Dracula gibt sich die Ehre

'5$&8/$*,%76,&+',((+5( 'HU*HUXFKYRQ7RG0RGHUXQG9HUZHVXQJGUDQJQXUHQW JHJHQ 8QGHLQHNQRFKLJH.ODXH %OLW]V...

15 downloads 429 Views 221KB 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

'5$&8/$*,%76,&+',((+5( 'HU*HUXFKYRQ7RG0RGHUXQG9HUZHVXQJGUDQJQXUHQW JHJHQ 8QGHLQHNQRFKLJH.ODXH %OLW]VFKQHOOSDFNWHVLH]X*HNUPPWH)LQJHUVFKORVVHQVLFK XPPHLQUHFKWHV+DQGJHOHQN]HUUWHQHVKHUXQWHUVRGDGLH 0QGXQJPHLQHU%HUHWWDLQGLHGXQNOHXQDXVORWEDUH7LHIH ]HLJWH (LQK|KQLVFKHV.LFKHUQGUDQJDQPHLQH2KUHQ'DQQHLQ5XFN XQGLPQlFKVWHQ$XJHQEOLFNZXUGHLFKQDFKYRUQJHULVVHQ GLUHNWDXIGHQ$EJUXQG]X ,FKVFKULHDXI 8QGGDKDQGHOWH6XNR 0LWHLQHPUDXEWLHUKDIWHQ6DW]KHFKWHWHPHLQ3DUWQHUYRUXQG EHNDPPLFKJHUDGHQRFK]XIDVVHQHKHLFKYROOHQGVLQGHU 6FKDFKW|IIQXQJYHUVFKZDQG +DUWULPLFKPHLQFKLQHVLVFKHU)UHXQGXQG3DUWQHU]XUFN ,FKODQGHWHDXIGHP5FNHQXQGEHUVFKOXJPLFKPHKUHUH0DOH ZlKUHQGDXVGHP6FKDFKWHLQH+RUURUJHVWDOWDXIWDXFKWH%HL LKUHP$QEOLFNOLHIHVPLUHLVNDOWGHQ5FNHQKLQXQWHU 'LH*HVWDOWZDUHLQTXDOOLJHV:HVHQXQGVDKDXVZLHHLQH ZDEHUQGHNXJHOI|UPLJH0DVVH6LHVFKLPPHUWHJUQOLFKJHOE ZDUWHLOZHLVHGXUFKVLFKWLJXQGXQWHUGLHVHUJHOHHDUWLJHQ+DXW ]RJHQVLFKGLFNH$GHUVWUlQJHNUHX]XQGTXHUZLHGDV1HW]HLQHU 6SLQQH(LQ*HVLFKWKDWWHGDV:HVHQQLFKWXQGZHQQGDQQ ]HUIORHVYRQHLQHU6HNXQGH]XUDQGHUHQXQGIRUPWHLPPHU QHXH*HELOGH hEHUODQJH$UPHUHLFKWHQELV]XP%RGHQ:HQQVLH.RQWDNW KDWWHQVRQGHUWHQVLHHLQH)OVVLJNHLWDEGLHRUJDQLVFKH6XE VWDQ]HQDXIQDKPXQGYHUGDXWH =XP%HLVSLHO.lIHUXQG+DVHQ9LHOOHLFKWDXFK:|OIHXQG 0HQVFKHQ -DDXFKOHW]WHUH 'HQQGLHVHV:HVHQZDUHLQ*KRXO (VJHK|UWH]XGHQVFKOLPPVWHQ'lPRQHQGLHPDQVLFKYRU VWHOOHQNRQQWH*KRXOVZXUGHQVHOEVWYRQGHQHLJHQHQ0LW

JOLHGHUQGHU'lPRQHQIDPLOLHQYHUVWRHQ0DQOLHVLHQXUXQ ZLOOLJDP/HEHQXQGVLHKDXVWHQPHLVWDXIDOWHQ)ULHGK|IHQWLHI XQWHUGHU(UGHZRVLHVLFK*lQJHYRQHLQHP*UDE]XPDQGHUHQ JUXEHQ :RYRQVLHVLFKHUQlKUWHQEUDXFKHLFKQLFKW]XVFKUHLEHQ -HGHVPDOZHQQLFKHLQHQ*KRXOVHKHVFKWWHOWHVPLFK 'RUWZRPLFKGLH.ODXHEHUKUWKDWWHEUDQQWHPHLQH+DXWDOV KlWWHPDQVLHPLW6lXUHEHUJRVVHQ'LH7DVFKHQODPSHKDWWHLFK EHLGHP6WXU]YHUORUHQ6LHODJQHEHQHLQHPVFKLHIHQ*UDEVWHLQ XQGEUDQQWHZHLWHU $EHULFKKLHOWQRFKPHLQH%HUHWWDLQGHU+DQG 3IIIW 'DV*HUlXVFKNODQJKLQWHUPLUDXIXQGLFKZXWHGD6XNR PLWGHU'UXFNOXIWZDIIHJHVFKRVVHQKDWWH (UWUDIGLH0LWWHGHV.|USHUVGRFKGHU*KRXOVFKOXFNWHGHQ (LFKHQERO]HQXQGJLQJZHLWHU ,FKZDUVHLQ=LHO 'LH*HVWDOWGHVVFKOHLPLJHQ0RQVWHUVZXUGHYRQGHQ1HEHO VFKZDGHQXPVSLHOW'LHEL]DUUHQ:RONHQWDQ]WHQJHLVWHUKDIWXP VLHKHUXP(LQH6FKOHLPVSXUO|VWHVLFKYRQGHQNOXPSLJHQ)HQ GHV*KRXOVXQGUDQQDXIPLFK]X ,P/LHJHQVFKRLFK =ZHLPDOEHOOWHGLH%HUHWWDDXI %HLGH6LOEHUNXJHOQWUDIHQJHQDXLQV=LHO*KRXOVVRVFKUHFN OLFKVLHDXFKVLQGJHK|UHQ]XUXQWHUHQ.DWHJRULHGHU'lPRQHQ 6LHVLQGJHJHQJHZHLKWHV6LOEHUQLFKWJHIHLW 8QGDXFKGLHVHUZDUHVQLFKW 6HLQHXQI|UPLJH*HVWDOWVDQN]XVDPPHQZXUGHQYRQLQQHQ KHUDXV]HUVW|UW6LHGHJHQHULHUWH]XHLQHPEUHLLJHQ6FKODPPGHU ODQJVDPLP%RGHQYHUVLFNHUWH 'HU*KRXOGHUZDKUVFKHLQOLFKGLH-DKUKXQGHUWHLQ5XPlQLHQV XQJHZHLKWHU(UGHYHUEUDFKWKDWWHKDXFKWHVHLQGlPRQLVFKHV /HEHQHQGJOWLJDXV ,FKKDWWHGDIUJHVRUJW1DFKGHQUHVWOLFKHQ9DPSLUHQEUDXFK WHQZLUQLFKWZHLWHU]XVXFKHQ

'HU*KRXOKDWWHVLHJHW|WHW 7URW]GHPQDKPLFKPHLQH/DPSHXQGLFKOHXFKWHWHLQGHQ 6FKDFKW,UJHQGZRLQGHU7LHIHJODXEWHLFKEOHLFKH*HEHLQH VFKLPPHUQ]XVHKHQ,FKNRQQWHPLFKDEHUDXFKJHWlXVFKW KDEHQ +LQWHUPLUVSUDFKHQGHUDOWH0DUHNXQG6XNR0DUHNZXWH QLFKWZHOFKHLQ8QJHKHXHUXQVDWWDFNLHUWKDWWH 6XNRNOlUWHLKQDXI ,FKDEHUVWHFNWHPHLQH:DIIHZHJJULII]XGHQ=LJDUHWWHQXQG ]QGHWHPLUHLQ6WlEFKHQDQ1DFKGHPGHU*KRXOYHUJDQJHQ ZDUKDWWHDXFKGDV%UHQQHQDXIPHLQHU+DXWQDFKJHODVVHQ,FK VHW]WHPLFKDXIHLQHQ*UDEVWHLQXQGGDFKWHQDFK :DVKDWWHQZLUELVKHUHUUHLFKW" (LQHQ7HLOHUIROJPHKUQLFKW 0LWGHP$EVDW]GUFNWHLFKGLH=LJDUHWWHDXV'LHDQGHUHQ VDKHQGDULQVRHWZDVZLHHLQ6WDUW]HLFKHQXQGWUDWHQODQJVDPDXI PLFK]X ,FKVWDQGDXI ª:RN|QQWHVLFK.DOXUDFQRFKDXIKDOWHQ"©IUDJWHLFKXQGZDQG WHPLFKGDEHLDQGHQDOWHQ0DUHN ª9LHOOHLFKWLVWHUDXIVHLQ6FKOR]XUFNJHNHKUW© ª:LUVROOWHQQDFKVFKDXHQ©PHLQWH6XNR ,FKEHUOHJWHREHV6LQQKDWWHVWLPPWHGDQQDEHU]X,FK ZROOWHPLUQLFKWQDFKVDJHQODVVHQQLFKWDOOH0|JOLFKNHLWHQ DXVJHVFK|SIW]XKDEHQ ª:LHZHLWLVWHV"© 0DUHNKREGLH6FKXOWHUQª:LUN|QQHQLQHLQHUKDOEHQ6WXQGH GRUWVHLQ6RJHJHQ0LWWHUQDFKW© ,FKZDUHLQYHUVWDQGHQ :LHGHUPDFKWHQZLUXQVDXIGHQ:HJWURWWHWHQGXUFKGLH 1HEHOEUKHXQGPXWHQDFKWJHEHQQLFKWPLWGHP.RSIJHJHQ LUJHQGZHOFKH%lXPHXQGWLHIKlQJHQGHbVWH]XVWRHQ (VVROOWH]ZDUHLQ6DXPSIDG]XU%XUJIKUHQDEHUGHQIDQG 0DUHNLQGHU1HEHOEUKHQLFKW6RTXlOWHQZLUXQVZHLWHUGXUFK GHQ:DOGXQGWDWHQHWZDVIUGLH.RQGLWLRQ

(LQPDOKXVFKWHHLQ1DFKWYRJHOGLFKWEHUPHLQHQ.RSIKLQ ZHJXQGLFKHUVFKUDNKHIWLJ :LUZDWHWHQGXUFKIHXFKWHV/DXEGDVRIWJOLWVFKLJZDUZLHHLQH (LVIOlFKHVRGDZLUPDQFKPDODXIGHPVWHLOQDFKREHQIKUHQ GHQ:HJ]XUFNUXWVFKWHQ 6FKOLHOLFKYHUOLHHQZLUGHQ:DOGXQGVWDQGHQDXIHLQHU /LFKWXQJ'HU1HEHOKLQJYRUXQVZLHHLQH:DQGDXV:DWWH 1XUDOOPlKOLFKVFKlOWHQVLFKGLH8PULVVHDXVGHP'XQVWDOV ZLUXQVQlKHUWHQ ,FKHUNDQQWHGDGDV6FKORVFKRQ]LHPOLFKYHUIDOOHQZDU(V PXWHHLQHZHFKVHOYROOH*HVFKLFKWHKLQWHUVLFKKDEHQ'XUFK JURH/|FKHULQGHQ$XHQPDXHUQNURFKHQODQJH1HEHOVFKOHLHU XQGZHKWHQZLH)DKQHQEHUGHQ,QQHQKRI 0DUHNIKUWHXQVGRUWKLQZRHULQGDV9HUOLHVJHVWLHJHQZDU :LUJLQJHQGHQJOHLFKHQ:HJXQGPHLQH/DPSHOHXFKWHWHGLH 'XQNHOKHLWDXV(LQIDXOLJHU*HUXFKVWU|PWHXQVHQWJHJHQ'DQQ KDWWHQZLUGDV9HUOLHVHUUHLFKWLQGHPGHU3IlKOHU3HWURF-XUH JHW|WHWKDWWH 'HU0DQQODJQRFKLPPHUGD ª,FKLFKKDWWHHLQIDFKQRFKNHLQH0|JOLFKNHLWJHIXQGHQLKQ ]XEHJUDEHQ©HQWVFKXOGLJWHHUVLFKª,FKZHUGHPLFKDEHUVSlWHU GDUXPNPPHUQ© ,FKJLQJLQ]ZLVFKHQDXIGHQRIIHQHQ6DUNRSKDJ]XXQGOHXFK WHWHPLWGHU/DPSHKLQHLQ'DV7LHUEOXWZDUJHWURFNQHWXQGKDWWH HLQHGLFNH.UXVWHJHELOGHW 6RQVWZDUGLH*UDEVWlWWHGHV9DPSLUVOHHU(EHQVROHHUXQGYHU ODVVHQZLHGHUJHVDPWH.RPSOH[:LUHQWGHFNWHQQLFKWHLQH6SXU YRQ/HEHQLQGHP6FKOR $OVZLUGHQ5FNZHJDQWUDWHQZDUGHUQHXH7DJVFKRQDQJH EURFKHQ,FKZDUQLFKWGHUHLQ]LJHGHUGLH0GLJNHLWVSUWH DXFK0DUHNJlKQWHKLQXQGZLHGHU ª(LQSDDU6WXQGHQ6FKODIZHUGHQXQVJXWWXQ©PHLQWHHU 'DV'RUIZDUY|OOLJDXVJHVWRUEHQ,FKNDPPLUYRUZLHLQHLQHU *HLVWHUVWDGW.HLQ/DXWXQWHUEUDFKGLHGUFNHQGH6WLOOH(VJDE NHLQ(FKRXQVHUHU6FKULWWHQLFKWVQXUGLHVHVGUFNHQGHJUDXH

IHXFKWH*HIlQJQLV9LHOHQ0HQVFKHQVFKOXJGHU1HEHODXIV *HPW=XGLHVHP=HLWSXQNWNRQQWHLFKGLH/HXWHYHUVWHKHQ :LUHUUHLFKWHQGDV+DXVGHV6FKPLHGVXQG0DUHNZXQGHUWH VLFKGDQRFK/LFKWEUDQQWH ª:LHVRLVW0DULHQRFKQLFKWLP%HWW"©IUDJWHHUPHKU]XVLFK VHOEVWDOV]XXQVª6RQVWNDQQVLHQLHIUKJHQXJLQGLH)HGHUQ NRPPHQ© ª6LHZLUGVLFK6RUJHQJHPDFKWKDEHQ©HUZLGHUWHLFK 0DUHNVFKORDXIª0DOVHKHQ© 'HU3IlKOHUKDWWHHUVW]ZHL6FKULWWHEHUGLH6FKZHOOHJHWDQDOV HUZLHYRUHLQH:DQGJHODXIHQVWHKHQEOLHE ª0DULH©VFKULHHUOLHIDXIVHLQH)UDX]XXQGNQLHWHQHEHQ LKUQLHGHU -HW]WVDKHQDXFKZLUZDVJHVFKHKHQZDU 0DULH0DUHNKRFNWHDXIGHP%RGHQ6LHKLHOWHLQJURHV +RO]NUHX]XPNODPPHUWXQGQHEHQLKUODJHLQHlOWHUH)UDXGLH ZLUQLFKWNDQQWHQGLHDEHUDXIGHP5FNHQGHXWOLFKGDV=HLFKHQ GHV.UHX]HVHLQJHEUDQQWKDWWH 'LHVH)UDXPXWHHLQ9DPSLUJHZHVHQVHLQGRFKVLHOHEWHQLFKW PHKU(VVDKVRDXVDOVKlWWH0DULHVLHJHW|WHW )UDQWLVHN0DUHNIDWHVHLQH)UDXDQEHLGHQ6FKXOWHUQª:DVLVW ORV"©ULHIHUYHU]ZHLIHOWª6RUHGHGRFKXP+LPPHOVZLOOHQ© 6LHGHXWHWHDXIGLH)UDXª6LHLVWWRW©IOVWHUWHVLHNDXPK|UEDU ª:HULVWHV"©IUDJWHLFKGHQ3IlKOHUª.HQQHQ6LHGLH7RWH"© ª-D©HUZLGHUWHHUPLWVFKOHSSHQGHU6WLPPHª(VLVW6XYD 9DUHVFXGLH)UDXDXV© ª'DQQEHIDQGVLHVLFKQLFKWDXIGHP)ULHGKRI©PHLQWH6XNR ª(VVLHKWVRDXV©VDJWHLFKª9LHOOHLFKWPVVHQZLUVRJDUGDPLW UHFKQHQGDQRFKPHKU0LWJOLHGHUGHU)DPLOLHOHEHQ© 0DUHNGUHKWHGHQ.RSIXQGVDKPLFKGDEHLYRQXQWHQKHUDQ ª0DOHQ6LHGHQ7HXIHOQLFKWDQGLH:DQG© ,FKKREGLH6FKXOWHUQª6LFKHUKHLWVKDOEHUPWHQZLUGDV'RUI GXUFKVXFKHQ© 'DPLVFKWHVLFKGLH)UDXHLQª6LHVLHLVWDOOHLQJHNRPPHQ© HUNOlUWHVLHª6LHKlWWHPLUVRQVWHWZDVGDYRQJHVDJW6LHZDUVLFK

LKUHU6DFKHVLFKHU6LHZROOWHPLFK]XHLQHP9DPSLUPDFKHQ GDPLWZLUJHPHLQVDPGDV'RUI© 0DULH0DUHNUHGHWHQLFKWPHKUZHLWHU(LQ:HLQNUDPSI VFKWWHOWHVLH 'HU3IlKOHUWU|VWHWHVLHª-HW]WLVWDOOHVJXW©VDJWHHUª,FKELQ EHLGLUXQGYRUGHQ9DPSLUHQEUDXFKVWGXGLFKDXFKQLFKWPHKU ]XIUFKWHQ© ª+DEWLKUKDEWLKUVLH"© ª-D0DULHZLUKDEHQVLHJHW|WHW© ª'HP+LPPHOVHL'DQN©VFKOXFK]WHGLH)UDX6LHVWDQGDXI ª$PEHVWHQLVW6LHOHJHQVLFKKLQ©VDJWHLFKXQGYHUVXFKWHHLQ /lFKHOQª'HU6FKODIZLUG,KQHQJXWWXQ0RUJHQVLHKWEHUHLWV DOOHVDQGHUVDXV© 'LH)UDXQLFNWH'DQQGHXWHWHVLHDXIGLH7RWHª:DVJHVFKLHKW PLWLKU"© ,FKJDEGLH$QWZRUWª:LUZHUGHQVLHEHJUDEHQ0DFKHQ6LH VLFKGDUEHUNHLQH6RUJHQ© ª-HW]WNRPPDEHU©VDJWH0DUHNª'XPXWGLFKKLQOHJHQ 0DULH© 6LHJLQJPLWLKUHP0DQQ:LUK|UWHQVLHQRFKVSUHFKHQª,FK ZDUVRDOOHLQ)UDQWLVHN1LHPDQGKDWPLUJHKROIHQ'DKDEHLFK JHEHWHWXQGGDV.UHX]JHQRPPHQ3O|W]OLFKJDEPLUGHU +HUUJRWWGLH.UDIWGLH+|OOH]XEHVLHJHQ© 6XNRXQGLFKEHWUDWHQGLH.FKH:LUVHW]WHQXQVGRUWDQGHQ 7LVFKQLFKWRKQH]XYRUGLHQDVVHQ-DFNHQDXVJH]RJHQ]XKDEHQ 1LHPDQGYRQXQVVSUDFK1XUGLHDOWH8KUDQGHU:DQGWLFNWH )QI0LQXWHQVSlWHUZDU0DUHNZLHGHU]XUFN(UGHXWHWHPLW GHP'DXPHQJHJHQGLH'HFNHª0DULHVFKOlIWMHW]W6LHZDU Y|OOLJHUVFK|SIW© ª.HLQ:XQGHUEHLGHPZDVVLHKLQWHUVLFKKDW©,FKVWDQGDXI ª(LQHDQGHUH)UDJH6ROOHQZLUGLH)UDXMHW]WEHJUDEHQ"© ª,FKELQGDIU©0DUHNQLFNWHLQ5LFKWXQJ)HQVWHUª1RFKLVWHV QHEOLJ'DVLHKWXQVZHQLJVWHQVQLHPDQG© ª:LVVHQ6LHHLQHQ3ODW]"© 0DUHNQLFNWHª-DKLQWHUGHP+DXVKDEHLFKHLQHQNOHLQHQ*DU

WHQ'RUWN|QQWHVLHOLHJHQ©6XNRXQGLFKZDUHQHLQYHUVWDQGHQ ª'DQQORV©VDJWHLFKXQGPHLQH6WLPPHNODQJEHOHJW,FK KDWWHGHQ(LQGUXFNDOVZROOWHQLHPDQGGHQHUVWHQ6FKULWWZDJHQ :LUJLQJHQZLHGHUKLQDXVLQGHQ)OXUXQGLFKPDFKWHGHQ $QIDQJ8QWHUGHQ6FKXOWHUQIDWHLFKGLH7RWHZlKUHQG6XNR LKUH%HLQHQDKP0DUHN|IIQHWHLQ]ZLVFKHQGLH+LQWHUWU :LHGHUHLQPDOWUDWHQZLUKLQDXVLQGLHIHXFKWHQHEOLJH/XIW :LUJLQJHQDQGHU6FKPLHGHYRUEHLERJHQXPGLH(FNHXQG HUUHLFKWHQGHQNOHLQHQ*DUWHQ *HLVWHUKDIWVWDUUZLUNWHQGLH2EVWElXPHPLWLKUHQNDKOHQ bVWHQ:LUGXUFKTXHUWHQGHQ*DUWHQXQGKLHOWHQDQGHUKLQWHU VWHQ(FNHDQ ª,FKKROH:HUN]HXJ©VDJWH0DUHN (UYHUVFKZDQGXQGNHKUWHZHQLJVSlWHUPLW]ZHL6SDWHQ ]XUFN6XNRXQGHUJUXEHQ 0DUHNKDWWHQRFKHLQHDOWH'HFNHPLWJHEUDFKW*HPHLQVDP ZLFNHOWHQZLUGLH7RWHGDULQHLQXQGOHJWHQVLHGDQQLQGDVIULVFK JHVFKDXIHOWH*UDE 0DUHNVSUDFKHLQNXU]HV*HEHW'DQDFKKlXIWHQZLUGLH(UGH EHUGHQVWDUUHQNDOWHQ.|USHUNORSIWHQVLHIHVWXQGJLQJHQZLH GHU]XUFNLQV+DXV ,QGHU.FKHVHW]WHQZLUXQVXPGHQ7LVFK'HU3IlKOHUKROWH GHQ6HOEVWJHEUDQQWHQKHUYRU-HGHUYRQXQVKDWWHMHW]WHLQHQ 6FKOXFNYHUGLHQW6FKZHLJHQGWUDQNHQZLU-HW]WNDPPLUGDV =HXJDXFKQLFKWPHKUVRVFKDUIYRUZLHEHLPHUVWHQPDO ª,FKZHUGHNHLQHP0HQVFKHQHWZDVGDYRQVDJHQZHULQ XQVHUHP*DUWHQOLHJW©YHUVSUDFK0DUHNª8QGDXFKPHLQH )UDXZLUGVFKZHLJHQGDIUJDUDQWLHUHLFK© ª:HUZHLLQ3HWULODEHUKDXSWGDGHU6FKZDU]H*UDIZLHGHU ]XP/HEHQHUZHFNWZRUGHQLVW"©IUDJWHLFK ª1XUPHLQH)UDXXQGLFK©DQWZRUWHWH0DUHNª'LHDQGHUHQ VLQGDOOHJHVWRUEHQ© ª8QGGHU%UJHUPHLVWHU"© 0DUHNJULQVWHELWWHUª(ULVWHLQDOWHU1DUUXQG'XPPNRSI $XHUGHPHLQ%RQ]HXQG4XDWVFKPDXO(UZLUGVLFKQDWUOLFK

VHLQH*HGDQNHQPDFKHQDEHUGLH:DKUKHLWZLUGHUNDXPHUIDK UHQRGHUVLFK]XVDPPHQUHLPHQN|QQHQ'D]XLVWHU]XGXPP© ª(LQHVHKUKRKH0HLQXQJVFKHLQHQ6LHQLFKWYRQ,KUHP'RUI REHUKDXSW]XKDEHQ©VDJWHLFK ª'DVVWLPPW,FKPDJHEHQNHLQH0HQVFKHQGLHLKUH)DKQH QDFKGHP3DUWHLZLQGGUHKHQ©0DUHNZHFKVHOWHGDV7KHPD ª8QG6LHZDVKDEHQ6LHMHW]WYRU"(LJHQWOLFKLVW,KUH$XIJDEH GRFKKLHULQ3HWULODHUOHGLJWRGHUQLFKW"© ª6RJHVHKHQVFKRQ©JDELFKGHP0DQQUHFKWª2EZRKOZLUJDU QLFKWYLHOJHWDQKDEHQ6LHZDUHQGHUZHUWYROOH0DQQGHUDOOHVLQ GLH:HJHJHOHLWHWKDW© 0DUHNZLQNWHDE 6XNRGUHKWHVLFKDXIVHLQHP6WXKO]XPLUXPª'DQQVWQGH HLQHU5FNUHLVHQDFK/RQGRQHLJHQWOLFKQLFKWVPHKULP:HJH© PHLQWHHUª'HQNDQGLH=HLWVFKULIWHQGLH%LOOPLWJHEUDFKWKDW,Q GHQ$UWLNHOQZDULPPHUYRQ9DPSLUHQGLH5HGH© ª0HLQVWGXGLH(UZHFNXQJGHV6FKZDU]HQ*UDIHQVWHKWLQ HLQHPXQPLWWHOEDUHQ=XVDPPHQKDQJPLWGHQ9RUIlOOHQ"© ª'DVJODXEHLFK© ª0LWDQGHUHQ:RUWHQGLH*HIDKUEUDXWVLFKQLFKWPHKUKLHU ]XVDPPHQVRQGHUQDXIGHU,QVHO]XP%HLVSLHO© 6XNRQLFNWHHUQVW$XFKLFKKDWWHEHUHLWVPLWlKQOLFKHQ 9HUPXWXQJHQXQG*HGDQNHQJHVSLHOWVLHDEHUQRFKDOV]XSKDQ WDVWLVFKDEJHWDQ'RFKMHPHKULFKGLH6DFKHGXUFKOHXFKWHWHXP VRZDKUVFKHLQOLFKHUHUVFKLHQHVPLUGD6XNRUHFKWKDWWH ª0HLQHWZHJHQVWHKWHLQHP$XIEUXFKQLFKWVPHKULP:HJH© VDJWHLFK ª6LHZROOHQKHXWHVFKRQQDFK(QJODQG]XUFN"©IUDJWH0DUHN ª-D© ª'DQQQHKPHQ6LHPLFKPLW© 6XNRXQGLFKVFKDXWHQXQVEHUUDVFKWDQZlKUHQG0DUHN OlFKHOWH ª:DVLVWDQPHLQHP:XQVFKVRXQJHZ|KQOLFK"'HQNHQ6LHDQ GDV(UEHGDVLFKEHUQRPPHQKDEH,FKZLOO.DOXUDFYHUQLFKWHQ XQGZHQQLFKGDEHLPHLQ/HEHQYHUOLHUH©

$XVVHLQHU6LFKWZDUGDVVLFKHUOLFKORJLVFKXQGHLJHQWOLFKKDWWH LFKNHLQH(LQZlQGH ª$EHUZDVZLUG,KUH)UDXGD]XVDJHQ"©ZDUILFKHLQ ª0DULH"6LHKDWVHOEVWHLQHQ9DPSLUJHW|WHWXQGZLUGPLU VLFKHUOLFKUHFKWJHEHQ© ,FKVFKOXJPLWGHUIODFKHQ+DQGDXIGHQ7LVFKª2ND\GDQQ IOLHJHQ6LHPLW© %LOO&RQROO\JULQVWHVHLQ6SLHJHOELOGDQXQGEDQGPLWJHQDX DEJH]LUNHOWHQ%HZHJXQJHQVHLQH.UDZDWWH6KHLODKDWWHVLHLKP JHNDXIWSDVVHQG]XGHPEODXHQ6HLGHQKHPGGDVHU]XVHLQHP QHXHQ$Q]XJHUVWDQGHQKDWWH :DVWDWPDQQLFKWDOOHVZHQQPDQLQV7KHDWHUJLQJ 8QGGHU$EHQGVROOWHLP7KHDWHUEHJLQQHQLQHLQHP5HVWDX UDQWIRUWJHIKUWZHUGHQXQGLQHLQHUNOHLQHQ%DUHQGHQ (QGHQ" %LOOOlFKHOWHDOVHUGDUDQGDFKWH(QGHQZUGHGLHVHU$EHQG GRUWEHVWLPPWQRFKQLFKW:HQQGDV7D[LVLHQDFK+DXVHJH EUDFKWKDWWHXQGGDV.LQGHUPlGFKHQGDQQZHJZDU%LOOSILII GXUFKGLH=lKQH'DVZDUHVZRUDXIVLFKHLQ0DQQIUHXWHZHQQ HUPLWHLQHUKEVFKHQ)UDXYHUKHLUDWHWZDU 'DVEHKDXSWHWH%LOOMHGHVPDO 8QGVHLWGHPGHUNOHLQH-RKQQ\DXIGHU:HOWZDUNRQQWHPDQ GDV*OFNLP+DXVH&RQROO\DOV'DXHUJDVWEH]HLFKQHQ'HU .OHLQHPDFKWHLKQHQZLUNOLFK)UHXGH 'HP3DWHQRQNHO]X(KUHQKDWWHQVLHLKQ-RKQJHWDXIW9LHOOHLFKW ZUGHHUVSlWHUHLQHEHQVREHUKPWHU*HLVWHUMlJHUZHUGHQZLH -RKQ6LQFODLU'RFKZDKUVFKHLQOLFKOLH6KHLODGLHVHQ3ODQVFKHL WHUQ6LHVDKHVDXFKQLFKWJHUQZHQQ%LOOKLQXQGZLHGHU JHPHLQVDPPLW-RKQ6LQFODLUHLQJHIlKUOLFKHV$EHQWHXHUGXUFK IRFK.ODUGDVLFKHLQHOLHEHQGH(KHIUDXGD6RUJHQPDFKWH %LOOKDWWH]ZDUYHUVSURFKHQQLFKWVPHKU]XXQWHUQHKPHQXQG EUDY]X+DXVH]XEOHLEHQDEHUKLQXQGZLHGHUSDFNWHHVLKQ GRFK'DPXWHHUHLQIDFKUDXV$XHUGHPVWHFNWHHUVFKRQYLHO

]XWLHIPLWGULQ'LH'lPRQHQZXWHQGDQLFKWQXU-RKQ 6LQFODLULKUHUNOlUWHU)HLQGZDUVRQGHUQDXFK%LOO&RQROO\8QG RIWJULIIHQVLHLKQXQGVHLQH)DPLOLHGLUHNWDQ %LOOGDFKWHRIWDQVHLQHQ)UHXQGDXVDOWHQ7DJHQ$XFKMHW]W ZROOWHQGLH*HGDQNHQNRPPHQGRFK6KHLODXQWHUEUDFKVLH ª%LVWGXIHUWLJ%LOO"© ª6RJXWZLH© ª'DQQNRPPGRFKPDOUEHU© 6KHLODNOHLGHWHVLFKLP1HEHQ]LPPHUDQ6LHKDWWHHLQQHXHV .OHLGDQJH]RJHQZDKUVFKHLQOLFKZROOWHVLHVLFK%LOOGDULQ SUlVHQWLHUHQ 'RFKGHU5HSRUWHUWlXVFKWHVLFK6KHLODEHNDPGHQ9HUVFKOX QLFKWULFKWLJ]X 'DV.OHLGZDUHLQ7UDXPLQ+LPPHOEODX6FKXOWHUIUHLUHLFKWHHV ELV]XGHQ.Q|FKHOQZXUGHQRUPDOHUZHLVHYRQ]ZHLVFKPDOHQ 7UlJHUQJHKDOWHQGLHKLQWHUGHP+DOV]XVDPPHQJHNQRWHW ZXUGHQ8QGHEHQGLHVHU6FKOHLIHQYHUVFKOXEHUHLWHWH6KHLOD 6FKZLHULJNHLWHQ ª+LOIPLUGRFKPDO%LOO© /lFKHOQGQDKPGHU5HSRUWHUGLHEHLGHQ7UlJHULQGLHOLQNH +DQGZlKUHQGGLH)LQJHUNXSSHQGHUUHFKWHQVDFKWDEHUIRU GHUQG]XJOHLFKEHU6KHLODVJHEUlXQWH+DXWVWULFKHQXQGGDEHL DXFKGLHVFKXOWHUODQJHQEORQGHQ+DDUHEHUKUWHQ ª:HLWGXZLHVHKULFKGLFKOLHEH'DUOLQJ"©IOVWHUWH%LOO VHLQHU)UDXLQV2KU 6KHLODOHKQWHVLFK]XUFNXQGSUHWHVHNXQGHQODQJLKUHQ .|USHUJHJHQLKQª'RFKQLFKWMHW]W%LOOQDFKKHU© ª:LUKDEHQQRFK=HLW,FKPHLQH© 6KHLODPDFKWHVLFKIUHL'LH7UlJHUJOLWWHQ%LOODXVGHQ+lQGHQ XQGGDV.OHLGUXWVFKWH]X%RGHQ %LOO&RQROO\SILIIGXUFKGLH=lKQHDOVHUGHQKDXFKGQQHQ 6HLWHQWUlJHUGHV%+VVDKGHUVLFKEHU6KHLODVIRUPYROOHQGHWHQ 5FNHQVFKPLHJWHª:HQQGDVNHLQ$QEOLFNLVW© +DVWLJ]RJ6KHLODLKU.OHLGZLHGHUKRFK'DEHLODFKWHVLHª'X ELVWXQYHUEHVVHUOLFK%LOO©

ª8QGGXELVWGLHVFK|QVWH0XWWHUGLHLFKNHQQH© ª'DQQVHLHLQEUDYHU(KHPDQQXQGKLOIPLUVRQVWNRPPHQZLU WDWVlFKOLFK]XVSlW© %LOOJDEQRFKQLFKWDXIª:lUHNHLQ:HOWXQWHUJDQJ© 6KHLODOlFKHOWHXQGGUHKWHLKUHP0DQQGDEHLGHQ5FNHQ]X ª'XYHUJLWGDV.LQGHUPlGFKHQPHLQ/LHEHU© ª3ROO\VFKLFNHQZLUZLHGHUZHJ© ª,FKKDEHPLFKDEHUDXIGHQ7KHDWHUDEHQGJHIUHXW%LOO© ª0HLQH.XQVWLVWVWlUNHU©%LOOKDWWHGLH6FKOHLIHQRFKLPPHU QLFKWJHEXQGHQ 'DVFKHOOWHHV ª'DVLVW3ROO\©VDJWH6KHLODª%LWWHEHHLOGLFK%LOO© ª'XZLOOVWWDWVlFKOLFKLQV7KHDWHUJHKHQ"© ª-DGDVZHLWGXGRFK© 'DOLH%LOOGLH7UlJHUZLHGHUDXVGHU+DQGUXWVFKHQXQGYHU VFKZDQGODFKHQGEHYRULKP6KHLODLUJHQGHWZDVQDFKZHUIHQ NRQQWH 3ROO\EHIDQGVLFKQRFKYRUGHP7RU6LHPXWHHUVWGHQJURHQ 9RUJDUWHQGXUFKTXHUHQXP]XP+DXV]XJHODQJHQ'XUFKHLQHQ HOHNWULVFKHQ,PSXOVJOLWWGDV7RU]XU6HLWHQDFKGHPVLFK%LOOYHU JHZLVVHUWKDWWHGDHVWDWVlFKOLFK3ROO\ZDU 6LHOHQNWHLKUH(QWHGHQJHZXQGHQHQ:HJKRFKXQGSDUNWHYRU GHP+DXV%LOOHUZDUWHWHVLHLQGHURIIHQHQ+DXVWU 3ROO\ZDU]ZDQ]LJYROOVFKODQNKDWWHNXU]HVURWEORQGHV+DDU XQGXQ]lKOLJH6RPPHUVSURVVHQLP*HVLFKW,KUH-HDQVVDHQVR HQJGDGLH1lKWHIDVWJHVSUHQJWZXUGHQXQGGHU3XOORYHUZDU QLFKWQXUYRUQJXWJHIOOW6LHJDEQLFKW]XPHUVWHQPDODXIGHQ NOHLQHQ-RKQDFKWXQGNDPJXWPLWGHP:LQ]OLQJNODU ª+DOOR0U&RQROO\©VDJWHVLHIRUVFKªGDELQLFKSQNWOLFK ZLHLPPHU© %LOOUHLFKWHLKUGLH+DQGª8QGLFKGDFKWHGLH6WXGHQWHQYRQ KHXWHZlUHQDOOHXQSQNWOLFK© 3ROO\OlFKHOWHª1LFKWZHQQ VXPV*HOGJHKW© ª'DKDEHQ6LHUHFKW©%LOOVFKOXJVLFKJHJHQGLH6WLUQª$FKVR *HOGKLHUKDEHQ6LHHLQHQ6FKHLQ©

