Golden Girl

$OLVWDLU0DF/HDQ*ROGHQ*LUO &RS\ULJKWGHUGHXWVFKHQ$XVJDEHE\ :LOKHOP+H\QH9HUODJ*PE+ &R.*0QFKHQ 8...

Author: MacLean Alistar

23 downloads 654 Views 817KB 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

$OLVWDLU0DF/HDQ*ROGHQ*LUO

&RS\ULJKWGHUGHXWVFKHQ$XVJDEHE\ :LOKHOP+H\QH9HUODJ*PE+ &R.*0QFKHQ 8PVFKODJJHVWDOWXQJ0(,661(56&202)),&( $UW &RP'HVLJQ$XJVEXUJ 8PVFKODJPRWLY0DXULWLXV%LOGDJHQWXU)UDQNIXUWD0DLQ *HVDPWKHUVWHOOXQJ3UHVVH'UXFN$XJVEXUJ 3ULQWHGLQ*HUPDQ\ ,6%1

&RYHUUFNVHLWH 'HU*HKHLPDJHQW7UHQW0LWJOLHGHLQHU$QWL 7HUURU(LQKHLWGHU(8OHEWPLWIDOVFKHU,GHQWLWlW YRUGHU.VWHGHV.DULELNVWDDWHV%HOSDQDXI VHLQHP.DWDPDUDQª*ROGHQ*LUO©%HOSDQLVW HLQ6WW]SXQNWGHUNROXPELDQLVFKHQ'URJHQ PDILDXQGYRQSROLWLVFKHQ8QUXKHQHUVFKW WHUW$OV7UHQWPLWHLQHP6SH]LDODXIWUDJGLH,Q VHODQVWHXHUWVWHKWHLQ0LOLWlUSXWVFKXQPLWWHO EDUEHYRU(LQHJQDGHQORVH-DJGEHJLQQW )LHEHUKDIWYHUVXFKW7UHQWGLHW|GOLFKH6SLUDOH YRQ*HZDOW7HUURUXQG9HUEUHFKHQ]X]HU VW|UHQ 9RQ7KULOOHU6SH]LDOLVW$OLVWDLU0DF/HDQ NRQ]LSLHUWYRQ6LPRQ*DQGROILNRQJHQLDO YROOHQGHW

352/2* 3HWH+HQGULNKDWWHKLQWHUGHP&RFNSLWDXIHLQHU/XIWPDWUDW ]HJHVFKODIHQ6HLQ:HFNHUVHW]WHGHP6FKODIHLQ(QGH%HLGH 0RWRUHQOLHIHQUXKLJ2EZRKO3HWHGHQ:HFNHUVHOEVWJH VWHOOWKDWWHYHUJOLFKHUGLH=HLWPLWVHLQHU3LORWHQXKU(U VWW]WHVLFKDXIHLQHP(OOERJHQKRFKVFKDXWHGXUFKGLHRIIH QH&RFNSLWWUQDFKGUDXHQ'HU+LPPHOKDWWHVLFKQLFKW YHUlQGHUWKHOOH6WHUQH0RQGOLFKWNHLQH:RONHQGLH:HW WHUYRUKHUVDJHZDUULFKWLJJHZHVHQ 3HWHKDWWHVHLQH/DXIEDKQDOV&RSLORWEHL)UDFKWIOJHQGHU $LU)RUFHLQ.RUHDEHJRQQHQ-HW]WIORJHU.RNDLQYRQ.R OXPELHQLQGLH9HUHLQLJWHQ6WDDWHQ3HWHKDWWHIUGDVZHLH 3XOYHUQLFKWVEULJ(UKLHOWVLFKIUHLQHQ7ULQNHUKDWWH VFKRQLPPHUJHWUXQNHQ1LFKWVWlQGLJXQGQLHVRGDHV VHLQH)OLHJHUHLEHHLQWUlFKWLJWHDEHUHUIHLHUWHHLQIDFKJHUQH 8QGZHQQGLHYLHOHQ3DUWLHVQLFKWJHZHVHQZlUHQKlWWH3HWH IUHLQHVHUL|VH)OXJOLQLHIOLHJHQN|QQHQIU'HOWD$LUOLQHV RGHU7:$XQGLQHLQHUVFKLFNHQEODXHQ8QLIRUPPLW*ROG WUHVVHQ]XU$UEHLWJHKHQN|QQHQ(LQHVHUL|VH)OXJJHVHOO VFKDIWKlWWHLKPMHGRFKQLHGDV*HOGJH]DKOWGDVHUIUVHLQH )UDXHQEHQ|WLJWH3HWHZDUVHFKVPDOYHUKHLUDWHWJHZHVHQ XQGKDWWHHOI.LQGHU'DVMQJVWHZDUYLHU-DKUHDOWXQGJLQJ LQGHQ.LQGHUJDUWHQGDVlOWHVWHZDUVHFKVXQGGUHLLJXQG DUEHLWHWHDOV3IOLFKWYHUWHLGLJHULQ1HEUDVND&LW\)UDXHQZD UHQHV]XGHQHQ3HWHVHLQ*HOGJHWUDJHQKDWWHXQG)UDXHQ ZDUHQDXFKGHU*UXQGGDIUGDHULP$XIWUDJGHVNROXP ELDQLVFKHQ.RNDLQNDUWHOOVIORJ)UDXHQXQGGLH3HUHVWURLND =ZLVFKHQGHU=HLWEHLGHU$LU)RUFHXQGGHP.DUWHOOKDWWH HUPHLVWHQVIUGLH$LU$PHULFDRGHUDQGHUHLP$XIWUDJGHV &,$IOLHJHQGH/LQLHQJHDUEHLWHW(VZDUQRFKJDUQLFKWODQJH KHUGDZDUHUKlXILJQDFK+RQGXUDVXQGZLHGHU]XUFNJH IORJHQXQGKDWWHGHQ&RQWUDVLQ1LFDUDJXD1DFKVFKXEDEJH ZRUIHQ'LH3HUHVWURLNDKDWWHLKQMHGRFKGHQ-REJHNRVWHWXQG GURKWHGHQKDOEHQ0LWDUEHLWHUVWDEGHU&,$EHUIOVVLJ]X

PDFKHQ.RQIURQWDWLRQZDUQLFKWPHKUJHIUDJWXQGGLH/HX WHGLHVLFKGDYRQHUQlKUWKDWWHQZDUHQHEHQIDOOVEHUIOVVLJ JHZRUGHQ 0LWHLQXQGVHFK]LJ-DKUHQZDUHUHLQIDFK]XDOWXPVLFK ]XP6FKODIHQDXIHLQHU/XIWPDWUDW]H]XVDPPHQ]XNUPPHQ HQWVFKLHG3HWHDOVHUVLFKKRFKVWHPPWHXQGGLH6FKXOWHUQ KLQXQGKHUEHZHJWHXPGLH6WHLIKHLWDXVLKQHQ]XYHUWUHL EHQ(UIOOWH]ZHL%HFKHUPLW.DIIHHDXVGHU7KHUPRVNDQQH VFKZDU]PLWYLHO=XFNHU]ZlQJWHVLFKGXUFKGLH7ULQV &RFNSLWEHUSUIWHGLH,QVWUXPHQWHEHYRUHUHVVLFKLP3L ORWHQVLW]JHPWOLFKPDFKWH7UHLEVWRIIIOX/LWHU.XUV +|KHHLQKXQGHUWDFKW]LJ0HWHUgOGUXFN8PGUH KXQJHQDOOH:HUWHZDUHQLQ2UGQXQJ'HU7UHLEVWRIIZUGH QRFKHLQH6WXQGHXQG]HKQ0LQXWHQUHLFKHQDEHUGDVZDU ]XHUZDUWHQJHZHVHQ=XIULHGHQUHLFKWHHUVHLQHPMXQJHQ &RSLORWHQGHQDQGHUHQ%HFKHUPLW.DIIHH 3HWHKLHOWGHQVFKODQNHQGXQNHOKlXWLJHQMXQJHQ&RSLOR WHQIUHLQHQ9HUHLQVIOLHJHUGHUHUVWQRFKHUZDFKVHQZHUGHQ PXWH'HU-XQJHNRQQWHGLH+|KHKDOWHQXQGJHUDGHDXV IOLHJHQDEHU3HWHKlWWHLKPQLHPDOVVHLQ/HEHQDQYHUWUDXW ZHQQHVGDUXPJLQJLP'XQNHOQDXIHLQHUIUHPGHQ3LVWH]X ODQGHQGHUHQ0DUNLHUXQJVOLFKWHUQXUIUZHQLJH6HNXQGHQ DXIOHXFKWHWHQ)U3HWHZDUGLHVH$UWGHU/DQGXQJGXUFKDXV DOOWlJOLFK (UKDWWHNHLQH$KQXQJZLHGHU-XQJH]XGLHVHP-REJH NRPPHQZDU*XWHUPRFKWHGDVZHLH3XOYHUXQGVFKXOGH WHYLHOOHLFKWMHPDQGHPDXIGHU6WUDHRGHUZHLWHUREHQLQ GHU+LHUDUFKLH*HOG0|JOLFKHUZHLVHZROOWHHUVLFKHLQIDFK HLQH6WDQJH*HOGYHUGLHQHQ3HWHZDUHVHJDO(UKDWWHVLFK GD]XEHUHLWHUNOlUWIU]ZDQ]LJWDXVHQG'ROODUHLQPDOKLQ XQG]XUFN]XIOLHJHQ0LWGLHVHP*HOGNRQQWHHUGDQQGLH +\SRWKHNDXIGLH(LJHQWXPVZRKQXQJVHLQHUVHFKVWHQ)UDX LQ)ORULGDDEEH]DKOHQ'DQQPXWHHUQXUQRFKGHQ8QWHU KDOWIULKUHQ-XQJHQDXIEULQJHQ*RWWVHL'DQNZDUHULKU HLQ]LJHV.LQG8QGNHLQHZHLWHUHQ)UDXHQPHKU6FKRQIU GLHVHFKVWH)UDXZDUHU]XDOWJHZHVHQVHLQ$OWHUXQGQLFKW GLHYLHOHQ3DUWLHVZDUGHUHLJHQWOLFKH*UXQGGDIUJHZHVHQ GDVLHLKQDQGLH/XIWJHVHW]WKDWWH

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|WHQWHLOV DXV6XPSIEHVWDQGHLQH%HUJNHWWHGLHGHQ.VWHQVWUHLIHQ YRPPLWWHODPHULNDQLVFKHQ+LQWHUODQGWUHQQWHXQGHLQSDDU YRUJHODJHUWHYRQ.RUDOOHQULIIHQJHVFKW]WHVDQGLJH,QVHOQ %LVLQGLHIUKHQVHFK]LJHU-DKUHKDWWH%HOSDQGHQ%ULWHQJH K|UW3HWHZXWHDOOHUGLQJVQLFKWPHKUXQWHUZHOFKHP1D PHQ'DQQKDWWHQVLHGLH.RORQLHDXIJHJHEHQ3HWHV)OXJ]LHO ZDUHLQ3ULYDWIOXJSODW]DXIHLQHUGHUYRUJHODJHUWHQ,QVHOQ 6FKlW]XQJVZHLVHXPIQIXQG]ZDQ]LJ0LQXWHQQDFK0LWWHU QDFKWZUGHHUGRUWHLQWUHIIHQ(LQEODXHV/LFKWDP3XQNW GHV%RGHQNRQWDNWVGUHLURWH/LFKWHUGLHGDV(QGHGHU3LVWH DQ]HLJWHQ.HLQH%lXPHLQGHU(LQIOXJVFKQHLVHVRGDHULP 7LHIIOXJEHUGHP0HHUKHUHLQNRPPHQNRQQWH9ROOPRQG .HLQ:LQG3UREOHPORV 'HU-XQJH]HLJWHQDFKXQWHQDXIHLQHGLFKWHYRQ6DQGXP JHEHQH3DOPHQJUXSSHXQGGHXWHWHPLWJU|WHU=XYHUVLFKW DXIGLH)OXJNDUWH3HWHZDUZHGHUGDYRQEHU]HXJWGDHU UHFKWKDWWHQRFKKLHOWHUGDV*HJHQWHLOIUULFKWLJ:HLWYRU LKQHQNRQQWHHULP:HVWHQYHUVWUHXWH/LFKWHUVHKHQ'DV PXWH%HOSDQ&LW\VHLQ6RQVWKDWWHNHLQ2UWLQ%HOSDQVR YLHOH/LFKWHU8QWHULKQHQODJGLHXQWHUEURFKHQH/LQLHGHU %UDQGXQJDP5LII1RFK]HKQ0LQXWHQXQGVLHVROOWHQVLFK EHU.H\6DQ3DXOEHILQGHQ:HLWHUHIQI0LQXWHQXQGGDV

EODXH/LFKWZUGHDXIWDXFKHQ(LQH6FKOHLIHIOLHJHQXQG GDQQ]XU/DQGXQJDQVHW]HQVRODXWHWHQ3HWHV$QZHLVXQJHQ 9RQYHUHLQ]HOWHQ)LVFKHUKWWHQHLQPDODEJHVHKHQZDU.H\ 6DQ3DXOGLHHUVWHDXIGHU)OXJURXWHOLHJHQGHEHZRKQWH,Q VHO(LQKDOEHV'XW]HQGNOHLQHU+RWHOVGLHYRQLKUHQHLJHQHQ *HQHUDWRUHQEHOHXFKWHWZXUGHQXQGHWZDIQI]LJ+lXVHU VWDQGHQGDUDXI'LH+RWHOVVWHOOWHQLKUH*HQHUDWRUHQXP0LW WHUQDFKWDEVRGDPLWHWZDV*OFNDOOHLP%HWWOLHJHQZU GHQ 3HWHYHUVXFKWHHLQOHW]WHV0DOGLH6WHLIKHLWDXVVHLQHQ 6FKXOWHUQ]XYHUWUHLEHQGDQQOHJWHHUVHLQHQ6LFKHUKHLWVJXUW DQXQGJULIIQDFKVHLQHU%ULOOH(UPDFKWHVLFKQLFKWGLH0 KHVLFKPLWGHP-XQJHQ]XXQWHUKDOWHQQLFNWHLKPOHGLJOLFK ]XXQGEHUQDKPGLH6WHXHUXQJ$OVHUGDVULFKWLJH*HIKO IUGDV)OXJ]HXJEHNRPPHQKDWWHXQGVHLQ.DIIHHOHHUZDU ODJ.H\6DQ3DXOHWZDVOLQNVYRULKQHQ0LWLKUHQDOV6FKXW] YRUGHUQlFKWOLFKHQ)HXFKWLJNHLWDEJHGHFNWHQ$XHQERUG PRWRUHQODJHLQKDOEHV'XW]HQG6NLIIVYRUGHU.VWH$P 6WUDQGEUDQQWHQ/LFKWHUHVZXUGHJHWDQ]W'DV*DQ]HZLUN WHZLHHLQH]ZDQJORVH3DUW\JDQ]QDFK3HWHV*HVFKPDFN :HQQHUGDXQWHQJHZHVHQZlUHXQGHLQ)OXJ]HXJVRQLHG ULJLQ5LFKWXQJ.H\&DQDNDKlWWHIOLHJHQVHKHQZlUHHU HUQVWKDIWYHUVXFKWJHZHVHQVLFKHLQ6NLII]XVFKQDSSHQXQG KLQEHU]XUDVHQXP]XHUJUQGHQZDVGDV)OXJ]HXJGRUW VRVSlWLQGHU1DFKWZRKO]XVXFKHQKDWWH:HQQLUJHQGHL QHUGHU3DUW\JlVWHWDWVlFKOLFKPLWGHP%RRWQDFK.H\&DQD NDNDPZUGHPDQLKQGRUWPLWJURHU:DKUVFKHLQOLFKNHLW HUVFKLHHQGDUEHUZDUVLFK3HWHLPNODUHQ $XILKQKDWWHPDQVRRIWJHVFKRVVHQGDHUQLFKWPHKU PLWJH]lKOWKDWWH2IWJHQXJKDWWHDXFKHUDEJHGUFNWDEHU GDVZDULPPHUXQWHU.ULHJVEHGLQJXQJHQJHVFKHKHQ:HJHQ HLQHU/DGXQJ.RNDLQHLQHQDQJHWUXQNHQHQ.HUOXP]XEULQ JHQZDUEHUKDXSWQLFKWQDFK3HWHV*HVFKPDFN

(VZDU9ROOPRQGXQGGDVZXUGHJHIHLHUW5HJJDH0XVLN GU|KQWHDXVGHP+RO]YHUVFKODJHLQHV+RWHOVDXI.H\6DQ 3DXOGHUJU|WHQ,QVHOYRUGHU.VWH%HOSDQV'HU:LQGKDW WHQDFKJHODVVHQXQGJDQ]H:RONHQZLQ]LJHU6DQGIOLHJHQ GLH3ODJHGHU.DULELNNDPHQ]XP9RUVFKHLQ'LHVH)OLHJHQ VLQGIDVWXQVLFKWEDUXQGVHOEVW0RVNLWRQHW]HKDOWHQVLHHL QHPQLFKWYRP/HLE 'DDQ6FKODINDXP]XGHQNHQZDUKDWWHGHU%HVLW]HUGHV +RWHOVDP6WUDQGHLQ)HXHUDXV.RNRVQXVFKDOHQHQWIDFKW XQGJULOOWH+XPPHUEHUGHU*OXW'LHPHLVWHQVHLQHU*lVWH ZDUHQ&ROOHJH6WXGHQWHQDXVGHQ86$'DV5LIIVWHOOWGLH JU|WH$WWUDNWLRQ%HOSDQVGDUGDQNGHUSULPLWLYHQ(LQULFK WXQJGHU+RWHOVEOLHEHQGLH(OWHUQGHUMXQJHQ7RXULVWHQIHUQ (LQH)ODVFKH5XPNRVWHWLP(LQ]HOKDQGHOHLQHQ'ROODUXQG HLQH0LVFKXQJDXVJOHLFKHQ7HLOHQZHLHQ5XPVXQGIUL VFKHQ2UDQJHQVDIWVLVWGDV1DWLRQDOVJHWUlQN'LH*RQMRV 1DFKIDKUHQJHIORKHQHU6NODYHQEDXHQLQGHU6GSURYLQ] GHV)HVWODQGV0DULKXDQDDQ6LHUDVHQLQ(LQEDXPVHJOHUQ XPKHUWDQ]HQGLHPHLVWHQ1lFKWHGXUFKXQGVLQGGDPLW]X IULHGHQGHQ+DQGHOXQGGLH3ROLWLNGHQ/DWLQRVXQG.UHROHQ ]XEHUODVVHQ $XIGHU/HHVHLWHGHV5LIIVHWZDHLQHQ.LORPHWHUGUDXHQ LP0HHUODJGHUDFKW]HKQ0HWHUODQJHZLHHLQH6ORRSJHWD NHOWH.DWDPDUDQ*ROGHQ*LUOYRU$QNHU'HUVFKODQNHXQDXI IlOOLJODFNLHUWH=ZLOOLQJVUXPSIZDUYRP6WUDQGDXVNDXP]X HUNHQQHQ$P+HFNGHV.DWDPDUDQVZDUPLWHLQHU/HLQHHLQ IQI0HWHUODQJHVJUDXHV6FKODXFKERRWEHIHVWLJWDFKWHUQ KLQJHLQHVFKDUODFKURWH%0:5*6(QGXURDP%RUGNUDQ 'LH*ROGHQ*LUOZDUYRQ5RG0DF$OSLQH'RZQH\DOVKRFK VHHWFKWLJHU5HQQVHJOHUHQWZRUIHQXQGDXVNDOWJHIRUPWHQ %RRWVEDXVSHUUKRO]NRQVWUXLHUWZRUGHQ%HLHLQHP.DWDPD UDQKlQJHQ*HVFKZLQGLJNHLWXQG6LFKHUKHLWYRQVHLQHU /HLFKWLJNHLWDE'LHEHLGHQ%XJVSLW]HQPVVHQEHVRQGHUV

OHLFKWVHLQXP]XYHUKLQGHUQGDGHU.DWDPDUDQYRQHLQHP SO|W]OLFKHQ:LQGVWRLQGLH:HOOHQKLQHLQJHGUFNWZLUG $XIGHU*ROGHQ*LUOHQGHWHGDV%UFNHQGHFNGDVGLHEHLGHQ 6FKLIIVUPSIHPLWHLQDQGHUYHUEDQGHLQHQ0HWHUYRUGHP PLWWLJOLHJHQGHQ6DORQ:HLWHUYRUQHZDUHQGLHEHLGHQ 5PSIHPLWHLQHP1\ORQJHIOHFKWDXV]HQWLPHWHUJURHQ0D VFKHQYHUNQSIW $XIGHP*HIOHFKWKDWWHHVVLFKHLQ0DQQJHPWOLFKJH PDFKWGHUGLH6WUDQGSDUW\PLWHLQHPVFKZHUHQ)HUQJODVEH REDFKWHWH8UVSUQJOLFKKLHHU3DWULFN0DKRQH\HUYHUIJ WHDEHUQRFKEHUDQGHUH1DPHQ6HLQULFKWLJHU1DPHZDU MHGRFKGHUHLQ]LJHGHQHUQLHYHUZHQGHQNRQQWHGHQQGDV KlWWH0HQVFKHQOHEHQDXIV6SLHOJHVHW]W'HVKDOEZDU3DWULFN 0DKRQH\LP6GHQ$UPDJKVDXVHLQHP+LQWHUKDOWHUVFKRV VHQZRUGHQ]XPLQGHVWKDWWHQGDVGLH=HLWXQJHQEHULFKWHW GLHDXFK)RWRVYRQGHU%HHUGLJXQJDXIGHP)ULHGKRIYRQ 6KDQQRQHQWKLHOWHQ%HLGHP%HJUlEQLVKDWWHHVVRKHIWLJJH UHJQHWGDGLHRKQHKLQVFKRQKLQWHUGHQ0DQWHONUDJHQXQG XQWHUGHQDOV6FKXW]YRUGHU:LWWHUXQJWLHIKHUXQWHUJH]RJH QHQWURSIHQGHQ+XWNUHPSHQYHUERUJHQHQ*HVLFKWHUGHU 7UDXHUJlVWHLPWUEHQ/LFKWGHV:LQWHUVNDXP]XHUNHQQHQ ZDUHQ ,Q%HOSDQZDUHUDOV7UHQWEHNDQQWPLWGLHVHP1DPHQ NRQQWHHUJXWOHEHQ7UHQWZDUIQIXQGGUHLLJ-DKUHDOWHU WUXJHLQHGXQNHOEODXH6FKODIDQ]XJKRVHDXV%DXPZROOHXQG HLQGXQNHOEODXHV76KLUW(UKDWWHODQJHVVFKZDU]HVOHLFKW JHORFNWHV+DDUXQGHLQHQNXU]HQGLFKWHQ%DUWVRGDVHOEVW HLQJHEWHU%HREDFKWHUEHLGHU%HVFKUHLEXQJVHLQHU*HVLFKWV ]JH6FKZLHULJNHLWHQJHKDEWKlWWH6HLQH$XJHQZDUHQGXQ NHOIDVWVFKZDU]VHLQ.|USHUZDUPXVNXO|VXQGJHVFKPHL GLJ'LH.HWWHDXVURWHQ.RUDOOHQGLHHUXPGHQ+DOVWUXJ SDWHYLHOOHLFKWQLFKWJDQ]]XGHP(LQGUXFNGHQHUVRQVWHU ZHFNWH+LHUGUDXHQZDUHUYRU$QNHUJHJDQJHQXPGHQ 6DQGIOLHJHQ]XHQWJHKHQ (LQHOHLFKWH'QXQJVFKZDSSWHEHUGDV5LIIXQGVFKDX NHOWHGHQJURHQ.DWDPDUDQVDQIWKLQXQGKHU=RJVLFKGDV :DVVHU]XUFNVDXJWHGDV0HHUDQGHQ.RUDOOHQXQGGLH VFKOUIHQGHQXQGJXUJHOQGHQ*HUlXVFKHHULQQHUWHQ7UHQWDQ

