 0LOOLRQHQ6RODUHUUHLFKWH'DPLWZDUGLH6XPPHGLHLKP/RUGDGPLUDO$WODQ JHQHKPLJWKDWWHPHKUDOVDXVJHVFK|SIW'RFKGHU/HXWQDQWZXWHZDVHU WDW(UKDWWHGDV6SLHOLP*ULII 0LWHLQHPGHPRQVWUDWLYHQ9HU]LFKWDXIHLQHQ.DUWHQDXVWDXVFKYHUIKUWHHU VHLQHQ+DXSWJHJQHU]XGHP9HUVXFKVHLQH.DUWHQQRFK]XYHUEHVVHUQ'DV KDWWH7HNHQHUHUUHLFKHQZROOHQ(UNDQQWHGLH.DUWHGLHVHLQ*HJHQVSLHOHU ZlKOHQZUGH(VZDUGLHHLQ]LJH.DUWHGLHLQ)UDJHNDPXQGHVZDUHLQH VFKOHFKWH.DUWHGLHQLFKWLQGLH)DUENRPELQDWLRQGHVDQGHUHQSDWH 'DV/lFKHOQDXIGHP*HVLFKWGHV8626SH]LDOLVWHQYHUWLHIWHVLFKDOVHUGLH .DUWHEHUGHQ7LVFKVFKREXQGGDIUGLH.DUWHHQWJHJHQQDKPGLHVHLQH hEHUOHJHQKHLWHQGJOWLJPDFKWH 'HU$UNRQLGHHUEOHLFKWHDOVHUHUNDQQWHGDHUYHUORUHQKDWWH6HLQH)LQJHU EHEWHQDOVHUGLH.DUWHQDXIGHFNWH'LH0HQJHDSSODXGLHUWHDOV7HNHQHU VHLQH.DUWHQGDJHJHQKLHOW 9LHU0LOOLRQHQ6RODUODJHQSO|W]OLFKYRULKP 'DV6SLHOLVWQRFKQLFKW]X(QGHMXQJHU0DQQVDJWHGHU$NRQH1HXH .DUWHQ 'LHVHV0DONDQQWH7HNHQHUGLH.DUWHQEHUHLWVQDFKGHPHUVWHQ6SLHOVRGD HUVHLQH0|JOLFKNHLWHQQDFKGHP]ZHLWHQ6SLHOYROOQXW]HQNRQQWH 'LHVHV0DOHUODXEWHHUVLFKHLQLJH(LQODJHQGLHQLFKWQXUGLH*HJHQVSLHOHU YHUEOIIWHQVRQGHUQDXFKGLH]XVFKDXHQGHQ*lVWH]XWRVHQGHP*HOlFKWHU XQGSUDVVHOQGHP%HLIDOOYHUOHLWHWHQ :HUGHQ6LHQLFKWXQYHUVFKlPWZDUQWHHLQHUVHLQHU*HJHQVSLHOHU(VZDU HLQKRKOZDQJLJHU$UNRQLGHGHVVHQKRFKPWLJH$UWGLHDQGHUHQDP7LVFK QHUY|VPDFKWH6LHKDEHQ*OFN:HLWHUQLFKWV 5RQDOG7HNHQHUOlFKHOWHQXUXQGNRQWHUWHLQGHPHUVLFKDXIGLHVHQ*HJQHU NRQ]HQWULHUWH$OVGDV6SLHO]X(QGHZDUKDWWHHULKPGUHL0LOOLRQHQ6RODU DEJHQRPPHQ'LHJHVDPWH*HZLQQVXPPHHUK|KWHVLFKGDPLWDXIQHXQ

0LOOLRQHQ6RODU'DVZDUHLQH6XPPHGLHVHOEVWGLHVHYHUZ|KQWH *HVHOOVFKDIWEHHLQGUXFNWH7HNHQHUOLHVLHNDOW(UKDWWHQLFKWGLH$EVLFKW DP6SLHOWLVFK*HOG]XYHUGLHQHQ(UZROOWHGHQ+|FKVWJHZLQQZHLOHU KHUDXVILQGHQZROOWHZDVVLFKLQGHP.DVWHQYHUEDUJ (UZHFKVHOWHGLH*HZLQQVXPPHLQGUHLKXQGHUW(LQ]HOVFKHLQHXPYRQGHQHQ HU]ZHLKXQGHUWHLQVWHFNWH'HQ5HVWOLHHUDXIGHP7LVFKOLHHQXPGDPLW ]XGHPRQVWULHUHQGDHUQLFKWGDUDQGDFKWHGDV6SLHO]XEHHQGHQ +HUDXVIRUGHUQGEOLFNWHHULQGLH5XQGH 6SLHOHQZLUZHLWHU"IUDJWHHU 6KDURQVWLHLKQDQ +|UHQ6LHGRFKDXIIOVWHUWHVLH(VLVWJHQXJ 6HOEVWYHUVWlQGOLFKVSLHOHQZLUZHLWHUHUNOlUWHGHU$NRQH6LHKDEHQQHXQ 0LOOLRQHQJHZRQQHQ1XQJXW,FKVHW]HGLHVH6XPPHGDJHJHQ 6LHZROOHQLQHLQHPHLQ]LJHQ6SLHOGLH(QWVFKHLGXQJ" *HQDXGDV ,FKVWHLJHDXVHUNOlUWHHLQHUGHU$UNRQLGHQ=ZHLZHLWHUHVFKORVVHQVLFK LKPDQ ,P6DDOZDUHVVWLOOJHZRUGHQ*HEDQQWEHREDFKWHWHQGLH=XVFKDXHUGDV *HVFKHKHQ7HNHQHUEOLFNWHGHQ$NRQHQDQ:LHGHU]HLJWHHUGDV HLJHQDUWLJHIDVWGURKHQGZLUNHQGH/lFKHOQ(UZROOWHVDJHQGDHU]XGHP 6SLHOEHUHLWZDUDOVVLFKGLH0HQJHWHLOWH 7HPPHUWKDQWUDWDQGHQ7LVFKKHUDQ7HNHQHUK|UWHGD6KDURQHUVFKUHFNW GLH)LQJHULQLKU.OHLGJUXEDOVVXFKHVLH+DOW 'HUDUNRQLGLVFKH+DQGHOVKHUUZDUEOHLFK'LH+DXWDQVHLQHP+DOVZDU VFKZlU]OLFKYHUIlUEW(VZDUHLQHW\SLVFKH9HUOHW]XQJZLHVLHDXIWUDWZHQQ HLQ(QHUJLHVWUDKODOO]XGLFKWYRUEHLVWUHLIW 0LWHLQHU+DQGEHZHJXQJYHUVFKHXFKWH7HPPHUWKDQGHQ$NRQHQDXV VHLQHP6HVVHO(UVHW]WHVLFK7HNHQHUJHJHQEHU8QYHUZDQGWEOLFNWHHULKQ DQ (VJDEHLQLJH8QUXKHLQ,KUHP+DXV7HPPHUWKDQVDJWHGHU7HUUDQHU,FK KRIIH6LHKDWWHQNHLQH8QDQQHKPOLFKNHLWHQ" -HPDQGZROOWHXQVVW|UHQHUZLGHUWHGHU$UNRQLGHNKO'RFKGDUXPJHKW HVPLUQLFKW,FKP|FKWHPLW,KQHQVSLHOHQ6LHVFKHLQHQMDHLQ KHUYRUUDJHQGHU6SLHOHU]XVHLQ ,FKKDWWH*OFNEHPHUNWH7HNHQHUDEZLHJHOQG 7HPPHUWKDQVFKREVHLQH+DQGLQGLH7DVFKH]RJHWZDVGDUDXVKHUYRUXQG OHJWHHVDXIGHQ7LVFK (VZDUGLH6FKDFKWHOGLH7HNHQHUYRQ0RUDQHUKDOWHQXQGGLHHU 7HPPHUWKDQEHUUHLFKWKDWWH ,KU*HVFKHQNKDWHVLQVLFKVDJWHGHU$UNRQLGH(VLVWPHLQ(LQVDW]EHL GLHVHP6SLHO 6LHVSLHOHQXPHLQ*HVFKHQN"IUDJWH7HNHQHUGHUNHLQHQ0RPHQWGDUDQ ]ZHLIHOWHGDGHU$UNRQLGHGHQ,QKDOWGHU6FKDFKWHOJHQDXNDQQWH1XQPLU VROO VUHFKWVHLQ,FKKDOWHPLW:DVVROOLFKGDJHJHQVHW]HQ"

7HPPHUWKDQYHUHQJWHGLH$XJHQ(UEOLFNWH7HNHQHUDQDOVZROOHHULKQPLW SXUHU.RQ]HQWUDWLRQYHUQLFKWHQ (EHQIDOOVHLQ*HVFKHQNDQWZRUWHWHHU'DV*HVFKHQNGHU*|WWHU,KU /HEHQ (LQLJH)UDXHQVFKULHQHQWVHW]WDXI'LH0lQQHUEHJDQQHQHUUHJW]X GLVNXWLHUHQ7HPPHUWKDQKREGLHUHFKWH+DQG'LHVH*HVWHJHQJWHDOOH]XU 5XKH]XEULQJHQ (LQH6FKDFKWHOJHJHQPHLQ/HEHQVWHOOWH5RQDOG7HNHQHUIHVWXQG ZLHGHUXPOl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|GOLFKJHWURIIHQGHQQVRQVWKlWWH 7HPPHUWKDQVLFKQLFKWDQGHQ6SLHOWLVFKJHVHW]W 'HU8626SH]LDOLVWZXWHGDHUQXUHLQH&KDQFHKDWWH(UPXWHGDV 6SLHOYHU]|JHUQXQGIUHLQHQP|JOLFKVWKlXILJHQ.DUWHQDXVWDXVFKVRUJHQ ZHLOHUQXUDXIGLHVH:HLVHGLH.DUWHQNHQQHQOHUQHQGLHDXVVFKHLGHQGHQ .DUWHQUHJLVWULHUHQXQGGDGXUFKGLHYHUEOHLEHQGHQ&KDQFHQHUUHFKQHQ NRQQWH :RUDXIZDUWHQ6LH"IUDJWH7HNHQHUGHUZLHGHUXPHLQ/lFKHOQ]HLJWHLQ GHPHLQHJHZLVVH'URKXQJODJ+DEHQ6LH$QJVWGD6LHYHUOLHUHQ" 7HPPHUWKDQVFKOXJPLWGHU+DQGDXIHLQHQ+HEHODQGHU.DUWHQPDVFKLQH QDFKGHPHLQ5RERWHUQHXH.DUWHQLQGLH+DOWHUXQJJHOHJWKDWWH:LH KXVFKHQGH6FKHPHQJOLWWHQGLH.DUWHQEHUGHQ7LVFK 7HNHQHUVSUWHZLHVLFKLKPHLQH+DQGDXIGLH6FKXOWHUOHJWH6LHZDUUXKLJ XQGJDELKP.UDIW(UEHUKUWHVLHNXU]XQG6KDURQ]RJVLFK]XUFNXPLKQ QLFKWDE]XOHQNHQ (UQDKPGLH.DUWHQDXIXQGVWHOOWHIHVWGDHULQGHUHUVWHQ5XQGHVR FKDQFHQORVZDUZLHQRFKLQNHLQHU]XYRU 'LH*lVWHGUlQJWHQVLFKXPGHQ7LVFK.HLQHUZROOWHVLFKGDV6SLHOHQWJHKHQ ODVVHQ(LQLJH=XVFKDXHUGLH7HNHQHUV.DUWHQVHKHQNRQQWHQJDEHQGXUFK HUVWDXQWH$XVUXIH]XHUNHQQHQZLHHVXPLKQVWDQG 7HPPHUWKDQULFKWHWHVLFKUXFNDUWLJDXI=RUQLJEOLFNWHHUGLHVH0lQQHUXQG )UDXHQDQ

6W|UHQ6LHQLFKWULHIHULKQHQPLWVFKQHLGHQGVFKDUIHU6WLPPH]X,FK EUDXFKH,KUH+LOIHQLFKWXPGLHVHQ0DQQ]XYHUQLFKWHQ,FKZLOOGD6LH DEVROXWVWLOOVLQG:HQQ6LHHVQLFKWVLQGZHUGHLFK6LHDXVGHP6DDO YHUZHLVHQ9HUJHVVHQ6LHQLFKWGDGLHVHUMXQJH0DQQXPVHLQ/HEHQ VSLHOW8QGVHLHQ6LHVLFKGDUEHUNODU,FKZHUGHLKQDXIGHU6WHOOHW|WHQ ODVVHQZHQQGLHOHW]WH.DUWHJHIDOOHQLVWXQGHUYHUORUHQKDW +DOWHQ6LHLPPHUVRODQJH5HGHQZHQQ6LHVSLHOHQ"IUDJWH7HNHQHU JHODVVHQ 7HPPHUWKDQSUHWHGLH/LSSHQ]XVDPPHQ :LHYLHO"IUDJWHHU 7HNHQHUKREGLH+DQGXQG]HLJWHLKPDOOHIQI)LQJHU :LHGHUJOLWWHQGLH.DUWHQEHUGHQ7LVFK(LQLJHVFKLHGHQDXVHLQLJH ZHFKVHOWHQYRQGHU+DQGGHV$UNRQLGHQLQGLH7HNHQHUVEHU'LH&KDQFHQ GHV7HUUDQHUVYHUEHVVHUWHQVLFK7HNHQHUJHODQJHVEHL]ZHLZHLWHUHQ $XVWDXVFKUXQGHQDOOH.DUWHQVR]XHUIDVVHQGDHUVFKOLHOLFKVLFKHUZDU MHGHHLQ]HOQH.DUWHLQGHQ+lQGHQ7HPPHUWKDQV]XNHQQHQ 'HU$UNRQLGHKDWWHQRFKLPPHU9RUWHLOH]ZHLIHOWHMHGRFK (UZROOWHXPMHGHQ3UHLVJHZLQQHQXQGGDEHLGDV5LVLNRVRNOHLQZLHQXU LUJHQGP|JOLFKKDOWHQ'DVIDQG7HNHQHUVFKQHOOKHUDXV'DKHUZDUGHU +lQGOHUQXU]XJHUQEHUHLWGDV6SLHOKLQDXV]X]|JHUQZHLOHUKRIIWHVHLQH %DVLVPLWMHGHUQHXKLQ]XJHZRQQHQHQ.DUWHYHUEHVVHUQ]XN|QQHQ $QVHLQHQ.DUWHQEHREDFKWHWH7HNHQHUGDGLHVHU3ODQGHV$UNRQLGHQ NHLQHHQWVFKHLGHQGHQ)RUWVFKULWWHPDFKWH 9HU]|JHUQ6LHGDV6SLHOQLFKWVDJWH7HPPHUWKDQSO|W]OLFK 7HNHQHUEOLFNWHDXI ,FKNHQQHJOlQ]HQGHDUNRQLGLVFKH6SLHOHUHUZLGHUWHHU6LHKDEHQDOOH HWZDVPLWHLQDQGHUJHPHLQ,KUH$XJHQWUlQHQQLFKWZHQQVLHHUUHJWVLQG6LH JHK|UHQQLFKW]XGLHVHPHUOHVHQHQ.UHLVYRQ.|QQHUQ 7HPPHUWKDQZDUQDKHGDUDQGLH)DVVXQJ]XYHUOLHUHQ(UZDUIHLQ%QGHO *HOGVFKHLQHDXIGHQ7LVFK (UK|KHQZLUGHQ5HL]GHV6SLHOVVDJWHHU,FKVHW]HHLQH0LOOLRQ ,FKNDQQNDXPPHKUELHWHQDOVPHLQ/HEHQHQWJHJQHWHGHU7HUUDQHU,FK KDEHQXUHLQHV$XIHLQH0LOOLRQVROOHVPLUMHGRFKQLFKWDQNRPPHQ,FKOHJH QRFKHLQH]XZHQQ6LH]ZHL.DUWHQPLWPLUWDXVFKHQ 7HPPHUWKDQKLHOWVRIRUWPLW7HNHQHUVSLHOWHVHLQH)lKLJNHLWHQYROODXV(U ULHIGLH.DUWHQDEGLHHUEHQ|WLJWHXPVHLQ6SLHOHQWVFKHLGHQGDXI]XZHUWHQ 'DQDFKZXWHHUGDHUJHZRQQHQKDWWH'RFKGHU$UNRQLGHJDEQRFKQLFKW DXI 6LHWlXVFKHQVLFKVDJWHHUXQGJULIIQDFKVHLQHP(QHUJLHVWUDKOHUXPLKQ DXIGLH7LVFKSODWWH]XOHJHQ1RFKLVWGLHVHV6SLHOQLFKW]X(QGH 'HFNHQ6LHGLH.DUWHQDXIRGHUHUK|KHQ6LH :HOFKHQ(LQVDW]YHUODQJHQ6LH" (UK|KHQZLUGHQ:HUWDXIHLQV]XHLQVDQWZRUWHWHGHU/HXWQDQW0HLQ /HEHQJHJHQ,KU/HEHQ

7HPPHUWKDQGHFNWHVHLQH.DUWHQDXIRKQHHLQZHLWHUHV:RUW]XYHUOLHUHQ 7HNHQHUGUHKWHVHLQH.DUWHQHEHQIDOOVXP(LQ5DXQHQJLQJGXUFKGHQ 5DXP'LH=XVFKDXHUGLHGLH.DUWHQVHKHQNRQQWHQWHLOWHQGHQKLQWHULKQHQ 6WHKHQGHQIOVWHUQGPLWGD7HNHQHUJHZRQQHQKDWWH7HNHQHUVWUHFNWH VHLQH+DQGQDFKGHU6FKDFKWHOXQGGHP*HOGDXVXQGVWHFNWHEHLGHVHLQ 7HPPHUWKDQJULIIQDFKVHLQHP(QHUJLHVWUDKOHU ,QGLHVHP0RPHQWIORJKLQWHULKPGLH7UDXIGXUFKGLHGHU(UWUXVHUPLW VHLQHP*HZLQQYHUVFKZXQGHQZDU /DXWODFKHQGEHWUDWGHU8PZHOWDQJHSDWHGHQ6DDO6RIRUWGUHKWHQVLFKGLH *lVWH]XLKPXP$XFK7HPPHUWKDQOLHVLFKDEOHQNHQ 7HPPHUWKDQJU|OWHGHU(UWUXVHUZREHLHUVLFKWDXPHOQGGHP6SLHOWLVFK QlKHUWH,FKKDEHQLHHLQHQEHVVHUHQ*HZLQQHU]LHOWDOVGLHVHQ 5RQDOG7HNHQHUEOLFNWHZLHJHOlKPWDXIGLH6FKXOWHUGHV8PZHOWDQJHSDWHQ :LH6FKXSSHQILHOHVLKPYRQGHQ$XJHQ $XIGHUUHFKWHQ6FKXOWHUNDXHUWHHLQPLWU|WOLFKHQ&KLWLQIOJHOQYHUVHKHQHU 7UDXPNlIHU 7HNHQHUHUKREVLFK(UEOLFNWH6KDURQDQGLHVLFKWOLFKLUULWLHUWZDU 7UDXPNlIHUULHIGHU(UWUXVHU(LQHQEHVVHUHQ*DVWJHEHUDOVGLFKJLEWHVLQ GHUJDQ]HQ*DOD[LVQLFKW7HPPHUWKDQ:HUNlPHVRQVWVFKRQDXIGHQ *HGDQNHQ7UDXPNlIHUDOV+|FKVWJHZLQQDXV]XVHW]HQ" 7HNHQHUVFKRE6KDURQYRUVLFKKHU%HUHLWZLOOLJZLFKHQGLH*lVWHGHV DUNRQLGLVFKHQ+lQGOHUVYRULKQHQ]XUFN-HGHUVFKLHQ]XVSUHQGDHVIU GHQ7HUUDQHUXQGVHLQH%HJOHLWHULQGDUDXIDQNDPVLFKVRVFKQHOOZLH P|JOLFKDXVGHP6DDO]XUFN]X]LHKHQ +DOWHGHQ0XQGEUOOWH7HPPHUWKDQ:HUIWLKQHQGOLFKKLQDXV5RERWHU KLQDXVPLWLKP 7HNHQHUQDKP6KDURQV+DQG(UVWUPWHPLWGHP0lGFKHQGLH6SLUDOH KLQXQWHU $OVVLFKKLQWHULKQHQLP6SLHOVDDOZWHQGHU/lUPHUKREKDWWHQVLHVFKRQ HLQHQDXVUHLFKHQGJURHQ9RUVSUXQJ1XUDP(LQJDQJVWHOOWHQVLFKLKQHQ HLQLJH$UNRQLGHQHQWJHJHQXPVLHDXI]XKDOWHQ7HNHQHUSDUDO\VLHUWHVLH EHYRUVLH]XU:DIIHJUHLIHQNRQQWHQ'DQQIOFKWHWHHUPLW6KDURQLQGLH 1DFKWKLQDXV (LQH6WXQGHVSlWHUVWDQG5RQDOG7HNHQHU/RUGDGPLUDO$WODQJHJHQEHU(U WUDIGHQ$UNRQLGHQZLHYHUDEUHGHWLQHLQHUYRQGHU862HLQJHULFKWHWHQ :RKQXQJGLHDOV(LQVDW]EDVLVGLHQWH /DVKDWVDJWHGHU/HXWQDQW,FKELQGDYRQEHU]HXJWGD/DVKDWGHU ZLFKWLJVWH6WW]SXQNWGHU5DXPSLUDWHQLVW,FKYHUPXWHGDDXI/DVKDWMHQH 0DVFKLQHULHVWHKWPLWGHUGLH5DXPSLUDWHQGLH)OXJSURJUDPPLHUXQJGHU +DQGHOVUDXPVFKLIIHPDQLSXOLHUHQ,FKVFKODJHGDKHUYRUGDGLH6RODUH