'HU5HSRUWHUUHLFKWHLKUHLQH=HKQ3IXQG1RWH3ROO\VJUQ JUDXH$XJHQZXUGHQJURª0DQQ6LHVLQGDEHUJUR]JLJ'DV *HKDOWODVVHLFKPLUJHIDOOHQ'D]XQRFKIUHLH9HUSIOHJXQJ© 6LHJLQJHQLQV+DXV *HUDGHNDP6KHLODGXUFKGHQ)OXUª$K3ROO\©ULHIVLHª,FK JUH6LH© ª7ROOVHKHQ6LHDXV©VDJWH3ROO\ª'DVLHKWPDQZLHGHUZRGDV *HOGVWHFNW© %LOOZLQNWHDEª$OOHVKDOEVRVFKOLPP©HUZLGHUWHHUDQVWHOOH VHLQHU)UDX ª:LHKHLWGHQQGDV7KHDWHULQGDV6LHJHKHQ"©IUDJWH3ROO\ ª'DV&ROLVHXP7KHDWUHQLFKWZHLWYRP3LFFDGLOO\© 3ROO\QLFNWHª9RUQHKPHU/DGHQ8QG6LH0U&RQROO\RKQH 6PRNLQJ"© %LOOJULQVWH(UPRFKWH3ROO\VIRUVFKH$UWª(VLVWHUVWHQVQXUHLQ 0XVLFDOXQG]ZHLWHQVNHLQH3UHPLHUH© ª8QGZLHKHLWGDV6WFN"©3ROO\VJURH(LJHQVFKDIWZDUGLH 1HXJLHUGH ª7KH.LQJDQG,8UDOWGDV6WFNDEHUPLW%URDGZD\ %HVHW]XQJ6ROOJXWVHLQ© ª'DQQZQVFKHLFK,KQHQYLHO9HUJQJHQ8QGGHQNHQ6LH GDUDQ,FKVDPPOH3URJUDPPKHIWH© ª%ULQJHQZLUDOOHVPLW© 3ROO\ZDQGWHVLFKDQ6KHLODª6FKOlIWGHU.OHLQHVFKRQ 0UV&RQROO\"© ª-D$EHUNRPPHQ6LH3ROO\LFKKDEH,KQHQLQGHU.FKH HLQLJHVDXIJHVFKULHEHQZDV6LHXQEHGLQJWEHDFKWHQPVVHQ© 'LHEHLGHQ)UDXHQYHUVFKZDQGHQ %LOOJLQJVRODQJHLQGHQ/LYLQJURRP(USIODQ]WHVLFKLQHLQHQ 6HVVHOTXDOPWHQRFKHLQHXQGVFKDOWHWHGHQ)HUQVHKHUDQ :HUEXQJXQG1DFKULFKWHQHWZDVDQGHUHVEHNDP%LOOQLFKW YRUJHVHW]W$XIHLQHPDQGHUHQ.DQDOOLHIHLQHDPHULNDQLVFKH :HVWHUQ6HULH6LHZDUDEHUDXFKQLFKWYLHOEHVVHU 'DQQVWDQG6KHLODLP=LPPHUª%LVWGXIHUWLJ%LOO"© 'HU5HSRUWHUVSUDQJDXIª6FKRQOlQJVW©

ª'DQQNRPPDXFK©6KHLODKDWWHVLFKHLQHZHLH+HUPHOLQ MDFNHEHUGLHQDFNWHQ6FKXOWHUQJHVWUHLIW(LQHVFKOLFKWHDEHU HFKWH3HUOHQNHWWHODJXPLKUHQVFKODQNHQ+DOV,QGHUUHFKWHQ +DQGWUXJVLHHLQVFKPDOHV7lVFKFKHQª1LPPVWGXPLFKVR PLW"© %LOOEUHLWHWHGLH$UPHDXVª%LVDQV(QGHGHU:HOW'DUOLQJ© ODFKWHHUJLQJDXIVHLQH)UDX]XXQGKDXFKWHLKUHLQHQ.XDXI GLH1DVHQVSLW]H =X-RKQQ\ZROOWHQVLHQLFKWPHKULQV=LPPHU6KHLODKDWWH $QJVWGDGHU.OHLQHZDFKZXUGH 3ROO\VWDQGDQGHU7UDOVGLHEHLGHQ&RQROO\VGDV+DXVYHU OLHHQª'DQQZQVFKHLFK,KQHQQRFKYLHO6SD©ULHIVLHª8QG DPVLHUHQ6LHVLFKJXW© ª'DQNHGDVZHUGHQZLU©ULHI%LOO]XUFN0LWGHP3RUVFKH IXKUHQVLHELV]XP7RU%LOONRQQWHHVDXFKYRP:DJHQDXVEH GLHQHQ6LHYHUOLHHQGDV*UXQGVWFNXQGERJHQLQGLHVWLOOH 9LOOHQVWUDHHLQ .HLQHUYRQLKQHQVDKGHQGXQNOHQ/HLFKHQZDJHQGHU ]ZLVFKHQGHQ%lXPHQSDUNWH -HW]WVWLHJHQ]ZHL0lQQHUDXV'XQNHOJHNOHLGHWH*HVWDOWHQPLW EOHLFKHQ*HVLFKWHUQ $OVVLHIUGHQ%UXFKWHLOHLQHU6HNXQGHGHQ/LFKWVFKHLQHLQHU /DWHUQHVWUHLIWHQEOLW]WHLP0XQGZLQNHOGHVHLQHQ0DQQHVHLQ KHOOHU%OXWVWURSIHQDXI(LQ=HLFKHQGDHUVLFKKHXWHVFKRQ VHLQH!1DKUXQJJHKROWKDWWH 'LH*HVLFKWHUGHU0lQQHUEOLHEHQXQEHZHJWDOVVLHPLWVWHLIHQ 6FKULWWHQGDV*UXQGVWFNGHU&RQROO\VDQVWHXHUWHQ '.DOXUDFV3ODQWUDWLQGLH3KDVH]ZHL 'HUZXOVWLJH=HLJHILQJHUGHV0DQQHVZDQGHUWHODQJVDPEHU GLH6SDOWHQGHU$Q]HLJHQVHLWH0DQYHUQDKPQXUGDVKDVWLJH .HXFKHQXQGKLQXQGZLHGHUHLQHQ6HXI]ODXW (VZDUHQ$Q]HLJHQEHVRQGHUHU$UWGLHVLFKGHU0DQQGDKHU DXVJHVXFKWKDWWH

.RQWDNWDQ]HLJHQ )RWRPRGHOOH+RVWHVVHQ0DQQHTXLQVXQGDQJHEOLFKH6WXGHQ WLQQHQERWHQLKUH'LHQVWHDQ'LH7HOHIRQQXPPHUQVWDQGHQ JOHLFKGDEHL 'LHGLFNHQ)LQJHUSDFNWHQHLQHQ6WLIW]RJHQGLFNHURWH6WULFKH UDKPWHQHLQEHVWLPPWHV.lVWFKHQHLQ 5RWKDDULJHV0DQQHTXLQELHWHW3ULYDWYRUIKUXQJ-HGHU]HLW$XFK QDFKWV 'DVZDUHVZDVGHU0DQQVXFKWH6HLQHGLFNHQ)LQJHUEH JDQQHQGLH:lKOWDVWHQ]XGUFNHQ (UODXVFKWHDWHPORV'DQQHLQH6WLPPH/HLFKWUDXFKLJQDFK 6QGHNOLQJHQG$XIMHGHQ)DOOJXWHLQVWXGLHUW ª+DOOR"© ª6LHNRPPHQDXFKDEHQGV"© ª-D© ª*XWLFKHUZDUWH6LHEHLPLU© /DFKHQ*XUUHQGXQGORFNHQG]XJOHLFKª6ROOLFKLUJHQGHWZDV PLWEULQJHQ"© ª1HLQQHLQDOOHVQRUPDO:DUWHQ6LHLFKJHEH,KQHQGLH $GUHVVH6LHLVWOHLFKW]XILQGHQ©'HU0DQQJDEGLH$QVFKULIW GXUFKXQGOHJWHDXI 0LWHLQHP7XFKZLVFKWHHUVLFKEHUGLHIHXFKWH6WLUQ'LHVH $QUXIHQHUYWHQLKQMHGHVPDO(UKDWWHVFKRQ$OSWUlXPHGHV ZHJHQJHKDEW0DQFKPDOWUlXPWHHUGDVHLQH)UDXSO|W]OLFK GUDQZlUHZHQQHUDQULHI$EHUGLHZDUZHLWZHJLQ0DQFKHVWHU XQGNPPHUWHVLFKXPGLH.LQGHUXQGGDV+DXV $EHUHUHUZDULQ/RQGRQ)QI7DJHLQGHU:RFKHEWH'RP GH/RXLVHGDV$PWHLQHV:LUWVFKDIWVVHNUHWlUVDXV(UDUEHLWHWH LP0LQLVWHULXPXQGKDWWHGRUWHLQHQKRFKGRWLHUWHQ-RE'RP GH/RXLVHZDUHLQHVGHU9HUELQGXQJVJOLHGHU]ZLVFKHQGHU:LUW VFKDIWXQGGHP6WDDW(UXQWHUQDKPDXFKRIW5HLVHQLQV$XV ODQGXQGIKUWHHLQ'RSSHOOHEHQ=X+DXVHZDUHUGHUEUDYH )DPLOLHQYDWHUDEHULQ/RQGRQRGHULP$XVODQGZXUGHHU]XP 7LJHU 'DOLH'RPGH/RXLVHQLFKWVDQEUHQQHQ*HOGKDWWHHUGHQQ

IUVHLQH$PRXUHQPXWHHU]DKOHQGDPDQLKQQLFKWJHUDGHDOV JXWDXVVHKHQGHQ0DQQEH]HLFKQHQNRQQWH 'RPGH/RXLVHZDUKlOLFK0DQNRQQWHLKQRKQHhEHU WUHLEXQJDOVIHWWEH]HLFKQHQ'HU6SHFNODJULQJI|UPLJXP VHLQHQ.|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lGFKHQJHKHJWXQGJHSIOHJWZXUGH ,Q0D\IDLUKDWWHHUHLQH(WDJHLQHLQHP$OWEDXJHPLHWHW'LH 0LHWHZDUVQGKDIWWHXHUGRFK'RPGH/RXLVHEUDXFKWHDXIGHQ &HQWQLFKW]XVFKDXHQ (EHQVRVQGKDIWSUlVHQWLHUWHVLFKGDV%DGH]LPPHU(VZDU PHKUHLQ:RKQEDG0LWHLQHUUXQGHQ%DGHZDQQHLQGHU]ZHL /HXWH3ODW]IDQGHQ6SLHJHOEHGHFNWHQGLH:lQGH'LH.lOWHGHV %RGHQVZXUGHYRQHLQHPEUDXQHQIODXVFKLJHQ7HSSLFKDEVRU ELHUWXQGVHOEVWHLQHJXWEHVWFNWH%DUIHKOWHLQGHP5DXPQLFKW /lFKHOQGULHEVLFK'RPGH/RXLVHGLH+lQGHDOVHUGDV %DGH]LPPHUEHWUDW(UKDWWHEHUHLWVVHLQH9RUEHUHLWXQJHQJH WURIIHQXQGWUXJEHUGHPQDFNWHQ.|USHUVHLQHQVHLGHQHQ +DXVPDQWHO'HU6WRII]HLFKQHWHMHGH6SHFNUROOHJHQDXQDFK GRFKGDVVW|UWHGHQ0DQQQLFKWXQGGLH0lGFKHQVFKDXWHQDXFK ZHJZHQQGLH6FKHLQHNQLVWHUWHQ 'RPGH/RXLVHEHUSUIWHJHQDXREDOOHVEHUHLWVWDQGQLFNWH GDQQ]XIULHGHQXQGJULIIQDFKGHQNOHLQHQGQQHQ=LJDULOORV 'DOlXWHWHGLH*ORFNH

'HU0DQQVWXW]WH:DUGLH.OHLQHVFKRQGD"'DVJLQJYHU GDPPWIL[GHQQDQGHUHQ%HVXFKHUZDUWHWHHUQLFKW'DV/lFKHOQ OLHEHLLKPHLQLJH*HVLFKWV]JHHQWJOHLVHQXQGPLWNORSIHQGHP +HU]HQVFKULWWHU]XU7U :LHGLH.OHLQHZRKODXVVDK"(UZDUMHGHVPDOYRQQHXHP JHVSDQQW=ZDUEHNDPHQGLH0lGFKHQRIWHLQHQ6FKUHFNZHQQ VLHLKQVDKHQGRFKHUWU|VWHWHGLH'DPHQVFKQHOOPLWHLQSDDU 6FKHLQHQ 'RP|IIQHWHXQGKLHOWGLH/XIWDQ 'DV*LUOGDVYRULKPVWDQGZDUHLQH:XFKW (VKDWWHORFNLJHVEUDQGURWHV+DDUWUXJHLQHQHQJHQJUQ VFKLOOHUQGHQ+RVHQDQ]XJXQGXPGLH6FKXOWHUQHLQZHLHV3HO] MlFNFKHQ'LH)UDXZDUZHQLJJHVFKPLQNWGDGXUFKILHOGLH %OlVVHGHV*HVLFKWHVQRFKPHKUDXI ª+DOOR©VDJWHVLHªGDUILFKKHUHLQNRPPHQ"© 'RPGH/RXLVHUlXVSHUWHVLFKQLFNWHXQGJDEGHQ:HJIUHL0LW VFKZLQJHQGHQ+IWHQJLQJGLH)UDXDQLKPYRUEHLXQG'RPV %OLFNHVDXJWHQVLFKDQLKUHP+LQWHUWHLOIHVW (UKDWWHVFKRQYLHOH&DOOJLUOVJHKDEWDEHUGLHKLHUGLHZDU DEVROXW6SLW]H 6LHEOLHEDP7LVFKVWHKHQXQGZDQGWHVLFKPLWHLQHUVFKOSI ULJHQ%HZHJXQJXP ª:LOOVWGXGLH7UQLFKWVFKOLHHQ"© ª-DQDWUOLFKVRIRUW©(UGUFNWHVLHLQV6FKORª,FKLFKELQ ]LHPOLFKGXUFKHLQDQGHU© ª:DUXP"© (UODFKWHª.DQQVWGXGDVQLFKWEHJUHLIHQ"© ª:ROOHQZLUZDVWULQNHQ"©IUDJWHVLH ª:DVGXZLOOVW©(UOlFKHOWHSO|W]OLFKª,FKKDEHHLQH%DULP %DG:HQQGX/XVWKDVW"© 6LHVFKDXWHLKQYRQGHU6HLWHKHUDQª,PPHU© ª2ND\©'RPGH/RXLVHOHJWHVHLQH+DQGDXILKUH6FKXOWHU XQGVSUWHGDVIHVWHVWUDIIH)OHLVFKª:LHKHLWGXHLJHQWOLFK"© HUNXQGLJWHHUVLFKPLWUDXKHU6WLPPH ª1HQQPLFK5HEHFFD©

'RPGH/RXLVHYHUGUHKWHGLH$XJHQZDVEHLLKPNRPLVFK DXVVDKª5HEHFFD©ZLHGHUKROWHHUªZHOFKHLQ1DPH'HUYHU VSULFKWDOOHV© ª:DVLFKDXFKKDOWH© 6LHEHWUDWHQGDV%DGXQG5HEHFFDJDEGXUFKHLQª2K©]XYHU VWHKHQZLHEHUUDVFKWVLHZDU ª*HIlOOWHVGLU"© ª8QGZLHPHLQ/LHEHU© ª'XNDQQVWPLFKEULJHQV'RPQHQQHQ© ª(LQVHOWVDPHU1DPH© ª*DUQLFKW(ULVWQXUGLH$ENU]XQJYRQ'RPLQLFN0DQPX HVQXUZLVVHQ©(UODFKWH $XIHLQHPNOHLQHQ+RFNHUVWDQGGHU&KDPSDJQHU'HU )ODVFKHQKDOVPLWGHPZHLHQ7XFKOXJWHDXVGHP.EHO'LH (LVZUIHONOLUUWHQJHJHQHLQDQGHUDOV'RPGH/RXLVHGLH)ODVFKH DXVGHP.EHO]RJ*HVFKLFNW|IIQHWHHUGLH.RUNHQ'HU&KDP SDJQHUTXROODOVZHLHU6FKDXPVWUHLIHQDXVGHUgIIQXQJXQGOLHI GHQ)ODVFKHQKDOVKLQDE *OlVHUVWDQGHQEHUHLW 'RPGH/RXLVHIOOWH]ZHLELV]XP5DQGXQGUHLFKWHHLQ*ODV GHP*LUO ª7ULQNHQZLUDXIXQVXQGDXIGDVZDVXQVQRFKDQ)UHXGHQ EHYRUVWHKW&KHHULR© 5HEHFFDQLSSWHQXUZlKUHQG'RPGDV*ODV]XU+lOIWHOHHUWH (UKHL]WHVLFKDQPXWHVHLQ%OXWQRFKPHKULQ:DOOXQJEULQJHQ 5HEHFFDOlFKHOWHNDOW6LHEHZHJWHGDEHLNDXPGLH/LSSHQDEHU GDVILHO'RPGH/RXLVHJDUQLFKWDXI(UZDUVRQHUY|VGDHUGDV 6HNWJODVXPVWLHDOVHUHVDEVWHOOWH7DSVLJJLQJHUDXIGLHURW KDDULJH6FK|QH]X ª(UVWHLQPDOQHKPHQZLUHLQ%DG©VDJWHHUªGDVPDFKHLFK LPPHUVRPLWPHLQHQ©(UVWRFNWHDXV$QJVW]XYLHOJHVDJW]X KDEHQ'RPGH/RXLVH|IIQHWHGHQ6FKUDXEYHUVFKOXHLQHV %DGHPLWWHOVXQGOLHHLQLJH7URSIHQLQGLH:DQQHSHUOHQ(VZDU HLQEHVRQGHUHU%DGHVFKDXPGHQPDQQXULQ6H[%RXWLTXHQ NDXIHQNRQQWHXQGGHUDOOH:RQQHQGHU/LHEHYHUVSUDFK

$XV]ZHL.UlQHQUDXVFKWHZRKOWHPSHULHUWHV:DVVHULQGLH SUlFKWLJH:DQQH /lFKHOQGZDQGWHVLFK'RPGH/RXLVHXP6HLQH%OLFNHJOLWWHQ EHUGLH.XUYHQGHU)UDXXQGGLH=XQJHQVSLW]HKXVFKWHZLHVHO DUWLJDXVGHP0XQG (UZROOWHVHLQH+lQGHDXIGLH6FKXOWHUQGHV*LUOVOHJHQGRFK 5HEHFFDHQWZDQGVLFKLKPPLWHLQHUVFKODQJHQJOHLFKHQ%H ZHJXQJª(UVWGDV*HVFKlIWOLFKH©VDJWHVLH ª6RQ\LFKYHUJD:LHYLHO"© ª:DVELQLFKGLUZHUW"© (UJDELKU]ZHL+XQGHUW3IXQG1RWHQ ª'DVOlWVLFKVHKHQ©HUZLGHUWHVLHXQGVFKREGLH6FKHLQHLQ GLHHQJHQ7DVFKHQLKUHU+RVH 1XQOLHVLFK'RPGH/RXLVHQLFKWPHKUDEKDOWHQ=XODQJH VFKRQKDWWHHUZDUWHQPVVHQ7DSVLJXPIDWHHUGLHVFK|QH )UDXSUHWHVLHDQVLFKXQGVSUWHGHQ*HJHQGUXFNGHUVHLQ%OXW QRFKPHKUDXISHLWVFKWH 'LH)UDXZDUHLQ9XONDQ 'RPGH/RXLVHYHUJDGLH:HOW,KPILHODXFKQLFKWDXIZLH NDOWGLH+DXWGHU)UDXZDUXQGDOVLKUH/LSSHQJHJHQVHLQHQ +DOVGUFNWHQVW|KQWHHUDXI 5HEHFFDOlFKHOWH'RFKHVZDUNHLQZDUPHV/lFKHOQVRQGHUQ GDVHLQHU7HXIHOLQ :HLWVFKREVLHGLH2EHUOLSSH]XUFNXQGHQWEO|WH]ZHL SHUOZHLH9DPSLU]lKQH 5HEHFFDZDUHLQH8QWRWH 8QG'RPGH/RXLVHZDUDKQXQJVORV(UEHVFKlIWLJWHVLFKQRFK LPPHUPLWGHP.|USHUGHV0lGFKHQVVXFKWHQDFKGHQ.Q|SIHQ GLHGHQ$Q]XJ|IIQHWHQXQGDKQWHQLFKWGDVLFKGLH=lKQH EHUHLWVDQVHLQHP+DOVEHIDQGHQ 'DJHVFKDKHV 'RPGH/RXLVH]XFNWH]XVDPPHQ(UIKOWHHLQHQEHLHQGHQ 6FKPHU]XQGGDFKWHGD5HEHFFDLKQLQLKUHU/HLGHQVFKDIWLQ GHQ+DOVJHELVVHQKDWWH 'DQQNDPGLH6FKZlFKH$XIHLQPDOZXUGHLKPVFKZLQGOLJ

(UNRQQWHVLFKQLFKWPHKUDXIGHQ%HLQHQKDOWHQGLH.QLHJDEHQ QDFKXQGHUUXWVFKWHDP.|USHUGHU)UDXHQWODQJ]X%RGHQ 6FKZHUILHOHUDXIGHQ5FNHQ=ZHLVFKPDOH%OXWVWUHLIHQOLHIHQ YRQVHLQHP+DOVDXVLQ5LFKWXQJ6FKXOWHUEODWW 5HEHFFDDEHUODFKWHK|KQLVFK:LHOHLFKWGLHVH,GLRWHQLQGLH )DOOHJLQJHQ6LHKlWWHQLFKWJHGDFKWGDHVVRHLQIDFKZHUGHQ ZUGH)UKHUZDUHQGLH0HQVFKHQPLWUDXLVFKHUJHZHVHQ 1LHPDQGVDKGHU6FK|QHQDQGDVLHVFKRQHLQLJH+XQGHUW -DKUH]lKOWH'LHURWH5HEHFFDZLHVLHLQ9DPSLUNUHLVHQJHQDQQW ZXUGHKDWWHVFKRQLPPHUGLH0lQQHUEHW|UWXQGVLHGDQQLKUHU )DPLOLH]XJHIKUW 'LHDOWHQ=HLWHQLQGHQHQGLH9DPSLUHUHJLHUWHQVROOWHQDEHU PDOVHUVWHKHQ'D]XZDUQLFKWQXU5HEHFFDIHVWHQWVFKORVVHQ VRQGHUQDXFKGLHEULJHQ8QWRWHQ 'LH=HLFKHQVWDQGHQDXI6WXUP 8QGVLHVWDQGHQJXW 0LWGLHVHQ*HGDQNHQNQLHWHVLFKGLH)UDXQHEHQGHQDP%RGHQ OLHJHQGHQ'RPGH/RXLVH|IIQHWHZHLWGHQ0XQGXQGEHXJWH VLFKGDQQEHUGHQ0DQQ ,KUQDFKYRUQHIDOOHQGHVURWHV+DDUYHUGHFNWHGHQPDNDEUHQ 9RUJDQJ /DQJVDPUROOWHGHU3RUVFKHLQGLH3DUNWDVFKHZXUGHVDQIWDEJH EUHPVWXQGVWDQG 'LH6FKHLQZHUIHUYHUO|VFKWHQ%LOO&RQROO\VWLHJDXVJLQJXP GHQ:DJHQKHUXPXQG|IIQHWH6KHLODGLH7U ª0DGDP©VDJWHHUXQGGHXWHWHHLQH9HUEHXJXQJDQ ª/DGRFK©OlFKHOWH6KHLOD0LWJHNRQQWHP6FKZXQJVWLHJVLH DXVGHPIODFKHQ)OLW]HU %LOOVFKORGHQ:DJHQDEUHLFKWH6KHLODGHQ$UPXQGVFKULWW PLWLKUDXIHLQHQGHU)DKUVWKOH]XGLHGLH7LHIJDUDJHPLWGHP 7KHDWHUYHUEDQGHQ 6LHZDUHQQLFKWGLHHLQ]LJHQHOHJDQWJHNOHLGHWHQ%HVXFKHU,P )R\HUGUlQJWHQVLFKGLH0HQVFKHQ0DQVDKXQGZXUGHJHVHKHQ

%LOOVFKDXWHDXIGLH8KUª%LV]XP%HJLQQGHU9RUVWHOOXQJ KDEHQZLUQRFKHLQHKDOEH6WXQGH=HLW©VDJWHHU]XHLQHPEH IUHXQGHWHQ(KHSDDUª*HQXJXPHLQHQNOHLQHQ:LHGHUVHKHQV VFKOXFNDQGHU%DU]XQHKPHQ© 'LHDQGHUHQZDUHQHLQYHUVWDQGHQ ,P*HVSUlFKYHUWLHIWVFKULWWHQVLHGXUFKGDV)R\HU6KHLOD HU]lKOWHYRQLKUHP6RKQZlKUHQG%LOOEHUVHLQH5HLVHQEHULFK WHWH'DV)R\HUWHLOWHVLFKLQ]ZHL*lQJHGLHMHZHLOVXPHLQHQ7HLO GHV=XVFKDXHUUDXPVKHUXPIKUWHQ %HLGH*lQJHOLHIHQZLHGHUDQGHU%DU]XVDPPHQ(VJDEJH PWOLFKH6LW]JUXSSHQXQG%LOOHUJDWWHUWHYLHUQRFKIUHLH6HVVHO (UJLQJ]XU%DUXQGNHKUWHPLWHLQHU)ODVFKH6HNWQHEVWYLHU *OlVHUQ]XUFN %LOOVFKHQNWHHLQª$XIXQVHU:LHGHUVHKHQ©ULHIHUXQG SURVWHWHVHLQHQ)UHXQGHQ]X *OlVHUNODQJHQPLWKHOOHQJORFNHQUHLQHQ7|QHQJHJHQHLQ DQGHU/LSSHQYHU]RJHQVLFK]XHLQHP/lFKHOQGLH6WLPPXQJ ZDUIU|KOLFKXQGDXVJHODVVHQ (LQXQEHVFKZHUWHU$EHQGVWDQGGHQ0HQVFKHQEHYRU 'DVGDFKWHQVLH ª'DV6WFNVROODXVJH]HLFKQHWVHLQ©VDJWHQGLH%HNDQQWHQ ª,FKZDUYRUHLQLJHQ0RQDWHQLQ1HZ
%LOOQLFNWHXQGODFKWHª%OHLEQLFKW]XODQJH© ª.HLQH$QJVWGXEHNRPPVWGHQ$QIDQJGHV6WFNHVQRFK PLW©6KHLODJLQJXPHLQH0HQVFKHQJUXSSHKHUXPXQGVWHXHUWH GLH7RLOHWWHQDQ6LH]RJGLHZHLODFNLHUWH7UDXIXQGEHWUDWGHQ JUR]JLJDQJHOHJWHQJHNDFKHOWHQ9RUUDXP 'HU6WXKOGHU7RLOHWWHQIUDXZDUOHHU.DOWHV/HXFKWVWRIIU|KUHQ OLFKWILHOEHUGLHEUDXQHQ.DFKHOQ 6KHLODEHWUDWHLQHQ*DQJGHVVHQUHFKWH+lOIWHGXUFKHLQ]HOQH .DELQHQDEJHWHLOWZDU 1LHPDQGEHJHJQHWHLKU6LHEHIDQGVLFKDOOHLQLQGHP 7RLOHWWHQUDXP,UJHQGZRUDXVFKWH:DVVHU6RQVWZDUHVVWLOO'LH *HVSUlFKHGHULP)R\HUZDUWHQGHQ%HVXFKHUGUDQJHQQLFKWELV KLHUKHU 6KHLOD|IIQHWHHLQH.DELQHQWUEHWUDWGHQNOHLQHQ5DXPXQG VDKDXFKGDV)HQVWHUDQGHU5FNVHLWH 6SDOWEUHLWVWDQGHVRIIHQ 'DV0LOFKJODVGHU6FKHLEHOLHYRQDXHQNHLQHQ%OLFN]X 3O|W]OLFKYHUO|VFKWHGDV/LFKW 6WRFNILQVWHUZXUGHHVYRQHLQHP$XJHQEOLFN]XPDQGHUHQ 6KHLOD&RQROO\EOLHEVWHLIVWHKHQ6LHJODXEWHDQHLQHQWHFKQLVFKHQ 'HIHNWZROOWHHLQLJH6HNXQGHQZDUWHQELVHUYLHOOHLFKWEHKREHQ ZDUXQGGDQQHUVWGLH.DELQHYHUODVVHQ$XHUGHPZUGHQVLFK LKUH$XJHQDQGLH'XQNHOKHLWEDOGJHZ|KQWKDEHQ /DXWORVZXUGHGDV)HQVWHUKLQWHU6KHLOD&RQROO\DXIJHVWRHQ (LQHNQRFKLJH+DQGWDXFKWHDXIPLWHLQHUGQQHQ+DXWGLHVLFK ZLH*XPPLEHUGLH0XVNHOQXQG6HKQHQVSDQQWH (VIROJWHHLQ$UPHLQ*HVLFKW )DKOXQGEOXWOHHUPLW$XJHQGXUFKGLHVLFKIHLQHURWHbGHU FKHQVSLQQHQQHW]DUWLJYHUWHLOWHQ 6KHLODVSUWHGHQ/XIW]XJ 6LHZLUEHOWHKHUXPWDWJHQDXGDV)DOVFKHDQVWDWW]XU7U]X ODXIHQXQGVLHDXI]XUHLHQ 'DSDFNWHGLH+DQG]X 'LH)LQJHUXPVFKORVVHQ6KHLODV+DOVXQGHUVWLFNWHQMHGHQ +LOIHVFKUHLEHUHLWVLP$QVDW]%UXWDOZXUGH6KHLODDXIGDV

)HQVWHU]XJH]RJHQLKUH%HLQHSUDOOWHQJHJHQGLH7RLOHWWH'LH )UDXVFKOXJXPVLFKZROOWHGLH+DQGSDFNHQXQGYRQLKUHU .HKOH]HUUHQGRFKLKUH%HPKXQJHQZDUHQXPVRQVW 'HU$QJUHLIHUEHVD%lUHQNUlIWH -HW]WIDWHDXFKQRFKHLQH]ZHLWH+DQG]XYHUVWlUNWHGHQ 'UXFNYRQGHU6FKXOWHUKHU+DUWH)LQJHUJUXEHQVLFKLQGHQ3HO] ]RJHQ6KHLOD&RQROO\KRFKDOVZlUHVLHHLQH3XSSH 6KHLODZHKUWHVLFKQRFKLPPHU6LHVWUDPSHOWHEUHLWHWHGLH $UPHDXVXP]XYHUKLQGHUQGDPDQVLHGXUFKGDV)HQVWHU ]HUUWH 2KQH(UIROJ 'HURGHUGLHDQGHUHQZDUHQVWlUNHU 6KHLODV%HLQHVFKUDPPWHQEHUQDFNWHV0DXHUZHUNGLH 1\ORQVULVVHQKDUWVWLHVLHPLWGHQ(OOERJHQJHJHQGLH )HQVWHUHFNHXQGQRFKLPPHUZDUHVLKUXQP|JOLFKXP+LOIH ]XUXIHQ 6KHLOD&RQROO\YHUORUGHQ.DPSI 6LHZXUGHGXUFKGDV)HQVWHUJH]RJHQGDQQ]X%RGHQJH GUFNWXQGHUVWMHW]WORFNHUWHVLFKGHUKDUWH*ULII 6KHLODV6FKUHLHUVWLFNWH9RU*UDXHQZXUGHVLHVWXPP(LQ JODW]N|SILJHUZLGHUOLFKJULQVHQGHU.HUOKDWWHVLFKEHUVLHJH EHXJWXQG]HLJWHVHLQHODQJHQ9DPSLU]lKQH,QVHLQHQ$XJHQ VWDQGHLQJLHULJHV/HXFKWHQXQGDXVGHU.HKOHGUDQJHLQZ|O ILVFKHV.QXUUHQ %HZHJXQJVORVYRU$QJVWODJ6KHLODDXIGHPVFKPXW]LJHQ %RGHQ6LHJODXEWHGDGHU9DPSLUVLFKDXIVLHVWU]HQZUGH GRFKGDVJHVFKDKQLFKW 6WDWWGHVVHQHUVFKLHQHLQ]ZHLWHU*ODW]NRSI(UVDKGHP.HUO GHU6KHLODEHUZlOWLJWKDWWHWlXVFKHQGlKQOLFKKDWWHGDVJOHLFKH EUHLWH*HVLFKWXQGGDVJOHLFKHZLGHUOLFKH*ULQVHQ 'LHEHLGHQPXWHQ=ZLOOLQJHVHLQ 6KHLODKDWWHPLWLKUHU$KQXQJUHFKW(VZDUHQ*RUXPXQG 9ODGRGLH%UGHUYRP&HSUDF&ODQ6LHXQWHUKLHOWHQVLFKDXI GHXWVFKGRFK6KHLODYHUVWDQGMHGHV]ZHLWH:RUWXQGEHNDPPLW ZDVLKUQRFKEHYRUVWDQG

ª3DFNVLHLQGHQ:DJHQ©VDJWHGHU]ZHLWH*ODW]NRSI ª$POLHEVWHQP|FKWHLFK© ª1HLQ9ODGR/RV'XZHLWZDVGHU0HLVWHUJHVDJWKDW'X ZLUVWVLHQRFKIUKJHQXJEHNRPPHQ©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lFKHGHV/HLFKHQZDJHQVJHZRUIHQ 'LHEHLGHQ9DPSLUHNOHWWHUWHQKLQWHUKHU (LQGULWWHUVDDP6WHXHU(UJDEVRIRUW*DVXQGGHU:DJHQ VHW]WHVLFKPLWGXUFKGUHKHQGHQ+LQWHUUHLIHQLQ%HZHJXQJ 6KHLOD&RQROO\DEHUIXKUHLQHP8QJHZLVVHQ6FKLFNVDOHQW JHJHQ %LOO&RQROO\ZXUGHLPPHUQHUY|VHU,QMHGHU0LQXWHVFKDXWHHU PLQGHVWHQV]ZHLPDODXIGLH8KU 'HUHUVWH*RQJZDUVFKRQHUW|QWXQGGDV)R\HUOHHUWHVLFK PLWWOHUZHLOH'LH)UDXHQDQGHU*DUGHUREHVHW]WHQVLFKKLQXQG QDKPHQLKU6WULFN]HXJRGHULKUH=HLWXQJHQ]XU+DQGXPVLFK GLH:DUWH]HLWELV]XP(QGHGHU9RUVWHOOXQJ]XYHUNU]HQ $XFKGDVPLWGHQ&RQROO\VEHIUHXQGHWH(KHSDDUHUKREVLFK ª:LUVHKHQXQVGDQQMDLQGHU3DXVH©

%LOOVDKGHQEHLGHQQDFK :LHHLQEHJRVVHQHU3XGHOKRFNWHHULQGHP6HVVHO'LHIULVFK DQJH]QGHWH=LJDUHWWHYHUTXDOPWHLP$VFKHQEHFKHU'LH%H VXFKHUGLHVLFKMHW]WQRFKLP)R\HUDXIKLHOWHQZDUHQDQ]ZHL +lQGHQDE]X]lKOHQ(LQSDDU1DFK]JOHUWUDIHQQRFKHLQXQG KDVWHWHQ]XU*DUGHUREH6FKRQZlKUHQGGHV/DXIHQV]RJHQVLH LKUH0lQWHODXV 3O|W]OLFKYHUO|VFKWHHLQ7HLOGHU%HOHXFKWXQJ'LH/DPSHQDQ GHU:DQGILHOHQDXV%LOOEHPHUNWHHVQDKPDEHUGDYRQNHLQH EHVRQGHUH1RWL] $XFKGHQ*DUGHURELHUHQZDUHVVR]LHPOLFKHJDO 1RFKGUHL0LQXWHQELV]XP%HJLQQGHU9RUVWHOOXQJ ª9HUGDPPW©]LVFKWH%LOO&RQROO\-HW]WKLHOWHUHVQLFKWPHKU OlQJHUDXV2E'DPHQWRLOHWWHRGHUQLFKWHUZROOWHVHKHQZR VHLQH)UDXEOLHE (QHUJLVFKVFKULWW%LOOORV ,KQNPPHUWHQDXFKQLFKWGLHEHUUDVFKWHQ%OLFNHGHU *DUGHURELHUHQDOVHUGLH7UDQVWHXHUWHGXUFKGLH6KHLODYHU VFKZXQGHQZDU 9RUGHU7U]|JHUWHGHU5HSRUWHUHLQHQ0RPHQWNORSIWHGDQQ DQXQGGDVLFKQLFKWVWDW|IIQHWHHU 'XQNHOKHLW $XIGHU7RLOHWWHZDUHVVWRFNILQVWHU $XJHQEOLFNOLFKUDVVHOWHQLQ%LOOV+LUQGLH$ODUPJORFNHQ'HU $XVIDOOGHU/DPSHQGLH'XQNHOKHLWDXIGHU7RLOHWWH6KHLODV )HUQEOHLEHQDOOGDVZDUHQ'LQJHGLHLKQLQ$ODUP]XVWDQG YHUVHW]WHQ %LOOVWU]WHLQGHQ9RUUDXP /HHU 'XUFKGLHRIIHQH7UILHOJHQJHQG/LFKWXPVLFKRULHQWLHUHQ ]XN|QQHQ ª6KHLOD"©%LOOV6WLPPHKDOOWHQDFKDEHUHUHUKLHOWNHLQH $QWZRUW,P7UUHFKWHFNWDXFKWHHLQHlOWHUH)UDXDXI6LHWUXJ HLQHQZHLHQ.LWWHO ª6XFKHQ6LHHWZDV0LVWHU"©

