Märchenmond

:2/)*$1* +(,.(+2+/%(,10lUFKHQPRQG $XIODJH &RS\ULJKWE\ 9HUODJ.DUO8HEHUUHXWHU:LHQ+HLGHOEHUJ :LOKHOP...

Author: Hohlbein Wolfgang

37 downloads 395 Views 1MB Size Report

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

Report copyright / DMCA form

DOWNLOAD PDF

:2/)*$1* +(,.(+2+/%(,10lUFKHQPRQG $XIODJH &RS\ULJKWE\ 9HUODJ.DUO8HEHUUHXWHU:LHQ+HLGHOEHUJ :LOKHOP+H\QH9HUODJ*PE+ &R.*0QFKHQ 3ULQWHGLQ*HUPDQ\ .DUWH3LRWU6WRODUF]\N 8PVFKODJLOOXVWUDWLRQ$WWLOD%RURV$JHQWXU.RKOVWHGW 8PVFKODJJHVWDOWXQJ1HOH6FKW]'HVLJQ0QFKHQ 'UXFNXQG%LQGXQJ(LVQHUGUXFN%HUOLQ ,6%1

'DV%XFK 1DFKHLQHU%OLQGGDUPRSHUDWLRQLVW.LPVNOHLQH6FKZHVWHUQLFKW PHKUDXVGHU1DUNRVHDXIJHZDFKWVLHOLHJWLP.RPD'LH6WLPPXQJ LQGHU)DPLOLHLVWJHGUFNWDOV.LPDQGLHVHP$EHQGLQV%HWWJHKW 'DVLHKWHULQHLQHU(FNHVHLQHV=LPPHUVSO|W]OLFKHLQHQDOWHQ0DQQ 'HU$OWHHUNOlUW.LPVHLQH6FKZHVWHUZHUGHLP/DQG0lUFKHQ PRQGYRPE|VHQ%RUDDVJHIDQJHQJHKDOWHQ0LWHLQHP5DXPJOHLWHU DXVHLQHP6)5RPDQPDFKWVLFK.LPVRIRUWDXIXPVHLQH6FKZHVWHU ]XUHWWHQ'RFKHUKDW3HFKXQGODQGHWPLWWHQLP5HLFKYRQ%RUDDV DXIGHUEHVHW]WHQ6HLWHGHVIULHGOLFKHQ0lUFKHQODQGHV8QWHUJUR HQ*HIDKUHQJHOLQJWHV.LPYRU%RUDDV]XIOLHKHQXQGLQGHU9HU NOHLGXQJHLQHVIHLQGOLFKHQVFKZDU]HQ5LWWHUVJHODQJWHUPLW%RUDDV

$UPHHEHUGDV6FKQHHJHELUJHQDFK0lUFKHQPRQG'RUWHUIlKUWHU GDHU]XQlFKVWGHQ.|QLJGHV5HJHQERJHQVVXFKHQPXGHUQRFK ZHLWKLQWHUGHP(QGHGHU:HOWOHEW=XVDPPHQPLWVHLQHQQHXHQ )UHXQGHQPDFKWVLFK.LPDXIVHLQHQDEHQWHXHUOLFKHQ:HJ 'LH$XWRUHQ :ROIJDQJ+RKOEHLQJHERUHQLVWHLQHUGHUHUIROJUHLFKVWHQ GHXWVFKHQ$XWRUHQ(UXQGVHLQH)UDX+HLNHGLH0LWYHUIDVVHULQGHU PlUFKHQKDIWHQ)DQWDV\5RPDQHOHEHQPLWLKUHUJURHQ)DPLOLHLQ 1HXVVEHL'VVHOGRUI

)h5$//(',('$675b80(1 12&+1,&+79(5/(517+$%(1 , ª&RPPDQGHU$UFDQDV*HVLFKWKDWWHLQGHQOHW]WHQ0L QXWHQHLQHQLPPHUEHVRUJWHUHQ$XVGUXFNDQJHQRPPHQ$XI VHLQHU6WLUQSHUOWHHLQ1HW]IHLQHUJOLW]HUQGHU6FKZHLWU|SI FKHQXQGGHU%OLFNVHLQHUJUDXHQ$XJHQVFKLHQVLFKDQGHU HQGORVHQ3DQRUDPDIOlFKHGHV%LOGVFKLUPVIHVW]XVDXJHQ8Q QDWUOLFKH6WLOOHKDWWHYRQGHUPLW0HQVFKHQ0DVFKLQHQ XQGEOLQNHQGHQ&RPSXWHUQYROOJHVWRSIWHQ.DPSI]HQWUDOH GHU:DUORUG,,%HVLW]HUJULIIHQ1LHPDQGUHGHWHXQGVHOEVW GDVGXPSIH'U|KQHQGHU,RQHQWULHEZHUNHGDVLQGHQOHW] WHQ-DKUHQ]XHLQHPIHVWHQ%HVWDQGWHLOGHV/HEHQVDQ%RUG JHZRUGHQZDUVFKLHQPLWHLQHP0DOOHLVHUJHZRUGHQ]X VHLQDOVVSUHVHOEVWGLHVHHOHQORVH0DVFKLQHWLHILP5XPSI GHVJLJDQWLVFKHQ5DXPVFKLIIHVGLH*HIDKUGLHVLFKEHULKU XQGLKUHQ6FK|SIHUQ]XVDPPHQEDOOWH© .LPVDKYRQVHLQHP%XFKDXIDOVHUGDV*HUlXVFKGHU +DXVWUK|UWH(UOHJWHGHQ=HLJHILQJHUGHUOLQNHQ+DQG ]ZLVFKHQGLH6HLWHQLQGHQHQHUJHUDGHJHOHVHQKDWWH NODSSWHGDV%XFK]XXQGJLQJGDPLW]XVHLQHP6FKUHLEWLVFK KLQEHU$XIGHUVRUJIlOWLJSROLHUWHQ3ODWWHVWDSHOWHQVLFK 6FKXOEFKHUXQGKHIWH3DSLHUHLQ5DGLHUJXPPLYRQGHU )RUPHLQHV0LQLDWXUIXEDOOVXQGVlXEHUOLFKEHUGHQIUL VFKHQ%UDQGIOHFNJHOHJWGHUDOV)ROJHHLQHVHWZDV]XJXWJH OXQJHQHQ([SHULPHQWHVPLW:DWWHHLQHP%UHQQJODVXQG HLQHU+DQGYROODEJHEURFKHQHU6WUHLFKKRO]N|SIFKHQ]XUFN JHEOLHEHQZDUHLQ3DNHWEXQWHU.XQVWVWRIIWULQNKDOPH(U QDKPHLQORVHV%ODWWNQLFNWHHVDXIGLHSDVVHQGH*U|H]X VDPPHQXQGOHJWHHVPLWEHGDXHUQGHP$FKVHO]XFNHQ]ZL VFKHQGLH6HLWHQHKHHUGHQ)LQJHUKHUDXVQDKPXQGGDV %XFK]XP5HJDO]XUFNWUXJ$XIGHPEHUTXHOOHQGHQ%RUG

VWDSHOWHVLFKHLQH8QPHQJHEHGUXFNWHQ3DSLHUVHLQLJHZH QLJH&RPLFVGLH5HVWHVHLQHUHKHPDOVZHLWDXVXPIDQJUHL FKHUHQ6DPPOXQJPLWHLQHP*XPPLEDQG]XVDPPHQJHKDO WHQXQGDXIGHQlXHUVWHQ5DQGGHV%UHWWHVYHUEDQQW HLQH HWZDVJU|HUH$Q]DKO7DVFKHQEFKHUHLQHQRFKJU|HUH $Q]DKO*URVFKHQKHIWHZLHVHLQ9DWHUVLHQDQQWHXQGHLQ JXWHV'XW]HQGWHXUHUOHLQHQJHEXQGHQHU%lQGH0DQVDK GHQ%FKHUQDQGDVLHRIW]XU+DQGJHQRPPHQXQGJHOH VHQZXUGHQGHQPHLVWHQMHGHQIDOOV8QWHUGHQJHEXQGHQHQ ([HPSODUHQJDEHVHLQLJHGLHYROONRPPHQQHXZHUWLJZLUN WHQXQGHVDXFKZDUHQ(VZDUHQ%FKHUGLHHUJHVFKHQNW EHNRPPHQKDWWHXQGGLHLKQQLFKWLQWHUHVVLHUWHQHUKDWWHVLH QXUDQVWDQGVKDOEHU]ZLVFKHQVHLQHEULJHQ6FKlW]HJHVWHOOW RKQHGLH$EVLFKWVLHDXFK]XOHVHQ 8QWHQLP)OXUZXUGHQGLHVFKQHOOHQ6FKULWWHVHLQHU0XWWHU ODXW.LPZDQGWHVLFKPLWHLQHP6HXI]HUYRP%FKHUUHJDO DEJLQJ]XU7UXQGNHKUWHGDQQQRFKHLQPDO]XVHLQHP 6FKUHLEWLVFK]XUFNXPGDV&KDRVGDUDXIHWZDVXP]X VFKLFKWHQVRGDGHU(LQGUXFNHQWVWDQGDOVREHUGHQJDQ ]HQ1DFKPLWWDJJHDUEHLWHWKlWWHVWDWWLQGHUQHXHVWHQ$XV JDEHGHUª6WHUQHQNULHJHU©]XVFKP|NHUQ(UNODSSWHGDV 0DWKHPDWLNEXFKDQGHUPLWHLQHP(VHOVRKUPDUNLHUWHQ 6WHOOHDXIVFKDOWHWHGHQ7DVFKHQUHFKQHUHLQXQGOHJWHGDV HQJEHNULW]HOWH%ODWWGDQHEHQDXIGHPHUEHUHLWVZlKUHQG GHU0DWKHVWXQGHYHUJHEOLFKYHUVXFKWKDWWHGLH$XIJDEH]X O|VHQ0DWKHPDWLNXQGGDUEHUKLQDXVJDOWGDVIUMHGHV 8QWHUULFKWVIDFKGDVLUJHQGZLHPLW=DKOHQ]XWXQKDWWH ZDUQLFKWVHLQH6WlUNH(UKDWWHYRPHUVWHQ6FKXOWDJDQGD PLWDXI.ULHJVIXJHVWDQGHQXQGLQGHQVLHEHQHLQKDOE-DK UHQGLHVHLWKHUYHUVWULFKHQZDUHQKDWWHVLFKQLFKWVGDUDQJH lQGHUW(UPRFKWHNHLQH=DKOHQXQGHUNRQQWHHLQIDFK QLFKWHLQVHKHQZR]X]XP7HXIHOHUZLVVHQPXWHZLH PDQHLQH*OHLFKXQJPLW]ZHL8QEHNDQQWHQO|VWHZHQQHU HLQHQ7DVFKHQUHFKQHUKDWWH (UPXVWHUWHVHLQ$UUDQJHPHQWNULWLVFKIJWHQRFKHLQHQ IULVFKJHVSLW]WHQ%OHLVWLIWKLQ]XXQGZDQGWHVLFKGDQQPLW ]XIULHGHQHP1LFNHQ]XU7U:DV+DXVDXIJDEHQDQJLQJ

YHUVWDQGHQVHLQH(OWHUQNHLQHQ6SD6LFKHUZUGHVHLQ9D WHUZLHIDVWMHGHQ7DJQDFKGHP$EHQGHVVHQQDFKVHL QHP+DXVDXIJDEHQKHIWIUDJHQXQGHVVWLUQUXQ]HOQGGXUFK EOlWWHUQ1XQMDYLHOOHLFKWZUGHHUVSlWHUQRFKHLQPDO YHUVXFKHQGLHVHYHUWUDFNWH$XIJDEH]XO|VHQ8QGQRWIDOOV NRQQWHHUGDV(UJHEQLVQRFKLPPHUDPQlFKVWHQ0RUJHQ YRQHLQHPVHLQHU.ODVVHQNDPHUDGHQDEVFKUHLEHQ (UGUFNWHGLH.OLQNHKHUXQWHUVWLHGLH7UDXIXQGOLH GHQ%OLFNQRFKHLQPDOEHGDXHUQGEHUGDVYROOJHVWRSIWH% FKHUERUGVWUHLIHQ(VKDOIQLFKWV&RPPDQGHU$UFDQD ZUGHELVPRUJHQZDUWHQPVVHQHKHHUGLH:DUORUG,,LQ GDVILQDOH*HIHFKWJHJHQGLHWHOHSDWKLVFKHQ3IODQ]HQPRQVWHU IKUHQNRQQWH .LP]RJGLH7UKLQWHUVLFK]XOLHIGLH7UHSSHKLQXQWHUXQG QDKPGLHOHW]WHQYLHU6WXIHQDXIHLQPDO(UKDWWHULFKWLJJH K|UW6HLQH(OWHUQZDUHQ]X+DXVHEHLGH0XWWHUV7UHQFK FRDWKLQJLQGHU*DUGHUREHGDQHEHQGHU]HUVFKOLVVHQH 3DUNDVHLQHV9DWHUVGHQHUVFKRQWUXJVRODQJH.LPVLFK HULQQHUQNRQQWHXQGYRQGHPHUVLFKZDKUVFKHLQOLFKDXFK LQKXQGHUW-DKUHQQLFKWWUHQQHQZUGH'LH:RKQ]LPPHU WUZDUQXUDQJHOHKQWXQGLP$VFKHQEHFKHUDXIGHU*DUGH UREHTXDOPWHHLQHJHUDGHDQJHUDXFKWH=LJDUHWWH .LP]RJYHUZXQGHUWGLH6WLUQNUDXV9DWHUKDWWHVLFKYRU IQI0RQDWHQHQWVFKORVVHQGDV5DXFKHQDXI]XJHEHQXQG HUKDWWHVLFKELVDXIGHQKHXWLJHQ7DJDQVHLQHQ9RUVDW]JH KDOWHQ'DHUMHW]WZLHGHUUDXFKWHZDUVHOWVDP$EHUVHOW VDPZDUDXFKGD9DWHUXPGLHVH=HLWVFKRQ]X+DXVH ZDU(VZDUQRFKQLFKWHLQPDOYLHUXQGQRUPDOHUZHLVHNDP HUQLHYRUVHFKVDXVGHP%UR 'LH(OWHUQZDUHQLP:RKQ]LPPHU.LPNRQQWHLKUH6WLP PHQGXUFKGLHDQJHOHKQWH7UK|UHQRKQHGLH:RUWH]X YHUVWHKHQ(UEOLFNWHQRFKHLQPDOYHUZXQGHUWDXIGLHTXDO PHQGH=LJDUHWWHLP$VFKHQEHFKHUKDNWHGLH'DXPHQKLQWHU GHQ*UWHOXQGEHWUDWGDV:RKQ]LPPHU 9DWHUXQG0XWWHUVDHQQHEHQHLQDQGHUDXIGHU&RXFK'HU )HUQVHKHUOLHIPLWDXVJHVFKDOWHWHP7RQ$XIGHP7LVFKODJ HLQHDQJHEURFKHQH=LJDUHWWHQSDFNXQJQHEHQGHPRUDQJH

IDUEHQHQ)HXHU]HXJXQGHLQHPVDXEHUHQ$VFKHQEHFKHU.LP ILHODXIZLHVWLOOHVSO|W]OLFKZDU6HLQH(OWHUQKDWWHQVFKODJ DUWLJDXIJHK|UW]XUHGHQDOVHULQV=LPPHUJHNRPPHQZDU XQGGDVHLQ]LJH*HUlXVFKGDVQRFK]XK|UHQZDUZDUGDV OHLVH7LFNHQGHUDOWPRGLVFKHQ6WDQGXKUDQGHU6GZDQGGHV =LPPHUV ª+DOOR.LP©VDJWH0XWWHUOHLVH6LHVHW]WHVLFKKDVWLJDXI VWULFKVLFKHLQH+DDUVWUlKQHDXVGHU6WLUQXQGIDOWHWHGLH +lQGHDXIGHQ.QLHQª,FKLFKGDFKWHGXZlUHVWLQGHL QHP=LPPHUXQG© .LPEOLQ]HOWHYHUZXQGHUW(VNDPVHOWHQYRUGDVHLQH 0XWWHULQV6WRWWHUQJHULHW6LHZDUHLQHUXKLJHXQGEH KHUUVFKWH)UDXGLHVLFKMHGHV:RUWGDVVLHVSUDFKJHQDX EHUOHJWH ª+DVWGXGHLQH+DXVDXIJDEHQIHUWLJ"©IUDJWHVLH .LPQLFNWHVFKWWHOWHJOHLFKGDUDXIGHQ.RSIXQGPXUPHOWH HWZDVZDVVLFKZLHªMD©DQK|UWHDEHULP=ZHLIHOVIDOODXFK ªIDVW©KHLHQNRQQWH 9DWHUVHXI]WH'DVEUFKLJH/HGHUGHU&RXFKNQDUUWHDOVHU VLFKDXIVHW]WHXQGXPVWlQGOLFKQDFK=LJDUHWWHQXQG)HXHU ]HXJODQJWH.LPWUDWYHUOHJHQDXIGHU6WHOOHXQG]RJGLH 'DXPHQKLQWHUGHP*UWHOKHUYRU(UZXWHSO|W]OLFK ZDUXPVHLQH(OWHUQVRQHUY|VZDUHQ ª,KULKUZDUWLP.UDQNHQKDXVQLFKW"©IUDJWHHU (LQ6FKDWWHQIORJEHUGDV*HVLFKWVHLQHU0XWWHU.LPKDWWH PLWHLQHP0DOGDV*HIKOHWZDVIXUFKWEDU)DOVFKHVJHVDJW ]XKDEHQ ª6HW]GLFKPHLQ6RKQ©VDJWHVHLQ9DWHU .LPVDKVHLQHQ9DWHUGXUFKHLQH:RONHEODXHQ=LJDUHWWHQ UDXFKVIUDJHQGDQXQGVHW]WHVLFKGDQQXQVLFKHUDXIGLH .DQWHVHLQHV6HVVHOV0HLQ6RKQKDWWHHUJHVDJW6RQDQQWH HULKQQXUZHQQHUHQWZHGHUVHKUE|VHRGHUVHKUJXWDXIJH OHJWRGHUVHKUQHUY|VZDU9DWHUULHILKQVHOWHQEHLP1DPHQ QRUPDOHUZHLVHULHIHULKQ.QLUSVRGHU.OHLQHUPDQFKPDO DXFK-XQLRURGHU)LOLXV:HQQHUPHLQ6RKQVDJWHKDWWHGDV HWZDV%HVRQGHUHV]XEHGHXWHQ ª,FK©6HLQ9DWHU]|JHUWHHLQHQ0RPHQWXQGILQJGDQQ

YRQQHXHPDQª0XWWHUXQGLFKPVVHQPLWGLUUHGHQ©VDJWH HUHUQVW .LPEHJDQQVLFKPLWMHGHU6HNXQGHXQEHKDJOLFKHU]XIK OHQ(UJODXEWH]XZLVVHQZDVVHLQ9DWHUPLWLKPEHVSUHFKHQ ZROOWHDEHUHUZROOWHHVQLFKWK|UHQ(UEOLFNWHLQV*HVLFKW VHLQHU0XWWHUXQGIKOWHVLFKSO|W]OLFKQRFKHOHQGHU,KU*H VLFKWZDUVHKUEODXQGXQWHUGHQ$XJHQODJHQGXQNOH 5LQJH6LHVDKLKQDQDEHULKU%OLFNVFKLHQGXUFKLKQXQG GLH6HVVHOOHKQHKLQGXUFK]XJHKHQXQGVLFKLUJHQGZRLQZHL WHU)HUQH]XYHUOLHUHQ6LHOlFKHOWHHLQVHOWVDPHVWUDXULJHV /lFKHOQXQGLKPILHODXIGDVLFKLKUH)LQJHUXQXQWHUEUR FKHQEHZHJWHQ ª,KUZDUWEHL%HFN\QLFKW"© 9DWHUQLFNWH(UGUFNWHGLH=LJDUHWWHLP$VFKHQEHFKHUDXV XQG]HLFKQHWHPLWGHP)LOWHU/LQLHQLQGLHZHLH$VFKH ª-DZLUZDUHQEHLGHLQHU6FKZHVWHU©VDJWHHUQDFKHLQHU :HLOH(UEOLFNWH.LPEHUGHQ5DQGVHLQHUGQQHQ*ROG EULOOHDQXQGVWW]WHGLH(OOERJHQDXIGHQ7LVFK'DQQIDO WHWHHUGLH+lQGHXQGOHJWHGDV.LQQGDUDXIZLHHUHVLP PHUWDWZHQQHUQDFKGDFKWHRGHUHWZDV6FKZLHULJHVHUNOl UHQZROOWH ª'HLQH6FKZHVWHU5HEHNND©VHW]WHHUDXIVQHXHDQªLVW VHKUNUDQN.LP© .LPQLFNWHª,FKZHL©VDJWHHUª6LHPX© 9DWHUVFKWWHOWHVDQIWGHQ.RSIª(VLVWQLFKWZHJHQGHV %OLQGGDUPV-XQJH© ª1LFKW"$EHULKUVDJWHWGRFK© ª:LUKDEHQGLUGDVHU]lKOWZHLOZHLOZLUGLFKQLFKW EHXQUXKLJHQZROOWHQ© ª'XPHLQVWHVHVZDUJDUQLFKWGHU%OLQGGDUP© ª'RFKGRFK]XQlFKVWVFKRQ©XQWHUEUDFKLKQVHLQ9DWHU KDVWLJª(VLVWQXU©(U]QGHWHVLFKVFKRQZLHGHUHLQH=L JDUHWWHDQª,FKZHLQLFKWZLUZLVVHQQLFKWZLHZLUHV GLUHUNOlUHQVROOHQ-XQJH©VDJWHHUGDQQPLWIHVWHU6WLPPH ª'XZDUVWGDEHLDOVZLUGHLQH6FKZHVWHULQGLH.OLQLNJH EUDFKWKDEHQXQGXQGGXKDVWDXFKJHK|UWZDV'RNWRU 6FKUHLEHUJHVDJWKDW'DHLQH%OLQGGDUPRSHUDWLRQKHXW]X

WDJHQLFKWV:HOWEHZHJHQGHVPHKULVWXQGGDZLUXQVNHLQH 6RUJHQ]XPDFKHQEUDXFKHQXQGGD5HEHNNDLQHLQHU:R FKHZLHGHUKLHUVHLQZUGH© .LPQLFNWH5HEHNNDKDWWHYRUGUHL7DJHQSO|W]OLFKEHU VWHFKHQGH6HLWHQVFKPHU]HQJHNODJWXQG]XZHLQHQDQJHIDQ JHQ6LHKDWWHQGLH6DFKH]XHUVWQLFKWEHVRQGHUVHUQVWJH QRPPHQ5HEHNNDZDULP0DLYLHUJHZRUGHQDEHUZHQQ LKUHWZDVZHKWDWRGHUZHQQVLHLKUHQ:LOOHQQLFKWEHNDP JHElUGHWHVLHVLFKZLHHLQH=ZHLMlKULJH'RFKGLH6\PSWRPH ZDUHQLPPHUVFKOLPPHUJHZRUGHQXQGVFKOLHOLFKJHJHQ $EHQGKDWWHVLHVLFKYRU6FKPHU]HQEHUJHEHQPVVHQVR GD9DWHUNXU]HQWVFKORVVHQEHLP5RWHQ.UHX]DQULHIXQG HLQHQ.UDQNHQZDJHQNRPPHQOLH6LHZDUHQPLWLQGLH.OL QLNJHIDKUHQXQGHVJLQJZHLWEHU0LWWHUQDFKWDOVVLHZLH GHUQDFK+DXVHNDPHQ0XWWHUVFKLFNWH.LPLQV%HWWDEHU HUNRQQWHQLFKWVFKODIHQXQGLQGHPJURHQVWLOOHQ+DXV KDWWHHUJHK|UWZLHVHLQH(OWHUQQRFKODQJHXQWHQLP :RKQ]LPPHUJHVHVVHQXQGJHUHGHWKDWWHQ 1DWUOLFKKDWWH'U6FKUHLEHUJHVDJWGDNHLQ*UXQG]XU $XIUHJXQJEHVWDQG.LPHULQQHUWHVLFKJXWDQGHQNOHLQHQ GQQHQJUDXKDDULJHQ0DQQPLWGHQWUDXULJHQ$XJHQKLQWHU GHUVFKZDU]HQ+RUQEULOOH$EHUUFNEOLFNHQGILHOLKPHLQ GDHVLQGHQOHW]WHQ7DJHQHLQH0HQJH$XIUHJXQJJHJHEHQ KDWWH'DV7HOHIRQKDWWH|IWHUDOVJHZ|KQOLFKJHNOLQJHOWXQG VHLQH0XWWHUKDWWHJDQ]JHJHQLKUHVRQVWLJH*HZRKQKHLW PLWOHLVHU6WLPPHJHVSURFKHQXQGKDVWLJDXIJHOHJWZHQQHU LQV=LPPHUJHNRPPHQZDU(LQNOHLQHVERKUHQGHV*HIKO GHU$QJVWPDFKWHVLFKLQ.LPV0DJHQEHPHUNEDUlKQOLFK GHP*HIKOZHQQHUPLWHLQHUVFKOHFKWHQ1RWHQDFK+DXVH NDPXQGGRFKZLHGHUJDQ]DQGHUV ª(VKDW.RPSOLNDWLRQHQJHJHEHQ©IXKU9DWHUOHLVHIRUWª6R HWZDVNRPPWYRUZHQQDXFKVHKUVHOWHQ'RNWRU6FKUHLEHU KDWHV0XWWHUXQGPLUHUNOlUWDEHU©9DWHUV6WLPPH VFKZDQNWHXQG.LPPHLQWH7UlQHQLQVHLQHQ$XJHQJOLW ]HUQ]XVHKHQ'RFKGDQQEOLQ]HOWHHUVRJDQVHLQHU=LJD UHWWHXQGYHUEDUJVLFKZLHGHUKLQWHUHLQHUGLFKWHQ4XDOP ZRONH

3O|W]OLFKJHVFKDKHWZDV6HOWVDPHV9DWHUHUKREVLFKPLW HLQHP5XFNVWDQGHLQHQ0RPHQWUHJXQJVORVGDXQGEDOOWH GLH)lXVWH(U|IIQHWHGHQ0XQGDOVZROOWHHUHWZDVVDJHQ VFKWWHOWHGDQQGHQ.RSIXQGZDQGWHVLFKPLWHLQHUUDVFKHQ 'UHKXQJDE ª6DJGX VLKP©PXUPHOWHHUª,FKNDQQHVQLFKW© .LPV%OLFNZDQGHUWH]ZLVFKHQGHP5FNHQVHLQHV9DWHUV XQGGHP*HVLFKWVHLQHU0XWWHUKLQXQGKHU ª:DVZDVLVWPLW%HFN\"©IUDJWHHUDQJVWYROO ª6LHLVWPDQKDWVLHJDQ]QRUPDOLQ1DUNRVHYHU VHW]WHKHVLHRSHULHUWZXUGH©HUNOlUWH0XWWHUWRQORVª$EHU VLHLVWQLFKWZLHGHUDXIJHZDFKW© .LPV+HU]VFKLHQHLQHQVFKPHU]KDIWHQ6FKODJ]XEHUVSULQ JHQ6HLQH+lQGHEHJDQQHQ]X]LWWHUQXQGLQVHLQHP+DOV VDHLQZUJHQGHU.OR ª,VWVLHWRW"©IUDJWHHU 0XWWHUVWDUUWHLKQHLQHQ0RPHQWODQJHQWVHW]WDQGDQQ VFKOXJVLHGLH+lQGHYRUV*HVLFKWXQGVFKOXFK]WH ª1HLQ-XQJH©6HLQ9DWHUVHW]WHVLFKZLHGHU,QVHLQHQ $XJHQJOlQ]WHQMHW]WZLUNOLFK7UlQHQª6LHLVWQLFKWWRW .LP6LHLVWQXUQLFKWZLHGHUDXIJHZDFKW6LHKDEHQVLHDXV GHP2SHUDWLRQVVDDOJHEUDFKWXQGLQV%HWWJHOHJWXQGGDUDXI JHZDUWHWGDVLHDXIZDFKWDEHUVLHLVWQLFKWDXIJHZDFKW6LH VFKOlIWHLQIDFKZHLWHU© ª8QGZLHODQJH© ª=ZHL7DJH©PXUPHOWH9DWHUª6HLWVLHRSHULHUWZRUGHQLVW :LUKDEHQGLUQLFKWVJHVDJWZHLOZLUJHKRIIWKDEHQGD QRFKDOOHVJXWZLUGDEHULFKKDEHYRUKLQPLWGHU.OLQLNWHOH IRQLHUWXQG©.LPVSUWHZLHVFKZHUHVLKPILHOZHLWHU ]XVSUHFKHQªXQGHVVLHKWQLFKWVRDXVDOVZUGHVLFKDQ LKUHP=XVWDQGHWZDVlQGHUQ© ª'XPHLQVWVLHZLUGEHUKDXSWQLHZLHGHUDXIZDFKHQ"© VDJWH.LP'LH9RUVWHOOXQJGDMHPDQGHLQVFKOLHIXQGHLQ IDFKQLFKWZLHGHUHUZDFKWHZDUXQJHKHXHUOLFK6RHWZDV NDPQXULQ0lUFKHQYRU'DVZDUHQ*HVFKLFKWHQZLHPDQ VLHNOHLQHQ.LQGHUQHU]lKOWHDEHUGRFKQLFKWVZDVZLUNOLFK JHVFKDK7URW]ZDOOWHLQLKPDXIXQGZDUIUHLQHQ0RPHQW

VRJDUVWlUNHUDOVVHLQH$QJVW(UZROOWHQLFKWGDVRHWZDV SDVVLHUWHNHLQHP0HQVFKHQXQGVFKRQJDUQLFKWVHLQHU 6FKZHVWHU ª0XWWHUXQGLFKIDKUHQMHW]WLQV.UDQNHQKDXV©VDJWH9DWHU QDFKHLQHU:HLOHª'RNWRU6FKUHLEHUP|FKWHXQVVSUHFKHQ© ª,FKNRPPHPLW©VDJWH.LP 9DWHUVFKWWHOWHEHGDXHUQGGHQ.RSIª'DVZLUGQLFKWJH KHQ.LP©VDJWHHUª'XZHLWGRFKGD.LQGHUXQWHUYLHU ]HKQ-DKUHQGRUWQLFKWKLQHLQGUIHQ© ª'DQQZDUWHLFKDXIGHP)OXU©EHKDUUWH.LPª,FKZLOOZLV VHQZLHHV5HEHNNDJHKW,FKP|FKWHVLHVHKHQ© 6HLQ9DWHUZROOWHHWZDVVDJHQDEHU0XWWHUOHJWHLKPGLH +DQGDXIGHQ$UPª/DLKQ© 2KQH9DWHUV$QWZRUWDE]XZDUWHQVSUDQJ.LPYRQGHU6HV VHONDQWHOLHIDXVGHP:RKQ]LPPHUXQGUDQQWHLPPHU GUHL6WXIHQDXIHLQPDOQHKPHQGGLH7UHSSHKLQDXI$OV VHLQH(OWHUQVLFK]XP:HJJHKHQIHUWLJPDFKWHQZDUHU VFKRQZLHGHU]XUFNHLQHQ]HUNQDXWVFKWHQIOHFNLJHQ7HG G\ElUHQGHPGDVUHFKWH2KUXQGHLQ*ODVDXJHIHKOWHQLP $UP5HEHNNDV/LHEOLQJVVSLHO]HXJ6HLQH0XWWHU]XFNWH]X VDPPHQDOVVLHGHQ%lUHQVDKZDQGWHVLFKDEXQGEHJDQQ ZLHGHU]XZHLQHQ3O|W]OLFKILHOLKPHLQZLHVLQQORVHVZDU GDV6SLHO]HXJPLW]XQHKPHQ(UGUHKWHGHQ3OVFKElUHQKLOI ORV]ZLVFKHQGHQ)LQJHUQXQGVDKVLFKQDFKHLQHP3ODW]XP ZRKLQHULKQOHJHQNRQQWH ª/DQXU-XQJH©PXUPHOWHVHLQ9DWHUª1LPPLKQUXKLJ PLW© (VEHJDQQ]XUHJQHQDOVVLHGXUFKGHQVFKPDOHQ9RUJDUWHQ ]XP:DJHQJLQJHQ'HU+LPPHOZDUVFKRQGHQJDQ]HQ 7DJEHUEHGHFNWJHZHVHQXQGREZRKOGLHWLHIKlQJHQGHQ 5HJHQZRONHQLPPHUZLHGHUDXIULVVHQXQGGLHZlUPHQGHQ 6RQQHQVWUDKOHQGXUFKOLHHQZDUHVNKOJHZRUGHQ'HU +HUEVWNDPIUKLQGLHVHP-DKU'LH9RUJlUWHQGHUKE VFKHQNOHLQHQ(LQIDPLOLHQKlXVHUGLHLKUH6WUDHVlXPWHQ VWDQGHQQRFKLQYROOHU%OWHDEHUGHU:HWWHUEHULFKWLP5D GLRKDWWHIUGLHNRPPHQGHQ1lFKWH)URVWDQJHNQGLJW XQGGHU5HJHQGHUMHW]WLQJURHQVFKZHUHQ7URSIHQQLH

GHUNODWVFKWHVFKLHQEHUHLWVHLQH9RUDKQXQJGHVQDKHQGHQ :LQWHUVPLWVLFK]XWUDJHQ 9DWHUVFKOXJGHQ0DQWHONUDJHQKRFKXQGOLHI]XP:DJHQ YRUDXV(U|IIQHWHGLH7UZDUIVLFKPLWHLQHP6DW]KLQHLQ XQGOLHGHQ0RWRUDQHKHHUVLFKKHUEHUEHXJWHXQGGLH EHLGHQDQGHUHQ7UHQDXIVWLH ª:LUPVVHQXQVEHHLOHQ'RNWRU6FKUHLEHUHUZDUWHWXQVXP KDOEIQI8QGEHLGHP9HUNHKU© .LPNOHWWHUWHDXIGLH5FNEDQNDQJHOWHQDFKGHP6LFKHU KHLWVJXUWXQGOLHGHQ9HUVFKOXHLQUDVWHQ6LHIXKUHQORV (VUHJQHWHLPPHUVWlUNHUZlKUHQGVLHGXUFKGHQLPPHU GLFKWHUZHUGHQGHQ%HUXIVYHUNHKUEHUGLH+DXSWVWUDH QDFK2VWHQIXKUHQ'LH6WUDHQEHJDQQHQVLFKLQJURH PDWWJUDXH6SLHJHO]XYHUZDQGHOQDXIGHQHQODQJJHVWUHFNWH YHUVFKZRPPHQH6SLHJHOELOGHUGHQ$XWRV]XIROJHQVFKLH QHQ'LH)XJlQJHUKDWWHQLKUH5HJHQVFKLUPHDXIJHVSDQQW RGHUGHQ0DQWHONUDJHQKRFKJHVFKODJHQXQGIOFKWHWHQLQ +DXVHLQJlQJHXQG*HVFKlIWH(VZXUGHGXQNOHUXQGGLH NODPPH)HXFKWLJNHLWEHJDQQODQJVDPDXFKLQGHQ:DJHQ ]XNULHFKHQ9DWHUVFKDOWHWHGLH+HL]XQJHLQ'HU9HQWLODWRU VXPPWHXQGYHUEUHLWHWHEDOGHLQHEHKDJOLFKH:lUPH7URW] GHPIURU.LPLPPHUPHKU(UKDWWHVLFKDXIGHUEUHLWHQ 5FNEDQN]XVDPPHQJHNDXHUWXQGGLH+lQGHLQGHQ-DN NHQWDVFKHQYHUJUDEHQDEHUGLH.lOWHHLQPDOKHUHLQJHNRP PHQVFKLHQVLFKWLHILQVHLQH.QRFKHQYHUELVVHQ]XKDEHQ 'LHZDUPH/XIWHUZlUPWHQLFKWHLQPDOVHLQH+DXWVRQGHUQ VFKLHQGLFKWYRUVHLQHP.|USHUYRQHLQHPXQVLFKWEDUHQ 6FKXW]VFKLUPDXIJHKDOWHQ]XZHUGHQ(USUHWHGHQ]HU VFKOLVVHQHQ3OVFKWHGG\HQJDQVLFK6HLQ%OLFNILHOLQGHQ 5FNVSLHJHO(UEHPHUNWHGD9DWHULPPHUZLHGHUDXIVDK XQGLKQLP6SLHJHOEHREDFKWHWH0LWHLQHP0DONDPHUVLFK OlFKHUOLFKYRUZLHHUVRGDVD]LWWHUQGIULHUHQGGLH+lQGH LQGHQ7DVFKHQXQGHLQ.LQGHUVSLHO]HXJLP$UP0LWHLQHU YHUOHJHQHQ*HVWHOHJWHHUGHQ%lUHQZHJGUHKWHVLFK]XU 6HLWHXQGGUFNWHGDV*HVLFKWJHJHQGLHEHVFKODJHQH 6FKHLEH 6LHYHUOLHHQGLH6WDGWIXKUHQDXIGLH$XWREDKQXQG9DWHU

JDE*DV'LH7DFKRPHWHUQDGHONOHWWHUWHUDVFKK|KHUXQG YHUZHLOWHGDQQNQDSSXQWHUKDOEGHU+XQGHUWNLORPHWHU PDUNH9DWHUKDWWHLKPRIWHUNOlUWGDPDQEHLQDVVHU)DKU EDKQDFKW]LJ6WXQGHQNLORPHWHUQLFKWEHUVFKUHLWHQVROOWH DEHUKHXWHVFKLHQHUVLFKVHOEVWQLFKWDQGLHVH5HJHO]XKDO WHQ'HU:DJHQVFKZHQNWHDXIGLHhEHUKROVSXUKLQDXV]RJ HLQHQGRSSHOWHQVSUKHQGHQ6FKOHLHUDXVJUDXHQ:DVVHU WU|SIFKHQKLQWHUVLFKKHUXQGEHUKROWHHLQH.RORQQHYRQ /DVWZDJHQ hEHUGHP5KHLQVFKLPPHUWHHLQ5HJHQERJHQDOVVLHLQGLH =XIDKUW]XU6GEUFNHHLQERJHQ'HU)OXZLUNWHJODWWXQG VWXPSIDOVZlUHHUDXVIOVVLJHP%OHL(LQJURHU/DVWNDKQ ]RJXQWHULKQHQIOXDEZlUWV.LPIROJWHLKPPLWGHP%OLFN ELVHUXQWHUGHP%UFNHQJHOlQGHUYHUVFKZXQGHQZDUXQG EHWUDFKWHWHGDQQZLHGHUGHQ5HJHQERJHQ(VZDUNHLQEH VRQGHUVJURHURGHUEHVRQGHUVSUlFKWLJHU5HJHQERJHQXQG .LPIUDJWHVLFKXQZLOONUOLFKREHVZRKOVRHWZDVZLHHLQH 5DQJRUGQXQJHLQH+LHUDUFKLHGHU5HJHQERJHQJDEDQJH IDQJHQYRQNOHLQHQXQEHGHXWHQGHQ5HJHQERJHQPLWZHQL JHQXQGEODVVHQ)DUEHQZLHGLHVHUKLHUELVKLQ]XSUlFKWLJHQ LQDOOHQ)DUEHQVFKLOOHUQGHQ%UFNHQGLHVLFKEHUGHQJH VDPWHQ+LPPHOXQGELV]XGHQ6WHUQHQHPSRUVSDQQWHQ 9LHOOHLFKWJDEHVLQGHU8QHQGOLFKNHLWGHV$OOVVRJDUHLQHQ .|QLJGHU5HJHQERJHQZHQQJOHLFK.LPVLFKQLFKWYRUVWHO OHQNRQQWHZLHGLHVHUDXVVHKHQPRFKWH$EHUGDV8QLYHU VXPZDUVRJURXQGZXQGHUYROOGDLUJHQGZRYLHOOHLFKW DXIHLQHPZLQ]LJHQXQEHGHXWHQGHQ3ODQHWHQ*DOD[LHQHQW IHUQWZRKODXFKHLQ.|QLJGHU5HJHQERJHQH[LVWLHUWH%H VWLPPW 'LH%UFNHEOLHEKLQWHULKQHQ]XUFNXQGPLWLKPYHU VFKZDQGDXFKGHU5HJHQERJHQLPWURVWORVHQ*UDXGHV+LP PHOVhEHUGHU6WDGWEDOOWHQVLFKVFKZDU]H:RONHQ]XVDP PHQXQGGHU5HJHQVWU|PWHMHW]WVRKHIWLJGDGLH6FKHL EHQZLVFKHUNDXPQRFKGDJHJHQDQNDPHQ'DV3UDVVHOQGHU 7URSIHQDXIGHP:DJHQGDFKK|UWHVLFKDQZLHIHUQHV'RQ QHUJUROOHQ 6LHIXKUHQGLH6GDOOHHKLQXQWHUERJHQQDFKZHQLJHQ0L

QXWHQUHFKWVDEXQGGDQQLQGLH0RKUHQVWUDHHLQ.LP NDQQWHGHQ:HJJHQDX9RUHLQSDDU-DKUHQKDWWHHUVHOEVW LQGLHVHU.OLQLNJHOHJHQHEHQIDOOVZHJHQHLQHU%OLQGGDUP RSHUDWLRQ%OLQGGDUPHQW]QGXQJVFKLHQHLQH$UW)DPLOLHQ NUDQNKHLW]XVHLQ9DWHUKDWWHGHVZHJHQHLQHZLFKWLJH*H VFKlIWVUHLVHDEEUHFKHQPVVHQDXFK0XWWHUKDWWHNHLQHQ %OLQGGDUPPHKUXQGHUVHOEVWKlWWHXPHLQ+DDUGLHGULWWH .ODVVHZLHGHUKROHQPVVHQZHLOHUDXI$QUDWHQGHUbU]WH HLQHQ(UKROXQJVDXIHQWKDOWDQVFKOLHHQPXWHXQGVRLQVJH VDPWVHFKV:RFKHQYHUVlXPWKDWWH(VZDUHLQVFKOLPPHV -DKUJHZHVHQ9DWHUKDWWHHLQHQ6WXGHQWHQDOV1DFKKLOIHOHK UHUHQJDJLHUWXQGZlKUHQGVHLQH)UHXQGHGUDXHQDXIGHU 6WUDH)XEDOOVSLHOWHQRGHUGLH6WDGWXQVLFKHUPDFKWHQ KDWWH.LPEHUVHLQHQ6FKXOEFKHUQVLW]HQXQGEIIHOQPV VHQ 9DWHUKLHOWDQEHXJWHVLFKQDFKKLQWHQXQG|IIQHWHGLH7U ª6WHLJWVFKRQDXV©VDJWHHUª,FKVXFKHUDVFKHLQHQ3DUN SODW]© .LP|IIQHWHGHQ6LFKHUKHLWVJXUWVSUDQJDXVGHP:DJHQ XQGOLHIPLWJHVHQNWHP.RSIDXIGLHZHLJHVWULFKHQHER JHQI|UPLJH(LQIDKUWGHU.OLQLN]X8QWHUGHPVWHLQHUQHQ 9RUGDFKGUlQJWHQVLFKPLQGHVWHQVHLQ'XW]HQG/HXWHGLH YRUGHPSO|W]OLFKHQ5HJHQVFKDXHU6FKXW]JHVXFKWKDWWHQ XQGMHW]WPLWILQVWHUHP*HVLFKWLQGHQ+LPPHOVWDUUWHQGDU DXIZDUWHQGGDGHU5HJHQDXIK|UWH0lQQHU)UDXHQHLQ SDDU.LQGHUDEHUDXFK]ZHLGXQNHOKDDULJH0lQQHULQZHL HQ.LWWHOQGLHRIIHQEDU]XU.OLQLNJHK|UWHQXQGQXUHLQH %HVRUJXQJKDWWHQPDFKHQZROOHQDOVVLHYRP5HJHQEHU UDVFKWZXUGHQ .LPVWHFNWHGLH)lXVWHWLHIHULQGLH7DVFKHQDOVHUVDKZLH VLFKHLQH)UDXXPGUHKWHXQGOlFKHOQGGHQ7HGG\ElUHQXQ WHUVHLQHP$UPEHWUDFKWHWH(UEHPKWHVLFKHLQP|JOLFKVW ILQVWHUHV*HVLFKW]XPDFKHQSUHWHGHQ%lUHQSURYR]LHUHQG QRFKHQJHUDQGLH%UXVWXQGOHKQWHVLFKQHEHQGHUVWXPPHQ *HVWDOWVHLQHU0XWWHUJHJHQGLHIHXFKWH:DQG,UJHQGZR QRFKZHLWHQWIHUQW]XFNWHHLQ%OLW]XQG6HNXQGHQVSlWHU UROOWHGDVOHLVH(FKRGHV'RQQHUVEHUGLH6WUDH

.LPIU|VWHOWH6HLQH6FKXKHZDUHQGXUFKZHLFKWXQGHU PHUNWHHUVWMHW]WGDHUPLWWHQLQHLQHU3IW]HVWDQG(UWUDW HLQHQ6FKULWW]XU6HLWHZHFKVHOWHGHQ%lUHQYRPOLQNHQLQ GHQUHFKWHQ$UPXQGEOLFNWHXQVLFKHU]XVHLQHU0XWWHUDXI ,KU*HVLFKWHUVFKLHQLKPLPGlPPHULJHQ=ZLHOLFKWGHVVWHL QHUQHQ*HZ|OEHVVFKPDOXQGJUDX6HOWVDPGDFKWHHUXQG HLQYROONRPPHQIUHPGHVXQDQJHQHKPHV*HIKOEHUNDP LKQ(UKDWWHVLFKQLHZLUNOLFKQRFKQLH*HGDQNHQEHU VHLQH0XWWHUJHPDFKW(UOLHEWHVLHQDWUOLFK6LHZDULPPHU IULKQGDIULKQ%HFN\XQG9DWHUDEHUHUKDWWHVLFKQRFK QLHHUQVWKDIWEHUOHJWZLHHVLQLKUHP,QQHUHQDXVVHKHQ PRFKWH6LHZDUMHPDQG]XGHPPDQMHGHU]HLWNRPPHQ NRQQWHPLWMHGHP3UREOHPMHGHP.XPPHUMHPDQGGHU LPPHU=HLW]XP=XK|UHQLPPHUHLQYHUVWlQGQLVYROOHV:RUW KDWWHXQG.LPKDWWHGDVVWHWVIUVHOEVWYHUVWlQGOLFKJHQRP PHQ:lKUHQGHUMHW]WLKUVFKPDOHVYRQ6FKDWWHQXQG VFKDUIHQ/LQLHQJH]HLFKQHWHV*HVLFKWEHWUDFKWHWHGLHHU QRFKQLH]XYRUVRGHXWOLFKJHVHKHQKDWWHZXUGHLKPSO|W] OLFKNODUZLHYLHO.UDIWXQG(QHUJLHVHLQH0XWWHUGLHVHV(LQ IDFK'DVHLQNRVWHWH(UHUJULIILKUH+DQGGUFNWHVLHXQG YHUVXFKWH]XOlFKHOQ 6LHEOLFNWH]XLKPKHUXQWHUXQGOlFKHOWH]XUFNDEHULKUH $XJHQEOLHEHQHUQVW'HU5HJHQYHUPLVFKWHVLFKPLWGHQ 7UlQHQDXILKUHP*HVLFKWXQGSO|W]OLFKSUHWHVLHVHLQH +DQGVRIHVWGDHVVFKPHU]WH 'HU5HJHQZXUGHIUHLQHQ0RPHQWQRFKKHIWLJHUXQGGHU :LQGWULHEJUDXH:DVVHUVFKOHLHU]ZLVFKHQGHQ+lXVHUQGD KLQ'LH$XWRVNURFKHQLP6FKULWWHPSREHUGLH6WUDHQ XQGDXIGHQ%UJHUVWHLJHQZDUNDXPQRFKHLQ0HQVFK]X VHKHQ(LQ.UDQNHQZDJHQERJPLWKHXOHQGHU6LUHQHLQGLH 6WUDHHLQEUDXVWHLQPLWWHQHLQHUJLVFKWHQGHQ)OXWZHOOHDXI GLH(LQIDKUW]XXQGYHUVFKZDQGGDQQLQGHPZHLWOlXILJHQ .UDQNHQKDXVJHOlQGH 'DQQNDP9DWHUGXUFKGLHQLHGHUVWU]HQGHQ:DVVHUPDVVHQ DQJHUDQQW,P6FKXW]GHU(LQIDKUWVWDSIWHHUHLQSDDUPDO NUlIWLJPLWGHQ)HQDXIXPGDV:DVVHUDXVGHQ.OHLGHUQ ]XVFKWWHOQXQGOHJWHGHQ$UPXP0XWWHUV6FKXOWHU.LP

HUZDUWHWHGDVHLQ9DWHUª:DUWHQZLUELVGHU5HJHQDXI K|UW©RGHUHWZDVGHUJOHLFKHQVDJHQZUGHVWDWWGHVVHQWUDW HUHLQIDFKZRUWORVDXIGHUDQGHUHQ6HLWHGHU7RUHLQIDKUW ZLHGHULQGHQ5HJHQKLQDXV .LP]RJGHQ.RSI]ZLVFKHQGLH6FKXOWHUQXQGOLHIIULHUHQG KLQWHUKHU$OOHGUHLZDUHQELVDXIGLH+DXWGXUFKQlWDOV GDVJURHHFNLJH*HElXGHGHUFKLUXUJLVFKHQ.OLQLNYRU LKQHQDXIWDXFKWH$XFK.LPKDWWHLQGLHVHP7UDNWGHV .UDQNHQKDXVHVJHOHJHQDEHUGDPDOVZDULKPDOOHVKLHU IUHXQGOLFKXQGKHOOYRUJHNRPPHQ+LQWHUGHQVFKUlJQLH GHUIDOOHQGHQ5HJHQVFKOHLHUQHUVFKLHQLKPGDV*HElXGHZLH HLQHILQVWHUH%XUJHLQVFKZDU]HV=DXEHUVFKORLQGHP 'lPRQHQXQG+H[HQXQGWHOHSDWKLVFKH6XPSIXQJHKHXHU KDXVWHQ 6HLQ%OLFNILHODXIGDVJURH0HVVLQJVFKLOGQHEHQGHP(LQ JDQJZlKUHQGVLHDXIGLHEHVFKODJHQHQ*ODVWUHQ]XOLHIHQ &+,585*,6&+($167$/7(1'(581,9(56, 7b76./,1,.'h66(/'25) .LPVFKDXGHUWH(UPRFKWHGDV:RUW.OLQLNQLFKWXQGGDV :RUW$QVWDOWVFKRQJDUQLFKW(UKDWWH9DWHUHLQPDOJHIUDJW ZDUXPPDQHLQ.UDQNHQKDXVDXVJHUHFKQHWª$QVWDOW© QDQQWHDEHU9DWHUKDWWHDXFKNHLQH$QWZRUWGDUDXIJHZXW 'DV:RUWIO|WHLKP8QEHKDJHQMD$QJVWHLQHVHULQQHUWH DQ*HIlQJQLVVHXQG,UUHQDQVWDOWHQXQGPRGULJHIHXFKWH .HOOHUYROOHU5DWWHQXQG8QJH]LHIHUXQG6FKLPPHO$EHU ZlKUHQGHUMHW]WDXIGHQILQVWHUVWDUUHQGHQ%HWRQNORW]PLW VHLQHQEOLQGHQ)HQVWHUQ]XJLQJHUVFKLHQLKPGLH%H]HLFK QXQJEHUHFKWLJW (LQH:HOOHVWLFNLJHUZDUPHU/XIWVFKOXJLKQHQHQWJHJHQDOV VLHGDV*HElXGHEHWUDWHQ.LPVFKOSIWHGXUFKGLH]X VFKZLQJHQGH*ODVWUVFKWWHOWHVLFKXQGOLHIGDQQVFKQHOO KLQWHUVHLQHQ(OWHUQKHU6LHGXUFKTXHUWHQHLQHQ9RUUDXP LQGHPLKUH6FKULWWHDXIGHPJHIOLHVWHQ%RGHQHLQVHOWVDP KDOOHQGHV(FKRKHUYRUULHIHQJLQJHQGDQQGXUFKHLQHODQJH PLWKRFKOHKQLJHQ%lQNHQDXVJHVWDWWHWH+DOOHXQGWUDWHQ GXUFKHLQHZHLWHUH*ODVWULQGHQ:DUWHVDDOGHU.LQGHUNOL QLN,QHLQHU(FNHVWDQGHQHLQQLHGULJHU7LVFKXQGPHKUHUH

XQEHTXHPDXVVHKHQGH+RO]VWKOHGDQHEHQHLQHYHUNP PHUWH=LPPHUSIODQ]HXQGHLQYHUEHXOWHU6WDQGDVFKHQEH FKHUGHUYRQ=LJDUHWWHQNLSSHQXQG3DSLHUEHUTXROO ª:DUWHWELWWHKLHU©VDJWH9DWHUªLFKVHKHQDFKRE'RNWRU 6FKUHLEHUVFKRQGDLVW©(UGHXWHWHDXIGLH6WKOHOlFKHOWH 0XWWHUDXIPXQWHUQG]XXQGYHUVFKZDQGKLQWHUGHU3HQGHO WUGLHLQGLHFKLUXUJLVFKH$EWHLOXQJIKUWH .LPOHJWHGHQ7HGG\ElUHQEHKXWVDPDXIGHQ7LVFKXQG VHW]WHVLFK6HLQH0XWWHUEOLHEVWHKHQXQGVWDUUWHDXIGLHJH VFKORVVHQHQ$XI]XJWUHQDQGHU6WLUQVHLWHGHU+DOOH'DV /LFKWEHUHLQHUGHU/LIWNDELQHQJORPPDXIHLQKHOOHV ª3LQJ©HUW|QWHXQGGLH7UHQUROOWHQ]XU6HLWH'HU/HXFKW SXQNWVSLHJHOWHVLFKDOVKHOOHU)OHFNLQ0XWWHUV3XSLOOHQ .LPGUHKWHVLFKKDOEDXIVHLQHP6WXKOKHUXPXQGVDKQHX JLHULJ]XP$XI]XJKLQEHU=ZHLbU]WHXQGHLQH6FKZHVWHU LQGXQNHOJUQH.LWWHO+DDUQHW]HXQGEODXH.XQVWVWRII VFKXKHJHKOOWVFKREHQHLQZHLHV.UDQNHQKDXVEHWWDXVGHU .DELQH,QGHP%HWWODJHLQ0DQQ'DVYHUPXWHWH.LPMH GHQIDOOVGHQQHUNRQQWHQLFKWYLHOPHKUDOVHLQHQVFKZDU]HQ +DDUVFKRSIXQGHLQ6WFNQDFNWH6FKXOWHUHUNHQQHQ'LH 6FKZHVWHUJLQJPLWNOHLQHQVFKQHOOHQ6FKULWWHQQHEHQGHP %HWWKHULQGHUHUKREHQHQ+DQGHLQHJOlVHUQHPLWHLQHUJHO EHQ)OVVLJNHLWJHIOOWH)ODVFKHKDOWHQGYRQGHUHLQGQQHU 3ODVWLNVFKODXFKXQWHUGLH%HWWGHFNHIKUWH .LPVDKDXIDOVHUPHUNWHGDVHLQH0XWWHUZLHGHU]X VFKOXFK]HQEHJRQQHQKDWWH,KU%OLFNKLQJZLHK\SQRWLVLHUW DQGHU]XJHGHFNWHQ*HVWDOWDXIGHP%HWWXQGIROJWHLKUDXFK QRFKDOVGDVbU]WHWHDPPLWGHP3DWLHQWHQOlQJVWKLQWHUGHU 0LOFKJODVVFKHLEHGHU7UYHUVFKZXQGHQZDU (LQH(ZLJNHLWVFKLHQ]XYHUVWUHLFKHQHKHVLFKGLH3HQGHOWU ZLHGHU|IIQHWHXQG9DWHU]XUFNNDP ª,KUN|QQWNRPPHQ©VDJWHHUª'RNWRU6FKUHLEHUHUZDUWHW XQV© 6LHEHWUDWHQGHQODQJHQKHOOJHOEJHVWULFKHQHQ*DQJ.LP NPPHUWHVLFKQLFKWXPGDV0HWDOOVFKLOGQHEHQGHU7UGDV EHVDJWHGD.LQGHUXQWHUYLHU]HKQ-DKUHQNHLQHQ=XWULWW]X GLHVHP7HLOGHV.UDQNHQKDXVHVKDWWHQ(UNDQQWHGLHVHQ

*DQJ(UKDWWHLQGHUVHOEHQ$EWHLOXQJJHOHJHQXQGWURW]GHU =HLWGLHVHLWVHLQHU%OLQGGDUPRSHUDWLRQYHUVWULFKHQZDU VFKLHQVLFKKLHUQLFKWGDVJHULQJVWHJHlQGHUW]XKDEHQ'LH %LOGHUDQGHQ:lQGHQZDUHQQRFKJHQDXVRXQLQWHUHVVDQW ZLHGDPDOVXQGVHOEVWGHUGXUFKGULQJHQGH.UDQNHQKDXVJH UXFKGHQHUPLWWOHUZHLOHYHUJHVVHQKDWWHZDULKPPLWHLQHP 0DOZLHGHUJHJHQZlUWLJIDVWVRDOVOHJHPDQJU|WHQ:HUW GDUDXIKLHUQLFKWV]XYHUlQGHUQDOOHVVR]XODVVHQZLHHV ZDU9LHOOHLFKWZDUHVWDWVlFKOLFKQRFKLPPHUGHUVHOEH*H UXFKYLHOOHLFKWNRQVHUYLHUWHQVLHVRJDUGLH/XIWKLHUGULQQHQ DXIHLQHJHKHLPQLVYROOH$UW 9DWHUHLOWH]XGHUNOHLQHQ*ODVNDELQHYRUDXVGLHVLFKLQGHU 0LWWHGHV)OXUVDXIGHUUHFKWHQ6HLWHEHIDQGZHFKVHOWHHLQ SDDU:RUWHPLWGHU6FKZHVWHUGDULQXQGJLQJGDQQZHLWHU %HLGHUYRUOHW]WHQ7UKLHOWHUDQ9DWHUNORSIWHZDUWHWH HLQH6HNXQGHXQGGUFNWHGDQQGLH.OLQNHKHUXQWHU .LPV+HU]EHJDQQVFKQHOOXQGIDVWVFKPHU]KDIW]XKlP PHUQDOVVLHGDV=LPPHUEHWUDWHQ(VZDUGXQNHO'LH-D ORXVLHQZDUHQKHUXQWHUJHODVVHQVRGDQXUHLQSDDU6WUHLIHQ KHOOJUDXHQ/LFKWVKHUHLQGUDQJHQ,QHLQHU(FNHEUDQQWHHLQH NOHLQHPLWHLQHP7XFKDEJHGHFNWH/DPSH=ZHLGHUGUHL %HWWHQZDUHQOHHUXQGEHUGHP.RSIWHLOYRQ5HEHNNDV %HWWKLQJHLQHJDQ]H%DWWHULHEOLQNHQGHUSLHSVHQGHUXQG OHXFKWHQGHU$SSDUDWH$XIHLQHPNDXPKDQGWHOOHUJURHQ %LOGVFKLUPKSIWHHLQJUQHU/HXFKWSXQNWUHJHOPlLJDXI XQGDEXQGKLQWHUOLHGDEHLHLQHQ6FKZDQ]ZLQ]LJHUIOLP PHUQGHU6WHUQFKHQ'DQHEHQWLFNWHQEHVWlQGLJGUHLYHU VFKLHGHQH'LJLWDODQ]HLJHQ 0XWWHUVWLHHLQHQNOHLQHQXQWHUGUFNWHQ6FKUHLDXVXQG WUDWPLW]ZHLVFKQHOOHQ6FKULWWHQ]XP%HWW,KUH6FKXOWHUQ ]XFNWHQ6LHZHLQWHODXWORV .LPEHPHUNWHHUVWMHW]WGDVLFKDXHULKQHQXQG5HEHNND QRFKHLQHZHLWHUH3HUVRQLP=LPPHUEHIDQG'U6FKUHLEHU KDWWHELVMHW]WUHJORVQHEHQGHP%HWWJHVWDQGHQVRGDVHLQH VFKPDOH*HVWDOWLQGHPZHLHQ.LWWHOIDVWPLWGHQ6FKDWWHQ YHUVFKPRO]HQZDU-HW]WVHXI]WHHUNDPODQJVDPXPGDV %HWWKHUXPXQGEHUKUWH0XWWHUIOFKWLJDP$UP

ª(VHVWXWPLUOHLG)UDX/DUVVHQ©VDJWHHUOHLVH6HLQH 6WLPPHKDWWHHLQHQKRKHQHWZDVXQDQJHQHKPHQ.ODQJ GRFKHVK|UWHVLFKHKUOLFKDQª$EHULFKKLHOWHVIUEHV VHU,KQHQGLH:DKUKHLW]XVDJHQ© 0XWWHUQLFNWHNDXPPHUNOLFK,KUH)LQJHUIXKUHQEHUGLH %HWWGHFNHª(VLVWHVLVWVFKRQLQ2UGQXQJ+HUU'RN WRU©DQWZRUWHWHVLHª,FKGDQNH,KQHQGD6LHVLFKVRYLHO 0KHJHEHQ© 'U6FKUHLEHUEOLFNWHIUDJHQGDXI.LP ª'HU-XQJHZHL%HVFKHLG©HUNOlUWH9DWHUª,FKKDEHLKP DOOHVJHVDJW© 'U6FKUHLEHUQLFNWHZLH]XVLFKVHOEVWXQGVWHFNWHGLH +lQGHLQGLH7DVFKHQVHLQHVZHLHQ$U]WNLWWHOVª6LFKHU(V LVWYLHOOHLFKWEHVVHUVR© ª6LHN|QQHQUXKLJVSUHFKHQ©VDJWH0XWWHURKQHGHQ.RSI ]XZHQGHQ ª(VJLEWQLFKWYLHO]XVDJHQ©EHJDQQ'U6FKUHLEHU]|JHUQG ª:LUKDEHQDOOHVLQXQVHUHU0DFKW6WHKHQGHYHUVXFKWOHLGHU RKQHVLFKWEDUHQ(UIROJ1DWUOLFKLVWHVQRFK]XIUK XP©(UVFKWWHOWHGHQ.RSIXQGQDKPGLH+lQGHDXV GHQ7DVFKHQª(VLVWVLQQORV,KQHQHWZDVYRUPDFKHQ]X ZROOHQ©IXKUHUPLWIHVWHU6WLPPHIRUWª,FKZHUGHQDWUOLFK LQGHQQlFKVWHQ7DJHQQRFK.ROOHJHQKLQ]X]LHKHQDEHUGHU )DOOVLHKWQLFKWJXWDXV,P0RPHQWZHQLJVWHQV©VHW]WHHU KDVWLJKLQ]Xª6HKHQ6LHZLUNHQQHQVROFKH)lOOH,FK KDEHLQPHLQHU3UD[LVQRFKNHLQHQHUOHEWLFKNDQQGDKHU QXUDXIGLH)DFKOLWHUDWXUXQGDXIGLH(UIDKUXQJHQDQGHUHU .ROOHJHQXQG.OLQLNHQ]XUFNJUHLIHQ6RHWZDVNRPPWYRU VHOWHQDEHUGRFK'LH0HGL]LQKDWHLQSDDU(UNOlUXQJHQ GDIUDEHUNHLQHGDYRQVFKHLQWPLULPNRQNUHWHQ)DOOZLUN OLFKEHU]HXJHQG(LQ0HQVFKZDFKWHLQIDFKQLFKWZLHGHU DXVGHU1DUNRVHDXI$OOHVLVWLQ2UGQXQJ'HU2UJDQLVPXV KDWGLH(LQJULIIHJXWEHUVWDQGHQGDV%HWlXEXQJVPLWWHOYHU OLHUWVHLQH:LUNXQJDEHUGHU3DWLHQWZDFKWQLFKWDXI©(U VFKZLHJNXU]XQGVXFKWHQDFK:RUWHQª(VLVWDOVDOV ZHLJHUHVLFKGHU*HLVWGHV3DWLHQWHQZLHGHULQV%HZXWVHLQ ]XUFN]XNHKUHQ2GHUDOVKLHOWHLKQHWZDV]XUFN©

9DWHUOlFKHOWHWUDXULJ ª8QGGLHVLVWHLQHUYRQGLHVHQ)lOOHQ"© 'U6FKUHLEHUQLFNWHª,FKIUFKWHMD:LUZLVVHQQLFKWZLH ODQJHHVGDXHUW0DQFKPDOZDFKWGHU3DWLHQWQDFKHLQHU :HLOHYRQVHOEVWDXIXQGLQJDQ]VHOWHQHQ)lOOHQJHOLQJWHV XQVVRJDULKQVR]XVDJHQ]XUFN]XKROHQ$EHUZLUZLVVHQ QLFKWZLHXQGZLUZLVVHQDXFKQLFKWZDQQ© 2GHUREEHUKDXSWIJWH.LPLQ*HGDQNHQKLQ]X(UZDU VLFKHUGD'U6FKUHLEHUGDVJOHLFKHGDFKWH'HU$U]WUH GHWHZHLWHUDEHU.LPK|UWHQLFKWPHKUKLQ/HLVHWUDWHUQH EHQVHLQH0XWWHUXQGEOLFNWHDXIGLHUHJORVH*HVWDOWLQGHP YLHO]XJURHQZHLHQ%HWW 5HEHNNDV*HVLFKWZLUNWHLQGHPIULVFKDXVJHVFKWWHOWHQ.LV VHQXQJODXEOLFKNOHLQXQGYHUORUHQ'QQHEXQWH'UlKWH VFKOlQJHOWHQVLFKXQWHUGHU%HWWGHFNHKHUYRU]XGHQEOLQNHQ GHQ$XWRPDWHQDQGHU:DQG$QHLQHPFKURPEOLW]HQGHQ *HVWHOOQHEHQGHP%HWWKLQJHLQH7URSIIODVFKHYRQGHUHLQ JHOEHU.XQVWVWRIIVFKODXFK]XLKUHP$UPIKUWHXQGLKU*H VLFKWZDUIDVWY|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lUWOLFK EHUGDV*HVLFKWIXKUXQGGLH7UlQHQZHJZLVFKWH (UEOLFNWHLQV*HVLFKWVHLQHU0XWWHU6LHZHLQWHQLFKWPHKU ,KUH$XJHQZDUHQWURFNHQDEHUGHU$XVGUXFNGDULQOLHLKQ VFKDXGHUQ 9DWHUUHGHWHQRFKHLQH:HLOHPLWGHP$U]W'U6FKUHLEHU DQWZRUWHWHJHGXOGLJDXIDOOH)UDJHQXQGXQWHUVWULFKVHLQH :RUWHPLWHUNOlUHQGHQ*HVWHQ.LPILHODXIGDHUXQJH

Z|KQOLFKVFKODQNH+lQGHKDWWHDXIGHQHQGLH$GHUQEODX XQGGHXWOLFKZLHGQQH:XU]HOQKHUYRUVWDQGHQXQGGLH VLFKVFKQHOOXQGIDVWZLH]ZHLVHOEVWlQGLJH:HVHQEHZHJWHQ 'LH%HVXFKHUYHUOLHHQGDV=LPPHUXQGWUDWHQZLHGHUDXI GHQJHOEHQ)OXUPLWVHLQHQJOHLFKI|UPLJHQ7UHQXQGGHP .UDQNHQKDXVJHUXFKKLQDXV(LQDOWHU0DQQLQHLQHPEODXHQ %HVXFKHUNLWWHONDPLKQHQHQWJHJHQEOLHEHLQHQ0RPHQWVWH KHQXQGEOLFNWH.LPIUHXQGOLFKOlFKHOQGDQ (VZDUHLQVHKUVHOWVDPHU0DQQIDQG.LP(UZDUDOWVHKU DOWXQGHUVDKJHQDXVRDXVZLH.LPVLFKLPPHUHLQHQ ZLUNOLFKDOWHQ0DQQYRUJHVWHOOWKDWWH(UJLQJJHEHXJWGLH UHFKWH+DQGOHLFKWYRUJHVWUHFNWDOVZlUHHUHVJHZRKQW GRUWQRUPDOHUZHLVHHLQHQ6WRFNRGHU6WDE]XKDOWHQ2E ZRKOHUNOHLQHUDOV9DWHUZDUKDWWHHUVHKUEUHLWH6FKXOWHUQ HUPXWHIUKHUVHKUJURXQGNUlIWLJJHZHVHQVHLQ6HLQ ODQJHVZHLHV+DDUILHOIDVWELVDXIGLH6FKXOWHUQKHUDEXQG HUWUXJHLQHQZHLHQVRUJVDPJHVFKQLWWHQHQ%DUWGHUYRP .LQQELV]XPREHUVWHQ.QRSIVHLQHV.LWWHOVUHLFKWH6HLQ*H VLFKWZDUYRQXQ]lKOLJHQ5XQ]HOQXQG)DOWHQGXUFK]RJHQ GLHVLFKXPVHLQH$XJHQ]XHLQHPGLFKWHQ1HW]ZHUNIHLQHU /LQLHQYHUVSRQQHQXQGDXIGHU6WLUQZDUHQGUHLWLHIHVHQN UHFKWH)DOWHQHLQJHJUDEHQ 'HUDOWH0DQQOlFKHOWHZLHGHUZLHJWHGHQ.RSIXQG VFKOXUIWHDQLKQHQYRUEHU.LPZLGHUVWDQGGHU9HUVX FKXQJVLFKXP]XGUHKHQXQGLKPQDFK]XVWDUUHQ:DKU VFKHLQOLFKHLQ*URYDWHUGHUJHNRPPHQZDUXPVHLQHQ NUDQNHQ(QNHOLQGHU.OLQLN]XEHVXFKHQ 'HU*HGDQNHJHILHO.LP(UKlWWHJHUQHLQHQVROFKHQ*UR YDWHUJHKDEW6HLQH*URHOWHUQZDUHQJHVWRUEHQDOVHUQRFK JDQ]NOHLQZDUXQGHUKDWWHQLHHUIDKUHQZLHHVZDUHLQHQ 2SD]XKDEHQ$EHUZHQQHUHLQHQKlWWHPWHHUJHQDX ZLHGLHVHUDXVVHKHQ 'U6FKUHLEHUEHJOHLWHWHVLHQRFKGXUFKGLH*ODVWUXQGHLQ 6WFNGHQ*DQJKLQXQWHUHKHHUVLFKPLWHLQHPIOFKWLJHQ +lQGHGUXFNYHUDEVFKLHGHWHXQGKLQWHUHLQHUGHUJOHLFKI|U PLJHQ7UHQYHUVFKZDQG 'HU5HJHQKDWWHDXIJHK|UWDOVVLHGDV.OLQLNJHElXGHYHUOLH

HQ6FKZHLJHQGJLQJHQVLHEHUGHQJHZXQGHQHQYRQ%OX PHQUDEDWWHQXQGJHSIOHJWHQ5DVHQIOlFKHQJHVlXPWHQ:HJ ]XP+DXSWHLQJDQJ]XUFN'HUZHLH7RUERJHQZDUMHW]W PHQVFKHQOHHUXQGPDFKWHHLQHQWURVWORVHQYHUODVVHQHQ(LQ GUXFN$XIGHPDXVJHIDKUHQHQ$VSKDOWVFKLPPHUWHQ|OLJH 3IW]HQXQGYRQGHQ:lQGHQEOlWWHUWHGHU9HUSXW]LQJUR HQXQUHJHOPlLJHQ)OHFNHQDE:HQQPDQODQJHJHQXJ KLQVDKNRQQWHPDQLQGHQVFKDGKDIWHQ6WHOOHQHLQ0XVWHU HUNHQQHQHLQHGQQHJHZXQGHQH/LQLHGLHVLFKGLDJRQDO EHUGLH:DQG]RJXQGYRUQHEHLP$XVJDQJ]XHLQHUYLHO ILQJULJHQEL]DUUHQ+DQGZXUGHHLQZlUWVJHNUPPWXQGPLW ODQJHQVSLW]HQ)LQJHUQlJHOQ 9DWHUEOLHEVWHKHQNUDPWHGHQ$XWRVFKOVVHODXVGHU7DVFKH XQGVWHFNWHLKQGDQQZLHGHUHLQ ª7ULQNHQZLUHLQH7DVVH.DIIHH©VDJWHHUª,FKKDEH'XUVW© 0XWWHUKDNWHVLFKZRUWORVEHLLKPXQWHU6LHJLQJHQZHLWHU ELV]XP=HEUDVWUHLIHQXQGEHUTXHUWHQGLH6WUDH .LPDWPHWHDXIDOVVLHGDV.OLQLNJHElXGHKLQWHUVLFKOLHHQ (UKDWWHGDV*HIKOSO|W]OLFKHLQHP*HIlQJQLVHQWURQQHQ ]XVHLQ(LQHP*HIlQJQLVPLWXQVLFKWEDUHQXQEHUVWHLJED UHQ0DXHUQ(UEOLHEPLWWHQDXIGHP=HEUDVWUHLIHQVWHKHQ GUHKWHVLFKXPXQGEHWUDFKWHWHGHQ(LQJDQJGHULQGHU JUDXHQUHJHQVFKZHUHQ/XIWZLHGDVJLHULJDXIJHULVVHQH 0DXOHLQHVODXHUQGHQ8QJHKHXHUVDXVVDKRGHUZLHGHU(LQ JDQJ]XHLQHPWLHIHQERGHQORVHQ.HUNHUHLQ9HUOLHVRKQH $XVJDQJRKQH/LFKWXQG/XIWXQGRKQH+RIIQXQJIUGLH GLHHLQPDOGDULQJHIDQJHQZDUHQ .LPVFKDXGHUWH(UZDQGWHVLFKDEXQGEHHLOWHVLFKKLQWHU VHLQHQ(OWHUQKHU]XODXIHQ

,, 'DV&DIHZDUJURXQGKHOO$XIGHQ7LVFKHQLQGHPZHLW OlXILJHQ5DXPEUDQQWHQXQ]lKOLJHNOHLQH/DPSHQ(VGXI WHWHQDFK.XFKHQXQGIULVFKDXIJHEUKWHP.DIIHH.HOOQH ULQQHQLQVFKZDU]HQ.OHLGHUQXQGNOHLQHQVSLW]HQEHVHW]WHQ 6FKU]HQHLOWHQJHVFKlIWLJKLQXQGKHU 9DWHUGHXWHWHDXIHLQHQIUHLHQ7LVFKDP)HQVWHU6LHVHW]WHQ VLFK9DWHU]QGHWHVLFKHLQH=LJDUHWWHDQKXVWHWHKLQWHU YRUJHKDOWHQHU+DQGXQGVWW]WHGLH$UPHDXIGHU7LVFK SODWWHDXI6HLQ*HVLFKWZLUNWHPGHXQGDOVGLH.HOOQHULQ NDPPXWHVLHLKQ]ZHLPDOQDFKVHLQHQ:QVFKHQIUDJHQ HKHHUDXIVFKUHFNWHXQG.DIIHHXQGIU.LPHLQ*ODV&ROD EHVWHOOWH ª:LUVROOWHQGHLQH6FKZHVWHUDQUXIHQ©VDJWH9DWHU]X0XW WHUJHZDQGWª9LHOOHLFKWNDQQVLHIUHLQSDDU7DJH]XXQV NRPPHQ(VZlUHEHVVHUZHQQGXMHW]WQLFKWVRYLHODOOHLQ ELVW© ª'XPHLQVW7DQWH%LUJLW"©IUDJWH.LP 9DWHUQLFNWHª,FKELQVLFKHUVLHNRPPWZHQQVLHK|UW ZDVZDVSDVVLHUWLVW© ª:DUXPQLPPVWGXGLUQLFKWHLQSDDU7DJHIUHL"©VDJWH 0XWWHUª'DVJHKWGRFKRGHU"'HLQ%URZLUGQLFKW]X VDPPHQEUHFKHQZHQQGXHLQH:RFKHIHKOVW© 9DWHUOlFKHOWHIOFKWLJª1DWUOLFKQLFKW$EHULFKKDEHLP 0RPHQWYLHO]XWXQ©(UVHXI]WHª,FKJODXEHQLFKWGDLFK GLUHLQHJURH+LOIHZlUH©IJWHHUKLQ]Xª$XHUGHPOHQNW PLFKGLH$UEHLWDE©(UOHKQWHVLFK]XUFNXQGVWUHFNWHGLH %HLQHXQWHUGHP7LVFKDXVª,FKZHUGHPLUQRFKRIWJHQXJ IUHLQHKPHQPVVHQXPLQGLH.OLQLN]XIDKUHQ©VDJWHHU 'LH.HOOQHULQNDPPLWGHU.DQQH.DIIHHXQGHLQHP*ODV &ROD.LPZDUIURKGDVHLQ9DWHUVFKZLHJZlKUHQGVLH

VHUYLHUWH9DWHUKDWWHPDQFKPDOHLQHVRNDOWHVDFKOLFKH$UW GDPDQVLFKJUDXVDP]XUFNJHVWRHQIKOWH0XWWHUKDWWH VLFKVFKRQRIWGDUEHUEHNODJWDEHUPHLVWYHUVWDQGHUGDV JDUQLFKWRGHUZROOWHHVQLFKWYHUVWHKHQ-HW]WYHUVWDQGHUHV (UPHLQWHHVIUHLOLFKQLFKWE|VHXQGZDUDXFKQLFKWJHIKO ORV(VZDUHEHQVHLQH$UWXQGGLH)DPLOLHKDWWHVLFKGDPLW DEJHIXQGHQDXFKZHQQHU$XHQVWHKHQGHPDQFKPDOVFKRN NLHUWH .LPQLSSWHDQVHLQHP&RODXQGGUFNWHVLFKWLHIHULQGLH 3ROVWHUEDQN(UIU|VWHOWH'DV&DIHZDUEHKDJOLFKJHKHL]W DEHU.LPV6FKXKHXQG6WUPSIHZDUHQQDXQGHUPXWH VLFKEHKHUUVFKHQXPQLFKWPLWGHQ=lKQHQ]XNODSSHUQ(U WUDQNQRFKHLQHQ6FKOXFNVWHOOWHGDV*ODVYRUVLFKWLJDXIGHQ IHXFKWHQ5LQJDXIGHU7LVFKSODWWH]XUFNXQGVFKDXWHDXV GHP)HQVWHU'HU+LPPHOZDUQRFKEHGHFNWDEHUGHU5H JHQKDWWHHQGJOWLJDXIJHK|UWXQGHVZDUHQZLHGHU0HQ VFKHQXQGYLHOPHKU$XWRVDOV]XYRUDXIGHU6WUDH'LHKHO OHQ/DPSHQGLHDXIGHQ7LVFKHQEUDQQWHQVSLHJHOWHQVLFKLQ GHU6FKHLEHXQGZHQQ.LPJHQDXKLQVDKNRQQWHHUDXFK VHLQHLJHQHVXQGGDV6SLHJHOELOGVHLQHU(OWHUQVRZLHGDVGHU DQGHUHQ*lVWHHUNHQQHQDOVVlHHUYRUHLQHPGHFNHQKRKHQ 6SLHJHOGHUDXIVRQGHUEDUH:HLVHGXUFKVLFKWLJJHZRUGHQ ZDUXQGLKPHLQHQ%OLFNLQHLQHDQGHUHSKDQWDVWLVFKH:HOW JHZlKUWH)UHLQHQNXU]HQ0RPHQWHUVFKLHQLKPGDV%LOG GRUWGUDXHQVRIUHPGDOVZlUHGLH6WUDHNHLQH6WUDH VRQGHUQHLQEL]DUUHU3IDGGXUFKHLQHQH[RWLVFKHQ%HWRQ GVFKXQJHOGLH0HQVFKHQNHLQH0HQVFKHQVRQGHUQIUHPG DUWLJH=DXEHUZHVHQXQGGLH+lXVHUDXIGHUDQGHUHQ6WUD HQVHLWHKRKH]LQQHQEHZHKUWH%XUJHQKLQWHUGHUHQ0DX HUQVLFKILQVWHUH*HKHLPQLVVHYHUEDUJHQ'DQQYHUVFKZDQG GDV*HIKOXQGHUEOLFNWHZLHGHUDXIHLQHJDQ]JHZ|KQOLFKH 6WUDHDQHLQHPJUDXHQXQIUHXQGOLFKHQ+HUEVWQDFKPLWWDJ KLQDXV(LQDOWHU0DQQKXPSHOWHPLWVFKOXUIHQGHQ6FKULWWHQ YRUEHUEOLHEVWHKHQXQGNDPGDQQZLHGHU]XUFNXP GXUFKGLHEHVFKODJHQH6FKHLEHLQV,QQHUHGHV&DIHV]XVSl KHQ .LPVDKYHUZXQGHUWDXI(UHUNDQQWHGHQ0DQQZLHGHU(V

ZDUGHUVHOEHZHLKDDULJHElUWLJH$OWHGHULKQHQ]XYRULQ GHU.OLQLNEHJHJQHWZDU6WDWWGHVEODXHQ.LWWHOVWUXJHU MHW]WHLQHQGXQNHOEUDXQHQ0DQWHOGHULKPXPHWOLFKH1XP PHUQ]XJURZDUXQGGHVVHQbUPHOVRODQJKHUXQWHUKLQ JHQGDGLH+lQGHGDULQYHUVFKZDQGHQ6HLQZHLHV+DDU ZDUQDYRP5HJHQXQGNOHEWHLQZLUUHQ6WUlKQHQDQVHL QHP.RSI(UJLQJMHW]WZLUNOLFKDXIHLQHQNQRUULJHQ6WRFN JHVWW]WGHQHULQGHUYRUJHVWUHFNWHQ+DQGKLHOW(UZLVFKWH PLWGHPbUPHOEHUGDVQDVVH*ODVXQGSUHWHGDV*HVLFKW DQGLH6FKHLEH .LPHUVFKUDN'HUDOWH0DQQVDKQLFKWHLQIDFKQXUXQEH VWLPPWKHUHLQEHULKUHQ7LVFKKLQZHJ1HLQ'HU%OLFNVHL QHUJUDXHQ$XJHQVFKLHQVLFKGLUHNWLQGHQVHLQHQ]XERK UHQXQGREZRKOVLFKLP*HVLFKWGHV)UHPGHQQLFKWGHU NOHLQVWH0XVNHOUHJWHKDWWH.LPGDV*HIKOGDHULKQDQ OlFKHOWH8QZLOONUOLFKOlFKHOWHHU]XUFN'HU6FKUHFNGHU hEHUUDVFKXQJZDUYHUIORJHQ$XIHLQHVHOWVDPHVFKZHU]X EHJUHLIHQGH$UWIO|WHLKPGLHVHVIDOWLJH*HVLFKW9HUWUDXHQ HLQ8QGHQNEDUGDGLHVHU0DQQE|VHVHLQN|QQWHQLH PDOV(UVFKLHQGLH*WHVHOEVW]XVHLQZLHHLQHDOOHJRULVFKH *HVWDOWLQHLQHP)LOPRGHU7KHDWHUVWFN(LQJWLJHUDOWHU 2SDRGHUQRFKEHVVHUHLQZHLVHUJXWHU=DXEHUHU 9DWHUUlXVSHUWHVLFK.LPVHQNWHVFKXOGEHZXWGHQ%OLFN XQGVWDUUWHLQVHLQ*ODV(UKDWWHHLQVFKOHFKWHV*HZLVVHQ GDHUVLFK*HGDQNHQEHULUJHQGHLQHQGDKHUJHODXIHQHQDO WHQ/DQGVWUHLFKHUPDFKWHZlKUHQGVHLQH6FKZHVWHUEH ZXWORVLQGLHVHPJURHQJUDXHQ9HUOLHVGRUWGUEHQODJ XQGZRP|JOLFKVWHUEHQZUGH ª*HKHQZLU©VDJWH9DWHU(UVWDQGDXIOHJWHHLQHQ*HOG VFKHLQDXIGHQ7LVFKXQGKROWHGLH0lQWHODXVGHU*DUGH UREH6LHYHUOLHHQGDV&DIH.LPKLHOWQDFKGHPDOWHQ 0DQQ$XVVFKDXNRQQWHLKQDEHUQLFKWPHKUHQWGHFNHQ :DKUVFKHLQOLFKZDUHUZHLWHUJHJDQJHQXPLUJHQGZRHLQ ZDUPHVXQGWURFNHQHV3OlW]FKHQ]XILQGHQ 'LH6WDGWYHUVDQNDOOPlKOLFKLQGHU'lPPHUXQJZlKUHQG VLHQDFK+DXVHIXKUHQ'LH$XWRVKDWWHQGDV/LFKWHLQJH VFKDOWHWXQGGHUQDVVH$VSKDOWUHIOHNWLHUWHGHQ6FKHLQGHU

JUHOOHQUXQGHQ/DPSHQVRGDHVDXVVDKDOVJOLWWHQVLHLQ HLQHP%RRWEHUHLQHQEUHLWHQXQEHZHJWHQ.DQDOLQGHVVHQ 2EHUIOlFKHVLFKHLQSUDFKWYROOHU6WHUQHQKLPPHOVSLHJHOWH $XFKLQGHQ+lXVHUQJLQJHQMHW]WQDFKXQGQDFKGLH/LFKWHU DQDEHUHVJDEDXFKZHOFKHGLHJDQ]RGHUWHLOZHLVHGXQNHO EOLHEHQDOVKlWWHQLKUH%HZRKQHUYHUJHVVHQ7UHQXQG)HQ VWHU]XVFKOLHHQHKHGLH'XQNHOKHLWKHUHLQNULHFKHQNRQQWH 'HU)OXZLUNWHQRFKUXKLJHUXQGGXQNOHUDOVDXIGHU+HU IDKUWNDXPQRFKZLHHLQ)OXYLHOPHKUZLHHLQWLHIHUER GHQORVHU*UDEHQGHUGDV/DQGLQHLQHUVFKQXUJHUDGHQ/LQLH WHLOWHXQGGDUDXIZDUWHWHGDLKPHLQOHLFKWVLQQLJHV2SIHU ]XQDKHNDP (VZDUEHLQDKDFKWDOVVLH]X+DXVHDQNDPHQ9DWHUKLHOW YRUGHP+DXVDQZDUWHWHELVVLHDXVJHVWLHJHQZDUHQXQG IXKUGDQQGHQ:DJHQLQGLH*DUDJHGLHVLFKDPXQWHUHQ (QGHGHU6WUDHEHIDQG(LQEOHLFKHU+DOEPRQGKLQJDP +LPPHOYHUVLOEHUWHGLH'lFKHUXQGYHUWULHEGLH)DUEHQDXV GHQ9RUJlUWHQ ,P+DXVZDUHVZRKOLJZDUP.LPKlQJWHVHLQHQDVVH-DFNH LQGLH*DUGHUREHXQGOLHILQVHLQ=LPPHUKLQDXIXPVLFK XP]X]LHKHQ'DV%XFKPLWGHU0DWKHPDWLNDXIJDEHODJ QRFKJHQDXVRGDZLHHUHVKLQJHOHJWKDWWHXQGGLHJUQHQ /HXFKW]LIIHUQGHV7DVFKHQUHFKQHUVVWDUUWHQLKQZLH]ZHL ZLQ]LJHJOKHQGH$XJHQDQ .LPEOLHELQGHU7UVWHKHQVWUHFNWHGLH+DQGQDFKGHP /LFKWVFKDOWHUDXVXQGOLHVLHDXIKDOEHP:HJZLHGHUVLQ NHQ(LQHQ0RPHQWODQJYHUVXFKWHHUVLFKEHUGDVVHOW VDPHEHIUHPGOLFKH*HIKOLQVHLQHP,QQHUHQNODU]XZHUGHQ 1LFKWVLQGLHVHP=LPPHUKDWWHVLFKYHUlQGHUWXQGGRFK ZLUNWHDOOHVDQGHUVIUHPGXQGJHKHLPQLVYROO'XUFKGDVRI IHQVWHKHQGH)HQVWHUVWU|PWHVLOEHUQHV0RQGOLFKWKHUHLQXQG GDV)HQVWHUNUHX]ZDUIHLQHQODQJJHVWUHFNWHQVFKZDU]HQ 6FKDWWHQDXIGHQ7HSSLFK'HUUHFKWH$UPZLHVGLUHNWDXI GDV%FKHUERUGGHUDQGHUHYHUORUVLFKLUJHQGZRLQGHQ EHLJHEUDXQHQ0XVWHUQGHV7HSSLFKV.LPPDFKWHHLQHQ]| JHUQGHQ6FKULWWLQV=LPPHUKLQHLQEOLQ]HOWHYHUEOIIWXQG EOLHEDEHUPDOVVWHKHQ)UHLQHQNXU]HQ0RPHQWKDWWHHU

GHQ(LQGUXFNJHKDEWGDVLFKGDV0XVWHUEHZHJWHKHOOH XQGGXQNOH8PULVVHLQHLQDQGHUNURFKHQXQGVLFK]XHLQHP Y|OOLJQHXHQ%LOGRUGQHWHQ)UHLQHQZLQ]LJHQ$XJHQEOLFN KDWWHHUJHJODXEWDXIHLQH0LQLDWXUODQGVFKDIWKLQXQWHU]XVH KHQHLQH/DQGVFKDIWPLW)OVVHQXQG%HUJHQ6FKOXFKWHQ XQG:lOGHUQXQGJURHQIUXFKWEDUHQ(EHQHQ(LQ*H UlXVFKZLHKHOOHVIU|KOLFKHV/DFKHQNODQJ]XLKPKHUDXI 'DQQILHOXQWHQGLH+DXVWULQV6FKORXQGGHU5DXP ZXUGHZLHGHU]XVHLQHPJHZRKQWHQXQRUGHQWOLFKHQ=LP PHU.LPVHXI]WHVFKDOWHWHGDV/LFKWHLQXQG]RJVLFKXP 'DQQJLQJHUKLQXQWHULQGLH.FKH 6HLQH0XWWHUKDWWHLQGHU=ZLVFKHQ]HLW7HHJHNRFKWXQG %URWXQG%XWWHUXQGNDOWHQ%UDWHQDXIGHQ7LVFKJHVWHOOW 9DWHUVDDXIHLQHP6WXKODP)HQVWHUVWDUUWHLQGLH'XQNHO KHLWKLQDXVXQGUDXFKWHVFKRQZLHGHU 6LHDHQVFKZHLJHQG$OVVLHIHUWLJZDUHQVWDQG9DWHUZRUW ORVDXIJLQJLQV:RKQ]LPPHUKLQEHUXQGVFKDOWHWHGHQ )HUQVHKHUHLQZlKUHQG0XWWHUGDV*HVFKLUU]XP6SOVWHLQ WUXJXQGDE]XZDVFKHQEHJDQQREZRKOVLHHLQH6SOPD VFKLQHKDWWHXQGVFKPXW]LJH7DVVHQXQG7HOOHUQRUPDOHU ZHLVHQXULQGLH6FKXEODGHXQWHUGHU6SOHWDWELVVLHJHQXJ IUHLQH)OOXQJ]XVDPPHQKDWWH .LPEHREDFKWHWHVLHHLQH:HLOHVWXPPVFKREGDQQVHLQHQ 6WXKO]XUFNXQGHUNOlUWHHUZUGHQDFKREHQJHKHQXQG VHLQH5HFKHQDXIJDEHIHUWLJPDFKHQ ª'DVLVWQLFKWQ|WLJ©0XWWHUVDKDXI6LHQDKPGLH+lQGH DXVGHP6SOZDVVHUXQGWURFNQHWHVLHDQHLQHP+DQGWXFK DEª'XPXWPRUJHQQLFKWLQGLH6FKXOHZHQQGXQLFKW ZLOOVW©IJWHVLHKLQ]Xª,FKVFKUHLEHGLUHLQH(QWVFKXOGL JXQJ(VZDUHLQDQVWUHQJHQGHU7DJ)UXQVDOOH:LU VFKODIHQXQVDPEHVWHQHUVWHLQPDOULFKWLJDXV6DJ9DWHU JXWH1DFKWXQGGDQQJHKDXIGHLQ=LPPHU© ª'DUILFKQRFKHLQH6WXQGHOHVHQ"©IUDJWH.LP 0XWWHUOlFKHOWHª(LQHKDOEH©VFKUlQNWHVLHHLQª$XVQDKPV ZHLVH© .LPZROOWHQRFKHWZDVVDJHQDEHUHUVSUWHGDHVEHVVHU ZDUVLFK]XUFN]X]LHKHQ(UQLFNWHJLQJLQGLH'LHOHKLQ

DXVXQG]|JHUWHHLQHQ0RPHQWHKHHUGDV:RKQ]LPPHU EHWUDW6HLQ9DWHUVDLP'XQNHOQDXIGHU&RXFKVWDUUWH GHQ)HUQVHKHUDQXQGVSLHOWHPLWVHLQHP)HXHU]HXJ ª*XWH1DFKW©VDJWH.LPOHLVH 6HLQ9DWHUJDEGXUFKNHLQH5HJXQJ]XHUNHQQHQGDHUHV JHK|UWKDWWH.LP]XFNWHPLWGHQ$FKVHOQEOLHEQRFKHLQHQ 0RPHQWXQVFKOVVLJVWHKHQXQGJLQJGDQQQDFKREHQ (UJLQJQLFKWGLUHNWLQVHLQ=LPPHUVRQGHUQDQGLHVHPVR ZLHDP6FKODI]LPPHUVHLQHU(OWHUQYRUEHL]XP=LPPHUVHL QHU6FKZHVWHU6HLQH)LQJHU]LWWHUWHQHLQZHQLJDOVHUGLH .OLQNHKHUXQWHUGUFNWHXQGHUEHHLOWHVLFKQDFKGHP/LFKW VFKDOWHUDQGHU:DQG]XWDVWHQ(UVWDOVHUGLH/DPSHHLQJH VFKDOWHWKDWWHXQGGDVKHOOH/LFKWGHU*OKELUQHGLH6FKDWWHQ LQLKUH(FNHQ]XUFNJHWULHEHQKDWWHZDJWHHUHVGXUFKGLH 7U]XWUHWHQ 'DV=LPPHUlKQHOWHELVLQVNOHLQVWHVHLQHPHLJHQHQ6HLQH (OWHUQKDWWHQIUEHLGH.LQGHU]LPPHUGLHJOHLFKH(LQULFK WXQJJHNDXIWDOVVLHYRUGUHL-DKUHQLQGDVQHXH+DXVJH]R JHQZDUHQ6HOEVW7HSSLFKXQG*DUGLQHQZDUHQJOHLFKQXU GDDXI5HEHNNDV6FKUHLEWLVFKEXQWH.OHLQNLQGHUNULW]HOHLHQ VWDWW6FKXOEFKHUQODJHQXQGGDVVFKPDOH%RUGEHUGHP %HWWQLFKWVRYROOJHVWRSIWZDUZLHGDVVHLQH 2KQHEHVRQGHUH$EVLFKWWUDW.LP]XGHP%FKHUUHJDOXQG ]RJZDKOORVHLQHVGHUIDUELJHQ%LOGHUEFKHUKHUYRU(U NODSSWHHVDXIEHWUDFKWHWHNXU]GLHEXQWHQ%LOGHUXQGOLH GDQQGLH6HLWHQGXUFKGLH)LQJHUJOHLWHQVRGDVLHHLQHQ YHUVFKZRPPHQHQ8PULELOGHWHQXQGHUGHQVDQIWHQ/XIW ]XJLP*HVLFKWVSUHQNRQQWH(UNODSSWHGDV%XFK]X VWHOOWHHVDQVHLQHQ3ODW]]XUFNXQGIXKUPLWGHP)LQJHUGLH 5HLKHYRQ%XFKUFNHQHQWODQJ(VZDUHQIDVWDOOHV%LOGHUE FKHUZLHPDQVLHEHLHLQHP.LQGLQ5HEHNNDV$OWHUHUZDU WHWHDEHUHVJDEGDUXQWHUDXFKHLQLJHGLHVLHQRFKJDUQLFKW OHVHQNRQQWH0lUFKHQXQG6DJHQEFKHUDXVGHQHQ0XW WHUPDQFKPDOYRUODVRGHUGLHHLQHRGHUDQGHUH*HVFKLFKWH DXVGHP*HGlFKWQLVHU]lKOWH'LHVH%FKHULQWHUHVVLHUWHQ .LPQLFKWEHVRQGHUV*HVFKLFKWHQYRQ/lQGHUQKLQWHUGHP 6SLHJHOXQGJHKHLPQLVYROOHQ5HLFKHQMHQVHLWVGHU=HLWZDUHQ

HWZDVIUNOHLQH0lGFKHQQLFKWIUHLQHQIDVWVFKRQHU ZDFKVHQHQ-XQJHQZLHLKQ (UGUHKWHVLFKXP]RJGLH7UODXWORVKLQWHUVLFK]XXQG VFKOLFKDXI=HKHQVSLW]HQ]XVHLQHP=LPPHUIDVWDOVKlWWHHU $QJVWEHLHWZDV9HUERWHQHPEHUUDVFKW]XZHUGHQ(U K|UWHZLH0XWWHUGHQ7HOHIRQK|UHUDEQDKPHLQH1XPPHU ZlKOWHXQGGDQQPLWOHLVHU6WLPPHVSUDFK(LQHQ0RPHQW ODQJEOLHEHUDQGDV7UHSSHQJHOlQGHUJHOHKQWVWHKHQ ODXVFKWHXQGKXVFKWHGDQQLQVHLQ=LPPHU(U]RJVLFKDXV O|VFKWHGDVJURH/LFKWXQGJLQJLQV%HWWQDFKGHPHUGLH 1DFKWWLVFKODPSHHLQJHVFKDOWHWXQGGHQª$QJULIIGHU7HOH SDWKHQ©GHQOHW]WHQ%DQGGHUª6WHUQHQNULHJHU©YRP5HJDO JHQRPPHQKDWWH(UIDQGGLH6WHOOHZRHUDXIJHK|UWKDWWH UDVFKZLHGHU$EHUHVILHOLKPVFKZHUVLFKDXIGDV%XFK]X NRQ]HQWULHUHQ(VZDUHLQHGHUVSDQQHQGVWHQ6]HQHQGHU 0RPHQWLQGHPVLFK&RPPDQGHU$UFDQDHQWVFKHLGHQ PXWHREHUGLH:DUORUG,,LQHLQHQDXVVLFKWVORVHQ.DPSI PLWGHQWHFKQLVFKZHLWEHUOHJHQHQ7HOHSDWKLHPRQVWHUQIK UHQRGHUGDV6FKLIIUHWWHQXQGGHQ8QKHLPOLFKHQGHQ:HJ LQGLH*DOD[LHIUHLJHEHQVROOWH$EHUGLH%XFKVWDEHQKSIWHQ YRU.LPV$XJHQDXIXQGDEXQGHUJDEHQNHLQHQ6LQQ .LPNODSSWHGDV%XFK]XVWDUUWHHLQHQ+HU]VFKODJODQJlU JHUOLFKGLHZHLJHVWULFKHQH'HFNHEHUVHLQHP.RSIDQXQG YHUVXFKWHHVGDQQQRFKHLQPDO (VJLQJQLFKW6RVHKUHUVLFKDXFKNRQ]HQWULHUWH]ZLVFKHQ GHQ=HLOHQVFKOLFKHQVLFKLPPHUZLHGHUDQGHUHEHXQUXKL JHQGH*HGDQNHQHLQ8QGZHQQHUYHUVXFKWHVLFK&RP PDQGHU$UFDQDVVFKPDOHVElUWLJHV*HVLFKWYRU]XVWHOOHQVDK HUGDKLQWHUGDVNOHLQHZHLH*HVLFKWVHLQHU6FKZHVWHUJH IDQJHQXQGYHUORUHQLQGHUXQHQGOLFKHQ:VWHGHV.UDQ NHQKDXVEHWWHV (VNORSIWH.LPOLHHUVFKURFNHQGDV%XFKVLQNHQVHW]WH VLFKDXIXQGVDJWHª+HUHLQ© 'LH.OLQNHZXUGH]|JHUQGKHUXQWHUJHGUFNW(LQVFKPDOHU GUHLHFNLJHU/LFKWVFKHLQILHODXVGHP.RUULGRUKHUHLQXQG .LPK|UWH0XWWHUXQWHQLP)OXUUHGHQ6LHWHOHIRQLHUWHQRFK

LPPHU ª6W|UHLFK"©IUDJWH9DWHU .LPDQWZRUWHWHQLFKW9DWHUPDFKWHGLH7UKLQWHUVLFK]X XQGWUDW]XLKPDQV%HWW(UVFKREGLH'HFNHEHLVHLWHXQG VHW]WHVLFKDXIGLH%HWWNDQWH0LWHLQHPQDFKVLFKWLJHQ/l FKHOQJULIIHUQDFKGHP%XFKLQ.LPV+lQGHQ ª6DJ VPLUUXKLJZHQQLFKGLFKEHLP/HVHQVW|UH©VDJWHHU ª'XVW|UVWPLFKQLFKW©YHUVLFKHUWH.LPª'DV%XFKLVW LFKNRQQWHVRZLHVRQLFKWULFKWLJOHVHQ© (UZDULUULWLHUW(VNDPVHOWHQYRUGD9DWHUQRFKHLQPDO QDFKLKPVDKQDFKGHPHU]X%HWWJHJDQJHQZDUXQGZHQQ GDQQQXUXPLKP]XVDJHQGDHUHLQHQ)HKOHULQVHLQHQ +DXVDXIJDEHQHQWGHFNWKDWWH$EHUGLHVPDOVFKLHQHUDXV HLQHPDQGHUHQ*UXQGJHNRPPHQ]XVHLQ ª'DVKLHULVWVSDQQHQGHUDOV+DXVDXIJDEHQQLFKW"©IUDJWH 9DWHUPLWGHP.LQQDXIGDV%XFKLQVHLQHQ+lQGHQGHX WHQG .LPQLFNWH'DQQELHUVLFKDXIGLH/LSSHQXQGPXUPHOWH HWZDV8QYHUVWlQGOLFKHV 6HLQ9DWHUKDWWHRIIHQEDUNHLQH$QWZRUWHUZDUWHWGHQQHU UHGHWHJOHLFKZHLWHUª:HLWGXGDLFKDXFKVRHWZDVJHOH VHQKDEHDOVLFKLQGHLQHP$OWHUZDU"© .LPVDKLKQYHUZLUUWDQ6HLQ9DWHUXQGHLQHQ=XNXQIWV URPDQ" 9DWHUOlFKHOWHª'XNDQQVWHVPLUUXKLJJODXEHQ,QPHLQHU 6FKXO]HLWKDEHLFKGLH'LQJHUUHJHOUHFKWJHIUHVVHQ8QG QLFKWQXULFK0HLQH)UHXQGHZDUHQJHQDXVRZLOGGDUDXI :LUKDEHQUHJHOUHFKWH.OXEVJHJUQGHWXQGGLH+HIWHXQ WHUHLQDQGHUDXVJHWDXVFKW+HLPOLFKQDWUOLFK8QVHUH(OWHUQ GXUIWHQQLFKWVGDYRQZLVVHQ6LHKlWWHQXQVGHQ+LQWHUQYHU VRKOWZHQQVLHJHDKQWKlWWHQZRIUZLUXQVHU7DVFKHQJHOG DXVJHEHQ©(UODFKWHOHLVH ª'XGXKDVWZLUNOLFK6FLHQFH)LFWLRQJHOHVHQIUKHU"© IUDJWH.LPXQJOlXELJ ª:DUXPQLFKW"©9DWHUVWDQGDXIXQGJLQJ]XP%FKHUEUHWW KLQEHUª0HLQH/LHEOLQJVVHULHZDU!5DXPVFKLII2ULRQ DEHUGLHNHQQVWGXZRKOJDUQLFKWPHKU© .LPGDFKWHDQJHVWUHQJWQDFK7KRPDVVHLQ%DQNQDFKEDULQ

GHU6FKXOHKDWWHHLQPDOHLQXUDOWHV]HUOHVHQHV+HIWGLHVHV 1DPHQVPLWJHEUDFKWDEHUHUZDUQLFKW]XEHZHJHQJHZH VHQ.LPHLQHQ%OLFNKLQHLQZHUIHQ]XODVVHQ ª,FKJODXEHLFKKDEHGLH6FKP|NHUVRJDUQRFK©IXKU9DWHU QDFKGHQNOLFKIRUWª,QLUJHQGHLQHU.LVWHDXIGHP'DFKER GHQPVVHQQRFK'XW]HQGHGDYRQVHLQ© ª*LEVWGXVLHPLU"©'LH)UDJHZDU.LPHLQIDFKVRKHUDXVJH UXWVFKW =XVHLQHU9HUEOIIXQJVDJWHVHLQ9DWHUZLHGHUª:DUXP QLFKW©ZlKUHQGHUMHW]WHLQ%XFKQDFKGHPDQGHUHQYRP 5HJDOQDKPGLH7LWHOELOGHUEHWUDFKWHWHXQGHLQVXPVDQGHUH ZLHGHU]XUFNVWHOOWHXPQDFKGHPQlFKVWHQ]XJUHLIHQ ª:LHLFKVHKHNDQQLFKGLFKVRZLHVRQLFKWGDUDQKLQGHUQ GLHVHQ.UDP]XOHVHQXQGVRJLEVWGXGHLQ7DVFKHQJHOG YLHOOHLFKWHLQPDOIUHWZDV6LQQYROOHUHVDXV:HLWGX©IJWH HUKLQ]XZlKUHQGHUGDVOHW]WH%XFKLQGHU5HLKH]XUFN VWHOOWHXQGHLQHVYRQ.LPVVRUJIlOWLJDQJHIHUWLJWHQ5DXP VFKLIIPRGHOOHQ]XU+DQGQDKPªLFKNDQQJXWYHUVWHKHQ ZDVGLFKGDUDQVRIDV]LQLHUW© ª:LUNOLFK"©.LPVWUHLFKHOWHGDVSIHLOIOJHOLJH5DXPVFKLIILQ 9DWHUV+lQGHQPLWHLQHP]lUWOLFKHQ%OLFN6HLQ7DVFKHQ JHOGIUHLQHJDQ]H:RFKHZDUGDIUGUDXIJHJDQJHQ(U KDWWHYLHU$EHQGHDQGHP0RGHOOJHEDVWHOWXQGIOXFKHQGDOO GLHZLQ]LJHQ$QWHQQHQ6HQVRUHQXQG/DVHUVWUDKOHUPRQ WLHUW ª1DWUOLFK©DQWZRUWHWH9DWHUHUQVWª'DV/HEHQLQGLHVHQ *HVFKLFKWHQLVWYLHOHLQIDFKHUDOVGDVZLUNOLFKH/HEHQQLFKW" .HLQH6FKXOHNHLQHE|VHQ/HKUHUNHLQH(OWHUQGLHHLQHQ GD]X]ZLQJHQEHLVFK|QHP:HWWHULP+DXV]XVLW]HQXQG 6FKXODXIJDEHQ]XPDFKHQ©IJWHHUDXJHQ]ZLQNHUQGKLQ]X ª'XVHW]WGLFKHLQIDFKLQGHLQ5DXPVFKLIIXQGVFKZLQJVW GLFKLQGHQ:HOWUDXPHPSRU© ª$EHUGDVVWLPPWGRFKJDUQLFKW©HPS|UWHVLFK.LP ª2GRFKHVVWLPPW©DQWZRUWHWH9DWHUUXKLJª,FKZHLHV $OVLFKVRDOWZDUZLHGXGDKDEHLFKVHOEVWQHEHQ&RPPDQ GHU0F/HDQLQGHU.RPPDQGR]HQWUDOHGHU2ULRQJHVWDQ GHQXQGJH]LWWHUWDOVGLH5DXPVFKLIIHGHU)URJVGLH(UGH

DQJULIIHQ©(UGUHKWHGDV0RGHOOOlFKHOQGHLQSDDUPDOLQ GHQ+lQGHQXQGIUDJWHGDQQª:DVLVWGDV"© ª(LQH9LSHU©HUNOlUWH.LPHLIULJª(LQ9LSHUMlJHU(UKDW QXU]ZHL0DQQ%HVDW]XQJDEHUHULVWXQKHLPOLFKVFKQHOO XQGVRZHQGLJGDHUSUDNWLVFKXQDQJUHLIEDULVW©(U]HLJWH DXIGLHEHLGHQNOHLQHQVSLW]HQ'RUQHQGLHXQWHUGHUJOlVHU QHQ%XJNDQ]HOGHV6FKLIIHVKHUYRUVDKHQª6LHKVWGXGDV VLQGGLH/DVHUNDQRQHQ© ª/DVHUNDQRQHQVRVR©QLFNWH9DWHU.LPVDKLKQDXIPHUN VDPDQXQGYHUVXFKWHYHUJHEOLFK6SXUHQYRQ6SRWWLQVHLQHP *HVLFKW]XHUNHQQHQHVVFKLHQLKPYROONRPPHQHUQVW]X VHLQª=XPHLQHU=HLWZDUHQZLUVFKRQPRGHUQHU©VLQQLHUWH HUª:LUKDWWHQULHVLJH5DXPVFKLIIHYLHURGHUIQI.LORPH WHUJURPLW:DIIHQGLHHLQHQJDQ]HQ3ODQHWHQ]HUVW|UHQ NRQQWHQ© ª'DVNDQQGLH:DUORUG,,DXFK©ZDUI.LPHLQ ª:DUORUG"© ª&RPPDQGHU$UFDQDV+HLPDWVFKLII6LHLVWVRJURZLHHLQ 0RQGDEHUZHQGLJZLHHLQ/LFKWVWUDKO©]LWLHUWHHUGHQ :HUEHWH[WDXIGHU5FNVHLWHGHUª6WHUQHQNULHJHU©ª'LH9L SHUQZHUGHQGDJHJHQIUEHVRQGHUH(LQVlW]HEHQXW]W6LH VLQGVRNOHLQGDVLHIDVWEHUDOOXQJHVHKHQVWDUWHQXQGODQ GHQN|QQHQ8QGZHQQVLHLQ6FKZlUPHQDQJUHLIHQVLQGVLH GXUFKLKUH6FKQHOOLJNHLWJHIlKUOLFKHUDOVHLQJURHV6FKLII© 9DWHUOlFKHOWH(UVWHOOWHGDV0RGHOOEHKXWVDPDXIGDV%RUG ]XUFNXQGPXUPHOWHXQGHXWOLFKª'LH=HLWGHUJURHQ 5DXPVFKODFKWHQVFKHLQWMD*RWWVHL'DQNYRUEHL]XVHLQ© /DXWVDJWHHUª,FKELQHLJHQWOLFKQXUJHNRPPHQZHLOLFK GLUYRUKLQQLFKWJXWH1DFKWJHVDJWKDEH(QWVFKXOGLJHELWWH© ª6FKRQLQ2UGQXQJ© 6HLQ9DWHUJLQJ]XU7UXQGZDQGWHVLFKQRFKHLQPDOXP ªhEHUGHLQH%FKHUXQWHUKDOWHQZLUXQVPRUJHQZHLWHU 9LHOOHLFKWN|QQHQZLUHUUHLFKHQGDVLFK&RPPDQGHU ZLHKHLWHUGRFKQRFK"© ª$UFDQD©VDJWH.LP ª'DVLFK&RPPDQGHU$UFDQDPLWGHLQHQ+DXVDXIJDEHQ DUUDQJLHUW©6HLQ%OLFNILHODXIGHQ6FKUHLEWLVFKXQGHUWUDW

KLQ]XXPGHQ7DVFKHQUHFKQHUDXV]XVFKDOWHQ'DQQYHUOLH HUGDV=LPPHU .LPVWDUUWHGLHJHVFKORVVHQH7UDQ(UKDWWHVHLQHQ9DWHU QRFKQLHVRHUOHEWXQGHUYHUPXWHWHGDHUDXFKMHW]WQXU HLQHQJDQ]NOHLQHQ%OLFNKLQWHUGLH0DVNHJHWDQKDWWHGLHHU QRUPDOHUZHLVHWUXJ(UZDUEHVWLPPWQLFKWKHUDXIJHNRP PHQXPVLFKPLWLKPEHU&RPPDQGHU$UFDQDV9LSHUQ]X XQWHUKDOWHQ$XFKQLFKWXPLKPJXWH1DFKW]XVDJHQ (UYHUVFKUlQNWHJlKQHQGGLH$UPHKLQWHUGHP.RSIXQG VFKORGLH$XJHQ3O|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lQJHQXQG OlKPWHLKQ.LPVW|KQWHNRQ]HQWULHUWHVLFKGDQQXQGIXKU PLWHLQHPKDOEODXWHQ6FKUHLKRFK 6HLQ+HU]KlPPHUWH,QVHLQHP0XQGZDUHLQELWWHUHUPH WDOOLVFKHU*HVFKPDFNXQGVHLQ6FKODIDQ]XJNOHEWHLQJUR HQIHXFKWHQ)OHFNHQDQ%UXVWXQG5FNHQ (UVFKWWHOWHGHQ.RSIXQGVFKOXFNWHHLQSDDUPDOXPGHQ ELWWHUHQ*HVFKPDFNLP0XQGORV]XZHUGHQ 'DV+DXVZDUYROONRPPHQUXKLJ'HU0RQGZDUZHLWHUJH ZDQGHUWXQGVFKLHQMHW]WQLFKWPHKULQV=LPPHUKHUHLQ 'UDXHQYRUGHP)HQVWHUKHUUVFKWHWLHIVFKZDU]H1DFKW 3O|W]OLFKK|UWH.LPHLQOHLVHVNQDUUHQGHV*HUlXVFK 6HLQ+HU]VFKLHQPLWHLQHPVFKPHU]KDIWHQ6FKODJELVLQGHQ +DOVKLQDXI]XKSIHQXQGHUKDWWHGDV*HIKODOVIKUHLKP HLQHHLVLJHHOHNWULVLHUHQGH+DQGEHUGHQ5FNHQ

'DV*HUlXVFKZLHGHUKROWHVLFKGDQQQRFKHLQPDOXQGLP PHUZLHGHU(UNDQQWHGLHVHV*HUlXVFK(VZDUGDV.QDUUHQ XQG4XLHWVFKHQGHV6FKDXNHOVWXKOHVQHEHQVHLQHP%HWW /DQJVDPPLWNORSIHQGHP+HU]HQ|IIQHWHHUGLH$XJHQ VWDUUWH]XU'HFNHKLQDXIXQGOLHGHQ%OLFNGDQQYRUVLFKWLJ DQGHU:DQGKHUDEZDQGHUQ(UVSUWHSO|W]OLFKGDDXHU LKPQRFKMHPDQGLP=LPPHUZDU )UHLQHQ$XJHQEOLFNSUHWHHUGLH/LGHU]XVDPPHQVDP PHOWHDOOVHLQHQ0XWXQG]ZDQJVLFKGDQQGLH:DQGKLQWHU VHLQHP%HWWDQ]XVHKHQ $XIGHUZHLHQ5DXKIDVHUWDSHWHZDUGHXWOLFKGHU6FKDWWHQ GHVKLQXQGKHUVFKZLQJHQGHQ6FKDXNHOVWXKOHV]XHUNHQQHQ 8QGLQLKPVDGHU6FKDWWHQHLQHV0DQQHV .LPIXKUPLWHLQHPOHLVHQ6FKUHLKHUXPVHW]WHVLFKYROOHQGV DXIXQGSUHWHGHQ5FNHQGLFKWJHJHQGLH:DQG'HU 6FKDXNHOVWXKOEHZHJWHVLFKVDFKWYRUXQG]XUFNXQGGDULQ VDHLQZHLKDDULJHUElUWLJHUDOWHU0DQQGHU.LPDXV GXQNOHQ$XJHQDQVDK(VZDUGHU$OWHGHQHUDQGLHVHP 7DJVFKRQ]ZHLPDOJHVHKHQKDWWH .LPVFKOXFNWH(UUDQJQDFK/XIWXQGSUHWHGLH+lQGH IODFKJHJHQGLH:DQGLQVHLQHP5FNHQXPLKU=LWWHUQ]X YHUEHUJHQ ª:HUZHUVLQG6LH"©IUDJWHHUKHLVHU(UKDWWH0KHGLH :RUWHKHUYRU]XVWRHQ 'HU$OWHOlFKHOWHZLHGHUGLHVHVVHOWVDPH/lFKHOQEHLGHP VLFKNHLQ0XVNHOLQVHLQHP*HVLFKWUHJWH ª'XNHQQVWPLFK©VDJWHHUUXKLJ6HLQH6WLPPHZDUWLHIXQG GXUFKGULQJHQG6LHSDWH]XLKP.LPKlWWHVLFKNHLQHDQ GHUH6WLPPHIULKQYRUVWHOOHQN|QQHQ&RPPDQGHU$UFDQD PXWHHLQHVROFKH6WLPPHKDEHQGDFKWHHU ª,FKLFKJODXEHLFKKDEH6LHVFKRQHLQPDOJHVHKHQ©DQW ZRUWHWHHU]|JHUQG ª=ZHLPDO©YHUEHVVHUWHLKQGHU$OWHª=XHUVWLP.UDQNHQ KDXVDOVGXGHLQH6FKZHVWHUEHVXFKWKDVWXQGVSlWHUQRFK HLQPDODXIGHU6WUDH(ULQQHUVWGXGLFKQLFKWPHKU"© ª'RFK©.LPQLFNWHª6LH6LHNHQQHQ5HEHNND"©IUDJWH HUYHUZXQGHUW

(LQEHOXVWLJWHV/lFKHOQJOLWWEHUGDV*HVLFKWGHVDOWHQ0DQ QHV(UK|UWHDXI]XVFKDXNHOQULFKWHWHVLFKJHUDGHDXIXQG VWULFKVLFKPLWGHU/LQNHQEHUGHQ%DUW ª1DWUOLFKNHQQHLFKGHLQH6FKZHVWHU.LP©VDJWHHUª8QG LFKNHQQHDXFKGLFK'HLQHNOHLQH6FKZHVWHUKDWYLHOYRQGLU HU]lKOW© ª6LHZLHVRLFKPHLQH©VWRWWHUWH.LPYHUZLUUW ª,FKNHQQHHXFKEHLGH©QLFNWHGHUDOWH0DQQª,FKNHQQH DXFKGHLQH(OWHUQXQGGHLQH7DQWH%LUJLWDEHUVLHNHQQHQ PLFKQLFKW/HLGHUP|FKWHLFKVDJHQ$EHUWXPLUGHQ*H IDOOHQXQGK|UHQGOLFKDXIPLFK!6LH]XQHQQHQ:LUVLQG GRFK)UHXQGHRGHU"© .LPQLFNWHOHEKDIWª1DWUOLFKZHQQ6LHZHQQGXQLFKWV GDJHJHQKDVW$EHUZLHVROOLFKGLFKQHQQHQ"© ª1HQQHPLFKZLHGXZLOOVW©DQWZRUWHWHGHU$OWHª$UFDQD YLHOOHLFKW,FKJODXEHGLHVHU1DPHZUGHGLUJHIDOOHQ© $UFDQD".LPEHUOHJWH&RPPDQGHU$UFDQDZDUJU|HUDOV GLHVHUDOWH0DQQMQJHUXQGVWlUNHUXQGZlKUHQGGLH=JH GHV$OWHQ*WHXQG:HLVKHLWSUlJWHQGRPLQLHUWHLP*HVLFKW YRQ&RPPDQGHU$UFDQD.UDIWXQG(QWVFKORVVHQKHLW(U VFKWWHOWHGHQ.RSIª'XELVWQLFKW&RPPDQGHU$UFDQD© VDJWHHUEHVWLPPW 'HU$OWHVFKPXQ]HOWHª'RFK.LPGDVELQLFK,FKELQ &RPPDQGHU$UFDQDDEHUDXFK*DQGDOI0HUOLQXQGGHU 0DQQLP0RQGZHQQGXHVVRZLOOVW0DQKDWPLUYLHOH 1DPHQJHJHEHQXQGPLULVWMHGHUUHFKW©$OVHUGLH5DWOR VLJNHLWLQ.LPV*HVLFKWVDKVFKWWHOWHHUOHLFKWGHQ.RSI XQGIJWHKLQ]Xª:HQQGXP|FKWHVWQHQQHPLFK7KHPL VWRNOHV6RKDWPLFKGHLQH6FKZHVWHULPPHUJHQDQQW© ª7KHPLVWRNOHV"©.LPOHJWHGHQ.RSIVFKLHIXQGPXVWHUWH VHLQ*HJHQEHU'HU1DPHSDWHIDQGHUª*XW$EHUZLHVR KDWGLFKPHLQH6FKZHVWHUVRJHQDQQW".HQQWVLHGLFKGHQQ"© ª6HOEVWYHUVWlQGOLFK©VDJWH7KHPLVWRNOHVª'HLQH6FKZHVWHU XQGLFKVLQGJXWH)UHXQGH©(UKREEHVFKZLFKWLJHQGGLH +DQGª*HPDFK.LPJHPDFK©VDJWHHUª:LUKDEHQ]ZDU QLFKWYLHO=HLWDEHULFKZHUGHGLUDOOHVHUNOlUHQ,FKELQJH NRPPHQXPGLFKXP+LOIH]XELWWHQ©

ª0LFK"©IUDJWH.LP]ZHLIHOQG:DVLQDOOHU:HOWPRFKWHHV JHEHQEHLGHPHUHLQNOHLQHUVFKZDFKHU-XQJHHLQHPVR NOXJHQ0DQQZLH7KHPLVWRNOHVKHOIHQNRQQWH" 7KHPLVWRNOHVOlFKHOWHDOVKlWWHHUVHLQH*HGDQNHQJHOHVHQ ª(VJLEWHWZDV.LP©VDJWHHUOHLVHª(WZDVZREHLQXUGX KHOIHQNDQQVW2GHUXPHVDQGHUVDXV]XGUFNHQ(VJLEWMH PDQGHQGHPQXUGXKHOIHQNDQQVWXQGVRQVWQLHPDQG 1LFKWHLQPDOLFK'HLQHU6FKZHVWHU© ª5HEHNND"©VWLH.LPKHUYRU 7KHPLVWRNOHVQLFNWH ª$EHUZRKHUNHQQVWGX5HEHNNDEHUKDXSW"© ª,FKNHQQHVLHVFKRQODQJH©HUNOlUWH7KHPLVWRNOHVª6LHKDW PLFKRIWEHVXFKWGRUWZRLFKOHEH6LHKDWYLHOH)UHXQGH GUEHQ,Q:DKUKHLW©IJWHHUQDFKGHQNOLFKKLQ]XªKDWMH GHUVLHJHP8PVRZLFKWLJHULVWHVGDGXXQVKLOIVW© .LPVFKWWHOWHYHUZLUUWGHQ.RSIª$EHULFKLFKYHUVWHKH QLFKW©VDJWHHUª:RLVWGDVZRGXKHUNRPPVW"8QGZLH N|QQWHLFKGLUKHOIHQ"© ª:RLFKKHUNRPPH"©7KHPLVWRNOHVQLFNWHZLHGHU(UVFKLHQ EHUKDXSWMHGHQ6DW]PLWHLQHP1LFNHQ]XEHHQGHQª'DV /DQGZRKHULFKNRPPHKHLW0lUFKHQPRQG© ª0lUFKHQPRQG"© ª'HU1DPHGHQLKPGHLQH6FKZHVWHUJDE(UKDWXQVVRJXW JHIDOOHQGDZLULKQEHUQRPPHQKDEHQ© ª8QG0lUFKHQPRQGLVW© ª(LQ/DQGHLQ5HLFKHLQH:HOWZLHGXP|FKWHVW.LP 'HLQH6FKZHVWHUZDURIWGUEHQXQGZLUKDEHQLPPHUJH KRIIWGDVLHGLFKHLQHV7DJHVPLWEULQJHQZUGH:LUKDEHQ JHUQH%HVXFKZHLWGX©(UVHXI]WHXQGIXKUVLFKPLWJH VSUHL]WHQ)LQJHUQGXUFKGHQ%DUWª$EHUOHLGHULVWMHW]WHWZDV JHVFKHKHQZDVQLHPDQGYRUDXVVHKHQNRQQWH8QGGHVZH JHQELQLFKKLHU© .LPUXWVFKWHHLQ6WFNLQVHLQHP%HWWKHUXQWHU]RJGLH %HLQHDQGHQ.|USHUXQGXPVFKODQJPLWGHQ$UPHQEHLGH .QLH6HLQ%OLFNKLQJZLHK\SQRWLVLHUWDQ7KHPLVWRNOHV *H VLFKW ª)UGHLQH6FKZHVWHULVW0lUFKHQPRQGHLQ/DQGYROOHU

)UHXQGHYROO6SDXQGOXVWLJHU6SLHOH©HUNOlUWH7KHPLVWRN OHVHUQVWª$EHU0lUFKHQPRQGLVWDXFKHLQ6WFNYRQHXUHU :HOW(VJLEW*XWHVXQG%|VHVGRUWXQGZHQQZLUELVKHU DXFKVWlUNHUZDUHQXQGGDV%|VHXQWHU.RQWUROOHKDOWHQ NRQQWHQVRLVWHVGRFKGD'HLQH6FKZHVWHULVWRIWDOOHLQLQ 0lUFKHQPRQGVSD]LHUHQJHJDQJHQXQGQLHLVWLKUHWZDV]X JHVWRHQ:LUEHREDFKWHQGLHE|VHQ0lFKWHVWlQGLJZHLW GX$EHUGHLQH6FKZHVWHUGUDQJ]XWLHILQGHQ:DOGYRUVR WLHIGDZLUQLFKWPHKUDXIVLHDFKWKDEHQNRQQWHQ:LUEH ZDFKHQXQVHUH*UHQ]HQVFKDUIDEHUHVJLEW3IDGHXQG :HJHEHUGDV6FKDWWHQJHELUJH© ª6FKDWWHQJHELUJH"© ª'LH*UHQ]HXQVHUHV/DQGHV(VVLQG%HUJHK|KHUDOVGHU 0RQGGHUHQ6FKDWWHQVRWLHIVLQGGDQLFKWV/HEHQGHVVLH GXUFKGULQJHQNDQQ$EHUHVJLEW:HJHKLQEHUGLHQLFKW HLQPDOZLUNHQQHQ8QGGHLQH6FKZHVWHUKDWHLQHQVROFKHQ :HJHQWGHFNW6LHJLQJKLQEHU© ª8QGGDQQ"©IUDJWH.LPDWHPORV 7KHPLVWRNOHVVFKZLHJHLQHQ0RPHQWXQGVDKLKQGXUFK GULQJHQGDQª6LHZXUGHJHIDQJHQ%RUDDVGHU+HUUGHU 6FKDWWHQVSHUUWHVLHLQHLQHVVHLQHU9HUOLHVH© .LPIXKUDXIª$EHULKU©ULHIHUDXIJHUHJWªLKUPWVLH EHIUHLHQ© ª'DVJHKWQLFKW.LP©VDJWH7KHPLVWRNOHVWUDXULJª.HLQ %HZRKQHU0lUFKHQPRQGVNDQQGDV5HLFKGHU6FKDWWHQEH WUHWHQRKQHVHOEVW]XP6FKDWWHQ]XZHUGHQ*ODXEHPLULFK VHOEVWKlWWHJHUQPHLQ/HEHQJHRSIHUWXPGHLQH6FKZHVWHU ]XEHIUHLHQDEHUHVLVWXQP|JOLFK,FKZUGH%RUDDV 0DFKW QXUVWlUNHQZHQQLFKHVYHUVXFKWH,FKJODXEHVRJDUGDHU GHLQH6FKZHVWHUQXUJHIDQJHQKlOWXPPLFKXQGYLHOOHLFKW JDQ]0lUFKHQPRQG]XYHUQLFKWHQ© ª8QGGXJODXEVWGDGDLFKKLQEHUJHKHQN|QQWH RKQH]XP6FKDWWHQ]XZHUGHQ"© 7KHPLVWRNOHVQLFNWHª-D.LP-HGHU%HZRKQHUHXUHU:HOW NDQQVLFKLP5HLFKGHU6FKDWWHQIUHLEHZHJHQ$XFKGX© .LPEHUOHJWHHLQHQ0RPHQWVFKOXJGDQQGLH'HFNH]X UFNXQGVSUDQJPLWHLQHP6DW]DXVGHP%HWW

ª:RUDXIZDUWHQZLUQRFK"©IUDJWHHUª*HKHQZLU© 7KHPLVWRNOHVUKUWHVLFKQLFKWª,FKZXWHGDGXGHLQHU 6FKZHVWHUKHOIHQZUGHVW©VDJWHHUª$EHULFKPXGLFK ZDUQHQ(VN|QQWHJHIlKUOLFKZHUGHQ© ª'DVPDFKWQLFKWV©VDJWH.LP ª6HKUJHIlKUOLFK9LHOOHLFKW©7KHPLVWRNOHVVDKDQ.LP YRUEHLLQGLH5LFKWXQJLQGHUMHQVHLWVGHU:DQG5HEHNNDV =LPPHUODJª9LHOOHLFKWNRPPVWGXQLHPHKU]XUFN©IXKU HUIRUWª9LHOOHLFKWZLUVWGXVHOEVWJHIDQJHQ%RUDDVLVWHLQ PlFKWLJHUE|VHU=DXEHUHU6HLQH0DFKWLVWGHUPHLQHQYROO NRPPHQHEHQEUWLJ© ª'DVPDFKWQLFKWV©ZLHGHUKROWH.LPª,FKKDEHNHLQH $QJVW'LHVHUQLHGHUWUlFKWLJH.HUOZLUGQRFKGHQ7DJYHU IOXFKHQDQGHPHU5HEHNNDJHIDQJHQJHQRPPHQKDW© 7KHPLVWRNOHVHUKREVLFK(UGHXWHWH]XU7Uª1XQJXW :HQQHVGHLQIHVWHU:LOOHLVWGDQQIROJHPLU© .LPIROJWHLKP,P7UHSSHQKDXVEUDQQWHNHLQ/LFKWWURW] GHPNRQQWH.LPVHKHQDOVKlWWHHUSO|W]OLFK.DW]HQDXJHQ 7KHPLVWRNOHVJLQJYRULKPGLH7UHSSHKLQDE,QGHU'LHOH EOLHEHUVWHKHQXQG|IIQHWHODXWORVGLH:RKQ]LPPHUWU ª'XELVWZLUNOLFKHQWVFKORVVHQ"© .LPQLFNWHIHVW ª6RVHLHVGHQQ© 7KHPLVWRNOHVGXUFKTXHUWHPLWVFKQHOOHQ6FKULWWHQGDV :RKQ]LPPHUXQGKLHOWYRUGHUDOWPRGLVFKHQ6WDQGXKUDQ .LPILHODXIGDVLFKGDV3HQGHOGHU8KUQLFKWPHKUEH ZHJWH-HGRFKGDV8KUZHUNWLFNWHZHLWHU ª(VJLEWQRFKYLHOZDVLFKGLUHUNOlUHQPX©VDJWH7KHPL VWRNOHVª$EHUGLH=HLWOlXIWXQVGDYRQ,FKZHUGHGUEHQ DXIGLFKZDUWHQ©(U|IIQHWHGLH7UGHV*HKlXVHVWUDWKLQ HLQXQGZDUYHUVFKZXQGHQ .LPULHEVLFKYHUZXQGHUWGLH$XJHQ=|JHUQGVWUHFNWHHU GLH+DQGDXVEHUKUWHGDVVWLOOVWHKHQGH3HQGHOXQGVWLH VFKOLHOLFKPLWGHQ)LQJHUVSLW]HQJHJHQGDVKDUWH+RO]GHU 5FNZDQG ª1HLQ.LP©ZLVSHUWH7KHPLVWRNOHV 6WLPPHLQVHLQHP .RSIª'LHVHU:HJQDFK0lUFKHQPRQGLVWGLUYHUVSHUUW©

ª$EHUZLH© ª-HGHU0HQVFKNHQQWGHQ:HJ]XXQV©IXKU7KHPLVWRNOHV IRUWª$EHUMHGHUPXVHLQHQHLJHQHQ:HJJHKHQ$XFKGX )LQGHLKQ'XNDQQVWHV%HHLOGLFK,FKZDUWHDXIGLFK© 'LH6WLPPHYHUNODQJXQGLPJOHLFKHQ$XJHQEOLFNEHJDQQ GDV8KUSHQGHOZLHGHU]XVFKZLQJHQ .LPVFKORGLH7UGHV*HKl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|USHU ZLHHLQH]ZHLWH+DXWXPVSDQQWHXQGVWDQGDXFKVFKRQQH EHQGHU0DVFKLQH6HLQH+DQGGUFNWHGLHYHUERUJHQH6HQ VRUWDVWHQHEHQGHUVFKPDOHQ0HWDOOHLWHUGLH]XP&RFNSLW KLQDXIIKUWH/HLVHV6XPPHQHUW|QWHDOVGLHJOlVHUQH3LOR WHQNDQ]HOQDFKREHQVFKZDQJ.LPNOHWWHUWHGLH/HLWHUKLQ DXIOLHVLFKLQGHQZHLFKHQ.RQWXUVHVVHOIDOOHQXQGJULII QDFKGHQ$QVFKQDOOJXUWHQ'LH.DQ]HOVFKORVLFKDXWRPD WLVFKZLHGHUDOVGHU9HUVFKOXHLQUDVWHWH*OHLFK]HLWLJ IODPPWHGLH,QVWUXPHQWHQEHOHXFKWXQJDXIXQGWDXFKWHGLH .DELQHLQPLOGHVJUQHV/LFKW .LPJULIIQDFKGHP+HOPVHW]WHLKQDXIXQGNODSSWHGDV 9LVLHUKHUXQWHU6HLQH)LQJHUWDVWHWHQ]LHOVLFKHUEHUGLH NRPSOL]LHUWH$QRUGQXQJYRQ.Q|SIHQ,QVWUXPHQWHQXQG 5HJOHUQYRUVLFKOHJWHQ6FKDOWHUDXI6FKDOWHUXPXQGHU ZHFNWHQGLHNRPSOL]LHUWH7HFKQLNGHU9LSHU6WFNIU6WFN ]XP/HEHQ 6DQIWHV9LEULHUHQOLHIGXUFKGHQGHOWDI|UPLJHQ5DXPMlJHU ,P=HQWUXPGHVKDOEUXQGHQ6WHXHUNQSSHOVEHJDQQHLQ

ZLQ]LJHVURWHV/LFKW]XIODFNHUQ.LPVWUHFNWHGLH+DQG QDFKGHP+HEHODXVKROWHQRFKHLQPDOWLHI/XIWXQG GUFNWHGDQQPLWHLQHUHQWVFKORVVHQHQ%HZHJXQJGHQ6WDUW NQRSI 'LHEHLGHQ6WDXVWUDKOWULHEZHUNHGHU9LSHUVSUDQJHQEUO OHQGDQ(LQEHUVWHQGHUYLHOIDFKJHEURFKHQHU'RQQHUVFKODJ EUDFKWHGLH)HQVWHUVFKHLEHQLQZHLWHP8PNUHLV]XP.OLUUHQ .LPV)LQJHUJULIIHQQDFKGHP%HVFKOHXQLJXQJVKHEHO'LH 1DFKEUHQQHU]QGHWHQPLWGXPSIHP5|KUHQ*OHLHQGHV /LFKWEUDFKDXVGHQ5DNHWHQGVHQGHU9LSHUXQGWDXFKWH GLH+lXVHUUHFKWVXQGOLQNVGHU6WUDHLQXQHUWUlJOLFKH+HO OLJNHLW'LH9LSHUVHW]WHVLFKGU|KQHQGLQ%HZHJXQJ]RJ GLFKWEHUGLH+DXVGlFKHUKLQZHJXQGVWLHJGDQQYRQ HLQHPKHOORGHUQGHQ)HXHUVWUDKOJHWUDJHQ]XGHQ6WHUQHQ HPSRU

,,, 2EZRKOHUGHQ%HVFKOHXQLJXQJVKHEHOQXUXPHLQH:LQ]LJ NHLWQDFKYRUQHJHVFKREHQKDWWHVFKLHQGLH6WDGWUHJHOUHFKW XQWHULKPZHJ]XVWU]HQ,QZHQLJHUDOVHLQHUKDOEHQ0LQXWH VFKUXPSIWHVLH]XHUVW]XHLQHPIOLPPHUQGHQ/LFKWHUPHHU XQGGDQQ]XHLQHPWUEHQ)OHFN]XVDPPHQGHUVFKOLHOLFK YRQGHUQDFKGUlQJHQGHQ'XQNHOKHLWGHU1DFKWYHUVFKOXFNW ZXUGH.LPEHZHJWHYRUVLFKWLJGHQ6WHXHUKHEHOOHJWHGLH 0DVFKLQHDXIGLH6HLWHXQGIORJLQHLQHUZHLWHQ6FKOHLIH QDFK1RUGHQ'HU)OXWDXFKWHXQWHULKPDXIHLQGQQHV VFKZDU]HV%DQGVWHOOHQZHLVHYRQWUHLEHQGHQJUDXHQ:RO NHQEHUGHFNWGDVVLFKLQHLJHQZLOOLJHQ6FKODQJHQOLQLHQ GHP0HHUHQWJHJHQZDQG.LPGUFNWHGLH9LSHUHWZDVWLH IHUVFKQLWWPLWGHQPHVVHUVFKDUIDXVODXIHQGHQ)OJHOVSLW]HQ HLQHWLHIKlQJHQGH:RONHHQW]ZHLXQGEHVFKOHXQLJWHYRUVLFK WLJZHLWHU'LH0DVFKLQHYLEULHUWH'DV/DQGXQWHQZXUGH ]XHLQHPYHUVFKZRPPHQHQ(LQHUOHLYHUVFKLHGHQHU*UDX W|QH+HOOH/LFKWIOHFNHKXVFKWHQPLWSKDQWDVWLVFKHU*H VFKZLQGLJNHLWXQWHULKPYRUEHL6WlGWHXQG'|UIHUXQG GDQQNDXPGUHL0LQXWHQQDFKGHP6WDUWGLH.VWH 'HU+LPPHOEHUGHP0HHUZDUZRONHQORV(LQWUEHU 0RQGVFKLHQDXIGLHWUlJHGDOLHJHQGH:DVVHUZVWHKLQDE XQGDOV.LPVLFK]XU6HLWHEHXJWHXQGQDFKXQWHQVDK NRQQWHHUHLQHQZLQ]LJHQJOHLHQGHQ/LFKWSXQNWDXIGHU :DVVHUREHUIOlFKHDXVPDFKHQGLH5HIOH[LRQGHUVRQQHQKHO OHQ$WRPIODPPHDXIGHUHUULWW (LQH,QVHOWDXFKWHXQWHULKPDXIZXFKV]XHLQHUVFKZDU]HQ JURHQ/DQGPDVVHKHUDQXQGYHUVDQNGDQQZLHGHULQGHU 1DFKW(UGUFNWHGHQ%HVFKOHXQLJXQJVKHEHOZHLWHUQDFK YRUQVSUWHGDV9LEULHUHQGHUPlFKWLJHQ7ULHEZHUNHXQG EHVFKOHXQLJWHZHLWHUXQGLPPHUQRFKZHLWHU6FKOLHOLFK

IORJHUVRVFKQHOOGDHUVHKHQNRQQWHZLHVLFKGHU0RQG YRQVHLQHP3ODW]O|VWHXQGDP+LPPHOHQWODQJ]XZDQGHUQ EHJDQQ $XIGHP$UPDWXUHQEUHWWEOLQNWHHLQHURWH:DUQODPSHDXI GDQQQRFKHLQHXQGGDQQVHW]WHHLQGQQHUVXPPHQGHU :DUQWRQHLQ.LPZDUIHLQHQ%OLFNDXVGHP)HQVWHUXQG VDKGDGLH6SLW]HQGHU7UDJIOlFKHGXQNHOURW]XJOKHQEH JRQQHQKDWWHQ 0LWHLQHP6HXI]HUGHV%HGDXHUQV]RJHUGHQ%HVFKOHXQL JXQJVKHEHO]XUFN'LH0DVFKLQHZXUGHODQJVDPHU'HU 6XPPWRQYHUVWXPPWHXQGQDFKZHQLJHQ$XJHQEOLFNHQHU ORVFKHQDXFKGLH:DUQOlPSFKHQ'LH9LSHUZDUHLQXQJH KHXHUVFKQHOOHV6FKLIIDEHUVLHZDUDXFKZHQQVLHHVPLW MHGHPEHOLHELJHQ)OXJ]HXJDXIQHKPHQNRQQWHLP*UXQGH IUGHQIUHLHQ5DXPNRQVWUXLHUWZRUGHQ)DOOV.LPGLHYROOH 6FKXENUDIWGHUEHLGHQ7ULHEZHUNHEHUKDXSWMHPDOVHQWIHV VHOQNRQQWHGDQQQXUGRUW(UIORJQRFKLPPHUPLW]LJID FKHU6FKDOOJHVFKZLQGLJNHLWXQGZDKUVFKHLQOLFKZUGHGDV 0HHUWLHIXQWHULKPXQWHUGHQ+DPPHUVFKOlJHQGHUGXW ]HQGIDFKGXUFKEURFKHQHQ6FKDOOPDXHUEHEHQ$EHUDOOGDV ZDUQLFKWVJHJHQGLH.UDIWGLHZLUNOLFKLQGHPVFKODQNHQ 5XPSIVWHFNWH .LPQDKPQRFKPHKU7HPSRZHJXQGJLQJWLHIHU'LH9L SHUWUXGHOWHHLQZHQLJDEHUHUILQJGLH%HZHJXQJJHVFKLFNW PLWHLQHU5ROOHDXIGLHLKQQDFKHLQHPGUHLIDFKHQhEHU VFKODJDXIVHLQHQXUVSUQJOLFKHQ.XUV]XUFNEUDFKWH3O|W] OLFKIKOWHHUWLHIH9HUEXQGHQKHLW]ZLVFKHQVLFKXQGGHP 6FKLII6LHZDUHQQLFKWOlQJHU]ZHLYHUVFKLHGHQH:HVHQ 0DVFKLQHXQG3LORWVRQGHUQHLQHSHUIHNWYHUVFKPRO]HQH (LQKHLW 'DV0HHUJOLWWZLHHLQHXIHUORVH0DVVHDXVJUDXHPJH VFKPRO]HQHP%OHLXQWHULKPKLQZHJ(UJLQJQRFKWLHIHUELV HUGHQODQJJHVWUHFNWHQ6FKDWWHQGHU9LSHUEHUGLH2EHUIOl FKHKLQKXVFKHQVDK]RJGDQQZLHGHUKRFKXQGEHVFKOHX QLJWHYRUVLFKWLJMHGRFKRKQHZLHGHULQGHQ%HUHLFKJHIlKUOL FKHU*HVFKZLQGLJNHLWHQ]XJHODQJHQ $P+RUL]RQWWDXFKWHHLQHGQQHZHLH/LQLHDXIZXFKV

ELQQHQ6HNXQGHQ]XHLQHUPlFKWLJHQ6WHLONVWHDXV(LVXQG 6FKQHHKLQWHUGHUVLFKHLQHVFKLPPHUQGH:VWHDXV.lOWH XQG(LVXQGJHIURUHQHU/XIWHUVWUHFNWH.LPJLQJWLHIHU GURVVHOWHGLH*HVFKZLQGLJNHLWXQGOLHGHQ6FKDWWHQGHU9L SHUODQJVDPZLHHLQHQJURHQODXWORVHQ9RJHOEHUGDV PRQGEHVFKLHQHQH(LVKSIHQ(LQZLQ]LJHUZHLHUQDFK 1RUGHQWURWWHQGHU3XQNWHUVFKLHQDXIGHP(LVZDQGWHGHQ .RSIXQGEOLFNWHGHP3KDQWRPYHUZXQGHUWQDFK.LP ODFKWHODXWDXIJUWHGHQ(LVElUHQLQGHPHUVFKHLQEDUPLW GHQ)OJHOQZDFNHOWHXQGEHVFKOHXQLJWHZLHGHU'DV(LV ZXUGH]XHLQHUJOLW]HUQGHQ)OlFKHDXIGHUNHLQH(LQ]HOKHL WHQPHKU]XHUNHQQHQZDUHQ 'HUNOHLQH0DJQHWNRPSDLP$UPDWXUHQEUHWWEHJDQQ]X NUHLVHOQ'LH1DGHO]LWWHUWHGUHKWHVLFKHLQHQ0RPHQWZLH LUUXPGLHHLJHQH$FKVHXQGVFKOXJGDQQXPKXQGHUWDFKW]LJ *UDGXPDOVGLH9LSHUEHUGHQ1RUGSROMDJWHXQGGHP 0RUJHQHQWJHJHQVSUDQJ 'HU7DJGlPPHUWHKHUDXIDOV.LPGLH.VWHEHUIORJXQG HUQHXW.XUVDXIGDVRIIHQH0HHUQDKP:LHLQHLQHUSKDQ WDVWLVFKHQ=HLWUDIIHUDXIQDKPHNOHWWHUWHGLH6RQQHDOVNOHLQHU JOKHQGHU%DOOEHUGHQ+RUL]RQWZXFKV]XHLQHUIODPPHQ GHQ6FKHLEHGHUHQ/LFKWVHOEVWGXUFKGDVJHW|QWH*ODVVHL QHV+HOPYLVLHUVQRFKVFKPHU]KDIWKHOOZDUVWLHJMlKOLQJVDP +LPPHOHPSRUXPGDQQHEHQVRVFKQHOOZLHGHUKLQWHUGHP GDKLQMDJHQGHQ5DXPVFKLII]XYHUVLQNHQ'LH1DFKWEUDFK KHUHLQYHUJLQJJHQDXVRSO|W]OLFKZLHGHU7DJXQGZLFK HLQHPQHXHQ0RUJHQDOVGLH9LSHUGLH6RQQHHLQZHLWHUHV 0DOEHUKROWH8QWHULKPODJQRFKLPPHU0HHUHQGORVKLQ JHVWUHFNWEDUMHGHU,QVHOMHGHU8QWHUEUHFKXQJXQGMHGHU %HZHJXQJ:LHGHUOLHIHLQJDQ]HU7DJLQZHQLJHQ0LQXWHQ DE'LH0DVFKLQHWUXJ.LPZHLWHUXQGLPPHUZHLWHUQDFK 6GHQZHLWHUDOVMHHLQ0HQVFKJHODQJWRGHUHLQ*HGDQNH JHIORJHQZDU 'DQQDOVVLFKGHU+LPPHOGDVGULWWH0DOPLW'XQNHOKHLW XQGGHUJOLW]HUQGHQ3UDFKWGHU6WHUQHEHU]RJWDXFKWHDP +RUL]RQWHLQHVFKZDU]HVFKQXUJHUDGH/LQLHEHUGHP0HHU DXI

'LH9LSHUZXUGHODQJVDPHU .LPEOLFNWHYHUZLUUWDXIVHLQH.RQWUROOHQXQGWLSSWHDXIGHQ %HVFKOHXQLJXQJVKHEHO$EHUGLHVPDOZHLJHUWHVLFKGLH0D VFKLQHVHLQHQ%HIHKOHQ]XJHKRUFKHQ6LHZXUGHLP*HJHQ WHLOLPPHUODQJVDPHUXQGVDFNWHJOHLFK]HLWLJVDQIWDEHUEH VWlQGLJDE 9RUVLFKWLJEHZHJWH.LPGHQ6WHXHUNQSSHOQDFKUHFKWV'LH 9LSHUOHJWHVLFKDXIGLH6HLWHXQGEHJDQQLQHLQHODQJJH]R JHQHQDFKXQWHQJHQHLJWH.XUYH]XJHKHQ.LPDWPHWHHU OHLFKWHUWDXI:HQLJVWHQVJHKRUFKWHGLH0DVFKLQHQRFKGHP .XUVGHQHULKUJDE (U]RJZLHGHUKRFKEUDFKWHGDV6FKLIIDXIJHUDGHQ.XUV ]XUFNXQGEHWUDFKWHWHQHXJLHULJGLH/DQGVFKDIWGLHWLHIXQ WHULKPGDKLQ]RJ(UIORJQRFKLPPHU]XKRFKXQG]X VFKQHOOXP(LQ]HOKHLWHQHUNHQQHQ]XN|QQHQGHQQRFKOLH LKQGHU$QEOLFNVFKDXGHUQ8QWHULKPZDUHQ)HOVHQ1DFN WHUJODVLJHU6WHLQHLQHXQJHKHXUH(LQ|GHDXV*UDXXQG 6FKDWWHQXQGLPPHUZLHGHU*UDX'LH:HOWGRUWXQWHULKP VFKLHQXQJHIRUPWHLQHOHHUH%KQHDXIGHUGDV/HEHQQRFK QLFKWDXIJHWUHWHQZDUDXIGHUHVQLFKWHLQPDO(UGHRGHU 6DQGVRQGHUQQXUNDKOHVWRWHV)HOVJHVWHLQJDE6RRGHUVR lKQOLFKPXWHGLH(UGHHLQVWDXVJHVHKHQKDEHQYRUYLHOHQ 0LOOLRQHQ-DKUHQODQJHEHYRUGDVHUVWHSULPLWLYH/HEHQDXI LKUHU2EHUIOlFKHHUVFKLHQ .LPIU|VWHOWH'DVGRUWXQWHQPXWHGDV5HLFKGHU6FKDWWHQ VHLQYRQGHP7KHPLVWRNOHVHU]lKOWKDWWH (UULVLFKJHZDOWVDPYRQGHPVFKDXULJHQ$QEOLFNORV NODSSWHGDV+HOPYLVLHUKRFKXQGVXFKWHPLW]XVDPPHQJH NQLIIHQHQ$XJHQGHQ+RUL]RQWDE,UJHQGZRYRULKPPX WHQGLH6FKDWWHQEHUJHOLHJHQ (VGDXHUWHODQJHHKHHUPHUNWHGDGHUVFKZDU]H6FKDWWHQ YRULKPQLFKWGHU+RUL]RQWVRQGHUQ%HUJHZDUHQ .LPVFKULHYRU6FKUHFNXQGhEHUUDVFKXQJDXIDOVLKQGLH (UNHQQWQLVWUDI6HLQH$XJHQZHLWHWHQVLFK7KHPLVWRNOHV KDWWHJHVDJWGDGLH6FKDWWHQEHUJHK|KHUDOVGHU0RQG VHLHQDEHUQDWUOLFKKDWWH.LPGLH:RUWHGHVDOWHQ=DXEH UHUVIUHLQHURPDQWLVFKHhEHUWUHLEXQJJHKDOWHQ

(UHUZDFKWHHUVWZLHGHUDXVVHLQHU(UVWDUUXQJDOVDXIGHP ,QVWUXPHQWHQEUHWWYRULKPHLQHJDQ]H%DWWHULHURWHU:DUQ OlPSFKHQ]XIODFNHUQEHJDQQ+DVWLJULFKWHWHHUVLFKDXI JULIIQDFKGHP6WHXHUNQSSHOXQG]RJGLHVSLW]H1DVHGHU 0DVFKLQHVWHLOHPSRU'LH$Q]HLJHQLQVWUXPHQWHGHU9LSHU EHJDQQHQYHUUFNW]XVSLHOHQDOVVLHYHUJHEOLFKYHUVXFKWHQ +|KH0DVVHXQG$XVGHKQXQJGLHVHV$OSWUDXPJHELUJHV]X YHUPHVVHQ.LPVFKDOWHWHNXU]HUKDQGGLH*HUlWHDEXQG NRQ]HQWULHUWHVLFKYROOGDUDXIGHQ-l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lQGH DXIGDV6WHXHUUXGHUXQGOLHVLHXQVFKOVVLJZLHGHUVLQNHQ (UZDUKLHU(UKDWWHGLH6FKDWWHQEHUJHHUUHLFKWXQGEHU ZXQGHQ'RFKGDPLWZDUHUPLWVHLQHU:HLVKHLWDXFKVFKRQ DP(QGH7KHPLVWRNOHVKDWWHYHUVSURFKHQKLHULUJHQGZR DXILKQ]XZDUWHQ$EHUHUKDWWHQLFKWJHVDJWZR .LPV%OLFNILHODXIGDV)XQNJHUlW(UVHXI]WHVFKWWHOWHGHQ .RSIXQGNRQ]HQWULHUWHVLFKZLHGHUDXIGDVDOOPlKOLFKLQ 0RQRWRQLHHUVWDUUHQGH%LOGGHUVFKDUI]DFNLJHQ%HUJJLSIHO GLHZLHEL]DUUH5DXEWLHU]lKQHDXVGHPVFKZDU]HQ1LFKWV ZXFKVHQ1HLQ7KHPLVWRNOHVZUGHVLFKVLFKHUQLFKWEHU )XQNPHOGHQXPLKP/DQGHDQZHLVXQJHQ]XJHEHQ:LH KDWWH7KHPLVWRNOHVJHVDJW"ª-HGHU0HQVFKPXVHLQHQ HLJHQHQ:HJJHKHQ$XFKGX)LQGHLKQ'XNDQQVWHV© .LPOlFKHOWH1DWUOLFK(UPXWHVHLQHQ:HJVHOEVWILQGHQ 7KHPLVWRNOHVKDWWHHLQHOHW]WHlXHUVWH6LFKHUKHLWHLQJH

EDXW1XUZHUGHQ:HJQDFK0l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lQGLJVWlUNHU 0LQXWHQYHUVWULFKHQ'DV'U|KQHQGHU7ULHEZHUNHNOHWWHUWH LQHLQHLPPHUK|KHUH7RQODJHHPSRUDOVGDV6FKLIIPHKU XQGPHKU.UDIWDXIZHQGHQPXWHXPGHPJHKHLPQLVYROOHQ 6RJ]XHQWJHKHQ'LH%HODVWXQJGHU+OOHQDKPDOOPlKOLFK HLQJHIlKUOLFKHV$XVPDDQXQGDXVGHPVDQIWHQ9RUZlUWV JOHLWHQGHU9LSHUZXUGHHLQUWWHOQGHU*DORSS 6FKOLHOLFKJDEHUGHQ.DPSIDXI'LH9LSHUZDUHLQPlFK WLJHV6FKLIIDEHUGHQ.UlIWHQGLHGDDXIVLHHLQZLUNWHQ KDWWHVLHQLFKWVHQWJHJHQ]XVHW]HQ(UZUGHVLFKXQGGDV 6FKLIILQ*HIDKUEULQJHQZHQQHUVLFKZHLWHUZHKUWH8QG GLH9RUVWHOOXQJEHUGHQW|GOLFKHQ*UDWHQGLHVHVDSRND O\SWLVFKHQ*HELUJHV6FKLIIEUXFK]XHUOHLGHQJHILHO.LPJDU QLFKW (UQDKPGLH+lQGHYRP6WHXHUNQSSHOOLHVLFK]XUFNVLQ NHQXQGYHUIROJWHPLWNORSIHQGHP+HU]HQZLHGHUXQVLFKW EDUH6RJGLH0DVFKLQHLQHLQHHQJH.XUYHXQGGDQQDQGHU )ODQNHGHV*HELUJHVKLQXQWHU]ZDQJ'LH7ULHEZHUNHKHXO WHQDXI,UJHQGHWZDVVFKOXJNUDFKHQGJHJHQGHQ3ODVWLN VWDKOGHU.DQ]HOXQGKLQWHUOLHHLQHQODQJHQKlOLFKHQ .UDW]HUDXIGHPGXUFKVLFKWLJHQ0DWHULDO'LH9LSHUMDJWH PLQXWHQODQJIDVWVHQNUHFKWLQGLH7LHIHJLQJGDQQLQHLQHQ IODFKHQ6LQNIOXJEHUXQGGURVVHOWHLKUH*HVFKZLQGLJNHLW (LQHVWHLQLJH(EHQHYRQJURHQEUDXQHQXQGEHLJHIDUEHQHQ 0XVWHUQGXUFK]RJHQWDXFKWHXQWHULKPDXIZXUGHYRQ

HLQHPVWLOOGDOLHJHQGHQ2]HDQXQGGDQQYRQHLQHPZHLWHUHQ *HELUJHDEJHO|VWGHVVHQVFKQHHEHGHFNWH*LSIHOOlQJVWQLFKW GLHMHQLJHQGHU6FKDWWHQEHUJHHUUHLFKWHQDEHUQRFKLPPHU YLHOK|KHUDOVGLHK|FKVWHQ*LSIHOGHU(UGHVHLQPXWHQ'LH 9LSHUVWLHJZLHGHUVHJHOWHLQHOHJDQWHP%RJHQEHUGLHNDK OHQ%HUJJLSIHOKLQZHJXQGVWLHLQGDVGDKLQWHUOLHJHQGH7DO KLQXQWHU 8QGLQGLHVHP0RPHQWVHW]WHQGLH7ULHEZHUNHDXV .LPVDHLQHQ+HU]VFKODJODQJZLHJHOlKPWLQVHLQHP6LW] XQGYHUVXFKWHGDV8QIDOLFKH]XIDVVHQ1LFKWQXUGLH 7ULHEZHUNHDXFKGLH,QVWUXPHQWHQEHOHXFKWXQJGLH6DXHU VWRIIYHUVRUJXQJMDMHGHVHLQ]HOQH,QVWUXPHQWMHGHU6FKDO WHUMHGH/HLWXQJDQ%RUGGHU9LSHUZDUWRW 'DV5DXPVFKLIIVFKRYRQVHLQHPHLJHQHQ6FKZXQJZLH HLQPlFKWLJHU6SHHUYRUZlUWVJHWUDJHQZHLWLQGDV7DOKLQ DXVVFKWWHOWHVLFKXQGEHJDQQGDQQZLHHLQ6WHLQ]XVWU ]HQ'LH:HOWYRUGHUJHNUPPWHQ.DQ]HOZXUGH]XHLQHP LUUHQ.DOHLGRVNRSDXVWDQ]HQGHQ)DUEHQXQG8PULVVHQ'LH /XIWVWULFKSIHLIHQGDQGHU)ODQNHGHU0DVFKLQHYRUEHLXQG .LPVSUWHZLHGLHVHPLWMHGHU6HNXQGHVFKQHOOHUZXUGH (UULPLWHLQHUYHU]ZHLIHOWHQ%HZHJXQJGHQ6WHXHUNQSSHO KHUDQXQGKDQWLHUWHPLWIOLHJHQGHQ)LQJHUQDQ+|KHQXQG 6HLWHQUXGHU(LQGU|KQHQGHU6FKODJWUDIGLH0DVFKLQHHV NUDFKWHXQGNQLVWHUWHDOVEUHFKH0HWDOODOVVLFKGLH/DQGH NODSSHQJHJHQGLH.UDIWGHUYRUEHLMDJHQGHQ/XIWVWHPPWHQ (LQ9LSHUMlJHULVWLP*UXQGHHLQUHLQHV5DXPVFKLII6HLQH DHURG\QDPLVFKH)RUPXQGGLHXQJHKHXUH.UDIWVHLQHU 7ULHEZHUNHJHVWDWWHQHVLKPDXFKLQGHU/XIWKOOHHLQHV3OD QHWHQ]XPDQ|YULHUHQ$EHUEHLPEORHQ*HGDQNHQHLQH 9LSHUZLHHLQ6HJHOIOXJ]HXJ]XIOLHJHQZUGHQMHGHP 5DXPSLORWHQGLH+DDUH]X%HUJHVWHKHQ 'RFK.LPZDUQLFKWLUJHQGHLQ3LORW(UZDUGHUEHVWH 6FKRQZlKUHQGVHLQHU$XVELOGXQJKDWWHHUVHLQH)OXJOHKUHU YHUEOIIWXQGGLHODQJHQHLQVDPHQ-DKUHLP$OOXQGGLHXQ ]lKOLJHQJHIlKUOLFKHQ(LQVlW]HEHLGHQHQVHLQ/HEHQXQG GDVVHLQHU.DPHUDGHQHLQ]LJXQGDOOHLQGDYRQDEKLQJGD HUVHLQH0DVFKLQHXPHLQH6SXUEHVVHUEHKHUUVFKWHDOVVHLQH

*HJQHUKDWWHLKQ]XPEHVWHQ9LSHUSLORWHQZHUGHQODVVHQ GHQGLH)ORWWHMHPDOVEHVHVVHQKDWWH -HW]WLQGLHVHP$XJHQEOLFNDOVGHU%RGHQLPPHUVFKQHOOHU DXILKQ]XNDPXQGVHLQ/HEHQYLHOOHLFKWQXUQRFKQDFK6H NXQGHQ]XUHFKQHQZDUZXFKV.LPEHUVLFKVHOEVWKLQDXV XQGZDJWHHVZDVQRFKNHLQHUYRULKPJHZDJWKDWWH (UDUEHLWHWHYHU]ZHLIHOWPLW+|KHQXQG6HLWHQUXGHU]X JOHLFK'HUVWHLOH6WXU]IOXJGHU9LSHUJLQJLQXQNRQWUROOLHU WHV7UXGHOQEHU'LH0DVFKLQHVFKOXJHLQHQKDOEHQ/RR SLQJUDVWHHLQHQ0RPHQWODQJLQ5FNHQODJHZHLWHUXQG QlKHUWHVLFKJHIlKUOLFKGLFKWGHU)HOVZDQG'HUJUDXJH IOHFNWH6WHLQIOOWHSO|W]OLFKGDV6LFKWIHQVWHUDXVEHUVFKOXJ VLFKXQGUDVWHGDQQZHLWHUDXIGLHKLOIORVWUXGHOQGH0D VFKLQH]X .LPEHNDPGLH0DVFKLQHIUHLQHQ0RPHQWXQWHU.RQ WUROOH(UZDUIHLQHQ%OLFNDXIGLHEURGHOQGHQ:RONHQPDV VHQEHUVHLQHP.RSIXQGNRQ]HQWULHUWHVLFKGDQQZLHGHU DXIGDV8QP|JOLFKHGDVHUVFKDIIHQPXWHZHQQHUEHUOH EHQZROOWH(LQKDUWHU6FKODJWUDIGLH9LSHUOLHVLHLQDOOHQ 9HUELQGXQJHQlFK]HQXQGGUlQJWHVLHZHLWHUDQGLH)HOV ZDQGKHUDQ .LPEHJDQQ]XVFKZLW]HQ6HLQH+lQGH]LWWHUWHQXQGVHLQ +HU]NORSIWHVRODXWGDHUJODXEWHHVPVVHVRJDUGDV +HXOHQGHV6WXUPHVEHUW|QHQ9RUVLFKWLJ0LOOLPHWHUIU 0LOOLPHWHUGUHKWHHUGHQ6WHXHUNQSSHO(UEHIDQGVLFK QLFKWHLQPDOPHKUHLQH0HLOHEHUGHP%RGHQ 'HU)HOVQlKHUWHVLFKXQEDUPKHU]LJZlKUHQGGLH0DVFKLQH LQVWHLOHP:LQNHOGHP%RGHQHQWJHJHQVFKR 'DV3IHLIHQGHU/XIWNODQJPLWHLQHP0DOZHQLJHUVFKULOO 'LH0DVFKLQHEHEWHVFKWWHOWHVLFKXQGVDFNWHIUHLQHQ NXU]HQVFKUHFNOLFKHQ0RPHQWGXUFK'DQQEHJDQQVLFKGLH VSLW]H1DVHODQJVDP]XKHEHQ .LPDWPHWHDXI1RFKZDUGLH*HIDKUQLFKWEHUVWDQGHQ DEHUHUZXWHMHW]WGDHUHLQHZHQQDXFKQRFKVRZLQ]LJH &KDQFHKDWWH:LHEHUDOOLQGHQ%HUJHQJDEHVDXFKKLHU VWDUNHZHFKVHOQGH$XIZLQGHGLHGLFKWDQGHQ)HOVZlQGHQ HPSRUVWULFKHQNUlIWLJJHQXJHLQHQVRVFKZHUHQ.|USHUZLH

GHQGHU9LSHU]XWUDJHQ(VZDUHLQDOWHU7ULFNGHU6HJHOIOLH JHUGLH6WHLJZLQGHLQGHQ%HUJHQDXV]XQXW]HQXQG.LP KDWWHGLH&KDQFHGLHVLFKLKPERWEOLW]VFKQHOOHUNDQQW1D WUOLFKKDWWHHUNHLQH$KQXQJJHKDEWREGHU7ULFNDXFKEHL HLQHPVRVFKZHUHQ)OXJ]HXJZLHGHU9LSHUIXQNWLRQLHUHQ ZUGHDEHUHVWUHQQWHQLKQQXUQRFKZHQLJH6HNXQGHQ YRQGHPW|GOLFKHQ$XISUDOOVRGDLKPNHLQH=HLWIUODQJH hEHUOHJXQJHQEOLHE 'LH9LSHUVWULFKKHXOHQGDQGHU)HOVZDQGHQWODQJVWLHJHLQ SDDUKXQGHUW)XLQGLH+|KHXQGVDFNWHGDQQZLHGHU GXUFKXPHUQHXWQDFKREHQ]XVFKLHHQDOV.LPYRUVLFKWLJ GHQ6WHXHUNQSSHOEHWlWLJWH:LHHLQ6WHLQGHUEHUGLH :DVVHUREHUIOlFKHKSIWVFKRGLH9LSHULQLPPHUJU|HUHQ .XUYHQDQGHU)HOVZDQGHQWODQJXQGYHUORUGDEHLJOHLFKHU PDHQDQ+|KHZLHDQ*HVFKZLQGLJNHLW .LPKDQGKDEWHGDV6WHXHUVRIHLQIKOLJZLHHLQ9LUWXRVH VHLQ,QVWUXPHQW(UZXWHGDHUQLFKW]XYLHODQ*HVFKZLQ GLJNHLWYHUOLHUHQGXUIWHXPQLFKWZLHHLQ6WHLQLQGLH7LHIH ]XVWU]HQ 'HU6WHXHUNQSSHOLQVHLQHQ+lQGHQEHJDQQVDQIW]XEH EHQ.LPVSUWHGDGHUNULWLVFKH0RPHQWJHNRPPHQZDU (UULGLH0DVFKLQHQRFKHLQPDOLQGLH+|KH]ZDQJVLHLQ HLQHUZHLWHQ.XUYHYRQGHU)HOVZDQGZHJXQGJLQJLQIOD FKHQ6LQNIOXJEHU 'HU%RGHQVFKLHQLKPHQWJHJHQ]XVSULQJHQ'DVGXQNOH %DQGHLQHV)OXVVHVKXVFKWHXQWHUGHU0DVFKLQHZHJGDQQ KDWWH.LPHLQHQIOFKWLJHQ(LQGUXFNNDKOHUEUDXQJUQHU %DXPNURQHQGLHVLFKGHU9LSHUZLHJLHULJH.ODXHQHQWJH JHQVWUHFNWHQ(WZDVNUDW]WHDP5XPSIGHV6FKLIIHVHQWODQJ 'LH9LSHUVSUDQJQRFKHLQPDOLQGLH+|KHXQGEHUVFKOXJ VLFK(LQ)OJHOEUDFKDE,UJHQGZRH[SORGLHUWHHWZDVXQG GDQQYHUVDQNGLH:HOWLQHLQHP&KDRVDXVVSOLWWHUQGHP *ODV)ODPPHQXQGEHUVWHQGHP0HWDOO %UDQGJHUXFKODJLQGHU/XIWDOVHUHUZDFKWH6HLQ+DOV VFKPHU]WHXQGVHLQ5FNHQIKOWHVLFKDQDOVKlWWHLKPMH PDQGVWXQGHQODQJJHGXOGLJKLQHLQJHWUHWHQ(UEHZHJWHVLFK

YRUVLFKWLJKREGLH+DQGDQGHQ+DOVXQG]RJVLHVW|KQHQG ZLHGHU]XUFN$QVHLQHQ)LQJHUVSLW]HQNOHEWH%OXW ª%OHLEWOLHJHQMXQJHU+HUU©VDJWHHLQHWLHIH6WLPPHKLQWHU LKP.LPVFKUDN]XVDPPHQ(UZROOWHGHQ.RSIGUHKHQ GRFKVRIRUW]XFNWHHLQEUHQQHQGHU6FKPHU]GXUFK+DOVXQG 6FKXOWHUQXQG]ZDQJLKQEHZHJXQJVORVOLHJHQ]XEOHLEHQ 6FKULWWHQlKHUWHQVLFKGDQQEHXJWHVLFKHLQVFKZDU]HVJOlQ ]HQGHV*HVLFKWEHULKQ ª+DEW,KUJURH6FKPHU]HQMXQJHU+HUU"©IUDJWHGLH 6WLPPHZLHGHU .LPVFKWWHOWHYRUVLFKWLJGHQ.RSI(UZROOWHDQWZRUWHQ DEHUDOOHVZDVHUKHUYRUEUDFKWHZDUHLQPKVDPHV.UlFK ]HQ 'DVVFKZDU]H*HVLFKWEHXJWHVLFKWLHIHUKHUDE'HU:LGHU VFKHLQGHVSUDVVHOQGHQ)HXHUVMHQVHLWVGHU/LFKWXQJEHUJR HVPLWEOLW]HQGHQ/LFKWUHIOH[HQXQGJDELKPHLQEHGURKOL FKHV$XVVHKHQ .LPVFKDXGHUWH'LHULHVLJHVFKZDU]H*HVWDOWPLWGHPVHOW VDPVWDUUHQ*HVLFKWIO|WHLKP)XUFKWHLQ (UELGLH=lKQH]XVDPPHQVWHPPWHGLH(OOERJHQLQGHQ %RGHQXQGYHUVXFKWHVLFKDXI]XULFKWHQDEHUGHU6FKZDU]H GUFNWHLKQPLWVDQIWHU*HZDOW]XUFN ª,KUGUIW(XFKQLFKWEHZHJHQMXQJHU+HUU,KUVHLGYHU OHW]W©(LQHVFKZDU]HEHKDQGVFKXKWH+DQGPDFKWHVLFKDQ VHLQHP+DOV]XVFKDIIHQ,PHUVWHQ0RPHQWYHUVSUWH.LP HLQKHIWLJHV%UHQQHQGDVDEHUVRIRUWZLHGHUYHUVFKZDQG XQGYRQHLQHPNKOHQZRKOWXHQGHQ'UXFNDEJHO|VWZXUGH .LPEHWUDFKWHWHVHLQHQ5HWWHUJHQDXHU,QGHUKHUUVFKHQGHQ 'XQNHOKHLWZDUGHU0DQQVHOEVWZHQLJPHKUDOVHLQJURHU VFKZDU]HU6FKDWWHQJHJHQGHQVWHUQNODUHQ+LPPHOXQGGDV ]XFNHQGH/LFKWGHU)ODPPHQYHUIUHPGHWHGDV%LOGQRFK PHKU7URW]GHPHUNDQQWH.LPMHW]WGDHULQNHLQOHEHQGHV *HVLFKWVRQGHUQLQHLQHVFKZDU]H0HWDOOPDVNHEOLFNWHGLH ]XHLQHPVWDFKHOEHZHKUWHQ+HOPJHK|UWHhEHUKDXSWVFKLHQ GHU0DQQYRQ.RSIELV)XLQWLHIVFKZDU]HVJOlQ]HQGHV 0HWDOOJHSDQ]HUW]XVHLQ(LQ5LWWHUHLQULHVLJHUVFKZDU]HU 5LWWHUVWHOOWH.LPEHUUDVFKWIHVW

