Sieben Siegel der Magie

-2+16,1&/$,56LHEHQ6LHJHOGHU0DJLH *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE...

169 downloads 1020 Views 604KB 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+16,1&/$,56LHEHQ6LHJHOGHU0DJLH *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ5DLQHU'HOIVXQG3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP

/LHEH/HVHULQOLHEHU/HVHU 0LWGLHVHP%DQGGHU:(/7%,/'6DPPOHU(GLWLRQ-2+1 6,1&/$,5KDOWHQ6LHHLQHGHUZLFKWLJVWHQ7ULORJLHQPHLQHU Z|FKHQWOLFKLP%DVWHL9HUODJHUVFKHLQHQGHQ-2+16,1&/$,5 6HULHLQGHQ+lQGHQGLHLQ]ZLVFKHQDXIIDVW5RPDQH DQJHZDFKVHQLVWXQGGD]XGDVZLVVHQPHLQHWUHXHQ/HVHU OlQJVWVFKUHLEHLFKMHGHQ0RQDWHLQ-RKQ6LQFODLU7DVFKHQ EXFKYRQGHQHQHVLQ]ZLVFKHQDXFKVFKRQ%lQGHJLEW 'LHVHLQ]ZLVFKHQJHZDOWLJH6HULHLVWQLFKWEHU1DFKWHQWVWDQ GHQ$OVLFKGHQHUVWHQ5RPDQVFKULHEZDUPLUEHUKDXSW QLFKWNODUZDVHLQPDOGDUDXVZHUGHQZUGH$OOH7KHPHQGLH GLH6HULHLPPHUZLHGHUYRUDQJHEUDFKWKDEHQVLQGZlKUHQG GHV6FKUHLEHQVLQPHLQHP.RSIHQWVWDQGHQhEHUPDQFKH (QWZLFNOXQJHQELQLFKKHXWHVHOEVWHUVWDXQW,FKNDQQPLFK HULQQHUQGDHVPHLVWVSRQWDQH(LQIlOOHZDUHQGLHGHU 6LQFODLU6HULHLPPHUZLHGHUHQWVFKHLGHQGH:HQGXQJHQJDEHQ 6FKRQ]X%HJLQQGHU6HULHWUXJ-RKQ6LQFODLUHLQJHZHLKWHV 6LOEHUNUHX]GDVLP.DPSIJHJHQGLH0lFKWHGHU+|OOH HUVWDXQOLFKH.UlIWHHQWZLFNHOWH(UVWVSlWHULQGHP5RPDQ ª'HU3IlKOHU©HU]lKOWHLFKZRKHU-RKQGDV.UHX]KDWQlP OLFKYRQHLQHUJHZLVVHQ9HUD0RQRVV\HLQHU=LJHXQHULQGLH LQ5XPlQLHQDOV+H[HYHUIROJWZRUGHQZDUXQGQDFK (QJODQGIOFKWHWH9RQGHP3IlKOHU)UDQWLVHN0DUHNHUIlKUW -RKQZHQLJVSlWHUGDGLHYLHU%XFKVWDEHQDXIVHLQHP.UHX] GLH,QLWLDOHQGHUYLHU(U]HQJHOVLQG(UOHUQWGLH(U]HQJHOLQ K|FKVWHU*HIDKUDQ]XUXIHQGLHLKPGXUFKGDV.UHX]KHOIHQ JHJHQGDV%|VH]XEHVWHKHQ 'RFKLPPHUZLHGHUUHDJLHUWGDV.UHX]DXIHLJHQHIU-RKQ XQHUNOlUOLFKH:HLVH(VJLEWQRFKHLQHJURH$Q]DKOYRQ DQGHUHQ=HLFKHQDXIVHLQHP.UHX]GLHHUQLFKWHUNOlUHQ NDQQ*HUQKlWWHHUJHZXWZDVVLHEHGHXWHQXQGZHUGHU 6FK|SIHUGLHVHVXQJODXEOLFKHQ7DOLVPDQVZDU ,QGHQ]XVDPPHQKlQJHQGHQGUHL5RPDQHQLQGLHVHP%DQG HUIlKUW-RKQ6LQFODLUGLHJU|WHQ*HKHLPQLVVHVHLQHV.UHX]HV DOVHULQGLH9HUJDQJHQKHLWJHVFKOHXGHUWZLUGXQGDXIHLQHQ

DOWHQ0DNNDElHUWULIIWGHPGDV.UHX]EHNDQQWLVW/DG\ 6DUDK*ROGZ\QLVWDXIHLQ%XFKJHVWRHQGDVGHQ7LWHO ª6LHEHQ6LHJHOGHU0DJLH©WUlJW,PYLHUWHQ.DSLWHOGLHVHV %XFKHVVROOHQGLH*HKHLPQLVVHGHV.UHX]HVHUNOlUWVHLQ$XFK GHU6SXNLVWKLQWHUGLHVHP%XFKKHUGHQQGLH+|OOHZLOOYHU KLQGHUQGD-RKQ6LQFODLUHVOLHVWXQGGDV.UHX]VHLQH VWlUNVWH:DIIHJHJHQGLH0lFKWHGHU)LQVWHUQLVQRFKHIIHN WLYHUJHJHQ'lPRQHQHLQVHW]HQNDQQ 'RFK-RKQ6LQFODLUKDWGLH8QWHUVWW]XQJVHLQHUDWODQWLVFKHQ )UHXQGH0\[LQXQG.DUD0LW+LOIHGHUDWODQWLVFKHQ 3\UDPLGHGHV:LVVHQVNDQQHUGDV%XFKª6LHEHQ6LHJHOGHU 0DJLH©DQVLFKQHKPHQXQGOHUQWGLH)RUPHONHQQHQGLHVHLQ .UHX]LQXQYRUVWHOOEDUHU:HLVHDNWLYLHUW ª7HUUDSHVWXPWHQHWR6DOXVKLHPDQHWR©'LH(UGHVROOGDV 8QKHLODXIKDOWHQGDV+HLOVROOKLHUEOHLEHQ 'LHVH)RUPHOZLUGLQ=XNXQIWGHQ.DPSI-RKQ6LQFODLUV JHJHQGLH0lFKWHGHU)LQVWHUQLVEHVWLPPHQ8QGGHQQRFKLVW VLHQXUHLQ7HLOGHVVHQZDVGHU3URSKHW+HVHNLHOLQEDE\OR QLVFKHU*HIDQJHQVFKDIWLQGLHVHV:HUN]HXJJHJHQGDV%|VH KLQHLQJHOHJWKDW /LHEH6LQFODLU)UHXQGH,FKKRIIHVHKUGD6LHPLUPHLQHQ +HOGHQ-RKQ6LQFODLU6XNR%LOO&RQROO\XQGGHQYLHOHQDQGH UHQWUHXEOHLEHQXQGDXFKZHLWHUKLQ]XPHLQHUJURHQ /HVHUVFKDIWJHK|UHQZHUGHQ,FKELQVWRO]GDUDXIPLWHLQHU $XIODJHYRQIDVW0LOOLRQHQ5RPDQHQ]XGHQPHLVWJH OHVHQHQ6FKULIWVWHOOHUQ'HXWVFKODQGV]XJHK|UHQXQGZHUGH PLFKPLWDOOHU.UDIWEHPKHQ6LHQLFKW]XHQWWlXVFKHQXQG 6LHZHLWHUKLQPLWPHLQHQ5RPDQHQJUXVHOLJ]XXQWHUKDOWHQ

6,(%(16,(*(/'(50$*,( (VJDEHLQ%XFKYRQGHPQLHPDQGJHQDXZXWHZHUHV JHVFKULHEHQKDWWH8QKHLPOLFKHVUDQNWHVLFKXPGLHVHXUDOWH 6FKULIWGLHVRYLHOH-DKUKXQGHUWHEHUGDXHUWKDWWH'DV%XFK ZDUJHIlKUOLFK6LHEHQ6LHJHOEDUJHV6HFKVGDYRQHU]lKOWHQ YRQGHU0DFKWGHV7HXIHOVYRQGHU+|OOHQNUDIW'RFKHLQ 6LHJHOEHULFKWHWHYRP*HJHQWHLO9RQGHU.UDIWGHV/LFKWVGHU KHOOHQVWUDKOHQGHQ(UOHXFKWXQJYRQXUDOWHQ*HKHLPQLVVHQ GLHLQHLQHP*HJHQVWDQGNRQ]HQWULHUWXQGJHEDQQWZDUHQ,Q -RKQ6LQFODLU V.UHX] 6XNRVWDQGYRUPLUVWUHFNWHGHQ$UPDXVXQGVSUHL]WHGLH )LQJHUª(VLVW:DKQVLQQZDVGXGDYRUKDVW-RKQ9HUUFNW LUUHOHEHQVJHIlKUOLFK'XIlKUVWLQGHLQ9HUGHUEHQ© ,FKUXWVFKWHYRQGHU6FKUHLEWLVFKNDQWHª8QG"© 'LHVHVHLQH:RUWLUULWLHUWHPHLQHQ)UHXQGª:LHVRXQG"© ª1RFKPHKU"© ª5HLFKWGLUGDVQLFKW"© ª1HLQ© ª9HUGDPPWQRFKPDO/XSLQDLVWWRW6LHNDQQGLFKQLFKW DQJHUXIHQKDEHQGDVJLEWHVQLFKW:LUVHOEVWKDEHQJHVHKHQ ZLH/DG\;LKUHLQH*DUEHDXVJHZHLKWHQ6LOEHUNXJHOQLQ GHQ5FNHQJHVFKRVVHQKDW9ROOUHLQPHLQ/LHEHUGDPDFKVW GXJDUQLFKWV© ,FKQLFNWHª-DJHVHKHQKDEHQZLUGDV8QGVRJDUHLQHQ /HLFKQDPDEHUWURW]GHPELQLFKVNHSWLVFK© ª'DQQNDQQLFKGLUDXFKQLFKWKHOIHQ© ,FKVWUHLIWHPHLQH-DFNHEHUª'XELVWQXUVDXHUZHLOLFK DOOHLQIDKUH$EHUHVZXUGHDXVGUFNOLFKQXUQDFKPLUYHU ODQJW=XGHPELQLFKQDFKGHP(QGHXQVHUHV6SH]LV'U7RG YHUGDPPWPLWUDXLVFKJHZRUGHQ'DKDWPDQXQVDXFKVHLQH /HLFKHXQWHUJHMXEHOWXQGZDVZDUKLQWHUKHU"'DKDWWHQZLU 6ROR0RUDVVRLQYLHUIDFKHU$XVIHUWLJXQJ© ª'DVLVWGRFKQLFKWPLW/XSLQD]XYHUJOHLFKHQ© ,FK]HLJWH]XP)HQVWHUª'HU0RUGOLJDXQGDOOHPZDV GDPLW]XVDPPHQKlQJWWUDXHLFKQLFKWELV]XU6FKHLEH© ª'XPXWHVZLVVHQ,FKELQMDQLFKWOHEHQVPGH©HU

ZLGHUWHPHLQH)UHXQGHUJHEHQ ª6XNRLFKVDJHGLUGDLVWHWZDVLP%XVFK2EGXHVJODXEVW RGHUQLFKWDEHULFKKDEHGDVLP*HIKO© ª'DUDXISIHLIHLFK© ª,VWMDDXFKQLFKWGHLQV©JULQVWHLFK 6XNRZDUVDXHUª$FKKDXGRFKDE6DJPLUQXUZRKLQLFK GHQ.UDQ]VFKLFNHQVROO© ª'LH0KHNDQQVWGXGLUVSDUHQ,FKNRPPHQlPOLFK ]XUFN© ª$OV=RPELHZLH"© ª:HQQDOOH6WULFNHUHLHQDXFKGDV© $QGLHVH8QWHUKDOWXQJPXWHLFKGHQNHQDOVLFKPLFKDXI GHU)DKUW]XGHPYHUHLQEDUWHQ7UHIISXQNWEHIDQG(UODJ DXHUKDOE/RQGRQVLQHLQHU]LHPOLFKHLQVDPHQ*HJHQG'D]X QRFKDQHLQHP.UHX]ZHJXQGGHU.UHX]ZHJKDWWHMDVFKRQ LPPHULQGHU*HVFKLFKWHGHV+RUURUVHLQHJURH5ROOH JHVSLHOW ,FKVROOWHWDWVlFKOLFK/XSLQDWUHIIHQ(LJHQWOLFKHLQ8QGLQJ GHQQVLHZDUMDWRW$OOHVURFKQDFKHLQHU)DOOHGLHPDQPLU VWHOOHQZROOWHXQGGRFKIXKULFKKLQ /HEHQVPGHZDULFKQLFKWDXFKQLFKWGDYRQEHVHVVHQ]X VWHUEHQDEHULFKZROOWH.ODUKHLW0HLQ-REYHUODQJWHHV(V ZDUHLQHXQJHZ|KQOLFKH$UEHLWVLHILHODXVGHP5DKPHQ XQGYLHOOHLFKWGHVKDOEJLQJLFKDXIVROFKH'LQJHHLQZLHPDQ VLHPLUWHOHIRQLVFKDQJHWUDJHQKDWWH +LQ]XNDPQRFKHWZDV,FKNRQQWHPLFKZHKUHQGHQQ PHLQH:DIIHQZDUHQYRQGHQ6FKZDU]EOWHUQJHIUFKWHW'DV ILQJEHLGHUPLWJHZHLKWHQ6LOEHUNXJHOQJHODGHQHQ%HUHWWDDQ IKUWHEHUGHQ'ROFKVRZLHGHQ%XPHUDQJXQGHQGHWHEHL PHLQHUVWlUNVWHQ:DIIHGHPJHKHLPQLVYROOHQ.UHX]GHVVHQ 5lWVHOLFKQRFKLPPHUQLFKWJHO|VWKDWWH(VJDEGD]ZDUHLQL JH6SXUHQXQG+LQZHLVHVLHDOOHIKUWHQDEHULQHLQHGLIIXVH 9HUJDQJHQKHLWXQGHQGHWHQEHLHLQHUIUKFKULVWOLFKHQ *ODXEHQVJHPHLQVFKDIWGHQ0DNNDElHUQGLHVLFKDXFK 6|KQHGHV/LFKWVJHQDQQWKDWWHQ

,FKYHUVFKHXFKWHGLH*HGDQNHQZLHGHUXQGDFKWHWHPHKU DXIGHQ:HJ0LWWOHUZHLOHKDWWHQZLU6HSWHPEHUGHUHUVWH KHUEVWOLFKH0RQDWXQGPDQPHUNWHDEHQGVEHUHLWVGLH.KOH (UVWH1HEHOVFKZDGHQGUHKWHQLKUH.UHLVHEHVRQGHUVGLFKW ZXUGHQVLHLQ1lKHGHU)OVVHRGHUNOHLQHQ%lFKH :LHJHOEH*ORW]DXJHQZLUNWHQGLH6FKHLQZHUIHUGHV %HQWOH\'LHODQJHQ/LFKWODQ]HQOHJWHQHLQHQKHOOHQ7HSSLFK DXIGLHVFKPDOH6WUDHGLHLFKZHLWHUELV]XGHUJURHQ.XUYH IDKUHQPXWH'DQDFKGXUFKTXHUWHLFKHLQHNOHLQH2UWVFKDIW XQGPXWHVFKOLHOLFKYRUGHUDOWHQ6WHLQEUFNHQDFKOLQNV DEELHJHQ 'LHVHQ:HJKDWWHLFKPLUQLFKWDXIGHU.DUWHKHUDXVJHVXFKW GHUXQEHNDQQWH$QUXIHUKDWWHLKQPLUEHVFKULHEHQ :DUHVZLUNOLFK/XSLQDJHZHVHQ"'LH6WLPPHKDWWHZHLE OLFKJHNOXQJHQDEHUPDQNRQQWHVRHWZDVDXFKLPLWLHUHQ gIWHUDOVJHZ|KQOLFKJOLWWPHLQ%OLFNLQGHQ5FNVSLHJHO,FK WUDXWHGHP)ULHGHQQLFKW6XNRKDWWHVLFK]XVHKUDXIJHUHJW DOVLFKJHIDKUHQZDUXQGZDKUVFKHLQOLFKKDWWHHUVLFKDXI VHLQH+DUOH\JHVFKZXQJHQXQGZDUPLUJHIROJW 1LFKWVGHXWHWHGDUDXIKLQGDLFKYHUIROJWZXUGH(VKHUU VFKWHNDXP9HUNHKUGHQQZHULQ/RQGRQDUEHLWHWHXQG DXHUKDOEZRKQWHZDUOlQJVWLQGHQ+lXVHUQXQG :RKQXQJHQ ,FK]QGHWHPLUHLQH=LJDUHWWHDQ0HLQHU6FKlW]XQJQDFK KDWWHLFKQRFKJXWYLHU0HLOHQ]XIDKUHQXPDQV=LHO]X JHODQJHQ'LH*HJHQGZDU]LHPOLFKHLQVDPELVUHFKWVGHU 6WUDHSO|W]OLFKKHOOH3XQNWHDXIWDXFKWHQGLHHLQHJHRPHWUL VFKH.XOLVVHELOGHWHQXQGGLH)URQWPHKUHUHU+RFKKlXVHU QDFK]HLFKQHWHQ'LH/LFKWHUEUDQQWHQLQGHQ:RKQXQJHQ XQGGLH+lXVHUJHK|UWHQ]XGHQDXHUKDOEGHU5LHVHQVWlGWH OLHJHQGHQ7UDEDQWHQZRKQRUWHQ :HQLJVSlWHUKDWWHLFKGLH)URQWSDVVLHUW:LHHLQHJHZDO WLJH5DXENDW]HPLWKHOOHQ$XJHQWDXFKWHGHU%HQWOH\LQ GHQ:DOGHLQ6HLQ/LFKWHUKHOOWHGLHVFKPDOHUJH ZRUGHQH)DKUEDKQGLHVLFKLQGUHL.XUYHQGXUFKGDV6WFN 1DWXUZDQG

+LQWHUGHP:DOGEHJDQQGHU2UW6RIRUWZXUGHHVKHOOHU 'LH6WUDHWHLOWHGDV'RUIDQGHVVHQ5DQGLFKHEHQIDOOVGLH PRGHUQHQKRKHQ+lXVHUVDK $XIGHU6WUDHKLHOWHQVLFKQXUZHQLJH0HQVFKHQDXI'LH lOWHUHQEHIDQGHQVLFKLQGHQ:RKQXQJHQXQG+lXVHUQQXU HLQLJHMXQJH/HXWHOHKQWHQDQGHQ)HQVWHUIURQWHQGHU .QHLSHQXQGGHUEHLGHQ'LVFRVGHUHQIDUELJH/HXFKWUHNODPH LQGLHVHU*HJHQGIXWXULVWLVFKDQPXWHWH $P2UWVHQGHXPILQJPLFKZLHGHUGLH6WLOOH,FKKDWWHGLH =LJDUHWWHOlQJVWDXVJHGUFNWXQGVXFKWHGLH%UFNH 'DV)HUQOLFKWKDOIPLUGDEHL*OHLHQGKHOOZXUGHHV'LH DOWH6WHLQEUFNHEHIDQGVLFKQLFKWZHLWHQWIHUQW9RULKUYHU HQJWHVLFKGLH6WUDH1XUMHZHLOVHLQ)DKU]HXJSDWHDXIGLH %UFNH 9RUGHPhEHUJDQJ]ZHLJWHHLQ:HJVFKDUIOLQNVDEJHQDX ZLHPDQHVPLUEHVFKULHEHQKDWWH ,FKNXUEHOWHKDUWDP/HQNUDG'LH6FKHLQZHUIHUVWUDKOHQ PDFKWHQGHQ6FKZHQNPLWXQGJOLWWHQEHUHLQH)DKUVWUHFNH GLHPDQPLWGHP:RUWPLVHUDEHOEH]HLFKQHQNRQQWH $VSKDOWJDEHVQLFKWGDIU6FKRWWHU'HUK|UWHDOOHUGLQJV VFKQHOOZLHGHUDXIXQGGLH6WUHFNHIKUWHDOVDXVJHIDKUHQHU )HOGZHJZHLWHU 9RUPHLQHP:DJHQSURGX]LHUWHQGLH/LFKWODQ]HQHLQHQJHL VWHUKDIWHQ7DQ]0DOKSIWHQVLHKRFKGDQQILHOHQVLHZLHGHU QDFKXQWHQXQGZLHJLHULJH+lQGHWDVWHWHQVLHEHUGDVDP :HJUDQGZDFKVHQGH*HVWUSSJOLWWHQLQGLH%VFKHKLQHLQ VXFKWHQLKUHQ:HJ]ZLVFKHQGHQVSHUULJHQ=ZHLJHQXQG HUVFKUHFNWHQGLH.OHLQWLHUHGHU1DFKW'LHKHOOHQ6WUDKOHQ JDEHQGHQ%XVFKJUXSSHQHLQVHOWVDPYHU]HUUWHV$XVVHKHQ PDQFKPDOVRJDUJHVSHQVWLVFKXQGOHLFKWH1HEHOVFKZDGHQ WDWHQLKUEULJHVXPGLHHWZDVXQKHLPOLFKH6WLPPXQJQRFK ]XHUK|KHQ ,FKDFKWHWHQLFKWDXIGLH5DQGHUVFKHLQXQJHQVRQGHUQVDK ]XGDLFKPHLQ=LHOHUUHLFKWH(LQHLQVDPHU.UHX]ZHJVROO WHHVVHLQQLFKWZHLWYRQGHU$E]ZHLJXQJHQWIHUQW 2ND\LFKVDKLKQDOVGDV)HUQOLFKWGHQVFKPDOHQ:HJYRU

PLUYROODXVOHXFKWHWH9RQUHFKWVXQGOLQNVWUDIHQVLFKGLH EHLGHQDQGHUHQ)DKUVSXUHQDXIGHQHQLFKPLWGHP%HQWOH\ ZHLWHUIXKU 8QGDP:HJVWDQGHLQJHZDOWLJHU%DXP (LQHXUDOWH(LFKHPLWVWDUNHQZHLWDXVODGHQGHQbVWHQYRQ GHQHQZLHGHUXPNUlIWLJHVWDELOH=ZHLJHDEVWDQGHQGLHDOOH VDPWQRFKLKU/DXEKDWWHQ'HU+HUEVWZDUQRFKQLFKWVRZHLW IRUWJHVFKULWWHQDOVGDHUGLH%OlWWHUJHIlUEWKlWWH6LHELOGH WHQHLQIDVWXQGXUFKGULQJOLFKHV*UQEHUGHPQDFNWHQ 6WDPP ,FKUROOWHDQGHP%DXPYRUEHLIXKUHLQ6WFNZHLWHUXQG ZHQGHWHGHQ:DJHQPLW0KH 'DQDFKVFKDOWHWHLFKGHQ0RWRUDXVO|VFKWHGDV/LFKWXQG VWLHJDXV'LHNKOH$EHQGOXIWHLQHVDXVNOLQJHQGHQ 6HSWHPEHUWDJHVXPILQJPLFK'HUVFKRQOHLFKWDEQHKPHQGH 0RQGVDKDXVZLHHLQHDQJHELVVHQH=LWURQH(WZDV:LQGZDU DXIJHNRPPHQ(UVSLHOWHPLWGHQ%OlWWHUQGHV%DXPHVVR GDVLHJHJHQHLQDQGHUUDVFKHOWHQ %HYRULFKDXIGHQ%DXP]XVFKULWWVFKDXWHLFKPLFKQDFK HWZDLJHQ%HREDFKWHUQXP ,FKHQWGHFNWHQLFKWV9HUGlFKWLJHV:HQQVLFKMHPDQGYHU VWHFNWKLHOWNRQQWHHUVLFKDXFKLQGDV*HEVFKYHUNULHFKHQ GDVQLFKWZHLWHQWIHUQWDOVHLQHODQJHGXQNOH5HLKHZXFKV (UVWMHW]WVDKLFKGLH%DQN 6LHVWDQGDQGHUDQGHUHQ6HLWHGHV%DXPVWDPPVZDUDXV HLQIDFKHQ%RKOHQJHIHUWLJWXQGOXGHLQDXILKU3ODW]]XQHK PHQ(LQH5FNHQOHKQHKDWWHVLHQLFKW0GH:DQGHUHU NRQQWHQVLFKDQGHQ6WDPPOHKQHQ ,FKQDKP3ODW]0HLQ%HQWOH\ZDUQXUQRFKDOVNRPSDNWHU 6FKDWWHQ]XVHKHQ$QGLH*HUlXVFKHGHU1DFKWKDWWHLFK PLFKUDVFKJHZ|KQWVRGDLFKMHW]WGDV*HIKOKDWWHYRQ HLQHUVHOWVDPHQ6WLOOHXPJHEHQ]XVHLQ $OVLFKGLH%HLQHEHUHLQDQGHUVFKOXJUDVFKHOWHGHU +RVHQVWRII (LQH=HLWKDWWH/XSLQDLFKJLQJHUVWHLQPDOGDYRQDXVGD HVGLH7RWJHJODXEWHZDUQLFKWDQJHJHEHQ6LHNRQQWHVFKQHOO

HUVFKHLQHQDEHUDXFKHUVWLQHLQHU6WXQGH8QWHU8PVWlQGHQ PXWHLFKPLFKDXIHLQHOlQJHUH:DUWH]HLWJHIDWPDFKHQ 'LH0LQXWHQYHUJLQJHQ6FKOlIULJZXUGHLFKQLFKWPHLQ %HZXWVHLQZDUJHZHFNWZDUYROOGDXQGPDQFKPDOGUHKWH LFKPLFKKDVWLJXPRKQHDOOHUGLQJVHWZDV9HUGlFKWLJHV]X EHPHUNHQZHQQLFKDQGHPGLFNHQ%DXPVWDPPYRUEHL JHVFKDXWKDWWH :UGHVLHEHUKDXSWNRPPHQ" 0LWWOHUZHLOH]ZHLIHOWHLFKGDUDQGRFKMHPHKU=HLWYHUJLQJ XPVRJU|HUZXUGHEHLPLUGDV*HIKOYRQLUJHQGMHPDQ GHPEHREDFKWHW]XZHUGHQ(VZDUZLUNOLFKQXUHLQ*HIKO LFKKDWWHNHLQHUOHL%HZHLVHDEHULFKNRQQWHPLFKHLQIDFK QLFKWGDYRQO|VHQ (LQ)U|VWHOQOLHIEHUPHLQHQ5FNHQ'LH'XQNHOKHLWZDU VHOWVDPGLIIXVGHQQGXUFKGDVDXIGLH(UGHIDOOHQGH 0RQGOLFKWVDKLFKVFKDWWHQKDIWH.RQWXUHQXQG8PULVVHGLH VRZRKO0HQVFKHQDOVDXFK0RQVWHUVHLQNRQQWHQ ,Q:LUNOLFKNHLWZDUHQHVQXU%VFKHRGHUKRFKZXFKHUQGHV *HVWUSSVRZLH*UlVHU ,FKJDEPLUVHOEVWHLQHQ5LSSHQVWRXQGGDFKWHGDUDQPLFK QLFKWYHUUFNWPDFKHQ]XODVVHQ (VJLQJQLFKW,P*HJHQWHLOPHLQ*HIKOZXUGHVWlUNHU 'DK|UWHLFKGLH6WLPPH*HQDXLQGHP$XJHQEOLFNDOVLFK PLFKZLHGHUHLQPDOYRQGHU%DQNHUKREHQKDWWH (VZDUPHKUHLQ=LVFKHQGRFKPHLQHQ1DPHQYHUVWDQG LFKª-RKQ6LQFODLU© %OLW]VFKQHOOGUHKWHLFKPLFKXPVFKDXWHLQV/HHUHXQG KDWWHYHUJHVVHQDXIGLH5LFKWXQJ]XDFKWHQDXVGHUGLH 6WLPPHDXIJHNOXQJHQZDU 1LFKWKLQWHUPLUQHLQGDV9HUKlQJQLVNDPYRQREHQDXV GHPVWDUNHQ*HlVWGHU(LFKH

(VZDUHQJLHULJH$XJHQGLHEHREDFKWHWHQ+DHUIOOWH%OLFNH ULFKWHWHQVLFKDXIGHQ0DQQGHUXQWHUGHQbVWHQXQG =ZHLJHQDXIGHU%DQNVD0DQFKPDOYHUZLVFKWHGDV%LOG GHU*HVWDOWLPPHUGDQQZHQQHLQH:RJHYRQ:XWGHQ %HREDFKWHUEHUVFKZHPPWH 6HLQ,QQHUHVNRFKWH'DV7LHUNDPLQLKPGXUFKGHU'UDQJ QDFK%OXWZXUGHXQHUWUlJOLFKGHU0XQG|IIQHWHXQGVFKOR VLFK (VZDUHLQPHQVFKOLFKHU0XQGHLQPHQVFKOLFKHV*HVLFKW QRUPDOH+DDUHDEHUGHU.|USHUJHK|UWHHLQHU%HVWLH (LQHPJHIlKUOLFKHQ:ROI %LVKHUZDUHUQRFKQLFKWHQWGHFNWZRUGHQ(UKDWWHVHLQ 9HUVWHFNLQGHPGLFKWHQ/DXEJHIXQGHQXQGGDFKWHQLFKW GDUDQHVDXI]XJHEHQGHQQHUWUDXWHGHP0HQVFKHQQLFKW 'LHVHU0DQQGRUW-RKQ6LQFODLUKLHHUZDUJHIlKUOLFK 6RJDUEUDQGJHIlKUOLFK$XIVHLQ.RQWRJLQJGHU7RG]DKOUHL FKHU'lPRQHQHUKDWWHHVYHUVWDQGHQGLH0lFKWHGHU )LQVWHUQLV]XUHGX]LHUHQRGHUVLHJHJHQVHLWLJDXV]XVSLHOHQ 'DEHLKDWWHQLKPGDV*OFNXQGGLH7DWVDFKHHLQHU =ZLHWUDFKW]ZLVFKHQ6FKZDU]EOWHUQ]XU6HLWHJHVWDQGHQGD GLH*HVFK|SIHGHU)LQVWHUQLVVLFKRIWVHOEVWQLFKWJUQZDUHQ 6RHUOHEWEHL/DG\;GLHMHW]WGLH0RUGOLJDDQIKUWHXQG /XSLQDJHW|WHWKDWWH 0LW6LOEHUNXJHOQ (LQH9DPSLULQW|WHWHLQH*HJQHULQPLWJHZHLKWHQ 6LOEHUNXJHOQ6RHWZDVKDWWHHV]XYRUQRFKQLFKWJHJHEHQ /DG\;MHGRFKEHZLHVGDGLHVP|JOLFKZDU 'RFKVLHKDWWHVLFKYHUUHFKQHWVHKUVRJDUXQGMHPDQGZDU EHUHLWLKUGLH5HFKQXQJ]XSUlVHQWLHUHQ ,P$XJHQEOLFNKRFNWHHU]ZLVFKHQGHQ%OlWWHUQXQGVWDUUWH GXUFKGLH/FNHQDFKXQWHQZRHUGHQ6FKDWWHQGHV0DQQHV VDKGHUGHUJU|WH)HLQGGHUILQVWHUHQ0lFKWHZDU -RKQ6LQFODLU )DVW]XP*UHLIHQQDKH(LQ6SUXQJGHUSO|W]OLFKH$QJULII DXVGHP+LQWHUKDOWGDV=XSDFNHQVFKDUIHU5HL]lKQHXQG HVKlWWHGHQ*HLVWHUMlJHUJHJHEHQ

:HQQHVVRHLQIDFKZlUH -RKQ6LQFODLUMHGRFKZDUUDIILQLHUW(UEHVD]ZDUNHLQHUOHL EHUVLQQOLFKH)lKLJNHLWHQKDWWHMHGRFKLP/DXIHGHU=HLW HLQHQJHZLVVHQ6LQQIU*HIDKUHQHQWZLFNHOWXQGGHUVFKLHQ LKQMHW]WDXFKQLFKWLP6WLFK]XODVVHQ (UZXUGHXQUXKLJ 'LHNDOWHQ5DXEWLHUDXJHQGLHGXUFKGDV%OlWWHUZHUN VFKLPPHUWHQVWHOOWHQGLHVVHKUJHQDXIHVW 'LH+DDUHGHVKHLPOLFKHQ%HREDFKWHUVEHZHJWHQVLFKDOV ZUGHHLQ:LQGVWREHUGDVVFKZDU]EUDXQH)HOOIDKUHQ'LH 3UDQNHQZDUHQVRKDUWLQHLQHQ$VWJHVFKODJHQZRUGHQXP GHQ.|USHU]XKDOWHQGDVRJDU5LQGHDEJHIDOOHQZDUXQG GDVKHOOH:HLGHV+RO]HVGXUFKVFKLPPHUWH 'LH%HVWLHPXWHDXISDVVHQGD6LQFODLUVLHQLFKW]XIUK VDKGHQQLKUIDKOJHOEHV+DDUZDUYHUUlWHULVFKJHQXJ(V NRQQWHDXFKEHL'XQNHOKHLWGXUFKGLH%OlWWHUVFKLPPHUQXQG OHLFKWVLFKWEDUZHUGHQ 6LQFODLUZXUGHXQUXKLJHU(UUXWVFKWHDXIGHU%DQNYRQ HLQHU6HLWH]XUDQGHUHQXQGKLHOWHVQLFKWPHKUDXV (UVWDQGDXI ª-RKQ6LQFODLU© -HW]WKDWWHHVDXFKGLH%HVWLHQLFKWPHKUDXVKDOWHQN|QQHQ (VZDUHLQIDFKEHUVLHJHNRPPHQVLHNRQQWHQLFKWDQGHUV XQGPDFKWHVLFKVRIRUW9RUZUIH 'RFK6LQFODLU]HLJWHVLFKLUULWLHUW(UZXWHLPHUVWHQ $XJHQEOLFNQLFKWDXVZHOFKHU5LFKWXQJGLH6WLPPHDXIJH NOXQJHQZDU 'DVQXW]WHGLH%HVWLHDXV .XU]HQWVFKORVVHQOLHVLHVLFKIDOOHQ (VZDUQLFKWJHQDXIHVW]XVWHOOHQZDVQXQPHKUNOLQJHOWHGLH .HWWHQGHU/DG\6DUDK*ROGZ\QRGHUGLHDOWH%LPPHOEHU GHUQRFKlOWHUHQ7UGLHGHQ(LQJDQJ]XHLQHP.HOOHUGDU VWHOOWH 9LHOOHLFKWZDUHVGRFKGLH.OLQJHOGHQQ/DG\6DUDK

*ROGZ\QGLH+RUURU2PDZLHVLHDXFKJHQDQQWZXUGHOLHE WH]ZDU.HWWHQDOOHUGLQJVELPPHOWHQGLHVHQLFKWPHORGLVFK XQGVSLHOWHQDXFKNHLQª*RGVDYHWKH4XHHQ©ZHQQVLH JHJHQHLQDQGHUUDVVHOWHQ +LQWHUGHU7UEOLHE/DG\6DUDKVWHKHQXQGZDUWHWHELVGLH HQJOLVFKH1DWLRQDOK\PQHDXVJHNOXQJHQZDU:HUGDVWDW GHPEHJHJQHWH0U3HWHUVRQGHU,QKDEHUGHV/DGHQVPLW EHVRQGHUHU+RFKDFKWXQJGHQQ0U3HWHUVRQZDUQLFKWQXU $QWLTXLWlWHQKlQGOHUVRQGHUQDXFK3DWULRWGXUFKXQGGXUFK 0DQFKPDOSIOHJWHHU]XVDJHQª,FKELQYRQ%HUXI%ULWH©6R HWZDVJDEYLHOEHUVHLQH3HUVRQSUHLV 0U3HWHUVRQZDU]ZDUQLFKW]XVHKHQ/DG\6DUDKZXWH DEHUGDHUGXUFKHLQHQUDIILQLHUWDXIJHVWHOOWHQ6SLHJHOGHQ (LQJDQJJHQDXLP$XJHEHKDOWHQNRQQWH8QGVLFKHUOLFKVDK HUDXFKGLHVWUDPPH+DOWXQJGHU/DG\6DUDK 1DFKGHPGHUOHW]WH7RQYHUNOXQJHQZDUEHZHJWHVLFK /DG\6DUDKZHLWHU2EZRKOVLHZDKUVFKHLQOLFKNHLQ5LHVH ZDU]RJVLHGRFKGHQ.RSIHLQGHQQLQGLHVHP.HOOHUODGHQ ZDUGLH'HFNHQLFKWVHKUKRFK]XGHPKLQJHQQRFKHLQLJH DOWH/DPSHQVFKLUPHGDYRQKHUXQWHUVRZLH3IDQQHQXQG 7|SIHDXVPLW*UQVSDQEHUGHFNWHP.XSIHU (VZDUHLQ.UDPODGHQ:DVGDV*HVFKlIWMHGRFKYRQYLHOHQ DQGHUHQXQWHUVFKLHGZDUGLH7DWVDFKHGD0U3HWHUVRQQXU HFKWHDOWH6DFKHQYHUNDXIWHXQGNHLQHQ7U|GHOGHQPDQDXI DOWJHWULPPWKDWWH /DG\6DUDKGLHMDEHLDOOHQJURHQXQGNOHLQHQ $QWLTXLWlWHQKlQGOHUQ/RQGRQVHLQHEHNDQQWH3HUVRQZDU VDKVRIRUWGDVLFKXQWHUGLHVHQ6DFKHQGLHQDKHGHU (LQJDQJVWUODJHQQLFKWVEHIDQGZDVVLHKlWWHLQWHUHVVLHUHQ N|QQHQ ª6LHHQWWlXVFKHQPLFKPHLQOLHEHU+XEHUW©ULHIVLHGHVKDOE LQGHQ/DGHQKLQHLQª+DEHQ6LHPLFKRKQH*UXQGDQJH UXIHQ"© ª$EHUJDQ]XQGJDUQLFKW/DG\6DUDKDEHUJDQ]XQGJDU QLFKW©'LH6WLPPHHUNODQJDXVGHP+LQWHUJUXQGGHV 5DXPHVª(VLVW]ZDUXQK|IOLFKXQGVRQVWQLFKWPHLQH$UW

GDLFK6LHQLFKWEHJUHDEHULP$XJHQEOLFNJHKWHVZLUN OLFKQLFKW:HQQ6LHVLFKELWWH]XPLUEHPKHQP|FKWHQLFK ELQGRUWZRVLFKPHLQH.DVVHEHILQGHW© +XEHUW3HWHUVRQVSUDFKLPPHUHLQZHQLJQDVDOXQG EHPKWHVLFKVHKUXPHLQHJXWH)RUPXOLHUXQJGLHLKP RIWGDQHEHQJLQJZDVVHLQHQ*HVSUlFKVSDUWQHU]XPHLVW HUKHLWHUWH 'LHVHU+XEHUW3HWHUVRQZDUVHOEVWLQ/RQGRQHLQ2ULJLQDO 'DVVROOWHVFKRQHWZDVKHLHQ/DG\6DUDKZXWHEHLLKPQLH JHQDXREHV0DFKHRGHUREHUZLUNOLFKVRZDU'DVZUGHVLH DXFKNDXPKHUDXVILQGHQ (VEOLHEGHU+RUURU2PDQLFKWVDQGHUHVEULJDOVVLFK GXUFKGLHVFKPDOHQ*lQJH]XZLQGHQXP+XEHUW3HWHUVRQ HQGOLFK]XEHJUHQ'HU/DGHQZDUWDWVlFKOLFKYROOELVXQWHU GLH'HFNH$XI5HJDOHKDWWHGHU%HVLW]HU]XPJU|WHQ7HLO YHU]LFKWHWGLHDOWHQ0|EHO]XPHLVW6WFNHDXVGHU -XJHQGVWLO]HLWVWDQGHQEHUHLQDQGHU 'LH+RUURU2PDVDKHLQHQ6HVVHOGHUVHLQHQ3ODW]DXIGHQ YHUVFKOLVVHQHQ3ROVWHUQHLQHV6RIDVJHIXQGHQKDWWH$XIGHP 6HVVHOVWDQGHLQDOWHU9RJHONlILJLQGHPHLQDXVJHVWRSIWHU 3DSDJHLKRFNWHGHVVHQEXQWHV*HILHGHUPLWHLQHU 6WDXEVFKLFKWEHU]RJHQZDU 6HHVlFNH7UXKHQ/DPSHQVWlQGHUOHHUH8KUJHKlXVH .HU]HQVWlQGHUZLHGHU6RIDV6WKOHXQG6HVVHO6LHELOGHWHQ HLQ'XUFKHLQDQGHULQGHPVLFKZDKUVFKHLQOLFKVHOEVWGHU %HVLW]HUQLFKWVRULFKWLJ]XUHFKWIDQG/DG\6DUDKKlWWHHLQ JU|HUHV7HLODXFKQLHEHL3HWHUVRQJHNDXIWZHQQGLHVHU 0DQQQLFKWHLQHPEHVRQGHUHQ+REE\IU|QHQZUGH (UVDPPHOWHXQGYHUNDXIWHDXFKDOWH%FKHU 8QGGDZDUHUEHL6DUDK*ROGZ\QJHQDXDQGHUULFKWLJHQ $GUHVVH'HQQGDV6DPPHOQYRQ%FKHUQZDUDXFKHLQ +REE\YRQLKU6LHKDWWHVLFKLQLKUHP+DXVHLQ$UFKLYDQJH OHJWDXIGDVVRPDQFKH%LEOLRWKHNQHLGLVFKJHZHVHQZlUH XQGVLHHUZDUELPPHUZLHGHUHWZDVKLQ]XZREHLVLHPDQFK KRKHQ3UHLVLQ.DXIQDKPDEHUGLHDOWH'DPHEUDXFKWHDXI GHQ&HQWQLFKW]XDFKWHQ,KUHGUHLYHUVWRUEHQHQ0lQQHU

KDWWHQLKUHLQNOHLQHV9HUP|JHQKLQWHUODVVHQYRQGHVVHQ =LQVHQVLHJXWOHEHQXQGDXFKIUNDULWDWLYH2UJDQLVDWLRQHQ VSHQGHQNRQQWH 8PHLQ%XFKJLQJHV0HKUKDWWH+XEHUW3HWHUVRQQLFKWDP 7HOHIRQJHVDJW (VUHLFKWHGHU+RUURU2PDDXFKGDPLWVLHLKUHDOWHQ .QRFKHQLQ%HZHJXQJVHW]WHXPGHQ+lQGOHUDXI]XVXFKHQ :HQQLKUGDV%XFK]XVDJWHPXWHHVLKUQXUJHOLQJHQGHQ 0DQQ]XEHUUHGHQGHQQ3HWHUVRQ]HLJWHVLFKRIWPDOVVHKU VW|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lIWVEHWUDW ZDUYRQ+XEHUW3HWHUVRQQRFKLPPHUQLFKWV]XVHKHQXQG GLH.XQGLQEOLHEEHUUDVFKWVWHKHQGHQQVLHHUNDQQWHVFKRQ GLHDOWH9HUNDXIVWKHNHPLWGHUYRUVLQWIOXWOLFKHQ.DVVHGDUDXI XQGGDKLQWHUGLH5HJDOHPLWGHQ%FKHUQ ª0U3HWHUVRQZRVLQG6LHGHQQ"©ULHIVLH ª+LHU0UV*ROGZ\Q(VLVWHLQH8QYHUVFKlPWKHLWHLQH ERGHQORVH6FKZHLQHUHL© /DG\6DUDKVFKWWHOWHGHQ.RSIª:DVGHQQ"© ª.RPPHQ6LHELWWHQlKHU© ª8QGZRKLQ"©

ª:HQGHQ6LHVLFKQDFKOLQNVZRVLFKGLH*DUGHUREHEHILQ GHWZHQQ6LHVRIUHXQGOLFK© ª1DWUOLFK©(UJHEHQKREGLH+RUURU2PDGLH6FKXOWHUQ 6RHWZDVKDWWHVLHQRFKQLHHUOHEWDEHUVLHZDUQHXJLHULJ JHZRUGHQXQGZROOWHZLVVHQZDVPLW3HWHUVRQJHVFKHKHQ ZDU $QGHU7KHNHPXWHVLHYRUEHL5HFKWZLQNOLJGD]XVWDQG HLQDOWHUPLW%FKHUQJHIOOWHU6FKUDQN8QGKLQWHULKPKDWWH +XEHUW3HWHUVRQGLH*DUGHUREHHLQJHULFKWHW (VZDUHQQXUHLQLJH+DNHQLQGLH:DQGJHVFKODJHQZRU GHQ8QGDXVJHUHFKQHWDQHLQHPGLHVHU+DNHQKLQJGHU +lQGOHU hEHUUDVFKWEOLHE0UV*ROGZ\QVWHKHQ=XHUVWZROOWHVLH ODFKHQGHQQHVUHL]WHLQGHU7DW]XHLQHP*HOlFKWHUVRZLH 3HWHUVRQGDKLQJ:LHHLQ+lXIFKHQ(OHQGNDPHU/DG\6DUDK YRU-HPDQGPXWHLKQKRFKJHVWHPPWXQGDQGHQ *DUGHUREHQKDNHQJHKlQJWKDEHQ'HUQDFKREHQZHLVHQGH (LVHQKDNHQKDWWHVLFKLPhEHUZXUIVHLQHV.UDJHQVYHUIDQ JHQXQGDXVHLJHQHU.UDIWZDUHV3HWHUVRQQLFKWP|JOLFK VLFK]XEHIUHLHQ ª6LHHQWVFKXOGLJHQZHQQLFKOlFKOH©VDJWHGLH+RUURU 2PDªDEHUVRHWZDVKDEHLFKQRFKQLHJHVHKHQ© ª'DVNDQQLFKPLUYRUVWHOOHQ©JUHLQWH3HWHUVRQª'LHVH ZLGHUOLFKHQ7\SHQKDEHQNHLQHQ5HVSHNWPHKUYRUGHP $OWHU6LHZROOWHQPLFK©(UYHUVWXPPWHVFKDXWH/DG\ 6DUDKPLWHLQHPELWWHQGHQ%OLFNDQXQGVDJWHª:HQQ6LHPLU KLQXQWHUKHOIHQZROOHQ"© ª*HUQIDOOVLFKHVNDQQ©/DG\6DUDKWUDWHLQZHQLJ]XU 6HLWHXQGOHKQWHLKUHQ6WRFNJHJHQGLH:DQG6LHZDU]ZDU NQDSSEHUGLH6LHE]LJDEHUVLHWUDXWHVLFK]X3HWHUVRQDXV GLHVHU/DJH]XEHIUHLHQ ª$EHUELWWHVHLHQ6LHYRUVLFKWLJ0UV*ROGZ\QZHQQ6LH PLFKDQIDVVHQ,FKELQQlPOLFKVHKUNLW]HOLJ© 6FKRQILQJHUDQ]XODFKHQNDXPGD/DG\6DUDKLKUH +lQGHDXIVHLQH+IWHQJHOHJWKDWWH ª5XKLJUXKLJ0U3HWHUVRQLFKELQMDEHL,KQHQ:LUVFKDI

IHQHVVFKRQ©'LH+RUURU2PDVHW]WHLKUHQRFKYRUKDQGHQHQ .UlIWHHLQXQGYHUVXFKWHGHQ0DQQKRFK]XVWHPPHQ 'DVDOOHUGLQJVJHODQJLKUQLFKWª1HLQ©VDJWHVLHXQGVFKW WHOWHGHQ.RSIª:LUPVVHQHVDQGHUVPDFKHQ© +XEHUW3HWHUVRQNDPQLFKWGD]X]XIUDJHQZLHVLHHV DQVWHOOHQZROOWH/DG\6DUDKHUJULIIGLH,QLWLDWLYHVRIRUWXQG ULNXU]HUKDQGDP-DFNHWWGHV0DQQHV 'HU6WRIIDP.UDJHQZXUGH]HUIHW]WGHUIUHLH)DOOZLUNWH VLFKDXVXQG3HWHUVRQSROWHUWH]X%RGHQ/DG\6DUDKPXWH KDVWLJ]XU6HLWHVSULQJHQVRQVWKlWWHGHU0DQQVLHQRFK XPJHULVVHQ 'DVDHUQXQDXIVHLQHPPDJHUHQ+LQWHUWHLOXQGVFKDXWH /DG\6DUDKZLHHLQ+lXIFKHQ(OHQGDQ 'LH+RUURU2PDVWUHFNWHHLQH+DQGDXVª.RPPHQ6LHLFK KHOIH,KQHQDXIGLH)H© ª'DQNHVHKUYLHOHQYLHOHQ'DQN© =ZHL6HNXQGHQVSlWHUVWDQGGHU0DQQ-HW]WILQJHUDQ]X MDPPHUQ6HLQVFK|QHV-DFNHWWVHLYHUGRUEHQXQGHUZROOWH VLFKEHUKDXSWQLFKWEHUXKLJHQ ª:LHDOWZDUGHQQGLH-RSSH"©IUDJWH/DG\6DUDK ª$FKW]HKQ-DKUH© %LVMHW]WKDWWHGLH+RUURU2PDHLQ/DFKHQ]XUFNKDOWHQ N|QQHQ'DVVFKDIIWHVLHQLFKWPHKU6LHSUXVWHWHORVXQG NPPHUWHVLFKDXFKQLFKWXP3HWHUVRQV*UHLQHQGHUVHLQ *HVLFKWYHU]RJHQKDWWHGLH-DFNHDXV]RJXQGVLHYRQDOOHQ 6HLWHQEHWUDFKWHWH(UVSUDFKHWZDVYRQ]XVDPPHQQlKHQXQG ZXUGHHUVWUXKLJHUDOV/DG\6DUDKVLFKHUNXQGLJWHZLHDOOHV SDVVLHUWZDU +XEHUW3HWHUVRQVFKULWW]XU9HUNDXIVWKHNHXQGOHJWHVHLQ -DFNHWWGRUWQLHGHUª:LHDOOHVSDVVLHUWLVW"(LQH 8QYHUVFKlPWKHLWZDUGDV©(UVWW]WHGLH+lQGHDXIXQG VFKDXWH/DG\6DUDKPLWGHPWUDXULJHQ%OLFNHLQHVOHLGJH SUIWHQ'DFNHOVDQ6HLQZHLHU6FKQlX]HU]LWWHUWHGDEHLGLH )OJHOGHUODQJHQ1DVHEHZHJWHQVLFKXQUXKLJXQGGLH NOHLQHQJUDXHQ$XJHQEOLW]WHQª,FKZLOOHV,KQHQVDJHQ .DXPKDWWHLFKPLW,KQHQWHOHIRQLHUWDOVLFK%HVXFKYRQ]ZHL

MXQJHQ%XUVFKHQHUKLHOW6LHZLVVHQMDZLHGLHVH7\SHQDXV VHKHQ8QJHSIOHJW-DFNHQDXV/HGHUNHLQHQ5HVSHNWPHKU ODQJH+DDUH© ª1DQDQXQPDFKHQ6LHPDOHLQHQ3XQNW1LFKWDOOHVLQG VR2IWILQGHWPDQXQWHUGHQODQJHQ+DDUHQHLQHQNODUHQ 9HUVWDQG© ª'D6LHVRHWZDVVDJHQ© 'LH+RUURU2PDOlFKHOWHª,FKELQRIWPLWMXQJHQ/HXWHQ ]XVDPPHQXQGILQGHVLHSULPD© ª$EHULFK© ª:HLWHU0U3HWHUVRQ© ª$FKVRMD©(UVFKOXJVLFKJHJHQGLH6WLUQª6LHNDPHQDOVR 0LUZDUHQVLHMDVXVSHNW'LH.HUOHVFKDXWHQVLFKXPQDK PHQGLHVXQGMHQHVLQGLH+DQGXQGDOVLFKVLHIUDJWHREVLH HWZDVNDXIHQZROOWHQGDVFKWWHOWHQVLHGHQ.RSI.DXIHQ ZROOWHQVLHQLFKWVDEHUHWZDVPLWQHKPHQ'DVPDFKWHQVLH PLUNODUGHQQSO|W]OLFK]RJHLQHUYRQLKQHQHLQ0HVVHU(U KLHOWPLFKGDPLWLQ6FKDFKZlKUHQGGHUDQGHUH.HUODXI PHLQH.DVVH]XVFKULWWVLH|IIQHWHXQGGDV*HOGHQWQDKP© ª:LHYLHOZDUHVGHQQ"© ª1LFKWJDQ]]ZHL3IXQG© /DG\6DUDKPXWHODFKHQª8QGGDPDFKHQ6LHVRHLQHQ :LUEHO0U3HWHUVRQ"© ª1DMD]ZHL3IXQG©3O|W]OLFKILQJHUDQ]XJULQVHQª6LH DKQWHQMDQLFKWGDLFKDXIVRHWZDVLPPHUJHIDWELQXQG 9RUVRUJHJHWURIIHQKDEH© ª$K6LHKDEHQGDV*HOGZRDQGHUV© ª6LFKHU© ª8QGZLHJLQJHVZHLWHU"© ª'LH.HUOHZDUHQQDWUOLFKVDXHU6LHZROOWHQZLVVHQZR LFKPHLQ*HOGKDEH,FKNRQQWHLKQHQMHGRFKZHLVPDFKHQ GDLFKQLFKWPHKUEHVLW]HMDXQGGDQDFKNDPGDV 6FKOLPPVWH©(UVHQNWHMHW]WGHQ.RSIXQGVFKDXWH]X%RGHQ ª0DQKlQJWH6LHDXI© ª*HQDX/DG\6DUDK(VLVWHLQH6FKDQGH0LFKHLQHQDOWHQ 2IIL]LHUGHUQRFKIUGLH.|QLJLQ0XWWHULQ,QGLHQJHNlPSIW

XQGIUGDV9DWHUODQGVRPDQFKHV2SIHUJHEUDFKWKDW,FK ZXUGHEHKDQGHOWZLHHLQHELOOLJH:LW]ILJXU1HLQGDVKDEH LFKQLFKWYHUGLHQW:DVPHLQHQ6LH0UV*ROGZ\Q"© ª'DVKDEHQ6LHLQGHU7DWQLFKW6LU© ª(QGOLFKMHPDQGGHUPLFKYHUVWHKW©(UQLFNWHVHOEVWJH IlOOLJXQGJULQVWHGDQQª:HUDQPHLQ*HOGZLOOPXIUKHU DXIVWHKHQ'LHMXQJHQ/HXWHN|QQHQVHLQZLHVLHZROOHQDEHU DQXQVNRPPHQVLHQLFKWKHUDQ:LUKDEHQXQVHUH (UIDKUXQJHQ© ª'DPLWKDEHQ6LHHLQZDKUHV:RUWJHVSURFKHQ0U 3HWHUVRQ©VDJWH/DG\6DUDK*ROGZ\Qª'LH(UIDKUXQJHQ EHVLW]HQZLU©,KU%OLFNILHODXIGLH%FKHUZDQGª6LHKDEHQ PLFKGRFKZHJHQHLQHVQHXHQDOWHQ%XFKHVDQJHUXIHQRGHU QLFKW"© ª-DQDWUOLFK©ULHIGHU+lQGOHUª,FKKDEHHWZDV %HVRQGHUHVIU6LH© ª,VWHVVHKUWHXHU"© ª1HLQ©+XEHUW3HWHUVRQEHXJWHVLFKYRUª(VLVWQXUXQYHU NlXIOLFK/DG\6DUDK© ª:DV"©'LH+RUURU2PDVFKOXFNWHª'DVPHLQHQ6LHGRFK QLFKWLP(UQVW0U3HWHUVRQ© ª'RFKMDHVLVWXQYHUNlXIOLFK© ª:HVKDOEKDEHQ6LHPLFKGDQQDQJHUXIHQ"© 'HU+lQGOHUVHQNWHVHLQH6WLPPHª8P,KQHQGDV%XFK]X ]HLJHQPHLQH/LHEHGHVKDOE© ª,VWHVGHQQHWZDVVR:HUWYROOHV"© ª1RFKYLHOZHUWYROOHU0UV*ROGZ\Q1RFKYLHOZHUWYROOHU GDVNDQQLFK,KQHQVDJHQ© ª'DQQ]HLJHQ6LHHVPLU© ª-D0RPHQW©3HWHUVRQEFNWHVLFKXQGJULIIXQWHUGLH 7KHNH'RUWEHZDKUWHHUVHLQHEHVRQGHUHQ6FKlW]HDXI(LQ *ULIIQXUXQGHUKLHOWGDV%XFKLQGHU+DQG9RUVLFKWLJOHJWH HUHVDXIGLH3ODWWH (VZDUHLQVHOWVDPHV%XFK(UVWHLQPDOVWDFK/DG\6DUDK GHUDOWH/HGHUHLQEDQGLQV$XJHGHUKDWWHVFKRQ)DOWHQ JHZRUIHQ6WDXENOHEWHGDULQGRFKDXIGHP'HFNHOEHIDQG

VLFKVLHEHQPDOGDV=HLFKHQGHV7HXIHOV'LHVWLOLVLHUWH =LHJHQERFNRGHU'UHLHFNVIUDW]HGHV+|OOHQKHUUVFKHUV6R ZDUGHU6DWDQGLH-DKUKXQGHUWHEHUYRQGHQ0HQVFKHQ JH]HLFKQHWXQGDEJHELOGHWZRUGHQ ª1D/DG\6DUDKZDVVDJHQ6LHQXQ"© ª:LUNOLFKDXHUJHZ|KQOLFK0U3HWHUVRQ© 'DPLWEHUWULHEGLH+RUURU2PDNHLQHVZHJVGHQQVLH KDWWHHQWGHFNWGDVLFKGLH7HXIHOVIUDW]HQGHXWOLFKYRQGHP VFKZDU]HQ8QWHUJUXQGGHV'HFNHOVDEKREHQ6LH]HLJWHQHLQ VHKUEODVVHV5RWGDVVFKRQLQHLQHQYLROHWWHQ)DUEWRQKLQHLQ VFKLPPHUWH ª+DEHQ6LHGDVJHPDFKW"©IUDJWHVLHXQGGHXWHWHDXIGLH =HLFKHQ ª1HLQDXINHLQHQ)DOO©(UWDWHQWUVWHWª'DVZDUHVGRFK ZHVKDOELFKGDV%XFKJHNDXIWKDEH© /DG\6DUDKUXQ]HOWHGLH6WLUQª+DEHQ6LHEHUHLWVLQGHP %XFKJHOHVHQ"© 3HWHUVRQQLFNWHª'DVKDEHLFKVHKUZRKO/DG\6DUDK8QG LFKNDQQ,KQHQVDJHQGLHVH6HLWHQKDEHQHVZLUNOLFKLQVLFK 'DVLVWHLQHXQJHKHXUH%ULVDQ]ZREHLLFKQLFKWHLQPDOZHL ZHUGDV%XFKJHVFKULHEHQKDW© ª9RQZHPKDEHQ6LHHVGHQQ"© 3HWHUVRQODFKWHª0HLQNOHLQHV*HKHLPQLV/DG\6DUDKGDV LFK,KQHQQLFKWYHUUDWHQNDQQ© ª$XFKQLFKWHLQHU6WDPPNXQGLQ"© ª1HLQ© ª6LHZROOHQHVPLUQLFKWYHUNDXIHQ"© (UVFKWWHOWHGHQ.RSI ª8QGZHQQLFK,KQHQHLQHQJXWHQ3UHLVGDIU]DKOH"6LH ZLVVHQGRFK0U3HWHUVRQLFKVDPPOHPLWJURHU /HLGHQVFKDIWGLHVHDOWHQ)ROLDQWHQXQGLFKP|FKWHZLUNOLFK QLFKWGD6LHGDV%XFKDQHLQHQDQGHUHQ.XQGHQYHU NDXIHQ© ª,FKYHUNDXIHHVQLFKW/DG\6DUDKLFKEHKDOWHHV© ª$EHUZHVKDOE"6LHVLQG+lQGOHU© 'DYHUNOlUWHVLFKGHU%OLFNGHV0DQQHVª0DQFKPDO

EHNRPPWPDQ'LQJHLQGLH+DQGGLHVLQGVRDXHUJHZ|KQ OLFKGDPDQVLFKQLFKWPHKUYRQLKQHQWUHQQHQNDQQ© ª'DVNDQQLFKYHUVWHKHQ©VDJWHGLH+RUURU2PDª'DUILFK GDV%XFKHLQPDODXIVFKODJHQ"© ª%LWWH© /DG\6DUDKGUHKWHGHQGLFNHQ:lO]HUXPXQGKREGHQ 'HFNHODE6RIRUWVWDFKLKUGHU7LWHOLQV$XJH 6,(%(16,(*(/'(50$*,( 6LHUlXVSHUWHVLFKª'DYRQKDEHLFKQRFKQLHHWZDVJHK|UW 0U3HWHUVRQZLUNOLFKQLFKW© ª6LHPHLQHQGHQ7LWHO"© ª-D© ª.DQQLFKPLUJXWYRUVWHOOHQ(ULVWLQJHZLVVHU:HLVHMD DXFKHLQPDOLJZHQQ6LHYHUVWHKHQ© ª,QGHU7DWGDVPHUNHLFKJHQDX©6LHEOlWWHUWHZHLWHUXQG VDKGLH(LQWHLOXQJGHU.DSLWHO (VZDUQLFKWGLHHQJOLVFKH6SUDFKHLQGHUGDV%XFKYHUIDW ZRUGHQZDU8QGDXFKGLH6FKULIWZDUPLWGHUKHXWLJHQQLFKW ]XYHUJOHLFKHQ 'LH6HLWHQZDUHQQRFKPLWGHU+DQGEHVFKULHEHQZRUGHQ MHGHU%XFKVWDEHZLUNWHZLHJHPDOWDOVKlWWHVLFKGHU 9HUIDVVHUEHVRQGHUH0KHJHJHEHQ'DV3DSLHUPXWHVHKU YRUVLFKWLJEHKDQGHOWZHUGHQPDQGXUIWHQLFKWVFKQHOO XPEOlWWHUQVRHWZDVNRQQWHOHLFKWUHLHQ ª1DZDVVDJHQ6LH"©IUDJWHGHU+lQGOHU(UKDWWHHLQHDOWH 1LFNHOEULOOHDXIJHVHW]WhEHUGHQ5DQGGHU*OlVHUKLQZHJ VFKLHOWHHUGLH+RUURU2PDDQ ª,FKELQHLQLJHUPDHQYHUEOIIW©HUZLGHUWHGLH+RUURU2PD ª:LHVR"© ª/HLGHUNDQQLFKGLH6FKULIWRGHUGLH:RUWHQLFKWDXI $QKLHEOHVHQ,FKPWHPLFKZLUNOLFKQlKHUPLWGHP%XFK EHVFKlIWLJHQGDV6LHMDOHLGHUQLFKWYHUNDXIHQ© ª6RLVWHV© 'LH+RUURU2PDJDEDEHUQLFKWDXI:DVVLHVLFKHLQPDOLQ GHQ.RSIJHVHW]WKDWWHGDVZROOWHVLHDXFKGXUFKIKUHQVR ZDUHVVFKRQLPPHUJHZHVHQª8QGZLHVWHKWHVGDPLWZHQQ

6LHPLUGDV%XFKHLQIDFKIUHLQLJH7DJHOHLKHQ"© 'DULGHU0DQQGLH$XJHQDXIª:DVVDJHQ6LHGD",FKVROO GLHVHVZHUWYROOH6WFNYHUOHLKHQ"© ª*HJHQHLQHHQWVSUHFKHQGH*HEKUQDWUOLFK©0UV *ROGZ\QNDQQWHGLH*HOGJLHUGHV0DQQHV ª2K6LHEULQJHQPLFKLQHLQH=ZLFNPKOH$QHLQ $XVOHLKHQKDWWHLFKQLFKWJHGDFKW© /DG\6DUDKQLFNWHª'DVNDQQLFKGXUFKDXVYHUVWHKHQ0U 3HWHUVRQ,FKZUGHGDV%XFKDXFKQLFKWLUJHQGMHPDQGHP JHEHQ$EHUELQLFKLUJHQGMHPDQG"©6LHVFKDXWHGHQ0DQQVR WUHXKHU]LJDQGDGLHVHUDXIHLQPDOYHUOHJHQZXUGH ª,FKZHLQLFKWVRUHFKW© ª6SULQJHQ6LHEHU,KUHQHLJHQHQ6FKDWWHQ6LHEUDXFKHQHV DXFKQLFKWXPVRQVW]XWXQ:LHYLHOVROOHVNRVWHQ"© ª'DUEHUKDEHLFKPLUQRFKNHLQHUOHL*HGDQNHQJHPDFKW 0UV*ROGZ\Q© ª)UHLQH:RFKHIQI3IXQG"© 'HU+lQGOHUUROOWHPLWGHQ$XJHQ(UUHFKQHWHEOLW]VFKQHOO QDFK'LH=HLWHQZDUHQVFKOHFKWVHOEVWIUDOWHQ.UDPKDWWHQ GLH/HXWHNHLQ*HOGPHKUXQGGHU7RXULVWHQVWURPDXV *HUPDQ\OLHDXFKQDFK)DVW]ZHL3IXQGKDWWHPDQLKP JHVWRKOHQXQGZHQQHUMHW]WIQI3IXQGNDVVLHUHQNRQQWH JOLFKVLFKGDVZLHGHUDXV=XGHPHUKLHOWHUGDV%XFKMD ZLHGHU'DNRQQWHHU/DG\6DUDKYHUWUDXHQ ª1XQ"©IUDJWHGLH+RUURU2PDª+DEHQ6LHVLFKHQWVFKLH GHQ0U3HWHUVRQ"© ª-DGDVKDEHLFK© ª=XPHLQHQ*XQVWHQZLHLFKKRIIH© ª)QI3IXQGVLQGHLQH0HQJH*HOG0UV*ROGZ\Q $QGHUHUVHLWVLVWGDV%XFKDXFK]LHPOLFKZHUWYROO,FKKDEH JURH0KHJHKDEWHVEHUKDXSWLQPHLQHQ%HVLW]]X EULQJHQXQGGD© ª6LHVLQGHLQ+DOVDEVFKQHLGHU©VWHOOWHGLH+RUURU2PDIHVW ª:ROOHQ6LHQRFKPHKU"© ª6LHEHQ3IXQG)UMHGHQ7DJHLQHQ© ª6HFKV©

ª1HLQ6HFKVHLQKDOE© ª,FKEOHLEHEHLVHFKV© ª,KUOHW]WHV:RUW/DG\6DUDK"© ª6RJDUPHLQDOOHUOHW]WHV© 'DZDQGVLFKGHU+lQGOHUZLHHLQ:XUPª(VIlOOWPLUVR VFKZHUZLVVHQ6LH,FKNDQQHLJHQWOLFKQLFKW©(UDWPHWH WLHIHLQXQG/DG\6DUDKVDJWHª,FKKlWWH6LHMDDXFKDQGHP +DNHQKlQJHQODVVHQN|QQHQ'DQNEDUNHLWYHUODQJHLFKQLFKW HLQZHQLJ(QWJHJHQNRPPHQVFKRQ0U+XEHUW3HWHUVRQ© 'DKDWWHGLH+RUURU2PDLQGHU7DWHLQHQVFKZDFKHQ3XQNW EHLGHP+lQGOHUDQJHVSURFKHQ (UVFKWWHOWHVLFKDOVHUDQGLH=HLWGDFKWHGLHHUªEHUGHP %RGHQ©YHUEUDFKWKDWWH ª*XWLFKZLOOPDOQLFKWVRVHLQ)UVHFKV3IXQGN|QQHQ6LH GDV%XFKHLQH:RFKHEHKDOWHQ$EHU9RUNDVVH/DG\6DUDK© 'LH+RUURU2PDVFKPXQ]HOWHª'DPLWKDEHLFKJHUHFKQHW 0U3HWHUVRQ6LHYHUVFKHQNHQQLFKWV=XP*OFNKDEHLFK JHQJHQG*HOGHLQJHVWHFNW©$XVLKUHU0DQWHOWDVFKHKROWHVLH HLQDEJHJULIIHQHV3RUWHPRQQDLHNODSSWHGLHEHLGHQ+lOIWHQ DXIXQGKROWHGDV*HOGDEJH]lKOWKHUYRUª'DVLQGVHFKV 3IXQG© 'HU+lQGOHUZXQGHUWHVLFKJUDSVFKWHDEHUGDQDFK6HOWHQ KDWWH/DG\6DUDKVRVFKQHOO6FKHLQHLQGHU+DQGHLQHV 0HQVFKHQYHUVFKZLQGHQVHKHQ6LHYHUQDKPQRFKGDV .QLVWHUQXQGHLQHQ$XJHQEOLFNVSlWHUZDUHQGLH%DQNQRWHQ YHUVFKZXQGHQ ª6ROOLFKHV,KQHQHLQSDFNHQ/DG\6DUDK"© ª-DGDVZlUHQLFKWVFKOHFKW,FKP|FKWHGHQ8PVFKODJ QLFKWEHVFKlGLJHQ© ª$EHUEHL,KQHQGRFKQLFKW© ª:HUNDQQVFKRQYRUKHUVDJHQZDVHLQHPXQWHUZHJV ZLGHUIlKUW© ª'DKDEHQ6LHUHFKW/DG\6DUDK'DKDEHQ6LHZLUNOLFK UHFKW©3HWHUVRQQDKPGDV%XFKXQGYHUVFKZDQGGDPLW QDFKKLQWHQ (UPXWHDQGHU.DVVHYRUEHL/DG\6DUDKZXWHGDVLFK

GRUWLQGHU1lKHGLH7UHLQHUDOWHQ$EVWHOONDPPHUEHIDQG 'RUWODJHUWHQ.DUWRQV(LQSDFNSDSLHUXQGDXFK7WHQ 'LH+RUURU2PDEOLHE]XUFN6LHVFKDXWHDXIGLH8KU'LH *HVFKlIWV]HLWZDUHLJHQWOLFKYRUEHLDEHU+XEHUW3HWHUVRQ QDKPGDVQLHVRJHQDX(UKDWWHVHLQHQ/DGHQPDQFKPDO VRJDUELV8KUJH|IIQHW 6LHK|UWHGDV.QLVWHUQGHV3DSLHUV'HU0DQQKDWWHGLH7U RIIHQJHODVVHQXQGGLH*HGDQNHQGHU+RUURU2PDEHVFKlI WLJWHQVLFKEHUHLWVPLWGHUQDKHQ=XNXQIW ,QGLHVHP%XFKVWHFNWHHLQHJHZLVVHPDJLVFKH%ULVDQ] 'DYRQZDUVLHIHVWEHU]HXJW8QGVLHZROOWHGLH6HLWHQDXFK QLFKWDOOHLQGXUFKVFKP|NHUQVRQGHUQ]XVDPPHQPLWLKUHP MXQJHQ)UHXQGXQG%HNDQQWHQGHP*HLVWHUMlJHU-RKQ 6LQFODLU 6LFKHUOLFKZUGH-RKQHLQUHJHV,QWHUHVVHDQGLHVHUDOWHQ ª6FKZDUWH©]HLJHQZREHL6DUDK*ROGZ\QXQZLOONUOLFKDQ GDV%XFKGHUJUDXVDPHQ7UlXPHHULQQHUWZXUGHLQGHPGLH *HKHLPQLVVHGHU+|OOHRIIHQEDUWZRUGHQZDUHQ+LQWHUGLH VHP%XFKZDUGHU*HLVWHUMlJHUDXVYHUVWlQGOLFKHQ*UQGHQ EHVRQGHUVKHUDOOHUGLQJVZDULKPELVKHUNHLQ(UIROJYHU J|QQWJHZHVHQ'DV%XFKEOLHEYHUVFKZXQGHQ ª6LQG6LHIHUWLJ0U3HWHUVRQ"©ULHI/DG\6DUDKª,FKN|QQ WHPLUQlPOLFKVFKRQHLQ7D[LUXIHQ© 6LHHUKLHOWNHLQH$QWZRUW 'DVYHUZXQGHUWH/DG\6DUDKGRFKHLQZHQLJ6RZHLWVLH VLFKHULQQHUQNRQQWHKDWWH0U3HWHUVRQGLH7UQLFKW JHVFKORVVHQ6LHPXWHRIIHQVWHKHQ]XGHPKDWWHVLHYRUKLQ GDV.QLVWHUQGHV3DSLHUVJHK|UW 6WLPPWHGDHWZDVQLFKW" 6LHZROOWHMDQLFKWGHQ7HXIHODQGLH:DQGPDOHQDEHUVHOW VDPZDUHVVFK|QGHVKDOEULHIVLHQRFKHLQPDOGHQ1DPHQ GHV0DQQHV (LQHQRUPDOH$QWZRUWYHUQDKPVLHQLFKW'DIUK|UWHVLH HLQDQGHUHV*HUlXVFKHLQHWZDVGXPSINOLQJHQGHVXQGVLH JLQJPLWZHQLJHQ6FKULWWHQXPGLH9HUNDXIVWKHNHKHUXP $OVVLHVLFKLQ+|KHGHU.DVVHEHIDQGXQGVFKRQHLQHQEHV

VHUHQhEHUEOLFNKDWWHVDKVLHGDV3KlQRPHQ $XVGHP7UVSDOWGUDQJHLQJUDXJUQHUZLGHUOLFKHU %URGHP(UGUFNWHVLFKKHUYRUXQGZXUGH]XNXJHOLJHQ :HOOHQEHUJHQDOVHUGHQ5DXPYHUODVVHQKDWWH 6LHGDPSIWHQGHU+RUURU2PDHQWJHJHQ :DVZDUKLQWHUGHU7UJHVFKHKHQ"0DQFKDQGHUH)UDXLQ LKUHP$OWHUKlWWHGHQ/DGHQYLHOOHLFKWIOXFKWDUWLJYHUODVVHQ 1LFKWVR6DUDK*ROGZ\Q6LHZROOWHQDFKVHKHQREZRKOVLH LQVWLQNWLYPHUNWHGDVLHVLFKGDPLWLQ*HIDKUEHJDE (VZDUQLFKWPHKUQ|WLJGHQQGLH7UZXUGHYRQLQQHQ DXIJHVWRHQ-HW]WKDWWHGHU1HEHOIUHLH%DKQ(UTXROOKHUYRU XQGPLWGHQJUDXJUQHQ:RONHQHUVFKLHQGLH*HVWDOWGHV +lQGOHUV 'DV%XFKWUXJHUQLFKWHLQJHSDFNWDXIVHLQHQYRUJHVWUHFNWHQ $UPHQ(UWRUNHOWHDXI/DG\6DUDK]XGLHDOOGDV%OXWDXIVHL QHU%UXVWVDKXQGEHPHUNWHZLHSO|W]OLFKHLQ6WURPYRQ /HEHQVVDIWDXVVHLQHPZHLWJH|IIQHWHQ0XQGVFKR ,PQlFKVWHQ$XJHQEOLFNVDKVLHGLH6SLW]HHLQHU/DQ]HGLH YRQKLQWHQLQVHLQHQ5FNHQJHVWRHQZRUGHQZDUXQGGHQ .|USHUGXUFKERKUWKDWWH 'LH+RUURU2PDVWDQGZLHIHVWJHQDJHOW (LQHQ/LGVFKODJVSlWHUNLSSWHLKUGHU0DQQHQWJHJHQ ,FKKDWWHGHQ.RSIJHGUHKWVDKZHUGDDXIPLFK]XVSUDQJ XQGZROOWHQRFK]XU6HLWHZHJWDXFKHQ (VJLQJHLQIDFK]XVFKQHOO9LHOOHLFKWKDWWHLFKDXFK]XVSlW UHDJLHUWXQGZDUYRQGHP$QEOLFN]XEHUUDVFKWJHZHVHQ DXIMHGHQ)DOOEHHLQWUlFKWLJWHGLHVPHLQH5HDNWLRQXQGGHU IDOOHQGH.|USHUSUDOOWHJHJHQPLFK (UZDUVRVFKZHUGDHUPLFKYRQGHQ%HLQHQUL'LH $UPHKDWWHLFKQRFKKRFKJHULVVHQVLHVFKW]WHQPLFKYRU GHQ3UDQNHQKLHEHQGDQQNUDFKWHLFKKDUWDXIGHQ%RGHQ 'DV*UDVGlPSIWHPHLQHQ)DOOHLQZHQLJHLQHQ.DPSI MHGRFKNRQQWHLFKQLFKWYHUPHLGHQ ,FK]RJVRIRUWGLH.QLHDQXQGGUFNWHVLHLQHLQHQZHLFKHQ

.|USHU (LQZWHQGHV)DXFKHQXQGJHIlKUOLFKHV.QXUUHQZDUHQGLH $QWZRUW'DV:HVHQYRUPLUVFKWWHOWHVLFKHVEUHLWHWHVHLQH 3UDQNHQDXVXQGNDPHUVWDP%DXPVWDPP]XU5XKH ,FKVWW]WHPLFKKDOEDXIXQGVWDUUWHPHLQHQ*HJQHUDQ *HJQHU"'LHVHU$XVGUXFNZDUHLQZHQLJIDOVFKGHQQYRU PLUVWDQGHLQH*HJQHULQ/XSLQD 0HLQ*RWWGDVGXUIWHQLFKWZDKUVHLQ/XSLQDZDUWRW,FK KDWWHVHOEVWHUOHEWZLHVLHXQWHUGHQ.XJHOQGHU/DG\; ]XVDPPHQJHEURFKHQZDU9RUHLQLJHQ:RFKHQLQGHPDOWHQ 6WHLQEUXFKZDUHV]XHLQHUK|OOLVFKHQ$XVHLQDQGHUVHW]XQJ JHNRPPHQZREHL/XSLQDV6RKQ2UDSXOQRFKHLQHZLFKWLJH 5ROOHJHVSLHOWKDWWH8QGMHW]WVWDQGVLHYRUPLU (LQH7lXVFKXQJHLQH+DOOX]LQDWLRQ"(LQELOGXQJ"$QDOO GDVZROOWHLFKQLFKWJODXEHQQHLQGDVNRQQWHGRFKQLFKWVHLQ VLHKDWWHVLFKDXIPLFKJHZRUIHQPLFK]X%RGHQJHVFKOHX GHUWXQGVLHVDKVRDXVZLHLFKVLHNDQQWH 'DVODQJHEORQGH+DDUGDVPHQVFKOLFKH*HVLFKWPLWGHQ NDOWHQ5DXEWLHUDXJHQXQGGDQQGHU.|USHUGHUHLQGLFKWHV EUDXQHV)HOODXIZLHV'DVZDU/XSLQD]ZHLIHOVIUHL .HLQH7lXVFKXQJ :LUKDWWHQEHLGHXQVHUHQ.DPSIXQWHUEURFKHQXQGLFK NQLUVFKWHª/XSLQDYHUGDPPW© ª-DLFKELQHV© +LPPHOVLHVSUDFKPLWGHU6WLPPHGLHLFKNDQQWH:DUGDV GHQQGLH0|JOLFKNHLW",QGHUOHW]WHQ=HLWKDWWHLFKYHUGDPPW YLHOHhEHUUDVFKXQJHQHUOHEWLFKEUDXFKWHQXUDQ6ROR 0RUDVVRV(QGH]XGHQNHQGDVVRVHOWVDPJHZHVHQZDUXQG QXQVWDQGSO|W]OLFKHLQH7RWJHJODXEWHYRUPLU:LUZDUHQ LPPHU*HJQHUJHZHVHQREZRKOLFKPLFKHLQPDODOV:HUZROI LQVLHYHUOLHEWKDWWH 'DVZDUODQJHKHUXQG6FKQHHYRQYRUJHVWHUQKHXWH]lKO WHQXUGLH*HJHQZDUWLQGHUZLUXQVDOV7RGIHLQGHJHJHQ EHUVWDQGHQGHQQ/XSLQDKDWWHLPPHUGDV%|VHJHZROOW ,QGLHVHQ6HNXQGHQLQGHQHQZLUXQVDQVWDUUWHQGDFKWHLFK GDUDQXQGPHLQHUHFKWH+DQG]XFNWH]XU%HUHWWD,FKKDWWH

GLH:DIIHQRFKQLFKWEHUKUWDOV/XSLQDV6WLPPHDXINODQJ ª/DVLHVWHFNHQ© 8QZLOONUOLFK]|JHUWHLFKREZRKOLFKHVHLJHQWOLFKQLFKW ZROOWHDEHUGHU.ODQJLKUHU6WLPPHKDWWHPLFKDXIKRUFKHQ ODVVHQ6LHVFKLHQHWZDVLQSHWWR]XKDEHQ ª.DQQPDQGLFKPLWHLQHU6LOEHUNXJHOQLFKWYHUQLFKWHQ"© IUDJWHLFKXQGVSLHOWHGDEHLDXI/DG\;DQGLH/XSLQD VFKOLHOLFKHLQH03L*DUEHLQGHQ5FNHQJHVFKRVVHQKDWWH ª9LHOOHLFKWYLHOOHLFKWDXFKQLFKW© ,FKVWDQGDXI'DEHLYHUVXFKWHLFKLQGLH5XQGH]XVFKLHOHQ XQGVWHOOWHIHVWGDGLH:HUZ|OILQQLFKWDOOHLQJHNRPPHQ ZDU,FKVDKLKUH+HOIHU]ZDUQLFKWJHQDXDEHULQGHQQDKH ZDFKVHQGHQ%VFKHQZDUHQJHOEHJHIlKUOLFKH$XJHQSDDUH ]XVHKHQGLHPLFKDQVWDUUWHQ 9LHU]lKOWHLFK (VZDUNHLQJXWHV*HIKOHLQJHNUHLVW]XVHLQXQGLFK VSUWHGLHXQVLFKWEDUHNDOWH+DQGGLHPHLQHQ5FNHQKLQDE NURFKXQGHLQH*lQVHKDXWKLQWHUOLH /XSLQDV+HOIHUKDWWHQPLFKHLQJHNUHLVW'LH.|QLJLQGHU :|OIHJLQJDXI1XPPHU6LFKHU ª.DQQPDQMHW]WPLWGLUUHGHQ"©YHUQDKPLFKLKUH6WLPPH )DVWKlWWHLFKPLUVHOEVWJHJHQGLH6WLUQJHVFKODJHQ'DV KDXWHGRFKGHP)DGHQ%RGHQDXV'DORFNWHPLFKGLH :HUZ|OILQ/XSLQDLQHLQH)DOOHXQGZROOWHPLWPLUUHGHQ6R HWZDVJDEHVHLQIDFKQLFKW$EHULFKJLQJDXILKUHQªQHWWHQ© 3ODXGHUWRQHLQXQGHUZLGHUWHª6HOEVWYHUVWlQGOLFKNDQQPDQ PLWPLUUHGHQ1XUZWHLFKQLFKWZDVZLUEHLGH]XEH VSUHFKHQKlWWHQ© ª'DNRPPWVFKRQHLQLJHV]XVDPPHQ9RUDOOHQ'LQJHQ VROOWHVWGXGLFKDQGLH9HUJDQJHQKHLWHULQQHUQ© ª$QZHOFKH"© ª6LHOLHJWQLFKWODQJH]XUFN(VZDULQHLQHP6WHLQEUXFK ,FKKDWWHGDPDOVYHUVXFKWGLH0DFKWGHV'U7RG]XEUHFKHQ (VLVWPLUOHLGHUQLFKWJHOXQJHQHUZDUVWlUNHUDOVLFKXQGHU KDWWHHLQHQVWDUNHQ+HOIHUDQVHLQHU6HLWH/DG\;© ª-DGDVZHLLFK8QGLFKHULQQHUHPLFKDXFKGDUDQZLH

GLFKGLH*DUEH]X%RGHQJHVFKPHWWHUWKDWXQGGHLQ6RKQLQ GHU1lKHZDUGHUGHQ7RGGHU0XWWHUPLWHUOHEHQPXWH© ª*HQDX© ª%LVWGXZLUNOLFKWRW"© ª$XIGLHVH)UDJHZHUGHLFKGLUNHLQH$QWZRUWJHEHQ1LPP PLFKZLHLFKELQXQGK|UHPLUJHQDX]X/DG\;YHUIROJWH VHLWODQJHPGHQ3ODQGLH)KUXQJGHU0RUGOLJDDQVLFK]X UHLHQ8QGVLHKDWHVWDWVlFKOLFKJHVFKDIIWGHQQDXFK6ROR 0RUDVVROHEWQLFKWPHKU-HW]WNDQQVLHEHU9DPSLURGHOPDU XQG;RUURQEHIHKOLJHQGHQQPHKU+HOIHUVWHKHQLKUQLFKW PHKU]XU6HLWH=XGHPEHVLW]WVLHGHQ:UIHOGHV8QKHLOV XQGVLHEHUHLWHW*URHVYRUGDVKDEHLFKLQ]ZLVFKHQLQ (UIDKUXQJEULQJHQN|QQHQ© ª:DVLVWGDVJHQDX"© /XSLQDVFKWWHOWHLKUHQ.RSIVRGDGLHIDKOEORQGHQOHLFKW JHOEOLFKVFKLPPHUQGHQ+DDUHIORJHQª,FKZHLHVQLFKW JHQDXDEHUHVKlQJWPLWGHLQHP.UHX]]XVDPPHQ© 'DKDWWHQZLUHV'DV.UHX]8USO|W]OLFKZDUHVLQ GHQ0LWWHOSXQNWGHV,QWHUHVVHVJHUFNWª:LOOPDQHVPLU VWHKOHQ"©IUDJWHLFK ª1HLQ© ª6RQGHUQ"© ª0DQZLOOYHUKLQGHUQGDGXGLH*HKHLPQLVVHGHV.UHX]HV HQWUlWVHOVW'DVLVWHV© -HW]WZDULFKQRFKHUVWDXQWHUª$EHUZLHVR"%LVKHUKDEHLFK DOOHVYHUVXFKWDEHUQLFKWVKDWJHQXW]W:LHVROOLFKSO|W]OLFK =XVDPPHQKlQJHHUNHQQHQ"© ª:HLOHVHWZDVJLEWGDVGLUXQWHU8PVWlQGHQ$XVNXQIWGDU EHUJHEHQN|QQWH© ª8QGZDVLVWGDV"© 'DYHU]RJ/XSLQDLKUH/LSSHQ]XHLQHPEUHLWHQHWZDV VS|WWLVFKZLUNHQGHQ/lFKHOQª'DV-RKQ6LQFODLUVROOVWGX VHOEVWKHUDXVILQGHQ© ª,FKZHUGHPLFKEHPKHQ1XUIUDJHLFKPLFKZDVGX GDPLW]XWXQKDVW:HVKDOEWDXFKVWGXKLHUDXIXQGZDUQVW PLFKRGHUJLEVWPLUHLQHQ7LSZREHLGXPLFKWURW]GHPLP

GXQNHOQOlW"© ª(LJHQWOLFK-RKQ6LQFODLUPWHLFKGLFKMDW|WHQRGHUW|WHQ ODVVHQ'LHVHU5DWVFKODJRGHU7LSKDWPLWHLQHU6DFKH]XWXQ GLHQXUPLFKHWZDVDQJHKW© ª,FKNDQQHVPLUGHQNHQ'XKDVWQLFKWYHUJHVVHQZDV /DG\;GLUDQWDW6WHFNWVLHKLQWHUGHU6DFKH"© ª$XFK© 'DVZXUGHMDLPPHUVFK|QHU/HLGHUHUIXKULFKQXUKDOEH :DKUKHLWHQVRDEHUZXUGHLFKVDXHUª,FKZLOOGLUPDOZDV VDJHQ/XSLQD5FNPLWGHU6SUDFKHUDXVXQGYHUVXFKH QLFKWPLFKLUJHQGZLHUHLQ]XOHJHQ:DVKDW/DG\;RGHUZHU DXFKLPPHUPLWPHLQHP.UHX]]XWXQ"=XP7HXIHOQRFKPDO UHGHHQGOLFK© ª(VVROOWHHLQH:DUQXQJVHLQPHKUQLFKW$XINOlUHQPXW GXGHQ)DOOVHOEVW© ª'DQQJLEPLUHLQHQ+LQZHLVXQGEULQJHPLFKHQGOLFKDXI GLH6SXUGHU6FRWW© ª6LHKlOWVLFKQLFKWZHLWYRQGLUDXIJODXEHLFK© ª'DVJODXEVWGX©K|KQWHLFK ª6RYLHOLFKJHK|UWKDEHEHILQGHWVLHVLFKLQ/RQGRQ0DFKH GLUGHLQHQHLJHQHQ5HLPGDUDXI© /DG\;LQ/RQGRQ'DVZDUQLFKWV8QJHZ|KQOLFKHVGHQQ LQPHLQHU+HLPDWVWDGWKDWWHVLHHLQHQVWDUNHQ9HUEQGHWHQ VLW]HQ/RJDQ&RVWHOORGHQ0DILD&DSR(UKDWWHIUKHUIU 'U7RGJHDUEHLWHW1DFKGHP/DG\;GLH/HLWXQJGHU 0RUGOLJDEHUQRPPHQKDWWHZUGHHUVLFKHUOLFKIUVLHGLH $XJHQXQG2KUHQRIIHQKDOWHQ,FKVFKlW]WHGLH9DPSLULQDOV KDUWJHQXJHLQGDVLHDXFK&RVWHOORNOHLQNULHJWH ª7XWPLUOHLG/XSLQD©HUZLGHUWHLFKª(LQ'LFKWHUELQLFK QLHJHZHVHQ'XPXWVFKRQGHXWOLFKHUZHUGHQ© 0LWLKUHQJHOEHQ5DXEWLHUDXJHQIXQNHOWHVLHPLFKDQ ª0HKUNDQQXQGPHKUZLOOLFKGLUQLFKWVDJHQ6HLIURKGD LFKGLUHLQHQ+LQZHLVJHJHEHQKDEH(VZLUGVLFKHWZDVWXQ XQGZDKUVFKHLQOLFKVWHFNVWGXEHUHLWVPLWWHQGULQ-RKQ 6LQFODLU© ,FKEHJDQQQRFKHLQPDOYRQYRUQZROOWHZLVVHQZDV

KLQWHUGHQ$QGHXWXQJHQVWHFNWHª(VJHKWDOVRXPGDV .UHX]ZLHGXVFKRQVDJWHVW© ª/DHV©]LVFKWHVLH ,FKEHUOHJWH1XUZHQLJH6FKULWWHWUHQQWHQXQV,FKNRQQWH VLHPLW]ZHLEOLW]VFKQHOOHQ6lW]HQHUUHLFKHQPHLQ.UHX] QHKPHQXQG /XSLQDVFKLHQPHLQH*HGDQNHQHUUDWHQ]XKDEHQGHQQVLH ZLFK]XUFNXQGVWLHGDEHLKHIWLJH.QXUUODXWHDXV(VZDU HLQ=HLFKHQIULKUH$UWJHQRVVHQ +LQWHUXQGQHEHQPLUUDVFKHOWHHVLQGHQ%VFKHQ:LH JHIlKUOLFKH6FKDWWHQNDPHQVLHKHUYRUEHUJRVVHQYRQHLQHP IDKOHQ0RQGOLFKWGDVGLH6LOKRXHWWHQLKUHU.|USHUVFKDUI NRQWXULHUWQDFK]HLFKQHWH6LHQlKHUWHQVLFKVHKUVFKQHOOXQG ]RJHQGHQ.UHLVVRIRUWHQJHU 0LUZXUGHHLQZHQLJPXOPLJ]XPXWH,FKVFKDXWHLQGLH )UDW]HQGLHVHU%HVWLHQVDKGLH]XP7HLODXIJHULVVHQHQ0lXOHU XQGGDV/HXFKWHQGHUJHIlKUOLFKHQ)DQJ]lKQH]ZLVFKHQ GHQHQVLFKGHU*HLIHUVSDQQWH 'LHZUGHQPLUNHLQH&KDQFHJHEHQ9LHOOHLFKWNRQQWHLFK ]ZHLDXFKGUHLYRQLKQHQYHUQLFKWHQEULJEOLHEGDQQQRFK LPPHUHLQHUXQGZHQQLFK/XSLQDKLQ]X]lKOWHZDUHQHV ]ZHL ,KU.QXUUHQVFKZDQJPLUHQWJHJHQ*HIlKUOLFKK|UWHHVVLFK DQZLHHLQH'URKXQJPLFK]XUFN]XKDOWHQ$XFKGHU 5DXEWLHUJHUXFKVWUHLIWHPLFK(VZDUHLQVFKDUIHUZLGHUOLFKHU *HVWDQNIUPHQVFKOLFKH1DVHQHLQH=XPXWXQJ ª(VZDUDOOHVZDVLFKGLU]XVDJHQKDWWH©HUNOlUWHPLUGLH .|QLJLQGHU:|OIHNDOW ,FKQLFNWHª$OOULJKWLFKKDEHYHUVWDQGHQ© ª'DQQJHK© 0HLQ0XQGYHU]RJVLFK]XHLQHP/lFKHOQ,FKGDFKWHEHU GDV$EVXUGHGLHVHU6LWXDWLRQQDFK'DVWDQGHQVLFK]ZHL )HLQGHJHJHQEHUGRFKNHLQHUGHUEHLGHQYHUVXFKWHGHQ DQGHUHQ]XYHUQLFKWHQREZRKOHVEHLGHDXILKUH)DKQHQ JHVFKULHEHQKDWWHQ:HQQLFK-DKUH]XUFNGDFKWH+LPPHO GDKlWWHLFKPHLQH%HUHWWDJHQRPPHQXQGJHVFKRVVHQGRFK

QXQKDWWHQVLFKDQGHUH9RU]HLFKHQHUJHEHQGLH'LQJHZDUHQ YLHONRPSOH[HUJHZRUGHQXQGDXFKXQGXUFKVLFKWLJHUVRGD LFKHUVWHLQPDOGLH6FKOHLHUOIWHQPXWHGLHEHUGHQ *HVFKHKQLVVHQODJHQ ª6HKHQZLUXQVQRFK"©IUDJWHLFK/XSLQD]XP$EVFKLHG 6LHWUDWZLHGHUHWZDVYRUª6LFKHU-RKQ6LQFODLUVLFKHU *ODXEHQXUQLFKWGDQDFKGLHVHP*HVSUlFKVRHWZDVZLH )ULHGHQ]ZLVFKHQXQVKHUUVFKW$EHUHVJLEW'LQJHGLHZLFK WLJHUVLQG,UJHQGZDQQWUHIIHQZLUQRFKDXIHLQDQGHUGDQQ ZHUGHQZLUVHKHQZHUYRQXQVEHLGHQGHU6WlUNHUHLVW© (VZDUHQ:RUWHGLHLFKPLUJXWHLQSUlJWHDOVLFKPLFK XPGUHKWHXP]XPHLQHP:DJHQ]XUFN]XJHKHQ)DVWVWLH LFKPLWHLQHP:HUZROI]XVDPPHQVRGLFKWKDWWHHUKLQWHU PLUJHVWDQGHQ ,FKVDKGDV)XQNHOQLQVHLQHQ$XJHQXQGODVGDULQGLH*LHU QDFKPHLQHP%OXW$XVGHPKDOERIIHQHQ0DXOUDQQVFKlX PHQGHU*HLIHUGHULQ7URSIHQ]X%RGHQILHO'DV)HOO]LWWHUWH ª:DJHVQXUQLFKW©]LVFKWHLFKª9HUGDPPWZDJHVQLFKW VRQVWJHKWHVGLUVFKOHFKW© 'HU:HUZROIGDFKWHQLFKWGDUDQ]XUFN]XZHLFKHQ,P *HJHQWHLOHUKREGLH$UPH0HLQH+DQGZDUVFKRQDXIGHQ 'ROFKJULIIJHIDOOHQDOVLFKQLFKWQXU/XSLQDV6FKUHLYHUQDKP VRQGHUQVLHDXFKVDK3O|W]OLFKVWDQGVLHQHEHQXQVXQG VFKOXJLKUH3UDQNHQLQGDV)HOOGHV:HUZROI V6LHKDNWHVLFK IHVWXQGVFKOHXGHUWHLKQ]XUFNª,FKKDEHEHIRKOHQLKQ JHKHQ]XODVVHQ© 'HU:HUZROIODJDP%RGHQ(UKDWWH$UPHXQG%HLQHDQJH ]RJHQ(LQH$EZHKUKDOWXQJGRFK/XSLQDNPPHUWHVLFK QLFKWXPLKQ6LHQLFNWHPLU]Xª*HKYRUEHL-RKQ6LQFODLU© 'LHVPDOYHUVXFKWHQLHPDQGPLFKDXI]XKDOWHQDOVLFKPHL QHP%HQWOH\HQWJHJHQVFKULWW$EJHVFKORVVHQKDWWHLFKGHQ :DJHQQLFKW,FK]RJGLHUHFKWH7UDXIXQGZDUIEHYRULFK LQGHQ:DJHQVWLHJQRFKHLQHQ%OLFNQDFKYRUQ 'LHIQI:HUZ|OIHVWDQGHQ]ZLVFKHQGHUGLFKWEHODXEWHQ (LFKHXQGPHLQHP6LOEHUJUDXHQ6LHIXQNHOWHQPLFKDQGLH +HOIHUKDWWHQ/XSLQDHLQJHUDKPWGHUHQIUHPGDUWLJHV

$XVVHKHQ]ZLVFKHQGHQPl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lFKHOWHKDUW 1DWUOLFKKlWWHLFKDXVGHP)HQVWHUVFKLHHQN|QQHQDEHU PLWVRHWZDVUHFKQHWHQPHLQH*HJQHUVLFKHUOLFK'HVKDOE IXKULFKYRUEHLXQGOLHGLH%HVWLHQ]XUFN $OOHUGLQJVVFKDXWHLFKLQGHQ6SLHJHO 1DFKGHPLFKVLHSDVVLHUWKDWWHYHUOLHHQVLHLKUH 'HFNXQJHQ6LHEOLHEHQDXIGHP:HJVWHKHQXQGVFKDXWHQ GHQDOOPlKOLFKYHUJOKHQGHQ5FNOLFKWHUQPHLQHV:DJHQV QDFK )UPLFKKDWWHVLFKGDVVHOWVDPH7UHIIHQJHORKQW=ZDU KDWWHLFK/XSLQDNHLQHNRQNUHWHQ(UJHEQLVVHHQWORFNHQN|Q QHQGHQQRFKZDUHLQVVLFKHU+LQWHUPHLQHP5FNHQEDKQWH VLFKHWZDVDQ8QGHVPXWHLQGHU7DWHWZDVXQJHPHLQ *URHVVHLQZHQQVLFK/XSLQDVFKRQªKHUDEOLH©XPPLFK ]XZDUQHQ'LH*HIKOHGLHPLFKTXlOWHQZDUHQNDXP]X EHVFKUHLEHQ,FKGDFKWHDQDOOHV0|JOLFKH0LUILHOGHU6HKHU ZLHGHUHLQGD]X1RVWUDGDPXVGHUYLHOOHLFKWDXFKHWZDV EHUGDV.UHX]ZXWHXQGGDQQVFKREVLFKGHU5HVWGHU 0RUGOLJDZLHGHULQGHQ9RUGHUJUXQG :XWHQGLHVH+|OOHQZHVHQYLHOOHLFKWPHKUDOVVLH]XJHEHQ ZROOWHQ"8QGDXFK/XSLQDKDWWHPLUOlQJVWQLFKWDOOHVJHVDJW ,P*HJHQWHLOVLHULGDV3UREOHPQXUDQZREHLLFKGDV *HIKOQLFKWORVZXUGHGDVLHLKUHLJHQHV6SSFKHQNRFKWH

XQGVLHPLFKXQWHU8PVWlQGHQQXUYRULKUHQ.DUUHQVSDQQHQ ZROOWH 'XUFKGHQ2UWIXKULFKODQJVDPHU$QVFKOLHHQGDEHU GUHKWHLFKHLQZHQLJDXIGHQQLFKKDWWHHVSO|W]OLFKPHKUDOV HLOLJQDFK/RQGRQ]XUFN]XNHKUHQ hEHUGLHVH6DFKHPXWHLFKXQEHGLQJWPLW6XNRUHGHQ GHQQDXFKHUZUGHQLFKWYHUVFKRQWEOHLEHQ 6LHNRQQWHHVQLFKWIDVVHQ 'DV%LOGZDUVRXQJODXEOLFKVRJUDXHQKDIWGD/DG\6DUDK DXIVW|KQWHXQGLKUH+lQGHKRE :LHGXUFKHLQ:XQGHUKLHOWVLFKGHU+lQGOHUQRFKDXIGHQ %HLQHQREZRKOHUPLWMHGHPU|FKHOQGHQ$WHP]XJPHKU%OXW YHUORU (UVWDUUWHGLH+RUURU2PDDQ6HLQ*HVLFKWZDUHLQ%LOGQLV GHU3HLQXQG4XDOHUZROOWHHWZDVVDJHQGRFKGHUXQVLFKW EDUH7RWHQYRJHOKDWWHVHLQH6FKZLQJHQOlQJVWEHULKQDXV JHEUHLWHWXPLKQLQGDV5HLFKGHU6FKDWWHQ]X]LHKHQ (LQHQ6FKULWWQRFKVFKDIIWHHUGDQQZXUGHQLKPGLH.QLH ZHLFKHUNQLFNWH]XVDPPHQXQGILHO/DG\6DUDKHQWJHJHQ 6LHILQJLKQQLFKWDXIHUZDUHLQIDFK]XVFKZHUXQGKlWWH VLHYRQGHQ%HLQHQJHULVVHQDEHUVLHVFKDIIWHHVLKPGDVDOWH %XFKDXVGHQ+lQGHQ]XUHLHQ 6LHEHQ6LHJHOGHU0DJLH 'HU7LWHOVSUDQJLKUI|UPOLFKLQV$XJHDOVVLHGDV'HFNEODWW XPNODSSWH0XWH3HWHUVRQGHVKDOEVWHUEHQ"1XUZHLOHUGDV %XFKEHVD":HQQGDVVWLPPWHZDUDXFKVLHLQ*HIDKU 0LWHLQHPGXPSIHQ6FKODJILHOGHU7RWH]X%RGHQ8QGGLH VHV*HUlXVFKUL/DG\6DUDKDXVLKUHQ*HGDQNHQ0HLQ*RWW VLHPXWHZHJVRQVWZDUDXFKVLHYHUORUHQ 6LHZXWHQLFKWZHUGLH0|UGHUGHV$QWLTXLWlWHQKlQGOHUV ZDUHQDEHUVLHNRQQWHVLFKNDXPYRUVWHOOHQGDVRHWZDV YRQ0HQVFKHQEHJDQJHQZRUGHQZDU 1HLQDQGHUHPXWHQGDKLQWHUVWHFNHQ6LHXPNODPPHUWH GDV%XFKZLHHLQHQZHUWYROOHQ6FKDW]%HYRUVLHNHKUW

PDFKWHILHOLKU%OLFNQRFKDXIGLHRIIHQH7U 1DFKZLHYRUTXROOGHUJUQOLFKH%URGHPDXVGHP6SDOW XQGYHUEUHLWHWHVLFKDXFKLP,QQHUQGHV*HVFKlIWV(UYHUQH EHOWH]XP7HLOGLH6LFKWWURW]GHPHQWGHFNWH/DG\6DUDKHLQH VFKUHFNOLFKH*HVWDOW(LQIXUFKWEDUHV:HVHQHLQHFKVHQN|S ILJHV0RQVWHUPLWUHODWLYNOHLQHQ$UPHQDEHU.UDOOHQGLH GHQ6FKDIWHLQHU/DQ]HXPNODPPHUWKLHOWHQ (LQH/DQ]HVWHFNWHLP.|USHUGHV7RWHQ/DG\6DUDKNRP ELQLHUWH)DOOVGLHVHHLQH(FKVHQLFKWPLW]ZHL/DQ]HQEH ZDIIQHWJHZHVHQZDUGDQQPXWHVLHQRFKHLQHQ+HOIHU JHKDEWKDEHQ 3O|W]OLFKWURPPHOWHGDV+HU]GHUDOWHQ)UDXKRFKREHQLP +DOV*HJHQGLHVHPRUGJLHULJHQ%HVWLHQNRQQWHVLHQLFKWV DXVULFKWHQXQGVLHZLFKEOLW]VFKQHOO]XUFNVWLHGDEHL JHJHQGHQ5DQGGHU9HUNDXIVWKHNHILHOIDVWEHULKUHQ6WRFN XQGVFKDIIWHHVGHQ7UHVHQKLQWHUVLFK]XODVVHQ'DVZHUW YROOH%XFKQDKPVLHPLW7URW]GHU3DQLNOLHVLHHVQLFKWORV XQGNOHPPWHHVVLFKXQWHUGHQ$UP )OXFKW$QHWZDVDQGHUHVGDFKWHVLHQLFKW$EHUHVZDUYHU GDPPWVFKZHUDXVGLHVHP/DGHQ]XNRPPHQGHUYROOJH VWRSIWPLWDOWHP7U|GHOZDU(VJDENHLQHQULFKWLJHQ:HJGLH .XQGHQPXWHQKHUJHKHQZRVLH3ODW]IDQGHQXQGDXFK PDQFKPDOEHU*HJHQVWlQGHKLQZHJVWHLJHQ 9LHOOHLFKWKlWWH/DG\6DUDKGDVDOOHVQLFKWDOVVRVFKOLPP HPSIXQGHQZlUHQLFKWSO|W]OLFKGLH*HVWDOWLPRIIHQHQ 5HFKWHFNGHU7UDXIJHWDXFKW (LQXQKHLPOLFKHV(FKVHQZHVHQYRPJLIWJUQHQ1HEHO XPZDOOWXQGPLWHLQHU/DQ]HLQGHU3UDQNH *HQDXLQGHP$XJHQEOLFNZDQGWH/DG\6DUDKQRFKHLQPDO GHQ.RSI'LH%OLFNHGHV8QWLHUVXQGGHV0HQVFKHQWUDIHQ VLFK'LH+RUURU2PDVDKGLHKHUYRUTXHOOHQGHQ$XJHQGLH LQLKUHU.lOWHDQ:DVVHUHULQQHUWHQXQGVLHEHPHUNWHZLHGLH (FKVHLKU0DXODXIULXQGJOHLFK]HLWLJGLH3UDQNHDQKRE ,KUH$EVLFKWZDUNODUVLHZROOWHGLH/DQ]HVFKOHXGHUQXQG /DG\6DUDKV5FNHQGDPLWWUHIIHQ )UHLQHQ0RPHQWVFKLHQGLHlOWHUH)UDX]X(LVHUVWDUUW]X

VHLQ,KU*HVLFKWVSLHJHOWHGHQ6FKUHFNHQZLGHUDOOHVDQLKU HUVWDUUWHXQGGDZDUIGDV(FKVHQZHVHQVHLQW|GOLFKHV ,QVWUXPHQW /DG\6DUDKDEHUEHUZDQGGLH(UVWDUUXQJVLHZLFKDXV XQGKlWWHHVYLHOOHLFKWQLFKWJHVFKDIIWZHQQVLHQLFKWEHU HLQHDP%RGHQVWHKHQGH.LVWHJHVWROSHUWZlUH 'LHVHUZLUNOLFKH=XIDOOUHWWHWHLKUGDV/HEHQ'LH+RUURU 2PDJODXEWHHLQVDXVHQGHV*HUlXVFK]XYHUQHKPHQVRQDKH ]LVFKWHGLH/DQ]HDQLKUYRUEHLGDQQZXFKWHWHVLHLQGDV *HKlXVHHLQHU8KUGXUFKVFKOXJGLHVXQGODQGHWH]ZLVFKHQ DOWHP=LQQJHVFKLUUGDVVFKHSSHUQGXPILHO 'LHVHV*HUlXVFKPRELOLVLHUWH0UV*ROGZ\Q6RHLQIDFK ZROOWHVLHVLFKQLFKWXQWHUNULHJHQODVVHQ=XGHPKDWWHVLH *OFNLP8QJOFNGHQQVLHZDUQLFKW]X%RGHQJHIDOOHQ VRQGHUQDXIGLH7UXKHXQGVLHKLHOWGDV%XFKVRZLHLKUHQ 6WRFNIHVW /DG\6DUDKNOHWWHUWHEHUGLH.LVWHOLHI]ZHL6FKULWWHXQG YHUVFKZDQGLPHUVWHQ9HUNDXIVUDXP-HW]WGHFNWHVLHGLH 7UHQQPDXHUGHUEHLGHQ5lXPHJXWDE (VZDU]XK|UHQZRKLQVLHIOFKWHWHGHQQ]XUHQQHQRKQH LUJHQGZRDQ]XVWRHQJHODQJZRKOQLHPDQGHPLQGLHVHP /DGHQ0UV*ROGZ\QV)OXFKWZHJZDUEHJOHLWHWYRQ *HUlXVFKHQDEHUVLHJHODQJWHXQDQJHIRFKWHQDQGLH7U QDKPGLH.OLQNHLQGLH+DQGXQGGUHKWHVLFKQRFKHLQPDO XPEHYRUVLHGLH7UDXIUL 9RQLKUHQ9HUIROJHUQVDKVLHNHLQH6SXUPHKU6LHPXWHQ DXIJHJHEHQKDEHQRGHUKDWWHQVLFKJDQ]HLQIDFK]XUFNJH ]RJHQXPYLHOOHLFKWHLQHEHVVHUH*HOHJHQKHLWDE]XZDUWHQ 'D6DUDK*ROGZ\QHWZDV%ULVDQWHVXQWHULKUHQ$UP JHNOHPPWKDWWHZDULKUEHZXW'LHVHV%XFKPXWHHVLQ VLFKKDEHQ 6LHVWROSHUWHDXVGHPWLHIOLHJHQGHQ/DGHQLQV)UHLHXQG KlWWHIDVWGLHHUVWH7UHSSHQVWXIHEHUVHKHQ6RHEHQQRFK NRQQWHVLHGDVUHFKWH%HLQKHEHQHUUHLFKWHGLH6WXIHXQGOLHI VFKZDQNHQGGLHVFKPDOHQDEHUKRKHQ6WHLQVWXIHQKLQDXI 'HU/DGHQODJLQHLQHUNOHLQHQ6WUDH]ZLVFKHQ%URPSWRQ

OLQG&KHOVHDQLFKWZHLWYRQGHU.LQJ V5RDGHQWIHUQW9RQ GHP%HWULHEGHUDXIGLHVHUEHNDQQWHQ6WUDHVRQVWKHUUVFKWH KDWWHKLHUQLFKWVDEJHIlUEW=ZDUZDUHQGLH*HKVWHLJHQLFKW PHQVFKHQOHHUDEHUGLHNOHLQHQ*HVFKlIWHKDWWHQVFKRQ JHVFKORVVHQXQGQXUHLQ6WFNZHLWHUKLHOWHLQH,PELEXGH LKUH3IRUWHQJH|IIQHW(LQ9HQWLODWRUTXLUOWHGHQ4XDOPQDFK GUDXHQ'HU*HUXFKYRQJHJULOOWHP+DPPHOIOHLVFK]RJLQ /DG\6DUDKV1DVH 6LHJ|QQWHVLFKHUVWHLQPDOHLQH3DXVHXQGDWPHWHHLQLJH 0DOHWLHIGXUFK'LHOHW]WHQ*HVFKHKQLVVHZDUHQLKUVWDUNDQ GLH1HUYHQJHJDQJHQXQGGLHVHQ'DXHUVWUHNRQQWHNDXP MHPDQGYHUNUDIWHQ,KUZDUNODUGDVLHXQEHGLQJWGLH3ROL]HL EHQDFKULFKWLJHQPXWH$OOHUGLQJVQLFKWGDVQlFKVWH5HYLHU VRQGHUQGLUHNW-RKQ6LQFODLUGHUVHLQHUVHLWVHLQLJHVLQGLH :HJHOHLWHQNRQQWH $EHUZRWHOHIRQLHUHQ" (LQH=HOOHVDKVLHQLFKW,QGHU,PELEXGHZUGHZRKOHLQ $SSDUDWVWHKHQ %HYRUVLHVLFKDXIGHQ:HJPDFKWHZDUIVLHQRFKHLQHQ %OLFNGLH7UHSSHKLQXQWHUXQGGDPLWDXIGLH7UGHV/DGHQV 6LHZDUZLHGHU]XJHVFKZXQJHQ,QGHUREHUHQ+lOIWHEHIDQG VLFKHLQH6FKHLEHDXV0LOFKJODVGLHNDXPHLQHQ%OLFNGXUFK OLH /DG\6DUDKNRQQWHNHLQHQ6FKDWWHQHUNHQQHQ+LQWHUGHU 7UEHZHJWHVLFKQLFKWV6LHNRQQWHVLFKIHUQHUQLFKWYRUVWHO OHQGDGLH0RQVWHUDXIVLHZDUWHWHQGLHZUGHQHLQHDQGH UH*HOHJHQKHLWVXFKHQXPGDV%XFKDQVLFK]XEULQJHQ -DGDV%XFK/DG\6DUDKVFKDXWHHVDQ6LHZROOWHHVQLFKW VRXQWHUGHQ$UPJHNOHPPWODVVHQ$EHUHVZDU]XJURXP HVZRDQGHUV]XYHUVWDXHQ'LH+DQGWDVFKHKDWWHVLHVRZLHVR LP*HVFKlIWJHODVVHQ(VEOLHELKUQLFKWVDQGHUHVEULJDOVHV ZHLWHUKLQVR]XKDOWHQ 0LWGHP%XFKQlKHUWHVLHVLFKGHU,PELEXGHYRUGHUHLQL JH0RSHGVVWDQGHQ1LFKWQXUGHU*HUXFKQDFKDOWHP)HWW GUDQJGXUFKGDVREHUH'ULWWHOGHUHKHPDOVJUQODFNLHUWHQ 7UVRQGHUQDXFK0XVLNIHW]HQ'DRUJHOWHHLQH0XVLNER[

XQGDOV/DG\6DUDKHLQWUDWVDKVLHGLH5FNHQHLQLJHUMXQJHU /HXWHGHQHQZRKOGLH)DKU]HXJHGUDXHQJHK|UWHQ 'LH%XUVFKHQGUHKWHQVLFKXPDOV0UV*ROGZ\QGHQ /DGHQEHWUDW$XFKGHU9HUNlXIHUHLQVGOlQGLVFKHU7\SPLW 6FKQDX]EDUWXQG.RFKPW]HDXIGHP.RSI 6HLQH$XJHQZHLWHWHQVLFKHUVWDXQW /DG\6DUDKZXQGHUWHVLFKZLHJODWWLKUHLQ*UXEHUGLH /LSSHQIOR 'LH-XJHQGOLFKHQJULQVWHQª+DVWGX+XQJHU2PD"©IUDJWH HLQHUXQGVFKRE/DG\6DUDKHLQHQ7HOOHUPLWJHEUDWHQHQ )OHLVFKVWFNHQ]X ª1HLQGDQNHLFKP|FKWHWHOHIRQLHUHQ© 'HU*ULOOHUZLVFKWHVLFKGLH+lQGHDQHLQHUVFKPXGGHOLJHQ 6FKU]HDEª.RVWHWDEHU© ª,FKEH]DKOHVRIRUW©6LHJDEGHP0DQQHLQH0Q]HXQG HUKLHOWGDIUGDV7HOHIRQHLQHQDOWHQVFKZDU]HQ$SSDUDWDXI GHVVHQ.XQVWVWRIIHEHQIDOOVHLQHJOlQ]HQGH)HWWVFKLFKWODJ 'LH1XPPHUGHV2EHULQVSHNWRUVNDQQWH0UV*ROGZ\Q DXVZHQGLJ -HW]WKRIIWHVLHQXUGD-RKQ6LQFODLU]X+DXVHZDU 6LHKDWWH3HFK ª.HLQH9HUELQGXQJ"©IUDJWHGHU.RFKXQGVFKQLWWHLQ6WFN )OHLVFKLQODQJH6WUHLIHQ ª/HLGHUQLFKWDEHULFKYHUVXFKHHVZRDQGHUV© /DG\6DUDKZlKOWHGLH1XPPHUGHV&KLQHVHQ6XNR 'LHVPDOKDWWHVLH*OFN6XNRKREDE ª6DUDK*ROGZ\Q© ª+DOORZDVLVWJHVFKHKHQ"© ª(LQ0RUG©HUZLGHUWH/DG\6DUDKWURFNHQ'LHDQGHUHQ KDWWHQPLWJHK|UW'LH%XUVFKHQDQGHU9HUNDXIVWKHNHK|UWHQ DXI]XNDXHQXQGGHU.RFKEHNDP.XJHODXJHQ /DG\6DUDKVDJWHQLFKWYLHO 'DVEUDXFKWHVLHDXFKQLFKW6XNRUHDJLHUWHVHKUVFKQHOO(U OLHVLFKQXUGLH$GUHVVHGXUFKJHEHQXQGEDWGLH+RUURU 2PDXP+LPPHOVZLOOHQ]XZDUWHQ ª%ULQJHQ6LH-RKQPLW"©IUDJWHVLH]XP6FKOX

ª1HLQGHULVWXQWHUZHJV© ª6HLQ3HFK$EHULFKPWHLKQGULQJHQGVSUHFKHQ© ª$OOULJKWLFKVDJH6KDR%HVFKHLGGDVLHLKQYRUZDUQW© ª*XW© 'DPLWZDUGDV*HVSUlFKEHHQGHW/DG\6DUDKOHJWHGHQ +|UHUDXIXQGQLFNWHGHQ$QZHVHQGHQ]X'DQQYHUOLHVLH GLH,PELEXGH'LH*lVWHDEHUVWDUUWHQLKUPLWRIIHQHQ 0QGHUQQDFK6RHWZDVKDWWHQVLHQRFKQLHHUOHEW ª:ROOWLKUPLFKHLJHQWOLFKlUJHUQ"©'HU0DQQGHUGLHVH )UDJHVWHOOWHZDU&KLHILQVSHNWRU7DQQHUXQGHUVDKVRDXV DOVZROOWHHUYRU:XWVHLQHQDOWHQ+XWDXIHVVHQEHKLHOWLKQ DEHUDXIGHP.RSIXQGOHJWHVHLQ]HUNQLWWHUWHV*HVLFKWLQ QRFKJU|HUH)DOWHQ 6XNRVWDQGQHEHQLKPXQGJULQVWHª:DVZROOHQ6LH &KLHILQVSHNWRU"6LHKDEHQQXQPDO'LHQVW© ª$FKK|UHQ6LHDXI,FKZlUHXP8KUQDFK+DXVHJH JDQJHQXQGKlWWHQRFKGHQ*HEXUWVWDJPHLQHV6FKZDJHUV PLWIHLHUQN|QQHQDEHUZLHLFKVHKHNDQQLFKGHQLQGHQ 0RQGVFKUHLEHQ© ª6LHN|QQHQMDPRUJHQ]XP)UKVFKRSSHQJHKHQ©HU ZLGHUWHGHU&KLQHVHWURFNHQ ª'DPXLFKZLHGHULQGHQ'LHQVW©7DQQHUVFKDXWHVLFK ELWWHUE|VHXPª:ROLHJWGHU7RWH"© ª,FK]HLJH,KQHQGLH/HLFKH©PHOGHWHVLFKGLH+RUURU2PD ª6LHKDEHQVLHJHIXQGHQ"© ª1HLQ© ª:LHVR"© ª,FKZDUSUDNWLVFKGDEHLDOVGHU0DQQHUPRUGHWZXUGH© 7DQQHUJLQJHLQHQ6FKULWWYRUGDPLWHU0UV*ROGZ\Q EHVVHUVHKHQNRQQWH(UNDQQWHVLHXQGVFKWWHOWHGHQ .RSIª6DJHQ6LHPDO0UV*ROGZ\QJHK|UHQ6LHMHW]WDXFK ]XGHP&OXEXP-RKQ6LQFODLU"© ª(LJHQWOLFKQLFKW© ª'DODVVHQ6LHDXFKOLHEHUGLH)LQJHUGDYRQ©HUNOlUWH

7DQQHUª,FKELQVRZLHVRIURKGDLKUQLFKWQRFK-RKQ6LQFODLU PLWJHEUDFKWKDEW:RWUHLEWGHUVLFKEHUKDXSWKHUXP"© ª9LHOOHLFKWNRPPWHUQRFK©PHLQWH6XNR ª1HLQQXUGDVQLFKW©7DQQHUKREEHLGH+lQGHª/DVVHQ6LH XQVUHLQJHKHQLFKELQIURKZHQQLFKHVKLQWHUPLFKJHEUDFKW KDEH'LHVH6W|UXQJHQLVWMDVFKUHFNOLFK©(UVFKWWHOWHKHIWLJ VHLQHQ.RSIGDGHU+XWIDVWQRFKKHUXQWHUJHIDOOHQZlUH -HW]WZXUGHHVHQJ'DPLWVLFKGLH0lQQHUGHU 0RUGNRPPLVVLRQHLQHQ:HJEDKQHQNRQQWHQPXWHQVLH HUVWHLQHQ7HLOGHVDOWHQ7U|GHOV]XU6HLWHUlXPHQ'DVJLQJ QDWUOLFKQLFKWRKQH/lUP9LHOHVILHOXPXQGELOGHWHQHXH *HELUJHDXVDOWHQ6DFKHQ7DQQHUVFKLPSIWHEHUGHQ.UDP GHUVLFKKLHUDQJHVDPPHOWKDWWH /DG\6DUDKXQG6XNRKLHOWHQVLFK]XUFN'LHDOWH'DPH KDWWHGHQ,QVSHNWRUPLWNXU]HQ:RUWHQLQIRUPLHUWXPZDVHV HLJHQWOLFKJLQJ-HW]WVDJWHVLHª,FKZHUGH7DQQHUGDV%XFK DXINHLQHQ)DOO]HLJHQVRQGHUQHVPLW]XPLUQHKPHQ© 6XNRQLFNWHª8QG6LHN|QQHQVLFKNHLQHQDQGHUHQ*UXQG IUGHQKHLPWFNLVFKHQ0RUGYRUVWHOOHQDOVGLHVHV%XFK"© ª6RLVWHV©0UV*ROGZ\QEOLHEVWHKHQª+|UHQ6LH6XNR 'LHZROOWHQGDV%XFKKDEHQXQGQXUGDV%XFK+lWWHQVLH VRQVWYHUVXFKWPLFKDXFKXP]XEULQJHQ"© ª,P3ULQ]LSLVWGDVULFKWLJ(VNDQQVLFKDOOHUGLQJVDXFKXP GLH%HVHLWLJXQJXQEHTXHPHU=HXJHQJHKDQGHOWKDEHQ© ª2KZLHYRUQHKPDXVJHGUFNW1HLQQHLQ6XNRHVLVW VFKRQVRZLHLFKHVJHVDJWKDEH© ª1DGHQQ© ª+H0UV*ROGZ\QN|QQHQ6LHPDONRPPHQ"©'DVZDU &KLHILQVSHNWRU7DQQHUGHUGDJHUXIHQKDWWH ª0RPHQW© 6XNRJLQJJOHLFKPLW'LHEHLGHQEDKQWHQVLFKHLQHQ:HJ GXUFKGHQ/DGHQ:HUVLHQLFKWVDKGHUNRQQWHVLHK|UHQ GHQQVLHPXWHQHLQLJHV]XU6HLWHVFKDIIHQ 'HUWRWH0U3HWHUVRQODJQRFKJHQDXGDZRHUJHVWRUEHQ ZDU1LHPDQGKDWWHHWZDVDQGHU/HLFKHYHUlQGHUWDOOHVZDU JOHLFKJHEOLHEHQ(UVDKVFKUHFNOLFKDXV'LH/DQ]HKDWWHVHLQH