$XIGHP$EVDW]PDFKWH%LOONHKUWª-DPHLQH)UDX6LHLVWYRU HWZDVPHKUDOVHLQHU9LHUWHOVWXQGHKLHU]XU7RLOHWWHJHJDQJHQ XQGELVKHUQRFKQLFKWDXIJHWDXFKW6LQG6LHIUGLHVHQ5DXPYHU DQWZRUWOLFK"© ª-DDEHULFKZDUQLFKWGD© %LOOQDJWHDXIGHU/LSSH+LQWHUGHU7RLOHWWHQIUDXVDKHUGLH *HVLFKWHUGHU*DUGHURELHUHQ 'DQQVFKREHLQJUDXKDDULJHU0DQQGLH)UDXHQ]XU6HLWH'HU .QDEHWUXJHLQHQGXQNOHQ$Q]XJXQGKXPSHOWH ª:DVLVWKLHUORV"©IUDJWHHUª,FKELQGHU+DXVPHLVWHU©VWHOOWH HUVLFKYRU %LOOHUNOlUWHHVLKP(UGHXWHWHDXIGLHHLQ]HOQHQ7RLOHWWHQWUHQ ª.DQQLFKVLH|IIQHQ"© ª%LWWH© %LOOSURELHUWHGLH7UHQGHU5HLKHQDFKGXUFK'LH]ZHLWOHW]WH IDQGHUYHUVFKORVVHQ'LHDQGHUHQ.DELQHQZDUHQOHHU (UZDQGWHVLFKDQGHQ+DXVPHLVWHUª+DEHQ6LHHLQHQ6FKOVVHO GDIU"© ª-DDEHUQLFKWKLHU© ª6KLW©%LOOVDKVLFKUDVFKXPXQGQDKPGDV+HIWVHOEVWLQGLH +DQG(UVWLHJDXIGLH.OLQNHVWLHVLFKPLWGHPDQGHUHQ)XDE XQGKLHOWVLFKPLWEHLGHQ+lQGHQDPREHUHQ5DQGGHU7UIHVW GHU]ZHL=ROOXQWHUGHU'HFNHHQWODQJOLHI %LOOOXJWHLQGLH.DELQH 6LHZDUOHHU $EHUGDV)HQVWHUVWDQGRIIHQ.KOH/XIWZHKWHYRQGUDXHQ KHUHLQXQGOLHHLQHQKHOOEODXHQ6WRIIHW]HQGHULP5LHJHO NOHPPWHIODWWHUQ 6KHLODWUXJHLQKHOOEODXHV.OHLG 'DVRIIHQH)HQVWHUGHU)HW]HQ%LOO&RQROO\ZXWH%HVFKHLG (UVSUDQJDXIGHQ%RGHQVHLQ*HVLFKWZDUVWHLQHUQ 'HU+DXVPHLVWHU|IIQHWHGHQ0XQGXPHLQH)UDJH]XVWHOOHQ XQWHUOLHHVDEHUDOVHULQ%LOO&RQROO\V*HVLFKWVDK ª6LHLVWQLFKWGD©VDJWH%LOOXQGEHPKWHVLFKVHLQHU6WLPPH HLQHQIHVWHQ.ODQJ]XJHEHQ

ª6ROOHQN|QQHQZLULUJHQGHWZDVIU6LHWXQ"©IUDJWHGHU +DXVPHLVWHU ª1HLQGDQNH© %LOO&RQROO\YHUOLHGLH7RLOHWWH6FKZHLJHQGPDFKWHQLKPGLH )UDXHQ3ODW] $XWRPDWLVFKKROWH%LOOHLQH=LJDUHWWHDXVGHU6FKDFKWHO(U VWHFNWHGDV6WlEFKHQ]ZLVFKHQGLH/LSSHQ]QGHWHHVDEHUQLFKW DQ,QVHLQHP.RSIZLUEHOWHQGLH*HGDQNHQ 6KHLODZDUHQWIKUWZRUGHQ'DUDQJDEHVNHLQHQ=ZHLIHO$EHU ZHUKDWWHGDVJHWDQ"8QGYRUDOOHQ'LQJHQZDUXP"%LOOOLHGLH OHW]WHQ7DJHYRUVHLQHPJHLVWLJHQ$XJH5HYXHSDVVLHUHQ(VZDU QLFKWV%HVRQGHUHVJHVFKHKHQ'LH0lFKWHGHU)LQVWHUQLVKDWWHQ LKQRGHU6KHLODQLFKWDWWDFNLHUW$XFKPLW-RKQ6LQFODLUKDWWHHU NHLQHQJHPHLQVDPHQ)DOOJHO|VW'HUOHW]WHODJVFKRQHWZDVOlQ JHU]XUFN:DUXPDOVRKDWWHPDQ6KHLODJHNLGQDSSW" 9LHOOHLFKWZHJHQHLQHUDOWHQ6DFKH"2GHUZDUHQHV*DQJVWHU JHZHVHQGLHHVDXIGDV/|VHJHOGDEJHVHKHQKDWWHQ" %LOOYHUQDKP]ZDUGLH0XVLNDXVGHP7KHDWHUUDXPDEHUHU K|UWHVLHQLFKWEHZXW(UKDWWHDQGHUH6RUJHQ 6RUDVFKHVJLQJYHUOLHHUGDV7KHDWHUDWPHWHGUDXHQGLH NDOWH1DFKWOXIWHLQEHREDFKWHWHGHQEURGHOQGHQ9HUNHKUXQG UDQQWHGDQQPLWODQJHQ6lW]HQXPGHQ7KHDWHUEDXKHUXP(U KDWWHVLFKXQJHIlKUGLH6WHOOHJHPHUNWDQGHUGLH7RLOHWWHQIHQVWHU ODJHQXQGHUUHLFKWHGHQ+LQWHUKRIGHUGXQNHOXQGYHUODVVHQYRU LKPODJ %LOOVXFKWHQDFK6SXUHQHUIDQGDEHUNHLQH6HLQH)UDX6KHLOD ZDUXQGEOLHEYHUVFKZXQGHQ 9HU]ZHLIHOWUDXIWHVLFKGHU5HSRUWHUGLH+DDUH)UHLQHQ 0RPHQWVSLHOWHHUPLWGHP*HGDQNHQGLH3ROL]HLHLQ]XVFKDOWHQ GDQQDEHUEHVFKORHUDE]XZDUWHQELVVLFKGLH(QWIKUHU PHOGHWHQ %LOOJLQJZLHGHU]XUFN(USDVVLHUWHHLQH7HOHIRQ]HOOHXQG KDWWHSO|W]OLFKHLQH,GHH %LOO|IIQHWHGLH7UZDUIHLQH0Q]HHLQXQGULHIEHLVLFK]X +DXVHDQ

$FKWPDOOlXWHWHHVGXUFKDEHUQLHPDQGKREDE %LOO&RQROO\VW|KQWHDXI6FKZHUKlQJWHHUGHQ+|UHUHLQ $OVHUGLH=HOOHYHUOLHZLUNWHHUZLHHLQJHEURFKHQHU 0DQQ 3ROO\GDV.LQGHUPlGFKHQK|UWHIULKU/HEHQJHUQ5RFNPXVLN 8QGEHVRQGHUVVFKZlUPWHVLHIU)UDQN=DSSD 1XQGHU.QDEHLVWQLFKWMHGHUPDQQV*HVFKPDFNDEHU3ROO\ PRFKWHVHLQH+LWV'DVLHLP+DXVH&RQROO\NHLQH=DSSD3ODWWHQ IDQGKDWWHVLHVLFKHLJHQH/3VPLWJHEUDFKW.DXPZDUHQ%LOOXQG 6KHLODYHUVFKZXQGHQYHUOLH3ROO\GDV+DXVOLHI]XLKUHP :DJHQXQGVFKORGLH%HLIDKUHUWUDXI'LH6FKDOOSODWWHQZDUHQ ZlKUHQGGHU)DKUWYRP6LW]JHUXWVFKWXQGODJHQDXIGHP%RGHQ 3ROO\PXWHVLHDOOHDXIKHEHQ'DQQWDXFKWHVLHZLHGHUYRQGHU (UGHDXIXQGWUDWPLWGHP)XGLH7ULQV6FKOR 5DVFKOLHI3ROO\]XUFN]XP+DXV $XIKDOEHP:HJVWRSSWHVLHDEUXSW$XVGHQ$XJHQZLQNHOQ KDWWHVLHOLQNHUKDQGHLQH%HZHJXQJJHVHKHQ3ROO\VWDQGPLWWHQ DXIGHP:HJXQGGUHKWHYRUVLFKWLJGHQ.RSI :RVLHKLQVFKDXWHZXFKVHQ=LHUEVFKHGLFKWDQGLFKW6LH ELOGHWHQHLQHNOHLQHQDWUOLFKH:DQGGLHHLQHQ%RJHQ EHVFKULHEXQGDXIHLQHQNQVWOLFKDQJHOHJWHQ7HLFK]XOLHI 8QGGRUWJDQ]LQGHU1lKHGHV7HLFKHVKDWWH3ROO\GLH %HZHJXQJJHVHKHQ 3ROO\VWDUUWHLQGLH5LFKWXQJGRFKVLHNRQQWHEHLPEHVWHQ :LOOHQQLFKWVHUNHQQHQ'LFKWXQGVFKZDU]ZLH7LQWHODJGRUWGLH 'XQNHOKHLW'LHQlFKVWH*DUWHQODWHUQHVWDQG]XZHLWHQWIHUQWDOV GDLKU6FKHLQGLH%XVFKJUXSSHHUUHLFKWKlWWH 3ROO\QDJWHDXIGHU8QWHUOLSSH6LHZDUHLQHQHUJLVFKHV 0lGFKHQXQGKlWWHQRUPDOHUZHLVHQDFKJHVFKDXWDEHULQGLHVHP )DOOGDFKWHVLHDQGHQNOHLQHQ-RKQGHQVLHDOOHLQLP+DXV ]XUFNODVVHQPXWH 8QGGDV%DE\KDWWH9RUUDQJ 3ROO\JLQJZLHGHU]XUFNLQGHQ%XQJDORZGUFNWHGLH7U]X

XQGYHUJHZLVVHUWHVLFKQRFKHLQPDOGDVLHIHVWYHUVFKORVVHQ ZDU0LWGHQ3ODWWHQJLQJVLHLQGHQ/LYLQJURRP 'RUWVWDQG%LOOV+L)L$QODJH6LHZDUHLQH:XFKWXQGPDQFKHU 7RQPHLVWHUKlWWHDQLKUVHLQH)UHXGHJHKDEW3ROO\IUHXWHVLFKDXI GLH0XVLN(QGOLFKNRQQWHVLH)UDQN=DSSDRSWLPDOYRQGHU 6FKDOOSODWWHK|UHQ6LHKDWWH]ZDUVFKRQHLQLJH.RQ]HUWHYRQLKP EHVXFKWDEHUDXILKUHUPLHVHQ6WHUHRDQODJHEUDFKWHQGLH 6FKHLEHQQLFKWV 3ROO\NDQQWHVLFKPLW+L)L$QODJHQDXV6LHOLHVLFKQLFKWYRQ GHQ]DKOUHLFKHQ6NDOHQXQG+HEHOQLUULWLHUHQVRQGHUQOHJWHGLH 3ODWWHDXIXQGJDE6DIWZLHVLHLPPHUVRVFK|QVDJWH 'DQQGU|KQWHGHU=DSSD6RXQGLP=LPPHU +DVWLJGUHKWH3ROO\OHLVHU)HKOWHQRFKGDGHU.OHLQHDXI ZDFKWHGDQQNRQQWHVLHVLFKLKUHQ=DSSDLQGHQ6FKRUQVWHLQ VFKUHLEHQ-RKQQ\ZDUGDYRQEHVWLPPWQLFKWEHJHLVWHUW 'LH$QODJHZDUVRJXWGDVLHDXFKQRFKEHLJHULQJHU /DXWVWlUNHRSWLPDOH/HLVWXQJEUDFKWH3ROO\OLHVLFKLQHLQHQ PRGHUQHQ/HGHUVHVVHOIDOOHQOHJWHGLH%HLQHKRFKVFKORGLH $XJHQXQGHUJDEVLFKJDQ]GHU0XVLN ,UJHQGZLHEHQHLGHWHVLHGLH/HXWHGLHVLFKDOOHVOHLVWHQ NRQQWHQZlKUHQGVLHVLFKDOV6WXGHQWLQPHKUVFKOHFKWDOV UHFKWGXUFKV/HEHQVFKOXJ'RFKGLHDQGHUHQKDWWHQVLFKHUOLFK DXFK6RUJHQXQG3ROO\KRIIWHVLFKLQHLQ]ZHL-DKUHQHWZDV PHKUOHLVWHQ]XN|QQHQ -HW]WDEHU]lKOWHQXUQRFK)UDQN=DSSD$POLHEVWHQKlWWHVLH VLFKGLH.RSIK|UHUEHUJHVWUHLIWGRFKGDQQK|UWHVLHQLFKWZHQQ VLFKGDV.LQGPHOGHWH $EHUDXFKVRZDU3ROO\KLJK6LHYHUJDLKUH8PJHEXQJXQG VDKGHVKDOEQLFKWGLHEHLGHQ*HVWDOWHQGLHGXUFKGHQ9RUJDUWHQ GHU&RQROO\VVFKOLFKHQ 9RUKLQDOV3ROO\GUDXHQJHZHVHQZDUKDWWHVLHVLFKLQGHU7DW QLFKWJHWlXVFKW+LQWHUGHP%XVFKEHIDQGVLFKMHPDQG(UELOGHWH GLH9RUKXW$OV3ROO\LP+DXVYHUVFKZXQGHQZDUZLQNWHHU VHLQHQ.XPSDQKHUEHLXPPLWLKPJHPHLQVDPLQGDV+DXV HLQ]XGULQJHQ6LHKDWWHQHLQHQEHVWLPPWHQ$XIWUDJ]XHUOHGLJHQ

8QGVLHZDUHQ9DPSLUH 6LHJHK|UWHQQLFKW]XP&HSUDF&ODQVRQGHUQ]XU0RUWLPHU )DPLOLHGHUJU|WHQ9DPSLUIDPLOLHDXIGHU,QVHO.DOXUDFKDWWH VLFKLKUHU7UHXHYHUVLFKHUW (VZDUHQKDJHUH*HVWDOWHQPLWJUDXHQVWUlKQLJHQ+DDUHQHLQ JHIDOOHQHQ:DQJHQULVVLJHU+DXWXQG/HLFKHQIOHFNHQLP*HVLFKW 0DQVDKLKQHQDQGDVLHVLFKPHLVWLQILQVWHUHQ*UIWHQDXI KLHOWHQZR6SLQQHQXQGDQGHUH.ULHFKWLHUHLKUH%HJOHLWHUZDUHQ 8QGVLHZDUHQQRFKUHLQH1DFKWJHVFK|SIH6RQQHQOLFKWZDUIU VLHW|GOLFK $XVGHP'XQNHOGHU%VFKHWDXFKWHQVLHDXIXQGQlKHUWHQVLFK GHP/LYLQJURRP 6LHZROOWHQEHUGLH7HUUDVVHLQV+DXVHLQGULQJHQXPLKUHQ $XIWUDJGXUFK]XIKUHQ 'LHEHLGHQNRQQWHQLQGHQKHOOHQ/LYLQJURRPKLQHLQVFKDXHQ ZlKUHQGVLHVHOEVWLP'XQNHOQVWDQGHQXQGDXVGHP,QQHUQGHV +DXVHVQLFKWJHVHKHQZXUGHQ (WZDHLQHKDOEH0LQXWHEHREDFKWHWHQVLHGDV0lGFKHQZLHHV LP6HVVHOODJXQGGHU0XVLNODXVFKWH %DOGZUGHGLH.OHLQHQLFKWHLQPDOPHKULKUHQHLJHQHQ +HU]VFKODJK|UHQ 'LH9DPSLUHUHFKQHWHQGDPLWDXIHLQH$ODUPDQODJH]XVWRHQ (VNRQQWHDEHUDXFKVHLQGDVLHQLFKWHLQJHVFKDOWHWZDUGDVLFK MHPDQGLP+DXVEHIDQG 'LH&KDQFHQVWDQGHQIQI]LJ]XIQI]LJ 6LHVFKOLFKHQ]XU7HUUDVVHQWU /DXWORVZLH]ZHL6FKDWWHQ 1LHPDQGVDKVLHQLHPDQGKLHOWVLHDXI 'DQQVWDQGHQVLHYRUGHU7UVFKDXWHQVLFKDQOlFKHOWHQWHXI OLVFKXQGLPQlFKVWHQ0RPHQWKREGHUHUVWH9DPSLUGLH)DXVW 0LWXQJHKHXUHU.UDIWXQGHLQHPKDPPHUDUWLJHQ6FKODJIHW]WH HUGLH6FKHLEHDXVGHP5DKPHQ(VJDEHLQHQODXWHQ.QDOODOV GDV7KHUPRSDQHJODV]X%UXFKJLQJXQGGDQQVDKHQGLHEHLGHQ 8QWRWHQIU6HNXQGHQQXUQRFKHLQHQJHZDOWLJHQ6SOLWWHUUHJHQ GHULQGHQ/LYLQJURRPKLQHLQIHJWH

3ROO\ZXUGHY|OOLJEHUUDVFKW6LHKDWWHGHU0XVLNJHODXVFKW XQGDQQLFKWV%|VHVJHGDFKW 'HU6FKUHFNHQWUDIVLHXPVRVFKOLPPHU 0LWHLQHPJHOOHQGHQ6FKUHLIXKUVLHDXVGHP6HVVHOKRFK'D VWDQGHQGLHEHLGHQ7RGHVERWHQOlQJVWLP5DXP0RUELGH*H VWDOWHQGLHYRQGHU.UDIWGHU+|OOHJHOHLWHWZXUGHQ 3ROO\JODXEWHHLQHQ$OSWUDXP]XHUOHEHQ6LHKDWWHlKQOLFKH *HVFK|SIHVFKRQJHVHKHQDEHUQLFKWLQ:LUNOLFKNHLWVRQGHUQDXI GHU/HLQZDQG $XFKMHW]WNDPLKUDOOHVZLHHLQ)LOPYRUREZRKOVLFKEHLLKU ODQJVDPGLH(UNHQQWQLVKHUDXVNULVWDOOLVLHUWHGDVLHKLHUNHLQHQ )LOPHUOHEWHVRQGHUQGHUQDFNWHQEUXWDOHQ5HDOLWlWJHJHQ EHUVWDQG 8QGGDVPDFKWHGLH6DFKHVRVFKOLPP 'LHEHLGHQ9DPSLUHVFKWWHOWHQVLFKGLH6FKHUEHQYRQGHU .OHLGXQJ1RUPDOHUZHLVHKlWWHQLKUH.|USHU:XQGHQ]HLJHQ PVVHQYRUDOOHQ'LQJHQGLH)DXVWPLWGHU9DPSLU1XPPHU HLQVGLH6FKHLEHGXUFKVFKODJHQKDWWH $EHUGHPZDUQLFKWVR 'LH9DPSLUH]HLJWHQQLFKWGLHJHULQJVWHQ9HUOHW]XQJHQ6LH ZDUHQLQGHU7DW*HVFK|SIHGHU+|OOH 'LH%OLFNHGHV0lGFKHQVLUUWHQKLQXQGKHU2EZRKOVLHHVJDU QLFKWEHZXWVWHXHUWHVXFKWHVLHQDFKHLQHP)OXFKWZHJ6LH GDFKWHDEHUDXFKDQGDV%DE\DQGHQNOHLQHQ-RKQGHUKLOIORVLQ VHLQHP%HWWFKHQODJXQGVFKOLHI 3ROO\VW|KQWHDXI 0LWK|O]HUQZLUNHQGHQ%HZHJXQJHQVHW]WHQVLFKGLH8QWRWHQ LQ%HZHJXQJ6LHVFKULWWHQDXI3ROO\]XWHLOWHQVLFKDEHUGDQQVR GD3ROO\HVQXUQRFKPLWHLQHP*HJQHU]XWXQKDWWH 'HUDQGHUHJLQJLQ5LFKWXQJ7U(UZROOWHGHQ/LYLQJURRP YHUODVVHQ 3ROO\VFKULHDXIª:RZLOOVWGXKLQ"©6LHGDFKWHDQGHQNOHLQHQ ZHKUORVHQ-RKQQ\ 'HU9DPSLUEOLHEDXIGHU6FKZHOOHVWHKHQXQGVFKDXWHVLFK XP'DQQ]LVFKWHHUVHLQHP%HJOHLWHUHWZDV]XXQGGLHVHU

QLFNWH]ZHLPDOXPVLFKDQVFKOLHHQGGHP.LQGHUPlGFKHQ ]X]XZHQGHQ 3ROO\NRQQWHVHOEVWQLFKWEHJUHLIHQGDVLHGLHVHQ6FKUHFNHQ EHUZXQGHQKDWWHXQGVRJDUEHUHLWZDU*HJHQPDQDKPHQ ]XHUJUHLIHQ6LHKDWWHLKU+HU]DQGHQNOHLQHQ-RKQYHUORUHQ XQGZHQQLKPHWZDVSDVVLHUWHXQGVLHQRFK6FKXOGGDUDQ ZDUGDQQ ª%OHLEHQ6LHVWHKHQ©VFKULHVLHPLWEHUNLSSHQGHU6WLPPH ª6LHVROOHQ© 'DJULIIGHU]ZHLWH9DPSLUHLQ0LWHLQHP7ULWWIHJWHHUGHQYRU GHP6HVVHOVWHKHQGHQ+RFNHU]XU6HLWHVRGDHUIUHLH%DKQ KDWWH6HLQH$UPHVFKQHOOWHQYRUZROOWHQ3ROO\SDFNHQ'RFK GHP.LQGHUPlGFKHQJHODQJHVPLWHLQHUKDVWLJHQ'UHKXQJ XQWHUGHQ]XSDFNHQGHQ+lQGHQZHJ]XWDXFKHQ]XU6HLWH]X VSULQJHQXQGPLWHLQHP6DW]KLQWHUGHQ6HVVHO]XJHODQJHQ %OLW]VFKQHOOSDFNWH3ROO\GLH/HKQHXQGNLSSWHGHQ6HVVHOQDFK YRUQ 'HU9DPSLUZDUQLFKWVRZHQGLJ'LH/HKQHWUDILKQLQ %DXFKK|KHXQGGDV*HZLFKWGHV0|EHOVWFNVGUFNWHGHQ 8QWRWHQQDFKKLQWHQ 3ROO\KDWWHIUHLH%DKQ 0LWODQJHQ6FKULWWHQKHW]WHVLHGXUFKGHQJURHQ/LYLQJURRP VWUPWHGXUFKGLH7U$QVWDWW]XIOLHKHQXQGVLFKVHOEVWLQ 6LFKHUKHLW]XEULQJHQMDJWHVLHGLH7UHSSHQDFKREHQZRGLH 6FKODI]LPPHUODJHQ 'HU%XQJDORZZDUHLQVW|FNLJJHEDXW]XVlW]OLFKQRFKLQ 8)RUPXQGHWZDVYHUZLQNHOW'LH&RQROO\VEHVDHQYLHO3ODW] XQWHUDQGHUHPDXFKPHKUHUH*lVWH]LPPHU 'LH+RO]WUHSSHPLWGHQEUHLWHQ6WXIHQGU|KQWHXQWHU3ROO\V 6FKULWWHQDOVVLHQDFKREHQKHW]WH 'LH$QJVWWULHEVLHYRUDQ'LH$QJVWXPVLFKXQGGHQKLOIORVHQ -RKQ 8QGGDK|UWHVLHGDV.LQGVFKUHLHQ (VZDUHLQYHU]ZHLIHOWHV:LPPHUQGDVLKUGXUFK0DUNXQG %HLQVFKQLWW7UlQHQVFKRVVHQLQ3ROO\V$XJHQ

ª/LHEHU*RWWKLOIPLU©IOVWHUWHVLHª/DHVQLFKWJHVFKHKHQ© ,KUILHOHQLP0RPHQWNHLQHDQGHUHQ:RUWHHLQXQGJHEHWHWKDWWH VLHDXFKVFKRQODQJHQLFKWPHKUDEHUMHW]WLQGHU6WXQGHGHU1RW ELWWHWHVLHXPGHQ%HLVWDQGLKUHV6FK|SIHUV 'HU*DQJODJYRULKU 'LH]ZHLWH7UVWDQGRIIHQ 8QGGRUWVFKOLHI-RKQ&RQROO\ 8QJHDFKWHWLKUHU$QJVWVWU]WH3ROO\LQGDV=LPPHUXQGVDK HLQJUDXVDPHV%LOG 'HU8QWRWHKDWWHVLFKEHUGDV.LQGHUEHWWJHEHXJW(UGUHKWH 3ROO\VHLQ*HVLFKW]XZlKUHQGVHLQH$UPHVRHEHQDXVGHP%HWW DXIWDXFKWHQXQGHLQVFKUHLHQGHV]DSSHOQGHV%QGHOLQGHQ +lQGHQKLHOWHQ -RKQQ\&RQROO\ 3ROO\JODXEWHLKU+HU]PVVHVWHKHQEOHLEHQ'HU8QWRWHKDWWH HVWDWVlFKOLFKJHZDJWXQGVLFKDQGHP.LQG ª1HLQ©NHXFKWHVLHª1HLQXQGQHLQ©6LHVFKWWHOWHZLOG GHQ.RSIXQGEUOOWHGLHOHW]WHQ:RUWHKLQDXV8QJHDFKWHWGHU *HIDKUZROOWHVLHVLFKDXIGHQ%OXWVDXJHUVWU]HQGRFKGD XPNODPPHUWHHLQ]DQJHQKDUWHU*ULIILKUHUHFKWH6FKXOWHUXQGUL VLHKHUXP 3ROO\IORJPLWGHP5FNHQJHJHQGHQ7UKROP:HLWULVLHGLH $XJHQDXIXQGVDKGHQ9DPSLUDXVGHP/LYLQJURRPGLFKWYRU VLFK(UKDWWHGLH=lKQHJHEOHFNWGHXWOLFKZDUHQGLHEHLGHQVSLW ]HQ+DXHU]XHUNHQQHQGLHGDV0DUNHQ]HLFKHQGHU%OXWVDXJHU ZDUHQ 'HU8QWRWHZDULKUJHIROJWXQG3ROO\KDWWHHVQLFKWEHPHUNW 8QGMHW]WJULIIHUVLHDQ(UZROOWH%OXWLKU%OXW 3ROO\ZDUIVLFKQDFKOLQNVLQGHQ*DQJKLQHLQ6LHNDP]X)DOO XQGILHODXIGHQ5FNHQ hEHUJURVDKVLHGHQ%OXWVDXJHUYRUVLFKVWHKHQ,PVHOEHQ 0RPHQWYHUOLHGHU]ZHLWH9DPSLUGDV=LPPHU$XIVHLQHQ $UPHQWUXJHUGHQNOHLQHQ-RKQGHULPPHUQRFK]XP6WHLQ HUZHLFKHQVFKULHXQGMDPPHUWH0LWVHLQHU%HXWHMDJWHGHU 8QWRWHDXIGLH7UHSSH]XXQGKHW]WHGLH6WXIHQKLQXQWHU

-RKQ&RQROO\ZDUQLFKWPHKU]XUHWWHQ 'RFK3ROO\VROOWHDXFKQLFKWXQJHVFKRUHQGDYRQNRPPHQ :LOGZDUIVLFKGHU]ZHLWH9DPSLUDXIVLH,QHLQHULQVWLQNWLYHQ %HZHJXQJ]RJ3ROO\EHLGH%HLQHDQXQGOLHVLHLPULFKWLJHQ 0RPHQWYRUVFKQHOOHQ6LHKDWWHYRU-DKUHQHLQHQ-XGRNXUVXV EHOHJWXQGGDZDUHQGLHVHhEXQJHQELV]XP(UEUHFKHQWUDLQLHUW ZRUGHQ 'HU9DPSLUEHNDPGLH6FKXKHJHQDXJHJHQGLH%UXVW(U ZXUGH]XUFNJHVFKOHXGHUWILHO]X%RGHQXQGEHUVFKOXJVLFK 3ROO\VSUDQJDXI0LWHLQHP5LHVHQVDW]ZDUVLHEHUGHQ 9DPSLUKLQZHJXQGUDQQWHDXIGLH7UHSSH]X 'HU8QWRWHZlO]WHVLFK]XU6HLWHXQGULDQGHP7HSSLFKGHU DXIGHP3DUNHWWERGHQODJ 3ROO\ZXUGHQGLH%HLQHXQWHUGHP.|USHUZHJJH]RJHQ6LH NQLFNWHQDFKUHFKWVLKUH$UPHZLUEHOWHQYHUVXFKWHQLUJHQGZR +DOW]XILQGHQ6LHILHOJHJHQGLH:DQGXQGNRQQWHVLFKLP OHW]WHQ0RPHQWDEVWW]HQ 'HU9DPSLUNDPZLHGHUDXIGLH%HLQHXQGMDJWH3ROO\HQW JHJHQ'DVHW]WHGDV.LQGHUPlGFKHQDOOHVDXIHLQH.DUWH 3ROO\VSUDQJ 9RQGHUREHUVWHQ7UHSSHQVWXIHIORJVLHEHUGLHUHVWOLFKHQ 6WXIHQKLQZHJODQGHWHKDUWLQGHU'LHOH6LHZXUGHYRQGHP HLJHQHQ6FKZXQJQDFKYRUQJHULVVHQXQGILHO-HW]WNDPHQLKU ZLHGHUGLH-XGRNHQQWQLVVH]XJXWH3ROO\]RJGHQ.RSILQGHQ 1DFNHQXQGUROOWHVLFKEHUGLHUHFKWH6FKXOWHUDE )DVWVFKXOPlLJ 8QGVFKRQVWDQGVLHZLHGHU $EHUGHU%OXWVDXJHUJDEQLFKWDXI(VZlUHZLGHUVHLQH1DWXU JHZHVHQHLQ2SIHUGDVVLFKPLWLKPLPVHOEHQ+DXVEHIDQG ODXIHQ]XODVVHQ(UPXWHHVKDEHQXQG]XHLQHPGHULKUHQ PDFKHQ 7URW]GHU3DQLNGLH3ROO\VFKWWHOWHNRQQWHVLHQRFKHLQHQ NODUHQ*HGDQNHQIDVVHQ8QGVLHZXWHZLHPDQ9DPSLUH W|WHWH 'XUFKJHZHLKWHV6LOEHURGHUGXUFKHLQHQ(LFKHQSIORFN$XFK

YRUHLQHP.UHX]KDWWHQGLH%OXWVDXJHU$QJVW 8QGGHUOHW]WH%HJULIIEUDQQWHVLFKLQ3ROO\V+LUQIHVW 6LHZXWHZRHLQ.UHX]KLQJ ,Q%LOO&RQROO\V$UEHLWV]LPPHU6LHZDUPHKUHUH0DOHGRUW JHZHVHQXQGKDWWHHVDQGHU:DQGKlQJHQVHKHQ6LHZXWHGD 0U&RQROO\HVHLQPDOYRQHLQHUVHLQHUODQJHQ5HLVHQPLWJH EUDFKWKDWWH'DV.UHX]ZDUHLQH5DULWlW(VVWDPPWHDXV,WDOLHQ KDWWHGRUW+XQGHUWHYRQ-DKUHQLQHLQHP.ORVWHUJHKDQJHQ EHYRUHVYRQHLQHP$QWLTXLWlWHQKlQGOHUHUZRUEHQZXUGH %LOO&RQROO\KDWWHGDV.UHX]JHNDXIW,KPJHILHOGDPDOVGLH 8UZFKVLJNHLWGHV+RO]HVDQGHPNDXPHWZDVYHUlQGHUW ZRUGHQZDU %HYRUGHU9DPSLUGLH7UHSSHEHUZXQGHQKDWWHZDU3ROO\ ZLHGHUDXIGHQ%HLQHQXQGKHW]WHDXIGDV$UEHLWV]LPPHU]X6LH ULGLH7UDXIVRZXFKWLJGDVLHJHJHQGLH:DQGNQDOOWHXQG ZLHGHU]XUFNVSUDQJ 'DV.UHX]KLQJEHUHLQHUDOWHQ7UXKH(VKDWWHGLH*U|HHLQHV 0lQQHUDUPV'DV+RO]ZDUNORELJ]HLJWH5XQGXQJHQXQGKHU YRUVSULQJHQGHbVWHGRFKHVZDULQVHLQHU6FKOLFKWKHLWHLQPDOLJ 0LWHLQHP6SUXQJKDWWH3ROO\GDV.UHX]HUUHLFKWXQGQDKPHV YRQGHU:DQG6LHZLUEHOWHKHUXP 'DVWU]WHGHU9DPSLULQGHQ5DXP ª%OHLEZRGXELVW%OXWVDXJHU©VFKULHGDV.LQGHUPlGFKHQ ª,P1DPHQ-HVX&KULVWL© 'HU8QWRWHVWRSSWHDEUXSWVHLQHQ/DXI(U]XFNWH]XVDPPHQ DOVKlWWHHUHLQHQ6WURPVWRHUKDOWHQGXFNWHVLFKXQGEHJDQQ]X ZLPPHUQ'HU$QEOLFNGHV.UHX]HVPXWHLKPJHZDOWLJH 6FKPHU]HQEHUHLWHQ:LHZUGHHVDEHUVHLQZHQQHUPLWGHP JHZHLKWHQ*HJHQVWDQGLQN|USHUOLFKHQ.RQWDNWJHULHW" 3ROO\KDWWHSO|W]OLFKNHLQH$QJVWPHKU0XWLJXQGHQWVFKORVVHQ VFKULWWVLHDXIGHQ9DPSLU]X,QLKUHQ$XJHQORGHUWHHLQXQ EHGLQJWHV9HUWUDXHQ]XGHP*HJHQVWDQGGHQVLHLQGHU+DQG KLHOW6LHIKOWHZLHHLQHQHXH.UDIWVLHGXUFKVWU|PWHXQG]XFNWH QLFKWHLQPDO]XVDPPHQDOVGDV7HOHIRQDQVFKOXJ 6LHOLHHVOlXWHQ

$FKWPDO 8QEHLUUWJLQJ3ROO\ZHLWHU'HU9DPSLUGXFNWHVLFKXQGZLQ VHOWH0DQVDKLKPDQGDHUVLFKDPOLHEVWHQLQHLQH+|KOH YHUNURFKHQKlWWH8PGHQ$QEOLFNQLFKWOlQJHUHUWUDJHQ]X PVVHQKREHUGHQUHFKWHQ$UPZLQNHOWHLKQDQXQGVFKW]WH VHLQH$XJHQ ª6HLYHUIOXFKWGX+|OOHQZHVHQ©VFKULH3ROO\ª6HLYHUIOXFKWIU DOOH=HLWHQ© 'HU9DPSLUKHXOWHDXI(UVFKULHXQGMDPPHUWHLQHLQHP'DQQ DEHUPDFKWHHUDXIGHP$EVDW]NHKUWZDUIVLFKPLWHLQHP 6SUXQJGXUFKGLH7UXQGYHUVFKZDQGLP*DQJ 6RVFKQHOOLKQVHLQH)HWUDJHQNRQQWHQMDJWHHUGDYRQ 3ROO\UDQQWHKLQWHUKHU 6LHNDPQLFKWZHLW8USO|W]OLFKXQGGLFKWYRUGHU(LQJDQJV WUEUDFKVLH]XVDPPHQ'LH.UDIWKDWWHVLHHLQIDFKYHUODVVHQ 'DV(UOHEWHZDU]XYLHOIU3ROO\JHZHVHQ 6LHILHODXIGLH6HLWHEHJDQQ]XZHLQHQDEHUVLHKLHOWGDV.UHX] QDFKZLHYRUIHVWXPNODPPHUW :LHHLQHQ5HWWXQJVDQNHU %LOO&RQROO\IHJWHPLWVHLQHP3RUVFKHGXUFK/RQGRQ'HU 5HSRUWHUNPPHUWHVLFKQLFKWXP9HUNHKUVUHJHOQHUUDVWHGXUFK GLHQlFKWOLFKHQ6WUDHQXQGKRIIWHGDHUQLFKWHLQHU9HUNHKUV NRQWUROOHLQGLH)LQJHUILHO 'HU5HSRUWHUIXKUZLHHLQ*HKLUQDPSXWLHUWHU,QVHLQHP,QQHUQ WREWHGLH$QJVW'LH$QJVWXP6KHLODXQGVHLQHQ6RKQ-RKQ 'DVLFKGDV.LQGHUPlGFKHQQLFKWJHPHOGHWKDWWHZDUIU%LOO HLQXQWUJOLFKHV=HLFKHQGDLQVHLQHP+DXVHWZDVJHVFKHKHQ VHLQPXWH$XIGHU1HZ.LQJV5RDGEHUTXHUWHHUGLH7KHPVH IXKULPPHUZHLWHUQDFK6GHQXQGJHODQJWHLQGLH9RURUWH )ODFKZLHHLQ%UHWWODJGHU7XUERDXIGHU6WUDH'DV)DKUHU JHVLFKWKLQWHUGHU6FKHLEHZLUNWHZLHDXV6WHLQJHKDXHQ1LFKW HLQ0XVNHO]XFNWHXQWHUGHU+DXW %LOOIXKUNRQ]HQWULHUWGRFKLQVHLQHP,QQHUQWREWHHLQH+|OOH