ª:HUELVWGX"©IUDJWHHU7KHPLVWRNOHV :DUQXQJILHO LKPHLQ0lUFKHQPRQGPRFKWHHLQSKDQWDVWLVFKHV/DQGYROO JURDUWLJHU:XQGHUGLQJHVHLQGLHQRFKNHLQHV0HQVFKHQ $XJHHUEOLFNWKDWWH$EHUHVJDEDXFK*HIDKUHQKLHU=LHP OLFKKDQGIHVWH*HIDKUHQZLHVHLQHLJHQHV6FKLFNVDOEHZLHV 'HUVFKZDU]H5LWWHUULFKWHWHVLFKDXIHLQ.QLHDXIXQGEH WUDFKWHWH.LPHLQH=HLWODQJVFKZHLJHQGGXUFKGLHVFKPDOHQ 6HKVFKOLW]HVHLQHU0DVNH ª.DUW©VDJWHHUGDQQª0HLQ1DPHLVW.DUWMXQJHU+HUU $EHU,KUVROOWQLFKWUHGHQ(VVWUHQJW(XFK]XVHKUDQ© .LPUXQ]HOWHXQZLOOLJGLH6WLUQ-DHUIKOWHVLFKHOHQGDEHU HUPRFKWHHVQLFKWGDPDQLKQZLHHLQNOHLQHV.LQGEHKDQ GHOWH(UVFKREGLH+DQGGHV5LWWHUVEHLVHLWHVWHPPWHVLFK KRFKXQGVDQNJOHLFKGDUDXIZLHGHU]XUFNDOVLKPVFKZLQ GHOLJZXUGH ª,FKKDEH(XFKJHVDJWGD,KU(XFKQLFKWDQVWUHQJHQGUIW MXQJH+HUU©VDJWH.DUWPLWOHLVHP7DGHOª,KUVHLGQRFK]X VFKZDFK6RUJW(XFKQLFKW:LUVLQGEHL(XFK© .LPEOLQ]HOWH9RUVHLQHQ$XJHQEHJDQQHQSO|W]OLFKEXQWH .UHLVH]XWDQ]HQª:LHVRZLU"©IUDJWHHUª:HUVHLGLKU EHUKDXSW"8QGZLHNRPPHLFKKLHUKHU"© .DUWVFKWWHOWHGHQ.RSIª9LHOH)UDJHQDXIHLQPDOMXQJHU +HUU©VDJWHHUª:LUGDVVLQGPHLQH0lQQHUXQGLFK:LU EUDFKHQDXIXP(XFKZLOONRPPHQ]XKHLHQ© .LPKlWWHDPOLHEVWHQODXWJHODFKWZHQQHUVLFKQLFKWVR HOHQGJHIKOWKlWWH ª,FKZHLGDZLU]XVSlWNDPHQ©VDJWH.DUWDOVKlWWHHU .LPV*HGDQNHQJHOHVHQª:LUVDKHQ(XUH0DVFKLQHDEVWU ]HQDEHUZLUNRQQWHQQLFKWVWXQ© ª,VWVLHVFKOLPPEHVFKlGLJW"©IUDJWH.LP .DUWGUHKWHGHQ.RSILQGLH5LFKWXQJDXVGHUGDVIODN NHUQGHURWH/LFKWXQGGDV3UDVVHOQGHU)ODPPHQNDPHQ ª6HKWVHOEVW©(UEFNWHVLFKVFKREGLH+lQGHXQWHU.LPV $FKVHOQXQGVHW]WHLKQYRUVLFKWLJDXI 'LH9LSHUODJHWZDIQI]LJ0HWHUYRQLKQHQHQWIHUQWDP (QGHHLQHUEUHLWHQYHUVHQJWHQ6FKOHLIVSXU'HU-lJHUKDWWH VLFKZLHHLQJHZDOWLJHV*HVFKRLQGHQ%RGHQJHJUDEHQ

KDWWH%VFKH:XU]HOZHUNXQGNOHLQHUH%lXPH]HUIHW]WXQG ZDUVFKOLHOLFKDP)XHHLQHUULHVLJHQ(LFKH]HUVFKHOOW'HU VFKODQNH5XPSIZDU]XVDPPHQJHVWDXFKWXQGDQYLHOHQ6WHO OHQJHERUVWHQ=XEHLGHQ6HLWHQGHV]HUWUPPHUWHQ5DXP VFKLIIHVEUDQQWHGHU:DOGXQGDXVGHP]HUVFKPHWWHUWHQ &RFNSLWGUDQJVFKZDU]HU4XDOP.LPEHREDFKWHWHHLQH =HLWODQJGLHKRFKJHZDFKVHQHQVFKZDU]HQ*HVWDOWHQGLHYRU GHPSUDVVHOQGHQ)HXHUDXIXQGDEOLHIHQXQGYHUVXFKWHQ GHQ%UDQGXQWHU.RQWUROOH]XEHNRPPHQ'DQQVFKORHU PLWHLQHPODXWORVHQ6HXI]HUGLH$XJHQ'LH9LSHUZUGH QLUJHQGVPHKUKLQIOLHJHQ ª,KUKDWWHW*OFNLP8QJOFNMXQJHU+HUU©VDJWH.DUW ª,KUZXUGHWEHLP$XISUDOODXVGHU0DVFKLQHJHVFKOHXGHUW© ª6FK|QHV*OFN©PXUUWH.LPª,FKKlWWHPLUXPHLQ+DDU GHQ+DOVJHEURFKHQ©(UZDUIGHP:UDFNGHU9LSHUHLQHQ OHW]WHQEHGDXHUQGHQ%OLFN]XVFKWWHOWHGHQ.RSIXQGYHU VXFKWHVLFKDXVHLJHQHU.UDIWDXI]XVHW]HQ(VJLQJHLQLJHU PDHQ ª,KUVHLGPLUHQWJHJHQJHULWWHQVDJVWGX"© .DUWQLFNWHª-D8QVHU+HUUVFKLFNWXQV(XFKGHQ:HJ]X ]HLJHQ© ª(XHU+HUU"©.LPVDKGHQKQHQKDIWHQ5LWWHUIUDJHQGDQ ª'XPHLQVW7KHPLVWRNOHV"© .DUW]|JHUWH(UWUDWHLQHQ6FKULWW]XUFNXQGQLFNWHUXFN DUWLJª0HLQH0lQQHUXQGLFKZHUGHQ(XFKVLFKHUQDFK 0RUJRQJHOHLWHQ© ª0RUJRQ"© ª'DV6FKORXQVHUHV+HUUQ©DQWZRUWHWHGHUVFKZDU]H5LW WHUª(VHUZDUWHW(XFK)U(XUHQ(PSIDQJLVWDOOHVYRUEH UHLWHW© ª'HUHUVWH(PSIDQJKDWPLUJHUHLFKW©HQWJHJQHWH.LPPLW JHTXlOWHP/lFKHOQ(UYHUVXFKWHQRFKHLQPDODXI]XVWHKHQ XQGVDQNPLWHLQHPZLPPHUQGHQ6FKPHU]HQVODXW]XUFN ª%OHLEWOLHJHQMXQJHU+HUU©PDKQWH.DUWª,KUGUIWQLFKW ODXIHQ© ª6FKRQJXWVFKRQJXW©IDXFKWH.LPª,FKKDEHHVEHJULI IHQ©(UXPNODPPHUWHVHLQ)XJHOHQNXQGELGLH=lKQH

]XVDPPHQª8QGK|UHQGOLFKDXIPLFKMXQJHU+HUU]XQHQ QHQ©IJWHHUKLQ]Xª,FKKHLH.LP© .DUWQLFNWH.LPJODXEWHGLH$XJHQKLQWHUGHQVFKPDOHQ 6HKVFKOLW]HQGHU0HWDOOPDVNHVS|WWLVFKDXIEOLW]HQ]XVHKHQ ª:LH,KUEHIHKOW.LP©(UGUHKWHVLFKXPULHIHLQSDDU :RUWHLQHLQHUGXQNOHQIUHPGHQ6SUDFKHXQGPDFKWHHLQH EHIHKOHQGH*HVWH=ZHLVFKZDU]JHSDQ]HUWH5LWWHUHLOWHQKHU EHLIDWHQ.LPXQWHUGHQ$UPHQXQGKREHQLKQZLHHLQ 6SLHO]HXJKRFK ª+H©EHVFKZHUWHVLFK.LPª:DVVROOGDV"© ª:LUKDEHQHLQHQ:DJHQIU(XFKYRUEHUHLWHW,KUN|QQW QLFKWUHLWHQ8QGZLUPVVHQ0RUJRQYRUGHP0RUJHQ JUDXHQHUUHLFKHQ©.DUWZDQGWHVLFKXPXQGJLQJPLWVWHLIHQ 6FKULWWHQDXIGHQ:DOGUDQG]X(UEHZHJWHVLFKQLFKWZLH HLQ0HQVFKVRQGHUQZLHHLQJURHUSHUIHNWHU5RERWHU IDQG.LP 'LH5LWWHUWUXJHQLKQEHUGLH/LFKWXQJLQGHQ:DOG(LQ JXWHV'XW]HQGJURHUVFKZDU]HU3IHUGHZDU]ZLVFKHQGHQ %lXPHQDQJHEXQGHQPlFKWLJH7LHUHPLWVFKZDU]HP6DWWHO ]HXJXQGJHSDQ]HUWHQ.|SIHQ9RQGHQ6lWWHOQKLQJHQ :DIIHQXQGULHVLJHGUHLHFNLJH6FKLOGH'LH7LHUHVFKQDXE WHQXQUXKLJZDUIHQGLH.|SIHKLQXQGKHUXQGYHUVXFKWHQ QDFKGHQ5HLWHUQ]XEHLHQ(LQHUGHU0lQQHUVFKOXJGHP ]XQlFKVWVWHKHQGHQ3IHUGPLWGHUEHKDQGVFKXKWHQ+DQGDXI GLH1VWHUQ .DUWGHXWHWHDXIHLQHQYLHUUlGULJHQK|O]HUQHQ.DUUHQGHU KLQWHUGHQ3IHUGHQDEJHVWHOOWZDU ª:LUNRQQWHQOHLGHUNHLQHGOHUHV*HIlKUWIU(XFKILQGHQ© HUNOlUWHHUª$EHUGLHVPDJDQJHKHQXP(XFKQDFK0RU JRQ]XEULQJHQ(VLVWQLFKWZHLW© 'LHEHLGHQ5LWWHUOXGHQ.LPEHKXWVDPDXIGHPPLW.LVVHQ DXVJHSROVWHUWHQ.DUUHQDEXQGHQWIHUQWHQVLFKDXIHLQHQ :LQNLKUHV$QIKUHUV.LPUXWVFKWHLQHLQHHLQLJHUPDHQ EHTXHPH/DJHVWW]WHGHQ.RSILQGLH+DQGXQGVDKVLFK PLWJHPLVFKWHQ*HIKOHQXP'LHVHU:DOGGLH5LWWHUPLW LKUHQJURHQKlOLFKHQ3IHUGHQXQGGLH'XQNHOKHLWJHILH OHQLKPQLFKW(UZDUHUVWZHQLJH$XJHQEOLFNHKLHUDEHUHU

VSUWHEHUHLWVGD0lUFKHQPRQGDQGHUVJDQ]DQGHUVZDU DOV7KHPLVWRNOHVJHVDJWKDWWH8QGHUKDWWHGDVVLFKHUH*H IKOGDGLHVQLFKWGLHHLQ]LJHXQDQJHQHKPHhEHUUDVFKXQJ ZDUGLHLKQKLHUHUZDUWHWH (UZDQGWHGHQ.RSIXQGOLHGHQ%OLFNDQGHUVFKZDU]HQ 0DXHUGHV:DOGHVHPSRUZDQGHUQ'LH%lXPHVRJURXQG NUlIWLJVLHDXFKZDUHQZLUNWHQDXIHLJHQDUWLJH:HLVHYHU NUSSHOWXQGNUDQN,KUH6WlPPHVWUHEWHQ]HKQIQI]HKQ 0HWHUZHLWLQGLH+|KHXQGJDEHOWHQVLFKGRUW]XZXFKWL JHQEUHLWDXVODGHQGHQbVWHQGLH.LPDQNUDIWYROOHHLQ ZlUWVJHNUPPWH)LQJHUHULQQHUWHQXQGGLH6FKDWWHQ]ZL VFKHQGHQ%lXPHQVFKLHQHQLKPXQQDWUOLFKOHHUXQG VFKZDU]JDUQLFKWZLH6FKDWWHQVRQGHUQZLHJODWWHNRQWXU ORVH)OlFKHQDOVZlUHGLHVHUJDQ]H:DOGHLQH$WWUDSSHGLH PDQYRUHLQHUXQGXUFKGULQJOLFKHQ:DQGHUULFKWHWKDWWH 'LH/LFKWXQJEHJDQQVLFKDOOPlKOLFK]XIOOHQ.LP]lKOWH LQVJHVDPWVHFK]HKQGHUULHVLJHQLQVFKLPPHUQGHV6FKZDU] JHKOOWHQ*HVWDOWHQGLHQDFKXQGQDFKDXVGHP:DOGDXI WDXFKWHQXQG]XLKUHQ3IHUGHQJLQJHQ(UVFKDXGHUWH(WZDV DQGHU$UWZLHVLFKGLH.ULHJHUEHZHJWHQNDPLKPVHOWVDP YRUHVGDXHUWHHLQH:HLOHELVHUPHUNWHZDVHVZDU6LHEH ZHJWHQVLFKDEVROXW]LHOVWUHELJ(VZDUQLFKWHLQHUXQWHU LKQHQGHUGLHNOHLQVWHEHUIOVVLJH%HZHJXQJPDFKWHXQG VHLHVQXUHLQ)LQJHUVFKQLSSHQ:LHGHUPXWHHUDQ5RERWHU GHQNHQXQGEHLGLHVHP*HGDQNHQOLHIHVLKPNDOWGHQ5N NHQKLQXQWHU ª7ULQNWGDV©VDJWH.DUWªHVZLUG(XFKJXWWXQXQGZLHGHU ]X.UlIWHQEULQJHQ©'HUVFKZDU]H5LWWHUZDUDQGHQ:D JHQKHUDQJHWUHWHQ(UKLHOWHLQH6FKDOHPLWHLQHUIDUEORVHQ GDPSIHQGHQ)OVVLJNHLWLQ+lQGHQ .LPUPSIWHPLWUDXLVFKGLH1DVHª:DVLVWGDV"© ª(WZDVZDV(XFKKHOIHQZLUG©DQWZRUWHWH.DUW(UPDFKWH HLQHKHUULVFKH%HZHJXQJXQG.LPJULIIDXWRPDWLVFKQDFK GHU6FKDOHXQGVHW]WHVLHDQGLH/LSSHQ]|JHUWHDEHUQRFK ]XWULQNHQ ª+DW7KHPLVWRNOHVJHVDJWZLHHVPHLQHU6FKZHVWHUJHKW"© IUDJWHHUXP=HLW]XJHZLQQHQ

ª'DYRQZHLLFKQLFKWV,FKKDEH%HIHKO(XFKQDFK0RU JRQ]XJHOHLWHQVRQVWQLFKWV8QVHU+HUUHUZDUWHWGLFK(U ZLUGGLUDOOHV1|WLJHPLWWHLOHQ7ULQNMHW]W© 'LHOHW]WHQ:RUWHKDWWHQVFKDUIXQGEHIHKOHQGJHNOXQJHQ XQGGHUXQYHUPLWWHOWH:HFKVHOGHU$QUHGHOLH.LPVWXW]LJ ZHUGHQ(UKDWWHPLWHLQHP0DOGDV*HIKOGDHVEHVVHU ZDU]XWXQZDVGHUVFKZDU]H5DWWHUYRQLKPYHUODQJWH 9RUVLFKWLJNRVWHWHHUGLH)OVVLJNHLW6LHVFKPHFNWHZU]LJ XQGDQJHQHKPHLQELFKHQZLH+KQHUVXSSHDEHUPLW HLQHPIUHPGDUWLJHQUDXFKLJHQ%HLJHVFKPDFNGHQ.LP QLFKWLGHQWLIL]LHUHQNRQQWH(UWUDQNPLWODQJVDPHQNOHLQHQ 6FKOXFNHQVHW]WHGLH6FKDOHDEXP/XIW]XKROHQXQG OHHUWHVLHGDQQPLWHLQHP=XJ ª'DQNH©VDJWHHUª'DVZDUQLFKWVFKOHFKW© .DUWQDKPLKPGLH6FKVVHODXVGHQ+lQGHQXQGZDUIVLH DFKWORVKLQWHUVLFKª:HQQGXEHUHLWELVWEUHFKHQZLUDXI©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lKQH]XVDPPHQZHQQGHU :DJHQEHUHLQH8QHEHQKHLWHLQ/RFKRGHUTXHUOLHJHQGH

:XU]HOQXQGbVWHUROOWHXQGGLH6W|HIDVWXQJHPLOGHUWDXI VHLQHQ.|USHUEHUWUXJ'DQQZLFKHQGLH%lXPH]XU6HLWH XQGGLH.RORQQHERJLQHLQHQVFKPDOHQPRUDVWLJHQ:HJ HLQ /lKPHQGH0GLJNHLWKDWWH.LPHUIDW+LQWHUVHLQHU6WLUQ VXPPWHHVZLHYRQHLQHP%LHQHQVFKZDUPXQGVHLQH*OLHGHU IKOWHQVLFKEOHLVFKZHUDQ1HEHOODJZLHHLQNQ|FKHOWLHIHU JUDXHU7HSSLFKEHUGHP:HJXQGDXVGHP:DOGVFKLHQHQ XQVLFKWEDUHGXQNOH)LQJHUQDFKLKP]XJUHLIHQ.LPVFKW WHOWHEHQRPPHQGHQ.RSIXQGIXKUVLFKPLWGHU+DQGEHU GLH$XJHQ$EHUGLH0GLJNHLWOLHVLFKQLFKWZHJZLVFKHQ LP*HJHQWHLO(LQ*HIKODOVKlWWHHU)LHEHUEUHLWHWHVLFKLQ VHLQHQ6FKOlIHQDXVXQGGDVGXPSIH7URPPHOQGHU3IHUGH KXIHZXUGHYRQKDOOHQGHQ(FKRVEHJOHLWHW .LPVW|KQWH6HLQH.HKOHZDUZLHDXVJHWURFNQHWXQGIKOWH VLFKSHO]LJDQ(UKDWWH'XUVWDEHUHUZDU]XVFKZDFKHLQHQ GHU5LWWHUXPHLQHQ6FKOXFN:DVVHU]XELWWHQ(LQEOHLFKHU +DOEPRQGVFKLHQDXIGDV/DQGKHUXQWHUXQGLUJHQGZR VFKULHHLQ1DFKWYRJHOHLQKRKHUNUlFK]HQGHU6FKUHLGHU .LPHLQHQHLVLJHQ6FKDXHUEHUGHQ5FNHQMDJWH 'HU:DOGYHUVFKZDPPYRUVHLQHQ$XJHQ%lXPH=ZHLJH XQG8QWHUKRO]MDVHOEVWGLH6FKDWWHQ]ZLVFKHQGHQNQRUUL JHQ6WlPPHQEHU]RJHQVLFKPLWHLQHPQHEHOLJHQ6FKOHLHU .LPZDUIVLFKKLQXQGKHU(UVW|KQWHXQGYHUVXFKWHGLH +lQGH]XEHZHJHQDEHUHVJLQJQLFKW6HLQH*OLHGHUVFKLH QHQYRQXQVLFKWEDUHQ6WULFNHQJHIHVVHOW]XVHLQ'HU:DOG WUDW]XUFNPDFKWHHLQHUIHOVLJHQOHEHQVIHLQGOLFKHQ(LQ|GH 3ODW]GLHYRQE|LJHP:LQGXQGHLVLJHU.lOWHHUIOOWZDU 'DQQZDULKPDOVREHVEHUJDXIJLQJH'HU:DJHQNQDUUWH XQGPDQFKPDOVWLHHWZDVKDUWJHJHQGHQ%RGHQ(LQHUGHU VFKZDU]HQ5LWWHUGUHKWHVLFKKDOELP6DWWHOKHUXPXQG VWDUUWH.LPGXUFKGLHVFKPDOHQ6FKOLW]HVHLQHV9LVLHUVDQ .LPEHNDPHLQH*lQVHKDXW'LH$XJHQGHV5LWWHUVZDUHQ VFKZDU]YROONRPPHQ.HLQH3XSLOOHNHLQH,ULVNHLQ$XJ DSIHOZDU]XVHKHQQXU]ZHLVFKZDU]HJUXQGORVH7PSHO 8QGGRFKKDWWHQVLHHLQHK\SQRWLVFKH.UDIWGLHHV.LPXQ P|JOLFKPDFKWHGHPEOLFNORVHQ*HVLFKWDXV]XZHLFKHQ

.LPYHUILHOLQILHEULJHQYRQ6FKWWHOIURVWXQG$OSWUlXPHQ JHSODJWHQ+DOEVFKODI'HU:DJHQTXlOWHVLFKKROSHUQGXQG TXLHWVFKHQGEHUXQHEHQHQ%RGHQXQG*HU|OO.LPYHU PHLQWHGXUFKHLQHEL]DUUH/DQGVFKDIWDXVEURGHOQGHQ6PS IHQ6WHLQZVWHQXQGZLQGXPWRVWHQIHOVLJHQ$EKlQJHQ]X IDKUHQ1DFKHLQLJHU=HLWZXUGHGLH/XIWPHUNOLFKGQQHU XQGJOHLFK]HLWLJZXUGHHVQRFKNlOWHU'HU%RGHQQHEHOZDU QXQVRGLFKWGDGHU:DJHQXQGVHLQHVFKZDU]HQ%HJOHLWHU DXIHLQHUXQHQGOLFKHQZHLHQ:RONHQIOlFKHGDKLQ]XJOHLWHQ VFKLHQHQ 'DV)LHEHUVDQNHUVWDOVGLH6RQQHDXIJLQJ'DVZDWWLJH 6FKZDU]GHU1DFKWZLFKDOOPlKOLFKHLQHUJUDXHQYRQXQVL FKHUHQ6FKDWWHQHUIOOWHQ'lPPHUXQJXQGGHU1HEHONURFK ODQJVDPXQGZLGHUZLOOLJ]XUFNLQGLH/|FKHUDXVGHQHQHU JHNRPPHQZDU .DUW]JHOWHVHLQ3IHUGOHQNWHHVYRP:HJKHUXQWHUXQG ZDUWHWHELVGLH5HLWHUDQLKPYRUEHUJH]RJHQZDUHQ ª:LUVLQGDP=LHO©VDJWHHUª%XUJ0RUJRQ© .LPKREPGHGHQ.RSIXQGIROJWHPLWGHP%OLFN.DUWV DXVJHVWUHFNWHP$UP'LHNOHLQH.RORQQHEHZHJWHVLFKHLQHQ VWHLOHQJHZXQGHQHQ%HUJSIDGKLQDXI'HU)HOVZLUNWHJODWW ZLH*ODVXQG]ZLVFKHQGHQ]\NORSLVFKHQ7UPPHUQGLH UHFKWVXQGOLQNVGHV:HJHVODJHQZXFKVNHLQ+DOP,P7DO XQWHQGlPPHUWHEHUHLWVGHU0RUJHQDEHUKLHUREHQ KHUUVFKWHQRFKLPPHUGLHVLJHV*UDXDOVZHLJHUHVLFKGHU 7DJLQGLHVH(QNODYHGHU1DFKWYRU]XGULQJHQ 8QGDP(QGHGHV3IDGHVVFKZDU]XQGGURKHQGUDJWHGLH %XUJ .LPV)LQJHUNUDPSIWHQVLFKXPGHQ:DJHQUDQG'LH%XUJ ZDUULHVLJ,KUHVFKZDU]HQVHQNUHFKWDEIDOOHQGHQ:lQGH VFKLHQHQPLWGHU1DFKW]XYHUVFKPHO]HQ(VJDENHLQH)HQ VWHURGHU%DONRQHQXUHLQULHVLJHVKDOEUXQGHV7RUDXVGHV VHQREHUHP(QGHGLHURVWLJHQ=lKQHHLQHV)DOOJLWWHUVKHU YRUEOHFNWHQXQGGDQHEHQHLQH5HLKHVFKPDOHUQDFKREHQ VSLW]]XODXIHQGHU6FKLHVFKDUWHQ 0RUJRQGHU1DPHKDWWHLQ.LPV2KUHQHLQHQGVWHUHQ EHGURKOLFKHQ.ODQJDQJHQRPPHQ.LPVFKORGLH$XJHQ

XQGYHUVXFKWHVLFK7KHPLVWRNOHVYRU]XVWHOOHQ$EHUGDV%LOG GHVJWLJHQ$OWHQVFKLHQHLQIDFKQLFKW]XGLHVHUILQVWHU GUlXHQGHQ%XUJGRUWREHQ]XSDVVHQ ª'DVLVW© ª0RUJRQ©EHVWlWLJWH.DUW'LH8QJHGXOGLQVHLQHU6WLPPH ZDUQLFKW]XEHUK|UHQª'LH%XUJXQVHUHV+HUUQ© ª$EHUHVLVWDOOHVVRVRDQGHUVDOVLFKHVPLUYRUJH VWHOOWKDEH©VDJWH.LP .DUWQLFNWHª1DWUOLFK$EHUZLUPVVHQXQVVFKW]HQ'X ZLUVWGLH6FK|QKHLWXQVHUHV/DQGHVQRFKNHQQHQOHUQHQ 0RUJRQMHGRFKLVWDQGHUV©(U]|JHUWHHLQHQ0RPHQW PDFKWHPLWGHU5HFKWHQHLQHXQEHVWLPPWH*HVWHXQGIXKU GDQQIRUWª(VLVWXQVHU6FKXW]YHUVWHKVWGX"8QVHUHOHW]WH %DVWLRQ(LQ2UWGHUVLFKHULVWYRUXQVHUHQ)HLQGHQ*lEHHV 0RUJRQQLFKWZlUHQZLUKLOIORV© .LPVFKZLHJEHWURIIHQ:DV.DUWJHVDJWKDWWHNODQJOR JLVFK7KHPLVWRNOHVKDWWHGDYRQJHVSURFKHQGDHVDXFK E|VH0lFKWHLQGLHVHP/DQGJDEYRUGHQHQVLHVLFKVFKW]HQ PXWHQ9LHOOHLFKWKDWWHGHUVFKZDU]H5LWWHUUHFKW9LHOOHLFKW ZDU0RUJRQGHU7ULEXWGHQ0lUFKHQPRQGGHP%|VHQ]DK OHQPXWH(LQH%XUJGLHGHU9HUWHLGLJXQJXQGGHP.DPSI GLHQWHXQGQLFKWVFK|QVHLQNRQQWH'HQQRFKZXFKVVHLQH $QJVWMHPHKUVLHVLFKGHP%XUJWRUQlKHUWHQ (UVHW]WHVLFKDXIXQGYHUVXFKWHGXUFKGHQ7RUERJHQLQV,Q QHUHGHU%XUJ]XVFKDXHQ$EHUDXHUVFKZDU]HQ6FKDWWHQ XQGQHEHOKDIWHQ8PULVVHQNRQQWHHUQLFKWVHUNHQQHQ 'HU:DJHQUROOWHXQWHUGHP)DOOJLWWHUKLQGXUFK.LPVWHOOWH IHVWGDGLH0DXHUQPLQGHVWHQV]HKQ0HWHUGLFNZDUHQ .DUWKDWWHQLFKWEHUWULHEHQ0RUJRQZDUZLUNOLFKHLQ %ROOZHUN(UNRQQWHVLFKNHLQH.UDIWYRUVWHOOHQGHUGLHVH 0DXHUQQLFKWVWDQGKDOWHQZUGHQ 'LH5LWWHU]JHOWHQLKUH3IHUGH'HU:DJHQKLHOWDQ.DUW VFKZDQJVLFKDXVGHP6DWWHOWUDWDQGHQ:DJHQKHUDQXQG VWUHFNWH.LPGLH+DQGHQWJHJHQª.RPP8QVHU+HUUHU ZDUWHWGLFK© (U|IIQHWHHLQHQLHGULJH7UDXVHLVHQEHVFKODJHQHQ%RKOHQ XQGWUDWZRUWORVEHLVHLWH

+LQWHUGHU7UODJHLQVFKPDOHUQLHGULJHU*DQJGHUYRQ EUHQQHQGHQ)DFNHOQLQHLQ*HZRJHDXV/LFKWXQG6FKDWWHQ JHWDXFKWZXUGH.DUWOHJWH.LPGLH+DQGDXIGLH6FKXOWHU XQGVFKRELKQYRUVLFKKHULQGHQ*DQJKLQHLQ.LPVWRO SHUWHHLQSDDU6FKULWWHEHUGHQ6WHLQERGHQSUDOOWHJHJHQ GLH:DQGXQGIXKUDXIJHEUDFKWKHUXP'HUVFKZDU]H5LWWHU ]RJGLH7UKLQWHUVLFK]XOHJWHGHQVFKZHUHQ5LHJHOYRU XQGZLHVGHQ*DQJKLQXQWHU ª*HK© .LP]|JHUWH.DUWZDUPLWHLQHP6FKULWWQHEHQLKP(U PXWHVLFKEFNHQXPQLFKWPLWGHP+HOPJHJHQGLHJH Z|OEWH'HFNH]XVWRHQGHQQRFKEHUUDJWHHU.LPQRFK XPIDVWHLQHQ0HWHU .LPV+DQGVWULFKEHUGHQ.ROEHQGHU/DVHUZDIIH 1HLQGDVKDWWHNHLQHQ6LQQ9LHOOHLFKWKDWWH.DUW*UXQG IUVHLQ%HQHKPHQ9LHOOHLFKWZDULQGHU=ZLVFKHQ]HLWHWZDV JHVFKHKHQZDVVHLQ9HUKDOWHQUHFKWIHUWLJWH .LPJDEGHQ:LGHUVWDQGDXIXQGOHQNWHVHLQH6FKULWWH]ZL VFKHQGHQVWHLQHUQHQ:lQGHQGHQ*DQJKLQXQWHU.DUW IROJWHLKPLQJHULQJHU(QWIHUQXQJ 1DFKHLQHU:HLOHWDXFKWHHLQHVWHLOH7UHSSHPLWVFKPDOHQ DXVJHWUHWHQHQ6WXIHQYRULKQHQDXI6LHVWLHJHQHPSRUWUD WHQGXUFKHLQH7UXQGVWDQGHQLQHLQHUULHVLJHQOHHUHQ +DOOH ª:DUWHKLHU©EHIDKO.DUWª,FKZHUGHGLFKXQVHUHP+HUUQ PHOGHQ©(KH.LPDQWZRUWHQNRQQWHZDU.DUWGXUFKHLQH 7ULQGHUJHJHQEHUOLHJHQGHQ:DQGYHUVFKZXQGHQ .LPEOLFNWHLKPYHUZXQGHUWQDFK6HLQHDQIlQJOLFKH)XUFKW VFKOXJLQ=RUQXP7KHPLVWRNOHVZUGHLKPHLQLJHZLUNOLFK XQDQJHQHKPH)UDJHQEHDQWZRUWHQPVVHQ :WHQGVWDUUWHHUGLH7UDQKLQWHUGHUGHUVFKZDU]H5LWWHU YHUVFKZXQGHQZDU(UVSLHOWHNXU]PLWGHP*HGDQNHQ .DUWV%HIHKO]XPLDFKWHQXQGLKP]XIROJHQOLHGHQ*H GDQNHQDEHUJOHLFKZLHGHUIDOOHQ:HUZHLRE7KHPLVWRN OHVWDWVlFKOLFKKLQWHUGLHVHU7UZDUWHWH8QG.LPKDWWH NHLQH/XVWVLFKLQGHQGVWHUHQ*lQJHQGHU%XUJ]XYHULU UHQ

1HXJLHULJEHJDQQHUVLFKLQGHU+DOOHXP]XVHKHQ 9LHOJDEHVQLFKW]XHQWGHFNHQ'HU%RGHQZDUPLWVFKZDU ]HQVSLHJHOQGHQ.DFKHOQDXVJHOHJWGLHVLFKXQWHU.LPV 6FKXKHQZLH*ODVDQIKOWHQXQGLKPVHLQHLJHQHVYHU]HUUWHV 6SLHJHOELOG]HLJWHQ .LPHUVFKUDNDOVHUVLFKVDK6HLQH8QLIRUPZDU]HUULVVHQ XQGPLW6FKPXW]XQG%OXWGXUFKWUlQNW6HLQ*HVLFKWZLUNWH KRKOZDQJLJXQGPGHXQGXPVHLQHQ+DOVODJHLQHQJHU EOXWLJHU9HUEDQG.LPKREGLH+DQGWDVWHWHEHUGHQ6WRII XQGZXQGHUWHVLFKGDHUNHLQHQ6FKPHU]VSUWH.DUW KDWWHLUJHQGHWZDVPLWGHU:XQGHJHPDFKWGDUDQHULQQHUWH HUVLFK'DQQKDWWHHULKPGLHVHV=HXJ]XWULQNHQJHJHEHQ XQGGDQDFKZDUHQGDV)LHEHUXQGGLH$OSWUlXPHJHNRP PHQ$EHUGLH:XQGHVFKLHQYHUKHLOW]XVHLQ .LPOLHVLFKDXIGLH.QLHQLHGHUO|VWHGHQ9HUEDQGXQG EHIKOWHPLWGHQ)LQJHUQVHLQH+DXW(LQHGQQHNDXP QRFKVSUEDUH1DUEH]RJVLFKEHUGLHOLQNH6HLWHGHV+DO VHVIDVWELV]XP2KUKLQDXI .LPVWDQGDXI(UZDUIGHQ9HUEDQGLQHLQH(FNHXQGOHL VWHWH.DUWLQ*HGDQNHQ$EELWWH(LQH1DFKW)LHEHUXQG$OS WUlXPHZDUHQHLQJHULQJHU3UHLVIUHLQHVRVFKQHOOH+HL OXQJ (LQKHOOHU7URPSHWHQWRQZHKWHGXUFKGLH+DOOH.LPGUHKWH VLFKEHUUDVFKWXPXQGKLHOWQDFKGHU4XHOOHGHV*HUlX VFKHV$XVVFKDX'LH:lQGHGHU+DOOHVFKLHQHQDXVGHP JOHLFKHQOLFKWVFKOXFNHQGHQVFKZDU]HQ6WHLQZLHGLH$XHQ PDXHUQ0RUJRQV]XEHVWHKHQDEHUDQHLQHU6HLWHEHIDQG VLFKHLQKRKHVVFKPDOHV)HQVWHUGXUFKGDVPDQGLHJHJHQ EHUOLHJHQGHQ%XUJPDXHUQHUNHQQHQNRQQWH.LPJLQJKLQ VWW]WHVLFKDXIGHQ)HQVWHUVLPVXQGVFKDXWHKLQDXV'DV )HQVWHUEOLFNWHDXIHLQHQZHLWOlXILJHQ,QQHQKRIKLQXQWHU 'HU+LPPHOZDUQRFKLPPHUGXQNHODEHUGDVVWHLQHUQH 9LHUHFNGRUWXQWHQZXUGHYRQHLQHU8Q]DKOVFKZHOHQGHU )DFNHOQXQGJOKHQGHU.RKOHQEHFNHQIDVWWDJKHOOHUOHXFK WHW(LQH$EWHLOXQJVFKZDU]JHSDQ]HUWHU5LWWHUPDUVFKLHUWH EHUGHQ+RIXQGEHJDQQ]XH[HU]LHUHQ(LQHGXQNOH 6WLPPHEUOOWH%HIHKOHGDQQHUVFKLHQHQQRFKPHKU5LWWHU

PHKUXQGLPPHUPHKUELVGHU+RIVFKZDU]YRQJURHQJH SDQ]HUWHQ*HVWDOWHQZDU ª'XNDQQVWMHW]WNRPPHQ© .LPIXKUHUVFKURFNHQKHUXP.DUWVWDQGZHQLJH6FKULWWH KLQWHULKP6HLQ%OLFNZDQGHUWH]ZLVFKHQ.LPXQGGHP )HQVWHUKLQXQGKHU(VZDUXQP|JOLFK]XHUNHQQHQZDVHU GDFKWH ª'HU+HUUHUZDUWHWGLFK©VDJWH.DUW .LPJLQJDQGHPVFKZDU]HQ5LWWHUYRUEHL]XU7U+LQWHU GLHVHU7UZDUZLHGHUHLQ*DQJHLQHZHLWHUH7UHSSHGDQQ HLQHNOHLQH.DPPHUGHUHQJDQ]H6WLUQVHLWHYRQHLQHP VFKZHUHQ9RUKDQJDXVVFKZDU]HP6DPWHLQJHQRPPHQ ZXUGH.DUWVFKOXJGHQ9RUKDQJ]XUFNXQGPDFKWHHLQH HLQODGHQGH+DQGEHZHJXQJ .LPWUDWLQGHQGDKLQWHUOLHJHQGHQ6DDO 'HU5DXPZDUJLJDQWLVFK+RKHJODWWHVFKZDU]H6lXOHQ WUXJHQGLHJHZ|OEWH'HFNH$QGHQ:lQGHQKLQJHQGXQNOH 9RUKlQJHXQG:DIIHQXQGYRUMHGHU6lXOHVWDQGEHZH JXQJVORVXQGVWXPPHLQVFKZDU]HU5LWWHU'HUJDQ]H5DXP VFKLHQYRQ.lOWHXQG$EOHKQXQJHUIOOW]XVHLQ $OOGDVQDKP.LPMHGRFKQXUDP5DQGHZDKU 6HLQ%OLFNZXUGHZLHK\SQRWLVFKYRQGHPPlFKWLJHQ VFKZDU]HQ7KURQDQJH]RJHQGHUDQGHU5FNZDQGGHV 6DDOHVVWDQG(LQH$Q]DKOKRKHUZXFKWLJHU6WXIHQGHUHQ .DQWHQVFKLHIXQGYHU]HUUWZLUNWHQDOVZlUHQVLHQDFKGHQ 5HJHOQHLQHUGHP0HQVFKHQIUHPGHQ*HRPHWULHHUULFKWHW IKUWHQ]XLKPHPSRU8QGGRUWREHQ .LPQlKHUWHVLFKGHP7KURQELVDXIZHQLJH6FKULWWH'DQQ EOLHEHUVWHKHQEDOOWHGLH)lXVWHXQGVWDUUWHGHQZHLKDDUL JHQElUWLJHQDOWHQ0DQQDXIGHP7KURQXQJOlXELJDQ 'DV*HVLFKWGHV0DQQHVZDUGDVYRQ7KHPLVWRNOHV'DV ZHLH+DDUGHU%DUWMHGHNOHLQVWH)DOWHMHGH(LQ]HOKHLW VWLPPWH 8QGGRFKZDUHVQLFKW7KHPLVWRNOHV ª'XELVWQLFKW7KHPLVWRNOHV©VDJWH.LP 'HUDOWH0DQQVWDUUWHLKQVHNXQGHQODQJVFKZHLJHQGDQ ª'DVLVWULFKWLJ©VDJWHHUGDQQ

.LP]RJVFKDUIGLH/XIWHLQ-HW]WHQGOLFKZXUGHLKPDOOHV NODU'LHVFKZDU]HQ5LWWHU'DV/DQGPLWVHLQHU.lOWHVHL QHQ6PSIHQGHP1HEHOXQGGHU'XQNHOKHLWGLHVHVFKUHN NHQHUUHJHQGH%XUJDOOHVEHNDPPLWHLQHP0DOHLQHQ6LQQ ,KPILHODXIZLHVWLOOHVSO|W]OLFKLQGHU+DOOHJHZRUGHQZDU 1RFKQLHLQVHLQHP/HEHQKDWWH.LPHLQHVROFKH6WLOOHHU OHEW (UUDIIWHDOOVHLQHQ0XW]XVDPPHQWUDWHLQHQ6FKULWWYRU XQGVDJWHQRFKHLQPDO ª'XELVWQLFKW7KHPLVWRNOHV© (VNRVWHWHLKQXQJODXEOLFKHhEHUZLQGXQJKLQ]X]XIJHQ ª'XELVW%RUDDV©

,9 %RUDDVOlFKHOWH'LHJROGHQHQ5LQJHDQVHLQHQ)LQJHUQEOLW] WHQDOVHUGLH+lQGHEHZHJWH$XIGLH$UPOHKQHQGHV7KUR QHVJHVWW]WEHXJWHHUVLFKZHLWYRU ª-D©VDJWHHUª,FKELQ%RUDDV8QGLFKKHLHGLFKDXI%XUJ 0RUJRQZLOONRPPHQ.LP,FKKDEHODQJHDXIGLFKZDUWHQ PVVHQ© ª$XIPLFK"©IUDJWH.LPEHUUDVFKW ª$XIGLFK2GHUDXIMHPDQGHQZLHGLFK©VDJWH%RUDDVª(V EOHLEWVLFKJOHLFK© ª$EHU© %RUDDVPDFKWHHLQHKHUULVFKH*HVWHª*HGXOG.LP'X ZLUVWDOOHVHUIDKUHQZHQQGLH=HLWUHLILVW© .LPIXKUZWHQGDXIª,FKZLOOQLFKWVHUIDKUHQLFK© ª6FKZHLJ©GRQQHUWH%RUDDVª,FKKDEHGLFKQLFKWKHUNRP PHQODVVHQXPPLWGLU]XGLVNXWLHUHQ© ª'XKDVWPLFKNRPPHQODVVHQ"© ª1DWUOLFK'XZlUVWQLFKWKLHUZHQQQLFKWDXIPHLQHQ :XQVFK1LHPDQGEHWULWWPHLQ5HLFKJHJHQPHLQHQ:LOOHQ ,FKKDEHPLUHUODXEWGLHOlFKHUOLFKH)OXJPDVFKLQHLQGHUGX KLHUKHUJHUHLVWELVWHLQZHQLJXP]XGLULJLHUHQ© ª'X"©ULHI.LPYHUEOIIWª'XZDUVWGDV"©(UGDFKWHDQGLH XQVLFKWEDUH.UDIWGLHGLH9LSHUYRP.XUVDEJHEUDFKWXQG LKQEHLQDKGDV/HEHQJHNRVWHWKDWWHª'DQQGDQQKDEH LFKGLUGHQ$EVWXU]]XYHUGDQNHQ©VDJWHHUZWHQG %RUDDVOlFKHOWHGQQPDFKWHªW]W]W]©XQGOHKQWHVLFK ]XUFNª'XEHWUDFKWHVWGLH'LQJHYRPIDOVFKHQ6WDQGSXQNW DXV.LP©VDJWHHUª'XKDVWPLUQLFKWGHQ$EVWXU]ZRKO DEHUGHLQ/HEHQ]XYHUGDQNHQ:lUH%DURQ.DUWQLFKW UHFKW]HLWLJPLWVHLQHQ0lQQHUQ]XU6WHOOHJHZHVHQZlUVW]X JHVWRUEHQ©

ª%DURQ.DUW"© ª6HKUULFKWLJ,FKHPSIDQJHPHLQH*lVWHVWHWVPLWGHUJH EKUHQGHQ(KUH$EHULFKVHKHGDGXHVQLFKW]XVFKlW]HQ ZHLW%DURQ.DUWLVWPHLQHQJVWHU9HUWUDXWHU%HWUDFKWHHV DOV$XV]HLFKQXQJGDLFKLKQXQGVHLQH*DUGHVDQGWHXP GLFK]XKROHQ© .LPZDUIGHPVFKZDU]HQ5LWWHUHLQHQNXU]HQ%OLFN]XXQG ZDQGWHVLFKGDQQZLHGHUDQ%RUDDV ª:DVZLOOVWGXYRQPLU"©IUDJWHHU ª(LQHNOXJH)UDJH.LP/HLGHULVWVLHOHLFKWHUJHVWHOOWDOVEH DQWZRUWHW© .LPPXVWHUWHGHQDOWHQ=DXEHUHUDUJZ|KQLVFK(UPXWHDQ GDVGHQNHQZDV7KHPLVWRNOHVEHU%RUDDVJHVDJWKDWWH 8QGVHLQHLJHQHV(UOHEQLVEHVWlUNWHLKQQRFKLQGHP9RU VDW]lXHUVWH9RUVLFKWZDOWHQ]XODVVHQ(UZUGHMHGHV :RUWGDVGHU=DXEHUHUVSUDFKJUQGOLFKEHUGHQNHQHKH HUDQWZRUWHWH ª,FKQHKPHDQPHLQ%UXGHUKDWGLUYRQPLUHU]lKOW©VDJWH %RUDDV ª'HLQ%UXGHU"©IUDJWH.LPEHUUDVFKW %RUDDVQLFNWHª6LFKHU7KHPLVWRNOHVXQGLFKVLQG%UGHU 6HKUYHUVFKLHGHQH%UGHUZLHLFK]XJHEHQPX8QVHUH :HJHKDEHQVLFKJHWUHQQW9RUODQJHUODQJHU=HLW© 1DWUOLFKGDFKWH.LP'DKHUGLHbKQOLFKNHLW]ZLVFKHQ %RUDDVXQG7KHPLVWRNOHV(UKlWWHYRQVHOEVWGDUDXINRP PHQPVVHQ ª-DHUKDWYRQGLUHU]lKOW©EHVWlWLJWHHUª(UKDWPLUDXFK JHVDJWGDGXPHLQH6FKZHVWHUJHIDQJHQKlOWVW© %RUDDVPDFKWHHLQHZHJZHUIHQGH+DQGEHZHJXQJª7KHPL VWRNOHVYHUVlXPWNHLQH*HOHJHQKHLWPLUhEOHVQDFK]XVD JHQ© ª'DQQVWLPPWHVDOVRQLFKW"© %RUDDV]XFNWHGLH$FKVHOQª'HLQH6FKZHVWHULVWKLHU©DQW ZRUWHWHHUª'DVVWLPPW8QGHVVWLPPWDXFKGDVLH%XUJ 0RUJRQQLFKWYHUODVVHQGDUIHKHQLFKWJHZLVVH'LQJH JHVFKHKHQVLQG© ª5HEHNNDLVWKLHU"©ULHI.LPª,FKZLOOVLHVHKHQ©

ª(LQVQDFKGHPDQGHUHQ-XQJH©VDJWH%RUDDVª'XZLUVW GHLQH6FKZHVWHUVHKHQVREDOGGLH=HLWGDIUJHNRPPHQLVW =XHUVWP|FKWHLFKZLVVHQZHVKDOE7KHPLVWRNOHVGLFKULHI© ª'DVZHLWGXHEHQVRJXWZLHLFK© %RUDDVVFKWWHOWHEHWUEWGHQ.RSIª,FKZHLHVQLFKWXQG DXFKGXZHLWHVQLFKW'XJODXEVWHVQXU]XZLVVHQ$EHU ZDVLPPHUHUGLUJHERWHQKDWLFKELHWHGLUPHKU$UEHLWH PLWPLU]XVDPPHQXQGGXZLUVWDOOHVKDEHQZDVGXGLU ZQVFKVW0DFKW5HLFKWXPHZLJHV/HEHQDOOHV© .LPEOLFNWHGHQ=DXEHUHUPLWZDFKVHQGHU9HUEOIIXQJDQ'D VWDQGHUKLOIORVHLQ*HIDQJHQHUGLHVHU%XUJXQGLKUHUVFKZDU ]HQ5LWWHUXQG%RUDDVERWLKP=XVDPPHQDUEHLWDQ ª'X©VWDPPHOWHHUªGXZLOOVW© ª'LFK©GRQQHUWH%RUDDVª'HLQ:RUWXQGGHLQH7UHXH QLFKWPHKUXQGQLFKWZHQLJHU'HU6WUHLW]ZLVFKHQPLUXQG PHLQHP%UXGHUZlKUWQXQVFKRQVHLWXQ]lKOLJHQ-DKUHQ,FK ELQHVOHLGPLFKLPPHUZLHGHUJHJHQVHLQH,QWULJHQVFKW ]HQ]XPVVHQPHLQH%XUJXQGPHLQ/DQGQLHLQ6LFKHUKHLW ]XZLVVHQ.lPSIHPLWPLU]XVDPPHQXQGZLUZHUGHQVLH JHQ7KHPLVWRNOHVKDWXQVHUHUYHUHLQWHQ0DFKWQLFKWVHQWJH JHQ]XVHW]HQ© ª0DFKW"©IUDJWH.LPXQJOlXELJ (LQGQQHV/lFKHOQXPVSLHOWH%RUDDV /LSSHQª,FKZHL ZDVGXMHW]WGHQNVW$EHUGXLUUVW,QGLUVFKOXPPHUW0DFKW HLQH.UDIWGLHYLHOOHLFKWQRFKJU|HULVWDOV7KHPLVWRNOHV VLFKWUlXPHQOLH$EHUGXDOOHLQNDQQVWVLHQLFKWHUZHFNHQ ,FKNDQQHV.RPP]XPLUXQGZLUZHUGHQGLHVHQ6FKDQG IOHFNYRQGHU/DQGNDUWHGHV8QLYHUVXPVIHJHQ*HPHLQVDP VLQGZLUPlFKWLJ.LP$OOPlFKWLJ© .LPVFKDXGHUWH,QHLQHUEOLW]DUWLJHQ9LVLRQVDKHUQRFKHLQ PDOGDVJUDXHNUDQNH/DQGGXUFKGDVVLHJHNRPPHQZD UHQDQVLFKYRUEHU]LHKHQ'DV5HLFKGHU6FKDWWHQ8QGHU VDKZLHVLFKGLHVHV5HLFKDXVEUHLWHWHEHUGDV6FKDWWHQJH ELUJHKLQZHJIOXWHWHZLHHLQHDOOHVHUVWLFNHQGH:HOOHGLH /DQGXP/DQG:HOWXP:HOWYHUVFKODQJXQGVFKOLHOLFK GHQJDQ]HQ.RVPRVXPIDWHHLQ8QLYHUVXPGHU6FKUHFNHQ XQGGHV/HLGV

ª1LHPDOV©VDJWHHU %RUDDV]HLJWHVLFKQLFKWLPPLQGHVWHQEHUUDVFKW/lFKHOQG EHWUDFKWHWHHUHLQHQGHUMXZHOHQJHVFKPFNWHQ5LQJHDQVHL QHQ)LQJHUQ ª,FKKDEHGLHVH$QWZRUWHUZDUWHW©VDJWHHUJOHLFKPWLJ ª)UVHUVWHMHGHQIDOOV$EHUZLUKDEHQ=HLW© ª=HLW"© ª,FKELQEHUDXVJHGXOGLJ.LP©VDJWH%RUDDVVDQIWª'X ZLUVW*HOHJHQKHLWEHNRPPHQGHLQH(QWVFKHLGXQJ]XEHU GHQNHQ© ª1LHPDOV©ZLHGHUKROWH.LPPLW1DFKGUXFNª'XNDQQVW PLFKIU]HKQ-DKUHLQGHLQH9HUOLHVHZHUIHQXQGLFKZHUGH GHQQRFKQLFKWDXIGHLQHU6HLWHNlPSIHQ© ª'DVPDJVHLQ9LHOOHLFKWMHGRFKQDFK]ZDQ]LJ-DKUHQ 2GHUQDFKKXQGHUW:LUKDEHQDOOH=HLWGHU:HOW.LP©(U JULQVWH]XIULHGHQª$EHULFKEUDXFKHGHLQH=XVWLPPXQJJDU QLFKWZHLWGX©IXKUHULQOHLFKWHP3ODXGHUWRQIRUWª'X ELVWEHUHLWVDXIKDOEHP:HJ]XPLU'XZHLWHVQXUQRFK QLFKW$EHUDXFKZHQQGXHVZWHVWZlUHVWGXPDFKWORV ,P*HJHQWHLOGDV:LVVHQZUGHGLH(QWZLFNOXQJQXUEH VFKOHXQLJHQ'XEHJLQQVWVFKRQPLFK]XKDVVHQ2KQRFK VSUVWGXHVQLFKWDEHUQDFKGHQHUVWHQ7DJHQLP.HUNHU ZLUVWGXHVIKOHQ'XZLUVWIKOHQZLHGHU+DLQGLU ZlFKVWZLHHUVLFKDXVEUHLWHWVFKOHLFKHQGXQDXIKDOWVDP 'XZLUVWGLFKGDJHJHQZHKUHQDEHUHVZLUGGLUQLFKWVQW ]HQ'XZLUVWLQHLQHPGXQNOHQVFKZHLJHQGHQ.HUNHUVLW ]HQDOOHLQPLWGLUXQGGHLQHP+DXQGQDFKHLQLJHU=HLW ZLUVWGXDQQLFKWVPHKUGHQNHQDOVDQGDVZDVLFKGLUXQG GHLQHU6FKZHVWHUDQJHWDQKDEH8QGGDQQZLUVWGXEHJLQ QHQ3OlQH]XVFKPLHGHQ3OlQHIUHLQHQ$XVEUXFKIUHLQH )OXFKW'XZHLWGDHLQH)OXFKWQLFKWJHOLQJHQNDQQ8QG GDQQLUJHQGZDQQZLUVWGXDQIDQJHQ0RUGSOlQHJHJHQ PLFK]XHUVLQQHQ'XZLUVWDQQLFKWVDQGHUHVPHKUGHQNHQ DOVDQGHLQHQ+DXQGGHLQH5DFKH8QGGDQQ.LPZHQQ GXDXVJH]HKUWELVWYRQ+DGDQQZLUVWGXEHUHLWVHLQ©(U EHXJWHVLFKYRUIDOWHWHGLH+lQGHXQGVWW]WHGDV.LQQGDU DXIª-D©VDJWHHUª7KHPLVWRNOHVKDWWHUHFKWPLWMHGHP

:RUWGDVHUGLUEHUPLFKHU]lKOWKDW0HLQ5HLFKLVWGDV 5HLFKGHU6FKDWWHQGHV%|VHQ8QGGHU+DLVWE|VH(ULVW HLQHXQVHUHUVWlUNVWHQ7ULHENUlIWH'HU+DZLUGDXFKYRQ GLU%HVLW]HUJUHLIHQDXFKXQGJHUDGHJHJHQGHLQHQ:LOOHQ 8QGGDQQ.LPGDQQJHK|UVWGXPLU© ª+|UDXI©VFKULH.LP(UKLHOWVLFKPLWEHLGHQ+lQGHQGLH 2KUHQ]XXQGNUPPWHVLFKZLHXQWHU6FKPHU]HQ]XVDP PHQª+|UDXI©VFKULHHUQRFKHLQPDOª+|UDXI+|UDXI +|UDXI© %RUDDVODFKWHVFKDOOHQG ª'XVSUVWHVVFKRQQLFKWZDKU"$EHUQRFKELVWGXQLFKWEH UHLW%ULQJWLKQZHJ© .LPUHDJLHUWHEOLW]VFKQHOO(LQHVFKZDU]HEHKDQGVFKXKWH +DQGJULIIQDFKLKPDEHUHUVFKOXJGHQ$UPEHLVHLWH'HU /DVHUVWUDKOHUVSUDQJZLHYRQVHOEVWLQVHLQH+DQG ª.HLQHQ6FKULWWZHLWHU©ULHIHU %RUDDVODFKWHJHOOHQGDXIª3DFNWLKQ©EHIDKOHU (LQ5LWWHUPDFKWHHLQHQ6FKULWWXQG.LPGUFNWHDE 1LFKWVJHVFKDK .LPEOLFNWHXQJOlXELJDXIGHQ6WUDKOHUGUFNWHQRFKHLQPDO DEXQGQRFKHLQPDO$EHUGHUW|GOLFKH/LFKWEOLW]EOLHEDXV ª1DUU©K|KQWH%RUDDVª*ODXEVWGXZLUNOLFKLFKZUGH QRFKGDVLW]HQZHQQHXUH:DIIHQKLHUIXQNWLRQLHUWHQ":DV JODXEVWGXZDUXPGHLQ)DKU]HXJDXVILHO".HLQ(U]HXJQLV HXUHU7HFKQLNNDQQKLHUIXQNWLRQLHUHQNHLQHV©(UODFKWH XQGZXUGHEHUJDQJVORVHUQVWª$EHUZHQQGXJHUQHPLW %OLW]HQVSLHOVWGDVNDQQVWGXKDEHQ© 6HLQH+DQG]XFNWHZLHHLQH]XVWRHQGH1DWWHUYRU(LQ EODXHUNQLVWHUQGHU)XQNHOLHIEHUVHLQH)LQJHUUDVWHDXI .LP]XXQGVFKPHWWHUWHLKPGLH:DIIHDXVGHU+DQG .LPVFKULHDXI(UWDXPHOWH]XUFNXQGXPNODPPHUWHVHL QHQ$UP(LQZDKQVLQQLJHU6FKPHU]WREWHELVLQGLH6FKXO WHUKLQDXI'DQQZLFKDOOHV*HIKODXVVHLQHQ0XVNHOQ'HU $UPVDQNZLHJHOlKPWKHUDE (LQVFKZDU]HU5LWWHUSDFNWH.LPGUHKWHLKQJUREKHUXP XQGVWLHLKQYRUVLFKKHUGXUFKGHQ6DDO%RUDDV K|KQL VFKHV*HOlFKWHUYHUIROJWHLKQELVDXIGHQ*DQJKLQDXV

ª:LUVHKHQXQVZLHGHU.LP©ULHIHUª%DOG9LHOOHLFKWHKHU DOVGLUOLHELVW'HQNGDUDQ8QGGDUDQZDVLFKGLUSURSKH ]HLWKDEH© 'DQQVFKOXJGHUVFKZHUH9RUKDQJKLQWHU.LPXQGVHLQHP %HZDFKHU]XVDPPHQXQGVFKQLWW%RUDDV *HOlFKWHUDE 'HU5LWWHUIKUWHLKQGXUFKHLQ/DE\ULQWKYRQ6WLHJHQXQG *lQJHQWLHIHUXQGWLHIHULQGLH%XUJ.LPGDFKWHQLFKWDQ )OXFKW(UZXWHGDHUVHLQHP%HZDFKHUQLFKWHQWNRPPHQ NRQQWH8QGZHQQGRFKZUGHHUVLFKEORLQGHQYHUZRU UHQHQ*lQJHQXQG+DOOHQGHU%XUJYHULUUHQ1HLQHU PXWHDXIHLQHEHVVHUH*HOHJHQKHLWZDUWHQ 6FKOLHOLFKJHODQJWHQVLHLQHLQHQIHQVWHUORVHQQLHGULJHQ *DQJ(LQXQKHLPOLFKHUJUQOLFKHU6FKLPPHUEUHLWHWHVLFK GDULQDXV$XIGHP%RGHQIDXOWHQ$EIlOOHXQGVFKODPPLJHV :DVVHU'HU*HVWDQNZDUXQHUWUlJOLFK 'HU5LWWHU|IIQHWHHLQHVFKZHUH+RO]WU(LQKDOEHV'XW ]HQG6WXIHQIKUWHQLQHLQHQIHQVWHUORVHQ.HUNHUKLQDE9RQ GHU'HFNHWURSIWH:DVVHU$OV.LP]|JHUQGEHUGLH 6FKZHOOHWUDWKXVFKWHHLQH5DWWHEHUVHLQHQ)XXQGYHU VFKZDQGTXLHNHQGLQGHU'XQNHOKHLW 'DQQVFKOXJGLH7UKLQWHULKP]X.LPVWDQGGDEDOOWHGLH )lXVWHXQGZDUWHWHELVVHLQH.QLHDXIK|UWHQ]X]LWWHUQ (UZDUJHIDQJHQUHWWXQJVORV(UGDFKWHGDUDQZDV7KHPL VWRNOHVEHUGHQ+HUUQGHU6FKDWWHQXQGVHLQHXQWHULUGL VFKHQ9HUOLHVHJHVDJWKDWWH 1RFKQLHZDUHVHLQHPOHEHQGHQ0HQVFKHQJHOXQJHQDXV %RUDDV .HUNHU]XHQWNRPPHQ (UZXWHQLFKWZLHYLHO=HLWYHUJDQJHQZDU'UHLPDOKDWWH HUVLFK]XP6FKODIHQDXIGHQIHXFKWHQ6WHLQERGHQJHOHJW XQGVLHEHQRGHUDFKWPDOZDUHQLKPGXUFKHLQHVFKPDOH .ODSSHLQGHUREHUHQ+lOIWHGHU7UHLQH6FKDOHPLW:DVVHU XQGNOHLQH6WFNHHLQHVELWWHUVFKPHFNHQGHQ%URWHVJHUHLFKW ZRUGHQGDVHUPLW:LGHUZLOOHQKHUXQWHUVFKODQJ(UYHU EUDFKWH6WXQGHXP6WXQGHGDPLWLQGHUDEVROXWHQ)LQVWHUQLV VHLQHV*HIlQJQLVVHV]XKRFNHQXQG)OXFKWSOlQH]XVFKPLH GHQHLQHUVRSHUIHNWXQGVRDXVVLFKWVORVZLHGHUDQGHUH

6FKOLHOLFKDOV.LPVLFK]XPYLHUWHQ0DOQLHGHUJHOHJWKDWWH XQGPLWVFKPHU]HQGHQ*OLHGHUQXQGILHEULJHU6WLUQHLQJH VFKODIHQZDUZXUGHGLH7UVHLQHV.HUNHUVHUVWPDOVJH|II QHW .LPIXKUVFKODIWUXQNHQKRFKDOVLKQGDVURVWLJH4XLHWVFKHQ ZHFNWH6FKZDFKHVU|WOLFKHV/LFKWILHOLQHLQHPGUHLHFNLJHQ 6WUHLIHQYRP*DQJKHUHLQXQGEHOHXFKWHWHGLHJURH*HVWDOW GHVVFKZDU]HQ5LWWHUVGHULQGHQ.HUNHUJHWUHWHQZDU ª.RPPPLW8QVHU+HUUZLOOGLFKVSUHFKHQ© .LPQLFNWHJHKRUVDPXQGVWDQGPLW]LWWHUQGHQ.QLHQDXI (UVSUWHSO|W]OLFKZLHVFKZDFKHUZDU'DV/LFKWWDWVHLQHQ DQGLHODQJH'XQNHOKHLWJHZ|KQWHQ$XJHQZHKXQGDOVGHU 5LWWHULKPGLH+DQGDXIGLH6FKXOWHUOHJWHXQGLKQPLWVDQI WHP'UXFNGLH7UHSSHKLQDXIVFKREKlWWHHUYRU6FKPHU]HQ DPOLHEVWHQDXIJHVFKULHQ(UVWROSHUWHXQGZlUHJHVWU]W ZHQQVHLQ%HZDFKHUQLFKWEOLW]VFKQHOO]XJHJULIIHQKlWWH .LPVFKWWHOWHGLH+DQGWURW]LJDEXQGJLQJDXVHLJHQHU .UDIWZHLWHU(OHQGXQGNUDQNZLHHUVLFKIKOWHHUVFKLHQ LKPGHU:HJMHW]WYLHOZHLWHUDOVEHLPHUVWHQ0DO(UKlWWH VLFKJHUQHLQZHQLJDXVJHUXKW$EHUVHLQ%HZDFKHUWULHELKQ XQEDUPKHU]LJZHLWHU 6LHGXUFKTXHUWHQGHQ7KURQVDDOXQGVWLHJHQEHUHLQH VFKPDOHVWHLQHUQH:HQGHOWUHSSHZHLWHUQDFKREHQ$P (QGHGHU7UHSSHODJHLQHQLHGULJH.DPPHUYRQGHUHLQH 7UDXIGLHUXQGHYRQHLQHUPHWHUKRKHQ6WHLQEUVWXQJHLQ JHIDWH3ODWWIRUPHLQHV7XUPHVKLQDXVIKUWH 'RUWVWDQG%RUDDVXQGHUZDUWHWHLKQ'HU=DXEHUHUWUXJ HLQHQZDOOHQGHQVFKZDU]HQVLOEHUEHVWLFNWHQ0DQWHO,QGHQ +lQGHQKLHOWHUHLQHQGQQHQVLOEHUQHQ6WDEHLQHP=HSWHU QLFKWXQlKQOLFKGHUYRQHLQHUVWLOLVLHUWHQ6FKODQJHPLWZHLW DXIJHULVVHQHP0DXOXPZXQGHQZDU .LPKREGLH+DQGYRUGLH$XJHQDOVHULQGHQKHOOHQ6RQ QHQVFKHLQKLQDXVWUDW ª1XQ"©EHJDQQ%RUDDVRKQH(LQOHLWXQJª+DVWGXHVGLU EHUOHJW"©(UHQWOLHGHQ5LWWHUPLWHLQHU+DQGEHZHJXQJ XQGVWHOOWHVLFK.LPJHJHQEHUPLWGHP5FNHQDQGLH%U VWXQJJHOHKQW

(LQH:HLOHPXVWHUWHHU.LPVFKZHLJHQGª'XZLOOVWQLFKW DQWZRUWHQ©VWHOOWHHUVDFKOLFKIHVWª'DVKDEHLFKEHIUFKWHW 9LHOOHLFKWVROOWHLFKGLFKQRFKHLQH=HLWODQJHLQVSHUUHQ©(U GUHKWHQDFKGHQNOLFKGHQ6WDELQGHQ+lQGHQXQGZDUWHWH RIIHQVLFKWOLFKDXIHLQH$QWZRUW .LPVFKZLHJEHKDUUOLFK%RUDDVKDWWHLKQVLFKHUQLFKWDXV GHP.HUNHUKHUDXIKROHQODVVHQXUQVLFKPLWLKP]XXQWHU KDOWHQ(UZROOWHHWZDVYRQLKPLUJHQGHWZDVZDVDQVFKHL QHQGGRFKQLFKWVRYLHO=HLWKDWWHZLHHU.LPKDWWHZHLVPD FKHQZROOHQ ª,FKKRIIHGXZDUVWPLWGHU8QWHUEULQJXQJ]XIULHGHQ© VDJWH%RUDDVVS|WWLVFKª%XUJ0RUJRQLVWQLFKWGDUDXIHLQJH ULFKWHWVRKRKH*lVWHZLHGLFK]XEHKHUEHUJHQ$EHUZLUJH EHQXQV0KH© ª(VJLQJ©DQWZRUWHWH.LPVDUNDVWLVFKª,FKKDEHVFKRQEHV VHUJHVFKODIHQDEHULFKZLOOPLFKQLFKWEHVFKZHUHQ© %RUDDVODFKWH ª'XJHIlOOVWPLU.LP©VDJWHHUª,FKZHLQLFKWREDXVGLU GLH7DSIHUNHLWHLQHV0DQQHVRGHUGLH9HUVWRFNWKHLWHLQHV .LQGHVVSULFKWDEHUGXJHIlOOVWPLU.RPPKHU© .LPIROJWHZLGHUZLOOLJVHLQHU$XIIRUGHUXQJ%RUDDVGUHKWH VLFKXPOHKQWHVLFKEHUGLHVWHLQHUQH%UVWXQJXQGGHXWHWH PLWGHP6WDEQDFK:HVWHQ ª0HLQ5HLFK©VDJWHHUVWRO]ª$OOHVVRZHLWGXVHKHQ NDQQVWJHK|UWPLU(VJLEWNHLQOHEHQGHV:HVHQ]ZLVFKHQ GLHVHQ%HUJHQGDVVLFKPHLQHQ%HIHKOHQZLGHUVHW]HQ ZUGH© 6LHVWDQGHQDXIGHPK|FKVWHQ7XUPGHU%XUJ'HU%OLFN VFKZHLIWHXQJHKLQGHUWEHUGDVZHLWHJUDXH/DQGEHU :lOGHU(EHQHQXQG6PSIHELVDQGHQ)XGHV6FKDWWHQJH ELUJHV.LPYHUVXFKWHGLH(QWIHUQXQJELVGDKLQ]XVFKlW]HQ DEHUGLHXQJHKHXUH+|KHGHUVFKQHHEHGHFNWHQ*LSIHO PDFKWHHVXQP|JOLFK(UVDKQXUGDHVZHLWZDUGUHLYLHU 7DJHUHLVHQYLHOOHLFKWQRFKZHLWHU %RUDDVIROJWHVHLQHP%OLFNXQGJULQVWHKlPLVFKª'XGHQNVW DQ)OXFKWQLFKWZDKU"©VDJWHHUª1XQGXZLUVWGLFKGDPLW DEILQGHQPVVHQGDHVXQP|JOLFKLVW0RUJRQJHJHQPHL

QHQ:LOOHQ]XYHUODVVHQ'DVKDEHQYRUGLUVFKRQDQGHUH YHUVXFKW© .LPJLQJQLFKWGDUDXIHLQ ª:DVZLOOVWGX"©IUDJWHHU ª'XZHLWHV,FKKDEHGLUYRUYLHU7DJHQHLQ$QJHERWJH PDFKW,FKZLHGHUKROHHVMHW]W© ª0HLQH$QWZRUWODXWHWQHLQ© %RUDDVVFKZLHJHLQH:HLOH(LQ:LQGVWREDXVFKWHVHLQHQ 8PKDQJXQG.LPNRQQWHIUHLQHQ0RPHQWGLHJOlQ]HQG VFKZDU]H5VWXQJVHKHQGLHGHU0DJLHUGDUXQWHUWUXJ ª1XQJXW©VDJWH%RUDDVVFKOLHOLFKª9LHOOHLFKWKDEHLFK GLFKXQWHUVFKlW]W6SLHOHQZLUPLWRIIHQHQ.DUWHQ,FKKDEH QLFKWVRYLHO=HLWZLHLFKGLFKJODXEHQPDFKHQZROOWH© ª,FKZHL©PXUPHOWH.LPª6RQVWKlWWHVWGXPLFKQLFKWKR OHQODVVHQ© %RUDDV $XJHQIXQNHOWHQZWHQGª'XELVWNOXJ.LP©VDJWH HUª)DVWVFKRQ]XNOXJ$EHULFKZHUGHZLHJHVDJWPLWRI IHQHQ.DUWHQVSLHOHQ,FKKDEHQRFKHLQHQ7UXPSILPbU PHO© ª6R"©IUDJWH.LP ª'HLQH6FKZHVWHU© .LP]XFNWH]XVDPPHQ$EHUNHLQ/DXWNDPEHUVHLQH/LS SHQ(UEDOOWHQXULQVWXPPHU:XWGLH)lXVWH %RUDDVJULQVWHK|KQLVFKª'XKDVWGHQ:XQVFKJHlXHUWVLH ]XVHKHQ1XQJXWLFKZLOOLKQGLUHUIOOHQ9LHOOHLFKWELVWGX KLQWHUKHUHLQZHQLJHLQVLFKWLJHU©(UVWLHVLFKPLWHLQHP 5XFNYRQGHU0DXHUDEJLQJ]XU7UXQGZLQNWH.LPLKP ]XIROJHQ 'HU:HJIKUWHVWHLOWUHSSDEGXUFKHQGORVH*lQJHYRUEHL DQXQ]lKOLJHQ7UHQXQG$E]ZHLJXQJHQ.LPYHUVXFKWH VLFKGHQ:HJ]XPHUNHQVDKDEHUEDOGHLQGDHVDXVVLFKWV ORVZDU0RUJRQVFKLHQHLQHLQ]LJHVJLJDQWLVFKHV/DE\ULQWK ]XVHLQ(VZDULKPHLQ5lWVHOZLHVLFKGHU=DXEHUHUXQG VHLQHVFKZDU]HQ5LWWHUKLHU]XUHFKWILQGHQNRQQWHQ 6LHEOLHEHQYRUHLQHUKRKHQYHUVFKORVVHQHQ0HWDOOWUVWH KHQ.LPNRQQWHQLUJHQGVHLQ6FKOVVHOORFKRGHUHLQH .OLQNHHUNHQQHQ%RUDDVEHUKUWHGLH7UIOFKWLJPLWVHL

QHP6WDE(LQKHOOHU*ORFNHQWRQHUNODQJXQGGLH0HWDOO SODWWHIXKU]LVFKHQGLQGLH:DQG]XUFN .LPVFKORJHEOHQGHWGLH$XJHQ*OHLHQGHV/LFKWIOXWHWH LKPHQWJHJHQ(VGDXHUWHHLQH:HLOHELVHUVLFKDQGLHXQQD WUOLFKH+HOOLJNHLWJHZ|KQWKDWWH'DV*HVLFKWPLWHLQHU +DQGDEJHVFKLUPWWUDWHUGXUFKGLH7U 'HU5DXPXQWHUVFKLHGVLFKYRQDOOHPZDVHULQ0RUJRQELV MHW]WJHVHKHQKDWWH'LH:lQGHZDUHQDXV0HWDOOXQGGLH 'HFNHVFKLHQHLQHLQ]LJHUJHZ|OEWHU6SLHJHO]XVHLQ .LPVFKULHDXI 'LHVSLHJHOQGH5FNZDQGGHV5DXPHVWHLOWHVLFKXQGJDE GHQ%OLFNDXIHLQHQTXDGUDWLVFKHQVFKZDU]HQ6WHLQVRFNHO IUHL$XIVHLQHUSROLHUWHQ2EHUIOlFKHVWDQGHLQJURHUJOlVHU QHU6DUJ8QGLQLKPODJHLQHNOHLQHEODVVH*HVWDOW ª5HEHNND© %RUDDVPDFKWHNHLQ+HKOGDUDXVGDHUGLH6LWXDWLRQJH QR ª-D.LP'HLQH6FKZHVWHU'XZROOWHVWVLHGRFKVHKHQ RGHU"© .LPWUDWHLQHQ6FKULWWDXIVLH]XXQGSUDOOWHJHJHQHLQHXQ VLFKWEDUH:DQG ª:DVKDVWGXPLWLKUJHPDFKW"©IUDJWHHUPLW]LWWHUQGHU 6WLPPH ª1LFKWV©DQWZRUWHWH%RUDDVª8QGXPGHLQHUQlFKVWHQ )UDJH]XYRU]XNRPPHQLFKZHUGHLKUDXFKQLFKWVWXQ6LH VFKOlIWGDVLVWDOOHV©(UYHU]RJGLH/LSSHQ]XHLQHPERVKDI WHQ/lFKHOQª(VLVWMHGRFKNHLQVHKUUXKLJHU6FKODI©IXKUHU HUNOlUHQGIRUWª6LHVFKOlIWDEHUVLHLVWWURW]GHPZDFK©(U WLSSWHVLFKPLWGHP=HLJHILQJHUJHJHQGLH6FKOlIHª,KU.|U SHUVFKOlIWGRFKLKU*HLVWLVWZDFK8QGVLHZLUGVRODQJH ZHLWHUVFKODIHQZLHLFKHVZLOO.HLQH0DFKWGHU:HOWNDQQ VLHHUZHFNHQ.LP1XULFK8QGGLH(QWVFKHLGXQJOLHJW JDQ]DOOHLQEHLGLU© .LPVFKORGLH$XJHQ(UYHUVXFKWHVLFKYRU]XVWHOOHQZLH GDVVHLQPXWHGD]XOLHJHQDOOHVXPVLFKKHUXP]XK|UHQ XQG]XIKOHQDEHUVLFKQLFKWUKUHQ]XN|QQHQJHIDQJHQ LQHLQHPXQVLFKWEDUHQ.HUNHU'LHYLHU7DJHLQ%RUDDV ILQ

VWHUHP9HUOLHVKDWWHQLKQIDVWDQGHQ5DQGGHV:DKQVLQQV JHWULHEHQ'RFKGDVZDVVHLQH6FKZHVWHUGXUFKPDFKHQ PXWHZDUWDXVHQGPDOVFKOLPPHU ª'XGX8QJHKHXHU©ULHIHUª'X0RQVWHU'Xª(U EDOOWHGLH)lXVWHXQGWUDWGURKHQGDXI%RUDDV]X %RUDDVODFKWHª'XQHQQVWPLFKHLQ8QJHKHXHU"©VDJWHHU EHOXVWLJWª'DV6FKLFNVDOGHLQHU6FKZHVWHUOLHJWLQGHLQHU +DQG.LP(LQ:RUWYRQGLUJHQJWXQGLFKZHUGHVLH DXIZHFNHQ-HW]WVRIRUWZHQQGXZLOOVW© 0LWHLQHP0DODKQWH.LPZDV%RUDDVJHPHLQWKDWWHDOVHU VDJWHHUZUGHDQIDQJHQLKQ]XKDVVHQ3O|W]OLFKKDWWHHU NHLQHQDQGHUHQ:XQVFKDOVVLFKDXIGLHVHQE|VHQDOWHQ 0DQQ]XVWU]HQXQGLKQ]XHUZUJHQ %RUDDVNLFKHUWH ª:HLWHUVR.LP:HLWHU'XELVWDXIGHPULFKWLJHQ:HJ 'XEHJLQQVWEHUHLWVPLFK]XKDVVHQ© ª'DVGDVVWLPPWQLFKW©NHXFKWH.LP ª'RFKHVVWLPPWLFKZHLHV,FKOHVHLQGLUZLHLQHLQHP RIIHQHQ%XFK(VJLEWQLFKWVZDVGXYRUPLUYHUKHLPOLFKHQ N|QQWHVW6LHKHLQGDGXYHUORUHQKDVW© .LPVW|KQWHª,FK© ª'XKDVWNHLQH:DKO©IXKU%RUDDVXQEHLUUWIRUWª'X NDQQVWGHLQH6FKZHVWHUYRQLKUHU4XDOHUO|VHQXQGGLFK IUHLZLOOLJDXIPHLQH6HLWHVWHOOHQ2GHUGXNDQQVWLKU/HLGHQ YHUOlQJHUQ7DJH:RFKHQYLHOOHLFKW0RQDWHELVGHLQ+D GLFKEHUZlOWLJWKDW'XKDVWNHLQH:DKO©'LHOHW]WH6SXU YRQIUHXQGOLFKHP6SRWWZDUDXVVHLQHU6WLPPHJHZLFKHQ ª(QWVFKHLGHGLFK©VDJWH%RUDDV .LPZDUZLHJHOlKPW0LWHLQHP*HIKOYROONRPPHQHU +LOIORVLJNHLWVWDUUWHHUGHQJOlVHUQHQ6DUJDQ ª5HEHNND©IOVWHUWHHU6HLQH$XJHQIOOWHQVLFKPLW7Ul QHQ ª1XQJXW©VDJWH%RUDDVª,FKVHKHHLQGDGLHVDOOHVHWZDV ]XYLHOIUGLFKZDU,FKJHEHGLUQRFKHLQH6WXQGHGLFK]X HQWVFKHLGHQ$EHUNHLQH6HNXQGHPHKU©(UKREVHLQHQ6WDE XQGGLHVFKLPPHUQGH0HWDOOZDQGVFKREVLFKZLHGHU]ZL VFKHQVLHXQGGHQ6DUJ

ª.RPPMHW]W© .LPZDQNWHKLQWHUGHP0DJLHUDXVGHP5DXP(LQH VFKZDU]H*HVWDOWGXUFKGHQ6FKOHLHUYRQ7UlQHQQXUXQ GHXWOLFK]XHUNHQQHQWDXFKWHYRULKPDXI ª%ULQJLKQLQGHQ7KURQVDDO©EHIDKO%RUDDVª8QGJLEJXW DXILKQDFKW© 'HUVFKZDU]H5LWWHUOHJWH.LPHLQHVFKZHUHJHSDQ]HUWH +DQGDXIGLH6FKXOWHU %RUDDVGUHKWHVLFKXPXQGHQWIHUQWHVLFKPLWVFKQHOOHQ 6FKULWWHQZlKUHQG.LPXQGVHLQH%HZDFKHUGHQ:HJ]X UFNJLQJHQGHQVLHJHNRPPHQZDUHQ .LPV*HGDQNHQNOlUWHQVLFKDOOPlKOLFK(U]LWWHUWHDPJDQ ]HQ/HLEXQGVHLQH.HKOHZDUWURFNHQXQGZLH]XJHVFKQUW (UZXWHGD%RUDDVUHFKWKDWWHPLWMHGHP:RUW(UKDWWH NHLQH:DKO 6LHHUUHLFKWHQHLQHQ7UHSSHQDEVDW].LPVWROSHUWHILQJVLFK LPOHW]WHQ$XJHQEOLFNDQGHU:DQGXQGZlUHXPHLQ+DDU JHVWU]W'LHJHSDQ]HUWH+DQGJOLWWYRQVHLQHU6FKXOWHU .LPEOLHEHLQHQ0RPHQWVWHKHQGUHKWHVLFKKDOEXPXQG VWDUUWHLQGDVDXVGUXFNVORVH0HWDOOJHVLFKW ª:HLWHU©EHIDKOGHU5LHVH6HLQH+DQGKREVLFKGURKHQG .LPEOLFNWHZLHGHUJHUDGHDXV(UVHW]WHGHQ)XDXIGLH QlFKVWH7UHSSHQVWXIHXQGVWLHGHP5LWWHUPLWDOOHU0DFKW GHQ(OOERJHQJHJHQGLH%UXVW (LQVFKDUIHU6FKPHU]]XFNWHGXUFKVHLQHQ$UP'HU5LWWHU VFKULHDXIUXGHUWHPLWGHQ$UPHQXQGNLSSWHKLQWHQEHU(U VFKOXJPLWHLQHP.UDFKHQDXIGHQVWHLQHUQHQ7UHSSHQVWXIHQ DXIUXWVFKWHQRFKHLQSDDU0HWHUXQGEOLHEGDQQOLHJHQ .LPVWDUUWHGHQUHJORVHQ.|USHUHUVFKURFNHQDQ(UKDWWH QLFKWQDFKJHGDFKWVRQGHUQUHLQLQVWLQNWLYJHKDQGHOW +DVWLJEOLFNWHHUVLFKQDFKDOOHQ6HLWHQXPXQGHLOWHGDQQ GLH6WXIHQ]XGHP*HVWU]WHQKLQXQWHU'HU5LWWHUEHZHJWH HLQH+DQGXQGVW|KQWHOHLVH.LPEFNWHVLFK]RJGDVDUP ODQJH6FKZHUWDXVGHU6FKHLGHXQGZDQGWHVLFK]XU)OXFKW (UPDFKWHVLFKQLFKWVYRUVHLQH)OXFKWZUGHUDVFKHQW GHFNWZHUGHQXQGZHQQLKQGLHVFKZDU]HQ5LWWHUVWHOOWHQ ZUGHLKPDXFKGLH:DIIHQLFKWVQW]HQ$EHUZHQLJVWHQV

GDFKWHHUJULPPLJZUGHHUQLFKWNDPSIORVVWHUEHQ%RUDDV VROOWHDQGHQ7DJDQGHPHULKQJHIDQJHQJHQRPPHQKDWWH QRFKODQJH]XUFNGHQNHQ (UVWUPWHGLHVFKPDOH7UHSSHKLQDXIERJZDKOORVLQHLQHQ 6HLWHQJDQJHLQXQGOLHIZHLWHURKQHQXUHLQPDO]XYHU VFKQDXIHQ9RULKPVFKLPPHUWHJUDXHV=ZLHOLFKW(UEH VFKOHXQLJWHVHLQH6FKULWWHQRFKPHKUUDQQWHGXUFKHLQHQ QLHGULJHQ7RUERJHQXQGVWDQGSO|W]OLFKDXIHLQHPVFKPD OHQ]XJLJHQ:HKUJDQJ (VOLHVLFKVFKZHUVDJHQZHUHUVWDXQWHUZDU.LPRGHU GHUVFKZDU]H5LWWHUGHUSO|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lQJW6HLQH$UPHVFKPHU]WHQ YRQGHU:XFKWGHU6FKOlJHGLHXQEDUPKHU]LJDXILKQKHU XQWHUSUDVVHOWHQ,P5FNHQVSUWHHUGHQNDOWHQ6WHLQGHU EUXVWKRKHQ=LQQHQGLHGHQ:HKUJDQJJHJHQGHQ%XUJKRI KLQDEVFKLUPWHQ .LPV.OLQJHEHEWHXQWHUHLQHPIUFKWHUOLFKHQ+LHE(U ZDQNWH]XUFNXQGYHUORUDXIGHPUXWVFKLJHQ%RGHQGDV *OHLFKJHZLFKW'HU5LWWHUVFKULHWULXPSKLHUHQGDXI VFKZDQJVHLQH:DIIH]XHLQHPEHLGKlQGLJJHIKUWHQW|GOL FKHQ+LHEXQGVSUDQJYRU

.LPNUPPWHVLFKEOLW]VFKQHOO]XVDPPHQZDUIVLFKKHUXP XQGVWLHGHPJHSDQ]HUWHQ5LHVHQEHLGH)HLQGHQ/HLE 'HU5LHVHWDXPHOWHDQLKPYRUEHLXQGVWU]WHYRQVHLQHP HLJHQHQ6FKZXQJJHWUDJHQEHUGLH%UVWXQJ(LQJHOOHQGHU 6FKUHL]HUULGLH/XIWJHIROJWYRQHLQHPGXPSIHQ$XISUDOO .LPEOLHENHLQH=HLWVLFKEHUVHLQHQ6LHJ]XIUHXHQ3O|W] OLFKVDKHUVLFKYRQPHKUHUHQVFKZDU]HQ5LWWHUQXPULQJW(U VSUDQJDXIGLH)HWDXFKWHXQWHUHLQHUQLHGHUVDXVHQGHQ .OLQJHKLQGXUFKXQGUDQQWHZLHHUQRFKQLHLQVHLQHP/H EHQJHUDQQWZDU(UUDQQWHVFKOXJHLQHQ+DNHQXQGZDUI VLFKGXUFKHLQH7U(LQNXU]HUJHZXQGHQHU*DQJQDKP LKQDXI'DQQHLQHVWHLOH7UHSSHGLHYRUHLQHUYHUVFKORVVH QHQ7UHQGHWH.LPHUUHLFKWHPLWHLQHPIHGHUQGHQ6DW]GLH REHUVWH6WXIHXQGZLUEHOWHXPVHLQH$FKVH6HLQ6FKZHUW NUDFKWHPLWGHU%UHLWVHLWHJHJHQGHQ+HOPHLQHV9HUIROJHUV 'HU5LWWHUZXUGHYRQGHU:XFKWGHV6FKODJHV]XUFNJH ZRUIHQ(UVWU]WHUFNOLQJVGLH7UHSSHKLQXQWHUXQGULGLH 1DFKVWUPHQGHQPLWVLFK)UHLQHQNXU]HQ0RPHQWZDU GLH7UHSSHYRQHLQHP.QlXHOLQHLQDQGHUYHUNHLOWHU/HLEHU XQG5VWXQJHQEORFNLHUW .LPPDFKWHVLFKHUIROJORVDP6FKOR]XVFKDIIHQXQG VSUHQJWHGLH7UVFKOLHOLFKPLWHLQHPYHU]ZHLIHOWHQ6FKODJ DXI 'LH9HUIROJHUEUDFKHQLQZWHQGHV*HKHXODXVDOVVLHVD KHQGDLKUVFKRQVLFKHUJHJODXEWHV2SIHUDEHUPDOV]XHQW NRPPHQGURKWH(LQH)OXWZHOOHDXVVFKZDU]HP0HWDOO VFKLHQVLFKGLH7UHSSHKLQDXI]XHUJLHHQ .LPUDQQWHZHLWHU6HLQH.UlIWHEHJDQQHQQDFK]XODVVHQ XQGGDV6FKZHUWLQVHLQHU+DQGVFKLHQPLWMHGHU6HNXQGH VFKZHUHU]XZHUGHQ(UKHW]WHXP(FNHQVWU]WHGXUFK7 UHQXQGGXUFKTXHUWHJURHOHHUH6lOH 8QGGDQQSO|W]OLFKZDUHUDOOHLQ'HU*DQJKLQWHULKPZDU OHHUXQGGDVHLQ]LJH*HUlXVFKZDUVHLQHLJHQHUNHXFKHQGHU $WHP .LPEOLHEHUVFK|SIWVWHKHQ)UHLQHQ0RPHQWEHJDQQVLFK DOOHVXPLKQ]XGUHKHQ(UOLHVLFKJHJHQGLH:DQGVLQNHQ XQGUDQJNHXFKHQGQDFK$WHP6HLQ+HU]SXPSWHVR

VFKQHOOGDHVVFKPHU]WHXQGLQVHLQHQ2KUHQUDXVFKWHGDV %OXW*HZDOWVDP|IIQHWHHUGLH$XJHQEOLQ]HOWHGLH7Ul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|SIGHU1DFKWZHUGHQODVVHQZHQQHUVLFKLKP KLQJDE (UPXWHKLHUKHUDXVNRVWHHVZDVHVZROOH :LHGHUWDXFKWHHLQH7UYRULKPDXI.LPODXVFKWHPLWDQ JHKDOWHQHP$WHPXQGGUFNWHGDQQYRUVLFKWLJGLH.OLQNH KHUXQWHU'LHURVWLJHQ6FKDUQLHUHTXLHWVFKWHQGD.LP PHLQWHGDV*HUlXVFKPWHLQGHUJDQ]HQ%XUJ]XK|UHQ VHLQ+LQWHUGHU7UODJHLQZHLWHUHUOHHUHU5DXP2IIHQ VLFKWOLFKVRGDFKWH.LPEHVWDQG0RUJRQDXVODXWHU*lQ JHQGLHYRQHLQHPOHHUHQ6DDO]XPDQGHUHQIKUWHQ(U VFKOSIWHGXUFKGLH7UVFKREVLHKLQWHUVLFK]XXQGVDK VLFKlQJVWOLFKXP'HU5DXPZDUQLFKWY|OOLJOHHUDQHLQHU :DQGKLQJHLQULHVLJHUJROGJHIDWHU6SLHJHOXQGDXIGHQ VFKZDU]HQ)OLHVHQGDYRUZDUHLQHNRPSOL]LHUWHDQHLQHQ IQI]DFNLJHQ6WHUQHULQQHUQGH)LJXUDXIJH]HLFKQHW'XUFK HLQ)HQVWHUDQGHU6GVHLWHIOXWHWH6RQQHQOLFKWKHUHLQ .LPYHUULHJHOWHGLH7UKLQWHUVLFKVDKVLFKQRFKHLQPDO QDFKDOOHQ6HLWHQXPXQGOLHIGDQQJHGXFNWDXIGDV)HQVWHU ]X 6HLQ%OLFNILHOLQGHQ6SLHJHO'DV%LOGGDVHULKP]HLJWH

ZDUGVWHUXQGXQKHLPOLFKZLHDOOHVDXI0RUJRQ'DV*ODV GHV6SLHJHOVZDUVFKZDU].LPV*HVWDOW]HLFKQHWHVLFKGDULQ DOVXQGHXWOLFKHUKXVFKHQGHU6FKDWWHQDEXQGVRJDUGHU JOlQ]HQGH*ROGUDKPHQVFKLHQGDVKHUHLQIDOOHQGH6RQQHQ OLFKWDXI]XVDXJHQVWDWWHV]XUHIOHNWLHUHQ 3O|W]OLFKHUJULIILKQKHIWLJHV6FKZLQGHOJHIKO(UVWROSHUWH ILHOGHU/lQJHQDFKKLQXQGEOLHEHLQHQ$XJHQEOLFNEHQRP PHQOLHJHQhEHONHLWVWLHJLQLKPKRFKXQGHUKDWWHGDV (PSILQGHQDOVJULIIHHLQHXQVLFKWEDUHNDOWH+DQGQDFKVHL QHQ*HGDQNHQ(UVWHPPWHVLFKVW|KQHQGKRFKVFKWWHOWH GHQ.RSIXQGWDVWHWHKDOEEOLQGQDFKGHP6FKZHUW'LH :DIIHVFKLHQ=HQWQHU]XZLHJHQ(UNDPPKVDPDXIGLH )HZDQNWH]XP)HQVWHUXQGOLHVLFKYRQHLQHPQHXHUOL FKHQ6FKZlFKHDQIDOOEHUZlOWLJWDXIGLH%UVWXQJVLQNHQ (UNODPPHUWHVLFKDP)HQVWHUVLPVIHVW]RJVLFKXQWHU$XI ELHWXQJDOOHU.UlIWHKRFKXQGEOLFNWHKLQDXV 'LH0DXHUGHU%XUJVWU]WHXQWHULKPPLQGHVWHQV]HKQ0H WHUVHQNUHFKWLQGLH7LHIH'RUWXQWHQODXHUWHHLQ+DLILVFK JHELDXV)HOVHQXQG*UDWHQ$EHUGLUHNWXQWHUGHP)HQVWHU DP)XHGHUVFKZDU]HQ0DXHUZDUHLQNOHLQHVVLFKHOI|UPL JHV6WFNJODWWHQVDQGLJHQ%RGHQV .LPKDWWHNHLQH:DKO:DKUVFKHLQOLFKZUGHHUGHQ6WXU] DXVGLHVHU+|KHQLFKWEHUOHEHQ$EHUGLHVHV6FKLFNVDO HUVFKLHQLKPLPPHUQRFKJQlGLJHUDOVGDVZHOFKHVLKP %RUDDV]XJHGDFKWKDWWH (UZDUIVHLQ6FKZHUWLQGLH7LHIHVWHPPWHVLFKKRFKXQG OLHVLFKPLWHLQHPODXWORVHQ6HXI]HUEHUGLH%UVWXQJIDO OHQ

9 'HU$XISUDOOEHWlXEWHLKQ(UKDWWHQRFKYHUVXFKWVLFKDE ]XUROOHQXPGHQ6WXU]HWZDV]XPLOGHUQDEHUVHLQH5HDN WLRQNDP]XVSlW(UVFKOXJPLWIUFKWHUOLFKHU*HZDOWDXI GHP%RGHQDXISUDOOWHJHJHQGLH%XUJPDXHUXQGYHUORUGDV %HZXWVHLQ 'LH6RQQHVWDQGKRFKLP=HQLWDOVHUHUZDFKWH6HLQUHFKWHU $UPVFKPHU]WHXQHUWUlJOLFKXQGVFKLHQJHEURFKHQ6HLQ .RSIGU|KQWH(UKDWWHVLFKDXIGLH=XQJHJHELVVHQ6HLQ 0XQGZDUYROO%OXWXQGVHLQH6WLUQIKOWHVLFKKHLDQ .LP|IIQHWHGLH$XJHQEOLQ]HOWHLQGLHJUHOOH6RQQHXQG ZDQGWHVW|KQHQGGDV*HVLFKWDE(UODJODQJDXVJHVWUHFNW DP)XHGHU0DXHU'HUVFKZDU]H6WHLQVWUHEWHEHULKP VHQNUHFKWHPSRUXQGGDV)HQVWHUDXVGHPHUKLQDEJHVSUXQ JHQZDUHUVFKLHQLKPXQHQGOLFKZHLWHQWIHUQW 6HNXQGHQODQJODJHUHLQIDFKVWLOOGDXQGZXQGHUWHVLFKGD HUQRFKOHEWH'DQQZlO]WHHUVLFKKHUXPEHWDVWHWHGHQ VFKPHU]HQGHQ$UPXQGIXKUPLWGHQ)LQJHUVSLW]HQEHUGHQ 5DQGGHUWLHIHQ5LZXQGHGLHVLFKYRP(OOERJHQJHOHQNELV ]XU+DQGZXU]HOKLQDE]RJ(VWDWZHKDEHUGHU.QRFKHQ VFKLHQQLFKWJHEURFKHQ]XVHLQ.LPELGLH=lKQH]XVDP PHQEDOOWHYHUVXFKVZHLVHGLH)DXVWXQGVHW]WHVLFKGDQQ YRUVLFKWLJDQGHU0DXHUDXI2EZRKOGLH6RQQHYRP+LPPHO EUDQQWHXQGGLH:DQGVFKRQGHQJDQ]HQ7DJEHUEHVFKLHQHQ KDWWHIKOWHVLFKGHU6WHLQLQ.LPV5FNHQNDOWDQ (LQOHLVHV*HUlXVFKHUZHFNWHVHLQH$XIPHUNVDPNHLW.LP VFKORGLH$XJHQNRQ]HQWULHUWHVLFKXQGODXVFKWH6WLPPHQ ,UJHQGZREHULKPZDUHQ6WLPPHQ$XIJHUHJWH6WLPPHQ GLHZLOGGXUFKHLQDQGHUULHIHQ(LQ.RPPDQGRZXUGHJH EUOOWGDQQK|UWHHUHWZDVZDVLKQDQGDV7UDSSHOQYLHOHU VFKZHUHU6WLHIHOHULQQHUWH

6LHVXFKHQPLFKGDFKWHHUJULPPLJ'LH%XUJEHIDQGVLFKLQ KHOOHP$XIUXKU7URW]DOOHPNRQQWH.LPVLFKHLQVFKDGHQ IURKHV*ULQVHQQLFKWYHUNQHLIHQ%RUDDVZUGHWREHQ:DKU VFKHLQOLFKVFKHXFKWHHUVHLQHVFKZDU]HQ6NODYHQMHW]WZLH HLQH+HUGH+KQHUYRUVLFKKHUGXUFKGLH*lQJHXQG6WRO OHQGHU%XUJ .LPSUHWHGHQYHUOHW]WHQ$UPHQJDQGHQ.|USHUXQGUDS SHOWHVLFKKRFK(UPXWHVRVFKQHOOZLHP|JOLFKYRQKLHU YHUVFKZLQGHQ)UKHURGHUVSlWHUZUGH%RUDDVHLQVHKHQ GD.LPGDV8QP|JOLFKHJHVFKDIIWKDWWHXQGDXVGHQ0DX HUQYRQ0RUJRQHQWZLVFKWZDU8QGGDQQZUGHHUVHLQH .ULHJHUKHUDXVVFKLFNHQXQGGLHVHZUGHQMHGHQ6WHLQLQGHU 8PJHEXQJXPGUHKHQXPLKQ]XILQGHQ .LPEFNWHVLFKQDFKVHLQHP6FKZHUWXQGOLHGLH:DIIH HQWWlXVFKWIDOOHQ'LH.OLQJHZDU]HUEURFKHQ$EHUPLWVHL QHPYHUOHW]WHQ$UPKl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lXPHQLKPEHL]HLWHQGLHVHQ)OXFKWZHJDE]X VFKQHLGHQ 'LH=HLWGUlQJWH.LPJLQJ]XU%XUJPDXHU]XUFNZDUI HLQHQOHW]WHQ%OLFN]XGHPVFKPDOHQ)HQVWHUKLQDXIXQGWD VWHWHVLFKGDQQPLWGHUOLQNHQ+DQGDQGHPNDOWHQ6WHLQ HQWODQJ (UKDWWHGLHIDOVFKH5LFKWXQJJHZlKOWXQGPXWH0RUJRQ IDVWXPUXQGHQHKHHQGOLFKGDVKDOEUXQGH7RUYRULKPDXI WDXFKWH'DVURVWLJH)DOOJLWWHUZDUKHUXQWHUJHODVVHQ9RQ :DFKHQRGHUHYHQWXHOOHQ9HUIROJHUQZDUQLUJHQGVHLQH 6SXU]XHQWGHFNHQZDVIUHLOLFKQLFKWYLHOEHVDJWH+LQWHU

GHQVFKPDOHQ6FKLHVFKDUWHQ]XEHLGHQ6HLWHQGHV7RUHV PRFKWHQXQ]lKOLJH$XJHQSDDUHGLH8PJHEXQJEHREDFKWHQ 'HU:HJIKUWHIDVWHLQHQKDOEHQ.LORPHWHUJHUDGHGHQ %HUJKLQXQWHUHKHHUKLQWHUGHUHUVWHQ%LHJXQJYHUVFKZDQG .LP]|JHUWHHLQHQ0RPHQW6HLQ%OLFNWDVWHWHPLWUDXLVFK DQGHQ=LQQHQGHU0DXHUNURQHHQWODQJ.LPZXWHGD GRUWREHQ:DFKHQDXIXQGDEJLQJHQ(UZDUHLQHUYRQ LKQHQLQGLH+lQGHJHODXIHQXQGGLH%HJHJQXQJKlWWHXP HLQ+DDUGDV(QGHVHLQHU)OXFKWEHGHXWHW,P$XJHQEOLFN ZDUGLH0DXHUOHHUDEHUGHU3RVWHQNRQQWHMHGHU]HLWYRQ VHLQHP5XQGJDQJ]XUFNNRPPHQXQGZHQQ.LPGDQQJH UDGHDXIGHP:HJGRUWXQWHQZDUZDUHUYHUORUHQ$EHU YLHOOHLFKWVREHUOHJWHHUKDWWH%RUDDVDXFKDOOH3RVWHQDE JH]RJHQXPVLHEHLGHU'XUFKVXFKXQJGHU%XUJHLQ]XVHW ]HQ /DQJHVhEHUOHJHQIKUWH]XQLFKWV0LWMHGHU6HNXQGHGLH XQJHQW]WYHUVWULFKZXFKVGLH:DKUVFKHLQOLFKNHLWGD%R UDDVHQGOLFKGLHULFKWLJHQ6FKOVVH]RJXQGGDQDFKKDQGHOWH (QWVFKORVVHQO|VWHVLFK.LPYRQGHU0DXHUXQGEHJDQQGHQ $EVWLHJ 'LHHUVWHQIQIKXQGHUW0HWHUGHV:HJHVZXUGHQ]XPOlQJ VWHQVHLQHV/HEHQV,PPHUZLHGHUVDKHUVLFKXPXQGEOLFNWH PLWNORSIHQGHP+HU]HQ]XP7RU]XUFNMHGHU]HLWGDUDXI JHIDWHLQH$EWHLOXQJVFKZDU]HU5HLWHUGDUDXVKHUYRUEUH FKHQ]XVHKHQ 'RFKGLHVPDOVFKLHQGDV6FKLFNVDODXIVHLQHU6HLWH]XVWH KHQ.LPHUUHLFKWHGLH:HJELHJXQJGUFNWHVLFKKLQWHU HLQHQGHU]\NORSLVFKHQ)HOVHQGLHGHQVWHLQLJHQ3IDGIODQ NLHUWHQXQGYHUKDUUWHUHJXQJVORVXPPLWDQJHKDOWHQHP $WHP]XODXVFKHQ2EHQLQGHU%XUJEOLHEDOOHVVWLOO'LHHLQ ]LJHQ*HUlXVFKHZDUHQVHLQHLJHQHUKlPPHUQGHU3XOV VFKODJXQGGDVHZLJH+HXOHQGHV:LQGHVGHUVLFKDQ)HOVHQ XQG6SDOWHQEUDFK .LPWUDWDXVVHLQHU'HFNXQJKHUYRUEOLFNWHVFKDUIGHQ:HJ ]XUFNXQGJLQJZHLWHU 'HU$EHQGGlPPHUWHDOVHUGHQ)XGHV%HUJHVHUUHLFKWH

$XVGHQ6PSIHQNURFKVFKZDU]JUDXHU1HEHOKHUDXIXQG GHU:LQGZDUMHW]WQLFKWPHKUNKOVRQGHUQVFKQHLGHQG NDOW.LPKDWWHNDXPQRFKGLH.UDIWHLQHQ)XYRUGHQDQ GHUHQ]XVHW]HQ 'HU:HJHQGHWHDEUXSW'HU)HOVEUDFKHQWODQJHLQHUVFKDU IHQ.DQWHDEXQGYRU.LPODJIODFKHVYRQEURGHOQGHQ1H EHOQXQGIHXFKWHU.lOWHHUIOOWHV6XPSIJHELHW:HQLJHYHU NUSSHOWH%lXPHZXFKVHQLQXQUHJHOPlLJHQ*UXSSHQGD ]ZLVFKHQZXFKHUWHVWDFKHOLJHV*HEVFKXQGEODVVHVNUlQNOL FKHV*UDV'HU%RGHQIHGHUWHXQWHUVHLQHQ6FKULWWHQXQG MHGHU7ULWWKLQWHUOLHHLQHJOHLFKI|UPLJHIODFKH9HUWLHIXQJ GLHVLFKUDVFKPLW:DVVHUIOOWH(LQHEHVVHUH6SXUNRQQWHQ VLFKVHLQH9HUIROJHUQLFKWZQVFKHQ .LPEHUOHJWHHLQHQ0RPHQW]RJGDQQVHLQH6WLHIHODXV XQGJLQJEDUIXZHLWHU'LH6SXUVHLQHUEORHQ)HZDU YLHOZHQLJHUDXIIlOOLJ0LWHWZDV*OFNZUGHQGLH9HUIRO JHUVLHLQGHUKHUHLQEUHFKHQGHQ'XQNHOKHLWEHUVHKHQ 'DV*HOlQGHZXUGHLPPHUXQZHJVDPHU'LH%lXPHUFN WHQHQJHU]XVDPPHQXQGGDVGRUQLJH*HVWUSSZDUVWHOOHQ ZHLVHVRGLFKWGD.LPVLFKQXUPLW*HZDOWKLQGXUFK]ZlQ JHQNRQQWH'DV.UDFKHQXQG6SOLWWHUQGHUEUHFKHQGHQ =ZHLJHPXWHNLORPHWHUZHLW]XK|UHQVHLQ.LPV+DXWZDU ELQQHQNXU]HPEOXWLJXQG]HUVFKXQGHQ6HLQH8QLIRUPKLQJ LQ)HW]HQ 6FKOLHOLFKZXUGHGDV'RUQHQJHVWUSSXQGXUFKGULQJOLFK .LPEOLHEVWHKHQXQGVDKVLFKXQVFKOVVLJXP=XU/LQNHQ VFKLPPHUWHGLH2EHUIOlFKHHLQHVNOHLQHQ6HHVLP+DOENUHLV HLQJHUDKPWYRQGHUVFKZDU]HQ0DXHUGHV:DOGHV(LQ VFKPDOHU3IDGVFKLHQVLFKDQVHLQHP8IHUHQWODQJ]XVFKOlQ JHOQ$XIGHUDQGHUHQ6HLWHGHUVWLOOHQ:DVVHUIOlFKHJODXEWH .LPHLQHgIIQXQJ]ZLVFKHQGHQ%lXPHQ]XHUNHQQHQ(U lQGHUWHVHLQH5LFKWXQJNlPSIWHVLFKIOXFKHQGGXUFK*H VWUSSXQG]lKHLQHLQDQGHUYHUIORFKWHQH/XIWZXU]HOQXQG VWDQGHQGOLFKDP:DVVHU6FKZDFKHU0RGHUJHUXFKVWLHJ LKPLQGLH1DVH 6HLQ%OLFNZDQGHUWHQDFK:HVWHQ,PEOHLFKHQ0RQGOLFKW ZDUGDV6FKDWWHQJHELUJHGHXWOLFK]XHUNHQQHQHLQHJLJDQ

WLVFKHVFKZDU]H0DXHUGLHGLH:HOWZLHHLQXQEHUVWHLJED UHV.OLIIXPVFKORXQGELV]XGHQ6WHUQHQHPSRUUHLFKWH 'HU+LPPHOZDUZRONHQORVWURW]GHPNRQQWH.LPGLH*LS IHOQLFKWDXVQHKPHQ'LH%HUJHZDUHQHLQIDFK]XKRFK 'HU*HGDQNHGLHVH%HUJHEHUVWHLJHQ]XZROOHQNDPLKP PLWHLQHP0DOOlFKHUOLFKYRU 8QGGRFKPXWHHVHLQHQ:HJJHEHQ5HEHNNDKDWWHLKQ JHIXQGHQXQGDXFKHUZUGHLKQILQGHQ .LPXPUXQGHWHGHQ6HHXQGWDXFKWHZLHGHULQGHQ:DOG HLQ.HLQ/LFKWVWUDKOGUDQJYRQREHQGXUFKGLHYHUILO]WHQ %DXPNURQHQ1XUYRP6HHKHUVLFNHUWHHLQ6FKLPPHUGHV UHIOHNWLHUWHQ0RQGOLFKWVGXUFKGLH6WlPPHGDVLKQVHLQH 8PJHEXQJPHKUHUDKQHQDOVZLUNOLFKHUNHQQHQOLH'LH +lQGHZLHHLQ%OLQGHUYRUJHVWUHFNWWDVWHWHHUVLFKZHLWHU(U VWLHJHJHQHLQHQ%DXPULVLFKGLH:DQJHDXIXQGIKOWH HWZDV:HLFKHV:DUPHVXQG6FKOHLPLJHVXQWHUGHQ)LQJHUQ (WZDV'XQNOHV+DDULJHVXQGXQEHVFKUHLEOLFK+lOLFKHV KXVFKWHPLWOHLVHP4XLHNHQGDYRQ.LPVFKDXGHUWH(UZDU SO|W]OLFKJDQ]IURKVHLQH8PJHEXQJQLFKWLQDOOHQ(LQ]HO KHLWHQHUNHQQHQ]XN|QQHQ 'HU3IDGVFKOlQJHOWHVLFK]ZLVFKHQGHQ%lXPHQKLQGXUFK XQGHQGHWHVFKOLHOLFKZLHHLQ%DFKGHUVLFKLQHLQHQJU| HUHQ)OXHUJLHWDXIHLQHPEUHLWHQYRQ*UDVXQG0RRV EHUZXFKHUWHQ:DOGZHJ.LP]|JHUWHHLQHQ0RPHQW$XI GHP:HJZUGHHUZHVHQWOLFKVFKQHOOHUYRUZlUWVNRPPHQ DEHUHUZDUGRUWYROONRPPHQXQJHVFKW]W .XU]HQWVFKORVVHQWUDW.LPDXIGHQ:HJKHUDXVZDQGWH VLFKQDFK:HVWHQXQGPDUVFKLHUWHORV6HLQYHUOHW]WHU$UP VFKPHU]WHDEHUGDV*HKHQDXIGHPJODWWHQYRQ]ZHL5HL KHQVFKQXUJHUDGHU:DJHQVSXUHQGXUFK]RJHQHQ0RRVEH UHLWHWHLKPNHLQH6FKZLHULJNHLWHQPHKU (UZDUHWZD]HKQ0LQXWHQJHODXIHQDOVHUHLQ*HUlXVFK K|UWH(UEOLHEVWHKHQGUHKWHVLFKXPXQGVWUHQJWHGLH $XJHQDQ 'HUVFKZDU]H6FKDWWHQKREVLFKNDXPJHJHQGHQQDFKW GXQNOHQ+LQWHUJUXQGGHV:DOGHVDEXQGKlWWHQLFKWHLQ YHULUUWHU/LFKWVWUDKODXIGHP0HWDOOGHV3DQ]HUVJHJOLW]HUW

KlWWH.LPGLH*HIDKUZDKUVFKHLQOLFK]XVSlWHUNDQQW(U ZDUIVLFK]XU6HLWHEUDFKUFNVLFKWVORVGXUFKGDVGRUQLJH *HVWUSSXQGZlO]WHVLFKKLQWHUHLQHQ%DXP 'HUVFKZDU]H5HLWHUGRQQHUWHDQLKPYRUEHU'LHIOLHJHQ GHQ3IHUGHKXIHVFKLHQHQGHQ%RGHQGLFKWQHEHQLKPDXI]X UHLHQXQGIUHLQHQVFKUHFNOLFKHQ0RPHQWKDWWH.LPGDV *HIKOGLUHNWLQGLHVFKZDU]HQ$XJHQKLQWHUGHU*HVLFKWV PDVNH]XEOLFNHQ$EHUGHU5HLWHUMDJWHZHLWHURKQHVHLQ 3IHUGLPPLQGHVWHQ]X]JHOQ .LPDWPHWHHUOHLFKWHUWDXI'DVZDUNQDSSJHZHVHQ(LQH 6HNXQGH]XVSlWUHDJLHUWXQGGHU5LHVHKlWWHLKQJHUDGH ZHJVEHUGHQ+DXIHQJHULWWHQ $EHUGLH*HIDKUZDUNHLQHVZHJVJHEDQQW'HU%RGHQXQWHU LKPVFKLHQSO|W]OLFK]XYLEULHUHQ'XPSIHV7URPPHOQNQ GLJWHGDV1DKHQHLQHUJDQ]HQ5HLWHUHLDQ .LPKREYRUVLFKWLJGHQ.RSI )QIVLHEHQHLQ'XW]HQGRGHUPHKUVFKZDU]HVWDKOJH SDQ]HUWH5HLWHUJDORSSLHUWHQDXIGHP:HJGDKHU2IIHQ VLFKWOLFKZDUMHQHUHUVWH5HLWHUHLQ.XQGVFKDIWHUJHZHVHQ GHPMHW]WGHU+DXSWWUXSSIROJWH.LPVWHOOWHIHVWGDVLFK GLHVH$EWHLOXQJOlQJVWQLFKWVRUDVFKEHZHJWHZLHGHU9RU UHLWHU$XFKVLHJDORSSLHUWHQLQVWUHQJHP7HPSRDEHUVLH ]JHOWHQLPPHUZLHGHULKUH3IHUGHVWDUUWHQDXIPHUNVDP UHFKWVXQGOLQNVGHV:HJHVLQGHQ:DOGXQGVWRFKHUWHQPLW GHQVLFKHOI|UPLJHQ6SLW]HQLKUHU6SHHUHLQV*HEVFK 6LHVXFKHQPLFKGDFKWH.LP%RUDDVKDWWHHQGOLFKGLHULFK WLJHQ6FKOVVHJH]RJHQXQGZDKUVFKHLQOLFKVHLQHJDQ]H$U PHHORVJHVFKLFNWXPGLH:lOGHUXQG6PSIHULQJVXP 0RUJRQGXUFKVXFKHQ]XODVVHQ (UULFKWHWHVLFKYRUVLFKWLJDXI+lQGHXQG.QLHDXIXQG NURFKUFNZlUWVLQGHQ:DOGKLQHLQ (LQH+DQGEHUKUWHVHLQHQ)X]XFNWHHUVFKURFNHQ]XUFN XQGNODPPHUWHVLFKGDQQIHVWXPVHLQ*HOHQN .LPHUVWDUUWH ª.HLQHQ/DXW©]LVFKWHHLQH6WLPPHKLQWHULKPª'LH VFKZDU]HQ7HXIHOKDEHQ2KUHQZLHGLH/XFKVH:HQQGX QXUHLQHQ0XFNVPDFKVWKDEHQVLHXQV©

'LH+DQGO|VWHVLFKYRQVHLQHP)XJHOHQNXQGMHPDQG]RJ LKQXQVDQIWDXIGLH)H.LPKDWWHHLQHQIOFKWLJHQ(LQ GUXFNYRQHLQHUVFKPDOHQ*HVWDOWVWUlKQLJHP+DDUXQG GXQNOHQDXIPHUNVDPHQ$XJHQLQGHQHQHVKDOEVS|WWLVFK KDOEDQJVWYROODXIEOLW]WH ª.RPPMHW]W6FKQHOO© 6HLQ5HWWHUHUJULIIVHLQH+DQGXQGEHJDQQJHGXFNW]ZL VFKHQGHQ%lXPHQKLQGXUFK]XUHQQHQ.LPPXWHVLFKVHL QHP7HPSRDQSDVVHQREHUZROOWHRGHUQLFKW6LHGUDQJHQ LPPHUWLHIHULQGHQ:DOGHLQXQG.LPEHJDQQVLFK]XIUD JHQZLHVHLQ)KUHUEHUKDXSWQRFKHWZDVVHKHQNRQQWH(V ZDUVRILQVWHUGDHUGLH*HVWDOWYRUVLFKQXUDOVOLFKWHQ 6FKDWWHQZDKUQDKPGHULKQPLWWUDXPZDQGOHULVFKHU6LFKHU KHLWKLQWHUVLFKKHU]RJ 6FKOLHOLFKVFKLPPHUWHHVYRULKQHQKHOOGXUFKGLH%lXPH 1DFKZHQLJHQ6FKULWWHQVWDQGHQVLHDP8IHUHLQHVNOHLQHQ QLHUHQI|UPLJHQ6HHV(LQ6FKZDUP/LEHOOHQWDQ]WHLP 0RQGOLFKWEHUGHU:DVVHUREHUIOlFKHXQGVWREDXVHLQDQGHU DOV.LPXQGVHLQ)KUHUDXVGHP:DOGEUDFKHQ .LPOLHGHVVHQ+DQGORVXQGUDQJNHXFKHQGQDFK$WHP 'HUNXU]H/DXIKDWWHLKQYROONRPPHQHUVFK|SIW(UZROOWH HLQ:RUWGHV'DQNHVVDJHQYHUVFKOXFNWHVLFKXQGKXVWHWH VFKPHU]KDIW ª%LVWQLFKWJXWLQ)RUPZLH"© ª'RFK©VWLH.LP]ZLVFKHQ.HXFKHQXQG+XVWHQKHUYRU ª(VLVWQXU©(UJULQVWHª6WLPPW©VDJWHHUª,FKELQQLFKW JXWLQ)RUP$EHUGDVLVWHLQHODQJH*HVFKLFKWH© -HW]WHQGOLFKKDWWHHU*HOHJHQKHLWVHLQHQJHKHLPQLVYROOHQ 5HWWHUJHQDXHU]XEHWUDFKWHQ'HU%XUVFKHZDUNDXPJU| HUDOVHUVHOEVW/DQJHV+DDUKLQJLQQDVVHQ6WUlKQHQELVEHU VHLQH6FKXOWHUQKHUDEXQGVHLQH+DXWVFKLHQLPVLOEHUQHQ/LFKW GHV0RQGHVXQQDWUOLFKEODXQGIDUEORV(LQ]HUVFKOLVVHQHV VDFNlKQOLFKHV*HZDQGXPKOOWHVHLQHVFKPDOH*HVWDOWXQG OLHQXU$UPHXQG)HIUHL'HU$XVGUXFNDXIVHLQHP*HVLFKW ZDUHUQVWGRFKQLFKWXQIUHXQGOLFK ª:DVVWDUUVWGXPLFKVRDQ"©IUDJWHHUª+DVWGXQRFKQLH HLQHQDQGHUHQ-XQJHQJHVHKHQ"©

ª'RFK©DQWZRUWHWH.LPVWRFNHQGª$EHUQRFKQLHVRHLQHQ ZLHGLFKZHQQLFKHKUOLFKVHLQVROO© ª'DQNHJOHLFKIDOOV'XKDVWHLQHUHL]HQGH$UWGLFKGDIU]X EHGDQNHQGDLFKGLUGDV/HEHQJHUHWWHWKDEH© ª$EHUQHLQLFKPHLQHMD©DQWZRUWHWH.LPª(VLVWQXU HVZDUDOOHVHLQELFKHQYLHOXQG© ª(U]lKOHVPLUVSlWHU©XQWHUEUDFKLKQGHUDQGHUHª:LU PVVHQZHLWHU©(UGHXWHWHKDVWLJDXIGHQ:DOGKLQWHU.LPV 5FNHQª'LHVFKZDU]HQ7HXIHOVLQGQLFKWGXPP:HQQVLH KHUDXVILQGHQGDLFKGLFKJHUHWWHWKDEH©(UIXKUVLFK PLWHLQHUEH]HLFKQHQGHQ*HVWHEHUGHQ+DOV.LPKDWWHIU HLQHQ0RPHQWGHQ(LQGUXFN]ZLVFKHQVHLQHQ)LQJHUQ GQQHGXUFKVFKHLQHQGH6FKZLPPKlXWH]XHUNHQQHQ ª7URW]GHP©VDJWH.LPPLW1DFKGUXFNª,FKGDQNHGLU 2KQHGLFKVlHLFKMHW]WZDKUVFKHLQOLFKVFKRQZLHGHULQ%R UDDV .HUNHU0HLQ1DPHLVWEULJHQV.LP© ª,FKKHLH$GRPDW©VDJWHVHLQ/HEHQVUHWWHUª$EHUPHLQH )UHXQGHQHQQHQPLFKNXU]$GR+|UWVLFKDXFKQLFKWVRJH VFKZROOHQDQ8QGMHW]WNRPP:LUPVVHQZLUNOLFKZHL WHU©(UGUHKWHVLFKXPXQGYHUVFKZDQGPLWVFKQHOOHQ 6FKULWWHQLP'LFNLFKWVRGD.LPLKPQXUPLW0KHIROJHQ NRQQWH 6LHOLHIHQHLQH9LHUWHOVWXQGHODQJNUHX]XQGTXHUGXUFKGHQ :DOG.LPYHUORUVFKRQQDFKZHQLJHQ6FKULWWHQGLH2ULHQ WLHUXQJDEHULPPHUKLQPHUNWHHUGDVLHVLFKLQZHVWOLFKHU 5LFKWXQJEHZHJWHQ6LHGXUFKZDWHWHQHLQHQVFKODPPLJHQ %DFKJLQJHQHLQ6WFNDP8IHUHQWODQJXQGHUUHLFKWHQ VFKOLHOLFKZLHGHUHLQHQ6HH$GREHGHXWHWH.LPVWXPP VWHKHQ]XEOHLEHQPDFKWHVLFKHLQH=HLWODQJDQHLQHP%XVFK ]XVFKDIIHQXQGZLHVGDQQPLWHLQHUHLQODGHQGHQ*HVWHDXI HLQHQUXQGHQILQVWHUHQ6FKDFKWGHUGDUXQWHU]XP9RU VFKHLQJHNRPPHQZDU ª:LUVLQGGD© .LPVSlKWHLQGLH7LHIH(LQH5HLKHEUHLWHUDXVJHWUHWHQHU /HKPVWXIHQIKUWHQLQV'XQNHOKLQDE ª'RUWKLQXQWHU"©IUDJWHHU]ZHLIHOQG $GRQLFNWHª:DV%HVVHUHVNDQQLFKGLUOHLGHUQLFKWELHWHQ

$EHUZHQQGLU%XUJ0RUJRQOLHEHULVW©(U]XFNWHGLH $FKVHOQPXVWHUWH.LPPLWHLQHPVS|WWLVFKHQ%OLFNXQG ZDUZHJ .LPEHHLOWHVLFKLKP]XIROJHQ'LH7UHSSHIKUWHHLQSDDU 0HWHUJHUDGHKLQDEPDFKWHGDQQHLQHQVFKDUIHQ.QLFN QDFKUHFKWVXQGHQGHWHLQHLQHUXQWHULUGLVFKHQ+|KOH$GR KDQWLHUWHHLQH:HLOHLP'XQNHOQKHUXPXQGHQW]QGHWH VFKOLHOLFKHLQH)DFNHO .LPEOLQ]HOWHLQGDVSO|W]OLFKHJUHOOH/LFKW ª6HW]GLFK©VDJWH$GRª'XPXWPGHVHLQ,FKZLOOVHKHQ RELFKHWZDV]XHVVHQIUGLFKILQGH©(UGHXWHWHDXIHLQHQ QLHGULJHQ7LVFKXPGHQVLFKHLQH$Q]DKOVFKPDOHU6FKHPHO JUXSSLHUWHXQGYHUVFKZDQGGDQQLQHLQHPDQJUHQ]HQGHQ 5DXP.LPK|UWHLKQPLW7|SIHQXQG*HVFKLUUNODSSHUQ(U VHW]WHVLFKVWW]WHGLH(OOERJHQDXIGHU7LVFKSODWWHDXIXQG VDKVLFKQHXJLHULJXP9LHOJDEHVQLFKW]XHQWGHFNHQ'LH +|KOHZDUYLHOOHLFKW]HKQ]Z|OI0HWHUJUR:lQGH 'HFNHXQG)XERGHQEHVWDQGHQDXV/HKPGHUYRQGXQNOHQ :XU]HOVWUlQJHQGXUFK]RJHQZDU$XHUGHP7LVFKDQGHP HUVDJDEHVQRFKHLQHVFKZHUHHLVHQEHVFKODJHQH7UXKH XQGGUHLQLHGULJHQLFKWVHKUEHTXHPDXVVHKHQGH%HWWHQ $GRV5FNNHKUXQWHUEUDFKVHLQH%HWUDFKWXQJHQ.LPJULII GDQNEDUQDFKGHU6FKDOHPLWNDOWHU6XSSHXQGGHPIHXFKWHQ %URWXQGVFKODQJEHLGHVJLHULJLQVLFKKLQHLQ$GREHWUDFK WHWHLKQEHOXVWLJWVFKZLHJMHGRFKK|IOLFKELV.LPIHUWLJZDU XQGGHQOHW]WHQ%URWNUPHOYRP7LVFKDXIODV ª'XPXWJDQ]VFK|QKXQJULJJHZHVHQVHLQ©VDJWHHU ª'DVNDQQPDQZRKOVDJHQ©JULQVWH.LP(UOHKQWHVLFK]X UFNVRZHLWGDVDXIGHPXQEHTXHPHQ+RFNHUP|JOLFKZDU XQGIUDJWHª:DUXPKDVWGXPLUJHKROIHQ"© $GR]|JHUWHHLQHQ0RPHQW(UWURPPHOWHPLWGHQ)LQJHUQ DXIGHU7LVFKSODWWHXQG.LPVDKQXQGDHUVLFKQLFKWJH WlXVFKWKDWWH=ZLVFKHQ$GRV)LQJHUQVSDQQWHQVLFKWDWVlFK OLFKKDXFKIHLQHGXUFKVFKHLQHQGH6FKZLPPKlXWH -HW]WZRHU$GRJHQDXHUEHWUDFKWHWHILHOHQLKPQRFKPHKU %HVRQGHUKHLWHQDXI$GRV+DXWZDUKHOOIDVWZHLXQGMH QDFKGHPZLHGDV/LFKWGDUDXIILHOVFKLPPHUWHQKHOOH

6FKXSSHQDXILKU6HLQH$XJHQOLGHUZDUHQGXUFKVLFKWLJZLH GLHYRQ)LVFKHQXQGVHLQ+DDUZDUNHLQ+DDUVRQGHUQHW ZDVZDVPDQYLHOOHLFKWDOVIHLQHQ7DQJEH]HLFKQHQNRQQWH (UKDWWHNHLQH)LQJHUQlJHOXQGDQVHLQHP+DOVEHIDQGHQ VLFK]ZHL5HLKHQGQQHUSDUDOOHOYHUODXIHQGHU1DUEHQDOV ZlUHQGRUWIUKHUHLQPDO.LHPHQJHZHVHQ 3O|W]OLFKZXUGHLKPEHZXWGDHU$GRDQVWDUUWH(U VHQNWHEHWUHWHQGHQ%OLFN $GRJULQVWHª,FKNRPPHGLUZRKONRPLVFKYRUZLH"©(U ODFKWHOHLVHXQGPDFKWHHLQHZHJZHUIHQGH+DQGEHZHJXQJ ª'DQQZDUWHHUVWPDOELVGXPHLQHQ9DWHUVLHKVW© ª'HLQHQ9DWHU"© $GRQLFNWHª*ODXEVWGXGDLFKDOOHLQKLHUZRKQH"©IUDJWH HU ª:RVLQGGHLQH(OWHUQ"© ª$XVJHJDQJHQ©HUZLGHUWH$GRDXVZHLFKHQGª9DWHULVW QDFKWVQLHKLHU(UNRPPWHUVWJHJHQ0RUJHQZHQQGLH 6RQQHDXIJHKW,FKEULJHQVQRUPDOHUZHLVHDXFK:LUVFKOD IHQWDJVEHUZHLWGX:HQQGDVQLFKWVRZlUHKlWWHLFK GLFKNDXPUHWWHQN|QQHQ© .LPQLFNWHª,FKNDQQGLUJDUQLFKWJHQXJGDIUGDQNHQ $EHUGXKDVWPLUQRFKLPPHUQLFKWJHVDJWZDUXPGXHVJH WDQKDVW© ª,FKPDJGLH6FKZDU]HQQLFKW©DQWZRUWHWH$GRJOHLFKP WLJ ª$EHUHVZDUJHIlKUOLFK© ª:LHVRZDU"'LH6FKZDU]HQZHUGHQGHQ:DOGXPJUDEHQ ZHQQVLHGLFKQLFKWILQGHQ$EHUPDFKGLUNHLQH6RUJHQ +LHUELVWGXLQ6LFKHUKHLW6LHNRPPHQQLHKLHUKHU-HGHQ IDOOV©IJWHHUQDFKHLQHUNXU]HQ3DXVHKLQ]XªELVMHW]W QLFKW©(U]XFNWHGLH$FKVHOQJlKQWHXQJHQLHUWXQGEHXJWH VLFKHWZDVYRU.LPEHPHUNWHGDHUHLQELFKHQQDFKDE JHVWDQGHQHP:DVVHUURFK ª,KUOHEWLPPHUKLHU"©IUDJWHHUª'XXQGGHLQ9DWHU"© $GRQLFNWHª-D)UKHUZDU0XWWHUQRFKEHLXQV$EHUGDV LVWODQJHKHU© ª,VWVLHJHVWRUEHQ"©IUDJWH.LP

$GRV*HVLFKWQDKPHLQHQKDUWHQ=XJDQXQGHLQHLJHQDUWL JHU$XVGUXFNWUDWLQVHLQH$XJHQª1HLQ©VDJWHHUVFKRQ ZLHGHUJHIDWª6LHLVWQLFKWJHVWRUEHQ'LH6FKZDU]HQKD EHQVLHJHKROW$EHUGDVLVWODQJHKHU,FKNDQQPLFKJDU QLFKWPHKUGDUDQHULQQHUQ,FKZDUQRFK]XNOHLQ9DWHUKDW HVPLUHU]lKOW© ª:HULVWGHLQ9DWHU"© $GROlFKHOWHª0HLQ9DWHUHEHQZHUVRQVW":HQQGXZLVVHQ ZLOOVWZDVHULVWIUDJLKQVHOEVW© .LPIKOWHVLFKXQEHKDJOLFK(UPHUNWHGDHUHLQ7KHPD DQJHVFKQLWWHQKDWWHEHUGDV$GRQLFKWJHUQHUHGHWH ª,FKKRIIHGXEHNRPPVWNHLQHQ$UJHUZHQQGHLQ9DWHUHU IlKUWZDVGXJHWDQKDVW©VDJWHHUEHVRUJW $GRVFKWWHOWHHQHUJLVFKGHQ.RSIª%HVWLPPWQLFKW9DWHU PDJGLH6FKZDU]HQJHQDXVRZHQLJZLHLFK$EHUMHW]W P|FKWHLFKHWZDVYRQGLUZLVVHQ:HUELVWGXXQGZR NRPPVWGXKHU"-HPDQGHQZLHGLFKKDEHLFKKLHUQRFKQLH JHVHKHQ© .LPEHDQWZRUWHWHJHKRUVDPDOOH)UDJHQGLH$GRLKP VWHOOWH(VZDUHQLKUHUQLFKWZHQLJH$GRV1HXJLHUVFKLHQ XQHUVlWWOLFK(UOLHLKQNDXPHLQHQ6DW]]X(QGHVSUHFKHQ RKQHLKQZLHGHUKROW]XXQWHUEUHFKHQVWHOOWH=ZLVFKHQIUDJHQ XQGHUNXQGLJWHVLFKQDFKMHGHU.OHLQLJNHLW'DEHLEUDQQWH .LPVHOEVWGDUDXIVHLQHQ*DVWJHEHUDXV]XIUDJHQ(UKDWWH QRFKQLHHLQ:HVHQZLH$GRJHVHKHQXQGQDFKDOOHPZDV LKP%RUDDVXQG7KHPLVWRNOHVEHUGDV5HLFKGHU6FKDWWHQ HU]lKOWKDWWHQEHUUDVFKWHLKQ$GRV([LVWHQ]GRSSHOW$EHU HUJHGXOGHWHVLFK,PPHUKLQKDWWH$GRLKPGDV/HEHQJHUHW WHWXQGGDEHLVHLQHLJHQHVLQ*HIDKUJHEUDFKW 6FKOLHOLFKQDFK6WXQGHQZLHHVLKPYRUNDPKDWWHHUVHLQH *HVFKLFKWHELV]XGHP3XQNWHU]lKOWZR$GRDXIJHWDXFKW ZDU(UVFK|SIWKLHOWHULQQHIXKUVLFKPLWGHU+DQGEHUGLH $XJHQXQGJlKQWH ª'XELVWPGH©VDJWH$GRVFKXOGEHZXWª,FKKlWWHGLFK QLFKWVRODQJHPLW)UDJHQTXlOHQGUIHQ'LH)OXFKWDXV 0RUJRQPXGLFKVHKUPLWJHQRPPHQKDEHQ© .LPQLFNWH(UNRQQWHVLFKYRU0GLJNHLWNDXPQRFKDXI

UHFKWKDOWHQ(VZDUMHGRFKHLQHDQJHQHKPH0GLJNHLW 6HKQVFKWLJVFKLHOWHHUQDFKGHP%HWWKLQEHU ª:HQQGXZLOOVWNDQQVWGXGLFKKLQOHJHQXQGVFKODIHQ© VDJWH$GRª,FKZHUGHDXISDVVHQELV©(UEOLFNWH]XP (LQJDQJXQGODXVFKWHª9DWHUNRPPW©VDJWHHUGDQQ .LPIROJWHYHUZXQGHUWVHLQHP%OLFN(UNRQQWHEHLPEHVWHQ :LOOHQQLFKWVK|UHQ'RFK$GRKDWWHVLFKQLFKWJHWlXVFKW (LQ6FKDWWHQHUVFKLHQLP(LQJDQJGDQQVFKREVLFKHLQH JURHEUHLWVFKXOWULJH*HVWDOWLQGLH+|KOH$GRVSUDQJDXI XQGHLOWHVHLQHP9DWHUHQWJHJHQ.LPHUKREVLFKHEHQIDOOV XQGGHXWHWHHLQH]DJKDIWH9HUEHXJXQJDQ $GRKDWWHQLFKWEHUWULHEHQ6HLQ9DWHUZDUZLUNOLFKVHKU VHKUVHOWVDP(UZDUDOWVHKUDOWXQGHUJLQJJHEHXJWDOV WUJHHUHLQHXQVLFKWEDUHVFKZHUH/DVWDXIGHQ6FKXOWHUQ 'RFKPDQVDKLKPDQGDHUIUKHUHLQPDOHLQHLPSRQLH UHQGH(UVFKHLQXQJJHZHVHQVHLQPXWH6HLQ*HVLFKWZDU VFKPDOXQGYRQVFKDUIHQ)DOWHQGXUFK]RJHQXQGDXIGHP .RSIWUXJHUHLQHYHUEHXOWHIOHFNLJH.URQHZLHHLQ9HUVDW] VWFNDXVGHP.LQGHUWKHDWHU$EHUVLHZLUNWHEHLLKPQLFKW OlFKHUOLFKVRQGHUQLUJHQGZLHWUDXULJIDQG.LP $GRV9DWHUZDUIVHLQHP6RKQHLQHQIUDJHQGHQ%OLFN]XXQG WUDW.LPHLQHQ6FKULWWHQWJHJHQ ª%HVXFK©VWHOOWHHUIHVW8QGGDQQPLWHLQHP6WLUQUXQ]HOQ ª'XELVWGHUGHQVLHVXFKHQ© .LPEHJDQQVLFKXQZRKO]XIKOHQ1DFKGHP*HVSUlFK PLW$GRKDWWHHUHLQHDQGHUH%HJUXQJHUZDUWHW ª-D©VDJWHHUXQVLFKHUª,FKIUFKWHMD,FKELQPHLQ 1DPHLVW.LP.LP/DUVVHQ© ª.LP/DUVVHQ©ZLHGHUKROWH$GRV9DWHUQDFKGHQNOLFKª,FK ELQGHU©(U]|JHUWHNXU]XQGVHW]WHGDQQELWWHUKLQ]X ª'HU7PSHON|QLJ8QGLFKYHUPXWHGD$GRGLFKKLHU KHUJHEUDFKWKDW© .LPQLFNWH7PSHON|QLJ(LQVHOWVDPHU1DPH8QG GRFKDXFKZLHGHUSDVVHQGDXIHLQHVHOWVDPHVFKZHU]XEH VFKUHLEHQGH$UW $GRNRQQWHVHLQH=XQJHQLFKWOlQJHULP=DXPKDOWHQXQG VSUXGHOWHKHUDXVZDVJHVFKHKHQZDU6HLQ9DWHUK|UWHLKP

VFKZHLJHQG]XQLFNWHGDQQHLQSDDUPDOPLWGHP.RSIXQG JLQJPLWVFKOXUIHQGHQ6FKULWWHQ]XP7LVFK.LPEHPHUNWH GDVHLQH)HNOHLQHIHXFKWH6SXUHQDXIGHP/HKPERGHQ KLQWHUOLHHQ ª'HVKDOEDOVRGLH$XIUHJXQJ©PXUPHOWHHUª,FKELQIUKHU QDFK+DXVHJHNRPPHQZHLOLFKPLUQLFKWHUNOlUHQNRQQWH ZDVSDVVLHUWLVW'LH6FKZDU]HQGXUFKVXFKHQGHQJDQ]HQ :DOG©(UEOLFNWHVHLQHQ6RKQGXUFKGULQJHQGDQª(VZDU QLFKWVHKUNOXJYRQGLULKQKLHUKHU]XEULQJHQ$GR©VDJWH HUª:HQQHUGLH:DKUKHLWVSULFKWXQGZLUNOLFKDXV0RUJRQ HQWNRPPHQLVW© ª(VLVWGLH:DKUKHLW©EHJHKUWH.LPDXI ª'DQQZLUG%RUDDVQLFKWHKHUUXKHQ©IXKUGHU7PSHON| QLJIRUWªDOVELVHULKQZLHGHUHLQJHIDQJHQKDW1RFKQLH PDQGHPLVWHVJHOXQJHQ%RUDDVGHUDUWDQGHU1DVHKHUXP ]XIKUHQ©(UIXKUVLFKPLWGHQ)LQJHUQGXUFKVHLQHQODQ JHQQDVVHQ%DUWXQGVHXI]WHª'XZLUVWQLFKWKLHUEOHLEHQ N|QQHQ-XQJH©VDJWHHU ª$EHU9DWHU©ULHI$GRHUVFKURFNHQª'XZLOOVWLKQGRFK QLFKWZHJMDJHQ© ª1DWUOLFKQLFKW$EHUGLH6FKZDU]HQZHUGHQKLHUKHUNRP PHQ:HQQQLFKWKHXWHGDQQPRUJHQ© ª:LUN|QQWHQLKQYHUVWHFNHQ©YHUVXFKWHHV$GRQRFKHLQ PDO ª6LFKHU)UVHUVWH$EHU%RUDDVZUGHQLFKWDXIJHEHQ)U KHURGHUVSlWHUZUGHHULKQHQWGHFNHQ©(UVFKWWHOWHGHQ .RSIª1HLQ(UNDQQKLHUQLFKWEOHLEHQ© .LPQLFNWHPGHª,FKP|FKWH,KQHQNHLQH6FKZLHULJNHLWHQ EHUHLWHQ©VDJWHHUQLHGHUJHVFKODJHQ ª(VJHKWQLFKWXPPLFK.LP©DQWZRUWHWHGHU7PSHON| QLJª'XELVWHVGHULQ*HIDKULVW$EHU©DXVVHLQHU6WLPPH VSUDFK0LWJHIKOªDEHULFKVHKHHLQGDGXDP(QGHGHLQHU .UlIWHELVW(LQHQ7DJPDJVWGXKLHUEOHLEHQXQGGLFKDXVUX KHQ0RUJHQDEHQGZHUGHLFKGLFK]XP5DQGGHV:DOGHV EHJOHLWHQ© .LPVHXI]WHGDQNEDU1DFKDOOHPZDVHUGXUFKJHPDFKW KDWWHZDUHLQH1DFKW6FKODILQHLQHPULFKWLJHQ%HWWHLQHSD

UDGLHVLVFKH$XVVLFKW$POLHEVWHQKlWWHHUVLFKVRIRUWKLQHLQ JHOHJWDEHUGHU7PSHON|QLJZDUQRFKQLFKWIHUWLJ ª=XHUVWZLOOLFKPLUGHLQHQ$UPDQVHKHQ© .LPVWUHLIWHJHKRUVDPGHQbUPHOKRFK(UELGLH=lKQH ]XVDPPHQDOVGHU7PSHON|QLJGLH:XQGHXQWHUVXFKWH XQGVFKOLHOLFKEHKXWVDPPLWGHQ)LQJHUQGDUEHUVWULFK(V WDWZHKDEHUQXUIUHLQHQ$XJHQEOLFN'DQQJHVFKDKGDV JOHLFKHZDV.LPVFKRQHLQPDOEHL%DURQ.DUWHUOHEWKDWWH (LQNKOHVWDXEHV*HIKOEUHLWHWHVLFKLQVHLQHP$UPDXV XQGGHU6FKPHU]ZDUZLHZHJJHEODVHQ$GRKROWHHLQH +RO]VFKDOHPLW9HUEDQGV]HXJKHUEHLXQGVHLQ9DWHUYHU VRUJWH.LPV$UPPLWHLQHUDQV:XQGHUEDUHJUHQ]HQGHQ*H VFKLFNOLFKNHLWGLHHLQHQ$U]WKlWWHYRU1HLGHUEODVVHQODV VHQ2IIHQVLFKWOLFKYHUIJWHQGLH%HZRKQHUGLHVHV/DQGHV EHUXQJHZ|KQOLFKH)lKLJNHLWHQGLHLQ.LPV+HLPDWQD KH]XXQEHNDQQWZDUHQ .LPIUDJWHGHQ7PSHON|QLJGDQDFK'RFKGLHVHUVFKW WHOWHEHWUEWGHQ.RSIª)UGLFKPDJGDVDOOHVQHXXQGYHU ZXQGHUOLFKVHLQ©VDJWHHUª$EHUHVLVWQLFKWVGDJHJHQZLH HVZDUEHYRU%RUDDVNDP© .LPNRQQWHPLWGLHVHU$QWZRUWQLFKWYLHODQIDQJHQGRFKHU ZDU]XPGHXPZHLWHUH)UDJHQ]XVWHOOHQ(UNOHWWHUWHLQV %HWWXQGZDUHLQJHVFKODIHQQRFKHKHHUVLFKULFKWLJDXVJH VWUHFNWKDWWH $OV$GRLKQZHFNWHILHOJROGHQHV6RQQHQOLFKWGXUFKGHQ +|KOHQHLQJDQJXQGLQGHU/XIWODJGHU*HUXFKQDFKJHEUD WHQHP)LVFK .LPULHEVLFKGLH$XJHQXQGVFKQXSSHUWH ª'XKDVWULFKWLJJHUDWHQ©JULQVWH$GRª'DV(VVHQLVWIHUWLJ $XHUGHPLVWHVK|FKVWH=HLW]XP$XIVWHKHQ© ª:LUNOLFK"©IUDJWH.LPZlKUHQGHUXQZLOOLJQDFKVHLQHQ 6DFKHQDQJHOWH-HPDQGKDWWHVLHVlXEHUOLFK]XVDPPHQJHIDO WHWXQGEHUHLQHQ6FKHPHOQHEHQGHP%HWWJHOHJW6RJDU GHU5LLUQUHFKWHQ-DFNHQlUPHOZDUJHIOLFNWª:LHVSlWLVW HVGHQQ"© ª6HKUVSlW©DQWZRUWHWH$GRªRGHUVHKUIUKNRPPWGUDXI

DQYRQZHOFKHP6WDQGSXQNWPDQHVEHWUDFKWHW'XKDVWIDVW GHQJDQ]HQ7DJYHUVFKODIHQ'LH6RQQHJHKWVFKRQEDOG ZLHGHUXQWHU© .LPZDUPLWHLQHP6DW]DXVGHP%HWW(UIKOWHVLFKDXVJH UXKWXQGEHUHLWIUQHXH7DWHQ ª'DQQPXLFKMHW]WZRKOYHUVFKZLQGHQ©VDJWHHU $GRVFKWWHOWHGHQ.RSIª,ZR=XHUVWHLQPDOZLUGJHJHV VHQ8QGGDQQ]HLJHLFKGLUXQVHU5HLFK:LUKDEHQVHKUVHO WHQMHPDQGHQ]X%HVXFKZHLWGX8PHKUOLFK]XVHLQ© IJWHHUEHWUEWKLQ]XªVRJXWZLHQLH© ª(XHU5HLFK"+DVWGX5HLFKJHVDJW"© ª-D0HLQ9DWHUKDWNHLQHQ:LW]JHPDFKW(ULVWZLUNOLFK .|QLJ© .LPJULQVWHª'DQQELVWGXZRKOHLQULFKWLJHU3ULQ]ZLH"© (UPHUNWHVRIRUWGDHUHWZDV'XPPHVJHVDJWKDWWH,Q $GRV$XJHQEOLW]WHHV]RUQLJXQGVHLQH6WLPPHNODQJXP HLQH6SXUVFKlUIHUDOVHUDQWZRUWHWHª'DVELQLFKDOOHUGLQJV .LP9LHOOHLFKWVHKHLFKQLFKWVRDXVXQGYLHOOHLFKWVLHKW9D WHUDXFKQLFKWVRDXVZLHPDQVLFKEHLHXFKHLQHQ.|QLJ YRUVWHOOW$EHUHULVWMDDXFKQXUHLQ7PSHON|QLJ© ª(QWVFKXOGLJH©VDJWH.LPªLFK© ª6FKRQJXW©$GRVFKQLHIWHXQGZLVFKWHVLFKPLWGHP+DQG UFNHQEHUGLH1DVH(UVDK.LPDXVVHLQHQJURHQILVFK lKQOLFKHQ$XJHQDQXQG]RJHLQH*ULPDVVHª'XNRQQWHVW HVQLFKWZLVVHQ.RPPMHW]W'DV(VVHQZLUGNDOW© 6LHJLQJHQ]XP7LVFK$GRKDWWH7HOOHUXQGK|O]HUQHV%H VWHFNKHUJHULFKWHW(VJDEUHLFKOLFKJHEUDWHQHQ)LVFKGD]X HLQHQXQDSSHWLWOLFKDXVVHKHQGHQDEHUN|VWOLFKVFKPHFNHQ GHQ%UHLXQGHLQKHLHV*HWUlQNGDVZLH7HHDXVVDKZLH .DIIHHURFKXQGQDFK.DNDRVFKPHFNWH.LPDPLWJUR HP$SSHWLWXQG$GRNRQQWHEHUGLH0HQJHQGLHHUYHU GUFNWHQXUVWDXQHQ$EHUVFKOLHOLFKKDWWH.LPPHKUDOV HLQHKDOEH:RFKHYRQ:DVVHUXQG%URWJHOHEWXQGGLH 0DKO]HLWYRPYHUJDQJHQHQ$EHQGKDWWHJHUDGHJHUHLFKW GHQlUJVWHQ+XQJHU]XVWLOOHQ ª9RUKLQZDUHLQ6FKZDU]HUKLHU©VDJWH$GRQDFKHLQHU :HLOH

.LPZDUVRHUVFKURFNHQGDLKPEXFKVWlEOLFKGHU%LVVHQ LP+DOVVWHFNHQEOLHE ª+LHU"©IUDJWHHUDOVZROOWHHUHVQLFKWJODXEHQ $GRQLFNWHª-D(UKDWQDFKGLUJHIUDJW1LFKWGLUHNWDEHU HUKDWJHIUDJWREZLUMHPDQGHQJHVHKHQKDEHQXQGHUNDQQ QXUGLFKJHPHLQWKDEHQ'DVJDQ]H/DQGVFKHLQWLQ$XIUXKU ]XVHLQGHLQHWZHJHQ©(UEUDFKHLQ6WFN%URWDEELKLQ HLQXQGNLFKHUWHª9DWHUVDJWHUKDEHVHOWHQHLQHQ6FKZDU ]HQVRDXIJHUHJWJHVHKHQ%RUDDVPXMDY|OOLJDXHUVLFK VHLQ-HGHQIDOOVZLVVHQZLUMHW]WGDGXGLH:DKUKHLWJHVDJW KDVW© .LPQLFNWHª,KUKDEWPLUQLFKWJHJODXEW© ª1HLQ©VDJWH$GRUXKLJª:HLWGXGHQQQLFKWGDQRFK QLHLUJHQGMHPDQGDXV0RUJRQHQWNRPPHQLVW"© ª'RFK©.LPQLFNWHZLHGHU*HVWHUQZDUHUYLHO]XHUVFK|SIW JHZHVHQXPEHUDOOHVQDFK]XGHQNHQ$EHUMHW]WHUVFKLHQ LKPVHLQH)OXFKWVHOEVWXQJODXEOLFKª9LHOOHLFKWKDWHUPLFK XQWHUVFKlW]W©IJWHHURKQHUHFKWHhEHU]HXJXQJKLQ]X $GRDQWZRUWHWHQLFKWGDUDXI 6LHDHQVFKZHLJHQG]X(QGH'DQQUlXPWH$GRGDV*H VFKLUUIRUWYHUJHZLVVHUWHVLFKGDGDV)HXHUKHUXQWHUJH EUDQQWZDUXQGJLQJ]XP$XVJDQJ.LPIROJWHLKP $GRKDWWHQLFKWEHUWULHEHQ'HU7DJQHLJWHVLFKEHUHLWVGHP $EHQG]XDEHUGLH6RQQHVWDQGQRFKHLQHJXWH+DQGEUHLW EHUGHQ%DXPZLSIHOQHVZUGHQRFKHLQH6WXQGHRGHUOlQ JHUGDXHUQHKHVLHXQWHUJLQJ'HU:DOGZLUNWHMHW]WEHL 7DJHVOLFKWQLFKWPHKUVRXQKHLPOLFKZLHLQGHUYHUJDQJH QHQ1DFKW'LHVWLOOH2EHUIOlFKHGHV6HHVVFKLPPHUWHLQGHU 1DFKPLWWDJVVRQQHZLHJHVFKPRO]HQHV*ROGXQG]ZLVFKHQ GHQJUDXJUQHQ%lXPHQOXJWHQVRJDUYHUHLQ]HOWHEODVVH %OXPHQKHUYRU .LPJLQJGLHSDDU6FKULWWHELV]XP6HHXQGKRFNWHVLFKDP 8IHUQLHGHU$GRVWUHLIWHVHLQ*HZDQGDEXQGVSUDQJLQ HLQHPHOHJDQWHQ%RJHQLQV:DVVHU/XIWEODVHQVSUXGHOWHQ HPSRUXQGIUHLQHQ0RPHQWZDUVHLQ.|USHUZLHGHU/HLE HLQHVULHVLJHQVLOEHUQHQ)LVFKHVLPNODUHQ:DVVHU]XVHKHQ 'DQQZDUHUYHUVFKZXQGHQ

(UEOLHEVHKUODQJHXQWHU:DVVHUXQGWDXFKWHVFKOLHOLFK ZHLWGUEHQDXIGHUDQGHUHQ6HLWHGHV6HHVZLHGHUDXI.LP KlWWHQLHLP/HEHQVRZHLWWDXFKHQN|QQHQRKQHGD]ZL VFKHQ/XIW]XKROHQ .LPZXUGHQLFKWPGH$GR]XEHREDFKWHQ(UVFKRGDKLQ ZLHHLQ3IHLOWDXFKWHXQWHUVFKQHOOWHVLFKLPKRKHQ%RJHQ HPSRUXQGVFKOXJ3XU]HOElXPHLQGHU/XIWGDHV.LPIDVW GHQ$WHPYHUVFKOXJ(UEHJULIISO|W]OLFKGDGLHV$GRV ZDKUHV(OHPHQWZDU 6FKOLHOLFKVFKZDPP$GRPLWHLQLJHQNUlIWLJHQ=JHQ]XP 8IHUVWLHJKHUDXVXQGVFKOSIWHLQVHLQ.OHLG'DV+DDU KLQJLKPQDELVDXIGHQ5FNHQKLQXQWHU ª'DVKDWJXWJHWDQ©VDJWHHU6HLQ$WHPJLQJVRUXKLJDOV NlPHHUYRQHLQHPJHPWOLFKHQ6SD]LHUJDQJ]XUFNª,FK EDGHVHOWHQGHV7DJHVZHLWGX8QGZDVLVWPLWGLU"© .LPVWUHFNWHYRUVLFKWLJGHQJURHQ=HKLQV:DVVHUXQG VFKWWHOWHVLFK(VZDUHLVLJª1HLQGDQNH©VDJWHHU ª6FKZLPPHQGLH/HXWHGRUWZRGXKHUNRPPVWQLFKW"© IUDJWH$GR ª'RFK$EHUQLFKWEHLGLHVHU.lOWH8QGOlQJVWQLFKWVRJXW ZLHGX$XHUGHPJLEWHVEHLXQVQLFKWYLHOHVRVFK|QH 3OlW]HZLHGLHVHQ© $GRKRFNWHVLFKQHEHQ.LP]XSIWHHLQHQ*UDVKDOPDEXQG VWULFKVLFKGDPLWEHUGLH1DVH ª6FK|Q"©VDJWHHUª+LHULVWHVQLFKWVFK|Q© .LPVDKLKQYHUZLUUWDQª0LUJHIlOOWHVKLHU©VDJWHHU ª,FK© ª(VLVWQLFKWVFK|Q©EHKDUUWH$GRª(VLVWVFKRQDQJHNUlQ NHOW'XNDQQVWHVQRFKQLFKWVHKHQDEHULFKNHQQHGLH$Q ]HLFKHQJHQDX'DV:DVVHUYHUIDXOWODQJVDPDEHUVLFKHU XQGGHU:DOGVWLUEWMHGHQ7DJHLQ6WFNFKHQPHKU'HU5H JHQYHUEUHQQWGHQ%RGHQXQGZDVHUEULJOlWZLUGYRP 1HEHOHUVWLFNW©(UVSXFNWHDXVEXGGHOWHPLWGHQ)LQJHUQLP 8IHUVDQGXQGZDUIHLQH+DQGYROOLQV:DVVHUª)UKHUHLQ PDOZDUHVKLHUVFK|Q©IXKUHUQDFKHLQHU:HLOHOHLVHIRUW ª(KH%RUDDVNDP© .LPZXUGHKHOOK|ULJª(KH%RUDDVNDP"©IUDJWHHUª6ROO

GDVYLHOOHLFKWKHLHQGD%RUDDVQLFKWLPPHUKLHUJH KHUUVFKWKDW"© $GRVFKWWHOWHGHQ.RSIª1HLQ%RUDDVKDWGLUVHLQ5HLFK JH]HLJWQLFKW"© .LPQLFNWH(UKDWWHYRPK|FKVWHQ7XUP0RUJRQVHLQHQ %OLFNDXIGLHVHVJUDXHJHGXFNWH/DQGJHZRUIHQXQGGLH(U LQQHUXQJGDUDQVDLKPQRFKLPPHUZLHHLQNDOWHU6FKUHFN LQGHQ.QRFKHQ ª'LHVHV/DQGZDUQLFKWLPPHUVR©IXKU$GRIRUWª)UKHU ZDUKLHUDOOHVDQGHUV'DV:DVVHUZDUVDXEHUXQGNODUXQG LQGHQ:lOGHUQOHEWHQ7LHUHXQG(OIHQ0DQNRQQWHQDFKWV 6SD]LHUHQJHKHQRKQH$QJVWKDEHQ]XPVVHQ8QGHVJDE NHLQH6FKZDU]HQ$XFKGLH%XUJ0RUJRQJDEHVQLFKW8QG PHLQ9DWHU©(UEUDFKDEXQGEDOOWHGLH)lXVWH ª'HLQ9DWHUZDUQLFKWLPPHU7PSHON|QLJQLFKWZDKU"© ª1HLQ(UZDUHLQVFK|QHUVWUDKOHQGHU6HHN|QLJXQG0XW WHUZDUHLQHZXQGHUVFK|QH6HHN|QLJLQ6LHXQGDOOLKUH%U GHUXQG6FKZHVWHUQOHEWHQJOFNOLFKXQGLQ)ULHGHQ6LHDOOH ZDUHQ.|QLJHXQGGRFKZDUHQVLHHVQLFKW© ª'DVYHUVWHKHLFKQLFKW© $GROlFKHOWHª,FKELQGHUOHW]WHDXVGHP*HVFKOHFKWGHU 6HHN|QLJH©HUNOlUWHHUª1DFKPLUZLUGHVNHLQHPHKUJH EHQ$EHUIUKHUJDEHVYLHOH-HGHUYRQLKQHQZDUHLQ.| QLJGRFKHVJDEQLHPDQGHQGHUEHKHUUVFKWZXUGHZHLODOOH DQGHUHQDXFK.|QLJHZDUHQ©6HLQH6WLPPHZXUGHELWWHU ª$EHUGDQQNDP%RUDDVXQGDOOHVZXUGHDQGHUV'LH:lO GHUYHUGDUEHQGLH6HHQWURFNQHWHQDXVXQGZXUGHQ]X VFKODPPLJHQ7PSHOQXQGZHUQLFKWYRU%RUDDVXQGVHLQHQ VFKZDU]HQ5HLWHUQJHIORKHQZDUYHUVFKZDQGIUKHURGHU VSlWHULQVHLQHQ.HUNHUQ©(UVFKOXFNWHXQGLQGHP1HW] YRQ:DVVHUWU|SIFKHQDXIVHLQHP*HVLFKWILQJHQVLFK7Ul QHQª$EHUHVZLUGZLHGHUVRZHUGHQZLHHVHLQPDOZDU© VFKORHUOHLVH ª+DWKDWGHLQ9DWHUGDVJHVDJW"© $GRQLFNWH ª:LUZHUGHQNlPSIHQ©PXUPHOWHHUª(LQHV7DJHVZHUGHQ ZLUDXIVWHKHQXQGXQVYRQ%RUDDVEHIUHLHQ©

ª:LU"©IUDJWH.LPª:HULVW!ZLU"© $GRVFKZLHJ6HLQ%OLFNLUUWHEHUGHQ6HHGHQ:DOGXQG GHQ+LPPHOª(VPXQRFKDQGHUHJHEHQ©VDJWHHUª%R UDDVNDQQVLHQLFKWDOOHJHW|WHWKDEHQ6RZLH9DWHUXQGLFK EHUOHEWHQPVVHQDXFKDQGHUHEHUOHEWKDEHQ:HQQLFK HUZDFKVHQELQZHUGHLFKORV]LHKHQXQGVLHVXFKHQ,FK ZHUGHVLHILQGHQ'LH9HUWULHEHQHQ'LHhEHUOHEHQGHQ,FK ZHUGHVLHILQGHQXQGLFKZHUGHHLQ+HHUDXIVWHOOHQGHP %RUDDVQLFKWVHQWJHJHQ]XVHW]HQKDW8QGZHQQLFKVLHQLFKW ILQGHZHUGHLFKDOOHLQNlPSIHQ© (VJDEYLHOZDV.LPKlWWHDQWZRUWHQN|QQHQDEHUHUZXWH DXFKGDHV]XYRUHLOLJJHZHVHQZlUH(UKDWWH$GRSO|W] OLFKYRQHLQHU6HLWHNHQQHQJHOHUQWGLHHUEHLGLHVHPOXVWLJHQ DXIJHZHFNWHQ-XQJHQQLFKWHUZDUWHWKlWWH 8QGZLHZDUGDVPLWLKPVHOEVW"+DWWHHU.LPHLQ.LQG QRFKZLH$GRQLFKWHLQHQlKQOLFKHQ(QWVFKOXJHIDW":DU HUQLFKWVRJDUVFKRQHLQ6WFNZHLWHUDXIGHP:HJ"6HLQHP :HJ$EHUYLHOOHLFKWJODXEWHHUGDVDXFKQXU]XVHLQ *OHLFK]HLWLJVDJWHHUVLFKGD$GRDXIGHPIDOVFKHQ:HJ ZDU$GRVXFKWH*HZDOWPLW*HZDOW]XEHDQWZRUWHQXQG GDVZDUJHZLNHLQH/|VXQJ $EHUODXWVDJWH.LPQLFKWVYRQDOOGHP ª,FKVLW]HRIWKLHUXQGWUlXPHYRQIUKHU©IXKU$GRQDFK HLQHU:HLOHIRUW(U]RJGLH%HLQHDQGHQ.|USHUXP VFKODQJVLHPLWGHQ$UPHQXQGVWW]WHGDV.LQQDXIGLH .QLHª9DWHUKDWPLUVRYLHOGDYRQHU]lKOWGDHVIUPLFK LVWDOVKlWWHLFKHVVHOEVWHUOHEW,FKEUDXFKHQXUGLH$XJHQ ]XVFKOLHHQXPGHQ6HH]XVHKHQZLHHUHLQPDOZDU8QG LFKVFKZ|UHGDHULUJHQGZDQQZLHGHUVRVHLQZLUG© .LPEHUKUWHHVVHOWVDPGDMHPDQGVRJHIDQJHQVHLQ NRQQWHYRQHWZDVZDVHUQLHNHQQHQJHOHUQWKDWWHZDVLP PHUQXUHLQ7UDXPJHZHVHQZDUXQGHVYHUPXWOLFKDXFK EOHLEHQZUGH,P*UXQGHZXWH$GRZRKOZLHDXVVLFKWVORV GLH6DFKHZDUZLHVLQQORVVHLQ9RUKDEHQVLFKJHJHQGLHDOO JHJHQZlUWLJHQ6FKZDU]HQ]XVWHOOHQ$EHUZDUHQHVQLFKW]X DOOHQ=HLWHQGLH7UlXPHJHZHVHQGLH0HQVFKHQGD]X EUDFKWHQGDV8QP|JOLFKH]XWXQ"

ª,FKKDEHGLFKJHVWHUQDEHQGEHREDFKWHW©VDJWH$GRªDOV PHLQ9DWHUKHLPJHNRPPHQLVW'XKDWWHVW0KHGLUGDV /DFKHQ]XYHUEHLHQ© .LPZLFKEHVFKlPWVHLQHP%OLFNDXVª,FKlK©VWDP PHOWHHU $GRJULQVWHHLQELFKHQª:HLWGXGDHUVLFKGHQ1DPHQ 7PSHON|QLJVHOEVWJHJHEHQKDW"© .LPJODXEWHHV]XZLVVHQ8QGHUJODXEWHDXFK]XZLVVHQ ZDUXP(VZDUVHLQH$UWGHV:LGHUVWDQGHVJHJHQ%RUDDV XQGGHVVHQVFKZDU]H5HLWHU'LHHLQ]LJH0|JOLFKNHLWGLH LKPJHEOLHEHQZDU:HUVLFKIUHLZLOOLJYRUVLFKVHOEVWXQG YRUDQGHUHQGHU/lFKHUOLFKNHLWSUHLVJLEWJHQLHW1DUUHQ IUHLKHLWXQGLVWGDGXUFKVWDUN ª:RZLUVWGXMHW]WKLQJHKHQ"©IUDJWH$GRXQYHUPLWWHOW ª+P"© ª+LHUNDQQVWGXQLFKWEOHLEHQ©HULQQHUWHLKQ$GRª,FK ZQVFKWHGXN|QQWHVWHV$EHU9DWHUKDWUHFKWGLH 6FKZDU]HQZUGHQGLFKIUKHURGHUVSlWHUILQGHQ© ª,FKZHL©VHXI]WH.LPª$EHULFKN|QQWHVRZLHVRQLFKW EOHLEHQ,FKPXZHLWHU©(UGHXWHWHPLWHLQHU.RSIEHZH JXQJQDFK:HVWHQ ªhEHUGLH6FKDWWHQEHUJH"© .LPQLFNWH ª$EHUGDVLVWXQP|JOLFK© ª1HLQ,FKKDEHVLHVFKRQHLQPDOEHUZXQGHQXQGPHLQH 6FKZHVWHUDXFK© ª'DVZDUHWZDVDQGHUHV©ZLGHUVSUDFK$GRª'XNRQQWHVW VLHEHUZLQGHQZHLOGXGHLQH)OXJPDVFKLQHKDWWHVWXQG GHLQH6FKZHVWHUIDQGGHQ:HJZHLO%RUDDVHVVRZROOWH© ª$EHUGDVlQGHUWQLFKWVDQGHU7DWVDFKHGDHVHLQHQ:HJ JLEW,FKPXXQGLFKZHUGHLKQILQGHQ© ª8QGZHQQGXLKQJHIXQGHQKDVWZDVGDQQ"© ª'DVZHLLFKQRFKQLFKW,FKZHUGH7KHPLVWRNOHVVXFKHQ *HPHLQVDPZHUGHQZLUHLQHQ:HJILQGHQ%RUDDV]XEHVLH JHQ© 1DFKODQJHP6FKZHLJHQVDJWH$GRª1LPPVWGXPLFK PLW"©

$XIGLHVH)UDJHZDU.LPQLFKWYRUEHUHLWHW-HW]WZDUHUHV GHUVFKZLHJ ª1LPPVWGXPLFKPLW"©ZLHGHUKROWH$GRª,FKNHQQHGLHVHV /DQGEHVVHUDOVGX9LHOOHLFKWILQGHQZLU]X]ZHLWHLQHQ :HJ© .LPEHUOHJWHQRFKª(VZlUH]XJHIlKUOLFK©DQWZRUWHWHHU VFKOLHOLFKª'HLQ9DWHUZUGHHVQLHPDOV]XODVVHQ© $GRVDJWHPLWHLQHUZHJZHUIHQGHQ+DQGEHZHJXQJª1LFKW JHIlKUOLFKHUDOVKLHU]XEOHLEHQ%RUDDVZLUGLQVHLQHP=RUQ DOOHV]HUVW|UHQZHQQHUEHJUHLIWGDGXLKPHQGJOWLJHQW NRPPHQELVW,FKN|QQWHPLW9DWHUUHGHQ9LHOOHLFKWVFKOLHW HUVLFKXQVVRJDUDQ=XGULWWKlWWHQZLUHLQH&KDQFH© ª%RUDDVZLUGXQVMDJHQZLHGLH+DVHQ©HQWJHJQHWH.LP ª,KUZlUWQLUJHQGZRVLFKHU,FKKDEHHXFKVFKRQJHQXJLQ *HIDKUJHEUDFKW8QGLFKN|QQWHHVPLUQLHYHU]HLKHQZHQQ HXFKHWZDV]XVWLHH© ª(VLVWPLUHJDOZHQQLFKVWHUEH©VDJWH$GRXQGPDQK|UWH LKPDQGDHVLKPYROONRPPHQHUQVWZDUª:HQQLFKZH QLJVWHQVHLQSDDUYRQGLHVHQVFKZDU]HQ7HXIHOQPLWQHKPHQ NDQQGDQQKDWHVVLFKJHORKQW© .LPDQWZRUWHWHQLFKW$GRZUGHLKQQLFKWEHJOHLWHQ'HU 7PSHON|QLJZUGHHVQLHPDOV]XODVVHQXQGVRVHKUVLFK .LPGDYRUIUFKWHWHGLHVHV$OSWUDXPJHELUJHLP:HVWHQDO OHLQ]XEHUTXHUHQ$GRV6LFKHUKHLWZDULKPZLFKWLJHU(U PRFKWHGLHVHQ-XQJHQGHUVRDQGHUVZDUDOVHUVHOEVWXQG GRFKGLHJOHLFKHQ7UlXPHWUlXPWH:HQQVLHEHLGHHUXQG $GRVLFKDQHLQHPDQGHUHQ2UWXQGXQWHUDQGHUHQ8PVWlQ GHQNHQQHQJHOHUQWKlWWHQZlUHQVLHEHVWLPPW)UHXQGHJH ZRUGHQ ª(VJHKWQLFKW©VDJWHHUHQGOLFK $GRVFKQDXEWHª6HLGRFKHKUOLFKGXZLOOVWPLFKQLFKWPLW QHKPHQZHLOGXPLUQLFKWV]XWUDXVW(U]lKOPLUQLFKWGD GXXPPLFKEHVRUJWELVW'DVZlUHDXFKJDUQLFKWQ|WLJ,FK IUFKWHPLFKQLFKWYRU%RUDDVXQGGHQ6FKZDU]HQ© ª'DVJODXEHLFKGLU©VDJWH.LPª8QGJHUDGHGHVKDOELVWHV ZLFKWLJGDGXKLHUEOHLEVW'XKDVWPLUHU]lKOWZLHHVIU KHUKLHUZDUXQGLFKP|FKWHJHQDXZLHGXGDHVZLHGHU