VHLQHQLULVFKHQ*URYDWHUGHUDXIJDQ]lKQOLFKH:HLVHVHL QHQKDOEHQ/LWHU*XLQQHVVLQVLFKKLQHLQJHVRJHQKDWWHZR EHLGLHIDOVFKHQ=lKQH]XVDPPHQPLWHLQHUVFKZHUHQ*ROG XKUXQGHLQHPVLOEHUQHQ7DVFKHQPHVVHUVLFKHULQVHLQHU :HVWHQWDVFKHYHUVWDXWZDUHQ'DV*HELKDWWHVFKRQLPPHU VFKOHFKWJHVHVVHQ 7UHQWV$XIPHUNVDPNHLWZXUGHGXUFKGDV'U|KQHQHLQHV )OXJ]HXJVYRP6WUDQGDEJHOHQNW'DVYRQ6GHQNRPPHQ GH)OXJ]HXJEHZHJWHVLFKWLHIEHUGHP:DVVHUSDUDOOHO]XU .VWHDXILKQ]X7UHQWZXWHGD%HOSDQ&LW\QDFKWVQLFKW DQJHIORJHQZXUGH1HXJLHULJVWLHJHUDXIGHQ0DVW %HLIQIXQG]ZDQ]LJ0HWHUQ)OXJK|KHKlWWHHUHLJHQWOLFK GLH3RVLWLRQVOLFKWHUVHKHQPVVHQ0LW)OXJ]HXJHQNDQQWHHU VLFKDXV:LHRIWKDWWHHUIUKHULP'XQNHOQDXILUJHQGZHO FKHQ*UDVSLVWHQJHVWDQGHQXQGJHZDUWHWKDWWHGXUFKGDV 'U|KQHQGHU)OXJ]HXJPRWRUHQKLQGXUFKQDFKEHGURKOLFK KHUDQVFKOHLFKHQGHQ0lQQHUQJHODXVFKWXQGDXIGDVSO|W]OL FKH$XIEOLW]HQHLQHV6FKHLQZHUIHUNHJHOVJHZDUWHW /DQJVDPQlKHUWHVLFKHLQ]ZHLPRWRULJHV)OXJ]HXJ7UHQW OLHYRUVHLQHPLQQHUHQ$XJHGDV%LOGHLQHU.DUWHGHU*H JHQGHQWVWHKHQ1HEHQGHP)OXJKDIHQYRQ%HOSDQ&LW\JDE HVDQGHUJDQ]HQ.VWHQXUQRFKHLQHHLQ]LJHDQGHUH/DQGH SLVWH6LHZDUYRQHLQHPDPHULNDQLVFKHQ.RVPHWLNKHUVWHOOHU XQG0XOWLPLOOLRQlUDXI.H\&DQDNDVHWZDDFKW.LORPHWHU Q|UGOLFKYRQ.H\6DQ3DXODQJHOHJWZRUGHQ'LHVHU0DQQ OHEWH]ZHL:RFKHQLP-DKULQHLQHPJURHQZHLHQ%XQJD ORZDXIGHU]XP5LIIZHLVHQGHQ6HLWHGHU,QVHO'HU3UlVL GHQWYRQ%HOSDQKDWWHDQGHUDQGHUHQ.VWHGLH]XP)HVW ODQGZLHVHLQNOHLQHVK|O]HUQHV)HULHQKDXV,Q(QJODQG KlWWHPDQHLQVROFKHV+DXVGHUEHVRQGHUHQ*XQVWGHU 4XHHQYHUGDQNWKLHUEHUQDKPGHU0XOWLPLOOLRQlUGLH5ROOH GHVN|QLJOLFKHQ2EHUKDXSWHV 7UHQWVWLHJZLHGHUYRP0DVWKHUDEXQGDUEHLWHWHVLFKDQ GHQ6SLQGLPYRUGHUHQ7HLOGHV%DFNERUGUXPSIHVKHUDQLQ GHPGLH]XVDPPHQJHUROOWHQXQGPLW*DUQIHVWJH]XUUWHQ 9RUVHJHOYHUVWDXWZDUHQ(UHQWVFKLHGVLFKIUHLQHQ*KRVWHU GHQHUDP0DVWKRFK]RJELVHUVLFKLQVHLQHU9HU]XUUXQJ YRQGHP1DFKWKLPPHOZLHHLQHODQJHZHLH:XUVWDEKRE

8PQRFKPHKU*HZLFKWYRP%XJZHJ]XQHKPHQEHYRU ]XJWH7UHQWHLQH:DUSOHLQHDXV1\ORQGLH]XP6FKXW]YRU $EQXW]XQJXQGXPGHQ$QNHUGXUFKLKU*HZLFKWLQHLQHP IODFKHQ:LQNHODXIGHQ0HHUHVJUXQG]XSUHVVHQPLWHLQLJHQ 0HWHUQ(LVHQNHWWHDP$QNHUEHIHVWLJWZDUZRGXUFKVLFK DXFKGLH$QNHUIOJHOOHLFKWHULQGHQ0HHUHVJUXQGJUXEHQ 8PHLQ5DVVHOQGHU$QNHUNHWWH]XYHUPHLGHQKROWH7UHQW GLH:DUSOHLQHHLQELVGLH(LVHQNHWWH]XP9RUVFKHLQNDP PDFKWHGDV(QGHGHU.HWWHDQGHU]XP6FKODXFKERRWIKUHQ GHQ/HLQHIHVWO|VWHGLH.HWWHYRQGHU:DUSOHLQHXQGOLH GDV6FKODXFKERRWWUHLEHQ (LQNUlIWLJHU5XFNDQGHU%DFNERUGVFKRWGLHYRPXQWHUHQ (QGHGHV6HJHOV]XP&RFNSLWIKUWHEHIUHLWHGHQ*KRVWHUDXV VHLQHU9HU]XUUXQJ1HEHQGHP6SLQQDNHULVWGHU*KRVWHUGDV JU|WHXQGOHLFKWHVWH6HJHOPLWGHPHLQ5HQQVHJOHUDXVJH VWDWWHWLVW'UDXHQDP5LIIZRGLH,QVHOQNHLQHQ6FKXW]PHKU ERWHQKHUUVFKWHJHUDGHJHQJHQG:LQGXPGDV6HJHO]XEOl KHQ7UHQWODXVFKWHDXIGDVOHLVH3OlWVFKHUQGHUVLFKDXVGHP :DVVHUKHEHQGHQ%XJVSLW]HQDOVGHU.DWDPDUDQODQJVDPEH VFKOHXQLJWH'LH*ROGHQ*LUOKDWWHEHLKRFKJH]RJHQHQ6FKZHU WHUQHWZDVHFK]LJ=HQWLPHWHU7LHIJDQJ=ZLVFKHQGHP$Q NHUSODW]XQG.H\&DQDNDZDUHQGLH.RUDOOHQVW|FNHEHUDOO ZHLWJHQXJYRQGHU:DVVHUREHUIOlFKHHQWIHUQWVRGD7UHQW DXIHLQH.DUWHYHU]LFKWHQNRQQWH0LW*XPPLVWURSSVVLFKHUWH HUGLHGRSSHOWH5XGHUSLQQHEHUOLHGLH*ROGHQ*LUOLKUHP 6HJHOXQGNOHWWHUWHZLHGHUDXIGHQ0DVW 'DV)OXJ]HXJZDUHLQPDOLP.UHLVJHIORJHQXQGVWHXHUWH ZLHGHUDXIVHLQHXUVSUQJOLFKH5RXWH]XUFN7UHQWK|UWH ZLHGHU3LORWGHQUHFKWHQ0RWRUGURVVHOWHDOVHU]XU/DQ GXQJDQVHW]WHXQGPHLQWHDXI.H\&DQDNDGUHLURWH/LFKWHU EOLQNHQ]XVHKHQ'DEOLW]WHSO|W]OLFKHLQJOHLHQGKHOOHVZHL HV/LFKWDXIHVZDUVRKHOOGD7UHQWVRJDULQHLQHU(QWIHU QXQJYRQYLHU6HHPHLOHQQRFKVFKZDU]YRU$XJHQZXUGH 'LH0RWRUHQGHV)OXJ]HXJVZXUGHQQRFKPHKUJHGURVVHOW XQG7UHQWQDKPHLQH6HULHGXPSIHU6FKOlJHXQGNUDFKHQGHU *HUlXVFKHZDKUHVK|UWHVLFKDQDOVREHLQVFKZHUHU0DQQ HLQH(LVHQEDKQE|VFKXQJKHUXQWHULQHLQ%HWWDXVWURFNHQHQ =ZHLJHQXQGDOWHQ%OHFKGRVHQSXU]HOWH

'DPLWGHU/XIWZLGHUVWDQGDXIHLQ0LQLPXPUHGX]LHUW ZXUGHYHUOLHIHQGLH)DOOHLQHQLP,QQHUQGHV$OXPLQLXPPD VWHVGHU*ROGHQ*LUODP0DVWWRSSEHIDQGVLFKHLQHNOHLQH YHUVFKOLHEDUHgIIQXQJIUQ|WLJH,QVSHNWLRQHQ7UHQWVFKRE VLHDXIKDNWHHLQHQ)LQJHUKLQWHUHLQHJHZDFKVWH/HLQHXQG ]RJHLQH:DOWKHU33.PLW]ZHL5HVHUYHPDJD]LQHQKHUYRU GLHLQHLQH3ODVWLNWDVFKHHLQJHSDFNWZDU $XIKDOEHP:HJ]ZLVFKHQVHLQHP$QNHUSODW]XQG.H\ &DQDNDK|UWHHUZLHHLQ6FKQHOOERRW5LFKWXQJ)HVWODQGGD YRQMDJWH(VGDXHUWHHLQH6WXQGHELVHUGLH,QVHOHUUHLFKWKDW WH(UKROWHGDV6HJHOHLQXQGOLHKLQWHUGHP&RFNSLWHLQHQ NOHLQHQ:XUIDQNHUEHU%RUGJHKHQ'DEHLDFKWHWHHUVRUJ IlOWLJGDUDXINHLQSODWVFKHQGHV*HUlXVFK]XYHUXUVDFKHQ(U PDFKWHGLH+HFNOHLQHNODUXQGOLHGLH*ROGHQ*LUODXIGHQ 6WUDQGJOHLWHQZREHLHUVLHPLWGHP:XUIDQNHUVRZHLW KRFKKLHOWGDGLHEHLGHQ9RUGHUHQGHQGHQ.LHVNDXPEH UKUWHQ7UHQWOLHVLFKEHU%RUGIDOOHQQDKPHLQH/HLQH PLWDQ/DQGEHIHVWLJWHVLHDQHLQHU3DOPHNOHWWHUWHZLHGHU DQ%RUGXQG]RJGHQ.DWDPDUDQHWZDGUHL0HWHUDQ/DQG (UKDWWHHUZDUWHWGDHVQDFK%HQ]LQVWDQNHUNRQQWHGHQ *HUXFKDXFKZDKUQHKPHQDOOHUGLQJVVHKUVFKZDFK'DV )OXJ]HXJPXWHQXUZHQLJ%HQ]LQPLWJHIKUWKDEHQ7UHQW OLHLQRIIHQHP*HOlQGHXQGJDQ]EHVRQGHUVQDFKWVJURH 9RUVLFKWZDOWHQ'LH:DIIHLQGHU+DQGGLHVFKZHUH7D VFKHQODPSHEHUHLWKDOWHQGXQGHLQH0LQLDWXUNDPHUDLQGHU 7DVFKHXPUXQGHWHHULP6FKDWWHQGHU3DOPHQLP/DXIVFKULWW GLHEHKHOIVPlLJH3LVWH'DV)OXJ]HXJVWDQGDPDQGHUHQ(Q GHGHU/DQGHEDKQVHLQH1DVHZDU]ZLVFKHQ]ZHL%lXPHQ IHVWJHNOHPPW'LH)OJHOZDUHQYRQGHQ%DXPVSLW]HQQDFK KLQWHQDEJHULVVHQZRUGHQGLH*HVFKZLQGLJNHLWGHV)OXJ ]HXJVZXUGHGDGXUFKDEJHEUHPVWXQGGDV)OXJ]HXJEOLHE GHQQRFKLP*OHLFKJHZLFKWGHU3LORWKDWWHHQWZHGHU*OFN JHKDEWRGHUZDUDXHUJHZ|KQOLFKJHVFKLFNWJHZHVHQ9LHO OHLFKWDXFKEHLGHVGDFKWH7UHQW (UZDUWHWHQRFKZHLWHUHIQI0LQXWHQLP6FKDWWHQDEXQG KRUFKWH'LH3LVWROHKLQJDQVHLQHU6HLWHQDFKXQWHQ'DQQ JLQJHUXPGDVYRUGHUH(QGHGHV)OXJ]HXJVKHUXPXQGVDK KLQWHUGHP]HUVFKPHWWHUWHQ)HQVWHUGHQGXQNHOQ8PULGHV

3LORWHQ'LH)UDFKWWUDQGHU%DFNERUGVHLWHVWDQGRIIHQ 7UHQW]RJVLFKKRFKXQGOLHVLFKLQGHQ,QQHQUDXPJOHLWHQ 'HQJU|WHQ7HLOGHV5DXPHVKLQWHUGHU7UQDKPHQHLQ 7UHLEVWRIIWDQNXQGHLQH5HLKH6WDKONDQLVWHUHLQ-HGHUGHU .DQLVWHUZDUHWZDGRSSHOWVRJURZLHGLH3UHOXIWIODVFKH HLQHV6SRUWWDXFKHUVGLHJDQ]H5HLKHZDUDQHLQHPYRUGHP 7DQNOLHJHQGHQ9HUVWlUNXQJVULHJHOEHIHVWLJW7UHQWNOHWWHUWH EHUGDVYRP$EVWXU]YHUXUVDFKWH'XUFKHLQDQGHU]XP &RFNSLW,QHLQHU%OXWODFKHODJ]XVDPPHQJHNUPPWHLQMXQ JHU0DQQPLWGXQNOHU+DXWIDUEH7UHQWKLHOWLKQIUGHQ.R SLORWHQ6HLQH7DVFKHQODPSH]HLJWHLKPGDVLFKHLQH*ODV VFKHUEHWLHILQGHQ+DOVGHVMXQJHQ0DQQHVJHJUDEHQXQG GLH+DOVVFKODJDGHUGXUFKJHWUHQQWKDWWH 'HU$XISUDOOKDWWHGHQDQGHUHQ3LORWHQEHUGLH6WHXHU VlXOHQDFKYRUQHJHVFKOHXGHUWGXUFKGLH:XFKWGHV$XI SUDOOVZXUGHVHLQ6FKlGHODQGHU:LQGVFKXW]VFKHLEH]HU VFKPHWWHUW7UHQWEHZHJWHLKQYRUVLFKWLJQDFKKLQWHQOLH GHQ6WUDKOVHLQHU7DVFKHQODPSHDXIEOLW]HQXQGVDKLQHLQ EUHLWHVKDUWHVYRQGHU6RQQHXQGYRP$ONRKROJH]HLFKQH WHV*HVLFKWPLWJHVFKZROOHQHP.LHIHU]HUTXHWVFKWHU1DVH XQGJUDXHQ$XJHQ:DVQRFKYRQGHPNlPSIHULVFKHQ%U VWHQKDDUVFKQLWWEULJZDUVWDQGXQWHUGHPJHURQQHQ%OXW YRP.RSIDE(LQ.QHLSHQVFKOlJHUGDFKWH7UHQWDOVHUGLH YHUQDUEWHQ.Q|FKHOGHV3LORWHQXQWHUVXFKWH*HKWDXIGLH 6HFK]LJ]XXQGZLUG]XDOWIUGLHVH5ROOH(UNDQQWH0lQ QHUGLHVHV6FKODJVPLWDOOHQ:DVVHUQJHZDVFKHQH.|QQHU ZDUHQHVDOWH+DVHQgOIHOGSLORWHQ/XIWEHUZDFKXQJHQ $LU$PHULFDXQGGLHVHNOHLQHQKDOERIIL]LHOOHQ2SHUDWLRQHQ GLHVLFKGLHXQDSSHWLWOLFKVWHQ$EWHLOXQJHQGHU&,$HLQIDOOHQ OLHHQ'LHVHQ0lQQHUQKDWWH7UHQWRIWJHQXJVHLQ/HEHQDQ YHUWUDXWXQGQDFKVHLQHQ(UIDKUXQJHQZXUGHQGLHVHDOWHQ +DVHQQLFKWZLUNOLFKDOWH+DVHQZHQQVLHGHV|IWHUHQQDFKWV HLQ)OXJ]HXJDXIGLH(UGHEULQJHQVROOWHQRKQHGDEHLLKUH 6LFKHUKHLWVJXUWHDQ]XOHJHQ (UNURFKEHUGHQWRWHQ0DQQKLQZHJZHLWHUQDFKYRUQH OHXFKWHWHPLWGHU7DVFKHQODPSHEHUGLHEOXWEHVSULW]WH :LQGVFKXW]VFKHLEH'RUWZRGHU.RSIJHJHQGLH6FKHLEHJH NQDOOWZDUZDUHLQNOHLQHV6WFN*ODVORVJHEURFKHQ(UOLH

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|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lUWVYRP (QGHGHU/DQGHEDKQHQWIHUQW(UIROJWHLKULQ*HJHQULFK

WXQJGDQQJLQJHUGHUUHFKWHQ6SXUQDFK'DV(UJHEQLVZDU GDVJOHLFKHQXUGDGLH6SXUGLHVHV0DOLQVHFK]LJ0HWHUQ (QWIHUQXQJLQGHP:DOGVWFNHQGHWH (LQHNDOWHELWWHUH:XWVWLHJLQ7UHQWKRFKDOVHUZLHGHU ]XU0LWWHGHU/DQGHEDKQ]XUFNJLQJXQGQDFKGHQ5XWVFK VSXUHQVXFKWHGLHGLH6WHOOHDQ]HLJWHQDQGHUGDV)OXJ]HXJ GHQ%RGHQEHUKUWKDWWH(UVFKULWWGLH(QWIHUQXQJYRQGHQ 6SXUHQELV]XP6WUDQGDEHLQKXQGHUW]HKQ0HWHUHLQHQD KH]XSHUIHNWH/DQGXQJJDQ]ZLHHVVLFKIUGHQ6FKZDQHQ JHVDQJHLQHVDOWHQ+DVHQJHK|UWH $FKW]LJ0LQXWHQVSlWHUKROWH7UHQWGHQ$QNHUHLQQDKP GDV6HJHODEYHUVWDXWHHVXQGOHJWHGLH:DOWKHUZLHGHULQLKU %HKlOWQLV 9RP&RFNSLWIKUWHHLQ1LHGHUJDQJLQGHQJURHQKHOOHQ OXIWLJHQ6DORQKLQXQWHUGHUVLFKEHUGDVJDQ]H%UFNHQ GHFNHUVWUHFNWH$QGHU%DFNERUGVHLWHGHV1LHGHUJDQJVEH IDQGVLFKGHU.DUWHQWLVFK(LQJURHV8I|UPLJHV6LW]El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lKHUNRPPHQGHUIQI]LJ36VWDUNHU-RKQVWRQ$XHQ ERUGPRWRUUL7UHQWDXVGHP6FKODI-RKQVWRQ0HUFXU\ XQG
KLQHLQGLHJHUDGHGLHGQQHQDXVGHP:DVVHUGHUVWDKO EODXHQ.DULELNDXIVWHLJHQGHQPRUJHQGOLFKHQ1HEHOVFKOHLHU GXUFKGUDQJ$XVGHU6RQQHKHUDXVMDJWHHLQZHLHVNQDSSH VLHEHQ0HWHUODQJHVRIIHQHV+XPPHUVNLIIDXILKQ]X'HU %RRWVIKUHUVFKZHQNWHGDV5XGHUKHUXPVWHOOWHGHQ0RWRU DE'DV6NLIIYHUORUDQ+|KHXQGJOLWWDXIGLH*ROGHQ*LUO]X 6HLQH+HFNZHOOHYHUILQJVLFK]ZLVFKHQGHQEHLGHQ5PSIHQ GHV.DWDPDUDQVVSULW]WHKRFKXQGYHUSDWH7UHQWXQGVHL QHP6FKODIVDFNHLQHRUGHQWOLFKH'XVFKH 'HU%RRWVIKUHUJULIIQDFKGHU5HOLQJGHU*ROGHQ*LUOXQG KLHOWGDV6NLIILQVLFKHUHP$EVWDQG]XPPDNHOORVHQ/DFN GHV.DWDPDUDQ(UZDU0LWWH]ZDQ]LJ/DWLQRNOHLQXQG PXVNXO|VXQGKDWWHGLHJHZ|OEWH%UXVWHLQHV)UHLWDXFKHUV 7lJOLFKGHU6RQQHDXVJHVHW]WZDUVHLQH+DXWIDVWVFKZDU] JHEUDQQWZlKUHQGGDV0HHUVDO]GLH6SLW]HQVHLQHVGXQNOHQ +DDUHVJHOEYHUIlUEWKDWWH6WUDKOHQGHVFKZDU]H$XJHQXQG HLQEUHLWHV*ULQVHQYHUNQGHWHQGDHUPLWVLFKVHOEVW]X IULHGHQZDU9HUJQJHQDQGHU:HOWIDQGXQGMHGHUQXUYRU KHUVHKEDUHQ=XNXQIWPLW)UHXGHHQWJHJHQVDK 7UHQWEHQHLGHWHGHQMXQJHQ%RRWVIKUHUXPVHLQH=XYHU VLFKW(UZLVFKWHVLFKGDV6DO]DXVGHQ$XJHQXQGVDJWHDXI 6SDQLVFKª&DUORVHLQHV7DJHVNQDOOHLFKGLFKQRFKDEZHQQ GXVRDXVGHU6RQQHNRPPVWXQGPLFKEHUIlOOVW© 7UHQWVSUDFKPLWNDVWLOLVFKHP$N]HQWVHLQH:RUWHZLUNWHQ EHUWULHEHQSUl]LVHLPPHUKLQZDUHVIQI8KUPRUJHQV YRUGHU.VWH0LWWHODPHULNDVXQGHUKDWWHVLFKJHUDGHDXV VHLQHP6FKODIVDFNJHVFKlOW 'HU%RRWVIKUHUQDQQWHLKQHLQHQPDULRRUUª9HQJDODXQV XQVHU)UKVWFNYHUGLHQHQ© 0LW]ZHLKXQGHUWDXIGHP0HHUHVJUXQGYHUWHLOWHQ+XP PHUN|UEHQYHUGLHQWH&DUORVHLQLJHVPHKUDOVVHLQ)UKVWFN 6HLQH$XVJDEHQZDUHQPLQLPDO(UEHQ|WLJWHNHLQ$XWR ZHLOHVDXI.H\6DQ3DXONHLQHHLQ]LJH6WUDHJDE+lWWHHV HLQHJHJHEHQKlWWHVLHQLUJHQGZRKLQJHIKUW(LQHQHXH -HDQV6KRUWVHLQSDDU76KLUWVPHKUEUDXFKWHHUIUGLH VHFKV0RQDWH+XPPHUVDLVRQQLFKW=ZHL(LJHQWXPVZRK QXQJHQLQ0LDPLJHK|UWHQLKPEHUHLWVGLH+lOIWHHLQHUGULW WHQKDWWHHUVFKRQDEJH]DKOW7UHQWKDOILKPGDEHLGLH.|UEH