)ORWWHHLQHQ$QJULIIDXIGLHVHQ3ODQHWHQIOLHJWXQGGDV3UREOHPPLWHLQHP 6FKODJHUOHGLJW $WODQOLHVLFKOlFKHOQGLQHLQHQ6HVVHOVLQNHQ(UZDUDOOHLQPLW7HNHQHU /HXWQDQWHUZLGHUWHHU6LHKDEHQVLFKEUDYRXU|VJHKDOWHQ,KUH/HLVWXQJ ELVKHULVWKHUYRUUDJHQGXQGVWHKWZHLWEHUGHP'XUFKVFKQLWWGHVVHQZDV 0lQQHULQ,KUHP$OWHU]XVWDQGHEULQJHQ:LH6LH7HPPHUWKDQDXVJHVSLHOW KDEHQGDVNDQQVLFKVHKHQODVVHQ 7HNHQHUEOLFNWHLKQYHUEOIIWDQ 'DVZLVVHQ6LH"IUDJWHHU 1XQZLUKDWWHQXQWHUGHQ*lVWHQMHPDQGHQGHU,KQHQ]XU1RWJHKROIHQ KlWWH,FKELQIURKGDHUVHLQH,GHQWLWlWQLFKWOIWHQPXWH(UKDWPLU EHULFKWHWZDV6LHJHWDQKDEHQ/HLGHUKDEHQZLUQXUZHQLJH0lQQHUZLH 6LHGLH'HUDUWLJHVOHLVWHQ(UOHJWHGLH+lQGHJHJHQHLQDQGHUXQGGUFNWH GLH)LQJHUVSLW]HQJHJHQGDV.LQQ'DV3UREOHP/DVKDWOlWVLFKMHGRFK QLFKWVRO|VHQZLH6LHHVVLFKYRUVWHOOHQ 7HNHQHUVWXW]WHXQGGDQQEHJULIIHU ,FKELWWHXP(QWVFKXOGLJXQJ/RUGDGPLUDOVDJWHHU,FKZROOWH,KQHQNHLQH 5DWVFKOlJHHUWHLOHQ $WODQJLQJEHUGLHVH:RUWHKLQZHJDOVVHLHQVLHQLFKWJHIDOOHQ :LUKDEHQXQVGXUFKDXVEHUOHJWREZLU/DVKDWYHUQLFKWHQRGHUQLFKW 'DEHLZDUIUXQVDOOHUGLQJVQXUZLFKWLJGDDXI/DVKDW%DNWHULHQVWlPPH XQG9LUHQDUWHQYRUNRPPHQGLHGDV/HEHQLQGHUJDQ]HQ*DOD[LVYHUQLFKWHQ N|QQHQZHQQVLHDXIDQGHUH3ODQHWHQYHUEUHLWHWZHUGHQ:LUZLVVHQGDHV LPPHUZLHGHU$EHQWHXUHUJLEWGHQHQHVJHOLQJWGXUFKGHQ6SHUUJUWHOGHU DXWRPDWLVFKHQhEHUZDFKXQJVVWDWLRQHQ]XNRPPHQXQGDXI/DVKDW]X ODQGHQ'RUWHUOHEHQGLHVH0HQVFKHQGLH+|OOH1XUHLQHUYRQWDXVHQG EHUOHEW'LHDQGHUHQZHUGHQYRQGHQ/DVKDW3RFNHQGDKLQJHUDIIW8QGQXU YHUVFKZLQGHQGZHQLJHYRQGHQhEHUOHEHQGHQVFKDIIHQHV/DVKDWZLHGHU]X YHUODVVHQ'LH/DVKDW3RFNHQYHUXQVWDOWHQGLH0HQVFKHQQLFKWQXU lXHUOLFKVLH]HUEUHFKHQGLHPHLVWHQGLHGDYRQEHIDOOHQZXUGHQDXFK LQQHUOLFK$XVGLHVHP*UXQGKDEHQZLUPHKUDOVHLQPDOGHQ$QWUDJJHVWHOOW /DVKDW]XYHUQLFKWHQ 6LHVLQGGDPLWQLFKWGXUFKJHNRPPHQ"IUDJWH7HNHQHU :LUVLQGGDPLWQLFKWGXUFKJHNRPPHQEHVWlWLJWHGHU/RUGDGPLUDO 6FKOLHOLFKLVWGDV6RODUH,PSHULXPHLQH'HPRNUDWLHLQGHUQLHPDQG VHOEVWKHUUOLFKEHVWLPPHQNDQQZDV]XJHVFKHKHQKDW'HUDUWHQWVFKHLGHQGH 0DQDKPHQZLHGLH9HUQLFKWXQJHLQHVJDQ]HQ3ODQHWHQPLWDOOVHLQHP /HEHQPXYRQGHQGHPRNUDWLVFKJHZlKOWHQ2UJDQHQGHV6WDDWHV JHQHKPLJWZHUGHQ:lUHGDVQLFKWVRVWQGHHVVFKOHFKWXPGDV6RODUH ,PSHULXP9HUZHFKVHOQ6LHXQVHUHQ6WDDWQLFKWPLWHLQHP5DXPVFKLII$Q %RUGHLQHV6FKLIIHVLVWDOOHVDQGHUV'RUWWUlJWGHU.RPPDQGDQWGLHDOOHLQLJH 9HUDQWZRUWXQJXQGKDWDXFKGLHK|FKVWH%HIHKOVJHZDOW(UNDQQVLFKQRWIDOOV EHUGLH%HGHQNHQDOOHU%HVDW]XQJVPLWJOLHGHUKLQZHJVHW]HQXQGVHLQHQ :LOOHQGXUFKGUFNHQ6RLVWHVDQ%RUGYRQ6FKLIIHQDOOHU$UWVFKRQLPPHU

JHZHVHQ(LQHUPXGDV.RPPDQGRKDEHQRGHUGDV6FKLIILVWIUKHURGHU VSlWHUYHUORUHQ 'DVYHUVWHKHLFKVDJWH7HNHQHU,FKYHUVWHKHMHGRFKQLFKWGDGLH 9HUQLFKWXQJ/DVKDWVQLFKWJHQHKPLJWZXUGH ,QVHLQHPMXQJHQ*HVLFKW]HLFKQHWHVLFKHLQHJHZLVVH8QVLFKHUKHLWDEGLH QLFKWVRUHFKW]XHLQHP0DQQSDVVHQZROOWHGHUQRFKYRUHLQHU6WXQGH HLVNDOWXPVHLQ/HEHQJHVSLHOWKDWWH (LQH'HPRNUDWLHKDWDXFK1DFKWHLOHHUNOlUWH$WODQ$EHUVLHLVWVWDUN JHQXJEHUGLHVH1DFKWHLOH]XWULXPSKLHUHQZHQQHVVHLQPX(LQH 'HPRNUDWLHPXVLFKEHLVSLHOVZHLVHPLWHLQHU/REE\DXVHLQDQGHUVHW]HQ DOVRPLWGHQ,QWHUHVVHQYHUWUHWHUQGHUYHUVFKLHGHQHQJHVHOOVFKDIWOLFKHQ *UXSSHQ'LH5HLFKHQXQGGLH6XSHUUHLFKHQKDEHQLKUH/REE\HEHQVRZLH VLHGLH$UEHLWQHKPHUKDEHQ8QGGLH/REE\GHU5HLFKHQKDWGXUFKJHVHW]W GD/DVKDWQLFKWYHUQLFKWHWZHUGHQGDUI'DHVGDEHLDXVVFKOLHOLFKXP 7UDXPNlIHUJHKWGUIWHZRKONODUVHLQGHQQQXU0LOOLDUGlUHN|QQHQ 7UDXPNlIHUEH]DKOHQ 5RQDOG7HNHQHUVWDQGDXI(UVWULFKVLFKGDVWLHIVFKZDU]H+DDUDXVGHU6WLUQ 8QUXKLJJLQJHUHLQLJH6FKULWWHDXIXQGDE ,FKNDQQHVQLFKWIDVVHQVDJWHHUGDQQ1XUZHJHQGHU7UDXPNlIHU PVVHQZLUHLQHGHUDUWLJH*HIDKUDN]HSWLHUHQ 7UDXPNlIHUVLQGHLQHJHUDGH]XXQZLGHUVWHKOLFKH9HUVXFKXQJIUDOOHGLHHV VLFKOHLVWHQN|QQHQGDIU]X]DKOHQHUZLGHUWHGHU$UNRQLGH7UDXPNlIHU VLQGHLQH5DULWlWGLHLQGHUJDQ]HQ*DOD[LVJHKDQGHOWZLUG6LHZLVVHQGD GLHVH,QVHNWHQHLQH,QGLYLGXDOVWUDKOXQJKDEHQGLH:DFKWUlXPHKHUYRUUXIW 6LHYHUPLWWHOQGXUFKLKUH.|USHUVWUDKOXQJHLQXQJHKHXUHV:RKOEHILQGHQXQG ODVVHQDXI*HGDQNHQEHIHKOGLHSKDQWDVWLVFKVWHQ:XQVFKYRUVWHOOXQJHQ HQWVWHKHQ6LHVLQGGXUFKLKUH(LJHQVWUDKOXQJZLUNXQJVYROOHUDOVMHGHV EHNDQQWH5DXVFKJLIWLQGHU*DOD[LV'DEHLVLQGVLHHUZLHVHQHUPDHQ KDUPORVXQGXQJHIlKUOLFK0DQNDQQHLQJDQ]HV/HEHQLQVWlQGLJHU *HVHOOVFKDIWPLW7UDXPNlIHUQYHUEULQJHQRKQH6FKDGHQ]XQHKPHQ'DV (UVWDXQOLFKHGDEHLLVWGDGLH7UDXPNlIHUY|OOLJLPPXQJHJHQGLH JHIlKUOLFKHQ0LNURRUJDQLVPHQYRQ/DVKDWVLQG6LHVFKOHSSHQDOVRGLH (UUHJHUGHUYHUVFKLHGHQHQ.UDQNKHLWHQQLFKWLQGLH*DOD[LVKLQDXV:lUHGDV GHU)DOOGDQQZlUH/DVKDWOlQJVWQLFKWPHKUH[LVWHQW /RUGDGPLUDO$WODQOLH7HNHQHUHLQLJH0LQXWHQ=HLWEHUGDVQDFK]XGHQNHQ ZDVHULKPPLWJHWHLOWKDWWH )LQGHQZLUXQVDOVRGDPLWDEGDZLU/DVKDWQLFKW]HUVW|UHQZHUGHQIXKU HUGDQQIRUW$XFK/XPEHUNRQQWHQZLUVFKOLHOLFKQLFKWPLWPLOLWlULVFKHQ 0LWWHOQDXVVFKDOWHQ:LUVLQGQXUPLW+LOIHGHU&256$DQHLQLJHZLFKWLJH /HXWHGHU2UJDQLVDWLRQGHU5DXPSLUDWHQKHUDQJHNRPPHQ'HQYHUPXWOLFKHQ .RSIGHQ$UNRQLGHQ7HPPHUWKDQNRQQWHQZLUQLFKWDQIDVVHQ'LH %HZHLVPLWWHOUHLFKHQQLFKWHLQPDODXVLKQHLQHQHLQ]LJHQ7DJIHVW]XKDOWHQ

:DUXPPXWHQ6LHVREHUVWU]W]XJUHLIHQ"IUDJWH7HNHQHU:DUXPGLHVH ULVNDQWH(QWIKUXQJVDNWLRQGLHPLW6LFKHUKHLWEHUDOOLQGHU*DOD[LVQHJDWLYH 6FKODJ]HLOHQPDFKHQZLUG" 'DVQHKPHQZLULQ.DXI'HU*UXQGIUGLH$NWLRQLVWEHVWU]HQG:LH6LH ZLVVHQKDEHQZLUDXIGHU0LWDUEHLWGHV&256$%RVVHV*HRUJH/LPS &RDWHVDXIJHEDXW 'DVLVWPLUEHNDQQW :LUKDEHQ&RDWHVGLH=XVDJHJHPDFKWGDHULQDEVHKEDUHU=HLWZHJHQ JXWHU)KUXQJHQWODVVHQZLUG'LHVH=XVDJHN|QQHQZLUMHW]WQLFKWPHKU HLQKDOWHQ$WODQHUKREVLFK)UHLQHQNXU]HQ0RPHQWEHPHUNWH7HNHQHU $Q]HLFKHQYRQ(UUHJXQJDQLKPXQGZLHGHUXPZXUGHHUVLFKGHVVHQ EHZXWGDHUQLFKWGLH]HQWUDOH)LJXULP.DPSIJHJHQGLH2UJDQLVDWLRQGHU 5DXPSLUDWHQZDUVRQGHUQGDHUVLFKLUJHQGZRDP5DQGHMHGRFKQRFK LPPHULP)HOGZLFKWLJHU(UHLJQLVVHEHZHJWH 6LHZLVVHQGDGHU*DODNWLVFKH$QNOlJHU7KRPDV*5RELQVRQQRFKQLFKW ODQJHLP$PWLVW(UYHUVXFKWQXQPLWDOOHU*HZDOWVLFK]XSURILOLHUHQXQGGDV NRPSURPLORV ,FKKDEHGDYRQJHK|UW 'HU*DODNWLVFKH$QNOlJHUZLOONXU]HQ3UR]HPLW&RDWHVPDFKHQ(VLVWLKP JHOXQJHQ&RDWHV0RUGLQ]ZHL)lOOHQQDFK]XZHLVHQ'LH0RUGHVLQGDXI GHP3ODQHWHQ&XVKQRXULP(UHV6\VWHPJHVFKHKHQ 5RQDOG7HNHQHU]XFNWH]XVDPPHQ 'DVZUGHEHGHXWHQGD&RDWHVPLWGHU7RGHVVWUDIH]XUHFKQHQKDW VDJWHHU *HQDXGDVLVWGHU)DOOEHVWlWLJWH$WODQ (LQ3UR]HJHJHQ&RDWHVZUGHLQGLHVHP6WDGLXPGHU(QWZLFNOXQJDOOHV ]HUVW|UHQVDJWHGHU/HXWQDQW:LUPWHQVRJDUGDPLWUHFKQHQGDGLH &256$LKUH0LWDUEHLWDXINQGLJWXQGPLWGHU/DVKDW2UJDQLVDWLRQ ]XVDPPHQDUEHLWHW'DVZlUHHLQH.DWDVWURSKHIUGDV6RODUH,PSHULXP -HW]WZLVVHQ6LHZHVKDOEZLUVFKRQKHXWH]XJHVFKODJHQKDEHQREZRKOZLU QRFKODQJHQLFKWVRZHLWVLQGZLHZLUHLJHQWOLFKKlWWHQVHLQPVVHQ,FKKDEH GHQ*DODNWLVFKHQ$QNOlJHUXPHLQLJH7DJH)ULVWJHEHWHQ(ULVWQLFKWGD]X EHUHLWDXFKQXUHLQHQHLQ]LJHQ7DJ]XZDUWHQ(UZLUGVRVFKQHOOZLHP|JOLFK $QNODJHJHJHQ&RDWHVHUKHEHQ:LUPVVHQGDPLWUHFKQHQGDGLH&256$ LQGHQQlFKVWHQ7DJHQ]XVFKOlJW$OOH.RQWDNWHPVVHQDEJHEURFKHQ ZHUGHQGDGLH*HIDKUEHVWHKWGDGLH.LOOHUGHU2UJDQLVDWLRQXQVHUH/HXWH HLQIDFKDENQDOOHQZHQQVLHVLFKVHKHQODVVHQ 6FKLFNHQ6LHPLFKQDFK/DVKDWEDW7HNHQHU 'LHEHLGHQ0lQQHUEOLFNWHQVLFKDQ,QGHQDXIIDOOHQGKHOOHQ$XJHQ7HNHQHUV JORPPHLQVHOWVDPHV/LFKW(V]HLJWHQGHP$UNRQLGHQDXIZHOFKLQQHUH.UDIW LQGHPMXQJHQ2IIL]LHUZRKQWH ,FKKDEHGDPLWJHUHFKQHWGD6LHGDVVDJHQZUGHQHUZLGHUWHHU:HQQ 6LHHLQYHUVWDQGHQVLQGHUWHLOHLFK,KQHQGHQ%HIHKOQDFK/DVKDW]XJHKHQ