VRZLUG'XELVWGHU/HW]WHGHLQHV6WDPPHVQXUGXNDQQVW GLHVHV/DQGQRFKUHWWHQGHLQHQ7UDXPXQGGHQGHLQHV9D WHUVZDKUPDFKHQ:HQQGXYRQKLHUZHJJHKVWLVWGDVJH QDXVRDOVZUGHVWGXHLQHQJXWHQ)UHXQGLP6WLFKODVVHQ 'LHVHV/DQGEUDXFKWGLFK$GR'LFKXQGGHLQH7UlXPH© (UVFKZLHJ(LQGXQNOHU6FKDWWHQKDWWHVLFKXQEHPHUNW]ZL VFKHQLKQXQG$GRJHVFKREHQ/HLVHV5DVFKHOQOLH.LP KHUXPIDKUHQ'HU7PSHON|QLJVWDQGKLQWHULKQHQ(UVWDQG VFKRQODQJHGDXQGKDWWHLKU*HVSUlFKPLWDQJHK|UW ª.LPKDWUHFKW$GR©VDJWHHUHUQVW(UOHJWHVHLQHP6RKQ EHVFKZLFKWLJHQGGLH+DQGDXIGLH6FKXOWHUª,FKYHUVWHKH GHLQH*UQGHJXWDEHUHVLVWJHQDXVRZLH.LPJHVDJWKDW 'XGDUIVWLKQQLFKWEHJOHLWHQ© $GRVFKWWHOWHGLH+DQGVHLQHV9DWHUVWURW]LJDEVSUDQJDXI GLH)HXQGRKQH.LPQRFKHLQHV%OLFNHV]XZUGLJHQ WDXFKWHHUPLWHLQHP+HFKWVSUXQJLQV:DVVHU 'HU7PSHON|QLJVFKWWHOWHGHQ.RSI ª'XPXWLKPYHUJHEHQ.LP©VDJWHHUª(ULVWQRFKVHKU MXQJ(UYHUVWHKWHVQRFKQLFKWDQGHUV6SlWHUZLUGHUGLU GDQNEDUVHLQGDGXGLFKJHZHLJHUWKDVWLKQPLW]XQHK PHQ©(UEHGHXWHWH.LPLKP]XIROJHQª(VLVWEHVVHUGX JHKVWMHW]WJOHLFK©PXUPHOWHHUª%HYRUHUZLHGHUNRPPW© .LPKlWWHVLFKJHUQHYRQ$GRYHUDEVFKLHGHWDEHUHUVDKHLQ GDVHLQ9DWHUYHUPXWOLFKUHFKWKDWWH ª,FKEHJOHLWHGLFKDXVGHP6XPSIKHUDXV©VDJWHGHU7P SHON|QLJª'HU:DOGZLPPHOWYRQ6FKZDU]HQDEHULFK NHQQH:HJHGLHVHOEVW%RUDDVQRFKQLFKWHQWGHFNWKDW,FK ZHUGHGLFKVLFKHUELVDQGLH*UHQ]HPHLQHV5HLFKHVJHOHLWHQ 'DQDFKPXWGXDXVHLJHQHU.UDIWZHLWHUJHKHQ©(UVHXI]WH XQGIJWHPLWEHZHJWHU6WLPPHKLQ]XGLHVHLQH6RUJHXQG VHLQ0LWJHIKOHUNHQQHQOLHª'HU:HJGHQGXJHKHQ ZLOOVWLVWODQJXQGYROOHU*HIDKUHQ© ª,FKZHL©PXUPHOWH.LP 'HU:DOGQDKPVLHDXI$QGHU6HLWHGHV7PSHON|QLJV IKOWHVLFK.LPEHVFKW]WXQGJHERUJHQ,QGLHVHP0RPHQW EHQHLGHWHHU$GRGHUMHGHU]HLWLQGLHVH*HERUJHQKHLW]X UFNNHKUHQNRQQWH

ª'DV/DQGLVWLQ$XIUXKU©IXKUGHU7PSHON|QLJIRUWª%D URQ.DUWKDWDOOVHLQH5HLWHUORVJHVFKLFNWQDFKGLU]XVX FKHQ9HUWUDXHQLHPDQGHP+DOWHGLFKDEVHLWVGHU:HJH XQGPHLGH6WlGWHXQG'|UIHU'DV%|VHVFKOlIWQLFKWXQG %RUDDV 6SLW]HOVLQGEHUDOO© /lQJHUDOVHLQH6WXQGHJLQJHQ.LPXQGGHU7PSHON|QLJ 6HLWHDQ6HLWHLQYHUWUDXWHP6FKZHLJHQGXUFKGHQ:DOG$OV VLHVFKOLHOLFKGHQ5DQGGHV6XPSIJHELHWHVHUUHLFKWHQZDU GLH1DFKWKHUHLQJHEURFKHQ ª+LHUWUHQQHQVLFKXQVHUH:HJH©VDJWHGHU7PSHON|QLJ ª,FKZQVFKHGLUYLHO*OFN-XQJH© ª,FKNRPPHZLHGHU©YHUVSUDFK.LP

9, )DVWHLQH:RFKHZDU.LPXQWHUZHJVHKHHUEHL6RQQHQXQ WHUJDQJGLHHUVWHQ$XVOlXIHUGHU6FKDWWHQEHUJHHUUHLFKWH(U ZDUGXUFK7lOHUXQG6PSIHPDUVFKLHUWKDWWHVWHLQLJH(EH QHQXQGKLW]HGXUFKJOKWH:VWHQGXUFKTXHUWKDWWHVLFK GXUFK:lOGHUYROOHUIOHLVFKIUHVVHQGHU3IODQ]HQJHNlPSIW XQGHLQPDODXIGHU)OXFKWYRUHLQHP:ROIVUXGHOHLQH JDQ]H1DFKWIULHUHQGXQG]LWWHUQGYRU$QJVWDXIHLQHP %DXP]XJHEUDFKW'LHKXQJULJHQ7LHUHZDUHQHUVWLQGHU 0RUJHQGlPPHUXQJDEJH]RJHQXQG.LPKDWWHQRFKHLQH JDQ]H6WXQGHDEJHZDUWHWHKHHUVLFKKLQXQWHUZDJWH8QG LPPHUZLHGHUKDWWHHUGHQ:HJGHUVFKZDU]HQ5HLWHUJH NUHX]W(UZDU6WlGWHQXQG$QVLHGOXQJHQDXVGHP:HJJH JDQJHQZLHGHU7PSHON|QLJHVLKPJHUDWHQKDWWHWURW] GHPZDUHURIWDXIGLH6SXUHQLKUHUJURHQKlOLFKHQ 3IHUGHJHVWRHQXQGHLQSDDUPDOKDWWHLKQQXUVHLQ*OFN YRU(QWGHFNXQJXQG*HIDQJHQVFKDIWEHZDKUW=X$QIDQJ KDWWHHUJHKRIIWGDGLH*HIDKUJHULQJHUZUGHMHZHLWHUHU VLFKGHP6FKDWWHQJHELUJHQlKHUWHDEHUGDV*HJHQWHLOZDU GHU)DOOJHZHVHQ-HQlKHUHUGHUJLJDQWLVFKHQJUDXHQ 0DXHULP:HVWHQNDPGHVWRKlXILJHUVWLHHUDXI$Q]HL FKHQGHUVFKZDU]HQ5HLWHUXQGVFKOLHOLFKZXUGHHVVR VFKOLPPGDHUVLFKWDJVEHUYHUVWHFNWHXQGQXUQRFK QDFKWVZHLWHUZDQGHUWH%RUDDVPXWHVHLQJDQ]HV+HHUDXV JHVFKLFNWKDEHQXPHLQHQNOHLQHQKLOIORVHQ-XQJHQ]XIDQ JHQ$EHUVRJHZDOWLJVHLQH6WUHLWPDFKWDXFKVHLQPRFKWHVR YHUORUVLHVLFKGRFKLQGHUXQHQGOLFKHQ:HLWHGHV/DQGHV 'HQQRFKZDU9RUVLFKWJHERWHQXQG.LPIKOWHVLFKDOOHV DQGHUHDOVVLFKHUDOVHUDXVGHP:DOGKHUDXVWUDWXQGGHQ VFKPDOHQVWHLQLJHQ3IDGPXVWHUWHGHUVLFKYRULKPGHQ +DQJKLQDXIVFKOlQJHOWH

'HU:DOGK|UWHZLHDEJHVFKQLWWHQDXIXQGGHUPRRVEH ZDFKVHQH%RGHQJLQJXQPLWWHOEDULQHLQH*HU|OOKDOGHEHU GLHPLWJLJDQWLVFKHQ6WHLQWUPPHUQEHUVlWZDUDOVKlWWH HLQ5LHVHHLQHQ%HUJ]HUVFKPHWWHUWXQGGLH5HVWHPLWZHLW DXVKROHQGHU*HElUGHEHUGDV/DQGYHUVWUHXW'HU+DQJ VWLHJYRU.LPV$XJHQVDQIWDQZXUGHVWHLOHUXQGLPPHUVWHL OHUXQGYHUORUVLFKVFKOLHOLFKLQGHQWLWDQLVFKHQVFKQHHJH NU|QWHQ%HUJJLSIHOQGLHVFKHLQEDULQGLH8QHQGOLFKNHLWHP SRUZXFKVHQ6HOEVWGLHQHEHOYHUKDQJHQHQ3lVVHXQG 6FKOXFKWHQGLHQRFKPLWIUHLHP$XJH]XHUNHQQHQZDUHQ ODJHQ7DXVHQGH0HWHUKRFK6RKRFKGDGLH/XIWGRUW REHQYHUPXWOLFK]XGQQ]XP$WPHQZDUXQGMHGHUGHU YHUVXFKWHGDV*HELUJHDXIGLHVHP:HJH]XEHUTXHUHQ TXDOYROOHUVWLFNHQPXWHZHQQHUQLFKWVFKRQYRUKHUYRU (UVFK|SIXQJJHVWRUEHQRGHULQGHU(LVZVWHGRUWREHQHU IURUHQZDU8QGGRFKELOGHWHQGLHVH*LSIHOQXUGLH9RUKXW HLQHHUVWHYHUJOHLFKVZHLVHQLHGULJ]XQHQQHQGH0DXHUKLQ WHUGHUVLFKGXUFKGLH(QWIHUQXQJQXUDOVVFKHPHQKDIWH JUDXH8PULVVH]XHUNHQQHQGDVHLJHQWOLFKH6FKDWWHQJHELUJH HUKRE.LPV0XWVDQNDOVLKQGHU$QEOLFNPLWYROOHU:XFKW WUDI 'HQQRFKPXWHHVHLQHQ:HJKLQEHUJHEHQ6HLQH6FKZH VWHUKDWWHLKQJHIXQGHQ5HEHNNDHLQNOHLQHVYLHUMlKULJHV .LQGGDVGLHVH%HUJHQLHPDOVDXVHLJHQHU.UDIWEHUTXHUW KDEHQNRQQWH(VPXWHHLQHQDQGHUHQ:HJJHEHQ .LPVFKREGHQ*HGDQNHQYRQVLFKZDVKDOI VGDHUGHV 5lWVHOV/|VXQJGRFKQLFKWIDQG(UPDUVFKLHUWHORV6HLQH 6FKULWWHHU]HXJWHQ]ZLVFKHQGHQVWHLOHPSRUVWUHEHQGHQ)HOV ZlQGHQHLQVHOWVDPHVKDOOHQGHV(FKR1DFKHLQLJHQKXQ GHUW0HWHUQEOLHEHUVWHKHQXQGGUHKWHVLFKQRFKHLQPDOXP XPHLQHQOHW]WHQ%OLFNLQV7DOKLQXQWHU]XZHUIHQ'HU:DOG GRUWXQWHQJUDXXQGIHLQGVHOLJZLHHUZDUYRQGRUQLJHQ %VFKHQJLIWLJHP0RRVXQGKHLPWFNLVFKHQ6XPSIO|FKHUQ GXUFKVHW]WEHKHUUVFKWYRQIOHLVFKIUHVVHQGHQ3IODQ]HQ6SLQ QHQXQG*HZUPHUVFKLHQLKPIDVWIUHXQGOLFKJHJHQGDV ZDVMHW]WYRULKPODJ'DV*HELUJHYRULKPZDUNDKOEDUMH GHQ*UQVRKQHHLQH6SXUYRQ/HEHQ

(UVFKWWHOWHVLFKUDPPWHGLH+lQGHWLHIHULQGLH7DVFKHQ XQGJLQJZHLWHU'HU:HJVFKOlQJHOWHVLFK]ZLVFKHQ)HOVHQ XQGVFKDUINDQWLJHQ6WHLQWUPPHUQKLQGXUFKIKUWHLQXQ EHUHFKHQEDUHQ:LQGXQJHQPDQFKPDOHLQ6WFN]XUFNLQ GLH5LFKWXQJDXVGHUHUJHNRPPHQZDUEUDFKWHLKQDEHU DOOPlKOLFKZHLWHUQDFK:HVWHQ(VZXUGHMHW]WUDVFKGXQNHO XQGGDV*UDXGHVXPOLHJHQGHQ)HOVHQVZDQGHUWHODQJVDPLQ 6FKZDU]KLQEHU.LPZDUXQJHIlKUHLQHKDOEH6WXQGHJH ODXIHQDOVHUHLQ*HUlXVFKK|UWH (UEUDXFKWHQLFKWODQJHXPGHQ/DXW]XLGHQWLIL]LHUHQ(U KDWWHLKQZlKUHQGGHUOHW]WHQ7DJHJUQGOLFKNHQQHQXQG IUFKWHQJHOHUQW +XIVFKODJ (UGXFNWHVLFKLQVWLQNWLYKLQWHUHLQHQ)HOVHQXQGVFKDXWHPLW ]XVDPPHQJHNQLIIHQHQ$XJHQLQV7DOKLQXQWHU(LQH$EWHL OXQJVFKZDU]HU5HLWHUQlKHUWHVLFKDXVVGOLFKHU5LFKWXQJ (VZDUHQYLHOHGUHLLJYLHOOHLFKWYLHU]LJXQGQLFKWDOOHZD UHQPHQVFKOLFK.LPKDWWHGLH6FKZDU]HQZlKUHQGVHLQHU :DQGHUXQJELVDQGHQ)XGHV6FKDWWHQJHELUJHVPHKUPDOV EHREDFKWHQN|QQHQXQGIHVWJHVWHOOWGD%RUDDV $UPHH QLFKWQXUDXVGHQVFKZDU]HQ3DQ]HUUHLWHUQEHVWDQG2IIHQ VLFKWOLFKKDWWH%DURQ.DUWDXI0RUJRQVRHWZDVZLHHLQH (OLWHWUXSSHGHUJU|WHQXQGVWlUNVWHQ5LWWHUXPVLFKJH VFKDUW$XFKEHLGLHVHU*UXSSHKLHUEHIDQGHQVLFKHLQLJH 5LHVHQDEHUVLHZDUHQLQGHU0LQGHU]DKOXQGLKUHKQHQ KDIWHQ*HVWDOWHQUDJWHQEHUGLHGHUDQGHUHQKLQDXV(VJDE 5HLWHUGLHQLFKWJU|HUDOVQRUPDOH0HQVFKHQZDUHQXQG DXFKHLQLJHGLHNDXP.LPV*U|HHUUHLFKWHQ'LHPHLVWHQ VDHQOlVVLJMDIDVWHOHJDQWDXILKUHQJURHQVFKZDU]HQ 3IHUGHQDEHUPDQFKHKRFNWHQVHKUVHOWVDPLQGHQ6lWWHOQ VRDOVZlUHLKU.|USHUQLFKWIUHLQH)RUWEHZHJXQJVDUWZLH GDV5HLWHQJHHLJQHW.LPZDUVLFK]LHPOLFKVLFKHUGDQLFKW DOOHVZDVVLFKXQWHUGHQJOlQ]HQGHQVFKZDU]HQ5VWXQJHQ YHUEDUJPHQVFKOLFKZDU (UEHREDFKWHWHPLWDQJHKDOWHQHP$WHPZLHGLH*UXSSHLQ JHPlLJWHP7HPSRDP:DOGUDQGHQWODQJULWWXQGGDQQ ]XP6WHKHQNDP'HU$QIKUHUHLQ5LHVHGHUDXIHLQHP

QRFKULHVLJHUHQVFKZDU]HQ3IHUGVDXQGVHOEVWGLH*U|WHQ QRFKXP.RSIHVOlQJHEHUUDJWHKREGLH+DQGXQGULHIHLQ SDDU:RUWHGLH.LPEHUGLH(QWIHUQXQJQLFKWYHUVWHKHQ NRQQWH'LH*UXSSHWHLOWHVLFKLQYLHU$EWHLOXQJHQDXI(LQH EOLHEGRUWXQWHQDQ2UWXQG6WHOOH]XUFNXQGEHJDQQ )HXHUKRO]]XVDPPHQ]XWUDJHQXQGHLQ/DJHU]XHUULFKWHQ ZlKUHQGGLHGUHLDQGHUHQLQYHUVFKLHGHQHQ5LFKWXQJHQZHL WHUULWWHQ .LPV+HU]K|UWHHLQHQ0RPHQWDXI]XVFKODJHQDOVHLQH *UXSSHVLFKJHQDXLQVHLQH5LFKWXQJLQ%HZHJXQJVHW]WH (UVDKVLFKYHUJHEOLFKQDFKHLQHPJHHLJQHWHQ9HUVWHFNXP EHUOHJWHQLFKWODQJHXQGUDQQWHORV(UNRQQWHVLFKHUVHLQ GDVHLQH9HUIROJHUJUQGOLFK]X:HUNHJLQJHQ6LHZUGHQ MHGHQ6WHLQXPGUHKHQXQGLQMHGH)HOVVSDOWHVHKHQGLHJUR JHQXJZDUHLQHQ-XQJHQYRQVHLQHU*U|HDXI]XQHKPHQ (UOLHIHLQ6WFNZHLWHUKDQJDXIZlUWVVDKVLFKKDVWLJXP XQGHUVFKUDN(UVHOEVWKDWWHHLQHKDOEH6WXQGHJHEUDXFKW XPKLHUKHUDXI]XJHODQJHQDEHUGLH6FKZDU]HQWULHEHQLKUH 3IHUGHXQEDUPKHU]LJDQXQGKDWWHQVFKRQIDVWGLH+lOIWH GHV:HJHV]XUFNJHOHJW,QZHQLJHQ$XJHQEOLFNHQZUGHQ VLHLKQVHKHQ(UPXWHHLQ9HUVWHFNILQGHQ (LQ6WFNYRULKPJDEHOWHVLFKGHU:HJ.LPUDQQWHRKQH ]XEHUOHJHQQDFKUHFKWV(LQHVFKPDOH6FKOXFKWPLWJODWWHQ VHQNUHFKWDXIVWUHEHQGHQ:lQGHQQDKPLKQDXI'HU:HJ PDFKWHHLQHQ.QLFNXQG.LPVWDQGYRUHLQHUVHQNUHFKWHQ JODWWHQ:DQG )UHLQHQ$XJHQEOLFNOlKPWHLKQGHU6FKUHFN8QJOlXELJ XQGQDKHGDUDQYRU9HU]ZHLIOXQJODXWDXI]XVFKUHLHQ EOLFNWHHUDQGHU:DQGHPSRUXQGEDOOWHLQKLOIORVHU:XWGLH )lXVWH'HU:HJZDUHLQHSHUIHNWH)DOOH8QGHUZDUDXV HLJHQHU.UDIWKLQHLQJHODXIHQ 'LHVFKZDU]HQ5HLWHUKDWWHQPLWWOHUZHLOHGLH:HJJDEHOXQJ HUUHLFKW'LHPHLVWHQULWWHQJHUDGHDXVZHLWHURKQHGHU VFKPDOHQ6FKOXFKWPHKUDOVHLQHQIOFKWLJHQ%OLFN]XVFKHQ NHQ.LPEHJDQQEHUHLWV]DJKDIWZLHGHU+RIIQXQJ]X VFK|SIHQDOVHLQHNOHLQHVFKZDU]JHSDQ]HUWH*HVWDOWLKU 3IHUGYHUKLHOWHLQH:HLOHXQVFKOVVLJLQVHLQH5LFKWXQJ

VWDUUWHXQGGDQQDQGHQ=JHOQ]RJ'DV3IHUGZLHKHUWH ]RUQLJGUHKWHVLFKKDOEKHUXPXQGWUDEWHODQJVDPLQGLH 6FKOXFKWKLQHLQ .LPV%OLFNWDVWHWHYHU]ZHLIHOWDQGHU:DQGHQWODQJ1LU JHQGZRJDEHVHLQHQ$XVZHJRGHUHLQH6WHOOHZRHUKlWWH KLQDXINOHWWHUQN|QQHQ'LH:DQGZDUVSLHJHOJODWW1XUQH EHQLKPNQDSSKLQWHUGHU%LHJXQJEHIDQGVLFKHLQHQLHG ULJHIODFKH1LVFKHLQGLHHUVLFKYLHOOHLFKWKLQHLQTXHWVFKHQ NRQQWH$EHUVSlWHVWHQVZHQQHUVHLQ3IHUGZHQGHWHXP ]XP$XVJDQJ]XUFN]XUHLWHQZUGHLKQGHUVFKZDU]H5HL WHUHQWGHFNHQ'HQQRFKZDUHVGLHHLQ]LJH0|JOLFKNHLW .LP]ZlQJWHVLFKLQGLHHQJH1LVFKHXQGZDUWHWHPLWDQJH KDOWHQHP$WHPELVGHU6FKZDU]HDQLKPYRUEHUZDU 'HU5HLWHUULWWELV]XP(QGHGHU6FKOXFKW]RJVHLQ6FKZHUW DXVGHU6FKHLGHXQGVWLHPLWGHU6SLW]HHLQSDDUPDOSU IHQGJHJHQGHQ)HOV $OVHUGDV3IHUGZHQGHWHVSUDQJ.LPLKQPLWZHLWDXVJH EUHLWHWHQ$UPHQDQXQGULLKQDXVGHP6DWWHO 'HU6FKZDU]HVWLHHLQHQ/DXWGHUhEHUUDVFKXQJDXV VFKOXJPLWGHP6FKZHUWLQGLHOHHUH/XIWXQGYHUVHW]WH.LP HLQHQ(OOERJHQVWRGHULKPGLH/XIWDXVGHQ/XQJHQWULHE XQGLKQKDOEEHWlXEW]XUFNWDXPHOQOLH'DV3IHUGVFKULH HUVFKURFNHQWlQ]HOWHUFNZlUWVXQGVWLHJGDQQDXIGLH+LQ WHUEHLQHKRFK6HLQH+XIHZLUEHOWHQZLHNOHLQHW|GOLFKH +lPPHUGXUFKGLH/XIW.LPGXFNWHVLFKDOVHUGLH%H ZHJXQJDXVGHQ$XJHQZLQNHOQZDKUQDKP(LQ+XI VFKUDPPWHEHUVHLQH6FKXOWHUXQGVFKPHWWHUWHLKQ]X%R GHQ 6HLQ*HJQHUKDWWHZHQLJHU*OFN(UKDWWHVLFKKDOEDXIJH ULFKWHWXQGGDV6FKZHUW]XHLQHPW|GOLFKHQ6WUHLFKHUKREHQ DOVLKQGHU9RUGHUKXIGHV7LHUHVWUDI(VGU|KQWHDOVVFKOJH HLQULHVLJHU9RUVFKODJKDPPHUDXIHLQHQQRFKULHVLJHUHQ $PER'HU6FKZDU]HULGLH$UPHKRFKXQGILHOZLHYRP %OLW]JHIlOOWKLQWHQEHU .LPEOLHEQRFKHLQH:HLOHUHJORVOLHJHQHKHHUHVZDJWH VLFKYRUVLFKWLJDXI+lQGHXQG.QLH]XHUKHEHQ'DV3IHUG WlQ]HOWHQRFKLPPHUDXIGHU6WHOOH6HLQHJURHQGXQNOHQ

$XJHQVFKLHQHQ.LPGXUFKGULQJHQGDQ]XVWDUUHQXQGGLH 9RUGHUKXIHVFKDUUWHQGURKHQGEHUGHQKDUWHQ)HOV ª1XUUXKLJPHLQ-XQJH©PXUPHOWH.LPª1XUUXKLJ1LH PDQGWXWGLUHWZDV©=XVHLQHUhEHUUDVFKXQJVFKLHQGDV 5RWDWVlFKOLFKDXIVHLQH:RUWHRGHUZHQLJVWHQVDXIGHQ .ODQJVHLQHU6WLPPH]XUHDJLHUHQ(VK|UWHDXI]XVFKQDX EHQ6HLQH2KUHQ]XFNWHQ .LPVWDQGYRUVLFKWLJDXIXQGVFKREVLFKGHQ5FNHQJHJHQ GHQNDOWHQ6WHLQJHSUHWQlKHUDQGHQDP%RGHQOLHJHQGHQ VFKZDU]HQ5HLWHUKHUDQ(UEFNWHVLFKWDVWHWHEHUGLH JODWWHVFKZDU]H5VWXQJXQGEHUOHJWHILHEHUKDIW)UHLQHQ 0RPHQWZDUHULQ6LFKHUKHLWDEHUHVZDUHLQHK|FKVW]ZHL IHOKDIWH6LFKHUKHLW'LHVFKZDU]HQ5HLWHUZUGHQVFKQHOOEH PHUNHQGDHLQHUGHU,KUHQIHKOWHXQGZHQQVLHHQWGHFN WHQZDVJHVFKHKHQZDUZDUHUYHUORUHQ6HOEVWZHQQHU LQ]ZLVFKHQDXVGLHVHU)DOOHKHUDXVZDUZUGHQVLHQLFKWUX KHQEHYRUVLHGHQ+DQJ=HQWLPHWHUIU=HQWLPHWHUDEJH VXFKWXQGLKQDXIJHVSUWKDWWHQ1HLQHVJDEQXUHLQHHLQ ]LJH0|JOLFKNHLW$OOHVLQLKPVWUlXEWHVLFKGDJHJHQDEHUHU VDKHLQGDHUNHLQHDQGHUH:DKOKDWWH 0LWHLQHPHQWVFKORVVHQHQ5XFNGUHKWH.LPGHQ6FKZDU]HQ DXIGHQ%DXFKXQGEHJDQQLKPGLH5VWXQJDXV]X]LHKHQ(U KDWWH*OFNLP8QJOFNJHKDEWGHU5HLWHUZDUNDXPJU| HUDOVHUVHOEVWXQGLQGHU'XQNHOKHLWZUGHGHUJHULQJH 8QWHUVFKLHGQLFKWDXIIDOOHQ.LPO|VWHGHQ%UXVWSDQ]HUKRE GHQ+HOPDEXQGVFKlOWHGDV:HVHQlFK]HQGDXVGHQVWlK OHUQHQ%HLQNOHLGHUQ'HU.|USHUGDUXQWHUZDUQLFKW PHQVFKOLFK6FKZDU]HVGUDKWLJHV+DDUEHGHFNWHHLQHQPXV NXO|VHQDIIHQDUWLJHQ.|USHU.LPVFKDXGHUWHDOVHUGLHJH ERJHQHQ.ODXHQDQGHQ+lQGHQVDK'DV*HVLFKWZDUIODFK XQGDXVGUXFNVORVXQGDOV.LPHLQ$XJHQOLGDQKREVDKHU GDGHU8QPHQVFKVFKZDU]HSXSLOOHQORVH$XJHQKDWWH .LPULVHLQ8QWHUJHZDQGLQ6WUHLIHQIHVVHOWHGHQ6FKZDU ]HQVRUJIlOWLJXQGYHUSDWHLKPQRFKHLQHQ.QHEHO:DKU VFKHLQOLFKZUGHHUVLFKWURW]GHPEHIUHLHQN|QQHQDEHU .LPKRIIWHGDHUVHOEVWELVGDKLQZHLWJHQXJHQWIHUQWZDU (UZDUIHLQHQ%OLFN]XP$XVJDQJGHU6FKOXFKW]XUFNXQG

EHJDQQGDQQUDVFKGLH5VWXQJEHU]XVWUHLIHQ=XVHLQHU 9HUZXQGHUXQJSDWHVLHDOVZlUHVLHHLJHQVIULKQDQJHIHU WLJWZRUGHQ(UKREGDV6FKZHUWYRP%RGHQDXIVWHFNWHHV LQGLH6FKHLGHXQGJLQJGDQQDXIGDV3IHUG]X'DV7LHU VFKHXWHZDUIGHQ.RSI]XUFNXQGYHUVXFKWH]XEHLHQ ª5XKLJ-XQJH©PXUPHOWH.LPZLHGHUª1XUUXKLJ1LH PDQGWXWGLUHWZDV©(UVWUHFNWHGLH+DQGDXVPDFKWHHLQHQ 6FKULWWXQGUHGHWHXQDXIK|UOLFKZHLWHUª,FKZLOOGLUQLFKWV WXQ%OHLEUXKLJJDQ]UXKLJ,FKZHLGDLFKQLFKWZLHGHLQ +HUUULHFKHDEHULFKZLOOGLUQLFKWV%|VHV©6RUHGHWHHUELV HUQDKHJHQXJKHUDQJHNRPPHQZDUXPGHP3IHUGEHUXKL JHQGGLH+DQGDXIGHQ+DOV]XOHJHQ(V]XFNWHXQWHUGHU %HUKUXQJOLHHVDEHUJHVFKHKHQ.LPUHGHWHZHLWHUXQG JULII]|JHUQGQDFKGHP=JHO(UZDUQRFKQLHJHULWWHQ DEHUHUPXWHHVHLQIDFKYHUVXFKHQ(UOHJWHGHP7LHUGLH +DQG]ZLVFKHQGLH2KUHQNUDXOWHVHLQH0lKQHXQG]RJ VLFKGDQQPLWHLQHUXQJHVFKLFNWHQ%HZHJXQJLQGHQ6DWWHO 'DV3IHUGVFKHXWHZLHGHUXQGKlWWHLKQXPHLQ+DDUDEJH ZRUIHQDEHU.LPNODPPHUWHVLFKLQGHUGLFKWHQ0lKQHIHVW XQGKLHOWVLFKPLWDOOHU.UDIWREHQ 6HNXQGHQODQJVDHUEHZHJXQJVORVLP6DWWHOXQGZXQGHUWH VLFKGDHUWDWVlFKOLFKREHQZDU'DQQWlWVFKHOWHHUGHP 7LHUQRFKHLQPDOEHUXKLJHQGGHQ+DOVXQG]RJDP=JHO ª.RPPVFKRQ-XQJH©PXUPHOWHHUª'UHKGLFKUXP© 'DV:XQGHUJHVFKDK'DV3IHUGZLHKHUWHOHLVHEHZHJWH GHQ.RSIXQGGUHKWHVLFKJHKRUVDPKHUXP'DQQVHW]WHHV VLFKRKQH.LPV=XWXQLQ5LFKWXQJ$XVJDQJLQ%HZHJXQJ .LPULWWELV]XU:HJJDEHOXQJXQGKLHOWDQ+DOOHQGHU+XI VFKODJGUDQJDQVHLQ2KUXQGELOGHWHHLQHQ*HJHQWDNW]XP ZLOGHQ+lPPHUQVHLQHV+HU]HQV(UGUHKWHGHQ.RSIXQG JHZDKUWHHLQKDOEHV'XW]HQGVFKZDU]HU5HLWHUGLHGHQ +DQJKHUXQWHUJDORSSLHUWHQ6HLQ3IHUGVHW]WHVLFKYRQVHOEVW LQ%HZHJXQJDOVGLH5HLWHUDQLKPYRUEHUSUHVFKWHQXQG QRFKEHYRU.LPULFKWLJZXWHZLHLKPJHVFKDKIDQGHUVLFK LQPLWWHQGHUZLOGHQ-DJG6HLQH+lQGHNUDPSIWHQVLFKXP GLH=JHODEHUQLFKWXPGDV3IHUG]XOHQNHQVRQGHUQQXU XPVLFKGDUDQIHVW]XKDOWHQ+lWWHGDV7LHUQLFKWYRQDOOHLQ

VHLQHQ3ODW]LQGHU*UXSSHJHIXQGHQZlUHHUUHWWXQJVORV YHUORUHQJHZHVHQ 6LHULWWHQLQKDOVEUHFKHULVFKHP7HPSRLQV7DO]XUFNXQG .LPPXWHVLFKPLWDOOHU.UDIWLQGHU0lKQHGHV3IHUGHV IHVWNODPPHUQXPQLFKWDEJHZRUIHQ]XZHUGHQ6LHJDORS SLHUWHQGHQ:HJKLQDEVWLHHQDXIHLQHDQGHUH*UXSSH VFKZDU]HU5HLWHUXQGVFKOXJHQGDQQ]X.LPV(QWVHW]HQGHQ :HJ]XP/DJHUHLQ 8QWHUGHUVFKZDU]HQ5VWXQJEUDFKLKPGHU6FKZHLDXV 6HLQ6WUHLFKZDUJHZDJWJHQXJJHZHVHQDEHUPLWWHQLQV /DJHUGHU6FKZDU]HQ]XUHLWHQZlUHGHUUHLQH6HOEVWPRUG (UPXWHZHJHJDOZLH 9HU]ZHLIHOWKLHOWHUQDFKHLQHP)OXFKWZHJ$XVVFKDX'DV /DJHUGHU6FKZDU]HQEHIDQGVLFKXQPLWWHOEDUDP:DOGUDQG DEHU.LPULWWDQGHUHQWJHJHQJHVHW]WHQ)ODQNHGHU.RORQQH (LQHQ0RPHQWODQJVSLHOWHHUPLWGHP*HGDQNHQGDV3IHUG KHUXP]XUHLHQXQGLQZLOGHP*DORSSLQGHQ:DOG]X VSUHQJHQYHUZDUIGLH,GHHDEHUVRIRUWZLHGHU(UNRQQWH VLFKPLW0KXQG1RWLP6DWWHOKDOWHQXQGVHOEVWZHQQGDV 3IHUGVHLQHQ%HIHKOHQJHKRUFKWHKlWWHQLKQGLHDQGHUHQHLQ JHKROWHKHHUELV]HKQ]lKOHQNRQQWH 6LHULWWHQLQGDV/DJHUHLQ(VEHVWDQGDXV]ZHLKDOENUHLVI|U PLJHQZHLWDXVHLQDQGHUJH]RJHQHQ=HOWUHLKHQGLHVLFKXP HLQJURHV/DJHUIHXHUJUXSSLHUWHQ,KU$QIKUHUULHIHLQHQ VFKDUIHQ%HIHKOZRUDXIVLFKGLHJHRUGQHWH)RUPDWLRQGHU *UXSSHDXIO|VWHXQGMHGHUIUVLFKVHLQHP3ODW]]XVWUHEWH .LPZDULQGLHVHP0RPHQWYROONRPPHQKLOIORV(UOLHHLQ IDFKGLH=JHOIDKUHQVFKLFNWHHLQ6WRJHEHW]XP+LPPHO XQGKRIIWHGDUDXIGDVHLQ3IHUGEHVVHUDOVHUZXWHZDV ]XWXQZDU (LQHUGHU*HSDQ]HUWHQULWWDQ.LPKHUDQNQXIIWHLKQPLW GHU)DXVWLQGLH6HLWHXQGVDJWHHLQSDDU:RUWHLQVHLQHU GXQNOHQVFKQHOOHQ6SUDFKH.LPDQWZRUWHWHQLFKWZRUDXI GHUDQGHUHVHLQH:RUWHZLHGHUKROWH.LPKOOWHVLFKZHLWHU LQ6FKZHLJHQZlKUHQGVHLQ+HU]VRUDVHQGVFKQHOO]XMDJHQ EHJDQQGDHUPHLQWHGDV*HUlXVFKPVVHZLHGXPSIHU 7URPPHOZLUEHOLPJDQ]HQ/DJHU]XK|UHQVHLQ'HU

6FKZDU]HVDKLKQHLQHQ0RPHQWDEZDUWHQGDQPXUPHOWH HWZDVXQGZDQGWHVLFKDFKVHO]XFNHQGDE .LPDWPHWHDXI'HU=ZLVFKHQIDOOKDWWHLKPEHZLHVHQZLH JHIlKUOLFKVHLQH/DJHZDU (UWUDEWHLQHLQHU*UXSSHYRQVLHEHQRGHUDFKWVFKZDU]HQ 5HLWHUQ]XP(QGHGHV/DJHUV'LH3IHUGHEOLHEHQYRQVHOEVW VWHKHQXQG.LPVFKZDQJVLFKGHP%HLVSLHOGHUDQGHUHQ IROJHQGDXVGHP6DWWHO(UVWHOOWHVLFKGDEHLVRXQJHVFKLFNW DQGDHUXPHLQ+DDUJHVWU]WZlUHDEHUNHLQHUGHUDQ GHUQVFKLHQ1RWL]GDYRQ]XQHKPHQ 'LH3IHUGHWURWWHWHQ]XHLQHP3IHUFKGHUDP:DOGUDQGHU ULFKWHWZRUGHQZDU$OOH3IHUGHELVDXIVHLQHV(VEOLHEHLQ IDFKVWHKHQVFKDUUWHPLWGHQ9RUGHUKXIHQLP6DQGXQGEH JDQQGDQQGHQ.RSIDQVHLQHU5VWXQJ]XUHLEHQ.LP PHUNWHHQWVHW]WZLHHLQHUGHUXPVWHKHQGHQ.ULHJHUGHQ .RSIKREXQGYHUZXQGHUW]XLKPKHUEHUVDK (UWXSIWHGHP3IHUGVDQIWDXIGLH1VWHUQª*HK-XQJH© IOVWHUWHHUª%LWWHELWWHJHK*HK]XGHLQHQ.DPHUDGHQ 'XEULQJVWPLFKXPZHQQGXKLHUEOHLEVW© 'DV3IHUGVFKQDXEWHOHLVHXQGVHW]WHVLFKZLGHUZLOOLJLQ%H ZHJXQJMHGRFKQLFKWRKQHLPPHUZLHGHUVWHKHQ]XEOHLEHQ XQGGHQ.RSI]XZHQGHQIDVWDOVZROOWHHVVLFKEHU]HXJHQ GDHUQLFKWZHJOLHI 'DV/DJHUIHXHUEUDQQWHKHOOXQGPLWSUDVVHOQGHU)ODPPH 'HU]XFNHQGHRUDQJHURWH6FKHLQYHUWULHEGLH.l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

UHQEHIDQGVLFKGLFKWDP:DOGUDQG+LHULQGHU1lKH ZUGHHUVLFKKLQOHJHQXQGVFKODIHQGVWHOOHQ6Sl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lQNWHGLH$UPHKLQ WHUGHP.RSIXQGVWDUUWH]XGHQ6WHUQHQHPSRU3O|W]OLFK IKOWHHUVLFKWURW]VHLQHU1HUYRVLWlWXQG$QJVWXQVlJOLFK PGHXQGHUVFK|SIWXQGPXWHPLWDOOHU0DFKWJHJHQGHQ 6FKODIDQNlPSIHQ /lUPOLHLKQDXIIDKUHQ'LHGUHL.ULHJHUZDUHQEHULKUHP :UIHOVSLHOLQ6WUHLWJHUDWHQ(LQHUYRQLKQHQZDUDXIJH VSUXQJHQXQGKDWWHVHLQ6FKZHUWJH]RJHQXQGGLHEHLGHQ DQGHUHQUHGHWHQDXIJHUHJWDXILKQHLQ .LPULFKWHWHVLFKDXIGLH(OOERJHQDXIXQGYHUIROJWHQHXJLH ULJZDVZHLWHUJHVFKDK (VJLQJDOOHVJDQ]VFKQHOO'HU.ULHJHUVWLHHLQHQZWHQGHQ 6FKUHLDXVVFKZDQJVHLQH:DIIHXQGVSUDQJDXIGHQHLQHQ GHUEHLGHQ*HIlKUWHQ]X'DV6FKZHUWVDXVWHKHUDE VFKUDPPWHGHP*HJQHUEHUGHQ%UXVWSDQ]HUXQGJOLWWDE 'HUDQGHUHSUDOOWH]XUFN]RJHEHQIDOOVVHLQH:DIIHXQG VFKRQZDUHLQZLOGHU.DPSILP*DQJH .LPHUZDUWHWHGDVLFKGLHDQGHUHQHLQPLVFKHQXQGGHQ 6WUHLWVFKOLFKWHQZUGHQDEHUQLFKWVGHUJOHLFKHQJHVFKDK(V IDQGHQVLFK]ZDULPPHUPHKU=XVFKDXHUHLQGLHDXVGHU 'XQNHOKHLWDXIWDXFKWHQXQGVLFKXPGLHEHLGHQ.lPSIHQ GHQVFKDUWHQDEHUNHLQHUUKUWHHLQHQ)LQJHUXPHLQ]XJUHL IHQ 'HU.DPSIGDXHUWHQLFKWODQJH'DV6FKZHUWGHV$QJUHLIHUV ]XFNWHSO|W]OLFKYRUXQGERKUWHVLFKLQGLH/FNH]ZLVFKHQ

+HOPXQG%UXVWSDQ]HUGHVDQGHUHQ'HU*HWURIIHQHWDX PHOWH]XUFNOLHVHLQH:DIIHIDOOHQXQGNLSSWHGDQQZLH HLQJHIlOOWHU%DXPKLQWHQEHU 'LH=XVFKDXHUEHJDQQHQVLFK]X]HUVWUHXHQ'HU.ULHJHU GHUGHQ6WUHLWEHJRQQHQKDWWHVFKREVHLQH:DIIHLQGLH 6FKHLGH]XUFNJLQJ]XVHLQHU'HFNHXQGIXKUIRUWPLWVHL QHP.DPHUDGHQ]XZUIHOQDOVZlUHQLFKWVJHVFKHKHQ .LPVFKDXGHUWH,QGLHVHP/DQGVFKLHQHLQ0HQVFKHQOHEHQ ZLUNOLFKQLFKWYLHO]X]lKOHQ (UOLHVLFK]XUFNVLQNHQUROOWHVLFKDXIGLH6HLWHXQG]RJ GLH%HLQHDQGHQ.|USHU'LHVFKZDU]H5VWXQJKLHOWHU VWDXQOLFKZDUPXQGQDFKHLQHU:HLOHEHJDQQVLFKZLHGHU ZRKOLJH0GLJNHLWLQLKPDXV]XEUHLWHQ(UVFKORGLH $XJHQG|VWHHLQHQ0RPHQWYRUVLFKKLQXQGVFKUDNDXIDOV HUVSUWHGDHULP%HJULIIZDUWDWVlFKOLFKHLQ]XVFKODIHQ ,P/DJHUEUHLWHWHVLFKDOOPlKOLFK5XKHDXV'LH)HXHUHUOR VFKHQHLQVQDFKGHPDQGHUQXQGGLH6WLPPHQYHUVWXPPWHQ 6FKOLHOLFKHVJLQJVFKRQJHJHQ0LWWHUQDFKWZDUDXHU GHP+HXOHQGHV:LQGHVXQGHLQHPJHOHJHQWOLFKHQ6FKDUUHQ DXVGHP3IHUGHSIHUFKNHLQ/DXWPHKU]XK|UHQ.LPVFKOLHI QLFKW=X$QIDQJKDWWHHUVLFKPLW*HZDOWZDFKKDOWHQPV VHQDEHUVHLQH0GLJNHLWVFKOXJMHW]WLQV*HJHQWHLOXP 3O|W]OLFKZDUHUYRQHLQHU8QUDVWHUIOOWGDHU0KHKDWWH VWLOOOLHJHQ]XEOHLEHQ 'LHJDQ]H1DFKWODJHUZDFKXQGZDUWHWHDXIHLQH*HOHJHQ KHLWVLFKDXVGHP6WDXE]XPDFKHQ $EHUHVHUJDEVLFKNHLQH'DV/DJHUVFKOLHIMHGRFKHLQKDO EHV'XW]HQG:lFKWHUSDWURXLOOLHUWHQVWlQGLJXPGHQ3ODW] XQGPDFKWHQMHGHQ)OXFKWYHUVXFKXQP|JOLFK'DEHLJHZDQQ .LPPHKUXQGPHKUGHQ(LQGUXFNGDGLH:lFKWHUZHQL JHUQDFK)HLQGHQYRQDXHQDXVVFKDXWHQDOVYLHOPHKULKUH VFKODIHQGHQ.DPHUDGHQVFKDUILP$XJHEHKLHOWHQ(UEH JDQQ]XEHJUHLIHQGDHVZHVHQWOLFKHLQIDFKHUJHZHVHQZDU LQGDV/DJHUKLQHLQDOVZLHGHUKHUDXV]XJHODQJHQ .LPZDUIURKDOVVLHDP0RUJHQGXUFKHLQHQNXU]HQPL W|QHQGHQ7URPSHWHQVWRJHZHFNWZXUGHQ(UZDUDOVHLQHU GHUHUVWHQDXIGHQ%HLQHQXQGEHJDQQVLFKQW]OLFK]XPD

FKHQ1LFKWGDHUZLUNOLFKZXWHZDV]XWXQZDUHUHLOWH HLQIDFKKLQXQGKHUWUXJ+RO]XQG$XVUVWXQJVJHJHQVWlQGH ]XVDPPHQSDFNWHGDXQGGRUWPLW]XXQGWDWDOOHVXPLQ %HZHJXQJ]XEOHLEHQ8QGVHLQ9HUKDOWHQVFKLHQVLFKDOV ULFKWLJ]XHUZHLVHQ1LHPDQGQDKP1RWL]YRQLKP6FKRQ QDFKZHQLJHQ0LQXWHQZDUGDV/DJHUDEJHEDXWXQGDOOH 6SXUHQLKUHVQlFKWOLFKHQ$XIHQWKDOWVEHVHLWLJW (LQ]ZHLWHU7URPSHWHQVWRHUW|QWHXQGHLQHUGHU.ULHJHU |IIQHWHGHQ3IHUFK'LH3IHUGHTXROOHQZLHHLQHVFKZDU]H :RJHOHEHQGLJHU/HLEHUKHUYRUWUDEWHQXPKHUXQGVXFKWHQ QDFKLKUHQ+HUUHQ $XFK.LPV3IHUGNDPDQJDORSSLHUWEOLHEYRULKPVWHKHQ XQGVWLHLKQVSLHOHULVFKPLWGHU1DVHYRUGLH%UXVW'HU 6WRZDUMHGRFKVRKHIWLJGD.LP]XUFNWDXPHOWHXQGJH JHQHLQHQGHUVFKZDU]HQ.ULHJHUVWLH'LHVHUIXKUKHUXP NQXUUWHl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|GOLFKHQ$XVHLQDQGHUVHW]XQJZHUGHQNRQQWH(U KLHOWGHP%OLFNGHV5LHVHQHLQHQ0RPHQWODQJVWDQG ZDQGWHVLFKGDQQVFKXOWHU]XFNHQGDEXQG]RJVLFKXQJH VFKLFNWLQGHQ6DWWHO'HU.ULHJHUJULIIQDFKVHLQHP*UWHO XQGYHUVXFKWHLKQKHUDE]X]HUUHQ.LPVFKWWHOWHGLH+DQG DEXQGWUDWGHP5LHVHQPLWDOOHU.UDIWYRUGHQ%UXVWSDQ]HU 'HU5LHVHZDQNWH]XUFNVHW]WHVLFKZXFKWLJDXIGHQ+R VHQERGHQXQGNDPPLWHLQHPZWHQGHQ.UHLVFKHQZLHGHU KRFK

.LPV+DQG]XFNWH]XP6FKZHUWGRFKVHLQ3IHUGNDPLKP ]XYRU(VZLHKHUWHlUJHUOLFKZLUEHOWHDXIGHU6WHOOHKHUXP XQGWUDWPLWGHQ+LQWHUOlXIHQDXV'HU6FKZDU]HZXUGHYRQ GHQ)HQJHULVVHQEHUVFKOXJVLFKLQGHU/XIWXQGODQGHWH NUDFKHQGHLQ]ZHLWHV0DOLP6DQG 'LHVPDOGDXHUWHHVOlQJHUELVHUVLFKZLHGHUHUKRE'LHSX SLOOHQORVHQ$XJHQXQWHUGHP9LVLHUEOLW]WHQKDHUIOOWDXI /DQJVDPHUKREHUVLFKDXIHLQ.QLH]RJVHLQH:DIIHDXV GHP*UWHOXQGVWDQGGDQQJDQ]DXI ,QGLHVHP$XJHQEOLFNWDXFKWHHLQH*UXSSHKQHQKDIWHU VFKZDU]HU5LWWHUKLQWHULKPDXI'HU.ULHJHU]XFNWH]XVDP PHQXQGVHQNWHXQWHUZUILJGHQ.RSI (LQHUGHU5LWWHUVDJWHHWZDV]XLKPZRUDXIHUUHJHOUHFKW ]XVDPPHQ]XVFKUXPSIHQVFKLHQ(UVFKREVHLQH:DIIHLQ GHQ*UWHO]XUFNEHGDFKWH.LPPLWHLQHPOHW]WHQKDHU IOOWHQ%OLFNXQGVWHO]WHXQWHUGHPVFKDGHQIURKHQ*HOlFKWHU GHUDQGHUHQ]XVHLQHP3IHUG 6LHEUDFKHQDXI'DVVFKZDU]H+HHUIRUPLHUWHVLFK]XHLQHU YLHUIDFKJHVWDIIHOWHQ.HWWHXQG]RJLQ|VWOLFKHU5LFKWXQJ ZHLWHU(LQH6WXQGHRGHUOlQJHUHQWIHUQWHQVLHVLFKYRP*H ELUJHGDQQULWWHQVLHGXUFKHLQHQNOHLQHQ:DOGUDVWHWHQZH QLJH0LQXWHQXQGWUlQNWHQLKUH7LHUHDQHLQHPVFKODPPL JHQ%DFK'DQDFK]RJHQVLHZHLWHUMHW]WZLHGHUZHVWZlUWV GHP*HELUJH]X.LPODXHUWHGLHJDQ]H=HLWDXIHLQH*HOH JHQKHLWVLFKXQDXIIlOOLJDE]XVHW]HQGRFKZLHGHUYHUJHEOLFK 6WlQGLJSDWURXLOOLHUWHQ:DFKHQUHFKWVXQGOLQNVGHUJH PlFKOLFKGDKLQ]LHKHQGHQ.RORQQH8QGVHOEVWZHQQHVLKP JHOXQJHQZlUHVHLQ)HKOHQZlUHLQGHUPDWKHPDWLVFKHQ 3Ul]LVLRQGHU0DUVFKRUGQXQJUDVFKDXIJHIDOOHQXQGVLHKlW WHQLKQLQNU]HVWHU=HLWZLHGHUHLQJHIDQJHQ *HJHQ0LWWDJHUUHLFKWHQVLHHLQHQIODFKHQYRQ+JHOQXP JHEHQHQ6HHDQGHPVLHLKUH3IHUGHDEHUPDOVWUlQNWHQXQG VHOEVWIUHLQHKDOEH6WXQGHUDVWHWHQ'DQQJLQJGHU0DUVFK ZHLWHUQXQVWHWLJQDFK6GHQSDUDOOHO]XUKLPPHOVWUPHQ GHQ0DXHUGHV6FKDWWHQJHELUJHV0DQFKPDOHLQHP6\ VWHPIROJHQGGDV.LPQLFKWYHUVWDQGYLHOOHLFKWDEHUDXFK YROONRPPHQZLOONUOLFKOLHGHU$QIKUHUDQKDOWHQXQG

NOHLQH*UXSSHQGHUVFKZDU]HQ5HLWHULQGLH%HUJHDXV VFKZlUPHQ'RFK.LPJHODQJHVMHGHVPDOVLFK]XGUFNHQ 6FKOLHOLFKDPVSlWHQ1DFKPLWWDJDOVGLH6RQQHEHUHLWV ZLHGHULQGLHXQHQGOLFKHQ*LSIHOGHV*HELUJHVHLQWDXFKWH XQGGLH6FKDWWHQODQJXQGLPPHUOlQJHUZXUGHQHUUHLFKWH GLH.RORQQHHLQH+JHONXSSHXQGKLHOWDQ 'HU$QEOLFNYHUVFKOXJ.LPGHQ$WHP 9RULKQHQILHOGDV/DQG]XHLQHPZHLWHQVFKVVHOI|UPLJHQ 7DODEGDVVLFKQDFK:HVWHQ]XP*HELUJHKLQPHUNOLFK YHUHQJWHXQGLQHLQHUVFKPDOHQ6FKOXFKWPLWVHQNUHFKWDXI VWUHEHQGHQ)HOVZlQGHQDXVOLHI 'DV7DOZDUVFKZDU]YRQ.ULHJHUQ:LH$PHLVHQZLPPHO WHQVLH]X7DXVHQGHQWLHIXQWHULKQHQEDOOWHQVLFK]X*UXS SHQ]XVDPPHQIRUPLHUWHQVLFK]X=JHQXQGZRJWHQLQ HLQHUODQJVDPHQPDMHVWlWLVFKHQ%HZHJXQJGHU6FKOXFKW HQWJHJHQ8Q]lKOLJH=HOWHXQG)HXHUVWHOOHQEHGHFNWHQGHQ 7DOERGHQ.LPYHUVXFKWHGLH=DKOGHU6ROGDWHQ]XVFKlW]HQ DEHUHVZDUXQP|JOLFK(VPXWHQ7DXVHQGH=LJWDXVHQGH VHLQHLQJHZDOWLJHV+HHUGDVVLFKLQGLHVHP7DOYHUVDPPHOW KDWWHXQGZLHHLQVFKZDU]HUDXIJHVWDXWHU6HHGHUVLFKLQ HLQHQVFKPDOHQ$EIOXHUJLHWZHVWZlUWVGXUFKGLH 6FKOXFKW]RJ 6LHEHJDQQHQODQJVDPGHQ+JHOKLQXQWHU]XUHLWHQ(LQKl OLFKHVVFKULOOHV.UlFK]HQGXUFKVFKQLWWGLH/XIW.LPKRE GHQ.RSIXQGVDKHLQHQ6FKZlUPULHVLJHUVFKZDU]HU9|JHO GLHPLWWUlJHQ)OJHOVFKOlJHQEHUGHP7DONUHLVWHQ6LHULW WHQZHLWHUXQGSDVVLHUWHQGLHHUVWHQ=HOWHDEHULKU$QIKUHU PDFKWHNHLQH$QVWDOWHQDQ]XKDOWHQVRQGHUQIKUWHVHLQH 5HLWHU]ZLVFKHQ=HOWHQXQG/DJHUIHXHUQKLQGXUFKELVIDVWLQ GLH0LWWHGHV7DOHVZRHLQHIODFKHPLWPlFKWLJHQ%DONHQ DEJHVWW]WH+JHOVFKDQ]HHUULFKWHWZRUGHQZDU(LQH5HLKH VFKZDU]HU:lFKWHUXPVWDQGGHQNQVWOLFKHQ+JHOLQZHL WHP.UHLVXQGKLQWHUGHP.RUGRQHUVWUHFNWHVLFKHLQPLW HLQHU|OLJHQ)OVVLJNHLWJHIOOWHU*UDEHQZRKOHLQH$UWSUR YLVRULVFKHU9HUWHLGLJXQJVDQODJHEHLGHUHQ$QEOLFNVLFK.LP XQZLOONUOLFKIUDJWHZRYRUVLFKGLH+HUUHQGLHVHUVFKZDU ]HQ$UPHHLQPLWWHQLKUHV+HHUHVZRKOIUFKWHWHQ

.LP]ZDQJVLFKZHQLJVWHQVIUHLQHQ$XJHQEOLFNVHLQH $QJVW]XYHUJHVVHQXQGDXIPHUNVDPDXIMHGHQRFKVRZLQ ]LJH.OHLQLJNHLW]XDFKWHQ(UDKQWHGDVLFKHLQH*HOHJHQ KHLWZLHGLHVHZRKOQLFKWVREDOGZLHGHUELHWHQZUGH 6LH]RJHQGLFKWDP.RUGRQGHU:lFKWHUYRUEHL,KU$QIK UHUWDXVFKWHHLQSDDU:RUWHPLWHLQHPGHU:DFKWSRVWHQXQG ULWWGDQQLQJHPlFKOLFKHP7HPSRZHLWHUZlKUHQG.LPVLFK DXIGLHNOHLQH=HOWVWDGWDXIGHP+JHONRQ]HQWULHUWH$XFK GRUWZDUHQVFKZDU]H5LWWHU]XVHKHQDEHUVLHVFKLHQHQJU| HUXQGZLH.LPIDQGLUJHQGZLHIXUFKWHLQIO|HQGHUDOV GLHXQWHUGHQHQHUVLFKEHZHJWH 3O|W]OLFK]XFNWH.LP]XVDPPHQ=ZLVFKHQGHQULHVLJHQ*H VWDOWHQUDJWHHLQHQRFKULHVLJHUHKHUYRU'LH5VWXQJGLHVHV 5LWWHUVXQWHUVFKLHGVLFKLQQLFKWVYRQGHQHQGHUDQGHUHQ DEHU.LPHUNDQQWHLKQWURW]GHP %DURQ.DUW .LPVWRFNWHYRU6FKUHFNGHU$WHP'HU%DURQVFKULWWXQUX KLJ]ZLVFKHQGHQ=HOWHQDXIXQGDEIXKUHLQHQVHLQHU/HXWH DQXQGVFKHXFKWHHLQLJHDQGHUHPLWHLQHUXQZLOOLJHQ%HZH JXQJ]XU6HLWH(LQHVGHU=HOWHZXUGHJH|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|HUDOVHUVHOEVWXQGWUXJJHQDXZLHGLHDQGHUHQHLQH VFKPXFNORVHVFKZDU]H5VWXQJ$EHUHUKDWWHHWZDVDQVLFK ZDVLKQYRQGHQEULJHQ.ULHJHUQXQWHUVFKLHG7URW]VHLQHU JHULQJHQ.|USHUJU|HXQGGHUVFKPDOHQ6FKXOWHUQZLUNWHHU

JHIlKUOLFKHUXQGE|VHUDOVDOOHDQGHUHQ(VZDUDOVVHLHUYRQ HLQHUXQVLFKWEDUHQVFKZDU]HQ$XUDXPJHEHQHLQHP)OXL GXPGHV%|VHQGDVZLHHLQLQV1HJDWLYHYHUNHKUWHU+HLOL JHQVFKHLQYRQVHLQHUVFKZDU]HQ5VWXQJDXVVWUDKOWH 'DQQZDUHQVLHYRUEHLJH]RJHQXQGGHUVFKZDU]H5LWWHU HQWVFKZDQG.LPV%OLFNHQ$EHUGHU(LQGUXFNZLUNWHQRFK ODQJHLQLKPQDFK.LPKDWWHSO|W]OLFKGDV*HIKOQXUQRFK PLW0KHDWPHQ]XN|QQHQ,QVHLQHP,QQHUHQVFKLHQHWZDV ]X(LVHUVWDUUW]XVHLQDOVKlWWHGHUEORH$QEOLFNGLHVHUG VWHUHQVFKZDU]HQ*HVWDOWDXVJHUHLFKWHLQ6WFNVHLQHU6HHOH DEVWHUEHQ]XODVVHQ 6LHULWWHQELVLQVYRUGHUH'ULWWHOGHV7DOHVXQGKLHOWHQGDQQ HQGJOWLJDQ'HU$QIKUHUULHIHLQLJH.RPPDQGRVDOOHVD HQDEXQG]ZHLGHU.ULHJHUPDFKWHQGLH5XQGHXQGVDP PHOWHQGLH3IHUGHHLQXPVLHLQHLQHJURH.RSSHOQDKH GHP7DOVFKOX]XWUHLEHQ 'HU7DJHQGHWHZLHGHUYRULJH'LH0l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lKOLJH)HXHU DXIXQG.LPV)OXFKWSOlQH]HUUDQQHQLQQLFKWV(VZDUXQ P|JOLFKDXVGLHVHP/DJHU]XHQWNRPPHQ(UZUGHVLFK DXI*HGHLKXQG9HUGHUEZHLWHUVHLQHP*OFNDQYHUWUDXHQ XQGGDUDXIZDUWHQPVVHQGDGDV+HHUZHLWHU]RJXQG VLFKHLQHEHVVHUH*HOHJHQKHLWERW (LQHVFKUHFNOLFKH9LVLRQVWLHJYRUVHLQHQ$XJHQDXI(UVDK VLFKVHOEVWJHNOHLGHWLQGLHVHVFKZDU]HILQVWHUH5VWXQJ

HLQJHNHLOWLQHLQHXQHQGOLFKH5HLKHJDORSSLHUHQGHU5HLWHU 7KHPLVWRNOHVXQGVHLQH9HUEQGHWHQDQJUHLIHQG:RP|J OLFKGDFKWHHUJHVFKDKHVWDWVlFKOLFKGDHUPLWGLHVHP JLJDQWLVFKHQ+HHUZHLWHUXQGZHLWHUQDFK:HVWHQ]RJXQG VLFKXQYHUVHKHQVLQHLQHU6FKODFKWJHJHQMHQHZLHGHUIDQG GLHLKQJHUXIHQKDWWHQ (UJLQJHLQSDDU6FKULWWHELVHUGXUFKHLQH/FNH]ZLVFKHQ GHQ=HOWHQGLH6FKOXFKWLP:HVWHQHUNHQQHQNRQQWH$XFK MHW]WQDFK(LQEUXFKGHU'XQNHOKHLW]RJHQGLHVFKZDU]HQ 5HLWHULQHLQHUQLHDEUHLHQGHQ.HWWHZHLWHUGXUFKGLH%UH VFKH)DFNHOQXQGJURHIODFNHUQGH6FKHLWHUKDXIHQGLH UHFKWVXQGOLQNVGHV:HJHVHUULFKWHWZRUGHQZDUHQWDXFK WHQGLH)HOVZlQGHLQWDQ]HQGHVURWHV/LFKW7LHIDXVGHP,Q QHUQGHU6FKOXFKWGUDQJHLQJHKHLPQLVYROOHVJUQHV/HXFK WHQLQGHPGLH*HVWDOWHQGHU5HLWHUVHOWVDPIODFKXQGN|U SHUORVZLUNWHQVRGDHVEHLQDKVRDXVVDKDOVEHZHJWHVLFK GRUWNHLQH$UPHHVRQGHUQHLQHQGORVHU=XJYRQ6FKDWWHQ .LPZDQGWHVLFKDE(UVDKVLFKXQVFKOVVLJXPXQGNHKUWH VFKOLHOLFK]XVHLQHP/DJHUSODW]]XUFN(UZDUQRFKP GHUDOVDP$EHQG]XYRUXQGHUKDWWHMHW]WVHLW]ZHL7DJHQ QLFKWVJHJHVVHQVRGDLKPYRU+XQJHUXQG6FKZlFKH VFKRQEHOZXUGH$EHUHUZDJWHHVQLFKWGDVVFKZDU]H9L VLHUDXFKQXUIUHLQHQ$XJHQEOLFN]XOIWHQ 6FKOLHOLFKOHJWHHUVLFKQLHGHUJULIIVLFKHLQH'HFNHXQG VFKOLHIIDVWDXJHQEOLFNOLFKHLQ 6LHEOLHEHQ]ZHL7DJHXQGGUHL1lFKWHLQGLHVHP7DO(LQ SDDUPDOPXWHQVLHLKUH3OlW]HUlXPHQXPHLQHUQDFKUN NHQGHQ*UXSSH3ODW]]XPDFKHQXQGMHGHU:HFKVHO EUDFKWHVLHQlKHUDQGLH6FKOXFKWDP7DODXVJDQJKHUDQ'LH =DKOGHUQDFKGUlQJHQGHQ5HLWHUZDUVRJHZDOWLJGDGDV 7DOVFKOLHOLFKNDXPQRFKLQGHU/DJHVFKLHQGLHJLJDQWL VFKH$UPHHDXI]XQHKPHQ.LPVDK%RUDDVQRFKHLQPDOZLH GHUDP]ZHLWHQ7DJDOVGHU0DJLHUDXIHLQHPULHVLJHQ VFKZDU]HQ3IHUGGDV7DOLQVSL]LHUWH%DURQ.DUWDQGHU HLQHQXQGMHQHQVHOWVDPHQILQVWHUHQ%HJOHLWHUDQGHUDQGH UHQ6HLWH

'LH7DJHLP/DJHUYHUOLHIHQJOHLFKI|UPLJ(VJDEQLFKWV]X WXQXQG.LPEUDFKWHIDVWVHLQHJDQ]H=HLWGDPLW]XUXKHORV XPKHU]XZDQGHUQ(UZXWHGDVHLQ9HUKDOWHQIUKHURGHU VSlWHU$XIVHKHQHUUHJHQPXWHXQGHLJHQWOLFKJUHQ]WHHV EHUHLWVDQHLQ:XQGHUGDHUELVMHW]WXQHQWGHFNWJHEOLHEHQ ZDU 'DQQDP0RUJHQGHVGULWWHQ7DJHVZXUGHQVLHGXUFK HLQHQUGHQ%HIHKOJHZHFNW6LHIRUPLHUWHQVLFK]XHLQHU ODQJHQZLHPLWGHP/LQHDOJH]RJHQHQ'RSSHOUHLKHXQG VWDQGHQIDVWHLQH6WXQGHODQJUHJORVLQGHUJOKHQGHQ 6RQQH'DQQZXUGHQGLH3IHUGHJHEUDFKW .LPIUHXWHVLFKDOVGDVVFKZDU]H3IHUGGDVHUHUEHXWHW KDWWH]LHOVWUHELJDXVGHU+HUGHDXVVFKHUWHDXILKQ]XWUDEWH XQGGHQ.RSIDQVHLQHU6FKXOWHUULHE2EZRKO.LPVLFKGDU EHULPNODUHQZDUGDVHLQ%HQHKPHQXQJHZ|KQOLFKHU VFKHLQHQPXWHKREHUGLH+DQGXQGVWUHLFKHOWHGHP7LHU ]lUWOLFKGLH1VWHUQ'DV7LHUZLHKHUWHVFKDUUWHPLWGHQ 9RUGHUKXIHQXQGEHZHJWHHLQSDDUPDOXQJHGXOGLJGHQ .RSIDOVZROOWHHVLKQDXIIRUGHUQLQGHQ6DWWHO]XVWHLJHQ 8QG.LPIROJWHGHU$XIIRUGHUXQJ 1DFKXQGQDFKIDQGHQDOOH7LHUH]XLKUHQ+HUUHQ]XUFN XQGGHUYHUVSUHQJWH+DXIHQVFKPXW]LJHU*HVWDOWHQYHUZDQ GHOWHVLFKZLHGHULQHLQHVWRO]H6FKDUVFKZDU]HU5HLWHU .LPYHUVSUWHHLQVHOWVDPHVZDUPHV*OFNVJHIKODOVHULP 6DWWHOVHLQHV3IHUGHVVD8PJHEHQYRQHLQHPILQVWHUHQ +DXIHQYRQ)HLQGHQXQGGHP7RGQlKHUDOVGHP/HEHQ ZDUGLHVHV7LHUVHLQHLQ]LJHU)UHXQGXQG9HUWUDXWHUGDV HLQ]LJH/HEHZHVHQGDVVHLQ*HKHLPQLVNDQQWHXQGPLWLKP WHLOWH8QGLUJHQGZLHJODXEWH.LP]XZLVVHQGDGLHVHV*H IKOQLFKWQXUHLQVHLWLJZDU $XIHLQHQ%HIHKOLKUHV$QIKUHUVKLQVHW]WHQVLHVLFKLQ%H ZHJXQJ.LPIDQGVLFKLQPLWWHQHLQHUXQEHUVHKEDUHQ.R ORQQHUXKLJXQGGLV]LSOLQLHUWGDKLQWUDEHQGHU5HLWHUHLQ *OLHGLQGHUQLFKWDEUHLHQGHQ.HWWHGLHVLFKZHVWZlUWV GXUFKGLH6FKOXFKW]RJ 'LH)HXHU]XEHLGHQ6HLWHQGHV:HJHVYHUEODWHQXQWHUGHP LQWHQVLYHQJUQHQ*OKHQGDVYRP(QGHGHU6FKOXFKWKHU

HLQGUDQJ=XHUVWVFKLHQHV.LPDOVEUHQQHGRUWHLQJUQHV UDXFKORVHV)HXHUDEHUMHQlKHUVLHNDPHQGHVWRGHXWOLFKHU NRQQWHHUHUNHQQHQGDHVVLFKXPHWZDVY|OOLJDQGHUHV KDQGHOWH(VJDENHLQH)ODPPHQXQGNHLQH+LW]HQXUGLHVH JUQHDOOHVGXUFKGULQJHQGH+HOOLJNHLWGLHDXVGHQ)HOVZlQ GHQDXVGHP%RGHQMDVRJDUDXVGHU/XIW]XNRPPHQ VFKLHQ(LQKRKHUVLUUHQGHU7RQOLH.LPV1HUYHQYLEULHUHQ 8QGSO|W]OLFKEHNDPHU$QJVWIUFKWHUOLFKH$QJVW(U DKQWHGDHWZDV6FKUHFNOLFKHVPLWLKPJHVFKHKHQZUGH ZHQQHULQGHQ%HUHLFKGHVJUQHQ/HXFKWHUQYRUGUDQJ $EHUHVJDENHLQHQ)OXFKWZHJ6LHULWWHQMHW]WVRGLFKWQH EHQHLQDQGHUGD]ZLVFKHQGHQHLQ]HOQHQ7LHUHQNDXP QRFKHLQH+DQGEUHLW3ODW]EOLHEXQGGLH5HLWHULQGHQ lXHUVWHQ.RORQQHQVWUHLIWHQPLWLKUHQ5VWXQJHQEHUHLWV DP)HOVHQHQWODQJ6HOEVWZHQQ.LPVRYHUZHJHQJHZHVHQ ZlUHGLH)OXFKW]XZDJHQKlWWHHUVHLQ3IHUGJDUQLFKW ZHQGHQN|QQHQ (UYHUVXFKWHGLH$QJVW]XUFN]XGUlQJHQXQGVLFKDXIGHQ $QEOLFNYRUVLFK]XNRQ]HQWULHUHQ'LH5HLWHUVWUHEWHQRKQH ]X]|JHUQGHPJUQHQ/LFKW]X,KUH.|USHUVFKLHQHQ]X YHUVFKZLPPHQXQG.LPJODXEWHIDVWGXUFKVLHKLQGXUFKGLH 8PULVVHGHUYRULKQHQ5HLWHQGHQ]XHUNHQQHQ 'DV/LFKWNDPQlKHUXQGQlKHU.LPV3IHUGVFKHXWHHLQZH QLJDEHU.LPEUDFKWHHVPLWHLQLJHQEHVlQIWLJHQGHQ:RUWHQ ]XU5XKH(LQVHOWVDPHV.ULEEHOQEUHLWHWHVLFKLQVHLQHP .|USHUDXVDOVGDV/LFKWLKQHUIDWH.LPVFKORJHEOHQGHW GLH$XJHQVHQNWHGHQ.RSIXQGEHVFKDWWHWHGDV*HVLFKWPLW GHU+DQG$EHUHVQXW]WHQLFKWV'DVJUHOOHJUQH/LFKW GUDQJGXUFKVHLQH+DQGXQGGXUFKGDV0HWDOOGHU5VWXQJ XQGOLHLKQDXIVW|KQHQ 'DQQVRDEUXSWDOVKlWWHMHPDQGHLQHQJLJDQWLVFKHQ6FKDO WHUXPJHOHJWYHUVFKZDQGGDV/LFKWXQG.LPIDQGVLFKLQ HLQHUJHZDOWLJHQYRQJUDXHQ6FKDWWHQHUIOOWHQ+|KOHZLH GHU'LH'HFNHZDUVRKRFKGDHUVLHQLFKWPHKUHUNHQQHQ NRQQWHXQGYRULKPJlKQWHHLQERGHQORVHU$EJUXQG'LH 5HLWHUYHUVDPPHOWHQVLFKDP5DQGHGHU6FKOXFKWXQGOHQN WHQLKUH7LHUHQDFKHLQDQGHUDXIHLQHVFKPDOHNKQJH

VFKZXQJHQH6WHLQEUFNHKLQDXVGLHEHUGHQ$EJUXQG IKUWHXQGVLFKLUJHQGZRLQ:HLWHXQG'XQNHOKHLWYHUORU (VJDENHLQ*HOlQGHUNHLQHQ6FKXW]QXUGLHVHVVFKPDOH 6WHLQEDQGGDVNDXPEUHLWJHQXJZDUGHQ3IHUGHQVLFKHUHQ 7ULWW]XJHZlKUHQ'LHVFKZDU]HQ5HLWHU]ZDQJHQLKUH 7LHUHKLQDXI*OLHGXP*OLHGHLQHUHQGORVHQ.HWWH$EXQG ]XO|VWHVLFKHLQ6WHLQXQWHUGHPKDUWHQ+XIVFKODJGHU 7LHUHXQGHLQPDONDPHLQ3IHUGLQV6WROSHUQNUHLVFKWHDXI XQGVWU]WHPLWVDPWVHLQHP5HLWHUDERKQHGDGLHVGHQ 9RUPDUVFKGHUEULJHQDXFKQXUIUHLQH6HNXQGHLQV6WRN NHQEUDFKWH .LPV+lQGHNUDOOWHQVLFKLQGLH0lKQHVHLQHV7LHUHVDOVVLH DXIGLH%UFNHKLQDXVULWWHQ(UEOLFNWHLQGLH7LHIHVFKOR HQWVHW]WGLH$XJHQXQGVW|KQWHOHLVH,KPVFKZLQGHOWHXQG IUHLQHQ0RPHQWVFKLHQVLFKGLHJLJDQWLVFKH+|KOHXPLKQ KHUXP]XGUHKHQ'HU+XIVFKODJGHU3IHUGHGU|KQWHSO|W] OLFKZLH'RQQHUJUROOHQLQVHLQHQ2KUHQ 6WXQGHQVFKLHQHQ]XYHUJHKHQHKHVLHHQGOLFKGDVDQGHUH (QGHGHU%UFNHHUUHLFKWHQ'LH'HFNHGHU+|KOHVHQNWH VLFKKHUDEXQGYHUEDQGVLFKPLWGHQ6HLWHQZlQGHQ]XHLQHP QLHGULJHQ6WROOHQYRQGHP]DKOUHLFKH6HLWHQJlQJHDE]ZHLJ WHQ'LH/XIWURFKDEJHVWDQGHQXQGELWWHUXQGMHGHU$WHP ]XJEUDQQWHZLH)HXHULQ.LPV/XQJHQ'LH5HLWHUHQW]Q GHWHQ)DFNHOQXPGHQ:HJ]XHUKHOOHQ 'HU5LWWQDKPNHLQ(QGH(LQPDOUDVWHWHQVLHXQG.LP OHKQWHVLFKJHJHQGLHIHXFKWNDOWH:DQGXQGVFKOLHIIDVW DXJHQEOLFNOLFKHLQ$OVHUJHZHFNWZXUGHKDWWHHUGDV*H IKOQXUZHQLJH0LQXWHQJHVFKODIHQ]XKDEHQXQGPGHU DOVYRUKHU]XVHLQ 'LH8PJHEXQJZHFKVHOWHVWlQGLJ6LHULWWHQGXUFK+DOOHQ XQGKRKHVFKDWWHQHUIWH6WHLQGRPHGXUFKTXHUWHQHQJH 6FKOXFKWHQXQGEDODQFLHUWHQDP5DQGHERGHQORVHU$E JUQGHHQWODQJXQGHLQPDOIKUWHVLHHLQH$UWURKEHKDXHQH 6WHLQWUHSSH+XQGHUWH0HWHULQGLH7LHIH (LQHQHXHUOLFKH5DVWIROJWHGDQQZLHGHUHQGORVH6WXQGHQ LP6DWWHO8QGHQGOLFKDOV.LPVFKRQJODXEWHVLFKQLFKW PHKUDXIGHP5FNHQGHV3IHUGHVKDOWHQ]XN|QQHQOHXFK

WHWHYRULKQHQHLQZLQ]LJHVJUQHV/LFKW'LH)DFNHOQHUOR VFKHQXQGGDV+HHUGUDQJLQHLQHZHLWOlXILJHKRKH+|KOH HLQYRQGHUHQ'HFNHEL]DUUH.ULVWDOOJHELOGHKHUXQWHUKLQJHQ 6FKZlUPHULHVLJHU)OHGHUPlXVHNUHLVWHQEHULKUHQ.|SIHQ XQGDPHQWJHJHQJHVHW]WHQ(QGHGHU+|KOHJOKWHZLHGHU MHQHVZRKOEHNDQQWHJUQH)HXHU 'HU0DUVFKJLQJRKQH3DXVHZHLWHU.LPV3IHUGZLHKHUWH HUVFK|SIWDOVVLHHLQHQJHU|OOEHUVlWHQ+DQJKLQDXIULWWHQ 1HEHQLKPNDPHLQ7LHULQV6WUDXFKHOQVFKHXWHXQGZDUI VHLQHQ5HLWHUDE'HUJHSDQ]HUWH5HLWHUVFKOXJXQJOFNOLFK PLWGHP.RSIDXIXQGEOLHEUHJORVOLHJHQ.LPVFKORHQW VHW]WGLH$XJHQDOVHUVDKZLHHUXQWHUGHQ+XIHQGHU 1DFKGUlQJHQGHQYHUVFKZDQG 'DVJUQH/HXFKWHQHUIDWHVLH:LHGHUVW|KQWH.LPTXDO YROOXQWHUGHPXQHUWUlJOLFKJOHLHQGHQ/LFKW$OVHUGLH $XJHQZLHGHU|IIQHWHEHIDQGHUVLFKLQHLQHPZHLWHQYRQ KRKHQ)HOVZlQGHQXPVFKORVVHQHQ7DOlKQOLFKGHPDXV GHPVLHDXIJHEURFKHQZDUHQ 'LH(UNHQQWQLVWUDILKQZLHHLQ+DPPHUVFKODJ'DV*HELUJH ODJMHW]WKLQWHULKPLP2VWHQ6LHKDWWHQGLH6FKDWWHQEHUJH EHUZXQGHQ

9,, .LPZDU]XHUVFK|SIWXPGHQ*HGDQNHQLQVHLQHUYROOHQ 7UDJZHLWH]XHUIDVVHQ8QGHUVFKLHQQLFKWGHUHLQ]LJH]X VHLQGHPGHU5LWWXQWHUGHP6FKDWWHQJHELUJHGDV/HW]WHDE YHUODQJWKDWWH'LH5HLWHUYHUWHLOWHQVLFKXQG.LPULWWLQPLW WHQGHULKPVFKRQYHUWUDXWJHZRUGHQHQ*UXSSH]XPVGOL FKHQ(QGHGHV7DONHVVHOV'LHVPDOYHU]LFKWHWHPDQGDUDXI =HOWHDXI]XVFKODJHQXQGDXFKGLH3IHUGHZXUGHQQLFKW ZHJJHIKUW'LH.ULHJHUOLHHQVLFKZRVLHJHUDGHZDUHQ DXVGHQ6lWWHOQIDOOHQXQGUROOWHQVLFK]XP6FKODIHQHLQ 'HU:XQVFKHVLKQHQJOHLFK]XWXQZDUEHUPlFKWLJDEHU .LPULVLFK]XVDPPHQ:HQQHVHLQH0|JOLFKNHLWJDE GHPVFKZDU]HQ+HHU]XHQWNRPPHQGDQQMHW]W 9RUQEHUJHEHXJWGLH+lQGHDXIGHQ+DOVGHV3IHUGHVJH VWW]WWURWWHWHHUDQHQGORVHQ5HLKHQVFKODIHQGHURGHUWHLO QDKPVORVGDKRFNHQGHU6ROGDWHQYRUEHL'HU7DONHVVHOZDU UXQGXPJHVFKORVVHQQXULP1RUGHQJDEHVHLQHQVFKPDOHQ ZLHPLWHLQHUJLJDQWLVFKHQ$[WLQGHQ)HOVHQJHKDXHQHQ 6SDOW1DWUOLFKZDUGHU$XVJDQJEHZDFKWDEHUGDUEHU PDFKWH.LPVLFKLPHUVWHQ+RFKJHIKONHLQH6RUJHQ(U KDWWHGDV8QP|JOLFKHJHVFKDIIWXQGHLQHQ:HJEHUGDV 6FKDWWHQJHELUJHJHIXQGHQQDFKDOOGHPZUGHHUVLFKMHW]W QLFKWYRQHLQSDDU:DFKHQDXIKDOWHQODVVHQ (UULWWODQJVDPHUOHJWHGHP3IHUGEHUXKLJHQGGLH+DQG ]ZLVFKHQGLH2KUHQXQGPXUPHOWHOHLVHVLQQORVH:RUWH 'HQ%OLFNZDFKVDPJHUDGHDXVJHULFKWHWQlKHUWHHUVLFKGHP 7DODXVJDQJ(LQKDOEHV'XW]HQGVFKZDU]JHSDQ]HUWHU :lFKWHUVWDQGDXILKUH6SHHUHJHVWW]WYRUGHPHWZD ]ZDQ]LJ0HWHUEUHLWHQ'XUFKOD.LP]JHOWHVHLQ3IHUG XQGKLHOWDQ(UKDWWHVLFKQRFKNHLQHNODUH9RUVWHOOXQJGDU EHUJHPDFKWZLHHUGHQ7DONHVVHOYHUODVVHQNRQQWH9LHO

OHLFKWZUGHHVLKPVRJDUJHOLQJHQLQZLOGHP*DORSSGXUFK GLH5HLKHGHU:lFKWHU]XEUHFKHQ$EHUGDVDQGHUH(QGH GHU6FKOXFKWZDUJDUDQWLHUWHEHQIDOOVEHZDFKWXQGVSlWH VWHQVGRUWZUGHVHLQH)OXFKW]X(QGHVHLQZHQQLKQQLFKW YRUKHUHLQ3IHLORGHUHLQ6SHHUDXVGHP6DWWHOKRE +XIJHNODSSHUOLHLKQKHUXPIDKUHQ(LQHNOHLQH*UXSSH VFKZDU]HU5HLWHUQlKHUWHVLFKGHP'XUFKOD'HU$QIKUHU ZHFKVHOWHHLQSDDU:RUWHPLWHLQHPGHU:lFKWHUZRUDXI VLFKGHU.RUGRQWHLOWHXQGGLH5HLWHUGXUFKOLH .LPEHUOHJWHQLFKWODQJH0LWVDQIWHP6FKHQNHOGUXFN ]ZDQJHUVHLQ3IHUGKHUXPUHLKWHVLFKDQV(QGHGHU.R ORQQHXQGSDVVLHUWHPLWLKUGLH:DFKWSRVWHQ1LHPDQG QDKP1RWL]YRQLKP 'LH6FKOXFKWZDUYLHOOHLFKWKXQGHUW0HWHUODQJDEHUVHLQH $XIUHJXQJXQG8QJHGXOGOLHHQVLHLKQYLHOOlQJHUHUVFKHL QHQ(QGOLFKSDVVLHUWHQVLHZLHGHUHLQH5HLKHJXWJHWDUQWHU :lFKWHUDP$XVJDQJGHU.ODPPXQGYRULKQHQODJHLQXQ JODXEOLFKZHLWHVOLFKWHV/DQG .LPKlWWHDPOLHEVWHQODXWDXIJHMXEHOW6LHEHIDQGHQVLFK QRFKLPPHULP*HELUJHDEHUHVZDUHLQH*HELUJVODQGVFKDIW JDQ]DQGHUHU$UWDOVGLHVVHLWVGHU6FKDWWHQEHUJH=ZLVFKHQ GHPKHOOHQ)HOVJHVWHLQOHXFKWHWHQJUQH%VFKHXQG)DUQ NUDXWXQGEXQWH*HELUJVEOXPHQ*UDVXQG0RRVGl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lXILJ LQ6LFKHUKHLW

.LPVFKlW]WHEOLW]DUWLJVHLQH/DJHDE'HU:HJIKUWHVWHLO GHQ+DQJKLQXQWHUXQGVFKOlQJHOWHVLFK]ZLVFKHQ)HOVHQ XQG%DXPJUXSSHQKLQGXUFKVRGDHUIUVHUVWHYRU3IHLOHQ XQGDQGHUHQ*HVFKRVVHQJHVFKW]WZDU$EHUHUPXWHHLQ 9HUVWHFNILQGHQ6HLQ3IHUGZDUJHQDXVRHUVFK|SIWZLHHU VHOEVWHVZUGHGDV5HQQHQPLWGHQVWDUNHQXQGDXVJHUXK WHQ7LHUHQGHU9HUIROJHUQLFKWPHKUODQJHGXUFKKDOWHQ :LHDXIHLQ6WLFKZRUWVSUHQJWHQLQGLHVHP0RPHQWGLH5HL WHUXPGLH(FNH.LPHUVFKUDNDOVHUGLHKQHQKDIWH*HVWDOW LP6DWWHOGHVHUVWHQ3IHUGHVHUNDQQWHGLHHLQHQULHVLJHQ VFKZDU]HQ0RUJHQVWHUQVFKZDQJ'HU5HLWHUKLQWHULKP ZDUQLHPDQGDQGHUVDOV%DURQ.DUW ª/DXI-XQJH©ULHI.LPVHLQHP3IHUG]Xª/DXIXPGHLQ/H EHQ8QGXPPHLQHV6LHEULQJHQXQVEHLGHXPZHQQVLH XQVNULHJHQ© 'DV3IHUGZLHKHUWHDOVKDEHHVYHUVWDQGHQ,QUDVHQGHP*D ORSSVWUPWHHVGHQ%HUJKLQXQWHUVHLQ$WHPIORJXQGYRU GHQ1VWHUQVWDQGIORFNLJHUZHLHU6FKDXP.LPNUDOOWH VLFKLQVHLQHU0lKQHIHVWXQGVFKDXWHYHU]ZHLIHOWQDFK HLQHP)OXFKWZHJDXV$EHUDXIGHUHLQHQ6HLWHZDUQXU IUHLHVRIIHQHV*HOlQGHXQGDXIGHUDQGHUHQHLQVHQNUHFKWHU $EVWXU]'HU:HJIKUWHMHW]WKDUWDP5DQGHLQHUPLQGH VWHQV]HKQ0HWHUEUHLWHQ6FKOXFKWHQWODQJGHUHQMHQVHLWLJH .DQWHGXUFKGDVVWHLOH*HIlOOHHUKHEOLFKWLHIHUODJ .LPEOLFNWHEHUGLH6FKXOWHU]XUFN'HU$EVWDQG]ZL VFKHQLKPXQGVHLQHQ9HUIROJHUQKDWWHVLFKYHUULQJHUW(U JODXEWHLQGHQ$XJHQGHVVFKZDU]HQ%DURQVDEJUXQGWLHIHQ +D]XHUNHQQHQ1LHZUGHHU.LPYHU]HLKHQLKQGHUDUW DQGHU1DVHKHUXPJHIKUW]XKDEHQ6RHWZDVZDULKP ZRKOLQVHLQHPJDQ]HQ/HEHQQRFKQLFKWSDVVLHUW 8PVRVFKUHFNOLFKHUZUGHVHLQH5DFKHVHLQ(LQH5DFKH YRQGHULKQQXUQRFKZHQLJH$XJHQEOLFNHWUHQQWHQ .LPULGHQ.RSIKHUXPXQGEOLFNWHQDFKYRUQ(UIDWH HLQHQYHU]ZHLIHOWHQ(QWVFKOX6HLQH+DQG]HUUWHDP=JHO 'DV3IHUGElXPWHVLFKDXIZLGHUVHW]WHVLFKHLQHQ$XJHQ EOLFNVHLQHP%HIHKOXQGVFKZHQNWHGDQQZLOOLJKHUXP(LQ YLHOVWLPPLJHU$XIVFKUHLDXVGHQ5HLKHQVHLQHU9HUIROJHU

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lFK]HQGKRFK6HLQJDQ]HU.|USHU VFKPHU]WHXQGLQGHQ2KUHQUDXVFKWHGDV%OXW(UZDQGWH GHQ.RSIXQGEOLFNWH]XPJHJHQEHUOLHJHQGHQ5DQGGHU 6FKOXFKWKLQDXI'LH9HUIROJHUZDUHQ]XP6WHKHQJHNRP PHQ'HU%DURQWREWH.LPVDKZLHVLFKGLHVFKZDU]HQ5HL WHUXQWHUVHLQHQ)OFKHQGXFNWHQ (WZDV]LVFKWHDQLKPYRUEHLXQGERKUWHVLFKYRULKPLQGHQ %RGHQ.LP]XFNWH]XVDPPHQZLFKHLQHP]ZHLWHQ3IHLO DXVXQGZDQGWHVLFKGDQQVFKOHXQLJVW]XU)OXFKW(LQ+DJHO ODQJHUVFKZDU]HU3IHLOHSUDVVHOWHULQJVXPLKQQLHGHUXQG PHKUDOVHLQPDOUHWWHWHLKQQXUVHLQ3DQ]HUYRUHLQHPW|GOL FKHQ7UHIIHU 'DQQZDUHUKLQWHUHLQHP)HOVEORFNLQ6LFKHUKHLW'LH3IHLOH IORJHQQRFKLPPHUHUUHLFKWHQLKQMHGRFKQLFKWPHKUILHOHQ ]X%RGHQRGHUSUDOOWHQNODSSHUQGYRQGHQ)HOVZlQGHQDE :DKUVFKHLQOLFKVFKRVVHQGLH5LWWHUQXUQRFKXPLKUHU:XW /XIW]XPDFKHQ .LPSILIIVHLQ3IHUGKHUEHLWDVWHWHQDFKGHP6DWWHONQDXI XQGOLHVLFKHUVFK|SIWJHJHQVHLQH)ODQNHVLQNHQ'DV3IHUG ZDUQDYRU6FKZHLXQGVHLQNHXFKHQGHU$WHPKDWWHVLFK QRFKQLFKWEHUXKLJW.LPUXKWHHLQSDDU6HNXQGHQDXVGDQQ ULFKWHWHHUVLFKDXIKREGLH+lQGHDQGHQ.RSIXQGVHW]WH ]XPHUVWHQ0DOVHLWHLQHU(ZLJNHLWZLHLKPVFKLHQGHQ

VFKZDU]HQ+HOPDE(UOHJWHLKQEHKXWVDPQHEHQVLFKLQV *UDVOLHVLFKDXIHLQ.QLHQLHGHUXQGIXKUSUIHQGPLWGHQ )LQJHUVSLW]HQEHUGLH9RUGHUOlXIHGHV3IHUGHV'DV7LHU ZLHKHUWHXQG.LPVSUWHGDVHLQH*HOHQNHDQJHVFKZROOHQ ZDUHQ(VZDUGDVUHLQVWH:XQGHUGDHVVLFKEHLGHP 6SUXQJQLFKWDOOHYLHU%HLQHJHEURFKHQKDWWH ª$UPHU-XQJH©VDJWHHUª'XIKOVWGLFKJHQDXVRHOHQGZLH LFKQLFKWZDKU"© 'DV3IHUGEHZHJWHGHQ.RSIDOVKDEHHVGLH:RUWHYHUVWDQ GHQZLHKHUWHXQGVWLH.LPPLWVHLQHUIHXFKWHQ1DVHYRU GLH%UXVW.LPYHUORUGDV*OHLFKJHZLFKWUXGHUWHPLWGHQ$U PHQXQGODQGHWHODFKHQGDXIGHP+RVHQERGHQ$EHUHU ZXUGHJOHLFKZLHGHUHUQVW ª,FKIUFKWHGXPXWPLFKQRFKHLQHNOHLQH:HLOHWUDJHQ -XQJH©VDJWHHUª:LUVLQGQlPOLFKQRFKODQJHQLFKWLQ6L FKHUKHLW%DURQ.DUWZLUGHLQHQ:HJILQGHQEHUGLH 6FKOXFKW]XJHODQJHQXQGGDQQP|FKWHLFKVRZHLWZLHQXU P|JOLFKZHJVHLQ'XZRKODXFKRGHU"©6HXI]HQGEHIH VWLJWHHUVHLQHQ+HOPDP6DWWHONQDXIXQGNOHWWHUWHZLHGHU DXIGHQ5FNHQGHV3IHUGHV 6LHULWWHQZHLWHUEHUJDE'LHVWHLQLJH/DQGVFKDIWEHU]RJ VLFKPHKUXQGPHKUPLW*UQXQGDXVGHQYHUHLQ]HOWHQ %lXPHQZXUGHQ+DLQHXQGNOHLQHVFKDWWLJH:lOGHUGLH ]XP9HUZHLOHQHLQOXGHQ.LPWUlQNWHVHLQ3IHUGDQHLQHP GHU]DKOUHLFKHQNODUHQ%lFKHGLHLKUHQ:HJNUHX]WHQ VWlUNWHVLFKVHOEVWPLWHLQSDDU6FKOXFNHQHLVNDOWHQ:DVVHUV XQGULHLQH+DQGYROO%HHUHQYRQGHQ%VFKHQDE+XQJHU XQG(UVFK|SIXQJPDFKWHQVLFKZLHGHUEHPHUNEDU(UZDU KXQGHPGHXQGHUKlWWHZHUZHLZDVGDUXPJHJHEHQHLQ SDDU6WXQGHQLQHLQHPZHLFKHQ%HWWRGHUDXFKQXUDXI QDFNWHP%RGHQ]XVFKODIHQDEHUHUZDUQRFKQLFKWZHLWJH QXJYRQ.DUWXQGVHLQHQVFKZDU]HQ5HLWHUQHQWIHUQW:H QLJVWHQVELV]XP$EHQGPXWHHUGXUFKKDOWHQ,QGHU'XQ NHOKHLWNRQQWHHUHVYLHOOHLFKWULVNLHUHQVLFKLQHLQHU)HOV VSDOWHRGHUXQWHUHLQHP%XVFK]XP6FKODIHQ]XOHJHQ 6SlWDP1DFKPLWWDJYHUOLHHQVLHGDV*HELUJH'HUVWHLQLJH %HUJKDQJJLQJLQHLQHVDQIWDEIDOOHQGHVDIWLJJUQH:LHVH

EHUGLHDQHLQHQVFKDWWLJHQ:DOGJUHQ]WH'HU$QEOLFNJDE LKPXQGVHLQHP3IHUGQHXH.UDIW(UVSRUQWHGDV7LHUQRFK HLQPDODQXQGULWWLP*DORSSDXIGHQ:DOGUDQG]X $OVVLHGLHHUVWHQ%lXPHHUUHLFKWHQOLHHUGLH=JHOIDKUHQ QDKPHLQHQ)XDXVGHP6WHLJEJHOXQGILHODXVGHP6DWWHO 'HU:DOGXQGGHUKHOOHZRONHQORVH+LPPHOEHJDQQHQVLFK XPLKQ]XGUHKHQhEHONHLWXQGHLQ*HIKOQLHJHNDQQWHU 6FKZlFKHEHUPDQQWHQLKQ(UILHODXIGLH.QLHUROOWHVLFK DXIGLH6HLWHXQGYHUVXFKWHYHUJHEOLFKZLHGHUKRFK]XNRP PHQ6HLQ.|USHUKDWWHPHKUJHJHEHQDOVHUJHEHQNRQQWH XQGVHOEVWZHQQGLH:HOWLQGLHVHP0RPHQWXPLKQKHUXP ]XVDPPHQJHEURFKHQZlUHKlWWH.LPNHLQHQ6FKULWWPHKU JHKHQN|QQHQ 3O|W]OLFKK|UWHHUHLQ*HUlXVFK(UKREGHQ.RSIXQGVDK ZLHVLFKGLH%VFKHYRULKPEHZHJWHQ $EHUHVZDUQXUHLQ'DFKVGHUDQJHORFNWGXUFKGHQ/lUP XQGGHQIUHPGHQ*HUXFKGHQHUXQGVHLQ3IHUGDXVVWU|PHQ PRFKWHQKHUEHLNDPXQGQHXJLHULJVFKQIIHOWH .LPOlFKHOWHPDWW ª+DOOR'DFKV©VDJWHHUª'XJODXEVWJDUQLFKWZLHLFK PLFKIUHXHHLQOHEHQGHV:HVHQ]XVHKHQ©(UVWUHFNWHGLH +DQGDXVXQGEHZHJWHGLH)LQJHU'HU'DFKVVFKQIIHOWH HUQHXWOLHVLFKGDQQDXIVHLQEUHLWHV+LQWHUWHLOVLQNHQXQG EHJXWDFKWHWHGLHVHQVHOWVDPHQ%HVXFKHUDXVVHLQHQNOHLQHQ NOXJHQ$XJHQ ª'XELVW]ZDUQXUHLQ'DFKV©PXUPHOWH.LPVFKRQKDOELP 6FKODIªDEHUGXELVWWURW]GHPGDVVFK|QVWH:HVHQGDVLFK VHLW7DJHQ]X*HVLFKWEHNRPPH6FKDGHGDGXPLUQLFKW KHOIHQNDQQVW© 'HU'DFKVOHJWHGHQ.RSIDXIGLH6HLWHXQG]ZLQNHUWHHLQ SDDUPDO .LPOLHGHQ.RSILQVZHLFKH*UDVVLQNHQVFKORGLH $XJHQXQGVHXI]WHª1LPP VPLUQLFKWEHO'DFKVDEHULFK PXHLQIDFKHLQSDDU0LQXWHQVFKODIHQ:HQQGXZDUWHVW ELVLFKDXIZDFKHXQWHUKDOWHQZLUXQVHLQELFKHQ© 'HU'DFKVJUXQ]WHNUDW]WHVLFKPLWGHP+LQWHUODXIDP2KU XQGVFKWWHOWHVLFK

ª6RYLHO=HLWKDEHLFKOHLGHUQLFKW©EUXPPWHHUª$EHULFK NRPPHJHUQHZLHGHU0DQWULIIWKLHUQLFKWRIW/HXWHPLWGH QHQPDQHLQJHPWOLFKHV6FKZlW]FKHQKDOWHQNDQQZHLW GX© .LPZXWHVSlWHUQLFKW]XVDJHQREHULPQlFKVWHQ0R PHQWHLQJHVFKODIHQRGHUYRU6FKUHFNLQ2KQPDFKWJHIDOOHQ ZDU .LPEOLHEIDVWHLQH:RFKHEHL7DNGHP'DFKV'HUDOWH *ULPEDUWEHZRKQWH]XVDPPHQPLWVHLQHU)UDXXQGHLQHU +RUGHVWUHLWOXVWLJHUNOHLQHU'DFKVNLQGHUHLQHDXVJHGHKQWH +|KOHWLHIXQWHUGHP:DOGERGHQJURJHQXJGDDXFK QRFK.LPGDULQ3ODW]IDQG 'LH7DNVQLFKWQXU7DNKLH7DNVRQGHUQDXFKVHLQH )UDXXQGMHGHVGHUDFKW-XQJHQVRGD.LPVLFKRIWIUDJWH ZLHXPDOOHVLQGHU:HOW)UDX7DNLKUH6SU|OLQJHZRKODXV HLQDQGHUKDOWHQNRQQWHGLH7DNVZDUHQMHGHQIDOOVVHKU IUHXQGOLFKH/HXWHZHQQVLHDXFKLPHUVWHQ0RPHQWHLQHQ HWZDVYHUVFKORVVHQHQXQGHLJHQEU|WOHULVFKHQ(LQGUXFN PDFKWHQ:lKUHQGGHUHUVWHQGUHL7DJHODJ.LPIDVWGLH JDQ]H=HLWLQHLQHUVWLOOHQGXQNOHQ(FNHGHU+|KOHXQG ZDFKWHQXUDXIZHQQLKP)UDX7DNHWZDV]XHVVHQEUDFKWH RGHUHLQHUGHUMXQJHQ7DNVLKQDXVSXUHPhEHUPXWDQGHQ +DDUHQ]RJRGHUYHUVXFKWHXQWHUVHLQH5VWXQJ]XNULH FKHQ(UVWDPYLHUWHQ7DJYHUOLHHUGLH+|KOHXPVLFKLQ GHUQlKHUHQ8PJHEXQJXP]XVHKHQXQGVHLQ3IHUG]XYHU VRUJHQ$EHUGHUNXU]H$XVIOXJ]HLJWHLKPGHXWOLFKGD VHLQH.UlIWHQRFKODQJHQLFKW]XUFNJHNHKUWZDUHQ(UYHU VXFKWH]XUHLWHQILHODEHUVFKRQEHLPHUVWHQ9HUVXFKDXV GHP6DWWHOXQGNURFKQLHGHUJHVFKODJHQLQGHQ'DFKVEDX ]XUFN 8QWHQZDUHVNKOXQGVFKDWWLJZLHLPPHU.LPYHUNURFK VLFKLQVHLQH(FNHXQGNXVFKHOWHVLFKLQGDVWURFNHQH/DXE GDVGLH'DFKVH]XHLQHP%HWW]XVDPPHQJHWUDJHQKDWWHQ 'LH7DNVZDUHQWDJVEHUIDVWLPPHULQGHU+|KOH1DFKWV JLQJHQVLHDXI1DKUXQJVVXFKHXQGNHKUWHQPHLVWHUVWLP 0RUJHQJUDXHQYRQGHU-DJG]XUFN.LPKDWWHZlKUHQG

GHUOHW]WHQ7DJHQLFKWYLHOPLWLKQHQJHUHGHW'LH'DFKVH ZDUHQQLFKWVHKUJHVSUlFKLJ:HQQVLHQDFK+DXVHNDPHQ JLQJ)UDX7DNVRIRUWGDUDQGLH9RUUlWH]XYHUVWDXHQXQG GDV(VVHQYRU]XEHUHLWHQZlKUHQGVLFKGLH-XQJHQLQLKUH 6SLHOK|KOH]XUFN]RJHQXQGGHUDOWH'DFKVDQVHLQHP/LHE OLQJVSODW]KRFNWHXQGIULHGOLFKYRUVLFKKLQG|VWH 'HU'DFKVEDXZDUEHKDJOLFKXQGVLFKHUHLQ2UWDQGHP PDQVLFKJHERUJHQIKOWHXQGZRPDQDOOH6RUJHQXQG1|WH YHUJHVVHQNRQQWH(LQJDQ]NOHLQZHQLJZLH]X+DXVH GDFKWH.LPYHUGUlQJWHGHQ*HGDQNHQDEHUVRIRUWZLHGHU (UZDUQLFKWKLHUKHUJHNRPPHQXPVLFKDXV]XUXKHQ(VJDE QRFKYLHO]XWXQ .LPVWDQGZLHGHUDXINURFKDXIDOOHQYLHUHQ]X7DNKLQEHU XQGKRFNWHVLFKVFKZHLJHQGQHEHQLKQDXIGHQ%RGHQ 7DNPDFKWHHLQ$XJHDXIXQGVDK.LPSUIHQGDQ ª,FKKRIIHGXIKOVWGLFKEHVVHU©VDJWHHU .LPQLFNWHª-D,FKLFKIKOHPLFKVFKRQZLHGHUJDQ] JXW8QGGDVKDEHLFKQXUHXUHU+LOIH]XYHUGDQNHQ© ª/DQXU,FKVDJWHVFKRQGDKLHUQLFKWRIW/HXWHYRUEHL NRPPHQ'DLVWHVGRFKVHOEVWYHUVWlQGOLFKGDPDQVLFK XPHLQDQGHUNPPHUW© ª$EHULFKNDQQQLFKWKLHUEOHLEHQ©PXUPHOWH.LP ª,FKZHL©7DNZDFNHOWHPLWGHP.RSIª$\\DK©VHXI]WH HUª'LHVHMXQJHQ/HXWHKHXWH,PPHULQ(LOHQLHPDOVKDEHQ VLH=HLWIUHLQ6FKZlW]FKHQ©:LHGHUZDFNHOWHHUPLWGHP .RSIXQGVDK.LPWUDXULJDQª,FKKDWWHJHKRIIWGDGXHLQ :HLOFKHQEHLXQVEOHLEHQXQGXQV*HVHOOVFKDIWOHLVWHQZU GHVW$EHULFKVHKHVFKRQGDLFKGLFKQLFKWKDOWHQNDQQ© .LPVDKLKPYHUGXW]WDQ1DFKGHP7DNLQGHQOHW]WHQGUHL7D JHQNDXPGUHL:RUWHPLWLKPJHZHFKVHOWKDWWHNDPGLHVHU SO|W]OLFKH$QIOXJYRQ*HVHOOLJNHLWHWZDVEHUUDVFKHQG ª%OHLEQRFKHLQSDDU0RQDWH©VDJWH7DNª'HU:LQWHUVWHKW YRUGHU7UGDQQN|QQHQZLUKLHUJHPWOLFKEHLVDPPHQVLW ]HQXQGUHGHQ(VJLEWYLHO]XEHVSUHFKHQ©(UKREVFKQXS SHUQGGHQ.RSIª(VJHKW6FKOLPPHVYRULP/DQG©PXU PHOWHHUª$OOHVLVWVRDXIJHUHJWXQGQHUY|V1LHPDQGKDW PHKU=HLWIUHLQHQQHWWHQ3ODXVFK$\\DK©

ª:LHPHLQVWGXGDV"©IUDJWH.LPª:DVJHKW6FKOLPPHVYRU LP/DQG"© ª'XZHLWHVQLFKW"© .LPVFKWWHOWHGHQ.RSIª,FKlKLFKZDUODQJHZHJ© VDJWHHU 7DNQLFNWH(UVFKZLHJIDVWHLQH0LQXWHODQJXQGVHXI]WH GDQQZLHGHUª$\\DK0DQVDJWHVJHVFKHKHQVFKUHFNOLFKH 'LQJH:LUOHEHQKLHUVHKUUXKLJXQGDEJHVFKLHGHQDEHU PDQK|UWVRPDQFKHV© ª:DVIUVFKUHFNOLFKH'LQJH"©ERKUWH.LP ª6FKUHFNOLFKH'LQJHPHLQ6RKQ0DQVDJWHVJlEH.ULHJ .ULHJXQGQRFK6FKOLPPHUHV$EHU1DFKULFKWHQEUDXFKHQ ODQJHXPELV]XXQVKHUDXI]XNRPPHQ:HQQGXPHKUZLV VHQZLOOVW©IJWHHUQDFKHLQHU3DXVHKLQ]XªZLUVWGXZRKO LQV7DOKLQXQWHUJHKHQPVVHQ© .LPQLFNWHª'DVZHUGHLFKZRKO© ª$EHUQLFKWVRIRUW©PLVFKWHVLFK)UDX7DNHQHUJLVFKHLQ ª=XHUVWUXKVWGXGLFKQRFKHLQSDDU7DJHDXVXQGLWDQ VWlQGLJ©6LHNQXIIWH.LPVFKPHU]KDIW]ZLVFKHQGLH5LSSHQ ª$QGLULVWMDEHUKDXSWQLFKWVGUDQ:HQQGXPHLQ6RKQ ZlUVW©6LHVFKWWHOWHPLELOOLJHQGGHQ.RSIª'XJHKVW KLHUQLFKWZHJEHYRUGXZLHGHUDQVWlQGLJ)OHLVFKDXIGHQ 5LSSHQKDVW©VDJWH)UDX7DNEHVWLPPW 8QGGDEHLEOLHEHV $PQlFKVWHQ$EHQGQDKPHQLKQGLH'DFKVHPLWDXIGLH -DJG.LPIKOWHVLFKOlQJVWQRFKQLFKWNUlIWLJJHQXJIUHLQ VROFKHV8QWHUQHKPHQDEHU7DNEHVWDQGGDUDXIGDHUPLW NDPXQG.LPKlWWHHVDOVXQGDQNEDUHPSIXQGHQLKPGLH VHQ:XQVFKDE]XVFKODJHQ 6HLQH0HLQXQJEHUGLH'DFKVHlQGHUWHVLFKJUQGOLFKDOV HUVLHDXIGHU-DJGHUOHEWH'DKHLPLQGHU+|KOHZDUHQ7DN 7DN7DN7DN7DN7DN7DNXQG7DNGLHMXQJHQ'DFKVH XQDXVVWHKOLFKH4XlOJHLVWHUULFKWLJH)UHFKGDFKVHHEHQ$XI GHU-DJGYHUZDQGHOWHQVLHVLFKLQGLV]LSOLQLHUWHIROJVDPH .LQGHUGHUHQ%OLFNHZLHJHEDQQWDQMHGHU%HZHJXQJLKUHV 9DWHUVKLQJHQXQGGLHDXFKQLFKWGDVPLQGHVWHEHUIOVVLJH

*HUlXVFKYHUXUVDFKWHQ6LHVWUHLIWHQHLQHQKDOEHQ7DJGXUFK GHQ:DOGHKHVLHDXI%HXWHVWLHHQ$OVHVVFKOLHOLFKVRZHLW ZDUJLQJDOOHVVRVFKQHOOGD.LPNDXPZXWHZDVJH VFKHKHQZDUDOVGHUDOWH7DNVFKRQPLWHLQHPJHVFKODJHQHQ .DQLQFKHQLQGHU6FKQDX]HDQJHODXIHQNDP .LPIUHXWHVLFKIUGLH7DNVDEHUHUNRQQWHVLFKHLQHVOHLVHQ *HIKOVGHV%HGDXHUQVQLFKWHUZHKUHQDOVHUGHQUHJORVHQ .DQLQFKHQN|USHUEHWUDFKWHWH7DNEHPHUNWHVHLQHQ%OLFN ª'LUWXWGDV/DQJRKUOHLGZLH"©VDJWHHU .LPGUXFNVWHKHUXPXQGQLFNWHGDQQª$EHUHVPXZRKO VHLQ©PXUPHOWHHU ª$\\DKHVPXVHLQ©EHVWlWLJWH7DNª6RLVWGDVQXQPDO 0DQIULWRGHUZLUGJHIUHVVHQ%HLHXFK0HQVFKHQLVWHV DXFKQLFKWDQGHUV© .LPZXWHQLFKWZRUDXI7DNKLQDXVZROOWH(UZDUWHWH VFKZHLJHQGELVGHU'DFKVQDFKHLQHU:HLOHIRUWIXKU ª6LHKVWGX.LP©VDJWHHUªGLH1DWXUKDWHVQXQHLQPDOVR HLQJHULFKWHWGDGHU6WDUNHGHQ6FKZDFKHQIULWXQGGHU 6FKZDFKHGHQ6FKZlFKHUHQ8QGVRODQJHMHGHUGDVWXWZHLO HU+XQJHUKDWRGHUZHLOHUIUVHLQH-XQJHQVRUJHQPXLVW GDVDXFKJDQ]LQ2UGQXQJ(VLVWGDV6\VWHPXQGVRODQJH VLFKDOOHGDUDQKDOWHQEOHLEHQGLH'LQJHLP*OHLFKJHZLFKW© (UOHJWHGHQ.RSIDXIGLH6HLWHXQGEHWUDFKWHWH.LPV VFKZDU]H5VWXQJª'DVVLHKWQLFKWVFK|QDXVZDVGXGD DQKDVW©VWHOOWHHUIHVWXQGPXVWHUWH.LPPLW]XVDPPHQJH NQLIIHQHQ$XJHQª+HXWHIUKELQLFKQRFKHLQPDODXVGHU +|KOHJHJDQJHQ©IXKUHUIRUWª8QGGDKDEHLFKYLHOH0lQ QHUJHVHKHQ0lQQHUDXI3IHUGHQZLHGHPGHLQHQ8QG DXFKLKUH5VWXQJHQZDUHQVRZLHGLHGLHGXWUlJVW:DUHQ GDVGHLQH/HXWH"© .LPZDUEHUGLHVH(U|IIQXQJVRHUVFKURFNHQGDHUQLFKW JOHLFKDQWZRUWHQNRQQWH ª9LHOH0lQQHU"©VWRWWHUWHHU 7DNQLFNWHª6HKUYLHOH6LHKDEHQPLUQLFKWJHIDOOHQ$\\DK JDUQLFKWPHLQ6RKQ*HK|UVWGX]XLKQHQ"© .LPVFKWWHOWHHQHUJLVFKGHQ.RSIª1HLQ%HVWLPPWQLFKW ,FKLFKKDEHPLFKXQWHUVLHJHPLVFKWDEHUVLHVLQGPHLQH

)HLQGH8QGHXUHDXFKJODXEHLFK:DVKDEHQVLHJH PDFKW"© ª1LFKWV6LH]RJHQYRUEHL6XFKHQVLHGLFK"© ª,FKJODXEHVFKRQ©PXUPHOWH.LPª$EHUVLHVLQGQLFKWEOR DXVGLHVHP*UXQGJHNRPPHQ:RKLQVLQGVLHJHULWWHQ"© ª,QV7DO©DQWZRUWHWH7DNª6LHVFKLHQHQHVQLFKWHLOLJ]XKD EHQ:DVZDUHQGDVIU/HXWH"© .LPEHUOHJWHHLQH:HLOHHKHHUDQWZRUWHWH(UKlWWHYLHO HU]lKOHQN|QQHQYRQ)OXFKWXQG9HUIROJXQJYRQ%DURQ .DUWYRQ%RUDDVXQGVHLQHPILQVWHUHQ%HJOHLWHUDEHUHU KDWWHGHQ(LQGUXFNGD7DNGDVDOOHVEHUHLWVZXWH ª*HVWHUQKDVWGXPLUHU]lKOWGDPDQYRQ.ULHJVSULFKW© VDJWHHUªHULQQHUVWGXGLFK"© 7DNQLFNWH ª'LH5HLWHUGLHGXJHVHKHQKDVWVLQGKLHUKHUJHNRPPHQ XPGLHVHV/DQG]XHUREHUQ©VDJWH.LP(UHUZDUWHWHGD 7DN(UVFKUHFNHQRGHU]XPLQGHVWhEHUUDVFKXQJ]HLJHQ ZUGHDEHUGHUDOWH'DFKVQLFNWHQXUZLHGHUDOVKlWWHHU QLFKWVDQGHUHVHUZDUWHW ª6RKDWHUHVGHQQJHWDQ©PXUPHOWH7DN ª:HUKDWZDVJHWDQ"© ª%RUDDV©DQWZRUWHWH7DNª:LUZXWHQVFKRQODQJHGDHU (UREHUXQJVSOlQHVFKPLHGHW'RFKELVKHUKDWHUVLFKQLFKW JHWUDXWXQVRIIHQDQ]XJUHLIHQ(VJDE*HUFKWH© ª*HUFKWH"© 7DNDQWZRUWHWHQLFKWVRIRUW6FKOLHOLFKVDJWHHUª(VLVW QLFKWLPPHUHWZDVGUDQDQ*HUFKWHQPHLQ6RKQ$EHUHV LVWDXFKQLFKWLPPHUQLFKWVGUDQZHQQGXYHUVWHKVWZDVLFK PHLQH(VKHLWGD%RUDDVHLQHQPlFKWLJHQ9HUEQGHWHQ JHIXQGHQKDWGXUFKGHVVHQ+LOIHHVLKPP|JOLFKZDUGDV 6FKDWWHQJHELUJH]XEHUZLQGHQXQGPLWVHLQHP+HHULQGDV /DQGHLQ]XIDOOHQ$\\DK(VZHUGHQVFKOLPPH=HLWHQNRP PHQ,FKVSUHHVLQPHLQHQDOWHQ.QRFKHQ© ª'XGXVROOWHVWIOLHKHQ©VDJWH.LP2KQHHVEHJUQGHQ ]XN|QQHQIKOWHHUVLFKPLWVFKXOGLJDQGHPZDVJHVFKH KHQZDU 7DNVFKWWHOWHGHQ.RSIª,FKIUFKWHQLFKWXPPLFK.LP©

VDJWHHUª,FKELQDOWXQGHLQHQDOWHQ%DXPVROOPDQQLFKW YHUSIODQ]HQ,FKKDEHODQJHXQGJOFNOLFKJHOHEWXQGZHQQ HVPLFKWULIIWVRWULIIWHVPLFKHEHQHJDOZRLFKJHUDGHELQ 8QGHVZLUGQRFKODQJHGDXHUQELVGLH6FKZDU]HQDXFKKLHU LKUH+HUUVFKDIWHUULFKWHWKDEHQ1HLQLFKGHQNHQLFKWDQ PLFK$EHULFKPDFKHPLU6RUJHQXP7DNXQGGLHDQGHUHQ 7DNVPHLQH-XQJHQ6LHKDEHQNHLQVRJOFNOLFKHV/HEHQ YRUVLFK'DVVWLPPWPLFKWUDXULJDXFKZHQQVLHVHOEVWQRFK ]XMXQJXQGXQJHVWPVLQGXPHV]XEHJUHLIHQ-HPDQG PXLKQHQKHOIHQ© ª8QGGLHVHU-HPDQGVROOLFKVHLQ"© 7DNQLFNWHHUQVW ª$EHUZDVNDQQLFKWXQ"©IUDJWH.LPª,FKELQVHOEVWQXUHLQ NOHLQHUVFKZDFKHU-XQJHXQGGLH6FKZDU]HQVLQGVR YLHOH© ª'XPDJVWHLQNOHLQHU-XQJHVHLQ©VDJWH7DNªDEHUHV NRPPWQLFKWGDUDXIDQZDVGXELVWVRQGHUQGDUDXIZDVGX WXVW%RUDDVPLWDOOVHLQHU0DFKWYHUPDJQLFKWVJHJHQGLFK DXV]XULFKWHQZHQQGXZLUNOLFKIHVWHQWVFKORVVHQELVWLKP]X ZLGHUVWHKHQ©7DNVFKZLHJDEHU.LPKDWWHGHQ(LQGUXFN GDGHU'DFKVLKPQRFKQLFKWDOOHVJHVDJWKDWWH8QGWDW VlFKOLFKIXKUHUQDFKHLQHU:HLOHIRUWª'XKDVWQRFKHLQHQ ZHLWHQ:HJYRUGLU.LP(LQHQ:HJYROOHU*HIDKUHQZR JHJHQGLHGLHGXEHUVWDQGHQKDVWKDUPORVVLQG$EHUGX NDQQVWLKQJHKHQZHQQGXHVZLUNOLFKZLOOVW,FKZHLHV© 'HU'DFKVVFKZLHJZLHGHUXQGGLHVPDOIKOWH.LPGDHV VHLQOHW]WHV:RUWZDUXQGDOOHVJHVDJWZDUZDVHV]XVDJHQ JDE.LPVWDQGUXFNDUWLJDXIKlQJWHVLFKGDV.DQLQFKHQDQ GHQ*UWHOXQGSILII-XQJHHUKDWWHEHVFKORVVHQGDV3IHUG LPPHUVR]XUXIHQKHUEHL(UVFKZDQJVLFKLQGHQ6DWWHO XQGULWWLQJHPlFKOLFKHP7HPSR]XU'DFKVK|KOH]XUFN ZlKUHQGLKPGLH7DNVZLHHLQ6FKZDUPNOHLQHUVFKZDU] ZHLHU6FKDWWHQIROJWHQ 7DNV:RUWHJLQJHQ.LPQLFKWDXVGHP6LQQ(UVDKLHU REHQXQGUXKWHVLFKDXVZlKUHQGULQJVXPLKQKHUXPGLH VFKZDU]HQ5HLWHUEHUHLWVLQGDV/DQGHLQJHIDOOHQZDUHQXQG %RUDDVYLHOOHLFKWVFKRQLQGLHVHP0RPHQWGDPLWEHJDQQ

DXFKKLHUVHLQH6FKUHFNHQVKHUUVFKDIW]XHUULFKWHQ(UPXWH DQ$GRXQGGHVVHQ9DWHUGHQ7PSHON|QLJGHQNHQXQG DOV.LPDXIGLHTXLFNOHEHQGLJHQYHUVSLHOWHQ'DFKVMXQJHQ KHUXQWHUEOLFNWHZXUGHLKPHUVWULFKWLJNODUZHOFKJURHU 9HUOXVWGHQ7PSHON|QLJJHWURIIHQKDWWH(VZUGHQLFKW PHKUODQJHGDXHUQXQGGLHVHV/DQGZUGHGHP6FKDWWHQ UHLFKJOHLFKZHUGHQ8QGVFKOLHOLFKZUGHDXV7DNHLQYHU ELWWHUWHUE|VHUDOWHU'DFKVJHZRUGHQVHLQXQGDXVVHLQHQ -XQJHQYHUELWWHUWHE|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lVWHWGDHUVLFKJHVXQG XQGNUlIWLJIKOWH(VJDENHLQHQ*UXQGQRFKOlQJHU]X EOHLEHQ 'LHEHLGHQDOWHQ'DFKVHJHOHLWHWHQLKQQRFKHLQ6WFNGHV :HJHVKLQXQWHUXQGDOV.LPHQGJOWLJ$EVFKLHGYRQLKQHQ QDKPJODXEWHHULP$XJHQZLQNHOYRQ)UDX7DNHLQHHLQ ]HOQH7UlQHJOLW]HUQ]XVHKHQ .LPZROOWHQRFKHWZDVVDJHQDEHUHUIDQGQLFKWGLHULFKWL JHQ:RUWH(LQ%OLFNLQ7DNV*HVLFKWVDJWHLKPGDHVNHL QHUEHGXUIWH.LPQLFNWHQRFKHLQPDO]XP$EVFKLHGOHQNWH VHLQ3IHUGKHUXPXQGJDELKPGLH6SRUHQ 'HU:DOGZXUGHGLFKWHUMHZHLWHUVLHQDFK:HVWHQNDPHQ 'HU%RGHQILHOVDQIWDEHUEHVWlQGLJZHLWHUDE.LPEHJULII GDHUQRFKODQJHQLFKWDXVGHP9RUJHELUJHKHUDXVZDUXQG

LQ:LUNOLFKNHLWHLQHQJHZDOWLJHQEHZDOGHWHQ+JHOKLQXQ WHUULWW6SlWDP1DFKPLWWDJUDVWHWHHUDQHLQHPNOHLQHQHLQ VDPHQ6HHWUDQNHLQSDDU+lQGHYROOGHVHLVNDOWHQZRKO VFKPHFNHQGHQ:DVVHUVXQGDHWZDVDXVGHP%HXWHOGHQ LKP)UDX7DNPLW(EDUHPDQJHIOOWKDWWH'LHDOWH'lFKVLQ KDWWH.LPJXWYHUVRUJWVRGDHUIUGLHQlFKVWHQ]ZHL:R FKHQZHGHU]XMDJHQQRFK)UFKWHXQG%HHUHQ]XVDPPHOQ EUDXFKWH 'HU:DOGZXUGHLPPHUQRFKGLFKWHU]XJOHLFKDEHUDXFK EHOHEWHU.LPWUDIMHW]WRIWDXI7LHUH.DQLQFKHQ(LFK K|UQFKHQHLQSDDU5HKHGLHLKQDXVGHU)HUQHPLWUDXLVFK GRFKRKQH$Q]HLFKHQYRQ)XUFKWEHlXJWHQ(LQPDONDP LKPHLQ(LFKK|UQFKHQVRQDKHGD.LPGLH+DQGDXVVWUHN NHQXQGGHQZLQ]LJHQSHO]LJHQ.RSIVWUHLFKHOQNRQQWH(LQ DQGHUPDOlVWHHLQ+LUVFKPLWWHQDXIGHP:HJRKQHVLFK GXUFK.LPV1lKHUNRPPHQVW|UHQ]XODVVHQ2EZRKOGHU :DOGVRGLFKWZDUOLHGDV%OlWWHUGDFKKRFKEHUVHLQHP .RSIJHQJHQG/LFKWGXUFKVRGD.LPGXUFKHLQHQVWlQGL JHQ:HFKVHOYRQJROGHQHP/LFKWXQGZDUPHPGXQNHOJU QHP6FKDWWHQULWW (UVWDPVSlWHQ1DFKPLWWDJHUUHLFKWHHUGHQ:DOGUDQGEHV VHUJHVDJWGHQ5DQGHLQHU/LFKWXQJGLHVRJURZDUGD PDQGHQJHJHQEHUOLHJHQGHQ:DOGUDQGQXUDOVVFKPDOH GXQNOH/LQLHHUNHQQHQNRQQWH.LPYHUKLHOWVHLQ3IHUGHLQHQ 0RPHQWLP6FKDWWHQGHUOHW]WHQ%lXPHXQGWULHEHVGDQQ DXIGLH/LFKWXQJKLQDXV(WZDLQGHU0LWWHEHIDQGVLFKHLQH $QVDPPOXQJGXQNOHUQXUDOVNOHLQH3XQNWH]XHUNHQQHQGHU *HElXGHHLQ'RUIRGHUHLQJU|HUHV*HK|IWYLHOOHLFKW .LPEHVFKOHXQLJWHVHLQ7HPSRXQGULWWVFKOLHOLFKLQVFKDU IHP*DORSSDXIGLH+lXVHU]X1DFKDOOHPZDVHUHUOHEW KDWWHNRQQWHHUHVNDXPPHKUHUZDUWHQHQGOLFKZLHGHUDXI 0HQVFKHQ]XWUHIIHQ)OFKWLJGDFKWHHUGDUDQGDVHLQH VFKZDU]H5VWXQJYLHOOHLFKW$UJZRKQRGHUJDU$QJVWHU ZHFNHQPRFKWHDEHUGLHVHV0LYHUVWlQGQLVZUGHHUEDOG DXVGHP:HJUlXPHQ(UZDUVLFKHUGDPDQLKQPLWRIIH QHQ$UPHQHPSIDQJHQZUGHVREDOGHUVHLQH*HVFKLFKWH HU]lKOWH

$OVHUQlKHUNDPVDKHUGDHVVLFKWDWVlFKOLFKXPHLQJUR HV*HK|IWKDQGHOWH5LQJVXPGDVGUHLVW|FNLJH:RKQJH ElXGHJUXSSLHUWHQVLFKIDVWHLQ'XW]HQG6FKHXQHQXQG 6WlOOHXQGGHUUHFKWHFNLJHPHKUDOVKXQGHUW6FKULWWHLP 4XDGUDWPHVVHQGH,QQHQKRIZXUGHYRQHLQHUEUXVWKRKHQ 0DXHUXPJHEHQGLHDEHURIIHQVLFKWOLFKQXU]XU$EJUHQ ]XQJGHV*UXQGVWFNHVXQGQLFKWHWZDIU9HUWHLGLJXQJV ]ZHFNHGLHQWH $OOHVZDUUXKLJ.HLQ0HQVFKZDU]XVHKHQREZRKO7UHQ XQG)HQVWHURIIHQVWDQGHQ'HU+RIVFKLHQMHGRFKQLFKWYHU ODVVHQ]XVHLQGHQQYRUGHQ6FKHXQHQODJHQ:HUN]HXJH XQG%QGHOKHUXPXQGDXVGHU(VVHGHV+DXSWJHElXGHV NUlXVHOWHVLFKHLQH5DXFKIDKQHLQGLHXQEHZHJWH/XIWHP SRU $EHUVRQVWUKUWHVLFKQLFKWV1HEHQGHP7RUVWDQGHLQ ]ZHLUlGULJHU.DUUHQGHU]XU+lOIWHPLWIULVFKJHWURFNQHWHP +HXEHODGHQZDUGDQHEHQODJHQ+DUNHQK|O]HUQH+HXJD EHOQXQGHLQDXIJHSODW]WHU%HXWHOPLWIULVFKHQJUQHQbS IHOQIDVWDOVKlWWHQGLHGLHKLHUJHDUEHLWHWKDWWHQDOOHVVWH KHQXQGOLHJHQODVVHQXP+DOVEHU.RSI]XIOFKWHQ .LPULWWGXUFKGDVZHLWRIIHQH7RU]JHOWHVHLQ3IHUGXQG VDKVLFKDXIPHUNVDPXP,P+DXVUKUWHVLFKQRFKLPPHU QLFKWVXQGDXIHLQPDOILHO.LPGLHJUDEHVlKQOLFKH6WLOOHDXI GLHVLFKEHUGDVZHLWOlXILJH*HOlQGHJHEUHLWHWKDWWH(LQ XQKHLPOLFKHV*HIKONURFKLQLKPKRFK,QVWLQNWLYOHJWHHU GLH5HFKWHDXIGHQ*ULIIGHV6FKZHUWHVXQGNODSSWHGDV9L VLHUKHUXQWHU 'HU+RIZLUNWHWRWGDFKWH.LPHUVFKURFNHQ(LQ$QZHVHQ YRQGLHVHU*U|HNRQQWHHLQIDFKQLFKWVRY|OOLJVWLOOVHLQ 6HOEVWZHQQDOOH%HZRKQHUVFKOLHIHQRGHUDXIGHQ)HOGHUQ ZDUHQ(VPXWHKLHU7LHUHJHEHQ+XQGH.DW]HQ+XQ GHUWHYRQ+KQHUQXQG.KHQXQG6FKZHLQHQLUJHQGHW ZDVZDV/lUPPDFKWHOHEWHVLFKEHZHJWH $EHUGDZDUQLFKWV$OOHVEOLHEVWLOOVRVWLOOGDGDVOHLVH .QDUUHQVHLQHU5VWXQJYRQGHQOHKPYHUSXW]WHQ:lQGHQ ZLGHUKDOOWH .LPVWLHJDXVGHP6DWWH]RJVHLQH:DIIHXQGQlKHUWHVLFK

GHUKDOERIIHQVWHKHQGHQ7UHLQHU6FKHXQH6HLQH+DQG]LW WHUWHHLQNOHLQZHQLJDOVHUGDV7RUZHLWHUDXIVFKREXQGLQV ,QQHUHVDK'XUFKGLH5LW]HQLP'DFKVLFNHUWH6RQQHQOLFKW LQJHOEHQIOLUUHQGHQ%DKQHQXQGYHUZREGHQ5DXPLQHLQ ZLUUHV0XVWHUDXV+HOOXQG'XQNHOLQGHPHV.LPVFKZHU ILHOHWZDV]XHUNHQQHQ'LH6FKHXQHZDUDQJHIOOWPLW6lN NHQXQG:HUN]HXJHQ(LQURK]XVDPPHQJH]LPPHUWHU+HX ERGHQYRQKDOEHU5DXPWLHIHZDUIHLQHQPHVVHUVFKDUIJH]R JHQHQ6FKDWWHQGXUFKGHQ,QQHQUDXP 8QGGLUHNWYRUGHP(LQJDQJODJHLQWRWHV6FKZHLQLQHLQHU GXQNOHQ/DFKHHLQJHWURFNQHWHQ%OXWHV .LUQVWDUUWHGHQ.DGDYHUHLQH6HNXQGHODQJDQHKHHUKHU XPIXKUXQGDOOH9RUVLFKWYHUJHVVHQGEHUGHQ+RI]XP :RKQJHElXGHKLQEHUUDQQWH0LWHLQHP6FKXOWHUVWR GUFNWHHUGLH7UDXIVWROSHUWHGXUFKHLQHVFKPDOHKDOE GXQNOH'LHOHXQGZHLWHULQGHQGDKLQWHUOLHJHQGHQ:RKQ UDXP $XIGHQVRUJVDPJHERKQHUWHQ'LHOHQODJHLQUHJORVHU VFKZDU]HU.ULHJHU6HLQ$UPZDUDXVJHVWUHFNWGLH+DQG]X HLQHU.ODXHYHUNUPPWGDV6FKZHUW]HUEURFKHQXQGJH VSOLWWHUWXQGDXVGHQ5LW]HQVHLQHU5VWXQJVLFNHUWHGXQNOHV %OXW (VZDUQLFKWGHUHLQ]LJH7RWHLP5DXP'LH%HZRKQHU PXWHQVLFKKLHULP+DXSWJHElXGHYHUVFKDQ]WKDEHQDOV GLHVFKZDU]HQ5HLWHUGHQ+RIEHUILHOHQ8QGVLHKDWWHQ VLFKWDSIHU]XU:HKUJHVHW]WWDSIHUHUDOVGLH6FKZDU]HQHU ZDUWHW]XKDEHQVFKLHQHQHEHQVRZLHGLHVHUHLQHEHUGHQ .LPEHLQDKJHVWROSHUWZlUHKDWWHQQRFKDQGHUHGHQhEHU IDOOPLWGHP/HEHQEH]DKOW$EHUDOOH7DSIHUNHLWKDWWHGHQ %DXHUQVFKOLHOLFKQLFKWVJHQXW]W .LPZDQGWHVLFKVFKDXGHUQGDE(UYHUOLHGDV+DXSWKDXV XQGGXUFKVXFKWHGHQ+RI*HElXGHIU*HElXGH5DXPIU 5DXP(VJDENHLQ/HEHQPHKU'LHVFKZDU]HQ0|UGHUKDW WHQQLFKWQXUGLH0HQVFKHQVRQGHUQMHGHV7LHUMHGHQRFK VRNOHLQH6SXUYRQ/HEHQDXVJHO|VFKWDOVKlWWHQVLHLKUHU :XWLQHLQHU2UJLHVLQQORVHQ0RUGHQV/XIWJHPDFKW 6FKOLHOLFKQDFKPHKUDOVHLQHU6WXQGHLQGHU.LPDXILP

PHUQHXH6SXUHQGHV7RGHVXQGGHU9HUQLFKWXQJJHVWRHQ ZDUZDQNWHHUDXIGHQ+RIKLQDXVOHKQWHVLFKJHJHQGLH )ODQNHVHLQHV3IHUGHVXQGZHLQWHKHPPXQJVORV (UZDU]XODQJHGUEHQJHZHVHQZHLWDEYRQDOOHP]XODQJH EHLGHQ7DNVLQGHUIULHGOLFKHQ8PJHEXQJGHV:DOGHVXQG GHU(LQVDPNHLW(UKDWWHJHZXWGDGLHVFKZDU]HQ+RU GHQGDV/DQGEHUILHOHQ8QGHVKlWWHGHU:RUWH7DNVQLFKW EHGXUIWLKP]XVDJHQZDVLKQXQGDOOGLHDQGHUHQHUZDU WHWH 7URW]GHPZDUGLHVH*HIDKUVRUHDOXQG]XP*UHLIHQQDKH VLHLKPDXFKHUVFKLHQHQZDUELVMHW]WQXUHLQYDJHU%HJULII JHZHVHQ-HW]WLQGLHVHP0RPHQWHUIDWH.LP]XPHUVWHQ 0DOZDVGDV:RUWZLUNOLFKEHGHXWHWH.ULHJ .ULHJZDUHWZDV6FKOHFKWHVHWZDVDEJUXQGWLHI%|VHVXQG 9HUDFKWHQVZHUWHV(UKDWWHHVLPPHUJHZXWDEHUQLHPDOV VRGLUHNWEHJULIIHQZLHLQGLHVHP$XJHQEOLFN.ULHJGDV ZDUHQNHLQHKHURLVFKHQ5HLWHUKHHUHGLHDXIHLQHP6FKODFKW IHOGDXIHLQDQGHUSUDOOWHQNHLQHVFKLPPHUQGHQ5LWWHUGLHPLW GHP:LPSHOLKUHU/LHEVWHQLQGHQ.DPSI]RJHQNHLQH VWUDKOHQGHQ+HOGHQGLHIUHLQHJXWH6DFKHIRFKWHQ'LHV KLHUZDU.ULHJ%UXWDOHU0RUGDQZHKUORVHQ0HQVFKHQXQG 7LHUHQ .LPZHLQWH:HLQWHVFKOXFK]WHXQGKlPPHUWHLQRKQPlFK WLJHU9HU]ZHLIOXQJDXIGHQ%RGHQ(LQDQGHUHUKlWWHMHW]W YLHOOHLFKW=RUQHPSIXQGHQ+DDXI%RUDDVDXI.DUWXQG GLHVFKZDU]HQ5HLWHUGLHIUGLHVHVVLQQORVH7|WHQYHUDQW ZRUWOLFKZDUHQ$EHU.LPHPSIDQGQXU9HU]ZHLIOXQJXQG 6FKPHU]GLHVRJURZDUHQGDVLHMHGHVDQGHUH*HIKOLQ GHQ+LQWHUJUXQGGUlQJWHQ ,UJHQGZDQQYHUVLHJWHQVHLQH7UlQHQ(UVWDQGDXIXQG VFKZDQJVLFKLQGHQ6DWWHO6HLQ3IHUGERFNWHDOVHUHV]XP $XVJDQJXQGGDQQGLH:LHVHKLQXQWHUOHQNWH(VZLWWHUWH ZRKOGLH1lKHGHU6WlOOHXQGGDVIULVFKH+HX$EHUVRVHKU VLFK.LPQRFKYRUZHQLJHQ6WXQGHQDXIHLQZHLFKHV%HWW XQGPHQVFKOLFKH*HVHOOVFKDIWJHIUHXWKDWWHVRVHKUYHUVHW]WH LKQGLHVH6WlWWHGHV7RGHVMHW]WLQ6FKUHFNHQ (UILHOLQ*DORSSJDEGHP3IHUGJQDGHQORVGLH6SRUHQXQG

JHVWDWWHWHLKPHUVWHLQODQJVDPHUHV7HPSRDOVGHU+RIKLQ WHULKPLQGHU'XQNHOKHLWYHUVXQNHQZDU .LPZDUGHP5HLFKGHU6FKDWWHQHQWURQQHQ$EHUGHU.ULHJ ZDULKPJHIROJWXQGKDWWHLKQHLQJHKROW8QGGLHVPDOZUGH HULKPQLFKWZLHGHUHQWNRPPHQN|QQHQ

9,,, (UEHUQDFKWHWHXQWHUIUHLHP+LPPHO1DFKGHPPLOGHQ 6RQQHQVFKHLQXQGGHU:lUPHGHV7DJHVZXUGHHVZlKUHQG GHU1DFKWHPSILQGOLFKNKO.LPZLFNHOWHVLFKIULHUHQGLQ VHLQH'HFNHHLQXQGVHKQWHVLFKGDQDFKHLQ)HXHUHQW]Q GHQ]XN|QQHQ$EHUHUKDWWHNHLQH6WUHLFKK|O]HUXQGVHOEVW ZHQQHULPVWDQGHJHZHVHQZlUHQDFK3IDGILQGHUDUWGXUFK $QHLQDQGHUUHLKHQ]ZHLHUWURFNHQHU+|O]HUHLQHQ)XQNHQ]X HQWIDFKHQKlWWHHUHVZDKUVFKHLQOLFKQLFKWJHZDJW'LH IULHGOLFKH6WLOOHWlXVFKWH6HLQH(UOHEQLVVHYRP9RUWDJKDWWHQ LKPJH]HLJWZLHQDKHGDV%|VHEHUHLWVZDU9LHOOHLFKWZDU VRJDUVFKRQDOOHVXPVRQVW9LHOOHLFKWKDWWHGDVVFKZDU]H +HHULQGHU=HLWGLH.LPEHLGHU'DFKVIDPLOLHYHUEUDFKW KDWWHGDVJDQ]H/DQGEHUVFKZHPPWVRGDHUZRKLQHU DXFKNDPQXUQRFK7RGXQGYHUEUDQQWH5XLQHQYRUILQGHQ ZUGH 6ROFKHXQGlKQOLFKH*HGDQNHQTXlOWHQLKQGLHJDQ]H 1DFKW/DQJHYRU6RQQHQDXIJDQJUROOWHHUVHLQH'HFNH]X VDPPHQVFKZDQJVLFKLQGHQ6DWWHOXQGULWWZHLWHU,P0RU JHQJUDXHQHUUHLFKWHHUHLQHQNOHLQHQ6HHGHVVHQOLHEOLFKHV 8IHU]XP9HUZHLOHQHLQOXG.LPVWLHJDEOLH-XQJHQDFK HLQHPIUHXQGVFKDIWOLFKHQ.ODSVDXIGDV+LQWHUWHLOJUDVHQ XQGJLQJ]|JHUQG]XP:DVVHUKLQXQWHU (LQOHLVHV*HUlXVFKGUDQJGXUFKGDV5DXQHQGHV:DOGHV]X LKP=XHUVWJODXEWH.LPVHLQHEHUUHL]WHQ1HUYHQVSLHOWHQ LKPHLQHQ6WUHLFK$EHUGDV*HUlXVFKZLHGHUKROWHVLFKXQG .LPHUNDQQWHGDHV6FKULWWHZDUHQ6FKZHUH6FKULWWHGLH VFKQHOOQlKHUNDPHQ:HULPPHUGDVZDUHUJDEVLFKQLFKW GLHPLQGHVWH0KHVHLQ.RPPHQ]XYHUEHUJHQ .LPV0GLJNHLWYHUIORJXQGPDFKWHHLQHUQHUY|VHQ$QVSDQ QXQJ3ODW](UVDKVLFKQDFKHLQHU'HFNXQJXPDEHUGHU

:DOGUDQGZDU]XZHLWHQWIHUQWXPLKQQRFKUHFKW]HLWLJHU UHLFKHQ]XN|QQHQ6FKODJDUWLJZXUGHLKPGLH*HIlKUOLFK NHLWVHLQHU6LWXDWLRQEHZXW(UVWDQGELOGOLFKJHVSURFKHQ ]ZLVFKHQ]ZHL)HXHUQ6HLQH5VWXQJZUGHGLHVFKZDU]HQ 5LWWHUYLHOOHLFKWQRFKHLQPDOIUNXU]H=HLWWlXVFKHQN|Q QHQDEHUVLHZDUHQJHZDUQWXQGZUGHQEDOGKHUDXVILQGHQ ZHQVLHYRUVLFKKDWWHQ8QGZHQQLKQQXQNHLQHVFKZDU]HQ 5HLWHUVRQGHUQ%HZRKQHUGLHVHV/DQGHVIDQGHQNRQQWH LKPGHUVFKZDU]H+DUQLVFKOHLFKW]XP9HUKlQJQLVZHUGHQ (VZDUJXWP|JOLFKGDVLHLKQLQEOLQGHU:XWHUVFKOXJHQ RKQHGDQDFK]XIUDJHQZHUVLFKGDUXQWHUYHUEDUJ.LP KlWWHHVLKQHQQLFKWHLQPDOYHUEHOQN|QQHQ 5FNZlUWVJHKHQGZLFKHU]XP6HH]XUFN]RJVHLQ 6FKZHUWDXVGHU6FKHLGHXQGVWDUUWHDXIGLH6WHOOHDP:DOG UDQGZRGHU8QEHNDQQWHDXIWDXFKHQPXWH .LPV$WHPVWRFNWHDOVHUGHQ)UHPGHQVDK (VZDUHLQ5LHVH .LPKDWWHLQOHW]WHU=HLWYLHOHJURH0lQQHUJHVHKHQDXFK VROFKHGLHPDQJHWURVWDOV5LHVHQEH]HLFKQHQNRQQWH$EHU QHEHQGLHVHPEUHLWVFKXOWULJHQJUREVFKOlFKWLJHQ.HUOKlWWH VRJDU%DURQ.DUWNOHLQXQGVFKPlFKWLJJHZLUNW.LP VFKlW]WHVHLQH*U|HDXIJXWHYLHU0HWHU'LH6FKXOWHUQGHV 5LHVHQZDUHQVREUHLWGD.LPVLHPLWDXVJHVWUHFNWHQ$U PHQQLFKWKlWWHXPIDVVHQN|QQHQ(UWUXJHLQHNQLHODQJH GXQNHOEUDXQH:ROOKRVHGLHDQYLHOHQ6WHOOHQ]HUULVVHQRGHU JHIOLFNWZDUXQGGDUEHUHLQZHLWDXVJHVFKQLWWHQHVlUPHOOR VHV+HPGGDVVHLQHKDDULJH%UXVWQXUWHLOZHLVHEHGHFNWH 6HLQODQJHVGXQNOHV+DDUVDKDXVDOVZlUHHVYRUXQJHIlKU IQI]LJ-DKUHQGDVOHW]WH0DOJHZDVFKHQZRUGHQXQGEHU GHUUHFKWHQ6FKXOWHUWUXJHUHLQHPlFKWLJH.HXOHGLHJU|HU ZDUDOV.LP 'HU5LHVHVFKLHQEHU.LPV$QEOLFNHEHQVREHUUDVFKWZLH .LPEHUGHQVHLQHQ(UKLHOWPLWWHQLP6FKULWWLQQHULGHQ 0XQGDXIXQGHQWEO|WH]ZHL5HLKHQJURHUJHOEHU=lKQH ª2RRRK©PDFKWHHUPLWWLHIHUJUROOHQGHU6WLPPHª:HQ KDEHQZLUGHQQGD"© .LPGXFNWHVLFK(UVDKVLFKYHUJHEHQVQDFKHLQHU)OXFKW

P|JOLFKNHLWXP6HLQ6FKZHUWPLWEHLGHQ+lQGHQXPIDV VHQGZLFKHUQRFKZHLWHU]XUFNELVHUZHLWEHUGLH.Q| FKHOLP:DVVHUVWDQG'HU5LHVHPDFKWHHLQHQ6FKULWWDXI LKQ]XNQLFNWHPLWHLQHUOlVVLJHQ+DQGEHZHJXQJHLQHQMXQ JHQ%DXP]XU6HLWHXQGVFKZDQJVHLQH.HXOHYRQGHU 6FKXOWHU ª%OHLEZRGXELVW©ULHI.LP'LH6WLPPHYHUVDJWHLKPIDVW YRU$QJVW(UVDKHLQGD:HJODXIHQ]ZHFNORVZDU 'HU5LHVHJULQVWH ª(LQ6FKZDU]HU©JUROOWHHULQHLQHP7RQIDOODOVVSUHFKHHU PLWHLQHPJXWHQ)UHXQGRGHUDXFKPLWVLFKVHOEVWª6LHKGD HLQ6FKZDU]HU©(UEOLHEZLHGHUVWHKHQVDKVLFKPLWYRUJH VWUHFNWHP+DOVQDFKEHLGHQ6HLWHQXPXQGNUDW]WHVLFKGDQQ DP6FKlGHO(VNODQJDOV]LHKHPDQ.UHLGHEHUHLQH6FKLH IHUWDIHOª8QGQRFKGD]XDOOHLQ©IJWHHUYHUVRQQHQKLQ]X ª(VNRPPWQLFKWRIWYRUGDPDQHLQHQYRQHXFKDOOHLQ WULIIW(LQH*HOHJHQKHLWZLHGLHVHVROOWHPDQQXW]HQ© .LPNRQQWHVLFKGDVOHEKDIWYRUVWHOOHQ(UKREGDV6FKZHUW HLQZHQLJDQELVGLHVFKZDU]H6SLW]HJHQDXDXIGHQ%DXFK GHV5LHVHQ]HLJWHXQGVDJWHVRUXKLJHUNRQQWHª%OHLEVWH KHQRGHU© ª2GHU"©=ZLVFKHQGHQEXVFKLJHQ$XJHQEUDXHQGHV5LHVHQ HUVFKLHQHLQHVWHLOH)DOWH ª2GHULFKKDFNHGLFKLQ6WFNH©IJWH.LPPLW]LWWHUQGHU 6WLPPHKLQ]X )UHLQHQ0RPHQWVDKHVVRDXVDOVZROOWHGHU5LHVHLQ VFKDOOHQGHV*HOlFKWHUDXVEUHFKHQ'RFKGDQQQDKPVHLQ *HVLFKWHLQHQEHVRUJWHQ$XVGUXFNDQ ª'DVEULQJVWGXIHUWLJ©PXUPHOWHHUXQGNUDW]WHVLFKDEHU PDOVDP6FKlGHOª'DVEULQJVWGXWDWVlFKOLFKIHUWLJ©(U PDFKWHHLQHQ6FKULWWDXI.LP]XXQGEOLHEHUVFKURFNHQVWH KHQDOV.LPGURKHQGPLWGHP6FKZHUWIXFKWHOWH/DQJVDP KREHUVHLQHULHVLJH.HXOH .LPUDIIWHGHQOHW]WHQ5HVWVHLQHV0XWHV]XVDPPHQVWLH HLQHQNUlFK]HQGHQ/DXWDXVXQGVSUDQJDXIGHQ5LHVHQ]X (UKROWHDXVGUHKWHGDV6FKZHUWXQGVFKOXJGHP5LHVHQGLH IODFKH.OLQJHYRUGHQ%DXFKK|KHUNDPHUQLFKW

'HU5LHVHYHUGUHKWHHQWVHW]WGLH$XJHQZDUIVHLQH.HXOHLQ KRKHP%RJHQZHJXQGILHOZLPPHUQGDXIGLH.QLH ª1LFKW©IOHKWHHUª7XPLUQLFKWV6FKZDU]HU,FKLFKELQ QXUHLQKDUPORVHUIHLJHU5LHVHGHUQRFKNHLQHPZDVJHWDQ KDW©(U]HUGUFNWHHLQH7UlQHLP$XJHQZLQNHOIDOWHWHIOH KHQGGLH+lQGHXQGVFKOXFK]WHODXW .LPOLHYHUEOIIWGDV6FKZHUWVLQNHQ(UZDUEHU]HXJWJH ZHVHQVHLQOHW]WHV6WQGOHLQKDEHJHVFKODJHQ8QGMHW]W GDV" ª%LWWHPlFKWLJHU+HUU©IOHKWHGHU5LHVHª9HUVFKRQWPLFK 1HKPWPLFKDOV6NODYHQDEHUWXWPLUQLFKWV,FKKDEHQLHLQ PHLQHP/HEHQMHPDQGHPHWZDV]XOHLGHJHWDQDPDOOHUZH QLJVWHQHLQHP6FKZDU]HQ© ª$EHU©.LPVFKWWHOWHUDWORVGHQ.RSIXQGWUDWHLQHQ 6FKULWW]XUFN'DV*HVLFKWGHV5LHVHQZDUEODYRU$QJVW 6HLQH/LSSHQ]LWWHUWHQXQGDXVVHLQHQ$XJHQVSUDFKQDFNWH $QJVW2EZRKOHUDXIGHQ.QLHQODJEHIDQGHQVLFKVHLQXQG .LPV*HVLFKWDXIJOHLFKHU+|KH ª,FKLFKELQNHLQVFKZDU]HU5LWWHU©VWLH.LPKHUYRU(U UDPPWHVHLQ6FKZHUWLQGHQZHLFKHQ:DOGERGHQNODSSWH GDV9LVLHUKRFKXQGQDKPGHQ+HOPVFKOLHOLFKJDQ]DE ª'XEUDXFKVWNHLQH$QJVW]XKDEHQ©VDJWHHUEHUXKLJHQG XQGNDPVLFKGDEHLXQJODXEOLFKNRPLVFKYRU7URW]GHP IJWHHUQRFKKLQ]Xª,FKZLOOGLUQLFKWV]XOHLGHWXQ© 'HU5LHVHVFKOXFNWHª:LUNOLFKQLFKWPlFKWLJHUMXQJHU +HUU",FK,KUVHLG*RUJQLFKWE|VHGDHU(XFKYHU ZHFKVHOWXQGVHLQHJUREHQ6SDHPLW(XFKJHWULHEHQKDW"© ª%HVWLPPWQLFKW©VDJWH.LP ª$EHUDEHU,KUWUDJWGLH5VWXQJHLQHV6FKZDU]HQ XQG© .LPVHXI]WHª,FKZHL©VDJWHHUª8QGHVLVWHLQHODQJH*H VFKLFKWH$EHULFKELQNHLQ6FKZDU]HU© ª8QG,KUVHLGPLUDXFKEHVWLPPWQLFKWE|VH"© ª%HVWLPPWQLFKW©YHUVLFKHUWH.LPHLQ]ZHLWHV0DOª8QG MHW]WVWHKDXIXQGEHQLPPGLFKZLHHVHLQHP5LHVHQ]X NRPPW© *RUJQLFNWHHLIULJHUKREVLFK]XHUVWDXIHLQ.QLHXQGGDQQ

DXIEHLGH)HXQGEHUUDJWH.LPDXIHLQPDOZLHGHUXP PHKUDOV]ZHL0HWHU ª'DUILFKGDUILFKPHLQH.HXOHDXIKHEHQ"© .LPZXWHQLFKWREHUODFKHQRGHUZHLQHQVROOWH(UQLFNWH ZRUWORVKRFNWHVLFKDXIHLQHQ)HOVEURFNHQXQGVDK]XZLH GHU5LHVHVHLQH.HXOHDXIODVXQGGDQQ]XP8IHUKLQXQWHU JLQJXPVLFKPLWVHLQHQJHZDOWLJHQ+lQGHQHWOLFKH/LWHU :DVVHULQV*HVLFKW]XVFK|SIHQ(USUXVWHWHZDUI.LPHLQHQ IXUFKWVDPHQ%OLFN]XXQGNDPGDQQPLWKlQJHQGHQ6FKXO WHUQ]XUFN ª'HLQ1DPHLVW*RUJ"©IUDJWH.LPQDFKGHPGHU5LHVHLKP JHJHQEHU3ODW]JHQRPPHQXQGHLQHQ]ZHL0HWHUODQJHQ $VWYRQHLQHP%DXPDEJHULVVHQKDWWHXPVLFKGDPLWDP 5FNHQ]XNUDW]HQ 'HU5LHVHQLFNWHª(LJHQWOLFKKHLHLFK*RUJDQRJDQ0DUR SDONDP2URYDWXVDQLXV3UHPLXV1HVWR6FKUDQLUDN*RZOLP DEHUGDVNDQQNHLQHUEHKDOWHQ$OOHQHQQHQPLFKQXU*RUJ $EHULFKNDQQDXFKHLQHQDQGHUHQ1DPHQDQQHKPHQZHQQ ,KUHVEHIHKOW+HUU:HQQ(XFK*RUJQLFKWJHIlOOW© ª(VJHIlOOWPLUGRFKGRFK©EHHLOWHVLFK.LP]XYHUVLFKHUQ $OOPlKOLFKEHJULIIHUGD*RUJQLFKWQXUIHLJHVRQGHUQ DXFKEHUDXVJHVFKZlW]LJZDU ª*XWGDQQEOHLEHQZLUEHL*RUJ©QLFNWHGHU5LHVHª,VWPLU DXFKOLHEHU0DQJHZ|KQWVLFKVRVFKOHFKWDQHLQHQDQGHUHQ 1DPHQZLW,KU)UKHUQDQQWHPHLQ9DWHUPLFKLPPHU .OHLQHURGHU.QLUSVDEHUDOVLFKGDQQJU|HUZXUGHVDJWH HU/DQJHUXQG%RKQHQVWDQJH]XPLUXQGVSlWHUUHGHWHHU PLFKQXUQRFKPLWPHLQHP1DPHQDQ$KGDVZDUHQQRFK =HLWHQ©(UZLHJWHGHQ.RSIXQGVDK.LPPLWUDXLVFKDQ ª:HQQ,KUPLUHLQH)UDJHJHVWDWWHWMXQJHU+HUU© .LPVHXI]WHª1XU]X© ª,KU,KUVHLGNHLQ6FKZDU]HU"© ª%LQLFKQLFKW,FKVHKHQXUVRDXV© *RUJVFKLHQPHUNOLFKHUOHLFKWHUWª'DVLVWJXW©VDJWHHU ª'DVLVWVHKUJXW,FKIUFKWHWHVFKRQ,KUZlUWHLQ6FKZDU ]HU6HLWHLQSDDU7DJHQVLQGYLHOH6FKZDU]HLQGHU*HJHQG XQGDOVLFK(XFKYRUKLQDP6HHVWHKHQVDKPHLQWHLFK

VFKRQ,KUZlUWHLQ6FKZDU]HUGHUQXUJHNRPPHQLVWGHP DUPHQ*RUJHWZDV]XWXQ(VVLQGYLHOHLQGHU*HJHQGXQG VLHZDUHQGLHJDQ]H=HLWKLQWHUGHPDUPHQ*RUJKHUKDEHQ ZRKOJHJODXEWHUZlUHJHIlKUOLFKGDEHLZLOO*RUJQLFKWVDOV VHLQH5XKH8QGDOVLFK(XFKJHUDGHDP6HH© .LPVFKQLWWGHQ5HGHIOXGHV5LHVHQPLWHLQHU+DQGEHZH JXQJDEª,FKELQZLUNOLFKNHLQVFKZDU]HU5LWWHUEDVWD© VDJWHHUª8QGZHQQLFKHKUOLFKVHLQVROOLFKKDWWHJHQDXVR YLHO$QJVWZLHGXDOVLFKGLFKYRUKLQDP:DOGUDQGDXIWDX FKHQVDK9LHOOHLFKWVRJDUQRFKPHKU© ª$QJVW"©HFKRWH*RUJXQJOlXELJª$QJVW"9RUPLU"9RU HLQHPKDUPORVHQIHLJHQ5LHVHQ"© .LPNRQQWHQLFKWDQGHUVHUPXWHJULQVHQ ª:LHVRIHLJH":LHNDQQMHPDQGGHUVRJURLVWZLHGX IHLJHVHLQ"© *RUJ]RJHLQH*ULPDVVHDOVKlWWHHU=DKQVFKPHU]HQª$FK GDVLVWHLQHODQJH*HVFKLFKWHMXQJHU+HUU©VHXI]WHHU ª*RUJZDUQLFKWLPPHUVRJURZLHKHXWHRQHLQ1LFKWLP PHU©ZLHGHUKROWHHUJHUKUWª)UKHUDOVLFKHLQ.LQGZDU GDZDULFKVRNOHLQZLH,KU+HUU$EHUDOVGLHDQGHUHQDXI K|UWHQ]XZDFKVHQZXFKVLFKHLQIDFKZHLWHU0HLQ9DWHU VDJWHLPPHULFKZlUHHLQIDFK]XGXPPXP]XHUNHQQHQ GDLFKOlQJVWJURJHQXJVHLXQGDOOPlKOLFKDXIK|UHQ N|QQWH]XZDFKVHQ$EHULFKELQLPPHUZHLWHUXQGZHLWHU JHZDFKVHQELVLFKVRJURZDUZLHMHW]W© ª$EHUZLHVRELVWGXIHLJH"©IUDJWH.LPª:HUVRJURXQG VWDUNLVWZLHGXKDWGRFKQXQZLUNOLFKNHLQHQ*UXQGVLFK YRUMHPDQG]XIUFKWHQ© *RUJZLHJWHGHQ6FKlGHOª0LWGHU*U|HLVWHVVRHLQH6D FKHMXQJHU+HUU©VDJWHHUQDFKGHQNOLFKª*HQDXZLHPLW GHU6WlUNH)UKHUDOVLFKNOHLQXQGVFKZDFKZLHGLHPHL VWHQDQGHUHQZDUKDEHLFKVRJHGDFKWZLH,KUXQGZLHMHGHV .LQGKDEHLFKGDYRQJHWUlXPWHLQPDOLQPHLQHP/HEHQHLQ 5LHVH]XVHLQ©6HLQ*HVLFKWQDKPHLQHQZHKOHLGLJHQ$XV GUXFNDQª$EHUHVLVWQLFKWVFK|QMXQJHU+HUUJDUQLFKW VFK|Q-HGHULVWNOHLQHUDOVPDQVHOEVW:HQQPDQLQHLQ +DXVJHKWVW|WPDQVLFKGHQ.RSIXQGIDWPDQMHPDQ

GHQHLQELFKHQDQVFKUHLWHUJOHLFK8QGDOOH]HLJHQGDQQ PLW)LQJHUQDXIHLQHQXQGUXIHQ6HKWHXFKGHQJUREHQ.HUO DQ6RLVWGDVPLWGHU6WlUNHMXQJHU+HUU:HQQPDQVLH QLFKWKDWZQVFKWPDQVLHVLFKDEHUKDWPDQVLHHLQPDO ZLUGPDQVLHQLFKWPHKUORV0DQPXVLFKDOOHVZDVPDQ WXWJHQDXEHUOHJHQXQGVFKOLHOLFKLVWPDQVRZHLWGD PDQVLFKJDUQLFKWPHKUXQWHU0HQVFKHQWUDXW6LHJHKHQVR OHLFKWNDSXWWZLW,KU©(UVHXI]WH]RJGXUFKGLH1DVHKRFK XQGKREVSLHOHQGHLQHQGUHL=HQWQHUVFKZHUHQ)HOVEURFNHQ YRP%RGHQDXIXPLKQZLHHLQHQ.LHVHOVWHLQLQV:DVVHU]X VFKQLSSHQª:HQQPDQVRVWDUNLVWZLHLFKPXPDQIHLJH VHLQ+HUU©IJWHHUWUDXULJKLQ]X ª8QGGXOHEVWJDQ]DOOHLQKLHULP:DOG"©IUDJWH.LPQDFK HLQHU:HLOH *RUJQLFNWHª*DQ]DOOHLQMXQJHU+HUU©EHVWlWLJWHHU ª0DQFKPDOJHKHLFKLQV'RUIKLQXQWHUXQGDEXQG]X WUHIIHLFKMHPDQGHQYRP%HUJKRIDEHUQLFKWRIW© 'LHOHW]WHQ:RUWHULVVHQ.LPVFKODJDUWLJLQGLHUDXKH:LUN OLFKNHLW]XUFN ª'XVDJWHVWYRUKLQGXKlWWHVWVFKZDU]H5HLWHUJHVHKHQ©HU LQQHUWHHU *RUJQLFNWHHLIULJª9LHOHMXQJHU+HUU*HVWHUQXQGDXFK GHQ7DJGDYRUXQGGHQ7DJYRUGHP7DJGDYRU© ª1HQQHPLFK.LP©VDJWH.LPª'LH$QUHGHMXQJHU+HUU HULQQHUWPLFKDQ'LQJHGLHLFKOLHEHUYHUJHVVHQP|FKWH© ª:LH,KUZROOW.LP,KULQWHUHVVLHUW(XFKIUGLHVFKZDU]HQ 5HLWHU"©IUDJWH*RUJPLWHLQHP%OLFNDXI.LPV5VWXQJ ª,FKNDPXPHXFKYRULKQHQ]XZDUQHQ©HUNOlUWH.LP ª$EHULFKIUFKWHLFKNRPPH]XVSlW© ª(VLVWQLH]XVSlWIUHLQHZDUQHQGH6WLPPH$EHU,KUPW (XFKEHHLOHQZHQQ,KUUHFKW]HLWLJLQ*RU\Z\QQVHLQZROOW© ª*RU\Z\QQ"© ª8QVHUH+DXSWVWDGW'LHVFKZDU]HQ5HLWHU©HUNOlUWH*RUJ PLWHLQHU6DFKOLFKNHLWGLH.LPIDVWQRFKPHKUYHUEOIIWHDOV VHLQH]XU6FKDXJHWUDJHQH)XUFKWVDPNHLWªZHUGHQNDXP EHUGDV*HELUJHJHNRPPHQVHLQXPLQGLHVHQ:lOGHUQ]X OXVWZDQGHOQ0DQVSULFKWYRQ.ULHJ©

.LPVWDQGPLWHLQHUHQWVFKORVVHQHQ%HZHJXQJDXIª'XKDVW UHFKW©VDJWHHUª8QGDXVGLHVHP*UXQGPXLFKDXFKZHL WHU(LJHQWOLFKKlWWHLFKPLFKJDUQLFKWDXIKDOWHQGUIHQ,KU 9RUVSUXQJLVWVFKRQJURJHQXJ© *RUJVFKHQNWH.LPHLQHQODQJHQQDFKGHQNOLFKHQ%OLFN ª,KUZROOWLQV7DO© .LPQLFNWH ª,FKNHQQH:HJHGLH(XFKVFKQHOOHUKLQXQWHUEULQJHQDOVGLH 6FKZDU]HQ:HQQ,KUZROOWEHJOHLWHLFK(XFKHLQ6WFN,KU VSDUWHLQHQ7DJGDEHL© .LPEHUOHJWHNXU]*RUJV2UWVNHQQWQLVZUGHLKPYRQ 1XW]HQVHLQXQGVHLQHKQHQKDIWH*HVWDOWPRFKWHDXFKHLQH YHUVSUHQJWH6FKDUVFKZDU]HU5HLWHUHLQVFKFKWHUQª:DUXP QLFKW"©VDJWHHU(UEFNWHVLFKKRE+HOPXQG6FKZHUWDXI XQGSILIIVHLQ3IHUGKHUEHL'HU5DSSHNDPJHKRUVDPDQJH WUDEW6HLQH1VWHUQEOlKWHQVLFKPLWUDXLVFKDOVHUGHQ5LH VHQZLWWHUWH6HLQH2KUHQ]XFNWHQ ª6FKZDU]LVW(XUH/LHEOLQJVIDUEHZLH"©EUXPPWH*RUJ .LPDQWZRUWHWHQLFKWGDUDXI'HU5LHVH]XFNWHPLWGHQ 6FKXOWHUQXQGEHJDQQPLWZHLWDXVJUHLIHQGHQ6FKULWWHQLQ GHQ:DOG]XPDUVFKLHUHQ.LPVSRUQWHVHLQ3IHUGDQLKP ]XIROJHQ(UKDWWHHVDXIJHJHEHQVLFK]XZXQGHUQ6HLWVHL QHU$QNXQIWLQ0lUFKHQPRQGKDWWHHUEHUHLWVVRYLHO$EVRQ GHUOLFKHVHUOHEWGDHVLKQIDVWVFKRQHUVWDXQWKlWWHHLQHQ JDQ]QRUPDOHQ0HQVFKHQ]XWUHIIHQ *RUJVWDPSIWHYRULKPKHUVDKVLFKLPPHUZLHGHUQDFKLKP XPXQGEUDFKPLWVHLQHQEUHLWHQ6FKXOWHUQHLQH%UHVFKH GXUFKGLHEHTXHPGUHL5HLWHUKlWWHQKLQGXUFKUHLWHQN|QQHQ 'HU/lUPGHQHUGDEHLYHUXUVDFKWHPXWHNLORPHWHUZHLW]X K|UHQVHLQDEHUGDUEHUVFKLHQVLFK*RUJEHUKDXSWNHLQH 6RUJHQ]XPDFKHQ*HQDXJHQRPPHQSDWHGLHVHV9HUKDO WHQQLFKWVRUHFKW]XVHLQHUDQJHEOLFKHQ)HLJKHLW ª:RIKUVWGXPLFKHLJHQWOLFKKLQ"©IUDJWH.LPQDFKGHP VLHHLQHJXWHKDOEH6WXQGHTXHUGXUFKGHQ:DOGPDUVFKLHUW ZDUHQ,KPZDUDXIJHIDOOHQGD*RUJYRQGHUZHVWOLFKHQ 5LFKWXQJDEJHZLFKHQZDUXQGVLHVLFKMHW]WIDVWSDUDOOHO]XP 6FKDWWHQJHELUJHEHZHJWHQ

*RUJGUHKWHVLFKLP*HKHQXPXQG]DXEHUWHHLQH*ULPDVVH DXIVHLQ*HVLFKWGLHZRKOHLQEHUXKLJHQGHV/lFKHOQEHGHX WHQVROOWHª,QV7DO.LP©JUROOWHHUª9HUWUDXWPLULFK NHQQHGHQ:HJ© %LV]XP0LWWDJPDUVFKLHUWH*RUJXQEHLUUWQDFK6GHQ$OV GLH6RQQHDPK|FKVWHQVWDQGYHUNQGHWHHUODXWVWDUNGD HV=HLWIUHLQ6FKOlIFKHQVHLXQGRKQHHWZDLJH(LQZlQGH DE]XZDUWHQKDWWHHUVLFKVFKRQXQWHUHLQHQ%DXPJHOHJW GLH+lQGHEHUGHP%DXFKJHIDOWHWXQG]XVFKQDUFKHQEH JRQQHQ .LPVWLHJHUJHEHQYRP3IHUGKROWHVHLQHQ3URYLDQWEHXWHO KHUYRUXQGDRKQHUHFKWHQ$SSHWLW *RUJVFKQXSSHUWH6HLQOLQNHV$XJHQOLGKREVLFKWUlJH(V ZDUXQVFKZHU]XHUNHQQHQGDLKPGDV:DVVHULP0XQG ]XVDPPHQOLHI ª+DVWGX+XQJHU"©IUDJWH.LP *RUJ|IIQHWHQXQDXFKGDV]ZHLWH$XJHVHW]WHVLFKKDOEDXI XQGQLFNWHEHJHLVWHUW.LPUHLFKWHLKPGHQ%HXWHOKLQEHU ª%HGLHQGLFK©VDJWHHU *OHLFKGDUDXIEHUHXWHHUHVVFKRQ$EHU]XVSlW*RUJ]RJ GHQ%HXWHODXIOHJWHGHQ.RSILQGHQ1DFNHQXQGVFKWWHWH VLFKGHQJDQ]HQ,QKDOWDXIHLQPDOLQGHQ0XQG ª1LFKWVFKOHFKW©VDJWHHUNDXHQGª,KUYHUVWHKW]XOHEHQ .LPGDVPXPDQ(XFKODVVHQ©(UUOSVWHODXWXQGVWUDKOWH EHUGDVJDQ]H*HVLFKWª(LQELFKHQZHQLJ]XP6DWWZHU GHQDEHUDOV=ZLVFKHQPDKO]HLWQLFKW]XYHUDFKWHQ©OREWH HUª(VVFKPHFNWQDFKGHU.FKHYRQ)UDX7DN© ª5LFKWLJ©VDJWH.LPEHUUDVFKWª'XNHQQVWGLH'DFKVIDPL OLH"© ª:HUNHQQWVLHQLFKW"(VVLQGQHWWH/HXWH'RFK'XUFKDXV QHWWH©(UKLHOWPLWWHQLP6DW]LQQHKREUXFNDUWLJGHQ .RSIXQGODXVFKWHPLWJHVFKORVVHQHQ$XJHQ ª:DVLVW"©IUDJWH.LPª+|UVWGXHWZDV"© ª(LQ%lU©VDJWH*RUJHUVFKURFNHQ0LWHLQHP6DW]ZDUHU DXIGHQ)HQJULIIQDFKVHLQHU.HXOHXQGZDQGWHVLFK]XU )OXFKWª(LQ%lU©KHXOWHHUª5HWWHW(XFK+HUUHLQ%lU© .LPVSUDQJHEHQIDOOVDXIXQGZROOWH]XVHLQHP3IHUGDEHU

]XVSlW(LQULHVLJHU]RWWLJHU6FKDWWHQWDXFKWH]ZLVFKHQGHQ %VFKHQDXIIHJWHLKQPLWHLQHP3UDQNHQKLHE]XU6HLWHXQG VWLHHLQ]RUQLJHV%UXPPHQDXV.LPVHJHOWHHLQSDDU0HWHU ZHLWGXUFKGLH/XIWXQGODQGHWHXQVDQIWDXIGHP5FNHQ(U VFKULHYRU6FKPHU]XQGhEHUUDVFKXQJDXIVSUDQJVFKQHOO DXIGLH)HXQG]HUUWHVHLQ6FKZHUWKHUYRU'HU%lU EUXPPWHZLHGHUULFKWHWHVLFKDXIGLH+LQWHUEHLQHDXIXQG NDPPLWZLHJHQGHQ6FKULWWHQDXIVHLQHQZLQ]LJHQ*HJQHU ]X.LPVFKQDSSWHQDFK/XIW(UKDWWHVFKRQJURH%lUHQ JHVHKHQDEHUGLHVHUKLHUVFKLHQGHU8UJURYDWHUVlPWOLFKHU *UL]]O\V]XVHLQ(VZDUHLQDOWHVNDPSIHUSUREWHV7LHU6HLQ ]RWWLJHVEUDXQHV)HOOZDUYRQJUDXHQXQGZHLHQ6WUlKQHQ GXUFK]RJHQVHLQUHFKWHV2KUIHKOWHXQGDQGHU6WHOOHVHLQHV UHFKWHQ$XJHVEHIDQGVLFKHLQHYHUQDUEWHKRUQLJH)OlFKH .LPVFKZDQJYHU]ZHLIHOWVHLQH:DIIH'HU%lUEUXPPWH VFKOXJLKPGDV6FKZHUWZLHHLQ6SLHO]HXJDXVGHU+DQGXQG ZDUILKQZLHGHU]X%RGHQ(LQHULHVLJHNUDOOHQEHZHKUWH 3UDQNHOHJWHVLFKDXIVHLQH%UXVWXQGKLHOWLKQQLHGHU .LPVWUDPSHOWHPLWGHQ%HLQHQWUDWXQGVFKOXJXPVLFK DEHUGHU%lUVFKLHQGLH7UHIIHUJDUQLFKW]XVSUHQ6HLQJH ZDOWLJHU5DFKHQNODIIWHDXIXQGJHZlKUWH.LPHLQHQ%OLFN DXI]ZHL5HLKHQILQJHUODQJHUVSLW]HU)DQJ]lKQH'DVHLQ ]LJH$XJHIXQNHOWHLKQLQVWXPPHU:XWDQ $EHUHUELQLFKW]X 6HLQ5DFKHQVFKORVLFKXQGGDQQYHUEUDFKWHHUHQGORVH6H NXQGHQGDPLW.LPYRQREHQELVXQWHQ]XEHVFKQIIHOQ RKQHGDEHLGLH3UDQNHYRQ.LPV%UXVW]XQHKPHQ ª'DVLVWVHOWVDP©EUXPPWHHULQWLHIHPJUROOHQGHP%D ª'XVLHKVWDXVZLHHLQ6FKZDU]HUDEHUGXULHFKVWDQGHUV 6ROOLFKGLFKQXQIUHVVHQRGHUQLFKW"© .LPlFK]WH'LHVFKZHUH3UDQNHDXIVHLQHU%UXVWVFKQUWH LKPGLH/XIWDEXQGVHLQH6WLPPHNODQJVHOWVDPVFKULOOXQG ]LWWHUQGDOVHUVDJWHª,FKELQNHLQVFKZDU]HU5LWWHU© ª0|JOLFK©EUXPPWHGHU%lUª$EHUHLQHUYRQXQVELVWGX DXFKQLFKW$XHUGHP©IJWHHUJULPPLJKLQ]XªWUlJVWGX GLH.OHLGHUGHU6FKZDU]HQ9LHOOHLFKWVROOWHLFKGLFKGRFK IUHVVHQ©