%UXVW]HUVW|UWGLH:DIIHVHOEVWZDUDOOHUGLQJVYRQGHP 0|UGHUZLHGHUPLWJHQRPPHQZRUGHQ6XNRJLQJDQGHP 7RWHQYRUEHL0LWGHP)XWUDWHUGLH7U]XP+LQWHU]LPPHU DXIZRGLH0|UGHUJHODXHUWKDWWHQ $XIGHU6FKZHOOHEOLHEHUVWHKHQ'HU5DXPZDUDXFKQXU HLQH5XPSHONDPPHU.LVWHQ.DUWRQV3DSLHUELOGHWHQHLQHQ :LUUZDUU8QWHUGHU'HFNHKLQJHLQHQDFNWH*OKELUQH6LH HUKHOOWHGHQ$EVWHOOUDXPQXUQRWGUIWLJ 6XNRVDKVLHQLFKWHUNRQQWHVLHULHFKHQ8QGDOVHUGLHVHQ QDFK3HFKXQG6FKZHIHOVWLQNHQGHQ*HUXFKDXIJHQRPPHQ KDWWHGDZXWHHU%HVFKHLG -DGDVZDUHQGLHHFKVHQN|SILJHQ0RQVWHUGHV6SXNVJH ZHVHQGLHKLHUDXIJHUlXPWKDWWHQ5HVWHGHV1HEHOVGHUVLH XPZDOOWHKLQJHQQRFKLPPHULQGHU/XIW 7DQQHUWUDWQHEHQLKQª+LHUVWLQNWHVQDFK+|OOH©VWHOOWHHU IHVW 'HU&KLQHVHODFKWHDXIª'DKDEHQ6LHUHFKWPHLQ/LHEHU +|OOHLVWGHUWUHIIHQGH$XVGUXFN© ª8QGGHU7HXIHOKDWGHQ0RUGEHJDQJHQZLH"© 6XNRVFKWWHOWHGHQ.RSIª1HLQ&KLHILQVSHNWRUQLFKWGHU 7HXIHODEHUHLQHUGHULKPLQQLFKWVQDFKVWHKWKDWGLH8QWDW ZRKOEHIRKOHQ© ª'DQQNHQQHQ6LHGHQ0|UGHU"© ª'HQ$QVWLIWHU© ª8QGZHULVWGDV"© 6XNROlFKHOWHK|O]HUQª,FKVDJH,KQHQJOHLFKGD6LHLKQ NDXPIDVVHQN|QQHQ© ª:HLLFK©NQXUUWH7DQQHUª6LHXQG6LQFODLULKUEHLGHVHLG MDQLFKWQRUPDO© ª'HU6SXN© ª:RVSXNW V"© ª,FKPHLQHGDPLWGDGHU6SXNGLHVHQVFKUHFNOLFKHQ0RUG ZRKOEHIRKOHQKDEHQPX©HUNOlUWH6XNR 7DQQHUOHJWH]ZHL)LQJHUJHJHQVHLQ.LQQª$OOULJKW© PHLQWHHUQDFKHLQHU:HLOHGHV1DFKGHQNHQVª6LHKDEHQHV PLWGlPRQLVFKHQ:HVHQXQG0|UGHUQ]XWXQLFKPXPLFK

HEHQIDOOVPLW.LOOHUQKHUXPVFKODJHQ1XUVLQGGDVQRUPDOH 0HQVFKHQ(LQHVLVWDOOHUGLQJVJOHLFK%HLGHPVVHQHLQ 0RWLYKDEHQXPMHPDQGHQXP]XEULQJHQ:HOFKHV0RWLY N|QQWHGLHVHU.LOOHUKLHUJHKDEWKDEHQ"© ª'DVZHLLFKQLFKW©6XNRORJJXWDEHU7DQQHUJODXEWH LKPQLFKW ª1HLQPHLQ/LHEHU6LHZLVVHQVLFKHUOLFK%HVFKHLGXQG ZROOHQHVPLUQLFKWVDJHQ© ª:HQQHVZLUNOLFKVRZlUH&KLHILQVSHNWRUZlUH,KQHQ GRFKGDPLWDXFKQLFKWJHKROIHQRGHU"© ª-DGDVVWLPPWLUJHQGZLH© ª6LHJHEHQGHQ)DOOMDGRFKDE(LQVNDQQLFK,KQHQDOOHU GLQJVVDJHQ,FKKDEHGDV*HIKOGDGLHVHU0RUGHUVWGHU $QIDQJHLQHU6FKUHFNHQVVHULHLVW© ª0DFKHQ6LHPLFKQLFKWVDXHU© ª,FKQLFKWGLHDQGHUHQ© ª6LHPHLQHQGDQRFKPHKU0RUGHSDVVLHUHQ"© ª+RIIHQWOLFKQLFKW©'HU&KLQHVHVFKDXWHDXIGLH8KU ª%UDXFKHQ6LHPLFKHLJHQWOLFKQRFK"© ª1HLQ6LHQLFKWDEHU0UV*ROGZ\Q© 6XNRZLQNWHDEª6LHZLUGLKUH$XVVDJHVLFKHUOLFKEHUHLWV JHPDFKWKDEHQ©(UYHUOLHGHQ5DXPXQGKDWWHPLWVHLQHU 9HUPXWXQJUHFKWJHKDEW6DUDK*ROGZ\QZDUYHUK|UWXQG LKUH$XVVDJHQSURWRNROOLHUWZRUGHQ(LQHP$EPDUVFKVWDQG HLJHQWOLFKQLFKWVLP:HJHGLH+RUURU2PDPXWHQXUQRFK LKUH+DQGWDVFKHPLWQHKPHQ ª8QGGHQ'UHFNOlWHUXQV]XUFN©EHVFKZHUWHVLFK 7DQQHUEHLP$EVFKLHGª:LHGHUHLQ*UXQGPHKUPHLQHP 1HIIHQDE]XUDWHQ© ª:RYRQ"© 7DQQHUVHW]WHHLQH/HLGHQVPLHQHDXIª'HU-XQJHZLOOXQEH GLQJW]XU3ROL]HLXQGKDWVLFKVFKRQDQJHPHOGHW$OVREHV NHLQHDQVWlQGLJHQ%HUXIHJHEHQZUGH© ª'DVDJHQ6LHZDV©JULQVWH6XNRª,FKEUDXFKH6LHPLUQXU DQ]XVFKDXHQGDQQZHUGHLFKGLUHNWXQDQVWlQGLJ© ª-HW]WKDXWDEHUDE©

'UDXHQYRUGHU7UIUDJWH/DG\6DUDKª,VWGHUHLJHQWOLFK LPPHUVRJUDQWLJ"© ª.ODUPDQFKPDOQRFKJUDQWLJHUDEHUHULVWHLQHUGHU EHVWHQGLHGLH3ROL]HLKDW© ª'DVJODXEHLFK© ª:DVVROOHQZLUMHW]WWXQ"©IUDJWH6XNRª+DEHQ6LHVLFK VFKRQHWZDVDXVJHGDFKW"© ª-D6XNR,FKZlUHGDIUGDZLUXQVWUHQQHQ'DVKHLW LFKIDKUHQDFK+DXVHXQGEHUHLWHVFKRQHLQLJHVYRU6LHXQG -RKQN|QQHQGDQQQDFKNRPPHQ© 6XNRUXQ]HOWHGLH6WLUQª,VWGDVQLFKWHLQZHQLJJHIlKU OLFK"© ª:LHVR"© ª:HJHQGHU0RQVWHU'LHN|QQWHQYHUVXFKHQVLFKGDV%XFK GRFKQRFK]XKROHQ© ª1HLQGLHZHUGHQVLFKHUVWHLQPDOHWZDV1HXHVHLQIDOOHQ ODVVHQPVVHQ6RVFKQHOOJHKWGDVQLFKW© ª*XWGDQQEHHLOHQZLUXQV(VNDQQQLFKWODQJHGDXHUQELV -RKQZLHGHU]XUFNLVW© ª:RVWHFNWHUHLJHQWOLFK"©IUDJWHGLH+RUURU2PD ª7XWPLUOHLGGDUEHUNDQQLFKQLFKWVVDJHQ6ROOWHHUQLFKW IUK]HLWLJJHQXJHUVFKHLQHQLFKNRPPHDXIMHGHQ)DOO© ª-DGDVLVWJXW© 6XNR]HLJWHDXIVHLQH0DVFKLQHª:ROOHQ6LHPLWIDKUHQ"© /DG\6DUDKOHJWHGHQ.RSIVFKLHIª+DEHQ6LHHLQHQ]ZHLWHQ +HOP"© 6XNRZDUYHUGDWWHUWª-DDEHUQLFKWPLW© ª'DQQQHKPHLFKPLUHLQ7D[L©'LH+RUURU2PDOlFKHOWH ª2GHUJODXEHQ6LHGDGLHVH)DKUWPHLQHHUVWHJHZHVHQ ZlUH":HQQ6LHGHU0HLQXQJZDUHQKDEHQ6LHVLFK JHWlXVFKW©6LHQLFNWH6XNR]XXQGPHLQWHª%HLPQlFKVWHQ PDOGHQNHQ6LHDQGHQ]ZHLWHQ+HOP©'DQQJLQJVLHGDYRQ XQGGHU,QVSHNWRUVFKDXWHLKUNRSIVFKWWHOQGQDFK =ZHLJHIlKUOLFKH'lPRQHQVWDQGHQVLFKJHJHQEHU=ZHL

:HVHQDXVGHP6FKDWWHQUHLFKXQGGHQQRFKXQWHUVFKLHGOLFK ZLH)HXHUXQG:DVVHUREZRKOEHLGHLP3ULQ]LSGLHJOHLFKHQ =LHOHYHUIROJWHQ 'DZDUDXIGHUHLQHQ6HLWHGLH)UDX$XIGHQHUVWHQ%OLFN QLFKWDOV6FKZDU]EOWHU]XHUNHQQHQLP*HJHQWHLOVLHPDFK WHGHQ(LQGUXFNHLQHU)LJXUZLHPDQVLHLQGHQ%RQG)LOPHQ ]XVHKHQEHNRPPW 6H[JHSDDUWPLW+lUWH5DIILQHVVHXQGHLQHUXQEHXJVDPHQ *HZDOW$OV6WDQGDUGNOHLGXQJEHYRU]XJWHVLHVFKZDU]HVZHL FKHV/HGHUGHVVHQ2EHUVHLWHHLQHQPDWWHQ*ODQ]DXIZLHV(V XPVFKPHLFKHOWHLKUH)LJXUODJHQJDXIXQGVLHEHZHJWHVLFK GDULQZLHLQHLQHP7ULNRW6FKZDU]ZDUDXFKGLH+DDUIOXW GLHLKUELVDXIGLH6FKXOWHUQILHOXQGHLQ*HVLFKWXPUDKPWH GDVHLQHXQQDWUOLFKH%OlVVHDXIZLHVZLHEHLHLQHP7RWHQ GHUODQJHVFKRQLP6DUJJHOHJHQKDWWHXQGQRFKQLFKWLQGDV 6WDGLXPGHU9HUZHVXQJEHUJHJDQJHQZDU1RFKHLQ .HQQ]HLFKHQEHVDGLHVHV:HVHQ(VZDUGLH 0DVFKLQHQSLVWROHGLHVLHLPPHUDOVLKUHQ%UlXWLJDPEH]HLFK QHWHXQGGLHVLHQLHDXVGHQ$XJHQOLHVRQGHUQOlVVLJXP LKUH6FKXOWHUJHKlQJWKDWWH(UVDW]PDJD]LQHWUXJVLHEHL VLFKVRJDUHLQVPLW6LOEHUNXJHOQXQGGDVZDUGDV $XHUJHZ|KQOLFKHDQLKU'HQQ9DPSLUHNlPSIHQQRUPDOHU ZHLVHQLFKWPLW6LOEHUNXJHOQ6LHKDWWHQGDYRUHLQHK|OOLVFKH $QJVWGHQQGDVJHZHLKWH6LOEHUZDUIUVLHW|GOLFK 'HUMHQLJHGHUVLHQLFKWNDQQWHKlWWHVLHQLHLP/HEHQIU HLQH%OXWVDXJHULQJHKDOWHQDEHU3DPHOD6FRWWGLHDXFK/DG\ ;JHQDQQWZXUGHZDUQXQPDOHLQ9DPSLU*HZRUGHQGXUFK HLQHQGXPPHQ=XIDOODEHUHVOLHVLFKQLFKWPHKUlQGHUQ :HQQVLHGLH/LSSHQ]XUFNVFKREGDQQNDPHQGLHEHLGHQ VSLW]HQ9DPSLUKDXHU]XP9RUVFKHLQ6LHZXFKVHQDXVGHP 2EHUNLHIHU/DG\;ZDULPPHUDXIGHU/DXHUQDFKHLQHP VFKQHOOHQ%L 'LHVH8QWRWHKDWWHHVWDWVlFKOLFKJHVFKDIIWGLH)KUXQJGHU 0RUGOLJDDQVLFK]XUHLHQ1LHPDQGKlWWHHVZRKOUDIILQLHU WHUDQVWHOOHQN|QQHQDOVVLHGHQQGXUFKKHUYRUUDJHQGHV 7DNWLHUHQZDUHVLKUJHOXQJHQ.RQNXUUHQWHQDXV]XVFKDOWHQ

ZLH/XSLQDGLH.|QLJLQGHU:|OIH8QGDOV'U7RGVHLQ(QGH HUOHEWHGDKDWWHVLHEOLW]VFKQHOOJHVFKDOWHWXQGVRIRUWGLH )KUXQJGHU0RUGOLJDDQVLFKJHULVVHQ,KUJHKRUFKWHQ ;RUURQ+HUUGHU=RPELHVXQG8QWRWHQDEHUDXFK9DPSLUR GHOPDUGHU.DLVHUGHU9DPSLUHZLHHUVLFKLPPHUVHOEVW QDQQWH/HW]WHUHUKDWWHVLFKQXUZLGHUZLOOLJGHQ%HIHKOHQGHU /DG\;JHEHXJWPXWHMHGRFKHLQVHKHQGDVLHGLHEHVVHUHQ .DUWHQKDWWHGHQQVLHNRQQWHVLFKDXFKXQWHU0HQVFKHQ EHZHJHQRKQHDXI]XIDOOHQZDV9DPSLURGHOPDURGHU ;RUURQDXINHLQHQ)DOOJHOXQJHQZlUH /DG\;ZDUJLHULJGRFKVLHZDUQLFKWVRYHUPHVVHQQXQ DOOHVDQVLFKUHLHQ]XZROOHQ6LHNDQQWHLKUH*UHQ]HQXQG VLHNDQQWHYRUDOOHQ'LQJHQDXFKGLH6WlUNHQGHUPlFKWLJHQ 'lPRQHQEHUGLHVLHNHLQHUOHL%HIHKOVJHZDOWKDWWHXQGGLH LKU7UHLEHQVHKUDXIPHUNVDPEHREDFKWHWHQ 'D]XJHK|UWHDXFKGHU6SXN (UZDU+HUUVFKHULP5HLFKGHU6FKDWWHQ,QVHLQHU 'LPHQVLRQHUOHEWHQGLHVFKZDU]HQ6HHOHQJHW|WHWHU'lPRQHQ HLQHHZLJH4XDOXQGYRUGHP6SXNKDWWHVHOEVW$VPRGLV 5HVSHNWGHUVLFKLQOHW]WHU=HLWVHKU]XUFNJHKDOWHQKDWWH QHXH3OlQHVFKPLHGHWHXPGLH9HUQLFKWXQJVHLQHU7RFKWHU $VPRGLQDYHUJHVVHQ]XPDFKHQ6ROR0RUDVVRGHUGLH 7HXIHOVWRFKWHUXPJHEUDFKWKDWWHNRQQWHHUQLFKWPHKUW|WHQ 'HUZDUEHUHLWVHUOHGLJWDEHUHVJDEDQGHUHXPGLHHUVLFK NPPHUQNRQQWH ,QGLH:HOWGHV6SXNVZDU/DG\;GXUFKGHQ:UIHOGHV 8QKHLOVJHODQJW:HULKQEHVDGHUKDWWHDXFKGLH0DFKW GHQQGHU:UIHOOLHVLFKQDFKGHQ:QVFKHQVHLQHV %HVLW]HUVPDQLSXOLHUHQ(USURGX]LHUWHGDVZDVVHLQ%HVLW]HU ZROOWH(LQHXQIDEDUHXQHUNOlUOLFKHXQGXQKHLPOLFKH0DJLH VWHFNWHLQLKPXQGZLHVLHLQGHQHWZDVPLOFKLJDXVVHKHQGHQ :UIHOJHODQJWZDUZXWHNHLQHU]XVDJHQ'LH+HUNXQIWGHV :UIHOVODJLPGXQNHOQGRFKHUPXWHXUDOWVHLQYLHOOHLFKW VRJDUlOWHUDOVGLHQRUPDOH:HOW 8QGlOWHUDOVGLHQRUPDOH:HOWZDUDXFKGHU6SXN(LQ XQJHZ|KQOLFKHU'lPRQHLQ:HVHQGDVLQGLH6FKDWWHQZHOW

SDWHGHQQHVZDUVHOEVWQXUHLQ6FKDWWHQ :HQQPDQHVEHVFKUHLEHQZROOWHILHOHVVFKZHUGHQQGHU 6SXNZDULUJHQGZLHJHVWDOWORV6HLQH8PULVVHOLHHQVLFK QLHJHQDXIHVWKDOWHQVLHZDUHQLQVWl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lPRQHQZHOWDXINHLQHQ)DOO UHDNWLRQVORVKLQQHKPHQNRQQWH 1LFKWGDV%XFKGHUJUDXVDPHQ7UlXPHZDUSO|W]OLFKDXI JHWDXFKWVRQGHUQHLQDQGHUHVGDVIDVWHEHQVRJHIlKUOLFKZDU *HIlKUOLFKIUGLH'lPRQHQZHOWZHQQHVLQGLHIDOVFKHQ +lQGHJHULHW 6,(%(16,(*(/'(50$*,(6RODXWHWHGHU7LWHOGHV %XFKHV'DKLQWHUYHUEDUJVLFKHWZDVVHKU*HIlKUOLFKHVXQG ZHUGLHVHV:LVVHQEHVDGHUNRQQWH]XPLQGHVWHLQHQ7HLOGHU GlPRQLVFKHQ:HOWYHUQLFKWHQGHQQLQGLHVHPJHKHLPQLV YROOHQ%XFKVWDQGHQ(UNOlUXQJHQGLHDXINHLQHQ)DOOLQGLH IDOVFKHQ+lQGHJHODQJHQGXUIWHQ 8QGPLWGHP%HJULIIªIDOVFKHQ+lQGH©ZDUHLJHQWOLFKQXU HLQ0DQQJHPHLQW -RKQ6LQFODLU 1RFKKDWWHHUGDV%XFKQLFKWQRFKZXWHHUQLFKWVGDYRQ GRFKDOOH$Q]HLFKHQGHXWHWHQGDUDXIKLQGDHUHVEDOG EHNRPPHQZUGH 'DVZlUHIDWDOJHZHVHQGHQQGHU,QKDOWGHV%XFKHVZDU

YRQHLQHUXQJHKHXUHQ%ULVDQ]6FKOLHOLFKJLQJHVXPHLQ JURHV*HKHLPQLV'DVGHV.UHX]HV $XIGLHVHQDOWHQ6HLWHQVWDQGJHQDX]XOHVHQZHUGDV .UHX]HUVFKDIIHQKDWWHXQGZHOFKHLQH%HZDQGWQLVHVGDPLW KDWWH:HQQHV-RKQ6LQFODLUJHODQJGLH*HKHLPQLVVH]XHQW UlWVHOQEHNDPHQHLQLJH6FKZDU]EOWHUGDVJURH)ODWWHUQ $XFKGHU6SXNZDUVLFKVHLQHU6WHOOXQJQLFKWVLFKHUXQGHU KDWWHLQGHQ]HLWOLFKEHIULVWHWHQ3DNWPLW/DG\;HLQJHZLOOLJW 6LHJHVVLFKHUZDUHUJHZHVHQHLQH.OHLQLJNHLWZlUHHVIULKQ VLFKGDV%XFK]XEHVFKDIIHQGRFKVHLQH'LHQHUYHUVDJWHQ =XGHPZDU/DG\;QRFKJHNRPPHQXPLKPGDV9HUVDJHQ YRU]XKDOWHQXQGGDVlUJHUWHGHQ6SXNQRFKPHKU ª(VLVWGRFKVHOWVDPGDVLFKGHLQH'LHQHUQLFKWLQGHU /DJHEHIDQGHQGDV%XFKDQVLFK]XEULQJHQZR6LQFODLU LKQHQDOV*HJQHUQLFKWJHJHQEHUVWDQG© 'HU6SXNEHZHJWHVLFKXQUXKLJDXIVHLQHP.QRFKHQWKURQ 6HLQH*HVWDOW]XFNWHHLQSDDUPDOHUVDKGLH6WXIHQXQGGDFK WHGDUDQGD6LQFODLUHVIDVWJHVFKDIIWKDWWH6ROR0RUDVVRDQ GLHVHU6WHOOH]XHUOHGLJHQ,Q]ZLVFKHQKDWWHVLFKHLQLJHVJHlQ GHUW'LH9RU]HLFKHQZDUHQDQGHUHJHZRUGHQXQG/DG\; UHJLHUWHGLH0RUGOLJD.ODUGDVLHDXFKGDUDXIHUSLFKWZDU -RKQ6LQFODLUGDVJHKHLPQLVYROOH%XFKQLFKWLQGLH+lQGH IDOOHQ]XODVVHQXQGGHU6SXNPXWHHLQVHKHQGDPDQ VHLQHQ'LHQHUQHLQH6FKODSSHEHLJHEUDFKWKDWWH 'LHZROOWHHUDXVZHW]HQ ª'XVDJVWMDQLFKWV©K|KQWH/DG\; ª,FKKDEHGLH/DJHHEHQIDOVFKHLQJHVFKlW]W©HUZLGHUWHGHU 6SXNª7XWPLUOHLGHVZLUGPLUQLFKWQRFKHLQPDOSDVVLHUHQ© /DG\;ODFKWHKHLVHUª'DVIlOOWGLUHLQZHQLJVSlWHLQ ,Q]ZLVFKHQNDQQHV-RKQ6LQFODLUJHOLQJHQVLFKGHV%XFKHV ]XEHPlFKWLJHQ(ULVWZLHHLQ%OXWKXQG+DWHUHLQPDOHLQH 6SXUDXIJHQRPPHQZLUGHUVLHDXFKZHLWHUYHUIROJHQ© ª'DQQZHUGHQZLUHWZDVGDJHJHQWXQ© /DG\;YHU]RJGLH0XQGZLQNHOª'LH:RUWHKDEHLFK VFKRQHLQPDOYRQGLUJHK|UW'DV5HVXOWDWNHQQHQZLUEHLGH© ª'LHVPDOSDFNHQZLUHV©

ª,FKKRIIHHVLQXQVHUHP,QWHUHVVHGHQQGDV%XFKGDUI 6LQFODLUQLFKWLQGLH+lQGHIDOOHQ© ª-HW]WKDWHVHLQHDQGHUH© 'LH9DPSLULQQLFNWHª-DGDVZHLLFK'HU:UIHO]HLJWHHV PLUDQ'LHVH6SXULVWZLHHLQ)DGHQGHQPDQ]XP*OFN QLFKWDXVGHQ$XJHQYHUOLHUHQNDQQ(VEHILQGHWVLFKLQGHQ +lQGHQHLQHU)UDX6DUDK*ROGZ\QKHLWVLH8QGGLHVH)UDX LVWVHKUDOWDEHUGHQQRFKVFKODXGHQQVLHZHLJHQDXZLH GLH:HOWHQ]XVDPPHQJHVHW]WVLQG6LHNHQQWVLFKLQ 'lPRQRORJLHDXVLKU:LVVHQLVWJUDQGLRVGDVKDWVLHVFKRQ GHV|IWHUHQXQWHU%HZHLVJHVWHOOW© ª:LOOVWGXHVLKUDEQHKPHQ"©IUDJWHGHU6SXN ª-D© ª$OOHLQ"© :LHGHUODFKWH/DG\;ª'XPDFKVWHVGLUHLQIDFK1HLQ 6SXNGXVROOVWDXFKGHLQHQ7HLOGD]XEHLWUDJHQXQGQLFKWQXU KLQWHUKHUGLH)UFKWHHUQWHQ,FKZLOOGDGXRGHUGHLQH 6FKDWWHQGLHQHUGDEHLVLQGZHQQZLUGDV+DXVGLHVHU)UDX VWUPHQVLHXPEULQJHQXQGGDV%XFKDQXQVQHKPHQ© ª,FKELQHLQYHUVWDQGHQ©GU|KQWHDXVGHU6FKZlU]HGLH GXPSIH6WLPPHGHV'lPRQV 'LH6FRWWQLFNWH]XIULHGHQXQGVFKOXJGDEHLJHJHQLKUH03L ZREHLVLHQRFKGLH/LSSHQ]XUFN]RJXQGLKUHVSLW]HQ=lKQH ]HLJWHª'LHVPDOZLVVHQZLUZDVXQVHUZDUWHWXQGZLUZHU GHQNHLQH)HKOHUPDFKHQGDVLVWVLFKHU© ª9LHOOHLFKWJHOLQJWXQVQRFKHLQZHLWHUHU)LVFK]XJ© EHPHUNWHGHU6SXNPLWGXPSIHU6WLPPH ª8QGGHUZlUH"© ª-RKQ6LQFODLU6HLQHQ7RG© /DG\6DUDK*ROGZ\QZRKQWHLQGHP/RQGRQHU6WDGWWHLO 0D\IDLUHLQHPDOWHKUZUGLJHQ9RURUWLQGHPHVVFKPXFNH +lXVHUJDE]DKOUHLFKH3DUNVNOHLQHUXKLJH6WUDHQXQGGHU :RKQZHUWVLFKLQGHQ0LHWHQQLHGHUVFKOXJ 0LHWHMHGRFKEUDXFKWH/DG\6DUDKQLFKW]X]DKOHQ6LH

EHZRKQWHHLQDOWHV+DXVDOOHLQ(LQHULKUHUYHUVWRUEHQHQ 0lQQHUKDWWHHVLKUKLQWHUODVVHQXQGVLHIKOWHVLFKGRUW lXHUVWZRKOGHQQVLHKDWWHGDV+DXVQDFKLKUHQ 9RUVWHOOXQJHQXPEDXHQXQGDXFKDXVEDXHQODVVHQ 'DV7D[LEUDFKWHGLH+RUURU2PDELVGLFKWYRUGLH+DXVWU 6LH]DKOWHVWLHJDXVKDWWHQRFKHLQIUHXQGOLFKHV:RUWIUGHQ )DKUHUXQGVWLHGDVNOHLQH7RUGHV9RUJDUWHQVDXIhEHUGHQ VFKPDOHQSODWWLHUWHQ:HJVFKULWWVLHDXIGLH+DXVWU]X ZREHLVLHVLFKHLQSDDUPDOXPVFKDXWHXQGGDVZHUWYROOH %XFKQDFKZLHYRUIHVWXQWHUGHQ$UPJHNOHPPWKLHOW(VZDU QLHPDQGGDGHUVLHYHUIROJWHVLHKDWWHVLFKXPVRQVW6RUJHQ JHPDFKWGRFKGDVVFKOHFKWH*HIKOOLHVLFKHLQIDFKQLFKW DEVFKWWHOQ/DG\6DUDKKDWWHVFKRQ]XYLHOHUOHEWVLHZXWH JHQDXGDGLH'lPRQHQQLHPDOVDXIJDEHQXQGKLQWHUGHP %XFKZDUHQVLHEHVRQGHUVKHU)DVWEHUHXWHVLHHVQLFKWDXI 6XNRV9RUVFKODJHLQJHJDQJHQ]XVHLQGHQQDOOHLQIKOWHVLH VLFKGRFKHLQZHQLJHLQVDPLQGHPOHHUHQ+DXV'DVDKPDQ VFKRQPDO*HVSHQVWHUZRNHLQHZDUHQ%HVRQGHUVZHQQHLQH HFKWH%HGURKXQJLQGHU/XIWODJZXUGHQGLH1HUYHQVWUDSD ]LHUW 9RUGHU7UEOLHEVLHVWHKHQVFKDXWHQRFKHLQPDOLQGLH 5XQGHXQGKROWHHUVWGDQQGHQ6FKOVVHOKHUYRU'UHLPDO GUHKWHVLHLKQLP6FKOREHYRUVLHGLH7UDXIVWRHQNRQQWH 'HU)OXUZDUJHIOLHVW(UKDWWHQRFKVHLQDOWHV)ODLUEHKDOWHQ HEHQVRZLHGDVJHVDPWH+DXVGDVGLH-DKUKXQGHUWZHQGH VFKRQHUOHEWKDWWHLQ]ZLVFKHQMHGRFKPRGHUQLVLHUWZRUGHQ ZDU /DG\6DUDKPDFKWHHUVWHLQPDO/LFKW'LHGVWHUHQ6FKDWWHQ ZLFKHQGHU+HOOLJNHLWXQGGLH+RUURU2PDDWPHWHDXI0LW /LFKWVDKGLH:HOWVFKRQJDQ]DQGHUVDXV 6LHOHJWHLKUHQ0DQWHODEXQGKlQJWHLKQDQGLH*DUGHUREH 'DQQVWULFKVLHGXUFKLKUHJUDXJHZRUGHQHQ+DDUHXQGRUG QHWHLKUH.HWWHQGLHVRHWZDVZLHHLQ0DUNHQ]HLFKHQIUVLH ZDUHQGHQQ.HWWHQJHNOLUUNQGLJWHLPPHUGDV.RPPHQ GHU+RUURU2PDDQ 5HFKWVODJGDV:RKQ]LPPHU(LQJHULFKWHWPLWDOWHQ0|EHOQ

XQGXQJHPHLQJHPWOLFK-RKQ6LQFODLUIKOWHVLFKGRUW LPPHUVHKUZRKOHUNDPJHUQ]X%HVXFKXPHLQZHQLJ]X SODXGHUQ6LHEHUOHJWHREVLHQRFKGDV+RO]DP.DPLQ DQ]QGHQVROOWHHQWVFKLHGVLFKGDQQDQGHUVGHQQGDV%XFK ZDUZLFKWLJHU 6LHZROOWHHVOHVHQDEHU]XYRUPXWHVLH7HH]XEHUHLWHQ 'DVJHK|UWHQXQHLQPDOGD]X ,KUH.FKHZDUPRGHUQHLQJHULFKWHW'DIHKOWHHVDQQLFKWV ZDVGLH$UEHLWVREHTXHPZLHP|JOLFKPDFKWH/DG\6DUDK OLH:DVVHULQGHQ.HVVHOODXIHQXQGVWHOOWHLKQGDQQDXIGHQ +HUG$XVHLQHP5HJDOQDKPVLHGLH7HHGRVH1LHKlWWHVLH VLFKGD]XEHUHLWHUNOlUWHLQHQ7HHEHXWHODXI]XJLHHQVR HWZDVZDUXQWHULKUHU:UGH$OV(QJOlQGHULQPXWHPDQ GHQ7HHHLQIDFK]XEHUHLWHQZLHHVVFKRQGLH9RUIDKUHQJHWDQ KDWWHQ 'DV%XFKKDWWHVLHLP:RKQUDXPJHODVVHQ:lKUHQGGDV :DVVHUNRFKWHZROOWHVLHLQGHP:lO]HUEOlWWHUQ .DXPVWDQGGHU7HHNHVVHODXIGHU3ODWWHDOVVLFKGDV 7HOHIRQPHOGHWH'HU$SSDUDWEHIDQGVLFKLP:RKQUDXP XQG/DG\6DUDKZDUEHLPHUVWHQ.OLQJHOQ]XVDPPHQJH ]XFNWGDQQVDJWHVLHVLFKGDHVEHVWLPPWMHPDQGYRP 6LQFODLU7HDPZDUGHUDQULHIXQGVLHEHHLOWHVLFKLQGDV DQGHUH=LPPHU]XJHODQJHQZRVLHGHQ+|UHUDEQDKP ª-D©PHOGHWHVLHVLFK 0UV*ROGZ\QHUKLHOWNHLQH$QWZRUW6LHZXWHEHUKDXSW QLFKWREVLFKMHPDQGDPDQGHUHQ(QGHGHU/HLWXQJEHIDQG GHQQVLHYHUQDKPQLFKWHLQPDOHLQ$WPHQ .DOWIORHVGHU+RUURU2PDEHUGHQ5FNHQ1LFKWGD VLHVWDUNH$QJVWEHNRPPHQKlWWHDEHUGLHVHU$QUXIZDULKU QLFKWJHKHXHU(UNODQJVRQDFK.RQWUROOH 1RFKHLQPDOKDNWHVLHQDFK$OVVLHZLHGHUXPNHLQH $QWZRUWHUKLHOWOHJWHVLHDXI )UHLQLJH6HNXQGHQEOLHEVLHLQGHU+DOWXQJVWHKHQ'HQ $UPYRUJHVWUHFNWGLH+DQGDXIGHP+|UHU6LHKDWWHGLH /LSSHQ]XVDPPHQJHSUHWXQGDWPHWHGXUFKGLH1DVH6ROOWH VLH-RKQ6LQFODLURGHU6XNRYRQGHP$QUXILQ.HQQWQLV

VHW]HQ"9LHOOHLFKWZDUHVEHVVHUDQGHUHUVHLWVZROOWHVLHQLFKW GLH3IHUGHVFKHXPDFKHQ9LHOOHLFKWKDWWHVLFKZLUNOLFK MHPDQGYHUZlKOWHLQXQK|IOLFKHU0HQVFKXQWHU8PVWlQGHQ GHUVHLQHQ)HKOHUQLFKW]XJHEHQZROOWH 6LHVFKWWHOWHGHQ.RSIXQGOLHGHQ+|UHUORV=XGHP ZDUWHWHGDV7HHZDVVHU 6DUDK*ROGZ\QPDFKWHNHKUWXQGYHUOLHGDV=LPPHU6LH ZROOWHGHQ7HHIHUWLJKDEHQZHQQ-RKQ6LQFODLUXQG6XNR HLQWUDIHQXQGVLHOHJWHDXFKHLQZHQLJ*HElFNKHUDXV ,PPHUZLHGHUGUHKWHQVLFKLKUH*HGDQNHQXPGDV%XFK 6LHNRQQWHHVNDXPHUZDUWHQGDULQ]XOHVHQXQGHVILHOLKU VFKZHUGHQDOOJHPHLQHQ$XIJDEHQQDFK]XJHKHQ 'DV:DVVHUZDUMHW]WKHL(VKDWWHJHQDXGLHULFKWLJH 7HPSHUDWXUXQGVWDQGGLFKWYRUGHP6SUXGHOQ/DG\6DUDK QDKPGHQ7HHNHVVHOXQGJRGDV:DVVHUDXVGHPVFKPDOHQ +DOVLQGLH.DQQH6LHVFKDXWHGXUFKGLHgIIQXQJVDKGLH 'DPSIVFKZDGHQQDKPEHUHLWVGDV$URPDZDKUXQG OlFKHOWH (LQLJH0LQXWHQPXWHGHU7HHQRFK]LHKHQ'LH=HLWZROOWH 0UV*ROGZ\QQXW]HQ6LHQDKPGDV%XFKXQGOLHVLFKLQ GHQ6HVVHOIDOOHQ 'LH+RUURU2PDVFKDXWHDXIGDV'HFNEODWW'HXWOLFKVDKVLH GLHVWLOLVLHUWHQ7HXIHOVN|SIH)UDW]HQGLHDEVWRHQGZLUNWHQ XQGVLHIUDJWHVLFKREGDV%XFKGHP7HXIHOJHZLGPHWZDU ª6LHEHQ6LHJHOGHU0DJLH©PXUPHOWHGLHDOWH'DPHª(LQ VHOWVDPHU7LWHODEHULQWHUHVVDQW©6LHVFKWWHOWHGHQ.RSIXQG GDFKWHDQGHQDUPHQ0U3HWHUVRQ(UKDWWHZHJHQGLHVHV %XFKHVVWHUEHQPVVHQ1DFK/DG\6DUDKV$QVLFKWHQWKLHOWHQ GLH6HLWHQPDJLVFKHQ=QGVWRII6LH]|JHUWHVRJDUGDV%XFK DXI]XVFKODJHQ%HYRUVLHVLFKHQWVFKORHVGHQQRFK]XWXQ ZDUIVLHHLQHQVFKHXHQ%OLFNQDFKUHFKWVZRGLHEHLGHQ )HQVWHUODJHQ 6LHKDWWHGLH9RUKlQJHQLFKWYRUJH]RJHQXQGNRQQWHHLQHQ %OLFNGXUFKGLH6FKHLEHQZHUIHQ 'DKLQWHUODJGLH'XQNHOKHLW0DQFKPDOEOLW]WHHLQKHOOHU 6WUHLIHQDXIZHQQ$XWRVPLWHLQJHVFKDOWHWHQ6FKHLQZHUIHUQ

YRUEHLKXVFKWHQ'RFKVHKUVFKQHOOZDUDOOHVYRUEHL 2EZRKOGLH+HL]XQJQLFKWHLQJHVFKDOWHWZDUHPSIDQGHV /DG\6DUDKDOVVHKUZDUP6LHPHUNWHGDVLHLQQHUOLFK HUZlUPWZXUGHGDV%OXWVFKLHQVFKQHOOHUGXUFKLKUH$GHUQ ]XIOLHHQXQGVLFKGDEHLDXI]XKHL]HQ /DG\6DUDKEHREDFKWHWHLKUHQ.|USHUJHQDX'LHVH 5HDNWLRQJHILHOLKUEHUKDXSWQLFKW6LHKREGLH+DQGZLVFK WHEHUGLH6WLUQXQGIKOWHGLH6FKZHLSHUOHQGLHVLFKGRUW DQJHVDPPHOWKDWWHQ=XGHPZDUGLH+DXWZDUPJHZRUGHQ +DWWHVLHHWZD)LHEHU" :HQQGLHVVWLPPWHZlUHHVXQQDWUOLFKJHZHVHQGHQQVLH IKOWHVLFKQLFKWNUDQNVRQGHUQY|OOLJLQ2UGQXQJ'HQQRFK UDXVFKWHGDV%OXWLQLKUHP.RSI ª'DV%XFK©IOVWHUWH/DG\6DUDKª(VPXGDVYHUIOXFKWH %XFKVHLQ©=ZHLPDO]XFNWHLKUH+DQG6LHZDUGUDXIXQG GUDQGDV%XFKZLHGHUIRUW]XZHUIHQGDQQJHZDQQGLHNODUH hEHUOHJXQJGLH2EHUKDQG6LHKDWWHVRYLHOH%FKHUJHNDXIW RGHULUJHQGZLHDQGHUVHUZRUEHQXQGHVZDUHQ)ROLDQWHQ GDUXQWHUGLHVLFKPLWGHQILQVWHUHQ.DSLWHOQ6FKZDU]HU 0DJLHEHVFKlIWLJWHQDEHUQLHKDWWHVLHVRHLQVHOWVDPHV *HIKOGDEHLJHVSUW 'DVZDUQXUEHLGLHVHP%XFKGHU)DOO (LQHQ5FN]LHKHU]XPDFKHQKDWWHNHLQHQ6LQQ/DG\6DUDK VFKDOWVLFKHLQHDOWH1lUULQ.XU]HQWVFKORVVHQVFKOXJVLHGHQ %XFKGHFNHO]XUFNXQGEHJDQQDXIJXW*OFN]XEOlWWHUQ 0UV*ROGZ\QQDKPPHKUHUH6HLWHQ]ZLVFKHQGLH)LQJHU VFKOXJHLQSDDUPDOXPVDKGLH7H[WHDEHUDXFKGLH $EELOGXQJHQ(VZDUNHLQEHZXWHV/HVHQVLHODVQLFKW HLQPDO6WLFKZRUWHXQGQDKPGLH$EELOGXQJHQHLJHQWOLFKQXU DP5DQGHZDKU 'DQQDEHU]XFNWHVLH]XVDPPHQDOVKlWWHLKUMHPDQGHLQHQ 3HLWVFKHQKLHEJHJHEHQ ,KUZDUHWZDVLQV$XJHJHIDOOHQVLHKDWWHHV]ZDUQXUIU GHQ%UXFKWHLOHLQHU6HNXQGHJHVHKHQDEHUGLHVHU(LQGUXFN ZDUKlQJHQJHEOLHEHQ+DVWLJQDKP/DG\6DUDKGLH%ULOOH KRFKGLHVLHDQHLQHU.HWWHXPGHQ+DOVKlQJHQKDWWHXQG

VHW]WHVLHDXI0LWGHU%ULOOHVDKVLHEHVVHUPXWHHLQLJH6HLWHQ ]XUFNEOlWWHUQXPGLH=HLFKQXQJZLHGHU]XILQGHQ $XIGHUUHFKWHQ6HLWHGHV%XFKHVZDUVLHDEJHGUXFNW/DG\ 6DUDKVFKOXFNWHDXIJHUHJW3O|W]OLFKYLEULHUWHQLKUH1HUYHQ GLH/LSSHQ]XFNWHQXQGDXVLKUHQ3RUHQGUDQJGHU6FKZHL 1HLQHVJDENHLQHQ=ZHLIHO'DVZDVGRUWDEJHELOGHWZDU NDQQWHVLHKDWWHVLHVFKRQGHV|IWHUHQJHVHKHQ -RKQ6LQFODLUV.UHX] ,FKKDWWHGDV5DGLRHLQJHVFKDOWHWXQGK|UWHGLH0XVLNWURW] GHPQLFKWZHLOPHLQH*HGDQNHQ]XZHLWZHJZDUHQ6LH EHVFKlIWLJWHQVLFKQRFKLPPHUPLWGHPZDVNU]OLFKKLQWHU PLUODJ 'HUJURH3XQNWKLH/XSLQD 0HLQ*RWWVLHOHEWH6LHKDWWHYRUPLUJHVWDQGHQXQGVLH ZDUNHLQH1DFKELOGXQJJHZHVHQVRVLFKHUZDULFKPLU ,FKKDWWHGLH.|QLJLQGHU:|OIHLQGHU9HUJDQJHQKHLWJHQDX NHQQHQJHOHUQWPLUZDUDOOHVDQLKUEHNDQQWXQGPDQ NRQQWHPLFKHLQIDFKQLFKWWlXVFKHQ 8QGHVZDU]XPHUVWHQPDOHLQ7UHIIHQJHZHVHQZRZLUXQV QLFKWEHNlPSIWHQGDVNDPQRFKKLQ]X/XSLQDVWDQGQLFKW DXIPHLQHU6HLWHVLHZUGHDXFKQLHDXIPHLQHU6HLWHVWHKHQ XQGGRFKKDWWHVLHPLFKJHZDUQW,UJHQGHWZDVEUDXWHVLFK EHUPHLQHP.RSI]XVDPPHQZLHHLQ*HZLWWHU8QGGLHVHV *HZLWWHUGLHVHGURKHQGHQ:RONHQPXWHQLUJHQGZLHPLW PHLQHP.UHX]]XVDPPHQKlQJHQ (LQ8QEHNDQQWHUKDWWHHLQ6SLHODQJHIDQJHQGDVLFKQLFKW GXUFKVFKDXHQNRQQWH $EHUZDVKDWWHGLHVHU8QEHNDQQWHYRUGDVHOEVW/XSLQD GLHMD]XGHQ6FKZDU]EOWHUQJHK|UWHIUHLQHJHZLVVH=HLW DXIPHLQHU6HLWHVWDQG".RQQWHHVDXFKLKUJHIlKUOLFK ZHUGHQ")UFKWHWHVLHVLFKHEHQIDOOVYRUGHP3ODQGHV 8QEHNDQQWHQ" $OOHVZLHVGDUDXIKLQ(VNRQQWHDXFKVHLQGDPDQVLHDXV GHP6SLHOJHQRPPHQKDWWHHLQIDFKGHVKDOEZHLOGLH

DQGHUHQYLHOOHLFKWQLFKWDKQWHQGDVLHQRFKH[LVWLHUWH (LQHZLUNOLFKVHOWVDPH6DFKHGDV*DQ]HXQGGLH)UDJHQ ZXUGHQQLFKWZHQLJHUMHOlQJHULFKEHUGLHVHV3KlQRPHQ QDFKGDFKWH8QZLOONUOLFKOHQNWHLFKQXUPLWHLQHU+DQGXQG WDVWHWHPLWGHUDQGHUHQQDFKPHLQHP.UHX] :LHLPPHUKLQJHVYRUPHLQHU%UXVW8QGQRFKOlQJVWQLFKW ZDUHVPLUJHOXQJHQVHLQH*HKHLPQLVVH]XHQWUlWVHOQ,FK ZXWHQXUYRQVHLQHUXQJHPHLQVWDUNHQPDJLVFKHQ.UDIW DEHUGLH+HUNXQIWGHV.UHX]HVODJLPGXQNHOQ (LQH6SXUIKUWH]XGHQ0DNNDElHUQGLHVHUDOWHQFKULVWOL FKHQ6HNWHGLHLQ.OHLQDVLHQH[LVWLHUWKDWWH'LH0DNNDElHU QDQQWHQVLFK6|KQHGHV/LFKWVDXFKPLFKKDWWHPDQPLWGLH VHP%HJULIIJHWDXIWGDPDOVDOVLFKGHQHUVWHQ.RQWDNWPLW GHP6HKHUKDWWHXQGGDV%XFKGHUJUDXVDPHQ7UlXPHQlKHU NHQQHQOHUQWH:DULFKYLHOOHLFKWHLQª6RKQ©GHU0DNNDElHU" (LQHVHKUJHZDJWH6FKOXIROJHUXQJEHUGLHLFKOlFKHOQ PXWHDEHUVLHZDUQLFKWYRQGHU+DQG]XZHLVHQXQGGDV *HJHQWHLOKDWWHPLUELVKHXWHQLHPDQGEHZLHVHQ /lQJVWKDWWHPLFKGLH0LOOLRQHQVWDGW/RQGRQZLHGHU JHVFKOXFNW$EHQGOLFKHU9HUNHKUUROOWHGXUFKGLH6WUDHQ'HU HLJHQWOLFKVFKZDU]H+LPPHOZXUGHYRP:LGHUVFKHLQ]DKO UHLFKHU/LFKWHUHUKHOOW'LHVHQPLOGHQ6HSWHPEHUDEHQGQXW] WHQ]DKOUHLFKH1DFKWVFKZlUPHUDXVXPVLFK]XYHUJQJHQ 0DQNRQQWHQRFKLP)UHLHQVLW]HQXQGGRUWVHLQ%LHUWULQNHQ =ZHLPDOJHULHWLFKLQHLQHQ6WDXXQGlUJHUWHPLFKGDLFK JHUQVRUDVFKZLHP|JOLFK]X+DXVHVHLQZROOWHGHQQ6XNR ZUGHVLFKZXQGHUQZHQQHUHUIXKUZLHPHLQ7UHIIHQPLW /XSLQDDXVJHJDQJHQZDU:LHLFKLKQNDQQWHZDUDXFKHU VLFKHUOLFKLQWHUHVVLHUWGDUDQ]XHUIDKUHQZDVHVPLWGHP .UHX]QXQJHQDXDXIVLFKKDWWHXQGZHOFKHV*HKHLPQLV LQQHUKDOEGHV.UX]LIL[ VWHFNWH -HQlKHULFKGHUHLJHQWOLFKHQ&LW\NDPXPVRPDVVLYHU ZXUGHGHU9HUNHKU=XGHPGHPRQVWULHUWHQRFKHLQH*UXSSH MXQJHU0HQVFKHQQDKHGHV+\GH3DUNVZRHLQH6WUDH JHVSHUUWZRUGHQZDUXQGLFKHLQHQ8PZHJIDKUHQPXWH =ZDQ]LJ0LQXWHQVSlWHUVFKOLHOLFKUROOWHLFKLQGLHJURH

7LHIJDUDJHHLQGLH]XGHP+DXVJHK|UWHLQGHPLFKPHLQHQ :RKQVLW]KDWWH6XNRV0DVFKLQHVDKLFKQLFKWZDVPLFK ZXQGHUWH0HLQ)UHXQGXQG.ROOHJHZDUXQWHUZHJV ,FKVWLHJDXVXQGVFKOHQGHUWHDXIGHQ)DKUVWXKO]XGHU PLFKLQGLH+|KHNDWDSXOWLHUHQVROOWH :HQLJVSlWHUVWDQGLFKYRUPHLQHU:RKQXQJVWUVFKOR DXIPDFKWH/LFKWXQGKROWHPLUHUVWHLQPDOHLQHQ6FKOXFN]X WULQNHQ:lKUHQGGHU)UXFKWVDIWLQPHLQH.HKOHUDQQGDFKWH LFKZLHGHUDQ6XNR0LFKLQWHUHVVLHUWHHVVHKUZRHUKLQ JHIDKUHQZDUGHVKDOEYHUOLHLFKPHLQH:RKQXQJZLHGHU XQGJLQJHLQH7UZHLWHUKLQWHUGHU6KDRXQG6XNRJHPHLQ VDPOHEWHQ $OVLFKNOLQJHOWHZXUGHVRIRUWJH|IIQHW6KDRVWDQGYRUPLU ,KUH$XJHQZDUHQJURXQGVLHKDWWHHLQH+DQGJHJHQLKUH %UXVWJHSUHWª(LQ*OFNGDGXJHNRPPHQELVW-RKQ© 0HLQ/lFKHOQJHIURUPLUDXIGHQ/LSSHQª:LHVR":DVLVW JHVFKHKHQ",FKKDEHIHVWJHVWHOOWGD6XNRV+DUOH\QLFKW XQWHQLQGHU7LHIJDUDJHVWHKWXQGGDZROOWHLFKGLFKIUDJHQ ZRKLQHUJHIDKUHQLVW© ª'DVROOWHVWGXDXFKKLQ© ª6DJVFKRQ© ª6XNRLVW]X6DUDK*ROGZ\QJHIDKUHQ© ,FKUXQ]HOWHGLH6WLUQXQGEOLHVJOHLFK]HLWLJGLH:DQJHQDXI 0LWDOOHPKDWWHLFKJHUHFKQHWGDPLWDOOHUGLQJVQLFKW'DVZDU PHKUDOVEHUUDVFKHQGIUPLFK=X6DUDK*ROGZ\QGHU +RUURU2PDZDUPHLQ)UHXQGDOVRKLQDEHUZDVZROOWHHU GHQQGDXQGGDVIUDJWHLFKGLH&KLQHVLQDXFK 6KDRVFKWWHOWHGHQ.RSIª,FKZHLHVQLFKW-RKQ :HQLJVWHQVQLFKWJHQDX*ODXEHDOOHUGLQJVGDHVEHLGHP %HVXFKXPHLQ%XFKJHJDQJHQLVW© ª:HOFKHV%XFK"© ª.HLQH$KQXQJ© ª%HVWHKWGHQQ*UXQG]XU*HIDKU"© 6KDRQLFNWHKHIWLJª6RYLHOLFKZHLKDWHVVRJDUHLQHQ 0RUGJHJHEHQ© 'DVZXUGHLPPHUVFKOLPPHUª(LQHQ0RUG"+DVWGXGLFK

GDQLFKWYHUK|UW"© ª1HLQ© ª:HULVWXPJHEUDFKWZRUGHQ"© ª(LQ$QWLTXLWlWHQKlQGOHUEHLGHP0UV*ROGZ\QGDV%XFK HUZRUEHQKDW© ª,VWLKUHWZDVSDVVLHUW"© ª*ODXEHLFKQLFKW© ,FKGDFKWHQDFK%LVKHUKDWWHVLFKXQVHU*HVSUlFK]ZLVFKHQ 7UXQG$QJHODEJHVSLHOWXQGGRUWJLEWHVEHNDQQWOLFKNHLQ 7HOHIRQ'HVKDOEIUDJWHLFK6KDRª'DUILFKPDO"© ª(QWVFKXOGLJH©6LHJDEGHQ:HJIUHL ,FKJLQJLQV:RKQ]LPPHUZRGDV7HOHIRQVWDQG(LQHQ 0RPHQWPXWHLFKQDFKGHQNHQGHQQPLUILHOGLH1XPPHU GHU+RUURU2PDQLFKWHLQ'DQQZXWHLFKVLHZLHGHUZlKO WHVLHXQGZDUEHUUDVFKWGDLFKNHLQH9HUELQGXQJEHNDP JOHLFK]HLWLJDXFKEHXQUXKLJW6KDRZDUQHEHQPLFKJHWUHWHQ ª:DVLVWGHQQ"©IUDJWHVLHDOVLFKGHQ+|UHUZLHGHUDXI OHJWH ª'LH/HLWXQJLVWWRW©PXUPHOWHLFK ª2*RWW©6LHSUHWHLKUH+DQGDXIGHQ0XQG ª6DJPDO6KDRZDQQLVW6XNRHLJHQWOLFKJHIDKUHQ"© ª(LQHJHQDXH8KU]HLWNDQQLFKGLUQLFKWJHEHQDEHUGX NHQQVWLKQMD(UIlKUWLPPHU]LHPOLFK]JLJXQGPWH HLJHQWOLFKVFKRQEDOGGDVHLQ© ª'DQQKDWHVZRKONHLQHQ6LQQZHQQLFKGLHXQLIRUPLHUWHQ .ROOHJHQDODUPLHUH© ª'D]XNDQQLFKQLFKWVVDJHQ© ,FKGDFKWHHLQHQ0RPHQWQDFKª2ND\LFKIDKUHDXFKKLQ +DOWHGXKLHUGLH6WHOOXQJ© ª-RKQ©$QGHU7UHUUHLFKWHPLFKGLH6WLPPHGHU&KLQHVLQ XQGLFKGUHKWHPLFKXP ª:DVLVWGHQQ"© ª%LWWH-RKQVHLYRUVLFKWLJ8QGJLE%HVFKHLGZHQQLUJHQG HWZDVLVW© ,FKOlFKHOWHª1DWUOLFK©'DQQIXKULFKZLHGHUPLWGHP /LIWQDFKXQWHQ6HOWHQZDUHUPLUVRODQJVDPYRUJHNRPPHQ

ZLHLQGLHVHQ0LQXWHQ .DXPKDWWHLFKGLH*DUDJHYHUODVVHQDOVLFKGHQ 0DJQHWKDOWHUPLWGHP%ODXOLFKWDXIGDV'DFKGHV:DJHQV VHW]WH -HW]WZXUGHHVK|FKVWH(LVHQEDKQ ª'DV.UHX]©IOVWHUWH6DUDK*ROGZ\Qª0HLQ*RWWHVLVW WDWVlFKOLFKGDV.UHX]©'LH+RUURU2PDVFKWWHOWHGHQ.RSI XQGVWDUUWHGLH=HLFKQXQJDQ 'DVWLPPWHMHGHV'HWDLOVRJDUGLHEHLGHQ%XFKVWDEHQ-XQG 6'LH$ENU]XQJIU-RKQ6LQFODLU$EHUZLHNRQQWHQGLHMH QLJHQGLHGDV.UHX]HUVFKDIIHQKDWWHQEHUHLWVZLVVHQZDVHV PLW-RKQ6LQFODLUHLQPDOIUHLQH%HGHXWXQJKDEHQZUGH" (LQHXQZDKUVFKHLQOLFKHXQGUlWVHOKDIWH%HJHEHQKHLWWDW VLFKGDYRUGHQ$XJHQGHUDOWHQ'DPHDXI8QGVLHDOOHLQ KLHOWGHQ6FKOVVHO]XHLQHPGHUEHVWJHKWHWVWHQ *HKHLPQLVVHLQGHQ+lQGHQ6LHEHVDGDV%XFKXQGZHQQ HVLKUJHODQJGHQ7H[WWHLOGHUVLFKPLWGHP.UHX]EHVFKlI WLJWH]XHQWUlWVHOQGDQQNRQQWHVLHYLHOOHLFKWGDV*HKHLPQLV OIWHQ 'HU*HGDQNHGDUDQOLHVLHVFKZLQGHOQ:RQDFK-RKQ 6LQFODLUXQGVHLQH)UHXQGHMDKUHODQJJHVXFKWKDWWHQGDVODJ QXQYRULKU6LHNRQQWHHVVFKDIIHQ 9RU$XIUHJXQJ]LWWHUWHQLKUGLH+lQGH6RJDUGHU7HHZDU YHUJHVVHQ$XHUGHPKlWWHVLHHVMHW]WGRFKQLFKWJHVFKDIIW LKQHLQ]XVFKHQNHQVLHZDUYLHO]XDXIJHUHJW :LHGHUILHOLKU%OLFNDXIGDV.UHX] 6FKZDU]ZDUHQGLH8PULVVHJH]HLFKQHW2EZRKOGDV%XFK ZLUNOLFKVHKUDOWZDUKDWWHGLHVH=HLFKQXQJGLH=HLWQRFKJXW EHUVWDQGHQ'DPXWHHLQ.QVWOHUDP:HUNJHZHVHQVHLQ YLHOOHLFKWKDWWHHUDXFKVHLQH(LQJHEXQJYRQHLQHUDQGHUHQ 6HLWHEHNRPPHQYRQK|KHUHQ0lFKWHQGLHPDQPLWGHP 6DPPHOEHJULII*HLVWHUXPVFKUHLEHQNRQQWH /DG\6DUDKDWPHWHVFKZHU0LWGHP(UZHUEGLHVHV%XFKHV KDWWHVLHHLQHJHZDOWLJH9HUDQWZRUWXQJEHUQRPPHQ6LH

GUFNWHZLHHLQHVFKZHUH/DVWXQGGDQQVSUWHVLHHWZDV GDVVLHDQVRQVWHQNDXPEHPHUNWKDWWH (VZDUGDV$OOHLQVHLQ hEHUGHXWOLFKNDPHVLKULQGLHVHPVRHQWVFKHLGHQGHQ $XJHQEOLFN]X%HZXWVHLQ6LHZDUVHKUDOOHLQXQGVLHKLHOW GHQ6FKOVVHOHLQHV*HKHLPQLVVHVLQGHU+DQG /DG\6DUDKOHJWHGDV%XFKDXIJHVFKODJHQ]XU6HLWHXQG VFKDXWHDXIGLH8KU :DUXPZDU6XNRGHQQQRFKQLFKWHUVFKLHQHQ":HQQHUKLHU JHZHVHQZlUHVlKHDOOHVVFKRQDQGHUVDXV'DV%XFKEHGDFK WHVLHPLWHLQHPVNHSWLVFKHQ%OLFNVLHVFKLHOWHDXIGDVDEJH ELOGHWH.UHX]MHW]WKlWWHVLHHLJHQWOLFK=HLWJHKDEWGHQ7H[W ]XVWXGLHUHQDEHUVLHWUDXWHVLFKHLQIDFKQLFKWGHQQ VLHZXWHQLFKWREVLHGLH%ULVDQ]GLHVHU=HLOHQYHUNUDIWHQ NRQQWH 9RQGLHVHP%XFKJLQJHWZDVVR*HKHLPQLVYROOHVYLHOOHLFKW DXFK*HIlKUOLFKHVDXVGDVVLHHUVFKUHFNWH8QGDXFKGLH :RKQXQJNDPLKUSO|W]OLFKDQGHUVYRU1LFKWPHKU DQKHLPHOQGRGHUJHPWOLFKQHLQVLHYHUVSUWHHLQ*HIKO GHU%HNOHPPXQJXQGJODXEWHYRQ]DKOUHLFKHQ$XJHQEHRE DFKWHW]XZHUGHQ 9LHOOHLFKWVDHQVLHDXFKLQGHQ1LVFKHQXQG:LQNHOQZR VLHDXILKUH&KDQFHZDUWHWHQGDV%XFKLQLKUHQ%HVLW]]XEULQ JHQ/DG\6DUDKGDFKWHZLHGHUDQGLHHFKVHQN|SILJHQ 0RQVWHU6LHZXWHGDVLH'LHQHUHLQHVJHIlKUOLFKHQ 'lPRQVZDUHQGHUVLFK6SXNQDQQWHXQGLQHLQHP5HLFKGHV 6FKUHFNHQVUHJLHUWH9RQGRUWVWHXHUWHXQGOHQNWHHUDOOHV (LQPDOKDWWHHUYHUORUHQDXIJHEHQZUGHHUGHVKDOEQLFKW6R JXWNDQQWH/DG\6DUDKGLH'lPRQHQ 6LHHUKREVLFK 'DV*HIKOGHU%HGURKXQJKDWWH]XJHQRPPHQ'DODXHUWH HWZDVGHU6FKUHFNHQZDUQLFKWIDEDUDEHUGHU.|USHUGHU DOWHQ'DPHUHDJLHUWHZLHHLQ6HLVPRJUDSKHUJDEGLH (LQGUFNHQDFKDXHQZHLWHUXQGDXILKUHU+DXWELOGHWH VLFKHLQ6FKDXHU /DG\6DUDKVWDQGDXI'DV/LFKWVRQVWLPPHUVRJHPWOLFK

ZLUNWHSO|W]OLFKGVWHUXQGJHIlKUOLFK(VOLHHLQHQ7HLOGHV 5DXPHVLP6FKDWWHQXQGGLHDOWH'DPHVSUWHZLHLKUH.QLH DQILQJHQ]X]LWWHUQ(VZDUGRFKEHVVHUZHQQVLHVLFKZLHGHU KLQVHW]WHXQGVLHOLHVLFKVFKZHULQGHQ6HVVHOIDOOHQ(U ZLSSWHQRFKQDFK /DG\6DUDK*ROGZ\QDWPHWHQXUGXUFKGHQRIIHQHQ0XQG -HW]WPHUNWHVLHGDVLHQLFKWPHKUGLH-QJVWHZDUDXFKGDV +HU]VFKOXJVFKQHOOHUVLHYHUQDKPGLH6FKOlJHLP.RSIDOV HLQHQ:LGHUKDOO 'DV%XFKZXUGHLKULPPHUXQKHLPOLFKHU*LQJGLH %HGURKXQJGLHVLHVSUWHXQGGLHXQVLFKWEDULQGLHVHP =LPPHUODJWDWVlFKOLFKYRQLKPDXV"+DWWHVLHVLFKPLWGHP /HLKHQGHV%XFKHVHLQVFKZDU]PDJLVFKHV.XFNXFNVHLLQV 1HVWJHOHJW" $OOHVZDUP|JOLFKPDQNRQQWHQLFKWVDXHUDFKWODVVHQ XQGGLH%HGURKXQJHPSIDQGVLHYRQ6HNXQGH]X6HNXQGH VWlUNHU6LHGUHKWHGHQ.RSI:HQQGLH*HIDKUVFKRQODXHUWH GDQQZROOWHVLHZLVVHQZR ,KU%OLFNWUDIHLQHVGHUEHLGHQ)HQVWHU+LQWHUGHQ6FKHLEHQ ZDUQLFKWV]XHUNHQQHQ,P0RPHQWIXKUNHLQ:DJHQYRUEHL DEHUZDUGDQLFKWHLQ6FKDWWHQ"%HZHJWHVLFKHWZDVKLQWHUGHU 6FKHLEH"'DV*HVLFKWGHU0UV*ROGZ\QVSDQQWHVLFK'LH /LSSHQELOGHWHQHLQHQ6WULFK6LHNRQ]HQWULHUWHVLFKGHQQVLH ZROOWHZLVVHQZDVGRUWJHVFKDK3O|W]OLFKJODXEWHVLHQLFKW PHKUDQHLQH(LQELOGXQJGHQQGLH6FKDWWHQGRUWZDUHQH[L VWHQW :HUYHUEDUJVLFKGD" /DG\6DUDK|IIQHWHXQGVFKORLKUH+lQGH6FKZHLKDWWH VLFKDXIGHQ)OlFKHQJHVDPPHOW6LHGUHKWHGHQ.RSIVDKGDV 7HOHIRQDEHUVLHIDQGHLQIDFKQLFKWGLH.UDIWDXI]XVWHKHQ XQGKLQ]XJHKHQ 0LQXWHQZDUHQIUVLH]XNOHLQHQ(ZLJNHLWHQJHZRUGHQ GLHYRQGHU$QJVWGLNWLHUWZXUGHQ 8QGGDJHVFKDKHV 0UV6DUDK*ROGZ\QVDKHVQLFKW6LHK|UWHHVQXU,QLKUHP 5FNHQYHUQDKPVLHGDVEHUVWHQGH6SOLWWHUQZLUEHOWHVLW]HQG

KHUXPXQGVDKZLHGLH*ODVVSOLWWHUGHU)HQVWHUVFKHLEHLQV =LPPHUJHVFKOHXGHUWZXUGHQ $EHUQLFKWQXUVLH =XVDPPHQPLWGHQ5HVWHQGHU6FKHLEHKHFKWHWHHLQH XQKHLPOLFKH*HVWDOWGXUFKGDV9LHUHFN(LQH0LVFKXQJ]ZL VFKHQ0HQVFKXQG%HVWLH /XSLQD 6LHKDWWHVLFKQLFKWY|OOLJYHUZDQGHOW1RFKLPPHUWUXJVLH GHQPHQVFKOLFKHQ.RSIDEHUGLHYRUJHVWUHFNWHQ3UDQNHQ ZDUHQGLHHLQHVJHIlKUOLFKHQ:HUZROIV 8QGVLHKHFKWHWHGXUFKGLH6FKHLEHIORJZLHHLQDEJHVFKRV VHQHU3IHLOLQGDV=LPPHULQGHP/DG\6DUDKVDGLH$XJHQ DXIJHULVVHQKDWWHXQGLQLKUHP6FKUHFNHQHUVWDUUWZDU -DGDVZDUGHUULFKWLJH$XVGUXFN(UVWDUUWLP6FKUHFNHQ GHQQVLHZDUXQIlKLJVLFK]XUKUHQ0LWHLQHU*HIDKUKDWWH VLHJHUHFKQHWMDGLUHNWGDUDXIJHZDUWHWDEHUGDGLHVHV 0RQVWHUDXIWDXFKHQZUGHGDVEHUUDVFKWHVLHGRFK ,KU%OLFN]XFNWHZHLWHUHUIDWHGDV)HQVWHUXQGVWHOOWHIHVW GDGLH:HUZ|OILQQLFKWDOOHLQJHNRPPHQZDU 6LHKDWWH9HUVWlUNXQJPLWJHEUDFKW 9LHOZDUQLFKW]XVHKHQDEHUGLHNDOWHQJQDGHQORVHQ JHOEHQ$XJHQSDDUHUHLFKWHQGHU+RUURU2PDY|OOLJ6LH PXWHIHVWVWHOOHQGDVLHLQGHU.OHPPHVD ,QHLQHUW|GOLFKHQ.OHPPH 'HU:HJ]XP)HQVWHUZDULKUHEHQVRYHUVSHUUWZLHGHU]XU =LPPHUWUGHQQGRUWODXHUWH/XSLQD ,KUZDUHVJHOXQJHQVLFKQDFKGHPJHZDOWLJHQ6SUXQJ NDW]HQJHZDQGWDE]XUROOHQGDEHLULVLHDOOHUGLQJVGLH 7HOHIRQVFKQXUDXVGHU:DQG6LHEHZLHVZDVVLHNRQQWHXQG VLHVWDQGEOLW]VFKQHOOZLHGHUDXIGHQ%HLQHQZREHLVLHLKU 2SIHUIL[LHUWH :ROOWHVLHW|WHQ" /XSLQDZDUQLFKWGLHHUVWH:|OILQLP+DXVGHU6DUDK *ROGZ\Q'DPLWKDWWHGLH+RUURU2PDLKUH(UIDKUXQJHQ

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lIWLJHUVlPWOLFKHV%OXWZDUDXVLKUHP*HVLFKWJHZLFKHQ XQGVLHVWDUUWHGLHVHOWVDPH:HUZ|OILQDQGLHVLHDXVJLHUL JHQNDOWHQHUEDUPXQJVORVHQ$XJHQWD[LHUWHXQGVLFKMHW]W EHZHJWH 'LHVJHVFKDKJOHLWHQGHVHQWVWDQGNHLQ*HUlXVFKJLQJLQ DOOHU/DXWORVLJNHLWYRUVLFKXQG/DG\6DUDKHPSIDQGJHUDGH GLH6WLOOHDOVEHNOHPPHQG 'LH+RUURU2PDZDUZLUNOLFKQLFKWDXIGHQ0XQGJHIDOOHQ 6LHNDPPLWDOOHQ/HXWHQ]XUHFKWVLHNRQQWHDEHUDXFKVHKU GUDVWLVFKZHUGHQZDVVLHEHUHLWVHLQSDDUPDOYRUH[HU]LHUW KDWWH,QGLHVHP)DOODEHUVFKQUWHLKUGLH$QJVWGLH.HKOH]X 8QEHZXW]RJVLHGLH6FKXOWHUQKRFKDPOLHEVWHQKlWWHVLH VLFKYHUNURFKHQGRFKVLHNRQQWHVLFKQLFKWLQGHU 5FNHQOHKQHYHUVWHFNHQGDVZDUXQP|JOLFK /XSLQDVHEHQPlLJHV*HVLFKWYHU]RJVLFK(VVROOWHZRKO HLQ/lFKHOQGDUVWHOOHQGRFKHVZXUGHQXUHLQH*ULPDVVHGLH /DG\6DUDKHLQHQRFKJU|HUH$QJVWHLQMDJWH6LHKROWHHLQ SDDUPDOWLHI/XIWHUVWGDQQNRQQWHVLHVSUHFKHQDOOHUGLQJVVR OHLVHGDVLHLKUHHLJHQHQ:RUWHNDXPYHUVWDQG ª:DVZROOHQ6LH"© ª.DQQVWGXGLUGDVQLFKWGHQNHQ"©IUDJWH/XSLQD 'RFK/DG\6DUDKNRQQWHHVDEHUVLHZDJWHHLQIDFKQLFKW

GDV:RUWDXV]XVSUHFKHQ ª'DV%XFK"© ª-DLFKZLOOHV© 'D]XFNWH0UV*ROGZ\Q]XVDPPHQª:RKHUZHLWGXGD LFKGDV%XFKKDEH"© /XSLQDODFKWHNDOWª:RKHULFKGDVZHL",FKVHKHXQGZHL DOOHV0HLQH:|OIHVLQGEHUDOOQXULKU0HQVFKHQVHKWVLH QLFKW,KUVHLG]XDUURJDQWDEHULQGHQ1lFKWHQGDNRPPHQ VLHDXVGHQ6OXPVODXIHQGXUFKGLH6WUDHQXQGGDQQLVWGLH *URVWDGWGLHVHUPHQVFKOLFKH0OOLKU5HLFK8QGLFKELQ LKUH+HUULQLFK/XSLQDGLH.|QLJLQGHU:|OIH:LUKDEHQ EHUOHEWZLUZHUGHQEHUOHEHQGHQQZLUVLQGlOWHUDOVGLH 0HQVFKHQ'LH=HLWGHU:|OIHNRPPWYHUODWHXFKGDUDXI© :lKUHQGGLHVHU:RUWHVFKLHQHQLQLKUHQ$XJHQ%OLW]H]X IXQNHOQXQGGDQQVSUDQJVLHPLWHLQHP6DW]YRUVWUHFNWH LKUH3UDQNHQDXVGLHDXJHQEOLFNOLFKGDV=LHOIDQGHQ (VZDUGDV%XFK ª6LHEHQ6LHJHOGHU0DJLH©IOVWHUWH/XSLQDª6LHEHQ VFKZDU]PDJLVFKH6LHJHOLFKZHUGHVLHLQPHLQHQ%HVLW] EULQJHQ©6LHODFKWHJUHOOXQGXQPHQVFKOLFKEHYRUVLHGDV %XFK]XVDPPHQNODSSWHª$OOHZROOHQHVKDEHQDEHUPLU ZLUGHVJHK|UHQXQGQLHPDQGNDQQPLFKKHXWHQRFK GDUDQKLQGHUQ© ª8QGGDQQ"©/DG\6DUDKZXQGHUWHVLFKVHOEVWZRKHUVLH GLH.UDIWQDKPEHUKDXSWGLH)UDJH]XVWHOOHQGRFK/XSLQD NDPQLFKWPHKUGD]XHLQH$QWZRUW]XJHEHQ (WZDVDQGHUHVVW|UWH (LQ*HUlXVFKNODQJYRQGUDXHQGXUFKGDV]HUVW|UWH )HQVWHU(VZDUGHUVDWWH6RXQGHLQHVIDKUHQGHQ0RWRUUDGV GDVDEJHEUHPVWZXUGH 'LH+RUURU2PDZXWHZDVGDV]XEHGHXWHQKDWWHXQG GHU6FKUHFNHQIUDVLFKZLHHLQ(LV]DSIHQLQLKU+HU] 6XNRZDUJHNRPPHQ 6RVHKUHVVLFK6XNRDXFKJHZQVFKWKlWWHDEHUHUKDWWHDXI

-RKQ6LQFODLUQLFKWPHKUZDUWHQN|QQHQ'LH=HLWGUlQJWH XQGGDGLHDQGHUH6HLWHDOOH0LWWHOHLQVHW]WHKDWWH6XNR HUOHEW(UEUDXFKWHQXUDQ0U3HWHUVRQ]XGHQNHQGHQ QLHPDQGPHKULQV/HEHQ]XUFNUXIHQNRQQWH (VNDP6XNRJHOHJHQGDHUGLH+DUOH\IXKU(LQHVFKQHOOH 0DVFKLQHIUGLHNHLQH/FNH]XNOHLQZDU 6FKRQRIWJHQXJKDWWHHU/DG\6DUDKEHVXFKW(UNDQQWH DXFK6FKOHLFKZHJHXQGXPJLQJGLH6WU|PH9HUJQJXQJV VFKWLJHUGLHVLFKDQGLHVHPPLOGHQ)UKKHUEVWDEHQGGXUFK /RQGRQZlO]WHQ ,Q0D\IDLUKHUUVFKWH]ZDUDXFKQRFK%HWULHEQXUKLHOWGHU VLFKLQ*UHQ]HQ6XNRHPSIDQGGDV*HUlXVFKVHLQHU 0DVFKLQHVFKRQIDVWDOVVW|UHQG 'LH+RUURU2PDZRKQWHLQHLQHUUXKLJHQ6WUDH-HGHV +DXVKDWWHKLHUVHLQHQ9RUJDUWHQXQGDXIGHQ*HKVWHLJHQ ZXFKVHQQRFK%lXPHGLHRIWlOWHUZDUHQDOVGLH+lXVHU (LQHNOHLQH,G\OOHDXIGLHMHGHU%HZRKQHUVWRO]ZDUXQGGLH HUDXINHLQHQ)DOO]HUVW|UHQZROOWH $OV6XNRLQGLH6WUDHHLQERJYHUULQJHUWHHUDXJHQEOLFNOLFK VHLQH*HVFKZLQGLJNHLW(UZLFKHLQHPHQWJHJHQNRPPHQGHQ )DKU]HXJDXVXQGIXKUQRFKODQJVDPHU 1LFKWDOOH+lXVHUODJHQLP'XQNHOQ9RURGHUEHUGHQ 7UHQEUDQQWHQ/LFKWHU0DQFKHKDWWHQGLH)RUPYRQ /DWHUQHQDQGHUHZLHGHUXPYRQ.XJHOQRGHU9LHUHFNHQ %HL/DG\6DUDKEUDQQWHNHLQH (LQZHQLJZXQGHUWH6XNRGDVVFKRQGHQQVRQVWOLHVLHGDV /LFKWLPPHUEUHQQHQZHQQVLH%HVXFKHUZDUWHWH2EZRKO 6XNRHLQHQ3DUNSODW]YRUGHP+DXVKlWWHEHNRPPHQN|Q QHQIXKUHUHLQ6WFNZHLWHUIXKUGLH+DUOH\DXIGHQ %UJHUVWHLJXQGERFNWHVLH]ZLVFKHQ]ZHL%lXPHQDXI'HQ +HOPQDKPHUDEVFKQDOOWHLKQIHVWXQGEHUSUIWHVHLQH :DIIHQ'lPRQHQSHLWVFKH%HUHWWD6WDEHVZDUDOOHVGD $XIGHU6WUDHZDUHVUXKLJ:HGHU9HUNHKUQRFK 0HQVFKHQVW|UWHQGHQ&KLQHVHQ ,Q0D\IDLUJLQJPDQIUK]X%HWW 8QGGRFKVSUWH6XNRGDLUJHQGHWZDVLQGHU/XIWODJ

'HU+DXFKHLQHU*HIDKUHLQHUW|GOLFKHQ*HIDKUVRJDU(U NRQQWHGDEHLQLFKWVDJHQZDVHVJHQDXZDUGRFK6XNR JODXEWHQLFKWDQHLQH7lXVFKXQJ (UEOLHEVWHKHQ 1RFKEHIDQGVLFKGHU&KLQHVHDXIGHU6WUDHDEHUHUKLHOW VLFKEHUHLWVQDKHGHV9RUJDUWHQVDXIXQGYHUVFKPRO]PLWGHP 6FKODJVFKDWWHQGHV(LVHQ]DXQV(UODXHUWH 6FKUlJVFKDXWHHUGDEHL]XP+DXVKLQ,P=LPPHUEUDQQWH /LFKW6XNRNDQQWHGHQ]XU6WUDHKLQOLHJHQGHQ5DXPLQ GHPVLFK/DG\6DUDKVRJHUQDXIKLHOWXQGDXFKLKUH*lVWH HPSILQJ'HULPPHUHWZDVDQKHLPHOQGZLUNHQGH6FKHLQ VFKLPPHUWHGXUFKGLH%VFKHXQGYHUORUVLFKLQQHUKDOEGHV *DUWHQVGHQ/DG\6DUDKGLFKWEHSIODQ]WKDWWHVRGDHVIU 6XNRVFKZHUZDUHWZDV]XHUNHQQHQ 'DNRQQWHVLFKMHPDQGYHUVWHFNHQRKQHGDHUYRQGHU 6WUDHDXVEHPHUNWZXUGH 6XNRO|VWHVLFKYRQVHLQHP3ODW]|IIQHWHGDV7RUXQG EHZHJWHVLFKODQJVDPEHUGHQVFKPDOHQ3ODWWHQZHJLQ 5LFKWXQJ+DXVWU6HLQH6LQQHZDUHQJHVSDQQWGHQ 5HLYHUVFKOXGHU/HGHUMDFNHKDWWHHUQDFKXQWHQJH]RJHQ (VNRVWHWHLKQHLQHQEOLW]VFKQHOOHQ*ULIIGDQQKLHOWHUGLH :DIIHLQGHU+DQG /LFKWHU *HLVWHUKDIWKXVFKWHQVLHGXUFKGHQ*DUWHQ6WULFKHQEHU GLH%VFKHOLHHQVLHIUHLQHQZLQ]LJHQ0RPHQWNODUXQG GHXWOLFKHUVFKHLQHQEHYRUVLHZLHGHUYHUVFKZDQGHQ 6XNRKDWWHJHQDXKLQJHVFKDXWXQGVHLQH6FKULWWHGDEHL JHVWRSSW(LQHYHUGlFKWLJH*HVWDOWRGHUPHKUHUHGDYRQKDWWH HUQLFKWHQWGHFNWGDIUMHGRFKKDWWHHUHWZDVEOLW]HQVHKHQ 6XNRKDWWHVRIRUWDQ6SOLWWHURGHU6FKHUEHQJHGDFKW=XGHP ODJHQVLHQLFKWDOO]XZHLWYRP)HQVWHUHQWIHUQW 6HLQ9HUGDFKWGDHWZDVQLFKWVWLPPWHHUKlUWHWHVLFKPLWW OHUZHLOH,UJHQGMHPDQGPXWH/DG\6DUDKHLQHQ%HVXFK DEJHVWDWWHWKDEHQ6RIRUWIUDJWH6XNRVLFKREGLH'LHQHUGHV 6SXNVQRFKHLQPDO]XJHVFKODJHQKDWWHQ $OV6XNRGDQQGLH]HUEURFKHQH)HQVWHUVFKHLEHHQWGHFNWH

ZXWHHU%HVFKHLG (UULHIGHQ1DPHQGHU)UDX (LQHQ+HU]VFKODJVSlWHUJHOOWHGHUHQ6WLPPHDXI ª$FKWXQJ6XNRVLHODXHUQGUDXHQ© 'HU&KLQHVH]XFNWHKHUXPVHLQH+DQGZROOWHDQGLH:DIIH GRFKGLH:HUZ|OIHKDWWHQDOOH9RUWHLOHIUVLFK(VZDULKQHQ JHOXQJHQ6XNRDXI]XODXHUQ$XVLKUHQ9HUVWHFNHQVFKRVVHQ VLHUDNHWHQJOHLFKKRFKXQGGHU,QVSHNWRUVDKVLFKJOHLFKYLHU *HJQHUQJHJHQEHU =HLWVHLQH:DIIH]X]LHKHQKDWWHHUQLFKWPHKU(UPXWH VLFKVFKRQHWZDVHLQIDOOHQODVVHQ 8QGGDVWDWHU 'LH:HUZ|OIHJODXEWHQPLW6XNROHLFKWHV6SLHO]XKDEHQ 6LHZDUIHQVLFKHLQIDFKDXILKQRKQHLUJHQGHLQH.DPSIWDNWLN HLQ]XVHW]HQZDVGHP,QVSHNWRUQDWUOLFKJHOHJHQNDP(U JULIILQGLH7ULFNNLVWHXQGEHYRUGLH:HUZ|OIHLKQEHUKUWHQ GDKDWWHHUVLFKGHQHUVWHQEHUHLWVJHSDFNWKHUXPJHKHEHOW XQGIRUWJHVFKOHXGHUWDEHUVRGDGLH*HVWDOWJHJHQ]ZHL DQGHUH%HVWLHQILHOXQGGLHVHPLW]X%RGHQUL 6XNRZLFKPLWHLQHPJHZDOWLJHQ6SUXQJ]XUFN(UZROOWH 'LVWDQ]]ZLVFKHQVLFKXQGVHLQHQ*HJQHUQVFKDIIHQGLHVLFK DOOPlKOLFKHUKROWHQXQGZWHQGHNQXUUHQGH/DXWHDXV VWLHHQ %HVRQGHUVGHXWOLFKVDK6XNRLQGHU'XQNHOKHLWLKUH $XJHQSDDUH6LHOHXFKWHWHQZLHNDOWHJHOEH)OHFNHQZDUHQ VWlQGLJLQ%HZHJXQJXQGDXIHLQPDOYHUVFKZXQGHQHLQ =HLFKHQGDGLH%HVWLHQ'HFNXQJDXIVXFKWHQXPVLFKXQJH VHKHQDQ]XVFKOHLFKHQ 'HU&KLQHVHOlFKHOWHNDOW'LH6XSSHZROOWHHULKQHQYHU VDO]HQ/lQJVWKLHOWHUVHLQH%HUHWWDEHUHLW(UZROOWHGLH YHUIOXFKWHQ:|OIHLQHLQHQ5HJHQDXVJHZHLKWHQ6LOEHU NXJHOQODXIHQODVVHQXQGVLHVRPLWYHUQLFKWHQ $OOHUGLQJVZDUILKU(UVFKHLQHQEHL6XNRDXFK)UDJHQDXI *HUHFKQHWKDWWHHUK|FKVWHQVPLWGHQ6FKDWWHQZHVHQGHV 6SXNVQLFKWPLW:HUZ|OIHQ:RNDPHQGLHVHSO|W]OLFKKHU" (LQH)UDJHGLHLKP6DUDK*ROGZ\QEHDQWZRUWHQNRQQWH

YRQLKUDOOHUGLQJVZDUQLFKWV]XK|UHQ6LHPXWHVLFKLP +DXVEHILQGHQXQG6XNRGDFKWHGDUEHUQDFKREGLHYLHU :|OIHVLHYLHOOHLFKWVFKRQXPJHEUDFKWKDWWHQRGHUVLFKQRFK ZHOFKHLP+DXVEHIDQGHQ (UVFKLHOWHNXU]]XP)HQVWHU 'DZDUQLFKWYLHO]XVHKHQ(LQYLHUHFNLJHUHUOHXFKWHWHU )OHFNPHKUQLFKW 'LHJDQ]H6DFKHJHILHOLKPEHUKDXSWQLFKW0DQKDWWHLKQ LQGLH'HIHQVLYHJHGUlQJWXQGEHLHLQHP]ZHLWHQ$QJULII ZUGHQGLH:|OIHVLFKHUOLFKQLFKWPHKUVRHLQIDFK]XEHU UDVFKHQVHLQ hEHUKDXSWHLQ:DKQVLQQVLFKPLWWHQLQ0D\IDLUXQGHLQHU EHZRKQWHQ*HJHQGPLW:|OIHQKHUXP]XVFKODJHQ'DV JODXEWHNHLQ0HQVFK 6XNRV%OLFNHZDUHQQDFKYRUQJHULFKWHWZRVHLQH*HJQHU ]ZLVFKHQGHQDQJHSIODQ]WHQ*HEVFKHQODXHUQPXWHQ'HU ,QVSHNWRUZXWHGDQLFKWZHLWHQWIHUQWYRQLKPHLQ 5RVHQVWUDXFKVWHKHQPXWH(UZDUKRFKJHZDFKVHQXQG KDWWHVHLQH=ZHLJHNHOFKI|UPLJDXVJHEUHLWHW/HLGHUWUXJ HUQRFKVHLQH%OlWWHUVRGDVLFKKLQWHULKPMHPDQGDXVJH ]HLFKQHWYHUEHUJHQNRQQWH (VZDUJXWGD6XNRHEHQGLHVHQ6WUDXFKEHVRQGHUVLP $XJHEHKLHOW6RQVWKlWWHHUGLH%HZHJXQJHQGHU%OlWWHUYLHO OHLFKWQLFKWEHPHUNWXQGDXFKQLFKWGDVJHOEH$XJHQSDDUGDV SO|W]OLFKZLH]ZHLKHOOH6FKOLW]H]ZLVFKHQLKQHQOHXFKWHWH 'LH$XJHQEHZHJWHQVLFKQLFKW 6XNRKREVHLQHQUHFKWHQ$UP(U]LHOWHJHQDXEHU.LPPH XQG.RUQ6HLQH/LSSHQELOGHWHQHLQHQ6WULFKHUZROOWHPLW GHPHUVWHQ6FKXWUHIIHQ,PQlFKVWHQ$XJHQEOLFNEHUZDQG HUGHQ'UXFNSXQNW (LQIDKOHV/HXFKWHQYRUGHU0QGXQJ'DQQGHUHWZDV KHOOHSHLWVFKHQGH.ODQJGHU:DIIH(LQHW|GOLFKH0XVLNIU GHQ:HUZROIGHVVHQ$XJHQSDDULQ%HZHJXQJJHULHWKLQ XQGKHU]XFNWHXQGGDQQQLFKWPHKU]XVHKHQZDU 'DIUSHLWVFKWHQGLH=ZHLJHGHV5RVHQVWUDXFKVVLHZXUGHQ JHERJHQNQLFNWHQDEHLQKHXOHQGHU6FKUHLKDOOWHGXUFKGLH

6WLOOHGHULQHLQKRKHV:LPPHUQEHUJLQJ 6XNRKDWWHJHWURIIHQ 7LHIKROWHHU/XIW -HW]WPXWHQVLFKDXFKGLHDQGHUHQ%HVWLHQ]HLJHQ6LHZU GHQVLFKHUOLFKQLFKWDXILKUHQ3OlW]HQEOHLEHQVRQGHUQGLH 6WHOOXQJHQZHFKVHOQXQG6XNRZDUGDUDXIJHIDWVRIRUW]X IHXHUQ 'DJHVFKDKHWZDVDQGHUHV (LQHNDOWH)UDXHQVWLPPHNODQJDXI+LQWHU6XNRZRVLFK GDVEHOHXFKWHWH)HQVWHUEHIDQG8QGMHGHVHLQ]HOQH:RUWZDU IUGHQ,QVSHNWRUZLHHLQ6WLFKLQV+HU] ª:HQQGXQRFKHLQPDOVFKLHWLVWVLHWRW&KLQHVH'UHK GLFKXPGDPLWGXVLHKVWGDLFKQLFKWEOXIIH© 6XNRULHVHOWHHVNDOWEHUGHQ5FNHQ6HLQ9HUGDFKWGHQHU HLJHQWOLFKQLFKWKDWWHZDKUKDEHQZROOHQEHVWlWLJWHVLFKQXQ ,P+DXVODXHUWHQRFKHLQH%HVWLH 8QGGDVZDUDXVJHUHFKQHW/XSLQD 'LH.|QLJLQGHU:|OIHKDWWHVLFKGLHEHVWH3RVLWLRQDXVJH VXFKW6LHZDUWHWHGRUWZRVLHQLHPDQGYHUPXWHWHXQG ZlKUHQGVLFK6XNRYRUVLFKWLJLQGLH+|KHVFKUDXEWHVLFK GDEHLQRFKXPGUHKWHVSUHL]WHHUVLFKHUKHLWVKDOEHUGLH$UPH YRP.|USHUDE (UVDKVLHDP)HQVWHU /XSLQDXQG/DG\6DUDK 6LHVWDQGHQGLFKWQHEHQHLQDQGHU/XSLQDKLHOWNHLQHVLFKW EDUH:DIIHDEHULKUHJHIlKUOLFKHQ3UDQNHQZDUHQ:DIIHQ JHQXJ'DPLWNRQQWHVLHHLQHP0HQVFKHQPLWHLQHP6FKODJ GLH.HKOHDXIIHW]HQXQGLKUHEHLGHQ3UDQNHQEHIDQGHQVLFK VHKUGLFKWDP+DOVGHU+RUURU2PD 6LHVHOEVWZLUNWHZLHYHUVWHLQHUW.HLQ0XVNHO]XFNWHLQ LKUHP*HVLFKW6LHVWDQGQXUGDXQGVWDUUWHDXIGHQ&KLQHVHQ ZREHL6XNRQLFKWHLQPDOZXWHREVLHLKQEHUKDXSWZDKU QDKP)UVLHVFKLHQGDV*HVFKHKHQHLQ$OSWUDXP]XVHLQ 6XNRQLFNWHª2ND\©VDJWHHUªGXKDVWJHZRQQHQ /XSLQD© ª'DVZLOOLFKPHLQHQ©

,Q6XNRV.RSIEHUVFKOXJHQVLFKGLH*HGDQNHQ(UKDWWH ]XHUVWDQHLQH7lXVFKXQJRGHU)DOOHJHJODXEWXQGQLHGDPLW JHUHFKQHWGD/XSLQDWDWVlFKOLFKQRFKOHEWH,KU$QEOLFN EHZLHVLKPGDV*HJHQWHLO'LH.|QLJLQGHU:|OIHH[LVWLHUWH QDFKZLHYRU6LHZDUNHLQH7lXVFKXQJVRQGHUQHLQH YHUGDPPWH5HDOLWlW ,KU/DFKHQNODQJ]LVFKHQGDOVVLHVDJWHª8QGMHW]WZLUIGLH :DIIHZHJ'DQDFKNRPPVWGXLQV+DXV© ª2ND\©'HU,QVSHNWRUVDKHLQGDHUGLHZHVHQWOLFK VFKOHFKWHUHQ.DUWHQLQGHQ+lQGHQKLHOWHUPXWHVLFKGHQ %HIHKOHQGHU:HUZ|OILQIJHQVRQVWZDUGLH+RUURU2PD YHUORUHQ 'LH%HUHWWDZDUIHULQ5LFKWXQJ)HQVWHU8QG]ZDUVRGD /XSLQDHVVHKHQNRQQWH ª*XW©OREWHVLHLKQªVHKUJXW1XUKDVWGXQRFKHWZDV YHUJHVVHQPHLQ/LHEHU'LH'lPRQHQSHLWVFKH© 'DVLHGDUDQJHGDFKWKDWWHEHZLHVGHP&KLQHVHQLKUH 6FKOlXH(UDWPHWHWLHIHLQOLHVLFKVHLQHKHUEH(QWWlXVFKXQJ QLFKWDQPHUNHQKROWHGLH'lPRQHQSHLWVFKHKHUYRUXQG VFKOHXGHUWHVLHGRUWKLQZREHUHLWVGLH%HUHWWDODJ /XSLQDZDU]XIULHGHQ(VZDUGDUDQ]XPHUNHQGDVLHHLQ GXPSIHVXQGKHLVHUNOLQJHQGHV.QXUUHQDXVVWLH'DQQJDE VLHGHQQlFKVWHQ%HIHKOª.RPPODQJVDP]XPLU© $XFKGDVWDW6XNR(UVFKULWWDXIGLH+DXVZDQG]XXQG VWRSSWHHUVWDOVHUGLFKWXQWHUGHP)HQVWHUVWDQG -HW]WNRQQWHHUGLH+RUURU2PDEHVVHUVHKHQ6LHKLHOWVLFK HUVWDXQOLFKWDSIHUREZRKOLQLKUHQ$XJHQGLH$QJVWXPLKU /HEHQVFKLPPHUWH$EHUVLHVFKULHXQGZHLQWHQLFKWLKU%OLFN ZDUHLQ]LJXQGDOOHLQDXI6XNRJHULFKWHW :HQQHULKQUHFKWGHXWHWHGDQQJDE0UV*ROGZ\QLKP ]XYHUVWHKHQGDHUDXIVLHNHLQHUOHL5FNVLFKWQHKPHQVROO WH'DUDQGDFKWH6XNRQLFKW6DUDK*ROGZ\QV/HEHQZDU ZLFKWLJHU 1HEHQLKUHP.RSIVDKHUGDV*HVLFKWGHU/XSLQD(VZDU K|KQLVFKYHU]RJHQHLQ=HLFKHQGHV7ULXPSKVXQGGHU ,QVSHNWRUNRQQWHQLFKWPHKUDQVLFKKDOWHQHUPXWHGLH

)UDJHVWHOOHQ ª:LHNRPPWHVGDGXQRFKOHEVW/XSLQD"© 'LH.|QLJLQGHU:|OIHODFKWHVFKDUIXQG]LVFKHQGª:LHHV NRPPW",FKZHLHVDEHULFKZHUGHHVGLUDXINHLQHQ)DOO XQWHUGLH1DVHUHLEHQ'LH6FKZDU]H0DJLHNHQQW0LWWHO XQG:HJHGLHHXFK0HQVFKHQYHUVFKORVVHQEOHLEHQ+WHW HXFKYRUGHQ:|OIHQVLHKDOWHQQRFKVRPDQFKHhEHU UDVFKXQJEHUHLW© 'DVIUFKWHLFKDXFKGDFKWH6XNR:HLWHUKLQIUDJWHHUVLFK ZDV/XSLQDMHW]WYRUKDWWH (UEUDXFKWHQLFKWODQJH]XZDUWHQGHQQGLH:HUZ|OILQ EHIDKOLKPLQV+DXV]XNRPPHQª$EHUKEVFKYRUVLFKWLJ XQGODGLUQXUNHLQH7ULFNVHLQIDOOHQ© ª1HLQQHLQLFKGHQNHQLFKWGDUDQ© ª%OHLELPPHUDQGHU+DXVZDQG© 6XNRKDWWHQLFKWYRUVLFKGHQ$QRUGQXQJHQ]XZLGHU VHW]HQ(UGDFKWHQXUDQ6DUDK*ROGZ\QGHQQLKU/HEHQ ZROOWHHUXQEHGLQJWUHWWHQ'HU,QVSHNWRUVFKULWWEHUGLH ZHLFKH*DUWHQHUGHJLQJEHUHUVWHVEHUHLWVDEJHIDOOHQHV /DXEXQGHUUHLFKWHGHQ(LQJDQJVFKOLHOLFKYRQGHU6HLWH 'DEHLVFKDXWHHUQDFKOLQNVXQGHUVFKUDN /XSLQDPXWHLKUHQ+HOIHUQLUJHQGHLQ=HLFKHQJHJHEHQ KDEHQGHQQGLHGUHLEULJJHEOLHEHQHQ%HVWLHQWUDXWHQVLFK DXVLKUHQ9HUVWHFNHQKHUYRUXQGQlKHUWHQVLFKHEHQIDOOVGHU +DXVWUGLHDOOHUGLQJVYHUVFKORVVHQZDUZLH6XNRIHVWVWHOOWH 6RPXWHHUZDUWHQ 'LH:|OIHNDPHQQlKHU*HIlKUOLFKH%HVWLHQIL[LHUWDXIV 7|WHQ*HOEXQGJUDXVDPOHXFKWHWHQLKUH$XJHQGLH 6FKQDX]HQZDUHQKDOEJH|IIQHWKHOOVFKLPPHUWHQGLH=lKQH XQGGD]ZLVFKHQDXFKGHUVFKDXPLJH*HLIHU%HLPHUVWHQ :ROIUDQQHUVRJDUEHUGLHXQWHUH+lOIWHGHU6FKQDX]H (LQ%LOGGHV6FKUHFNHQVZLHVLFKGLHGUHL%HVWLHQDXV GHP'XQNHOO|VWHQXQGVLFKGHP,QVSHNWRULP+DOENUHLV QlKHUWHQGHUQLFKW]XUFNNRQQWHZHLOVLFKKLQWHULKP GLH7UEHIDQGXQGGHQ:HJYHUVSHUUWH 6XNRZDUHKUOLFKJHQXJXPVLFKGLHHLJHQHQ)HKOHUHLQ]X

JHVWHKHQGLHHUJHPDFKWKDWWH(UKlWWH6DUDK*ROGZ\QQLFKW DOOHLQODVVHQVRQGHUQVLHPLWQHKPHQVROOHQ1XQZDUHV]X VSlW(UPXWHVHKHQGDHUPLWGLHVHU6LWXDWLRQIHUWLJ ZXUGH 8QG+LOIHZDUZHLW-RKQ6LQFODLUKDWWHVLFKPLW/XSLQD WUHIIHQZROOHQ$XHUKDOE/RQGRQV%LVHU%HVFKHLGZXWH GDXHUWHHVQRFKHWZDVZLH6XNRVLFKDXVUHFKQHWH (LQ6FKULWWWUHQQWHLKQQRFKYRQGHQ%HVWLHQ6LHZDUHQ HUUHJWKDWWHQGLH9HUQLFKWXQJLKUHV$UWJHQRVVHQPLWDQVHKHQ PVVHQXQGQXQVWDQGGHUMHQLJHYRULKQHQGHUGLH6FKXOG GDUDQWUXJ(VZDUXQZDKUVFKHLQOLFKGDVLH6XNRLQ5XKH ODVVHQZUGHQXQGGHU,QVSHNWRUUHFKQHWHDXFKPLWHLQHP $QJULII 'URKHQGNODQJGDV.QXUUHQXQG)DXFKHQGDVLKPHQW JHJHQVFKZDQJ(LQ9RUVSLHOHLQHJHIlKUOLFKH:DUQXQJDQ LKQJHULFKWHWXQG6XNRJODXEWHQLFKWGDUDQGDVLFKGLH GUHL%HVWLHQDQGLH%HIHKOHGHU/XSLQDKDOWHQZUGHQ (UKDWWHUHFKW 3O|W]OLFKZDUIHQVLHVLFKYRU 'UHL:HUZ|OIHJHJHQHLQHQ8QEHZDIIQHWHQGDVZDUVHOEVW IUHLQHQ.lPSIHUZLH6XNR]XYLHO(UULQRFKGLH$UPH DOV'HFNXQJYRUVHLQ*HVLFKWGDQQSUDOOWHGHUHUVWHJHJHQ LKQ 6XNRVSUWHGHQ$QVWXUP(UVDKGLHJHIlKUOLFKH6FKQDX]H GLFKWYRUVHLQHP*HVLFKWUDPPWHGHQDQJHZLQNHOWHQ$UP YRUXQGWUDIPLWGHP(OOERJHQGLH)UDW]HGHU%HVWLH $XVVFKDOWHQNRQQWHHUVLHPLWGLHVHU$NWLRQQLFKW'HU :HUZROIZXUGHQLFKWHLQPDO]XUFNJHVFKOHXGHUWGHQQLQ VHLQHP5FNHQGUlQJWHQGLHEHLGHQDQGHUHQQDFKXQGQDJHO WHQGHQ&KLQHVHQI|UPOLFKDQGHU+DXVWUIHVW 6XNRHPSIDQGLQGLHVHQ$XJHQEOLFNHQHLQHVFKUHFNOLFKH $QJVW'LHNRQQWHQLKQIHUWLJPDFKHQW|WHQ]HUUHLHQGRFK HVJHVFKDKHWZDVZRPLWHUQLFKWJHUHFKQHWKDWWH 'LH7UIORJDXI

6LHZXUGHYRQLQQHQDXIJHULVVHQXQG6XNRZDUHEHQVR EHUUDVFKWZLHGLHGUHL%HVWLHQ 'HU0HQVFKXQGGLH:HUZ|OIHYHUORUHQGHQ+DOW 5FNOLQJVZXUGHQDOOHYLHULQGHQ+DXVIOXUJHVFKOHXGHUWZR VLHNHLQHUOHL+DOWIDQGHQXQG]X%RGHQJLQJHQ 6XNRILHODOVHUVWHUGLH%HVWLHQSUDOOWHQGDEHLDXILKQXQG GUFNWHQLKQQRFKKlUWHUJHJHQGLH)OLHVHQ6RPLWZDUGHU &KLQHVH]XU%HZHJXQJVXQIlKLJNHLWYHUXUWHLOW]XGHPODJHQ ]ZHL:|OIHVRDXIVHLQHQ$UPHQGDHUVLHQLFKWPHKUKRFK GUFNHQNRQQWH -HW]WKDWWHQGLH%HVWLHQGLHHLQPDOLJH&KDQFH6XNRPLW LKUHQ=lKQHQ]X]HUUHLHQ ª/DWLKQ©+DUWZLHHLQ3LVWROHQVFKXSHLWVFKWHGHU%HIHKO GXUFKGHQODQJHQ)OXU/XSLQDKDWWHLKQDXVJHVWRHQXQG DXILKUH.|QLJLQK|UWHQGLH%HVWLHQ 3O|W]OLFKIKOWHVLFK6XNRYRQHLQHP'UXFNEHIUHLWGLH %HVWLHQHUKREHQVLFKEOLHEHQDEHULQJHVSDQQWHU+DOWXQJ XP6XNRKHUXPVWHKHQXQGEHREDFKWHWHQLKQDXVNDOWHQ JQDGHQORVHQ5DXEWLHUDXJHQ $XVGHQ0lXOHUQWURSIWHQRFKLPPHUGHU*HLIHU(UILHO QDFKXQWHQXQGQlWH6XNRV.OHLGXQJ /XSLQDWUDWLQGHQ.UHLV6LHKDWWH6DUDK*ROGZ\QORVJHODV VHQXQGJHJHQHLQH:DQGJHVWRHQZRVLHVWHKHQEOLHEXQG QLFKWZDJWHVLFK]XUKUHQ/XSLQDDEHUEDXWHVLFKVRDXI GD6XNRLKUDXVVHLQHU/DJHLQV*HVLFKWVFKDXHQNRQQWH ,KU*HVLFKWYHU]RJVLFK]XHLQHPNDOWHQ/lFKHOQª'HQNQXU QLFKW&KLQHVHGDLFKGLFKDXVUHLQHU)UHXQGOLFKNHLW JHVFKRQWKDEH'HLQ7RGLVWEHVFKORVVHQH6DFKHDEHULFKZLOO GLUHWZDV]HLJHQXQGLFKYHUODQJHHLQH$QWZRUWYRQGLU© ª:DVZLOOVWGXPLU]HLJHQ"© ª6WHKDXI© 6XNRVFKDXWHQRFKGLHGUHL%HVWLHQDQXQGOHJWHVLFKGDQDFK DXIGLH6HLWH(UVWHPPWHVLFKKRFKXQGVWDQG ª*HKLQV=LPPHU© 6XNRZXWHZHOFKHU5DXPJHPHLQWZDUGHQQGLH7U GD]XVWDQGRIIHQ(UNRQQWHDXFKGDV]HUEURFKHQH)HQVWHU

VHKHQXQGHUNDQQWHGD]ZHL0|EHOVWFNHXPJHNLSSW ZDUHQ %HYRUHUVLFKLQ%HZHJXQJVHW]WHZXUGH/DG\6DUDKYRQ ]ZHL%HVWLHQJHSDFNWXQGYRQGHU:DQGZHJJH]RJHQ'DEHL GUDQJNHLQ/DXWEHULKUH/LSSHQGLHDOWH'DPHKLHOWVLFK HUVWDXQOLFKWDSIHU 'LH:HUZ|OIHJLQJHQUDXKPLWLKUXP$PUHFKWHQ$UP ZXUGHGDVGXQNHOEODXH.OHLG]HUULVVHQDXFKHLQH.HWWHKLHOW QLFKWPHKUXQGGLHHLQ]HOQHQ3HUOHQILHOHQNODFNHQG]X %RGHQ 6LHVFKREHQGLH+RUURU2PD]XHUVWLQGHQ5DXP6XNR IROJWH(LQJHUDKPWYRQ/XSLQDXQGHLQHP:HUZROI ª'DDXIGHPUXQGHQ7LVFKOLHJWHV©VDJWHGLH.|QLJLQGHU :|OIHª6LHKHVGLUDQ© 'HU&KLQHVHJLQJYRU0LWGHP*HJHQVWDQGZDUGDV%XFK JHPHLQWGDVHUEHUHLWVJHVHKHQKDWWH,UJHQGMHPDQGKDWWHHV DXIJHVFKODJHQ%HLP1lKHUNRPPHQHUNDQQWH6XNRHLQH =HLFKQXQJXQGHUVDKVLHGHXWOLFKHUDOVHUYRUGHP7LVFK VWDQG$XFKHUZDUEHUUDVFKWGHQQGLH=HLFKQXQJVWHOOWH KDDUJHQDX-RKQ6LQFODLUV.UHX]GDU ª1DZDVVDJVWGX"©K|KQWH/XSLQD ª,FKLFKZHLHVQLFKW© ª:LOOVWGXPLFKKLHUUHLQOHJHQ"1DWUOLFKZHLWGXHVGDV LVW-RKQ6LQFODLUV.UHX]© ª'DVVHKHLFK© ª8QGZHLWGXDXFKZHOFKHLQH%HGHXWXQJGLHVHV%XFKIU XQV6FKZDU]EOWHUKDW"© ª1HLQ© ª'DULQVLQGGLH*HKHLPQLVVHGHV.UHX]HVQLHGHUJHVFKULH EHQZRUGHQ(VNOlUWGDV5lWVHOXPGDV.UHX]'HUMHQLJHGHU HVLQGLH+lQGHEHNRPPWNDQQGHU'lPRQHQZHOWGDPLW HLQHQXQJHKHXUHQ6FKDGHQ]XIJHQ'HVKDOEGDUIGLHVHV %XFKDXINHLQHQ)DOOLQGLH+lQGHGHV*HLVWHUMlJHUVJHODQJHQ 8QGGDVLVWQLFKWQXUPLUEHNDQQWVRQGHUQDXFKGHQDQGHUHQ 6FKZDU]EOWHUQ'HU6SXNZHLHV/DG\;ZDKUVFKHLQOLFK HEHQIDOOV6LHZROOHQGDV%XFKEHVLW]HQDEHUHVJLEWQXUHLQH

GLHHVZLUNOLFKEHNRPPW'DVELQLFK'LH.|QLJLQGHU:|OIH ZLUGHVDQVLFKQHKPHQXQGHVYLHOOHLFKWYHUQLFKWHQ© 6XNRZlUHDPOLHEVWHQLP%RGHQYHUVXQNHQ-HW]WZXWHHU %HVFKHLG1XQZDULKPNODUZHVKDOEGLH'lPRQHQZHOWVR KLQWHUGHP%XFKKHUZDU:HQQHVWDWVlFKOLFKVWLPPWHZDV /XSLQDJHVDJWKDWWHGDQQZDUGLHVHV%XFKPHKUDOVEULVDQW 'HU,QVSHNWRUGDFKWHDQVHLQHQ)UHXQG-RKQ6LQFODLU:LH ODQJHKDWWHHUVFKRQEHUVHLQ.UHX]QDFKJHGDFKWXQGKHU XPJHUlWVHOW9RU6XNRODJGLH(UNOlUXQJHUEUDXFKWHQXUGLH +DQGDXV]XVWUHFNHQGRFKWURW]GLHVHUOlFKHUOLFKJHULQJHQ (QWIHUQXQJZDUGDV%XFKIULKQPHLOHQZHLWHQWIHUQW6REDOG HUQXUGHQ9HUVXFKXQWHUQDKPZUGHGLH*HJHQVHLWHKDUW XQGHUEDUPXQJVORV]XVFKODJHQ ª1DZDVJHKWMHW]WLQGHLQHP6FKlGHOYRU"©K|KQWHGLH .|QLJLQGHU:|OIH ª.DQQVWGXGLUGDVQLFKWGHQNHQ"© ª6LFKHUDEHULFKZROOWHGLUGLHNOHLQH)UHXGHQRFKJ|QQHQ EHYRUGLFKPHLQH)UHXQGH]HUUHLHQ'XKDVWHVJHVHKHQGDV UHLFKW©6LHGUHKWHVLFKª/RVLKU:|OIHSDFNWLKQHXFK(U JHK|UWHXFK=HUUHLWLKQLFKZLOOLKQQLFKWPHKUVHKHQ© ª1HLQ© =XPHUVWHQPDOPHOGHWHVLFK6DUDK*ROGZ\Q6LHVFKULH GDV:RUWXQGZROOWHVLFK]ZLVFKHQ6XNRXQGGLH:HUZ|OIH VFKLHEHQGRFKHLQ3UDQNHQKLHEVFKOHXGHUWHVLH]XUFN 'LH+RUURU2PDKDWWHGDV*HIKOLQHLQHU6FKPHU]ZHOOH ]XHUVWLFNHQ6LHYHUORUGLH8PJHEXQJDXVGHQ$XJHQZXWH QLFKWPHKUZRVLHVLFKEHIDQGXQGNUDFKWHPLWGHP5FNHQ JHJHQGLH:DQGZRVLHVFKZHUDWPHQGKHUDEUXWVFKWH (VZDUHLQZLQ]LJHU0RPHQWGHU8QDFKWVDPNHLWGHQGHU &KLQHVHVRIRUWDXVQXW]WH(UZLUEHOWHKHUXPVWLHVHLQH )lXVWHYRUWUDIHLQHQ:HUZROIXQGGHU7UHIIHUULGHQ.RSI GHU%HVWLHLQGHQ1DFNHQ $OVGHU]ZHLWHDXI6XNR]XVSUDQJEHIDQGGHUVLFKVFKRQLQ GHU/XIW(LQ.DUDWHWULWWVFKWWHOWHGLH%HVWLHGXUFK=XPHKU $NWLYLWlWHQZDU6XNRDOOHUGLQJVQLFKWIlKLJ /XSLQDJULIIHLQ

'HU.HU]HQOHXFKWHUGHQVLHLQGHU+DQGKLHOWEHVWDQGDXV 0HWDOO8QGGLHVHQ*HJHQVWDQGKlPPHUWH/XSLQD6XNRLQ GHQ1DFNHQ (UKDWWHGDV*HIKOMHPDQGZUGHLKPGHQ%RGHQXQWHU GHQ)HQZHJUHLHQ(WZDVH[SORGLHUWHLQVHLQHP.RSI GDQQJDEHVQXUQRFKGDVEHUKPWH6FKZHEHQVRGDHU QLFKWHLQPDOPHUNWHZLHHUGXPSI]X%RGHQVFKOXJ ª9LHOOHLFKWLVWHVEHVVHUVR©VWHOOWH/XSLQDIHVWª'DQQNDQQ HUVLFKZHQLJVWHQVQLFKWPHKUZHKUHQ:HJPLWLKP© :LHHLQOHEORVHV%QGHOODJGHU&KLQHVHDXIGHP%RGHQ /DG\6DUDKPXWHPLW6FKUHFNHQDQVHKHQZLHGLHGUHL:|OIH GHQVRQVWVRJHIUFKWHWHQ.lPSIHUSDFNWHQXQGLQ5LFKWXQJ 7UVFKOHLIWHQ6FKRQEDOGZDUHQVLHLP)OXUYHUVFKZXQGHQ ZRVLHGHQ,QVSHNWRU]X%RGHQIDOOHQOLHHQEHYRUVLHGLH7U VFKORVVHQ (UJHEHQVFKOR6DUDK*ROGZ\QGLH$XJHQ,KUHLJHQHU 6FKPHU]NDPLKUQLFKWPHKU]X%HZXWVHLQ9LHOVFKOLPPHU IUVLHZDUGLH7DWVDFKHGDVLHYHUVDJWKDWWHXQGHVVRJXW ZLHNHLQH&KDQFHPHKUJDE'DV7HDPXP-RKQ6LQFODLUKDWWH YHUORUHQGDUDQZDUQLFKWVPHKU]XUWWHOQ /XSLQDZDUWHWHELVLKUH+HOIHUQLFKWPHKU]XVHKHQZDUHQ 'DQDFKGUHKWHVLHVLFK]X/DG\6DUDKXP,KUH/LSSHQ]XFN WHQDOVVLHIOVWHUWHª0HLQ3ODQLVWDXIJHJDQJHQ(UKDWYROO JHNODSSW/DQJHJHQXJKDEHLFKGDUDQJHDUEHLWHW,FKKDEH -RKQ6LQFODLUZHJJHORFNWLKQPLWHLQLJHQ$QGHXWXQJHQ DXIVHLQ.UHX]KHLJHPDFKWXPDQVFKOLHHQGDEHUQWHQ]X N|QQHQ,FKZDUVFKQHOOHUDOVGHU6SXNXQGZHUGHDXFK VFKQHOOHUDOV/DG\;VHLQPLWGHULFKQRFKHLQH5HFKQXQJ ]XEHJOHLFKHQKDEH© 6DUDK*ROGZ\QKROWHWLHI$WHPª:DUXPXPDOOHVLQGHU :HOWZLOOVWGXQRFKW|WHQZHQQGXGDV%XFKKDVW"'DQQ ELVWGXGRFKGHU6LHJHU1LHPDQGNDQQGLUPHKUHWZDV 'LH0HQVFKHQDEHUKDEHQHLQ5HFKWDXILKU/HEHQ/DHV LKQHQELWWH© ª5HGHQLFKWVRGXPPGDKHU,FKPXW|WHQLFKZLOOW|WHQ GDPLWDOOHVDXVGHP:HJJHUlXPWLVW,FKJHKHGHQVLFKHUHQ

:HJ© 6LHVWUHFNWHEHLGLHVHQ:RUWHQLKUH3UDQNHDXVXQGVFKOXJ GDV%XFK]X-HW]WZDUGDV.UHX]QLFKWPHKU]XVHKHQQXU QRFKGHUVFKZDU]H(LQEDQG ª'LHVHQ&KLQHVHQHUOHGLJHQPHLQH)UHXQGHGLFKDEHUKDEH LFKPLUDXIJHKREHQ-HGHUGHUPLWGLHVHP)DOO]XWXQKDW GDUIQLFKWEHUOHEHQ$XFKGXQLFKW6DUDK*ROGZ\Q©8QG ]\QLVFKIJWHVLHKLQ]Xª'XELVWHLQHDOWH)UDXKDVWGHLQ /HEHQJHOHEW2EHVGLFKJLEWRGHUQLFKWZDVVSLHOWGDVQRFK IUHLQH5ROOH"© /DG\6DUDKNRQQWHQLFKWDQWZRUWHQ'HU=\QLVPXVXQGGLH *UDXVDPNHLWGLHVHU:RUWHYHUVFKOXJHQLKUGLH6SUDFKH'DEHL KDWWHHVVRJXWDQJHIDQJHQGRFKQXQZDUDOOHVYRUEHL (LQ5XFNJLQJGXUFKGLH*HVWDOWGHU:|OILQ'DEHLEHZHJWH VLHLKUH3UDQNHQXQGZROOWHGDV%XFKDQKHEHQ ª/DHVOLHJHQ/XSLQD© (LVNDOWNODQJGLH6WLPPH6LHEHZLHVGDGHU0DQQGHUGLH :RUWHJHVSURFKHQKDWWHHVYHUGDPPWHUQVWPHLQWH8QGGDV VSUWHDXFKGLH.|QLJLQGHU:|OIH 6LH]XFNWH]XUFNXQGGUHKWHVLFKGHP)HQVWHU]XGHQQ GRUWVWDQGGHU6SUHFKHU 6LHVDKHLQEOHLFKHV*HVLFKWYRUGHPVLHQRUPDOHUZHLVH NHLQH$QJVWJHKDEWKlWWHDEHUQHEHQGHP*HVLFKWJORW]WHVLH GLH0QGXQJHLQHU3LVWROHDQXQGVLHZXWHJHQDXGDHLQ 0DQQZLH-RKQ6LQFODLUVHLQH:DIIHPLWJHZHLKWHQIUVLH W|GOLFKHQ6LOEHUNXJHOQJHODGHQKDWWH'HQQNHLQDQGHUHUDOV GHU*HLVWHUMlJHUVWDQGDPRIIHQHQ)HQVWHU ,FKZDUZLUNOLFKQRFKUHFKW]HLWLJHLQJHWURIIHQXPGLH 8QWHUKDOWXQJ]ZLVFKHQ/XSLQDXQG6DUDK*ROGZ\Q]X EHODXVFKHQ,FKZDUXPHLQLJHVVFKODXHUJHZRUGHQXQG ZXWHQXQZHVKDOEGLH.|QLJLQGHU:|OIHGDV7UHIIHQ PLWPLUDUUDQJLHUWKDWWH $EHUVLHVROOWHVLFKYHUUHFKQHWKDEHQGDVVFKZRULFKPLU ª*HKHQ6LHLQ5LFKWXQJ7U/DG\6DUDK©VDJWHLFKª$EHU

YRUVLFKWLJQLFKWLQGLH6FKXOLQLHODXIHQ© 'LH+RUURU2PDQLFNWHKDVWLJ6SUHFKHQNRQQWHVLHQLFKW ,KU%OLFN]XFNWHKLQXQGKHU(LQPDOVFKDXWHVLHPLFKDQ GDQQZLHGHU/XSLQD$XILKUHP*HVLFKWODVLFKHLQHVHOWHQ HUOHEWH)DVVXQJVORVLJNHLW0LWPHLQHPQRFKUHFKW]HLWLJHQ (LQWUHIIHQVFKLHQVLHZRKOQLFKWPHKUJHUHFKQHW]XKDEHQ :LHHLQH0DULRQHWWHEHZHJWHVLHVLFK(LQHQ$UPKDWWH VLHYRUJHVWUHFNWXPHWZDLJH+LQGHUQLVVHDXVGHP:HJ]X VFKLHEHQ+DOERIIHQVWDQGLKU0XQG'HU$WHPJLQJNXU] XQGKHIWLJ ª1LFKWUDXVJHKHQ©ZDUQWHLFKDOVLFKVDKGDVLHGLH7U IDVWHUUHLFKWKDWWHª6FKODJHQ6LHHLQHQ%RJHQXQGWUHWHQ6LH YRUVLFKWLJDQV)HQVWHU© ,FKPXWH0UV*ROGZ\QVRGLULJLHUHQDQVRQVWHQKlWWH /XSLQDHLQH&KDQFHJHKDEWVLH]XSDFNHQ 'LH+RUURU2PDQLFNWH6LHKLHOWVLFKSUlFKWLJDQPHLQH $QZHLVXQJHQVFKOXJGHQ%RJHQXQGKDWWHGLH+lOIWHGHU 6WUHFNHVFKRQKLQWHUVLFKJHEUDFKWDOVVLFK/XSLQD]XP HUVWHQPDOPHOGHWHXQGPLFKGDEHLDQVSUDFK ª*ODXEVWGXZLUNOLFKGDGXJHZRQQHQKDVW*HL VWHUMlJHU"© ª-DGDVJODXEHLFK'LUZLUGHVQLFKWPHKUJHOLQJHQGDV %XFKLQGLH+lQGH]XEHNRPPHQ© ª'DZlUHLFKQLFKWVRVLFKHU© ª:DVVROOWHPLFKDEKDOWHQHVDQPLFK]XQHKPHQ"'XHWZD /XSLQD"1HLQDXINHLQHQ)DOO'HLQ6SLHOLVWEHHQGHW(VZDU JXWHLQJHIlGHOWGDVJHEHLFK]XDEHUHEHQQLFKWJXWJHQXJ© ª8QGGHLQ)UHXQG"© ª'XPHLQVW6XNR"© ª-D©6LHOlFKHOWHSO|W]OLFKXQGLQPLUVWLHJVRHWZDVZLH $QJVWKRFK ª:DVLVWPLWLKP"©IUDJWHLFKVFKDUI ª9LHOOHLFKWOHEWHUQRFKYLHOOHLFKWDXFKQLFKW,FKKDEHPHL QHQGUHL)UHXQGHQGHQ&KLQHVHQ]XP*HVFKHQNJHPDFKW6LH ZHUGHQLKQ]HUIHW]HQ6LQFODLU© 'DVKDWWHLFKQLFKWPLWEHNRPPHQZXWHDOOHUGLQJVGD

6XNRKLHUJHZHVHQZDUGHQQLFKKDWWHVHLQH0DVFKLQHQLFKW ZHLWYRQPHLQHP%HQWOH\SDUNHQVHKHQ ª6WLPPWGDV/DG\6DUDK"© ª-DMD©IOVWHUWHVLHª'LHVH%HVWLHQKDEHQ6XNREHZXW ORVJHVFKODJHQXQGLKQGDQQZHJJHVFKDIIW-RKQPHLQ-XQJH HVLVWVRJUDXHQKDIW:LUVLW]HQLQGHU.OHPPH© 'DVVDHQZLUWDWVlFKOLFKXQGLFKIUDJWHPLFKZDVLFKQXQ PDFKHQVROOWH ,FKPXWHPLFK]ZLVFKHQ6XNRXQGGHP%XFKHQWVFKHLGHQ :DVZDUZLFKWLJHU" (VZDUHLJHQWOLFKNHLQH)UDJH6XNRGHQQHUZDUHLQ 0HQVFK6RZHUWYROOGDV%XFKDXFKIUPLFKVHLQPRFKWH PHLQ)UHXQGXQG.ROOHJHJLQJLPPHUYRU ª:RLVWHU"© 'DODFKWH/XSLQDª,FKKDEHLKQPLWPHLQHQ)UHXQGHQKLQ DXVJHKHQODVVHQ:HQQGXJHQDXKLQK|UVWZLUVWGXYLHOOHLFKW VHLQH6WLPPHYHUQHKPHQIDOOVHUQRFKUHGHQNDQQ© 0LFKEHUVFKZHPPWHHLQH:RJHGHU:XW)U6HNXQGHQ VDKLFKZLUNOLFKURWXQG/XSLQDVFKLHQ]XPHUNHQZDVLQ PLUYRUJLQJGHQQVLHNQXUUWHUDXKXQGDEJHKDFNW :LHVROOWHLFKPLFKHQWVFKHLGHQ" ª1D*HLVWHUMlJHU"©K|KQWHVLHª'DV%XFKRGHUGHLQ )UHXQG6XNR"© 'DJULII6DUDK*ROGZ\QDQ6LHVSUDQJZLUNOLFKEHULKUHQ HLJHQHQ6FKDWWHQª,FKQHKPHGDV%XFKDQPLFK©ULHIVLHXQG EHZHJWHVLFKEHUHLWVDXIGHQ7LVFK]X ª9RUVLFKW©ZDUQWHLFKGHQQLFKKDWWHJHVHKHQGD/XSLQD ]XVDPPHQ]XFNWH 'LH+RUURU2PDVWRSSWHWDWVlFKOLFK,FKKDWWHEHJULIIHQ GDVLHPLUGLHHLQ]LJH0|JOLFKNHLWHU|IIQHWKDWWHXQGPXWH GLH*HOHJHQKHLWEHLP6FKRSISDFNHQ ª=XUFN/XSLQD*HK]XUFNYHUGDPPW© ,KU)HOOVWUlXEWHVLFK'DV*HVLFKWZXUGH]XHLQHU*ULPDVVH 6LHEHZHJWHGHQ0XQGNQXUUWHXQGIRFKWHLQHQLQQHUHQ .DPSIDXV6LHZXWHJHQDXGDVLH%RGHQYHUORUZHQQVLH MHW]W]XU6HLWHZLFKXQGVLFKGDPLWZHLWHUYRQGHP%XFKHQW