XQGGRUWLQHLQHU(LQ0DQQ$NWLRQJHJHQHLQHQHYHQWXHOOHQ6WW]SXQNW YRU]XJHKHQ 6LHIUDJHQPLFKRELFKGDPLWHLQYHUVWDQGHQELQGD6LHPLUGHQ%HIHKO HUWHLOHQ" 'DVPXVHLQ/HXWQDQW,FKELQQLFKWEHUHLW,KQHQHLQHQ%HIHKO]XHLQHP 8QWHUQHKPHQ]XJHEHQEHLGHP,KUHhEHUOHEHQVFKDQFHQDOOHLQGXUFKGLH 3RFNHQEHGURKXQJHUKHEOLFKHLQJHVFKUlQNWZHUGHQ:LUKDEHQHLQ3RFNHQ 6HUXPYRUEHUHLWHW:LUZLVVHQMHGRFKQLFKWREHV6LHDXVUHLFKHQGVFKW]HQ ZLUGZHLOQRFKQLFKWJHQJHQG(UIDKUXQJVZHUWHGDUEHUYRUOLHJHQ'LH 3UIXQJVHUJHEQLVVHLQYLWURVLQGDXVJH]HLFKQHWREGDV6HUXPDEHUDXFKLQ YLYRVRJXWZLUNWLVWQRFKQLFKWLQDXVUHLFKHQGHP0DHEHNDQQW,FKEHWRQH GDLFKPLWGLHVHP(LQVDW]QLFKWHLQYHUVWDQGHQJHZHVHQZlUHZHQQZLU PHKU=HLWJHKDEWKlWWHQ:LUKDEHQMHGRFKNHLQH=HLW:LUPVVHQVRIRUW KDQGHOQRGHUDOOHVLVW]XVSlW 6FKLFNHQ6LHPLFKQDFK/DVKDWEDW7HNHQHUPLWIHVWHU6WLPPH 1XUQLFKWVRVFKQHOOPDKQWHGHU$UNRQLGH6RHWZDVPXPDQVLFK EHUOHJHQ 'DVKDEHLFKJHWDQ 6LHVROOWHQGHQQRFKQLFKWEHUKDVWHWHQWVFKHLGHQ0LUOLHJWQLFKWVDQHLQHP 0DQQGHUDXI/DVKDWEHUHXWZDVHUJHWDQKDW0LUOLHJWQLFKWDQHLQHP 0DQQGHUEHLGHQHUVWHQ$Q]HLFKHQGHU/DVKDW3RFNHQSV\FKLVFK ]XVDPPHQEULFKW ,FKKDEH$QJVWJHVWDQG7HNHQHUDEHULFKZHLGDLFKVLHEHUZXQGHQ KDEHQZHUGHZHQQLFKDXI/DVKDWELQ $WODQHUKREVLFKXQGJLQJ]XHLQHP6FKUDQN(U|IIQHWHLKQXQGNDPPLW HLQHP,QMHNWLRQVDSSDUDW]X7HNHQHU]XUFN'LHVHUHQWEO|WHVHLQHQ$UP *HEHQ6LHPLUGDV6HUXPEDWHU 'HU$UNRQLGHVHW]WHGLH$SSDUDWXUDQGHQ$UPGHV/HXWQDQWVXQGVFKRLKP GLH)OVVLJNHLWXQWHUGLH+DXW 6LHKDEHQQRFKHLQH6WXQGH=HLW'DQQZLUGGDV6HUXPZLUNVDP6LH ZHUGHQHLQHQ6FKXW]DQ]XJDQ]LHKHQGHQ6LHGRUWLP6FKUDQNILQGHQXQG LKQ]Z|OI6WXQGHQODQJQLFKW|IIQHQ'DQDFKZHUGHLFKKLHUKHU]XUFNNHKUHQ XQG6LHDEKROHQ:LUZHUGHQPLWHLQHP*OHLWHU]XPQlFKVWHQ5DXPKDIHQ IOLHJHQ9RQGRUWVWDUWHQ6LHGLUHNWQDFK/DVKDW8QGMHW]WYLHO*OFN,FK YHUODVVHPLFKDXI6LH/HXWQDQW:HQQ6LHYRQ/DVKDW]XUFNNHKUHQXQG ZLGHU(UZDUWHQYRQ/DVKDW3RFNHQJH]HLFKQHWVHLQVROOWHQGDQQEHUOHJHQ 6LHVLFKGDGLHVH1DUEHQLQGHUJDQ]HQ*DOD[LVDOV=HLFKHQ,KUHU )XUFKWORVLJNHLWDQJHVHKHQZHUGHQ0DQZLUGGHQ0DQQLQ,KQHQVHKHQGHU VLFKDXFKYRQGHU*HIDKUGHU/DVKDW3RFNHQQLFKWGDYRQKDWDEVFKUHFNHQ ODVVHQGLHJHIlKUOLFKVWH2UJDQLVDWLRQ]X]HUVFKODJHQPLWGHUZLUHVMH]XWXQ KDWWHQHLQH2UJDQLVDWLRQGLHVLFKXQWHUGHP6FKXW]PDQWHOW|GOLFKHU 0LNURRUJDQLVPHQYHUNURFKHQKDW $WODQJLQJ]XU7U'RUWEOLHEHUQRFKHLQPDOVWHKHQ

:LH6LHDXI/DVKDWYRUJHKHQEOHLEW,KQHQEHUODVVHQ6LHPVVHQGHU 6LWXDWLRQHQWVSUHFKHQGHQWVFKHLGHQ9LHOOHLFKWVROOWHQ6LHYHUVXFKHQVR ODQJHZLHP|JOLFKLP5DXPDQ]XJ]XDJLHUHQIDOOVGDVP|JOLFKLVW$EHU WlXVFKHQ6LHVLFKQLFKW/DQJHN|QQHQ6LHHVYHUPXWOLFKQLFKWWXQ 'HU$UNRQLGHYHUOLHGHQ5DXP5RQDOG7HNHQHUZDUDOOHLQ(UGDFKWHDQ *HRUJH/LPS&RDWHVGHU&256$%RGHULKPYHUWUDXWKDWWH&RDWHVZDU YHUORUHQ7HNHQHUKDWWHVFKRQYRQGHP*DODNWLVFKHQ$QNOlJHU5RELQVRQ JHK|UW(UZXWHGDGLHVHU&RDWHVLQGLH7RGHV]HOOHEULQJHQZUGH8QGHU ZDUVLFKNODUGDUEHUGDGLHDQGHUHQ0LWJOLHGHUGHU&256$ZWHQG NRQWHUQZUGHQ 6KDURQILHOLKPHLQ6LHEHIDQGVLFKQRFKLQGHU1lKHXQGZDUWHWHDXILKQGD HUGDPLWJHUHFKQHWKDWWHEDOG]XLKU]XUFNNHKUHQ]XN|QQHQ 6LHGHQGKHLZXUGHHUVLFKGHVVHQEHZXWGDGHU&256$LKUH.RQWDNWH EHNDQQWZDUHQ (UHLOWH]XP,QWHUNRPXQGGUFNWHHLQH7DVWH$WODQPHOGHWHVLFKIDVW DXJHQEOLFNOLFK(UEHULFKWHWHLKPYRQ6KDURQXQGVFKOR,FKELQVLFKHUGD VLFKHLQHGHUHUVWHQ$NWLRQHQGHU&256$JHJHQVLHULFKWHQZLUG0DQZHL YHUPXWOLFKJHQDXZLHPDQPLFKGDPLWWUHIIHQZUGH :DVVFKODJHQ6LHYRU" %ULQJHQ6LH6KDURQKLHUKHUEDW7HNHQHU6LHPX/XPEHUYHUODVVHQ 'DVJHKWSUDNWLVFKQXUPLWGHP5DXPVFKLIIPLWGHP6LHQDFK/DVKDWIOLHJHQ ZHUGHQ 'DQQVROOVLHPLWDQ%RUGJHKHQ6LHNDQQVSlWHULUJHQGZRDEJHVHW]W ZHUGHQZRVLHVLFKHULVW (LQYHUVWDQGHQVDJWHGHU/RUGDGPLUDO,FKZHUGHGDVUHJHOQ 6FKRQ]ZHL7DJHVSlWHUUDVWH/HXWQDQW5RQDOG7HNHQHUPLWHLQHP6KLIW GXUFKGLH/XIWPDVVHQGHU$WPRVSKlUHYRQ/DVKDW,QWHQVLYH*HVSUlFKHPLW :LVVHQVFKDIWOHUQXQG6SH]LDOLVWHQDXVDOOHQ)DFKULFKWXQJHQODJHQKLQWHU LKP=DKOORVH,QIRUPDWLRQHQKDWWHHULQVLFKDXIJHQRPPHQ-HW]WZXWHHUVR JXWEHU/DVKDW%HVFKHLGDOVKlWWHHUKLHUVHLQJDQ]HV/HEHQYHUEUDFKW 'HU6KLIWYHUULQJHUWHVHLQH*HVFKZLQGLJNHLWDXIXQWHU]ZHLKXQGHUW 6WXQGHQNLORPHWHUDOV7HNHQHULKQELVDXIHLQH+|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

JHJHEHQ'DVZDUYRUDOOHPGHQ*HRORJHQXQGGHQ%LRORJHQDQ%RUGGHU 8625DXPHU]XYHUGDQNHQ'LHVHKDWWHQDXIGHQ)RWRJUDILHQHLQ*HELHW VGOLFKGHVbTXDWRUVHQWGHFNWLQGHPDOOHP$QVFKHLQQDFKXPIDQJUHLFKH (UGDUEHLWHQYRUJHQRPPHQZRUGHQZDUHQ'LHVHKDWWHQHLQHQHUKHEOLFKHQ (LQIOXDXIGLH)ORUDLQGHU8PJHEXQJJHKDEWGHUHQ*UXQGXPVDW]QXQ GHXWOLFKYRQMHQHUDEZLFKGLHZHLWHUYRQGLHVHP*HELHWHQWIHUQWZDU=XGHP ZDUGHU:DVVHUKDXVKDOWYLHOHU3IODQ]HQJHVW|UWVRGDGLH*HIDKUEHVWDQG GDVLHIUKHURGHUVSlWHUHLQJLQJHQ'DVZDUDQKDQGYRQ )DUEDEZHLFKXQJHQDXIGHP%LOGPDWHULDOGHXWOLFK]XHUNHQQHQJHZHVHQ 'DUEHUKLQDXVZDUHQ0HWDOOHJHRUWHWZRUGHQGLHQXULQGLHVHP*HELHW YRUNDPHQXQGGLHPDQIU%HVWDQGWHLOHHLQHV6WW]SXQNWVKLHOW 7HNHQHUEOLFNWHDXIGDV%RUGFKURQRPHWHU(V]HLJWHGHQDQ'HU 6KLIWEHZHJWHVLFKGXUFKGLH7DJ]RQHGHV3ODQHWHQ'LH6RQQHVWDQGQRFK QLFKWVHKUKRFKEHUGHP+RUL]RQW'HU/HXWQDQWVFKlW]WHGDHUGDV =LHOJHELHWJHJHQ0LWWDJHUUHLFKHQZUGH (UHUKREVLFKXQGVWUHLIWHGHQ5DXPDQ]XJDE(UIKOWHVLFKQLFKWJXW(LQ *HIKOGHU6FKZlFKHEHILHOLKQ(UZXWHGDHVDXIGLH,PSIXQJ ]XUFN]XIKUHQZDUXQGDXIGLH5HDNWLRQGLHGLHVHLQVHLQHP.|USHU DXVJHO|VWKDWWH *HUDGHDOVHUVLFKYRQGHQ,QVWUXPHQWHQDEZHQGHQZROOWHEOLW]WHHLQ/LFKW DXIHLQHPGHU%LOGVFKLUPHDXI7HNHQHUNHKUWH]XVHLQHP6HVVHO]XUFNXQG GUFNWHHLQH7DVWH'LH,QVWUXPHQWH]HLJWHQLKPDQGDGHU6KLIWHLQHQ 5DIIHULPSXOVDXIJHIDQJHQKDWWH0LW+LOIHGHV%RUGFRPSXWHUVHQWVFKOVVHOWH HULKQXQGVSLHOWHGLH0HOGXQJGDQDFKDE 'DV%LOG$WODQVHUVFKLHQDXIHLQHPGHU%LOGVFKLUPHYRULKP ,FKKDEHHLQHVFKOHFKWH1DFKULFKWIU6LH7HNVDJWHGHU$UNRQLGH'HU *DODNWLVFKH$QNOlJHUKDWVLFKDXIJDQ]HU/LQLHGXUFKJHVHW]W(UKDW*HRUJH /LPS &RDWHVEHUHLWVQDFK&XVKQRXULP(UHV6\VWHPEULQJHQODVVHQ'RUW KDWHU$QNODJHHUKREHQ&RDWHVZLUGQRFKKHXWHYRU*HULFKWJHVWHOOW(V EHVWHKWNHLQ=ZHLIHOGDUDQGDHU]XP7RGHYHUXUWHLOWZHUGHQZLUG :DKUVFKHLQOLFKZLUGHUVFKRQPRUJHQKLQJHULFKWHW'LH&256$KDWXQV EHUHLWVVLJQDOLVLHUWGDVLHGLH=XVDPPHQDUEHLWDXINQGLJW'DVLVWDOOHV 9LHO*OFN 'HU%LOGVFKLUPHUORVFKXQGURXWLQHPlLJYHUQLFKWHWHGHU/HXWQDQWDOOH $XI]HLFKQXQJHQEHUGHQ)XQNVSUXFK 'DQDFK]DSIWHHUVLFKHWZDV]XP7ULQNHQDXVGHP$XWRPDWHQ:lKUHQGHU GHQ3DSLHUEHFKHUPLWGHP7HHOHHUWHEOLFNWHHUVLFKLQGHU.DELQHXP 'HU6KLIWVDKDXVDOVVHLHUVFKRQHLQLJH-DKUKXQGHUWHDOW(UVWDUUWHYRU 6FKPXW]XQG5RVW6FKUDPPHQYHUXQ]LHUWHQ,QVWUXPHQWHXQG6FKUlQNH'LH 3ROVWHUXQJGHVHLQ]LJHQ6HVVHOVKLQJLQ)HW]HQKHUXQWHU(LQLJH,QVWUXPHQWH IXQNWLRQLHUWHQQLFKWPHKU%HLIDVWDOOHQZDUGLHWUDQVSDUHQWH .XQVWVWRIIVFKHLEHGLHDOV6FKXW]GLHQWH]HUWUPPHUW :lKUHQG7HNHQHUVHLQH.OHLGXQJDEVWUHLIWHXQGLP$EIDOOGHVLQWHJUDWRU YHUQLFKWHWHEOLFNWHHUGXUFKGLHWUDQVSDUHQWH.XJHOQDFKGUDXHQ

'HU6KLIWJOLFKHLQHPIOLHJHQGHQ7UPPHUKDXIHQ'LH'HVLQWHJUDWRUNDQRQH XQGGLHEHLGHQ,PSXOVVWUDKOHUDP%XJZDUHQQXUQRFKYHUERJHQH6WPSIH 'DV3HULVNRSELOGHWHHLQHQNRSIJURHQ.OXPSHQDXVJHVFKPRO]HQHPXQG ZLHGHUHUVWDUUWHP0HWDOO9RQGHUUHFKWHQ7UDJIOlFKHIHKOWHGLH+lOIWHGRFK GDVEHHLQWUlFKWLJWHGLH)OXJHLJHQVFKDIWHQGHU0DVFKLQHQXUZHQLJGDPLW +LOIHGHU$QWLJUDYWULHEZHUNHDOOH,QVWDELOLWlWHQDXVJHJOLFKHQZXUGHQ 7HNHQHUOlFKHOWHDOVHUVLFKHLQHQ$Q]XJDXVJHJHUEWHP/HGHUEHUVWUHLIWH 'DV0DWHULDOIKOWHVLFKZXQGHUEDUZHLFKDQXQGZDUEHVRQGHUVOHLFKW(V JOlQ]WHMHGRFKDQIDVWDOOHQ6WHOOHQXQGLQ]DKOORVHQ1lKWHQXQG)DOWHQKDWWH VLFK6FKPXW]IHVWJHVHW]WDOVKDEHHUGLHVHQ$Q]XJVFKRQVHLWPHKUDOV]HKQ -DKUHQQLFKWPHKUDEJHOHJW 1DFKGHQNOLFKEOLFNWHGHU6SH]LDOLVWDXIVHLQHQ5DXPDQ]XJ(UEHUOHJWHRE HULKQDQOHJHQVROOWHHQWVFKLHGVLFKGDQQMHGRFKGDJHJHQ(VKDWWHZHQLJ 6LQQZHQQHUDOV$EHQWHXUHUDXIWUDWVLFKGDQQDEHULQHLQHP5DXPDQ]XJ YRUGHUIHLQGOLFKHQ8PJHEXQJYRQ/DVKDWYHUVWHFNWH 9RUVHLQHQ$XJHQEHJDQQHV]XIOLPPHUQ7HNHQHUVW|KQWH,KQVFKZLQGHOWH (UNHKUWH]XP6HVVHO]XUFNVHW]WHVLFKKLQHLQNLSSWHGLH/HKQHQDFK KLQWHQXQGVWUHFNWHVLFKDXV,KPZXUGHEHO(UZlO]WHVLFKDXIGLH6HLWH XQGDWPHWHPKVDP(UHUKROWHVLFKYRUEHUJHKHQGGDQQDEHUZDULKPDOV REVLFKLKPHLQVWlKOHUQHU5LQJXPVHLQH%UXVWOHJWH9RUVHLQHQ$XJHQ ZXUGHHVGXQNHO(UNlPSIWHJHJHQHLQHDXIVWHLJHQGH2KQPDFKWDQDEHU YHUJHEOLFK $OVHUZLHGHU]XVLFKNDPIKOWHHUVLFKEHVVHU6HLQ%OLFNILHODXIGDV %RUGFKURQRPHWHU(V]HLJWH8KU2UWV]HLWDQ7HNHQHUULFKWHWHVLFK KDVWLJDXI(UZXWHGDHUGDVYHUGlFKWLJH*HELHWIDVWHUUHLFKWKDWWH (UHUKREVLFKWUDQNYLHU%HFKHU7HHXQGVWlUNWHVLFKPLWHWZDV .RQ]HQWUDWQDKUXQJGLHHU]XHLQHPGQQIOVVLJHQ%UHLDXIO|VWH'DQDFK NHKUWHHU]XVHLQHP6HVVHO]XUFN(UIKOWHVLFKQXQVFKRQVRJXWGDHU NHLQH%HGHQNHQPHKUKDWWHGHQ6KLIWVHOEVW]XOHQNHQ (QGORVGHKQWHQVLFKGLH8UZlOGHUXQWHULKP/DVKDWZDUHLQHKHLH 'VFKXQJHOZHOWPLWZHQLJHQ*HELUJV]JHQGLHVLFKDOOHUGLQJVELV]XHLQHU +|KHYRQPHKUDOVDFKWWDXVHQG0HWHUQDXIWUPWHQ(QWVSUHFKHQGWLHIZDUHQ GLH0HHUH'HUEHUZLHJHQGH7HLOGHU.RQWLQHQWHDEHUZDUIODFKXQGIHXFKW =DKOORVH)OVVHGXUFKVFKQLWWHQGLH'VFKXQJHOJHELHWH6LHZHLWHWHQVLFK WHLOZHLVH]XJHZDOWLJHQ%LQQHQPHHUHQDXVLQGHQHQHVYRQ/HEHQDOOHU$UW I|UPOLFKZLPPHOWH $OVGHU6KLIWHLQH+JHONHWWHEHUIORJJHULHWHULQHLQ6FKOHFKWZHWWHUJHELHW 5HJHQWURSIHQWURPPHOWHQJHJHQGLH0DVFKLQH'HU5HJHQILHOVRGLFKWGD 7HNHQHUZLHGHUDXI$XWRSLORWXPVFKDOWHQPXWHXPMHJOLFKHV5LVLNR DXV]XVFKDOWHQ(UEHVFKUlQNWHVLFKGDUDXIGLH,QVWUXPHQWH]XEHREDFKWHQ $OVGDV&KURQRPHWHU8KUDQ]HLJWHOHXFKWHWHDXIHLQHPGHU %LOGVFKLUPHHLQEODXHU3XQNWDXI7HNHQHUVWRSSWHGHQ6KLIWXQGGUHKWHLKQ ODQJVDPKHUXP'HUEODXH3XQNWUFNWHLQGLH0LWWHGHV%LOGVFKLUPV(U ]HLJWHDQGDVLFKGLUHNWYRUGHP$OO]ZHFNSDQ]HUHLQWKHUPRQXNOHDUHV