ª,FKVFKPHFNHQLFKW©NUlFK]WH.LPª$XHUGHPLVWDQPLU QLFKWYLHOGUDQXQGHKHGXGLH5VWXQJJHNQDFNWKDVWKDVW GXGLUOlQJVWHLQHQVDIWLJHQ%UDWHQJHIDQJHQ© 'HU%lUZLHJWHGHQ6FKlGHOXQGVFKLHQHLQH=HLWODQJHUQVW KDIWEHU.LPV:RUWHQDFK]XGHQNHQ ª$FKZDV©EUXPPWHHUGDQQª'DVELFKHQ%OHFK,FK GHQNHLFKIUHVVHGLFKGRFK©(UNODSSWHGHQ5DFKHQDXIXQG PDFKWH$QVWDOWHQVHLQH'URKXQJZDKU]XPDFKHQ$EHULQ GLHVHP$XJHQEOLFNWHLOWHQVLFKGLH%VFKHKLQWHULKPXQG *RUJZDUIVLFKPLWZHLWDXVJHEUHLWHWHQ$UPHQXQGZWHQ GHP*HEUOODXIVHLQHQ5FNHQ 'HU%lUNQXUUWHXQZLOOLJOLHYRQ.LPDEXQGYHUVXFKWH VHLQ2SIHUDXI%lUHQDUWYRQVLFKDE]XVFKWWHOQ$EHU*RUJ NODPPHUWHVLFKPLW$UPHQXQG%HLQHQDQLKPIHVWZDUIVLFK KHUXPXQGULGHQ%lUHQPLWHLQHUJHZDOWLJHQ.UDIWDQVWUHQ JXQJYRQGHQ)HQ$QHLQDQGHUJHNODPPHUWNROOHUWHQVLH EHUGHQ:DOGERGHQ 'HU%lUVFKLHQQXQHUQVWKDIWZWHQG]XZHUGHQ(UVSUDQJ DXIVFKOHXGHUWH*RUJYRQVLFKXQGVWHOOWHVLFKDXIGLH+LQ WHUEHLQH'HU5LHVHEDOOWHGLH)lXVWHGXFNWHVLFKXQWHUGHQ ]XVFKODJHQGHQ7DW]HQZHJXQGYHUVHW]WHGHP%lUHQHLQHQ 1DVHQVWEHUGHUDXVJHUHLFKWKlWWHHLQHQ2FKVHQ]XIlOOHQ 'HU%lUVFKLHQLKQQLFKWHLQPDO]XVSUHQ(USDFNWH*RUJ KRELKQZLHHLQ6SLHO]HXJKRFKXQGVFKOHXGHUWHLKQVR ZXFKWLJ]X%RGHQGDHLQSDDUMXQJH%lXPHGXUFKGHQ $XISUDOOHQWZXU]HOWZXUGHQ*RUJWUDWQDFKGHP%lUHQ VSUDQJDXIXQGUDPPWHLKPGLH6FKXOWHULQGHQ%DXFK'HU %lUZDQNWH]XUFNXQGJLQJXQWHUHLQHPPlFKWLJHQ)DXVW KLHEGHV5LHVHQ]X%RGHQ ª/DPHLQH)UHXQGHLQ5XKH©NHXFKWH*RUJª,FKKDEH QLFKWVGDJHJHQZHQQGXLQPHLQHP*HELHWZLOGHUVWDEHU VWUHLFKHELWWHPHLQH)UHXQGHYRQGHLQHU6SHLVHNDUWHMD"© ª'HLQ5HYLHU"©HPS|UWHVLFKGHU%lUª'XZHLWZRKOQLFKW ZRGXELVWGX7|OSHO'XELVWLQPHLQHP5HYLHUVFKRQVHLW 6WXQGHQ8QGZLHVR)UHXQGH"6HLWZDQQ©IJWHHUPLW HLQHP6HLWHQEOLFNDXI.LPKLQ]XªKDVWGX6FKZDU]H]X )UHXQGHQ"©

ª(ULVWNHLQVFKZDU]HU5LWWHU©VDJWH*RUJQXQHWZDVJH GlPSIWHUª(UVLHKWQXUVRDXV© ª6R'DQQVLHKWHUQLFKWJXWDXV6HLQ*OFNGDGLH 6FKZDU]HQQLFKWVFKPHFNHQ6RQVWKlWWHLFKJDUQLFKWODQJH JHIUDJW© ª,FKlKQHKPHDQGDLKUHXFKNHQQW©VDJWH.LP GHUGLH6]HQHPLW]XQHKPHQGHU9HUZXQGHUXQJEHREDFKWHW KDWWHXQVLFKHU *RUJZDQGWHGHQ.RSIQLFNWHXQGGUHKWHVLFKGDQQZLHGHU GHP%lUHQ]Xª/DLKQLQ5XKH.HOKLP©VDJWHHUGUR KHQGª:HQQGXPHLQHQ)UHXQGHQHWZDVWXVWVFKODJHLFK GLUGHQ6FKlGHOHLQ© ª+D©PDFKWH.HOKLPª:HUKLHUZHPGHQ6FKlGHOHLQ VFKOlJWZLUGVLFKHUVWQRFK]HLJHQ©(UVSUDQJDXIXQGEUHL WHWHGURKHQGGLH$UPHDXVXPGLH)UDJHJOHLFKDQ2UWXQG 6WHOOH]XHQWVFKHLGHQ$EHU.LPZDUPLWHLQHP6DW]HEHQ IDOOVDXIGLH)HJHNRPPHQXQGVFKREVLFKQXQ]ZLVFKHQ GLHEHLGHQVHOWVDPHQ.DPSIKlKQH ª%LWWH©VDJWHHUª9LHOOHLFKWVROOWHQZLUHUVWPLWHLQDQGHUUH GHQHKHZLUXQVSUJHOQ© 'HU%lUOHJWHGHQ.RSIDXIGLH6HLWHXQGEOLQ]HOWH ª0XWKDWGHLQZLQ]LJHU)UHXQGMD©VDJWHHU]X*RUJJH ZDQGWª:HVHQWOLFKPHKU0XWDOVGXZHQQLFKPLUGLH%H PHUNXQJJHVWDWWHQGDUI© *RUJYHU]RJGDV*HVLFKWª1HLQGDUIVWGXQLFKW$EHUHJDO MHW]W©VDJWHHUª/DLKQLQ5XKH© ª1DMD©EUXPPWH.HOKLPª,FKZHUGHGHP:LQ]OLQJVFKRQ QLFKWV]XOHLGHWXQ-HGHQIDOOVLP0RPHQWQLFKW© (UOHLFKWHUWVDK.LPZLHGHU%lUVLFKXPZDQGWHHLQSDDU 6FKULWWHGDYRQWURWWHWHXQGVLFKGDQQJHPlFKOLFKQLHGHUOLH ªbKYLHOOHLFKW©VDJWH.LP]|JHUQG]X*RUJªZlUHHV QW]OLFKZHQQGXXQVYRUVWHOOVW© *RUJ]XFNWHPLPXWLJGLH$FKVHOQª'DJLEWHVQLFKWYLHO YRU]XVWHOOHQ©VDJWHHUª'DVLVW.HOKLP(LQ%lUZLHGX VLHKVW8QGGHUXQJHKREHOWVWH.HUOGHUPLUMHXQWHUJHNRP PHQLVW)ULWJODWWGLH)UHXQGHVHLQHU)UHXQGHZHQQPDQ LKQOlW(UKDWEHUKDXSWNHLQH0DQLHUHQ©

.HOKLPZDFNHOWH]RUQLJPLWGHP.RSIª9LHOOHLFKWIUHVVHLFK GHLQHQZLQ]LJHQ)UHXQGGRFKQRFK©NQXUUWHHUª1XUXP GLFK]XlUJHUQ8QGGLFKJOHLFKGD]X© *RUJUHFNWHNDPSIOXVWLJGDV.LQQª9HUVXFK VGRFK© NQLUVFKWHHUª9HUVXFK VGRFK© .LPVHXI]WHª8QGLKUZROOW)UHXQGHVHLQ"© ª)UHXQGH"©KHXOWH.HOKLPDXIª'HUGDXQGPHLQ)UHXQG" (KHUVXFKLFKPLUPHLQH)UHXQGHDXI%XUJ0RUJRQHKHLFK PLFKPLWGHPGDEHIUHXQGH*HKDXVGHP:HJ:LQ]OLQJ GDPLWLFKGLHVHP%XUVFKHQ0DQLHUHQEHLEULQJHQNDQQ© .LPULMHW]WHQGJOWLJGLH*HGXOG*RUJEDOOWHGLH)lXVWH DEHU.LPVFKOXJLKP]RUQLJDXIGLH+DQGVWDSIWHGDQQDXI GHQ%lUHQ]XXQGVWLHLKPGHQ=HLJHILQJHUYRUGLH%UXVW HUPXWHVLFK]XGLHVHP=ZHFNDXIGLH=HKHQVSLW]HQVWHOOHQ ª-HW]WK|UWPLUPDO]X©VDJWHHUªDOOHEHLGH'HU:DOG VWHFNWYROOHU)HLQGHhEHUDOOODXHUQVFKZDU]H5HLWHUXQG ZHQQLKUXQEHGLQJWZROOWGDVLHXQVHQWGHFNHQXQGQLHGHU PDFKHQGDQQEUOOWHXFKUXKLJZHLWHUDQ$EHUHUODXEWGD LFKZlKUHQGGHVVHQPHLQHU:HJHJHK,FKKDEHZLUNOLFK%HV VHUHV]XWXQ©(UPDFKWHDXIGHP$EVDW]NHKUWJLQJ]XVHL QHP3IHUGXQGJULIIQDFKGHP6DWWHONQDXI (LQHVFKZHUH+DQGOHJWHVLFKDXIVHLQH6FKXOWHU.LPKRE GHQ.RSIXQGVFKDXWHLQ*RUJVJULQVHQGHV*HVLFKW ª%OHLE©EDWGHU5LHVH ª$EHUQXUZHQQLKUYHUVSUHFKWYHUQQIWLJ]XVHLQ© ª,FKELQYHUQQIWLJ©ULHI.HOKLPª$EHUGHUGD© ª6FKRQJXWVFKRQJXW©EUOOWH.LPª,FKKDE VEHJULIIHQ,KU VHLGEHLGHYHUQQIWLJ©(UVFKZDQJVLFKLQGHQ6DWWHOXP ZHQLJVWHQVXQJHIlKUDXIJOHLFKHU+|KHPLWGHQEHLGHQ]X VHLQVDKDEZHFKVHOQGGHQ5LHVHQXQGGHQ%lUHQDQXQG VFKWWHOWHPLELOOLJHQGGHQ.RSIª6LQGKLHUDOOHVR"©IUDJWH HUª:HQQMDZXQGHUWHVPLFKQLFKWGD%RUDDVVROHLFKWHV 6SLHOPLWHXFKKDW© ª%RUDDVXQGOHLFKWHV6SLHO"©KHXOWH.HOKLPª:DUWHELVLFK LKQ]ZLVFKHQGLH3UDQNHQ© ª3UlQNFKHQ©VFKUlQNWH*RUJHLQ ª=ZLVFKHQGLH3UDQNHQEHNRPPH©IXKUGHU%lUIRUW

ª1LFKWVZLUVWGX©VDJWH*RUJª:HLOGXJDUQLFKWHUVWDQLKQ KHUDQNRPPVW'D]XEUDXFKWPDQQlPOLFK.|SIFKHQZHLW GX© .LPVFKORGLH$XJHQXQG]lKOWHLQ*HGDQNHQELVIQI]HKQ ª9RQPLUDXV©VDJWHHUUHVLJQLHUHQGªN|QQWLKUHXFKZHL WHUVWUHLWHQELV]XP-QJVWHQ7DJ6DJWPLUZRKLQLFKUHLWHQ PXXQGLFKODVVHHXFKLQ)ULHGHQ© .HOKLPEOLQ]HOWHDOVVlKHHU.LPGDVHUVWH0DOª'RUWHQW ODQJ©EUXPPWHHUXQGGHXWHWHPLWGHU7DW]HKLQWHUVLFK ª$EHUZLUEHJOHLWHQGLFK$OOHLQLVWHV]XJHIlKUOLFK© .LP]RJGLH$XJHQEUDXHQKRFKª8QGGXJODXEVW]XVDP PHQPLWHXFKEHLGHQZlUHHVQLFKWJHIlKUOLFK"© ª=XVDPPHQPLWGHPGD©DQWZRUWHWH.HOKLPPLWHLQHU*H VWHDXIGHQ5LHVHQªVLFKHU'HVZHJHQNRPPHLFKMDPLW© ª'DVLVWQHWW©VW|KQWH.LPª'DVLVWZLUNOLFKQHWW'DHQW ODQJKDVWGXJHVDJW"©2KQHHLQZHLWHUHV:RUWULWWHUDQ .HOKLPXQGGHP5LHVHQYRUEHL (VGDXHUWHQLFKWODQJHXQGGLHEHLGHQVRQGHUEDUHQ)UHXQGH KDWWHQLKQHLQJHKROW ª+H©EUXPPWH*RUJªGXGDUIVWGDVQLFKWHUQVWQHKPHQ .HOKLPXQGLFK]DQNHQXQVRIWDEHUZLUPHLQHQ VQLFKW E|VH© ª$FKQHLQ"©VHXI]WH.LP 'HU1DFKPLWWDJVFKULWWGDKLQ6LH]RJHQZHLWHUQDFK6GHQ XQG*RUJXQG.HOKLPVWULWWHQXQXQWHUEURFKHQ6FKOLHOLFK JHODQJWHQVLHDQHLQH:HJJDEHOXQJXQGGHU5LHVHGHXWHWH QDFKOLQNVLQV7DOKLQDE ª'RUWKLQXQWHU©VDJWHHUª:HQQZLU*OFNKDEHQVWRHQ ZLUQRFKYRUGHP'XQNHOZHUGHQDXIGLH+DXSWVWUDH© ª1LFKWVGD©EUXPPWH.HOKLPª'LH6RQQHJHKWEDOGXQWHU XQGZLUVROOWHQVHKHQGDZLUELVGDKLQPHLQH+|KOHHU UHLFKWKDEHQ,FKVFKODIHQLFKWJHUQXQWHUIUHLHP+LPPHO© ª'HLQH+|KOH"©*RUJVOLQNH$XJHQEUDXHUXWVFKWHHLQ6WFN QDFKREHQª:LHVRGHLQH+|KOH"© ª'XNDQQVWMDZHLWHUJHKHQELVGXYRU0GLJNHLWXPIlOOVW© PHLQWH.HOKLPJOHLFKPWLJª:LUEHLGHJHKHQMHGHQIDOOV MHW]WLQPHLQH+|KOHXQGEHUQDFKWHQGRUW©(UQLFNWH]XU

%HNUlIWLJXQJULFKWHWHVLFKDXIGLH+LQWHUEHLQHDXIXQG]RJ .LPDP$UPQDFKUHFKWV'HU5LHVHVWUHFNWHJOHLFK]HLWLJGLH +DQGDXVHUJULII.LPVOLQNHQ$UPXQG]RJQDFKOLQNV ª'HU%XUVFKHGHQNWGRFKQXUDQV6FKODIHQ©VFKLPSIWH *RUJª:LUPVVHQZHLWHU1XUQRFKGHQ+JHOKLQXQWHU XQGZLUVLQGDXIGHU+DXSWVWUDH© .LPVFKULHHQWVHW]WDXIDOVGLHEHLGHQ5LHVHQJOHLFK]HLWLJ DQILQJHQLKQLQGLHMHZHLOVHQWJHJHQJHVHW]WH5LFKWXQJ]X ]HUUHQ ª+|UWVRIRUWDXI©ULHIHUª6RIRUW© .HOKLPXQG*RUJEOLHEHQYHUGXW]WVWHKHQ.LPVWUDPSHOWH PLWGHQ%HLQHQXQGHUUHLFKWHGDPLWQXUGDVHLQ3IHUGXQ WHULKPGDYRQVSUDQJXQGHUKLOIORV]ZLVFKHQGHQEHLGHQ 5LHVHQEDXPHOWH ª/RVODVVHQ©EUOOWHHUª/DWPLFKVRIRUWORV© 'LHEHLGHQVHOWVDPHQ:HJJHIlKUWHQJHKRUFKWHQXQG.LP ODQGHWHDXVIDVW]ZHL0HWHU+|KHXQVDQIWDXIGHP+RVHQ ERGHQ ª-HW]WUHLFKWHVDEHU©NQLUVFKWHHUDOVHUZLHGHU]X$WHPJH NRPPHQZDUª-HW]WUHLFKWHVHQGJOWLJ©(UVWDQGDXIULHE VLFKGDV+LQWHUWHLOXQGIXQNHOWHGLHEHLGHQZWHQGDQ ª:RLVWGHLQHYHUGDPPWH+|KOH"©EUOOWHHU .HOKLPGHXWHWHYHUOHJHQPLWGHU7DW]HEHUGLH6FKXOWHU ª'RUWHQWODQJ(VLVWQLFKWPHKUZHLW© ª*XW©QLFNWH.LPª*HKHQZLULQ'UHLWHXIHOV1DPHQKLQ XQGEHUQDFKWHQGRUW8QGPRUJHQIUK]HLJWLKUPLUGHQ :HJXQGODWPLFKLQ)ULHGHQ]LHKHQ,KUVHLGMDVFKOLPPHU DOVGLHVFKZDU]HQ5HLWHU© .HOKLPKDWWHQLFKWEHUWULHEHQ6LHZDUHQQLFKWOlQJHUDOV HLQHKDOEH6WXQGHJHODXIHQDOVGHU:DOGSO|W]OLFKDXIK|UWH 9RULKQHQODJHLQHJODWWHVHQNUHFKWDXIVWUHEHQGH)HOVZDQG GLHYRQKHOOHQXQGGXQNOHQ(U]DGHUQGXUFK]RJHQZDU .DXPHLQHQ0HWHUEHUGHP(UGERGHQEHIDQGVLFKHLQQD KH]XNUHLVUXQGHU+|KOHQHLQJDQJ ª:LUVLQGGD©HUNOlUWH.HOKLPEHUIOVVLJHUZHLVH ª6HLQH+|KOH©IJWH*RUJPLWHLQHU.RSIEHZHJXQJDXIGDV /RFKKLQ]X

.LPYHU]RJGLH/LSSHQ]XHLQHPVlXHUOLFKHQ*ULQVHQXQG VDJWHª,FKYHUPXWHGLHVHV/RFKGDLVW.HOKLPV+|KOH© *RUJQLFNWHEHJHLVWHUW'HULURQLVFKH8QWHUWRQLQ.LPV 6WLPPHVFKLHQLKPHQWJDQJHQ]XVHLQª:LUZHUGHQKLHU EHUQDFKWHQ©VDJWHHUªQDFKHLQHPDXVJLHELJHQ$EHQG HVVHQYHUVWHKWVLFK8QGPRUJHQIUKEHJOHLWHQZLUGLFKLQV 7DO©(UJULQVWHXQGIJWHPLW9HUVFKZ|UHUPLHQHKLQ]X ª'LH+|KOHKDWHLQHQ]ZHLWHQ$XVJDQJDXIGHUDQGHUHQ 6HLWHGHV%HUJHV:LUVSDUHQHLQH0HQJH=HLWZHQQZLU GXUFKGHQ%HUJKLQGXUFKVWDWWXPLKQKHUXPJHKHQ© .HOKLPUROOWHYHUZXQGHUWGLH$XJHQª'DQQZROOWHVWGXVR ZLHVRKLHUKHU"© ª.ODUGRFK©VDJWH*RUJXQJHUKUW .LPDKQWHZDVQXQNRPPHQZUGH (UVROOWHUHFKWEHKDOWHQ

,; *RUJZHFNWHLKQDPQlFKVWHQ0RUJHQGXUFKVDQIWHV5W WHOQDQGHU6FKXOWHU.LP|IIQHWHZLGHUVWUHEHQGGLH$XJHQ ,QGHU+|KOHZDUHVQRFKILQVWHU'LH*OXWGHV)HXHUVEHU GHPVLHVLFKHLQHLQIDFKHVDEHUZRKOVFKPHFNHQGHV$EHQG PDKOEHUHLWHWKDWWHQZDUIHLQHQVDQIWHQURWHQ6FKLPPHUDQ GLHUDXKHQ:lQGHXQGHUZHFNWHGLH6FKDWWHQLQGHQ(FNHQ ]XP/HEHQ6FKZDFKHU%UDWHQGXIWODJLQGHU/XIW,UJHQGZR WURSIWH:DVVHUXQGDXVGHPKLQWHUHQ7HLOGHUODQJJH]RJH QHQ+|KOHGUDQJHQ.HOKLPV%UXPPHQXQGGDVOHLVHlQJVW OLFKH:LHKHUQVHLQHV3IHUGHV.LPKDWWHVHLQHJDQ]HhEHUUH GXQJVNXQVWDXIELHWHQPVVHQXPGDV7LHUGD]X]XEHZH JHQPLWLQGLH+|KOH]XNRPPHQXQGHVZDUGLHJDQ]H 1DFKWXQUXKLJJHEOLHEHQ (UVWDQGDXIVWUHFNWHVLFKXQGOHJWHGDQQGHQ.RSILQGHQ 1DFNHQXP]X*RUJKLQDXI]XVFKDXHQ 'HU5LHVHOlFKHOWHYlWHUOLFK]XLKPKHUXQWHU(UGHXWHWHPLW GHP'DXPHQEHUGLH6FKXOWHU ª(VZLUG=HLW©VDJWHHU .LPJlKQWHª6FKRQ"©(UKDWWHODQJHJHVFKODIHQDEHUHU IKOWHVLFKQRFKLPPHUZLH]HUVFKODJHQ ª,FKIUFKWHXQVEOHLEWQLFKWVRYLHO=HLWZLHZLUJHKRIIWKD EHQ©DQWZRUWHWH*RUJ ,P1XZDU.LPKHOOZDFKª,VWHWZDVSDVVLHUW"©IUDJWHHUHU VFKURFNHQ *RUJVFKWWHOWHGHQ.RSIQLFNWHGDQQXQGHUNOlUWHª,QGHU 1DFKWLVWHLQH$EWHLOXQJVFKZDU]HU5HLWHUDQGHU+|KOHYRU EHLJHNRPPHQ1HLQQHLQNHLQ*UXQG]XU$XIUHJXQJ© VHW]WHHUEHVFKZLFKWLJHQGKLQ]Xª6LHKDEHQXQVQLFKWHQW GHFNWXQGVHOEVWZHQQVLHYRQXQVHUHU$QZHVHQKHLWJHZXW KlWWHQZlUHQZLUKLHUGULQQHQVLFKHUJHZHVHQ©

ª,KUKlWWHWPLFKWURW]GHPZHFNHQPVVHQ©VDJWH.LP *RUJZLQNWHDEª'XKDWWHVWGHQ6FKODIELWWHUQ|WLJ©VDJWH HUEHVWLPPWXQGLQHLQHP7RQGHUNHLQHQ:LGHUVSUXFKGXO GHWHª$EHU.HOKLPNRQQWHGLH5HLWHUEHODXVFKHQ© ª8QG"©IUDJWH.LPJHVSDQQW *RUJ]XFNWHGLH$FKVHOQª:LUZLVVHQQLFKWREHVVWLPPW DEHUYLHOOHLFKWGRFKMHGHQIDOOVJODXEW.HOKLPYHUVWDQGHQ ]XKDEHQGDVLFKGLHVH5HLWHUXQGYLHOHDQGHUHNOHLQH *UXSSHQGLHLQGHQOHW]WHQ:RFKHQEHUGLH%HUJHJHNRP PHQVLQGPLWHLQHPJURHQ+HHUYHUHLQLJHQZROOHQGDV LUJHQGZRJDQ]LQGHU1lKHDXIHLQHQ$QJULIIVEHIHKOZDUWHW 9LHOOHLFKWKDWVLFK.HOKLPYHUK|UWYLHOOHLFKWDXFKQLFKWDEHU .HOKLPXQGLFKZLUMHGHQIDOOVVLQGGHU0HLQXQJGDGLH 1DFKULFKWZHLWHUJHJHEHQZHUGHQVROOWH© ª6LHVWLPPW©VDJWH.LPª8QGLKUKlWWHWGLH5HLWHUQLFKWEH ODXVFKHQPVVHQ,FKKDEHGLHVHV+HHUJHVHKHQ© 7URW]GHU'VWHUQLVGLHLQGHU+|KOHKHUUVFKWHZDUGDV(U VFKUHFNHQDXI*RUJV*HVLFKWGHXWOLFK]XHUNHQQHQ ª(VVWLPPWDOVR"©ULHIHUª$EHUGDQQ© ª'LHVH5HLWHUVLQGQXUGLH9RUKXW©HUNOlUWH.LPª:DKU VFKHLQOLFKVROOHQVLHQXUGLH*HJHQGDXVNXQGVFKDIWHQXQG 8QUXKHXQG$QJVWXQWHUGHU%HY|ONHUXQJYHUEUHLWHQ'DV HLJHQWOLFKH+HHUZDUWHWLQGHQ%HUJHQ© *RUJVFKZLHJHLQH:HLOH'DQQJDEHUVLFKHLQHQHQHUJL VFKHQ5XFNZREHLHUVLFKGHQ.RSIDQGHUQLHGULJHQ'HFNH VWLHXQGYHUVFKZDQGLPKLQWHUHQ7HLOGHU+|KOH.LP K|UWHLKQHLQH=HLWODQJPLW.HOKLPUHGHQGDQQNDPHQVLH JHPHLQVDP]XUFN ª(VVWLPPWDOVR©EUXPPWHGHU%lUª,FKKDWWHJHKRIIWPLFK YHUK|UW]XKDEHQ© ª'XKDVWULFKWLJJHK|UW©VDJWH.LPª/HLGHU,FKKDEHGLHVHV +HHUJHVHKHQ,FKELQPLWLKP]XVDPPHQEHUGLH%HUJHJH NRPPHQ'DKHU©HUNOlUWHHUPLWHLQHU*HVWHDXIGHQ+DX IHQVFKZDU]HQ%OHFKVGHUQHEHQVHLQHP1DFKWODJHUDP%R GHQODJªPHLQH9HUNOHLGXQJ© ª:DUXPKDVWGXGDVQLFKWJOHLFKJHVDJW"©IXKULKQ.HOKLP DQ6HLQHLQ]LJHV$XJHIXQNHOWH]RUQLJ

.LPZLFKXQZLOONUOLFKHLQHQ6FKULWW]XUFNª,KUKDEWPLFK QLFKWJHIUDJW©VDJWHHUWURW]LJª$XHUGHPKDWWHLFKQLFKW GHQ(LQGUXFNGDHVHXFKZLUNOLFKLQWHUHVVLHUW© .HOKLPZROOWHDXIIDKUHQDEHU*RUJOHJWHLKPEHUXKLJHQG GLH+DQGDXIGLH6FKXOWHUª.LPKDWUHFKW©VDJWHHUª(VLVW XQVHUHHLJHQH6FKXOG$EHUZLUZROOHQMHW]WQLFKWQRFKPHKU =HLWGDPLWYHUJHXGHQHLQDQGHU9RUZUIH]XPDFKHQ%H HLOHQZLUXQVOLHEHU©$OVZlUHGDPLWDOOHVJHVDJWEFNWHHU VLFKXQGKDOI.LPVHLQH'HFNH]XVDPPHQ]XUROOHQ .LPZROOWHDXWRPDWLVFKVHLQH5VWXQJDQOHJHQDEHU*RUJ KLHOWLKQ]XUFNª'HU:HJLVWVFKZLHULJ©VDJWHHUª'X ZLUVWQLFKWUHLWHQN|QQHQXQG]X)XLVWGLHVHVVFKZHUH 'LQJHKHUKLQGHUOLFK© .LPEHUOHJWHHLQHQ0RPHQW9HUPXWOLFKKDWWH*RUJUHFKW $EHUDXVLUJHQGHLQHP*UXQGJODXEWHHUGDHVEHVVHUZDU ZHQQHUGHQ+DUQLVFKXQGGLH$UPXQG%HLQVFKW]HUWUXJ (UOHJWHGHQ3DQ]HUDQVFKOSIWHLQGLHVFKZDU]HQ.HWWHQ KDQGVFKXKHXQGVFKQDOOWHVLFKGDV6FKZHUWXPª)HUWLJ© VDJWHHUª:LUN|QQHQJHKHQ© .HOKLPEHWUDFKWHWHNRSIVFKWWHOQGVHLQH$XIPDFKXQJXQG EUXPPWHHWZDV8QYHUVWlQGOLFKHV'DQQYHUVFKZDQGHULP ,QQHUHQGHU+|KOH.LPIROJWHLKPGLH+DQGEHUXKLJHQG XQG]XJOHLFKVFKXW]VXFKHQGDXIGHQ+DOVVHLQHV3IHUGHVJH OHJW*RUJELOGHWHGHQ6FKOX 'DVVFKZDFKHURWH/LFKWGHU*OXWEOLHEUDVFK]XUFNXQG WLHIH'XQNHOKHLWXPJDEVLH.LPYHUVXFKWHHLQH=HLWODQJPLW JHVFKORVVHQHQ$XJHQ]XJHKHQXPVLFKJDQ]DXIGLH6LJQDOH VHLQH*HK|UXQG7DVWVLQQHV]XNRQ]HQWULHUHQPLWGHP (UJHEQLVGDHUZLHHLQ%OLQGHUEHUGHQXQHEHQHQ%RGHQ VWROSHUWHXQGDQGDXHUQGJHJHQ)HOV]DFNHQXQG6WHLQHVWLH (VJLQJWDWVlFKOLFKEHVVHUZHQQHUGLH$XJHQRIIHQKLHOWRE ZRKOHVDXHUWLQWLJHU6FKZlU]HDEVROXWQLFKWV]XVHKHQJDE $EHUVHLQ.|USHUNRQQWHGLHJHZRKQWHQ5HIOH[HHEHQQLFKW LQHLQSDDU$XJHQEOLFNHQYHUJHVVHQ 'HU:HJ]RJVLFKHQGORVLQGLH/lQJH2IWOHLWHWHLKQ*RUJ PLWVLFKHUHU+DQGEHUVWHLODEIDOOHQGH+lQJHGLHPLWORN NHUHP*HU|OOEHGHFNWZDUHQGDVLPPHUZLHGHUXQWHUVHLQHQ

XQGGHQ7ULWWHQGHV3IHUGHVQDFKJDEXQGNOHLQH6WHLQODZL QHQDXVO|VWHGLHGRQQHUQGLQGLH7LHIHVDXVWHQXQGGLH 'XQNHOKHLWPLWKDOOHQGHQQLFKWDEUHLHQGHQ(FKRVHUIOO WHQ(VJDEVWHLQHUQH7UHSSHQGLHLQHQJHQ6SLUDOHQWLHIHULQ GHQ/HLEGHU(UGHKLQHLQIKUWHQXQGHQGORVHJHUDGH6WUHN NHQDXIGHQHQVLFKGDV*HUlXVFKLKUHU6FKULWWHHFKRORVYHU ORU1DFK.LPV=HLWJHIKOPXWHQ6WXQGHQYHUJDQJHQVHLQ DOVHQGOLFKQRFKZHLWYRULKQHQHLQ/LFKWSXQNWQLFKWJU| HUDOVHLQ6WHFNQDGHONRSIVLFKWEDUZXUGH ª*OHLFKKDEHQZLU VJHVFKDIIW©VDJWH*RUJ(VNODQJHUOHLFK WHUW.LPIUDJWHVLFKXQZLOONUOLFKZHOFKH*HKHLPQLVVHXQG *HIDKUHQGLH+|KOHZRKOEHUJHQPRFKWHGDVRJDUGHU 5LHVHHUOHLFKWHUWZDUVLHZLHGHU]XYHUODVVHQ $EHUVLHHUUHLFKWHQGHQ+|KOHQDXVJDQJRKQHHLQHQHLQ]LJHQ JHIlKUOLFKHQ=ZLVFKHQIDOO9RULKQHQODJHLQVFKPDOHVVL FKHOI|UPLJHV)HOVSODWHDXNDXPJURJHQXJLKQHQJHPHLQ VDP3ODW]]XELHWHQXQGDQGUHL6HLWHQYRQVHQNUHFKWDEIDO OHQGHQ:lQGHQEHJUHQ]W=XU5HFKWHQIKUWHHLQVFKPDOHU 6WHLJDQGHU)HOVZDQGHQWODQJ9RQGLHVHP3ODWHDX VFKZHLIWHGHU%OLFNXQJHKLQGHUWEHUHLQVFKLHUHQGORVHV JUQHV/DQGYROOHU:lOGHUXQG:LHVHQXQGYHUORUVLFK LUJHQGZRLP:HVWHQLQJUQEODXHU8QHQGOLFKNHLW .HOKLPOLH.LPNHLQH=HLWGLH$XVVLFKW]XJHQLHHQ8Q JHGXOGLJIRUGHUWHHULKQDXILQGHQ6DWWHO]XVWHLJHQ .LPlXJWHPLWUDXLVFK]XGHPNDXPDQGHUWKDOE0HWHUEUHL WHQ3IDGKLQEHU(LQHLQ]LJHU)HKOWULWWXQGHUZUGHPLW VDPWVHLQHP3IHUGIQI]LJRGHUPHKU0HWHULQGLH7LHIH VWU]HQ ª0DFKVFKRQ©GUlQJWH.HOKLPª'HU:HJZLUGJOHLFKEUHL WHU'XELVWQLFKWGHUHUVWHGHULKQJHKW© .LPVFKZDQJVLFKJHKRUVDPLQGHQ6DWWHOXQGOHQNWH-XQJH PLWVDQIWHP6FKHQNHOGUXFNDXIGHQ:HJ'DV3IHUG VFKHXWHXQGHUPXWHHLQHQ]ZHLWHQ$QODXIQHKPHQHKHHV YRUVLFKWLJHLQHQ)XDXIGDVVFKPDOH)HOVEDQGVHW]WH.LP EOLFNWHXQYRUVLFKWLJHUZHLVHLQGLH7LHIH'HU6WHLQILHOQHEHQ LKPORWUHFKWDEXQGXQWHQJlKQWHHLQW|GOLFKHU$EJUXQG YROOPHVVHUVFKDUIHU*UDWHXQGJLHULJHPSRUJHVWUHFNWHU)HOV

GRUQHQ:HQQVHLQ3IHUGMHW]WHLQHQ)HKOWULWWWDWEUDXFKWHHU VLFKXPVHLQHXQGGLH=XNXQIW0lUFKHQPRQGVNHLQH6RUJHQ PHKU]XPDFKHQ $EHU-XQJHWDWNHLQHQ)HKOWULWW%HGlFKWLJXQGVLFKHUWUDEWH HUEHUGDVVFKPDOH)HOVEDQGXQGHUUHLFKWHQDFKZHQLJHQ 0HWHUQHLQH%LHJXQJKLQWHUGHUGHU)HOVHQ]XU5HFKWHQ]X UFNZLFKXQGGHU:HJWDWVlFKOLFKHWZDVEUHLWHUZXUGH.LP DWPHWHHUOHLFKWHUWDXIXQGZDQGWHVLFKLP6DWWHOXP'HU 5LHVHXQGGHU%lUZDUHQLKPGLFKWJHIROJW,KPILHODXIGD .HOKLPLPPHUZLHGHU]XP+|KOHQHLQJDQJ]XUFNEOLFNWH DOVHUZDUWHHUGRUWMHPDQGRGHUHWZDV%HVWLPPWHVDXIWDX FKHQ]XVHKHQ ª:HLWHU©GUlQJWH*RUJ6HLQH6WLPPHKDWWHQRFKLPPHU HLQHQEHVRUJWHQ8QWHUWRQª:LUPVVHQYRP%HUJKHUXQ WHU© .LP]XFNWHGLH$FKVHOQJDEGHP3IHUGVDQIWGLH6SRUHQ XQGULWWLQJHPlLJWHP*DORSSYRUGHQEHLGHQ)UHXQGHQ KHU (UVWDOVVLHDP)XHGHU)HOVZDQGDQJHODQJWZDUHQXQGLP 6FKXW]HLQHU*UXSSHPlFKWLJHU8OPHQVWDQGHQJHVWDWWHWH LKP.HOKLPDQ]XKDOWHQ ª:DUWHWKLHU©VDJWHHUª,FKJHKHYRUDXV.XQGVFKDIWHQ© .LPEOLFNWHLKPNRSIVFKWWHOQGQDFKELVHU]ZLVFKHQGHQ %VFKHQYHUVFKZXQGHQZDU ª:DVKDWHU"© 6WDWWHLQHU$QWZRUWGUHKWH*RUJVLFKXPXQG]RJ.LPHLQ SDDU0HWHUGHQ:HJ]XUFNGHQVLHJHNRPPHQZDUHQ ª6LHK©VDJWHHU .LPV%OLFNIROJWHVHLQHUDXVJHVWUHFNWHQ+DQG(UHUVFKUDN 9RQKLHUDXVNRQQWHQVLHIDVWGHQJHVDPWHQ%HUJEHUEOLN NHQXQGGHU+|KOHQDXVJDQJDXVGHPVLHKHUDXVJHNRPPHQ ZDUHQODJGHXWOLFKHUNHQQEDUYRULKQHQ (WZDVKDWWHVLFKYHUlQGHUW.LPNRQQWHGDV1HXH8QEH NDQQWHQLFKWLQ:RUWHQIDVVHQXQGGRFKVSUWHHUGDV8Q KHLPOLFKHXQG%HGURKOLFKH(VZDUDOVZlUHHLQ6WFNGHU 'XQNHOKHLWGXUFKGLHVLHJHZDQGHUWZDUHQKLQWHULKQHQDXI GDV)HOVSODWHDXKLQDXVJHNURFKHQ

(UVFKWWHOWHVLFKZDQGWHGHQ%OLFNDEXQGEHVFKORGLH6D FKHIUVLFK]XEHKDOWHQ .HOKLPEOLHEODQJHIRUWXQG.LPQXW]WHGLH=HLWVLFKDXI PHUNVDPLQGHUQHXHQ8PJHEXQJXP]XVHKHQ6HLWHUGDV 6FKDWWHQJHELUJHYHUODVVHQKDWWHXPJDELKQGLH6FK|QKHLW GLHVHV/DQGHVHLQH6FK|QKHLWXQGKHLWHUH/LHEOLFKNHLWGLH MHZHLWHUHUQDFK:HVWHQNDPVLFKQRFKPHKU]XHQWIDOWHQ VFKLHQ1LFKWVZDUKLHUNQVWOLFKRGHUJHZDOWVDPYHUlQGHUW $OOHVZDUVRZLHGLH1DWXUHVJHVFKDIIHQKDWWHZLOGXQJH ]JHOWXQGGRFKHLQHUK|KHUHQ2UGQXQJJHKRUFKHQG'LH /XIWZDUVRNODUGDGDV$WPHQHLQH/XVWZDUXQGGDV 6RQQHQOLFKWVSLHJHOWHVLFKLP7DXGHUDXIGHQ%OlWWHUQODJ LQDOOHQ)DUEHQGHV5HJHQERJHQV .LPZXUGHUDXKDXVVHLQHU%HWUDFKWXQJJHULVVHQDOV.HOKLP PLW*HW|VHDXVGHP:DOGKHUYRUEUDFK ª6LHNlPSIHQ©VFKQDXEWHHUDXIJHUHJW .LPXQG*RUJVWDUUWHQLKQDQ ª:HUNlPSIW"©IUDJWHGHU5LHVH ª8QGZR"©IUDJWH.LP ª6FKZDU]H5HLWHU*HJHQGLH8QVHUHQ8QWHQLP7DOJOHLFK KLQWHUGHP:DOG.RPPW6FKQHOO© *RUJVWLHHLQHQKHLVHUHQ.DPSIVFKUHLDXVVFKZDQJVHLQH .HXOHXQGUDQQWHKLQWHUGHP%lUHQKHUJHUDGHZHJVLQGHQ :DOGKLQHLQ.LPIROJWHLKQHQVRVFKQHOOHUNRQQWH,QGHP GLFKWHQ8QWHUKRO]JHZDQQHQGLHEHLGHQUDVFK9RUVSUXQJ $EHUQDFKZHQLJHQ0LQXWHQHUUHLFKWHQVLHHLQHQVFKPDOHQ :DOGZHJDXIGHP.LPGLHEHUOHJHQH6FKQHOOLJNHLWVHLQHV 3IHUGHVYROODXVVSLHOHQNRQQWHXQGDOVVLHGHQ:DOGUDQGHU UHLFKWHQKDWWHHUVLFKEHUHLWVDQGLH6SLW]HJHVHW]W 9RULKQHQWREWHHLQJQDGHQORVHU.DPSI(WZDIQI]LJ VFKZDU]H5HLWHUKDWWHQHLQHQXUKDOEVRJURH6FKDULQIOLH HQGHV:HLXQGVFKLPPHUQGHV*ROGJHNOHLGHWHU0lQQHU LQGHU0LWWHGHU/LFKWXQJ]XVDPPHQJHWULHEHQXQGGUDQJHQ HUEDUPXQJVORVDXIVLHHLQ'DV*UDVU|WHWHVLFKYRP%OXWGHU (UVFKODJHQHQXQGGLH0HKU]DKOGHU7RWHQWUXJGDVIOHFNLJH 6FKZDU]GHU5HLWHU0RUJRQV7URW]GHPZDUGHXWOLFK]XHU NHQQHQGDGLH6FKZDU]HQLP9RUWHLOZDUHQ'LH.UlIWH

GHUZHLHQ5LWWHUHUODKPWHQPHKUXQGPHKUXQGLQGDV .OLUUHQGHU:DIIHQXQGGDV6WDPSIHQGHU3IHUGHPLVFKWHQ VLFKLPPHUZLHGHUJHOOHQGH6FKPHU]HQVVFKUHLHZHQQHLQH GHUVFKZDU]HQ.OLQJHQLKU=LHOIDQG 8QGLQPLWWHQGLHVHV*HWPPHOVKRFKDXIJHULFKWHWXQG HLQHQNQRUULJHQ6WDEVFKZLQJHQGVWDQGHLQZHLKDDULJHUDO WHU0DQQ ª7KHPLVWRNOHV©ULHI.LPHQWVHW]W6HLQH6WLPPHJLQJLP *HW|VHGHU6FKODFKWXQWHUGHQQRFKKDWWHHUGHQ(LQGUXFN GDGHUDOWH0DJLHUIUHLQHQ$XJHQEOLFNDXIVDKXQG]XLKP KHUEHUVFKDXWH .LPGXFNWHVLFKWLHIEHUGHQ+DOVVHLQHV3IHUGHVSUHWH LKPGLH6SRUHQLQGLH)ODQNHQXQGJDORSSLHUWHGHQ+DQJ KLQXQWHU.HOKLPXQGGHU5LHVHIROJWHQLKP,KUZLOGHV*H EUOOEHUW|QWHGHQ.DPSIOlUPXQGOHQNWHGLH$XIPHUNVDP NHLWGHU.lPSIHQGHQDXIVLFK (UVW]ZHLGDQQYLHUXQGVFKOLHOLFKVHFKVGHUVFKZDU]HQ 5HLWHUEUDFKHQDXVGHU5HLKHGHU$QJUHLIHUDXV]ZDQJHQ LKUH3IHUGHKHUXPXQGJDORSSLHUWHQPLWJH]FNWHQ:DIIHQ KHUDQ)UVLHZLHIUGLHDQGHUHQDXFKPXWHHVDXVVH KHQDOVZUGHKLHUHLQHUGHU,KUHQYRQHLQHPEUOOHQGHQ 5LHVHQXQGHLQHPUDELDWHQ%lUHQYHUIROJW 6LHHUNDQQWHQLKUHQ,UUWXP]XVSlW.LPJDEGHP3IHUG DEHUPDOVGLH6SRUHQGXFNWHVLFKQRFKWLHIHUEHUVHLQHQ +DOVXQGYHUODQJWHLKPGDV/HW]WHDE(UULWWDXI]ZHLGHU KHUDQMDJHQGHQVFKZDU]HQ5HLWHU]XXQGDOVHUJHQDX]ZL VFKHQLKQHQZDUULHUVHLQ6FKZHUWLQGLH+|KHXQGKLHE PLWHLQHPZRKOJH]LHOWHQ6WUHLFKGLHEHLGHQ5HLWHUUHFKWV XQGOLQNVYRQVLFKDXVGHP6DWWHO (LQ$XIVFKUHLJLQJGXUFKGLH5HLKHQGHUPRUJRQLVFKHQ5HL WHU.LPVFKZHQNWHVHLQ3IHUGKHUXPVFKOXJHLQHQGULWWHQ 5HLWHUQLHGHUILQJHLQHQ6FKZHUWVWRPLWGHPEORHQ8Q WHUDUPDEXQGIlOOWHDXFKVHLQHQYLHUWHQ*HJQHU'LHEHLGHQ OHW]WHQ5HLWHUZXUGHQIDVWLPJOHLFKHQ$XJHQEOLFNYRQ.HO KLPXQG*RUJDXVGHQ6lWWHOQJHULVVHQ .LPVFKZDQJVHLQH:DIIHKRFKEHUGHQ.RSIXQGMDJ WHLQJHVWUHFNWHP*DORSSDXIGDV6FKODFKWIHOG]X'HU

.DPSIWREWHXQYHUPLQGHUWZHLWHUDEHUGHU9HUODXIGHU 6FKODFKWKDWWHVLFKJHlQGHUW'LH5HLKHGHUVFKZDU]HQ5HL WHUZDQNWHZLFK]XUFNIRUPLHUWHVLFKQHXXQG]HUEUDFK GDQQXQWHUHLQHPZWHQGHQ$QVWXUPGHUZHLHQ5LWWHUGLH GXUFKGDVSO|W]OLFKH$XIWDXFKHQGLHVHUXQHUZDUWHWHQ+LOIH QHXH.UDIWXQGQHXHQ0XWVFK|SIWHQ'LH6FKZDU]HQZL FKHQ]XUFN,KUHJHRUGQHWH3KDODQ[]HUVSOLWWHUWHLQPHK UHUH7HLOHXQGO|VWHVLFKGDQQLQKHLOORVHV&KDRVDXI(LQHU QDFKGHPDQGHUHQGHUVFKZDU]HQ5HLWHUZDQGWHVLFK]XU )OXFKW $EHUHVJDENHLQ(QWNRPPHQ:XUGHQVLHYRQKLQWHQYRQ LKUHQJROGJHSDQ]HUWHQ*HJQHUQEHGUlQJWGLHVLFKLQ6HNXQ GHQVFKQHOOHYRQ*HMDJWHQLQ-lJHUYHUZDQGHOWKDWWHQVROLH IHQVLHDXIGHUDQGHUHQ6HLWHHLQHPGHUQHXDXIJHWDXFKWHQ VFKUHFNOLFKHQ)HLQGHLQGLH$UPH.HOKLPEUOOWHZLOGDXI VWHOOWHVLFKDXIGLH+LQWHUEHLQHXQGEUHLWHWHGLH$UPHZLH]X HLQHUW|GOLFKHQ%HJUXQJDXV6HLQH3UDQNHQ]HUPDOPWHQ 6WDKOXQGOLHHQ3DQ]HU]HUEUHFKHQZlKUHQGDXIGHUDQGH UHQ6HLWH*RUJV.HXOHHUEDUPXQJVORVZWHWH ,UJHQGHWZDVJHVFKDKLQGLHVHP0RPHQWPLW.LP'LH :DIIHLQVHLQHQ+lQGHQVFKLHQ]XHLJHQHP/HEHQ]XHUZD FKHQ6HLQ6FKZHUWEHVFKULHEHLQHQW|GOLFKHQEOLW]HQGHQ +DOENUHLVLQGHU/XIW]HUEUDFK6FKLOGHXQG6SHHUHNUDFKWH DXI5VWXQJHQXQG3DQ]HUKHUXQWHU(LQ+LHEWUDIVHLQH 6FKXOWHUXQGOlKPWHVLHDEHUHUVSUWHGHQ6FKPHU]NDXP (UZHFKVHOWHGDV6FKZHUWYRQGHU5HFKWHQLQGLH/LQNHXQG NlPSIWHPLWXQYHUPLQGHUWHU.UDIWZHLWHU(LQVFKZDU]HU 5HLWHUSUDOOWHPLWVHLQHP6WUHLWURJHJHQLKQGUlQJWHLKQ ]XU6HLWHXQG]LHOWHPLWHLQHP6SHHUDXIVHLQHQ.RSI.LP GXFNWHVLFKVFKOXJGHQ6SHHUPLWGHUEORHQ)DXVWEHLVHLWH XQGIKUWHHLQHQEOLW]VFKQHOOHQ+LHEJHJHQGHQ6FKLOGGHV $QJUHLIHUV6HLQ6FKZHUWJUXEHLQHWLHIH.HUEHLQGDV+RO] XQGGHU6FKODJZDUVRKDUWGDHULKQXQGVHLQHQ*HJQHU ]XJOHLFKDXVGHP6DWWHOZDUI.LPILHODXIGHQ5FNHQ VSUDQJEOLW]VFKQHOOKRFKXQGSDULHUWHHLQHQDXIZlUWVJHIKU WHQ6FKZHUWVWUHLFKVHLQHV*HJQHUV,KUH.OLQJHQWUDIHQIXQ NHQVSUKHQGDXIHLQDQGHUJOLWWHQDEXQGNUHX]WHQVLFKZLH

GHU.LPWDXPHOWH]XUFNEOLHEHLQHQ+HU]VFKODJODQJUHJ ORVVWHKHQXQGUDQJNHXFKHQGQDFK$WHP6HLQ*HJQHU VFKLHQJHQDXVRHUVFK|SIW]XVHLQZLHHU.LPVDKZLHVLFK GLH%UXVWXQWHUGHPVFKZDU]HQ3DQ]HULQKHNWLVFKHQ6W|HQ KREXQGVHQNWHXQGGDV6FKZHUW]LWWHUWHDOVKlWWHGHU$UP NDXPQRFKJHQJHQG.UDIWHV]XKDOWHQ 3O|W]OLFKEHPHUNWH.LPZLHVWLOOHVJHZRUGHQZDU'HU .DPSIZDU]X(QGHXQGVHLQ*HJQHUZDUGHUOHW]WHGHU VFKZDU]HQ5HLWHUGHUQRFKEULJJHEOLHEHQZDU.HLQHPGHU DQGHUHQZDUGLH)OXFKWJHJOFNW ª*LEDXI©ULHI.LPª'XKDVWNHLQH&KDQFH© 'HUDQGHUHVFKLHQHLQHQ0RPHQW]XEHUOHJHQ'DQQVWLH HUHLQGXPSIHVTXDOYROOHV.QXUUHQDXVZDUIVHLQHQ6FKLOG IRUWXQGGUDQJPLWKRFKHUKREHQHP6FKZHUWDXI.LPHLQ (LQJROGHQHU6SHHU]LVFKWHGXUFKGLH/XIWXQGGXUFKERKUWH GHQ)HLQG .LPOLHGDV6FKZHUWVLQNHQ6HLQH)LQJHUKDWWHQSO|W]OLFK QLFKWPHKUGLH.UDIWGHQ*ULIIIHVW]XKDOWHQ6HLQH+DQG |IIQHWHVLFK'LH:DIIHSROWHUWHLQV*UDVXQG.LPVDQN NUDIWORVLQGLH.QLH6HNXQGHQODQJKRFNWHHUPLWJHVFKORVVH QHQ$XJHQGDXQGZDUWHWHGDGHU6FKZlFKHDQIDOOYRU EHUJLQJ'DQQKREHUGHQ.RSIXQGEOLFNWHLQGLH5XQGH (LQGLFKWHU5LQJZHLHU5LWWHUXPJDELKQ(VZDUHQJURH VFKODQNH0lQQHULQERGHQODQJHZHLH8PKlQJHJHNOHLGHW XQWHUGHQHQJROGHQH%UXVWSDQ]HUVFKLPPHUWHQ$XIGHQ .|SIHQWUXJHQVLHIODFKH+HOPHGLHLP1DFNHQELVDXIGLH 6FKXOWHUQKHUDEUHLFKWHQXQGYRUQHLQHLQHQVFKPDOHQDXV ZlUWVJHNUPPWHQ1DVHQVFKXW]DXVOLHIHQ.HLQHUGHU0lQ QHUVSUDFK6LHVWDQGHQQXUVWXPPGDVWDUUWHQLKQDQXQG XPNODPPHUWHQXQVLFKHULKUH:DIIHQ 'DQQWHLOWHVLFKGLH5HLKHXQGHLQHZHLJHNOHLGHWHElUWLJH *HVWDOWWUDWDXI.LP]X .LPOlFKHOWHDOVHU7KHPLVWRNOHVHUNDQQWH(UVWDQG VFKZDQNHQGDXIEFNWHVLFKQDFKVHLQHP6FKZHUWXQG VFKREHVLQGLH6FKHLGH]XUFN6HLQH+DQG]LWWHUWH ª,FKZHLQLFKWZHUGXELVW©VDJWH7KHPLVWRNOHVQDFKGHP HU.LPHLQH:HLOHZRUWORVDQJHVWDUUWKDWWHªDEHUZLUGDQ

NHQGLUIUGHLQH+LOIH©(UVFKZLHJZLHGHUXQGVFKLHQDXI $QWZRUW]XZDUWHQDEHU.LPHUZLGHUWHQXUVWXPPVHLQHQ %OLFNXQGUKUWHVLFKQLFKW(UJHQRGHQ0RPHQWXQG ZROOWHLKQVRODQJHZLHP|JOLFKKLQDXV]|JHUQ ª2KQHGHLQ(LQJUHLIHQ©IXKU7KHPLVWRNOHVVFKOLHOLFKIRUW ªZlUHHVVFKOHFKWXPXQVEHVWHOOWJHZHVHQ©6HLQH$XJHQ YHUGXQNHOWHQVLFKXQGLQVHLQHU6WLPPHVFKLHQHLQH6SXU YRQ0LWUDXHQPLW]XVFKZLQJHQDOVHUZHLWHUVSUDFKª'RFK VDJZLHNRPPWHVGDVLFKHLQ'LHQHU0RUJHQVJHJHQ VHLQHHLJHQHQ.DPHUDGHQZHQGHW"© ª9LHOOHLFKW©VDJWH.LPªZHLOLFKNHLQ'LHQHU0RUJRQV ELQ© (UKRELQHLQHUDXI:LUNXQJEHGDFKWHQ*HVWHGLH+lQGHDQ GHQ.RSINODSSWH]XHUVWGDV9LVLHUDXIXQGVHW]WHGDQQGHQ VFKZDU]HQ+HOPDE 7KHPLVWRNOHVYHUVFKOXJHVGLH5HGH6HLQH$XJHQZHLWHWHQ VLFKXQGGHU$XVGUXFNDXIVHLQHP*HVLFKWHQWVFKlGLJWH .LPIUDOOHV (QGOLFKIDQG7KHPLVWRNOHVVHLQH6SUDFKHZLHGHU ª.LP©VDJWHHUª'X"© .LPOlFKHOWHª+DVWGXMHPDQGDQGHUVHUZDUWHW"©IUDJWHHU ª'XVDJWHVWGRFKLFKVROOWHNRPPHQ1XQLFKELQGD© 7KHPLVWRNOHVVFKWWHOWHVWDXQHQGGHQ.RSIª,FKPXJHVWH KHQGDLFKGLFKDPDOOHUZHQLJVWHQHUZDUWHWKDEH1LFKWVR XQGQLFKWKLHU©3O|W]OLFKOlFKHOWHHUGUHKWHVLFK]XGHQDE ZDUWHQGGDVWHKHQGHQ.ULHJHUQXPXQGKRELQHLQHUEHUXKL JHQGHQ*HVWHGLH+lQGH ª(VLVWDOOHVLQ2UGQXQJ(ULVWHLQHUGHU8QVHUHQ© 'LH0LHQHQHQWVSDQQWHQVLFKXQGGDXQGGRUWEUDFKVLFK HLQ6HXI]HUGHU(UOHLFKWHUXQJ%DKQ7KHPLVWRNOHVZDUWHWH HLQHQ0RPHQWGHXWHWHGDQQPLWZHLWDXVKROHQGHU*HElUGH ]XP:DOGUDQGXQGVDJWHª,FKZHUGHHXFKDOOHVHUNOlUHQ $EHUQXQODWPLFKIUHLQHNXU]H:HLOHPLWXQVHUHP5HWWHU DOOHLQ(VJLEWYLHO]XEHUHGHQ]ZLVFKHQXQV© 'LH5LWWHUJHKRUFKWHQXQG7KHPLVWRNOHVEOLHEPLW.LPDO OHLQ]XUFNª'X©VDJWHHUQRFKHLQPDODOVN|QQHHUHV QRFKLPPHUQLFKWJODXEHQª1DFKDOOGHU=HLW©:LHGHU

VFKWWHOWHHUGHQ.RSIª,FKKDWWHGLH+RIIQXQJDXIGHLQ .RPPHQEHUHLWVDXIJHJHEHQ8PVRJU|HULVWPHLQH )UHXGHGLFKJHVXQGXQGXQYHUOHW]WZLHGHU]XVHKHQ© ª1DMDJHVXQG©.LPEHWDVWHWHYRUVLFKWLJVHLQHUHFKWH 6FKXOWHU'HU3DQ]HUKDWWHGHP+LHEVWDQGJHKDOWHQDEHU GLH6FKXOWHUZDUQRFKLPPHUWDXEGHU$UPZLHJHOlKPW 3O|W]OLFKILHOLKPHWZDVHLQª:LHVRQDFKDOOGHU=HLW"©VDJWH HUª,FKZDUGRFKQXUHLQSDDU:RFKHQZHJ© 7KHPLVWRNOHVUXQ]HOWHGLH6WLUQª(LQSDDU:RFKHQ"© .LUQEHUVFKOXJLQ*HGDQNHQGLH=HLWGLHHULQ%RUDDV .HU NHUYHUEUDFKWKDWWHGLH=HLWVHLQHU:DQGHUXQJEHUGLH %HUJHXQGVHLQHV$XIHQWKDOWHVEHL7DNª1LFKWYLHOPHKUDOV ]ZHL:RFKHQ©VDJWHHUGDQQª9LHOOHLFKWHLQELFKHQOlQ JHUDEHUQLFKWYLHO© ª=ZHL:RFKHQ©HQWIXKUHV7KHPLVWRNOHV'DQQIJWHHULQ UXKLJHPJHIDWHP7RQKLQ]Xª'LH=HLW.LPLVWHLQVHOWVD PHV'LQJ6LHJHKRUFKWQLFKWEHUDOOGHQJOHLFKHQ*HVHW]HQ ,P5HLFKGHU6FKDWWHQP|JHQ]ZHL:RFKHQYHUJDQJHQVHLQ VHLWGXGRUWDQJHNRPPHQELVW$EHUKLHUEHLXQVVLQGPHKU DOVGUHL-DKUHYHUVWULFKHQ© ª'UHL-DKUH©ULHI.LPª$EHUGDVLVWXQP|JOLFK© 7KHPLVWRNOHVVFKWWHOWHVDQIWGHQ.RSIª1LFKWVLVWXQP|J OLFK©VDJWHHU ª$EHUGUHL-DKUH-HW]WEHJUHLIHLFKGHLQ(UVWDXQHQ© ª8PHKUOLFK]XVHLQLFKKDWWHZLUNOLFKGLH+RIIQXQJDXIJH JHEHQGLFKMHPDOVZLHGHU]XVHKHQ©VDJWH7KHPLVWRNOHVª=X $QIDQJKDEHLFKJHZDUWHW-HGHQ7DJKDEHLFKGHQ+LPPHO DEJHVXFKWXQGEHU:RFKHQXQG0RQDWHKDEHLFKPHLQH 5HLWHUDXVJHVFKLFNWQDFKGLU]XVXFKHQ$EHUPLWMHGHP 7DJGHUYHUJLQJZXUGHGLH+RIIQXQJGDGXGRFKQRFK NRPPHQZUGHVWJHULQJHU© ª+RIIHQWOLFKKDVWGXQLFKWJHJODXEWGDLFKHVPLWGHU $QJVW]XWXQEHNRPPHQXQGJHNQLIIHQKDEH©VDJWH.LP ª,FKKDEHHVJHKRIIW©VDJWH7KHPLVWRNOHVHUQVWª,FKKDEH JHKRIIWGDGXJHNQLIIHQKDVWXQGGDKHLPJHEOLHEHQELVW 'HQQHVJDEVRQVWQXUHLQH$QWZRUWDXIGLH)UDJHQDFKGHL QHP9HUEOHLE%RUDDV©

.LPQLFNWHJULPPLJª'XKDVWULFKWLJJHVFKORVVHQ,FKKDWWH EHUHLWVGDV9HUJQJHQLKQNHQQHQ]XOHUQHQ© ª,FKZXWHHVLQGHP0RPHQWDOVLFKGHLQHVFKZDU]H5 VWXQJVDK©VDJWH7KHPLVWRNOHV'DQQEHVDQQHUVLFKª9HU ]HLK.LP©EDWHUª,FKEHVWUPHGLFKPLW)UDJHQDQVWDWW GLU=HLW]XP$XVUXKHQ]XJ|QQHQ.RPPLQGHQ6FKDWWHQ XQGHUKROHGLFKHUVWHLQPDO8QGGDQQHU]lKOVWGXPLUDO OHV© .LPIROJWHLKPEHUGLH:LHVH]XP:DOGUDQG'DV+RFK JHIKOGDVLKQREGHVJHZRQQHQHQ.DPSIHVHUIOOWHZLFK WLHIHU1LHGHUJHVFKODJHQKHLWDOVHUVDKZLHKRFKGHU%OXW]ROO ZDUGHQ7KHPLVWRNOHV 0lQQHUKDWWHQHQWULFKWHQPVVHQ $QGLHGUHLLJ3IHUGHVWDQGHQDP:DOGUDQGDQJHVFKLUUW DEHUQXU]HKQGHUZHLHQ5HLWHUZDUHQQRFKDP/HEHQXQG HWOLFKHYRQLKQHQVFKZHUYHUZXQGHW 6LHKDWWHQJHZRQQHQDEHU.LPZXUGHGHV6LHJHVQLFKWIURK (UOHKQWHVLFKJHJHQHLQHQ%DXPVWDPPVFKORGLH$XJHQ XQGEHUOLHVLFKVHLQHP6FKPHU]5LQJVXPLKQKHUXPEH JDQQHQGLHhEHUOHEHQGHQGLH.|USHUGHU(UVFKODJHQHQLQ ZHLH7FKHU]XKOOHQXQGHQWODQJGHP:DOGUDQGDXI]X UHLKHQ/DQJHVD.LPGDXQGIROJWHVWXPPPLWEOLQGHQ $XJHQLKUHP7XQHKHHUOHLVHXQGVWRFNHQG]XHU]lKOHQEH JDQQ (UOLHQLFKWVDXVXQGHU]lKOWHMHGH.OHLQLJNHLWYHUVFKZLHJ DXFKQLFKWVHLQHbQJVWHXQGGLH)XUFKWGLHHUZlKUHQGVHL QHV9HUVWHFNVSLHOVLQPLWWHQGHVVFKZDU]HQ+HHUHVDXVJH VWDQGHQKDWWH7KHPLVWRNOHVHUZLHVVLFKDOVJHGXOGLJHUXQG DXIPHUNVDPHU=XK|UHU.LPHU]lKOWHIDVWHLQH6WXQGHODQJ XQG7KHPLVWRNOHVXQWHUEUDFKLKQNHLQHLQ]LJHV0DO$OV .LPJHHQGHWKDWWHYHUKDUUWHQEHLGHHLQH:HLOHVFKZHLJHQG ª'HLQ%HULFKW©VDJWH7KHPLVWRNOHVVFKOLHOLFKªEHUWULIIW PHLQHVFKOLPPVWHQ%HIUFKWXQJHQ© ª,FKZHL©DQWZRUWHWH.LPª1LHPDQGZHLHVEHVVHUDOV LFK,FKKDEHGDVVFKZDU]H+HHUJHVHKHQYHUJLGDVQLFKW© ª(VLVWPHLQH6FKXOG©PXUPHOWH7KHPLVWRNOHV ª'HLQH6FKXOG"© ª-D.LP,FKKDEHHLQHQXQYHU]HLKOLFKHQ)HKOHUEHJDQJHQ

,FKKDEH%RUDDVXQWHUVFKlW]W'DEHLJLEWHVQLHPDQGGHU EHVVHUDOVLFKZHLZLHE|VHHULVW© 3O|W]OLFKVWDQGHUDXIXQGEHJDQQUXKHORVLP.UHLVKHUXP ]XZDQGHUQ6HLQ6WDEVWLHLP5K\WKPXVVHLQHU6FKULWWHJH JHQGHQ%RGHQª(UKDWDOOHVVRJHSODQW©VDJWHHUª$OOHVLVW YRQ$QIDQJDQVRJHODXIHQZLHHUHVJHZROOWKDW© .LPVFKWWHOWHGHQ.RSIª'DVVWLPPWQLFKW7KHPLVWRNOHV 'LFKWULIIWNHLQH6FKXOG© ª'RFK©ZLGHUVSUDFKGHU=DXEHUHUª,FKKDEHPLFK]XVL FKHUJHIKOW:LUDOOHKDEHQJHJODXEWGDHUKLQWHUGHP 6FKDWWHQJHELUJHJHIDQJHQLQVHLQHP5HLFKGHU)LQVWHUQLV DXIHZLJHLQJHNHUNHUWLVW$EHUGDVZDUHLQ,UUWXP(UKDW HLQHQ:HJJHIXQGHQ©(UK|UWHDXILP.UHLVKHUXP]XODX IHQVWW]WHVLFKDXIVHLQHQ6WRFNXQGVDK.LPGXUFKGULQ JHQGDQª'LHVHUILQVWHUH%HJOHLWHUGHQGX]XVDPPHQPLW %RUDDVLP+HHUODJHUJHVHKHQKDVW©VDJWHHUªZLHVDKHU DXV"© .LPKREKLOIORVGLH6FKXOWHUQª:LHDOOHDQGHUHQDXFK©DQW ZRUWHWHHUQDFKHLQHU:HLOHª(VZDUQLFKWVHLQ$XVVHKHQ GDVLKQYRQGHQEULJHQXQWHUVFKLHG(VZDU©(UVXFKWH QDFKGHPSDVVHQGHQ:RUWXQGVSUWHHLQHQNDOWHQ6FKDXHU EHUVHLQHQ5FNHQODXIHQDOVGDV%LOGGHVNOHLQHQ VFKZDU]JHSDQ]HUWHQ5LWWHUVZLHGHUYRUVHLQHQ$XJHQDXI WDXFKWHª(VZDUQLFKWV6LFKWEDUHV©VDJWHHUXQVLFKHUª(KHU HWZDVZDVPDQ© ª0LWGHU6HHOHVSUHQNRQQWH©YROOHQGHWH7KHPLVWRNOHVGHQ 6DW]ª(LQHXQVLFKWEDUH.lOWHGLHLKQZLHHLQHGXQNOH$XUD XPJDE(WZDV$EVWRHQGHV%|VHV*HZDOWWlWLJHV© .LPQLFNWHYHUEOIIWª'DVVWLPPW©EHVWlWLJWHHUª'X NHQQVWLKQ"© 7KHPLVWRNOHVYHUQHLQWHª'HU6FKZDU]H/RUG©PXUPHOWHHU XQGVHLQH6WLPPHEHEWHYRU*UDXHQª(VJLEWHLQH6DJHHLQH XUDOWHIDVWYHUJHVVHQH6DJHGLHEHULFKWHWGDHLQHV7DJHV HLQPlFKWLJHU.ULHJHULP5HLFKGHU6FKDWWHQDXIWDXFKHQ ZLUG(LQ.ULHJHUGHUVRIXUFKWEDUXQGJUDXVDPLVWGDHU GDV+HHUGHU)LQVWHUQLVGXUFKGDV6FKDWWHQJHELUJHIKUHQ NDQQ'HU6FKZDU]H/RUG©

7KHPLVWRNOHVVHQNWHGLH6WLPPH]XP)OVWHUQDOVHUIRUW IXKUª'LH6DJHJHKWQRFKZHLWHU.LP6LHEHULFKWHWGD GDV(QGHYRQ0lUFKHQPRQGJHNRPPHQLVWZHQQGHU 6FKZDU]H/RUGHUVFKHLQW© ª8QP|JOLFK©VWLH.LPKHUYRUª'XPXWGLFKLUUHQ7KH PLVWRNOHV(VLVWQXUHLQH6DJH(LQ0lUFKHQPHKUQLFKW :LUZHUGHQGDVVFKZDU]H+HHUEHVLHJHQVRZLHZLUGLHVHQ 7UXSSEHVLHJWKDEHQ©(UVSUDQJDXIGLH)H 7KHPLVWRNOHVVFKWWHOWHGHQ.RSIª,QMHGHU6DJHVWHFNWHLQ 6WFN:DKUKHLW.LP©VDJWHHUOHLVHª'XPDJVWHVQRFK QLFKWEHJUHLIHQDEHUPDQFKPDOVLQGHVJHUDGHGLHXQZLUNOL FKHQ'LQJHGLH:LUNOLFKNHLWZHUGHQ© .LPVHXI]WHª1RFKLVWQLFKWJHVDJWGDHVVLFKEHLGHP 0DQQGHQLFKJHVHKHQKDEHWDWVlFKOLFKXPGHQ6FKZDU]HQ /RUGKDQGHOWZHQQHVLKQEHUKDXSWJLEW:LUKDEHQQRFK =HLW%RUDDV +HHUKDWVLFKQRFKQLFKWIRUPLHUWXQGZLU N|QQHQGLH9HUWHLGLJXQJGHV/DQGHVRUJDQLVLHUHQ© 7KHPLVWRNOHVVWDUUWH]X%RGHQXQGVFKLHQGDQQZLHDXVWLH IHP6FKODI]XHUZDFKHQ ª9LHOOHLFKWKDVWGXUHFKW©VDJWHHUDEHUVHLQHQ:RUWHQ IHKOWHGLHhEHU]HXJXQJª:LUZHUGHQMHGHQIDOOVWXQZDVLQ XQVHUHQ.UlIWHQVWHKW© .LPOlFKHOWH7KHPLVWRNOHV GVWHUH3URSKH]HLXQJQDJWHLQ LKPGRFKHUJDEVLFK0KHVLFKQLFKWVDQPHUNHQ]XODVVHQ ª:LHNDPHVEHUKDXSW]XGLHVHP.DPSI"©IUDJWHHUXP 7KHPLVWRNOHVDXIDQGHUH*HGDQNHQ]XEULQJHQª,KUVHLGLQ HLQHQ+LQWHUKDOWJHUDWHQ"© ª1HLQGDVJODXEHLFKQLFKW8PXQVHLQHQ+LQWHUKDOW]XOH JHQGD]XKlWWH%RUDDVPLW6LFKHUKHLWPHKU.ULHJHUDXIJH ERWHQ9HUPXWOLFKZDUHQGLHVFKZDU]HQ5HLWHUJHQDXVR EHUUDVFKWEHUGDV=XVDPPHQWUHIIHQZLHZLU(VKDQGHOWH VLFKZRKOXPHLQHQGLHVHUNOHLQHQ7UXSSVGLHGLH*HJHQG HQWODQJGHP*HELUJHGXUFKVWUHLIHQXQGXQWHUGHU%HY|ONH UXQJ$QJVWXQG6FKUHFNHQYHUEUHLWHQ:LUKDEHQ3DWURXLO OHQDXVJHVFKLFNWXPGLH%HY|ONHUXQJ]XZDUQHQ©HUNOlUWH 7KHPLVWRNOHVª$EHURIWNRPPHQZLU]XVSlWZLHGXVHOEVW JHVHKHQKDVW©IJWHHUXQJOFNOLFKKLQ]Xª-HGHQIDOOVVLQG

GLHVFKZDU]HQ5HLWHUELVKHUGHPRIIHQHQ.DPSIDXVJHZL FKHQ'RFKYLHOOHLFKWKDEHQVLHLKUH7DNWLNJHlQGHUW9LHO OHLFKWVWHKWGHU$QJULIIVFKRQXQPLWWHOEDUEHYRU© ª:LHVHLGLKUEHUKDXSWKLHUKHUJHNRPPHQ"©IUDJWH.LP ª,FKEHILQGHPLFKDXIHLQHU5HLVHGXUFK0lUFKHQPRQG© DQWZRUWHWH7KHPLVWRNOHVª'HUOlQJVWHQXQG]XJOHLFK VFKOLPPVWHQ5HLVHPHLQHV/HEHQV© ª:LHPHLQVWGXGDV"© ª0lUFKHQPRQGLVWGDV/DQGGHV)ULHGHQV©VDJWH7KHPLVWRN OHVª$EHUPHLQH%HJOHLWHUXQGLFK]LHKHQYRQ2UW]X2UWXP GLH%HZRKQHU]XP.ULHJ]XVDPPHQ]XUXIHQ:LUDKQWHQ VFKRQGDXQVYRQ%RUDDV*HIDKUGURKWZHQQZLUXQVDXFK QLFKWYHUVWHOOHQNRQQWHQZLHJURGLHVH*HIDKUWDWVlFKOLFKLVW :LUYHUVXFKHQ9HUEQGHWH]XILQGHQ© ª9HUEQGHWH"©IUDJWH.LPXQJOlXELJª$EHUKDEWLKU GHQQNHLQ+HHU"© ª1HLQ.LPZLUKDEHQNHLQ+HHU0lUFKHQPRQGKDWWHIU 6ROGDWHQELVKHUNHLQH9HUZHQGXQJ:LUNHQQHQKLHUNHLQH )HLQGVFKDIWGHQQZLUOHEHQLQ+DUPRQLHPLWGHU1DWXUXQG LKUHQ*HVHW]HQ© ª$EHULKUPWHXFKGRFKYHUWHLGLJHQN|QQHQ©ULHI.LP 'LH9RUVWHOOXQJGDHLQVRPlFKWLJHV5HLFKZLH0lUFKHQ PRQGIUGHQ)DOOHLQHVEHZDIIQHWHQhEHUIDOOVLQNHLQHU :HLVHJHUVWHWZDUHUVFKLHQLKPJHUDGH]XDEVXUG ª8QGGRFKLVWHVVR©VDJWH7KHPLVWRNOHVª'LH5HLWHUJDUGH GLHPLFKEHJOHLWHWYHUVWHKWHV]ZDUGDV6FKZHUW]XIKUHQ ZLHGXJHVHKHQKDVWDEHUDXFKLKU%HUXILVWQLFKWGDV7|WHQ 8QGGLHPHLVWHQYRQLKQHQOLHJHQKLHUWRW©IJWH7KHPL VWRNOHVELWWHUKLQ]Xª:LUKDEHQNHLQH$UPHHZHLOZLUQLH HLQHEUDXFKWHQ'RFKGLH6LWXDWLRQKDWVLFKMHW]WJUQGOLFK JHlQGHUW:LUN|QQHQQLFKWDXIHLQ:XQGHUZDUWHQXP 0lUFKHQPRQG]XUHWWHQ'HVKDOEVLQGZLUDXIJHEURFKHQ© ª8QGKDEWLKU9HUEQGHWHJHIXQGHQ"©IUDJWH.LP 7KHPLVWRNOHVQLFNWHª-DZHQQDXFKQLFKWJHQXJZLHLFK MHW]WEHIUFKWHQPX8QVHUH5HLVHLVWIDVWEHHQGHW0RUJHQ ZHUGHQZLUXQVHUOHW]WHV=LHOGDV/DQGGHU6WHSSHQUHLWHU HUUHLFKHQ'DQQNHKUHQZLUQDFK*RU\Z\QQ]XUFN©

(LQHUGHUZHLHQ5HLWHUNDPKHUEHLXQGVDJWHPLWHLQHUHKU IUFKWLJHQ9HUQHLJXQJYRU7KHPLVWRNOHVXQGHLQHPUDVFKHQ %OLFNDXI.LPª:LUVLQGEHUHLW+HUU© 7KHPLVWRNOHVQLFNWHª*XW:LUEUHFKHQDXI© .LPGHXWHWHDXIGLHODQJH5HLKHZHLYHUKOOWHU*HVWDOWHQ GLHLP6FKDWWHQGHU%lXPHODJHQª,KUODWVLHHLQIDFK]X UFN"©IUDJWHHU ª:LUEHJUDEHQXQVHUH7RWHQQLFKW©DQWZRUWHWH7KHPLVWR NOHVª:LUYHUHKUHQGHQ*HLVWQLFKWGDV)OHLVFKGDVLKPDOV :RKQXQJGLHQW,QZHQLJHQ7DJHQ]HUIlOOWGHU.|USHU]X 6WDXEXQGNHKUW]XUFNLQGHQ.UHLVODXIYRQ:HUGHQXQG 9HUJHKHQ:LUHKUHQXQVHUH7RWHQGXUFKGLH$FKWXQJGHV /HEHQV©VFKORHUª-HW]WNRPP:LUPVVHQZHLWHU© .LPVWLHHLQHQVFKULOOHQ3ILIIDXVXQGVHLQ3IHUGNDPJH KRUVDPDQJHWUDEW7KHPLVWRNOHVPDGHQ5DSSHQPLWHLQHP EHZXQGHUQGHQ%OLFNª(LQSUDFKWYROOHV7LHU©VDJWHHUª'X KDVWHVHUEHXWHW"© ª(LJHQWOLFKKDWHVPLFKHUEHXWHW©VDJWH.LPª,FKJODXEH QLFKWGDHVVHLQHQIUKHUHQ+HUUQVHKUYHUPLW© 7KHPLVWRNOHVOlFKHOWHZXUGHDEHUVRJOHLFKZLHGHUHUQVW ª'HLQH5VWXQJ©VDJWHHUª'XVROOWHVWVLHDEOHJHQ'X EUDXFKVWVLHQLFKWPHKU© .LPEOLFNWHDQVLFKKHUXQWHU'HUVFKZDU]H3DQ]HUKDWWH VHLQHQVFKLPPHUQGHQ*ODQ]OlQJVWYHUORUHQXQGZDUIOHFNLJ XQGVWXPSIYROOHU%HXOHQXQG6FKUDPPHQª,FKP|FKWHLKQ EHKDOWHQ©VDJWHHUª(UKDWPLU*OFNJHEUDFKWZHLWGX© 7KHPLVWRNOHVKREGLH6FKXOWHUQª:LHGXZLOOVW©VDJWHHU ª'RFKZDUWH©(UJLQJ]XHLQHP3IHUG|IIQHWHGLH3DFNWD VFKHXQGHQWQDKPLKUHLQHQJ]XVDPPHQJHUROOWHV%QGHO GDVHU.LPLQGLH+DQGGUFNWH.LPIDOWHWHHVDXVHLQDQGHU (VZDUHLQGQQHUGXUFKVFKHLQHQGHU8PKDQJDXVIHLQHP ZHLHP*HZHEHPLWKDXFKIHLQHQ*ROGXQG6LOEHUIlGHQ GXUFKZLUNW(UVFKLHQYROONRPPHQJHZLFKWVORV]XVHLQXQG GRFKKLQJHULQVFKZHUHQJHUDGHQ)DOWHQKHUXQWHUDOVZlUH HUDXV6DPWRGHU%URNDW.LPOLHGHQ8PKDQJEHZXQ GHUQGGXUFKGLH+lQGHJOHLWHQGDHULPKHOOHQ6RQQHQ OLFKWVFKLPPHUWHZLHYHUZREHQHV*ODV%HKXWVDPOHJWH.LP

LKQVLFKXPGLH6FKXOWHUQXQGVSUWHZLHVLFKGDV.OHL GXQJVVWFNZLHHLQOHEHQGHV:HVHQXPVHLQH6FKXOWHUQ VFKPLHJWH ª'DQNH©VDJWHHUZlKUHQGVHLQH)LQJHUEHUGHQVDPWZHL FKHQ6WRIIJOLWWHQª'DVLVWZXQGHUVFK|Q© 7KHPLVWRNOHVOlFKHOWH ª(UJHK|UWGLU©VDJWHHUª'LHVHU8PKDQJKDWDXIGLFKJH ZDUWHW© .LPV%OLFNKLQJZLHYHU]DXEHUWDQGHPKDXFK]DUWHQ*H VSLQVWDXVHLQJHIDQJHQHQ6RQQHQVWUDKOHQ ª*LEJXWDXILKQDFKW©PDKQWH7KHPLVWRNOHVª(ULVWXUDOW bOWHUDOVLFKlOWHUDOV0lUFKHQPRQGYLHOOHLFKW9LHOHKDEHQ VLFKJHZQVFKWLKQ]XWUDJHQDEHUQRFKNHLQHPZDUHVYHU J|QQW'XELVWGHUHUVWHGHU/DXULQV0DQWHOWUlJW© ª/DXULQV0DQWHO"© 7KHPLVWRNOHV]|JHUWHª$XFKEHLHXFK©VDJWHHUGDQQªJLEW HVHLQH6DJHYRQ/DXULQGHP=ZHUJHQN|QLJ© .LPQLFNWHª,FKNHQQHVLH:LOOVWGXEHKDXSWHQGDHVNHLQ 0lUFKHQLVW"© ª-DXQGQHLQ'LH0HQVFKHQKDEHQHVVFKRQLPPHUYHUVWDQ GHQHLQH*HVFKLFKWHVRODQJHXQGVRRIWXQGLPPHUZLHGHU QHX]XHU]lKOHQVLHXP]XGLFKWHQ]XYHUlQGHUQXQG]XYHU GUHKHQELVYRQLKUHPXUVSUQJOLFKHQ6LQQQLFKWPHKUYLHO ]XHUNHQQHQZDU$EHUZHUDQGDV:XQGHUEDUHJODXEWZHU ZLHGXEHUHLWLVWDOOHV]XULVNLHUHQXPDOOHV]XJHZLQQHQ GHUZLUG'LQJHHUIDKUHQGLHVLFKDQGHUH0HQVFKHQQLHPDOV WUlXPHQOLHHQ© ª:LHPHLQVWGXGDV"© ª(VJLEW©7KHPLVWRNOHVEHVDQQVLFKª9HU]HLK©EDWHU ª,FKVFKZHLIHDE'LH=HLWLVWQRFKQLFKWUHLIXPGLU]XVD JHQZDVKLQWHUDOOHPVWHKW1HLQ©VDJWHHUXQGKREDE ZHKUHQGGLH+lQGHª'ULQJHQLFKWLQPLFKLFKELWWHGLFK 6SlWHU]XHLQHUDQGHUHQ=HLWXQGDQHLQHPDQGHUHQ2UW ZHUGHLFKGLUDOOHVHUNOlUHQ9RUHUVWQLPPPHLQ:RUWGD GLHVZLUNOLFK/DXULQV0DQWHOLVW(UYHUOHLKWVHLQHP7UlJHU JURH0DFKW$EHUGLH6FKXOWHUQXPGLHHUVLFKOHJWWUDJHQ DXFKHLQHJURH9HUDQWZRUWXQJ©

ª0DFKW"©IUDJWH.LPª:DVIU0DFKW"© ª'HU6DJHQDFK©DQWZRUWHWH7KHPLVWRNOHVXQG.LPVSUWH GDHVLKQ0KHNRVWHWHHVDXV]XVSUHFKHQªNDQQHUVHLQHQ %HVLW]HUXQVLFKWEDUPDFKHQ:HULKQWUlJWYHUPDJGXUFK :lQGHXQGIHVWH+LQGHUQLVVH]XVFKUHLWHQRKQHYRQHLQHV 0HQVFKHQ$XJHJHVHKHQRGHUYRQHLQHU:DIIHYHUZXQGHW ]XZHUGHQ© ª8QVLFKWEDU©ULHI.LP8QZLOONUOLFK]RJHUGLH)LQJHUYRQ GHP]DUWHQ*HZHEH]XUFNDOVEHIUFKWHWHHUGHQNRVWED UHQ8PKDQJ]XEHVFKlGLJHQRGHU]XEHVFKPXW]HQª$EHU GDVZlUHMDZHQQGDVVWLPPWGDQQVLQGZLUJHUHWWHW0LW GLHVHP0DQWHON|QQWHPDQPLWWHQLQV+HU]YRQ%RUDDV $U PHHYRUGULQJHQRKQHJHVHKHQ]XZHUGHQ:LUN|QQWHQLKQ DXVVHLQHP=HOWKROHQZLU© 7KHPLVWRNOHVXQWHUEUDFKLKQPLWHLQHUPDKQHQGHQ*HVWH ª'XKDVWPLFKQLFKWDXVUHGHQODVVHQ.LP©VDJWHHUª'HU 8PKDQJYHUOHLKWGLU8QVLFKWEDUNHLWDEHUHUWXWHVQXUHLQ HLQ]LJHV0DO:HQQGXGLFKHLQPDOVHLQHU*DEHEHGLHQVWLVW VHLQH.UDIWHUVFK|SIWXQGHUZLUG]XGHPZDVHUZDUEHYRU /DXULQV=DXEHUDXILKQILHO]XHLQHPJDQ]JHZ|KQOLFKHQ 6WFN6WRII'LHVHU8PKDQJLVWXQVHUHOHW]WH:DIIHGDV OHW]WH0LWWHOZHQQDOOHVDQGHUHYHUVDJWKDW%HQXW]HLKQ QLFKWOHLFKWIHUWLJ.LP© .LPEUDXFKWHHLQH:HLOHXP]XEHJUHLIHQZDVIUHLQHQ 6FKDW]LKP7KHPLVWRNOHVGDDQYHUWUDXWKDWWH9LHOOHLFKWODJ QXQGDV6FKLFNVDOGLHVHUJDQ]HQ:HOWLQVHLQHQ+lQGHQ ª,FKYHUVSUHFKHHV©VWDPPHOWHHU 7KHPLVWRNOHVQLFNWH2KQHHLQZHLWHUHV:RUWZDQGWHHUVLFK ]XVHLQHP3IHUG$EHU.LPKDWWHQRFKHLQH)UDJHDQLKQGLH VFKRQGLHJDQ]H=HLWDXIVHLQHQ/LSSHQEUDQQWH ª$XIHLQ:RUWQRFK7KHPLVWRNOHV© 7KHPLVWRNOHVGUHKWHVLFKXP$XIVHLQHQ6WDEJHVWW]WVDK HUDQ.LPYRUEHLDXIGLH/LFKWXQJKLQDXV(LQVHOWVDPHU $XVGUXFNODJLQVHLQHQ$XJHQª-D"© .LPVFKOXFNWH3O|W]OLFKVDLKPHLQZUJHQGHU.ORLQGHU .HKOH'LH)UDJHGLHLKQQLFKWUXKHQOLHVHLWHUDXV0RU JRQJHIORKHQZDUZROOWHDXIHLQPDOQLFKWKHUDXV$EHUHU

ZDUVFKRQ]XZHLWJHJDQJHQXPMHW]WQRFK]XUFN]XN|Q QHQ(LQ]ZHLWHV0DOZUGHHUGHQ0XWGD]XQLFKWDXIEULQ JHQª%RUDDVHU]lKOWHPLUHWZDV©EHJDQQHUXQJHVFKLFNW ª(WZDVZDVLFKQLFKWJODXEHQNDQQDEHU© ª(UKDWGLUJHVDJWGDZLU%UGHUVLQG©VDJWH7KHPLVWRNOHV UXKLJ .LPQLFNWH ª(VLVWGLH:DKUKHLW©VDJWHGHUDOWH0DJLHUª8QGDXFK ZLHGHUQLFKW(VPDJIUGLFKVFKZHU]XYHUVWHKHQVHLQDEHU ZLUVLQGXQVVRJOHLFKZLHVLFK]ZHL%UGHUQXUVHLQN|Q QHQXQGGRFKVLQGZLUVRYHUVFKLHGHQYRQHLQDQGHUZLHQXU LUJHQG]ZHL0HQVFKHQDXIGHU:HOW-DZLUVLQG%UGHU 0HKUQRFKZLUZDUHQHLQVHLQH6HHOHVRKlWWHPDQPHL QHQN|QQHQGLH]XIlOOLJLQ]ZHLYHUVFKLHGHQHQ.|USHUQ ZRKQWH:DVGHUHLQHGDFKWHWDWGHUDQGHUHXQGXPJH NHKUW$EHUGLHVH=HLWOLHJWZHLW]XUFN6HKUZHLW.LP(V JHVFKDKHWZDVZDVXQVWUHQQWH© ª:DV"©IUDJWH.LP 7KHPLVWRNOHVOlFKHOWHª'XZUGHVWHVQLFKWYHUVWHKHQVHOEVW ZHQQLFKHVGLUHUNOlUHQN|QQWH8QVHUH:HJHWUHQQWHQVLFK XQGMHZHLWHUZLUXQVYRQHLQDQGHUHQWIHUQWHQGHVWRYHU VFKLHGHQHUZXUGHQDXFKGLH3IDGHGLHZLUHLQVFKOXJHQXP XQVHU6FKLFNVDO]XPHLVWHUQ(VLVWHLQHODQJHWUDXULJH*H VFKLFKWH.LP%RUDDVZDUQLFKWLPPHUVRZLHHULVWXQG YLHOOHLFKWWUDJHDXFKLFKHLQZHQLJ6FKXOGGDUDQGDHUVR ZXUGH9LHOOHLFKWZLUDOOH© ª'X"©IUDJWH.LPXQJOlXELJ(UKlWWHJHODFKWZlUH7KHPL VWRNOHVQLFKWVRXQHUVFKWWHUOLFKHUQVWJHEOLHEHQª'XJLEVW GLUGLH6FKXOGGDUDQGD%RUDDVVLFK]XP%|VHQJHZDQGHOW KDW"'DVJODXEVWGXGRFKVHOEVWQLFKW© ª8QGGRFKLVWHVVR%RUDDVJLQJGHQIDOVFKHQ:HJGDV VWLPPW$EHUMHGHUYRQXQVNRPPWLUJHQGZDQQHLQPDOLQ 9HUVXFKXQJGDVVHOEH]XWXQ.HLQ0HQVFKNDQQYRQVLFK EHKDXSWHQHUNHQQHQLFKWGLH9HUORFNXQJGLHGLHVHILQVWHUH 6HLWHGHV/HEHQVDXVVWUDKOW8QGHVJLEW0HQVFKHQXQGHV VLQGQLFKWZHQLJH.LPGLHDOOHLQQLFKWGLH.UDIWKDEHQ GLHVHU9HUORFNXQJ]XZLGHUVWHKHQ%RUDDVZDUZLHLFKDEHU

HUKDWWHQLFKWPHLQH6WlUNH,FKKDWWHVLHXQGLFKZXWH DXFKGDHUVLHQLFKWKDWWH(VZlUHPHLQH3IOLFKWJHZHVHQ LKQ]XUFN]XKDOWHQ9LHOOHLFKWZlUHDOOHVDQGHUVJHNRPPHQ ZHQQLFKLPULFKWLJHQ0RPHQWDQVHLQHU6HLWHJHVWDQGHQ KlWWH© .LPVFKWWHOWHWURW]LJGHQ.RSIª0LWGLHVHP$UJXPHQW NDQQVWGXGLUJOHLFKGLH6FKXOGJHEHQDQMHGHP9HUEUHFKHQ GDVLUJHQGZRDXIGHU:HOWJHVFKLHKW©VDJWHHU 7KHPLVWRNOHVVFKZLHJHLQHQ0RPHQWª9LHOOHLFKWKDVWGX UHFKW©PXUPHOWHHUPHKU]XVLFKVHOEVWDOV]X.LPª$EHU YLHOOHLFKWZDUHVDXFKHLQ)HKOHUHVGLUHUNOlUHQ]XZROOHQ 8QGQXQNRPP.LP)UHLQHQ7DJLVWJHQXJ%OXWJHIORV VHQ/DXQVJHKHQ8QVHU:HJLVWQRFKZHLW©(UZDQGWH VLFKXPXQGJLQJPLWUDVFKHQ6FKULWWHQGDYRQ.LPIROJWH LKP 7KHPLVWRNOHVVFKULWW]JLJYRUDQZDUIQRFKHLQPDOHLQHQ %OLFNEHUGDV6FKODFKWIHOGXQGKREVLFKGDQQPLWHLQHP 6FKZXQJLQGHQ6DWWHOGHVVHQ.UDIWXQG(OHJDQ]VHLQ VFKHLQEDUHV$OWHU/JHQVWUDIWH8QGHUVWMHW]WDXVGHU 1lKHVDK.LPGD7KHPLVWRNOHV 0lQQHUHEHQVRZLHGLH VHUVHOEVWQLFKWDXI3IHUGHQVRQGHUQDXIJURHQZHLHQ(LQ K|UQHUQULWWHQ'LH7LHUHZLUNWHQJHQDXVRVWRO]ZLHLKUH 5HLWHUXQGZHQQGDV)HOOGHUPHLVWHQDXFKEOXWLJXQG]HU VFKUDPPWZDUVRERWHQVLHGRFKHLQHQSUDFKWYROOHQ$QEOLFN 7KHPLVWRNOHVZLQNWH.LPVSUDQJEHKHQGHLQGHQ6DWWHOXQG VFKORVLFKDQ'LH(LQK|UQHUZLFKHQ]XUFNDOVVLHGDV JURHVFKZDU]H5R]ZLVFKHQVLFKDXIWDXFKHQVDKHQXQG HLQLJHVFKHXWHQVRGDVLHYRQLKUHQ5HLWHUQEHUXKLJWZHU GHQPXWHQ.LPJODXEWHGLH)XUFKWXQG$EQHLJXQJGHU 7LHUHGHXWOLFK]XVSUHQ0LWLKUHQODQJHQJHZXQGHQHQ +|UQHUQGLHVSLW]ZLH'ROFKHZDUHQXQGDQODQJJH]RJHQH 6FKQHFNHQKlXVHUHULQQHUWHQZlUHHVLKQHQHLQOHLFKWHVJH ZHVHQ.LPXQGVHLQ3IHUGLQ6HNXQGHQVFKQHOOH]XW|WHQ 7KHPLVWRNOHVULHIPLWODXWHU6WLPPHHLQHQ%HIHKOXQGGLH *UXSSHVHW]WHVLFKLQ%HZHJXQJZREHLGLHKHUUHQORVHQ 7LHUHXQDXIJHIRUGHUWKLQWHUGHQ5HLWHUQDXIVFKORVVHQ.HO KLPXQG*RUJIROJWHQ]|JHUQGLQHLQLJHP$EVWDQGELV7KH

PLVWRNOHVVLFKLP6DWWHOXPGUHKWHXQG*RUJ]XVLFKULHI'HU 5LHVHZDUPLWHLQSDDUODQJHQ6FKULWWHQEHLLKPGLFKWJH IROJWYRQ.HOKLPGHUZLHHLQEUDXQHUVWUXSSLJHU6FKDWWHQ KLQWHULKPQDFK]RWWHOWH 7KHPLVWRNOHVPXWHGHQ.RSILQGHQ1DFNHQOHJHQXP *RUJLQV*HVLFKWVHKHQ]XN|QQHQ ª,FKP|FKWHGDLKUXQVEHJOHLWHW©VDJWHHU]XLKPª(XHU :RUWJLOWYLHOEHLGHQ6WHSSHQUHLWHUQ6LHVLQGHLQVWRO]HVXQG HLJHQZLOOLJHV9RON$EHUZHQQLKUPLFKEHJOHLWHWZHUGHQVLH PLU*HK|UVFKHQNHQ© *RUJVFKZLHJGD]XXQG.HOKLPEUXPPWHHWZDV8QYHU VWlQGOLFKHV ª,FKZHLGDLKUOLHEHUKLHUEOHLEHQXQG-DJGDXIGLH VFKZDU]HQ5HLWHUPDFKHQZUGHW©IXKU7KHPLVWRNOHVIRUW ª$EHUJODXEWPLUGRUWZRZLUKLQJHKHQVHLGLKUQW]OL FKHU(XUH$UEHLWKLHULVWJHWDQ'LH/HXWHPGHQ%HUJHQ VLQGJHIORKHQXQG© ª1LFKWDOOH©XQWHUEUDFK*RUJ6HLQH6WLPPHNODQJPLW HLQHP0DOJDQ]DQGHUVNHLQELFKHQXQWHUZUILJRGHU IXUFKWVDPª1LFKWDOOHNRQQWHQUHFKW]HLWLJJHZDUQWZHUGHQ 'HU%HUJKRIZLUZLUNDPHQ]XVSlW© 7KHPLVWRNOHVQLFNWHWUDXULJª,FKZHL*RUJ.LPHU]lKOWH PLUGDYRQ$EHULFKZHLDXFKGDHXFKNHLQH6FKXOG WULIIW© ª:LUKDEHQGLH0|UGHUYHUIROJW©EUXPPWH.HOKLPª8QG ZLUKlWWHQVLHJHVWHOOWZHQQZLUQLFKWDXIGHQGDJHWURIIHQ ZlUHQ$EHUZLUGDFKWHQHVZlUHZLFKWLJHUDXILKQDXI]X SDVVHQ© ª(VZDUULFKWLJ©EHVWlWLJWH7KHPLVWRNOHVª5DFKHQXW]WQLH PDQGHPHWZDV.HOKLP$PZHQLJVWHQGHQ(UVFKODJHQHQ© .LPKDWWHGHQ:RUWZHFKVHOPLWZDFKVHQGHP(UVWDXQHQ YHUIROJW(UZDUWHWHELV*RUJXQG.HOKLPDQLKUHQ3ODW]DP (QGHGHV=XJHV]XUFNJHNHKUWZDUHQ'DQQOHQNWHHUVHLQ 3IHUGQHEHQGDV(LQKRUQGHV=DXEHUHUVXQGEOLFNWH7KHPL VWRNOHVIUDJHQGDQ ª$XISDVVHQ"©SODW]WHHUKHUDXVª'LHEHLGHQVROOWHQDXIPLFK DXISDVVHQ"©

(LQDPVLHUWHV/lFKHOQVWDKOVLFKLQ7KHPLVWRNOHV $XJHQ ª.HOKLPLVWRIWQLFKWVHKU]LPSHUOLFKEHLGHU:DKOVHLQHU :RUWH© ª$EHULFKYHUVWHKHQLFKWLFKGDFKWHZLUZlUHQXQV]XIlO OLJEHJHJQHW© ª.HLQH6SXU©HQWJHJQHWH7KHPLVWRNOHV .LPVFKWWHOWHYHUZLUUWGHQ.RSIª$EHUGDQQ©VDJWHHUXQ VLFKHUªGDQQKDEHQPLUGLHEHLGHQGLHJDQ]H=HLWEHUQXU 7KHDWHUYRUJHVSLHOW©(UJULQVWHª(LJHQWOLFKKlWWHLFKOlQJVW GDUDXINRPPHQPVVHQ6RZLH*RUJDXIGLHVFKZDU]HQ 5HLWHUORVJHJDQJHQLVWZDUYRQ)HLJKHLWQLFKWVPHKU]XVS UHQ© -HW]WZDUGLH5HLKHDQ7KHPLVWRNOHVEHUUDVFKW]XVHLQ ª)HLJKHLW"©VDJWHHUYHUZXQGHUWª*RUJXQGIHLJH",FK NHQQHGHQ5LHVHQJXW(UXQG.HOKLPVLQGQLFKWQXUGLHEH VWHQ)UHXQGHGLHPDQVLFKZQVFKHQNDQQ6LHVLQGDXFK GLHWDSIHUVWHQ%XUVFKHQGLHPLUMHPDOVEHJHJQHWVLQG'DV HLQ]LJHZDVPDQLKQHQYLHOOHLFKWYRUZHUIHQNDQQ©IJWHHU QDFKHLQHUNOHLQHQ3DXVHKLQ]XªLVWGDVLHPDQFKPDO HLQHQVHKUVNXUULOHQ+XPRUHQWZLFNHOQ©

; 'HQJDQ]HQ7DJXQGQRFKZHLWELVLQGHQ$EHQGKLQHLQULW WHQVLHQDFK6GHQ7KHUQLVWRNOHVVFKLHQPLWMHGHP6FKULWW GHQVLHYRUDQNDPHQXQJHGXOGLJHU]XZHUGHQ$OOHZDUHQ PGHXQGHUVFK|SIWDEHU7KHUQLVWRNOHVJ|QQWHZHGHUGHQ 0lQQHUQQRFKLKUHQ7LHUHQWDJVEHUHLQH5DVWXQGDP QlFKVWHQ0RUJHQGUlQJWHHUODQJHYRU6RQQHQDXIJDQJ]XP :HLWHUPDUVFK 'LH/DQGVFKDIWGXUFKGLHVLHULWWHQlQGHUWHDOOPlKOLFKLKUHQ &KDUDNWHU'HU:DOGOLFKWHWHVLFKXQGZXUGHMHW]WLPPHU |IWHUYRQJURHQVRQQLJHQ/LFKWXQJHQXQWHUEURFKHQXP VFKOLHOLFKYRQHLQHUIODFKHQYRQKIWKRKHPJHOEHP*UDV EHZDFKVHQHQ6WHSSHDEJHO|VW]XZHUGHQ$PIUKHQ9RU PLWWDJVWLHHQVLHDXIHLQH6WUDHGLHVLHZHLWHUQDFK6GHQ DEHUDXFKHLQZHQLJLQZHVWOLFKH5LFKWXQJXQGIRUWYRP*H ELUJHIKUWH(LQ'RUI]RJLQZHLWHU(QWIHUQXQJDQLKQHQ YRUEHLGDQQULWWHQVLHVWXQGHQODQJGXUFKJURHTXDGUDWLVFK DQJHOHJWH)HOGHUXQGVFKOLHOLFKZLHGHUGXUFKJHOEH6WHSSH .LPZLFKZlKUHQGGHUJDQ]HQ=HLWQLFKWYRQ7KHUQLVWRNOHV

6HLWHUHGHWHXQHUPGOLFKDXIGHQ=DXEHUHUHLQXQGEH VWUPWHLKQPLW)UDJHQ7KHUQLVWRNOHVDQWZRUWHWHJHGXOGLJ XQG.LPHUIXKUYLHOEHU0lUFKHQPRQGVHLQH*HVFKLFKWH XQGVHLQH%HZRKQHUPHKUDOVHULQGHUNXU]HQ=HLWEH JUHLIHQXQGYHUGDXHQNRQQWH8QGPLWMHGHU$QWZRUWVFKLHQ VLFKGLH=DKOGHUXQJHO|VWHQ5lWVHO]XHUK|KHQ$EHU.LPV 1HXJLHUGHZDUXQHUVlWWOLFK 'LH6RQQHNOHWWHUWHODQJVDPDP+LPPHOHPSRU(VZXUGH ZDUPGDQQKHLXQG.LPYHUVSUWHZDFKVHQGHQ'XUVW]X GHPVLFKEDOG+XQJHUXQGGDQQDXFK0GLJNHLWJHVHOOWHQ 'HQDQGHUHQHUJLQJHVQLFKWEHVVHU'LH(LQK|UQHUVFKULWWHQ EHLZHLWHPQLFKWPHKUVRNUDIWYROOXQGUXKLJDXVZLH]X$Q

IDQJXQGDXFKLKUH5HLWHUKRFNWHQVFKODIILQGHQ6lWWHOQ $EHUZLHGHUJ|QQWHLKQHQ7KHPLVWRNOHVNHLQH3DXVH (QGOLFKGLH0LWWDJVVWXQGHZDUVFKRQYRUEHUXQG.LP JODXEWHDOOPlKOLFKYRU6FKZlFKHXQG0GLJNHLWQLFKWOlQ JHULP6DWWHOVLW]HQ]XN|QQHQZLUEHOWHZHLWYRULKQHQHLQH JHOEH6WDXEZRONHEHUGHU6WUDHDXI$OVVLHQlKHUNDPHQ HUNDQQWHQVLHHLQH6FKDUYRQHWZDIQI]HKQ5HLWHUQ 7KHPLVWRNOHVOLHDQKDOWHQXQGHUODXEWHVHLQHQ0lQQHUQDE ]XVLW]HQ(UVFK|SIWWDXPHOWHQVLHDXVGHQ6lWWHOQXQGOLHHQ VLFKDEVHLWVGHU6WUDHLQVKRKH*UDVVLQNHQ$XFK.LPVWLHJ DEKRFNWHVLFKLQV*UDVXQGEOLFNWHGHQIUHPGHQ5HLWHUQHU ZDUWXQJVYROOHQWJHJHQ (VZDUHQJURHGXQNHOKDDULJH0lQQHUGLHVLFKDXIHLQH VFKZHU]XEHVWLPPHQGH$[WDOOH]XJOHLFKHQVFKLHQHQ,KUH *HVLFKWHUZDUHQVFKPDOXQGEUDXQJHEUDQQWXQGLKUH.|U SHUREZRKOJHUWHQVFKODQNXQJHPHLQNUlIWLJXQGPXVNXO|V 6LHVDHQPLWVROFKQDWUOLFKHU$QPXWDXIGHQ3IHUGHQDOV REVLHPLWGHQ7LHUHQYHUZDFKVHQZlUHQ6LHWUXJHQGXQNOH .OHLGHUDXVJHJHUEWHP/HGHUGLH$UPHXQG%HLQHIUHLOLHHQ XQGULWWHQZLH.LPPLWHLQHP$QIOXJYRQ1HLGIHVWVWHOOWH RKQH6lWWHOXQG=DXP]HXJ 'LH5HLWHUJDORSSLHUWHQKHUDQXQGYHUKLHOWHQGLFKWYRU7KH PLVWRNOHVGHUDOVHLQ]LJHUDXIGHP5FNHQVHLQHV(LQKRUQV VLW]HQJHEOLHEHQZDUXPGDV%HJUXQJVNRPLWHHGHQQXP HLQVROFKHVKDQGHOWHHVVLFKVHLQHUVHLWV]XEHJUHQ=X .LPV9HUZXQGHUXQJZDUGHU6SUHFKHUGHU5HLWHUNDXPlO WHUDOVHUVHOEVWGUHL]HKQYLHOOHLFKWYLHU]HKQ-DKUHDOW VFKODQNXQGGXQNHOKlXWLJZLHVHLQHlOWHUHQ%HJOHLWHUDEHU PLWHWZDVKHOOHUHP+DDUXQGDXIPHUNVDPHQEODXHQ$XJHQ 6HLQH6WLPPHNODQJVHOEVWEHZXWZLHGLHHLQHV(UZDFKVH QHQDOVHUGDV:RUWDQ7KHPLVWRNOHVULFKWHWH ª6HLGJHJUW+HUUYRQ*RU\Z\QQ©EHJDQQHUHLQZHQLJ VWHLI(UGHXWHWHHLQ.RSIQLFNHQDQOHQNWHVHLQ3IHUGPLW VDQIWHP6FKHQNHOGUXFNQHEHQGDVGHV=DXEHUHUVXQGOLH GHQ%OLFNEHUGDV+lXIOHLQHUPDWWHWHU5HLWHUDP6WUDHQ UDQGVFKZHLIHQ(LQ)XQNHQ0LWUDXHQJORPPLQVHLQHQ $XJHQDXIDOVHU.LPVDK

ª(XHU.RPPHQZXUGHXQVJHPHOGHW©IXKUHUIRUWª0HLQ 9DWHUVHQGHW(XFK*UHXQGOlW(XFKVDJHQGD,KUXQG (XUH%HJOHLWHUDXIXQVHUHP6FKORZLOONRPPHQVHLG©7KH PLVWRNOHVQLFNWHDOVKlWWHHUQLFKWVDQGHUHVHUZDUWHWª0DQ VDJWHXQVDXFK©IXKUGHU-XQJHPLWHLQHPQHXHUOLFKHQ%OLFN DXI.LPVVFKZDU]H5VWXQJIRUWªGD,KUHLQHQVFKZDU]HQ 5HLWHULQ(XUHU%HJOHLWXQJKDEW,FKVHKHQXQGDGHU%RWH GLH:DKUKHLWJHVSURFKHQKDW,VWHU(XHU*HIDQJHQHU"© ª1HLQ(UJHK|UW]XXQV© ª=X(XFK"$EHUHUWUlJWGLH.OHLGXQJGHV)HLQGHV© 7KHPLVWRNOHVOlFKHOWHª,KUEHXUWHLOWHLQHQ0DQQQDFKVHL QHPbXHUHQ3ULQ]3ULZLQQ©VDJWHHUª$EHUHLQYHUPHLQW OLFKVFKOHFKWHVbXHUHVNDQQHEHQVRWlXVFKHQZLHHLQYHU PHLQWOLFKJXWHV.LPLVWHLQHUGHU8QVHUHQXQGYLHOOHLFKWGHU %HVWH© 3ULZLQQGDFKWHHLQHQ0RPHQWEHU7KHPLVWRNOHV :RUWH QDFK]XFNWHGDQQGLH$FKVHOQXQGGHXWHWHPLWHLQHU.RSI EHZHJXQJDXIGLH0lQQHULP*UDV ª8QVHUH%RWHQEHULFKWHWHQXQVGD(XUH/HXWHLQHLQHP VFKOHFKWHQ=XVWDQGVLQG©VDJWHHUª:LUKDEHQ:HLQXQG %URWPLWJHEUDFKWXQGXQVHU+HLONXQGLJHUZLUGVLFKVSlWHU XP(XUH9HUZXQGHWHQNPPHUQ,KUZXUGHWDQJHJULIIHQ"© 7KHPLVWRNOHVQLFNWHEHWUEWª*HVWHUQ:LUVWLHHQPLW HLQHP7UXSSVFKZDU]HU5HLWHU]XVDPPHQ:lUHXQVHU )UHXQGKLHU©HUGHXWHWHDXI.LPªQLFKWKLQ]XJHNRPPHQ ZlUHHVQRFKVFKOHFKWHUXPXQVEHVWHOOWJHZHVHQ© 3ULZLQQPXVWHUWH.LPPLWHLQHP%OLFNGHUGHXWOLFKVHLQH ZLGHUVWUHLWHQGHQ*HIKOHZLGHUVSLHJHOWH%HZXQGHUXQJ JHSDDUWPLW0LWUDXHQXQGZLH.LPIDQGHLQHU6SXUYRQ hEHUKHEOLFKNHLWXQG9HUDFKWXQJ .LPZXUGHHVXQWHUGHP%OLFNGHVMXQJHQ3ULQ]HQXQEHKDJ OLFK3ULZLQQZDQGWHVLFKVFKOLHOLFKDFKVHO]XFNHQGDEXQG NHKUWHVLFKVHLQHQ/HXWHQ]X$XIHLQHQ:LQNVWLHJHQGUHL VHLQHU0lQQHUYRQGHQ3IHUGHQXQGEHJDQQHQDXVODQJKDO VLJHQ.UJHQ:HLQDXV]XVFKHQNHQ ª6WlUNWHXFK©VDJWH3ULZLQQªXQGWHLOWGDV%URWPLWXQV 'DQQODWXQVZHLWHU]LHKHQ'LH=HLWGUlQJW©

$XFK.LPZXUGHHLQ%HFKHUGHVVFKZHUHQVHQ:HLQVJH UHLFKW(UQDKPLKQHQWJHJHQXQGWUDQNLQNOHLQHQYRUVLFKWL JHQ6FKOXFNHQ6HLQHUVWHU(LQGUXFNVFKLHQ7KHPLVWRNOHV

:RUWHYRP9RUWDJ]XEHVWlWLJHQGLH6WHSSHQUHLWHUZDUHQ HLQVWRO]HVXQQDKEDUHV9RON8QGVLHVFKLHQHQJURHQ:HUW DXI)|UPOLFKNHLWXQG=HUHPRQLHQ]XOHJHQ .LPOHHUWHGHQ%HFKHUJDELKQ]XUFNXQGVWDQGDXI$XFK GLHDQGHUHQHUKREHQVLFKQDFKXQGQDFKXPVLFKQRFKHLQ PDODXIGLH5FNHQLKUHU7LHUH]XVFKZLQJHQVRKDUWHV LKQHQDXFKDQNDP 3ULZLQQV3IHUGWlQ]HOWHQHUY|VDXIGHU6WHOOH3ULZLQQULHV KHUXPXQGVSUHQJWHGHQ:HJKLQXQWHUNDXPGDGHUOHW]WH 0DQQZLHGHULP6DWWHOVD 6LHIROJWHQGHQ6WHSSHQUHLWHUQLQJHULQJHP$EVWDQG1DFK HLQHU:HLOHYHUOLHHQVLHGLH6WUDHXQGULWWHQTXHUGXUFK GLH6WHSSHZHLWHUQXQGLUHNWQDFK:HVWHQIRUWYRP6FKDW WHQJHELUJHXQGVHLQHQ6FKUHFNHQ.LPJODXEWHDP+RUL]RQW HLQHQGXQNOHQYHUVFKZRPPHQHQ6FKDWWHQDXV]XPDFKHQ 7KHPLVWRNOHVEHVWlWLJWHVHLQH9HUPXWXQJGDHVVLFKGDEHL XPGDV6FKORGHU6WHSSHQUHLWHUKDQGHOWH&DLYDOORQ$EHU VLHULWWHQQLFKWGLUHNWGDUDXI]XVRQGHUQVFKOXJHQHLQHQ%R JHQLQVGOLFKHU5LFKWXQJ$XFK7KHPLVWRNOHVNRQQWHVLFK GDVQLFKWHUNOlUHQQDFKGHP3ULZLQQYRUKLQVRUDVFK]XP $XIEUXFKJHGUlQJWKDWWH :HQLJH0LQXWHQVSlWHUVDKHQVLHGHQ*UXQG 3ULZLQQGHXWHWHVWXPPDXIHLQHUDXFKJHVFKZlU]WH5XLQH GLHYRULKQHQDXIJHWDXFKWZDU(VZDUHLQNOHLQHVHLQJH VFKRVVLJHV+DXVGDVVLFKQDWUOLFKLQVHLQH8PJHEXQJHLQ SDWHRGHUHLQJHSDWKDWWHHKHHVGHP)HXHU]XP2SIHU ILHO'DV+DXVKDWWHNHLQH:lQGHVRQGHUQQXUHLQIODFKHV GLUHNWDXVGHP%RGHQDXIVWUHEHQGHV'DFKGDVDQHLQHU 6HLWHPLW(UGHXQG*UDVEHGHFNWZDU9RUGHUXQG5FN VHLWHZXUGHQYRQVFKZHUHQPRRVEHZDFKVHQHQ%DONHQJHELO GHW-HW]WZDUHLQ7HLOGHV'DFKHVHLQJHVWU]WXQGHLQ:LUU ZDUUYHUNRKOWHUXQGJHERUVWHQHU%DONHQEHGHFNWHLQZHLWHP 8PNUHLVGHQ%RGHQDOVKlWWHHLQHIUFKWHUOLFKH([SORVLRQ GDV+DXV]HUIHW]W$EHUGDVDOOHLQZDUHVQLFKWZDV.LPV

%OLFNXQGGHQGHUDQGHUHQJHIDQJHQKLHOW$XIGHUJUDVEH ZDFKVHQHQ6HLWHGHV'DFKHVODJHLQH5HLKHLQZHLH/DNHQ JHKOOWHU.|USHUDXIJHEDKUW 6LHVWDUUWHQHLQH:HLOHZRUWORVDXIGDV6FKUHFNHQVELOG(QG OLFKVDJWH7KHPLVWRNOHV ª6FKZDU]H5HLWHU"© 3ULZLQQQLFNWH.LPVDKZLHVLFKVHLQH+lQGH]X)lXVWHQ EDOOWHQª-D(LQ7UXSSYRQHWZDGUHLLJ5HLWHUQ9RU]ZHL 7DJHQPLWWHQLQGHU1DFKW©VDJWHGHU6WHSSHQSULQ]XQG IJWHPLWJULPPLJHU*HQXJWXXQJKLQ]Xª.HLQHUGHU 6FKZDU]HQLVWHQWNRPPHQ6LHKDEHQHLQHQKRKHQ3UHLVIU GLHVHQhEHUIDOOEH]DKOW© 7KHPLVWRNOHVVFKWWHOWHVDQIWGHQ.RSIª*HZDOWJHJHQ*H ZDOWLVWNHLQH/|VXQJ3ULQ]© 3ULZLQQYHU]RJWURW]LJGDV*HVLFKWª*HZDOWJHJHQ*HZDOW LVWNHLQH/|VXQJ"8QGZDUXPVHLG,KUJHNRPPHQ+HUUYRQ *RU\Z\QQ".RPPW,KUQLFKWXPPHLQHQ9DWHUXQGPHLQ 9RONXP8QWHUVWW]XQJJHJHQGHQ)HLQG]XELWWHQ"© ª'DVVWLPPW©JDE7KHPLVWRNOHV]Xª$EHULFKNRPPHDXFK XP]XZDUQHQ'LHVH0HQVFKHQKLHUVLQGQLFKWGLHHUVWHQ 2SIHUGLHVHVJUDXVDPHQXQGEHUIOVVLJHQ.ULHJHV6LHZHU GHQDXFKQLFKWGLHOHW]WHQVHLQ,KUPWGLH6WHSSHQIHVWXQJ YHUODVVHQ© ª9HUODVVHQ"©HPS|UWHVLFK3ULZLQQª,KUZLWQLFKWZDV,KU UHGHW7KHPLVWRNOHV© 6WDWWHLQHU$QWZRUWZLHVGHU0DJLHUDXIGLH5XLQHQGHUHQ YHUNRKOWH%DONHQZLHGLH)LQJHUHLQHUPDKQHQGHUKREHQHQ +DQGLQGHQZRONHQORVHQ+LPPHO]HLJWHQª,KUKDEWXQV KLHUKHUJHIKUWXPXQVGDV]X]HLJHQ©VDJWHHUª$EHU,KU KDEWVHOEVWQRFKQLFKWEHJULIIHQZDVGDVZDVKLHUJHVFKHKHQ LVWEHGHXWHW© ª,FKZHLHV©HQWJHJQHWH3ULZLQQ$XVVHLQHU6WLPPH VSUDFK+Dª'UHLLJVFKZDU]H5HLWHUVWDUEHQIUIQIGHU 8QVHUHQXQGGUHLKXQGHUWZHUGHQIROJHQ© 7KHPLVWRNOHVVFKLHQQRFKHWZDVVDJHQ]XZROOHQEHUOHJWH HVVLFKGDQQDEHUDQGHUV(U]JHOWHVHLQ7LHUXQGULWWDQ GHPMXQJHQ3ULQ]HQYRUEHL3ULZLQQWULHEVHLQHP3IHUGGLH

)HUVHQLQGLH)ODQNHQXQGVSUHQJWHDQGLH6SLW]HGHU *UXSSH .LPZDUIURKGDVLHZHLWHU]RJHQ'LH6SDQQXQJ]ZLVFKHQ 7KHPLVWRNOHVXQG3ULZLQQHUIOOWHLKQPLW8QEHKDJHQ:HU ZHLZRKLQGDVQRFKIKUHQZUGH (UVFKUDNDXIDOVLKQMHPDQGVDQIWDQGHU6FKXOWHUEHUKUWH (VZDU7KHPLVWRNOHV ª,FKP|FKWHGDGXDQPHLQHU6HLWHEOHLEVW©VDJWHHUª:LU ZHUGHQXQVQLFKWODQJHLQ&DLYDOORQDXIKDOWHQ$EHUVRODQJH ZLUGRUWVLQGP|FKWHLFKGDGXEHLPLUEOHLEVW© ª'XIUFKWHVWXPPHLQH6LFKHUKHLW"© ª-D8QGPLW5HFKWJODXEHPLU©7KHPLVWRNOHVVDKGHPZHLW YRUDXVUHLWHQGHQ3ULQ]HQEHVRUJWQDFKª'XKDVW3ULZLQQHU OHEW.LP8QGHULVWQLFKWGHUHLQ]LJHGHUVRGHQNW,FK KDEH&DLYDOORQQLFKWRKQH*UXQG]XPOHW]WHQ=LHOPHLQHU 5HLVHEHVWLPPW© ª6LQGVLHDOOHVRVRKLW]N|SILJ"©IUDJWH.LP 7KHPLVWRNOHVQLFNWHª/HLGHU2GHUMHGHQIDOOVIDVWDOOH$EHU PDQPXVLHYHUVWHKHQ&DLYDOORQOLHJWDQGHUlXHUVWHQ *UHQ]H0lUFKHQPRQGVGLHOHW]WH%DVWLRQYRUGHP6FKDW WHQJHELUJH1LUJHQGVLVWGHU(LQIOX0RUJRQVVWlUNHU]X VSUHQDOVKLHUXQGNHLQ9RONKDWPHKUJHOLWWHQDOVGDV LKUH© .LPGUHKWHVLFKLP6DWWHOXPXQGEOLFNWH]XGHU5XLQH]X UFN(LQIODXHV*HIKOEUHLWHWHVLFKLQVHLQHP0DJHQDXV ª(VLVWVRVLQQORV©PXUPHOWHHU ª'DVLVWHVOHLGHUQLFKW©ZLGHUVSUDFK7KHPLVWRNOHVª1LFKW YRQ%RUDDV 6WDQGSXQNWDXV:DVGLUVLQQORVHUVFKHLQWJH K|UWDXVWDNWLVFKHQ*UQGHQPLW]XVHLQHPWHXIOLVFKHQ 3ODQ© ª$XVWDNWLVFKHQ*UQGHQ"© ª'XYHUVWHKVWHVQLFKW"©7KHPLVWRNOHVVDK.LPJDQ]HLJHQ DUWLJDQª,FKGDFKWHGXZUGHVWHVDPHKHVWHQYHUVWHKHQ 7HUURU.LPGLHVFKOLPPVWH:DIIHGLHGHUPHQVFKOLFKH *HLVWHUVRQQHQKDW'LHVFKZDU]HQ5HLWHU]LHKHQLQNOHLQHQ *UXSSHQPRUGHQGXQGEUHQQHQGXPKHUXQEHUHFKHQEDU VFKHLQEDUSODQORVEHLGHU:DKOLKUHU2SIHU(VJLEWNHLQ6\

VWHPGDULQQXUHLQ=LHO6LHVlHQ$QJVW'DPLWEHUHLWHQVLH GHQ%RGHQIUGLHHLJHQWOLFKH,QYDVLRQYRU:HQQ%RUDDV PLWVHLQHP+HHUNRPPWZLUGHUHLQYHUlQJVWLJWHVGHPRUD OLVLHUWHV9RONYRUILQGHQ© ª$EHUGDVLVWMDHQWVHW]OLFK8QPHQVFKOLFK©VWLH.LP KHUYRU ª(QWVHW]OLFK"-D8QPHQVFKOLFK"-HQDFKGHPZLHPDQGDV :RUWDXVOHJW$XIGHU:HOWDXVGHUGXVWDPPVW.LPZLUG GLHVH7DNWLNWDJWlJOLFKDQJHZDQGW9RQHXFKKDW%RUDDV GLHVHV9RUJHKHQJHOHUQW,KU©(UXQWHUEUDFKVLFKDOVLKP DXIILHOZLHODXWVHLQH6WLPPHJHZRUGHQZDUª9HU]HLK© VDJWHHUQXQZLHGHUEHKHUUVFKWª,FKKDEHPLFKKLQUHLHQ ODVVHQ©8QYHUPLWWHOWZDQGWHHUVLFKDEWULHEVHLQ(LQKRUQ DQXQGVHW]WHVLFKDQGLH6SLW]HVHLQHU5HLWHU.LPZROOWH LKPIROJHQXQWHUOLHHVGDQQDEHU(LQ*HIKOVDJWHLKP GDHVEHVVHUZDUGHQ=DXEHUHUMHW]WDOOHLQ]XODVVHQ7KH PLVWRNOHVZDUYHUELWWHUWXQG.LPNRQQWHLKQLP,QQHUVWHQ YHUVWHKHQ (UGUHKWHVLFKXPXQGEOLFNWH]XP6FKDWWHQJHELUJH]XUFN (VZDUDOVREHLQJLJDQWLVFKHUVFKZDU]HU6FKDWWHQDQGHU 6RQQHYRUEHL]LHKHXQGGHQ7DJYHUGXQNOH $XVGHU)HUQHKDWWH&DLYDOORQZLHHLQULHVLJHUNQVWOLFKHU %HUJDXVJHVHKHQDEHUMHQlKHUVLHGHP6WHSSHQVFKORND PHQGHVWRPHKUGUlQJWHVLFK.LPGHU9HUJOHLFKPLWHLQHU PLWWHODOWHUOLFKHQDXVJHGUXQJHQHQ+RO]KlXVHUQHUULFKWHWHQ 6WDGWDXIGLHHLQEHUPWLJHU5LHVHVRODQJHLQGHQ)lXVWHQ JHNQHWHWKDWWHELVVLFKGLHHLQ]HOQHQ*HElXGHDXIEHU XQGLQHLQDQGHUJHVFKREHQKDWWHQ&DLYDOORQZDUZLUNOLFKHLQ NQVWOLFKHUYRQ0HQVFKHQJHVFKDIIHQHU%HUJGDFKWH.LP YHUEOIIWHLQHPJLJDQWLVFKHQ$PHLVHQKDXIHQPLW7DXVHQGHQ YRQXQVLFKWEDUHQ(LQXQG$XVJlQJHQYHUJOHLFKEDU(LQ PlFKWLJHU]HKQ0HWHUKRKHU5LQJZDOOXPJDEGDV6WHSSHQ VFKOR=ZLVFKHQGHQZXFKWLJHQQLHGULJHQ7UPHQDXIVHL QHU.URQHSDWURXLOOLHUWHQEUDXQJHNOHLGHWH*HVWDOWHQXQGGLH ZHQLJHQ7RUHLQGHU%HIHVWLJXQJZDUHQQLHGULJXQGHQJXQG VDKHQJDQ]GDQDFKDXVHLQHPPDVVLYHQ$QJULIIVWDQGKDOWHQ

]XN|QQHQ,P*HJHQVDW]]XPPRQRWRQHQ*HOEGHU6WHSSH KHUUVFKWHKLHU*UQYRU-HGHV)OHFNFKHQ&DLYDOORQVZDUPLW *UDVXQG%VFKHQEHSIODQ]WXQGDXIGHQODQJVDPDQVWHL JHQGHQ7HUUDVVHQGHU6WHSSHQIHVWXQJHQWGHFNWH.LPVRJDU HLQSDDU%lXPH $EHUDOOH%HPKXQJHQVHLQHU%HZRKQHUGDVJLJDQWLVFKH %DXZHUNIUHXQGOLFKHUXQGOHEHQGLJHU]XJHVWDOWHQNRQQWHQ QLFKWYHUEHUJHQZDV&DLYDOORQZLUNOLFKZDUHLQH)HVWXQJ HLQHJHZDOWLJHGDV/DQGLQZHLWHP8PNUHLVEHKHUUVFKHQGH 7UXW]EXUJGLHGHUVFKZDU]HQ)HVWH0RUJRQLQ*U|HXQG 0DFKWNDXPQDFKVWDQGMDVLHYLHOOHLFKWVRJDUQRFKEHUWUDI ª%OHLELPPHUGLFKWEHLPLU.LP©ZLHGHUKROWH7KHPLVWRNOHV DOVVLHGXUFKHLQHVGHUQLHGULJHQ7RUHLQGHU%HIHVWLJXQJULW WHQ.LPQLFNWH-HW]WEHJULIIHUZDUXP7KHPLVWRNOHVLKQ EHLVLFKKDEHQZROOWH3ULZLQQV9HUKDNHQKDWWHLKPJH]HLJW ZLHYHUELWWHUWXQGPLWUDXLVFKGLH%HZRKQHU&DLYDOORQVZD UHQ6HLQHVFKZDU]H5VWXQJPRFKWHLQGLHVHU)HVWXQJQLFKW JHUDGHHLQH/HEHQVYHUVLFKHUXQJVHLQ 6LHULWWHQHLQHQVFKPDOHQJHZXQGHQHQ:HJKLQDXIGHUVLH ]XHLQHPGHU]DKOUHLFKHQ(LQJlQJH&DLYDOORQVIKUWH7KH PLVWRNOHVOLHDEVLW]HQ0lQQHULQEUDXQHQ.OHLGHUQIKUWHQ LKUH5HLWWLHUHZHJXQG3ULZLQQIRUGHUWHGLH*lVWHDXILKP ]XIROJHQ 0HKUQRFKDOVVHLQbXHUHVHULQQHUWH.LPGDV,QQHUH&DL YDOORQVDQ0RUJRQ&DLYDOORQZDUJDQ]DXV+RO]HUEDXW DXVXUDOWHPXQGLP/DXIHGHU-DKUKXQGHUWHYLHOOHLFKW-DKU WDXVHQGHVWHLQKDUWJHZRUGHQHP+RO].LPIUDJWHVLFKZR KHUVHLQH(UEDXHUKLHULQPLWWHQGLHVHUEDXPORVHQ6WHSSH GLHVHXQJHKHXUHQ+RO]PDVVHQJHQRPPHQKDWWHQ'RFKGLHV ZDUHLQHVGHU5lWVHO0lUFKHQPRQGVGLHHUQLHPDOVO|VHQ VROOWH 3ULZLQQIKUWHVLHGXUFKHLQVFKHLQEDUHQGORVHV/DE\ULQWK DXV*lQJHQXQG7UHSSHQIOXUHQLQHLQHQ5DXPGHUDQGHU :HVWVHLWHGHU)HVWXQJODJ'XUFKHLQJURHVJODVORVHV)HQ VWHUILHOGHU%OLFNXQJHKLQGHUWEHUGLHHQGORVH6WHSSHQDFK :HVWHQ'HU$QEOLFNHULQQHUWH.LPDQHLQ0HHUHLQJHZDO WLJHVPLWWHQLQGHU%HZHJXQJHUVWDUUWHV0HHUGHVVHQJHOEH

:HOOHQLUJHQGZRLQZHLWHU)HUQHPLWGHP+LPPHOYHU VFKPRO]HQ(LQEUHLWHUVFKQHOOVWU|PHQGHU)OX]HUVFKQLWW GDV3DQRUDPDLQ]ZHLXQUHJHOPlLJH+lOIWHQ$QPDQFKHQ 6WHOOHQZLUEHOWHXQGVFKlXPWHGDV:DVVHUZRHVYRQ)HOVHQ XQG5LIIHQGXUFKEURFKHQZXUGHXQGHLQPDOVFKRHLQ 6WFN7UHLEJXWVRUDVFKYRUEHLGD.LPLKPPLWGHP%OLFN NDXPIROJHQNRQQWH'LH6WU|PXQJPXWHJHZDOWLJVHLQ 3ULZLQQGHXWHWHDXIHLQHODQJH7DIHOGLHPLW6FKVVHOQYRO OHU6SHLVHQXQG.UJHQYROO:HLQXQG:DVVHUVRUHLFKEHOD GHQZDUGDVLHXQWHUGHP*HZLFKWIDVW]XVDPPHQEUDFK ª6WlUNWHXFK©VDJWHHUªXQGGDQQUXKW'HU5DWGHU:HLVHQ WULWW]XVDPPHQZHQQGLH6RQQHXQWHUJHJDQJHQLVW%LVGD KLQUXKWHXFKDXV© 7KHPLVWRNOHVQHLJWHGDQNEDUGHQ.RSI(UWUDWDQGLH7DIHO XPVLFKGDQQMHGRFKPLWHLQHP6HXI]HUGHU(UVFK|SIXQJDXI GLH.DQWHHLQHVGHUQLHGULJHQ%HWWHQVLQNHQ]XODVVHQGLH PDQLQDOOHU(LOHDQGHQ:lQGHQDXIJHVWHOOWKDWWH6HLQH%H JOHLWHUWDWHQHVLKPJOHLFK.DXPHLQHUUKUWHGLHGDUJHERWH QHQ6SHLVHQDQLKUH0GLJNHLWZDUJU|HUDOVGHU+XQJHU $XFK.LPOLHVLFKLQGLHZHLFKHQ.LVVHQHLQHV%HWWHVVLQ NHQ6HLQ0DJHQNQXUUWHXQGVHLQH.HKOHZDUVFKRQZLHGHU VRDXVJHG|UUWGDHVEHLQDKZHKWDW0LWJU|WHU:LOOHQVDQ VWUHQJXQJ]ZDQJHUVLFKGLH$XJHQRIIHQ]XKDOWHQ (LQJUDXKDDULJHULQHLQNQ|FKHOODQJHVJUDXHV*HZDQGJH NOHLGHWHU0DQQEHWUDWGHQ5DXPYHUQHLJWHVLFKIOFKWLJYRU 3ULQ]3ULZLQQXQGEHJDQQGDQQGLH:XQGHQGHU0lQQHU ]XYHUVRUJHQ(UZHFKVHOWH9HUElQGHWUXJ6DOEHQXQG 7LQNWXUHQDXIXQGPXUPHOWHGDEHLXQXQWHUEURFKHQYRUVLFK KLQ $OVGLH5HLKHDQ.LPNDPKREGLHVHUDEZHKUHQGGLH+DQG ª,FKELQQLFKWYHUOHW]W©VDJWHHU ª$EHU,KUVHKWPGHDXVMXQJHU+HUU8QGHUVFK|SIW/HJW GLH5VWXQJDEXQGODWPLFKVHKHQ© .LPJHKRUFKWHZLGHUZLOOLJ(UVFKlOWHVLFKDXVGHPVFKZDU ]HQYHUEHXOWHQ3DQ]HUXQGOHJWHDXFKGLH]HUVFKOLVVHQHQ 8QWHUNOHLGHUDEELVHUKDOEQDFNWXQGQXUPLWHLQHPNXU]HQ /HQGHQWXFKEHNOHLGHWYRUGHP+HLONXQGLJHQVD1XUGHQ

8PKDQJDXVJHZREHQHP6WHUQHQOLFKWEHKLHOWHUXPGLH 6FKXOWHUQ 'HU+HLONXQGLJHVWUHLIWHGDVVRQGHUEDUH.OHLGXQJVVWFNPLW HLQHPVFKZHU]XGHXWHQGHQ%OLFNKDOEHKUIXUFKWVYROOKDOE ]ZHLIHOQGXQGEHXJWHVLFKGDQQEHU.LPXPLKQJUQG OLFK]XXQWHUVXFKHQ:LH.LPJHVDJWKDWWHZDUHUQLFKWYHU OHW]WQLFKWHUQVWOLFKMHGHQIDOOV$EHUHVJDEXQ]lKOLJHNOHLQH .UDW]HUXQG6FKUIZXQGHQYRQGHQEODXHQ)OHFNHQXQG 3UHOOXQJHQJDQ]]XVFKZHLJHQ$OVGLH)LQJHUGHV$OWHQ VDFKNXQGLJEHUVHLQHQ.|USHUJOLWWHQXQGHLQHQZLQ]LJHQ 6FKPHU]QDFKGHPDQGHUHQDEWDVWHWHQZXUGHLKPHUVWEH ZXWZLHHOHQGHUVLFKGLHJDQ]H=HLWJHIKOWKDWWH ª7ULQNWGLHV©PXUPHOWHGHU$OWHZlKUHQGHU.LPHLQHIOD FKH6FKDOHPLWHLQHUIDUEORVHQVFKDUIULHFKHQGHQ)OVVLJNHLW UHLFKWH.LPKDWWHVFKRQHLQLJH.RVWSUREHQGHUPDJLVFKHQ .UlIWH0lUFKHQPRQGVXQGLKUHUYHUEOIIHQGHQ+HLOZLUNXQ JHQHUKDOWHQHUJULII]XRKQH]X]|JHUQ ª,KUZHUGHWMHW]WVFKODIHQ©VDJWHGHU$OWHª8QGZHQQ,KU HUZDFKWZHUGHQGLH6FKPHU]HQYHUVFKZXQGHQVHLQXQG,KU ZHUGHW(XFKEHVVHUIKOHQ© .LPOHHUWHGLH6FKDOHXQGUHLFKWHVLH]XUFN'HU7UDQN ZLUNWHIDVWDXJHQEOLFNOLFK.LPV*OLHGHUZXUGHQVFKZHU XQGGLHYLHOHQVWHFKHQGHQXQGSRFKHQGHQ6FKPHU]HQLQVHL QHP.|USHUZLFKHQHLQHUZRKOWXHQGHQ0GLJNHLW 'HU+HLONXQGLJHHUKREVLFK.LPZROOWHQRFKHWZDVVDJHQ DEHUVHLQH=XQJHZDU]XVFKZHU(UUROOWHVLFKDXIGLH6HLWH VFKORGLH$XJHQXQGVSUWHQRFKZLHMHPDQGODXWORVDQ VHLQ%HWWWUDWXQGHLQH'HFNHEHULKQEUHLWHWH'DQQJOLWWHU KLQEHULQHLQHQWLHIHQWUDXPORVHQ6FKODI 'LH6RQQHZDUXQWHUJHJDQJHQDOVLKQ7KHPLVWRNOHVZHFNWH .LPVWHPPWHVLFKKRFKEOLQ]HOWHVLFKGHQ6FKODIDXVGHQ $XJHQXQGVFKZDQJGLH%HLQHYRP%HWW(UZDUGHUOHW]WH DOOHDQGHUHQZDUHQOlQJVWDXIJHVWDQGHQXQGKDWWHQLKUH .OHLGHUZLHGHUDQJHOHJW(LQLJHVDHQDQGHU7DIHOXQG DHQVFKZHLJHQG ª(VZLUG=HLW©VDJWH7KHPLVWRNOHVª'HU5DWGHU:HLVHQ

WULWW]XVDPPHQ:LUVROOWHQLKQQLFKWXQQ|WLJODQJHZDUWHQ ODVVHQ© .LPVWDQGDXIXQGEHJDQQVLFKDQ]XNOHLGHQ6HLQH5VWXQJ ZDULQGHU=ZLVFKHQ]HLWJHUHLQLJWZRUGHQ'DVVFKZDU]H 0HWDOOVFKLPPHUWHZLHGHUZLHQHXXQGDXFKGLHXQ]lKOLJHQ %HXOHQXQG.UDW]HUZDUHQHQWIHUQW1HEHQGHU5VWXQJ OHKQWHHLQJURHUK|O]HUQHU6FKLOGDQGHU:DQG.LPJULII GDQDFKXQGGUHKWHLKQEHZXQGHUQGLQGHQ+lQGHQ(UZDU IDVWVRJURZLHHUVHOEVWDXV]ZHLILQJHUGLFNHP+RO]JHDU EHLWHWXQGPLWNXQVWYROOHU(LQOHJHDUEHLWYHU]LHUWVLH]HLJWH HLQH7DXEHXQGHLQHQ5DEHQGLHQHEHQHLQDQGHUDXIHLQHP $VWKRFNWHQ7URW]VHLQHU*U|HVFKLHQGHU6FKLOGQDKH]X JHZLFKWVORV ª(LQ*HVFKHQNYRQ3ULQ]3ULZLQQ©VDJWH7KHPLVWRNOHVDOV HU.LPVEHZXQGHUQGHQ%OLFNVDK .LPUXQ]HOWHGLH6WLUQª(LQ*HVFKHQN"©VDJWHHUª)U PLFK"©(LJHQWOLFKKDWWHHUGHQ(LQGUXFNJHKDEWGD3UL ZLQQLKQQLFKWEHVRQGHUVPRFKWH ª:LUVSUDFKHQEHUGLFKZlKUHQGGXVFKOLHIVW©HUNOlUWH 7KHPLVWRNOHVª3ULZLQQPDJHLQVWRO]HUXQGHLJHQZLOOLJHU -XQJHVHLQDEHUHUDFKWHW0XWXQG7DSIHUNHLW$OVHUJHK|UW KDWZLHGXKLHUKHUJHNRPPHQELVWlQGHUWHHUVHLQH0HL QXQJEHUGLFK,FKVROOGLFKYRQLKPJUHQ$EHUQXQ NRPP'XPXWKXQJULJZLHHLQ/|ZHVHLQ,XQGGDQQ JHKHQZLU© .LPVWHOOWHGHQ6FKLOGEHGDXHUQGLQGLH(FNH]XUFNXQG VHW]WHVLFKDQGLH7DIHO(UVWDOVHUGHQHUVWHQ%LVVHQLP 0XQGKDWWHPHUNWHHUZLHKXQJULJHUZDU 7KHPLVWRNOHVZDUWHWHJHGXOGLJELV.LPIHUWLJJHJHVVHQKDWWH 'DQQHUKREHUVLFKUDVFKXQGEHGHXWHWH.LPLKP]XIROJHQ .LPVWHOOWHYHUZXQGHUWIHVWGDDOOHDQGHUHQDP7LVFKVLW ]HQEOLHEHQ ª.RPPHQGHLQH0lQQHUQLFKWPLW"©IUDJWHHU ª1HLQ'HU5DWGHU:HLVHQHPSIlQJWQXUPLFK8QGGLFK© IJWHGHU=DXEHUHUKDVWLJKLQ]Xª8QGQXQNRPP© =ZHLEUDXQJHNOHLGHWH6WHSSHQUHLWHUQDKPHQVLHGUDXHQLQ (PSIDQJ,KUH)KUHUJHOHLWHWHQVLHGXUFKHLQHQODQJHQQXU

WUEHHUOHXFKWHWHQ*DQJELV]XHLQHU7UHSSHGLHDQGHU $XHQVHLWHGHU)HVWXQJKLQXQWHUIKUWHXQG]XU6WHSSHKLQ RIIHQZDUVRGDLKQHQGHUNKOH:LQGXQGGHU*HUXFKGHV *UDVHVHQWJHJHQZHKWHQ6LHVWLHJHQIDVWELV]XP(UGERGHQ KLQDENHKUWHQGXUFKHLQHQLHGULJH7ULQV,QQHUH&DLYDOORQV ]XUFNXQGJLQJHQHLQHQZHLWHUHQQLHGULJHQ*DQJHQWODQJ :LHGHUIKOWHVLFK.LPDQ0RUJRQHULQQHUW(UIUDJWH7KH PLVWRNOHVGDQDFKGHUVLFKWOLFKPLWGHU$QWZRUW]|JHUWH ª(VVWLPPW.LP©VDJWHHUVFKOLHOLFK6HLQH6WLPPHNODQJ EHGUFNWª0RUJRQZXUGHQDFKGHP9RUELOG&DLYDOORQVHU EDXW'XPXWZLVVHQGD%RUDDVODQJH=HLWEHLP6WHSSHQ YRONJHOHEWKDWHKHHUVLFKYROOHQGVYRQXQVDEZDQGWHXQG GLH6FKDWWHQEHUJHVLFKKLQWHULKPVFKORVVHQZLHZLUJODXE WHQIULPPHU'DVHUNOlUWZRKODXFKZDUXPGLHVHVVWRO]H 9RONVRYHUELWWHUWLVW© ª'XPHLQVWVLHJHEHQVLFKGLH6FKXOGDQGHP8QJOFNVR ZLHGX"© 7KHPLVWRNOHVVFKWWHOWHGHQ.RSIª1HLQ.LP6LHZXUGHQ HQWWlXVFKW%RUDDVZDULKU+HUUVFKHU6LHYHUHKUWHQXQG OLHEWHQLKQXQGVLHVFKHQNWHQLKPLKU9HUWUDXHQ$EHUHU HQWWlXVFKWHVLH(UEHWURJXQGEHORJVLH,FKJODXEHNHLQ 9RONKlWWHHVRKQH+DXQG%LWWHUNHLWYHUZXQGHQVRKLQ WHUJDQJHQ]XZHUGHQ© .LPKlWWHJHUQHQRFKPHKUHUIDKUHQDEHUVLHZDUHQPLWWOHU ZHLOHEHLHLQHUKRKHQJHVFKORVVHQHQ7UDQJHODQJW,KUH EHLGHQ)KUHUWUDWHQEHLVHLWH'LH7UVFKZDQJODXWORVQDFK LQQHQ 'HU5DWGHU:HLVHQ.LPKDWWHVLFKNHLQHNODUH9RUVWHO OXQJJHPDFKWZDVGDUXQWHU]XYHUVWHKHQVHL8QGGRFKJDE HVLQVHLQHP8QWHUEHZXWVHLQHLQKDOEIHUWLJHVVNL]]HQKDIWHV %LOGGDVPLWGLHVHP%HJULII]XVDPPHQKLQJ1XQVWHOOWHHU EHUUDVFKWIHVWGDHVVLFKIDVWKDDUVFKDUIPLWGHU:LUNOLFK NHLWGHFNWH'HU5DXPZDUJURXQGOHHUELVDXIHLQHQ VFKZHUHQUXQGHQ7LVFKLQGHU0LWWHXPGHQVLFKHLQJXWHV 'XW]HQG0lQQHUYHUVDPPHOWKDWWH'LHPHLVWHQYRQLKQHQ ZDUHQDOWXQGZHLKDDULJ*UHLVHZLHPDQVLFKZHLVH 0lQQHUHEHQYRU]XVWHOOHQSIOHJWDEHUHVJDEDXFKHLQSDDU

MQJHUHGDUXQWHU0lQQHULQGHQEHVWHQ-DKUHQLKUHV/HEHQV =X.LPV(UVWDXQHQVDDXFK3ULQ]3ULZLQQLQHLQHPGHU KRFKOHKQLJHQ6WKOH 9HUZXQGHUWZDQGWH.LPVLFK]X7KHPLVWRNOHV'HU0DJLHU ZLQNWHDEDEHUGXUFKGLH5HLKHGHUXPGHQ7LVFK9HUVDP PHOWHQJLQJHLQ0XUUHQ$OV.LPGHP]RUQLJHQ%OLFN3UL ZLQQVEHJHJQHWHVWHOOWHHUHUVFKURFNHQIHVWGDHUDQVFKHL QHQGODXWJHGDFKWKDWWH .LPVFKDXWHYHUOHJHQ]X%RGHQ7KHPLVWRNOHVOHJWHLKPGLH +DQGDXIGLH6FKXOWHUXQGVFKRELKQYRUVLFKKHU]XP 7LVFK=ZHLGHU6WKOHZDUHQOHHU6LHVHW]WHQVLFKXQGZDU WHWHQ ª'HLQH9HUZXQGHUXQJLVWXQVQLFKWHQWJDQJHQ.LP©VDJWH HLQHWLHIH6WLPPH.LPVDKDXIXQGEOLFNWHLQV*HVLFKWHLQHV JURHQGXQNHOKDDULJHQ0DQQHVGHUDXIGHUDQGHUHQ6HLWH GHU7DIHO]ZLVFKHQ3ULZLQQXQGHLQHPZHLKDDULJHQ$OWHQ VDXQGLKQHUQVWGRFKQDFKVLFKWLJDQVDKª,FKYHUVWHKH GHLQ%HIUHPGHQHLQ.LQGLP5DWGHU:HLVHQ]XHQWGHN NHQ©(UOlFKHOWHDOV3ULZLQQEHLGHP:RUWª.LQG©]XVDP PHQ]XFNWHª'XHUZDUWHVWHLQH5XQGHJUHLVHU0lQQHU© VDJWHHUªDEHUGXEHGHQNVWQLFKWGDHVQLFKWQXUGLH:HLV KHLWGHV$OWHUVLVWGLHXQVHUH*HVFKLFNHOHLWHW'LH$OWHQ P|JHQ(UIDKUXQJXQG$EJHNOlUWKHLWEHVLW]HQGRFKGDPLW DOOHLQLVWHVQLFKWJHWDQ'LH:HOWEUDXFKWGDV8QJHVWPGHU -XJHQGGDVXQVIHKOWJHQDXVRZLHGLH:HLVKHLWGLHHUVWLP $OWHUHUZRUEHQZLUG1XUEHLGH]XVDPPHQHUJHEHQGDV UHFKWH0DXPZLFKWLJH(QWVFKHLGXQJHQ]XWUHIIHQ'HU HLQHPDJ'LQJHHUNHQQHQGLHGHUDQGHUHQLFKWPHKURGHU QRFKQLFKWYHUVWHKW©(UOlFKHOWHZLHGHUOHKQWHVLFK]XUFN XQGVDK7KHPLVWRNOHVDQª$EHUQXQ]XP*UXQG(XUHV .RPPHQV+HUUYRQ*RU\Z\QQ©IXKUHUPLWYHUlQGHUWHU 6WLPPHIRUWª0HLQ6RKQEHULFKWHWHPLUGD,KUEHLHLQHP =XVDPPHQVWRPLWVFKZDU]HQ5HLWHUQVFKZHUH9HUOXVWHHU OLWWHQKDEW© 7KHPLVWRNOHVDQWZRUWHWHQLFKWVRIRUW(UVFKLHQMHGHV:RUW JHQDX]XEHUOHJHQHKHHUHVDXVVSUDFK ª'DVVWLPPW+DUNYDQ'RFKZLUVLQGQLFKWGHVZHJHQKLHU

9HU]HLKWPHLQH'LUHNWKHLWDEHUXQVEOHLEWQLFKWPHKUYLHO =HLW9LHOOHLFKWJDUNHLQHPHKU,FKNDPXP(XUHXQGGLH +LOIH(XUHV9RONHV]XHUELWWHQ© (UPDFKWHHLQHDEZDUWHQGH3DXVHGRFK+DUNYDQIRUGHUWH LKQDXIZHLWHU]XVSUHFKHQ ª0lUFKHQPRQGGURKWJURH*HIDKU©IXKU7KHPLVWRNOHV IRUWªHLQHJU|HUHDOVZLUQRFKYRUZHQLJHQ7DJHQDQJH QRPPHQKDEHQ1XUPLWYHUHLQWHQ.UlIWHQN|QQHQZLULKU YLHOOHLFKWEHJHJQHQ© ª,KUVSUHFKWYRQGHQVFKZDU]HQ5HLWHUKRUGHQ"© ª(VKDQGHOWVLFKQLFKWXPYHUHLQ]HOWH+RUGHQGLHGDXQG GRUWGDV/DQGXQVLFKHUPDFKHQ+DUNYDQ(VLVWHWZDVJH VFKHKHQZRPLWQLHPDQGJHUHFKQHWKDW'DVKHLWHLJHQW OLFKVLQG]ZHL'LQJHJHVFKHKHQ%RUDDVKDWPLWVHLQHPJH VDPWHQ+HHUGDV*HELUJHEHUVFKULWWHQGDVLVWGLHHLQH6D FKH'HUJURH$QJULIIZLUGEDOGHUIROJHQ© ª:LUZLVVHQGDV©PLVFKWHVLFKGHUZHLKDDULJH0DQQQHEHQ +DUNYDQHLQª$XFKXQVHU9RONKDWGDV6FKZHUWGHU VFKZDU]HQ5HLWHUEHUHLWV]XVSUHQEHNRPPHQ$EHUVHLXQ EHVRUJW7KHPLVWRNOHV'HU3UHLVGHQVLHIULKUHQhEHUIDOO EH]DKOWHQZDUKRFK%RUDDVZLUGHVVLFKJXWEHUOHJHQ QRFKHLQPDOVRHWZDV]XZDJHQ'DVQlFKVWH0DOVLQGZLU JHZDUQW© ª'DVPDJVHLQ$EHUGDVQlFKVWH0DOZLUGQLFKWHLQH+DQG YROO5HLWHUVRQGHUQHLQJDQ]HV+HHUDQJUHLIHQ(VZLUG .ULHJJHEHQ© ª,KUYHUJHW+HUUYRQ*RU\Z\QQGD%RUDDVZLHNHLQ ]ZHLWHUZHLZLHVWDUN&DLYDOORQLVW:LUIUFKWHQXQVQLFKW XQGPDJHUDXFKPLWWDXVHQG5HLWHUQDQJUHLIHQ© ª(UZLUGQLFKWPLWWDXVHQG5HLWHUQDQJUHLIHQ©ILHOLKP.LP LQV:RUW(UNRQQWHVLFKHLQIDFKQLFKWOlQJHU]XUFNKDOWHQ DXFKZHQQHVVLFKHUHLQHXQJHKHXUH)UHFKKHLWZDUGHQDOWHQ 0DQQ]XXQWHUEUHFKHQª(VZHUGHQQLFKWWDXVHQG5HLWHU NRPPHQ©ZLHGHUKROWHHUPLW1DFKGUXFNªVRQGHUQ]HKQ WDXVHQGYLHOOHLFKWKXQGHUWWDXVHQG© =ZLVFKHQ+DUNYDQV%UDXHQHUVFKLHQHLQHVWHLOH)DOWHª(V ZlUHEHVVHUZHQQGXVFKZHLJVWVRODQJH©

ª$EHULFKZHLZRYRQLFKUHGH©HUHLIHUWHVLFK.LP7KHPL VWRNOHVZDUILKPHLQHQZDUQHQGHQ%OLFN]X'RFK.LP VSUDFKXQEHLUUWZHLWHUª9HU]HLKWPHLQH8QYHUVFKlPWKHLW KRKH+HUUHQ$EHU,KUVFKHLQWNHLQH$KQXQJYRQGHU*U|H GHU*HIDKU]XKDEHQ,FKZDUGUEHQLP5HLFKGHU6FKDW WHQXQGLFKKDEHPLW%RUDDVGDV*HELUJHEHUZXQGHQ&DL YDOORQPDJPlFKWLJVHLQDEHU%RUDDV 5HLWHUZHUGHQHV EHUUHQQHQZLHHLQH)OXWZHOOHGLHHLQH,QVHOEHUVSOW© (UKLHOWLQQHXQGZDUWHWHDXIGDV'RQQHUZHWWHUGDVQXQ ZDKUVFKHLQOLFKORVEUHFKHQZUGH$EHU]XVHLQHU9HUZXQ GHUXQJVDJWHQLHPDQGLQGHU5XQGHHWZDV 7KHPLVWRNOHVOHJWH.LPGLH+DQGDXIGLH6FKXOWHUª'LH :RUWHPHLQHVMXQJHQ)UHXQGHVVLQGOHLGHUQXU]XZDKU +DUNYDQ©VDJWHHU ª8QGZDVHUZDUWHW,KUYRQXQV"©IUDJWH+DUNYDQQDFKNXU ]HP6FKZHLJHQ ª(XUH+LOIH©ZLHGHUKROWH7KHPLVWRNOHVNXU]XQGEQGLJ +DUNYDQVFKWWHOWHEHGDXHUQGGHQ.RSIª,FKZLOOHKUOLFK ]X(XFKVHLQ7KHPLVWRNOHV'LH.XQGHYRQ(XUHP.RP PHQLVW(XFKYRUDXVJHHLOW,KUKDEWYLHOH/lQGHUXQG6WlGWH EHUHLVW© ª,FKEDWXP+LOIH©QLFNWH7KHPLVWRNOHV ª,KUPHLQW.ULHJHU©ZDUI3ULZLQQHLQ 7KHPLVWRNOHVVHXI]WHª'LHPHLQHLFK3ULQ]:LUDOOHLQVLQG VFKZDFKDEHULFKKDEH9HUEQGHWHJHIXQGHQ*HPHLQVDP N|QQWHQZLUVWDUNVHLQ,FKVHW]WHJURH+RIIQXQJDXI(XFK XQG(XHU9RON-HGHUPDQQZHLZLHVWDUNGLH6WHSSHQUHLWHU VLQG© ª(XUH5HGH©XQWHUEUDFKLKQ+DUNYDQªNOLQJWVHOWVDP7KH PLVWRNOHVDQJHVLFKWVGHVVHQZDV(XHU%HJOHLWHUEHULFKWHW KDW:LHN|QQHQZLU(XFK.ULHJHUJHEHQZHQQZLUVHOEVW EHGURKWVLQG":LHNDQQLFKWDXVHQGPHLQHUEHVWHQ5HLWHU HQWEHKUHQZHQQ%RUDDVPLWVHLQHPVRPlFKWLJHQ+HHU&DL YDOORQDQJUHLIHQZLUG",KUYHUODQJWYRQPLUGDLFKPHLQH 0lQQHUPLW(XFKVHQGHXQG&DLYDOORQXQJHVFKW]W]XUFN ODVVH"©(UXQWHUEUDFKVLFKPLWHLQHUEHUHGWHQ*HVWHª'HQNW DQGLH)UDXHQXQG.LQGHU7KHPLVWRNOHV©

ª(EHQDQVLHGHQNHLFK8QGLFKZHLDXFKGD,KUQLFKW HLQHQ0DQQHQWEHKUHQN|QQW© ª,FKYHUVWHKH(XFKQLFKW© ª,KUPW©7KHPLVWRNOHVVDK+DUNYDQIHVWDQª,KUPW &DLYDOORQYHUODVVHQ© :lUHHUDXIJHVSUXQJHQXQGKlWWH+DUNYDQHLQ0HVVHULQ GLH%UXVWJHVWRHQGHU6FKRFNKlWWHQLFKWJU|HUVHLQN|Q QHQ6HNXQGHQODQJVDJWHNHLQHUHLQ:RUW'DQQVWDQG +DUNYDQDXI ª,KUYHUODQJWYRQXQV© ª'DLKU&DYDLOORQYHUODW©EHVWlWLJWH7KHPLVWRNOHVª-D ,KUVHLGVWDUN+DUNYDQDEHUJHJHQ%RUDDV +HHUN|QQW VHOEVWLKUHXFKQLFKWKDOWHQ1HKPWHXUH)UDXHQXQG.LQGHU XQGNRPPWPLWPLU*RU\Z\QQKDW3ODW]IUHXFKDOOH© ª'XUHGHVWZLUUDOWHU0DQQ©IXKU3ULZLQQDXI6HLQH $XJHQIODPPWHQYRU=RUQª6HLWXQJH]lKOWHQ*HQHUDWLRQHQ VLFKHUW&DLYDOORQDOV%ROOZHUNLP2VWHQGDV5HLFKQDFK:H VWHQXQGQRFKQLHVLQGZLUYRUHLQHP*HJQHUJHIORKHQ 1RFKQLH© ª(VLVWDXFKQRFKQLHHLQ*HJQHUDXIJHWDXFKWGHUVRVWDUN ZDUZLH%RUDDV© 3ULZLQQZLQNWHYHUlFKWOLFKDEª%RUDDVLVWQLFKWVDOVHLQDO WHUE|VHU=DXEHUHU©VDJWHHUª:LUKDEHQNHLQH$QJVWYRU LKP© ª$XFKQLFKW©VDJWH7KHPLVWRNOHVPLWEHZXWHP=|JHUQ ªYRUGHP6FKZDU]HQ/RUG"© 3ULZLQQHUVWDUUWHª:DVVDJW,KUGD"© ª,FKVSUDFKYRQ]ZHL'LQJHQGLHJHVFKHKHQVLQG©VDJWH 7KHPLVWRNOHVXQGEHWRQWHMHGHV:RUWª'LHVLVWGDV]ZHLWH %RUDDVLVWQLFKWDOOHLQJHNRPPHQ,QVHLQHU%HJOHLWXQJEHILQ GHWVLFKGHU6FKZDU]H/RUG,KUDOOHZLWZDVVHLQ(UVFKHL QHQEHGHXWHW© ª(LQ0lUFKHQ©VDJWH3ULZLQQXQVLFKHUª(LQHDOWH6DJHZLH PDQVLHNOHLQHQ.LQGHUQHU]lKOW© ª8QGGRFKLVWVLHZDKU©VDJWH7KHPLVWRNOHVKDUWª,KUNHQQW GLHVH6DJHXQG,KUNHQQWDXFKGLH3URSKH]HLXQJGLHVLHEH LQKDOWHW©

ª$EHUJODXEH1LHPDQGKDWGLHVHQ6FKZDU]HQ/RUGMHPDOV JHVHKHQ© ª'RFK©VDJWH.LPOHLVHª,FK© 3ULZLQQV$XJHQZXUGHQUXQGYRU(UVWDXQHQª'XKDVWLKQ JHVHKHQ"© .LPQLFNWHª=ZHLPDO,FKZXWHGDPDOVQRFKQLFKWZHUHU ZDUXQGLFKNDQQWHDXFKGLH3URSKH]HLXQJQLFKWGLHVLFK XPVHLQ(UVFKHLQHQUDQNW$EHULFKKDEHLKQJHVHKHQ© ª'XPXWGLFKJHWlXVFKWKDEHQ©ZDUI+DUNYDQHLQª9LHO OHLFKWKDVWGXHLQHQDQGHUHQ.ULHJHUJHVHKHQ%DURQ .DUW© ª,FKNHQQH%DURQ.DUW'HUGHQLFKJHVHKHQKDEHZDUGHU 6FKZDU]H/RUGXQGNHLQDQGHUHU(VPDJPLUQLFKW]XVWHKHQ ]XVDJHQZDV,KU]XWXQKDEWDEHU,KUVROOWHW7KHPLVWRNOHV

5DWEHIROJHQXQGXQVQDFK*RU\Z\QQEHJOHLWHQ© ª8QVLQQ©]LVFKWH3ULZLQQª&DLYDOORQ© ª:LUGIDOOHQ©XQWHUEUDFKLKQ.LPª,FKZDUGUEHQ3UL ZLQQLFKKDEHGDVIHLQGOLFKH+HHUJHVHKHQPLWHLJHQHQ $XJHQ© ª'DVPDJVHLQ©VDJWH+DUNYDQUXKLJª'RFKGXNDQQVW QLFKWYHUVWHKHQZDVDOOHLQGHU*HGDQNH&DLYDOORQ]XYHUODV VHQIUXQVHU9RONEHGHXWHW&DLYDOORQLVWQLFKWLUJHQGHLQ 2UW(VLVWXQVHU=XKDXVHXQVHU/HEHQ:LUN|QQWHQHVQLH PDOVDXIJHEHQ© ª,FKJODXEHLFKYHUVWHKHVHKUJXWZDV,KUPHLQW©VDJWH.LP JHGXOGLJª$EHUYLHOOHLFKWLVWGLHHLQ]LJH&KDQFH&DLYDOORQ ]XUHWWHQHVDXI]XJHEHQYLHOOHLFKWQXUIUNXU]H=HLW%R UDDV +HHUZLUG&DLYDOORQVWUPHQXQG© ª(UZLUGHVYHUVXFKHQ©VDJWH3ULZLQQ$XVVHLQHU6WLPPH VSUDFKPHKU7URW]DOVZLUNOLFKHhEHU]HXJXQJª&DLYDOORQ ZXUGHQRFKQLHHUREHUWXQGHVZLUGQLHPDOVHUREHUWZHU GHQ:LUIUFKWHQXQVQLFKW.LP9RUQLHPDQGHP$XFK QLFKWYRU%RUDDVXQGGHP6FKZDU]HQ/RUG© .LPVHXI]WHª0DQFKPDO©VDJWHHUªJHK|UWPHKU0XW]XP )OLHKHQDOV]XP$XVKDUUHQ3ULZLQQ,FKVHOEVWELQJHIORKHQ XQGZHLZRYRQLFKVSUHFKH,KUZUGHWHLQVLQQORVHV2S IHUEULQJHQZHQQLKUEOHLEW©

ª8QGZDVVROOHQZLUGHLQHU0HLQXQJQDFKWXQ"©IUDJWH3UL ZLQQPLW]LWWHUQGHU6WLPPHª'DYRQODXIHQXQGXQVZLHGLH +DVHQMDJHQODVVHQ"© ª1HLQ©DQWZRUWHWH7KHPLVWRNOHVDQ.LPV6WHOOHª,KUVHLG QRFKMXQJ3ULQ]3ULZLQQ$EHULUJHQGZDQQZHUGHW,KUEH JUHLIHQGDHVNHLQ=HLFKHQYRQ)HLJKHLWLVWYRUHLQHU*H IDKU]XIOLHKHQGHUPDQQLFKWZLGHUVWHKHQNDQQ,KUXQG DOOH(XUH0lQQHUZUGHWVWHUEHQRKQH%RUDDV +HHUHQW VFKHLGHQGDXI]XKDOWHQ1XULQ*RU\Z\QQVHLGLKUVLFKHU 1XUJHPHLQVDPKDEHQZLUHLQH&KDQFH© ª,KUZLGHUVSUHFKW(XFKPLWMHGHP:RUW©VDJWH+DUNYDQ ª:HQQZLU(XUHQXQGGHQ:RUWHQ(XUHV%HJOHLWHUV*ODX EHQVFKHQNHQVRUHWWHWXQVDXFK*RU\Z\QQQLFKWPHKUYRU GHP6FKZDU]HQ/RUG,KUNHQQWGLH3URSKH]HLXQJVRJXW ZLHLFK7KHPLVWRNOHV0lUFKHQPRQGZLUGXQWHUJHKHQ ZHQQGHU6FKZDU]H/RUGHUVFKHLQW©(UVDKGLH0LWJOLHGHU GHV5DWHVGHU:HLVHQGHU5HLKHQDFKDQª,FKELQHXHU +HUUVFKHUDEHUKLHULP5DW]lKOWPHLQH6WLPPHQLFKWPHKU DOVGLHMHGHVDQGHUHQ,KUNHQQWPHLQH0HLQXQJDEHUHV VWHKWMHGHPIUHLVLFKVHLQHLJHQHV8UWHLO]XELOGHQ'HVKDOE ZHUGHQZLUDEVWLPPHQ0|FKWHQRFKMHPDQGHWZDVVD JHQ"© .LPV+HU]EHJDQQYRU$XIUHJXQJ]XNORSIHQ(UEOLFNWHLQ GLH*HVLFKWHUGHU0lQQHUXQGHUZXWHZHOFKH(QWVFKHL GXQJVLHWUHIIHQZUGHQ(UJDEVLFKHLQHQ5XFNXQGVWDQG DXI ª,FKP|FKWHQRFKHWZDVVDJHQ©VDJWHHU +DUNYDQQLFNWHª6RVSULFK© .LPKROWHWLHI/XIW(UIKOWHDOOH$XJHQDXIVLFKJHULFKWHW XQGNRQQWHQLFKWYHUKLQGHUQGDLKPGLH.QLHHLQZHQLJ ]LWLHUWHQ ª+RKH+HUUHQ©EHJDQQHUXQVLFKHUª,FKZHLZLHVFKZHU GLH(QWVFKHLGXQJLVWGLH7KHPLVWRNOHVYRQ(XFKYHUODQJW ,FKKDEH(XHU6FKORJHVHKHQXQGYHUVWHKHVHKUJXWZDVHV IU(XFKEHGHXWHQPX(XUH+HLPDW(XHU=XKDXVHDXI]X JHEHQ$EHULFKZHLDXFKZLHXQYHUJOHLFKEDUJURGLH*H IDKULVWGLH(XFKXQGDOOHQ%HZRKQHUQGLHVHV/DQGHVGURKW

3ULQ]3ULZLQQZLUG(XFKEHULFKWHWKDEHQZDVLFKHUOHEW KDEHVRGDLFKHVQLFKWZLHGHUKROHQPX$OVHLQ]LJHUYRQ (XFKZDULFKGUEHQDXIGHUDQGHUHQ6HLWHGHU%HUJH,FK KDEH0RUJRQJHVHKHQGDV5HLFKGHU6FKDWWHQXQGGLH:H VHQGLHGRUWZRKQHQ,FKNDQQ(XFKQLFKWVDJHQZLHJUR %RUDDV +HHULVW,FKELQNHLQJURHU.ULHJVKHUUXQGLFK YHUVWHKHQLFKWVYRQ7DNWLN9LHOOHLFKWJHOLQJWHV(XFKZLUN OLFKGHQ)HLQG]XUFN]XVFKODJHQ9LHOOHLFKWKDOWHQ&DLYDO ORQV0DXHUQVRJDUGHP$QVWXUPGHUVFKZDU]HQ+RUGHQ VWDQGGLHVP|JHQDQGHUHEHXUWHLOHQ$EHULFKKDEHGDV /DQGGRUWGUEHQJHVHKHQXQGLFKKDEHPLW0HQVFKHQJH VSURFKHQGLHXQWHU%RUDDV +HUUVFKDIWVWHKHQ,FKKDEHJH VHKHQZDVHUDXVGHPEOKHQGHQ/DQGJHPDFKWKDWZDV DXVVHLQHQ:lOGHUQGHQ)OVVHQXQG6HHQJHZRUGHQLVW 9LHOOHLFKWN|QQW,KU&DLYDOORQKDOWHQDEHU,KUZHUGHW%R UDDVQLFKWGDUDQKLQGHUQN|QQHQGLHVHV/DQGHEHQVR]X ]HUVW|UHQXQGPLWLKPJDQ]0lUFKHQPRQG,KUZHUGHW]X VHKHQPVVHQZLH%RUDDV(XUH6WHSSHQYHUEUHQQWZLHVHLQH 5HLWHU(XUH:LHVHQ]HUWUDPSHOQZLHVLFK0lUFKHQPRQGV :lOGHULQILQVWHUH'VFKXQJHOXQGVHLQH6HHQLQVWLQNHQGH 7PSHOYHUZDQGHOQ9RU(XUHQ$XJHQZHUGHQVLFK7RG XQG9HUZHVXQJEHUGDV/DQGEUHLWHQ+XQJHUXQG1RW XQG$QJVWZHUGHQKHUUVFKHQZRMHW]WYRQ*OFNXQG=X IULHGHQKHLWLQGHQ+lXVHUQGHU0HQVFKHQZRKQW,KUVHOEVW DEHUZHUGHW*HIDQJHQHLQ(XUHPHLJHQHQ6FKORVHLQ©(U VFKZLHJXQGVDKLQGLH5XQGH'LH0LHQHQGHU0lQQHUZD UHQEHZHJXQJVORV1XULQ3ULZLQQV$XJHQEOLW]WHHVVS|W WLVFK 0LWHLQHP]RUQLJHQ5XFNGUHKWH.LPVLFKXPYHUOLHGHQ 5DXPXQGZDUIGLH7UKLQWHUVLFKLQV6FKOR1RFKHKHHU VLFKVHOEVWEHUVHLQXQEHKHUUVFKWHV+DQGHOQNODUZDU|II QHWHVLFKGLH7UZLHGHU7KHPLVWRNOHVZDULKPJHIROJW'LH EHLGHQ:DFKHQJHOHLWHWHQVLH]XUFNDXILKU=LPPHU ª,FKIUFKWHLFKKDEHDOOHVYHUGRUEHQ©VDJWH.LPQLHGHUJH VFKODJHQª$EHULFKNRQQWHHLQIDFKQLFKWDQGHUV,FK© ª'HLQH5HGHKDWGHQ5DWWLHIEHHLQGUXFNW©HUPXWLJWHLKQ 7KHPLVWRNOHVª-HGHV:RUWGDVGXJHVDJWKDVWZDUULFKWLJ©