]XOHHUHQIUHLWDXFKHQGGHQQGLH.|UEHKRFK]X]LHKHQKlW WHGLHGRSSHOWH=HLWLQ$QVSUXFKJHQRPPHQ8P]HKQ8KU ZDUHQGLHEHLGHQIHUWLJ7UHQWZROOWH.H\&DQDNDEHL7DJHV OLFKWHLQ]ZHLWHV0DOLQVSL]LHUHQDEHUNHLQH$XIPHUNVDP NHLWDXIVLFKOHQNHQLQGHPHUPLWGHU*ROGHQ*LUOKLQEHUVH JHOWH'DKHUIUDJWHHUREHUVLFKGDV6NLIIDXVOHLKHQN|QQH XQGYHUVSUDFKHVZLHGHU]XP.DLGHU)LVFKHUHLJHQRVVHQ VFKDIW]XUFN]XEULQJHQ :lKUHQG&DUORVEHLGHU*HQRVVHQVFKDIWGLH+XPPHUDE OXGVSD]LHUWH7UHQW]X-LPP\ V%DUKLQEHUGHP+DXSW WUHIISXQNWDXI.H\6DQ3DXO$XIGHP:HJGDKLQPXWHHU XPYLHUMXQJH$PHULNDQHUHLQHQ%RJHQPDFKHQGLHVLFK PLWWHQDXIGHQ:HJJHVHW]WKDWWHQXQGDQVFKHLQHQGJHUDGH GXUFKGLVNXWLHUWHQZDVVLHPLWGHP7DJDQIDQJHQVROOWHQ -LPP\ZDU.UHROHXPGLHIQI]LJXQG]HLJWHGHQHUVWHQ $QVDW]YRQhEHUJHZLFKWGDHUVLFKN|USHUOLFK]XZHQLJEH ZHJWH'DV+XPPHUILVFKHQKDWWHGHQ%DXVHLQHU%DUXQG GHV5HVWDXUDQWVILQDQ]LHUWEHUVHLQHP%RRWVVFKXSSHQKDWWH HUQRFK]XVlW]OLFKH]HKQ=LPPHUHQWVWHKHQODVVHQYRQGH QHQMHGHVHLQHLJHQHV%DGEHVDGDVVRJDUJHOHJHQWOLFKIXQN WLRQLHUWH%DUXQG5HVWDXUDQWIORULHUWHQXQG-LPP\KDWWHDXV GHQ86$HLQHQ9LGHRUHFRUGHUHLQJHIKUWPLWGHPHU)LOPH ]HLJWHGLHLKPYRQGHULQ6GNDOLIRUQLHQOHEHQGHQXQGPLW HLQHP$U]WYHUKHLUDWHWHQ6FKZLHJHUPXWWHUHLQHVVHLQHU9HU ZDQGWHQDOV5DXENRSLHQ]XJHVSLHOWZXUGHQ'LH6FKZLHJHU PXWWHUEH]DKOWHLKUH9HUOXVWHEHLP%ULGJHGDPLW 0LWWH'UHLLJKDWWH-LPP\VHLQHEHUXIOLFKH/DXIEDKQJH ZHFKVHOWXQGVLFKYRP,QVHOXQWHUQHKPHU]XP6WUDQGSKLOR VRSKHQJHPDXVHUW7UHQWIDQGLKQYRUVHLQHU%DUXQWHUHLQHU 3DOPHLQHLQHP/LHJHVWXKO-LPP\KDWWHVFKRQYRUHLQHUJH UDXPHQ:HLOHEHJRQQHQVLFKPLWGHP,QKDOWHLQHVDXIVHL QHP.QLHUXKHQGHQ7DEDNEHXWHOVGHUDOOHUGLQJVNHLQHQ .UPHO7DEDNHQWKLHOWHLQH=LJDUHWWH]XGUHKHQ(UKDWWH YLHU5HLVSDSLHUEOlWWFKHQ]XVDPPHQJHNOHEWXQGGDQQHQWZH GHUNHLQH(QHUJLHPHKUJHKDEWRGHUZDUGXUFKHLQHQQHXHQ *HGDQNHQDEJHOHQNWZRUGHQ'HQNHQZDURKQHKLQ-LPP\V +DXSWWlWLJNHLW6HLQH)UDXXQGVHLQHYLHU.LQGHUNPPHUWHQ VLFKXPGHQ5HVW

7UHQWNDXHUWHVLFKPLWGHP5FNHQDQGLH:DQGQHEHQLKQ XQGZDUWHWHGDUDXIGD-LPP\ZLHGHUYRQGD]XUFNNDP ZRHUJHUDGHVWHFNWHZRLPPHUGDVDXFKVHLQPRFKWH 6FKOLHOLFKPHLQWH-LPP\ª+DVWGXPLWEHNRPPHQGD OHW]WH1DFKWDXI.H\&DQDNDHLQ)OXJ]HXJDEJHVWU]WLVW"6LH KDEHQHVXPQHXQLP5DGLRJHPHOGHW© 7UHQWVDJWHHUVHL]XP)LVFKHQGUDXHQDXI6HHJHZHVHQ ª:DVKDVWGXGHQQJHIDQJHQ"©IUDJWH-LPP\ ª,FKKDEHPLWGHPMXQJHQ&DUORV+XPPHUKRFKJHKROW© DQWZRUWHWH7UHQW -LPP\YHUORUGDV,QWHUHVVHDQGLHVHP7KHPD$XI.H\6DQ 3DXOZDUHQ+XPPHUELOOLJHUDOV+KQHUHLHUXQGZHVHQWOLFK OHLFKWHU]XEHVRUJHQª:HQQGXLUJHQGHWZDVDQGHUHVIlQJVW EULQJ VYRUEHL7UHQW© 7UHQWVLFKHUWHHVLKP]X)LVFKHGLHHUIUGDV5HVWDXUDQW PLWGHP6SHHUILVFKWHZXUGHQYRQ-LPP\JHJHQ*HWUlQNH YHUUHFKQHW -LPP\GHXWHWHDXIHLQHQK|O]HUQHQ$QOHJHSODW]ª'DXQ WHQDQJHOWJHUDGHGHU3UlVLGHQW'HUYHUGDPPWH%RRWVIKUHU KDWZRKOYHUJHVVHQGDHULKQPLWQHKPHQVROOWH© 7UHQWHUNXQGLJWHVLFKREGHU3UlVLGHQWQDFK.H\&DQDND ZROOHXQG-LPP\QLFNWH ª,FKN|QQWHLKQPLWGHP6NLIIYRPMXQJHQ&DUORVUEHU IDKUHQ©PHLQWH7UHQW *HLVWHVDEZHVHQGVSLHOWH-LPP\PLWGHP0DULKXDQDLQVHL QHP7DEDNVEHXWHO'DQQVFKWWHOWHHUGHQ.RSIDOVZROOHHU OlVWLJH)OLHJHQYHUVFKHXFKHQª,FKZHLQLFKW7UHQWDEHU KLHUEHKDXSWHWGRFKWDWVlFKOLFKMHPDQGGHU3UlVLGHQWVWHFNH PLWGHQ&ROXPELDQRVXQWHUHLQHU'HFNH©(UKREHLQH=HL WXQJYRP6DQGDXIXQGOLHVLHLQ7UHQWV6FKRIDOOHQ(V ZDUGLH%HOSDQ,QGHSHQGHQW6LHEHVWDQGDXVYLHU6HLWHQ VFKPXW]LJHP=HLWXQJVSDSLHUZDUDEHUGHQQRFKGLHEHVWH =HLWXQJ%HOSDQV1HEHQGHU%HOSDQ7LPHV7UHQWKDWWHJHK|UW GDLQGHQOHW]WHQEHLGHQ0RQDWHQEHLGH=HLWXQJHQLKUHQ %HVLW]HUJHZHFKVHOWKDWWHQ(UODVGHQ$UWLNHOHVZDUHLQ .ODVVLNHUVHLQHU$UW,QLKPZXUGHGLHVNXUULOH9HUPXWXQJ JHlXHUWXQG]XUNRQNUHWHQ$QVFKXOGLJXQJDXVIRUPXOLHUW GHU3UlVLGHQWZUGHYRQNROXPELDQLVFKHQ.RNDLQKlQGOHUQ

GDIUEH]DKOWLKQHQGDV$XIWDQNHQDXIGHQ'VFKXQJHOSL VWHQXQGGHUJU|WHQ6WUDH%HOSDQV]XJHVWDWWHQ /HW]WH:RFKHZDUHLQH]ZHLPRWRULJH'H+DYLOODQG2WWHU PLWHLQHU/DGXQJ.RNDLQLQHLQHQ)OXGXUFKODJHVWU]WDOV VLHQDFKWVLPPHQVFKHQOHHUHQ1RUGHQGHV/DQGHVDXIHLQHP QRFKQLFKWIHUWLJJHVWHOOWHQ7HLOVWFNHLQHUQHXHQ6WUDH]X ODQGHQYHUVXFKWH'LHVHU]ZHLWH$EVWXU]MHW]WDXI.H\&DQD NDJRQDWUOLFKgOLQV)HXHUXQG%HOSDQVWDQGNXU]YRU GHQ3DUODPHQWVXQG3UlVLGHQWVFKDIWVZDKOHQ 7UHQWUHLFKWH-LPP\GLH=HLWXQJ]XUFNXQGZDQGHUWH]XU $QOHJHVWHOOHKLQXQWHU'HQYLHUMXQJHQ$PHULNDQHUQGLHDXI GHP:HJVDHQKDWWHVLFKHLQIQIWHUKLQ]XJHVHOOW'LH *UXSSHKDWWHLKUHQ6LW]SODW]XPHLQSDDU0HWHUYHUODJHUW XPVLFKZHLWHULP6FKDWWHQDXIKDOWHQ]XN|QQHQ (LQHUYRQLKQHQVDJWHª+LJK©7UHQWKDWWHGHQ(LQGUXFN GDVNDPXQJHIlKUKLQ %HOSDQV3UlVLGHQWZDU(QGH6HFK]LJ.UHROHPLWHKHU VFKZDU]HUDOVZHLHU+DXWIDUEHJURXQGWURW]VHLQHVNOHL QHQ%DXFKHVHKHUVFKODQN(UKDWWHJUDXH+DDUHGLHVLFKLP PHUPHKUOLFKWHWHQWUXJHLQHODQJHNKDNLIDUEHQH+RVHHLQ GD]XSDVVHQGHV+HPGHLQH%ULOOHPLW0HWDOOJHVWHOOXQGUXQ GHQ*OlVHUQXQGDQGHQ)HQEODXH%DXPZROOVFKXKH]XP hEHU]LHKHQ:RHUGLH6FKZDQ]IORVVHQGHUGXUFKGDVVHLFKWH :DVVHU]LHKHQGHQ)LVFKHZLH'UHLHFNHKRFKVWHKHQVDKOLH HUGHQ)OLHJHQN|GHUPLWVHLQHUELHJVDPHQ$QJHOUXWHIHGHU OHLFKWDXIGDVUHJXQJVORVH:DVVHUIDOOHQ7UHQWNDPHVVR YRUDOVREGHQDOWHQ0DQQLUJHQGHWZDVEHGUFNWHDEHU YLHOOHLFKWPDFKWHHUMDQXUGHVZHJHQHLQHQVROFKHQ(LQGUXFN ZHLOHUNHLQH)LVFKHILQJRGHUZHLOVHLQ%RRWVIKUHUYHUJHV VHQKDWWHLKQPLW]XQHKPHQ %HOSDQLVWEHVWLPPWGLHHLQ]LJH1DWLRQGHU:HOWLQGHUGHU %RRWVIKUHUGHV3UlVLGHQWHQGLHVHQHLQIDFKYHUJLWGDFKWH 7UHQW%HOSDQZDUDXFKGDVHLQ]LJHLKPEHNDQQWH/DQGLQ GHPGHU3UlVLGHQWDPlXHUVWHQ(QGHHLQHU|IIHQWOLFKHQ$Q OHJHVWHOOHDQJHOWHRGHUDXIGHU6XFKHQDFKHLQHP7D[LGLH %UJHUVWHLJHGHU+DXSWVWDGWHQWODQJVSD]LHUWHRKQHHLQHQ /HLEZlFKWHU]XEHQ|WLJHQ (LQHMXQJH)UDXK|FKVWHQV$QIDQJ=ZDQ]LJVDDXIGHP

$QOHJHSODW]XQGVFKDXWH]X,KUH+DXWZDUKHOOHUDOVGLHGHV 3UlVLGHQWHQVLHKDWWHDEHUGLHJOHLFKHVFKODQNH)LJXUZLHGHU DOWH0DQQ1XUGHU%DXFKIHKOWH,KUH/LSSHQZDUHQZRKOJH IRUPWXQGYROOLKUH$XJHQJUR,KU+DDUZDUPLWHLQHP JURHQURWHQ7XFK]XHLQHU$IURIULVXUDXIJHEDXVFKW6LH WUXJDEJHVFKQLWWHQH-HDQVXQGHLQURWHVIDUEOLFK]XP7XFK SDVVHQGHV2EHUWHLOXQGEHREDFKWHWHGHQ3UlVLGHQWHQDOVVHL HUGHUZXQGHUYROOVWH0DQQGHU:HOWXQGDOVVHLHVLKUH 3IOLFKWLKQ]XEHVFKW]HQ 7UHQWVFKOHQGHUWHGLH$QOHJHVWHOOHHQWODQJXQGVDJWHª*X WHQ0RUJHQ0LVWHU3UlVLGHQW© hEHUUDVFKWEOLFNWHVLFKGHUDOWH0DQQXP:DKUVFKHLQOLFK KDWWHHUQLFKWGDPLWJHUHFKQHWYRQHLQHP)UHPGHQHUNDQQW ]XZHUGHQ ª7UHQW6LU-LPP\REHQDQGHU%DUVDJWHPLU6LHVHLHQ YLHOOHLFKWDQHLQHUhEHUIDKUWQDFK.H\&DQDNDLQWHUHVVLHUW© ª6LHVLQG(QJOlQGHU© ª%ULWH6LU©HUZLGHUWH7UHQW 'HUDOWH0DQQVFKHQNWHLKPHLQIUHXQGOLFKHVZDUPHVXQG YHUVWlQGQLVYROOHV/lFKHOQHVHULQQHUWH7UHQWDQVHLQHQ9D WHU'LHDQIlQJOLFKH6SDQQXQJGLH7UHQWEHLP3UlVLGHQWHQ JHVSUWKDWWHYHUIORJª.HOWH"© ª-D6LU© ª$XFKEHLXQVJLEWHVGLHXQWHUVFKLHGOLFKVWHQ9|ONHU0L VWHU7UHQW©'HUDOWH0DQQVDKDXIGDV0lGFKHQKHUXQWHU ª0HLQH(QNHOLQKDWDP,QVWLWXWIU:LUWVFKDIWVZLVVHQVFKDI WHQLQ/RQGRQ9RUOHVXQJHQEHVXFKW$K©VDJWHHUDOVHLQH ]HKQ0HWHUODQJHEODXH%DUNDVVHXPGLH(FNHERJª6SlW NRPPWHUDEHUHUNRPPWhEHUDXVIUHXQGOLFKYRQ,KQHQ PLU,KUH+LOIHDQ]XELHWHQ© 7UHQWZXUGHGHQ(LQGUXFNQLFKWORVGHUDOWH0DQQ EUDXFKWHHLQLJHVPHKUDQ+LOIHDOVQXUHLQHQQHXHQ%RRWV IKUHU

&DQFXQLQGHU3URYLQ]4XLQWDQD5RRLQ0H[LNRZDUHLQ ]ZHLXQGGUHLLJ.LORPHWHUODQJHU.VWHQVWUHLIHQPLWIHXGD OHQ+RWHOV1DFKWFOXEV5HVWDXUDQWV(LJHQWXPVZRKQXQJHQ XQG3ULYDWYLOOHQ:DVGHQ7RXULVPXVDQEHWUDINRQQWHPDQ VLFKNHLQHQJU|HUHQ.RQWUDVW]XGHQYRUGHU.VWH%HOSDQV OLHJHQGHQ,QVHOQYRUVWHOOHQ7UHQWKDWWHGLH*ROGHQ*LUOEHL IDVWSHUIHNWHQ:LQGXQG:DVVHUEHGLQJXQJHQYRQ%HOSDQ QDFK1RUGHQJHVHJHOWXQGIUGLH)DKUWEHLHLQHU'XUFK VFKQLWWVJHVFKZLQGLJNHLWYRQGUHL]HKQ.QRWHQYLHUXQG]ZDQ ]LJ6WXQGHQEHQ|WLJW(UKDWWHGHQ.DWDPDUDQVLFKHULP -DFKWKDIHQYHUWlXWVHLQ0RWRUUDGDP'RFNDXVJHODGHQHLQ ([HPSODUGHU1HZ
7UHQWIDOWHWHVHLQH=HLWXQJ]XVDPPHQEHUTXHUWHGLH3UR PHQDGHXQGQDKPGLHHUVWH$E]ZHLJXQJUHFKWV'LH6WUDH HQGHWHDQGHU6FKQHOOVWUDHGLHYRQ&DQFXQEHUGHQ'DPP ]XPPH[LNDQLVFKHQ)HVWODQGIKUWH'LH6RQQHEUDQQWHDXI GHQVFKZDU]HQ7HHUEHODJKHUXQWHUGLH+LW]HOLHGDV/LFKWLQ VFKLPPHUQGHQ:HOOHQZDEHUQ)U)XJlQJHUZDUHVYLHO]X KHLHVZDUHQDXFKQXUZHQLJH$XWRVXQWHUZHJV'LH6WUD HQEHK|UGHKDWWHGHQ0LWWHOVWUHLIHQXQGGLH6HLWHQGHU 6FKQHOOVWUDHPLW$ND]LHQEHSIODQ]W(LQLJH%lXPHZDUHQ HLQJHJDQJHQHLQQRFKJU|HUHU7HLOZDUGHQ=LHJHQ]XP2S IHUJHIDOOHQ'HU5HVWZDUYHUNPPHUWXQGERWVHOEVWGHP KDUWJHVRWWHQVWHQXQGQDFKHLQHP3ODW]IUGLH6LHVWDVXFKHQ GHQ0D\D%DXHUQQXUXQ]XUHLFKHQGHQ6FKDWWHQ 7UHQWERJQDFKOLQNVDEXQGEHREDFKWHWHZLHGHU0DQQLP /HLQHQDQ]XJDXIGHUDQGHUHQ6HLWHGHU6FKQHOOVWUDHDXILKQ ]XNDP'LHZDEHUQGH+LW]HVFKQLWWGHQ(QJOlQGHUDQGHU +IWHHQW]ZHLVRGDGHU(LQGUXFNHQWVWDQGVHLQH%HLQH VWRO]LHUWHQXQDEKlQJLJYRQVHLQHP2EHUN|USHUGDKHU7UHQW ZDUVLFKVLFKHUGDGHU(QJOlQGHUQLFKWYHUIROJWZXUGH XQGEOLHELQ6LFKWZHLWHDOVGHUlOWHUH0DQQZHLWHUKLQWHQ ZLHGHUGLH6FKQHOOVWUDHEHUTXHUWHXQGLQHLQH]XU3URPH QDGHIKUHQGH6HLWHQVWUDHERJ7UHQWEHVFKOHXQLJWHVHLQHQ 6FKULWWXQGERJLQGLHJOHLFKH6WUDH'HU(QJOlQGHUVFKDXWH EHUGLH6FKXOWHU]XUFN7UHQWOLHVHLQH=HLWXQJDXIGHQ %RGHQIDOOHQEFNWHVLFKXPVLHDXI]XKHEHQXQGEHREDFKWH WHZLHVLFKGHU(QJOlQGHULQGHQ6HLWHQHLQJDQJGHV+RWHOV 5HQD9LFWRULDEHJDEHLQHP]Z|OIVW|FNLJHQ%HWRQWXUPLQSD VWHOOIDUEHQHP5RVDGHULQ%LOOLJEDXZHLVHIU3DXVFKDOWRXUL VWHQGHUXQWHUHQ(LQNRPPHQVNODVVHKRFKJH]RJHQZRUGHQ ZDUDQGLH)DUEHZDUHQGLH(LJHQWPHUEHVRQGHUVJQVWLJ KHUDQJHNRPPHQ :LHGHUDXIGHU3URPHQDGHDQJHNRPPHQJLQJ7UHQW GXUFKGHQ+DXSWHLQJDQJGHV+RWHOV0LWGHPHLQ]LJHQ IXQNWLRQVIlKLJHQ)DKUVWXKOYRQGUHLYRUKDQGHQHQIXKUHU ELV]XU%DULP'DFKJHVFKRXQGEHVWHOOWHEHLGHPKDOE VFKODIHQGHQ%DUNHHSHUHLQ%LHU =HKQ0LQXWHQVSlWHUQDKPHUGHQ)DKUVWXKOQDFKXQWHQLQ GLHGULWWH(WDJHXQGEHJDEVLFKEHUGLH'LHQVWWUHSSHLQGHQ