$JJUHJDWEHIDQG$XIHLQHPGHUDQGHUHQ2UWXQJVVFKLUPHHUVFKLHQHLQH=DKO 6LHZLHVDXVZLHKRFKGHU(QHUJLHXPVDW]GHV$JJUHJDWVZDU7HNHQHU HUNDQQWHGDHUHLQQXUNOHLQHV.UDIWZHUNHUIDWKDWWH6HLQH.DSD]LWlW UHLFKWHJHUDGHDXVGUHL:RKQHLQKHLWHQPLWHLQHU*HVDPW]DKOYRQQLFKWPHKU DOV]HKQ3HUVRQHQ]XYHUVRUJHQ 9RUVLFKWLJEHVFKOHXQLJWH7HNHQHU'HU6KLIWWULHEDXIGDV.UDIWZHUN]X(V K|UWHDXI]XUHJQHQ'LH6LFKWNOlUWHVLFK7HNHQHUEHPHUNWHHLQH6FKOXFKW GLHLQQRUG|VWOLFKHU5LFKWXQJYHUOLHI6LHZDUHWZD]ZHLKXQGHUW0HWHUEUHLW XQGVFKLHQJUXQGORVWLHI]XVHLQ(UIORJLQVLHKLQHLQXQGEHPHUNWHGDGHU *UXQGEDOG]XLKPDXIVWLHJXQGHLQH(UKHEXQJPLWWHQLQGHU6FKOXFKWELOGHWH $XIGHPK|FKVWHQ3XQNWGLHVHU(UKHEXQJVWDQGHQ]Z|OIlUPOLFKH+WWHQ (LQHDXIVWHLJHQGH5DXFKIDKQHYHUULHWGDVLFK0HQVFKHQLQLKQHQ DXIKLHOWHQ 'HU/HXWQDQWQlKHUWHVLFKGHQ+WWHQELVDXIHWZDIQI]LJ0HWHUXQGXPIORJ VLHKDOENUHLVI|UPLJ(LQH]HUOXPSWH*HVWDOWNDPXQWHUGHP/DXEGDFKHLQHU +WWHKHUYRUHQWGHFNWHGHQ6KLIWXQGNHKUWHIOXFKWDUWLJLQGLHSULPLWLYH 8QWHUNXQIW]XUFN6HNXQGHQVSlWHUWDXFKWHHUZLHGHUGDUDXVKHUYRU(UWUXJ HLQHQ.RPELVWUDKOHULQGHU$UPEHXJH9LHUYHUZHJHQDXVVHKHQGH0lQQHU IROJWHQLKP(UYHUKDUUWHPLWGHP6KLIWDXIGHU6WHOOH0LW+LOIHGHU2UWXQJV XQG%HREDFKWXQJVJHUlWHXQWHUVXFKWHHUGLHNOHLQH6LHGOXQJ$XIGHP ,QIUDURWVFKLUPHUNDQQWHHUGDVLFKDXHUGLHVHQIQI0lQQHUQQLHPDQG VRQVWKLHUDXIKLHOW(UEUDXFKWHDOVRQLFKW]XEHIUFKWHQGDPDQLKQDXV GHP+LQWHUKDOWKHUDXVDEVFKRVREDOGHUJHODQGHWZDU /DQJVDPOLHHUGHQ6KLIWDQGLH*UXSSHKHUDQWUHLEHQ1HEHOVFKZDGHQ WULHEHQLKPHQWJHJHQXQGHVEHJDQQHUQHXW]XUHJQHQ'LH0lQQHU]RJHQ VLFKXQWHUGDVZHLWYRUVSULQJHQGH'DFKHLQHU+WWH]XUFN 7HNHQHUODQGHWH(UZLQNWHGHQYHUZHJHQDXVVHKHQGHQ0lQQHUQ]XXQGVLH DQWZRUWHWHQLKPPLWIUHXQGOLFKHQ*HVWHQ(UNRQQWHVLFKUHFKWJXWYRUVWHOOHQ ZLHHVLQLKQHQDXVVDK(UZDUYLHOOHLFKWVHLW-DKUHQGLHHUVWH+RIIQXQJIU VLH (UVWOSWHVLFKHLQHQ/HGHUKXWEHUGHQ.RSIXQGVWHFNWHVLFKHLQHQ .RPELVWUDKOHULQGHQ*UWHO'RFKGDQQILHOVHLQ%OLFNDXIHLQHQ5HYROYHUGHU ]ZLVFKHQHLQLJHQYHUURVWHWHQ0HVVHUQLP:DIIHQIDFKODJ'D]XJHK|UWHHLQ *UWHOPLW3DWURQHQVFKODXIHQGLHELVDXI]ZHLJHIOOWZDUHQ(UOHJWHGHQ .RPELVWUDKOHU]XUFNQDKPGHQ5HYROYHUXQGGHQ*XUWXQGVFKQUWHVLFK GLHVHQXP'DQQEHUSUIWHHUGLHDOWHUWPOLFKH:DIIHXQGVWHOOWHIHVWGD VLHLQ2UGQXQJZDU 6RDXVJHVWDWWHWVWLHJHUDXVGHU.DQ]HOXQGYHUOLHGHQ6KLIW'LHIQI $EHQWHXUHUVWDQGHQDQGHU/HLWHUYRUGHU6FKOHXVH/DFKHQGEOLFNWHQVLHLKQ DQ :LOONRPPHQLQGHU+|OOH)UHPGHUVDJWHHLQHUYRQLKQHQ(UKDWWHJUQH $XJHQGLHLQHLQHPVHOWVDPHQ.RQWUDVW]XVHLQHUWLHIEUDXQHQYRQ1DUEHQ EHUVlWHQ+DXWVWDQGHQ

0HLQ1DPHLVW$QWRLQHVDJWHGHU0DQQPLWGHQJUQHQ$XJHQ8QGGDV VLQG$XG\0DUFR*LDQFDUORXQG5REHUW (U]HLJWHGHU5HLKHQDFKDXIGLHDQGHUHQ7HNHQHUEOLFNWHLQYRQ/DVKDW 1DUEHQ]HUIUHVVHQH*HVLFKWHUGLHWHLOZHLVHVRHQWVWHOOWZDUHQGDVLHNDXP QRFKHWZDV0HQVFKOLFKHVDQVLFKKDWWHQ $QWRLQHVWUHFNWH7HNHQHUGLH+DQGHQWJHJHQ'HU/HXWQDQWHUJULIIVLH,Q GLHVHP0RPHQW]FNWH*LDQFDUORHLQHQ.RPELVWUDKOHUXQGULFKWHWHLKQDXI 7HNHQHU'LHVHU]RJGHQ5HYROYHUPLWGHUOLQNHQ+DQGDXVGHP*UWHO ZlKUHQG$QWRLQHYHUVXFKWHLKQDXVGHP*OHLFKJHZLFKW]XEULQJHQ)QI 6FKVVHHUW|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lW]W-HW]WZLVVHQZLUGDGXHLQ JDQ]HU.HUOELVW'XELVWLQ2UGQXQJ0lQQHUZLHGLFKN|QQHQZLUKLHU JHEUDXFKHQ 5RQDOG7HNHQHUOlFKHOWH(UEOLFNWHGLH0lQQHUGHU5HLKHQDFKDQXQGDOOH ZLFKHQLKPDXV.HLQHUYRQLKQHQNRQQWHVHLQHP%OLFNVWDQGKDOWHQ6LH ZDUHQ$EHQWHXUHUGLHDXI/DVKDWLKU*OFNYHUVXFKWKDWWHQXQGJHVFKHLWHUW ZDUHQYLHOOHLFKWKDWWHQLKUH)UHXQGHVLHYHUODVVHQQDFKGHPVLH7UDXPNlIHU JHIXQGHQKDWWHQ(LQLJHPRFKWHQYRUGHP*HVHW]KLHUKHUJHIORKHQVHLQDEHU NHLQHUYRQLKQHQZDUHLQH3HUV|QOLFKNHLWGLHVLFKPLW7HNHQHUPHVVHQ NRQQWH'DVEHGHXWHWHMHGRFKQLFKWGDHUVLFKHUYRULKQHQZDU-HGHPYRQ LKQHQWUDXWHHUHLQHQ0RUG]X (UGHXWHWHEHUGLH6FKXOWHU]XUFNDXIGHQ6KLIW %LOGHWHXFKQLFKWHLQGDLKUGDPLWHWZDVDQIDQJHQN|QQWVDJWHHU 9LHOOHLFKWN|QQWLKUGDV'LQJIOLHJHQDEHUGDVKLOIWHXFKDXFKQLFKWZHLWHU /DVKDWN|QQWLKUGDPLWQLFKWYHUODVVHQ

:HVKDOEELVWGXKLHU"IUDJWH0DUFRHLQGXQNHOKlXWLJHU0DQQGHU0KH KDWWHGLH:RUWHNODU]XIRUPXOLHUHQ(UPDFKWHHLQHQXQVLFKHUHQ(LQGUXFN DXI7HNHQHUXQGVFKLHQVWDUNYRQ$QWRLQHDEKlQJLJ]XVHLQGDHULQ DXIIDOOHQGHU:HLVHVHLQH1lKHVXFKWH 5RQDOG7HNHQHUVFKREVLFKGHQ+XWLQV*HQLFN :DUXPZRKO"IUDJWHHU,FKKDEHPLUVDJHQODVVHQGDHVKLHU 7UDXPNlIHUJLEWGLHVLFKGDGUDXHQJDQ]JXWYHUNDXIHQODVVHQ (U]HLJWH]XGHQ:RONHQKRFK 'LHIQI$EHQWHXUHUODFKWHQVFKDOOHQGXQGVFKOXJHQVLFKYRU9HUJQJHQDXI GLH6FKHQNHO7HNHQHU]HLJWHVLFKXQEHHLQGUXFNW(UOLHVLHODFKHQ 'X1DUUVDJWH$QWRLQHVFKOLHOLFKSUXVWHQG'XELOGHVWGLUGRFKZRKOQLFKW HLQGDGXHLQIDFKQXUVRGDKHUNRPPHQXQGGLH7UDXPNlIHUDXIVDPPHOQ NDQQVW"+DVWGXEHUKDXSWVFKRQHLQPDOHLQHQ7UDXPNlIHUJHVHKHQ" $OOHUGLQJV 6FKODJDUWLJZLFKGDVEHUOHJHQH*ULQVHQDXVLKUHQ*HVLFKWHUQ 8QGZLHZLOOVWGX/DVKDWZLHGHUYHUODVVHQ" .HLQ3UREOHP(LQ)XQNVSUXFKJHQJWZHQQHVVRZHLWLVW$Q%RUGGHV 5DXPVFKLIIVGDVXQVDEKROHQZLUGVLQGQRFKIQI3OlW]HIUHL'DVJLOWDEHU QXUIU/HXWHGLHLFKGDEHLKDEHQZLOO $QWRLQHGUHKWHVLFKXPXQGJLQJLQHLQH+WWH'LHDQGHUHQVWHFNWHQGLH .|SIH]XVDPPHQXQGGLVNXWLHUWHQOHLVHELV$QWRLQHPLWHLQHPDXVJHK|KOWHQ .UELV]XUFNNHKUWH /DVKDW6FKQDSVYHUNQGHWHHU(VLVWGHUEHVWH6FKQDSVGHQHVDXI GLHVHPYHUIOXFKWHQ3ODQHWHQJLEWXQGHVLVWJDUDQWLHUWGDVHLQ]LJH*HV|II GDVIUHLLVWYRQ/DVKDW9LUHQ (UKLHOW7HNHQHUGDV*HIlKLQ 7ULQNW]XHUVWIRUGHUWHGHU6SH]LDOLVW 'XPLWUDXVWXQVQRFKLPPHUVWHOOWH$QWRLQHIHVW1DVFK|QLFKNDQQHV GLUQLFKWYHUGHQNHQ (UVHW]WHGHQ.UELVDQGLH/LSSHQXQGWUDQN'DQDFKUHLFKWHHULKQDQGLH DQGHUHQZHLWHUGLHGHP6FKQDSVHEHQIDOOVNUlIWLJ]XVSUDFKHQ7HNHQHU QDKPQXUHLQHQNOHLQHQ6FKOXFN'LH)OVVLJNHLWEUDQQWHLQVHLQHU.HKOHXQG WULHELKPGLH7UlQHQLQGLH$XJHQ :HQLJVWHQVGDVPDFKW(LQGUXFNDXILKQVDJWH5REHUWHLQElUWLJHU0DQQ PLWVFKPDOHP*HVLFKWXQGDXVGUXFNVYROOHQ$XJHQ 7HNHQHUIDQGHVDQGHU=HLWVHLQHQ1DPHQ]XQHQQHQ 'XVFKHLQVWLQ2UGQXQJ]XVHLQVDJWH$QWRLQHGDQDFK:LUQHKPHQGLFK EHLXQVDXI'DEHLJHEHLFK]XGDZLUKRIIHQYRQGHLQHQ9RUUlWHQ]X SURILWLHUHQ9LHOOHLFKWILQGHQZLUPLWGHLQHU+LOIHVRJDU7UDXPNlIHUREZRKOLFK QLFKWVRUHFKWGDUDQJODXEHQZLOO :DUXPQLFKW"IUDJWH7HNHQHU :HLOZLUQLFKWDOOHLQVLQGDQWZRUWHWHGHU$EHQWHXUHU8QJHIlKUGUHL 7DJHVPlUVFKHYRQKLHU (UVWRFNWHEOLFNWHDXIGHQ6KLIWXQGVFKWWHOWHGHQ.RSI

1HLQHWZDHLQH)OXJVWXQGHYRQKLHUHQWIHUQWKDEHQ)UHPGHHLQHQ 6WW]SXQNWHUULFKWHW:LUKDEHQYHUVXFKWXQVGRUWKLQGXUFK]XVFKODJHQXQG .RQWDNWPLWLKQHQDXI]XQHKPHQ'DVKDWYLHUYRQXQVGDV/HEHQJHNRVWHW 6LHKDEHQXQVHUH)UHXQGHHLQIDFKDEJHNQDOOWRKQHVLHEHUKDXSWHUVW DQ]XK|UHQ :DVVLQGGDVIU/HXWH" :LUZLVVHQHVQLFKW6LHKDWWHQ5DXPDQ]JHDQZHLOVLHVLFKYHUPXWOLFKYRU HLQHU,QIHNWLRQIUFKWHWHQ$QWRLQHVSXFNWHDXV-HGHQIDOOVKDEHQGLHVH )UHPGHQGLHJDQ]H*HJHQGDEJHJUDVWXQGEHUDOO7UDXPNlIHU DXIJHVDPPHOW+LHUJLEWHVNHLQH7UDXPNlIHUPHKU 'DQQVXFKHQZLUHEHQZRDQGHUVVDJWH7HNHQHU0LWGHP6KLIWNRPPHQ ZLUEHUDOOKLQ'DVLVWNHLQ3UREOHP:HQQLKUZROOWIOLHJHQZLUPRUJHQ ZHLWHUXQGHUULFKWHQLQHLQHPEHVVHUHQ*HELHWHLQHQ6WW]SXQNW 'LH0lQQHUXP$QWRLQHMXEHOWHQ%HJHLVWHUWXPULQJWHQVLH7HNHQHUXQG KlPPHUWHQLKPLKUH+lQGHDXIGLH6FKXOWHUQELVHUVLHHUVFK|SIW ]XUFNGUlQJWH9RUVHLQHQ$XJHQIOLPPHUWHHVXQGHUYHUVSUWHHLQH XQDQJHQHKPH6FKZlFKHLQGHQ.QLHQ 6FKODJWPLFKQLFKWWRW/HXWHEDWHU:LUZROOHQGRFKQRFKHLQH:HLOH ]XVDPPHQEOHLEHQ *ULQVHQGZLFKHQVLHYRULKP]XUFNXQGIKUWHQLKQLQHLQHGHU+WWHQhEHU HLQHP)HXHUKLQJHLQ6WFN)OHLVFKGDVPLWWOHUZHLOHMHGRFKUHVWORV YHUVFKPRUWZDUZHLOQLHPDQGHVEHUGHP)HXHUJHGUHKWKDWWH .HLQH6RUJHVDJWH7HNHQHU,FKKDEHJHQJHQG9RUUlWHLP6KLIW 9RUVLFKWZDUQWH$QWRLQH'DYRUQLVWHV,FKZHLQLFKWREVLH 2UWXQJVJHUlWHKDEHQDEHUHVN|QQWHVHLQ5RQDOG7HNHQHUEOLHEVWHKHQ(U IXKUVLFKPLWGHU+DQGEHUGDV*HVLFKWXQGZLVFKWHHLQSDDU,QVHNWHQIRUW 6LHZlUHQRFKQLFKWHLQPDOHLQHKDOEH6WXQGHGXUFKGHQ8UZDOGJHJDQJHQ XQGGRFKZDUHUY|OOLJHUVFK|SIW(UKDWWHGDV*HIKOVLFKQLFKWPHKUDXIGHQ %HLQHQKDOWHQ]XN|QQHQ 6HLWHLQHU:RFKHZDUHUMHW]WEHLGHQ*HVWUDQGHWHQYRQ/DVKDW(UKDWWHYLHO EHUGLHVH'VFKXQJHOZHOWHUIDKUHQ6HLWPHKUHUHQ7DJHQEHUHLWHWHHU ]XVDPPHQPLWVHLQHQQHXHQ)UHXQGHQGHQ8P]XJLQHLQDQGHUHV&DPSYRU 'LHVHV0DOVROOWHGDV/DJHUKRFKDQHLQHP%HUJKDQJOLHJHQZRDQJHQHKPH 7HPSHUDWXUHQEHLJHULQJHU/XIWIHXFKWLJNHLWKHUUVFKWHQ0LWGHP6KLIWVR KDWWHHUGHQ$EHQWHXUHUQHLQJHUHGHWZDUHVNHLQ3UREOHPLQGLH*HJHQGHQ YRU]XGULQJHQLQGHQHQ7UDXPNlIHU]XILQGHQZDUHQXQGDQVFKOLHHQG ZLHGHULQV&DPS]XUFN]XNHKUHQ6RZDUGLH*HIDKUJHULQJHUVLFKPLW JHIlKUOLFKHQ.HLPHQ]XLQIL]LHUHQ 'RFKVHLQH%HWHLOLJXQJDP8P]XJLQHLQDQGHUHV&DPSZDUQXUHLQ 7lXVFKXQJVPDQ|YHU6WlQGLJYHUVXFKWH7HNHQHUGHQDQGHUHQ NODU]XPDFKHQGDHVHQWVFKHLGHQGIUVLHDOOHZDUGLH0DFKWGHU)UHPGHQ LP6WW]SXQNW]XEUHFKHQ

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lW]WHGDGHU6WW]SXQNWGHU5DXPSLUDWHQHLQH/lQJHYRQPHKUDOV ]ZHLKXQGHUW0HWHUQKDWWHXQGEHUIQI]LJ0HWHUEUHLWZDU:LHWLHIHU KHUDEUHLFKWHZDUQLFKWDXV]XPDFKHQ 'HU/HXWQDQWDWPHWHVFKZHU(UIKOWHVWHFKHQGH6FKPHU]HQLQGHU/XQJH :HLWGXRELUJHQGZR5DXPVFKLIIHODQGHQN|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lXHUVWHU :LOOHQVDQVWUHQJXQJNDPHUDXIGLH%HLQH(UIKOWHVLFKVRVFKZDFKGDHU GLH$UPHQLFKWPHKUKHEHQNRQQWH(UVDKQLFKWVPHKUGRFKHUIKOWHGLH