ª8QGZDVJHVFKLHKWMHW]W"© ª6LHEHUDWHQ©DQWZRUWHWH7KHPLVWRNOHVª,FKZHLQLFKWZLH ODQJHHVGDXHUQZLUG6LFKHUMHGRFKOlQJHUDOVZLUZDUWHQ N|QQHQ©IJWHHUKLQ]Xª:LUEUHFKHQQRFKKHXWHQDFK *RU\Z\QQDXI+DUNYDQZLUGXQVGLH(QWVFKHLGXQJGHV5D WHVGXUFKHLQHQ%RWHQEHUPLWWHOQ© ª8QGZDVJODXEVWGXZLHVLHDXVIDOOHQZLUG"© 7KHPLVWRNOHV]XFNWHGLH$FKVHOQª'DVLVWVFKZHU]XVDJHQ 1LFKWDOOHLP5DWGHQNHQZLH3ULZLQQ8QGLFKKRIIHGD GLH9HUQXQIWDP(QGHVLHJHQZLUG,P*UXQGHKDVWGXQXU DXVJHVSURFKHQZDVVLHDOOHEHUHLWVJHZXWKDEHQ© .LPWUDWDQV)HQVWHUXQGEOLFNWHDXIGLHIULHGOLFKGDOLHJHQGH 6WHSSHKLQDXV(LQVWUDKOHQGHU9ROOPRQGVWDQGDP+LPPHO XQGEHUJRGLH/DQGVFKDIWPLWVLOEHUQHP/LFKW ª:DQQZHUGHQZLU*RU\Z\QQHUUHLFKHQ"©IUDJWHHU ª6FKRQPRUJHQ©7KHPLVWRNOHVVWHOOWHVLFKQHEHQLKQ(U GHXWHWHDXIGHQ)OX:HQQPDQJHQDXKLQK|UWHNRQQWH PDQGDV5DXVFKHQGHU:HOOHQELVKLHUKHUDXIK|UHQª+DUN YDQKDWPLUDQJHERWHQXQVHLQ)OR]XU9HUIJXQJ]XVWHO OHQ'HU:HJQDFK*RU\Z\QQLVWZHLWDEHUGHU9HUVFKZXQ GHQH)OXVWU|PWVHKUVFKQHOO© .LPVSUWHOHLVHV%HGDXHUQLQVLFKDXIVWHLJHQ(UKlWWHJHUQ PHKUYRQ&DLYDOORQJHVHKHQ$EHUHUVDKHLQGDGLH(LOH EHJUQGHWZDU (VGDXHUWHQLFKWODQJHXQGHLQH$ERUGQXQJ6WHSSHQUHLWHU HUVFKLHQXPVLHDE]XKROHQ 6LHYHUOLHHQ&DLYDOORQRKQHQRFKHLQPDO]XUFN]XEOLFNHQ 'LH5HLWHUVFKZDQJHQVLFKLQGLH6lWWHOLKUHU(LQK|UQHU .LPKLHOWQDFK-XQJH$XVVFKDXXQGHQWGHFNWHLKQDOOHLQDQ HLQHQ3IDKOGLFKWQHEHQGHP7RUDQJHEXQGHQ.LPYHU GUlQJWHVHLQHQDXIVWHLJHQGHQbUJHU(VZDUQXU]XYHUVWlQG OLFKGDGLH%HZRKQHU&DLYDOORQVDOOHPZDVGLH)DUEHGHV )HLQGHVWUXJ0LWUDXHQHQWJHJHQEUDFKWHQ 6FKZHLJHQGULWWHQVLHGXUFKGDV7RUZDQGWHQVLFKQDFK6 GHQXQGQlKHUWHQVLFKODQJVDPDEHUVWHWLJGHP)OX

;, 'DV)OREHVWDQGDXVURKPLWHLQDQGHUYHUNQSIWHQ6FKLOI PDWWHQXQGHVZDUVRJURGDGLH]HKQZHLHQ5HLWHUXQG GLHYLHU6WHSSHQOHXWHGLHGDV5XGHUEHGLHQWHQDXILKPZLH YHUORUHQZLUNWHQ'HU%RGHQVFKDXNHOWHXQGVFKZDQNWH XQGXQWHUGHQ+XIHQGHU7LHUHGUDQJEHUDOOVFKlXPHQGHV :DVVHUGXUFKGDV*HIOHFKW'LH5XGHUHUGLULJLHUWHQGDV )ORLQGLH)OXPLWWHEDQGHQVRGDQQGDV5XGHUIHVWXQG EHUOLHHQGDV)ORGHU6WU|PXQJ6LHQDKPHQUDVFK)DKUW DXI%DOGKXVFKWHGDV8IHUVRVFKQHOODQLKQHQYRUEHUGD VHLQH.RQWXUHQYHUVFKZDPPHQ8QGVLHZXUGHQLPPHU QRFKVFKQHOOHU .LPVWLHJYRP3IHUGOHJWH+HOPXQG6FKZHUWDXIVHLQHQ 6FKLOGXQGEDODQFLHUWHDXIGHPVFKZDQNHQGHQ)OR]X7KH PLVWRNOHVKLQEHUGHULPYRUGHUHQ7HLOGHV)ORHVLP.UHLVH VHLQHU%HJOHLWHUDP%RGHQVDXQGPLWJHGlPSIWHU6WLPPH UHGHWH(UOlFKHOWH.LPIOFKWLJ]XXQGGHXWHWHPLWHLQHU HLQODGHQGHQ+DQGEHZHJXQJQHEHQVLFKª6HW]GLFK.LP(V LVWQRFKODQJHELV*RU\Z\QQXQGZLUN|QQHQVRZLHVR QLFKWVWXQ© .LPVHW]WHVLFK'HU)OXUDXVFKWHXQWHULKQHQGDKLQXQG DEXQG]XEHUVFKWWHWHHLQHJURH%XJZHOOHGDV)ORPLW :DVVHU]XQJHQXQGZHLHPIORFNLJHP6FKDXPVRGD.LP LQ.U]HELVDXIGLH+DXWGXUFKQlWZDU6HLQ%OLFNILHODXI *RUJXQG.HOKLP3O|W]OLFKILHOLKPHLQGDHUGLHEHLGHQ QLFKWPHKUJHVHKHQKDWWHVHLWVLH&DLYDOORQEHWUHWHQKDWWHQ 'HU5LHVHZLUNWHHUQVWXQGYHUVFKORVVHQ 7KHPLVWRNOHVODV.LPVHLQH)UDJHYRQGHQ$XJHQDEª*RUJ ZROOWHXQEHGLQJWPLWNRPPHQ©VDJWHHUª,FKKlWWHHVOLHEHU JHVHKHQZHQQHULQ&DLYDOORQJHEOLHEHQZlUH$EHUHUKDW GDUDXIEHVWDQGHQGLFK]XEHJOHLWHQ©

ª0LFK"© *RUJEHPKWHVLFK]XIOVWHUQGHQQRFKGU|KQWHVHLQH 6WLPPHEHUGDVJDQ]H)ORª1DWUOLFK*ODXEVWGXLFK KDEHDOOGLH0KHDXIPLFKJHQRPPHQXPGDQQEHLGLHVHP YHUVWRFNWHQ+DUNYDQ]XEOHLEHQZlKUHQGGLUZHUZHLZDV SDVVLHUW"© ª9LHOOHLFKW©PHLQWH7KHPLVWRNOHVPLWHLQHPZLVVHQGHQ/l FKHOQªKDW*RUJYHUJHVVHQHVGLU]XHU]lKOHQ(UEHJOHLWHW GLFKVFKRQVHLWGXGLH7DNVYHUODVVHQKDVW© ª'DQQKDVWGXPLFKGLHJDQ]H=HLWEHUEHREDFKWHW"© ª%HLGH©YHUEHVVHUWH7KHPLVWRNOHVª*RUJXQG.HOKLPWUHQ QHQVLFKQLH© .LPVDJWHHLQH:HLOHJDUQLFKWV'DQQVWDQGHUXQYHUPLWWHOW DXIXQGWUDWHUVWGHP5LHVHQXQGGDQQ.HOKLPGLHDP%R GHQVDHQVRNUlIWLJLQGHQ+LQWHUQGDLKPQRFKHLQH KDOEH6WXQGHVSlWHUGHU)XZHKWDW 'LHJDQ]H1DFKWXQGQRFKELVLQGHQIUKHQ0RUJHQKLQHLQ VFKRGDV)ORGHQ9HUVFKZXQGHQHQ)OXKLQXQWHU.LP ZROOWH7KHPLVWRNOHVIUDJHQZDUXPGHU)OXVRKLHDEHUHU ZDU]XPGH'DVVWlQGLJH6FKDXNHOQXQG5DXVFKHQGHU :HOOHQVFKOlIHUWHLKQHLQ(UHUZDFKWHHUVWEHL$QEUXFKGHU 'lPPHUXQJDOVLKQ7KHPLVWRNOHVVDQIWDQGHU6FKXOWHUUW WHOWH.LPVFKUDNKRFKXQGEOLQ]HOWHYHUZLUUWHKHVLFKVHLQH *HGDQNHQNOlUWHQXQGHUZLHGHUZXWHZRHUZDU ª6LQGZLUGD"©IUDJWHHU ª)DVW©7KHPLVWRNOHVULFKWHWHVLFKDXIXQG]HLJWHPLWGHU DXVJHVWUHFNWHQ+DQGIOXDEZlUWVª6LHK.LP*RU\Z\QQ© 'HU)OXEHVFKULHEYRULKQHQHLQHVDQIWHODQJJH]RJHQH :LQGXQJXQGPQGHWHGDQQLQHLQHQ6HH8QGDPDQGHUHQ 8IHUHWZDV]ZHLELVGUHL.LORPHWHUYRUDXVODJ*RU\Z\QQ 'HU$QEOLFNYHUVFKOXJ.LPGLH6SUDFKH (UKDWWHJHZXWGD*RU\Z\QQVFK|QZDU$EHUGLH:LUN OLFKNHLWEHUWUDIDOOVHLQH(UZDUWXQJHQ *RU\Z\QQODJDXIHLQHUODQJJHVWUHFNWHQVLFKHOI|UPLJHQ /DQG]XQJHGLHVLFKZLHHLQJHNUPPWHU)LQJHUZHLWLQGHQ 6HHKLQDXVHUVWUHFNWH,PHUVWHQ0RPHQWPXWH.LPDQ

HLQHQJLJDQWLVFKHQVFKLPPHUQGHQ(GHOVWHLQGHQNHQDOVHU GDV0lUFKHQVFKOREHWUDFKWHWH*RU\Z\QQV7UPHHUKREHQ VLFKXQHQGOLFKZHLWLQGHQZRONHQORVHQ+LPPHOXQGVHLQH 0DXHUQUDJWHQVRKRFKEHUGHQVLOEHUQVFKLPPHUQGHQ6HH KLQDXVGDLKUH.URQHQXQG*HVLPVHNDXPPHKU]XHUNHQ QHQZDUHQ'DV6RQQHQOLFKWEUDFKVLFKLQXQ]lKOLJHQEOLW ]HQGHQ5HIOH[HQDQGHQJOlVHUQHQ:lOOHQGHU%XUJXQG ZHQQ.LPGHQ.RSIEHZHJWHVFKLHQHLQZDKUHV)HXHUZHUN DXV)DUEHQYRUVHLQHQ$XJHQ]XH[SORGLHUHQ:HLH9|JHO NUHLVWHQZLQ]LJNOHLQGRUWREHQXPGLHZRONHQYHUKDQJHQHQ 6SLW]HQGHU7UPHXQGDXIGHP6HHPDQ|YULHUWHHLQH )ORWWHNOHLQHUK|O]HUQHU%RRWHPLWEXQWHQ6HJHOQ 'DV)ORVFKRDXIGHUVFKlXPHQGHQ6WU|PXQJLQGHQ6HH KLQDXVXQGQDKP.XUVDXIGLH0DXHUQGHU%XUJ .LPULVLFKYRQGHPSKDQWDVWLVFKHQ$QEOLFNORVXQGJLQJ ]XVHLQHP3IHUG]XUFN'LHEULJHQZDUHQVFKRQDXIJHVHV VHQXQGZDUWHWHQQXQPLWRIIHQVLFKWOLFKHU8QJHGXOGGD GDV)ORGDVDQGHUH8IHUHUUHLFKWH'LH:XFKWGHVLQGHQ 6HHVFKLHHQGHQ:DVVHUVWUXJVLHUDVFKELVZHLWEHUVHLQH 0LWWHKLQDXVHUVWGDQQYHUORUGLH6WU|PXQJDOOPlKOLFKDQ .UDIW(LQHJURH=DKOGHU%RRWHGLHDXIGHP6HHNUHX]WHQ KDWWH.XUVDXIVLHJHQRPPHQXQGDOVGDV)ORODQJVDPHU ZXUGHZXUGHQLKQHQ6HLOHXQG+DNHQ]XJHZRUIHQXQG GLHVHDQGHP)OREHIHVWLJW6ROHJWHQVLHGDVOHW]WH6WFNELV *RU\Z\QQLP6FKOHSSGHUNOHLQHQVFKQHOOHQ%RRWH]XUFN 'LHJOlVHUQHQ0DXHUQGHU%XUJWHLOWHQVLFKYRULKQHQXQG VLHOLHIHQLQHLQHQNOHLQHQQDFKGUHL6HLWHQYRQIODFKHQ .DLDQODJHQXPVFKORVVHQHQ+DIHQHLQ.LPKDWWHHLQJURHV %HJUXQJVNRPLWHHHUZDUWHWDEHUHVVWDQGHQQXUGUHLZHL JHNOHLGHWH0lQQHUDP8IHUDOVGDV6FKLOIIORDQOHJWH 7KHPLVWRNOHVULWWDOVHUVWHUDXIVHLQHP(LQKRUQDQ/DQG(U ZHFKVHOWHHLQSDDU:RUWHPLWGHQGUHL0lQQHUQZLQNWHGLH DQGHUHQDQVLFKYRUEHLXQG.LP]XVLFKKHUDQDOVGLHVHUGDV )ORYHUOLHª(LJHQWOLFK©VDJWHHUªKlWWHLFKPLUJH ZQVFKW]XGHLQHP(PSIDQJHLQJURHV)HVW]XJHEHQ $EHUZlKUHQGPHLQHU$EZHVHQKHLWVLQG'LQJHJHVFKHKHQ XPGLHLFKPLFKRKQH$XIVFKXENPPHUQPX©

.LPEOLFNWHLQGLH*HVLFKWHUGHUGUHL0lQQHUPLWGHQHQ 7KHPLVWRNOHVJHVSURFKHQKDWWH(VZDUHQNHLQHJXWHQ1DFK ULFKWHQGLHVLHLKPEHUEUDFKWKDWWHQGDVZDUXQVFKZHUDQ LKUHQ0LHQHQ]XHUNHQQHQ ª:LUZHUGHQKHXWHDEHQGQDFKKROHQZR]XMHW]WNHLQH=HLW LVW©IJWH7KHPLVWRNOHVKLQ]Xª$EHUQXQPXLFKGLFKIU HLQH:HLOHDOOHLQODVVHQ.LP0HLQH/HXWHZHUGHQVLFKXP GHLQ5RNPPHUQ©(UZLQNWHXQGHLQHUGHU0lQQHUJULII QDFKGHP=JHOGHV5DSSHQXQGIKUWHLKQZHJVREDOG .LPDXVGHP6DWWHOJHVWLHJHQZDU ª%LVVSlWHU©VDJWH7KHPLVWRNOHV]XP$EVFKLHGª6LHKGLULQ GHU=ZLVFKHQ]HLWDOOHVDQ*RU\Z\QQZLUGGLUJHIDOOHQ©'D PLWOHQNWHHUVHLQ(LQKRUQKHUXPXQGVSUHQJWHGDYRQ .LPEOLFNWHLKPLUULWLHUWQDFK(VZDUVRQVWQLFKW7KHPL VWRNOHV $UWVLFKVRIOFKWLJ]XYHUDEVFKLHGHQ,UJHQGHWZDV PXWHJHVFKHKHQVHLQ (LQJURHUGXQNOHU6FKDWWHQILHODXIGHQVFKLPPHUQGHQ 6WHLQERGHQ]XVHLQHQ)HQ.LPVDKDXIXQGHUNDQQWH *RUJGHQ5LHVHQ:LHLPPHUEHJOHLWHWYRQ.HOKLP'HU%lU KDWWHVLFKDXIDOOHYLHUHQLHGHUJHODVVHQ6HLQ.RSIEHIDQG VLFKHWZDDXIJOHLFKHU+|KHPLW.LPV*HVLFKW ª(LJHQWOLFK©EUXPPWH.HOKLPªLVWHUJDUQLFKWVRJUR ZHQQHUQLFKWDXIGHPVFKZDU]HQ.OHSSHUVLW]W© *RUJQLFNWHPLWWRGHUQVWHP*HVLFKWª0DQVROOWHNDXP JODXEHQGDGDV%UVFKFKHQHVJHZDJWKDWPLFK]XWUHWHQ© (UOHJWHGLH+lQGHDXIVHLQ+LQWHUWHLOXQGYHU]RJGLH/LS SHQDOVVSUHHU.LPV)XWULWWQRFKLPPHUª*HVWHUQ DEHQG©IXKUHUPLWHLQHP6HLWHQEOLFNDXIGHQ%lUHQIRUW ªKDWWHHUMD0XW$EHUGDZDUMDDXFK7KHPLVWRNOHVGDEHL -HW]WLVWHUDOOHLQQLFKWZDKU"© .LPVDKVLFKVFKQHOOXP*RUJKDWWHUHFKW0LW7KHPLVWR NOHVZDUHQDXFKVHLQH0lQQHUYHUVFKZXQGHQXQGGDVOHW]WH %RRWJOLWWVRHEHQGXUFKGLHVFKPDOH(LQIDKUWVULQQHDXIGHQ RIIHQHQ6HHKLQDXV(UZDUDOOHLQPLWGHQEHLGHQXQJOHLFKHQ )UHXQGHQ ª(LQHJXWH*HOHJHQKHLWLKPGHQ7ULWWKHLP]X]DKOHQ QLFKW"©NQXUUWH.HOKLP.LPZLFKHLQHQ6FKULWW]XUFN

*RUJVWHOOWHVLFKLKPLQGHQ:HJXQGEHXJWHVLFKGURKHQG KHUXQWHUª1XQ"©GU|KQWHHUª%LVWGXQRFKLPPHUVRPXWLJ ZLHJHVWHUQ"© .LPUHFNWHNDPSIOXVWLJGDV.LQQª1RFKHLQPDOIDOOHLFK QLFKWDXIHXUHGXPPHQ6FKHU]HKHUHLQ©VDJWHHUª,KUKDEW PLFKODQJHJHQXJDQGHU1DVHKHUXPJHIKUW© ª9LHOOHLFKWVROOWHQZLUVLHLKPOLHEHUODQJ]LHKHQVWDWWLKQ GDUDQKHUXP]XIKUHQ©EUXPPWH.HOKLP(UKREGLHUHFKWH 7DW]HDOVZROOWHHUVHLQ9RUKDEHQLQGLH7DWXPVHW]HQ .LP]HLJWHVLFKQLFKWLPPLQGHVWHQEHHLQGUXFNWª+|UWPLW GHP8QVLQQDXI©VDJWHHUª9HUUDWHWPLUOLHEHUZDUXP7KH PLVWRNOHVHVSO|W]OLFKVRHLOLJKDWWH© ª'DVP|FKWHLFKVHOEVWJHUQHZLVVHQ©PXUPHOWH*RUJª:LU ZLVVHQJHQDXVRZHQLJZLHGX.LP$EHUHUZLUGXQVVFKRQ DOOHVVDJHQ©(UULFKWHWHVLFK]XVHLQHUYROOHQ*U|HDXI ª1XW]HQZLUGLH=HLW.HOKLP©VDJWHHUªHLQHQDOWHQ)UHXQG DXI]XVXFKHQ(VLVW-DKUHKHUGDLFK5DQJDULJJHVHKHQ KDEH(UZLUGVLFKEHUXQVHUHQ%HVXFKIUHXHQ© .HOKLPEUXPPWH]XVWLPPHQGª.RPPVWGXPLW"©IUDJWHHU .LP ª:HULVW5DQJDULJ"© *RUJJULQVWHEUHLWª(LQJXWHU)UHXQGYRQXQV(UZLUGGLU JHIDOOHQGDELQLFKVLFKHU$XHUGHPVROOWHVWGXOLHEHULQXQ VHUHU1lKHEOHLEHQ(VZUGH7KHPLVWRNOHVJDUQLFKWUHFKW VHLQZHQQGXGLFKYHUOlXIVW© ª,FKNDQQJDQ]JXWDXIPLFKDXISDVVHQ© ª'DVJODXEHLFKGLU$EHU*RU\Z\QQLVWJUR0DQYHULUUW VLFKOHLFKWKLHUXQGGDQQNDQQHVODQJHGDXHUQHKHPDQ ZLHGHUDXIGHPUHFKWHQ:HJLVW© .LPOHJWHGHQ.RSILQGHQ1DFNHQXQGEOLFNWHDQGHQKLP PHOVWUPHQGHQJOlVHUQHQ:lQGHQGHU%XUJHPSRU*RUJ KDWWHUHFKW*RU\Z\QQZDUJLJDQWLVFK8QGHUZDUVRJXW ZLHVLFKHUGDHUVLFKLQQHUKDOENU]HVWHU=HLWKRIIQXQJVORV YHULUUHQZUGHZHQQHUDXIHLJHQH)DXVWORV]RJ$EHUHU ZDUHVDOOPlKOLFKOHLGYRQGHQEHLGHQEHPXWWHUW]XZHUGHQ ª5DQJDULJZUGHVLFKIUHXHQGLFKNHQQHQ]XOHUQHQ©EH WRQWH*RUJ

.LPEHUOHJWHQRFKHLQHQ0RPHQWXQG]XFNWHGDQQGLH $FKVHOQª9RQPLUDXV$EHUQXUZHQQLKUPLUYHUVSUHFKW PLUKLQWHUKHUPHKUYRQ*RU\Z\QQ]X]HLJHQ© ª'XZLUVWXQWHUZHJVVFKRQJHQXJ]XVHKHQNULHJHQ© EUXPPWHGHU%lUª5DQJDULJZRKQWDXIGHUDQGHUHQ6HLWH GHV6FKORVVHV8QGQXQNRPP© (UGUHKWHVLFKXPXQGWURWWHWHYRU*RUJXQG.LPHLQH EUHLWHJOlVHUQH7UHSSHKLQDXI'DKLQWHUODJHLQKRKHUKHO OHUVRQQHQGXUFKIOXWHWHU*DQJGHUDXIHLQHJHVFKZXQJHQH )UHLWUHSSHKLQDXVIKUWH.HOKLPKDWWHQLFKWEHUWULHEHQ .LPEHNDPZLUNOLFKJOHLFKHLQH0HQJHYRQ*RU\Z\QQ]X VHKHQXQGZDUYRQGHU+HUUOLFKNHLWGHVVHQZDVHUVDK EHUZlOWLJW*RU\Z\QQZDUZLHHLQSKDQWDVWLVFKHULQWDX VHQG)DFHWWHQVFKLPPHUQGHU(GHOVWHLQ0DQNRQQWHVLFK NDXPYRUVWHOOHQGDGLHVHV:XQGHUYRQ0HQVFKHQKDQGHU VFKDIIHQZRUGHQZDU$OOHVZDUKLHUVWUDKOHQGXQGKHOOXQG ZRGDVJROGHQH6RQQHQOLFKWQLFKWKLQJHODQJWHVRUJWHQ)DN NHOQXQGHLQ0HHUEUHQQHQGHU.HU]HQIUHLQ)DUEHQXQG /LFKWHUVSLHORKQHJOHLFKHQhEHUKDXSWVFKLHQHQVlPWOLFKH 5lXPHGLHVLHGXUFKTXHUWHQDOOH)OXUHXQG7UHSSHQXQG *lQJHQXUDXV)DUEHQXQG/LFKW]XEHVWHKHQ 8QG*RU\Z\QQZDUYROOHU/HEHQhEHUDOOZDUHQ0HQVFKHQ ,KUHU.OHLGXQJXQGLKUHP$XVVHKHQQDFKDEHUDXFKDXVGHQ *HVSUlFKVIHW]HQ]XVFKOLHHQGLH.LPYRQ=HLW]X=HLWDXI ILQJPXWHHVVLFKXP$QJHK|ULJHGHUYHUVFKLHGHQVWHQ9|O NHUKDQGHOQ*RUJHUNOlUWHLKPGDDOOGLHVH0HQVFKHQEH UHLWV7KHPLVWRNOHV $XIUXIJHIROJWXQGDXVLKUHQ+HLPDWOlQ GHUQKHUEHLJHHLOWZDUHQXP*RU\Z\QQJHJHQGHQHUZDUWH WHQ$QVWXUPGHVVFKZDU]HQ+HHUHV]XYHUWHLGLJHQ.LPV /DXQHYHUGVWHUWHVLFKDOVHUGLHVK|UWH*RU\Z\QQZDUHLQ 0lUFKHQVFKORHLQIXQNHOQGHV-XZHOGHU)UHXGHXQGGHV )ULHGHQV$EHUGHU.ULHJKDWWHVFKRQVHLQH.ODXHQQDFKLKP DXVJHVWUHFNW 1DFKGHPVLHGDV6FKORLQVHLQHUJDQ]HQ/lQJHGXUFKTXHUW KDWWHQHUUHLFKWHQVLHHLQHQJURHQYRQVWHLQHUQHQ0DXHUQ XPVlXPWHQ+RI.HOKLPKLH*RUJXQG.LPZDUWHQXQG YHUVFKZDQGPLWODQJHQ6SUQJHQLQHLQHPKRKHQERJHQI|U

PLJHQ'XUFKJDQJDXIGHUDQGHUHQ6HLWHGHV+RIHV6HNXQ GHQODQJEOLHEHVVWLOO'DQQHUVFKROOKLQWHUGHP7RUHLQVR PDUNHUVFKWWHUQGHV%UOOHQXQG)DXFKHQGD.LPHQWVHW]W QDFKHLQHP)OXFKWZHJDXVVFKDXWH 'DV*HEUOOZLHGHUKROWHVLFKXQG.HOKLPWDXFKWHLQZLO GHU)OXFKWZLHHVVFKLHQZLHGHULP(LQJDQJDXI'LFKWJH IROJWYRQHLQHPULHVLJHQJROGHQHQ'UDFKHQ .LPVFKULHHUVFKURFNHQDXIDOVHUVDKZLHGHUVFKXSSLJH .RSIGHV8QJHKHXHUVDXI.HOKLPKHUXQWHUVWLH6HLQ5D FKHQNODSSWHDXIXQGJHZlKUWH.LPHLQHQIXUFKWHUUHJHQGHQ %OLFNDXIHLQH'RSSHOUHLKHDUPODQJHUVSLW]HU=lKQH.HOKLP ZLFKHLQHP3UDQNHQKLHEDXVYHUVXFKWHKDNHQVFKODJHQGDXV GHU5HLFKZHLWHGHV'UDFKHQ]XJHODQJHQXQGSXU]HOWHGDQQ LQHLQHUPlFKWLJHQ6WDXEZRONHGDYRQDOVGHU'UDFKHKHU XPIXKUXQGLKQPLWHLQHP=XFNHQVHLQHVJHZDOWLJHQ 6FKZDQ]HVYRQGHQ)HQIHJWH ª5DQJDULJ©EUOOWH*RUJKLQWHULKPVRODXWGD.LP VFKPHU]KDIWGDV*HVLFKWYHU]RJXQGVLFKGLH2KUHQ]XKLHOW 'HU'UDFKHHUVWDUUWHGUHKWHGHQPlFKWLJHQ6FKlGHOXQG VDKHUVWGHQ5LHVHQGDQQ.LPPLWVHLQHQVFKUHFNOLFKHQUR WHQ$XJHQDQ'XPSIHV*UROOHQGUDQJDXVVHLQHU%UXVWDOV HUVLFKTXHUEHUGHQ+RIKHUDQVFKRE ª*RUJ©(UVFKREVLFKQlKHUKLHOWXQPLWWHOEDUYRU.LPDQ XQGVWXSVWHGHQ5LHVHQVSLHOHULVFKYRUGLH%UXVW*RUJWDX PHOWH]XUFNNUDFKWH]X%RGHQXQGODFKWHVFKDOOHQGª(VLVW ODQJHKHUGDZLUHLQDQGHUJHVHKHQKDEHQ8PVRPHKU IUHXWHVPLFKHXFKJOHLFKEHLGH]XWUHIIHQ1RFKGD]X© IJWHHUKLQ]XZlKUHQGGDV0DXOZLHHLQ6FKHXQHQWRUYRU .LPDXINODSSWHªZRLKUPLUHLQHQVRNQDFNLJHQ/HFNHUELV VHQPLWJHEUDFKWKDEW© .LPVSUDQJNUHLVFKHQG]XUFNXQGVWROSHUWHEHU5DQJDULJV 6FKZDQ]VSLW]HGLHZLHHLQH6FKODQJHYRUJH]XFNWZDUXQG VLFKXPVHLQH%HLQHZDQG ª1DQD©JUROOWHGHU'UDFKHª:HUZLUGGHQQJOHLFKZHJ ODXIHQ,FKZLOOGLUMDVFKOLHOLFKQLFKWZHKWXQ(LQNOHLQHU +DSVXQGGXELVWZHJ© .LPVFKOXJHQWVHW]WGLH+lQGHYRUV*HVLFKW'HU'UDFKHQ

VFKZDQ]O|VWHVLFKYRQVHLQHQ%HLQHQ$EHU.LPZDUVWDUU YRU6FKUHFNVRGDHUNHLQHQ0XVNHOUKUHQNRQQWH *RUJKLHOWVLFKGHQ%DXFKYRU/DFKHQ ª/DJXWVHLQ5DQJDULJ©JU|OWHHUª'HQJOHLFKHQ6FKHU] KDW.HOKLPVFKRQPLWLKPJHWULHEHQ© 5DQJDULJIDXFKWHHQWWlXVFKWKREGHQ.RSIXQGNURFKHLQ SDDU0HWHU]XUFN6HLQH)ODQNHQEOLW]WHQXQWHUGHQVFKUlJ HLQIDOOHQGHQ6RQQHQVWUDKOHQDXIDOVZlUHQVLHPLWIOVVLJHP *ROGEHUVFKWWHW ª'XELVWDOVR.LP©NQXUUWHHUQDFKGHP.LPVLFKHLQLJHU PDHQHUIDQJHQXQGLQHLQHVLW]HQGH3RVLWLRQKRFKJHDUEHL WHWKDWWHª'HUJURHSUlFKWLJHWDSIHUHVWDUNHNOXJH.LP 7]W]W]7KHPLVWRNOHVKDWYLHOYRQGLUHU]lKOW$EHULFK PXJHVWHKHQLFKKDEHPLUGLFKJU|HUYRUJHVWHOOW© ª,FKlKQXQ©VWRWWHUWH.LP(UVFKWWHOWHGHQ .RSIXQGVWDQGHUVWHLQPDOJDQ]DXIª,FKZHL]ZDUQLFKW ZDV7KHPLVWRNOHVEHUPLFKHU]lKOWKDW©IJWHHUlUJHUOLFK KLQ]XªDEHULQOHW]WHU=HLWJODXEWKLHUZRKOMHGHUPLFK]XU =LHOVFKHLEHVHLQHUDOEHUQHQ:LW]HPDFKHQ]XN|QQHQ© 5DQJDULJNURFKQRFKHLQ6WFN]XUFNVFKOXJPLWGHP 6FKZDQ]DXIGHQ%RGHQXQGOHJWHGDV.LQQDXIGLH9RUGHU IH6HLQH$XJHQEHIDQGHQVLFKQXQDXIJOHLFKHU+|KHPLW .LPV*HVLFKW ª'XELVWDOVR.LP©ZLHGHUKROWHHUª,FKPXVDJHQGXKDVW GLUHLQHQXQJQVWLJHQ$XJHQEOLFNIUGHLQHQ%HVXFKDXVJH VXFKW8QGLKUDXFK©IJWHHU]X*RUJXQG.HOKLPJH ZDQGWKLQ]Xª$KKKUJGLH=HLWHQVLQGVFKOHFKWVHKU VFKOHFKW6HLW:RFKHQKHUUVFKWJURH$XIUHJXQJXQGDOOGLH YLHOHQ/HXWH©(UVFKWWHOWHGHQ.RSIGDVHLQH6FKXS SHQNOLUUWHQª1LUJHQGVKDWPDQPHKUVHLQH5XKHhEHUDOO 0HQVFKHQXQG/HXWH© .LPEHUOHJWHZHOFKHU8QWHUVFKLHGZRKO]ZLVFKHQ0HQ VFKHQXQG/HXWHQEHVWHKHQPRFKWHDEHU5DQJDULJUHGHWH VFKRQZHLWHU ª)UKHXWHDEHQGLVWHLQH9HUVDPPOXQJDQEHUDXPW9LHOH HLQIOXUHLFKH0lQQHUVROOHQGDUDQWHLOQHKPHQDEHULFK IUFKWHHVZLUGQLFKWV*XWHVGDEHLKHUDXVNRPPHQ©(U

VWDUUWH.LPDQNQLIIHLQ$XJH]XXQGPXUUWHª+DVWGXGD PLW]XWXQNOHLQHU+HOG"© ª,FKIUFKWHMD©VDJWH.LPNOHLQODXWª=XPLQGHVWLQGLUHNW ,FKZlUHJHUQPLWEHVVHUHQ1DFKULFKWHQ]XHXFKJHNRP PHQ© 5DQJDULJVHXI]WH(VK|UWHVLFKDQDOVSOXPSVWHQVFKZHUH 6WHLQHDXVJURHU+|KHLQV:DVVHUª'XWUlJVWGLH.OHLGXQJ GHV)HLQGHVNOHLQHU+HOG©VDJWHHUªXQGGRFKJHK|UVWGX ]XXQV:LHNRPPWGDV"© ª(VZDUGLHHLQ]LJH0|JOLFKNHLW%RUDDV]XHQWNRPPHQ© DQWZRUWHWH.LPGHPGLHGDXHUQGHQ$QVSLHOXQJHQDXIVHLQH .OHLGXQJDOOPlKOLFKDXIGLH1HUYHQJLQJHQ ª'XZDUVWDXIGHUDQGHUHQ6HLWHGHV6FKDWWHQJHELUJHV"© ª$OOHUGLQJV,FKKDEH%RUDDVJHWURIIHQXQGLFKKDWWHGDV ]ZHLIHOKDIWH9HUJQJHQVHLQH%XUJ]XEHVLFKWLJHQ(LQ VFKOLHOLFKGHV.HUNHUV© ª6HLQH%XUJ"©5DQJDULJEUDFKWHGDV.XQVWVWFNIHUWLJHLQHQ HUVWDXQWHQ$XVGUXFNDXIVHLQIXUFKWHUUHJHQGHV'UDFKHQJH VLFKW]X]DXEHUQª'XZDUVWLQ0RUJRQ"© .LPQLFNWHª8QGLFKELQGDUDXVHQWNRPPHQ$EHUGDVLVW QLFKWDOOHLQPHLQ9HUGLHQVW,FKKDWWH*OFN© ª'XELVW]XEHVFKHLGHQ(VJHK|UWPHKUDOVQXU*OFNGD]X DXV0RUJRQ]XHQWZLVFKHQ1LHPDQGHPLVWGDVELVKHUJH OXQJHQ$EHULFKOHVHLQGLUGDGXGLH:DKUKHLWVSULFKVW (UVWDXQOLFK6HKUHUVWDXQOLFKLQGHU7DW© .LPHUVFKUDNª'XOLHVWPHLQH*HGDQNHQ"© ª1LFKWGLUHNW©PLVFKWHVLFK.HOKLPHLQGHUVLFKLQ]ZLVFKHQ QHEHQGHP'UDFKHQQLHGHUJHODVVHQKDWWHª5DQJDULJNDQQ *HGDQNHQHEHQVRZHQLJOHVHQZLHLUJHQGHLQDQGHUHU$EHUHU HUNHQQWREMHPDQGGLH:DKUKHLWVDJWRGHUREHUOJW© ª(LQHQW]OLFKH*DEH©QLFNWHGHU'UDFKHª+lWWHLFKVLH QLFKWZUGHLFKGLFKMHW]WJODWWIUHLQHQ/JQHUKDOWHQ $EHUVR©(UPDFKWHQRFKHLQSDDUPDOªW]W]W]©VFKW WHOWHGHQ.RSIXQGJlKQWHª7KHPLVWRNOHVVFKHLQWQLFKW EHUWULHEHQ]XKDEHQDOVHUYRQGLUHU]lKOWH(UPDFKWHVLFK VFKZHUH9RUZUIHGLFKLQ*HIDKUJHEUDFKW]XKDEHQQDFK GHPHUGLFKJHUXIHQKDWWH©

ª,FKZHL©VDJWH.LPª$EHUHUNDQQQLFKWVGDIU%RUDDV KDWPLFKLQHLQH)DOOHJHORFNW© ª'DVJODXEVWGX©NQXUUWH5DQJDULJª8QG7KHPLVWRNOHV JODXEWHVZRKODXFK$EHUHVVWLPPWQLFKW$OOHVNDPVRZLH HVNRPPHQPXWH© .LPEOLFNWHGHQ'UDFKHQVFKDUIDQª:LHPHLQVWGXGDV"© ª(VJLEWYLHOH:HJHQDFK0lUFKHQPRQG]XJHODQJHQ© DQWZRUWHWH5DQJDULJDXVZHLFKHQGª$EHUNHLQ%HZRKQHU 0lUFKHQPRQGVXQGDXFKNHLQ%HZRKQHUGHV6FKDWWHQ UHLFKHVYHUPDJGLH:HJH]XEHHLQIOXVVHQGLHHLQ0HQVFK JHKHQPXZLOOHU]XXQVNRPPHQ(VZDUHLQ=XIDOOGD GHLQH)OXJPDVFKLQHEHUGHUDQGHUHQ6HLWHGHV6FKDWWHQJH ELUJHVDEVWU]WHHLQ=XIDOOGHU%RUDDVVLFKHU]XSDNDP $EHUHUKDWWHQLFKWVGDPLW]XWXQ© ª$EHUGDQQ© ª(ULQQHUHGLFKDQGDVZDV7KHPLVWRNOHVGLU]X$QIDQJ VDJWH©XQWHUEUDFKLKQGHU'UDFKHVDQIWª-HGHU0HQVFK PXVHLQHQHLJHQHQ:HJQDFK0lUFKHQPRQGJHKHQ1XQ GHU:HJGHQGXJHJDQJHQELVWZDUGHUGHLQH'XKlWWHVW NHLQHQDQGHUHQJHKHQN|QQHQ© .LPEHJULIIQLFKWJDQ] ª'XJODXEVWGDVDOOHV0RUJRQPHLQH)OXFKWGLH%HJHJ QXQJPLWGHP6FKZDU]HQ/RUG© ª*HK|UWH]XGHLQHP:HJ-D(VJLEWWDXVHQG:HJH]XXQV ]XJHODQJHQXQGDOOHVLQGVFKZHU.LP'HLQ:HJPDJGHU VFKZHUVWHJHZHVHQVHLQGHQMHHLQ0HQVFKJHJDQJHQLVW DEHUHUZDUQ|WLJ1XUVRNRQQWHVWGXEHJUHLIHQJHJHQZHO FKH0lFKWHZLUDOOH]XNlPSIHQKDEHQXQGQXUVRNRQQWHQ ZLUIUKJHQXJJHZDUQWZHUGHQ©(UVHXI]WHZLHGHUDXVWLHI VWHU'UDFKHQEUXVWª$EHUGHU:HJGHUYRUGLUOLHJWLVWQRFK VFKZLHULJHU©SURSKH]HLWHHUª'XZLUVWJHZDOWLJH.UDIWEH Q|WLJHQ.LP0HKUYLHOOHLFKWDOVHLQHLQ]HOQHUDXIEULQJHQ NDQQ'RFKGXNDQQVWLKQPHLVWHUQZHQQGXHVZLUNOLFK ZLOOVW©'DPLWZDQGWHHUVLFKXPXQGZDWVFKHOWHVFKQHOO]X VHLQHUNQVWOLFKHQ'UDFKHQK|KOH]XUFN .LPEOLFNWHLKPQDFKELVHUXQWHUGHPVWHLQHUQHQ7RUERJHQ YHUVFKZXQGHQZDU

ª:LHKDWHUGDVJHPHLQW"©IUDJWHHUOHLVH .HOKLPGHXWHWHHLQ$FKVHO]XFNHQDQXQGZLHJWHGHQ6FKl GHOª5DQJDULJLVWHLQVHOWVDPHU%XUVFKH©VDJWHHUQDFK GHQNOLFKª0DQFKPDODKQWHU'LQJHYRUDXVGLHVLFKKLQWHU KHUEHZDKUKHLWHQ$EHUMHGHQIDOOVOLHEWHUHVLQ5lWVHOQ]X VSUHFKHQ,UJHQGZHUPXLKPJHVDJWKDEHQGD'UDFKHQ LPPHULQ5lWVHOQVSUHFKHQ)HVWVWHKWGDPDQRIWQLFKWDXV LKPNOXJZLUG©(UODFKWHVHLQEUXPPLJHV%lUHQODFKHQ ª$EHUPDQPX]XJHEHQGDLPPHULUJHQGHWZDVGUDQLVW DQGHPZDVHUVDJW0DQFKPDOHQWZLFNHOQVLFKGLH'LQJH DQGHUVUXPPLWXQWHUZHQGHWVLFKGDV%|VH]XP*XWHQXQG XPJHNHKUW$EHUPHLVWHQVEHKlOWHUUHFKW© .LPUXQ]HOWHGLH6WLUQXQGGDFKWHDQJHVWUHQJWQDFK.HO KLPV:RUWHHUVFKLHQHQLKPNDXPZHQLJHUUlWVHOKDIWDOVGLH GHV'UDFKHQ$EHUGDVVDJWHHUQLFKW ª:LUVROOWHQXQVODQJVDPDXIGHQ5FNZHJPDFKHQ©VFKOXJ *RUJYRU(UZDUIHLQHQ%OLFN]XP+LPPHO'LH6RQQH VWDQGLP=HQLWHVZDU0LWWDJV]HLWª,FKKDEH+XQJHU© 6LHYHUOLHHQGHQ+RIXQGJLQJHQGHQVHOEHQ:HJ]XUFN GHQVLHJHNRPPHQZDUHQ'LH0HQVFKHQGHQHQVLHEHJHJ QHWHQWUDWHQUHVSHNWYROOEHLVHLWHRGHUEOLHEHQVWHKHQZHQQ VLHGHQ5LHVHQXQGVHLQHQ]RWWLJHQ%HJOHLWHUVDKHQ.LP EOLHEHQDXFKGLH%OLFNHQLFKWYHUERUJHQGLHLKPVHOEVW IROJWHQ(UZXWHQLFKWREHVDQVHLQHUDXIIlOOLJHQ.OHLGXQJ ODJRGHUDQGHPZDV7KHPLVWRNOHVEHULKQHU]lKOWKDWWH DXIMHGHQ)DOOVSUWHHUGHXWOLFKGDLKPGLH%HZRKQHU *RU\Z\QQVPLW+RFKDFKWXQJEHJHJQHWHQ6HOWVDPHUZHLVH IKOWHHUVLFKGDEHLQLFKWEHVRQGHUVZRKO(UEHJDQQ]XEH JUHLIHQGD0HQVFKHQGHQHQJURHU5HVSHNWJH]ROOW ZXUGHRIWVHKUHLQVDPZDUHQ 7KHPLVWRNOHVZDUQLFKWGDDOVVLH]XUFNNDPHQ6LHKRIIWHQ LKQLP7KURQVDDO]XILQGHQDEHUDXFKGRUWZDUHUQLFKW'LH $XVNXQIWGLHVLHHUKLHOWHQZDUXQEHIULHGLJHQG7KHPLVWR NOHVKDWWHLQJURHU$XIUHJXQJGHQ6DDOYHUODVVHQXQGZDU QXQVFKRQVHLW6WXQGHQDEZHVHQG0HKUZXWHPDQQLFKW .HOKLPEUXPPWHHWZDV8QYHUVWlQGOLFKHVXQGUROOWHVLFKDXI GHQVRQQHQEHUIOXWHWHQ)OLHVHQYRUHLQHPGHUJURHQ6G

IHQVWHU]XVDPPHQXPZLHHUEHOODXQLJHUNOlUWHVWDWWGHV 0LWWDJHVVHQVZHQLJVWHQVHLQHQ0LWWDJVVFKODI]XKDOWHQ ª'HU%XUVFKHKDWHVJXW©NQXUUWH*RUJª8QGZDVPDFKH LFK"© .LPGDFKWHVLFKOlFKHOQGVHLQHQ7HLO(UWUDWDQV)HQVWHU XQGOHKQWHVLFKQHXJLHULJKLQDXV8QWHULKPODJHLQZHLWHU VRQQHQEHVFKLHQHQHU+RI+HOOJHNOHLGHWH0HQVFKHQZLQ]LJ NOHLQDXVGLHVHU+|KHOLHIHQVFKHLQEDUSODQORVGXUFKHLQDQ GHU9RUHLQHUGHUVFKLPPHUQGHQJOlVHUQHQ0DXHUQZDU HLQH5HLKHEXQWHU%XGHQHUULFKWHWZRUGHQLQGHQHQ+lQG OHULKUH:DUHQIHLOERWHQXQG*DXNOHULKUH.XQVWVWFNHYRU IKUWHQ$XIGHU0DXHUNURQHIODWWHUWHQEXQWH:LPSHOXQG YRQLUJHQGZRKHUNODQJOHLVHOXVWLJH0XVLN]XGHUHLQHKHOOH .LQGHUVWLPPHVDQJ(VZDUHLQ%LOGZLHHVIULHGOLFKHUQLFKW VHLQNRQQWH:LHODQJHQRFK"GDFKWH.LPEHGUFNW:LH ODQJHZUGHQGLHVH0HQVFKHQQRFKVRXQEHVFKZHUWODFKHQ XQGVLQJHQN|QQHQ",QQLFKWPHKUDOO]XIHUQHU=XNXQIWZU GHQGLHIUXFKWEDUHQJUQHQ+JHOMHQVHLWVGHU0DXHUQ VFKZDU]YRQ%RUDDV .ULHJHUQVHLQLP+RIZUGH.ULHJVJH VFKUHLXQG:DIIHQJHNOLUUGDVIU|KOLFKH7UHLEHQDEO|VHQXQG GLHJOlVHUQHQ0DXHUQZUGHQXQWHUGHP$QVWXUPGHV VFKZDU]HQ+HHUHVEHUVWHQ 6HXI]HQGZDQGWH.LPVLFKDEXQGEHJDQQVLFKLP7KURQVDDO XP]XVHKHQ'HU5DXPZDUKRFKXQGKHOOPLWKRKHQVSLW ]HQ)HQVWHUQGLHDQ]ZHL6HLWHQGLH:DQGGXUFKEUDFKHQ 'HU%RGHQEHVWDQGDXVVFKLPPHUQGHQ0RVDLNIOLHVHQXQG DQGHQ:lQGHQKLQJHQ%LOGHUXQG7HSSLFKHLQVFKHLQEDU ZDKOORVHP'XUFKHLQDQGHURKQHMHGRFKXQRUGHQWOLFK]X ZLUNHQ(LQHODQJJHVWUHFNWH7DIHOXPGLHVLFKHLQH$Q]DKO KRFKOHKQLJHU6WKOHPLWJHVFKQLW]WHQ%HLQHQXQGUHLFKYHU ]LHUWHQ$UPOHKQHQJUXSSLHUWHQDKPGHQJU|WHQ7HLOGHV 5DXPHVHLQ$QGHU6WLUQVHLWHIODQNLHUWYRQ]ZHLVWHLQHUQHQ 6lXOHQDXIGHQHQMHZHLOVHLQVWHLQHUQHU5DEHKRFNWHVWDQG HLQPlFKWLJHUVFKPXFNORVHU6HVVHOHLQHP7KURQQLFKWXQ lKQOLFK ª:DVLVWGDV"©IUDJWH.LP ª'HU7KURQYRQ0lUFKHQPRQG©DQWZRUWHWH*RUJ

.LPWUDWQlKHUDQGHQ7KURQKHUDQXPLKQQHXJLHULJ]XEH WUDFKWHQ)UGHQ7KURQHLQHVVRULHVLJHQXQGPlFKWLJHQ 5HLFKHVZLH0lUFKHQPRQGHUVFKLHQHULKPVHOWVDP VFKPXFNORVXQGVFKOLFKWZHQQ.LPDXFK]XJHEHQPXWH GDGHU7KURQLQVHLQHU(LQIDFKKHLWEHHLQGUXFNHQGZLUNWH ª'DVDOVRLVW7KHPLVWRNOHV 7KURQ©PXUPHOWHHUKDOEODXW ª1HLQ©VDJWH*RUJª'XKDVWPLFKIDOVFKYHUVWDQGHQ(VLVW GHU7KURQYRQ0lUFKHQPRQG© ª$EHULFKGDFKWH7KHPLVWRNOHVZlUH© ª8QVHU+HUUVFKHU"©*RUJJULQVWHDOVKlWWH.LPVRHEHQHW ZDVXQJHPHLQ'XPPHVJHVDJWª'DVLVWHUQLFKW(ULVWGHU +HUUYRQ*RU\Z\QQDEHUQLFKWGHU.|QLJ© ª$EHU©IUDJWH.LP]|JHUQGªZHUVLW]WGDQQDXIGLHVHP 7KURQ"© ª1LHPDQG©DQWZRUWHWH*RUJª2GHUMHGHUZLHGXZLOOVW(V LVWHLQ6WXKOZLHMHGHUDQGHUHXQGQLFKWHLQPDOEHVRQGHUVEH TXHP:HULPPHUVLFKGDUDXIVHW]WLVWXQVHU.|QLJ-HGHU GHPGHU6LQQGDQDFKVWHKWNDQQHVZHUGHQ© ª,FKYHUVWHKNHLQ:RUW©VDJWH.LPYHUZLUUWª'XPHLQVW GHU+HUUVFKHUWKURQYRQ0lUFKHQPRQGLVWQLFKWVDOVHLQOHH UHU6WXKOXQGZHUZLOONDQQHLQIDFKKHUHLQVSD]LHUHQXQG LKQLQ%HVFKODJQHKPHQ"© *RUJQLFNWHª(UNDQQHVXQGNDQQHVGRFKQLFKW©VDJWHHU ª0lUFKHQPRQGKDWNHLQHQ.|QLJRGHUXQ]lKOLJHJDQ] ZLHGXZLOOVW-HGHULVWKLHU.|QLJZHQQHUHVVHLQZLOO8QG GRFKVLQGDOOHJOHLFK'HQQQLHPDQGDXFKGHU0lFKWLJVWH QLFKWNDQQEHUHLQHQDQGHUHQEHIHKOHQ© ª'XPHLQVW©VDJWH.LPXQJOlXELJªGDKLHUQLHPDQG%H IHKOHHUWHLOW*HVHW]HHUOlW6WUDIHQDXVVSULFKW© ª-HGHU%HIHKOZLUGVLQQORVZHQQQLHPDQGGDLVWGHPPDQ EHIHKOHQNDQQ©HUNOlUWH*RUJJHGXOGLJª8QGZLUKDEHQ NHLQH*HVHW]H.LP-HGHQIDOOVNHLQHJHVFKULHEHQHQ+LHULVW YLHOHVDQGHUVDOVGRUWZRGXKHUNRPPVW$EHUYLHOOHLFKWLVW GLHVGHUJU|WH8QWHUVFKLHG(VJLEWNHLQH*HVHW]HXQGDOVR DXFKNHLQH6WUDIHQ© ª$EHUZDVLVWZHQQMHPDQGHLQ9HUEUHFKHQEHJHKW"©IUDJWH .LP

ª:DVIUHLQ9HUEUHFKHQ"©HQWJHJQHWH*RUJYHUZXQGHUW ª:DUXPVROOWHKLHUMHPDQGHLQ9HUEUHFKHQEHJHKHQ"-HGHU PDQQKDW]XHVVHQXQG]XWULQNHQ'DV/DQGLVWJURXQ HQGOLFKJUR:HQQHLQHPVHLQH1DFKEDUQQLFKWJHIDOOHQVR NDQQHUIRUW]LHKHQXQGVLFKLUJHQGZRQLHGHUODVVHQZRHUDO OHLQXQGXQJHVW|UWLVW8QGZHQQHLQHUKXQJHUWVRNDQQHU VHLQHQ1lFKVWHQXPHLQ6WFN%URWXQGHWZDV:HLQELWWHQ XQGHUZLUGHVEHNRPPHQ,FKZHLGDGRUWZRGXKHU NRPPVWYLHOH9HUEUHFKHQJHVFKHKHQ8QGZDUXPZHUGHQ VLHEHJDQJHQ"$XV+D1HLGRGHU+DEJLHU+DLVWEHL XQVQLFKWEHNDQQW.LPXQGHVJLEWNHLQHQ1HLGZHLODOOH JOHLFKVLQGNHLQHUPHKUEHVLW]WDOVGHUDQGHUHXQGQLHPDQG ZHQLJHUDOVHUEUDXFKW8QGGHVKDOEEUDXFKHQZLUDXFKNHL QHQ+HUUVFKHU© .LPVWDUUWHQDFKGHQNOLFKGHQOHHUHQ7KURQDQ(LQOHHUHU 7KURQJDEHVHLQEHVVHUHV6\PEROIUGLHVHV/DQGLQGHP MHGHUPDQQ.|QLJZDUXQGLQGHPHVWURW]GHPNHLQHQJDE GHUHLQHQDQGHUHQEHKHUUVFKWH" ª'DUILFKGDUILFKPLFKHLQPDOGDUDXIVHW]HQ"©IUDJWHHU *RUJOlFKHOWHª:DUXPQLFKW"© .LPVHW]WHODQJVDP6FKULWWYRU6FKULWWJLQJGLHZHQLJHQ 6WXIHQELV]XP7KURQKLQDXIXQGQDKP]|JHUQGGDUDXI 3ODW]'DV+RO]IKOWHVLFKNKOXQGKDUWDQ(UOHKQWHVLFK ]XUFNUXWVFKWHLQHLQHEHTXHPHUH/DJHXQGOHJWHGLH +lQGHDXIGLHJODWWHQVFKPXFNORVHQ$UPVWW]HQ(LQVHOW VDPHVVFKZHU]XEHVFKUHLEHQGHV*HIKOEHUNDPLKQHLQ 6FKDXHUGRFKNHLQVHKUZRKOLJHU(LQ7KURQ0lUFKHQ PRQGV7KURQMD*RUJKDWWHUHFKWHVZDUHLQ6WXKOZLH MHGHUDQGHUHDEHUJHUDGHGDVZDUHVZDVLKQ]XHWZDV%H VRQGHUHPPDFKWH.LPVFKORGLH$XJHQ(UGDFKWHDQGHQ VFKZDU]HQ7KURQLQGHUVFKZDU]HQ)HVWH0RUJRQXQGGHU *HGDQNHOLHLKQVFKDXGHUQ9LHOOHLFKWZUGHLQQLFKWDOO]X IHUQHU=HLWVWDWWGLHVHVHLQIDFKHQ6WXKOHVDXFKKLHUHLQ VFKZDU]HUE|VHU7\UDQQHQWKURQVWHKHQ 'DV*HUlXVFKYLHOHU6FKULWWHGUDQJDQVHLQ2KU$OVHUGLH $XJHQ|IIQHWHVDKHU7KHPLVWRNOHVGHULQ%HJOHLWXQJHLQHV JXWHQ'XW]HQGVYHUVFKLHGHQDUWLJJHNOHLGHWHU0lQQHUGHQ

6DDOEHWUHWHQKDWWHXQGLQGHU7UVWHKHQJHEOLHEHQZDU(LQ YlWHUOLFKHV/lFKHOQIORJEHUVHLQ*HVLFKWDOVHU.LPDXI GHP7KURQHUEOLFNWH ª,FKVHKH©VDJWHHUªGD*RUJGLUEHUHLWVDOOHVJH]HLJWKDW© .LPQLFNWHYHUOHJHQXQGZROOWHDXIVWHKHQDEHU7KHPLVWR NOHVKLHOWLKQPLWHLQHUNQDSSHQ*HVWH]XUFNª1HLQEOHLE UXKLJZRGXELVW© .LPVFKWWHOWHGHQ.RSIVSUDQJDXIXQGOLHIGLH6WXIHQYRP 7KURQKLQXQWHU .HOKLPHUZDFKWHPLWXQZLOOLJHP%UXPPHQVWHPPWHVLFK JlKQHQGKRFKXQGVFKWWHOWHGDVPlFKWLJH+DXSWª6FKRQ (VVHQV]HLW"©NQXUUWHHU ª1RFKQLFKWDOWHU)UHXQG©VDJWH7KHPLVWRNOHVEHGDXHUQG ª$EHUHVLVWJXWGDLKUVFKRQKLHUVHLGDOOHGUHL©IJWHHU PLWHLQHP6HLWHQEOLFNDXI.LPXQGGHQ5LHVHQKLQ]X(U ZLHVPLWHLQHUHLQODGHQGHQ*HVWHDXIGLH7DIHOª1HKPW 3ODW](VJLEWHUQVWH'LQJH]XEHUHGHQ© .LPVHW]WHVLFKDXIHLQHQIUHLHQ6WXKO7KHPLVWRNOHVQDKP DP(KUHQSODW]DQGHU6WLUQVHLWH3ODW]ZlKUHQGVLFKVHLQH %HJOHLWHUDXIGLHEULJHQ6WKOHYHUWHLOWHQ ª,FKPXPLFKQRFKHLQPDOIUGLHKDVWLJH(LQEHUXIXQJGLH VHU%HUDWXQJHQWVFKXOGLJHQ©EHJDQQ7KHPLVWRNOHVª$EHUHV VLQG'LQJHJHVFKHKHQGLHNHLQHQ$XIVFKXEGXOGHQ©(U EUDFKDEXQGZDQGWHGHQ.RSIDOVYRQGHUZHVWOLFKHQ )HQVWHUIURQWHLQSROWHUQGHVVFKDUUHQGHV*HUlXVFKKHUHLQ GUDQJ$XFK.LPGUHKWHVLFKXPXQGVFKDXWHQHXJLHULJ]X GHQ)HQVWHUQKLQEHU(LQULHVLJHVURWJOKHQGHV$XJHOXJWH KHUHLQ(LQ:DVVHUIDOODXVIOVVLJHP*ROGVFKLHQYRUGHQ )HQVWHUQKHUDE]XVWU]HQDOV5DQJDULJGHUJROGHQH'UDFKH VLFKDXIGHPYLHO]XNOHLQHQ%DONRQGUDXHQQLHGHUOLH'HU 6WHLQNQDUUWHYHUGlFKWLJDEHUHUKLHOW5DQJDULJVHXI]WHDXV WLHIHU%UXVWVWUHFNWHGHQ.RSIGXUFKGDVPLWWOHUHGHUGUHL JURHQVSLW]HQ)HQVWHUKHUHLQZlKUHQGHUVLFKPLWGHQ9RU GHUIHQDXIGHQ%UVWXQJHQGHUEHLGHQDQGHUHQDXIVWW]WH ª5DQJDULJ©EHJUWH7KHPLVWRNOHVGHQ'UDFKHQª,FK GDQNHGLUGDGXJHNRPPHQELVW9HU]HLKGLH8QEHTXHP OLFKNHLWHQGLHZLUGLUEHUHLWHQPVVHQ©

5DQJDULJODFKWHHLQJHGlPSIWHVJUROOHQGHV'UDFKHQODFKHQ GDVGLHJDQ]H7DIHOHUEHEHQOLH(LQNOHLQHU6WHLQO|VWHVLFK DXVGHU'HFNHXQG]HUEDUVWDXIGHP%RGHQ]XXQ]lKOLJHQ ZLQ]LJHQ6SOLWWHUQ 7KHPLVWRNOHVUXQ]HOWHLQVDQIWHP7DGHOGLH6WLUQª*HPDFK 5DQJDULJJHPDFK©VDJWHHUª%HGHQNHGDGLHVHLQ+DXV IU0HQVFKHQLVWQLFKWIU'UDFKHQ© 5DQJDULJODFKWHZLHGHUGLHVPDOHLQELFKHQODXWHU'XUFK GLH(UVFKWWHUXQJILHOHLQ%LOGYRQGHU:DQGXQG]HUEUDFK NUDFKHQGLQ6WFNH 7KHPLVWRNOHVVHXI]WHª'XELVWZDKUVFKHLQOLFKGDVHLQ]LJH :HVHQDXIGHU:HOWGDVLPVWDQGHLVWVHLQH)HLQGHLPZDKU VWHQ6LQQHGHV:RUWHV]X7RGH]XODFKHQ©PXUPHOWHHU ZRKOZHLVOLFKVROHLVHGDGHU'UDFKHHVQLFKWK|UHQNRQQWH (UVFKDXWH]XU'HFNHKLQDXILQGHUVLFKHLQVFKPDOHUJH ]DFNWHU5LJHELOGHWKDWWHXQGVHXI]WHZLHGHU ª%HJLQQHQZLU©VDJWHHUXPHQGOLFK]XU6DFKH]XNRPPHQ ª'DVZRUXPHVJHKWLVWHUQVWJHQXJ©(UVDKGLH$QZHVHQ GHQGHU5HLKHQDFKDQ6HLQ%OLFNILHODXI.LPXQGYHUZHLOWH HWZDVOlQJHUDXILKPª'HU)HLQGZDUZlKUHQGXQVHUHU$E ZHVHQKHLWQLFKWPLJ©IXKUHUIRUWª8QVHUH%RWHQEHULFK WHQGDHLQJURHU+HHUHV]XJGDV*HELUJHYHUODVVHQKDW XQGVLFKDXIGHP:HJQDFK6GHQEHILQGHW© .LPHUVFKUDN(UKDWWHZLHVLHDOOHQLFKWGDPLWJHUHFK QHWGD%RUDDVQRFKODQJHXQWlWLJLQVHLQHP9HUVWHFNLQ GHQ%HUJHQDXVKDUUHQZUGH$EHUHUKDWWHJHKRIIWGD LKQHQZHQLJVWHQVQRFKHLQSDDU:RFKHQ*QDGHQIULVWYHU J|QQWVHLHQ'LHVH+RIIQXQJZDUQXQ]XQLFKWH ª'LH0lQQHUGLHVLFKKLHUYHUVDPPHOWKDEHQ©IXKU7KHPL VWRNOHV]X.LPJHZDQGWIRUWªVLQGGLH$EJHVDQGWHQGHU YHUVFKLHGHQHQ/lQGHUXQG9|ONHU0lUFKHQPRQGV:LU PVVHQEHUDWHQXQGHLQHQ$XVZHJILQGHQ© ª:LHYLHOH5HLWHUKDW%RUDDVDXVJHVFKLFNW"©IUDJWH.LP 7KHPLVWRNOHV]|JHUWHPLWGHU$QWZRUWª9LHOH©VDJWHHU GDQQª=XYLHOHXPVLHDXIKDOWHQ]XN|QQHQ:HLWEHU IQIWDXVHQGZHQQGLH%HULFKWHXQVHUHU.XQGVFKDIWHUVWLP PHQ©

)QIWDXVHQG5HLWHU8QGGLHVHZDUHQQXUHLQ%UXFKWHLOYRQ %RUDDV 6WUHLWNUDIW ª:DVGDVEHGHXWHWEUDXFKHLFKZRKOQLFKW]XHUNOlUHQ© IJWH7KHPLVWRNOHVKLQ]Xª'HU+DXSWDQJULIIVWHKWXQPLWWHO EDUEHYRU'DV5HLWHUKHHUKDWEHUHLWVGHQ9HUVFKZXQGHQHQ )OXEHUVFKULWWHQXQGUFNWXQDXIKDOWVDPZHLWHUQDFK6 GHQYRU© ª8QGZDVKHLWGDV"©IUDJWH.LP ª'DV5HLWHUKHHUZLUG*RU\Z\QQZHLWOlXILJXPJHKHQXQG XQVGHQ)OXFKWZHJQDFK6GHQDEVFKQHLGHQ©PLVFKWHVLFK HLQVFKODQNHUElUWLJHU0DQQLQGHUJUQHQ.OHLGXQJGHU :DOGEHZRKQHUHLQª8QGVRZLHHV6WHOOXQJEH]RJHQKDW ZLUGGHU5HVWGHU$UPHHDXVGHQ%HUJHQKHUYRUEUHFKHQXQG XQVGLUHNWDQJUHLIHQ© ª$EHUPDQPXVLH]XUFNVFKODJHQ© ª'DVN|QQHQZLUQLFKW©VDJWH7KHPLVWRNOHVEHWUEWª'X VHOEVW.LPKDVWXQVEHULFKWHWZLHPlFKWLJ%RUDDV $UPHH LVW6FKRQGLHVHIQIWDXVHQG5HLWHUVWHOOHQHLQHJU|HUH 6WUHLWPDFKWGDUDOV0lUFKHQPRQGDXIEULQJHQN|QQWH© ª8QGZHQQZLUGLH6WHSSHQUHLWHU© 7KHPLVWRNOHVVFKQLWWLKPPLWHLQHU+DQGEHZHJXQJGDV :RUWDEª&DLYDOORQOLHJWXQPLWWHOEDUDXIGHUIHLQGOLFKHQ (LQIDOOVOLQLH©VDJWHHUª9LHOOHLFKWLVWHLQ$QJULIIJHSODQW YLHOOHLFKWYHUVFKRQHQGLH6FKZDU]HQGDV6WHSSHQVFKOR DXFK$XIMHGHQ)DOON|QQHQZLUQLFKWPHKUPLW+LOIHYRQ GRUWUHFKQHQ© ª$EHUZDVN|QQHQZLUGHQQEHUKDXSWWXQ"© 7KHPLVWRNOHVVHQNWHGHQ%OLFNª1LFKWV©VDJWHHUVROHLVH GDHVNDXP]XYHUVWHKHQZDUª-HGHQIDOOVQLFKWYLHOPHKU DOVDE]XZDUWHQXQGXQVDXIGHQ$QJULIIYRU]XEHUHLWHQ© ª$EHULKUN|QQWGRFKQLFKWGLH+lQGHLQGHQ6FKROHJHQ XQG]XVHKHQZLHVLFKGDV8QKHLOEHUHXFK]XVDPPHQ EUDXW©ULHI.LPIDVVXQJVORVª,KUPWLUJHQGHWZDVWXQ 7URPPHOWHXUH9HUEQGHWHQ]XVDPPHQXQGVWHOOWHLQH$U PHHDXI6FKODJWGLHVHV5HLWHUKHHU]XUFN,FKKDEHHLQ +HHUYRQ0lQQHUQJHVHKHQDOVLFKGXUFK*RU\Z\QQJH VWUHLIWELQ©

ª'DVVWLPPW$EHU%RUDDVZDUWHWQXUGUDXIGDZLUGLH 7UXSSHQYRQ*RU\Z\QQDE]LHKHQ© ª1RFKPHKUDEHUEDXWHUGDUDXIGDLKUXQWlWLJ]XVHKWZLH GLH)DOOH]XVFKQDSSW©VDJWH.LPPLWYRU(UUHJXQJ]LWWHUQ GHU6WLPPHª6HKWLKUGHQQQLFKWZDV%RUDDVLP6LQQKDW" (UVFKOLHWHXFKHLQ(U]LHKWHLQHQ%HODJHUXQJVULQJXPGDV JDQ]H6FKOR(UEUDXFKWQLFKWHLQPDODQ]XJUHLIHQZHQQ LKUQLFKWVXQWHUQHKPW(UPXVHLQH$UPHHHLQIDFKQXUDXI PDUVFKLHUHQODVVHQXQGZDUWHQELV+XQJHUXQG'XUVWHXFK ]ZLQJHQNDPSIORVDXI]XJHEHQ© ª*RU\Z\QQLVWJUR©ZLGHUVSUDFK7KHPLVWRNOHVª8QGZLU VLQGDXIHLQH%HODJHUXQJJXWYRUEHUHLWHW:LUN|QQHQ-DKUH DXVKDOWHQ© ª8QG%RUDDVNDQQ-DKUHZDUWHQ'XZHLWGDHULQGHU VWlUNHUHQ3RVLWLRQLVW© 7KHPLVWRNOHVVHXI]WHª,FKZHLHV©PXUPHOWHHUª$EHUZLU VLQGNHLQ9RONYRQ.lPSIHUQLFKKDEHHVGLUVFKRQHLQPDO JHVDJW.LP0lUFKHQPRQGLVWHLQ/DQGGHV)ULHGHQVQLFKW GHV.ULHJHV:UGHQZLUGHLQHP9RUVFKODJIROJHQXQGGHP VFKZDU]HQ+HHUDXIRIIHQHP)HOGEHJHJQHQZLUZUGHQ MlPPHUOLFKYHUOLHUHQVHOEVWEHLHLQHU]DKOHQPlLJHQhEHUOH JHQKHLW1HLQ.LP:LUKDEHQGLHVHQ.ULHJQLFKWJHZROOW XQGZLUN|QQHQLKQQLFKWJHZLQQHQ© ª:LUKDEHQQRFK=HLW©EHKDUUWH.LPª(VZLUGQRFKHLQH :HLOHGDXHUQHKH%RUDDV +HHUYRUXQVHUHQ7RUHQVWHKW*R U\Z\QQV0DXHUQVLQGPlFKWLJXQGHVZLUGLKPVFKZHUIDOOHQ VLH]XVWUPHQ9LHOOHLFKWOlWHUVLFKZLUNOLFKDXIHLQH%HODJH UXQJHLQ$EHUVHOEVWGDQQKDEHQZLUHLQH&KDQFH:LUN|Q QHQHLQHZLUNVDPH9HUWHLGLJXQJDXIVWHOOHQ© 7KHPLVWRNOHVKREDEZHKUHQGEHLGH+lQGH ª(VKDWNHLQHQ=ZHFN.LP©VDJWHHUª9LHOOHLFKWKlWWHLFK HVGLUJOHLFKVDJHQVROOHQDEHULFKGDFKWHGXZWHVWHVEH UHLWV:LUVLQGKLHUQLFKW]XVDPPHQJHNRPPHQXP.ULHJV UDW]XKDOWHQ'HU6LQQXQVHUHU%HUDWXQJLVWHLQHQ9RU VFKODJDXV]XDUEHLWHQGHQ%RUDDVDN]HSWLHUHQNDQQ:LU ZLVVHQGDZLUNHLQH&KDQFHKDEHQDEHUZLUZROOHQGDV 9RONVFKRQHQ©

ª,KUZROOWNDSLWXOLHUHQ"©IUDJWH.LPXQJOlXELJ 7KHPLVWRNOHVQLFNWHª6RQHQQWLKUHVZRKOEHLHXFK© ª$EHULKULKUN|QQWGRFKQLFKWNDPSIORVDXIJHEHQ© ULHI.LPª,KUKDEWGDV5HLFKGHU6FKDWWHQQLFKWJHVHKHQ $EHULFK'XKDVWJHK|UW7KHPLVWRNOHVZDVLFKYRUGHP 5DWGHU:HLVHQJHVDJWKDEH,KUZLWQLFKWZDV%RUDDVDXV HXUHPVFK|QHQ/DQGXQGVHLQHQJOFNOLFKHQ%HZRKQHUQ PDFKHQZLUG1LFKWVZLUGPHKUVRVHLQZLHHVMHW]WLVW ,KU© :LHGHUXQWHUEUDFKLKQ7KHPLVWRNOHVPLWHLQHUEHJWLJHQGHQ *HVWHª'RFK.LP©VDJWHHUª:LUZLVVHQHV$EHUDXFK ZHQQZLUXQVZLGHUVHW]HQZLUG0lUFKHQPRQG]HUVW|UW 'HU8QWHUVFKLHGOLHJWQXULQHLQSDDU:RFKHQ8QGLQGHU $Q]DKOGHU7RWHQGLHHLQVLQQORVHU.DPSINRVWHW© ª$EHUHULVWQLFKWVLQQORV©EHJHKUWH.LPDXIª,FKNDQQ HXFKKHOIHQ,FKNDQQ:DIIHQNRQVWUXLHUHQ'RUWZRLFK KHUNRPPHJLEWHVVFKUHFNOLFKH:DIIHQ© ª-D.LPGXVDJVWHVVHOEVW6FKUHFNOLFKH:DIIHQ$EHUDXFK ZHQQZLUVLHHLQVHW]HQZROOWHQHXUH:DIIHQZUGHQKLHU QLFKWIXQNWLRQLHUHQ9LHOOHLFKWZUGHQVLHVLFKVRJDUJHJHQ XQVVHOEVWZHQGHQ8QGDQJHQRPPHQZLUZUGHQGLHVHQ .ULHJDXIVROFKH:HLVHJHZLQQHQ0lUFKHQPRQGZlUH KLQWHUKHUQLFKWPHKUZDVHVZDU(VZUGH]XHLQHP(EHQ ELOGGHLQHU:HOW.LP8QGLUJHQGZDQQZUGHHLQQHXHU %RUDDVDXIVWHKHQXQGHUZUGHXQVPLWGHQJOHLFKHQ:DI IHQDQJUHLIHQGLHGXXQVJHEUDFKWKDVW9LHOOHLFKWZUGHQ ZLULKQZLHGHUVFKODJHQDEHUZLUPWHQQHXH:DIIHQHQW ZLFNHOQVWlUNHUHXQGLPPHUVWlUNHUHXQGVRZUGHHVZHL WHUJHKHQELVGLHVH:HOWY|OOLJ]HUVW|UWLVW'XZHLWGDLFK GLH:DKUKHLWVSUHFKH'XVWDPPVWDXVHLQHU:HOWGLHGLHVHQ :HJEHVFKULWWHQKDWVFKRQYRUODQJHU=HLW%RUDDVPDJ XQVEHVLHJHQXQGHUZLUGYLHOOHLFKWDXFK0lUFKHQPRQG]X HLQHP5HLFKGHV6FKUHFNHQVPDFKHQVRZLHHUGDV6FKDW WHQUHLFKYHUZDQGHOWH$EHUZDUVWQLFKWGXHVGHUPLUYRQ $GRXQGVHLQHP9DWHUGHP7PSHON|QLJHU]lKOWH"+DVW GXQLFKWVHOEVWHUOHEWGDVRJDUGRUWGUEHQLQPLWWHQDOOGHV 6FKUHFNHQVQRFK:HVHQOHEHQGLHKRIIHQ",UJHQGZDQQ

.LPYLHOOHLFKWLQKXQGHUWYLHOOHLFKWLQWDXVHQGRGHU]HKQ WDXVHQG-DKUHQZLUG%RUDDV +HUUVFKDIWHQGHQXQGDXVGHQ 7UPPHUQVHLQHV5HLFKHVZLUGHLQQHXHV0lUFKHQPRQGHU VWHKHQ(VLVWQLFKWGDVHUVWH0DOLQGLHVHPHZLJHQ5LQJHQ GDGDV%|VHGLH0DFKWDQVLFKUHLW$EHUHVZlUHDXFK QLFKWGDVHUVWH0DOGDZLUDP(QGHVLHJHQ*LQJHQZLU GHLQHQ:HJN|QQWHQZLU%RUDDVYLHOOHLFKWVRJDUYHUQLFKWHQ DEHUZLUZUGHQXQVVHOEVWXQVHUH=XNXQIWVWHKOHQ1LHZLH GHUZUGH0lUFKHQPRQG]XGHPZHUGHQZDVHVLVWXQG ZDU© (UKLHOWHUVFK|SIWLQQH/DQJH=HLWVSUDFKQLHPDQGXQG DXFK.LPVDJWHDOOGLH'LQJHGLHLKPZlKUHQG7KHPLVWR NOHV 5HGHGXUFKGHQ.RSIJHJDQJHQZDUHQQLFKW(VZROOWH HLQIDFKQLFKWLQVHLQHQ.RSIGD7KHPLVWRNOHVMHW]WUHVL JQLHUWH(VJLQJKLHUGRFKXPHLQHQ.DPSIXPVhEHUOHEHQ 'LHVHV=DXGHUQGLHYHUPHLQWOLFKH6FKZlFKHXQG8QVLFKHU KHLWSDWHQQLFKW]XGHP%LOGGDV.LPVLFKYRQGHPDOWHQ =DXEHUHUJHPDFKWKDWWH)DVWVRGDFKWHHUHUVFKURFNHQIDVW NRQQWHHUGDMD%RUDDVQRFKEHVVHUYHUVWHKHQ 5DQJDULJEUDFKVFKOLHOLFKGDV6FKZHLJHQ ª:RKOJHVSURFKHQ+HUUYRQ*RU\Z\QQ©VDJWHGHUJROGHQH 'UDFKHª'RFKEHGHQNHGDHV=HLWHQJLEWLQGHQHQPDQ PLWDOWHQ7UDGLWLRQHQEUHFKHQPX© 7KHPLVWRNOHVVDKGHQ'UDFKHQQDFKGHQNOLFKDQª:LH PHLQVWGXGDV5DQJDULJ"© 5DQJDULJZLHJWHGHQ6FKlGHOGDGLH6lXOHQUHFKWVXQG OLQNVGHV)HQVWHUVNQLUVFKWHQXQG6WDXEYRQGHU'HFNHULH VHOWHª8QVHUMXQJHU)UHXQGKDWQLFKWLQDOOHPXQUHFKWZDV HUVDJW7KHPLVWRNOHV(VZlUHXQNOXJYRUVFKQHOODXI]XJH EHQ© ª:HQQGXHLQHQ$XVZHJZHLW©VDJWH7KHPLVWRNOHVªGDQQ UHGH© ª:WHLFKHLQHQKlWWHLFKLKQGLUEHUHLWVJHQDQQW©DQW ZRUWHWHGHU'UDFKHª$EHUHVJLEWHLQ:LVVHQGDVEHUGHP GHLQHQXQGGHPPHLQHQVWHKW%HIUDJHGDV2UDNHO© ª'DV2UDNHO"©IUDJWH.LPGHUVHLQH1HXJLHUGHQLFKWEH ]lKPHQNRQQWHª:DVLVWGDV"©

7KHPLVWRNOHVDQWZRUWHWHQLFKWVRIRUW(UGUHKWHGHQ.RSI XQGEFNWHQDFKGHQNOLFKGHQOHHUHQ7KURQDQ ª(LQ0lUFKHQ©PXUPHOWHHUVFKOLHOLFKª(LQHDOWH6DJH PHKUQLFKW(VKHLWGDGLHEHLGHQVWHLQHUQHQ5DEHQVSUH FKHQZHUGHQZHQQGDV/DQGLQJURHU1RWLVW© ª(LQH6DJH"6RZLHGHU6FKZDU]H/RUG"© .LPZROOWHQRFKPHKUIUDJHQDEHULQGLHVHP0RPHQWJH VFKDKHWZDV6HOWVDPHV (LQKHOOHUVFKZLQJHQGHU7RQDOVZUGHLUJHQGZRHLQ JLJDQWLVFKHV*ODVDQJHVFKODJHQHUIOOWHGHQ5DXPXQGHLQH HLJHQDUWLJHDXHULUGLVFKH.lOWHEHJDQQLQ.LPHPSRU]X NULHFKHQ(UZROOWHGLH+DQGKHEHQDEHUHVJLQJQLFKW ,UJHQGHWZDVHLQHXQVLFKWEDUHXQGXQZLGHUVWHKOLFKH*HZDOW VFKLHQQDFKVHLQHP.|USHU]XJUHLIHQXQGVHLQHQ:LOOHQ DXV]XVFKDOWHQ:LHHLQH0DULRQHWWHDQGHUHQ)lGHQHLQXQ VLFKWEDUHU6SLHOHU]RJHUKREHUVLFKYRQVHLQHP6WXKOXQG JLQJDQGHUVWDXQHQGHQ7DIHOUXQGHYRUEHLDXIGHQOHHUHQ 7KURQ]X

;,, $WHPORVH6WLOOHEUHLWHWHVLFKLP6DDODXVDOV.LPPLWODQJVD PHQURERWHUKDIWHQ6FKULWWHQDXIGHQ7KURQ]XJLQJ'LH EHLGHQVWHLQHUQHQ6lXOHQUHFKWVXQGOLQNVGHV7KURQVHVVHOV EHJDQQHQLQHLQHPNDOWHQZHLHQ)HXHU]XJOKHQXQGGHU VFKZLQJHQGH7RQZXUGHODXWHUXQGGXUFKGULQJHQGHUELVHU MHGHHLQ]HOQH)DVHUVHLQHV.|USHUV]XP6FKZLQJHQJHEUDFKW KDWWH(LQNDEEHOQGHVXQDQJHQHKPHV*HIKOEUHLWHWHVLFK YRQGHQ=HKHQXQG)LQJHUVSLW]HQDXVJHKHQGLQVHLQHP .|USHUDXV'DV%LOGYRUVHLQHQ$XJHQYHUVFKZDPPEHU ]RJVLFKPLWJUDXHQ1HEHOVFKZDGHQXQGVFKUXPSIWH]XVDP PHQELVHUEHLQDKEOLQGZDUXQGQXUQRFKHLQHQZLQ]LJHQ KHOOHQ)OHFNYRUVLFKHUNDQQWHLQGHVVHQ=HQWUXPGHUOHHUH 7KURQVWDQG.LPJLQJGDUDXI]XOLHVLFKDXIGHPKDUWHQ +RO]QLHGHUXQGOHKQWHVLFK]XUFN'HU6WXKOIKOWHVLFK GLHVPDOQLFKWNDOWDQVRQGHUQZDUPXQGZHLFKXQGIU HLQHQ0RPHQWGXUFKVWU|PWH.LPHLQ*HIKOGHU0DFKW ZLHHUHVQLH]XYRULQVHLQHP/HEHQJHNDQQWKDWWH)UHLQHQ NXU]HQ$XJHQEOLFNGDVVSUWHHUSO|W]OLFKZDUGLHVHU 7KURQPHKUDOVHLQOHHUHU6HVVHOHUZDUZLUNOLFKGHU7KURQ YRQ0lUFKHQPRQGYRQGHPDXVGLHVHVJDQ]HJHZDOWLJH 5HLFKUHJLHUWZXUGH 'DVNDOWH)HXHUGHUVWHLQHUQHQ6lXOHQ]XEHLGHQ6HLWHQEH JDQQVWlUNHU]XJOKHQ8QGGDQQK|UWH.LPXQGHUZDU YRQDOOHQ$QZHVHQGHQZRKODPPHLVWHQHUVWDXQWVHLQH HLJHQH6WLPPH:RUWHVSUHFKHQGLHLKPHLQK|KHUHUVWlUNH UHU:LOOHDOVGHUVHLQHHLQJDE ª1RFKQLHPDOV]XYRUVHLWGLH7RUHGHU=HLW© EHJDQQHUPLWIHVWHUUXKLJHU6WLPPH

ªJH|IIQHWGDV/HEHQEHUHLW ZDUJU|HUGLH1RWXQGPHKUGHU*HIDKU XQG0lUFKHQPRQGV0HQVFKHQGHU+LOIHEDU %RUDDVGHU6FKZDU]H+HUUGHU1DFKW VHW]WDQQXQ]XP6WXUPGDV*UDXHQHUZDFKW 2E.lPSIHURE'HQNHURE0HQVFKRGHU7LHU QLHPDQGEULQJW5HWWXQJQXUHLQHULVWKLHU (LQ.QDEHQRFKMXQJGRFK6WlUNHLP+HU]HQ NDPEHUGLH=HLWHUUHLFKWHXFKPLW6FKPHU]HQ :HLWZDUVHLQ:HJXQGVWHLQLJGHU3IDG GHUKHULKQJHIKUW]XEULQJHQHXFK5DW 1XUHUXQGNHLQDQGUHUNHLQ:HVHQDXI(UGHQ NDQQMHW]WQRFKHXFK0HQVFKHQ]XU5HWWXQJZHUGHQ 1XUHUNHQQWGHQ6FKOVVHOGHQ:HJQDFKREHQ ]XP+HUUVFKHUGHP.|QLJGHU5HJHQERJHQ© .LPVDQNHUVFK|SIW]XUFN6HLQ.RSIIKOWHVLFKOHHUDQ XQGLQVHLQHP'HQNHQZDULUJHQGHWZDV)UHPGHVHLQ*H IKODOVKlWWHHUHWZDVYHUORUHQDOVZlUHGDIUZHQLJH IOFKWLJH$XJHQEOLFNHGLH%HUKUXQJHLQHUJURHQVDQIWHQ +DQGJHZHVHQGLHQXQYHUVFKZXQGHQZDUXQGHLQH VFKPHU]OLFKH/HHUHKLQWHUODVVHQKDWWH(U|IIQHWHGLH$XJHQ YHUNUDPSIWHGLH+lQGHXPGLH$UPOHKQHQXQGVDQNPLW HLQHPVFKZDFKHQ6HXI]HU]XUFN1LFKWQXUVHLQH*HGDQ NHQDXFKVHLQ.|USHUZDUOHHUXQGZLHDXVJHODXJWDOVKlW WHQGLHZHQLJHQ:RUWHGLHHUJHVSURFKHQKDWWHVHLQHJDQ]H .UDIWDXIJH]HKUW(UVDKZLHGDVVDQIWH*OKHQGHU6WHLQ VlXOHQHUORVFKXQG7KHPLVWRNOHVDXVVHLQHU6WDUUHHUZDFKWH XQGPLWEHVRUJWHU0LHQHDXILKQ]XHLOWH .LPULFKWHWHVLFKPKVDPDXIXQGVFKRE7KHPLVWRNOHV KLOI UHLFKDXVJHVWUHFNWH+DQGEHLVHLWHª(VJHKWVFKRQ©VDJWHHU PLWVFKZDFKHU6WLPPH(UVWDQGDXIPDFKWHHLQHQ6FKULWW XP7KHPLVWRNOHV]XEHZHLVHQGDHUDXVHLJHQHU.UDIWJH KHQNRQQWHXQGZlUHGHU/lQJHQDFKKLQJHIDOOHQZHQQ 7KHPLVWRNOHVLKQQLFKWPLWHLQHUJHLVWHVJHJHQZlUWLJHQ%H ZHJXQJDXIJHIDQJHQKlWWH'HU5DXPEHJDQQVLFKXPLKQ ]XGUHKHQ,KPVFKZLQGHOWHXQGVHLQ+HU]KlPPHUWHPLW

HLQHP0DOVRKHIWLJXQGVFKQHOOGDHUGLH6FKOlJHELVLQ GLH)LQJHUVSLW]HQ]XVSUHQJODXEWH(UPHUNWHNDXPZLH 7KHPLVWRNOHVLKQKRFKKREXQG]XP7LVFK]XUFNWUXJXP LKQEHKXWVDPDXIHLQHUGHU6WKOH]XVHW]HQ $EHUGHU6FKZlFKHDQIDOOJLQJVRUDVFKYRUEHUZLHHUJH NRPPHQZDU'LH1HEHOYRU.LPV$XJHQOLFKWHWHQVLFKXQG DOVHUDXIEOLFNWHVDKHULQGLH*HVLFKWHUGHUDQGHUHQGLHVLFK EHULKQEHXJWHQXQGEHVRUJWDXILKQKHUXQWHUVFKDXWHQ ª:DVZDUGDV"©PXUPHOWHHUYHUZLUUW ª'DV2UDNHO©VDJWH7KHPLVWRNOHVª(VVSUDFKDXVGHLQHP 0XQG©(UVFKWWHOWHUDWORVGHQ.RSI'DQQZDUIHU5DQJD ULJHLQHQVFKDUIHQ%OLFN]Xª+DVWGXGDPLW]XWXQ"© ª1HLQ7KHPLVWRNOHV$XFKPLUVLQGGLH*HKHLPQLVVHGHV 2UDNHOVYHUVFKORVVHQ$EHUPDQFKPDOVHKHLFKGHQ:HJ GHU]XJHKHQLVWNODUHUDOVLKU© 7KHPLVWRNOHVVWDUUWHQDFKGHQNOLFKYRUVLFKKLQª'HU.|QLJ GHU5HJHQERJHQ©PXUPHOWHHU ª:DVEHGHXWHWGDVDOOHV"©IUDJWH.LPª,FKKDEHGLH:RUWH ]ZDUJHVSURFKHQDEHULFKYHUVWHKHVLHQLFKW© ª1LHPDQGYHUVWHKWVLH.LP©HUNOlUWH7KHPLVWRNOHVEHWUEW ª$EHUZLHHVVFKHLQWOHEHQZLULQHLQHU=HLWGHU:XQGHU GHUVDJHQKDIWHQ(UVFKHLQXQJHQ'HU.|QLJGHU5HJHQERJHQ JHK|UWDXFKGD]X1LHPDQGZHLHWZDVEHULKQ(VKHLW HUUHVLGLHUWDP(QGHGHU=HLWLQHLQHUKHUUOLFKHQ%XUJDXV /LFKWXQG)DUEHQQRFKXQJOHLFKSUlFKWLJHUDOV*RU\Z\QQ XQGHUVROOXQYRUVWHOOEDUPlFKWLJXQGZHLVHVHLQ$EHUNHLQ %HZRKQHU0lUFKHQPRQGVKDWLKQMHPDOVJHVHKHQ© ª$EHUGHU:HJ]XLKPLVWEHNDQQW©ZDUIGHU'UDFKHHLQ ª(ULVWZHLWXQGQRFKNHLQHPLVWHVJHOXQJHQLKQELV]XP (QGH]XJHKHQ© 7KHPLVWRNOHVDWPHWHK|UEDUHLQª6FKZHLJ5DQJDULJ'X ZHLWQLFKWZDVGXVSULFKVW© ª:DUXPQLFKW"©IUDJWH.LP3O|W]OLFKKDWWHHUGDVVLFKHUH *HIKOGD7KHPLVWRNOHVLKPHWZDVYHUVFKZLHJ ª(VLVWXQP|JOLFK©VDJWHGHU=DXEHUHUª5DQJDULJVROOWHHV EHVVHUZLVVHQ1XUHLQNXU]HV6WFNGHV:HJHV]XU5HJHQ ERJHQEXUJLVWEHNDQQWXQGVFKRQDXIGLHVHP6WFNODXHUQ

PHKU*HIDKUHQDOVHLQHLQ]HOQHU0HQVFK]XPHLVWHUQLP VWDQGHLVW© ª%HVFKUHLEHVLHPLU©YHUODQJWH.LP 7KHPLVWRNOHVUXQ]HOWHXQZLOOLJGLH6WLUQª'XEHJLQQVWGLFK ]XEHUVFKlW]HQ.LP©VDJWHHU ª,FKKDOWHPLFKQXUDQGLH:RUWHGHV2UDNHOV© 7KHPLVWRNOHVVFKWWHOWHGHQ.RSIª'DV2UDNHOKDWODQJH =HLWJHVFKZLHJHQ©VDJWHHUªVRODQJHGDVLFKQLHPDQG PHKUGDUDQHULQQHUQNDQQZDQQHVGDVOHW]WH0DO]XGHQ 0HQVFKHQYRQ0lUFKHQPRQGJHVSURFKHQKDWXQGLFKPX JHVWHKHQGDDXFKLFKVFKRQEHJRQQHQKDEHGHQ*ODXEHQ GDUDQ]XYHUOLHUHQ$EHUZLUZLVVHQGDHVRIWLQ5lWVHOQ XQG*OHLFKQLVVHQJHVSURFKHQKDW:DVHVVDJWLVWQLFKWLP PHUVHLQHPYRUGHUJUQGLJHQ6LQQQDFK]XYHUVWHKHQ8QG HVZDUPLWNHLQHP:RUWGLH5HGHGDYRQGDGXGLH5HLVH GRUWKLQDQWUHWHQVROOWHVW.LP'XWUlJVWGHQ6FKOVVHO]XU 5HWWXQJLQGLUDEHUGLHVHU6FKOVVHONDQQHLQ*HGDQNHVHLQ HLQ:RUWGDVGXLPUHFKWHQ0RPHQWVSULFKVWLUJHQGHW ZDV'LFKEHUHLOWJHKHQ]XODVVHQKLHHGLFKLQGHQVL FKHUHQ7RG]XVFKLFNHQ'HU:HJ]XP(QGHGHU:HOWLVW ZHLWXQGYROOEHNDQQWHUXQGXQEHNDQQWHU*HIDKUHQ© ª'HU:HJDXIGHPLFKKHUNDPZDUDXFKQLFKWJDQ]KDUP ORV©HULQQHUWH.LP ª7URW]GHP©7KHPLVWRNOHVVFKWWHOWHVW|UULVFKGHQ.RSI ª'XPWHVWGXUFKGLH.ODPPGHU6HHOHQXQGEHUGHQ 9HUVFKZXQGHQHQ)OXGRUWZRHUDPWLHIVWHQXQGUHLHQG VWHQLVW8QGVHOEVWZHQQGXGLHVH*HIDKUHQEHUZlQGHVW KlWWHVWGXHVQRFKQLFKWJHVFKDIIW'HU:HJIKUWZHLWHU GXUFKGLH(LVLJH(LQ|GHYRUEHLDP6FKOR:HOWHQGHXQG GDQQZlUVWGXQRFKQLFKWDP=LHO1LHPDQGZHLZDVGLFK GDKLQWHUHUZDUWHWZHLOQRFKNHLQHUGHUVRZHLWNDPMHPDOV ]XUFNJHNHKUWLVW© ª$EHUHVLVWXQVHUHHLQ]LJH&KDQFH© ª0DJVHLQ$EHUGDV2UDNHOLQ(KUHQLFKODVVHHVQLFKW]X GDGXJHKVW'DV5LVLNRLVW]XJUR©7KHPLVWRNOHVVWUDIIWH VLFKXQGVDJWHª1LHPDOV©LQHLQHP7RQGHUNHLQHQ:LGHU VSUXFKPHKUGXOGHWH

.LPZDQGWHVLFKKLOIHVXFKHQGDQ5DQJDULJ$EHUDXFKGHU JROGHQH'UDFKHVHQNWHQXUWUDXULJGDV+DXSWª7KHPLVWR NOHVKDWUHFKW©JUROOWHHUª'LH:RUWHGHV2UDNHOVVLQG PDQFKPDOVFKZHU]XYHUVWHKHQ© ª,FKYHUVWHKHVLHLQ]ZLVFKHQUHFKWJXW© 5DQJDULJIDXFKWHOHLVHª9LHOH2IIHQEDUXQJHQGHV2UDNHOV ZXUGHQQLHPDOVYHUVWDQGHQ'LHZHLVHVWHQ0lQQHUVLQG GDUDQJHVFKHLWHUWZHLVHUHDOVGXHLQHUELVWNOHLQHU+HOG© VDJWHHUVS|WWLVFKª'HU:HJ]XP(QGHGHU:HOWLVWYLHOHQ JURHQ+HOGHQ]XP9HUKlQJQLVJHZRUGHQ'LHPHLVWHQND PHQEHUGLH.ODPPGHU6HHOHQQLFKWKLQDXVXQGGLHZHQL JHQGHQHQHVJHODQJVLH]XEHUZLQGHQXQGVLFKGHP9HU VFKZXQGHQHQ)OXDQ]XYHUWUDXHQZXUGHQQLHPHKUJHVH KHQ© ª'LH.ODPPGHU6HHOHQ©IUDJWH.LPªZDVLVWGDV"© ª(LQH6FKOXFKWWLHIHUDOVLUJHQGHLQHDQGHUH©DQWZRUWHWH 7KHPLVWRNOHVª6LHLVWVRWLHIGDNHLQ6RQQHQVWUDKOLKUHQ *UXQGHUUHLFKW.HLQH%UFNHIKUWKLQEHU,QGLHVHU 6FKOXFKWKDXVWHLQVFKUHFNOLFKHV8QJHKHXHU© ª6RRRRVFKUHFNOLFKQXQDXFKZLHGHUQLFKW©OLHVLFK5DQ JDULJYHUQHKPHQ 7KHPLVWRNOHVOlFKHOWHQDFKVLFKWLJZXUGHDEHUJOHLFKZLHGHU HUQVWª$XIGHP*UXQGGLHVHU6FKOXFKW©IXKUHUIRUWªKDXVW GHU7DW]HOZXUP1RFKNHLQ0HQVFKKDWLKQEHUZXQGHQ XQGQXUZHQLJHQLVWHVJHOXQJHQLKQ]XEHUOLVWHQ© ª:DVLVWHLQ7DW]HOZXUP"© ª(LQPLUDWHQHU9HWWHUYRQPLU©IDXFKWH5DQJDULJ ª(LQ'UDFKH©VDJWH7KHPLVWRNOHVRKQHDXIGLH%HPHUNXQJ GHVJROGHQHQ'UDFKHQHLQ]XJHKHQª$EHUDQGHUVDOV5DQJD ULJ(ULVWULHVLJGDVVFKUHFNOLFKVWH8QJHKHXHUGDVMHPDOVLP /DQGH0lUFKHQPRQGJHERUHQZXUGH1LFKWHLQPDO%RUDDV ZUGHHVZDJHQVLFKPLWLKP]XPHVVHQ© ª%RUDDVQLFKW©PXUUWH5DQJDULJªDEHU© ª1HLQ5DQJDULJ©VDJWH7KHPLVWRNOHVEHVWLPPWª,FKZHL GDGXGHLQ/HEHQGDIUHLQVHW]HQZUGHVWXQV]XUHWWHQ $EHUGHLQ2SIHUZlUHVLQQORV1LFKWHLQHUXQWHUXQV]ZHLIHOW DQGHLQHP0XWXQGGHLQHU6WlUNHGRFKQLFKWHLQPDOGX

N|QQWHVWGHQ7DW]HOZXUPEHVLHJHQ*ODXEHPLUDOWHU )UHXQGZLUZHUGHQHLQHQDQGHUHQ:HJILQGHQ© 5DQJDULJVFKZLHJEHOHLGLJW7KHPLVWRNOHVJLQJ]XVHLQHP 6WXKO]XUFNXQGOLHVLFKVHXI]HQGGDUDXIQLHGHU ª,FKNDQQGLFKQLFKWJHKHQODVVHQ.LPVROHLGHVPLUWXW 'DVLVWPHLQOHW]WHV:RUW© 9LHU7DJHYHUJLQJHQLQGHQHQ.LP7KHPLVWRNOHVLPPHU ZLHGHUEHVWUPWHRKQHDQGHVVHQXQQDFKJLHELJHP1HLQHW ZDVlQGHUQ]XN|QQHQ(UVDK7KHPLVWRNOHVVHOWHQ'HU =DXEHUHUHLOWHYRQHLQHUZLFKWLJHQ%HUDWXQJ]XUDQGHUHQ XQG.LPYHUWULHEVLFKGLH=HLWGDPLWGLH0lUFKHQEXUJ *RU\Z\QQHWZDVJUQGOLFKHU]XHUIRUVFKHQ)DVWLPPHUEH JOHLWHWHQLKQ*RUJXQG.HOKLPXQGZHQQHUVLFK]X$QIDQJ DXFKHWZDVJHJlQJHOWYRUNDPVRZDUHULP*UXQGHGRFK IURKLQGHPULHVLJHQYROOIUHPGHU0HQVFKHQXQGZXQGHU EDUHU'LQJHVWHFNHQGHQ.ULVWDOOVFKORQLFKWDOOHLQ]XVHLQ $XFKQDFKGLHVHQYLHU7DJHQKDWWHHU*RU\Z\QQQXU]X HLQHPNOHLQHQ7HLONHQQHQJHOHUQW'DV6FKORZDUHLQIDFK ]XJUR]XZHLWOlXILJ9HUPXWOLFKKlWWHHU-DKUHJHEUDXFKW HVJDQ]]XHUIRUVFKHQ(UYHUEUDFKWHYLHO=HLWEHL5DQJDULJ GHPJROGHQHQ'UDFKHQKDOELQGHU+RIIQXQJYRQLKP PHKUEHUGLH.ODPPGHU6HHOHQXQGLKUHQVFKUHFNOLFKHQ %HZRKQHU]XHUIDKUHQ$EHU5DQJDULJVFKZLHJEHKDUUOLFK 6FKOLHOLFKYHUORU.LPGLH*HGXOGXQGZDUIGHP'UDFKHQ YRUHUVHLZRKO]XIHLJHXPZLUNOLFK)DUEH]XEHNHQQHQ 5DQJDULJIDXFKWHHLQELFKHQXQGHUNOlUWHGDQQHUZUGH .LPKHOIHQVREDOGHUVHOEVWEHUHLWVHLXQGNHLQHQ$XJHQ EOLFNIUKHU.LPGDFKWHODQJHEHUGLHVH%HPHUNXQJQDFK RKQHLKUHQ6LQQZLUNOLFK]XYHUVWHKHQ 6HLQHUXKHORVH:DQGHUXQJIKUWHLKQDP1DFKPLWWDJGHV YLHUWHQ7DJHVELVDXIGLH6SLW]HGHVK|FKVWHQ7XUPHV(V ZDUHLQHODQJHXQGDQVWUHQJHQGH.OHWWHUHLXQGDXFK .HOKLPGHULKQEHJOHLWHWHXQGDXIVHLQHQLP9HUJOHLFK]X VHLQHP.|USHUNXU]HQSOXPSHQ%HLQHQGLHXQ]lKOLJHQ6WX IHQKLQDXIWDSSWHZDUDP(QGHHUVFK|SIWXQGDXHU$WHP $EHUHVKDWWHVLFKJHORKQW'HU$XVEOLFNGHUVLFKLKQHQERW

HQWVFKlGLJWHVLHUHLFKOLFKIUGLHPKVDPH.OHWWHUHL(LQH EUXVWKRKH0DXHUDXVKHOOEODXHP.ULVWDOOJODVXPJDEGLHRI IHQH3ODWWIRUPGHV7XUPHV9RQKLHUREHQZLUNWHQGLH PlFKWLJHQ:lOOHXQG6FKXW]DQODJHQ*RU\Z\QQVZLH6SLHO ]HXJ'HUVLOEHUQH6HHODJVSLHJHOJODWWXQWHULKQHQXQG VHOEVWGLHUHLHQGHQ)OXWHQGHV9HUVFKZXQGHQHQ)OXVVHV VFKLHQHQYRQKLHUDXVIULHGOLFKXQGVDQIW .LPVWW]WHVLFKPLWGHQ(OOERJHQDXIGHU%UVWXQJDXIXQG EHXJWHVLFKYRU'LHJHVFKOLIIHQH)ODQNHGHV7XUPHVVWU]WH XQWHULKPHWZD]ZHLKXQGHUW0HWHULQGLH7LHIHXQGYHU VFKPRO]PLWGHQVLOEHUQHQ)OXWHQGHV6HHV(LQ0|ZHQ VFKZDUPNUHLVWHEHUGHP:DVVHU6HLQ*HVFKUHLZDUELV KLHUKHUDXI]XK|UHQXQGDEXQG]XVWLHHLQHUGHUZHLHQ 9|JHOSIHLOVFKQHOOKLQDEXPVLFKHLQHQ/HFNHUELVVHQDXV GHP6HH]XILVFKHQ .LPEOLQ]HOWHLQGLH6RQQHXQGGUHKWHGDQQGHQ.RSIXP ]XU)OXPQGXQJKLQEHU]XEOLFNHQ ª:LHNRPPWGHU9HUVFKZXQGHQH)OXHLJHQWOLFK]XVHLQHP 1DPHQ"©IUDJWHHU .HOKLPOHJWHQHEHQLKPGHQ.RSIDXIGLHJOlVHUQH%UVWXQJ XQGEUXPPWHOHLVHª6LHKGLUHLQPDOGHQ6HHDQ)lOOWGLU QLFKWVDXI"© .LPVFKDXWHDXIPHUNVDPDXIGLHVWLOOGDOLHJHQGH)OlFKHGHV 6HHVKLQXQWHUNRQQWHDEHUEHLPEHVWHQ:LOOHQQLFKWV$XIIlO OLJHVHQWGHFNHQ ª1HLQ©VDJWHHU ª(UKDWNHLQHQ$EIOX© .LPVDKGHQ%lUHQYHUGXW]WDQ.HOKLPKDWWHUHFKW'HU6HH KDWWHWDWVlFKOLFKNHLQHQ$EIOX$EHULUJHQGZRPXWHQGLH :DVVHUPDVVHQGLHGHU9HUVFKZXQGHQH)OXPLWVHLQHUJH ZDOWLJHQ6WU|PXQJKHUHLQWUXJGRFKEOHLEHQ ª'HU)OX©HUNOlUWH.HOKLPQDFKGHPHU.LPHLQH:HLOH KDWWHKHUXPUlWVHOQODVVHQªHUJLHWVLFKLQGHQ6HHXQGIOLHW YRQGDDQXQWHULUGLVFKZHLWHU1LHPDQGKDWLKQMHHUIRUVFKW DEHUGHU6WU|PXQJQDFK]XVFKOLHHQPXHVHLQJHZDOWLJHV XQWHULUGLVFKHV+|KOHQV\VWHPJHEHQGXUFKGDVHUZHLWHU QDFK:HVWHQIOLHW(UVWQDFKHLQLJHQWDXVHQG0HLOHQWULWWHU

ZLHGHU]XWDJHXQGDXFKGDQQQXUIUHLQNXU]HV6WFN(U IOLHWXQWHUGHU.ODPPGHU6HHOHQKLQGXUFK$QLKUHP (QGHQDKHGHU+|KOHGHV7DW]HOZXUPVEHILQGHWVLFKHLQ NOHLQHU6HH9RQGRUWYHUOlXIWGDV)OXEHWWZLHGHUXQWHULU GLVFKZHLWHU©(UEOLQ]HOWH.LPPLWVHLQHPHLQ]LJHQ$XJH ]Xª:HLWGXQXQZDVGXZLVVHQZROOWHVW"© .LPVHQNWHYHUOHJHQGHQ%OLFN(UPHUNWHZRKOGDLKQ .HOKLPGXUFKVFKDXWKDWWH ª,FKZHLZRUDQGXGHQNVW©IXKUGHU%lUVHKUHUQVWIRUW ª$EHUGXVROOWHVWGHQ3ODQIDOOHQODVVHQ'XNDQQVWQLFKWDXI HLJHQH)DXVWORV]LHKHQ6HOEVWZHQQHLQ:XQGHUJHVFKlKH XQGGX*RU\Z\QQYHUODVVHQN|QQWHVWRKQHHUZLVFKW]X ZHUGHQZUGHVWGXGLFKKRIIQXQJVORVYHULUUHQODQJHEHYRU GXGLH.ODPPGHU6HHOHQHUUHLFKVW8QGGXZUGHVWQLH PDQGHQILQGHQGHUGLUGHQ:HJZHLVW'LH0HQVFKHQ IUFKWHQGLH6FKOXFKWXQGPHLGHQLKUH8PJHEXQJ$XHU GHP©IJWHHUKLQ]XªVLQGGDQRFKGLHVFKZDU]HQ5HLWHU 'XELVWLKQHQHLQPDOHQWNRPPHQ2EHVGLUHLQ]ZHLWHV0DO JHOLQJW© .LPVHXI]WH.HOKLPKDWWHUHFKWQDWUOLFK6RZLHMHGHU UHFKWKDWWH7KHPLVWRNOHV5DQJDULJ+DUNYDQ3ULZLQQ $EHUDOOH9HUQXQIWXQGDOOHV5HFKWKDEHQZUGHQLKQHQ OHW]WOLFKQLFKWVJHJHQ%RUDDVQXW]HQ (UOHKQWHVLFKVFKZHUDXIGLH%UVWXQJXQGVWDUUWHEHUGHQ 6HH3O|W]OLFKVWXW]WHHU(UIXKUVLFKPLWGHU+DQGEHUGLH $XJHQEHXJWHVLFKZHLWYRUXQGVFKDXWHNRQ]HQWULHUW]XU )OXPQGXQJKLQEHU ª.HOKLP©ULHIHUDXIJHUHJWª6LHK:DVLVWGDV"©(UGHXWHWH PLWGHP$UPDXIHLQH$Q]DKONOHLQHU3XQNWHGLHDXIGHU VFKQHOOHQ6WU|PXQJKHUDQJHVFKRVVHQNDPHQ .HOKLPVFKDXWHLQGLHDQJHJHEHQH5LFKWXQJª,FKPDJPLFK WlXVFKHQ©EUXPPWHHUªDEHUHVVLHKWVRDXVDOVZlUHQGDV )O|H9LHOH)O|H© ª0LUVFKHLQWPHLQH]ZHL$XJHQVHKHQEHVVHUDOVGHLQHV© PXUPHOWH.LPRKQHGHQ%OLFNYRQGHQDXIGHQ:HOOHQKS IHQGHQ)O|HQ]XZHQGHQª(VVLQG6WHSSHQUHLWHU+DUNYDQ NRPPW©

ª0|JOLFK©EUXPPWH.HOKLPª(VVLQGYLHOH8QGGRFKZH QLJH=XZHQLJH©8QYHUPLWWHOWULHUVLFKYRQGHP$QEOLFN ORVª.RPP:LUZROOHQUHFKW]HLWLJLP+DIHQVHLQZHQQVLH HLQODXIHQ'DVULHFKWQDFKHLQHU.DWDVWURSKH© 6LHVWUPWHQGLH7UHSSHKLQXQWHU.LPKDWWH0KHPLWGHP 7HPSRPLW]XKDOWHQGDVGHU%lUSO|W]OLFKHQWZLFNHOWH$EHU VLHKDWWHQHLQHQZHLWHQ:HJYRUVLFKPXWHQVLHGRFKGDV 6FKORIDVWLQVHLQHUJHVDPWHQ/lQJHGXUFKTXHUHQ8QWHU ZHJVWUDIHQVLHDXI*RUJGHUHEHQIDOOVYRQGHU$QNXQIWGHU )O|H:LQGJHNULHJWKDWWHXQG]XGULWWUDQQWHQVLHZHLWHU (LQHJURH0HQVFKHQPHQJHKDWWHVLFKLP+DIHQYHUVDP PHOW$OVVLHGLHJHVFKZXQJHQH)UHLWUHSSH]XP.DLKLQXQ WHUVWUPWHQSDVVLHUWHGDVHUVWH)ORJHUDGHGLHVFKPDOH(LQ IDKUWVULQQH.HOKLPXQG*RUJEUDFKHQPLWLKUHQEUHLWHQ 6FKXOWHUQHLQH*DVVHGXUFKGLH0HQJH'DQQVWDQGHQVLH VFKZHUDWPHQGDP8IHUXQGVDKHQGHU$QNXQIWGHU)O|H HQWJHJHQ .LPV)UHXGHGLH6WHSSHQUHLWHUZLHGHU]XVHKHQVFKOXJLQ 6FKUHFNXQG1LHGHUJHVFKODJHQKHLWXPDOVHUGLH)ORWWHQl KHUNRPPHQVDK'DV)ORGDVDOVHUVWHVLQGHQ+DIHQHLQ OLHIZDUHLQ%DVWIORlKQOLFKGHPDXIGHPVLHVHOEVWYRU ZHQLJHQ7DJHQQDFK*RU\Z\QQJHNRPPHQZDUHQQXUJU| HUPLWHLQHU%RUGZDQGXQGQLHGULJHQ$XIEDXWHQDXV6FKLOI XQG+RO]YHUVHKHQ1DFKXQGQDFK]lKOWH.LPLQVJHVDPW DFKWXQG]ZDQ]LJGHUJURHQSOXPSHQ*HIlKUWHXQGDXI LKQHQPRFKWHQVLFKYLHOOHLFKW]ZHLELVGUHLWDXVHQG0HQ VFKHQEHILQGHQ0lQQHUDOWHXQGMXQJH)UDXHQXQG.LQ GHU$EHUGDVZDUHQQLFKWPHKUGLHVWRO]HQDXIUHFKWHQ 0HQVFKHQGLHHULQ&DLYDOORQNHQQHQJHOHUQWKDWWH.DXP HLQHUYRQLKQHQZDUXQYHUOHW]W9LHOHWUXJHQ9HUElQGHXQG GDV6W|KQHQGHU9HUZXQGHWHQEHUW|QWHGDV5DXQHQGHU 0HQJH ª,KU*|WWHU©ULHI*RUJ (LQ)DQIDUHQVWRHUW|QWH'LH)OJHOGHVJURHQ%URQ]H WRUHVDPREHUHQ(QGHGHU)UHLWUHSSHVFKZDQJHQDXIXQG 7KHPLVWRNOHVVWUPWHYRQHLQHU6FKDUDXIJHVFKHXFKWHU:D FKHQEHJOHLWHWGLH6WXIHQKHUXQWHU'LH0HQVFKHQPHQJH

WHLOWHVLFKYRULKPXQGELOGHWHHLQH*DVVHGXUFKGLHHUXQJH KLQGHUW]XP.DLJHODQJHQNRQQWH'LH%HVRUJQLVDXIVHLQHQ =JHQZLFKHLQHP$XVGUXFNGHV(UVFKUHFNHQVDOVHUGLH6L WXDWLRQHUIDWH .LPKLHOWlQJVWOLFKQDFK+DUNYDQ$XVVFKDXNRQQWHLKQ DEHUDXINHLQHPGHU)O|HHQWGHFNHQ5HFKWVXQGOLQNVYRQ LKPVSUDQJHQMHW]W0lQQHULQV:DVVHUNUDXOWHQPLWVFKQHO OHQ=JHQ]XGHQ)O|HQKLQDXVXQGJULIIHQQDFKGHQ6HL OHQGLHLKQHQ]XJHZRUIHQZXUGHQ 'DQQHQGOLFKOHJWHGDVHUVWH)ORDQGHUQLHGULJHQ.DL PDXHUDQ+XQGHUWH+lQGHVWUHFNWHQVLFKGHQHUVFK|SIWHQ 6WHSSHQUHLWHUQHQWJHJHQXPLKQHQDQ/DQG]XKHOIHQ1LFKW DOOHNRQQWHQDXVHLJHQHU.UDIWJHKHQ9LHOHPXWHQJHVWW]W RGHUJHWUDJHQZHUGHQXQGVRPDQFKHUYRQGHQHQGLHGDV 8IHURKQHIUHPGH+LOIHHUNORPPHQEUDFKGRUW]XVDPPHQ DOVKlWWHHUVHLQHOHW]WH(QHUJLHIUGLHVHQHLQHQUHWWHQGHQ 6FKULWWDXIJHVSDUW 'HU3ODW]DP8IHUZXUGHHQJ7KHPLVWRNOHVJDEYHUVFKLH GHQH$QZHLVXQJHQZRUDXIGLH0HQJHDXVHLQDQGHUZLFKXQG GLH)OFKWOLQJHLQHLQHUODQJHQWUDXULJHQ5HLKHLQV,QQHUH *RU\Z\QQVJHIKUWZXUGHQZRLKQHQZHLWHUH+LOIH]XWHLO ZHUGHQVROOWH ª'DLVW3ULZLQQ©ULHI*RUJ .LPUHFNWHVLFKDXIGLH=HKHQVSLW]HQXPEHUGLH.|SIH GHU0HQJHKLQZHJVHKHQ]XN|QQHQ'HUMXQJH6WHSSHQ SULQ]ZDUWRWHQEOD(LQEOXWLJHUJH]DFNWHU.UDW]HUOLHI EHUVHLQH:DQJHELV]XU1DVHQZXU]HOKLQDXIXQGXPVHLQH UHFKWH+DQGZDUHLQVFKPXGGHOLJHU9HUEDQGJHZLFNHOW(U ZDQNWHXQGKlWWHLKQGLH0HQJHQLFKWHLQIDFKPLWVLFKJH WUDJHQZlUHHUVLFKHUJHVWU]W 7KHPLVWRNOHVHQWGHFNWHGHQ3ULQ]HQLPJOHLFKHQ$XJHQ EOLFN(UVFKZDQJVHLQHQ6WDEVFKHXFKWH0lQQHUXQG )UDXHQEHLVHLWHXQGHLOWH3ULZLQQHQWJHJHQ.LP.HOKLP XQG*RUJEDKQWHQVLFKHEHQIDOOVHLQH6FKQHLVH6LHNDPHQ JHUDGHQRFKUHFKW]HLWLJXP3ULZLQQYRUGHP=XVDPPHQ EUHFKHQ]XEHZDKUHQ*RUJILQJLKQPLWHLQHUVHLQHUPlFKWL JHQ3UDQNHQDXI

7KHPLVWRNOHVEHXJWHVLFKEHVRUJW]XGHP3ULQ]HQKHUXQWHU ª3ULQ]3ULZLQQ©VDJWHHUPLWPKVDPEHKHUUVFKWHU6WLPPH ª,KUOHEW'HQ*|WWHUQVHL'DQN:RLVW(XHU9DWHU"8QG ZDVLVWJHVFKHKHQ"© 3ULZLQQVFKRE*RUJV+DQGEHLVHLWH(UVFKZDQNWHXQGOLH VLFKPLWHLQHP6HXI]HUGHU(UVFK|SIXQJ]X%RGHQVLQNHQ ª9HUORUHQ©VWLHHUKHUYRUª:LUKDEHQYHUORUHQ&DLYDO ORQLVWJHIDOOHQ© ª*HIDOOHQ©ULHI7KHPLVWRNOHVHUVFKWWHUWª$EHUZLH"© ª'LHVFKZDU]HQ5HLWHU©EHULFKWHWH3ULZLQQª1DFK (XUHU$EUHLVHEHULHWHQZLUZHLWHU(VKDWODQJHJHGDXHUW XQGGLH1DFKWZLFKGHP7DJEHYRUZLUXQV]XHLQHU(QW VFKHLGXQJGXUFKJHUXQJHQKDWWHQ:LUEHVFKORVVHQ&DLYDO ORQ]XKDOWHQ$XI'UlQJHQPHLQHV9DWHUVKLQUlXPWHGHU 5DWMHGRFKHLQWDXVHQGXQVHUHUEHVWHQ5HLWHUQDFK*RU\ Z\QQ]XVHQGHQ1LHPDQGVROOWHXQVQDFKVDJHQ&DLYDOORQ OLHHVHLQH)UHXQGHLQGHU6WXQGHGHU1RWLP6WLFK© ª8QVLQQ©VDJWH7KHPLVWRNOHVª,FKNlPHQLHDXIGLHVHQ*H GDQNHQ$EHUZDVJHVFKDKZHLWHU"'LHVHWDXVHQG5HLWHU© ª.DPHQQLHPDOVDQLFKZHL©VDJWH3ULZLQQª6LHVWLHHQ DXI%RUDDV $UPHHQXUHLQH7DJHUHLVHHQWIHUQW8QGVFKRQ DPQlFKVWHQ0RUJHQEHJDQQGHU$QJULIIDXI&DLYDOORQ©(U VFKWWHOWHVLFKDOVLKQGLH(ULQQHUXQJEHUILHOª'HU.DPSI ZDUIUFKWHUOLFK©IXKUHUPLWPRQRWRQHU6WLPPHIRUWª8Q VHUH0lQQHUNlPSIWHQWDSIHUXQGQLFKWYLHOHGHUVFKZDU]HQ 5HLWHUNDPHQGD]XVLFKEHULKUHQ6LHJ]XIUHXHQ$EHUHV ZDUHQ]XYLHOH'LH:lOOHILHOHQXQGZLUPXWHQIOLHKHQ© ª$EHUDOOGLH%HZRKQHU&DLYDOORQV© 3ULZLQQVFKWWHOWHGHQ.RSIª'LHGLHXQVEHJOHLWHQVLQG GLHOHW]WHQ©VDJWHHUª'LHDQGHUHQVLQGWRWRGHULQDOOH :LQGHYHUVSUHQJW&DLYDOORQEUDQQWHDOVZLUIORKHQ'LH 6WHSSHQIHVWXQJLVW]HUVW|UW7KHPLVWRNOHV,KUKDWWHWUHFKW :LUKlWWHQDXI(XFKK|UHQXQGQDFK*RU\Z\QQIOLHKHQVRO OHQEHYRUHV]XVSlWZDU© 7KHPLVWRNOHV +lQGHYHUNUDPSIWHQVLFKVRIHVWXPVHLQHQ 6WDEGDGLH.Q|FKHOZHLKHUYRUWUDWHQª1RFKQLH]XYRU 3ULQ]3ULZLQQ©VDJWHHUªKDEHLFKPLWVROFKHU,QEUXQVWJH

KRIIWQLFKWUHFKW]XEHKDOWHQ©(UVFKDXWHPLWOHHUHP%OLFN EHUGLHPLW)O|HQEHUVlWH2EHUIOlFKHGHV6HHVª8QG (XHU9DWHU"© ª*HIDOOHQ©VDJWH3ULZLQQª6RZLHDOOGLHDQGHUHQ'HU5DW GHU:HLVHQH[LVWLHUWQLFKWPHKU,FKELQGHUHLQ]LJHhEHUOH EHQGH6LHZDUIHQVLFKGHPVFKZDU]HQ+HHUHQWJHJHQHLQ SDDUKXQGHUW*HWUHXHGLHJHEOLHEHQZDUHQXPXQVGLH )OXFKW]XHUP|JOLFKHQ,FKLFKZROOWHEOHLEHQXPDQGHU 6HLWHPHLQHV9DWHUV]XNlPSIHQXQG]XVWHUEHQDEHUHUOLH HVQLFKW]X© ª(VZDUHLQJXWHU(QWVFKOX©PXUPHOWH*RUJª(XHU9RON EUDXFKWHLQHQ)KUHU© ª(LQHQ)KUHU"©3ULZLQQODFKWHKDUWXQGLQVHLQHQ$XJHQ JOLW]HUWHQ7UlQHQª'XYHUVSRWWHVWPLFK5LHVH(VJLEW QLFKWVPHKUZRKLQLFKVLHIKUHQNDQQ© ª2GRFK©PLVFKWHVLFK.LPHLQª(XHU/HEHQLVWZLFKWLJHU DOVMH]XYRU3ULQ]3ULZLQQ'HUZLUNOLFKH.DPSIJHJHQ %RUDDVXQGVHLQ+HHUVWHKWQRFKEHYRU,KUKDEWHLQH 6FKODFKWYHUORUHQDEHUGHU.ULHJJHKWZHLWHU© 3ULZLQQPXVWHUWHLKQHLQH:HLOHVFKZHLJHQG ª'XKDVWVLHQLFKWHUOHEW.LP©VDJWHHUGDQQª'XKDVWGDV +HHUJHVHKHQDEHUGXKDVWQLFKWHUOHEWZLHVLHNlPSIHQ 'DVVLQGNHLQH0HQVFKHQGDVVLQG7HXIHO,FKKDEHVLHJH VHKHQXQGLFKZHLGDHVQLHPDQGHQJLEWGHULKQHQ ZLGHUVWHKHQNDQQ$XFK*RU\Z\QQZLUGIDOOHQ1LHPDQG NDQQGHP6FKZDU]HQ/RUGZLGHUVWHKHQ© ª'HU6FKZDU]H/RUG"©IUDJWH7KHPLVWRNOHVHUVFKURFNHQ ª,KUKDEWGHQ6FKZDU]HQ/RUGJHVHKHQ3ULQ]"© 3ULZLQQQLFNWHª(UULWWDQGHU6SLW]HGHV+HHUHVXQGHUZDU GHU6FKUHFNOLFKVWHYRQDOOHQ(VJLEWNHLQHQGHULKQEHVLHJHQ N|QQWH© 7KHPLVWRNOHVZLFKVHLQHP%OLFNDXVª,KUVHLGPGH3ULQ]© PXUPHOWHHUª/DWHXFKHLQ=LPPHU]XZHLVHQXQG(XUH :XQGHQYHUVRUJHQ6SlWHUZHUGHQZLUEHUDWHQZDV]X WXQLVW©(UJDEHLQHUVHLQHU:DFKHQHLQHQ:LQNXQGGHU 0DQQKRE3ULZLQQZLHHLQ.LQGDXIGLH$UPHXQGWUXJ LKQIRUW

'LH/LFKWHUHUORVFKHQQLFKWLQGLHVHU1DFKW'XQNHOKHLW VHQNWHVLFKEHUGLHJOlVHUQHQ:lOOHGHU)HVWXQJDEHU *RU\Z\QQVFKOLHIQLFKW7URW]VHLQHUJHZDOWLJHQ*U|H VFKLHQGDV6FKORQDFKGHU$QNXQIWGHU6WHSSHQUHLWHUVFKLHU DXVGHQ1lKWHQ]XSODW]HQXQGHVJDEZRKONHLQHQGHUDQ GLHVHP$EHQG]XU5XKHNDP9HUZXQGHWHZXUGHQYHUVRUJW 7UDXHUQGHJHWU|VWHWVRJXWHVJLQJXQGZRPDQVLFKQLFKW XP9HUOHW]WHNPPHUWHRGHU+XQJHUQGHODEWHVDPDQ]X VDPPHQXQGUHGHWH7URW]DOOHPZDVJHVFKHKHQZDUEH JULIIVRPDQFKHUHUVWMHW]WEHLP$QEOLFNGLHVHVJHVFKODJH QHQHQWZXU]HOWHQ9RONHVZHOFKHV6FKLFNVDOLKQHQDOOHQLQ ZHQLJHQ7DJHQRGHU:RFKHQEHYRUVWHKHQPRFKWH&DLYDO ORQZDUPHKUDOVQXULUJHQGHLQ6FKORJHZHVHQ6HLWMHKHU JDOWHQGLH6WHSSHQUHLWHUDOVGLHIXUFKWORVHVWHQXQGVWlUNVWHQ %HZRKQHU0lUFKHQPRQGV&DLYDOORQV1LHGHUODJHEHGHXWHWH QLFKWQXUGHQ)DOOHLQHU)HVWXQJVRQGHUQGDV(QGHHLQHV 7UDXPHV&DLYDOORQZDUHLQ6\PEROGHU0DFKWXQGGHU6L FKHUKHLWJHZHVHQHLQ%ROOZHUNGDV0lUFKHQPRQGVHLW$Q EHJLQQGHU=HLWYRUMHGHU%HGURKXQJJHVFKW]WKDWWH8QG QXQZDUHVJHIDOOHQ'HU)HLQGKDWWHGHQHUVWHQJURHQ 6FKODJLQGLHVHPVFKUHFNOLFKHQ.ULHJDXVJHWHLOWXQGGLH :XQGHGLHHUKLQWHUODVVHQKDWWHVFKPHU]WH $XFK.LPVFKOLHIQLFKWLQGLHVHU1DFKW(LQSDDUPDOKDWWHHU YHUVXFKW]X7KHPLVWRNOHVYRU]XGULQJHQDEHULPPHUYHUJH EHQV8QGVRKDWWHHUEHJRQQHQUXKHORVLQGHQZHLWHQ*lQ JHQ*RU\Z\QQVXPKHU]XZDQGHUQWURW]GHUXQJH]lKOWHQ 0HQVFKHQGLHLKQXPJDEHQHLQVDPYLHOOHLFKWYRQDOOGHQ 7DXVHQGHQGLH*RU\Z\QQEHY|ONHUWHQGHU(LQVDPVWH (UVWDOVHUSO|W]OLFKYRUHLQHUJHVFKORVVHQHQ7UVWDQGXQG VHLQ%OLFNDXIGLHZHLJROGHQH8QLIRUPGHV:lFKWHUVGD YRUILHOPHUNWHHUZRKLQLKQVHLQH6FKULWWHEHZXWRGHU XQEHZXWJHIKUWKDWWHQ ª:LHJHKWHVGHP3ULQ]HQ"©IUDJWHHUKDVWLJXPVHLQ(U VFKUHFNHQ]XYHUEHUJHQ ª3ULQ]3ULZLQQVFKOlIW+HUU'HU+HLONXQGLJHZDUEHLLKP XQGHUKDWVLFKHLQZHQLJJHVWlUNW7KHPLVWRNOHVKDW:HL VXQJJHJHEHQLKQQLFKW]XVW|UHQ©

ª,FKVW|UHLKQEHVWLPPWQLFKW©VDJWH.LPZlKUHQGHUEH UHLWVQDFKGHU7UNOLQNHJULIIª,FKP|FKWHPLFKQXUGDYRQ EHU]HXJHQGDHVLKPJXWJHKW© 'HU3RVWHQ]|JHUWHQRFK .LPGHUGLHVFKZDU]H5VWXQJPLWHLQHUZHLHQORVHIDO OHQGHQ7XQLNDYHUWDXVFKWKDWWHXQGVLFKMHW]WNDXPQRFK YRQLUJHQGHLQHPDQGHUHQ%HZRKQHU*RU\Z\QQVXQWHU VFKLHGEHVFKORGLH9HUWUDXHQVVWHOOXQJGLHHUJHQR]XP HUVWHQ0DOVFKDPORV]XQXW]HQ ª'DVJHKWVFKRQLQ2UGQXQJ©VDJWHHU]XGHP3RVWHQ ª7KHPLVWRNOHVZHLGDLFKKLHUELQ© 'HU:lFKWHUQLFNWHHUOHLFKWHUWXQG.LPWUDWHLQ 'HU5DXPZDUGXQNHO'XUFKGLH5LW]HQGHU7UXQGGDV KDOEJH|IIQHWH)HQVWHUILHOHLQZHQLJ/LFKWKHUHLQJHUDGHJH QXJXPGLH'LQJHLP=LPPHUDOVVFKZDU]HPDVVLJH6FKDW WHQHUNHQQHQ]XODVVHQ.LPEOLHEHLQHQ0RPHQWDQGHU7U VWHKHQVDKVLFKVXFKHQGXPXQGJLQJGDQQ]|JHUQGDXIGDV %HWW]XLQGHPGHUMXQJH3ULQ]ODJ(UZXWHVHOEVWQLFKW JHQDXZDUXPHUKLHUKHUJHNRPPHQZDU3ULZLQQVFKOLHI ZLHGLHUHJHOPlLJHQ$WHP]JHEHZLHVHQXQGHLJHQWOLFK KDWWH.LPKLHUQLFKWVYHUORUHQ7URW]GHPWUDWHUQlKHUDQ GDV%HWWKHUDQXQGEHWUDFKWHWHGHQ6FKODIHQGHQ3ULZLQQV *HVLFKWZLUNWHLPIDKOHQ/LFKWGHV0RQGHVEODXQGVFKPD OHUDOVHUHVLQ(ULQQHUXQJKDWWH'HU+HLONXQGLJHKDWWHGHQ 5LDXIVHLQHU:DQJHEHKDQGHOWQXUHLQHGQQHURWH/LQLH ZDU]XUFNJHEOLHEHQXQGDXFKGHU9HUEDQGXPVHLQH UHFKWH+DQGZDUHUQHXHUW 3ULZLQQV$WHPJLQJJOHLFKPlLJDEHUVFKQHOOXQGGLH$XJ lSIHOXQWHUGHQJHVFKORVVHQHQ/LGHUQEHZHJWHQVLFKXQDEOlV VLJ:DKUVFKHLQOLFKWUlXPWHHUXQGZDKUVFKHLQOLFKZDUHQHV NHLQHDQJHQHKPHQ7UlXPH .LPZDQGWHVLFKDEJLQJ]XU7UXQGGUHKWHVLFKGDQQ QRFKHLQPDOXPRKQHJHQDX]XZLVVHQZDUXP 3ULZLQQV$XJHQZDUHQJH|IIQHW(UZDUZDFK .LPWUDWYHUOHJHQDXIGHU6WHOOHXQGOlFKHOWHXQVLFKHU ª,FKHVWXWPLUOHLGZHQQLFKGLFKJHZHFNWKDEH©VDJWH HUOHLVHª,FKZROOWHGLFKQLFKWVW|UHQ(QWVFKXOGLJH©

3ULZLQQVHW]WHVLFKKDOEDXIVWW]WHVLFKDXIGLH(OOERJHQ XQGVFKWWHOWHGHQ.RSIª'XKDVWPLFKQLFKWJHZHFNW,FK ZDUZDFKGLHJDQ]H=HLW8QGLFKKDEHJHKRIIWGDGX NRPPVW© ª:LUNOLFK"© 3ULZLQQQLFNWHª,FKKDEHRIWDQGLFKJHGDFKW.LP©JH VWDQGHUª,FKKDEHYLHOQDFKJHGDFKWDXIGHP:HJKLHUKHU hEHUGDVZDVGXYHUVXFKWKDVWXQV]XHUNOlUHQ©(U VWRFNWHXQG.LPKDWWHGHQ(LQGUXFNDOVREHVLQVHLQHP *HVLFKWVFKPHU]OLFK]XFNWH$EHUHVZDU]XGXQNHOXPHV PLW6LFKHUKHLWVDJHQ]XN|QQHQ ª(VZDUHLQHJXWH5HGHGLHGXYRUGHP5DWGHU:HLVHQJH KDOWHQKDVW©IXKU3ULZLQQQDFKHLQHUODQJHQ3DXVHIRUWª=X JXWIUXQV:HQLJVWHQVIUPLFK,FKKDEHVLHGDPDOVQLFKW YHUVWDQGHQRGHUQLFKWYHUVWHKHQZROOHQXQGDOVLFKVLHYHU VWDQGHQKDEHZDUHV]XVSlW©.LPZROOWHHWZDVVDJHQDEHU 3ULZLQQZLQNWHDEª1HLQZLGHUVSULFKPLUQLFKW.LP'X ZHLWQLFKWZDVJHVFKHKHQLVWDOVLKUIRUWZDUWGX7KHPL VWRNOHVXQGGLHDQGHUHQ© ª,FKZHLHV© ª'XZHLWHVQLFKW©XQWHUEUDFKLKQ3ULZLQQODXWVRODXW GD.LPXQZLOONUOLFKHLQHQEHVRUJWHQ%OLFN]XU7UZDUI $EHUGUDXHQDXIGHP*DQJEOLHEDOOHVUXKLJ ª'XZHLWHVQLFKW©ZLHGHUKROWH3ULZLQQª:LUKDEHQEHUD WHQPHLQ9DWHUGLHDQGHUHQXQGLFK'HU5DWGHU:HLVHQ KDWEHUHXUHQ9RUVFKODJDEJHVWLPPW'HLQH:RUWH.LP KDEHQJURHQ(LQGUXFNKLQWHUODVVHQ'HU5DWZDUVLFKXQ HLQLJ]XPHUVWHQ0DOVHLWVHKUODQJHU=HLW:LUKDEHQGLH JDQ]H1DFKWEHUDWHQRKQH]XHLQHP(UJHEQLV]XJHODQJHQ 6FKOLHOLFKZXUGHDEJHVWLPPWXQGGLH0HKUKHLWGHU6WLP PHQZDUGDIU&DLYDOORQ]XKDOWHQ©(UEOLFNWHVWDUUYRU VLFKKLQXQGVDJWHPLWOHLVHPELWWHUHP/DFKHQª:HLWGX ZLHJURGLHVH0HKUKHLWZDU.LP"(LQH6WLPPH0HLQH 6WLPPH,FKZDUHVGHUVFKOLHOLFKGLH(QWVFKHLGXQJKHUEHL IKUWHGHUEHVWLPPWHGD&DLYDOORQQLFKWHYDNXLHUWZXUGH ,FKZDUHVGHUGLH9HUDQWZRUWXQJIUGDVEHUQDKPZDV VFKOLHOLFKJHVFKHKHQLVW'LHVHUVLQQORVH.DPSIXQGDOOGLH

7RWHQHVZDUPHLQH6FKXOG+lWWHLFKDXIGLFKJHK|UWVWDWW DXIPHLQHQYHUGDPPWHQ6WRO]N|QQWHQVRYLHOHPHLQHV9RO NHVQRFKDP/HEHQVHLQ© .LPVWUHFNWHGLH+DQGDXVXQGEHUKUWH3ULZLQQ]DJKDIWDQ GHU6FKXOWHUª'LFKWULIIWNHLQH6FKXOG©VDJWHHUOHLVHª'X KDVWJHWDQZDVGXJODXEWHVWWXQ]XPVVHQ'XN|QQWHVWGLU QXUHWZDVYRUZHUIHQZHQQGXJHJHQGHLQHhEHU]HXJXQJ JHKDQGHOWKlWWHVW$EHUGDVKDVWGXQLFKW.HLQHUYRQXQVLVW VWDUNJHQXJGHP6FKLFNVDOYRU]XVFKUHLEHQZDVHV]XWXQ KDW© ª6DJVWGXGDVQXUXPPLFK]XWU|VWHQ"© ª1HLQ3ULZLQQ'XKDVWGHU6WLPPHGHLQHV*HZLVVHQVJH KRUFKWXQGHVLVWQLHPDOVIDOVFKGLHV]XWXQ-HGHUVROOWHVR KDQGHOQZLHHUHVIUULFKWLJKlOWQLFKWVRZLHHVGLHDQGH UHQZROOHQ©(UEUDFKDEXQGVFKZLHJEHWUHWHQ6HLQH HLJHQHQ:RUWHKDOOWHQKRKOLQVHLQHP.RSIQDFK,UJHQGHW ZDVZDVGLHJDQ]H=HLWEHULQLKPJHZHVHQZDUHLQ(QW VFKOXGHQHUVFKRQYRUODQJHU=HLWJHIDWXQGGHQDXV]X VSUHFKHQHUQXUQRFKQLFKWGHQ0XWJHIXQGHQKDWWHUHLIWHLQ LKPXQGZXUGH]XU*HZLKHLWª-HGHUVROOWHWXQZDVHUWXQ ]XPVVHQJODXEW©ZLHGHUKROWHHUPHKUIUVLFKDOVIU3UL ZLQQª8QGJHQDXGDVZHUGHLFKWXQ,FKKDEHVFKRQYLHO]X ODQJHJH]|JHUW© 3ULZLQQVDKLKQDXIPHUNVDPDQª:DVPHLQVWGXGDPLW"© .LP]|JHUWH,UJHQGHWZDVVDJWHLKPGDHU3ULZLQQUFN KDOWORVYHUWUDXHQNRQQWH(UJLQJ]XU7USUHWHGDV2KU DQGDV+RO]XQGODXVFKWH'DQQNDPHU]XUFNVHW]WHVLFK DXIGLH%HWWNDQWHXQGEHJDQQOHLVH]XHU]lKOHQZDVQDFK VHLQHP(LQWUHIIHQDXI*RU\Z\QQYRUJHIDOOHQZDU 3ULZLQQK|UWHDXIPHUNVDP]XRKQHLKQHLQHLQ]LJHV0DO]X XQWHUEUHFKHQª,FKJODXEHLFKZHLZDVGXWXQZLOOVW© VDJWHHUDOV.LP]X(QGHHU]lKOWKDWWHª8QGLFKJODXEHHV LVWULFKWLJ:UGHVWGXZUGHVWGXPLFKPLWQHKPHQ"© .LPVDKLKQEHUUDVFKWDQª'LFKPLWQHKPHQ"=XP.|QLJ GHU5HJHQERJHQ"$XIHLQHQ:HJYRQGHPLFKQLFKWZHL REHUEHUKDXSWHLQ=LHOKDW"© 3ULZLQQQLFNWH

ª$EHULFKKDEHNHLQH$KQXQJRELFKOHEHQGZLHGHU NRPPH©JDE.LP]XEHGHQNHQª(VLVWJHIlKUOLFKYLHOOHLFKW W|GOLFK8QGYLHOOHLFKWH[LVWLHUWGLHVHUVDJHQKDIWH5HJHQER JHQN|QLJJDUQLFKW8QGZHQQGRFKZHUZHLREHUXQV WDWVlFKOLFKKLOIW© ª(UH[LVWLHUW©VDJWH3ULZLQQª8QGGXZLUVWLKQILQGHQ ZHQQGXHVQXUZLOOVW,FKZHUGHKLHUQLFKWJHEUDXFKW *RU\Z\QQPDJIDOOHQRGHUQLFKWHLQ6FKZHUWPHKURGHU ZHQLJHUPDFKWNHLQHQ8QWHUVFKLHG9LHOOHLFKWLVWHVZLUNOLFK JHIlKUOLFKDEHUZHQQLFKVFKRQVWHUEHGDQQZHQLJVWHQV QLFKWXQWHUGHQ.OLQJHQGHUVFKZDU]HQ5HLWHU/DPLFK GLFKEHJOHLWHQ'XNHQQVWGLHVHV/DQGQLFKW$OOHLQKDVWGX NHLQH&KDQFH=X]ZHLWN|QQWHQZLUHVVFKDIIHQ© .LPEHUOHJWHODQJHHLQSDDU0LQXWHQODQJ'DQQVWDQGHU HQWVFKORVVHQDXIª:DQQJHKHQZLU"© 3ULZLQQVWUDKOWHª'XQLPPVWPLFKPLW"© ª-D2KQHGHLQH)KUXQJZUGHLFKPLFKZDKUVFKHLQOLFK VFKRQQDFKGHQHUVWHQKXQGHUW0HWHUQYHUODXIHQ© ª:LUWUHIIHQXQVLQHLQHUKDOEHQ6WXQGHDP1RUGWRU© VFKOXJ3ULZLQQYRUª,FKZLOOPLFKQXUUDVFKXP]LHKHQ© ª8QGGLH:DFKH"© 3ULZLQQZLQNWHDEª0DFKGLUGHVKDOENHLQH6RUJHQ,FK ZHUGHSQNWOLFKGDVHLQ© 0LWNORSIHQGHP+HU]HQJLQJ.LPLQVHLQ=LPPHU]XUFN (UIKOWHVLFKIUHLXQGHUOHLFKWHUWDOVZlUHHLQHVFKZHUH/DVW YRQLKPJHQRPPHQREZRKOHUQHXHQXQEHNDQQWHQ*HIDK UHQHQWJHJHQJLQJ(UVFKORGLH7UKLQWHUVLFKDEXQGOHJWH VHLQHQVFKZDU]HQ+DUQLVFKDQ'LHZHLH7XQLNDNQOOWHHU ]XVDPPHQXQGZDUIVLHDFKWORVLQHLQH(FNH(VZDUGLH .OHLGXQJGHV)HLQGHVGLHHUWUXJDEHUVLHKDWWHLKPELVKHU QXU*OFNJHEUDFKWXQGZHQQ.LPXQWHUDOOGHQ:DIIHQ U|FNHQGLHLQ*RU\Z\QQ]XVDPPHQJHWUDJHQZRUGHQZD UHQDXFKJHZLHLQHQEHVVHUHQXQGVFK|QHUHQJHIXQGHQ KlWWH]RJHUGRFKGLHVHQVFKZDU]HQ3DQ]HUYRU(UEHU SUIWHVRUJIlOWLJGHQ6LW]GHV%UXVWSDQ]HUVXQGGHU$UP XQG%HLQVFKLHQHQ|IIQHWHGDQQGLHVFKZHUH(LFKHQKRO]

WUXKHQHEHQVHLQHP%HWWXQGQDKP/DXULQV8PKDQJKHUDXV (UKDWWHHLQHWZDVVFKOHFKWHV*HZLVVHQDOVHUGHQ0DQWHO XPGLH6FKXOWHUQOHJWH7KHPLVWRNOHVKDWWHLKPGLHVHQ 6FKDW]DQYHUWUDXWXQGQXQKLQWHUJLQJHUGHQDOWHQ=DXEHUHU DXIJU|EOLFKH:HLVH (UQDKP3ULZLQQV6FKLOGDXIEHIHVWLJWHLKQPLWGHQ+DOWH ULHPHQDQVHLQHPOLQNHQ$UPXQGYHUOLHGDV=LPPHU 7URW]GHUVSlWHQ6WXQGHKHUUVFKWHQRFKUHJHV7UHLEHQDXI GHQ*lQJHQXQGGHUZHLWH,QQHQKRIGHU)HVWXQJZDUYRQ XQ]l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ª*RUJ© ª8QG.HOKLP©EUXPPWHHVYRQGHUDQGHUHQ6HLWHGHV6WDO OHV.LPIXKUKHUXPXQGHUNDQQWHGHQ%lUHQGHUDXIDOOHQ YLHUHQYRUGHU7UKRFNWHXQGLKQNRSIVFKWWHOQGDQVDK ª7]W]W]©PDFKWHHUª(LJHQWOLFKKlWWHQZLUHVXQVGHQNHQ N|QQHQGDGLHVHUMXQJH+LW]NRSIGLH5DWVFKOlJHlOWHUHU /HXWHLQGHQ:LQGVFKOlJWXQGVLFKDXIHLJHQH)DXVWGDYRQ PDFKWQLFKWZDKU"© *RUJQLFNWHEHNUlIWLJHQGª-D$EHULFKKlWWHQLFKWJHGDFKW GDHUGLH)UHFKKHLWKDWVLFKHLQIDFKGDYRQ]XVFKOHLFKHQ© (UZDUIGHP%lUHQHLQHQQDFKGHQNOLFKHQ%OLFN]Xª:DV PDFKHQZLUQXQPLWLKP"© .LPKlWWHYRU:XWXQG(QWWlXVFKXQJDPOLHEVWHQJHKHXOW 6HLQ9RUKDEHQZDUJHVFKHLWHUWQRFKEHYRUHUEHJRQQHQ KDWWHHVLQGLH7DWXP]XVHW]HQ .HOKLPHUKREVLFKVFKZHUIlOOLJXQGJDEGLH7UIUHLª$P

EHVWHQZLUJHKHQHUVWPDOKLHUUDXV©EUXPPWHHUª,FKPDJ 6WlOOHQLFKW6LHVWLQNHQ8QGLFKPDJDXFK3IHUGHQLFKW $XHU]XP)UKVWFN©(UVWLHGLH7UDXIXQGWURWWHWH KLQDXV*RUJOHJWH.LPVHLQHJURH+DQGDXIGLH6FKXOWHU XQGVFKRELKQYRUVLFKKHULQV)UHLH6LHEHUTXHUWHQGHQ +RIDEHU]X.LPV(UVWDXQHQZDQGWHQVLHVLFKQLFKWGHP +DXSWJHElXGH]XVRQGHUQVWHXHUWHQHLQHVFKPDOH6HL WHQSIRUWHDQGLHQDFKGUDXHQIKUWH6LHVWDQGRIIHQXQG YRQGRUWGUDXHQGUDQJHLQKHOOHUJROGHQHU6FKLPPHUKHU HLQ5DQJDULJ .LPV9HUGDFKWGDKLHULUJHQGHWZDVQLFKWVWLPPWHZXUGH ]XU*HZLKHLWDOVHUGHQ'ULWWHQLP%XQGHVDK ª3ULZLQQ© 3ULZLQQOlFKHOWHª,FKKDEHGRFKYHUVSURFKHQ]XNRPPHQ RGHU"© ª$EHU©.LPVFKDXWHYHUGXW]W]X*RUJKLQDXI 'HU5LHVHJDEVLFKDOOH0KHHUQVWGUHLQ]XEOLFNHQDEHULQ VHLQHQ$XJHQZLQNHOQJOLW]HUWHGHU6FKDONª'XJODXEVWGRFK QLFKWGDZLUGLFKDOOHLQJHKHQODVVHQZLH"© ª+HLWGDVGDLKUPLWNRPPW"©IUDJWH.LPXQJOlXELJ ª:DVGHQQVRQVW")HVWKDOWHQN|QQHQZLUGLFKMDVFKOHFKW RGHU"© .LPEUDXFKWHHLQH:HLOHXPVHLQHUhEHUUDVFKXQJ+HUU]X ZHUGHQª$EHULKULKUZDUWGRFKDOOHGDJHJHQ©VWRWWHUWH HUYHUZLUUW ª1LHPDQGZDUGDJHJHQ©ZLGHUVSUDFK.HOKLPª$EHUKlWWHQ ZLUGLFKJOHLFK]LHKHQODVVHQZlUHVWGXEOLQGORVJHVWUPW QXUYRQGHP*HGDQNHQEHVHHOW*RU\Z\QQUHWWHQ]XPV VHQ:LUPXWHQZDUWHQELVGXZLUNOLFKEHUHLWZDUVW©

;,,, 6FKQHOOHUDOVHLQ3IHLOIOLHJWWUXJ5DQJDULJVLHQDFK:HVWHQ WLHIHULQGLH1DFKWKLQHLQ'HU:LQGEUDXVWHLKQHQLQV*H VLFKWXQGGDV/DQGILHOVFKQHOOXQWHULKQHQKLQDEXQGZXUGH ]XHLQHUGXQNOHQNRQWXUORVHQ0DVVH.LPGUHKWHVLFKYRU VLFKWLJXPXQGEOLFNWH]XUFN*RU\Z\QQZDU]XHLQHPJOLW ]HUQGHQ-XZHO]XVDPPHQJHVFKUXPSIWHLQHKHOOHLQURVDIDU EHQHPXQGEODXHP/LFKWVFKLPPHUQGH3HUOHGHUHQ*ODQ] QRFKODQJHQDFKGHPLKUH8PULVVHLQ(QWIHUQXQJXQG'XQ NHOKHLWYHUVXQNHQZDUHQGLH1DFKWLP2VWHQHUKHOOWH ª6LW]WLKUJXW"©EUXPPWH.HOKLP2KQH.LPVRGHU3ULZLQQV $QWZRUWDE]XZDUWHQOHJWHHUYRQKLQWHQVHLQHPlFKWLJHQ EUDXQHQ7DW]HQXPLKUH.|USHUXQGSUHWHGLHEHLGHQ-XQ JHQDQVLFKXQGDQHLQDQGHUXPVLHVRZRKOYRUGHPHLVLJHQ :LQG]XVFKW]HQDOVDXFKYRUGHP+HUXQWHUIDOOHQ]XEH ZDKUHQ 5DQJDULJV)OJHOWHLOWHQPLWPDFKWYROOHP5DXVFKHQGLH/XIW DOVGHU'UDFKHVLFKK|KHUXQGK|KHUHPSRUVFKZDQJ'DV 0RQGOLFKWEUDFKVLFKLQEOLW]HQGHQVLOEHUQHQXQGJROGHQHQ 5HIOH[HQDXIVHLQHQ)ODQNHQXQGVRPDQFKHUGHULQGLHVHU 1DFKWHLQHQ]XIlOOLJHQ%OLFNDXIGHQ+LPPHOZDUIPRFKWH VLFKIUDJHQZDVGLHVHUJROGHQH6FKHPHQ]XEHGHXWHQKDWWH GHUGDGLFKWYRUGHQ6WHUQHQYRUEHL]RJ.LPEHJDQQ]XIULH UHQWURW]GHU8PDUPXQJGHV%lUHQXQG*RUJVEUHLWHP 5FNHQGHUZLHHLQ6FKLOGYRULKPDXIUDJWHXQGLKQXQG 3ULZLQQJHJHQGHQGLUHNWHQ$QSUDOOGHV:LQGHVVFKW]WH $EHUHUEHKHUUVFKWHVLFKWDSIHUXQGVDJWHQLFKWV 6WXQGHXP6WXQGHIORJHQVLHQDFK:HVWHQXQG.LPEHJDQQ VLFK]XIUDJHQREGHU'UDFKHGHQQEHUKDXSWNHLQH0GLJ NHLWNDQQWH7URW]VHLQHUJHZDOWLJHQ*U|HPXWHHUGDV *HZLFKWVHLQHUYLHU3DVVDJLHUHYRQGHQHQ]ZHLVRYLHOZR

JHQZLHHLQ'XW]HQGQRUPDOHU0lQQHUDOVOlVWLJHPSILQ GHQ$EHU5DQJDULJIORJRKQH8QWHUEUHFKXQJZHLWHUELV VLFKGHUHUVWH6FKLPPHUGHVQHXHQ7DJHVDP+RUL]RQW ]HLJWH(UVWGDQQZXUGHQVHLQH)OJHOVFKOlJHODQJVDPHU XQGHUOLHVLFKUXKLJ]XU(UGHKLQDEJOHLWHQ .LPEHXJWHVLFKQHXJLHULJ]XU6HLWHXQGYHUVXFKWH]XHUNHQ QHQZDVXQWHULKQHQZDU6LHVFKZHEWHQEHUHLQHUHQGOR VHQJUQJHZHOOWHQ'HFNH:LSIHOHLQHV:DOGHVGHUVLFKVR ZHLWHUVWUHFNWHZLHGHU%OLFNUHLFKWHQXUKLHUXQGGDYRQ HLQHUNOHLQHQ/LFKWXQJRGHUGHPJOLW]HUQGHQ%DQGHLQHV )OXVVHVXQWHUEURFKHQ5DQJDULJJLQJWLHIHUXQGJOLWWHLQH :HLOHGLFKWEHUGHP'DFKGHV:DOGHVGDKLQHKHHUPLW HLQHPOHW]WHQPlFKWLJHQ)OJHOVFKODJKLQDEVWLHXQGDXI HLQHUODQJJHVWUHFNWHQYRQHLQHUEOXPLJHQ:LHVHEHGHFNWHQ /LFKWXQJODQGHWH6HLQH)OJHOIDOWHWHQVLFKNQLVWHUQG]XVDP PHQ(UNURFKQRFKHLQ6WFNDP%RGHQZHLWHUELVHULP 6FKDWWHQGHV:DOGUDQGHVDQJHODQJWZDUXQGOLHVLFKHU OHLFKWHUWQLHGHU ª*HQXJIUHLQH1DFKW©NHXFKWHHUª$XFKHLQ'UDFKH EUDXFKWYRQ=HLW]X=HLW5XKH©(UZDUWHWHELVVHLQH*lVWH GHU5HLKHQDFKYRQVHLQHP5FNHQJHVSUXQJHQZDUHQ UROOWHVLFK]XVDPPHQXQGEHWWHWHGHQ.RSIDXIGLH9RUGHU IH6HNXQGHQVSlWHUYHUNQGHWHODXWHVUDVVHOQGHV6FKQDU FKHQGDHUHLQJHVFKODIHQZDU .LPPDFKWHHLQSDDUYRUVLFKWLJH6FKULWWHXQGULHEVLFKGDV VFKPHU]HQGH.UHX]'HU5LWWDXIGHP'UDFKHQZDUDOOHV DQGHUHDOVEHTXHPJHZHVHQ7URW].HOKLPVEHKXWVDPHU 8PNODPPHUXQJKDWWHHUVLFKGLHJDQ]H=HLWNUDPSIKDIW IHVWJHKDOWHQXPQLFKWGDV*OHLFKJHZLFKW]XYHUOLHUHQ(U ZDUPGHXQG+XQJHUXQG'XUVWTXlOWHQLKQZLHVFKRQ ODQJHQLFKWPHKU *RUJUHFNWHVLFKGDGLH.QRFKHQNUDFKWHQª(LQ6FKOlI FKHQZUGHPLUMHW]WDXFKJXWWXQ©YHUNQGHWHHUJlKQHQG ª,FKPXJHVWHKHQLFKELQVFKRQEHTXHPHUJHUHLVW© 5DQJDULJVUHFKWHV$XJHQOLGNODSSWHQDFKREHQª'DQQJHK GRFK]X)X©JUROOWHHUVFKORGDV$XJHZLHGHUXQG VFKQDUFKWHZHLWHUDOVZlUHQLFKWVJHZHVHQ

.HOKLPODFKWHVFKDGHQIURKª6WDWWUXP]XPHFNHUQVROOWHVW GXGLUOLHEHU6RUJHQXPXQVHU)UKVWFNPDFKHQ©EUXPPWH HUª,FKKDEH+XQJHUZLHHLQ%lU© *RUJJUXQ]WHHWZDV8QYHUVWlQGOLFKHVVFKZDQJVLFKVHLQH .HXOHEHUGLH6FKXOWHUXQGEOLQ]HOWH]XU6RQQHKLQDXI ª1RFKIUK©VDJWHHUª)DVW]XIUKIUGLH-DJG$EHULFK ZHUGHPHLQ*OFNYHUVXFKHQ.PPHUWLKUHXFKXPGDV )HXHU©2KQHHLQZHLWHUHV:RUWYHUVFKZDQGHUXQWHUJHZDO WLJHP.UDFKHQXQG%HUVWHQLP8QWHUKRO] 3ULZLQQXQG.LPEHJDQQHQLQGHUQlKHUHQ8PJHEXQJ+RO] XQGWURFNHQHV/DXEZHUN]XVDPPHQ]XVXFKHQ'LH$XIJDEH ZDUQLFKWOHLFKW'HU:DOGZDUVDIWLJXQGJUQGLH%lXPH VWDQGHQLQYROOHU%OWHXQGQXUVHOWHQIDQGHQGLH-XQJHQ HLQHQWURFNHQHQ$VWGHQVLHRKQHDOO]XJURH$QVWUHQJXQJ DEEUHFKHQXQGPLWQHKPHQNRQQWHQ(VGDXHUWHIDVWHLQH 6WXQGHELVVLHJHQXJ+RO]IUHLQ)HXHUEHLVDPPHQKDWWHQ $EHUMHW]WHUJDEVLFKGLH6FKZLHULJNHLWGDVIHXFKWHXQG]XP 7HLOQRFKJUQH+RO]]XP%UHQQHQ]XEULQJHQ.LPKDWWH HLQHVHKUYHUVFKZRPPHQH9RUVWHOOXQJYRP$QHLQDQGHUUHL KHQWURFNHQHU6WlEHXQGlKQOLFKDEHQWHXHUOLFKHQ0HWKRGHQ )HXHU]XPDFKHQDEHU3ULZLQQODFKWHQXUGD]X0LWHLQHP $XJHQ]ZLQNHUQJLQJHU]XGHPVFKODIHQGHQ'UDFKHQKLQ EHUVFKOXJLKP]ZHLPDOKLQWHUHLQDQGHUPLWGHU)DXVWDXI GLH1DVHXQGWUDWLKPGDQQIHVWLQGLH6HLWHXPLKQZDFK ]XEHNRPPHQ5DQJDULJ|IIQHWHVSDOWEUHLWHLQ$XJHXQG EOLQ]HOWHYHUVFKODIHQª:DVFKLVFKORVFK"©PXUPHOWHHU 3ULZLQQGHXWHWHDXIGHQ+RO]VWDSHOLQGHU0LWWHGHU/LFK WXQJª:LUEUDXFKHQ)HXHU© 5DQJDULJNQXUUWHª6FKODJGRFKGLHVHQEHLGHQJURHQ7|O SHOQGLH.|SIH]XVDPPHQ©VDJWHHUª9LHOOHLFKWJLEW VHLQHQ )XQNHQ©$EHUHUKREWURW]GHPGHQ6FKlGHOYLVLHUWHGHQ %UHQQKRO]VWDSHONXU]DQXQGJlKQWHGDQQKHU]KDIW(LQ DUPGLFNHU)HXHUVWUDKOVFKRDXVVHLQHP5DFKHQVHQJWHHLQH VFKZDU]H6SXULQV*UDVXQGVHW]WHGDV+RO]PLWHLQHPODX WHQ.QDOOLQ%UDQG.LPVSUDQJPLWHLQHP$XIVFKUHL]XUFN DOVGLH)ODPPHQHPSRUVFKRVVHQ5DQJDULJOHJWHGHQ.RSI ZLHGHUDXIGLH9RUGHUIHXQGVFKOLHIDXIGHU6WHOOHZHLWHU

3ULZLQQNDPJULQVHQGDQV)HXHUJHVFKOHQGHUWª6LHKVWGX© VDJWHHUª(VJHKWDXFKRKQH)HXHUVWHLQH© .LPQLFNWHHUVWDXQW1DWUOLFKKDWWHHUJHK|UWGD'UDFKHQ LPDOOJHPHLQHQXQGLPEHVRQGHUHQLPVWDQGHZDUHQ)HXHU ]XVSHLHQ$EHUHUKDWWHGDVZLHVRYLHOHVIUHLQHhEHUWUHL EXQJJHKDOWHQ ª-HW]WIHKOWQXUQRFK*RUJPLWGHP)UKVWFN©EUXPPWH .HOKLP$EHUVLHPXWHQQRFKIDVW]HKQ0LQXWHQZDUWHQ ELVGHU5LHVHZLHGHUNDP8QGDOVHUVFKOLHOLFKDXVGHP :DOGWUDWWUXJHUNHLQ:LOGEUHWVRQGHUQQXUVHLQHPlFKWLJH .HXOHEHUGHU6FKXOWHU ª'DV)HXHUDXV©EHIDKOHUª6FKQHOO© .HOKLPOHJWHPLPXWLJGHQ.RSIDXIGLH6HLWHª:DUXP"© EUXPPWHHUª,FKKDEH+XQJHU© *RUJZDUPLWHLQSDDUODQJHQ6FKULWWHQEHLLKQHQXQGWUDW GDV)HXHUDXV)XQNHQVWREHQXQGEUHQQHQGHbVWHIORJHQ GDYRQª6FKZDU]H©VDJWHHUª(LQHJDQ]H$EWHLOXQJVFKZDU ]HU5HLWHULVWDXIGHP:HJKLHUKHU© ª:DVKHLWHLQHJDQ]H$EWHLOXQJ"©IUDJWH.HOKLP *RUJWUDPSHOWHZHLWHULPOlQJVWHUORVFKHQHQ)HXHUKHUXP ª)QI]HKQELV]ZDQ]LJ©EHULFKWHWHHUª8QGZHQQZLUQLFKW YHUGDPPWUDVFKPDFKHQGDZLUZHJNRPPHQUHLWHQVLH XQVJODWWEHUGHQ+DXIHQ© ª$EHUZLHN|QQHQVLHZLVVHQGDZLUKLHUVLQG"©IUDJWH .LP *RUJODFKWHª5DQJDULJLVWQLFKWOHLFKW]XEHUVHKHQ©VDJWH HUª$XHUGHPJLEWHVNDXPHWZDVZDV%RUDDVYHUERUJHQ EOHLEW6HLQH5HLWHUZHUGHQLKPJHPHOGHWKDEHQGDZLUDXI GHP:HJQDFK:HVWHQVLQG8QGHVJHK|UWQLFKWYLHOGD]X ]ZHLXQG]ZHL]XVDPPHQ]X]lKOHQXQGKHUDXV]XEHNRP PHQZDVZLUYRUKDEHQ© ª5HJGLFKQLFKWDXI©EHUXKLJWHLKQ.HOKLPª'XKDVWVHOEVW JHVDJWGDHVK|FKVWHQV]ZDQ]LJVLQG,FKZHUGHPLFK GDUXPNPPHUQ© ª1LFKWVZLUVWGX©VDJWH*RUJEDUVFKª,FKIUFKWHPLFKJH QDXVRZHQLJYRULKQHQZLHGXDEHUZLUN|QQHQXQVQLFKWGD PLWDXIKDOWHQXQVPLWLKQHQKHUXP]XSUJHOQ-HHKHUZLU

GLH.ODPPGHU6HHOHQHUUHLFKHQGHVWREHVVHU,FKZHFNH MHW]WGLHVHYHUVFKODIHQH(LGHFKVHXQGGDQQIOLHJHQZLUZHL WHU+H5DQJDULJ©EUOOWHHUGHP'UDFKHQLQV2KUª$XI ZDFKHQ:LUPVVHQZHLWHU© 5DQJDULJJUXQ]WH6HLQ6FKZDQ]]XFNWHIlOOWHHLQHQPLWWHO JURHQ%DXPXQGIHJWHZLH]XIlOOLJ*RUJYRQGHQ)HQ 'DQQODJGHU'UDFKHZLHGHUVWLOOXQGVFKQDUFKWHXQJHUKUW ZHLWHU*RUJUDSSHOWHVLFKIOXFKHQGKRFKXQGWUDWGHP'UD FKHQ]ZHLPDOPLWVROFKHU:XFKWYRUGLH6FKQDX]HGDGHU %RGHQGU|KQWH 5DQJDULJ|IIQHWHWUlJHHLQ$XJHª+DWPDQGHQQQLUJHQGV VHLQH5XKH"©(UJlKQWHXQGULGDEHLGHQ5DFKHQVSHUUDQ JHOZHLWDXI'HU5LHVHVSUDQJNUHLVFKHQG]XU6HLWHDOVHLQH IDVWPHWHUODQJH)HXHU]XQJHLQVHLQH5LFKWXQJ]XFNWHª9HU VFKODIHQH(LGHFKVHZLH"©JUROOWHGHU'UDFKHª'DUEHUUH GHQZLUQRFKDOWHU)UHXQG1DORVZRUDXIZDUWHWLKU QRFK"©(UPDFKWHVLFKVRQLHGULJZLHP|JOLFKXQGHQWIDOWHWH GHQUHFKWHQ)OJHOHLQZHQLJVRGDGLHYLHU)UHXQGHZLH EHUHLQH/HLWHUDXIVHLQHQEUHLWHQ5FNHQNOHWWHUQNRQQWHQ 6LHIORJHQZHLWHUZHQQDXFKQLFKWPHKUVRKRFKXQGVR VFKQHOOZLHLQGHUYRUDQJHJDQJHQHQ1DFKW7URW]GHPJOLWW GDV/DQGPLWSKDQWDVWLVFKHU*HVFKZLQGLJNHLWXQWHULKQHQ GDYRQ1DFKHLQHU:HLOHWUDWGHU:DOG]XUFNXQGPDFKWH HLQHUJUDXVLJHQ+JHOODQGVFKDIW3ODW] ª,VWHVQRFKZHLW"©VFKULH.LPEHUGDV5DXVFKHQGHU)OJHO KLQZHJ *RUJDQWZRUWHWHRKQHVLFKXP]XGUHKHQª6HKUZHLW.LP =ZHLYLHOOHLFKWGUHL7DJHUHLVHQZHQQZLURKQH3DXVH GXUFKIOLHJHQ$EHUGDVN|QQHQZLUQLFKW5DQJDULJEUDXFKW EDOGZLHGHUHLQH3DXVH'HU*XWHZLUGDOW)UKHUKDWHU OlQJHUGXUFKJHKDOWHQDEHUQHXHUGLQJVPXHUYRQ=HLW]X =HLWHLQ0LWWDJVVFKOlIFKHQKDOWHQ© 5DQJDULJVFKWWHOWHlUJHUOLFKGHQ.RSI'LH%HZHJXQJZDUI *RUJXPHLQ+DDUDXVGHP6LW] .LPNODPPHUWHVLFKHUVFKURFNHQDQGHQKRUQLJHQ=DFNHQ DXI5DQJDULJV5FNHQIHVWª/DWGHQ%O|GVLQQ©ULHIHUlU JHUOLFK

5DQJDULJODFKWHJUROOHQGIORJGDQQDEHUPHUNOLFKUXKLJHU ZHLWHU'HU&KDUDNWHUGHU/DQGVFKDIWlQGHUWHVLFKLPPHU ZLHGHU1DFKHLQHU:HLOHEUHLWHWHVLFKHLQHVWHLQLJH(EHQH XQWHULKQHQDXVDXIGHUQXUZHQLJH%VFKHXQGYHUHLQ]HOWH NUlQNOLFKDXVVHKHQGH*UDVLQVHOQZXFKVHQ'DQQ%HUJH QLFKWVRQGHUOLFKKRFKDEHUVWHLOXQGXQZHJVDP5DQJDULJ ]RJGLFKWEHUGLH*LSIHOKLQZHJXQGVWHXHUWHVFKOLHOLFK HLQHNDKOHZLQGXPWRVWH+RFKHEHQHDQ6LHZXUGHQNUlIWLJ GXUFKJHVFKWWHOWDOVGHU'UDFKH]XHLQHPUHFKWXQVDQIWHQ /DQGHPDQ|YHUDQVHW]WH 5DQJDULJVWLHHLQHQ6HXI]HUDXVGHUGDV+HXOHQGHV:LQ GHVEHUW|QWHª*HQXJ©PHLQWHHUª9LHOOHLFKWILQGHLFKKLHU HLQZHQLJ6FKODI©(UVFKWWHOWHVLFKDOV*RUJIUVHLQHQ *HVFKPDFN]XODQJVDPYRQVHLQHP5FNHQKHUXQWHUVWLHJ 'HU5LHVHODQGHWHIOXFKHQGDXIGHPKDUWHQ)HOV ª)OHJHO©VFKLPSIWH*RUJª1XUZHLOGXVRJURELVWJODXEVW GXGLUDOOHVHUODXEHQ]XN|QQHQZLH"© ª1LFKWDOOHV©IDXFKWH5DQJDULJª$EHUHLQH0HQJH8QG MHW]WZLOOLFKVFKODIHQ+LHUREHQZHUGHQZLUMDZRKOXQJH VW|UWVHLQ©(UUROOWHVLFK]XVDPPHQXQGELOGHWHPLWVHLQHP .|USHUHLQH+|KOHLQGHUVLH6FKXW]YRUGHPHLVLJHQ:LQG ILQGHQNRQQWHQ 'LHPlFKWLJHQJROGHQHQ)ODQNHQGHV'UDFKHQKLHOWHQVLHVL FKHUXQGZDUP6LHDOOHVSUWHQGLH$QVWUHQJXQJHQGHU EHUVWDQGHQHQ1DFKW.LPNXVFKHOWHVLFKZRKOLJLQ.HOKLPV ZDUPHV)HOO$EHUHUIDQGNHLQHQ6FKODI=XYLHOH*HGDQNHQ JLQJHQLKPGXUFKGHQ.RSI1DFKHLQHU:HLOHVWDQGHUDXI YRUVLFKWLJXPGLHDQGHUHQQLFKW]XZHFNHQNURFKDXVGHP 6FKXW]GHV'UDFKHQN|USHUVKHUYRUXQGWUDWDQGLH)HOV NDQWH'HU6WHLQILHOPHKUDOVKXQGHUW0HWHUVHQNUHFKWXQWHU LKPDEXQGGLHNDKOHIHOVLJH/DQGVFKDIWVHW]WHVLFKQDFK :HVWHQKLQIRUWVRZHLWGHU%OLFNUHLFKWH0HKUQRFKDOVGHU NDOWH:LQGOLHGLHVHU$QEOLFN.LPIU|VWHOQ(VZDUHLQH .lOWHGLHDXVVHLQHP,QQHUHQNDPXQGJHJHQGLHNHLQH QRFKVRZDUPH'HFNHXQGNHLQ)HXHUHWZDVQW]WHQ .LPGUHKWHVLFKKDOEXPDOVHU6FKULWWHK|UWH(VZDU3UL ZLQQ