HUVWHQ6WRFN(LQVFKODQNHU0H[LNDQHULPURWHQ76KLUW NODWVFKWHDXIGHP7UHSSHQDEVDW]HPVLJZHLH)DUEHDQGLH :DQG:HLWHUKLQWHQLP)OXUNQLHWHHLQVFKZHUHUJHEDXWHU 0H[LNDQHULPJUQHQ76KLUWXQGPLWHLQHP6FKUDXEHQ]LH KHULQGHU+DQGQHEHQHLQHP:HUN]HXJNDVWHQXQGWDWVR DOVXQWHUVXFKHHUHLQH6WHFNGRVH,QGHU=HLWGLHGHUIDOVFKH (OHNWULNHUEHQ|WLJWHXPGHQ6FKUDXEHQ]LHKHUIDOOHQ]XODV VHQXQGLP:HUN]HXJNDVWHQQDFKVHLQHU:DIIH]XJUHLIHQ KlWWH7UHQWLKPGUHL.XJHOQLQGHQ.RSIMDJHQN|QQHQ7UHQW KDWWHNHLQH$KQXQJZRGHU(QJOlQGHUGLHVH0lQQHUDXIJH JDEHOWKDWWHZLHGLHPHLVWHQLKPEHNDQQWHQ/HXWHGLHLKUH =HLWKLQWHUGHP6FKUHLEWLVFKYHUEUDFKWHQZDUGHU(QJOlQGHU HLQIDQDWLVFKHU$QKlQJHU-RKQOH&DUUHVXQGIDQGJURHV 9HUJQJHQDQGHU7KHDWUDOLNHLQHV$XHQHLQVDW]HV7UHQW NRQQWHHVVLFKQLFKWYHUNQHLIHQPLW]ZHL)LQJHUQDXIGHQ 0H[LNDQHU]XVFKLHHQGHU0DQQVFKHQNWHLKPHLQEUHLWHV *ULQVHQXQG]XFNWHGLH$FKVHOQ7UHQWEOLHVGHQLPDJLQlUHQ 5DXFKYRQVHLQHQ)LQJHUVSLW]HQXQGJLQJGHQ)OXUHQWODQJ ELV]X=LPPHU'LH7UZDUQLFKWDEJHVFKORVVHQ &RORQHO6PLWK/HLWHUGHUQHXJHVFKDIIHQHQ6RQGHUHLQKHLW IU7HUURULVPXVEHNlPSIXQJGHU(XURSlLVFKHQ*HPHLQ VFKDIWVWDQGHLQHQ6FKULWWYRP)HQVWHUHQWIHUQWXQGEOLFNWH GXUFKGLH*D]HYRUKlQJHQDFKGUDXHQ'LH9RUKlQJHKDWWHQ GXUFK-DKUHGHU9HUQDFKOlVVLJXQJXQG.QDXVHUHLHLQHQJHOE OLFKHQQLNRWLQEUDXQHQ)DUEWRQDQJHQRPPHQ'HU&RORQHO VFKDXWHVLFKEHUGLH6FKXOWHUXPXQGZLHV7UHQW]XHLQHP GHUEHLGHQ6HVVHOPLWHLHUFUHPHIDUEHQHU3ROVWHUXQJGLHHL QHQPLW3ODVWLNEHU]RJHQHQ&RXFKWLVFKXPUDKPWHQ 'HUJOHLFKHDQGHQ.DQWHQDQJHVFKODJHQHXQGDEEOlWWHUQ GHhEHU]XJEHGHFNWHGHQ6FKUHLEWLVFKXQGGDVZDVGHU$U FKLWHNWLQVHLQHQ3OlQHQZDKUVFKHLQOLFKDOV7RLOHWWHQWLVFKJH NHQQ]HLFKQHWKDWWH8QWHUHLQHUVFKPXGGHOLJHQZHLHQ %HWWGHFNHEHIDQGVLFKHLQGXUFKKlQJHQGHV'RSSHOEHWWGDV 6FKRWWHUPXVWHUGHV%RGHQEHODJHVDXV'UDORQZDUPLWPHWDO OLVFKZLUNHQGHQ7XSIHUQYHUVHKHQXQGLQGUHLYHUVFKLHGH QHQ%UDXQW|QHQJHKDOWHQGHU*HUXFKELOOLJHU.RVPHWLNDUWL NHOYHUPLVFKWHVLFKPLWGHP*HVWDQNDEJHVWDQGHQHQNDOWHQ 7DEDNUDXFKV

,QVHLQHPWHXUHQ/HLQHQDQ]XJDXVGHU6DYLOH5RZXQGPLW GHU0DUNHQNUDZDWWHYRQ0&&SDWHGHU&RORQHOVRZHQLJ LQGLH8PJHEXQJZLHHLQLQVHLQZHKHQGHV*HZDQGJHNOHL GHWHU$QKlQJHUGHV.X.OX[.ODQGHUDQHLQHU6WUDHQHFNH LQ+DUOHPHLQ7D[LKHUEHLZLQNWH7UHQWZXWHGHU&RORQHO KDWWHHVDXIGLHVH:LUNXQJDEJHVHKHQXQGZROOWHLUULWLHUHQ LQGHQHUVWHQ-DKUHQVHLQHU$QVWHOOXQJKDWWHVLFK7UHQWKLQ UHLFKHQG*HGDQNHQEHUGHQ*UXQGGDIUJHPDFKWDEHU QXUKHUDXVILQGHQN|QQHQGDGLHVHU(LQGUXFN$EVLFKWZDU 'HU&RORQHOZDUHLQ0HLVWHULQGHU0DQLSXODWLRQGHU*HIK OHVHLQHU0LWPHQVFKHQ7UHQWNDQQWHLKQYRQ.LQGDXIVHLW HU]Z|OIZDUKDWWHHULP+DXVGHV&RORQHOVLQ/RQGRQJH OHEW7UHQWV9DWHUXQG&RORQHO6PLWKKDWWHQLPVHOEHQ.DYDO OHULHUHJLPHQWJHGLHQWGHU&RORQHOPLW$XV]HLFKQXQJ7UHQW 6HQLRUKDWWHPDQHUODXEWVHLQH6WHOOHDOV2IIL]LHUZLHGHUDXI ]XJHEHQQDFKGHPEHLVHLQHQ$EUHFKQXQJHQJHJHQEHUGHU 6FKZDGURQVFKZHUZLHJHQGH8QJHUHLPWKHLWHQHQWGHFNWZRU GHQZDUHQ.DYDOOHULHUHJLPHQWHUKDEHQ6NDQGDOHJDUQLFKW JHUQ ª'XPHLQVWDOVRGDDXIHLQHE|VH6DFKHJHVWRHQ]XVHLQ© VDJWHGHU&RORQHOUXKLJXQGDEJHVHKHQYRQGHUIDVWXQVLFKW EDUHQ(UVFK|SIXQJGLH0lQQHUQHLJHQLVWGLHIRUWZlKUHQG IUGLH6LFKHUKHLWLKUHU0LWPHQVFKHQYHUDQWZRUWOLFKVLQG Y|OOLJJHIKOORV$XI&RORQHO6PLWK V6FKUHLEWLVFKODQGHWHQ QXUEOH6DFKHQ ª:DKUVFKHLQOLFKJHKWXQVGLHJDQ]H$QJHOHJHQKHLWMDJDU QLFKWVDQ©EHJDQQ7UHQWYRUVLFKWLJª%HOSDQJHK|UW]XUDPH ULNDQLVFKHQ,QWHUHVVHQVSKlUHXQGHVJHKWXP'URJHQ]X PLQGHVWVROOHVVRDXVVHKHQDOVJLQJHHVXP'URJHQ© (UZDUWHWHGDUDXIGDGHU&RORQHOHWZDVGDUDXIHUZLGHU WHDEHUHULQVSL]LHUWHHLQIDFKXQYHUZDQGWGLH6WUDH6HLQ 6FKZHLJHQJHK|UWH]XHLQHPGHU6SLHOHGDVGHU&RORQHOPLW VHLQHQ8QWHUJHEHQHQ]XVSLHOHQSIOHJWH'DVZDU7UHQW VFKRQODQJHNODUª$OVHUVWHVODQGHWHLQ)OXJ]HXJDXIGHULQ 1RUG6G5LFKWXQJYHUODXIHQGHQ6FKQHOOVWUDHEHLGHU]X MHQHP=HLWSXQNWQRFKNHLQHLQ]LJHU)OXGXUFKOD EHUEDXW LVW%HLGH3LORWHQNRPPHQXPV/HEHQDQ%RUGEHILQGHQVLFK HLQKXQGHUW.LOR.RNDLQ©0DULKXDQDVFKPXJJOHUZlUHQMD

YLHOOHLFKW]XWLHILQLKUHQ'URJHQWUlXPHQYHUVXQNHQJHZH VHQDOVGDVLHVLFKYRUKHUEHUGHQ=XVWDQGGHU6FKQHOO VWUDHLQIRUPLHUWKlWWHQGHU.RNDLQKDQGHOMHGRFKZDUHLQH 6DFKHGLHPDQ3URILVEHUOLHª,FKKDEHPLUGLH6WHOOHDQJH VHKHQ©IXKU7UHQWIRUWª'HU)OXGXUFKODZDUIQI0HWHU WLHI'LH0lQQHUKDWWHQNHLQH&KDQFH© 2EZRKO7UHQWVLFKIUHLQHQ0HQVFKHQKLHOWGHUEHUHLQL JH3KDQWDVLHYHUIJWHZDULKPNHLQ9RUZDQGHLQJHIDOOHQ XQWHUGHPHUGLH/HLFKHQKDOOHKlWWHDXIVXFKHQN|QQHQVR GDHUGLH/HLFKHQQLFKWJHVHKHQKDWWH ª$OVQlFKVWHVVHW]WHLQ)OXJ]HXJPLWHLQHU/DGXQJ.RNDLQ GUDXHQDXIHLQHPGHULQGHU1lKHGHV5LIIVJHOHJHQHQ,Q VHOQQDFKWV]XU/DQGXQJDQXQG]ZDUDXVJHUHFKQHWDXIGHU ,QVHODXIGHUGHU3UlVLGHQWHLQ6WUDQGKDXVEHVLW]W'LH3LVWH KDWGLHDXVUHLFKHQGH/lQJHDEHUGDV0DUNLHUXQJVOLFKWIU GHQ%RGHQNRQWDNWLVWHLQKXQGHUW0HWHUYRP6WUDQGHQWIHUQW ODQGHLQZlUWVDQJHEUDFKWZRUGHQGLH/LFKWHUGLHGDV(QGH GHU/DQGHEDKQDQ]HLJHQVLQGVHFK]LJ0HWHUWLHI]ZLVFKHQ GHQ%lXPHQDXIJHVWHOOW'HU3LORWVHW]W]XP/DQGHDQIOXJDQ GDEOHQGHWLKQLUJHQGMHPDQGDXIGHP%RGHQPLWHLQHPVWDU NHQ/LFKWEOLW]'HU3LORWLVWHLQHFKWHU.|QQHU©7UHQWOLHGDV )RWRGDVHUYRP)OXJ]HXJIKUHUJHPDFKWKDWWHDXIGHQ &RXFKWLVFKIDOOHQª'LH$PHULNDQHUZHUGHQ8QWHUODJHQEHU LKQKDEHQ,UJHQGZLHKDWHUHVJHVFKDIIWGDV)OXJ]HXJ]ZL VFKHQ]ZHL%lXPH]XEULQJHQ'LH)OJHOKDEHQGLH*H VFKZLQGLJNHLWDEJHEUHPVWGHU3LORWKDWEHUOHEW'HU&RSL ORWHEHQIDOOV© ª(LQGUXFNVYROO©'HU&RORQHONODQJVREHHLQGUXFNWZLHHLQ 0HW]JHUGHPPDQHLQH.LVWHPRGHULJHQ.DEHOMDXDQELHWHW :HLWHUH6SLHOFKHQGDFKWH7UHQW=X%HJLQQLKUHV$UEHLWV YHUKlOWQLVVHVKDWWHGHU&RORQHOLKQQRFKGDPLWLQ5DJHEULQ JHQN|QQHQ-HW]WVFKHUWH7UHQWVLFKHLQHQ7HXIHOGDUXP ª:HQQHUHVDEVLFKWOLFKJHWDQKDWZDUGDVHLQHKHUYRUUDJHQ GH/HLVWXQJ©VDJWHHUª,FKEH]ZHLIHOVRJDUGDHUDXHU *HIHFKWJHVHW]WZDU© 7UHQWPDOWHVLFKGLHJDQ]H6]HQHDXV'HU3LORWZXWHGD HULQHLQH)DOOHJHUDWHQZDUXQGGDHUVRODQJHHUVLFKLP )OXJ]HXJDXIKLHOWHLQOHLFKWHV=LHOERW'DHUGXUFKGHQ

/LFKWEOLW]LPQlFKWOLFKHQ'XQNHOQLFKWVPHKUHUNHQQHQ NRQQWHZDUHQVHLQH&KDQFHQ]XU)OXFKWPLQLPDO,KPEOLHE MHGRFKNHLQHDQGHUH:DKODOVHV]XYHUVXFKHQ6REDOGHUDXI GHP%RGHQZDUVFKOXJLKPMHPDQGPLWHLQHP6WFN%OHL URKUGHQ6FKlGHOHLQ ª(UYHUIJWHEHUHLQH0HQJH(UIDKUXQJZDUHLQDOWHU+D VH©VDJWH7UHQW)UHLQHQ$XJHQEOLFNWUDWVHLQH:XW]XWDJH 0LWHLQHPVFKQHOOHQ.RSIVFKWWHOQVFKHXFKWHHUGDV%LOGDXV VHLQHP.RSI'HU&RORQHOVWDPPWHDXVHLQHUKDUWHQ6FKXOH LQGHU(PRWLRQHQQXW]ORVZDUHQXQGHLQHQJHIlKUOLFKHQ/X [XVGDUVWHOOWHQGHUGHU/HLVWXQJVIlKLJNHLWVFKDGHWHXQGGD KHUVWUHQJYHUERWHQZDU 'HU0|UGHUKDWWHGDVJOHLFKH5RKUGD]XEHQXW]WGLH :LQGVFKXW]VFKHLEHHLQ]XVFKODJHQª$XIGHP*ODVHQWGHFNWH LFKHLQ6WFNFKHQ%OHL:HULPPHUGDVJHZHVHQLVWHUKDW DXFKGHP.RSLORWHQGLH.HKOHGXUFKJHVFKQLWWHQXQGHLQH *ODVVFKHUEHLQGLH:XQGHJHVWHFNW3URIHVVLRQHOOH$UEHLW 1LFKWV.RPSOL]LHUWHVDEHUDXVUHLFKHQGXPGLH|UWOLFKH3R OL]HL]XP1DUUHQ]XKDOWHQ© ª+DVWGXGLH3ROL]HLLQIRUPLHUW"©'DV9HUKDOWHQGHV&ROR QHOVZLUNWHHLQZHQLJ]XEHLOlXILJDOVREHUHKHULQWHUHVVLHUW DOVEHVRUJWZlUHGDFKWH7UHQW 7UHQWVSLHOWHGDPLWVLFKVHOEVWHLQZHQLJLQ6FKZHLJHQ]X KOOHQ'HU&RORQHOJLQJ]XP&RXFKWLVFKKHUEHUXQGQDKP GDV)RWRKRFK7UHQWEHWUDFKWHWHGDVDOVHLQHQ3XQNWIUVLFK ª1DWUOLFKQLFKW©'HU&RORQHOOLHGDV)RWRLQVHLQH/H GHUEULHIWDVFKHJOHLWHQXQGQDKPZLHGHUGLH6WUDHLQ$X JHQVFKHLQª:DVKDVWGXQRFK"© 7UHQW]XFNWHGLH$FKVHOQª'UHFNO|FKHUZLH%HOSDQVLQGDO OHJOHLFK-HGHU-XQJHGHUPLWHLQHP$EVFKOXLQ/LWHUDWXU ZLVVHQVFKDIWHQQDFK+DXVHNRPPWJUQGHWHLQH=HLWXQJ =ZHLPHKURGHUZHQLJHUVHUL|VH%OlWWHUJLEWHVMHGRFK6LH KDEHQNU]OLFKLKUHQ%HVLW]HUJHZHFKVHOWXQGEHVFKXOGLJHQ GLH5HJLHUXQJLQ'URJHQJHVFKlIWHYHUZLFNHOW]XVHLQ©7UHQW PDFKWHHLQH3DXVH'HU&RORQHOPLELOOLJWHHVZHQQ$XHQ VWHKHQGHLQGHUDUWLJH'LQJHHLQEH]RJHQZXUGHQDEHULKP ZDUQLFKWVDQGHUHVEULJJHEOLHEHQª'UDXHQDXIGHQ,QVHOQ LVWHVVFKZLHULJGLH9HUELQGXQJ]XU$XHQZHOWDXIUHFKW]X

HUKDOWHQ©IXKU7UHQWIRUWª'HVZHJHQELQLFKQDFK%HOSDQ &LW\JHVHJHOWXQGKDEHHLQHQ)UHXQGDQJHUXIHQGHUGLH6D FKHEHUSUIHQVROOWH'LH:DVKLQJWRQ3RVWKDWVLFKGHU$QJH OHJHQKHLWDQJHQRPPHQGLH1HZ
NRPPHQ1DFKWEOLQGXQGPLWGHP:LVVHQKHUDXV]XVSULQ JHQGDDXIGHP%RGHQMHPDQGVWHKWXQGDXILKQZDUWHW 'DVJDUQLFKWZLVVHQ]XZROOHQ,PPHUQRFKHLQ)QNFKHQ +RIIQXQJ]XKDEHQDXFKZHQQHUZXWHGDHVHLJHQWOLFK NHLQHQ*UXQGGDIUJDE 7UHQWIUDJWHVLFKZDVGHU&RORQHOZRKOYRQHLQHP7RS DJHQWHQKLHOWGHUVLFKPLWHLQHP.RNDLQVFKPXJJOHULGHQWLIL ]LHUWH:HQQHUEHUKDXSWZHLWHU7RSDJHQWEOLHE+DWWHPDQ LKQYLHOOHLFKWEHUHLWVDXIV$EVWHOOJOHLVJHVFKREHQ"*ODXEWH GHU&RORQHOGDLKQGUHL-DKUHDOV*HKHLPDJHQWLQ,UODQG DXVJHODXJWKDWWHQ"*ODXEWHHUGDLKQGLHDOOWlJOLFKH$QJVW EHLPODQJVDPHQ(UVFKOHLFKHQGHV9HUWUDXHQVGHV7HUURU NRPPDQGRVDXIJH]HKUWKDWWHXQGVHLQH1HUYHQGXUFKGHQ +LQWHUKDOWHQGJOWLJ]HUUWWHWZDUHQ" (UVDJWHª6LHEHQ0RQDWHLQGHU.DULELNXQGGLH3DSLHUH IUHLQHQDFKW]HKQ0HWHUODQJHQ.DWDPDUDQVLQGHLQH0HQ JH*HOGIUHLQHQHXH,GHQWLWlW© ª6ROOGDVHLQH%HVFKZHUGHVHLQ"© ª1HQQHQZLUHV$UJZRKQ© ª$UJZ|KQLVFKZDUVWGXVFKRQLPPHUVRJDUDOVNOHLQHU -XQJH©PHLQWHGHU&RORQHONDOW'DQQIJWHHUKLQ]Xª:DU XP]XP7HXIHOPXWGXQXUGLHVHYHUGDPPWH+DOVNHWWHWUD JHQ"© 7UHQWV$UJZRKQKDWWHGDIUJHVRUJWGDHUQRFKOHEWH 'DV:XUIPHVVHUGDVGXUFKGLH+DOVNHWWH]ZLVFKHQVHLQHQ 6FKXOWHUEOlWWHUQJHKDOWHQZXUGHHEHQIDOOV'HU3LORWJLQJ LKPHLQIDFKQLFKWDXVGHP.RSIGLHVHU6SUXQJDXVGHP )OXJ]HXJQDFKWEOLQGXQGYROOHU3DQLN$XFKEHUGLHbKQ OLFKNHLWHQ]ZLVFKHQGHP7RGGHV3LORWHQXQGGHU$UWXQG :HLVHDXIGLHHUVHOEVWLQ,UODQGKLQWHUJDQJHQZRUGHQZDU NRQQWHHUQLFKWKLQZHJVHKHQ ª9LHU/HXWHVLQGYRQHLQHP3URILXPJHEUDFKWZRUGHQ,FK ZHUGHGDIUEH]DKOWPLFK*HIDKUHQDXV]XVHW]HQ0LFKMH GRFKGDEHLLPGXQNHOQWDSSHQ]XODVVHQLVWHLQIDFKGXPP© 0LWJHVSLHOWHU+HLWHUNHLWJDEGHU&RORQHOHLQWURFNHQHV 6FKQDXEHQYRQVLFKª+LHUXQGGDKDEHQZLUGLFKGXUFKDXV DXIHLQHIDOVFKH)lKUWHJHORFNW©JDEHU]X $OVRGRFK7UHQWKDWWHDQJHQRPPHQHUVHLGLH$QJVWORV