1LH]XYRUKDWWHHUGLH6WUHFNHLQVROFKNXU]HU=HLWJHVFKDIIW(U ZXWHJDUQLFKWZRHUKHUJHIDKUHQZDU(QGOLFKERJHULQGLH VFKPDOH9LOOHQVWUDHHLQDQGHUDXFKVHLQ+DXVODJ $OOHVZDUUXKLJ 'RFK%LOOOLHVLFKYRQGHUQlFKWOLFKHQ6WLOOHQLFKWWlXVFKHQ6LH HUVFKLHQLKPWUJHULVFK 6HLQ%XQJDORZODJHWZDVHUK|KWDXIHLQHPNQVWOLFKDXIJH VFKWWHWHQ+JHO6FKRQYRQGHU6WUDHKHUNRQQWH%LOO&RQROO\ HUNHQQHQGD/LFKWLP+DXVEUDQQWH'HUJHOEZHLH6FKHLQ VFKLPPHUWHGXUFKGLHEODWWORVHQ%VFKH 'DV7RUUROOWH]XU6HLWH %LOOVFKHXFKWHVHLQHQ:DJHQGHQ:HJKRFKVRUDVFKGDHU EHIUFKWHQPXWHGDV+HFNZUGHDXVEUHFKHQ'RFKLPOHW]WHQ 0RPHQW]ZDQJHUGHQ3RUVFKHXQWHUVHLQH.RQWUROOH %UHPVHQ7UDXI%LOOIORJI|UPOLFKDXVGHP:DJHQ 'LH(LQJDQJVWUVWDQGRIIHQ,P'XUFK]XJVFKZDQJVLHOHLFKW KLQXQGKHU %LOOVWU]WHLQGDV+DXVXQGZlUHIDVWEHU3ROO\JHVWROSHUW ª3ROO\©ULHIHU 'DV.LQGHUPlGFKHQKREGHQ%OLFN(VKLHOWQDFKZLHYRU%LOOV .UHX]DXVGHP$UEHLWV]LPPHUXPNODPPHUWXQGGHU5HSRUWHU ZDUHUIDKUHQJHQXJXP]XZLVVHQZHUVHLQHP+DXVHLQHQ %HVXFKDEJHVWDWWHWKDWWH(UVWHOOWHDXFKNHLQH)UDJHQVRQGHUQ MDJWHGLH7UHSSHKRFKXPLP=LPPHUVHLQHV6RKQHVQDFK]X VFKDXHQ (VZDUOHHU :LHYRP'RQQHUJHUKUWVWDQG%LOO&RQROO\DXIGHU7U VFKZHOOH$XIHLQPDOZXUGHQVHLQH$XJHQIHXFKW%LOOVFKOXFNWH XQGHUIOVWHUWHPLWEHEHQGHQ/LSSHQGHQ1DPHQVHLQHV6RKQHV ª-RKQQ\-RKQQ\© 3O|W]OLFKGUHKWHVLFKDOOHVYRUVHLQHQ$XJHQXQGHUPXWH WLHI/XIWKROHQXPGDV6FKZLQGHOJHIKO]XXQWHUGUFNHQ%LOO VWDUUWHDXIGDVOHHUH%HWW6HLQH/LSSHQ]XFNWHQXQGGLH3XSLOOHQ VFKZDPPHQ'LHEHLGHQ0HQVFKHQGLHHUEHUDOOHVOLHEWH ZDUHQJHIDQJHQJHUDXEWYRQ%HVWLHQ

0LWXQVLFKHUHQ6FKULWWHQJLQJHUDXIGDV.LQGHUEHWW]X'DV .LVVHQZDU]HUZKOW:LHYHUORUHQODJHLQNOHLQHV6WRIIWLHUDXI GHP2EHUEHWW'DV/DNHQZDUQRFKZDUPYRQGHU.|USHUZlUPH GHVNOHLQHQ-RKQQ\ %LOO&RQROO\ZXWHQLFKWZLHODQJHHUDXIGDV%HWWJHVWDUUW KDWWH(UVWGLH6WLPPHGHV.LQGHUPlGFKHQVULLKQDXVVHLQHU /HWKDUJLH ª(QWVFKXOGLJHQ6LH0U&RQROO\© %LOOZDQGWHVLFKXP 3ROO\VWDQGDXIGHU7UVFKZHOOHXQGOHKQWHVLFKJHJHQGLH +RO]YHUNOHLGXQJª,FKLFKKDEHDOOHVYHUVXFKW0U&RQROO\ $EHUVLHVLHZDUHQ]X]ZHLW© %LOOQLFNWHª(VLVWPLUNODU3ROO\© 6LHKRELKUYHUZHLQWHV*HVLFKWª8QGZDVZLUGQXQJHVFKHKHQ 0U&RQROO\"© %LOOULHEVLFKPLWGHP+DQGUFNHQEHUGLH6WLUQª,FKZHLHV QLFKW3ROO\LFKZHLHVZLUNOLFKQLFKW© ª6LHVROOWHQGLH3ROL]HL© ª1HLQGLHQLFKW'LHVH(QWIKUXQJNDQQNHLQH3ROL]HLDXI NOlUHQ'DPXLFKVHOEVW©%LOOVSUDFKQLFKWPHKUZHLWHUGHQQ HUIKOWHZLHKLOIORVHUZDU(UVWDQGDXIYHUORUHQHP3RVWHQ NRQQWHDOOHLQQLFKWVWXQ6HLQH)UHXQGHGLHKlWWHQKHOIHQN|QQHQ ZDUHQZHLWZHJ-RKQXQG6XNRWULHEHQVLFKLQ5XPlQLHQKHUXP NlPSIWHQJHJHQ9DPSLUH 9DPSLUH" ª(U]lKOHQ6LH3ROO\EHULFKWHQ6LHYRQ$QIDQJDQ:DVZDUHQ GDVIU*HVFK|SIH",FKZLOODOOHVJHQDXZLVVHQ© 3ROO\EHULFKWHWH9RQLKUHP*DQJLQGHQ*DUWHQELV]XGHP 3XQNWDOVVLHGDV.UHX]KROWHXQGGHQ9DPSLUVRPLWLQGLH)OXFKW JHVFKODJHQKDWWH ª6LHVLQGVLFKHUGDHV9DPSLUHZDUHQ"©IUDJWH%LOO ª-D0U&RQROO\,FKNHQQHGLHVH*HVWDOWHQDXVGHP.LQR *HQDXVRKDEHQVLHDXVJHVHKHQ%LVKHUKDEHLFKLPPHUJHJODXEW GDHVNHLQH9DPSLUHJLEWDEHUQXQ© %LOOQDKPLKUH+DQGª$PEHVWHQLVWHV3ROO\ZHQQ6LHGDV

ZDV6LHHUOHEWKDEHQVRUDVFKZLHP|JOLFKYHUJHVVHQ'HQNHQ6LH QLFKWPHKUGDUDQRGHUQHKPHQ6LHHLQIDFKDQDOOHVZlUHQXUHLQ 7UDXP(LQE|VHU7UDXP© ª$EHU-RKQQ\LVWQLFKWPHKUGD0U&RQROO\© ª0LWGLHVHP3UREOHP3ROO\PXLFKIHUWLJZHUGHQ© ª:DVZROOHQ6LHWXQ"© ª,FKZHLHVQRFKQLFKW© ª:DUXPKDEHQVLFKGLH9DPSLUH,KUHQ6RKQDXVJHVXFKW"© %LOOKREGLH6FKXOWHUQ(UORJPLWGLHVHU*HVWHREZRKOHUJDQ] JHQDXZXWHZHVKDOEGLH%OXWVDXJHUVLFKJHUDGHLKQYRUJHQRP PHQKDWWHQ=XRIWVFKRQKDWWH%LOO]XVDPPHQPLWVHLQHP)UHXQG -RKQJHJHQGLH0lFKWHGHU)LQVWHUQLVJHNlPSIWXQGPHKUDOV HLQPDOKDWWHQGLHDQGHUHQ5DFKHJHVFKZRUHQ%LVKHUKDWWH%LOO LPPHU*OFNJHKDEW6HLQH)DPLOLHZDURKQH6FKDGHQGDYRQ]X WUDJHQGHQ$QVFKOlJHQHQWJDQJHQ$EHUMHW]WKDWWHQGLH%|VHQ XPVRVFKOLPPHU]XJHVFKODJHQ8QGHVZDUQLFKWGHU6FKZDU]H 7RGXQGGHVVHQ'lPRQHQFOLTXHVRQGHUQDQGHUHHEHQVR VFKOLPPH*HVFK|SIHGHU)LQVWHUQLV %LOOGDFKWHGDUDQGDHUHVJHZHVHQZDUGHUGHP)DOOHLQHQ HQWVFKHLGHQGHQ,PSXOVJHJHEHQKDWWH6FKOLHOLFKZDUHU]X -RKQ6LQFODLUJHJDQJHQXQGKDWWHLKQDXIGLH$UWLNHOLQGHQ HLQVFKOlJLJHQ,OOXVWULHUWHQDXIPHUNVDPJHPDFKW8QG-RKQ EHIDQGVLFKLQ5XPlQLHQXP9DPSLUH]XEHNlPSIHQ9DPSLUH KDWWHQDEHUDXFKGHQNOHLQHQ-RKQJHUDXEW :LHPDQGHQ)DOODXFKGUHKWHXQGZHQGHWHLPPHUZLHGHU WDXFKWHQGLHVH%OXWVDXJHUDXI )U%LOO&RQROO\VWDQGSO|W]OLFKIHVWGDGHU)DOOLQ5XPlQLHQ XQGGLH(UHLJQLVVHLQ/RQGRQLQHLQHPXQPLWWHOEDUHQ=XVDP PHQKDQJVWDQGHQPHKUQRFKHVZDUGXUFKDXVP|JOLFKGDHLQ WHXIOLVFKJHQLDOHV*HKLUQDOOHVLPYRUDXVJHSODQWKDWWHXP HUVWHQVGLH*UXSSHXP-RKQ6LQFODLUDXVHLQDQGHU]XUHLHQXQG XPVLH]ZHLWHQVVFKDFKPDWW]XVHW]HQ:HQQQLFKWVRJDUY|OOLJ DXV]XVFKDOWHQ (LQZDKUOLFKKLQWHUOLVWLJHUXQGGLDEROLVFKHU3ODQGHU]XHLQHP *URWHLOEHUHLWVLQ(UIOOXQJJHJDQJHQZDU%LVKHUKDWWHQQXUGLH

DQGHUHQGDV*HVFKHKHQGLNWLHUWDOOHZDUHQ]XHLQHP6SLHOEDOO JHZRUGHQ$XFK-RKQ6LQFODLU ªhEHUZDVGHQNHQ6LHQDFK"©IUDJWH3ROO\ ª1LFKWV©HUZLGHUWH%LOOªJDUQLFKWV© 3ROO\YHUVXFKWH]XOlFKHOQ(VPLODQJ7URW]GHPVDJWHVLHª6LH ZHUGHQ-RKQQ\VFKRQILQGHQ0U&RQROO\6LHPVVHQQXU9HU WUDXHQKDEHQ*ODXEHQ6LHPLU© ª'DQNH© ª,FKLFKIDKUHGDQQ© ª6ROOLFK6LHQDFK+DXVHEULQJHQ"©IUDJWH%LOO ª1HLQGDQNHHVJHKWVFKRQ%OHLEHQ6LHQXUKLHU9LHOOHLFKWUXIW PDQ6LHMDDQ© ª-DYLHOOHLFKW© %LOOEUDFKWHGDV.LQGHUPlGFKHQQRFK]XP:DJHQXQGVDK 3ROO\QDFKZLHVLHGDYRQIXKU 'DQQJLQJHU]XUFNLQV+DXV(UEHWUDWGHQ/LYLQJURRPXQG OLHGDV5ROORYRUGDVJURH3DQRUDPDIHQVWHUXQGKDWWHVRGLH ]HUVSOLWWHUWH6FKHLEHDEJHGHFNWGLHGLH8QWRWHQEHLLKUHPJUDX VDPHQ%HVXFKKLQWHUODVVHQKDWWHQ %LOO&RQROO\ZDUYHU]ZHLIHOW'LH5XKHGLHDEVROXWH6WLOOHLQ GHPJURHQ%XQJDORZ]HUUWHDQVHLQHQ1HUYHQ,PPHUZLHGHU IOVWHUWHHUGLH1DPHQVHLQHU)UDXXQGVHLQHV6RKQHV 2EHUVLHMHPDOVZLHGHUVHKHQZUGH" 'LH'DXQHQGHFNHZDUKDOEYHUUXWVFKWXQGJDEHLQHQZXQGHUEDU JHZDFKVHQHQ)UDXHQN|USHUIUHL/DQJHVEORQGHV+DDUEUHLWHWH VLFKVWUDKOHQI|UPLJDXIGHP.RSINLVVHQDXVGDVOHLFKWHGXIWLJH 1DFKWKHPGFKHQUHLFKWHNDXPELV]XGHQ2EHUVFKHQNHOQXQG OLHGLH+DXWGXUFKVFKLPPHUQ'DVUHFKWH%HLQZDUOHLFKW DQJHZLQNHOWGDVOLQNH%HLQJHVWUHFNW 6RVFKOLHI-DQH&ROOLQVLPPHUHLQ -DQHK|UWHGDV6FKULOOHQGHU7UJORFNHLP8QWHUEHZXWVHLQ 6LHJODXEWHHUVWDQHLQH7lXVFKXQJJULII]XP7HOHIRQK|UHU'HU $SSDUDWVWDQGGLFKWDQLKUHP%HWW

ª-D"© ,KUH6WLPPHNODQJYHUVFKODIHQ $OVVLHNHLQH$QWZRUWHUKLHOWXQGHVWURW]GHPZHLWHUVFKHOOWH ZXWH-DQHHQGOLFKGDMHPDQGYRULKUHU7UVWDQG $EHUXPGLHVH=HLW"8QZLOONUOLFKZDUIVLHHLQHQ%OLFN]XU 8KU(VZDUNXU]YRU0LWWHUQDFKW -DQHHUKREVLFKDXVGHP%HWWJULIILKUHQ0RUJHQPDQWHOXQG ZDUILKQEHU'HUVFKZDU]H)URWWHHVWRIIVFKPLHJWHVLFKHQJDQ GLH+DXW (VVFKHOOWHQRFKLPPHU ª-DGRFK©PXUPHOWH-DQHª,FKNRPPHMD©-DQH&ROOLQVGUFN WHGHQ.QRSIGHU6SUHFKDQODJHXQGHUNXQGLJWHVLFKZHUGHU VSlWH%HVXFKHUZDU ª-DQHLFKELQHV%LOO© ª'X"© ª0DFKDXIUDVFKLFKPXPLWGLUUHGHQ© %LOOV6WLPPHNODQJGUlQJHQGXQGJOHLFK]HLWLJJHKHW]W-DQH IKOWHXQGK|UWHGDHWZDVQLFKWVWLPPWH 6LH|IIQHWH -DQH&ROOLQVZDU3ULYDWGHWHNWLYLQXQGDXHUGHP-RKQ6LQFODLUV )UHXQGLQ'LHVH)UHXQGVFKDIWEUDFKWHHVPLWVLFKGD-DQHRIWLQ )lOOHKLQHLQVWROSHUWHGLHLP5HLFKGHVhEHUVLQQOLFKHQDQJH VLHGHOWXQGIUVLHHLJHQWOLFKHLQH1XPPHU]XJURZDUHQ'RFK -DQHKDWWHHVELVKHUYHUVWDQGHQVLFKPLW0XWXQG*HVFKLFNOLFK NHLWDXVGHU$IIlUH]X]LHKHQXQGPDQFKPDOKDWWHVLHHLQIDFK *OFNJHKDEW -DQHZDUHLQH:XFKWLQ%ORQG,KUJXWHU5XIKDWWHVLFKKHUXP JHVSURFKHQPDQEHUKlXIWHVLHI|UPOLFKPLW$XIWUlJHQXQG -DQHNRQQWHVLFKGLH-REVDXVVXFKHQ6FKHLGXQJVVDFKHQLQWHUHV VLHUWHQVLHQLFKWGLHJDEVLHVRIRUWZHLWHU-DQHZDUVFKDUIDXIGLH KHLHQ)lOOH -HW]WZDU%LOO&RQROO\GD(UVFKREGLH/LIWWULQGHQ*DQJXQG VWU]WHDXVGHUNOHLQHQ.DELQH -DQHVDKHVVHLQHP*HVLFKWDQGDHWZDV6FKUHFNOLFKHVSDVVLHUW VHLQPXWHª%LOOXP+LPPHOVZLOOHQZDVLVWORV"©

ª/DPLFKHUVWPDOUHLQ©VDJWHGHU5HSRUWHUPLWNUDW]LJHU 6WLPPH(UVWROSHUWHDQ-DQHYRUEHLLQGHQ/LYLQJURRPXQGOLH VLFKGRUWLQHLQHQ6HVVHOIDOOHQ -DQHVFKHQNWH%LOO]ZHL)LQJHUEUHLW:KLVN\LQV*ODVXQGVDJWH ª7ULQNHUVWPDO© 'DQNEDUQDKPGHU5HSRUWHUGDV*ODVHQWJHJHQ'DQQNLSSWHHU GHQ:KLVN\ -DQHQDKP%LOOJHJHQEHU3ODW]'DVZDUPH/LFKWHLQHU6WHK ODPSHVWUHLFKHOWHLKUH*HVLFKWHU'HU5HSRUWHUVDKXP-DKUHJH DOWHUWDXVGDUDQNRQQWHDXFKGLHHOHJDQWH.OHLGXQJQLFKWV lQGHUQGLHHULPPHUQRFKWUXJ6HLQ%OLFNIODFNHUWHZLHGHUHLQHV .UDQNHQ -DQHVFKOXJGLHODQJHQ%HLQHEHUHLQDQGHUª:DVLVWGHQQQXQ JHVFKHKHQ%LOO"© ª6KHLODLVWYHUVFKZXQGHQ©VDJWHGHU5HSRUWHUOHLVH ª1HLQ© %LOOQLFNWH'DQQVFKULHHUSO|W]OLFKª8QG-RKQQ\© -DQH&ROOLQVZXUGHEOD8QZLOONUOLFKIXKULKUH+DQGKRFK ]XU.HKOHVRDOVZUGHVLHNHLQH/XIWPHKUEHNRPPHQª'DV NDQQGRFKQLFKWZDKUVHLQ© ª(VLVWDEHUZDKU/HLGHU©8QGGDQQHU]lKOWH%LOO(UVSUDFK EHUHLQHKDOEH6WXQGHOLHQLFKWVDXVXQGIJWHDXFKVHLQH HLJHQHQ9HUPXWXQJHQKLQ]X6FKOLHOLFKOHKQWHHUVLFKHU VFK|SIW]XUFN -DQHIXKUVLFKEHUGDV*HVLFKW,KUH)LQJHU]LWWHUWHQGDEHL(LQH ODQJH3DXVHEDKQWHVLFKDQ 6FKOLHOLFKIUDJWH%LOOª:DVVROOLFKPDFKHQ"-DQHJODXEPLU LFKELQY|OOLJYHU]ZHLIHOWLFKZHLQLFKWPHKUZHLWHU'LHGLH DQGHUHQKDEHQPLFKIHUWLJJHPDFKW,FKELQDP(QGH6KHLODXQG -RKQQ\LQGHU+DQGYRQ9DPSLUHQ0HLQ*RWWGDVLVWQLFKW]XP $XVKDOWHQ© -DQHNRQQWH%LOOJXWYHUVWHKHQ:DVHUIKOWHZDUPLW:RUWHQ QLFKW]XEHVFKUHLEHQ8QG7URVWGHQZXWHVLHDXFKQLFKW:LH NRQQWHPDQHLQHQ0DQQEHUKDXSWWU|VWHQGHPGDV/LHEVWH JHQRPPHQZDUGDVHUEHVD"

7URW]GHPVDJWHGLH'HWHNWLYLQª1RFKEHVWHKW+RIIQXQJ%LOO :LUVROOWHQGLH)OLQWHQLFKWLQV.RUQZHUIHQ©6LHZXWHVHOEVW ZLHOHHUGLHVH:RUWHZDUHQXQG%LOOEHVWlWLJWHHVDXFK ª+RIIQXQJ©VDJWHHUªLFKNDQQHVEDOGQLFKWPHKUK|UHQ©(U VWDQGDXIXQGEHJDQQLP=LPPHUDXIXQGDE]XZDQGHUQª6ROO LFK]X+DXVHVLW]HQ'lXPFKHQGUHKHQXQGGDUDXIZDUWHQ GDPDQPLUEHLGHZLHGHU]XUFNVFKLFNW"-DVRN|QQWHHV VRJDUVHLQ9LHOOHLFKWNRPPHQVLH]XUFN$EHUQLFKWDOV 0HQVFKHQVRQGHUQ© ª%LOO©ULHI-DQH ª(QWVFKXOGLJHDEHULFKELQ5HDOLVW,FKPDFKHPLUGDQLFKWV YRU:LUKDEHQNHLQHQ$QKDOWVSXQNWQLFKWV,FKZHLQLFKWZR LFKQDFKIRUVFKHQVROO© ª8QG-RKQ"© 'HU5HSRUWHUZLQNWHDEª'HULVWLQ5XPlQLHQ:HLWYRP 6FKX6LHKDEHQLKQXQG6XNRUDIILQLHUWGRUWKLQJHORFNW'DV ZDUHLQODQJYRUEHUHLWHWHU3ODQ© ª'DQQPVVHQZLU-RKQ%HVFKHLGJHEHQ©VDJWH-DQH ª$EHUZLH"© ª7HOHJUDPPRGHU$QUXI©-DQHYHU]RJGDV*HVLFKWª.HQQVWGX GHQ2UWLQGHP-RKQXQG6XNRKlQJHQ"© ª1HLQYHUGDPPW'LH$EUHLVHJLQJHLQIDFK]XVFKQHOO,FKKDEH LKQQLFKWJHVHKHQ© 3O|W]OLFKKHOOWHVLFK-DQHV*HVLFKWDXIª,FKKDEHHLQH,GHH© VDJWHVLHª:HQQMHPDQGZHLZR-RKQVLFKDXIKlOWGDQQLVWHV 6XSHULQWHQGHQW3RZHOO© ª'DVLVWJXW© -DQHVWDQGVFKRQDP7HOHIRQ6LHVXFKWHLP%XFKQDFKXQG KDWWH3RZHOOV1XPPHUUDVFKJHIXQGHQª+RIIHQWOLFKLVWHUGD© ª:HQQQLFKWUXIHQZLULQVHLQHP&OXEDQ© -DQH&ROOLQVZlKOWHVFKRQ1DFK]ZHLPDOLJHP/lXWHQZXUGH DEJHKREHQXQG3RZHOOPHOGHWHVLFKPLWHLQHU6WLPPHGLHGHP DQGHUHQ7HLOQHKPHUXQZLOONUOLFK$QJVWHLQIO|HQNRQQWH ª&ROOLQVKLHU©VDJWH-DQH ª:LVVHQ6LHZLHVSlWHVLVW0LVV&ROOLQV"©

ª,FKZHL6LU,FKKlWWH6LHDXFKQLFKWDQJHUXIHQZHQQQLFKW HLQGULQJHQGHU)DOOYRUOlJH©'DQQEHJDQQ-DQH]XEHULFKWHQ XQG3RZHOOK|UWHVFKZHLJHQG]X 'DQDFKEHZLHVHUGDHUQLFKWXPVRQVWHLQHUGHUIKUHQGHQ 0lQQHUEHL1HZ6FRWODQG
2EHUN|USHU(UVWIURULFKDEHUKLQWHUKHULP+DXVZXUGHHVPLU ZDUP ,FKUDVLHUWHPLFKQD'HQ6SLHJHOKDWWHLFKDXIGDV)HQVWHUEUHWW JHVWHOOWVFKDXWHQDFKGUDXHQXQGVDKGDDXIGHQ%HUJHQ IULVFKHU6FKQHHJHIDOOHQZDU8QVHUH.DPPHUEHIDQGVLFK XQWHUGHP'DFK$XIUHFKWLP5DXPVWHKHQNRQQWHLFKQLFKW 'DIUZDUGLH'HFNH]XQLHGULJ 1HEHQDQKDWWHGHUDOWH0DUHNVHLQH5lXFKHUNDPPHU6LH VFKORQLFKWJDQ]GLFKWDEXQGGHU*HUXFKGUDQJGXUFK]DKO UHLFKH5LW]HQLQXQVHUHQ6FKODIUDXP (VZDUHLQZLGHUOLFKHU*HVWDQN 'DV/HEHQLQ3HWULODQDKPZLHGHUVHLQHQJHZRKQWHQ/DXI'LH 9HUWUHLEXQJGHV1HEHOVORFNWHGLH0HQVFKHQDXVLKUHQ+lXVHUQ ,FKVDK.LQGHU]XU6FKXOHJHKHQ0lQQHU]XLKUHQ)HOGHUQ IDKUHQ)UDXHQGLHHLQ6FKZlW]FKHQKLHOWHQXQGK|UWHGDV .UHLVFKHQHLQHU6lJHYRQGHUQDKHJHOHJHQHQ+RO]IDEULN (UVWMHW]WHUNDQQWHLFKZHOFKH$XVPDHGHU2UWKDWWH(UZDU HLQHUHJHOUHFKWHNOHLQH6WDGWGHUHQ*U|HPLUEHLGHUJHVWULJHQ GLFNHQ1HEHOVXSSHEHUKDXSWQLFKW]X%HZXWVHLQJHNRPPHQ ZDU'LH*HK|IWHODJHQZHLWYHU]ZHLJW,FKVDKGHQ7XUPHLQHU .LUFKHVRZLHHLQLJHNOHLQH*HVFKlIWH 8QEHZXWOHJWHVLFKHLQVWLOOHV/lFKHOQXPPHLQH0XQG ZLQNHO,FKKDWWHHLQJXWHV*HIKOGHQQLFKZXWHGDGLHVH 0HQVFKHQZHLWHUKLQIULHGOLFKOHEHQNRQQWHQ'LH9DPSLUSODJH JDEHVQLFKWPHKU $OOHUGLQJVQRFK'.DOXUDF8QGGHU.DPHUDGPDFKWHPLU ZLUNOLFK6RUJHQ6FKOLHOLFKZXWHLFKQLFKWMDDKQWHQLFKWHLQ PDOZRHUVLFKKHUXPWULHE$EHULFKZDUVLFKHUGDZLULKQDXFK QRFKSDFNWHQ ,FKVFKDEWHGHQOHW]WHQ7XSIHU5DVLHUVFKDXPYRQPHLQHUOLQNHQ :DQJHXQGVSOWHGHQ5DVLHUHUDXV1RFKHLQHQOHW]WHQ%OLFN ZDUILFKDXVGHP)HQVWHU 'DVDKLFKHLQHQ0DQQEHUGLH6WUDHKHW]HQ,FKNDQQWHLKQ (VZDUGHU%UJHUPHLVWHU(UKLHOWHLQHQ8PVFKODJLQGHU+DQG XQGVWHXHUWH0DUHNV+DXVDQ

$XIHLQPDOKDWWHLFKHLQXQJXWHV*HIKO +DVWLJYHUVWDXWHLFKGHQ5DVLHUHUVWUHLIWHPHLQ+HPGEHUXQG OLHIQDFKXQWHQ *OHLFK]HLWLJPLWGHP%UJHUPHLVWHUEHWUDWLFKGLH.FKH ª7HOHJUDPP©VDJWHHUªIU-RKQ6LQFODLU© (UEHUUHLFKWHHVPLUXQGEOLHEQHXJLHULJVWHKHQ,FKZDQGWH PLFKDEXQGULGHQ8PVFKODJDXI 6RHEHQNDP6XNRLQGLH.FKHXQGEOLHEEHUUDVFKWVWHKHQDOV HUPLFKPLWGHP7HOHJUDPPLQGHU+DQGVDK ª$XV/RQGRQ©HUNOlUWHLFK ª8QG"© ,FKODV:XUGHEHLMHGHP:RUWEODVVHUXQGOLHPLFKDXIHLQHQ 6WXKOIDOOHQ ª0HLQ*RWW©IOVWHUWHLFK ª:DVLVW"©ULHI6XNR ª6KHLOD&RQROO\XQGGHUNOHLQH-RKQQ\VLQGYRQ9DPSLUHQ HQWIKUWZRUGHQ© 6XNRVFKDXWHPLFKDQXQGQRFKQLHKDWWHLFKPHLQHQ3DUWQHU VREODJHVHKHQ 'HU3ODW]ZDULGHDO (LQDOWHUYHUODVVHQHU)ULHGKRI*UDEVWHLQHGHQHQ:LQGXQG :HWWHULKUH6SXUHQHLQJHNHUEWKDWWHQNQRUULJH%lXPHPLWYHU ZLQNHOWHQbVWHQXQG=ZHLJHQKIWKRKHV*UDVGDVLPHZLJHQ :LQGZLHHLQ0HHUZRJWHXQGHLQJHIDOOHQH*UlEHUDXIGHQHQ GDV8QNUDXWZXFKHUWH 9RU-DKUHQVFKRQZDUGLHVHU)ULHGKRIDXIJHJHEHQZRUGHQ (EHQVRZLHGLHDOWH/HLFKHQKDOOHGHUHQ.XSSHOEDXZLHHLQH 7UXW]EXUJEHUGLH:LSIHOGHU]DKOUHLFKHQ7UDXHUZHLGHQXQG 3DSSHOQKLQZHJUDJWH 'LH/HLFKHQKDOOHKDWWHHLQHQNUHLVUXQGHQ*UXQGUL$XI GHQ'DFKVFKLQGHOQNOHEWHGHU*UQVSDQXQGGXUFKGLH]HU VFKODJHQHQ)HQVWHUMDXOWHGHU:LQG 5DWWHQ0lXVHXQGDQGHUHV8QJH]LHIHUKDWWHQDXIGHP)ULHG

KRIHLQHQLGHDOHQ3ODW]JHIXQGHQDEHUDXFKGLH9DPSLUIDPLOLH 0RUWLPHUIKOWHVLFKDXIGHP7RWHQDFNHUZRKO +LHUKDWWHVLHLKU+DXSWTXDUWLHUDXIJHVFKODJHQ6HLWGUHL-DKUHQ OHEWHQVLHKLHUQDFKGHPPDQVLHDXVGHQ:lOGHUQ0LWWHO HQJODQGVYHUWULHEHQKDWWH 'LH0RUWLPHUVZDUHQGHJHQHULHUW6FKRQVHLWODQJHU=HLW HUQlKUWHQVLHVLFKQLFKWPHKUYRQGHP%OXWGHU0HQVFKHQ VRQGHUQVFKODFKWHWHQ7LHUH)U9DPSLUHHLQ1RYXPDEHUVLH VDKHQNHLQHDQGHUH0|JOLFKNHLWXP]XEHUOHEHQ $XHUGHPZDUHQVLH]XIHLJHXQGlQJVWOLFKXPVLFKDQ 0HQVFKHQ]XYHUJUHLIHQ$XVGHUHLQVWVRVWRO]HQ)DPLOLHZDUHLQ GHP=HUIDOOSUHLVJHJHEHQHU&ODQJHZRUGHQ 8QGGDVVDKPDQ(]UD0RUWLPHUDQ 6HLQ*UHLVHQJHVLFKWVFKLHQQXUQRFKDXV)DOWHQ]XEHVWHKHQ *HEHXJWJLQJHUGDKHUWUlXPWHK|FKVWHQVQRFKYRQGHQYHUJDQ JHQHQ=HLWHQXQGZDUPLWVLFKXQGVHLQHU8PZHOWXQ]XIULHGHQ (VJDE0RPHQWHGDZQVFKWHHUVLFKIDVWJHSIlKOW]XZHUGHQ GDPLWGLH4XDOHQHQGOLFKHLQ(QGHKDWWHQ $EHUHUZDU]XHLQHPHZLJHQ/HEHQYHUGDPPWXQGKDWWHVLFK GDPLWDEJHIXQGHQHLQ1LFKWV]XVHLQ(EHQVRZLHVHLQHGUHL 6|KQH$XFKVLHKDWWHQNHLQH/XVW]XNlPSIHQVFKOLHIHQWDJVEHU LQLKUHQ6lUJHQXQWHUKDOEGHU/HLFKHQKDOOHXQGVWUHXQWHQQDFKWV LQGHU*HJHQGKHUXP 6RYHJHWLHUWHQVLHMDKUHODQJGDKLQ %LV'.DOXUDFNDP 3O|W]OLFKlQGHUWHVLFKDOOHV(]UD0RUWLPHUKDWWHHLQHQ7UDXP JHKDEWXQGLQGLHVHP7UDXPZXUGHLKPJHVDJWGDEDOG MHPDQGNRPPHQZUGHGHUGLHDOWHQ=HLWHQ]XUFNEUDFKWH =XHUVWKDWWH0RUWLPHUHVIUHLQHQ6FKHU]JHKDOWHQGRFKGHU 7UDXPZLHGHUKROWHVLFK %HLPGULWWHQPDOHUIOOWHHUVLFK .DOXUDFNDP 8QGPLWLKPGHU&HSUDF&ODQ =XVDPPHQKROWHQVLHGLH0RUWLPHUVDXVLKUHU/HWKDUJLH 'HU&HSUDF&ODQVHW]WHVLFKDXVYLHU3HUVRQHQ]XVDPPHQ'HU

$OWHVHLQHURWKDDULJH7RFKWHU5HEHFFDXQGVHLQHEHLGHQ6|KQH 9ODGRXQG*RUXP 1XQNDPGLH0RUWLPHU)DPLOLHQRFKKLQ]X'HUDOWH(]UDPLW VHLQHQGUHL6|KQHQ)UHG%ULDQXQG+LYDU'LH6|KQHZDUHQIDVW LPJOHLFKHQ$OWHU6LHXQWHUVFKLHGHQVLFKMHZHLOVXP]ZHL-DKUH VDKHQIDVWVRDXVZLHLKU9DWHUQXUGDVLHZHQLJHU)DOWHQKDWWHQ 8QG'.DOXUDFNDPKLQ]X'HU%OXWVDXJHUDXV5XPlQLHQXQG .|QLJGHU9DPSLUH (]UDZDUHVDXFKGHP.DOXUDFVHLQHQHUVWHQ%HVXFKDE JHVWDWWHWKDWWH0RUWLPHUK|UWH]XZDVLKPGHUUXPlQLVFKH 9DPSLU]XVDJHQKDWWHXQGZDUEHJHLVWHUW6RHWZDVZLHGDV DOWH)HXHUNHKUWH]XUFNDOVKlWWHHVQXUGLHVHVHLQHQ $QVWRHVEHGXUIW ª-DZLUZHUGHQHVSDFNHQ©KDWWHHUPLWODXWHU6WLPPH JHVFKULHQGDHVVFKDXULJLQGHQ*HZ|OEHQZLGHUKDOOWHª:LU ZHUGHQGLH0HQVFKHQNQHFKWHQXQGZLHGHUGLHZDKUHQ +HUUHQVHLQ© 0LW)UHXGHQKDWWH.DOXUDFGLH:RUWHYHUQRPPHQ-HW]WKDWWHHU HLQH6WUHLWPDFKWDXIGLHHUVLFKYHUODVVHQNRQQWH8QGGLH 9DPSLUHZDUHQVFKRQXQWHUZHJVXPLKUHHUVWHQ$XIWUlJHDXV ]XIKUHQ .DOXUDFZDUPLW(]UD0RUWLPHUDOOHLQLQGHU/HLFKHQKDOOH ]XUFNJHEOLHEHQ$OOHDQGHUHQZDUHQLQGLHVHU1DFKWXQWHUZHJV .DOXUDFXQG0RUWLPHUKRFNWHQDXIGHP3RGHVWZRIUKHUGLH 6lUJHJHVWDQGHQKDWWHQ'DKLQWHUJDEHVHLQH7UDQGLHVLFKHLQH QDFKXQWHQIKUHQGH7UHSSHDQVFKOR hEHUGLHVH7UHSSHHUUHLFKWHPDQHLQ*HZ|OEHGDVJHZDOWLJH $XVPDHKDWWHGXUFKKRKH6lXOHQJHVWW]WZXUGHXQGQLFKW QXU6lUJHEHKHUEHUJWHVRQGHUQDXFK]DKOUHLFKH*HEHLQH6LH PRGHUWHQVFKRQ-DKUKXQGHUWHLQGHQ*HZ|OEHQODJHQLQH[WUD GDIUJHVFKDIIHQHQ.DPPHUQLQGLHGLH0HQVFKHQGDPDOVGLH 3HVWWRWHQJHVWHFNWKDWWHQ (VZDUHLQ2UWGHV*UDXHQV$EHUQXUGDIKOWHQVLFKGLH *HVFK|SIHGHU1DFKWZRKO'DUDQKDWWHVLFKDXFKLQXQVHUHU PRGHUQHQ=HLWQLFKWVJHlQGHUW

hEHUGLH=HLWHQVSUDFKHQDXFKGLHEHLGHQ9DPSLUH(VZDU VFKRQHLQ8QWHUVFKLHGZHQQPDQVLHDQVDK +RFKDXIJHULFKWHWXQGVWRO]ZLHHLQ.|QLJZLUNWHGHU8QWRWH DXV5XPlQLHQ=ZHUJHQKDIWNOHLQGDJHJHQ(]UD0RUWLPHU REZRKOHUIUKHU$QIKUHUHLQHUEHUKPWHQ9DPSLUVLSSHJH ZHVHQZDU 'LHPHLVWHQZDUHQJHSIlKOWZRUGHQXQGYLHOOHLFKWKDWWHDXFK GDVGD]XEHLJHWUDJHQGLH$QJVWLQ0RUWLPHU]XVWlUNHQ $EHUMHW]WIKOWHHUVLFKJHERUJHQ6HLW'.DOXUDFGDZDU PHLQWHHUHLQHQXQVLFKWEDUHQ6FKXW]VFKLUPXPVLFK]XKDEHQ ,PPHUZLHGHUPXWHHUGLH*HVWDOWGHV9DPSLUN|QLJVDQ VFKDXHQGLHVRPlFKWLJYRULKPDXIUDJWH '.DOXUDFZDUQRFKHLQ9DPSLUGHV.ODVVL]LVPXV6HLQH GXQNOH.OHLGXQJVHLQODQJHU0DQWHOVHLQJHVDPWHV*HKDEH IO|WHLUJHQGZLH9HUWUDXHQHLQ 8QGHUVWURW]WHYRU.UDIWZDVPDQYRQGHQ0RUWLPHUVQLFKW JHUDGHEHKDXSWHQNRQQWH .DOXUDFQDKPZLHGHUDXIGHP6WHLQSRGHVW3ODW]6HLQHIDUE ORVHQ/LSSHQLQGHPEOHLFKHQ*HVLFKWYHU]RJHQVLFK]XHLQHP /lFKHOQª'XJODXEVWHVLPPHUQRFKQLFKWZLH"© (]UD0RUWLPHUVFKWWHOWHGHQ.RSIª1HLQJURHU.DOXUDFLFK NDQQHVQLFKWJODXEHQ=XODQJHZDUHQZLUXQWHUGUFNW1LFKW GLH0HQVFKHQIUFKWHWHQVLFKYRUXQVVRQGHUQZLUXQVYRU LKQHQ8QGGDVLVWVFKOLPP)UKHUZHQQZLULQPRQGKHOOHQ 1lFKWHQDXIWDXFKWHQGDQQIORKHQVLHYRUXQV$EHUVLHKDWWHQ NHLQH&KDQFHZLUKROWHQVLHXQVGRFK9RUDOOHQ'LQJHQGLH -XQJIUDXHQ©'HU9DPSLUNLFKHUWHDOVHUGDVVDJWHXQGULHEVLFK GLH+lQGH(VK|UWHVLFKDQDOVZUGH3DSLHUJHJHQ3DSLHU UDVFKHOQª$EHUGDQQlQGHUWHQVLFKGLH=HLWHQ©IXKUHUIRUW ª9LHOHPDFKWHQ-DJGDXIXQVPDQURWWHWHXQVI|UPOLFKDXV$XWRV ZXUGHQHUIXQGHQ9|JHOPLWGHQHQPDQIOLHJHQNRQQWHNDPHQ KLQ]X0DQQDKPXQVGLH:lOGHUKRO]WHVLHDEXQGZLUPXWHQ IOLHKHQ'LH=HLWHLOWHVHKUVFKQHOO$QJVWKDWWHQGLH0HQVFKHQ LPPHUQRFKDEHUVLHEHVDHQVFKUHFNOLFKH:DIIHQ5RKUHGLH ULFKWLJHV)HXHUVSHLHQNRQQWHQXQGXQV]X$VFKHYHUEUDQQWHQ