ª.DQQVWGXDXFKQLFKWVFKODIHQ"©IUDJWHGHU6WHSSHQSULQ] ª1HLQ©VDJWH.LPXQGZDQGWHVLFKZLHGHUGHP%LOGGHU /DQGVFKDIW]Xª:LHKHLWGLHVH*HJHQG"©IUDJWHHUOHLVH 3ULZLQQWUDWQHEHQLKQ(UVWHFNWHIU|VWHOQGGLH+lQGHXQWHU GLH$FKVHOQXQGVFKDUUWHPLWGHP)XEHUGHQKDUWHQ 6WHLQª6LHKDWNHLQHQ1DPHQ©VDJWHHUª(VLVWHLQ7HLOGHV 6FKDWWHQJHELUJHV© ª+LHU"©VDJWH.LPHUVWDXQWª6RZHLWLP+HU]HQ0lUFKHQ PRQGV"© 3ULZLQQQLFNWHª(LQH=XQJH©HUNOlUWHHUª(LQ$UPGHV*H ELUJHVGHUZHLWLQV/DQGKLQHLQUHLFKW(VHQWVWDQGYRUXQ GHQNOLFKHQ=HLWHQODQJHEHYRU&DLYDOORQRGHU*RU\Z\QQ HUULFKWHWZXUGHQDOV9|ONHUXQG0HQVFKHQGLHVHV/DQGEH ZRKQWHQYRQGHQHQKHXWHQXUQRFKGLH6DJHEHULFKWHW'LH 0HQVFKHQZDUHQGDPDOVDQGHUVDOVKHXWH© ª$QGHUV"© 3ULZLQQOlFKHOWHª(VLVWHLQH6DJH.LPHLQ0lUFKHQPHKU QLFKW© ª(U]lKOH©EDW.LP ª'DPDOV©EHJDQQGHU6WHSSHQSULQ]ªVREHULFKWHWGLH6DJH ZDUHQGLH0HQVFKHQDQGHUV6LHZDUHQPlFKWLJYLHOPlFKWL JHUDOVZLUXQGHVJDENHLQOHEHQGHV:HVHQXQWHUGHU 6RQQHNHLQH3IODQ]HNHLQ7LHUGDVVLFKLKUHP:LOOHQ ZLGHUVHW]HQNRQQWH,FKJODXEHVLHZDUHQHLQELFKHQVR ZLHGLH/HXWHGRUWZRGXKHUNRPPVW6LHEHKHUUVFKWHQGDV /DQG]XEHLGHQ6HLWHQGHV6FKDWWHQJHELUJHV6LHOHEWHQLQ JURHQSUlFKWLJHQ6WlGWHQXQGKDWWHQ0DVFKLQHQPLWGH QHQVLHVFKQHOOHUDOVMHGHU9RJHOGXUFKGLH/XIWIOLHJHQ NRQQWHQ(LQHV7DJHVDEHUJULIIHQVLHQDFKGHQ6WHUQHQXQG DOVVLHHUNHQQHQPXWHQGDVLHVLHWURW]DOOLKUHU0DFKW XQGDOOLKUHU0DVFKLQHQQLFKWHUUHLFKHQNRQQWHQZXUGHQVLH E|VHXQGYHUELWWHUW1HLGXQG0LJXQVWVFKOLFKHQVLFKLQ LKUH+HU]HQ,KUH0DVFKLQHQZXUGHQLPPHUYROONRPPHQHU DEHULPJOHLFKHQ0DHLQGHPLKU5HLFKWXPZXFKVZXFKV DXFKGLH8Q]XIULHGHQKHLWXQGVFKRQEDOGEOLFNWHQGLH%H ZRKQHUGHUHLQHQ6WDGWPLWUDXLVFKDXIGLHGHUDQGHUHQRE GLHVHDXFKMDQLFKWPHKUEHVDHQDOVVLHVHOEVWREGHUHQ0D

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lJHQGLHGHU0HQVFKGHU(UGH]XIJWH'LH (UGHEDUVWYRQHLQHP(QGH]XPDQGHUHQXQGHLQ5LWLHIHU DOVGLHWLHIVWH6FKOXFKWWUHQQWHGLHEHLGHQNlPSIHQGHQ3DU WHLHQYRQHLQDQGHU© ª'LH.ODPPGHU6HHOHQ©YHUPXWHWH.LP 3ULZLQQQLFNWHª-D'LH.ODPPGHU6HHOHQ8QGDQLKUHP (QGHIDOWHWHVLFKGLH(UGHXQWHUGHQXQJHKHXUHQ*HZDOWHQ GLHGHU0HQVFKZRKOHQWIHVVHOQDEHUQLFKWPHKUEHKHUU VFKHQNRQQWH]XHLQHUJHZDOWLJHQ%DUULHUHDXI)OVVLJHV *HVWHLQKHLZLHGLH6RQQHXQGGQQZLH:DVVHUUDQQYRQ GHQJHVFKPRO]HQHQ*LSIHOQGHU6FKDWWHQEHUJHKHUDEXQG YHUEDQGVLFKPLWGLHVHUQHXHQYRQ0HQVFKHQJHVFKDIIHQHQ %DUULHUH©(UKLHOWHLQHQ0RPHQWLQQHXQGDOVHUZHLWHU VSUDFKNODQJVHLQH6WLPPHLUJHQGZLHWUDXULJª1XUZHQLJH 0HQVFKHQEHUOHEWHQGDV*UDXHQ6LHIORKHQLQ+|KOHQWLHI XQWHUGHU(UGHXQGVLHXQGLKUH.LQGHUKDXVWHQZLHGLH 7LHUH'XUFKYLHOH*HQHUDWLRQHQOHEWHQVLHVRHLQJHVFKORV VHQRKQH/LFKWXQG/XIWELVGLH0HQVFKHQLKUH+HLPDWXQG LKUH$EVWDPPXQJYHUJDHQ-DKUKXQGHUWHYHUJLQJHQXQG DOVGLH.LQGHVNLQGHUGHU.LQGHVNLQGHUMHQHUGLHGHQ8QWHU JDQJEHUOHEWKDWWHQHQGOLFKGHQ:HJ]XUFNDQV7DJHV OLFKWIDQGHQKDWWHVLFKGLH(UGHHUKROWXQGHVJDEZLHGHU /HEHQ6HLWKHUPDKQWXQVGLHVHV*HELUJHPLWMHGHP7DJXQV

DXIGDV]XEHVLQQHQZDVZLUVLQGXQGQLFKWQDFKGHQ6WHU QHQ]XJUHLIHQ© ª'DVLVWNHLQHVFK|QH*HVFKLFKWH©PXUPHOWH.LPQDFK GHP3ULZLQQJHHQGHWKDWWH 3ULZLQQOlFKHOWHª1HLQ.LP6LHLVWQLFKWVFK|QDEHUHVLVW QXUHLQH*HVFKLFKWHYHUJLGDVQLFKW,FKJODXEHQLFKWGD VLHDXI:DKUKHLWEHUXKW© .LPDQWZRUWHWHQLFKW6HLQ%OLFNVWUHLIWHZLHGHUEHUGLH ]DFNLJHQ8PULVVHGHU%HUJHULQJVXPXQGSO|W]OLFKVDKHU GLH'LQJHPLWDQGHUHQ$XJHQ'HUPDWWH*ODQ]GHU)HOV ZlQGHHULQQHUWHLKQDQEOLQGHVYRQ-DKUWDXVHQGHQDEJH VFKOLIIHQHV*ODV'LHVHOWVDPUHJHOPlLJHQ6WUHLIHQXQG/L QLHQDXIGHU)HOVSODWWH]XVHLQHQ)HQPRFKWHQGLH6SXUHQ YRQ/DYDVWU|PHQVHLQGLHYRUXQGHQNOLFKHQ=HLWHQKLHUHQW ODQJJHIORVVHQZDUHQ8QGPLWHLQHP0DODKQWHQHLQ ZXWHHUGD3ULZLQQV*HVFKLFKWHNHLQ0lUFKHQVRQGHUQ :DKUKHLWZDU (UWUDWYRQGHU)HOVNDQWH]XUFNKRFNWHVLFKDXIGHQQDFN WHQ%RGHQXQGVFKOXJIULHUHQGGLH$UPHXPGHQ2EHUN|U SHU6HLQ6FKLOGVFKW]WHLKQHLQZHQLJJHJHQGHQE|LJHQ NDOWHQ:LQGDEHUGLH.lOWHNURFKXQEDUPKHU]LJXQWHUVHLQH .OHLGXQJXQGQLVWHWHVLFKLQVHLQHQ*OLHGHUQHLQ7URW]GHP ]|JHUWHHUQRFKLQGHQ6FKXW]GHV'UDFKHQ]XUFN]XNHK UHQ ª'LHVHV*HELUJHIKUWXQVGLUHNW]XU.ODPPGHU6HHOHQ"© IUDJWHHU3ULZLQQGHUVLFKQHEHQLKQJHVHW]WKDWWH ª-D$EHUZLUZHUGHQLKPQLFKWIROJHQ5DQJDULJLVWQXU KLHUKHUJHIORJHQZHLOZLUKLHUVLFKHUVLQG6RJDUGLHVFKZDU ]HQ5HLWHUPHLGHQGLHVH*HJHQGXQGLFKJODXEHDXFKGHU 'UDFKHLVWQXUXQJHUQKHUJHNRPPHQ(VKHLWGDGHU *HLVWGHU9HUJDQJHQKHLWKLHUXPJHKW©3ULZLQQYHUVXFKWH]X OlFKHOQDEHUHVJHODQJLKPQLFKW.LPVSUWHGLHXQVLFKWEDUH %HGURKXQJGLHZLHHLQVFKOHLFKHQGHV8QJHKHXHUKLQWHUGHQ )HOVHQODXHUWHJHQDXVRZLHGDPDOVDOVVLH.HOKLPV+|KOH GXUFKTXHUWKDWWHQ ª*ODXEVWGXGDZLUQRFKPHKUVFKZDU]HQ5HLWHUQEHJHJ QHQZHUGHQ"©

3ULZLQQ]XFNWHGLH$FKVHOQª,FKKRIIHQLFKWDEHUVLHVLQG EHUDOOLPJDQ]HQ/DQG%RUDDVLVWPLWUDXLVFK© ª'XJODXEVWHUDKQWZDVZLUYRUKDEHQ"© ª1RFKQLFKW$EHUZHQQHUHVHUIlKUWZLUGHUVHLQH3OlQH lQGHUQXQG*RU\Z\QQXQYHU]JOLFKDQJUHLIHQ'DVLVWHV ZDVPLU6RUJHQEHUHLWHW©(U]RJGLH.QLHDQGHQ.|USHU XQGYHUVDQNLQEUWHQGHV6FKZHLJHQ ª.RPP©VDJWHHUVFKOLHOLFKª6FKODIHQZLUHLQZHQLJ:LU ZHUGHQXQVHUH.UlIWHQRFKEUDXFKHQ© 6LHVWDQGHQDXIXQGJLQJHQ]X5DQJDULJ]XUFN.HOKLP XQGGHU5LHVHVFKOLHIHQHQJ]XVDPPHQJHUROOWQHEHQGHQ JROGHQHQ)ODQNHQGHV'UDFKHQ.LPOHJWHVLFKQLHGHUXQG YHUVXFKWHVLFKDXIGHPVWHLQLJHQ%RGHQLQHLQHHLQLJHUPDHQ EHTXHPH/DJH]XEHWWHQ0GLJNHLWEUHLWHWHVLFKEHULKQ .XU]EHYRUHUHLQVFKOLHI|IIQHWHHUQRFKHLQPDOGLH$XJHQ XQGEOLFNWHQDFK:HVWHQZRQRFKLQGXQVWLJHU)HUQHYHU ERUJHQGLH.ODPPGHU6HHOHQDXIVLHZDUWHWH 8QGSO|W]OLFK]XPHUVWHQ0DOVHLW7DJHQKDWWHHUZLHGHU $QJVW 5DQJDULJZHFNWHVLHEHL(LQEUXFKGHU'lPPHUXQJ6LHEUD FKHQVRIRUWDXI$OVGHU'UDFKHVLFKDQGLH3ODWHDXNDQWH VFKREXQGPLWZHLWDXVJHEUHLWHWHQ6FKZLQJHQLQGLH7LHIH IDOOHQOLHXPGLHZDUPHQ$XIZLQGHHQWODQJGHU)HOVNDQWH DXV]XQXW]HQODJGDVVWHLQHUQH5XQGXQEHUKUWGDVRZLH HVZDKUVFKHLQOLFKVFKRQVHLW0LOOLRQHQ-DKUHQGDJHOHJHQ KDWWH1LFKWV]HXJWHYRQLKUHPNXU]HQ(LQGULQJHQLQGLHVHV 5HLFKGHV6FKZHLJHQVXQGGHV:LQGHVXQGDOV.LP]XUFN EOLFNWHXQGGHQ7DIHOEHUJODQJVDPLQGHU'lPPHUXQJKLQ WHUVLFKYHUVFKZLQGHQVDKPXWHHUVLFKHLQJHVWHKHQGDHV JXWZDU0HQVFKOLFKHV/HEHQMHGHV/HEHQJOHLFKZHOFKHU $UWKDWWHKLHUQLFKWVYHUORUHQ'LHVHV*HELUJHZDUHLQH VWHLQHUQH0DKQXQJHLQ0RQXPHQWGLH)HKOHUGHU9HUJDQ JHQKHLWQLHPHKU]XZLHGHUKROHQ .LPOHKQWHVLFKJHJHQ*RUJVEUHLWHQ5FNHQXQGYHUVXFKWH ZLHGHUHLQ]XVFKODIHQDEHU+XQJHUXQG.lOWHKLHOWHQLKQ ZDFK-HZHLWHUVLHQDFK:HVWHQNDPHQGHVWRNlOWHUVFKLHQ

HV]XZHUGHQ.LPIUDJWHVLFKREHVLQGLHVHU:HOWVWDWW HLQHV1RUGXQG6GSROVZLHLQVHLQHU+HLPDWHLQHQ:HVW XQG2VWSROJDEXQGREGLH.ODPPGHU6HHOHQVLHYLHOOHLFKW JHUDGHZHJVLQHLQNlOWHNOLUUHQGHV5HLFKHZLJHQ(LVHVIKUWH (UHULQQHUWHVLFKGD7KHPLVWRNOHVHWZDVYRQHLQHU(LVLJHQ (LQ|GHHUZlKQWKDWWH:HQQGDVVWLPPWHKDWWHQVLHZRKO HLQHQYHUKlQJQLVYROOHQ)HKOHUEHJDQJHQ.HLQHUYRQLKQHQ PLW$XVQDKPHGHV%lUHQGHQVHLQGLFKWHV)HOOJHJHQGLH .lOWHVFKW]WHKDWWHVLFKZDUPJHQXJDQJH]RJHQXP HLQHQ0DUVFKGXUFKHLQH/DQGVFKDIWDXV(LVXQG6FKQHH GXUFK]XVWHKHQ $EHUIUVROFKHhEHUOHJXQJHQZDUHVMHW]W]XVSlW6LHKDW WHQVFKRQEHLQDKGLH+lOIWHGHV:HJHV]XUFNJHOHJWXQG .LPZUGHXQWHUJDUNHLQHQ8PVWlQGHQPHKUXPNHKUHQ 'LH1DFKWYHUVWULFK5DQJDULJV%HZHJXQJHQKDWWHQYLHOYRQ LKUHUNUDIWYROOHQ5XKHHLQJHEWGHQQRFKIORJGHU'UDFKH ZHLWHURKQHVLFK]XEHNODJHQ6LHKDWWHQGDV*HELUJHKLQWHU VLFKJHODVVHQXQGEHUTXHUWHQQXQHLQHZHLWH6DYDQQH9HU HLQ]HOWH+lXVHUWDXFKWHQXQWHULKQHQDXIXQGHLQPDOJOLWW GHU/LFKWHUJODQ]HLQHUJU|HUHQ6WDGWZHLWLP6GHQDQ LKQHQYRUEHL5DQJDULJIORJXQEHLUUWZHLWHUQDFK:HVWHQ XQGHUVWDOVHVKHOOZXUGHYHUORUHUZLHGHUDQ+|KHXQG KLHOWQDFKHLQHP/DQGHSODW]$XVVFKDX,QZHLWHQ6SLUDOHQ NUHLVWHHUWLHIHUZDQGWHGHQPlFKWLJHQ6FKlGHOQDFKUHFKWV XQGOLQNVXQGVXFKWHQDFKHLQHU6WHOOHGLHLKQHQVRZRKODOV 9HUVWHFNDOVDXFKDOV5DVWODJHUGLHQHQNRQQWH 3O|W]OLFK]XFNWHQ5DQJDULJV)OJHOXQGVHLQ.|USHUElXPWH VLFKDXIGDVLFKVHLQH3DVVDJLHUHNUDPSIKDIWIHVWKDOWHQ PXWHQXPQLFKWDEJHZRUIHQ]XZHUGHQ ª:DVLVWORV"©EUOOWH*RUJ ª6FKZDU]H©IDXFKWH5DQJDULJª,P6GHQ© .LPOHKQWHVLFK]XU6HLWHXQGYHUVXFKWHDQ*RUJYRUEHL HLQHQ%OLFNDXIGLH/DQGVFKDIWXQWHULKQHQ]XZHUIHQ(UVDK QLFKWVDOVHLQHQGXQNOHQIRUPORVHQ)OHFNDP+RUL]RQW $EHU5DQJDULJVFKLHQEHVVHUH$XJHQDOVHU]XKDEHQ'HU 'UDFKHIORJPLWlXHUVWHU.UDIWXQGVRVFKQHOOZLHQRFKQLH ZHLWHUQDFK6GHQ1DFKZHQLJHQ$XJHQEOLFNHQNRQQWHQ

.LPXQGGLHDQGHUHQHLQQLHGULJHVVWURKJHGHFNWHV+DXVHU NHQQHQGDVDOOHLQXQGXQJHVFKW]WDXIGHUZHLWHQ(EHQH GHU6DYDQQHVWDQG(LQH+RUGHVFKZDU]HU5HLWHUXPNUHLVWH GDV+DXVDXILKUHQJURHQVFKZDU]HQ3IHUGHQ,KU.ULHJV JHVFKUHLZDUELVKLHUKHUDXI]XK|UHQ:lKUHQGVLFKGHU 'UDFKHK|KHULQGLH/XIWVFKZDQJXQGPLWZHLWDXVJHEUHLWH WHQ)OJHOQ]XP$QJULIIDQVHW]WHJLQJHLQ+DJHOEUHQQHQ GHUVFKZDU]HU3IHLOHDXIGDV+DXVQLHGHU 5DQJDULJWURPSHWHWHHLQHQ.DPSIVFKUHLOHJWHGLH)OJHODQ GHQ.|USHUXQGVWLHZLHHLQULHVHQKDIWHUJROGHQHU6SHHU DXIGLH$QJUHLIHUQLHGHU'LHVFKZDU]HQ5HLWHUHUVWDUUWHQ PLWWHQLQGHU%HZHJXQJ)UHLQHQ0RPHQWELOGHWH.LP VLFKHLQGXUFKGLHDXVGUXFNVORVHQVFKZDU]HQ0HWDOOPDVNHQ KLQGXUFKGDV(UVFKUHFNHQDXILKUHQ*HVLFKWHUQ]XVHKHQ 5DQJDULJV6FKZLQJHQ]RJHQLQWlXVFKHQGODQJVDPHU%HZH JXQJGXUFKGLH/XIWXQGGLHJHRUGQHWH$QJULIIVIRUPDWLRQ GHU5HLWHUYHUZDQGHOWHVLFKLQHLQ&KDRVGXUFKJHKHQGHU 3IHUGH*HVFKUHLXQGEHUVWHQGHQ0HWDOOV)QI5HLWHUIORJHQ LPKRKHQ%RJHQDXVGHQ6lWWHOQDOV5DQJDULJV6FKZLQJHQ VLHVWUHLIWHQ 'HU'UDFKHElXPWHVLFKDXIVWLHHLQHQ]ZHLWHQQRFKZ WHQGHUHQ6FKUHLDXVXQGZDUPLWHLQHP6DW]XQWHUGHQ5HL WHUQ6HLQHPlFKWLJHQ)HNUDFKWHQJQDGHQORVDXI5VWXQ JHQXQG6FKLOGH6HLQ6FKZDQ]SHLWVFKWHHLQKDOEHV'XW]HQG 5HLWHU]X%RGHQXQGSIOJWHHLQHQEUHLWHQ*UDEHQLQGLH (UGH 'HU.DPSIGDXHUWHQXUZHQLJH$XJHQEOLFNH*RUJ.HOKLP .LPXQG3ULZLQQVSUDQJHQZLHHLQ0DQQYRQ5DQJDULJV 5FNHQ*RUJ.HOKLPXQG3ULZLQQJULIIHQGLHEHUUDVFKWHQ 5HLWHUYRQGHU6HLWHKHUDQZlKUHQG.LPVHLQ6FKZHUWDXV GHU6FKHLGHULXQG]XP+DXVKLQEHUOLHIXPGRUWQDFK GHP5HFKWHQ]XVHKHQ 'LH7UZDUHLQJHVFKODJHQ6FKZDU]HU4XDOP]RJDXV HLQHP]HUEURFKHQHQ)HQVWHUXQGDXVGHP,QQHUHQGHV*H ElXGHVGUDQJ.DPSIOlUPXQGGDVlQJVWOLFKH:HLQHQHLQHV .LQGHV.LPKREGLH7UPLWHLQHPZWHQGHQ7ULWWYROOHQGV DXVGHQ$QJHOQXQGVWUPWHLQV+DXV(UULLPOHW]WHQ

$XJHQEOLFNVHLQHQ6FKLOGKRFKDOVHUGLH%HZHJXQJDXVGHQ $XJHQZLQNHOQZDKUQDKP(LQZXFKWLJHU6FKZHUWVWUHLFKWUDI GDVILQJHUGLFNH+RO]XQGOLHLKQ]XUFNWDXPHOQ.LP SUDOOWHJHJHQHLQHQ6FKUDQNYHUORUGDV*OHLFKJHZLFKWXQG VWU]WH(LQHULHVLJH*HVWDOWZXFKVEHULKPHPSRUVFKZDQJ LKUH:DIIHXQGHUVWDUUWHIUHLQHQ0RPHQWDOVGHU 6FKZDU]H.LPVVFKZDU]H5VWXQJEHPHUNWH 'LHVHVZLQ]LJH=|JHUQNRVWHWHGHQVFKZDU]HQ5HLWHUGDV /HEHQ.LPVSUDQJDXIGLH)HILQJGHQ+LHEPLWGHP 6FKLOGDXIXQGVFKOXJJOHLFK]HLWLJPLWDOOHU.UDIW]XUFN 'LHVFKZDU]H.OLQJHERKUWHVLFKNQLUVFKHQGGXUFKGLH5 VWXQJVHLQHV*HJQHUV .LPEOLHEHLQHQ+HU]VFKODJODQJXP$WHPULQJHQGVWHKHQ HKHHUEHUGHQDP%RGHQ/LHJHQGHQKLQZHJVFKULWWXQGWLH IHULQGDV+DXVHLQGUDQJ (UIROJWHGHP/lUPXQGVWLHGLH7U]XP:RKQUDXPDXI 'HU$QEOLFNGHUVLFKLKPERWOLHLKQ]XUFNSUDOOHQ.LP VWROSHUWHIDVWEHUGLHUHJORVDXVJHVWUHFNWH*HVWDOWHLQHV 0DQQHV(LQGXQNOHU%OXWIOHFNIlUEWHGHQ6WRIIVHLQHV+HP GHVXQGVHLQH)LQJHUZDUHQXPGHQ*ULIIHLQHV]ZHLVFKQHL GLJHQ'ROFKHVYHUNUDPSIWPLWGHPHUVHLQHQ0|UGHUPLWLQ GHQ7RGJHULVVHQKDWWH(LQ]ZHLWHU%DXHUYHUWHLGLJWHVLFK QXUPLWHLQHUODQJHQ+RO]VWDQJHEHZDIIQHWYHU]ZHLIHOWJH JHQHLQHQULHVHQKDIWHQVFKZDU]HQ5HLWHUGHULKQ6FKULWWIU 6FKULWWGXUFKGHQ5DXPWULHE'HU0DQQGXFNWHVLFKXQWHU HLQHP6FKZHUWVWUHLFKZHJWlQ]HOWH]XU6HLWHXQGYHUVHW]WH GHP6FKZDU]HQHLQHQNUlIWLJHQ+LHEJHJHQGHQ+HOP'LH 5VWXQJGU|KQWH'HU6FKZDU]HWRUNHOWH]XUFNILQJHLQHQ ]ZHLWHQ+LHEPLWGHUIODFKHQ.OLQJHDXIXQGVFKOXJGHP 0DQQPLWGHUJHSDQ]HUWHQ)DXVWYRUGLH%UXVW'HU0DQQ VW|KQWHYRU6FKPHU])UHLQHQ0RPHQWYHUJDHUVHLQH 'HFNXQJXQGGHU5LWWHUVHW]WH]XHLQHPW|GOLFKHQ6WUHLFK DQ .LPEHUZDQGHQGOLFKVHLQH(UVWDUUXQJ0LWHLQHP6DW] ZDUIHUVLFK]ZLVFKHQGLHEHLGHQ.lPSIHQGHQILQJGHQ 6FKZHUWVWUHLFKGHVVFKZDU]HQ5HLWHUVPLWGHP6FKLOGDXI XQGVFKOXJ]XUFN(VZDUNHLQJXWHU6FKODJVFKOHFKWJH

]LHOWXQGPLW]XZHQLJ.UDIWJHIKUW$EHUZLHGHUZDUHVGLH VFKZDU]H5VWXQJGLHVHLQHQ*HJQHUHLQHQ0RPHQWODQJ ]DXGHUQOLHXQGVHLQ6FKLFNVDOEHVLHJHOWH.LPV.OLQJH VFKUDPPWHDP%UXVWSDQ]HUGHVDQGHUHQHQWODQJJOLWWDEXQG ERKUWHVLFKLQGHQ+RO]ERGHQ(LQH6HNXQGHODQJVWDQGHQ VLFKGLHEHLGHQUHJORVJHJHQEHUXQG.LPNRQQWHGHQHU VWDXQWHQXQJOlXELJHQ$XVGUXFNLQGHQ$XJHQGHVDQGHUHQ HUNHQQHQ'DQQWUDILKQHWZDVLP5FNHQXQGOLHLKQ]XU 6HLWHWDXPHOQ(LQHElUWLJH*HVWDOWVSUDQJDQLKPYRUEHL VFKZDQJLKUHQ.QSSHOXQGOLHGDV]HUVSOLWWHUWH(QGHPLW XQJHKHXUHU.UDIWDXIGHQ+HOPGHV*HSDQ]HUWHQQLHGHUNUD FKHQ'HU6FKZDU]HVFKULHDXIXQGVWU]WHYRUQEHU .LPGUHKWHVLFKVFKZHUDWPHQGXP'HU%DXHUVWDQGDXI $UPHVOlQJHKLQWHULKP(UNHXFKWHXQGEHUVHLQ*HVLFKW OLHI%OXW'HU.QSSHOLQVHLQHQ+lQGHQEOLHEGURKHQGHU KREHQXQGLQVHLQHQ$XJHQIODFNHUWHHVPLWUDXLVFK .LPOLH6FKLOGXQG6FKZHUWVLQNHQXQGJULIIPLWODQJVDPHU %HZHJXQJXPGHQ0DQQQLFKW]XP$QJULII]XYHUOHLWHQDQ VHLQHQ+HOP(UVHW]WHLKQDEXQGYHUVXFKWHDXIPXQWHUQG ]XOlFKHOQ ª(VLVWDOOHVLQ2UGQXQJ©VDJWHHU 'HU%DXHUHQWVSDQQWHVLFKDEHUGDVPLWUDXLVFKH*OLW]HUQ LQVHLQHQ$XJHQEOLHEª,KU,KUVHLGNHLQVFKZDU]HU5HL WHU"©IUDJWHHU ª%HVWLPPWQLFKW,FKVHKHQXUVRDXV0DQFKPDO©IJWH .LPPLWHLQHP6HLWHQEOLFNDXIGHQUHJORVGDOLHJHQGHQ VFKZDU]HQ5HLWHUKLQ]XªLVWHVVRJDUYRQ9RUWHLO© 'HU%DXHUQLFNWHYHUZLUUWª,FKLFKZHLQLFKWZHUGX ELVW©VDJWHHUªDEHULFKGDQNHGLU2KQHGHLQH+LOIHZlUH LFKMHW]WWRW0HLQHQ%UXGHUKDEHQVLHVFKRQHUVFKODJHQ©(U ZDUIHLQHQ%OLFNEHUGLH6FKXOWHU]XP)HQVWHUXQGZDQGWH VLFKGDQQZLHGHUDQ.LPª$EHUGLH*HIDKULVWQRFKQLFKW EHUVWDQGHQ'UDXHQVLQGQRFKPHKU© .LPVFKWWHOWHGHQ.RSIª0DFKGLUNHLQH6RUJHQ0HLQH )UHXQGHNPPHUQVLFKXPVLH6LQGQRFKPHKU/HXWHLP +DXV"© ª0HLQH)UDXPHLQ6RKQXQGGLH)UDXPHLQHV%UXGHUV

8QG]ZHL.QHFKWH$EHULFKKDEHVLHQDFKREHQJHVFKLFNW XPGLH)UDXHQ]XEHVFKW]HQ© (UVWMHW]WILHO.LPDXIGDYRPREHUHQ6WRFNZHUNQRFKLP PHU%DE\JHVFKUHL]XK|UHQZDU'D]ZLVFKHQJODXEWHHUGDV 6FKOXFK]HQHLQHU)UDX]XK|UHQ ª+ROVLHKHUXQWHU©VDJWHHUª'LH*HIDKULVWYRUEHU-HGHQ IDOOVLP0RPHQW© 'HU0DQQZDQGWHVLFK]XU7UXQGYHUVFKZDQGEHUGLH 7UHSSHQDFKREHQZlKUHQG.LPVLFKZDFKVDPQDFKDOOHQ 6HLWHQXPEOLFNHQGQDFKGUDXHQJLQJ 'HU.DPSIZDUYRUEHU(LQH$Q]DKOKHUUHQORVHU3IHUGH OLHINRSIVFKHXXPKHUXQG5DQJDULJVFKQIIHOWHPLWUDXLVFK ]ZLVFKHQGHQJHIDOOHQHQVFKZDU]HQ5HLWHUQKHUXPREVLFK QLFKWHWZDHLQHUQXUWRWVWHOOWHXPVSlWHU]XHQWZLVFKHQXQG 9HUVWlUNXQJ]XKROHQ .LPEHULFKWHWHVHLQHQ*HIlKUWHQZDVVLFKLP+DXV]XJHWUD JHQKDWWH:LHGHUHLQPDOVWDQGHQVLHYRUHLQHP6FKUHFNHQV EHLVSLHOVLQQORVHQ%OXWYHUJLHHQV ª$EHUVRZHLWLP:HVWHQ©PXUPHOWH3ULZLQQ *RUJNQLUVFKWHPLWGHQ=lKQHQª'LH6FKZDU]HQEHKHUU VFKHQGDV/DQGEHUHLWV©VDJWHHUJULPPLJª(VJHK|UW]X %RUDDV 7DNWLNHUVWGDV+LQWHUODQG]X]HUVW|UHQ:HQQGHU $QJULIIDXI*RU\Z\QQEHJLQQWZLUGQLFKWVPHKUGDVHLQ ZRKLQVHLQH%HZRKQHUIOLHKHQN|QQWHQ%RUDDVKDWDXVGHP ZDVLQ&DLYDOORQJHVFKHKHQLVWJHOHUQW3ULQ]3ULZLQQ$EHU QXQODWXQVLQV+DXVJHKHQXQGQDFKGHQ%DXHUVOHXWHQVH KHQ9LHOOHLFKWN|QQHQZLUKHOIHQ© +LQWHUHLQDQGHUIROJWHQVLH.LPLQV+DXV=XHUVW3ULZLQQ GDQQ.HOKLPGHUVLFKDXIDOOHYLHUHQLHGHUJHODVVHQKDWWHXQG PLWVHLQHQEUHLWHQ6FKXOWHUQNDXPGXUFKGLH7USDWHXQG ]XOHW]W*RUJGHUWURW]VHLQHUJHEFNWHQ+DOWXQJVWlQGLJ PLWGHP.RSIJHJHQGLH'HFNHVWLHXQGKDOEODXWYRUVLFK KLQIOXFKWH 'LH)DPLOLHKDWWHVLFKLP:RKQUDXPYHUVDPPHOW.LPVDK GDV(UVFKUHFNHQDXILKUHQ*HVLFKWHUQDOVVLHGHQ%lUHQXQG GHQ5LHVHQHUEOLFNWHQª.HLQH6RUJH©VDJWH.LPUDVFK ª'DVVLQGPHLQH)UHXQGH6LHWXQHXFKQLFKWV©

ª'DVlK©VWRWWHUWHGHU%DXHUªGDVJODXEHLFKHXFK JHUQH(VLVWQXU© ª(LQELFKHQXQJHZ|KQOLFKQLFKWZDKU©EUXPPWH.HOKLP ª$EHUZHQQ,KUXQVIUNRPLVFKKDOWHWGDQQVROOWHW,KUHUVW PDODXVGHP)HQVWHUVHKHQJXWHU0DQQ© 'HU%DXHUVWDUUWHGHQ%lUHQYHUVWlQGQLVORVDQ6FKOLHOLFK GUHKWHHUVLFKXPXQGWUDW]|JHUQGDQV)HQVWHUª(LQ'UD FKH©VWLHHUKHUYRUª(LQJROGHQHU'UDFKH©(UIXKUKHUXP XQGVWDUUWHGLHYLHU)UHXQGHHKUIUFKWLJDQª$EHUHVHV JLEWGRFKQXUHLQHQJROGHQHQ'UDFKHQ©PXUPHOWHHU *RUJQLFNWHXQGVWLHVLFKGDEHLGHQ6FKlGHODQGHU'HFNH GDGDVPRUVFKH+RO]NUDFKWHª*DQ]UHFKW©DQWZRUWHWHHU ª'DVLVWHU5DQJDULJ© 'HU%DXHUHUEOHLFKWHª$EHUGDQQGDQQPW,KU*RUJ VHLQ *RUJYHU]RJEHOHLGLJWGLH/LSSHQª.HQQW,KUQRFKHLQHQ DQGHUHQ5LHVHQ"© ª5LHVH"©EUXPPWH.HOKLPª:RLVWKLHUHLQ5LHVH"© *RUJZDUILKPHLQHQZWHQGHQ%OLFN]XVWLHVLFKDEHUPDOV GHQ.RSIXQGNDPHQGOLFKDXIGLH,GHHVLFK]XVHW]HQ .LPJULQVWHDOVHUGLH9HUZLUUXQJGHV%DXHUQVDK$EHUHU KDWWH0LWOHLGPLWGHQYHUlQJVWLJWHQ)UDXHQª0DFKWHXFK QLFKWVGUDXVJXWH/HXWH'LHEHLGHQVWUHLWHQVLFKLPPHU $EHULKUVROOWHWVLHHLQPDOVHKHQZHQQVLHNlPSIHQ© ª'LHVFKZDU]HQ5HLWHU©PXUPHOWHGHU%DXHUª,KUVHLG ZLUNOLFKLPOHW]WHQ0RPHQWJHNRPPHQ(LQH0LQXWHVSl WHUXQGHXUH+LOIHKlWWHQLHPDQGHPPHKUJHQW]W© ª$XFKQRFKPHFNHUQ©VFKLPSIWH*RUJª'DKDXWPDQLKQ UDXVXQGHUEHVFKZHUWVLFKGDPDQQLFKWHKHUJHNRPPHQ LVW© 'HU%DXHUZDUQXQY|OOLJYHUZLUUW6HLQ%OLFNLUUWHXQVLFKHU ]ZLVFKHQ*RUJXQG.HOKLPKLQXQGKHU 6FKOLHOLFKPLVFKWHVLFK3ULZLQQHLQª'XVROOWHVWGLFKVFKl PHQ*RUJ©VDJWHHUª'LHDUPHQ/HXWHVR]XYHUXQVL FKHUQ© *RUJVHQNWHLQJHVSLHOWHU=HUNQLUVFKXQJGHQ.RSIXQG DXFKDXIGHQ*HVLFKWHUQGHV%DXHUQXQGVHLQHU)DPLOLHHU

VFKLHQHLQHUVWHV]DJKDIWHV/lFKHOQ6FKOLHOLFKO|VWHVLFKGLH 6SDQQXQJLQHLQHPEHIUHLWHQ/DFKHQ *HPHLQVDPEHJDQQHQVLHGLH/HLFKQDPHGHUVFKZDU]HQ 5HLWHUKLQDXV]XWUDJHQXQGGLH6SXUHQGHV.DPSIHV]XEH VHLWLJHQVRJXWHVJLQJ3ULZLQQ*RUJXQG.LPSDFNWHQ NUlIWLJPLWDQXQGVFKRQQDFKNQDSSHLQHU6WXQGHHULQQHU WHQQXUQRFKHLQH]HUEURFKHQH)HQVWHUVFKHLEHXQGHLQHUX JHVFKZlU]WH6WHOOHDXIGHP)XERGHQDQGHQ.DPSIGHU KLHUYRUNXU]HPVWDWWJHIXQGHQKDWWH .LPILHODXIZLHYHUKlOWQLVPlLJJHODVVHQGLH%DXHUQIDPLOLH GHQ7RGHLQHVGHU,KUHQKLQQDKP(UZDUWHWHELVHUPLW3UL ZLQQDOOHLQZDUXQGEUDFKWHGDQQGLH5HGHGDUDXI 3ULZLQQQLFNWHDOVKlWWHHUGLH)UDJHHUZDUWHW ª,FKZHLQLFKWYLHOEHUGHLQH:HOWXQGGLH0HQVFKHQGLH GRUWOHEHQ.LP©VDJWHHUQDFKGHQNOLFKª$EHUPLUVFKHLQW GDLKUHLQVHKUVHOWVDPHV9RONVHLG© ª:HLOZLUXPXQVHUH7RWHQWUDXHUQ"© 3ULZLQQOlFKHOWHQDFKVLFKWLJª1HLQ.LPGDVWXQZLUDXFK 1XUDQGHUV-HGHUYRQXQVZHLGRFKGDGDV/HEHQQLFKW HZLJZlKUW)UPDQFKHZLH7KHPLVWRNOHVRGHU5DQJDULJ GDXHUWHVODQJHDQGHUHVWHUEHQVFKRQIUKYLHOOHLFKWDOV .LQGRGHUVFKRQDOV6lXJOLQJ(VVWHKWQLFKWLQXQVHUHU 0DFKWHWZDVGDUDQ]XlQGHUQ8QGZLUZROOHQHVDXFKJDU QLFKW'HU.|USHU.LPGLHVHYHUZXQGEDUH+OOHXPGLH LKUHXFKVRJURH6RUJHQPDFKWLVWQLFKWVDOVHLQ,QVWUX PHQWHLQH$UW:HUN]HXJGHVVHQVLFKGHU*HLVWEHGLHQWXP GDPLWVHLQHQ:LOOHQDXV]XIKUHQ:LUOLHEHQXQVHUH*H VFKZLVWHUXQGXQVHUH(OWHUQVRZLHLKUGLHHXUHQDEHUZLU OLHEHQLQHUVWHU/LQLHGDVZDVVLHVLQG,KUH.|USHUP|JHQ YHUJHKHQGRFKGDVKHLWQLFKWGDVLHWRWVLQG7RW.LP ZLUNOLFKWRWLVWHLQ0HQVFKHUVWLQGHP0RPHQWZRPDQ LKQYHUJLW© ª'DVYHUVWHKHLFKQLFKW©PXUPHOWH.LP ª$EHUHVLVWVRHLQIDFK©HUNOlUWH3ULZLQQJHGXOGLJª9LHO OHLFKWLVWGLHVGHUJUXQGOHJHQGH8QWHUVFKLHG]ZLVFKHQHXFK XQGXQV:LUKDEHQHUNDQQWGDNHLQ0HQVFKDXVVLFKDO OHLQKHUDXVOHEW©

ª,FKOHEHJDQ]JXWDXVPLUKHUDXV©VDJWH.LP ª'DVJODXEVWGX©ZLGHUVSUDFK3ULZLQQª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© .LPGDFKWHODQJHEHU3ULZLQQV:RUWHQDFK8QGVFKOLH OLFKEHJDQQHULKUHQ6LQQ]XEHJUHLIHQ(UZDUGUEHQLP 6FKDWWHQUHLFKJHZHVHQXQGHUKDWWHGLHVHVWRWHDEJHVWRU EHQH/DQGRKQH0HQVFKHQJHVHKHQ'DV5HLFKGHU6FKDWWHQ ZDUZLUNOLFKWRW(VKDWWHGLH(ULQQHUXQJDQVHLQH9HUJDQ JHQKHLWYHUORUHQ'RFKQHLQGDVVWLPPWHMDJDUQLFKW'HU 7PSHON|QLJXQGVHLQ6RKQ$GRILHOHQLKPHLQ:DUHQVLH QLFKWGHUEHVWH%HZHLVIUGDVZDVLKP3ULZLQQ]XHUNOl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lUHQ ª,KUZHUGHWYRQKLHUIRUWPVVHQ©VDJWH.LPª1RFKPHKU

VFKZDU]H5HLWHUZHUGHQQDFKNRPPHQXQGVLHZHUGHQHXFK IUGHQ7RGLKUHU.DPHUDGHQYHUDQWZRUWOLFKPDFKHQ© ª'DVPDJVHLQMXQJHU+HUU$EHULFKZWHQLFKWZRKLQ ZLUJHKHQN|QQWHQ$XFKGLH1DFKEDUK|IHVLQGQLFKWPHKU VLFKHU© ª,KUN|QQWHWYHUVXFKHQHXFKQDFK*RU\Z\QQGXUFK]XVFKOD JHQ©VFKOXJ.LPYRU ª=HKQ7DJUHLVHQ"©VDJWH3ULZLQQDQ6WHOOHGHU%DXHUVIUDX ª'XYHUJLWGDQLFKWMHGHUDXIGHP5FNHQHLQHV'UDFKHQ UHLWHQNDQQ.LP©(UVFKWWHOWHGHQ.RSIª1HLQ'HUHLQ ]LJVLFKHUH2UWZlUHQGLH%HUJH,KUN|QQWHWVLHLQHLQHP 7DJHUUHLFKHQ+LHUVHLGLKUMHGHQIDOOVQLFKWPHKUVLFKHU =ZDULVWNHLQHUGHU5HLWHUHQWNRPPHQDEHUDXFKGLH6WLOOH KDW$XJHQXQG2KUHQ,KUPWZHJ© /DXWHV*HSROWHUOLHVLHKHUXPIDKUHQ(VZDU*RUJGHUJH EFNWGXUFKGLH'LHOHNDPXPVLFKGDQQlFK]HQGDP7LVFK QLHGHU]XODVVHQ ª5DQJDULJ.HOKLPXQGLFKKDEHQEHUDWHQ©VDJWHGHU5LHVH QDFKGHPHUGLH.OHLQLJNHLWYRQ]HKQbSIHOQXQGHLQHPJDQ ]HQ/DLE%URWGHQGLH%lXHULQOHLFKWVLQQLJHUZHLVHDXIGHQ 7LVFKJHOHJWKDWWHYHUVSHLVWKDWWHXQGVLFKJHQLHHULVFKPLW GHU+DQGEHUGHQ0XQGJHIDKUHQZDUª'LH6FKZDU]HQ ZHUGHQZLHGHUNRPPHQXQGZHQQ%URELQJXQGVHLQH)DPL OLHGDQQQRFKKLHUVLQGVLHKWHVVFKOHFKWIUVLHDXV© ª.|QQWH5DQJDULJVLHQLFKWQDFK*RU\Z\QQ]XUFNEULQ JHQ"© *RUJZLHJWHGHQ6FKlGHOª'HU*HGDQNHLVWQLFKWVFKOHFKW $EHUHVVLQGYLHU7DJH]ZHLKLQXQG]ZHL]XUFN'LHVHQ =HLWYHUOXVWN|QQHQZLUXQVQLFKWOHLVWHQ© ª8QGZDVVFKOlJVWGXYRU"© *RUJUXWVFKWHDP%RGHQKLQXQGKHUXQGYHUVXFKWHYHUJHE OLFKVHLQH%HLQHLQHLQHEHTXHPH/DJH]XEULQJHQª:LU QHKPHQVLHPLW©VDJWHHUVFKOLHOLFK .LPHUVFKUDNª=XU.ODPPGHU6HHOHQ"©IUDJWHHUXQJOlX ELJª'LH)UDXHQXQGGDV.LQGDXFK"© *RUJZLQNWHEHVFKZLFKWLJHQGPLWGHU+DQGª1DWUOLFK QLFKWPLWKLQHLQ©VDJWHHUª$EHUGLH8PJHEXQJGRUWLVWVL

FKHU$XFKGLHVFKZDU]HQ5HLWHUZHUGHQVLFKNDXPLQLKUH 1lKHZDJHQ8QGZHQQGRFKVRELHWHQGLHDQJUHQ]HQGHQ %HUJHJHQJHQG9HUVWHFNH$XHUGHP©IJWHHUQDFKGHQN OLFKKLQ]XªZlUHHVQLFKWXQEHGLQJWYRQ1DFKWHLOHLQHQ )UHXQGLQGHU1lKH]XZLVVHQ© .LPNRQQWHVLFKPLWGHP*HGDQNHQQLFKWDQIUHXQGHQ(U KDWWHGLH.ODPPGHU6HHOHQ]ZDUQRFKQLFKWSHUV|QOLFKNHQ QHQJHOHUQW$EHUZDVLKP7KHPLVWRNOHVXQGGLHDQGHUHQHU ]lKOWKDWWHQOHJWHGLH9HUPXWXQJQDKHGDHVVLFKXPHLQH PHKUDOVXQZLUWOLFKH*HJHQGKDQGHOWH8QGJDQ]JHZL QLFKWGHQULFKWLJHQ2UWIU]ZHL)UDXHQXQGHLQHQKLOIORVHQ 6lXJOLQJ ª'LH,GHHJHIlOOWPLUQLFKW©VDJWHHU ª0LUDXFKQLFKW©JHVWDQG*RUJª$EHULFKKDEHNHLQHEHV VHUH:LUN|QQHQQLFKWYLHU7DJHRSIHUQ© ª(VVLQGJHQXJKHUUHQORVH3IHUGHGUDXHQ©ZDQGWH.LP HLQª:LUN|QQWHQHLQSDDUGDYRQHLQIDQJHQXQGDXILKQHQ ]XU.ODPPZHLWHUUHLWHQ© ª'XZUGHVWVHFKV7DJHEUDXFKHQZHQQQLFKWOlQJHU*DQ] GDYRQDEJHVHKHQGDGXHLQH.OHLQLJNHLW]XYHUJHVVHQ VFKHLQVW© ª8QG]ZDU"© ª'HQ7DW]HOZXUP2KQH5DQJDULJNRPPHQZLUQLFKWDQ LKPYRUEHL© .LPVFKZLHJEHWURIIHQ 6LHKDWWHQZLUNOLFKNHLQHDQGHUH:DKO6FKLFNWHQVLH5DQJD ULJ]XUFNQDFK*RU\Z\QQYHUVSLHOWHQVLHYLHOOHLFKWGLH OHW]WH&KDQFHGLHGLHVHV/DQGQRFKKDWWH8QGOLHHQVLH %URELQJXQGVHLQH)DPLOLHKLHUYHUXUWHLOWHQVLHVLH]XPVL FKHUHQ7RG'LH6LWXDWLRQZDUHEHQVRJUDXVDPZLHDXVZHJ ORV (UEHUOHJWHHLQH:HLOHJLQJGDQQ]XP7LVFKXQGOLHVLFK VFKZHUDXIGLH%DQNIDOOHQ ª*XW©VDJWHHUª:DQQEUHFKHQZLUDXI"©

;,9 :LHGHUIORJHQVLHQDFK:HVWHQ$OOHKDWWHQJHUXKWXQGLKUHQ .|USHUQGHQODQJHHQWEHKUWHQ6FKODIJHJ|QQW'LH%UR ELQJVGLH+DXVXQG+RIDXIJHEHQPXWHQXQGHLQHU8QJH ZLVVHQ=XNXQIWHQWJHJHQVDKHQKDWWHQLKUH9RUUDWVNDPPHU ELVDXIGHQOHW]WHQ.UPHOJHUlXPWXQGHLQ0DKO]XEHUHL WHWGDVVHOEVWGHQ$SSHWLWGHV%lUHQXQGGHV5LHVHQ]XIULH GHQVWHOOWH5DQJDULJGHUZLHHUVHOEVWVDJWHQXUDOOHSDDU :RFKHQHLQPDO]XHVVHQEUDXFKWHKDWWHVLFKGDPLWEHJQJW GHQ%DFKXQGHLQHQ7HLOGHV:HLKHUVGHUKLQWHUGHP+DXV ODJDXV]XVDXIHQ'DQQOLHHUVLHDOOHDXIVHLQHQEUHLWHQ 5FNHQVWHLJHQXQGVFKZDQJVLFKZLHGHULQGLH/XIW(UIORJ QLFKWPHKUVRKRFKXQGVFKQHOOZLHLQGHQHUVWHQEHLGHQ 1lFKWHQXQG.LPVSUWHZLHVHKUGDV]XVlW]OLFKH*HZLFKW YRQVHFKV(UZDFKVHQHQXQGHLQHP.LQGDQVHLQHQ.UlIWHQ ]HKUWH$EHUZLHXPGLHVH9HU]|JHUXQJDXV]XJOHLFKHQ VXFKWHHUVLFKEHL7DJHVDQEUXFKNHLQHQ6FKODISODW]VRQGHUQ IORJZHLWHULQGHQ0RUJHQGHQ0LWWDJXQG1DFKPLWWDJKLQ HLQ'LHJUDVLJH(EHQHXQWHULKQHQJLQJQXQLQHLQHIHOVLJH PLW/DYDEURFNHQXQGJURHQWULFKWHUDUWLJHQ/|FKHUQEHU VlWH.UDWHUODQGVFKDIWEHU .LPVFKDXGHUWH'HU)HOVZDUVFKZDU]YROONRPPHQ VFKZDU]6HOEVWGDV6RQQHQOLFKWZXUGHYRQGHQVFKZDU]HQ )HOVHQQLFKW]XUFNJHZRUIHQVRQGHUQVFKLHQDXIJHVDXJW]X ZHUGHQDOVZlUHQGLH6WHLQHPLWHLQHUJHKHLPQLVYROOHQ OLFKWVFKOXFNHQGHQ6XEVWDQ]EHU]RJHQ(VKlWWH*RUJV%H PHUNXQJGDVLHVLFKGHU.ODPPGHU6HHOHQQlKHUWHQQLFKW EHGXUIW 6SlWDP1DFKPLWWDJEHJDQQ5DQJDULJDXIGLHQXQVFKRQEH NDQQWH$UW]XNUHLVHQXQGWLHIHU]XJHKHQXPHLQOHW]WHV 0DOQDFKHLQHP5DVWSODW]DXV]XVFKDXHQ

*RUJGUHKWHVLFKKDOEKHUXPXQGSDFNWH.LPV$UPVRIHVW GDHVVFKPHU]WHª6LHKQDFK:HVWHQ© .LPJHKRUFKWH'DV/DQGILHOYRULKQHQVDQIWDEHLQNLOR PHWHUODQJHU+DQJYRQGURKHQGHQ6FKDWWHQXQGJURHQ OLFKWORVHQ%HUHLFKHQHUIOOWEDUMHGHQ/HEHQVXQGMHGHU%H ZHJXQJ 8QGDQVHLQHP(QGHNODIIWHHLQJHZDOWLJHUERGHQORVHU5L LQGHU(UGH.LPUDQJQDFK$WHP(UKDWWH*HZDOWLJHVHU ZDUWHWDEHUVHLQH3KDQWDVLHKDWWHQLFKWDXVJHUHLFKWVLFKGDV ZLUNOLFKH$XVPDGHU.ODPPYRU]XVWHOOHQ6LHEHJDQQDOV JHUDGHZLHPLWHLQHUXQYRUVWHOOEDUJURHQ$[WLQGHQ%RGHQ JHKDXHQHQ.HUEHGLHLQMHQHQJH]DFNWHQ5LEHUJLQJGHU VLFKZHLWHUXQGLPPHUZHLWHUQDFK:HVWHQ]RJXQGGDEHL VWlQGLJDQ%UHLWH]XQDKP8Q]lKOLJHVFKPDOHKLQXQGKHU VSULQJHQGH1HEHQVFKOXFKWHQJLQJHQYRQGHU.ODPPDXV XQGEHU]RJHQGDV/DQGPLWHLQHP*HZLUUYRQ5LVVHQXQG 6SUQJHQ'HU$QEOLFNOLH.LPXQZLOONUOLFKDQHLQHQJH ZDOWLJHQVFKZDU]HQ%OLW]GHQNHQGHUDXIGHQ%RJHQJH SUDOOWXQGLQ=HLWORVLJNHLWHUVWDUUWZDU6HLQ%OLFNVDXJWHVLFK PLWIDVWK\SQRWLVFKHU.UDIWDQGHUOLFKWORVHQ6FKZlU]HGHU .ODPPIHVWXQGVXFKWHYHUJHEOLFKQDFKHLQHP+DOW$QJVW VWLHJLQLKPDXIHLQH)XUFKWJHJHQGLHHUVLFKQLFKW]XZHK UHQYHUPRFKWH.LPZDUIURKDOV5DQJDULJGLH5LFKWXQJlQ GHUWHXQGGLH.ODPPVHLQHQ%OLFNHQHQWVFKZDQG 6LHODQGHWHQLQPLWWHQHLQHV*HZLUUVQDGHOVSLW]HU)HOVGROFKH XQGJURHUURKJHIRUPWHU%URFNHQDXVVFKZDU]HP*ODV 6WHLIXQGPLWVFKPHU]HQGHQ0XVNHOQVWLHJHQVLHYRQ5DQJD ULJV5FNHQ.HLQHUVSUDFKHLQ:RUWDEHUHVZDUQLFKWDO OHLQGLH0GLJNHLWGLHVLHVFKZHLJHQOLH'LHVLHXPJH EHQGH/HEHQVIHLQGOLFKNHLWOHJWHVLFKZLHHLQGUFNHQGHV*H ZLFKWDXILKUH6HHOHQ 6LHKDWWHQ)HXHUKRO]XQG5HLVLJPLWJHEUDFKWXQGEHUHLWHWHQ DXVGHQPLWJHIKUWHQ9RUUlWHQHLQHLQIDFKHVDEHUVFKPDFN KDIWHV0DKO+LQWHUKHU]RJVLFKMHGHUIUVLFK]XP6FKODIHQ ]XUFN1LFKWHLQPDO*RUJGHUVRQVWNHLQH*HOHJHQKHLW DXVOLHXP]XVFKZDW]HQVDJWHHWZDV .HOKLPEHUQDKPGLHHUVWH:DFKH'LHEULJHQ0LWJOLHGHU

GHU]XVDPPHQJHZUIHOWHQ5HLVHJHVHOOVFKDIWZDUHQHLQJH VFKODIHQQRFKHKHGLH6RQQHGUHL9LHUWHOLKUHV:HJHVEHU GHQ+LPPHO]XUFNJHOHJWKDWWH.LPVFKOLHIXQUXKLJJH TXlOWYRQ$OSWUlXPHQXQGbQJVWHQ(VZDUIDVWGDQNEDUDOV 3ULZLQQLKQ]XYRUJHVFKULWWHQHU1DFKWVWXQGHZHFNWHXQG LKPLP)OVWHUWRQPLWWHLOWHGDHUPLWGHU:DFKHDQGHU 5HLKHVHL.LPQDKPVLFKHLQ6WFNNDOWHQ%UDWHQNOHWWHUWH DXIHLQH)HOV]DFNHXQGKRFNWHVLFKHLQJHKOOWLQHLQH:ROO GHFNHGDUDXI(UDRKQH$SSHWLWXQGHLJHQWOLFKQXUZHLO HUQLFKWZXWHZDQQHVZHQQEHUKDXSWGDVQlFKVWH 0DOHWZDV]XHVVHQJHEHQZUGH7URW]GHUZDUPHQ'HFNH NODSSHUWHQLKPYRU.lOWHGLH=l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|VWOLFKHV7URW]DOOHU6FKUHFNHQGLHGHU QlFKVWH7DJIUVLHEHUHLWKLHOWZUGHHUDXFKGLH(QWVFKHL GXQJEULQJHQVRRGHUVR.LPEHJDQQ]XEHJUHLIHQZDV GLH(UZDFKVHQHQPHLQWHQZHQQVLHEHKDXSWHWHQGDQLFKWV VRVFKUHFNOLFKVHLZLHGLH8QJHZLKHLW2EVLHGHQ7DW]HO ZXUPEHUZDQGHQRGHUQLFKWREVLHGLH.ODPPGHU6HHOHQ KLQWHUVLFKEUDFKWHQRGHUQLFKWGLH=HLWOLHVLFKQLFKWDXI KDOWHQ8QGVHOEVWZHQQVLHYHUVDJWHQZUGHLUJHQGZDQQLQ QHEHOIHUQHU=XNXQIWDXVGHP6FKXWWGHVDOWHQHLQQHXHV 0lUFKHQPRQGHUVWHKHQYLHOOHLFKWSUlFKWLJHUDOVMH]XYRU 8QWHUGLHVHQ*HGDQNHQPXWHHUZRKOHLQJHQLFNWVHLQ$OV HUHUZDFKWHVDKHU*RUJVEUHLWIOlFKLJHVJWLJHV*HVLFKW EHUVLFKJHEHXJWXQGVSUWHGLHZDUPH/DVWVHLQHU+DQG DXIGHU6FKXOWHU9HUOHJHQULFKWHWHHUVLFKDXI(UZROOWHHW

ZDVVDJHQDEHU*RUJOHJWHGHQ)LQJHUDXIGLH/LSSHQXQG GHXWHWHDXIGLHDQGHUHQGLHHLQJHUROOWLQLKUH'HFNHQVFKOLH IHQ.LPVWLHJYRQVHLQHP$XVVLFKWVSRVWHQKHUXQWHUXQG UROOWHVLFKHEHQIDOOVDP%RGHQ]XVDPPHQ(UIURUHUElUP OLFKDEHUVFKOLPPHUQRFKDOVGLH.lOWHZKOWHGLH$QJVWLQ VHLQHQ(LQJHZHLGHQ(LQH$QJVWGLHHUVLFKQLFKWHUNOlUHQ NRQQWH 7URW]GHPVFKOLHIHUVFKQHOOZLHGHUHLQ3ULZLQQPXWHLKQ DP0RUJHQPHKUPDOVXQVDQIWLQGLH6HLWHNQXIIHQXPLKQ ]XP$XIVWHKHQ]XEHZHJHQ.LPEOLQ]HOWHJlKQWHKLQWHU YRUJHKDOWHQHU+DQGXQGVWDQGVFKZDQNHQGDXI(LQ)HXHU EUDQQWH'HU*HUXFKQDFKJHEUDWHQHP)OHLVFKVWLHJLKPLQ GLH1DVH$XHULKPXQG3ULZLQQKDWWHQVLFKVFKRQDOOHXP GDV)HXHUYHUVDPPHOWXQGVFKPDXVWHQ.LPUHFNWHVLFK6HLQ 5FNHQVFKPHU]WHYRPXQEHTXHPHQ/LHJHQDXIGHPIHOVL JHQ%RGHQ'LH6RQQHZDUDXIJHJDQJHQXQGYHUVXFKWHGHU /DQGVFKDIWPLWLKUHPJROGHQHQ/LFKWHWZDVYRQLKUHU+lUWH XQG.lOWH]XQHKPHQ ª1XQ"©EHJUWHLKQ*RUJª*XWJHVFKODIHQ"©'HU5LHVH ]ZLQNHUWHXQG.LPZXWHGDHUQLFKWVGDYRQJHVDJW KDWWHLKQZlKUHQGGHU:DFKHVFKODIHQGDQJHWURIIHQ]XKD EHQ.LPQLFNWHVHW]WHVLFKDXIHLQHQIUHLHQ3ODW]DP)HXHU XQGJULIIPLWVROFKHP$SSHWLW]XGDHVLKQVHOEVWHUVWDXQWH 6LHEUDFKHQXQPLWWHOEDUQDFKGHP)UKVWFNDXI'HU$E VFKLHGYRQGHQ%URELQJVZDUNXU]DEHUKHU]OLFK.LP PXWHMHGHPHLQ]HOQHQ)DPLOLHQPLWJOLHGKRFKXQGKHLOLJ YHUVSUHFKHQMDJXWDXIVLFKDXI]XSDVVHQXQGJDQ]EHVWLPPW ZLHGHU]XNRPPHQ 6FKZHUHQ+HU]HQVVFKZDQJ.LPVLFKDXI5DQJDULJV5N NHQ'HU'UDFKHOLH]XP$EVFKLHGQRFKHLQPDOVHLQ7URP SHWHQJHVFKPHWWHUHUW|QHQHQWIDOWHWHGLH)OJHOXQGVSUDQJ PLWHLQHPPlFKWLJHQ6DW]LQGLH/XIW.LPZLQNWHGHQ%UR ELQJV]XELVHUVLHQLFKWPHKUHUNHQQHQNRQQWHXQGVWDUUWH QRFKODQJHLQGLH5LFKWXQJLQGHUVLHYHUVFKZXQGHQZDUHQ ,QGHQZHQLJHQ6WXQGHQGLHVLHJHPHLQVDPYHUEUDFKWKDW WHQKDWWHHUGLHVH/HXWHKHU]OLFKOLHEJHZRQQHQ 'LH.ODPPNDPUDVFKQlKHU5DQJDULJIORJHLQH:HLOHSDU

DOOHO]XGHUPHVVHUVFKDUIJH]RJHQHQ.DQWHGHU6FKOXFKWELV VFKOLHOLFKHLQVFKPDOHUJH]DFNWHU6HLWHQDUPYRULKQHQDXI WDXFKWH$P5DQGHGLHVHU1HEHQVFKOXFKWJLQJGHU'UDFKH QLHGHU ª+LHUZlUHHLQHJHHLJQHWH6WHOOHXPKLQXQWHU]XVWHLJHQ VFKHLQWPLU© 'HQQKLQXQWHUPXWHQVLH.LPKDWWHXQWHUZHJVHLQPDO *RUJJHIUDJWZDUXP5DQJDULJVLHGHQQQLFKWHLQIDFKDXI VHLQHP5FNHQEHUGLH.ODPPGHU6HHOHQXQGELV]XU%XUJ :HOWHQGHRGHUQRFKZHLWHUWUDJHQN|QQH$EHU*RUJKDWWH GHQ.RSIJHVFKWWHOWXQGLKPHUNOlUWGDGDVXQP|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lOWQLVPlLJEH TXHPLQGLH7LHIHIKUWH.LPZROOWHPLWJXWHP%HLVSLHOYRU DQJHKHQXQGEHUGHQ5DQGNOHWWHUQDEHU*RUJKLHOWLKQ PLWHLVHUQHU+DQG]XUFN ª1LFKWVGD©VDJWHGHU5LHVHHQWVFKLHGHQª=XHUVW5DQJDULJ GDQQLFKXQGGLHVHU7ROSDWVFKYRQ%lU(VWXWPLUOHLGGLFK DQGHQ6FKOXYHUEDQQHQ]XPVVHQNOHLQHU+HOGDEHU GLHVPDOJHKWHVQLFKWDQGHUV© .LPZROOWHSURWHVWLHUHQDEHU*RUJVFKRELKQHLQIDFKEHL VHLWHXQGPDFKWHGDQQVHOEVW3ODW]XPGHQJROGHQHQ'UD FKHQYRUEHL]XODVVHQ5DQJDULJWDVWHWHGHQ5DQGDEEHU ]HXJWHVLFKGDGHU)HOVVHLQLPPHQVHV*HZLFKW]XWUDJHQ

YHUPRFKWHXQGYHUVFKZDQGGDQQZDWVFKHOQGLQGHU7LHIH .HOKLPXQG*RUJIROJWHQLKPGLFKW.LPXQG3ULZLQQELOGH WHQGHQ6FKOX .LPEHJULIIVFKRQEDOGZDUXP*RUJDXIGLHVHU0DUVFKRUG QXQJEHVWDQGHQKDWWH5DQJDULJYHUORUDXIGHP*HU|OOPHKU DOVQXUHLQPDOGHQ+DOWXQGUXWVFKWH]ZDQ]LJGUHLLJ0H WHUZHLWDEXQGDXFKXQWHU*RUJV6FKULWWHQO|VWHQVLFKLP PHUZLHGHUNOHLQH*HU|OODZLQHQGLHSROWHUQGLQGHU7LHIH YHUVFKZDQGHQ:lUHQ.LPXQG3ULZLQQYRUDQJHJDQJHQ ZlUHQVLHELQQHQNXU]HPHLQHP6WHLQVFKODJ]XP2SIHUJH IDOOHQ 'HU$EVWLHJ]RJVLFKHQGORVLQGLH/lQJH6LHUDVWHWHQDXI HLQHPVFKPDOHQJH]DFNWHQ)HOVEDQGGDVNDXPJURJHQXJ ZDUVLHDOOHDXI]XQHKPHQXQGXQWHU5DQJDULJV*HZLFKW lFK]WH'DQQJLQJHVZHLWHU0HWHUXP0HWHU6FKULWWUHLKWH VLFKDQ6FKULWW0LQXWHDQ0LQXWHVFKOLHOLFK6WXQGHDQ 6WXQGH1DFK.LPV6FKlW]XQJPXWHHVVSlWHU1DFKPLWWDJ VHLQDOVVLHHQGOLFKGHQ*UXQGGHU6FKOXFKWHUUHLFKWHQ8QG GRFKODJGLHHLJHQWOLFKH.ODPPQRFKZHLWYRULKQHQXQG QRFK+XQGHUWHXQG$EHUKXQGHUWHYRQ0HWHUQWLHIHU %HNOHPPXQJHUIDWHLKQ2EZRKODXIGHP*UXQGGHV&DQ \RQVUHLFKOLFK3ODW]ZDUXQG]ZLVFKHQGHQEHLGHQ6HLWHQ ZlQGHQJXWIQI]LJ0HWHU5DXPVHLQPRFKWHKDWWH.LP SO|W]OLFKGDV*HIKOHLQJHVSHUUW]XVHLQ'DV/LFKWZDUMH WLHIHUVLHNDPHQLPPHUVFKZlFKHUJHZRUGHQ+LHUXQWHQ KHUUVFKWHQXUQRFKHLQGLIIXVHUJUDXHU6FKLPPHUGHUDQ 1HEHOHULQQHUWHXQGLQGHPGDV*HUlXVFKLKUHU6FKULWWHVRQ GHUEDUODXWXQGKDUWZLUNWH+DVWLJVDK.LPVLFKQDFK3UL ZLQQXPGHUKLQWHULKPJLQJ(VHUOHLFKWHUWHLKQHLQZHQLJ DXFKLQ3ULZLQQV*HVLFKW6SXUHQGHU$QJVW]XHQWGHFNHQ(V WDWJXWGDPLWQLFKWDOOHLQ]XVHLQ 6LHHUUHLFKWHQHLQH%LHJXQJXQG5DQJDULJKLHOWVRDEUXSW DQGD*RUJXQG.HOKLPGLHGLFKWKLQWHULKPJLQJHQXP HLQ+DDUEHUVHLQHQ6FKZDQ]JHVWROSHUWZlUHQXQGODXWKDOV ]XIOXFKHQEHJDQQHQ5DQJDULJZDQGWHPLWHLQHPlUJHUOL FKHQ5XFNGHQ.RSIª6WLOO©]LVFKWHHUª,FKK|UHHWZDV© $OOHKLHOWHQGHQ$WHPDQ:LHGHUHLQPDO]HLJWHVLFKGD

5DQJDULJV6LQQHZHLWDXVVFKlUIHUDXVJHSUlJWZDUHQDOVGLH LKUHQ=XHUVWK|UWHQVLHQLFKWVDOVGDV+lPPHUQGHVHLJHQHQ +HU]HQVXQGGDV5DXVFKHQGHV%OXWHVLQGHQ2KUHQ1DFK HLQHU:HLOHJODXEWH.LPQRFKHLQDQGHUHV*HUlXVFKZDKU ]XQHKPHQGXPSIHPXUPHOQGH/DXWHZLHYRQHLQHUJUR HQ0HQVFKHQPHQJH 5DQJDULJNURFKHLQSDDU0HWHU]XUFNXQGPDFKWHGHP%l UHQHLQ=HLFKHQª*HKYRU©IOVWHUWHHUª)UV$QVFKOHLFKHQ ELQLFKQLFKWVRJXWJHHLJQHW© .HOKLPYHUVFKZDQGODXWORVXPGLH%LHJXQJ'LHDQGHUHQ ZDUWHWHQPLWNORSIHQGHP+HU]HQ6LHPXWHQQLFKWODQJH ZDUWHQ.HOKLPNHKUWHEDOGZLHGHU]XUFN6HLQ2KU]XFNWH QHUY|VXQGLQVHLQHP$XJHJORPPXQWHUGUFNWH:XW ª6FKZDU]H5HLWHU©EUXPPWHHUª'LH.ODPPLVWYROOYRQ LKQHQ© .LPV+HU]VFKODJVFKLHQHLQHQ0RPHQWDXV]XVHW]HQ ª$EHUGDVJLEW VGRFKQLFKW©PXUPHOWHHU ª/HLGHUGRFK,FKNRQQWHQLFKWYLHOHUNHQQHQHVLVWILQVWHU GRUWXQWHQZLHLQHLQHP%lUHQDLFKPHLQHZLHLQHLQHU %lUHQK|KOH©YHUEHVVHUWHVLFK.HOKLPKDVWLJª$EHUHVVLQG YLHOH8QGZHQQPLFKQLFKWDOOHVWlXVFKWKDEHLFKVRJDU%D URQ.DUWXQWHULKQHQJHVHKHQ© ª%DURQ.DUW©.LPKlWWHHVIDVWJHVFKULHQª$EHUZLH"© .HOKLP]XFNWHGLH$FKVHOQHLQH*HVWHGLHLKQDXIVHOWVDPH $UWPHQVFKOLFKHUVFKHLQHQOLH ª6LHPVVHQLUJHQGZLHYRQXQVHUHP$XIEUXFKHUIDKUHQKD EHQ©EUXPPWHHU ª$EHUGDVLVWXQP|JOLFK©ZLGHUVSUDFK.LPª9ROONRPPHQ XQP|JOLFK1LHPDQGZXWHGDYRQQLFKWHLQPDOZLUVHOEVW EHYRUZLUORV]RJHQ8QGVRVFKQHOOZLH5DQJDULJVLQGDXFK GLHVFKZDU]HQ5HLWHUQLFKW© 'HU'UDFKHZLHJWHGHQ.RSIª9LHOOHLFKWQLFKW©]LVFKWHHU ª$EHUYLHOOHLFKWVLQGVLHVFKRQODQJHYRUXQVDXIJHEURFKHQ© ª8QGZDUXP"© ª%HGHQNHGD%RUDDVHLQ=DXEHUHULVW$XIVHLQH$UWLVWHU VRJDUPlFKWLJHUDOV7KHPLVWRNOHV$XFKLFKYHUPDJPDQFK PDO'LQJHYRUDXV]XVHKHQYHUJLGDVQLFKW©

ª:HQQGXVRNOXJELVW©EUXPPWH.HOKLPªGDQQVDJXQV GRFKZDVZLUMHW]WWXQVROOHQ© ª'DVHLQ]LJHZDVXQV]XWXQEOHLEW©DQWZRUWHWH5DQJDULJ ª0LWWHQGXUFKZDVVRQVW"© 6RJDU*RUJVFKLHQIUHLQHQ0RPHQWHUVFKURFNHQ ª:LUKDEHQGHQ9RUWHLOGHUhEHUUDVFKXQJDXIXQVHUHU 6HLWH©HUNOlUWH5DQJDULJª$XHUGHPUHFKQHQVLHVLFKHU QLFKWPLWPHLQHU$QZHVHQKHLW© *RUJEHUOHJWH6FKOLHOLFK]XFNWHHUGLH$FKVHOQVSXFNWH VLFKNUlIWLJLQGLH+lQGHXQGVFKZDQJVHLQH.HXOHª=XUFN N|QQHQZLUVRZLHVRQLFKWPHKU©HUNOlUWHHUª$XHUGHP KDEHLFKVFKRQODQJHNHLQHDQVWlQGLJH5DXIHUHLPHKUHUOHEW $OVRORV©8QG]X.LPXQG3ULZLQQJHZDQGWIJWHHU KLQ]Xª8QGLKUEHLGHEOHLEWVFK|Q]ZLVFKHQXQVNODU"© (UZDQGWHVLFKXUQVFKOXJGHP%lUHQPLWGHUIODFKHQ+DQG DXIGHQ5FNHQXQGYHUVFKZDQGPLWZHLWDXVJUHLIHQGHQ 6FKULWWHQXPGLH%LHJXQJ.HOKLPIROJWHLKPZLHHLQODXWOR VHU6FKDWWHQ+LQWHULKQHQVFKREVLFKGHU'UDFKHQLFKWVR ODXWORVGDIUXPVRHLQGUXFNVYROOHUXPGLH(FNH :DVGDQQNDPJOLFKHLQHP$OSWUDXP .HOKLPKDWWHQLFKWEHUWULHEHQ'LH.ODPPZLPPHOWHYRQ JURHQVFKZDU]JHSDQ]HUWHQ*HVWDOWHQ8QGZHQQGLHVHU SO|W]OLFKHhEHUIDOOVLHDXFKPRPHQWDQEHUUDVFKWHIRUPLHU WHQVLHVLFKGRFKVFKQHOO]X]lKHP:LGHUVWDQG .LPVFKZDQJVHLQ6FKZHUWXQGZDUIVLFK*RUJV:DUQXQJ PLDFKWHQGLQGHQ.DPSI(LQVFKZDU]HU5LWWHUILHOXQWHU VHLQHP6WUHLFKHLQ]ZHLWHUVWU]WHYRQGHU.DQWHVHLQHV 6FKLOGHVJHWURIIHQUFNZlUWVXQGYHUVFKZDQGPLWHLQHP JHOOHQGHQ6FKUHLLQHLQHUMlKDXINODIIHQGHQ6SDOWH1HEHQ LKPNlPSIWH3ULZLQQZDIIHQORVPLWEORHQ+lQGHQXQG )HQ(UVFKLHQGDEHLEHUQDWUOLFKH.UlIWH]XHQWZLFNHOQ GHQQZLHZlUHHVLKPVRQVWP|JOLFKJHZHVHQDXFKQXU HLQHPGHU$QJUHLIHUVWDQG]XKDOWHQ 'HQQRFKRKQHGHQ'UDFKHQZlUHQVLHUHWWXQJVORVYHUORUHQ JHZHVHQ5DQJDULJNlPSIWHPLWYHUELVVHQHU:XW0LWMHGHP 6FKZDQ]VFKODJVFKOHXGHUWHHUHLQ'XW]HQG*HJQHUEHLVHLWH EUDFKWH)HOVHQ]XP%HUVWHQXQGULLQ6HNXQGHQHLQH%UH

VFKHLQGLH3KDODQ[GHU)HLQGH*HJHQVHLQHQ:LOOHQPXWH .LPEHLQDKGHQ0XWGHUVFKZDU]HQ5HLWHUEHZXQGHUQGLH VLFKGHPULHVLJHQ'UDFKHQPLW7RGHVYHUDFKWXQJHQWJHJHQ ZDUIHQXQGPLWLKUHQVFKZDU]HQ6FKZHUWHUQDXIVHLQHJRO GHQHQ6FKXSSHQHLQKLHEHQRKQHLKQHUQVWKDIWYHUOHW]HQ]X N|QQHQ ª3DDXI©EUOOWH*RUJªhEHUGLU© .LPULLQVWLQNWLYGHQ6FKLOGKRFKXQGWDXPHOWH]XUFNDOV VLFKHLQKDOEHV'XW]HQGDUPODQJHU3IHLOHLQGDV+RO] ERKUWH(LQH$EWHLOXQJVFKZDU]HU5LWWHUZDUDXIHLQVFKPD OHVVHLWOLFKHV)HOVEDQGKLQDXIJHVWLHJHQXQGQDKPVLHQXQYRQ GRUWDXVXQWHU%HVFK.HOKLPEUOOWH]RUQLJDXIDOVVLFK HLQ3IHLOLQVHLQH6FKXOWHUERKUWH*RUJHQWJLQJPLWHLQHP YHU]ZHLIHOWHQ6DW]NQDSSHLQHP+DJHOGHUW|GOLFKHQ*H VFKRVVHGHUSO|W]OLFKDXILKQKHUXQWHUSUDVVHOWH .LPVFKORJHEOHQGHWGLH$XJHQDOV5DQJDULJGHQ.RSI KREXQGHLQHJUHOOH)HXHUJDUEHJHJHQGLH:DQGVFKOHXGHUWH (LQH+LW]HZHOOHIHJWHGXUFKGLH.ODPPGD.LPXQG3UL ZLQQHQWVHW]WDXIVFKULHQXQGLQHLQHU)HOVVSDOWH6FKXW]VXFK WHQ$OVVLFKGLH*OXWYHU]RJHQKDWWHZDUYRQGHQ%RJHQ VFKW]HQQLFKWVPHKU]XVHKHQ ª/RVMHW]W©ULHI3ULZLQQ(UVSUDQJYRUUL.LPPLWVLFK XQGUDQQWHDXIGHQ'UDFKHQ]X.HOKLPXQG*RUJNDPHQ YRQGHUDQGHUHQ6HLWHXQGJHPHLQVDPVWUPWHQVLHZHLWHU 5DQJDULJV)HXHUVWUDKOVFKLHQGHQ.DPSIHVPXWGHU6FKZDU ]HQJHEURFKHQ]XKDEHQ7URW]GHPVFKQHOOWHQLPPHUZLH GHUPDVVLJH6FKDWWHQ]ZLVFKHQGHQ)HOVHQKRFKXQGJULIIHQ PLW]lKHU:XWDQ 'DQQZDUHQVLHGXUFK'LH.ULHJHUYHUVFKZDQGHQZLHHLQ E|VHU6SXNXQGQXUGDV.QDFNHQGHVJOKHQGHQ)HOVHQV XQG.HOKLPVXQWHUGUFNWH6FKPHU]HQVODXWHYHUULHWHQGD GLHVNHLQ$OSWUDXPJHZHVHQZDUVRQGHUQGHU.DPSIZLUN OLFKVWDWWJHIXQGHQKDWWH ª:HLWHU©GUlQJWH5DQJDULJª6LHZHUGHQQLFKWODQJHEUDX FKHQXPVLFKYRQLKUHP6FKUHFNHQ]XHUKROHQ1RFKHLQ PDON|QQHQZLUVLHQLFKWEHUUXPSHOQ© 6LHOLHIHQZHLWHU.HOKLPKXPSHOWH(UVW|KQWHKLQXQGZLH

GHUOHLVHDXIKLHOWDEHUWDSIHUGXUFKELVVLHHLQHZHLWHUH%LH JXQJHUUHLFKWHQXQGHQGOLFKHLQH3DXVHHLQOHJWHQ (UVFK|SIWOLHHQVLHVLFK]X%RGHQVLQNHQ6RJDU5DQJDULJV $WHPJLQJUDVVHOQGXQGPHUNOLFKVFKQHOOHU$OV.LPVLFKGHQ 'UDFKHQQlKHUEHVDKVWHOOWHHUIHVWGDYLHOHVHLQHUJROG VFKLPPHUQGHQ6FKXSSHQORVJHULVVHQRGHU]HUEURFKHQZD UHQ%OXWVLFNHUWHDXVXQ]lKOLJHQZLQ]LJHQ:XQGHQXQG VHLQUHFKWHV$XJHEOLQ]HOWHXQXQWHUEURFKHQ ª'XELVWYHUOHW]W©VDJWH.LPHUVFKURFNHQ 5DQJDULJVFKQDXEWHª(LQSDDU.UDW]HUPHKUQLFKW.HLQ *UXQG]XU%HVRUJQLV.PPHUWHXFKOLHEHUXP.HOKLP,FK JHEHGHUZHLODFKWGDXQVNHLQHUIROJW©(UPDFKWHNHKUW ZDWVFKHOWHHLQSDDU0HWHUGLH.ODPP]XUFNXQGOLHVLFK GLFKWKLQWHUGHU%LHJXQJQLHGHU .LPNURFKDXI+lQGHQXQG.QLHQ]X*RUJXQG3ULZLQQ KLQEHUGLHVLFKEHUHLWVXPGHQYHUZXQGHWHQ%lUHQEHPK WHQ3ULZLQQPDFKWHVLFKPLWJHVFKLFNWHQ)LQJHUQDQVHLQHU 6FKXOWHU]XVFKDIIHQ*RUJPXWHVHLQHJDQ]H.UDIWDXI ZHQGHQXPGHQ%lUHQGHUYRU6FKPHU]HQEOLQGXPVLFK]X VFKODJHQEHJDQQQLHGHU]XKDOWHQ ª+LOIPLU©NHXFKWH3ULZLQQ.LPJULII]XXQGPLWYHUHLQWHQ .UlIWHQJHODQJHVLKQHQVFKOLHOLFKGHQ3IHLODXV.HOKLPV 6FKXOWHU]X]LHKHQ.LPVW|KQWHDOVHUGDV*HVFKRVDK(V ZDUWLHILQ.HOKLPV6FKXOWHUHLQJHGUXQJHQXQGGLH6SLW]H ZDUEUHLWXQGYROOHU:LGHUKDNHQ ª'DQNHQVZHUWHUZHLVHKDEHQGLH6FKZDU]HQQLFKWGLH$QJH ZRKQKHLWLKUH3IHLOH]XYHUJLIWHQ©EUXPPWH*RUJGHUYRU VLFKWLJ.HOKLPV7DW]HQORVOLHXQGVLFKDXIULFKWHWHª'HU %XUVFKHKDW*OFNJHKDEW8QGZLUDXFK)DVWPHKUDOVXQV ]XNRPPW© ª'DVZDUNHLQ*OFN©ZDUI5DQJDULJHLQª6RYLHOHYRQGHU 6RUWHN|QQHQJDUQLFKWNRPPHQGDLFKQLFKWPLWLKQHQ IHUWLJZHUGH© *RUJOlFKHOWHYHU]LFKWHWHDEHUDXVQDKPVZHLVHDXIHLQH VSLW]H$QWZRUW(UKRFNWHVLFKQHEHQGHP%lUHQDXIGHQ %RGHQXQGOHJWHGLH+DQGDXIGHVVHQJHVXQGH6FKXOWHU ª*ODXEVWGXGDGXJHKHQNDQQVW"©IUDJWHHU

.HOKLPEUXPPWHª1DWUOLFK©VDJWHHUPLWUDXKHU6WLPPH ª6RHLQ=DKQVWRFKHUZLUIWPLFKQLFKWXP/DPLFKHLQH 6WXQGHUXKHQGDQQ© ª'DVJHKWQLFKW©XQWHUEUDFKLKQ*RUJVDQIWª:LUPVVHQ VRIRUWZHLWHU:LUEUDXFKHQHLQHQJU|HUHQ9RUVSUXQJ©(U OHJWHGHQ.RSILQGHQ1DFNHQXQGVFKDXWH]XP+LPPHO KLQDXIGHUQXUQRFKDOVVFKPDOHUEODXHU6WUHLIHQ]ZLVFKHQ GHQ:lQGHQGHU.ODPPVLFKWEDUZDUª'LH6FKOXFKWLVWKLHU QLFKWEUHLWJHQXJ©VDJWHHUEHVRUJWª:HQQVLHDXIGLH,GHH NRPPHQXQVYRQREHQPLW)HOVHQ]XEHZHUIHQLVWHVDXV© ª$EHUHUEUDXFKW5XKH©ZDUI.LPHLQ ª,FKZHL-XQJHLFKZHL©DQWZRUWHWH*RUJJHSUHW ª$EHUHVJHKWQLFKW6LHZHUGHQXQVW|WHQZHQQZLUQRFK ODQJHKLHUEOHLEHQ%DURQ.DUWLVWQLFKWGXPP*DQ]XQGJDU QLFKW© %DURQ.DUW(LQ6FKDXHUOLHIEHU.LPV5FNHQª+DVW GXLKQJHVHKHQ"©IUDJWHHU ª-D,FKKlWWHLKPJHUQHGHQVFKZDU]HQ+DOVXPJHGUHKW DEHUHUZDU]XZHLWZHJ© ª:DVQLFKWLVWNDQQMDQRFKZHUGHQ©EUXPPWH.HOKLP(U ZlO]WHVLFKKHUXPVWHPPWHVLFKPKVDPKRFKXQGVWDQG ZHQQDXFKVFKZDQNHQGDXIDOOHQYLHUHQ 5DQJDULJNDPJHUlXVFKYROODQJHIDXFKWª1LFKWV]XVHKHQ© YHUNQGHWHHUª,FKJODXEHGLHKDEHQHUVWHLQPDOJHQXJ© ª,VWHVQRFKZHLWELV]XP9HUVFKZXQGHQHQ)OX"©IUDJWH .LP 5DQJDULJVFKWWHOWHGHQ.RSIª9LHU6WXQGHQIQI©YHU EHVVHUWHHUVLFKPLWHLQHPUDVFKHQ6HLWHQEOLFNDXI.HOKLP 6LHJLQJHQZHLWHU6FKRQEDOGZDUGHU5DVWSODW]KLQWHULKQHQ YHUVFKZXQGHQ0LW$XVQDKPHHLQHVJHOHJHQWOLFKHQOHLVHQ 6HXI]HQVYRQ.HOKLPOLHNHLQHUYRQLKQHQHLQHQ/DXWYHU QHKPHQ'LHVRQGHUEDUH%HNOHPPXQJGLH.LPVFKRQYRU KLQLP&DQ\RQHUIDWKDWWHVWHOOWHVLFKZLHGHUHLQQXUYLHO YLHOVWlUNHU6HLQ%OLFNLUUWHDQJVWYROODQGHQVHQNUHFKWHQ ZLHSROLHUWDXVVHKHQGHQ)HOVZlQGHQHPSRUXQGHUVSUWH ZLHGLH%HNOHPPXQJDOOPlKOLFKLQHLQ*HIKOZUJHQGHU $QJVWEHUJLQJ(UZDUQLFKWGHUHLQ]LJHGHPPXOPLJ]X

PXWHZDU$XFK*RUJVDKVLFKLQLPPHUNU]HUHQ$EVWlQ GHQXPQHUY|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lOHQGGDKLQXQGQDFKHLQHU :HLOHKDWWH.LPHLQHQ=XVWDQGHUUHLFKWLQGHPHUIDVWNHL QHVNODUHQ*HGDQNHQVPHKUIlKLJQXUQRFKYRQDEJUXQGWLH IHU$QJVWHUIOOWZDUEHLQDKVHOEVW]XU$QJVWZXUGH6HLQ $WHPJLQJNHXFKHQGXQGPHKUDOVHLQPDOWDXPHOWHHUEOLQG JHJHQGLH:DQGXQGILHOGHU/lQJHQDFKKLQ ª(V©NHXFKWHGHU'UDFKHªLVWEDOGJHVFKDIIW© 1DFKMHGHP:RUWKROWHHUUDVVHOQG$WHPDOVNRVWHLKQGDV 6SUHFKHQXQJHKHXUH$QVWUHQJXQJ .LPNRQQWHVLFKQXUGDPLWWU|VWHQGDHVLKUHQ9HUIROJHUQ ZDKUVFKHLQOLFKJHQDXVRHUJLQJ$EHUDOVHUYHUVXFKWHVLFK GDVVFKZDU]H0HWDOOJHVLFKW%DURQ.DUWVYRU]XVWHOOHQND PHQLKP=ZHLIHODQGLHVHU9HUPXWXQJ'HU%DURQXQGVHL QHVJOHLFKHQZDUHQ*HVFK|SIHGHU1DFKW'LHQHUGHV%|VHQ .RQQWHQVROFKH:HVHQEHUKDXSW$QJVWHPSILQGHQ":DUHV QLFKWJHUDGHGDVZDVVLHVRVWDUNXQGIXUFKWEDUPDFKWH GDGLHNHLQH$QJVWNDQQWHQ" ,UJHQGZDQQQDFKHLQHU(ZLJNHLWZLHLKPVFKLHQWDXFKWH HLQKHOOHU/LFKWVFKLPPHUYRULKQHQDXI,KUH6FKULWWHZXUGHQ VFKQHOOHUXQGQDFKZHQLJHQVFKHLQEDUHQGORVHQ0LQXWHQ VWDQGHQVLHDP(LQJDQJHLQHUJHZDOWLJHQWULFKWHUI|UPLJHQ 6HQNHGLH.LPXQZLOONUOLFKDQHLQHQULHVLJHQ([SORVLRQV NUDWHUGHQNHQOLH$XIGHUJHJHQEHUOLHJHQGHQ6HLWHVHW]WH GLH.ODPPVLFKIRUW$EHU]ZLVFKHQGHPGLHVVHLWLJHQ(LQ JDQJXQGGHPMHQVHLWLJHQ$XVJDQJGHKQWHVLFKGLHEOHW

JUDXHYRQNRFKHQGHQ6FKOLHUHQXQGKRFKVSULW]HQGHQ VFKDXPJHNU|QWHQ:HOOHQEHU]RJHQH2EHUIOlFKHHLQHV 6HHV'XPSIHV5DXVFKHQOLHGHQ%RGHQYLEULHUHQXQGGLH /XIWZDUPLW)HXFKWLJNHLWXQG0RGHUJHUXFKJHVlWWLJW (WZDV6HOWVDPHVJHVFKDK$OVVLHDXVGHU.ODPPLQGHQ.UD WHUKLQDXVWUDWHQZLFKVFKODJDUWLJGLH$QJVWYRQLKQHQXQG HVEOLHEQLFKWVDOVHLQGXPSIHU'UXFNZLHQDFKHLQHPEHU VWDQGHQHQ$OSWUDXP .LPOLHVLFKHUVFK|SIWJHJHQGLH)HOVZDQGVLQNHQ6HLQH *OLHGHUIKOWHQVLFKEOHLVFKZHUDQª,VWHUGDV"©IUDJWHHU ª'HU9HUVFKZXQGHQH)OX"© *RUJQLFNWHPLWHUQVWHP*HVLFKWª(LQNOHLQHV6WFNGDYRQ MD(UWULWWKLHUDQGLH2EHUIOlFKHDEHUQXUXPGRUWGUEHQ ZLHGHULP%HUJ]XYHUVFKZLQGHQ6LHKVWGX"© .LPV%OLFNIROJWHGHPDXVJHVWUHFNWHQ$UPGHV5LHVHQXQG JHZDKUWHHLQQLHGULJHVJH]DFNWHV/RFKLP)HOVHQGDVIDVW YROONRPPHQKLQWHUHLQHP9RUKDQJDXVVSUKHQGHP:DVVHU YHUERUJHQZDU(LQEUHLWHUIHOVLJHU3IDGIKUWHXPGHQ6HH KHUXPDXIGLH+|KOH]XHEHQXQGEHTXHPXQGVFKHLQEDU RKQH+LQGHUQLVVH ª8QG©IUDJWH.LP]|JHUQGªGHU7DW]HOZXUP"© 'LHVPDOZDUHV5DQJDULJGHUDQWZRUWHWHª(UZHLGDZLU KLHUVLQG©VDJWHHUª(UZHLHVVFKRQODQJH1LFKWVZDVLQ GHU.ODPPGHU6HHOHQYRUJHKWEOHLEWLKPYHUERUJHQ© ª8QGZRLVWHU"© 5DQJDULJODFKWHGU|KQHQGª9LHOOHLFKWIUFKWHWHUVLFK (LQHQ%HVXFKHUZLHPLFKKDWHUVLFKHUQRFKQLFKWJHKDEW© $EHUGDV/DFKHQNODQJQLFKWJDQ]HFKW 3O|W]OLFKULGHU'UDFKHGHQ.RSIKRFKXQGVFKULHª+H 7DW]HOZXUP.RPPUDXV,FKZHLGDGXKLHUELVW©'LH :RUWHEUDFKHQVLFKDQGHQJODWWHQ:lQGHQXQGKDOOWHQDOV YHU]HUUWHV(FKREHUGHQ6HH5DQJDULJV6FKZDQ]SHLWVFKWH QHUY|VXQGVFKOXJ)XQNHQXQG6WHLQWUPPHUDXVGHP)HOV ª:DVLVWORV"©IUDJWHHUª+DVWGX$QJVW"© 6HNXQGHQODQJJHVFKDKQLFKWV'DQQHUVFKROOHLQXQJHKHXUHV %UOOHQDOV$QWZRUW,QGHU0LWWHGHV6HHVEHJDQQGDV:DV VHU]XNRFKHQXQG]XEURGHOQXQGYRU.LPVHQWVHW]WDXIJH

ULVVHQHQ$XJHQWDXFKWHHLQULHVLJHUVFKZDU]JOlQ]HQGHU 6FKlGHODXVGHP:DVVHUDXI(LQODQJHUVFKODQJHQDUWLJHU +DOVIROJWHXQGHQGOLFKDOV.LPVFKRQJODXEWHGDV0RQ VWHUEHVWHKHQXUDXV.RSIXQG+DOVWDXFKWHDXFKGHU/HLE GHV7DW]HOZXUPVDXVGHQ)OXWHQHPSRUHLQJLJDQWLVFKHV VFKZDU]HV(WZDVDXV3DQ]HUSODWWHQKRUQLJHQ6WDFKHOQXQG .UDOOHQ ª'DELVWGXMD©GU|KQWH5DQJDULJª,FKGDFKWHVFKRQGX ZlUVWQLFKW]X+DXVH© ª:DVZLOOVWGX"©EUOOWHGHU7DW]HOZXUP]XUFNª'XKDVW KLHUQLFKWVYHUORUHQ1LHPDQGEHWULWWPHLQ5HYLHUKDVWGX GDVYHUJHVVHQ"© 5DQJDULJVFKWWHOWHGHQ.RSIª1LFKWHLQH6HNXQGHODQJ 9HWWHU,FKELQJHNRPPHQXPGLUHLQHQ+DQGHOYRU]XVFKOD JHQ© ª(LQHQ+DQGHO"©EUOOWHGHU7DW]HOZXUPª,FKVFKOLHHNHL QHQ+DQGHODEGDVZHLWGX:HUKLHUKHUNRPPWEH]DKOW GDIUPLWGHP/HEHQ$XFKGX8QGZDVVLQGGDVIUOl FKHUOLFKH)LJXUHQGLHGXGDEHLGLUKDVW"© ª'DVVLQGPHLQH)UHXQGH©DQWZRUWHWH5DQJDULJQXQVFKRQ ZHQLJHUEHUKHEOLFKª8QGVLHZROOHQEHUGHQ6HH'DPLW KlQJWDXFKGHU+DQGHO]XVDPPHQGHQLFKGLUYRUVFKODJHQ ZROOWH© ª6R"/DK|UHQ(VVSLHOWNHLQH5ROOHRELFKHXFKIQI0L QXWHQIUKHURGHUVSlWHUIUHVVH*HIUHVVHQZHUGHWLKUVR ZLHVR$EHUODK|UHQZDVVFKOlJVWGXYRU"© ª*DQ]HLQIDFK©HQWJHJQHWH5DQJDULJVRUXKLJZLHP|JOLFK ª'XOlWPHLQH)UHXQGHXQEHKHOOLJWEHUGHQ6HHXQGLFK YHU]LFKWHGDUDXIGLFKPLWGHLQHPHLJHQHQ6FKZDQ]]XIW WHUQGXPLUDWHQHU6SURPHLQHU)DPLOLH© 'HU7DW]HOZXUPZDUHLQHQ0RPHQWVSUDFKORV:DKUVFKHLQ OLFKKDWWHHVQRFKQLHPDQGJHZDJWLKQGHUDUW]XEHOHLGLJHQ 'DQQEHJDQQHU]XEUOOHQGDGLH)HOVZlQGHZDFNHOWHQ ª'XZDJVWHVPLUVRHWZDV]XVDJHQ":DUWH%XUVFKHLFK ZHUGHGLU]HLJHQZHUKLHUZHQZRPLWIWWHUW©(UElXPWH VLFKDXIWDXFKWHLQHLQHUJHZDOWLJHQ6FKDXPIRQWlQHXQWHU XQGVFKRZLHHLQ7RUSHGRXQWHU:DVVHUDXI5DQJDULJ]X

ª6FKQHOOMHW]W©ULHIGHU'UDFKHª,FKZHUGHYHUVXFKHQLKQ ODQJHJHQXJDXI]XKDOWHQGDLKUGLH+|KOHHUUHLFKHQ N|QQW$EHUEHHLOWHXFK© 6LHKHW]WHQORV$EHUVLHZDUHQQRFKNHLQH]HKQ6FKULWWH ZHLWJHNRPPHQDOVGLH:DVVHUREHUIOlFKHDP8IHUH[SOR GLHUWHXQGGDV0RQVWHUZLHGLH9HUN|USHUXQJHLQHVE|VHQ 7UDXPHVGDUDXVKHUYRUVFKR.LPEOLFNWHVLFKLP/DXIHQ XPXQGVFKULHYRU6FKUHFNDXIDOVHUVDKZLHJURGHU7DW ]HOZXUPZDU9RUKLQGUDXHQLP6HHKDWWHHUJHZDOWLJ DXVJHVHKHQ$EHUHUVWMHW]WDOV.LPLKQQHEHQ5DQJDULJVDK HUNDQQWHHUZLHJLJDQWLVFKGDV8QJHKHXHUZLUNOLFKZDU 6HLQ0DXONODIIWHVRZHLWDXIGDVHOEVW*RUJEHTXHPKlWWH GDULQVWHKHQN|QQHQXQGVWLHPLWHLQHPZWHQGHQ=LVFKHQ DXI5DQJDULJKHUDE'HUJROGHQH'UDFKHZLFKLPOHW]WHQ 0RPHQWDXVXQGYHUVHW]WHGHP7DW]HOZXUPHLQHQ 6FKZDQ]KLHELQGHQ1DFNHQGHUGHPJH|IIQHWHQ5DFKHQ QRFKPHKU6FKZXQJYHUOLHKXQGLKQZXFKWLJJHJHQGLH)HO VHQNUDFKHQOLH(LQHUGHUODQJHQQDFKLQQHQJHERJHQHQ =lKQHEUDFKDEXQGGHU7DW]HOZXUPKREHLQJUlOLFKHV *HKHXODQXQGEHJDQQZLOGXPVLFK]XVFKODJHQ6HLQ 6FKZDQ]SHLWVFKWHGXUFKGDV:DVVHUIHJWH5DQJDULJYRQ GHQ)HQXQGZLFNHOWHVLFKZLHHLQH6FKODQJHXPVHLQHQ +DOV5DQJDULJVWHPPWHVLFKKRFKVFKQDSSWHQDFKGHU )ODQNHGHV7DW]HOZXUPVXQGJUXEVHLQH=lKQHWLHILQGHQ HPSILQGOLFKHQ%DXFKGHV8QJHKHXHUV:LHGHUHUVFKWWHUWH HLQXUJHZDOWLJHV%UOOHQGHQ7DONHVVHO'HU7DW]HOZXUP ElXPWHVLFKDXI]HUUWHGHQ'UDFKHQPLWVLFKLQGLH+|KOH XQGEHJUXELKQLP+HUDEVWU]HQXQWHUVLFK .LPULVLFKJHZDOWVDPYRQGHPVFKUHFNOLFKHQ$QEOLFNORV XQGUDQQWHZDVGDV=HXJKLHOW'LHDQGHUHQZDUHQVFKRQ ZHLWYRUDXVDEHUDXFK.LPKDWWHVFKRQIDVWGLH+lOIWHGHV :HJHVJHVFKDIIW:HQQHV5DQJDULJJHODQJGDV8QJHKHXHU QRFKHLQHQ0RPHQWDXI]XKDOWHQZDUHQVLHLQ6LFKHUKHLW $EHUDOVKlWWHGHU7DW]HOZXUPVHLQH*HGDQNHQJHOHVHQUL HUVLFKLQGLHVHP0RPHQWYRQVHLQHP*HJQHUORVXQGVWDUUWH DXVNOHLQHQERVKDIWHQ$XJHQEHUGDV:DVVHU ª9HUUDW©EUOOWHHU(UVFKOHXGHUWH5DQJDULJPLWHLQHUZ

WHQGHQ%HZHJXQJYRQVLFKXQGPDFKWH$QVWDOWHQVLFKNRSI EHULQV:DVVHU]XVWU]HQXPGLH9HUIROJXQJDXI]XQHK PHQ5DQJDULJVFKQDSSWHQDFKVHLQHP6FKZDQ]ELIQI RGHUVHFKV0HWHUGDYRQDEXQGZDUIVLFKPLWHLQHP6DW]DXI GHQEUHLWHQ5FNHQGHV0RQVWHUV'HU7DW]HOZXUPKHXOWH DXIVFKWWHOWHVLFKXQGVFKQHOOWHLQV:DVVHU'DV/HW]WHZDV .LPYRQGHQEHLGHQNlPSIHQGHQ*LJDQWHQVDKZDUHQ5DQ JDULJVZHLWDXVJHEUHLWHWH)OJHOXQGGHUJLHULJDXIJHULVVHQH 6FKOXQGGHU%HVWLH'DQQYHUVFKZDQGHQLKUH.|USHUKLQWHU HLQHP9RUKDQJDXVNRFKHQGHP:DVVHUXQGZLUEHOQGHP 6FKDXP .HXFKHQGHUUHLFKWH.LPGLH+|KOH(UZROOWHVLFKXPGUH KHQXQGQDFK5DQJDULJVHKHQDEHU*RUJULLKQXQEDUP KHU]LJ]XUFNKRELKQKRFKXQGWUXJLKQDXIGHQ$UPHQ ZHLWHUELVVLHGHQ+|KOHQHLQJDQJZHLWKLQWHUVLFKJHODVVHQ KDWWHQ .LPVWUDPSHOWHZLOGPLWGHQ%HLQHQXQGVFKOXJXPVLFK ª/DPLFKUXQWHU©NUHLVFKWHHUª:LUPVVHQ5DQJDULJKHO IHQ(ULVWXQVHU)UHXQG:LUN|QQHQLKQQLFKWLP6WLFKODV VHQ© ª'XNDQQVWLKPQLFKWKHOIHQ.LP©VDJWH*RUJª.HLQHU YRQXQVNDQQHV© ª$EHUHUVWLUEW©VFKULH.LPGHQ7UlQHQQDKHª'HU7DW]HO ZXUPZLUGLKQW|WHQ© ª9LHOOHLFKW©VDJWH*RUJª$EHUKRIIHQZLUGDHUQRFKIOLH KHQNDQQ(UKDWJHVHKHQGDZLULQ6LFKHUKHLWVLQG9LHO OHLFKWNDQQHUGLHVHUKlOLFKHQ6FKODQJHGDYRQIOLHJHQ© .LPGDFKWHDQGDVOHW]WHNXU]H$XIEOLW]HQYRQ*ROGKLQWHU HLQHP9RUKDQJNRFKHQGHQ:DVVHUVXQGHUZXWHGD *RUJVHOEVWQLFKWDQVHLQH:RUWHJODXEWH.LPV9HU]ZHLI OXQJZLFKODQJVDPHLQHUGXPSIHQ%HWlXEXQJ ª,FKZHLZDVLQGLUYRUJHKW.LP©IXKU*RUJLQVDQIWHP 7RQIRUWª8QGJODXEHPLUMHGHUYRQXQVLVWJDQ]JHQDXVR EHWURIIHQZLHGX$EHU5DQJDULJKDWJHZXWZRUDXIHUVLFK HLQOlW8QGHUZXWHDXFKGDHUGHP7DW]HOZXUPQLFKW JHZDFKVHQZDU© ª$EHUZDUXP©VFKOXFK]WH.LPªZDUXPKDWHU©

ª(UPXWHHVWXQ©VDJWH*RUJª(VJDENHLQHQDQGHUHQ :HJIUXQV8QGHUKDWHVJHUQJHWDQ,FKZUGHGDVJOHL FKHWXQZHQQHVVHLQPWHXQG.HOKLPXQG3ULZLQQ HEHQVR-HGHUYRQXQVZUGHVHLQ/HEHQJHEHQXP0lU FKHQPRQG]XUHWWHQ$XFKGXYHUJLGDVQLFKW© ª$EHU5DQJDULJ© ª:DUGHLQ)UHXQGLFKZHL© 'HU%RGHQXQWHULKUHQ)HQHU]LWWHUWH(LQXQJHKHXUHV %UOOHQGUDQJYRP+|KOHQHLQJDQJKHUHLQ'DQQSO|W]OLFK ZDU5XKH ª(VLVWYRUEHL©PXUPHOWH*RUJª(JDOZLHHVDXVJHJDQJHQ LVWNHLQHUYRQXQVNDQQMHW]WQRFKHWZDVWXQ8QGYLHO OHLFKW©IJWHHUOHLVHKLQ]XªLVWHUMDHQWNRPPHQ%HVWLPPW VRJDU©(UVFKOXJ.LPDXIPXQWHUQGDXIGLH6FKXOWHU ª.RPPMHW]WZHLWHU:LUVLQGQRFKODQJHQLFKWDP=LHO'LH DQGHUHQZDUWHQ© /DQJVDPPLWVFKOHSSHQGHQ6FKULWWHQJLQJ.LPYRUGHP 5LHVHQKHU(VZDUHLQVFKPDOHU:HJGHUGLUHNWQHEHQGHP NRFKHQGHQ:DVVHUDQGHU)HOVZDQGHQWODQJIKUWH*RUJV +DQGODJGLHJDQ]H=HLWDXI.LPV6FKXOWHUXPVRIRUW]X SDFNHQ]XN|QQHQZHQQHUDXIGHPJOLWVFKLJHQ%RGHQDXV JOLWW(LQHQ6WXU]LQGDVUHLHQGH:DVVHUGHV)OXVVHVKlWWHHU QLFKWEHUOHEW .HOKLPXQGGHU6WHSSHQSULQ]ZDUWHWHQDXIHLQHP)HOVYRU VSUXQJGHUZLHHLQ%DONRQLQGDVVFKlXPHQGH:DVVHUKLQ HLQUDJWHXQGLKQHQDOOHQ3ODW]ERW 'HU%lUEUXPPWHOHLVHXQGVWLH.LPPLWVHLQHUIHXFKWHQ 6FKQDX]HLQGLH6HLWHXPLKQDXI]XPXQWHUQ ª/DPLFK©VDJWH.LPJURE(UZXWHGDHU.HOKLPXQ UHFKWWDWDEHUHUNRQQWHSO|W]OLFKQLFKWDQGHUVHUPXWH HLQHPDQGHUHQZHKWXQXPVHLQHVHLJHQHQ6FKPHU]HVZLO OHQ.LPHUVFKUDNEHUVHLQH5HDNWLRQXQGOlFKHOWHGHP%l UHQXP(QWVFKXOGLJXQJELWWHQG]X 3ULZLQQEHUKUWHLKQ]DJKDIWDQGHU6FKXOWHU ª'XGDUIVWQLFKWYHU]ZHLIHOQ©VDJWHHUOHLVHª5DQJDULJOHEW LFKELQJDQ]VLFKHU(UOHEWVRODQJHGXDQLKQGHQNVW© .LPKREGHQ.RSI(UOlFKHOWHPDWWXQGVFKORGLH$XJHQ

-DGDFKWHHU6RODQJHLUJHQGMHPDQGDQGHQ'UDFKHQ GDFKWHOHEWHU8QGHUQDKPVLFKYRULKQQLHQLHVWHUEHQ]X ODVVHQ

;9 'LH:DQGZDUQLFKWEHVRQGHUVKRFKDEHUGDV6SUKZDVVHU GDVGHQ)HOVHQGRPZLH1HEHODXVIOOWHXQGVLFKDOVHLVLJHU )LOPEHUDOOHVXQGMHGHVOHJWHPDFKWHGHQ$EVWLHJ]XHLQHU OHEHQVJHIlKUOLFKHQ.OHWWHUHL'HU6WHLQZDUIHXFKWXQGJOLW VFKLJVRGD+lQGHXQG)HNDXP+DOWIDQGHQ.LP EHU]HXJWHVLFKYRUMHGHP7ULWWGDYRQGDVHLQH)HXQG VHLQHUHFKWH+DQGVLFKHULQGHU:DQGYHUDQNHUWZDUHQHKH HUYRUVLFKWLJGLH/LQNHO|VWHXQGPLWNODPPHQ)LQJHUQQDFK ZLQ]LJHQ8QHEHQKHLWHQXQG5LVVHQLP)HOVWDVWHWH6HLQH 0XVNHOQZDUHQYHUNUDPSIWXQGQDFKHWZD]HKQ0LQXWHQ ZDUHUEHUHLWVHUVFK|SIWXQGDP(QGHVHLQHU.UlIWH'DEHL KDWWHHUQRFKQLFKWHLQPDOGLH+lOIWHGHV$EVWLHJVJHVFKDIIW (UYHUKLHOWHLQHQ0RPHQWUDQJNHXFKHQGQDFK$WHPXQG EOLFNWHQDFKXQWHQ'DVVFKPDOH)HOVEDQGODJNQDSS]HKQ 0HWHUXQWHULKP*RUJXQG3ULZLQQZDUHQEHUHLWVXQWHQDQ JHODQJWXQGVFKDXWHQEHVRUJW]XLKPKLQDXI'HU5LHVH IRUPWHPLWGHQ+lQGHQHLQHQ7ULFKWHUYRUGHP0XQGXQG ULHIHWZDV$EHUGDV7RVHQGHU:DVVHUPDVVHQGLHQHEHQ LKQHQLQGLH7LHIHVWU]WHQYHUVFKODQJVHLQH:RUWH .LPZXWHZDV*RUJLKPVDJHQZROOWH(UZDUEHLVHLQHU .OHWWHUHL]XZHLWQDFKOLQNVJHUDWHQ(WZDVZHLWHUUHFKWVZDU GHU:HJHLQIDFKHUDEHU.LPKDWWHZHGHUGLH.UDIWQRFK GHQ0XWQRFKHLQPDOHLQ6WFNGLH:DQGKLQDXI]XNOHWWHUQ 8QGVRWDVWHWHHUVLFK=HQWLPHWHUIU=HQWLPHWHUZHLWHUELV HUVFKOLHOLFKWLHIJHQXJZDUGD*RUJPLWDXVJHVWUHFNWHQ $UPHQVHLQH+IWHQXPIDVVHQNRQQWH ª/DORV©ULHI*RUJ .LPJHKRUFKWHPLWHLQHP6HXI]HUGHU(UOHLFKWHUXQJ*RUJ NODXEWHLKQZLHHLQ6SLHO]HXJYRQGHU:DQGXQGVWHOOWHLKQ EHKXWVDPYRUVLFKDXIGHQ%RGHQ

ª$OOHVLQ2UGQXQJ"© *RUJEUOOWHHVWURW]GHPZDUHQGLH:RUWHEHUGHP'U|K QHQGHV:DVVHUVNDXP]XYHUVWHKHQ.LPQLFNWHXQGEOLFNWH GDQQGHP%HLVSLHOGHUEHLGHQDQGHUHQIROJHQGQDFKREHQ 6HLWEHLQDK]ZHL7DJHQRGHUMHGHQIDOOVODQJHJHQXJXP ]ZHLPDOELV]XU(UVFK|SIXQJGXUFKGLHVHVXQWHULUGLVFKH/D E\ULQWK]XLUUHQ IROJWHQVLHMHW]WGHP9HUVFKZXQGHQHQ)OX XQGGHU:HJZDUQLHJDQ]SUREOHPORVJHZHVHQ$EHUGLHVH YHUJOHLFKVZHLVHKDUPORVH)HOVZDQGNRQQWHLKQHQ]XPLQGHVW HLQHPYRQLKQHQOHLFKW]XP9HUKlQJQLVZHUGHQ ª1XQ"©EUOOWH*RUJª:LHVLHKW VDXV"© .LPKlWWHJHVFKZRUHQGDVHLQH6WLPPHGRUWREHQQLFKW PHKU]XK|UHQVHL7URW]GHPHUVFKLHQNXU]GDUDXIHLQ VWUXSSLJHUHLQlXJLJHU.RSIEHUGHP)HOVUDQG.HOKLP EUXPPWHHLQH$QWZRUWGLHVLH]ZDUQLFKWYHUVWDQGHQGHUHQ 6LQQLKQHQMHGRFKNODUZDU'HU%lUZDUGHP3IDGGHUVLH ELV]XGLHVHP)HOVDEEUXFKJHIKUWKDWWHZHLWHUJHIROJWLQ GHU+RIIQXQJGLH:DQGXPJHKHQ]XN|QQHQ2IIHQVLFKW OLFKHUIROJORV$XFKRKQH9HUOHW]XQJZlUHGHU$EVWLHJEHU GLH:DQGIUGHQ%lUHQSUDNWLVFKXQP|JOLFKJHZHVHQ'LH :XQGHKDWWHVLFK]XGHPQRFKHQW]QGHWVRGDGLH 6FKPHU]HQLQGHU6FKXOWHUIDVWXQHUWUlJOLFKZDUHQXQGLKP GDV*HKHQDXIHEHQHP*UXQGVFKRQVFKZHUILHO'HU3IHLO ZDU]ZDUQLFKWYHUJLIWHWJHZHVHQDEHUHVVFKLHQDXFKVRHW ZDVZLHHLQHQHJDWLYH8PNHKUXQJGHUSKDQWDVWLVFKHQ+HLO NUlIWH0lUFKHQPRQGV]XJHEHQ-HGHQIDOOVYHUVDJWHMHGHU 9HUVXFKGHP%lUHQ/LQGHUXQJ]XYHUVFKDIIHQ'LH:XQGH ZROOWHQLFKWKHLOHQ *RUJEDOOWHLQVWXPPHU:XWGLH)lXVWHª:HQQZLUZHQLJ VWHQVHLQ6HLOKlWWHQ©PXUPHOWHHUª,UJHQGHWZDVXPLKQ GDUDQKHUXQWHU]XODVVHQ©(UVWDUUWHGHQWRVHQGHQ:DVVHUIDOO DQDOVZUGHHULKPGLH6FKXOGDQLKUHUYHU]ZHLIHOWHQ/DJH JHEHQ ª7UHWHW]XU6HLWH©ULHI.HOKLPYRQREHQª,FKVSULQJH© *RUJWLSSWHVLFKXQPLYHUVWlQGOLFKDQGLH6FKOlIHXQGEOLHE XQJHUKUWVWHKHQª'XELVWYHUUFNW©ULHIHU]XUFNª'X ZLUVWGLUDOOH.QRFKHQEUHFKHQ©

ª,FKEUHFKHK|FKVWHQVGLUGHLQHQ'LFNVFKlGHOZHQQGX QLFKWDXVGHP:HJJHKVW©EUOOWH.HOKLPJHUHL]Wª0DFK 3ODW](VVLQGOlFKHUOLFKH]HKQ0HWHU© *RUJ]|JHUWHQRFK$EHUMHGHUYRQLKQHQZXWHGD.HO KLPVFKOLHOLFKNHLQHDQGHUH:DKOEOLHE(VJDENHLQ=X UFN6HOEVWZHQQHVGHP%lUHQJHODQJ]XU.ODPPGHU6HH OHQ]XUFN]XILQGHQZUGHHUQLHPDOVDQGHP8QJHKHXHU YRUEHLNRPPHQGDVGRUWODXHUWH*DQ]GDYRQDEJHVHKHQ GD.HOKLPYLHO]XVFKZDFKZDUGLHJDQ]H6WUHFNHQRFK HLQPDO]XJHKHQ 'HU%DUQlKHUWHVLFKYRUVLFKWLJGHU.DQWHVFKQXSSHUWHLQ GLH/XIWXQGKREGDQQJHELHWHULVFKGLH7DW]H*RUJWUDW VHXI]HQG]XU6HLWH+LQWHULKQHQGRQQHUWHGHU:DVVHUIDOOLQ GLH7LHIHVRWLHIGDGDV:DVVHULQHLQHPVFKZDU]HQOLFKW ORVHQ$EJUXQG]XYHUVFKZLQGHQVFKLHQ(VPXWHPLWXQJH KHXUHU:XFKWXQWHQDXISUDOOHQ'HUPDVVLYH)HOVXQWHULKUHQ )HQ]LWWHUWHNDXPPHUNOLFKXQGZHQQPDQJHQDXKLQ K|UWHNRQQWHPDQEHUGHP7RVHQGHU:DVVHUPDVVHQHLQ GXPSIHV*UROOHQK|UHQ (VZDUQLFKWGHU6SUXQJGHU*RUJ6RUJHQEHUHLWHWH.HOKLP ZDUVLFKHUVFKRQDXVJU|HUHU+|KHKLQDEJHVSUXQJHQEHL VHLQHU.|USHUJU|HVWHOOWHQGLH]HKQ0HWHUZRKOQXUHLQHQ EHVVHUHQ+RSVHUIULKQGDU$EHUXQGGDVZDUGDVJHIlKU OLFKHGDUDQGHU6LPVZDUNDXPDQGHUWKDOE0HWHUEUHLWXQG QRFKGD]XHWZDVDEIDOOHQGXQGJOLWVFKLJYRU)HXFKWLJNHLW .HOKLPV9HUOHW]XQJPLWHLQJHUHFKQHWVWDQGHQVHLQH&KDQ FHQKHLOXQWHQDQ]XNRPPHQDOOHVDQGHUHDOVJXW .LPZXUGHDEUXSWDXVVHLQHQhEHUOHJXQJHQJHULVVHQ.HO KLPWUDWHQWVFKORVVHQYRUXQGOLHVLFKEHUGLH.DQWHIDOOHQ )UGHQ%UXFKWHLOHLQHU6HNXQGHVFKLHQHUEHZHJXQJVORVLQ GHU/XIW]XKlQJHQ'DQQVWU]WHHUDEUROOWHVLFKQRFKLP )OXJ]XHLQHPULHVLJHQSHO]LJHQ%DOO]XVDPPHQXQGVFKOXJ PLWIUFKWHUOLFKHU:XFKWDP%RGHQDXI6HLQ6FKPHU]HQV VFKUHLPLVFKWHVLFKPLWGHP'RQQHUQGHV:DVVHUIDOOV.HO KLPUROOWHZHLWHUDXIGHQ$EJUXQG]XXQGVXFKWHYHU]ZHLIHOW QDFK+DOW)UHLQHQVFKUHFNOLFKHQ$XJHQEOLFNGURKWHHU YROOHQGVDE]XUXWVFKHQ*RUJVSUDQJYRUYHUNUDOOWHGLH

+lQGHLP1DFNHQIHOOGHV%lUHQXQG]HUUWHLKQPLW lXHUVWHU.UDIWDQVWUHQJXQJ]XUFN .HOKLPEUDFKPLWHLQHPZLPPHUQGHQ/DXW]XVDPPHQ'LH :XQGHDQVHLQHU6FKXOWHUEUDFKZLHGHUDXIXQGGXQNOHV %OXWPLVFKWHVLFKLQGLHKHOOHQ:DVVHUWURSIHQDXIVHLQHP )HOO *RUJNQLHWHQHEHQGHP)UHXQGQLHGHUXQGEHUKUWHVDQIW IDVW]lUWOLFKVHLQH7DW]H.HOKLPEUXPPWH=XPHUVWHQ0DO VHLW.LPGHQ%lUHQNDQQWHK|UWHVLFKVHLQH6WLPPHZDFNH OLJDQ =XGULWWKDOIHQVLH.HOKLPDXIGLH)H]XNRPPHQ ª/HJHQZLUHLQH3DXVHHLQ©VFKOXJ3ULZLQQYRUª6RNDQQHU DXINHLQHQ)DOOZHLWHUJHKHQ© .HOKLPVFKWWHOWHlUJHUOLFKGHQ.RSIª:HQQLFKPLFKMHW]W KLQOHJHNRPPHLFKQLHZLHGHUKRFK©VDJWHHUEHVWLPPW ª:LUPVVHQZHLWHU$OOPlKOLFKKDEHLFKGLH1DVHYROOYRQ +|KOHQXQGXQWHULUGLVFKHQ*lQJHQ,FKZHLNDXPQRFK ZLHIUHLHU+LPPHODXVVLHKW© .LPVDKGHQ%lUHQYROO0LWOHLGDQ.HOKLPVPXQWHUHU7RQ VROOWHVLHGDUEHUKLQZHJWlXVFKHQZLHHOHQGLKP]XPXWH ZDU$EHUHLQZHQLJVSUWHQVLHHVZRKODOOH6LHKDWWHQ 6FKOLPPHUHVGXUFKJHVWDQGHQDXIGHP:HJQDFK&DLYDOORQ XQGVSlWHUYRQ*RU\Z\QQKLHUKHUDEHUPHKUDOVGLHN|USHU OLFKH%HODVWXQJ]HUUWHQGLH'XQNHOKHLWXQGGDVXQDEOlVVLJH *UROOHQXQG7RVHQGHV:DVVHUVDQLKUHQ1HUYHQ.LPIURU (UIURUXQDEOlVVLJVHLW]ZHL7DJHQXQGVFKOLPPHUQRFKDOV GLH.lOWHVHW]WHLKPGLHDOOJHJHQZlUWLJH)HXFKWLJNHLW]XGLH HUEDUPXQJVORVXQWHUVHLQH.OHLGXQJMDXQWHUGLH+DXWELVLQ GHQ.|USHUKLQHLQNURFK.LPKDWWHGDV*HIKOYRQHLQHU .lOWHDXVJHIOOW]XVHLQGLHQLFKWVDXFKGDVKHLHVWH)HXHU QLFKWMHZLHGHUYHUWUHLEHQNRQQWH 'HU6LPVIKOWHVWHLOLQGLH7LHIHXQGOLHIVFKOLHOLFKLQHLQ WUDSH]I|UPLJHVZHLWEHUKlQJHQGHV)HOVVWFNDXVYRQGHV VHQ(QGHHLQH$UWQDWUOLFKHU7UHSSHZHLWHUKLQDEIKUWH .LPOXJWHYRUVLFKWLJEHUGLH.DQWHXQG6FKZLQGHOJHIKO HUIDWHLKQ6LHPXWHQLQ]ZLVFKHQHLQJXWHV6WFNWLHIHUJH NRPPHQVHLQGHQQHUNRQQWHMHW]WELVDXIGHQ*UXQGKLQ

XQWHUVHKHQ'HU:DVVHUIDOOVWU]WHLQHLQHQVFKZDU]HQDQ QlKHUQGNUHLVUXQGHQ6HHEHUGHPVLFKHLQHJLJDQWLVFKH +DOENXJHODXV6FKDXPXQG*LVFKWPHKUDOVKXQGHUW0HWHU LQGLH+|KHZ|OEWH'DV'RQQHUQGHU:DVVHUPDVVHQZDU QXQVRODXWJHZRUGHQGDHLQHVWLPPOLFKH9HUVWlQGLJXQJ QLFKWPHKUP|JOLFKZDU.LPVWXSVWH*RUJPLWGHP(OOER JHQDQXQGGHXWHWHQDFKXQWHQ'HU5LHVHQLFNWHNXU](U ZDUIGHP%lUHQHLQHQEHVRUJWHQ%OLFN]XXQGEHJDQQDOVHU VWHUPLWGHP$EVWLHJ 6LHNDPHQEHVVHUYRUDQDOVHUZDUWHW'HU)HOVELOGHWHWDW VlFKOLFKHLQH7UHSSHXQGVHLQH2EHUIOlFKHZDUKLHUVRUDXK GDVLHVLFKHUDXIWUHWHQNRQQWHQ7URW]GHPGDXHUWHHVQRFK OlQJHUDOVHLQH6WXQGHHKHVLHVFKOLHOLFKDP8IHUGHVXQWHU LUGLVFKHQ6HHVVWDQGHQ6HOWVDPHUZHLVHZDUGHU/lUPKLHU XQWHQXQPLWWHOEDUDQGHU4XHOOHVHLQHU(QWVWHKXQJQLFKWVR XQHUWUlJOLFKODXWZLHZHLWHUREHQ'HU)HOVNDPLQGXUFKGHQ VLHDEJHVWLHJHQZDUHQPXWHGHQ6FKDOOLUJHQGZLHDEOHQNHQ RGHUDXFKYHUVWlUNHQ .LPEOLFNWHQDFKGHQNOLFKEHUGLHEURGHOQGH2EHUIOlFKH 'LHVHU6HHZDUZHLWDXVJU|HUDOVMHQHULQGHPGHU7DW]HO ZXUPKDXVWH'HU$EIOXZDUPHKUDOVKXQGHUW0HWHUEUHLW XQGXQDEVHKEDUWLHI(LQULFKWLJHU6WURPGHUKLHUWLHIXQWHU GHU(UGREHUIOlFKHGDKLQIOR.LPNQLHWHQLHGHUXQGVWUHFNWH YRUVLFKWLJGHQ)LQJHULQV:DVVHU(VZDUZlUPHUDOVHUHU ZDUWHWKDWWHXQGYRQGHUHKHPDOVUHLHQGHQ6WU|PXQJGHV 9HUVFKZXQGHQHQ)OXVVHVZDUQLFKWVPHKUJHEOLHEHQ .LPVWDQGDXINQLIIGLH$XJHQ]XVDPPHQXQGYHUVXFKWH GHP6WURPYHUODXIPLW%OLFNHQ]XIROJHQ(VKHUUVFKWHGDV JOHLFKHHLJHQDUWLJHJUQOLFKH/LFKWGDVVLHVFKRQGLHJDQ]H =HLWEHJOHLWHWHXQGIUGDVVLHELVMHW]WQRFKNHLQH(UNOlUXQJ JHIXQGHQKDWWHQ1XUZDUGDV/LFKWKLHUXQWHQYLHOVFKZl FKHUDOVREHQ$OOHVZDVPHKUDOVVFKlW]XQJVZHLVHIQI0H WHUZHLWHQWIHUQWZDUNRQQWHPDQQXUQRFKVFKHPHQKDIWHU NHQQHQ(LJHQDUWLJHUZHLVHNRQQWHQVLHGLHULHVLJH+|KOH GHQQRFKLQLKUHUYROOHQ%UHLWHEHUEOLFNHQ(VZDUGDFKWH .LPYHUZLUUWDOVRE]ZDUGLH,QWHQVLWlWGHV/LFKWHVQLFKW DEHUGDV/LFKWVHOEVWQDFKOLHH

ª8QGZDVMHW]W"©VSUDFK3ULZLQQGLH)UDJHDXVGLHVLHDOOH EHZHJWH *RUJKREKLOIORVGLH6FKXOWHUQª,FKZHLHVQLFKW1LHPDQG GHUVFKRQHLQPDOVRZHLWYRUJHGUXQJHQLVWLVWMHZLHGHU]X UFNJHNHKUW© .LPEH]ZHLIHOWHGDV:lUHHVVRZLHGHU5LHVHVDJWHZWH DXFKQLHPDQGZDVQDFKGHP9HUVFKZXQGHQHQ)OXNDP XQGGLH.XQGHYRQGHU(LVLJHQ(LQ|GHYRQGHU%XUJ:HOW HQGHXQGDOOGHQ*HIDKUHQGLHVLHQRFKHUZDUWHWHQZlUH QLFKWELV*RU\Z\QQJHGUXQJHQ$EHUHUVDJWHQLFKWV 6LHXPUXQGHWHQHLQPDOGHQ6HHXPVLFKGDYRQ]XEHU]HX JHQGDHVNHLQHQ]ZHLWHQ$XVJDQJDXVGHU+|KOHJDEXQG VLHQLFKWZRP|JOLFKVRNXU]YRUGHP=LHOQRFKGHQIDOVFKHQ :HJZlKOWHQ'DQQGUDQJHQVLHKLQWHUHLQDQGHULQGHQQLHG ULJHQ6WROOHQHLQGXUFKGHQGLH:DVVHUPDVVHQDEIORVVHQ 'LH'HFNHZDUJODWWJHZ|OEWXQGVRQLHGULJGD*RUJZHLW YRUQEHUJHEHXJWJHKHQPXWHXPVLFKQLFKWGHQ6FKlGHO DQ]XVFKODJHQ.LPJODXEWHGDV*HZLFKWGHU7RQQHQXQG $EHUWRQQHQVFKZDU]HU)HOVHQGLHVLFKEHULKQHQWUPWHQ IDVWN|USHUOLFK]XVSUHQ2EZRKOGHU:HJKLHUVREUHLW ZDUGDVLHEHTXHPQHEHQHLQDQGHUJHKHQNRQQWHQEHNDP HU3ODW]DQJVWHLQ*HIKODOVZUGHQVLFK'HFNHXQG :lQGHXQDXIKDOWVDPXPLKQ]XVDPPHQ]LHKHQXQGLKPGHQ $WHPDEVFKQUHQ 'HU:HJZXUGHDOOPlKOLFKZLHGHUVFKPDOHUXQGDXVGHP )OXUDJWHQMHW]WLPPHU|IWHUVSLW]H)HOVHQDQGHQHQVLFK GDV:DVVHU]XNOHLQHQ6FKDXPEHUJHQRGHUZLQ]LJHQ6WUX GHOQEUDFK ª(VNDQQQLFKWPHKUZHLWVHLQ©EUXPPWH.HOKLPª1LFKW PHKUZHLW© *RUJQLFNWH]XVWLPPHQGª:LUVROOWHQQRFKHLQPDOUDVWHQ© VFKOXJHUYRU ª6RNXU]YRUGHP=LHO"© ª*HUDGHVRNXU]YRUGHP=LHO:LUDOOHVLQGPGHXQGZHU ZHLZDVXQVDXIGHUDQGHUHQ6HLWHGHV*HELUJHVHUZDUWHW 9LHOOHLFKWLVWHVEHVVHUZHQQZLUDXVJHUXKWGRUWDQNRP PHQ©

1LHPDQGKDWWHHWZDVJHJHQGHQ9RUVFKODJHLQ]XZHQGHQ 6LHZDUHQZLUNOLFK]XP8PIDOOHQPGH8QGGHU5LHVH KDWWHUHFKW'HU)OXZUGHVHLQXQWHULUGLVFKHV%HWWQXQ EDOGYHUODVVHQGDZDUHVEHVVHUZHQQVLHIULVFKXQGNUlIWLJ ZDUHQ9LHOOHLFKWPXWHQVLHIOLHKHQYLHOOHLFKWNlPSIHQ ZHUZHL 6LHZLFKHQELV]XU+|KOHQZDQG]XUFNXQGOHJWHQVLFKQH EHQHLQDQGHU]XP6FKODIHQQLHGHU'DV5DXVFKHQGHV:DV VHUVZDUDXFKKLHUQRFKEHUODXW$EHUWURW]GHV/lUPVXQG GHUNODPPHQ.lOWHVFKOLHIHQVLHIDVWDXJHQEOLFNOLFKHLQ .LPKDWWHGDV*HIKOQRFKNHLQHIQI0LQXWHQJHVFKODIHQ ]XKDEHQDOVLKQMHPDQGXQVDQIWDQGHU6FKXOWHUUWWHOWH XQGJOHLFKGDUDXIGLH+DQGDXIVHLQHQ0XQGSUHWHGDPLW HUQXUMDNHLQHQ/DXWYRQVLFKJDE .LPIXKUKRFKXQGEOLFNWHYHUZLUUWLQ3ULZLQQV*HVLFKW'HU 6WHSSHQSULQ]]RJODQJVDPGLH+DQG]XUFNXQGOHJWHGHQ )LQJHUDXIGLH/LSSHQ .LPQLFNWHYHUVWHKHQGª:DVLVW"©IUDJWHHULP)OVWHUWRQ 3ULZLQQGHXWHWHPLWGHP'DXPHQEHUGLH6FKXOWHU]XUFN ª-HPDQGNRPPW©]LVFKWHHUª6LHKWDXVDOVZUGHQZLUYHU IROJW© ª6FKZDU]H"©IUDJWH.LPHUVFKURFNHQ 3ULZLQQ]XFNWHGLH6FKXOWHUQª*RUJLVW]XUFNJHJDQJHQ XPQDFK]XVHKHQ©IOVWHUWHHUª$EHUEHUHLWHQZLUXQVOLHEHU DXIHLQHVFKQHOOH)OXFKWYRU© .LPVWDQGXQYHU]JOLFKDXIVFKQDOOWHVHLQ6FKZHUWXPXQG EHIHVWLJWHGHQ6FKLOGDQVHLQHPOLQNHQ$UP(U]|JHUWH HLQHQ0RPHQW'DQQ]RJHUGLH.OLQJHDXVGHU6FKHLGHXQG UHLFKWHVLH3ULZLQQ ª:DVVROOLFKGDPLW"© ª'LFKZHKUHQ'XKDVWNHLQH:DIIH© 'HU6WHSSHQSULQ]UHLFKWHLKPOlFKHOQGGDV6FKZHUW]XUFN XQGVFKWWHOWHGHQ.RSIª'DVEUDXFKHLFKQLFKW© ª,FKZHL©VDJWH.LPª,FKKDEHJHVHKHQZLHGXLQGHU .ODPPJHNlPSIWKDVWDXFKRKQH:DIIH$EHU©3ULZLQQ VFKQLWWLKPPLWHLQHUXQZLOOLJHQ+DQGEHZHJXQJGDV:RUW

DEª'XPLYHUVWHKVWPLFK:LUEHQXW]HQNHLQH:DIIHQ .HLQHUYRQXQV© ª'XPHLQVW© ª,FKPHLQHGDNHLQ6WHSSHQUHLWHUMHPDOVHLQH:DIIHLQGLH +DQGQHKPHQZUGH©HUNOlUWH3ULZLQQª:LUKDEHQJH OHUQWXQVDXFKVR]XYHUWHLGLJHQ:LUYHUDFKWHQ:DIIHQ XQGZLUYHUDFKWHQGLHGLH:DIIHQWUDJHQ© ª$EHUGHU6FKLOGLVWGRFKDXFKYRQHXFK© ª:DIIHQ]XP7|WHQXQGHLQ6FKLOGXPVLFKYRULKQHQ]X VFKW]HQVLQGGRFKZRKO]ZHLHUOHLRGHU"©JDE3ULZLQQ VS|WWLVFK]XUFN'RFKVRJOHLFKZXUGHHUZLHGHUHUQVWª,FK VFKODJHYRUZLUXQWHUKDOWHQXQVVSlWHUGDUEHU0LUVFKHLQW LFKK|UHHWZDV© 6LHWUDWHQDXVGHP6FKDWWHQGHU)HOVZDQGKHUYRUXQGEOLFN WHQJHVSDQQWGHQ:HJKLQXQWHU*RUJNDPNHLQHVZHJV OHLVHDQJHVWDPSIW ª:RLVW.HOKLP"©IOVWHUWH.LP 3ULZLQQGHXWHWHVWXPPKLQWHUVLFK(LQHUGHUVFKZDU]HQ 6FKDWWHQDP:HJUDQGVFKLHQHLQZHQLJ]XUXQGXQGVWUXS SLJIUHLQHQ6WHLQXQGEHLJHQDXHUHU%HWUDFKWXQJJHZDKUWH .LPHLQHQURWJOKHQGHQ3XQNWDXIGHU+|KHYRQ.HOKLPV $XJH.LPQLFNWHDQHUNHQQHQG:HQQ%DURQ.DUWV VFKZDU]H5HLWHUVLHZLUNOLFKELVKLHUKHUYHUIROJWHQZUGHQ VLHHLQHE|VHhEHUUDVFKXQJHUOHEHQ *RUJZDUPLWHLQSDDU6FKULWWHQEHLLKQHQhEHUVHLQHUHFKWH 6FKXOWHUKLQJHLQVFKODIIHUOHEORVHU.|USHU'DV*HVLFKWGHV 5LHVHQ]HLJWHHLQHQ]HUNQLUVFKWHQ$XVGUXFN ª%URELQJ©ULHI3ULZLQQDOVHUGHQ0DQQHUNDQQWH *RUJOXGGHQ%DXHUQEHKXWVDPDEXQGWUDWHLQHQKDOEHQ 6FKULWW]XUFN.LPNQLHWHQLHGHUEHIKOWH*HVLFKWXQG +DOVGHV%HZXWORVHQXQGDWPHWHHUOHLFKWHUWDXI$XI%UR ELQJV+LQWHUNRSISUDQJWHHLQHPlFKWLJH%HXOHDEHUHUDW PHWHXQGDOVLKP.LPHLQH+DQGYROO:DVVHULQV*HVLFKW VFK|SIWH|IIQHWHHUVW|KQHQGGLH$XJHQ ª:DVKDVWGXPLWLKPJHPDFKW*RUJ"© 'HU5LHVHGUHKWHYHUOHJHQGLH'DXPHQª(VHVWXWPLU OHLG©VWDPPHOWHHUª$EHUHUNDPVRGDKHUJHVFKOLFKHQ

XQGLQGHPVFKOHFKWHQ/LFKWLFKKDEHLKQQXUJHVWUHL FKHOWHKUOLFKLFK© ª6FKRQJXW(UNRPPWMDVFKRQZLHGHU]XVLFK© %URELQJJULIIVLFKDQGHQ.RSIXQG]XFNWH]XVDPPHQ 3ULZLQQEHXJWHVLFKEHULKQª:DVKDVWGXGLUQXUGDEHLJH GDFKWXQV]XIROJHQ©VDJWHHUYRUZXUIVYROOª*RUJKlWWHGLU IDVWGHQ6FKlGHOHLQJHVFKODJHQZHLOHUGLFKIUHLQHQ 6FKZDU]HQKLHOW© %URELQJVW|KQWHZLHGHU(UVHW]WHVLFKPKVDPDXIXQGKLHOW VLFKGHQ.RSI ª:HJ©SUHWHHUKHUYRUª,KUPWIOLHKHQ,FK LFKNDPXPHXFK]XZDUQHQ© ª:DUQHQ":RYRU"© ª9RUGHQVFKZDU]HQ5HLWHUQ6LHYHUIROJHQHXFK© ª'DVKDEHQZLUJHPHUNW©JUROOWH.HOKLPGHUDXVVHLQHP +LQWHUKDOWJHWURWWHWNDPXQGGHQ%DXHUQNRSIVFKWWHOQGEH WUDFKWHWHª6LHZDUHQVFKRQYRUXQVLQGHU.ODPPXQGKD EHQXQVHUZDUWHW$EHUZLUKDEHQLKUH3OlQHHLQNOHLQZHQLJ GXUFKNUHX]W© %URELQJVFKWWHOWHGHQ.RSIª'DVLVWHVQLFKW.HOKLP ,FK$OVLKUDXIJHEURFKHQZDUW©VDJWHHUªGDPDFKWHQ ZLUXQVDXIGLH6XFKHQDFKHLQHPJHHLJQHWHQ8QWHUVFKOXSI IUGLHNRPPHQGH:RFKH:LUZDUHQQRFKQLFKWZHLWJH NRPPHQDOVLFKHLQYHUGlFKWLJHV*HUlXVFKK|UWH,FKKLH PHLQH)DPLOLHVLFK]XYHUVWHFNHQXQGIROJWHGHP/lUP(V ZDUHLQHJDQ]H$UPHHVFKZDU]HU5HLWHU© ª:LHYLHOHJHQDX"©IUDJWH*RUJ ª,FKZHLQLFKW:RKODQGLHIQIKXQGHUWYLHOOHLFKWPHKU 6LHEHIDQGHQVLFKDXIGHP:HJ]XU.ODPP© ª)QIKXQGHUW©ULHI*RUJHUVFKURFNHQ ª'DQQZDUHQGLHLQGHU.ODPPDOVRQXUGLH9RUKXW©VWHOOWH .HOKLPVDFKOLFKIHVW ª:DKUVFKHLQOLFK©VDJWH%URELQJª-HGHQIDOOVNHKUWHLFKGDU DXIKLQ]XPHLQHU)DPLOLH]XUFNXP]XEHUDWHQZDV]XWXQ VHL:LUNDPHQEHUHLQGDZLUHXFKZDUQHQPWHQ,FK EUDFKWHGLH0HLQHQLQHLQVLFKHUHV9HUVWHFNLQGHQ%HUJHQ XQGPDFKWHPLFKDXIGHQ:HJ©

ª$EHUZLHELVWGXDQ.DUWYRUEHLJHNRPPHQ"©IUDJWH3UL ZLQQª8QGDP7DW]HOZXUP"© ª*DUQLFKW©JHVWDQG%URELQJª-HGHQIDOOVQLFKWGLUHNW,FK KDWWH*OFNGHPVFKZDU]HQ%DURQQLFKWSHUV|QOLFKLQGLH $UPH]XODXIHQ,QGHU.ODPPKHUUVFKWHJURH$XIUHJXQJ $OOHP$QVFKHLQQDFKKDWWHHLQ.DPSIVWDWWJHIXQGHQ'LH 6FKZDU]HQPXWHQJURH9HUOXVWHHUOLWWHQKDEHQDEHUHV ZDUIUPLFKXQP|JOLFKDQLKQHQYRUEHL]XNRPPHQ6R VXFKWHLFKPLUHLQ9HUVWHFNXQGZDUWHWHELVGHU+DXSWWUXSS DQJHNRPPHQZDU$OVVLHZHLWHU]RJHQIROJWHLFKLKQHQLQ VLFKHUHP$EVWDQG,FKKRIIWHVSlWHUHLQH*HOHJHQKHLW]XILQ GHQVLHDE]XKlQJHQ© ª8QGZHLWHU"©IUDJWH*RUJ ª'LH5HLWHUHUUHLFKWHQGHQ9HUORUHQHQ6HH©EHULFKWHWH%UR ELQJªXQGJULIIHQGHQ7DW]HOZXUPDQ© ª,VWGDVGHLQ(UQVW"© ª-D©VDJWH%URELQJª'HU.DPSIZDUIUFKWHUOLFK'LH VFKZDU]HQ5HLWHUKDWWHQULHVLJH.DWDSXOWHPLWJHEUDFKWPLW GHQHQVLHJURH3IHLOHXQG)HOVEURFNHQQDFKGHP8QJH KHXHUVFKOHXGHUWHQDEHUGLH*HVFKRVVH]HUEUDFKHQDQLKP ZLH=XQGHU8QGGDQQJLQJGHU7DW]HOZXUP]XP*HJHQDQ JULIIEHU© ª+DVWGXLUJHQGHLQH6SXUYRQ5DQJDULJJHVHKHQ"©IUDJWH .LPOHLVH %URELQJVDKLKQWUDXULJDQª1HLQQLFKWGLHJHULQJVWH(VWXW PLUOHLG© ª:DVJHVFKDKZHLWHU"©GUlQJWH*RUJ ª'HU.DPSIGDXHUWHZRKOOlQJHUDOVHLQH6WXQGH©HU]lKOWH %URELQJªXQGYLHOHGHUVFKZDU]HQ5HLWHUKDEHQLKQPLWGHP /HEHQEH]DKOW$EHUVFKOLHOLFKHUODJGHU7DW]HOZXUPGHU hEHUPDFKW6LHW|WHWHQLKQXQGGHU5HVWGHV+HHUHV]RJ ZHLWHU$P8IHUGHV9HUORUHQHQ6HHVVFKOXJHQVLHLKU 1DFKWODJHUDXI,FKZDUWHWHELVQDFK(LQEUXFKGHU'XQNHO KHLWGDQQVWLHJLFKLQV:DVVHUXQGVFKZDPPDQLKQHQYRU EHLLQGLH+|KOH© ª(LQULVNDQWHV:DJQLV© %URELQJZLQNWHDEª1LFKWVRULVNDQWZLHHVVFKHLQW'LH

5HLWHUIKOWHQVLFKVLFKHUXQGGLH:DFKHQVFKOLHIHQHEHQVR WLHIZLHDOOHDQGHUHQ:HUVROOWHVLHDXFKDQGLHVHP2UWDQ JUHLIHQ,FKNDPXQEHKHOOLJWYRUEHLXQGIROJWHGHP)OX XQGQXQELQLFKKLHU© *RUJVHXI]WHª-DQXQELVWGXKLHU:LHZHLWVLQGGLHDQGH UHQ]XUFN"© ª1XUZHQLJH6WXQGHQIUFKWHLFK©DQWZRUWHWH%URELQJEH GUFNWª,FKKDEHPLFKHLQPDOLQGHQ+|KOHQYHULUUWXQG IDQGQXUPLW0KHZLHGHUDXIGHQULFKWLJHQ:HJ]XUFN© IJWHHUZLH]XU(QWVFKXOGLJXQJKLQ]X ª8QGZLUKDEHQXQV]XVLFKHUJHIKOWXQGXQQW]=HLWYHU WU|GHOW©JUROOWH*RUJª:LUPVVHQVRIRUWZHLWHU©(U VWDUUWHPLW]XVDPPHQJHNQLIIHQHQ$XJHQGHQ)OXKLQDXI DOVHUZDUWHHUMHGHQ$XJHQEOLFNGLH9HUIROJHUDXIWDXFKHQ ]XVHKHQ ª:LUGDQNHQGLUGDGXHVJHZDJWKDVWXQV]XIROJHQXP XQV]XZDUQHQ©VDJWH.LPª'XKDVWXQVYLHOOHLFKWGDV/H EHQJHUHWWHW© %URELQJOlFKHOWHYHUOHJHQª,KUKDEWHXHU/HEHQULVNLHUWXP GDVXQVHUH]XUHWWHQ©HULQQHUWHHULKQ(UVWDQGDXIJLQJ ]XP)OXXIHUKLQEHUXQGWDXFKWHGLH+DQGJHOHQNHLQV HLVLJH:DVVHU ª:LHYLHOHVLQGHVMHW]WQRFKGLHXQVIROJHQ"©IUDJWH3UL ZLQQQDFKGHP%URELQJVLFKHUIULVFKWKDWWHXQGSUXVWHQG YRP:DVVHU]XUFNNDP ª'HU.DPSIPLWGHP7DW]HOZXUPKDWVFKZHUH2SIHUYRQ LKQHQJHIRUGHUW7URW]GHPEHUKXQGHUWZHUGHQHVZRKO QRFKVHLQ©VDJWHHUQDFKNXU]HPhEHUOHJHQ ª:RUDXIZDUWHQZLUQRFK"©VDJWH*RUJª/RVJHKHQZLU-H HKHUZLUDXVGLHVHQ+|KOHQKHUDXVVLQGGHVWREHVVHU© 6LHEUDFKHQDXI.HOKLPGHUYRQLKQHQDOOHQZRKOGLH VFKlUIVWHQ6LQQHKDWWHELOGHWHGHQ6FKOX'HU*HGDQNHDQ GLH9HUIROJHUGLHYLHOOHLFKWVFKRQGLFKWKLQWHULKQHQZDUHQ VSRUQWHVLH]XUDVFKHP7HPSRDQ'DV)OXEHWWYHUHQJWH VLFKDOOPlKOLFKZLHGHUXQGGLH6WU|PXQJQDKP]X1RFK HLQPDOPXWHQVLHEHUHLQHVWHLOHPLW6FKXWWXQG*HU|OOEH GHFNWH5DPSHQDFKXQWHQNOHWWHUQHKHVLHVFKOLHOLFKLQ

HLQHUULHVLJHQGRPDUWLJHQ+|KOHVWDQGHQDQGHUHQMHQVHLWL JHP(QGHHLQZLQ]LJHUJUDXHU)OHFNOHXFKWHWH7DJHVOLFKW .LPVWLHHLQHQ6HXI]HUGHU(UOHLFKWHUXQJDXV%LV]XPDQ GHUHQ(QGHGHU+|KOHPRFKWHQHVQRFK]ZHLYLHOOHLFKW DXFKGUHL6WXQGHQ)XPDUVFKVHLQ1DFKDOOHPZDVVLH EHUVWDQGHQKDWWHQZDUGLHVHLQHYHUJOHLFKVZHLVHOlFKHUOLFKH $QVWUHQJXQJ6LHEOLHEHQVWHKHQXQGZDUWHWHQDXI.HOKLP GHUIUHLZLOOLJ]XUFNJHEOLHEHQZDUXPQDFKGHQVFKZDU]HQ 5HLWHUQDXV]XVFKDXHQ ª*HVFKDIIW©VDJWH3ULZLQQª,FKKDEHQLFKWPHKUGDUDQJH JODXEWMHZLHGHUGHQ+LPPHOXQGGLH6RQQH]XVHKHQ© .LPYHUVWDQG3ULZLQQQXU]XJXW(UVHOEVWHPSIDQGlKQOLFK XQGDXFKLQ*RUJV$XJHQEOLW]WHHVIUHXGLJDXIDOVHU]XP HUVWHQ0DOVHLW7DJHQZLHGHU/LFKWVDKQDWUOLFKHV/LFKW QLFKWGLHVHQNUlQNOLFKHQJUDXHQ6FKLPPHUGHUDXV:lQ GHQXQG'HFNH]XVLFNHUQVFKLHQ 6LHVWDQGHQHLQH=HLWODQJDP)XHGHU*HU|OOKDOGHXQGKLQ JHQVFKZHLJHQGLKUHQ*HGDQNHQQDFKMHGHUIUVLFKXQG IURKGDDXFKGLHDQGHUHQVFKZLHJHQ 6FKOLHOLFKYHUORU*RUJGLH*HGXOGª,FKZHUGHQDFK.HO KLPVHKHQ©VDJWHHUª'LHVHUKRIIQXQJVORVH7ROSDWVFKEULQJW HVIHUWLJXQGOlWVLFKQRFKIDQJHQ©1DWUOLFKZROOWHHUPLW GLHVHQUDXKHQ:RUWHQQXUVHLQH6RUJHXPGHQ)UHXQGEHU WQFKHQ(UPDFKWHNHKUWXQGEHJDQQGHQ+DQJZLHGHU KLQDXI]XNOHWWHUQ *RUJZDUHUVWZHQLJH0HWHUZHLWJHNRPPHQDOVGHU%lU VFKQDXIHQGXQGNHXFKHQGREHQDXIWDXFKWHXQGLQHLQHU/D ZLQHDXV6WDXEXQG6WHLQHQGHQ+DQJKHUXQWHUKHW]WHª6LH NRPPHQ©EUOOWHHUª'LH6FKZDU]HQNRPPHQ© 'HU5LHVHEUDFKWHVLFKPLWHLQHP6DW]YRUGHPKHUDQSUH VFKHQGHQ%lUHQXQGGHU6WHLQODZLQHLQ6LFKHUKHLWª:HQQ GXQRFKODXWHUVFKUHLVW©NQXUUWHHUªEUDXFKHQVLHXQVQLFKW HLQPDO]XVXFKHQ© ª:HJ©ULHI.HOKLPª%ORZHJKLHU6LHVLQGJOHLFKGD© ª,PPHUPLWGHU5XKH©VDJWH*RUJGLH.HXOHEHUGLHOLQNH 6FKXOWHUJHVFKZXQJHQXQGGDV.LQQNDPSIOXVWLJYRUJH UHFNWª:DVKHLWJOHLFK"8QGZLHYLHOHVLQGHV"©

.HOKLPVFKQDXEWHlUJHUOLFKª*OHLFKKHLWJOHLFK,QZHQL JHQ$XJHQEOLFNHQ6LHKDEHQPLFKJHVHKHQJODXEHLFK8QG ZLHYLHOHHVVLQG",FKKDEHVLHQLFKWJH]lKOWDEHUMHGHQIDOOV VLQGHVPHKUDOVZLUYHUWUDJHQN|QQHQ$XHUGHPVLQGVLH XQVPLWLKUHQ3IHUGHQKLHUEHUOHJHQ© ª6LHKDEHQLKUH3IHUGHPLWJHEUDFKW"©IUDJWH.LPXQJOlXELJ ª-D8QGIUDJPLFKQLFKWZLH,FKNDQQHVPLUVHOEVWQLFKW HUNOlUHQ6LHPVVHQVLHDEJHVHLOWKDEHQRGHUZDVZHLLFK 8QGMHW]WNRPPW©'DPLWZDQGWHHUVLFKGHP$XVJDQJ]X XQGKXPSHOWHVRVFKQHOOHUNRQQWHYRUGHQDQGHUHQKHUDP )OXXIHUHQWODQJ .LPV*HGDQNHQEHUVFKOXJHQVLFK3IHUGH"+LHUXQWHQ" 6FKRQIUVLHZDUHVHLQH7RUWXUJHZHVHQGHPXQWHULUGL VFKHQ9HUODXIGHV)OXVVHV]XIROJHQZDVHUVWIUHLQHQJDQ ]HQ7URPLW3IHUGHQXQGLQYROOHU5VWXQJ$EHUHU KDWWHMDVHOEVWHUOHEWZLHXQEDUPKHU]LJ.DUWVHLQH/HXWH YRUDQWULHE0HQVFKHQOHEHQVSLHOWHQIULKQNHLQH5ROOH (LQZWHQGHU6FKUHLPLVFKWHVLFKLQGDV7RVHQGHV:DVVHUV .LPVDKVLFKLP/DXIHQXPXQGHUVFKUDN$PREHUHQ(QGH GHU*HU|OOKDOGHZDUHLQHKRFKJHZDFKVHQHJDQ]LQ6FKZDU] JHNOHLGHWH*HVWDOWDXIJHWDXFKWXQGLQGHU'XQNHOKHLWKLQWHU LKUEHZHJWHQVLFKZHLWHUHVFKZDU]H*HVWDOWHQ .LP]RJXQZLOONUOLFKGHQ.RSIHLQDOVGHU0DQQHLQHQ VFKDUIHQ%HIHKODXVVWLHXQGHLQ+DJHOVFKZDU]HU3IHLOHYRQ REHQDXIVLHKHUDEVLUUWH$EHUVLHZDUHQVFKRQDXHU5HLFK ZHLWH'LH*HVFKRVVHSUDOOWHQKDUPORVJHJHQGLH)HOVHQRGHU YHUVFKZDQGHQLP:DVVHU -HW]WWDXFKWHREHQGHUHUVWH5HLWHUDXIGDQQQRFKHLQHUXQG QRFKHLQHUELVVFKOLHOLFKGLHJDQ]H+|KOHYRQVFKQDXEHQ GHQXQUXKLJDXIGHU6WHOOHWlQ]HOQGHQ3IHUGHQHUIOOW]X VHLQVFKLHQ(LQNQDSSHU%HIHKOXQGGHUHUVWH5HLWHUWULHE VHLQ5RYRUVLFKWLJGHQ+DQJKLQXQWHU'DV7LHUZLHKHUWH lQJVWOLFKXQGZDUIGHQ.RSI]XUFNDEHUVHLQ5HLWHU]ZDQJ HVXQEDUPKHU]LJZHLWHU(LQ]ZHLWHUIROJWHLKPGDQQDOV ZlUHGLH'XQNHOKHLWVHOEVW]XP/HEHQHUZDFKWIROJWHGHU JDQ]H+HHUHV]XJEHUKXQGHUW5HLWHUZLH%URELQJJHVDJW KDWWH(LQHVGHU3IHUGHYHUORUDXIGHPXQVLFKHUHQ*UXQG

GHQ+DOWXQGEHJUXELP6WU]HQVHLQHQ5HLWHUXQWHUVLFK (LQH*HU|OODZLQHSROWHUWHKHUDEULPHKUHUH5HLWHUPLWVLFK XQGHUVFKOXJ0HQVFKHQXQG7LHUH$EHUGHU9RUPDUVFK NDPQXUIU6HNXQGHQLQV6WRFNHQ ª6FKQHOOHU©EUOOWH*RUJ0LWHLQHP6DW]ZDUHUQHEHQ3UL ZLQQKREGHQ3ULQ]HQZLHHLQH6WRIISXSSHKRFKXQGVHW]WH LKQDXI.HOKLPVEUHLWHQ5FNHQ'HU%lUEUXPPWHDOV3UL ZLQQVHLQHYHUOHW]WH6FKXOWHUEHUKUWHJULIIGDQQDEHU VFKQHOOHUDXVXQGVSUHQJWHEHLQDKPLWGHU*HVFKZLQGLJNHLW HLQHV3IHUGHVGDYRQ*RUJSDFNWHGHQHUVFK|SIWHQ%URELQJ XQGVFKZDQJLKQVLFKEHUGLH6FKXOWHUXQGGDQQIKOWH DXFK.LPVLFKYRQHLQHUULHVLJHQ+DQGJHSDFNWXQGZLHHLQ OHEORVHV%QGHOXQWHUGHQ$UPGHV5LHVHQJHNOHPPW*RUJ UDQQWHORVVRVFKQHOOGD.LPIDVWVFKZLQGHOLJZXUGH6R KROWHQVLHDXFKGHQ%lUHQZLHGHUHLQ$EHU.LPZDUNODU GDZHGHUGHU%lUPLWVHLQHUYHUOHW]WHQ6FKXOWHUQRFKGHU 5LHVHPLWVHLQHUGRSSHOWHQ/DVWGLHVHV7HPSRODQJHGXUFK KDOWHQNRQQWH :LHGHU]LVFKWHHLQ+DJHOVFKODQNHUVFKZDU]HU3IHLOHGXUFK GLH/XIWQRFKLPPHU]XNXU]VRGDNHLQHVGHU*HVFKRVVH LQJHIlKUOLFKH1lKHNDPDEHUVFKRQPHUNOLFKGLFKWHUDOVGLH HUVWH6DOYH'LHHUVWHQ5HLWHUKDWWHQGHQ)XGHU+DOGHHU UHLFKWXQGVHW]WHQXQYHU]JOLFK]XU9HUIROJXQJDQ'LH 7LHUHNDPHQDXIGHPULVVLJHQXQGPLW6WHLQHQXQGVSLW]HQ =DFNHQEHUVlWHQ%RGHQQLFKWJXWYRUDQGHQQRFKVWDQG DXHU=ZHLIHOGDVLHLKUH*HVFKZLQGLJNHLWOlQJHUXQGP KHORVHUKDOWHQNRQQWHQDOVLKUH2SIHU*RUJEHVFKOHXQLJWH VHLQH6FKULWWHQRFKPHKUDEHUHUNHXFKWHEHUHLWVKHIWLJXQG VWROSHUWHLPPHU|IWHUEHULUJHQGHLQ+LQGHUQLVDP%RGHQ XPVLFKQXUPLW0KHZLHGHU]XIDQJHQ ª.LP© .LPV.RSIUXFNWHKRFK'LHVH6WLPPH(VZDUQLFKW3UL ZLQQV6WLPPHRGHUGLHHLQHVGHUDQGHUHQ$EHUHUNDQQWH VLH ª.LP5LHVH=XUFN]XP)OX© *RUJJHKRUFKWHDXWRPDWLVFK0LWWHQLP/DXIZDUIHUVLFK KHUXPEHUVSUDQJHLQHIDVW]ZHL0HWHUKRKH)HOVEDUULHUH

XQGNDPGLFKWQHEHQGHP%lUHQZLHGHUDXIGHPIHOVLJHQ *UXQGDXI ª5XQWHU© :LHGHUJHKRUFKWHQVLHLQVWLQNWLYXQGRKQH]XEHUOHJHQ 'RQQHUJUROOHQHUIOOWHPLWHLQHP0DOGLH+|KOHEUDFKVLFK DQGHUKRKHQ'HFNHXQGOLHGLH)HOVHQEHEHQ'LH2EHUIOl FKHGHV)OXVVHVVFKLHQ]X]LWWHUQ)UHLQHQZLQ]LJHQ0R PHQWNDPGLH6WU|PXQJ]XP6WLOOVWDQGGDQQElXPWHQVLFK GLH:DVVHUZLHXQWHUHLQHUXQJHKHXUHQ6SDQQXQJDXI(LQ GXPSIHU6FKODJIROJWH:DVVHUVSULW]WHVFKlXPHQG]HKQ IQI]HKQ0HWHUHPSRUUHJQHWHDXI)OXEHWWXQG8IHU]X UFNXQGEDUVWHUQHXWDXVHLQDQGHU*UDXHVFKDXPJHNU|QWH :HOOHQVFKZDSSWHQEHUGHQ8IHUVWUHLIHQEHQHW]WHQGHQ )HOVHQXQGOHFNWHQQDFKGHQ)HQGHUKHUDQSUHVFKHQGHQ 3IHUGH$EHUZHQQGLH5HLWHUGLH*HIDKUEHPHUNWHQVR LJQRULHUWHQVLHVLH8QEHLUUWWULHEHQVLHLKUH7LHUHYRUZlUWV DXFKDOVDXIGLHHUVWH:HOOHHLQH]ZHLWHPlFKWLJHUHIROJWH XQGGDV:DVVHUJHKHLPQLVYROO]XNRFKHQXQG]XEURGHOQ EHJDQQ ª'RUW©ULHI*RUJDXIJHUHJWª6HKWGRFK© ,KUH%OLFNHIROJWHQVHLQHPDXVJHVWUHFNWHQ$UP,QGHU0LWWH GHV)OXVVHVEHJDQQVLFKGDV:DVVHU]XGUHKHQ6FKQHOOHUXQG LPPHUVFKQHOOHUZLUEHOWHHVLP.UHLVIRUPWHVLFK]XHLQHP 7ULFKWHUGHVVHQ=HQWUXPWLHIHUXQGWLHIHUVDQNELVGHUKDOEH )OXYRQGLHVHPJHZDOWLJHQVWUXGHOQGHQ6RJDXVJHIOOW VFKLHQ(LQXQJHKHXUHV'U|KQHQPDUWHUWHLKUH2KUHQ.LP SUHWHGLH+lQGHDQGHQ.RSIYHU]RJVFKPHU]KDIWGDV*H VLFKWXQGVWDUUWHDXVWUlQHQHUIOOWHQ$XJHQ]XGHQQlKHU NRPPHQGHQ5HLWHUQKLQEHU(VZDUQXUHLQHNOHLQH *UXSSHGLHGHP+DXSWKHHUYRUDXVJHHLOWZDUYLHOOHLFKW ]HKQ]Z|OI0DQQXQGLKUH*HVWDOWHQZDUHQKLQWHUGHP 6SUKUHJHQGHUYRQGHUNRFKHQGHQ:DVVHUIOlFKHDXVJLQJ NDXP]XHUNHQQHQ 8QGGDQQH[SORGLHUWHGHU)OX -HGHQIDOOVKDWWH.LPLPHUVWHQ0RPHQWGHQ(LQGUXFNDOV REGHUJHVDPWH)OXXQWHUHLQHUXQJHKHXHUOLFKHQ([SORVLRQ DXVHLQDQGHUEDUVWXQGVLFKDXVVHLQHP%HWWHUKRE'LH+|KOH

ZDQNWH6WHLQHUHJQHWHQYRQGHU'HFNHXQGDOVVLFKGHU 6FKDXPQHEHOEHUGHP)OXYHU]RJHQKDWWHVDKHQVLHHLQH JLJDQWLVFKHJOLW]HUQGH:DVVHUZDQGGLHPLWXUJHZDOWLJHP %UOOHQDXIGDV8IHUXQGGLHYRU6FKUHFNHUVWDUUWHQ5HLWHU ]XUDVWH'LH0lQQHUYHUVXFKWHQQRFKLKUH7LHUHKHUXP]X UHLHQXQGDXVGHU*HIDKUHQ]RQH]XHQWNRPPHQDEHU]X VSlW'LH:HOOHGRQQHUWHKHUDQVSOWHEHUGDV8IHUXQG YHUVFKODQJ3IHUGHXQG5HLWHUHKHVLHVLFKJLVFKWHQGDQGHQ )HOVHQEUDFK .LP]RJGHQ.RSIHLQUROOWHVLFK]XVDPPHQXQGZDUWHWH PLWDQJHKDOWHQHP$WHPELVGLH)OXWEHULKUH'HFNXQJKLQ ZHJJHUROOWZDU'HU)HOVHQKDWWHGHP:DVVHUGHQJU|WHQ 7HLOVHLQHU:XFKWJHQRPPHQWURW]GHPKDWWH.LPGHQ(LQ GUXFNDOVREWDXVHQG+lPPHUPLWYHUQLFKWHQGHU.UDIWDXI VHLQH5VWXQJHLQVFKOJHQ.HXFKHQGXQGPKVDPQDFK $WHPULQJHQGNDPHUZLHGHUKRFKVWROSHUWHDXIGLH%HLQH XQGKLHOWQDFKGHQDQGHUHQ$XVVFKDX6LHZDUHQJHQDXVR EHUUDVFKWXQGGXUFKJHVFKWWHOWZLHHUDEHUNHLQHUVFKLHQ HUQVWOLFKYHUOHW]W]XVHLQ ª:DVZDVZDUGDV"©IUDJWH3ULZLQQ 6WDWWHLQHU$QWZRUWGHXWHWH.LPVWXPPGHQ)OXKLQXQWHU 9RULKQHQHWZDKDOEZHJV]ZLVFKHQLKUHU'HFNXQJXQGGHP +|KOHQDXVJDQJUDJWHHLQHVFKODQNH)HOVQDGHODXVGHPWR EHQGHQ:DVVHU=ZHLNOHLQHZHLJHNOHLGHWH*HVWDOWHQ ]HLFKQHWHQVLFKJHJHQGDVWUEH/LFKWLQGHUgIIQXQJDE ª:HULVWGDV"© ª$GR©DQWZRUWHWH.LPª$GRXQGVHLQ9DWHUGHU7PSHO N|QLJ© ª'XNHQQVWGLH"© ª-D,FKWUDIVLHYRUODQJHU=HLW$EHULKUH$QZHVHQKHLW KLHUEHUUDVFKWPLFKJHQDXVRZLHHXFK©.LPZROOWHQRFK PHKUVDJHQGRFKLQGLHVHP0RPHQWGUDQJ$GRV6WLPPH HUQHXWEHUGDV'U|KQHQGHV)OXVVHV]XLKQHQ ª)OLHKW,KUVHLGLQ*HIDKU9HUODWGLH+|KOH:LUIROJHQ HXFK© 2KQHHLQH6HNXQGH]X]|JHUQEUDFKHQVLHDXVLKUHU'HN NXQJKHUYRUXQGUDQQWHQORV.LPVDKVLFKJHKHW]WXP9RQ

GHP5HLWHUWUXSSGHUVLHYHUIROJWKDWWHZDUNHLQH6SXUPHKU ]XHQWGHFNHQ'HU)OXKDWWHLKQYHUVFKOXQJHQ$EHUGDPLW ZDUGLH*HIDKUQRFKQLFKWEHUVWDQGHQ1HXH5HLWHUIRU PLHUWHQVLFKXQJHDFKWHWGHV6FKLFNVDOVGDVLKUHQ.DPHUD GHQZLGHUIDKUHQZDU]XHLQHUWLHIJHVWDIIHOWHQ$QJULIIVUHLKH ª1DFKOLQNV©ULHI$GRª:HJYRP)OX© 'LHIQIJHKRUFKWHQ'HU%RGHQZDUGLUHNWDP8IHUJODWW XQGEHVVHUEHJHKEDUDOVGHUIHOVLJH*UXQGGDKLQWHUDEHUGHU $QEOLFNGHUNRFKHQGHQ:DVVHUZDQGGLHGLH5HLWHUYHU VFKOXQJHQKDWWHVWDQGQRFKGHXWOLFKYRULKUHQ$XJHQ :LHGHUEHJDQQGHU)OX]XNRFKHQXQG]XEURGHOQXQG ZLHGHUHQWVWDQGLQVHLQHU0LWWHHLQ]LVFKHQGHUVLFKLPPHU VFKQHOOHUXPVLFKVHOEVWGUHKHQGHU6WUXGHO.LPVWROSHUWH EHUHLQHQ)HOVHQVFKOXJGHU/lQJHQDFKKLQXQGVDKVLFK QRFKLP$XIVWHKHQQDFKGHQ9HUIROJHUQXP'LH5HLWHUKDW WHQGLHGURKHQGH*HIDKUHUNDQQWXQG]JHOWHQLKUH7LHUH (LQHQ$XJHQEOLFNODQJZLUNWHQVLHXQHQWVFKORVVHQXQG.LP EHJDQQVFKRQ]XKRIIHQGDVLHVLFK]XUFN]LHKHQZUGHQ $EHUGDQQHUVFKLHQDXIGHP+DQJREHQHLQHLQ]HOQHUULH VHQKDIWHU0DQQLQVFKLPPHUQGHP6FKZDU]'LH6ROGDWHQ IXKUHQHQWVHW]WKHUXPXQGSUHVFKWHQZHLWHU6HOEVWGHUVL FKHUH7RGVFKLHQVLHQLFKWGDYRQDEKDOWHQ]XN|QQHQ%DURQ .DUWV%HIHKOHDXV]XIKUHQ .LPXQGVHLQH)UHXQGHUDQQWHQZHLWHUOLHIHQLP=LFN]DFN DXIGHQ+|KOHQDXVJDQJ]XZlKUHQGKLQWHULKQHQGDV8Q KHLOHLQ]ZHLWHV0DOEHUGLHVFKZDU]HQ5HLWHUKHUHLQEUDFK 'LH+|KOHKDOOWHZLGHUYRQGHQYHU]ZHLIHOWHQ6FKUHLHQGHU 0lQQHUXQGLKUHU7LHUHXQGGHP*UROOHQGHV:DVVHUV :HWWHUOHXFKWHQXPVSLHOWHGLH)HOVQDGHODXIGHUGHU7PSHO N|QLJVWDQG'LH/XIWURFKSO|W]OLFKVFKDUIXQGPHWDOOLVFK ZLHQDFKHLQHUVWDUNHQHOHNWULVFKHQ(QWODGXQJXQGHLQH/L QLHNOHLQHUEODXHU)ODPPHQOLHIPLWSKDQWDVWLVFKHU*H VFKZLQGLJNHLWEHUGLH:DVVHUREHUIOlFKHDXIGLH5HLWHU]X ª/DXIW©ULHI$GRLKQHQEHUGDV7REHQGHV:DVVHUV]X ª/DXIWXPHXHU/HEHQ©(UIHGHUWHNXU]LQGHQ.QLHQXQG VSUDQJGDQQPLWHLQHPEHKHQGHQ6DW]LQV:DVVHU:LHHLQ )LVFKVFKRHUGLFKWXQWHUGHU:DVVHUREHUIOlFKHDQV8IHU