JHZRUGHQGLHZlKUHQGVHLQHVOHW]WHQ-DKUHVLQ,UODQG]XVHL QHPVWlQGLJHQ%HJOHLWHUJHZRUGHQZDU(VZDUGLH$QJVW GDYRUGDHVNHLQHQJDEGHPHUYHUWUDXHQRGHUDXIGHQHU VLFKYHUODVVHQNRQQWHGLH$QJVWGDYRUIUHLQHJU|HUH6D FKHJHRSIHUW]XZHUGHQDQGLHHUQLFKWOlQJHUJODXEWH(U ZXWHGDVHLQH$QJVWXQGVHLQ9HUOXVWDQ9HUWUDXHQLKQ HQWEHKUOLFKPDFKWHQ8QGVRQlKUWHGLH$QJVWVLFKVHOEVW GLH$QJVWGDYRULQHLQH)DOOHJHORFNW]XZHUGHQHEHQZHLO HUHQWEHKUOLFKJHZRUGHQZDU ª(LQ/RFNYRJHO©6HLQ*ULQVHQZDUHLQJHEWXQGZLUNWH EHLOlXILJGLH)U|KOLFKNHLWLQVHLQHQ$XJHQYHUVSRWWHWHVR ZRKOGHQ&RORQHODOVVLFKVHOEVW(UZXWHHVZDUJXWJH VSLHOWXQGHLQZLQ]LJHU+DXFKGHU9HUlUJHUXQJLQGHU6WLP PHGHV&RORQHOVEHORKQWHLKQ ª+DOWGLFKUXKLJIUHLQHQ:XUPZHQQGX6SDGDUDQ KDVW©&RORQHO6PLWKGUFNWHVHLQH=LJDUHWWHLP$VFKHQEH FKHUDXIGHP7RLOHWWHQWLVFKDXV'DQQIDWHHUHLQHQ(QW VFKOXVDK7UHQWLQV*HVLFKWXQGEOLFNWHLKPGDVHUVWH0DO LQGLH$XJHQª:LUKRIIHQHLJHQWOLFKGDUDXIGDGLUMHPDQG GHQ9RUVFKODJPDFKW:DIIHQ]XVFKPXJJHOQ%HL$EVFKOX GHV*HVFKlIWHVQHKPHQZLUGDQQDOOHKRFK*HKVLFKHUGD GLH/HXWHHLQHQJXWHQ3UHLV]DKOHQ8QGYHUJLQLFKWGDGX EHUGDV*HOG5HFKHQVFKDIWDEOHJHQPXW©ZDUQWHHU :LHHVPHLQ9DWHUQLFKWKDWWHWXQN|QQHQ'LHVHU3XQNW JLQJDQGHQ&RORQHOGDFKWH7UHQWDOVGHUlOWHUH0DQQDXI GLH$UPEDQGXKUVFKDXWH ª,FKHUZDUWHHLQHQ$PHULNDQHUPLWGHPGX]XVDPPHQDU EHLWHQZLUVW'LH$PHULNDQHUVLQGJXWH/HXWHDXVJHVSUR FKHQJXWH/HXWH©EHKDUUWHGHU&RORQHOXQGWDWGDPLWMHGH %HHLQIOXVVXQJVHLQHV8UWHLOVYHUP|JHQVGXUFKHLQQDWUOLFKHV 9RUXUWHLOJHJHQEHUGHPQHXUHLFKHQ6HQLRUSDUWQHUGHU$W ODQWLVFKHQ$OOLDQ]DE'HU&RORQHOJHK|UWHLQQHUKDOEGHVEUL WLVFKHQ*HKHLPGLHQVWHVHLQHU*HQHUDWLRQDQGLHHVGHQ $PHULNDQHUQQLHYHU]LHKHQKDWWHQDFKGHU3KLOE\$IIlUH YRQLKQHQNDOWJHVWHOOWZRUGHQ]XVHLQ'HQ&RORQHOMHGRFK KDWWHPDQQLHEHLLUJHQGHLQHU6DFKHDXHQYRUJHODVVHQ *DQ]LP*HJHQWHLOVHLQHHQJH%H]LHKXQJ]X/DQJOH\ZDUHL QHGHUZHVHQWOLFKHQ*UXQGODJHQVHLQHU0DFKWSRVLWLRQXQG

EHYRU7UHQWQDFK,UODQGDENRPPDQGLHUWZRUGHQZDUKDWWH HUVLFKIUGLHVH%H]LHKXQJDOVDXVJHVSURFKHQQW]OLFKHU ZLHVHQ'DV*DQ]HZDUMHGRFKHLQ$UUDQJHPHQWJHZHVHQDQ GHP7UHQWVFKRQYRUVHLQHULULVFKHQ0LVVLRQHUQVWKDIWH =ZHLIHOJHNRPPHQZDUHQ ª,FKKlWWHJHUQHHWZDVPHKU,QIRUPDWLRQHQ© ª9HUGDPPWQRFKPDOLFKKDEHNHLQH©EUDXVWHGHU&ROR QHODXI8USO|W]OLFKWUDWVHLQH:XWRIIHQ]XWDJHª'LH6DFKH LVWQLFKW%HVWDQGWHLOXQVHUHV$XIWUDJV'LHVHYHUIOXFKWHQ(* .RPPLVVDUH:LUWXQHLQIDFKMHPDQGHPHLQHQ*HIDOOHQ©(U UDPPWHVHLQH+lQGHLQGLH7DVFKHQDOVZROOHHUDXIGLHVH :HLVHYHUKLQGHUQGDHUMHPDQGHQGDPLWHUGURVVHOWH(U EOLFNWHZWHQGDXI7UHQWKHUDEDOVVHLGLHVHUVHLQH*HQHUD WLRQGLH*HQHUDWLRQGHU3DQHXURSlHUGDUDQVFKXOGGDVLH VLFKMHW]WLP*HJHQVDW]]XIUKHUDXFKJHJHQEHUGHU(* OR\DOYHUKLHOWHQª9LHOOHLFKWKDWGHU:DIIHQVFKPXJJHOHWZDV PLWGLHVHU6DFKH]XWXQYLHOOHLFKWDXFKQLFKW'LH,QIRUPD WLRQHQNRPPHQDXVHLQHUDQGHUHQ4XHOOH©IJWHHUKLQ]X XQGHQWKOOWH7UHQWIUHLQHQ0RPHQWZLHNRPSOL]LHUWHV ZDUYHUVFKLHGHQHZHQQQLFKWJDUPLWHLQDQGHULQ.RQIOLNW VWHKHQGH'LHQVWKHUUHQ]XP9RUJHVHW]WHQ]XKDEHQª%HKDOWH GLH6DFKHIUGLFK'HP$PHULNDQHUKDVWGXEHUDOOHV%H ULFKW]XHUVWDWWHQVRQVWNHLQHP'HU0DQQQHQQWVLFK&DVSDU HLQHQWVHW]OLFKHU1DPH(UDUEHLWHWHPLWGHP*HKHLPGLHQVW ]XVDPPHQXQGJHK|UWMHW]W]XUDPHULNDQLVFKHQ5DXVFKJLIW EHK|UGH'($© 7UHQWKDWWHJHKRIIWGDVHLQ:HFKVHO]XU(*VHLQHQGLUHN WHQ%H]LHKXQJHQPLWGHQ$PHULNDQHUQHLQ(QGHEHUHLWHWKlW WH(ULQQHUXQJHQDQ0LVVLRQHQGLHHUDXI%HIHKOGHV&ROR QHOVIUVLHDXVJHIKUWKDWWHEHUILHOHQLKQ%HLGLHVHQ $XIWUlJHQZDULPPHU%OXWJHIORVVHQ 'RFKVREDOGPDQVLFKHUVWHLQPDODXIGLHVH'LQJHHLQJHODV VHQKDWWHNDPPDQQLFKWPHKUKHUDXV]XPLQGHVWVDK7UHQW NHLQH0|JOLFKNHLWGD]X'LHHLQ]LJHQ)UHXQGHGLHPDQLQ GLHVHU6LWXDWLRQEHVDJHK|UWHQHEHQIDOOV]XU:HOWGHU*H KHLPGLHQVWHGHQQQXUGLHVH0HQVFKHQZXWHQZDVPDQWDW XQGYHUVWDQGHQHV1XUPLWLKQHQOLHHQVLFK*HIKOHXQG(U OHEQLVVHWHLOHQRKQHVLHZDUPDQ]XU,VRODWLRQYHUGDPPW

8QGYRUDOOHPVWDQGHUZHLWHUKLQLQGHU6FKXOGGHV&ROR QHOVGLHVHU0DQQKDWWHVHLQHQ9DWHUYRUGHP*HIlQJQLVEH ZDKUWXQGVHLQH0XWWHUYRUGHUJHVHOOVFKDIWOLFKHQ+|OOHGLH LKUGLH(KHPLWHLQHPDOOJHPHLQEHNDQQWHQ*HVHW]HVEUHFKHU HLQJHEUDFKWKlWWH 9RULKUHP7UHIIHQZDUGHU&RORQHO7UHQWV*HGDQNHQJlQJH XQG5HDNWLRQHQPLW6LFKHUKHLWJHQDXVRVRUJIlOWLJGXUFKJH JDQJHQZLH7UHQWVHLQH5RXWHGXUFKGLH.RUDOOHQULIIHELV]X VHLQHP$QNHUSODW]7UHQWZDUVLFKGHVVHQEHZXWGRFKHV JDEMHW]WHLQHWLHIHUH(EHQHVHLQHU*HGDQNHQGLHGHPlOWHUHQ 0DQQYHUERUJHQEOLHE*HGDQNHQGLHDXFKYHUERUJHQEOHL EHQPXWHQ(UOlFKHOWHVRWUlJHZLHLUJHQGHLQDQGHUHU8U ODXEHULQ&DQFXQDXFKGHUVLFKPLWMHPDQGHPYHUDEUHGHWH XQGVDJWHª:RWUHIIHLFK&DVSDU"+LHU"© ª:HLWHUVGOLFK©HUZLGHUWHGHU&RORQHOª,Q%DFDODU'DV 5HVWDXUDQWKHLW&HQRWH$]XO,PRUJHQGRUW]X0LWWDJJHK GDQQ]XP)RUWXQGEHVLFKWLJHHV8PGUHL8KUZLUG&DVSDU GRUWVHLQ© ,PPHUKLQZHQLJVWHQVHLQ3OXVSXQNWGDFKWH7UHQW:HQQ HUVLFKLQ&DQFXQEHLP&RORQHOPLWMHPDQGHPWUDIXQGVLFK GLHVHEHLGHQ&ORZQVYRUGHU7UGDEHLDOV%HVFKW]HUKHU XPWULHEHQZlUHGDV7UHIIHQHWZDVRJHKHLPZLHHLQH6HQ GXQJLP$XVODQGVVHUYLFHYRQ5DGLR0RVNDX ,QGHU9HUJDQJHQKHLWKDWWHGHU&RORQHO7UHQWRIWDOV/RFNYR JHOEHQXW]W(VZDUHLQH5ROOHGLH7UHQWEHUKDXSWQLFKWJH ILHOGHQQZDVGDEHLJHVFKDKHQW]RJVLFKY|OOLJVHLQHU.RQ WUROOH%LVMHW]WKDWWHHUDEHU]XPLQGHVWJHZXWKLQWHUZHP RGHUZDVHUKHUZDU$OV7UHQWDXIVHLQHU%0:YRQ&DQFXQ VGZlUWVQDFK%DFDODUIXKUZDUHUHLQWUDXULJHU0DQQ %DFDODUODJGUHLKXQGHUWVHFK]LJ.LORPHWHUYRQ&DQFXQHQW IHUQW6FKQXUJHUDGHIKUWHGLH6WUDHGXUFKGLFKWHV%XVFK ZHUN9RQGHQ$E]ZHLJXQJHQQDFK&KLFKHQ,W]DXQG0HUL GDHLQPDODEJHVHKHQHQGHWHQGLHHLQ]LJHQ6HLWHQVWUDHQLQ HLQHPGHUHWZDHLQ'XW]HQG6WUDQGRUWHGLHYRQRSWLPLVWL VFKHQ,QYHVWRUHQILQDQ]LHUWZRUGHQZDUHQRSWLPLVWLVFKLQ $QEHWUDFKWGHV7DOHQWVGDV0H[LNREHL(QWHLJQXQJHQDQ GHQ7DJOHJW7UHQWYRQYRUQHRGHUKLQWHQ]XEHVFKDWWHQZl

UHVROHLFKWJHZHVHQZLHHLQHQ(OHIDQWHQ]XYHUIROJHQGHU PLW.LQGHUQDXIGHP5FNHQLQHLQHPNOHLQHQVWlGWLVFKHQ =RRVHLQH.UHLVH]LHKW (LQHGHU%HVRQGHUKHLWHQGHV.VWHQVWUHLIHQVGHU3URYLQ] 4XLQWDQD5RRVLQGGLH+|KOHQGLHYRP6LFNHUZDVVHUEHU GLH-DKUWDXVHQGHKLQZHJLQGHQZHLFKHQ.DONVWHLQJHJUDEHQ ZXUGHQ%HLHLQLJHQGLHVHU+|KOHQVLQGGLH'HFNHQ]XVDP PHQJHEURFKHQGDGXUFKHQWVWDQGHQ6HHQRGHU7HLFKHPLW DXHUJHZ|KQOLFKNODUHPNDONKDOWLJHP:DVVHUGDVLQGHU 7LHIHGXUFKGLH%UHFKXQJGHV+LPPHOVOLFKWHVLQHLQHPKHUU OLFKHQ.XSIHUVXOIDWEODXHUVWUDKOW 'DV&HQRWH$]XOLQ%DFDODUODJZLHHVVLFKIUHLQ5HVWDX UDQWGLHVHV1DPHQVJHK|UWHDP5DQGHLQHVGLHVHURIIHQHQ 7HLFKH'LHJUREHQ+RO]WLVFKHVWDQGHQLP6FKDWWHQHLQLJHU %lXPHGLHGXUFKGDVORFNHUH6WURKGHU'lFKHUKLQGXUFKJH ZDFKVHQZDUHQ'LH6WKOHSDWHQ]XGHQ7LVFKHQGLH6SHL VHNDUWHHQWKLHOWMHGRFKHLQH0LVFKXQJDXVIULVFKHQ0HHUHV IUFKWHQXQGHLQHUEUHLWHQ3DOHWWHYHUVFKLHGHQHU:LOGDUWHQ GLHEHLIDQDWLVFKHUHQ8PZHOWVFKW]HUQDXVGHU(UVWHQ:HOW +DWLUDGHQXQG(QWVHW]HQKHUYRUJHUXIHQKlWWH 7UHQWKDWWHHWOLFKHGLHVHULQ%HOSDQZRKQHQGHQ8PZHOW VFKW]HUJHWURIIHQ9LHOHYRQLKQHQILQDQ]LHUWHQVLFKGXUFK =XZHQGXQJHQGLHHVLKQHQHUODXEWHQHLQHQ/HEHQVVWLO]X SIOHJHQGHUYRQZHQLJHQ$XVQDKPHQHLQPDODEJHVHKHQ IUGHQ*HOGEHXWHOHLQHV%HOSDQHVHQXQHUUHLFKEDUZDU'LH VH/HXWHVFKLHQHQHVVLFKLQGHQ.RSIJHVHW]W]XKDEHQGLH HLQKHLPLVFKHQ0lQQHUXQG)UDXHQ]XVWHULOLVLHUHQXQG%HO SDQVR]XHLQHP3DUDGLHVIUgNRWRXULVWHQDXVGHU(UVWHQ :HOW]XPDFKHQ'DV6WHULOLVLHUXQJVSURJUDPPZUGH]ZDU GDUDXIKLQDXVODXIHQGDHVLUJHQGZDQQDQ.HOOQHUQXQG =LPPHUPlGFKHQIHKOWHDEHUGLHVHU=HLWSXQNWODJVRZHLWLQ GHU=XNXQIWGDGLH8PZHOWVFKW]HUELVGDKLQLKUHQ5XKH VWDQGLQGHU%HTXHPOLFKNHLWHLQHVNOLPDWLVLHUWHQ/HEHQVPLW 'ULWWZDJHQDQHLQHP8QLYHUVLWlWVRUWGHV0LWWOHUHQ:HVWHQV GHU86$DQJHWUHWHQKDEHQZUGHQ7UHQWYHUPXWHWHGDLKQ GLH8PZHOWVFKW]HUGHVZHJHQVRZWHQGPDFKWHQZHLOHU VHLQ/HEHQDXIV6SLHOVHW]WHXPHLQ6\VWHP]XYHUWHLGLJHQ GDVVLHDOVhEHODQVDKHQ(UJDE]ZDU]XGDGLHVH*HVHOO

VFKDIWQLFKWYROONRPPHQZDUDEHUVLHZDULPPHUQRFKGLH EHVWHLP$QJHERW ,Q]ZLVFKHQOLHHQHVVLFKGLH6WDPPNXQGHQLP&HQRWH $]XOGHQ8PZHOWVFKW]HUQ]XP7URW]JXWJHKHQ7UHQWZDU GHUHLQ]LJH$XVOlQGHU%DFDODUODJ]XZHLWYRQGHQEOL FKHQ5RXWHQHQWIHUQWXPEHVRQGHUVSRSXOlU]XVHLQ -HlOWHUGLH*HQHUDWLRQZDU]XGHUGLH0H[LNDQHUJHK|U WHQGHVWRVSlUOLFKHUZXUGHGDV)OHLVFKGDVVLH]XU6FKDX VWHOOWHQ'LH*URYlWHUNOHLGHWHQVLFKLQVFKZDU]H$Q]XJKR VHQXQGODQJlUPHOLJH+HPGHQGLH*URPWWHULQODQJlUPH OLJH%OXVHQ5|FNH6WUPSIHXQGKRFKKDFNLJH6FKXKH%HL GHQ0H[LNDQHUQXQG0H[LNDQHULQQHQPLWWOHUHQ$OWHUVZXU GHQGLHbUPHONXU]HLQLJHWUXJHQ6KRUWV'LHMXQJH*HQHUD WLRQWULHEVLFKLQ%LNLQLVXQG%DGHKRVHQLPXQGDP6ZLP PLQJSRROKHUXPXQGQLSSWH]ZLVFKHQGXUFKDQLKUHQ 0DUJDULWDV (VZDU]Z|OI8KUPLWWDJVXQG]XIUKIUHLQULFKWLJHV 0LWWDJHVVHQGDVVLFKELVLQGHQVSlWHQ1DFKPLWWDJKLQJH]R JHQKlWWH$XIDOOHQ7LVFKHQKDWWHPDQMHGRFK$QWRMLWRVDXV JHEUHLWHW7HOOHUPLWZLQ]LJHQ*DUQHOHQ0XVFKHOVFKQHFNHQ &HYLFKHMXQJHQ7LQWHQILVFKHQ7UHQWEHVWHOOWH:LOGVFKZHLQ GHU3UHLVZUGHGHQ&RORQHOYHUlUJHUQDXHUGHPEHNDPHU DXIGHQ,QVHOQQLH)OHLVFK]X*HVLFKW:lKUHQGHUDXIGLH%H GLHQXQJZDUWHWHWUDQNHUHLQHQIULVFKHQ/LPRQHQVDIW 'DV:LOGVFKZHLQNDPHVZDU]DUWXQGYROOHU*HVFKPDFN (LQHSO|W]OLFKHQWVWDQGHQH6WLOOHYHUDQODWHLKQDXI]XVFKDX HQ$QGHU%DUVWDQGHLQH*UXSSHYRQVHFKV/HXWHQ'LHGUHL 0lQQHUZLUNWHQHLQZHQLJ]XJUREXQGODXWIUGDV&HQRWH $]XOGLH)UDXHQ]XDXIGULQJOLFK'LH0lQQHU]RJHQGLUHNW QHEHQ7UHQW]ZHL7LVFKH]XVDPPHQXQGYHUODQJWHQ7HTXLOD (LQHUYRQLKQHQIUDJWH7UHQWREHU$PHULNDQHUVHL7UHQW DQWZRUWHWHHUVHL%ULWHª%ULWHQJXW©PHLQWHGHU0DQQXQG JRLKPPHKUHUH)LQJHUEUHLW7HTXLODLQV*ODV ª*UDFLDV6HQRU©VDJWH7UHQWXQGQLSSWHPLWHLQHPª6D OXG© DP7HTXLOD'HQ'ULQNDXV]XVFKODJHQKlWWH]XHLQHU 6FKOlJHUHLIKUHQN|QQHQ 'LHGUHL)UDXHQOHJWHQLKUH.OHLGXQJDE6LHKDWWHQSSLJH %UVWHXQGEUHLWH+IWHQXQGEHUGHQREHUHQ5DQGLKUHU

NQDSSHQ%LNLQL8QWHUWHLOHVFKREVLFKHLQNOHLQHUIOHLVFKLJHU :XOVW'LH)UDXHQNLFKHUWHQXQDXIK|UOLFKDOVVLHDXIEHU KRKHQ$EVlW]HQ]XP5DQGGHV6ZLPPLQJSRROVKLQEHU ZDFNHOWHQ 'HU0DQQGHUGHQ7HTXLODHLQJHJRVVHQKDWWHJULQVWH 7UHQWDQ]JOLFKDQª'LUJHIDOOHQGLHPH[LNDQLVFKHQ)UDXHQ ZDV"© (UKDWWHVHKUODXWJHVSURFKHQDQGHUH*UXSSHQYHU IROJWHQGLH8QWHUKDOWXQJ :HQQ7UHQW]XJHJHEHQKlWWHGDLKPGLH0H[LNDQHULQQHQ JHILHOHQKlWWHHULKUH5HLQKHLWEHOHLGLJW:HQQHUMHGRFKVDJ WHGDVLHLKPQLFKWJHILHOHQZUGHHULKUHQ&KDUPHXQG LKUH6FK|QKHLWYHUOHXJQHQ (UVWDQGDXIXQGVDJWHPLWVRODXWHU6WLPPHGDHVLP JDQ]HQ5HVWDXUDQW]XK|UHQZDUª'RQV\'RQQDVLFKP|FK WHDOVHLQIDFKHULULVFKHU7RXULVWVDJHQGD0H[LNRHLQEHU DXVDEZHFKVOXQJVUHLFKHVXQGVFK|QHV/DQGLVWXQGGD GHVVHQ(LQZRKQHUVHKUJDVWIUHXQGOLFKXQGK|IOLFKVLQG(V ZlUHPLUHLQHJURH(KUHZHQQ6LHPHLQHQ'DQNIUHLQHQ YROONRPPHQHQ8UODXEDQQHKPHQXQGPLUJHVWDWWHQ,KQHQ DOOHQHLQHQ'ULQNDXV]XJHEHQ© (UVDJWHªLULVFK©ZHLOGLH,UHQ.DWKROLNHQZDUHQXQGGDU XQWHUOLWWHQYRQHLQHU.RORQLDOPDFKWPLEUDXFKWZRUGHQ]X VHLQ7DWEHVWlQGHGLHVLHEHL/DWHLQDPHULNDQHUQGLHJODXE WHQGDGHU*URWHLOLKUHU0LJHVFKLFNHGXUFKGLHSURWH VWDQWLVFKH(OLWHGHU86$YHUXUVDFKWZXUGHEHOLHEWPDFKWHQ XQGLKQHQQDKHEUDFKWHQ ª%UDYR©ULHIHLQ0DQQYRQKLQWHQXQGEUDFKWHHLQH5XQGH $SSODXVLQ*DQJDOV7UHQW]XU%DUKLQEHUJLQJXPGLH*H WUlQNH]XEHVWHOOHQXQGGDEHLKHLPOLFKVHLQH5HFKQXQJEH JOLFK(UKXVFKWHDXVGHP+LQWHUDXVJDQJVWDUWHWHGDV0R WRUUDGPLWGHP)XVWDUWHUJDEVRZHQLJ*DVZLHP|JOLFK XQGIXKUOHLVHGDYRQ(UZUGHHLQLJH=HLWYRUVHLQHP5HQ GH]YRXVPLW&DVSDUDP)RUWHLQWUHIIHQDEHUJHQDXGDVKDWWH HUDXFKYRU 'LH)HVWXQJLQ%DFDODUZDUHLQIQI]DFNLJHU6WHUQDXVPLW =LQQHQJHNU|QWHQ6WHLQPDXHUQ6LHZDUYRQHLQHP:DVVHU JUDEHQHLQJHVFKORVVHQXQGYRQ0DQJRElXPHQXQG3DOPHQ