:LUWUDXWHQXQVQLFKWPHKUHLQHQ0HQVFKHQDQ]XIDOOHQ8QVHUH 6LSSHQZXUGHQGH]LPLHUWZLUPXWHQIOFKWHQ(VZXUGHLPPHU VFKZHUHUHLQHQ3ODW]]XILQGHQDQGHPZLUXQVYHUVWHFNHQ NRQQWHQ6FKOLHOLFKHUQlKUWHQZLUXQVYRQ7LHUEOXWZDVEH ZLUNWHGDXQVHUH.UlIWHQDFKOLHHQ,PPHUVFKZlFKHUZXUGHQ ZLULPPHUWLHIHU]RJHQZLUXQVLQGLH:lOGHU]XUFNKDXVWHQLQ +|KOHQZHLOHV]XJHIlKUOLFKIUXQVZDUGHQ7DJLQHLQHP6DUJ RGHUHLQHU*UXIW]XYHUVFKODIHQ© '.DOXUDFQLFNWHª,FKZHLZDVLKUGXUFKJHPDFKWKDEW,Q PHLQHQ7UlXPHQKDEHLFKHVJHVHKHQ0HLQ*HLVWZDQGHUWH GXUFKGLH'LPHQVLRQHQELVLFKEHLP0HLVWHUGHU6FKDWWHQGHP 6SXNODQGHWH© ª,KQKDEHLFKQRFKQLHJHVHKHQ©VDJWH0RUWLPHU ª6HLIURKGHQQVHLQ5HLFKLVWGHU)ULHGKRIGHU'lPRQHQRGHU GHU9RUKRI]XU+|OOH%HLLKPOHEHQGLHGXUFKHLQHQ)OXFKJH IDQJHQHQ6HHOHQXQGZDUWHQDXIHLQH(UO|VXQJ2EVLHLUJHQG ZDQQHLQPDONRPPWGDVZHLQLHPDQG'LH8QJHZLKHLWLVW VFKUHFNOLFK$EHUDXFKLFKKDEHLQGHU=HLWJHOHUQWLFKKDEHGLH :HOWEHREDFKWHQN|QQHQDOOHUGLQJVRKQHHLQ]XJUHLIHQ,FKKDEH PLWEHNRPPHQZLH0HQVFKHQQRUPDOH0HQVFKHQXQV SO|W]OLFKGHQ.DPSIDQVDJWHQ:LHGLHVHU-RKQ6LQFODLU© (]UD0RUWLPHUVWLHHLQGlPRQLVFKHV.QXUUHQDXVª/DGLHVHQ 1DPHQDXVGHP6SLHO© .DOXUDFODFKWHª:LHVR".HQQVWGXLKQ"© ª1HLQDEHULFKKDEH6FKOLPPHVEHULKQJHK|UW©'HUDOWH 0RUWLPHUULHEZLHGHUVHLQH+lQGHJHJHQHLQDQGHU ª(LQ*UXQGPHKUXPVLFKGLHVHV6LQFODLUVDQ]XQHKPHQ©VDJWH .DOXUDFª%HYRUZLUXQVHUHQJURHQ3ODQLQGLH7DWXPVHW]HQ N|QQHQPVVHQZLULKQYHUQLFKWHQ©(UODFKWHSO|W]OLFKª1DFK 5XPlQLHQKDEHQZLULKQJHORFNWXQGGRUWVLW]WHUIHVW:HQQHU ]XUFNNRPPWKDEHQZLUVHLQH)UHXQGHLQGHU*HZDOW8QGHU ZLUGDOOHVWXQXPVLH]XEHIUHLHQ6LQFODLUIULWXQVDXVGHU+DQG JODXEHPLU© 0RUWLPHU]RJHLQ]ZHLIHOQGHV*HVLFKWª(ULVWVWDUNYHUJLGDV QLFKWJURHU.DOXUDF©

ª+DVWGXVFKRQZLHGHU$QJVW"© ª1HLQLFKELQQXUYRUVLFKWLJ© ª$FK8QVLQQ6LQFODLULVWHLQ0HQVFK(UJHK|UW]XGHU6RUWH GLHIUVHLQH)UHXQGHDOOHVWXQ'HUZUGHVLFKXQVVRJDUDXV OLHIHUQGLHVHU1DUU© ª8QGGDQQ"© .DOXUDFVSUHL]WHGLH)LQJHUXQGIKUWH]ZHLNUHLVUXQGH%H ZHJXQJHQPLWGHQ+lQGHQGXUFKª:DVLFKPLUIULKQDXV JHGDFKWKDEHVDJHLFKQLFKW$XIMHGHQ)DOOZLUGHVVFKOLPPHUDOV GLH+|OOHVHLQ'DVHLVLFKHUGX=ZHLIOHU© 4XLHWVFKHQGZXUGHGLHDOWH(LQJDQJVWUGHU/HLFKHQKDOOHDXI JH]RJHQ&DUO&HSUDF$QIKUHUGHU|VWHUUHLFKLVFKHQ6LSSHEH WUDWGLH+DOOH(UYHUEHXJWHVLFKYRU.DOXUDF ª1XQ"©IUDJWHGHU.|QLJGHU9DPSLUHª:DVLVW"© ª(VLVWUXKLJGUDXHQ'HU0RQGVFKHLQWKHOOXQGLFKIKOH ZLHPHLQH.UlIWH]XUFNNHKUHQ© ª6RPXHVDXFKVHLQ%DOGZLUVWGXVRYLHO.UDIWKDEHQZLHQLH ]XYRU© ª(LJHQWOLFKPWHQGLHDQGHUHQVFKRQ]XUFNVHLQ©VDJWH &HSUDF .DOXUDFZLQNWHDEª*XW'LQJEUDXFKW:HLOH'LHVHV6SULFK ZRUWNHQQVWGXGRFK© ª6LFKHU$EHUZLUOHEHQLQXQUXKLJHQ=HLWHQXQGGDNDQQOHLFKW HWZDVSDVVLHUHQ© ª9HUJLGHLQHbQJVWOLFKNHLWGHQQLFK'UDFXODV1HIIHELQMHW]W KLHU© ª9HU]HLK© .DOXUDFVFKULWWZLUNOLFKZLHHLQ.|QLJGXUFKGLH/HLFKHQKDOOH 0LWZHLWHQUDXPJUHLIHQGHQ6FKULWWHQ:HQQHUVLFKVFKQHOOEH ZHJWHZXUGHVHLQ0DQWHOKHUXPJHZRUIHQXQGEOlKWHVLFKDXI ZLHHLQ9RUKDQJ(VZDUQLFKWY|OOLJGXQNHOLQGHU+DOOH,QGHQ :lQGHQVWHFNWHQQRFKGLHDOWHQYHUURVWHWHQ+DOWHU6LHHQW KLHOWHQVFKZDU]H.HU]HQGHUHQ'RFKWHPLW]XFNHQGHQ)ODPPHQ EUDQQWHQXQGHLQEL]DUUHV6FKDWWHQVSLHODXIGLHGLFNHQ6WHLQH ZDUIHQhEHUJUR]HLFKQHWHQVLHGHQ6FKDWWHQGHV9DPSLUVQDFK

(LQHQ6FKDWWHQGHUYROONRPPHQILQVWHUZDUGHQQEHLQRUPDOHP /LFKWZDUIHQGLH%OXWVDXJHUNHLQHQ6FKDWWHQXQGVLH]HLJWHQ DXFKNHLQ6SLHJHOELOG $EUXSWXQWHUEUDFK.DOXUDFVHLQH:DQGHUXQJ *HVSDQQWVDKHQGLHEHLGHQ$OWHQLKQDQ ª:DVLVW"©IUDJWH&DUO&HSUDF ª(UNRPPW© ª:HUNRPPW"©ZROOWH(]UD0RUWLPHUZLVVHQ ª'HU/HLFKHQZDJHQ,FKK|UHLKQJHQDX©.DOXUDFNLFKHUWH ª8QGVLHKDEHQGLH%HXWHGDVIKOHLFK© &HSUDFVWDQGDXI ª6ROOLFKQDFKVHKHQ"© (UOLHIVFKRQDXIGLH7U]X ª1HLQEOHLEKLHU:LUZHUGHQVLHKLHUHUZDUWHQ© 'LHEHLGHQDOWHQ9DPSLUHKDWWHQOlQJVWQLFKWVRHLQJXWHV*HK|U ZLH.DOXUDF(VGDXHUWHHLQLJH=HLWELVDXFKVLHGDV0RWRUHQ JHEUXPPYHUQDKPHQ 'DQQNODSSWHQ:DJHQVFKOlJHXQGZHQLJVSlWHUZXUGHGLH7U DXIJHVWRHQ=ZHL9DPSLUHEHWUDWHQGLH/HLFKHQKDOOH 6LHZDUHQQLFKWDOOHLQ =ZLVFKHQLKQHQKLQJHLQHEORQGH)UDX6LHZLUNWHEHQRPPHQ ,KUH)HVFKOHLIWHQEHUGHQ%RGHQ'DV.OHLGZDUDQGHUOLQNHQ 6HLWHELV]XP6FKHQNHOKHUDXI]HUULVVHQ'DVVRUJIlOWLJH0DNHXS ZDU]HUODXIHQXQG]HLFKQHWHGXQNOH6WULFKHLQLKUHP*HVLFKW QDFK $OOHLQNRQQWHVLFKGLH)UDXNDXPDXIGHQ%HLQHQKDOWHQ ª,VWVLHGDV"©IOVWHUWHGHUDOWH&HSUDF ª-D©ULHI.DOXUDFWULXPSKLHUHQGDXVª'DVLVWVLH6KHLOD &RQROO\GLH)UDXYRQ6LQFODLUVEHVWHP)UHXQG'HUJXWH%LOOZLUG GXUFKGUHKHQHEHQVRZLH6LQFODLU©'HU9DPSLUWUDWDXI6KHLOD]X ª6LHKPLFKDQ© 0KVDPKRE6KHLOD&RQROO\GHQ.RSI ,KU*HVLFKWEHIDQGVLFKGLFKWYRUGHPGHV8QWRWHQ.DOXUDF]RJ GLH/LSSHQ]XUFNXQGSUlVHQWLHUWHVHLQHEHLGHQGROFKVSLW]HQ =lKQHª1DZLHIKOVWGXGLFK"©IUDJWHHU

ª%LWWH©IOVWHUWH6KHLODªELWWHODVVHQ6LHPLFK,FK© 'LH8QWRWHQODFKWHQª6LHKDW$QJVW©VFKULH.DOXUDFª6HKWVLH KDW$QJVW© (]UD0RUWLPHUVWUHFNWHGHQ$UPDXVXQGVSUHL]WHGLH)LQJHU(U IXFKWHOWHGDPLWGLFKWYRU6KHLODV*HVLFKWKHUXPª$OVREZLU NHLQH$QJVWJHKDEWKlWWHQLQDOOGHQ-DKUHQ'LHVPDOVROOVWGX VSUHQZDVZLUJHIKOWKDEHQXQGGDQQZHQQHVVRZHLWLVW ZHQQGX© ª/DVHLQ©EHIDKO.DOXUDFª,KUVWHKWMDQRFKHLQLJHVEHYRU 6FKDIIWVLHHUVWHLQPDOLQGDV*HZ|OEH'RUWNDQQVLHGDQQLQ LOOXVWUHU*HVHOOVFKDIWEHUDOOHVQDFKGHQNHQ©(UGHXWHWHDXI GLH7Uª:HJPLWLKU© *RUXPXQG9ODGRVFKOHLIWHQ6KHLODIRUW'LHDQGHUHQVFKDXWHQ LKQHQQDFK ª6RLVWHVUHFKW©]LVFKWH&HSUDFª6RPXHVVHLQ'LHDOWHQ =HLWHQNHKUHQ]XUFN,FKVSUHHVXQGLFKELQVWRO]DXIPHLQH EHLGHQ6|KQHGLHQRFKQLFKWVYHUOHUQWKDEHQ© .DOXUDFZLQNWHDEª:DUWHHUVWHLQPDOELV5HEHFFD]XUFNLVW 0DOVHKHQREVLHLKUHU$XIJDEHJHZDFKVHQZDU© &HSUDFNLFKHUWHª8QGRE5HEHFFDZLUGHVVFKDIIHQ$XI 0lQQHUZDUVLHVFKRQLPPHUVFKDUI6LHKDWVLHDOOHXPGHQ )LQJHUJHZLFNHOW:LHHVLKUEHOLHEWH© 'DVSDWH.DOXUDFQLFKWLQGHQ.UDPVFKOLHOLFKZDUHUVHOEVW VFKDUIDXIGLHURWKDDULJH5HEHFFD8QGHUZROOWHVLHDXINHLQHQ )DOOPLWMHPDQGHQWHLOHQ(UEHVFKOREHLSDVVHQGHU*HOHJHQKHLW HLQ:|UWFKHQPLWGHPZHLEOLFKHQ9DPSLU]XUHGHQ ,Q]ZLVFKHQZXUGH6KHLOD&RQROO\GLH7UHSSHKLQXQWHUJH VFKOHLIW'LH%OXWVDXJHUJLQJHQQLFKWHEHQ]DUWPLWLKUXP,PPHU ZLHGHUJHULHWHQVLHLQ9HUVXFKXQJ6KHLODDQ]XJUHLIHQGRFKGDQQ VLHJWHGLH$QJVW6LHKDWWHQGHQVWULNWHQ%HIHKOGLH*HIDQJHQHLQ 5XKH]XODVVHQ6RODQJHMHGHQIDOOVELVQHXH$QRUGQXQJHQJH JHEHQZXUGHQ 8QGGLHZUGHQLUJHQGZDQQNRPPHQ'DZDUHQVLFKGLH EHLGHQ8QWRWHQVLFKHU

6FKZHUUROOWHVLFK'RPGH/RXLVHDXIGLHDQGHUH6HLWH)DVWZlUH HUYRP%HWWJHIDOOHQ,POHW]WHQ0RPHQWVWW]WHHUVLFKPLWGHU +DQGDEXQGEOLHEOLHJHQ 1XUDOOPlKOLFKJHULHWVHLQ*HGDQNHQDSSDUDWZLHGHUDXI 7RXUHQ'LHVH5HEHFFDZDUHLQ+|OOHQZHLE,PZDKUVWHQ6LQQH GHV:RUWHV(LVNDOWKDWWHVLHLKQUHLQJHOHJW(VZDUQLFKWHLQPDO ]XP$XVWDXVFKYRQ=lUWOLFKNHLWHQJHNRPPHQ'RPGH/RXLVH KDWWHSO|W]OLFKHLQHQVFKDUIHQ%LDP+DOVJHVSUWGDQQZDUGHU 6FKZLQGHOJHNRPPHQXQGKDWWHLKQKLQHLQJH]RJHQLQHLQHQ WLHIHQGXQNOHQ6FKDFKWGHV9HUJHVVHQV 'H/RXLVHVHW]WHVLFKDXI 1RFKLPPHUGUHKWHHVVLFKLQVHLQHP.RSI(UYHU]RJGDV *HVLFKWXQGZLHGHUXPJDOWVHLQ*HGDQNHGHPURWKDDULJHQ*LUO :DKUVFKHLQOLFKJHK|UWHHV]XGHU6RUWHGLHLKUH.XQGHQEH VWDKOHQ0LW6FKUHFNHQZXUGH'RPGH/RXLVHNODUGDHUHLQLJH JHKHLPH8QWHUODJHQLQVHLQHP3ULYDWVDIHDXIEHZDKUWKDWWH 6RIRUWOLHIHUKLQ6HLQ*DQJZDUVFKZDQNHQGDOVEHIlQGHHU VLFKDXIHLQHP%RRWEHLKRKHP6HHJDQJ'HU6DIHODJ]ZDUJXW YHUVWHFNWDEHUGLHVH:HLEHUZDUHQYHUGDPPWUDIILQLHUW6LH KDWWHQ5RXWLQHXQG(UIDKUXQJ $XVGHP6FKUHLEWLVFKKROWH'RPGH/RXLVHGHQ6DIHVFKOVVHO HLQH6SH]LDODQIHUWLJXQJ 'LHGLFNHQ/LSSHQGHV0DQQHVYHU]RJHQVLFK]XHLQHP /lFKHOQDOVHUDXIGHQVFKPDOHQ6FKUDQN]XJLQJGLH7UHQ |IIQHWHXQGHLQLJH.OHLGXQJVVWFNHQDFKUHFKWVEHUGLH.OHLGHU VWDQJHVFKRE 'DQQVDKHUGLHVFKPDOH7UGHV6DIHVYRUVLFK (UVFKREGHQ6FKOVVHOLQGHQ6FKOLW]GUHKWHLKQ]ZHLPDO KHUXPXQG|IIQHWHGLH.ODSSH (LQEHIUHLWHU6W|KQODXWGUDQJEHUVHLQH/LSSHQ(VZDUDOOHV QRFKYRUKDQGHQ +DVWLJZKOWH'RPGH/RXLVHGLH3DSLHUHGXUFKXQG]lKOWH DXFKGDV%DUJHOGQDFK 1LFKWVIHKOWH %HUXKLJWVFKORHUZLHGHUDE'RFKGDQQNDPHQGLH*HGDQNHQ

(UIUDJWHVLFKZDUXPLKQGLH)UDXKHUHLQJHOHJWKDWWH:DVEH ]ZHFNWHVLHGDPLW" :LHGHUZXUGHLKPVFKZLQGHOLJXQGHUPXWHVLFKVHW]HQ(LQH VHOWVDPHQLHJHNDQQWH6FKZlFKH]RJGXUFKVHLQHQ.|USHU JOHLFK]HLWLJMHGRFKVWLHJHLQ'UDQJLQLKPKRFKGHQHUHEHQIDOOV QRFKQLHJHVSUWKDWWH (UEHNDP'XUVW$EHUQLFKWDXI:DVVHU 'H/RXLVHHUKREVLFKXQGVFKOXJWURW]GHPGHQ:HJ]XP %DGH]LPPHUHLQ0LWGHU6FKXOWHUGUFNWHHUGLH7UDXIEHWUDW GDVSUDFKWYROOH%DGXQGEOLHEDEUXSWVWHKHQ (UVDKVLFKQXUYHUVFKZRPPHQ 'DV%DGKDWWHQLFKWQXUHLQHQ6SLHJHOVRQGHUQYLHU6LHZDUHQ VRUDIILQLHUWDXIJHKlQJWGDGHU%HWUDFKWHUVLFKLQMHGHP6SLHJHO JHQDXVHKHQNRQQWH 'RFK'RPGH/RXLVHHUNDQQWHVLFKQLFKW 'LH.|USHUNRQWXUHQ]HUIORVVHQLQGHUVSLHJHOQGHQ)OlFKHVR GDGH/RXLVHGDV*HIKOKDWWHYRQVLFKEHZHJHQGHQLPPHU VFKZlFKHUZHUGHQGHQ6FKDWWHQXPJHEHQ]XVHLQ 6HLQHLJHQHV%LOGZXUGHODQJVDPDXVJHO|VFKW'RPGH/RXLVH EHPHUNWHHVPLW6FKUHFNHQ 8QGSO|W]OLFKNDPGLH3DQLN ª1HLQ©EUOOWHHUªQHLQXQGQHLQ©(UULGLH$UPHKRFK SUHWHVLHJHJHQVHLQH$XJHQPDFKWHDXIGHP$EVDW]NHKUWXQG UDQQWHIOXFKWDUWLJLQGHQDQGHUHQ7HLOGHU:RKQXQJ 9HU]ZHLIHOWZDUIHUVLFKDXIVHLQ%HWW(UYHUJUXEGDV*HVLFKW LQGHQ.LVVHQXQGVWHOOWHVLFKGLHEDQJH)UDJHZDVPLWLKP JHVFKHKHQZDU:LHHVNDPGDHUSO|W]OLFKVHLQ6SLHJHOELOG QLFKWPHKUNODUXQGGHXWOLFKVDK (UZXWHNHLQH$QWZRUWQDKPMHGRFKDQGDDOOHVPLWGHP %HVXFKGHVURWKDDULJHQ&DOOJLUOV]XVDPPHQKLQJ 1XUODQJVDPEHUXKLJWHVLFKGHU0DQQZLHGHU'RFKHWZDV DQGHUHVNDPKLQ]X 'RPGH/RXLVHJODXEWHVHLQ2EHUNLHIHUZlUHVWDUNDQJH VFKZROOHQ(LQ*HIKOZLHEHLP=DKQDU]WVWHOOWHVLFKHLQZHQQ GLH6SULW]HQDXIK|UWHQ]XZLUNHQ

'RPGH/RXLVHZlO]WHVLFKDXIGHQ5FNHQ(UERWHLQ%LOGGHV -DPPHUV6HLQ$WHPJLQJVWRZHLVHVFKZHUSXPSWHVHLQ+HU] GDV%OXWNRFKWHLQVHLQHQ$GHUQ$OVHUMHW]WGLH+DQGKREGLH 2EHUOLSSH]XUFNVFKREXQGQDFKGHQ=lKQHQWDVWHWHWUDILKQGHU ]ZHLWH6FKRFN 'LH(FN]lKQHUHFKWVXQGOLQNVZDUHQJHZDFKVHQ 6SLW]XQGKDUWOLHIHQVLHQDFKXQWHQ]XHULQQHUWHQLKQDQ]ZHL +DXHU :LHHLQ9DPSLUVDKHUDXV 9DPSLU" 'RPGH/RXLVHZDU(QJOlQGHU(UNDQQWHGLH*HVFKLFKWHQGLH PDQVLFKEHU9DPSLUHHU]lKOWHXQGSO|W]OLFKZXUGHLKPNODU GDHU]XHLQHP9DPSLUJHZRUGHQZDU -DHUZDUHLQ%OXWVDXJHU (VJDENHLQHDQGHUH0|JOLFKNHLW 'RPGH/RXLVHKDWWHGDV*HIKOHLQHQE|VHQ7UDXP]XHU OHEHQ'RFKHVZDUNHLQ7UDXPVRQGHUQKDUWHEUXWDOH :LUNOLFKNHLW'HU0DQQPXWHVLFKGDPLWDEILQGHQLQQHUKDOE YRQ6WXQGHQHLQDQGHUHUJHZRUGHQ]XVHLQ 'H/RXLVHVWDQGDXI(UNRQQWHVLFKNDXPDXIGHQ%HLQHQ KDOWHQVRVFKOHFKWJLQJHVLKP(U]LWWHUWHVHLQ+HU]VFKOXJ UDVHQGXQGWLHILQVHLQHP%HZXWVHLQKHJWHHUQRFKGHQ :XQVFKHLQHQ$U]WDQ]XUXIHQ 'H/RXLVHWDXPHOWH]XP7HOHIRQ :HLWYLHO]XZHLWVWDQGHVHQWIHUQW(UVWW]WHVLFKDP7LVFKDE VFKOHLIWHEHUGHQ%RGHQWRUNHOWHZHLWHUXQGULHLQHQ6WXKOXP 'DV=LPPHUGUHKWHVLFKYRUVHLQHQ$XJHQ'LH%LOGHUDQGHQ :lQGHQGLH/DPSHQGLH0|EHOVWFNHVLHDOOHIKUWHQLKUH EL]DUUHQ7lQ]HDXI'HUJUQH7HOHIRQDSSDUDWVFKLHQVLFKLPPHU ZHLWHU]XHQWIHUQHQ 'RPGH/RXLVHVWUHFNWHGHQUHFKWHQ$UPDXV6HLQ0XQGVWDQG RIIHQ.HXFKHQGVFKQDSSWHHUQDFK/XIWWDWQRFKHLQHQXQ VLFKHUHQWDXPHOQGHQ6FKULWWXQGILHO 6FKZHUNUDFKWHGHUPDVVLJH0DQQ]X%RGHQ 'DV,QQHUHVHLQHV.|USHUVVFKLHQLQ)ODPPHQ]XVWHKHQ'DV

*LIWGHVURWKDDULJHQ9DPSLUVZKOWHLQVHLQHQ$GHUQ(UYHU VXFKWHDXFKJDUQLFKWPHKUGDJHJHQDQ]XJHKHQ:HLWULHUGLH $XJHQDXIZROOWHVRYLHO(LQGUFNHZLHP|JOLFKPLWQDFK!GU EHQQHKPHQ(UVDKGDVLFKGLHZHLH'HFNHYHUIlUEWHXQG]X HLQHPUDVHQGHQEOXWURWHQ1HEHOZXUGHGHUVLFKLPPHUWLHIHU VHQNWHXQGGHQ0DQQVFKOLHOLFKYHUVFKOXFNWH (LQOHW]WHUVDXJHQGHU$WHP]XJ 'DQQZDUHVVWLOO 'LH6WLOOHGHV7RGHVODJEHUGHU:RKQXQJ 'RPGH/RXLVHZDUJHVWRUEHQDOV0HQVFKJHVWRUEHQGRFKDOV 9DPSLUZUGHHUZLHGHUDXIHUVWHKHQXP.DOXUDFVK|OOLVFKHQ $XIWUDJ]XHUIOOHQ +RIIQXQJVORV (LQDQGHUHV:RUWIDQG6KHLOD&RQROO\IULKUH/DJHQLFKW7LHI XQWHUGHU(UGHZDUVLHHLQJHNHUNHUWLQHLQHPILQVWHUHQ*HZ|OEH PLWGLFNHQIHVWHQ0DXHUQGLHHLQ(QWNRPPHQVRJXWZLHXQ P|JOLFKPDFKWHQ 'LH9DPSLUHKDWWHQ6KHLODQLFKWJHIHVVHOW6LHNRQQWHVLFKIUHL EHZHJHQ$XFKGLH/XIWZDUQLFKWVRVFKOHFKWZLH6KHLODEH IUFKWHWKDWWH )DFNHOQWDXFKWHQGDV*HZ|OEHLQHLQGlPPULJHV=ZLHOLFKW EHPDOWHQGLH:lQGHPLWLKUHQWDQ]HQGHQ6FKDWWHQXQGIRUPWHQ LPPHUQHXH)LJXUHQGLH6KHLODYRUNDPHQZLH*HVWDOWHQDXV HLQHUDQGHUHQ:HOW *UDXVDPZDUGLH(LQVDPNHLW 6LHZDUY|OOLJDOOHLQKLHUXQWHQKDWWHQLHPDQGHQPLWGHPVLH UHGHQNRQQWH$XWRPDWLVFKNDPHQGLH*HGDQNHQ 6LHKDWWHVLFKEHUUDVFKHQODVVHQZDUGHQ9DPSLUHQZLHHLQH $QIlQJHULQLQGLH)DOOHJHWDSSWXQGPDFKWHVLFKMHW]WGLHELWWHU VWHQ9RUZUIH1XUZHUKlWWHGDVDKQHQN|QQHQ"1LHKDWWHVLH GDPLWJHUHFKQHWGDHLQ$QJULIIGHU'lPRQLVFKHQHUIROJHQ ZUGHVLHKDWWHVLFKLQ6LFKHUKHLWJHJODXEWXQGVLFKDXIHLQHQ 7KHDWHUDEHQGJHIUHXW

6KHLOD&RQROO\EHJDQQGDPLWLKUH(LQVWHOOXQJ]XEHUGHQNHQ 6LHJODXEWHVLFKORVJHVDJW]XKDEHQYRQHLQHP/HEHQGDV%LOO &RQROO\YRULKUHUJHPHLQVDPHQ+RFK]HLWJHIKUWKDWWH6KHLOD QDKPDQGDDOOHVYRUEHLZDUGRFKVLHVDKVLFKJHWlXVFKW6FKRQ EHLGHU*HEXUWLKUHV6RKQHVKlWWHVLHPLWUDXLVFKZHUGHQ PVVHQDOVGLH%|VHQJQDGHQORV]XVFKOXJHQ'RFK6KHLODKDWWH JHKRIIWXQGGDPLWJHUHFKQHWGDDOOHVYRUEHLZDU 6LHKDWWHVLFKJHWlXVFKW :HUHLQPDOJHJHQGLH0lFKWHGHU)LQVWHUQLVJHNlPSIWXQG LKQHQ6FKDGHQ]XJHIJWKDWWHGHQOLHHQVLHQLFKWPHKUORV 6LHYHUIROJWHQLKQDXI6FKULWWXQG7ULWWPLWGHP=LHOLKQ]X YHUQLFKWHQ 8QG%LOOKDWWHDQ-RKQ6LQFODLUV6HLWHJHNlPSIW9LHOH)lOOH KDWWHQVLHJHPHLQVDPJHO|VW(VODJDXIGHU+DQGGD6KHLOD HEHQIDOOVLQGHQK|OOLVFKHQ6WUXGHOPLWKLQHLQJHULVVHQZXUGH6LH NDQQWHGDV6SULFKZRUWPLWJHIDQJHQPLWJHKDQJHQ %HLLKUHPOHW]WHQ$EHQWHXHUKDWWHHVZHQLJVWHQVQRFKHLQH &KDQFH]XU)OXFKWJHJHEHQ$XVHLQHP.UDQNHQKDXVNRQQWH PDQIOLHKHQGXUFKV)HQVWHU]XP%HLVSLHO-HW]WDEHUKRFNWHVLHLQ HLQHP9HUOLHVWLHIXQWHUGHU(UGHRKQH.RQWDNW]XU$XHQZHOW 'DVPDFKWHVLHVRIHUWLJ 6KHLOD&RQROO\GDFKWHDQLKUHQ6RKQ6LHZDUKHLOIURKGD QLFKWDXFKHULQGLH+lQGHGHU%OXWVDXJHUJHIDOOHQZDU8QG 6KHLODEHWHWHGD%LOOLKU0DQQGHQNOHLQHQ-RKQLQ6LFKHU KHLWEULQJHQZUGH $OOHVDQGHUHZDULKUHJDO 7URW]GHUPLHVHQ6LWXDWLRQLQGHUVLFK6KHLODEHIDQGDUEHLWHWH LKU9HUVWDQGNODUXQGSUl]LVH'DGLH9DPSLUHVLHQLFKWGLUHNW DQJHJULIIHQKDWWHQOLHGDUDXIVFKOLHHQGDVLHQRFKHWZDV PLWLKUYRUKDWWHQ:DKUVFKHLQOLFKVROOWHVLHDOV*HLVHOEHQXW]W ZHUGHQXPDQ-RKQXQG%LOOKHUDQNRPPHQ]XN|QQHQ(LQHLQ IDFKHU3ODQDEHUZLUNXQJVYROO :LHVLH-RKQNDQQWHZUGHHUVLFKHUOLFKGDUDXIHLQJHKHQ8QG VLHZXWHZHLWHUGDGLHYHUGDPPWHQ+|OOHQJHVFK|SIHIDOVFK VSLHOWHQ1RFKQLHKDWWHQVLHLKU:RUWJHKDOWHQ)U9DPSLUHJDE

HV%HJULIIHZLH(KUH0RUDOXQG$QVWDQGQLFKW)UVLH]lKOWHQXU GDV%|VH 6KHLODEHJDQQLQLKUHPULHVLJHQ*HIlQJQLVDXIXQGDE]XZDQ GHUQXQGHV]XXQWHUVXFKHQ0DQFKPDOKDWWHVLHGDV*HIKO LKUHQ7UlQHQIUHLHQ/DXIODVVHQ]XPVVHQGRFKLPPHUZLHGHU ULVLHVLFK]XVDPPHQ 'LHKRKHQGHFNHQVWW]HQGHQ6lXOHQZDUHQGXUFK5XQGE|JHQ PLWHLQDQGHUYHUEXQGHQ6KHLODNDPVLFKNOHLQXQGYHUORUHQYRU 'LHVHV*HZ|OEHZDUXUDOWXQGVLHIUDJWHVLFKZR]XHVHLQPDO JHGLHQWKDEHQPRFKWH 6KHLODIDQGVHKUUDVFKHLQH$QWZRUWGHQQDOVVLHWLHIHULQGDV *HZ|OEHHLQGUDQJYHUHQJWHHVVLFKXQG6KHLODEHWUDWHLQHQ ]LHPOLFKEUHLWHQ*DQJ (VZDUGXQNHOKLHU'HU/LFKWVFKHLQGHU)DFNHOQGUDQJQXUVHKU VFKZDFKKHUEHUVRGD6KHLODHUVWLPOHW]WHQ$XJHQEOLFNGLH 1LVFKHQHQWGHFNWHGLHVLFKJURZLH=LPPHULQGLH:lQGHKLQ HLQVFKREHQ 1HXJLHULJWUDW6KHLODQlKHU 0LWHLQHP6FKUHLIXKUVLH]XUFN .QRFKHQ*HEHLQH7RWHQVFKlGHOLQHLQHPZLUUHQ'XUFK HLQDQGHUODJHQVLHLQGHQ1LVFKHQEHUHLQDQGHUJHVWDSHOW6KHLOD VFKORGLH$XJHQXQGOHJWHLKUH+DQGJHJHQGDVKlPPHUQGH +HU] 'LHVHUIUFKWHUOLFKH$QEOLFNKDWWHVLHJHVFKRFNW6LHHULQQHUWH VLFKGDUDQGDVLHHLQPDO.DWDNRPEHQEHVLFKWLJWKDWWHLQGHQHQ HVlKQOLFKDXVVDK'LH1LVFKHQEHKHUEHUJWHQGLH*HEHLQH]DKO UHLFKHU3HVWWRWHU 6ROOWHGLHVHV*HZ|OEHlKQOLFKHVEHKHUEHUJHQ"(LQHDQGHUH (UNOlUXQJJDEHVIU6KHLODQLFKW 6LHYHUOLHGHQ2UWGHV6FKUHFNHQVVFKULWWZLHGHU]XUFNXQG IKOWHVLFKXQVDJEDUHLQVDPXQGYHUORUHQ'LH3HO]MDFNHKDWWHVLH ]XP*OFNQRFKDQEHKDOWHQVRGDVLHYRUGHUlUJVWHQ.lOWH JHVFKW]WZDU (LQNQDUUHQGHV*HUlXVFKOLHVLHDXIKRUFKHQ 6KHLODEOLHEVWHKHQXQGODXVFKWH

'LH7UZDUJH|IIQHWZRUGHQ 6FKULWWH 6LHNDPHQGLH7UHSSHKHUXQWHUQlKHUWHQVLFKGHP*HZ|OEH bQJVWOLFKSUHWHVLFK6KHLODJHJHQHLQHGHU6lXOHQ.DPHQGLH %OXWVDXJHUMHW]WXPVLH]XKROHQ" (VZDU.DOXUDFSHUV|QOLFKGHUVLFKKHUXQWHUEHPKWH'HU :LGHUVFKHLQHLQHU)DFNHOJHLVWHUWHIUHLQHQZLQ]LJHQ0RPHQW EHUVHLQ*HVLFKWXQGPDFKWHHV]XHLQHU7HXIHOVIUDW]H .DOXUDFKLHOWHWZDVDXIGHP$UP(UEFNWHVLFKXQGOLHGDV (WZDVDXIGHU]ZHLWOHW]WHQ6WXIHOLHJHQ ª(LQ*HVFKHQNIUGLFK©ULHIHUPLWK|KQLVFKHU6WLPPH 'DQQGUHKWHHUVLFKXPXQGYHUVFKZDQGZLHGHU 6KHLODKDWWHHLQHVFKUHFNOLFKH9HUPXWXQJ+DVWLJOLHIVLHDXI GLH7UHSSH]XXQGVFKRQDXIKDOEHQ:HJZXUGHGLH9HUPXWXQJ ]XU*HZLKHLW 'DV:HLQHQHLQHVNOHLQHQ.LQGHVGXUFKVFKQLWWGLH6WLOOH ª-RKQQQ\\\©EUOOWH6KHLODXQGZDUIVLFKZHLQHQGQHEHQ GHU7UHSSH]X%RGHQ (LQ7RWHUZXUGHZLHGHUZDFK (LQ0DQQGHVVHQ+HU]DXIJHK|UWKDWWH]XVFKODJHQGHUDEHU WURW]GHPQRFKOHEWHGDEHLQLFKWDWPHWHGHUNHLQ6SLHJHOELOG PHKUKDWWHXQGNHLQHQ6FKDWWHQPHKUZDUI 'HU0DQQZDUHLQ9DPSLUXQGHUKLHPLWEUJHUOLFKHP 1DPHQ'RPGH/RXLVH (UVDK]ZDUQRFKDXVZLHHLQ0HQVFKGRFKHUIKOWHOlQJVWDOV HLQ*HVFK|SIGHU+|OOH(UKDWWHODQJHJHOHJHQ]XODQJHGHQQ QRUPDOHUZHLVHKlWWHHUVFKRQLP%URVHLQPVVHQ 6FKZHUIlOOLJVWDQGHUDXI1RFKLPPHUWUXJHUGHQ%DGHPDQWHO 0LWHLQHP5XFNVFKOHXGHUWHHULKQYRQVHLQHP.|USHUVFKULWWLQ VHLQ6FKODI]LPPHU|IIQHWHGHQ$QNOHLGHVFKUDQNXQGVXFKWH VHLQH.OHLGXQJKHUDXV (UZlKOWHJHQDXVRUJWHGDIUGDGLH6DFKHQ]XHLQDQGHU SDWHQ6RKDWWHHUHVDOV0HQVFKDXFKLPPHUJHKDOWHQ