VWDUNHQ$UPH$QWRLQHVGLHLKQXPIDWHQ6HLQ%HJOHLWHUKRELKQKRFKXQG OHJWHLKQVLFKEHUGLH6FKXOWHUQ 6Sl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|GHQ/LSSHQ WURSIWH 'LH%HZHJXQJKDWWHLKQVRDQJHVWUHQJWGDHUGDUEHUHUQHXWGDV %HZXWVHLQYHUORU 'RFKGLHVHV0DONDPHUVFKRQQDFKNXU]HU=HLWZLHGHU]XVLFK(UODJQRFK LPPHULQGHUJOHLFKHQ+DOWXQJXQGGDV:DVVHUEHQHW]WHVHLQH/LSSHQ'DV YRQ1DUEHQHQWVWHOOWH*HVLFKW$QWRLQHVWDXFKWHEHULKPDXI 0DQQVDJWHHU'XOHEVWMDLPPHUQRFK'XELVWHLQYHUGDPPWKDUWHU %XUVFKH:LUKDWWHQGLFKOlQJVWDEJHVFKULHEHQ :LHQHWWYRQGLUIOVWHUWH7HNHQHUPKVDP(UKDWWHVWDUNH .RSIVFKPHU]HQ$XFKGHU5FNHQXQGGLH*HOHQNHVFKPHU]WHQVRGDHU VLFKNDXPEHZHJHQNRQQWH:LHODQJHELQLFKVFKRQNUDQN" =HKQ7DJHHUZLGHUWH$QWRLQH(VZLUG=HLWGDGXMHW]WHQGOLFKHWZDVLW VRQVWNRPPVWGXEHUKDXSWQLFKWPHKUDXIGLH%HLQH =HKQ7DJHVDJWH7HNHQHUHQWVHW]W6RODQJH" $QWRLQHODFKWHODXWDXI 'XPDFKVWPLU6SDHQWJHJQHWHHU$XG\5REHUW0DUFR*LDQFDUORXQG LFKKDEHQGLH/DVKDWSRFNHQJHKDEW8QGLFKNHQQHQRFKHLQLJHDQGHUH PHKUGLHHVHEHQIDOOVHUZLVFKWKDWXQGGLHOlQJVWKLQEHUVLQG.HLQHUZDU VFKRQQDFK]HKQ7DJHQGDZRGXMHW]WELVW:LUKDEHQHLQ-DKUXQGPHKU JHEUDXFKWXPPLWGHQYHUGDPPWHQ3RFNHQIHUWLJ]XZHUGHQ'DGXMHW]W VFKRQZLHGHU)UDJHQVWHOOHQNDQQVWLVWIUPLFKGDVUHLQVWH:XQGHU hEHUPLFKKDEHQVLFKVFKRQYLHOHJHZXQGHUWIOVWHUWH7HNHQHUPKVDP OlFKHOQG:DUXPVROOWHQVLFKQLFKWDXFKGLH/DVKDW9LUHQZXQGHUQ" $QWRLQHEUOOWHYRU/DFKHQ:lKUHQG7HNHQHUHUQHXWGDV%HZXWVHLQYHUORU YHUOLHHUGLH+WWHXPGLHDQGHUHQ]XLQIRUPLHUHQ(UNHKUWHQDFKHLQLJHU =HLWPLWHLQHU%UKHZLHGHU]XGHP.UDQNHQ]XUFNGHULQ]ZLVFKHQGLH $XJHQZLHGHUJH|IIQHWKDWWH%HKXWVDPIO|WHHULKPHWZDV%UKHHLQ 7HNHQHUIKOWHVLFKHWZDVEHVVHUDOVHUHWZDVJHJHVVHQKDWWH$QWRLQHOREWH LKQXQGHUNOlUWHGDQDFK:LUZHUGHQGLFKMHW]WIUHWZD]ZHL6WXQGHQDOOHLQ ODVVHQ:LUKDEHQXQVHUODXEWHLQHQGHUEHLGHQ$QWLJUDYVDXVGHLQHP6KLIW DXV]XEDXHQXQGGDPLWHLQHSULPLWLYH)OXJSODWWIRUPDXV]XUVWHQ:LUPVVHQ

0DWHULDO]XXQVHUHPQHXHQ&DPSEULQJHQ,FKJODXEHGDZLULQVSlWHVWHQV ]ZHL7DJHQLQGDVDQGHUH&DPSXP]LHKHQN|QQHQ'DQQZLUGHVDXFKIU GLFKOHLFKWHU 7HNHQHUQLFNWHQXU'LH0lQQHUYHUOLHHQLKQ(UK|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lXHUOLFKXQEHVFKlGLJWDXV :LHGHUVHW]WHGLFKWHU5HJHQHLQ,QQHUKDOEZHQLJHU6HNXQGHQELOGHWHVLFK HLQHJURH3IW]H]ZLVFKHQLKPXQGGHP)OXJSDQ]HU 7HNHQHUOLHVLFKDXIGHQ%DXFKVLQNHQ(UZDUWHWHDEGRFKGHU5HJHQOLH QLFKWQDFK,KPZXUGHNDOW)LHEHUVFKDXHUHUVFKWWHUWHQVHLQHQ.|USHU(U VWHPPWHVLFKZLHGHUKRFKXQGNURFKLQGHQ5HJHQKLQDXVVWlQGLJYRQ HLQHP6FKZlFKHDQIDOOEHGURKW6HLQH+lQGHXQG.QLHYHUVDQNHQLP 6FKODPP'HU5HJHQWURPPHOWHDXIVHLQHQ5FNHQVRGDHUJODXEWHYRQ WDXVHQG1DGHOVWLFKHQJHWURIIHQ]XZHUGHQ(UNlPSIWHVLFKYRUDQ 'HU:HJNDPLKPHQGORVYRU9HUJHEOLFKYHUVXFKWHHUGHQ.RSI]XKHEHQ XQGQDFKYRUQ]XEOLFNHQ,KPIHKOWHGLH.UDIWGD]X,PPHUZLHGHUVWLHJGLH 9HUVXFKXQJLQLKPDXIVLFKHLQIDFKIDOOHQ]XODVVHQXPVLFKHLQZHQLJ DXV]XUXKHQ(UZDUVLFKMHGRFKNODUGDUEHUGDHUQLFKWZLHGHU KRFKNRPPHQZUGHZHQQHUVLFKHUVWHLQPDOLQGDV:DVVHUJHOHJWKDWWH 7DJHVFKLHQHQYHUJDQJHQ]XVHLQDOVVHLQH+lQGHHQGOLFKGLH3DQ]HUNHWWHQ GHV6KLIWVEHUKUWHQ7HNHQHUKREGHQ.RSI-HW]WVFKDIIWHHUHVQDFKREHQ ]XVHKHQ'HU5HJHQILHOLKPNODWVFKHQGLQV*HVLFKW'LH/HLWHU]XU6FKOHXVH VWLHJYRULKPDXI(UKDWWHGDV*HIKOGDVLHELVLQV(QGORVHIKUWHXQGHU YHUIOXFKWHVLFKGDHUEHUKDXSWGHQ9HUVXFKXQWHUQRPPHQKDWWHELV KLHUKHU]XNRPPHQ9HU]ZHLIHOWIUDJWHHUVLFKZDUXPHUQLFKWHLQIDFKLQGHU +WWHJHEOLHEHQZDU 'DQQILHOLKPHLQGD]HKQ7DJHYHUVWULFKHQZDUHQ]HKQZHUWYROOH7DJHLQ GHQHQXQHQGOLFKYLHOJHVFKHKHQVHLQNRQQWH(UULFKWHWHVLFKDXI6HLQH PDJHUHQ+lQGHNODPPHUWHQVLFKXPGLH(LVHQVWUHEHQGHU/HLWHU(U]RJVLFK KRFK6HLQ5FNHQVFKLHQ]X]HUEUHFKHQ(UVFKULHYRU6FKPHU]GRFKHU JDEQLFKWQDFKELVHUHQGOLFKDQGHU/HLWHUVWDQG$XFKMHW]WOHJWHHUNHLQH 3DXVHHLQ(UNlPSIWHZHLWHUDUEHLWHWHVLFK=HQWLPHWHUXP=HQWLPHWHUYRUDQ ELVHUVFKOLHOLFKYRUQEHULQGLH6FKOHXVHQNDPPHUVWU]WH(UUROOWHEHU GHQ%RGHQXQGEOLHENHXFKHQGOLHJHQ

(UODJLP7URFNHQHQXQGHUZXQGHUWHVLFKGDHUGDV%HZXWVHLQQLFKW YHUORU1DFKGHQ$QVWUHQJXQJHQGLHKLQWHULKPODJHQVRPHLQWHHUZlUH GDVQLFKWEHUUDVFKHQGJHZHVHQ 1DFKHLQLJHU=HLWULFKWHWHHUVLFKDXI6HLQH%OLFNHNOlUWHQVLFK'DV6FKRWW ]XP/DGHUDXPZDUJHVFKORVVHQGRFKHUEUDXFKWHQXUHLQH+DQG DXV]XVWUHFNHQXPHV]X|IIQHQ$XIDOOHQYLHUHQNURFKHUZHLWHUELVKLQ]XP 0HGRVFKUDQN+LQWHULKPVFKORVLFKGDV6FKRWW(UEHIDQGVLFKLQHLQHP EHOHXFKWHWHQNOLPDWLVLHUWHQ5DXP(U]DSIWHVLFKHLQHQPLW7UDXEHQ]XFNHU DQJHUHLFKHUWHQ7HHDEVFKORVLFKDQGHQ0HGRURERWHUDQXQGOLHVLFK HLQHNUlIWLJHQGH,QMHNWLRQYHUDEUHLFKHQ0HWDOOHQH$UPHIXKUHQDXVGHU :DQGDXV6LHOHJWHQHLQHPLWHLQHULVROLHUHQGHQ0HWDOOIROLHYHUVHKHQH 'HFNHEHULKQ (UVFKORGLH$XJHQXQGVFKOLHIHLQ 'RFKVFKRQQDFKNXU]HU=HLWNDPHUZLHGHU]XVLFK(UIKOWHVLFKVFKRQYLHO NUlIWLJHUDOVYRUKHU(VJHODQJLKPDXIGLH%HLQH]XNRPPHQGLH.OHLGHU DE]XVWUHLIHQXQGLQGHQ+\JLHQHUDXP]XJHKHQ+LHUGXVFKWHHUVLFK JUQGOLFKDE'DEHLKDWWHHU*HOHJHQKHLWVLFK]XEHWUDFKWHQ%HLHLQHU*U|H YRQ0HWHUQKDWWHHUHLQ*HZLFKWYRQDQQlKHUQGNJJHKDEW-HW]WZRJ HUQXUQRFKNQDSSNJ(UNRQQWHVLFKQLFKWYRUVWHOOHQZLH/DVKDW.UDQNH EHUOHEHQNRQQWHQZHQQVLHZHVHQWOLFKOlQJHUDOVHUDXIGHP.UDQNHQEHWW ODJHQXQGNHLQHLQWHQVLYH3IOHJHJHQRVVHQ (UIULVFKWYHUOLHHUGLH.DELQH]RJVDXEHUH:lVFKHDQXQGVWUHLIWHVLFKHLQH PRGHUQH.RPELQDWLRQPLWDXVUHLFKHQGHU.OLPDWLVLHUXQJXQGDXV ZDVVHUDEVWRHQGHP0DWHULDOEHU(UIKUWHVLFKHLQHQ.RQ]HQWUDWEUHL]X 'DQDFKHUVWNODSSWHHUHLQHQ6FKUDQNDXIDQGHVVHQ,QQHQWUVLFKHLQ 6SLHJHOEHIDQG (QWVHW]WDXIVW|KQHQGIXKUHU]XUFNDOVHUVHLQ*HVLFKWVDK(VZDU YROONRPPHQYHUTXROOHQXQGPLW%HXOHQEHUVlWVRGD0XQGXQG1DVH NDXP]XHUNHQQHQZDUHQ$XFKGLH$XJHQODJHQXQWHUEOXWLJURWHQ 6FKZHOOXQJHQYHUERUJHQ'HU6FKlGHOZDUNDKO 5RQDOG7HNHQHUJODXEWHHLQHP)UHPGHQJHJHQEHU]XVWHKHQ (USUHWHGLH+lQGHYRUGDV*HVLFKWXQGVDQNlFK]HQGDXIGHQ%RGHQ (QGOLFKZXUGHLKPEHZXWGDHUGLH/DVKDW.UDQNKHLWZHLWXQWHUVFKlW]W KDWWH(UKDWWHKRFKJHVSLHOWXQGYHUORUHQ'LHHQWVWHOOWHQ*HVLFKWHUGHU *HVWUDQGHWHQYRQ/DVKDWVWLHJHQYRUVHLQHPJHLVWLJHQ$XJHDXI:UGHHU VSlWHUDXFKVRDXVVHKHQZHQQGLH3RFNHQEHXOHQDEJHKHLOWZDUHQ":UGH VHLQ*HVLFKWGDQQEHUKDXSWQRFKPLWHLQHPPHQVFKOLFKHQ$QWOLW]]X YHUJOHLFKHQVHLQ" :DVZUGH6KDURQVDJHQZHQQVLHLKQVRVDK" 'HU*HGDQNHDQVLHULHI6FKPHU]HQLQVHLQHU%UXVWKHUYRUXQGLKPZXUGH EHZXWGDHUZHLWDXVPHKUIUVLHHPSIDQGDOVHUELVKHUJHZLOOWZDU ]X]XJHEHQ 'HU*HGDQNHDQVLHPDFKWHDEHUDXFKQHXH.UlIWHLQLKPPRELOXQG HULQQHUWHLKQDQVHLQH$XIJDEHQ(UHUKREVLFKXQGVFKOHSSWHVLFK]XU.DQ]HO

KRFK(VUHJQHWHQRFKLPPHUXQGGHU5HJHQILHOVRGLFKWGDHUNHLQH]HKQ 0HWHUZHLWVHKHQNRQQWH(U]ZHLIHOWHGDUDQGD$QWRLQHXQGGLHDQGHUHQ XQWHUGLHVHQ8PVWlQGHQWDWVlFKOLFKVFKRQQDFK]ZHL6WXQGHQ]XUFNNHKUHQ ZUGHQ(UJODXEWHYLHOPHKUGDVLHDEZDUWHQZUGHQELVHVDXIK|UWH]X UHJQHQ6RNRQQWHHUVLFKJDQ]DXIVHLQH$UEHLWNRQ]HQWULHUHQ(UVWHOOWHIHVW GDGLHDQGHUHQGHQ6KLIWXQWHUVXFKWDEHUQLFKWV:LFKWLJHVJHIXQGHQ KDWWHQ (UULHIGLHHLQJHJDQJHQHQ)XQNVSUFKHDE6LHZDUHQDOV5DIIHULPSXOVH HLQJHJDQJHQ,QVJHVDPWODJHQIQI)XQNVSUFKHYRU ,QGHPHUVWHQWHLOWHLKP$WODQPLWGD*HRUJH/LPS&RDWHV]XP7RGH YHUXUWHLOWXQGKLQJHULFKWHWZRUGHQZDU6HLQ7RGKDWWHZWHQGH$WWDFNHQGHU &256$DXVJHO|VW ,QGHQDQGHUHQ)XQNVSUFKHQ]HLFKQHWHVLFKGLHZHLWHUH(QWZLFNOXQJGHU OHW]WHQ7DJHDE'LH&256$KDWWHVLFKDXIGLH6HLWHGHU5DXPSLUDWHQ JHVFKODJHQXQGLKQHQHQWVFKHLGHQGH,QIRUPDWLRQHQ]XJHVSLHOW$WODQZDU VLFKGHVVHQVLFKHUGDGLH5DXPSLUDWHQPLWGHP$UNRQLGHQ7HPPHUWKDQDQ GHU6SLW]HPLWWOHUZHLOHZXWHQZHUDXIGHP+DQGHOVSODQHWHQ/XPEHU*DVW LP3DODVWYRQ7HPPHUWKDQJHZHVHQZDU'HU$UNRQLGH7HPPHUWKDQGHP PDQELVKHUWURW]DOOHU%HPKXQJHQQLFKWVQDFKZHLVHQNRQQWHZDU YHUVFKZXQGHQ *OHLFK]HLWLJZDU/DVKDWLQGHQ%OLFNSXQNWGHU:HOW|IIHQWOLFKNHLWJHUFNW'LH PlFKWLJH/REE\GHU5HLFKHQXQGGHU6XSHUUHLFKHQPDFKWHVLFKIU/DVKDW VWlUNHUGHQQMH'LH5DXPSLUDWHQVFKLHQHQ]XZLVVHQGDHLQH$NWLRQGHU 862JHJHQGLHVHQ3ODQHWHQOLHI'DKHUGUlQJWH$WODQ]XU(LOH ,QVHLQHPOHW]WHQ)XQNVSUXFKWHLOWHHUPLWGDHUQLFKWPHKUOlQJHUZDUWHQ N|QQH1DFK$EODXIHLQHU)ULVWYRQ6WXQGHQZROOWHHUHLQHQ*URHLQVDW] JHJHQGLHYHUPXWHWH5DXPVWDWLRQGHU3LUDWHQDXI/DVKDWVWDUWHQ'DEHLZDU HUVLFKGHVVHQEHZXWGDHUHLQHQJDOD[LVZHLWHQ6NDQGDODXVO|VHQZUGH 'LH9|ONHUGHU*DOD[LVZXUGHQYRQ.UlIWHQGLHPDQLQGHQ.UHLVHQGHU &256$YHUPXWHWHJHJHQGDV6RODUH,PSHULXPDXIJHKHW]W8QWHUGHQ 9|ONHUQGHU*DOD[LVZXFKVGLH)XUFKWGDGDV6RODUH,PSHULXPQHXH 0DFKWDQVSUFKHVWHOOHQZUGH 'LHVH)XUFKWKDWWHEHUHLWV]XHLQLJHQ%OLW]NRQIHUHQ]HQYHUVFKLHGHQHU0lFKWH JHIKUW1HXH0DFKWEDOOXQJHQGLHGHP6RODUHQ,PSHULXPIHLQGOLFKJHVLQQW ZDUHQ]HLFKQHWHQVLFKDE 7HNHQHUEOLFNWHDXIGDV&KURQRPHWHU 'UHLXQGYLHU]LJ6WXQGHQYRQGHUJHVHW]WHQ)ULVWZDUHQDEJHODXIHQ,KP EOLHEHQQRFKIQI6WXQGHQGLH$NWLRQVR]XHUOHGLJHQZLHVLHJHSODQWZDU (UVWUHLIWHHLQHQ6FKXW]DQ]XJEHUXQGYHUULQJHUWHPLW+LOIHGHV)OXJJHUlWV GHQ6FKZHUNUDIWZHUWVRGDHUVLFKOHLFKWHUEHZHJHQNRQQWH'DQDFK VWDUWHWHHUGHQ6KLIW$OVHUHLQH+|KHYRQHWZD]ZHLKXQGHUW0HWHUQ JHZRQQHQKDWWHVFKDOWHWHHUDXI$XWRSLORWHQXPXQGEHVFKOHXQLJWHDXIGHQ +|FKVWZHUW

'DQDFKVFKORHUVLFKHUQHXWDQGHQ0HGRURERWHUDQXPGHQHLQJHWUHWHQHQ 0DQJHO]XVWDQGVHLQHV.|USHUVDQDO\VLHUHQXQGVLFKDQKDQGGHV (UJHEQLVVHV$XIEDXLQMHNWLRQHQ]XVDPPHQVWHOOHQ]XODVVHQ'LH QDFKIROJHQGH%HKDQGOXQJZDUQXUNXU]ZHLO7HNHQHUVLHEDOGDEEUHFKHQ PXWHGDHUVLFKVHLQHP=LHOQlKHUWHGRFKVLHZDUZLUNVDP(UIKOWHVLFK EHVVHU(UZDUVLFKNODUGDUEHUGDHUQRFKZHLWGDYRQHQWIHUQWZDUGLH .UDQNKHLWEHUZXQGHQ]XKDEHQ,KPJHQJWHHVMHGRFKGDHUVLFKIU HLQLJH6WXQGHQDXIGHQ%HLQHQKDOWHQNRQQWH $OVHULQGLH.DQ]HO]XUFNNHKUWHZDUHUQXUQRFKZHQLJH.LORPHWHUYRP 6WW]SXQNWGHU5DXPSLUDWHQHQWIHUQW'DV:HWWHUKDWWHVLFKHLQZHQLJ JHEHVVHUW(VUHJQHWH]ZDUQRFKLPPHUGRFKZHLWHWHVLFKGLH6LFKWQXQDXI HWZD]ZHLKXQGHUW0HWHUDXV 7HNHQHUXPIORJGHQ6WW]SXQNWLQZHLWHP%RJHQ'DEHLHQWGHFNWHHUHLQ JURHV*HZlVVHUGDVHU]XQlFKVWIUHLQHQ6HHKLHOW'DQQMHGRFK EHPHUNWHHUGDHLQHVWDUNH6WU|PXQJYRUKDQGHQZDUhEHUUDVFKWIROJWHHU LKUELVKLQ]XHLQHP/RFKGDVHLQHQ'XUFKPHVVHUYRQHWZDHLQKXQGHUW 0HWHUQKDWWH+LHUYHUVFKZDQGHQGLH:DVVHUPDVVHQEURGHOQGXQGJLVFKWHQG LQGHU7LHIH.DXPKXQGHUW0HWHUZHLWHUODJGHU6WW]SXQNWGHU3LUDWHQ 6FKODJDUWLJZXUGH7HNHQHUNODUZDUXPGLHVHDXIHLQWKHUPRQXNOHDUHV .UDIWZHUNYHU]LFKWHQNRQQWHQ'DV:DVVHUVWU]WHGXUFKHLQHQ6FKDFKWPLW XQJHKHXUHU:XFKWLQGLH7LHIHXPVHLQHQ:HJLUJHQGZRZHLWXQWHUGHU 2EHUIOl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lKHUWHVLFKGHU6FKOXFKWLQGHUVLFK GLH5DXPSLUDWHQYHUEDUJHQLQHLQHP5DXPDQ]XJ,QGHQ7DVFKHQGHV 5DXPDQ]XJVWUDQVSRUWLHUWHHUHLQH5HLKHYRQ6SH]LDOJHUlWHQGLHHUIU VHLQHQ(LQVDW]EHQ|WLJWH(UZDUVLFKMHGRFKNODUGDUEHUGDHUVLFKLP 6WW]SXQNWQLFKWLP5DXPDQ]XJEHZHJHQNRQQWHZHLOHUGDULQYLHO]X XQEHZHJOLFKZDU )ULKQZDUVHOEVWYHUVWlQGOLFKGDHULQGHQ6WW]SXQNWHLQGULQJHQXQGVLFK GDULQXPVHKHQPXWH%LVMHW]WZDUGXUFKQLFKWVEHZLHVHQGDGLH %HVDW]XQJHQGHUHQWIKUWHQ+DQGHOVUDXPVFKLIIHJHW|WHWZRUGHQZDUHQ'DV