XPJHEHQ.DQRQHQUDJWHQPLWLKUHQVFKZDU]HQ0QGXQJHQ LQGDVXQJODXEOLFKH%ODXGHU/DJXQHXQWHUKDOEGHVQLHGUL JHQ+JHOVKLQHLQDXIGHPGLH)HVWXQJODJ(LQH6WHLQ EUFNHIKUWHEHUGHQ:DVVHUJUDEHQ]XGHQEHLGHQHQJHQ 7RUE|JHQ]XP+RI'LH7RUE|JHQZDUHQPLW(LVHQJLWWHUQ YHUVHKHQ 1XUHLQ'XW]HQG0HWHUYRQGHU%UFNHHQWIHUQWZXFKV DP5DQGGHV3DUNSODW]HVLQGHU1lKHHLQHVJURHQ0DQJR EDXPHVHLQHNOHLQH*UXSSH2OHDQGHUEVFKH7UHQWVWHOOWH VHLQ0RWRUUDGLP6FKDWWHQGHV%DXPHVDEDOOHUGLQJVVRGD MHGHUGHUGLH6WUDHKRFKNDPHVVHKHQZUGH(UZLFNHOWH GLH.HWWHXPGHQ%DXPVWDPP]RJVLHGXUFKEHLGH5lGHU KLQGXUFKXQGXPGHQ5DKPHQKHUXPXQGJLQJEHUGLH %UFNHKLQWHUGHU]ZLVFKHQGHQEHLGHQ7RUE|JHQHLQDOWHU 3I|UWQHUVFKOLHI1HEHQLKPLP6FKDWWHQUXKWHHLQHIDVWOHHUH )ODVFKH7HTXLOD(VZDUGLH=HLWGHU6LHVWDXQG7RXULVWHQ JDEHVNHLQH (LQHVGHU7RUHVWDQGRIIHQDQHLQHP5LHJHOEDXPHOWHHLQ 9RUKlQJHVFKORDXV0HVVLQJ7UHQWOLHHVLQVHLQH7DVFKH JOHLWHQWUDWDXIGHQPLW6WHLQSODWWHQEHGHFNWHQ9RUKRIRKQH GHQ3I|UWQHUDXI]XZHFNHQXQGNOHWWHUWHDXIGLH%UVWXQJ 9RQGRUWDXVNRQQWHHUGDV,QQHUHGHU)HVWXQJHLQVHKHQ :DVHUVDKJHILHOLKPJDQ]XQGJDUQLFKW(UJLQJDQGHU $XHQVHLWHGHV%DXZHUNVHQWODQJVXFKWHQDFKHLQHP%DXP GHUYRQGHQ0DXHUQDXVHUUHLFKEDUJHZHVHQZlUHIDQGDEHU NHLQHQ$OOHQIDOOVPLW+LOIHHLQHU/HLWHUNRQQWHPDQVLFKYRQ GHQ%HIHVWLJXQJVPDXHUQLQGHQ:DVVHUJUDEHQKHUDEODVVHQ VRQVWEOLHEDOV)OXFKWZHJQXUHLQWLHIHUKDUWHU6SUXQJLQV :DVVHU 7UHQWJLQJZLHGHU]XP0RWRUUDG]XUFNKROWHGHVVHQ 9RUKlQJHVFKORYHUVWHFNWHVLFK]ZLVFKHQGHQ2OHDQGHUE VFKHQXQGZDUWHWH(UVWHOOWVLFKYRUZLHGHU&RORQHOHLQH 7RXULVWHQEURVFKUHYRQ<XNDWDQGXUFKJHEOlWWHUWKDWWH&KL FKHQ,W]D"=XYLHOH7RXULVWHQDOVGDVLFKHLQH,GHQWLIL]LH UXQJYHUPHLGHQXQG6LFKHUKHLWJHZlKUOHLVWHQOLHH7XOXP" 'DVJOHLFKH8QGVRJLQJHVZHLWHUVGZlUWV1LFKWVZROOWH GHP&RORQHOJHIDOOHQELVHUQDFK%DFDODUNDPXQGDXIGDV YRQGHQ6SDQLHUQHUULFKWHWH)RUWVWLH)UHLQHQDOWHQ

6ROGDWHQJDEHVQDWUOLFKQLFKWV%HVVHUHVDOVHLQ)RUW'D]X QRFKHLQSDDU=HLOHQPLWGHQHQGDV&HQRWH$]XODQJHSULH VHQZXUGHXQGGHU&RORQHOPXWHYHUJQJWYRUVLFKKLQJH VXPPWKDEHQZlKUHQGHUVLFKVDUNDVWLVFKH%HPHUNXQJHQ ]XUHFKWOHJWHGLHGHP$XVPDGHUHUZDUWHWHQ6SHVHQUHFK QXQJ7UHQWVHQWVSUDFKHQ7UHQWZUGHVHOEHUPLWHQWVSUH FKHQGHQ%HPHUNXQJHQDXIZDUWHQ'DV)RUWEHVDQXUHLQHQ (LQJDQJ6WHOOWHPDQHLQH:DFKHDQGLH7RUHKDWWHPDQGHQ SHUIHNWHQ3ODW]IUHLQHQ0RUG 8QGGDNDPHQVLHDXFKVFKRQJHQDXZLHHUHUZDUWHWKDW WHGLHGUHL0lQQHUDXVGHP5HVWDXUDQW'HU)DKUHUVWHOOWH GHQ9:-HWWDQHEHQ7UHQWV%0:$QLKUHU6WHOOHKlWWHHUGDV 0RWRUUDGIDKUXQWFKWLJJHPDFKWDEHUGLH0lQQHUZDUHQ VLFKLKUHU6DFKH]XVLFKHU'HU8PULLKUHULQGHQ7DVFKHQ VWHFNHQGHQ+lQGHYHUULHWLKPGDVLH0HVVHUEHLVLFKWUX JHQHLQZHLWHUHV=HLFKHQIULKUHQEHUJURHQ2SWLPLVPXV 0LWGHPhEHUUDVFKXQJVPRPHQWDXIGHUHLJHQHQ6HLWHZDUHQ 0HVVHUHWZDVIUJHVFKORVVHQH5lXPHLP)UHLHQXQGJHJHQ HLQH6FKXZDIIHNRQQWHQVLHQLFKWVDXVULFKWHQ7UHQWZXWH GDV)DVWIQI]HKQ-DKUHODQJKDWWHHUQDKH]XWlJOLFKPLW GHPNOHLQHQPDWWVFKZDU]HQ:XUIPHVVHULQGHU6FKHLGHDXV 6lPLVFKOHGHUJHEWGDVDQVHLQHU+DOVNHWWHDXVURWHQ.RU DOOHQDXIVHLQHP5FNHQKLQJ =ZHL0lQQHUJLQJHQLQGDV)RUWKLQHLQGHU'ULWWHEOLHE DP(LQJDQJ]XUFN7UHQWZDUWHWHGUHL0LQXWHQ/HLVHZLH HLQH.DW]HEHUTXHUWHHUGDQQGHQJHWHHUWHQ3DUNSODW]XQG GLH%UFNH(UQDKPGHQ0DQQYRQKLQWHQOHJWHLKPGLH +DQGEHUGHQ0XQGXPVHLQHQ6FKUHL]XHUVWLFNHQYHU SDWHLKPHLQHQKHIWLJHQ6WRDXIGHQ'UXFNSXQNWDQGHU +DOVVHLWH(VJDOWDOOHXQQ|WLJHQ9HUOHW]XQJHQ]XYHUPHL GHQ'XUFKGLH6]HQHLP5HVWDXUDQWZUGHHUPLWGHQGUHL 0lQQHUQLQ9HUELQGXQJJHEUDFKWZHUGHQXQGLQ0H[LNR ZDUHVIUHLQHQ$XVOlQGHUZHVHQWOLFKOHLFKWHULQV*HIlQJ QLV]XNRPPHQDOVHLQRUGHQWOLFKHV6WHDN]XILQGHQ0LWGHU *ROGHQ*LUOLQGHU0DULQDYRQ&DQFXQNRQQWHHUDXFKQLFKW KHLPOLFKEHUGLH*UHQ]HQDFK%HOL]HHQWZLVFKHQ (UOHJWHGHQ0DQQDXIGHQ%RGHQVFKZDQJGDV(LVHQWRU ]XXQGYHUVFKORHVPLWGHP9RUKlQJHVFKORVHLQHV0RWRU

UDGHV:HQLJH$XJHQEOLFNHVSlWHUKDWWHHUGLH0RWRUKDXEH GHV-HWWDJH|IIQHWXQGULGLH=QGNDEHOKHUDXV$OVHUGD YRQIXKUNRQQWHHUGLHEHLGHQ0lQQHULP,QQHUQGHV)RUWV EUOOHQXQGJHJHQGDV7RUKlPPHUQK|UHQ.XU]YRUGHU .UHX]XQJPLWGHU+DXSWVWUDHIXKUHUYRQGHU6WUDHDE 'LH.RQIURQWDWLRQKDWWHVLFKYLHO]XOHLFKW]XVHLQHQ*XQVWHQ HQWVFKLHGHQDOVGDHUMHW]WEHUXKLJWJHZHVHQZlUH 'UHL8KUKDWWHGHU&RORQHOJHVDJW8PIQIYRUGUHL WDXFKWHHLQZHLHU%URQFRDXIGHU6WUDH]XP)RUWDXI'HU )DKUHUZDUDOOHLQXQGXQ]ZHLIHOKDIW$PHULNDQHUIULVFKH*H VLFKWVIDUEHZXFKWLJH.LHIHUSDUWLHHLQHQ7DJDOWH!)DKU GRFK]XU+|OOH%DUWVWRSSHOQ]ZLVFKHQGLH=lKQHJH NOHPPWH=LJDUUHWHXUH6RQQHQEULOOHHLQ76KLUWPLWGHP $XIGUXFN!%XGZHLVHUXQGHLQH%DVHEDOONDSSHDXV1\ORQJH IOHFKWGLHIUHLQHQ*ROISODW]LQ)ORULGDZDUE 7UHQWWUDWDXVGHP*HEVFKXQGKLHOWGHQ:DJHQDQª&D VSDU"© ª6LHVROOWHQGRFKREHQDP)RUWVHLQ©HUZLGHUWHGHU$JHQW GHU5DXVFKJLIWEHK|UGH ª'DKDWHVPLUDEHUQLFKWJHIDOOHQ©PHLQWH7UHQWª)DKUHQ 6LH]XUFNQDFK&DQFXQ%HL.LORPHWHUIQIXQGYLHU]LJVWHKW HLQHVWURKJHGHFNWH+WWHZRNDOWHV%LHUXQG7DFRVYHUNDXIW ZHUGHQ3DUNHQ6LHGDKLQWHU,FKELQ,KQHQGLFKWDXIGHQ )HUVHQ© 'HU'($0DQQVDJWHª,FKKRIIHGLHKDEHQDXFKZLUNOLFK NDOWHV%LHU8QGZHQQLFKNDOWVDJHPHLQHLFKDXFKNDOW© 6LHVDHQDQHLQHP7LVFKDXV$EIDOOKRO]YRQHLQHU%DXVWHOOH (LQHJUREPLW6WURKJHGHFNWH3DODSDVFKW]WHVLHYRUGHU6RQ QHDEHUQLFKWYRUGHU+LW]HGDVKlWWHQXUHLQH.OLPDDQODJH VFKDIIHQN|QQHQ'DV%LHUMHGRFKZDUWDWVlFKOLFKNDOW &DVSDUWUDQNVFKZLW]WHZDUWHWHZlKUHQG7UHQWDQHLQHP 6RGDZDVVHUQLSSWH%HLGHZROOWHQLQ(UIDKUXQJEULQJHQZLH ZHLWGHUDQGHUHEHUGDV%HVFKHLGZXWHZDVKLHUHLJHQW OLFKJHVSLHOWZXUGHGRFKGLH%HIHKOVVWUXNWXUZDUUHFKWNRP SOL]LHUWJHZHVHQ 'HU&RORQHOKDWWH7UHQWDQJHZLHVHQGHP'($$JHQWHQ %HULFKW]XHUVWDWWHQXQGPLWLKP]XVDPPHQ]XDUEHLWHQ

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lQQHUQGLHVHV6FKODJHVYLHO]XRIW]XVDPPHQJH DUEHLWHWDOVGDHUGLH(QHUJLHGLH,QWHOOLJHQ]XQGGLHRUJD QLVDWRULVFKHQ)lKLJNHLWHQVHLQHV*HJHQEHUVLQ=ZHLIHO JH]RJHQKlWWH&DVSDUZDUHLQHUGLHVHU0lQQHUGLHDXIHLQHU %HUJSLVWHHLQHQGDKLQUDVHQGHQ:DJHQPLWGHUJOHLFKHQ 5FNVLFKWVORVLJNHLWXQG(IIHNWLYLWlWYHUIROJHQNRQQWHQPLW GHUVLHHLQH*UXSSH'VFKXQJHOV|OGQHUDXVELOGHWHQXQGDQ IKUWHQ/HXWHZLHHUKDWWHQ7UHQWGHQ5FNHQIUHLJHKDOWHQ KDWWHQLKQLQGLHEHOVWHQ6LWXDWLRQHQJHEUDFKWXQGZLHGHU KHUDXVJHKDXHQ8QGVLHKDWWHQLKQQLHKlQJHQODVVHQ6LH KDWWHQVLFKQLFKWGLHJHULQJVWH8QVFKOVVLJNHLWXQGQLFKWGLH JHULQJVWH9HU]|JHUXQJHUODXEWZHQQHVGDUXPJLQJ/DQJ OH\%HULFKW]XHUVWDWWHQXPYRQLUJHQGHLQHP.RPLWHHQHXH 5LFKWOLQLHQ]XHUKDOWHQ 6FKOLHOLFKHUJULII7UHQWGDV:RUWª'HU&RORQHOZLUG,K QHQHU]lKOWKDEHQZDVLFKZHL©%HLGHQZDUNODUZDVGDV EHGHXWHWH'HU&RORQHOKDWWH&DVSDUJHQDXGDVPLWJHWHLOW ZDVHU&DVSDUYRQ7UHQWVXUVSUQJOLFKHP%HULFKWKDWWHZLV VHQODVVHQZROOHQ &DVSDUVSXFNWHHLQ6WFNVHLQHU=LJDUUHLQGHQ'UHFNXQG HUZLGHUWHª,FKKDEHPLFKHLQJHKHQGPLW,KUHU$NWHEHVFKlI WLJW:DVGLH=XVDPPHQDUEHLWDQEHODQJWZDUHQ6LHYRQ$Q

IDQJDQHLQ$OSWUDXPDEHUZLHPDQGHQ8QWHUODJHQHQWQHK PHQNDQQKDEHQ6LH,KUH$XIWUlJHLPPHUJXWHUOHGLJW© ª'DQNH© &DVSDUODFKWHª9HUJHVVHQ6LHHV,FKNDQQQLFKWEHJUHLIHQ ZLHHLQ(LQ0DQQ9HUQLFKWXQJVNRPPDQGRZLH6LHIUGLH VHQSHGDQWLVFKHQ%DVWDUGDUEHLWHQNDQQ© ª(VVSULFKWHLQLJHVIULKQ©HUZLGHUWH7UHQW ª1XQMDLPPHUKLQLVWHU,KU%R©0LWHLQHP)LQJHU VFKQLSSHQEHVWHOOWHVLFK&DVSDUHLQQHXHV%LHUª(LQ'ULQN JHIlOOLJRGHUEOHLEHQ6LHEHL:DVVHU"© ª,FKELQPLWGHP0RWRUUDGXQWHUZHJV©VDJWH7UHQW'HU '($$JHQW]XFNWHGLH$FKVHOQ ª*DQ]ZLH6LHPHLQHQ© ª'HU&RORQHOVDJWHPLULFKVROOH,KQHQ%HULFKWHUVWDWWHQ© ª'DVKHLW6LHZHUGHQPLUGDVHU]lKOHQZDV6LHPLFK ZLVVHQODVVHQZROOHQ© 7UHQWHUNDQQWHGDHVNHLQHQ=ZHFNKDWWH]XOJHQXQG HUZLGHUWHQLFKWVGDUDXI ª$EHU6LHZROOHQGDLFK,KQHQGHQ5FNHQIUHLKDOWH© ª'DVZlUHVLFKHUOLFKHLQH+LOIH©VDJWH7UHQW&DVSDUKDWWH UHFKW7UHQWIJWHKLQ]Xª,FKKDEHGDV*HIKOGD6LHGD]X VHKUJXWLQGHU/DJHVLQG© &DVSDUJULQVWHªhEHUPLFKKDWVLFKQRFKNHLQHUEHVFKZHUW QXUHLQPDOXQGGDNDPPLU:DVKLQJWRQLQGLH4XHUH $EHUVHOEVWGDKDEHLFKPHLQH0lQQHUKHLOQDFK+DXVHEH NRPPHQ© ª,FKJODXEH,KQHQ© ª*XW,FKJHEH,KQHQHLQH1XPPHUXQGHLQH)XQNIUH TXHQ]%HLGHVLQGVWlQGLJEHVHW]W:HQQ6LHHLQ7UHIIHQZRO OHQGDQQHQWZHGHUXP8KUPRUJHQVRGHUXP8KU DEHQGV7UHQWLVWHLQEULWLVFKHU)OXQLFKWZDKU"© 7UHQWQLFNWH ª*XW)OXLVWPRUJHQV6WURPLVWDEHQGVhEHUPRUJHQLVW KHXWH,QGUHL7DJHQLVWPRUJHQXQGVRZHLWHU6LPSHODEHU HVIXQNWLRQLHUW,UJHQGZHOFKH3UREOHPH"© ª1HLQ© ª8QGPDFKHQ6LHMDHLQHQ%RJHQXPGLHYHUIOXFKWH%RW VFKDIW©ZDUQWHGHU'($$JHQWª0HLQ$XIJDEHQEHUHLFKEH

VFKUlQNWVLFKVWULNWDXIEHUDWHQGH)XQNWLRQHQ$OOHVDQGHUH LVWWDEX:HQQGLH6LH]X*HVLFKWEHNRPPHQNDQQLFK]X +DXVHDOV6WUDHQIHJHUDUEHLWHQ© ª'DVP|FKWHLFKQXQJDQ]XQGJDUQLFKW©PHLQWH7UHQW(U ZROOWHVHOEHUMDDXFKQLFKWKlQJHQJHODVVHQZHUGHQXQGDO OHLQLQHLQHUJHIlKUOLFKHQ/DJHGDVWHKHQLQVEHVRQGHUHZHQQ HUVLFKQLFKWVLFKHUZDUYRQZHOFKHU6HLWHGLHHLJHQWOLFKH*H IDKUGURKWH 7UHQWZXWHGDHUVLFK+LOIHYRQDXHUKDOEEHVRUJHQ PXWHZHQQ&DVSDUDOV%HUDWHUPLWVSLHOHQZROOWH'DV EUDFKWH]ZDUGHQ&RORQHODXIGLH3DOPHDEHUGDVKDWWH7UHQW QRFKQLHGDYRQDEJHKDOWHQ:LHXQGZDQQPDQ.RQWDNWH QXW]WHJHK|UWH]XGHQZHVHQWOLFKHQ'LQJHQGLHGD]XEHLJH WUDJHQKDWWHQGD7UHQWQRFKOHEWH-HW]WZDUHUMHGRFKEHL HLQHUQHXHQ2UJDQLVDWLRQGLHYLHOOHLFKWZHQLJHULPVWDQGH ZDULKP*HIlOOLJNHLWHQ]XYHUJHOWHQXQGYLHOHVHLQHUIUKH UHQ.RQWDNWHZDUHQHQWZHGHUEHUKROWRGHUGXUFKGDVQHXH 9HUKlOWQLV]ZLVFKHQGHQ86$XQGGHU6RZMHWXQLRQEHU IOVVLJJHZRUGHQ.DOWH.ULHJHUZDUHQQLFKWPHKUJHIUDJW

,QHLQHP6SLHO]HXJODGHQLP*HVFKlIWV]HQWUXPYRQ&DQFXQ GXUFKVW|EHUWH7UHQWGLH5HJDOHPLWGHQ%LOOLJDQJHERWHQXQG NDXIWHIUIQIWDXVHQG3HVRVHLQHQEDWWHULHEHWULHEHQHQXQG IXQNHQVSUKHQGHQ3DQ]HUDXV7DLZDQGHQHLQ)QIMlKULJHU LQ]HKQ0LQXWHQNDSXWWPDFKHQZUGH(UQDKPQRFKHLQ 3lFNFKHQ%RQERQVYRQGHU.DVVHPLWXQGVFKOHQGHUWHGLH 6WUDHHQWODQJELV]XHLQHUDQHLQHU.UHX]XQJJHOHJHQHQ7H OHIRQ]HOOH(UOLHGLH7URIIHQVWHKHQGDPLWGHU9HUNHKUV OlUPLQGLH=HOOHGULQJHQNRQQWHVWHFNWHVLFK]ZHL%RQERQV LQGHQ0XQGXQGVFKDOWHWHGHQ3DQ]HUHLQEHYRUHUZlKOWH (LQ$QUXIEHDQWZRUWHUPHOGHWHVLFK 7UHQWKLHOWGHQ3DQ]HUGLFKWDQV0XQGVWFNXQGVDJWH ª+DOORLFKELQKLHUXQWHQLQ&DQFXQ9LHUVFKZHGLVFKH:HL EHUGLHDXI6SDDXVVLQGLFKEUDXFKH9HUVWlUNXQJ:DU XPIOLHJVWGXQLFKWHLQIDFKKHUXQWHU",FKKDOWHPRUJHQDP )OXJKDIHQQDFKGLU$XVVFKDX©(UOHJWHDXIXQGZDUVLFKVL FKHUGDGHU9HUNHKUVOlUPGHU6SLHO]HXJSDQ]HUXQGGLH %RQERQVGLH,GHQWLIL]LHUXQJVHLQHU6WLPPHXPYLHUXQG ]ZDQ]LJ6WXQGHQYHU]|JHUQZUGHQ$XIGHP*HKVWHLJ VFKHQNWHHUGHQ3DQ]HUHLQHPVLHEHQMlKULJHQ0D\DMXQJHQ GHUVREHUUDVFKWZDUGDHUQLFKWHLQPDOJUDFLDVVDJHQ NRQQWH 'HU$PHULNDQHUNDPPLWGHU0RUJHQPDVFKLQHGHU$PHUL FDQ$LUOLQHVDXV'DOODV(UZDUVFKODQNKDWWHMHGRFKHUVWDXQ OLFKEUHLWH6FKXOWHUQZDUIDVWHLQHQ0HWHUDFKW]LJJURKDWWH PLWWHOODQJHEORQGH+DDUHXQGYHUVWHFNWHVHLQH$XJHQKLQWHU HLQHUUXQGHQ0DUNHQVRQQHQEULOOH(UEHZHJWHVLFKJH VFKPHLGLJHUDOVHLQ1RUGHXURSlHUVHLQH.|USHUKDOWXQJYHU ULHW6HOEVWEHZXWVHLQDEHUNHLQH$UURJDQ] (UWUXJZHLH/HLQHQVKRUWVGLHVHLQH.QLH]XU+lOIWHEH GHFNWHQHLQEODXZHLNDULHUWHV6SRUWKHPGOHLFKWH6DQGDOHQ XQGHLQHQ3DQDPDKXW(LQH]LHUOLFKHJROGHQH$UPEDQGXKU DQHLQHPZDVFKEDUHQ$UPEDQGDXV/HLQHQZDUVHLQHLQ]L