'DQQOlXWHWHGDV7HOHIRQ(U]XFNWH]XVDPPHQEHUOHJWHREHU DEKHEHQVROOWHXQGHQWVFKORVLFKHV]XWXQ ª-D©PHOGHWHHUVLFK +DUROG)DUPHUVHLQ$VVLVWHQWZDUGUDQ ª6LULFKGDFKWHHVZlUH,KQHQHWZDVSDVVLHUW:LUZDUHQEH XQUXKLJWZHLO6LHQLFKW© ª,FKIKOHPLFKQLFKWZRKO©JDEGHU9DPSLU]XUFN ª'DQQNRPPHQ6LHQLFKWLQV%UR"© -HW]WKXVFKWHHLQE|VHV/lFKHOQXPGLH/LSSHQGHV%OXWVDXJHUV ª'RFK©HUZLGHUWHHUªLFKNRPPH)DUPHU*DQ]EHVWLPPWVRJDU :DUWHQ6LHDE© ª-DZRKO6LU© 'H/RXLVHOHJWHDXI(UEDQGVLFKHLQH.UDZDWWHVFKOSIWHLQ GDVPDJHVFKQHLGHUWH1DGHOVWUHLIHQMDFNHWWQDKPVHLQHQ$NWHQ NRIIHUXQGZROOWHGLH:RKQXQJVFKRQYHUODVVHQDOVDEHUPDOVGDV 7HOHIRQDQVFKOXJ 'LHVPDOZDUGHU$QUXIHUHLQH)UDX ª,FKKRIIHGXKDVWJXWJHVFKODIHQ'RP©YHUQDKPHUGLH 6WLPPHGHUURWKDDULJHQ5HEHFFD ª-DZXQGHUYROO© ª8QGZLHIKOVWGXGLFK"© ª3UlFKWLJ© ª'XZHLWZDVGHU.|QLJYHUODQJW"© ª,FKZHLHV© ª:LUVWGXGLFKGDUDQKDOWHQ"© ª,FKZHUGH.DOXUDFQLFKWHQWWlXVFKHQ© 5HEHFFDODFKWHª'DQQELVVSlWHU:LUUXIHQZLHGHUDQXQGYHU ODQJHQHLQHQ%HULFKW© 'HU9DPSLUOHJWHDXI.DOXUDF9RUHLQHP7DJQRFKKlWWHHUPLW GLHVHP1DPHQQLFKWVDQ]XIDQJHQJHZXWGRFKMHW]WZXWHHU ZHUVLFKGDKLQWHUYHUEDUJ6HLQ+HUUXQG0HLVWHUGHPHU]X JHKRUFKHQKDWWH(LQHJURH6HKQVXFKWHUIDWHLKQGLHVHQ .DOXUDFHLQPDONHQQHQ]XOHUQHQ'LH=HLWZUGHNRPPHQGD ZDUHUVLFKJDQ]VLFKHU8QGZHQQ.DOXUDFEHIDKOPXWHPDQ JHKRUFKHQ

'HU9DPSLUYHUOLHVHLQH:RKQXQJ (LQH$XIZDUWHIUDXNDPLKPHQWJHJHQ6LHJUWHIUHXQGOLFK GRFKGH/RXLVHHUZLGHUWHGHQ*UXQLFKW(UVDKQXUGHQ+DOV GHU)UDXXQGGLH$GHUQXQWHUGHU+DXWSRFKHQ 3O|W]OLFKEHUNDPLKQGLH*LHU 6HLQH/LSSHQ]XFNWHQHUZROOWHVFKRQVHLQH9DPSLU]lKQH ]HLJHQGRFKHUEHKHUUVFKWHVLFK ª,VW,KQHQQLFKWJXW6LU"©IUDJWHGLH)UDX ª'RFKGRFK© +DVWLJGUFNWHVLFKGH/RXLVHDQGHU)UDXYRUEHLXQGYHU VFKZDQGXPGHQQlFKVWHQ7UHSSHQDEVDW] (UVDKQLFKWGLHQDFKGHQNOLFKHQ%OLFNHGLHLKPKLQWHUKHU JHVFKLFNWZXUGHQ 'H/RXLVHYHUOLHGDV+DXV/DQJVDPNURFKGDV*UDXGHU 0RUJHQGlPPHUXQJEHUGLH/RQGRQHU+lXVHUVFKOXFKWHQ,Q GHQ6WUDHQZDEHUWHQQRFK1HEHOVFKOHLHU(VZDUIHXFKWXQG NKOJHZRUGHQ'LH6RQQHKDWWHNHLQH&KDQFHGXUFK]XEUHFKHQ 8QGGDVIUHXWH'RPGH/RXLVH 6HLQ:DJHQSDUNWHLQGHU*DUDJH(UKDWWHGLHVPDONHLQHQ &KDXIIHXUEHVWHOOWVRQGHUQZROOWHVHOEVWIDKUHQ(VJDOW3OlQH]X VFKPLHGHQXQGYLHO]XEHUOHJHQ :HQLJVSlWHUUROOWHGHUVFKZHUH5RYHUODQJVDPUFNZlUWVDXV GHU*DUDJH6FKRQEDOGKDWWHGHU9DPSLUGLHUXKLJHQ:RKQ YLHUWHOKLQWHUVLFKJHODVVHQ(UIXKUMHW]WEHUGLH3DUN/DQHDQ GHU2VWVHLWHGHV+\GH3DUNVYRUEHLSDVVLHUWHGDV+LOWRQ+RWHO XQGGDV:HOOLQJWRQ0XVHXPhEHUGLH*URVYHQRU/DQHQlKHUWH HUVLFKGHP5HJLHUXQJVYLHUWHO 5XKLJKLHOW'RPGH/RXLVHGDV6WHXHU1LFKWVDQVHLQHU +DOWXQJYHUULHWGDHUJHVWHUQQRFKHLQJDQ]DQGHUHUJHZHVHQ ZDU(UVDKDXVZLHLPPHUEHZHJWHVLFKZLHLPPHUXQGUHGHWH ZLHLPPHU 8QGGRFKZDUHUHLQ*HVFK|SIGHU)LQVWHUQLV :HJHQGHVOHLFKWHQ1HEHOVKDWWHQVlPWOLFKH)DKU]HXJHGLH 6FKHLQZHUIHUHLQJHVFKDOWHW 'HU9DPSLUVWHOOWHVLFKDXIGLHJHJHEHQHQ9HUNHKUVYHUKlOWQLVVH

HLQ(UIXKUMHW]WEHUGLH9LFWRULD6WUHHW-HPHKUHUVLFKGHP 5HJLHUXQJVYLHUWHOQlKHUWHXPVRGLFKWHUZXUGHGHU9HUNHKU /RQGRQHUOHEWHGHQ0RUJHQVWDX 1XULP6FKULWWHPSRJLQJHVZHLWHU 8QGGDQQVDKHUGDV*HElXGHYRQ1HZ6FRWODQG
QLFKWPHKU,PPHUVWlUNHUVSUWHHUGHQ'UDQJGDV]XWXQZDV HLQ9DPSLUWXQPXWHXP]XEHUOHEHQ (VNORSIWH$EHUQLFKWDQGLH7U]XP9RU]LPPHUVRQGHUQDQ GLH]ZHLWHGLH]XP%URGHV$VVLVWHQWHQIKUWH ª&RPHLQ© +DUROG)DUPHUEHWUDWGHQ5DXP 6PDUWMXQJIOH[LEHODQJHQHKPH(UVFKHLQXQJ8PGLH'UHLLJ XQGVHKUG\QDPLVFK:HUEHDJHQWXUHQVXFKWHQPLWGLHVHQPDUNL JHQ:RUWHQLKUH0LWDUEHLWHU8QGLQHLQH$JHQWXUKlWWH+DUROG )DUPHUYLHOEHVVHUJHSDW 6WHWVZDUHUQDFKGHUQHXHVWHQ0RGHJHNOHLGHWJLQJMHGH :RFKH]XP)ULVHXUXQGOLHVLFKGRUWDXFKVHLQHQGXQNOHQ 2EHUOLSSHQEDUWVFKQHLGHQ (UWUXJHLQHQEODXHQ1DGHOVWUHLIHQDQ]XJGHUYHUGDPPWWHXHU DXVVDK$EHUZHQQPDQHLQHQUHLFKHQ9DWHUKDWWHZLH)DUPHU NRQQWHPDQVLFKGLHVH.OHLGXQJOHLVWHQ 6HNXQGHQODQJPXVWHUWHQVLFKGLHEHLGHQXQJOHLFKHQ0lQQHU 'RPGH/RXLVHKDWHVHLQHQ0LWDUEHLWHU(UZXWHGD)DUPHU QXUGDUDXIZDUWHWHVHLQHQ3RVWHQ]XEHVHW]HQ 'HU(PSRUN|PPOLQJODXHUWHI|UPOLFKGDUDXIGHQ6SUXQJ QDFKJDQ]REHQ]XVFKDIIHQXQGHUZDUWHWHGDGH/RXLVHHLQHQ )HKOHUEHJLQJ 'RFKGHU9DPSLUZDUHLQDOWHU3UDNWLNHU6ROHLFKWPDFKWHLKP QLHPDQGHWZDVYRU8QGGLHVHU7KHRULHVFKQ|VHOVFKRQJDUQLFKW :LHLPPHUOlFKHOWH)DUPHUDOVHUGHQ0RUJHQJUXHQWERW 'H/RXLVHQLFNWHQXU ª'HU6WDDWVVHNUHWlU7KRUSUDLQHKDWVFKRQQDFK,KQHQJHIUDJW 6LU,FKKDEHLKPJHVDJWGD© ª*HVFKHQNW)DUPHU© ª:LH6LHZQVFKHQ6LU©'HU.QDEHEOLHEDDOJODWWª'DUILFK GDQQGLH8QWHUODJHQEHL,KQHQDEJHEHQ"© ª:RUXPKDQGHOWHVVLFK"© ª8PGDV6WDXGDPPSURMHNWLQ$IULND6LHZLVVHQVFKRQGLH 6DFKHDQGHUVLFKDXHUXQVQRFKDQGHUH/lQGHUEHWHLOLJHQ ZROOHQ$XFKGLH'HXWVFKHQVLQGGDEHL©

ª-DMDVFKRQJXW)DUPHU,FKZHUGHPLUGLH8QWHUODJHQVHOEVW DQVHKHQ6LHN|QQHQGDQQJHKHQ© ª:LH6LHZQVFKHQ6LU© +DUROG)DUPHUGHXWHWHHLQH9HUEHXJXQJDQXQGYHUVFKZDQG $POLHEVWHQZUGHHUPLUGHQ'ROFKLQGHQ5FNHQERKUHQ GDFKWHGHU8QWRWH(UVFKDXWHKLQWHUVHLQHP$VVLVWHQWHQKHU:LH YRQVHOEVW]RJHUGLH/LSSHQ]XUFNXQGEOHFNWHVHLQHEHLGHQ 9DPSLU]lKQH 'LH6XFKWVWHLJHUWHVLFK(UEDOOWHEHLGH+lQGH]X)lXVWHQ NHXFKWHXQGNQXUUWHZDUIVLFKDXIVHLQHP6HVVHOKLQXQGKHU XQGZDUWHWHELVGHU$QIDOOYRUEHUZDU :LHGHUHLQLJHUPDHQEHL.UlIWHQJULIIHU]XP6SUHFKDSSDUDW XQGVDJWHVHLQHU6HNUHWlULQGDHUQLFKWJHVW|UWZHUGHQZROOWH 'DQQOLHHUVHLQHQ.RSIVFKZHUDXIGLH6FKUHLEWLVFKSODWWHIDOOHQ XQGEOLHELQGHU+DOWXQJKRFNHQ 'LH=HLWYHUUDQQ$XV0LQXWHQZXUGHQ6WXQGHQ'LH 0LWWDJV]HLWNDP'LHPHLVWHQJLQJHQMHW]W]XP(VVHQ(LQHUGHU ZHQLJHQGLHIDVWLPPHUGDEOLHEHQZDU+DUROG)DUPHU 'LH6XFKWZXUGHVWlUNHU(VHUVFKLHQ'RPGH/RXLVHIDVWXQ P|JOLFKVHLQHQHLJHQWOLFKHQ$XIWUDJ]XHUIOOHQ(UKDWWHDP 1DFKPLWWDJHLQH%HVSUHFKXQJPLWHLQLJHQ6WDDWVVHNUHWlUHQ'D VROOWHHU]XPHUVWHQPDO]XVFKODJHQ $OOHYLHUVROOWHQVHLQH2SIHUZHUGHQ $EHUVRODQJHKLHOWHUHVQLFKWDXV(UEUDXFKWHHV=XVHKU ZWHWHGLH*LHULQLKP (VZDU0LWWDJ 8QGGDZDUVHLQ$VVLVWHQW ,KPZROOWHHUVFKRQODQJHHLQVDXVZLVFKHQ*HPHUNWKDWWH )DUPHUQLFKWV1HLQZHUDKQWHVFKRQ 'LH)LQJHUQlKHUWHQVLFKGHU6SUHFKDQODJHGRFKNXU]]XYRU ]XFNWHGLH+DQGZLHGHU]XUFN (UWUDXWHVLFKQLFKW ª$EHUZDUXPHLJHQWOLFKQLFKW"©IOVWHUWHHUª(VLVWGRFKNHLQ 5LVLNRGDEHL8QGPLW]ZHL/HXWHQLVWGHU$XIWUDJZHVHQWOLFK EHVVHUGXUFK]XIKUHQ©

'DZDJWHHVGH/RXLVHXQGVFKDOWHWHGLH6SUHFKDQODJHHLQ ª6LU"© ª%LWWHNRPPHQ6LH]XPLU© ª6RIRUW6LU© :LHGLHQVWEHIOLVVHQGLHVHYHUGDPPWH6WLPPHZLHGHUNODQJ -DGHU.ULHFKHUZXWHVLFK]XYHUNDXIHQ=DKOUHLFKH0HQVFKHQ ILHOHQDXILKQKHUHLQ6LHKLHOWHQLKQIUHLQHQWROOHQ0DQQ9RU DOOHQ'LQJHQGLH)UDXHQ2EMQJHUHRElOWHUH)DUPHUGUHKWHVLH DOOHVRZLHHUVLHKDEHQZROOWH%LVGLH)UDXHQHWZDVPHUNWHQ ZDUHVOlQJVW]XVSlW /lFKHOQGXQGIULVFKZLHDP0RUJHQEHWUDW+DUROG)DUPHUGDV %UR'RFKVHLQH$XJHQOlFKHOWHQQLFKW6LHEOLFNWHQVS|WWLVFKDOV YHUZQVFKWHQVLH'RPGH/RXLVH ª6LHVHKHQVFKOHFKWDXV6LU9HU]HLKHQ6LH© ª-DLFKIKOHPLFKKHXWHQLFKWJXWZHQQLFKHKUOLFKVHLQVROO PHLQ/LHEHU© ª,FKZHLGHU6WUH(USDFNWXQVDOOH6LU©+DUROG)DUPHU OHJWHVHLQH+lQGHDXIGHQ5FNHQª:RPLWNDQQLFK,KQHQ GLHQHQ6LU"© ª-DHVJHKWKLHUXPHLQHQ)DOOGHUVFKRQODQJH]XUFNOLHJW© ª8PZHOFKHQELWWH"© ª*HPDFKMXQJHU0DQQJHPDFK,FKPXGLH$NWHHUVWDXV GHP6FKUDQNKROHQ©'RPGH/RXLVHVWHPPWHVLFKDXVVHLQHP 6HVVHOKRFK(UVFKULWW]XGHPLQGHU:DQGHLQJHEDXWHQKRKHQ 0DKDJRQLVFKUDQNXQG|IIQHWHLKQ ,QPHKUHUHQ/DJHQVWDQGHQGLH$NWHQEHUHLQDQGHU 'RPGH/RXLVHUHFNWHVLFK'LH%HOHXFKWXQJZDUQLFKWJHUDGH RSWLPDO(UNRQQWHQXUPLW0KHOHVHQ ª6ROOLFKGLH9RUKlQJHDXI]LHKHQ6LU"©IUDJWH+DUROG)DUPHU ª1HLQ©'LH$QWZRUWNODQJEDUVFKXQGKDUW ª(QWVFKXOGLJHQ6LHHVZDUQXUHLQH)UDJH©+DUROG)DUPHUWUDW GLFKWDQVHLQHQ9RUJHVHW]WHQKHUDQ(UZDUDKQXQJVORVGDFKWH DQQLFKWV%|VHV -HW]W-HW]WPXWGXHVZDJHQ 'RPGH/RXLVHYHUVWHLIWHVLFK

ª6LUZHQQLFK,KQHQEHKLOIOLFKVHLQNDQQGDQQ© ª1HLLQQQ©0LWGLHVHP6FKUHLDXIGHQ/LSSHQIXKUGHU9DPSLU KHUXPXQGZDUIVLFKJHJHQGHQY|OOLJEHUUDVFKWHQ+DUROG )DUPHU'LH:XFKWGHV$XISUDOOVZDUVRJURGDGHUMXQJH $VVLVWHQW]X%RGHQJHZRUIHQZXUGH=XVHLQHP*OFNGlPSIWH GHU7HSSLFKGHQ)DOO 6RIRUWUROOWHVLFK)DUPHU]XU6HLWHª6LQG6LHZDKQVLQQLJ"© VFKULHHUª,FKZHUGH© 'RPGH/RXLVHSDFNWHHLQHQ6WXKO ª1LFKW©,QHLQHUYHU]ZHLIHOWHQ*HVWHKRE)DUPHUGLHUHFKWH +DQG 'HU9DPSLUVFKOXJ]X0KHORVGXUFKEUDFKGHU6WXKOGLH SURYLVRULVFKH'HFNXQJGHV0DQQHV 'RPGH/RXLVHDEHUODFKWH'DQQEHXJWHHUVLFKQLHGHUXP +DUROG)DUPHUGHQ9DPSLUNX]XJHEHQ 'RPGH/RXLVHHUZDFKWHZLHDXVHLQHP5DXVFK0LQXWHQODQJ KDWWHHULQGHUNQLHQGHQ6WHOOXQJDXVJHKDUUW-HW]WNDPHUDXIGLH %HLQH0LWJOlQ]HQGHQ$XJHQVWDUUWHHUDXIGHQDP%RGHQ OLHJHQGHQMXQJHQ0DQQ)DUPHUEHZHJWHVLFKQLFKWJDQ]UXKLJ ODJHUGD $EHUGHU.HLPGHV%|VHQZDUJHVlW 1LHPDQGKDWWH'RPGH/RXLVHEHREDFKWHW6LFKHUKHLWVKDOEHU VFKULWWHU]XU'RSSHOWU|IIQHWHVLHXQGVFKDXWHLQGDV 6HNUHWDULDW:DQGD3HUQHOOGLH9RU]LPPHUHOIHZDUQLFKWGD %HVWLPPWKRFNWHVLHZLHGHULQLUJHQGHLQHP'UXJVWRUH'RUW VFKDXIHOWHVLH6DKQHWRUWHLQVLFKKLQHLQXQGGDFKWHQLFKWLP 7UDXPDQLKUH)LJXU $EHUGDVZDUGH/RXLVHMHW]WHJDO+DXSWVDFKHVHLQH6HNUHWlULQ ZDUQLFKWLP+DXV (UVFKORGLH7UZLHGHUXQGZLGPHWHVLFKVHLQHP$VVLVWHQWHQ XQGMHW]LJHP%OXWVEUXGHU ,P%URJDEHVHLQHQNOHLQHQ:DVFKUDXP(UODJYHUVWHFNW KLQWHUHLQHU(LQEDXWU

'RPGH/RXLVH|IIQHWHGLH7UXQGVFKOHLIWH+DUROG)DUPHULQ GHQ0LQL:DVFKUDXP(UZLQNHOWH)DUPHUV%HLQHDQOHKQWHVLH JHJHQGLH:DQGXQGVFKORGLH7UZLHGHUDE :HQQ)DUPHUVRZHLWZDUZUGHHUVLFKVFKRQPHOGHQ 'H/RXLVHZLVFKWHVLFKEHUGHQ0XQG(UIKOWHGLHEHLGHQ =lKQHXQGDOVHUGLH+DQG]XUFNQDKPVDKHUDXIGHP5FNHQ HLQHQURWHQ6WUHLIHQ 'HU9DPSLUOlFKHOWHE|VH*OHLFK]HLWLJDEHUIKOWHHUVLFK ]XIULHGHQZLHODQJHQLFKWPHKU'LH)HXHUSUREHKDWWHHUEH VWDQGHQMHW]WIUHXWHHUVLFKDXIGLH%HVSUHFKXQJPLWGHQYLHU 5HJLHUXQJVDQJHVWHOOWHQ'HQQGDZROOWHHUVHLQ0HLVWHUVWFN OLHIHUQ +LPPHOZDUGDVHLQH)DKUW :LUKDWWHQQLFKWGDV*OFNHLQHQ7D[LIDKUHU]XWUHIIHQXQG DXFKGXUFK*HOGXQGJXWH:RUWHZDUGHU%UJHUPHLVWHUQLFKW GD]X]XEHZHJHQXQVVHLQHQ'LHQVWZDJHQ]XU9HUIJXQJ]X VWHOOHQ(UNRQQWHXQVQLFKWOHLGHQ $OVRWXFNHUWHQZLUPLWGHP%XVORV%LV6LELXHUOHEWHQZLUDOOH +|KHQXQG7LHIHQHLQHU%XVIDKUW$OVZLUGLH6WDGWVFKOLHOLFK HUUHLFKWHQWDWPLUPHLQ+LQWHUWHLOZHKZHLOLFKDXIHLQHP6LW] RKQH)HGHUXQJJHKRFNWKDWWH0HLQH*HOHQNHZDUHQVRPGH GDLFKHUVWHLQPDO*\PQDVWLNPDFKHQPXWH 6RIRUWIXKUHQZLU]XP)OXJKDIHQ =XXQVHUHP*OFNZDUGHU1HEHOYHUVFKZXQGHQ$P)OXJ KDIHQUHLFKWHQHLQLJH6FKHLQFKHQXPVLFKGLH&KDUWHUPDVFKLQHQ DXVVXFKHQ]XN|QQHQ6FKRQEDOGZDUHQZLULQGHU/XIW .XUV%XNDUHVW 'DQQPLWGHU/LQLHQPDVFKLQHQDFK/RQGRQ=ZLVFKHQGXUFK ULHILFKQRFKEHL%LOO&RQROO\DQEHNDPDEHUNHLQH9HUELQGXQJ 'LH:RUWHGHV7HOHJUDPPVKDWWHQVLFKLQPHLQHP+LUQIHVW JHEUDQQW$OOHZDUHQZLUZlKUHQGGHU5HLVHVHKUHUQVW$XFK )DQWLVHN0DUHNGHPHVJHOXQJHQZDUVLFKYRQVHLQHU)UDX ORV]XHLVHQ0DULHKDWWHVFKOLHOLFKHLQ(LQVHKHQJHKDEW

,Q5XPlQLHQKDWWHQZLUXQVPLW9DPSLUHQKHUXPJHVFKODJHQ $EHULQ/RQGRQHUZDUWHWHXQVGLH+|OOH 'HVVHQZDULFKPLUVLFKHU ,Q3HWULODNRQQWHPDQGLH9DPSLUEUXWHLQLJHUPDHQXQWHU .RQWUROOHKDOWHQ'RFK/RQGRQZDUJU|HUGDIDQGHQVLHLKUH 2SIHURKQHGDMHPDQGYRUOlXILJ1RWL]GDYRQQDKP8QGELV ZLUHVHUIXKUHQZDUHVPHLVWHQV]XVSlW'HU9DPSLULVPXV EUHLWHWVLFKLPPHUQDFKGHP6FKQHHEDOOV\VWHPDXV 9HUGDPPWLFKGXUIWHJDUQLFKWGDUDQGHQNHQ :LUVFKZHEWHQ/RQGRQHQWJHJHQXQGLQGHQ1HEHOKLQHLQ ,FKEHNDPHVPLWGHU$QJVW]XWXQ:HQQZLUDXIHLQHPDQGHUHQ )OXJKDIHQODQGHQPXWHQJLQJQRFKPHKU=HLWYHUORUHQ ,FKHUNXQGLJWHPLFKEHLGHU6WHZDUGHª,VW+HDWKURZIUHL"© 6LHOlFKHOWHª-D6LUZLUODQGHQLQ/RQGRQ© ª,FKGDQNH,KQHQ© 1XQHVZXUGHHLQHYHUGDPPWVFKZLHULJH/DQGXQJGHQQGHU 3LORWPXWHVLFKDOOHLQDXIVHLQH,QVWUXPHQWHYHUODVVHQ6HKHQ NRQQWHHULQGHU:DVFKNFKHNDXPHWZDV 5XFNHOQGVHW]WHGLH0DVFKLQHDXIXQGUROOWHUXKLJDXV'HQ 3DVVDJLHUHQILHOHLQ6WHLQYRP+HU]HQ8QG0DUHNDXFK(UIORJ ]XPHUVWHQPDOLQVHLQHP/HEHQ6HLQ*HVLFKW]HLJWHHLQHXQ JHVXQGH%OlVVH 'LH.RQWUROOHOLHIUDVFKEHUGLH%KQH -DQH&ROOLQVZDUWHWHVFKRQDXIXQV6LHIORJPLULQGLH$UPH ª0HLQ*RWW-RKQHVLVWVRVFKUHFNOLFK© ,FKQLFNWHª8QG%LOO"© ª(UZDUWHWEHLPLU]X+DXVH'XNDQQVWGLUMDYRUVWHOOHQZLHHV LQLKPDXVVLHKW© ª*HZL© ,FKHUNOlUWH-DQHZHU0DUHNZDUXQGZHOFKH$XIJDEHHUEHU QRPPHQKDWWH:LUNOHPPWHQXQVGDQQDOOHLQ-DQHV9: ª)DKUXQV]XP
ª2ND\-RKQ© 1RFKQLHZDUPLUGLH6WUHFNHYRP)OXJKDIHQELV]XU9LFWRULD 6WUHHWVRZHLWYRUJHNRPPHQ:LHTXlOWHQXQVGXUFK/RQGRQV 1DFKPLWWDJVYHUNHKUXQGZDUHQDOOHKHLOIURKDOVZLUGDVYRP 'XQVWXPIORUWH
ª,VWKLHUVFKRQZDVSDVVLHUW"$XHUGHU(QWIKUXQJPHLQH LFK© ª=XP*OFNQLFKW'DVKHLWZLUZLVVHQHVQLFKW© ª'DUILFKPDOGXUFK"©'DVZDU*OHQGDGLHGDIUDJWH6LHNDP PLWGHP.DIIHHª6LHDXFKHLQH7DVVH6LU"© 3RZHOOYHU]RJGDV*HVLFKWª.DIIHHLVW*LIWIUPHLQHQ0DJHQ 8QGIU,KUHQDXFK© (UZDUZLUNOLFKZLHGHUHLQPDOPLHVHU/DXQHGHUJXWH3RZHOO :HULKQQLFKWNDQQWHKlWWHLKQIUHLQHQ*ULHVJUDPJHKDOWHQ *OHQGDVFKHQNWH.DIIHHHLQ)U3RZHOOZLHGHUHLQ*UXQG PLFKDQ]XPRVHUQ ª:HQQ6LH,KUH.DIIHHWDQWHQUXQGHEHHQGHWKDEHQN|QQHQ6LH PLFKPDODXINOlUHQ© ª,FKGDFKWHGDVZlUHQ6LH© ª6FKHU]HVLQGIHKODP3ODW]H6LQFODLU© =DFNGDKDWWHLFKHVZLHGHU$EHUGDVPDFKWHPLUQLFKWV,FK KDWWHHLQGLFNHV)HOO'HUHLQ]LJHGHUQLFKWPLWEHNDPZDVOLHI ZDUGHUDOWH0DUHN(UVDDXIVHLQHP6WXKOXQGVFKDXWHYRQ HLQHP]XPDQGHUHQ ,FKQDKPHLQSDDU6FKOXFNHXQG]QGHWHPLUGDQQHLQH =LJDUHWWHDQ :LHGHUPHFNHUWH3RZHOOª-HW]WYHUSHVWHQ6LHDXFKQRFKGLH /XIW© ,FKGUFNWHGLH=LJDUHWWHDXVXQGEHJDQQPLWPHLQHP%HULFKW 3RZHOOK|UWHJHGXOGLJ]X6FKOLHOLFKVDJWHHUª2ND\6LHVLQG DOVRZXQGHUEDULQGLH)DOOHJHJDQJHQ$XFKGHUEHUKPWH *HLVWHUMlJHU-RKQ6LQFODLULVWQLFKWDOOZLVVHQG© ª'DVKDEHLFKQLHEHKDXSWHW6LU© ª$QGHUH)UDJH+DEHQ6LHVLFKVFKRQGDUEHU*HGDQNHQJH PDFKWZLHHVZHLWHUJHKHQVROO"© ª1HLQ© 3RZHOOV*HVLFKWOHJWHVLFKLQ)DOWHQª8QGZDUXPQLFKW"© ª:HLOLFKHUVWPLW%LOO&RQROO\UHGHQP|FKWH(UZHL%HVFKHLG XQGPWHJOHLFKKLHUHLQWUHIIHQ© 'LHVPDOHQWKLHOWVLFK3RZHOOHLQHV.RPPHQWDUVXQGYHUODQJWH

VWDWWGHVVHQª.OlUHQ6LHPLFKELWWHEHUGLH)XQNWLRQGLHVHV *HQWOHPDQDXI©'DPLWPHLQWHHU0DUHNGHQ3IlKOHU ,FKEHULFKWHWHLKPZHVKDOE0DUHNPLWJHNRPPHQZDUXQG ZHOFKHV(UEHHUEHUQRPPHQKDWWH ª'DUILFKGHQ3IORFNHLQPDOVHKHQ"©IUDJWH3RZHOO ª6LFKHU©,FKVSUDFK0DUHNDXIUXPlQLVFKDQXQGHUKROWHGHQ 3IORFNXQWHUVHLQHP-DFNHWWKHUYRU 3RZHOOZRJLKQLQGHU+DQGXQGEHWUDFKWHWHLKQJHQDX ,FKNRQQWHPLUHLQH%HPHUNXQJQLFKWYHUNQHLIHQª'DV'LQJ VWHKW,KQHQJXW6LU)HKOWQXUQRFKGHU9DPSLU© (UZDUIPLUHLQHQGROFKVFKDUIHQ%OLFN]XXQGJDE0DUHNGHQ 3IORFN]XUFN 'DQQWUDI%LOO&RQROO\HLQ ,FKHUVFKUDN %LOOVDKDXVZLHHLQDOWHU0DQQ*UDXGLH*HVLFKWVKDXWGLH /LSSHQVFKPDOGLH:DQJHQHLQJHIDOOHQGLH$XJHQURW:DV PXWHHUKLQWHUVLFKKDEHQ ª-RKQ©VDJWHHUQXUªPHLQ*RWW,FKZHLQLFKWPHKUZDVLFK PDFKHQVROO© :LUXPDUPWHQXQV:LHODQJHNDQQWHLFK%LOOVFKRQ"'LH-DKUH KDWWHLFKJDUQLFKWJH]lKOW8QGHUZDUHLQ'UDXIJlQJHUZLHHU LP%XFKHVWHKW+DWWHIUKHUUHLKHQZHLVHGLH0lGFKHQKHU]HQ JHEURFKHQOLHVLFKYRQNHLQHU*HIDKUDEVFKUHFNHQXQGZRDP PHLVWHQ7URXEOHZDUGDIDQGPDQ%LOO&RQROO\$XFKGLH+HLUDW KDWWHLKQQLFKWJURYHUlQGHUW6LFKHUIULKQJDEHVQXUQRFK HLQH)UDXDEHULQVHLQHP+HU]HQZDUHULPPHUQRFKGHUDOWH 8QGMHW]W"1HLQGDVZDUQLFKWPHKUGHUDOWH%LOO&RQROO\'DV ZDUHLQJHEURFKHQHU0DQQGHQHLQJUDXVDPHV6FKLFNVDOIHUWLJ JHPDFKWKDWWH 8QVHUH*HJQHUZXWHQZRVLFKXQVHUH6FKZDFKVWHOOHQEH IDQGHQ8QGVLHNDQQWHQNHLQH*QDGHVLHPDFKWHQQLFKWHLQPDO YRUNOHLQHQ.LQGHUQKDOWVRQGHUQVSLHOWHQVLHQRFKDOV-RNHULQ LKUHPK|OOLVFKHQ6SLHODXV %LOOKDWWHQVLHGDV/LHEVWHJHQRPPHQZDVHUDXIGHU:HOW EHVD+|FKVWZDKUVFKHLQOLFKJDOWGLHVHU$QJULIIDEHUPLU

,FKVDJHEHZXWK|FKVWZDKUVFKHLQOLFKGHQQQRFKZXWHQZLU QLFKWZDVXQVHUH*HJQHUJHQDXEH]ZHFNWHQ*HPHOGHWKDWWHQVLH VLFKQRFKQLFKW9LHOOHLFKWZDUHQQRFKQLFKWDOOH9RUEHUHLWXQJHQ JHWURIIHQGHQQZHQQZLUNOLFK.DOXUDFKLQWHUDOOGHQ*UHXHOWDWHQ VWHFNWHGDQQSODQWHHUHLQHQ$QJULIILPJURHQ6WLO :LHLFKLKQHLQVFKlW]WHZROOWHHUZLHGHUGLHDOWHQ=HLWHQ ]XUFNKROHQ ,P.ODUWH[WKLHGDV+HUUVFKDIWGHU9DPSLUHEHUGLH 0HQVFKKHLW8QGGDVLQ(QJODQGLQ/RQGRQ (LQH9RUVWHOOXQJGLHPLUGHQ$QJVWVFKZHLDXVGHQ3RUHQ WULHE8QGZLUZXWHQQLFKWZRVLFKGLH%OXWVDXJHUYHUVWHFNW KLHOWHQ9LHOOHLFKWZDUHQVLHJDUQLFKWLQ/RQGRQYLHOOHLFKWKDWWHQ VLHVLFKHLQHDQGHUH6WDGWDXVJHVXFKWRGHUVLFKLUJHQGZRDXIGHP /DQGIHVWJHVHW]W 0|JOLFKNHLWHQJDEHVYLHOH 'DV)DWDOHDQGHU6LWXDWLRQZDUMDGDGLHDQGHUHQHUVW]X VFKODJHQPXWHQGDPLWZLUHWZDVXQWHUQHKPHQNRQQWHQ 3RZHOOVSUDFKGDVDXVZDVZRKODOOHGDFKWHQª6HOWHQZDUHQ ZLUVRKLOIORVQLFKWZDKU"© :LUVWLPPWHQLKP]X %LOOEHULFKWHWHZR6KHLODHQWIKUWZRUGHQZDUXQGHU]lKOWH ZLHHUQDFK+DXVHJHUDVWZDUXQG3ROO\GDV+DXVPlGFKHQGRUW YRUJHIXQGHQKDWWH ª+DWGLHVH3ROO\GHQQGLUZDVVDJHQN|QQHQ"©IUDJWHLFK %LOOQLFNWHXQGEHULFKWHWHNXU](UKROWHHLQH=LJDUHWWHDXVGHU 6FKDFKWHOXQGVHLQH)LQJHU]LWWHUWHQGDEHL'DVKDWWHLFKEHLLKP QRFKQLHJHVHKHQ ,FKJDELKP)HXHUª'HU3ODQZDUJXWYRUEHUHLWHW©VDJWHLFK ª0DQZLUGGLFKXQGGHLQH)DPLOLHEHREDFKWHWKDEHQ,VWHXFK QLFKWVDXIJHIDOOHQ"© ª1HLQ-RKQZLUZDUHQDKQXQJVORV:HQQLFKGDUDQGHQNH GDGLH%OXWVDXJHU6KHLODXQGGHQNOHLQHQ-RKQQ\©6HLQH 6WLPPHHUVWDUE%LOOKDWWH0KHGLH%HKHUUVFKXQJ]XEHZDKUHQ ,FKOHJWHGHP)UHXQGGLH+DQGDXIGLH6FKXOWHUª:LUZHUGHQ XQVHU%HVWHVJHEHQ%LOO'DUDXINDQQVWGXGLFKYHUODVVHQ©

$QGHUH:RUWHILHOHQPLULQGLHVHP$XJHQEOLFNQLFKWHLQXQGLFK ZXWHVHOEVWZLHSKUDVHQKDIWVLHZDUHQ ,FKILQJHLQHQ%OLFNPHLQHV&KHIVDXIXQGHUNDQQWHLQVHLQHQ $XJHQGLH6RUJH'HU)DOOJLQJDXFKHLQHP0DQQZLH3RZHOO VFKZHUDQGLH1LHUHQ8QWHUGHURIWUDXKHQ6FKDOHYHUEDUJVLFK HLQKHU]HQVJXWHU.HUQ %LOOGUFNWHGLH=LJDUHWWHDXV ª8QGZDVPDFKHQZLUMHW]W"©IUDJWHHU 'LH$QWZRUWJDE-DQHª:LUPVVHQGHQ)DOOQRFKHLQPDOLQ DOOHQ(LQ]HOKHLWHQGXUFKJHKHQHWZDVDQGHUHVEOHLEWXQVQLFKW EULJ9LHOOHLFKWKDEHQZLUHWZDVEHUVHKHQXQGVWRHQGDEHLDXI HLQH6SXU© ª0|JOLFK©VDJWHLFK ª:HLWGXHWZDVEHVVHUHV"© ª1HLQ©JDELFK]X 'DVFKULOOWHGDV7HOHIRQ 'RPGH/RXLVHV1HUYRVLWlWZXFKVYRQ6WXQGH]X6WXQGH'HU 0LWWDJZDUYRUEHLXQGGLHIUKHQ1DFKPLWWDJVVWXQGHQODJHQ HEHQIDOOVVFKRQKLQWHULKP :DQGD3HUQHOOZDUDXVLKUHU3DXVH]XUFNJHNRPPHQXQG KDWWHGH/RXLVHGLH0LWWDJVSRVWJHEUDFKW $XIJHIDOOHQZDUGHU)UDXQLFKWV +DUROG)DUPHUODJQRFKLPPHULQGHPNOHLQHQ:DVFKUDXP 'RPGH/RXLVHOLHLKQEHZXWGRUWOLHJHQHUVROOWHVLFKHUVWHLQ PDODQVHLQHQQHXHQ=XVWDQGJHZ|KQHQ 'H/RXLVHODV$NWHQRKQHVLFKEHZXW]XZHUGHQZDVHU HLJHQWOLFKGDODV 'LH6SUHFKDQODJHVXPPWH 'H/RXLVHOHJWHGHQ+HEHOXPª-D"© :DQGD3HUQHOOZROOWHHWZDVYRQLKPª,FKP|FKWH6LHQXUDQ GLH%HVSUHFKXQJHULQQHUQ6LU© ª-DLFKZHLGDQNH© ª8QGQRFKHWZDV6LU©