ZDUQXUHLQH$QQDKPH6RODQJHGLH0|JOLFKNHLWEHVWDQGGDVLFKDXFKQXU HLQHLQ]LJHU8QVFKXOGLJHULP6WW]SXQNWDOV*HIDQJHQHUEHIDQGGXUIWHHU GLHVHQQLFKWPLWPDVVLYHQ0LWWHOQ]HUVW|UHQ 7HNHQHUJOLWWLQVHLQHP5DXPDQ]XJODXWORVGXUFKGLH%VFKHELVHUGHQ 6WW]SXQNWVHKHQNRQQWH(UVFKUHFNWIXKUHU]XUFN(UHQWGHFNWHHLQLJH *HVWDOWHQLQ5DXPDQ]JHQGLHDXVGHQ:RONHQKHUDEVFKZHEWHQ6LH QlKHUWHQVLFKGHP6WW]SXQNWXQGYHUVFKZDQGHQGXUFKGLH7ULP)HOVHQ (LQLJHYRQLKQHQIKUWHQYHUVFKLHGHQH*HJHQVWlQGHPLWVLFKGLHHUQLFKW LGHQWLIL]LHUHQNRQQWH 7HNHQHU]|JHUWH 2IIHQVLFKWOLFKJDEHVQXUHLQHHLQ]LJH0|JOLFKNHLWLQGHQ6WW]SXQNW]X JHODQJHQ(UPXWHGXUFKGLH7UJHKHQ'RUWDEHUEHVWDQGGLH*HIDKUGD HUYRQ:DFKHQDEJHIDQJHQXQGJHW|WHWZXUGH 3O|W]OLFKEHPHUNWHHUHLQHQ1DFK]JOHUGHUDXVGHQ:RONHQKHUDENDP 7HNHQHUEHVFKOHXQLJWH(UUDVWHZLHHLQ*HVFKRGXUFKGLH%VFKHELVHU VLFKGHP3LUDWHQYRQKLQWHQQlKHUQNRQQWH$OVHUQDKHJHQXJKHUDQZDU SDUDO\VLHUWHHULKQ'DQQIORJHUDQLKQKHUDQ|IIQHWHVHLQHQ5DXPKHOPXQG EOLFNWHLQGDVElUWLJH*HVLFKWHLQHV7HUUDQHUV(UGUFNWHGHP0DQQGLH /LGHU]XGDPLWGLH$XJlSIHOQLFKWDXVWURFNQHWHQ'DQQVFKOHSSWHHULKQEHU GLH)HOVHQGDYRQELV]XHLQHP+JHOGHUHWZD]HKQ.LORPHWHUYRP 6WW]SXQNWHQWIHUQWZDU +LHUVHW]WHHUGHQ0DQQDEVWUHLIWHLKPGHQ5DXPDQ]XJDEXQGOLHLKQ DOOHLQQDFKGHPHULKPGDV$UPEDQGIXQNJHUlWDEJHQRPPHQKDWWHVRGDHU GLHDQGHUHQ3LUDWHQLP6WW]SXQNWQLFKWEHQDFKULFKWLJHQNRQQWH'HU 5DXPDQ]XJGHV3LUDWHQXQWHUVFKLHGVLFKLQZHVHQWOLFKHQ0HUNPDOHQYRQ VHLQHP'DKHUWDXVFKWHHUGLHEHLGHQ$Q]JHDXVXQGNHKUWH]XP 6WW]SXQNW]XUFN (UOHJWHVHLQH+DQGJHJHQGHQgIIQXQJVNRQWDNWGHU7UXQGEHWUDWGHQ 6WW]SXQNW.DXPKDWWHVLFKGLH7UKLQWHULKPJHVFKORVVHQDOVHLQH 'HVLQIHNWLRQVGXVFKHEHULKPKHUDEJLQJ(UEOLHEVWHKHQXQGZDUWHWHDEELV VLFKGLH'XVFKHZLHGHUDXVVFKDOWHWH(LQH7U|IIQHWHVLFKXQGHUEHWUDW HLQH$XVVWDWWXQJVNDPPHUGLHGDKLQWHUODJ,Q6SH]LDOJHVWHOOHQKLQJHQGLH 5DXPDQ]JHGHUDQGHUHQ3LUDWHQGLHYRULKPGLH6WDWLRQEHWUHWHQKDWWHQ(U VWUHLIWHVHLQHQ$Q]XJDEXQGYHUVWDXWHVHLQH$XVUVWXQJLQ7DVFKHQDQ VHLQHP*UWHO'DQDFKPXWHHUHLQH3DXVHHLQOHJHQXPHLQHQ 6FKZlFKHDQIDOO]XEHUZLQGHQ (UEOLFNWHDXIVHLQ&KURQRPHWHU 1RFKGUHL6WXQGHQ (QWVFKORVVHQJLQJHU]XGHUQlFKVWHQ7UXQG|IIQHWHVLH9RULKPODJHLQH ZHLWH+DOOHDXIGHUHQ*UXQGVLFKHLQH5HLKHYRQ0DVFKLQHQHUKRE'DV 'U|KQHQPlFKWLJHU7XUELQHQNODQJ]XLKPKHUDXI(UEHIDQGVLFKDXIHLQHU 3ODWWIRUPGLHHWZDKXQGHUW0HWHUEHUGHP%RGHQGHU+DOOHODJ(LQH $QWLJUDYU|KUHIKUWHQDFKXQWHQ7HNHQHUEHPHUNWH]DKOUHLFKH*HVWDOWHQGLH VLFK]ZLVFKHQGHQ0DVFKLQHQEHZHJWHQ

(U]RJVLFKELVDQGLH$QWLJUDYU|KUH]XUFNXQGEOLFNWHGDULQQDFKXQWHQ 1LHPDQGKLHOWVLFKGDULQDXI0LWHLQHP6FKDOWHUQHEHQGHU5|KUHNRQQWHGDV $QWLJUDYIHOGHLQJHVFKDOWHWXQGDXIZlUWVRGHUDEZlUWVJHSROWZHUGHQ(U EHWlWLJWHGHQ6FKDOWHUXQGVWLHJLQGLH5|KUH'DV$QWLJUDYIHOGWUXJLKQQDFK XQWHQ 7HNHQHUXPNODPPHUWHGHQ.ROEHQVHLQHV.RPELVWUDKOHUVDOVHUVLFKGHU XQWHUHQgIIQXQJQlKHUWH6HLQH&KDQFHQZDUHQQXUJHULQJZHQQLQGLHVHP 0RPHQWMHPDQG]XLKPKHUEOLFNWH'RFKHUKDWWH*OFN1LHPDQGKLHOWVLFK LQGHU1lKHDXI(UNRQQWHGHQ$QWLJUDYVFKDFKWYHUODVVHQXQGKLQWHUHLQHU 0DVFKLQHLQ'HFNXQJJHKHQ (U]ZHLIHOWHQLFKWGDUDQGDHUGLH0DVFKLQHULHJHIXQGHQKDWWHPLWGHU 6FKLIIVSURJUDPPLHUXQJHQZlKUHQGGHU7UDQVLWLRQYHUlQGHUWZXUGHQVRGD GLH+DQGHOVVFKLIIHH[DNWGRUWDQNDPHQZRGLH5DXPSLUDWHQDXIVLH ZDUWHWHQ (UYHUPXWHWHGDHUHVPLWHLQHPPRGLIL]LHUWHQ+\SHUIXQNVHQGHU]XWXQ KDWWHGHUPLWHLQHP+RFKOHLVWXQJV2UWXQJVJHUlWJHNRSSHOWZDU1XUVRZDU ]XHUNOlUHQGDGLH5DXPSLUDWHQDXIGHUHLQHQ6HLWHGHQ)OXJGHU +DQGHOVUDXPHUH[DNWYHUIROJHQXQGGDQQPLW+RFKHQHUJLHIHOGHUQLQGLH 6FKLIIVFRPSXWHUHLQJUHLIHQNRQQWHQ 7HNHQHUHQWGHFNWHHWZDIQI]LJ0HWHUYRQLKPHQWIHUQWHLQLJH5lXPHGLH GXUFKHLQHWUDQVSDUHQWH:DQGYRQGHU+DOOHDEJHWUHQQWZDUHQ,QLKQHQ EHZHJWHQVLFKHLQLJH0lQQHU (UGXFNWHVLFKXQGHLOWH]XHLQHUDQGHUHQ0DVFKLQH,QGHUHQ6FKXW] DUEHLWHWHHUVLFKDQGLHWUDQVSDUHQWH:DQGKHUDQ8QPLWWHOEDUQHEHQLKP |IIQHWHVLFKHLQH7U(UVSUDQJKLQWHUHLQHQ3IHLOHUXQGSUHWHVLFKPLWGHP 5FNHQDQHLQHQ*HQHUDWRU(UVDKHLQHQ$UNRQLGHQGHUDXVHLQHP 0DWHULDOUDXPNDPDXVGHPHU(UVDW]WHLOHJHKROWKDWWH'HU5DXPSLUDW HQWIHUQWHVLFKLQHQWJHJHQJHVHW]WHU5LFKWXQJ 7HNHQHUHLOWH]XU7UGHV0DWHULDOUDXPV|IIQHWHVLHXQGVFKOSIWHKLQGXUFK /HXFKWHQGH'HFNHQSODWWHQVSHQGHWHQDXVUHLFKHQGHV/LFKW(UVDKVLFKXP $XI]DKOUHLFKHQ5HJDOHQVWDSHOWHQVLFK(UVDW]WHLOHDOOHU$UW$EHUQLFKWGDV LQWHUHVVLHUWHLKQVRQGHUQHLQH7UDXVGXUFKVLFKWLJHP.XQVWVWRIIGLH]XGHQ DEJHWUHQQWHQ5lXPHQIKUWH'LH7UZDUQXUDQJHOHKQW7HNHQHUK|UWH 6WLPPHQ(UVFKREGLH7UZHLWHUDXIXQGJOLWWGXUFKGHQ6SDOWDXIHLQHQ *DQJKLQDXV$OVHUHLQLJH6FKULWWHJHJDQJHQZDUNRQQWHHULQHLQHQJURHQ 5DXPVHKHQGHUDOV0HVVHGLHQWH(WZDIQI]LJ0lQQHUXQG)UDXHQVDHQ DQ7LVFKHQ]XVDPPHQXQGDHQ$QHLQHP7LVFKLQGHU1lKHGHV XQYHUVFKORVVHQHQ(LQJDQJVVSHLVWHQ7HPPHUWKDQXQG0RUDQ]XVDPPHQ PLW]ZHL)UDXHQGLH7HNHQHUQLFKWNDQQWH'LUHNWQHEHQLKQHQLQGHU:DQG EHIDQGVLFKHLQ%HOIWXQJVJLWWHUGDVMHGRFKQLFKW]XHLQHP %HOIWXQJVVFKDFKWJHK|UWHVRQGHUQHLQHQ'XUFKEUXFKLQGHU:DQG EHGHFNWH7HNHQHUJLQJDQGHURIIHQHQ7UYRUEHL1LHPDQGEHPHUNWHLKQ $P%HOIWXQJVJLWWHUEOLHEHUVWHKHQ(UZDUY|OOLJXQJHGHFNWXQGGHUHUVWH

GHUDXIGHQ*DQJKLQDXVNDPPXWHLKQVHKHQ'RFKGDVVW|UWHLKQQLFKW(U ZROOWHZLVVHQZDV0RUDQXQG7HPPHUWKDQ]XEHVSUHFKHQKDWWHQ 6FKRQGLHHUVWHQ:RUWHGLHHUYHUQDKPPDFKWHQGHXWOLFKGDGLHEHLGHQ $UNRQLGHQXPGLH0DFKWEHUGLH2UJDQLVDWLRQGHU5DXPSLUDWHQJHNlPSIW KDWWHQ-HW]WKDWWHQVLHGHQ.DPSIJHJHQHLQDQGHUHLQJHVWHOOWXQGVLFK JHHLQLJW9HUJHVVHQVFKLHQGHU6WUHLWMHGRFKQRFKQLFKW]XVHLQGHQQ 7HNHQHUK|UWHGD0RUDQ7HPPHUWKDQKHIWLJH9RUZUIHPDFKWHZHLOHU DOO]XVHKUPLWVHLQHP5HLFKWXPJHSURW]WXQGYRUDOOHPZHLOHU7UDXPNlIHUDOV *HZLQQHDXVJHVHW]WXQGGDGXUFKDXI/DVKDWDXIPHUNVDPJHPDFKWKDWWH 'DVZlUHQLFKWQRWZHQGLJJHZHVHQVDJWH0RUDQ]ZLVFKHQ]ZHL%LVVHQ 'LH7HUUDQHUZDJHQHVQLFKW/DVKDWDQ]XJUHLIHQHUZLGHUWH7HPPHUWKDQ JHODVVHQ+LHU6LHKVHOEVW (UVFKREHLQHEHVFKULIWHWH)ROLHEHUGHQ7LVFK0RUDQGHUVRVFKPXW]LJ XQGYHUNRPPHQDXVVDKZLHLPPHUODV'DQQOlFKHOWHHUEHZXQGHUQG $UNRQVWHOOW/DVKDWYRUEHUJHKHQGXQWHUVHLQHQEHVRQGHUHQ6FKXW]"IUDJWH HU:LHKDVWGXGDVJHVFKDIIW" 0LW*HOGHUUHLFKWPDQYLHOHUZLGHUWH7HPPHUWKDQXQGHUIJWHKLQ]X8QG PLW(LQLJNHLW ,VWMDVFKRQJXWVDJWH0RUDQXQGZLQNWHDE,FKZHUGHGLUNHLQH 6FKZLHULJNHLWHQPHKUPDFKHQ,P*UXQGHJHQRPPHQJLQJDOOHVDXIGLH E|VDUWLJHQ,QWULJHQGLHVHVMXQJHQ7HUUDQHUV]XUFN(UKDWPLFKDXIGHQ *HGDQNHQJHEUDFKWHWZDVJHJHQGLFK]XXQWHUQHKPHQ$EHUGDVVDJWHLFK MDVFKRQ /DVVHQZLUGDVHQWJHJQHWH7HPPHUWKDQ,QGLHVHU6WXQGHWUHIIHQ ZHQLJVWHQVIQIDUNRQLGLVFKH.ULHJVVFKLIIHLP/DVKDW6\VWHPHLQ'LHGD REHQZHUGHQHVXQWHUGLHVHQ8PVWlQGHQQLFKWZDJHQXQVDQ]XJUHLIHQ (UGHXWHWHPLWGHU+DQGQDFKREHQ6HLQH:RUWH]HLJWHQDQGDHUEHUGLH $QZHVHQKHLWGHVWHUUDQLVFKHQ6FKODFKWVFKLIIVLQIRUPLHUWZDU 'LH)UDJHLVWIXKUHUIRUWREZLUXQWHUGLHVHQ8PVWlQGHQGHQWHUUDQLVFKHQ +DQGHOVUDXPHU0,':$

(UUDQQWHDXIVLH]XXQGSUHWHLKUGLH+DQGDXIGHQ0XQG .HLQ:RUWIOVWHUWHHU2GHULFKEULQJHGLFKXP (UVFKOHSSWHVLH]XHLQHU7UXQGVFKREVLHLQHLQHQ5DXPGHURIIHQEDUDOV .RQVWUXNWLRQVEURGLHQWH+LHUJDEHULKUHQ0XQGIUHL'DV0lGFKHQZDU OHLFKHQEOD 6LHKDEHQGLH3RFNHQVDJWHHUVWDPPHOQG $OOHUGLQJVHUZLGHUWHHU8QGMHW]WKDEHLFK6LHLQIL]LHUW$EHUGDVEHGHXWHW QLFKWV,FKZHUGHGLHVHQ6WW]SXQNWYHUODVVHQXQGLQZHQLJHQ0LQXWHQEHL PHLQHQ)UHXQGHQYRQGHU862VHLQ'RUWJLEWHVHLQ6HUXPGDVDEVROXW ]XYHUOlVVLJJHJHQGLH/DVKDW3RFNHQZLUNW:HQQ6LHGLH:DKUKHLWVDJHQ ZHUGHLFK6LHPLWQHKPHQXQGGDIUVRUJHQGD6LHGLH,PSIXQJEHNRPPHQ 'DQDFKZLUG,KQHQQLFKWVSDVVLHUHQ :DVZROOHQ6LHZLVVHQ",KUH6WLPPHZDUVRVFKZDFKGDHUVLHNDXP YHUVWHKHQNRQQWH :DVJHVFKLHKWPLWGHQ%HVDW]XQJHQGHU+DQGHOVUDXPVFKLIIHGLHYRQGHU 2UJDQLVDWLRQHQWIKUWZHUGHQ 6LH]|JHUWHPLWGHU$QWZRUW$OVHUYHUVXFKWHVLHHUQHXW]XEHUKUHQIXKUVLH HQWVHW]W]XUFN(UYHUIROJWHVLHELVVLHPLWGHP5FNHQDQGLH:DQGVWLH XQGLKPQLFKWPHKUDXVZHLFKHQNRQQWH :DVJHVFKLHKWPLWLKQHQ"IUDJWHHUHUQHXW 6LHZHUGHQJHW|WHWHUZLGHUWHVLHPLWVWRFNHQGHU6WLPPH6REDOGVLHDQ GHPYRQXQVEHVWLPPWHQ=LHOHUVFKHLQHQZHUGHQVLHPLW+LOIHHLQHU 1HXWURQHQZDIIHXPJHEUDFKW*HIDQJHQHPDFKHQZLUJUXQGVlW]OLFKQLFKW ,KQHQVFKHLQWGDVQLFKWVDXV]XPDFKHQ ,FKZDUQLHGDEHLHUNOlUWHVLHWURW]LJ,FKKDEHQLFKWVGDPLW]XWXQ,FK KDEHQLFKWHLQHQHLQ]LJHQ0HQVFKHQXPJHEUDFKW ,KUZDURIIHQEDUQLFKWEHZXWGDLKUH0LWDUEHLWLQGHU2UJDQLVDWLRQ EHGHXWHWHGDVLHDXWRPDWLVFKPLWVFKXOGLJZDU (UVFKU]WHYHUlFKWOLFKGLH/LSSHQGUHKWHVLFKXPXQGYHUOLHGHQ5DXP6LH VWUPWHKLQWHULKPKHU +HZDVLVW"IUDJWHVLHIOVWHUQG,FKZLOOJHLPSIWZHUGHQ %OHLEGDGULQQHQHUZLGHUWHHU,FKKROHGLFK 'XOJVW,FKJODXEHGLUNHLQ:RUW 'XNDQQVWGLFKDXIPLFKYHUODVVHQ ,FKVFKUHLHGURKWHVLH 'DQQEULQJWPDQPLFKYLHOOHLFKWXP'LFKW|WHWPDQPLWDEVROXWHU6LFKHUKHLW ZHLOGXGLFKLQIL]LHUWKDVW0DQNDQQHVVLFKQLFKWOHLVWHQGLFKOHEHQ]X ODVVHQ 'DVVDKVLHHLQ6LH]RJVLFKLQGHQ5DXP]XUFN(UVDKLKUDQGDVLH QDFKGDFKWHDEHU]XNHLQHP(QWVFKOXNRPPHQNRQQWH ,QGLHVHP0RPHQW|IIQHWHVLFKGLH7UGXUFKGLHVLHJHNRPPHQZDUHUQHXW 9LHU0lQQHUWUDWHQHLQ6LHEOLHEHQVWHKHQXQGEOLFNWHQ7HNHQHUEHUUDVFKW DQ(LQHUYRQLKQHQEHJDQQ]XVFKUHLHQ