JHU6FKPXFN(UKDWWHHLQHHWZD]ZHLHLQKDOE=HQWLPHWHU GLFNH$NWHQWDVFKHDXV/HGHUEHLVLFKGLHI|UPOLFKQDFK*HOG VWDQNXQGHLQHEODXH5HLVHWDVFKHDXVHLQHPJREHOLQDUWLJHQ 0DWHULDOLQGDVDQGHU6HLWHGDV%HDXIRUW(OHIDQWHQPXVWHU HLQJHZHEWZDU'LHJHULQJH'LFNHGHU$NWHQWDVFKH]HLJWH GDHUYLHO]XDQJHVHKHQZDUXPPHKUDOVHLQ0LQLPXPDQ 6FKUHLEDUEHLWEHLVLFK]XKDEHQ'LH5HLVHWDVFKHZDUHLQ=HL FKHQVROLGHQ:RKOVWDQGVXQGYHUULHW*HVFKPDFN:HQQ 7UHQWHVQLFKWEHVVHUJHZXWKlWWHKlWWHHULKQIUHLQHQ 0DQQDXVHLQHUWUDGLWLRQHOOUHLFKHQ)DPLOLHYRQGHU2VWNVWH RGHUHLQHQJXWVLWXLHUWHQ.RNDLQKlQGOHUJHKDOWHQYHUPXW OLFKIUEHLGHV 'HU$PHULNDQHUPLHWHWHHLQHQ/HLKZDJHQ7UHQWIXKUYRU LKPYRP3DUNSODW]ZHJXQGEOLHEGLHHUVWHKDOEH0HLOHLQ )KUXQJ'DQQOLHHUGHQ0DQQEHUKROHQ(LQHZHLWHUH KDOEH0HLOHVSlWHUIXKUGHU$PHULNDQHUDQHLQHP.UHLVYHU NHKULQ*HJHQULFKWXQJGDYRQQDKPGLHQlFKVWH$E]ZHL JXQJQDFKOLQNVIXKUZLHGHUOLQNVNDPDQHLQHQ]ZHLWHQ .UHLVYHUNHKUZHFKVHOWHZLHGHUGLH)DKUWULFKWXQJ(UERJ QDFKUHFKWVDEIXKUQRFK]ZHLKXQGHUW0HWHUZHLWHUXQG SDUNWHGHQ:DJHQ 7UHQWZHQGHWHHEHQIDOOVXQGEOLHELP6FKDWWHQHLQHV%DX PHVVWHKHQYRQZRDXVHUEHREDFKWHWHZLHGHU$PHULND QHUVHLQHQ/HLKZDJHQDEVFKORXQGPLWGHU$NWHQWDVFKHLQ GHU+DQGGLHIQI]LJ0HWHUELV]XHLQHP6WUDHQFDIH]X UFNVFKOHQGHUWH'LH(OHNWURQLNLP,QQHUQGHU$NWHQWDVFKH ZUGHEHWULHEVEHUHLWVHLQGLH8KUWLFNWH7UHQWKlWWHHVOLH EHUJHVHKHQZHQQGHU$PHULNDQHUGLH7DVFKHLP/HLKZD JHQJHODVVHQKlWWH(UPDFKWHGLH%0:DP%DXPIHVW VFKOHQGHUWH]XP&DIHKLQEHUXQGVHW]WHVLFKQHEHQGHQ $PHULNDQHU ª'DQNHGD6LHJHNRPPHQVLQG© ª'LH)UHXGHLVWJDQ]DXIPHLQHU6HLWH©'HU$PHULNDQHU NODSSWHVHLQH6RQQHQEULOOH]XVDPPHQOLHVLHLQGLH$NWHQ WDVFKHJOHLWHQVHW]WHVRGLH(OHNWURQLNLQ%HWULHEXQGOHJWH GLH7DVFKHGDQQ]ZLVFKHQLKQHQDXIGHQ7LVFK(UYHUVXFK WHQLFKW7UHQW]XWlXVFKHQª:LUN|QQWHQKLHULQ6FKZLHULJ NHLWHQJHUDWHQGDKHUP|FKWHLFKGD6LHNXU]XPUHLHQ

PLWZHP6LH]XVDPPHQVLQGXQGZDUXP6LHPLFKJHUXIHQ KDEHQ© ª0LWGHU6RQGHUHLQKHLWIU7HUURULVPXVEHNlPSIXQJGHU (XURSlLVFKHQ*HPHLQVFKDIW©HUZLGHUWH7UHQWª,FKZDU GUDXHQLQGHU.DULELNXPHLQHQHXH,GHQWLWlWDXI]XEDXHQ VHLWLFKYRUVLHEHQ0RQDWHQJHZHFKVHOWKDEH'LH6RQGHUHLQ KHLWLVWQHXXQGLFKELQQHXEHLLKUGDKHUYHUIJHLFKEHU NHLQHRIIL]LHOOHQ.RQWDNWHXQGNHQQHDXFKQLFKWGLH3DUDPH WHU,FKELQGDLQHLQ6]HQDULXPJHUDWHQGDVPLUEHUKDXSW QLFKWJHIlOOWXQGGDVLFKWHLOZHLVHQLFKWGXUFKVFKDXH:LUEH ILQGHQXQVKLHULP0DFKWEHUHLFKGHU86$:HQQLFKQRFK EHLPHLQHUDOWHQ2UJDQLVDWLRQZlUHZWHLFKZHOFKH.DQl OHLFKEHQXW]HQN|QQWH,FKKDEHPLW/DQJOH\]XVDPPHQJH DUEHLWHW(VVWHKWDXIGHU/LVWH+LHUDUEHLWHLFKPLWHLQHP 0DQQYRQGHU'($]XVDPPHQ&DVSDU(UZDUIUKHUEHLP *HKHLPGLHQVW© ª+DEHQ6LH%HULFKWHUVWDWWHW"©IUDJWHGHU$PHULNDQHU ª-DXQGLFKKDEHGDPLWHLQHQVFKZHUHQ)HKOHUEHJDQ JHQ0HLQH$XIVLFKWZDQGWHVLFKDQ$XHQVWHKHQGHXP PLFK]XVFKW]HQXQG]XEHUZDFKHQ(LQHUYRQGHPGD ]XDEJHVWHOOWHQ7HDPPXPLUHLQH)DOOHJHVWHOOWKDEHQ 0H[LNDQHU,FKPXZLVVHQZHUVLHVLQGXQGYRQZHPVLH NDPHQ© ª)UDJHQ6LHGRFK,KUH$XIVLFKW© ª0HLQ%HULFKWKDWPLFKEHLQDKHPHLQ/HEHQJHNRVWHWDX HUGHPLVWGHU0DQQMHW]WZLHGHULQ%UVVHO© ª8QG&DVSDU"© ª(UVWHKWQXUIUUHLQEHUDWHQGH)XQNWLRQHQ]XU9HUI JXQJGDVEHGHXWHWLFKNDQQQXUHLQHLQ]LJHV0DODXILKQ ]XUFNJUHLIHQ:HQQLFKLKQ]XIUKLQ$QVSUXFKQHKPH ELQLFKGDQDFKJDQ]DXIPLFKDOOHLQJHVWHOOWXQGLFKELQ PLUQLFKWVLFKHUGDHVVLFKGDQQQRFKXPGDVJOHLFKH6]H QDULXPKDQGHOW© ª:DUXPJHUDGHLFK"© ª:LUWUDIHQXQVDXIHLQHU.RQIHUHQ]EHULQWHUQDWLRQDOHQ 7HUURULVPXV,P)DKUVWXKO©HUJlQ]WH7UHQW(UZDUVLFKLP PHUQRFKQLFKWVLFKHUREGDV=XVDPPHQWUHIIHQ=XIDOORGHU $EVLFKWJHZHVHQZDUª:LUKDWWHQHWZDVJHWUXQNHQXQGKDW

WHQDQVFKHLQHQGlKQOLFKH$QVLFKWHQ:LUWDXVFKWHQ7HOHIRQ QXPPHUQDXV© ª:DQQZDUGLH.RQIHUHQ]"© ª)UDQNIXUWYRUHLQHPNQDSSHQ-DKU© ª9RU,KUHP:HFKVHO© ª*HQDX© ª8QGVHLW6LHLQGHU.OHPPHVWHFNHQKDEHQ6LHPLFKMHW]W GDVHUVWH0DODQJHUXIHQQLFKWZDKU"© ª:HQVRQVWKlWWHQ6LHDQPHLQHU6WHOOHDQJHUXIHQ"© ª$Q,KUHU6WHOOH"=XP7HXIHOLFKKlWWHPLFKVFKRQOHW]WH :RFKHDQJHUXIHQ©(UJULQVWHVWUHFNWHVHLQH+DQGDXVª6WH YH© ,Q)UDQNIXUWKDWWHHU5REHUWJHKHLHQXQGHLQHQJUDXHQ )ODQHOODQ]XJJHWUDJHQ ª7UHQW©VDJWH7UHQW 6WHYHIXKUGHQ/HLKZDJHQHLQH$XIIDKUWKRFKXQGLQHLQHQ &DUSRUWIUYLHU$XWRVKLQHLQVWHOOWHLKQ]ZLVFKHQHLQHQ KHOOEODXHQ)RUGXQGHLQHQZHLHQ-HHSPLWKHUDEJHODVVHQHP 9HUGHFN%DXPZROOVLW]EH]JHQEHUJURHQ6WRVWDQJHQ XQGHLQHU0HQJH7DXFKDXVUVWXQJDXIGHP5FNVLW] :lKUHQGGHU)DKUWGXUFKGLH6WDGWKDWWHQVLHQLFKWJHVSUR FKHQ$OV6WHYH7UHQWGXUFKGLH+LQWHUWULQV+DXVIKUWH VDJWHHUª,FKPXGDVPLWXQVHUHP0DQQKLHUDENOlUHQ(L QH)UDJHGHU+|IOLFKNHLW(LQ0H[LNDQHULVWEHLLKP© 7UHQWVWHOOWIHVWGD6WHYHGLH$NWHQWDVFKHLP/HLKZDJHQ JHODVVHQKDWWH'DV7UHIIHQKDWWHDOVRLQRIIL]LHOOHQ&KDUDN WHU 9RP:RKQ]LPPHUDXVEOLFNWHPDQLQHLQHQKLQWHUGHP +DXVOLHJHQGHQ*DUWHQGHUYRQHLQHU+LELVNXVKHFNHXPJH EHQZDUXQGLP6FKDWWHQHWOLFKHU$ND]LHQODJ:LHHVIU NRQVSLUDWLYH:RKQXQJHQW\SLVFKLVWZLUNWHQGLH0|EHODOV KlWWHVLHGHU9RUEHVLW]HUVWHKHQJHODVVHQ=ZHL0lQQHUKLHO WHQVLFKLP=LPPHUDXI'HU]XVWlQGLJH0DQQYRP*HKHLP GLHQVWVWDQGDP3DQRUDPDIHQVWHU(UKDWWHGLHZHQLJDXVJH SUlJWHQ*HVLFKWV]JHHLQHVVFKZHU]XEHVFKUHLEHQGHQ 6WXGHQWHQGHU+LJK6FKRROZLUNWHHLQZHQLJQHUY|VYLHO OHLFKWZHLOHUJHUDGHLP([DPHQVWDQG(UZDU0LWWH'UHLLJ

PLWWHOJURPLWWHOVFKODQNXQGWUXJEHUHLQHPZHLHQ7HQ QLVKHPGHLQHQIULVFKJHEJHOWHQ$Q]XJDXVOHLFKWHPNUHSS DUWLJHQ/HLQHQPLWEODXHQ6WUHLIHQZRGXUFKGHU(LQGUXFN HQWVWDQGHUN|QQHVLFKQLFKWUHFKW]ZLVFKHQ]ZDQJORVHU RGHUI|UPOLFKHU.OHLGXQJHQWVFKHLGHQ 'HU0H[LNDQHUJDEHLQY|OOLJDQGHUHV%LOGDE(UODJIDVW LQVHLQHP6HVVHOXQGZLUNWHDOVZUGHGLHQlFKVWHQ]ZDQ ]LJ-DKUHIULKQQLFKWVDQVWHKHQ(UZDUJURVHKUJUR IDVW]ZHL0HWHUVFKlW]WH7UHQWEHVWHQVGXUFKWUDLQLHUWKDW WHGDVEUHLWH*HVLFKWHLQHV0D\DXQGGLFKWHVFKZDU]H +DDUHGLHVHLWGHU(UVWNRPPXQLRQZHGHUPLW.DPPQRFK PLW%UVWHLQ%HUKUXQJJHNRPPHQZDUHQ(UWUXJHLQZHL HV76KLUW]XU6FKDXDXIGHPLQURWHQ%XFKVWDEHQTXHU EHUVHLQHUZXFKWLJHQ%UXVWGLH:DUQXQJVWDQGh%(5 *5,))(:(5'(10,7*(:$/7%($17:257(7'LH bUPHOGHV76KLUWVZDUHQDEJHVFKQLWWHQZRUGHQXPVHL QHP%L]HSVHLQ'XUFKNRPPHQ]XHUP|JOLFKHQ6WUDKOHQGH JROGHQH3DOPHQVFKPFNWHQGLHVFKZDU]H%DGHKRVHGLH EHLMHGHU%HZHJXQJVHLQHU0XVNHOQ]XSODW]HQGURKWH6HL QH=HKHQVDQGDOHQDXV*XPPLKDWWHQGLH*U|HHLQHU7DX FKHUIORVVH 'HULQGLH-DKUHJHNRPPHQH6WXGHQWGHU+LJK6FKRRO QLFNWH6WHYHJUHQG]XXQGVDJWH]X7UHQWª,FKELQ'LFN XQGGDVGDLVW3HSLWRHLQJXWHU)UHXQGYRQPLU© ª6FK|Q6LHNHQQHQ]XOHUQHQ© 'LFNGXUFKTXHUWHGDV=LPPHUXQGVWHOOWHVLFKQHEHQGHQ 6HVVHOGHV0H[LNDQHUVXP]XEHWRQHQGDHUXQGGHUJURH 0DQQDXIGHUJOHLFKHQ6HLWHVWDQGHQª,FKELQKLHUXQWHQIU GHQ*HKHLPGLHQVW]XVWlQGLJ©WHLOWHHU7UHQWPLWª6WHYHULHI PLFKDXV:DVKLQJWRQDQXPGLHVHV7UHIIHQLQGLH:HJH]X OHLWHQGDKHUKDEHLFK,KU9RUVWUDIHQUHJLVWHUDXVGHP&RP SXWHUHQWIHUQW$OVJHGXQJHQHU.LOOHUKDEHQ6LHVLFKHLQHQ JDQ]VFK|QHQ1DPHQJHPDFKW'DVLVWQLFKWXQEHGLQJWHW ZDVGDVXQVV\PSDWKLVFKLVW© 6REHVFKULHEHQ]XZHUGHQZDU7UHQWDXFKQLFKWV\PSD WKLVFKHUVDJWHDEHUQLFKWV'HU0H[LNDQHUOlFKHOWHKlWWHDP OLHEVWHQHWZDVJHWDQ:lUHHU5DXFKHUJHZHVHQKlWWHHUVLFK HLQH=LJDUHWWHDQJH]QGHW

ª1XQPDOODQJVDP'LFN©PHLQWH6WHYH ª1XQPDOODQJVDP©'LH%HVRUJQLVGLH7UHQWEHL'LFNYHU VSUWKDWWHPDFKWHVLFKH[SORVLRQVDUWLJ/XIWª)UGLHVHV 7UHIIHQJLEWHVNHLQH*HQHKPLJXQJ,QGHPGXPLFKLQGLH 6DFKHKLQHLQJH]RJHQKDVWVHW]WGXPHLQHJRWWYHUGDPPWH $UEHLWDXIV6SLHO© 6WHYHJLQJ]X'LFNKLQEHUXQGOHJWHLKPHLQHQ$UPXP GLH6FKXOWHUZLHHV$PHULNDQHUWXQXPLQHLQHU%H]LHKXQJ HLQH9HUWUDXOLFKNHLW]XHU]ZLQJHQGLHQRFKJDUQLFKWYRU KDQGHQLVWª9LHOOHLFKWZlUHHVGLUMDOLHEHUDXVGHUJDQ]HQ 6DFKHKHUDXVJHKDOWHQ]XZHUGHQ© ª'DKDVWGXYHUGDPPWQRFKPDOUHFKW'DVZlUHPLU ZLUNOLFKOLHEHU©HUZLGHUWH'LFN ª:DUXPWXQZLUGDVGDQQQLFKW"©VFKOXJ6WHYHYRUª+DVW GXHLQHQ%HULFKWEHUGDV7UHIIHQHLQJHUHLFKW"© ª0HLQVWGXLFKZlUHYRQDOOHQJXWHQ*HLVWHUQYHUODVVHQ"© IUDJWH'LFNIRUGHUQG ª*XWGDQQPDFKHQZLUHVHEHQVR©VDJWH6WHYHª:HQQMH PDQGHLQH)UDJHVWHOOWGDQQHU]lKOLKQHQGXKlWWHVWPLUGDV +DXVEHUODVVHQ1RFKHLQHQVFK|QHQ7DJ'LFNXQGQLFKW YHUJHVVHQLFKELQGLUQRFKHLQHQ*HIDOOHQVFKXOGLJ© ª'DKDVWGXYHUGDPPWUHFKWXQGGDVZHUGHLFKVFKRQ QLFKWYHUJHVVHQ©'LFNEOLFNWH]XGHP0H[LNDQHUKLQEHU ª:LOOVWGXHVVHQJHKHQ"© 'HU0H[LNDQHUOlFKHOWHXQHQWZHJWVFKWWHOWHDEHUGHQ .RSI 'LFNZLUNWHHLQZHQLJYHUOHJHQª1XQZLUVHKHQXQV© 6WHYHEHJOHLWHWHLKQ]XU7UOlFKHOWHXQGNORSIWHLKPDXI GHQ5FNHQ(UZDUWHWHELVGHU)RUGUFNZlUWVDXVGHU$XI IDKUWJHIDKUHQZDUGDQQZDQGWHHUVLFKDQ7UHQW ª7XWPLUOHLG:LUKDEHQGDKHLPLQ:DVKLQJWRQHLQSDDU 6FKZLHULJNHLWHQ©6HLQHKRFKJH]RJHQHQ$XJHQEUDXHQYHU ULHWHQGDHU7UHQWIUHUZDFKVHQJHQXJKLHOWXPEHUDOOHV LQ.HQQWQLVJHVHW]W]XZHUGHQª'LHUXVVLVFKH%HGURKXQJ H[LVWLHUWQLFKWPHKUGDKHUZROOHQGLH.RQJUHPLWJOLHGHU MHW]WJHUQHZLVVHQZDVGHU*HKHLPGLHQVWHLJHQWOLFKJHPDFKW KDWDOVGLH5XVVHQQRFKHLQH%HGURKXQJGDUVWHOOWHQ6LHJH KHQGLH$XI]HLFKQXQJHQGXUFKXQGVXFKHQVLFKHLQSDDU

.|SIHGLHVLHUROOHQODVVHQN|QQHQ$XIGLHVH:HLVHVHW]WHQ VLHVLFKLP)HUQVHKHQLQHLQJXWHV%LOG© ª(VJLEWJHQJHQG'LQJHGLHVLHILQGHQN|QQHQ©IXKU6WH YHIRUWDOVREHV7UHQWVFKZHUILHOHVHLQHQ:RUWHQ*ODXEHQ ]XVFKHQNHQª9LHOOHLFKWILQJHVMDLQGHUbUD.HQQHG\GDPLW DQELVDXIGLH6DFKHPLWGHP6H[ZDUHUHLQ+HLOLJHUDEHU HUZDUDXFKHLQNOHLQHU+LW]NRSIXQGMXQJGD]XXQGHUKDW WHHVHLOLJ!9HUKDQGOXQJHQIKUHQ]XQLFKWVUXIHQ6LHGHQ*H KHLPGLHQVWVFKDOWHQ6LHGHQ0DQQDXV'LH/HXWHGLHGDVWD WHQZXUGHQYRQK|FKVWHU6WHOOHXQWHUVWW]WXQGKDWWHQ LQQHUKDOEGHV*HKHLPGLHQVWHVJURHQ(LQIOX $QGHUHVDJWHQ!+H0RPHQWPDOGDVJHKWVRDEHUQLFKW 8QGGDPLWEHUXIHLFKPLFKMHW]WQLFKWDXIGLH9HUIDVVXQJ VRQGHUQDSSHOOLHUHDQGLH,QWHOOLJHQ]©(UJULQVWH7UHQWDQ ZROOWHGDPLW]HLJHQGDVLH9HUEQGHWHZDUHQVLFKHLQDQ GHUYHUWUDXWHQXQGWLHIH*HKHLPQLVVHDXVWDXVFKWHQª8QG GDQQNDPGLHVHJRWWYHUGDPPWH3HUHVWURLNDXQGDXIHLQPDO LVWDOOHVJDQ]DQGHUVQLFKWZDKU"'LH/HXWHGLHHLJHQWOLFK GDUDXIDQJHVHW]WZDUHQGLHDQGHUHQKRFKJHKHQ]XODVVHQ ZDUHQSO|W]OLFKQLFKWPHKUJHIUDJWXQGYHUVXFKWHQLKUHHL JHQH+DXW]XUHWWHQ'DVEHODVWHQGH0DWHULDOOLHHQVLH VFKQHOOHUYHUVFKZLQGHQDOVHLQ(LFKK|UQFKHQLP+HUEVWVHL QH1VVHYHUJUlEW :LUKDEHQLQQHUKDOEGHV*HKHLPGLHQVWHV/HXWHGLHHLQ GHXWLJSDUWHLLVFKVLQGXQGHVJLEW/HXWHGLHZLH'LFNLU JHQGZRLQGHU0LWWHVWHKHQ1HWWH)UDXGUHL.LQGHU'LHQVW ZRKQXQJ3HQVLRQ.UDQNHQYHUVLFKHUXQJDQJHPHVVHQH $XIVWLHJVFKDQFHQ©6WHYH]XFNWHGLH$FKVHOQ]HLJWHGDPLW GDHU'LFNV3RVLWLRQQDFKYROO]LHKHQNRQQWHª'XZHLW ZDVLFKGDPLWPHLQHQLFKWZDKU"-XQJVGLHJHUQHLP:DOG NDPSLHUHQDEHULP'XQNHOQQLFKWDXVGHP=HOWJHKHQZRO OHQ8QGGDQQNRPPVWGXPLWGHLQHP5XIKLHUKHUHLQVSD ]LHUWXQGGDVPDFKW'LFNQDWUOLFKHLQZHQLJQHUY|V'HU &RORQHOLVWHLQULFKWLJHU$QKlQJHUGHVNDOWHQ.ULHJHVGXELVW VHLQ0DQQXQGVWHKVWGLH+lOIWHGHV-DKUHVGHQZLUNOLFKHQ 6FKXUNHQLP8PIHOGYRQ/DQJOH\]XU9HUIJXQJXQGGDQQ NRPPHLFKXQGVDJH+H'LFNZDUWHGRFKLFKWUDIGHQ 0DQQLP)DKUVWXKOXQGHULVWLQ2UGQXQJ(UZDULQ,UODQG