IHUQWDXIVWHOOWH ª,FKVFKLHHGLUHLQH.XJHOGXUFKGHQ6FKlGHO©]LVFKWHLFK LQLKUSO|W]OLFKHV/DFKHQKLQHLQ ª-DLFKJHKH©VFKULHVLHª'XVROOVWGHLQHQ:LOOHQKDEHQ *HLVWHUMlJHU© 9HUIOL[WLFKKlWWHOlQJVWVFKLHHQVROOHQ$EHULFKGDFKWHLP 8QWHUEHZXWVHLQDQGLH6]HQHDOV/DG\;LKUHLQH*DUEHLQ GHQ5FNHQJHVFKRVVHQKDWWH /XSLQDKDWWHEHUOHEW 1XUGHVKDOE]|JHUWHLFK /DG\6DUDKEHZHJWHVLFKHEHQIDOOV6WDUUVFKDXWHVLHGLH .|QLJLQGHU:|OIHDQ'LH6LWXDWLRQVWDQGDXIGHV0HVVHUV 6FKQHLGH:HUKDWWHGLHEHVVHUHQ1HUYHQ" ,FKYLEULHUWHLQQHUOLFK'HU6FKZHLZDUPLUDXVVlPWOLFKHQ 3RUHQJHEURFKHQNHLQH6HNXQGHGXUIWHLFKXQDXIPHUNVDP VHLQXQGGHQQRFKKDWWHLFKHWZDVXQJHPHLQ6FKZHUHVYRU PLU,FKPXWHGXUFKGDV)HQVWHULQGDV=LPPHUNOHWWHUQ ZREHLLFKGLH:|OILQNHLQH6HNXQGHODQJDXVGHQ$XJHQ ODVVHQGXUIWH /DG\6DUDKEHIDQGVLFKLPUHFKWHQ:LQNHO]XP)HQVWHU 1RFKKDWWHVLHGHQNOHLQHQ7LVFKQLFKWHUUHLFKW1XU]ZHL 6FKULWWHGDQQVWDQGVLHQHEHQLKP6LHVFKDIIWHHV ª8QGMHW]WGDV%XFK©IOVWHUWHLFKVFKDUI 'LH+RUURU2PDQDKPHVDQVLFK$OVVLHHVLQGHQ+lQGHQ KLHOWGXUFKOLHIHLQ=LWWHUQLKUH*HVWDOW'LH1HU YHQDQVSDQQXQJO|VWHVLFKHVNRQQWHDXFKVHLQGDVLHVR HWZDVZLH6FKPHU]HQYHUVSUWHGDVZXWHLFKQLFKW]X VDJHQ ª*XW©OREWHLFKVLHª$XVJH]HLFKQHW8QGMHW]WJHKHQ6LH ]XU6HLWH$EHUYRUVLFKWLJ© ª%HKDOWHGLH1HUYHQPHLQ-XQJH©VDJWHVLH /DG\6DUDKZDUXQEH]DKOEDU(LQ%HLQKDWWHLFKVFKRQDQJH ZLQNHOWXQGVXFKWHXQWHUGHP)HQVWHUDQGHU0DXHUHLQHQ NOHLQHQ9RUVSUXQJZRLFKPLFKHYHQWXHOODEVWW]HQNRQQWH 'LHVPDOVWDQGGDV*OFNDXIPHLQHU6HLWH,FKIDQGGHQ 9RUVSUXQJGLH0DXHUZDUQLFKWVRJODWW$OOHUGLQJVIDQGHQ

QXUPHLQH=HKHQHLQZHQLJ+DOW (VPXWHUHLFKHQ 0LWGHUOLQNHQ+DQGXPNODPPHUWHLFKGHQXQWHQODXIHQ GHQ5DKPHQ(UVWDQGHUK|KWDXIGHU)HQVWHUEDQN6RKDUWHV JLQJJULIIHQPHLQH+lQGH]XXQGGDQQVFKDIIWHLFKHV WDWVlFKOLFKKRFK]XVWHLJHQZREHLPHLQH:DIIHQDFKZLHYRU LQGHQ5DXPKLQHLQZLHVXQGZHQLJVWHQVLQHWZDDXI/XSLQD ]HLJWH 'HU:HUZ|OILQZDUDQ]XVHKHQGDVLHQDFKHLQHP$XVZHJ VXFKWH,KU%OLFNEOLHEQLHVWDUUGLH3XSLOOHQEHZHJWHQVLFK DEHUQRFKWUDXWHVLHVLFKQLFKW 'DQQKRFNWHLFKDXIGHU%DQN (VZDUHLQHXQJHPHLQVWDUNH6WUHVLWXDWLRQGLHLFKGXUFK PDFKWH0HLQH1HUYHQZDUHQ]XP=HUUHLHQJHVSDQQWXQG /DG\6DUDKZUGHHVVLFKHUOLFKQLFKWDQGHUVHUJHKHQ :LHHLQ5DXEWLHUGDVDXIVHLQH%HXWHODXHUWVWDQG/XSLQD GD6LHKDWWHQRFKNHLQHVZHJVDXIJHJHEHQGHVVHQZDULFK PLUVLFKHU1HLQHLQ:HVHQZLHGLH.|QLJLQGHU:|OIH NlPSIWHELV]XP6FKOX ,FKVSUDQJ ,QGHP$XJHQEOLFNDOVLFKPLFKLQGHU/XIWEHIDQGXQG ]ZDQJVOlXILJQLFKWPHKUVRYROONRQ]HQWULHUWVHLQNRQQWHGD UHDJLHUWHDXFK/XSLQD =XUVHOEHQ=HLWJHVFKDKQRFKHWZDVDQGHUHV :LUK|UWHQ6FKVVH 8QGGLHZDUHQLP+DXVDXIJHNOXQJHQ 'HU7UHIIHUKDWWHGHQ,QVSHNWRULPZDKUVWHQ6LQQHGHV:RUWHV QLHGHUJHPlKW2EZRKO6XNRVHKUYLHOHLQVWHFNHQNRQQWHZDU HUQLFKWLQGHU/DJHGLHVHQ+LHE]XYHUNUDIWHQ(UZDUDXI GHQ%RGHQJHVFKODJHQLKPVFKLHQHVDOVZlUHHULQHLQH ERGHQORVH7LHIHJHIDOOHQGLHLKQZLHHLQJLHULJHV0DXOYHU VFKODQJ 8QGGRFKZXUGH6XNRQLFKWY|OOLJEHZXWORV9LHOOHLFKW ZDUHVVHLQPHQWDOHV7UDLQLQJGDVHULPPHUGXUFKIKUWHXP

VHLQHJHLVWLJHQ.UlIWH]XVWlUNHQDXIMHGHQ)DOOVFKDIIWHHUHV GHQGURKHQGHQ:RJHQGHU%HZXWORVLJNHLW]XWURW]HQ 6XNRYHUILHOQXULQHLQH$UWYRQ'lPPHU]XVWDQGHLQ+LQ XQG+HUGHU3V\FKHHLQSHUPDQHQWHV$XIXQG$EZDOOHQGHU 1HEHOVFKOHLHU 'DZXUGHJHVSURFKHQDEHU6XNRYHUVWDQGNHLQ:RUW REZRKOHUGLH6WLPPHQK|UWH(UZXWHQLFKWHLQPDOREHV )UDXHQRGHU0lQQHUZDUHQGLHGDUHGHWHQDOOHVUFNWHLQ HLQHXQDXVORWEDUH)HUQHXQG7LHIH'HU,QVSHNWRUZDUDXFK QLFKWPHKULQGHU/DJH*HIKOH]XHPSILQGHQXQGVLHHLQ ]XRUGQHQHUJOLWWKLQHLQLQHLQH/HWKDUJLHZRLKPDOOHV HJDOZDU 'LHGUHL:|OIHKDWWHQLKQXPNUHLVW6XNRPHUNWHQLFKW GDVLHDXILKQQLHGHUVFKDXWHQHUVWDOVVLFKHLQHGHU%HVWLHQ EFNWHXQGGHQ&KLQHVHQDQGHU6FKXOWHUIDWHVSUWHHU ZLHGHUHWZDV 6LHZlO]WHQLKQDXIGHQ5FNHQ'DQDFKZXUGHHUDXIGLH 7U]XJH]RJHQGLHVFKRQJH|IIQHWZDU 'HU.|USHUGHV&KLQHVHQVFKOHLIWHYRP7HSSLFKDXVDXIGLH 6WHLQIOLHVHQGHV)OXUVXQGGRUWOLHPDQLKQHUVWHLQPDOOLH JHQ =XPHUVWHQPDOHPSIDQG6XNRGLH.KOHGHU6WHLQH $OOHUGLQJVQXUREHUKDOEGHV+DOVHVGHQQVHLQH+DFNHQXQG DXFKGLH3DUWLHGDUXQWHUZDUHQZLHJHOlKPW /XSLQDV6FKODJPLWGHPPHWDOOHQHQ.HU]HQVWlQGHUKDWWH LKPMHJOLFKHV(PSILQGHQJHUDXEW 'RFKGLH1HEHOOLFKWHWHQVLFK6WDWWGHVVHQVSUWHHUGDV %UXPPHQXQG+lPPHUQLP.RSIHLQSRVLWLYHV=HLFKHQ GHQQHUEHNDPZLHGHUVRHWZDVZLH*HIKO 6XNRJHODQJHVVHLQH8PJHEXQJZDKU]XQHKPHQ 'DZDUHLQPDOGLHKRKH'HFNHEHULKP 1LFKWZHLWHQWIHUQWEUDQQWHHLQH/DPSH.XJHOI|UPLJZLH HLQEODVVHU0RQGHUVFKHLQHQGGHUWURW]VHLQHVQLFKWHEHQ VWDUNHQ/LFKWV6XNRPLWGHU+HOOLJNHLWPDOWUlWLHUWHGHQQVLH VFKPHU]WHLQVHLQHQ$XJHQ (UQDKPDXFKGHQ*HUXFKZDKUGHQGLH%HVWLHQDEVRQGHU

WHQ(VZDUHLQVWDUNHU5DXEWLHUJHVWDQNlW]HQGXQGEHLHQG GHU6XNRLP1RUPDOIDOOQLFKWYLHODXVJHPDFKWKlWWHLKQMHW]W DEHUVW|UWH8QGHUHULQQHUWHVLFKZLHGHU /XSLQDKDWWHGHQ%HIHKOJHJHEHQ6XNR]XW|WHQ(LQHQIDVW ZDIIHQORVHQ0HQVFKHQGHQQELVDXIVHLQHQ6WDEEHVD6XNR QLFKWVPHKUZRPLWHUVLFKKlWWHZHKUHQN|QQHQ$QGHQ6WDE NDPHUQLFKWKHUDQGHQQVHLQH$UPHJHKRUFKWHQLKPQLFKW PHKU hEHUVLFKK|UWHHUGDV+HFKHOQXQG.QXUUHQGHUJHIlKUOL FKHQ:|OIH6LHKDWWHQHLQ2SIHUVDKHQHVYRUVLFKOLHJHQXQG VLHZUGHQDOOHVGDUDQVHW]HQXPLKUH%OXWJLHU]XVWLOOHQ :LHODQJHJDEHQVLHGHP&KLQHVHQQRFKHLQH*QDGHQIULVW" .DXPNRQQWHHUGDPLWUHFKQHQ(UKDWWHHLQHQYRQLKQHQ JHW|WHWGDVZUGHQGLHDQGHUHQQLHYHUJHVVHQXQG6XNR PXWHGDIUPLWVHLQHP/HEHQ]DKOHQ 9RQ6HNXQGH]X6HNXQGHJLQJHV6XNREHVVHU6HLQPHQWD OHV7UDLQLQJPDFKWHVLFKEH]DKOWHUVDKGLH:HOWZLHGHUVR ZLHVLHZDUDEHUHUKlWWHOLHEHQGJHUQGLH$XJHQJHVFKORVVHQ YRUGHPZDVDXILKQ]XNDP =ZHL%HVWLHQEHXJWHQLKUHJHZDOWLJHQ.|USHU3UDQNHQ VWUHFNWHQVLFKQDFK6XNRDXVGHPVHLQH$UPHQXUVFKZHUOLFK JHKRUFKWHQXQGGHUNDXPLQGHU/DJHZDUHLQH$E ZHKUEHZHJXQJ]XPDFKHQ (LQHKDOEHUKREHQH+DQGZXUGHUFNVLFKWVORV]XU6HLWH JHVFKODJHQXQG6XNRUHFKQHWHVFKRQPLWGHPDOOHVHQWVFKHL GHQGHQ%LLQVHLQH.HKOHDOVGLHEHLGHQ:|OIHLKQKDOE KRFK]HUUWHQ 6ROOWHHULP6WHKHQVWHUEHQ" 1HLQVLHKDWWHQHWZDVDQGHUHVPLWLKPYRUXQGVFKOHSSWHQ LKQLQGHQ+LQWHUJUXQGGHV)OXUHVZRHVQLFKWPHKUVRKHOO ZDUXQGGLHVFKPDOH7UHSSHQDFKREHQEHJDQQ 'LFKWYRUGHQ6WXIHQOLHHQVLHGHQ,QVSHNWRUZLHGHUIDOOHQ XQG6XNRVFKOXJPLWGHP5FNHQJHJHQHLQH.DQWH'DVKHI WLJH=LHKHQVSLHOWHDXFKNHLQH5ROOHPHKULQQHUKDOEGHU DOOJHPHLQHQ6FKPHU]HQGLHGHQ,QVSHNWRUPDOWUlWLHUWHQ 6XNRZDUVLFKVHLQHUKLOIORVHQ/DJHGXUFKDXVEHZXW(U

ODJMHW]WQLFKWPHKUIODFKDXIGHP%RGHQVRQGHUQKLQJLQ HLQHU6FKUlJODJHZREHLHUGLH.DQWHZHLWHUKLQLP5FNHQ VSUWH6HLQH$XJHQZDUHQZHLWDXIJHULVVHQHUNRQ]HQWULHUWH VLFKDWPHWHWLHIHLQXQGDXVXQGYHUVXFKWHPLWDOOHQ0LWWHOQ VHLQH6FKZlFKH]XEHUZLQGHQ (VILHOLKPVFKZHUVRYHUIOXFKWVFKZHU-HPHKU=HLWYHU JLQJXPVRNODUHUZXUGHLKPGDHUHVQLFKWVFKDIIHQNRQQ WH'LH*HJHQVHLWHZDU]XVWDUN6LHKDWWH]XJHVFKODJHQXQG JHZRQQHQ ,QHLQHUGVWHUHQ(FNHGLHVHV+DXVHVVROOWH6XNRDXI VFKUHFNOLFKH$UWXQG:HLVHVHLQ/HEHQDXVKDXFKHQ8QGHU VSUWHGLH(UUHJXQJGHU%HVWLHQ6LHKDWWHQODQJHZDUWHQ PVVHQ(QGOLFKZDUHQVLHDP=LHO 'HUHUVWH:HUZROIJULII]X(VJHVFKDKEOLW]VFKQHOO(UUL 6XNRLQGLH+|KH|IIQHWHVHLQ0DXOGHU&KLQHVHVDKGLH 5HL]lKQHGLFKWYRUVLFKXQGVFKORPLWVHLQHP/HEHQDE 'DILHOHQGLH6FKVVH /XSLQDKDWWHJHJHQXQVHWZDVXQWHUQHKPHQZROOHQGDVZDU LKUDQ]XPHUNHQLFKZROOWHDXFKIHXHUQGRFKPHLQ)LQJHU ]XFNWHLPOHW]WHQ$XJHQEOLFN]XUFNDOVLFKGDV5DWWHUQGHU 6FKXJDUEHQK|UWH ,FKKDWWHHVJHOHUQW]ZLVFKHQGHQHLQ]HOQHQ:DIIHQW\SHQ ]XXQWHUVFKHLGHQ:RPLWGUDXHQLP)OXUJHVFKRVVHQZXUGH GDVZDUNHLQ5HYROYHURGHUHLQH3LVWROHVRQGHUQHLQH03L 'DVKDUWHQDKH]XEUXWDOH6WDNNDWRZDUIEUOOHQGH(FKRV GXUFKGHQHQJHQ+DXVIOXUXQGKDOOWHDQGHU'HFNHQDFK $XFK/XSLQDZDUVWHKHQJHEOLHEHQ3O|W]OLFKZDULFKQLFKW PHKULQWHUHVVDQWIUVLH,KU%OLFNNUDOOWHVLFKI|UPOLFKDQGHU 7UIHVWXQGDXILKUHP*HVLFKW]HLJWHVLFKHLQHUVWDXQWHU $XVGUXFN :DUDXFKVLHEHUUDVFKWZRUGHQ" ,FKIUDJWHVLHGDQDFKª:HULVWHV/XSLQD":HQKDVWGX QRFKPLWJHEUDFKW"© 6LHIXKUZLHGHU]XPLUKHUXPª,FKZHLHVQLFKW

*HLVWHUMlJHU©NQLUVFKWHVLHª9HUGDPPWLFKKDEHNHLQH $KQXQJ© ª/JHQ© ª1HLQ©EUOOWHVLH $XVGHQ$XJHQZLQNHOQVDKLFKGLH+RUURU2PD:LHVLH VLFKLQGLHVHQ0RPHQWHQYHUKLHOWZDUVFKRQEHZXQGHUQV ZHUW6LHKDWWHPHLQH$QZHLVXQJQLFKWYHUJHVVHQXQGQlKHU WHVLFKGHP)HQVWHU'DDXFK/XSLQDDEJHOHQNWZDUJHODQJHV 6DUDK*ROGZ\QDXIGLH)HQVWHUEDQN]XNOHWWHUQXQGHUVWDOV VLHGDUDXIKRFNWHGDVDK/XSLQDGLH)UDX ª6LHIOLHKW©JHLIHUWHVLH ª1DXQG"© 'DVSUDQJ0UV*ROGZ\Q6LHZDUSO|W]OLFKYHUVFKZXQGHQ XQGGDV%XFKKDWWHVLHPLWJHQRPPHQ (LQ6WHLQILHOPLUYRP+HU]HQDEHUGLH.|QLJLQGHU:|OIH WREWH,KUH+DDUHVWHOOWHQVLFKIDVWYRU:XWXQG+DDXIUHFKW DOVVLHNQLUVFKWHª1RFKKDVWGXQLFKWJHZRQQHQ-RKQ 6LQFODLU1RFKEHILQGHWVLFKGDV%XFKQLFKWLQ6LFKHUKHLW :DUWHDE© 6LHKDWWHUHFKWGHQQGLH-DJGQDFKGHPJHKHLPQLVYROOHQ %XFKKDWWHHUVWEHJRQQHQXQGLFKZXWHQLFKWZDVVLFK GUDXHQLP)OXUHUHLJQHWKDWWH'LH6FKVVHNRQQWHQDOOHV EHGHXWHQDEHULQPLUNHLPWHSO|W]OLFKHLQ9HUGDFKWKRFKGHQ LFKJHUQEHVWlWLJWKDEHQZROOWHGHVKDOEEHIDKOLFK/XSLQD GLH7U]X|IIQHQ ª1HLQ© ,FKJLQJHLQHQ6FKULWWYRUXQG]LHOWHJHQDXHUªgIIQHGLH 7UVRQVWMDJHLFKGLUHLQH.XJHOLQGHQ%DOJ© ª9HUVXFKHV© ª/lWGXHVGDUDXIDQNRPPHQ"© /XSLQDGLH.|QLJLQGHU:|OIHEUHLWHWHVRJDUGLH$UPHDXV XQGSUlVHQWLHUWHPLULKUHQGHFNXQJVORVHQ.|USHUª6FKLH -RKQ6LQFODLU'XNDQQVWVFKLHHQ,FKZDUWH© 6ROOWHLFKHVWXQ" ,FKHULQQHUWHPLFKZLHGHUDQGLH6]HQHLP6WHLQEUXFK 'DZDUSO|W]OLFK/DG\;HUVFKLHQHQXQGVLHKDWWHDOV

9DPSLULQHLQHPLW6LOEHUNXJHOQJHODGHQH03LJHWUDJHQXQG VRIRUWJHVFKRVVHQ ,Q/XSLQDV5FNHQKDWWHVLHGLH*DUEHJHMDJW :LUKDWWHQ/XSLQDOLHJHQVHKHQ7RWHUOHGLJWDXVJHO|VFKW 1XQVWDQGVLHYRUPLU ª:DUXP]|JHUVWGX"© ,FKODXVFKWHLKUHU6WLPPHQDFKXQGDXFKGHQ(FKRV GHU6FKVVHGLHDOOHUGLQJVYHUVWXPPWZDUHQELVQRFKHLQH NXU]H6DOYHDXIGRQQHUWH8QGLQGLHVH'HWRQDWLRQHQKLQHLQ SHLWVFKWHPHLQ6FKX 'LHVHVSO|W]OLFKH$EGUFNHQZDUZLHHLQH5HIOH[EHZHJXQJ JHZHVHQQLFKWYRP+LUQJHVWHXHUWDEHUGLH.XJHOOLHVLFK QLFKWDXIKDOWHQ6LHIDQGWRGVLFKHULKU=LHO :LUNOLFKWRGVLFKHU" ,PHUVWHQ$XJHQEOLFNVDKHVVRDXVGHQQGDVJHZHLKWH 6LOEHUJHVFKRKLHELQGLH.|USHUPLWWHGHU'lPRQLQ /XSLQDVWDQGZLHHLQH(LQV ,FKKDWWHGDPLWJHUHFKQHWGDVLH]X%RGHQIDOOHQZUGH GLHVJHVFKDKMHGRFKQLFKW0HLQ*HVFKRKDWWHVLHZRKOHLQ 6WFNZHLWHU]XUFNJHWULHEHQELVJHJHQGLH:DQGDEHUGRUW KDWWHVLHVLFKQRFKIDQJHQN|QQHQ,KU.|USHUHU]LWWHUWH,FK VWDQGPLWVFKXEHUHLWHU:DIIHGDPHLQH/LSSHQZDUHQ YHU]RJHQPHLQ*HVLFKWPXWHHLQHQYHU]HUUWHQ$XVGUXFN ]HLJHQGHQQDOOGLH6SDQQXQJVSLHJHOWHVLFKDXILKPZLGHU GLHLQPHLQHP,QQHUQVWHFNWH 'DEHZHJWH/XSLQDLKUHPLW)HOOEHVHW]WHQ$UPH9RQ]ZHL 6HLWHQIXKUHQVLHDXIGDV/RFKGHU(LQVFKXVWHOOH]XXQGLFK KDWWHGDV*HIKODOVZROOWHVLHGDV*HVFKRZLHGHUDXVLKUHP .|USHU]HUUHQ 'DVNRQQWHVLHQLFKWVLHSUHWHQXUGLH+lQGHJHJHQGLH (LQVFKXVWHOOHXQGVFKWWHOWHSO|W]OLFKGHQ.RSIZREHLVLH HEHQIDOOVGLH/LSSHQLQGLH%UHLWH]RJXQGPLUGLHQlFKVWHQ :RUWH]LVFKHQGHQWJHJHQVFKOHXGHUWHª1HLQ-RKQ6LQFODLUVR QLFKW$XINHLQHQ)DOO6RELQLFKQLFKW]XW|WHQ1LHPDOV© :DVZDUHQGDVIU:RUWH"(LQ:HUZROIZLGHUVWDQGJH

ZHLKWHQ6LOEHUNXJHOQ" 0HLQ:HOWELOGJHULHWLQV:DQNHQ9HUGDPPWGDVGXUIWHHV QLFKWJHEHQ/XSLQDGXUIWHQLFKWPHKUOHEHQVLHPXWHWRW VHLQVLFKDXIO|VHQ]HUVW|UWZHUGHQ ,FKVFKWWHOWHGHQ.RSIKREQRFKHLQPDOGLH%HUHWWDHLQ ZHQLJDQXQGVFKRZLHGHU 'LFKWEHULKUHQDXIGHQ/HLEJHSUHWHQ+lQGHQWUDIGLH .XJHO6LHKLHEGXUFKGDVLP/LFKWGHUHLQ]LJHQ/DPSHHWZDV U|WOLFKVFKLPPHUQGH)HOOXQG/XSLQDVDFNWHLQGLH.QLH $EHUVLHILHOQLFKW (VZDUXQZDKUVFKHLQOLFKXQGDXFKXQJODXEOLFKGDVLH VLFKQRFKDXIGHQ%HLQHQKDOWHQNRQQWHQXULKU*HVLFKWYHU ]HUUWHVLFKZHLWHUDOVZUGHQGLH6FKPHU]HQLPPHUVWlUNHU 8QGGDQQODFKWHVLH(VZDUHLQH0LVFKXQJDXVUDXKHP .QXUUHQXQG+|OOHQJHOlFKWHU 0LUWULHEGLHVHV/DFKHQHLQH*lQVHKDXWEHUGHQ5FNHQ ,FKVFKWWHOWHPLFKDOVKlWWHPDQPLFKPLW:DVVHUEHJRVVHQ XQGNRQQWHQLFKWEHJUHLIHQGDVRHWZDVYRUPHLQHQHLJHQHQ $XJHQJHVFKDK ª6RQLFKW-RKQ6LQFODLU6RQLFKW©6LHlFK]WHVLHVW|KQWH DEHUVLHEOLHEDP/HEHQXQGEHZHJWHVLFKGLFKWDQGHU:DQG HQWODQJQDFKOLQNVYRQPLUZHJª,FKKDEHHVGLUJHVDJW© VWLHVLHVWRFNHQGKHUYRUª:LUVLQGVWlUNHUYLHOVWlUNHU *HPHLQVDPZHUGHQZLUHXFKYHUQLFKWHQ:LUGLH:|OIH 2UDSXOXQG© 'DZDUGHU1DPHLKUHV6RKQHVJHIDOOHQ2UDSXO +LPPHOQRFKPDOZDVKDWWHHUPLWGHU6DFKH]XWXQ",FK HULQQHUWHPLFKZLHGHU2UDSXOZDUHQWNRPPHQ:LUKDWWHQ DOOHDQJHQRPPHQGDHUGHQ7RGVHLQHU0XWWHU/XSLQD UlFKHQZUGH1XQKDWWHQGLHEHLGHQZLHGHU.RQWDNWDXI JHQRPPHQXQGJHPHLQVDPZDUHQVLHVWDUNQRFKVWlUNHUDOV /XSLQDDOOHLQ ª:DVLVWPLW2UDSXO"© ª'XDKQVWHVQLFKW-RKQ6LQFODLU'XZHLWQLFKWVJDU QLFKWVXQGGXZLUVWZHLWHUKLQQLFKWVZLVVHQGDVNDQQLFKGLU YHUVSUHFKHQ'LHhEHUUDVFKXQJHQQHKPHQIUGLFKNHLQ

(QGHXQGIUGLHDQGHUHQDXFKQLFKW6LHZHUGHQVFKUHFNOLFK VHLQEOXWLJXQGGXZLUVWGDVYHUGDPPWH%XFKGHUVLHEHQ 6LHJHODXFKQLFKWEHNRPPHQ:HQQLFKHVQLFKWNULHJH VROOHVNHLQHUKDEHQ6LHEHQ6LHJHOGHU0DJLH(LQVDEHUQXU GDVYLHUWHEHVFKlIWLJWVLFKPLWGHP.UHX]GDVYLHUWH -RKQ6LQFODLU© 'LHhEHUUDVFKXQJHQQDKPHQLQGHU7DWNHLQ(QGH'HQQ KHIWLJZXUGHGLH7UDXIJHVWRHQXQGPHLQQDFKGHQ 6FKVVHQDXIJHNHLPWHU9HUGDFKWEHVWlWLJWHVLFKYROO /DG\;ZDUGD 'RFKQLFKWDOOHLQ6LHKDWWH+HOIHUPLWJHEUDFKW$XV GHP5HLFKGHU6FKDWWHQZDUHQGLH'LHQHUGHV6SXNVHU VFKLHQHQ 1RFKQLHLQLKUHP/HEHQZDU0UV6DUDK*ROGZ\QDXVGHP )HQVWHULKUHVHLJHQHQ+DXVHVJHVSUXQJHQ'RFKZDVVHLQ PXWHGDVPXWHHEHQVHLQXQGVRQDKP/DG\6DUDKDXFK GLHVHVLQ.DXI 6LHVWLHVLFKYRQGHU)HQVWHUEDQNDEILHOXQGODQGHWHLP *Hl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|UWHGLH6WLPPHQDXVGHP]HUVW|UWHQ

)HQVWHUVFKDOOHQ /XSLQDXQG-RKQ6LQFODLUVWULWWHQVLFK *HVSDQQWZDUWHWHVLHDEZDVZRKOJHVFKHKHQZUGH REZRKOHVGDVEHVWHIUVLHJHZHVHQZlUHGLH)OXFKW]X HUJUHLIHQ 'RFKGLH1HXJLHUGHEHVLHJWHGLH$QJVW6LHZDUWHWHJHQDX VRODQJHDEELVGHUHUVWH6FKXILHO )U/DG\6DUDKZDUHUZLHHLQ6WDUWVLJQDO6LH]XFNWHLQGLH +|KHIUHLQHQ0RPHQWVFKWWHOWHVLHGLH$QJVWXQGXQEH ZXWOLHIVLHHLQLJH6FKULWWHYRU =XU+lOIWHKDWWHVLHGHQ*DUWHQGXUFKTXHUWDOVVLHGHQ ]ZHLWHQ6FKXYHUQDKP 'HU.ODQJKDWWHVLFKDQJHK|UWZLHEHLPHUVWHQHLQ%HZHLV IU0UV*ROGZ\QGDDEHUPDOV-RKQ6LQFODLUJHIHXHUWKDWWH :DU/XSLQDMHW]WHUOHGLJW"+DWWHHUHVJHVFKDIIWGLH.|QLJLQ GHU:|OIHHQGJOWLJ]XYHUQLFKWHQ" 0UV*ROGZ\QKRIIWHHVPLWNORSIHQGHP+HU]HQhEHU LKUHQ.|USHUUDQQHLQH*lQVHKDXWXQGVLHEHEWHLQQHUOLFK GDHVNODSSHQZUGH1RFKHLQPDOZROOWHVLH]XUFNGHU 9HUVWDQGDOOHUGLQJVVDJWHLKUGDGLHVHLQ)HKOHUJHZHVHQ ZlUH6LHGXUIWHMHW]WQLFKWDQ-RKQ6LQFODLUGHQ*HLVWHUMlJHU GHQNHQVRQGHUQDQGDV%XFK'LHVLHEHQ6LHJHOGHU0DJLH ZDUHQPRPHQWDQDPZLFKWLJVWHQ :lKUHQG/DG\6DUDKVLFKGXUFKGLH%VFKHZDQGXPGHQ VFKPDOHQPLW3ODWWHQEHOHJWHQ:HJ]XHUUHLFKHQKRIIWHVLH GDGHU*HLVWHUMlJHUHVWURW]DOOHU:LGULJNHLWHQVFKDIIHQ ZUGHGHQ)HLQG]XYHUQLFKWHQ8QGVLHGUFNWHDXFKGLH 'DXPHQIU6XNRGHQ&KLQHVHQGHQQQRFKVWDQGQLFKWIHVW GDHUWRWZDU 0UV*ROGZ\QHUUHLFKWHZHQLJVSlWHUGDV*DUWHQWRUXQG VWLHHVVRKHIWLJDXIGDHVKHUXPVFKZDQJXQGDQGHUDQGH UHQ6HLWHJHJHQGHQVFKPLHGHHLVHUQHQ=DXQVWLH 'LH+RUURU2PDEHWUDWGHQ*HKVWHLJ'RUWEOLHEVLHHUVW HLQPDOVWHKHQ:RKLQMHW]W" /DG\6DUDKZXWHGDGLH'lPRQHQEHU0LWWHOXQG:HJH YHUIJWHQMHGHQDXI]XVSUHQ,KUH0LWWHOUHLFKWHQVHKUZHLW

GDYRUIUFKWHWHGLHDOWH'DPHVLFKXQGZHQQVLHMHW]WIORK XQGVLFKLUJHQGZRYHUVWHFNWHGDQQZXWHDXFK-RKQ6LQFODLU QLFKWZRVLHVLFKEHIDQG 0UV*ROGZ\QVWDQGXQVFKOVVLJDXIGHP*HKVWHLJ6HOWHQ KDWWHVLHVLFKVRVFKOHFKWJHIKOWXQGVLHVFKLHOWHLPPHU ZLHGHU]XLKUHP+DXV6LHGDFKWHDXFKGDUDQ]X-RKQ 6LQFODLUV:RKQXQJ]XIDKUHQRGHUEHL6KDR8QWHUVFKOXSI ]XVXFKHQDEHUEUDFKWHVLHGLH&KLQHVLQGXUFKHLQHVROFKH 0DQDKPHQLFKWDXFKLQ*HIDKU" 1HLQGDVNRQQWHVLHDXINHLQHQ)DOOYHUDQWZRUWHQ(V PXWHQRFKHLQHDQGHUH0|JOLFKNHLWJHEHQ /DG\6DUDKNDQQWHVLFKLQGHU*HJHQGDXV6LHZXWHZHU LQGHQ+lXVHUQZRKQWHZHUPLWZHPYHUNUDFKWZDUXQG QLFKW)DVWMHGHQ7DJK|UWHVLHGHQ.ODWVFKGD]RJHLQHEHU GLHDQGHUHKHUXQGVRQQWDJVWDWHQVLHLPPHUVRDOVZlUH QLFKWVJHVFKHKHQ'DJLQJHQVLHLQGLH.LUFKHXQGZDUHQ 0RPHQWPDOGDFKWH/DG\6DUDK,QLKUHP*HKLUQPDFKWH HVSO|W]OLFKª.OLFN©$OVKlWWHMHPDQGLUJHQGHLQHQ6FKDOWHU EHWlWLJW(LQNXU]HV/lFKHOQJOLWWEHULKU*HVLFKWGHQQQXQ KDWWHVLHGDVULFKWLJH9HUVWHFNJHIXQGHQ (VZDUGLH.LUFKH :HQQ'lPRQHQYRULUJHQGHWZDV$QJVWKDWWHQGDQQ ZDUHQHVFKULVWOLFKH3OlW]HXQG2UWH,QGHU.LUFKHNRQQWHVLH 6FKXW]ILQGHQ8PGLHVH=HLWZDUVRZLHVRQLHPDQGGDXQG ZHQQGHU3IDUUHUNDPZDUHVDXFKQLFKWVFKOLPPGHQQPLW LKPVWDQGVLHDXIJXWHP)X6FKOLHOLFKZDUVRPDQFKH 6SHQGHYRQLKULQGLH.LUFKHQNDVVHJHIORVVHQ 'LH+RUURU2PDKDWWHGHQ*HGDQNHQNDXP]X(QGH JHGDFKWDOVVLHDXFKVFKRQGLH6WUDHEHUTXHUWH(VlUJHUWH VLHGDVLHZHGHULKUHQ6WRFNQRFKGLH+DQGWDVFKHEHLVLFK WUXJDEHULQGLHVHP)DOOPXWHHVDXFKPDORKQHJHKHQ $XIGHUDQGHUHQ6HLWHVWDQGHQHEHQIDOOVGLHDOWHQJXWUHQR YLHUWHQ+lXVHU /DG\6DUDKNDQQWHHLQHQ6FKOHLFKZHJ(LQVFKPDOHU3IDG ZDQGVLFK]ZLVFKHQ]ZHL+lXVHUQKLQGXUFK:HQQVRQQWDJV GLH*ORFNHQOlXWHWHQZXUGHHUYRQGHQPHLVWHQ.LUFK

JlQJHUQEHQXW]WGHQQHUIKUWHDQNOHLQHQ*lUWHQYRUEHLELV HUVFKOLHOLFKDXIGHP3ODW]PQGHWHZRGLH.LUFKH VWDQG 8PGLHVH=HLWZDUGHU:HJOHHU /DG\6DUDKKDVWHWHLKQHQWODQJGDVEULVDQWH%XFKKDWWHVLH XQWHUGHQ$UPJHNOHPPW6LHZROOWHHVXQWHUNHLQHQ 8PVWlQGHQYHUOLHUHQXQGKLHOWHVHLVHUQIHVW 'LHVHV%XFKZDU-RKQ6LQFODLUV/HEHQVYHUVLFKHUXQJ:HQQ HUVFKRQQLFKWGD]XNDPHV]XOHVHQGDQQZROOWHVLHHV ZHQLJVWHQVYHUVXFKHQDXFKZHQQHVLKUJURH0KHEHUHLWHQ ZUGH 'LH*lUWHQQDFKGHQ+lXVHUQNDPHQLKUSO|W]OLFKXQKHLP OLFKYRULQGHUKHUUVFKHQGHQ'XQNHOKHLW6RQVWKDWWHHVLKUQLH HWZDVDXVJHPDFKWGHQ:HJ]XEHQXW]HQDEHUXPGLHVH=HLW XQGPLWGHP:LVVHQHLQHUJHIlKUOLFKHQ0DJLHLQLKUHP 5FNHQZDUHVGRFKHWZDVDQGHUHV-HGHQ6FKULWWEHUOHJWH VLHVLFK 'LHDQGHQ6HLWHQZDFKVHQGHQ%lXPHPLWLKUHQDXVODGHQ GHQbVWHQXQG=ZHLJHQZDUHQZLH*HVSHQVWHUGHU1DFKW VFKLHQHQHLQHLJHQHV/HEHQ]XKDEHQXQGLQGHQXQWHUGHQ %DXPNURQHQZDFKVHQGHQ%VFKHQODXHUWHQGLH*HLVWHU GHU1DFKW /DG\6DUDKELOGHWHVLFKHLQH6LQIRQLHGHV6FKUHFNHQVHLQ ,UJHQGZDQQVFKWWHOWHVLHEHUVLFKVHOEVWGHQ.RSIXQG IOVWHUWHª/DGLFKQLFKWYHUUFNWPDFKHQDOWHV0lGFKHQ 'LHVHSDDU
EHVWUHXWZRUGHQVRGDGLH6FKULWWHGHU+RUURU2PDNQLUVFK WHQDOVVLHGDUEHUKLQZHJJLQJ6LHlUJHUWHVLFKEHUGDV *HUlXVFKDEHUVLHNRQQWHHVQLFKWYHUPHLGHQDXFKZHQQVLH VLFKYRU:XWDXIGLH/LSSHQEL hEHUGHUVFKPDOHQ(LQJDQJVWUODJVFKZDFKHU/LFKWVFKHLQ 'LH/DPSHZDUDEJHVFKLUPWXQGEOHQGHWHQLFKW'HVKDOEQXU GDVZHQLJH/LFKW /DG\6DUDKVFKDXWHVLFKYRUVLFKWLJXPDOVVLHVLFKGHU .LUFKHQlKHUWH %LVKHUKDWWHVLHNHLQHQ*HJQHUHQWGHFNHQN|QQHQXQGGDV VHW]WHVLFKDXFKIRUW1LHPDQGYHUIROJWHVLHRGHUODXHUWHLKU DXI(VEOLHEUXKLJ$XVGHU)HUQHK|UWHVLHHLQ5DXVFKHQ(V NODQJYRQHLQHUVWDUNEHIDKUHQHQ6WUDH]XLKUKHUEHUGLH HLQ]LJHQ*HUlXVFKHQHEHQLKUHQ6FKULWWHQ 'HU3IDUUHUVFKLHQQLFKWLP+DXV]XVHLQ-HGHQIDOOVHQW GHFNWHVLHKLQWHUGHQ6FKHLEHQGHV3IDUUKDXVHVNHLQHQ /LFKWVFKHLQ6RUDVFKHVJLQJEHUTXHUWH/DG\6DUDKGHQ 3ODW]YRUGHU.LUFKHXPGHQ(LQJDQJ]XHUUHLFKHQ9LHUEUHL WH6WXIHQPXWHVLHQHKPHQXPDQGLH+DXSWWU]XJHODQ JHQ+LHUZXUGHVLHYRP/LFKWGHUEHUGHP(LQJDQJKlQ JHQGHQ/DPSHJHWURIIHQ6HOWVDPIDKOZLUNWHLKUH+DXWLQ GHUGLH$XJHQ]ZHLGXQNOH3XQNWHZDUHQ/DG\6DUDKIURULQ LKUHP.OHLG6LHKRIIWHGDHVLQGHU.LUFKHHWZDVZlUPHU ZDU 'DQQVWUHFNWHVLHGHQ$UPDXVXQGOHJWHHLQH+DQGDXIGLH .OLQNHGHU7U(VZDUHLQHDOWH.OLQNHDXV*XHLVHQOHLFKW JHERJHQ ,PPHUZDUGLH7URIIHQJHZHVHQDXVJHUHFKQHWDQGLHVHP $EHQGIDQG/DG\6DUDKVLHYHUVFKORVVHQ 'DVZDUIUGLH+RUURU2PDHLQHKHUEH(QWWlXVFKXQJ 'DPLWKDWWHVLHQLFKWJHUHFKQHW6LHEHNDP]ZDUQLFKWGDV JURH1HUYHQIODWWHUQDEHUVLHZXWHQLFKWPHKUJHQDXZLH HVZHLWHUJHKHQVROOWH:RVROOWHVLHGHQQMHW]WKLQ"'LH.LUFKH ZDULKUDOVHLQ]LJHU=XIOXFKWVRUWHLQJHIDOOHQ 6LHYHUVXFKWHHVQRFKHLQPDOXQGKDWWHDEHUPDOVNHLQHQ (UIROJ'DQQWUDWVLH]XUFNJLQJGLH6WXIHQKLQXQWHUEOLHE

YRUGHU7UHSSHVWHKHQXQGEHJDQQPLWGHU6XFKH9LHOOHLFKW JDEHVHLQHQYHUVWHFNWHQ6FKOVVHOGHQGHU.VWHULQ5HVHUYH OLHJHQKDWWH 6RVHKUVLHVLFKDXFKEHPKWHVLHIDQGQLFKWV1XUDP +LPPHOVDKVLHGLHGVWHUHQ1DFKWZRONHQGLHGHU:LQG ODQJVDPLQ5LFKWXQJ2VWHQWULHE 'LH+RUURU2PDEHUOHJWHZDVVLHMHW]WQRFKWXQNRQQWH :LHGHU]XUFN"$XINHLQHQ)DOO1HLQGLHVH1DFKWEHU ZROOWHVLHVLFKYHUVWHFNHQHVPXWHQRFKHLQHQ]ZHLWHQ (LQJDQJLQGLH.LUFKHJHEHQ(LQHQ1HEHQHLQJDQJ 'HQZROOWHVLHVXFKHQ'LH+RUURU2PDKDWWHGHQ *HGDQNHQNDXPDXVJHIKUWDOVVLHVLFKDXFKVFKRQLQ %HZHJXQJVHW]WHXQGOLQNVXPGLH.LUFKHKHUXPVFKULWW 'LHVFKPDOH7UIDQGVLHVFKQHOOXQGGLHVPDOKDWWH/DG\ 6DUDK*ROGZ\Q*OFN 6LHNRQQWHGLH7U|IIQHQ (LQ6WHLQILHOLKUYRP+HU]HQZlKUHQGHLQEHIUHLHQGHV /lFKHOQEHULKU*HVLFKWKXVFKWH0LWGHPDQJHZLQNHOWHQ )LQJHUZLVFKWHVLHVLFKHWZDV)OVVLJNHLWDXVGHQ$XJHQ EHYRUVLHLKUHQHUVWHQ6FKULWWLQGLHNOHLQH.LUFKHVHW]WH (VEUDQQWHNHLQHOHNWULVFKHV/LFKW1XUGLHKRKHQZHLHQ .HU]HQGLHLQVFKPLHGHHLVHUQHQ+DOWHUQVWHFNWHQ'XUFKGDV gIIQHQGHU7UZDUHLQ/XIW]XJHQWVWDQGHQGHUZLHHLQ +DXFKEHUGLH.HU]HQVWULFKXQG)ODPPHQ]XP)ODFNHUQ EUDFKWH *HLVWHUKDIWEHZHJWHQVLHVLFK6FKDWWHQHQWVWDQGHQGLHEHU GLH:lQGHKXVFKWHQXQGGRUWHLQHQJHVSHQVWLVFKHQ5HLJHQ WDQ]WHQ 6DUDK*ROGZ\QEHIDQGVLFKLQHLQHUJURHQ1LVFKHGLH GLUHNWKLQWHUGHU7UEHJDQQ1DFK]ZHL6FKULWWHQKDWWHVLH GLH1LVFKHYHUODVVHQXQGVWDQGQXQLQGHP+DXSWVFKLII9RU VLFKVDKVLHGLH%UHLWHGHUGXQNOHQ%DQNUHLKHQ(VJDEQXU EUHLWH6LW]UHLKHQLQGHU.LUFKHNHLQ0LWWHOJDQJWHLOWHVLHZLH EHLDQGHUHQ.LUFKHQ $XI=HKHQVSLW]HQJLQJGLHDOWH'DPHZHLWHU6LHJHULHWLQ GHQ6FKHLQGHU.HU]HQZREHLLKU.|USHUDOV6FKDWWHQDXIGHQ

%RGHQJH]HLFKQHWZXUGH (VZDUKLHUHEHQIDOOVNKO6RJDUQRFKNKOHUDOVGUDXHQ XQGHLQ)U|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lFKWLJHV+RO]NUHX](VVWDQGDXIHLQHPPDU PRUQHQ6RFNHOZDUVHKUDOWXQG/DG\6DUDKKDWWHHVVFKRQ GHV|IWHUHQEHZXQGHUW'LHVHV.UHX]IO|WHLKULUJHQGZLH 9HUWUDXHQHLQVHLQ$QEOLFNOLHVLHGHQHUOHEWHQ6FKUHFNHQ YHUJHVVHQ 'DV%XFKKDWWH/DG\6DUDKDXIGLH.QLHJHOHJW6WXUVFKDX WHVLHDXIGDVJHZDOWLJH.UHX]KLQWHUGHPVLFKHWZDIQI ODQJH6FKULWWHHQWIHUQWGHUHLJHQWOLFKH$OWDUEHIDQG 'DV.HU]HQOLFKWVFKXIHLQGLIIXVHV'lPPHU.HLQ/LFKW]XP /HVHQGDVVWHOOWHGLH+RUURU2PDVHKUVFKQHOOIHVWDOVVLHGDV %XFKDXINODSSWH 'LH6SUDFKHZDULKUXQEHNDQQW/DG\6DUDKPHUNWHHVDEHU PDOVDOVVLHGLHHUVWH6HLWHOHVHQZROOWH 'DVZDUQLFKW/DWHLQXQGDXFKQLFKW*ULHFKLVFK9LHOOHLFKW ZDUYRQEHLGHPHWZDVYRUKDQGHQOHVHQXQGYHUVWHKHQNRQQ WHVLHHVMHGHQIDOOVQLFKW(VJDEDXFKNHLQHUOHL+LQZHLVHEHU GLHRGHUGHQ9HUIDVVHUVLHVDKQXUGLH(LQWHLOXQJGHUHLQ]HO QHQ.DSLWHO 1HLQGDPLWNRQQWHVLHQLFKWYLHODQIDQJHQ $EHUGLH$EELOGXQJHQLQWHUHVVLHUWHQVLH

'HU7HXIHOZDURIW]XVHKHQ ,KUUDQQHLQ6FKDXHUEHUGHQ5FNHQDOVVLHLKQLQVHLQHU VFKUHFNOLFKHQ*HVWDOWVDK,PHUVWHQ.DSLWHOLPHUVWHQ6LHJHO DOVRVWDQGHUGDDOV6LHJHU(UWULXPSKLHUWHEHUGLH 0HQVFKHQGLHVLFKYRULKP]X%RGHQJHZRUIHQKDWWHQ /DG\6DUDKVFKWWHOWHVLFKXQGEOlWWHUWHUDVFKZHLWHU'DV ZROOWHVLHJDUQLFKWVHKHQ(VLQWHUHVVLHUWHVLHYLHOPHKUGDV .DSLWHOGDVVLFKPLWGHP.UHX]GHV-RKQ6LQFODLUEHIDWH (VZDUGDVYLHUWH6LHJHOZLH/DG\6DUDKGHP,Q KDOWVYHU]HLFKQLVHQWQDKP6LHVFKOXJHVDXI 7LHIDWPHWHVLHHLQDOVVLHGLH:RUWHEXFKVWDELHUWHPLW GHQHQGLH$XI]HLFKQXQJHQEHJDQQHQ%HLP]ZHLWHQ:RUW VWXW]WHVLHEHUHLWV'DVNDQQWHVLHGHQQHVVWDQGGRUWGHU %HJULII0DNNDElHU]XOHVHQ (VZDUODQJHKHUGD/DG\6DUDKHLQH6FKXOHEHVXFKWKDWWH DEHUPLWGHP%HJULII0DNNDElHUNRQQWHVLHVHKUZRKOHWZDV DQIDQJHQ6LHKDWWHYRQGLHVHU6HNWHJHK|UWHLQHUFKULVWOLFKHQ 6HNWHGLHVLFKGDPDOVYRQGHUHLJHQWOLFKHQ.LUFKHDEVSDOWHWH XQGLPKHXWLJHQVGOLFKHQ5XODQGXQGDXFKLQ.OHLQDVLHQ HLQHQHXH+HLPDWIDQG 8QGGLH0DNNDElHUKDWWHQVLFKGLH6|KQHGHV/LFKWV JHQDQQW'LH9HUELQGXQJZDUHLQIDFKPDQPXWHQXUGDUDXI NRPPHQ$OOHUGLQJVVWHOOWHVLFKGLH(UNOlUXQJIU/DG\6DUDK VHKUNRPSOL]LHUWGDU:LHEUDFKWHVLHGLH0DNNDElHUPLW-RKQ 6LQFODLULQ(LQNODQJ":HOFKH9HUELQGXQJJDEHV]ZLVFKHQ LKQHQEHLGHQ" ,QVWLQNWLYVSUWH/DG\6DUDKGDVLHDQHLQHP :HQGHSXQNWVWDQG6LHKLHOWGLH/|VXQJGHV5lWVHOVLQGHQ +lQGHQ6LHPXWHQXUEHJUHLIHQXQG]XSDFNHQ 6LHDWPHWHVFKQHOOHU'DEHLVDFNWHVLHQDFKYRUQ6FKZHL VWDQGSO|W]OLFKDXILKUHU6WLUQ-HW]WHUVWZDUVLHVLFKGHU 9HUDQWZRUWXQJEHZXWGLHVLHLQGHQ+lQGHQWUXJXQG GLHVH/DVWGUFNWHVFKZHU :LVVHQNRQQWHJHIlKUOLFKVHLQGDVZXWHGLH+RUURU2PD XQGXQEHZXWVFKDXWHVLHVLFKVFKHXXP 'LH.LUFKHKDWWHNHLQHJURHQGDIUODQJJH]RJHQHVFKPD

OH)HQVWHUGLHLQQHUKDOEGHV0DXHUZHUNVZLHEUHLWH6WUHLIHQ ZLUNWHQ'DV*ODV]HLJWHHLQHQJUDXHQ6FKLPPHUXQGDXFK NHLQH)LJXUHQRGHUEXQWH6FKHLEHQVWFNHZLHPDQVLHYRQ DQGHUHQ.LUFKHQIHQVWHUQKHUNDQQWH$QLKUHU2EHUVHLWH OLHIHQGLH)HQVWHUUXQG]XXQGGRUWHQWGHFNWH/DG\ 6DUDK*ROGZ\QHV]XHUVW (VZDUHLQJUQHV/LFKW ,Q)HQVWHUK|KHVFKLPPHUWHHVXQGEHZHJWHVLFKXQUXKLJ 'DV/LFKWZDU]XYRUQLFKWGDJHZHVHQ/DG\6DUDK*ROGZ\Q ZXWHHVJDQ]JHQDXXQGVLHIUDJWHVLFKPLWNORSIHQGHP +HU]HQZDVGDVEHGHXWHQNRQQWH :DUPDQLKUEHUHLWVDXIGHU6SXU" /DG\6DUDKHUKREVLFKDXVLKUHUVLW]HQGHQ3RVLWLRQ'LH +lQGHGLHGDVVRZHUWYROOH%XFKKLHOWHQ]LWWHUWHQ$XI LKUHP*HVLFKWPDOWHQVLFK$QJVW6FKUHFNHQXQG8QJODXEHQ DE1HUY|V]XFNWHVLHPLWGHQ$XJHQ)XUFKWNDPZLHHLQ VFKOHLFKHQGHV*LIWXQGVHW]WHVLFKLQLKUHQ.|USHU(VWULHE KRFKGXUFKGLH$GHUQUDXVFKWHLQLKUHP.RSIZRGDV%OXW DQILQJ]XEUDXVHQ :DUPDQLKUEHUHLWVDXIGHU6SXU"+DWWHQGLH*HJQHUIHVW JHVWHOOWZRVLHVLFKDXIKLHOW" 'DQQILHOLKU%OLFNDXIGHQ8PVFKODJGHV%XFKHV 'LHVPDONRQQWHVLHHLQHQOHLVHQ6FKUHLGHV(QWVHW]HQVQLFKW XQWHUGUFNHQ'LH7HXIHOVIUDW]HQDXIGHP'HFNHOKDWWHQLKUH )DUEHYHUlQGHUW6LHJOKWHQLQHLQHPGXQNOHQ5RWLQGDV VLFKHLQYLROHWWHU)DUEWRQPLVFKWH 'XUFKGLH1DVHKROWH/DG\6DUDK$WHP(LQ6FKDXHUUDQQ EHULKUHQ5FNHQVLHIURUXQGVFKZLW]WH]XUVHOEHQ=HLW GHQQVLHPHUNWHGDHLQLJHVQLFKWVWLPPWH ,QQHUKDOEGHU.LUFKHKDWWHVLFKQLFKWVYHUlQGHUWDEHUKLQWHU GHQ0DXHUQODXHUWHGDV%|VH $EHUPDOVVFKDXWHVLH]XGHQ)HQVWHUQKRFKXQGVWHOOWHIHVW GDVLFKGHU6FKHLQQLFKWYHUlQGHUWKDWWH1DFKZLHYRUZDU HUGRUW]XVHKHQIDVWJLIWJUQVHOEVWGXUFKGLHJUDXHQ 6FKHLEHQ]XHUNHQQHQ -DVLHZDUHQGD

/DG\6DUDKV)XUFKWYHUVWlUNWHVLFK'LHHUVWHQ9RUZUIH NDPHQDXWRPDWLVFK6LHKlWWHGRFKQLFKWLQGLH.LUFKHJHKHQ VROOHQGLHVH6LFKHUKHLWZDUWUJHULVFK 8QGZLHWUJHULVFKXQGIDOVFKVLHZDUGDVPHUNWHVLHVHKU VFKQHOOGHQQEHULKUHP.RSIWDWVLFKHWZDV 'LH6WHLQHDQGHU'HFNHEHJDQQHQ]XNQLUVFKHQ6LHULHEHQ JHJHQHLQDQGHUXQGGLH.LUFKHZXUGHLQLKUHQ*UXQGIHVWHQ HUVFKWWHUW *OHLFK]HLWLJYHUQDKPVLHHLQ+HXOHQGDVYRQ6HNXQGH]X 6HNXQGHODXWHUZXUGHXQGQXUYRQGHP3ODW]HQGHU )HQVWHUVFKHLEHQEHUW|QWZXUGH 'DV*ODVUHJQHWHLQGLH.LUFKHGHUJUQH6FKHLQZXUGH QRFKLQWHQVLYHUHUYHUVWlUNWHVLFKVRVHKUGDHUDXFKLQGDV ,QQHUHGHUNOHLQHQ.LUFKHILHO 6WDXQHQGXQGYRQ$QJVWHUIOOWVWDQG/DG\6DUDK*ROGZ\Q GDVFKDXWHJHJHQGLH'HFNHGHU.LUFKHXQGPXWHPLWDQ VHKHQZLHGLHVHSO|W]OLFKZHJVFKPRO] 'LH6WHLQHYHUJLQJHQGLH0DXHUQVFKPRO]HQGXUFKHLQH XQKHLPOLFKH.UDIWXQG/DG\6DUDKGLHVFKUHFNHQVVWDUUDXI GHU6WHOOHVWDQGVDKZHLWEHUVLFKDPQDFKWGXQNOHQ+LPPHO HLQHJHZDOWLJHQRFKGXQNOHUHXQKHLPOLFKH*HVWDOW (VZDUGHU6SXN 3O|W]OLFKEHJDQQHLQ,QIHUQR 6XNRGHUQRFKLPPHU]LHPOLFKGRZQZDUNRQQWHHVQLFKW JHQDXQDFKKDOWHQREZRKOHUVLFKLP0LWWHOSXQNWEHIDQG 0LWHLQHP6FKUHLILQJHVDQ .HLQ:HUZROIKDWWHLKQDXVJHVWRHQVRQGHUQHLQH)UDX /DG\;GLHZLHHLQILQVWHUHU5DFKHHQJHODXIGHU7UHSSH VWDQGXQGGLH0DVFKLQHQSLVWROHLP+IWDQVFKODJKLHOW 6LHKDWWHGLH:DIIHPLW6LOEHUNXJHOQJHODGHQGHQ0XQG YHU]RJHQGDPLWLKUH9DPSLU]lKQH]XVHKHQZDUHQXQGVLH VFKDXWHPLWHLQHPNDOWHQJQDGHQORVHQ%OLFNLQGLH7LHIHZR VLFKGLHGUHL:|OIHXQG6XNRGHU&KLQHVHEHIDQGHQ 'DQQVFKRVLH

'LH6HULHGHU6FKVVHEHOIHUWHWURFNHQDXIGRFKLQQHUKDOE GHVHQJHQ+DXVIOXUVZXUGHVLH]XHLQHUP|UGHULVFKHQ 7RGHVPHORGLH'RQQHUQGH(FKRVKDOOWHQYRQGHQ:lQGHQ ZLGHUYHUHLQLJWHQVLFK]XSHLWVFKHQGHQ6FKOlJHQXQGGLH 9DPSLULQVDKPLW*HQXJWXXQJZLHLKUH6LOEHUJHVFKRVVHDXI UlXPWHQ 'HUHUVWH:HUZROINDPEHUKDXSWQLFKWPHKUGD]XHWZDV ]XXQWHUQHKPHQ'LH*DUEHWUDILKQYROOVFKPHWWHUWHLKQ]X %RGHQXQGVFKOHXGHUWHLKQGXUFKGHQHQJHQ+DXVIOXU 'LFKWYRUGHU7UEOLHEHUOLHJHQ /DG\;ZDUHLQH6WXIHWLHIHUJHJDQJHQ+LHUKDWWHVLHHLQH QRFKEHVVHUH6FKXSRVLWLRQZlKUHQGGLHEHLGHQVLHEH JOHLWHQGHQ'LHQHUGHV6SXNVXQEHZHJOLFKVWDQGHQXQGLKUH 3UDQNHQXPGLH/DQ]HQVFKlIWHJHNODPPHUWKLHOWHQ 'LH6FRWWVFKZHQNWHGLH:DIIH 'DVZDUGHU0RPHQWDOVGHU:HUZROI6XNRORVOLHXQGVLFK GHPQHXHQ*HJQHU]XZDQGWH 'HP&KLQHVHQZDUNODUGDHUVRJXWZLHNHLQH&KDQFH KDWWH9RUDOOHQ'LQJHQQLFKWZHQQHUVWHKHQEOLHE(UOLH VLFKIDOOHQDOVKlWWHPDQLKPGLH%HLQHZHJJHULVVHQ 'DVZDUVHLQ*OFNGHQQ/DG\;KDWWH]XP]ZHLWHQPDO GHQ6WHFKHU]XUFNJH]RJHQ :LHGHUKlPPHUWHGLH:DIIH .XJHOQSILIIHQ]RJHQLKUHW|GOLFKHQ%DKQHQXQGIDQGHQ WUHIIVLFKHULKU=LHO 'HU:HUZROIGHU6XNRKDWWHW|WHQZROOHQZXUGHVHOEVW YHUQLFKWHW0HKUHUHJHZHLKWH*HVFKRVVH]HUVW|UWHQVHLQHQ .RSIXQGVHLQ7RUVRNLSSWH]XU6HLWH %OLHEQRFKGHUGULWWH 9LHOOHLFKWKlWWHHUIOLHKHQN|QQHQDEHUHUEHJLQJGHQ)HKOHU XQGZROOWH/DG\;DQGHQ.UDJHQ0LWODQJHQ6FKULWWHQKHW] WHHUGLH6WXIHQKRFKHUEDXWHDXIVHLQH.UDIWXQGVHLQHQ :LOOHQXQGZROOWHGLH9DPSLULQ]HUUHLHQ hEHU6XNRVSUDQJHUKLQZHJVHLQ0DXOZDUDXIJHULVVHQ *HLIHUVFKlXPWHYRUGHP*HEL 'LH0RQVWHUKREHQEHUHLWVLKUH/DQ]HQXPVLHGHU%HVWLH

HQWJHJHQ]XVFKOHXGHUQGRFK/DG\;ODFKWHQXUª1HLQ© VFKULHVLHª'DVHUOHGLJHLFK(UJHK|UWPLU© 8QGVLHVFKR 7DFNWDFNWDFNGLH:DIIHKlPPHUWHVLHWDQ]WHLQGHQ )lXVWHQGHU8QWRWHQGLHEUHLWEHLQLJXQGYHU]HUUWJULQVHQG DXIGHU6WXIHVWDQG(LQHVLOEULJVFKLPPHUQGH6SXUVFKLHQHQ GLH.XJHOQKLQWHUVLFK]XODVVHQEHYRUVLHGHQ.|USHUGHV GULWWHQ:HUZROIVWUDIHQXQGLKQPLWLKUHU0DJLH]HUVW|UWHQ 'LH%HVWLHZXUGHJHVWRSSW3O|W]OLFKZDUVLHQLFKWPHKULQ GHU/DJHYRUDQ]XJHKHQ,KUJHZDOWLJHU.|USHU]XFNWHQRFK HLQPDOKRFKVLHEUHLWHWHGLH$UPHDXVZROOWHLUJHQGZR+DOW ILQGHQDEHUGDZDUQLFKWVZRUDQVLHVLFKNODPPHUQNRQQWH GHQQGDV*HOlQGHUYHUIHKOWHVLH 7|GOLFKJHWURIIHQNLSSWHGHU:HUZROI]XUFNSUDOOWHDXI GLH6WXIHQXQGVWU]WHNRSIEHUSROWHUQGXQGDXV]DKO UHLFKHQ:XQGHQEOXWHQGGLH7UHSSHKLQDE 'DV$XVIULKQ 'HU=XIDOOZROOWHHVGDHUGRUWOLHJHQEOLHEZRVLFK6XNR EHIDQG'HUVFKZHUH:ROIVN|USHUILHODXIGHQGHV&KLQHVHQ XQGGHFNWHLKQQRFKLP7RGDE $XFK6XNREOLHEVWLOOOLHJHQ(UZDU]ZDUQRFKQLFKWZLHGHU ILWDEHUHUKDWWHVLFKLQGHQOHW]WHQVFKUHFNOLFKHQ6HNXQGHQ ZLHGHUHUKROW=LWWHUQGZDUWHWHHUDXIGDVZDVQRFKIROJHQ ZUGH ª(UOHGLJW©VDJWHGLH9DPSLULQNDOWXQGODFKWHEHOOHQGª6R PDFKWPDQGDV$EHUZLUVLQGQRFKQLFKWIHUWLJ:LUZHUGHQ XQVDOOHKROHQDOOH9HUVWDQGHQ"© 6XNRNRQQWHQLFKWYHUVWHKHQREGLH0RQVWHULUJHQGHWZDV DQWZRUWHWHQHUZXWHQXUGDHUDOVHLQ]LJHUEHUOHEWKDWWH 1RFKEHUOHEWGHQQGLH9DPSLULQKDWWHLKQVLFKHUOLFKQLFKW YHUJHVVHQ 'DQQGU|KQWHHWZDVGXPSILQVHLQHQ2KUHQ=XHUVWZXWH GHU,QVSHNWRUQLFKWZDVHVZDUELVLKPNODUZXUGHGDHV QXUGLH6FKULWWHGHU/DG\;VHLQNRQQWHQGLHGLH7UHSSHKLQ XQWHUVWLHJ 6XNRKDWWHHLQH*DOJHQIULVWYRQ6HNXQGHQ6HLQHU:DIIHQ

ZDUHUEHUDXEWZRUGHQDOVHLQ]LJHV+LOIVPLWWHOVWDQGLKPGHU 6WDEGHV%XGGKD]XU9HUIJXQJ ,KQPXWHHUHLQVHW]HQ (VEHUHLWHWHLKP0KHVHLQHQUHFKWHQ$UP]XEHZHJHQ XQGGLH+DQGXQWHUVHLQH-DFNH]XVFKLHEHQGHQQGDV *HZLFKWGHV:HUZROIVODVWHWHVFKZHUDXILKP 6XNRELGLH=lKQH]XVDPPHQ(ULJQRULHUWHGLH 6FKPHU]HQLQVHLQHP.RSIXQGGDFKWHQXUDQGLHYRULKP OLHJHQGH$XIJDEH(UPXWHHVVFKDIIHQVRQVWZDUHQVHLQH OHW]WHQ6HNXQGHQJH]lKOW 'LH6FKULWWHYHUVWXPPWHQ /DG\;VWDQGQHEHQLKPXQGVLHEFNWHVLFK6XNRPHUNWH HVGDUDQGDLKUH6WLPPHODXWHUZXUGH ª'DOLHJWMDGHU&KLQHVH©VWHOOWHVLHODFKHQGIHVWª8QGZLH PLUVFKHLQWLVWHUZHKUORV:HOFKHLQH)UHXGHIUPLFK$XI VRHLQH&KDQFHKDEHLFKODQJHJHZDUWHW©6LHODFKWHZLHGHU XQGVWLH6XNRPLWGHP)XJHJHQGLH:DGHª'XKDWWHVW EHUHLWVPLWGHLQHP/HEHQDEJHVFKORVVHQ&KLQHVHXQGGDV ZDUDXFKJXWVR'XEUDXFKVWHUVWJDUQLFKWXP]XGHQNHQ'HU HLQ]LJH8QWHUVFKLHGZLUGVHLQGDGXQLFKWGXUFKGLH=lKQH HLQHV:HUZROIVVWLUEVWVRQGHUQXQWHUGHQJHZHLKWHQ 6LOEHUNXJHOQHLQHU0DVFKLQHQSLVWROH1DZLHJHIlOOWGLU GDV"© 6XNRVDJWHQLFKWV(UZDUIURKGDGHU:HUZROILKQYHU GHFNWHGHQQHVZDULKPWDWVlFKOLFKJHOXQJHQGHQ6WDEKHU YRU]XKROHQ:LHHLQHQOHW]WHQ5HWWXQJVDQNHUXPNODPPHUWH HULKQXQGHUPXWHJHQDXDFKWJHEHQGXUIWHVHLQH&KDQFH XP+LPPHOVZLOOHQQLFKWYHUVWUHLFKHQODVVHQ :UGHGLH9DPSLULQGXUFKGHQWRWHQ:HUZROIVFKLHHQ GHUEHULKPODJ"1HLQGHQQVLHEHIDKOGHQ6SXNGLHQHUQ GHQ.DGDYHUZHJ]XUlXPHQª6FKDIIW3ODW]IUGLH.XJHOQ© ]LVFKWHVLH (VGDXHUWHQXU6HNXQGHQGDQQKDWWHQGLH0RQVWHUGHQ .DGDYHU]XU6HLWHJHVFKOHXGHUW6XNRK|UWHZLHHUKLQWHULKP GXPSIDXIVFKOXJ(UVHOEVWKDWWHVLFKQLFKWJHUKUW0LW NHLQHP=HLFKHQZROOWHHUGHU6FRWW]XHUNHQQHQJHEHQGDHU

MHGHVLKUHU:RUWHYHUVWDQGHQKDWWH6LHVROOWHLKQUXKLJIU EHZXWORVKDOWHQ ª'DVKDEHLFKPLUVFKRQLPPHUJHZQVFKWGLFKVROLHJHQ ]XVHKHQ©]LVFKWHVLHXQGWUDWQRFKHLQPDO]X (VZDUHLQJHPHLQHU7ULWWGRFK6XNREHUVWDQGLKQLQGHP HUGLH=lKQH]XVDPPHQELXQGGDUDQGDFKWHGDHVKLHU XQGMHW]WXPVHLQ/HEHQJLQJ ª$OVRGHQQ©VDJWH/DG\; +lWWHVLHHLQHQ6FKDWWHQJHZRUIHQKlWWH6XNRLKQHYHQWXHOO VHKHQN|QQHQVRDEHUPXWHHUDXIVHLQ*OFNXQGVHLQH ,QWXLWLRQYHUWUDXHQZHQQHUUHDJLHUWH(UULVNLHUWHHV 8QGGHU5XIGUDQJZLHGHUDOOHUOHW]WH+RIIQXQJVIXQNHEHU VHLQH/LSSHQ(UZDUQLFKWODXWDXVJHVWRHQZRUGHQ6XNR ZDUGD]XEHUKDXSWQLFKWLQGHU/DJHDEHUHUZXUGHYRQ /DG\;JHK|UW 6LHHUVWDUUWH$XFKGLH0RQVWHUKDWWHGDVYRQ6XNRJHUXIH QH:RUW!7RSDU]XU%HZHJXQJVXQIlKLJNHLWYHUGDPPW1XU HUDOOHLQNRQQWHVLFKEHZHJHQXQGGLHVOHLGHUQXUIUGLH =HLWVSDQQHYRQIQI6HNXQGHQGDQQZDUDOOHVYRUEHL )UIQI6HNXQGHQZXUGHGLH=HLWDQJHKDOWHQOlQJHU QLFKW (LQ0DQQGHUN|USHUOLFKILWZDUKlWWHLQGLHVHU=HLWVSDQQH YLHOHVJHVFKDIIWDEHU6XNRZDUQLFKWDXIGHU+|KHGDVPHUN WHHUDOVHUDXIGLH)HVSUDQJ (VZDUHLQ7DXPHOQ6FKZDQNHQXQG7RUNHOQ%LVJHJHQGLH )OXUZDQGSUDOOWH6XNRHUYHU]RJGDV*HVLFKWULVLFKQRFK HLQPDO]XVDPPHQXQGVFKDIIWHHVWDWVlFKOLFKDXIGHQ%HLQHQ ]XEOHLEHQ 6XNRZXWHGDHVDP(QGHGHV)OXUVHLQH+LQWHUWUJDE GLHLQGHQ+RIIKUWHZR-RKQ6LQFODLUHLQPDOHLQHQ:HUZROI HUOHGLJWKDWWH'LHVH7UZROOWH6XNRHUUHLFKHQXQGHUEHWHWH LQQHUOLFKGDVLHQLFKWYHUVFKORVVHQZDU :LHYLHO=HLWEOLHELKPQRFK" =ZHL6HNXQGHQGUHL" 6XNRVDK.UHLVHYRUVHLQHQ$XJHQ'LHVHUSO|W]OLFKHQ %HODVWXQJZDUVHLQ.|USHUNDXPJHZDFKVHQHUULVHLQH

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|W]OLFKYRUVHLQHQ$XJHQ'HU%RGHQ ZXUGH]XHLQHP:HOOHQPHHULQGDV6XNRHLQVDQNGRFK GLHVQDKPHUQLFKWPHKUZDKU(EHQVRZHQLJZLHGHQ KDUWHQ$XIVFKODJGHUVHLQHQ.|USHUHUVFKWWHUWHDOVHU]X %RGHQILHO (VZDUHLQ%LOGZLHDXVHLQHP$OSWUDXP$XVHLQHPJDQ] SHUV|QOLFKHQ$OSWUDXPYRQPLU ,QGHU7UVWDQG/DG\;PLWHLQHUVFKXEHUHLWHQ 0DVFKLQHQSLVWROH1HEHQLKUKLHOWHQVLFKGLHEHLGHQ HFKVHQN|SILJHQ:HVHQDXI'LHQHUGHV6SXNVGLHLQXQVHUHU :HOWPHLVWDOV6FKDWWHQXPKHUJHLVWHUWHQ 'LH:DIIH]LHOWHDXIPLFKLFK]LHOWHPLWPHLQHU%HUHWWDDXI GLH6FRWW(VVWDQGXQHQWVFKLHGHQGHQQMHGHUGHUVFKLHHQ ZUGHGHUWUDIDXFK $QGHU:DQGOHKQWH/XSLQD=ZHL6LOEHUNXJHOQYRQPLU VWHFNWHQLQLKUHP.|USHUDEHUVLHZDUQLFKWHUOHGLJWVRQGHUQ ULFKWHWHVLFKVRJDUPKVDPDXIXQGGUHKWHGHQ.RSIQDFK OLQNVVRGDVLH/DG\;HUNHQQHQNRQQWH ª'XYHUGDPPWH0|UGHULQ©VWLHVLHlFK]HQGKHUYRUª'X ZLGHUOLFKHV6WFN'XKDVWPLFK© $OV/DG\;GLH6WLPPHYHUQDKPGD]XFNWHVLH]XVDPPHQ

3O|W]OLFKZDULFKYHUJHVVHQXQGLFKHUOHEWHZLHDXFK HLQH9DPSLULQHUVWDXQWVHLQNRQQWH'DVODVLFKYRQLKUHP *HVLFKWDE ª'XOHEVW"© ª-DXQGZLH© ª$EHUZLHLVWGDVP|JOLFK",FKKDEHGLFKHUVFKRVVHQ6RJDU PLW6LOEHUNXJHOQGXNDQQVWQLFKWOHEHQGX© ª6FKZDU]H0DJLHPHLQH/LHEH6FKZDU]H0DJLH8QGLFK ZHUGHZHLWHUOHEHQXPGLFK]XW|WHQGDVKDEHLFKPLU JHVFKZRUHQ© (VZDUHLQZLUNOLFKLQWHUHVVDQWHU'LDORJGHQGLHEHLGHQ 0RQVWHUGDIKUWHQ,FKKDWWHGDV*HIKOGHUODFKHQGH'ULWWH VHLQ]XN|QQHQXQGPLVFKWHPLFKQLFKWHLQ /XSLQDGLHELVKHUDOV0XWDWLRQ]ZLVFKHQ0HQVFKXQG7LHU JHVWDQGHQKDWWHEHJDQQVLFK]XYHUZDQGHOQ$XILKUHP *HVLFKWZXFKVHEHQIDOOVGDVEUDXQH)HOO'LHVJHVFKDKLQ 6HNXQGHQVFKQHOOH'DV*HVLFKWlQGHUWHVHLQH)RUPHVZXUGH IDVWGRSSHOWVREUHLWZREHLGHU0XQG]XHLQHU6FKQDX]HYRU ZXFKVXQGVLFKDXVGHQ=lKQHQHLQ5HLJHELELOGHWH'LH +DDUHYHUZDQGHOWHQVLFKLQODQJH)HOOVWUlKQHQ1LFKWVZLHV PHKUGDUDXIKLQZHOFKHLQH0XWDWLRQVLHQRFKYRU6HNXQGHQ JHZHVHQZDU /XSLQDKDWWHLKUHHLJHQWOLFKH*HVWDOWDQJHQRPPHQGLH HLQHU:|OILQ :|OILQXQG%OXWVDXJHULQ =ZHLGLHDQVLFK]XVDPPHQJHK|UWHQGLH]XGHQ 6FKZDU]EOWHUQ]lKOWHQVLFKMHGRFKDOV7RGIHLQGHJHJHQ EHUVWDQGHQ0LFKKDWWHQVLHYHUJHVVHQGHQQ/XSLQDO|VWH VLFKYRQGHU:DQGXQGKHW]WHGLH%OXWVDXJHULQDXI ª6FKLHGRFK/DG\;/RVVFKLH'DVKDVWGXGRFKVFKRQ HLQPDOJHWDQ© 'LH6FRWWVFKWWHOWHGHQ.RSIZlKUHQGVLHPLFKDXVGHQ $XJHQZLQNHOQZHLWHUEHREDFKWHWH ª:LHVROHEVWGX"© ª,FKELQWRW©HUNOlUWH/XSLQDXQGODFKWH ª1HLQGXVWHKVWYRUPLUXQGELVWDXFKNHLQH1DFKELOGXQJ

'DVVSUHLFKJHQDX© ª:DVPDFKWGLFKVRVLFKHU"© ª'XVHOEVW/XSLQD© ª:LUNOLFK"9LHOOHLFKWELQLFKHVQLFKWVRQGHUQQXUHLQ*HLVW 9HUVXFKHHVVFKLHHQRFKHLQPDO© (VZDUXQJHKHXHUOLFKZHOFKH)RUGHUXQJGLH.|QLJLQGHU :|OIHGDDQ/DG\;VWHOOWH$XFKLFKZXUGHLQGHQ%DQQ JH]RJHQKlWWHGLH6FRWWHUOHGLJHQN|QQHQDEHULFKGUFNWH QLFKWDE1RFKQLFKW]XGHPEHREDFKWHWHGLH6FRWWPLFK ZHLWHUKLQVRGDIUPLFKGLH*HIDKUEHVWDQGYRQHLQHU *DUEHJHWURIIHQ]XZHUGHQ ª,FKVROOWHHVWXQ©IOVWHUWH/DG\;ªMDYHUGDPPWLFKVROO WHHVZLUNOLFKWXQ$EHULFKZLOOZLVVHQZRKHUGXNRPPVW /XSLQDXQGZLHGHLQHYHUIOXFKWHQ3OlQHDXVVHKHQ© ª.DQQVWGXGLUGDVQLFKWYRUVWHOOHQ"© ª1HLQ© ª'XELVWGXPPVHKUGXPP,FKKDEHGLFKIUVFKODXHU JHKDOWHQ$XFKPLUJHKWHVDOOHLQXPGDV%XFK© ª:DVZLOOVWGXGDPLWDQIDQJHQ"© ª'DVJOHLFKHZLHGX,FKKDEHHUIDKUHQGDHVDXIJHWDXFKW LVWXQGZHOFKHLQH%ULVDQ]HVHQWKlOW'DYRUKDEHQZLUGRFK DOOH$QJVWREZRKOGXHVQLFKW]XJLEVW8QGVWHOOGLUYRULFK KDEHGHQ*HLVWHUMlJHUVRJDUJHZDUQWLKQDXIGLH6SXUGHV %XFKVJHEUDFKW:DVVDJVWGXMHW]WGD]X/DG\;"© ª'DVLVWZDKQVLQQLJY|OOLJYHUUFNW© ª,VWHVGDVWDWVlFKOLFK"©K|KQWHGLH:|OILQªhEHUOHJHPDO JHQDX/DG\;'DQQZLUVWGXHVVFKRQEHJUHLIHQ© ª'XZROOWHVW6LQFODLUGDV%XFKLQGLH+lQGHVSLHOHQ©VWLH VLHKDUWKHUYRU /XSLQDVFKWWHOWHGHQ.RSI ª:HVKDOEKDVWGXLKQGDQQJHZDUQW"© ª*DQ]HLQIDFK:HLOPLUEHNDQQWZDUGDDXFKGXXQGGHU 6SXNKLQWHUGHP%XFKKHUZDUW0LUZDUNODUGDLKULUJHQG ZDQQPLW-RKQ6LQFODLU]XVDPPHQWUHIIW© 'LH9DPSLULQH[SORGLHUWHIDVWYRU:XWª1HLQ©EUOOWHVLH ª1HLQYHUGDPPWGDVGDUIQLFKWZDKUVHLQ$EHUGHU3ODQLVW

GLUQLFKWJHOXQJHQLFKKDEHLKQYHUHLWHOW'XZROOWHVWGD 6LQFODLUXQGLFK]XVDPPHQWUHIIHQXQGHUPLFKYHUQLFKWHW© ª,FKNDQQHVQLFKWOHXJQHQ© -HW]WYHUVWDQGDXFKLFKPHKU'HVKDOEGLH:DUQXQJ GDV7UHIIHQ/XSLQDKDWWHHVYHUIOL[WUDIILQLHUWDQJHVWHOOW6LH ZROOWHXQVZLHHLQ5HJLVVHXUVHLQH6FKDXVSLHOHUGLULJLHUHQ 'DEHLZXWHVLHGDZLU]ZDQJVOlXILJDXIHLQDQGHUWUHIIHQ ZUGHQ'D/DG\;XQGLFK7RGIHLQGHZDUHQPXWHHV ]XHLQHP.DPSINRPPHQZREHL/XSLQDKRIIWHGDLFK LKQJHZDQQXQG/DG\;YHUQLFKWHWH 6LHKlWWHGDQQGLHODFKHQGH'ULWWHVHLQN|QQHQDEHUVRZDU HV]XP*OFNQLFKWJHNRPPHQGHQQGLH.|QLJLQGHU:|OIH KDWWHHLQHQYHUJHVVHQGHQ6SXN (UZDUZLHHLQGlPRQLVFKHU-RNHULQGLHVHV6SLHOHLQJHVWLH JHQXQGHLQ%OXIIODJQLFKWYRUGHQQVRQVWKlWWHQGLHEHLGHQ HFKVHQN|SILJHQ:HVHQQLFKWDQ3DPHOD6FRWWV6HLWHJHVWDQ GHQ'DPLWKDWWH/XSLQDQLFKWJHUHFKQHW 'LH9DPSLULQODFKWHª5HLQJHIDOOHQGXNRPLVFKH.|QLJLQ 'HLQH&KDQFHQVLQGYHUWDQGHQQQLFKWQXULFKZROOWHGDV %XFKLQGLH)LQJHUNULHJHQDXFKGHU6SXNLVWGDUDQLQWHUHV VLHUWXQGHULVWIUGLFKHLQIDFK]XPlFKWLJ(UZLUGHVDQVLFK UHLHQXQGDQHLQHQ2UWYHUEDQQHQGHUDXFKIUGLFKWDEXLVW (VJLEWHLQ/DQGGDVQLFKWVHLQGDUIHLQ/DQGGHU'UDFKHQ GHUILQVWHUHQ8QJHKHXHU6LHZHUGHQGDV%XFKEHZDFKHQ XQGQLHPDQGZLUGHVDQVLFKUHLHQN|QQHQ'RFKZHQQZLU HVEUDXFKHQZHQQZLUHLQ6LHJHOO|VHQZROOHQZHUGHQZLU GDVJHKHLPQLVYROOH/DQGEHWUHWHQXQGGDV%XFKGHUVLHEHQ 6LHJHOZLHGHUDQXQVQHKPHQ(VPXXQWHUXQVHUHU .RQWUROOHEOHLEHQHVGDUIQLFKWLQDQGHUH+lQGHJHODQJHQ© *HVSDQQWKDWWHLFKGHQ:RUWHQGHU9DPSLULQJHODXVFKW,Q GLHVHQZHQLJHQ6lW]HQKDWWHQIUPLFK]DKOUHLFKH 1HXLJNHLWHQJHVWHFNW9RQHLQHP/DQGGDVQLFKWVHLQGDUI ZDUGLH5HGHJHZHVHQ(LQ/DQGGHU'UDFKHQGDVLUJHQGZR ODJXQGXQWHUGHU.RQWUROOHGHV6SXNVVWDQG 7URW]GHUJHIlKUOLFKHQ6LWXDWLRQLQGHULFKPLFKEHIDQG KDWWHPLFKGLHVHU'LDORJIDV]LQLHUWXQGHUHULQQHUWHPLFK

GDUDQZLHZHUWYROOGDV%XFKIUPHLQH*HJQHUVHLQPXWH (LQ.DSLWHOEHIDWHVLFKPLWGHP.UHX]1XUGLHVHVHLQHGLH DQGHUHQZDUHQGHU6FKZDU]HQ0DJLHJHZHLKWXQGLFKQDKP PLUYRUGDNHLQHUPHLQHU*HJQHUGDV%XFKKDEHQVROOWH VRQGHUQQXULFK 1XUZREHIDQGVLFKGDVZHUWYROOH%XFKMHW]W"/DG\6DUDK *ROGZ\QKDWWHHVPLWJHQRPPHQ6LHZDUWURW]LKUHV$OWHUV HLQH)UDXGLH=XVDPPHQKlQJHEHJULIIXQGVLFKHUOLFKZXWH ZDVVLHPLWGHP%XFKDQVLFKJHQRPPHQKDWWH 0UV*ROGZ\QPXWHVLFKHLQ9HUVWHFNVXFKHQ(LQVLFKHUHV VRJDUZRVLHQLFKWYRQGHQILQVWHUHQ0lFKWHQEHUUDVFKW ZHUGHQNRQQWH(VZDUJXWP|JOLFKGDVLHGLH+RUURU2PD XQWHU.RQWUROOHKLHOWHQXQGHVLKUQLFKWJHODQJVLFKLUJHQGZR YRUGHQ*HJQHUQ]XYHUVWHFNHQ$XHUGHPYHUPLWHLFKGHQ 6SXN(VNRQQWHVHLQGDHUVLFKLQVHLQHUHLJHQHQ'LPHQVLRQ DXIKLHOWRGHUDEHUEHUHLWVLQGHUQRUPDOHQ:HOWXPKHUJHL VWHUWHZDVPLU$QJVWXQG6FKUHFNHQHLQMDJWH ª1XUKDWELVMHW]WNHLQHUGDV%XFK©VWHOOWHGLH.|QLJLQ GHU:|OIHIHVWXQGJULQVWHZDVEHLLKUHU9LVDJHVFKUHFNOLFK DXVVDKª'XZLUVWHVDXFKQLFKWEHNRPPHQ© /DG\;OlFKHOWHEHUKHEOLFKª'DPDFKGLUPDONHLQH 6RUJHQ/XSLQD'HU6SXNEOHLEWDP%DOO© ª:LHNDQQHUHVZLVVHQ"© ª(ULVWPlFKWLJ©]LVFKWHGLH9DPSLULQª9HUGDPPWPlFKWLJ VRJDU8QGJHPHLQVDPVLQGZLUXQVFKODJEDU©6LHVDJWHGLHV LQY|OOLJHU6HOEVWEHUVFKlW]XQJPLFKYHUJDVLHGDEHLZDV PLUVRJDUVHKUUHFKWZDUELV/XSLQDVDJWH ª6LQFODLUPXHVZLVVHQ© -HW]WEHIDQGLFKPLFKZLHGHULP6SLHO/DG\;]XFNWH ]XVDPPHQ(VVDKVRDXVDOVZROOWHVLHVFKLHHQGHQQGLH 0QGXQJUXFNWHZLHGHULQPHLQH5LFKWXQJ ª9RUVLFKW©ZDUQWHLFKVLH ª6DJPLUZRVLFKGDV%XFKEHILQGHW© ª)UDJGHQ6SXN©HUZLGHUWHLFKNDOWª(UZHLGRFKDOOHV© %HYRU/DG\;GDUDXIHLQH$QWZRUWJHEHQNRQQWHPLVFKWH VLFK/XSLQDHLQ3O|W]OLFKKDWWHLFKEHLGHJHJHQPLFKVLH

VWDQGZLHGHUDXIGHU6HLWHGHU8QWRWHQ ª(LQH)UDXKDWGDV%XFKPLWJHQRPPHQ6LHZRKQWKLHU 6DUDK*ROGZ\Q© /DG\;HUVWDUUWH0LWGLHVHP1DPHQNRQQWHVLHHWZDV DQIDQJHQª6FKRQZLHGHU©VWLHVLHKHUYRUXQGEHZLHVPLU GDPLWGDVLHEHUGHQHUVWHQ9HUVXFK%HVFKHLGZXWH6LH IL[LHUWHPLFKª:RLVWVLHKLQ"ª ,FKKREGLH6FKXOWHUQª7XWPLUOHLG© ª5HGH6LQFODLU5HGHGX+XQGRGHULFK© ª:DVGHQQ"©0HLQH6WLPPHZXUGHVFKQHLGHQGª:LU KDEHQGLHJOHLFKHQ&KDQFHQ/DG\;,FKEHVLW]HGLH%HUHWWD GXGLH03L,FKJHEH]XGDLFKOHLFKWHUYRQHLQHU.XJHO JHWURIIHQZHUGHQNDQQDEHUHLQVVDJHLFKGLU)UGLFKUHLFKW HLQH6LOEHUNXJHOXPGLFK]XYHUQLFKWHQ8QGLFKZHUGH WUHIIHQDXFKZHQQLFKDP%RGHQOLHJHXQG© (LQHZLOGH.RSIEHZHJXQJOLHPLFKYHUVWXPPHQ,FKKDWWH GHQ%RJHQZRKOEHUVSDQQWGHQQGLH9DPSLULQGUHKWH GXUFK 'LH.RSIEHZHJXQJZDUHLQ=HLFKHQIUGLHEHLGHQ 6SXNGLHQHU%HYRULFKVFKLHHQNRQQWHKDWWHQVLHVLFKJHGDQ NHQVFKQHOOEHZHJWXQGVLFK]ZLVFKHQ/DG\;XQGPLFK JHVWHOOW ª1DJHOWLKQDQGLH:DQG©VFKULHVLHª9HUGDPPWPDFKW LKQIHUWLJGHQ%DVWDUG© (UVFKZHEWHEHUGHP]HUVW|UWHQ'DFKGHU.LUFKH,PHUVWHQ $XJHQEOLFNVDKHUQXUVFKZDU]XQGGURKHQGDXVGRFKDOV 6DUDK*ROGZ\QJHQDXHUKLQVFKDXWHGDEHPHUNWHVLHGHQ JUQHQ6FKHLQGHUGHQ6SXNXPJDE,KUH$QJVWZXUGHQRFK JU|HU1LHKlWWHVLHJHGDFKWGDVLHHLQPDOVRHLQHQ 6FKUHFNHQHPSILQGHQNRQQWHDEHUGHU$QEOLFNGLHVHU +RUURU*HVWDOWHQUDXEWHLKUIDVWGHQ9HUVWDQG 0DQNRQQWHLKQQLFKWULFKWLJEHVFKUHLEHQ(UZDUHLQJHZDO WLJHVDXIJHEOlKWHVZDOOHQGHV(WZDVGDVQXUHQWIHUQWGLH )RUPHLQHV0HQVFKHQDXIZLHVDOOHUGLQJVHLQHU3HUVRQGLH

HLQHZHLWH.XWWHXPGHQ.|USHUJHVWUHLIWKDWWHGHUHQ.DSX]H GHQ.RSIEHGHFNWH (UZDUVRJHZDOWLJGDHUVHOEVWGLHGVWHUHQ:RONHQYHU WULHEHQKDWWHXP3ODW]IUVLFK]XKDEHQ/DG\6DUDKIKOWH VLFKVRXQJHPHLQNOHLQZLHHLQZLQ]LJHV6DQGNRUQDP 6WUDQG6LHZDUEHUZlOWLJWYRQGHU*U|HGLHVHV'lPRQV XQGVLHZXWHJHQDXGDLKUGHU6SXNJHJHQEHUVWDQGHLQ XQJHPHLQ0lFKWLJHULP5HLFKGHU6FKDWWHQ .DPVLHJHJHQLKQDQ"1HLQ/DG\6DUDKZDUQLFKWYHUPHV VHQJHQXJHV]XJODXEHQ'HU6SXNZUGHVLH]HUPDOPHQ ]HUTXHWVFKHQ]XPlFKWLJZDUHU 'LH+RUURU2PDEHJDQQ]X]LWWHUQ6LHEHUHXWHMHW]WGDVDXI ZDVVLHVLFKHLQJHODVVHQKDWWHXQGGHU6SXNEHZLHVLKULQ GHQQlFKVWHQ$XJHQEOLFNHQZLHPlFKWLJHUZDU(LQHPDJL VFKH$XUDODJXPLKQKHUXPXQGGLHVH$XUDEHJDQQSO|W] OLFK]XZDQGHUQ6LHEUHLWHWHVLFKDXVGDVJUQH/LFKW VFKZHEWHLQ)RUPHLQHUDXVHLQDQGHUJH]RJHQHQ:RONHEHU GHP]HUVW|UWHQ'DFKGHU.LUFKHXQGJULIIGLHDOWHQ0DXHUQ DQ :DV6WXUP+DJHO6FKQHHXQG5HJHQQLFKWYROOEUDFKW KDWWHQGDVVFKDIIWHGLHVH0DJLHZREHLVLHLQHLQHUZDKU KDIWHUVFKUHFNHQGHQXQGXQKHLPOLFKDQPXWHQGHQ /DXWORVLJNHLWDUEHLWHWH 9RU/DG\6DUDKV$XJHQOLHIGDV*UDXHQDE(LQXQZDKU VFKHLQOLFKHU9RUJDQJGHUGLH*HVHW]HGLHVHU:HOWNXU]HUKDQG DXIGHQ.RSIVWHOOWH'DZDUQLFKWVPHKU]XPDFKHQNHLQH QRFKVRIHVWH0DXHUKLHOWGHP7UHLEHQGHU0DJLHVWDQG6LH UlXPWHDXIXQGEHZLHVGHU+RUURU2PDZLHHUVFKUHFNHQG KLOIORVGHU0HQVFKOHW]WHQGOLFKGRFKZDU 'LH.LUFKHQPDXHUQVFKPRO]HQZHJ)URQWDOJULIIGLHPDJL VFKH.UDIWDQVLHGUFNWHGLH0DXHUQQLFKW]XU6HLWHVRQGHUQ O|VWHVLHNXU]HUKDQGDXI (VJLQJHLQIDFK6RZLHGDV'DFKYHUVFKZXQGHQZDUVR ZDUHQGLH6WHLQHQLFKWPHKU]XVHKHQ ª2*RWWGDVGDUIQLFKWZDKUVHLQ©IOVWHUWH/DG\6DUDK6LH VFKWWHOWHGHQ.RSI3DQLNZDOOWHLQLKUKRFKXQGVLHIKOWH

VLFKQRFKKLOIORVHUDOVVRQVW 'HU6SXNGHPRQVWULHUWHGHUHLQVDPGDVWHKHQGHQ)UDXDOO VHLQH6WlUNHXQG0DFKW(U]HLJWHLKUZLHJHIlKUOLFKHVZDU VLFKJHJHQLKQ]XVWHOOHQXQGZHLGHWHVLFKDQ/DG\6DUDKV +LOIORVLJNHLW $XVGHUIUFKWHUOLFKHQJHVWDOWORVHQ6FKZlU]HGRQQHUWHGHU +RUURU2PDHLQHILQVWHUH6WLPPHHQWJHJHQª'DV%XFK,FK ZLOOGDV%XFKKDEHQ6LHEHQ6LHJHOGHU0DJLHVLHJHK|UHQ PLU0LUDOOHLQ©(UODFKWHJUROOHQGDXIXQGLPQlFKVWHQ $XJHQEOLFNIHJWHHLQ6WXUPZLQGGXUFKGLH]HUVW|UWHQ 0DXHUQGHU.LUFKH 0UV*ROGZ\QK|UWHGDVJHZDOWLJH+HXOHQVLHNRQQWHGHQ :LQGI|UPOLFKVHKHQZROOWHVLFKQRFKJHJHQLKQVWHPPHQ GRFKLKUH.UDIWUHLFKWHQLFKWDXV (UZDU]XVWDUN6LHNDPVLFKSO|W]OLFKYRUZLHHLQ%ODWW ZXUGHYRQXQVLFKWEDUHQ+lQGHQHUIDWXQG]XUFNJHVFKOHX GHUW'LH+RUURU2PDYHUORUGHQ%RGHQXQWHULKUHQ)HQ XQGDOVVLHLKQQLFKWPHKUVSUWHGDVFKRHVZLHHLQ %OLW]VWUDKOGXUFKLKUHQ.RSI ,FKGDUILKPGDV%XFKQLFKWEHUODVVHQ0LWHLQHPPDO ZXUGHLKUNODUZDVYRQLKUDOOHLQDEKLQJ:HQQGDV%XFK GHP6SXNLQGLH+lQGHILHOKDWWHDOOHVVHLQHQ6LQQYHUORUHQ GDQQJLQJIUGDV7HDPXP-RKQ6LQFODLUQLFKWVPHKU $EHUORKQWHHVVLFKGDIUGDV/HEHQHLQ]XVHW]HQ"$XFK GDUEHUGDFKWH0UV*ROGZ\QQDFKZlKUHQGVLH]X%RGHQ ILHOXQGGHUXQKHLPOLFKH:LQGVLHEHUGLH6WHLQHZLUEHOWH 9LHOOHLFKWGHQQVLHKDWWHLKU/HEHQIDVWJHOHEW6LHZDUVFKRQ HLQHDOWH)UDXDQGHUHZDUHQMQJHUNRQQWHQQRFKNlPSIHQ XQGVLHEHPHUNWHGDGHU6SXNQLFKWPHKUDQVHLQHP3ODW] JHEOLHEHQZDU :LHHLQHVFKZDU]H5HJHQZRONHVRVDQNHUODQJVDPGHP %RGHQGHU.LUFKHHQWJHJHQZlKUHQGGLHOHW]WHQ5HVWHGHV 0DXHUZHUNVXPLKQKHUXPYHUVFKZDQGHQ(UZDUDXFKQLFKW PHKUVRJURXQGJHZDOWLJMHW]WKDWWHHUGLH*U|HHLQHV 0HQVFKHQDQJHQRPPHQXQGHLQHVFKDWWHQKDIWH*HVWDOW EHZHJWHVLFKDXI/DG\6DUDK]XGLHHLQHQSO|W]OLFKHQ

6FKPHU]LQGHU6FKXOWHUYHUVSUWH 6LHYHU]RJGHQ0XQG'LHVHU6FKPHU]PXWHHLQHQ*UXQG KDEHQVRZHLWGDFKWHGLH+RUURU2PDQRFKWURW]GHU*HIDKU LQGHUVLHVFKZHEWH 8QGVLHIDQGGHQ*UXQGKHUDXV 'HUXQQDWUOLFKH6WXUPKDWWHVLHJHJHQGDV3RGHVWJHZRU IHQDXIGHPGDVDOWH+RO]NUHX]VWDQG:LHDXFKGHU$OWDU KDWWHHVGHQ.UlIWHQGHV6SXNVZLGHUVWDQGHQ *HQDXGDV.UHX]ZXUGHIU/DG\6DUDK]XHLQHP)DQDOGHU +RIIQXQJ3O|W]OLFKVDKVLHHLQH&KDQFH6LHZXWHVHOEVW QLFKWZLHVLHDXIGLH%HLQHJHODQJWZDUGRFKVLHVWDQGDXI GHP3RGHVW 8QGLP)UHLHQ'LH0DXHUQGHU.LUFKHZDUHQYHUVFKZXQ GHQ1XUQRFKGHQ$OWDUJDEHVXQGGDVJURH.UHX]DQGDV VLHVLFKPLWDOOHU.UDIWNODPPHUWH6LHOHJWHHLQHQ$UPXP GHQ4XHUEDONHQGLHDQGHUH+DQGKLHOWGDV%XFKIHVW 8QGVREOLHEVLHVWHKHQZlKUHQGVLFKGHU6SXN

$//(,1,1'(5'5$&+(1+g+/( =XHUVWVSUWHHUZLHHWZDV)HXFKWHVEHUVHLQH:DQJHJOLWW GDQQK|UWHHUGDV6FKQXUUHQ1HEHQVHLQHP2KUNODQJHV DXIZXUGHPDOODXWHUVFKZlFKWHVLFKGDQQZLHGHUDEXQG SO|W]OLFKNLW]HOWHHWZDVLQVHLQHU2KUPXVFKHO 'DZXUGH6XNRZDFK *HVFKODIHQKDWWHHUQLFKW(UOHJWHVLFKQRUPDOHUZHLVHQLFKW DXIHLQHP+RIQLHGHU:HQQHUKLHUDXIZDFKWHGDQQKDWWH GDVVHLQH*UQGH $OV6XNRVHLQHQUHFKWHQ$UPDQZLQNHOWHYHUQDKPHUHLQ HUVFKUHFNWHV0LDXHQXQGHLQHQ$XJHQEOLFNVSlWHUKXVFKWH GLH.DW]HGDYRQGLHLKQJHZHFNWKDWWH 'HU,QVSHNWRUEOLHEHUVWHLQPDOOLHJHQ(UODJKDOEDXIGHU 6HLWHXQGKDWWHDXIHLQPDOGDV*HIKOHLQHQGRSSHOWVR JURHQ6FKlGHO]XKDEHQLQGHPQRFK]DKOUHLFKH+lPPHU DP:HUNHZDUHQXPVHLQH6FKlGHOGHFNH]X]HUWUPPHUQ *XWJLQJHVLKPZDKUKDIWLJQLFKW7URW]GHPZROOWHHUVLFK QLFKWEHNODJHQGHQQHUZDUVRHEHQQRFKPLWGHP/HEHQ GDYRQJHNRPPHQ=XHUVWKDWWHQLKQGLH:HUZ|OIHXPEULQJHQ ZROOHQGDQQHLQH9DPSLULQQDPHQV/DG\;PLWHLQHU*DUEH DXVLKUHU0DVFKLQHQSLVWROH 6XNRKDWWHVLFKPLW+LOIHVHLQHV6WDEVUHWWHQN|QQHQXQG GLHVHIQI6HNXQGHQGLHLKPJHEOLHEHQZDUHQYROODXVJH QXW]W(UZDUGXUFKGHQ)OXU]XU+LQWHUWUGHV+DXVHVJHODX IHQKDWWHVLHDXIJHVWRHQXQGZDULQGHQ+RIJHWRUNHOW 1DFKZHQLJHQ6FKULWWHQDOOHUGLQJVNRQQWHHUQLFKWPHKU'D YHUOLHHQLKQGLH.UlIWHXQGHUEUDFK]XVDPPHQ $QGHU6WHOOHZRHVJHVFKHKHQZDUODJHUDXFKMHW]WQRFK XQGHUVSUWHUHFKWVDQVHLQHU6FKXOWHUGLHKDUWHXQGUDXKH +DXVZDQG 1RFKLPPHUNRQQWH6XNRQLFKWULFKWLJGHQNHQVHLQ.RSI ZDUZLHHLQ)UHPGN|USHUIULKQ'DHVLKQVRKDUWHU ZLVFKHQZUGHKlWWHHUQLHIUP|JOLFKJHKDOWHQ'LHVHQ +LHEKDWWHHU/XSLQDGHU.|QLJLQGHU:|OIH]XYHUGDQNHQ 6XNRZROOWHXQGNRQQWHQLFKWOlQJHUOLHJHQEOHLEHQGHQQHU GDFKWHGDUDQZDVLP+DXVZlKUHQGVHLQHU$EZHVHQKHLW DOOHVSDVVLHUWVHLQPRFKWH6XNRWUDXWHHV/DG\;]XGDVLH

NXU]HUKDQGGXUFKGUHKWHGLHZUGHXPVLFKVFKLHHQXQG DOOHVYHUQLFKWHQZDVVLFKLKULQGHQ:HJVWHOOWH %HVRQGHUVJLQJHVLKUXPGDV%XFK9LHOZXWH6XNRDXFK QLFKWGDUEHUHUNDQQWHGHQ7LWHOXQGZDUIHUQHUGDUEHU LQIRUPLHUWGDVLFKHLQ.DSLWHOPLWGHP.UHX]GHV *HLVWHUMlJHUV-RKQ6LQFODLUEHVFKlIWLJWH 'DVZDUQDWUOLFKEULVDQWXQGlXHUVWJHIlKUOLFKIUGLH 'lPRQHQZHOW:HQQHV-RKQ6LQFODLUJHODQJGLH*H KHLPQLVVHGHV.UHX]HV]XHQWUlWVHOQJDEHVIUHLQLJHPlFK WLJH6FKZDU]EOWHUGDVE|VH(UZDFKHQIDOOVHVEHUKDXSW QRFKGD]XNDP 'HU*HGDQNHDQGDV%XFKWULHE6XNRZLHGHUDXIGLH%HLQH (UVWW]WHVLFKGDEHLDQGHU:DQGDEXQGPHUNWHGDGHU 6FKZLQGHOQRFKQLFKWYRUEHLZDU (UOHKQWHVLFKDQXQGYHUVXFKWHHVPLW$WHPEXQJHQ6XNR KDWWHHLQHVSH]LHOOH7HFKQLNHQWZLFNHOWHUZXWHJHQDXZLH PDQ]XDWPHQKDWWHXPHLQLJHUPDHQILW]XZHUGHQ 1DWUOLFKGUlQJWHGLH=HLWGRFKGHU&KLQHVHEHUVWU]WH QLFKWV:DVKDWWHHVIUHLQHQ6LQQZHQQHUVLFKMHW]WEHHLOWH ZRHUQRFKQLFKWDXIGHP'DPPZDU" 6HLQH:DIIHQILHOHQLKPHLQ(UKDWWHVLHDEJHEHQPVVHQ %HUHWWDXQG'lPRQHQSHLWVFKHODJHQQRFKLP9RUJDUWHQGHV +DXVHV6XNRZROOWHDXINHLQHQ)DOOZDIIHQORVGDV+DXV EHWUHWHQXQGVXFKWHGHVKDOEQDFKHLQHU0|JOLFKNHLWDXI HLQHPDQGHUHQ:HJDOVGXUFKGHQ)OXUGHQ9RUJDUWHQ]X HUUHLFKHQ 'HU+RIZXUGHYRQGHQGXQNOHQ5FNIURQWHQDQGHUHU +lXVHUHLQJHIDW/LFKWEUDQQWHNDXP(LQPDJHUHU6FKHLQ ILHOKLQXQGZLHGHUDXVHLQHPGHU)HQVWHUDQGHU5FNVHLWH 'LH)HQVWHUODJHQ]XPHLVWVRKRFKGDGHU6FKHLQGHQ%RGHQ QLFKWHUUHLFKWH 'HU&KLQHVHNDPVLFKYRUZLHHLQ%HWUXQNHQHUDOVHUJLQJ 'DV3XGGLQJJHIKOZROOWHDXVVHLQHQ%HLQHQQLFKWZHLFKHQ 6LFKHUKHLWVKDOEHUKLHOWHUVLFKLPPHUQDKHGHU+DXVZDQG XQGVFKOLHOLFKIDQGHUHLQHQVFKPDOHQ3IDGGHU]ZLVFKHQ ]ZHL+lXVHUQKLQGXUFKIKUWH

'LHDXIJHVWHOOWHQ0OOWRQQHQVDKHU]XVSlW*HJHQGLH HUVWHOLHIHUXQGGLH7RQQHVFKHSSHUWHJHJHQGLH]ZHLWH'DV *HUlXVFKNODQJ]LHPOLFKODXWGHQQRFKUKUWHVLFKQLFKWV $XFKEHLGHQ6FKVVHQZDUGDVQLFKWGHU)DOOJHZHVHQ 6XNRJOLWWUHFKWVDQGHQ0OOWRQQHQYRUEHL(UPHUNWH PLWMHGHP6FKULWWGDHVLKPEHVVHUJLQJ$OWH.UlIWHNHKUWHQ ZLHGHU]XUFNXQGGDVVROOWHDXFKVREOHLEHQ1RFKHLQPDO ZROOWHVLFKGHU&KLQHVHQLFKWEHUUDVFKHQODVVHQ (UOLHGLHVFKPDOH*DVVHKLQWHUVLFKXQGZXQGHUWHVLFK GDHUGRUWDQODQJWHZRHUVHLQH+DUOH\JHSDUNWKDWWH 1XU
(UNRQQWHGLH'lPRQHQSHLWVFKHEHUHLWVVHKHQDOVHWZDV JHVFKDKZDVVHLQH3OlQHEHUGHQ+DXIHQZDUI 3O|W]OLFKIORJGLH+DXVWUDXI+HUDXVZLUEHOWHHLQH*HVWDOW HLQ0RQVWHUHLQ:HUZROI /XSLQD 8QGVLHVDKGHQ&KLQHVHQVRIRUW ª1DJHOWLKQDQGLH:DQG9HUGDPPWPDFKWLKQIHUWLJGHQ %DVWDUG©'LHVHQ%HIHKOVFKULH/DG\;XQGHUVROOWHGLHEHL GHQHFKVHQN|SILJHQVFKXSSLJHQ:HVHQHUUHLFKHQGLHVLFKLQ GHU%HJOHLWXQJGHU9DPSLULQEHIDQGHQ )UPLFKHLQ%HZHLVGDIUGDGLH8QWRWHWDWVlFKOLFKPLW GHP6SXNJHPHLQVDPH6DFKHPDFKWH ,FKKlWWHVFKLHHQXQG/DG\;PLWHLQHU6LOEHUNXJHOGHQ *DUDXVPDFKHQVROOHQDEHULFKKDWWH]XODQJHJH]|JHUW 'LH0RQVWHUZDUHQHVQLFKWDQGHUVJHZRKQW6LHNRQQWHQ QXU%HIHKOHHQWJHJHQQHKPHQXQGVLHIKUWHQVLHDXFKDXV HJDOREGHU%HIHKOIUVLHGHQ7RGEUDFKWHRGHUQLFKW =XGHPKDWWHGHU6SXNJHQXJGDYRQ,QVHLQHP5HLFK ZDUHQVLHGLH6FKDWWHQDXIGHU(UGHGLHVH:LGHUOLQJH ,FKKDWWHHLQLJHYRQLKQHQEHUHLWVHUVFKRVVHQXQGZROOWH DXFKGLHVPDONHLQH5FNVLFKWQHKPHQ $OVPLFKGDV0RQVWHUDQJULIIGDGUHKWHLFKHLQZHQLJGLH UHFKWH+DQGQDFKOLQNV :lKUHQGLFKDEGUFNWHXQGGLH6LOEHUNXJHOGHQ/DXIYHU OLHKDWWHPHLQ*HJQHUGLH3UDQNHHUKREHQXPGLH/DQ]H]X VFKOHXGHUQ'LH.XJHOWUDIJHQDXVHLQHQ.RSI=ZLVFKHQGHP YRUVWHKHQGHQ0DXOXQGGHQJODQ]ORVHQ$XJHQVFKPHWWHUWH VLHLQGLHJUQOLFKH6FKXSSHQKDXW 'HU.RSI]HUSODW]WHQLFKW'LHPDJLVFKH.UDIWGHV6LOEHUV ZLUNWHDXIHLQHJDQ]DQGHUH$UWXQG:HLVH,QQHUKDOEHLQHU 6HNXQGHZXUGHGHU6SXNGLHQHU]XHLQHU5DXFKZRONH]X HLQHPQDFK6FKZHIHOVWLQNHQGHQ5HVWGHUJUQOLFKH:RONHQ DXITXHOOHQOLHGLHVLFKLQQHUKDOEGHV=LPPHUVDXVEUHLWHWHQ XQGPLUGHQ$WHPQDKPHQ

,FKPXWHGHU:RONHDXVZHLFKHQ]XGHPEUDXFKWHLFK EHVVHUH6LFKWXQGPHLQ%HPKHQNRVWHWH=HLW ,FKVDKPHLQH*HJQHULQQHQNDXPGDIUK|UWHLFKLKUH 6FKUHLH6LHIDXFKWHQVLFKPLWWLHULVFKNOLQJHQGHQ/DXWHQDQ ,FKKlWWHYLHOOHLFKW]ZLVFKHQVLHIDKUHQN|QQHQDEHUGDJDE HVQRFKGHQ]ZHLWHQ6SXNGLHQHUGHUPLUSO|W]OLFKLQGLH 4XHUHJHULHW (UKDWWHVLFKLQQHUKDOEGHU4XDOPZRONHQDXIJHKDOWHQMHW]W VDKLFKVHLQHQ8PULGLHKRFKHUKREHQH3UDQNHXQGGLH /DQ]HGLHVLHXPNODPPHUWH ,FKJODXEHGDVLHVLFKEHUHLWVDXIGHU5HLVHEHIDQGDOVLFK PLFKZHJGXFNWH=XP*OFNVRWLHIGDGLH/DQ]HEHUPHL QHQ5FNHQZLVFKWHXQGLUJHQGZRJHJHQGLH:DQGVFKOXJ ,PQlFKVWHQ$XJHQEOLFNZDUGHU6SXNGLHQHUEHUPLU(U OLHVLFKNXU]HUKDQGQDFKYRUQIDOOHQXQGVFKRQNROOLGLHUWHQ ZLU =XHUVWZDULFKJHVFKRFNWDOVLFKGLHVHOWVDPHZDUPH 6FKXSSHQKDQGXQWHUPHLQHUIUHLHQOLQNHQ+DQGVSUWH6R HWZDVKDWWHLFKQRFKQLFKWHUOHEW6HKUVFKQHOOEHVDQQLFK PLFKDXIPHLQHHLJHQWOLFKH$XIJDEHXQGYHUVXFKWHGLH%HVWLH YRQPLU]XVWHPPHQ (VJHODQJQXUVFKZHUDEHULFKGUFNWHVLHVRZHLWZHJGD LFKPHLQH%HUHWWD]ZLVFKHQVLHXQGPLFKEULQJHQNRQQWH (LQH.XJHOUHLFKWH 'HU6FKXNODQJ]LHPOLFKGXPSIGDLFKGLH0QGXQJ JHJHQGHQ.|USHUJHSUHWKLHOWGLH:LUNXQJDOOHUGLQJVZDU GLHJOHLFKHZLHEHLGHPHUVWHQ0RQVWHU (VO|VWHVLFKDXI $XIHLQPDO]HUILHOGDVVFKUHFNOLFKH*HVLFKWLFKVDKQXU QRFK5DXFKVFKZDGHQYRUPLUXQGPXWH]XUFN 'HUQlFKVWH$QJULIIZUGHEHVWLPPWQLFKWODQJHDXIVLFK ZDUWHQODVVHQ=XGHPVWDQGQRFK/DG\;DXIPHLQHU/LVWH 'DK|UWHLFKGDVEHNDQQWH5DWWHUQ6LHKDWWHJHIHXHUWDEHU GDV*HUlXVFKZDUQLFKWPHKULQQHUKDOEGHV=LPPHUVDXIJH NOXQJHQVRQGHUQGUDXHQLP)OXU 'HP5DWWHUQGHU03LIROJWHHLQJHOOHQGHV/DFKHQYHU

PLVFKWPLWGHPW\SLVFKHQ)DXFKHQGHU:HUZ|OILQ,FKZXWH %HVFKHLG/DG\;KDWWHHVDOVRQLFKWJHVFKDIIW/XSLQD]X EHVHLWLJHQREZRKOVLHGDQNLKUHU03LHLJHQWOLFKGLHEHVVHUH $XVJDQJVSRVLWLRQEHVD 'DVZXQGHUWHPLFK$EHUPDQGXUIWHQLFKWGHQ)HKOHU EHJHKHQXQG/XSLQDXQWHUVFKlW]HQ(VVFKLHQPLUDXIHLQPDO DOVREVLHXQEHVLHJEDUZlUHREZRKOHVVLFKHUOLFKHLQH 0|JOLFKNHLWJDEDXFKVLH]XHUOHGLJHQ :LHGHUVFKRGLH9DPSLULQ(VZDUQXUHLQNXU]HU )HXHUVWRNDXPGHU5HGHZHUW ,FKPDFKWHQLFKWGHQ)HKOHUXQGKHW]WHPLW5LHVHQVFKULWWHQ DXIGLH7U]X1HLQIUHLZLOOLJZROOWHLFKQLFKWLQPHLQ 9HUGHUEHQODXIHQ(VNRQQWHJXWP|JOLFKVHLQGD/DG\; LUJHQGZRLP)OXUODXHUWHXQGQXUGDUDXIZDUWHWHPHLQH 8PULVVHLQQHUKDOEGHV7UUHFKWHFNVHUVFKHLQHQ]XVHKHQ ,KUH.XJHOQKlWWHQGDQQIUHLH%DKQ ,P=LFN]DFNOLHILFKDXIGLH7U]XXQGZDUIPLFKVRIRUW UHFKWVYRQLKUJHJHQGLH:DQGVRGDLFKLPWRWHQ:LQNHO VWDQG9RUVLFKWLJEHZHJWHLFKPHLQHQUHFKWHQ$UPYRUXQG JOHLFK]HLWLJGHQ.RSIGDPLWLFKXPGHQ3IRVWHQVFKLHOHQ NRQQWH ,QGHQ)OXUNRQQWHLFKVFKDXHQPHLQH*HJQHULQQHQDOOHU GLQJVVDKLFKQLFKW:HQQVLHQRFKGDZDUHQPXWHQVLHVLFK JXWYHUERUJHQKDOWHQ$EHULFKK|UWH6FKULWWH 1LFKWGLUHNWLP)OXUVRQGHUQDXIGHU7UHSSH:HUGD]X IOLHKHQYHUVXFKWHNRQQWHLFKQLFKWVHKHQJODXEWHMHGRFKDQ /DG\;GDGLH(FKRVKRKONODQJHQXQGGLH6FRWW6WLHIHOWUXJ ,FKKDWWHPLFKZHLWHUYRUJHZDJWPHLQHQ.RSIGXUFKGLH RIIHQH7UJHVWHFNWXQGVSUWHGHQ'XUFK]XJGHUEHUPHLQ *HVLFKWIlFKHUWH 'XUFK]XJ 6RIRUWVFKDXWHLFKQDFKOLQNVXQGVDKGLH+DXVWURIIHQ 6RHEHQKXVFKWHHLQH*HVWDOWKLQDXVYRQGHULFKQXUGHQ 5FNHQVDK/XSLQDYHUOLHGDV+DXV6LHZROOWHQLFKWPHKU EOHLEHQ=XUFNJHODVVHQKDWWHVLHGHQ6WDXELKUHUGUHL'LHQHU (UODJLP)OXUYHUWHLOW

,FKNRQQWHZlKOHQ6ROOWHLFKPLFKXP/DG\;NPPHUQ RGHUXPGLH:HUZ|OILQ" ,FKHQWVFKLHGPLFKIUGLH6FRWW 'LH7UHSSHEHIDQGVLFKUHFKWVYRQPLU8PVLH]XHUUHLFKHQ PXWHLFKHLQ6WFNGXUFKGHQ)OXUODXIHQ$OOHUGLQJVDXFK QLFKWZLHHLQ:LOGHUVRQGHUQYRUVLFKWLJXQGPLFKLPPHUDQ GHU:DQGKDOWHQG ,FKZDULQQHUOLFKJHVSDQQW'LH/XIWVDXJWHLFKQXUGXUFK GLH1DVHHLQPLUJHILHOGDV+DOEGXQNHOGHV)OXUHVQLFKWDEHU GDV/LFKWZDJWHLFKQLFKWHLQ]XVFKDOWHQGDQQVWDQGLFK]X VHKUDXIGHP3UlVHQWLHUWHOOHU 1RFKLPPHUIDQGLFKPLFKQLFKW]XUHFKW9RUDOOHQ'LQJHQ QLFKWPLW/XSLQDPLWHLQHUOHEHQGHQ/XSLQD,FKKDWWHVLHWRW JHVHKHQ*HWURIIHQYRQHLQHU03L*DUEHKDWWHVLHYRUPLU JHOHJHQXQGLFKVHOEVWZDUJH]ZXQJHQJHZHVHQDXIVLH]X VFKLHHQHEHQIDOOVPLW6LOEHUNXJHOQXQG/XSLQDKDWWHEHU OHEW 'DVZDUHLQH6DFKHGLHLFKQLFKWEHJULII(VKDWWHQVLFK EHUKDXSWY|OOLJQHXH3HUVSHNWLYHQHU|IIQHW6HLWZDQQ ZDUHQ:HUZ|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lFKVWH/DPSHEHIDQGVLFKHUVWDQGHU'HFNH GHVHUVWHQ7UHSSHQDEVDW]HV6LHHLQ]XVFKDOWHQZDJWHLFK QLFKW/DG\;NRQQWHLP+DOEGlPPHUODXHUQXQGREHQYRQ GHU7UHSSHKHUIHXHUQ

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lKHGHV$EVDW]HVJHODXHUWKDWWHGDV.UHX]QXQVDK XQGYRQ$QJVWJHSDFNWZXUGH6LH]XFNWH]XUFNLFKK|UWH GDV3ROWHUQXQGVWHOOWHIHVWGDVLHGLH7UHSSHKRFKOLHI $XJHQEOLFNOLFKVWDUWHWHDXFKLFK *HZDOWLJH6SUQJHEUDFKWHQPLFKVFKQHOOYRUDQXQGLFK NRQQWHGLHHUVWH7UHSSHKLQWHUPLFKEULQJHQ 0HLQ.UHX]ODJGLUHNWYRUGHU6WXIHGHV]ZHLWHQ$EVDW]HV ,FKQDKPHVZLHGHUDQPLFKZHFKVHOWHGLH%HUHWWDLQ GLHDQGHUH+DQGXQGVWUPWHPLWVFKXEHUHLWHU:DIIH ZHLWHUKRFK ,QGHUHUVWHQ(WDJHODJHQGDV%DGXQGQRFKGUHLNOHLQH =LPPHU(LQHZHLWHUH7UHSSHIKUWHKRFK]XP6SHLFKHUGHQ /DG\6DUDKDXVJHEDXWKDWWH(UEHKHUEHUJWHMHW]WHLQ$UFKLY XQGHLQHQ)LOPUDXPGHQQGLH+RUURU2PDZDUDXFK HLQ9LGHR)DQ ,FKPXWHZLHGHUGDUDQGHQNHQGDLFKLQGLHVHP+DXV HLQHQ:HUZROIJHMDJWKDWWHGLHVPDOZDUHVHLQ9DPSLUVRJDU /DG\;HLQH7RGIHLQGLQYRQPLU 9RQLKUVDKLFKDOOHUGLQJVQLFKWV 6LHZDUHEHQVRVFKQHOOJHZHVHQZLHLFKXQGEHIDQGVLFK EHVWLPPWLQHLQHPGHU=LPPHU 'RUWDOOHUGLQJVNRQQWHVLHDXFKLQHLQHU)DOOHKRFNHQHVVHL GHQQVLHVSUDQJGXUFKGDV)HQVWHUQDFKGUDXHQLQGHQ+RI