'HU6SH]LDOLVWJULIILQHLQHVHLQHU7DVFKHQXQGKROWHHLQHNOHLQH.XJHOGDUDXV KHUYRUZlKUHQGHUHLOLJ]XUFNZLFK'LHYLHU0lQQHUZDUHQXQEHZDIIQHWXQG VLHVFKHXWHQVLFKRIIHQVLFKWOLFKGDYRULKQPLWEORHQ+lQGHQDQ]XJUHLIHQ (UUDQQWHDQGHPRIIHQHQ(LQJDQJ]XU0HVVHYRUEHL'LH%OLFNHDOOHU0lQQHU XQG)UDXHQGLHVLFKGDULQEHIDQGHQULFKWHWHQVLFKDXILKQ7HPPHUWKDQ VFKULHYROOHU(QWVHW]HQDXIDOVHULKQVDK7HNHQHUZDUVLFKGHVVHQVLFKHU GDGHU$UNRQLGHLKQQLFKWHUNDQQWKDWWHXQGGDHVDOOHLQVHLQ$XVVHKHQ ZDUZDVLKQGHUDUWHUVFKUHFNWH 7|WHWLKQEUOOWH0RUDQDXIVSULQJHQG%ULQJWLKQXP6FKQHOO%HYRUGLH 9LUHQVLFKLPJDQ]HQ6WW]SXQNWYHUEUHLWHQ 7HNHQHUEHXJWHVLFKQDFKYRUQXQGVFKOHXGHUWHGLH.XJHOEHUGHQ%RGHQ ,QLKUZDUHLQ0LNURJUDYLWDWRUHQWKDOWHQ'LH.XJHOUROOWHXQWHUGHQ7LVFKDQ GHP7HPPHUWKDQVD0LWHLQHP'UXFNDXIHLQHQ.QRSIDQVHLQHP $UPEDQGNRPELJHUlWVWUDKOWH7HNHQHUHLQHQ)XQNLPSXOVDE'LHVHUDNWLYLHUWH GHQ0LNURJUDYLWDWRUXQG7HPPHUWKDQ0RUDQXQGGLHEHLGHQ)UDXHQZXUGHQ YRQGHUSO|W]OLFKHUK|KWHQ6FKZHUNUDIWGLHDXIHLQHQ:HUWYRQDQQlKHUQG JVWLHJ]X%RGHQJHULVVHQ 'LHYLHU0lQQHUGLHLKQHQWGHFNWKDWWHQVWUPWHQDXILKQ]X(LQHUYRQLKQHQ KDWWHVLFKHLQH6WDKOVWDQJHYHUVFKDIIW'LHVHKREHUEHUGHQ.RSI 7HNHQHUSDUDO\VLHUWHLKQXQGVHLQH%HJOHLWHUPLWVHLQHP.RPELVWUDKOHU'DQQ IXKUHUKHUXPXQGUDQQWHLQGHQ0DWHULDOUDXP]XUFN+LHUSUDOOWHHUPLW HLQHPVWlPPLJHQ$NRQHQ]XVDPPHQGHULQVWLQNWLYQDFKLKPJULIILKQMHGRFK DXJHQEOLFNOLFKZLHGHUORVOLHDOVHULKPLQV*HVLFKWEOLFNWH 7HNHQHUVWUHFNWHLKQPLWHLQHP)DXVWKLHE]X%RGHQ(UVSUDQJEHUGHQ %HZXWORVHQKLQZHJXQGUDQQWHLQGLH0DVFKLQHQKDOOH+LHUKDWWHQRFK QLHPDQGHWZDVEHPHUNW'RFKGHU7HUUDQHUZDUQRFKNHLQH]HKQ0HWHUZHLW JHODXIHQDOVGLH$ODUPSIHLIHQDXIKHXOWHQ*OHLFK]HLWLJWUDWHQPHKUHUH 0lQQHUDXIGHQ*DQJKLQDXVDXIGHPHUVLFKEHIDQG6LHEHPHUNWHQLKQXQG EOLHEHQ]|JHUQGVWHKHQ 'LH6WLPPH7HPPHUWKDQVHUW|QWHDXVPHKUHUHQ/DXWVSUHFKHUQ (LQ)UHPGHULVWLQGHQ6WW]SXQNWHLQJHGUXQJHQVFKULHGHUDUNRQLGLVFKH +DQGHOVKHUU(UKDWVLFKPLW/DVKDW3RFNHQ9LUHQLQIL]LHUW7|WHWLKQPLW (QHUJLHVWUDKOHUQ=HUVWUDKOWLKQ]X$VFKH1XUVRN|QQWLKUYHUKLQGHUQGD ZLUDOOH2SIHUGHU6HXFKHZHUGHQ=HUVWUDKOWLKQ%HHLOWHXFK(VPXVFKQHOO JHVFKHKHQ 7HPPHUWKDQZLHGHUKROWHVHLQH:RUWHLPPHUZLHGHUZlKUHQG7HNHQHUDXI GHQ$QWLJUDYVFKDFKW]XHLOWH'LH0lQQHUGLHLKPLP:HJHVWDQGHQ IOFKWHWHQYRULKP.HLQHUYRQLKQHQWUXJHLQH:DIIH 8QPLWWHOEDUEHYRU7HNHQHUGHQ=XJDQJ]XP6FKDFKWHUUHLFKWHEOLHEHU VWHKHQXQGKROWHHLQHQXNOHDUH+DIW]HLWERPEHXQWHUVHLQHU.OHLGXQJKHUYRU 'LH:DIIHZDUQXUHWZD]ZDQ]LJ=HQWLPHWHUODQJ]HKQ=HQWLPHWHUEUHLWXQG ]ZHL=HQWLPHWHUGLFNHQWZLFNHOWHDEHUHLQH6SUHQJZLUNXQJYRQPHKUDOV 7RQQHQ717(USUHWHGLH%RPEHJHJHQHLQH0DVFKLQHXQGVWHOOWHGHQ =HLW]QGHUDXIHLQH6WXQGHHLQ'DQQUDQQWHHUZHLWHU

(UVFKDOWHWHGDV$QWLJUDYIHOGHLQXQGOLHVLFKQDFKREHQWUDJHQ'DHUQLFKW VFKQHOOJHQXJYRUDQNDPQDKPHUHLQH.XJHOPLW0LNURJUDYLWDWRUDXVGHU 7DVFKHVWHOOWHGLHVHQHLQXQGDNWLYLHUWHLKQSHU)XQNLPSXOV-HW]WVWLHJHU GRSSHOWVRVFKQHOODXI.XU]EHYRUHUGDVREHUH(QGHGHV6FKDFKWHV HUUHLFKWHZDUIHUGLH.XJHOZHJ (LQLJH3LUDWHQVFKRVVHQPLW(QHUJLHVWUDKOHUQDXILKQGRFKGLH5HLFKZHLWH GHU:DIIHQZDU]XJHULQJ,PPHUKLQJHQJWHGHU%HVFKXLKQLQHLQH +LW]HJORFNH]XKOOHQGLHLKQGD]X]ZDQJVHLQH)OXFKWDXJHQEOLFNOLFK IRUW]XVHW]HQ7HNHQHUEOLFNWHEHUGLH6FKXOWHU]XUFNXQGVDKGDHLQHUGHU $UNRQLGHQGLH+DIWERPEHJHIXQGHQKDWWHKHUDEQDKPXQGHQWVFKlUIWH 6HLQH%HPKXQJHQZDUHQXPVRQVWJHZHVHQ 7HNHQHUIXKUKHUXP(UVFKW]WHVHLQ*HVLFKWYRUGHUVLHGHQGKHLHQ/XIW LQGHPHUGHQOLQNHQ$UPGDJHJHQSUHWH'RFKGDVKDOIQLFKWYLHO(UKDWWH GDV*HIKOGDGLH+DXWSODW]WH'DV*HVLFKWEUDQQWHDOVKDEHHUHV JHUDGHZHJVLQV)HXHUJHKDOWHQ (UULFKWHWHVHLQHQ(QHUJLHVWUDKOHUJHJHQGLH6FKDOWXQJGHV$QWLJUDYVFKDFKWV XQG]HUVW|UWHVLHPLWHLQHP6FKX'DVEHGHXWHWHQLFKWGDGHU*UDYLWDWRU DP)XGHV6FKDFKWHVDXVJHIDOOHQZDU'LH3LUDWHQNRQQWHQGDV)HOGQXU QLFKWPHKUVRVFKQHOOXQGH[DNWDXVVWHXHUQZLH]XYRU6LHPXWHQHUVWHLQH (UVDW]VFKDOWXQJDQVFKOLHHQXQGGDVEUDXFKWHVHLQH=HLW ,P+LQWHUJUXQGGHU+DOOHVWLHJHQPHKUHUH*HVWDOWHQLQ5DXPDQ]JHQDXI 6LHZDUHQPLW)OXJJHUlWHQXQGVFKZHUHQ(QHUJLHVWUDKOHUQDXVJHUVWHW 7HNHQHUIOFKWHWHLQGHQ9RUUDXPZRHULQDOOHU+DVWHLQHQ5DXPDQ]XJ DQOHJWHGHUPLWHLQHP)OXJJHUlWEHVWFNWZDU'DQDFKHLOWHHUGXUFKGLH 'HVLQIHNWLRQVVFKOHXVHKLQDXV(UVWLHJVRIRUWDXIXQGIORJ]XVHLQHP6KLIW +LQXQGZLHGHUEOLFNWHHU]XUFN(UVDKGDLKPHWZD]ZDQ]LJ0lQQHULQ 5DXPDQ]JHQIROJWHQ6LHKROWHQODQJVDPDEHUVWHWLJDXI(UVSUWHGDGLH 6FKZlFKH]XUFNNHKUWH(UKDWWH0KHVLFK]XNRQ]HQWULHUHQ+LQXQG ZLHGHUILHOHQLKPGLH$XJHQ]X-HGHVPDOQDFKGHPHUVLHZLHGHUJH|IIQHW KDWWHEUDXFKWHHUHLQLJH6HNXQGHQXPVLFK]XUHFKW]XILQGHQ'DGXUFKYHUORU HUNRVWEDUH=HLWXQGGLH9HUIROJHUUFNWHQLPPHUQlKHU$OVHUGHQ6KLIW HQGOLFKHUUHLFKWKDWWHZDUHQVLHQXUQRFKHWZD]ZHLKXQGHUW0HWHUYRQLKP HQWIHUQW (USUDOOWHPLWGHP.RSIJHJHQGHQ5DKPHQGHU6FKOHXVH hEHUUDVFKHQGHUZHLVHEHWlXEWHLKQGHU6FKODJQLFKW'HU6FKPHU]OLHLKQ YLHOPHKUKHOOZDFKZHUGHQ,KPZXUGHSO|W]OLFKNODUGDHUQXUQRFK0LQXWHQ KDWWHVHLQH$XIJDEH]XHUIOOHQ (UUDVWHPLWOHW]WHU.UDIWLQGLH.DQ]HOKRFKXQGVWDUWHWH6WHLOMDJWHGHU6KLIW LQGLH+|KH'LH5DXPSLUDWHQIHXHUWHQXQGHU]LHOWHQPHKUHUH7UHIIHUDP +HFNRKQHGHQ6KLIWMHGRFKLQVHLQHU)OXJIlKLJNHLWHLQ]XVFKUlQNHQ 5RQDOG7HNHQHU]RJGLH0DVFKLQHKHUXPXQGEHVFKOHXQLJWHDXI +|FKVWJHVFKZLQGLJNHLW(UVDKGDZHLWHUH0lQQHUDXVGHP6WW]SXQNW KHUYRUNDPHQ(LQLJHYRQLKQHQWUDQVSRUWLHUWHQHLQVFKZHUHV

(QHUJLHJHVFKW]DXIHLQHU$QWLJUDYSODWWIRUP$QGHUHIROJWHQPLWHLQHU +RFKOHLVWXQJVEDWWHULHDXVGHUHVJHVSHLVWZHUGHQVROOWH )ULKQZDUNODUHUNHQQEDUGDVLHYHUVXFKWHQGDPLWGHQ6WW]SXQNWJHJHQ $QJULIIHDXVGHU/XIWDE]XVFKLUPHQ 7HNHQHUOlFKHOWHJHULQJVFKlW]LJ (UGDFKWHJDUQLFKWGDUDQGHQ6WW]SXQNWLQGLHVHU:HLVHDQ]XJUHLIHQ(U IORJZHLWHUELV]XP6WURPGHULQGHQ)HOVHQYHUVFKZDQG'LUHNWEHUGHP /RFKGDVGLH:DVVHUPDVVHQLQVLFKDXIQDKPYHUKDUUWHHU'XUFKGLH 7UDQVSDUHQWNXSSHOGHV6KLIWVEHREDFKWHWHHUHLQLJH5DXPSLUDWHQGLHVLFK LKPQlKHUWHQ6LHWUXJHQVFKZHUH(QHUJLHVWUDKOJHZHKUHPLWGHQHQVLHLKP GXUFKDXVJHIlKUOLFKZHUGHQNRQQWHQ7HNHQHUOLHVLFKMHGRFKQLFKWDXVGHU 5XKHEULQJHQ (UVWLHJLQGHQ/DGHUDXPKLQXQWHUXQG|IIQHWHHLQYHUVWHFNWDQJHEUDFKWHV )DFK'DUDXVKROWHHUHLQHNXJHOI|UPLJH%RPEHKHUYRUGLHPLWHLQHP )XQNLPSXOV]QGHUYHUVHKHQZDU(UVWHOOWHGHQ=QGHUHLQXQGVFKOHSSWHGLH %RPEHGDQDFK]XU6FKOHXVH (UNDPQXUODQJVDPYRUDQZHLOGLH%RPEH]XVFKZHUIULKQZDU6FKOLHOLFK NURFKHUDXIDOOHQYLHUHQEHUGHQ%RGHQXQGUROOWHGLH%RPEHYRUVLFKKHU ELV]XU6FKOHXVH $OVHUGLH6FKOHXVHJH|IIQHWKDWWHZDUILKQHLQ6FKZlFKHDQIDOO]X%RGHQ(U VDQNEHUGLH%RPEHXQGZDU]XQlFKVWXQIlKLJVLFKZLHGHUDXI]XULFKWHQ .HXFKHQGGUHKWHHUGDV*HVLFKW]XU6HLWH(UVDKGDGLH9HUIROJHUEHUHLWV ELVDXIHWZDHLQKXQGHUW0HWHUKHUDQZDUHQ6LHKREHQGLH6WUDKOJHZHKUH (UVFKULHZWHQGDXIXQGVWLHGLH%RPEHYRQVLFK6LHUROOWHEHUGLH .HWWHQDEGHFNXQJGHV$OO]ZHFNSDQ]HUVXQGVWU]WHLQGLH7LHIH7HNHQHU NURFKQRFKHLQ6WFNYRUELVHUQDFKXQWHQVHKHQNRQQWH(UVDKZLHGLH %RPEHLQGHPZHLVFKlXPHQGHQ:DVVHUYHUVFKZDQG 0KVDPULFKWHWH7HNHQHUVLFKDXIXQGNlPSIWHVLFKLQGDV,QQHUHGHV6KLIWV ]XUFN'DV6FKOHXVHQVFKRWWUDVWHWHKLQWHULKPHLQ7HNHQHUULFKWHWHVLFK DXI9RUVHLQHQ$XJHQIOLPPHUWHHVDEHUHUJDEQLFKWQDFK6SURVVHIU 6SURVVHDUEHLWHWHHUVLFKKRFKELVHUGLH.DQ]HOHUUHLFKWH'DQQZDUIHUVLFK QDFKYRUQXQGJDEGHQHQWVFKHLGHQGHQ)XQNLPSXOV (UVSUWHGHQGRQQHUQGHQ6FKODJGHU([SORVLRQ(LQH'UXFNZHOOH VFKOHXGHUWHGHQ6KLIWLQGLH+|KH'LH(QHUJLHVWUDKOHQDXVGHQ*HZHKUHQ GHU$QJUHLIHUVWULFKHQDQGHU0DVFKLQHYRUEHL:DVVHUPDVVHQVFK|VVHQ VFKlXPHQGLQGLH+|KH 7HNHQHUEOLFNWHDXIGLH%LOGVFKLUPH(UNRQQWHNDXPHWZDVHUNHQQHQZHLO YRUVHLQHQ$XJHQIHXULJH5LQJHWDQ]WHQ,PPHUKLQVDKHUGDWLHIXQWHULKP HLQJLJDQWLVFKHU7ULFKWHUHQWVWDQGHQZDULQGHQGLH:DVVHUPDVVHQ KLQHLQVWU]WHQ (UULGHQ6KLIWKHUXPILQJLKQDEXQGIORJLQGLH*HJHQG]XUFNLQGHUVLFK GHU6WW]SXQNWGHU5DXPSLUDWHQEHIDQG1DFKVHLQHQ%HUHFKQXQJHQPXWH GLH%RPEHXQJHIlKUGRUWH[SORGLHUWVHLQZR7HPPHUWKDQGDV.UDIWZHUN KDWWHHUULFKWHQODVVHQ