ª5HGHQ6LHVFKRQ© ª0U)DUPHULVWQLFKWLQVHLQHP%UR(VVLQGVFKRQ]ZHL $QUXIHIULKQJHNRPPHQ:LVVHQ6LHYLHOOHLFKW6LUZRHUVLFK DXIKlOW"© ª-DHVJLQJLKPQLFKWJXW(UKDWWH0DJHQEHVFKZHUGHQXQG LFKKDEHLKQQDFK+DXVHJHVFKLFNW,FKYHUJDQXU6LHGDUEHU ]XLQIRUPLHUHQ©'LH$XVUHGHIOR'RPGH/RXLVHJODWWEHUGLH /LSSHQ ª'DQQLVWHVJXW6LU© 'RPGH/RXLVHXQWHUEUDFKGLH9HUELQGXQJ(UJULII]XVHLQHQ =LJDUUHQGRFKGDILHOLKPDXIGDHUNHLQ9HUODQJHQGDQDFK VSUWH(VZDUZLHDEJHVFKDOWHW 'RPZROOWHQDFK+DUROG)DUPHUVHKHQ (UVWDQGDXI|IIQHWHGLH7U]XP:DVFKUDXPXQGVDK)DUPHU OLHJHQZLHHULKQ]XUFNJHODVVHQKDWWH'H/RXLVHEFNWHVLFK XQGVWLHGHQ0DQQDQ'DQQGUHKWHHUGHVVHQ.RSIVRGDHULQ )DUPHUV*HVLFKWVFKDXHQNRQQWH )DUPHU|IIQHWHGLH$XJHQ(UVWDUUWH'RPGH/RXLVHPLWHLQHP XQYHUVWlQGOLFKHQ%OLFNDQDOVN|QQWHHUQLFKWEHJUHLIHQZHUGD YRULKPVWDQG ª'XHUNHQQVWPLFK"©IUDJWHGH/RXLVH-HW]WGDVLH9HUEQGHWH ZDUHQGX]WHQVLHVLFK )DUPHUGHXWHWHHLQ1LFNHQDQ ª:LHIKOVWGXGLFK"© ª*XW©'LH$QWZRUWZDUNDXP]XYHUVWHKHQ 'RPGH/RXLVHNLFKHUWHª'XZLUVWGLFKEDOGQRFKYLHOEHVVHU IKOHQPHLQ)UHXQGZHQQHUVWGHLQ'XUVWJHVWLOOWLVW=LHKGHLQH 2EHUOLSSH]XUFN+DUROG© )DUPHUJHKRUFKWH 'RPGH/RXLVHVDKGLHEHLGHQVSLW]HQ(FN]lKQHGLHGHXWOLFK YRQGHQDQGHUHQ=lKQHQDEVWDFKHQ(UKDWWHHVDOVRJHVFKDIIW +DUROG)DUPHUZDU]XHLQHP9DPSLUJHZRUGHQ 'H/RXLVHVWUHFNWHGLHUHFKWH+DQGDXVª.RPPPHLQ)UHXQG LFKKHOIHGLUKRFK© =ZHLNDOWH+lQGHIDQGHQVLFKXQG+DUROG)DUPHUNDPDXI

GLH)H(UPXWHJHVWW]WZHUGHQGDHU]XZDFNHOLJDXIGHQ %HLQHQZDU 'HU6SLHJHOEHUGHPNOHLQHQ:DVFKEHFNHQ]HLJWHQLFKWV1LFKW HLQPDOGLH8PULVVHGHUEHLGHQ0lQQHU6LHZDUHQ]XKXQGHUW SUR]HQWLJHQ8QWRWHQJHZRUGHQ]X*HVFK|SIHQGHU+|OOH ª.RPPPLWLQV%UR©VDJWHGH/RXLVHªLFKZLOOGLUGHLQH $XIJDEHHUNOlUHQ© +DUROG)DUPHUIROJWHVHLQHP9RUJHVHW]WHQ 'RPGH/RXLVHUROOWHHLQHQ%HVXFKHUVHVVHOKHUDQXQGEDW +DUROGGDULQ3ODW]]XQHKPHQ (UPXVWHUWHVHLQHQ$VVLVWHQWHQ 1LFKWVZDUPHKUYRQGHUVRODULXPEUDXQHQ+DXWYRUKDQGHQ 6LHKDWWHGLH)DUEHJHZHFKVHOWZDUEOHLFKHLQHV9DPSLUVZUGLJ 2KQHJURH6FKZLHULJNHLWHQKDWWHVLFK+DUROG)DUPHULQGLH .DVWHGHU%OXWVDXJHUHLQJHUHLKW$EHUQRFKKDWWHHU]XNlPSIHQ QRFKZXWHHUQLFKWZRULQVHLQHHLJHQWOLFKH$XIJDEHODJ 'RPGH/RXLVHHUNOlUWHHVLKP (UEHULFKWHWHYRQ'.DOXUDFGHP9DPSLUDXV5XPlQLHQXQG 'UDFXODV1HIIHQ ª(ULVWXQVHU0HLVWHU+DUROGLKPQXUPVVHQZLUJHKRUFKHQ GHQNLPPHUGDUDQ:DVHUVDJWPVVHQZLUWXQ(UZHLDOOHV XQGHUKDWGLH-DKUKXQGHUWHEHUGDXHUW9HUVWHKVWGXPLFK"© ª-DLFKYHUVWHKHGLFK'RP$EHUZDVVROOLFKWXQ"© ª/DQJVDPODQJVDP'XNRPPVWVFKRQQRFK]XGHLQHP5HFKW 8QGQRFKHWZDVZLUKDEHQJHJHQVLHE]HKQ8KUHLQH%H VSUHFKXQJ9LHU9HUWUHWHUGHV0LQLVWHUVVLQGDQZHVHQG6LHZHUGHQ LQXQVHUH5HLKHQDXIJHQRPPHQ'XQLPPVWGLU]ZHLYRUXQGLFK GLHEHLGHQDQGHUHQ,VWGDVNODU"© ª1DWUOLFKLFKIUHXHPLFKVFKRQGDUDXI© 'DV/lFKHOQGH/RXLVHVZXUGHKLQWHUJUQGLJª:HQQZLU XQVHUH$XIJDEHHUIOOWKDEHQYHUVFKZLQGHQZLUVRUDVFKZLH P|JOLFK:LUVHW]HQXQVLQPHLQHQ:DJHQXQGIDKUHQ]XLKP© ª8QGZRZRKQWHU"© ª,QHLQHUDOWHQ/HLFKHQKDOOHGUDXHQDXIGHP/DQG0HKU YHUUDWHLFKGLUQLFKW©

ª:DVJHVFKLHKWZHQQGLHDQGHUHQYLHUDXFK]XXQVJHK|UHQ"© ZROOWH)DUPHUZLVVHQ -HW]WODFKWH'RPGH/RXLVHª6LHZHUGHQVLFKHEHQIDOOV2SIHU VXFKHQ8QG]ZDUXQWHULKUHQQDKHQ%HNDQQWHQXQG.ROOHJHQ 'DVVLQGDOOHV0HQVFKHQGLHLP5HJLHUXQJVJHVFKlIWWlWLJVLQG 6WDDWVVHNUHWlUH0LWJOLHGHUGHV3DUODPHQWV:LUZHUGHQHLQH ZDKUH)OXWYRQ9DPSLUHQHUOHEHQ(LQH,QYDVLRQLVWQLFKWPHKU DXI]XKDOWHQ:LUVLQGGLH6LHJHU© +DUROG)DUPHUV$XJHQEHJDQQHQ]XJOlQ]HQª8QZDKU VFKHLQOLFK©IOVWHUWHHUªGDVLVWXQZDKUVFKHLQOLFK© 'RPGH/RXLVHODFKWHª'XVDJVWHVPHLQ/LHEHUHVLVWSKlQR PHQDO(QGOLFKLVWXQVHUH6WXQGHJHNRPPHQ© 'LH7UZXUGHDXIJHGUFNWXQG:DQGD3HUQHOOVWDQGLP 5DXP'LHEHLGHQ8QWRWHQEHPHUNWHQVLHQLFKWVLHODFKWHQ ZHLWHUDEHU:DQGDKDWWHVFKDUIH$XJHQ *HQDXVFKDXWHVLHKLQ 'LH)UDXHUVFKUDNELVLQV0DUN8QHQGOLFKEHKXWVDP]RJVLH GLH7ULQV6FKOR6LHZXUGHGDEHLHEHQVRZHQLJJHVHKHQZLH ]XYRU 0LW]LWWHUQGHQ.QLHQJLQJ:DQGD3HUQHOOLQLKU%UR]XUFN 6FKZHUILHOVLHDXILKUHQ6FKUHLEWLVFKVWXKOXQGLQLKUHP6FKlGHO ZLUEHOWHQGLH*HGDQNHQ :DVJLQJKLQWHUGLHVHUJHSROVWHUWHQ7UHLJHQWOLFKYRU" 6LHKDWWH+DUROG)DUPHUJHVHKHQGHUDQJHEOLFKNUDQNXQG YRQGH/RXLVHQDFK+DXVHJHVFKLFNWZRUGHQZDU'HQEHLGHQ 0lQQHUQGLHVLFKVRQVWQLFKWOHLGHQNRQQWHQVFKLHQHVDEHU EOHQGHQG]XJHKHQGHQQVLHKDWWHQJHODFKWXQGYHUVWDQGHQVLFK SULPD(WZDVVWLPPWHKLHUQLFKW :DUXPKDWWH'RPGH/RXLVHVLHEHORJHQ" :DQGD3HUQHOOZDUHLQH)UDXLQGHQEHVWHQ-DKUHQ$OV-XQJ JHVHOOLQKDWWHVLHVLFKLPPHUGXUFK]XVHW]HQYHUPRFKW1LFKWXP VRQVWVDVLHEHUHLWVVHLWYLHU-DKUHQDXIGHPVHKUEHJHKUWHQ 3RVWHQHLQHU&KHIVHNUHWlULQhEHULKU3ULYDWOHEHQZXWHQLH

PDQGHWZDV,QGHUHWZDVPROOLJHQ:DQGD3HUQHOOVDKMHGHU PDQQQXUGLH$UEHLWVPDVFKLQH :DQGDKDWWHQRFKHWZDVJHVHKHQ'LHEHLGHQ0lQQHUZDUHQ QLFKWPHKUQRUPDO'HXWOLFKKDWWHVLHEHL+DUROG)DUPHUGLH EHLGHQVSLW]HQ(FN]lKQHHQWGHFNW 8QGGDVEHGHXWHWHQXUHLQV )DUPHUZDUHLQ9DPSLU :DQGD3HUQHOONDQQWHVLFKGDULQDXV1LFKWXPVRQVWODVVLH MHGHQ*UXVHOURPDQGHULKULQGLH+lQGHILHOXQGVLHVFKDXWHVLFK DXFKMHGHQ+RUURUVWUHLIHQLP.LQRDQ 6LHJODXEWHDQRNNXOWH'LQJHXQGDXFKGDUDQGDHV9DPSLUH JDE6RHEHQKDWWHVLHGHQ%HZHLVHUKDOWHQ ,KU&KHIZDUHLQ%OXWVDXJHU :DQGD3HUQHOOPXWHVLFKHUVWPLWGLHVHPVFKUHFNOLFKHQ*H GDQNHQYHUWUDXWPDFKHQ6LHUDXFKWHODQJHGQQH=LJDULOORVXQG ]QGHWHVLFKMHW]WHUVWHLQPDOHLQVYRQGLHVHQ'LQJHUQDQ,PPHU ZLHGHUZDUIVLHHLQHQ%OLFNDXIGLH7U6LHHUZDUWHWHGDGLH EHLGHQ0lQQHUDXIWDXFKHQXQGEHUVLHKHUIDOOHQZUGHQDEHU QLFKWVJHVFKDK'LH7UEOLHEJHVFKORVVHQ :DQGD3HUQHOOUDXFKWHQHUY|V6LHZXWHQLFKWZDVVLHWXQ VROOWH9DPSLUHSIlKOWHPDQGDVZDULKUNODU$EHUVLHKDWWH NHLQHQ(LFKHQSIORFN]XU+DQG.HLQH3LVWROHGLHJHZHLKWH 6LOEHUNXJHOQYHUVFKR$XFKNHLQ6FKZHUWPLWGHQHQVLHGHQ %OXWVDXJHUQGHQ.RSIDEVFKODJHQNRQQWH 1HLQVLHZDUZHKUORVZHQQVLHDQJHJULIIHQZXUGH (LQMXQJHU%RWHEHWUDWGHQ5DXP(UJUWHIUHXQGOLFKXQG OHJWHHLQHQEUDXQHQ8PVFKODJDXI:DQGDV6FKUHLEWLVFK'LH)UDX HUWDSSWHVLFKGDEHLGDVLHDXIGLH=lKQHGHV0DQQHVVFKDXWH 'HU%RWHOlFKHOWHIUHXQGOLFKJUWHXQGJLQJ :DQGDZDUZLHGHUDOOHLQPLWLKUHQ*HGDQNHQ:HUNRQQWHLKU QRFKKHOIHQ"(VNDPLKUJDUQLFKWLQGHQ6LQQGDVLHVLFKHYHQ WXHOOJHWlXVFKWKDWWH1HLQZDVVLHJHVHKHQKDWWHGDVVWLPPWH 'H/RXLVHXQG)DUPHUZDUHQ9DPSLUH ª'LH3ROL]HL©IOVWHUWHVLHª-DGLHPXKHOIHQ2GHUGHU 6LFKHUKHLWVVFKXW]"©

:DQGDOLHGLH+DQGZLHGHUVLQNHQ1HLQPDQZUGHLKU QLFKWJODXEHQ%HVWLPPWQLFKW'LH/HXWHZUGHQVLHIUYHUUFNW KDOWHQ8QGWURW]GHP:DUHVQLFKWHJDO"6LHPXWHHLQIDFKLKUH 3IOLFKWWXQ 8QGGDKDWWHVLHHLQH,GHH (VJDEEHL6FRWODQG
,FKDKQWHZDVVLHIUDJHQZROOWHXQGVDJWHª:LUNRPPHQVR VFKQHOOZLHP|JOLFK2ND\"© ª-D6LU© ª%HKDOWHQ6LHGLH1HUYHQ©,FKOHJWHDXI 'LHDQGHUHQKDWWHQGDV*HVSUlFKPLWEHNRPPHQª6LQG 9DPSLUHDXIJHWDXFKW"©IUDJWH3RZHOO ª-D© ª:R"© ,FKOlFKHOWHNQDSSª,P0LQLVWHULXPIUNRRSHUDWLYH=XVDP PHQDUEHLW© ª9HUGDPPW© ,FKPDFKWH6XNRHLQ=HLFKHQª.RPPPLW© 'LHDQGHUHQZROOWHQDXFKYRUDOOHQ'LQJHQ%LOODEHULFK ZHKUWHPLFKGDJHJHQXQG3RZHOOVSUDFKHLQ0DFKWZRUW 6XNRXQGLFKKHW]WHQ]XP)DKUVWXKO 'LH:DUWH]HLWZDUHQGOLFKYRUEHL'LH-DJGKDWWHEHJRQQHQ :DQGD3HUQHOOKDWWHNDXPGHQ+|UHUDXIJHOHJWDOVGLH7U]XP &KHIUDXPJH|IIQHWZXUGH :DQGDHUVFKUDN:DULKU*HVSUlFKEHODXVFKWZRUGHQ"+DWWHQ GH/RXLVHXQG)DUPHUPLWJHK|UWXQGNDPHQMHW]WXPVLFK]X UlFKHQXPVLHHEHQIDOOV]XHLQHP9DPSLU]XPDFKHQ" :LHHUVWDUUWVDVLHDXILKUHP6WXKO 'RPGH/RXLVHGHXWHWHLKUHQ6FKUHFNHQIDOVFK(UOlFKHOWH RKQHGLH/LSSHQ]XYHU]LHKHQª6LHZXQGHUQVLFKEHVWLPPWGD 0U)DUPHUGRFKKLHULVW© :DQGDQLFNWH ª-DHUKDWHVVLFKDQGHUVEHUOHJW,KPLVWZLHGHUHLQJHIDOOHQ GDZLUQRFKKHXWHHLQH%HVSUHFKXQJKDEHQ6HLQ$UEHLWVHLIHULVW EHZXQGHUQVZHUWILQGHQ6LHQLFKWDXFK0LVV3HUQHOO"© ª1DWUOLFK6LU© ª6LHN|QQHQDXFKJOHLFK)HLHUDEHQGPDFKHQ0LVV3HUQHOO)U GLH.RQIHUHQ]EUDXFKHLFK6LHQLFKWPHKU© ª'DQNH6LU©

'LHEHLGHQJLQJHQ]XU7U'RPGH/RXLVHZQVFKWHVHLQHU 6HNUHWlULQQRFKHLQHQVFK|QHQ$EHQGXQGYHUOLHPLWVHLQHP $VVLVWHQWHQGDV9RU]LPPHU :DQGD3HUQHOODEHUDWPHWHDXI1RFKQLHLQLKUHP/HEHQKDWWH VLHVROFKHLQH$QJVWDXVJHVWDQGHQ ª0HLQ*RWW©IOVWHUWHVLHQXUXQGLKU.RSIVDQNDXIGLH 6FKUHLEWLVFKSODWWH 'LHEHLGHQ9DPSLUHYHUOLHHQGDV%UR,QGHUKRKHQ+DOOH EOLHEHQVLHHLQHQ$XJHQEOLFNVWHKHQ(VZDU)HLHUDEHQGXQGGHU %HWULHEHQWVSUHFKHQG ,QGHQNDKOHQ*lQJHQKDOOWHQGLH6FKULWWHGHU]DKOUHLFKHQ $QJHVWHOOWHQZLGHUGLH]XGHQ)DKUVWKOHQVWU|PWHQ 'H/RXLVHXQG)DUPHUJULQVWHQNDOW6LHOLHIHQGHP6WURP HQWJHJHQXQGVWHXHUWHQHLQHEUHLWH6WHLQWUHSSHDQXPLQGLH QlFKVWH(WDJH]XJHODQJHQ6LHQDKPHQEHZXWQLFKWGLHEHU IOOWHQ$XI]JH$XIGHU7UHSSHNDPLKQHQNDXPHLQ0HQVFK HQWJHJHQ (VZXUGHUXKLJHULQGHPJURHQ%DX9RUGHU]ZHLIOJHOLJHQ 7UGHV.RQIHUHQ]UDXPHVEOLHEHQGH/RXLVHXQG)DUPHUVWHKHQ /HHUEUHLWHWHVLFKOLQNVXQGUHFKWVGHU*DQJDXV 6LHQLFNWHQVLFK]X 'H/RXLVHKDWWHGHQ6FKOVVHO(U|IIQHWHGLH7UXQGEHWUDWDOV HUVWHUGHQJURHQ5DXP (LQODQJHU7LVFKGHVVHQ0DKDJRQLSODWWHZLHIULVFKSROLHUW JOlQ]WH,QNOHLQHQ.|UEFKHQVWDQGHQ(UIULVFKXQJVJHWUlQNH EHUHLW'LH+RO]WlIHOXQJDQGHQ:lQGHQZDUJHGLHJHQHLQ EHLJHIDUEHQHU7HSSLFKERGHQGlPSIWHGLH6FKULWWH 'LHKRKHQ)HQVWHUZLHVHQQDFK6GHQ'UDXHQKDWWHGLH 'lPPHUXQJEHUHLWV(LQ]XJJHKDOWHQ1HEHOVFKOHLHUWULHEHQ GXUFKGLH/XIW1RFKKDWWHQVLHVLFKQLFKWYHUGLFKWHWGRFKVLH PDFKWHQGLH]DKOUHLFKHQ/LFKWHU]XDXVHLQDQGHUIDVHUQGHQKHOOHQ .UHLVHQ'HU9HUNHKUVOlUPZDUQLFKW]XK|UHQ7KHUPRSDQH VFKHLEHQVFKOXFNWHQGLH*HUlXVFKH

'RPGH/RXLVHKDWWHQXUGLH:DQGEHOHXFKWXQJHLQJHVFKDOWHW 'HUSUXQNYROOH.URQOHXFKWHUDQGHU'HFNHEOLHEGXQNHO ª:DQQZHUGHQVLHNRPPHQ"©IUDJWH)DUPHU(UEHZHJWHGHQ 0XQGXQGSUlVHQWLHUWHVHLQHKlOLFKHQ9DPSLU]lKQH 'H/RXLVHGUHKWHVLFK]XLKPXP(UODFKWHª(VVLQG%HDPWH GLHVLQGQRUPDOHUZHLVHSQNWOLFK© ª,FKNDQQHVNDXPHUZDUWHQ© 'H/RXLVHQLFNWHª0LUHUJLQJHVEHLPHUVWHQPDODXFKVR© ª:HUKDWGLFKGHQQDQJHVWHFNW"©IUDJWH+DUDOG)DUPHU ª(LQH)UDXQHLQHLQ0lGFKHQ©'H/RXLVHOlFKHOWHª,FKKDWWH VLHPLUNRPPHQODVVHQ,FKZROOWHHLQHKHLH1DFKWYHUEULQJHQ 3O|W]OLFKVWDQGVLHYRUGHU7U5RWKDDULJXQJHKHXHUVH[\(LQ :HLEZLHYRP7HXIHOJHPDFKW© ª8QG"© ª:DVXQG"© )DUPHUKREGLH6FKXOWHUQª:RKHUZXWHVLHGDGXLFK PHLQHVLHNRQQWHGRFKQLFKWDKQHQRGHUVLQGGLH&DOOJLUOVDXFK VFKRQXQVHUH6FKZHVWHUQ"© ª1HLQ,FKGHQNHHVPLUVR0DQKDWPLFKEHZXWDXVJHVXFKW XQGNDQQWHDXFKPHLQH/HLGHQVFKDIWIUMQJHUH)UDXHQ'DQQ KDWPDQPLUHLQIDFKGLHVHURWKDDULJH5HEHFFDJHVFKLFNW© ª5DIILQLHUW© ª-DGDVPHLQHLFKDXFK©'RPGH/RXLVHOlFKHOWHª,FKIUHXH PLFKVFKRQDXIHLQ:LHGHUVHKHQPLWLKU© ª+DEWLKUHLQHQ=HLWSXQNWDXVJHPDFKW"© ª1HLQDEHUVLHOHEWEHLGHP0HLVWHU© ª'DQQZLUGHU$QVSUFKHVWHOOHQ© ª9LHOOHLFKW© )DUPHUVFKDXWHDXIVHLQH8KUª(LJHQWOLFKPWHQVLHVFKRQGD VHLQ©EHPHUNWHHUª,FKNDQQHVQLFKWPHKUDXVKDOWHQ:HQQLFK QLFKWEDOGPHLQHQ© 'DV7HOHIRQXQWHUEUDFKLKQ(VVWDQGDP.RSIHQGHGHV7LVFKHV XQGJDEHLQHQGLVNUHWHQ6XPPWRQDE 5DVFKQDKP'RPGH/RXLVHGHQ+|UHUª-D"©VDJWHHU 'HU0DQQYRQGHU$QPHOGXQJZDUDP$SSDUDWª6LUGLH

*HQWOHPHQDXIGLH6LHZDUWHQVLQGHLQJHWURIIHQ© ª'DQNH)KUHQ6LHGLH+HUUVFKDIWHQKRFK.RQIHUHQ]UDXP ]ZHL© ª-DZRKO6LU© 'RPGH/RXLVHOHJWHDXI(UULHEVLFKGLH+lQGHXQGVDJWHª(V KDWJHNODSSWPHLQOLHEHU+DUROG© ª1DHQGOLFK©)DUPHU]HLJWHZLHGHUVHLQ9DPSLUJHELGRFKGH /RXLVHZLQNWHDEª5HLGLFK]XVDPPHQ+DUROG6LHEUDXFKHQ QLFKWVRIRUW]XPHUNHQPLWZHPVLHHV]XWXQKDEHQ© ª$EHULFKZLOO© ª%LWWH© +DUROG)DUPHUVFKZLHJ,QVHLQHP,QQHUQWREWHGLH*LHU%LVKHU ZDUHUGDV2SIHUJHZHVHQGRFKQXQEHJDQQGLH.HWWHQUHDNWLRQ GHV9DPSLULVPXV(UZUGHHLQHQ0HQVFKHQLQIL]LHUHQGHUZLH GHUXPHLQZHLWHUHV2SIHUXQGVRZHLWHUXQGVRZHLWHU (LQJUDXVDPHV6FKLFNVDOVFKZHEWHEHUGHU0LOOLRQHQVWDGW RKQHGDGLH%HZRKQHUDXFKQXUGHQ+DXFKHLQHU$KQXQJ KDWWHQ 'LHlXHUHQ%HGLQJXQJHQZDUHQLGHDO 1HEHO+HUEVW'XQNHOKHLW 9DPSLUZHWWHU 8QGGDEHLZDUHQ'RPGH/RXLVHXQG+DUROG)DUPHUQXUGLH 9RUKXW:HLWDXV6FKOLPPHUHODXHUWHQLP+LQWHUJUXQGZDUHQ EHUHLWHLVNDOWXQGJQDGHQORVLQGLH%UHVFKH]XVSULQJHQ 'DUDQGDFKWH+DUROG)DUPHUDOVHU]XVDPPHQPLW'RPGH /RXLVHDXIGLHYLHU/HXWHZDUWHWH6HLQIUKHUHV/HEHQZDUZLH DXVJHO|VFKW,KQLQWHUHVVLHUWHGDVQLFKWPHKUZDVHUQRFKYRU ZHQLJHQ6WXQGHQIUEHJHKUHQVZHUWJHKDOWHQKDWWH.DUULHUH 5XKPVLHZDUHQDQGHUVJHSROWZRUGHQ(UVWHFNWHVHLQH=LHOH ]ZDUHEHQVRKRFKDEHULQHLQHDQGHUH5LFKWXQJ'LH0DFKW ZUGHHUEHNRPPHQ0DFKWEHU0HQVFKHQ-DHUZUGHVLH GXUFKGLH9DPSLUWDXIHLQVHLQH$EKlQJLJNHLWEULQJHQ (LQ.ORSIHQDQGHU7UXQWHUEUDFKVHLQH*HGDQNHQ 'LHEHLGHQ8QWRWHQWDXVFKWHQHLQHQVFKQHOOHQ%OLFN 'H/RXLVHOlFKHOWHDOVHUPLWIHVWHU6WLPPHULHIª&RPHLQ©

(LQ%HGLHQVWHWHU|IIQHWHGLH7UYHUEHXJWHVLFKXQGPHOGHWH GLHYLHU%HVXFKHUDQ (VZDUHQGLHW\SLVFKHQ%LOGHUEXFKGLSORPDWHQ9HUWUHWHUGHU 5HJLHUXQJDXIGHUPLWWOHUHQ(EHQHXQGEHUHLWGHQ6SUXQJLQGLH REHUHQ(WDJHQ]XZDJHQ ,KU/lFKHOQZLUNWHZLHHLQVWXGLHUWGLH.OHLGXQJlKQHOWHVLFK $XFKGLHYLHU$NWHQNRIIHUVFKLHQHQEHLPVHOEHQ+HUVWHOOHUJH NDXIWZRUGHQ]XVHLQ 'HU3RUWLHU]RJVLFK]XUFNXQGVFKORODXWORVGLH7U 'LH0lQQHUUHLFKWHQVLFKGLH+lQGH.HLQHPGHUYLHU1HX DQN|PPOLQJHILHODXIZLHNDOWGLH)LQJHUGHU9DPSLUHZDUHQ .DOWZLH(LVXQGGDEHLWURFNHQXQGVSU|GH +DUROG)DUPHUPXWHVLFKEHKHUUVFKHQXPQLFKWMHW]WVFKRQ DXVGHU5ROOH]XIDOOHQ*HZDOWVDP]ZDQJHUVLFK]XHLQHPYHU ELQGOLFKHQ/lFKHOQXQGQDKPHEHQVR3ODW]ZLHGLHDQGHUHQ 'RPGH/RXLVHVDDP.RSIHQGHGHV.RQIHUHQ]WLVFKHV'LH YLHU%HVXFKHUNODSSWHQLKUH.RIIHUDXIHQWQDKPHQLKQHQ$NWHQ XQGOHJWHQVLHYRUVLFKDXIGHQ7LVFK -HPDQGIUDJWHª.|QQHQZLUQLFKWGDV/LFKWHLQVFKDOWHQ"(VLVW HLQZHQLJGXQNHO© ª1DWUOLFKPHLQH+HUUHQ©HUZLGHUWH'RPGH/RXLVHªDEHU LFKILQGHHVVRJHPWOLFKHUZDVPHLQHQ6LH"© 'LH%HVXFKHUEOLFNWHQVLFKYHUZXQGHUWDQ 8QWHUGHP7LVFKEHZHJWH+DUROG)DUPHUGLH)LQJHUNUDOOWH XQGYHUNQRWHWHVLHLQHLQDQGHUEDOOWHGLH+lQGH]X)lXVWHQXQG PXWHPLWDOOHU.UDIWVHLQHQ7ULHEXQWHUGUFNHQ ª:HQQ6LHPHLQHQ0UGH/RXLVH© )DUPHUEUXPPWHVLFKHWZDVLQVHLQHQQLFKWYRUKDQGHQHQ%DUW $OVGLHDQGHUHQLKQDQVFKDXWHQKLHOWHUVLFKEOLW]VFKQHOOHLQH +DQGYRUGHQ0XQGXQGUlXVSHUWHVLFK ª6RUU\LFK© ª*XWNRPPHQZLU]XP7KHPD©'RPGH/RXLVHGHUDOWH 3UDNWLNHUEHUQDKPJHVFKLFNWGLH*HVSUlFKVLQLWLDWLYHª:LU KDEHQKLHUHLQLJH3URMHNWHYRUOLHJHQEHUGHUHQ.RVWHQLFKPLU PHLQH*HGDQNHQPDFKH9RUHUVWHLQPDON|QQHQZLUVFKOHFKWLP

$XVODQGLQYHVWLHUHQZHQQXQVHUHLJHQHU:lKUXQJVNXUVVRVLQNW 8QGHLQ(QGHGHU7DOIDKUWLVWQLFKWDE]XVHKHQ,FKELQGDIUGD ZLUPLQGHVWHQVGLH+lOIWHGHU3URMHNWHVWUHLFKHQ© 'HUOHW]WH6DW]IRUGHUWHGHQ:LGHUVSUXFKGHUYLHU3ROLWLNHU JHUDGH]XKHUDXV ,KU6SUHFKHUIRUPXOLHUWHHVVRª:LUKDEHQXQVJHGDFKW0UGH /RXLVHGDZLULQ=XNXQIW© +DUROG)DUPHUK|UWHJDUQLFKWKLQ(UOLHGHQ0DQQUHGHQ 6HLQH%OLFNHZLHVHOWHQEHUGLH$QZHVHQGHQVWUHLIWHQGHUHQ *HVLFKWHUXQGVFKDXWHQDXFK'RPGH/RXLVHDQGHUVHKULQWHU HVVLHUWWDWXQGLQ:LUNOLFKNHLWGRFKQXUDXIGLH&KDQFHZDUWHWH GLHDQGHUHQ]XEHUUXPSHOQ 6LHVROOHQDXIK|UHQ0DFKWHQGOLFK6FKOXPLWGHP*HUHGH +DUROG)DUPHUUXWVFKWHXQUXKLJDXIVHLQHP6WXKOKLQXQGKHU(U ZDUQHUY|VHUVDDXIGHP6SUXQJXQGNRQQWHVLFKNDXPQRFK EHKHUUVFKHQ +LHUVDHQYLHUDKQXQJVORVH0HQVFKHQ0HQVFKHQGLHLKQHQ YHUWUDXWHQGLHDQQLFKWV%|VHVGDFKWHQXQGVLFKQLFKWZHKUHQ ZUGHQ 'LHhEHUUDVFKXQJPXWHJHOLQJHQ 'HU0DQQGHU'RPGH/RXLVHDQJHVSURFKHQKDWWHPDFKWH HLQH3DXVHXQGEOLFNWHLQGLH5XQGHVRDOVHUZDUWHHU%HLIDOOIU VHLQH:RUWH'LHGUHL.ROOHJHQQLFNWHQZlKUHQGGH/RXLVHV *HVLFKWDXVGUXFNVORVEOLHEXQGVLFKEHL+DUROG)DUPHUGHU :LGHUVWUHLWGHU*HIKOHVSLHJHOWH 'DQQVWDQG'RPGH/RXLVHDXI ª+DEHQ6LHHLQH(QWVFKHLGXQJJHWURIIHQ6LU"©ZXUGHHU JHIUDJW ª-D© ª8QGGLHODXWHW"©'HU)UDJHUYHU]RJGDV*HVLFKW]XHLQHP /lFKHOQ ª:LUZHUGHQ6LHW|WHQ©

(QGOLFK(QGOLFKKDWWH'RPGH/RXLVHGLH:RUWHDXVJHVSURFKHQ +DUROG)DUPHUMXELOLHUWHLQQHUOLFK(UVSUDQJVRKHIWLJDXIGDHU PLWGHQ.QLHNHKOHQGHQ6WXKOZDUI'DVSROWHUQGH*HUlXVFK XQWHUEUDFKGDVEHWUHWHQHXQGDXFKHUVFKURFNHQH6FKZHLJHQ ,UULWLHUWVDKHQVLFKGLHYLHU0lQQHUDQ'DQQIRUPXOLHUWHLKU 6SUHFKHUYRUVLFKWLJª,FKJODXEH6LHQLFKWULFKWLJYHUVWDQGHQ]X KDEHQ6LU© ª6LHZHUGHQVWHUEHQ*HQWOHPHQ©ZLHGHUKROWH'RPGH/RXLVH VHLQHQ6DW] ª8PGDQQZLHGHU]XHUZDFKHQ©IOVWHUWH+DUROG)DUPHU $OOH.|SIHGUHKWHQVLFKLKP]X(UVFKUHFNHQ8QYHUVWlQGQLV XQG6SRWW]HLFKQHWHQ6SXUHQDXIGLH*HVLFKWHUGHUYLHU0lQQHU %LV+DUROG)DUPHUVHLQHQ0XQG|IIQHWHXQGGLHEHLGHQVSLW]HQ 9DPSLU]lKQH]HLJWH-HW]WZXUGHQGLH0lQQHUlUJHUOLFK ª1HKPHQ6LHGDVOlFKHUOLFKH'LQJDXVGHP0XQG©VDJWHLKU $QIKUHUª:LUVLQGKLHUQLFKWDXIHLQHU*UXVHOSDUW\VRQGHUQ YHUKDQGHOQXPHUQVWH3URMHNWH© ª(VLVWXQVDXFKHUQVW©'RPGH/RXLVHVSUDFKGLH:RUWHJH ODVVHQDXVª=X6FKHU]HQVLQGZLUQLFKWPHKUDXIJHOHJW©$XFK HU]HLJWHMHW]WVHLQH=lKQHXQGODQJVDPGlPPHUWHHVGHQ 0lQQHUQGDKLHUZLUNOLFKHWZDVXQJHKHXHU6FKOLPPHVLP *DQJJHVHW]WZDUXQGVLHGLHVHP7HXIHOVNUHLVQLFKWPHKUHQW ULQQHQNRQQWHQ 0LWHLQHP5XFNNODSSWHGHU6SUHFKHUGHQ'HFNHOGHV.RIIHUV ]Xª,FKJODXEHHVZLUG=HLWIUXQV]XJHKHQ©HUNOlUWHHUPLW VSU|GHU6WLPPHª)U6LHZLUGGLH6]HQHQDWUOLFK.RQVH TXHQ]HQKDEHQGDVYHUVSUHFKHLFK,KQHQ© +DUROG)DUPHUV/DFKHQXQWHUEUDFKLKQ'HUMXQJH9DPSLUYHU OLHVHLQHQ3ODW]VFKOLFK]XU7UXQGEDXWHVLFKGRUWPLWDXVJH EUHLWHWHQ$UPHQDXI ª6LHN|QQHQHVYHUVXFKHQ©VDJWHHUQXU ª6LQG6LHZLUNOLFKDQHLQHU$XVHLQDQGHUVHW]XQJLQWHUHVVLHUW"© IUDJWHGHU6SUHFKHU $OV$QWZRUWIHJWH'RPGH/RXLVHGHQ7HOHIRQDSSDUDWYRP 7LVFKª5HLFKWGDV"©