9LHO=HLWNRQQWHLFKPLUQLFKWPHKUODVVHQGLHVPDOJLQJLFK IRUVFKHUYRUXQGVFKDOWHWHGDV/LFKWHLQ ,FKZXWHQLFKWPHKUJHQDXZLHYLHOH.XJHOQVLFKQRFKLP 0DJD]LQGHU%HUHWWDEHIDQGHQYHUVFKRVVHQKDWWHLFKPLFK MHGRFKQLFKW)U/DG\;UHLFKWHHV 'DV6FKODI]LPPHUODJUHFKWV(VZDU]LHPOLFKJUR/DG\ 6DUDKKDWWH]ZHL5lXPH]XVDPPHQOHJHQODVVHQ0DQNRQQWH VLFKLQGHP5DXPJXWYHUVWHFNHQXQGLFKWUDXWHHVGHU6FRWW ]XVLFKHLQHVROFKH&KDQFHQLFKWHQWJHKHQ]XODVVHQ 'LH7UZDUQLFKWLQV6FKORJHIDOOHQ6LHVWDQGHLQHQ6SDOW RIIHQ(QWZHGHUKDWWHPLU/DG\;HLQH)DOOHJHVWHOOWZHLOVLH PLFKDXIGLHIDOVFKH6SXUORFNHQZROOWHRGHUVLHKDWWH WDWVlFKOLFKYHUJHVVHQGLH7U]XVFKOLHHQ 0LWGHP)XWUDWLFKVLHDXIXQGVSUDQJVRIRUWLQ'HFNXQJ XPHLQHUHYHQWXHOOHQ03L*DUEH]XHQWJHKHQ (VJHVFKDKQLFKWV $OVGLH7UDXIJHVFKZXQJHQZDUEUHLWHWHVLFKZLHGHUGLH EHNOHPPHQGH6WLOOHDXVGLHQXUGXUFKPHLQ$WPHQXQWHU EURFKHQZXUGH'XUFKGHQKDOERIIHQHQ0XQGDWPHWHLFKDXI PHLQHP*HVLFKWODJGHU6FKZHLLFKZDUVHKUNRQ]HQWULHUW GHQQLFKNDQQWHGLH*HIlKUOLFKNHLWGLHVHU9DPSLULQ /DXHUWHVLHLP6FKODIUDXP" 9HUVWHFNP|JOLFKNHLWHQJDEHVJHQXJ,FKKDWWHGDV=LPPHU ]ZDUQXUHLQPDOYRQLQQHQJHVHKHQJODXEWHPLFKMHGRFK HULQQHUQ]XN|QQHQGDGRUWHLQJURHV'RSSHOEHWWVWDQG IHUQHU]ZHL6FKUlQNHXQGHLQH)ULVLHUNRPPRGH 'DV)HQVWHUEHIDQGVLFKGHU7UVFKUlJJHJHQEHU :DVQXW]WHDOOHV=|JHUQXQG:DUWHQLFKPXWHHQGOLFK HWZDVWXQJLQJHLQHQ6FKULWWYRUVWDQGLPRIIHQHQ 7UUHFKWHFNXQGKDWWHHLQHQIUHLHQ%OLFNLQGDV=LPPHU 'HQ$UPPLWGHU:DIIHVFKZHQNWHLFKLP+DOENUHLVGHU )LQJHUODJDP$E]XJ 'LH9DPSLULQKDWWHPLFKUHLQJHOHJW1LFKWYRQYRUQNDP GLH*HIDKUDXIPLFK]XVLHEDOOWHVLFKLQPHLQHP5FNHQ ]XVDPPHQ9LHOOHLFKWZDUHVGHU/XIW]XJGHUPLFKZDUQWH GHQQGDV6FKODI]LPPHUIHQVWHUZDUJHNLSSW

+LQWHUPLUVSUWHLFKGLH/XIWEHZHJXQJ'RUWODJGLH7U ]XP%DGH]LPPHU 0HLQH1DFNHQKlUFKHQVWHOOWHQVLFKDXILFKDKQWHGHQ 6FKDWWHQGHV7RGHVGHUXUSO|W]OLFKEHUPLUVFKZHEWH,FK NDWDSXOWLHUWHPLFKLQGDV6FKODI]LPPHUKLQHLQ ,PQlFKVWHQ$XJHQEOLFNK|UWHLFKGDVKlOLFKH5DWWHUQGHU 0DVFKLQHQSLVWROH /XSLQDVSUDQJ 6LHKDWWHLKUHQYHUKDWHQ*HJQHULQGHUVHOEHQ6HNXQGH JHVHKHQZLH6XNRVLHXQGLKUH5HDNWLRQZDUZLUNOLFK GLHHLQHV5DXEWLHUHV6FKQHOOJHVFKPHLGLJRKQHHLQH 6FKUHFNVHNXQGH 6XNRKDWWHVHLQH+DQGEHUHLWVQDFKGHU'lPRQHQSHLWVFKH DXVJHVWUHFNWDEHUQXQPXWHHUVLH]XUFN]LHKHQGHQQ /XSLQDOLHLKPQLFKWPHKUGLH=HLWGLH:DIIHDQVLFK]X QHKPHQ 'HU,QVSHNWRUNRQQWHQRFKVRHEHQVHLQH$UPHKRFKUHLHQ GDQQSUDOOWHGLH.|QLJLQGHU:|OIHJHJHQLKQ (LQ6XNRLQ7RSIRUPKlWWHGHQ$XISUDOOYLHOOHLFKWPHLVWHUQ N|QQHQGRFKLQVHLQHPMHW]LJHQ=XVWDQGZDUGHU&KLQHVH]X VHKUJHVFKZlFKWXPQRFKHWZDVXQWHUQHKPHQ]XN|QQHQ 6LFK]XZHKUHQZDUHLQIDFKQLFKWGULQ(UPXWHVLFKJDQ] DXIGLH$EZHKUGLHVHUK|OOLVFKHQ.UHDWXUHLQVWHOOHQGHQQHU GXUIWH/XSLQDDXINHLQHQ)DOOGLH*HOHJHQKHLWJHEHQ]X]X EHLHQ (UVSUWHGHQZDUPHQ.|USHUGDVGLFKWH)HOOK|UWHGDV .QXUUHQXQGHVJHODQJLKPGLH%HLQHDQ]X]LHKHQ *OHLFK]HLWLJVWHPPWHHUVLHZLHGHUQDFKYRUQ /XSLQDKDWWHGDPLWJHUHFKQHW6LHNUDOOWHVLFKLQGHQ %VFKHQIHVWXQG6XNRVFKDIIWHHVQLFKWVLHYRQVLFK]X VWRHQ $XIGHU6WUDHIXKUHLQ:DJHQHQWODQJ'LH/LFKWODQ]HQGHU 6FKHLQZHUIHUKXVFKWHQIU%UXFKWHLOHYRQ6HNXQGHQGXUFK GLH%VFKHGHV9RUJDUWHQVXQGOLHHQGLH$XJHQGHU

:HUZ|OILQJHIlKUOLFKOHXFKWHQVRGD6XNRHLQ6FKDXGHUQ EHUGHQ5FNHQOLHIDOVHUGLHVH.lOWHVDK (UNlPSIWHYHUELVVHQ ,QHLQDQGHUYHUNUDOOWUROOWHQEHLGHEHUGHQ%RGHQ(LQPDO ODJ/XSLQDREHQGDQQZLHGHU6XNR8QGGHU,QVSHNWRUVDK ]XGDGLH:HUZ|OILQLKUH.UDOOHQQLFKWHLQVHW]HQNRQQWH 'HU.DPSIZXUGHPLWDOOHU9HUELVVHQKHLWJHIKUWXQGHV VFKLHQVRDOVZUGHHVNHLQHQ6LHJHUJHEHQ 0LWGHU+DQGNDQWHVFKOXJ6XNRPHKUPDOV]X/HLGHUODJ KLQWHUGHQ6FKOlJHQQLFKWJHQJHQG:XFKW(UWUDIZRKODEHU HUQVWOLFKJHIlKUGHQNRQQWHHU/XSLQDQLFKW 6LHZROOWHLKU2SIHU 0LWGHQ.QLHQVWLH6XNRHEHQIDOOV]X8QGGLHVPDOJHODQJ HVLKP/XSLQDYRQVLFK]XVWRHQ9LHOOHLFKWZROOWHVLHHV DXFKGHQQVLHILHO]XUFN 6RIRUWUROOWHVLFK6XNR]XU6HLWHNQDFNWHGXUFKVHLQ .|USHUJHZLFKWGLH=ZHLJHHLQHV%XVFKHVXQGVSUWHSO|W] OLFKHWZDV+DUWHVDQVHLQHU+IWH2KQHJURDUWLJKLQ]XIDV VHQZDU6XNRNODUGDHVVLFKEHLGHP*HJHQVWDQGQXUXP HLQH:DIIHKDQGHOQNRQQWH 8PVHLQH:DIIH (UPXWHGLH%HLQHQRFKDQ]LHKHQXQGVLFK]XU6HLWHUROOHQ GDPLWHUGLH%HUHWWDDQVLFKQHKPHQNRQQWH 'DQQKLHOWHUVLHIHVW 'DHUVFKLHQVFKRQ/XSLQD6LHKDWWHVLFKHEHQIDOOVHLQH :DIIHEHVRUJW(VZDUHLQHVFKPDOH(LVHQVWDQJH/DG\6DUDK KDWWHVLHPLWHLQHP%DQGDQHLQHPMXQJHQ%DXPVWDPPEHIH VWLJWGDPLWGHU%DXPJHUDGHZXFKV/XSLQDKDWWHGLH6WDQJH DXVGHU(UGHJHULVVHQXQGVWU]WHVLFKPLWLKUDOV:DIIHDXI GHQ&KLQHVHQ :HQQVLHWUDIKlWWHGDV6XNRV(QGHVHLQN|QQHQ 'HP,QVSHNWRUEOLHEQXUHLQH0|JOLFKNHLW(UPXWH VFKLHHQGUFNWHDE 1LFKWVJHVFKDKGHQQGLH%HUHWWDKDWWH/DGHKHPPXQJ 6RHWZDVZDUQRFKQLHSDVVLHUW:LHHLQ6WURPVWR]XFNWH 6XNRGHU6FKUHFNGXUFKGHQ.|USHU

-HW]WKDWWH/XSLQDIUHLH%DKQ ,P9ROOEHVLW]VHLQHU.UlIWHKlWWH6XNRYLHOOHLFKWQRFKZHJ KHFKWHQN|QQHQVRDEHUODJHUZLHJHOlKPWDP%RGHQXQG PXWHPLWDQVHKHQZLH/XSLQDLKPGLH6WDQJHLQGLH%UXVW UDPPHQZROOWH ,QVHLQHU9HU]ZHLIOXQJVFKOHXGHUWH6XNRGLH%HUHWWD 6FKLHHQNRQQWHHUGDPLWQLFKWPHKUDEHUGLH:|OILQYLHO OHLFKWDXVGHP.RQ]HSWEULQJHQ8QGHUWUDI 'LH:DIIHEHUVFKOXJVLFK]ZHLPDOGDQQSUDOOWHVLHLQGDV KlOLFKH*HVLFKWGHU%HVWLH 'HU.RSI]XFNWH]XUFN /XSLQDZDUDXVGHP5K\WKPXVJHEUDFKWZRUGHQVLHVWLH QLFKW]XXQG6XNRKDWWH=HLWVLFK]XU6HLWH]XEHZHJHQ6HLQ DQVFKOLHHQGHU+HFKWVSUXQJEUDFKWHLKQYRQGHU:HUZ|OILQ ZHJXQGHUNUDFKWHLQHLQHQ%XVFKGHVVHQ=ZHLJHXQWHU VHLQHP*HZLFKWEUDFKHQ /LHEHUHLQ]HUVW|UWHU9RUJDUWHQDOVHLQ]HUVW|UWHV/HEHQ GDFKWHGHU&KLQHVH /XSLQDV:XWZDUXQJHKHXHU6LHVWLH/DXWHDXVGLHPDQ NDXPEHVFKUHLEHQNRQQWH 6XNRPXWHMHW]WVFKQHOOVHLQ7URW]VHLQHUJHIlKUOLFKHQ /DJHGDFKWHHUGDUEHUQDFKDXVZHOFKHP*UXQGGLH%HUHWWD ZRKOYHUVDJWKDEHQNRQQWH:DKUVFKHLQOLFKZDU'UHFNLQ GLH0HFKDQLNJHODQJW6RHWZDVSDVVLHUWHEHLWDXVHQG )lOOHQK|FKVWHQVHLQPDO=XP*OFNZDUHVQRFKHLQPDO JXWJHJDQJHQ (UKDWWHDXFKZHLWHUKLQ*OFN %LVKHUKDWWHHUVLFKGDUEHUJHZXQGHUWGDGLH3ROL]HL QRFKQLFKWHUVFKLHQHQZDU'LH6FKVVHPXWHQVFKOLHOLFK JHK|UWZRUGHQVHLQ,QGHU7DWKDWWHMHPDQGGLH3ROL]HLDODU PLHUW'HU&KLQHVHK|UWHGDVHQWIHUQWH+HXOHQYRQ6LUHQHQ XQGZHQLJVSlWHUVFKRQVDKHUGHQHUVWHQJHLVWHUKDIWHQ 6FKHLQGHV5RWOLFKWVEHU+DXVZlQGHXQG6WUDHIODFNHUQ 'LH%HUHWWDZDUXQEUDXFKEDUDEHUGLH'lPRQHQSHLWVFKH NRQQWH6XNRQRFKEHQXW]HQ (UVXFKWHVLH

'DEHLWUDIHUGLH)HVWVWHOOXQJGDYRQ/XSLQDQLFKWVPHKU ]XVHKHQZDU'LH.|QLJLQGHU:|OIHKDWWHGDV:HLWHJHVXFKW 6XNREOLHEQLFKWVDQGHUHVEULJDOVDXIGDV(LQWUHIIHQGHU XQLIRUPLHUWHQ.ROOHJHQ]XZDUWHQXQGLKQHQHLQLJH (UNOlUXQJHQ]XJHEHQ $EHUZDVZDUPLWVHLQHP)UHXQG-RKQ6LQFODLUJHVFKHKHQ" ,FKEHIDQGPLFKLQNHLQHUEHQHLGHQVZHUWHQ/DJH5HWWHWHGHU 6SUXQJPHLQ/HEHQRGHUKDWWHLFK]XVSlWJHKDQGHOW" 'LHVH)UDJHVWHOOWHLFKPLULQGHUNXU]HQ=HLWVSDQQHLQGHU LFKLQGHU/XIWODJXQGZLHHLQHOHEHQGH5DNHWHLQGDV 6FKODI]LPPHUKLQHLQIORJ (LQ=LHODQYLVLHUWKDWWHLFKQLFKW,FKZDUIURKZHQQLFK LUJHQGZRODQGHWHXQGYRQNHLQHU.XJHOJHWURIIHQZXUGH $XIGDV%HWWSUDOOWHLFKODQGHWHZHLFKK|UWHGLHW|GOLFKH 0XVLNGHU03L*DUEHXQGGUHKWHPLFKVRVFKQHOOHVJLQJ XPGLHHLJHQH$FKVH*HWURIIHQZXUGHLFKQLFKW/DG\; KDWWHHLQHQ)HKOHUJHPDFKWXQGZlKUHQGGHV6FKLHHQV ]XVHKUDXIPLFKJHKDOWHQ,FKDEHUZDUVFKRQXQWHUZHJV JHZHVHQVRGDGLH*DUEHDQPLUYRUEHLKDFNWHXQGLQGHQ 7HSSLFKGURVFK $OVGLH9DPSLULQLKUH:DIIHVFKZHQNWHZDUHVEHUHLWV]X VSlW'DNRQQWHLFKPLWHLQLJHQVFKQHOOHQ'UHKXQJHQGHQ .XJHOQHQWJHKHQUROOWHDXIGLHDQGHUH6HLWHGHV%HWWHVEHU GLH.DQWHXQGILHO]X%RGHQ 6RIRUWKRELFKGHQ.RSIXQGVFKLHOWHEHUGHQ5DQG 0UV*ROGZ\QVFKOLHIQRFKXQWHUGHQDOWHQKRKHQ )HGHUREHUEHWWHQ'LH.XJHOQKDWWHQ/|FKHUJHULVVHQXQGGLH )HGHUQVWREHQZLHJURH6FKQHHIORFNHQEHUGHU/LHJHVWDWW ,FKVHW]WHHLQH.XJHOLQ5LFKWXQJ7U1LFKWHLQPDOJH]LHOW LFKZROOWHPHLQHU*HJQHULQQXUEHZHLVHQGDLFKQRFKGD ZDUXQGDXFKPLWPLVFKWH 6LHVFKULHHLQHQ)OXFK8QGGDQDFKª'LFKNULHJHLFKQRFK 6LQFODLU:DUWHHVDE,FKKROHGLFK© ª'DQQPXWGXGLFKDEHUEHHLOHQ©IOVWHUWHLFKZREHLLFK

UDVFKGLH6WHOOXQJZHFKVHOWHXQGPLFKDXIGDV)XHQGHGHV %HWWHV]XEHZHJWH $OVLFKYHUKDUUWHXQGYRUVLFKWLJKRFKVFKDXWHZDUYRQGHU 8QWRWHQQLFKWVPHKU]XVHKHQ /DG\;KDWWHHVYRUJH]RJHQGDV:HLWH]XVXFKHQ'DQQ K|UWHLFKHLQHQEHNDQQWHQ.QDOO(UHQWVWHKWZHQQHLQH7U ]XVFKOlJW ,FKVSULW]WHLQGLH+|KHKHW]WHDXIGLH6FKODI]LPPHUWU]X XQGEOLHEDXIGHU6FKZHOOHVWHKHQGHQQGDV*HUlXVFKHLQHU VSOLWWHUQGHQ)HQVWHUVFKHLEHZDUDQPHLQ2KUJHGUXQJHQ *HQDXJHJHQEHU8QGGRUWODJGLH7U]XP%DG'DZDU /DG\;YHUVFKZXQGHQ,FKEUDXFKWHQXUHLQHQ6FKULWWXP GLH7U]XHUUHLFKHQULVLHDXIXQGVDKPHLQHQ9HUGDFKW EHVWlWLJW 'LH6FRWWZDUDXVGHP)HQVWHUJHIORKHQ6LHKDWWHVLFKQLFKW GLH0KHJHPDFKWGDV)HQVWHUDXI]X]LHKHQVRQGHUQZDU NXU]HUKDQGGXUFKGLH6FKHLEHJHVSUXQJHQXQGGDVDXVGHP HUVWHQ6WRFN (LQHP0HQVFKHQZlUHGLHVVFKOHFKWEHNRPPHQ%HL/DG\ ;ZDUHVHWZDVDQGHUHV$OV8QWRWHNRQQWHVLHQLFKWDXI HLQHPQRUPDOHQ:HJVWHUEHQ (LQ]DFNLJHV/RFKEHIDQGVLFKGRUWZR]XYRUGLH6FKHLEH JHZHVHQZDU9RUVLFKWLJVWUHFNWHLFKPHLQHQ.RSIKLQGXUFK VFKLHOWHQDFKXQWHQXQGVDKVLHDXIGHP+RI /HLGHUZDUGDV/LFKW]XVFKOHFKW:HQQLFKVLHWUHIIHQ ZROOWHPXWHLFKVFKRQVHKUYLHO*OFNKDEHQ]XGHP OLHIGLH6FRWWLP=LFN]DFNZHLWHU (LQH9HUIROJXQJKDWWHNHLQHQ6LQQ/DG\;KDWWHHLQIDFK HLQHQ]XJURHQ9RUVSUXQJGHQNRQQWHLFKQLHXQGQLPPHU DXIKROHQ0LUEOLHEQXUGHU5FN]XJ $OVLFKGDV%DGH]LPPHUYHUOLHGD]LWWHUWHQPLUGLH.QLH -HW]WPDFKWHVLFKGDVEHLPLUEHPHUNEDUZDVKLQWHUPLUODJ 0HLQH1HUYHQNRQQWHPDQ]ZDUDOVJXWEH]HLFKQHQDEHU LUJHQGZDQQVWUHLNWHQDXFKVLH ,FKPXWHPLFKJHJHQGLH:DQGOHKQHQXQGHLQSDDU 6HNXQGHQVRVWHKHQEOHLEHQ

*HGDQNOLFKNRQQWHLFKQLFKWDEVFKDOWHQGDIUZDUGHU )DOO]XEULVDQW8QGGDQQGDFKWHLFKDQGDV%XFK:RPRFKWH VLFK/DG\6DUDKGDPLWEHILQGHQ"=XGHPNUHLVWHQPHLQH *HGDQNHQXP6XNR9RQLKPKDWWHLFKDXFKQLFKWVPHKU JHVHKHQ 'DV-DXOHQGHU3ROL]HLVLUHQHQXQWHUEUDFKPHLQH*H GDQNHQNHWWHXQGULPLFK]XUFNLQGLH5HDOLWlW -HPDQGKDWWHGLH3ROL]HLJHUXIHQ=LHPOLFKVSlW=XP *OFNPXWHLFKVDJHQGHQQZHQQGLH%HDPWHQGHQ 0RQVWHUQJHJHQEHUJHVWDQGHQKlWWHQZlUHHVXQWHU 8PVWlQGHQW|GOLFKIUVLHDXVJHJDQJHQ /DQJVDPVFKULWWLFKGLH7UHSSHQDFKXQWHQ,P+DXVZDUHV MHW]WVWLOOJHZRUGHQ$XIGHP)OXUERGHQVDKLFKQRFKGHQ 6WDXE/HW]WH5HVWHGHU:HUZ|OIHGLH/XSLQDPLWJHEUDFKW KDWWH 'DQQEHWUDWLFKGHQ:RKQUDXP (LQLJHVZDUXPJHNLSSW(VVDKDXVDOVKlWWHQKLHUGLH 9DQGDOHQJHKDXVW$XFKGLH)HQVWHUVFKHLEHZDU]HUVW|UW,FK NRQQWHQDFKGUDXHQVFKDXHQXQGK|UWHHLQH6WLPPH 6LHVFKLPSIWHEHUGLH7HFKQLNXQGPRGHUQH:DIIHQLP DOOJHPHLQHQ(LQ*ULQVHQIORJEHUPHLQ*HVLFKWGHQQLFK KDWWHGLH6WLPPHOlQJVWHUNDQQW6LHJHK|UWH6XNR 5DVFKZDULFKDP)HQVWHUGXUFKGDVDXFK/DG\6DUDKXQG LFKJHNOHWWHUWZDUHQXQGVFKDXWHKLQDXV 6XNRVDKPLFKQLFKW'HU,QVSHNWRUZDQGWHPLUGHQ5FNHQ ]XXQGKLHOWVHLQH%HUHWWDLQGHU+DQG'DV0DJD]LQKDWWH HUKHUDXVJHQRPPHQVFKDXWHHVVLFKDQXQGVFKWWHOWH GHQ.RSI ª6XFKVWGXZDV"©IUDJWHLFK 6XNRIXKUKHUXPª-RKQ0HQVFK© ª,Q/HEHQVJU|H$OWHU© ª'DQQKDVWGXHVEHUVWDQGHQ© ª*HUDGHQRFK© ª,FKDXFKPHLQ/LHEHU8QGIDVWZlUHHVLQV$XJHJHJDQ JHQ©6XNRKLHOWGLH3LVWROHKRFKª6LHKDWJHQDXLQGHP $XJHQEOLFNYHUVDJWDOVLFK/XSLQDYRUGHU0QGXQJKDWWH©

,FKZLQNWHDEª0DFKGLUQLFKWVGUDXV'XKlWWHVWVLHPLW HLQHU6LOEHUNXJHOVRZLHVRQLFKWJHVFKDIIW6LHKDWEHUHLWV]ZHL .XJHOQYRQPLULP/HLE© ª:LHLVWGDVP|JOLFK"© ª.HLQH$KQXQJ+LHUOLHJWVRZLHVRHLQLJHVLPDUJHQGDV NDQQLFKGLUIOVWHUQ© ª8QG/DG\;"© ª9HUVFKZXQGHQJHIORKHQ,FKKDEHVLHOHLGHUQLFKWPHKU HUZLVFKHQN|QQHQ© 'DQQVFKZLHJHQZLUGHQQ]ZHL6WUHLIHQZDJHQKDWWHQDXI GHP*HKVWHLJYRUGHP+DXVJHKDOWHQ'LH3ROL]LVWHQYHU OLHHQGLH)DKU]HXJH6LHVFKZlUPWHQVRIRUWDXV,KUH:DIIHQ KLHOWHQVLHVFKXEHUHLW,P1XZDU6XNRXPULQJW0LFKEOHQ GHWHGHU6FKHLQHLQHUVFKUlJQDFKREHQJHKDOWHQHQ 7DVFKHQODPSH ª2EHULQVSHNWRU6LQFODLU©K|UWHLFKGDQQHLQHVRQRUH 6WLPPHª6LHVLQGKLHU"© ª-D© ª'DQQKDEHQ6LHXQVDODUPLHUW6LU"© ª1HLQGDVZDUMHPDQGDQGHUHU6LHN|QQHQZLHGHUIDKUHQ (VLVWDOOHVYRUEHL© ª+DWHV7RWHRGHU9HUOHW]WHJHJHEHQ"© ª(LJHQWOLFKQLFKW©VDJWHLFK'LHVH$QWZRUWTXLWWLHUWHGHU 6SUHFKHUPLWHLQHPXQJOlXELJHQ*HVLFKW,FKNRQQWHHVLKP QDFKIKOHQª+LHUEUDXFKWPDQK|FKVWHQVHLQHQ+DQGZHUNHU GHU]ZHL]HUEURFKHQH6FKHLEHQHLQVHW]WDQVRQVWHQLVW DOOHVNODU© ª'DQQN|QQHQZLUZLHGHUIDKUHQ"© ª6LFKHU© 'HU0DQQJUWHVDPPHOWHVHLQH0lQQHUHLQXQGZHQLJ VSlWHUZDUGHU7UXSSYHUVFKZXQGHQ 6XNRKDWWHHVGUDXHQQLFKWPHKUDXVJHKDOWHQ(UNDP]X PLULQGDV=LPPHUVFKDXWHVLFKXPXQGVFKWWHOWHGHQ.RSI 'DQQEHULFKWHWHHUZDVHUHUOHEWKDWWHXQGZLH/DG\;GHQ GUHL:HUZ|OIHQGHQ*DUDXVJHPDFKWKDWWH ª'LHKLHOWHLQIDFKGD]ZLVFKHQ-RKQ,FKNDQQYRQ*OFN

VDJHQGDHVPLFKQLFKWHUZLVFKWKDW$EHUGLHZXFKWLJHQ .|USHUGHU%HVWLHQKDEHQPLFKJHGHFNW8QGZLHLVWHVGLU HUJDQJHQ"© ,Q6WLFKZRUWHQEHULFKWHWHLFK6XNRZDUGHU0HLQXQJGD PDQXQVUHLQJHOHJWKDWWH ª8QGWURW]GHPKDEHQGLHDQGHUHQQLFKWJHZRQQHQ© HUNOlUWHLFKª'HQQGDV%XFKKDEHQVLHQLFKW© ª8QGZRLVWHV"© ,FKGHXWHWHDXIGHQUXQGHQ7LVFKª'DKDWHVJHOHJHQ /XSLQDZROOWHHVDQVLFKQHKPHQ,FKNRQQWHHVYHUKLQGHUQ VRHUKLHOW/DG\6DUDKGLH&KDQFHHVPLW]XQHKPHQ© 6XNRVHQNWHGHQ.RSIª'DQQVFKZHEWVLHDOVRZLHGHULQ *HIDKU,FKNDQQPLUDXINHLQHQ)DOOYRUVWHOOHQGDGLH 6FKZDU]EOWHUGLH-DJGQDFKGHP%XFKDXIJHJHEHQKDEHQ© 'DZDULFK6XNRV0HLQXQJ ª:HQQZLUQXUZWHQZRVLFKXQVHUH)UHXQGLQEHILQGHW© PXUPHOWHHU ª9LHOOHLFKWLVWVLH]X%HNDQQWHQJHIDKUHQ© ª'LHZLUOHLGHUQLFKWNHQQHQ©,FKUXQ]HOWHGLH6WLUQª1XU JODXEHLFKQLFKWGD/DG\6DUDK)UHXQGHRGHU%HNDQQWHLQ *HIDKUEULQJW1HLQ©,FKVFKWWHOWHGHQ.RSIª'LHKDWVLFK LUJHQGZRYHUVWHFNWZRVLHYLHOOHLFKWNHLQHUILQGHW© ª:DVHLQ7UXJVFKOXZlUHGHQQGLH'lPRQHQILQGHQDOOHV ZDVVLHZROOHQ© 'DKDWWH6XNRDXFKZLHGHUUHFKW 0DQNRQQWHVDJHQGDZLU]ZDUQLFKWJHUDGHDP%HJLQQ VWDQGHQDEHUJURH)RUWVFKULWWHKDWWHQZLUQLFKWHU]LHOW 9RUDOOHQ'LQJHQH[LVWLHUWHQGLH+DXSWJHJQHUQRFKXQGGLH ZUGHQXQVNHLQH5XKHODVVHQ:DVPLFKEHVRQGHUVGDEHL VW|UWHZDU/XSLQD:LHNRQQWHHVP|JOLFKVHLQGDVLHQRFK OHEWH" ª+DVWGXGHQQZHQLJVWHQVKHUDXVILQGHQN|QQHQZDVLQ GHP%XFKVWHKW"©IUDJWHPLFK6XNR ª1HLQGD]XUHLFKWHGLH=HLWHLQIDFKQLFKW© ª$XFKNHLQH9HUPXWXQJ"© ª'LHVFKRQDEHUGLHUHLFKWOlQJVWQLFKW(LQ.DSLWHOGHV

%XFKHVEHVFKlIWLJWVLFKPLWPHLQHP.UHX]GDVLVWDOOHV'LH DQGHUHQVHFKVGUHKHQVLFKXP6FKZDU]H0DJLH© ª8QGZLHNRPPWGDV.DSLWHOPLWGHP.UHX]KLQHLQ"© ª.HLQH$KQXQJ6XNR'DNDQQPDQQXUUDWHQ9LHOOHLFKW KDWGHQ$XWRUGHV%XFKVGDVVFKOHFKWH*HZLVVHQJHSODJWXQG HUZROOWHVLFKVHOEVWXQGGHQDQGHUHQHWZDV*XWHVWXQ© 'HU,QVSHNWRUVFKDXWHPLFKVFKLHIDQª0HLQVWGXGDHU DXVGLHVHP*UXQGGLH*HKHLPQLVVHGHV.UHX]HVHQWUlWVHOW KDW"© ª0|JOLFK1XUZHLLFKOHLGHUQLFKWZHUGLHVHU9HUIDVVHU LVW(VPXHLQVHKUZHLVHU0DQQJHZHVHQVHLQ© ª'HUYRUHLQLJHQWDXVHQG-DKUHQJHOHEWKDW©IJWHPHLQ )UHXQGXQG.ROOHJHKLQ]X ª$XFKGDV© ª8QGGDV%XFKKDWVLFKVRODQJHJHKDOWHQ©6XNRVFKWWHOWH GHQ.RSIª6HOWVDP© ª'UHL3DUWHLHQVLQGKLQWHUGHP%XFKKHU©VDJWHLFKOHLVH ª/XSLQD/DG\;XQGGHU6SXN© ª9LHU-RKQ© ª:LHVR"© ª'XYHUJLWXQV© ª6WLPPW$OVRYLHU,FKKDEHYRQ/XSLQDXQG/DG\; JHK|UWGDGHU,QKDOWGLHVHV%XFKHVIUVLHW|GOLFKVHLQNDQQ ZHQQLFKGDVHLQH.DSLWHOEHJUHLIHQOHUQH8QGVROOWHHVLKQHQ LQGLH+lQGHIDOOHQGDQQZROOHQVLHHVDQHLQHQ2UWEULQJHQ GHQZLUQLFKWNHQQHQ,QHLQ/DQGGDVQLFKWVHLQGDUI'DV /DQGGHU'UDFKHQ© ª+l"©6XNRVFKDXWHPLFKHUVWDXQWDQª:LHVDJWHVWGX"© ,FKZLHGHUKROWHGLH$QWZRUW ª1RFKQLHZDVYRP/DQGGHU'UDFKHQJHK|UW©PHLQWH PHLQ)UHXQG ª'DEHLVWDPPVWGXDXV&KLQD'HU'UDFKHQNXOWKDWVLFKMD EHLHXFKODQJHJHKDOWHQ© ª5LFKWLJDEHUYRQHLQHP/DQGGHU'UDFKHQLVWLQXQVHUHU 0\WKRORJLHNHLQH5HGHVRYLHOLFKZHL$OOHUGLQJVKDWPDQ GRFKHLQHQVDJHQXPZREHQHQ.RQWLQHQWVRJHQDQQW©

,FKVFKDOWHWHVFKQHOOª'XPHLQVWGDV/DQG0X"© ª(VVROOMDZLH/HPXULDH[LVWLHUWKDEHQ$OOHUGLQJVKDWGHU YHUVXQNHQH.RQWLQHQW$WODQWLVGLH6DJHQXQG*HVFKLFKWHQ EHUGLHVHEHLGHQ/lQGHUPHKULQGHQ+LQWHUJUXQG JHGUlQJW© ª-D©VLQQLHUWHLFKª'XN|QQWHVWXQWHU8PVWlQGHQUHFKW KDEHQ9LHOOHLFKWKDWHV0XWDWVlFKOLFKJHJHEHQ$EHUZHU NDQQXQVGDUEHU$XVNXQIWJHEHQ"© ª,FKZWHMHPDQGHQ© ª8QG"© ª.DUDVRZLH0\[LQ© 'DKDWWH6XNRJXWJHVFKDOWHW'LHVH$QWZRUWKlWWHPLUDXFK VHOEVWHLQIDOOHQN|QQHQDEHUPDQFKPDOVWHKWPDQGDZLHGHU EHUKPWH2FKVHYRUGHP%HUJ 6XNRKREGLH6FKHUEHQGHU7HHNDQQHDXIª$OOHUGLQJVN|Q QHQZLUGLHEHLGHQHUVWHLQPDOYHUJHVVHQ©PHLQWHHU ª:LFKWLJHULVW6DUDK*ROGZ\QXQGGDPLWDXFKGDV%XFKGHU VLHEHQ6LHJHO© ª:HQQGXPLUVDJHQNDQQVWZRVLHVLFKEHILQGHWIDKUHQ ZLUJHUQKLQ© 'HU,QVSHNWRUOHJWHGLH6FKHUEHQLQHLQH6FKDOHª:HLWNDQQ VLHMDQLFKWVHLQ© ª5XIGRFKPDOEHL6KDRDQ© 6XNRHUVWDXQWHPHLQ9RUVFKODJª'XPHLQVWGDVLH© ª:lUHLPPHUKLQP|JOLFK© ª.ODUGDVLVWHV©(UJLQJ]XP7HOHIRQKREHVKRFKXQGVDK GDGLH/HLWXQJJHNDSSWZDUª1LFKWV©PXUPHOWHHUª'DV 'LQJIXQNWLRQLHUWQLFKW9HUGDPPWDXFKGLHKDEHQDQDOOHV JHGDFKW©6XNRYHU]RJGDV*HVLFKWXQGULHEVHLQHQ1DFNHQ GHUDQJHVFKZROOHQZDU ª'DQQVSUHFKHLFKYRP:DJHQDXVPLWLKU© *HPHLQVDPJLQJHQZLUQDFKGUDXHQ7URW]GHUQlFKWOL FKHQ6WXQGHKDWWHQVLFK1HXJLHULJHYHUVDPPHOW=XPHLVW 1DFKEDUQGLHVFKHXDXIGLH+DXVIDVVDGHEOLFNWHQ :LUNPPHUWHQXQVQLFKWXPVLHJDEHQDXFKNHLQHUOHL (UNOlUXQJHQDEGHU$QUXIZDUZLFKWLJHU

6KDRVFKLHQQHEHQGHP7HOHIRQJHZDUWHW]XKDEHQGHQQVLH KREVRIRUWDE ,FKUHLFKWH6XNRGHQ+|UHUGDPLWGLH&KLQHVLQGLH6WLPPH LKUHV)UHXQGHVK|UWHXQGEHUXKLJWZDU0LWHLQHP6DW]QXU JDELKU6XNR]XYHUVWHKHQGDHURND\ZDU$QVFKOLHHQG IUDJWHHUQDFK/DG\6DUDK*ROGZ\Q 6HLQHP*HVLFKWVDKLFKDQGD6KDRLKPHLQHQHJDWLYH $QWZRUWJHJHEHQKDWWH(UOHJWHDXFKVHKUVFKQHOODXIXQG KREGLH6FKXOWHUQª7XWPLUOHLGEHL6KDRZDUVLHQLFKW© 0HLQH)LQJHUVFKOXJHQHLQHQWURPPHOQGHQ5K\WKPXVDXI GDV/HQNUDGª9HUIOL[WZRNDQQVLHGDQQVWHFNHQ"© 6XNRZXWHHVDXFKQLFKWª6ROOHQZLUPDOGLH*HJHQG DEIDKUHQ"© ª8QGGDQQ"© ª9LHOOHLFKWKDWVLHVLFKLUJHQGZRYHUVWHFNWXQGZDUWHWGDU DXIGDVLHXQVVLHKW© 6ROOWHXQVQLFKWV%HVVHUHVHLQIDOOHQZROOWHQZLUDXI6XNRV 9RUVFKODJ]XUFNJUHLIHQ'HQQVRVFKOHFKWZDUHUQLFKW,FK GDFKWHGDUDQGD/DG\;XQG/XSLQDHEHQIDOOVKLQWHUGHP %XFKKHUZDUHQ8QWHU8PVWlQGHQZDUHQGLHEHLGHQHEHQIDOOV DXIGHU6XFKHQDFK/DG\6DUDKGDNRQQWHHVGXUFKDXVVHLQ GDZLUXQVHUH)HLQGHWUDIHQ ,FKQLFNWHª$OOULJKWVWDUWHQZLU© 6XNRKDWWHVHLQH:DIIHZLHGHULQ2UGQXQJJHEUDFKW6LH ZDUWDWVlFKOLFKQXUYHUGUHFNWJHZHVHQXQGGHVKDOEKDWWHHV GLH/DGHKHPPXQJJHJHEHQ$XFKLFKKDWWHPHLQH3LVWROH QDFKJHODGHQ'DV0DJD]LQZDUPLWJHZHLKWHQ6LOEHUNXJHOQ JHIOOW /DQJVDPUROOWHGHU%HQWOH\DQ(VZDUNDXPHLQ*HUlXVFK ]XK|UHQDOVGLH5HLIHQEHUGHQ$VSKDOWJOLWWHQ$QXQVHUHQ 6HLWHQKDWWHQZLUGLH)HQVWHUQDFKXQWHQIDKUHQODVVHQGLH ODQJHQ6FKHLQZHUIHUEDKQHQWUDIHQVLFKDXIGHU6WUDHXQG HUKHOOWHQVLHPLWLKUHP/LFKW 6XNRXQGLFKULFKWHWHQGLH%OLFNHQLFKWQXUQDFKYRUQ VRQGHUQEHREDFKWHWHQDXFKGLH6HLWHQ 'LH+lXVHUVWDQGHQVHKUGLFKW1XUKLQXQGZLHGHUHQW

GHFNWHQZLU]ZLVFKHQLKQHQHLQH/FNHDXVGHUHLQ:HJ ZXUGH:LHPLWGHP/LQHDOJH]RJHQVWDFKHULQGLHKLQWHU GHQ+lXVHUQOLHJHQGHQ*lUWHQRGHU+|IHKLQHLQ $P(QGHGHU6WUDHVWRSSWHLFKRKQHHWZDVHQWGHFNW]X KDEHQ:LUZDUHQVRVFKODXZLH]XYRU ª:LHGHU]XUFN"©IUDJWH6XNR ª,FKZHLHVQLFKW9LHOOHLFKWKDWVLHGDV%XFKDXFKQXUYHU VWHFNWXQGLVWEHUHLWVDXIGHP:HJ]XLKUHP+DXV]XUFN© ª1HLQGLHOlWGRFKGDV%XFKQLFKWLP6WLFK© 'DHVDXFKHLQHGULWWH0|JOLFKNHLWJDEQlPOLFK/DG\ 6DUDKV7RGGDUDQGDFKWHQZLUZRKOVSUDFKHQHVDEHUQLFKW DXV ª:LUN|QQWHQPDOXPGHQ%ORFNIDKUHQ© ,FKJLQJDXIGHQ9RUVFKODJPHLQHV)UHXQGHVHLQXQGVWDU WHWHZLHGHU1DFKUHFKWVEOLQNWHLFKPXWHHUVWHLQHQ :DJHQYRUEHLODVVHQXQGIXKUKLQWHULKPKHU (VZDULQGHU7DWQXUHLQHDXI*XW*OFN)DKUW/DG\6DUDK EUDXFKWHQLFKWLQGHU1lKH]XVHLQVLHNRQQWHVLFKHEHQVRJXW HLQ7D[LJHQRPPHQKDEHQXQGZHJJHIDKUHQVHLQ,QGLH&LW\ YLHOOHLFKWRGHU]XHLQHUHQWIHUQWZRKQHQGHQ%HNDQQWHQ ª1LFKWV]XVHKHQ©PXUPHOWH6XNR ª:DKUVFKHLQOLFKVLQGZLUDXIGHUIDOVFKHQ)lKUWH©EHPHUN WHLFKXQGZHFKVHOWHEHUDXIGLH6WUDHQPLWWHGDLFKUHFKWV HLQELHJHQZROOWH .DXPKDWWHLFKGHQ%HQWOH\KHUXPJH]RJHQXQGZDULQGLH 6WUDHHLQJHIDKUHQDOVZLUHLQH*HVWDOWEHUGHQ*HKVWHLJ UHQQHQVDKHQ(VZDUHLQ0DQQHUVFKLHQVFKRQGLFKWYRUGHU (UVFK|SIXQJ]XVWHKHQGHQQVHLQ/DXIJOLFKPHKUHLQHP 7RUNHOQ'DEHLVFKZDQNWHHUYRQHLQHU6HLWH]XUDQGHUHQXQG VFKOHQNHUWHPLWGHQ$UPHQ :LGHUDOOH9HUNHKUVUHJHOQ]RJLFKGHQ%HQWOH\DQGHQ UHFKWHQ6WUDHQUDQG'HU0DQQZXUGHYRP/LFKWGHU 6FKHLQZHUIHUEHUJRVVHQKREGLH$UPHXQGZLQNWHPLW EHLGHQ+lQGHQ(VZDUNODUGDHUHWZDVYRQXQVZROOWH (UVFKDIIWHHVQLFKWPHKUVHLQHQVFKZDQNHQGHQ/DXIUHFKW ]HLWLJJHQXJDE]XEUHPVHQGHQQDOVHUVWRSSWHILHOHUQRFK

QDFKYRUQXQGVFKOXJJHJHQGLH.KOHUKDXEHPHLQHV 6LOEHUJUDXHQ.HXFKHQGEOLHEHUOLHJHQ %HLGHIOLW]WHQZLUDXVGHP:DJHQ,FKKDWWHGHQHWZDV NU]HUHQ:HJXQGHUUHLFKWHGHQ0DQQDOVHUVWHU(UZDUVR HUVFK|SIWGDHUNHLQ:RUWKHUYRUEUDFKWHVRQGHUQQXU NHXFKWH ,FK]RJLKQYRQGHU+DXEH6XNRZDUGDXQGKLHOWLKQIHVW GDPLWHUQLFKWXPNLSSWH ª:DVLVWSDVVLHUW"©IUDJWHLFKLKQª5HGHQ6LH© :LUPXWHQXQVZHLWHUKLQLQ*HGXOGIDVVHQ1DFKGHP HWZDIQI]HKQ6HNXQGHQYHUJDQJHQZDUHQHUKLHOWHQZLUHLQH $QWZRUW0LWGHPUHFKWHQ$UPGHXWHWHGHU0DQQGRUWKLQ ZRNHLQH+lXVHUVWDQGHQVRQGHUQKRKH%lXPHXQGQHEHQ HLQHU.XJHOODWHUQHHLQ:HJEHJDQQ ª'LHGLH.LUFKH©NHXFKWHHUª0HLQ*RWWXQVHUH.LUFKH © ª:DVLVWPLWLKU"© ª9HUVFKZXQGHQ6LHLVWYHUVFKZXQGHQ© 6XNRXQGLFKVFKDXWHQXQVDQ1XUHLQHQ0RPHQWODQJ %HLGHZXWHQZLUGDHVMHW]WZHLWHUJLQJ2KQHHLQ:RUW]X VDJHQUDQQWHQZLUORV'HU0DQQDEHUVDFNWHQHEHQGHP :DJHQ]XVDPPHQOHKQWHVLFKDQGLH6WRVWDQJHXQG VFKOXFK]WH 0UV6DUDK*ROGZ\QGLH+RUURU2PDZLHVLHOLHEHYROO JHQDQQWZXUGHKDWWHLQLKUHP/HEHQVFKRQYLHOGXUFKJH PDFKW'UHLIDFKH:LWZH]DKOUHLFKH5HLVHQLQDOOH:HOW .RQIURQWDWLRQHQPLWGHQ0lFKWHQGHV%|VHQDEHUZDVVLH MHW]WHUOHEWHZDUHLQPDOLJXQGVFKUHFNOLFK 6LHNODPPHUWHVLFKDQHLQHP.UHX]IHVW 'DV+RO]NUHX]VWDQGDXIHLQHP6WHLQSRGHVWZDUEHU PDQQVJURXQGHLQ)DQDOGHV*XWHQLQPLWWHQHLQHV 6FKUHFNHQV]HQWUXPVGDVHUVWYRUZHQLJHQ0LQXWHQHLQHV JHZRUGHQZDUGHQQGLH.LUFKHLQGHUGDV.UHX]DOV 0LWWHOSXQNWJHVWDQGHQKDWWHZDUYHUVFKZXQGHQ

0LW*UDXHQHULQQHUWHVLFK/DG\6DUDKDQGLHVH0LQXWHQDOV GLH0DXHUQJHWURIIHQYRQHLQHUXQKHLPOLFKHQ0DJLHGDKLQ VFKZDQGHQ6LHVFKPRO]HQNXU]HUKDQGZHJDOVZUGHQVLH YRQJHZDOWLJHQ+LW]HZHOOHQ]HUVW|UW$EHUHVZDUQLFKWV ]XUFNJHEOLHEHQ.HLQH0DVVHNRQQWHHUNDOWHQGLHVFKW]HQ GHQ:lQGHGHU.LUFKHKDWWHQVLFKDXIJHO|VW 8QGYHUDQWZRUWOLFKGDIUZDUHLQHVFKUHFNOLFKH*HVWDOWDXV GHP5HLFKGHU6FKDWWHQ 'HU6SXN (UKDWWHVHLQHIHUQH:HOWYHUODVVHQXQGVLFKDXIGLHQRUPD OHEHJHEHQXPGDV]XKROHQZDVIUDOOH6FKZDU]EOWHUHLQH JURH*HIDKUGDUVWHOOWH 'DV%XFK =ZDUKDWWHHUVLFKPLWGHU9DPSLULQ/DG\;]XVDPPHQ JHWDQGRFKZHGHULKUQRFK/XSLQDZDUHVJHOXQJHQGDV %XFKDQVLFK]XEULQJHQ%HLGHYHUVDJWHQ 'DHQWVFKORVLFKGHUPlFKWLJH'lPRQVHOEVWHLQ]XJUHLIHQ (UEHVDGLH0DFKWXPKHUDXV]XILQGHQLQZHVVHQ+lQGHQ VLFKGDV%XFKEHIDQG8QGGDVZDUQXQPDO6DUDK*ROGZ\Q 6LHKDWWHNHLQHQDQGHUHQ$XVZHJJHVHKHQDOVPLWLKUHU XQJHPHLQZHUWYROOHQXQGEULVDQWHQ%HXWHLQGHQ6FKXW] HLQHU.LUFKH]XIOLHKHQ:LHWUJHULVFKGLHVHU6FKXW]ZDU PXWHVLHVFKRQ0LQXWHQVSlWHUIHVWVWHOOHQDOVGHU6SXNHLQ JULIIXQGGLH0DXHUQGHU.LUFKHNXU]HUKDQGYHUVFKZLQGHQ OLH =XGHPZDUHLQXQJHZ|KQOLFKHU6WXUPORVJHEURFKHQGHU GLH+RUURU2PDYRQGHQ%HLQHQJHULVVHQXQGVLHELVJHJHQ GDV3RGHVWNDWDSXOWLHUWKDWWHDXIGHPGDVJURH.UHX]VWDQG 8QGGDKDWWH/DG\6DUDKSO|W]OLFKLKUHJURH&KDQFH HUNDQQW'DV.UHX]ZDUGDV=HLFKHQGHV*XWHQGHU +RIIQXQJGHV/HEHQV6LHZDUDXIGDV3RGHVWJHNOHWWHUW KDWWHGDV%XFKPLWJHQRPPHQXQGNODPPHUWHVLFKZLHHLQH (UWULQNHQGHGRUWIHVWZRVLFK4XHUXQG/lQJVEDONHQWUDIHQ 6REOLHEVLHVWHKHQGHFNXQJVORVQXUPLWGHU+RIIQXQJGHV .UHX]HVLP+HU]HQ +DWWHVLFKGHU6SXN]XHUVWDOVHLQJHZDOWLJHUNRQWXUHQORVHU

6FKDWWHQEHUGHP'DFKGHUGDPDOVQRFKVWHKHQGHQ.LUFKH JH]HLJWVRQlKHUWHHUVLFKQXQ/DG\6DUDKLQVHLQHU 1RUPDOJHVWDOW(LQZHQLJJU|HUDOVHLQ0HQVFKQXU0DQVDK EHLLKPNHLQ*HVLFKW(VZDUDOOHVVFKZDU]XQGVHLQ8PUL RGHUGLH.RQWXUVDKDXVDOVKlWWHVLFKHLQ0HQVFKHLQHQ 8PKDQJEHUJHVWUHLIW /DXWORVJLQJHU 6FKDWWHQYHUXUVDFKHQNHLQH*HUlXVFKH8QGHUNDPQlKHU XQGQlKHUZREHL/DG\6DUDKGDV*HIKOKDWWHLPPHUNOHLQHU ]XZHUGHQ1LHKDWWHVLHVLFKVRKLOIORVJHIKOW $EHUVLHKLHOWHVDXV 0UV*ROGZ\QZXWHVHOEVWQLFKWZRKHUVLHQDFKDOOGHP ZDVJHVFKHKHQZDUQRFKGLH.UDIWQDKP(VZDULKUHLQIDFK XQP|JOLFKGLHV]XVDJHQYLHOOHLFKWZDUHVGLHVHVJURH VFKOLFKWZLUNHQGH+RO]NUHX]GDVLKUGHQ0XWYHUOLHKVWDQG KDIW]XEOHLEHQ)UHLZLOOLJZROOWHVLHGDV%XFKQLFKWKHUJHEHQ 6LHOLHYRQGHP6SXNNHLQHQ%OLFNVFKDXWHLKPGLUHNW HQWJHJHQREZRKO$QJVWLKU+HU]XPNODPPHUWH 'HU2UNDQGHUVRXQQDWUOLFKDXIJHNRPPHQZDUKDWWH VLFKZLHGHUJHOHJW1XUGHUQRUPDOH1DFKWZLQGIXKULQGDV HUKLW]WH*HVLFKWGHU/DG\6DUDKXQGNKOWHGLH+DXW(U WURFNQHWHGHQ6FKZHL (LQH)UDJHTXlOWH0UV*ROGZ\QEHVRQGHUV :UGHGHU6SXNHVZDJHQDXFKGDV.UHX]]XEHUKUHQ" /DG\6DUDKUHFKQHWHGDPLWGDGLHVHV.UHX]GDVELVKHU LQHLQHU.LUFKHJHVWDQGHQKDWWHJHZHLKWZDU8QGJH ZHLKWH'LQJHNRQQWHHLQ'lPRQQLFKWYHUWUDJHQVLHEHUHL WHWHQLKPN|USHUOLFKH6FKPHU]HQIDOOVVLHLKQQLFKWVRJDU YHUQLFKWHWHQ 1RFKKDWWHVLHHLQH*DOJHQIULVWQRFKNRQQWHVLHVLFKHQW VFKHLGHQ:HQQVLHGDV%XFKYLHOOHLFKWIUHLZLOOLJZHJZDUI GDQQKDWWHGHU6SXNXQWHU8PVWlQGHQHLQ(LQVHKHQPLWLKU DEHUJHQDXGDPLWJDEVLHDXFKLKUH1LHGHUODJH]XXQGGDV %|VHZUGHWULXPSKLHUHQ /DG\6DUDKEUDFKWHGDVQLFKWIHUWLJ6RZDUWHWHVLHDE KRIIWHXQGEHWHWH

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lKUOLFKHQ 'lPRQ(LQ6FKULWWQXUXQGGHQQRFK:HOWHQ ª*LEHVPLU© =XPHUVWHQPDOVSUDFKGHU6SXNVLHVRDXVGHU1lKHXQGVR GLUHNWDQ/DG\6DUDKODXVFKWHGLHVHU6WLPPHQDFKGLH HLJHQWOLFKNHLQHZDUXQGLUJHQGZRDXVGHU6FKZlU]H HUNODQJ 2EZRKOVLHQLFKWZHLWYRQHLQDQGHUJHWUHQQWZDUHQ VFKZHEWHGHQQRFKXQVLFKWEDUHWZDV]ZLVFKHQLKQHQ(V ZDUQLFKW]XIDVVHQNDXP]XHUNOlUHQHUVWUHFKWQLFKW]X EHZHLVHQDEHUHVZDUYRUKDQGHQ 'DV*UDXHQ -HGHUPlFKWLJH'lPRQYHUEUHLWHWHHV(LQH$XUDGHV 6FKUHFNHQVGHU9HUQLFKWXQJGHV7RGHV 6HQVLEOH0HQVFKHQPHUNWHQHVVRIRUW6LHYHUVSUWHQVWDUNH $QJVWJHIKOHXQG+HU]NORSIHQNRQQWHQRIWQLFKWVFKUHLHQ ZHLOLKUH.HKOHZLH]XJHVFKQUWZDUXQGDXFK/DG\6DUDK *ROGZ\QPHUNWHGLH$XUDGLHLKUXQVLFKWEDUHQWJHJHQNURFK 'DYRUVFKW]WHVLHDXFKGDV.UHX]QLFKWXQGVLH]XFNWH ]XVDPPHQDOVVLHDEHUPDOVGLH6WLPPHGHV8QKHLPOLFKHQ K|UWH ª,FKZLOOGDV%XFK© ª1HLQ©(LQHNQDSSHNXU]H$QWZRUW+HUDXVJHVWRHQIDVW

ZLGHUZLOOLJDEHUDXWRPDWLVFKGD]XGDV.RSIVFKWWHOQXQG /DG\6DUDKZXWHVHOEVWQLFKWJHQDXREVLHEHUKDXSWKDWWH VRDQWZRUWHQZROOHQ=XUFNQHKPHQNRQQWHVLHGLH$QWZRUW QLFKW ª'DPLWKDVWGXGHLQ/HEHQYHUZLUNW©VWHOOWHGHU6SXNPLW GXPSIHU6WLPPHIHVW 'LH+RUURU2PDVFKDXGHUWH'LH*lQVHKDXWDXILKUHP 5FNHQVFKLHQGLH'LFNHHLQHV)LQJHUV]XKDEHQ6LHZDQGHU WHODQJVDPQDFKXQWHQ,KU*HVLFKWZXUGHQRFKEODVVHUVLH VSUWHª3XGGLQJ©LQGHQ.QLHQXQGNODPPHUWHVLFKDXV ODXWHU$QJVWQRFKIHVWHUDQGDVJURH.UHX] ª'XNDQQVWHVGLUKROHQ'lPRQ9HUIOXFKWGXNDQQVWHVGLU KROHQZHQQGXHVKDEHQZLOOVWDEHUGD]XPXWGXHUVWGDV .UHX]EHUZLQGHQ© ª(VLVWNHLQH6FKZLHULJNHLWIUPLFK©HUZLGHUWHGHU6SXN ª,FKZROOWHQXUGHLQ/HEHQVFKRQHQ6RDEHUZLUVWGX]XVDP PHQPLWGHLQHP.UHX]XQWHUJHKHQ© 'LH+RUURU2PDJODXEWHDQHLQHQ%OXII 'lPRQHQVFKRQWHQNHLQH/HEHQXQGGHU6SXNVFKRQJDU QLFKW %HYRUVLHLUJHQGHLQHQDQGHUHQ*HGDQNHQIDVVHQNRQQWH HQWVWDQGZLHGHUGDVJUQOLFKH/HXFKWHQ(VZDOOWHGRUWDXI ZRVLFKGLH6FKZlU]HEHIDQGXQGHVEOLHEQLFKWDQHLQHP 3XQNWVRQGHUQZDQGHUWHZHLWHU=ZDUQLFKWVFKQHOODEHU VHKU]LHOVWUHELJ(VJDENHLQHQ=ZHLIHOGDUDQGDGLHVHV /HXFKWHQDOOHLQGDV.UHX]]XP=LHOKDWWH 1RFKEHIDQGHVVLFKQLFKWLQGHU+|KHVRQGHUQNURFKEHU GHQ%RGHQDEHUDOVHVGDV3RGHVWHUUHLFKWHGDVSUWH/DG\ 6DUDKEHUHLWVGLH(UVFKWWHUXQJ 6LHZDUQXUNXU](LQHQ$WHP]XJVSlWHUMHGRFKHUIROJWHGLH 5HDNWLRQ'DV3RGHVWDXIGHPVLHVWDQGVFKPRO]XQWHULKU ZHJ0LWLKPJHVFKDKGDVJOHLFKHZLHPLWGHQ0DXHUQGHU .LUFKH9ROOHU(QWVHW]HQHUNDQQWH0UV*ROGZ\QGDGHU 6SXNGDV.UHX]EHUKDXSWQLFKWDQ]XIDVVHQEUDXFKWHHU ZUGHHVDXFKVR]HUVW|UHQ 'DVJURH+RO]NUHX]EHJDQQ]X]LWWHUQ(VYHUORULPPHU

PHKUDQ+DOWVFKZDQNWHSO|W]OLFKNLSSWHQDFKYRUQXQG /DG\6DUDKNODPPHUWHVLFKZLHHLQH(UWULQNHQGHGDUDQIHVW ,KUH*HVLFKWV]JHZXUGHQHLQH0DVNHGHU$QJVWVLHVFKLHQHQ ]X]HUIOLHHQXQGGDQQHLQ]XIULHUHQ ª'DVLHKVWGXHV©JUROOWHGHU6SXNª'XZLUVWHVQLFKW VFKDIIHQQLFKWVNDQQGLFKUHWWHQDXFKQLFKWGDV.UHX]© /DG\6DUDKK|UWH]ZDUGLH:RUWHGRFKZXUGHQVLHYRQLKU QLFKWUHFKWHUIDW6LHGDFKWHQXUDQGLHQlFKVWHQ $XJHQEOLFNHZRGDVSDVVLHUHQZUGHYRUGHPVLHVLFKVR IUFKWHWH 'HU)DOO 1RFKKLHOWGDV.UHX]DEHUGDVVWHLQHUQH3RGHVWXQWHULKP YHUVFKZDQGLPPHUPHKU (VJHODQJ/DG\6DUDKGHQ%OLFN]XVHQNHQGDEHLNRQQWHVLH LQGHQVWDUNHQVLFKDOOPlKOLFKDXIO|VHQGHQ6WHLQKLQHLQ VFKDXHQXQGHQWGHFNWHVRJDUGDV(QGHGHVVHQNUHFKWYHUODX IHQGHQ%DONHQVGHULP6WHLQVWHFNWHDEHUQLFKWPHKUGLH 6WDQGIHVWLJNHLWKDWWH 6LHNLSSWH 1LFKWVFKQHOOQHLQZLHLP=HLWOXSHQWHPSR8QGVLHILHO DXFKQLFKW]XUFNVRQGHUQQDFKYRUQGHP6SXNHQWJHJHQ ZREHLVLHGDV*HIKOKDWWHLPQlFKVWHQ0RPHQWLQGHU VFKZDU]HQ:RONHYHUVFKZLQGHQ]XPVVHQ 'LH=HLWVSDQQHGLHVHVFKUHFNOLFKHQ6HNXQGHQZDUHQPLW GDV6FKOLPPVWHZDVVLHEHUKDXSWELVKHUGXUFKJHPDFKW KDWWH'LH5HDOLWlWYHUVFKZDQGVLHNRQQWHVLFKQXUQRFK LKUHQ*HIKOHQKLQJHEHQ .DXPQDKPVLHZDKUGDGHU6SXN]XUFNZLFK(UVFKLHQ XQEHGLQJWHLQH%HUKUXQJGHV.UHX]HVYHUPHLGHQ]XZROOHQ (UKDWGRFK$QJVWVFKRHVLKUGXUFKGHQ.RSIGDQQ HUIROJWHGHU$XISUDOO (UZDUKDUWXQGVFKPHWWHUQG/DG\6DUDKKDWWHVLFKYRUJH QRPPHQQLFKW]XVFKUHLHQGLHVHU9RUVDW]DOOHUGLQJVEUDFK DOVVLHQRFKLPPHUDQGDV.UHX]JHNODPPHUW]X%RGHQILHO /DG\6DUDKNRQQWHHLQHQ/DXWGHV6FKPHU]HVQLFKWXQWHU GUFNHQ$OVZlUHVLHPLWGHP.UHX]YHUZDFKVHQRGHUGDUDQ

IHVWJHNOHEWNODPPHUWHVLHVLFKGDUDQXQGDXFKDQGDV%XFK 7URW]GHU4XDOHQZROOWHVLHHVQLFKWORVODVVHQ =XGHQ)HQGHV6SXNVODJVLHXQGGHU'lPRQVWDQGZLH HLQXQKHLPOLFKHU6LHJHUYRULKU .HLQ+RUURU5HJLVVHXUKlWWHGLH6]HQHEHVVHUHLQVWHOOHQ N|QQHQDOVGLH:LUNOLFKNHLWVLHSUlVHQWLHUWH(VZDUVFKRQHLQ %LOGGHV6FKUHFNHQVGLH)UDXDXIGHP%RGHQOLHJHQ]XVHKHQ XQGYRULKUGHUJHZDOWLJH6SXNGLHVHVVFKZDU]HJHVWDOWORVH :HVHQDXVGHP5HLFKGHU6FKDWWHQ ª'DV%XFKJLEHVKHU©K|UWHGLH+RUURU2PDZLHGHUGLH 6WLPPHª*LEHVIUHLZLOOLJGDQQVFKRQHLFKGHLQ/HEHQ© 'LH$QJVWVFKWWHOWH/DG\6DUDKGXUFK6LHZXWHVHOEVW QLFKWZRKHUVLHGHQ0XWQDKPPLWHLQHPª1HLQ©]XDQW ZRUWHQ$EHUVLHWDWHVXQG]ZDQJGHQ'lPRQGDPLW]XHLQHU 5HDNWLRQ 'HU6FKDWWHQZDOOWHXQGEHZHJWHVLFKJOHLFK]HLWLJQDFK YRUQ(UVFKZHEWHZLHHLQULHVLJHU7HSSLFKDXI/DG\6DUDK]X XQGVWOSWHVLFKEHUVLH 6LHKDWWHHLQZHQLJGHQ.RSI]XU6HLWHJHGUHKWVRGDVLH DXVGHQ$XJHQZLQNHOQVFKLHOHQNRQQWHEHPHUNWHQXQGLH 'XQNHOKHLWGLHVLHSO|W]OLFKXPILQJXQGZXWHGDGHU 6SXNEHULKUZDUXQGVHLQHVFKZDU]HQ7RGHVVFKZLQJHQ DXVJHEUHLWHWKDWWH ª7|WHQZHUGHLFKGLFK7|WHQRKQHGLFK]XEHUKUHQDOWH )UDX'DQDFKUHLHLFKGHLQH6HHOHDQPLFKGDPLWVLHIUDOOH =HLWHQGLHHZLJHQ4XDOHQGHU9HUGDPPQLVNHQQHQOHUQW© 0UV*ROGZ\QK|UWHGLH:RUWHDEHUVLHEHJULIIVLHNDXP 6LHZXWHQXUGDGHU6SXNDQGDV%XFKZROOWHGDVVLHQDFK ZLHYRUIHVWKLHOW ª'DV/HEHQLVWHQGOLFKGLH4XDOHQK|UHQQLHDXI© *HOlFKWHUIROJWHGHQ:RUWHQªXQGLQPHLQHP5HLFKLVWQRFK YLHO3ODW]VHKUYLHO3ODW]DOWH)UDX© (VZDUHQNHLQH6FKPHU]HQGLH/DG\6DUDKVSUWHQXUHLQ QLHHUOHEWHV*HIKOGDVLQLKUHQ$GHUQHQWVWDQGXQGDQGHQ )HQPLWHLQHPVHOWVDPHQ.ULEEHOQDQILQJ (V]RJLPPHUK|KHULQGLH%HLQHZDQGHUWHZHLWHUXQG

ZHLWHUHUUHLFKWHGLH+IWHQXQGHQWULGHU+RUURU2PD MHJOLFKHV*HIKO ª'DVLVWGHU7RG©K|UWHVLHGLHIOVWHUQGH6WLPPHª:LHHLQ *LIWHLQVFKOHLFKHQGHV*LIWGDVGLH0HQVFKHQ]HUIULWXQG GLH4XDOHQGHU+|OOHEULQJW© :HLWKDWWH0UV*ROGZ\QGLH$XJHQDXIJHULVVHQ1RFK EHNDPVLH/XIWVLHDWPHWHVFKQHOOXQGNHXFKHQGGRFKVLH VSUWHEHUHLWVGHQXQVLFKWEDUHQ5LQJGHUVLFKXPLKUH%UXVW JHOHJWKDWWHXQGGDV$WPHQLPPHUPHKU]XHLQHU4XDO ZHUGHQOLH $XFKGLH$UPHYHUORUHQDQ.UDIWGLH)LQJHUZROOWHQLKU QLFKWPHKUJHKRUFKHQ|IIQHWHQVLFK ª'DVDOOHVKlWWHVWGXGLUHUVSDUHQN|QQHQDOWH)UDX© YHUQDKPVLHZLHGHUGLH6WLPPHGHV'lPRQVª$EHUGXGX ZROOWHVWKHUDXVILQGHQZHUPlFKWLJHULVW(LQ0HQVFKNDQQ QLFKWJHZLQQHQ© JHZLQQHQJHZLQQHQJHZLQQHQ 'DVOHW]WH:RUWGU|KQWHLQLKUHP.RSIQDFK(VZDUHLQ JUDXVDPHU:LGHUKDOOZLHPDNDEUH*ORFNHQVFKOlJH $OVZlUHQLKUH)LQJHUPLWXQVLFKWEDUHQ%lQGHUQYHUEXQ GHQVRZXUGHQVLHLQGLH+|KHJH]RJHQXQGGDVVRZHUW YROOH%XFKUXWVFKWHZHLWHUEHUGLH+DQG'DQQODJHVIUHL /DG\6DUDKVFKOXFK]WHDXI(VZDUHLQHOHW]WHYHU]ZHLIHOWH 5HDNWLRQGHQQVLHKDWWHIHVWJHVWHOOWGDGHU:LOOHLKUQLFKW PHKUJHKRUFKWH,KUHLJHQHV,FKZDUDXVJHVFKDOWHWYRUEHL YRUEHL 8PVRQVWGHUJURH.DPSI 8QGGHU6SXNNRQQWHGDV%XFKDQVLFKQHKPHQRKQHGDV .UHX]EHUKUHQ]XPVVHQ(UZDUHEHQGHU6WlUNHUH (LQVFKPDOHU6FKDWWHQVHQNWHVLFKGHP%XFKHQWJHJHQ 9LHOOHLFKWQRFKHLQH6HNXQGHGDQQEHIDQGHVVLFKLP%HVLW] GHV6SXNV ,QGLHVHP0RPHQWILHOHWZDV6LOEHUQHVYRQREHQKHUDEXQG EOLHEJHQDXDXIGHP%XFKGHFNHOOLHJHQ -RKQ6LQFODLUV.UHX]

(VZDUZLUNOLFKGLHDOOHUOHW]WH&KDQFHJHZHVHQXP/DG\ 6DUDK*ROGZ\Q]XUHWWHQ'DEHLKDWWHLFK$QJVWJHKDEW]X VSlW]XNRPPHQ ,FKZDUZHLWHUJHUDQQWDXIGHQ6SXNXQG/DG\6DUDK]X XQGKDWWHGDV.UHX]VFKOHXGHUQN|QQHQ (LQ*OFNVZXUIGDHVWDWVlFKOLFKDXIGHP%XFKOLHJHQJH EOLHEHQZDUGHQQGLH&KDQFHQKDWWHQZDKUOLFKQLFKWJXW JHVWDQGHQ :UGHGHU6SXNWURW]GHP]XJUHLIHQ" (LQH)UDJHGLHLFKQLFKWEHDQWZRUWHQNRQQWHZREHLLFK DOOHUGLQJVKRIIWHGDHU]XUFN]XFNWH,FKKDWWHLKQVFKRQ PDOPLWGHP.UHX]DWWDFNLHUWLKQDOOHUGLQJVQLFKWYHUQLFKWHQ VRQGHUQQXUVFKZlFKHQN|QQHQ$EHUDXFKHLQH6FKZlFKXQJ ZROOWHHUQLFKWLQ.DXIQHKPHQ 'HU6SXN]RJVLFK]XUFN(VJHVFKDKVRVFKQHOOGDZLU NDXPIROJHQNRQQWHQ0LWGHQ$XJHQVRJXWZLHQLFKW]X VHKHQHLQEL]DUUHU6FKDWWHQLQGHU/XIWYRUEHL :LUVWDQGHQGDVFKDXWHQLQHLQHQGXQNOHQ+LPPHOXQG EHUHLQHQOHHUHQ3ODW]DXIGHPPDOHLQH.LUFKHJHVWDQGHQ KDWWHYRQGHUMHW]WQXUGHU$OWDUEULJJHEOLHEHQZDU ,FKKDWWHGDV%XFK(VODJYRUPHLQHQ)HQXQGLFK EUDXFKWHHVQXUDXI]XKHEHQ'DVYHUNQLIILFKPLUGHQQZLFK WLJHUZDULQGLHVHQ$XJHQEOLFNHQ6DUDK*ROGZ\Q 6LHODJGDZLHWRW 'DV%XFKNRQQWHLFKJHWURVWOLHJHQODVVHQ(VZDUGXUFKGDV .UHX]JHVFKW]WXQGDOVLFKPLFKQDFK/DG\6DUDKEFNWH VDJWH6XNRª+RIIHQWOLFKLVWVLHQLFKW© ª.HLQH6RUJHLKUEHLGHQ8QNUDXWYHUJHKWQLFKWVROHLFKW© :LUK|UWHQLKUH6WLPPHOHLFKWNUlFK]HQGHUVFK|SIW NOLQJHQGDEHUGLH+RUURU2PDOHEWH 8QGGDVDOOHLQ]lKOWH ª+HOIWPLUPDODXIGLH%HLQHLKUMXQJHQ'DFKVH6FKOLHOLFK KDEHLFKKLHUGLH6WHOOXQJJHKDOWHQ©'DKDWWHVLHHLQZDKUHV :RUWJHVSURFKHQ:LUEHUERWHQXQVJHJHQVHLWLJEHLXQVHUHP %HPKHQGLH+RUURU2PDZLHGHUDXIGLH)H]XVWHOOHQ :LHGHU.|USHUHLQHV$DOVVRKDWWHVLFKLKU$UPXPGDV

.UHX]JHZLFNHOW(VPXWHZLHHLQ$QNHUIUVLHJHZHVHQ VHLQ(LQ$QNHUGHU+RIIQXQJGHU5HWWXQJ 6FKOLHOLFKVWDQGVLHXQGVFKDXWHXQVDQ6LHZROOWHHWZDV VDJHQGDYHUVDJWHLKUGLH6WLPPH,FKVDKZLHVLHVFKOXFNWH VLFKLKU0XQG|IIQHWHXQGHLQ6FKDXHUEHULKU*HVLFKWOLHI 6FKOLHOLFKZXUGHQLKUH$XJHQQDXQGGDQQILHOVLHJHJHQ PLFKXQGZHLQWH ª-XQJH©VFKOXFK]WHVLHª9HUIOL[WGDVP|FKWHLFKQLFKWQRFK HLQPDOHUOHEHQ© 0HKUEUDXFKWHVLHDQVLFKQLFKW]XHUNOlUHQ:HQQ/DG\ 6DUDKGDVVRDXVVSUDFKZXWHLFKJDQ]JHQDXGDVLH 6FKOLPPHVKLQWHUVLFKKDWWH+DUWH0LQXWHQZRVLH]ZLVFKHQ /HEHQXQG7RGJHVFKZHEWKDWWH:LUOLHHQVLHZHLQHQXQG PHLQ%OLFNJOLWWEHULKUHQ.RSIKLQZHJGRUWKLQZRGLH .LUFKHJHVWDQGHQKDWWH 'DEHIDQGVLFKQLFKWVPHKU .HLQH0DXHUNHLQH%lQNHDOOHVZDUYHUVFKZXQGHQ%LVDXI GDV.UHX]XQGHLQHQVFKOLFKWHQ$OWDUKLQWHUPLU%HLGHV PXWHJHZHLKWVHLQVRQVWKlWWHGLH0DJLHHVDXFK]HUVW|UW 'HU6SXNKDWWH]XJHVFKODJHQXQGEHZLHVHQZLHPlFKWLJHU VHLQNRQQWH(UZDUQLFKWQXUHLQIDFKGHU$XISDVVHULP5HLFK GHU6FKDWWHQQHLQDXFKNRQQWHHUHLQHHLJHQH0DJLHHLQVHW ]HQGLHDXIGHUQRUPDOHQ:HOWHEHQIDOOV%HVWDQGKDWWH :HQQLFKPLUGDVVRDQVFKDXWHZXUGHLFKXQZLOONUOLFKDQ GHQ6FKZDU]HQ7RGHULQQHUW$XFKHUKlWWHZUGHHUQRFK H[LVWLHUHQlKQOLFKUHDJLHUW'HUJDEVLFKQLHPDOVPLWNOHLQHQ 'LQJHQDEVRQGHUQVFKOXJVRIRUWLQGLHYROOHQ (VZDUPLJGDUEHUQDFK]XGHQNHQZHUQXQPlFKWLJHU ZDU'HU6SXNRGHUGHU6FKZDU]H7RG,FKWLSSWHDXIHLQH JOHLFKH6WlUNHZREHLVLFKGHU6SXNELVKHUQXU]XUFNKLHOW ZlKUHQGVLFKGHU6FKZDU]H7RGLPPHULQGHQ9RUGHUJUXQG JHGUlQJWKDWWH ª6RGDVKlWWHQZLUGDQQZRKO©VDJWH/DG\6DUDKQDFK HLQHU:HLOHVLHEHIUHLWHVLFKDXVPHLQHP*ULII6LHVFKDXWH PLFKDXVWUlQHQQDVVHQ$XJHQDQXQGIUDJWHPLFKQDFKHLQHP 7DVFKHQWXFK

,FKKDWWH]XP*OFNHLQVDXEHUHV :lKUHQGVLHVLFKPLWHLQHP=LSIHOGLH$XJHQDXVWXSIWH PHLQWHVLHª:LVVHQ6LHZDVPHLQ-XQJH"© ª1HLQ© ª$FKODVVHQ6LHPLFKPDODXVUHGHQ'DV%XFKVFKHQNHLFK ,KQHQREZRKOLFK/HLKJHEKUGDIUEH]DKOWKDEH© ,FKPXWHODFKHQª:LHJUR]JLJYRQ,KQHQ© ª-DLFKZLOOGDPLWQLFKWVPHKU]XWXQKDEHQ© ª$OOULJKW/DG\6DUDKGDQQZHUGHLFK,KQHQDXFKHLQHQ *HIDOOHQHUZHLVHQ© ª'HUZlUH"© ª'LH5HSDUDWXUGHUEHLGHQ)HQVWHULQ,KUHP+DXVJHKWDXI .RVWHQYRQ6FRWODQG
ª:RVWHFNWHUGHQQ"©/DG\6DUDKVFKDXWHVLFKXP ª,FKKDEHLKQDXFKVFKRQJHVXFKW(ULVWYHUVFKZXQGHQ QDFKGHPHUJHJHQXQVHUHQ:DJHQOLHI'HU0DQQZDUY|OOLJ DXHUVLFK'HU9RUJDQJPXLKQXQKHLPOLFKPLWJHQRPPHQ KDEHQ© ª:DVLFKVHKUJXWYHUVWHKHQNDQQ©HUZLGHUWHGLH+RUURU 2PDQLFNHQGª'DVDOOHVZDUYHUGDPPWKDUW© (QGOLFKNDPLFKGD]XPLFK]XEFNHQXQGGDV%XFKQHEVW GHP.UHX]DXI]XKHEHQ%HLGHVEHKLHOWLFKLQGHU+DQG,FK VFKDXWHDXIGHQ'HFNHODXIGHPGDV.UHX]ODJ -HW]WZDUHQVLH]XVDPPHQ,FKEHVDHVXQGNRQQWHYLHO OHLFKWGDUDQJHKHQGDV5lWVHO]XO|VHQ (VZDUHLQVHOWVDPHU$XJHQEOLFNLQPHLQHP/HEHQZLHLFK GDVWDQGXQGDXIGLHEHLGHQVRZLFKWLJHQ'LQJHVFKDXWH -DKUHODQJKDWWHLFKJHIRUVFKWXPGDV*HKHLPQLVGHV.UHX]HV KHUDXV]XILQGHQ1XUKLHUXQGGDKDWWHHVHLQH$QGHXWXQJ JHJHEHQGLHDOOHUGLQJVLPPHUVRYHUVFKZRPPHQZDUGD PDQDXIHLQNRQNUHWHV(UJHEQLVQLFKWKRIIHQNRQQWH 8QGQXQEHVDLFKGDV%XFK8QGLFKEHIDQGPLFKLQ NHLQHUGLUHNWHQ*HIDKUGDVVHLKLQ]XJHIJW(VKLHOWVLFK QLHPDQGLQGHU1lKHDXIGHUPLUGHQZHUWYROOHQ)XQG DEMDJHQZROOWH ª'DPLWPVVHQ6LHVLFKMHW]WEHVFKlIWLJHQ-RKQ©VDJWHGLH +RUURU2PDªLFKKDEHGLH1DVHJHVWULFKHQYROO© ª'DVNDQQLFKYHUVWHKHQ© ª.RPPHQ6LHGHQQGDPLWNODU"© ,FKKREGLH6FKXOWHUQª(VZLUGVLFKQRFKKHUDXVVWHOOHQ© :LUK|UWHQGLH6LUHQHQVDKHQGDV5RWOLFKWXQGZHQLJ VSlWHUVWULFKHQGLH/LFKWODQ]HQGHU6FKHLQZHUIHUEHUGHQ MHW]WIUHLHQ3ODW]DXIGHPVRQVWGLH.LUFKHJHVWDQGHQKDWWH 3ROL]HLXQG)HXHUZHKUZDUHQDODUPLHUWZRUGHQ'LH:DJHQ KLHOWHQPLWTXLHWVFKHQGHQ5HLIHQXQGEHLGHQ3ROL]LVWHQKDQ GHOWHHVVLFKXPGLHVHOEHQ0lQQHUGLHDXFKGHQ(LQVDW]YRU /DG\6DUDKV+DXVJHIDKUHQKDWWHQ6LHZXQGHUWHQVLFKQDWU OLFKDOVVLH6XNRXQGPLFKHUNDQQWHQ ,FKOlFKHOWHª:LHGHUQLFKWV)UHXQGH©

ª)DOVFKHU$ODUP"©IUDJWHPLFKGHU(LQVDW]IKUHU ª1HLQDEHU6LHEUDXFKHQQLFKWPHKUHLQ]XJUHLIHQ'LH 6DFKHKDWVLFKEHUHLWVHUOHGLJW© 'HU0DQQQLFNWHXQGVHQNWHVHLQHQ%OLFN,FKNRQQWHPLU GHQNHQGDHUIUXVWULHUWZDU'HVKDOEOHJWHLFKLKPHLQH +DQGDXIGLH6FKXOWHUXQGVDJWHª0DFKHQ6LHVLFKQLFKWVGDU DXVHVLVWQLFKW,KUH6FKXOG© (UKREGHQ.RSIXQGVFKDXWHPLFKDQ,P/LFKWGHU 6FKHLQZHUIHUVFKLPPHUWHVHLQ*HVLFKWEOlXOLFKZHLª.DQQ LFK,KQHQPDOHLQH)UDJHVWHOOHQ6LU"© ª1DWUOLFK© ª,FKKDEHHLQLJHVYRQ,KQHQJHK|UW6LU6LHVROOHQVLFKPLW EHUVLQQOLFKHQ'LQJHQEHVFKlIWLJHQ'HVKDOEIUDJHLFK6LHRE HVVWLPPWGDKLHUQRFKYRUZHQLJHQ0LQXWHQHLQH.LUFKH JHVWDQGHQKDW© ª-DGDVVWLPPW© ª8QGMHW]WLVWVLHZHJ"© ª6HKHQ6LHHLQH"© (UVFKOXFNWHª1HLQGDVQLFKWDEHU©(UVFKOXJ VLFKJHJHQGLH6WLUQXQGVSUDFKQLFKWPHKUZHLWHU'DQDFK ZDQGWHHUVLFKDEXQGJLQJZWHQGGDYRQ:DVHUGDEHL VDJWHYHUVWDQGLFKQLFKW)ULKQDEHUVFKLHQHLQH:HOW ]XVDPPHQJHEURFKHQ]XVHLQ 'HP&KHIGHU)HXHUZHKUPDQQVFKDIWHUJLQJHVlKQOLFK 1XUZXUGHHUlUJHUOLFKHUXQGUHGHWHYRQHLQHPIDOVFKHQ $ODUPXQGGDYRQGDGHU0DQQGHULKQDXVJHO|VWKDWWH EHVWUDIWZHUGHQPVVH 'DVZLHJHOWHLFKDE'HUMHQLJHGHU)HXHUZHKUXQG3ROL]HL KROWHKDWWHHVQXUJXWJHPHLQW ª8QGZHQQZLUZRDQGHUVKlWWHQO|VFKHQPVVHQ"© ª6LHEUDXFKWHQMDQLFKW=XGHPZDUHVNHLQJUREHU8QIXJ YRQGHP6LHJHVSURFKHQKDEHQ© hEHU]HXJWKDWWHLFKGHQ0DQQQLFKW.QXUUHQG]RJHU DEVHLQH/HXWHQDKPHUPLW1RFKHLQPDOZDUGHUOHHUH 3ODW]YRP/lUPGHUDQIDKUHQGHQ:DJHQHUIOOWGDQDFK KHUUVFKWH6WLOOH

(LJHQWOLFKKDWWHQZLUKLHUDXFKQLFKWVPHKUYHUORUHQ,FK VFKDXWH/DG\6DUDKDQª:RKLQVROOLFK6LHEULQJHQ",QHLQ +RWHO"=X© ª1HLQQHLQ-RKQJHEHQ6LHVLFKNHLQH0KHXQGUDWHQ6LH QLFKWKHUXP,FKIDKUHQDFK+DXVH'DN|QQHQ6LHPLFK DEVHW]HQ© ª'DVJHKWQLFKW0UV*ROGZ\Q(VVLQG]ZHL)HQVWHULQ ,KUHP+DXV]HUVW|UW© ª:HUVROOWHPLFKVFKRQVWHKOHQ"© ª'DVVDJHQ6LHVRHLQIDFK6FKOLHOLFKVLQG6LHHLQ 0LWZLVVHU© 6LHKREGHQ$UPXQGDXFKGHQUHFKWHQ=HLJHILQJHUª'HU MHW]WDOOHUGLQJVQLFKWVPHKULQGHU+DQGKlOW.HLQHQ7UXPSI GHU0DJLH:DVVROOHQGLHPLWPLUDOWHP:HLEVFKRQDQ IDQJHQ":HQQPLFKMHPDQGLP'XQNHOQHQWIKUWGDQQ OlWHUPLFKLP+HOOHQZLHGHUODXIHQ© 6XNRXQGLFKPXWHQEHLGHODFKHQ'DVZDUZLHGHUW\SLVFK /DG\6DUDK'LHDOWH'DPHOLHVLFKVROHLFKWNHLQ;IUHLQ8 YRUPDFKHQ'DZDUVLHUHFKWUHVROXW ª1HLQPHLQ-XQJHLFKKDEHHLQHDQGHUH,GHH6LHEUDXFKHQ PLFKDXFKQLFKWQDFK+DXVH]XEULQJHQ,FKZHUGHZRDQGHUV GLH1DFKWYHUEULQJHQ© ª'RFKEHLXQV"©IUDJWH6XNR ª1HLQQHLQEHLHLQHP)UHXQG© 'DZDULFKSHUSOH[/DG\6DUDKZROOWH]XHLQHP)UHXQG (WZDVJDQ]1HXHV ª'DUIPDQGHQQGHQ1DPHQHUIDKUHQ"©HUNXQGLJWHLFK PLFKJULQVHQG ª6FKlPHQ6LHVLFK-RKQ:HQQLFKVFKRQ,KU*HVLFKWVHKH GDQQHUNHQQHLFKKLQWHU,KUHU6WLUQGLHVFKPXW]LJVWHQ *HGDQNHQ(VLVWQLFKWVRZLH6LHHVYLHOOHLFKWDQQHKPHQ,FK ZHUGHEHLHLQHP)UHXQGEOHLEHQ8QGGLHVHU)UHXQGLVWGHU 3IDUUHUGHU*HPHLQGH6FKOLHOLFKWUDJHLFKHLQHQ7HLOGHU 6FKXOGGDUDQGDGLH.LUFKHYHUVFKZXQGHQLVW,FKPX GDVGHP0DQQHUNOlUHQXQGZHUGHYHUVXFKHQVRYLHOZLH P|JOLFKJXW]XPDFKHQ.ODU"©

ª-DLFKKDEHYHUVWDQGHQ© ª'DQQLVWMDDOOHVLQ%XWWHU© 'DZDUZLUNOLFKQLFKWV]XPDFKHQ:LUNDQQWHQ/DG\ 6DUDK:DVVLHVLFKHLQPDOLQGHQ.RSIJHVHW]WKDWWHGDVIKU WHVLHDXFKGXUFK6LHKDWWHHEHQLKUHQHLJHQHQ'LFNVFKlGHO 8QGGHU3IDUUHUNDP,FKKDWWHLKQQRFKQLHJHVHKHQ(UZDU YLHOOHLFKWHLQZHQLJMQJHUDOVGLH+RUURU2PDUDQJYHU ]ZHLIHOWGLH+lQGHXQGMDPPHUWH (VZUGHVFKZHUIU6DUDK*ROGZ\QZHUGHQLKPGLH 6DFKH]XHUNOlUHQ6LHVWHOOWHHVJHVFKLFNWDQXQGULHWLKP GRFKHUVWHLQPDOHLQHQ:KLVN\]XWULQNHQ ª$EHUQLFKWDOOHLQ)DWKHULFKWULQNHHLQHQPLW© ª'LH.LUFKHVLH© ª6LHZLUGZLHGHUDXIJHEDXW8QGLFKWUDJHPHLQ6FKHUIOHLQ GD]XEHLGDUDXIN|QQHQ6LHVLFKYHUODVVHQ©6LHKDNWHVLFKEHL GHP3IDUUHUXQWHUXQGJLQJPLWLKPZHJ8QVZDUIVLHQRFK HLQHQ$EVFKLHGVEOLFN]XLQGHPDXFK'DQNEDUNHLWIUGLH /HEHQVUHWWXQJ]XOHVHQZDU ª(LQHZLUNOLFKEHPHUNHQVZHUWH)UDX©VWHOOWH6XNRIHVWª6R HWZDVLVWHLQPDOLJ© ª'DVDJVWGXZDV© ª8QGZDVWXQZLU"© %LVKHUKDWWHLFK%XFKXQG.UHX]IHVWJHKDOWHQ ª6FKODIHQJHKHQDXINHLQHQ)DOO,FKZLOOHQGOLFKZLVVHQ ZDVHVPLWGHP.UHX]DXIVLFKKDW/DQJHJHQXJKDEHLFK JHZDUWHW© ª'XKDVWUHFKW8QGZRKLQ"© ª$PEHVWHQLQV%UR1XUNHLQH8QVFKXOGLJHQLQ*HIDKU EULQJHQ,FKVFKlW]HGDXQVLQGLHVHU1DFKWQRFKHLQLJH hEHUUDVFKXQJHQEHYRUVWHKHQ© 0LWGLHVHU3URJQRVHVROOWHLFKPLFKNHLQHVIDOOVJHLUUWKDEHQ

,QHLQHP5HJHQYRQ6SOLWWHUQZDUVLHGXUFKGDV)HQVWHUJHIDO OHQXQGDXIGHP+RIJHODQGHW(LQ0HQVFKKlWWHGHQ6SUXQJ NDXPEHUOHEWGRFK/DG\;]lKOWHVLFKQLFKWGD]X6LHZDU HLQ:HVHQGHU1DFKWHLQH8QWRWHHLQH9DPSLULQ )HGHUQGNDPVLHDXIOLHVLFKQDFKYRUQIDOOHQUROOWHVLFK JHVFKLFNWDEXQGVWDQG 6LHVFKDXWHVLFKQLFKWXPVRQGHUQOLHIVRIRUWLQGHQ 6FKDWWHQHLQHU+DXVUFNIURQW'RUWQLVWHWHGLH'XQNHOKHLW ZLHHLQ7XFKGDVDXFK/DG\;YHUGHFNWH 'LH6FRWWEHUOHJWHVFKDUI6LHKDWWHHLQH1LHGHUODJHHUOLWWHQ GDUDQJDEHVQLFKWV]XUWWHOQ'DEHLJDEVLHQLFKWHLQPDO -RKQ6LQFODLUVRVHKUGLH6FKXOGGDUDQVRQGHUQHLQHP:HVHQ GDV/XSLQDKLHXQGHLJHQWOLFKKlWWHWRWVHLQVROOHQ :LHVROHEWHVLHQRFK" 'DUEHU]HUEUDFKVLFKGLH6FRWWYHU]ZHLIHOWGHQ.RSI=X HLQHP(UJHEQLVZDUVLHQLFKWJHODQJW(VPXWHLUJHQGHWZDV HLQJHWUHWHQVHLQGDVVWlUNHUDOVGLH0DFKWGHV6LOEHUVJHZH VHQZDU%HLGLHVHP*HGDQNHQVFKDXWHVLHDXILKUHNXU]OlXIL JHWVFKHFKLVFKH03LGLHVLHVHLWHLQLJHU=HLWEHLVLFKWUXJ6LH KDWWHGLH:DIIHHLQHP.LOOHUDEJHQRPPHQPLWGHPVLH GDPDOVDOVHVJHJHQ/XSLQDJLQJ]XVDPPHQDUEHLWHQVROOWH 7RQLR7UHQWKDWWHGHU0DQQJHKHLHQ(LQDUURJDQWHU (LQ]HOJlQJHUZDUHUJHZHVHQ(LQHW|GOLFKH%OWHLP6XPSI GHU*URVWDGWXQGHUKDWWH/DG\;QLFKWHUQVWJHQRPPHQ 'LH9DPSLULQPXWHLKQYRP*HJHQWHLOEHU]HXJHQLQGHP VLHVHLQ%OXWWUDQNXQGLKQHEHQIDOOV]XHLQHP*HVFK|SIGHU 1DFKWPDFKWH 7UHQWH[LVWLHUWHQLFKWPHKUVHLQH:DIIHMHGRFKKDWWH/DG\; DOV$QGHQNHQEHKDOWHQ 1XUQXW]WHGLHLKUPRPHQWDQDXFKQLFKWYLHO=XGHP WUDXWHVLHGHP6FKLHHLVHQQLFKWPHKUVRUHFKWVHLWVLHHUOHEW KDWWHGD/XSLQDQRFKOHEWH 6LHKDWWHDOOHV]HUVW|UWXQGLKUHQDOWHQ3ODQHLQH$OOLDQ] GHU:HUZ|OIH]XJUQGHQKDWWHVLHHEHQIDOOVQLFKWDXIJH JHEHQ'DVVW|UWH/DG\;XQJHPHLQGHQQVLHYHUIROJWHlKQ OLFKH3OlQHQXUHEHQPLWHLQHU$OOLDQ]GHU9DPSLUH

:LHVLHHVDXFKGUHKWH/XSLQDZDULKULP:HJ$XFKEHL GHU%HVFKDIIXQJGHV%XFKHV 6LHEHQ6LHJHOGHU0DJLH6RODXWHWHGHU7LWHOXQGHVJDE ZRKONDXPHLQH6FKULIWYRUGHUPDQVLFKLP'lPRQHQUHLFK VRIUFKWHWHGDV%XFKGHUJUDXVDPHQ7UlXPHYLHOOHLFKWDXV JHVFKORVVHQ'LHVEHIDQGVLFKLQGHQ+lQGHQHLQHVDQGHUHQ HLQHV8QHUUHLFKEDUHQXQGQLFKWLP%HVLW]GHU6FKZDU]EOWHU (LQ.DSLWHOQXUVWHFNWHYROOHU%ULVDQ](VGUHKWHVLFKXP 6LQFODLUV.UHX]%LVKHUKDWWHGHU*HLVWHUMlJHUGDV.UHX]VSR UDGLVFKHLQJHVHW]WXQGDXFK]DKOUHLFKH(UIROJHGDPLWHU]LHOW (UKDWWHGDV*HKHLPQLVQRFKQLFKWHLQPDODQVDW]ZHLVHJHOI WHWDEHUZHQQHUHLQPDOGHQ'XUFKEOLFNEHVDVDKHVILQVWHU DXV 'DQQZUGHLP5HLFKGHU'lPRQHQGDVJURH=LWWHUQ EHJLQQHQXQGGDVPXWH/DG\;YHUKLQGHUQGHQQXPHLQH $OOLDQ]GHU9DPSLUHDXI]XEDXHQGXUIWHVLHGXUFKQLFKWV JHVW|UWXQGDEJHOHQNWZHUGHQ'HVKDOEGHU%XUJIULHGHQPLW GHP6SXN 6LHGDFKWHDXFKDQ;RUURQXQG9DPSLURGHOPDUDXHULKU GLHEHLGHQOHW]WHQ0LWJOLHGHUGHU0RUGOLJD2EVLHGLHEHLGHQ YLHOOHLFKWLQGLH$XVHLQDQGHUVHW]XQJPLWKLQHLQ]LHKHQVROOWH" (LQHEHUHFKWLJWHhEHUOHJXQJGRFKVLHVDJWHVLFK]X5HFKW GDGLHEHLGHQZHQQVLHPLWPLVFKWHQHLQ]XJURHV $XIVHKHQHUUHJWHQ1HLQGLHNRQQWHVLHGDODVVHQZRVLH ZDUHQ-HW]WPXWHVFKODXXQGOLVWLJYRUJHJDQJHQZHUGHQ PLWUHLQHU0RQVWHUJHZDOWZDUGDQLFKWYLHO]XHUUHLFKHQ 6LHVFKDXWHKRFK]XP)HQVWHUGHV%DGVXQGVDKGRUWHLQHQ 6FKDWWHQ'HU*HLVWHUMlJHULKU7RGIHLQGEHZHJWHVLFKLP 5DXP )UHLQHQ0RPHQWZDUVLHYHUVXFKW]XIHXHUQ'HU)LQJHU XPVSDQQWHEHUHLWVGHQ$E]XJGRFKVLHOLHGLH:DIIHVLQNHQ GHQQGLH8PULVVHGHV0DQQHVYHUVFKZDQGHQ (VZUGHQVLFKQRFKDQGHUH*HOHJHQKHLWHQHUJHEHQXP 6LQFODLUDXV]XO|VFKHQ 6LHZDUWHWHHLQSDDU6HNXQGHQDEXQGVXFKWHGDQQHLQHQ :HJDXVGHP+RI

$QPHKUHUHQ+LQWHUWUHQSURELHUWHVLHHV(LQHIDQGVLH QLFKWYHUVFKORVVHQGLH]RJVLHDXI :LHHLQ6FKDWWHQWDXFKWH/DG\;LQGHQGXQNOHQ)OXU /DXWORVEHZHJWHVLHVLFKYRUDQ,KUH)HVFKLHQHQGHQ %RGHQNDXP]XEHUKUHQ,P+DXVZDUHVVWLOO(QWZHGHU VFKOLHIHQGLH%HZRKQHURGHUVLHZDUHQEHUKDXSWQLFKWGD 'LH6FRWWKDWWHHLQH,GHH$QGHU7UHSSHEOLHEVLHVWHKHQ 'DV+DXVZDUlKQOLFKJHEDXWZLHGDVGHU/DG\6DUDK'LH 8QWRWHNRQQWHGLH6WXIHQKRFKVFKDXHQXQGVDKGDVLFKGLH OHW]WHQLP'lPPHUYHUORUHQ +LHUZUGHVLHNDXPMHPDQGVXFKHQGDV9HUVWHFNZDUJXW GHQQQXQPXWHQHUVWQHXH3OlQHJHVFKPLHGHWZHUGHQ /DG\;HQWVFKORVLFKVFKQHOO$XIGHQ6WXIHQQDKPVLH 3ODW]OHJWHGLHNOHLQH03LEHULKUHDQJHZLQNHOWHQ.QLHXQG JULIIGRUWKLQZRVLFKLKU5FNHQEHIDQG 6LHKREGDV2EHUWHLOGHV/HGHUDQ]XJVHLQZHQLJDQVRGD LKUH)LQJHUGHQ+RVHQJUWHOIDQGHQ+LHUKDWWHVLHVLFKHLQH 6SH]LDOWDVFKHDQQlKHQODVVHQGLHNDXP]XVHKHQZDU $EHULQLKUVWHFNWHGHU:UIHOGHV8QKHLOVHLQH:DIIHGLH XQJHPHLQJHIlKUOLFKZDU6LHEHUWUDIGLHDQGHUHQEHLZHL WHPYLHOOHLFKWDXFKGDV.UHX]VRGD/DG\;KRIIWHGHQ :UIHOHLQPDOGDJHJHQHLQVHW]HQ]XN|QQHQ 'LHVHQZHLOLFKEODXVFKLPPHUQGHQ*HJHQVWDQGGHULP ,QQHUQLPPHUPLOFKLJZLUNWHNRQQWHPDQPDQLSXOLHUHQ(U JHKRUFKWHGHPMHZHLOLJHQ%HVLW]HUXQGSURGX]LHUWHGDVZDV GHU7UlJHUMHZHLOVZROOWH 'U7RGKDWWHGDPLWVHLQHQ7RGHVQHEHOJHVFKDIIHQ/DG\; DOOHUGLQJVGDFKWHGDHLQZHQLJVSLW]ILQGLJHU6LHEUDXFKWHGHQ :UIHOIUDQGHUH=ZHFNHIU.RQWDNWDXIQDKPHQPLWDQGH UHQ'lPRQHQRGHUIUHLQHQ%OLFNDXILKUH)HLQGHGHQQ VLHZROOWHLPPHUGDUEHULQIRUPLHUWVHLQZDVGLHDQGHUHQ JHUDGHWDWHQ 6LHQDKPGHQ:UIHOLQEHLGH+lQGH=HKQ)LQJHUSUHWH VLHJHJHQGLH6HLWHQGHQQVLHEUDXFKWHXQEHGLQJWHLQHQ .RQWDNW]XP6SXN6LHZROOWHVHKHQZDVHUXQWHUQDKPXQG VLHNRQ]HQWULHUWHVLFKZLHVHOWHQLQLKUHPXQWRWHQ/HEHQ

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|JOLFK1RUPDOHUZHLVHKDWWHVLFKGHU:UIHOLKUHQ :QVFKHQLPPHUJHIJWXQGGDKDWWHHVGDV.UHX]DXFK VFKRQJHJHEHQ 6LHQDKPHLQHQ]ZHLWHQ$QODXI6ROHLFKWJDEVLHQLFKWDXI 'LH.RQ]HQWUDWLRQZXUGHVRVWDUNGDVLHIDVWZLHHLQ 0HQVFKUHDJLHUWHXQGVW|KQWH .HLQ%LOG 1XUHLQZHLHVNRQWXUHQORVHVQHEOLJHV*HELOGHGDVGLH 6HLWHQGHV:UIHOVHLQQDKP :LHYRQVHOEVWVDQNHQGLH$UPHGHU9DPSLULQQDFKXQWHQ 6LHIKOWHVLFKVFKOHFKW]ZDUQLFKWHUVFK|SIW9DPSLUHKDEHQ NHLQHPHQVFKOLFKHQ*HIKOHDEHULUJHQGZLHZDUHVDQGHUV DOVVRQVW'DGHU:UIHOQLFKWUHDJLHUWHGDPLWKlWWHVLHQLH PDOVJHUHFKQHW(UKDWWHVLFKELVKHUEHUDOOHVKLQZHJJHVHW]W ZDVDQ:LGHUVWlQGHQLP:HJVWDQGXQGQXQGLHV (LQVFKUHFNOLFKHU9HUGDFKWNHLPWHLQLKUDXI6ROOWHHV-RKQ 6LQFODLUEHUHLWVJHOXQJHQVHLQGDV5lWVHOGHV.UHX]HV]X O|VHQ"+DWWHHUHLQH*HJHQPDJLHHLQJHVHW]W" 'XUFKDXVP|JOLFKZHQQDXFKQLFKWZDKUVFKHLQOLFK(VZDU HLQHYLHO]XNXU]H=HLWVSDQQHYHUJDQJHQ]XGHPZDUDXFK GHU6SXNHQWVFKORVVHQGDV%XFKDQVLFK]XQHKPHQ (VVFKLHQLKPQLFKWJHOXQJHQ]XVHLQ 'LH8QJHZLKHLWZDUIU/DG\;QRFKVFKOLPPHU6LHIKO

WHVLFKLQHLQHP9DNXXPXQGKlWWHOLHEHQGJHUQ.RQWDNWPLW GHP6SXNDXIJHQRPPHQZDVQLFKWPHKUP|JOLFKZDU -HW]WPXWHVLHDOOHLQHQWVFKHLGHQ(LJHQWOLFKNHLQ3UREOHP ZHQQVLHQLFKWGHQ3DNWPLWGHP6SXNJHVFKORVVHQXQGYHU HLQEDUWKlWWHGLH$NWLRQHQJHQDXDE]XVSUHFKHQ-HGHUVROOWH GDUEHULQIRUPLHUWVHLQZDVGHUDQGHUHWDW 'DVZDUQLFKWPHKUP|JOLFK 8QGGDQQJODXEWHVLHHLQ*HUlXVFKJHK|UW]XKDEHQ(V ZDUHLQ6FKOHLIHQNDXP]XYHUQHKPHQDEHULKUH6LQQH ZDUHQJDQ]DXI$EZHKUHLQJHVWHOOW +LQWHULKUODXHUWHHV 1RFK]ZHL6HNXQGHQEOLHE/DG\;VLW]HQGDQQOLHVLHGHQ :UIHOIDOOHQVSULW]WHLQGLH+|KHULGLH0DVFKLQHQSLVWROH KRFKXQGNUHLVHOWHKHUXP 'LH0QGXQJZLHVDXIHLQHVFKDWWHQKDIWH*HVWDOWGLHEHU LKUDP(QGHGHU7UHSSHVWDQG (VZDU/XSLQD 'DV%XFKXQGGDV.UHX]KDWWHLFKQLFKWDXVGHU+DQGJHJH EHQGHQQLFKOLH6XNRIDKUHQ:LUKDWWHQPHLQHQ%HQWOH\ JHQRPPHQGHU&KLQHVHZROOWHVHLQH0DVFKLQHVSlWHUDE KROHQODVVHQ 1XQGUlQJWHGLH=HLW,FKZROOWHHQGOLFKZLVVHQZDVHVPLW GHP.UHX]IUHLQH%HZDQGWQLVKDWWH (LQ%OLFNDXIGLH8KU]HLJWHPLUGDHVVFKRQIDVW 0LWWHUQDFKWJHZRUGHQZDU,FKMHGRFKIKOWHPLFKDXI JHNUDW]WDOVKlWWHLFK]Z|OI6WXQGHQ6FKODIKLQWHUPLU,Q GHQQlFKVWHQ6WXQGHQZUGHLFKZRKONDXP]X%HWWJHKHQ DQGHUH'LQJHZDUHQZHVHQWOLFKZLFKWLJHU 6XNRIXKUUXKLJXQGJHODVVHQ9RQVHLQHQ.RSIVFKPHU]HQ VSUDFKHUQLFKW,FKKDWWHLKQGDQDFKJHIUDJWHUZLQNWH QXUDE7DEOHWWHQQDKPHUVRZLHVRQLFKWPHLQ)UHXQG ZXUGHDOOHLQGXUFKVHLQHQVWDUNHQ:LOOHQPLWGHQ :LGULJNHLWHQIHUWLJ 'DIUNRQQWHLFKLKQQXUEHZXQGHUQ

1DWUOLFKPXWHQZLUGDPLWUHFKQHQXQWHU%HREDFKWXQJ ]XVWHKHQ'HVKDOEJOLWWPHLQ%OLFN|IWHUDOVJHZ|KQOLFK GXUFKGLH)HQVWHUQDFKGUDXHQ(UKXVFKWHDXFKLQGHQ]ZHL WHQ5FNVSLHJHOLPPHUGDUDXIEHGDFKWLUJHQGZHOFKH 9HUIROJHUVRIRUW]XHQWGHFNHQ ,FKVDKQLFKWV 1XUGHUQRUPDOHQlFKWOLFKH$XWRYHUNHKUEHJOHLWHWHXQV 6XNRIXKUVHKU]JLJ 'LH6LUHQHKDWWHQZLUQLFKWDQJHVWHOOW(VZDUNHLQ(LQVDW] XQGLFKZROOWHGLH0HQVFKHQQLFKWXQQ|WLJDXVGHP6FKODI UHLHQ :LUNDPHQJXWGXUFKXQGLFKDWPHWHDXIDOVZLUIDVWGLH 9LFWRULD6WUHHWHUUHLFKWKDWWHQ ª:ROOWHVWGXQLFKW6LU-DPHVLQIRUPLHUHQ"©IUDJWHPLFK PHLQ)UHXQGXQG.ROOHJH ª9HUIOL[WGDVKlWWHLFKIDVWYHUJHVVHQ© (VJDEGUHL0|JOLFKNHLWHQZRLFKXQVHUHQ&KHIHUUHLFKHQ NRQQWH,P%URHUDUEHLWHWHRIWOlQJHU]X+DXVHRGHULQ VHLQHP&OXE'DYHUVXFKWHLFKHV]XHUVW 'LHQDVDONOLQJHQGH6WLPPHHLQHV&OXEDQJHVWHOOWHQPHOGH WHVLFK,FKVDJWHPHLQHQ1DPHQXQGIUDJWHQDFK6LU-DPHV ª,FKZHLQLFKWREHU© ª0DFKHQ6LHNHLQHQODQJHQ=LUNXV©IXKULFKGHQ.QDEHQ DQª2GHUJODXEHQ6LHLFKUXIHQXUDQXPLKQQDFKGHU 8KU]HLW]XIUDJHQ"6HW]HQVLH,KUH6WRUFKHQEHLQHLQ%H ZHJXQJ0HQVFK©,FKZXUGHZLUNOLFKVDXHU6RHLQHUKDWWH PLUQRFKJHIHKOW (VZDUHLQ7RQGHULP&OXEQLFKWEOLFKZDU'DUXPNP PHUWHLFKPLFKQLFKWXQGLFKKDWWH(UIROJGHQQGHU7\S EHHLOWHVLFKZLUNOLFK :HQLJVSlWHUK|UWHLFKPHLQHQ&KHIª6LHKDEHQ*OFN JHKDEW-RKQLFKZROOWHJHUDGHJHKHQ© ª'DQQNRPPHQ6LHELWWHLQV%UR© ª,VWHVGHQQVHKUZLFKWLJ"© ª)UPLFKMD(VN|QQWHVHLQGDZLUDQHLQHPHQWVFKHL GHQGHQ:HQGHSXQNWVWHKHQ©

ª+P©6LU-DPHVEHUOHJWHª+DWHVHWZDVPLW,KUHP7UHIIHQ ]XWXQ"© ª-D© ª*LEWHV/XSLQDQRFK"© ª$XFKGDV© ª$OOULJKWLFKNRPPH© $OVLFKGHQ+|UHUDXIOHJWHIUDJWH6XNRª'HU$OWHZDUQLFKW EHJHLVWHUWRGHU"© ª(UVFKLHQPLUHKHUDXIJHNUDW]W]XVHLQ© 6XNRODFKWHXQGOHQNWHGHQ6LOEHUJUDXHQDXIGHQ3DUNSODW] GHV
3DFNXQJXQGPHLQWHª:LUNDQQWHQXQVGDPDOVVFKRQDOVGLH 6DFKHLQ5XPlQLHQSDVVLHUWH© ª'LHPLW'UDFXODV1HIIHQXQGGHPDOWHQ0DUHN"© ª*HQDXGLH© 6XNRVFKOXJVLFKJHJHQGLH6WLUQª,FKHULQQHUHPLFKGDZDU LUJHQGZDVPLWGHLQHP.UHX]$EHU]XP+HQNHULFKKDEHHV YHUJHVVHQZLUNOLFK© ,FKQDKPGHQHUVWHQ=XJXQGVFKDXWHGHP5DXFKQDFKGHU ODQJVDPLQ5LFKWXQJ)HQVWHUZ|ONWHª-DHVLVWODQJHKHUDOV LFK9HUD0RQ|VV\GLHDOWH'DPHWUDI© ª9RQLKUKDVWGXGDV.UHX]"© ª-D© ª.RPPHU]lKOH-RKQ:HQQZLUVFKRQDQIDQJHQGDQQYRQ YRUQ9LHOOHLFKWLVWHVZLFKWLJXQWHU8PVWlQGHQZHLVWHLQH 6SXULQGLH5LFKWXQJDXFKZHQQZLUJOHLFKGDV%XFKOHVHQ© ª=XYRUKROHLFK.DIIHHXQG7HH© ,FKJLQJ]XP$XWRPDWHQZDUI*HOGLQGHQ6FKOLW]GUFNWH ]ZHLYHUVFKLHGHQH.Q|SIHVDKZLHGLH%HFKHUDXVHLQHP /RFKUXWVFKWHQXQGVLFKPLW.DIIHHXQG7HHIOOWHQ %HLGHVZDUEUKHQGKHL,FKNRQQWHGLH%HFKHUQXUPLW GHQ)LQJHUVSLW]HQDQIDVVHQ:LHDXI(LHUQVFKULWWLFKGHQ:HJ ]XXQVHUHP%UR]XUFN ,FKPXWHDP/LIWYRUEHLXQGEHPHUNWHGDGLH7UDXI VFKZDQJ+HUDXVWUDW6LU-DPHV3RZHOO6HLQ$Q]XJVDNRU UHNWXQGGLH$XJHQKLQWHUGHQGLFNHQ%ULOOHQJOlVHUQ IXQNHOWHQ ª6RZLFKWLJVFKHLQW,KU)DOOGRFKQLFKW]XVHLQZHQQ6LH KLHU.DIIHHWULQNHQ© ª.HLQH6RUJH6LUDEHUGLHVHQ.DIIHHKDEHQZLUXQVYHU GLHQW© ª'DELQLFKPDOJHVSDQQW© .DXPLP%URDQJHODQJWEHULFKWHWHLFKYRQGHQ]XUFNOLH JHQGHQ(UHLJQLVVHQ,FKVHW]WHPHLQHQ&KHIYROOHQGVLQV%LOG XQGGHUK|UWHJHVSDQQW]XZREHLHULPPHUDXIGDV%XFK VFKLHOWHGHVVHQ'HFNHOQDFKZLHYRUGXUFKPHLQ.UHX]YHU ]LHUWZDU

ª(VLVW]ZDUNDXPJODXEOLFKZDV6LHPLUGDHU]lKOWKDEHQ -RKQDEHULFKKDEHPLUDEJHZ|KQWQDFKORJLVFKHQ(U NOlUXQJHQ]XIUDJHQJODXEHQ6LHPLU© ª0DQFKPDOLVWHVEHVVHU© ª8QGZDVJHGHQNHQ6LHQXQ]XWXQ"6LHKDEHQVHOEVWHUOHEW GD6LHHLQJHNUHLVWVLQG© ª/HLGHU6LUDEHULFKZLOOXQEHGLQJWDXVGLHVHP.UHLV ZLHGHUKHUDXVGHVKDOEPXLFKGDV*HKHLPQLVGHV.UHX]HV OIWHQ© ª8QGGDVLVWLQGLHVHP%XFKYHUHZLJW"© ª5LFKWLJ6LU'DVYLHUWH.DSLWHORGHUYLHUWH6LHJHOEHVFKlI WLJWVLFKPLWGHP.UHX]© ª+DEHQ6LHHVJHOHVHQ"© ª(VJHKWQLFKW© ª(LQHIUHPGH6SUDFKH"© ª/HLGHU© ª'DQQ]LHKHQ6LHHLQHQ6SUDFKZLVVHQVFKDIWOHU]X5DWH© ª'DUDQKDEHLFKQDWUOLFKDXFKJHGDFKW,FKP|FKWHGHQ 0DQQDEHUQLFKWLQ*HIDKUEULQJHQGHQQZLUKDEHQlKQOLFKHV VFKRQPDOHUOHEWZRGLHDQGHUH6HLWHKDUWXQGEUXWDO]XJH VFKODJHQKDW© ª'DVVHKHLFKHLQ©6LU-DPHVVFKOXJGLH%HLQHEHUHLQDQGHU ª:LHZROOHQ6LHGDQQYRUJHKHQ"© ª'DVZHLLFKQRFKQLFKWJHQDX© 6LU-DPHV %OLFNZDUQLFKWHEHQIUHXQGOLFK(UNRQQWHHV QLFKWOHLGHQZHQQPDQNHLQH/|VXQJZXWH%HYRUHUHWZDV VDJWHEHJDQQ6XNR]XVSUHFKHQ ª-RKQGXZROOWHVWGRFKLQGHU9HUJDQJHQKHLWDQIDQJHQ 9LHOOHLFKWILQGHQZLUGDHLQHQ+LQZHLV© ª:DVKHLWGDV"©IUDJWHPHLQ&KHI ,FKHUNOlUWHHV ª'DQQELWWH© ,FKQLFNWHXQGPHLQH*HGDQNHQEHZHJWHQVLFKZHLW ]XUFN6RZHLWGDLFKPLFKVHOEVWLP*HLVWDOVHLQHQMXQJHQ 3ROL]HLVFKOHUVDKGHUQDFKWVGXUFK6RKRJLQJHLQ*HVSUlFK EHODXVFKWHGDV]ZHL0lQQHUIKUWHQGLHHLQHDOWH)UDX

EHUDXEHQZROOWHQ,FKVFKOLFKGHQEHLGHQKLQWHUKHUXQG NRQQWHGHQ5DXEYHUKLQGHUQ ª'LH)UDXKLH9HUD0RQ|VV\©EHJDQQLFKªXQGVLHVWDQG NXU]YRULKUHP7RGDOVLFKVLHWUDI%HYRUVLHDOOHUGLQJVVWDUE KROWHVLHHLQ.UHX]KHUYRUGDVLFKQRFKQLH]XYRUJHVHKHQ KDWWHXQGVLHHUNOlUWHPLUGDLFKGHU7UlJHUGHV.UHX]HV VHLQVROOWHGHQQVLHKDEHHVODQJHJHQXJDXIEHZDKUW© ª:RKHUKDWWHVLHGDV.UHX]"©IUDJWHPHLQ&KHI ª1XQGDVLVWHLQHHWZDVOlQJHUH*HVFKLFKWH©HUZLGHUWHLFK ª)UGLHZLUXQVUXKLJ=HLWQHKPHQVROOWHQ© ª:LH6LHZQVFKHQ6LU©,FKUlXVSHUWHPLFKª6RYLHOLFK ZHLVROOGDV.UHX]DXV7UDQVV\OYDQLHQLPKHXWLJHQ 5XPlQLHQVWDPPHQ:LHDOWHVLVWNRQQWHPLUGLH)UDXQLFKW VDJHQXQGVLHZXWHDXFKQLFKWZHUHVJHVFKPLHGHWKDW$XI MHGHQ)DOOHLQXQEHNDQQWHU.QVWOHUGHUVLFKPLW6FKZDU]HU XQG:HLHU0DJLHDXVNDQQWH9LHOOHLFKWZDUHVHLQDEWUQQL JHU'lPRQRGHUHLQ:HLVHUGDP|FKWHLFKPLFKQLFKWIHVW OHJHQ,UJHQGZDQQNDPGDV.UHX]QDFK7UDQVV\OYDQLHQ ]XVDPPHQPLWHLQHP(LFKHQSIDKO%HLGH:DIIHQZDUHQXQJH PHLQVWDUN(LQ%ROOZHUNJHJHQGDV%|VH'HU3IDKOJLQJLQ GHQ%HVLW]GHU)DPLOLH0DUHNEHUGDV.UHX]JHULHW LQ9HUJHVVHQKHLWZHLOGLH0DUHNVQXUGLH3IlKOHUJHQDQQW ZXUGHQ© ª%OLHEHVGHQQLQ7UDQVV\OYDQLHQ"©ZROOWHPHLQ&KHIZLV VHQ ª(UVWHLQPDOMD,UJHQGZDQQZXUGHGDV.UHX]GDQQYRQ HLQHP0|QFKJHIXQGHQ'LHVHU0DQQPXWHGLH%HGHXWXQJ GHV.UX]LIL[HVHUNDQQWKDEHQGHQQHUQDKPHVPLWLQHLQ .ORVWHU6LHNHQQHQMDGLH+LVWRULH6LUHVKDW.ULHJHJHJHEHQ XQGDXFK.O|VWHUZXUGHQQLFKWYHUVFKRQW'DV.ORVWHULQ GHPGDV.UHX]VHLQHQ3ODW]JHIXQGHQKDWWHZXUGHELVDXI GLH*UXQGPDXHUQ]HUVW|UWXQGQLHGHUJHEUDQQW$OOHUGLQJV IDQGPDQGDV.UHX]QLFKW'DVZXUGHVSlWHUYRQGHU)DPLOLH 0RQ|VV\HQWGHFNW(LQHUGHU9RUIDKUHQGHU9HUD0RQ|VV\ QDKPHVDQVLFKXQGKDWWHHLQHQ:DKUWUDXPPLWGHPHU MHGRFKQLFKWVDQIDQJHQNRQQWH6SlWHUJHODQJWHHVLQGLH

+lQGHGHU9HUD0RQ|VV\GLHDXV5XPlQLHQIOLHKHQPXWH XQGQDFK/RQGRQNDP'DV.UHX]KDWWHVLHPLWJHQRPPHQ XQGEHLLKUZDUHVJHQDXDQGHUULFKWLJHQ$GUHVVH9HUD 0RQ|VV\LQWHUHVVLHUWHVLFKVHKUIUGLH.UlIWHGHVhEHUVLQQOL FKHQIU6FKZDU]HDOVDXFK:HLH0DJLHXQGVLHZXWH %HVFKHLGZDVVLHGDLQGHU+DQGKLHOW6LHIKUWHHLQHZHL PDJLVFKH%HVFKZ|UXQJGXUFKXQGQDKP.RQWDNWPLWHLQHP *HLVWZHVHQDXIGXUFKGHVVHQ6WLPPHVLHHUIXKUGDGLHVHV .UHX]IUHLQHQ0DQQQDPHQV-RKQ6LQFODLUEHVWLPPWLVWGHU HUVWQRFKNRPPHQXQGVHLQ/HEHQLQGHQ'LHQVWGHV*XWHQ VWHOOHQZLUGZHQQLFKGDVPDOVRVDJHQGDUI© ª,VWGDVDOOHV"©HUNXQGLJWHVLFK6LU-DPHV ª)DVW© 'HU6XSHULQWHQGHQWUXQ]HOWHGLH6WLUQXQGVWULFKVHLQH 5RFNVFK|HJODWWª:HVKDOEKDEHQ6LHPLUQLHHWZDVGDYRQ JHVDJW"© ª1XQLFKGDFKWHHVLQWHUHVVLHUW6LHQLFKW© ª1DWUOLFKLQWHUHVVLHUWHVPLFK$EHUPHKUZLVVHQ6LH QLFKW"© ª.DXP©,FKKREGLH6FKXOWHUQª1DWUOLFKKDEHLFK JHIRUVFKW'DV.UHX]VWDPPWVFKOLHOLFKQLFKWDXV 7UDQVV\OYDQLHQZRHVHLQPDOJHIXQGHQZRUGHQLVW(VLVW YLHOYLHOlOWHU1XULVWPLUQLFKWEHNDQQWZRLFKHVJHQDXKLQ VWHFNHQVROO(LQH6SXUIKUW]XGHQ0DNNDElHUQGLHVHU 6HNWHGLHPDOLQ.OHLQDVLHQJHOHEWKDW© ª,VWDEHUHLQHVHKUVFKZDFKH6SXU© ª'DKDEHQ6LHUHFKW6LU©,FKGHXWHWHDXIGDV%XFK ª:DKUVFKHLQOLFKVWHKWGDULQPHKU© ª%LWWHVFKDXHQ6LHQDFK-RKQ:DVKLQGHUW6LHGDUDQGLH =HLOHQ]XOHVHQ"© ,FK]RJGDV%XFKDQPLFK(VVFKOHLIWHEHUGHQ 6FKUHLEWLVFK,QGLHVHP$XJHQEOLFNZXUGHPLUEHZXWYRU ZHOFKHLQHU(QWVFKHLGXQJLFKVWDQG:HQQLFKGDV*HKHLPQLV GHV.UHX]HVHUIXKUNRQQWHVLFKPHLQJHVDPWHVELVKHULJHV /HEHQlQGHUQ (LQJUDQGLRVHUDEHUDXFKXQKHLPOLFKHU*HGDQNHXQG

PHLQH+lQGHEHJDQQHQ]X]LWWHUQ6RJURZDUGLH 1HUYRVLWlWGLHPLFKJHSDFNWKLHOW 9RUVLFKWLJQDKPLFKGDV.UHX]YRP8PVFKODJGHFNHOXQG OHJWHHVQHEHQGDV%XFK 'DQQVFKOXJLFKHVDXI:lKUHQGLFKGDVYLHUWH6LHJHOVXFK WHVDJWHLFKª(VLVWMDVR6LU,FKP|FKWHHVJHUQOHVHQQXU JLEWHVGDHLQHJURH6FKZLHULJNHLW© ª'LHZlUH"© ª6LHZLVVHQVFKRQGLH6SUDFKH© ª.ODUDEHUYHUVXFKHQ6LHHVWURW]GHP© ,FKEOLFNWHKRFKXQGVDK6XNRVXQG6LU-DPHV $XJHQDXI PLFKJHULFKWHW0HLQFKLQHVLVFKHU)UHXQGXQG3DUWQHUQLFNWH PLUDXIIRUGHUQG]X0DFKVFKRQ-RKQVROOWHGDVKHLHQ 'DVYLHUWH6LHJHOKDWWHLFKDXIJHVFKODJHQEOlWWHUWHXPXQG VDKGLH$EELOGXQJPHLQHV.UHX]HV (VYHUVHW]WHPLUHLQHQ6WLFK1XUDXIGHUUHFKWHQ6HLWHZDU GDV.UHX]]XVHKHQ(VZDUKDDUJHQDXPHLQVXQGEHUPHL QHQ5FNHQOLHIHLQ6FKDXHU,FKKDWWHGDV*HIKODQHLQHU 1DKWVWHOOHGHU+LVWRULH]XVWHKHQVRHWZDVZLH(KUIXUFKW EHUILHOPLFKXQGLFKWUDXWHPLFKNDXPXP]XEOlWWHUQ GDPLWGHU7H[WYRUPLUODJ 0HLQH.HKOHZDUZLH]XJHVFKQUW1RFKLPPHUNRQQWHLFK HVQLFKWUHFKWIDVVHQGHU.DIIHHZDUOlQJVWNDOWDXIPHLQHU 6WLUQJOLW]HUWHQ6FKZHLSHUOHQ ,FKVFKDXWHDXIHLQHQJEHVFKULHEHQHV%ODWW$XFKGLH %XFKVWDEHQZDUHQDQGHUHVLHHQWVWDPPWHQQLFKWGHUJULHFKL VFKHQ6FKULIWXQGDXFKNHLQHUDQGHUHQPLUEHNDQQWHQ6R HWZDVKDWWHLFKQRFKQLHJHVHKHQ ,FKVFKWWHOWHGHQ.RSIXQGVDJWHª7XWPLUOHLGGDVKLHU NDQQLFKQLFKWOHVHQ© 6FKZHLJHQHQWVWDQG 6XNRVFKDEWHEHUVHLQ+DDU(UPHLQWHª:HQQGDV%XFK WDWVlFKOLFKYRQGHQ0DNNDElHUQJHVFKULHEHQZRUGHQ LVWGDQQKlWWHQVLHVLFKDXFKGHUODWHLQLVFKHQ6SUDFKHEH GLHQHQN|QQHQ6LHKDEHQMDHUVWQDFK%HJLQQXQVHUHU =HLWUHFKQXQJH[LVWLHUW©