ZDUIVLFKPLWZHLWDXVJHEUHLWHWHQ$UPHQDQ/DQGXQG VWUPWHDXI.LPXQGGHQ5LHVHQ]Xª6FKQHOO©ULHIHUª9D WHUNDQQVLHQLFKWPHKUODQJHDXIKDOWHQRKQHGLH6HHJHLVWHU ]XEHVFKZ|UHQ© .LPYHUVWDQGNHLQ:RUWDEHUQDFKDOOHPZDVHULQGHQ OHW]WHQ0LQXWHQHUOHEWKDWWHVFKLHQHVLKPDQJHUDWHQ$GRV 5DW]XEHIROJHQ6LHUDQQWHQZHLWHUVWROSHUWHQEHU)HOVHQ VSUDQJHQEHU5LVVHXQGUDVLHUPHVVHUVFKDUIH*UDWHXQGHU UHLFKWHQVFKOLHOLFKQDFKHLQHUVFKHLQEDUHQ(ZLJNHLWGHQ $XVJDQJ(LQZHLWHVIHOVLJHV7DOEUHLWHWHVLFKYRULKQHQDXV .LPZROOWHVLFKXPGUHKHQXPQDFKGHP7PSHON|QLJ]X VHKHQDEHU$GRULLKQYRP+|KOHQDXVJDQJIRUWXQG]HUUWH LKQKLQWHUHLQHQ)HOVEXFNHOLQ'HFNXQJ.LPKDWWHQXUHLQHQ IOFKWLJHQ%OLFNHUKlVFKHQN|QQHQHLQHVFKPDOHYHUZXQG EDUH*HVWDOWGLHWURW]LKUHUJHEHXJWHQ6FKXOWHUQKRFKDXI JHULFKWHWDXIGHU6SLW]HGHU)HOVQDGHOVWDQGXQGEODXHV )HXHULQGLH7LHIHGHU+|KOHVFKOHXGHUWH8QGQRFKHWZDV ZDUGDJHZHVHQHWZDVZDV.LPQLFKWULFKWLJKDWWHHUNHQ QHQN|QQHQZDVLKQDEHUGHQQRFKVFKDXGHUQOLH(WZDV *URHV%URGHOQGHV0lFKWLJHV 'HU%RGHQEHJDQQ]X]LWWHUQ(LQGXPSIHU'RQQHUVFKODJ UROOWHDXVGHU+|KOHKHUDXVXQGEUDFKVLFKDQGHQ)HOVHQ 3O|W]OLFKKREVLFKGHU%RGHQVDFNWHPLWHLQHP6FKODJZLH GHU]XUFNXQGEHJDQQ]XVSULQJHQXQG]XVFKWWHOQZLHHLQ ERFNHQGHV3IHUG(LQXQJHKHXUHV%UOOHQGUDQJDXVGHP +|KOHQDXVJDQJ8QGGDQQVFKRHLQHVFKlXPHQGH)OXW ZHOOHDXVGHP%HUJ0HQVFKHQ7LHUHXQG)HOVWUPPHUPLW VLFKUHLHQGXQGGDV8IHULQZHLWHP8PNUHLVEHUIOXWHQG 1RFKODQJHQDFKGHPGLH)OXWZHOOHVLFKYHUODXIHQKDWWHXQG LKU'RQQHUQYHUNOXQJHQZDUGU|KQWHXQGNOLQJHOWHHVLQ .LPV2KUHQ9RUVLFKWLJMHGHU]HLWDXIHLQH]ZHLWH)OXWZHOOH XQGGLHGDPLWYHUEXQGHQH(UVFKWWHUXQJJHIDWULFKWHWHHU VLFKDXIXQGEOLFNWH]XP+|KOHQDXVJDQJ]XUFN'HU)OX KDWWHVLFKEHUXKLJWQRFKLPPHUNUlXVHOWHQVFKDXPLJH:HO OHQVHLQH2EHUIOlFKHXQGDEXQG]XWULHEHLQVFKZDU]HU IRUPORVHU8PULPLWGHP:DVVHUKHUDXV$EHUGDV 6FKOLPPVWHVFKLHQYRUEHU]XVHLQ

.LPULVLFKJHZDOWVDPYRQGHP$QEOLFNORVXQGGUHKWHVLFK ]X$GRXPGHUPLWXQEHZHJWHP*HVLFKWDXIGDVVFKlX PHQGH:DVVHUVWDUUWH ª'DQNH©VDJWH.LPHLQIDFK9LHOOHLFKWZlUHQMHW]WJU|HUH :RUWHDQJHEUDFKWJHZHVHQDEHU.LPZDUQRFKYLHO]XEH QRPPHQYRQGHP*HVFKHKHQXPHLQHZRKOJHVHW]WH'DQ NHVUHGH]XKDOWHQ $GROlFKHOWHZXUGHMHGRFKJOHLFKZLHGHUHUQVWª'X EUDXFKVWGLFKQLFKW]XEHGDQNHQ©PXUPHOWHHURKQHGHQ %OLFNYRP:DVVHU]XQHKPHQª'DVKDEHLFKPLUVFKRQ ODQJHJHZQVFKW© $OOPlKOLFKIDQGHQVLFKDXFKGLHDQGHUHQGLHEHLP+HUYRU VFKLHHQGHU)OXWZHOOHKLQWHUGHQ)HOVHQ6FKXW]JHVXFKWKDW WHQZLHGHUHLQ$GREHWUDFKWHWHGHQ5LHVHQPLWHLQHU0L VFKXQJDXV)XUFKWXQG%HZXQGHUXQJZDQGWHVHLQH$XI PHUNVDPNHLWGDQQGHP%lUHQXQG]XP6FKOXZLHGHU.LP ]X ª,VWGHU'UDFKHQLFKWPHKUEHLHXFK"©IUDJWHHU *RUJUXQ]HOWHYHUZXQGHUWGLH6WLUQª'XZHLWYRQ5DQJD ULJ"© $GRQLFNWHª0DQKDWXQVYRQLKPHU]lKOW© .LPEHDQWZRUWHWHVFKZHUHQ+HU]HQV$GRV)UDJH'DQQ NRQQWHHUVHLQH8QJHGXOGQLFKWOlQJHUEH]lKPHQXQGEH VWUPWHVHLQHUVHLWV$GRPLW)UDJHQª:RNRPPWLKUKHU" :LHKDEWLKUXQVJHIXQGHQ"8QGZDVKDWHXFKEHUKDXSW YHUDQODWXQV]XIROJHQ"© $GRKREDEZHKUHQGGLH+lQGHª1LFKWDOOHVDXIHLQPDO .LP(VLVWHLQHODQJH*HVFKLFKWH/DPLFKHUVWHLQPDO $WHPVFK|SIHQ© ª1DWUOLFK©QLFNWH.LP$GRPXWHJHQDXVRHUVFK|SIWVHLQ ZLHVLH:HQQQLFKWQRFKPHKUª5XKGLFKHUVWHLQPDODXV :LUDOOH©IJWHHUKLQ]XªVROOWHQHLQZHQLJUDVWHQ© 'LH6RQQHVWDQGLP=HQLW(VZDU0LWWDJDEHULKUH.|USHU KDWWHQVLFKZlKUHQGGHVIDVWGUHLWlJLJHQ0DUVFKHVGXUFKGDV XQWHULUGLVFKH/DE\ULQWKDQHLQHQDQGHUHQ5K\WKPXVJH Z|KQWXQGYHUODQJWHQQDFK5XKH'RFK*RUJVFKLHQQLFKW JHQHLJWLKQHQMHW]WVFKRQHLQH3DXVH]XJ|QQHQ(UVFKDXWH

QRFKHLQPDO]XP+|KOHQDXVJDQJ]XUFNXQGVFKWWHOWHGHQ .RSI ª:HLWHUXQWHQDP)OXLVWHVVLFKHUHU©PXUPHOWHGHU5LHVH ª=ZHLGUHL6WXQGHQVROOWHQZLUQRFKJHKHQ0LUEHKDJWGHU *HGDQNHQLFKWVRQDKHDP+|KOHQDXVJDQJ]XUDVWHQ© 6LHHLQLJWHQVLFKGDUDXIQXUNXU]]XYHUVFKQDXIHQXQGGDQQ ]JLJZHLWHU]XJHKHQ.LPIJWHVLFKVHXI]HQGREZRKOHU VLFKQLFKWYRUVWHOOHQNRQQWHGDLUJHQGMHPDQGGDV&KDRV GDVGHU7PSHON|QLJHQWIHVVHOWKDWWHEHUOHEWKDEHQVROOWH ª:LHVHLGLKUEHUGLH6FKDWWHQEHUJHJHNRPPHQ"©YHUVXFKWH HUHVQRFKHLQPDO$GR]XP(U]lKOHQ]XEHZHJHQQDFKGHP GLHVHUVLFKHQGOLFKYRP$QEOLFNGHV)OXVVHVORVJHULVVHQKDWWH ª(VZDUHLQIDFKHUDOVLFKGDFKWH©PXUPHOWH$GRª'DV *DQ]HNDPVR1DFKGHPGXYHUVFKZXQGHQZDUVWUFNWHQ XQVGLH6FKZDU]HQDXIGHQ/HLE%RUDDVPXWHLUJHQGZLH HUIDKUHQKDEHQGDGXEHLXQVRGHUZHQLJVWHQVLP:DOG JHZHVHQELVW6FKOLHOLFKNDPHUK|FKVWSHUV|QOLFKGUHL7DJH QDFKGHPGXJHJDQJHQZDUVW=XVDPPHQPLW%DURQ.DUW© .LPHUVFKUDNª+DEHQVLHHXFKHWZDVDQJHWDQ"© $GRVFKWWHOWHGHQ.RSIª1HLQ6LHNDPHQLQGHU0RUJHQ GlPPHUXQJ6LHKDEHQODQJHPLW9DWHUJHUHGHW,FKZHL QLFKWZDVVLHJHVSURFKHQKDEHQDEHUDOVVLHDXVHLQDQGHUJLQ JHQZDU9DWHUVHKUQDFKGHQNOLFK=ZHL7DJHODQJVSUDFKHU NHLQ:RUWVFKOLHIQLFKWVDQXUGLHJDQ]H=HLWGDXQGJU EHOWH©(UVHXI]WHOHKQWHVLFKJHJHQHLQHQ)HOVHQXQG VFKODQJGLH$UPHXPGLH.QLH(UIU|VWHOWHXQGDXIVHLQHQ QDFNWHQ8QWHUDUPHQHUVFKLHQHLQH*lQVHKDXW ª8QGGDQQ©IXKU$GRQDFKHLQHU:HLOHIRUWªVDJWHPLU PHLQ9DWHUGDZLUZHJJHKHQPWHQ,FKJODXEH%RUDDV XQG%DURQ.DUWKDEHQLKPJHGURKW2GHULUJHQGHWZDVYRQ LKPYHUODQJWZDVHUQLFKWWXQNRQQWH:LUEUDFKHQQRFKDP JOHLFKHQ$EHQGDXI© ªhEHUGLH%HUJH"© $GROlFKHOWHª1HLQ:LUNDPHQDXIHLQHPlKQOLFKHQ:HJ QDFK0lUFKHQPRQGZLHGX8QWHUGHP*HELUJHKLQGXUFK 'HU9HUVFKZXQGHQH)OXHQWVSULQJWQLFKWLQGHQ6FKDWWHQ EHUJHQZLHLKUJODXEW(UHQWVSULQJWQRFKLP5HLFKGHU

6FKDWWHQZRHUHEHQIDOOVPHLVWXQWHULUGLVFKIOLHWHKHHU GDQQGDV*HELUJHGXUFKTXHUW(LQHQ7DJXQGHLQH1DFKW PXWHQZLUVFKZLPPHQXPDXIGLHDQGHUH6HLWH]XJHODQ JHQ© ª'DQQKDWGHLQ9DWHUGHQ:HJVFKRQLPPHUJHNDQQW"© IUDJWH.LPEHUUDVFKW $GRQLFNWHª-D$EHUGXLUUVWZHQQGXMHW]WJODXEVWGDHU GLFKDEVLFKWOLFKLQV8QJHZLVVHJHVFKLFNWKDW'HU:HJGHQ ZLUQDKPHQZlUHIUGLFKXQP|JOLFKJHZHVHQ2GHUNDQQVW GX]XIlOOLJYLHU6WXQGHQXQWHU:DVVHUVFKZLPPHQRKQH $WHP]XKROHQ"©IJWHHUVS|WWLVFKKLQ]X ª1DWUOLFKQLFKW©VDJWH.LPEHVFKlPW(LQHQ0RPHQWODQJ KDEHHUZLUNOLFKVRHWZDVZLH=RUQRGHU]XPLQGHVW9HU VWLPPXQJHPSIXQGHQª(U]lKOZHLWHU©GUlQJWHHUª:DV JHVFKDKGDQQ"© ª:LUHUUHLFKWHQ&DLYDOORQXQG© ª&DLYDOORQ"©ILHOLKP3ULZLQQLQV:RUWª,KUKDEW&DLYDOORQ JHVHKHQ"© $GRVDKLKQEHUUDVFKWDQª'XNHQQVW&DLYDOORQ"© ª(VLVWPHLQH+HLPDW0HLQ9DWHUZDUGHU+HUUYRQ&DLYDO ORQHKHGLHVFKZDU]HQ5HLWHUNDPHQ© ª'XPXW3ULZLQQVHLQ© 3ULZLQQQLFNWHXQJHGXOGLJª-D$EHUGDVVSLHOWMHW]WNHLQH 5ROOH:LHVLHKWHVGRUWDXV"© $GRGUXFNVWHHLQH:HLOHKHUXPª(VWXWPLUOHLG3ULQ]© VDJWHHUGDQQª$EHUGDV6WHSSHQVFKORLVWIDVWELVDXIGLH *UXQGIHVWHQQLHGHUJHEUDQQW9RQVHLQHUIUKHUHQ3UDFKWLVW QLFKWVPHKUJHEOLHEHQ,QGHQ5XLQHQODJHUQMHW]WGLH VFKZDU]HQ5HLWHU© 3ULZLQQVFKOXFNWH2EZRKOHUGDV)ODPPHQPHHUPLW HLJHQHQ$XJHQJHVHKHQKDWWHWUDILKQGLH:DKUKHLW]XWLHIVW (UJDEVLFK0KHVHLQH%HZHJXQJ]XYHUEHUJHQDEHUHVJH ODQJLKPQLFKWJDQ] ª8QGGDQQ"©IUDJWH*RUJQHXJLHULJ ª:LUVFKZDPPHQZHLWHUQDFK*RU\Z\QQ(VZDUQLFKW OHLFKWGDV6FKOR]XHUUHLFKHQhEHUDOOZLPPHOWHHVYRQ%R UDDV /HXWHQ©

ª+DWGHU$QJULIIVFKRQEHJRQQHQ"© ª1HLQ$EHULFKIUFKWHHUVWHKWNXU]EHYRU*RU\Z\QQLVW HLQJHVFKORVVHQ'LH6FKZDU]HQKDEHQHLQHQZHLWHQ%HODJH UXQJVULQJXPGDV6FKORJH]RJHQ1LHPDQGNDQQKLQHLQ XQGQLHPDQGNDQQGDV6FKORYHUODVVHQ,KUPWLPOHW]WHQ $XJHQEOLFNGXUFKJHVFKOSIWVHLQ© ª$EHULKUNDPWKLQHLQ"© ª1DWUOLFK:LUVFKZDPPHQGXUFKGHQ)OXXQGZHLWHU GXUFKGHQ6HHGLUHNWXQWHUGHQ%RRWHQGHU6FKZDU]HQKLQ GXUFK© ª8QGGDQQ"© ª'HU5HVWLVWUDVFKHU]lKOW:LUWUDIHQDXI7KHPLVWRNOHV(U XQGPHLQ9DWHUNDQQWHQVLFKZRKOYRQIUKHUREZRKO9D WHUQLHGDYRQJHVSURFKHQKDW:LUHUIXKUHQDOOHVDXFKYRQ HXUHP$XIEUXFKXQGHXUHP9RUKDEHQ8QGVREHVFKORVVHQ ZLUHXFK]XIROJHQ(VZDUQLFKWVFKZHU'HU9HUVFKZXQ GHQH)OXEUDFKWHXQV]XHXFK© ª*HQDXLPULFKWLJHQ0RPHQW©VDJWH.HOKLPª(LQZHQLJ VSlWHUXQGZLUZlUHQYHUORUHQJHZHVHQ© $GRQLFNWH)DOVFKH%HVFKHLGHQKHLWZDUMHW]WQLFKWDQJH EUDFKW(UVWDUUWHHLQH=HLWODQJ]X%RGHQVWDQGGDQQUXFN DUWLJDXIXQGGHXWHWHQDFK:HVWHQ ª*HKHQZLU(VLVWNHLQH=HLWPHKU]XYHUOLHUHQ© ª$EHUZLUPVVHQDXIGHLQHQ9DWHUZDUWHQ©SURWHVWLHUWH .LP .HLQHUGHUDQGHUHQDQWZRUWHWH(VGDXHUWHHLQH:HLOHELV .LPEHJULIIGDVLHQLFKW]XZDUWHQEUDXFKWHQ'HU7P SHON|QLJZUGHQLFKWZLHGHUNRPPHQ1LHPHKU

;9, 8QGZHLWHUJLQJHV:HLWHUQDFK:HVWHQKLQHLQLQ.lOWH XQG8QJHZLKHLW+LHUXQWHUIUHLHP+LPPHOZDQGHUWHHV VLFKOHLFKWHUXQGREZRKOGDV7DOPLW6WHLQHQXQG)HOVEURN NHQDOOHU*U|HEHUVlWZDUNDPHQVLHJXWYRUDQ6FKRQ EDOGZDUGHU+|KOHQDXVJDQJKLQWHULKQHQYHUVFKZXQGHQ XQGPLWLKPYHUEODWHDXFKGLH(ULQQHUXQJDQGLHEHUVWDQ GHQHQ7RUWXUHQELVQLFKWVPHKUEOLHEDOVGLHN|USHUOLFKH(U VFK|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lKHUWHVLFKGHP+RUL]RQWDOVVLHGLH+JHOHU UHLFKWHQ.HOKLPGHUYRU6FKPHU]HQNDXPQRFKJHKHQ NRQQWHOLHVLFKlFK]HQGDP)OXXIHUQLHGHUXQGEHWWHWH GHQ.RSIDXIGLH7DW]HQ'LHDQGHUHQIROJWHQVHLQHP%HL VSLHOQXU*RUJHLOWHPLWVFKLHUXQHUVFK|SIOLFKHU(QHUJLHGHQ +JHOKLQDXIXQGZDUEDOGDXIGHUDQGHUHQ6HLWHYHU VFKZXQGHQ .LPVDQNPGH]XUFNXQGVFKORGLH$XJHQ(VZDUNDOW XQGGHU:LQGGHUYRQ2VWHQKHUGXUFKGDV7DOVWULFK EUDFKWHGHQ*HUXFKQDFK:LQWHUXQG6FKQHHPLWVLFK$EHU KLHUDP)OXXIHUZDUHQVLHHLQLJHUPDHQJHVFKW]WXQGGLH

6RQQHKDWWHQRFKJHQJHQG.UDIWLKUHNODPPHQ*OLHGHU DXI]XZlUPHQXQGLKQHQZLHGHU/HEHQHLQ]XKDXFKHQ .LPEOLHEHLQLJH0LQXWHQODQJUHJORVLP0RRVOLHJHQHKHHU JHZDOWVDPGLH$XJHQZLHGHU|IIQHWHXQGDXIVWDQGXPQDFK .HOKLP]XVHKHQ 'HU%lUVFKLHQGDV%HZXWVHLQYHUORUHQ]XKDEHQ(UODJ DXIGHU6HLWHDOOHYLHUHYRQVLFKJHVWUHFNWXQGRKQHVLFK]X UKUHQ1XUJHOHJHQWOLFKHV6W|KQHQ]HLJWHDQGDQRFK/H EHQLQLKPZDU 8QVLQQGDFKWH.LP]RUQLJ6RVFKQHOOVWDUEPDQQLFKW(UVW UHFKWQLFKWVRHLQ*LJDQWZLH.HOKLP(VZDUZRKOPHKUGLH (UVFK|SIXQJGLH.HOKLPEHUPDQQWKDWWH.LPNQLHWHQH EHQGHP%lUHQQLHGHUXQGEHPHUNWHHUVWMHW]WGD$GRDXI GHUDQGHUHQ6HLWHKRFNWHXQGVLFKPLWJHVFKLFNWHQ)LQJHUQ DQGHUYHUZXQGHWHQ6FKXOWHU]XVFKDIIHQPDFKWH ª.DQQVWGXLKPKHOIHQ"©IUDJWH.LP ª1LFKWVRZLHLFKP|FKWH©JHVWDQG$GRª9DWHUKlWWHLKP KHOIHQN|QQHQGDELQLFKJDQ]VLFKHU$EHULFKNDQQQLFKW YLHOIULKQWXQ$XHUYLHOOHLFKWVHLQH6FKPHU]HQOLQGHUQ XQGDXFKGDVQXUIUHLQH:HLOH'LH:XQGHVLHKWEHODXV :LHDOWLVWVLH"© ª'UHL7DJH©DQWZRUWHWH.LP $GRQLFNWH(UWDWQRFKHWZDVDQ.HOKLPV6FKXOWHUZDV.LP QLFKWJHQDXHUNHQQHQNRQQWHXQGVWDQGGDQQDXIª/DVVHQ ZLULKQVFKODIHQ©VDJWHHUªZHQLJVWHQVVRODQJHELV*RUJ ]XUFNNRPPW© 6LHHQWIHUQWHQVLFKHLQSDDU6FKULWWHXP.HOKLPQLFKW]X VW|UHQ$GRZLHVPLWHLQHU.RSIEHZHJXQJDXI3ULZLQQGHU VLFKHEHQIDOOVDXIGHPKDUWHQ%RGHQ]XVDPPHQJHUROOWKDWWH XQG]XVFKODIHQVFKLHQ ª,VWHUZLUNOLFKHLQ3ULQ]"©IUDJWH$GR ª-D©VDJWH.LPWUDXULJª(LQ3ULQ]RKQH.|QLJUHLFKJHQDX ZLHGX©(U]|JHUWHHLQHQ0RPHQWHKHHUGLH)UDJHDXV VSUDFKGLHLKQVFKRQGLHJDQ]H=HLWEHUEHZHJWHª'DV ZDVGHLQ9DWHUJHPDFKWKDW©VDJWHHUVWRFNHQGªPLWGHP :DVVHUPHLQHLFKZDVZDUGDV"=DXEHUHL"© $GROlFKHOWH7URW]DOOHPZDV.LPHUOHEWXQGYRQ3ULZLQQ

XQGGHQDQGHUHQJHK|UWKDWWHLUULWLHUWHLKQGHU*OHLFKPXW PLWGHPGLH%HZRKQHU0lUFKHQPRQGVGHQ7RGDN]HSWLHU WHQQRFKLPPHU$EHUYLHOOHLFKWGDFKWHHUXQGGHU*H GDQNHPDFKWHLKQIDVWIURKZDUHVQXUGDV1LFKWZLVVHQGDV GHP7RGVHLQHQ6FKUHFNHQYHUOLHK,QVHLQHU+HLPDWKDWWHQ GLHPHLVWHQ0HQVFKHQQRFKQLFKWJHOHUQWGHQ7RGDOVGDV ]XEHWUDFKWHQZDVHUZDUDOVHLQHQ7HLOGHV/HEHQV ª=DXEHUHL"©$GREHWRQWHGDV:RUWLQVHOWVDPHU:HLVHVR GD.LPGDUDXVQLFKWNOXJZXUGHª9LHOOHLFKWZUGHVWGXHV VRQHQQHQ-DLFKJODXEHHVLVW=DXEHUHL$XFKZHQQLFKHV DQGHUVQHQQH© ª:LH"© $GROlFKHOWHZLHGHU'DQQGUHKWHHUVLFKXPXQGVWDUUWH HLQH:HLOHLQGHQ)OXDOVVXFKHHUGRUW$QWZRUWDXI.LPV )UDJHª0HLQ9DWHUZDU6HHN|QLJEHYRU%RUDDVNDP©HULQ QHUWHHUª8QGQXQELQLFKHVZRKO©IJWHHUOHLVHKLQ]X ªDXFKZHQQLFKPLFKQRFKQLFKWDQGLHVHQ*HGDQNHQJH Z|KQWKDEH(VHVJLEWHLQH9HUELQGXQJ]ZLVFKHQGHP 0HQVFKHQXQGVHLQHU8PZHOWGHU1DWXUZHQQGXVRZLOOVW ,FKZHLQLFKWYLHOYRQHXUHU:HOWDEHULFKJODXEHLKUEH WUDFKWHWGLH1DWXUDOVHWZDVZDVJHUDGHJXWZDUHXFK]X HUVFKDIIHQXQGQXQJHUDGHJXWLVWXPVLHHXFKGLHQVWEDU]X PDFKHQ8PVLHDXV]XEHXWHQ]XYHUGUHKHQXQG]XYHUlQ GHUQZLHHVHXFKEHOLHEW© .LPZROOWHZLGHUVSUHFKHQEHUOHJWHHVVLFKGDQQDEHUDQ GHUV9LHOOHLFKWKDWWH$GRHVHLQZHQLJNUDDXVJHGUFNW GRFKHVOLHVLFKQLFKWOHXJQHQGDHVGLH:DKUKHLWZDU ª$EHUGLHVH(LQVWHOOXQJLVWIDOVFK©IXKU$GRIRUWª:LUVLQG HLQ7HLOGHU1DWXUYLHOOHLFKWQLFKWHLQPDOHLQZLFKWLJHU8QG ZLUVLQGPLWLKUYHUEXQGHQVWlUNHUDOVGLHPHLVWHQYRQXQV DKQHQ(VJLEW0HQVFKHQGLHGLHVH9HUEXQGHQKHLWPHKU VSUHQDOVDQGHUHXQGXQWHUGLHVHQJLEWHVHLQLJHHLQLJH ZHQLJHQXUDEHUHVJLEWVLHGLHGLHVH9HUEXQGHQKHLWDXI EHVRQGHUH$UW]XQXW]HQYHUVWHKHQ© .LPGDFKWHHLQH:HLOHEHU$GRV:RUWHQDFKª'DVZDV GHLQ9DWHUWDW©IUDJWHHU]|JHUQGªN|QQWHVWGXHVDXFK"© $GRVFKWWHOWHGHQ.RSIª1HLQMHGHQIDOOVMHW]WQRFKQLFKW

9LHOOHLFKWZHUGHLFKHVVSlWHUHLQPDON|QQHQ$EHULFKELQ PLUGHVVHQQLFKWVLFKHU,FKZHLQLFKWHLQPDORELFKHV ZLOO© .LPZROOWHQRFKPHKU)UDJHQVWHOOHQDEHULQGLHVHP0R PHQWNDP*RUJ]XUFNXQGOLHVLFKSUXVWHQG]ZLVFKHQ LKQHQQLHGHU ª1XQ"© ª'HU)OXVHW]WVLFKGUEHQIRUW©HUNOlUWHGHU5LHVHEHU IOVVLJHUZHLVHª(VJLEWHLQSDDU%lXPH.HLQHQULFKWLJHQ :DOGDEHU%lXPHXQG*UDV9LHOOHLFKWILQGHQZLUHWZDV]X HVVHQ$EHUHVLVWNDOWGRUW,FKIUFKWHHVJLEWEDOG6FKQHH© *RUJVFKWWHOWHVLFKDOVVSUHHUGLH.lOWHVHOEVWKLHUQRFK (UVHW]WHVHLQH.HXOHZLHHLQHQ6WDEDXIGHP%RGHQDXIXQG VWHPPWHVLFKGDUDQLQGLH+|KHª*HKHQZLUZHLWHU©PXU PHOWHHUª:LUZROOHQOLHEHUGUEHQEHUQDFKWHQ© .LPGHXWHWHDXI.HOKLPª(UVFKOlIW,FKILQGHZLUVROOWHQ LKQDXVUXKHQODVVHQ© *RUJEHUOHJWHNXU]ª(UUXKWGUEHQEHVVHU©NQXUUWHHU ª8QGVLFKHUHU© ª6LFKHUHU"© *RUJQLFNWHEHNUlIWLJHQGª:LUKDEHQXQVVFKRQHLQPDOVL FKHUJHIKOWNOHLQHU+HOG©HULQQHUWHHUª=XVLFKHU,FK P|FKWHGLHVHQ)HKOHUQLFKWQRFKHLQPDOEHJHKHQ©(UEH UKUWHGHQ%lUHQVDFKWDQGHU6FKXOWHUXQGVFKWWHOWHLKQ VDQIWELV.HOKLPPLWHLQHP%UXPPHQGDV$XJHDXIVFKOXJ *RUJHUNOlUWHLKPVHLQHQ9RUVFKODJXQG.HOKLPHUKREVLFK RKQH]XPXUUHQ$XFK%URELQJXQGGHU6WHSSHQSULQ]VWDQ GHQJlKQHQGDXIXQGVWDSIWHQJHKRUVDPKLQWHU*RUJGHQ +JHOKLQDXI.LPELOGHWHGHQ6FKOX2EZRKOLKPMHGHU 6FKULWW0KHEHUHLWHWHNRQQWHHUGLH%HZHJJUQGHGHV5LH VHQJXWYHUVWHKHQ$XFKLKPZDUGLHVHV7DOXQKHLPOLFKXQG GLH$XVVLFKWHQGOLFKZLHGHUHLQPDO*UQ*UDVXQG%lXPH ]XVHKHQOLHLKQVHLQH0GLJNHLWIDVWYHUJHVVHQ $XIGHP.DPPGHV+JHOVDQJHODQJWEOLHE*RUJVWHKHQ XQGZDUWHWHELVLKQGLHDQGHUHQHLQJHKROWKDWWHQª'RUWXQ WHQ©VDJWHHUªXQWHUGHQ%lXPHQDP8IHUVFKHLQWPLUHLQ JXWHU/DJHUSODW]]XVHLQ©

.LPQLFNWHRKQHULFKWLJKLQ]XVHKHQ6HLQH(QHUJLHUHLFKWH JHUDGHQRFKDXVXPVLFKDXIGHQ)HQ]XKDOWHQ8QG DXFKGDVZDKUVFKHLQOLFKQLFKWPHKUODQJH ª1XUQRFKHLQNOHLQHV6WFN©VDJWH*RUJDXIPXQWHUQG .LPVHXI]WH(UJDEVLFKHLQHQ5XFNXQGZDQNWHKLQWHUGHP 5LHVHQKHUGHQ+DQJKLQDEXQGZHLWHUELV]XGHP3ODW]XQ WHUGHQ%lXPHQ.HOKLPOLHVLFKQDKHDP8IHULQV*UDVVLQ NHQXQGVFKOLHIVRIRUWZLHGHUHLQ$XFK.LPPDFKWHHVVLFK LP6FKDWWHQHLQHV%DXPHVEHTXHP(UZDUPGHXQJODXE OLFKPGHDEHUVFKOLPPHUQRFKDOVGLH0GLJNHLWZDUGHU +XQJHU)UHLQHQ0RPHQWZXUGHLKPEHOXQGHLQELWWH UHU*HVFKPDFNVHW]WHVLFKLQVHLQHP0XQGIHVW ª:LUVROOWHQ:DFKHQDXIVWHOOHQ©VFKOXJ%URELQJYRU ª-D©VDJWH*RUJªXQGHLQ)OREDXHQ'HU)OXVWU|PW ]ZDUQLFKWVHKUVFKQHOODEHULFKELQHVDOOPlKOLFKOHLG]X )X]XJHKHQ/HLKVWGXPLUGHLQ6FKZHUW"© .LPEUDXFKWHHLQSDDU6HNXQGHQXP]XEHJUHLIHQGDGLH )UDJHDQLKQJHULFKWHWZDU(UUHLFKWH*RUJGLH:DIIH VHW]WHVLFKDXIXQGVDK]XZLHGHU5LHVHPLWHUVWDXQOLFKHU *HVFKZLQGLJNHLWHLQH$Q]DKOMXQJHU%lXPHIlOOWHXQGGLH GQQHUHQbVWHXQG=ZHLJHHLQIDFKDEEUDFK 'DQQEHUZlOWLJWHLKQZLHGHUGLH0GLJNHLWXQGXPQHEHOWH VHLQH*HGDQNHQ.LPOLHVLFK]XUFNVLQNHQXQGVWUHFNWH VLFKODQJLP*UDVDXV*RUJKDWWHUHFKWJHKDEWHVZDUKLHU PHUNOLFKNKOHUDOVDXIGHUDQGHUHQ6HLWHGHU+JHONHWWH XQGGLH/XIWURFKQDFK6FKQHH.LPJlKQWH(UZlO]WHVLFK DXIGLHDQGHUH6HLWHXQGEHWWHWHLQ(UPDQJHOXQJHLQHV.LV VHQVGHQ.RSIDXIGHQ$UP'LH6RQQHJLQJXQWHUXQG ]HLFKQHWHGLHUXQGHQ.RQWXUHQGHU+JHOPLWHLQHP)ODP PHQNUDQ]QDFK.XU]EHYRUHUHQGJOWLJLQGHQ6FKODIKLQ EHUGlPPHUWHJODXEWH.LPHLQH%HZHJXQJDXIGHP+JHO NDPPZDKU]XQHKPHQQLFKWPHKUDOVHLQIOFKWLJHU6FKDW WHQGHUVLFKIUGHQ%UXFKWHLOHLQHU6HNXQGHYRUGLH6RQQH VFKREXQGZLHGHUYHUVFKZDQG 'HU6FKDWWHQHLQHVKRFKJHZDFKVHQHQLQVFKLPPHUQGHV0H WDOOJHNOHLGHWHQ5HLWHUV$EHUHKH.LPGHQ*HGDQNHQZHL WHUVSLQQHQNRQQWHZDUHUHLQJHVFKODIHQ

$XFKGLHVHV0DOZDULKPNHLQJXWHU6FKODIJHJ|QQW.LP KDWWH]ZDUNHLQH$OSWUlXPHZHQLJVWHQVNRQQWHHUVLFK QLFKWGDUDQHULQQHUQZDFKWHMHGRFKPHKUPDOVDXIZHLOHU JODXEWHHLQYHUGlFKWLJHV*HUlXVFKJHK|UW]XKDEHQ$EHU LPPHUZDUHVQXUGDV+lPPHUQGHVHLJHQHQ+HU]HQVGDV LKQJHZHFNWKDWWH$P0RUJHQHUZDFKWH.LPPLWGHPHU VWHQ6FKLPPHUGHU'lPPHUXQJXQGREZRKOHUQRFKPGH ZDUEHVFKORHUDXI]XVWHKHQ'LHYDJH(ULQQHUXQJGD LUJHQGMHPDQGYRQ:DFKHQJHVSURFKHQKDWWHVWLHJLQLKP DXI(UGUHKWHGHQ.RSIXQGVDKGHQ5LHVHQGHU]XVDPPHQ PLW$GRDQHLQHPNOHLQHQ)HXHUKRFNWHXQGGLH+lQGHZlU PHQGEHUGLH)ODPPHQKLHOW /HLVHXPGLHDQGHUHQQLFKW]XZHFNHQVWDQG.LPDXIXQG VFKOLFK]XP)HXHUKLQEHU*RUJVDKPGHXQGEHUQlFK WLJWDXV7LHIH/LQLHQGLHYRUKHUQLFKWGDJHZHVHQZDUHQ KDWWHQVLFKLQVHLQ*HVLFKWJHJUDEHQXQGGLH+DXWZLUNWHLP IODFNHUQGHQ/LFKWGHV)HXHUVJUDXXQGNUlQNOLFK 'HU5LHVHVFKDXWHDXIDOV.LPVLFKDP)HXHUQLHGHUOLH ª'XELVWVFKRQZDFK"© .LPVFKWWHOWHGHQ.RSI(UVWUHFNWHGLH+lQGHEHUGHQ )ODPPHQDXVXQGULHEGLH)LQJHUJHJHQHLQDQGHU(UVWMHW]W GDHUGLH:lUPHGHV)HXHUVVSUWHPHUNWHHUZLHNDOWHV JHZRUGHQZDU'DV*UDVKDWWHVLFKPLW5DXKUHLIEHU]RJHQ ª1RFKQLFKW©PXUPHOWH.LPª,FKWXQXUVR©(UUXWVFKWH HLQ6WFNQlKHUDQV)HXHUKHUDQELVGLH)ODPPHQIDVWDQ VHLQHU5VWXQJOHFNWHQDEHUHUIURUQRFKLPPHUª:DVLVW PLWHXFK"©IUDJWHHUª6HLGLKU)UKDXIVWHKHURGHUKDEWLKU QRFKJDUQLFKWJHVFKODIHQ"© ª+DOEXQGKDOE©DQWZRUWHWH$GRª*RUJXQGLFKKDEHQXQV DXI:DFKHDEJHZHFKVHOW© ª:DUXPKDEWLKUPLFKQLFKWJHZHFNW"©IUDJWH.LPª,FK KlWWHDXFKHLQH:DFKHEHUQHKPHQN|QQHQ© *RUJJULQVWHEUHLWXQG.LPEHVFKOROLHEHUGDV7KHPD]X ZHFKVHOQª:LHJHKWHVMHW]WZHLWHU"© *RUJGHXWHWHPLWHLQHU.RSIEHZHJXQJ]XP)OXKLQXQWHU 'LFKWDP8IHUVFKDXNHOWHHLQXQI|UPLJHV)OR(VZDUDOOHV DQGHUHDOVHLQ.XQVWZHUNDEHUVWDELOXQGJURJHQXJXP

VLHDOOHDXI]XQHKPHQZHQQVLHHQJJHQXJ]XVDPPHQUFN WHQ*RUJPXWHGLHKDOEH1DFKWJHDUEHLWHWKDEHQ .LPQLFNWHDQHUNHQQHQGª:HQQGXMHW]WDXFKQRFKHLQJH EUDWHQHV+XKQDXVGHPbUPHO]DXEHUVW©VDJWHHUªEHJLQQVW GXPLUULFKWLJV\PSDWKLVFK]XZHUGHQ© *RUJVFKWWHOWHEHWUEWGHQ.RSIª/HLGHU.LP,FKKDEH PLFKLPZHLWHQ8PNUHLVXPJHVHKHQDEHUGLHVHV/DQGLVW ZLHDXVJHVWRUEHQ1LFKWV1LFKWHLQPDOHLQ9RJHO© $XVJHVWRUEHQ.LPVFKDXGHUWHXQGQLFKWQXUYRU.lOWH *RUJKDWWHDXVJHVSURFKHQZDVHUVHLWGHP9HUODVVHQGHU +|KOHXQEHZXWHPSIXQGHQKDWWH'LHVHV/DQGZLUNWHWURW] GHU%lXPHXQGGHVLQ%VFKHOQDXIGHPKDUWHQ%RGHQ ZDFKVHQGHQ*UDVHVWRW9LHOOHLFKWQLFKWZLUNOLFKWRWVRQ GHUQQXUDQGHUVDOVDOOHVZDVHUELVKHUNHQQHQJHOHUQWKDWWH VRDOVZlUHQVLHKLHULQHLQHQ%HUHLFKYRUJHGUXQJHQGHU QLFKWIUGLH$UWYRQ/HEHQZLHVLHHVNDQQWHQEHVWLPPW ZDU ª:DQQEUHFKHQZLUDXI"©IUDJWHHUQLFKWZLUNOLFKLQWHUHV VLHUWVRQGHUQXPVHLQH*HGDQNHQDXIHLQDQGHUHV7KHPD]X EULQJHQ ª6REDOGHVULFKWLJKHOOLVW.HOKLPNDQQDXIGHP)ORZHLWHU VFKODIHQXQGGXDXFKZHQQGXZLOOVW:LUGUIHQQLFKW QRFKPHKU=HLWYHUOLHUHQ© (LQHQ0RPHQWODQJGDFKWH.LPDQGLHGVWHUH9LVLRQGLH HUDPYHUJDQJHQHQ$EHQGNXU]YRUGHP(LQVFKODIHQJHKDEW KDWWH$QGHQVFKZDU]HQ5HLWHURGHUEHVVHUJHVDJWDQGHQ 6FKDWWHQHLQHVVFKZDU]HQ5HLWHUVGHUVLFKLQVHLQH7UlXPH JHVFKOLFKHQKDWWH(UEHUOHJWHREHU*RUJGDYRQHU]lKOHQ VROOWHHQWVFKLHGVLFKGDQQDEHUGDJHJHQ(VZDUHLQ7UDXP JHZHVHQQLFKWPHKU(VKDWWHNHLQHQ6LQQGLHDQGHUHQGD PLW]XEHXQUXKLJHQ .LPV%OLFNWDVWHWHEHUGLHQRFKLQ'XQNHOKHLWJHKOOWHQ 8PULVVHGHU+JHOXQGEOLHEHLQHQ0RPHQWDQGHQ%lXPHQ DPJHJHQEHUOLHJHQGHQ)OXXIHUKlQJHQ*HVWHUQDEHQG ZDUHUYLHO]XPGHJHZHVHQXPVLHJHQDXHU]XEHWUDFKWHQ DEHUMHW]WVDKHUGDHVUHFKWVHOWVDPH%lXPHZDUHQ %lXPHYRQHLQHU$UWZLHHUVLHQRFKQLH]XYRU]X*HVLFKW

EHNRPPHQKDWWH'LH6WlPPHZDUHQJODWWXQGZLUNWHQLP =ZLHOLFKWGHU'lPPHUXQJZLHSROLHUWXQGGLHGQQHQbVWH XQG=ZHLJHHULQQHUWHQDQ'UDKWVRHFNLJXQGVWDUUZDUHQ LKUH.RQWXUHQ$XFKGDV*UDV]XLKUHQ)HQZDUIUHPG DUWLJ6HLQ*UQZDUPLWHLQHU6SXUHLQHUVFKZHU]XEHQHQ QHQGHQ)DUEHJHPLVFKWXQGGLHHLQ]HOQHQ+DOPHZDUHQ REZRKOGQQXQGELHJVDPPHVVHUVFKDUIZLHZLQ]LJH'RO FKH6HOEVWGLH6WHLQHDP)OXXIHUZLUNWHQNDQWLJXQGVSLW] DOVZlUHKLHUDOOHVDXI$EZHKUXQG9HUWHLGLJXQJHLQJHVWHOOW 9HUWHLGLJXQJZRJHJHQ"IUDJWH.LPVLFKXQZLOONUOLFK$EHU HUVSDQQGHQ*HGDQNHQQLFKW]X(QGHGHQQLQGLHVHP0R PHQWHUKREVLFK*RUJlFK]HQGYRQVHLQHP3ODW]XQG PDFKWHVLFKDXIGHQ:HJ]XU+JHONXSSHKLQDXI$GR IROJWHLKPXQGQDFKHLQHU:HLOHVWDQGDXFK.LPDXIXQG OLHIXPGLHEHLGHQHLQ]XKROHQ (LQIDKOHU6WUHLIHQRUDQJHURWHQ/LFKWV]HLJWHVLFKDP+RUL ]RQWDOVVLHGHQ+JHOHUNORPPHQKDWWHQ'LH6FKDWWHQXQ WHQLP7DOEHJDQQHQDOOPlKOLFK]XYHUEODVVHQ1XUYRUGHU NDQWLJHQ%HUJNHWWHDP(LQJDQJGHV7DOHVEOLHEHLQHPHVVHU VFKDUIHZLHPLWHLQHPJURHQ/LQHDOJH]RJHQH7UHQQOLQLH ]ZLVFKHQ+HOOXQG'XQNHODOVZHLJHUHVLFKGLH1DFKWGRUW VWDQGKDIWVLFK]XUFN]X]LHKHQ6HOWVDPHUZHLVHZDUHQGLH %HUJHGRUWQLFKWHLQPDOEHVRQGHUVKRFKXQGZHQQ.LPDQ GLHULHVLJH+|KOH]XUFNGDFKWHGLHVLHGXUFKZDQGHUWKDW WHQNRQQWHGDV*DQ]HHLJHQWOLFKQXUHLQHJHZDOWLJH%ODVH XQWHUHLQHUKDXFKGQQHQ*HVWHLQVVFKLFKWVHLQ8QGDXFKGLH %HUJHGDKLQWHUZDUHQEHUUDVFKHQGQLHGULJ]XPLQGHVWLP 9HUJOHLFKPLWGHQPlFKWLJHQ.OIWHQXQG)HOVDEVWU]HQGLH VLHSDVVLHUWKDWWHQ%HGDFKWHPDQGLH+|KHQXQWHUVFKLHGH GLHGHU9HUVFKZXQGHQH)OXEHUZDQGVRPXWHGLHVHV /DQGKLHUPHUNOLFKWLHIHUDOV0lUFKHQPRQGOLHJHQ9LHO OHLFKWZDUHVVHOEVWQLFKWVDQGHUHVDOVHLQHLQ]LJHVXQJHKHXHU JURHV7DO .LPZROOWHVLFKHEHQZLHGHUXPGUHKHQXP]XP/DJHUSODW] ]XUFN]XNHKUHQDOVLKPHLQH%HZHJXQJLQPLWWHQGHU VFKZDU]HQ6FKDWWHQXQWHQLP7DODXIILHO(UVFKURFNHQJULII HUQDFKGHP$UPGHV5LHVHQXQGGHXWHWHKLQXQWHU

*RUJNQXUUWH$XIVHLQHP*HVLFKWHUVFKLHQHLQJHVSDQQWHU $XVGUXFN$XFKHUVFKLHQGLH%HZHJXQJEHPHUNW]XKDEHQ 1HLQGDFKWH.LPQLFKWGDV%LWWHQLFKWGDV $EHUVHLQ)OHKHQEOLHEXQHUK|UW1DFKHLQHU:HLOHZLHGHU KROWHVLFKGLH%HZHJXQJXQGVRZLHGLH6RQQHK|KHUVWLHJ OLHHQVLFKPHKUXQGPHKU(LQ]HOKHLWHQHUNHQQHQ8QGMH PHKUVLHHUNHQQHQNRQQWHQGHVWRWLHIHUZXUGHGLH9HU ]ZHLIOXQJLQ.LPV+HU]HQ'HQQGLH:DKUKHLWOLHVLFKQXQ QLFKWOlQJHUYHUOHXJQHQ =ZLVFKHQGHQ)HOVHQXQWHQDP)OXXIHUEHZHJWHQVLFK5HL WHU 6FKZDU]H5HLWHU (VZDUHQQLFKWPHKUVRYLHOHZLHGDVOHW]WH0DOYLHOOHLFKW ]ZDQ]LJGUHLLJ0DQQDEHUVHOEVWGLHVHU7UXSSUHLFKWHXUQ LKQHQDXIGLHVHPXQJHVFKW]WHQ*HOlQGHGHQ*DUDXV]X PDFKHQ8QGDQVHLQHU6SLW]HEHUGLH(QWIHUQXQJGRFK GHXWOLFK]XHUNHQQHQULWWHLQHULHVHQKDIWHVFKZDU]JHSDQ ]HUWH*HVWDOW ª%DURQ.DUW©PXUPHOWH.LP 'LH5HLWHUZDUHQVLFKHUQRFKHLQH6WXQGHRGHUPHKUHQW IHUQWXQGDXIGHPIHOVLJHQ*UXQGNRQQWHQVLHLKU7HPSR ZRKONDXPPHUNOLFKVWHLJHUQ$EHU.LPZDUVLFKGDUEHULP NODUHQGDLKU9RUVSUXQJUDVFK]XVDPPHQVFKUXPSIHQ ZUGHVREDOGGLH5HLWHUGDV7DOGXUFKTXHUWXQGGLH+JHO NHWWHEHUZXQGHQKDWWHQ6HOEVWPLWGHP)ORZUGHQVLH NDXPGLH*HVFKZLQGLJNHLWJDORSSLHUHQGHU3IHUGHHUUHLFKHQ N|QQHQ ª8PVRQVW©PXUPHOWHHUª(VZDUDOOHVXPVRQVW5DQJDULJV 7RGGHU7PSHON|QLJ©$OVDOOHUOHW]WH5HWWXQJEOLHE ]ZDUQRFKLPPHUGHUZXQGHUWlWLJH8PKDQJ/DXULQV0DQ WHO'RFKLUJHQGHWZDVVDJWHLKPGDGLH=HLWGDIUQRFK QLFKWJHNRPPHQZDU ª6FKZHLJ©EHIDKO*RUJ6HLQH6WLPPHEHEWHXQGVHLQ*H VLFKW]HLJWHHLQHQVRZWHQGHQ$XVGUXFNGD.LPXQZLOO NUOLFKHLQHQ6FKULWW]XUFNZLFKª1LFKWVZDUXPVRQVW© GRQQHUWH*RUJª:LUKDEHQQRFK=HLW/DXIXQGZHFNHGLH DQGHUHQ,KUPWVRIRUWORVIDKUHQ©

ª:LU"©.LPYHUVWDQGQLFKWJOHLFK ª:LHVRZLU"'X© ª,FKEOHLEH©VDJWH*RUJHQWVFKORVVHQª,FKZHUGHVLHDXIKDO WHQVRJXWHVJHKW© ª'XELVWYHUUFNW©HQWIXKUHV.LPª'XZHLWQLFKWZDVGX UHGHVW(VZlUHGHLQVLFKHUHU7RGZHQQGX]XUFNEOHLEVW© *RUJODFKWHUDXKª$FKZDVPHLQ.OHLQHU(VVLQGQLFKW YLHOHXQG© ª=XYLHOH©ILHOLKP.LPLQV:RUWª$XFKIUGLFK© ª:LOOVWGXPLFKEHOHLGLJHQ"©JUROOWH*RUJª(VJHK|UWPHKU DOVHLQH+DQGYROOVFKZDU]HU5HLWHUGD]XPLFKLQGLH)OXFKW ]XVFKODJHQ© .LPVFKWWHOWHGHQ.RSIª,FKODVVHQLFKW]XGDGXGLFK RSIHUVW©VDJWHHUEHVWLPPWª:HQQZLUDOOHKLHUEOHLEHQXQG LKQHQHLQHQ+LQWHUKDOWOHJHQKDEHQZLUHLQHJXWH&KDQFH© *RUJDQWZRUWHWHQLFKWVRQGHUQEHHQGHWHGLH'LVNXVVLRQDXI VHLQH$UW:RUWORVSDFNWHHU.LPNOHPPWHLKQZLHHLQHQ .DUWRIIHOVDFNXQWHUGHQ$UPXQGVWUPWHPLWZHLWDXVJUHL IHQGHQ6FKULWWHQGHQ+DQJKLQXQWHURKQHVLFKXP.LPV 3URWHVWJHVFKUHL]XNPPHUQ .LPV*HEUOOZHFNWHGLHDQGHUHQ ª:DVLVWORV"©IUDJWH3ULZLQQYHUZLUUWZlKUHQGHUVLFKGHQ 6FKODIDXVGHQ$XJHQZLVFKWH ª6FKZDU]H5HLWHU©VDJWH*RUJª8QJHIlKU]ZDQ]LJ,KU PWVRIRUWORVIDKUHQ,QHLQHU6WXQGHVLQGVLHKLHU© 3ULZLQQVWDUUWHGHQ5LHVHQHLQHQ0RPHQWODQJIDVVXQJVORV DQXQGVSUDQJGDQQPLWHLQHP6DW]DXIGLH)H(UVWHOOWH VLFKDXIGLH6HLWHYRQ.LP$XFKHUZROOWHQLFKW]XODVVHQ GD*RUJDOOHLQ]XUFNEOLHE ª6FKOXMHW]W©EHIDKO*RUJª,FKZHLVFKRQZDVLFKWX© $EHU.LPGDFKWHJDUQLFKWGDUDQQDFK]XJHEHQª'DVZHLW GXQLFKW©VDJWHHUª:LUEUDXFKHQGLFK*RUJ.HLQHUYRQ XQVZHLZHOFKH*HIDKUHQXQVQRFKHUZDUWHQ© ª:HQQQLHPDQG]XUFNEOHLEWXPVLHDXI]XKDOWHQJDUNHLQH PHKU©JDE*RUJWURFNHQ]XUFNª'DQQKDEHQVLHHXFK QlPOLFKLQOlQJVWHQV]ZHL6WXQGHQHLQJHKROW© ª/DWPLFK]XUFN©VDJWHMHW]W.HOKLPGHUGHP6WUHLWELV

KHUVFKZHLJHQGJHIROJWZDUª.LPKDWUHFKW9LHOOHLFKWZLUVW GXQRFKJHEUDXFKWVSlWHU,FKGDJHJHQ©HUGHXWHWHPLW HLQHUYLHOVDJHQGHQ*HVWHDXIVHLQHQXW]ORVH7DW]HXQGGLH XQI|UPLJDQJHVFKZROOHQH6FKXOWHUªELQVRZLHVRQXUHLQH %HODVWXQJIUHXFK(VLVWQLFKWVFKDGHXPHLQHQ.USSHO ZLHPLFK© ª8QGZDVZLOOVWGXPLWGHLQHU9HUOHW]XQJJHJHQGLH 6FKZDU]HQXQWHUQHKPHQ"©IUDJWH*RUJ .HOKLPODFKWHUDXKª0DJVHLQGDLFKQLFKWPHKUGHUDOWH ELQ©VDJWHHUª$EHUXP.DUWGDV/HEHQVFKZHU]XPDFKHQ GD]XUHLFKWHVQRFKDOOHPDO,FKODVVHQLFKW]XGDGX EOHLEVW© ª0DFKGLFKQLFKWOlFKHUOLFK©VDJWH*RUJUXKLJª,KUVWHLJW MHW]WDXIGDV)ORXQGYHUVFKZLQGHW:HQQZLUXQVKLHU QRFKODQJHKHUXPVWUHLWHQHUOHGLJWVLFKGLH6DFKHYRQVHOEVW 'DQQKDEHQVLHXQVQlPOLFKDOOH© ª,FKEOHLEH©EHKDUUWH.HOKLP *RUJV$XJHQ]RJHQVLFK]XVFKPDOHQ6FKOLW]HQ]XVDPPHQ ª$FK"© .HOKLPULFKWHWHVLFKGURKHQGDXIGLH+LQWHUEHLQHDXI=XP HUVWHQ0DOVHLWODQJHU=HLWNDP.LPZLHGHU]X%HZXWVHLQ ZLHJURXQGPlFKWLJGHU%lUZDUVHOEVWLP9HUJOHLFK]X *RUJ'HU5LHVHEHUUDJWH.HOKLP]ZDUXPPHKUDOV]ZHL .RSIOlQJHQDEHUGHU%lUZDUYLHOPDVVLJHUXQGEUHLWHUª,FK EOHLEHKLHU©ZLHGHUKROWH.HOKLPª8QGZHQQGXHWZDVGD JHJHQHLQ]XZHQGHQKDVWZLUVWGXPLWPLUNlPSIHQPV VHQ© (LQHQ0RPHQWODQJVFKLHQHVDOVZUGH*RUJGLH+HUDXV IRUGHUXQJDQQHKPHQ$EHUGDQQHQWVSDQQWHVLFKVHLQ.|U SHUXQGDXIVHLQHP*HVLFKWPDFKWHVLFKHLQUHVLJQLHUWHU $XVGUXFNEUHLWª:HQQGXPHLQVW©VDJWHHUOHLVHª'XKDVW HVVRJHZROOW© (UWUDWEHLVHLWHZDUWHWHELVGHU%lUQRFKLPPHUKRFKDXI JHULFKWHWXQGEHLGH7DW]HQGURKHQGYRUJHVWUHFNWDQLKP YRUEHLZDUXQGVFKOXJLKPGDQQPLWDOOHU0DFKWGLH.HXOH DXIGHQ+LQWHUNRSI.HOKLPILHOVWRFNVWHLIYRUQEHUXQG EOLHEZLHHLQJHIlOOWHU%DXPOLHJHQ

3ULZLQQVFKULHHQWVHW]WDXIª:DVKDVWGXJHWDQ"© ª'DVHLQ]LJ5LFKWLJH©DQWZRUWHWH*RUJRKQHGHQ6WHSSHQ SULQ]HQHLQHV%OLFNHV]XZUGLJHQª'LHVHU1DUUKlWWHVLFK XPJHEUDFKWRKQH]XEHUOHJHQ©(UZDUIVHLQH.HXOHLQV *UDVKRElFK]HQGGHQVFKZHUHQ.|USHUGHV%lUHQKRFK XQGWUXJLKQ]XP)ORKLQEHUª-HW]WLKU©VDJWHHUXQJH GXOGLJQDFKGHPHU.HOKLPDXIGHQIHXFKWHQ6WlPPHQDE JHODGHQKDWWHª%HHLOWHXFK© .LP%URELQJ$GRXQG3ULZLQQWUDWHQKLQWHUHLQDQGHUDXI GDV)OR*RUJJULIIQDFKGHP+DOWHWDXXQGULHVNXU]HU KDQGHQW]ZHL'DV)ORVFKZDQNWHVWHPPWHVLFKJHJHQGLH 6WU|PXQJXQGWULHEODQJVDPYRP8IHUZHJDXIGLH)OX PLWWH]X .HOKLPHUZDFKWHHUVWJHJHQ0LWWDJ(UILHEHUWHXQGUHGHWH ZLUU'LH:XQGHDQVHLQHU6FKXOWHUKDWWHVLFKZHLWHUHQW ]QGHWXQGEHJDQQHLQHQEOHQ*HUXFKDXV]XVWU|PHQ$GR EHPKWHVLFKHLQH:HLOHGDUXPJDEGDQQNRSIVFKWWHOQG DXIXQGVDKGHQ%lUHQXQJOFNOLFKDQª7XWPLUOHLGDOWHU %XUVFKH©PXUPHOWHHUª,FKNDQQGLUQLFKWPHKUKHOIHQ© (UEOLFNWHVHNXQGHQODQJLQ.LPV$XJHQXQGVWDUUWHGDQQLQ GDVYRUEHUUDXVFKHQGH:DVVHU ª(UZLUGVWHUEHQZHQQLKPNHLQH+LOIH]XWHLOZLUG©VDJWH HU(UVDJWHHVUXKLJXQGLQVHLQHU6WLPPHZDUNHLQH7UDXHU XQGNHLQH%LWWHUNHLW7URW]GHPKDWWH.LPGDV*HIKODOVRE MHGHV:RUWZLHHLQJOKHQGHV0HVVHULQVHLQH%UXVWVWlFKH 6WHUEHQ :DULKUH5HLVHGHQQQXUHLQH5HLVHLQGHQ7RG":DUWHWH DXIMHGHQHLQ]HOQHQYRQLKQHQVFKOLHOLFKQLFKWVDOVHLQVLQQ ORVHV(QGH"9RUVHLQHPJHLVWLJHQ$XJH]RJHQQRFKHLQPDO GLH6WDWLRQHQLKUHU5HLVHYRUEHL]XHUVW5DQJDULJGHUJURH JXWPWLJHXQEHVLHJEDUH'UDFKHKLQJHPHW]HOWLQHLQHP JUDXVDPHQ.DPSIJHVWRUEHQIUHLQ=LHOGDVVLHYHUPXWOLFK QLHHUUHLFKHQZUGHQMDGDVHVYLHOOHLFKWQLFKWHLQPDOJDE 'DQQGHU7PSHON|QLJGLHVHUWUDXULJHDOWH0DQQGHUVLFK QRFKHLQPDOJHJHQVHLQ6FKLFNVDODXIJHOHKQWKDWWHGHUVLFK QDFK-DKU]HKQWHQGHU8QWHUGUFNXQJHQGOLFKJHJHQVHLQH

)ROWHUNQHFKWHVWHOOWHXQGGDIUPLWGHP/HEHQEH]DKOWH 'DQQ*RUJGHUPlFKWLJHOLHEHQVZHUWH5LHVHGHULP *UXQGHQLFKWVDOVHLQ]XJURJHUDWHQHU-XQJHZDUXQGGHQ .LPRKQHVLFKELV]XGLHVHP$XJHQEOLFNGHVVHQEHZXWJH ZHVHQ]XVHLQYRQDOOHQDPOLHEVWHQPRFKWH$XFK*RUJ ZDUWRW.LPZXWHHVJHVWRUEHQQXUXPLKQHQHLQSDDU 6WXQGHQ9RUVSUXQJ]XYHUVFKDIIHQ8QGMHW]W.HOKLP/LH EHU+LPPHOZDUHQVLHGHQQDOOHQXUPLWLKPJHNRPPHQ XPDQVHLQHU6HLWH]XVWHUEHQYLHOOHLFKWVRJDUDQVHLQHU 6WHOOH" .LPV7UDXHUPDFKWHIUHLQHQ0RPHQWMlKDXIIODPPHQGHU :XW3ODW])DVWZQVFKWHHUVLFKGD%DURQ.DUWVLHZHLWHU YHUIROJHQZUGHGDHULKPQRFKHLQPDOJHJHQEHUVWHKHQ N|QQWHHLQHLQ]LJHV0DOQRFKXPLKPDOOHVKHLP]X]DKOHQ ZDVHULKPDQJHWDQKDWWH (UVWULFKGHP%lUHQ]lUWOLFKEHUGHQ.RSIXQGVFKPLHJWH VLFKIULHUHQGLQVHLQ)HOO'LH6RQQHKDWWHGHQ+|KHSXQNW LKUHU%DKQHUUHLFKWWURW]GHPZXUGHHVLPPHUNlOWHU=ZL VFKHQGHQ%lXPHQDP)OXXIHUODJHQGDXQGGRUWNOHLQH 6FKQHHQHVWHUXQGGHU+LPPHOKDWWHVLFKLP:HVWHQPLW WLHIKlQJHQGHQJUDXHQ:RONHQEHGHFNW'HUHLVLJH:LQG EOLHVQRFKVWlUNHUXQG]ZLVFKHQGHQ%DXPVWlPPHQDXVGH QHQGDV)OR]XVDPPHQJHIJWZDUELOGHWHVLFK5DXKUHLI :DKUVFKHLQOLFKZUGHHVKHXWHQRFKVFKQHLHQ .LPUROOWHVLFK]XHLQHP%DOO]XVDPPHQYHUJUXEGDV*H VLFKWLPZHLFKHQ)HOOGHV%lUHQXQGYHUVXFKWH]XVFKODIHQ 'DV)ORWULHEJHPlFKOLFKLQGHU)OXPLWWHGDKLQZHLWJH QXJYRP8IHUHQWIHUQWXPYRU3IHLOHQXQG6SHHUHQLQ6L FKHUKHLW]XVHLQ9RQLKUHQ9HUIROJHUQZDUQRFKNHLQH6SXU ]XHQWGHFNHQ(QWZHGHUZDUHV*RUJJHOXQJHQGLHVFKZDU ]HQ5HLWHULQGLH)OXFKW]XVFKODJHQRGHUVLHKDWWHQLKUH 6SXUYHUORUHQ'RFKGLHVH+RIIQXQJZDUVRJHULQJGD .LPVLFK]ZDUDQVLHNODPPHUQLP*UXQGHVHLQHV+HU]HQV DEHUQLFKWGDUDQJODXEHQNRQQWH'LHVFKZDU]HQ5HLWHU ZUGHQHQWGHFNHQGDVLH%lXPHJHVFKODJHQKDWWHQXQGHV ZDUQLFKWVFKZHUGDUDXVGLHULFKWLJHQ6FKOVVH]X]LHKHQ (VZXUGHLPPHUQRFKNlOWHU1DFKXQGQDFKYHUVFKZDQGHQ

GLH%lXPHYRP8IHU6FKQHHXQGJURH)OHFNHQQDFNWHQ VFKZDU]HQ*HVWHLQVVlXPWHQGHQ)OXDXIEHLGHQ6HLWHQ $PVSlWHQ1DFKPLWWDJWDXFKWHQGLHHUVWHQ(LVVFKROOHQDXI GHP:DVVHUDXIQRFK]HUEUHFKOLFKXQGGQQZLH*ODVDEHU GURKHQGH9RUERWHQGHVVHQZDVVLHQRFKHUZDUWHQPRFKWH )ULHUHQGXQGKDOEEHWlXEWYRU.lOWHUROOWHQVLHVLFKDOOHLP 6FKW]H.HOKLPV]XP6FKODIHQ]XVDPPHQ'LH6RQQHYHU VDQNXQGGDV)ORWULHEZHLWHUDXIGHPEUHLWHQUXKLJVWU| PHQGHQ)OXHQWODQJ.LPVFKOLHIEDOGHLQZDFKWHDEHULP PHUZLHGHUDXIZHQQ(LVVFKROOHQXQGJURHKDUWH%URFNHQ JHJHQGDV)ORVWLHHQXQGHLQPDOVFKUDPPWHHWZDVVR PDFKWYROODQGHU8QWHUVHLWHGHU6WlPPHHQWODQJGDVLHEH IUFKWHWHQGDV)ORZUGH]HUEUHFKHQ$EHUHVKLHOWVWDQG XQGVLHJOLWWHQZHLWHULQ1DFKWXQG8QJHZLKHLWKLQHLQ .LPHUZDFKWHDOVGDV)ORPLWODXWHP.QLUVFKHQDXI*UXQG OLHI(UIXKUKRFKJULIIKDOWVXFKHQGXPVLFKXQGEHNDPHW ZDV.DOWHV+DUWHV]XIDVVHQ 5LQJVXPVLHKHUXPZDU(LV(LVGDVVLFK]XHLQHUKRKHQ JOLW]HUQGHQ0DXHUTXHUEHUGHQ)OXDXIWUPWHLQVSLW]HQ 5LIIHQGXUFKGLH:DVVHUREHUIOlFKHEUDFKXQGGDV8IHULQ HLQHEL]DUUH/DQGVFKDIWYHUZDQGHOWH ª(QGVWDWLRQ©VDJWH3ULZLQQODNRQLVFKª6LHKWVRDXVDOV PWHQZLUYRQKLHUDXVODXIHQ© .LPNRQQWH3ULZLQQVVFKHLQEDUHQ*OHLFKPXWQLFKWWHLOHQ(U VWDQGDXIPXUPHOWHHWZDV8QYHUVWlQGOLFKHVXQGHUVFKUDN DOVVHLQHVWHLIJHIURUHQHQ0XVNHOQJHJHQGLH%HZHJXQJSUR WHVWLHUWHQ6HLQH)LQJHUZDUHQWDXEYRU.lOWHXQGVHLQH JDQ]H+DXWSULFNHOWHXQGEUDQQWH'HQDQGHUHQVFKLHQHV QLFKWEHVVHU]XHUJHKHQ3ULZLQQXQG$GRZLUNWHQEODXQG HOHQG%URELQJVWDQG]LWWHUQGXQGPLWEHUHLQDQGHUJHVFKOD JHQHQ$UPHQDP5DQGHGHU(LVEDUULHUHXQGYHUVXFKWH HLQHQ%OLFNGDUEHU]XZHUIHQ ª.DQQVWGXHWZDVHUNHQQHQ"©IUDJWH$GR %URELQJQLFNWHª-D©VDJWHHUª(LV6RZHLWGDV$XJHUHLFKW 'HU)OXWULWWKLHUXQGGDQRFKHLQPDO]XWDJHDEHUHULVW ]XPJU|WHQ7HLOPLW(LVEHGHFNW0LWGHP)ORNRPPHQ ZLUMHGHQIDOOVQLFKWPHKUZHLWHU©(UWUDWVHXI]HQG]XUFN

XQGEOLFNWH]XP8IHUKLQEHU'HU)OXZDUKLHUVRVHLFKW GDVLHGHQ*UXQGVHKHQNRQQWHQDEHUGDV)ORKDWWHVLFK GHUDUWLP(LVYHUNHLOWGDVLHJDUQLFKWHUVW]XYHUVXFKHQ EUDXFKWHQHV]XEHIUHLHQ6HOEVWZHQQHVLKQHQJHOlQJH ZUGHGLH6WU|PXQJVLHVRIRUWZLHGHULQRGHUJDUXQWHUGDV (LVGUFNHQ .LPDWPHWHWLHIHLQXQGOLHVLFKEHUGHQ5DQGGHV)ORHV JOHLWHQ(UVDQNELV]XGHQ2EHUVFKHQNHOQLQVHLVLJH:DVVHU HLQ'LH.lOWHWUDILKQVRVFKPHU]KDIWGDHUDXIVFKULH)U HLQHQ0RPHQWZXUGHLKPVFKZDU]YRU$XJHQ8QWHU$XI ELHWXQJDOOHU:LOOHQVNUDIWWDXPHOWHHUZHLWHUKLHOWVLFKPLW GHU5HFKWHQDQGHU(LVEDUULHUHIHVWXQGZDQNWHGHP8IHU HQWJHJHQMHGHU6FKULWWHLQH4XDO6FKRQQDFKZHQLJHQ6H NXQGHQYHUORUHUMHGHV*HIKOLQGHQ%HLQHQXQGPHKUDOV HLQPDOZDUHUQDKHGDUDQHLQIDFKDXI]XJHEHQXQGVLFK YRUQEHULQV:DVVHUIDOOHQ]XODVVHQ$EHUHUVFKDIIWHHV LUJHQGZLHXQGQDFKHLQHU:HLOHHUUHLFKWHQDXFKGLHDQGH UHQGDV8IHUXQGOLHHQVLFKHUVFK|SIWXQGKDOEEHZXWORV YRU.lOWHDXIGDV(LVQLHGHUVLQNHQ ª:HLWHU©GUlQJWH.HOKLPGHUGDV)ORDOVOHW]WHUYHUODVVHQ KDWWHª,KUPWXQEHGLQJWZHLWHU:HQQLKUHLQVFKODIWHU IULHUWLKU© .LPZlO]WHVLFKVW|KQHQGDXIGLH6HLWH(UZROOWHVFKODIHQ ZROOWHVLFKGHUYHUORFNHQGHQWDXEHQ:lUPHKLQJHEHQGLH VLFKLQVHLQHQ*OLHGHUQDXV]XEUHLWHQEHJDQQ,QVWLQNWLY ZXWHHUGD.HOKLPUHFKWKDWWHXQGGDGLH:lUPHLQVHL QHP,QQHUHQQLFKWVDQGHUHVDOVGHUHUVWH9RUERWHGHV7RGHV ZDUDEHUGDVZDULKPHJDO(UZROOWHVFKODIHQQLFKWVDOV DXVUXKHQ .HOKLP]HUUWH.LPJUREDXIGLH)HGUHKWHLKQXPXQG JDELKPHLQHQ6WRLQGHQ5FNHQGHU.LPYRUZlUWVWDX PHOQOLH ª:HLWHU©EHIDKOGHU%lUª,KUPWZHLWHUJHKHQ,KUGUIW QLFKWOLHJHQEOHLEHQ,KUPWZHLWHU:HLWHU© .LPEUDFKQDFKZHQLJHQ6FKULWWHQZLHGHULQGLH.QLHDEHU .HOKLPWULHELKQXQGDXFKGLHDQGHUHQXQEDUPKHU]LJZHL WHU.LPV.OHLGHUZDUHQVFKZHUYRQ:DVVHUXQGHUKDWWH

GDV*HIKODOVREGLH)HXFKWLJNHLWLQVHLQHU5VWXQJDOOPlK OLFKHUVWDUUWHXQGVHLQHQ.|USHUPLWHLQHPW|GOLFKHQ(LVSDQ ]HUXPJlEH .LPV+HU]KlPPHUWHDOVZROOWHHV]HUVSULQJHQ9RUVHLQHQ $XJHQ]RJHQ1HEHOVFKOHLHUDXIXQGDEXQGGLH/XIWVFKLHQ VLFKEHLMHGHP$WHP]XJLQVHLQHP+DOVLQIOVVLJHV)HXHU]X YHUZDQGHOQGDVVHLQH/XQJHQYHUEUDQQWH$EHUHUOLHIZHL WHUJHWULHEHQYRQHLQHU.UDIWGLHHUVLFKVHOEVWQLFKWHUNOl UHQNRQQWH8QGGLH%HZHJXQJWDWZHQQDXFKODQJVDPXQG XQWHUIDVWXQHUWUlJOLFKHQ6FKPHU]HQLKUH:LUNXQJ$OOPlK OLFKNHKUWHGDV/HEHQLQVHLQHQ.|USHU]XUFN]XHUVWDOV .ULEEHOQXQG6WHFKHQLQGHQ)LQJHUXQG=HKHQVSLW]HQ GDQQDOVKHLHUWREHQGHU6FKPHU]'LH1HEHOYRUVHLQHQ $XJHQOLFKWHWHQVLFKXQGHUNRQQWHYRQVHLQHU8PJHEXQJ PHKUDOVQXUYHUVFKZRPPHQH8PULVVHHUNHQQHQ 'LH/DQGVFKDIWZDUYRQHLQW|QLJHPNRQWXUORVHP:HL(V JDEQLFKWVNHLQH8QHEHQKHLWNHLQHQ%DXPRGHU6WUDXFK RGHUZHQLJVWHQVHLQHQ)HOVHQDQGHPGHU%OLFNVLFKKlWWH IHVWKDOWHQN|QQHQ'HU+RUL]RQWYHUVFKZDPPLP1HEHO XQGQXUPDQFKPDOJODXEWH.LPLQGHQWUHLEHQGHQZHL JUDXHQ6FKZDGHQGLH8PULVVHHLQHVULHVLJHQEL]DUUHQ*H ElXGHV]XHUNHQQHQ$EHUGDV%LOGYHUVFKZDQGUHJHOPlLJ EHYRUHUVLFKZLUNOLFKGDUDXINRQ]HQWULHUHQNRQQWH 3O|W]OLFKEOLHE%URELQJVWHKHQXQGGHXWHWHPLWVFKUHFNJH ZHLWHWHQ$XJHQLQGLH5LFKWXQJDXVGHUVLHJHNRPPHQZD UHQ.LPNQLIIGLH$XJHQ]XVDPPHQXPEHUGLHJOHLHQGH (LVIOlFKH]XVFKDXHQXQGSUDOOWHHQWVHW]W]XUFN (LQH$Q]DKOZLQ]LJHUVFKZDU]HU3XQNWH]HLFKQHWHVLFKDXI GHP(LVDE ª'DVLVWGDV(QGH©PXUPHOWH%URELQJ .HOKLPIXKUZWHQGDXIª1LFKWVGD:HLWHU©(UVHW]WHVLFK LQ%HZHJXQJWDSSWHHLQSDDU6FKULWWHEHUGDV(LVXQGEOLHE YHUGXW]WVWHKHQ.HLQHUPDFKWH$QVWDOWHQLKP]XIROJHQ ª.RPPWVFKRQ©GUlQJWHHUª:LUPVVHQIOLHKHQ© $GRVFKWWHOWHHQWVFKLHGHQGHQ.RSIª(VLVW]ZHFNORV %lU©VDJWHHUª:LUYHUJHXGHQQXUXQVHUH.UlIWH(VJLEW QLFKWVZRKLQZLUIOLHKHQN|QQWHQ©

.HOKLPVHW]WH]XHLQHUHQHUJLVFKHQ$QWZRUWDQYHU]LFKWHWH GDQQDEHUGDUDXI6WDWWGHVVHQEOLFNWHHUQDFKGHQNOLFKEHU GLHHQGORVH(LVIOlFKHGLHVLHXPJDE'HUMXQJH7PSHON| QLJKDWWHUHFKW'LH(LVLJH(LQ|GHERWNHLQ9HUVWHFNQLFKWV ZRVLHVLFKKlWWHQYHUEHUJHQRGHUYHUVFKDQ]HQN|QQHQ ª6WLPPW©EUXPPWHHUª'LHVPDOZHUGHQZLUZRKONlPSIHQ PVVHQ© .LPQLFNWH/DQJVDPPLW%HGDFKW]RJHUGLHVFKZDU]H .OLQJHDXVGHU6FKHLGHSDFNWHGHQ6FKLOGIHVWHUXQGEOLFNWH GHQQlKHUNRPPHQGHQ5HLWHUQHQWJHJHQEHUHLWIUGHQ OHW]WHQHQWVFKHLGHQGHQ.DPSI

;9,, (VZDUHQVLHEHQ6HFKVVFKODQNHKRFKUDJHQGH*HVWDOWHQLQ VFKLPPHUQGHP6FKZDU]%RJHQXQG3IHLOHNDPSIEHUHLWLQ GHU)DXVW8QGDQLKUHU6SLW]HJLJDQWLVFKXQGGURKHQGXQG DOVHLQ]LJHUPLWHLQHPJURHQVFKZDU]HQ0RUJHQVWHUQEH ZDIIQHW%DURQ.DUW7LHIEHUGHQ+DOVLKUHU3IHUGHJH EHXJWSUHVFKWHQGLHVFKZDU]HQ7RGHVERWHQKHUDQQRFK GUHLKXQGHUWQRFK]ZHLKXQGHUW0HWHUHQWIHUQWXQGPLWMH GHP$XJHQEOLFNZXUGHGHU$EVWDQGJHULQJHU .LPSDFNWHVHLQ6FKZHUWIHVWHU'LHVFKZDU]H.OLQJHVFKLHQ LQVHLQHQ+lQGHQ]XYLEULHUHQ.LPEUDXFKWHHLQH:HLOH HKHHUPHUNWHGDHUVHOEVWHVZDUGHU]LWWHUWHQLFKWYRU $QJVWRGHU.lOWHVRQGHUQYRU(UUHJXQJ1HEHQLKPEHUHL WHWHVLFK3ULZLQQDXIGHQ=XVDPPHQVWRYRU6HLQH$XJHQ ZDUHQJHVFKORVVHQGHU.|USHUVHOWVDPHQWVSDQQW8QGKLQ WHULKPULFKWHWHVLFK.HOKLPODQJVDPDXIGLH+LQWHUEHLQHDXI XQGQDKPGLHIU%lUHQW\SLVFKH.DPSIKDOWXQJHLQ*HUDGH DXIJHULFKWHWEHLGH9RUGHUWDW]HQYRUJHVWUHFNWEHUUDJWHHU VHOEVWGLHVFKZDU]HQ5HLWHUDXILKUHQ3IHUGHQQRFKXPHLQ JXWHV6WFN .LPEOLFNWHGHQQlKHUNRPPHQGHQ5HLWHUQJHIDWHQWJHJHQ =XHLQHPDQGHUHQ=HLWSXQNWZlUHQVLHOHLFKWPLWLKQHQIHU WLJJHZRUGHQ(VZDUHQQXUVLHEHQXQG.HOKLPDOOHLQZRJ YLHURGHUIQIYRQLKQHQDXI%URELQJXQG3ULZLQQKDWWH .LPEHUHLWVLP.DPSIHUOHEWXQGZXWHZDVLKQHQ]X]X WUDXHQZDUXQGDXFKHUVHOEVWKDWWHPLW6FKLOGXQG6FKZHUW XP]XJHKHQJHOHUQW$EHUGLHVPDOZDUHQGLH.DUWHQVFKOHFKW YHUWHLOW$XFKZHQQ.HOKLPVLFKDOOH0KHJDEVLFKQLFKWV DQPHUNHQ]XODVVHQPDFKWHLKPVHLQH9HUOHW]XQJGRFK VFKZHU]XVFKDIIHQ$GRZDULQNHLQHU:HLVHIUHLQHQ .DPSIDXI/HEHQXQG7RGJHUVWHWXQGDXIGHPRIIHQHQ

GHFNXQJVORVHQ*HOlQGHZDUHQLKQHQGLH5HLWHUPLWLKUHQ 3IHUGHQZHLWEHUOHJHQ )DVWDOVZlUHGLHVHU*HGDQNHGDV6LJQDO]XP$QJULIIJHZH VHQWHLOWHVLFKMHW]WGLH5HLKHGHUKHUDQJDORSSLHUHQGHQ5HL WHU-HGUHLVFKHUWHQQDFKUHFKWVXQGOLQNVDXVXPYRQEHL GHQ6HLWHQDQ]XJUHLIHQ1XU%DURQ.DUWULWWDXIVHLQHPULH VLJHQ3IHUGGLUHNWDXI.LP]X(LQ+DJHOVFKZDU]HU3IHLOH VLUUWHGXUFKGLH/XIW.LPZDUIVLFKPLWVHLQHP6FKLOGVFKW ]HQGYRU$GRXQGILQJHLQHVGHUW|GOLFKHQ*HVFKRVVHDXI 'HU$QSUDOOOLHLKQ]XUFNWDXPHOQ$XVGHQ$XJHQZLQNHOQ VDKHUZLH3ULZLQQVLFKXQWHUHLQHPKHUDQ]LVFKHQGHQ3IHLO ZHJGXFNWH%DURQ.DUWULPLWHLQHPJHOOHQGHQ6FKUHLVHLQH :DIIHHPSRU'LHVWDFKHOEHZHKUWH.XJHODP(QGHGHUDUP ODQJHQ.HWWHEHJDQQ]XURWLHUHQXQGELOGHWHHLQHQVLQJHQ GHQW|GOLFKHQ.UHLV $EHUHUNDPQLFKWGD]XGHQ6FKODJ]XIKUHQ ,UJHQGHWZDVJHVFKDKPLWGHP/LFKW(VZXUGHJHOEIODN NHUWHHLQHQ0RPHQWXQGVDQNGDQQ]XHLQHPVDQIWHQ*O KHQKHUDE9RQHLQHP$XJHQEOLFN]XPDQGHUHQNDP1HEHO DXIXQGGLH.lOWHVFKLHQVLFK]XYHUGLFKWHQ ª+DOW© 'LH6WLPPHGU|KQWHLQLKUHQ.|SIHQLKUHQ.|USHUQLP(LV XQGGHU/XIWHLQ%HIHKOYRQVROFKJHELHWHULVFKHU0DFKWGD .LPXQZLOONUOLFKVHLQ6FKZHUWIDOOHQOLHXQGGLH+lQGH YRUGLH2KUHQVFKOXJ=ZHLGUHLGHUVFKZDU]HQ5HLWHU VWU]WHQDXVGHQ6lWWHOQDOVVLFKLKUH7LHUHHUVFKURFNHQDXI ElXPWHQXQGDXFKGHUVFKZDU]H%DURQKLHOWVLFKQXUQRFK PLW0KHLP6DWWHO'LHJHRUGQHWH$QJULIIVIRUPDWLRQGHU 5HLWHUO|VWHVLFKELQQHQ6HNXQGHQLQ&KDRVDXI .LPIXKUHUVFKURFNHQKHUXPDOVHUGLH%HZHJXQJVDK(LQ ULHVLJHU6FKDWWHQWDXFKWHDXVGHP1HEHODXI'LHWUHLEHQGHQ 6FKZDGHQWHLOWHQVLFKXQGHLQKQHQKDIWHUZHLHU5HLWHU GUlQJWHVLFK]ZLVFKHQGLH.lPSIHQGHQ .LPEHWUDFKWHWHGHQ)UHPGHQPLWHLQHU0LVFKXQJDXV%H ZXQGHUXQJXQG)XUFKW5RXQG5HLWHUZDUHQYROONRPPHQ ZHLYRQGHUJOHLFKHQPLOFKLJHQ)DUEHZLHGDV(LVEHU GDVVLHVHLW6WXQGHQJHODXIHQZDUHQ'HU0DQQZDULQGLFNH

3HO]HXQGVFKHQNHOODQJHIHOOJHIWWHUWH/HGHUVWLHIHOJHNOHL GHWXQGDXFKVHLQ7LHUZXUGHGXUFKHLQHQZHLHQ)HOOEHU KDQJJHJHQGLHJULPPLJH.lOWHJHVFKW]W'HU0DQQZDU ULHVLJQLFKWVRVHKUDXIJUXQGVHLQHU.|USHUJU|HREZRKOHU ZLUNOLFKVHKUJURZDUYLHOPHKUQRFKGXUFKVHLQH$XV VWUDKOXQJMHQH$XUDXQHUVFKWWHUOLFKHUhEHUOHJHQKHLWXQG .UDIWGLHLKQZLHHLQXQVLFKWEDUHU6FKLOGXPJDE(UZlUH HLQZUGLJHU*HJQHUIU*RUJJHZHVHQGDFKWH.LPPLW HLQHP$QIOXJYRQ:HKPXW 'LHVFKZDU]HQ5HLWHUIRUPLHUWHQVLFKZLHGHU%DURQ.DUW KDWWHVHLQ7LHUXQWHU.RQWUROOHJHEUDFKWXQGDXFKGLH*H VWU]WHQNOHWWHUWHQUDVFKZLHGHULQGLH6lWWHOXQGUHLKWHQVLFK KLQWHULKUHP$QIKUHUDXI ª*HKDXVGHP:HJ©]LVFKWH.DUW6HLQH6WLPPHNODQJVR JDUQRFKLQGLHVHU8PJHEXQJHLVNDOW 'HU(LVULHVHVFKWWHOWHPLW%HVWLPPWKHLWGHQ.RSIª1HLQ (VZLUGNHLQHQ.DPSIJHEHQ.DUW1LFKWKLHU© .DUWZDUI]RUQLJGHQ.RSI]XUFNXQGULHIHLQHQVFKDUIHQ %HIHKO=ZHLVHLQHU5HLWHUULVVHQGLH3IHUGHKHUXP]RJHQ LKUH:DIIHQXQGJDORSSLHUWHQDXIGHQZHLHQ5LHVHQ]X 'LHVHUZDUWHWHJHODVVHQELVGLHEHLGHQ5HLWHUKHUDQZDUHQ XQGKREGDQQGLH+DQG(LQ]ZHLIDFKHUJHOOHQGHU$XI VFKUHL]HUULGLH/XIW3IHUGHXQG5HLWHUVWU]WHQZLHYRP %OLW]JHIlOOWQLHGHUXQGEOLHEHQUHJORVOLHJHQ,KUH.|USHU EHU]RJHQVLFKDXJHQEOLFNOLFKPLW(LV ª,FKKDEHGLFKJHZDUQW.DUW©VDJWHGHU(LVULHVHª+DOWH GHLQH0lQQHU]XUFNRGHULKQHQXQGGLUZLGHUIlKUWGDV JOHLFKH6FKLFNVDO©(UGUHKWHGHQ.RSIPXVWHUWH.HOKLP XQGGLHDQGHUHQDEVFKlW]LJXQGZDQGWHVLFKGDQQDQ.LP ª1XQ]XGLU.LP/DUVVHQ:LUKDEHQGLFKHUZDUWHW'LFK XQGGHLQH)UHXQGH,KUNRPPWVSlW© .LPHUVFKUDNª'XGXNHQQVWPHLQHQ1DPHQ"© (LQ/lFKHOQJOLWWEHUGDV*HVLFKWGHVZHLHQ5LHVHQª1D WUOLFK©DQWZRUWHWHHUª'HQGHLQHQXQGDXFKGLHGHLQHU )UHXQGH,FKZHLZDUXPLKUKLHUVHLGXQGLFKZHLDXFK ZLHLKUJHNRPPHQVHLG1LFKWVZDVLUJHQGZRLQXQVHUHP 5HLFKJHVFKLHKWEOHLEWXQVYHUERUJHQ©

ª$EHUZDUXP©VWRWWHUWH.LPªZDVZHUZHUELVW GX"© ª0DQKDWXQVYLHOH1DPHQJHJHEHQXQGHLQHULVWVRJXWZLH GHUDQGHUH,FKJODXEHGLH0HQVFKHQYRQ0lUFKHQPRQG QHQQHQXQVGLH:HOWHQZlFKWHU© ª:HOWHQZlFKWHU"©ZLHGHUKROWH.LPIUDJHQGª:DVEHGHXWHW GDV"© ª'XZLUVWHVHUIDKUHQ'RFKQXQNRPPW©(UZHQGHWHVHLQ 3IHUGEHZHJWHGLH+DQGXQGULWWODQJVDPYRUDQ'LH1H EHOZDQGULDXIXQGZRNXU]]XYRUQXUOHHUHHLVLJH(LQ|GH JHZHVHQZDUHUKREVLFKYRULKUHQVWDXQHQGHQ$XJHQQXQ HLQHSUlFKWLJH%XUJGLHJDQ]DXV(LVXQG6FKQHHHUEDXW ZDU6FKLPPHUQGH(LVEUFNHQYHUEDQGHQGLHKLPPHOVWU PHQGHQ7UPHGHU)HVWXQJPLWHLQDQGHUXQGEHUGHP ZHLWJH|IIQHWHQ7RUSUDQJWHGDVDXV(LVJHIRUPWH6\PERO GHU8QHQGOLFKNHLWHLQHOLHJHQGH$FKW .HOKLPVWLHHLQHQ/DXWGHUhEHUUDVFKXQJDXV ª%XUJ:HOWHQGH©EUXPPWHHU 'HUZHLH5HLWHUYHUKLHOWVHLQ3IHUGXQGZDUWHWHELV.HOKLP XQG.LPQHEHQLKPDQJHODQJWZDUHQ ª*HKWYRUDXV©VDJWHHUª0DQHUZDUWHWHXFK© .LP]|JHUWH.DUWXQGGLHYLHUYHUEOLHEHQHQ5HLWHUKDWWHQ VLFKQLFKWYRQGHU6WHOOHJHUKUW$EHU.LPNRQQWHEHLQDK .DUWVKDHUIOOWHQ%OLFNLP5FNHQVSUHQ ª*HKWUXKLJ©VDJWHGHU:HOWHQZlFKWHUª,KUVHLGKLHUVLFKHU %XUJ:HOWHQGHLVWHLQ2UWGHV)ULHGHQV%RUDDV 0DFKWHQ GHWKLHU© 6LHJHKRUFKWHQXQGQlKHUWHQVLFKGHP7RUZlKUHQGGHU 5HLWHUKLQWHULKQHQ]XUFNEOLHEXQGODQJVDPPLWGHP1HEHO ]XYHUVFKPHO]HQVFKLHQ.LPNDPVLFKXQJODXEOLFKZLQ]LJ XQGYHUORUHQYRUDOVVLHGXUFKGDVPlFKWLJH7RUYRQ:HO WHQGHWUDWHQHLQJHVFKODJHQHUYHUORUHQHU+DXIHQYRQGHV VHQHLQVWLJHP0XWXQG2SWLPLVPXVNDXPQRFKHWZDVJH EOLHEHQZDU'LHVHSO|W]OLFKHQHXHUOLFKH5HWWXQJHUVFKLHQ LKPZLHHLQ:XQGHU*OHLFK]HLWLJILHOLKPZLHGHUHLQZDV GHU:HOWHQZlFKWHUJHVDJWKDWWH1LFKWVZDVLQXQVHUHP 5HLFKJHVFKLHKWEOHLEWXQVYHUERUJHQ

%HGHXWHWHGDVGDVLHGLHJDQ]H=HLWXQWHUGHP6FKXW] GHVZHLHQ5LHVHQJHVWDQGHQKDWWHQ".LPGDFKWHGLHVHQ*H GDQNHQOLHEHUQLFKW]X(QGH'HQQZHQQHVVRZDUGDQQ ZDU]XPLQGHVW*RUJV2SIHUVLQQORVJHZHVHQ (LQZHLWHUYHUHLVWHU,QQHQKRIQDKPVLHDXI.LPK|UWHHLQ OHLVHV*HUlXVFK$OVHUVLFKXPGUHKWHVDKHUZLHVLFKGLH ULHVLJHQ7RUIOJHOVFKORVVHQ,QGHU0LWWHGHV+RIHVEOLHEHQ VLHXQVFKOVVLJVWHKHQ'LH7UPHXQG0DXHUQUDJWHQ ULQJVXPJODWWXQGIXJHQORVLQGLH+|KHHEHQPlLJHVFKLP PHUQGH:lQGHRKQH)HQVWHUXQG7UHQ'LH%XUJHULQQHUWH .LPHLQZHQLJDQ*RU\Z\QQQXUGDZDVGRUWDXV*ODV ZDUKLHUDXV(LVXQG6FKQHHHUEDXWZDUXQGVWDWWGHUIXQ NHOQGHQ)DUEHQSUDFKWKLHUNDOWHVVWHULOHV:HLKHUUVFKWH :RLQ*RU\Z\QQ/LFKWXQG$QPXWGLH/LQLHQGHU$UFKLWHN WXUSUlJWHQKHUUVFKWHKLHU5XKHXQGPDMHVWlWLVFKH*U|H YRU8QGHVZDUVWLOO8QKHLPOLFKVWLOO (LQHGHUIXJHQORVHQ:lQGH|IIQHWHVLFKZLHYRQ*HLVWHU KDQGXQGHLQ0DQQWUDWDXIGHQ+RI6HLQHP$XVVHKHQ QDFKKlWWHHUHLQ%UXGHUGHVVHQVHLQN|QQHQGHUVLHGUDXHQ HPSIDQJHQXQGJHUHWWHWKDWWHQXUIHKOWHLKPHWZDVYRQGHU 0DFKWXQG5XKHGLHMHQHUDXVVWUDKOWH ª:LOONRPPHQLQ:HOWHQGHGHU%XUJDP5DQGHGHU=HLW© VDJWHGHU)UHPGH.LPIDQGGLH:RUWHHLQZHQLJWKHDWUD OLVFKDEHUHUQDKPVLFK]XVDPPHQXQGQLFNWHHUQVWKDIW'HU (LVULHVHVFKZLHJDOVHUZDUWHHUHLQH$QWZRUW]XFNWHGDQQ GLH$FKVHOQXQGPDFKWHHLQHHLQODGHQGH*HVWHª)ROJWPLU ,FKZHUGHHXFKLQHXUH*HPlFKHUJHOHLWHQZRLKU]XHVVHQ EHNRPPWXQGHXUH:XQGHQJHSIOHJWZHUGHQ© 6RYHUORFNHQGGDV$QJHERWDXFKNODQJDOOHIQIEOLHEHQ VWRFNVWHLIVWHKHQXQGPDFKWHQNHLQH$QVWDOWHQGHU(LQOD GXQJ]XIROJHQ ª,KUKDEWQLFKWV]XEHIUFKWHQ©VDJWHGHU(LVULHVHOlFKHOQG ª,KUEHILQGHWHXFKDPVLFKHUVWHQ2UWGLHVHU:HOW© ª'DUXPJHKWHVQLFKW©JDE3ULZLQQ]XUFNª$EHUZLUGU IHQNHLQH=HLWYHUOLHUHQ8QVHU© ª(XHU:HJHQGHWKLHU©XQWHUEUDFKLKQGHU(LVULHVHQRFK LPPHUIUHXQGOLFKDEHULQVHKUEHVWLPPWHP7RQ

ª:DVKHLWGDV"©IUDJWH.LPHUVFKURFNHQ ª(XHU:HJLVW]X(QGHVRZLHDOOH:HJHKLHUHQGHQ.HLQ 3IDGNHLQ:HJNHLQH6WUDHIKUWEHU%XUJ:HOWHQGHKLQ DXV© ª$EHUDEHULUJHQGHWZDVPXGRFKDXIGHUDQGHUHQ6HLWH OLHJHQ©VWDPPHOWH.LP 'HU(LVULHVHVFKWWHOWHHUQVWGHQ.RSIª1XUGDV1LFKWV (XUH:HOWHQGHWKLHU© ª8QVHUH:HOW"©IUDJWH3ULZLQQKHOOK|ULJª:DVKHLWGDV XQVHUH:HOW"© ª(VJLEWPHKUDOVQXUHLQH:HOW3ULQ]GHU6WHSSH©HQWJHJ QHWHGHU(LVULHVHJHGXOGLJª(VJLEWXQ]lKOLJH:HOWHQVR ZLHHVXQ]lKOLJH0HQVFKHQPLWXQ]lKOLJHQ*HGDQNHQJLEW -HGHUYRQHXFKWUlJWPHKU:HOWHQLQVLFKDOV3ODQHWHQLP .RVPRVVLQG6LHDOOHKDEHQHLQHVJHPHLQVDP6LHHQGHQ KLHU© ª'DQQJLEWHVGRFKHLQHQ:HJ"©ERKUWH3ULZLQQª1XU QLFKWIUXQV"© ª(VJLEWHLQHQ©DQWZRUWHWHGHU(LVULHVH]|JHUQGªGRFKLVW HUJHIlKUOLFKXQGVFKPDOXQGQLFKWIU:HVHQZLHHXFKEH VWLPPW.RPPWMHW]W:LUZHUGHQVSlWHUQRFKJHQXJ=HLW KDEHQXQVGDUEHU]XXQWHUKDOWHQ© (UWUDWEHLVHLWHXQGHLQ]ZHLWHUGULWWHUYLHUWHUXQGIQIWHU (LVULHVHHUVFKLHQHQDXIGHP+RIELVMHGHUYRQ.LPV*H IlKUWHQHLQHQ)KUHUKDWWHGHPHUZHQQDXFKZLGHUVWUH EHQGLQV,QQHUHGHU%XUJIROJWH'LH*lQJHZDUHQVFKPDO XQGKRFKVRKRFKGDPDQGLH'HFNHQLFKWVHKHQNRQQWH XQGGHQ(LQGUXFNJHZDQQVLFKLP,QQHUHQGHUJHZDOWLJHQ %XUJPDXHUQ]XEHZHJHQ .LPV)KUHUGHXWHWHDXIHLQHQ7UERJHQGHUSO|W]OLFKDXI NODIIWHZRVRHEHQQRFKIXJHQORVHV(LVJHZHVHQZDU ª7ULWWHLQ.LP© .LPVDKVLFKXQVLFKHUQDFKGHQDQGHUHQXP(VSDWHLKP QLFKWYRQLKQHQJHWUHQQW]XZHUGHQDEHUHUVDKHLQGDMH GHU:LGHUVWDQG]ZHFNORVZDU'LHVDQIWHXQGIUHXQGOLFKH $UWGHU(LVULHVHQWlXVFKWHQLFKWGDUEHUKLQZHJGDLKUH *HERWHNHLQHQ:LGHUVSUXFKGXOGHWHQ

.LPVHXI]WHUHVLJQLHUHQGXQGIROJWHVHLQHP%HJOHLWHULQGHQ DQJUHQ]HQGHQ5DXP+LQWHUVHLQHP5FNHQYHUVFKPRO]GLH 7UZLHGHUVSXUORVPLWGHU:DQG .LPVDKVLFKVWDXQHQGXP(VJDENHLQH)HQVWHUXQG7UHQ GHQQRFKZDUGDV=LPPHUWDJKHOOHUOHXFKWHW(LQEUHLWHVEH TXHPHV%HWWQDKPHLQHJDQ]H6HLWHGHV5DXPHVHLQGDYRU VWDQGHLQ7LVFKPLWHLQHPKRFKOHKQLJHQ6WXKO$XIGHP 7LVFKWUPWHQVLFK7HOOHUXQG6FKDOHQPLW)UFKWHQXQG )OHLVFKXQG%URWGDQHEHQEDXFKLJH.UJHPLWGDPSIHQGHQ *HWUlQNHQ$OOHVLQGLHVHP5DXPVHOEVWGLH0|EHOXQGGLH 6FKDOHQLQGHQHQGLH6SHLVHQDQJHULFKWHWZDUHQEHVWDQG DXV(LV7URW]GHPZDUHVZDUPPROOLJZDUPVRJDU ª,FKODVVHGLFKMHW]WDOOHLQ©YHUNQGHWH.LPV%HJOHLWHUª, WULQNXQGUXKGLFKDXV6SlWHUNRPPHLFKZLHGHUXPGHLQH :XQGHQ]XYHUVRUJHQ© .LPZROOWHZLGHUVSUHFKHQDEHUGHU(LVULHVHZDQGWHVLFK UDVFKXPXQGWUDWGXUFKGLHJHVFKORVVHQH:DQGKLQDXV.LP VWDUUWHGLH6WHOOHZRHUYHUVFKZXQGHQZDUQRFKHLQH:HLOH YHUEOIIWDQGDQQGUHKWHHUVLFKDFKVHO]XFNHQGXPXQGJLQJ ]|JHUQG]XP7LVFK(UVFKZDQNWH]ZLVFKHQGHPLPPHU PlFKWLJHUZHUGHQGHQ:XQVFKVLFKKLQ]XOHJHQXQGHQGOLFK ZLHGHUHLQPDOLQHLQHPZHLFKHQZDUPHQ%HWW]XVFKODIHQ XQGVHLQHP+XQJHU6FKOLHOLFKVLHJWHOHW]WHUHU9RUVLFKWLJ OLH.LPVLFKDXIGHP]HUEUHFKOLFKDXVVHKHQGHQ6WXKOQLH GHUXQGJULIIQDFKHLQHP7HOOHUPLWGXIWHQGHQ%UDWHQVFKHL EHQ'DV)OHLVFKZDUQRFKKHLVRGDHUVLFKIDVWGLH)LQ JHUYHUEUDQQWH7URW]GHPVFKPRO]GHU(LVWHOOHUQLFKW$EHU .LPKDWWHOlQJVWDXIJHK|UWVLFKEHUDOOGDV8QP|JOLFKH XQG(UVWDXQOLFKHGDVHUKLHUHUOHEWHGHQ.RSI]X]HUEUH FKHQ(UQDKPHVHEHQKLQZLHHVZDU $OVHUVDWWZDUVWDQGHUDXIVWUHFNWHVHLQHPGHQ*OLHGHU XQGZDQNWH]XP%HWWKLQEHU$XFKGDV%HWWJHVWHOOEHVWDQG ZLHQLFKWDQGHUV]XHUZDUWHQDXV(LVXQGGLH%HWWZlVFKH VFKLHQDXV6FKQHHJHZREHQ]XVHLQVRZHLFKXQGDQ VFKPLHJVDPZDUVLH(UOHJWHVLFKKLQGHFNWHVLFK]XXQG ZDUELQQHQ6HNXQGHQHLQJHVFKODIHQ 'LHVPDOZXUGHHUQLFKWYRQ$OSWUlXPHQJHSODJW$OV.LP

HUZDFKWHIKOWHHUVLFKIULVFKXQGNUlIWLJZLHVHLWODQJHP QLFKWPHKU-HPDQGZDULP=LPPHUJHZHVHQZlKUHQGHU VFKOLHI'HU7LVFKZDUDEJHUlXPWXQGGDVEHUUHLFKOLFKH )HVWPDKOGXUFKHLQHLQIDFKHVDEHUJXWHVXQGUHLFKOLFKHV )UKVWFNHUVHW]WZRUGHQXQGQHEHQVHLQHP%HWWVWDQGHLQH :DVFKVFKVVHOPLWZDUPHP:DVVHU .LPDZXVFKVLFKLQHEHQGLHVHU5HLKHQIROJHZHLOHVLKP SO|W]OLFKNLQGLVFKHV9HUJQJHQEHUHLWHWHPLWVROFKHQHU]LH KHULVFKHQ*UXQGVlW]HQ]XEUHFKHQ XQGZDUWHWHGDQQDE ZDVZHLWHUJHVFKDK 6HLQH*HGXOGZXUGHDXINHLQHODQJH3UREHJHVWHOOW'LH :DQGWHLOWHVLFKODXWORVXQGVHLQ%HWUHXHUNDPKHUHLQ ª1XQ©VDJWHGHU(LVULHVHIUHXQGOLFKªLFKKRIIHGXZDUVW PLWGHU8QWHUEULQJXQJ]XIULHGHQ"© .LPQLFNWHª6HKU,FKIKOHPLFKZRKOZLHVFKRQODQJH QLFKWPHKU9LHOHQ'DQNIUDOOHV© 'HU(LVULHVHQLFNWHª'XPXWVHKUPGHJHZHVHQVHLQ© ª-D$EHUMHW]WIKOHLFKPLFKZLHGHUJURDUWLJ+DEHLFK ODQJHJHVFKODIHQ"© ª=ZHL1lFKWHXQGHLQHQ7DJ©DQWZRUWHWHGHU(LVULHVH ª=ZHL1lFKWH"©IUDJWH.LPHUVFKURFNHQ ª'XZDUVWHUVFK|SIW.LP:LUKDEHQGDIUJHVRUJWGD GHLQ.|USHUGLH5XKHQDFKKROHQNRQQWHGLHHUVRODQJH HQWEHKUHQPXWH© ª=ZHL1lFKWH©ZLHGHUKROWH.LPª,FKKDEH]ZHL1lFKWH XQGHLQHQ7DJYHUORUHQ"© ª1LFKWYHUORUHQ.LP6HLXQEHVRUJW1LFKWQXUHXUH:HOW DXFKHXUH=HLWHQGHWKLHU1LFKWHLQH6WXQGHZLUGYHUJDQJHQ VHLQZHQQGX:HOWHQGHYHUOlW$EHUQXQNRPP:LUKD EHQPLWGLU]XUHGHQ© (UWUDWDXIGHQ*DQJKLQDXVXQGZLQNWH.LPLKP]XIRO JHQ ª:DVLVWPLWGHQDQGHUHQ"©IUDJWH.LPDXIJHUHJWª0LW3UL ZLQQXQG$GRXQG%URELQJ"8QGZLHJHKWHV.HOKLP"© ª6LHUXKHQQRFK©DQWZRUWHWHGHU(LVULHVHZlKUHQGVLHRKQH +DVWGHQ*DQJKLQXQWHUVFKULWWHQª'LH:XQGHGHV%lUHQ VDKVFKOLPPDXV(VZLUGHLQH=HLWGDXHUQHKHHUZLHGHUEHL

.UlIWHQLVW$EHUHUZLUGHVEHUOHEHQNHLQH6RUJH,KUKDEW YLHOULVNLHUW©IJWHHUQDFKHLQHU3DXVHKLQ]X 6LHVFKULWWHQHLQHEUHLWHODQJH7UHSSHKLQXQWHUJLQJHQ GXUFKHLQHQZHLWHUHQKRKHQXQGVFKPDOHQ*DQJXQGVWDQ GHQVFKOLHOLFKYRUHLQHUJHVFKORVVHQHQ7U,QGDVVFKLP PHUQGH(LVLKUHU2EHUIOlFKHZDUGDV6\PEROGHU8QHQG OLFKNHLWHLQJUDYLHUWGLHOLHJHQGH$FKWGLH.LPVFKRQEHU GHP(LQJDQJVWRUDXIJHIDOOHQZDU ª7ULWWHLQ© .LPJHKRUFKWH'LH7UVFKZDQJODXWORVDXIXQG.LPIDQG VLFKLQHLQHUKRKHQNXSSHODUWLJJHZ|OEWHQ+DOOHZLHGHU (QWODQJGHQ:lQGHQVWDQGHQUXQGHEOLW]HQGH6lXOHQDXV EODXZHLHP(LV(LQHVHOWVDPHIDVWEHNOHPPHQGH$WPR VSKlUHODJEHUGHP6DDOXQGDOV.LP]|JHUQGEHUGHQ VFKLPPHUQGHQ%RGHQDXIGHQ7LVFKLQGHU0LWWH]XJLQJ JODXEWHHUHLQHQIOFKWLJHQ+DXFKGHVVHQ]XYHUVSUHQZDV GDV6\PEROEHGHXWHWH(LQHQ+DXFKGHU8QHQGOLFKNHLW(U VFKDXGHUWH ª7ULWWQlKHU.LP©VDJWHGHUPLWWOHUHGHUGUHL:HOWHQZlFK WHUGLHDQGHPKDOEUXQGHQ7LVFKVDHQXQG.LPDXIPHUN VDPHQWJHJHQEOLFNWHQª'XKDVWJHUXKWGXKDVWJHJHVVHQ QXQLVWHVDQGHU=HLW]XUHGHQ© .LPVFKOXFNWH2KQHHVEHJUQGHQ]XN|QQHQJODXEWHHU HLQHQXQKHLOYHUNQGHQGHQ8QWHUWRQDXVGHU6WLPPHGHV 6SUHFKHUVKHUDXV]XK|UHQ ª'HLQH)UHXQGHXQGGX©IXKUGHU:HOWHQZlFKWHUIRUWªLKU KDEWHLQJURHV:DJQLVDXIHXFKJHQRPPHQXPKLHUKHU]X JHODQJHQ6FKRQYLHOHYRUHXFKKDEHQYHUVXFKWGDV(QGH GHU:HOW]XILQGHQDEHUQXUZHQLJHQLVWHVJHOXQJHQ© ª$EHULFKZROOWHQLFKW]XP(QGHGHU:HOW©VDJWH.LPXQVL FKHUª,FKZROOWH]XP© 'HU:HOWHQZlFKWHUXQWHUEUDFKLKQPLWHLQHUUDVFKHQ+DQG EHZHJXQJª:LUZLVVHQZHOFKHVGHLQ=LHOZDU.LP'RFK ZLVVHGXGDGHLQH5HLVHKLHUHQGHW1LHPDQGHPLVWHVELV KHUJHOXQJHQGHQ:HJ]XP.|QLJGHU5HJHQERJHQ]XJH KHQ1LFKWKLQXQG]XUFN© ª$EHUHVJLEWLKQ"©IUDJWH.LP

'HU:HOWHQZlFKWHUOlFKHOWHª-DHVJLEWLKQ©VDJWHHU ª'RFKLVWHVNHLQHP0HQVFKHQYHUJ|QQWLKQ]XVHKHQ© ª$EHULFKPX]XLKP©EUDXVWH.LPDXIª1XUHUNDQQ 0lUFKHQPRQGQRFKYRUGHP8QWHUJDQJUHWWHQ© ª(UN|QQWHHVZRKO.LP$EHUDXFKZHQQZLUGLUJHVWDWWHQ GHLQHQ:HJZHLWHU]XYHUIROJHQZUGHVWGXQLHDQV=LHOJH ODQJHQ'LH%UFNHEHUGDV1LFKWVZXUGHYRQ:HVHQJH VFKDIIHQGLHHXFK0HQVFKHQVREHUOHJHQVLQGZLHLKUHLQHU $PHLVH1LFKWHLQPDOZLUYHUP|JHQLKUH0DFKW]XHUDKQHQ .HLQ0HQVFKNDQQGLH*HIDKUHQEHUZLQGHQGLHDP:H JHVUDQGODXHUQ© ª'DVODWQXUPHLQH6RUJHVHLQ©HQWJHJQHWH.LPª/DWHV PLFKZHQLJVWHQVYHUVXFKHQ5DQJDULJXQG*RUJXQGDOOGLH DQGHUHQGUIHQQLFKWXPVRQVWJHVWRUEHQVHLQ:HQQ ZHQQLFKHVQLFKWVFKDIIH©IJWHHUYHU]ZHLIHOWKLQ]XªZLUG 0lUFKHQPRQGXQWHUJHKHQ© ª+DVWGXGLFKELVMHW]WQRFKQLFKWJHIUDJWZR]XZLUHLJHQW OLFKGDVLQG"©IUDJWHGHU:HOWHQZlFKWHUDQVWHOOHHLQHUGLUHN WHQ$QWZRUWª:LUVLQGQLFKWQXUGDXPHXFK0HQVFKHQYRU GHP6WXU]EHUGHQ:HOWHQUDQG]XEHZDKUHQ:LUVLQG KLHUXPGLH8QHQGOLFKNHLW]XVFKW]HQ© ª9RUXQV"© ª9RUHXFKXQGMHGHPGHUVLHEHWUHWHQZLOO9RUDOOHPDEHU LVWHVXQVHUH$XIJDEHOHLFKWVLQQLJH1DUUHQZLHGLFKYRU 6FKDGHQ]XEHZDKUHQ(VZlUHGHLQ9HUGHUEHQZUGHQZLU GLFKJHKHQODVVHQ© ª$EHULKUN|QQWGRFKQLFKW©VWRWWHUWH.LPª,FKPHLQH LKUPWGRFK0lUFKHQPRQGZLUGXQWHUJHKHQ ZHQQ© ª:HQQGXLKPQLFKWKLOIVWNOHLQHU+HOG"©IUDJWHGHU:HO WHQZlFKWHUPLWJXWPWLJHP6SRWWª*ODXEVWGXPHKUDXV ULFKWHQ]XN|QQHQDOV7KHPLVWRNOHVPHKUDOVDOOGLHPlFKWL JHQ=DXEHUHU0lUFKHQPRQGVPHKUDOVGLHJHZDOWLJHQ +HHUHGLH%RUDDVJHJHQHXFKLQV)HOGZLUIW"*ODXEVWGXGDV ZLUNOLFK"© .LPEHUOHJWHVLFKVHLQH$QWZRUWJUQGOLFK8QEHZXW VSUWHHUGDYLHOGDYRQDEKLQJXQGGDHVPLWHLQHPKDOE

KHU]LJHQ-DXQG1HLQQLFKWJHWDQZDU(UIKOWHGDGHU :HOWHQZlFKWHUGLUHNWLQVHLQ+HU]KLQHLQVDK ª-D©DQWZRUWHWHHU8QGHVZDUVHLQHIHVWHhEHU]HXJXQJ(U ZXWHHLQIDFKGDGDV6FKLFNVDOGLHVHVULHVLJHQVFK|QHQ 0lUFKHQODQGHVMHW]WXQGIULPPHULQVHLQHQ+lQGHQODJ GHQ+lQGHQHLQHVYHUZXQGEDUHQNOHLQHQ-XQJHQ 'HU:HOWHQZlFKWHUQLFNWH ª:HQQHVGHLQIUHLHU:LOOHLVWVRNDQQVWGXJHKHQ©VDJWHHU ª$EHUZLVVHZHQQGX%XUJ:HOWHQGHYHUOlWYHUOlWGX DXFKXQVHUHQ6FKXW]9RUGLUKDEHQVFKRQDQGHUHGHQ 6SUXQJLQV1LFKWVJHZDJW0lQQHU.LPJURHXQGPXWLJH +HOGHQ'RFKNHLQHUYRQLKQHQLVW]XUFNJHNHKUW© ª,FKZHL©PXUPHOWH.LPª$EHULFKPXHVWXQ©3O|W]OLFK NDPLKPHLQ*HGDQNHª:DUXPKHOIWLKUXQVQLFKW"©IUDJWH HU ª:DUXPVROOWHQZLU"© ª9LHOOHLFKWZLUGVLFK%RUDDVQLFKWGDPLW]XIULHGHQJHEHQ 0lUFKHQPRQG]XHUREHUQ©VDJWH.LPQXQNKQHUJHZRU GHQª9LHOOHLFKWUHLFKWVHLQH0DFKWGRFKZHLWHUDOVLKU GHQNW(UKDWVFKRQHLQPDOGDV8QP|JOLFKHP|JOLFKJH PDFKWXQGPLWGHU+LOIHVHLQHVVFKUHFNOLFKHQ%HJOHLWHUVGHV 6FKZDU]HQ/RUGVGDV5HLFKGHU6FKDWWHQYHUODVVHQXQGGDV 6FKDWWHQJHELUJHEH]ZXQJHQ:DUXPVROOWHHUQLFKW DXFK© ª:LUZHUGHQXQV]XVFKW]HQZLVVHQZHQQHVVRZHLWLVW© ILHOLKPGHU:HOWHQZlFKWHULQV:RUWª(VVWHKWQLFKWLQXQ VHUHU0DFKWIUHPGH*HVFKLFNH]XOHQNHQ:LUPLVFKHQXQV QLFKWLQHXUH$QJHOHJHQKHLWHQHLQ6HOEVWZHQQZLUHVZROO WHQN|QQWHQZLUHVQLFKW$XFKZLUVLQGQXUZLQ]LJH7HLO FKHQLP*HIJHYRQ5DXPXQG=HLW8QGEHUXQVVWHKHQ 0lFKWLJHUH8QGQXQ©VDJWHGHU:HOWHQZlFKWHULQYHUlQ GHUWHP7RQIDOOªSUIHGHLQ*HZLVVHQHLQOHW]WHV0DO:HQQ HVGHLQIHVWHU:LOOHLVW]XJHKHQZHUGHQVLFK:HOWHQGHV 7RUHIUGLFK|IIQHQ)UGLFK.LPIUGLFKDOOHLQ'HLQH %HJOHLWHUPVVHQ]XUFNEOHLEHQ'HQQGLH%UFNHLQGLH8Q HQGOLFKNHLWWUlJWLPPHUQXUHLQHQ5HLVHQGHQ© .LPZROOWHDQWZRUWHQDEHUGHU:HOWHQZlFKWHUKREGLH

+DQGª(LQHVQRFKNOHLQHU+HOG'XNDPVWKLHUKHUDOV*H MDJWHU8QVHUH8QSDUWHLOLFKNHLWYHUELHWHWDEHUMHJOLFKH(LQPL VFKXQJ'HVZHJHQZLUGDXFKGHLQ9HUIROJHUGHQ:HJLQV 1LFKWVILQGHQ© .LPEHUOHJWHDQJHVWUHQJW:DVGHU:HOWHQZlFKWHUVRNRP SOL]LHUWDXVGUFNWHEHGHXWHWHZRKOQLFKWVDQGHUHVDOVGD %DURQ.DUWLKPIROJHQZUGH ª(UDOOHLQ©VDJWHGHU:HOWHQZlFKWHUGHUWDWVlFKOLFKVHLQH *HGDQNHQ]XOHVHQVFKLHQZLH]XU%HVWlWLJXQJª6HLQH%H JOHLWHUZHUGHQ]XUFNEOHLEHQHEHQVRZLHGLHGHLQHQ 1XQ"%LVWGXQRFKLPPHUEHUHLW]XJHKHQ"©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lU]HGHV :HOWUDXPVGLHHUHUZDUWHWKDWWHQLFKWGLH/HHUH]ZLVFKHQ GHQ3ODQHWHQ(VZDUZDVGHU:HOWHQZlFKWHUJHPHLQWKDWWH 'DV1LFKWV 'DVDEVROXWH1LFKWV .LPVW|KQWH6HLQH*OLHGHUEHJDQQHQ]X]LWWHUQXQGHLQXQ EHVFKUHLEOLFKHVW|GOLFKHV*HIKOGHU9HUORUHQKHLWEHJDQQ VLFKLQVHLQH6HHOH]XNUDOOHQ'HQQRFKZDU.LPXQIlKLJ GHQ%OLFN]XZHQGHQ

'HUPHQVFKOLFKH*HLVWLVWQLFKWGDIUJHVFKDIIHQGHP 1LFKWVJHJHQEHU]XVWHKHQ:LUP|JHQXQV/HHUHYRUVWHOOHQ YLHOOHLFKWDXFKHLQHQ=LSIHOGHU8QHQGOLFKNHLWHUIDVVHQN|Q QHQ$EHUGDV1LFKWVHWZDVZRULQQLFKWHLQPDO/HHUHQLFKW HLQPDO5DXPXQG(LQVDPNHLWH[LVWLHUHQKDWNHLQHQ3ODW]LQ XQVHUHU9RUVWHOOXQJVZHOW'LH,GHHGHV1LFKWVLVWVRDEVWUDNW GDVHLQ$QEOLFNGLHZLUNOLFKH$QZHVHQKHLWGHV1LFKWVDQ VLFKVFKRQHLQ:LGHUVSUXFKLQVLFKVHOEVW]XP:DKQVLQQ IKUHQNDQQ.LPEHJULIISO|W]OLFKYRQZHOFKHQ*HIDKUHQ GHU:HOWHQZlFKWHUJHVSURFKHQKDWWH(VJDENHLQH)DOOHQ NHLQH8QJHKHXHUNHLQH)HLQGHGLHDP:HJHVUDQGODXHUWHQ 'DV1LFKWVDQVLFKZDUGLH)DOOHHLQW|GOLFKHV6SLQQHQQHW] LQGHPVLFKVHLQ*HLVWYHUILQJ(LQ/DE\ULQWKQLHHQGHQGHU 6WROOHQXQGLQVLFKVHOEVWJHNUPPWHU:HJHLQGHQHQVLFK VHLQH*HGDQNHQUHWWXQJVORVYHULUUHQZUGHQ 8QWHU$XIELHWXQJDOOHU:LOOHQVNUDIWJHODQJHV.LPGHQ %OLFNDE]XZHQGHQ(UVFKWWHOWHVLFK.DOWHUIHLQSHUOLJHU 6FKZHLEHGHFNWHVHLQHQ.|USHU (LQOHLVHV*HUlXVFKOLHLKQDXIEOLFNHQ9RULKPQRFKZLQ ]LJNOHLQXQGEHUGLH(QWIHUQXQJPHKU]XHUDKQHQDOV ZLUNOLFK]XHUNHQQHQ|IIQHWHVLFKHLQH3IRUWHLQGHUJODWWHQ )OlFKHGHU:HOWHQPDXHUXQGHLQHULHVHQKDIWHLQVFKZDU]HQ 6WDKOJHSDQ]HUWH*HVWDOWWUDWKHUDXV (LQHQ0RPHQWODQJGDFKWH.LPDQ)OXFKW$EHUQLFKWOlQ JHU(VJDEQLFKWVZRKLQHUKlWWHIOLHKHQN|QQHQ(UNRQQWH ODXIHQUHQQHQGRFKZLHZHLWHUDXFKOLHIHEHUDOOZUGHHU QXUGLHVHJODWWHJUDXH(EHQHDP5DQGHGHV1LFKWVYRUILQ GHQ'LH=HLWGHU)OXFKWXQGGHV9HUVWHFNHQVZDUHQGJOWLJ YRUEHL (U]RJVHLQ6FKZHUWDXVGHU6FKHLGHSDFNWHVHLQHQ6FKLOG IHVWHUXQGJLQJ%DURQ.DUWHQWJHJHQ 5XKLJ6FKLOGXQG6FKZHUWIHVWLP*ULIIXQGGDVVFKZDU]H 9LVLHUYRUGHP*HVLFKWKHUXQWHUJHODVVHQHUZDUWHWH.LPGHQ $QJULIIGHV*HJQHUV.DUWZDULQZHQLJHQ6FKULWWHQ(QWIHU QXQJVWHKHQJHEOLHEHQ'HU0RUJHQVWHUQSHQGHOWHORVHDQ VHLQHU6HLWHXQGGLHGXQNOHQ$XJHQKLQWHUGHQVFKPDOHQ

6FKOLW]HQVHLQHV*HVLFKWVVFKXW]HVVFKLHQHQ.LPDEVFKlW]LJ ]XPXVWHUQ ª(VKDWODQJHJHGDXHUW©VDJWHHUVFKOLHOLFK=XPHUVWHQ 0DOVHLW.LPGHQVFKZDU]HQ%DURQNDQQWHNODQJVHLQH 6WLPPHQLFKWVS|WWLVFKRGHUKHUDEODVVHQGVRQGHUQGUFNWH 5HVSHNWXQG$QHUNHQQXQJDXVª6HKUODQJH1RFKQLHKDWHV MHPDQGJHVFKDIIWPLFKVRODQJHDQGHU1DVHKHUXP]XIK UHQ© ª8QGPLULVWQRFKQLHMHPDQGVRKDUWQlFNLJDXIGHQ)HUVHQ JHEOLHEHQ©JDE.LPWURW]LJ]XUFNª:DVZLOOVWGX".lPS IHQRGHUUHGHQ"© ,Q.DUWV$XJHQEOLW]WHHVEHOXVWLJWDXIª*HPDFKNOHLQHU +HOGJHPDFK:LUKDEHQ=HLW9LHO=HLW1XUHLQHUYRQXQV EHLGHQZLUGGLHVHQ.DPSIEHUOHEHQYHUJLGDVQLFKW'HU 7RGZLUGVHLQHQ$QWHLOIUKJHQXJEHNRPPHQ© .LPPXVWHUWHGHQ%DURQPLWUDXLVFK:DUHQ.DUWV:RUWH QXUHLQZHLWHUHU7ULFNLKQLQ6LFKHUKHLW]XZLHJHQXP GDQQLQHLQHP0RPHQWGHU8QDFKWVDPNHLWEHUUDVFKHQG ]X]XVFKODJHQ" .DUWVFKWWHOWHGHQ.RSIª'XEHVFKlPVWPLFK.LP,FK NlPSIHKDUWXQGZHQQGXDXI*QDGHKRIIVWVRZLUVWGX HQWWlXVFKWZHUGHQ$EHULFKEHPKHPLFKVWHWVIDLU]X VHLQ© .LP]XFNWHZLHXQWHUHLQHP3HLWVFKHQKLHE]XVDPPHQ ª'XGXOLHVWPHLQH*HGDQNHQ"©IUDJWHHU .DUWQLFNWHª9RPHUVWHQ0RPHQWDQ.LP© ª$EHUDEHUZLH"© .DUWODFKWH'LH0HWDOOPDVNHYRUVHLQHP*HVLFKWYHU]HUUWH VHLQ/DFKHQLQHLQKRKOHVEOHFKHUQHV*HUlXVFKª'XIUDJVW GLFKZLHGXHQWNRPPHQNRQQWHVW(LQHNOXJH)UDJH8QG MHW]WZRGLH(QWVFKHLGXQJEHYRUVWHKWVRRGHUVRNDQQLFK VLHGLUEHDQWZRUWHQ'DVKHLWZHQQGXGLH:DKUKHLWK|UHQ ZLOOVW© ª%LWWH©VDJWH.LPPLWPKVDPEHKHUUVFKWHU6WLPPH ª6LHZLUGGLUQLFKWJHIDOOHQNOHLQHU+HOG© ª5HGH© .DUW]XFNWHGLH$FKVHOQª(VZDUJHSODQW.LP©VDJWHHUUX

KLJª9RQ$QIDQJDQ1LFKWHLQHUGHLQHU6FKULWWHZDUDQGHUV DOVJHSODQW© ª$EHU© ª'XDOOHLQKDVWHVXQVHUP|JOLFKW0lUFKHQPRQGDQ]XJUHL IHQ©IXKU.DUWHUEDUPXQJVORVIRUWª'HLQH)OXFKWDXV0RU JRQZDUQ|WLJHEHQVRZLHGHLQH$QZHVHQKHLWEHLXQVHUHP +HHU© ª'DQQGDQQKDEWLKUJHZXWGDLFKXQWHUHXFKZDU"© :LHGHUODFKWH.DUWª*HZXW"©IUDJWHHUVS|WWLVFKª6RXQG QLFKWDQGHUVKDEHQZLUHVJHSODQW:LUEUDXFKWHQGLFK1XU LQGHLQHU%HJOHLWXQJZDUHVXQVHUHP+HHUP|JOLFKGDV 6FKDWWHQJHELUJH]XEHUZLQGHQ'LUDOOHLQZDUHVJHJHEHQ GLH6FKUDQNHQDFK0lUFKHQPRQG]X|IIQHQ© .LPVW|KQWH.DOWH:XWJHSDDUWPLWKLOIORVHU9HU]ZHLIOXQJ SDFNWHLKQ:HQQGDVVWLPPWHGDQQWUXJHU.LP/DUVVHQ GLH9HUDQWZRUWXQJIUDOOHVZDVDQ*UDXVDPHPXQG 6FKUHFNOLFKHPEHUHLWVJHVFKHKHQZDUXQGYLHOOHLFKWQRFKJH VFKHKHQZUGH'HU7RGVHLQHU)UHXQGHGLH=HUVW|UXQJ &DLYDOORQVMHGHU7URSIHQYHUJRVVHQHQ%OXWHVDOOHVVHLQH 6FKXOG'DV%|VHKDWWHVLFKVHLQHUDOVZLOOLJHV:HUN]HXJEH GLHQWXQGKLHOWLKPQXQPLWKlPLVFKHU*HQXJWXXQJGHQ 6SLHJHOYRUV*HVLFKW'XGXDOOHLQ.LPELVWVFKXOGDQGHQ /HLGHQ0lUFKHQPRQGV .LPJODXEWHLQHLQHQERGHQORVHQ$EJUXQG]XYHUVLQNHQDOV LKQGLH(UNHQQWQLVWUDI:LHVROOWHHUHLQVFKZDFKHUNOHLQHU -XQJHGHQ%OLFNLQGLHVHQ6SLHJHOHUWUDJHQN|QQHQ"$EHU .DUWUHGHWHXQJHUKUWZHLWHU ª:LUZDUHQHVGLHGLFKULHIHQ.LP:LU1LFKW7KHPLVWR NOHV:LUILQJHQGHLQH6FKZHVWHUHLQ]LJ]XGHP=ZHFNGLFK ]XXQV]XORFNHQ'HQQZLUZXWHQGD7KHPLVWRNOHVVLFK LQVHLQHU9HU]ZHLIOXQJDQGLFKZHQGHQZUGH8QGZLU ZXWHQDXFKGDGXNRPPHQZUGHVW6FKRQODQJHKDWWHQ ZLUGHQ8QWHUJDQJ0lUFKHQPRQGVEHVFKORVVHQDEHUGDV 6FKDWWHQJHELUJHYHUZHKUWHXQVGHQ=XJDQJ1XUHLQ 0HQVFKDXVHXUHU:HOWNRQQWHHVEHUZLQGHQXQGDOVGHLQH 6FKZHVWHUDQMHQHP7DJHLQHQYHUERUJHQHQ3DIDQGXQG VLFKLQV5HLFKGHU6FKDWWHQYHULUUWHHUNDQQWHQZLUXQVHUH

&KDQFH'XQXUGXNRQQWHVWXQVHUH7UXSSHQQDFK0lU FKHQPRQGJHOHLWHQ8QGQXUGXNRQQWHVWXQVHUHPlFKWLJVWH :DIIH]XP/HEHQHUZHFNHQ'HQ6FKZDU]HQ/RUG© ª+|UDXI©ULHI.LPª+|UHQGOLFKDXI© .DUWODFKWHNDOWª:DUXP".DQQVWGXGLH:DKUKHLWQLFKWHU WUDJHQNOHLQHU+HOG"%LVWGXQLFKWJHNRPPHQXPDOOHV]X HUIDKUHQ"8PEHLP.|QLJGHU5HJHQERJHQ+LOIH]XHUELW WHQ"1XQGHU:HJGRUWKLQLVWZHLWXQGYROOHU*HIDKUHQ DEHUHUIKUWDXFKEHUGHQ3IDGGHU:DKUKHLW(UNHQQH ZDVGXJHWDQKDVWXQGJLEDXI© ª$XIJHEHQ"©VFKULHHVDXV.LPª1DFKDOOHPZDVGXPLU JHVDJWKDVW"© ª-D(VLVWVLQQORVZHLWHU]XNlPSIHQ.LP$OOHVZDVGXJH WDQKDVWQXW]WHXQVXQGVFKDGHWH0lUFKHQPRQG$XFKXQ VHUH%HJHJQXQJKLHUJHK|UWPLW]XXQVHUHP3ODQ*LEDXI XQGLFKZHUGHGLUGDV/HEHQVFKHQNHQ%RUDDV $QJHERWJLOW QRFKLPPHU.RPP]XXQVXQGGXILQGHVW0DFKWXQG 5HLFKWXPVWDWW7RGXQG8QWHUJDQJhEHUOHJHHVGLUJXW .LP(VLVWGHLQHOHW]WH&KDQFH© .LPVFKWWHOWHHQWVFKLHGHQGHQ.RSI6HLQH9HU]ZHLIOXQJ KDWWHJULPPLJHU(QWVFKORVVHQKHLW3ODW]JHPDFKW ª1LHPDOV© ª:LHGXZLOOVW(VLVWGHLQ/HEHQGDVGXZHJZLUIVW© ª%LVWGXVRVLFKHU"©IUDJWH.LPª,FKKDEHJHOHUQWPLFK]X ZHKUHQ.DUW© ª'DVZHLLFK8QGJODXEHPLUQLFKWVOLHJWPLUIHUQHUDOV GLFK]XXQWHUVFKlW]HQ© ª'DQQNlPSIH©ULHI.LP 6HLQ6FKZHUW]XFNWHKRFK]LHOWHQDFK.DUWV%UXVWSDQ]HU XQGWUDILQV/HHUHDOVGHU%DURQPLWHLQHUEOLW]VFKQHOOHQ%H ZHJXQJDXVZLFK.LPZLUEHOWHKHUXPXQGULVHLQHQ6FKLOG KRFK.DUWV0RUJHQVWHUQEHJDQQ]XNUHLVHQODQJVDPGDQQ LPPHUVFKQHOOHUHLQW|GOLFKHU.UHLVDXVVFKZDU]HP6WDKO XQG6WDFKHOQXQGNUDFKWHVFKOLHOLFKPLWEHWlXEHQGHU :XFKWDXIGHQ6FKLOGKHUDE.LPZDQNWH]XUFNXQG WDXFKWHXQWHUHLQHP]ZHLWHQ6FKODJKLQGXUFK6HLQOLQNHU $UPZDUWDXEXQGLQGHU6FKXOWHUZKOWHHLQXQEDUPKHU]L

JHU6FKPHU].LPVFKOXJ]XZLFKDXVXQGWULHE.DUWPLW HLQHPEOLW]VFKQHOOHQ+LHE]XUFN .DUWQLFNWHDQHUNHQQHQGª'XNlPSIVWJXW©OREWHHUª$EHU QLFKWJXWJHQXJ© :LHGHUUDVWHGHU0RUJHQVWHUQKHUDEXQGZLHGHUILQJ3UL ZLQQV6FKLOGGHQ+LHELPOHW]WHQ0RPHQWDE.LPVFKULH YRU6FKPHU]DXIXQGVFKOXJJOHLFK]HLWLJ]XUFN6HLQ 6FKZHUWVFKUDPPWHEHU.DUWV%UXVWSDQ]HUXQGJOLWWDE DEHUGHU6FKODJOLHGHQ%DURQ]XUFNWDXPHOQXQGYHU VFKDIIWH.LPIUHLQHQ$XJHQEOLFN/XIW (UVW|KQWH6HLQHJDQ]HOLQNH6HLWHEUDQQWHZLH)HXHU,P +RO]GHV6FKLOGHV]HLJWHQVLFKODQJHJH]DFNWH5LVVH1RFK HLQSDDUVROFKHU6FKOlJHXQGGHU.DPSIZDUYRUEHU0LW OHW]WHU.UDIWKRE.LPVHLQ6FKZHUWWlXVFKWHHLQHQZDDJ UHFKWHQ6WLFKYRUXQGGUHKWHGLH.OLQJHLPOHW]WHQ0RPHQW DXIZlUWV.DUWNHXFKWHYRUhEHUUDVFKXQJ(UYHUVXFKWHGHQ +LHEPLWGHP*ULIIVHLQHUHLJHQHQ:DIIHDXI]XIDQJHQ .LPV.OLQJHJOLWWGDUDQDEVFKOXJDXI.DUWVEHKDQGVFKXKWH )DXVWXQGSUHOOWHLKPGLH:DIIHDXVGHU+DQG .LPVSUDQJ]XUFNXQGGHXWHWHVFKZHUDWPHQGDXIGHQ 0RUJHQVWHUQ ª+HELKQDXI©SUHWHHUPKVDPKHUYRU ,Q.DUWV$XJHQEOLW]WHHVYHUZXQGHUWDXI ª+HELKQDXI©ZLHGHUKROWH.LPª,FKNlPSIHQLFKWJHJHQ HLQHQ:DIIHQORVHQ© .DUWEFNWHVLFKQDFKVHLQHU:DIIHXQGVSUDQJGDQQEOLW] VFKQHOO]XUFNª'HLQH5LWWHUOLFKNHLWZLUGGLFKGDV/HEHQ NRVWHQ©VDJWHHUª1RFKHLQPDOZLUVWGXHLQHVROFKH&KDQFH QLFKWEHNRPPHQ©(UVFKZDQJGLH6WDKONXJHOKRFKEHU GHQ.RSIGXFNWHVLFKXQGJULIIPLWZWHQGHP.QXUUHQDQ .LPVSUDQJ]XU6HLWHZLFKGHUQLHGHUVDXVHQGHQ6WDKONXJHO DXVXQGIKUWHJOHLFK]HLWLJHLQHQ+LHEJHJHQ.DUWV%HLQH 'LH.OLQJHSUDOOWHYRQGHQVWlKOHUQHQ%HLQVFKLHQHQDEDEHU GHU6FKODJEUDFKWH.DUWDXVGHP*OHLFKJHZLFKW(UVWRO SHUWHUXGHUWHPLWGHQ$UPHQXQGILHOGHU/lQJHQDFKKLQ .LPVHW]WHPLWHLQHPWULXPSKLHUHQGHQ6FKUHLQDFKXQGUL GDV6FKZHUWKRFK

$EHUHUKDWWHQLFKWPLW.DUWV5HDNWLRQVJHVFKZLQGLJNHLWJH UHFKQHW6FKQHOOZLHHLQH6FKODQJHZlO]WHVLFKGHU%DURQDXI GHQ5FNHQILQJGHQ6FKODJPLWVHLQHU:DIIHDXIXQGWUDW PLWDOOHU:XFKWQDFK.LPV%UXVW6HLQVWDKOJHSDQ]HUWHU)X NUDFKWHJHJHQGHQ+DUQLVFKXQGVFKOHXGHUWH.LPPHWHUZHLW ]XUFN.LPNHXFKWH(LQJUDXVDPHU6FKPHU]VFKRGXUFK VHLQHQ.|USHU(UEHNDPNHLQH/XIWPHKUXQGYRUVHLQHQ $XJHQZDOOWHQEOXWURWH1HEHOVFKZDGHQ9HUVFKZRPPHQ VDKHUZLH.DUWDXIGLH)HVSUDQJXQGDXILKQ]XNDP,Q VWLQNWLYGXFNWHVLFK.LPKLQWHUVHLQHQ6FKLOGXQGKREJOHLFK ]HLWLJGDV6FKZHUWDOVGHU0RUJHQVWHUQKHUXQWHUVFKZDQJ 'LHVWlKOHUQH.XJHOUXWVFKWHDQGHU.OLQJHHQWODQJ(LQ JUDXVDPHU6FKODJUL.LPV$UPKRFKVFKOHXGHUWHLKPGLH :DIIHDXVGHU+DQGXQGOLHLKQLQGLH.QLHEUHFKHQ .DUWODFKWHVFKDGHQIURK ª1XQNOHLQHU+HOG"©VDJWHHU6HLQH6WLPPH]LWWHUWHYRU $QVWUHQJXQJª7XWHVGLUMHW]WOHLGGDGXPLUHLQH&KDQFH JHODVVHQKDVW"© .LPVFKZLHJYHUELVVHQ'DV6FKZHUWODJPHKUDOV]ZHL0H WHUKLQWHULKP(EHQVRJXWKlWWHHVDXIGHP0RQGRGHU LUJHQGZRLQ*RU\Z\QQOLHJHQN|QQHQ(UZDUZHKUORV ª1LPPGHLQ6FKZHUW©VDJWH.DUWª'XKDVWPLUHLQH &KDQFHJHZlKUW1XQJHZlKUHLFKVLHGLU© .LP]|JHUWH ª'XWUDXVWPLUQLFKW"©IUDJWH.DUWODXHUQGª1LPPGDV 6FKZHUWDXI,FKKDEHNHLQH%HGHQNHQHLQHQ:DIIHQORVHQ ]XW|WHQ© .LPVWHPPWHVLFKKRFKXQGJLQJUFNZlUWVDXIVHLQH:DIIH ]X.DUWV$XJHQYHUIROJWHQPLWUDXLVFKMHGHVHLQHU%HZH JXQJHQ ª+HEHVDXI©GRQQHUWH.DUW .LPKROWHWLHI/XIWEFNWHVLFKXQGJULIIQDFKGHU.OLQJH ,PJOHLFKHQ$XJHQEOLFNVSUDQJ.DUWYRUXQGOLHGHQ0RU JHQVWHUQPLWYHUQLFKWHQGHU.UDIWQLHGHUVDXVHQ.LPZDUI VLFK]XU6HLWH6HLQH)LQJHUYHUNUDPSIWHQVLFKXPGHQ 6FKZHUWJULII'HU0RUJHQVWHUQVFKOXJDXIVHLQHQ6FKLOGDXI XQGEUDFKLKQNUDFKHQGHQW]ZHL'LH:XFKWGHV6FKODJHV

VFKPHWWHUWH.LP]X%RGHQ%OLQGYRU6FKPHU]UROOWHHU KHUXPULLQVWLQNWLYGDV6FKZHUWKRFKXQGZDUWHWHDXIGHQ OHW]WHQW|GOLFKHQ+LHE $EHUGLHVHUEOLHEDXV(LQKDUWHU5XFNJLQJGXUFKGLH:DIIH LQ.LPV+lQGHQXQG%DURQ.DUWWDXPHOWHPLWHLQHPU| FKHOQGHQ/DXW]XUFN'HU0RUJHQVWHUQSROWHUWH]X%RGHQ .DUWVWROSHUWHHLQSDDU6FKULWWHUFNZlUWVEUDFKLQGLH.QLH XQGVDQNODQJVDPYRUQEHU .LPVWDUUWHYHUEOIIWDXIGLH6SLW]HVHLQHV6FKZHUWHV'LH .OLQJHVFKLPPHUWHYRQ%OXW.DUWPXWHGLUHNWLQGLH:DIIH KLQHLQJHODXIHQVHLQ /DQJVDPOLH.LPGDV6FKZHUWVLQNHQHUHUKREVLFKXQG JLQJ]XGHPJHVWU]WHQ5LHVHQKLQEHU'HUVFKZDU]H%D URQOHEWHQRFKGRFKGHU%RGHQXQWHULKPU|WHWHVLFKPHKU XQGPHKUYRQVHLQHP%OXW$OV.LPQHEHQLKPQLHGHUNQLHWH XQGLQVHLQH$XJHQEOLFNWHVDKHUGDGHU7RGEHUHLWVGLH +DQGQDFKLKPDXVJHVWUHFNWKDWWH ª*XWJHNlPSIWNOHLQHU+HOG©VWLH.DUWPKVDPKHU YRUª=XJXWIUPLFKLFKKlWWHGLUYLHOOHLFKWGRFK NHLQH&KDQFHJHEHQVROOHQ©(UODFKWHELWWHUª,VWGDVQXQ =XIDOORGHUGHU:LQNHLQHUK|KHUHQ*HUHFKWLJNHLW"© ª*HUHFKWLJNHLW"© ª-D*HUHFKWLJNHLW9LHOOHLFKWZDUHVGLH6WUDIHIUIU PHLQH+HLPWFNH$EHUYLHOOHLFKWLVWHVDXFKULFKWLJVR9LHO OHLFKWPXWHVWGXVLHJHQXPHQGJOWLJ]XYHUOLHUHQ© .LPGDFKWHHLQHQ0RPHQWEHU.DUWV:RUWHQDFK:DUHQ GHVVHQ6LQQHVFKRQVRYHUZLUUWRGHUZDUGLHVQRFKHLQH OHW]WHKLQWHUKlOWLJH'URKXQJ" ª+|UPLU]X.LP©IOVWHUWH.DUWPLWHUVWHUEHQGHU6WLPPH ª'XKDVWGLFKWDSIHUJHVFKODJHQXQGDXFKZHQQZLUDXI YHUVFKLHGHQHQ6HLWHQVWHKHQVRDFKWHLFK0XWXQG7DSIHU NHLWDXFKEHLPHLQHQ)HLQGHQ'DUXPZLOOLFKGLUHLQHQ5DW JHEHQ8QGGLHVPDOPHLQHLFKHVHKUOLFK©(UKLHOWLQQH$OV HUIRUWIXKUVSUWH.LPZLHYLHO.UDIWHVLKQNRVWHWHGLH :RUWHKHUYRU]XVWRHQª'HU:HJGHUYRUGLUOLHJWLVW VFKZHU6HOEVWLFKKlWWHQLFKWGHQ0XWLKQ]XJHKHQ$EHU GXNDQQVWHVVFKDIIHQ$FKWHDXIDOOHVZDVGLUEHJHJQHW*H

UDGHZDVKDUPORVHUVFKHLQWPDJHLQHW|GOLFKH*HIDKUEHU JHQ©(UZROOWHQRFKPHKUVDJHQDEHUGLH6WLPPHYHUVDJWH LKP6HLQH$WHP]JHYHUVLHJWHQ(UZDUWRW .LPNQLHWHQRFKODQJHQHEHQGHP7RWHQ9HUJHEOLFKZDU WHWHHUGDUDXIGDVLFKVRHWZDVZLH7ULXPSKRGHU=XIULH GHQKHLWHLQVWHOOWH6RVHKUHUVHLQH6HHOHDXFKGXUFKIRUVFKWH YRQVROFKHQ*HIKOHQZDUQLFKWV]XILQGHQ$OOHQIDOOV 7UDXHU7UDXHUXQGIDVWHWZDVZLH$EVFKHXYRUVLFKVHOEVW (UKDWWHHLQHQ0HQVFKHQJHW|WHW'LH7DWVDFKHGDGLHVHU 0HQVFKVHLQ)HLQGZDUXQGXQVlJOLFKHV/HLGEHUGLHVH :HOWXQGLKUH%HZRKQHUJHEUDFKWKDWWHlQGHUWHQLFKWV GDUDQ1DFKVHLQHP*HZLVVHQZDU.LPHLQ0|UGHU (UVWDQGDXIO|VWHGHQ]HUEURFKHQHQ6FKLOGYRQVHLQHP$UP XQGEFNWHVLFKXPVHLQ6FKZHUWYRP%RGHQDXI]XKHEHQ 6HLQH)LQJHUVSLW]HQYHUKDUUWHQVHNXQGHQODQJDXIGHP VFKZDU]HQ*ULIIXQGIUHLQHQ$XJHQEOLFNVDKHUQLFKWV DXHUGHUVFKZDU]HQEOXWEHVXGHOWHQ.OLQJH (U]RJGLH+DQGZLHGHU]XUFN 1HLQGDFKWHHU (UKDWWHHLQPDOJHW|WHWHLQPDO]XYLHO(UZUGHHVQLHZLH GHUWXQ (UGUHKWHVLFKXPQlKHUWHVLFKGHU.DQWHXQGEOLHEHLQHQ KDOEHQ6FKULWWYRUGHP1LFKWVVWHKHQ'LH%UFNHZDUGD ZLHGHU:HOWHQZlFKWHUJHVDJWKDWWHHLQEUHLWHULQNKQHP %RJHQJHVFKZXQJHQHU6WHJLQDOOHQ)DUEHQGHV5HJHQER JHQVGHVVHQ(QGHVLFKLQGHU8QHQGOLFKNHLWYHUORU /DQJVDPPLWIHVWHQ6FKULWWHQWUDW.LPDXIGLH%UFNHXQG LQV1LFKWVKLQDXV

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|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ª:LOONRPPHQ0HQVFK©VDJWHHLQHPlFKWLJH6WLPPH .LPSUDOOWHHUVFKURFNHQ]XUFN9RULKPKRFNWHHLQULHVLJHU VFKZDU]HU9RJHO(UlKQHOWHHLQHP$GOHUQXUZDUHUYLHO YLHOJU|HUPLWVWXPSIVFKZDU]HP*HILHGHUXQGHLQHPDUP ODQJHQJHIlKUOLFKDXVVHKHQGHQ6FKQDEHO ª:HUELVWGX"©IUDJWH.LPXQVLFKHU

ª0HLQ1DPHLVW5RN©DQWZRUWHWHGHUVFKZDU]H9RJHOª,FK ELQGHUOHW]WH:lFKWHU+WHUGHV5HJHQERJHQVXQG+HUU GHU8QHQGOLFKNHLW8QGZHUELVWGX"© ª,FKKHLH.LP©DQWZRUWHWH.LPPLWIHVWHU6WLPPHREZRKO LKPGHU$QEOLFNGHV9RJHOVVROFKHQ6FKUHFNHLQMDJWHGD LKPGLH.QLH]LWWHUWHQª8QGLFKELQDXIGHU6XFKHQDFK GHP5HJHQERJHQN|QLJ© 'HU9RJHOVWDUUWH.LPHLQHQ0RPHQWGXUFKGULQJHQGDQ XQGEHJDQQGDQQNUlFK]HQG]XODFKHQª'X"©VDJWHHU QDFKGHPHUZLHGHU]X$WHPJHNRPPHQZDUª'XZLOOVW ]XP.|QLJGHU5HJHQERJHQ"$XVJHUHFKQHWGX"©8QYHUPLW WHOWZXUGHHUZLHGHUHUQVWª:DUXP"© ª,FKNRPPHXPLKQXP+LOIH]XELWWHQ© ª+LOIH":RIU"'HLQH3UREOHPHLQWHUHVVLHUHQKLHUQLHPDQ GHQ© ª,FKZLOOQLFKWVIUPLFK©VDJWH.LPKDVWLJªLFKZLOOXP +LOIHIU0lUFKHQPRQGELWWHQ6HLQH9|ONHUVLQGLQJURHU *HIDKU© ª0lUFKHQPRQG©5RNOHJWHQDFKGHQNOLFKGHQ.RSI VFKLHIª-DLFKJODXEHLFKKDEHGLHVHQ1DPHQVFKRQHLQPDO JHK|UW8QGZDUXPJODXEVWGXGDHVKLHUMHPDQGHQJHEHQ N|QQWHGHUVLFKXPHXUH3UREOHPHVFKHUW"© ª,FKGDV2UDNHO©VWRWWHUWH.LPª,FKPHLQHHVJDE HLQH3URSKH]HLXQJ© ª$FKZDV©XQWHUEUDFKLKQ5RNJUREª3URSKH]HLXQJ 4XDWVFKPLW6RH,KU0HQVFKHQKDEWVFKRQDOOHVP|JOLFKH SURSKH]HLW*XWHVXQG6FKOHFKWHVRGHUZDVLKUGDIUKDOWHW +XPEXJ,KUSURSKH]HLWHXFKLPPHUGDV]XVDPPHQZDV HXFKJHUDGHPGHQ.UDPSDW'XPXWGLUVFKRQHLQHQ EHVVHUHQ*UXQGDXVGHQNHQZHQQLFKGLFKYRUEHLODVVHQVROO© .LPYHU]ZHLIHOWHIDVW6RGLFKWYRUGHP=LHOXQGQXQVROOWH ZRP|JOLFKDOOHVXPVRQVWJHZHVHQVHLQQXUZHJHQGLHVHV GXPPHQ9RJHOV ª0HLQH*UQGHJHKHQGLFKJDUQLFKWVDQ©VDJWHHUZWHQG ª,FKKDEHJU|HUH*HIDKUHQEHUZXQGHQXPKLHUKHU]XJH ODQJHQ,FKZHUGHPLFKQLFKWYRQGLUDXIKDOWHQODVVHQ© 6HLQH+DQGJOLWWZLHYRQVHOEVWDQGHQ*UWHOXQGDXIZXQ

GHUVDPH:HLVHVWHFNWHVHLQ6FKZHUWZLHGHULQGHU6FKHLGH DOVKlWWHHUHVQLHPDOVIRUWJHZRUIHQ$OOVHLQHHGOHQ9RU VlW]HZDUHQYHUJHVVHQ0LWHLQHUHQWVFKORVVHQHQ%HZHJXQJ ]RJHUGLH:DIIHKHUYRUWUDWGURKHQGDXI5RN]XXQG VDJWHª9HUVFKZLQGH*LEGHQ:HJIUHL© 5RNODFKWHDPVLHUWª0DFKGLFKQLFKWOlFKHUOLFK0HQVFK OHLQ© .LPVDKURW(UVFKZDQJVHLQH:DIIHXQGOLHVLHPLWDOOHU :XFKWDXIGDVVFKZDU]H*HILHGHUKHUXQWHUVDXVHQ$EHUGLH .OLQJHSUDOOWHDEDOVZlUHVLHDXI6WHLQJHVFKODJHQ ª2KRRR©PDFKWH5RNª)UHFKZLUGHUDXFKQRFK©(UKRE HLQHQ)XVFKXEVWH.LPPLWVSLHOHULVFKHQ%HZHJXQJHQ]X UFNXQGNODSSHUWHGURKHQGPLWGHP6FKQDEHOª'XELVW QLFKWGHUHUVWHGHUYHUVXFKWPLUPLW*HZDOWEHL]XNRP PHQ© .LPVFKULH]RUQLJDXIXQGKDFNWHQDFK5RNV6FKQDEHO'HU 9RJHOQDKPGHQ6WUHLFKXQJHUKUWKLQVFKOXJPLWGHQ)O JHOQXQGVSUDQJGDQQPLWHLQHP6DW]DXI.LPV%UXVW ª/DGHQ4XDWVFK©VDJWHHUGURKHQGª:HQQGXNHLQHEHV VHUHQ$UJXPHQWHKDVWDOVGHLQ6FKZHUWWUROOVWGXGLFKDP EHVWHQZLHGHUGRUWKLQ]XUFNZRKHUGXJHNRPPHQELVW© .LPVW|KQWHEHIUHLWDXIDOVGHU9RJHOHQGOLFKYRQVHLQHU %UXVWKHUXQWHUVSUDQJXQGVLFKZLHGHUDXIVHLQHQ3ODW] KRFNWH0LWHLQHP0DONDPHUVLFKVFKlELJYRU(UZXWH VHOEVWQLFKWZDVLQLKQJHIDKUHQZDU5RNPLW:DIIHQJHZDOW DQJUHLIHQ]XZROOHQXQGSO|W]OLFKVFKlPWHHUVLFK6FKXOG EHZXWVFKREHUGLH:DIIHLQGHQ*UWHO]XUFN ª,FK©EHJDQQHUVWRFNHQGª9HU]HLK5RN$EHULFKKDEH IDVWVFKRQYHUJHVVHQGDHVDXFKQRFKDQGHUH:HJHJLEW DQV=LHO]XJHODQJHQDOVPLWGHU:DIIHLQGHU+DQG© 5RNEOLQ]HOWHZLHGHU(UKREVLFKDXIGHQ%HLQHQKRFKXQG GUHKWHVLFKKHUXPXQG.LPVDKGDGHU9RJHOQXUDXIGHU HLQHQ6HLWHVFKZDU]ZDU'LHDQGHUH6HLWHZDUZHLVR VWUDKOHQGZHLGD.LPJHEOHQGHWGLH+DQGYRUGLH$XJHQ KLHOW ª:DKUJHVSURFKHQ.LP©VDJWH5RN6HLQH6WLPPHNODQJ DOVVFKOJHPDQHLQULHVLJHVGQQHV*ODVDQª8QGLFKOHVH

LQGLUGDGXDXFKJODXEVWZDVGXVDJVW'DVLVWJXWVR GHQQPLW*HZDOWXQG+DLP+HU]HQJHODQJWQLHPDQG]XU 5HJHQERJHQEXUJ'XELVWDOVRJHNRPPHQXP+LOIH]XHU ELWWHQ"© .LPQLFNWH]DJKDIW ª8QGZDVZLOOVWGXWXQZHQQPDQVLHGLUYHUZHLJHUW"© ª,FKLFKZHLHVQLFKW©VDJWH.LPUDWORVª8PHKUOLFK]X VHLQGDUEHUKDEHLFKPLUQRFKNHLQH*HGDQNHQJHPDFKW© 5RNVFKZLHJHLQH:HLOH'DQQVFKWWHOWHHUGHQ.RSIª6R HLQHUZLHGXLVWPLUQRFKQLFKWYRUJHNRPPHQ©PXUPHOWHHU ª.RPPWKLHUKHUXQGZHLQLFKWHLQPDOZDVHUZLOO:DV ZLOOVWGXGHP5HJHQERJHQN|QLJGHQQVDJHQ"© ª,FKZLOOLKQELWWHQ0lUFKHQPRQG]XUHWWHQ© ª0lUFKHQPRQG6RVR6RVRVRVR'XELVWQDLYZHLWGX GDV"© ª,FKELQQLFKWQDLY©IXKU.LPDXIª,FK© 5RNGUHKWHVLFKEOLW]VFKQHOOXPXQGZDQGWHLKPZLHGHU VHLQHVFKZDU]H6HLWH]Xª-D"©NUlFK]WHHUODXHUQGª1XU ZHLWHUGXXQEHKHUUVFKWHUNOHLQHU'XPPNRSI5HGQXUZHL WHU© .LPIDOWHWHEHWUHWHQGLH+lQGHKLQWHUGHP5FNHQª(QW VFKXOGLJH©VDJWHHUOHLVHª,FKZHLLFKELQPDQFKPDOXQEH KHUUVFKWDEHU© ª$EHUGXJODXEVWLFKZUGHGDVYHUVWHKHQQDFKDOOGHQ*H IDKUHQGLHGXEHUVWDQGHQKDVW©EHHQGHWH5RNGHQ6DW] LKPQXQZLHGHUVHLQHZHLH6HLWH]XZHQGHQGª9LHOOHLFKW KDVWGXUHFKWNOHLQHU+HOG,FKPXJHVWHKHQ©NUlFK]WHHU ªGDGXPLU.RSI]HUEUHFKHQEHUHLWHVW,FKNDQQGLFKQLFKW GXUFKODVVHQVRODQJHGXPLUNHLQHEHVVHUHQ*UQGHYRUOHJVW $EHULFKNDQQGLFKDXFKQLFKW]XUFNVFKLFNHQZHLOHVNHLQ =XUFNJLEW©(UVFKWWHOWHGHQ.RSIª0LUVLQGVFKRQYLHOH XQWHUJHNRPPHQ0DQFKHZROOWHQ0DFKWXQG5XKPDQGHUH *ROGRGHU©(UODFKWHDOVHU]lKOHHUHWZDVXQJHPHLQ.R PLVFKHVª8QVWHUEOLFKNHLW$EHUHLQHUGHUQLFKWZHLZDVHU ZLOOVRHLQHUZDUQRFKQLFKWKLHU© ª$EHULFKZHLZDVLFKZLOO©VDJWH.LP ª'DVZHLWGXQLFKW'XJODXEVWHV]XZLVVHQDEHUGDVLVW

HLQ,UUWXP,FKIUDJHPLFKHUQVWKDIWZDVLFKQXQPLWGLUWXQ VROO"©6HLQZHLHV$XJHPXVWHUWH.LPPLWHLQHPVHOWVDPHQ ODQJHQ%OLFN3O|W]OLFKQLFNWHHUWUDWHLQHQ6FKULWWDXI.LP ]XXQGEUHLWHWHGLH)OJHODXVª6HW]GLFKDXIPHLQHQ5N NHQ©VDJWHHUª(VLVWJHJHQGLH9RUVFKULIWDEHULFKNDQQ GLFKDXFKQLFKWKLHUEHKDOWHQZLHGXVLFKHUYHUVWHKHQZLUVW 0|JHQVLFKDQGHUHGLH.|SIHGDUEHU]HUEUHFKHQZDVPLW GLUJHVFKHKHQVROO© .LPEHWUDFKWHWHGLHULHVLJHQ6FKZLQJHQ5RNVXQG.DUWV :DUQXQJILHOLKPHLQ:DUGLHVHLQHGHU)DOOHQYRUGHQHQHU LKQJHZDUQWKDWWH"2GHUZROOWHGHUVFKZDU]H%DURQPLWVHL QHPOHW]WHQ:RUWGRFKQXU0LWUDXHQLQVHLQ+HU]VlHQ" ª1XQNRPPVFKRQ©GUlQJWH5RNªHKHLFKHVPLUDQGHUV EHUOHJH©(UZDQGWHGHQ.RSIXQGIUHLQHQ0RPHQWVDK .LPGLHVFKZDU]H6HLWHVHLQHV.|USHUVXQGGDVKHLPWFNL VFKH)XQNHOQLQVHLQHP$XJH.LP]XFNWHKLOIORVGLH6FKXO WHUQVFKZDQJVLFKDXI5RNVEUHLWHQ1DFNHQXQGNODPPHUWH VLFKLQVHLQHP*HILHGHUIHVW 5RNQDKP$QODXIXQGVFKZDQJVLFKPLWHLQHPNUDIWYROOHQ 6DW]LQGLH/XIWHPSRU.LP]RJGHQ.RSIHLQXQGNODSSWH HLOLJGDV9LVLHUKHUXQWHUDOVLKPGLHHLVLJH/XIWLQV*HVLFKW VWDFK5RNJHZDQQPLWNUDIWYROOHQ)OJHOVFKOlJHQUDVFKDQ +|KH ª:RKLQIOLHJHQZLU"©ULHI.LPJHJHQGDV5DXVFKHQGHU/XIW ª1LUJHQGZRKLQ©HQWJHJQHWH5RNªZHLOHVKLHUNHLQ'D XQG'RUWJLEW:HQQGXZLUNOLFK]XU5HJHQERJHQEXUJ ZLOOVWLVWHVQLFKWZHLW$EHUZHQQGX]ZHLIHOVWHUUHLFKVWGX VLHQLHXQGZHQQGXWDXVHQG-DKUHZDQGHUVW© .LPVHXI]WH(VZlUHMDDXFK]XVFK|QJHZHVHQHLQHNODUH XQGHLQGHXWLJH$QWZRUW]XEHNRPPHQ5RNIORJVFKQHOOHU XQGLPPHUVFKQHOOHUELVGLH(EHQHXQWHULKQHQZLHHLQIOLH JHQGHU7HSSLFKGDKLQ]XUDVHQVFKLHQ6HOEVW5DQJDULJKDWWH QLFKWDQQlKHUQGHLQHVROFKH*HVFKZLQGLJNHLWHUUHLFKW GDFKWH.LPPLWOHLVHP%HGDXHUQ 1DFKHLQHU:HLOHZXUGHQ5RNV)OJHOVFKOlJHODQJVDPHU XQGVFKOLHOLFKVHW]WHHULQVDQIWHP%RJHQDXIGHU(EHQHDXI XQGKLH.LPYRQVHLQHP5FNHQ]XVWHLJHQ

.LPJHKRUFKWH]|JHUQG9RQGHUYHUVSURFKHQHQ5HJHQER JHQEXUJZDUNHLQH6SXU]XHQWGHFNHQ'LH(EHQHZDUOHHU ZLHHKXQGMH ª:RVLQGZLU"©IUDJWH.LPOHLVH ª$P=LHO©DQWZRUWHWH5RNXQGGLHVPDOVWDQGHUVRGD .LPEHLGH6HLWHQGLHVFKZDU]HXQGGLHZHLHVHKHQ NRQQWHª-HGHQIDOOVIDVW:HLWHUN|QQHQZLUGLFKQLFKWEH JOHLWHQ2EGXGHLQ=LHOHUUHLFKVWOLHJWJDQ]DOOHLQEHLGLU :HQQHVGHLQIHVWHU:LOOHLVWNDQQVWGXHVVFKDIIHQ©'DPLW VFKZDQJHUVLFKPLWHLQHPPlFKWLJHQ6DW]LQGLH/XIWIORJ QRFKHLQH6FKOHLIHXQG]RJPLWODQJVDPHQ)OJHOVFKOlJHQ YRQGDQQHQ.LPEOLFNWHLKPQDFKELVHU]XHLQHPZLQ]LJHQ 3XQNW]XVDPPHQVFKUXPSIWHXQGGDQQJDQ]YHUVFKZDQG .LPVDKVLFKXQVFKOVVLJXP'LH(EHQHZDUOHHUZLH]XYRU XQGHUZXWHQLFKWHLQPDOPHKUDXVZHOFKHU5LFKWXQJHU JHNRPPHQZDU9HUJHEOLFKYHUVXFKWHHUHLQHQ+RUL]RQW RGHULUJHQGHLQHVLFKWEDUH%HJUHQ]XQJDXV]XPDFKHQ(UZDU DOOHLQYROONRPPHQDOOHLQXQG]XPHUVWHQ0DOLQVHLQHP/H EHQEHJDQQHUGLHLQQHUVWH%HGHXWXQJGHV:RUWHV(LQVDP NHLW]XHUDKQHQ (UGUHKWHVLFKHLQPDOXPVHLQH$FKVHXQGJLQJGDQQLQHLQH EHOLHELJH5LFKWXQJORV6HLQH6FKULWWHZDUHQVHOWVDPOHLFKW HUVSUWHZHGHUGDV*HZLFKWVHLQHV.|USHUVQRFKGHU5 VWXQJ(UEHJDQQVHLQH6FKULWWH]X]lKOHQXPZHQLJVWHQV XQJHIlKU]XZLVVHQZLHZHLWHUZDQGHUWHDEHUQDFKGHPHU EHLIQIKXQGHUWGDQQEHLWDXVHQGXQGVFKOLHOLFKEHL]ZHL WDXVHQGDQJHODQJWZDUJDEHUGDV=lKOHQZLHGHUDXI:LH KDWWH5RNJHVDJW:HQQHVGHLQIHVWHU:LOOHLVWNDQQVWGXHV VFKDIIHQ-D(VZDUVHLQIHVWHU:LOOH8QGHUZUGHZHL WHUZDQGHUQHJDOZLHZHLW $OVZlUHGLHVHU*HGDQNHGHU6FKOVVHOJHZHVHQHUKREVLFK YRQHLQHP0RPHQW]XPDQGHUHQDXVGHP1LFKWVHLQSUlFK WLJHVLQDOOHQ)DUEHQGHV5HJHQERJHQVOHXFKWHQGHV6FKOR .LPVWDUUWHZLHJHEDQQWDXIGLHKLPPHOVWUPHQGHQEXQW VFKLOOHUQGHQ:lOOHXQG7UPH'LH5HJHQERJHQEXUJ .LPNRQQWHVLFKNHLQHQ1DPHQGHQNHQGHUEHVVHU]XGLH VHP7UDXPDXV)DUEHQXQG)RUPHQJHSDWKlWWH6HOEVW*R

U\Z\QQXQG6FKOR:HOWHQGHVFKUXPSIWHQLP9HUJOHLFKPLW GHU5HJHQERJHQEXUJLQQLFKWV]XVDPPHQ1RFKZlKUHQG .LPGDVWDQGXQGVFKDXWHYHUEODWHGHUHQ%LOGLQVHLQHU(U LQQHUXQJXQGZDUGDQQJDQ]YHUVFKZXQGHQ 'HU$QEOLFNGHU%XUJUDXEWH.LPGHQ$WHP(UYHUVXFKWH YHUJHEOLFK0DWHULHKLQWHUGHQOHXFKWHQGHQ)DUEHQ]XHU NHQQHQ'LH%XUJVFKLHQJDQ]DXVUHLQHQNUlIWLJHQ)DUEHQ YRQXQYRUVWHOOEDUHU,QWHQVLWlWHUEDXW]XVHLQ)DUEHQGLH VLFKEHUGDVJHVDPWH6SHNWUXPXQGZHLWGDUEHUKLQDXVHU VWUHFNWHQ)DUEHQGLHHUVLFKQLHKlWWHYRUVWHOOHQN|QQHQ )DUEHQIUGLHGLHPHQVFKOLFKH6SUDFKHNHLQH1DPHQKDWWH GLHNHLQHV0HQVFKHQ$XJHMHHUEOLFNWKDWWH ,PXQWHUHQ'ULWWHOGHU%XUJPDXHU|IIQHWHVLFKHLQULHVLJHV SUDFKWYROOHV7RUHLQHPVLFK|IIQHQGHQ%OWHQNHOFKJOHLFK XQGHLQEUHLWHUVFKLOOHUQGHU5HJHQERJHQEUDFKKHUYRUIOX WHWHEHUGLH(EHQHXQGELOGHWHHLQHEUHLWHVFKLOOHUQGH 6WUDH.LPWUDW]|JHUQGGDUDXIXQGXQWHUVHLQHQ)HQ VFKLHQVLFKHLQHZDKUH)DUEH[SORVLRQ]XYROO]LHKHQ /DQJVDPJDQ]EHQRPPHQYRU6WDXQHQJLQJ.LPDXIGLH %XUJ]X$EHUHVZDUQLFKWQXUGLHUlXPOLFKH(QWIHUQXQJ GLHHUEHUZDQG(UPHUNWHHVQLFKWGRFKPLWMHGHP6FKULWW GHQHUVLFKGHQVFKLPPHUQGHQ:lQGHQQlKHUWHWUDWHUHLQ 6WFNLQGLHHLJHQH9HUJDQJHQKHLW]XUFN(UHUOHEWHVHLQH 5HLVHQRFKHLQPDOLQXPJHNHKUWHU5HLKHQIROJH6FKULWWIU 6FKULWW7DJIU7DJMHGHU6FKULWWHLQH6WXQGHDOOH]HKQ 0HWHUHLQ7DJ:LHEHLHLQHPUFNZlUWVJHVSXOWHQ)LOPOLH IHQVlPWOLFKH(UHLJQLVVHQRFKHLQPDOYRUVHLQHQ$XJHQDE (UNHKUWH]XUFN]XU%XUJDP(QGHGHU:HOWHUOHEWHQRFK HLQPDOGHQ.DPSIPLWGHP7DW]HOZXUPJLQJGXUFKGLH .ODPPGHU6HHOHQIORJQRFKHLQPDOEHUGLHXQHQGOLFKHQ :HLWHQ0lUFKHQPRQGVJHWUDJHQYRP:LQGXQG5DQJDULJV NUlIWLJHQ)OJHOQ:HLWHUJLQJGLH5HLVH]XUFNQDFK*R U\Z\QQ&DLYDOORQXQGGHP6FKDWWHQJHELUJHXQGPLWMHGHP 6FKULWWHUORVFKHLQ6WFNVHLQHU(ULQQHUXQJ $OV.LPGXUFKGHQZHLWJHVFKZXQJHQHQ7RUERJHQGHU5H JHQERJHQEXUJWUDWZXWHHUQLFKWPHKUZDUXPHUKLHUKHU JHNRPPHQZDUQLFKWPHKUZRHUZDUQLFKWHLQPDOVHLQHQ