1LFKWGLH9DPSLUHZDUHQHVGLHDQJULIIHQVRQGHUQGLHYLHU 0lQQHU(LQHUYRQLKQHQULSO|W]OLFKVHLQHQ$NWHQNRIIHUKRFK XQGVFKOHXGHUWHLKQDXI'RPGH/RXLVH]X 'HU9DPSLUZLFKQLFKWVFKQHOOJHQXJDXVXQGHLQH.DQWHWUDI LKQJHQDXLP*HVLFKW (UIOXFKWH'DQQDEHUVFKULHHUª3DFNVLH+DUROG6DXJLKQHQ GDV%OXWDXV© ,PQlFKVWHQ$XJHQEOLFNZDUGHU7HXIHOORV =XP*OFNVWDQGPHLQ%HQWOH\QLFKWEHLPLU]X+DXVHVRQGHUQ LQGHU7LHIJDUDJHYRQ6FRWODQG
KLQWHUPHLQHP3DUWQHUKHUXQGWUDIPLWLKPDQGHU]XU$XHQWU IKUHQGHQ7UHSSH]XVDPPHQ :LUMDJWHQGLH6WXIHQKRFK=ZHL0lQQHUEHJHJQHWHQXQV,KUH %OLFNHZDUHQYHUZXQGHUW6LHKDWWHQZRKOQRFKQLH0HQVFKHQLQ HLQVRHKUZUGLJHV*HElXGHKHW]HQVHKHQ 'DQQKLHOWXQVGHU3RUWLHULQGHUJURHQ+DOOHDXI:LHHLQ ,UUZLVFKVWUPWHHUDXVVHLQHU*ODVNDQ]HOXQGVWHOOWHVLFKPLW DXVJHEUHLWHWHQ$UPHQKLQ (VZDUZLHVRRIW*LEWPDQHLQHP0HQVFKHQHLQH8QLIRUPVR KlOWHUVLFKJOHLFKIUGHQ*U|WHQ9RUDOOHQ'LQJHQ)UHPGHQ JHJHQEHUN|QQHQGLH.QDEHQRIWVHKUXQDQJHQHKPZHUGHQ ,FKKDWWHDEHUNHLQH=HLWPLFKDXIODQJH'LVNXVVLRQHQHLQ]X ODVVHQVRQGHUQSUlVHQWLHUWHPHLQHQ6RQGHUDXVZHLV $PWOLFKH'RNXPHQWHEHHLQGUXFNHQGLHVH/HXWHPHKUDOV :RUWH6RZDUHVDXFKKLHU'HU0DQQVDKGLH6WHPSHOXQGGLH 8QWHUVFKULIWGHV,QQHQPLQLVWHUVXQGZXUGHVRIRUWIUHXQGOLFKHU ª6LHN|QQHQSDVVLHUHQ6LU$EHUGHU&KLQHVH© ª*HK|UW]XPLU©HUZLGHUWHLFKVFKDUI (U]XFNWH]XVDPPHQXQGEHDQWZRUWHWHPLUPHLQHQlFKVWH )UDJHVHKUSURPSW ª:RILQGHLFK0UV3HUQHOO"© ª'ULWWHU6WRFN=LPPHUHLQKXQGHUWYLHU©UDVVHOWHHUKHUXQWHU ª'DQNH© :LUKHW]WHQ]XGHQ$XI]JHQ'HUDOWH/LIWVFKDXNHOWHXQV PKVDP]XXQVHUHP=LHOKRFK 6XNRXQGLFKOLHIHQGXUFKHLQHQODQJHQKRKHQ.RUULGRUGHVVHQ %RGHQVREODQNJHERKQHUWZDUGDZLUXQVGDULQVSLHJHOWHQ 'DQQVWDQGHQZLUYRUGHUULFKWLJHQ%URWU ,FKKDWWHNDXPDQJHNORSIWDOVZLUVFKRQLQGDV=LPPHU VWUPWHQ(UVFKUHFNWIXKU:DQGD3HUQHOOKLQWHUGHP6FKUHLE WLVFKKRFKXQGSUHWHLKUHUHFKWH+DQGJHJHQGHQZRJHQGHQ %XVHQ ª*URHU/RUG©IOVWHUWHVLHª+DEHQ6LHPLFKDEHU© ª0HLQ1DPHLVW-RKQ6LQFODLU©VWHOOWHLFKPLFKYRUª:LUKDEHQ PLWHLQDQGHUWHOHIRQLHUW:RLVW,KU&KHI"©,FKYHUPLHGEHZXW

GDV:RUW9DPSLUGHQQLFKZROOWHGLH)UDXQLFKWQRFKPHKU HUVFKUHFNHQ$XHUGHPNRQQWHVLFKGLHJDQ]H6DFKHDXFKDOV 7UXJVFKOXKHUDXVVWHOOHQ ª6LHVLQGLPNOHLQHQ.RQIHUHQ]UDXP© ª6LH"© ª0U)DUPHUEHILQGHWVLFKHEHQIDOOVGRUW(ULVW0UGH/RXLVHV $VVLVWHQW© ª8QGZRLVWGHU5DXP"© ª(LQH(WDJHK|KHU©6LHHUNOlUWHXQVGHQ:HJª6LHN|QQHQLKQ JDUQLFKWYHUIHKOHQ6LU© :LUEHGDQNWHQXQVXQGZDUHQHEHQVRUDVFKZLHGHUGUDXHQ ZLHZLUJHNRPPHQZDUHQ ª'LH7UHSSH©VDJWH6XNRXQGGHXWHWHDXIGLHEUHLWHQ6WHLQ VWXIHQPLWGHPNORELJHQ*HOlQGHUDQGHUUHFKWHQ6HLWH 1HEHQHLQDQGHUOLHIHQZLUKRFK8QGZLHGHUVWDQGHQZLULQ HLQHPODQJHQ*DQJ(UZDUILQVWHU,FKIDQGHLQHQ/LFKWVFKDOWHU XQGNLSSWHGHQNOHLQHQ+HEHOXP 'LH.XJHOODPSHQXQWHUGHU'HFNHJOKWHQDXI5DVFKVDKHQ ZLUXQVXP ª'D©VDJWH6XNRXQGGHXWHWHDXIHLQHQ3IHLODQGHU:DQGEHU GHPGDV:RUW.RQIHUHQ]UDXPVWDQG 'LHVPDOEHPKWHQZLUXQVP|JOLFKVWOHLVH]XVHLQ)DOOVGLH 9DPSLUHZLUNOLFKGRUWZDUHQVROOWHQVLHQLFKWVFKRQYRUKHU JHZDUQWZHUGHQ ,FKZDUDXIJHUHJW'DVNDPQLFKWYRQXQJHIlKU6LFKHULFK KDWWHVFKRQRIWJHJHQ9DPSLUHJHNlPSIWDEHULQGHQYHUJDQJH QHQ)lOOHQZDUHQGLH9RU]HLFKHQGRFKDQGHUH'LHVPDOVWDQGHQ ZLUXQWHUHLQHPXQJHKHXUHQVHHOLVFKHQ'UXFN 'LH%OXWVDXJHUKDWWHQ6KHLOD&RQROO\XQGLKUHQ6RKQLQGHQ +lQGHQ 1LFKWDXV]XGHQNHQZDVVLHPLWLKQHQDQVWHOOHQNRQQWHQ:HQQ LFKGDUDQGDFKWHZXUGHPLUUHJHOUHFKWEHOVROFKHLQH$QJVW KDWWHLFKXPGLHEHLGHQ 6XNREOLHEYRUGHUKHOOEUDXQODFNLHUWHQ'RSSHOWUVWHKHQ:LH DEJHVSURFKHQUXWVFKWHQXQVHUH+lQGHXQWHUGLH-DFNHWWV%HLGH

]RJHQZLUGLH:DIIHQ6XNRVHLQH(LFKHQERO]HQYHUVFKLHHQGH 'UXFNOXIWSLVWROHLFKPHLQHPLWJHZHLKWHQ6LOEHUNXJHOQJH ODGHQH%HUHWWD :LUQLFNWHQXQV]X8QVHUH*HVLFKWHUZDUHQHUQVW.HLQVLHJHV VLFKHUHVRGHUNDOWHV/lFKHOQZLHHVGLH)LOPKHOGHQ]XU6FKDX WUDJHQVRQGHUQlXHUVWH.RQ]HQWUDWLRQ 'DV+RO]GHU7UZDU]ZDUGLFNDEHUWURW]GHPK|UWHQZLUGDV *HSROWHUDXVGHPGDKLQWHUOLHJHQGHQ.RQIHUHQ]UDXP ª2ND\©VDJWH6XNRIDWHQDFKGHU.OLQNHGUFNWHVLHXQGUL PLWHLQHP5XFNGLHUHFKWH+lOIWHGHU7UDXI +DUROG)DUPHUO|VWHVLFKYRQGHU7UXQGVSUDQJPLWHLQHP JHZDOWLJHQ6DW]DXIGHQLKPDPQlFKVWHQVWHKHQGHQ0DQQ]X (VZDUGHUMQJVWH7HLOQHKPHUXQGGHUUHDJLHUWHHUVWDXQOLFK ZHQGLJ(UZLFKDXVUDPPWHGLH)lXVWHYRUXQGVWRSSWHGHQ $QJULIIGHV%OXWVDXJHUV )DUPHUZXUGH]XUFNJHVFKOHXGHUW 'RPGH/RXLVHKDWWHPHKU*OFN$OOHLQGXUFKVHLQ*HZLFKW GUFNWHHUHLQHQ0DQQ]X%RGHQ(LQ6WXKOJLQJGDEHL]X%UXFK DEHUGDVVW|UWHNHLQHQ 'H/RXLVHVW|KQWHDXI :HLW|IIQHWHHUGHQ0XQGHUVWDUUWHDXIGDVDQJVWYHU]HUUWH *HVLFKWVHLQHV2SIHUVXQGSUlVHQWLHUWHGLHODQJHQVSLW]HQ =lKQH9HU]ZHLIHOWYHUVXFKWHGHU0DQQGHQ9DPSLUYRQVLFK DE]XVFKWWHOQGRFKGLH0DVVHZDU]XVFKZHU (LQDQGHUHUVFKOXJPLWGHP$NWHQNRIIHU]XWUDI'RPGH /RXLVHV5FNHQXQGYHUKLQGHUWHGHQW|GOLFKHQ9DPSLUNXIU HLQH:HLOH ,Q]ZLVFKHQKDWWHVLFK+DUROG)DUPHUZLHGHUHUKROW1RFK LPPHUVWDQGHUGLFKWYRUGHU7UXQGZROOWHJHUDGHZLHGHU DQJUHLIHQDOVGLHUHFKWH7UKlOIWHPLW:XFKWDXIJHVWRHQZXUGH 6LHNQDOOWHLKPLQGHQ5FNHQ )DUPHUIORJYRUYHUORUGDV*OHLFKJHZLFKWNQDOOWHGLFKWQHEHQ GHQ6FKXKVSLW]HQHLQHV0DQQHV]X%RGHQ

'DQQVWUPWHQZLULQGHQ5DXP ,PHUVWHQ0RPHQWZDUHQZLUXQHQWVFKORVVHQPXWHQ)HLQG XQG)UHXQGDXVHLQDQGHUKDOWHQ 'RPGH/RXLVHGHUXQWHUGHP.RQIHUHQ]WLVFKKLQGXUFKDXI GLH7UVFKDXWHHUNDQQWHPLFK 9LHOOHLFKWKDWWHHUDXFKQXUJHUDWHQZHUGDPLWJH]RJHQHU :DIIHLQGDV.RQIHUHQ]]LPPHUJHVWU]WZDU$XIMHGHQ)DOO EUOOWHHUODXWXQGGHXWOLFKª6LQFODLU© 'DZXWHDXFK+DUROG)DUPHU%HVFKHLG(USDFNWHGLH%HLQH GHVQHEHQLKPVWHKHQGHQ0DQQHV]RJVLHUXFNDUWLJQDFKYRUQ VRGDGHU0DQQILHOXQGDXILKQSUDOOWH%OLW]VFKQHOOGUHKWHVLFK GHU9DPSLUKHUXPULVHLQHQ*HJQHUPLWXQJHKHXUHU.UDIWKRFK XQGEHQXW]WHLKQDOVOHEHQGH'HFNXQJ 'DIHXHUWH6XNR (VJDEHLQGXPSISIHLIHQGHV*HUlXVFKDOVGHU%RO]HQGLH 'UXFNOXIWZDIIHYHUOLH'DV*HVFKRKlWWHHLJHQWOLFK'RPGH /RXLVHWUHIIHQVROOHQGRFKGHU8QWRWH]RJJHQDXLQGHP0RPHQW GHQ.RSIHLQVRGDGHU%RO]HQEHULKQKLQZHJSILII 'DVDOOHVKDWWHQXUZHQLJH6HNXQGHQJHGDXHUWHLQH=HLW VSDQQHGLHQRUPDOHUZHLVHUHLFKWHXPHLQHU$XVHLQDQGHU VHW]XQJHLQHDQGHUH5LFKWXQJ]XJHEHQ 'RFKKLHUZDUDOOHVDQGHUV:LUKDWWHQHVQLFKWPLWJHEWHQ .lPSIHUQ]XWXQVRQGHUQPLWSDQLNHUIOOWHQ0HQVFKHQ 6LHVSUDQJHQGXUFKHLQDQGHU-HGHUZROOWHJOHLFK]HLWLJGLH )OXFKWHUJUHLIHQ 1XUGHU0DQQGHQ+DUROG)DUPHUIHVWKLHOWZDQGVLFKYHU ]ZHLIHOWLQGHPKDUWHQ*ULIIGHV8QWRWHQ 'LH0lQQHUOLHIHQPLULQGLH6FKXOLQLH,FKNRQQWHQLFKW IHXHUQRKQHVLH]XJHIlKUGHQ 8QGGDVNDPDXINHLQHQ)DOOLQ)UDJH$XFK6XNRZDUEH KLQGHUW(UVSUDQJ]ZDU]XU6HLWHDEHUGDUHDJLHUWH'RPGH /RXLVHXQGVFKOHXGHUWHLKPHLQHQ6WXKOHQWJHJHQ 6XNRZROOWHQRFKEHUGDV0|EHOVWFNKLQZHJVSULQJHQYHU KDNWHVLFKDEHUXQGVWROSHUWH(UILHO]X%RGHQUROOWHVLFKJH VFKLFNWDEXQGNDPZLHGHUDXIGLH)H

'LH=HLWVSDQQHUHLFKWHGH/RXLVHXPPLWVHLQHUK|OOLVFKHQ .UDIWGHQODQJHQ.RQIHUHQ]WLVFKKRFK]XKHEHQXQGXP]XNLSSHQ 6FKZHUILHOHUDXIGLH6HLWH ,FKPXWHZHJVSULQJHQVRQVWKlWWHPLFKGLH.DQWHHUZLVFKW :LHHLQIDXFKHQGHU'UDFKHQVFKR'RPGH/RXLVHKLQWHUGHP 7LVFKKRFK6HLQ*HVLFKWZDUYHU]HUUWGLHYRUVWHKHQGHQ=lKQH IXQNHOWHQ $XVHLQHU'UHKEHZHJXQJIHXHUWHLFK'LH.XJHOIHKOWH]XSIWH QXUDQVHLQHU6FKXOWHUXQGNODWVFKWHLQGLH:DQG 'HU6FKXKDWWHGLH3DQLNQRFKYHUYLHOIDFKW,QPLWWHQGHUGUHL 0lQQHUGUlQJWHDXFK'RPGH/RXLVH]XU7U .HLQH&KDQFHLKQDXI]XKDOWHQ -HW]WKDWWHDXFK+DUROG)DUPHUHLQJHVHKHQGDHUZHJPXWH 6HLQHQOLQNHQ$UPKDWWHHUXPGHQ+DOVGHV0DQQHVJHSUHWHU VHOEVWZXUGHYRQGHP.|USHUJHGHFNW ª:HJ©NUHLVFKWHHUXQVDQª*HKWZHJVRQVWLVWGHU0DQQWRW© :LUEOLHEHQVWHKHQ +DVWLJWDXVFKWHQ6XNRXQGLFKHLQHQ%OLFN-HGHUZXWHMHW]W ZDVHU]XWXQKDWWH :LUOLHHQGHQ9DPSLUNRPPHQ)DUPHUVFKOLFK]XU7U(U GUFNWHGHQDQJVWVFKORWWHUQGHQ0DQQYRUVLFKKHU *OHLFK]HLWLJEHZHJWHVLFK6XNRHLQZHQLJ]XU6HLWH(UXQGLFK VWDQGHQVRZHLWYRQHLQDQGHUHQWIHUQWGDGHU8QWRWHQLFKWXQV EHLGHJOHLFK]HLWLJLP$XJHEHKDOWHQNRQQWH 0LFKKLHOWHUIUGHQJHIlKUOLFKHUHQ*HJQHU 8QGLFKZDUWHWHEHZHJXQJVORVDXI6XNRV(LQVDW] 0HLQFKLQHVLVFKHU3DUWQHUHQWWlXVFKWHPLFKQLFKW%OLW]VFKQHOO EFNWHHUVLFKIDWHHLQ6WXKOEHLQPLWGHUOLQNHQ+DQGXQGIORJ LPQlFKVWHQ0RPHQWDXI+DUROG)DUPHU]X (VZDUHLQNUDIWYROOHU.DUDWHVSUXQJ)DUPHUVDKQXUHLQHQ 6FKDWWHQOLHVHLQH*HLVHOLQVWLQNWLYORVXQGZDQGWHVLFKKDOE XP'HU6FKODJWUDIVHLQH6FKXOWHU (LQ8QWRWHUYHUVSUWNHLQHQ6FKPHU]WURW]GHPWULHELKQGLH :XFKWGHV$XISUDOOV]XUFN ,FKMDJWHYRUGDQQSDFNWHLFKGLHVFKUHFNHQVVWDUUH*HLVHODP

+DQGJHOHQNXQGVFKOHXGHUWHVLHDXIGLH7U]XZHJDXVGHP XQPLWWHOEDUHQ*HIDKUHQEHUHLFK -HW]WVWDQGGHU9DPSLUJHJHQXQVEHLGH 8QGHUZXWHZDVDXILKQ]XNDP (VJDEQXUGLHHLQH0|JOLFKNHLW 6XNRZDUQlKHUEHLLKP(UGUFNWHDE'HU(LFKHQERO]HQ WUDIJHQDX +DUROG)DUPHUWDXPHOWHSUHWHEHLGH+lQGHJHJHQGLH%UXVW XQGILHOQDFKKLQWHQ 6FKZHUVFKOXJHU]X%RGHQ8QGSO|W]OLFKJOLWWLP$QJHVLFKW GHV7RGHVHLQ/lFKHOQEHUVHLQ*HVLFKW+DUROG)DUPHUZDUYRQ HLQHPXQVHOLJHQ)OXFKHUO|VW 6HLQH6HHOHKDWWH5XKHJHIXQGHQ (UZUGHVLFKQLFKW]X6WDXEDXIO|VHQGDIUZDUHUQRFKQLFKW ODQJHJHQXJHLQ*HVFK|SIGHU1DFKWJHZHVHQ :LUDEHUUDQQWHQDXVGHP5DXP'HQQQRFKZDUHLQ9DPSLU EULJ 9RQ'RPGH/RXLVHVDKHQZLUQLFKWV ª:RLVWHU"©KHUUVFKWHLFKHLQHQGHUhEHUIDOOHQHQDQ 'LH0lQQHUVWDQGHQPLWEOHLFKHQ*HVLFKWHUQXQG]LWWHUQGHQ .QLHQDXIGHP*DQJ 'HU0DQQGHQLFKDQJHVSURFKHQKDWWHGHXWHWHDXIGLH7UHSSH ª1DFKREHQRGHUQDFKXQWHQ"©IUDJWHLFK ª2EHQ© ,FKJDE6XNRHLQ=HLFKHQXQGHLQHQ$WHP]XJVSlWHUEHJDQQ GLH-DJGYRQYRUQ 'RPGH/RXLVHMDJWHGLH6WXIHQKRFK1RFKYRUZHQLJHQ6WXQGHQ KlWWHHUEHLVHLQHU.|USHUIOOHJHNHXFKWZLHHLQHDOWHUVVFKZDFKH /RNGRFKDOV9DPSLUEHVDHU.UlIWHGLHEHUGDVQRUPDOH0D ZHLWKLQDXVJLQJHQ 'HU3ODQZDUVFKLHIJHODXIHQXQGLP,QQHUQGHV8QWRWHQWREWH GLH+|OOH$OOHVOLHIJODWWGDWDXFKWHGLHVHU6LQFODLUDXI :RKHUZXWHHU%HVFKHLG"

,PPHUZLHGHUVWHOOWHVLFKGH/RXLVHGLHVH)UDJHZlKUHQGHU ]ZHL6WXIHQDXIHLQPDOQDKP $EHUVRVHKUHUDXFKJUEHOWHHUNDP]XNHLQHP(UJHEQLV 'RPGH/RXLVHNDQQWHGLHVHQ%DXYRQ*UXQGDXI(UNDQQWH HLQHQ:HJGHUEHUGDV'DFKIKUWH9RQGHPJURHQ)ODFKGDFK DXVNRQQWHHUDXIHLQHQNOHLQHQ$QEDXVSULQJHQXQGYRQGRUW]X %RGHQ(LQH.OHLQLJNHLW ,QGHUOHW]WHQ(WDJHZDUHVUXKLJ+LHUREHQEHIDQGVLFKGDV $UFKLYPLWVHLQHQ7DXVHQGHQYRQ$NWHQXQG8QWHUODJHQ%LV MHW]WIHKOWHQGLH0LWWHOXPDOOGLH,QIRUPDWLRQHQDXI0DJQHW ElQGHU]XVSHLFKHUQVRGDGLH5lXPHLQGLHVHU(WDJHQXUPLW $UFKLYPDWHULDOYROOJHVWRSIWZDUHQ(LQH(LVHQWUIKUWHLQGDV $UFKLYKLQHLQ 6LHZDUYHUVFKORVVHQ 'HU9DPSLUKDWWHGDPLWJHUHFKQHWDEHUZXWHDXFKGDGHU $UFKLYDUGHQ6FKOVVHOLPPHUXQWHUGHU0DWWHYHUVWHFNWHIDOOV MHPDQGOlQJHUDUEHLWHWHXQG8QWHUODJHQEHQ|WLJWH'DVHQWVSUDFK ]ZDUQLFKWJDQ]GHU9RUVFKULIWGRFKHVZXUGHVWLOOVFKZHLJHQG JHGXOGHWXQGZDUIU'RPGH/RXLVH]XHLQHPXQVFKlW]EDUHQ 9RUWHLOJHZRUGHQ (UEFNWHVLFKKROWHGHQ6FKOVVHOXQWHUGHU0DWWHKHUYRUXQG VFKORDXI %HYRUHUMHGRFKGDV$UFKLYEHWUDWVFKOLFKHUYRU]XU7UHSSH XQGOXJWHDP*HOlQGHUYRUEHLLQGHQ6FKDFKW *HGlPSIWQXUYHUQDKPHUGLH6WLPPHQ/DXWHUK|UWHHUMHGRFK GLH6FKULWWHGLHDXIGLH6WHLQVWXIHQGHU7UHSSHNODWVFKWHQ'LH 9HUIROJHUNDPHQ 'HU9DPSLUYHU]RJGDV*HVLFKW )ULKQOLHIGLH=HLWSO|W]OLFKGRSSHOWVRVFKQHOO(UVFKOLFK ]XUFNEHWUDWGDV$UFKLYXQGKXVFKWHLQGLH'XQNHOKHLWKLQHLQ :LHHLQ*HLVWYHUVFKZDQGHU]ZLVFKHQDOOGHQ5HJDOHQXPHWZD LQGHU0LWWHGHV5DXPHVVWHKHQ]XEOHLEHQ 8QWHUGHU'HFNHEHIDQGVLFKHLQH.ODSSWU'HU9DPSLUZXWH JHQDXZRVLFKGHUODQJH6WDEPLWGHP+DNHQEHIDQG(UKROWH LKQXQGGUHKWHGHQ+DNHQXPGLHgVHDQGHU.ODSSWU

'DQQ]RJHUGLH7UVFKZDQJLQGHQ5DXPKLQHLQXQGIXKU DXWRPDWLVFKHLQHOHLFKWH$OXPLQLXPOHLWHUDXVGLHVLFKGHP )XERGHQHQWJHJHQVHQNWHXQGDXI*XPPLSXIIHUQVWHKHQEOLHE :LQGSILIILQGDV$UFKLYXQGZLUEHOWHGLH+DDUHGHV9DPSLUV GXUFKHLQDQGHU 'RPGH/RXLVHVSUWHQLFKWGLH.lOWHXQGDXFKQLFKWGHQ :LQG)ULKQ]lKOWHQXUHLQV(UPXWHVRUDVFKZLHP|JOLFK YHUVFKZLQGHQHKHGLH+lVFKHULKQSDFNWHQ 'LH+lVFKHUZDUHQZLU 8QGGLHVHP9DPSLUYHUGDPPWGLFKWDXIGHQ)HUVHQ/HLGHU ZXWHQZLUGDVQLFKWDOVZLUYRUGHURIIHQHQ7UGHV$UFKLY UDXPHVVWHKHQEOLHEHQ 'LH'XQNHOKHLWZDUQWHXQV'RUWNRQQWHPDQXQVOHLFKWHLQH )DOOHVWHOOHQ :LUEHULHWHQXQVIOVWHUQG 'DIHJWHHLQ:LQG]XJDXVGHU7U.DOWEOLHVHUXQVLQV*HVLFKW 6XNRXQGLFK]XFNWHQ]XVDPPHQKDWWHQEHLGHGHQJOHLFKHQ *HGDQNHQ ª'HULVWDXVGHP)HQVWHUYHUVFKZXQGHQ©]LVFKWHPHLQFKLQH VLVFKHU3DUWQHU ,FKEHWUDWDOVHUVWHUGDV$UFKLY 2EZRKOPLFKGHU/XIW]XJJHUDGH]XYHUOHLWHWHDOOHVDXIHLQH .DUWH]XVHW]HQEOLHELFKYRUVLFKWLJ,FKZROOWHQLFKWLQHLQH)DOOH GHV%OXWVDXJHUVODXIHQ 'HP*HUXFKQDFK]XXUWHLOHQZDULFKLQHLQHP$UFKLYJH ODQGHW6RURFKHVLQDOOHQ$UFKLYHQGHU:HOW1DFK6WDXEXQG %RKQHUZDFKV 'LH5HJDOHVWDQGHQLQ/lQJVXQG4XHUULFKWXQJ6LHELOGHWHQ HLQUHJHOUHFKWHV/DE\ULQWKLQGHPLFKPLFKOHLFKWYHUODXIHQ NRQQWHXQGGHVKDOEULVNLHUWHLFKHVGLHNOHLQH%OHLVWLIWODPSH DQ]XNQLSVHQ 6XNRKDWWHVLFKYRQPLUJHWUHQQW:lKUHQGLFKYRP(LQJDQJ DXVQDFKOLQNVJHJDQJHQZDUKDWWHHUGLHUHFKWH6HLWHJHQRPPHQ

0LUILHOHLQGDLFKGDV/LFKWKlWWHDQVFKDOWHQVROOHQMHW]WZDUHV ]XVSlW,FKKlWWHGHQ6FKDOWHUHUVWVXFKHQPVVHQ ,FKHUUHLFKWHGLH:DQGGLHPLW)HQVWHUQQDKH]XEHVWFNWZDU .HLQHVGDYRQVWDQGRIIHQ 'HPQDFKKDWWHXQVGHU/XIW]XJJHQDUUW2GHUGHU9DPSLU 9RQGHQ)HQVWHUQDXVJHUHFKQHWELV]XGHQ6FKPDOVHLWHQGHU 5HJDOHEHIDQGVLFKHLQ=ZLVFKHQUDXPYRQHWZDHLQHP
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bVWH GHUNDKOHQ%lXPHZLHVNHOHWWLHUWH)LQJHULQGLH/XIWUDJHQ 1HEHOVFKZDGHQXPZHKWHQVLHIKUWHQEL]DUUH7lQ]HDXIXQG ZXUGHQYRP1DFKWZLQGDXIGDV'DFKJHZHKWZRVLHDOVODQJH JUDXH6FKOHLHULQGHU/XIWKlQJHQEOLHEHQ (VZDUNlOWHUJHZRUGHQ'LH/XIWURFKQDFK6FKQHHXQGGHU :LQGVWLHEHLHQGGXUFKPHLQH.OHLGXQJ *HGXFNWOLHILFKZHLWHU1DFKZLHYRUKLHOWLFKGLH%HUHWWD VFKXEHUHLW'HU8QWRWHVROOWHPLFKQLFKWEHUUDVFKHQ 0LWGHP5FNHQSUHWHLFKPLFKJHJHQHLQHQJHPDXHUWHQ .DPLQ,FKVDKGHQ(LVHQEHUJGHUDXVZDVZHLLFKIU*UQGHQ KLHUJHODJHUWZXUGHVFKUlJYRUPLU ª.RPPUDXV©ULHILFKª'XKDVWNHLQH&KDQFH© 'HU9DPSLUJDENHLQH$QWZRUW (LQNDOWHV/lFKHOQJUXEVLFKLQPHLQH0XQGZLQNHO'LHVHU 8QWRWHNRQQWHPLFKQLFKWWlXVFKHQ+LHUDXIGHP'DFKVDHU ZLHLQHLQHU5DWWHQIDOOH 8QGLFKZUGHLKQPLUKROHQ,FKZROOWHLKQOHEHQGKDEHQ GHQQHUZDUGHUHLQ]LJHGHUXQV]X.DOXUDFIKUHQNRQQWH(U PXWHZLVVHQZRVHLQ0HLVWHUVD'D]ZLVFKHQGHP$XI

WDXFKHQGHU9DPSLUHKLHULP0LQLVWHULXPXQGGHU(QWIKUXQJ HLQXQPLWWHOEDUHU=XVDPPHQKDQJEHVWDQGGDUDQJDEHVIU PLFKQLFKWGHQJHULQJVWHQ=ZHLIHO8QGGHVKDOEPXWHLFKGHQ 8QWRWHQKDEHQ(UZUGHPLUVDJHQZR6KHLODXQGGDV.LQGJH IDQJHQJHKDOWHQZXUGHQ $QHLQHDQGHUH0|JOLFKNHLWGXUIWHLFKJDUQLFKWGHQNHQ ,FKO|VWHPLFKYRQGHU0DXHUXQGKXVFKWHDXIGHQ$EIDOOEHUJ ]X$XVGHU1lKHHUNDQQWHLFKGDKLHUDOWH:DVVHUURKUH.UlQH /HLWXQJHQXQG:DVFKEHFNHQODJHQ$QGHQ6HLWHQVWDFKHQGLH XQI|UPLJHQ5RKUHZLHPHWDOOHQH)DQJDUPHKHUYRU :LHVHODUWLJKXVFKWHLFKXPGHQ$EIDOOEHUJKHUXPEOLHEGDQQ EUHLWEHLQLJVWHKHQXQGVDKQLFKWV 9HUGDPPWGHU9DPSLUKDWWHPLFKJHOHLPW ,FKGUHKWHGHQ.RSI 'DHQWGHFNWHLFKLKQ *DUQLFKWZHLWHQWIHUQWMDJWHGHU9DPSLUDXIGHQ'DFKUDQG ]X(LQH'HFNXQJJDEHV]ZLVFKHQGHP$EIDOOEHUJXQGGHP 'DFKHQGHQLFKW $OVRQLFKWVKLQWHUGHPHUVLFKYHUVWHFNHQNRQQWH ,KPEOLHENHLQHDQGHUH:DKO (UPXWHVSULQJHQ 2GHU" ,FKULHILKQDQZlKUHQGLFKJOHLFK]HLWLJORVOLHI ª6WHKHQEOHLEHQ© 'HU9DPSLUK|UWHPHLQH6WLPPHVFKDXWHEHUGLH6FKXOWHU ]XUFNXQGLFKVDKLQVHLQEOHLFKHV*HVLFKW'URKHQGVFKWWHOWH HUGLH)DXVWXQGDXVVHLQHP0XQGGUDQJHLQK|KQLVFKHV/DFKHQ 9RUGHP'DFKUDQGNRQQWHLFKLKQQLFKWPHKUHUUHLFKHQ(VJDE QXUHLQH0|JOLFKNHLW ,FKPXWHVFKLHHQ $EUXSWEOLHELFKVWHKHQVHQNWHGHQ3LVWROHQODXIXQG]LHOWHDXI GLH%HLQHGHV%OXWVDXJHUV,FKKRIIWHLKQPLWHLQHU.XJHOVWRSSHQ ]XN|QQHQ 'RFKGHU8QWRWHPDFKWHPLUHLQHQ6WULFKGXUFKGLH5HFKQXQJ 8USO|W]OLFKVWLHHUVLFKDXVYROOHP/DXIDEXQGQRFKHKHLFK

UHDJLHUHQNRQQWHZDUVHLQHSOXPSH*HVWDOWEHUGHP'DFKUDQG YHUVFKZXQGHQ (LQHQ6SUXQJDXVGLHVHU+|KHZUGHDXFKHLQ9DPSLUQLFKW RKQH6FKDGHQ]XQHKPHQEHUVWHKHQ ,FKYHUVWDQGGHQ8QWRWHQQLFKWKHW]WH]XP'DFKUDQGVWRSSWH GLFKWGDYRUDEXQGVWDUUWHLQGLH7LHIH 'HU9DPSLUZDUQLFKWDXIGHP%RGHQJHODQGHWVRQGHUQDXI HLQHP$QEDX(WZDGUHL
0LW5LHVHQVFKULWWHQVSXUWHWHHUDXIGHQ8QWRWHQ]X,QGHU UHFKWHQ+DQGKLHOWHUGHQODQJHQ(LFKHQSIORFN(VZDUNODU ZDVHUYRUKDWWH ª1HLQ1LFKW©,FKEUOOWHPLUGLH.HKOHDXVGHP/HLEª7|WH LKQQLFKW© 0DUHNK|UWHQLFKW ª6LHKKHU%OXWVDXJHU©VFKULHHU 'HU9DPSLUZLUEHOWHKHUXP 0DUHNZDUQRFKGUHL6FKULWWHYRULKP8QGHUEHIDQGVLFKLQ YROOHP/DXI 0LWGHUJHVDPWHQ:XFKWVHLQHV.|USHUJHZLFKWVVFKQHOOWHVHLQ UHFKWHU$UPYRU 8QG0DUHNWUDIJHQDX =XVDPPHQPLWGHP9DPSLUILHOHU]X%RGHQ6HNXQGHQODQJ EOLHEHQVLHOLHJHQ 'DQQVWDQGHLQHUDXI (VZDU0DUHN'LH6SLW]HGHV(LFKHQSIORFNVVWHFNWHWLHILQGHU %UXVWGHVDP%RGHQOLHJHQGHQ8QWRWHQ 'RPGH/RXLVHZUGHQLHPHKUYHUVXFKHQMHPDQGHPGHQ 9DPSLUNX]XJHEHQ (UZDUWRW 8QGPHLQHOHW]WH&KDQFHGDKLQ-HW]WVWDQGHQZLUZLHGHUDP $QIDQJ(UKlWWHXQVYLHOOHLFKWVDJHQN|QQHQZRVLFK6KHLODXQG GHUNOHLQH-RKQQ\EHIDQGHQ :DJHQWUHQNODSSWHQ %LOO&RQROO\XQG-DQH&ROOLQVVWLHJHQDXVGHPDOWHQ9:6LH VFKDXWHQ]XPLUKRFK ,FKZLQNWHPDWWXQGNHKUWHGDQQ]XUFN]X6XNR 6HOWHQLQPHLQHP/HEHQKDWWHLFKPLFKVRPLHVJHIKOW6XNR VDDXIGHP%RGHQXQGPDVVLHUWHVHLQHQ1DFNHQª7HXIHOKDW GHU.HUOHLQHQ6FKODJ©VDJWHHU'DQQVFKDXWHHUPLFKDQª8QG"© ,FKVSUDQJGLHOHW]WHQEHLGHQ6SURVVHQGHU/HLWHUKLQXQWHUª(U OHEWQLFKWPHKU© ª,VWGRFKJXW©PHLQWH6XNRª$EHULUJHQGHWZDVLVWGLUEHUGLH /HEHUJHODXIHQ©

ª-D©,FKHUNOlUWHPHLQHP)UHXQGZHVKDOELFKVRVDXHUZDU 6XNRVDJWHQXUHLQ:RUWª6KLW© 8QGGDPLWWUDIHUGHQ1DJHOJHQDXDXIGHQ.RSI :HQLJVSlWHUJDEHVDEHUPDOVEHWUHWHQH*HVLFKWHU$PPHLVWHQ lUJHUWHVLFK0DUHN ª7XWPLUOHLG©IOVWHUWHHUªDEHUGDVKDEHLFKQLFKWJHZXW© ª,FKPDFKH,KQHQMDDXFKNHLQHQ9RUZXUI©,FKVRJDQPHLQHU =LJDUHWWHXQGOLHGHQ5DXFKGXUFKGLH1DVHQO|FKHUDXVVWU|PHQ 1HEHQPLUYHUZQVFKWH%LOOVLFKVHOEVWXQGGLHJDQ]H:HOW'HU 9DPSLUODJYRUXQVDXIGHP%RGHQ:LUKDWWHQGLH0RUG NRPPLVVLRQYHUVWlQGLJW ,FKZROOWHPLWGHP]XVWlQGLJHQ%HDPWHQUHGHQXQGGLH 6DFKODJHHUNOlUHQ'LHDQGHUHQIXKUHQ]XUFN]XP
'LHDQGHUHQODVHQGLH%RWVFKDIWHEHQIDOOV ª0HLQ*RWW©K|UWHLFK-DQHV6WLPPH %LOOWUDWKLQWHUPLFKXQGOHJWHPLUVHLQH+DQGDXIGLH6FKXOWHU ª-RKQ©VDJWHHUPLWNUDW]LJHU6WLPPHª-RKQZLOOVWGXHVWXQ"© /DQJVDPGUHKWHLFKPLFK%LOOV+DQGUXWVFKWHDE,FKVFKDXWH PHLQHQ)UHXQGDQVDKLKPIHVWLQGLH$XJHQXQGODVGDULQGLH 9HU]ZHLIOXQJXQG$QJVWGLHHULQGLHVHP$XJHQEOLFNHPSIDQG +DWWHLFKGHQQHLQH:DKO" ª-D©HUZLGHUWHLFKª,FKJHKHDXIGHQ9RUVFKODJHLQ©