'DVVWLPPWHª9LHOOHLFKWKDEHQVLHLKUH*UQGHJHKDEWGLH %RWVFKDIW]XYHUVFKOVVHOQ©HUZLGHUWHLFK ª'XGHQNVWGDUDQGDHVNHLQDQGHUHUOHVHQVROOWH"© ª6RXQJHIlKU© ª%OlWWHUQ6LHPDOZHLWHU-RKQ©IRUGHUWH6XSHULQWHQGHQW6LU -DPHV3RZHOO ,FKWDWLKPGHQ*HIDOOHQREZRKOLFKJODXEWHGDLFKGDPLW QLFKWVHUUHLFKWH 6HOWHQLQPHLQHP/HEHQKDEHLFKPLFKVRJHWlXVFKWZLHLQ GLHVHQ$XJHQEOLFNHQ ª0DQQ©,FKVFKULHDXIª'DVLVWHV© ª:DV"©6LU-DPHVXQG6XNRIUDJWHQHVZLHDXVHLQHP 0XQGH ,FKGUHKWHGDV%XFKKHUXPVRGDDXFKVLHPLWOHVHQNRQQ WHQª+LHUVHKWGDVLVWHLQHODWHLQLVFKH6FKULIW© -HW]WZXUGHQGLH$XJHQGHUEHLGHQ0lQQHUJUR6LHVFKDX WHQJHQDXKLQXQGPXWHQPLUUHFKWJHEHQZDVLKU1LFNHQ DXFKEHZLHV ª6DJHQKDIW©IOVWHUWH6XNRªZHQQGDVNHLQHhEHU UDVFKXQJLVW© ª'DKlWWHQZLUMDGDV5lWVHOJHO|VW©VWHOOWH6LU-DPHVIHVW (UZDUHLQZHQLJ]XRSWLPLVWLVFKGHQQDOVLFKGDV%XFK KHUXPGUHKWHXQGPLFKQlKHUPLWGHU6FKULIWEHVFKlIWLJWH VWHOOWHLFKIHVWGDPLUGLH6FKULIWVHOEVW]ZDUEHNDQQWZDU GLHHLQ]HOQHQ:RUWHDOOHUGLQJVQLFKW ,FKDWPHWHK|UEDUHLQª'LH6FKULIWNDQQLFKOHVHQ6LULFK ZHLQXUQLFKWZHOFKHQ6LQQGLH6lW]HHUJHEHQ© ª/HVHQ6LHGRFKPDOODXWYRU© 'HU6LQQGLHVHU$XIIRUGHUXQJZDUPLU]ZDUQLFKWJDQ] NODUDEHULFKZROOWHPHLQHP&KHIGHQ*HIDOOHQWXQ$OVR ILQJLFKDQ (VZDUHLQHVHOWVDPH6SUDFKH:RUWHGLHDXVGXPSINOLQ JHQGHQ6LOEHQZLHªlV©XQGªRV©EHVWDQGHQDEHUDXFKDXV .RQVRQDQWHQGLHKLQWHUHLQDQGHUJHUHLKWZDUHQVRGDLFK PLUEHLP/HVHQIDVWGLH=XQJHDEEUDFK (LQH5HLKHVFKDIIWHLFK8QGSO|W]OLFK]XFNWHHWZDVGXUFK

PHLQHQ.RSI$XIHLQPDOKDWWHLFKHLQH,GHH6LHZDUZDKQ VLQQLJYHUUFNWXQGGRFKQLFKWYRQGHU+DQG]XZHLVHQ $EUXSWK|UWHLFKDXI]XOHVHQXQGVFKDXWHKRFK ª:DVLVWORV"©IUDJWHPHLQ&KHI ª6LU©IOVWHUQGGUDQJGDV:RUWEHUPHLQH/LSSHQª6LULFK ZHLHWZDVEHUGLH6SUDFKH© ª:LHVR"© ª$OVLFKGLH:RUWHODXWODVKDEHLFKPLFKHULQQHUW,FKK|UWH VLHVFKRQHLQPDOQXUPLWHLQHUDQGHUHQ%HWRQXQJ© ª0DQQ-RKQVSDQQHQ6LHXQVQLFKWDXIGLH)ROWHU:R]XP +HQNHUKDEHQ6LHGLH:RUWHJHK|UW"© /HLVHHUZLGHUWHLFKª,Q$WODQWLV6LULPDOWHQ$WODQWLV© /XSLQDVWDQGDXIGHU7UHSSHXQG/DG\;LKUH7RGIHLQGLQ H[SORGLHUWHIDVWYRU:XW ,KU=HLJHILQJHU]XFNWHVFKRQVLHZROOWHVFKLHHQGRFK LUJHQGHWZDVKLHOWVLH]XUFN9LHOOHLFKWHLQOHW]WHU5HVWYRQ 9HUQXQIWGHQQ/XSLQDZDUWURW]LKUHU)HLQGVFKDIWHLQ 6FKZDU]EOWHUXQGVWDQGDXI6HLWHQGHU'lPRQHQ 'LH:DIIHYRQ/DG\;GHXWHWHQDFKZLHYRUDXIGLHODQJ VDPGLH7UHSSHKLQXQWHUJHKHQGH/XSLQDGLHVLFKDOOPlKOLFK DXVGHP'XQNHOVFKlOWHXQG]ZHL6WXIHQYRU/DG\;VWHKHQ EOLHE ª+DWWHVWGXVFKLHHQZROOHQ"©IUDJWHVLH ª-DGDUDQKDEHLFKJHGDFKW© ª(VKlWWHNHLQHQ6LQQJHKDEW© 'DVDJWH/XSLQD/DG\;QLFKWV1HXHV'LH9DPSLULQ UlWVHOWHQRFKLPPHUGDUDQKHUXPZLHVRHWZDVEHUKDXSW VHLQNRQQWH(VZDUHLQPDOLJXQGYLHOOHLFKWJDE/XSLQDLKU HLQH(UNOlUXQJ ,QGHQQlFKVWHQ6HNXQGHQVSUDFKQLHPDQG'LHEHLGHQ )HLQGLQQHQVWDQGHQVLFKLQGHU6WLOOHJHJHQEHUXQGIL[LHUWHQ VLFK*HQDXNRQQWHQVLHVLFKQLFKWHUNHQQHQGHQQHVEUDQQWH NHLQ/LFKW'DHVGUDXHQHEHQIDOOVGXQNHOZDUILHODXFK GXUFKGDV)OXUIHQVWHUQXUHLQVFKZDFKHUJUDXHU6FKLPPHU

(UOLHQXUGLH.RQWXUHQGHU6FKZDU]EOWHUHUNHQQHQ ª:DVZLOOVWGXMHW]WWXQ"©/XSLQDQDKPGHQ*H VSUlFKVIDGHQZLHGHUDXI ª,FKZDUWH© ª$EHUQLFKW]XODQJHGHQQ6LQFODLUKDWHVJHVFKDIIWXQGXQV UHLQJHOHJW© ª$XFKGHQ6SXN"© ª-D©HUZLGHUWH/XSLQDª(UKDWGDV%XFKQLFKWDQVLFKEULQ JHQN|QQHQVRVHKUHUVLFKDXFKEHPKWH6LQFODLUZDU VFKQHOOHU© /DG\;VWLHHLQHQGURKHQGHQ.QXUUODXWDXVª'DQQLVW DOOHVYHUORUHQ©VWHOOWHVLHIHVW ª6RUDVFKJLEVWGXDXI"©K|KQWHGLH:HUZ|OILQ ª:HLWGXHLQH/|VXQJ"© ª8QWHU8PVWlQGHQ'HQQHLQVLVWVLFKHU6LQFODLUZLUG 6FKZLHULJNHLWHQKDEHQGDV%XFK]XOHVHQ(VGDXHUWVHLQH =HLWELVHUGLH7H[WHHQWVFKOVVHOWKDW8QGGLHVH6SDQQH PVVHQZLUQXW]HQ© ª:LH"© ª'DVN|QQWHQZLUJHPHLQVDPEHVFKOLHHQ/DG\;$EHU ZLUVLQGMD)HLQGHXQGGD© $OV=HLFKHQGHV)ULHGHQVVHQNWHGLH6FRWWGHQ:DIIHQODXI ª)HLQGHKLQ)HLQGHKHULFKELQGHU0HLQXQJGDZLUHLQHQ :DIIHQVWLOOVWDQGVFKOLHHQVROOWHQ9HUJHVVHQZLUZDVJH VFKHKHQLVW© /XSLQDODFKWHIDXFKHQGª,FKVROOYHUJHVVHQGDGXPLFK JHW|WHWKDVW"© ª'DPDOVPXWHGDVVHLQ© ª:HVKDOE"© ª,FKZROOWHGLH0RUGOLJDUHWWHQGHQQLFKVSUWHGD 0RUDVVR8QWHUVWW]XQJEUDXFKWH$EHUHVLVWDOOHVDQGHUV JHNRPPHQ(VJLEWLKQQLFKWPHKULFKKDEHGLH)KUXQJEHU 9DPSLURGHOPDUXQG;RUURQEHUQRPPHQXQGELQMHW]WGLH &KHILQ© ª:LHJXWIUGLFKGDGXPHLQHQ1DPHQQLFKWHUZlKQW KDVW©VDJWH/XSLQD

ª'XJHK|UVWQLFKWPHKUGD]X© ª'DVP|FKWHLFKGLUDXFKJHUDWHQKDEHQGHQQLFKELQ PlFKWLJHUYHUODGLFKGUDXI ª6HW]WGXDXI2UDSXOGHLQHQ6RKQ"© ª$XFK© ª:HVKDOEKDVWGXLKQQLFKWPLWJHEUDFKWZHQQHUGLFK XQWHUVWW]HQNDQQ"© ª(ULVWKLHU© 'LH9DPSLULQ]XFNWH]XVDPPHQª+LHULP+DXV"©$OVVLH NHLQH$QWZRUWHUKLHOWGUHKWHVLHVLFKYRUVLFKWLJXP'LH $QWZRUWKDWWHLKUQLFKWJHSDW6LHZDUNDPSIEHUHLWKLHOWGLH NXU]OlXILJH:DIIHIHVWXQGKDWWHGHQ0XQGOHLFKWJH|IIQHWVR GDLKUHQDGHOVSLW]HQ=lKQHKHUYRUVWDFKHQ(QWGHFNHQNRQQ WHVLHQLFKWV7URW]GHPJODXEWHVLHQLFKWGD/XSLQDJHORJHQ KDWWH'LHVHV:HVHQZDUVLFKVHLQHU6WlUNHVHKUZRKOEHZXW ª=HLJLKQPLU©]LVFKWHGLH%OXWVDXJHULQ ª:LOOVWGXLKQZLUNOLFKVHKHQ"©IUDJWH/XSLQD ª+lWWHLFKVRQVWHWZDVHUZlKQW"$XHUGHPKDEHQZLU HLQHQ%XUJIULHGHQJHVFKORVVHQZHQQLFKPLFKQLFKWLUUH© ª*XWDEHUPDFKGLFKDXIHWZDVJHIDW© ª0LFKNDQQVROHLFKWQLFKWVEHUUDVFKHQ©HUZLGHUWHGLH HKHPDOLJH7HUURULVWLQNDOW 8QGGRFKZXUGHVLHEHUUDVFKW'HQQGHU$QEOLFNGHUVLFK LKUQXQERWZDUXQJODXEOLFK 9RQGLHVHP/DQGVSUDFKPDQZHQQPDQDQGHUHQ$QJVWHLQ MDJHQZROOWH8QGGDQQDXFKQXULP)OVWHUWRQGHQQ HVZDUHLQ/DQGLQGHPHLQ0HQVFKQLFKWODQJHH[LVWLHUHQ NRQQWH (LQH+|OOHDXV9XONDQHQNRFKHQGKHLHU/DYDNDUVWLJHQ %HUJHQXQGNHLQHUHLQ]LJHQ3IODQ]H (LQ/DQGGDVQLFKWVHLQGXUIWHGDVWURW]GHPH[LVWLHUWH LUJHQGZRDP5DQGHGHU(ZLJNHLW 8QGHVZDUGLH+HLPDWGHUGlPRQLVFKHQ'UDFKHQ 5LHVHQWLHUHJURZLH8UZHOWPRQVWHUKLHOWHQGDV/DQG

XQWHU.RQWUROOHLQGHP:HVHQKDXVWHQGLHPLWGHP%HJULII 0HQVFKHQRGHU0RQVWHUQLFKW]XEHVFKUHLEHQZDUHQ:HU KLHUHLQILHOGHUNDPHQWZHGHUIUHLZLOOLJRGHUZXUGHDOV 9HUEDQQWHUKHUJHVFKLFNWGHQGLHJHZDOWLJHQ'UDFKHQVRIRUW W|WHWHQ $QIKUHUGLHVHU'UDFKHQKRUGHZDU1HSUHQRHLQJLJDQ WLVFKHVVFKZDU]JUQHVVFKXSSLJHV8UZHOWWLHUGDVGLH VHOWVDPKHLH/XIWPLWJHZDOWLJHQ)OJHOVFKOlJHQGXUFKIORJ XQGVHLQH.UHLVH]RJ :RKHU1HSUHQRVWDPPWHZXWHHUQLFKW(UZDUMHGRFK LPPHUHLQJURHU'LHQHUGHU'lPRQHQJHZHVHQXQG YRUDOOHQ'LQJHQGHUHQ$QIKUHUKDWWHQVLFKVHLQHU+LOIH YHUVLFKHUW %HVRQGHUVHLQHUGHU6FKZDU]H7RG $XILKPZDUGLHVHU6XSHUGlPRQJHULWWHQDOVHUGDUDQJLQJ GHQ.RQWLQHQW$WODQWLV]XYHUQLFKWHQ1HSUHQRKDWWHGHQ 6FKZDU]HQ7RGDXIVHLQHP5FNHQJHWUDJHQZDUPLWLKP GXUFKGLH'LPHQVLRQHQJHIORJHQXPHLQHUNXOWLYLHUWHQ:HOW GHQ*DUDXV]XPDFKHQ $OVVLFKGDQQGDV*HVFKOHFKWGHU0HQVFKHQDXIGHU(UGH DXVEUHLWHWHZDUHULQGHU9HUVHQNXQJYHUVFKZXQGHQDEHU QLFKWYHUJHVVHQZRUGHQ,P/DQGGHU'UDFKHQKDWWHHUVHLQH +HLPDWJHIXQGHQXQGZDUWHWHPLWVWRLVFKHU*HGXOGGDUDXI ELVPDQVLFKZLHGHUVHLQHUHULQQHUWHXQGHUPLWGHUJOHLFKHQ ,QWHQVLWlW]XVFKODJHQNRQQWHZLHIUKHU 'LHVHU7DJZDUQDKH 1HSUHQRGDV8UPRQVWHUKDXVWHLQHLQHU+|KOHGLHZDDJH UHFKWZLHHLQ6FKDFKWWLHILQHLQHQHUORVFKHQHQ9XONDQKLQHLQ VWLH,QLKUHU*U|HHULQQHUWHGDV*HZ|OEHDQHLQHQ'RPPLW LPPHQVHQ$XVPDHQGHUYRQHLQHPVHOWVDPSXOVLHUHQGHQ JUQOLFKHQ/LFKWHUKHOOWZXUGH'DV/LFKWGUDQJDXVGHQ :lQGHQYRQGHU'HFNHXQGYRP%RGHQKRFK(VVFKLHQDOV ZlUHQ0LOOLRQHQYRQJUQHQZLQ]LJHQ*OKODPSHQDQJH ]QGHWZRUGHQ 'LHVH+|KOHZDUGDV/DJHUGHV'UDFKHQ+LHUKDXVWHHU KLHUUXKWHHUVLFKYRQVHLQHQ)OJHQDXVXQGKLHUKHUNHKUWH

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lKHGHV+|KOHQHLQJDQJVGDPLW HUEHREDFKWHQNRQQWHZDVGUDXHQYRUVLFKJLQJ,P +LQWHUJUXQGGHU+|KOHIDVWVFKRQDQGHVVHQ(QGHEH IDQGVLFKGDVZRYRUGLHLQGLHVH:HOWJHVFKOHSSWHQXQG JHIDQJHQHQ:HVHQDPPHLVWHQ)XUFKWKDWWHQ (LQKHLGQLVFKHU$OWDU (LQ2SIHUDOWDU]XGHPYLHUEUHLWHKRKH6WXIHQKLQDXIIKU WHQ:HUDXIGLHVHP$OWDUODJVDKNHLQHQ$XVZHJPHKUDXV GHU.OHPPH'HUZXUGHYRQ1HSUHQRJHIUHVVHQYHUVFKOXFNW XQGYHUVFKZDQGIUDOOH=HLWHQYRQGHU%LOGIOlFKH /DQJHKDWWH1HSUHQRNHLQ0HQVFKHQRSIHUPHKUHUKDOWHQ 6HLWGHP(QGHGHV6FKZDU]HQ7RGVZDUHUVRZLHVRY|OOLJLQ 9HUJHVVHQKHLWJHUDWHQ'LH=HLWHQEHUYHJHWLHUWHHUGDKLQ LKQGUVWHWHQDFK%OXWHUZROOWH0HQVFKHQGRFKHUNRQQWH GLHVHV/DQGGDVQLFKWVHLQGXUIWHQLFKWYHUODVVHQ (UPXWHKLHUEOHLEHQZDUDXIGLH*QDGHDQGHUHUDQJH ZLHVHQGLHLKPKLQXQGZLHGHU-DJGEHXWHYHUVFKDIIWHQ 1XUHLQVKDWWHHUVLFKEHZDKUW 6HLQH)KUXQJVUROOH(UZDUGHU+HUUGHU'UDFKHQGLH DQGHUHQJHKRUFKWHQLKPXQGZHUVLFKLKPHQWJHJHQVWHOOWH GHUZXUGHHUEDUPXQJVORVYHUQLFKWHW (LQH=HLWJDEHVKLHUQLFKW6LHVSLHOWHNHLQHUOHL5ROOHHEHQ VRZHQLJZLH7DJXQG1DFKW 'RFKLUJHQGZDQQHUUHLFKWHLKQGHU5XI

(UZDUVRHEHQYRQHLQHP5XQGIOXJEHUGDVWURVWORVH/DQG ]XUFNJHNHKUWDOVGHUXQHQGOLFKIHUQH5XILKQDXIKRUFKHQ OLHª.RPPDXVGHLQHU+|KOH1HSUHQR© 'LH6WLPPHNDQQWHHU6LHJHK|UWHHLQHP0lFKWLJHQGHU EHUHLQJHZDOWLJHV5HLFKJHERW]XGHPDXFKGDV 'UDFKHQODQGLUJHQGZLH]lKOWHREZRKOKLHUQLFKWGLH6HHOHQ GHUJHW|WHWHQ'lPRQHQYHUVDJHUYHJHWLHUWHQ$EHUGHU 0lFKWLJHKDWWH]XEHIHKOHQXQGZHKHGHPGHUVHLQHP5XI QLFKWIROJWH(UZXUGHJHW|WHW 'HU.|USHUGHV'UDFKHQVSDQQWHVLFK1HSUHQR|IIQHWHVHLQ 0DXO:LHHLQH3HLWVFKHVFKOXJGLHODQJH=XQJHGDUDXV KHUYRUXQGNODWVFKWHJHJHQGLH)HOVZDQGGLFKWQHEHQGHP (LQJDQJGHU+|KOH 0LWWUlJHQ%HZHJXQJHQVFKREVLFKGHU'UDFKHDXVGHP ULHVLJHQ/RFK(UVFKDXWHQDFKXQWHQLQGLHSIODQ]HQORVHNDU VWLJH(EHQHZRNHLQ)OHFNHQ*UQGDV*UDXEUDXQGHU(UGH DXIKHOOWHXQGGLHIDVWGLHJOHLFKH)DUEHKDWWHZLHGHU+LPPHO VRGDHLQ+RUL]RQWQLFKW]XHUNHQQHQZDUXQGDOOHVLQHLQ DQGHUEHUJLQJ 9RUGHU+|KOHEHJDQQHLQ3ODWHDX*HUDGHVRJURGD 1HSUHQRGDUDXIVWHKHQXQGVHLQH)OJHOKDOEDXVEUHLWHQ NRQQWH(UWDWGLHVDXFKXQGVWLHVLFKJOHLFK]HLWLJDE 'HU5LHVHQGUDFKHVHJHOWHEHUGHQ5DQGILHO]XHUVWZLHHLQ 6WHLQQDFKXQWHQEUHLWHWHGDQQVHLQHLPPHQVJURHQ)OJHO DXVXQGVFKZHEWHGDYRQ (UK|UWHGLH6WLPPHGHXWOLFKHUVLHNODQJUHFKWVYRQLKP DXIVRGDHUGLH5LFKWXQJVHLQHV)OXJHVYHUlQGHUQPXWH 'DVDKHUGHQ6FKDWWHQ 8QGQXQZXWHHUJHQDXZHULKQJHUXIHQKDWWHXQGGDHU NHLQHU7lXVFKXQJHUOHJHQZDU 'HU6SXN 1HSUHQRKWHWHVLFKGLHVHP5XIQLFKW)ROJH]XOHLVWHQHV KlWWHVHLQH9HUQLFKWXQJEHGHXWHQN|QQHQ$XVGLHVHP *UXQGHEHZHJWHHUVHLQHJHZDOWLJHQ6FKZLQJHQQRFK VFKQHOOHUXQGHLOWH]XGHPNRQWXUHQORVHQ'lPRQGHUZLHHLQ 6FKDWWHQEHUGHP/DQGODJ

0DQNRQQWHGHQ6FKDWWHQNDXPEHVFKUHLEHQ(UZDUQLFKW ]ZHLXQGDXFKQLFKWGUHLGLPHQVLRQDOHUZDUHLQIDFKYRU KDQGHQXQGHUKDWWHGLHVPDODXFKQLFKWGLH8PULVVHHLQHV .DSX]HQPHQVFKHQDQJHQRPPHQ,QGLHVHU:HOWEUDXFKWHHU GDVQLFKWGDJHQJWHVHLQH([LVWHQ]GLHGDV/DQGQRFK GVWHUHUPDFKWHDOVHVRKQHKLQVFKRQZDU $OV1HSUHQRJODXEWHQDKHJHQXJKHUDQ]XVHLQYHUKDUUWH HULQGHU/XIWVWHKHQG(UVFKOXJQXUHLQZHQLJPLWGHQ 6FKZLQJHQlKQOLFKHLQHP0HQVFKHQGHUVLFKQXUGXUFK :DVVHUWUHWHQDQGHU2EHUIOlFKHKLHOW 8QGVRODXHUWHHU 'DQQHUW|QWHGLH6WLPPH(VZDUHLQ*UROOHQHLQ'RQQHUQ GDVVHOEVW1HSUHQRHUVFKUHFNWHXQGGLHDQGHUHQ'UDFKHQ KDVWLJGDYRQIOLHJHQOLHª'XKDVWODQJHZDUWHQPVVHQ 'UDFKHGHV6FKZDU]HQ7RGVDEHUMHW]WLVWGHLQH=HLWDQJHEUR FKHQ© ª,FKK|UH6SXN© %HLGH:HVHQNRQQWHQVLFKYHUVWlQGLJHQ'LHVJHVFKDK GXUFKGLH6FKZDU]H0DJLHGLHLQGHP/DQGGDVQLFKWVHLQ GXUIWHDOOJHJHQZlUWLJZDU ª'HU6FKZDU]H7RGLVWQLFKWPHKUDEHUGHU0DQQGHULKQ YHUQLFKWHWKDWH[LVWLHUWQRFK(UKHLW-RKQ6LQFODLULVWHLQ 0HQVFKXQG]XGHPGDEHLLPPHUPlFKWLJHU]XZHUGHQ,KP LVWHWZDVLQGLH+lQGHJHIDOOHQGDVHUDXINHLQHQ)DOOEHKDO WHQGDUI,FKZHUGHGDIUVRUJHQGDHVLKPDEJHQRPPHQ ZLUGXQGLFKZHUGHHVLQGHLQH+|KOHEULQJHQGDPLWGXHV EHZDFKHQNDQQVW1LFKWQXUGDV%XFKDXFKGLHVHU0HQVFK VROOLQGHP/DQGGDVQLFKWVHLQGDUIYHUVFKZLQGHQ)UDOOH =HLWHQGHVKDOEEHUJHEHLFKLKQGLUDOV2SIHU© ª:DQQ"©IDXFKWHGHU'UDFKHª:DQQEHNRPPHLFKGHQ 0DQQGHUGHQ6FKZDU]HQ7RGYHUQLFKWHWKDW"© ª%DOG©HUZLGHUWHGHU6SXNªVHKUEDOG©

,FKZXWHQLFKWZDVLQGHQ.|SIHQGHUEHLGHQDQGHUHQYRU JLQJLQPHLQHPDOOHUGLQJVEHUVFKOXJHQVLFKGLH*HGDQNHQ (VZDUHLQY|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lOWLJW'D6LU-DPHVXQG6XNRPLW HLQDQGHUVSUDFKHQK|UWHLFKZRKOGRFKYHUVWDQGLFKQLFKW ZDVVLHVDJWHQ=ZLVFKHQLKQHQXQGPLUVFKLHQVLFKHLQH :DQGDXIJHEDXW]XKDEHQ $WODQWLV :DUGDPLWGDV/DQGJHPHLQWGDVQLFKWVHLQGXUIWH" 1HLQNDXP$WODQWLVKDWWHHVJHJHEHQVHLQ(UEHVSUWHQZLU (VPXWHHLQDQGHUHV/DQGGDKLQWHUVWHFNHQ ª-RKQZDVLVWPLW,KQHQ"©6LU-DPHVVSUDFKPLFKDQ-HW]W YHUVWDQGLFKLKQDEHULFKZROOWHQLFKWUHDJLHUHQVRQGHUQ QRFKLQPHLQHU7UDXPZHOWEOHLEHQ %LV6XNRHLQJULII(UOHJWHPLUVHLQH+DQGDXIGLH6FKXOWHU XQGUWWHOWHPLFKª9HUIOL[W-RKQNRPP]XGLU© 'DVFKDXWHLFKDXIª6RUU\©VDJWHLFKªDEHUHVKDWPLFK ]XVHKUPLWJHQRPPHQGLHVHV:LVVHQXPGLHDOWH 6SUDFKH© ª.DQQHVVHLQGDGHLQ.UHX]DXV$WODQWLVVWDPPW"© ª.DXPHVLVWQLFKWVRDOW©

ª$EHUHVPXHLQH9HUELQGXQJJHEHQ©VWHOOWH6LU-DPHV IHVWª=ZLVFKHQGHP.UHX]$WODQWLV,KQHQ© ,FKVFKWWHOWHGHQ.RSIª$OOULJKW6LULFKZLGHUVSUHFKH QLFKW%HYRUZLUXQVMHGRFKLQ6SHNXODWLRQHQHUJHKHQPV VHQZLU+LOIHKHUEHLKROHQ$OOHLQVFKDIIHQZLUHVQLFKWGHQ 7H[W]XHQWVFKOVVHOQ© ª8QGZHUVROOXQVKHOIHQ"© 6XNRQDKPPLUGLH$QWZRUWYRUZHJª'DJLEWHVQXUHLQH GLHGLHVHDOWH6SUDFKHYHUVWHKW.DUDGLH6FK|QHDXVGHP 7RWHQUHLFK© 6LU-DPHVKLHEPLWGHUIODFKHQ+DQGDXIPHLQHQ 6FKUHLEWLVFKª'DKDEHQ6LHUHFKW$EHUZLHNDQQPDQVLH HUUHLFKHQ"© ª'DVLVWGDV3UREOHP©HUZLGHUWHLFKª6LHXQG0\[LQZROO WHQXQEHGLQJWLKUHHLJHQHQ:HJHJHKHQXQG]X]ZHLWGLH :HOWGHU6FKZDU]EOWHUEHNlPSIHQ© ª'DVLVWMD8QVLQQ©ZLGHUVSUDFK6LU-DPHV ª$EHUQLFKW]XlQGHUQ© 8QVHU&KHIVWDQGDXI(UZDQGHUWHELV]XP)HQVWHUXQG EOLHEGRUWVWHKHQ1DFKGHPHUHLQH:HLOHKLQDXVJHVFKDXW KDWWHGUHKWHHUVLFKXPª:LHYLHO=HLWEOHLEWXQVQRFK"© ª6RYLHOZLHNHLQH© ª'DQQODVVHQ6LHVLFKHWZDVHLQIDOOHQ-RKQ© ,FKVFKDXWHDXIGDV.UHX]XQGVDKPLUGDV%XFKDQª:HQQ GDVVRHLQIDFKZlUH6LU:LHJHVDJWLFKEUDXFKHGLHEHLGHQ XQEHGLQJW1XUVLHN|QQHQPLUHLQHQ+LQZHLVJHEHQZLHLFK GDV.UHX]LQ=XNXQIWHLQ]XVHW]HQKDEHLQGHPVLHGHQ7H[W EHUVHW]HQ© ª:LUN|QQWHQHVYLHOOHLFKWZLHGHUEHU7DQLWKYHUVXFKHQ© EHPHUNWH6XNRª:LHVFKRQHLQPDODOVGXGLFKLP=HQWUXP GHV6FKUHFNHQVEHIXQGHQKDVW9LHONRQQWHQZLUGD]ZDUDXFK QLFKWHUUHLFKHQDEHUKHXWHVLHKWGLH6DFKODJHDQGHUVDXV© ª:LHGHQQ"©IUDJWH6LU-DPHV ª:HQQHVXP$WODQWLVJHKWLVW.DUDVHOEVWEHWURIIHQ© HUNOlUWHGHU&KLQHVHª6LHZLUGVLFKDQLKUIUKHUHV/HEHQ HULQQHUQXQGXQVDXINOlUHQ©

ª'DVLVWMDDOOHVYHUVWlQGOLFK1XUPVVHQZLUVLHKDEHQ© 6LU-DPHVEHJDQQ]XZDQGHUQ3O|W]OLFKEOLHEHUVWHKHQª8QG ZLHVLHKWHVPLWGLHVHQ)ODPPHQGHQ6WHLQHQDXV"© ª'LHVWHKHQLQ:DOHV© ª:RGDJHQDX"© ,FKDQWZRUWHWHMHW]WDQ6XNRV6WHOOHª.HLQH$KQXQJ6LU :LUZDUHQHLQSDDUPDOGDGRFKGHQJHQDXHQ2UWKDEHQXQV GLHEHLGHQQLHJHQDQQW7XWPLUOHLG© ª(VLVWQRFKYLHOHVXQYROONRPPHQ©VWHOOWHGHU 6XSHULQWHQGHQWOHLFKWELVVLJIHVW ª'DVZLVVHQZLU6LU© ª'DQQlQGHUQ6LHHVYHUIOL[W6LHKDEHQGDV.UHX]XQG GDV%XFKLQGHU+DQG6LHEHVLW]HQGHQ6FKOVVHO]XHLQHU DQGHUHQ:HOW6FKOLHHQ6LHGLH7UHQGOLFKDXI(JDOZLH© ,FKNRQQWHPHLQHP&KHINHLQH$QWZRUWJHEHQXQGVFKZLHJ OLHEHU%LV6XNRIUDJWHª+DW0\[LQVHLQH)lKLJNHLWHQQLFKW LQ]ZLVFKHQ]XUFNEHNRPPHQ-RKQ"© ª-D© ª(UEHKHUUVFKWHGRFKGLH7HOHSDWKLHXQGGLH7HOHSRUWDWLRQ 9LHOOHLFKWN|QQWHVWGXZHQQGXGLFKYROODXILKQNRQ]HQ WULHUVWGXUFK*HGDQNHQEHUWUDJXQJYHUVXFKHQ© ,FKVFKDXWHLKQVRVFKDUIDQGDHUYHUVWXPPWHXQGEHLGH +lQGHKREª:DUMDQXUHLQ9RUVFKODJ© ª$EHUHLQJXWHU©HUZLGHUWHLFKª9HUGDPPWGDVYHUVXFKHQ ZLU,FKNRQ]HQWULHUHPLFKDXI0\[LQ0DQNDQQZLUNOLFKQXU GLHVHQHLQHQ9HUVXFKZDJHQ-HGHU0HQVFKKDWHLQH .|USHUDXVVWUDKOXQJVHLQ2G8QG0\[LQLVWVHQVLEHOJHQXJ HUPWHGHQ5XIYHUQHKPHQ© ª9HUVXFKHQ6LHHV-RKQ©VDJWH6LU-DPHVGHUXQV]XJHK|UW KDWWHª0HLQHQ6HJHQKDEHQ6LH© $XFK6XNRQLFNWHPLUQRFKHLQPDODXIIRUGHUQG]XXQGLFK ZDJWHHV'DV%XFKVFKRELFKGDEHL]XUFNGDPLWLFK3ODW] KDWWHXPPHLQ.UHX]LQGLH+DQG]XQHKPHQ(VVROOWHGHU 9HUPLWWOHU]ZLVFKHQXQVEHLGHQVHLQGLHJHGDQNOLFKHQ :HOOHQYLHOOHLFKWYHUVWlUNHQXQGXQV]XVDPPHQIKUHQ ,FKZXWHZHOFKHLQHVFKZHUH$XIJDEHGDDXIPLFKZDUWH

WHGRFKLFKNRQQWHPLFKYRUGHU9HUDQWZRUWXQJQLFKW GUFNHQ ,FKQDKPPHLQ.UHX]*HQDXVFKDXWHLFKHVPLUDQXQG EHVRQGHUVEOLHEPHLQ%OLFNDQGHQEHLGHQ%XFKVWDEHQ-XQG6 KDIWHQ-RKQ6LQFODLU'DQQVDKLFKGLH,QVLJQLHQGHUYLHU (U]HQJHO$XFKVLHPXWHQPLWGHP.UHX]]XWXQKDEHQKDW WHQHVJHZHLKWXQGHVGHQ0DNNDElHUQEHUODVVHQRGHUZDU HVDQGHUV" ,FKPHUNWHGDHVPLUVHKUVFKZHUILHOPLWGHQ*HGDQNHQ EHLGHU6DFKH]XEOHLEHQGHQQVLHZROOWHQLPPHUZLHGHU DEVFKZHLIHQXQGVLFKPLWGHP.UHX]EHVFKlIWLJHQ 6XNRXQG6LU-DPHV]RJHQVLFK]XUFN6LHEOLHEHQQDKHGHQ %URIHQVWHUQVWHKHQZREHLVLHLQGHQ5DXPXQGDXIPLFK EOLFNHQNRQQWHQ 0\[LQXQG.DUD 6LHVROOWHQXQVKHOIHQ8QGGLHVHEHLGHQPXWHLFKHLQIDFK HUUHLFKHQ'HUNOHLQH0DJLHUNRQQWHPLFKEHVWLPPWK|UHQHU ZDUHLQ7HOHSDWKKDWWHVHLQHDOWHQ.UlIWH]XUFNJHZRQQHQ XQGUHODWLYJHVHKHQNRQQWHHU%HUJHYHUVHW]HQ ,FKJODXEWHIHVWDQGHQ(UIROJ :LHYRQVHOEVWVFKORVVHQVLFKPHLQH$XJHQ,FKPXWHGLH VHQ9RUKDQJEHUPHLQ%OLFNIHOGOHJHQGDPLWLFKYRQNHLQHQ lXHUHQ(LQIOVVHQDEJHOHQNWZXUGH 5XKH.RQ]HQWUDWLRQ6FKRQGHV|IWHUHQKDWWHLFKDQ ([SHULPHQWHQWHLOJHQRPPHQGLHYRQ3V\FKRORJHQJHOHLWHW ZXUGHQ6LHKDWWHQYHUVXFKWLKUH3DWLHQWHQLQ7LHIHQK\SQRVH ]XYHUVHW]HQHVDXFKJHVFKDIIWXQGDXVLKQHQGLHXQZDKU VFKHLQOLFKVWHQ,QIRUPDWLRQHQKHUDXVJHKROW 6RHWZDVZLHHLQH7LHIHQK\SQRVHPXWHDXFKLFKHUULQJHQ PHLQ*HLVWVROOWHVLFK]ZDUQLFKWYRP.|USHUO|VHQGDV VFKDIIWHLFKQLHDEHU0\[LQVROOWHZLHHLQ(PSIlQJHUUHD JLHUHQXQGPHLQHJHGDQNOLFKHQ6WU|PHYHUVWHKHQ 'LH:HOWXPPLFKYHUVDQN,FKKDWWHHVJHVFKDIIWXQGDOOH lXHUHQ(LQIOVVHDXVJHVFKDOWHWGDFKWHQXUQRFKDQ0\[LQ XQGDQ.DUD'LH5XKHXPPLFKKHUXPWDWJXW1LHPDQG VW|UWHPLFKVHOEVW6LU-DPHVXQG6XNRKLHOWHQGHQ$WHPDQ

,FKIKOWHGDV.UHX]]ZLVFKHQPHLQHQ+lQGHQXQGQDKP HVHEHQIDOOVLQGHQ*HGDQNHQNUHLVPLWDXI(VVROOWHPLUNHLQH $QWZRUWJHEHQDEHUHVPXWHHLQH%UFNH]ZLVFKHQPLUXQG GHPNOHLQHQ0DJLHUVFKODJHQ 0LUJHK|UWGDV.UHX]1XUPLU,FKZDUGHU(UEHHVJHK|U WH]XPLUNHLQDQGHUHUGXUIWHHVQHKPHQXQGHVPXWHPLU HLQIDFKDXVGHU.OHPPHKHOIHQ 0HLQH*HGDQNHQZXUGHQIUHL,FKVSUWH]ZDUNHLQH/HHUH LP.RSIGHQQRFKHLQVHKUVHOWVDPHV*HIKO,UJHQGZLH EHVFKZLQJWOHLFKWZLHDXI)OJHOQOLHJHQGRKQHGLHbXHU OLFKNHLWHQZDKU]XQHKPHQ ,Q*HGDQNHQIRUPXOLHUWHLFKGHQ1DPHQGHVNOHLQHQ 0DJLHUV,FKULHILKQDQNRQ]HQWULHUWHPLFKQXUDXILKQXQG DXFKDXIGLH)ODPPHQGHQ6WHLQHVRKRIIWHLFK0\[LQ XQG.DUD]XILQGHQ :UGHVLHPHLQYHU]ZHLIHOWHU5XIHUUHLFKHQ" =HLWZDUIUPLFKEHGHXWXQJVORVJHZRUGHQ0LUZDUHV HJDORELFKQXQHLQH6WXQGHKLQWHUGHP6FKUHLEWLVFKVDRGHU HLQHQKDOEHQ7DJ,FKZROOWHQLFKWHKHUDXIK|UHQELVLFKHV JHVFKDIIWKDWWHRGHUYRU(UVFK|SIXQJ]XVDPPHQEUDFK 6XNREHKLHOWLPPHUHLQ$XJHDXIVHLQHQ)UHXQG(UVDKGHQ 6FKZHLDXIGHU6WLUQGHV*HLVWHUMlJHUVXQGVSUWHIDVWVHOEVW N|USHUOLFKGLHXQJHKHXUH.RQ]HQWUDWLRQ ª(UPXHVVFKDIIHQ©'LH6WLPPHGHV6XSHULQWHQGHQWHQ ZDUQLFKWPHKUDOVHLQ+DXFK 6XNRQLFNWHVWXPP ,FKKDWWHPHLQH8PZHOWLQ]ZLVFKHQYHUJHVVHQXQGZLG PHWHPLFKQXUGHUHLJHQWOLFKHQVFKZHUHQ$XIJDEH 'DVSUWHLFKHWZDV 7lXVFKXQJ(LQELOGXQJ:DKUKHLW",FKKDWWHGDV(P SILQGHQDOVZUGHQPHLQH*HGDQNHQVWU|PHLUJHQGZLH JHVWRSSW2EZRKOLFKGLH$XJHQJHVFKORVVHQKLHOWVDKLFK SO|W]OLFKHLQ%LOGYRUPLU 'HQNOHLQHQ0DJLHUGHUYRUEHUJHEHXJW]ZLVFKHQGHQ KRKHQ6WHLQHQVWDQGXQGVLFKODQJVDPXPGUHKWHXP.DUD GLH6FK|QHDXVGHP7RWHQUHLFKDQ]XVFKDXHQ

0\[LQEHZHJWHVRJDUVHLQH/LSSHQHUVSUDFKPLW.DUDGLH ]XVDPPHQ]XFNWHXQGQDFKGHP6FKZHUWPLWGHUJROGHQHQ .OLQJHJULII (LQH(LQELOGXQJYRQPLU"2GHUHLQ:DKUWUDXP"9LHOOHLFKW GHQQLPQlFKVWHQ$XJHQEOLFNYHUO|VFKWHGDV%LOGZHLOVLFK HLQDQGHUHVGDUEHUVFKRE,FKVDKHLQULHVLJHV7LHUYRUPLU VFKZHEHQ6HLQH8PULVVHZDUHQVRJHZDOWLJGDLFKVLHQLFKW HUIDVVHQNRQQWH:HUGDV8QWLHUZDUNRQQWHLFKQLFKWVDJHQ LFKHPSIDQGQXUHLQHVFKUHFNOLFKH%HGURKXQJGLHVRVWDUN ZXUGHGDLFKDXIVW|KQWHGHQQLFKPHUNWHJOHLFK]HLWLJZLH VLFKGDV.UHX]]ZLVFKHQPHLQHQ)LQJHUQHUZlUPWH 8USO|W]OLFKULGHU)DGHQ -HW]WZDUDOOHVDXV6FKODJDUWLJEHIDQGLFKPLFKZLHGHULQ GHU*HJHQZDUW,FKVDKPHLQ%UR6LU-DPHVXQG6XNRGLH QHEHQGHQ)HQVWHUQVWDQGHQXQGPLFKDQVFKDXWHQ ,KUH*HVLFKWHUZDUHQEOHLFKLQGHQ$XJHQOHXFKWHWH +RIIQXQJGDQQJOLWWPHLQ%OLFNDXIGDV.UHX]XQGLFK JODXEWHHLQVFKZDFKHV/HXFKWHQ]XVHKHQ 1RFKODVWHWH6FKZHLJHQLQQHUKDOEGHV5DXPHVELV6LU -DPHVIUDJWHª+DWHVJHNODSSW"© ,FKJDENHLQH$QWZRUWVRQGHUQOLHPLFKDXIGHP6WXKO ]XUFNIDOOHQQDFKGHPLFKGDV.UHX]ZLHGHUDXIVHLQHQ3ODW] DXIGHP%XFKJHOHJWKDWWH ª-RKQZDVLVW"©6XNRGUlQJWH ,FKZLVFKWHPLUGHQ6FKZHLYRQGHU6WLUQ1RFKLPPHU KDWWHLFKXQWHUGHQ1DFKZLUNXQJHQ]XOHLGHQGDQQKRELFK GLH6FKXOWHUQXQGVFKWWHOWHGHQ.RSI ª,FKZHLHVQLFKW© ª+DWWHQ6LHGHQQ.RQWDNW"©ZROOWH6LU-DPHVZLVVHQ ª,FKJODXEH©$XIHLQPDOYHUVSUWHLFK'XUVWVDKGD QRFKNDOWHU.DIIHHLP%HFKHUVFKZDPPXQGWUDQNLKQOHHU ª+DWPDQ,KQHQJHDQWZRUWHW"© ª(VZDUVRZHLWZHJ6LU-DPHV6RYHUGDPPWZHLWXQG VFKZHU,FKNDQQ,KQHQGDZLUNOLFKQLFKWVVDJHQ© ª:LUPVVHQZDUWHQ©PHLQWH6XNRZRPLWHUY|OOLJUHFKW KDWWH:HQQGLHEHLGHQZLUNOLFKPHLQH1DFKULFKWHPSIDQJHQ

KDWWHQVRGDXHUWHHVQRFKVHLQH=HLWELVVLHDXIWDXFKWHQ GHQQDXFK.DUDPXWHHUVWLKUH%HVFKZ|UXQJGXUFKIKUHQ XPGLH(QWIHUQXQJ]XEHUEUFNHQ 0HLQHP&KHIVDKLFKDQGDHUVLFKQLFKWHEHQJOFNOLFK IKOWH,KPSDWHGLH6DFKODJHQLFKWDEHUZDVZROOWHQZLU WXQ"'DVZHLWHUH*HVFKHKHQODJQLFKWLQXQVHUHQ+lQGHQGD PXWHQDQGHUH.UlIWHDXVJHVSLHOWZHUGHQ (VYHUJLQJHQ0LQXWHQ ª6ROOLFKQRFKHWZDV]XWULQNHQKROHQ"©HUNXQGLJWHVLFKGHU ,QVSHNWRU ª0HLQHWZHJHQ© 6XNRZROOWHVFKRQJHKHQDOVHVDQGLH7UNORSIWH:LU ]XFNWHQ]XVDPPHQ ª-DZDVLVW"©ULHI6LU-DPHV 'LH7UZXUGHDXIJHGUFNWXQGLQV%URWUDWHQ.DUDXQG 0\[LQ 9RUGHQ$XJHQGHU/DG\;VSLHOWHVLFKHLQH6]HQHDEGLH WDWVlFKOLFKLKU)DVVXQJVYHUP|JHQEHUVWLHJ8QGGDVVROOWH EHLGHUHKHPDOLJHQ7HUURULVWLQVFKRQHWZDVKHLHQ /XSLQDEHZLHVLKUZLHVLHLKUHQ7RGEHUVWDQGHQKDWWH,KUH *HVWDOWYHUlQGHUWHVLFKDXIHLQHXQKHLPOLFKH$UWXQG:HLVH (VZDUHLQODXWORVHU3UR]HXQKHLPOLFKXQGGRFKDXIHLQH JHZLVVH$UWXQG:HLVHYRQHLQHUPDNDEUHQ)DV]LQDWLRQ 'DVEUDXQH)HOOGHU/XSLQDQDKPHLQHQDQGHUHQ*ODQ]DQ 'DEHLGXQNHOWHHVQRFKQDFKVRGD/DG\;SO|W]OLFKHLQ VFKZDU]HV)HOOYRUVLFKVDK $XFKGHU.RSIKDWWHVHLQH)RUPQLFKWEHKDOWHQ6HLQH 8PULVVHlQGHUWHQVLFKHUZXUGHZHVHQWOLFKJU|HUGLH 6FKQDX]HQRFKOlQJHUHEHQVRGLH3UDQNHQ 8QWHUGHP6FKlGHOEHIDQGVLFKHLQHGLFKWHUH+DOVNUDXVH DXVZHLFKHP)HOOXQGDXVGHPJU|HUZHUGHQGHQ0DXO GUDQJHLQGURKHQGHV.QXUUHQ /DG\;VWDQGZLHJHEDQQW6LHNRQQWHHVNDXPIDVVHQ,KUH /LSSHQEHZHJWHQVLFKVFKREHQVLFKYRUXQG]XUFNVRGD

LKUH=lKQHPDO]XVHKHQZDUHQGDQQZLHGHUQLFKW 1HLQGDVZDUQLFKWPHKU/XSLQDGLHGDYRULKUVWDQGVRQ GHUQHLQDQGHUHV:HVHQ $EHUHLQHVGDVVLHNDQQWHDXFKVFKRQJHVHKHQKDWWHGHQQ VLHVDKQLFKWPHKUGLH.|QLJLQGHU:|OIHVRQGHUQGHUHQ 6RKQ 9RULKUVWDQG(UQHVW2UDSXO 2GHUDXFK/XSDURZHQQPDQGHQ1DPHQYRQKLQWHQODV /DG\;ZDUJHVFKRFNW'DVEHZLHVGHU6W|KQODXWGHQVLH DXVVWLH'DPLWKDWWHVLHDXINHLQHQ)DOOJHUHFKQHWIUVLHZDU HVHLQHE|VHhEHUUDVFKXQJXQGLKUZDUNODUZDVGDV ]XEHGHXWHQKDWWH/XSLQDXQG2UDSXOZDUHQHLQH /HEHQVJHPHLQVFKDIWHLQJHJDQJHQ=ZHL3HUVRQHQLQHLQHU6R ODXWHWHGHV5lWVHOV/|VXQJ(VJDEQLFKWPHKUQXU/XSLQD XQGDXFKQLFKWQXU2UDSXOGLHEHLGHQZDUHQMHW]WHLQV 1LHKDWWH/DG\;GDPLWJHUHFKQHW(VZDUHLQHXQEHZXWH %HZHJXQJYLHOOHLFKWDXFKHLQH*HVWHGHU+LOIORVLJNHLWDOVVLH GLH0DVFKLQHQSLVWROHDQKREXQGDXIGLHK|KHUVWHKHQGH *HVWDOW]LHOWH ª:DJHHVQLFKW©VDJWHHLQHIUHPGH6WLPPHª:DJHHVQXU QLFKW(VZUGHGHLQ(QGHEHGHXWHQ© :DV/DG\;VRQVWQLHJHWDQKlWWHGDVPDFKWHVLHMHW]W'LH 0QGXQJGHU:DIIHVHQNWHVLFKXQGGHXWHWH]X%RGHQ ª9HUVWHKVWGXQXQ"©/XSLQDVSUDFKPLWGHU6WLPPHLKUHV 6RKQHV ª1HLQ© ª'DQQZLOOLFKHVGLUHUNOlUHQ'XKDVWPLFKHUVFKRVVHQ PLFK/XSLQD'RFKGXKDVWQLFKWGDPLWJHUHFKQHWGDHV ]ZLVFKHQGHQ:HUZ|OIHQHLQHXQJHPHLQVWDUNH9HUELQGXQJ JLEW:LU:|OIHVLQGLQGHU/DJHHLQHQ6HHOHQDXVWDXVFK GXUFK]XIKUHQ'DVLVWEHUHLWVEHLHLQHU)UDXJHOXQJHQGLH]X -RKQ6LQFODLUJHK|UWH$XFKGLH6HHOHGHU1DGLQH%HUJHULVWLQ GHQ.|USHUHLQHV:ROIVJHODQJW'XXQGDXFKGLHDQGHUHQ KDEHQGLH0DFKWGHU:HUZ|OIHLPPHUXQWHUVFKlW]W,FKZHL GDZLUGLH0HQVFKKHLWEHUOHEHQZHUGHQGHQQLP 8QWHUJUXQGKDEHQZLUXQVZHLWHUHQWZLFNHOW6FKRQYRU

ODQJHU=HLWVLQGHVGLH:|OIHJHZHVHQGLHQLHPDQGKDWWH DXVURWWHQN|QQHQ6LHKDEHQVLFKGHQ%HGLQJXQJHQDQJH SDWDEHUWURW]GHPLKUH:LOGKHLWQLFKWYHUORUHQ8QGEHU DOOHPZDFKW)HQULVGHU*|WWHUZROI6HLQH0DJLHPDFKWHHV P|JOLFKGDVRHWZDVJHVFKHKHQNRQQWH/XSLQDDOOHLQLVW WRWYHUQLFKWHWDEHUVLHOHEWZHLWHULP.|USHULKUHV6RKQHV XQGZLUVLQGLQGHU/DJHXQV]XYHUZDQGHOQ(LQPDOVWHKW 2UDSXOYRUGLUGDQQZLHGHU/XSLQD:LOOVWGXPLFK MHW]WVHKHQ"© ª-D©KDXFKWH/DG\; ª'DQQELWWH© ,PQlFKVWHQ$XJHQEOLFNOLHIGLH9HUZDQGOXQJZLHGHUUFN ZlUWVDE$XV2UDSXOZXUGH/XSLQDXQG/DG\;EOLHE QLFKWVDQGHUHVEULJDOVQXUPLWJURHQ$XJHQ]XVFKDXHQ (VZDUXQJHKHXHUOLFKZDVVLHGDHUOHEWH6FKZDU]H0DJLH LQK|FKVWHU3RWHQ]6LHNRQQWHHVNDXPEHJUHLIHQXQGHUVW UHFKWQLFKWHUNOlUHQVLHPXWHVLFKGDPLWDEILQGHQ :LHHLQHQ*HLVWVWDUUWHVLH/XSLQDDQGLHGDLP+DOEGXQNHO GHV7UHSSHQKDXVHVVWDQG ª$OOHKDEHQGLH:|OIHXQWHUVFKlW]W©IOVWHUWH/XSLQDª'LH 0HQVFKHQXQGDXFKGX/DG\;8QGDOOHZHUGHQVLFKQRFK ZXQGHUQZHQQLFK]XVDPPHQPLWPHLQHP6RKQ]XVFKODJH© ª-HW]WNDQQLFKYHUVWHKHQGDGXQLFKWPHKUEHL6ROR 0RUDVVREOHLEHQZROOWHVW©VDJWH/DG\; /XSLQDODFKWH ª:DVZDUHUGHQQVFKRQ"(LQ1LFKWVHLQDXIJHEODVHQHU )DQW(UKDWVLFKGLH0DFKWJHQRPPHQGLHLKPQLFKW ]XVWDQG,FKKDEHHVVHKUVFKQHOOEHPHUNWXQGDXFKGLH 7DWVDFKHGDHU$VPRGLQDYHUQLFKWHWKDWIKUHLFKQLFKWDXI VHLQH.UDIWRGHUVHLQ.|QQHQ]XUFNGDVZDUHLQIDFK*OFN© ª0|JOLFK© ª'XKDVWVHOEVWHUOHEWGDHUVLFKNDXPZHKUHQNRQQWHDOV HVKDUWDXIKDUWJLQJ-HW]WLVWHUYHUQLFKWHWXQGVHLQH5DFKH ZDUHEHQIDOOVHLQ6FKXLQV/HHUH(UKDWVHLQHQ)HLQG-RKQ 6LQFODLUQLFKWEHVLHJHQN|QQHQGDVZDUQLFKWP|JOLFKGDGHU *HLVWHUMlJHULKPLPPHUHLQHQ6FKULWWYRUDXVZDU©

ª8QGMHW]W"©IUDJWH/DG\;DOVVLHGLHhEHUUDVFKXQJHLQL JHUPDHQEHUZXQGHQKDWWH ª0VVHQZLUXQVGDV%XFKKROHQ© 'LH9DPSLULQVFKWWHOWHGHQ.RSIª1HLQ©VDJWHVLHª'DV ZHUGHQZLUNDXPVFKDIIHQ© ª:DVVROOWHXQVKLQGHUQ"© ª-RKQ6LQFODLUVHOEVW© 'LH.|QLJLQGHU:|OIHZLQNWHDEª,FKJHEH]XGDDXFK LFKHLQHQ)HKOHUJHPDFKWKDEHZLUKlWWHQXQVYLHOOHLFKWGRFK YRUKHUYHUEQGHQVROOHQLFKDEHUZROOWHGDGXPLW6LQFODLU ]XVDPPHQWULIIVWXQGLKUHXFKJHJHQVHLWLJDXVO|VFKWVRGD LFKGLHODFKHQGH'ULWWHJHZHVHQZlUH/HLGHUKDWPHLQ3ODQ QLFKWIXQNWLRQLHUWDEHUQRFKLVWQLFKWVYHUORUHQ%HLHLQHP ]ZHLWHQ$QODXIZHUGHQZLUHVVFKODXHUEHJLQQHQ© ª'XYHUJLWGHQ6SXN© ª1HLQGHQKDEHLFKQLFKWYHUJHVVHQ1XUZLUGHUGDV%XFK DXFKQLFKWEHVLW]HQ© ª:DVPDFKWGLFKVRVLFKHU"© ª:HQQHUHVKlWWHGDQQKlWWHHUHVXQVOlQJVWJH]HLJWGDV LVWVLFKHU© ª/XSLQDKDWUHFKW© %HLGH:HVHQZXUGHQYRQGHU6WLPPHEHUUDVFKWGLHKLQWHU XQGXQWHULKQHQLPGXQNOHQ+DXVIOXUDXIJHNOXQJHQZDU 6HKHQNRQQWHQVLHQLFKWVGDGLHGVWHUH*HVWDOWGHV6SXNV YRQGHU)LQVWHUQLVYHUVFKOXFNWZXUGH 6FKDUIGUHKWHVLFK/DG\;XPª'XKDVWGDV%XFKDOVR QLFKW© ª1HLQ-RKQ6LQFODLUZDUXPGHQ%UXFKWHLOHLQHU6HNXQGH VFKQHOOHU© ª:LHNRQQWHGDVJHVFKHKHQ"©IUDJWH/XSLQDª'XELVWHLQ 6FKDWWHQXQGVFKQHOOZLHHLQ*HGDQNH© ª(UKDWGDV.UHX]© $OV/DG\;GLHVH$QWZRUWK|UWHNQLUVFKWHVLHYRU:XWPLW LKUHQ=lKQHQª,PPHUZLHGHUGDV.UHX]©VWLHVLHKHUYRU ª(UEHUHLWHWXQVMHW]WVFKRQVRJURH6FKZLHULJNHLWHQ:DV ZLUGHUVWZHUGHQZHQQ6LQFODLUGLH*HKHLPQLVVHHQWKOOW"©

ª6RZHLWGUIHQZLUHVQLFKWNRPPHQODVVHQ© ª'DQQWXHWZDV© ª'DVKDEHLFKEHUHLWV,FKZDULP/DQGGDVQLFKWVHLQGDUI XQGKDEHGRUWHLQ9HUVWHFNIUGDV%XFKJHIXQGHQ(VLVWGLH +|KOHGHV1HSUHQR© ª8QGZHULVWGDV"©IUDJWH/XSLQD ª'HU.|QLJLP/DQGGHU'UDFKHQ(VLVWGDVULHVHQKDIWH 8QJHKHXHUGDVGHP6FKZDU]HQ7RGDOV5HLWWLHUGLHQWH ZlKUHQGHUQRFKEHUHLQHQJURHQ7HLOGHV.RQWLQHQWV $WODQWLVKHUUVFKWH'LHJURHQ$OWHQKDEHQGHQ6FKZDU]HQ 7RGHUVFKDIIHQVLHHUVFKXIHQ1HSUHQRXQGLKPKDEHLFK JHVDJWZHULQVHLQ/DQGNRPPW(UIUHXWVLFKGHQMHQLJHQ NHQQHQ]XOHUQHQGHUGLH6FKXOGDQGHU9HUQLFKWXQJGHV 6FKZDU]HQ7RGVWUlJW© ª1RFKLVW6LQFODLUQLFKWGD© ª,FKZHLDEHUZLUZHUGHQLKQKROHQ© ª:HLWGXZRHUVLFKDXIKlOW"© ª-D© ª.|QQHQZLUGLUKHOIHQ"©IUDJWH/XSLQD ª,KUN|QQWPLUQLFKWKHOIHQLKUPWHVVRJDU'LHVPDO NRPPWHUQLFKWDXVGHU)DOOHKHUDXVXQGDXFKGDV%XFKPLW GHQVLHEHQ6LHJHOQEOHLEWLQXQVHUHU+DQG© 'DPLWZDUHQ/DG\;XQG/XSLQDUHVWORVHLQYHUVWDQGHQ6LH PXWHQQXUQRFKEHUOHJHQZLHVLHGHQ*HLVWHUMlJHULQGLH )DOOHORFNHQNRQQWHQ 0HLQH$XJHQZXUGHQNXJHOUXQGYRUhEHUUDVFKXQJ%HYRU LFKHWZDVVDJHQNRQQWHPXWHLFKHUVWHLQPDOVFKOXFNHQ ª0\[LQ.DUD©IOVWHUWHLFKªYHUGDPPWVHLGLKUHVZLUN OLFK"© ª:HUVRQVW"©0\[LQOlFKHOWH ª'DQQKDVWGXPHLQHQ5XIJHK|UW"© (UQLFNWHHUQVWª-DGDVKDEHLFK8QGHV]HLJWPLUGDLFK PHLQH.UlIWH]XUFNJHZRQQHQKDEHGHQQYRUNXU]HP KlWWHVWGXGDVQLFKWJHVFKDIIW*HLVWHUMlJHU©

ª'DVJODXEHLFKDXFK©PXUPHOWHLFKXQGVFKWWHOWHGHQ .RSIZHLOLFKHVQRFKLPPHUQLFKWIDVVHQNRQQWH :lKUHQG0\[LQ6LU-DPHVXQG6XNR]XQLFNWHWUDW.DUDYRU XQGEOLHEDQPHLQHP6FKUHLEWLVFKVWHKHQ6LHVDKGDV.UHX] XQGDXFKGDV%XFK,FKEHPHUNWHGDVLFKLKUHGXQNOHQ $XJHQEUDXHQHLQZHQLJ]XVDPPHQ]RJHQ$KQWHVLHEHUHLWV HWZDV" ª.HQQVWGXGDV%XFK"©IUDJWHLFK ª'DVLVWGHLQ.UHX]QLFKW"©6LHKDWWH]XUFNJHEOlWWHUW ª-D©HUZLGHUWHLFKXQGVFKOXJGDV%XFK]XGDPLW.DUDGHQ 'HFNHOVDKXQGGHQ7LWHOOHVHQNRQQWH ª6LHEHQ6LHJHOGHU0DJLH©PXUPHOWHVLH'DEHLVDKLFKLKU DQZLHHVKLQWHULKUHU6WLUQDUEHLWHWH .RQQWHVLHYLHOOHLFKWPLWGHP7LWHOHWZDVDQIDQJHQ" :LHGHUNDPHLQHVWDUNH6SDQQXQJDXI,FKVSUWHZLHGDV %OXWVFKQHOOHUGXUFKPHLQH$GHUQUDQQXQGVFKDXWH.DUDLQV *HVLFKW ª6LHEHQ6LHJHOGHU0DJLH.DUD©VDJWHLFKKHLVHUª(VLVWHLQ DOWHV%XFKXQGHLQ6LHJHOEHIDWVLFKPLWPHLQHP.UHX] .DQQVWGXHVOHVHQ"© ª:LHVRJHUDGHLFK"© ª:HLOHVLQGHLQHU+HLPDWVSUDFKHJHVFKULHEHQZXUGH© .DUDV$XJHQZHLWHWHQVLFKHEHQIDOOVª:R"© ,FKQDKPGDV%XFKVFKOXJHVDXIXQGPHLQH)LQJHU ZLUEHOWHQQXUVRGLH6HLWHQ]XUFNREZRKOLFKYRUVLFKWLJ VHLQPXWHGDPLWLFKGDV3DSLHUQLFKW]HUVW|UWH2EHVEHU KDXSW3DSLHUZDUNRQQWHLFKQLFKWVDJHQMHGHQIDOOVIKOWH HVVLFKIDVWVRDQ (QGOLFKKDWWHLFKJHIXQGHQZDVLFKVXFKWH.DUDVDKZLH GHUGDVDEJHELOGHWH.UHX]XQGNRQQWHZHLWHUDXIGHQ7H[W VFKDXHQDOVLFKYRUEOlWWHUWHª'DVLVWGRFKLQGHU6SUDFKHGHU DOWHQ$WODQWHUJHVFKULHEHQRGHU"© 6LHVFKDXWHKLQXQGMHGHUYRQXQVZDUWHWHDXILKUH $QWZRUW6FKOLHOLFKPHLQWHVLHª-DHVLVWLQGHUDOWHQ6SUDFKH JHVFKULHEHQ© ª'LHGXOHVHQNDQQVW"©

ª1DWUOLFKLFKKDEHQLFKWVYHUJHVVHQ,FKNDQQVLHOHVHQ XQGDXFKYHUVWHKHQ© 'DILHOPLUGHUEHUKPWH6WHLQYRP+HU]HQ(LQ=LWWHUQGHU .QLHNRQQWHLFKQLFKWYHUPHLGHQ(QGOLFKHQGOLFKZDUHV JHVFKDIIW.DUDZUGHGDV5lWVHOHQWVFKOVVHOQ'DQDFK ZXWHLFK%HVFKHLGNDQQWHGLH*HKHLPQLVVHPHLQHV.UHX]HV :LHODQJHKDWWHLFKGDUDXIJHZDUWHW" ª:DVVWHKWGRUWJHVFKULHEHQ"©PXUPHOWHLFK ª*LEPLUHLQHQ$XJHQEOLFN=HLW©HUZLGHUWHGLH6FK|QHDXV GHP7RWHQUHLFK,FKVFKXI3ODW]VRGDVLHVLFKVHW]HQNRQQ WH.DUDKRFNWHDQPHLQHP6FKUHLEWLVFKXQGEHJDQQ]XOHVHQ 9LHU$XJHQSDDUHEHREDFKWHWHQVLH%HLGUHLGHU$QZHVHQGHQ ZXWHLFKGDVLHlKQOLFKGDFKWHQZLHLFK$XFK6XNRXQG 6LU-DPHVZROOWHQGDGDV*HKHLPQLVXPPHLQ.UHX]HQGOLFK JHOIWHWZXUGH .DUDVDJWHQLFKWV6LHODVVWXPP0HLQH:DQJHQPXVNHOQ ]XFNWHQLFKZDUJHVSDQQWGDUDXIZLHHVZHLWHUJHKHQZUGH +DWWHVLH6FKZLHULJNHLWHQEHLP9HUVWHKHQGHV7H[WHV"$OVLFK LKU*HVLFKWEHREDFKWHWHVFKLHQHVPLUVR'LH6WLUQOHJWHVLHLQ WLHIH)DOWHQGLH:DQJHQPXVNHOQ]XFNWHQ ª:DVLVWORV"©ZROOWHLFKZLVVHQ .DUDGUHKWHGHQ.RSI6LHZDUEODJHZRUGHQª-RKQLQ GHP7HLOGHQLFKVRHEHQOHVHVWHKWQLFKWVYRQGHLQHP.UHX] (UKDQGHOWYRQHWZDVDQGHUHP© 'LH(QWWlXVFKXQJZDUZLHHLQ+DPPHUVFKODJ,FKKDWWHGDV *HIKO]XVDPPHQEUHFKHQ]XPVVHQ6ROOWHGHQQDOOHV XPVRQVWJHZHVHQVHLQ"8QVHU)RUVFKHQGHU.DPSIXPGDV %XFK:DUHQZLUHLQHU7lXVFKXQJHUOHJHQ"6FKZLQGHOHUID WHPLFKXQGLFKPXWHPLFKDP6FKUHLEWLVFKUDQGDEVWW]HQ XPDXIGHQ%HLQHQEOHLEHQ]XN|QQHQ,QGHQ.QLHQKDWWHLFK HLQ*XPPLJHIKO:DUGDEHUKDXSWQRFKHWZDV]XPDFKHQ" ª7XWPLUOHLG©PXUPHOWH.DUD ª%OlWWHUHZHLWHUELWWH9LHOOHLFKWVWHKWDXIGHQDQGHUHQ 6HLWHQHWZDVEHUPHLQ.UHX]JHVFKULHEHQ'DV6LHJHORGHU .DSLWHOLVWODQJ(VPXZDVGDUEHU]XOHVHQVHLQ:HVKDOE KlWWHPDQVRQVWGDV.UHX]]HLFKQHQODVVHQVROOHQ"©

ª'DVVWLPPW© ª:DVOHVHQ6LHGHQQMHW]W"©ZROOWH6LU-DPHVZLVVHQ ª(WZDV6FKUHFNOLFKHV© ª:LHVR"© ª'DVLVWVFKZHU]XHUNOlUHQDEHUGLH6HLWHQGLHLFKPLUYRU JHQRPPHQKDEHEHVFKlIWLJHQVLFKPLWHLQHPGHUGXQNHOVWHQ .DSLWHOGHV.RQWLQHQWV$WODQWLV0LWHLQHP/DQG© ªGDVQLFKWVHLQGDUI©YROOHQGHWHLFK .DUDKREEHUUDVFKWGHQ.RSIª-DHVVWLPPW:RKHUZHLW GXGDYRQ"© ª,FKKDEHHVJHK|UW© ª'DV/DQGGHU'UDFKHQZLUGHVDXFKJHQDQQW©PXUPHOWH .DUDª(VH[LVWLHUWDOVRQRFK© ª:HLWGXPHKUGDUEHU"©IUDJWH6XNR ª1DWUOLFK©6LHGUHKWHVLFKDXIGHP6WXKOXPVRGDVLH XQVDQVFKDXHQNRQQWHª'LHVHV/DQGJHK|UWH]X$WODQWLV(V ODJMHQVHLWVGHU%HUJHLQGHQHQGHU6FKZDU]H7RGKDXVWH (VLVWHLQ/DQGLQGHPPDQQLFKWOHEHQNDQQ'RUWODXHUQ GLH8QWLHUHGLH'UDFKHQXQGLKUHQ$QIKUHUKDVWGXDXFK VFKRQJHVHKHQ-RKQ© ª:R"© ª'DPDOVDOVHVGLFKQDFK$WODQWLVYHUVFKODJHQKDW'RUW ELVWGXLKPEHJHJQHW(ULQQHUHGLFKPDODXIZHOFKHLQHP 7LHUGHU6FKZDU]H7RGJHVHVVHQKDWDOVHUDQJULIIXQGGHQ 8QWHUJDQJXQVHUHV.RQWLQHQWVHLQOHLWHWH© ª$XIHLQHP'UDFKHQ© ª-DVHKUULFKWLJ'LHVHU'UDFKHZDU1HSUHQR8QGHUKDW PHLQHV:LVVHQVGHQ8QWHUJDQJEHUOHEW© ª:LHNRQQWHHUGDV"©IUDJWHLFKEHUUDVFKW ª'DVZDUQLFKWVFKZHU$OV$WODQWLVLQGHQ)OXWHQYHUVDQN XQGXQWHUJLQJGDKDEHQGLH.UlIWHGHV%|VHQGDIUJHVRUJW GDLKUH6WW]SXQNWHXQG'LHQHUJHUHWWHWZXUGHQ%HLP 8QWHUJDQJVSOLWWHUWHGDV/DQGGHU'UDFKHQDE(VZXUGHZLH DXFKGLH/HLFKHQVWDGWLQV1LFKWVJHVFKOHXGHUWXQGPLWGLH VHP/DQGQDWUOLFKVHLQHVFKUHFNOLFKHQ%HZRKQHUGLH XQKHLPOLFKHQ'UDFKHQPLW1HSUHQRDQGHU6SLW]H©

ª:LUN|QQHQGHPQDFKGDYRQDXVJHKHQGDHUQRFKH[L VWLHUW©IROJHUWHLFK ª6RLVWHV© ª'HQ6FKZDU]HQ7RGJLEWHVQLFKWPHKU©VDJWHLFKOHLVH ª1HSUHQRDOOHUGLQJV©,FKEOLFNWHDXIª*HK|UWRGHUJHVHKHQ KDEHLFKLKQELVKHUQLFKW© ª6HLIURK© 6XNRVDJWHHWZDVª:LHLFKHXUHQ:RUWHQHQWQHKPH LVW1HSUHQRHLQQLFKWGHQNHQGHV:HVHQ(UPX%HIHKOH DQQHKPHQ)UKHUKDWLKPGLHGHU6FKZDU]H7RGJHJHEHQ ZHUHUWHLOWVLHKHXWH"© ª'DVZHLLFKQLFKW© ª)UGHQ6FKZDU]HQ7RGKDWHVNHLQHQGLUHNWHQ1DFKIROJHU JHJHEHQ©UHVPLHUWHLFKª(VVHLGHQQGHU6SXNKDWVLFK LUJHQGZLHHLQJHPLVFKWGHQQHUZLUGVLFKHUOLFKDXFKYRQGLH VHP/DQGZLVVHQGDVQLFKWVHLQGDUI2GHULUUHLFKPLFKGD"© ª%HVWLPPWQLFKW©HUZLGHUWH.DUD ª:DVPDFKWGLFKVRVLFKHU"© ª:HLOGHU6SXNHLQ'lPRQLVWGHUHLQHXQJHKHXUH0DFKW EHVLW]W(VKDEHQEHUHLWVHLQLJHYHUVXFKWDQVHLQHU0DFKW]X NUDW]HQ]XOHW]W$ODVVLDDEHULFKJODXEHQLFKWGDVLHHV VFKDIIHQZLUG:HQQMHPDQGLP+LQWHUJUXQGODXHUWXQG]DKO UHLFKH)lGHQLQGHU+DQGKlOWGDQQLVWHVGHU6SXN*ODXE PLUGDV© ª8QGHULVWEHVRQGHUVDQGHP%XFKLQWHUHVVLHUW©PXUPHOWH LFK ª1DWUOLFK©HUZLGHUWH.DUDª'DVOLHJWDXIGHU+DQG :HQQZLUGLHVHV%XFKHQWVFKOVVHOQGLH*HKHLPQLVVHHQWUlW VHOQGDQQJLEWHVLP5HLFKGHU'lPRQHQHLQH$UW *|WWHUGlPPHUXQJ'DZUGHQ8PVWU]HVWDWWILQGHQ 6FKZDU]EOWHUYHUQLFKWHW0DFKWYHUKlOWQLVVHYHUVFKREHQXQG © 0LUILHOHWZDVDQGHUHVHLQ%HYRULFKHVYHUJDXQWHUEUDFK LFK.DUDª:LUKDEHQGDV%XFKGHUVLHEHQ6LHJHO$EHUHVJLEW QRFKHLQ%XFKGHUJUDXVDPHQ7UlXPH.DQQHV]ZLVFKHQGHQ EHLGHQ%FKHUQHLQHQ=XVDPPHQKDQJJHEHQ"©

ª'DVJODXEHLFKQLFKW©(QWVFKLHGHQNDP.DUDV$QWZRUW ª$EHUGXZHLWYRQGHP%XFKGHUJUDXVDPHQ7UlXPH"© ª1DWUOLFK,QLKPVLQGZRKODOOH*HKHLPQLVVHHUIDW QHKPHLFKDQ'HU6HKHUZLUGHVEHVLW]HQ(VLVWPlFKWLJHUDOV GDV%XFKGHUVLHEHQ6LHJHOGDHVVLFKZRKOPLWGHU([LVWHQ] GHVJHVDPWHQ/HEHQVEHVFKlIWLJW'LHVLHEHQ6LHJHOGHU0DJLH DEHUJUHQ]HQQXUHLQHQEHVWLPPWHQ7KHPHQNRPSOH[HLQGDV PXWGXGLUYRU$XJHQKDOWHQ-RKQ© ,FKQLFNWHª$OVRNRQ]HQWULHUHQZLUXQVGDUDXI© ª8QGDXIGLHhEHUVHW]XQJ©6LU-DPHVPLVFKWHVLFKHLQ (UVFKDXWHGDEHLDXIVHLQH8KUª:LHODQJHVROOHQZLUQRFK ZDUWHQ"©6HLQH6WLPPHNODQJXQJHGXOGLJ ª'LH=HLWVSLHOWLP-HQVHLWVUHLFKNHLQH5ROOH©KLHOWLKP 0\[LQYRUª6LHPVVHQVRHWZDVYHUJHVVHQ© ª'DVZLOOLFKQLFKW(VLVWJHQXJ6FKDGHQDQJHULFKWHWZRU GHQ©(UZDQGWHVLFKDQ.DUDª6LQG6LHLQGHU/DJHMHW]WXQG KLHUGLH7H[WH]XEHUVHW]HQ"© ª,FKKRIIHHV© ª'DQQEHJLQQHQ6LH© .DUDKDWWHHLQHQ(LQZDQGª6RHLQIDFKLVWHVQLFKW,FKKDEH KLHUQLFKWGLHQ|WLJH5XKH:LUEHILQGHQXQVLQHLQHP|IIHQW OLFKHQ*HElXGHEDOGJUDXWGHU0RUJHQGLH+HNWLNZLUG EHJLQQHQ,FKEUDXFKHHLQHQ3ODW]DQGHPLFKXQJHVW|UWELQ© ª8QGGHUZlUHZR"© ª%HLGHQ)ODPPHQGHQ6WHLQHQ© 6LU-DPHV]RJHLQ*HVLFKWDOVKlWWHHUSXUHQ=LWURQHQVDIW JHWUXQNHQ0DQVDKLKPDQGDLKPGLHVH$QWZRUWEHU KDXSWQLFKWSDWH'LHIODPLQJVWRQHVZDUHQIULKQHWZDV 8QGHILQLHUEDUHV6FKZDPPLJHVGDVHUQLFKWIDVVHQNRQQWH XQGHUVFKWWHOWHGHQ.RSIª1HLQZLUZHUGHQHLQHDQGHUH 0|JOLFKNHLWILQGHQ© ª'DKDEHLFKHVVLFKHUOLFKVFKZHUHU©JDEGLH6FK|QHDXV GHP7RWHQUHLFK]XEHGHQNHQ 6LU-DPHVVXFKWHHLQHQ.RPSURPLª.|QQHQZLUDOOHGRUW KLQJHODQJHQ"© ª(VZLUGVFKZHUVHLQ©

'HU6XSHULQWHQGHQWVFKWWHOWHGHQ.RSIª1HLQGDVLVW GRFKQLFKWGDV:DKUH,FKZLOOKLHUNODUH9HUKlOWQLVVHVFKDI IHQ:LUPVVHQLQ/RQGRQXQGGDPLWDP%DOOEOHLEHQXP VFKQHOOUHDJLHUHQ]XN|QQHQ+DWNHLQHUYRQ,KQHQHLQHQ 9RUVFKODJ"©'DEHLZHFKVHOWHVHLQ%OLFN]ZLVFKHQ6XNRXQG PLU ª-RKQV:RKQXQJ©HUZLGHUWHGHU,QVSHNWRU 6LU-DPHVDQWZRUWHWHVSRQWDQª'DPLWZlUHLFKHLQYHUVWDQ GHQXQGZLHVWHKWHVEHL,KQHQ"© .DUDGLHDQJHVSURFKHQZXUGHUFNWHª:LUN|QQWHQHLQHQ 9HUVXFKVWDUWHQ'HU3ODW]LVWEHVVHUDOVGLHVHUKLHU,FKIKOH PLFKKLHUJHKHPPWLUJHQGHWZDVVW|UWPLFK© ,FKZXUGHPLWUDXLVFKª:DV"© .DUDKREGLHVFKPDOHQ6FKXOWHUQXQGOLHVLKUHUHFKWH +DQGIOlFKHEHUGHQ6FKZHUWJULIIJOHLWHQª*HQDXNDQQLFK HVQLFKWVDJHQDEHUHVLVWHWZDVYRUKDQGHQ© ª(LQH*HIDKU"© ª$XFKP|JOLFK© :HQQ.DUDGDVVDJWHKDWWHVLHLKUH*UQGH=XGHPJODXE WHLFKQLFKWGDGLHDQGHUH6HLWHDXIJHJHEHQKDWWH1HLQGLH ZUGHQHVZHLWHUWUHLEHQGLHZROOWHQGDV%XFKXQGJLQJHQ UFNVLFKWVORVYRU ª:LUVROOWHQYRUVLFKWLJVHLQ©ZDUQWH0\[LQ 'DKDWWHHULQPHLQHPXQG6XNRV6LQQHJHVSURFKHQ 6HKUVWDUNH.UlIWHVWDQGHQJHJHQXQV6LHZUGHQPLWDOOHQ 0LWWHOQ]XYHUKLQGHUQYHUVXFKHQGDZLUHLQHQ(UIROJYHU EXFKWHQ:HQQ.DUDYRQHLQHU*HIDKUVSUDFKVROOWHPDQGDV QLFKWVRZHLWZHJVFKLHEHQ6LHZDUHLQVHQVLEOHV:HVHQGDV PLWGHU)HLQIKOLJNHLWHLQHV6HLVPRJUDSKHQVSUWHZHQQ VLFKHWZDVDQEDKQWH ª,FKZHUGHGDV+DXVHEHQIDOOVYHUODVVHQ©HUNOlUWHXQVGHU &KHIª,FKELQLQPHLQHU:RKQXQJMHGHU]HLWHUUHLFKEDUZHQQ VLFKLUJHQGHWZDVHUHLJQHW8QGDEVLHEHQ8KUDXFKZLHGHU LP%UR©(UVWDQGVFKRQDQGHU7Uª/DVVHQ6LHXQVMHW]W JHKHQ© 6LU-DPHVYHUOLHDOVHUVWHUGHQ5DXP6XNRXQG0\[LQ

IROJWHQ.DUDJLQJGDQDFKLFKELOGHWHGHQ6FKOXZREHLLFK GDV%XFKXQGPHLQ.UHX]DQPLFKQDKP ,P*lQVHPDUVFKVFKULWWHQZLUEHUGHQ)OXU$P)DKUVWXKO YHUVDPPHOWHQZLUXQV (LQHPDJLVFKH5HLVHZROOWHQZLUYLHUQLFKWYRUQHKPHQVRQ GHUQGDV6WFNPLWGHP:DJHQIDKUHQ'HU%HQWOH\ZDU VFKOLHOLFKJURJHQXJXPXQVDOOHDXI]XQHKPHQ 1LHPDQGVSUDFKPHKU(LQMHGHUKLQJVHLQHQHLJHQHQ *HGDQNHQQDFK0HLQHGUHKWHQVLFKVHOEVWYHUVWlQGOLFKXP GDV.UHX]XQGGDV%XFK :DUHVULFKWLJGDZLUMHW]WLQPHLQH:RKQXQJIXKUHQ":LU EHJDEHQXQVLQ*HIDKU$OOHLQKlWWHQ6XNRXQGLFKGDVVLFKHU OLFKQLFKWJHWDQDEHU.DUDXQG0\[LQZDUHQEHLXQV0LW LKUHQ.UlIWHQELOGHWHQVLHHLQHQJHZDOWLJHQ6FKXW] 'HU/LIWNDP-HGH6HNXQGHZXUGHPLUODQJ:LUDOOHVWLH JHQHLQ,FKVWDQGQHEHQ6LU-DPHV(UOHJWHPLUVHLQH+DQG DXIGHQ$UPXQGVSUDFKOHLVHª5HLHQ6LHVLFKQXU]XVDP PHQ-RKQELWWH:HQQMHGHUYRQXQVGLH1HUYHQEHKlOWZHU GHQZLUHVVFKRQVFKDIIHQ© ª'DQNH6LU© ,FKKDWWHLKQQLFKWRIWVRUHGHQK|UHQ6HLQH:RUWHEHZLHVHQ PLUGDDXFKDQLKPGLH9RUJlQJHQLFKWVSXUORVYRUEHUJH JDQJHQZDUHQ'HU/LIWVFKRLQGLH7LHIH $OVZLULQGHU+DOOHDXVVWLHJHQVWDUUWHQXQVGLHEHLGHQ .ROOHJHQDP(PSIDQJPLWJURHQ$XJHQDQ6LHZXWHQ QLFKWZRVLH.DUDXQG0\[LQKLQVWHFNHQVROOWHQ 5HLQNRPPHQKDWWHQVLHGLHEHLGHQQLFKWJHVHKHQ$OOHUGLQJV VDJWHQVLHQLFKWVGDVLHVLFKLQXQVHUHU%HJOHLWXQJEHIDQGHQ 'HU%HQWOH\VWDQGDXIGHP3DUNSODW]'RUWKDWWH6LU-DPHV VHLQHQ:DJHQDXFKDEJHVWHOOW:LUPXWHQGDV*HElXGHDQ GHU5FNVHLWHYHUODVVHQ 6XNRKDWWHVLFKDQGLH6SLW]HJHVFKREHQ(U|IIQHWHGLH7U .KOH1DFKWOXIWXPILQJXQV $XFKEHLXQVZXUGHJHVSDUW.HLQH/LFKWHUIOXWHUKHOOWHGHQ 3DUNSODW]HVEUDQQWHQQXUZHQLJH/DWHUQHQ'HUJU|WH7HLO GHUDVSKDOWLHUWHQ)OlFKHODJLP'XQNHOQ

8QVHU%HQWOH\SDUNWHZHLWHUUHFKWV,QGHU1lKHVWDQGNHLQH KRKH.XJHOOHXFKWH'HU:DJHQZDUQXUDOV8PUL]XHUNHQ QHQ6XNRJLQJEHUHLWVYRU6LU-DPHVIROJWHLKPDXFKLFK ZROOWHJHKHQGRFK.DUDKLHOWPLFK]XUFN ª:DVLVWORV"©IUDJWHLFK ª'DVULHFKWPLUQDFKHLQHU*HIDKU-RKQ*LEK|OOLVFKDFKW ,FKKDEHHLQVHKUNRPLVFKHV*HIKO© 0\[LQZDUVFKRQYRUJHJDQJHQ(UZDUQWH6XNR 6LU-DPHVKDWWHLKQHEHQIDOOVJHK|UW(UVWDQGEHUHLWVQDKH VHLQHP:DJHQXQGGUHKWHVLFKMHW]WXP ª,VWHWZDV"© ª.DUDZLWWHUW*HIDKU©HUNOlUWHLFK ª:R"© ª,FKZHLHVQRFKQLFKW6LU$EHUVHLHQ6LHDXIGHU+XW© ª6LFKHU©(UEFNWHVLFKXQGVFKORVHLQHQ:DJHQDXI$XFK ZLUVHW]WHQXQVZLHGHULQ%HZHJXQJ.UHX]XQG%XFKKLHOW LFKLQHLQHU+DQGXQG]ZDULQGHUOLQNHQ'HQUHFKWHQ$UP KDWWHLFKDQJHZLQNHOWXPLP1RWIDOOVFKQHOOGLH%HUHWWD ]LHKHQ]XN|QQHQ :DUHVQ|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lWUHD JLHUWH8QGZRPLWKlWWHLFKPLFKDXFKZHKUHQVROOHQ"0LW GHU%HUHWWD":RKONDXPhEHUJHZHLKWH6LOEHUNXJHOQZUGH HLQHVROFKH:DIIHZLHVLHDXIPLFK]XVWLHQXUODFKHQ 8QGGDQQZDUVLHGD (LQKRKOHV3IHLIHQNUHLVFKWHVRJUHOOLQPHLQHQ2KUHQGD LFKJODXEWHPHLQ7URPPHOIHOOZUGHSODW]HQ,FKQDKPGLH DQGHUHQ*HUlXVFKHQLFKWPHKUZDKUVRQGHUQZXUGH JHSDFNWYRP%RGHQKRFKJHVFKOHXGHUWXQGYRQXQVLFKWEDUHQ +lQGHQLQGLHILQVWHUH6SLUDOHKLQHLQJHULVVHQZRLFKZLHHLQH )HGHUYHUVFKZDQGXQGYRQPHLQHQ)UHXQGHQQLFKWPHKU JHVHKHQZXUGH 'LPHQVLRQVUHLVHQP|FKWHLFKQLFKWPHKUEHVFKUHLEHQ =XRIWVFKRQKDEHLFKVLHPLWJHPDFKWDEHUGLHVHKLHUZDU DQGHUV,FKEHIDQGPLFKDXFKQLFKWLQHLQHP=HLWVFKDFKW VRQGHUQLP.|USHUHLQHVJHZDOWLJHQ'lPRQVGHUVLFKGHU 6SXNQDQQWH 'DHVVRZDUEHJULIILFKVHKUVFKQHOOGHQQLFKYHUQDKP

GLH6WLPPHGLHGRQQHUQGZLHHLQ*HZLWWHUDQPHLQH2KUHQ NODQJ ª.RPSOLPHQW-RKQ6LQFODLULFKPXWH]ZHLPDOHLQHQ $QODXIQHKPHQXPGLFK]XSDFNHQ-HW]WDEHUKDEHLFKHV JHVFKDIIW,P/DQGGHU'UDFKHQZLUVWGXGHLQ(QGHILQGHQ 8QGNHLQ.UHX]XQGNHLQ%XFKGHUVLHEHQ6LHJHOZLUGGLU KHOIHQ'LH8UNUlIWHKDEHQJHZRQQHQ:LUODVVHQXQVQXU ELV]XHLQHPJHZLVVHQ*UDGLQV+DQGZHUNSIXVFKHQGDQQ QLFKWPHKU8QGGLHVHQ3XQNWKDVWGXEHUVFKULWWHQ© :LHGHUK|UWHLFKGDVKRKOHXQKHLPOLFKH3IHLIHQGDQQ ZXUGHPHLQ.|USHUDEHUPDOVHUIDWXPGLH/lQJVDFKVH JHZLUEHOWXQGZLHLP.UDPSIKLHOWLFK.UHX]XQG%XFKIHVW ,PQlFKVWHQ$XJHQEOLFNYHUORULFKGDV%HZXWVHLQ'LH DQGHUH6HLWHKDWWHJHZRQQHQ 1DWUOLFKKDWWHQ6LU-DPHV.DUD0\[LQXQG6XNREHPHUNW ZHOFKHLQ9HUKlQJQLVVLFKLKQHQGDQlKHUWH8QGHLQMHGHU YRQLKQHQUHDJLHUWHDXIVHLQH$UWXQG:HLVH :lKUHQG6LU-DPHVLQGHQ:DJHQHLQWDXFKWHXQGGRUW 'HFNXQJVXFKWHNODWVFKWH.DUDV+DQGDXIGHQ6FKZHUWJULII XQGULGLH:DIIHPLWGHUJROGHQHQ.OLQJHDXVGHUDQGHU +IWHDQJHEUDFKWHQ6FKHLGHKHUYRU(VJDEHLQVLUUHQGHV *HUlXVFKGDQQKLHOWVLHGDV6FKZHUWIHVWVWUHFNWHGHQ$UP ZDDJHUHFKWDXVXQGGUHKWHVLFKGHUKHUDQUDVHQGHQ6SLUDOH HQWJHJHQXPVLFKLKUPLWZDKUHU7RGHVYHUDFKWXQJHQW JHJHQ]XZHUIHQ $XFK0\[LQKDQGHOWH'HUNOHLQH0DJLHUVWDQGVWDUUZLH DXV%URQ]HJHJRVVHQQXUXPVHLQH*HVWDOWKHUXPWDQ]WH SO|W]OLFKHLQJUQOLFKHU6FKHLQXQGVHLQHJHVSUHL]WHQ+lQGH OHXFKWHWHQHEHQIDOOVLQGLHVHP)DUEWRQDXI'HUNOHLQH0DJLHU ZDUYRQHLQHU6HNXQGH]XUDQGHUHQ]XPJHEDOOWHQ%QGHODQ 0DJLHJHZRUGHQXQGHUYHUVXFKWHGHQHEHQIDOOVKHUDQ UDVHQGHQVFKZDU]HQ7XQQHO]XVWRSSHQ 6XNRZDUDXFKQLFKWXQWlWLJJHEOLHEHQ'HU,QVSHNWRUKDWWH VLFKPLWHLQHPJHZDOWLJHQ6SUXQJLQ6LFKHUKHLWJHEUDFKWXQG

'HFNXQJKLQWHUHLQHPDEJHVWHOOWHQ:DJHQJHIXQGHQ$XFKHU ZROOWHGLHUDVHQGHU|KUHQDUWLJH:DQGVWRSSHQXQGVHLQH UHFKWH+DQG]XFNWHEHUHLWV]XP6WDEZREHLHUKRIIWHGD VLFKGLHVHUZLHGHUDXIJHODGHQKDWWH $OOHGUHLVRVFKQHOOVLHDXFKZDUHQUHDJLHUWHQWURW]GHP]X ODQJVDP6LHEUDXFKWHQHLQH6FKUHFNVHNXQGHPXWHQVLFK ]XGHPDXIGLHEHUUDVFKHQGH/DJHHLQVWHOOHQXQGEHPHUNWHQ JOHLFK]HLWLJGDGLHILQVWHUH:DQGQLFKWVLHVRQGHUQ-RKQ 6LQFODLUDOV=LHOKDWWH 'HU*HLVWHUMlJHUZXUGHYHUVFKOXFNW 'DVJHVFKDKLP%UXFKWHLOHLQHV$XJHQEOLFNVVRJHVFKZLQG GD:RUWHIHKOHQXPHV]XEHVFKUHLEHQ $XIMHGHQ)DOOYHUVFKZDQG-RKQ6LQFODLULP1XXQGPLW LKPDXFKGLHVFKZDU]H:DQG ª'DVZDUGHU6SXN©KHXOWH0\[LQDXIGHVVHQ0DJLHDOO PlKOLFK]XVDPPHQEUDFKª(UKDWHVJHVFKDIIW© 'DPLWKDWWHGHUNOHLQH0DJLHUJHQDXGDVDXVJHGUFNWZDV DXFKGLHDQGHUHQHPSIDQGHQ 1LFKWVEUDXFKWHKLQ]XJHIJW]XZHUGHQ9RULKUHQ$XJHQ ZDU-RKQ6LQFODLUHQWIKUWZRUGHQXQGVLHKDWWHQQXUGDEHL JHVWDQGHQRKQHHLQJUHLIHQ]XN|QQHQ (VZDUVFKOLPPGHSULPLHUHQGDEHUGLH6FKUHFNHQIDQGHQ QRFKNHLQ(QGH$QGHU=XIDKUWGHV3DUNSODW]HVMDXOWHSO|W] OLFKGHU0RWRUHLQHV:DJHQVDXIGDQQULVVHQ]ZHL 6FKHLQZHUIHUKHOOH7XQQHOLQGLHGLFKWH'XQNHOKHLWXQGLP QlFKVWHQ0RPHQWUDGLHUWHQ5HLIHQEHUGHQ$VSKDOWDOVHLQ :DJHQLQHLQHVFKDUIH.XUYHJH]RJHQZXUGH 'LH/LFKWODQ]HQHUZLVFKWHQ.DUDXQG0\[LQ6LHVSLHJHOWHQ VLFKDXIGHUJROGHQHQ.OLQJHZDUIHQHLQHQEOLW]HQGHQ5HIOH[ EHYRUGLH0DVFKLQHQSLVWROHORVUDWWHUWH (VZDUHLQNXU]HUKDUWHU)HXHUVWRGHUEHUGDV3IODVWHU WDQ]WH'LH.XJHOQGXUFKVFKOXJHQ:DJHQEOHFKHXQGYHUXU VDFKWHQVLQJHQGH*HUlXVFKH 'LHIDKOHQ0QGXQJVOLFKWHUZDQGHUWHQHEHQVRVFKQHOOZLH GHU:DJHQIXKU(UYHUVFKZDQGQDFKGHPHUVHLQHQ.UHLV JHGUHKWKDWWHZLHHLQ6SXNLQGHU1DFKWRKQHGDGHUHQ

,QVDVVHQLKU=LHOHUUHLFKWKlWWHQGHQQ6XNRRGHU6LU-DPHV ZDUHQYRQGHU*DUEHQLFKWHUZLVFKWZRUGHQ *HWURIIHQZRUGHQZDU0\[LQGHQQHUZDUQLFKWVFKQHOO JHQXJLQ'HFNXQJJHKHFKWHW -HW]WODJHUWURW]GHPDP%RGHQ.XJHOO|FKHULP.|USHU 'RFK0\[LQZDUNHLQ0HQVFKHUHUKREVLFKZLHGHUOlFKHOWH NQDSSXQGVWHOOWHODNRQLVFKIHVWª6LHKDEHQGHQ)DOVFKHQ HUZLVFKW© +DUWH6FKULWWHUDQQWHQDXILKQ]X6XNRVWDXQWHDOVHU VHLQHQ&KHIHUNDQQWH(UKDWWH6LU-DPHVQRFKQLHODXIHQ VHKHQHVZDUGDVHUVWH0DO 'DQQEUDQGHWHQ6WLPPHQDXI 'LH6FKVVHZDUHQJHK|UWZRUGHQ$XIGHP+RIZXUGHHV SO|W]OLFKKHOO%HDPWHPLWVFKXEHUHLWHQ:DIIHQYHUOLHHQGDV *HElXGHGRFKVLHNRQQWHQQLFKWVPHKUWXQ 'DVPDFKWHLKQHQDXFK6LU-DPHVNODUGHUGLH0lQQHU ZLHGHUZHJVFKLFNWH =XUFNEOLHEHQGLHYLHUGHQHQGHU$QVFKODJJHJROWHQKDWWH ª:HUZDUGDV"©IUDJWH6LU-DPHV 6XNRNORSIWHVLFKGHQ6WDXEDXVGHU.OHLGXQJ ª:DKUVFKHLQOLFK/DG\;XQG/XSLQD© 'HU&KHIZLGHUVSUDFKQLFKWHUIUDJWHQXUª8QGZDVVROOWH GHU$QVFKODJEH]ZHFNHQ"© 'DNRQQWH6XNRQXUUDWHQª(LQ$EOHQNXQJVPDQ|YHU 9LHOOHLFKWDXFKHLQ%HZHLVGDIUGDZLUPLWLKQHQQRFK]X UHFKQHQKDEHQQHEHQGHP6SXN8QWHU8PVWlQGHQZROOWHQ VLH6LH6LUDXFKHUZLVFKHQRGHUPLFK'DJLEWHVYLHOH 0|JOLFKNHLWHQ© 'HU6XSHULQWHQGHQWQLFNWHXQGKHIWHWHVHLQHQ%OLFNDXIGHQ NOHLQHQ0DJLHUª:DVLVWPLW,KQHQ0\[LQ6LQG6LHYHUOHW]W"© ª1HLQLFKELQNHLQ0HQVFK© (UVSUDFKHLQHJURH:DKUKHLWVRJHODVVHQDXVGD6LU -DPHV3RZHOOHUVWHLQPDOVFKOXFNWH(VZDUDXFKVHOWHQGD HUPLWGHQPDJLVFKHQ'LQJHQGLUHNWNRQIURQWLHUWZXUGHQXQ IDWHHUGLHJHVDPWHQ7DWVDFKHQLQHLQHP6DW]]XVDPPHQ ª(VWXWPLUOHLGDEHUZLUVWHKHQGDZRZLUDP%HJLQQVFKRQ

HLQPDOZDUHQ©$OVGLHDQGHUHQQLFNWHQIJWHHUKLQ]X ª9LHOOHLFKWVLQGZLUVRJDUQRFKVFKOLPPHUGUDQ9RUHLQLJHQ 0LQXWHQQRFKEHVDHQZLUGDV.UHX]XQGGDV%XFK-HW]WLVW EHLGHVYHUVFKZXQGHQ© ª,P/DQGGHU'UDFKHQ©PXUPHOWH.DUD -HGHUKDWWHVLHYHUVWDQGHQXQGHLQMHGHUZXWHZDVGDV]X EHGHXWHQKDWWH-RKQ6LQFODLUZDUFKDQFHQORV 8QGGRFKZROOWHJHUDGH6XNRGHUDOWH.lPSIHUXQG +DXGHJHQHVQLFKWZDKUKDEHQª(VQXW]WQLFKWVGDZLUKLHU KHUXPVWHKHQXQG7UEVDOEODVHQ(ULQQHUWHXFKGDUDQGD -RKQ6LQFODLUEHUHLWVLP=HQWUXPGHV6FKUHFNHQVVDIDVWLQ GHU+|OOHXQGHVKDWDXFKHLQHQ$XVZHJJHJHEHQ© ª'HQ$VPRGLVLKPJH]HLJWKDWDOVHLQHQHLQPDOLJHQ 6RQGHUIDOO©JDE.DUD]XEHGHQNHQª:LUKDEHQLKPGDPDOV NDXPRGHUEHUKDXSWQLFKWKHOIHQN|QQHQGDUDQP|FKWHLFK PDOHULQQHUQ© 6XNRZROOWHHWZDVHUZLGHUQEHUOHJWHHVVLFKMHGRFKXQG KLHOWGHQ0XQG6HNXQGHQODQJVSUDFKQLHPDQGHWZDVELV6LU -DPHVHLQH(QWVFKHLGXQJWUDI ª(VKDWNHLQHQ6LQQKLHUKHUXP]XVWHKHQ©HUNOlUWHHUPLW IHVWHU6WLPPHª:LUPVVHQHWZDVXQWHUQHKPHQ,FKELQ GDIUGDZLUDOOH0|JOLFKNHLWHQGXUFKVSUHFKHQDEHUQLFKW KLHUVRQGHUQLQPHLQHP%URREHQ)ROJHQ6LHPLU© (UVHOEVWPDFKWHGHQ$QIDQJXQGJLQJYRU 'LHGUHLDQGHUHQIROJWHQLKP,KUH*HVLFKWHUZDUHQYHU VFKORVVHQGLH=JHYHUELWWHUW (VVDKVFKOHFKWDXVIU-RKQ6LQFODLU 'DV/DQGGDVQLFKWVHLQGDUIGDV/DQGGHU'UDFKHQ (LQ*HELHWLP1LUJHQGZRLUJHQGZDQQLQJUDXHU9RU]HLW DEJHVSOLWWHUWGXUFKGLH'LPHQVLRQJHUHLVWXQGVFKOLHOLFK ]XU5XKHJHNRPPHQ(LQ/DQGRKQH2UGQXQJRKQH 'LV]LSOLQRKQH0HQVFKHQGDVUHLQH&KDRV(LQ/DQGLQ GHPQXUGHU6WlUNHUHEHUOHEWHZR8QJHKHXHUGLH%HZRKQHU VLQGXQGZRGDV5HFKWGHV0lFKWLJHQUHJLHUW

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lWWHPDQPLFKMDQLFKW]XIHVVHOQEUDXFKHQ 1DFKGHU'XQNHOKHLWHUVFKLHQPLUGDVWUEH+|KOHQOLFKW ZLHGLH$XVVWUDKOXQJHLQHV6WHUQV,QGHU7DWPXWHQVLFK PHLQH$XJHQHUVWGDUDQJHZ|KQHQXQGLFKVDK]XGDLFK PLFKLQGLH+|KHKLHYHQNRQQWH 'DVNODSSWHEHVVHUDOVLFKJHGDFKWKDWWH=XGHPZDUPLU QLFKWVFKOHFKWNHLQ6FKZLQGHOEHUILHOPLFKGHU.RSI VFKPHU]WHQLFKWLFKIKOWHPLFKLP3ULQ]LSJXW %LVHEHQDXIGLH)HVVHOQ :HUPLUGLH6WULFNHDQGHQ+DQGJHOHQNHQDQJHOHJWKDWWH ZXWHLFKQLFKW0HLQH)HKDWWHPDQIUHLJHODVVHQVLH ZDUHQQLFKWHLQJHVFKQUWDEHUHVQW]WHPLUQLFKWYLHO:R VROOWHLFKPLWJHIHVVHOWHQ+lQGHQKLQ" 0LWWOHUZHLOHKDWWHQVLFKPHLQH$XJHQDQGDVJUQH /HXFKWHQJHZ|KQW(VKDWWHNHLQHQGLUHNWHQ8UVSUXQJLQGHU +|KOHVRQGHUQGUDQJDXVGHP*HVWHLQXQGHUIOOWHGHQ JHZDOWLJHQ)HOVHQGRPWLHILP%HUJLQQHUQPLWVHLQHPVHOW VDPHQ/LFKW 'DVKDWWHLFKELVKHUIHVWVWHOOHQN|QQHQXQGDXFKGDGLH $WHPOXIW]ZDUQLFKWUHLQHU6DXHUVWRIIZDUDEHULFKNRQQWH /XIWKROHQXQGEUDXFKWHQLFKW]XHUVWLFNHQ 'DV(UZDFKHQZDUVHKUSO|W]OLFKHUIROJWIDVWVRVFKQHOOZLH GLHVHV+LQHLQ]HUUHQLQHLQHDQGHUH'LPHQVLRQXQGLFKZDU ELVKHUQXULQGHU/DJHJHZHVHQGLHDOOJHPHLQHQ(LQGUFNH

ZDKU]XQHKPHQHEHQGDLFKLQHLQHU+|KOHODJ$EHUZDV VLFKGDJHJHQPHLQHQ5FNHQSUHWHKDWWHLFKQRFKQLFKW KHUDXVILQGHQN|QQHQ ,QHLQHUVFKUlJHQ3RVLWLRQODJLFKDXIHLQHU$UWVFKLHIHU (EHQHXQGLFKVFKREPLFKHUVWHLQPDOHLQNOHLQHV6WFN K|KHUZREHLVLFKGHU'UXFNYHUlQGHUWHXQGLFKLKQZHLWHU REHQDQGHQ6FKXOWHUEOlWWHUQVSUWH -HW]WZROOWHLFKHQGOLFKZLVVHQZDVGDVJHQDXZDUXQG GUHKWHPLFKDXIGLH6HLWH (LQHHLQIDFKH/|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|KOHQEHOHXFKWXQJ 'DV%XFKVWDQGQLFKWDOOHLQGRUW,FKJODXEWHHWZDV 6LOEHUQHVEOLQNHQ]XVHKHQXQGGDVNRQQWHHLJHQWOLFKQXU PHLQ.UHX]VHLQGDLFKHVVHOEVWQLFKWPHKUEHLPLUWUXJ :HOFKH:DIIHQKDWWHLFKEHUKDXSWQRFK" 'LH%HUHWWDZDUYHUVFKZXQGHQ,FKPXWHVLHLUJHQGZR YHUORUHQKDEHQDEHUGHU'ROFKVWHFNWHQRFKLQVHLQHUDP *UWHOEHILQGOLFKHQ/HGHUVFKHLGH0DJLVFKH.UHLGHEHVDLFK HEHQIDOOVGLH*HPPHDXFKQRFK 'DPLWKDWWHHVVLFKVFKRQ 'DVJU|WHbUJHUQLVZDUGLH)HVVHOXQJ0DQKDWWHPLUQlP OLFKGLH$UPHDXIGHP5FNHQ]XVDPPHQJHEXQGHQ6LHQDFK

YRUQ]XEHNRPPHQXPVREHZHJXQJVIlKLJHU]XVHLQEHGHX WHWHHLQHXQJHKHXUH6FKZLHULJNHLW (VJDENHLQHQ=ZHLIHOGDLFKGLH]ZHLWH5XQGHYHUORUHQ KDWWH8QGGLHVPLWDOOHQ.RQVHTXHQ]HQ$OOHUGLQJVZXQGHU WHLFKPLFKGDPDQPLFKDP/HEHQJHODVVHQKDWWH'HU6SXN KlWWHMHW]WGLH&KDQFHJHKDEWPLFKDXV]XO|VFKHQGRFKHU VFKLHQZLHDOOH'lPRQHQ]XUHDJLHUHQ(UVWHLQPDOGHQ 7ULXPSKDXVNRVWHQ8QGGDVNRQQWHHU 'DHUEHUHLWVLQGHU+|KOHODXHUWHKDWWHLFKQLFKWJHVHKHQ ,FKEHPHUNWHLKQMHGRFKDOVHLQJHZDOWLJHU6FKDWWHQ]XHUVW EHUGHQ%RGHQZDQGHUWHVLFKGDQQLQGLH+|KHVFKREXQG VFKOLHOLFKGLH)RUPHLQQDKPGLHLFKYRP6SXNNDQQWH 6R]HLJWHHUVLFKDXFKLQVHLQHP5HLFK6RKRFNWHHUDXIGHP DXV0HQVFKHQNQRFKHQJHIHUWLJWHQ7KURQXQGKHUUVFKWHEHU HLQH5LHVHQDUPHHYRQ'lPRQHQVHHOHQXQG6FKDWWHQ 'DYRQVDKLFKKLHUQLFKWV'HVKDOEQDKPLFKDQGDGLHVHV /DQGPLWGHPHLJHQWOLFKHQ5HLFKGHV6SXNVQLFKWV]XWXQ KDWWH'LHVHPHLQH$QQDKPHVROOWHVLFKVSlWHUEHVWlWLJHQ ª6ROOLFKGLFKIUDJHQZLHGXGLFKIKOVW-RKQ6LQFODLU"© K|KQWHGHU'lPRQYRUPLU ª1HLQQLFKWQ|WLJ© ª(VLVWGLUVFKRQEHVVHUJHJDQJHQ© ª,FKNDQQHVQLFKWOHXJQHQ© :HQQHLQ'lPRQYRQ%HZXQGHUXQJRGHU6\PSDWKLH VSULFKWNDQQPDQGDUEHUHLJHQWOLFKQXUODFKHQRGHUHVNXU ]HUKDQGDOVHLQH/JHDEVWUHLWHQDEHUGHU6SXNUHGHWHPLFK VRDQGDLFKGDEHLGDV*HIKOKDEHQNRQQWH(UVDJWHQlP OLFKª(VLVWVFKDGHGDGX-RKQ6LQFODLUDXIGHUIDOVFKHQ 6HLWHVWHKVW$OV'lPRQHQZUGHQZLUJXW]XHLQDQGHU SDVVHQGDVNDQQLFKGLUYHUUDWHQ© ª'DQNHLFKYHU]LFKWH© ª+DEHLFKPLUJHGDFKW©JUROOWHHVPLUDXVGHPNRQWXUHQ ORVHQ6FKDWWHQHQWJHJHQª8QGGHVKDOEZLUVWGXDXFKLQGHP /DQGGDVQLFKWVHLQGDUIVWHUEHQ'XZLUVWHLQHQEHVRQGHUHQ 7RGHUOHLGHQGHQQHUWULIIWGLFKLP6FKDWWHQGHLQHV.UHX]HV XQGDXFKLP6FKDWWHQGHV%XFKHVGDVGDV*HKHLPQLVGHV

.UHX]HVOIWHQNDQQ'DV%XFKEHILQGHWVLFKLQPHLQHU *HZDOW,FKZHUGHPLFKKWHQDXFKQXUHLQ:RUWGHV .DSLWHOV]XOHVHQ,FKZHLQXUGDGLHVHV%XFKLUJHQGZDQQ HLQPDO]HUVW|UWZLUG© ª:DUXPW|WHVWGXPLFKQLFKWVHOEVW"©IUDJWHLFKGHQ6SXN ª(VPWHGLUGRFK9HUJQJHQEHUHLWHQ© ª'DVVWLPPWGRFKLFKKDEHPLFKIUHLQHDQGHUH 0|JOLFKNHLWHQWVFKLHGHQ,FKELQHLQ0DFKWIDNWRULP5HLFK GHU6FKZDU]HQ0DJLHXQGHVJLEW'LQJHDXIGLHLFK 5FNVLFKWQHKPHQPX(LQHVGDYRQP|FKWHLFKEHLP 1DPHQQHQQHQ1HSUHQR© ª'HU'UDFKH© ª-D-RKQ6LQFODLU'XOLHJVWLQGHU+|KOHGHV1HSUHQR 'LHVHU'UDFKHZDUVFKRQLQ$WODQWLVGDV5HLWWLHUGHV 6FKZDU]HQ7RGV1XQH[LVWLHUWGHU'lPRQQLFKWPHKUGHU 'UDFKHKDWEHUOHEW8QGHUKDWYRQPLUHUIDKUHQZHUIUGLH 9HUQLFKWXQJVHLQHV+HUUQYHUDQWZRUWOLFKZDU:DVPHLQVW GX6LQFODLUZDVJHVFKLHKWZHQQ1HSUHQR]XUFNNRPPW XQGGLFKKLHUVLHKW"© (LQHZDKUKDIWWHXIOLVFKH/|VXQJKDWWHVLFKGHU6SXNHLQ IDOOHQODVVHQ'DZDUHLQVFKQHOOHU7RGHLQHVDXEHUH.XJHO ZLHPDQLQ*DQJVWHUNUHLVHQVDJWHEHVVHU:HQQ1HSUHQR PLFKIDQGZUGHHUPLFKJQDGHQORV]HUUHLHQ ª:LHJHIlOOWGLUGDV6LQFODLU"©'HU6SXNYHUK|KQWHPLFK QRFKLFKDEHUJLQJQLFKWGDUDXIHLQ ª9HUVFKZLQGH©]LVFKWHLFKª9HUGDPPWLFKZLOOGLFKKLHU QLFKWPHKUVHKHQ© ª'DVKDWWHLFKYRUREZRKOLFKPLULQPHLQHP5HLFKQLFKWV EHIHKOHQODVVH,FKKDOWHHVGLUGHLQHU$QJVW]XJXWH8QGYLHO 6SDPLW1HSUHQR:HQQZLUXQVEHLPQlFKVWHQPDOVHKHQ ZHUGHLFKDXIGHLQH5HVWHVFKDXHQ-RKQ6LQFODLU© (VZDUHQVHLQHOHW]WHQ:RUWH(UGUHKWHVLFKXPHLQ 6FKDWWHQZHVHQKXVFKWH]XP$XVJDQJGDQQZDUHUYHU VFKZXQGHQ =XUFNEOLHELFKLQDOOPHLQHU+RIIQXQJVORVLJNHLWXQGZDU WHWHDXI1HSUHQRGHQ0RQVWHUGUDFKHQ

*DEHVHLQHSHUVRQLIL]LHUWH%HVFKUHLEXQJIUGLH 9HU]ZHLIOXQJVRKlWWHPDQVLHDXIGLHYLHU3HUVRQHQDQZHQ GHQN|QQHQGLHVLFKLQ6LU-DPHV3RZHOOV%URDXIKLHOWHQ 0DQZDUUDWORV9LHOOHLFKWDXFKGHVKDOEZHLOHLQMHGHUQRFK XQWHUGHP6FKRFNGHU]XUFNOLHJHQGHQ(UHLJQLVVHOLWW:DV DXIGHP+RIGHV
ª8QG6LHVROOWHQ,KU/LFKWQLFKWXQWHUGHQ6FKHIIHOVWHOOHQ© NRQWHUWHGHU6XSHULQWHQGHQWª'DVP|FKWHLFK,KQHQPDO VDJHQ6LHEHVLW]HQGRFKGLH*DEH,KUHQ*HLVWRGHU,KUH6HHOH DXI:DQGHUVFKDIW]XVFKLFNHQ6LHN|QQHQLQDQGHUH 'LPHQVLRQHQHLQGULQJHQXQGVLH© ª(QWVFKXOGLJHQ6LH6LU-DPHVDEHUVROHLFKWLVWHVQLFKW8P -RKQ6LQFODLUHIIHNWLY]XKHOIHQPWHLFKGHQ7UDQNGHV 9HUJHVVHQVKDEHQ:HQQLFKLKQEHVLW]HNDQQLFKGLH 'lPRQHQUHLFKHGXUFKVWUHLIHQGDQQHUVWNDQQVLFKPHLQ .|USHUYHUZDQGHOQGDQQJLEWHVNHLQH*UHQ]HQIUPLFK DEHUHVZLUGPLUQLFKWJHOLQJHQPLFKLQVlPWOLFKH 'LPHQVLRQHQ]XNDWDSXOWLHUHQ7XWPLUOHLG© ª8QG,KUH5HLVHQ"©6LU-DPHVJDEQLFKWDXIª,FKPHLQH6LH VLQGDXFKJHNRPPHQDOVZLU6LHULHIHQ© ª'DVZDUHLQ=HLWVSUXQJDXIGHU(UGH'DVHLQHKDWPLWGHP DQGHUHQQLFKWV]XWXQ(VJLEW6SHUUHQLQGHQDQGHUHQ 5HLFKHQGLHLFKQLFKWGXUFKEUHFKHQNDQQZHQQLFKQLFKWGHQ 7UDQNGHV9HUJHVVHQVQHKPH'DVLVWGDV3UREOHP© ª0LWDQGHUHQ:RUWHQ6LHZUGHQHVQLFKWVFKDIIHQVLFKLQ GDV/DQGGHU'UDFKHQ]XEHJHEHQ© ª6RXQJHIlKU© 'LH$XJHQKLQWHUGHQ%ULOOHQJOlVHUQGHV6XSHULQWHQGHQWHQ ZXUGHQVFKPDO(UlUJHUWHVLFKGHQQELVKHUKDWWHHULPPHU HLQHQ$XVZHJDXVGHQVFKZLHULJVWHQ6LWXDWLRQHQJHIXQGHQ 1XQVDKHVZLUNOLFKVRDXVDOVVlHQVLHLQGHU.OHPPH ª*LEWHVGHQQNHLQH&KDQFH"©IUDJWHHUPLWUDXKHU6WLPPH ª:LUN|QQHQHLQHQ9HUVXFKZDJHQ©PHLQWH0\[LQQDFK HLQHU:HLOH 6RIRUWKRUFKWHQGLHDQGHUHQDXI6LHVFKDXWHQLKQDQZLH GHQOHW]WHQ5HWWXQJVDQNHU ª:HOFKHQ"©IOVWHUWH6XNR ª-RKQVLW]WVRYLHOZLUDOOHZLVVHQLP/DQGGHU'UDFKHQ 'LHVH'UDFKHQVLQGGlPRQLVFKH*HVFK|SIH(VPWHXQV DOVRJHOLQJHQVLH]XEHVFKZ|UHQ© 6LU-DPHVXQG6XNRZDUIHQVLFKHLQHQYLHOVDJHQGHQ%OLFN ]X-HGHUZDUYRQGLHVHU$QWZRUWDQJHWDQ

ª-DHVJLEWHLQH'UDFKHQEHVFKZ|UXQJ©VFKOXJDXFK.DUD LQGLHJOHLFKH.HUEH ª.|QQHQZLUVRIRUWGDPLWDQIDQJHQ"©ZROOWH6LU-DPHV ZLVVHQ ª1HLQQLFKWKLHU:LUEUDXFKHQ=HLWPVVHQHLQLJH 9RUEHUHLWXQJHQWUHIIHQ© ª:HOFKHU$UW"© 0\[LQVFKDXWH6LU-DPHVDQXQGVFKWWHOWHGHQ.RSIª6LH VLQGVHKUXQJHGXOGLJXQGGDVGUIHQZLUDXINHLQHQ)DOO VHLQ:LUPVVHQ6FKULWWIU6FKULWWYRUJHKHQXQGREGLH %HVFKZ|UXQJJHOLQJWLVWDXFKQRFKIUDJOLFK© ª:DVEUDXFKHQ6LH"©6LU-DPHVVFKOXJPLWGHU+DQGDXIGHQ 6FKUHLEWLVFK(LQEHNDQQWHV=HLFKHQEHLLKP ª:LUEUDXFKHQGDV%XFKGHU*HUHFKWLJNHLW©HUZLGHUWH .DUD ª:LHVR"© ª9LHOOHLFKWGLH%LEHO"©PHLQWH6XNR ª*HQDX© 6LU-DPHVNQHWHWHVHLQ.LQQª'LHLVWHLQIDFKDXI]XWUHLEHQ ,FKZHUGHVLHVRIRUWKROHQODVVHQ© ª0RPHQWQLFKWVRHLOLJ©KLHOW0\[LQ6LU-DPHV]XUFN ª1LFKWQXUGLH%LEHOEUDXFKHQZLUVRQGHUQDXFKGDV%OXW HLQHV*HUHFKWHQ:HUVWHOOWVLFKGD]XU9HUIJXQJ"© ª,FK©6XNRDQWZRUWHWHVSRQWDQ 6LU-DPHVQLFNWHGHP&KLQHVHQGDQNEDU]X'DQQIUDJWHHU ª0XHVHLQHEHVWLPPWH%LEHOVHLQ"© ª9LHOOHLFKWEUDXFKHQZLUVLHQLFKWHLQPDO©VLQQLHUWH.DUD ª:LUP|FKWHQQXUGDV%LOGKDEHQZRGHU(U]HQJHO0LFKDHO GHQ7HXIHOLQGLH+|OOHVWU]W© 6LU-DPHVYHUVWDQGJDUQLFKWVPHKUª:LHVRGDV"© ª*DQ]HLQIDFK©JDEGLH6FK|QHDXVGHP7RWHQUHLFK OlFKHOQG]XUFNª:HLODXIGLHVHP%LOGGHU6DWDQDOV'UDFKH GDUJHVWHOOWLVWXQGGHU(U]HQJHO0LFKDHOGHQ7ULXPSKEHU GDV%|VHV\PEROLVLHUW© $OV6LU-DPHVGDVK|UWHUDQQLKPHLQ6FKDXHUEHUGHQ .|USHU

'HU6SXNKDWWHPLFKDOOHLQJHODVVHQ$OOHLQPLWPHLQHU +RIIQXQJVORVLJNHLW1DFKZLHYRUODJLFKDXIGHP%RGHQ XQGPHLQHJHIHVVHOWHQ+lQGHEHIDQGHQVLFKDXIGHP5FNHQ ,FKPXWHGDV*HVSUlFKPLWGHP'lPRQHUVWHLQPDOVHH OLVFKYHUNUDIWHQZDVQLFKWVRHLQIDFKZDUKLQ]XNDPQRFK GLHZDKUOLFKGHSULPLHUHQGH6LWXDWLRQ,FKVDKHLQIDFKNHLQHQ $XVZHJDXVGHU0LVHUHPHKU$OV*HIDQJHQHULQHLQHP/DQG GDVHVDQVLFKJDUQLFKWPHKUJHEHQGXUIWHZDUHVIUPLFK XQP|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lKUOLFKHQ6LWXDWLRQHQLQGHQHQLFKVFKRQJHVWHFNW KDWWH 1LFKW]XOHW]WDQGDV=HQWUXPGHV6FKUHFNHQVZRLFK $VPRGLVSHUV|QOLFKJHJHQEHUJHVWDQGHQXQGHUPLUVRJDU JHKROIHQKDWWH 1XUQLFKWDXIJHEHQ 'LH+lQGHZDUHQVRUDIILQLHUWDXIPHLQHP5FNHQJHIHVVHOW ZRUGHQGDLFKVLHNDXPEHZHJHQNRQQWH'DV%OXWVWDXWH VLFKEHUHLWVLFKVSUWHPHLQH*HOHQNHNDXPPHLQH.HKOH ZDUDXVJHG|UUWGHU'XUVWSHLQLJWHPLFKGRFKGLHVHbXHU OLFKNHLWHQPXWHLFKHLQIDFKDEVFKWWHOQ+LHUJLQJHVXP PHKUXPGDV/HEHQGHQ)RUWEHVWDQGGHVKDOEZROOWHLFKYHU VXFKHQGDV%HVWHDXVPHLQHU/DJH]XPDFKHQ