1DPHQ(UZDUSO|W]OLFKQXUQRFKHLQQHXJLHULJHVVWDXQHQ GHV.LQGGDVVLFKDQDOOGHQ:XQGHUQGLHVLFKYRUVHLQHQ $XJHQDXIWDWHQHUIUHXWH(UKDWWHVHLQH)UHXQGHXQG)HLQGH YHUJHVVHQXQGPLWGHU(ULQQHUXQJDQVLHZDUDXFKGLH )XUFKWYRQLKPDEJHIDOOHQ'DVPlFKWLJH7RUVFKORVLFK ODXWORVKLQWHULKPXQG.LPHPSIDQGQLFKWVDOV9HUZXQGH UXQJXQG)UHXGHDQGHQLKQXPJHEHQGHQ)DUEHQ(UJLQJ GXUFKHLQHQ.RUULGRUDXVVWUDKOHQGHP%ODXXQGJROGGXUFK ZLUNWHP2UDQJHXQGHUUHLFKWHVFKOLHOLFKHLQH]ZHLWHNOHL QHUH7U 6LHIKUWHLQHLQHQKHUUOLFKHQ*DUWHQ.QRUULJHDOWH%lXPH YHUEUHLWHWHQNKOHQ6FKDWWHQXQGLPVDIWLJHQ*UDVEOKWHQ 7DXVHQGHXQG$EHUWDXVHQGHEXQWH%OXPHQ6FKPHWWHUOLQJH PLWIDUEHQSUlFKWLJHQGXUFKVLFKWLJHQ)OJHOQIODWWHUWHQXP KHUXQGDXVGHQ7LHIHQGHV*DUWHQVVFKDOOWHLKPHLQ&KRU IU|KOLFKHU9RJHOVWLPPHQHQWJHJHQ .LPWUDWDXVGHU7ULQGHQ*DUWHQKLQDXV+LQWHULKP VFKORVLFKGLH:DQGZLHGHURKQHGLHJHULQJVWH6SXUHLQHU gIIQXQJ]XKLQWHUODVVHQ)UHLQHQNXU]HQ0RPHQWPHLQWH .LPHLQHZDUQHQGH6WLPPH]XK|UHQGLHLKPHWZDV]XIO VWHUWH*HUDGHZDVKDUPORVHUVFKHLQWPDJHLQHW|GOLFKH*HIDKU EHUJHQ$EHUGHU*HGDQNHHQWVFKOSIWHLKPEHYRUHULKQ]X (QGHGHQNHQNRQQWHXQGZHQLJH$XJHQEOLFNHVSlWHUKDWWH HULKQVFKRQYHUJHVVHQ 6HLQH)HYHUVDQNHQELV]XGHQ.Q|FKHOQLPZHLFKHQ *UDV(LQHUGHUJURHQEXQWHQ6FKPHWWHUOLQJHIODWWHUWHRKQH 6FKHXKHUEHLXQGVHW]WHVLFKDXI.LPVDXVJHVWUHFNWH+DQG .LPEHREDFKWHWHHLQH=HLWODQJGDV6SLHOVHLQHU]HUEUHFKOL FKHQ)KOHUVWULFKGDQQGHP6FKPHWWHUOLQJYRUVLFKWLJPLW GHP'DXPHQQDJHOEHUGHQ5FNHQXQGKREGLH+DQGXP LKQGDYRQIOLHJHQ]XODVVHQ(LQNOHLQHUJODVNODUHU%DFK VFKOlQJHOWHVLFKLQPXQWHUHQ:LQGXQJHQGXUFKGHQ*DUWHQ .LPNQLHWHDP8IHUQLHGHUWDXFKWHGLH+lQGHKLQHLQXQG WUDQNHLQSDDU6FKOXFNHGHVHLVNDOWHQ:DVVHUV(VVFKPHFNWH N|VWOLFKEHVVHUDOVDOOHVZDVHUMHPDOV]XYRUJHWUXQNHQ KDWWH 9RQLUJHQGZRZHKWH0XVLNKHUEHUKHOOHIU|KOLFKH0XVLN

$OV.LPGHQ.RSIKREHUEOLFNWHHUHLQH6FKDUOLHEOLFKHU )HHQGLHDXVGHPQDKHQ:DOGUDQGKHUYRUVFKZHEWHQXQG]X GHQ.OlQJHQGHU]DXEHUKDIWHQ0XVLNWDQ]WHQXQGVDQJHQ .LPVWDQGDXIXQGZLQNWHPLWGHU+DQG'LH)HHQEOLHEHQ VWHKHQK|UWHQDXI]XVLQJHQXQGVFKDXWHQLKPQHXJLHULJ HQWJHJHQ ª.HLQH$QJVW©ULHI.LPª,FKWXHXFKQLFKWV©(UVSUDQJPLW HLQHP6DW]EHUGHQ%DFKOLHIGXUFKGDVKRKH*UDVDXIGLH )HHQ]XXQGEOLHEGUHL$UPOlQJHQYRULKQHQVWHKHQ6LHZD UHQJURVHKUJURXQGVRVFKODQNGDVLHEHLQDK]HU EUHFKOLFKZLUNWHQ,KUH.|USHUZDUHQGXUFKVFKHLQHQGZLH PLOFKLJHV*ODVVRGDGDV/LFKWGHU6RQQHGXUFKVLHKLQ GXUFKVFKLPPHUWHXQGVLHZLHDXV:RONHQJHIRUPWVFKLHQHQ ª6HLJHJUW©VDJWHHLQHGHU)HHQª:HUELVWGX"© .LPEHUOHJWHHLQHQ0RPHQWª'DVZHLLFKQLFKW©DQW ZRUWHWHHUGDQQHKUOLFK7UDXHUEHUNDPLKQGDHUVHLQHQ 1DPHQYHUJHVVHQKDWWHXQGHLQHQ$XJHQEOLFNODQJVFKlPWH HUVLFKYRUGHQ)HHQ$EHUGLH=DXEHUZHVHQVFKLHQHQLKP VHLQH9HUJHOLFKNHLWQLFKW]XYHUEHOQ ª'DVPDFKWQLFKWV©VDJWHGLH)HHGLHLKQ]XHUVWDQJHVSUR FKHQKDWWHª'DQQSDWGX]XXQV.HLQHUKDWKLHUHLQHQ 1DPHQ:LUEUDXFKHQNHLQHQ%UDXFKVWGXHLQHQ1DPHQ" 'XNDQQVWGLUHLQHQDXVVXFKHQZHQQGXZLOOVW© .LPVFKWWHOWHGHQ.RSIª:HQQLKUNHLQH1DPHQEUDXFKW EUDXFKHLFKDXFKNHLQHQ©VDJWHHU 'LH)HHODFKWHª'DVLVWJXW.RPP6SLHOPLWXQV:LOOVWGX PLWXQVVSLHOHQ"© ª2MD©VWLPPWH.LPIUHXGLJ]XXQG]XVDPPHQPLWGHQ )HHQEHJDQQHU]XWDQ]HQXQG]XVLQJHQ6LHOLHIHQEHUGLH :LHVHWROOWHQDP8IHUGHV%DFKHVHQWODQJXQGNHKUWHQ VFKOLHOLFK]XP:DOGUDQG]XUFN ª.RPPPLWXQV©VDJWHHLQHGHU)HHQª:LUNHQQHQHLQHQ 2UWZRHVQRFKYLHOVFK|QHUH6SLHOHJLEW8QGYLHOHQHWWH /HXWH/HXWHZLHGX© ª:LHLFK"©.LPNRQQWHVLFKGDVQLFKWYRUVWHOOHQ$EHUGLH )HHKDWWHLKQQHXJLHULJJHPDFKWXQGVRIROJWHHULKQHQ 'RFKDOVHULQGHQ6FKDWWHQGHU%lXPHWUDWKDWWHHUVFKRQ

ZLHGHUYHUJHVVHQZDUXPHUHLJHQWOLFKPLWNDP(VJHQJWH LKPPLWGHQ)HHQ]XWDQ]HQ]XVLQJHQXQG]XVSLHOHQ6LH OLHIHQ]ZLVFKHQGHQJODWWHQPRRVEHZDFKVHQHQ6WlPPHQ GHU%lXPHKLQGXUFKXQGQDFKHLQLJHU=HLWHUUHLFKWHQVLH HLQHZHLWH/LFKWXQJDXIGHUVLFKQRFKPHKU)HHQWXPPHO WHQDEHUDXFKDOOHP|JOLFKHQDQGHUHQ:HVHQ:HVHQKDOE 0HQVFKKDOE3IHUGPHQVFKHQlKQOLFKH*HVWDOWHQLQZHLHQ ZDOOHQGHQ*HZlQGHUQPLWKHUUOLFKHQ)OJHOQDEHUDXFK 0HQVFKHQZLHHU6LHDOOHZLUNWHQKHLWHUXQGJHO|VWXQGLKU 6LQJHQXQG/DFKHQZDUELVZHLWLQGHQ:DOGKLQHLQ]XK| UHQ (LQLJH0lQQHUK|UWHQPLWLKUHP6SLHODXIDOVVLH.LP]ZL VFKHQGHQ)HHQHQWGHFNWHQXQGNDPHQLKQHQODFKHQGHQW JHJHQ1LHPDQGIUDJWHQDFKVHLQHP1DPHQZHUHUVHLRGHU ZRKHUHUNlPH6RJOHLFKQDKPHQVLH.LPLQLKUH0LWWHXQG .LPKDWWHYRPHUVWHQ$XJHQEOLFNDQGDV*HIKOGD]X]XJH K|UHQ7HLOHLQHUJURHQJOFNOLFKHQ)DPLOLH]XVHLQ8QEH VFKZHUWIROJWHHUVHLQHQQHXHQ)UHXQGHQ]XP8IHUGHVNOHL QHQ6HHVDQGHQGLH/LFKWXQJJUHQ]WHKlQJWHGLH)HLQV :DVVHUXQGODFKWHKHOODXIDOVLKPMHPDQGHLQHQ6FKXEV JDEVRGDHUElXFKOLQJVLQV:DVVHUILHO(UNURFKDXI+lQ GHQXQG.QLHQDQV8IHUVFKWWHOWHVLFKGLH1lVVHDXVGHQ .OHLGHUQXQGOLHVLFKGDQQDXVSXUHPhEHUPXWQRFKHLQ PDOUFNOLQJVLQV:DVVHUIDOOHQ $OVHUGDV]ZHLWH0DODQV7URFNHQHNURFKVDKHUGLH(OIH (VZDUHLQNOHLQHVGQQHV:HVHQ]HUEUHFKOLFKZLH*ODV XQGPLWVFKODQNHQJUD]LOHQ*OLHGHUQ,KU.OHLGVFKLHQDXV JHZREHQHQ6RQQHQVWUDKOHQ]XVHLQXQGLKU*HVLFKWZDU ZLHLKU.|USHUVFKPDOXQGZHLXQGYHUZXQGEDU 5HEHNNDV*HVLFKW 'LH(UNHQQWQLVWUDILKQZLHHLQ+DPPHUVFKODJ9RQHLQHU 6HNXQGH]XUDQGHUHQZXWHHUZLHGHUZHUHUZDUZDUXP HUKLHUKHUJHNRPPHQXQGZDVVHLQH$XIJDEHZDU 'LH(OIHVDKLKQVWLOOPLWWUDXULJHP/lFKHOQDQ .LPVW|KQWH0LWHLQHP0DOHUNDQQWHHUZLHOHHUXQGVLQQ ORVGLH)U|KOLFKNHLWXPXPLKQKHUXPZDU(VZDUQLFKWGLH )U|KOLFKNHLWGHV+HU]HQVVRQGHUQGLHGHV9HUJHVVHQVHLQH

)U|KOLFKNHLWGLHPLWGHP3UHLVHQGJOWLJHU(UVWDUUXQJEH ]DKOWZXUGH$OOGLHVH0HQVFKHQKLHUMHGHUHLQ]HOQHZDUHQ LUJHQGZDQQHLQPDOGHQJOHLFKHQ:HJZLHHUJHJDQJHQDEHU NHLQHUYRQLKQHQKDWWHGHQ5HJHQERJHQN|QLJDXFKQXUJH VHKHQ,KUHUDOOHU:HJHQGHWHKLHULQGLHVHPZXQGHUEDUHQ YHU]DXEHUWHQ*DUWHQGHV9HUJHVVHQVHLQHP2UWDQGHPDOOH :QVFKHXQZLFKWLJXQGDOOH6RUJHQQLFKWLJZXUGHQ'DV DOVRZDUHVZDV.DUWJHPHLQWKDWWH'DVOHW]WHJHIlKUOLFKH +LQGHUQLVDXIGHP:HJ]XP5HJHQERJHQN|QLJYROONRP PHQH:HOWYHUJHVVHQKHLWELV]XPHQWSHUV|QOLFKWHQ6HOEVW $XFKHU.LPKDWWHDOOHVYHUJHVVHQKDWWHODQJHEHYRUHUKHU JHNRPPHQZDUMDVFKRQHKHHUDXV*RU\Z\QQDXIJHEUR FKHQZDUGHQHLJHQWOLFKHQ*UXQGVHLQHU5HLVHYHUJHVVHQ(U ZDUJHNRPPHQXPVHLQH6FKZHVWHUDXV%RUDDV *HIDQJHQ VFKDIW]XEHIUHLHQ 8QGHUZUGHHVWXQ (UZROOWHVLFKXPGUHKHQXQG]XP:DOGUDQG]XUFNJHKHQ DOVLKPGLH6WLOOHDXIILHO'DV/DFKHQXQG6LQJHQZDUYHU VWXPPW0HQVFKHQXQG0lUFKHQZHVHQVWDQGHQUHJORVGD XQGVWDUUWHQLKQDQ6HNXQGHQODQJKDWWHHUGHQ(LQGUXFN DOVREGLH8QEHNPPHUWKHLWLQLKUHQ$XJHQ0LWUDXHQXQG +DJHZLFKHQZlUH ª/DWPLFKYRUEHL©VDJWHHU]XHLQHU*UXSSHYRQ0lQQHUQ GLHLKU:UIHOVSLHOIDOOHQJHODVVHQKDWWHQXQGLKPGHQ:HJ YHUVWHOOWHQ 'LH0lQQHUUKUWHQVLFKQLFKW ª/DWPLFK©VDJWHHUQRFKHLQPDOª,FKPXIRUW© ª1LHPDQGNDQQIRUWYRQKLHU©DQWZRUWHWHHLQHUGHU0lQQHU UXKLJª'XZUGHVWXQVHUDOOHU*OFN]HUVW|UHQZHQQGX JLQJHVW©'LH'URKXQJLQVHLQHU6WLPPHZDUQLFKW]XEHU K|UHQ .LPVSDQQWHVLFK(UNRQQWHVLFKHLQIDFKQLFKWYRUVWHOOHQ GDGLHVHIU|KOLFKHQ0HQVFKHQSO|W]OLFK]XHLQHU*HIDKU ZHUGHQVROOWHQ ª%OHLE©VDJWHHLQDQGHUHUVDQIWª(VLVWVFK|QKLHU:LUDOOH NDPHQYRUODQJHU=HLWKLHUKHUYROOHU3OlQHXQG+RIIQXQ JHQZLHGXXQGZLUDOOHVLQGJHEOLHEHQXQGJOFNOLFKJH

ZRUGHQ'XZLUVWVHKHQHVLVWOHLFKW%DOGZLUVWGXGHLQHQ .XPPHUYHUJHVVHQKDEHQXQGPLWXQVIU|KOLFKVHLQ)ULP PHU'HQQHVJLEWKLHUZHGHU$OWHUQRFK7RG© .LPVFKDXWH]XGHU(OIHPLW5HEHNNDV*HVLFKWKLQEHUXQG VDKVLHODQJHDQª,FKNDQQQLFKW©VDJWHHUOHLVHª%LWWHYHU VWHKWPLFK,FKNDQQQLFKWKLHUEOHLEHQ,FKZUGH]XYLHOH HQWWlXVFKHQ© ª'XZLUVWVLHYHUJHVVHQEDOG:DVLPPHUGHU*UXQGZDU GHUGLFKKHUJHIKUWKDWHULVWXQZLFKWLJ'XZLUVWJOFNOLFK VHLQZHQQGXEOHLEVW8QGJLEWHVHWZDVLP/HEHQHLQHV 0HQVFKHQZDVZLFKWLJHUZlUHDOVJOFNOLFK]XVHLQ"© .LPQLFNWHª-DGDVJLEWHV8QGQXQODWPLFKYRUEHL© 'LH5HLKHUFNWHEHGURKOLFKQlKHU.LPZLFKXQZLOONUOLFK ]XUFNELVHUELV]XGHQ:DGHQLP:DVVHUVWDQG ª:LUODVVHQQLFKW]XGDGXJHKVW©VDJWHHLQHUGHU0lQQHU .LPV+HU]EHJDQQ]XKlPPHUQ-HGHUHLQ]HOQHGLHVHU0lQ QHUZDULKPN|USHUOLFKEHUOHJHQXQGVLHZDUHQMHW]WNHLQH YHUVSLHOWHQ.LQGHUPHKUVRQGHUQJHIlKUOLFKH*HJQHU ª:DUXPZROOWLKUQLFKWGDLFKJHKH"©IUDJWHHUPLW]LWWHUQ GHU6WLPPHª,FKZLOOQLFKWVYRQHXFK,KUN|QQWEOHLEHQXQG WXQXQGODVVHQZDVLKUZROOW© ª'XZUGHVWDOOHV]HUVW|UHQ1RFKQLHLVWHVHLQHPYRQXQV JHOXQJHQGLHVHQ2UWZLHGHU]XYHUODVVHQ8QGGDVLVWJXW VR'HQQJHOlQJHHVHLQHPDXFKQXUHLQHPHLQ]LJHQVR ZWHQZLUGDZLUXQVHU=LHOQLFKWHUUHLFKWKDEHQGDHV KLQWHUGLHVHP*DUWHQQRFKHWZDVDQGHUHVJLEWXQGZLU N|QQWHQQLFKWPHKUJOFNOLFKVHLQ6RDEHUN|QQHQZLUZH QLJVWHQVYHUJHVVHQZHQQHVXQVVFKRQQLFKWYHUJ|QQWZDU DQV=LHOXQVHUHU7UlXPH]XJHODQJHQ© .LPV+DQGIXKUDQGHQ*UWHO6HLQ6FKZHUWJOLWWVFKDUUHQG DXVGHU6FKHLGHDEHUHUNDPVLFKGDEHLOlFKHUOLFKYRU(U VWDQGHLQHUKXQGHUWIDFKHQhEHUPDFKWJHJHQEHU (UZLFKHLQHQZHLWHUHQ6FKULWW]XUFNDOVGLH5HLKHZHLWHU YRUUFNWH6HLQ8PKDQJOHJWHVLFKQDXQGVFKZHUXPVHLQH %HLQHXQGVFKLHQLKQKLQWHQEHU]LHKHQ]XZROOHQ 'HU8PKDQJ/DXULQV0DQWHO .LPKDWWHDXFKGHQ=DXEHUPDQWHOIDVWVFKRQYHUJHVVHQJH

KDEW,QGLHVHP$XJHQEOLFNILHOLKPGDVPDJLVFKH.OHL GXQJVVWFNGDVHUGLHJDQ]H=HLWZLHHLQHQJHZ|KQOLFKHQ 0DQWHOJHWUDJHQKDWWHZLHGHUHLQ 6HLQH)LQJHUNUDOOWHQVLFKLQGDV]DUWH*HZHEH%ULQJPLFK ZHJGDFKWHHU0DFKPLFKXQVLFKWEDU $EHUQLFKWVJHVFKDK'HU0DQWHOUHDJLHUWHQLFKWXQGGLH 5HLKHGHU0lQQHUUFNWHVFKZHLJHQGQlKHU .LPV*HGDQNHQEHUVFKOXJHQVLFK(UPXWHLUJHQGHWZDV IDOVFKJHPDFKWKDEHQ(UYHUVXFKWHHVQRFKHLQPDOYROOHU ,QEUXQVWXQGPLWDOOHU.UDIWGHUHQHUIlKLJZDU$EHUDXFK MHW]WEOLHEHQGLHPDJLVFKHQ.UlIWHGHV0DQWHOVVWXPP ª*LEDXI©VDJWHHLQ0DQQª:LUIGLH:DIIHIRUWXQGYHUJL ZHVZHJHQGXJHNRPPHQELVW(VLVWOHLFKW© .LPVFKULHYHU]ZHLIHOWDXIULGDV6FKZHUWKRFKEHUGHQ .RSIXQGVSUDQJYRU(LQ$XIVFKUHLOLHIGXUFKGLH5HLKHGHU *HJQHU.LPVFKOXJLQEOLQGHU$QJVWXPVLFKXQGKDFNWH VLFKHLQH*DVVHGXUFKGLHHQWVHW]W]XUFNZHLFKHQGHQ0lQ QHU(UVWROSHUWHYRUZlUWVUDQQWHHLQHQ0DQQEHUGHQ +DXIHQXQGVFKOXJPLWGHU%UHLWVHLWHGHV6FKZHUWHV]XDOV VLFKHLQDQGHUHUDXILKQVWU]HQZROOWH0LWHLQHPGXPSIHQ 6FKPHU]HQVODXWJLQJGHU$QJUHLIHU]X%RGHQXQG.LPWDX PHOWHZHLWHU+lQGHJULIIHQQDFKLKP]HUUWHQDQVHLQHP 8PKDQJXQGDQVHLQHU:DIIHYHUVXFKWHQLKQQLHGHU]XULQ JHQ.LPKLHEZHLWHUXPVLFKWUDWNUDW]WHXQGYHUVFKDIIWH VLFKQRFKHLQPDO/XIW $EHUGLH9HUVFKQDXISDXVHZlKUWHQXU6HNXQGHQ(LQULHVL JHUElUWLJHU0DQQNDPDXIGHP5FNHQHLQHV=HQWDXUHQ KHUDQJDORSSLHUWVFKZDQJHLQH.HXOHXQGVFKOXJ.LPGLH :DIIHDXVGHU+DQG9LHOVWLPPLJHV7ULXPSKJHVFKUHLJHOOWH LQ.LPV2KUHQ (LQGULWWHV0DOULHI.LPGLH=DXEHUNUDIWGHV0DQWHOVDQ (LQKRKHUJORFNHQKHOOHU7RQVFKZDQJEHUGLH/LFKWXQJ (LQVFKLPPHUQGHU5HJHQERJHQVHQNWHVLFKYRP+LPPHO KHUDEWULHEGLH$QJUHLIHUDXVHLQDQGHUXQGOHJWHVLFKZLHHLQ ZHLFKHUVFKPLHJVDPHU0DQWHOXP.LPV.|USHU(LQ*H IKOGHU:lUPHXQG*HERUJHQKHLWGXUFKVWU|PWHLKQXQG YRQHLQHU6HNXQGHDXIGLHDQGHUHYHUORUHUDOOH$QJVW

.LPIKOWHVLFKZLHYRQXQVLFKWEDUHQ+lQGHQHPSRUJHKR EHQ'HU6HHXQGGLH/LFKWXQJXQGVFKOLHOLFKGHUJDQ]H YHU]DXEHUWH*DUWHQILHOHQXQWHULKP]XUFN0LWHLQHP0DO HUIDWHLKQJURH0GLJNHLW'DVJOHLFKHZDUPH*HIKO GDVHUVFKRQHLQPDOHUOHEWKDWWHGDPDOVLP7KURQVDDOYRQ *RU\Z\QQDOVGDV2UDNHOGXUFKVHLQHQ0XQGJHVSURFKHQ KDWWHEHUNDPLKQHLQ(PSILQGHQDOVEHUKUHLKQHLQH JURHVDQIWHXQGEHVFKW]HQGH+DQG $EHUQRFKHKHHUDQGHQ*HGDQNHQDQNQSIHQNRQQWHVDQN HULQWLHIHQWUDXPORVHQ6FKODI (UHUZDFKWHLQHLQHPZHLFKHQZRKOLJHQ%HWW/HLVH0XVLN HUIOOWHGLH/XIWXQGLUJHQGZRZDUHQ6WLPPHQGLHVLFKJH GlPSIWXQWHUKLHOWHQRKQHGDHUGLH:RUWHYHUVWHKHQ NRQQWH(UEOLQ]HOWH|IIQHWHGDQQPLWHLQHP5XFNGLH $XJHQXQGVHW]WHVLFKDXI'DV%HWWEHIDQGVLFKLQHLQHP NOHLQHQVFKOLFKWHQ5DXPPLWZHLHQ:lQGHQXQGZHLHU 'HFNH ª'XZLOOVWDOVRXQEHGLQJWGHQ5HJHQERJHQN|QLJVSUHFKHQ© VDJWHHLQHVDQIWH6WLPPH.LPIXKUHUVFKURFNHQKHUXPXQG HUEOLFNWHHLQHQMXQJHQHLQIDFKJHNOHLGHWHQ0DQQNDXPlO WHUDOVHUVHOEVWJHUDGHDQGHU6FKZHOOHYRP.QDEHQ]XP 0DQQGHUPLWYHUVFKUlQNWHQ$UPHQDQGHU:DQGOHKQWH XQG.LPPLWHLQHP$XVGUXFNYRQJXWPWLJHP6SRWWPX VWHUWH ª:HUELVWGX"©IUDJWH.LP ª%HDQWZRUWHHUVWPHLQH)UDJH©EHKDUUWHGHUDQGHUH ª:DUXPZLOOVWGXGHQ+HUUQVSUHFKHQ"© .LP]|JHUWH ª'XNDQQVWUXKLJDQWZRUWHQ+LHUGURKWGLUNHLQH*HIDKU PHKU'XELVWVLFKHU© ª'DVKDEHLFKVFKRQ|IWHUJHJODXEW©PXUPHOWH.LP 'HUMXQJH0DQQOlFKHOWHª'HLQ0LWUDXHQLVWEHUHFKWLJW DEHUKLHUNDQQVWGXHVYHUJHVVHQ© ª7URW]GHP©.LPVFKWWHOWHHQWVFKLHGHQGHQ.RSI ª0HLQ$QOLHJHQZHUGHLFKGHP5HJHQERJHQN|QLJSHUV|Q OLFKYRUWUDJHQXQGVRQVWNHLQHP©

'HUMXQJH0DQQVHXI]WHWLHIª1XQJXW©VDJWHHULQGHPHU VLFKPLWHLQHUNUDIWYROOHQ%HZHJXQJYRQGHU:DQGDEVWLH XQG]XU7UJLQJª)ROJHPLU,FKEULQJHGLFK]XLKP© .LPVFKZDQJYHUEOIIWGLH%HLQHDXIGHQ%RGHQª6RVR VFKQHOOJHKWGDV"©IUDJWHHUYHUZXQGHUW ª:DUXPQLFKW"'HLQ:HJKLHUKHUZDUVFKZHUJHQXJ RGHU"©'HUMXQJH0DQQEHZHJWHGLH+DQGXQGGLH7U JOLWWODXWORVYRULKQHQLQGLH:DQG]XUFN(LQVFKPDOHU VDQIWHUKHOOWHU*DQJQDKPVLHDXI6LHGXUFKTXHUWHQLKQWUD WHQGXUFKHLQH]ZHLWH7UXQGJHODQJWHQVFKOLHOLFKLQHLQHQ NUHLVUXQGHQYROONRPPHQOHHUHQ5DXP:LHGHUEHZHJWHGHU MXQJH0DQQGLH+DQG,QGHU0LWWHGHV5DXPHVHUKREVLFK HLQHVFKODQNH6lXOHDXVZHLHP0DUPRU$XIGHUHQ6SLW]H ODJHLQHIDXVWJURH*ODVNXJHOGLHPLOGHV/LFKWYHUVWUDKOWH ª1XQ.LPWUDJHGHLQ$QOLHJHQYRU© .LPEOLFNWHYHUZXQGHUWDXIª,FK© ª'XZROOWHVWPLWGHP5HJHQERJHQN|QLJVSUHFKHQ1XQLFK ELQKLHU$OVRVSULFK© .LPZLFKYRU6FKUHFNHLQHQKDOEHQ6FKULWW]XUFNª'X"© VWRWWHUWHHUª,FKPHLQH6LH6LHVLQG© ª%OHLEEHLP'X©ZLQNWHGHU5HJHQERJHQN|QLJDEª(LQH 8QWHUVFKHLGXQJLQ'XXQG6LH3HUVRQHQZLHVLHEHLHXFK 0HQVFKHQEOLFKLVWNHQQWPDQEHLXQVQLFKW© ª$EHU©VWDPPHOWH.LPªLFKGDFKWH6LHGXZl UHVW© ªbOWHU"©OlFKHOWHGHU5HJHQERJHQN|QLJª8PZHLVH]XVHLQ" 9LHOOHLFKWPLWODQJHPZHLHP%DUWXQGVFKWWHUHP+DDU"© (UODFKWHª$XFKVRHLQ,UUJODXEHYRQHXFK0HQVFKHQ,FK ELQXQVWHUEOLFK:DUXPVROOWHLFKDOVJHEUHFKOLFKHU*UHLV KHUXPODXIHQZHQQLFKPLUHLQEHOLHELJHV$OWHUDXVVXFKHQ NDQQ"'RFKQXQ]XGLU©ZHFKVHOWHHUXQYHUPLWWHOWGDV 7KHPDª,FKKDEHGHLQHQ:HJKLHUKHUDXIPHUNVDPYHUIROJW 'XELVWVHKUWDSIHUIUHLQHQ-XQJHQGHLQHV$OWHUVZHLWGX GDV"© .LPQLFNWHLPSXOVLYOlFKHOWHGDQQYHUOHJHQXQGVFKWWHOWH GHQ.RSI ª.HLQHIDOVFKH%HVFKHLGHQKHLW©VDJWHGHU5HJHQERJHQN|QLJ

HUQVWª6FKRQ+XQGHUWHVLQGYRUGLUGLHVHQ:HJJHJDQJHQ XQGQXUGLHZHQLJVWHQKDEHQLKU=LHOHUUHLFKWGDVKHLW IDVWHUUHLFKW'XELVWVHLWODQJHU=HLWGHUHUVWHGHUDXFKGLH OHW]WH3UIXQJEHVWDQGHQKDW© .LPQLFNWHª'HU=DXEHUJDUWHQ© ª-D$OOHMHQHGLHGXGRUWJHWURIIHQKDVWVLQGJOHLFKGD GXUFKGLH.ODPPGHU6HHOHQJHODQJW6LHKDEHQGHQ7DW]HO ZXUPEH]ZXQJHQRGHUEHUOLVWHWXQGDXFKGLH:HOWHQ ZlFKWHUXQGGHU9RJHO5RNNRQQWHQVLHQLFKWDXIKDOWHQ 1XUPLWVLFKVHOEVWVLQGVLHQLFKWLQVUHLQHJHNRPPHQ© ª$EHUZDUXP"©IUDJWH.LPª:DUXPKDVWGXGLHVH)DOOHHU ULFKWHWVRNXU]YRUGHP=LHO"© ª(VLVWNHLQH)DOOH.LP(ULQQHUHGLFKDQGLH:RUWH5RNV GLHVHVVWUHLWOXVWLJHQDOWHQ.QDEHQ1XUZHUZLUNOLFKIHVWHQ :LOOHQVLVWNDQQVHLQ=LHOHUUHLFKHQ6LHDOOHDOOGLHVHJUR HQVWDUNHQ+HOGHQGLHGXJHVHKHQKDVWZXWHQLP *UXQGHVHOEVWQLFKWZDUXPVLHJHNRPPHQZDUHQ6LHJDEHQ VLFKPLW6FKHLQJUQGHQ]XIULHGHQZLH]XP%HLVSLHOXP]X 5HLFKWXPXQG5XKP]XJHODQJHQRGHUDXFKDXVUHLQHU $EHQWHXHUOXVW1XUZHUVLFKVHOEVWHUNHQQWXQGZHLZDUXP HUKLHUKHUNDPQXUGHUNDQQPLFKVHKHQ.LP6RZLHGX© .LPQLFNWHVFKXOGEHZXW$XFKHUKDWWHYHUJHVVHQZDUXP HUVLFKDXIGHQ:HJJHPDFKWKDWWH(UKDWWHJHJODXEWVHLQ /HEHQULVNLHUW]XKDEHQXP0lUFKHQPRQG]XUHWWHQDEHU GDVVWLPPWHQLFKW(UVWGHU$QEOLFNGHU(OIHKDWWHLKPGLH $XJHQJH|IIQHW ª'XELVWJHNRPPHQXPGHLQH6FKZHVWHU]XUHWWHQ©VDJWH GHU5HJHQERJHQN|QLJ .LPQLFNWHª'LH(OIH+DVWGXVLHJHVFKLFNW"© ª-D-HGHUGHUGHQYHU]DXEHUWHQ*DUWHQEHWULWWEHNRPPW QRFKHLQH&KDQFH$EHUGLHZHQLJVWHQHUNHQQHQVLH© .LPUDIIWHDOOVHLQHQ0XW]XVDPPHQ(UVDKGHP5HJHQER JHQN|QLJJHUDGHLQGLH$XJHQXQGVDJWHª:LUVWGXPLUKHO IHQ"© ª+HOIHQZREHL"©IUDJWHGHU.|QLJª*HVHW]WGHQ)DOOLFK ZUGHGLUHLQHQ:XQVFKHUIOOHQQXUHLQHQ.LPQXUHLQHQ HLQ]LJHQZLHZUGHHUODXWHQ"6ROOLFKGHLQH6FKZHVWHU

DXV0RUJRQV9HUOLHVHQEHIUHLHQXQGHXFKGRUWKLQ]XUFN EULQJHQZRLKUKHUNDPW"$EHUGDQQZUGH0lUFKHQPRQG XQWHUJHKHQPLWDOOVHLQHQ0HQVFKHQXQG7LHUHQXQG:XQ GHUQ2GHUVROOLFK*RU\Z\QQUHWWHQXQGGLHVFKZDU]HQ +HHUHLQGLH)OXFKWVFKODJHQ"$EHUGDQQEOLHEH5HEHNNDLQ GHU*HZDOW%RUDDV :HOFKHQ:XQVFKZUGHVWGXZlKOHQ"© .LPVFKZLHJODQJHª'XYHUODQJVW8QP|JOLFKHV©VDJWHHU GDQQª'XVWHOOVWPLFKYRUHLQH:DKOGLHLFKQLFKWWUHIIHQ NDQQ,FKP|FKWH© ª'XP|FKWHVWGDLFKEHLGHVWXH©XQWHUEUDFKLKQGHU5H JHQERJHQN|QLJª'XVDJVWLFKVWHOOHGLFKYRUHLQHJUDXVDPH :DKODEHUGXYHUJLWGDGXDOV%LWWVWHOOHUNRPPVW'HLQ 0XWKDWPLULPSRQLHUW.LPXQGGHVKDOEZLOOLFKGLUHLQHQ :XQVFKHUIOOHQ(LQHQHLQ]LJHQQXUhEHUOHJHJXWHKHGX GLFKHQWVFKHLGHVW© .LPZROOWHVFKRQDQWZRUWHQGRFKGHU5HJHQERJHQN|QLJ VFKWWHOWHDEZHKUHQGGHQ.RSI(UOHJWHGHQ=HLJHILQJHU DXIGLH/LSSHQXQGEHGHXWHWH.LPPLW]XNRPPHQ.LP IROJWHLKP]XGHUVFKODQNHQ0DUPRUVlXOHLQGHU0LWWHGHV 5DXPHV'HU5HJHQERJHQN|QLJ]HLJWHDXIGLH*ODVNXJHO DXIGHU6SLW]HGHU6lXOH ª6LHKKLQHLQ©YHUODQJWHHU .LPJHKRUFKWH,PHUVWHQ0RPHQWHUNDQQWHHUQLFKWVDXHU GHPYHUVFKZRPPHQHQXQGOHLFKWYHU]HUUWHQ6SLHJHOELOGVHL QHVHLJHQHV*HVLFKWV'DQQIOOWHVLFKGLH.XJHOPLWHLQHU $UW1HEHOLQGHP+XQGHUWWDXVHQGHZLQ]LJHUOHXFKWHQGHU 3QNWFKHQ]XZLPPHOQVFKLHQHQ$OV.LPJHQDXHUKLQVDK PHUNWHHUGDMHGHUGLHVHU3XQNWHHLQHJDQ]H:HOWZDUVR JURZLHGLH(UGHRGHUZLH0lUFKHQPRQGHLQH:HOWPLW .RQWLQHQWHQXQG0HHUHQ)OVVHQXQG%HUJHQXQG/lQGHUQ +XQGHUWWDXVHQGH:HOWHQPLW0LOOLRQHQXQG$EHUPLOOLRQHQ 9|ONHUQXQGHEHQVRYLHOHQ6FKLFNVDOHQXQG*HVFKLFKWHQ MHGHVRNRPSOL]LHUWXQGYLHOVFKLFKWLJZLHGLHGHU(UGH]X JOHLFKDEHUXQEHGHXWHQGXQGZLQ]LJLQGLHVHUXQJHKHXUHQ 9LHO]DKO 'HU5HJHQERJHQN|QLJOHJWHOlFKHOQGEHLGH+lQGHDXIGLH .XJHO(LQHQ0RPHQWODQJJHVFKDKQLFKWV'DQQHUORVFK

GDV*HIXQNHOXQG*HJOLW]HUXQG.LPHUEOLFNWHVWDWWGHVVHQ HLQHQZXQGHUVFK|QHQVWUDKOHQGHQ3ODQHWHQ'DV%LOGYHU VFKZDQGDEHUPDOVXQGQXQHUNDQQWHHUHLQH/DQGVFKDIW 6WHSSH:lOGHUXQG%HUJHHLQHQ6HHXQGDQVHLQHP8IHU HLQHVFKLPPHUQGH%XUJDXV*ODVXQG)DUEHQ*RU\Z\QQ $EHUZLHKDWWHHVVLFKYHUlQGHUW'HU+LPPHOEHUGHU%XUJ ZDUVFKZDU]YRQ5XXQG4XDOP(LQJOlVHUQHU6FKXW]ZDOO ZDUEHUHLWVGHQ)ODPPHQ]XP2SIHUJHIDOOHQ$XIGHP6HH WULHEHQ+XQGHUWHYRQ6FKLIIHQXQG)O|HQXQGGLH6WHSSH ZXUGHLPZHLWHQ8PNUHLVYRQ%RUDDV +HHUVFKDUHQYHUILQ VWHUW ª'XKDVWJHVHKHQ©VDJWHGHU5HJHQERJHQN|QLJªGDGLH :HOWDXVGHUGXNRPPVWQXUHLQHYRQYLHOHQLVW:DVDXFK LPPHUGRUWJHVFKHKHQPDJHVLVWXQZLFKWLJVRODQJHGHU JURH3ODQQLFKWLQ*HIDKUJHUlW0lUFKHQPRQGPDJGHU +HUUVFKDIW%RUDDV DQKHLPIDOOHQDEHULP*URHQZLUGGDV QLFKWVlQGHUQ(XUH3UREOHPHVRZLFKWLJVLHHXFKDXFKYRU NRPPHQVLQGQLFKWLJ© ª$EHUGDVVWLPPWQLFKW©ZLGHUVSUDFK.LPª(VNDQQQLFKW XQZLFKWLJVHLQREHLQVRKHUUOLFKHV/DQGZLH0lUFKHQPRQG ]HUVW|UWZLUGRGHUQLFKW:HQQGXDOOZLVVHQGELVWGDQQ NHQQVWGXDXFKGDV6FKDWWHQUHLFK© ª,FKNHQQHHV$EHU*XWXQG%|VHULQJHQVWlQGLJPLWHLQDQ GHU.LPXQGNHLQH6HLWHNDQQRKQHGLHDQGHUHH[LVWLHUHQ (VOLHJWLQGHU1DWXUGHV0HQVFKHQGDHU]XJOHLFK7HXIHO XQG+HLOLJHUVHLQNDQQ6FKRQRIWHUKREVLFKGDV%|VHJHJHQ GDV*XWHXQGVFKRQRIWNDPHQ0lQQHUZLH%RUDDVXP 0lUFKHQPRQGQLHGHU]XZHUIHQ$EHUVRODQJHLKUH+HUU VFKDIWDXFKGDXHUWLUJHQGZDQQQDFKKXQGHUWWDXVHQGRGHU DXFKKXQGHUWWDXVHQG-DKUHQZLUGGDV6FKLFNVDOVHLQH*XQVW ZLHGHUGHUDQGHUHQ6HLWH]XZHQGHQ'XVLHKVWHVLVWQLFKW QRWZHQGLJIUGLHHLQHRGHUDQGHUH6HLWH3DUWHL]XHUJUHL IHQ© ª6RHWZDVbKQOLFKHVKDW7KHPLVWRNOHVDXFKJHVDJW©PXU PHOWH.LPQLHGHUJHVFKODJHQª'XZLOOVWPLUDOVRQLFKWKHO IHQ© ª'RFK.LP:HQQGXPLFKEHU]HXJVWGDLFKHLQJUHLIHQ

PXZHUGHLFKHVWXQ,FKPLVFKHPLFKJUXQGVlW]OLFKQLFKW LQGLH6FKLFNVDOHGHU9|ONHUHLQRKQHZLUNOLFKJHZLFKWLJHQ *UXQG© ª$EHUGLH([LVWHQ]0lUFKHQPRQGV© ª,VWNHLQJHZLFKWLJHU*UXQG©XQWHUEUDFKLKQGHU5HJHQER JHQN|QLJª0lUFKHQPRQGZLUGZHLWHUEHVWHKHQZHQQQLFKW PRUJHQVRLQIHUQHU=XNXQIW0LFKHLQPDOHLQ]XPLVFKHQ KLHHPLFKHLQXPVDQGHUH0DOHLQPLVFKHQ]XPVVHQ 'HQQQDFKGLUZUGHQDQGHUH%LWWVWHOOHUNRPPHQYRQDQ GHUHQ:HOWHQYRQDQGHUHQ9|ONHUQ9LHOOHLFKWZUGHHLQHV 7DJHVVWDWWGHLQHU%DURQ.DUWYRUPLUVWHKHQXQGPLFKXP +LOIHELWWHQPLWHEHQVRJXWHQ*UQGHQZLHGXP|JOLFKHU ZHLVHPLWEHVVHUHQ:LHN|QQWHLFKLKPGLH+LOIHYHUVDJHQ QDFKGHPLFKVLHGLUJHZlKUWH"© ª'XZlUHVWEHUHLWGHUVFKOHFKWHQ6DFKH]XGLHQHQ"©IUDJWH .LPXQJOlXELJ ª'HUVFKOHFKWHQ6DFKH"©'HU5HJHQERJHQN|QLJOlFKHOWH ª:DVLVWVFKOHFKW.LP":HOFKH6HLWHLVWLP8QUHFKW":HO FKHLP5HFKW",PPHUGLHDXIGHUGXVWHKVW"*ODXEVWGX QLFKWGD%DURQ.DUWXQG%RUDDVYRQGHU*HUHFKWLJNHLW LKUHU6DFKHHEHQVREHU]HXJWVLQGZLHGXYRQGHUGHLQHQ" *ODXEVWGXQLFKWGDVLHPLWGHPJOHLFKHQ5HFKW+LOIHJH JHQHXFKYHUODQJHQ",Q0lUFKHQPRQGKlOWPDQPLFKIU PlFKWLJYLHOOHLFKWDOOPlFKWLJDEHUGDVELQLFKQLFKW,FKELQ HLQ*HVFK|SIZLHGXQXUDQHLQHPDQGHUHQ3ODW](VVWHKW QLFKWLQPHLQHU0DFKWEHUGDV6FKLFNVDOHLQHV9RONHV]X EHVWLPPHQ$XFKLFKELQQXUHLQZLQ]LJHU%DXVWHLQLP*H IJHGHV8QLYHUVXPVXQGEHUPLUVWHKHQ0lFKWLJHUHGLH VHKUJHQDXGDUDXIDFKWKDEHQZDVLFKWXH'HVKDOEYHUODQJH QLFKWOHLFKWIHUWLJGDLFK3DUWHLHUJUHLIH,FKNDQQXQGGDUI HVQLFKWDXHUHVJHOLQJWGLUZLUNOLFKPLFKYRQGHU1RW ZHQGLJNHLWGHVVHQ]XEHU]HXJHQ$EHUEHGHQNHGDLQDOO GHQ(ZLJNHLWHQGLHLFKKHUUVFKHQRFKNHLQHUEHLPLUZDU GHPHVJHOXQJHQZlUHPLFKJHJHQPHLQEHVVHUHV:LVVHQ YRQHWZDV]XEHU]HXJHQ© .LPWUDWQLHGHUJHVFKODJHQYRQGHU:HOWHQNXJHO]XUFN 'HUVWUDKOHQGH*ODQ]GHV*HELOGHVHUORVFK.LPIKOWHVLFK

ZLHJHOlKPW6HLQH7UlXPH]HUEDUVWHQZLHHLQJOlVHUQHV 6SLHO]HXJPLWGHPHU]XJUREXPJHJDQJHQZDU(UZDU KLHUKHUJHNRPPHQRKQH]XZLVVHQZDVLKQHUZDUWHWH(U KDWWHHVVLFK]XOHLFKWYRUJHVWHOOW (VZDUXPVRQVWJHZHVHQDOOHV9LHOOHLFKWZUGH*RU\Z\QQ VFKRQLQGLHVHP0RPHQWXQWHUJHKHQRKQHGDHUHWZDV GDUDQlQGHUQNRQQWH(UKDWWHHLQHQ:XQVFKIUHLHLQHQHLQ ]LJHQZR]ZHLYRQQ|WHQJHZHVHQZlUHQ5HWWHWHHU*RU\ Z\QQOLHHUVHLQH6FKZHVWHULQGHQ.ODXHQGHV=DXEHUHUV 8QGEHIUHLWHHU5HEHNNDEHUOLHHU*RU\Z\QQGDVVHLQH JDQ]H+RIIQXQJDXILKQJHVHW]WKDWWHVHLQHP6FKLFNVDO 8QGGDQQYRQHLQHU6HNXQGHDXIGLHDQGHUHZXWHHUGLH /|VXQJ ª,FKKDEHPLFKHQWVFKLHGHQ©VDJWHHUIHVWª'XJHZlKUVW PLUHLQHQ:XQVFKHJDOZDVLFKHUELWWH"© 'HU5HJHQERJHQN|QLJQLFNWHª:HQQHVLQPHLQHU0DFKW VWHKWLKQ]XHUIOOHQMD© .LPDWPHWHK|UEDUHLQ ª$OOHVZDVJHVFKHKHQLVW©VDJWHHUªZDUPHLQH6FKXOG%R UDDV 3ODQZlUHXQGXUFKIKUEDUJHZHVHQZlUHLFKQLFKW QDFK0lUFKHQPRQGJHNRPPHQ© ª8QGZDVYHUODQJVWGXMHW]W"© ª'D©.LPNRQQWHVHLQH6WLPPHQXUPKVDPEHKHUUVFKHQ ªGDDOOHVVRLVWZLHHVZDUEHYRUPHLQH6FKZHVWHULQ%R UDDV *HZDOWJHODQJWH'DHVLVWDOVZlUHLFKQLHPDOVJH NRPPHQ© 'HU5HJHQERJHQN|QLJ]|JHUWHODQJHPLWGHU$QWZRUWª,FK KDEHJHKRIIWGDGXGLHVHQ:XQVFKlXHUQZUGHVW©VDJWH HUHQGOLFKª$XFKZHQQHUXQHUIOOEDULVW© ª8QHUIOOEDU"©ULHI.LPª$EHU© ª:DVGXYHUODQJVWLVWJDQ]HLQIDFKXQP|JOLFKGHQQHLQPDO *HZHVHQHVNDQQQLFKWPHKUUFNJlQJLJJHPDFKWZHUGHQ $EHUGXKDVWGLHOHW]WH3UIXQJEHVWDQGHQ© ª:HOFKH3UIXQJ"© ª'XHULQQHUVWGLFKQLFKW"1XUZHUZLUNOLFKZHLZDVHU ZLOONDQQPLFKEHU]HXJHQ'XKDVWGHQ*UXQGGHLQHV +LHUVHLQVHUNDQQW,FKZHUGHGLUKHOIHQ©

ª'XZLOOVW©.LPV6WLPPHVFKQDSSWHYRU$XIUHJXQJIDVW EHUª'XZLOOVWXQVZLUNOLFKKHOIHQ"© ª,FKZHUGHHVYHUVXFKHQ.LP:LHLFKVFKRQVDJWHLFKELQ QLFKWDOOPlFKWLJ© .LPGHXWHWHUDWORVDXIGLH:HOWHQNXJHOª$EHUDOOGLHVH :HOWHQGHU=DXEHUJDUWHQGLH© ª0HLQH0DFKWLVWJUR.LP$EHUQXUKLHULP=HQWUXPGHU .UDIWGLHGHQ.RVPRV]XVDPPHQKlOWXQGOHQNWELQLFK VWDUN9HUODVVHLFKGLHVHQ2UWVFKZLQGHWDXFKPHLQH 0DFKW©(UOlFKHOWHEHJWLJHQGDOVHUGDV(UVFKUHFNHQDXI .LPV*HVLFKWVDKª.HLQH6RUJH,FKELQDXFKZLHGHUQLFKW VRVFKZDFKZLHGXMHW]WYLHOOHLFKWJODXEVW$XFKLQGHUDQGH UHQ:HOWVWHKHQPLU+LOIVPLWWHO]XU9HUIJXQJGLHGLFKLQ (UVWDXQHQYHUVHW]HQZHUGHQ,FKZHUGH%RUDDVDXIKDOWHQ XQG*RU\Z\QQUHWWHQ© ª'DQQNRPP©GUlQJWH.LP'DV%LOGGHUEUHQQHQGHQ %XUJVWDQGQRFKGHXWOLFKYRUVHLQHQ$XJHQª/DXQVJH KHQ© ª1LFKWVRUDVFK.LP(VVLQGJHZLVVH9RUEHUHLWXQJHQ]X WUHIIHQ'XZLUVWGLFKQRFKHLQZHQLJJHGXOGHQPVVHQ© ª$EHU*RU\Z\QQZLUGEHUHLWVEHODJHUW© ª%RUDDVEHUHQQWGLH0lUFKHQIHVWXQJVFKRQVHLWYLHU7DJHQ DEHUVHOEVWVHLQ+HHULVWQLFKWVWDUNJHQXJGLH)HVWXQJLP HUVWHQ6WXUP]XQHKPHQ:LUZHUGHQUHFKW]HLWLJGRUWVHLQ )ROJHPLUMHW]W©(UZDQGWHVLFKXPXQGYHUOLHGHQ5DXP GXUFKGLHVHOEH7UGXUFKGLHVLHHLQJHWUHWHQZDUHQ'RFK GLHVHIKUWHQXQQLFKWZLHGHU]XUFNLQGHQ5DXPLQGHP .LPHUZDFKWZDUVRQGHUQDXIHLQHQZHLWHQVRQQHQEHVFKLH QHQHQ+RI .LPULHUVWDXQWGLH$XJHQDXI$P)XHGHUEUHLWHQDXV SXUHQ)DUEHQJHIJWHQ7UHSSHGLHYRQGHU7ULQGHQ+RI KLQXQWHUIKUWHZDUWHWHHLQHJURH$Q]DKO5HLWHU(VZDUHQ NUlIWLJH0lQQHULQJROGVFKLPPHUQGHQ3DQ]HUQXQGJROGH QHQ+DUQLVFKHQ6LHVDHQDXIULHVHQKDIWHQZHLHQ3IHUGHQ GHUHQJROGHQHV*HVFKLUULQGHU6RQQHEOLW]WHDOVZlUHHVPLW 6WHUQHQOLFKWEHUJRVVHQ(UUHJWHV0XUPHOQOLHIGXUFKGLH 0HQJHDOV.LPXQGGHU5HJHQERJHQN|QLJDXIGLH7UHSSH

KHUDXVWUDWHQ'DQQHUKREVLFKHLQ-XEHOJHVFKUHLGDGLH 7UHSSHXQWHULKUHQ)HQ]XZDQNHQVFKLHQ .LPVDKGHQ5HJHQERJHQN|QLJYHUEOIIWDQª:DVVLQGGDV IU0lQQHU"©IUDJWHHU ª'XNHQQVWVLHQLFKW"6FKDXJHQDXHUKLQ© .LPJHKRUFKWHXQGQXQHUNDQQWHHUYHUWUDXWH*HVLFKWHULQ GHU0HQJH(UKDWWHGLHVH0lQQHURGHUZHQLJVWHQVHLQLJH YRQLKQHQHUVWYRUNXU]HPJHVHKHQª'HU=DXEHUJDUWHQ© VDJWHHUEHUUDVFKWª'DVVLQGGLH0lQQHUGLHLFKLP=DX EHUJDUWHQJHWURIIHQKDEH© ª5LFKWLJ8QGVLHMXEHOQGLU]X.LPQLFKWPLU© ª0LU"©IUDJWH.LP]ZHLIHOQG'HU-XEHOXQGGLH+RFKUXIH ZROOWHQQLFKWYHUVWXPPHQ'LH5HLWHUVLFKHUYLHUKXQGHUW RGHUPHKUVFKZHQNWHQGLH:DIIHQZDUIHQGLH+HOPHLQ GLH/XIWXQGNODWVFKWHQ.LPEHJHLVWHUW%HLIDOO ª6LHMXEHOQLKUHP%HIUHLHU]X©HUNOlUWHGHU5HJHQERJHQN| QLJ ª%HIUHLHU"$EHUZLHVRZDVKDEHLFKGHQQJHWDQ"© ª'XNHQQVWGDV*HKHLPQLVGHV=DXEHUJDUWHQVQRFKQLFKW JDQ]:LHVROOWHVWGXDXFK"'XUFK-DKUKXQGHUWHLVWHVGHQ JU|WHQ+HOGHQXQGQXULKQHQJHOXQJHQKLHUKHU]XJH ODQJHQGRFKQLFKWHLQHUKDWGHQ:HJEHUGLH*UHQ]HGHV *DUWHQVJHIXQGHQ6LHDOOHZDUHQLQLKPJHIDQJHQELV]X GHP7DJDQGHPHLQHUNRPPHQZUGHVLH]XEHIUHLHQ 'HQQVRZLHHLQ0HQVFKEHUGHQ=DXEHUJDUWHQKLQDXV]X PLUYRUGULQJWJLEWGLHVHUVHLQH*HIDQJHQHQIUHL9LHOHYRQ LKQHQKDEHQODQJHVHKUVHKUODQJHZDUWHQPVVHQ'HVKDOE MXEHOQVLHGLU]X.LP6LHZDUHQJOFNOLFKRGHUKDEHQVLFK ]XPLQGHVWHLQJHELOGHWJOFNOLFK]XVHLQ7URW]GHPKDEHQ VLHDXIHLQHQZLHGLFKJHZDUWHW)KUHVLH.LP6LHZHUGHQ GLUIROJHQZRKLQGXZLOOVW© .LPVFKZLQGHOWHHV6RHEHQQRFKKDWWHHUJHJODXEWYHUVDJW ]XKDEHQXQGQXQVWDQGHUGDXQGEOLFNWHDXIHLQPlFKWLJHV +HHUKLQXQWHUGDVVHLQHQ%HIHKOHQJHKRUFKHQVROOWH(LQ +HHUJHELOGHWDXVGHQ%HVWHQGHU%HVWHQDXVGHQOHJHQGl UHQ+HOGHQ0lUFKHQPRQGVYRQGHQHQMHGHUHLQ]HOQHKXQ GHUWPDOWDSIHUHUXQGVWlUNHUZDUDOV%RUDDV 5HLWHU

ª)KUHVLH.LP©ZLHGHUKROWHGHU5HJHQERJHQN|QLJª0LW LKUHU+LOIHZLUVWGX%RUDDVEHVLHJHQN|QQHQ© .LPEHJDQQODQJVDPGLH7UHSSHKLQXQWHU]XJHKHQ'HU-X EHOYHUVWXPPWHQDFKXQGQDFK$OV.LPYRUGHQ5HLWHUQ VWDQGVFKOXJLKPHUZDUWXQJVYROOH6WLOOHHQWJHJHQ 'LH5HLKHQWHLOWHQVLFKXQGHLQHUGHU.ULHJHUIKUWHHLQUD EHQVFKZDU]HV3IHUGDP=JHOKHUDQ.LPV+HU]PDFKWH HLQHQIUHXGLJHQ6SUXQJDOVHUGDV5RHUNDQQWH ª-XQJH©VDJWHHUPLW]LWWHUQGHU6WLPPH(UNORSIWHGHP 7LHU]lUWOLFKGHQ+DOV'DQQVFKZDQJHUVLFKPLWHLQHUHQW VFKORVVHQHQ%HZHJXQJLQGHQ6DWWHOXQGJULIIQDFKGHQ= JHOQ'DV3IHUGZLHKHUWHHUIUHXWVFKWWHOWHGLH0lKQHXQG EHJDQQXQUXKLJ]XWlQ]HOQ1DFKDOOGHU=HLWGLHYHUJDQJHQ ZDUVHLW.LPHVLQ*RU\Z\QQ]XUFNJHODVVHQKDWWHKDWWHHV LKQVRIRUWZLHGHUHUNDQQW ª:LUVLQGEHUHLW+HUU©VDJWHHLQHUGHU.ULHJHUª%HILHKO XQGZLUZHUGHQGLUIROJHQ© ª%LVDQV(QGHGHU:HOW©VDJWHHLQ]ZHLWHUXQGYLHUKXQGHUW ZHLWHUH6WLPPHQSIOLFKWHWHQLKPODXWVWDUNEHL .LPULFKWHWHVLFKNHU]HQJHUDGHLP6DWWHODXI]ZDQJ-XQJH PLWOHLFKWHP6FKHQNHOGUXFNKHUXPXQGULWWGXUFKGLH5HL KHQGHU.ULHJHUDXIGLH6WLUQVHLWHGHV+RIHV]X'LH0DXHUQ ZLFKHQ]XU6HLWHXQGHLQEUHLWHUVFKLOOHUQGHU5HJHQERJHQ QDKPVLHDXI ª9RUZlUWV©ULHI.LP(UJDEVHLQHP3IHUGGLH6SRUHQJD ORSSLHUWHDXIGHQ5HJHQERJHQKLQDXIXQGMDJWHDQGHU 6SLW]HVHLQHV+HHUHVLQGLH8QHQGOLFKNHLWKLQDXV

;,; (LQHGLFKWH:RONHDXV5DXFKXQG)ODPPHQODJEHU*R U\Z\QQXQGGLHJOlVHUQHQ0DXHUQGHU%XUJKDOOWHQZLGHU YRP.DPSIOlUPGHP.OLUUHQYRQ6WDKOXQGGHQ6FKUHLHQ GHU9HUZXQGHWHQ'LHZHLWH)OlFKHGHVVLOEHUQHQ6HHVKDWWH VLFKLQHLQ6FKODFKWIHOGYHUZDQGHOWDXIGHP+XQGHUWHYRQ NOHLQHQZHQGLJHQ%RRWHQYHUJHEOLFKYHUVXFKWHQGLHULHVLJHQ VFKZDU]HQ.DSHUVFKLIIHGHV)HLQGHV]XUFN]XGUlQJHQ'DV :DVVHUGHV6HHVVFKLHQ]XNRFKHQXQGZRHVQLFKWYRQ EUHQQHQGHQ7UPPHUVWFNHQXQGVLQNHQGHQ6FKLIIHQDXI JHZKOWZDUU|WHWHHVVLFKYRP%OXWGHU(UVFKODJHQHQ*R U\Z\QQEUDQQWHDQPHKUHUHQ6WHOOHQXQGGHUHUVWHGHUGUHL KLQWHUHLQDQGHUJHVWDIIHOWHQ9HUWHLGLJXQJVZlOOHZDUEHUHLWV XQWHUGHP$QVWXUPGHVVFKZDU]HQ+HHUHVJHIDOOHQGLH 7UPHQLHGHUJHVWU]WGLHVFKLPPHUQGHQ*ODVZlQGHJHERU VWHQRGHU]XKlOLFKHQUXJHVFKZlU]WHQ5XLQHQ]HUIDOOHQ $XFKGHU]ZHLWH:DOOZDULQ*HIDKU1RFKNRQQWHQVLFK VHLQH9HUWHLGLJHUJHJHQGLHKHUDQZRJHQGH)OXWGHU$QJUHL IHUKDOWHQDEHUGLH/DQG]XQJHXQGGLHGDUXQWHUOLHJHQGH (EHQHZDUHQVFKZDU]YRQ.ULHJHUQ'LH6RQQHYHUGXQNHOWH VLFKKLQWHU6FKZl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

*RU\Z\QQVWUHQQWHVWDQGHLQHVFKPDOHZHLJHNOHLGHWH*H VWDOW(LQIODPPHQGHU*ORULHQVFKHLQVFKLHQLKUH6FKXOWHUQ]X XPJHEHQXQGVRYLHOH3IHLOHVRYLHOH6SHHUHXQG%UDQGJH VFKRVVHGLH$QJUHLIHUDXFK]XLKUKLQDXIVFKOHXGHUWHQHU UHLFKWHGRFKNHLQHVVHLQ=LHOVRQGHUQIODPPWHPLWWHQLQGHU /XIWJUHOODXIXQG]HUILHO]X$VFKH :LHGHUSUDVVHOWHHLQ+DJHOYRQ6WHLQHQXQG*ODVWUPPHUQ DXIGHQ:DOOXQGGLHVPDOVFKLHQHQGLH:lQGHXQWHUGHQ (LQVFKOlJHQ]XZDQNHQ(LQGXPSIHUNQLUVFKHQGHU/DXW EHUW|QWHGHQ.DPSIOlUPXQGGLUHNWQHEHQGHP7RU]HLJWH VLFKHLQJH]DFNWHU5L)UHQHWLVFKHU-XEHOEUDQGHWHDXVGHQ 5HLKHQGHU$QJUHLIHU+XQGHUWHVFKZDU]HU5HLWHUZDUIHQ VLFKZLHDXIHLQ.RPPDQGRGHU%UHVFKHHQWJHJHQXPLQV ,QQHUHGHU%XUJHLQ]XGULQJHQ $EHUQRFKJDEVLFK*RU\Z\QQQLFKWJHVFKODJHQ7KHPLVWR NOHVKRELQHLQHUEHIHKOHQGHQ*HVWHGLH+DQGXQGHLQ+D JHOYRQ3IHLOHQUHJQHWHYRQGHQ=LQQHQGHU%XUJKLQDEXQG ULPHKUDOVGLH+lOIWHGHU$QJUHLIHUDXVGHQ6lWWHOQ'LH DQGHUHQVWUPWHQXQEHLUUWZHLWHU1HXH5HLWHUVSUHQJWHQ KHUDQVHW]WHQEHUGLH.|USHULKUHUJHIDOOHQHQ.DPHUDGHQ KLQZHJXQGSUHVFKWHQPLW7RGHVYHUDFKWXQJDXIGLH%UHVFKH ]X:LHGHUVLUUWHQ*RU\Z\QQV%|JHQXQGZLHGHU]DKOWHQ GLH$QJUHLIHUHLQHQKRKHQ%OXW]ROOIULKUHQ:DJHPXW$EHU VRYLHOHDXFKILHOHQ%RUDDV 5HVHUYHQVFKLHQHQXQHUVFK|SI OLFK'HU%RGHQZDUEDOGVFKZDU]YRQJHIDOOHQHQ.ULHJHUQ DEHULPPHUPHKUXQGPHKUVWUPWHQXQWHUJHOOHQGHP .ULHJVJHVFKUHLKHUDQ8QGDXFKGLH9HUWHLGLJHUPXWHQ VFKZHUH9HUOXVWHKLQQHKPHQ:HQQHLQHUGHU%RJHQVFKW ]HQW|GOLFKJHWURIIHQQLHGHUVWU]WHEOLHEIDVWLPPHUHLQH /FNH]XUFNGLHQLFKWZLHGHUDXVJHIOOWZHUGHQNRQQWH ª$XVIDOO©EHIDKO7KHPLVWRNOHVPLWGU|KQHQGHU6WLPPH8Q JHDFKWHWGHV6FKODFKWOlUPVZDUVHLQH6WLPPHEHUDOOLP 6FKOR]XK|UHQVRZLHVHLQH*HVWDOWZXQGHUEDUHUZHLVH DXFKYRQMHGHP3XQNW*RU\Z\QQVDXVVLFKWEDUZDU 'LH)OJHOGHVULHVLJHQ%URQ]HWRUHVVFKZDQJHQDXIXQGXQ WHUHLQHPQHXHUOLFKHQ+DJHOYRQ3IHLOHQJDORSSLHUWHQ&DL YDOORQV6WHSSHQUHLWHUGHQ$QJUHLIHUQHQWJHJHQ

'HU(UGERGHQVFKLHQ]XEHEHQDOVGLHEHLGHQ+HHUHDXIHLQ DQGHUWUDIHQ:DIIHQORVXQGQXUPLWLKUHQGUHLHFNLJHQK|O ]HUQHQ6FKLOGHQJHJHQGLH3IHLOHGHU0RUJRQHUJHVFKW]W SUDOOWHGHU$QJULIIVNHLOGHU6WHSSHQUHLWHUJHJHQGLH3KDODQ[ GHU)HLQGH6WDKONOLUUWH3IHUGHXQG0HQVFKHQElXPWHQ VLFKDXIXQGIUHLQHQ0RPHQWZXUGHGLH6LFKWYRQKRFK JHZLUEHOWHP6WDXEYHUGXQNHOWVRGDPDQ)UHXQGXQG )HLQGQLFKWPHKUXQWHUVFKHLGHQNRQQWH'LH.ULHJHU0RU JRQVZDUHQZHLWLQGHUhEHU]DKO6LHKDWWHQRIIHQVLFKWOLFK JHJODXEWPLWLKUHQXQEHZDIIQHWHQ*HJQHUQOHLFKWHV6SLHO]X KDEHQ=XVSlWHUNDQQWHQVLHGHQYHUKlQJQLVYROOHQ,UUWXP 'LH6WHSSHQUHLWHUPRFKWHQZHKUORVHUVFKHLQHQDEHULKUH +lQGHXQG)H(OOERJHQXQG.QLHYHUZDQGHOWHQVLFKLP 0RPHQWGHV$XIHLQDQGHUSUDOOVLQXQZLGHUVWHKOLFKH:DIIHQ (LQVFKZDU]HU5HLWHUQDFKGHPDQGHUHQILHOHUVFKODJHQRGHU NDPSIXQIlKLJDXVGHP6DWWHO'HU.DPSIGDXHUWHQXU0L QXWHQ'LH3KDODQ[GHUVFKZDU]HQ5HLWHUZDQNWHIRUPLHUWH VLFKQHXXQGEUDFKGDQQHQGJOWLJ]XVDPPHQ1XUZHQLJHQ JHODQJHVVLFKLQ6LFKHUKHLW]XEULQJHQ$OVGLH6WHSSHQUHLWHU LKUH3IHUGHKHUXP]ZDQJHQ]HLJWHVLFKGDDXI]HKQ5HLWHU 0RUJRQVGLHUHJORVDXIGHUEOXWJHWUlQNWHQ(UGHODJHQ HLQHUGHULKUHQNDP )UHLQHQ0RPHQWJHULHWGLH6FKODFKWLQV6WRFNHQ'DV VFKZDU]H+HHUNURFK]XUFNZLHHLQJURHVVFKZHUIlOOLJHV 7LHUKROWH$WHPXQGEUDQGHWHGDQQHUQHXWJHJHQGLHJOlVHU QHQ0DXHUQ 3O|W]OLFKULGLHVFKZDU]H:RONHQGHFNHEHUGHP6FKODFKW IHOGDXI(LQKRKHUVLHJHQGHU7RQHUIOOWHGLH/XIW8QG GDQQUDVWHHLQEUHLWHUIDUEHQVFKLOOHUQGHU5HJHQERJHQEHU GHQ+LPPHOKHUDQXQGVHQNWHVLFKPLWWHQDXIGDV6FKODFKW IHOGKHUDE 6HNXQGHQODQJYHUKDUUWHQVRZRKO$QJUHLIHUZLH9HUWHLGLJHU LQXQJOlXELJHP6WDXQHQ7DXVHQGH*HVLFKWHUZDQGWHQVLFK GHUSKDQWDVWLVFKHQ(UVFKHLQXQJ]XIUGLH'DXHUHLQHV +HU]VFKODJVVFKLHQGLH6FKODFKWZLHHUVWDUUW(LQYLHOVWLPPL JHU(QWVHW]HQVVFKUHLDXVGHQ.HKOHQGHUVFKZDU]HQ5HLWHU ]HUVFKQLWWGLH6WLOOHhEHUGHQ5HJHQERJHQLQNKQHP

6FKZXQJGLUHNWDXVGHP+LPPHOKHUDEVWRHQGNDPHLQH $UPHHJROGJHSDQ]HUWHU5HLWHUKHUDQJDORSSLHUWDQJHIKUW YRQHLQHUNOHLQHQJDQ]LQ6FKZDU]JHNOHLGHWHQ*HVWDOW'LH JROGHQHQ5HLWHUHUUHLFKWHQGHQ%RGHQXQGVWLHHQPLWWHQLQV +HU]GHUVFKZDU]HQ$UPHH.HLQ6FKLOGNHLQ3DQ]HUNHLQ QRFKVRKDUWQlFNLJHU:LGHUVWDQGNRQQWHVLHDXIKDOWHQ0LW XQJHEURFKHQHU.UDIWVFKOXJHQVLHHLQH%UHVFKHLQGDV VFKZDU]H+HHUXQGJDORSSLHUWHQDXIGLH%XUJ]X(UVWYHU HLQ]HOWGDQQYRQPHKUXQGPHKU6WLPPHQDXIJHQRPPHQ HUKREVLFKDXVGHQ5HLKHQGHU+HHUVFKDUHQ0lUFKHQPRQGV HLQGRQQHUQGHU6FKODFKWUXIXQWHUGHPGLHJOlVHUQHQ0DX HUQGHU%XUJ]XYLEULHUHQVFKLHQHQ ª5HWWHW*RU\Z\QQ© ,PJOHLFKHQ0DHLQGHPGLH9HUWHLGLJHUQHXHQ0XWJH ZDQQHQEHJDQQVLFKXQWHUGHQVFKZDU]HQ5HLWHUQ3DQLN DXV]XEUHLWHQ=XPHUVWHQ0DOVHLWYRUIQI7DJHQGLH 6FKODFKWEHJRQQHQKDWWHZDQNWHQLKUH5HLKHQ]|JHUWHQGLH VFKZDU]HQ.ULHJHUVLFKGHP)HLQGHQWJHJHQ]XZHUIHQ 0HKUXQGPHKUZDQGWHQVLFK]XU)OXFKWXQGDOVGLHJROGH QHQ5HLWHUXQWHU.LPV)KUXQJGHQHUVWHQJHERUVWHQHQ:DOO HUUHLFKWHQWULHEHQVLHHLQH6FKDUYHUVSUHQJWHUVFKZDU]HU 5HLWHUYRUVLFKKHUXQGVFKOXJHQVLHYROOHQGVLQGLH)OXFKW 'LHVFKZHUHQ%URQ]HWRUHGHV]ZHLWHQ:DOOHVVFKZDQJHQ DXIXQGGHU5HLWHUWUXSSJDORSSLHUWHDXIGHQJODVJHSIODVWHU WHQ+RI7ULXPSKLHUHQGHV-XEHOJHVFKUHLHPSILQJVLH+XQ GHUWHYRQ0lQQHUQXQG)UDXHQVWU|PWHQDXIGHQ+RIKDO IHQGHQ5HLWHUQDXVGHQ6lWWHOQXQGODEWHQVLHPLW6SHLVH XQG7UDQN)UHLQHQ0RPHQWKDWWH*RU\Z\QQZLHGHU +RIIQXQJ $XFK.LPZXUGHYRQGHU:HOOHGHV-XEHOVHUIDW7URW]VHL QHUKHIWLJHQ*HJHQZHKUZXUGHHUDXVGHP6DWWHOJHKREHQ XQGLP7ULXPSK]XJEHUGHQ+RIJHWUDJHQ(VEOLHELKP QLFKWVDQGHUHVEULJDOVDE]XZDUWHQELVVLFKGLH%HJHLVWH UXQJJHOHJWKDWWHXQGHUZLHGHUDXIGHQ%RGHQJHVHW]W ZXUGH ª:RLVW7KHPLVWRNOHV"© -HPDQGGHXWHWHDXIGLH%HIHVWLJXQJKLQWHULKP.LPGUHKWH

VLFKXPXQGVDKGLHZHLJHNOHLGHWH*HVWDOWGHV=DXEHUHUV GHUPLWHLOLJHQ6FKULWWHQGLH7UHSSHYRQGHU0DXHUKHUDE VWUPWHXQGVLFKHLQHQ:HJGXUFKGLH0HQJHEDKQWH ª.LP©ULHIHUHUIUHXWª'HQ*|WWHUQVHL'DQN'XOHEVW© ª-D8QGZLHGXVLHKVWNRPPHLFKQLFKWDOOHLQ©.LPZLHV DXIGLH5HLKHQJROGHQHU5HLWHUGLHVLFKXPLKQYHUVDPPHOW KDWWHQª,FKEULQJH+LOIHXQG5HWWXQJIU*RU\Z\QQ© ª'XOHEVW©ZLHGHUKROWH7KHPLVWRNOHVDOVKlWWHHU.LPV :RUWHJDUQLFKWJHK|UWª'XDKQVWMDQLFKWZHOFKH6RUJHQ XQVGHLQ9HUVFKZLQGHQEHUHLWHWKDW:RVLQGGLHDQGHUHQ" *RUJ.HOKLPGHU'UDFKHXQG3ULZLQQ"© .LPV7ULXPSKJHIKOYHUVFKZDQGVFKODJDUWLJXQGPDFKWH HLQHP*HIKOGXPSIHU7UDXHU3ODW]ª*RUJXQG5DQJDULJ VLQGWRW©VDJWHHUOHLVHª6LHRSIHUWHQVLFKIUHLZLOOLJXPPLFK XQGGLHDQGHUHQ]XUHWWHQ0HLQH)UHXQGHVLQGEHLGHQ:HO WHQZlFKWHUQ]XUFNJHEOLHEHQ© ª'LH:HOWHQZlFKWHU©VDJWH7KHPLVWRNOHVPHKU]XVLFK VHOEVWª'XZDUVWGRUW"%XUJ:HOWHQGHH[LVWLHUWDOVRZLUN OLFK"© ª-D,FKZDUGRUW8QGLFKZDUDXFKDQHLQHP2UWGHUQRFK YLHOSKDQWDVWLVFKHULVWDOV:HOWHQGH© ª'XGXKDVWGHQ.|QLJGHU5HJHQERJHQJHVHKHQ"© ª-D7KHPLVWRNOHV8QGPHKUQRFK©.LP]|JHUWHHLQHQ 0RPHQWXQGEHJDQQGDQQLQNQDSSHQ:RUWHQ]XEHULFKWHQ ZDVHUHUOHEWKDWWH$OVHUJHHQGHWKDWWHEUHLWHWHVLFKLP JDQ]HQ+RIVWDXQHQGHV6FKZHLJHQDXV ª6RLVWHVDOVRZDKU©PXUPHOWHGHU=DXEHUHUHQGOLFKª9LHO OHLFKWLVWGRFKQRFKQLFKWDOOHVYHUORUHQ9LHOOHLFKWNDQQ*R U\Z\QQQRFKJHUHWWHWZHUGHQ© ª(VZLUGJHUHWWHWZHUGHQ©VDJWH.LPLP%UXVWWRQGHUhEHU ]HXJXQJª'LH.ULHJHUGLHLFKEUDFKWHVLQGQXUGLH9RUKXW 'HU.|QLJGHU5HJHQERJHQYHUVSUDFKPLUVHOEVW]XNRP PHQ,FKZHLGDHUVHLQ:RUWKDOWHQZLUG© 7KHPLVWRNOHVOlFKHOWH(VZDUHLQWUDXULJHVPXWORVHV/l FKHOQGDV.LPQLFKWEHJULIIXQGGDVLKQVFKDXGHUQOLH ª.RPPPLW©VDJWH7KHPLVWRNOHV(UQDKP.LPEHLP$UP IKUWHLKQEHUGHQ+RI]XU%HIHVWLJXQJXQGGHXWHWH

VFKZHLJHQGDXIGLHVFKPDOHJOlVHUQH7UHSSHGLH]XGHQ =LQQHQHPSRUIKUWH.LPIROJWHGHP=DXEHUHUGLH6WXIHQ KLQDXI'LH.ULHJHUKLQWHUGHQ=LQQHQWUDWHQUHVSHNWYROOEHL VHLWHXPGLHEHLGHQYRUEHL]XODVVHQ 'HU=DXEHUHUIKUWH.LPLQGLH0LWWHGHV:DOOHVJHQDX EHUGHPJURHQEURQ]HQHQ7RU ª6LHK©VDJWHHU 'LH(EHQHGLHVLFKKLQWHUGHU%XUJHUVWUHFNWHVRZHLWGDV $XJHUHLFKWHZDUVFKZDU]YRQ.ULHJHUQ1RFKKDWWHVLFK GDVVFKZDU]H+HHUQLFKWYRQGHP6FKODJHUKROWDEHUEHU GHQ+RUL]RQWLP2VWHQNURFKXQDEOlVVLJ9HUVWlUNXQJ KHUDQ=XJXP=XJ5HLWHUXP5HLWHU.OHLQH*UXSSHQYRQ ]HKQIQI]HKQ0DQQHLQDQGHUHV0DO+XQGHUWHXQGHLQ PDOVFKLHQGHU+RUL]RQWVHOEVWLQ%HZHJXQJ]XJHUDWHQDOV HLQULHVLJHUZRKODQGLH7DXVHQG]lKOHQGHU+HHUHV]XJKHU DQNDPXQGVLFKPLWGHUZDUWHQGHQ$UPHHYHUHLQLJWH ª6RJHKWHVVHLW7DJHQ©VDJWH7KHPLVWRNOHVUXKLJª:DVGX KLHUVLHKVWLVWQXUHLQ7HLOYRQ%RUDDV $UPHH'LH=DKOVHL QHU.ULHJHULVWXQHUVFK|SIOLFK'LH0lQQHUGLHGXPLWJH EUDFKWKDVWP|JHQ+HOGHQVHLQYLHOOHLFKWGLHJU|WHQGLH 0lUFKHQPRQGMHPDOVKHUYRUJHEUDFKWKDW$EHUDXFKZHQQ HLQHUYRQLKQHQWDXVHQGVFKZDU]H5HLWHUDXIZ|JHKlWWHQ ZLUNHLQH&KDQFH© .LPVWDUUWHGHQ=DXEHUHUIDVVXQJVORVDQª-DKDVWGXPLFK GHQQQLFKWYHUVWDQGHQ"©ULHIHUª1LFKWVLHDOOHLQVLQGGLH YHUVSURFKHQH+LOIH'HU5HJHQERJHQN|QLJVHOEVWZLUGNRP PHQXQG%RUDDV +HHU]HUVFKODJHQ© ª*ODXEVWGXGDVZLUNOLFK"©IUDJWH7KHPLVWRNOHV ª6HOEVWYHUVWlQGOLFK© ª,FKZROOWHGXEHKLHOWHVWUHFKW© ª$EHUHUZLUGNRPPHQ©EHNUlIWLJWH.LP 7KHPLVWRNOHVVFKWWHOWHGHQ.RSIª(VLVWVLQQORV.LPVLFK DQHLQHQ7UDXP]XNODPPHUQ6LQQORVXQGJHIlKUOLFK$XFK LFKKDEHHVHLQHQ0RPHQWODQJJHWDQ1HLQ.LP:LUKD EHQYHUORUHQ.HLQH0DFKWGHU:HOWNDQQ%RUDDVGDUDQKLQ GHUQ*RU\Z\QQ]XQHKPHQ'XKDVWJHWDQZDVLQGHLQHQ .UlIWHQVWDQGMDYLHOOHLFKWPHKU$EHUHVLVWDXV©

ª$EHUGXGDUIVWMHW]WQLFKWDXIJHEHQ©ULHI.LPª-HW]WHUVW UHFKWQLFKW© ª'LHVHU0HLQXQJELQLFKDXFK©VDJWHHLQH6WLPPHKLQWHU LKQHQ 7KHPLVWRNOHVIXKUEHUUDVFKWKHUXP(LQVFKODQNHULQHLQ HLQIDFKHVEUDXQHV*HZDQGJHNOHLGHWHU0DQQVWDQGKLQWHU LKP ª8QVHUNOHLQHU+HOGKDWUHFKW7KHPLVWRNOHV'XJLEVW]X UDVFKDXI1RFKLVWGHU.DPSIQLFKWYHUORUHQ© 7KHPLVWRNOHVVDKGHQ)UHPGHQYHUEOIIWDQª:HUVHLG,KU" 8QGZRKHUNRPPW,KU"© ª:HULFKELQ"1XQZHQQGX.LPQLFKWJHJODXEWKDVWZLUVW GXPLUZRKODXFKQLFKWJODXEHQRGHU"© ª6RVHLG,KU©7KHPLVWRNOHVEHHQGHWHGHQ6DW]QLFKW ª:HULFKELQVSLHOWNHLQH5ROOH+HUUYRQ*RU\Z\QQ0DQ FKHQHQQHQPLFKGHQ.|QLJGHU5HJHQERJHQDQGHUHDQ GHUV$EHULFKELQGHUDXIGHQLKUJHZDUWHWKDEW© ª8QG,KUVHLGJHNRPPHQXPXQV]XKHOIHQ"© ª1LFKWHXFK©ZLGHUVSUDFKGHU5HJHQERJHQN|QLJ(UZLHV PLWHLQHU+DQGEHZHJXQJDXI.LPª,KP$EHUGDVOlXIW ZRKODXIVJOHLFKHKLQDXV©(UEOLFNWHDXIGDVVFKZDU]H+HHU XQGGHQJHERUVWHQHQ:DOO]XVHLQHQ)HQXQGVHXI]WH ª,FKVHKHLKUVHLGZLUNOLFKLQJURHQ6FKZLHULJNHLWHQ©PXU PHOWHHU 7KHPLVWRNOHVQLFNWHª:HQQGHU]ZHLWH:DOOIlOOWKDEHQZLU NHLQH0lQQHUPHKUGHQGULWWHQ]XEHVHW]HQ© 'HU5HJHQERJHQN|QLJVFKLHQ]XEHUOHJHQ3O|W]OLFK VWUDIIWHHUVLFKGHXWHWHPLWHLQHU.RSIEHZHJXQJDXIGHQ +RIKLQXQWHUXQGVDJWHª*HKHQZLU© 6LHYHUOLHHQGLH0DXHU'LH0HQJHLP+RIWHLOWHVLFKXP LKQHQGHQ:HJ]XP7RUIUHL]XJHEHQ ªgIIQHWGDV7RU©EHIDKOGHU5HJHQERJHQN|QLJ 7KHPLVWRNOHVKREJHELHWHULVFKGLH+DQGXQG]ZHL0lQQHU VHW]WHQHLQHQYHUERUJHQHQ0HFKDQLVPXVLQ*DQJGHUGLH WRQQHQVFKZHUHQ%URQ]HIOJHOODXWORVQDFKDXHQVFKZLQJHQ OLH 'HU3ODW]]ZLVFKHQGHP7RUXQGGHPJHERUVWHQHQHUVWHQ

:DOOZDUOHHU'LH.ULHJHUGLHGHP$QVWXUPGHUJROGHQHQ 5HLWHUXQGGHP3IHLOKDJHOYRQGHQ=LQQHQHQWURQQHQZD UHQKDWWHQVLFKZHLWKLQWHUVHLQH/LQLH]XUFNJH]RJHQ'LH GUHLEHUTXHUWHQGHQPLW*HIDOOHQHQXQG*ODVWUPPHUQ EHUVlWHQ3ODW]XQGHUNORPPHQGLHJH]DFNWHQ5XLQHQGHV HUVWHQ:DOOHV9RQKLHUDXVZLUNWHGDVVFKZDU]H+HHUQRFK EHGURKOLFKHU(VZDUDOVZRJWHGLH6WHSSHVHOEVWVFKZDU] XQGJHIlKUOLFKKHUDQ .LPEDOOWHGLH)lXVWHGDPLWPDQQLFKWPHUNWHZLHVHLQH +lQGH]LWWHUWHQ(UZDUNHLQ)HLJOLQJGDVKDWWHHUKLQOlQJ OLFKEHZLHVHQ$EHUGLHVHU$QEOLFNZDUEHLQDKPHKUDOVHU HUWUDJHQNRQQWH'LHYRUGHUVWH5HLKHGHU.ULHJHUZDUK|FK VWHQV]HKQ0HWHUYRQLKQHQHQWIHUQWQDKHJHQXJGD.LP LKUHKDHUIOOWHQ%OLFNHVSUHQXQGLKUHQ6FKZHLULHFKHQ NRQQWH ª0lQQHU0RUJRQV©ULHIGHU5HJHQERJHQN|QLJ6HLQH 6WLPPHKDOOWHVRPlFKWLJEHUGLH6WHSSHGDDXFKGHU OHW]WH.ULHJHUMHGHV:RUWGHXWOLFKYHUVWHKHQNRQQWHVRDOV VWQGHGHU6SUHFKHUGLUHNWYRULKPª+|UWPLFKDQ(XHU .DPSILVWDXVVLFKWVORV(XHU$QIKUHUKDWHXFKEHORJHQDOV HUVDJWH*RU\Z\QQN|QQHHUREHUWZHUGHQ,KUNlPSIWIU GLHIDOVFKH6DFKHXQGZHQQLKUZHLWHUNlPSIWZHUGHWLKU HLQHQVLQQORVHQ7RGVWHUEHQ© (UZDUWHWHHLQHQ0RPHQWXPVHLQH:RUWHHLQZLUNHQ]X ODVVHQ'DQQIXKUHUIRUWª=LHKWDEXQGNHLQHPYRQHXFK ZLUGHWZDVJHVFKHKHQ/HJWHXUH:DIIHQDEXQGLFKJDUDQ WLHUHIUHXUH6LFKHUKHLW© (LQHLQ]HOQHUVFKZDU]HU3IHLO]LVFKWHKHUDQXQGERKUWHVLFK GLFKWYRUVHLQHQ)HQLQGDV*ODV ª*HEWDXI©ULHIGHU5HJHQERJHQN|QLJEHVFKZ|UHQGª,KU VWHKWDXIGHUIDOVFKHQ6HLWH'LH0lFKWHGHV%|VHQGUIHQ QLFKWVLHJHQ© (LQJDQ]HU6FKZDUPVFKODQNHUVFKZDU]HU3IHLOHKDJHOWHJH JHQGHQ:DOO'RFKQLFKWHLQHUYRQLKQHQHUUHLFKWHVHLQ =LHO$XIKDOEHP:HJJOKWHQVLHDXIHQWOXGHQVLFKLQJUHO OHQ([SORVLRQHQLQDOOHQ)DUEHQGHV5HJHQERJHQVXQGYHU VFKZDQGHQ

(LQGU|KQHQGHUYLHOVWLPPLJHU.DPSIVFKUHLHUKREVLFKDXV GHQ5HLKHQGHUVFKZDU]HQ.ULHJHU'DV+HHUVHW]WHVLFKLQ %HZHJXQJXQGEUDQGHWHZLHHLQHJLJDQWLVFKHVFKZDU]H :HOOHKHUDQ.LPZROOWHHUVFKURFNHQ]XUFNZHLFKHQDEHU 7KHPLVWRNOHVKLHOWLKQPLWHLVHUQHP*ULIIDP$UPIHVW 'HU5HJHQERJHQN|QLJKDWWHVLFKKRFKDXIJHULFKWHWXQGGLH +lQGH]XP+LPPHOHUKREHQ'QQHIDUELJH/LFKWVWUDKOHQ ]XFNWHQDXVVHLQHQ)LQJHUVSLW]HQQDFKREHQXQGGHU+LP PHOHUVWUDKOWHSO|W]OLFKLQJUHOOHPXQJHKHXHULQWHQVLYHP /LFKW(LQ5HJHQERJHQJU|HUXQGSUlFKWLJHUDOVDOOHGLH .LPELVKHUJHVHKHQKDWWHVSDQQWHVLFKEHUGDV)LUPDPHQW XQGDXVVHLQHU0LWWH]XFNWHQ%OLW]DXI%OLW]LQGDVVFKZDU]H +HHUKLQDEWDXFKWHGLH.ULHJHULQHLQH)OXWDXV)DUEHQXQG /LFKWXQGOLHVLH]X+XQGHUWHQDXVGHQ6lWWHOQVWU]HQ 'HU$QVWXUPGHV+HHUHVNDPLQV6WRFNHQ(LQ9RUKDQJDXV /LFKWILHOYRP+LPPHOOHJWHVLFKYRUGDV+HHUXQGOLHDXI HLQH7LHIHYRQHWZDYLHU]LJ0HWHUQ0lQQHUXQG7LHUHKLOI ORV]XVDPPHQEUHFKHQ$EHU.LPVDKDXFKGDGLH0lQQHU QLFKWWRWZDUHQ,KUH5VWXQJHQJOKWHQDXIZHQQVLHYRQ GHQ%OLW]HQJHWURIIHQZXUGHQYHUORUHQLKUHWLHIVFKZDU]H )DUEHXQGYHUZDQGHOWHQVLFKLQQRUPDOHV0HWDOO$OVHLQHU GHU5HLWHUGLFKWYRU.LPQLHGHUVWU]WHXQGVHLQHQ+HOPYHU ORUVDK.LPDXIVHLQHP*HVLFKWHLQHQ$XVGUXFNPDORVHU 9HUEOIIXQJDOVKlWWHHUYRQHLQHP0RPHQWDXIGHQQlFK VWHQMHJOLFKH(ULQQHUXQJDQVLFKXQGGHQ*UXQGVHLQHV+LHU VHLQVYHUORUHQ8QG.LPEHJULIIGDGLH%OLW]HGHV5HJHQ ERJHQN|QLJVQLFKWW|WHWHQVRQGHUQQXU%RUDDV =DXEHUEUD FKHQ 2KQH8QWHUODSHLWVFKWHQGLH%OLW]HLQGLHVFKZDU]H$UPHH XQGDP+LPPHOORGHUWHHLQEHQJDOLVFKHV)HXHU'DV.ULHJV JHVFKUHLKDWWHVLFKOlQJVWLQHLQHQ&KRUYHU]ZHLIHOWHU+LOIH UXIHYHUZDQGHOWXQGGHU9RUPDUVFKGHV+HHUHVZDUHQG JOWLJ]XP6WLOOVWDQGJHNRPPHQ $EHU.LPVDKQRFKHWZDVZDVZHGHU7KHPLVWRNOHVQRFK GHU5HJHQERJHQN|QLJ]XEHPHUNHQVFKLHQHQ'HU+LPPHO IODPPWHZHLWHULQHLQHPJUHOOHQ'XUFKHLQDQGHUYRQ)DUEHQ DEHUGD]ZLVFKHQZDUHQSO|W]OLFKNOHLQHVFKZDU]H3XQNWH

HQWVWDQGHQJOHLFKGXQNOHQ/|FKHUQLQGHP6FKLUPDXV /LFKWGHUGLH:RONHQYHUGHFNWH8QGPLWMHGHP%OLW]GHU KHUQLHGHUIXKUPLWMHGHP5HLWHUGHUDXVGHP6DWWHOILHO ZXUGHQHVPHKUDOVYHUO|UHGHU5HJHQERJHQPLWMHGHP VFKZDU]HQ.ULHJHUHLQNOHLQZHQLJDQ.UDIW%DOGVFKRQ ZLUNWHGHU5HJHQERJHQSRFNHQQDUELJXQGGXUFKO|FKHUW XQGGLHVFKZDU]HQ3XQNWHEHJDQQHQ]XJURHQKlOLFKHQ )OHFNHQ]XYHUVFKPHO]HQ]ZLVFKHQGHQHQGLH)DUEHQPHKU XQGPHKUYHUEODWHQ1DFKHLQHU:HLOHEHJDQQGHU5HJHQ ERJHQ]X]HUIDVHUQILQJDQVLFKLQHLQ]HOQH]HUIUHVVHQZLU NHQGH/LFKWVWUlQJHDXI]XO|VHQ'LHQLHGHU]XFNHQGHQ%OLW]H ZDUHQOlQJVWQLFKWPHKUVRJUHOOZLH]X$QIDQJXQGZlK UHQG]XHUVW+XQGHUWHYRQ5HLWHUQXQWHULKUHQ(LQVFKOlJHQ JHIDOOHQZDUHQZDUHQHVMHW]WQXUQRFKHLQLJHZHQLJH 8QGDXFKGHU/LFKWVFKLUPVHOEVWYHUORUVLFKWOLFKDQ.UDIW =ZDUJOKWHQGLH3IHLOHGLHDXIGHQ:DOO]LHOWHQQDFKZLH YRULQGHU/XIWDXIXQGYHUJLQJHQHKHVLHLKU=LHOHUUHLFKHQ NRQQWHQDEHUVLHNDPHQMHW]WVFKRQPHUNOLFKQlKHU ª7KHPLVWRNOHV©ULHI.LPHQWVHW]Wª6LHKGRFK© 7KHPLVWRNOHVQLFNWH$XFKHUVFKLHQGLH*HIDKUHQGOLFKHU NDQQW]XKDEHQª=XUFN©VFKULHHUª6FKQHOO© .LP]|JHUWHQRFK'DVVFKZDU]H+HHUUFNWHODQJVDP GRFKXQHUELWWOLFKQlKHU.LPIKOWHVLFKKLQXQGKHUJHULV VHQ]ZLVFKHQGHP:XQVFKVLFKLQ6LFKHUKHLW]XEULQJHQ XQGGHPGHP5HJHQERJHQN|QLJ]XKHOIHQ 1RFKLPPHUIXKUHQJUHOOH%OLW]HYRP+LPPHOQLHGHU$EHU GHUXQKHLPOLFKH=HUVHW]XQJVSUR]HGHV5HJHQERJHQV VFKLHQMHW]WLPPHUVFKQHOOHUYRUDQ]XVFKUHLWHQ 3O|W]OLFKJHVFKDKHWZDV)XUFKWHUUHJHQGHV'LH'XQNHOKHLW VFKLHQVLFKEHUGHP+HHU]XVDPPHQ]XEDOOHQHLQHZR JHQGHOLFKWYHUVFKOLQJHQGH1HEHOEDQNDXVEHLQDKJUHLIEDUHU )LQVWHUQLV8QGPLWWHQGDULQHUVFKLHQHLQULHVLJHVKDJHUHV *HVLFKW ª%RUDDV©ULHI7KHPLVWRNOHVHQWVHW]W (LQVFKDXHUOLFKHV/DFKHQOLHGLH0DXHUQ*RU\Z\QQVHUEH EHQ ª-D7KHPLVWRNOHVLFKELQHV©YHUNQGHWHGLH(UVFKHLQXQJ

ª(XUH=HLWLVWHQGJOWLJDEJHODXIHQ0HLQH3OlQHVLQGDXI JHJDQJHQVFKQHOOHUXQGEHVVHUDOVLFK]XKRIIHQJHZDJW KDEH,FKGDQNHHXFKIUHXUH+LOIH%HVRQGHUVGLU.LP 2KQHGLFKZlUHLFKQLHPDOVDQV=LHOJHODQJW© .LPXQWHUGUFNWHHLQHQYHU]ZHLIOXQJVYROOHQ$XIVFKUHL(U EHJDQQ]XDKQHQGDHUHLQHQIUFKWHUOLFKHQ)HKOHUEHJDQ JHQKDWWH :LHGHU]XFNWHHLQJUHOOHU%OLW]YRP+LPPHOERKUWHVLFK PLWWHQLQGDVULHVLJH$QWOLW]%RUDDV XQGIXKUKDUPORVLQGHQ %RGHQRKQHGHU(UVFKHLQXQJLUJHQGHWZDVDQKDEHQ]XN|Q QHQ.LPZDQGWHUDVFKGHQ.RSIXQGVFKDXWH]XP5HJHQ ERJHQN|QLJKLQEHU(UVDKZLHGHVVHQVFKODQNH*HVWDOW ZDQNWH6HLQ*HVLFKWYHU]HUUWHVLFKZLHXQWHUHLQHUXQJHKHX UHQ$QVWUHQJXQJ'LH3IHLOHGLHDXILKQDEJHVFKRVVHQZXU GHQNDPHQMHW]WVFKRQIDVWELVDQVHLQHQ.|USHUKHUDQ ª'XKDVWHVPLUHUP|JOLFKWDXFKPHLQHQJU|WHQ)HLQG]X VFKODJHQ.LP©IXKU%RUDDVPLWKRKQWULHIHQGHU6WLPPH IRUWª'RUWZRHUZRKQWLQVHLQHUYHUGDPPWHQ%XUJDXV /LFKWXQG)DUEHQZlUHHUDXIHZLJXQHUUHLFKEDUJHZHVHQ GHQQQLFKWHLQPDOPHLQH0DFKWUHLFKWDXVGHQ:HJEHU GLH8QHQGOLFKNHLW]XHU]ZLQJHQ$EHUGXKDVWLKQYHUOHLWHW VHLQH+HLPDW]XYHUODVVHQXQGKLHUKHU]XNRPPHQZRHU VFKZDFKXQGYHUZXQGEDULVW,FKGDQNHGLU.LP'XZDUVW PHLQWUHXHVWHU9HUEQGHWHU© :LHGHUHUVFKROOGLHVHVKRKOHJUDXVDPH/DFKHQ'DQQIXKU HLQVFKZDU]HUJH]DFNWHU%OLW]EHUGHQ+LPPHOO|VFKWH GHQ5HJHQERJHQHQGJOWLJDXVXQGKOOWHGLH*HVWDOWGHV 5HJHQERJHQN|QLJVLQHLQHVFKZDU]H:RONHHLQ6HNXQGHQ ODQJUDQJHQ/LFKWXQG'XQNHOKHLWPLWHLQDQGHU(LQHJUHOOH )DUEH[SORVLRQHQWOXGVLFKEHUGHP6FKODFKWIHOG 'DQQEUDFKGHU6FKXW]GHV5HJHQERJHQN|QLJV]XVDPPHQ (UVFKULHDXIWDXPHOWH]XUFNXQGVDQNOHEORV]X%RGHQ 'DVVFKZDU]H+HHUEUDFKLQXQJHKHXUHQ-XEHODXV'LH]HU VFKODJHQHQ5HLKHQIRUPLHUWHQVLFKQHXXQGZLHDXIHLQHQ VWXPPHQ%HIHKOKLQVHW]WHVLFKGHUJDQ]HJHZDOWLJH+HHUHV ]XJLQ5LFKWXQJ*RU\Z\QQLQ%HZHJXQJ ª=XUFN©VFKULH7KHPLVWRNOHVª:LUPVVHQIOLHKHQ©

6LHIXKUHQKHUXPVFKOLWWHUWHQDQGHQ5XLQHQGHV:DOOVKLQ XQWHUXQGUDQQWHQDXIGDVVLFK|IIQHQGH%URQ]HWRU]X'HU %RGHQXQWHULKUHQ)HQEHJDQQ]X]LWWHUQDOV+XQGHUWH XQG$EHUKXQGHUWHVFKZDU]HU5HLWHU]XU9HUIROJXQJDQVHW] WHQ ª6FKQHOO©ULHI7KHPLVWRNOHV 9RQGHQ0DXHUQ*RU\Z\QQVQDJHOWHQ3IHLOHXQG:XUIJH VFKRVVHDXIGLH9HUIROJHUKHUDE'LHJURHQ7RUHEHJDQQHQ VLFK]XVFKOLHHQNDXPGDGLH)OFKWHQGHQGHQ+RIHU UHLFKWKDWWHQ$EHU]XVSlW'LH%URQ]HIOJHOHUEHEWHQXQWHU GHP$QVWXUPGHVVFKZDU]HQ+HHUHV0HKUXQGLPPHU PHKUVFKZDU]H5HLWHUGUDQJHQEUOOHQGXQGZDIIHQVFKZLQ JHQGLQGHQ+RIHLQ,QQHUKDOEZHQLJHU$XJHQEOLFNHEUHL WHWHVLFKHLQIUFKWHUOLFKHV+DQGJHPHQJHDXV'LH0lQQHU *RU\Z\QQVZHKUWHQVLFKPLWGHP0XWGHU9HU]ZHLIOXQJ 'RFKGXUFKGDVJHZDOWVDPJH|IIQHWH7RUVWU|PWHQLPPHU QRFKPHKU)HLQGHKHUHLQ .LPOLHVLFKYRUHLQHP]XP$QJULIIDQVHW]HQGHQVFKZDU ]HQ5HLWHUEOLW]VFKQHOO]XU6HLWHIDOOHQ6HLQ6FKZHUWJOLWWDXV GHU6FKHLGHNOLUUWHJHJHQGLH.OLQJHGHVDQGHUHQXQGKRE GHQ0DQQPLWHLQHPJH]LHOWHQ+LHEDXVGHP6DWWHO$EHU VFKRQWDXFKWHHLQ]ZHLWHU)HLQGDXIHLQGULWWHUYLHUWHUXQG .LPPXWHVLFKZHLWHU]XUFN]LHKHQ(UKLHOWQDFKVHLQHP 3IHUG$XVVFKDXVFKOXJXQGKDFNWHVLFKHLQHQ:HJGXUFK GDV*HWPPHO(UIDQGHVWDWVlFKOLFKVFKZDQJVLFKLQGHQ 6DWWHOVWLHHLQHQVFKZDU]HQ5HLWHUGHUVLFKDQVHLQ%HLQ]X NODPPHUQVXFKWHYRQVLFKXQGULVHLQ3IHUGKHUXP ª+HOGHQ6WHSSHQUHLWHU©VFKULHHUEHUGHQ.DPSIOlUPKLQ ZHJª=XPLU6DPPHOWHXFK©(UGHXWHWHPLWGHP6FKZHUW DXIGDVJHVFKORVVHQH7RUGHVGULWWHQ:DOOHVXQGVSUHQJWH ORV)UHLQHQ0RPHQWVDKHVVRDXVDOVZROOWHHUIOLHKHQ 'DQQKDWWHQVHLQH5HLWHUGDV7RUHUUHLFKWXQGHLQHQZHLWHQ +DOENUHLVGDUXPJHELOGHW ª'DV7RUDXI© 'LH7RUIOJHOVFKZDQJHQDXIXQG.LPJDEVHLQHQ5HLWHUQ PLWHLQHU+DQGEHZHJXQJ%HIHKOVLFKQHX]XIRUPLHUHQ'HU +DOENUHLVYHUZDQGHOWHVLFKLQHLQHQ.HLOGHUNUDFKHQGXQG

EHUVWHQGLQGLH5HLKHQGHUVFKZDU]HQ5HLWHUIXKUIRUPLHUWH VLFKDEHUPDOVQHXXQG]ZDULQHLQHQVFKPDOHQVFKQXUJHUD GHQ.RUULGRUJHELOGHWDXVHLQHU'RSSHOUHLKHYRQ5HLWHUQ GHUTXHUEHUGHQ+RIELV]XPGULWWHQ:DOOIKUWH'LH VFKZDU]HQ5HLWHUYHUVWlUNWHQGLH:XFKWLKUHV$QJULIIVDOV VLHEHPHUNWHQZHOFKHQ3ODQ.LPYHUIROJWH$EHUGLH'RS SHOUHLKHKLHOWXQG]ZLVFKHQLKQHQKLQGXUFKUHWWHWHVLFK 0DQQDXI0DQQKLQWHUGHQ6FKXW]GHVGULWWHQQRFKXQEH VFKlGLJWHQ:DOOHV .LPIRFKWLQYRUGHUVWHU5HLKH6HLQH5VWXQJZDUEDOGYHU EHXOWXQG]HUULVVHQYRQGHQ+LHEHQGLHDXILKQKHUXQWHU SUDVVHOWHQ$EHUHUNlPSIWHZLHLQHLQHP5DXVFKIRFKW 6FKPHU]HQXQG$QJVWYHUJHVVHQGXQGQXUYRQGHP:XQVFK EHVHHOWVRYLHOH0lQQHU0lUFKHQPRQGVZLHQXUP|JOLFKLQ 6LFKHUKHLW]XZLVVHQ8QGVHLQH%HJOHLWHUNlPSIWHQMHGHU IUVLFKPLWGHPJOHLFKHQ0XWGLHJROGJHSDQ]HUWHQ+HOGHQ QHEHQGHQEUDXQHQZDIIHQORVHQ*HVWDOWHQGHU6WHSSHQUHLWHU XQGGHQJUQHQ/DQ]HQWUlJHUQGHV1RUGHQV'LHhEHU PDFKWZDUJHZDOWLJDEHUGLH0lQQHUNlPSIWHQPLWHLQHU 7DSIHUNHLWGLHLKUHVJOHLFKHQQRFKQLFKWJHVHKHQKDWWH:R HLQHUILHOIRFKWVHLQ1HEHQPDQQPLWGRSSHOWHP0XWZHLWHU XQGWULHEGLHVFKZDU]HQ$QJUHLIHU]XUFN(QGOLFKQDKP GHU6WURPGHU)OFKWHQGHQDEXQG.LPJDEGHQ%HIHKO ]XP5FN]XJ'LH'RSSHOUHLKHVFKORVLFKVFKUXPSIWH]X VDPPHQ]XHLQHP.UHLVDXV6FKZHUWHUQXQG/DQ]HQXQG EHJDQQODQJVDPDXIGHQ:DOO]XUFN]XZHLFKHQ 1XUZHQLJHHUUHLFKWHQGHQ6FKXW]GHU0DXHUQ$OVGLH7RUH KLQWHULKQHQ]XVFKOXJHQXQG.LPVLFKHUVFK|SIWDXVGHP 6DWWHOIDOOHQOLHPXWHHUHUNHQQHQGDGLHPHLVWHQVHLQHU .ULHJHUGDV5HWWXQJVXQWHUQHKPHQPLWGHP/HEHQEH]DKOW KDWWHQ$P(QGHVHLQHU.UlIWHOLHHUVLFKJHJHQGLH)ODQNH VHLQHV3IHUGHVVLQNHQXQGVFKORGLH$XJHQ9HU]ZHLIOXQJ EHUPDQQWHLKQ$OVLKQHLQHVDQIWH+DQGDQGHU6FKXOWHU EHUKUWHXQGHULQ7KHPLVWRNOHV *HVLFKWVDKZDUHUGHQ 7UlQHQQDKH ª9HUORUHQ©VDJWH.LPª:LUKDEHQYHUORUHQ7KHPLVWRNOHV (VLVWDXV©

'HU=DXEHUHUQHLJWHGDV+DXSWª(VZDUQLFKWGHLQH6FKXOG .LP©VDJWHHUOHLVH6HLQH6WLPPHNODQJDOVZROOWHHU JOHLFK]HLWLJXP9HU]HLKXQJELWWHQª1LHPDQGNRQQWHDKQHQ ZLHDEJUXQGWLHIE|VH%RUDDVZLUNOLFKLVWXQGZLHZHLWVHLQH 0DFKWUHLFKW:HQQMHPDQGHQHLQH6FKXOGWULIIWVRPLFK ,FKZDUHVGHUGLFKULHI8QGYRUKHUZDULFKHVGHUQLFKW JHQJHQGDXIGHLQH6FKZHVWHUDFKWJDE© ª8QGMHW]W"©IUDJWH.LPª:HUGHQZLUXQVKDOWHQN|QQHQ"© 7KHPLVWRNOHVVFKWWHOWHWUDXULJGHQ.RSIª1HLQ©VDJWHHU ª:LUVLQG]XZHQLJH© .LPVFKDXWH]XGHQ=LQQHQKLQDXI1XUHLQH+DQGYROO .ULHJHUKDWWHVLFKDXIGHU0DXHUYHUVFKDQ]WXQGZDUWHWHPLW JHVSDQQWHQ%|JHQDXIGHQOHW]WHQYHUQLFKWHQGHQ$QJULII XQGHVZDUNHLQHUXQWHULKQHQGHUQLFKWYHUZXQGHWXQGDP 5DQGHGHU(UVFK|SIXQJZDU ª:LUPVVHQDXIJHEHQ©PXUPHOWH.LPª9LHOOHLFKWVFKRQW %RUDDVLKU/HEHQZHQQZLUXQVIUHLZLOOLJHUJHEHQ© ª,FKKDEHHVYHUVXFKW.LP©DQWZRUWHWH7KHPLVWRNOHV ª/DQJHEHYRUGXNDPVWKDEHLFK%RWHQ]X%RUDDVJHVFKLFNW XQGLKPDQJHERWHQEHUHLQHNDPSIORVHhEHUJDEH*RU\ Z\QQV]XYHUKDQGHOQ© ª8QG"© ª%RUDDVOLHPLUDXVULFKWHQHUQlKPHQLFKWJHVFKHQNWZDV LKPEHUHLWVJHK|UH(UZROOWHGLHVHQ.DPSI.LP(UZDUWH YRQ%RUDDVNHLQH*QDGH© 9RQGHQ=LQQHQJHOOWHHLQYLHOVWLPPLJHUHQWVHW]WHU$XI VFKUHL ª6LHNRPPHQ'HU6FKZDU]H/RUGNRPPW© 7KHPLVWRNOHVZXUGHWRWHQEOD'LHEORH(UZlKQXQJGHV 6FKZDU]HQ/RUGVVFKLHQLKQPHKU]XHUVFKUHFNHQDOVGHU $QEOLFNGHVJDQ]HQVFKZDU]HQ+HHUHV (LQGXPSIHU6FKODJWUDIGDV7RUXQGHLQH:RONHYRQ3IHL OHQVLUUWHEHUGLH0DXHUNURQHXQGILHODXIGHQ+RIKLQXQ WHU ª=XUFN©EHIDKO7KHPLVWRNOHVª*HEWGLH0DXHUQDXIXQG YHUVXFKW]XIOLHKHQ© (VKlWWHGHV%HIHKOVQLFKWEHGXUIW'DV1DKHQGHV6FKZDU

]HQ/RUGVVFKLHQGHQ0XWGHU9HUWHLGLJHUHQGJOWLJJHEUR FKHQ]XKDEHQ,QZLOGHU3DQLNYHUOLHHQVLHLKUH6WHOOXQJHQ UDQQWHQLQGHQ+RIKLQXQWHURGHUEHJDQQHQVLFKLQGHQ7U PHQ]XYHUVFKDQ]HQ$XFK.LPXQG7KHPLVWRNOHV]RJHQ VLFKEHJOHLWHWYRQGHU+DQGYROODP/HEHQJHEOLHEHQHU5HL WHU]XP+DXSWJHElXGHGHV0lUFKHQVFKORVVHV]XUFN:LH GHUHU]LWWHUWHGDV7RUXQWHUIUFKWHUOLFKHQ5DPPVW|HQ XQGDXIGHQ0DXHU]LQQHQHUVFKLHQHQGLHHUVWHQVFKZDU]HQ 5VWXQJHQ'DXQGGRUWHQWVSDQQVLFKHLQNXU]HVKHIWLJHV +DQGJHPHQJHDEHUGHU:LGHUVWDQG*RU\Z\QQVZDUHQG JOWLJJHEURFKHQXQGGLHZHQLJHQGLHVLFKQRFKKLHOWHQ ZXUGHQYRQGHQ$QJUHLIHUQEHUUDQQW 'DV7RUEUDFKDOV7KHPLVWRNOHVPLW.LPXQGVHLQHU6FKDU GDVREHUH(QGHGHU)UHLWUHSSHHUUHLFKWKDWWH'LHJURHQ %URQ]HIOJHOQHLJWHQVLFKQDFKLQQHQNLSSWHQPLWWlXVFKHQG ODQJVDPHU%HZHJXQJXQGVFKOXJHQGDQQPLWYHUKHHUHQGHU :XFKWDXIGHP,QQHQKRIDXI'LHJHVDPWH)HVWXQJVFKLHQ ]XHU]LWWHUQXQGLQGHQJOlVHUQHQ)OLHVHQGHV%RGHQVHQW VWDQGHLQ6SLQQHQQHW]DXV6SUQJHQXQG5LVVHQ(LQH)OXW VFKZDU]HU5HLWHUZlO]WHVLFKLQGHQ+RIDQJHIKUWYRQ HLQHUODQJHQJHEHXJWHQLQHLQZDOOHQGHVVFKZDU]HV*H ZDQGJHKOOWHQ*HVWDOWXQGHLQHP]ZHLWHQYLHONOHLQHUHQ VFKZDU]HQ.ULHJHU %RUDDVXQGGHU6FKZDU]H/RUG .LPVWDQGZLHJHOlKPW(UVWDUUWHGLHEHLGHQ(U]IHLQGHDQ XQIlKLJHLQHQNODUHQ*HGDQNHQ]XIDVVHQ'HU6FKZDU]H /RUG=XPGULWWHQ0DOVWDQGHUGHPJHKHLPQLVYROOHQ+HHU IKUHU0RUJRQVJHJHQEHU$EHUHVZDUGDVHUVWH0DOGD HULKQLP.DPSIHUOHEWHGDVHUVWH0DOGDHUVSUWHXQG VDKZLHXQYHUJOHLFKOLFKE|VHGLHVHUNOHLQJHZDFKVHQH0DQQ ZDU (LQ3IHLOVFKXVWUHFNWHGHQ6WHSSHQUHLWHUQHEHQ7KHPLVWR NOHV]X%RGHQ ª=XUFN©EHIDKO7KHPLVWRNOHVDEHUPDOV6LH]RJHQVLFKLQV ,QQHUHGHV*HElXGHV]XUFNXQGYHUULHJHOWHQGDV7RU)U HLQHQ0RPHQWZDUHQGHU.DPSIOlUPXQGGDV*HEUOOGHU $QJUHLIHUDXVJHVSHUUW

ª:RKLQMHW]W"©IUDJWH.LP ª,QGHQ7KURQVDDO©DQWZRUWHWH7KHPLVWRNOHVXQGEHJDQQ EHUHLWVPLWODQJHQ6FKULWWHQGHQ*DQJKLQXQWHU]XHLOHQ$OV VLHDP)XHGHU7UHSSHDQJHODQJWZDUHQGLH]XP7KURQ VDDOKLQDXIIKUWHHUEHEWHGDV(LQJDQJVWRUKLQWHULKQHQXQ WHUHLQHU$Q]DKOZXFKWLJHU6FKOlJH.LPULGDV6FKZHUW DXVGHU6FKHLGHXQGYHUVDPPHOWHPLWHLQHPNXU]HQ%HIHKO VHLQH0lQQHUXPVLFK(UZDUHQWVFKORVVHQELV]XPOHW]WHQ $WHP]XJ]XNlPSIHQ ª1HLQ.LP©VDJWH7KHPLVWRNOHVUXKLJDEHUEHVWLPPWª'HU .DPSILVWYRUEHL©'DQQZDQGWHHUVLFKDQGDV'XW]HQG WDSIHUHU+HOGHQGLHELVMHW]WDXVJHKDOWHQKDWWHQª)OLHKW© VDJWHHUªVRODQJHQRFK=HLWLVW*RU\Z\QQLVWJURXQG YLHOOHLFKWJHOLQJWHVHXFKHLQ9HUVWHFN]XILQGHQRGHUGLH %XUJ]XYHUODVVHQ,FKZHUGH%RUDDVDOOHLQHPSIDQJHQ© 'LH0lQQHU]|JHUWHQQRFK ª-D©PXUPHOWH.LPª7KHPLVWRNOHVKDWUHFKW© (LQHUQDFKGHPDQGHUHQVWHFNWHQGLH.ULHJHULKUH:DIIHQ ZHJXQGZDQGWHQVLFK]XU)OXFKW.LPXQGGHU0DJLHUEOLH EHQDOOHLQ]XUFN ª8QGGX"©VDJWH7KHPLVWRNOHVª:LOOVWGXQLFKWDXFKIOLH KHQ"© ª:RKLQ"©IUDJWH.LPOHLVHª%RUDDVZUGHQLFKWHKHUUXKHQ DOVELVHUPLFKJHIXQGHQKDW(UZUGH*RU\Z\QQGHP(UG ERGHQJOHLFKPDFKHQXQGZHQQHVPLUJHOlQJH]XHQWNRP PHQZUGHHUQLFKW]|JHUQJDQ]0lUFKHQPRQGLQ6FKXWW XQG$VFKH]XOHJHQ(UZUGHQLFKWDXIJHEHQHKHHUPLFK DXIJHVW|EHUWKlWWH,FKZHUGHEHLGLUEOHLEHQ© 7KHPLVWRNOHVQLFNWHDOVKDEHHUQLFKWVDQGHUHVHUZDUWHWª6R NRPP©VDJWHHU /DQJVDPIDVWJHODVVHQDOVJlEHHVNHLQVFKZDU]HV+HHUXQG NHLQH*HIDKUJLQJHQVLHGLH7UHSSHKLQDXIXQGEHWUDWHQGHQ 7KURQVDDO 'HUVRQQHQGXUFKIOXWHWH6DDOZDUOHHU'LH7DIHOZDUDEJH UlXPWXQGIUHLQHQZLQ]LJHQ0RPHQWJDEVLFK.LPGHU,O OXVLRQYRQ5XKHXQG*HERUJHQKHLWKLQ'DQQKDOOWHYRQXQ WHQHLQEHUVWHQGHU6FKODJJHIROJWYRP*HWUDSSHOVWlKOHUQHU

6WLHIHODXIGHU7UHSSH(LQH+RUGHVFKZDU]HU.ULHJHU GUlQJWHLQGHQ6DDO7KHPLVWRNOHVWUDWLKQHQPLWHUKREHQHQ $UPHQHQWJHJHQ ª+DOW1LHPDQGGDUIHVZDJHQ*RU\Z\QQVKHLOLJH+DOOH]X EHVXGHOQ© 'LH:RUWHVFKLHQHQGLH.ULHJHU]XEHHLQGUXFNHQ6LH]RJHQ VLFK]ZDUQLFKW]XUFNEOLHEHQDEHU]XEHLGHQ6HLWHQGHV (LQJDQJHVVWHKHQDEZDUWHQGGLH:DIIHQGURKHQGHUKREHQ 8QGGDQQHUVFKLHQ%RUDDVLQGHU7U$QVHLQHU6HLWHNOHLQ XQGYRQWlXVFKHQGKDUPORVHU*HVWDOWGHU6FKZDU]H/RUG 6HLQ$QEOLFNOLH.LPDXIVW|KQHQ %RUDDVWUDWHLQHQ6FKULWWLQGHQ6DDOKLQHLQ(UPXVWHUWH QDFKHLQDQGHU7KHPLVWRNOHVXQG.LPXQGODFKWHOHLVH ª%UXGHU©VDJWHHUK|KQLVFKª(QGOLFKVHKHQZLUXQVZLHGHU :LHODQJHKDEHLFKDXIGLHVHQ$XJHQEOLFNZDUWHQPVVHQ© 7KHPLVWRNOHVVFKZLHJ%RUDDVVFKLHQDXFKNHLQH$QWZRUW]X HUZDUWHQ ª(VZDUHLQZHLWHU:HJXPHQGOLFKDQV=LHOPHLQHU:Q VFKH]XJHODQJHQ© ª:DVZLOOVWGX"©IUDJWH7KHPLVWRNOHVUXKLJª'XKDVWPLFK EHVLHJW0XWGXPLFKDXFKQRFKYHUK|KQHQ"© ª$EHU%UXGHU©%RUDDVVFKWWHOWHGHQ.RSIªQLFKWVOLHJWPLU IHUQHUDOVGLFK]XYHUK|KQHQ'RFKGXZLUVWPLUHUODXEHQ PLFKEHUPHLQHQ6LHJ]XIUHXHQ8PVRPHKUDOVGXVHOEVW HVZDUVWGHULKQHUP|JOLFKWH1RFKLVWHUQLFKWYROONRPPHQ $EHUGLH:UIHOVLQGEHUHLWVJHIDOOHQ© ª:HQQHVPHLQ7RGLVWGHUGLUQRFKIHKOW©VDJWH7KHPL VWRNOHVªVRW|WHPLFK$EHUWXHVVFKQHOO© ª'HLQ7RG":DUXPVROOWHLFKGHLQHQ7RGZROOHQ%UXGHU" :LUVLQGYRPJOHLFKHQ%OXWYHUJLGDVQLFKW© ª:DVZLOOVWGXGDQQ"© ª'LFK©DQWZRUWHWH%RUDDVKDUWª'HLQH7UHXH'XZLUVWPLU VFKZ|UHQDQPHLQHU6HLWH]XVWHKHQPHLQHQ%HIHKOHQ]X JHKRUFKHQXQGGDV/DQGQDFKPHLQHQ:QVFKHQ]XYHUZDO WHQ(VLVWODQJHKHUGDLFKLQ0RUJRQV0DXHUQZHLOWH XQGGDV/DQGLVWIDVW]XJURXPYRQHLQHPHLQ]LJHQ0DQQ EHKHUUVFKW]XZHUGHQ:HUGHPHLQ6WDWWKDOWHUXQGLFK

VFKHQNHGLUXQGLKP©GDPLWGHXWHWHHUDXI.LPªGDV/H EHQ© 7KHPLVWRNOHVODFKWHELWWHUª'XPXWYHUUFNWVHLQZHQQGX DQQLPPVWLFKZUGHPLFKDXIHLQHQVROFKHQ+DQGHOHLQODV VHQ©VDJWHHU ª,FKYHUODQJHGLH(QWVFKHLGXQJQLFKWVRIRUW©HQWJHJQHWH %RUDDVª'XZLUVWPLFKEHJOHLWHQ6HLPHLQ*DVWVRODQJHHV GLUEHOLHEW'XNDQQVWGLFKVSlWHUHQWVFKHLGHQ© ª'HLQ*DVW"©K|KQWH7KHPLVWRNOHVª,QGHLQHQ.HUNHUQ QLFKWZDKU"© %RUDDVQLFNWHXQJHUKUWª6LHZHUGHQGLUGLH(QWVFKHLGXQJ HLQZHQLJHUOHLFKWHUQ$EHUEHGHQNHGDHVZDKUVFKHLQOLFK EHVVHULVWLQPHLQHP9HUOLHV]XOHEHQDOVKLHU]XVWHUEHQ© ª'DUEHUNDQQPDQJHWHLOWHU$XIIDVVXQJVHLQ©JDE7KHPL VWRNOHV]XUFNª,FKKDEHIUEHUWULHEHQHQ+HOGHQPXW QLFKWVEULJ$EHULFK]LHKHHLQHQHKUHQKDIWHQ7RGGHP/H EHQLQGHLQHU*HIDQJHQVFKDIWYRU© ,QGHQJOHLFKPWLJHQ$XVGUXFNDXI%RUDDV *HVLFKWPLVFKWH VLFKXQWHUGUFNWH:XWª,VWGDVGHLQOHW]WHV:RUW"© 6WDWWHLQHUGLUHNWHQ$QWZRUWOHJWH7KHPLVWRNOHVVHLQHQ6WDE DXVGHU+DQGJLQJPLWJHPHVVHQHQ6FKULWWHQGXUFKGHQ 6DDOXQGQDKPHLQVLOEHUQHV6FKZHUWYRQGHU:DQG ª:LHGXZLOOVW©PXUPHOWH%RUDDV(UVFKHXFKWHGLH.ULHJHU GLHKLQWHULKP$XIVWHOOXQJJHQRPPHQKDWWHQDXVHLQDQGHU XQGQLFNWHGHP6FKZDU]HQ/RUG]X ª'XNlPSIVWQLFKWVHOEVW"© ª:DUXPVROOWHLFK",FKZHLGDGXPLUEHUOHJHQELVW 7KHPLVWRNOHV9HUODQJVWGX5LWWHUOLFKNHLWYRQPLU"© 7KHPLVWRNOHVVFKWWHOWHLQKLOIORVHU:XWGHQ.RSIª1HLQ %UXGHU9RQGLUJHZLQLFKW© 'HU6FKZDU]H/RUGEHJDQQ7KHPLVWRNOHVODQJVDP]XXP NUHLVHQ'HU0DJLHUEOLFNWHGHP)HLQGUXKLJHQWJHJHQ.LP VSUWHGHXWOLFKGLH$QVSDQQXQJGLHYRQGHQEHLGHQ*HJ QHUQ%HVLW]HUJULIIHQKDWWHQLFKW$QJVWZRKODEHUJHJHQVHL WLJHU5HVSHNWXQGGDV:LVVHQXPGLH6WlUNHGHVDQGHUHQ 'HU6FKZDU]H/RUGHU|IIQHWHGHQ=ZHLNDPSI(UVSUDQJ PLWHLQHPZWHQGHQ6FKUHLYRU6HLQH.OLQJH]XFNWHKRFK

VDXVWHLQHLQHUSKDQWDVWLVFKVFKQHOOHQ%HZHJXQJDXIGDV +DXSWGHV0DJLHUVQLHGHUXQGNOLUUWHLPOHW]WHQ0RPHQW JHJHQGHVVHQ:DIIH'LH:XFKWGHV$XISUDOOVZDUIEHLGH ]XUFNDEHUGHU.DPSIVHW]WHVLFKVRJOHLFKPLWXQJHPLQ GHUWHU+lUWHIRUW.LPZXUGHUDVFKLQGHQ%DQQGHVXQ JODXEOLFKHQ6FKDXVSLHOVJH]RJHQ1RFKQLHKDWWHHU]ZHL *HJQHUZLHGLHVHJHVHKHQ,KUH+LHEHXQG.RQWHUVFKOlJH ZHFKVHOWHQVRVFKQHOOGDGDV$XJHGHP+LQXQG+HUQLFKW PHKUIROJHQNRQQWHXQGQXUQRFKYHUVFKZRPPHQH.|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|VWH VLFKXQGUROOWHVFKHSSHUQGGDYRQ .LPVFKULHHQWVHW]WDXIDOVHUGDV*HVLFKWGHV6FKZDU]HQ /RUGVVDK (VZDUVHLQHLJHQHV 'HU6FKZDU]H/RUGZDUQLHPDQGDQGHUVDOVHUVHOEVW 9RQHLQHU6HNXQGHDXIGLHDQGHUHEHJULIIHUDOOHV,QHLQHU EOLW]DUWLJHQ9LVLRQUROOWHVHLQH)OXFKWDXV0RUJRQQRFKHLQ PDOYRUVHLQHQ$XJHQDEGHU.HUNHUGHU.DPSIDXIGHU %XUJPDXHUGHQHUQLHPDOVKlWWHJHZLQQHQGUIHQVHLQH )OXFKWGXUFKGHQ6SLHJHOVDDO:LHGHUK|UWHHUGLH:RUWH GLH.DUWLKPQRFKLP6WHUEHQ]XJHIOVWHUWKDWWHXQGMHW]W HQGOLFKEHJULIIHULKUHQ6LQQ(UVDKVLFKZLHGHUGXUFKGHQ JURHQOHHUHQ6DDOLQ0RUJRQUHQQHQVDKGHQJLJDQWLVFKHQ VFKZDU]HQ6SLHJHOXQGVSUWHGDV*HIKOGHU6FKZlFKHGDV LKQEHUNRPPHQKDWWH

'HU6FKZDU]H/RUGZDUVHLQ6SLHJHOELOG6HLQQHJDWLYHV 6SLHJHOELOGGLH(VVHQ]DOOVHLQHUVFKOHFKWHQ(LJHQVFKDIWHQ DOOHUE|VHQ*HGDQNHQGLHHUMHLQVHLQHP/HEHQJHGDFKW KDWWH $XFK7KHPLVWRNOHVVFKLHQLQGLHVHP0RPHQWGLH:DKUKHLW ]XHUNHQQHQ6HLQ]XP6FKODJHUKREHQHV6FKZHUWYHUKDUUWH UHJORVLQGHU/XIWXQGVHLQH$XJHQZHLWHWHQVLFK 'DVNXU]H=|JHUQNRVWHWHLKQGDV/HEHQ'HU6FKZDU]H /RUGVSUDQJDXISDFNWHVHLQ6FKZHUWXQGVWLH7KHPLVWR NOHVGLH.OLQJHELV]XP+HIWLQGLH%UXVW 0LQXWHQODQJKRFNWH.LPZLHEHWlXEWQHEHQ7KHPLVWRNOHV XQGVWDUUWHDXIGHQUHJORVHQ.|USHU0LWGHP7RGGHV0D JLHUVVFKLHQDXFKLQLKPHWZDVDEJHVWRUEHQ]XVHLQ.LPEH JDQQHUVWMHW]WZLUNOLFK]XDKQHQZLHYLHOLKPGLHVHUJXWH VDQIWPWLJHDOWH0DQQEHGHXWHWKDWWH ª1XQ.LP©VDJWH%RUDDVQDFKHLQHU:HLOHª(UNHQQVWGX MHW]WZLHVLQQORVMHGHU:LGHUVWDQGJHJHQXQVLVW"'XNDQQVW QLFKWJHJHQGLFKVHOEVWNlPSIHQ1LHPDQGNDQQGDV© .LPVHW]WH]XHLQHU$QWZRUWDQDEHUVHLQH.HKOHZDUZLH ]XJHVFKQUW(UEUDFKWHNHLQ:RUWKHUDXV(UEOLFNWHLQV *HVLFKWGHV6FKZDU]HQ/RUGVVHLQHLJHQHV*HVLFKWXQG DOOHVZDVHUGDULQVDKZDUHQ+D.DOWKHU]LJNHLW(LJHQ QXW]XQG%RVKHLW'DVVROOWHHU.LP/DUVVHQVHLQ" ª'XELVWHV©DQWZRUWHWH%RUDDVGHU.LPV*HGDQNHQODV ª*XWXQG%|VHZRKQHQLQMHGHP0HQVFKHQ(VJLEWNHLQHQ GHUQXUJXWRGHUQXUVFKOHFKWZlUH'DVHLQHNDQQRKQHGDV DQGHUHQLFKWH[LVWLHUHQ,QGHQPHLVWHQ0HQVFKHQJHZLQQW GDVZDVLKUGDV*XWHQHQQWXQGZDVLFK6FKZlFKHQHQQH 1XUEHLZHQLJHQEHUZLHJWGLHZDKUKDIWVWDUNH6HLWHIUGLH ZLUXQVHQWVFKLHGHQKDEHQ7KHPLVWRNOHVKlWWHHUNHQQHQ PVVHQZHUGHU6FKZDU]H/RUGLVWGHQQLKPZLGHUIXKU ZHQQDXFKYRUODQJHU=HLWGDVJOHLFKH6FKLFNVDO© ª'DQQELVWGX© ª,FKHU]lKOWHGLUGD7KHPLVWRNOHVXQGLFK%UGHUVHLHQ $EHUGDVVWLPPWHQXU]XP7HLO9RUODQJHU=HLWZDUHQZLU HLQVVRZLHGXHLQVPLWGHP6FKZDU]HQ/RUGZDUVW8QG

VRZLHHLQ%OLFNLQPHLQHQPDJLVFKHQ6SLHJHODXVHLQHU3HU V|QOLFKNHLW]ZHLGLFKXQGGHQ6FKZDU]HQ/RUGVFKXIVR HQWVWDQGDXVGHPHLQHQ*HVFK|SIGDVZLUEHLGHHLQVWZDUHQ HLQ'RSSHOZHVHQ7KHPLVWRNOHVXQG%RUDDV*XWXQG%|VH© .LPVW|KQWH*HIKOVPlLJHUIDWHHUGLH:RUWHGHV0D JLHUVJHQDXDEHUVHLQ9HUVWDQGZHLJHUWHVLFKVLHDOVZDKU DQ]XHUNHQQHQ ª'HU+DQGHOGHQLFK7KHPLVWRNOHVYRUVFKOXJJLOWDXFKIU GLFK©IXKU%RUDDVIRUWª7ULWW]XPLUEHUXQGLFKVFKHQNH GLUGDV/HEHQ0HKUQRFKLFKYHUVSUHFKHGLUGHLQH6FKZH VWHUIUHL]XODVVHQ©(UGHXWHWHPLWHLQHUKHUULVFKHQ*HVWHDXI GHQ7KURQVHVVHOLP+LQWHUJUXQGGHV6DDOHVª'XKDVWVFKRQ HLQPDOGDUDXIJHVHVVHQ.LP(UPDJGLUJHK|UHQ,FKELHWH GLUGLH+HUUVFKDIWEHU0lUFKHQPRQG© ª'DVLVWQLFKWGHLQ(UQVW©VDJWH.LPVFKZDFKª,FKZUGH GLHHUVWH*HOHJHQKHLWQXW]HQGLFK]XYHUWUHLEHQ© %RUDDVOlFKHOWHª2QHLQ.LP6REDOGGXPLUGHLQ:RUW YHUSIlQGHVWJHK|UVWGXPLUDXIHZLJ,FKKDEH0LWWHOXQG :HJHMHGHP9HUUDWYRU]XEHXJHQ© .LPVFKZLHJODQJH 'DQQ]RJHUHQWVFKORVVHQVHLQ6FKZHUWDXVGHU6FKHLGHXQG VDKGHQ6FKZDU]HQ/RUGKHUDXVIRUGHUQGDQ %RUDDVKREGLH+DQG(LQ+DJHOVFKZDU]HU3IHLOH]LVFKWH KHUDQXQGO|VFKWHHLQIUDOOHPDO.LPV%HZXWVHLQDXV

;; (LQHNKOH+DQGODJDXIVHLQHU6WLUQDOVHUHUZDFKWH(UODJ LQHLQHPZHLFKHQ%HWWZDUPHV6RQQHQOLFKWNLW]HOWHVHLQ*H VLFKWXQGYRQLUJHQGZRKHUZHKWHOHLVH0XVLNDQVHLQ2KU $EHUGDVLVWXQP|JOLFKGDFKWHHU,FKELQGRFKWRW(UHULQ QHUWHVLFKJHQDXDQGLHVFKZDU]HQ3IHLOHXQGHUJODXEWH DXFKQRFKGLHVFKPHWWHUQGHQ6FKOlJH]XK|UHQPLWGHQHQ VLFKGLH*HVFKRVVHGXUFKVHLQH5VWXQJJHERKUWKDWWHQ ª1XQ©VDJWHHLQHYHUWUDXWH6WLPPHª:LHJHKWHVGLU"© .LPULGLH$XJHQDXIXQGVWDUUWHXQJOlXELJLQGDV*HVLFKW GDVVLFKEHVRUJWEHULKQEHXJWH ª3ULZLQQ© 'HU6WHSSHQSULQ]QLFNWHª.HLQDQGHUHUNOHLQHU+HOG© ª$EHUZLHVR©.LPVHW]WHVLFKDXIXQGVFKOXJGLH'HFNH ]XUFN(UZDUQDFNWELVDXIHLQHQVFKPDOHQZHLHQ/HQ GHQVFKXU]XQGVHLQH+DXWZDUXQYHUOHW]WRKQHGHQNOHLQ VWHQ.UDW]HUª3ULZLQQ©VDJWHHUQRFKHLQPDOª'XGX OHEVW© ª:DVKHLWKLHUGX"©VDJWHHLQH6WLPPHYRQGHUDQGHUHQ %HWWVHLWHKHUª:LU© .LPIXKUKHUXPXQGNRQQWHHVNDXPIDVVHQª$GR©ULHIHU ª$XFKGX",VWYLHOOHLFKW.HOKLP© ª-DDXFKHU©VDJWH$GRª8QG*RUJXQG5DQJDULJHEHQVR© ª'DQQGDQQVHLGLKUDOVRDOOHQRFKDP/HEHQ8QGLKU VHLG]XUFNJHNRPPHQ+DEWLKUGLH(LVULHVHQEHUUHGHW HXFK]XKHOIHQ"© 3ULZLQQJULQVWHª1HLQ.LP6LHSIOHJWHQXQVJHVXQG8QG VLHIDQGHQDXFK*RUJXQGGHQ'UDFKHQGLHEHLGHVFKZHU YHUZXQGHWZDUHQXQGILHEHUQGGXUFKGLH%HUJHLUUWHQ$EHU VLHJHOHLWHWHQXQVQXUELVDQGLH*UHQ]HLKUHV5HLFKHV'HQ 5HVWGHV:HJHVOHJWHQZLUDXI5DQJDULJV5FNHQ]XUFN©

.LPYHUVWDQGQXQEHUKDXSWQLFKWVPHKU(UVFKWWHOWHYHU ZLUUWGHQ.RSIVWDQGDXIXQGWUDWPLW]LWWHUQGHQ.QLHQDQV )HQVWHU*ROGHQHV6RQQHQOLFKWXPJDEGLHJOlVHUQHQ0DXHUQ *RU\Z\QQVZLHPLWHLQHPIODPPHQGHQ*ORULHQVFKHLQXQG DXIGHP+RIXQWHQZLQ]LJNOHLQXQGZLHEXQWH$PHLVHQ ZLPPHOQGEHZHJWHQVLFK0HQVFKHQ ª$EHUZLH©IUDJWH.LPVWRFNHQGª,FKYHUVWHKHQLFKW© ª'XNDQQVWHVDXFKQLFKWYHUVWHKHQ©VDJWH$GRª1LHPDQG KDWHVJHZXW%RUDDVVHOEVWKDWGHQ8QWHUJDQJSURSKH]HLW $EHUQLFKWHLQPDOHUKDWGLH:DKUKHLWHUNDQQW© .LPPDFKWHHLQUDWORVHV*HVLFKWª,FKEHJUHLIHNHLQ:RUW© JHVWDQGHUª:LHVRVHLGLKUKLHU":LHVRLVW*RU\Z\QQQLFKW ]HUVW|UW",FKKDEHJHVHKHQZLHVHLQH:lOOHILHOHQ© 3ULZLQQXQWHUEUDFKLKQPLWHLQHUVDQIWHQ+DQGEHZHJXQJ ª'HLQH9HUZLUUXQJLVWQXU]XYHUVWlQGOLFK.LP©VDJWHHU ª$EHUHLQDQGHUHUVROOGLUHUNOlUHQZDVJHVFKHKHQLVW=LHK GLFKDQZHQQGXGLFKNUlIWLJJHQXJIKOVW© .UlIWLJ".LPIKOWHVLFKVRZRKOXQGDXVJHUXKWZLHVHLWODQ JHPQLFKWPHKU(UJLQJ]XP%HWW]XUFNZDUIHLQHQ%OLFN DXIGLHVFKZDU]H5VWXQJYHUZDUIGHQ*HGDQNHQXQG VWUHLIWHHLQHLQIDFKHVJUDXHV*HZDQGEHUGDVGDQHEHQDXI HLQHP6WXKOODJ2KQHHVHUNOlUHQ]XN|QQHQZXWHHUHLQ IDFKGDHUGLH5VWXQJQLFKWPHKUEUDXFKWH 3ULZLQQXQG$GRZDUWHWHQJHGXOGLJELVHUVLFKDQJHNOHLGHW KDWWH'DQQGHXWHWH$GRPLWHLQHUHLQODGHQGHQ+DQGEHZH JXQJDXIGLH7UXQG.LPYHUOLH]ZLVFKHQLKPXQG3UL ZLQQGDV=LPPHU6LHJLQJHQGHQEHNDQQWHQ:HJGXUFKGLH JOlVHUQHQ.RUULGRUH]XP7KURQVDDOKLQDXIXQGEHUDOOEH JHJQHWHQLKQHQODFKHQGH0HQVFKHQ0lQQHU)UDXHQXQG .LQGHU)HHQXQG(OIHQXQGDQGHUH=DXEHUZHVHQ1LFKWV HULQQHUWHPHKUDQGHQIUFKWHUOLFKHQ.DPSIGHUQRFKYRU NXU]HPKLHUJHWREWKDWWH*RU\Z\QQXQGVHLQH%HZRKQHU VFKLHQHQYRQHLQHP$QJULIIGHVVFKZDU]HQ+HHUHVEHU KDXSWQLFKWV]XZLVVHQ .LPV1HXJLHUGHZXFKVIDVWLQV8QHUWUlJOLFKHDEHUHUEH KHUUVFKWHVLFKXQGVWHOOWHNHLQH)UDJHQ'DQQHQGOLFKVWDQ GHQVLHYRUGHU7UGHV7KURQVDDOHV

ª0DFKGLFKDXIHLQHhEHUUDVFKXQJJHIDW©VDJWH3ULZLQQ JHKHLPQLVYROO.LPVDKGHQ6WHSSHQSULQ]IUDJHQGDQ'DQQ VWUHFNWHHUGLH+DQGQDFKGHU.OLQNHDXVXQG|IIQHWHGLH 7U 'LHJURH7DIHOLQGHU0LWWHGHV6DDOHVZDUXQYHUVHKUW 6WKOHXQG6HVVHOMHGHUDQGHUVDOVGHUDQGHUHMHGHULQ *U|HXQG)RUPVHLQHP%HQXW]HUDQJHSDWXPVWDQGHQVLH ª7KHPLVWRNOHV©HQWIXKUHV.LPª7PSHON|QLJ+DUNYDQ© 6LHDOOHZDUHQGD7KHPLVWRNOHVGHU6WHSSHQN|QLJ$GRV 9DWHUQXQNHLQWUDXULJHUDOWHU0DQQPHKUVRQGHUQHLQJUR HU.|QLJLQHLQHPKHUUOLFKHQ*HZDQGXQGPLWHLQHUVFKLP PHUQGHQ.URQH%URELQJXQGVHLQH)DPLOLHGLH7DNV*RUJ XQG.HOKLPXQGYLHOHYLHOHPHKU$OOHGLHDQ.LPV6HLWH JHZDQGHUWZDUHQPLWLKPJHIRFKWHQKDWWHQXQGJHIDOOHQ ZDUHQZDUHQDQGHUODQJHQ7DIHOYHUVDPPHOWMHGHUJHVXQG XQGXQYHUOHW]WXQGDOOHEOLFNWHQLKPPLWVWUDKOHQGHP/l FKHOQHQWJHJHQ 3ULZLQQVWXSVWH.LPDXIPXQWHUQGLQGHQ5FNHQXQG.LP VWROSHUWHDXIGLH7DIHO]X ª6HW]GLFK.LP©VDJWH7KHPLVWRNOHVIUHXQGOLFK(UGHXWHWH DXIGHQOHHUHQ6WXKODQGHU6WLUQVHLWHGHV7LVFKHVXQG.LP GHUYRU1HXJLHUGHIDVWSODW]WHJHKRUFKWH ª,KUOHEW©'LHEHLGHQ:RUWHGUFNWHQDOOHVDXVZDV.LPLQ GLHVHP0RPHQWHPSIDQGGLHJUHQ]HQORVH(UOHLFKWHUXQJ XQGXQEH]lKPEDUH)UHXGHGLHWRWJHJODXEWHQ.DPHUDGHQ ZLHGHU]XVHKHQ ª-D.LPZLUOHEHQ*RU\Z\QQLVWLQDOWHU3UDFKWZLHGHUHU VWDQGHQ.HLQHP%HZRKQHU0lUFKHQPRQGVZXUGHHLQ/HLG ]XJHIJW©VDJWH7KHPLVWRNOHVª8QGGHU.|QLJGHU5HJHQ ERJHQH[LVWLHUWZHLWHULQVHLQHU%XUJMHQVHLWVYRQ5DXPXQG =HLW© ª:LUKLHOWHQHVIUEHVVHUGLFKYRQ3ULZLQQXQG$GRZHN NHQ]XODVVHQXPGLU=HLW]XJHEHQGHQHUVWHQ6FKUHFN]X EHUZLQGHQ©VDJWH*RUJDXJHQ]ZLQNHUQG ª$EHUZLHNDQQGDVVHLQ"©IUDJWH.LPVFKZDFKª,FKKDEH JHVHKHQZLH© 7KHPLVWRNOHVKREGLH+DQG

ª1LFKWVYRQGHPZDVGXHUOHEWKDVWLVWXQZDKU©VDJWHHU UXKLJª$OOHVLVWVRJHVFKHKHQZLHHVJHVFKHKHQPXWHXQG GRFKLVWHVDOVKlWWHHV%RUDDVQLHJHJHEHQ© ª$KD©PDFKWH.LPLQVRYHUGXW]WHP7RQGD7KHPLVWR NOHVVLFKGDV/DFKHQYHUEHLHQPXWH ª%RUDDVVHOEVWKDWGLUGLH(UNOlUXQJIUGDVZDVJHVFKHKHQ LVWJHJHEHQ©IXKUGHU=DXEHUHUOlFKHOQGIRUWª(ULQQHUVWGX GLFKZDVHUEHUGDV0LWHLQDQGHUYRQ*XWXQG%|VHLP 0HQVFKHQJHVDJWKDW"© .LPQLFNWHª'DMHGHU0HQVFKVRZRKOGDVHLQHDOVDXFK GDVDQGHUHLQVLFKWUlJW© ª-D$EHUQRFKHWZDVZDVVRJDUQRFKZLFKWLJHULVWXQGGHV VHQLQQHUVWH%HGHXWXQJ%RUDDVRIIHQEDUVHOEVWQLFKWHUNDQQW KDW$XFKPLUEOLHEHVLPWLHIVWHQ6LQQHYHUERUJHQVRODQJH ELVLFKGDV*HVLFKWGHV6FKZDU]HQ/RUGVVDK'LH7DWVDFKH QlPOLFKGDGDVHLQHQLFKWRKQHGDVDQGHUHH[LVWLHUHQNDQQ GDNHLQ0HQVFKHQWZHGHUYROONRPPHQJXWRGHUYROONRP PHQVFKOHFKWLVW*XWXQG%|VHVLQGZLH]ZHLXQWUHQQEDU PLWHLQDQGHUYHUEXQGHQH7HLOHHLQHV*DQ]HQ9HUQLFKWHGDV HLQHXQGGXZLUVWXQZHLJHUOLFKGDVDQGHUHPLW]HUVW|UHQ %RUDDVKDWLQVHLQHU*LHUQDFK0DFKWXQG*HZDOWYHUJHVVHQ GDHUOHW]WOLFKQXUHLQ7HLOYRQPLULVWVRZLHGHU 6FKZDU]H/RUGHLQ7HLOYRQGLULVW+lWWHHUVLFKGDPLWEH JQJWXQV]XXQWHUZHUIHQKlWWHHUGHQ6LHJGDYRQWUDJHQ N|QQHQ$EHUHUZROOWHXQV]HUVW|UHQUHVWORVXQGHQGJOWLJ XQGLQGHPHVLKPJHODQJ]HUVW|UWHHUVLFKVHOEVW© ª'XPHLQVWHUOHEWQLFKWPHKU"©IUDJWH.LPYRUVLFKWLJ 7KHPLVWRNOHVVDKLKQGXUFKGULQJHQGDQª'RFK.LP$EHU HUXQGLFKZLUZXUGHQZLHGHUHLQVLQGHP0RPHQWDOVHU PLFKYHUQLFKWHWHVRZLHGHU6FKZDU]H/RUGZLHGHU]X HLQHP7HLOYRQGLUZXUGHDOVGXXQWHUGHQ3IHLOHQ%RUDDV

VWDUEVW'LHEHLGHQH[LVWLHUHQZHLWHULQXQVXQGEHJHKHQLH PDOVGHQ)HKOHUVLH]XYHUJHVVHQ© ª8QG0RUJRQ"©IUDJWH.LPª0RUJRQXQGGDV5HLFKGHU 6FKDWWHQ"© ª6LHK|UWHQDXI]XH[LVWLHUHQDOV*RU\Z\QQLQ7UPPHU VDQN'HQQVRZLH0RUJRQV+HHUVFKDUHQQLFKWVDOV

VFKZDU]H6SLHJHOELOGHUGHU%HZRKQHU0lUFKHQPRQGVZD UHQVRZDU%XUJ0RUJRQQLFKWVDQGHUHVDOVHLQQHJDWLYHV 6SLHJHOELOG*RU\Z\QQV%RUDDV HLQ]LJHU)HKOHU(UKDWYHU JHVVHQGDHLQ6SLHJHOELOGQXUVRODQJH%HVWDQGKDEHQ NDQQDOVGDV2ULJLQDOH[LVWLHUW6RYHUQLFKWHWHHUVLFK VFKOLHOLFKVHOEVW,P.DPSIPDJGDV*XWHGHP%|VHQXQ WHUOHJHQVHLQ$EHU%RUDDVKDWYHUJHVVHQGD*HZDOWVLFK OHW]WOLFKLPPHUJHJHQVLFKVHOEVWULFKWHW© ª'DQQLVWDOOHVZLHHVYRUKHUZDU"©IUDJWH.LPXQJOlXELJ ª-D'DV5HLFKGHU6FKDWWHQLVWZLHGHUHLQ/DQGLQGHPGLH 0HQVFKHQJOFNOLFKVHLQN|QQHQ0RUJRQH[LVWLHUWQLFKW PHKUXQGGDVVFKZDU]H+HHULVWZLHHLQE|VHU6SXNYHU VFKZXQGHQ$EHUDOOGLHVZDUQ|WLJ1XUGXUFKGLHYROONRP PHQH1LHGHUODJHNRQQWHQZLUDP(QGHVLHJHQ© .LPGDFKWHODQJHEHUGLH:RUWHGHV0DJLHUVQDFK'DV %|VHNDQQQLFKWRKQHGDV*XWHH[LVWLHUHQGDFKWHHU$EHU GDV*XWHDXFKQLFKWRKQHGDV%|VH(VZDUVWlQGLJLQLKQHQ LQ7KHPLVWRNOHV$GRLQLKPLQDOOHQ'HU6FKZDU]H/RUG ZUGHLPPHUIRUWDXIGHU/DXHUOLHJHQEHUHLWEHLPNOHLQVWHQ $Q]HLFKHQYRQ6FKZlFKHKHUYRU]XVSULQJHQXQGGLH+HUU VFKDIWDQVLFK]XUHLHQ6LHKDWWHQJHVLHJWMDDEHUVLHPX WHQZDFKVDPEOHLEHQZHLOHLQYROONRPPHQHU6LHJGHUHLQHQ EHUGLHDQGHUH6HLWHDXVJHVFKORVVHQZDU8QGZHQQGLHV GLH/HKUHZDUGLHVLHDXVDOOHPJH]RJHQKDWWHQGDQQKDWWH VLFKGLH$QVWUHQJXQJJHORKQW ª8QG5HEHNND"©IUDJWHHU 7KHPLVWRNOHVHUKREVLFKXQGJLQJ]XU7U$OVHUVLH|IIQHWH VWDQGGUDXHQHLQNOHLQHVEORQG]|SILJHV0lGFKHQ6HLQ*H VLFKWZLUNWHQLFKWPHKUEODXQGHLQJHIDOOHQVRQGHUQURVLJ XQGJHVXQGXQGLQVHLQHQ$XJHQEOLW]WHGHU6FKDON ª5HEHNND©ULHI.LPHUIUHXW(UVSUDQJVRKHIWLJDXIGD GHU6WXKOSROWHUQGXPILHOOLHIDXIVHLQH6FKZHVWHU]XXQG XPDUPWHVLHVWUPLVFKª'XELVWIUHL©VDJWHHUª'XELVWJH VXQGXQGIUHL© 7KHPLVWRNOHVVWDQGOlFKHOQGQHEHQLKQHQXQGZDUWHWHJH GXOGLJELVVLHLKUHHUVWH:LHGHUVHKHQVIUHXGHDXVJHWREWKDW WHQ'DQQUlXVSHUWHHUVLFK

.LPEHVDQQVLFKª-HW]WLVWZLUNOLFKDOOHVJXW©VDJWHHU ª1XUHLQHVEOHLEWXQVQRFK]XWXQ©VDJWH7KHPLVWRNOHV HUQVW ª:DV"© 7KHPLVWRNOHVHUJULII.LPVXQG5HEHNNDV+DQG'LHYHU VDPPHOWHQ+HOGHQDQGHU7DIHOHUKREHQVLFKXQGGHU=DX EHUHUVFKULWWDQLKQHQYRUEHLDXIGHQ7KURQ*RU\Z\QQV]X ª(UJHK|UWHXFK©VDJWHHUHLQIDFKª,KU]ZHLKDEW*RU\ Z\QQJHUHWWHWXQGVRJHEKUWHXFKDXFKGHU(KUHQSODW]DQ GHU6SLW]H0lUFKHQPRQGV© .LPVFKWWHOWHHUVFKURFNHQGHQ.RSI ª1HLQ©VDJWHHUª,FKZLOOLKQQLFKW© 7KHPLVWRNOHVOlFKHOWHª$EHUHUJHEKUWHXFK2KQHHXFK KlWWHGDV%|VHJHVLHJWXQG-DKUKXQGHUWHGHU7\UDQQHLZl UHQEHU0lUFKHQPRQGKHUHLQJHEURFKHQ© $EHU.LPEOLHEVWDQGKDIWª:LUKDEHQQXUJHWDQZDVMHGHU DQGHUHDXFKJHWDQKlWWH(UJHEKUWXQVQLFKW© ª:LHGXZLOOVW.LP$EHUGHU7KURQVWHKWEHUHLWXQGZDUWHW :DQQLPPHUGXZLOOVWNDQQVWGXLKQEHVWHLJHQXQGJDQ] 0lUFKHQPRQGZLUGGLU]X'LHQVWHQVHLQ© 'LH=HLWYHUJLQJ'LH7DJHZXUGHQNU]HUGLH1lFKWHNlO WHUXQGHLQHV0RUJHQVODJGHUHUVWH6FKQHHDXIGHQJOlVHU QHQ=LQQHQGHU0lUFKHQEXUJ.LPXQG5HEHNNDZDUHQ JOFNOLFKXQG]XIULHGHQXQGZHQQVLHDXFKQLHPDOV$Q VSUXFKDXIGHQ7KURQHUKREHQKDWWHQVRZXUGHQVLHGRFK YRQMHGHP%HZRKQHU0lUFKHQPRQGVHKUIXUFKWVYROOXQG ZLH.|QLJHEHKDQGHOWXQGHVJDENHLQHQXQWHULKQHQGHU QLFKWLKU)UHXQGJHZHVHQZlUH6LHEHUHLVWHQGDVJDQ]H /DQGEHVXFKWHQGLH7DNVXQGGHQ+RIGHU%URELQJVYHU EUDFKWHQ:RFKHQLP5HLFKGHV7PSHON|QLJVXQGZDUHQ RIWXQGJHUQJHVHKHQH*lVWHLQGHU6WHSSHQIHVWXQJ&DLYDO ORQGLHHEHQIDOOVLQDOWHU6FK|QKHLWZLHGHUHUVWDQGHQZDU 8QGQDFKXQGQDFKYHUJDHQVLHGDV6FKUHFNOLFKHGDVVLH HUOHEWKDWWHQXQGDOVLP)UKMDKUGHU6FKQHHVFKPRO] VFKPRO]HQPLWLKPDXFKGLH(ULQQHUXQJHQDQ%RUDDVXQG 0RUJRQGDKLQ$OVGDV)UKMDKUNDPEUDFKHQVLH]XHLQHU

JURHQ5HLVHGXUFK0lUFKHQPRQGDXI5DQJDULJVJROGHQH )OJHOWUXJHQVLHEHUDOOKLQ6LHVDKHQ:XQGHUEHU:XQ GHU'LQJHGLHNHLQHV0HQVFKHQ$XJHMHHUEOLFNWKDWWHRGHU MHZLHGHUHUEOLFNHQZUGH (LQHV7DJHVDEHUODQJHQDFKGHPVLHYRQLKUHU5HLVH]X UFNJHNHKUWZDUHQHUJDEHVVLFKGD.LPXQG5HEHNNDDO OHLQLP7KURQVDDOZDUHQ8QGSO|W]OLFKRKQHHLQ:RUWGHU 9HUHLQEDUXQJVFKULWWHQEHLGHDXIGHQK|O]HUQHQ7KURQ 0lUFKHQPRQGV]X'LHVWHLQHUQHQ6lXOHQ]XEHLGHQ6HLWHQ GHV6HVVHOVEHJDQQHQ]XJOKHQXQGDOVGLH*HVFKZLVWHUQH EHQHLQDQGHUDXIGHUEUHLWHQKDUWHQ6LW]IOlFKH3ODW]QDK PHQEHUVWUDKOWHHLQJUHOOHV/LFKWGHQ6RQQHQVFKHLQYRU GHQ)HQVWHUQ(LQHJURHZDUPH0GLJNHLWXPILQJVLHXQG $UPLQ$UPVFKOLHIHQVLHHLQ ª.LP:DFKDXI© -HPDQGUWWHOWHLKQDQGHU6FKXOWHUVDQIWDEHUDXVGDXHUQG 8QGZLHGHUVDJWHHLQHYHUWUDXWH6WLPPHª.LPZDFKDXI :LUPVVHQZHJ6FKQHOO© .LPEOLQ]HOWH|IIQHWHGDQQYROOHQGVGLH$XJHQXQGVFKDXWH YHUZXQGHUWLQV*HVLFKWVHLQHU0XWWHU'DV=LPPHUZDU GXQNHOQXUYRP)OXUKHUILHOHLQVFKPDOHU6WUHLIHQJHOEHQ /LFKWVKHUHLQ'LH=HLJHUGHV:HFNHUVQHEHQVHLQHP%HWW VWDQGHQDXIKDOEIQI.LPIXKUVLFKPGHPLWGHQ+lQGHQ EHUGDV*HVLFKWVHW]WHVLFKDXIXQGPXUPHOWHª:DVLVWORV" :RLVW7KHPLVWRNOHVXQGZLHNRPPHLFKKLHUKHU"© ª'XKDVWJHWUlXPW-XQJH©VDJWH0XWWHUEHUXKLJHQG ª.RPPMHW]W=LHKGLFKDQ:LUPVVHQLQGLH.OLQLN© ª.OLQLN"©IUDJWH.LPYHUZLUUW(UVFKOXJGLH'HFNH]XUFN XQGVFKZDQJVFKZHUIlOOLJGLH%HLQHDXVGHP%HWW(UK|UWH 9DWHUXQWHQLQGHU'LHOHWHOHIRQLHUHQ$OVHUDXIVWDQGXQG ]|JHUQGQDFKVHLQHQ.OHLGHUQJULIIYHUOLH0XWWHUPLW VFKQHOOHQ6FKULWWHQGDV=LPPHUª%HHLOGLFK©ZLHGHUKROWH VLHª:LUPVVHQJOHLFKZHJ,FKHUNOlUHGLUDOOHVXQWHU ZHJV© .LP]RJVLFKVFKODIWUXQNHQPLWXPVWlQGOLFKHQ%HZHJXQJHQ DQ,QVHLQHP.RSIZLUEHOWHQGLH*HGDQNHQZLHGLHYLHOHQ

7HLOHHLQHV3X]]OHVSLHOVGXUFKHLQDQGHUXQGHVILHOLKP VFKZHUVLFKDXIHLQHVRHLQIDFKH7lWLJNHLWZLHGDV=XNQ|S IHQVHLQHV+HPGHV]XNRQ]HQWULHUHQ :DVZDUJHVFKHKHQ"6RHEHQQRFKKDWWHHUDXIGHP7KURQ 0lUFKHQPRQGVJHVHVVHQ8QGMHW]WIDQGHUVLFKKLHULQVHL QHPGXQNOHQNKOHQ=LPPHUXQGVHLQH(OWHUQZDUHQLQ KHOOHU$XIUHJXQJXQGGUlQJWHQPLWWHQLQGHU1DFKW]XP $XIEUXFK (UQDKPVHLQH6WULFNMDFNHYRP6WXKOJLQJ]XU7UXQG NQLSVWHGDV/LFKWDQ6HLQ=LPPHUZDUXQYHUlQGHUW'LHDQ JHIDQJHQHQ+DXVDXIJDEHQODJHQGDDOVZlUHZLUNOLFKQXU HLQHHLQ]LJH1DFKWYHUJDQJHQXQGDXFKGDV%XFKLQGHPHU JHOHVHQKDWWHODJDXIJHVFKODJHQDP%RGHQ .LPO|VFKWHNRSIVFKWWHOQGGDV/LFKWXQGJLQJGLH7UHSSH LQV(UGJHVFKRKLQXQWHU9DWHUWHOHIRQLHUWHQRFKLPPHU DEHUHUKDWWHEHUHLWVVHLQHQ3DUNDEHUJHVWUHLIW6HLQH+DDUH VWDQGHQZLUUQDFKDOOHQ6HLWHQDE$XFK]XP5DVLHUHQKDWWH HVRIIHQEDUQLFKWPHKUJHUHLFKWVRGDHUHLQZHQLJZLHHLQ VWRSSHOElUWLJHU%UXGHUGHVDOWHQ7DNDXVVDK 9DWHUKlQJWHHLQDOVHU.LPDXIGHU7UHSSHVDK0XWWHU NDPDXVGHU.FKHVWULFKVLFKQRFKHLQPDOJOlWWHQGEHU GDV+DDUXQGJLQJ]XU7Uª'LH.OLQLNKDWDQJHUXIHQ© VDJWHVLHª:LUPVVHQ]XGHLQHU6FKZHVWHU6FKQHOO© ª:LHVRLQGLH.OLQLN"5HEHNNDLVWGRFKJHVXQG© 9DWHUVDK.LPYHUVWlQGQLVORVDQ$EHU0XWWHUVPGHV*H VLFKWVWUDKOWHPLWHLQHP0DODXIª-D.LP©VDJWHVLHJOFN OLFKª'HLQH6FKZHVWHULVWJHVXQG(VLVWZLHHLQ:XQGHU© ª(LQ:XQGHU"©HPS|UWHVLFK.LPª(VZDUVFKZHUJHQXJ© $EHUZHGHU9DWHUQRFK0XWWHUVFKHQNWHQVHLQHQ:RUWHQ %HDFKWXQJ6LHYHUOLHHQGDV+DXVXQG.LPXQG0XWWHU ZDUWHWHQIULHUHQGDQGHU%RUGVWHLQNDQWHELV9DWHUGHQ:D JHQDXVGHU*DUDJHJHIDKUHQKDWWH 'LH6WUDHQZLUNWHQZLHOHHUJHIHJWDOVVLHGXUFKGLHVFKOD IHQGH6WDGWLQ5LFKWXQJ$XWREDKQIXKUHQ(LQHLQ]LJHU:D JHQNDPLKQHQHQWJHJHQXQGDOVVLHZHQLJH0LQXWHQVSlWHU EHUGLH6GEUFNHEUDXVWHQVFKLHQVHOEVWGHU)OXVFKOD IHQGXQWHULKQHQ]XOLHJHQ.LPEHUOHJWHREHUVHLQHQ(O

WHUQYRQVHLQHQXQG5HEHNNDV$EHQWHXHUQLQ0lUFKHQPRQG HU]lKOHQVROOWHDEHUGDQQVDJWHHUVLFKGDVLHLKPMHW]WEH VWLPPWQLFKW]XK|UHQZUGHQ$XHUGHPVRYHUPXWHWHHU ZUGHQVLHLKPRKQHKLQQLFKWJODXEHQ:HQLJVWHQVLP0R PHQWQLFKW 9DWHUERJPLWNUHLVFKHQGHQ5HLIHQLQGLH0RKUHQVWUDHHLQ 'LH.OLQLNODJJURXQGGXQNHOYRULKQHQ+LQWHUHLQLJHQ )HQVWHUQEUDQQWHWURW]GHUIUKHQ6WXQGHQRFKRGHUVFKRQ ZLHGHU/LFKW9DWHUIXKUGLUHNWLQGLH(LQIDKUWVWLHJDXV XQGYHUKDQGHOWHHLQH=HLWODQJPLWGHPJULHVJUlPLJGUHLQ EOLFNHQGHQ1DFKWZlFKWHUKLQWHUGHU*ODVVFKHLEH6FKOLHOLFK QLFNWHGHU0DQQXQG9DWHUNDP]XP:DJHQ]XUFNXQG OLHGHQ0RWRUDQ'LHURWZHLODFNLHUWH6FKUDQNHKREVLFK PLWOHLVHP6XPPHQXQGVLHIXKUHQGHQ:HJ]XUFKLUXUJL VFKHQ.OLQLNHQWODQJGHQVLHDPYHUJDQJHQHQ7DJJHODXIHQ ZDUHQ6LHPXWHQHLQH:HLOHYRUGHUYHUVFKORVVHQHQ7U ZDUWHQHKHHQGOLFKGDV/LFKWDQJLQJXQGHLQH1DFKWVFKZH VWHU|IIQHWH ª+HUUXQG)UDX/DUVVHQ"©IUDJWHVLH 9DWHUQLFNWHª-D:LULFK© 'LH6FKZHVWHUOlFKHOWHª'RNWRU6FKUHLEHUKDWPLUJHVDJW GD6LHNRPPHQ©HUNOlUWHVLHPLWJHGlPSIWHU6WLPPHª)RO JHQ6LHPLUELWWH$EHUOHLVH8QVHUHDQGHUHQ3DWLHQWHQ VFKODIHQQRFK© 6LHIROJWHQGHU6FKZHVWHUEHUGHQEUHLWHQQXUQRWGUIWLJ HUOHXFKWHWHQ)OXU'LH%lQNHDXIGHQHQJHVWHUQQRFK/HXWH JHVHVVHQKDWWHQZLUNWHQMHW]WYHUZDLVWXQGVHOWVDPKDUWXQG XQEHTXHP$OVVLHDXIGLHJHVFKORVVHQH*ODVWUGHU.LQGHU DEWHLOXQJ]XJLQJHQKDWWH.LPIUHLQHQZLQ]LJHQ0RPHQW GDV*HIKOQLFKWLKUHHLJHQHQ6SLHJHOELOGHUVRQGHUQGLH GUHLHUKRFKJHZDFKVHQHUVFKODQNHU*RU\Z\QQHU]XVHKHQ 'LH6FKZHVWHU|IIQHWHGLH7U6LHOHJWHGHQ=HLJHILQJHUDXI GLH/LSSHQXQGEHGHXWHWHLKQHQZHLWHU]XJHKHQ 'U6FKUHLEHUHUZDUWHWHVLHDP(QGHGHVODQJHQKHOOJHOEJH VWULFKHQHQ*DQJHV(UOlFKHOWHHUIUHXWXQGREZRKOHUEHU QlFKWLJWXQGPGHDXVVDKXQGXQWHUVHLQHQ$XJHQGXQNOH 5LQJHODJHQZDUGLH(UOHLFKWHUXQJDXIVHLQHP*HVLFKWQLFKW

]XEHUVHKHQ(UVFKWWHOWHHUVW9DWHUGDQQ0XWWHUZRUWORV GLH+DQGVWUHLFKHOWH.LPIOFKWLJEHUGHQ.RSIXQG|II QHWHGDQQGLH7U]X5HEHNNDV=LPPHU 0XWWHUVWLHHLQHQKDOEODXWHQ6FKUHLDXVVWU]WH]XP%HWW XQGUL5HEHNNDLQVWUPLVFKHU8PDUPXQJDQVLFK3O|W] OLFKEHJDQQVLH]XZHLQHQODXWXQGKHPPXQJVORV'RFK GLHVPDOZDUHQHV7UlQHQGHU)UHXGHGHQQLKUH7RFKWHUVD JHUDGHDXIJHULFKWHWLP%HWWZDFKZRKOQRFKHLQZHQLJEOD XQGYHUVW|UWDEHUEHLYROOHP%HZXWVHLQ ª'DVLVW©9DWHUVFKOXFNWHXQGVHW]WHQRFKPDOVDQ$EHU GLH6WLPPHYHUVDJWHLKPZLHGHU$XFKLQVHLQHQ$XJHQ JOlQ]WHQ7UlQHQ ª(VLVWZLHHLQ:XQGHU©VDJWH'U6FKUHLEHUª,FKDOV0HGL ]LQHUGUIWHGDV:RUWHLJHQWOLFKQLFKWLQGHQ0XQGQHKPHQ DEHULFKWXHHVWURW]GHP$OVLFKYRUHLQHU6WXQGHYRQGHU 1DFKWVFKZHVWHUJHUXIHQZXUGHGD©3O|W]OLFKYHUVDJWH DXFKLKPYRQLQQHUHU%HZHJXQJEHUZlOWLJWGLH6WLPPH 9DWHUUHLFKWHLKPVWXPPGLH+DQGGUFNWHVLHXQGXP DUPWHGDQQGHQNOHLQJHZDFKVHQHQ$U]WZLHHLQHQOLHEHQ 9HUZDQGWHQ $XFK.LPWUDWODQJVDPDQGDVJURHZHLH%HWW(UEOLFNWH ]XHUVWDXIGLHFKURPEOLW]HQGHQ$SSDUDWHDQGHU:DQGGLH MHW]WDXIJHK|UWKDWWHQ]XEOLQNHQXQG]XVXPPHQXQGGDQQ LQV*HVLFKWVHLQHU6FKZHVWHU :HGHU.LPQRFK5HEHNNDVDJWHQHLQ:RUWEHUGDVJH PHLQVDP(UOHEWHZHGHUMHW]WQRFKVSlWHU$EHUDOV.LP ]|JHUQGGLH+DQGDXVVWUHFNWHXQGGHQ]HUUXSIWHQHLQlXJL JHQHLQRKULJHQ6WRIIWHGG\YRQGHU%HWWGHFNHQDKPXQGDOV HUGDQQGHP%OLFNVHLQHU6FKZHVWHUEHJHJQHWHGDZXWHHU GDHUQLFKWJHWUlXPWKDWWH0lUFKHQPRQGXQG*RU\Z\QQ H[LVWLHUWHQLUJHQGZR 0RFKWHQGLH(UZDFKVHQHQUXKLJDQHLQPHGL]LQLVFKHV:XQ GHUJODXEHQ5HEHNNDXQGHUZXWHQHVEHVVHU$EHUGDV ZUGHLKU*HKHLPQLVEOHLEHQ9LHOOHLFKWGDFKWH.LPYLHO OHLFKWZUGHQVLHLUJHQGZDQQQRFKHLQPDOQDFK0lUFKHQ PRQGUHLVHQ

(UGUFNWH.HOKLPDQVLFKVHW]WHLKQGDQQEHKXWVDPDXIGLH %HWWGHFNH]XUFNXQGWUDWDQV)HQVWHUXPDXIGLHHUZD FKHQGH6WDGWKLQXQWHU]XEOLFNHQ

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