$OV7HNHQHUGLH6FKOXFKWHUUHLFKWHLQGHUGHU6WW]SXQNWJHZHVHQZDU VWRFNWHLKPGHU$WHP 9RP6WW]SXQNWGHU5DXPSLUDWHQZDUHQQXUQRFK7UPPHUJHEOLHEHQ'LH $WRPH[SORVLRQKDWWHGDV.UDIWZHUN]HUULVVHQXQGHLQHQ7HLOGHU :DVVHUPDVVHQXPJHOHLWHW6LHZDUHQPLWNDXPYRUVWHOOEDUHU:XFKWLQGHQ 6WW]SXQNWHLQJHGUXQJHQXQGKDWWHLKQI|UPOLFK]HUIHW]W1RFKLQGLHVHQ 6HNXQGHQVWLHJGHU:DVVHUVSLHJHODQ'DEHLEURGHOWHXQGVFKlXPWHGDV :DVVHUXQGZLUEHOWHVWlQGLJ7UPPHUVWFNHLQGLH+|KH6FKRQMHW]WZDU DE]XVHKHQGDVLFKLQGHU6FKOXFKWHLQ6HHELOGHQZUGHGHUDXFKIUGLH Ql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|IIQHQ ZHQQ6LHGLH,VROLHUVWDWLRQHUUHLFKWKDEHQ 9HUVWDQGHQ 7HNHQHUVFKDOWHWHDEXQGIORJ]XP&DPSGHU*HVWUDQGHWHQ]XUFN(UEOLFNWH ]XHLQLJHQ5DXPSLUDWHQKLQEHUGLHLQLKUHQ6FKXW]DQ]JHQEHUGLH%lXPH DP5DQGGHU6FKOXFKWKLQZHJWULHEHQ6LHKDWWHQNHLQH0|JOLFKNHLWPHKU /DVKDW]XYHUODVVHQ'RFKGDVVW|UWHLKQQLFKW1LHPDQGLQGHU862ZUGH VLFKYHUSIOLFKWHWIKOHQGLHVH0lQQHUXQG)UDXHQDE]XKROHQ6LHKDWWHQ /DVKDWDOV8QWHUVFKOXSIXQGDOV$XVJDQJVSXQNWIULKUHP|UGHULVFKHQ $NWLRQHQJHZlKOW-HW]WNRQQWHQVLHIURKVHLQGDVLHGHP 9HUQLFKWXQJVVFKODJHQWJDQJHQZDUHQ6LHPXWHQDXIGHPYHUVHXFKWHQ 3ODQHWHQEOHLEHQXQGVLFKPLWLKPDXVHLQDQGHUVHW]HQ)UKHURGHUVSlWHU PXWHQVLHLKUH5DXPDQ]JH|IIQHQXQGGLH/XIWGLHVHV3ODQHWHQDWPHQ :DVGDQQDXVLKQHQZXUGHVWDQGLQGHQ6WHUQHQ $OV7HNHQHUPLWGHP6KLIWODQGHWHZDUHQ$QWRLQHXQGGLHDQGHUHQLP&DPS (VZDUWURFNHQXQGGLH6RQQHVFKLHQ 'HU6SH]LDOLVWZLQNWHVHLQHQ*HIlKUWHQ]X'DQQUXWVFKWHHUDXVGHP6HVVHO XQGYHUORUGDV%HZXWVHLQ

:DFKHQGOLFKDXIVFKULHLKPMHPDQG]XXQGUWWHOWHLKQVRKHIWLJGDHU JODXEWHGLH:LUEHOVlXOHZHUGHLKPJHEURFKHQ$XIZDFKHQ 5RQDOG7HNHQHUVFKOXJGLH$XJHQDXI9HUZLUUWEOLFNWHHUVLFKXP,QGHQ HUVWHQ6HNXQGHQZXWHHUQLFKWZRHUZDU'DQQHUNDQQWHHUGDHUVLFKLQ GHU.DQ]HOGHV6KLIWVEHIDQG8PLKQKHUXPVWDQGHQ$QWRLQH0DUFR$XG\ *LDQFDUORXQG5REHUW :LUPVVHQZHJKLHUULHILKP$QWRLQH]X6LHNRPPHQ6LHZHUGHQXQV DENQDOOHQZHQQZLUQLFKWHQGOLFKYHUVFKZLQGHQ 5RQDOG7HNHQHUULFKWHWHVLFKDXI,QGLHVHP0RPHQWEHJULIIHUZDVGHU $EHQWHXUHUPHLQWH$XVGHU5LFKWXQJGHVYHUQLFKWHWHQ6WW]SXQNWVQlKHUWHQ VLFKLKQHQPHKUHUH*HVWDOWHQLQ5DXPDQ]JHQ6LHIORJHQLQHLQHU+|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|KH(UOLHGLH9HUIROJHU KLQWHUVLFK 0HLQH*WHVDJWH*LDQFDUORVW|KQHQG'DVZXUGH=HLW 7HNHQHUJLQJ]XPKRUL]RQWDOHQ)OXJEHU'DQQHUKREHUVLFKXQGWUDQNHLQ VWlUNHQGHV0LWWHOGDVVFKQHOOYRP%OXWNUHLVODXIDXIJHQRPPHQZXUGH 'XKDVWGHQ6WW]SXQNWYHUQLFKWHWVDJWH*LDQFDUOR:LUKDEHQGLH ([SORVLRQJHK|UW'HU%RGHQKDWXQWHUXQVHUHQ)HQJH]LWWHUW 'XKDVWHLQH$WRPERPEHHLQJHVHW]WEHPHUNWH$QWRLQH -DGDVVWLPPWJDE7HNHQHU]X 'DQQELVWGXQLFKWKLHUKHUJHNRPPHQXP7UDXPNlIHU]XILQGHQVRQGHUQXP GHQ6WW]SXQNWGLHVHU/HXWHLQGLH/XIW]XMDJHQVWHOOWH0DUFRIHVW 1LFKWLQGLH/XIWYHUEHVVHUWHLKQ7HNHQHU,QV:DVVHU 'XELVWHLQ8626SH]LDOLVWVDJWH$QWRLQH2GHUHLQHUYRQGHU6RO$E(V PXVRVHLQGHQQVRQVWKlWWHVWGXNHLQH$WRPERPEHJHKDEW 7HNHQHUOHKQWHVLFKJHJHQHLQHQ$XVUVWXQJVVFKUDQN(UNUHX]WHGLH$UPH YRUGHU%UXVW ,QZHQLJHQ0LQXWHQZHUGHQPHLQH)UHXQGHKLHUVHLQHUNOlUWHHU6LH ZHUGHQPLFKDEKROHQXQG]XU(UGHEULQJHQ'DVLVWHLQH&KDQFHIUHXFK :HQQLKUZROOWN|QQWLKUPLFKEHJOHLWHQ *LDQFDUORVHQNWHGHQ.RSI ,KUN|QQWJHKHQVDJWHHUPLWVWRFNHQGHU6WLPPH,FKGDUI/DVKDWQLFKW YHUODVVHQ(VZlUHPHLQ7RG

7HNHQHUVWHOOWHNHLQH)UDJHQ(UZXWHZDV*LDQFDUORGDPLWPHLQWH(UZDU LUJHQGZRLP%HUHLFKGHV6RODUHQ,PSHULXPV]XP7RGHYHUXUWHLOWZRUGHQ :DVLVWPLWHXFK"(UEOLFNWHGLHDQGHUHQDQ ,FKNRPPHPLWDQWZRUWHWH$QWRLQH ,FKDXFKHUNOlUWHQ0DUFRXQG5REHUWZLHDXVHLQHP0XQG ,FKEOHLEHEHL*LDQFDUORVDJWH$XG\/lWGXXQVGHQ6KLIWKLHU"8QG VFKDOWHVWGXGHQ,QGLYLGXDOWDVWHUDXV",FKPHLQHGXN|QQWHVWGHLQHQ/HXWHQ DXVHLQDQGHUVHW]HQGDGHU6KLIW]HUVW|UWZRUGHQLVW,FKZLOOJDUQLFKWGDUDXI KLQZHLVHQGDGXXQVDXFKHWZDVVFKXOGHVW'HLQ/HEHQ]XP%HLVSLHO 7HNHQHUOlFKHOWH ,VWVFKRQJHQHKPLJW$XG\VDJWHHU'HU6KLIWEOHLEWKLHU9LHOOHLFKWILQGHW LKUGRFKQRFK7UDXPNlIHU,FKZUGHHXFKQXUUDWHQHXFKVRZHLWZLH P|JOLFKDXVGLHVHU*HJHQG]XUFN]X]LHKHQ,FKJHKHMHGH:HWWHHLQGD GLH/HXWHYRP6WW]SXQNWMHGHQYRQHXFKXPEULQJHQZHUGHQGHQVLH HUZLVFKHQ (LQ5DXPVFKLIIHVHQNWHVLFKDXVGHQ:RONHQKHUDE(VZDUHLQH6SDFH-HW 6LHIORJSDUDOOHO]XP6KLIW7HNHQHUVHW]WHVLFKDQV6WHXHUXQGOHQNWHGHQ 6KLIWLQGLH+DXSWVFKOHXVHGHU-HW 5DXPDQ]JHDQ]LHKHQEHIDKOHU'LH$Q]JHGUIHQHUVWJH|IIQHW ZHUGHQZHQQGLHb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|IIQHWHVLFK=ZHL0lQQHULQ5DXPDQ]JHQNDPHQKHUHLQ6LH WUXJHQIODVFKHQI|UPLJH%HKlOWHUEHLVLFKXQGVSUKWHQ7HNHQHUXQGVHLQH %HJOHLWHUPLWHLQHU'HVLQIHNWLRQVIOVVLJNHLWDE'DQDFKVlXEHUWHQVLHDXFK GHQ+DQJDULQGHPVLHVLFKEHIDQGHQ7HNHQHUPHUNWHGDGLH-HWVWDUN EHVFKOHXQLJWH'HU%RGHQYLEULHUWHOHLFKWXQWHUVHLQHQ)HQ $OVGDV'HVLQIHNWLRQVNRPPDQGRLKQHQGXUFKHLQ+DQG]HLFKHQ]XYHUVWHKHQ JDEGDDOOHVLQ2UGQXQJZDUNDPGLH-HWVFKRQZLHGHU]XU5XKH7HNHQHU ZXWHGDVLHYRQHLQHPJU|HUHQ5DXPVFKLIIHLQJHVFKOHXVWZRUGHQZDU 'LH6FKOHXVH|IIQHWHVLFK(UEOLFNWHLQHLQHQ+DQJDULQGHPVLFKQXUHLQH *HVWDOWLP5DXPDQ]XJDXIKLHOW6LHZLQNWHLKQHQ]X 7HNHQHUK|UHQ6LHPLFK"NODQJHLQH6WLPPHLQVHLQHQ+HOPODXWVSUHFKHUQ DXI ,FKK|UH6LH6LU

)ROJHQ6LHGHP$U]WLQGLH,VROLHUVWDWLRQ:HUVLQGGLH0lQQHUGLH6LH EHJOHLWHQ" 7HNHQHUHUNOlUWHHVGHP2IIL]LHUPLWNQDSSHQ:RUWHQ 'LH0lQQHUNRPPHQHEHQIDOOVLQGLH,VROLHUVWDWLRQ:LUPVVHQNOlUHQRE VLHHLQH$QVWHFNXQJVJHIDKUIUXQVGDUVWHOOHQ 7HNHQHUJDEVHLQHQ%HJOHLWHUQHLQ=HLFKHQ6LHYHUOLHHQGLH-HWXQGIROJWHQ GHP$U]WLQGLH,VROLHUVWDWLRQ 6LHN|QQHQGHQ6FKXW]DQ]XJDEOHJHQVDJWHGHU$U]WXQGEOLFNWH7HNHQHU JHVSDQQWDQ *HODVVHQVWUHLIWH7HNHQHUGHQ$Q]XJDE(UEHPHUNWHGDGHU$U]W HUEOHLFKWH(UOlFKHOWH .HLQH$QJVWVDJWHHU,FKELQEHUGHQ%HUJ8QGXP,KUKEVFKHV *HVLFKWEUDXFKHQ6LHVLFKDXFKNHLQH6RUJHQ]XPDFKHQ6LHZHUGHQHV EHKDOWHQ 'HU$U]WVFKOXFNWHNUDPSIKDIW (QWVFKXOGLJHQ6LHVDJWHHUPKVDP1LHPDQGKLHUDQ%RUGKDWDXFKQXU JHDKQWGDHV6LHVRVFKOLPPHUZLVFKWKDW 6FKRQJXW/DVVHQ6LHXQVDOOHLQ,FKEHQ|WLJH]XQlFKVWHLQPDO5XKH /HJHQ6LHVLFKKLQXQGVFKOLHHQ6LHVLFKDQGHQ0HGRURERWDQGDPLWLFK GLHQRWZHQGLJHQ,QIRUPDWLRQHQIUGLH'LDJQRVHEHNRPPHRUGQHWHGHU$U]W DQ'DQDFKVHKHQZLUZHLWHU (UYHUOLHGHQ5DXP'DV5XI]HLFKHQDP9LGHRVFKLUPEOLQNWH7HNHQHUJLQJ KLQXQGVFKDOWHWHGDV*HUlWHLQ(UVFKURFNHQ]XFNWHHU]XVDPPHQDOVHU GDV*HVLFKW6KDURQ%DUWRQVDXIGHP%LOGVFKLUPVDK 6LHOlFKHOWHVRXQEHIDQJHQDOVN|QQHVLHLKQQLFKWVHKHQ +DOOR5RQDOGVDJWHVLH0DQNDQQQLFKWJHUDGHEHKDXSWHQGDGXDOOHV JXWEHUVWDQGHQKDVWDEHUGXKDVWHVLPPHUKLQEHUVWDQGHQ:DUHV VFKOLPP" 'LHYHUWUDXOLFKH$UWLQGHUVLHUHGHWHEHUUDVFKWHLKQXQGVLHJHILHOLKP6LH ZDUHLQNODUHV%HNHQQWQLV]XLKP (UIXKUVLFKYRUVLFKWLJWDVWHQGEHUGDVYRQ3RFNHQEHXOHQHQWVWHOOWH*HVLFKW 'XKDVWPLFKDOVRGRFKQRFKHUNDQQWHUZLGHUWHHUXQGYHUVXFKWHVLFK JHODVVHQ]XJHEHQ:LHVHKHLFKDXVPLW/DVKDW3RFNHQ" 9HUKHHUHQGDQWZRUWHWHVLH8QGDEJUXQGKlOLFK$EHUGDVJHKWYRUEHL 'LH3RFNHQKHLOHQDEXQGGDQQNDQQLFKPLUYRUVWHOOHQGDGXUHFKW LQWHUHVVDQWDXVVHKHQZLUVW'LH/DVKDW1DUEHQZLUVWGXEHKDOWHQ6LHZHUGHQ GHLQHQ)HLQGHQDXIGHQHUVWHQ%OLFNDQ]HLJHQPLWZHPVLHHV]XWXQKDEHQ 'DVDOOHLQZLUGJHQJHQGLHPHLVWHQLQGLH)OXFKW]XMDJHQ 'LFKZHUGHQGLH1DUEHQQLFKWVW|UHQ6KDURQ" hEHUKDXSWQLFKW7HN,P*HJHQWHLO(LJHQWOLFKKDWPLFKELVKHUQXUGHLQ 0LOFKJHVLFKWJHVW|UW (UODFKWH(UZXWHGDVLHEHUWULHE6LHEOLFNWH]XU6HLWHQLFNWHLKPGDQQ NXU]]XXQGVWDQGDXI$WODQQDKPLKUHQ3ODW]HLQ

7HNHQHUZDUEHUUDVFKW(UKDWWHQLFKWGDPLWJHUHFKQHWGHQ/RUGDGPLUDOKLHU ]XVHKHQ(UULFKWHWHVLFKDXIXQGVHW]WH]XHLQHUH[DNWIRUPXOLHUWHQ (UIROJVPHOGXQJDQGRFKGHU$UNRQLGHXQWHUEUDFKLKQVFKRQQDFKGHQHUVWHQ :RUWHQ /DVVHQZLUGDVVDJWHHU,FKZHL%HVFKHLG'LH2UJDQLVDWLRQLVW ]HUVFKODJHQ,KUHIKUHQGHQ3HUV|QOLFKNHLWHQVLQGDXI/DVKDWJHEOLHEHQ6LH ZHUGHQXQVNHLQH6RUJHQPHKUPDFKHQ,Q]ZLVFKHQLVWDXFKUHVWORVJHNOlUW PLWZHOFKHU7HFKQLNPDQXQVHUH+DQGHOVUDXPHUHQWIKUWKDWXQGZLHZLUXQV LQ=XNXQIWJHJHQVROFKH0DQLSXODWLRQHQVFKW]HQN|QQHQ :LHGHUKDWWH5RQDOG7HNHQHUGDV*HIKOGDHUQXUDP5DQGGHVJURHQ 6SLHOVDJLHUWKDWWHQLFKWDEHULQGHVVHQ0LWWHOSXQNWJHVWDQGHQKDWWH8QG GDVREZRKOHUGHQ6WW]SXQNWGHU5DXPSLUDWHQYHUQLFKWHWKDWWH 6KDURQKDWHVVFKRQJHVDJWIXKU$WODQIRUW6LHZHUGHQ1DUEHQ ]XUFNEHKDOWHQ'RFKGDVLVWNHLQ3UREOHP0LWNRVPHWLVFKFKLUXUJLVFKHQ 0LWWHOQODVVHQVLHVLFKEHVHLWLJHQVRGD6LHZLHGHUVRDXVVHKHQZHUGHQ ZLHIUKHU:HQQ6LHZROOHQ ,FKZHLQLFKWRELFKZLOODQWZRUWHWH7HNHQHU $WODQEOLFNWHLKQIRUVFKHQGDQ(UOlFKHOWH :DUWHQZLUHUVWHLQPDODEVDJWHHU9LHOOHLFKWVLQG6LHPLW,KUHPQHXHQ *HVLFKWGXUFKDXV]XIULHGHQ:HUZHL" ,FKKDEHGDV*HIKOGD6LHHVJDQ]JHUQVHKHQZUGHQZHQQLFKPLFK QLFKWRSHULHUHQODVVH 'DV/lFKHOQDXIGHP*HVLFKWGHV$UNRQLGHQYHUWLHIWHVLFK (LQYRQ/DVKDW1DUEHQJH]HLFKQHWHV*HVLFKWLVWZLHHLQ0DUNHQ]HLFKHQ HUNOl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|QQHQ (UPHUNWHGD7HNHQHUV.UlIWHQDFKOLHHQXQGEUDFKGDV*HVSUlFKDE 0HOGHQ6LHVLFKEHLPLUZHQQ6LHZLHGHUJHVXQGVLQGVDJWHHUXQG VFKDOWHWHGDV9LGHRJHUlWDXV 7HNHQHUVDQNHUVFK|SIWLQVHLQHP6HVVHO]XVDPPHQ (1'(

Die

Die Spuren schrecken (DIE)

Die Spuren schrecken (DIE)

Die Rainbow Die

Die Rainbow Die

Die Spuren schrecken (DIE)

Die Spuren schrecken (DIE)

Die drei ??? die Dopingmixer

Die drei ??? die Dopingmixer

Die Rainbow Die

Die Rainbow Die

Die Spuren schrecken (DIE)

Die Spuren schrecken (DIE)

Die, die so aussehen

Die, die so aussehen

Die drei ??? Die Silbermine

Die drei ??? Die Silbermine

Die Operation (Die-Reihe)

Die Operation (Die-Reihe)

Die, Lover, Die

Die, Lover, Die

Die Operation (Die-Reihe)

Die Operation (Die-Reihe)

Die drei ??? Die Perlenvögel

Die drei ??? Die Perlenvögel

Die drei ??? Die Automafia

Die drei ??? Die Automafia

You die; I die

Die Operation (Die-Reihe)

Die Operation (Die-Reihe)

Die drei ??? Die Gruselfalle

Die drei ??? Die Gruselfalle

Die Rich, Die Happy

Die Rich, Die Happy

Die drei ??? und die Geisterstadt

Die drei ??? und die Geisterstadt

Die Arnoldkinder jagen die Waffenschmuggler

Die Arnoldkinder jagen die Waffenschmuggler

Die Skylark und die Sternenwandere

Die Skylark und die Sternenwandere

Die Bücher und die Lesewelt

Die Bücher und die Lesewelt

Die Skylark und die Sternenwandere

Die Skylark und die Sternenwandere

Die Frau, die zweimal starb

Die Frau, die zweimal starb

Die Flucht über die Kordilleren

Die Flucht über die Kordilleren

Die drei ??? und die Geisterinsel

Die drei ??? und die Geisterinsel

Die Wahrheit über Die Vogelgrippe

Die Wahrheit über Die Vogelgrippe

Die Mauer um die Welt

Die Mauer um die Welt

Die drei ??? Die bedrohte Ranch

Die drei ??? Die bedrohte Ranch

Die Geldmacher Die Rothschild Familienaffaire

Die Geldmacher Die Rothschild Familienaffaire

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