+LQWHUPLUEHIDQGHQVLFK]ZHL'LQJHGLHXQWHU8PVWlQGHQ PHLQH/HEHQVUHWWHUVHLQNRQQWHQ 'DV.UHX]XQGGDV%XFK :HQQHVPLUJHODQJDQGDV.UHX]]XJHODQJHQZDUVFKRQ YLHOHVJHZRQQHQ(VZUGHQXUVHKUVHKUVFKZHUVHLQGHQQ GHU$OWDUZDUKRFK]XKRFK 8QGGDQQODJHQGLH+lQGHDXIPHLQHP5FNHQ:HQQLFK VLHQDFKYRUQEHNDPVDKDOOHVVFKRQJDQ]DQGHUVDXV $OVRVWDUWHWHLFKGHQ9HUVXFK ,FKNHQQH/HXWHKDEHVLHVHOEVWLP=LUNXVHUOHEWGLHVLQG (QWIHVVHOXQJVNQVWOHU'LHKDEHQHLQHQ.|USHUZLHHLQH 6FKODQJHVRJHVFKPHLGLJ ,FKZUGHHVQXUPLWJURHQ$QVWUHQJXQJHQVFKDIIHQ PHLQH$UPHQDFKYRUQ]XEULQJHQGHQQLFKPXWHPLFK GXUFKGLH/FNH]ZLVFKHQLKQHQTXlOHQZDVXQJHKHXHU VFKZHUZDU 8PHVPLUHLQZHQLJOHLFKWHU]XPDFKHQUXWVFKWHLFKYRU XQGVHW]WHPLFKDXIHLQH7UHSSHQVWXIH0HLQHDXIGHQ5FNHQ JHIHVVHOWHQ+lQGHEHUKUWHQGLHKLQWHUPLUOLHJHQGH6WXIH XQGLFKPHUNWHGDGDV*HVWHLQOHLFKWDQJHZlUPWZDU 9LHOOHLFKWNDPHVGXUFKGDVJUQH/LFKWGDVEHUDOOOHXFKWH WHXQGDXFK:lUPHDEJDE'DQQKRELFKPHLQH$UPHHWZDV DQXQGVWW]WHGLH%DOOHQGHUJHIHVVHOWHQ+lQGHDXIGLH QlFKVWH6WXIH 6FKRQLQGLHVHU+DOWXQJPHUNWHLFKGDPHLQH0XVNHOQ VFKPHU]WHQ ,FKZDUVRHWZDVQLFKWJHZRKQWELGLH=lKQH]XVDPPHQ XQGPDFKWHZHLWHU(VILHOPLUQLFKWHLQPDOVFKZHUGHQQLFK EUDXFKWHQXUDQGHQXQKHLPOLFKHQ'UDFKHQ]XGHQNHQGHU LUJHQGZRXQWHUZHJVZDUXQGVLFKHUEDOG]XUFNNHKUHQ ZUGH (VZDUHLQHVFKZHLWUHLEHQGH$UEHLW=ZLVFKHQGXUFK PXWHLFKLQHLQHUYHUUHQNWHQ+DOWXQJVLW]HQG3DXVHQHLQ OHJHQ0HLQ$WHPSXVWHWHEHUODXWGXUFKGLH+|KOHLFK KROWHLPPHUZLHGHUWLHI/XIWXQGVWHOOWHIHVWGDPHLQH /XQJHQVFKPHU]WHQ

(VZDUHLQ.DPSIGHQLFKPLWHLQHUXQZDKUVFKHLQOLFKHQ 9HUELVVHQKHLWIKUWHXP]XP=LHO]XJHODQJHQ,FKZROOWH QLFKWDXIJHEHQGDFKWHDQGLH*HIDKUXQGLFKVFKDIIWHHV :LHYLHO=HLWGDEHLYHUJDQJHQZDULQWHUHVVLHUWHPLFKQLFKW )UPLFKZDUDOOHLQZLFKWLJGDLFKGLH$UPHQDFKYRUQ EHNDP $OVHVVRZHLWZDUNLSSWHLFKYRU(UVFK|SIXQJXP,FKILHO QDFKYRUQGLH6WXIHQKLQXQWHUXQGEUDFKWHPLWHLQHU 5HIOH[EHZHJXQJGLHJHIHVVHOWHQ+lQGHQRFKVRZHLWYRUGD LFKPLFKDEVWW]HQNRQQWHXQGLFKQLFKWPLWGHP*HVLFKW ]XHUVWDXIGHQUDXKHQ%RGHQVFKOXJ 6REOLHELFKOLHJHQ (VZDUGLH/DJHGLHLFK]XU(UKROXQJEUDXFKWH0DQKDWWH PLFKIHUWLJJHPDFKWLFKVHOEVWKDWWHELV]XU(UVFK|SIXQJ JHNlPSIWXQGHVZDUPLUJHOXQJHQHLQHQ7HLOPHLQHV3ODQV LQGLH7DWXP]XVHW]HQ $OOPlKOLFKEHUXKLJWHLFKPLFKZLHGHU'HU$WHPQRUPDOL VLHUWHVLFKGHU+HU]VFKODJQDKPZLHGHUVHLQHQHLJHQWOLFKHQ 5K\WKPXVDQDXFKGHU6FKZHLWURFNQHWH$OVLFKQDFKYRUQ VFKDXWHGDVWHOOWHLFKIHVWGDPHLQH+lQGHPLWHLQHP JUQHQ%DQGJHIHVVHOWZDUHQ'DV=HXJHULQQHUWHPLFK LUJHQGZLHDQ+DQIXQGHVVFKQLWWWLHILQPHLQH+DXWHLQ 0LWHLQHP5XFNOHJWHLFKPLFKDXIGLH6HLWHJDEPHLQHP .|USHU6FKZXQJXQGJHODQJWHLQHLQHVLW]HQGH6WHOOXQJ 6HNXQGHQODQJEOLHELFKVRKRFNHQEHYRULFKPHLQH$UPH DQKREXQGGLH)HVVHOQLQGLH1lKHPHLQHV0XQGHVEUDFKWH 9LHOOHLFKWNRQQWHLFKPLWGHQ=lKQHQGLH6WULFNHGXUFK EHLHQ 'LHVH+RIIQXQJ]HUSODW]WHEHUHLWVLP$QIDQJ'DV0DWHULDO ZDUVRIHVWGDLFKELVLQDOOH(ZLJNHLWHQNDXHQXQGUHLHQ NRQQWHRKQHHWZDV]XHUUHLFKHQ 9LHOOHLFKWNRQQWHPLUGHU'ROFKKHOIHQ,FKVFKDXWHPLFK XPXQGVXFKWHQDFKHLQHU6SDOWHLQGLHLFKGLH:DIIHVWHFNHQ PXWHXPGDQDFKGLH)HVVHOQDQGHU6FKQHLGH]XUHLEHQ 'HU%RGHQZDU]ZDUQLFKWJODWWDEHUHLQH6SDOWHZLHLFKVLH EHQ|WLJWHHQWGHFNWHLFKWURW]GHPQLFKW$XIHLQHDQGHUH$UW

XQG:HLVHZXUGHLFKPHLQH)HVVHOQQLFKWORVGDLFKPHLQHQ 6LOEHUGROFKQLFKWKDOWHQNRQQWHZHLOGLH)LQJHU]XVWHLI JHZRUGHQZDUHQ ,FKOLHGHQ'ROFKHUVWHLQPDOVWHFNHQXQGJLQJDXIGHQ (LQJDQJ]X*HKHQZDUHLQZHQLJEHUWULHEHQLFKVFKDX NHOWHPHKUGDKLQZLHHLQ%HWUXQNHQHUGHQQPHLQ.UHLVODXI KDWWHVLFKQRFKQLFKWVWDELOLVLHUW 'LHHUVWHQ6FKULWWHZDUHQVFKOLPP+LQWHUKHUNODSSWHHV EHVVHULFKVWROSHUWHQLFKWPHKUVRRIWXQGGHU(LQJDQJ ZXUGHLPPHUJU|HUhEHUZlOWLJWEOLHELFKVWHKHQ :HQQGHU'UDFKHXQJHIlKUGLH*U|HGHV(LQJDQJVORFKV KDWWHGDQQNRQQWHLFKPLFKDXIHWZDVJHIDWPDFKHQ 0HLQ+DOVZXUGHQRFKWURFNHQHU'LHQlFKVWHQ
)DGHQDE(VEOLHEPLUQLFKWVDQGHUHVEULJDOVZLHGHUGRUW KLQ]XJHKHQZRLFKVFKRQHLQPDOJHOHJHQKDWWH (LQHQOHW]WHQ%OLFNZDUILFKQRFKEHUGDVYRUXQGXQWHU PLUOLHJHQGH/DQG (VZDUHLQVFKZDU]PDJLVFKHV$UHDOGDVNRQQWHLFKJHQDX VSUHQ,QMHGHUIUHPGHQ'lPRQHQZHOWJLEWHVJHZLVVH 6WU|PXQJHQGLHPDQDOVVHQVLEOHU0HQVFKRUWHQNDQQ 6LHVLQGVFKOHFKW]XEHVFKUHLEHQDEHUVLHVLQGYRUKDQGHQ 'DV*UDXHQKDWVHLQHQ(LQ]XJJHKDOWHQGHU6FKUHFNHQJUHLIW PLWJHZDOWLJHQXQVLFKWEDUHQ+lQGHQXPVLFK:HUKLHU EHUOHEHQZROOWHPXWHQRFKKlUWHUXQGEUXWDOHUVHLQ 1HSUHQRZDUHVDQVFKHLQHQG 'DGLH/XIWQLFKWVRNODUZDUZXUGHPHLQ%OLFNDXFKHLQ JHVFKUlQNW6HKUZHLWNRQQWHLFKQLFKWVHKHQQDKPGLH%HUJH QXUDOV6FKDWWHQZDKUXQGDXFKGLHEHUPDQFKHQ*LSIHOQ OLHJHQGHQ5DXFKZRONHQ,FKZROOWHVFKRQNHKUWPDFKHQDOV PLUHWZDVDXIILHO 'DEHIDQGHQVLFK3XQNWHLQGHU/XIW'XQNOH.UHLVHGLHDXV GHQ.UDWHUQ]XVWHLJHQVFKLHQHQXQGMHW]WKRFKEHULKQHQ VFKZHEWHQ,FKYHUVXFKWH]X]lKOHQXQGNDPDXIGLH=DKO ]HKQ =HKQ9|JHO" ,FKGDFKWHQDFK$Q9|JHOZROOWHLFKQLFKWJODXEHQVLH KlWWHLFKDXIVROFKHLQH(QWIHUQXQJEHUKDXSWQLFKWJHVHKHQ DOVRPXWHQHVJU|HUH*HVFK|SIHVHLQ 'UDFKHQ]XP%HLVSLHO %HLGHP*HGDQNHQGDUDQZXUGHPLUNHLQHVZHJVZRKOHU ,FKHPSIDQGHLQHOHLFKWH)XUFKWGLHVLFKQRFKYHUVWlUNWHMH ZHLWHUGLH'UDFKHQYRUIORJHQXQGLKUH.RQWXUHQDOOPlKOLFK GHXWOLFKHUZXUGHQ 0LWPHLQHU9HUPXWXQJKDWWHLFKKDDUJHQDXLQV6FKZDU]H JHWURIIHQ(VZDUHQLQGHU7DWGLHJHIlKUOLFKHQ'UDFKHQGLH VLFKGDLQGHU/XIWEHZHJWHQ 6HOWVDPJUDXJUQVFKLPPHUWHQVLHGDVNRQQWHLFKHUNHQ QHQZHLOVLHLQ]ZLVFKHQVFKRQVRQDKHZDUHQ,FKKDWWHPLFK ELVDQGHQ+|KOHQHLQJDQJ]XUFNJH]RJHQXQGVDKMHW]WHLQHQ

.|USHUGHUPLUYRUKLQVFKRQDXIJHIDOOHQZDUZHLOHUVLFKLQ VHLQHU*U|HYRQGHQDQGHUHQ7LHUHQXQWHUVFKLHG 'DVPXWH1HSUHQRGHU+HUUGHU'UDFKHQVHLQ,FKKLHOW GHQ$WHPDQ 1HSUHQRKDWWHVLFKQLFKWQXUDXVGHPIOLHJHQGHQ3XON JHO|VWVRQGHUQDXFKGLH5LFKWXQJJHZHFKVHOW(UVFKOXJHLQH QHXHHLQXQGGLH]LHOWHDXIPLFK 0HLQ+HU]VFKOXJVFKQHOOHU 1HSUHQRJHK|UWHGLH+|KOH+LHUUXKWHHUVLFKDXVZHQQHU YRQVHLQHQ%HXWH]JHQXQG)OJHQ]XUFNNHKUWH8QGKLHU IDQGHUDXFKVHLQH2SIHU%HVWLPPWKDWWHLKPGHU6SXN %HVFKHLGJHJHEHQGDVLFKLQQHUKDOEGHU+|KOHHLQEHVRQGH UHU/HFNHUELVVHQDXIKLHOWHLQ0HQVFKGHUVLFKNDXPZHKUHQ NRQQWH 0HLQH.QLH]LWWHUWHQ,FKEHZHJWHGLH+lQGHVFKORVLH]X )lXVWHQXQG|IIQHWHVLHZLHGHU(LQJURHV=HLFKHQPHLQHU 1HUYRVLWlWGLHLFKQLFKWXQWHUGUFNHQNRQQWH ,FKNRQQWH]ZLVFKHQ]ZHL0|JOLFKNHLWHQZlKOHQ:HQQLFK EHUGHQ5DQGVSUDQJEUDFKWHPLUGLHHUVWH0|JOLFKNHLW HLQHQVHKUVFKQHOOHQ7RG.XU]XQGVFKPHU]ORV=RJLFKPLFK LQGLH+|KOH]XUFNKDWWHLFKQXUQRFKHLQH*DOJHQIULVW$EHU YHUGDPPWQRFKPDOLFKEUDFKWHHVHLQIDFKQLFKWIHUWLJPLFK LQGLH7LHIH]XVWU]HQ 'DIUKLQJLFKYLHO]XVHKUDQPHLQHP/HEHQXQGLFKZROO WHVRSDWKHWLVFKVLFKGLHVDXFKDQK|UWELV]XPOHW]WHQ $WHP]XJNlPSIHQXQGPLFKZHKUHQ'HVKDOE]RJLFKPLFK LQGLH+|KOH]XUFNXPGRUWGLHZHLWHUHQ(UHLJQLVVHDE]X ZDUWHQ $EHUPDOVXPILQJPLFKGDVJUQH/HXFKWHQXQGLFKVDK HWZDVQDKHEHLP+|KOHQHLQJDQJDXIEOLW]HQ,FKJLQJKLQEHU 'LHhEHUUDVFKXQJZDUJURDOVLFKPHLQH%HUHWWDDXIGHP %RGHQOLHJHQVDK,FKEFNWHPLFKKREVLHDXIXQGVWHFNWHVLH YRUQLQPHLQHQ*UWHO'DQQOLHILFKDXIGHQ$OWDU]XZR QLFKWQXUDXIJHVFKODJHQGDV%XFKVWDQGVRQGHUQDXFKGDV .UHX]ODJ 0LUZDUHLQH,GHHJHNRPPHQDQGLHLFK]XYRUJDUQLFKW

JHGDFKWKDWWH-HW]WZRVLFKPHLQH+lQGHYRUGHP.|USHU EHIDQGHQNRQQWHLFKGDV.UHX]LQGLH+DQGQHKPHQ 9HUGDPPWGDVPXWHGRFKNODSSHQ 'LHOHW]WHQ
ª-DLFKELQHVXQGPXPLFKIUGLH6W|UXQJHQWVFKXOGLJHQ DEHUHVLVWZLFKWLJ© ª'DVNDQQLFKPLUYRUVWHOOHQZHQQ6LHDQUXIHQ©%LOOIXKU GXUFKVHLQ+DDUª8PZDVJHKWHVGHQQ"© ª'DVNDQQLFK,KQHQDP7HOHIRQVFKOHFKWHUNOlUHQ:UGH HV,KQHQHWZDVDXVPDFKHQZHQQZLU6LHDXIVXFKHQ"© ª1DWUOLFKQLFKW%ULQJHQ6LH-RKQPLW"© ª1HLQ© %LOOZXUGHEODª'DQQJHKWHVXPLKQ"© ª-D$OOHVZHLWHUHVSlWHU.DUD6XNRXQG0\[LQVLQGQRFK GDEHL(VWXWPLUOHLGDEHU© ª6SLHOWNHLQH5ROOH6LUNRPPHQ6LH© ª'DQNH© 'HU5HSRUWHUOHJWHDXIGDDXFK6LU-DPHVHLQJHKlQJWKDWWH (UVHW]WHVLFKDXIUHFKWKLQXP6KHLODDQ]XVFKDXHQGLHHEHQ IDOOVLP%HWWVD,KU*HVLFKW]HLJWHHLQHQYHUZLUUWHQ $XVGUXFNXQGVLHIUDJWHª:DUHVZLUNOLFK6LU-DPHVGHUGD DQJHUXIHQKDW"© ª-D© ª:DVZROOWHHUGHQQ"© ª.RPPHQ© ª=XXQV"© %LOOQLFNWHª6LFKHUXQGQLFKWDOOHLQ©(U]lKOWHDXIZHQGHU 6XSHULQWHQGHQWQRFKPLWEULQJHQZROOWH 6KHLOD]HLJWHVLFKPHKUDOVSHUSOH[6LHZROOWHHVNDXPJODX EHQ'DQQILHOLKUDXIGDGHU1DPH-RKQ6LQFODLUIHKOWHXQG VLHHUNXQGLJWHVLFKQDFKGHP*UXQG ª8PLKQJHKWHVZRKO©HUZLGHUWH%LOOOHLVH ª2*RWW©6KHLODSUHWHLKUH+DQGJHJHQGHQ0XQGXQG IXKUNDXPYHUVWlQGOLFKIRUWª,KPZLUGGRFKQLFKWVSDVVLHUW VHLQ"© %LOOKREGLH6FKXOWHUQXQGVFKZDQJVHLQH%HLQHDXVGHP %HWWª,FKZHLHVQLFKW6KHLODLFKZHLHVZLUNOLFKQLFKW $EHUJXWVFKHLQWHVQLFKWDXV]XVHKHQ:DQQLVWVRHWZDV VFKRQSDVVLHUWGDXQV6LU-DPHVPLWWHQLQGHU1DFKWDXV GHP%HWWKROW"©

ª-DGDVVWLPPW©6KHLODVWDQGDXIª,FK]LHKHPLFK VFKQHOODQ© ª8QGNRFKHELWWHHLQH.DQQH.DIIHH© 6KHLODZDUVFKRQDQGHU7U]XP%DGGDVYRP 6FKODI]LPPHUDXVHUUHLFKWZHUGHQNRQQWHª0DFKLFK© %LOO&RQROO\EOLHEDXIGHU%HWWNDQWHVLW]HQ(UZLQNHOWHGLH $UPHDQVWW]WHVHLQH(OOERJHQDXIGLH2EHUVFKHQNHOXQG OHJWHVHLQ.LQQLQGLH+DQGIOlFKHQ,QGLHVHUUXKLJHQ+DOWXQJ EOLHEHUVLW]HQDEHUHU]HLJWHVLFKQXUlXHUOLFKUXKLJLP ,QQHUQYHUVSUWHHU)XUFKWXQGHLQH8QJHZLVVH$QJVW XPNUDOOWHVHLQ+HU] :DVZDUJHVFKHKHQ" (UZXWHJHQDXGD-RKQ6LQFODLUHLQHPEUDQGJHIlKUOLFKHQ %HUXIQDFKJLQJ(LJHQWOLFKZDUHVHLQ:XQGHUGDHUQRFK OHEWHDEHU-RKQKDWWHLPPHUHLQHQ'UHKJHIXQGHQGHQ *HIDKUHQ]XHQWJHKHQ+RIIHQWOLFKDXFKGLHVPDO ª'XNDQQVWLQV%DG© %LOOGUHKWHVLFKXPDOVHUGLH6WLPPHVHLQHU)UDXK|UWH 6KHLODVWDQGLQGHU7U%LVDXIHLQHQ6OLSWUXJVLHQLFKWVDP /HLE%LOOV%OLFNJOLWWEHULKUHQ.|USHUQDKPGDVYHUIKUHUL VFKH%LOGLQVLFKDXIGRFKEHLGH6KHLODXQGDXFKLKU0DQQ KDWWHQMHW]WDQGHUHVLP6LQQDOVVLFK]XOLHEHQ ª2ND\©VDJWHGHU5HSRUWHUXQGHUKREVLFKZlKUHQG6KHLOD GHQ.OHLGHUVFKUDQN|IIQHWH %LOO&RQROO\GXVFKWHQLFKW:LHVHLQH)UDXZXVFKHUVLFKQXU GHQ6FKODIDXVGHP*HVLFKWXQG]RJVLFKGDQDFKDQ6KHLOD KDWWHLKPGLH.OHLGXQJEHUHLWVLP6FKODI]LPPHUEHUGDV%HWW JHOHJW $OV%LOOLQGLH+RVHVFKOSIWHXQG6KHLODGHQOHW]WHQ.QRSI GHU%OXVHVFKORVDJWHVLHª,FKEHJUHLIHGDVDOOHVQLFKW:DV NDQQGDQXUJHVFKHKHQVHLQ"© ª.HLQH$KQXQJ©%LOOZDUIHUWLJXQGYHUOLHGDV=LPPHU .DXPKDWWHHUGLH7UJH|IIQHWDOVLKPHLQ6FKDWWHQHQWJH JHQKXVFKWH(LQJURHV7LHUJU|HUDOVHLQ+XQGGHU:ROI 1DGLQH%HUJHU(LJHQWOLFKHLQH:|OILQGHQQLQGHP 7LHUN|USHUVWHFNWHGLH6HHOHHLQHV0HQVFKHQ1DGLQHGUlQJWH

LKUHQ.RSIDQ%LOOV%HLQXQGGHU5HSRUWHUZKOWHVHLQH +lQGHLQGDVJHSIOHJWH)HOOGHV7LHUHV 1DGLQHNQXUUWH (VZDUNHLQGURKHQGHV.QXUUHQHKHUHLQlQJVWOLFKHVXQG GD]ZLVFKHQDXFKOHLVHKHXOHQGH7|QH'HU5HSRUWHUVWXW]WH 6ROOWH1DGLQHYLHOOHLFKWHWZDVJHVSUWKDEHQ" 6LHZDUNHLQQRUPDOHV7LHUDXIPDJLVFKH$UWXQG:HLVH]X GHPJHZRUGHQZDVYRUGHP5HSRUWHUVWDQG1DGLQHEHVD EHUVHQVLEOH6LQQHXQWHU8PVWlQGHQDKQWHVLHZDVPLW-RKQ 6LQFODLUJHVFKHKHQZDURGHUDEHUVLHVSUWHGDVLFKGHU *HLVWHUMlJHULQ*HIDKUEHIDQG %LOOZROOWHVLFK]XLKUKLQDEEHXJHQXQGVLHVWUHLFKHOQ 'DJHJHQKDWWHGLH:|OILQHWZDV6LHZLVFKWHDQLKPYRUEHL XQGOLHIDXIJHUHJWKLQXQGKHU -D%LOOZDUVLFKHUGDV7LHUVSUWHHWZDV (UPXWHGDUDQGHQNHQZLH-RKQVLHVFKZHUYHUOHW]W JHEUDFKWKDWWHDOVVLFK1DGLQHJHJHQ/XSLQDV6RKQ2UDSXO VWHOOWH6LHKDWWHQPLWHLQDQGHUJHNlPSIWXQGIDVWKlWWHGLH :|OILQYHUORUHQ,POHW]WHQ$XJHQEOLFNJLQJHVJXW 'DV6LQFODLU7HDPYHUGDQNWHGLHVHU:|OILQYLHO%LOOZDU IURKGDHU1DGLQHLQVHLQ+DXVDXIJHQRPPHQKDWWHGHQQ VLHZDUDXFKHLQ%HVFKW]HUVHLQHVNOHLQHQ6RKQHV-RKQQ\ 6KHLODYHUOLHGDV=LPPHUXQGJLQJDQ%LOOYRUEHLLQ 5LFKWXQJ.FKH6LHNQLSVWHEHUDOOGDV/LFKWDQQXU -RKQQ\V=LPPHUOLHVLHLQ5XKH'HU.OHLQHEUDXFKWHVHLQHQ 6FKODI %LOOVFKDOWHWHGLH$XHQEHOHXFKWXQJHLQ-HW]WEUDQQWHQ DXFKGLH/DWHUQHQGLHGHQ]XP7RUIKUHQGHQ:HJIODQ NLHUWHQ 9RUGHU7UEOLHE%LOOVWHKHQ(UVFKDXWHLQVHLQHQ*DUWHQ 'LH'XQNHOKHLWZXUGHYRQGHQ/DPSHQ]XP*URWHLODXIJH KHOOW'LHKHOOHQ/LFKWLQVHOQYHUWHLOWHQVLFKLQQHUKDOEGHV *HOlQGHVXQG]ZLVFKHQGHQJHOEEOHLFKHQ)OHFNHQQLVWHWHGLH 'XQNHOKHLW (LQH*HIDKUNRQQWHGHU5HSRUWHUQLFKWVHKHQXQGDXFK QLFKWVSUHQ1XUGDV9HUKDOWHQGHU:|OILQYRUKLQKDWWHLKQ

VWXW]LJZHUGHQODVVHQ(UIUDJWHVLFKZDVGLHDQGHUHQYRQ LKQHQZROOWHQXQGZHQQ6LU-DPHVSHUV|QOLFKPLWPLVFKWH PXWHHVZLUNOLFKXPHLQHVHKUJURH6DFKHJHKHQ ,UJHQGHWZDVZDUPLW-RKQ6LQFODLU 8QGGDVEHUHLWHWH%LOO6RUJHQ(UXQG-RKQNDQQWHQVLFK QRFKDXVVHLQHU6WXGHQWHQ]HLWVLHKDWWHQVRPDQFKHVJHIlKU OLFKH$EHQWHXHUEHUVWDQGHQHLQHUJLQJIUGHQDQGHUHQ GXUFKV)HXHU6LHYHUEDQGHLQH)UHXQGVFKDIWZLHHVVLHKHXWH NDXPQRFKJDE -HPHKU=HLWYHUJLQJXPVRVWlUNHUZXUGH%LOO&RQROO\V 8QUXKH,PPHU|IWHUVFKDXWHHUDXIGLH8KU6KHLODPXWHLKQ EHREDFKWHWKDEHQGHQQVLHVDJWHª.RPPLQV+DXVGX HUIlKUVWHVGRFKQLFKWIUKHUZHQQGXGUDXHQVWHKHQ EOHLEVW© %LOOGUHKWHVLFKXPXQGJLQJ,QGHU.FKHWUDQNHUHLQH 7DVVH.DIIHH6KHLODKDWWHVLFKHEHQIDOOVHLQHHLQJHVFKHQNW $XFKLQLKUHQ$XJHQODVHUGLH6RUJH %LOOVHW]WHGLH7DVVHDEª(UVW-DQH&ROOLQVMHW]W-RKQ 9HUGDPPWZRVROOGDVKLQIKUHQ"© ª'X]LHKVWHLQH9HUELQGXQJZRHVNHLQHJLEW©HUZLGHUWH 6KHLODVWDQGDXIXQGVWULFKEHULKUHURWH&RUGKRVHª,FK PHLQH© ª6LHVLQGGD©%LOOXQWHUEUDFKVHLQH)UDXOLHIDXVGHU.FKH XQGVWHOOWHVLFKYRUGLH+DXVWU 6LHNDPHQPLWGHP%HQWOH\2EZRKO%LOOGHQ:DJHQQLFKW VDKHUNDQQWHHULKQDQGHU)RUPGHU6FKHLQZHUIHU6XNRIXKU GHQ6LOEHUJUDXHQDXIGHQ3DUNSODW]YRUGLH*DUDJH'RUW VWHOOWHHULKQDE %LOO&RQROO\KDWWHHWZDV]XU%HJUXQJVDJHQZROOHQVDK MHGRFKGLHHUQVWHQ*HVLFKWHUXQGYHUVFKOXFNWHVLFKGLH %HPHUNXQJ(UEDWGLHYLHULQV+DXV,PJURHQ:RKQUDXP QDKPHQVLH3ODW]ZR6KHLODVFKRQGHQ.DIIHHEHUHLWVWHKHQ KDWWH 6LU-DPHVDWPHWHWLHIGXUFKXQGEHJDQQª(VJHKWXPGDV /HEHQYRQ-RKQ6LQFODLU©0LWGLHVHQVFKZHUZLHJHQGHQ :RUWHQEHJDQQHUVHLQH$XVIKUXQJHQ

,FKNRQQWHQLFKWJHQDXHUNHQQHQREPLFKGHU'UDFKHHEHQ IDOOVJHVHKHQKDWWHZHLOLFKYRQVHLQHP.RSIQLFKWVHQWGHFN WH(UKDWWHVHLQHQ6FKlGHOQLFKWLQGLH+|KOHKLQHLQJHVWHFNW LFKVDKQXUHLQHQ7HLOGHV.|USHUVGHUGHQ(LQJDQJYHU GXQNHOWH $EHUPDOVK|UWHLFKGDVXQKHLPOLFKH)DXFKHQ'LHVPDO ODXWHUXQGYHUPLVFKWPLWHLQHPVFKUHFNOLFKHQ$WHPGHU PLUDOVKHLH/XIWXQGJHIlKUOLFKZLHHLQ6WXUPZLUEHOHQWJH JHQZHKWH :lUHQPHLQH$UPHQLFKWJHIHVVHOWJHZHVHQKlWWHLFKPLFK VLFKHUOLFKKDOWHQN|QQHQ6RDEHUZXUGHLFKEHUUDVFKWXQG GLHKHLH:RJHKROWHPLFKYRQGHQ%HLQHQ ,FKILHOXQJOFNOLFKNRQQWHPLFKQLFKWVRVFKQHOODEVWW]HQ XQGODQGHWHDXIGHQ7UHSSHQVWXIHQGHUHQKDUWH.DQWHQLFKLQ PHLQHP5FNHQVSUWH (VZDUXQJHIlKUGLHJOHLFKH3RVLWLRQGLHLFKVFKRQHLQPDO HLQJHQRPPHQKDWWHQXUZDUHQGLHVPDOPHLQH$UPHYRUQ JHEXQGHQVRGDLFKPLFKQLFKWJDQ]VRKLOIORVIKOWH $EHUGDZDUGHU'UDFKHGLHVHVXQKHLPOLFKH8QWLHUGDV ZHLWYRUPLUODXHUWH -HW]WEHZHJWHHUVLFK(LQ5XFNHQOLHIGXUFKVHLQHQJHZDOWL JHQ.|USHUDOVHULKQQRFKHLQ6WFNGUHKWHPLUVHLQ0DXO ]XZDQGWHXQGVFKZHUIlOOLJYRUDQJLQJ (LQ%LOG]XP)UFKWHQ ,FKODJDXIGHQ7UHSSHQVWXIHQXQGVFKDXWHDXIGHQJH ZDOWLJHQ.RSIPLWGHPIXUFKWHUUHJHQGHQ0DXOGHQKHUYRU TXHOOHQGHQ$XJHQXQGGHPP|UGHULVFKHQ*HEL hEHU$PHLVHQXQG(OHIDQWHQZHUGHQYLHOH:LW]HJHPDFKW ,FKNDPPLUYRUZLHHLQH$PHLVHQXUJODXEWHLFKQLFKWGD LFKHVVFKDIIHQZUGHGHQ'UDFKHQUHLQ]XOHJHQZLHHVGHU $PHLVHRIWLQGHQ)DEHOQXQG*HVFKLFKWHQJHODQJ %HLMHGHP6FKULWWGHQGHU'UDFKHJLQJGU|KQWHXQWHUPLU GDV*HVWHLQ(VZDUHLQ.RORGHUVLFKPLUQlKHUWHPLFKDXV WFNLVFKHQ$XJHQWD[LHUWHRELFKLKPZRKODOV9RUVSHLVH RGHU+DXSWJHULFKWUHLFKHQZUGH 'DVIOLHJHQGH0RQVWHUKDWWHVHLQH)OJHO]XVDPPHQJHOHJW

(VNRQQWHVLHZDKUVFKHLQOLFKKLHULQGHU+|KOHQLFKWDXVEUHL WHQREZRKOGLHVHVRJURH$XVPDHKDWWH$OOHLQGDUDQ ZDU]XHUNHQQHQPLWZHOFKHLQHP8QJHKHXHULFKHV]XWXQ KDWWH 0HLQ+HU]NORSIWHREHQLP+DOVZlKUHQGLFKYHU]ZHLIHOW QDFKHLQHP$XVZHJVXFKWH (VJDEQXUHLQH&KDQFH 0HLQ.UHX] $EHUZUGHVHLQH0DJLHDXVUHLFKHQGVHLQXPGHQ'UDFKHQ ]XVWRSSHQ"8PGDVZHUWYROOH.UX]LIL[HUUHLFKHQ]XN|QQHQ PXWHLFKHUVWHLQPDODXIVWHKHQ,FKKRIIWHQXUGDGHU 'UDFKHGLHVH%HZHJXQJQLFKWDOVHLQ$QJULIIVVLJQDOYHUVWDQG XQGPLFKPLWVHLQHPNRFKHQGKHLHQ$WHPEHUILHO 1RFKHWZDVK|KHUUXFNWHLFKVRGDLFKPLWGHP5FNHQ JHJHQGLHOHW]WH6WXIHQNDQWHVWLH'DQQKROWHLFKQRFKHLQ PDO/XIWXQGJDEPHLQHP.|USHU6FKZXQJ (VZDUHLQHGXPPH6LWXDWLRQLQGHULFKPLFKEHIDQGGHQQ LFKVWROSHUWHGXUFKGLH%HZHJXQJQDFKYRUQXQGZlUHIDVW QRFKEHUGLH6WHLQVWXIHQJHIDOOHQ 'DQQVWDQGLFKGDYRU 6FKZDQNHQGNUDPSIKDIWEHPKWGDV*OHLFKJHZLFKW]X KDOWHQ ,QHLQLJHU(QWIHUQXQJODXHUWHGHU.ROR(LQZLGHUOLFKHV XUZHOWKDIWHV0RQVWHUGDVSO|W]OLFKVHLQ0DXOQRFKZHLWHU DXIULVRGDLFKLQGHQXQKHLPOLFKHQ6FKOXQGVFKDXHQ NRQQWH (WZDVEHZHJWHVLFKGRUWULQJHOWHZLHHLQH6FKODQJHXQG GDQQIXKUGLHVHV(WZDVKHUYRU (LQHEUHLWHJHZDOWLJHZLGHUOLFKH=XQJHGLHZLHHLQH %XOOSHLWVFKHGXUFKGLH/XIWVFKOXJXQGVRYHUGDPPWVFKQHOO ZXUGH :HQQGLHPLFKSDFNWHGDQQ ,FKK|UWHGDV.ODWVFKHQPLWGHPGLH6SLW]HGLFKWYRU PLUJHJHQGHQ%RGHQVFKOXJQRFKHLQPDOKRFKJHVFKOHX GHUWZXUGHXPPLFKYRQGHU6HLWHKHUZLHHLQ6HLO]X XPZLFNHOQ

0$&+781'0<7+26 $XVGHU6FKQLWWZXQGHDQGHUUHFKWHQ+DQGWURSIWH%OXW'DV %OXWGHU*HUHFKWHQ 6XNRGHU&KLQHVHKDWWHGHQ$UPDXVJHVWUHFNWVRGDVHLQH +DQGEHUHLQHUVHOWVDPHQDEHUVHKUEHNDQQWHQ=HLFKQXQJ VFKZHEWH'DV%ODWWVWDPPWHYRQ6DUDK*ROGZ\Q6LHKDWWHHV HLQHPLKUHU%FKHUHQWQRPPHQGHQQGLHVHV%LOGZDUYRQ XQJHKHXUHU%HGHXWXQJ (VJLQJXPGLH'UDFKHQEHVFKZ|UXQJ 'HU,QVSHNWRU]XFNWHPLWNHLQHU:LPSHU(UKLHOWGHQ$UP ZHLWHUDXVJHVWUHFNWXQG]LWWHUWHDXFKQLFKWDOV.DUDHLQHQ ]ZHLWHQ6FKQLWWIKUWHVRGDHLQHNUHX]I|UPLJH:XQGHHQW VWDQGHQZDU(LQH:XQGHZLHHLQ.UHX] 8QGDQGDV.UHX]PXWHZRKOMHGHUYRQLKQHQGHQNHQ GHQQHVVSLHOWHLQGHP)DOOHLQHZLFKWLJHZHQQQLFKWGLH ZLFKWLJVWH5ROOHEHUKDXSW8PGDV.UHX]XQGGHVVHQ *HKHLPQLVGUHKWHVLFKDOOHV8QGXPHLQ%XFKLQGHPGLH *HKHLPQLVVHGHV.UHX]HVJHOIWHWZXUGHQ(VVROOWHLQGLH +lQGHGHV6LQFODLU7HDPVJHODQJHQ)DVWZlUHHVVRZHLW JHZHVHQGDVFKOXJHQGLH6FKZDU]EOWHUHLVNDOW]XXQGULV VHQGDV%XFKZLHGHUDQVLFK$EHUQLFKWQXUGDV$XFK-RKQ 6LQFODLUZXUGHYRPPDJLVFKHQ6RJGHV6SXNVJHSDFNWXQG ZDKUVFKHLQOLFKLQGDV/DQGGDVQLFKWVHLQGDUINDWDSXOWLHUW (LQHVFKOLPPHJUDXVDPH6DFKHVRGLFKWYRUGHP=LHOGLH JURH1LHGHUODJH]XHUOHLGHQDEHUIUGLH6FKZDU]EOWHUZDU HVOHEHQVEHGURKHQGZHQQGDV%XFKLQGLH+lQGHGHV *HLVWHUMlJHUVJHODQJWHGHQQGDQQHUIXKUHU'LQJHGLHOLHEHU LPYHUERUJHQHQEOHLEHQVROOWHQ -RKQV)UHXQGHJDEHQQLFKWDXI6LHZROOWHQGHQ*HLVWHUMlJHU UHWWHQ'XUFKHLQHQ9HUVXFKGHUELVKHUVHOWHQJHVWDUWHW ZRUGHQZDU'DIUPDFKWHVLFK.DUDVWDUN 6LHHULQQHUWHVLFKDQGLHXUDOWH'UDFKHQEHVFKZ|UXQJGLH PLWGHP%OXWHLQHV*HUHFKWHQGXUFKJHIKUWZHUGHQPXWH 0DQEUDXFKWHGD]XQLFKWYLHO:LFKWLJZDUHQGDV%OXWXQG GDV%LOG'LHVHV%LOGZDULUJHQGZDQQLP0LWWHODOWHUDOV +RO]VFKQLWWHQWVWDQGHQ(V]HLJWHHLQ0RWLYGDV]XGHQ *UXQGPDQLIHVWHQGHUFKULVWOLFKHQ/HKUHJHK|UWH

'HU(U]HQJHO0LFKDHOKLHOWVHLQJHZDOWLJHV6FKZHUWPLWEHL GHQ+lQGHQDP*ULIIXPNODPPHUWXQGUDPPWHGLH.OLQJHLQ GHQ.|USHUHLQHVVLFKYRUVHLQHQ)HQZLQGHQGHQ'UDFKHQ GHUGDV%|VHV\PEROLVLHUWH'LHVHU'UDFKHZDUGLH+|OOHZDU GHU7HXIHOLQHLQHU3HUVRQXQGGHU(U]HQJHO0LFKDHOYHU QLFKWHWHLKQ (LQ%LOGGDVV\PEROLVFKZDU,Q]DKOUHLFKHQ%FKHUQZDU GLHVHUPLWWHODOWHUOLFKH+RO]VFKQLWWDEJHELOGHWGHU6LHJGHV *XWHQEHUGDV%|VH'HU(U]HQJHOKDWWHHVYRUXQGHQNOLFKHQ =HLWHQJHVFKDIIW'LH)UHXQGHGHV*HLVWHUMlJHUVKRIIWHQGLHV ZLHGHUKROHQ]XN|QQHQ 'DV%OXWGHV&KLQHVHQ6XNRILHOLQVFKZHUHQ7URSIHQQDFK XQWHQ6LHNODWVFKWHQDXIGDV%LOGZRVLHHLQLJH6SULW]HULQGLH +|KHZDUIHQEHYRUVLH]HUOLHIHQ .DUDQDKPGLH+DQGZLHGHU]XUFN'LH6FKZHUWVSLW]H ]HLJWHHLQHQURWHQ6FKLPPHU'DQQQLFNWHGLH6FK|QHDXV GHP7RWHQUHLFKGHPXQEHZHJOLFKGDVWHKHQGHQ,QVSHNWRU]X ª5HLFKWHV"©IUDJWH6XNROHLVH ª-D© 'LHDQGHUHQ3HUVRQHQDWPHWHQDXI$XHU6XNRXQG.DUD EHIDQGHQVLFKQRFK6KHLOD&RQROO\LKU0DQQ%LOO6LU-DPHV 3RZHOO0\[LQXQGGLH:|OILQ1DGLQHLQGHU1lKH*HUDGH VLHZXUGHYRQGHP6XSHULQWHQGHQWHQKLQXQGZLHGHUPLW VNHSWLVFKHQ%OLFNHQEHGDFKW 6LHKDWWHQGHQ:RKQUDXPGHU&RQROO\VYHUODVVHQXQG EHIDQGHQVLFKKLQWHUGHP+DXVDXIGHP5DVHQ.DUDKDWWHIU GLHVHJHIlKUOLFKH%HVFKZ|UXQJHLQHQUXKLJHQ3ODW]HUEHWHQ 1DFKHLQLJHPhEHUOHJHQKDWWHPDQVLFKJHHLQLJW]XGHQ &RQROO\V]XIDKUHQ 6KHLODXQG%LOOZXWHQLQ]ZLVFKHQ%HVFKHLGXPZDVHV JLQJ0LWDWHPORVHU6SDQQXQJKDWWHQVLH]XJHK|UWZDV ELVKHUJHVFKHKHQZDU 6LHZXWHQMHW]WGD/XSLQDGLH.|QLJLQGHU:|OIHQDFK ZLHYRUH[LVWLHUWHGDVLHVLFKVRJDUPLW/DG\;LKUHU 0|UGHULQ]XVDPPHQJHWDQKDWWHXQGGDGHU6SXNGLHGULWWH lXHUVWJHIlKUOLFKH.UDIWLQGLHVHPW|GOLFKHQ6SLHOZDU

:HQQGUHL'lPRQHQVRNRQ]HQWULHUWDQJULIIHQGDQQPXWH GDVJHKHLPQLVYROOH%XFKPLWGHP7LWHO6LHEHQ6LHJHOGHU 0DJLHHLQHXQHUPHOLFKH%HGHXWXQJIUGHQ)DOOKDEHQ (LQH'UDFKHQEHVFKZ|UXQJ $XFK.DUDKDWWHHLQZHQLJ)XUFKWGDYRU(VZDUHQ -DKUWDXVHQGHYHUJDQJHQVHLWVLHGHU%HVFKZ|UXQJ]XPOHW] WHQPDOEHLJHZRKQWKDWWHXQGVLHIUDJWHVLFKREVLHHVMHPDOV VFKDIIHQNRQQWH 'LHVH%HVFKZ|UXQJZDUGDPDOVLQ$WODQWLVHUIXQGHQZRU GHQ=XGHU=HLWJDEHVQRFKNHLQ&KULVWHQWXPDEHUGLH 6]HQHGLHGDV%LOGGDUVWHOOWHNRQQWHVLFKDP%HJLQQGHU:HOW DEJHVSLHOWKDEHQXQGGLHVHU=HLWSXQNWZDUZHVHQWOLFKlOWHU DOVGHU.RQWLQHQW$WODQWLV 0DQVSUDFKQLFKW -HGHUEHVFKlIWLJWHVLFKPLWVHLQHQHLJHQHQ*HGDQNHQ$P +LPPHOOHXFKWHWHNHLQ0RQG(VVFKLHQDOVKDEHMHPDQG HLQHQJHZDOWLJHQ9RUKDQJYRUGLH*HVWLUQHJH]RJHQ 'LH)UHXQGHKDWWHQVLFKLQGHQ*DUWHQGHU&RQROO\VEHJH EHQ(LQHVHOWVDPH1DFKWXPJDEVLH6RVFKZOXQG GUFNHQGY|OOLJXQJHZ|KQOLFKIUGHQ+HUEVWPRQDW 6HSWHPEHU:HQQGHU:LQGEHUGDV*HOlQGHVWULFKGDQQ ZHKWHHUDXV5LFKWXQJ6GHQ(UEUDFKWHNDXP.KOHVRQ GHUQGDV*HJHQWHLOGDYRQ 6XNR]RJVHLQHQ$UP]XUFN(UKDWWHVLFKYRQ6KHLODHLQ 7XFKJHEHQODVVHQGDVHUXPGLH:XQGHDQVHLQHU+DQG ZLFNHOWH'DQQVFKDXWHHUDXIGDV%LOG (VZXUGHYRQHLQHPDP+DXVDQJHEUDFKWHQ6WUDKOHUJHQDX DQJHOHXFKWHWXQGODJLQHLQHPKHOOHQ.UHLV 'DV%OXWKDWWHGLH(LQ]HOKHLWHQQDWUOLFKYHUZLVFKW1XU QRFKDQGHQ5lQGHUQZDUGDV%LOGVRZLH]XYRU 6LU-DPHVZDUGHUHUVWHGHUGDV6FKZHLJHQXQWHUEUDFK ª8QGZDVJHVFKLHKWMHW]W"©ZROOWHHUZLVVHQ .DUDKRELKUHQVFKPDOHQ.RSI'LHODQJHQ+DDUHZDUHQ QDFKYRUQJHIDOOHQIDVWYHUGHFNWHQVLHGDV*HVLFKW'LHGXQ NOHQ$XJHQZLUNWHQLQGHPEOHLFKHQ2YDOZLH.RKOHVWFNH ª,FKZHLHVQLFKW©ODXWHWHGLHHKUOLFKH$QWZRUWª:LU

N|QQHQQXUKRIIHQGDLFKGLHULFKWLJHQ:RUWHILQGHXQG VRPLWGDV*XWHEHUGDV%|VHWULXPSKLHUW© ª,Q]ZLVFKHQNDQQ-RKQ6LQFODLUJHVWRUEHQVHLQZLH"© ª'LHVH0|JOLFKNHLWLVWQLHDXV]XVFKOLHHQ© 6LU-DPHVSUHWHGLH/LSSHQ]XVDPPHQXQGWUDWHLQ6WFN ]XU6HLWH$OVHLQHQ6W|UIDNWRUNRQQWHPDQLKQ]ZDUQLFKW JHUDGHEH]HLFKQHQGRFKHUEUDFKWHQLFKWGLH*HGXOGDXIGLH QRWZHQGLJJHZHVHQZlUH9LHOOHLFKWZDUHVEHLLKPDXFK GLH8QVLFKHUKHLWVRSO|W]OLFKPLWGHU0DJLHNRQIURQWLHUW]X ZHUGHQ .DUDNPPHUWHVLFKQLFKWZHLWHUXPVHLQH$XVIKUXQJHQ VRQGHUQEDWGLHDQGHUHQ]XU6HLWH]XWUHWHQ 6FKZHLJHQGPDFKWHPDQLKU3ODW] 'DQDFKJLQJVLHHLQPDOXPGDVPLW%OXWJHWUlQNWH%LOG KHUXPXQGPDOWHGDQQDXIGHQ5DVHQHLQ'UHLHFNXQG]ZDU VRGDHVGLHDXIGHP3DSLHUDEJHELOGHWH6]HQHHLQVFKOR -HW]WVWLH0\[LQHLQHQ/DXWGHUhEHUUDVFKXQJDXV .DUDK|UWHLKQZRKOEOLHEVWHKHQXQGVFKDXWHGHQNOHLQHQ 0DJLHUDQª,FKPXHVVRYHUVXFKHQ© ª,VWHVWDWVlFKOLFKGLH3\UDPLGH"© ª-DVLHLVWHV© ª:HOFKH3\UDPLGH"©HUNXQGLJWHVLFK%LOO&RQROO\PLW IOVWHUQGHU6WLPPH 0\[LQQLFNWHVHLQHU%HJOHLWHULQ]XGDPLWVLHGLH$QWZRUW JHEHQVROOWH ª'LHVH3\UDPLGHZDUGDV+HLOLJWXPLQ$WODQWLV1XUZHQL JHNHQQHQLKUH*HKHLPQLVVHDXFKLFKZHLQXUHLQHQ7HLO GDYRQ$EHULQLKUZRKQHQ.UlIWHGLHZDKUVFKHLQOLFKGLH =HLWHQEHUGDXHUWKDEHQXQGJHZHFNWZHUGHQPVVHQ $OOHUGLQJVPXPDQHLQHQVHKUWULIWLJHQ*UXQGKDEHQVRQVW VFKODJHQGLHVH.UlIWHLQV*HJHQWHLOXPZDVLFKQLFKWKRIIHQ ZLOO,FKP|FKWHGDVLHIUXQVDUEHLWHQXQGJODXEHIHVW GDUDQGDGHU*UXQGWULIWLJJHQXJLVW© ª'DQQLVWGLH%HVFKZ|UXQJDOVRJHIlKUOLFK©PHLQWH6XNR ª)UXQVKRIIHQWOLFKQLFKW9LHOOHLFKWJLEWGLH3\UDPLGHGHV :LVVHQVHLQHQ7HLOLKUHV*HKHLPQLVVHVSUHLV(VZlUH]XZQ

VFKHQ)UXQVDOOH]XZQVFKHQXQGQDWUOLFKDXFKIU-RKQ 6LQFODLU© %LOOXQG6XNREOLFNWHQVLFKDQ(LQQHXHU%HJULIIZDUDXIJH WDXFKW'LH3\UDPLGHGHV:LVVHQV%LVKHUKDWWHQVLHQLH GDYRQJHK|UWXQGVLHIUDJWHQVLFKEHLGHZHOFKH*HKHLPQLVVH GHUOlQJVWYHUVXQNHQH.RQWLQHQWQRFKIUVLHEHUHLWKLHOW .DUDVSUDFKZHLWHUª,QLKUVLQGGLH8UNUlIWHGHVDOWHQ $WODQWLVYHUHZLJW'LH3\UDPLGHGHV:LVVHQVVROOXQ]HUVW|U EDUVHLQ,FKKRIIHGDVLHHVWDWVlFKOLFKLVWHLQHQ7HLOLKUHV *HKHLPQLVVHVOIWHWXQGXQVGHQ:HJ]HLJHQZLUG© 'LHDQGHUHQQLFNWHQQDFKGLHVHQ:RUWHQ,KUH*HVLFKWHU VFKLPPHUWHQEOHLFK-HGHUVWDQGXQWHUHLQHUXQVDJEDUHQ 6SDQQXQJXQGHLQMHGHUKRIIWHGD.DUDUHFKWEHKDOWHQ ZUGH 6LHKDWWHGLH3\UDPLGHQDFKJH]HLFKQHW'DV*UDVZDUGXUFK GLH6FKZHUWVSLW]H]HUIHW]WZRUGHQ0DQNRQQWHGHXWOLFKGLH 8PULVVHHUNHQQHQGRFKDXIGHQ*HVLFKWHUQVWDQGHLQH JHZLVVH8QJOlXELJNHLW ª,FKZHUGHMHW]WEHJLQQHQ©VDJWH.DUDGLH6FK|QHDXVGHP 7RWHQUHLFKXQGEDWGDUXPGD3ODW]JHVFKDIIHQZXUGH 'LHDQGHUHQWUDWHQ]XUFN 'LH6SDQQXQJKDWWHVLFKLQGHQOHW]WHQ0LQXWHQYHUGLFKWHW )DVWJUHLIEDUKLQJVLH]ZLVFKHQGHQ3HUVRQHQXQGGHUDXIGHQ %RGHQJH]HLFKQHWHQ3\UDPLGHYRUGHUHQ*UXQGOLQLH.DUD GLH6FK|QHDXVGHP7RWHQUHLFKVWHKHQEOLHE 'DV6FKZHUWPLWGHUJROGHQHQ.OLQJHKDWWHVLHQLFKWZHJ JHVWHFNW6LHEHQXW]WHHVDOV6WW]HZlKUHQGVLHODQJVDPLQ GLH.QLHVDQNXQGGDQQGHQ%RGHQEHUKUWH ,QGLHVHU6WHOOXQJEOLHEVLH .DUDZXWHGDVLFKGLH%OLFNHGHU)UHXQGHQXUDXIVLH NRQ]HQWULHUWHQ$OOHLQDXIGLHVHVFKPlFKWLJH3HUVRQNDPHV DQREGHU.RQWDNW]XHLQHP/DQGGDVQLFKWVHLQGDUIKHUJH VWHOOWZHUGHQNRQQWH .DUDEHXJWHLKUHQ2EHUN|USHUQDFKYRUQGUHKWHGDV 6FKZHUWKLHOWGHQ*ULIIMHGRFKIHVWXQGOHJWHGLH:DIIHVRKLQ GDVLHPLWGHU6SLW]HGHQ5DQGGHV%ODWWHVEHUKUWH

(VODJJHQDXLP=HQWUXPGHU3\UDPLGH'DV3DSLHUZDU ZHLFKJHZRUGHQYRP%OXWGXUFKQlW 'DQQOLHVLHDXFKGDV6FKZHUWORVEHXJWHGHQ2EHUN|USHU ZHLWHUQDFKYRUQXQGZLUNWHZLHHLQHJHGUFNWH)HGHUDOV LKUH6WLUQGLH.OLQJHEHUKUWH 'HUJHEHXJWH5FNHQHUVFKLHQGHQDQGHUHQV\PEROLVFKIU GDVZDVKLHUDEOLHI$XI.DUDODVWHWHHLQHXQJHKHXUH 9HUDQWZRUWXQJ6LHDOOHLQKDWWHHVLQGHU+DQG-RKQ6LQFODLU YLHOOHLFKWHLQH&KDQFH]XJHEHQ9HUVDJWHVLHZDUDXFKGHU *HLVWHUMlJHUYHUORUHQ 1LHPDQGPDFKWHVLFKGDUEHU,OOXVLRQHQXQGMHGHUGUFN WHGHU6FK|QHQDXVGHP7RWHQUHLFKGLH'DXPHQ .DUDEHJDQQ]XVSUHFKHQ =XHUVWZDUHQGLH:RUWHNDXP]XK|UHQ6SlWHUDOVVLHYHU VWlQGOLFKHUZXUGHQEHJULIIVLHDXHU0\[LQZRKOQLHPDQG XQG6LU-DPHVZDUIGHP5HSRUWHU%LOO&RQROO\HLQHQIUDJHQ GHQ%OLFN]X ª(VLVWGLH6SUDFKHGHUDOWHQ$WODQWHU©KDXFKWH%LOO &RQROO\ 6LU-DPHVQLFNWH 'DQQZXUGHDXFKHULQGHQ%DQQGLHVHUVHOWVDPHQ (UHLJQLVVHJH]RJHQXQGZDUVWLOO .DUDUHGHWHZHLWHU6LHNRQ]HQWULHUWHVLFKXQJHPHLQDXIGLH VFKZHUH$XIJDEH,KU5FNHQ]XFNWHPDQFKPDOK|UWHVLFK LKUH6WLPPHUDXKDQ6LHKLHOWGLH9HUELQGXQJ]ZLVFKHQVLFK GHU.OLQJHXQGGHPLQGHU3\UDPLGHOLHJHQGHQ%LOGVWHWV DXIUHFKW .RQQWHVLHHWZDVHUUHLFKHQ" 'LH0HQVFKHQVWDQGHQVWXPPXPVLHKHUXP,QMHGHP *HVLFKW]HLFKQHWHVLFKGLH6SDQQXQJDE$XFKEHL%LOO]HLJWHQ GLH=JHHLQHQJHTXlOWHQ$XVGUXFN(UOLWWVWDUNXQWHUGHQ 9RUDXVVHW]XQJHQ'LH+lQGHKDWWHHU]X)lXVWHQJHEDOOWVHLQ .|USHUZDUYHUNUDPSIW6KHLODXQG6XNRHUJLQJHVlKQOLFK ZREHLVLFKGHU&KLQHVHQRFKDPEHVWHQLQGHU*HZDOWKDWWH ,KPZDUlXHUOLFKNDXPHWZDVYRP*HVLFKWDE]XOHVHQ 6LU-DPHVXQG0\[LQVWDQGHQQDKHEHLHLQDQGHU'HU

6XSHULQWHQGHQWZDUVHKUQHUY|V6HLQ*HVLFKWJOlQ]WHDOV ZlUHHVPLW6SHFNHLQJHULHEHQZRUGHQGLH0XQGZLQNHO ]XFNWHQGLH$XJHQKLQWHUGHQGLFNHQ%ULOOHQJOlVHUQEHZHJ WHQVLFKQHUY|V 0\[LQV*HVLFKWEOLHEUXKLJ1XUGHUJUQOLFKHDXIGHU +DXWOLHJHQGH6FKLPPHUVFKLHQVLFKYHUVWlUNW]XKDEHQ(LQ %HZHLVGDIUGDGLH(UHLJQLVVHDXFKDQLKPQLFKWVSXUORV YRUEHUJLQJHQ .DUDOLHVLFKGXUFKQLFKWVEHLUUHQ6LHVSUDFKXQDXIK|UOLFK ZHLWHULKUH/LSSHQZDUHQLQVWlQGLJHU%HZHJXQJXQG]XP HUVWHQPDOK|UWHQGLH&RQROO\VXQGDXFK6LU-DPHVGLH 6SUDFKHHLQHVOlQJVWDXVJHVWRUEHQHQ9RONHV 'LH%OLFNHGHU=XVFKDXHUZDUHQQLFKWQXUDXI.DUDJHULFK WHWVRQGHUQDXFKDXIGDV'UHLHFN(VVROOWHHLQHJURH+LOIH VHLQ(LQMHGHUKRIIWHGDVLFKGLH6FK|QHDXVGHP7RWHQUHLFK GDPLWQLFKWLUUWH 6LHHQWWlXVFKWHQLFKW 'DV'UHLHFNGLHVWLOLVLHUWH1DFKELOGXQJGHU3\UDPLGHGHV :LVVHQVUHDJLHUWHDXIVHLQH$UWXQG:HLVH 'LH8PULVVHOHXFKWHWHQSO|W]OLFKDXI-HGHUKDWWHGDV *HIKODOVZUGHGDVVHOWVDPNDOWHEODXH/LFKWDXVGHP %RGHQKRFKVWHLJHQXQGGLH6HLWHQVFKDUIQDFK]HLFKQHQ *HQDXGRUWZR.DUDPLWGHP6FKZHUWGXUFKGLH*UDVQDUEH JHIDKUHQZDUZXUGHQGLH8PULVVHYRQGLHVHPVWUDKOHQGHQ %ODXJHELOGHW'HU6FKHLQZDUVHOWVDPEOHLFKGHQQRFKLQWHQ VLYXQGHUZXFKV 8QKHLPOLFKZDUGLHVDQ]XVHKHQZLHHUDQGHQ6HLWHQKRFK VWLHJXQGGDV'UHLHFNJHQDXLQVHLQHQ8PULVVHQDOV /LFKWJORFNHXPJDE'HU6FKHLQEDXWHHLQH3\UDPLGHDXI 'LH3\UDPLGHGHV:LVVHQV :DUGDVGHV5lWVHOV/|VXQJ".RQQWH-RKQ6LQFODLUDXIGLHVH $UWXQG:HLVHDXVGHP/DQGGDVQLFKWVHLQGDUIEHIUHLW ZHUGHQ" 6LHDOOHKRIIWHQHVXQGMHGHUZDUJHVSDQQWZLHHVQXQ ZHLWHUJHKHQZUGH

'HU'UDFKHKDWWHVHLQ0DXOZHLWDXIJHULVVHQXQGPLFKDOV VHLQ2SIHUIL[LHUW 0LFK-RKQ6LQFODLUHQWIKUWLQGDV'UDFKHQODQGXQGGRUW DQGHQ+lQGHQJHIHVVHOWLQHLQHU+|KOHQHEVWGHP.UHX]XQG GHPJHKHLPQLVYROOHQ%XFK]XUFNJHODVVHQ +RKQODFKHQGKDWWHPLUGHU6SXNPHLQ(QGHSURSKH]HLW GDVQXQGXUFKGHQ'UDFKHQHLQJHOlXWHWZXUGH 1HSUHQRKLHHU8QGHUZDUGHUXQXPVFKUlQNWH+HUUVFKHU LQGLHVHPXQKHLPOLFKHQ'UDFKHQODQG (UUlXPWHMHGHQ)HLQGDXVGHP:HJNDQQWHNHLQ3DUGRQ ZDUQXUGDUDXIEHGDFKW]XW|WHQXQGHUVFKOXJPLWJQDGHQ ORVHU+lUWH]XZHQQHVJDOWGLH)HLQGH]XYHUQLFKWHQ 6RZLHMHW]W )UHVVHQRGHUYHUVFKOXFNHQNRQQWHHUPLFKQLFKW,FKZDU]X ZHLWHQWIHUQWDEHUHUEHVDHLQHJHIlKUOLFKH=XQJHGLHPLFK DQHLQHP|UGHULVFKH3UDQNHHULQQHUWH 6LHIXKUDXVGHP0DXOXQGPLUHQWJHJHQ .XU]EHYRUVLHPLFKHUUHLFKWHVFKOXJVLHHLQPDODXI GHQ%RGHQZXUGHLPQlFKVWHQ$XJHQEOLFNODQJXQGZROOWH PHLQHQ.|USHUXPZLFNHOQ ,FKKDWWHlKQOLFKH6LWXDWLRQHQVFKRQHUOHEW0LW 0RQVWHUVFKODQJHQXQG8QWLHUHQ 1LHMHGRFKZDUGHU3ODW]VRHLQJHHQJWJHZHVHQZLHLQGLH VHP)DOO,FKEHIDQGPLFKLQGHU+|KOHXQGNDPQLFKWPHKU KLQDXV'HU(LQJDQJZXUGHYRQGHP'UDFKHQYROODXVJHIOOW 8QGGRFKZROOWHLFKQLFKWNDPSIORVXQWHUJHKHQ6RVFKQHOO GLHNOHEULJH=XQJHDXFKZDULFKZDUQRFKXPHLQH,GHH VFKQHOOHU=ZDUGUHKWHLFKPLFKDXIGHU6WHOOHGDQQMHGRFK NDWDSXOWLHUWHLFKPLFKPLWWHQLQGHU%HZHJXQJ]XU6HLWH 0LWHLQHPNUlIWLJHQ6SUXQJVFKDIIWHLFKPLFKDXVGHU *HIDKUHQ]RQHODQGHWHDXIGHQ)HQQXUHVJHODQJPLU QLFKWDXIGHQ%HLQHQ]XEOHLEHQZHLOHVPLUVRJXWZLH XQP|JOLFKZDUPLWJHIHVVHOWHQ+lQGHQGDV*OHLFKJHZLFKW ]XEHKDOWHQ 0HLQHQ6FKZXQJNRQQWHLFKQRFKHWZDVDEEUHPVHQXQG NUDFKWHGDQDFKDXIGLH.QLH

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lQGHUQEHUVWDQG 'LH3ODWWHZDUQLFKWOHHU'RUWKDWWHGHU6SXNZLH]XP +RKQPHLQ.UHX]KLQJHOHJWRGHUKLQOHJHQODVVHQGHQQHU VHOEVWZXUGHGXUFKGLH%HUKUXQJJHVFKZlFKWXQGQHEHQ GHP.UHX]VWDQGDXIJHVFKODJHQGDV%XFKGHUVLHEHQ6LHJHO %HYRUGLHYHUGDPPWH=XQJHHLQ]ZHLWHVPDODXIPLFK ]XIDKUHQNRQQWHKDWWHLFKPLFKVFKRQDEJHVWRHQ (VZDUHLQ9HU]ZHLIOXQJVVSUXQJZLHGHUHUVWHDXFKXQG LFKIORJIODFKEHUGHQ%RGHQ 'DQQGLH/DQGXQJ +DUWZDUVLHDEHULFKNRQQWHPLFKEHUGLH6FKXOWHUDEURO OHQ:lKUHQGGHU'UHKXQJVDKLFKGLHU|WOLFKVFKLPPHUQGH =XQJHZLHVLHDP$OWDUXQGDXFKDQPLUYRUEHLKXVFKWHXQG HWZD]ZHL6FKULWWHYRQPHLQHQ)HQHQWIHUQW]X%RGHQ NODWVFKWH 3UXVWHQGVWLHLFKGLH/XIWDXV(LQHZLQ]LJH*DOJHQIULVW ZDUPLUYHUJ|QQW'HU6WHLQDOWDUGHFNWHPLFKYRUHUVWJHJHQ GLH$WWDFNHQYRQ1HSUHQRDE /LHJHQEOHLEHQNRQQWHLFKQLFKW,FKPXWHPLFKDXIGLH )HTXlOHQ'DVVFKDIIWHLFKQLFKWVRVFKQHOOZLHQRUPDO GHQQPLWJHIHVVHOWHQ+lQGHQLVWHVJDUQLFKWVRHLQIDFK 6FKOLHOLFKVWDQGLFKGRFKXQGHLQZDKQVLQQLJHU*HGDQNH ]XFNWHGXUFKPHLQ+LUQ 'HU6SXNKDWWHLQVHLQHU6LHJHVJHZLKHLWPHLQ.UHX]DXI

GHP$OWDUOLHJHQJHODVVHQ0LUZDUHVLQ]ZLVFKHQJHOXQJHQ GLHJHIHVVHOWHQ+lQGHQDFKYRUQ]XEHNRPPHQ,FKNRQQWH DXFKGLH$UPHKHEHQXQGGDVDXIGHP$OWDUOLHJHQGH.UHX] HUUHLFKHQ ,QGLHVHQ0RPHQWHQGDFKWHLFKDXFKQLFKWDQGLH*HIDKULQ GHULFKPLFKEHIDQGGHQQGLH6LWXDWLRQNRQQWHPDQEHLQlKH UHU%HWUDFKWXQJDOVDXVZHJORVEH]HLFKQHQ,FKZROOWHQXU EHUOHEHQXQGJULIIGHVKDOE]XPNOHLQVWHQ6WURKKDOP (LQJHZDOWLJHV*UROOHQEHZLHVPLUGD1HSUHQRXQJH GXOGLJZXUGH0LWGHPXQKHLPOLFKHQ*HUlXVFKVWLHHUDXFK HLQHKHLH'DPSIZRONHDXVVHLQHP5DFKHQGLHEHUGHQ $OWDUKLQZHJIDXFKWH ,FKEOLHEHUVWHLQPDOLQGLHVHU'HFNXQJSUHWHPLFKHQJ JHJHQGDV*HVWHLQDQGHU5FNZDQGXQGODXVFKWH :LHZUGH1HSUHQRUHDJLHUHQ"1RUPDOHUZHLVHPXWHHU VLFKZHLWHUYRUVFKLHEHQXPPLFK]XHUZLVFKHQ'DVWDWHU DXFKGHQQLFKK|UWHGDVUDXKH6FKDEHQDXIGHP%RGHQGDV HQWVWDQGDOVHUVLFKDXIPHLQH'HFNXQJ]XVFKRE +LQWHUGHP$OWDUKDWWHLFKPLFK]XVDPPHQJHGXFNW XQGEHPKWHPLFKPHLQHQ$WHPZLHGHUXQWHU.RQWUROOH ]XEULQJHQ ,FKGDFKWHGDUDQGDPLUGHU6SXNGHQ'ROFKXQGGLH %HUHWWDJHODVVHQKDWWH:DKUVFKHLQOLFKQXUZHLOLFKPLW EHLGHQQLFKWVDQIDQJHQNRQQWH $EHUYLHOOHLFKWPLWGHP.UHX] *HIHVVHOWZDUHQPHLQH+lQGH]ZDUGRFKGLH$UPHNRQQWH LFKEHZHJHQ:HQQLFKVLHKRFKKREXQGDXVVWUHFNWHPXWH HVPLUJHOLQJHQGDVDXIGHU3ODWWHGHV$OWDUVOLHJHQGH.UHX] ]XHUUHLFKHQ 'DIUPXWHLFKHLQHQ6FKULWW]XUFNGDPLUGHUYRUVSULQ JHQGH5DQGVRQVWGLH6LFKWQDKP 'HU%OLFNZLQNHOZDUWURW]GHPVFKOHFKW,FKNRQQWHGDV .UHX]QRFKQLFKWVHKHQXQGDKQWHPHKUZRHVVLFKEHIDQG 0HLQH+lQGHWDVWHWHQEHUGLH3ODWWH0LWGHQ)LQJHUNXSSHQ EHUKUWHLFKHLQH%XFKHFNHXQGK|UWHZLHGDV%XFKXPILHO 'DV.UHX]ODJZHLWHUOLQNV

,FKEHHLOWHPLFKQRFKPHKUGHQQGHU'UDFKHVWDQGOlQJVW QLFKWVWLOO(UNDPLPPHUQlKHUXQGHUVFKOXJHLQZHLWHUHV 0DO]X (LQOHLVHV3IHLIHQHUW|QWHDOVVLFKGLH=XQJHDXIGHP:HJ EHIDQG'DQQNODWVFKWHVLHJHJHQGHQ6WHLQVRKHIWLJGDGHU $OWDUHU]LWWHUWH,FKEHNDP$QJVWGHQQGLH.UDIWGHV:HVHQV ZDULQGHU7DWP|UGHULVFK)DVWZlUHLFKVRJDU]XUFN JH]XFNWDEHULFKOLHPHLQH+lQGHREHQXQGLFKHUWDVWHWH GDV.UHX] =XP*OFNNRQQWHLFKGLH)LQJHUEHZHJHQGHQQGLH )HVVHOQVFKQUWHQPHLQH+lQGHQXUDQGHQ*HOHQNHQ]XVDP PHQ(VJHODQJPLUPLWHLQLJHU0KHGDV.UHX]DQPLFK]X QHKPHQ,FK]RJHV]XPLUKHUDQHVVFKDXWHMHW]WEHUGLH .DQWHKLQZHJNLSSWHXQGILHOPLUHQWJHJHQ 0LWEHLGHQ+lQGHQJULIILFK]XVRGDLFKGDV.UHX]JXW DXIIDQJHQNRQQWH,UJHQGZLHIKOWHLFKPLFKEHVVHUDXFK ZHQQGHU'UDFKHQDFKZLHYRUHLQHW|GOLFKH%HGURKXQJGDU VWHOOWH +DVWLJ]RJLFKPLFK]XUFN0HLQH%HLQHEHZHJWHQVLFK XQUHJHOPlLJDOVLFKLP+LQWHUJUXQGGHU+|KOHYHU VFKZDQG,FKWRUNHOWHEHUGHQUDXKHQ%RGHQDXVGHVVHQ SRU|VHP*HVWHLQGDVJUQOLFKH/HXFKWHQVWLHJGDVGLH+|KOH HUIOOWH 0HLQ6LQQHQXQG7UDFKWHQZDUGDQDFKDXVJHULFKWHWGHP 'UDFKHQ]XHQWJHKHQ'HVKDOEVXFKWHLFKHLQ9HUVWHFNXP YRULKPZHQLJVWHQVIUHLQHEHVWLPPWH=HLWVLFKHU]XVHLQ 'DVDOOHUGLQJVVFKDIIWHLFKQLFKW'LH+|KOHLP%HUJZDU ]ZDULQLKUHQ$XVPDHQJHZDOWLJGRFK9HUVWHFNHJDEHV QLFKW.HLQH1LVFKHQRGHU/|FKHUZRVLFKHLQ0HQVFKYHU EHUJHQNRQQWH,FKKDWWHNHLQHDQGHUH:DKOXQGPXWHPLFK GHP'UDFKHQVWHOOHQ 'HUJURH(LQJDQJZDUNDXP]XVHKHQGDGHU.|USHUGHV 8QWLHUVLKQIDVWY|OOLJYHUGHFNWH1XUHLQZHQLJ/LFKWVFKLP PHUWHVHLWOLFKGHV0RQVWHUVGXUFKGLH/FNHVRGDVLFKGLH XUZHOWKDIWH*HVWDOWZLHHLQGVWHUHU6FKHUHQVFKQLWWYRUPHL QHQ$XJHQDEKRE

(UEHZHJWHVLFK]LHPOLFKSOXPSYRUDQ6HLQ6FKlGHO SHQGHOWHGDEHLDOVZUGHGHUVFKZHUH.RSIPLWGHPDXI JHULVVHQHQ0DXOQXUDQHLQHP)DGHQKlQJHQ 'HU'UDFKHERWHLQ%LOGGDVHLQHP$QJVWHLQMDJHQNRQQWH ,QGHQ0lUFKHQXQG6DJHQEFKHUQZDURIWEHU'UDFKHQ JHVFKULHEHQZRUGHQ ,FKGDFKWHDXFKDQGLH6LHJIULHG6DJH'LHVHUJHUPDQLVFKH IXUFKWORVH5HFNHKDWWHGHQ'UDFKHQEHVLHJWXQGLQVHLQHP %OXWJHEDGHW ,FKZDUQLFKWVRIXUFKWORVZLHHUVRQGHUQKDWWHVFKOLFKWZHJ $QJVWYRUGHP8QWLHU 'LH=XQJHZDUQLFKWLQQHUKDOEGHV0DXOVYHUVFKZXQGHQ VRQGHUQIXKU]XFNHQGYRUXQG]XUFN6LHJOLWWGDEHLEHU GHQ%RGHQHULQQHUWHPLFKPDQFKPDODQHLQH6SLUDOHZHQQ VLHVLFKVFKODQJHQOLQLHQI|UPLJEHZHJWHXQGVSLHOWHVFKRQ PLWLKUHU6SLW]HDP6WHLQDOWDU ,FKKDWWHGDV.UHX]QLFKWDXVGHQ+lQGHQJHJHEHQ0HLQH )LQJHUVFKORVVHQVLFKXPGDVJHZHLKWH0HWDOO0LUNDPHV YRUDOVKlWWHVLFKGDV.UX]LIL[HUZlUPWZDVDOOHUGLQJVDXFK (LQELOGXQJVHLQNRQQWHZHLOLFKVRVHKUKRIIWHGDPLUGDV .UHX]HLQHQ:HJDXVGHU0LVHUH]HLJHQZUGH 'DEHLEDUJHVVRLPPHQVJURH*HKHLPQLVVH8QGGHU 6FKOVVHOGD]XODJQXUHLQSDDU6FKULWWHYRQPLUHQWIHUQWDXI GHP$OWDU ,QPHLQHU)DQWDVLHPDOWHLFKPLUDOOHVHLQIDFKHUDXVDOVHV LQ:LUNOLFKNHLWZDU'HQQ]ZLVFKHQPLUXQGGHP%XFKVWDQG 1HSUHQR,KQNRQQWHLFKZRKONDXPEHUZLQGHQ -HW]WVFKREHUVLFKDQGHP6WHLQDOWDUYRUEHL=XPHUVWHQPDO VDKLFKVHLQHQ5FNHQXQGQLFKWQXULKQDXFKGHUGD]X JHK|ULJH6FKZDQ]JHULHWLQPHLQ%OLFNIHOG 'HU6FKZDQ]GHV'UDFKHQZDUHUVFKUHFNHQGJUR$P (QGHOLHIHUVSLW]]X *UDXHQKDIWDQ]XVHKHQGHQQDXIGHP2EHUWHLOGHV 6FKZDQ]HVEHIDQGHQVLFKQRFKNOHLQHUH=DFNHQGLHZLH 0HVVHUYRUVWDQGHQ 8QEHLUUWJLQJ1HSUHQRVHLQHQ:HJ(UKDWWHPLFKOlQJVW

JHVHKHQZDUDXIPLFKIL[LHUWXQGVHLQHJHZDOWLJHQ *ORW]DXJHQVFKLHQHQPLFK]HUVlJHQ]XZROOHQ .RQQWHPLFKPHLQ.UHX]UHWWHQ" %LVKHUKDWWHHVVLFKQLFKWJHUKUW,FKGDFKWHGDUDQGDPLU 0\[LQPDOJHUDWHQKDWWHGDV.UHX]]XDNWLYLHUHQ$EHUZLH LFKGDVDQVWHOOWHQVROOWHGDYRQKDWWHHUQLFKWVJHVDJWGDV EOLHEZHLWHUKLQGLHJURH)UDJH'HV5lWVHOV/|VXQJZUGH LFKVLFKHUOLFKLQGHPYLHUWHQ6LHJHOGHV%XFKVILQGHQGRFK GDVZDULP0RPHQWXQHUUHLFKEDU ,FKZLFKVRZHLWLQGLH+|KOH]XUFNGDLFKGLH:DQGLQ PHLQHP5FNHQVSUWH (VZDUHLQZDUPHV*HVWHLQXQGGHUJUQHGDUDXVKHUYRU GULQJHQGH/LFKWVFKHLQXPVFKPHLFKHOWHPHLQHQ.|USHU$OV LFKQDFKUHFKWVVFKDXWHHQWGHFNWHLFKHLQH$UW1LVFKH 'LH+|KOHQGHFNHVHQNWHVLFKGRUWGHP%RGHQ]XELOGHWH HLQHQVFKUlJHQ:LQNHOGHUPLFKDQHLQHQLQGDV*HVWHLQYRU VWRHQGHQ7XQQHOHULQQHUWH ,FKZDUIQXUHLQHQNXU]HQ%OLFNGRUWKLQHUNDQQWHDOOHU GLQJVGLHEOHLFKHQhEHUUHVWH (VZDUHQ.QRFKHQ 0DQFKHVHKUJUR6LHNRQQWHQLKUHU)RUPQDFKQLFKWYRQ 0HQVFKHQVWDPPHQ$QGHUHZLHGHUXPZDUHQNOHLQHUVRGD GLHVH.QRFKHQGLHhEHUUHVWHHLQHVRGHUPHKUHUHU0HQVFKHQ ZDUHQ 0LUOLHIHVNDOWGHQ5FNHQKLQDEDOVLFKGDUDQGDFKWHGD YLHOOHLFKWDXFKPHLQH.QRFKHQHLQPDOGRUWOLHJHQZUGHQ XQGLP/DXIHGHU=HLW]X6WDXEZXUGHQ $NWLYLHUHGDV.UHX] $EHUPDOVPXWHLFKDQGLH:RUWHGHVNOHLQHQ0DJLHUV GHQNHQZlKUHQGGDV0RQVWHUPLUQlKHUXQGQlKHUNDP(V ZUGHPLFK]HUUHLHQ'DV*HELZDUJHEOHFNWXQGHV NRQQWHQXUHLQH)UDJHGHU=HLWVHLQZDQQHVHQGJOWLJ ]XVFKOXJ 1HSUHQRNDP]XU5XKH 'HUJHZDOWLJH.|USHUVFKLHQLQHLQDQGHU]XVDFNHQDOVKlWWH PDQGLH/XIWDXVLKPKHUDXVJHODVVHQ'DEHLKDWWHVLFKGHU

'UDFKHQXUHLQZHQLJ]XU5XKHJHOHJWPHKUZDUQLFKW JHVFKHKHQ (LQHWUJHULVFKH5XKH6HLQH=XQJHEHZHJWHVLFKLQQHUKDOE GHVRIIHQHQ5DFKHQVXQGHUVHOEVWVDKDXVZLHHLQOHEHQGLJHV *HELUJH ,FKVFKZLW]WHQRFKVWlUNHU(VZDUGHU$QJVWVFKZHLGHU DXVPHLQHQ3RUHQGUDQJGHQQLFKKDWWHGLH$XVZHJORVLJNHLW PHLQHU/DJHOlQJVWHUNDQQW ,FKVDKGLHJURHQNXJHOUXQGHQVHOWVDPZHLJUQOLFK VFKLPPHUQGHQ$XJHQLP6FKlGHOGHV0RQVWHUV'LH3XSLOOHQ ZDUHQUHODWLYJHVHKHQNOHLQXQGVWDUUDXIPLFKJHULFKWHW ,FKXPNODPPHUWHPHLQ.UHX]$QGLH%HUHWWDGDFKWHLFK QLFKWPHKUREZRKOLFKVLHEHLPLUWUXJ'LHVH6LOEHUNXJHOQ NRQQWHLFKVSDUHQ,FKKlWWHHEHQVRJXWHLQHQ6WHLQJHJHQGLH 6FKXSSHQKDXWZHUIHQN|QQHQ'HU(UIROJZlUHGHUVHOEH JHZHVHQ -HW]WEHZHJWHQVLFKGLHEHLGHQJHZDOWLJHQ.LHIHU6LHNODSS WHQ]XGRFKEHYRUVLFKGLH=lKQHEHUKUWHQ|IIQHWHGHU 'UDFKHVHLQ0DXOZLHGHU .DXPHLQHUZLUGHUPHVVHQN|QQHQZDVLFKLQGLHVHU 6LWXDWLRQDOOHVGXUFKPDFKWH(VZDUHLQJUDXHQKDIWHV*HIKO VRGLFKWDQGHU6FKZHOOHGHV7RGHV]XVWHKHQXQG]XZLVVHQ GDPDQRKQH&KDQFHZDU 'HU'UDFKHZDULPPHUVFKQHOOHUDOVLFKXQGVROOWHHVLKP JHOLQJHQPLFKDXFKQXUPLWHLQHP6FKODJVHLQHV6FKZDQ]HV ]XHUZLVFKHQEUDFKHUPLUVlPWOLFKH.QRFKHQ 0DQFKPDONRQQWHLFKLKQQLFKWPHKUNODUVHKHQ'DQQZDU 6FKZHLLQPHLQH$XJHQJHUDWHQXQGWUEWHPHLQHQ%OLFN .DOWXQGKHL]XJOHLFKNURFKHVPLUEHUGHQ5FNHQ0HLQ +HU]VFKOXJVFKQHOOHUGLH/XIWZDUNDXP]XDWPHQXQGDOV GHU'UDFKHSO|W]OLFKGHQKHLHQ'DPSIIDXFKHQGDXVVHLQHP 0DXOVWLHGDZXWHLFKGDGHU=HLWSXQNWPHLQHV7RGHVLQ XQPLWWHOEDUH1lKHJHUFNWZDU 8QGGDJHVFKDKHWZDVZDVLFKELVKHXWHQRFKQLFKWULFKWLJ EHJULIIHQKDEH

.DUDZXWHGDMHW]WDOOHVYRQLKUDEKLQJ1XUVLHGLH 6FK|QHDXVGHP7RWHQUHLFKNRQQWH-RKQ6LQFODLUHLQH *QDGHQIULVWYHUVFKDIIHQXQGLKQYLHOOHLFKWUHWWHQ 'HVKDOEKDWWHVLHDOOHLKUH.UlIWHJHVDPPHOWXQGVLHYROO HLQJHVHW]W $QGHUHKDWWHQNHLQH&KDQFH'LH&RQROO\V6LU-DPHV6XNR XQGDXFK0\[LQZDUHQQXU6WDWLVWHQ'HUNOHLQH0DJLHUKDWWH GDPDOV]ZDULQ$WODQWLVJHOHEWGRFKGDVWDQGHUDXIGHU DQGHUHQ6HLWH(UZDUGHU6FKZDU]HQ0DJLHYHUIDOOHQJHZH VHQKDWWHVLHVHOEVWHLQJHVHW]WXQGLQ.DUDGHU6FK|QHQDXV GHP7RWHQUHLFKHLQH*HJQHULQJHVHKHQ9RQGHU3\UDPLGH ZXWHHU]ZDUGRFKZLHGHUHQ0DJLHHLQ]XVHW]HQZDUNRQQ WHLKPQLHPDQGHUNOlUHQ .DUDVSUDFKZHLWHU +DWWHQLKUH:RUWHYRUKLQQRFKODXWGXUFKGLH6WLOOHJHNOXQ JHQVRZDUHQVLHMHW]WOHLVHUJHZRUGHQEHLQDKHIOVWHUQGXQG NDXPQRFK]XYHUVWHKHQ'LH+lQGHGLHGHQ6FKZHUWJULII KLHOWHQ]LWWHUWHQXQGPDQFKPDOZXUGHLKU.|SHUZLHYRQ )LHEHUVFKDXHUQJHVFKWWHOW %ODXOHXFKWHWHGLHVHOWVDPH3\UDPLGHGLHZLH*ODVDXVVDK XQGHVGRFKQLFKWZDU6LHPXWHVLFKDXVXQ]lKOLJHQEOlX OLFKVFKLPPHUQGHQ3DUWLNHOQ]XVDPPHQVHW]HQDXVHLQHU VLFKWEDUHQ/XIWVRGDHVLKUJHODQJEHUGHP'UHLHFNGDV 0XVWHU]XELOGHQ .HLQHUGHU=XVFKDXHUEHZHJWHVLFK6LHVWDQGHQGDZLH DQJHZXU]HOW6HOEVWGLH:|OILQGLHLQHLQLJHU(QWIHUQXQJDXI GHP%RGHQKRFNWHXQGGLH9RUGHUSIRWHQDXVJHVWUHFNWKDWWH UKUWHVLFKQLFKW 'DV/LFKWGHU3\UDPLGHZDUQLFKWVWDUN(VPDOWHDXFKNHLQ EODXHV'UHLHFNDXIGHQ5DVHQVRQGHUQEOLHELQQHUKDOEGHU )LJXUNRQ]HQWULHUW 'LHVHOWVDPH3\UDPLGHZDUQLFKWJUR1LFKWK|KHUDOV HLQHQ
6FKZHUWORV'HU*ULIIVFKLHQPLWLKUHQEHLGHQ+lQGHQYHU ZDFKVHQ]XVHLQXQGGLH6SLW]HODJDXIGHPEOXWJHWUlQNWHQ %ODWWPLWGHU=HLFKQXQJ 'DV%OXWHLQHV*HUHFKWHQ (VPXWHVHLQGHQQDXFKEHLGHU:HLHQ0DJLHZXUGHQ %HVFKZ|UXQJHQPLW+LOIHYRQ0HQVFKHQEOXWGXUFKJHIKUW 'HUURWH/HEHQVVDIWEHJDQQ]XNRFKHQ :HQLJVWHQVPXWHGLHVGHQDWHPORVGDVWHKHQGHQ =XVFKDXHUQVRYRUNRPPHQDOVYRQGHU)OVVLJNHLWKHUHLQ U|WOLFKVFKLPPHUQGHU'DPSIKRFKVWLHJXQGVLFKLQQHUKDOE GHU3\UDPLGHYHUWHLOWH (UZ|ONWHQDFKDOOHQ6HLWHQIDQGVHLQHQ3ODW]EHUDOOXQG EHZHJWHVLFKWUlJHEHUGLH*UXQGOLQLHGHUVHOWVDPHQ 3\UDPLGH (UYHUGHFNWHGLHJROGHQH6FKZHUWNOLQJHQDKPHLQHQ7HLO GHV)DUEWRQVGHU3\UDPLGHDQXQGDXVGHU0LVFKXQJ]ZL VFKHQ%ODXXQG5RWZXUGHHLQVHOWVDPHV*UQ .DUDKDWWHDXIJHK|UW]XVSUHFKHQDOVGDV%OXWGDPSIWH6LH ZDUQRFKPHKULQVLFK]XVDPPHQJHVXQNHQVRGDPDQGDV *HIKOKDEHQNRQQWHVLHZUGH.UDIWVDPPHOQ .UDIWZDUIUGDVZDVVLHYRUKDWWHELWWHUQ|WLJGHQQQXQ EHJDQQIUVLHGHUOHW]WHXQGZLFKWLJVWH7HLOGHU %HVFKZ|UXQJ+DWWHVLHELVKHULQHLQHUELVIU0\[LQXQYHU VWlQGOLFKHQ6SUDFKHJHUHGHWVRlQGHUWHVLFKGLHV $OOH]XFNWHQ]XVDPPHQDOVVLHGHQ1DPHQGHV0DQQHV K|UWHQXPGHQVLFKDOOHVGUHKWH ª-RKQ6LQFDLU© ª6LHUXIWLKQ© 'LHVH:RUWHVWLH6LU-DPHVDXV6HOEVWGHU6XSHULQWHQGHQW NRQQWHVHLQH(UUHJXQJQLFKWXQWHUGUFNHQ'LHVHOWVDPH 0DJLHGHVXQKHLPOLFKHQ$XJHQEOLFNVKLHOWLKQXPIDQJHQ ,KPHUJLQJHVHEHQVRZLHGHQDQGHUHQ$XFKVLHKDWWHQGHQ 1DPHQYHUQRPPHQXQGZDUWHWHQDXIHLQH5HDNWLRQ :UGHHV.DUDVFKDIIHQGHQ*HLVWHUMlJHU.UDIWGLHVHUDWODQ WLVFKHQ0DJLHDXVHLQHPIHUQHQ/DQG]XUFN]XKROHQ" (VZDUZLHHLQ6WURPVWRGHUGXUFKGLH.|USHUGHU

=XVFKDXHUIORXQGLKQHQNODUPDFKWHGDVLHKLHUHWZDV (LQPDOLJHVHUOHEWHQ ª-RKQ6LQFODLU© 6W|KQHQGGUDQJHQGLH:RUWHEHU.DUDV/LSSHQHLQ =HLFKHQZLHVHKUVLHOLWW $EHUHU]HLJWHVLFKQLFKW1XUGHU1HEHOZDOOWHLQQHUKDOE GHUEODXHQPDJLVFKDXIJHODGHQHQ3\UDPLGHGLHEHUGHP 5DVHQVFKZHEWH ª6LHVFKDIIWHVQLFKW©IOVWHUWH6KHLODXPGDQDFKLKUH +lQGH]X)lXVWHQ]XEDOOHQ6RKDUWGDGLH)LQJHUQlJHOLQ GDV)OHLVFKGHU%DOOHQVWDFKHQ %LOOGHUQHEHQVHLQHU)UDXVWDQGHUZLGHUWHQLFKWV$XV JURHQ$XJHQXQGPLWKDOERIIHQHP0XQGVFKDXWHHUGHQ ZHLWHUHQ(UHLJQLVVHQ]X 'DUHDJLHUWHGLH3\UDPLGH 6LHKDWWHQLHUXKLJJHVWDQGHQ1XQDEHUOLHIHLQJHZDOWLJHV =LWWHUQGXUFKGHQ.|USHU(VVFKLHQVRDOVZUGHGDV*HELOGH ]XVDPPHQEUHFKHQ=ZLVFKHQLKUXQGGHP6FKZHUWHQWVWDQ GHQJROGEODXH%OLW]HGLHLQGLH6HLWHQGHU3\UDPLGHKDFNWHQ :XUGHVLHMHW]W]HUULVVHQ" 1HLQVLHEOLHEJDQ]DEHUVLHZDUQLFKWPHKU]XKDOWHQ(LQ 3IHLIHQVFKZDQJEHUGHQ5DVHQKLQWHUGHP+DXVXQGZLH YRQHLQHUXQVLFKWEDUHQ+DQGJHVFKOHXGHUWIHJWHGLH 3\UDPLGHLQGHQQDFKWGXQNOHQ+LPPHOVRVFKQHOOGDGLH $XJHQGHU$QZHVHQGHQLKUNDXPIROJHQNRQQWHQ$OVEODXHU .RPHWVWLHVLHGHP+LPPHOHQWJHJHQWDXFKWHLQGLH 6FKZlU]HHLQXQGZXUGHYRQLKUYHUVFKOXQJHQ $OVOHW]WHVVLFKWEDUHV=HLFKHQEOLHEHLQEODXHU3XQNW ]XUFNGDQQZDUDXFKHUQLFKWPHKU]XVHKHQ .DUDGLH6FK|QHDXVGHP7RWHQUHLFKPXWHVLFKDXIGDV 6FKZHUWVWW]HQDOVVLHVLFKHUKRE'HU5HLKHQDFKVFKDXWHVLH LQGLH*HVLFKWHUGHU)UHXQGH 6LHVHOEVWZLUNWHEOHLFK:LHHLQH7RWH,KUH+DXWDQGHQ :DQJHQZDUHLQJHIDOOHQGLH.QRFKHQWUDWHQVSLW]KHUYRU XQGGLHGXQNOHQ$XJHQILHOHQLQGHP*HVLFKWQRFKPHKUDXI DOVHVRKQHKLQVFKRQGHU)DOOZDU

ª:DVLVWGHQQ"©IUDJWH6XNR .DUDKREGLHVFKPDOHQ6FKXOWHUQ,KUH$QWZRUWZDUNDXP ]XYHUVWHKHQXQGVLHGUHKWHGDVVFKPDOH*HVLFKWGHPQlFKW OLFKHQ+LPPHO]Xª-HW]WN|QQHQZLUQXUQRFKEHWHQ© $XIHLQPDOZDUGDVEODXH/LFKWGD ,FKZXWHQLFKWZRKHUHVJHNRPPHQZDUZHUHVLQGLHVH +|KOHHQWVDQGWKDWWH)UPLFKDOOHLQ]lKOWHGDHVYRUKDQ GHQZDUXQGPLFKSO|W]OLFKZLHHLQ0DQWHOXPJDE ,PVHOEHQ$XJHQEOLFNJULIIGHU'UDFKHDQ,FKPXHVVR HUNOlUHQGDVLFKGHU$QJULIIXQGGDV(UVFKHLQHQGHVEODXHQ /LFKWVSUDNWLVFKEHUVFKQLWWHQ (VNDP]XU.ROOLVLRQ $EHUPDOVHUOHEWHLFKHWZDV8QZDKUVFKHLQOLFKHV'HU 'UDFKHVRJHIlKUOLFKXQGJHZDOWLJHUDXFKZDUVFKDIIWHHV QLFKWGDVEHUPLUIOLUUHQGHEODXH/LFKW]XGXUFKEUHFKHQ(U KDWWHQLFKWVHLQHQJHZDOWLJHQ.|USHUJHJHQPLFKZXFKWHQ ZROOHQVRQGHUQYHUVXFKWHHVZLHVFKRQ]XYRUPLWVHLQHU JHIlKUOLFKHQ=XQJH 8QGGLHNODWVFKWHJHJHQGDV/LFKW ,FKK|UWHNHLQHQ$XIVFKODJ.HLQ7UHIIHUHUVFKWWHUWHGDV ZRULQLFKVWDQGGDIUDEHUVFKQHOOWHGLH=XQJHYRQHLQHU XQKHLPOLFKHQ.UDIWJHWULHEHQ]XUFNGUHKWHVLFKLQGHU/XIW ]XHLQHU6SLUDOHXQGYHUlQGHUWHLKUH)DUEH 2EZRKOGDVEODXH/LFKWPHLQHQ%OLFNZLQNHOHLQZHQLJYHU ]HUUWHEHPHUNWHLFKGLH9HUlQGHUXQJ'DV5RWGHU=XQJHYHU VFKZDQGHVZXUGHEODVVHUQDKPHLQHQVWXPSIHQ7RQDQGHU PHLQHU$QVLFKWQDFKGLH)DUEHHLQHVVFKPXW]LJHQ*UDXV KDWWH'DQQYHUVFKZDQGGLH=XQJHZLHHLQODQJHU/DSSHQLP 0DXOGHV8QJHKHXHUV 'HU5DFKHQNODSSWH]XZXUGHDEHUJOHLFKGDUDXIZLHGHU JH|IIQHW1HSUHQRZDUIVHLQHQPlFKWLJHQ6FKlGHOKLQXQG KHU,FKK|UWHNHLQHQ/DXWREZRKOGLHVHU.RSIPDOOLQNV GDQQUHFKWVDXIGHQ%RGHQSUDOOWH'DVEODXHVHOWVDPH/LFKW KLHOWDOOH*HUlXVFKHYRQPLUIHUQ

1XQNRQQWHLFKVHKHQ 8QGLFKHUNDQQWHVHKUGHXWOLFKGDVLFKGLH=XQJHGHU 'UDFKHQEHVWLHDXIO|VWH,QPHKUHUH7HLOHZXUGHVLH]HUULVVHQ XQGGDQDFKVSLHGDV8QWLHUGLHHLQ]HOQHQ6WFNHDXV ,FKVDKDXFKGHQ5DXFKDXVGHP0DXOTXHOOHQDEHULFK K|UWHQLFKWV'LHHUVFKUHFNHQGH/DXWORVLJNHLWGHU6]HQHWUDI PLFK]XWLHIVWXQGLFKPDFKWHPLUVHOWVDPHUZHLVHNHLQHUOHL *HGDQNHQGDUEHUGDLFKYLHOOHLFKWJHUHWWHWZDU 9LHOOHLFKW" -DGDVZDUGDVULFKWLJH:RUWGHQQQRFKODJDOOHVLQGHU 6FKZHEH 8QGLQGHU6FKZHEHEHIDQGDXFKLFKPLFK'DVVHOWVDPH EODXH/LFKWGDVPLFKXPIDQJHQKLHOWKREYRP%RGHQGHU +|KOHDEVRGDLFKLQGHU/XIWVFKZHEWH 'DQQEHIDQGLFKPLFKEHUGHP'UDFKHQ 1HSUHQRZDUQRFKLPPHUPLWVLFKVHOEVWEHVFKlIWLJW(U ZDUIVLFKYRQHLQHU6HLWHDXIGLHDQGHUHZROOWHHVQLFKWZDKU KDEHQGDVHLQH=XQJHKHUDXVJHULVVHQXQG]HUIHW]WZDU =XPHUVWHQPDOVDKLFKZLHHUVHLQHQJHZDOWLJHQ6FKZDQ] EHZHJHQNRQQWH:LHHLQP|UGHULVFKHU.UHLVHOZLVFKWHHU GLFKWEHUGHQ%RGHQKLHEJHJHQGLH:DQGXQGREZRKO LFKNHLQHQ/DXWYHUQDKPNRQQWHLFKVHKHQZLHGDV*H VWHLQHU]LWWHUWH 'HU0RQVWHUGUDFKHWREWH +HLHU$WHPGDPSIWHDXVVHLQHP0DXO,QJHZDOWLJHQ JUDXHQ:RONHQZDOOWHHUJHJHQGLH'HFNHZXUGHGRUWDXV HLQDQGHUJHIlFKHUWXQGWULHEDOOPlKOLFKGHP$XVJDQJHQWJH JHQ $XFK1HSUHQRKLHOWQLFKWVPHKULQGHU+|KOH(UEHZHJWH VLFKHEHQIDOOVLQ5LFKWXQJ$XVJDQJ'DEHLZlO]WHHUVHLQHQ VFKZHUHQVFKXSSLJHQ.|USHUYRUDQIROJWHVHLQHQKHLHQ $WHPZRONHQHUUHLFKWHVHLQ=LHOXQGTXHWVFKWHVLFKKLQGXUFK $XIGHP3ODWHDXEUHLWHWHHUVHLQHJHZDOWLJHQ)OJHODXV XQGVWLHJLQGLHJUDXH/XIW 1HSUHQRZDUJHIOFKWHW$EHULFKYHUVSUWHNHLQ*HIKO GHV7ULXPSKHVGHQQQRFKZXWHLFKQLFKWLQZDVLFKGDKLQ

HLQJHUDWHQZDU'HU%HJULIIYRPª5HJHQLQGLH7UDXIHJH UDWHQ©ILHOPLUHLQDEHUHWZDVZDUVLFKHU'DVEODXH/LFKW KDWWHQLFKWVPLWGHPXQKHLPOLFKHQ'UDFKHQ]XWXQ 'LHEHLGHQZDUHQZLH)HXHUXQG:DVVHUVLHVWLHHQVLFK JHJHQVHLWLJDE :LHZUGHHVZHLWHUJHKHQ" ,FKVHOEVWZXWHHVQLFKW(VZDUPLUQXUP|JOLFKPHLQH HLJHQH3RVLWLRQHLQ]XVFKlW]HQ=XZHOFKHU6HLWHKLQQHLJWH VLFKGLH:DDJH"3RVLWLYRGHUQHJDWLY" ,FKZDULQQHUKDOEHLQHVEODXHQ/LFKWVFKHLQVJHIDQJHQ GDUDQJDEHVQLFKWV]XUWWHOQ 'DLFKGHQ/LFKWVFKHLQQLFKWEHHLQIOXVVHQNRQQWHZDU HEHQIDOOVHLQH7DWVDFKH,P*HJHQWHLOHUNRQQWHPLFKGLULJLH UHQGDVKHLWHUWUDQVSRUWLHUWHPLFKGRUWKLQZRKLQHV ZROOWH 0RPHQWDQVFKZHEWHLFKEHUGHP%RGHQXQGEHZHJWH PLFKLQQHUKDOEGHVEODXHQ*HIlQJQLVVHVDXIHLQQHXHV=LHO ]X (VZDUGHU$OWDU (VJHOLQJWPLUVFKOHFKWPHLQH*HIKOH]XEHVFKUHLEHQ GHQQ]XZLGHUVSUFKOLFKWREWHQVLHLQPHLQHP,QQHUQ 'LHVHVODXWORVH*OHLWHQDXIGHQ$OWDU]XZRGDV%XFKGHU VLHEHQPDJLVFKHQ6LHJHOODJZDUHLQUHJHOUHFKWHV3KlQRPHQ 8QGGLH5HLVHPXWHPHLQHU$QVLFKWQDFKHLQHQ=ZHFN HUIOOHQ:DKUVFKHLQOLFKJLQJHVXPGDV%XFK ,FKZDUJHVSDQQWXQGDXFKZLHGHUVRZHLWDXIGHP'DPP GDLFKPLFKXPVFKDXHQNRQQWH(LQH$QDO\VHPHLQHUQlKH UHQ8PJHEXQJHUJDEVLFK]ZDQJVOlXILJ %HZHJHQNRQQWHLFKPLFK'LH$UPHGLH%HLQHDXFKGLH +lQGH +lQGH" 'LHhEHUUDVFKXQJWUDIPLFKIUHXGLJ'DPLWKDWWHLFKDXI NHLQHQ)DOOJHUHFKQHW 0HLQH+lQGHZDUHQIUHL 1LFKWVPHKUYRQ)HVVHOQ]XVHKHQ9HUVFKZXQGHQDXIJH O|VWZDUHQGLH6WULFNH

'DV%OXWUDXVFKWHLQPHLQHP.RSI(VZDUHLQ*HIKOGHU )UHXGHHLQHDQGHUH(UNOlUXQJZXWHLFKQLFKW'LHVHXQEH NDQQWH0DJLHKDWWHHVJHVFKDIIWGLH)HVVHOQ]XVSUHQJHQ 8QGGDV.UHX]KLHOWLFKLQGHU+DQG9RQREHQILHOPHLQ %OLFNDXIGDV.UX]LIL[(VKDWWHHEHQIDOOVVHLQHVLOEULJH)DUEH YHUlQGHUWXQGHLQHQOHLFKWEOlXOLFKHQ6FKHLQDQJHQRPPHQ (UVWMHW]WVWHOOWHLFKIHVWGDHVDQHLQLJHQ6WHOOHQDXIEOLW]WH 8QG]ZDUGRUWZREHUGHP$OSKDXQG2PHJD=HLFKHQGLH VHOWVDPHQ6FKULIW]JH]XOHVHQZDUHQ)HUQHULQGHPNDEED OLVWLVFKHQ.UHLVXQWHUKDOEGHV$OOVHKHQGHQ$XJHVXQGJDQ] REHQQHEHQGHP0IU0LFKDHOZRGLH$QIDQJVEXFKVWDEHQ PHLQHV1DPHQVHLQJUDYLHUWZRUGHQZDUHQ $EHUDXFKGDV0OHXFKWHWH6RJDUKHOOHUDOVGLHDQGHUHQ 6WHOOHQ'DVPXWHHWZDV]XEHGHXWHQKDEHQ ,FKVROOWHHVEDOGHUIDKUHQXQGHLQHQRFKJU|HUHhEHU UDVFKXQJHUOHEHQ$EHULFKP|FKWHODQJVDPXQGGHU5HLKH QDFKYRQGLHVHUVHOWVDPHQPDJLVFKHQ5HLVHHU]lKOHQ =XQlFKVWHLQPDOQlKHUWHQZLUXQVZHLWHUKLQGHP 6WHLQDOWDU,FKKDWWHDXIGLHVHU5HLVH=HLWPLUPHLQ*HIl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lXPOLFKDQJHRUGQHW 8QGLFKNDQQWHDXFKGHV5lWVHOV/|VXQJ,FKVWHFNWHLP ,QQHUQHLQHU3\UDPLGH 'DZXUGHPLUHLQLJHVNODU

(LQHQ0RPHQWVSlWHUHUVFKDXGHUWHLFKYRUPHLQHQHLJHQHQ *HGDQNHQXQGPHLQHU/DJHGHQQLFKDKQWHGDVLFKHWZDV XQKHLPOLFK*URHVXQG*HZDOWLJHVDQEDKQHQZUGHGDVLQ GHU3\UDPLGHVHLQHQ8UVSUXQJKDWWH 6LHVFKZLHJHQ .HLQHPZDUMHW]WQDFK5HGHQ]XPXWHGHQQ]XYLHOZDU JHVFKHKHQ,QGHQOHW]WHQ6HNXQGHQKDWWHQVLFKGLH(UHLJQLVVH EXFKVWlEOLFKEHUVFKODJHQ'LHYRQ.DUDDXIPDJLVFKH:HLVH EHVFKZRUHQH3\UDPLGHKDWWHGLHQRUPDOH'LPHQVLRQYHU ODVVHQ $XIGHP%RGHQODJQRFKGLHPLW%OXWJHWUlQNWH=HLFKQXQJ XQGDXFKGLH$EGUFNHZDUHQ]XVHKHQDQVRQVWHQQXU.DUD GLHVLFKDXVLKUHUNQLHQGHQ+DOWXQJYRU(UVFK|SIXQJNDXP HUKHEHQNRQQWHXQGQRFKLPPHUGDV6FKZHUWPLWGHUJROGH QHQ.OLQJHIHVWKLHOW )DVWJOHLFK]HLWLJVHW]WHQVLFK6XNRXQG0\[LQLQ%HZHJXQJ 6LHKDOIHQ.DUDGLHHLQHQDSDWKLVFKHQ(LQGUXFNPDFKWHXQG GHUHQ.RSILQGHQ1DFNHQJHNLSSWZDU'LH$XJHQKLHOWVLH KDOEJHVFKORVVHQGHU0XQGVWDQGRIIHQGLH/LSSHQIRUPWHQ GDV:RUW:DVVHU (VZXUGHDXFKYRQ%LOOYHUVWDQGHQ'HU5HSRUWHUOLHILQGLH .FKHVRVFKQHOOHUNRQQWH :lKUHQGGHVVHQVHW]WHQ6XNRXQG0\[LQGLHHUVFK|SIWH .DUDDXIHLQHLQGHU1lKHVWHKHQGH*DUWHQEDQN 1LHPDQGIUDJWHVLHREZRKOMHGHP]DKOUHLFKH)UDJHQDXI GHU6HHOHEUDQQWHQ6LHZROOWHQ.DUDHUVW]X.UlIWHQNRPPHQ ODVVHQGDQQZUGHVLHVLFKHUOLFKYRQDOOHLQEHULFKWHQ %LOOEUDFKWHGDV:DVVHU.DUDVDKHVVWUHFNWHGLH]LWWHUQGH +DQGDXVXQGNRQQWHGDV*ODVNDXPKDOWHQ0\[LQZDULKU EHKLOIOLFKGDV:DVVHU]XWULQNHQ 'LH6FK|QHDXVGHP7RWHQUHLFKQDKPGLH)OVVLJNHLWLQ NOHLQHQ6FKOXFNHQ]XVLFK,KUH$XJHQVFKDXWHQGDEHLEHU GHQ*ODVUDQGKLQZHJ'LH3XSLOOHQZDUHQVHOWVDPYHUGUHKW GLH%OLFNHLUJHQGZLHDEZHVHQG6LHOHHUWHGDV*ODVRKQHHV

]XPHUNHQXQGDXFKDOV0\[LQHVLKUDXVGHU+DQGQDKP UHDJLHUWHVLHQLFKW %LOOVWHOOWHHV]XU6HLWH 6XNRKROWHGDV6FKZHUWPLWGHUJROGHQHQ.OLQJH(UOHKQWH HVQHEHQ.DUDJHJHQGLH%DQN 'DQQZDUWHWHQVLHDXIHLQH(UNOlUXQJ 0\[LQIUDJWHª:LHJHKWHVGLU".DQQVWGXUHGHQ"© ª-DQDWUOLFK© ª+DW,KU=DXEHUJHNODSSW"©ZROOWH6LU-DPHVZLVVHQ$XFK HUVSUDFKPLWVDQIWHU6WLPPHHWZDV6HOWHQHVEHLLKP .DUDKREGLH6FKXOWHUQª,FKZHLHVQLFKW:DVMHW]W JHVFKLHKWNDQQLFKQLFKWPHKUVWHXHUQ© ª:LHVRQLFKW"© 'LH6FK|QHDXVGHP7RWHQUHLFKVFKDXWHGHQ6XSHULQWHQGHQW DQª,FKKDEHJHJHQGLH'UDFKHQPDJLHEHVFKZ|UHQZROOHQ (VLVWPLUDXFKJHOXQJHQDEHULFKNRQQWHQLFKWDKQHQGD GLH3\UDPLGHGHV:LVVHQVHQWVWHKHQZUGH© ª,VWGDVVRDXHUJHZ|KQOLFK"© .DUDQLFNWHVHKUHUQVWª'DVLVWHVLQGHU7DW'LH3\UDPLGH GHV:LVVHQVLVWLQ:LUNOLFKNHLWYLHOYLHOJU|HUJHZHVHQ6LH KDWVLFKKLHULQNOHLQHUHUNRQ]HQWULHUWHU)RUPJH]HLJWXQG GLH*HVFKLFKWHQVDJHQGDLQLKULPPHUHLQ*RWWZRKQW© 'DVZDUHQVFKZHUH:RUWHGLHGLH0HQVFKHQ]XVDPPHQ ]XFNHQOLHHQ6LHVFKDXWHQVLFKDQ.HLQHUZDJWHHLQHZHLWH UH)UDJH]XVWHOOHQELVVLFK%LOO&RQROO\HLQ+HU]IDWH ª.DQQVWGXXQVGDUEHU1lKHUHVVDJHQ.DUD"© ª1HLQHLJHQWOLFKQLFKW(VLVWVRXQZDKUVFKHLQOLFK'LH 3\UDPLGHGHV:LVVHQVGLHQXUGLHJURHQ0DJLHUEHVXFKHQ GXUIWHQPXYRQHLQHPJHZDOWLJHQ*HLVWHUVFKDIIHQZRUGHQ VHLQ(LQ:HVHQGDVJHQDX%HVFKHLGZHL© ª'HU6HKHU©VDJWH6XNRLQGLH6WLOOH .DUDQLFNWHKHIWLJª-DGDVLVWP|JOLFKREZRKOLFKZLUNOLFK QLFKWVEHKDXSWHQNDQQ©6LHVWULFK+DDUVWUlKQHQDXVLKUHU 6WLUQª(UZLUGDXFKGHU%HREDFKWHUJHQDQQWVRKHLWRGHU KLHHUEHLXQVDEHU*HQDXHVZHLLFKQLFKW,QGLH *HKHLPQLVVHKDWPLFKPHLQ9DWHUQLHULFKWLJHLQJHZHLKW,FK

KDEHLKQHLQSDDUPDOGDUXPJHEHWHQ,PPHUOHKQWHHUDE(U ZROOWHQLFKWGDLFKYRQ'LQJHQHUIXKUGLHVRJHZDOWLJVLQG GDPDQLKUH*U|HNDXPHUPHVVHQNDQQ© 6XNREOLHEEHLP7KHPDª:LUG-RKQGLH3\UDPLGHGHQQ VHKHQ"© ª,FKNDQQQLFKWMDXQGQLFKWQHLQVDJHQ1XUKRIIHQGDGLH 'UDFKHQEHVFKZ|UXQJGHQ:HJJHIXQGHQKDW(VLVWIUPLFK IDVWHLQNOHLQHV:XQGHUGDGLH3\UDPLGHEHUKDXSWHU VFKLHQ© ª:LHVR"©ZROOWH%LOOZLVVHQ ª*DQ]HLQIDFK6LHHUVFKHLQWQXUEHL9RUJlQJHQGLHOHEHQV HQWVFKHLGHQGXQGXQJHKHXHUZLFKWLJVLQG'DQQWDXFKWVLH DXIZLUVHKHQVLHXQGVLHIOLHJWDXFKLQHLQHDQGHUH 'LPHQVLRQGHQQGLH=HLWHQRGHU'LPHQVLRQHQVSLHOHQIU VLHNHLQH5ROOH6LHLVW]HLWORVVLHNDQQGLH=HLWHQGXUFK ZDQGHUQ© ª$XFKGLH=XNXQIW"© ª'DVZHLLFKQLFKW©.DUDVHQNWHGHQ.RSIª)UKHUKDEH LFKGLH3\UDPLGHGHV:LVVHQVLQ$WODQWLVJHVHKHQ© ª6DKVLHJOHLFKDXV"© %LOOKDWWHJHIUDJWXQG.DUDVFKWWHOWHGHQ.RSIª1HLQ JOHLFKVDKVLHQLFKWDXV0DQNRQQWHVLHPLWHLQHU3\UDPLGH YHUJOHLFKHQGLHZLUKHXWHQRFKLQbJ\SWHQILQGHQ© ª.DQQHVVHLQGDGLHbJ\SWHUGLH%DXZHLVHLKUHU 3\UDPLGHQYRQGHQ$WODQWHUQEHUQRPPHQKDEHQ"© .DUDOlFKHOWHIHLQª9RQGLHVHQ6SHNXODWLRQHQZHLLFK ZRKOVDJHDEHUQLFKWVGD]X© 6XNRVHW]WHVLFKLQ%HZHJXQJ(UWUDWGLFKWDQGDV%ODWW KHUDQGDVPLWVHLQHP%OXWJHWUlQNWZDU'HU/HEHQVVDIWKDWWH %ODVHQJHZRUIHQ(UZDUZDUPJHZRUGHQXQG]XP7HLOYHU GDPSIW:RGDV%OXWGLH=HLFKQXQJQLFKWYHUVFKPLHUWKDWWH ZDUHQQRFK$EELOGXQJHQ]XVHKHQ8PULVVHGHV(U]HQJHOV 0LFKDHOGHUPLWHLQHUJURHQ/DQ]HGHQ'UDFKHQW|WHW'HU 'UDFKHZDUV\PEROLVFKIUGHQ7HXIHOGDUJHVWHOOW8QGGLHVHU .DPSIYRPGHPMDYLHOH6FKULIWHQEHULFKWHQPXWHVLFK WDWVlFKOLFKLUJHQGZDQQLQJUDXHU9RU]HLWHLQPDO]XJHWUDJHQ

KDEHQ'HU(U]HQJHO0LFKDHOZDU6LHJHUJHEOLHEHQGDV*XWH KDWWHDOVRJHZRQQHQ:UGHHVKHXWHlKQOLFKYHUODXIHQ" .RQQWH-RKQGHQ.DPSIIUVLFKHQWVFKHLGHQ" 6XNRGDFKWHQDFK8QGZLHGHUNUHLVWHQVHLQH*HGDQNHQXP GLH*HVWDOWGHV(U]HQJHOV(LQH9HUELQGXQJ]X-RKQ6LQFODLUV .UHX]]X]LHKHQODJSUDNWLVFKDXIGHU+DQG(VNRQQWHP|J OLFKVHLQGDGHU(U]HQJHO0LFKDHOGHUMDXQWHUDQGHUHP DXFKGDV.UHX]PLWJHZHLKWKDWWHLQGHQ.DPSIHLQJULII *HZDJWH6SHNXODWLRQHQGLH6XNRGDWULHEDEHUZHQQHUGLH 6DFKODJHUHDOLVWLVFKEHWUDFKWHWHJDUQLFKWPDOYRQGHU+DQG ]XZHLVHQ $OOHVKDWWHMHGRFKNHLQHQ6LQQZHQQ-RKQ6LQFODLUQLFKW PHKUOHEWH6HLQHU$QVLFKWQDFKNRQQWHHUQXULQGHP/DQG VHLQGDVQLFKWH[LVWLHUHQGXUIWH,QHLQHUPHQVFKHQIHLQGOL FKHQ+|OOHDXVGHUQRFKQLHPDQGHPGLH)OXFKWJHOXQJHQ ZDU(UNRQQWHQXUKRIIHQGDGLH3\UDPLGHHVWDWVlFKOLFK VFKDIIWHXQGZHQQGDQQYHUGDQNWH-RKQ6LQFODLUGHU 6FK|QHQDXVGHP7RWHQUHLFKVHLQ/HEHQ +LQWHUVLFKYHUQDKPGHU,QVSHNWRU6FKULWWH$OVHUVLFK XPZDQGWHNDP.DUDDXILKQ]X ª:RUDQGHQNVWGX"©HUNXQGLJWHVLHVLFK 'HU&KLQHVHOlFKHOWHª2EDOOHVVR]XWUHIIHQZLUGZLHGX JHVDJWKDVW© ª'LH:HLFKHQVLQGJHVWHOOW© ª$EHUGHU=XJNDQQHQWJOHLVHQ© ª.DQQNDQQ©VDJWH.DUDª'DKDVWGXUHFKW(VJLEW]X YLHOH8QZlJEDUNHLWHQ,FKKDEHPHLQ%HVWHVJHJHEHQXQG YHUVXFKWGHQ'UDFKHQIOXFKGXUFKGLH3\UDPLGH]XEDQQHQ :HQQGLH3\UDPLGHGHV:LVVHQVRGHUGLHNRQ]HQWULHUWH)RUP GDYRQGLH%HVFKZ|UXQJDQJHQRPPHQKDWGDQQPWHVLH DXFK]X-RKQ6LQFODLUJHODQJHQ© ª+RIIHQWOLFK]XHLQHPOHEHQGHQ© ª'DVLVWGLH)UDJH© ª+DVWGXNHLQHQGLUHNWHQ.RQWDNW]X-RKQEHNRPPHQ",FK PHLQHGDVKlWWHP|JOLFKVHLQPVVHQ© ª:LHVR"©

6XNRGHXWHWHDXIGLH=HLFKQXQJª,FKGHQNHGDDQGHQ (U]HQJHO0LFKDHO(ULVWGDUDXIDEJHELOGHW$XFKGDV.UHX] GHV*HLVWHUMlJHUVLVWGXUFKGLHYLHU+DXSWHU]HQJHOJHZHLKW ZRUGHQ+lWWHXQWHU8PVWlQGHQQLFKWHLQHUYRQLKQHQHLQ JUHLIHQN|QQHQ"© ª,FKJODXEHQLFKWGHQQ-RKQZLUGGXUFKGLH3\UDPLGHGHV :LVVHQV+LOIHHUKDOWHQ© ª:HOFKH+LOIHNDQQGDVVHLQ"© ª(UZLUGZHQQGLH3\UDPLGHLKQXPIlQJWHWZDVY|OOLJ 1HXHVHUOHEHQ(WZDVGDVHUQRFKQLHLQVHLQHP/HEHQEHU KDXSWJHVHKHQKDWGHQQHVZLUGLKPJHOLQJHQGDV%XFK ]XOHVHQ© ª'XPHLQVWGDV%XFK"© ª*HQDXGDV'HU*HLVWHUMlJHU-RKQ6LQFODLUZLUGIUGLHVH =HLWLQGHUHUPLWGHU3\UDPLGH.RQWDNWKDWGLH6SUDFKHGHU DOWHQ$WODQWHUEHKHUUVFKHQ6HLQ*HLVWZLUGGXUFKGLH.UDIW GHU:HLHQ0DJLHJH|IIQHW(UNDQQSO|W]OLFKVHKHQXQG YHUVWHKHQ© ª8QGVHLQ.UHX]"© ª'DQQNDQQHUXQWHU8PVWlQGHQGLH*HKHLPQLVVHGHV .UX]LIL[HVEHJUHLIHQXQGGDV.UHX]ZLUGNHLQ5lWVHOPHKU IULKQVHLQ© 6XNRVWULFKVLFKEHUGLH6WLUQ(UPHUNWHGDHUVFKZLW]WH 'LHOHW]WHQ:RUWHGHU)UDXKDWWHQLKQKDUWJHWURIIHQ'DV JHVDPWH%LOGGDVVLHVLFKELVKHUJHPDFKWKDWWHQNRQQWHDXV GHQ)XJHQJHUDWHQXQGVLFK]XHLQHPQHXHQEHVVHUHQZLHGHU ]XVDPPHQIJHQ6LHVWDQGHQDQHLQHUKLVWRULVFKHQ:HQGHIU GDV6LQFODLU7HDPGDVVSUWHGHU&KLQHVHXQGGHVKDOEZDU HUDXFKVRHUUHJW .DUDKDWWHQLFKWVHKUOHLVHJHVSURFKHQVRGD%LOO&RQROO\ XQG6LU-DPHVGLH:RUWHYHUVWDQGHQ6LHNDPHQHEHQIDOOV]X .DUDXQG%LOOZlKUHQGVLFK0\[LQ]XUFNKLHOW 6LU-DPHVEHUQDKPGDV:RUWª.DQQPDQGDYRQDXVJHKHQ GDHVVWLPPWZDV6LHJHVDJWKDEHQ"© ª1DWUOLFKQLFKWKXQGHUWSUR]HQWLJDEHUVRN|QQWHHVDE ODXIHQZHQQDOOHVNODSSW©

ª8QGZDVNDQQGD]ZLVFKHQNRPPHQ"© ª'DVPWHQ6LHDXFKZLVVHQ6LU-DPHV'LHDQGHUH6HLWH VFKOlIWDXINHLQHQ)DOOYHUJHVVHQ6LHGDVQLH(VJLEWGDHLQL JHVHKUVWDUNH*HJHQNUlIWHEHLGHQHQHV-RKQ6LQFODLUVFKZHU IDOOHQZLUGVLH]XEHUZLQGHQ)DOOVHUHVEHUKDXSWVFKDIIW© ª.|QQHQ6LHQLFKWJHQDXHUZHUGHQ"©YHUODQJWH6LU-DPHV ª:HUVLQGGLHVH.UlIWH"© ª'DLVWHLQPDOGHU6SXN6HLQH0DFKWGDUIDXINHLQHQ)DOO XQWHUVFKlW]WZHUGHQ9HUJHVVHQ6LHQLHPDOVGDGDV/DQGLQ GHP-RKQ6LQFODLUJHIDQJHQJHKDOWHQZLUG]XVHLQHU'RPlQH JHK|UW'RUWKDWHU]XVDJHQGRUWNDQQHUVHLQHYROOH0DJLH DXVVSLHOHQXQGWURW]GHV6FKXW]HVGHU3\UDPLGHZLUGHVGHU *HLVWHUMlJHUVHKUVFKZHUKDEHQ© ª:DVN|QQHQZLUWXQ"© 'DOlFKHOWH.DUD$EHUHVZDUNHLQIURKHV/lFKHOQVRQGHUQ QXUHLQ9HU]LHKHQGHU0XQGZLQNHOª:LUN|QQHQYRUHUVWJDU QLFKWVWXQVRQGHUQQXUZDUWHQXQGKRIIHQ'HU.DPSIGHQ -RKQ6LQFODLUMHW]WYRUVLFKKDWGHQPXHUDOOHLQDXVIHFKWHQ *DQ]DOOHLQ© 8QGLFKZDUDOOHLQ 8QHQGOLFKDOOHLQVRJDU7URW]GHPIKOWHLFKPLFKJHERUJHQ 'LHVHVHOWVDPH3\UDPLGHJDEPLULUJHQGZLHHLQHQ6FKXW] HLQHJHZLVVH6LFKHUKHLWGLHLFKVRQ|WLJEUDXFKWHXPLQGHU IHLQGOLFKHQ5HJLRQEHUOHEHQ]XN|QQHQ 1RFKVFKZHEWHLFKEHUGHP%RGHQGHUXQKHLPOLFKHQ +|KOHDEHUPHLQH*HGDQNHQEHVFKlIWLJWHQVLFKQLFKWPLWGHU DXJHQEOLFNOLFKHQ6LWXDWLRQVLHNUHLVWHQEHUHLWVXPDQGHUH 'LQJHEHVRQGHUVDEHUXPHLQ7KHPD 8PGLH3\UDPLGH 3\UDPLGHQRGHU'UHLHFNHKDWWHQLQGHU0DJLHVFKRQLPPHU HLQHJURH5ROOHJHVSLHOW,FKP|FKWHVDJHQHLQHGHUZLFKWLJ VWHQEHUKDXSWGHQQGDV6\PEROGHV'UHLHFNVJDOWDOVKHLOLJ YRUDOOHQ'LQJHQLQGHU0\WKRORJLHGHV)HUQHQ2VWHQVXQG QRFKZHLWYRUGHU=HLWEHYRU3\WKDJRUDVGHUJURH

0DWKHPDWLNHUXQG3KLORVRSKVLFKGHVVHQDQJHQRPPHQ KDWWH%HLLKPZDUHVGDV6\PEROGHVELOGHQGHQ:HOWDOOVVSl WHUZXUGHHVQRFKPHKUP\VWLIL]LHUWXQGVSLHOWHDOV$PXOHWW XQG=DXEHUZHVHQHLQHQLFKWXQEHWUlFKWOLFKH5ROOH9RP 'UHLHFN]XU3\UDPLGHZDUHVQLFKWQXUPDWKHPDWLVFKHLQ .DW]HQVSUXQJVRQGHUQDXFKP\VWLVFKXQGLFKHULQQHUWH PLFKJHQDXDQGLHDOWHQ6FKULIWHQLQGHQHQ]XOHVHQVWDQG GDGLH3\UDPLGHQGHU:RKQRUWHLQHV*RWWHVVHLQVROOWHQ ,FKVWHFNWHLQHLQHUVROFKHQ3\UDPLGH:DUHVP|JOLFKGD VLFKLQGLHVHUZLH*ODVZLUNHQGHQ)LJXUGLH+HLPDWHLQHV *RWWHVEHIDQG" (LQ*HGDQNHGHUPLUGLH6FKDXHUEHUGHQ5FNHQWULHE GHQLFKDOOHUGLQJVQLFKWZHLWHUIRUWIKUWHGHQQGLH3\UDPLGH EUDFKWHPLFKVFKZHEHQGDXIGDVQHXH=LHO]X 'DVZDUGHU$OWDU 'RUWODJGDV%XFKª6LHEHQ6LHJHOGHU0DJLH©6LHEHQ VFKZDU]PDJLVFKH6LHJHOJHVFKULHEHQYRQHLQHP8Q EHNDQQWHQ1XUHLQHVZDUZHLPDJLVFKXQGGLHVHV6LHJHO EHVFKlIWLJWHVLFKPLWGHQ*HKHLPQLVVHQPHLQHV.UHX]HV 2IWKDWWHHVPLUJHKROIHQDEHULFKZXWHPDQFKPDOQLFKW ZLHVR,P=HQWUXPGHV6FKUHFNHQVDOV*HIDQJHQHUKDWWHLFK HLQHQHUVWHQNOHLQHQ(LQEOLFNLQGDVHUKDOWHQZDVGDV.UHX] DOOHVNRQQWH (VKDWWHHLQH9HUELQGXQJKHUJHVWHOOW]XGHP*HLVWGHV JURHQ6HKHUV1RVWUDGDPXVZREHLLFKPLFKPDQFKPDOIUDJ WHREHUPLWGHPJHKHLPQLVYROOHQ6HKHULGHQWLVFKZDU'DV DOOHVZROOWHLFKGDKLQJHVWHOOWODVVHQIUPLFK]lKOWHHUVWHLQ PDOQXUGDV%XFK hEHUGHP$OWDUNDPHQZLU]XU5XKH'LH3\UDPLGHVWDQG QLFKWY|OOLJVWLOOVLH]LWWHUWHQRFKXQGLFKNRQQWHYRQREHQ KHUDXIGDVVRZHUWYROOH%XFKVFKDXHQ 6LHEHQ6LHJHOGHU0DJLH :UGHLFKGDVZLFKWLJHYLHUWHEHUKDXSWOHVHQN|QQHQ" 8QGZLHNDPLFKDQGDV%XFKKHUDQ" =XPHUVWHQPDOEHZHJWHLFKPLFK,FKVWUHFNWHPHLQH+DQG DXVEFNWHPLFKGDEHL6RIRUWVSUWHLFK:LGHUVWDQG=ZDU

NHLQHQVHKUKDUWHQDEHULFKNDPQLFKWPHKUZHLWHU'LH 3\UDPLGHKLHOWPLFKHLQIDFK]XUFN 6HKUVHOWVDP (EHQVRVHOWVDPZLHGDVSO|W]OLFKH$XIWDXFKHQ:RKHUGLH 3\UDPLGHJHNRPPHQZDUGDVZXWHLFKQLFKW]XVDJHQ6LH SDWHEHUKDXSWQLFKWLQGLHVHVFKUHFNOLFKH:HOWZRGLH 6FKZDU]H0DJLH]X+DXVHZDU8QGGHQQRFKZDUVLHHUVFKLH QHQ'DEHLPXWHVLHVRVWDUNVHLQGDLKUGDV9RUKDQGHQVHLQ GHUDQGHUHQ0DJLHQLFKWVDXVPDFKWH ,FKJOLWWLQGLH7LHIH =XVDPPHQPLWGHU3\UDPLGHUXWVFKWHLFKQDFKXQWHQXQG QlKHUWHPLFKGHP$OWDUPLWGHPJHKHLPQLVYROOHQ%XFKGDU DXI-HW]WZDULFKJHVSDQQW=XGHPDKQWHLFKZDVXQWHU 8PVWlQGHQDXIPLFK]XNRPPHQZUGH8QGLFKKDWWHPLFK QLFKWJHWlXVFKWGHQQLPQlFKVWHQ$XJHQEOLFNVFKZHEWHQZLU DXIGHU$OWDUSODWWH 'HUEOlXOLFKH6FKHLQXPKOOWHVLHZLHHLQ0DQWHO6LHEOLHE DEHUPDOVVWHKHQXQGLFKVDKGLHVDOVHLQH$XIIRUGHUXQJDQ GDV%XFKDQPLFK]XQHKPHQ ,FKEFNWHPLFKVWUHFNWHGLH$UPHDXVXQGPHLQH)LQJHU HUIDWHQGDV%XFK'LHEHLGHQ+lOIWHQKLHOWLFKPLWEHLGHQ +lQGHQIHVWXQGQLHPDQGKLQGHUWHPLFKGDUDQGDV%XFKLQ GLH+|KH]XKHEHQ -HW]WKDWWHLFKHV]XUFN (LQNDXPEHVFKUHLEEDUHV*HIKOGXUFKSXOVWHPLFK'HU JHVDPWH)DOOKDWWHVLFKELVKHUXPGDV%XFKJHGUHKW 0HQVFKHQZDUHQJHVWRUEHQ'lPRQHQYHUQLFKWHWZRUGHQ (LQ=HLFKHQGDGLHVHV%XFKXQJHKHXHUYLHOZHUWVHLQ PXWH ,FKULFKWHWHPLFKZLHGHUDXI'DV%XFKODJGDEHLDXIPHL QHQ+DQGWHOOHUQ,FKNRQQWHKLQHLQVFKDXHQXQGVDKGLH6HLWH PLWGHPDEJHELOGHWHQ.UHX]YRUPLU(VZDUKDDUJHQDX JH]HLFKQHWZRUGHQ'DVNRQQWHLFKVHKUJXWYHUJOHLFKHQ GHQQLFKKLHOWPHLQHLJHQHV.UHX]LQGHU+DQGXQGOHJWHHV DXIGLH6HLWHGDQHEHQ -DGLHEHLGHQZDUHQLGHQWLVFK

1XUZDVQXW]WHHVPLU"'HQ7H[WGHV%XFKHVNRQQWHLFK OHLGHUQLFKWHQW]LIIHUQ ,FKVFKOXJWURW]GHPGLH6HLWHXPZRPLWGHU(UNOlUXQJGHV .UHX]HVEHJRQQHQZXUGH0HLQH%OLFNHIORJHQEHUGLH HUVWHQ%XFKVWDEHQ8QZLOONUOLFKEHZHJWHQVLFKPHLQH /LSSHQXQGLFKEHJDQQ]XIOVWHUQ ª8PGDV*HKHLPQLVGHV/LFKWVDXIVFKUHLEHQ]XN|QQHQ PXWHLFKGHP%|VHQ9RUVFKXEOHLVWHQ,FKKDEHGLHVHV%XFK GHUVLHEHQ6LHJHOGHVKDOEJHVFKULHEHQGDPLWLUJHQGZDQQ GHUMHQLJHNRPPHQZLUGGHUGHUZDKUH7UlJHUGHV.UHX]HV LVW1XUIULKQLVWGDV%XFKEHVWLPPWXQGDXFKGDVYLHUWH 6LHJHO'LHDQGHUHQEHVFKlIWLJHQVLFKPLWGHU6FKZDU]HQ 0DJLHPLW%HVFKZ|UXQJHQ© ,FKODVQLFKWPHKUZHLWHUOLHGLH+lQGHVLQNHQXQGKRE V\QFKURQGD]XGHQ.RSI .DOWXQGKHL]XUJOHLFKHQ=HLWUDQQHVPLUGHQ5FNHQ KLQDE:DVLFKGDSO|W]OLFKHUIDKUHQKDWWHZDUXQZDKU VFKHLQOLFK-HGHUNDQQVLFKYRUVWHOOHQZLHGXUFKHLQDQGHULFK ZDUGHQQDXIHLQPDONRQQWHLFKGLH6SUDFKHGHUDOWHQ $WODQWHUQLFKWQXUOHVHQVRQGHUQDXFKYHUVWHKHQ(VZUGH PLUJHOLQJHQGDVIUPLFKVRZLFKWLJHYLHUWH6LHJHO]XOHVHQ XQGGDPLWPHKUEHUGLH([LVWHQ]XQGGDV*HKHLPQLV PHLQHV.UHX]HV]XHUIDKUHQ 6KHLODKDWWH.DIIHHJHNRFKW'LH)UHXQGHKLHOWHQVLFKZHLWHU KLQLP*DUWHQGHU&RQROO\VDXI,QLKUH1lKHKDWWHVLFKQRFK MHPDQGJHVHOOW1DGLQHGLH:|OILQ 9RQ%LOOZXUGHVLHKLQXQGZLHGHUJHVWUHLFKHOWQXU6LU -DPHVEHWUDFKWHWHVLHPLWVNHSWLVFKHQ%OLFNHQ 1LHPDQGVSUDFKHVDXVRGHUZROOWHHV]XJHEHQGRFKMHGHQ EHVFKlIWLJWHGDVVHOEH3UREOHP 'LH6RUJHXP-RKQ6LQFODLU :UGHGHU*HLVWHUMlJHUYRQGLHVHU2G\VVHHMHPDOVZLHGHU ]XUFNNHKUHQRGHUIULPPHULQHLQHPGHUJHIlKUOLFKVWHQ XQGVFKOLPPVWHQ-HQVHLWVUHLFKHYHUVFKROOHQEOHLEHQ"

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lFKHOQ0HKUDOVHLQH*ULPDVVHEUDFKWHHU QLFKW]XVWDQGH ª:DVLVWORV"©IUDJWH6KHLOD ª'DVZROOWHLFKJHUDGHYRQGLUZLVVHQ© ª:HVKDOE"© ª:LOOVWGXQLFKWLQV%HWWJHKHQ"© 6KHLODVFKWWHOWHKHIWLJGHQ.RSIª,FKXQGLQV%HWW"© KDXFKWHVLHª8P+LPPHOVZLOOHQ%LOOMHW]WGRFKQLFKW:RHV XPDOOHVRGHUQLFKWVJHKW© ª:DUDXFKQXUVRGDKHUJHVDJW©'HU5HSRUWHUKREGLH7DVVH XQGWUDQNHLQHQ6FKOXFN ª:DVPHLQVWGX"2EZLUHVVFKDIIHQN|QQHQ"© %LOOVWHOOWHGLH7DVVH]XU6HLWHXQGKREGLH6FKXOWHUQª,FK ZHLHVQLFKW6KHLOD,FKZHLHVZLUNOLFKQLFKW(VZLUGYHU GDPPWVFKZHUVHLQ(UVHOEVWZLUGHVDXFKVFKZHUKDEHQ XQGZLUPHLQH/LHEHVLQGHEHQIDOOVQRFKQLFKWDXVGHP 6FKQHLGHU© ª:LHPHLQVWGXGDVGHQQ"© ª'HQNPDOGDUDQZHQGHU6SXNQRFK]XU6HLWHJHKDEWKDW 'DVZDUHQ/XSLQDXQG/DG\;.DQQVWGXGLUYRUVWHOOHQGD VLHLP+LQWHUJUXQGEOHLEHQXQGXQVHLQIDFKVFKDOWHQXQG

ZDOWHQODVVHQ"1HLQ6KHLODGLHKHFNHQVLFKHUOLFKHWZDVDXV© ª5HFKQHVWGXPLWHLQHPhEHUIDOO"©'LH6WLPPHGHUEORQ GHQ)UDXNODQJlQJVWOLFK ª:HQQGXGDVLPEHUWUDJHQHQ6LQQHPHLQVWKDVWGXUHFKW 1LFKWHLQhEHUIDOOQDFK$UWGHU+ROO\ZRRG*DQJVWHU6LH ZHUGHQVLFKLUJHQGHWZDVDQGHUHVHLQIDOOHQODVVHQGDYRQELQ LFKIHVWEHU]HXJW© 6KHLODVFKWWHOWHVLFK(LQ6FKDXHUZDULKUEHUGHQ5FNHQ JHODXIHQª'XNDQQVWHLQHP$QJVWPDFKHQ%LOO© ª,FKVHKHHLJHQWOLFKQXUGHQ7DWVDFKHQLQV$XJHXQGGLH VLQGQXQPDOVFKOLPPJHQXJ© ª7URW]GHPIUFKWHLFKPLFK© %LOOKREGLH6FKXOWHUQª9HUVXFKHQLFKWGDUDQ]XGHQNHQ© (LQ6FKDWWHQKXVFKWHKHUEHL(VZDU1DGLQH'LH:|OILQ GUlQJWHVLFKJHJHQ%LOOXQGEHJDQQ]XNQXUUHQ(VZDUHLQ OHLVHV*HUlXVFKGHQQRFKVHKUEHGURKOLFKVRGD6KHLODXQG %LOODXIKRUFKWHQ ª:DVKDWVLH"©IUDJWH6KHLOD %LOOZDULQGLH.QLHJHJDQJHQ0LWEHLGHQ+lQGHQZKOWH HULQGHP)HOOQDKHGHV.RSIHV(UVFKDXWH1DGLQHDQVDKGLH $XJHQGLHHLQPDOHLQHP0HQVFKHQJHK|UWKDWWHQXQGKRE GLH6FKXOWHUQª,FKNDQQHVGLUDXFKQLFKWVDJHQ6KHLOD© ª:HQQVLHQXUVSUHFKHQN|QQWH© ª'DVDJVWGXZDV©%LOO&RQROO\HUKREVLFKZLHGHU ª9LHOOHLFKWLVWHVGLHDOOJHPHLQH6LWXDWLRQGLHVLHVRUHDJLHUHQ OlW:LUN|QQHQVLHMDQLFKWDOVQRUPDOEH]HLFKQHQ'LH %HVFKZ|UXQJGLH$QUXIXQJGHU0DJLH1DGLQHLVWHEHQ VHQVLEOHU© ª2EVLFKLUJHQGHWZDVDQEDKQW"© ª'DVZHUGHQZLUVFKRQIUKJHQXJPHUNHQ©HUZLGHUWHGHU 5HSRUWHUª%HVWLPPWUHDJLHUHQ.DUDXQG0\[LQ© ª+RIIHQWOLFK©6KHLODGHXWHWH]XP+DXVª2ELFKQRFK HWZDV.DIIHHKROH"© ª.DQQQLFKWVFKDGHQ© ª,FKVFKDXHDXFKJOHLFK]HLWLJQDFK-RKQQ\© ª-DWXGDV1XUJXWGDGHU.OHLQHVRHLQHQIHVWHQ6FKODI

KDW:HQQHUDXFKQRFKPLWLQGHQ)DOOKLQHLQJH]RJHQZUGH ©%LOOYHUVWXPPWHXQGKREGLH6FKXOWHUQª,FKGDUIJDU QLFKWGDUEHUQDFKGHQNHQ©IJWHHUVROHLVHKLQ]XGDVHLQH )UDXHVQLFKWK|UHQNRQQWH 6LHKDWWHVLFKLQ]ZLVFKHQHQWIHUQWXQGJLQJDXIGDV+DXV ]XZlKUHQG%LOO]XHLQHUQHXHQ=LJDUHWWHJULII (UVFKDXWHLQGHQ*DUWHQXQGVDKGLHDQGHUHQEHLVDPPHQ VWHKHQ6LHVSUDFKHQPLWHLQDQGHU,KUH:RUWHZDUHQPHKUHLQ )OVWHUQ 'LH6LWXDWLRQZDUYHUIDKUHQ%LOOZXWHVHOEVWQLFKWZLHHU UHDJLHUHQVROOWH(UKlWWHVRJHUQHWZDVXQWHUQRPPHQDEHU LKPZDUHQGLH+lQGHJHEXQGHQ:HQQMHPDQGHWZDVHU UHLFKHQNRQQWHGDQQ.DUDGLH6FK|QHDXVGHP7RWHQ UHLFK$XFK0\[LQ]HLJWHVLFK]LHPOLFKKLOIORVWURW]VHLQHU LQ]ZLVFKHQ]XUFNJHZRQQHQHQ.UlIWH 6KHLODKDWWHGLH.FKHPLWWOHUZHLOHHUUHLFKWXQGVWHOOWHGLH .DIIHHPDVFKLQHDQ6LHVFKDXWHGXUFKGDV)HQVWHULQGHQ 9RUJDUWHQZRGLH/DPSHQQRFKLPPHUEUDQQWHQ'DGLH 0RUJHQVWXQGHQEHJDQQHQKDWWHQVLFKHUVWH1HEHOZRONHQ JHELOGHW6LHKLQJHQZLHJUDXHDXVHLQDQGHUJH]RJHQH :DWWHIORFNHQXPGLHKHOOHQ.XJHOQXQGYHUZDQGHOWHQVLHLQ PLOFKLJH*HELOGH 6KHLODVDK1DGLQHQLFKW6LHVSUWHQXUGDGLH:|OILQ DXIHLQPDOGDZDUVLFKJHJHQLKUH%HLQHSUHWHXQGOHLVH NQXUUWH 6KHLODEHXJWHVLFKQDFKXQWHQª:DVKDVWGXGHQQ"©IUDJWH VLHXQGVWUHLFKHOWHGDV7LHUª'XEUDXFKVWNHLQH$QJVW]X KDEHQ-RKQNRPPW]XUFN© 1DGLQHHQWZDQGVLFKGXUFKHLQHJHVFKLFNWH.|USHUGUHKXQJ GHP*ULIIGHU)UDX6LHOLHIDXIGLH.FKHQWU]XXQGZDU YHUVFKZXQGHQ :HQLJVSlWHUWUDI6KHLODGDV7LHULQGHP*DQJZLHGHUZR -RKQQ\V=LPPHUODJ ª*HKVWGXZHJ©ULHI6KHLODXQGGHXWHWH]XP$XVJDQJ6LH ZXWHJHQDXZHVKDOEVLHGDVWDW:HQQGLH:|OILQPLWLQV =LPPHUNDPGDQQVSUDQJVLHDXIGDV%HWWGHV.OHLQHQXQG

ZHFNWH-RKQQ\DXI(UZDUGDQQLPPHUVHKUTXHQJHOLJXQG QXUVFKZHU]XEHUXKLJHQ 1DGLQHJHKRUFKWHZLGHUVWUHEHQG'DVLHZHJJHVFKLFNW ZXUGHSDWHLKUEHUKDXSWQLFKWGRFK6KHLODZROOWHVLHDXI NHLQHQ)DOOLP=LPPHULKUHV6RKQVKDEHQ 6LHJLQJGLHOHW]WHQ6FKULWWHHUUHLFKWHGLH7UEOLHEHLQHQ 0RPHQWVWHKHQXQGGUFNWHGDQQEHKXWVDPGLH.OLQNHQDFK XQWHQ-RKQQ\VROOWHDXINHLQHQ)DOOZDFKZHUGHQ(UVFKOLHI PDQFKPDOVHKUXQUXKLJXQGVWUDPSHOWHLP6FKODIGHV|IWHUHQ VHLQH%HWWGHFNHZHJVRGD6KHLODLKQQDFKWVQRFKHLQPDO ]XGHFNWH ,P*DQJKDWWHVLHGDV/LFKWEUHQQHQODVVHQ$OVVLHGLH7U |IIQHWHEDKQWHVLFKGHUJHOEH6FKHLQHLQHQ:HJLQGDV =LPPHU(UILHODOOHUGLQJVQLFKWELVDQGDV%HWW'LHKHOOH 6FKQHLVHIDQG]XYRULKU(QGHXQG]ZDUDQGHU0DWWHGLHYRU GHP%HWWGHV.OHLQHQODJ 6KHLODV6FKDWWHQYHUGXQNHOWHGLHJHOEH/LFKWEDKQDOVVLH GHQ5DXPEHWUDW 1DFK]ZHL6FKULWWHQEOLHEVLHYHUZXQGHUWVWHKHQ-RKQQ\ KDWWHQLFKWJHVWUDPSHOWGLH%HWWGHFNHODJQRFKVRIHVWZLHDP $EHQGDOV6KHLODLKUHQ6RKQKLQJHOHJWKDWWH 0DQFKPDOJHVFKHKHQQRFK=HLFKHQXQG:XQGHUGDFKWH VLHEHXJWHVLFKYRUXQG]RJGLH'HFNHHLQZHQLJ]XU6HLWH XPQDFK-RKQQ\VFKDXHQ]XN|QQHQ 6KHLODZXQGHUWHVLFKGDGHU6WRII]XVDPPHQILHOREZRKO HUEHUGHP.|USHUODJ(LJHQWOLFKKlWWH6KHLOD:LGHUVWDQG ILQGHQPVVHQ'HQIDQGVLHDXFKDEHUHUIKOWHVLFKVHOWVDP DQ 6KHLODYHUKDUUWH ,KUHLJHQHV+HU]VFKOXJSO|W]OLFKREHQLP+DOV(LQSDDU PDOPXWHVLHVFKOXFNHQXPGDVZUJHQGH*HIKOLQGHU .HKOHORV]XZHUGHQ 6LHDKQWHHWZDVXQGVLHGDFKWHGDUEHUQDFKREVLHQLFKW LKUHQ0DQQKROHQVROOWH 1HLQQXUNHLQH=HLWYHUOLHUHQ 0LWHLQHPKHIWLJHQ5XFN]RJ6KHLODGLH'HFNH]XUFN

'LH)UDXJODXEWHZDKQVLQQLJ]XZHUGHQ2EZRKOGDV/LFKW GDV%HWWQLFKWHUUHLFKWHNRQQWHVLHLP'lPPHUVFKHLQGRFK HUNHQQHQZDVGDYRULKUODJ 1LFKW-RKQQ\&RQROO\VRQGHUQHLQEOHLFKHV6NHOHWW 6KHLODVWDQGNXU]YRUGHP'XUFKGUHKHQ'LH$XJHQKDWWHVLH VRZHLWDXIJHULVVHQGDVLHVFKRQYHUGUHKWZLUNWHQ(LQ XQVLFKWEDUHU5LQJKDWWHVLFKXPLKUH%UXVWJHOHJWXQGVFKQU WHLKUGLH/XIWDEGHQQVLHVFKDIIWHHVQLFKW$WHP]XKROHQ =XVFKUHFNOLFKZDUGDVZDVYRULKUODJ -RKQQ\LKU6RKQZDU]XHLQHP6NHOHWWJHZRUGHQ(VPXWH VLFKHLQIDFKXPLKQKDQGHOQGHQQGHU*U|HQDFKNRQQWHHV QXUHLQ.LQGVHLQ $QJVWVFKDXHUOLHIHQEHU6KHLODV5FNHQ6LH]LWWHUWH =ZLVFKHQGHQ/LSSHQELOGHWHVLFKHLQH+|KOHGRFKNHLQ 6FKUHLZROOWHGHQ0XQGYHUODVVHQ'LH)UDXZDUYRU (QWVHW]HQHUVWDUUW 1LHPDQGKDWWHGDV6FKUHFNOLFKHEHPHUNWGDVVLFKLQGLH VHP5DXPDEJHVSLHOWKDWWH1LFKWGLH(UZDFKVHQHQZDUHQ YRQGHQ'lPRQHQDQJHJULIIHQZRUGHQVRQGHUQHLQ]LJXQG DOOHLQHLQXQVFKXOGLJHV.LQG8QGVLHKDWWHQHLVNDOWUHDJLHUW *QDGHQORV]XJHVFKODJHQXPLKUHVFKUHFNOLFKH5DFKH]XYROO HQGHQ -HGHV0LWWHOZDULKQHQUHFKW9RUQLFKWVQDKPHQVLH 5FNVLFKW:HGHU)UDXHQQRFK.LQGHU]lKOWHQDOOHLQGHU (UIROJZDUIUGLH.UlIWHGHU6FKZDU]HQ0DJLHZLFKWLJ 'DVHUOHEWH6KHLODLQGLHVHQ$XJHQEOLFNHQEHVRQGHUVGHXW OLFKXQGVLHVSUWHZLHVLFKDOOPlKOLFKGHU6FKRFNGHV (QWVHW]HQVO|VWH(UPXWHVLFKHLQIDFKGXUFKHLQHQ6FKUHL /XIWYHUVFKDIIHQ 7LHIVDXJWHVLHQRFKHLQPDOGLH/XIWHLQZREHLHLQSIHLIHQ GHV*HUlXVFKHQWVWDQG 6KHLOD&RQROO\VDKQXUGDV6NHOHWWLP%HWWOLHJHQ6LHVFKDX WHQLFKWLQGHQDQGHUHQ7HLOGHV=LPPHUVZRVLFKGLH 'XQNHOKHLWEDOOWHXQGNHLQ/LFKWKLQGUDQJ'HVKDOEEHPHUN

WHVLHDXFKQLFKWGLHVFKPDOH*HVWDOWGLHVLFKGRUWDXVGHU )LQVWHUQLVODQJVDPKHUYRUVFKlOWH (VZDUHLQH)UDX 8QK|UEDUQl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lQJHQ 6HNXQGHQYHUVWULFKHQ 6KHLODZHKUWHVLFKQLFKW6LHKDWWHGLHhEHUUDVFKXQJHLQIDFK QRFKQLFKWEHUZXQGHQ 'DQQYHUQDKPVLHGDVOHLVHKlPLVFKH/DFKHQGLFKWDQ LKUHP2KUXQGHLQHQ*HGDQNHQEOLW]VSlWHUYHUQDKPVLHDXFK GLH]LVFKHQGH6WLPPH ª5KUGLFKQLFKW6KHLODVRQVWELVWGXYHUORUHQ© 6KHLOD&RQROO\HUOHEWHGLHGULWWHhEHUUDVFKXQJDQGLHVHP $EHQG 'LH6WLPPH ,KU,QQHUVWHVEHIDQGVLFKSO|W]OLFKLQHLQHPZLOGHQ$XIUXKU GHQQGLHMHQLJHGLHVLHIHVWKLHOWXQGDXFKJHVSURFKHQKDWWH NDQQWHVLHJHQDX (VZDU-DQH&ROOLQV

0HLQH+lQGH]LWWHUWHQ ,FKNRQQWHHVHLQIDFKQLFKWIDVVHQVRGLFKWYRUGHP=LHO]X VWHKHQ:LHODQJHKDWWHLFKGDUDXIJHKRIIWXQGGDYRQ JHWUlXPWHWZDVEHUPHLQ.UHX]]XHUIDKUHQGDV*HKHLPQLV NHQQHQ]XOHUQHQXQGMHW]WVROOWHHVDXIHLQPDONODSSHQ" 6RXUSO|W]OLFKXQGRKQHJURH9RUEHUHLWXQJV]HLW" )UPLFKZDUHVHLQXQZDKUVFKHLQOLFKHV*HIKOHWZDVY|O OLJDQGHUHVXQG1HXHV,FKPXWHDQPLFKKDOWHQXPGDV %XFKQHEVWPHLQHP.UHX]QLFKWIDOOHQ]XODVVHQ )DVWKDWWHLFKHLQZHQLJ$QJVWGDYRUZHLWHUKLQGHQDOWHQ 7H[W]XOHVHQ 8QGPDQOLHPLFKDXFKQLFKWGD]XNRPPHQ=ZDUJULIIHQ NHLQHILQVWHUHQ0lFKWHHLQDEHULFKVSUWHZLHVLFKLQQHUKDOE GHU3\UDPLGHHLQLJHVYHUlQGHUWH 8QGGDQQUHDJLHUWHGLHVHVVHOWVDPH)OXJZHVHQVRVFKQHOO GDLFKGHQhEHUEOLFNYHUORU,FKZXWHQLFKWZLHLFKDXVGHU +|KOHNDP(VZDUHQHLQ+DXFKHLQ6WUHLIHQHLQKXVFKHQGHU 6FKDWWHQGLHPLFKKLQHLQLQGDV/DQGNDWDSXOWLHUWHQZRLFK ZHLWHUIORJHLQHP+LPPHOHQWJHJHQGHUNHLQHUZDUXQG (LQGUFNHZDKUQDKPGLHPHLQ*HKLUQQLFKWIDVVHQNRQQWH ,FKVDKOHXFKWHQGH)DUEHQURWLHUHQGH6SHNWUHQ,QPHLQHP .RSIUDXVFKWHGDV%OXWVRVWDUNGDLFKGDV*HIKOKDWWH PHLQ6FKlGHOZUGHSODW]HQXQGLPQlFKVWHQ$XJHQEOLFN EHIDQGLFKPLFKJDQ]ZRDQGHUV (VJDENHLQHQ5XFNNHLQSO|W]OLFKHV6WHKHQEOHLEHQQXUHLQ VDQIWHV*OHLWHQXQGDOVLFKWLHI/XIWKROWHGDVWHOOWHLFKIHVW GDVLHDQGHUVVFKPHFNWHQLFKWPHKUVRZDUPXQGGUFNHQG ZDUVRQGHUQHLQZHQLJHUIULVFKHQG 6LHURFKVRJDUQDFK6DO]XQG0HHU(LQNKOHU:LQGIlFKHU WHPHLQVFKZHLQDVVHV*HVLFKW :RNDPGHU:LQGKHU",FKKREGLH6FKXOWHUQXQGGDFKWHDQ GLH3\UDPLGH6LHZDUYHUVFKZXQGHQ'LHVHVVHOWVDPHPDJL VFKH7UDQVSRUWPLWWHOKDWWHVLFKNXU]HUKDQGDXIJHO|VWXQG PLFKDOOHLQXQGVFKXW]ORVJHODVVHQ 1HLQQLFKWJDQ]VFKXW]ORV,FKEHVDQDFKZLHYRUPHLQ .UHX]GLH%HUHWWDXQGDXFKGDV%XFK

(VGDXHUWHVHLQH=HLWELVLFKPLFKJHIDQJHQKDWWHXQGPLW GHUQHXHQ/DJHHLQLJHUPDHQYHUWUDXWZDU:RXQGLQ ZHOFKHU=HLWLFKJHODQGHWZDUNRQQWHLFKQLFKWVDJHQQLFKW HLQPDODKQHQXQGGRFKJODXEWHLFKQLFKWGDUDQLQHLQHU IUHPGHQ'LPHQVLRQ]XVWHFNHQ,UJHQGZLHKDWWHLFKGDV *HIKODXIGHU(UGH]XVHLQ 'RUWZRLFKJHODQGHWZDUODJGDV0HHULQGHU1lKH:HQQ LFKQDFKYRUQEOLFNWHNRQQWHLFKHLQHQEODXHQ6WUHLIHQVHKHQ GHUIDVWPLWGHP+RUL]RQWYHUVFKPRO] 1LFKWZHLWGDYRUVDKLFKGDV*UQKRKHU%lXPH6LHHU LQQHUWHQPLFKDQ3DOPHQXQG$JDYHQ'LH%lXPHVWDQGHQVR GLFKWGDVLHHLQHQ:DOGELOGHWHQ 8QGGDQQK|UWHLFK6WLPPHQ 6LHNODQJHQGRUWDXIZRVLFKGHU:DOGEHIDQG(VZDUHLQ ODXWHV6FKUHLHQGD]ZLVFKHQK|UWHLFKHLQ.ODWVFKHQXQGLFK EHHLOWHPLFKVRUDVFKZLHP|JOLFKLQ'HFNXQJ]XJHKHQ 'DV*HOlQGHXPPLFKKHUXPZDUQLFKWIODFKVRQGHUQ HWZDVKJHOLJ6WDXELJH%RGHQSIODQ]HQXQGK|FKVWHQVNQLH KRKHV*HVWUSSELOGHWHQGLH9HJHWDWLRQ'LH(UGHZDUKDUW WURFNHQXQG]HLJWHHLQHQEUDXQJHOEHQ6FKLPPHU 1XUHLQLJH6FKULWWHHQWIHUQWVDKLFKHLQHQNOHLQHQ+DQJGHU LQHLQH5LQQHRGHULQHLQWURFNHQHV)OXEHWWIKUWH(VODJVR WLHIGDLFKPLFKGRUWYHUEHUJHQNRQQWHRKQHGDGLHDQGH UHQPLFKVDKHQGHQQVLHNDPHQLPPHUQlKHUXQGGLH 6WLPPHQZXUGHQODXWHU (VZXUGHK|FKVWH(LVHQEDKQ$OVRKXVFKWHLFKDXIGDV )OXEHWW]XGXFNWHPLFKDQGHVVHQWLHIVWHU6WHOOH]ZLVFKHQ GHQ6WHLQHQXQGZDUWHWH 'LH6RQQHVWDFKYRQHLQHPZRONHQORVHQKHOOEODXHQ +LPPHO6LHZDUHLQJOHLHQGHU%DOOZLHHLQHJHOEH.XJHO DQ]XVHKHQXQGLKUH6WUDKOHQEUDQQWHQLQPHLQHP1DFNHQ 'LH0HQVFKHQPXWHQGLFKWDQGHQ5lQGHUQGHV)OXEHWWHV HQWODQJODXIHQGHQQYRPVFKUlJHQ+DQJKHUUROOWHQNOHLQHUH 6WHLQHQDFKXQWHQXQGDXFK6WDXEZRONHQZDOOWHQPLUHQWJH JHQ 'DQQK|UWHLFKZLHGHUGLHW\SLVFKHQ*HUlXVFKH

(LQKDUWHVZLGHUOLFKHV.ODWVFKHQGDVHQWVWHKWZHQQ MHPDQGDXVJHSHLWVFKWZLUG1DFKMHGHP6FKODJHUNODQJHLQ 6W|KQHQGDVPLUGXUFK0DUNXQG%HLQVFKQLWW ,FKKlWWHOLHEHQGJHUQHLQJHJULIIHQDEHULFKZXWHQLFKW ZLHJURGLH$Q]DKOGHUPLUJHJHQEHUVWHKHQGHQ*HJQHU ZDU6REOLHELFKKRFNHQZDUWHWHDEXQGKRIIWHGDPDQ PLFKQLFKWHQWGHFNWH 'DVZHUWYROOH%XFKKDWWHLFKXQWHUGDV+HPGJHVFKREHQ 'HU+RVHQJUWHOVDVWUDPP6RZXUGHHVZHQLJVWHQVJHKDO WHQ$XFKGDV.UHX]ZDULQPHLQHU7DVFKHYHUVFKZXQGHQ 'DIUKDWWHLFKGLH%HUHWWDJH]RJHQ:HQQLFKDQJHJULIIHQ ZXUGHZROOWHLFKPLFKDXFKYHUWHLGLJHQN|QQHQ hEHUPLUZXUGHHLQ0HQVFKDXVJHSHLWVFKW6HLQH3HLQLJHU WULHEHQLKQYRUVLFKKHU,FKK|UWHGLH6FKULWWHXQGNHKOLJNOLQ JHQGH/DXWHGLHLFKQLFKWYHUVWDQG ,UJHQGZLHHULQQHUWHQVLHPLFKDQGLHKHEUlLVFKHRGHUDUDEL VFKH6SUDFKH6RZXUGHLP2ULHQWJHVSURFKHQ.RQQWHHV VHLQGDLFKPLFKLPRGHULQGHU1lKHGHV2ULHQWVEHIDQG" 'DPLWPXWHLFKUHFKQHQXQGLFKHULQQHUWHPLFKZLHGHUDQ GLH0DNNDElHU,Q.OHLQDVLHQVROOWHHLQ7HLOGHU6HNWHJHOHEW KDEHQ9LHOOHLFKWEHIDQGLFKPLFKGRUW 1XULQGHU9HUJDQJHQKHLW $OVLFKGDUDQGDFKWHGDUDQQPLUHLQ6FKDXHUEHUGHQ 5FNHQ$XVGHP/DQGGDVQLFKWVHLQGDUIZDULFKIRUWLQGLH 9HUJDQJHQKHLWNDWDSXOWLHUWZRUGHQ 0HLQH*WHGDMDJWHHLQ3KlQRPHQGDVDQGHUH 'LH6WLPPHQZDUHQOHLVHUJHZRUGHQGDVLFKGLH0HQVFKHQ YRQPLUHQWIHUQWHQ ,FKZDUIURKPLFKHQGOLFKEHZHJHQ]XN|QQHQRKQH *HIDKU]XODXIHQHQWGHFNW]XZHUGHQ$XVPHLQHUKRFNHQ GHQ+DOWXQJNDPLFKKRFKVWUHFNWHPHLQHQ.|USHUXQG VWW]WHPLFKPLWGHUOLQNHQ+DQGDXIGHPWURFNHQHQ%RGHQ DEZlKUHQGLFKVRGHQ+DQJKLQDXINOHWWHUWH 0DQFKPDOUXWVFKWHLFKDXVLPPHUGDQQZHQQLFKDXIGHQ 6WHLQHQHLQHQSURYLVRULVFKHQ+DOWIDQG6FKOLHOLFKEUDFKWH LFKDXFKGDVKLQWHUPLFKXQGKDWWHGLH6FKUlJHEHUZXQGHQ

9RQGHQ0HQVFKHQZDUQLFKWVPHKU]XVHKHQ,FKHUNDQQWH HLQHQVFKPDOHQ:HJPHKUHLQ7UDPSHOSIDGGHUYRQPLUDXV JHVHKHQQDFKOLQNVIKUWH1LFKWZHLWHQWIHUQWVFKOXJGHU 3IDGHLQHQ%RJHQXQGZDQGVLFKLQHLQHQKRKHQ )HOVHQZLUUZDUUKLQHLQ $XVGLHVHU*HJHQGYHUQDKPLFKGLH6WLPPHQ'LH)HOVHQ NDPHQPLU]XJXWH6LHJDEHQPLUJHQDXGLH'HFNXQJGLHLFK IUHLQH9HUIROJXQJEHQ|WLJWH %HYRULFKORVOLHIZDUILFKQRFKHLQHQ%OLFNEHUGLH6FKXOWHU QDFKKLQWHQ:HLWHUH%HZRKQHUGLHVHV/DQGHVHQWGHFNWHLFK QLFKW'HU:DOGODJZLHGHUUXKLJYRUPLU (VGDXHUWHQLFKWODQJHGDKDWWHLFKGLH)HOVHQHUUHLFKW6LH KDWWHQGLHJHOEEUDXQH)DUEHHLQHU:VWHQODQGVFKDIW'HU :LQGKDWWHVLH]XVDPPHQPLWGHP6DQGJODWWJHVFKOLIIHQ =ZLVFKHQGHQ)HOVHQZXUGHGHU:HJQRFKVFKPDOHUXQG DXFKNXUYLJHU,FKVDKGLH0lQQHUQLFKWDEHUHVKLQJQRFK GHU6WDXELQGHU/XIWGHUYRQLKUHQ)HQDXIJHZLUEHOW ZRUGHQZDU 0LUJHODQJHVPLFKVRZHLWYRU]XVFKLHEHQELVLFKHLQHQ JXWHQhEHUEOLFNKDWWH 6RIRUW]XFNWHLFKZLHGHU]XUFNGHQQHLQHUGHU.HUOH VFKDXWHJHQDXLQPHLQH5LFKWXQJ*HVHKHQKDWWHHUPLFK DOOHUGLQJVQLFKWGHQQHUUHDJLHUWHQLFKW 'HUNXU]H%OLFNKDWWHPLUJHUHLFKW 'HU:HJRGHU3IDGZDUDQVHLQHP(QGHDQJHODQJW(UPQ GHWHDXIHLQHQNOHLQHQ3ODW]]ZLVFKHQGHQKRKHQ)HOVHQ$Q HLQHU6HLWHZXUGHGHU3ODW]YRQ]DKOUHLFKHQ6WHLQHQEHJUHQ]W )DVWMHGHU6WHLQZDUXQJHIlKUVRJURZLHHLQ0HQVFKHQNRSI 'DV2SIHUKDWWHLFKDXFKJHVHKHQ =ZHL0lQQHUKDWWHQHVDQHLQHQDXVGHP%RGHQUDJHQGHQ +RO]SIDKOJHEXQGHQGHUWURW]GHULKQXPJHEHQGHQ)HOVHQVR IUHLVWDQGGDGLH6RQQHGHP%HGDXHUQVZHUWHQJHQDXLQV *HVLFKWNQDOOWH 'HU0DQQZDULQVHLQHU+DOWXQJ]XVDPPHQJHVXQNHQGHU 2EHUN|USHUNLSSWHQDFKYRUQXQGGHU.RSIPDFKWHGLHVH %HZHJXQJ]ZDQJVOlXILJPLW

'HU/HJLRQlUGHULQPHLQH5LFKWXQJJHVFKDXWKDWWHVWDQG GLFKWQHEHQGHP*HIHVVHOWHQ(UVFKLHQVRHWZDVZLHHLQ $QIKUHU]XVHLQGHQQHUWUXJHLQHQJOlQ]HQGHQ+HOPPLW HLQHP)HGHUEXVFK hEHUKDXSWDQLPLHUWHPLFKGLH.OHLGXQJGLHVHU0lQQHU ]XP1DFKGHQNHQ=XQlFKVWHLQPDOJLQJLFKGDYRQDXV HVPLW6ROGDWHQ]XWXQ]XKDEHQ,KUH%HLQHZDUHQQDFNW QXUXPGLH+IWHQWUXJHQVLHHLQNXU]HVURFNDUWLJHV .OHLGXQJVVWFN'LH2EHUN|USHUJOlQ]WHQVFKZHLQD'HU 6WDXEKDWWHVLFKDXIGLH+DXWJHVHW]WXQGELOGHWHHLQHNOHE ULJH6FKLFKW'LH+HOPHEHVWDQGHQDXV0HWDOOGLH)H VWHFNWHQLQJHVFKQUWHQ6DQGDOHQ 'HU$QIKUHUKLHOWHLQH3HLWVFKHLQGHU+DQG,FKKDWWHVRO FKH3HLWVFKHQVFKRQJHVHKHQ'HUODQJH5LHPHQEHVWDQGDXV %IIHOKDXWGHU6WLHOZDUNXU]KDQGOLFKXQGDXV+RO]JHIHU WLJW ,P*UWHOGHV0DQQHVVWHFNWHHLQ.XU]VFKZHUWZLHHVDXFK GLHDQGHUHQ/HJLRQlUHWUXJHQ ,FKEHJDQQ]XUHFKQHQ 'LH+HUUVFKDIW5RPVEHUGLHEHNDQQWHGDPDOLJH:HOW KDWWHDXFKPLW&KULVWL*HEXUWQLFKWQDFKJHODVVHQVLHZDU QRFK-DKUKXQGHUWHZHLWHUJHJDQJHQ8QGLUJHQGZDQQLQ GLHVHU=HLWQDFKGHPRIIL]LHOOHQ5HFKHQEHJLQQPXWHLFK PLFKEHILQGHQ (LQ3KlQRPHQ'RFKLFKKDWWHPLWWOHUZHLOHDXIJHK|UWPLFK ]XZXQGHUQ0LW0DJLHZDUHEHQIDVWDOOHVP|JOLFK 0HLQ%OLFNZHFKVHOWH(UNRQ]HQWULHUWHVLFKMHW]WDXIGHQDP 3IDKODQJHEXQGHQHQ*HIDQJHQHQ (VZDUHLQVFKRQDOWHU0DQQ6HLQ+DDUXPUDKPWHVFKORK ZHLGDVVFKPDOH*HVLFKW(UWUXJHLQVDFNlKQOLFKHV %HUJHZDQGGDVLQ]ZLVFKHQYRQ3HLWVFKHQKLHEHQ]HUIHW]W ZDUVRGDLFKGLHKHOOH+DXWPLWGHQODQJHQEOXWLJHQ 6WULHPHQVHKHQNRQQWH $XFKGDV*HVLFKWZDUQLFKWYHUVFKRQWJHEOLHEHQ'LH +XQGHV|KQHKDWWHQEHUDOOKLQJHVFKODJHQXQGNHLQH 5FNVLFKWJHQRPPHQ

%HZXWORVZDUGHU0DQQQLFKWGHQQLFKVDKZLHHUGHQ .RSIKRE6HLQHEOXWLJHQ/LSSHQZROOWHQ:RUWHIRUPHQ'HU $QIKUHUEHPHUNWHGLHVXQGVFKOXJLKPPLWGHUIODFKHQ +DQGLQV*HVLFKW'HU.RSISUDOOWH]XUFNXQGJHJHQGHQ 3IDKO'DQQVDJWHGHU0DQQHWZDVZDVLFKQLFKWYHUVWDQG VFKWWHOWHZLOGGHQ.RSIVWUHFNWHGHQ$UPDXVXQGJDEVHL QHQ/HXWHQHLQ=HLFKHQ 'LH0lQQHUEFNWHQVLFKZlKUHQGVLFKGHU$QIKUHU]X LKQHQJHVHOOWH ,FKKDWWHQXU$XJHQIUGLHYLHU/HJLRQlUHXQGVDKGD VLFKLKUH)LQJHUXPGLHDP%RGHQOLHJHQGHQ6WHLQHVFKORVVHQ 'DZXWHLFKZDVVLHYRUKDWWHQ 6LHZROOWHQGHQ*HSHLQLJWHQVWHLQLJHQ(LQHDOWH$UW +LQULFKWXQJZLHLFKVLHDXVGHU%LEHOKHUNDQQWH (LQZDKUOLFKJUDXVDPHU7RGXQGLFKVFKWWHOWHPLFKDOV LFKGDUDQGDFKWH $EHUQRFKZDUGHUDOWH0DQQQLFKWJHVWRUEHQ'DKDWWHLFK HEHQIDOOVHLQ:|UWFKHQPLW]XUHGHQ 'HUVFKDUIH%HIHKOGHV$QIKUHUV]HUVFKQLWWGLH6WLOOH'LH 0lQQHUKREHQLKUH$UPH,QGHQ+lQGHQODJHQGLH6WHLQH ,FKNRQQWHVLHJHQDXHUNHQQHQZHQQLFKPHLQHQ.RSIHLQ ZHQLJQDFKOLQNVGUHKWH 'DJULIILFKHLQ 6FKQHOOZLHHLQ*HGDQNHYHUOLHLFKPHLQH'HFNXQJDP )HOVHQVSUDQJ]ZLVFKHQGHQ*HIDQJHQHQXQGVHLQH+HQNHU XQGULHIPLWODXWHU6WLPPHª+DOWHWHLQ© ,FKJODXEWHQLFKWGDVLHPLFKYHUVWDQGHQKDWWHQDEHUGLH hEHUUDVFKXQJYHUEXFKWHLFKDXIPHLQHU6HLWH'LHIQI 0lQQHUZDUHQNRQVWHUQLHUW'LH$UPHEOLHEHQLQGHU+DOWXQJ VWHKHQDOVZUGHQVLHDQLUJHQGZHOFKHQ6HLOHQKlQJHQ6LH VDQNHQDXFKWURW]GHUVFKZHUHQ6WHLQHQLFKWQDFKXQWHQ )UHLQHQ0RPHQWKDWWHLFK$QJVWGDVLHLKUHhEHUUD VFKXQJVFKQHOOHUEHUZDQGHQDOVLFKDQQDKPXQGGLH6WHLQH DXIPLFKZDUIHQ'DVMHGRFKJHVFKDKQLFKW

=XGHPKlWWHLFKQLFKWJHW|WHWZHUGHQN|QQHQGDLFKQRFK LQGHUIHUQHQ=XNXQIWJHOHEWKDWWH 6LHEOLHEHQLQGHU+DOWXQJ (LQLJH=HLWYHUVWULFK1LHPDQGVSUDFKHWZDVQXUKLQWHUPLU YHUQDKPLFKGDV6W|KQHQGHV*HIHVVHOWHQ 'LHU|PLVFKHQ/HJLRQlUHZDUWHWHQDXIGHQ%HIHKOGHV $QIKUHUV6LHVHOEVWXQWHUQDKPHQQLFKWVVFKLHOWHQQXU]XU 6HLWHXPHUNHQQHQ]XN|QQHQZDVLKU&KHIZROOWH 'HUZXWHDXFKQLFKWZDVHUWXQVROOWH,P0RPHQWVFKDX WHHUGXPPDXVGHU:lVFKH0LWPLUNRQQWHHUQLFKWYLHO DQIDQJHQGDVZDUVHLQHP*HVLFKWGHXWOLFKDQ]XVHKHQ ª:HJPLWGHQ6WHLQHQ©,FK]LVFKWHLKQHQGHQ%HIHKO]X 2EZRKOVLHPHLQH6SUDFKHQLFKWYHUVWDQGHQKRIIWHLFKVHKU GDVLHEHJULIIHQZDVLFKZROOWH $EHUVLHEHKLHOWHQGLH6WHLQHREHQDXFKZHQQHVLKQHQ VFKZHUILHOZLHLFKDQGHQYHU]HUUWHQ*HVLFKWHUQDEODV 1XUGHU$QIKUHUUHDJLHUWH6HLQH+DQGILHOQDFKXQWHQ NODWVFKWHDXIGHQ:DIIHQJULIIXQGPLWHLQHUWDXVHQGPDO JHEWHQXQGJOHLWHQGHQ%HZHJXQJ]RJHUGDV6FKZHUWDXV GHUOHGHUQHQ6FKHLGH (VKDWWHHLQHNXU]H.OLQJHQLFKWHLQPDOGLH+lOIWHYRQGHU .DUDV$EHUZLHGHU7\SVHLQ6FKZHUWKLHOWGDVOLHDXIHLQHQ .|QQHUVFKOLHHQ $XVGHQ$XJHQZLQNHOQQDKPLFKZDKUGDGLH$UPHGHU YLHU0lQQHUQDFKXQWHQVDQNHQ'LH6WHLQHZDUHQLKQHQ LQ]ZLVFKHQ]XVFKZHUJHZRUGHQ 6LHEHUOLHHQGLH$NWLYLWlWHQMHW]WGHP$QIKUHUGHU 7UXSSH 8QGGHU0DQQNRQQWHVLFKEHZHJHQ(UJOLWWJHVFKPHLGLJ DXIPLFK]X'LH3HLWVFKHKDWWHHUQLFKWIDOOHQODVVHQQXU JHZHFKVHOW(UKLHOWVLHMHW]WLQGHUOLQNHQ+DQG 'DVVFKZHUH/HGHUULQJHOWHEHLMHGHP6FKULWWEHUGHQ %RGHQ:LHHLQH6FKODQJHNDPHVPLUYRUXQGHVNRQQWHYHU GDPPWJHIlKUOLFKZHUGHQGDVZDUVLFKHU 5HFKWVGDV6FKZHUWOLQNVGLH3HLWVFKH 8QGGDQQVFKOXJHU]X

$XIGDV6FKZHUWKDWWHLFKPLFKPHKUNRQ]HQWULHUW'DVZDU HLQ)HKOHU,FKKlWWHDXIGLH3HLWVFKHDFKWHQVROOHQ(WZD NQ|FKHOKRFKZLVFKWHVLHEHUGHQ%RGHQZLUEHOWH 6WDXEZRONHQLQGLH+|KH,FKVSUDQJ]XU6HLWHNDPMHGRFK QXUPLWGHPUHFKWHQ)XZHJ'HQOLQNHQNULHJWHGLH3HLWVFKH ]XSDFNHQ 8QGVLHULQJHOWHVLFKEOLW]VFKQHOOXPPHLQHQ.Q|FKHO(LQ EHLHQGHU6FKPHU]IUDVLFKLQGLH+DXW'HU6WRIIPHLQHV 6RFNHQVSODW]WHZHJDXFKGLH+DXWZXUGHDXIJHULVVHQXQG HLQHQ0RPHQWVSlWHUODJLFKLP6WDXE 'HU6FKUHLZDUODXWXQGXULJ'HU/HJLRQlUKDWWHLKQDXV JHVWRHQ(UUDQQWHDXIPLFK]XKDWWHGDV6FKZHUWJHGUHKW VRGDGLH6SLW]HQDFKXQWHQZLHVXPPHLQH%UXVWGXUFK ERKUHQ]XN|QQHQZHQQHUVLFKQDFKYRUQIDOOHQOLH 'DPLUGHUDXITXHOOHQGH6WDXEHLQHQ*URWHLOGHU6LFKW QDKPZXWHLFKQLFKWZLHZHLWVLFKPHLQ*HJQHUQRFKYRU PLUEHIDQG9LHOOHLFKWKlWWHLFKPLFK]XU6HLWHUROOHQN|QQHQ DEHULFKZROOWHVLFKHUJHKHQXQGGUFNWHDE 1RFKQLHLQLKUHP/HEHQKDWWHQGLHU|PLVFKHQ/HJLRQlUH HLQH3LVWROHJHVHKHQHLQVFKZDU]HV,QVWUXPHQWGDVLQGHU +DQGODJXQG9HUQLFKWXQJVSHLHQNRQQWH 'LH.XJHOVWRSSWHGHQ/DXIGHV0DQQHV 'HQ6FKODJK|UWHLFKQLFKWDOVVLHLQVHLQHQ.|USHUKLHE DEHULFKVDKGDGHU/DXIGHV0DQQHVXUSO|W]OLFKJHVWRSSW ZXUGH(UULGLH$UPHKRFK]RJPLFKGDEHLZHLOGLH 3HLWVFKHQRFKLPPHUXPPHLQHQ.Q|FKHOJHZLFNHOWZDUHLQ 6WFN]XU6HLWHXQGNUDFKWHHLQHQ$XJHQEOLFNVSlWHUDXIGHQ %RGHQ (UILHO]XHUVWDXIGLH6FKZHUWVSLW]HGLHGHP'UXFNQLFKW VWDQGKDOWHQNRQQWH]XU6HLWHZHJGUHKWHVRGDGHU0DQQ GLHVHU5LFKWXQJIROJHQPXWH $XIGHP%DXFKEOLHEHUOLHJHQ ,FKVHW]WHPLFKVRIRUWKLQEUDFKWHPHLQH%HUHWWDLQ $QVFKODJGRFKGLHYLHUEULJHQ/HJLRQlUHVWDQGHQQXUGD XQGVWDXQWHQZREHLVLHVLFKQLFKWHQWVFKHLGHQNRQQWHQRE VLHPLFKRGHULKUHQ$QIKUHUDQVFKDXHQVROOWHQ

0LWHLQHU+DQGO|VWHLFKGHQ3HLWVFKHQULHPHQYRQPHLQHP )XOLHI]XGHUDP%RGHQOLHJHQGHQ*HVWDOWXQGGUHKWHVLH DXIGHQ5FNHQ'HU0DQQZDUQRFKMXQJ(VKlWWHPLUOHLG JHWDQLKQW|GOLFKJHWURIIHQ]XKDEHQ (UOHEWH 0HLQH.XJHOZDU]XP*OFNQLFKWLQVHLQH%UXVWVRQGHUQ QXULQGLH6FKXOWHUJHGUXQJHQ:HQQGLH:XQGHEHKDQGHOW ZUGHGDQQNRQQWHHULQHLQLJHQ7DJHQZLHGHUDXIGHQ %HLQHQVHLQ 'LHDQGHUHQDQ]XVSUHFKHQKDWWHNHLQHQ=ZHFN'HVKDOE ZLQNWHLFKLKQHQ]X6LHYHUVWDQGHQGLH*HVWHXQGQlKHUWHQ VLFKODQJVDP'DV)LQJHUZLQNHQVFKLHQDXFKLP$OWHUWXP EHNDQQWJHZHVHQ]XVHLQ 1HEHQPLUEOLHEHQVLHVWHKHQ,KUH+DQGIOlFKHQZDUHQQRFK VFKPXW]LJYRP6WDXEGHU6WHLQH ª1HKPWLKQPLW©VDJWHLFKXQGXQWHUVWULFKPHLQHQ%HIHKO GXUFKGLHHQWVSUHFKHQGHQ*HVWHQ 6LHQLFNWHQXQGKREHQGHQ0DQQDXIGHULQGLHVHP $XJHQEOLFNDQILQJ]XVW|KQHQGDQDFKGLH$XJHQDXIVFKOXJ XQGPLFKPLWWUEHP%OLFNDQVFKDXWH ª'XKlWWHVWGLUHLQHQDQGHUHQDXVVXFKHQVROOHQ©VDJWHLFK ª,FKKRIIHGDVZLUGGLUHLQH/HKUHVHLQ© (UVDJWHHWZDV]XPLUZDVLFKQLFKWYHUVWDQG'DQQZXUGH HUYRQVHLQHQ/HXWHQZHJJHWUDJHQ ,FKZDUWHWHELVVLH]ZLVFKHQGHQ6WHLQHQYHUVFKZXQGHQ ZDUHQNOHWWHUWHDQVFKOLHHQGDXIGHQK|FKVWHQXQGVFKDXWH LKQHQQDFK 6LHJLQJHQWDWVlFKOLFKXQGNDPHQQLFKWDXIGHQ*HGDQNHQ LUJHQGZRLPYHUERUJHQHQ]XODXHUQXQGPLFKLQHLQH)DOOH ]XORFNHQ ,FKKROWHWLHI/XIW'DVZDUJHVFKDIIW'DQQGUHKWHLFKPLFK XPXQGJLQJ]XGHP0DQQKLQGHUJHIHVVHOWDP3IDKOKLQJ ,FKVFKQLWWLKQORV$XIUHFKWKDOWHQNRQQWHHUVLFKQLFKW(U ILHO]XVDPPHQ%HYRUHUDXIGHQ%RGHQVFKOXJILQJLFKLKQ DXI,FKVFKDXWHLQHLQEOHLFKHV]HUVFKODJHQZLUNHQGHV *HVLFKW3HLWVFKHQKLHEHKDWWHQGLH+DXWJH]HLFKQHW,QGHQ

)XUFKHQVDKLFKGHQJUDXHQ6WDXE'LHVHU0HQVFKPXWH IUFKWHUOLFKJHVFKODJHQZRUGHQVHLQXQGDOVVHLQH/LSSHQHLQ :RUWIRUPWHQK|UWHLFKJHQDXKLQ ª$TXD© (UKDWWH:DVVHUYHUODQJW $EHUZR",FKVFKDXWHLQGLH5XQGH]XFNWHPLWGHQ 6FKXOWHUQXQGGHU0DQQKREPKVDPVHLQHQ$UPZREHLHU KLQWHUHLQHQ)HOVHQGHXWHWH'RUWZUGHLFKGDV:DVVHUILQ GHQ ,FKOLHIKLQ(VJDE]ZDUNHLQH4XHOOHDXVGHUIULVFKHV :DVVHUVSUXGHOWHHLQ7PSHOZDUMHGRFKYRUKDQGHQ,QLKP VFKZDPPHLQHWUEH)OVVLJNHLW,FKVFK|SIWHEHLGH+lQGH YROO(LQ*HIlKDWWHLFKOHLGHUQLFKW'LH+lOIWHYHUORULFK XQWHUZHJVGHQ5HVWVFKOXFNWHGHU0DQQJLHULJ 8QGGDV:DVVHUWDWLKPJXW,FKVFKDXWH]XZLHHVLQGHQ 0XQGUDQQ6HLQH$XJHQZXUGHQNODUHUGHU%OLFNHUIDWH PLFKXQGLFKHUNDQQWHHLQHQVHOWVDPHQ*ODQ]LQVHLQHQ 3XSLOOHQ :DUHVGHUEHUQDWUOLFKH*ODQ]GHVKHUEHLHLOHQGHQ7RGHV" 1HLQGDVDXINHLQHQ)DOO'LHVHU0DQQEHVDQRFK /HEHQVNUDIWWURW]GHUVFKZHUHQ9HUOHW]XQJHQGLHLKPGHU 3HLWVFKHQULHPHQ]XJHIJWKDWWH(UULFKWHWHVLFKVRJDUDXI XQGVFKDXWHPLULQV*HVLFKW ª%LVWGXHV"©KDXFKWHHU ª:HU"© ª'HU0DQQIUGHQGDV.UHX]EHVWLPPWLVW© ,FKVFKOXFNWHVFKZHUXQGDQWZRUWHWHPLWKHLVHUHU6WLPPH ª-DGDVELQLFK© ª'DQQLVWHVJXW©(UOlFKHOWHSO|W]OLFKª,FKKDEHGHQ6RKQ GHV/LFKWVJHIXQGHQ© $OVHUGLHVH:RUWHVDJWHOLHIPLUHLQ6FKDXHUEHUGHQ 5FNHQ,FKYHUJDDOOHVYHUJDGLH=HLWLQGHULFKPLFK EHIDQGGLH*HIDKUXQGVDKQXUGHQDOWHQZHLKDDULJHQ 0DQQYRUPLU'DEHLVSUWHLFKGDLFKDP%HJLQQHLQHU JHZDOWLJHQ6WXQGHVWDQGYLHOOHLFKWHLQHU(SRFKHXQGVLFK PHLQ/HEHQlQGHUQN|QQWH

ª+DVWGXHVEHLGLU"© ,FKZXQGHUWHPLFKVFKRQNDXPGDUEHUGDLFKGHQDOWHQ 0DQQYHUVWHKHQNRQQWHXQGQLFNWH ª=HLJHV©KDXFKWHHU ª-DVLFKHU©,FKJULIILQGLH7DVFKHXQGKROWHGDV.UX]LIL[ KHUYRUª,VWHVGDV"© 'HUDOWH0DQQQLFNWHª.RPPPLWGHU+DQGHLQZHQLJ QlKHU©IOVWHUWHHU ,FKWDWLKPGHQ*HIDOOHQ ,QGLHVHP$XJHQEOLFNIOOWHQVLFKVHLQH$XJHQPLW7UlQHQ ª-HW]WNDQQLFKUXKLJVWHUEHQ©KDXFKWHHUPLWHLQHUNDXPYHU VWlQGOLFKHQ6WLPPHª,FKZHLGDGHU6RKQGHV/LFKWVGDV .UHX]QDFKVRYLHOHQ,UUZHJHQJHIXQGHQKDW© ª,FKELQZLUNOLFKGHU6RKQGHV/LFKWV"© ª-DGXELVWHV© ª$EHUZLHVR"©IUDJWHLFKª(VLVWVHOWVDP,FKKDEHGDV .UHX]VFKRQHLQLJH-DKUHDEHUHVLVWPLUQLHJHOXQJHQVHLQH *HKHLPQLVVH]XHQWUlWVHOQ:HVKDOEELQLFKGHU6RKQGHV /LFKWV"© ª-RKQ6LQFODLUVRKHLWGXGRFKQLFKW"© ª'DVVWLPPW© ª'DQQKDWWHGHU0DQQGHUGDV.UHX]KHUVWHOOWHGRFKUHFKW (UZDUHLQJURHU3URSKHWXQGHUVDKVHKUZHLWLQGLH=HLWHQ (UKDWDXFKGLFKJHVHKHQ-RKQ6LQFODLUXQGVHLQH 9RUDXVVDJXQJHQZHUGHQHLQWUHIIHQGHVVHQELQLFKPLU VLFKHU© ª:HULVWGHU0DQQ"© ª'XZLUVWLKQNHQQHQ-RKQ'XZLUVWYRQLKPJHK|UW KDEHQ6HLQ1DPHLVWQLHXQWHUJHJDQJHQGHQQVHLQ%XFKKDW LQPDQFKHU+LQVLFKWGHQ6FKOVVHO]XP9HUVWlQGQLVGHV $OWHQ7HVWDPHQWVJHOLHIHUW© ª%LWWHVDJPLUGHQ1DPHQ© ª.DQQVWGXLKQGLUQLFKWGHQNHQ-RKQ6LQFODLU"(VLVWPHLQ 6WDPPYDWHUHLQDOWHU+HEUlHUXQGHUKDWYRU+XQGHUWHQYRQ -DKUHQJHOHEWQRFKYRUGHU*HEXUWGHV*RWWHVVRKQHV6HLQ 1DPHODXWHW+HVHNLHO©

-DQH&ROOLQVZDUGD 6KHLODNRQQWHQLFKWVSUHFKHQGDLKUGLHHKHPDOLJH 'HWHNWLYLQGLH+DQGYRUGHQ0XQGKLHOWDEHUVLHKlWWHDXFK VRZLHVRQLFKWVJHVDJW'HU6FKUHFNZDULKUVRWLHILQGLH *OLHGHUJHIDKUHQGDHUVLHUHJHOUHFKWOlKPWH ª1XQPHLQHNOHLQH6KHLOD"©K|UWHVLHGLHDEHUPDOVJH]LVFK WHQ:RUWHDQLKUHP2KUª:LUVWGXVFK|QEUDYXQGUXKLJ VHLQ"© 6KHLODYHUVXFKWHHLQ1LFNHQ(VZXUGHQXUGLH$QGHXWXQJ HLQHU$QWZRUWGDUDXV -DQH&ROOLQVKDWWHLKUHOLQNH+DQGDXIGHQ0XQGGHU)UDX JHSUHW0LWGHUUHFKWHQKLHOWVLHGHQ.RSIIHVWXQGGUHKWHLKQ MHW]WLQGLH5LFKWXQJZRGDV%HWWVWDQG ª6LHKGLUGHLQHQ6RKQJXWDQRGHUYLHOPHKUGDVZDVYRQ LKPEULJJHEOLHEHQLVW6FKDXJHQDXKLQ0LWGLUZLUGGDV JOHLFKHJHVFKHKHQZHQQGXPLUQLFKWJHKRUFKVW© 6KHLODVFKQDXIWHGXUFKGLH1DVHGDQQVDFNWHVLHLP*ULII GHU+H[H]XVDPPHQXQGDOV-DQHVLHORVOLHZlUHVLHIDVW]X %RGHQJHIDOOHQDEHU6KHLODIDQGDP6FKUDQN+DOW )UVLHZDUHVWURW]GHPHLQ:XQGHUGDVLHDXIGHQ)HQ EOLHE,KUH%HLQHVSUWHVLHNDXP$POLHEVWHQZlUHVLHLP (UGERGHQYHUVXQNHQ2EZRKOVLHHVQLFKWZROOWHZXUGHLKU %OLFNZLHPDJLVFKYRQGHPLP%HWWOLHJHQGHQ6NHOHWWDQ JH]RJHQ 'LH'HFNHZDUELV]XU%UXVW]XUFNJHUXWVFKW'HU6FKlGHO XQGHLQ7HLOGHVNQ|FKHUQHQ%UXVWNRUEVODJHQIUHL'LHOHHUHQ $XJHQK|KOHQHULQQHUWHQDQGVWHUH/|FKHUXQG6KHLOD ZXUGHHUVWDOOPlKOLFKEHZXWGDGLHVLKU6RKQVHLQVROOWH GHUGDDOV6NHOHWWODJ ,KUH*HGDQNHQZXUGHQGXUFKHLQH%HUKUXQJDEUXSW XQWHUEURFKHQ6LHVSUWHVLHUHFKWVXQGOLQNVDXILKUHQEHLGHQ 6FKXOWHUQVFKLHOWH]XGHUHLQHQ6HLWHXQGVDKGLH+lQGHGHU +H[H-DQH&ROOLQV'LH)LQJHUQlJHOJOlQ]WHQGDEHLGXQNHODOV ZlUHQVLHPLWVFKZDU]HP/DFNEHUSLQVHOWZRUGHQ :DKUVFKHLQOLFKWUDIGLHVDXFK]X(VZDUMHGRFKQXUHLQH 5DQGHUVFKHLQXQJGLH6KHLODZDKUQDKP

ª*LEDFKWNOHLQH6KHLOD©K|UWHVLH-DQHV6WLPPHª*LE JHQDXDFKWZDVLFKMHW]WPDFKH© $OOHVJLQJVHKUVFKQHOO6KHLODZXUGHEHUUDVFKW6LHJODXE WHDEHUGLH)LQJHUVSLW]HQNQLVWHUQ]XK|UHQXQGLPQlFKVWHQ $XJHQEOLFNODJQLFKWPHKUGDV6NHOHWWLP.LQGHUEHWW VRQGHUQGHUNOHLQH-RKQQ\ 8QGHUVFKOLHI 'DVZDUNHLQH7lXVFKXQJ6KHLODVDKWDWVlFKOLFKLKUHQ NOHLQHQ6RKQ'LH$XJHQKLHOWHUJHVFKORVVHQVHLQ0XQGZDU OHLFKWJH|IIQHWGDV*HVLFKWZDUHQWVSDQQW $XIDWPHQNRQQWH6KHLODDOOHUGLQJVQLFKWREZRKOVLHHLQH JHZLVVH(UOHLFKWHUXQJVSUWH,QLKUHP.RSINUHLVHOWHQGLH *HGDQNHQXQG9HUPXWXQJHQ+DWWHVLHVLFKGDV6NHOHWW YRUKLQQXUHLQJHELOGHWZDUHQLKUH1HUYHQVFKRQVREHU VWUDSD]LHUWXQGH[LVWLHUWHGLHVH-DQH&ROOLQVYLHOOHLFKWDXFK QLFKWLQ:LUNOLFKNHLW" 'RFKGDZDUHQGLH+lQGHGLHUHFKWVXQGOLQNVEHULKUH :DQJHQKLQDXVUDJWHQXQGDXFKGLHDQVFKZDU]H3HUOHQHU LQQHUQGHQGXQNOHQ)LQJHUQlJHO 1HLQHLQHQ7UDXPKDWWHVLHQLFKWHUOHEWREZRKOGDVVLFKHU OLFKEHVVHUJHZHVHQZlUH ª6LHKVWGXLKQ"© 6KHLODIDQGQLFKWGLH.UDIWDXIGLHVH)UDJHHLQH$QWZRUW]X JHEHQ6LHNRQQWHQLFKWHLQPDOQLFNHQ -DQH&ROOLQVODFKWHOHLVHª,FKNDQQPLUYRUVWHOOHQZLHHVLQ GLUDXVVLHKWDEHULFKZROOWHGLUEHZHLVHQZLHKLOIORVGXOHW] WHQ(QGHVGRFKELVW'HLQ6RKQNDQQPLUJHK|UHQZHQQLFK HVZLOO+|UVWGX"(UNDQQPLUJHK|UHQXQGELVMHW]WKDEHLFK GLUQXUHWZDVYRUJHKH[WZLHPDQVRVFK|QVDJW© ª:LHZLHVR"© ª6WHOOGLFKQLFKWVRGXPPDQ'HLQ6RKQOHEWGDV6NHOHWW ZDUQXUIUGLFK]XVHKHQ,FKKDEHHVDXIPDJLVFKH:HLVH HQWVWHKHQODVVHQGHQQPDQKDWPLUGLH+H[HUHLEHLJHEUDFKW :LNNDLVWHLQHDXVJH]HLFKQHWH/HKUHULQXQGLFKZDUHLQH JXWH6FKOHULQ6RNRQQWHHVQLFKWDXVEOHLEHQGDLFKVFKRQ VHKUEDOGGLHPDJLVFKH+H[HQNXQVWYRQLKUOHUQWH,FKVDJH

GLUGDVGDPLWGXJHZDUQWELVWXQGQLFKWGDUDQGHQNVWDXFK QXULUJHQGZHOFKH'XPPKHLWHQ]XYHUVXFKHQ+|UVWGX"© ª,FKKDEHYHUVWDQGHQ© 6KHLODZDUQDFKGHQ:RUWHQGHUHKHPDOLJHQ'HWHNWLYLQ ZLHGHUDXIGHQ%RGHQGHU7DWVDFKHQ]XUFNJHNHKUW6LHIDQG VLFKPLWGHU/DJHDEXQGVXFKWHILHEHUKDIWQDFKHLQHP $XVZHJ :lUHVLHDOOHLQJHZHVHQVRKlWWHVLHYLHOOHLFKWPHKU$QJVW JHKDEW$EHUQXUHLQLJH6FKULWWHHQWIHUQWLP*DUWHQGD ZDUWHWHQGLH)UHXQGH0RFKWH-DQH&ROOLQVQRFKVRJURH PDJLVFKH)lKLJNHLWHQEHVLW]HQJHJHQGLHDQGHUHQNDP VLHQLFKWDQ=XGHPPXWHVLHZLVVHQGDVLFK-DQHQLFKW DOOHLQLP+DXVEHIDQG :DVKDWWHVLHYRU" =XQlFKVWHLQPDOYHUVFKZDQGHQLKUH+lQGHDXV6KHLODV *HVLFKWVNUHLVDOV-DQHGLH$UPH]XUFN]RJ'LH7UZDUQRFK LPPHUQLFKWJHVFKORVVHQVRGDHLQEUHLWHU6WUHLIHQ/LFKW ZHLWHUKLQLQGDV=LPPHUILHOXQG6KHLODHWZDVHUNHQQHQ NRQQWH ª'UHKGLFKXP© 'DUDXIKDWWHGLH)UDXGHV5HSRUWHUVJHZDUWHW6LHEHZHJWH LKUHQ.|USHUVRGDVLH-DQH&ROOLQVGLUHNWLQV*HVLFKW EOLFNHQNRQQWH +DWWHVLHELVKHUQRFKOHLVH=ZHLIHODQGHU([LVWHQ]GHUHKH PDOLJHQ'HWHNWLYLQJHKDEWVRZXUGHVLHQXQHLQHV%HVVHUHQ EHOHKUW'LH)UDXYRULKUZDUWDWVlFKOLFK-DQH&ROOLQV +DWWHVLHVLFKYHUlQGHUW" ,QGLHVHP/LFKWZDUHVNDXP]XHUNHQQHQ6KHLODJODXEWH MHGRFKGD-DQHV*HVLFKWDQGHUH=JHDQJHQRPPHQKDWWH (VZLUNWHYHUELVVHQHUDOVIUKHUNlOWHUDEJHEUKWHU %HVRQGHUVILHOGLHVEHLGHQ$XJHQDXI-DQHV%OLFN]HLJWHHLQH JHZLVVH*QDGHQORVLJNHLWXQGVLHEHZLHVGDPLWGDVLHNHLQ (UEDUPHQPHKUNDQQWH6LHZDUY|OOLJLQ:LNNDV+H[HQ]LUNHO LQWHJULHUW (LQHVFKOLPPHJUDXVDPH6DFKH6KHLODKDWWHQLFKWGLUHNW PLWHUOHEWZLHGDV9HUKlQJQLVGDPDOVEHU-DQH&ROOLQVKHU

HLQJHEURFKHQZDUDEHUVLHHULQQHUWHVLFKQRFKGHXWOLFKDQ -RKQ6LQFODLUV5HDNWLRQHQ(UZDUWDJHODQJY|OOLJGRZQXQG IHUWLJJHZHVHQXQGZHQQPDQLKQDXI-DQH&ROOLQVDQVSUDFK UHDJLHUWHHUQXUEDUVFKXQGDEZHLVHQGZHLOHUEHUGLHVHV 7KHPDQLFKWVPHKUZLVVHQZROOWH,UJHQGZLHKDWWHVLFK-RKQ VRJDUVHOEVWGLH6FKXOGDQGHU9HUZDQGOXQJGHUHKHPDOLJHQ 'HWHNWLYLQJHJHEHQGHQQHUKDWWHGLH*HOHJHQKHLWJHKDEW GHQ5LSSHU]XEDQQHQ1XUZLHKDWWHHUGDVHUUHLFKHQ VROOHQ" $OOGLHVVWLHJLQ6KHLODZLHGHUKRFKDOVVLHDXI6FKULWWOlQJH HQWIHUQWYRU-DQH&ROOLQVVWDQGXQGGLHVHULQV*HVLFKWVFKDX WH'LHHKHPDOLJH'HWHNWLYLQ]HLJWHVLFKDXFKYRQGHU .OHLGXQJKHUYHUlQGHUW6LHWUXJQLFKWPHKUGLHPRGHUQHQ VFKLFNHQ6DFKHQVRQGHUQHLQHQGXQNOHQ$Q]XJGHUEHLGHQ KHUUVFKHQGHQ/LFKWYHUKlOWQLVVHQIU6KHLODLQGHU)DUEH XQEHVWLPPEDUZDU(UNRQQWHVFKZDU]EUDXQEODXRGHU DXFKYLROHWWVHLQ6LHZXWHHVQLFKWJHQDX ª+DVWGXJHQXJJHVHKHQ"©IUDJWH-DQH ª-DGDVKDEHLFK©6KHLODKDWWHVLFKZLHGHUHLQZHQLJJH IDQJHQ6LHZDUIPLWHLQHU.RSIEHZHJXQJLKUHODQJHQ +DDUH]XUFNXQGVDPPHOWHLQGHU=HLWGLH:RUWHIUGLH QlFKVWHQ)UDJHQ ª:DVZLOOVWGX-DQH":HVKDOEELVWGXJHNRPPHQ":HQQ GXZLHGHU]XXQV]XUFNZLOOVW© (LQJOXFNVHQGHVIDVWODXWORVHV/DFKHQXQWHUEUDFK6KHLOD ª=XUFNNOHLQH6KHLOD"1LHPDOV:RKLQVROOLFKGHQQ]XUFN NHKUHQ"=XGLHVHPYHUGDPPWHQ-RKQ6LQFODLU"1HLQLFKKDEH DQGHUH$XIJDEHQGLHPLU:LNNDJHVWHOOWKDWXQGLFKZHUGH GLH$XIJDEHQVRLFKNDQQHUIOOHQ1LHPDQGZLUGPLFK GDUDQKLQGHUQ:HUHVYHUVXFKWGHUVWLUEW© 6KHLOD&RQROO\HUVFKUDNEHUGLH:RUWH1HLQGDVZDUQLFKW PHKUGLHDOWH-DQH&ROOLQVYRQIUKHU$XVLKUVSUDFKHLQH DQGHUH'DV%|VHKDWWHYRQLKU%HVLW]HUJULIIHQXQG6KHLODV NOHLQH+RIIQXQJVFKPRO]DOOPlKOLFKGDKLQ$XFKVLHPXWH VLFKZLH-RKQ6LQFODLUGDPLWDEILQGHQGD-DQHQLFKWPHKU GD]XJHK|UWH

'DVDQGHUHZDUYHUJHVVHQYRUEHLQXUQRFK6FKQHHYRQ JHVWHUQ6KHLODZDUODQJHJHQXJPLW%LOO&RQROO\]XVDPPHQ XP]XZLVVHQZLHPDQUHDJLHUHQPXWHZHQQPDQHLQHP GlPRQLVFKHQ*HVFK|SIJHJHQEHUVWDQG'DZDUHVZLFKWLJ =HLW]XJHZLQQHQGHQQ'lPRQHQXQGlKQOLFKH:HVHQ EHVDHQGLH(LJHQVFKDIWJHUQPLWLKUHQ(UIROJHQDQ]XJHEHQ XQG]XSUDKOHQ:HQQDXFK-DQH&ROOLQVVRUHDJLHUWHXQG GDYRQNRQQWH6KHLODDXVJHKHQZXUGHQGLH)UHXQGHGUDXHQ YLHOOHLFKWPLWUDXLVFKXQGZUGHQ6KHLODVXFKHQ ª:DVJHIlOOWGLUGHQQVRDQ:LNND"©IUDJWH6KHLODª6LHLVW GRFKQLFKWV%HVRQGHUHV© ª1LFKWV%HVRQGHUHV"©-DQHNUHLVFKWHHVIDVWª'XZDJVWHV PHLQH.|QLJLQ]XEHOHLGLJHQ":LNNDLVWDEVROXW6LHLVWGDV /HEHQGDVHLJHQWOLFKH/HEHQ'XUFKVLHELQLFKLQGLH*HVHW]H GHU+|OOHHLQJHZHLKWZRUGHQNHQQHGLHVFKZDU]PDJLVFKHQ 5LWHQXQGKDEHGLH+H[HUHLVWXGLHUWGLHHVDXFKKHXWHQRFK JLEW:LNNDNDQQPLUDOOHVJHEHQDEHUGDVZLUVWGXQLFKW YHUVWHKHQHVVHLGHQQGXNRPPVWDXFKQRFKLQXQVHUHQ .UHLV'DVZlUHQDWUOLFKHWZDVDQGHUHV© 6KHLOD]XFNWHKRFKª1LH©ULHIVLHXQGLKUH$XJHQVFKLHQHQ GDEHLLQ)ODPPHQ]XVWHKHQª1LHZHUGHLFK(LQWULWWLQHXUH GlPRQLVFKHQ.UHLVHILQGHQGDUDXIJHEHLFKGLUPHLQ:RUW© -DQHV=XQJHQVSLW]HIXKUEHUGLH/LSSHQ6KHLODNDPHV YRUDOVZUGHHLQH6FKODQJHDXVGHP0XQGVFKDXHQ-DQH ZLGHUWHVLHDQ6LHKDWWHEHUKDXSWNHLQH%H]LHKXQJPHKU ]XGHU'HWHNWLYLQ9RULKUVWDQGHLQIDFKHLQH)UHPGHHLQ DQGHUHV:HVHQ ª6DJHQLHPDOVQLH6KHLOD&RQROO\©UDXQWH-DQHJHIlKUOLFK OHLVHª$XINHLQHQ)DOOGDUIVWGXVRUHDJLHUHQ,UJHQGZDQQ ZLUGHVDXFKGLFKWUHIIHQJODXEHPLU'XYHUJLWXQVHUH 6WlUNHGHQQZLUQHKPHQXQVZDVZLUZROOHQ+DVWGX JHK|UWNOHLQH6KHLOD"© ª-DGDVKDEHLFK© ª=XGHPEUDXFKVWGXQXUDXIGHLQHQ6RKQ]XVFKDXHQ,VWHU QLFKWKHUUOLFKKLOIORV"'HU6DWDQZUGHVLFKIUHXHQLKQLQ VHLQH.ODXHQ]XEHNRPPHQ:LHVFK|QZDUHVIUPLFKZLH

LFKYRUKLQGHLQ*HVLFKWVDKDOVGX-RKQQ\HQWGHFNWHVW'X KlWWHVWGLFKVHOEVWVHKHQPVVHQ:LUNOLFKXQJODXEOLFK© ª+|UDXI©ZDUQWH6KHLOD ª-DGDVJHIlOOWGLUQLFKW,FKPHUNHHVVFKRQ©-DQHULHEVLFK GLH+lQGH(VK|UWHVLFKDQDOVZUGH3DSLHUJHJHQ3DSLHU UDVFKHOQª$EHUZHJHQ-RKQQ\ELQLFKHLJHQWOLFKQLFKWKLHU QRFKQLFKW(UNRPPWVLFKHUOLFKVSlWHUDQGLH5HLKH)UHXQGH YRQPLUKDEHQPLFKXPHLQHQJURHQ*HIDOOHQJHEHWHQGHQ LFKLKQHQJHUQHUIOOHQZLOO© ª:DUHQHV/DG\;XQG/XSLQD"© ª5LFKWLJNOHLQH6KHLOD©-DQHQLFNWHª'XNDQQVWMDVRJDU GHQNHQ$OOH$FKWXQJ,FKKDEHYRQLKQHQJHK|UWGD-RKQ 6LQFODLUGDEHLLVWGDV*HKHLPQLVVHLQHV.UHX]HV]XHU IRUVFKHQ'DVZlUHZLHLFK]XJHEHQPXVHKUIDWDO8QG ZLU6FKZDU]EOWHUPVVHQLQGLHVHP)DOO]XVDPPHQKDOWHQ XQGXQVHUHHLJHQHQ5LYDOLWlWHQYHUJHVVHQ'LH:DKOLVWDXI PLFKJHIDOOHQ,FKVROOHVYHUKLQGHUQXQGGXZLUVWPLUGD EHLKHOIHQ© 6KHLODKDWWHHLQ1LHPDOVDXIGHU=XQJHGRFKVLHZDJWH QLFKWGDV:RUWDXV]XVSUHFKHQ6LHGDFKWHDQ-DQHV:DUQXQJ GHVKDOEKLHOWVLHGHQ0XQG -DQH&ROOLQVVSUWHZLH6KHLODLQQHUOLFKPLWVLFKUDQJ6LH OLHVLHQRFKHLQZHQLJLPXQNODUHQEHYRUVLHLKUHUNOlUWH ZDVVLHZROOWH ª+|UPLUJHQDX]X6KHLOD&RQROO\'XEUDXFKVWQLFKWYLHO ]XWXQ,FKZLOOQXUHLQV©6LHOHJWHHLQH.XQVWSDXVHHLQ XQGZDUWHWHDXI6KHLODV)UDJHGLHDXFKNDP ª:DVZLOOVWGXGHQQ"© ª.DUDV6FKZHUW© +HVHNLHO ,FKZDUZLHYRUGHQ.RSIJHVFKODJHQ'LH:RUWHGHV VFKZHUYHUOHW]WHQ0DQQHVKDWWHQPLFKUHJHOUHFKWDXIJHZKOW 0LWDOOHPKlWWHLFKJHUHFKQHWQXUQLFKWGDPLW $EHUGHU3URSKHW+HVHNLHOKDWWHYRU&KULVWL*HEXUWJHOHEW

(WZD-DKUH,QVHLQHU=HLWKDWWHHUGLH9RUDXVVDJHQWUHIIHQ N|QQHQJHODQJWHVFKOLHOLFKLQEDE\ORQLVFKH*HIDQJHQVFKDIW XQGKDWWHGRUWVHLQH3URSKH]HLXQJHQEHHQGHW ,QGHUOHW]WHQ=HLWZDUYLHOEHUGHQ3URSKHWHQJHVFKULHEHQ ZRUGHQ0DQQDKPVHLQH:HLVVDJXQJHQHUQVWHUDOVIUKHU GLH0HQVFKHQEHVDQQHQVLFKZLHGHUDXIGLHDOWHQ'LQJHDEHU GD+HVHNLHOHLQ.UHX]KHUJHVWHOOWKDEHQVROOWHZDUPLUQHX $QGHUHUVHLWV:HOFKHQ*UXQGVROOWHGHU$OWHJHKDEWKDEHQ PLFKDQ]XOJHQ":RKONHLQHQGDYRQJLQJLFKDXV$OVR JODXEWHLFKLKP ,FKPXWHWURW]DOOHPHLQXQJOlXELJHV*HVLFKWJH]RJHQ KDEHQGHQQGHU9HUOHW]WHEHJDQQ]XOlFKHOQª,FKVHKHGLUDQ -RKQ6LQFODLUGDGXHVQLFKWZDKUKDEHQZLOOVW© ª'RFKGRFK©+HIWLJQLFNWHLFKª(VNRPPWQXUDOOHVVR EHUUDVFKHQGZHLWGX%LVKHUELQLFKYRQY|OOLJDQGHUHQ 9RUDXVVHW]XQJHQDXVJHJDQJHQZDVGDV.UHX]EHWUDI© ª9RQZHOFKHQ"© ª1XQJDQ]HLQIDFK,FKZDUGHU0HLQXQJGDPHLQ.UHX] YRQGHQDOWHQ0DNNDElHUQDEVWDPPW© ª'DVLVWLP3ULQ]LSDXFKULFKWLJGHQQYRUGLUOLHJWHLQ 0DNNDElHU© -HW]WZDULFKHUVWDXQWª'XELVW"©,FKVFKOXFNWHª'XELVW WDWVlFKOLFKHLQ"© ª-DLFKELQHLQ0DNNDElHUXQGGLH3\UDPLGHGHV:LVVHQV KDWGLFKLQHLQH=HLWJHEUDFKWGLHIDVW-DKUHQDFK +HVHNLHOOLHJW© ,FKUHFKQHWHKDVWLJQDFK:HQQGDVVWLPPWHZDULFKXQWHU 8PVWlQGHQLPYLHUWHQRGHUIQIWHQ-DKUKXQGHUWJHODQGHW 'HVKDOEDXFKGLH5|PHUGHQQVLHKLHOWHQGLHGDPDOVEHNDQQ WH:HOWXPGLHVH=HLWIDVWY|OOLJEHVHW]W6LHZDUHQMDELV]XP 5KHLQJHODQJWXQGKDWWHQDXFKLQ*DOOLHQGHPKHXWLJHQ )UDQNUHLFKJHVHVVHQ 'LH(KUIXUFKWYRUGLHVHU7DWVDFKHPDFKWHPLFKYHUOHJHQ ,FKIKOWHPLFK]ZLVFKHQGHQ0KOVWHLQHQGHU=HLWXQGKDWWH $QJVWYRQLKQHQHUGUFNW]XZHUGHQ ª:LU0DNNDElHUKDEHQXQVDEJHVSDOWHQXQGOHEHQVR]LHP

OLFKIUXQV$OOHUGLQJVZHUGHQZLUYHUIROJWXQGJHMDJW:LU N|QQHQXQVHUH/HKUHQQLFKWYHUEUHLWHQDEHUZLUKDEHQ GDV(UEHYHUZDOWHW'XNRPPVWDXVGHU=XNXQIWXQG]HLJVW PLUGHLQ.UHX]GDVPLUHUVWYRUHLQLJHQ0RQGHQHQWZHQGHW ZRUGHQLVW© ª:LHVR"© ª0DQKDWHVPLUJHVWRKOHQ© ,FKKLHOWGHQ$WHPDQGHQQDEHUPDOVZXUGHLFKPLWHWZDV 8QZDKUVFKHLQOLFKHPNRQIURQWLHUW'HP$OWHQZDUGDV.UHX] ZHJJHQRPPHQZRUGHQ(VKDWWHGDQQHLQHXQEHNDQQWH 2G\VVHHGXUFKDQGHUWKDOE-DKUWDXVHQGHXQWHUQRPPHQELV HVHQGOLFKEHLPLUJHODQGHWZDU8QGHLQ=HLWVSUXQJKDWWH PLFK]XGHP$OWHQJHEUDFKW 'DVPXWHLFKHUVWHLQPDOIDVVHQ 'HU9HUOHW]WHPHUNWHGLHV,FKZDUZRKOEODJHZRUGHQ GHQQHUIUDJWHª,VWGLUQLFKWJXW-RKQ6LQFODLU"© ª(VHVJHKWVFKRQZLHGHU© ª,FKNDQQPLUYRUVWHOOHQGDHVIUGLFKVFKZHUVHLQZLUG GDVDOOHV]XEHJUHLIHQIUPLFKDEHUKDWVLFKGHU.UHLVODXI JHVFKORVVHQ,FKZHLHQGOLFKGDGHUOHW]WH6RKQGHV/LFKWV VHLQ(UEHHUKDOWHQKDW'LHVHV:LVVHQZLUGPLFKLQHLQHQ VDQIWHQ7RGEHJOHLWHQ© ª$EHUZLHVRZHLWGXYRQPLU"©ULHILFKª%LVWGXDXFKHLQ +HOOVHKHURGHU3URSKHW"© ª1HLQDEHULFKKDEHGLH%FKHU+HVHNLHOVVHKUJHQDX VWXGLHUW'RUWLVW]ZDUQLFKWYRQHLQHP.UHX]GLH5HGH DEHU)UHXQGHGLHPLWLKPLQEDE\ORQLVFKHU*HIDQJHQ VFKDIWZDUHQKDEHQPHLQHQ9RUIDKUHQHU]lKOWGDHULQGHU )UHPGHGDPLWEHJRQQHQKDWGDV.UHX]KHU]XVWHOOHQ© ª,QGHU*HIDQJHQVFKDIW"©ZXQGHUWHLFKPLFK ª-D-RKQ6LQFODLU6RLVWHV(UKDWGDPDOVVFKRQJHVHKHQ GDHLQ(UHLJQLVHLQWULWWGDVGLH0HQVFKHQDOV=HLWZHQGH QHKPHQZHUGHQ$OVGHQ%HJLQQHLQHUQHXHQ=HLWUHFKQXQJ (UZXWHGDGHU(UO|VHUNRPPHQZUGHXQGHUKDWDOOVHLQ :LVVHQLQGLHVHV.UHX]KLQHLQJHOHJW=XNQIWLJHV:LVVHQXQG YHUJDQJHQHV:LVVHQ©

ª:DVPHLQVWGXPLWYHUJDQJHQHV:LVVHQ"© 'HU$OWHOlFKHOWHª,FKZHLQLFKWREPDQVLFKLQGHLQHU =HLWVHKUIUGLHDOWH*HVFKLFKWHLQWHUHVVLHUWDEHUVRLVWHVQXQ HLQPDO(VJLEW9|ONHUGLHlOWHUVLQGDOVGDVDXVGHPLFK VWDPPH'LHbJ\SWHUGLH%DE\ORQLHUGLH$VV\UHUXQGQRFK ZHLWHU]XUFNGLHDOWHQ$WODQWHU© ,FK]XFNWH]XVDPPHQª:DVZHLWGXGDUEHU"© ª.DXPHWZDVDEHU+HVHNLHOZXWHHV,FKP|FKWHQLFKW DEVFKZHLIHQGHQQGLHDOWHQ$WODQWHUKDEHQPLWGHLQHP .UHX]QLFKWV]XWXQ6HLQ:HUGHJDQJEHJLQQWPLW+HVHNLHO(U LVWGHU(UVFKDIIHUGHV.UHX]HVXQGHUKDWZLHLFKGLUVFKRQ VDJWHDOOVHLQ:LVVHQGDULQYHUHLQLJW© ,FKVHQNWHPHLQHQ%OLFNXQGVFKDXWHDXIGDV.UHX] :XQGHUEDUVDKHVDXVXQGLFKVSUWHZLHPLUHLQ6FKDXHU EHUGHQ5FNHQUDQQ(VZDUHLQHXQJHPHLQNRVWEDUHZHUW YROOH$UEHLW(UVWMHW]WGDLFKYRQVHLQHP8UVSUXQJZXWH OHUQWHLFKHVZLUNOLFK]XVFKlW]HQ6WRO]HUIOOWHPLFKGDLFK -RKQ6LQFODLUGHU(UEHGLHVHV.UHX]HVZDU ª,FKZLOOEHL+HVHNLHOEHJLQQHQ©XQWHUEUDFKGLH6WLPPH GHV0DNNDElHUVPHLQH*HGDQNHQª0LUEOHLEWQLFKWPHKUYLHO =HLWGHQQGXVROOVWDOOHVZLVVHQ1XUVRNDQQVWGXGHQ .UlIWHQGHU)LQVWHUQLVJHJHQEHUWUHWHQ© ª-DELWWH© ª'HUJURH3URSKHW+HVHNLHOZXWHYRQGHQ(UHLJQLVVHQ GLHHUVWQRFKNRPPHQZUGHQXQGHUKDWWHVWDUNH+HOIHUGLH LKP]XU6HLWHVWDQGHQXQGLKPDOOHVVDJWHQGDPLWHUHV QLHGHUVFKUHLEHQNRQQWH(VZDUHQGLHPlFKWLJHQ*HLVWHUGLH HLQVWDP%HJLQQGHU=HLWHQPLWKDOIHQGDV%|VHLQGLHHZLJH )LQVWHUQLV]XVWU]HQ(VZDUHQ© ª'LH(U]HQJHO©IOVWHUWHLFKHUJULIIHQ ª*HQDX-RKQ6LQFODLU'XKDVWUHFKW(VZDUHQGLH(U]HQJHO GLHGHP3URSKHWHQ+HVHNLHOPLW5DWXQG7DW]XU6HLWHVWDQ GHQ6LHKDEHQGDIUJHVRUJWGDHULQGLH=XNXQIWVFKDXHQ NRQQWH6LHZXWHQMDZDVNRPPHQZUGHXQGVLHKDEHQHV LKPJHVDJWGDPLWHUGLH0HQVFKKHLWZDUQHQNRQQWH6LH JDEHQLKPGDV:LVVHQXQGVLHKDEHQLKQHQWIKUWVRGDHU

5HLVHQLQDQGHUH/l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lWHU%HGHXWXQJHUKDOWHQVROOWH]HLJWZLHVHKU +HVHNLHOPLWGHU=XNXQIWYHUWUDXWJHZHVHQLVW© ª8QGGLHDQGHUHQ=HLFKHQ"©IUDJWHLFK 'HUDOWH0DQQGHVVHQ1DPHQLFKQLFKWHLQPDOZXWHKRE VHLQHQPDJHUHQ]HUVFKXQGHQHQ.|USHUDQ,FKVWW]WHLKQDE DEHUHUZROOWHQLFKWOLHJHQVRQGHUQVLW]HQ'HVKDOEGUFNWH LFKLKQPLWGHP5FNHQJHJHQHLQHQKRKHQ)HOVHQ 6RNRQQWHHUEOHLEHQ ª'lPRQLVFKH%DQQHU0DJLHXQG*ODXEHDOOGDVYHUHLQLJ WHVLFKLQGHP.UHX]]XHLQHPNOHLQHQ:XQGHU+HVHNLHOKDW JHQDXJHZXWZDVHUWDW(UKDWGLH=HLFKHQEHZXWDXVJH VXFKWVRGDDXFKVLHJHJHQGLHIUHPGHQ0DJLHQZLUNWHQ© ª$EHUZDVPXPDQWXQGDPLWHVVRZHLWNRPPW"©IUDJWH LFK ª:HLWGXGDVQLFKW"© ª1HLQLFK©0HLQ.RSIVFKWWHOQ]HLJWHLKPDQZLHYHU ]ZHLIHOWLFKZDUª/DQJHKDEHLFKYHUVXFKWGDV*HKHLPQLV]X HUJUQGHQ,FKDOV(UEHDOVGHU6RKQGHV/LFKWVZLHDXFKGX PLFKEH]HLFKQHWKDVWPWHHVGRFKZLVVHQ© ª'DVVWLPPW,FKZLOOHVGLUDXFKHUNOlUHQIDOOVLFKQRFK VRYLHO=HLWKDEHGHQQLFKIKOHEHUHLWVGLH.lOWHGHV7RGHVDQ PHLQHQ)HQ8QGVLHZLUGVWHLJHQ© ª8P+LPPHOVZLOOHQ©IOVWHUWHLFKª1LFKWMHW]WZR© ª1HLQQHLQ-RKQ6LQFODLU1RFKZLUGPLFKGLHHZLJH 'XQNHOKHLWQLFKWVFKOXFNHQ,FKKDEHHLQZHQLJ=HLWDEHULFK

ZLOOZLVVHQZHUGLUJHVDJWKDWGDGXGHU6RKQGHV/LFKWV ELVW© ª'DVZDUGHU6HKHU© ª'HQNHQQHLFKQLFKW© ª.DQQHVGHU*HLVWGHVJURHQ3URSKHWHQ+HVHNLHOVHLQ"© HUNXQGLJWHLFKPLFK ª0|JOLFK© ª1HLQ©IOVWHUWHLFKªHUNDQQHVQLFKWVHLQ'HU6HKHUZDU VFKRQLPDOWHQ$WODQWLVEHNDQQWGDKDW+HVHNLHOQRFKQLFKW JHOHEW(VPXHLQDQGHUHUVHLQGHUVRJXW%HVFKHLGZHL© ª:HQQHUQLFKWVPLWGLU]XWXQKDWGDQQZROOHQZLULKQ DXFKODVVHQ©VFKOXJGHUDOWH0DQQYRUXQGLFKQLFNWH ª:LGPHQZLUXQVGHLQHP.UHX]XQGKDOWHHVELWWHVRGD ZLUEHLGHHVJHQDXVHKHQN|QQHQGHQQZDVLFKGLUMHW]WVDJH GDVJHVFKLHKWQXUHLQPDO1LFKWVPHKUZHUGHLFKZLHGHU KROHQN|QQHQ© ,FKQLFNWHXQGNRQ]HQWULHUWHPLFKZLHVHOWHQLQPHLQHP /HEHQ'LH8PZHOWYHUJDLFKY|OOLJ)UPLFK]lKOWHQMHW]W QXUQRFKGHU$OWHXQGVHLQHIROJHQGHQ:RUWH ª+|UHPLUJHQDX]X-RKQ6LQFODLUGHQQQXQZLUVWGXGDV *HKHLPQLVGHV.UHX]HVHUIDKUHQ© .DUDV6FKZHUWZROOWHVLHKDEHQ (QGOLFKZXWH6KHLOD&RQROO\ZHVKDOEGLH'HWHNWLYLQVLH DXIJHVXFKWKDWWH ª8QP|JOLFK©VWLH6KHLODLQHLQHUHUVWHQ5HDNWLRQKHUYRU XQGVFKWWHOWHGHPRQVWUDWLYGHQ.RSI -DQHODFKWOHLVHXQGKlPLVFKª,VWHVZLUNOLFKXQP|JOLFK NOHLQH6KHLOD"© ª-DLFKNDQQQLFKWKLQDXVJHKHQXQGPLUHLQIDFKGDV 6FKZHUWKROHQ0DQZUGHHVQLFKWHUODXEHQ© ª(VLVWVFKZHU©HUZLGHUWH-DQHª,FKDQGHLQHU6WHOOHZUGH DQGHQ.OHLQHQGHQNHQ:HQQGXGDV6FKZHUWQLFKWEHVRUJVW VWLUEWHU'DQQZHUGHLFKLKQPLWQHKPHQXQGGLUVHLQ6NHOHWW LQ(LQ]HOWHLOHQYRUGLH)HZHUIHQ©

(LQHU0XWWHUGLHV]XVDJHQZDUJUDXHQKDIW-DQHVDKGD VLH]XZHLWJHJDQJHQZDU6KHLODKDWWHGHQ0XQGEHUHLWV JH|IIQHWXP]XVFKUHLHQDOVGLH+H[H-DQH&ROOLQVDEHUPDOV UHDJLHUWHXQGJHGDQNHQVFKQHOOLKUH+DQGDXI6KHLODV/LSSHQ SUHWH ª.HLQHQ/DXWK|UVWGX"© 6KHLODEHUXKLJWHVLFKQXUVFKZHU1DFKHLQHU:HLOHULVNLHUWH -DQHHVXQGOLHGHQ$UPVLQNHQ 6KHLODVWDQGVFKZHUDWPHQGYRULKUª:DVELVWGXQXUIUHLQ 0HQVFK"©NHXFKWHVLHª9HUGDPPWZDVELVWGXQXUIUHLQ 0HQVFK"© ª,FKELQNHLQ0HQVFKPHKU6KHLODGDUDQPXWGXGLFK HQGOLFKJHZ|KQHQ,FKJHK|UH]X:LNND© ª-DGDVKDEHLFKEHPHUNW9HUGDPPWGDVZLUGPLULPPHU GHXWOLFKHUNODU8QGLFKZUGHPLFKIUHXHQZHQQPDQGLFK W|WHW© -DQHODFKWHOHLVHª6ROHLFKWVFKDIIWGDVNHLQHUGHQQLFKVWHKH XQWHUGHP6FKXW]GHU0lFKWLJHQ$EHU]XUFN]XGHLQHU $XIJDEH,FKZLOOGDV6FKZHUWKDEHQ.RVWHHVZDVHVZROOH© ª:DUXP-DQH":RIUEUDXFKVWGXHV"© ª1XQGXNDQQVWHVUXKLJZLVVHQ(VJHKWGDEHLLQGLUHNWXP -RKQ6LQFODLU,FKZHLGDHUHLQH=HLWUHLVHXQWHUQLPPW *HZDOWLJH.UlIWHVLQGEHVFKZRUHQZRUGHQXQGVLHKDEHQHV WDWVlFKOLFKJHVFKDIIW-RKQDXVGHP/DQGGDVQLFKWVHLQGDUI ZHJ]XKROHQ'DVNRQQWHQXUGXUFK.DUDV6FKZHUWJHOLQJHQ :HQQLFKHVMHGRFKLQGLH+lQGHEHNRPPHLVWHLQH 5FNEHVFKZ|UXQJQLFKWPHKUP|JOLFK'DQQZLUGGHU *HLVWHUMlJHU-RKQ6LQFODLUIULPPHUHLQ*HIDQJHQHUGHU =HLWHQEOHLEHQXQGELVLQDOOH(ZLJNHLWHQXPKHULUUHQ 'HVKDOEGDV6FKZHUW'DV%LQGHJOLHG]ZLVFKHQGLHVHU:HOW XQGLKPPXXQWHUEURFKHQRGHU]HUVW|UWZHUGHQ© 1XQZXUGH6KHLODDOOHVNODU8QGVLHZXWHDXFKGDHV DOOHLQDXIVLHDQNDP:HQQHVLKUJHODQJGDV6FKZHUW]XVWHK OHQGDQQZDU-RKQ6LQFODLUYHUORUHQ6LHKLHOWSUDNWLVFKGDV /HEHQGHV*HLVWHUMlJHUVLQLKUHQ+lQGHQ1LHKlWWH6KHLOD JHGDFKWGDHVHLQPDOVRZHLWNRPPHQZUGH

8QGZHQQVLHVLFKZHLJHUWH" $XFKPLWGLHVHP*HGDQNHQVSLHOWH%LOOV)UDX*OHLFK]HLWLJ VFKLHOWHVLHDXIGHQNOHLQHQ-RKQQ\GHUVFKODIHQGLQVHLQHP %HWWODJ (UZUGHHLQ2SIHUILQVWHUHU0lFKWHZHUGHQGHQQ-DQH &ROOLQVNDQQWHNHLQH*QDGH'DVKDWWH6KHLODGHXWOLFKJHQXJ HUIDKUHQ 'LH+H[HDKQWHZDVVLFKKLQWHU6KHLODV6WLUQDEVSLHOWHXQG VLHOlFKHOWHERVKDIWªhEHUOHJVWGX"©$OV6KHLODNHLQH$QWZRUW JDEVSUDFKVLHZHLWHUªhEHUOHJVWGXZLUNOLFKQRFKZHLWHU 6KHLOD&RQROO\":HULVWGLUGHQQZLFKWLJHU-RKQ6LQFODLURGHU GHLQ6RKQ-RKQQ\":HQQLFKDQGHLQHU6WHOOHZlUHJlEHHV IUPLFKQLFKWV]XEHUOHJHQ,FKZUGHVRIRUWDXIGHQ 9RUVFKODJHLQJHKHQ© ª'XELVWHLQH%HVWLHHLQHYHUGDPPWH%HVWLH©]LVFKWH6KHLOD -DQH&ROOLQVHQWJHJHQ ª-DDXVGHLQHU6LFKWVLFKHUOLFK(VLQWHUHVVLHUWPLFKQLFKW ZLHGXGDUEHUGHQNVW2E%HVWLHRGHUQLFKWHQWVFKHLGHGLFK HQGOLFK© 6KHLODGDFKWHGDUDQGDVLFKLKU0DQQ%LOOLQHLQHUlKQ OLFKHQ6LWXDWLRQEHIXQGHQKDWWH'DVODJOlQJHU]XUFN 'DPDOVVROOWHHU-RKQ6LQFODLUW|WHQXQGHUKlWWHHVIDVWJHWDQ (VZDUHLQVFKOLPPHU)DOOJHZHVHQHLQHVHHOLVFKH =ZLFNPKOHZLHHVVLHNDXPQRFKHLQPDOJDE-HW]WEHIDQG VLFK6KHLODLQGHUJOHLFKHQ/DJH:LHGHUJLQJHVXP-RKQ 6LQFODLUXQGDXFKXPLKUHQ6RKQ ª/DQJHZDUWHLFKQLFKWPHKU©'LHODXHUQGHQ:RUWHGHU +H[H-DQHGXUFKEUDFKHQ6KHLODV*HGDQNHQª(QWVFKHLGHGLFK HQGOLFK© ª-D©IOVWHUWH6KHLOD ª8QG"© %LOOV)UDXVFKOXFNWHHLQSDDUPDO6LHVFKDXWHDXI-RKQQ\GHU VLFKLP6FKODIDXIGLH6HLWHGUHKWHXQGVLHEOLFNWHGDQQLQGDV ODXHUQGH*HVLFKWGHU+H[H-DQH&ROOLQV'DQQQLFNWHVLH ª,FKJHKH©VDJWH6KHLOD -DQH]XFNWH]XVDPPHQ+DWWHVLHGRFKQLFKWPLWGLHVHU

(QWVFKHLGXQJJHUHFKQHW"$OOHUGLQJVEHUZDQGVLHLKUHhEHU UDVFKXQJVFKQHOOXQGGHXWHWH]XU7U ª'DQQYHUOLHUNHLQH=HLWPHKU8QGGHQNHLPPHUGDUDQ ,FKEOHLEHKLHUEHLGHLQHP6RKQ6ROOWHVWGXYHUVXFKHQ IDOVFK]XVSLHOHQZLUGHUHV]XEHQKDEHQ:HQQGXGDQQ ]XUFNNHKUVWOLHJWQLFKWPHKUGHLQ6RKQLP%HWWVRQGHUQHLQ HFKWHV6NHOHWW© 6KHLODK|UWHGLH:RUWHGUHKWHVLFKDEUXSWXQGJLQJVWDNVLJ ]XU=LPPHUWU ,P*DUWHQZDUWHWHQGLHDQGHUHQ'DV1LFKWZLVVHQGLH 8QJHGXOGZDUHQZLHHLQ6FKZHEHQLPOXIWOHHUHQ5DXP 1LHPDQGZXWHVRUHFKW%HVFKHLG'LH9HUELQGXQJ]X-RKQ 6LQFODLUZDU]XVDPPHQJHEURFKHQ'HU*HLVWHUMlJHUNRQQWH OlQJVWWRWVHLQDEHUDXFKQRFKOHEHQ'LHVHEHLGHQ 0|JOLFKNHLWHQVWDQGHQ]XU:DKOXQGQLHPDQGZXWHVR UHFKWZLHHUVLFKYHUKDOWHQVROOWH 6LU-DPHVKDWWHDXIHLQHP6WXKO3ODW]JHQRPPHQXQGVHLQ *HVLFKWLQEHLGH+DQGIOlFKHQJHVWW]W(UJUEHOWH+LQXQG ZLHGHUKREHUGHQ%OLFNXP.DUDDQ]XVFKDXHQGLHDXIGHU %DQNVDXQGHLQHQHUVFK|SIWHQ(LQGUXFNPDFKWH 0\[LQVWDQGQHEHQLKU$EXQG]XVWUHLFKHOWHHUEHULKU +DDU 6LU-DPHVZLQNWH6XNR]XVLFK%LOOZDULQGHQKLQWHUHQ7HLO GHV*DUWHQVJHJDQJHQ(UVWDQGGRUWLP6FKDWWHQ0DQFKPDO JOKWHVHLQH=LJDUHWWHDXIZHQQHUHLQHQ=XJQDKP ª6LU"©IUDJWHGHU,QVSHNWRU 'HU6XSHULQWHQGHQWVSUDFKOHLVH(UZROOWHQLFKWGD GLHDQGHUHQVHLQH:RUWHYHUVWDQGHQª.|QQWHVLHHVQLFKW QRFKHLQPDOZDJHQ":LUPVVHQGRFKZLVVHQZRVLFK-RKQ EHILQGHWXQGZDVPLWLKPJHVFKHKHQLVW(VNDQQQLFKWVR ZHLWHUJHKHQ© ª'DJHEHLFK,KQHQUHFKW6LUDEHU.DUDKDWDOOHVJHJHEHQ© ª+HLWGLHVGDHLQHHUQHXWH%HVFKZ|UXQJQLFKWPHKU P|JOLFKLVW".DQQVLHNHLQHQ.RQWDNWPHKUEHNRPPHQ"©

ª'DVZRKODEHUVLHEUDXFKW=HLWXPVLFK]XUHJHQHULHUHQ 9HUVWHKHQ6LH"© ª-DXQGQHLQ,FKNDQQHVHLQIDFKQLFKWZDKUKDEHQXQGZLOO HVDXFKHLJHQWOLFKQLFKW:LUPVVHQHLQHQ$XVZHJILQGHQ XP-RKQ]XKHOIHQ© ª6LUVLHZLUGHVDXFKHLQ]ZHLWHV0DOYHUVXFKHQDEHUNDXP LQGHQQlFKVWHQ0LQXWHQ© 6LU-DPHVVFKWWHOWHGHQ.RSIª8QG6LH6XNR"6LHKDEHQ GRFK,KUHQ:XQGHUVWDE.|QQHQ6LHEHULKQQLFKWVHU UHLFKHQ"© ª1HLQ© ª:LHVRQLFKW"© ª0HLQ6WDENDQQZRKOGLH=HLWIUIQI6HNXQGHQDQKDOWHQ VRGDGLHLQ5XIZHLWHVWHKHQGHQ3HUVRQHQ]XU%H ZHJXQJVORVLJNHLWHUVWDUUHQPHKUDXFKQLFKW,FKNDQQLKQ QLFKWEHVFKZ|UHQZHQLJVWHQVZHLLFKGDYRQQLFKWV© ª'DQQVLHKWHVYHUGDPPWKRIIQXQJVORVDXV©VWHOOWHGHU 6XSHULQWHQGHQWIHVW ª'DVNDQQPDQQLFKWVRGLUHNWVDJHQ©HUZLGHUWHGHU ,QVSHNWRUª.DUDZLUGHVVLFKHUOLFKQRFKHLQPDOYHUVXFKHQ© ª-DZHQQHV]XVSlWLVW© 6XNRJDENHLQH$QWZRUWPHKU'LHVH%HIUFKWXQJVHLQHV &KHIVWHLOWHHUVHOEVW $XVGHP+LQWHUJUXQGGHV*DUWHQVO|VWHQVLFK]ZHL *HVWDOWHQ%LOONDP1DGLQHGLH:|OILQZDUEHLLKP6LHKLHOW VLFKGLFKWDQVHLQHQ%HLQHQXQGULHELKU)HOO'LH6FKQDX]H KDWWHVLHJH|IIQHW,QQHUKDOEGHV5DFKHQVEOLW]WHQKHOOGLH =lKQH 1HEHQ6XNRXQG6LU-DPHVEOLHEGHU5HSRUWHUVWHKHQ'DEHL VFKDXWHHUGLH:|OILQDQª6LHLVWVRXQUXKLJ©EHPHUNWHHU ª,UJHQGHWZDVKDWVLH© ª.ODU©VDJWH6XNRª6LHVSUWGDPLW-RKQ6LQFODLUHWZDV LVW7LHUHKDEHQGDIHLQHUH$QWHQQHQDOVZLU0HQVFKHQ© ª9LHOOHLFKWVSUWVLHVHLQHQ7RG©PXUPHOWH6LU-DPHV %LOO&RQROO\]XFNWH]XVDPPHQª9HUGDPPWVDJHQ6LHQLFKW VRHWZDV©

ª:DVPDFKW6LHGHQQVRVLFKHUGD-RKQ6LQFODLUQRFK OHEW"© ª1LFKWVDEHULFKKDEHJHOHUQWGLH+RIIQXQJQLFKWDXI]X JHEHQ© ª'HVKDOEVLW]HQZLUDXFKKLHU©EHPHUNWHGHU6X SHULQWHQGHQWª$XFKLFKKRIIHQRFKDEHUGLH+RIIQXQJZLUG LPPHUVFKZlFKHUGDVN|QQHQ6LHPLUJODXEHQ© 'DNQXUUWH1DGLQH 'LHGUHL0lQQHU]XFNWHQ]XVDPPHQGHQQGLHVHV*HUlXVFK HULQQHUWHDQHLQ)DXFKHQ %LOOXQG6XNREHXJWHQVLFK]XGHP7LHUKLQDE6LHZROOWHQ HVEHUXKLJHQGRFK1DGLQHOLHGLHVQLFKW]X.HLQHPJHODQJ HVVLHIHVW]XKDOWHQ'XUFKHLQHJHVFKLFNWH.|USHUGUHKXQJ HQWZLVFKWHVLHLKQHQXQGOLHI]XP+DXVKLQEHU :LHHLQ6FKDWWHQKXVFKWHVLHGDEHLGLFKWDQGHU+DXVZDQG HQWODQJXQGEOLHEGRUWVWHKHQZRVLFK-RKQQ\V=LPPHU EHIDQG'DVKHOOJUDXH5ROORZDULQGHU'XQNHOKHLWNDXP]X HUNHQQHQ7URW]GHPVDKHQGLH0lQQHUGDVLFK1DGLQH VWUHFNWH6LHKDWWHLKUHQ.|USHUDXIJHULFKWHWXQGGLH 9RUGHUSIRWHQDXIGLH)HQVWHUEDQNJHOHJW ª:DVKDWVLHQXU"©IUDJWH6XNR ª:HUEHILQGHWVLFKKLQWHUGHP)HQVWHU"©ZROOWHGHU 6XSHULQWHQGHQWZLVVHQ ª'DVFKOlIWPHLQ6RKQ© 6LU-DPHV3RZHOOUXQ]HOWHGLH6WLUQ(UZROOWHHWZDVVDJHQ VFKOXFNWHGLH:RUWHMHGRFKKHUXQWHU 'DIUPHLQWH6XNRª6KHLODLVWGRFKEHLLKPRGHU"© ª-D©%LOOQLFNWH(UVFKDXWHZHLWHUKLQ]XP)HQVWHUGHQQ GLH:|OILQEHQDKPVLFKLQGHU7DWlXHUVWPHUNZUGLJ 1XQKDWWHVLHHLQEHVRQGHUHV9HUKlOWQLV]X-RKQQ\6LHZDU SUDNWLVFKGHVVHQ%HVFKW]HUXQGVLHPHUNWHJHQDXZHQQ *HIDKUGURKWH 6ROOWHVLFKGDHWZDHWZDV]XVDPPHQEUDXHQZRYRQ%LOO XQGGLHDQGHUHQNHLQH$KQXQJKDWWHQ" ª:DVLVWORV"©IUDJWH6LU-DPHV(UKDWWHEHPHUNWGDPLW GHP5HSRUWHUHWZDVQLFKWVWLPPWH

ª,FKZHLHVDXFKQLFKWJHQDX© ª'XNDQQVWMDPDOQDFKVHKHQ©VFKOXJ6XNRYRU %LOOVFKDXWHLKQIUHLQHQ0RPHQWDQ'DQQQLFNWHHUHQW VFKORVVHQª'DVZHUGHLFKDXFK© 6LU-DPHVXQGGHU,QVSHNWRUVFKDXWHQLKPQDFKZLHHUEHU GHQ5DVHQLQ5LFKWXQJ7HUUDVVHVFKULWW(VJDESUDNWLVFK]ZHL 7HUUDVVHQ (LQHEHIDQGVLFKGLUHNWKLQWHUGHUEUHLWHQ :RKQ]LPPHUVFKHLEHGLHDQGHUHDXIGHP5DVHQ %LOO&RQROO\EUDXFKWHVHLQ+DXVMHGRFKQLFKW]XEHWUHWHQ GHQQLP5HFKWHFNGHU7UHUVFKLHQHLQHVFKODQNH*HVWDOW,KU .|USHUPDOWHVLFKGHXWOLFKYRUGHP/LFKWLP:RKQUDXPDE 6KHLODNDP]XUFN $XFK%LOOKDWWHVHLQH)UDXJHVHKHQ(UEOLHEVWHKHQZLQNWH XQGVDJWHª,FKZROOWHVRHEHQ]XGLUNRPPHQ'XELVWVR ODQJHZHJJHEOLHEHQ:LUKDEHQXQVEHUHLWV6RUJHQJHPDFKW© 6KHLODWUDWHLQSDDU6FKULWWHQlKHUª:LHVR"© %LOOKREGLH6FKXOWHUQª1XQMDPDQPXZLUNOLFKPLW DOOHPUHFKQHQ© 9RULKPEOLHE6KHLODVWHKHQª,FKZDUEHL-RKQQ\XQGKDEH QDFKLKPJHVFKDXW© ª*HKWHVLKPJXW"© 6KHLODVFKOXFNWH6LHGUHKWHGHQ.RSIHLQZHQLJ]XU6HLWH EHYRUVLHDQWZRUWHWHª-DHVLVWDOOHVLQ2UGQXQJ%LOO© 'HU5HSRUWHUDWPHWHDXIª'DQQELQLFKIURK© -HW]WUXFNWH6KHLODV.RSIKHUXPª:DVLVWORV"6ROOWHHVQLFKW VRVHLQ"© ª'RFKGRFK$EHU1DGLQHKDWVLFKVRVHOWVDPEHQRPPHQ ZHLWGX© ª:LHGDV"© %LOOGHXWHWHDXIGDV)HQVWHUª6LHLVWGDKLQJHODXIHQXQGKDW VLFKDXILKUH+LQWHUSIRWHQJHVWHOOW,FKZHLDXFKQLFKWREVLH DP5ROORNUDW]HQZLOO© ª5XIVLH]XUFNVRIRUW©YHUODQJWH6KHLODXQGEHUUDVFKWH %LOOPLWGHP7RQLKUHU:RUWH ª+HZDVLVWGHQQORV"©

ª5XIVLH]XUFN%LOO©'URKHQGNODQJHQGLH:RUWHGHU EORQGKDDULJHQ)UDX (UVWMHW]WVWHOOWH%LOO&RQROO\IHVWGDPLW6KHLODHWZDVQLFKW VWLPPWH6LH]HLJWHVLFKY|OOLJYHUlQGHUWLUJHQGZLHVSUXQJ XQGNDPSIEHUHLW(WZDVPXWHYRUJHIDOOHQVHLQ ª:DVLVWGHQQSDVVLHUW"'XELVWVRVHOWVDP6KHLOD©%LOO IDWHQDFKGHQ6FKXOWHUQVHLQHU)UDX ª1LFKWVLVWJHVFKHKHQ,FKZLOOQXUGDVLFK1DGLQHQLFKW HLQPLVFKW-RKQQ\VFKOlIWXQGHUZLUGDXFKZHLWHUKLQVHLQH 5XKHKDEHQ,VWGDVNODU"© ª1DWUOLFK'HVKDOEEUDXFKVWGXGLFKDXFKQLFKWVRDXI]X IKUHQ'XKlWWHVWHVUXKLJLQHLQHPQRUPDOHQ7RQIDOOVDJHQ N|QQHQ© ª,FKELQHEHQHWZDVQHUY|V© ª.HLQ:XQGHUQDFKDOOHPZDVYRUJHIDOOHQLVW© ª$XHUGHPP|FKWHLFK-RKQQ\KHUDXVKDOWHQ(UVROODXFK QLFKWLQGLUHNWEHWHLOLJWVHLQ© ª.ODUPHLQH/LHEH©%LOOQLFNWHVHLQHU)UDX]XXQGPDFKWH VLFKDXIGHQ:HJXP1DGLQH]XUFN]XKROHQ (UZXQGHUWHVLFKEHU6KHLOD6LHKDWWHVHKUVHOWVDPUHD JLHUW'DVNDQQWHHUYRQLKUNDXPQXUGDQQZHQQVLHXQWHU 6WUHVWDQG%LOOJDE]XGDGLHYHUJDQJHQHQ(UHLJQLVVHQLFKW VROHLFKW]XYHUNUDIWHQZDUHQYRUDOOHQ'LQJHQQLFKWIUHLQH )UDXZLH6KHLODGLHIDVWLPPHULQVWlQGLJHU6SDQQXQJXQG $QJVWOHEWHGHQQGlPRQLVFKH.UlIWHKDWWHQRIWJHQXJEUXWDO LQLKU/HEHQHLQJHJULIIHQ%LOOVFKULWW]ZDUZHLWHUHUGUHKWH VLFKMHGRFKXPXQGVFKDXWH]XUFN 6KHLODZDUQLFKWDXIGHU6WHOOHVWHKHQJHEOLHEHQ%LOO&RQROO\ VDKGDVLH.XUVDXI.DUDXQG0\[LQQDKPXQGQHEHQGHQ EHLGHQLKUHQ6FKULWWYHUKLHOW 9LHOOHLFKWNRQQWHQGLHEHLGHQLKUKHOIHQ%LOOKRIIWHHV ]XPLQGHVWXQGZXUGHGXUFK1DGLQHDEJHOHQNWGLHVLFK EHUKDXSWQLFKWEHUXKLJHQZROOWHNQXUUWHXQGPLWGHQ 9RUGHUOlXIHQDXIGHU)HQVWHUEDQNNUDW]WH,UJHQGHWZDV PXWHVLHVW|UHQXQGDEHUPDOVNHLPWHLQ%LOOHLQ9HUGDFKW DXI9LHOOHLFKWJLQJHVGRFKXPGHQ.OHLQHQ

8QVLQQ'DQQKlWWH6KHLODHWZDVJHVDJW 1HEHQ1DGLQHJLQJGHU5HSRUWHULQGLH.QLH'LHIQIJHV SUHL]WHQ)LQJHUVHLQHUUHFKWHQ+DQGZKOWHQGXUFKGDV)HOO GRFKGHP5HSRUWHUZDUHVQLFKWP|JOLFKGDV7LHU]XEHUXKL JHQ1DGLQHVWHOOWHVLFKVHKUVW|UULVFKDQ ª.RPP©VDJWH%LOOª.RPPKHU1DGLQH:DVZLOOVWGX GHQQEHUKDXSWQRFKKLHU"© 1DGLQHGUHKWHGHQ.RSI6LHVFKDXWH%LOOJHQDXDQ'HU 5HSRUWHUVDKLQGLHNDOWHQ$XJHQXQGJODXEWHGDVLFKGHUHQ $XVGUXFNYHUlQGHUWKDWWH'LH3XSLOOHQKDWWHQHLQHQDQGHUHQ $XVGUXFNDQJHQRPPHQ6LHEOLFNWHQ]ZDUQRFK]LHPOLFK NDOWMHGRFKWLHILQLKUHP,QQHUQPHLQWHGHU5HSRUWHUHLQH :DUQXQJ]XOHVHQ %LOOV.|USHUVSDQQWHVLFK(UYHUVWDQG1DGLQH]ZDUQLFKW GHQQRFKJODXEWHHUGDQLFKWDOOHVVRJODWWJHODXIHQZDUZLH HUHVVLFKYRUJHVWHOOWKDWWH -HW]WILHOLKPZLHGHU6KHLODVVHOWVDPHV%HQHKPHQHLQ+LQJ HVGRFKPLW-RKQQ\]XVDPPHQ" %LOOEHNDP0DJHQGUFNHQDOVHUGDUDQGDFKWHhEHUVHLQHQ 5FNHQOLHIHLQ6FKDXHU6KHLODXQGHUKLQJHQDQLKUHP6RKQ :HQQLKPHWZDVSDVVLHUHQZUGHGDQQ 'HU5HSRUWHUHUKREVLFK ,PVHOEHQ$XJHQEOLFNK|UWHHUYRQGRUWZRDXFKGLH *DUWHQEDQNVWDQG.DUDV6WLPPH ª6KHLODZDVKDVWGX"%LVWGXYHUUFNW":DVZLOOVWGXPLW PHLQHP6FKZHUW"© %LOO]XFNWH]XVDPPHQDOVKlWWHPDQLKQJHVFKODJHQ'DZDU HWZDVSDVVLHUWXQGHUVWDQG]XZHLWYRP2UWGHV*HVFKHKHQV ZHJ6RPXWHHUPLWDQVHKHQZLHVHLQH)UDXDXIGLH 7HUUDVVHQWU]XOLHI *OHLFK]HLWLJVWDUWHWHDXFK0\[LQ6XNRXQG6LU-DPHV VHW]WHQVLFKHEHQIDOOVLQ%HZHJXQJXQG%LOOKLHOWDXFKQLFKWV PHKUDQVHLQHP3ODW](UPXWHZLVVHQZDVGDJHVFKHKHQ ZDU

0\[LQKDWWHGHQNU]HVWHQ:HJ .DUDZDUQXUDXIJHVSUXQJHQ$OVVLHHQGOLFKVWDQGEHIDQG VLFK0\[LQEHUHLWVLQGHU7UXQGMDJWH6KHLODQDFKGLHVLFK VFKRQQDFKOLQNVJHZDQGWKDWWHXPDXVGHP:RKQUDXPLQ GHQ)OXU]XHQWZLVFKHQ 'LH'LVWDQ]]XGHPNOHLQHQ0DJLHUZDU]XJUR0\[LQ KlWWH6KHLODYRUGHU7UQLFKWPHKUHLQJHKROW'HVKDOEJULIIHU ]XHLQHPDQGHUHQ0LWWHO (LQ6WXKOVWDQGJULIIEHUHLW%OLW]VFKQHOOXPNODPPHUWH 0\[LQGLH/HKQHKREGHQ6WXKODQXQGVFKOHXGHUWHLKQVR GDHULQGLH/FNH]ZLVFKHQGHUODXIHQGHQ6KHLODXQGGHU 7U|IIQXQJILHO $XVZHLFKHQNRQQWHGLH)UDXQLFKWPHKUDXFKQLFKWEHU GHQ6WXKOVSULQJHQ6LHVWROSHUWHYHUORUGDV*OHLFKJHZLFKW XQGILHO]X%RGHQ 'LHVH=HLWVSDQQHQXW]WHGHUNOHLQH0DJLHUDXV%HYRU 6KHLODZLHGHUDXIGLH%HLQHNRPPHQNRQQWHKDWWHHUVLH HUUHLFKW 'RFKGDUROOWHVLHVLFKEHUHLWV]XU6HLWHKRELKUHQ 2EHUN|USHUDQXQGVWUHFNWHGHQUHFKWHQ$UPDXV'LHJROGHQ JOlQ]HQGH6SLW]HGHV6FKZHUWHVZLHVKDDUJHQDXDXI0\[LQV %UXVW ª5KUPLFKQLFKWDQ©]LVFKWH6KHLODDP%RGHQVLW]HQG ª:DJHVQLFKW0\[LQRGHULFKVWRH]X© 'DPLWKDWWHGHUNOHLQH0DJLHUQLFKWJHUHFKQHW(UKRFNWH DXIGHP%RGHQXQG]RJHLQYHUVWlQGQLVORVHV*HVLFKW 0\[LQEHJULIIGLH:HOWQLFKWPHKU+LQWHUVHLQHU6WLUQEHU VFKOXJHQVLFKGLH*HGDQNHQLQ6HNXQGHQVFKQHOOH :DVNRQQWH6KHLODGD]XYHUDQODWKDEHQVR]XUHDJLHUHQ" 6LHPXWHEHVHVVHQVHLQYRQHLQHPDQGHUHQ7ULHERGHU 'lPRQJHOHLWHWDQGHUVNRQQWHVLFKGHUNOHLQH0DJLHUGLHVH 5HDNWLRQQLFKWHUNOlUHQ (UVWRSSWHWDWVlFKOLFKXQGK|UWHKLQWHUVLFKGLH6FKULWWHGHU DQGHUHQ6RHEHQEHWUDWHQ6LU-DPHVXQG6XNRGHQ5DXP $XFK.DUDGUlQJWHVLFK]ZLVFKHQVLH:lKUHQGGLH0lQQHU VWHKHQEOLHEHQJLQJVLHYRUXQGQlKHUWHVLFK0\[LQ

(QGOLFKWUDIDXFK%LOOHLQ(UVFKDXWHDQGHQDQGHUHQYRUEHL XQGHUVFKUDNIUFKWHUOLFK'DVDVHLQH)UDXDXIGHP%RGHQ XQGEHGURKWH0\[LQPLW.DUDV6FKZHUW(LQH6LWXDWLRQ]XP /DFKHQZHQQVLHQLFKWHLQHQVRHUQVWHQ+LQWHUJUXQGJHKDEW KlWWHXQG%LOOVFKDOWHWHVRIRUWULFKWLJGHQQHUGDFKWHDQ VHLQHQ6RKQXQGGDPLWLKPHWZDVSDVVLHUWVHLQPXWH $QGHQDQGHUHQJLQJGHU5HSRUWHUYRUEHL(UKDWWHVLFK QDFKYRUQJHEHXJWVFKWWHOWHGHQ.RSIXQGIOVWHUWHª6KHLOD ELVWGXGHQQZDKQVLQQLJ":DVLVWORVPLWGLU"'DVNDQQVWGX GRFKQLFKWPDFKHQGX© ª%OHLEVWHKHQ%LOO©6KHLODV6WLPPHNODQJVRGURKHQGGD GHU5HSRUWHUVHLQHQ6FKULWWVWRSSWH -HW]WZXWHHUEHUKDXSWQLFKWPHKUZDVHUVDJHQVROOWH 6KHLODPXWHGHQ9HUVWDQGYHUORUHQKDEHQHLQHDQGHUH (UNOlUXQJNDPLKPQLFKWLQGHQ6LQQ 0LWHLQHPKHIWLJHQ6FKZXQJVWDQG6KHLODSO|W]OLFKDXIGHQ %HLQHQ6LHKDWWHGDV6FKZHUWEHLGLHVHU$NWLRQQLFKWORVJH ODVVHQXQGGLH6SLW]HZLHVZHLWHUKLQDXI0\[LQ ª5KUWHXFKQLFKW©IOVWHUWHVLHUDXKª9HUGDPPWZDJWHV QLFKWHXFK]XUKUHQ©6LHEHZHJWHLKUHUHFKWH+DQGVRGD GLH6FKZHUWVSLW]HZHFKVHOWH(LQPDOZLHVVLHDXI0\[LQ GDQQ]HLJWHVLHLQ.DUDV5LFKWXQJXQGDXFK%LOO&RQROO\ EOLHEQLFKWDXVJHVFKORVVHQ 'HU5HSRUWHUEHUQDKPGDV:RUW'LHDQGHUHQKDWWHQVLFK EHZXW]XUFNJHKDOWHQGHQQ%LOOZDUKLHUGHU+DXVKHUU ª6KHLODZDVLVWGHQQLFKGLFKJHIDKUHQ":HVKDOEWXVWGXGDV"© ª)UDJPLFKQLFKW©NHXFKWHGLH)UDXXQGGXFNWHVLFKOHLFKW ]XVDPPHQ,KU*HVLFKWZDUVFKZHLQD'LH$QVWUHQJXQJ GHVLQQHUHQ6WUHVVHV]HLFKQHWHVLFKDXILKUHQ=JHQDE ª9HUIOL[WIUDJWPLFKQLFKW9HUVFKZLQGHWQXUDXVGHP =LPPHU© %LOOEUHLWHWHGLH$UPHDXV$XFKLQVHLQHP,QQHUQWREWHHLQH +|OOH(UNRQQWHVHLQH)UDXHLQIDFKQLFKWEHJUHLIHQ,QQHUKDOE YRQ6HNXQGHQKDWWH6KHLODHLQHQ:DQGHOGXUFKJHPDFKW $EHUKDWWHHUVLFKQLFKWVFKRQ]XYRUDQJHNQGLJW" %LOOGDFKWHDQGDV%HQHKPHQVHLQHU)UDXDOVVLHGDV+DXV

YHUODVVHQKDWWH6LHZDUODQJHZHJJHZHVHQ]XODQJHHLJHQW OLFKXQGVLHKDWWHVLFKLQ-RKQQ\V=LPPHUDXIJHKDOWHQ *OHLFK]HLWLJGDFKWH%LOODQGDV%HQHKPHQGHU:|OILQ6LH KDWWHHEHQIDOOVQLFKWQRUPDOUHDJLHUWVRQGHUQZDUXQUXKLJ GXUFKGHQ*DUWHQELVXQWHUGDV=LPPHUIHQVWHUGHV-XQJHQ JHODXIHQ =lKOWH%LOOVHLQH%HREDFKWXQJHQ]XVDPPHQVRJDEHVQXU HLQ(UJHEQLV$OOGDVZDVSDVVLHUWZDUPXWHLQHLQHP XQPLWWHOEDUHQ=XVDPPHQKDQJPLW-RKQQ\&RQROO\VWHKHQ %LOOKLQJDQVHLQHP-XQJHQ:LHDXFKVHLQH)UDX6KHLODVR OLHEWHHUGHQ.OHLQHQDEJ|WWLVFK:HQQLKPHWZDVSDVVLHUW ZDURGHUDQGHUH.UlIWHGDEHLZDUHQLKPHWZDVDQ]XWXQ%LOO GDFKWHEHZXWQLFKWZHLWHU(UVSDQQWHVHLQHQ.|USHUVWDQG DXIGHP6SUXQJXQGGDVEHPHUNWHDXFKVHLQH)UDX ª%OHLEVWHKHQ%LOO©VFKULOOWHLKUH6WLPPH6LHEHZHJWHGDEHL LKUHQ$UPVRGDGLH.OLQJHJHQDXDXIGHQ5HSRUWHUZLHV 8QGGHUODVGLHILQVWHUH(QWVFKORVVHQKHLWLQ6KHLODV$XJHQVR GDHU]|JHUWH 9LHOOHLFKWKlWWHQGLHDQGHUHQHLQJHJULIIHQGRFKHWZDVKLHOW VLH]XUFN=XGHPVWDQGQLFKWLUJHQGMHPDQGYRULKQHQ VRQGHUQ6KHLOD&RQROO\GLH)UDXHLQHV)UHXQGHV %LOOYHUVXFKWHHVZHLWHUKLQPLW:RUWHQª0DFKGRFKNHLQHQ %O|GVLQQ6KHLOD6HLYHUQQIWLJ:DVLVWGHQQLQGLFKJH IDKUHQ"© ,KU%OLFNLUUOLFKWHUWH6LHDWPHWHVFKQHOOXQGVWRZHLVH'LH $GHUQDP+DOV]XFNWHQDOVVLHLKUH0XQGZLQNHOQDFKXQWHQ ]RJGLH$XJHQIOOWHQVLFKPLW7UlQHQXQGVLHVFKOXFK]WH DXIª*HKWGRFKHQGOLFK9HUIOXFKWVRJHKWGRFKVRQVWLVW DOOHVYHUORUHQ© 0LWGHPOHW]WHQ:RUWVDQNDXFKGLH6FKZHUWVSLW]HHLQ ZHQLJQDFKXQWHQ%LOOVDKVFKRQVHLQH&KDQFHGRFKEHYRUHU VWDUWHQNRQQWHKDWWH6KHLODGLH.OLQJHZLHGHUJHKREHQ ª1HLQ©]LVFKWHVLHª6RQLFKW© 6RQVWLVWDOOHVYHUORUHQKDWWHVLHJHVDJW,Q%LOOV.RSIKDOOWHQ GLH:RUWHQDFK:DVZDUGHQQYHUORUHQ"(WZDGHU-XQJH" 1LHPDQGVSUDFK$OOHQ$QZHVHQGHQZDUVFKOHFKW]XPXWH

6LHIKOWHQVLFKPLHVZROOWHQUDXVDXVGLHVHU0LVHUHGRFK 6KHLODJDELKQHQNHLQH$QWZRUW 1LHPDQGKDWWHPHKUPLWLKUJHUHFKQHWDEHUVLHZDUGD 8USO|W]OLFKWDXFKWHVLHDQGHU7HUUDVVHQWUDXIKHW]WHPLW JHZDOWLJHQ6SUQJHQDQGHQDQGHUHQYRUEHLXQGZDUVR VFKQHOODXI6KHLOD]XJHVSUXQJHQGDGLHVHQLFKWPHKU]X HLQHU*HJHQUHDNWLRQIlKLJZDU'HU:ROIVN|USHUZXFKWHWHLQ GLH+|KHXQGUDPPWH6KHLODVRKDUWDQGHUUHFKWHQ6HLWHGD VLHWDXPHOWH 'LHVH&KDQFHQXW]WH%LOO&RQROO\VRIRUWDXV%HYRU6KHLOD VLFKYHUVDKKDWWHHUVLHJHSDFNWLKUHQ$UP]XU6HLWHJHKHEHOW XQGLKUPLWHLQHU'UHKXQJVHLQHUUHFKWHQ+DQGGDV6FKZHUW HQWULVVHQ%HYRUVLHQDFKJUHLIHQNRQQWHZDUI%LOOHVIRUW .DUDOLHIVFKQHOOXQGQDKPLKUH:DIIHZLHGHUDQVLFK %LOODEHUNPPHUWHVLFKXP6KHLODGLHZHLQHQG]XVDP PHQJHEURFKHQZDUGHQ.RSIVFKWWHOWHXQGGDYRQVSUDFK GDQXQQLFKWVPHKU]XUHWWHQVHL ª:DVLVWGHQQQXUJHVFKHKHQ"© ª0HLQ*RWW%LOO(VJHKWXP-RKQQ\HUEHILQGHWVLFKLQW|G OLFKHU*HIDKU-DQH&ROOLQVLVWEHLLKP© ª'DGHLQ.UHX]-RKQ6LQFODLUYRQGHP3URSKHWHQ+HVHNLHO HUVFKDIIHQZRUGHQLVWZHLWGXLQ]ZLVFKHQDEHUGXZHLW QLFKWZDVVLFKGLHVHUZHLVH0DQQGDEHLJHGDFKWKDW,FK P|FKWHGHVKDOEGHU5HLKHQDFKEHJLQQHQXQGGXNDQQVW PHLQHQ:RUWHQJHQDXIROJHQLQGHPGXGLUGDV.UHX]LPPHU JHQDXDQVLHKVW© ,FKQLFNWHXQGZDUWHWHYROOHU8QJHGXOGDE ª%HJLQQHQP|FKWHLFKREHQZRGHU(U]HQJHO0LFKDHOVHLQ =HLFKHQKLQWHUODVVHQKDW+HVHNLHOKDWLQZHLVHU 9RUDXVVHKXQJJHZXWGDHVLQIHUQHUHQ=HLWHQHLQPDOHLQH DQGHUH6FKULIWJHEHQZUGH8QGHUKDWVLFKGDQDFKJHULFK WHW1HEHQGHP=HLFKHQVLHKVWGX]ZHL%XFKVWDEHQGLHGHQ %HJLQQGHLQHV9RUXQG1DFKQDPHQVDQGHXWHQ)UPLFKHLQ %HZHLVXQG=HLFKHQGDGLHVHV.UHX]IUGLFKEHVWLPPWLVW

XQGIUNHLQHQDQGHUHQVRQVW8QWHUGHP0NDQQVWGXGDV $OOVHKHQGH$XJHHUNHQQHQ,FKKDEHGLUVFKRQHLQPDOJHVDJW GD+HVHNLHODOWH0\WKRORJLHQYHUZHQGHWKDWXQGGDV $OOVHKHQGH$XJHJHK|UWGD]X© ª6WDPPWHVQLFKWYRQGHQbJ\SWHUQDE"©IUDJWHLFKXQG GDFKWHGDUDQGDHVPLUVFKRQHLQPDOJHKROIHQKDWWH ª(VLVWGDV$XJHGHU9RUVHKXQJLQHLQHP'UHLHFNYHUHLQW GHVVHQ6SLW]HQDFKREHQ]HLJW%HLGHQbJ\SWHUQKDWPDQVR GHQJURHQ*RWW2VLULVGDUJHVWHOOW(VVROOGHQ0HQVFKHQDQ GLHDOOH*HKHLPQLVVHGXUFKGULQJHQGH:DFKVDPNHLW*RWWHV HULQQHUQXQGHVLVWIUGHLQ.UHX]DXFKHLQ$Q]HLJHUGHU *HIDKU$EHU]XPQlFKVWHQ=HLFKHQ:HQQGXGHLQHQ%OLFN QDFKUHFKWVJOHLWHQOlWGDVLHKVWGXGDV$90GLHKHLOLJH RGHUP\VWLVFKH6LOEHGDVIHLHUOLFKVWHDOOHU:|UWHU,QGLHQV 'LHVHV:RUWVWHKWDP$QIDQJGHUKHLOLJHQ6FKULIWXQGDXFK YRUGHQ*HEHWHQGHU,QGHU(VVROO]XVDPPHQJHVHW]WVHLQDXV GHQ$QIDQJVEXFKVWDEHQGHUGUHL*|WWHU$JQL9DUXQDXQG 0DUXW*OHLFK]HLWLJVROOGLHVH6LOEHDQGLHGUHL(OHPHQWH )HXHU:DVVHUXQG/XIWHULQQHUQ'LHKHLOLJH6LOEHDXV]XVSUH FKHQEHGDUIHLQHUJHZLVVHQhEXQJXQGNHLQ8QUHLQHUVROOWH VLHMHPDOVUXIHQ6LHLVWIUGLFKHLQ6FKXW]JHJHQIUHPGH 0\WKRORJLHQXQGXQKHLPOLFKH*|WWHUDXVDQGHUHQ5HLFKHQ 6RZLUGVLFKGLH*|WWLQ.DOLGDYRUIUFKWHQZHQQMHPDQGGLH 6LOEHDXVVSULFKW$EHUKWHGXGLFKGDVKHLOLJH:RUWDXV]X VSUHFKHQ8QWHUVHLQHP6FKXW]DOOHUGLQJVZLUVWGXVWHKHQ© (VZDUHLQHODQJH5HGHGLHGHUDOWHYHUOHW]WH0DQQELVKHU JHKDOWHQKDWWH6LHKDWWHLKQVLFKWOLFKHUVFK|SIWXQGVRPXWH HUHLQH3DXVHHLQOHJHQEHYRUHUZHLWHUVSUHFKHQNRQQWH 'HUDOWH0DQQEHJDQQZLHGHUXQGIOVWHUWHª$XIGHQ.UHLV XQGGDV6HFKVHFNLQGHU0LWWHGHV.UHX]HVNRPPHLFKVSlWHU QRFK]XVSUHFKHQ(VLVWPLWGDV:LFKWLJVWHDEHUGDUXQWHU EHILQGHWVLFKGDV$QNK(LQ=HLFKHQGDVDQGHLQ.UHX]HULQ QHUWXQGDXFKYRQGHQDOWHQbJ\SWHUQVWDPPW(VLVWGDV 6\PEROGHVHZLJHQ/HEHQVXQGGHULPPHUZlKUHQGHQ.UDIW GLHDXFKLQGHLQHP.UHX]VWHFNW(EHQIDOOVHLQ%HZHLVGD GHLQ.UHX]XQ]HUVW|UEDULVWZHQLJVWHQVODXW+HVHNLHO(U

NDQQWHGDPDOVQLFKWVZDVVWlUNHUJHZHVHQZlUH8QWHUGHP $QNKVLHKVWGXVHOWVDPH=HLFKHQGLHLFKGLUQDFKKHUHUNOlUHQ ZHUGH.RPPHQZLU]XGHQEHLGHQ%XFKVWDEHQ$OSKDXQG 2PHJD$QIDQJXQG(QGH6LHVROOHQGLFKGDUDXIKLQZHLVHQ GDDOOHVHLQPDOVHLQHQ$QIDQJJHKDEWKDWXQGDOOHVVHLQ (QGHKDEHQZLUG1LFKWVLVWXQHQGOLFKQXUGHU6FK|SIHU'DV NOHLQH.UHX]GDUXQWHULVWGDVVRJHQDQQWH3DVVLRQVNUHX]GDV .UHX]GHU'HPXWGHU5HXH(VZLUG6RUJHWUDJHQGDGX GHU%HVLW]HUGHV.UHX]HVQLFKW]XDUURJDQWXQGEHUKHEOLFK ZLUVWGDGXLPPHUGDUDQGHQNHQVROOVWGDHVQRFK 6FKZlFKHUHDXIGHU(UGHJLEWXQGGXLKQHQEHLVWHKHQPXW 'LHOLQNH6HLWHGHV.UHX]HVZLUGYRQGHP$XJHGHV+RUXV HLQJHQRPPHQ+RUXVHLQ*RWWKDWGDV$XVVHKHQHLQHV )DONHQXQGVHLQVFKDUIHV$XJHZDFKWEHUDOOHP(VZLUG DXFKEHUGHQ7UlJHUGLHVHV.UHX]HVZDFKHQ© ,FKKDWWHQXUGHQ]ZHLWHQ7HLOVHLQHU$XVIKUXQJHQJHK|UW XQGVWHOOWHIHVWGDVLFKGHUDOWH0DQQDEHUPDOVVHKUDQJH VWUHQJWKDWWH(UEDWPLFKXP:DVVHU 6RIRUWVWDQGLFKDXIXQGJLQJZLHGHU]XGHP7PSHOXP PLWGHQ+lQGHQ:DVVHU]XVFK|SIHQ $XIGHP:HJGRUWKLQGDFKWHLFKEHUGDVHEHQ*HK|UWH QDFK9LHO1HXHVKDWWHPLUGHUDOWH0DQQQLFKWPLWJHWHLOW :DVGLH=HLFKHQEHGHXWHWHQZXWHLFKLQ]ZLVFKHQVHOEVW DEHULFKZXWHQLFKWZLHPDQVLHDNWLYLHUWHXQGGDV :LFKWLJVWHEHUKDXSWKRIIWHLFKQRFKLQGHQQlFKVWHQ 0LQXWHQ]XHUIDKUHQ 'HUDOWH0DQQPXWHHLQIDFKGLH.UDIWDXIEULQJHQGDV 5lWVHO]XO|VHQ)DOOVHUYRUKHUVWDUEZDULFKIDVWVRVFKODX ZLHDP%HJLQQPHLQHU2G\VVHH 'LHVPDOYHUORULFKQLFKWVRYLHO:DVVHU$OVLFKQHEHQGHP 0DQQVWHKHQEOLHEGDKLHOWHUGLH$XJHQJHVFKORVVHQXQG PLFKGXUFK]XFNWHHLQHLVLJHU6FKUHFN 6FKRQ|IIQHWHHUVLHZLHGHU$XIVHLQH/LSSHQVWDKOVLFKHLQ IHLQHV/lFKHOQXQGJDQ]OHLFKWVFKWWHOWHHUGHQ.RSIª.HLQH %DQJH-RKQ6LQFODLULFKELQQLFKWWRWQRFKQLFKWGHQQLFK PXGLUGDV:LFKWLJVWHPLWWHLOHQ©

ª-DPHLQ)UHXQG©9RUVLFKWLJNQLHWHLFKPLFKKLQXQGKLHOW GLH+lQGHVRGDGHU5HVWGHV:DVVHUVLQVHLQHQ0XQGODX IHQNRQQWH'HU0DQQVFKOXFNWHZREHLLFK]XVDKGDQXU VRZHQLJ:DVVHUZLHP|JOLFKYHUORUHQJLQJ 'HU9HUOHW]WHHUKROWHVLFK]XVHKHQGV(LQQHXHU.UDIWVWURP VFKLHQGXUFKVHLQHQ.|USHU]XVFKLHHQXQGHUZROOWHVLFK ZLHGHUDXIULFKWHQ,FKKDOILKPGDEHL (UVFKDXWHPLULQV*HVLFKWXQGVHLQ%OLFNKDIWHWHDQPHLQHQ $XJHQIHVWª:DVLFKQXQVDJH-RKQ6LQFODLUGDVKDEHLFKPLU IUGLFKGHQ6RKQGHV/LFKWVDXIJHKREHQ,FKHUIOOHGDPLW GDV(UEHGHV3URSKHWHQ+HVHNLHOXQGJHEHGLUGLHOHW]WHQ *HKHLPQLVVHGHV.UHX]HVSUHLV,FKKDEHHLQPDOHLQHQ)HKOHU JHPDFKWXQGVLHDXIJHVFKULHEHQ'DV%XFKLVWLQGLHIDOVFKHQ +lQGHJHODQJW'HVKDOEP|FKWHLFKGLFKELWWHQQLHHWZDV EHUGDVZDVGXK|UVWDXI]XVFKUHLEHQ:LUVWGXPLUGLHVHV 9HUVSUHFKHQJHEHQ-RKQ6LQFODLU"© ª-DLFKYHUVSUHFKHHV© ª'DQQK|UHJHQDX]X=ZLVFKHQGHP$QNKXQGGHP 2PHJDH[LVWLHUHQLQGUHL5HLKHQVHKUVHOWVDPH=HLFKHQ6LH KDWGHUJURH3URSKHW+HVHNLHOGHUDOWMGLVFKHQ *HKHLPOHKUHGHU.DEEDODHQWQRPPHQ(VLVWHLQHGHU 8UIRUPHOQGLHGLH:HOW]XVDPPHQKDOWHQ6LHKDWHWZDVPLW GHU(UGH]XWXQXQGLVWXUDOWHQ:HLVVDJXQJHQHQWQRPPHQ GLHQRFKYRU+HVHNLHOH[LVWLHUWKDEHQ'HU6FK|SIHUVHOEVWVROO LKQHQ/HEHQHLQJHKDXFKWKDEHQXQGLFKZHUGHVLHGLUYRU VSUHFKHQ© ,FKZDUZLHHOHNWULVLHUW'LH6SDQQXQJZXFKV,FKVWDQGDQ HLQHP6FKHLGHZHJ,FKVROOWHHLQJHZHLKWZHUGHQLQGLH JURHQDOOHUOHW]WHQ*HKHLPQLVVHGHV.UHX]HV (LQODQJHUVHKQWHU7UDXPJLQJIUPLFKLQ(UIOOXQJ,Q GLHVHQ6HNXQGHQGDFKWHLFKDQGLH$EHQWHXHUGLHKLQWHU PLUODJHQXQGPLUILHOHQDXFKGLH:RUWH0\[LQVZLHGHUHLQ GHUPLUHLQPDOJHVDJWKDWWHLFKPVVHGDV.UHX]DNWLYLHUHQ %LVKHUZDUHQDOOPHLQH9HUVXFKHYHUJHEHQVJHZHVHQ'DV VROOWHVLFKLQ=XNXQIWlQGHUQZHQQLFKGLHZLFKWLJH)RUPHO DXVVSUHFKHQNRQQWH

(VZDUPLUXQP|JOLFKHLQ=LWWHUQGHU+lQGH]XYHUPHL GHQ$XFKGDV6SUHFKHQILHOPLUVFKZHUGHQQPHLQ0XQG ZDUVRJXWZLHDXVJHWURFNQHW,FKEUDFKWHHLQIDFKNHLQ:RUW PHKUKHUYRUXQGZDUWHWHYROOHU6SDQQXQJDXIGLH'LQJHGLH GDNRPPHQZUGHQ 'HUDOWH0DQQEHZHJWHVHLQH/LSSHQ%HYRUHUGLH)RUPHO DXVVSUDFKZDUQWHHUPLFKª9HUJLVLHQLHPDOV-RKQ6LQFODLU DEHUVFKUHLEHVLHDXFKQLHDXIVLHLVWXQJHPHLQZHUWYROOIU GLFK©'DQQVDJWHHUGLHDOOHVHQWVFKHLGHQGHQ:RUWHª7HUUD SHVWHPWHQHWR6DOXVKLHPDQHWR© 'HUDOWH0DQQYHUVWXPPWH-HW]WKDWWHHUGLH)RUPHODXVJH VSURFKHQXQGLFKVDYRULKPZLH]X6WHLQHUVWDUUW :LUVFKZLHJHQ,QGLHVHUIHLHUOLFKHQ0LQXWHZDUMHGHU6DW] EHUIOVVLJ,FKVWDQGDP%HJLQQHLQHUHQWVFKHLGHQGHQ :HQGHKDWWHGLH:RUWHJHK|UWXQGVLHEUDQQWHQVLFKLQPHLQ *HKLUQHLQ 7HUUDSHVWHPWHQHWR6DOXVKLHPDQHWR 1LHPDOVPHKUGXUIWHXQGZUGHLFKGLHDOWH)RUPHOYHU JHVVHQ:HQQLFKVLHDXVVSUDFKZUGHGDV.UHX]UHDJLHUHQ GDQQZDUHVDNWLYLHUWXQGLFKNRQQWHKDQGHOQ 1RFKZDUGDV5lWVHOGHV.UHX]HVQLFKWJHO|VW'HQQLFK VFKDXWHDXIGDVVHOWVDPH6HFKVHFNGDVVRJHIRUPWZDUDOV ZlUHQ]ZHL'UHLHFNHYHUNHKUWEHUHLQDQGHUJHOHJWZRUGHQ :RVLFKEHLHLQHPGLH*UXQGOLQLHEHIDQGVFKDXWHGLH6SLW]H GHV]ZHLWHQEHUXPJHNHKUWZDUHVHEHQIDOOVVR'DV*DQ]H ZXUGHYRQHLQHP.UHLVXPVFKORVVHQXQGHUEHLQKDOWHWHVHOW VDPH=HLFKHQ+LQ]XNDPHQQRFKGLHEHLGHQ%XFKVWDEHQLQ GHUJU|WHQIUHLHQ)OlFKH'DV-XQGGDV6 -RKQ6LQFODLU ,FKVFKDXWHGHPDOWHQ0DQQLQV*HVLFKWXQGHUNDQQWHHLQHQ PGHQ*ODQ]LQVHLQHQ$XJHQ'LH.UDIWYHUOLHDOOPlKOLFK VHLQHQ.|USHU :UGHHUHVWURW]GHPQRFKVFKDIIHQXQGPLFKEHUGLHOHW] WHQ*HKHLPQLVVHGHV.UHX]HVDXINOlUHQ" ª,FKZHL-RKQ6LQFODLUGDLFKQRFKHWZDVYHUJHVVHQKDEH XQGYLHOOHLFKWVFKDIIHLFKHVQRFKDXFKGLHVHV5lWVHO]XO|VHQ

'DV6HFKVHFNEHVWHKWDXV]ZHL'UHLHFNHQ(LQV]HLJWPLWGHU 6SLW]HQDFKREHQGDVDQGHUHQDFKXQWHQ'DVHUVWHV\PEROL VLHUWGLH.UlIWHGHV/LFKWVGDV*XWHDXIGHU:HOWGDVDQGHUH ©(UVSUDFKQLFKWPHKUZHLWHUGHQQHLQE|VHU+XVWHQDQIDOO VFKWWHOWHLKQ'HUPDJHUH]HUVFKXQGHQH.|USHUElXPWH VLFKGDEHLDXI3O|W]OLFKHUVFKLHQ%OXWDXIVHLQHQ/LSSHQXQG VSUKWHJHJHQPHLQ+HPG ,FKEHXJWHPLFKEHUGHQ$OWHQIDWHQDFKVHLQHQ6FKXOWHUQ XQGVDKGDVHLQ*HVLFKWLPPHUEODVVHUZXUGHXQGGLH :DQJHQ]XVHKHQGVHLQILHOHQ,QGHQ$XJHQODJHLQILHEULJHU *ODQ]'LH1DVHVWDFKVSLW]XQGZHLDXVGHP*HVLFKWKHU YRUXQGGLHEOXWOHHUHQ/LSSHQPXUPHOWHQª(VLVWVRNDOW PHLQ)UHXQGVRVFKUHFNOLFKNDOW'HU7RGLVWQLFKWPHKUDXI ]XKDOWHQ(UZLOOPLFKDEHULFKQHLQLFKNDQQHVQLFKWPHKU (ULVWVWlUNHU6HLQH6FKDWWHQLFKVHKHVLH,FKNDQQVLHJHQDX HUNHQQHQGRFKGDKLQWHUKLQWHULKQHQGDLVWGDV/LFKW'DV KHOOHVWUDKOHQGH/LFKWGHU8QHQGOLFKNHLWGHVJXWHQ*HLVWHV ,FKZHUGHLQGDV/LFKWHLQJHKHQ0HLQ*HLVWZLUGVLFK]X GHQHQJHVHOOHQGLHDXIPLFKZDUWHQ=X+HVHNLHO]XGHQ JURHQ3URSKHWHQXQG]XPHLQHP6FK|SIHU© 3O|W]OLFKKREHUGLH$UPHVWUHFNWHVLHZHLWDXVDOVZROOWHHU GDV/LFKWIDVVHQ(UKROWHQRFKHLQPDOWLHI/XIWXQGHLQYHU NOlUWHV/lFKHOQODJSO|W]OLFKDXIVHLQHP*HVLFKW (VEOLHEDXFKQRFKGDDOVPLFKGLHVWDUUHQ$XJHQHLQHV 7RWHQDQEOLFNWHQ'HUDOWH0DQQGHVVHQ1DPHQLFKQLFKWHLQ PDOZXWHNRQQWHQLFKWPHKUVSUHFKHQ,QPHLQHQ$UPHQ ZDUHUJHVWRUEHQ ,FKVFKlPWHPLFKPHLQHU7UlQHQQLFKW1HEHQGHU/HLFKH VDLFKXQGZHLQWH,FKZDUVRXQHQGOLFKGDQNEDUKDWWH VRYLHOGXUFKVHLQHQ0XQGHUIDKUHQXQGHUZDUPLUZLHHLQ JXWHU)UHXQGYRUJHNRPPHQ 'DVDOOHUOHW]WH*HKHLPQLVGHV.UHX]HVKDWWHHUPLUQLFKW PHKUPLWWHLOHQN|QQHQ(LQDQGHUHUZDUVFKQHOOHUJHZHVHQ 0KHYROOHUKRELFKPLFK0HLQH*OLHGHUZDUHQYRPODQJHQ 6LW]HQVWHLIJHZRUGHQ,FKVFKDXWHDXIPHLQ.UHX]XQG VWUHLIWHGDQDFKGLH.HWWHDQGHUHVKLQJEHUPHLQHQ.RSI

'DV.UHX]KDWWHZLHGHUVHLQHQDQJHVWDPPWHQ3ODW]JH IXQGHQ1XUZDULFKMHW]WXPHLQLJHVVFKODXHU 'HUDOWH0DQQGHUPLUGLH*HKHLPQLVVHHUNOlUWKDWWHZDU ]XVDPPHQJHVDFNW(UOHKQWH]ZDUQRFKDP)HOVHQGRFKVHLQ .|USHUEHVDNHLQH.UDIWPHKU ,FKGHU0HQVFKDXVGHU=XNXQIWKDWWHHLQHQ)UHXQGYHUOR UHQXQGLFKNRQQWHLKPQXUQRFKHLQHQ'LHQVWHUZHLVHQ LQGHPLFKLKQEHJUXE :HUN]HXJEHVDLFKQLFKW 'DILHOHQPLUGLH]DKOUHLFKHQ6WHLQHDXI8QWHULKQHQVROOWH GHU7RWHVHLQHOHW]WH5XKHVWlWWHILQGHQ 1RFKVWDQGGLH6RQQHKRFKDP+LPPHODOVLFKPLWGHU $UEHLWEHJDQQ (VZDUQLFKWHLQIDFKGLHVFKZHUHQ6WHLQH]XVFKOHSSHQ DEHULFKGDFKWHGDUDQZDVPLUGLH:RUWHGHV0DQQHVDOOHV HU|IIQHWKDWWHQXQGVRPDFKWHLFKZHLWHU 6FKRQEDOGZDUGHU/HLEXQWHUGHQ6WHLQHQYHUVFKZXQGHQ ,FKKlXIWHQRFKHLQH/DJHGDUDXIXQGVXFKWHDQVFKOLHHQG QDFK+RO]XPGDUDXVHLQ.UHX]]XIHUWLJHQ /HLGHUIDQGLFKQLFKWVLQGHU1lKHVRVHKULFKPLFKDXFK EHPKWH'HU:HJIKUWHPLFKGDEHLLQK|KHUH5HJLRQHQ ,FKHUNOHWWHUWHHLQHQKRKHQ)HOVHQ9RQLKPKDWWHLFKHLQHQ SUlFKWLJHQ%OLFNEHUGDV/DQG 'HXWOLFKZDUGLH6WDXEIDKQH]XHUNHQQHQGLH]ZLVFKHQ GHP:DOGXQGPLULQGHU/XIWVWDQG /HLGHUEOLHEVLHQLFKWVWHKHQGHQQVLHEHZHJWHVLFKDXVJH UHFKQHWLQPHLQH5LFKWXQJZHLWHU ,FKNRQQWHPLUGHQNHQZDVYRUJHIDOOHQZDU'LHYLHU /HJLRQlUHZDUHQ]XUFNJHNHKUWXQGKDWWHQ%HULFKWHUVWDWWHW -HW]WEUDFKWHQVLH9HUVWlUNXQJPLWXPQDFK]XVFKDXHQ REGLHVHUVHOWVDPH)UHPGHDXFKJHJHQHLQHKDOEH$UPHH EHVWHKHQNRQQWH (LQZHQLJVHOWVDPZDUPLUVFKRQ]XPXWHXQGLFKEHU OHJWHZDVLFKXQWHUQHKPHQVROOWH $PEHVWHQZlUHQDWUOLFKGLH3\UDPLGHJHZHVHQGRFKGLH ZDUYRQ5DXPXQG=HLWJHVFKOXFNWZRUGHQ

:DVVROOWHLFKWXQ"0LFKYHUVWHFNHQ":RKOGLHHLQ]LJH &KDQFHGHUhEHUPDFKWYRQ)HLQGHQ]XHQWJHKHQ'DQQ NRQQWHLFKQXUKRIIHQGDPLFKLUJHQGZDQQHLQPDOGLH 3\UDPLGHZLHGHUHUUHLFKWHXPPLFKLQPHLQHQRUPDOH=HLW ]XUFN]XEULQJHQ 'LH6ROGDWHQPXWHQVHKUVFKDUIUHLWHQGHQQGLH 6WDXEZRONHEHZHJWHVLFK]LHPOLFKVFKQHOO,FKZDUQXU]X )XKDWWHNHLQ3IHUGXQGZHQQLFKQRFKOlQJHUZDUWHWH VFKDIIWHLFKHVQLHPHKUPLFKYRUGHQDQGHUHQLQ6LFKHUKHLW ]XEULQJHQ 0LUZDUNODUGDGLHU|PLVFKHQ6ROGDWHQYHUVXFKHQ ZUGHQGHQ)HOVZLUUZDUULQGHPLFKPLFKDXIKLHOW]X GXUFKVXFKHQ6LHNDQQWHQGLH*HJHQGZXWHQVLFKHUOLFK VlPWOLFKH9HUVWHFNHXQGIUPLFKZXUGHHVHQJ $OVRZHJ :LHODQJHHVGDXHUWHELVLFKGLH)HOVHQKLQWHUPLUJHODVVHQ KDWWHGDVNRQQWHLFKQLFKWVDJHQ$OVLFKHVHQGOLFKVFKDIIWH XQGYRUPLUHLQHQODQJJH]RJHQHQVDQIWDQVWHLJHQGHQ+DQJ VDKGDZDULFK]LHPOLFKHUVFK|SIWXQJHPHLQGXUVWLJXQG VWDXEEHGHFNW-HGH)DVHUPHLQHV.|USHUVVFKULHQDFK:DVVHU DEHUKLHUJDEHVZHLWXQGEUHLWQLFKWV (VEOLHEPLUQLFKWVDQGHUHVEULJDOVGHQ+DQJKLQDXI]X ODXIHQZREHLPLUGLH9HUIROJHULP1DFNHQVDHQGHQQLKUH 6WLPPHQXQGGDV6FKUHLHQZDUHQODXWHUJHZRUGHQ =XP*OFNJDEHV0lFKWHGLHHVQLFKWHUODXEWHQGDLFKLQ HLQHUDQGHUHQ=HLWYHUVFKROOHQEOLHE %HYRULFKPLFKYHUVDKHUVFKLHQDPDOOPlKOLFKGXQNOHU ZHUGHQGHQ+LPPHOHLQJUQEODXHU6FKHLQGHULQUDVHQGHU *HVFKZLQGLJNHLWGHU(UGHHQWJHJHQILHOXQGPLFKHUUHLFKWH NDXPGDLFKLKQHQWGHFNWKDWWH ,FKZDUVWHKHQJHEOLHEHQ'HU6FKHLQILHOEHUPLFKXQG SO|W]OLFKEHIDQGLFKPLFKZLHGHULQQHUKDOEGHU3\UDPLGH ]XVDPPHQPLWGHP%XFKGHUVLHEHQ6LHJHO 'DVOHW]WH%LOGGDVLFKDXVGLHVHU=HLWPLWQDKPZDUHLQ 6ROGDW(UVSUHQJWHLP6DWWHOVHLQHV3IHUGHV]ZLVFKHQGHQ )HOVHQKHUYRUVFKZDQJVHLQ6FKZHUWXQGVDGDQDFKVWDUU

ZLHHLQ'HQNPDODXIGHP7LHUUFNHQDOVHUPLWDQVHKHQ PXWHZLHGLH3\UDPLGHPLWPLULQ5DXPXQG=HLWHQW VFKZDQG 0LWDOOHPKlWWHQGLH)UHXQGHJHUHFKQHWQXUQLFKWPLWGHU $QWZRUW%LOO6LU-DPHV.DUD0\[LQXQG6XNRVWDQGHQZLH YHUVWHLQHUWDXILKUHQ3OlW]HQKDWWHQGLH$XJHQDXIJHULVVHQ XQGVFKDXWHQQXUDXI6KHLOD&RQROO\GLHGLHVHQ1DPHQDXV JHVSURFKHQKDWWH -DQH&ROOLQVEHIDQGVLFKLP+DXV -DQHGLH+H[H 'DVGXUIWHQLFKWZDKUVHLQ8QGDOVHUVWHUUHDJLHUWH%LOO $OOPlKOLFKVWDKOVLFKGDV(QWVHW]HQLQVHLQHQ%OLFN(UZXWH ZDVGDVDOOHV]XEHGHXWHQKDWWH(LQHGLFNH*lQVHKDXWELOGH WHVLFKDXIVHLQHP.|USHU'DQQDWPHWHHUWLHIXQGVW|KQHQG HLQEHYRUHUGHQ.RSIVFKWWHOWHª,FKZHUGHJHKHQ©VDJWHHU PLWHLQHU6WLPPHGLHLKPVHOEVWIUHPGHUVFKLHQª9HUGDPPW LFKZHUGHJHKHQXQGNHLQHUYRQHXFKZLUGHVVFKDIIHQPLFK DXI]XKDOWHQ© ª1HLQ%LOOQHLLLQQQ©6KHLODVFKULHHVª8P*RWWHVZLOOHQ GXEULQJVWGHLQHQ6RKQXPZHQQGXGDVWXVW© ª,FKZHUGHPLWLKUIHUWLJ© :LOGVFKWWHOWH6KHLODGHQ.RSI,KUH+DDUHIORJHQGDEHL ª6LHKDW-RKQQ\LQLKUHU*HZDOWEHJUHLIHGDVGRFK© %HVFKZ|UHQGVFKDXWHVLHLKUHQ0DQQDQª8QGVLHZLUGGHL QHQXQVHUHQ6RKQW|WHQZHQQLFKQLFKW]XUFNNRPPHXQG LKUGDV6FKZHUWEULQJH© ª'DQQW|WHWVLHGHQ.OHLQHQHEHQPLWGHP6FKZHUW©%LOO ZDUQLFKW]XEHOHKUHQ 6LU-DPHVJDEGHP&KLQHVHQ6XNRHLQHQNQDSSHQ:LQNPLW GHP.RSI'HU,QVSHNWRUYHUVWDQG:HQQHUMHW]WQLFKWHLQ JULIIEHJLQJ%LOOHLQHQHQWVFKHLGHQGHQ)HKOHU9RQGHP 5HSRUWHUXQJHVHKHQQlKHUWHVLFK6XNRLKPYRQGHU6HLWH VFKREVLFKLPPHUZHLWHUYRUXQGVSUDQJ ,POHW]WHQ$XJHQEOLFNVDK%LOOGHQ6FKDWWHQ(UZROOWHVLFK

QRFKKHUXPZHUIHQGRFK6XNRZDUVFKQHOOHU%LOOIORJLQHLQH DQGHUH5LFKWXQJXQGKDWWHLPQlFKVWHQ$XJHQEOLFNGDV *HIKOVHLQ$UPZUGHLQHLQHP6FKUDXEVWRFNVWHFNHQVR KDUWGUHKWHLKQ6XNRKHUXPXQGKHEHOWHLKQJOHLFK]HLWLJLQ GLH+|KH 'HU5HSRUWHUlFK]WH ª$OOHVNODU%LOO"©IUDJWH6XNR ª9HUGDPPWODPLFKORV© ª6RIRUWZHQQGXYHUQQIWLJELVW'XNDQQVWMHW]WQLFKW JHKHQ-DQH&ROOLQVEULQJWHVIHUWLJXQGW|WHW-RKQQ\WDW VlFKOLFK© ª$EHUZDVVROOHQZLUWXQ"©lFK]WHGHU5HSRUWHU ª,FKNDQQHVGLUQLFKWVDJHQHKUOLFKQLFKW$EHUZLUZHUGHQ JHPHLQVDPGLHQlFKVWHQ6FKULWWHEHUOHJHQXQGYRUDOOHQ 'LQJHQQLFKWGXUFKGUHKHQZLHGXHVYRUKDWWHVW© 'HU5HSRUWHUVFKWWHOWHGHQ.RSI ª'DVLVWNHLQH$QWZRUW%LOO©VDJWH6XNR ª2ND\LKUN|QQWHXFKDXIPLFKYHUODVVHQ,FKZHUGHQLFKW DOOHLQ]XLKUJHKHQ© 6XNRQDKPGHP)UHXQGGLH$QWZRUWDEXQGOLH%LOOORV 'HUHUKREVLFKXQGULHEVHLQHQ$UP$OVHUGHQHQWVFKXOGL JHQGHQ%OLFNGHV,QVSHNWRUVVDKVFKWWHOWHHUGHQ.RSIª/D PDOJXWVHLQ6XNRLFKKDEHGXUFKJHGUHKW©(UJLQJ]X6KHLOD XQGOHJWHVHLQHQ$UPXPVLH 6LU-DPHVEHUQDKPGLH,QLWLDWLYH ª0UV&RQROO\©VSUDFKHU6KHLODDQª.|QQHQZLUYHUQQI WLJPLWHLQDQGHUUHGHQRGHU"© ª)UDJHQ6LH©6KHLODVFKOXFNWHHLQSDDUPDOXQGKRELKU *HVLFKWPLWGHQYHUZHLQWHQ$XJHQ ª-DQH&ROOLQVLVWLQGDV=LPPHUJHODQJWGDVVWHKWIHVW© VDJWHGHU6XSHULQWHQGHQWª6LHKDW-RKQQ\LQGHU*HZDOWZDV LKUQLFKWUHLFKW6LHZLOOGDV6FKZHUW© ª'DVVWLPPW6LU© ª$OOULJKWDEHUDXVZHOFKHP*UXQGHZLOOVLH.DUDV6FKZHUW KDEHQ"8PHQWVFKXOGLJHQ6LH-RKQQ\GDPLW]XW|WHQ"© ª1HLQ©

6LU-DPHV]HLJWHVLFKYHUZLUUW$XFKGLHDQGHUHQZXWHQ NDXP%HVFKHLGQXU.DUDIROJHUWHULFKWLJ ª,FKNDQQHVPLUGHQNHQDXVZHOFKHP*UXQGVLHGLH:DIIH KDEHQP|FKWH(VOLHJWHLJHQWOLFKDXIGHU+DQGZHQQPDQ HLQPDOJHQDXHUQDFKGHQNW'XUFKGLHPDJLVFKH.OLQJHLVWHV PLUJHOXQJHQHLQH9HUELQGXQJ]X-RKQ6LQFODLUKHU]XVWHOOHQ 8QGHVZLUGPLUDXFKZHLWHUKLQJHOLQJHQ'DVDEHUZLOO-DQH &ROOLQVXQWHUELQGHQ:DKUVFKHLQOLFKKDWVLHVLFKPLW/XSLQD XQG/DG\;]XVDPPHQJHWDQVRGDGLHGUHLGLHVHQ3ODQ DXVJHKHFNWKDEHQ6WLPPWHV"©.DUDVFKDXWH6KHLODEHLGHU OHW]WHQ)UDJHDQXQGGLHMXQJH0XWWHUQLFNWH ª8QGZDVKlWWHVLHGDYRQ"©IUDJWH%LOO .DUDOlFKHOWHª$OOHVPHLQ/LHEHU'HQQGDQQN|QQHQZLU -RKQ6LQFODLUQLFKWPHKU]XUFNKROHQ(UZLUGLUJHQGZRLQ GHQDQGHUHQ'LPHQVLRQHQYHUVFKROOHQEOHLEHQ(LQYHU GDPPWWHXIOLVFKHU3ODQ© 1DFK.DUDV:RUWHQGXUFKGUDQJHLQHUUHJWHV$WPHQGHQ 5DXP(VZDUXQJHKHXHUOLFKZDVGLHVH+H[HGDYRUKDWWH $EHUVLHVWDQGQLFKWPHKUDXIGHU6HLWHGHV6LQFODLU7HDPV ZDU]XHLQHUDQGHUHQJHZRUGHQXQGJHK|UWHGHP:LNND .XOWDQ 'DYRQPXWHMHGHUGHU$QZHVHQGHQDXVJHKHQVRVFKZHU HVDXFKDOOJHPHLQ]XEHJUHLIHQZDU ª8QGZDVVROOHQZLUMHW]WWXQ"©IUDJWH6KHLOD 6LHIDQG%LOO6LU-DPHVXQG6XNRUDWORV.HLQHUZROOWHHLQHQ 9RUVFKODJPDFKHQ'LH6LWXDWLRQZDUJUDXVDP1LHPDQG NRQQWHVLFKYRUVWHOOHQGHQNOHLQHQ-RKQQ\]XRSIHUQXQG QXU.DUDXQG6KHLODQDKPHQZDKUZLH0\[LQQLFNHQG VHLQHQ.RSIEHZHJWH (UZDUDOVRHLQYHUVWDQGHQ .DUDVFKULWWDXI6KHLOD&RQROO\]X-HGHUYHUIROJWHLKUHQ *DQJXQGHLQMHGHUVDKZLHVLHYRU6KHLODVWHKHQEOLHEXP GHQ$UPPLWGHP6FKZHUWDXV]XVWUHFNHQ ª:DVVROOGDV"©IUDJWH6KHLOD ª1LPPGDV6FKZHUWXQGJHK]XULKU©

$OOHZDUHQEHUGLH5HDNWLRQGHU6FK|QHQDXVGHP 7RWHQUHLFKHUVWDXQW(VZDJWHQLHPDQG]XVSUHFKHQELV6XNR VFKOLHOLFKGLHODVWHQGH6WLOOHGXUFKVHLQH:RUWHEUDFKª.DUD XP+LPPHOVZLOOHQGDVNDQQVWGXQLFKWPDFKHQ© 2KQHVLFKXP]XGUHKHQDQWZRUWHWH.DUDª:LOOVWGX -RKQQ\RSIHUQ"© 6FKZHLJHQ(LQMHGHUZXWHGDVLHYRUHLQHUXQJHKHXHU VFKZHUHQ(QWVFKHLGXQJVWDQGHQDEHUNHLQHUNRQQWHHLQHQ 5DWJHEHQZLHVLHGDV3UREOHPO|VHQVROOWHQ $XFK6KHLODVWDQGXQEHZHJOLFK 'LH:DIIHKDWWHVLHQRFKQLFKWJHQRPPHQ'DV6FKZHUWODJ QDFKZLHYRUDXIGHQDXVJHVWUHFNWHQ$UPHQGHUGXQNHOKDD ULJHQ.DUD $OVHLQ]LJH]HLJWHVLFKGLH:|OILQXQUXKLJ6LHVWULFK]ZL VFKHQGHQHLQ]HOQHQ=LPPHUQKLQXQGKHU:DKUVFKHLQOLFK DKQWHRGHUVSUWHVLHDXILUJHQGHLQH$UWXQG:HLVHGDVLH MHW]WDXINHLQHQ)DOOHLQJUHLIHQGXUIWH ª1LPPHV©IRUGHUWH.DUDª'XPXWGLH:DIIHDQGLFK QHKPHQ,FKELWWHGLFKGDUXP© ª$EHUGDQQKDVWGXNHLQHPHKUXQG-DQH&ROOLQVZLUG© 6KHLODEUDFKDE+LOIORVKREVLHGLH6FKXOWHUQ .DUDDEHUOlFKHOWHª/DGLHVQXUPHLQH6RUJHVHLQ1LPP GDV6FKZHUWXQGJLEHVGHU+H[H(LQHQ*HIDOOHQDOOHUGLQJV PXWGXPLUWXQ%OHLELPPHULQGHU1lKHGHLQHV6RKQHV /DLKQQLHDXVGHQ$XJHQ6KHLOD+DVWGXYHUVWDQGHQ"© ª-D© ª'DQQWXGDVZDVLFKGLUJHVDJWKDEH© %LOOV)UDXZROOWHQLFKWVRUHFKWGRFK.DUDGUlQJWHLKUGDV 6FKZHUWI|UPOLFKDXIXQGVREOLHELKUQLFKWVDQGHUHVEULJ DOVGDQDFK]XJUHLIHQ (VZDUNHLQHOHLFKWH:DIIH1XU.DUDYHUVWDQGHVVLHPLW /HLFKWLJNHLW]XIKUHQ6KHLODNRQQWHVLHNDXPKDOWHQ,KUH $UPHVDFNWHQQDFKXQWHQ 'LH6FK|QHDXVGHP7RWHQUHLFKOlFKHOWH ª'XZLUVWGLFKDQGDV*HZLFKWJHZ|KQHQ*HKMHW]WVRQVW ZLUGVLHQRFKPLWUDXLVFK©

6KHLODZDQGWHVLFKDE6LHZDJWHHVQLFKWGLH)UHXQGHDQ]X VHKHQ6LU-DPHVKDWWHGHQ$UPKDOEDXVJHVWUHFNW(VVDKDXV DOVZROOWHHUHWZDVVDJHQGRFKHUEUDFKWHNHLQ:RUWEHUGLH /LSSHQ 'XUFKGLHRIIHQH7UYHUVFKZDQG6KHLODXQGVFKULWWPLW VWDNVLJHQ6FKULWWHQGHQ*DQJKLQDEDQGHPGDV=LPPHU LKUHVNOHLQHQ6RKQHVODJ 6LHOLH0HQVFKHQ]XUFNGLHHVJHZRKQWZDUHQVLFKPLW GHQ0lFKWHQGHU)LQVWHUQLVKHUXP]XVFKODJHQGLH.lPSIH DXVIHFKWHQNRQQWHQGLHMHGRFKLQGLHVHQ$XJHQEOLFNHQVR VFKUHFNOLFKKLOIORVZDUHQGHQQGLHVHU6LWXDWLRQZDUNHLQHU YRQLKQHQJHZDFKVHQ ª-HW]WLVW-RKQ6LQFODLUYHUORUHQ©VWHOOWH6LU-DPHVIHVWXQG VFKDXWH.DUDGDEHLDQ ª:LHVR"©IUDJWH%LOO ª'LH9HUELQGXQJ]X-RKQ6LQFODLULVWXQWHUEURFKHQ'DV KHLWZLUN|QQHQVLHQDFKGHU$EJDEHGHV6FKZHUWVQLFKW PHKUDXIUHFKWHUKDOWHQ0U&RQROO\© ª+lWWHQ6LHGHQQDQGHUVJHKDQGHOW"©HUNXQGLJWHVLFK.DUD ª'DV/HEHQGHV-XQJHQ© 6LU-DPHVZLQNWHVFKURIIDEª,KUH+DOWXQJVROOWHNHLQ :HUWXUWHLOVHLQLFKKDEHQXUHLQH)HVWVWHOOXQJJHWURIIHQ 0HLQHU$QVLFKWQDFKPVVHQZLUMHW]WDXIHLQHQXQHUZDUWHWHQ %HVXFKJHIDWVHLQ-DQH&ROOLQVZLUGVLFKXQV]HLJHQ© ª8QGZDVVROOVLHKLHU"©IUDJWH%LOO ª6LHZLUGLKUHQ7ULXPSKDXVNRVWHQZROOHQ©HUNOlUWH6LU -DPHV ª,FKJODXEHQLFKWGDHVVRZHLWNRPPW©PLVFKWHVLFKGHU NOHLQH0DJLHULQGDV*HVSUlFKª:LUVROOWHQDEZDUWHQ1RFK LVWGLH/DJHQLFKWDXVVLFKWVORV,FKNHQQH.DUDXQGZHLGD VLHQRFKHLQHQ7UXPSILQGHU+LQWHUKDQGKlOW© 6LU-DPHVXQG%LOOVFKDXWHQGLH6FK|QHDXVGHP7RWHQUHLFK VFKDUIDQ ª6WLPPWGDV"©IUDJWHGHU5HSRUWHU 0\[LQKREGHQUHFKWHQ$UPª:DUWHQZLUHVDE© %LOOZROOWHHWZDVHUZLGHUQGRFKHLQKDUWHVJHOOHQGHV

/DFKHQOLHLKPGDV:RUWLP+DOVVWHFNHQEOHLEHQ ª'DVZDU-DQH©IOVWHUWHGHU5HSRUWHUª9HUGDPPWGDVZDU VLH©8QGHUEDOOWHYRU:XWGLH+lQGH ,FKIKOWHPLFKZRKO 2ELFKGXUFK5DXPXQG=HLWWULHEZXWHLFKQLFKW$XI MHGHQ)DOOJLQJHVPLUMHW]WEHVVHU,FKPXWHOlFKHOQ0HLQH *WHZDVKDWWHGLH=HLWVFKRQIUHLQH%HGHXWXQJLQGLHVHU /DJH"hEHUKDXSWNHLQH6LHZXUGHPDQLSXOLHUWPDQVSLHOWH PLWLKUXQGLFKPXWHPLFKGHPQDFKDXIHLQHU5HLVHGXUFK GLH-DKUKXQGHUWHEHILQGHQ 1XUVDKLFKGDYRQQLFKWV ,FKNDPPLUYRUZLHMHPDQGGHU]XPHUVWHQ0DOLQHLQ hEHUVFKDOOIOXJ]HXJVWHLJWXQGGLH)ROJHQKDXWQDKVSUW 1LFKWVZDUPHKUVRZLHHVHLJHQWOLFKVHLQVROOWH'LH 6FKZHUNUDIWVFKLHQDXIJHKREHQ]XVHLQ2EZRKOGLH 3\UDPLGHGRFKHLQHPDUNDQWHGUHLHFNLJH)RUPDXIZLHV NRQQWHLFKQLFKWVDJHQZRREHQRGHUXQWHQZDU,FKKDWWHGDV *HIKOGDIUY|OOLJYHUORUHQ (VWDWJXWQLFKWPHKUVHOEVWGHQNHQ]XEUDXFKHQXQGGDV 6FKLFNVDOYROOLQGLH+lQGHHLQHVDQGHUHQOHJHQ]XN|QQHQ ,FKKlWWHHVPLUEHTXHPPDFKHQN|QQHQDQGDV.UHX] GHQNHQRGHUDQHWZDVDQGHUHV3RVLWLYHVDEHUGDVZDU HLQIDFKQLFKWGULQ 0HLQH*HGDQNHQZDUHQZLH3XGGLQJVRZHLFKXQG VFKZDPPLJ8QGGDQQKDWWHLFKGDV*HIKODOVKlWWHMHPDQG PLWGHP0HVVHUTXHUGXUFKGHQ3XGGLQJJHVFKQLWWHQ *HIDKU :LHVRLFKGDVPHUNWHNRQQWHLFKVHOEVWQLFKWVDJHQ 9LHOOHLFKWZDUHQHVYRQGHU3\UDPLGHDXIJHIDQJHQH,PSXOVH GLHDQPLFKZHLWHUJHOHLWHWZXUGHQ ,FKULGLH$XJHQDXI$XFKGDVILHOPLUVFKZHU:HQQLFK GLH/LGHU|IIQHWHZXUGHLFKDXVPHLQHP:RKOVHLQKHUDXVJH ULVVHQXQGPLWGHU:LUNOLFKNHLWNRQIURQWLHUW2EZRKOVLFK :LUNOLFKNHLW7UDXPXQG9LVLRQEHLPLUYHUPLVFKWHQ

,FKVWDQGZLHGHULQGHU3\UDPLGH9RUPLU]XPHLQHQ )HQODJGDV%XFKGHUVLHEHQ6LHJHO'RUWNRQQWHLFKDOOGDV QRFKHLQPDOOHVHQZDVPLUGHUDOWH0DQQHU]lKOWKDWWH,FK ZROOWHGDV%XFKEHKDOWHQZDUPLUDOOHUGLQJVEHUGHQ2UW GHU$XIEHZDKUXQJQRFKQLFKWNODU 'LH3\UDPLGHVWRSSWHVRKHIWLJGDHVPLUVFKZDU]YRU $XJHQZXUGH,FKUHFKQHWHGDPLWGDGLH6FKZlU]HYHU VFKZLQGHQZUGHZHLOHVYLHOOHLFKWQXUHLQGXPSIHU $XISUDOOJHZHVHQZDUGRFKVHOWHQLQPHLQHP/HEHQKDWWHLFK PLFKVRJHWlXVFKW 'LH6FKZlU]HEOLHE ,PVHOEHQ$XJHQEOLFNYHUVSUWHLFK$QJVWJHIKOH,FKZHL QLFKWZLHLFKVLHEHVFKUHLEHQVROO6LHZDUHQHLQIDFKGDXQG LFKJODXEWHLP7XQQHOGHU=HLWHQHQGJOWLJ]XYHUVLQNHQ 'DYRUKDWWHLFK$QJVW :LHHLQ6FKLIIEUFKLJHUVLFKDQGHQWUHLEHQGHQ 5HWWXQJVULQJNODPPHUWVRKLHOWLFKPHLQ.UHX]IHVW:LHLP .UDPSIVFKORVVHQVLFKPHLQH+lQGHXPGDVJHZHLKWH .UX]LIL[0LUVROOWHHV.UDIWJHEHQ*HUDGHMHW]WZRLFKVHLQH *HKHLPQLVVHHUIDKUHQKDWWHGXUIWHHVPLFKQLFKWLP6WLFK ODVVHQ :DUXPWUDQVSRUWLHUWHPLFKGLHVHOWVDPH3\UDPLGHQLFKW ZHLWHU":DVKDWWHLFKIDOVFKJHPDFKW" (VZDUHQERKUHQGH)UDJHQXQGVLHWUXJHQQLFKWGD]XEHL PHLQ$QJVWJHIKO]XYHUPLQGHUQ2EZRKOLFKJODXEWHGLH $XJHQDXIJHULVVHQ]XKDEHQNRQQWHLFKQLFKWVVHKHQ'DZDU GLHDEVROXWH)LQVWHUQLVXPPLFKKHUXPMHGRFKNHLQHWRWH )LQVWHUQLVVRQGHUQHLQHGLHOHEWH6LHZDUHUIOOWYRQHLQHP JHKHLPQLVYROOHQ:LVSHUQXQG5DXQHQ,FKK|UWHOHLVHYHU ZHKHQGH6WLPPHQGLHPLFKPDQFKPDODQGLHNODJHQGHQ /DXWHYRQOHEHQGHQ7RWHQHULQQHUWHQ :R6WLPPHQZDUHQJDEHVGRUWDXFK/HEHQ" 9RQGLHVHU9RUDXVVHW]XQJYHUVXFKWHLFKDXV]XJHKHQXQG PLUVRPLW0XW]XPDFKHQ 1XUZDVZDUGLHVIUHLQ/HEHQ"'lPRQLVFKHVY|OOLJ DQGHUHVJHLVWHUKDIWHVPDWHULHORVHV"

0HLQ%OXWVFKLHQ]XNRFKHQ0HLQ.|USHUZDUPLWVHOWVD PHQ(LQGUFNHQXQG*HGDQNHQJHIOOWXQGGDZDUSO|W]OLFK HLQH6WLPPHLQPHLQHP.RSI(LQHVHOWVDPZHLFKHGHQQRFK JWLJHXQGZLVVHQGH6WLPPHGLHLFKVFKRQJHK|UWKDWWH ª'LH9HUELQGXQJLVWJHULVVHQ-RKQ6LQFODLU© ,FKODXVFKWHGHU6WLPPHQDFK:RKDWWHLFKVLHYHUQRPPHQ" 6LHZDUPLUQLFKWIUHPG6LHNODQJVRXQHQGOLFKZHLWHQWIHUQW XQGVFKLHQGRFKLQPHLQHU1lKH]XVHLQ 3DUDGR[" ,FKVDPPHOWHPHLQH*HGDQNHQXQGYHUVXFKWHHLQH $QWZRUW]XIRUPXOLHUHQZDVPLUDXFKXQWHUJURHQ0KHQ JHODQJ ª:HOFKH9HUELQGXQJ"© ª'LH]XU(UGH© )UPLFKVWHOOWHQGLHEHLGHQ:RUWHHLQHVFKOLPPH$QWZRUW GDUGLHLFKQXUVFKZHUOLFKYHUNUDIWHQNRQQWHGHQQLFKKDWWH GHQ6LQQYROOEHJULIIHQ 6ROOWHGLH9HUELQGXQJWDWVlFKOLFKJHULVVHQVHLQGDQQZDU LFKHLQ*HIDQJHQHUGHU=HLWHQGDQQKDWWHQPHLQH*HJQHU ]XP6FKOXGRFKWULXPSKLHUHQN|QQHQ .RQQWHLFKMHW]WQLFKWPHKU]XU(UGH]XUFNNHKUHQ" 'DQDFKIUDJWHLFKXQGGLH$QWZRUWYHUVHW]WHPLUHLQHQ ZHLWHUHQ6FKRFNª6LHKDWGDV6FKZHUWQLFKWPHKU© 'DV6FKZHUW +LPPHOGDPLWNRQQWHGRFKQXU.DUDJHPHLQWVHLQ ª,FKVHKHXQGNDQQQLFKWHLQJUHLIHQ©K|UWHLFKGLH6WLPPH DEHUPDOVª,FKNDQQQLFKWVWXQGLH9HUELQGXQJLVW]HU VW|UW© 'DZXWHLFK%HVFKHLG$XIHLQPDOOLFKWHWHVLFKGHU 9RUKDQJ,FKZXWHQXQZHU]XPLUVSUDFK (VZDUGHU6HKHU ,FKHUVFKDXHUWHDOVPLUGDVNODUJHZRUGHQZDU'HU6HKHU ZDUHLQVRPlFKWLJHU*HLVWGD:RUWHNDXPDXVUHLFKWHQXP LKQEHVFKUHLEHQ]XN|QQHQ,FKNRQQWHDXFKQLFKWGDYRQ DXVJHKHQHLQHQ0HQVFKHQYRUPLU]XKDEHQRGHUHLQ PHQVFKHQlKQOLFKHV:HVHQIUPLFKEOLHEHQQXUGLH

6SHNXODWLRQHQXQGZHQQHUVLFK]HLJWHHLQ%LOGGDVQXUDXV ]ZHL$XJHQEHVWDQG 'LHVDKLFKSO|W]OLFK :LHGHUHLQPDO]HLJWHVLFKGHU6HKHUPLUXQGZLHGHUXP VFKDXWHLFKLQGDV$XJHQSDDULQGHPGLHJDQ]H:HLVKHLWGHV $OOV]XOHVHQVWDQG'LHVH$XJHQZDUHQXQHQGOLFK6LHVFKLH QHQPLWGHP:LVVHQGHU:HOWDXVJHVWDWWHW]XVHLQ(LQ:HVHQ GDVEHJULIIHQKDWWHGDVZXWHZLHGLHXUVlFKOLFKHQ.UlIWH ]XVDPPHQKLQJHQVLHDEHUPLUGHP0HQVFKHQQLFKWPLW WHLOHQNRQQWHZHLOPHLQNOHLQHU*HLVWEHUKDXSWQLFKWLQGHU /DJHZDUDOOGLHV]XHUIDVVHQ :HUZDUGHU6HKHU" 'LHVH)UDJHKDWWHLFKPLURIWJHVWHOOW2EZRKOLFKLQPHLQHU DXJHQEOLFNOLFKHQ/DJHY|OOLJDQGHUH3UREOHPHKDWWHWDXFKWH VLHGRFKZLHGHUDXI,FKZROOWHZLVVHQZHQLFKYRUPLUKDWWH XQGLFKIRUPXOLHUWHGLHVH)UDJHDXFKLQ*HGDQNHQ (LQHNRQNUHWH$QWZRUWHUKLHOWLFKQLFKW'HU6HKHUOLHPLFK EHZXWLPGXQNHOQ(UZROOWHQLFKWVVDJHQHUEUDXFKWHHV DXFKQLFKWHUZDUGDVFKDXWHPLFKDQXQGLFKHUVFKDXHUWH DEHUPDOVYRUGHP%OLFNVHLQHUPLUDOOJHZDOWLJHUVFKHLQHQGHQ $XJHQ ª=XUFN-RKQ6LQFODLU'XPXW]XUFN'LH3\UDPLGH NDQQGLFKQLFKWDXIGLH(UGHEULQJHQ6LHEHVLW]WGLH .UDIWQLFKWPHKU'LH9HUELQGXQJEHVWHKWQLFKWPHKU9LHO *OFN© (LQHQ/LGVFKODJVSlWHUZDUHQGLH$XJHQYHUVFKZXQGHQ ,FKVFKDXWHZLHGHULQGLH6FKZlU]HYRUPLUGLHLQGLH 8QHQGOLFKNHLW]XVWRHQVFKLHQXQGVSUWHGDQQGDHWZDV JHVFKDK 'LH3\UDPLGHEHZHJWHVLFK 'HUXQJHKHXUH'UXFNVFKLHQPLFKDXIGLH*U|HHLQHV .OXPSHQV]XVDPPHQSUHVVHQ]XZROOHQDOVLFKGLH5HLVH DEHUPDOVDQWUDW(LQHQ+DXFKVSlWHUZDUVLHEHUHLWVEHHQGHW XQGLFKEHIDQGPLFKDP=LHO 3O|W]OLFKVSUWHLFKIHVWHQ%RGHQXQWHUPHLQHQ)HQ,FK ULGLH$XJHQDXIXQGOLHPHLQHQ%OLFNNUHLVHQ

'DVNDPPLUDOOHVVREHNDQQWYRU,FKHULQQHUWHPLFKVFKRQ HLQPDOKLHUJHZHVHQ]XVHLQXQGVWHOOWHIHVWGDVLFKGHU JUQH6FKHLQDOOPlKOLFKDXIO|VWH 'LH3\UDPLGHYHUVFKZDQG ,FK]XFNWH]XVDPPHQGHQQMHW]WIKOWHLFKPLFKDOOHLQ,FK LUUWHPLFK(LQHQ$WHP]XJVSlWHUYHUQDKPLFKGDV)DXFKHQ XQGZXWHGD1HSUHQRGHU'UDFKHDXIPLFKJHZDUWHW KDWWH 6KHLOD&RQROO\WUXJGDV6FKZHUWXQGVLHKDWWHGDV*HIKODOV ZUGHQ=HQWQHUODVWHQLKUH$UPHGHP%RGHQHQWJHJHQ GUFNHQ'LH:DIIHZDUVHKUVFKZHU'LHJROGHQH.OLQJH]RJ VLHQDFKYRUQ,KUH$UPHVSUWHVLHQLFKWPHKUXQGDOVVLHYRU GHU7ULKUHV6RKQHVVWHKHQEOLHEZDUVLHVRHUVFK|SIWGDVLH JHJHQGHQ5DKPHQILHO .DUDZDUEHULKUHQHLJHQHQ6FKDWWHQJHVSUXQJHQ6LHKDWWH LKU6KHLODGDV:HUWYROOVWHJHJHEHQZDVVLHEHVDXP -RKQQ\]XUHWWHQ*OHLFK]HLWLJMHGRFKEUDFKWHVLHHLQXQJH KHXUHV2SIHUGHQQIDOOVGLH+H[HGDV6FKZHUWQDKPZUGH .DUDQLFKWPHKULQGHU/DJHVHLQHLQHPDJLVFKH9HUELQGXQJ ]XGHP*HLVWHUMlJHUKHU]XVWHOOHQ )DVWKDWWH6KHLOD&RQROO\HLQVFKOHFKWHV*HZLVVHQDOVVLH GLH7UNOLQNHQDFKXQWHQGUFNWHXQGPLWGHP.QLHGDV+RO] QDFKLQQHQVWLH -DQH&ROOLQVODXHUWHLP'XQNHOQVWDQGQHEHQGHP%HWWGHV .OHLQHQGHUQRFKLPPHUVFKOLHI'LH*HVWDOWGHUHKHPDOLJHQ 'HWHNWLYLQKREVLFKDOVGXQNOHU8PULDE 6KHLODEHWUDWGDV=LPPHU ,KU+HU]NORSIWHVRKRFKREHQLP+DOVXQGDXFKVRVWDUN GDVLHGDV*HIKOKDWWH:UJHKlQGHZUGHQXPLKUH.HKOH OLHJHQ6LHZROOWHGLH7UZLHGHUVFKOLHHQGRFKDXVGHP 'XQNHOQGUDQJGHU%HIHKOGHU+H[HDQLKUH2KUHQ ª/DVLHRIIHQ© 6KHLODV+DQG]XFNWHYRQGHU.OLQNH,QGHUOLQNHQWUXJVLH GDV6FKZHUW'LH6SLW]HVFKOHLIWHEHUGHQ%RGHQXQGKLQWHU

OLHLP7HSSLFKHLQHQ5L.OHLQLJNHLWHQDXIGLHHVLQGLHVHQ $XJHQEOLFNHQEHUKDXSWQLFKWDQNDP -HW]WJLQJHVXP0HQVFKHQOHEHQ 6KHLODHUVFKUDN]XWLHIVWDOVVLHGDVJUHOOH*HOlFKWHUGHU +H[HYHUQDKP-DQH&ROOLQVKDWWHGDV6FKZHUWHQWGHFNWXQG VLH]HLJWHVLFKDXILKUH$UWXQG:HLVHHQW]FNW ª'XKDVWHVMDGRFK©IOVWHUWHVLHVFKDUIª+DWPDQHVGLU JHJHEHQNOHLQH6KHLOD"© 6KHLODQLFNWH -DQHWUDWHLQHQ6FKULWWYRU6LHVWUHFNWHGDEHLGHQ$UPDXV XQG6KHLODYHUVWDQGGLHIRUGHUQGH*HVWH ª1LPPHV©VDJWHVLH ª:DVKDWWHVWGXGHQQJHGDFKW"*ODXEVWGXHWZDLFKZUGH GDUDXIYHU]LFKWHQ"©6LHNLFKHUWHª:DVPDFKWHQGHQQGLH DQGHUHQIUGXPPH*HVLFKWHUDOVVLHPHUNWHQGDGXGLH :DIIHIRUGHUWHVW"/RVUHGH6LHNRQQWHQGRFKQLFKWVWXQ ZDUHQKLOIORVXQGPXWHQPLWDQVHKHQZLHGXJHJDQJHQELVW ,FKKlWWHJHUQGLH*HVLFKWHUJHVHKHQ)UDW]HQYRQ9HUOLHUHUQ GHQQGLH*HZLQQHULQLQGLHVHP6SLHOELQLFK8QGLFKZHUGH HVDXFKEOHLEHQ© $XVGHQ:RUWHQGHU+H[HVSUDFKVRYLHO+DVVGD6KHLODHV NDXPIDVVHQNRQQWH 'LH+H[HQDKPGDV6FKZHUWDQVLFK6LHULHV6KHLODKDUW DXVGHU+DQGXQGKLHOWHVVHOEVWVRIHVWDOVZROOWHVLHHVQLFKW PHKUORVODVVHQ ª-D©KDXFKWHVLHªGDVLVWHV*HQDXGDV6FKZHUWGDVLFK KDEHQZROOWH6LHKDWVLFKQLFKWJHUQGDYRQJHWUHQQWRGHU"© HUNXQGLJWHVLFK-DQHK|KQLVFK ª,FKZHLHVQLFKW© ª'XZLOOVWHVPLUQXUQLFKWVDJHQ©ODXWHWHGLHKDUWH $QWZRUW-DQHKREGLH:DIIHDQGUHKWHVLFKXPXQGSO|W]OLFK ZLHVGLH6SLW]HDXI6KHLODV.HKOH :LHHUVWDUUWEOLHEGLH)UDXVWHKHQ'LHJROGHQH.OLQJHZDU LQGHQ/LFKWVFKHLQJHUDWHQ6LHZDUI5HIOH[HGLH6KHLODYRU NDPHQZLHW|GOLFKH%OLW]H ª.DQQLFKNDQQLFK"©6LHPXWHVLFKVHOEVWEHU

ZLQGHQXPZHLWHUVSUHFKHQ]XN|QQHQª.DQQLFKPHLQHQ 6RKQKDEHQXQGGDQQPLWLKPIRUWJHKHQ"© ª1HLQ© 6KHLOD]XFNWH]XVDPPHQDOVVLHGLH$QWZRUWK|UWH8QGVLH GDFKWHDQGLH:RUWHLKUHU)UHXQGHGLHJHPHLQWKDWWHQGD PDQGHU+H[HQLFKWWUDXHQNRQQWH -DQHZDUQLFKW]XWUDXHQ6LHVSLHOWHIDOVFK6LHZROOWHQLFKW QXUGDV6FKZHUWVRQGHUQDOOHVDXFKGDV/HEHQ 6KHLODEOLHEJHIDW,UJHQGZLHKDWWHVLHGDPLWUHFKQHQPV VHQGHQQYRULKUVWDQGMDQLFKWGLH-DQH&ROOLQVGLHVLHYRQ IUKHUKHUNDQQWHVRQGHUQHLQH3HUVRQGLHYROODXIGHUDQGH UHQ6HLWHVWDQGXQGGHP7HXIHOGLHQWHLQGHVVHQ'LHQVWH ZLHGHUXP-DQHV&KHILQGLH2EHUKH[H:LNNDVWDQG (VZDUHQYHU]ZLFNWH3RVLWLRQHQDEHUHLQVVWDQGIHVW'LH +H[HQEHNlPSIWHQGLH0HQVFKHQ6LHKDWHQVLHELVDXIV%OXW XQGZUGHQDOOHVGDUDQVHW]HQXPVLH]XYHUQLFKWHQ 6KHLODGDFKWHLQGLHVHQ$XJHQEOLFNHQQLFKWPDOVRVHKUDQ VLFKVRQGHUQDQGHQNOHLQHQ-RKQQ\ª$EHULFKKDEHGHLQH %HGLQJXQJHQHUIOOW©IOVWHUWHVLHPLWHLQHUNDXPYHUVWlQG OLFKHQ6WLPPHª'XKDVWGLH:DIIHEHNRPPHQ:DUXPOlW GXXQVQLFKWIUHL"© ª:HLOGX]XLKQHQJHK|UVW© ª:DVKDVWGXYRU"©IUDJWH6KHLODXQGKDWWH$QJVWYRUHLQHU $QWZRUW ª,FKZHUGHGLFKW|WHQ© ,QGHQ$XJHQGHUMXQJHQ)UDXVFKLHQHQSO|W]OLFK)ODPPHQ ]XVWHKHQ6LHEHJULIIQLFKWGDMHPDQGVRJUDXVDPVHLQ NRQQWHXQGLKU%OLFNJOLWWDQ-DQH&ROOLQVYRUEHL]XGHP NOHLQHQ-RKQQ\KLQEHU ª(UZLUGDXFKVWHUEHQ©HUNOlUWHGLH+H[Hª8QG]ZDUYRU GLU'XNDQQVW]XVHKHQ6KHLOD&RQROO\© 9LHOOHLFKWKDWWH6KHLODLQGHQOHW]WHQ0LQXWHQVFKRQ]XYLHO GXUFKJHPDFKWXPEHUKDXSWQRFK$QJVWHPSILQGHQ]X N|QQHQ$OVVLHGLH:RUWHYHUQDKPVWDQGVLHVWDUU ª.RPPKHU©EHIDKOGLHHKHPDOLJH'HWHNWLYLQª/RVNOHLQH 6KHLODVWHOOGLFKQHEHQGDV%HWW©

6LHJHKRUFKWH,KUH6FKULWWHHULQQHUWHQDQGLHHLQHUK|O]HU QHQ3XSSH$XIGHP%RGHQODJQRFKHLQNOHLQHV6SLHO]HXJ JHJHQGDV6KHLODPLWGHU)XVSLW]HVWLHXQGHVXQWHUGDV%HWW NLFNWH -DQH&ROOLQVWUDW]XU6HLWH6LHEUDXFKWHGHQ3ODW]XPDXV KROHQ]XN|QQHQXQGVLHGHXWHWHPLWGHU6FKZHUWVSLW]HDXI -RKQQ\ ª+ROLKQDXVGHP%HWW© ª,FKVROO"© ª0DFKVFKRQ© 'DV=LWWHUQEHUILHO6KHLODZLHHLQ6WXUPZLQG:DVGLH +H[HYRQLKUYHUODQJWHZDUVRVFKOLPPXQGXQPHQVFKOLFK GD6KHLODHVNDXPIDVVHQNRQQWH ,KUIHKOWHQHLQIDFKGLH:RUWHXPGLH*UDXVDPNHLW]X EHVFKUHLEHQXQGVLHIODWWHUWHDOVZUGHQ6WURPVW|HGXUFK LKUHQ.|USHUIDKUHQ 6KHLODVFKOXJGLH'HFNH]XUFN'LH.|USHUZlUPHGHV NOHLQHQ-RKQQ\VSUWHVLHDQLKUHQ+lQGHQDOVVLHLKUHQ 6RKQDXIGLH$UPHQDKP 'HU.OHLQHKDWWHHLQHQWLHIHQ6FKODI(UEHPHUNWHNDXP HWZDV1XUDOV6KHLODLKQDXFKDXILKUHP$UPEHKLHOWGD |IIQHWHHUIUHLQHQ0RPHQWGLH$XJHQOlFKHOWHXQGVDJWH OHLVHª0XPP\© 'LHVHVHLQH:RUWVFKQLWW6KHLODGXUFKV+HU]6LHVWDQGGD ZLHXQWHUHLQHP.UDPSI,KU.|USHUEHEWHXQGLKU%OLFN VDXJWHVLFKDQGHUJROGHQHQ.OLQJHIHVW 'DV6FKZHLJHQVWDQGZLHHLQH0DXHU]ZLVFKHQGHQEHLGHQ VRXQJOHLFKHQ)UDXHQ ª'UHKLKQXP©EHIDKOGLH+H[H ª:LH"© ª'XVROOVWGHLQHQ6RKQXPGUHKHQYHUGDPPW$EHUVRGD VHLQ.RSIIUHLOLHJW© ª1HLLLQ©(VZDUHLQZLOGHUDOOHV]HUUHLHQGHU6FKUHLGHU DXV6KHLODV.HKOHGUDQJª1HLQQHLQQHLQ©8QGSO|W]OLFK ZDUIVLHVLFKDXIGHP$EVDW]KHUXPXQGUDQQWHDXVGHP =LPPHU

ª%OHLEKLHU©'LH6WLPPHGHU+H[HEHUVFKOXJVLFK %OLW]VFKQHOOKDWWHVLHGDV6FKZHUWREHQXPGLH.OLQJHLQ 6KHLODVGHFNXQJVORVHQ5FNHQ]XVWRHQ ,FKEHIDQGPLFKLQPLWWHQGHUPLUEHNDQQWHQ'UDFKHQK|KOH XQGGDPLWLP/DQGGDVQLFKWVHLQGDUI 8QG1HSUHQRZDUWHWH,P+LQWHUJUXQGGHU+|KOHODXHUWH GLHVHV*HELUJHYRQ8QWLHU (UKDWWHJHZXWGDLFK]XUFNNHKUHQZUGHXQGHUZROO WHVLFKVFKUHFNOLFKUlFKHQQXQGDLFKPLFKQLFKWPHKUXQWHU GHP6FKXW]GHUVHOWVDPHQ3\UDPLGHEHIDQG ,FKJLQJHLQZHQLJ]XU6HLWHXQGJHODQJWHLQGLH1lKHGHV $OWDUVZRLFKGDV%XFKGHUVLHEHQ6LHJHODEOHJWHGDHVPLU GRFKVHKUKLQGHUOLFKZDU ,FKGDFKWHDQPHLQH:DIIHQ 'LH%HUHWWDNRQQWHLFKYHUJHVVHQ,FKZROOWHPLFKQXUDXI GDV.UHX]NRQ]HQWULHUHQ9LHOOHLFKWNRQQWHLFKHV]XPHUVWHQ 0DODNWLYLHUHQ 1RFKJULII1HSUHQRQLFKWDQDEHUHVZUGHQLFKWPHKU ODQJHGDXHUQGHQQHUEHZHJWHEHUHLWVVHLQHQPDVVLJHQ 6FKXSSHQN|USHU'DEHLVFKDEWHHUEHUGHQ%RGHQZDQGWH PLUGDV0DXO]XXQGLFKVDKGLHJHOEZHLVFKLPPHUQGHQ JURHQ.QRFKHQ]ZLVFKHQVHLQHPP|UGHULVFKHQ*HEL(V ZDUHQNHLQH0HQVFKHQNQRFKHQGLHHUGDIHVWKLHOWVRQGHUQ GLHhEHUUHVWHHLQHV0RQVWHUVZDKUVFKHLQOLFKHLQHV'UDFKHQ GHQHULQGHUOHW]WHQ=HLWDOVLFKPLFKDXIPHLQHUVHOWVDPHQ 5HLVHEHIDQGHUOHJWKDWWH (LQH=XQJHNRQQWHLFKQLFKWHUNHQQHQ6LHZDUYRQGHU 3\UDPLGH]HUVW|UWZRUGHQDOVVLHJHJHQGLHEOlXOLFKVFKLP PHUQGH:DQGJHVWRHQZDU 1DFKUHFKWVEHZHJWHLFKPLFK6RNRQQWHLFK1HSUHQR EHVVHUVHKHQXQGHUVDKDXFKPLFK :LUVFKDXWHQXQVGLUHNWDQ 'DQQVSLHHUPLUGLH.QRFKHQHQWJHJHQ(UVFKOHXGHUWHVLH HLQIDFKDXVVHLQHP0DXO

,FKPXWHGHQ.RSIHLQ]LHKHQVRQVWZl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|HDQHLQHQ6DXULHUGLHLFKMD HEHQIDOOVVFKRQNHQQHQJHOHUQWKDWWH :LHZHLWGXUIWHLFKLKQNRPPHQODVVHQ"%LVHUIQI6FKULWWH YRQPLUHQWIHUQWZDU"8QGZDUHVLKPYLHOOHLFKWP|JOLFK VHLQHQ6FKZDQ]VR]XVFKOHXGHUQGDHUPLFKWUDI" hEHUOHJXQJHQGLHLFK]ZDQJVOlXILJDQVWHOOWHXQGLFK EHPHUNWHDXFKGDVLFKPHLQ.UHX]HUZlUPWKDWWH -HW]WZROOWHLFKHVZDJHQ 1RFKHLQPDOKROWHLFK/XIW8QGGDQQVSUDFKLFKGLH:RUWH GLHLFKPLUVRVHKUHLQJHSUlJWKDWWH ª7HUUDSHVWHPWHQHWR6DOXVKLHPDQHWR© 6LHGUDQJHQODXWXQGGHXWOLFKDXVPHLQHP0XQG'HU 'UDFKHVROOWHVLHYHUVWHKHQXQGYLHOOHLFKWDXFKPHLQH XQVLFKWEDUHQ+HOIHUGLHDOV*HLVWZHVHQGXUFKGLH 8QHQGOLFKNHLWJOLWWHQXQGPLFKLQPHLQHP.DPSIJHJHQGDV %|VHEHUZDFKWHQ =XHUVWJHVFKDKQLFKWV )UGLH/lQJHHLQHV$WHP]XJVKDWWHLFKHLQVFKUHFNOLFKHV *HIKO6RXQHQGOLFKOHHUHLQVDPXQGYHUODVVHQNDPLFKPLU YRUGHQQLFKJODXEWHDXIHLQPDOGDGLHVH)RUPHOIDOVFKZDU %LVLFKGDV*OKHQVDK

(VZDUHLQGXQNHOURWHV/HXFKWHQXQGHVGUDQJWLHILP ,QQHUQGHV.UHX]HVDXI'DEHLKDWWHLFK$QJVWGDVLFKGDV .UHX]VWDUNHUKLW]HQZUGHXQGLFKHVORVODVVHQPXWHXP PLUGLH+lQGHQLFKW]XYHUEUHQQHQ ,FKLUUWHPLFK 'LH*OXWZDUNDOW 8QGVLHHUUHLFKWHGLHJHVDPWH*U|HGHV.UHX]HVEHYRUHV SO|W]OLFK]XH[SORGLHUHQVFKLHQ $XVVHLQHP=HQWUXPGHP.UHLVPLWGHQEHLGHQ'UHLHFNHQ GDULQGUDQJHLQURWJHOEHV/LFKWYRQYHUQLFKWHQGHU.UDIW 0HLQH+DQG]LWWHUWH,FKVDKPLFKVHOEVWHLQJHKOOWLQHLQH $XUDXQGEHNDPPLWZLHGDV/LFKWVLFKJHGDQNHQVFKQHOOXP GHQVFKZDU]PDJLVFKHQ'UDFKHQOHJWHDOVZROOWHHVLKQ XPIDVVHQ 'HU'UDFKHEUOOWHQLFKWHUVSLHNHLQ)HXHURGHU5DXFK(U WDWJDUQLFKWV'LHYRQPLUDNWLYLHUWHQ.UlIWHPHLQHV.UHX]HV SUHWHQLKQVR]XVDPPHQGDHUVLFKDXIO|VWH -DHUZDUYHUVFKZXQGHQ1LFKWHLQPDO6WDXEEOLHEYRQ GHP8QWLHU]XUFNQXUHLQHOHHUH)OlFKHVRGDHVPLUYRU NDPDOVKlWWHHVGHQ'UDFKHQQLHJHJHEHQ (LQVHOWVDPHV*HIKOGXUFKVWU|PWHPLFK:DUHV*OFN (UJULIIHQKHLWRGHU(UO|VXQJ" ,FKNRQQWHHVQLFKWVDJHQDEHULFKKlWWHYRU)UHXGHIDVW VFKUHLHQN|QQHQ 'HUDOWH0DQQKDWWHQLFKWJHORJHQ'LH)RUPHOVRXUDOWVLH DXFKZDUEHVDQRFKLPPHULKUH:LUNXQJ0HLQH6WLPPH KDWWHGDV.UHX]DNWLYLHUWXQG1HSUHQRYHUQLFKWHW 0HLQ*RWWVRHWZDVKDWWHLFKQRFKQLHHUOHEW6RJHGDQNHQ VFKQHOOXQGDXFKUDGLNDO $OOPlKOLFKQXUZXUGHPLUEHZXWZHOFKHLQHJURDUWLJH :DIIHJHJHQGDV%|VHLFKLQGHU+DQGKLHOW2EZRKOGDVDOOHU OHW]WH5lWVHOQRFKQLFKWJHO|VWZDUDEHUGDVZUGHLFKDXFK LUJHQGZDQQKHUDXVILQGHQ,FKMHGHQIDOOVIKOWHPLFKMHW]W VWlUNHULQQHUOLFKJHIHVWLJWXQGDXFKGLH+|KOHXQGGDV/DQG HUVFKLHQHQPLUQLFKWPHKUVREHGURKOLFKZLHEHLPHLQHP HUVWHQ%HVXFK

/DQJVDPGUHKWHLFKPLFKXP'DV%XFKZROOWHLFKQRFKDQ PLFKQHKPHQXQGGLH+|KOHGDQQYHUODVVHQ9LHOOHLFKWJDEHV GRFKHLQH&KDQFHDQGHU:DQGLQGLH+|KH]XNOHWWHUQ 0HLQH*HGDQNHQEUDFKHQDE*OHLFK]HLWLJZHLWHWHQVLFK PHLQH$XJHQDOVLFKDXIGLHQDFNWH$OWDUSODWWHVFKDXWHXQG LFKHUNDQQWHGHQVFKZDU]HQNRQWXUHQORVHQ6FKDWWHQGHU GDEHLZDUGDV%XFKDQVLFK]XQHKPHQ 'HU6SXNKDWWHPLFKQLFKWYHUJHVVHQ :HVKDOELFKVRUHDJLHUWHZLHLFKHVLPQlFKVWHQ0RPHQW WDWZXWHLFKVHOEVWQLFKW]XVDJHQ$EHUPDQNRQQWHHV GXUFKDXVDOVWROONKQEH]HLFKQHQGHQQ]XVDPPHQPLWGHP .UHX]ZDUILFKPLFKLQGHQNRQWXUHQORVHQ6FKDWWHQGHV 6SXNVKLQHLQ 1RFKQLHZDU6KHLOD&RQROO\GHP7RGVRQDKHJHZHVHQZLH LQGLHVHQ$XJHQEOLFNHQ)UVLHJDEHVQXUGLH)OXFKW6LH ZROOWHLKUHQ-XQJHQXQGDXFKVLFKVHOEVWUHWWHQ'DVLH-DQH &ROOLQVGDEHLGHQ5FNHQ]XZDQGWHGDUDQGDFKWHVLHQLFKW %LV]XU7UVFKZHOOHKlWWHVLHHVQRFKJHVFKDIIWGDQQZlUH VLHYRQGHU.OLQJHW|GOLFKJHWURIIHQZRUGHQ 'RFKGDJDEHVMHPDQGHQGHUVHOEVWVHLQ/HEHQHLQVHW]WH XPDQGHUH]XUHWWHQ 1DGLQHGLH:|OILQ .HLQHUKDWWHPHKUDXIVLHJHDFKWHWXQGVRZDUHVLKUJHOXQ JHQ6KHLOD&RQROO\QDFK]XVFKOHLFKHQ6LHKDWWHLQGDV .LQGHU]LPPHUKLQHLQVHKHQN|QQHQXQGIHVWJHVWHOOWZLHVHKU 6KHLODXQGLKU6RKQLQGHU.OHPPHVWHFNWHQ $OV6KHLODUDQQWHGDVSUDQJGLH:|OILQ 1DGLQHVWHOOWHHVGDEHLQRFKVFKODXDQ6LHZXFKWHWHLKUHQ .|USHUQLFKWGLUHNWLQGLH6FKODJULFKWXQJVRQGHUQNDPHWZDV YRQGHUOLQNHQ6HLWHXQGVSUDQJ-DQH&ROOLQVDQ 'LH+H[HZXUGHYRPJURHQ:ROIVN|USHUHWZDLQ +IWK|KHJHWURIIHQ+LQWHUGHP$XISUDOOVWHFNWHVRYLHO :XFKWGD-DQH&ROOLQVELVDXIGDV.LQGHUEHWWJHVFKOHXGHUW ZXUGHXQGIDVWQRFKELVJHJHQGLH:DQGILHO

$QGDV6FKZHUWGDFKWHVLHQLFKWPHKU6LHPXWHVLFKHUVW ZLHGHUXQWHU.RQWUROOHEHNRPPHQ 'LHVH=HLWQXW]WH1DGLQH ,KUH$XJHQIXQNHOWHQLQHLQHPNODUHQJQDGHQORVHQ*HOE DOVVLHDEHUPDOVDQVHW]WHGHUJUDXH.|USHUGXUFKGLH/XIW ZLVFKWHGHQ5DFKHQ|IIQHWHXQGDXIGDV%HWWVSUDQJZR-DQH &ROOLQVODJ 'LH=lKQHSDFNWHQ]X %HLGH.LHIHUIXKUHQ]XVDPPHQXQG]ZLVFKHQLKQHQ EHIDQGVLFKSO|W]OLFKGHU2EHUDUPGHU+H[H 1DGLQHELLKQELV]XP.QRFKHQGXUFK (VNQLUVFKWH'LH.OHLGXQJJLQJLQ)HW]HQ%OXWVWU|PWHDXV GHU:XQGH-DQH&ROOLQVVFKULHYROOHU:XWDXIXQGZXFKWHWH LKUHQ2EHUN|USHULQGLH+|KH 6LHKDWWH*OFNGHQQGDV%HWWZDUVFKPDOVRGDGLH :|OILQPLWGHQ+LQWHUOlXIHQDEUXWVFKWH 'DVJDEGHU+H[H*HOHJHQKHLWVLFKDXIGLH%HLQH]X VFKZLQJHQ'DEHLIKUWHVLHQRFKHLQHQ6WUHLFKPLWGHU.OLQJH XQGKlWWHGLH:|OILQIDVWJHWURIIHQZHQQGLHVHVLFKQLFKW GXUFKHLQHQKDVWLJHQ6SUXQJLQ6LFKHUKHLWJHEUDFKWKlWWH -DQH&ROOLQVUHLFKWHHVVLHIORK6LHZXWHGDQXUHLQ7HLO LKUHV3ODQVDXIJHJDQJHQZDU6KHLOD&RQROO\XQGLKU6RKQ OHEWHQQRFK'DV6FKZHUWGHU.DUDDEHUEHVDVLHXQGVLH ZUGHHVDXINHLQHQ)DOOZLHGHUKHUJHEHQ :DVN|QQHQZLUWXQ" 'LHVH)UDJHVWDQGXQDXVJHVSURFKHQ]ZLVFKHQGHQYHUVDP PHOWHQ)UHXQGHQDEHUQLHPDQGZDJWHHVGLH:RUWHDXV]X VSUHFKHQ 6LHPXWHQZDUWHQXQGZDUHQGHVKDOEZHLWHUKLQ]XU8Q WlWLJNHLWYHUGDPPW 6KHLODZDUYHUVFKZXQGHQXQGVLHKDWWHQGDV/DFKHQGHU -DQH&ROOLQVYHUQRPPHQ $OOHZDUHQEOHLFKJHZRUGHQ%HVRQGHUV6LU-DPHV(UWXSI WHPLWHLQHP7DVFKHQWXFKGLH6FKZHLSHUOHQYRQVHLQHU6WLUQ

%LVKHUKDWWHHUQXUDXV(U]lKOXQJHQHUIDKUHQZDVPLW-DQH &ROOLQVJHVFKHKHQZDUQXQZXUGHHUGLUHNWGDPLWNRQIURQ WLHUW)UHLQHQ0DQQZLHLKQZDUHVVFKZHUGLHV]XIDVVHQ :DVVLFKLQQHUKDOEGHV.LQGHU]LPPHUVDEVSLHOWHGDVNRQQ WHQLHPDQGYRQLKQHQZLVVHQ6LHVWDQGHQGDXQGZDUWHWHQ ª.RPP]XUFN©KDXFKWH%LOOª6KHLODPHLQ*RWWNRPP ]XUFN6LHKDWGRFKGDV6FKZHUW© ª(VZLUGLKUQLFKWUHLFKHQ©VDJWH6XNRGVWHU %LOO]RJGHQ.RSIHLQDOVKlWWHHUHLQHQ6FKODJLQGHQ 1DFNHQHUKDOWHQª6XNRVDJQLFKWVRHWZDV(VKHLWGD© ª%LOOVLHJHK|UWQLFKWPHKU]XXQV0HQVFKHQ© 'HU5HSRUWHUIXKUKHUXP 0\[LQVWUHFNWHVHLQHQ$UPDXVª5HLGLFK]XVDPPHQ%LOO QRFKLVWQLFKWDOOHVYHUORUHQ:LUKDEHQQRFKHLQHQ7UXPSI© ª8QGZDV"© ª.DUD© %LOOVFKDXWHGLH6FK|QHDXVGHP7RWHQUHLFKDQ1LHPDQG KDWWHEHPHUNWGD.DUDMHW]WVD6LHKRFNWHZLHHLQH 6WHLQILJXUDXIGHP5DQGGHU&RXFKXQGUKUWHVLFKQLFKW,KU *HVLFKWVFKLHQJHVFKQLW]W]XVHLQGLH$XJHQZDUHQKDOE JHVFKORVVHQXQGVSLW]WUDWHQGLH:DQJHQNQRFKHQKHUYRU'LH .RQ]HQWUDWLRQIRUGHUWHLKUDOOHVDE ª:DVLVWPLWLKU"© ª6LHNRQ]HQWULHUWVLFK.DUDVXFKWHLQH9HUELQGXQJ ]ZLVFKHQVLFKXQGLKUHP6FKZHUW© 0\[LQUHGHWHQLFKWPHKUZHLWHUGHQQGLH9HUVDPPHOWHQ K|UWHQSO|W]OLFK6KHLODVJHOOHQGH6FKUHLH ,KUHYHU]ZHLIHOWHQ1HLQ5XIHGDQQHUNODQJHLQ3ROWHUQ%LOO &RQROO\ZDUQLFKWPHKU]XKDOWHQ(UVFKOHXGHUWH6LU-DPHV ]XU6HLWHUDQQWHDXIGLH7U]XLQGHQ*DQJKLQHLQXQGHU VDK6KHLODZLHVLHLKPHQWJHJHQWDXPHOWHGHQNOHLQHQ-RKQQ\ DXIGHQ$UPHQGDV*HVLFKW]XHLQHU*ULPDVVHYHU]HUUW VFKOXFK]HQGGDEHLXQGPLWGHU%HKHUUVFKXQJVRZLHGHQ 1HUYHQY|OOLJDP(QGH 6LHILHOLKUHP0DQQHQWJHJHQ %LOOKDQGHOWHVRIRUW(UULLKUGHQ.OHLQHQDXVGHQ$UPHQ

GUHKWHVLFKXPJDELKQDQ6XNRZHLWHUXQGNPPHUWHVLFK XP6KHLODGLHODQJVDPLQGLH.QLHVDFNWHXQG]XVDPPHQ EUDFK %LOO&RQROO\EFNWHVLFK(UZROOWHVHLQH)UDXDXIIDQJHQ ZDUMHGRFKQLFKWVFKQHOOJHQXJ6KHLODILHO]X%RGHQ ª,VWVLHYHUOHW]W"©ULHI6LU-DPHV ª1HLQ© ª9HUGDPPWPDFKWGRFKPDO/LFKW©ULHI6XNR 6HNXQGHQVSlWHUZXUGHHVLP*DQJKHOO*HQDX]XGHP =HLWSXQNWDOVGLH+H[H-DQH&ROOLQVZLHHLQH)XULHGDV =LPPHUGHVNOHLQHQ-RKQQ\YHUOLHXQGGLH)OXFKWDQWUDW (LQPDOELVKHUKDWWHLFKGHQ6SXNPLWGHP.UHX]DWWDFNLHUW 'DVODJODQJH]XUFNXQGZDULQ1HZ
,FKP|FKWH]XUFNJUHLIHQXQGQRFKPDODXIGDV%XFK]X VSUHFKHQNRPPHQ6LHEHQ6LHJHOGHU0DJLHVRODXWHWHGHU 7LWHO6HFKV.DSLWHORGHU6LHJHOEHVFKlIWLJWHQVLFKPLW 6FKZDU]HU0DJLHQXUHLQVGDVYLHUWHHQWKLHOWGLH*H KHLPQLVVHXPPHLQ.UHX] 'LH6FKZDU]H0DJLHEHUZRJEHLGHP%XFK 8QGGDV.UHX]ZDUZHLPDJLVFK (VKDWWHVFKRQDXIGHP'HFNHOJHOHJHQGDZDUQLFKWV JHVFKHKHQ'RFKMHW]WZRHVDNWLYLHUWZRUGHQZDUXQG VLFKHUOLFKQRFKHLQ7HLOGHU.UDIWLQLKPVWHFNWHUHDJLHUWHGDV VLOEHUQH.UX]LIL[Y|OOLJDQGHUV%HYRULFKPHLQH+DQGQRFK ]XUFN]LHKHQNRQQWHVDKLFKHLQHQVFKZDFKHQURWHQ6FKHLQ EHUGHQ%XFKGHFNHOKXVFKHQXQGLPQlFKVWHQ$XJHQEOLFN EHUKUWHPHLQH+DQGGLHNDOWH6WHLQSODWWHGHV$OWDUV 'DV%XFKDEHUZDU]X6WDXEJHZRUGHQGHUSO|W]OLFKDXI IOLPPHUWHVRGDGLH3DUWLNHOYRUPLULQGHU/XIWVFKZHEWHQ ZLHZLQ]LJH6WHUQH ,PQlFKVWHQ$XJHQEOLFNZDUHQDXFKVLHYHUVFKZXQGHQ ,FKDEHUVWDQGYRUGHP6WHLQDOWDUZLHHLQEHJRVVHQHU3XGHO VFKWWHOWHGHQ.RSIXQGPXWHPLUHLQILQVWHUHVJUROOHQGHV /DFKHQDQK|UHQGDVPLUGHU6SXNHQWJHJHQVFKLFNWH (VZDUKLQWHUPLUDXIJHNOXQJHQXQGLFKVDKQDFKGHU 'UHKXQJGHQXQI|UPLJHQYLEULHUHQGHQ6FKDWWHQLQ 'HFNHQK|KH ª3HFKJHKDEW*HLVWHUMlJHU'XKDVWQLFKWVPHKUYRQGHP %XFKGDVGLUDXFKQRFK$XIVFKOVVHEHUHLQHQ7HLOGHU 6FKZDU]HQ0DJLHJHJHEHQKlWWH© ª'XDEHUDXFKQLFKW©KLHOWLFKLKPHQWJHJHQª'DV%XFKLVW ]HUVW|UWGXNDQQVWQLFKWVGDPLWDQIDQJHQ© ª+DWWHQZLUGLHVQLFKWYRQ%HJLQQDQYRU6LQFODLU"'X ZHLWGRFKZLUZROOWHQGDV%XFKLQGLH+lQGHEHNRPPHQ XQG]HUVW|UHQ(VKDWJHNODSSWGHU6LHJHUELQLFK© 0HKUVDJWHHUQLFKWGHQQHUO|VWHVLFKVFKQHOOZLHHLQ *HGDQNHDXIXQGYHUVFKZDQG =XUFNEOLHELFK (LQZHQLJZDULFKZLHGHUDXIGHQ%RGHQGHU5HDOLWlWHQ

]XUFNJHKROWZRUGHQXQGLFKDKQWHLQGLHVHU0LQXWHGD LFKGHQ.DPSIJHJHQGLH0lFKWHGHU)LQVWHUQLVWURW]PHLQHV .UHX]HVQRFKOlQJVWQLFKW]XPHLQHQ*XQVWHQHQWVFKLHGHQ KDWWH 1LFKWHLQPDOMHW]WZXWHLFKRELFKGLHVHV/DQGGDVHV QLFKWJHEHQGXUIWHDXFKYHUODVVHQNRQQWH 9RQGHU3\UDPLGHGHV:LVVHQVZDUQLFKWVPHKU]XVHKHQ XQGPLUEOLHEQLFKWVDQGHUHVEULJDOVPLFKDXIGLH]ZHLWH 6WXIHGHV$OWDUV]XVHW]HQXQGDE]XZDUWHQ 'HXWOLFKZDUGLH+H[H-DQH&ROOLQV]XVHKHQZLHVLHGHQ *DQJKLQXQWHUUDQQWH 6LHZROOWHQLFKWGXUFKGHQ+DXSWDXVJDQJIOLHKHQVRQGHUQ GXUFKHLQHQ]ZHLWHQ'D]XPXWHVLHMHGRFKLQGHQ.HOOHU XQGGDVZDUGLH&KDQFHGHUDQGHUHQ 6XNRUHDJLHUWHVRIRUW%LOOVFKULHHU]Xª%OHLEGXEHL6KHLOD© 'DQQZDQGWHHUVLFKDQ0\[LQª.RPPZLUHUZDUWHQVLH LP*DUWHQ© 'HUNOHLQH0DJLHUZDUHLQYHUVWDQGHQ=ZDUZlUHHUOLHEHU EHL.DUDJHEOLHEHQGRFKVLHPXWHLQGLHVHQ$XJHQEOLFNHQ PLWLKUHQ3UREOHPHQDOOHLQIHUWLJZHUGHQ 0\[LQXQG6XNRMDJWHQQDFKGUDXHQ 'DUDXIKDWWH-DQH&ROOLQVJHZDUWHW,KU/lFKHOQZDUWHXI OLVFKDOVVLHNHKUWPDFKWHXQGGHQ*DQJZLHGHU]XUFNOLHI GHULQGHQ:RKQUDXPPQGHWH 6RJDU%LOO&RQROO\VFKULHHUVFKUHFNWDXIDOVHU-DQH&ROOLQV SO|W]OLFKLP=LPPHUVWHKHQVDK ,KU/DFKHQZDUJUDXHQKDIW,P.UHLVGUHKWHVLHVLFK'DV 6FKZHUWPLWGHUJROGHQHQ.OLQJHIDXFKWHGXUFKGLH/XIW 'HUNOHLQH-RKQQ\ZHLQWHXQGGLH+H[HVFKULHª-HW]W UlXPHLFKDXI-HW]WEULQJHLFKHXFKDOOHXP,FKVWHFKH HXFKDE© ,KUH$XJHQOHXFKWHWHQLQHLQHPVHOWVDPHQ5RWVLHPREL OLVLHUWHLKUH+H[HQNUlIWH8QGLQDOOGHP7UXEHOVD.DUDGLH 6FK|QHDXVGHP7RWHQUHLFKZLHHLQ6WHLQ

6LHNRQ]HQWULHUWHVLFK ,KUH*HGDQNHQKDWWHVLHJHVDPPHOWXQGQXUDXIHLQHQ *HJHQVWDQGJHULFKWHW (VZDUGDV6FKZHUW 'LHVH:DIIHXQGVLHJHK|UWHQ]XVDPPHQ0DQNRQQWH GDYRQDXVJHKHQGDVLHHLQH$UW6\PELRVHHLQJHJDQJHQ ZDUHQ.DUDKRIIWHNUDIWLKUHU*HGDQNHQGDV6FKZHUWPDQL SXOLHUHQ]XN|QQHQ 6LHVWUHQJWHVLFKDQ 8QGVLHVFKDIIWHHV :lKUHQG-DQH&ROOLQVVLFK6LU-DPHV3RZHOODOVHUVWHV2SIHU DXVJHVXFKWKDWWHXQGDXILKQ]XVSUDQJIDQGGLH6FK|QHDXV GHP7RWHQUHLFKGHQ.RQWDNWGHQVLHEUDXFKWH 'DV6FKZHUWYHUlQGHUWHVLFK $XIHLQPDOZXUGHGLH.OLQJHZHLFK6LHZDUI:HOOHQXQG LPQlFKVWHQ$XJHQEOLFNVSUKWHVLHZLHHLQH:XQGHUNHU]H DXVHLQDQGHU :LHYRUHLQH0DXHUJHODXIHQEOLHEGLH+H[H-DQH&ROOLQV VWHKHQ0LWGLHVHU*HJHQUHDNWLRQKDWWHVLHNHLQHVIDOOVJHUHFK QHW8QGVLHEHJULIILQQHUKDOEHLQHV6HNXQGHQEUXFKWHLOVGD .DUDV6FKZHUWIUVLH]XHLQHUW|GOLFKHQ:DIIHZHUGHQNRQQ WH -DQH]LWWHUWHDOVKlWWHPDQVLHDQHLQH+RFKVSDQQXQJV OHLWXQJDQJHVFKORVVHQ ª6FKLHGRFK%LOO©EUOOWH0\[LQ (UZROOWHGD-DQH&ROOLQVVWDUE5FNVLFKWGXUIWHQLFKW JHQRPPHQZHUGHQDXFKZHQQVLHHLQPDO]XP6LQFODLU7HDP JHK|UWKDWWH $XFK-DQH&ROOLQVKDWWHGLHVH$XIIRUGHUXQJYHUQRPPHQ 6LHDKQWHGDVLHQLFKWPHKUJHQXJ:LGHUVWDQGVNUDIWEHVD XPGHQ*HJQHUQ3DUROLELHWHQ]XN|QQHQXQGVLHOLHJHUDGH QRFKUHFKW]HLWLJGDV6FKZHUWPLWGHUJROGHQHQ.OLQJHORV :lKUHQGHVVLFKQRFKDXIGHP:HJ]XP%RGHQEHIDQG VHW]WH-DQH&ROOLQVLKUH+H[HQPDJLHHLQ 6LHZDUIGLH$UPHLQGLH+|KHXQGVFKULHª+H[HQIHXHU +H[HQIODPPHQODLQGHLQHQ6FKXW]PLFKODQJHQ©

:RGDV)HXHUDXIHLQPDOKHUNDPZXWHQLHPDQG]XVDJHQ (VUHJQHWHYRQGHU'HFNHKOOWH-DQH&ROOLQVHLQIDXFKWH VFKUHFNOLFKDXIXQGORKWHLQGHP0RPHQWGXUFKGLHRIIHQH 7UQDFKGUDXHQDOV6XNRGDV=LPPHUEHWUHWHQZROOWH 'HQPDJLVFKHQ+DXFKGHV+H[HQIHXHUVVDKHUQRFK0HKU QLFKW$EHUVLHDOOHYHUQDKPHQQRFK-DQHV6WLPPHDOVVLHYRQ LUJHQGZRKHUVFKULHª,FKELQZLHGHULQ/RQGRQXQGLKUZHU GHWHXFKZXQGHUQ:DUWHWHVDE©.UHLVFKHQGHV*HOlFKWHU ]XP$EVFKLHGGDVDOOPlKOLFKYHUHEEWHVRGDVLFKGLH QlFKWOLFKH6WLOOHZLHGHUDXVEUHLWHQNRQQWH =XPHUVWHQPDONRQQWHQGLH*HIlKUWHQDXIDWPHQ8QG%LOO &RQROO\VDJWHZlKUHQGHU)UDXXQG.LQGIHVWKLHOWª'DV ZlUHJHVFKDIIW)UHXQGH© ª8QG-RKQ6LQFODLU"©ZDUI6XNRHLQ 1DFKHLQHU3DXVHGHV6FKZHLJHQVHUKREVLFK.DUDª,FK EHUQHKPHLKQPHLQH)UHXQGH© ,QGLHVHP/DQGJDEHVNHLQHQ7DJXQGNHLQH1DFKW(VZDU DOOHVJOHLFK'HVKDOEZXWHLFKDXFKQLFKWZLHODQJHLFKPLFK LQGHU+|KOHDXIJHKDOWHQKDWWH %LVLFKZLHGHUGHQJUQHQ6FKHLQEHPHUNWHGHUDXVGHP 1LFKWVHQWVWDQGPLFKJHGDQNHQVFKQHOOXPILQJXQGLFKGDV ,QQHUHGHU3\UDPLGHZLHGHUHUNDQQWH $EHUPDOVEHJDQQHLQH5HLVHGLHVRVFKQHOOEHHQGHWZDU GDLFKVLHJHGDQNOLFKQLFKWYHUIROJHQNRQQWH$OVLFKMHGRFK ZLHGHUNODUVDKHUNDQQWHLFKYRUPLUHLQJURHVKHOOHUOHXFK WHWHV)HQVWHUVDKGDKLQWHU*HVWDOWHQXQGQHEHQPLUMHPDQGHQ DP%RGHQVLW]HQGHQLFKJXWNDQQWH .DUD ª6XFKVWGXPLFK"©IUDJWHLFK 6LHK|UWHHUVWQLFKWGDQQGUHKWHVLHODQJVDPGHQ.RSI VFKDXWH]XPLUKRFKIOVWHUWHª-RKQ©XQGZXUGHLPQlFK VWHQ$XJHQEOLFNRKQPlFKWLJ

)UHXQGHZDUGDVHLQ:LHGHUVHKHQ8QGZDVKDWWHQZLUXQV QLFKWDOOHV]XEHULFKWHQ,FKEHJDQQHU]lKOWHYRQPHLQHU DEHQWHXHUOLFKHQ2G\VVHHGXUFK=HLWXQG'LPHQVLRQHQXQG WUDIQXUDXIVWDXQHQGH=XK|UHU $OVLFKMHGRFKHUIXKUZDVVLFKLP+DXVGHU&RQROO\VDOOHV HUHLJQHWKDWWHYHUGVWHUWHVLFKPHLQ*HVLFKW ª'XGHQNVWDQ-DQHQLFKW"©IUDJWHPLFK6KHLOD ª-D©HUZLGHUWHLFKXQGQLFNWHª,KUKDEWVHOEVWHUOHEWZDV DXVLKUJHZRUGHQLVW© 0HKUEUDXFKWHLFKQLFKW]XVDJHQ6LHDOOHZXWHQ%HVFKHLG XQGVLHZXWHQDXFKZLHHVLQPLUDXVVDK 6LU-DPHVZROOWHHLQDQGHUHV7KHPDDQVFKQHLGHQXQGYHU VSUDFKPLUGUHL7DJH8UODXE ª5XKHQ6LHVLFKDXV-RKQ6LHKDEHQHVYHUGLHQW© ª:RGXMHW]WHLQKDOEHU3URSKHWELVW©PHLQWH%LOOJULQVHQG ª:LHVR"© ª1DMDZHQQGHUDOWH+HVHNLHOGHLQ.UHX]HUVFKDIIHQKDW PXWGXMDHLQ3URSKHWVHLQ8QGGDKlWWHLFKJOHLFKDQGLFK HLQHEHVRQGHUH)UDJH© ª5DXVGDPLW© ª:LHZLUGGDV:HWWHULQGHQQlFKVWHQVHFKV7DJHQ"© $OOHVJULQVWHDXFKLFK(LQH$QWZRUWKDWWHLFKVFKRQEHUHLW ª'DVZLOOLFKHXFKVDJHQXQG]ZDULQHLQHUVHKUSURSKH WLVFKHQ$UWXQG:HLVH:HQQGHU+DKQNUlKWDXIGHP 0LVWlQGHUWVLFKGDV:HWWHURGHUHVEOHLEWZLHHVLVW© =XHUVWVFKDXWHQPLFKDOOHXQJOlXELJDQ'DQQDEHUZXUGH VRJHODFKWGDHVELVZHLWQDFKGUDXHQKDOOWH (1'(

Sieben Siegel der Magie

Sieben Siegel der Magie

Sieben Siegel der Magie

Sieben Siegel der Magie

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das Erste Der Sieben Siegel

Das Erste Der Sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Die sieben Siegel der Macht

Die sieben Siegel der Macht

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Das erste der sieben Siegel

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Sieben Siegel zum Nichts

Laura und das Siegel der Sieben Monde

Laura und das Siegel der Sieben Monde

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Der Bund der Sieben

Der Bund der Sieben

Der Bund der Sieben

Der Bund der Sieben

Der Bund der Sieben

Der Bund der Sieben

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bann der Magie

Der Bund der Sieben

Der Bund der Sieben

Der Thron der Sieben

Der Thron der Sieben

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Das Siegel der Macht

Aimee, das Siegel der Liebe

Aimee, das Siegel der Liebe

Aimée, das Siegel der Liebe

Aimée, das Siegel der Liebe

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