KDWWHHLQUHOLJL|VHV(UOHEQLVZLHGHU+HLOLJH3DXOXVDOVHU DXIGHP:HJQDFK'DPDVNXVYRP3IHUGILHO©(UJULQVWHHLQ ZHLWHUHV0DOª+HUUJRWW,FKPHLQHMHW]WELQLFKHVGHUVLFK GHQ.RSI]HUEULFKWQLFKWZDKU"8QGLFKELQQHUY|V© 7UHQWKDWWHGDVXQEHVWLPPWH*HIKOHUVROOHGDV*ULQVHQ HUZLGHUQXQGGDPLW]XYHUVWHKHQJHEHQHUKDEHEHJULIIHQ (UEHJULIIDEHUOHGLJOLFKGDHULQHWZDVYHUZLFNHOWZDUGDV HUQLFKWYHUVWDQGXQGGDVLKPDXFKEHUKDXSWQLFKWJHIDOOHQ ZROOWH 'HU0H[LNDQHUVFKLHQHLQJHVFKODIHQ]XVHLQ ª,FKZDULPPHUVFKRQGHU0DQQIUSUDNWLVFKH(LQVlW]H© PHLQWH7UHQW ª'DVKHLW6LHLQWHUHVVLHUHQVLFKQLFKWIU6FKUHLEWLVFKSR OLWLN©6WHYHV/lFKHOQYHUULHWHLQHQ$QIOXJYRQ7UDXHUª'DV LVWQLFKWE|VHJHPHLQWDEHUIUPLFKNOLQJWGDVHLQZHQLJ QDFK'LFN:LUVWHKHQKLHUYRUHLQHU6LWXDWLRQLQGHUZLU HLQLJH/HXWHJODXEHQODVVHQGDPDQQXUGHQZLFKWLJVWHQ 0DQQLQLUJHQGHLQHP/DQGGHU:HOWDXVZHFKVHOQPXGD PLWVLFKHLQ3UREOHPGRUWLQ/XIWDXIO|VW$QGHUHYRQXQV VLQGGHU0HLQXQJGDGDVODQJIULVWLJGDV3UREOHPQXUYHU VFKOLPPHUW :LUPVVHQWDWVlFKOLFKGLH.HUOHVHLQGLHIUHLQHJXWH6D FKHHLQWUHWHQDQVWDWWGDVQXU]XEHKDXSWHQ:LUPVVHQDXI K|UHQ5HDOSROLWLN]XEHWUHLEHQXQGDQIDQJHQXQVNRRSHUD WLY]X]HLJHQ:LUPVVHQGDPLWDXIK|UHQGLHZLFKWLJVWHQ +RQFKRV]XNDXIHQXQGDQIDQJHQGHQNOHLQHQ/HXWHQ]X KHOIHQ:LUVLQGGRFKGLH([SHUWHQ:LUVFKUHLEHQGLH%H ULFKWH9LHOOHLFKWLVWHVDQGHU=HLWGLH'LQJHHLQZHQLJYRU DQ]XEULQJHQ'DVGDXHUWDEHUVHLQH=HLWXQGHUIRUGHUWHLQH 0HQJHhEHUUHGXQJVNXQVW8QGHVLVWNHLQH)UDJHGHU0R UDO©YHUVLFKHUWHHU7UHQWDOVREGDGXUFKDOOHVVHLQH5LFKWLJ NHLWKlWWHª'HUDQGHUH:HJZXUGHEHVFKULIWHQXQGIXQNWLR QLHUWQLFKW© 0LWHLQHP.RSIQLFNHQGHXWHWHHUDXIGHQVFKODIHQGHQ0H [LNDQHUª3HSLWRXQG6LHXQGLFKDUEHLWHQDOV7HUURULVWHQ :LUVFKQDSSHQXQVHLQSDDU/HXWHKROHQXQVMHPDQGHQGHU VLHIUXQVHUVFKLHWHUVFKLHHQVLHYLHOOHLFKWDXFKVHOEHU $XIGLHVH:HLVHODVVHQZLUHLQHQHXH6FKDUYRQ0lUW\UHUQ

HQWVWHKHQXQGZHUGHQVHOEVW]XHLQHUQHXHQ7HUURULVWHQ JUXSSH:LUN|QQHQDEHUDXFKYHUVXFKHQHWZDVJHJHQGLH 8UVDFKHQGHV7HUURULVPXV]XXQWHUQHKPHQ,FKVDJHGDPLW QLFKWGDZLUDXIK|UHQVROOWHQGLHVH6FKHLNHUOHJHIDQJHQ ]XVHW]HQDEHULFKPHLQHHVJLEWQRFK]XVlW]OLFKHODQJIULVWL JH3ULRULWlWHQ 1XQGDVlKQHOWVWDUNGHPZDV6LHPLUEHU,UODQGVDJWHQ XQGGHVZHJHQJDELFK,KQHQDXFKHLQH7HOHIRQQXPPHU© ª-D©VDJWH7UHQW(VHQWVSUDFKWDWVlFKOLFKGHPZDVHUGD PDOVVHOEVWJHVDJWKDWWHXQGHUWHLOWH6WHYHV$QVLFKWHQZDV QLFKWKLHGDHUGHP$PHULNDQHUVHLQ9HUWUDXHQVFKHQNWH RGHU%HVWDQGWHLOHLQHVLQWHUQHQ0DFKWVSLHOVGHV*HKHLPGLHQ VWHVVHLQZROOWH8QGJHQDXGDVVFKLHQLKP6WHYHDXIVHLQH ZHLWVFKZHLIHQGH$UWQDKHEULQJHQ]XZROOHQ(VVHLGHQQ GDV*DQ]HZDUHLQH)DOOH8QGHVNRQQWHVLFKGXUFKDXVXP HLQH6LWXDWLRQKDQGHOQLQGHUDEKlQJLJYRP(UJHEQLVHQW ZHGHUGDVHLQHRGHUGDVDQGHUH]XWUDIXQGGHU$PHULNDQHU VSRQWDQHQWVFKLHGZR]XHUVLFKHQWVFKOR'DQQZUGH 7UHQWHUVWUHFKWLQ*HIDKUVHLQ ª-D©ZLHGHUKROWHHUGHQQ6WHYHXQGGHU0H[LNDQHU VFKZLHJHQ(LQ-DZDUKDOEZHJVVLFKHU8QGZHLOHUDXI+LOIH DQJHZLHVHQZDUIJWHHUKLQ]Xª'DELQLFKJDQ],KUHU0HL QXQJ© ª1XQGDVLVWVFK|Q©PHLQWH6WHYHPLWHLQHPVWUDKOHQGHQ /lFKHOQª3HSLWRXQGLFKVLQG-XQJJHVHOOHQ'DKHUKDEHQZLU XQVHQWVFKORVVHQXQVKLHUXQGGDHLQZHQLJHLQ]XPLVFKHQ© IXKUHUIRUWDOVZUGHHUHLQYHUQQIWLJHV*HVSUlFKIKUHQ XQGNHLQNRGLHUWHV*HVFKZDIHOYRQVLFKJHEHQª0DQFKPDO ZLUG'LFNGDUEHULQ.HQQWQLVJHVHW]WPDQFKPDODXFK QLFKW2EZLUHVLKPVDJHQKlQJWJDQ]YRQXQVHUHQ$NWLYL WlWHQDE,FKPXMHW]WZLHGHU]XUFNLQGLH+HLPDWDEHU3H SLWRZLUG,KQHQDOOHV]HLJHQ(UNHQQW&DQFXQZLHVHLQH:H VWHQWDVFKH:HQQ6LHZHLWHUH8QWHUVWW]XQJEHQ|WLJHQ PHOGHQ6LHVLFK:HQQ6LHZROOHQGDZLUGLHVFKZHUH 7UXSSHHLQVHW]HQZLQNHQ6LHPLWGHPJHOEHQ7DVFKHQWXFK GDPLWPDQ,KQHQQLFKWGLH+|OOHKHLPDFKW©(UZDUI7UHQW HLQKHOOJHOEHV6HLGHQWXFK]Xª%LVEDOG© 6WHYHKDWWHQLFKWJHVDJWXPZHQHVVLFKEHLGHUVFKZHUHQ

7UXSSHKDQGHOWH'DVLVWDOOHVYLHO]XVFK|QXPZDKU]X VHLQGDFKWH7UHQW(UJLQJGHQ)OXUHQWODQJ]XU+DXVWUXQG EHREDFKWHWHZLHGHU/HLKZDJHQGDYRQIXKU 3HSLWRVFKOXJHLQ$XJHDXIDOV7UHQWZLHGHULQV:RKQ ]LPPHU]XUFNNHKUWH1DFKHLQHU:HLOH|IIQHWHHUDXFKGDV DQGHUH$XJHOlFKHOWHVFKREVLFKDXVGHP6HVVHOXQG VFKOXUIWHDXVGHP+LQWHUDXVJDQJ(LQGRSSHOWHV.ORSIHQVHL QHU)LQJHUDXIGHP9HUGHFNGHV-HHSVXQGHLQ'REHUPDQQ VFKOLFKDXVGHP+LELVNXV'HU+XQGVSUDQJDXIGHQ5FN VLW]GHV-HHSV3HSLWRJDE7UHQWPLWHLQHU*HVWH]XYHUVWHKHQ HUVROOHDXIGHPIUHLHQ%HLIDKUHUVLW]3ODW]QHKPHQXQGOLH GHQ0RWRUDQ5FNZlUWVVHW]WHHUDXIGLH6WUDHXQGIXKU 7UHQW]XVHLQHP0RWRUUDG]XUFNRKQHHUVWIUDJHQ]XPV VHQZRHVDEJHVWHOOWZDU'DQQGHXWHWHHUPLWGHP)LQJHULQ 5LFKWXQJ0DULQD 7UHQWIXKUPLWGHU%0:KLQWHU3HSLWRKHUXQGEHREDFKWHWH ZLHGHUJURH0DQQVRWDWDOVZUGHHUDXIHLQHQVFKODQNHQ DEHUPXVNXO|VHQPH[LNDQLVFKHQ6WUDQGMXQJHQVFKLHHQGHU DPYRUGHUHQ(QGHGHU$QOHJHVWHOOHGHU0DULQDLQGHU1lKH GHU*ROGHQ*LUOKHUXPOXQJHUWH3HSLWRVWHOOWHVHLQHQ-HHSDP )XGHV/DQGXQJVVWHJVDE(LQ]ZHLWHU6WUDQGMXQJHVRQQWH VLFKDXIGHP.DELQHQGDFKGHU*ROGHQ*LUO6HLQH%DGHKRVH KlWWHGHP7DQJDHLQHV6WULSSHUVDOOH(KUHJHPDFKWHLQJUR HV%DGHWXFKEHGHFNWHVHLQHUHFKWH+DQG 7UHQWYHUPXWHWHGDGDV%DGHWXFKHLQH:DIIHYHUEDUJ(U KDWWHQLFKWDQJHQRPPHQVLFKHUQVWKDIWLQ*HIDKU]XEHILQ GHQ3HSLWRJLQJMHGRFKRIIHQEDUGDYRQDXVVRQVWKlWWHHU GHQ.DWDPDUDQQLFKWXQWHUVHLQH$XIVLFKWXQGVHLQHQ6FKXW] JHVWHOOW 1HEHQGHU*ROGHQ*LUOODJHLQIDVW]HKQ0HWHUODQJHV 7DXFKERRWGDVYRQ]ZHL36VWDUNHQ0HUFXU\$XHQ ERUGPRWRUHQDQJHWULHEHQZXUGH3HSLWRVFKXOWHUWHGLH 7DXFKDXVUVWXQJXQGEUDFKWHVLHDQ%RUGQDKPHLQHQHOHN WURQLVFKHQ'HWHNWRUDXVVHLQHU6FKXOWHUWDVFKHVDQJYRUVLFK KLQXP0LNURIRQHHLQ]XVFKDOWHQGLHGXUFKGHQ.ODQJHLQHU 6WLPPHDNWLYLHUWZXUGHQXQGGXUFKVXFKWHGDV7DXFKERRW YRQYRUQHELVKLQWHQ(UVWDUWHWHGLHEHLGHQ$XHQERUGPRWR

UHQGDQQZLQNWHHU7UHQWDQ%RUGª:LUPDFKHQHLQHQ 7DXFKDXVIOXJ6HQRU©PHLQWHHUPLWEHHLQGUXFNHQGWLHIHU 6WLPPH 7UHQWHUZLGHUWHGDUDQKlWWHHUDXFKVFKRQJHGDFKWXQG IJWHKLQ]XHUIUDJHVLFKREVLHDP(QGHPLWHLQDQGHUNRP PXQL]LHUHQZUGHQLQGHPVLHLQGUHLLJ0HWHUQ:DVVHUWLHIH DP*UXQGGHU.DULELNDXI6FKLHIHUWDIHOQVFKULHEHQ ª9RUVLFKWLVW9RUDXVVHW]XQJ]XPhEHUOHJHQ6HQRU© PHLQWHGHU0H[LNDQHUª*ULQJRV©(UVSXFNWH]XU6HLWHDXV ª6LHQHKPHQLKUH3ROLWLNVRHUQVWZLHHLQ0H[LNDQHUQXUGLH /LHEH© 'HP0DQQNDQQVWGXYHUWUDXHQGDFKWH7UHQWDOVHUEHRE DFKWHWHZLH3HSLWRGDV7DXFKERRWDXIGLHRIIHQH6HHVWHXHU WHª,FKEUDXFKH+LOIH©VDJWHHUª8PPLFKKHUXPJHVFKHKHQ DOOHP|JOLFKHQ'LQJHXQGLFKZHLQLFKWZDVZLUNOLFKYRU VLFKJHKWRGHUZHUGDKLQWHUVWHFNW©'LHEHLGHQPH[LNDQL VFKHQ/HLEZlFKWHUGLHLP+RWHO5HQD9LFWRULDIUGHQ 6FKXW]GHV&RORQHOV]XVWlQGLJJHZHVHQZDUHQZDUHQVHLQH HLQ]LJH6SXU ª.OHLQH)LVFKH]HLJHQHLQHPZRVLFKGLHJURHQ)LVFKH DXIKDOWHQ©PHLQWHGHU0H[LNDQHU]XVWLPPHQGXQGJULQVWH ]XYHUVLFKWOLFKª:LUZHUGHQVLHVFKRQILQGHQ6HQRU© (VZDUHOI8KUDEHQGVXQGLQ&DQFXQZDUGLH+|OOHORV'LH 0XVLNDXVGHQ%DUVVFKPHWWHUWHGHQ7RXULVWHQHQWJHJHQGLH DXIGHP*HKVWHLJLKUH5XQGHPDFKWHQ'LVFRVOLHHQLKUH 1HRQVFKLOGHUDXIEOLW]HQ.RPPHQ6LHXQGEULQJHQ6LHXQV,KU *HOG:LH6SLHO]HXJILJXUHQZLUNHQGHMXQJH0lQQHUXQG )UDXHQ]XFNWHQPLWLKUHQ+LQWHUQLQHLQHU$UWULWXHOOHU=HL FKHQVSUDFKH5DXVFKJLIWKlQGOHUOXQJHUWHQXQWHUDXIIlOOLJHQ %lXPHQKHUXP'HUJURH0H[LNDQHUIXKUEHUGLH6WUDH DOVJHK|UWHVLHLKP6LHZDUHQ]XVLHEWLP-HHS3HSLWR7UHQW YLHUVFKZHGLVFKH)UDXHQ$QIDQJ=ZDQ]LJXQGGHU'REHU PDQQ 'LHYLHU6FKZHGLQQHQJDEHQ7UHQWZDUQHQG]XYHUVWHKHQ GD3HSLWRHLQH$XI]HLFKQXQJGHU%RWVFKDIWJHK|UWKDWWH PLWGHU7UHQW6WHYH]XVLFKJHUXIHQKDWWH'HU0H[LNDQHU KDWWHGLH0lGFKHQHQWGHFNWDOVVLHDP6WUDQGGHU,VOD0XMH

UHVDQGHPHUXQG7UHQWJHWDXFKWKDWWHQREHQRKQHLQGHU 6RQQHODJHQ3HSLWRKDWWHGDV%RRWDQ/DQGJHVWHXHUWZDU GHQ6WUDQGHQWODQJVSD]LHUWXQGKDWWHGLH0lGFKHQZLHHLQ 6FKlIHUVHLQH/lPPHU]XVDPPHQJHWULHEHQXQGPLWJHQRP PHQ'LH)lKLJNHLWGHV0H[LNDQHUVGLH1DWLRQDOLWlWGHU 0lGFKHQDXIHLQKXQGHUW0HWHU(QWIHUQXQJPLWGHP)HUQ JODV]XHUNHQQHQKDWWH7UHQWPlFKWLJEHHLQGUXFNW 6LHKDWWHQLQHLQHP5HVWDXUDQW]X$EHQGJHJHVVHQ(VERW HLQHDXVJHNOJHOWH:HLWHUHQWZLFNOXQJWUDGLWLRQHOOHU0D\D .RVW'HUHUVWH*DQJEHVWDQGDXVJHJULOOWHQ+XPPHU VFKZlQ]HQHVIROJWHZLOGHU7UXWKDKQLQHLQHUVFKZDU]HQ 6DXFHDXVJHEUDQQWHQ3IHIIHUVFKRWHQ]XP1DFKWLVFKJDEHV 0DQJRVRUEHWDOV*HWUlQN0DUJDULWDV]XPLQGHVWIUGLH 6FKZHGLQQHQ7UHQWXQG3HSLWRKDWWHQGLH0DUJDULWDVZLH %DUGDPHQRKQH$ONRKROJHWUXQNHQ 6LHVXFKWHQGLHEHLGHQ0H[LNDQHUGLHGDV7UHIIHQGHV&R ORQHOPLW7UHQWLP+RWHO5HQD9LFWRULDEHZDFKWKDWWHQª'LH 0lQQHUPVVHQGDIUEH]DKOWZRUGHQVHLQXQGZHUGHQMHW]W GLH6WDGWXQVLFKHUPDFKHQ©KDWWH3HSLWRJHVDJWª+LHULQ &DQFXQOlXIWGDVLPPHUQDFKGHPVHOEHQ0XVWHUDE6HQRU© %LVMHW]WZDUHQVLHLQHLQHP'XW]HQG%DUVXQGGUHL'LVFRV JHZHVHQ'LH0DUJDULWDVEHJDQQHQGLHOHW]WHQGHUZHQLJHQ +HPPXQJHQGLHGLH6FKZHGLQQHQQRFKKDWWHQYHUVFKZLQ GHQ]XODVVHQ(LQHYRQLKQHQVDDXIGHU.KOHUKDXEHGHV -HHSVXQGKDWWHLKUH$UPHQDFKKLQWHQEHUGLH:LQGVFKXW] VFKHLEHJHZRUIHQGHQ5RFNKRFKJHVFKODJHQXQGGDV+HPG ELV]XP1DEHOJH|IIQHW(LQH]ZHLWHVDVHLWOLFKDXI3HSLWRV 6FKRGLHGULWWHDXI7UHQWV%HLQHQ'LHYLHUWHVDDXIHLQHP +DXIHQ]XVDPPHQJHIDOWHWHU+DQGWFKHU]ZLVFKHQGHQEHL GHQ0lQQHUQXQGKDWWHLKQHQLKUH$UPHXPGHQ+DOVJH OHJW6RZLHVLH]X3HSLWRKLQEHUEOLFNWHZDUVLFK7UHQWVL FKHUGDGLHMXQJH'DPHDXIVHLQHP6FKRVLFKIUGLH 9HUOLHUHULQGHU5XQGHKLHOW =ZHL3ROL]LVWHQGLH]X)XDXI6WUHLIHZDUHQVDOXWLHUWHQ ]DFNLJDOVGHUJURH0H[LNDQHUGHQ-HHSDQGHQ6WUDHQ UDQGIXKUXQGQHEHQHLQHP3DUNYHUERWVVFKLOGYRUGHU&OD ULVVD'LVFRDQKLHOW(VZDUHLQHZHLWHUH%HVWlWLJXQJGHV6WD WXVGHQ3HSLWRLQ&DQFXQJHQR'DV0lGFKHQGDVDXI

7UHQWV.QLHJHVHVVHQKDWWHVFKDIIWHHVVLFKLUJHQGZLHXQWHU HLQHQ$UPGHV0H[LNDQHUV]XPDQ|YULHUHQZRPLWIU7UHQW GDV0lGFKHQDXIGHU.KOHUKDXEHXQGGDV0lGFKHQ]ZL VFKHQLKQHQEOLHE(UODFKWHZHLOGLH0lGFKHQODFKWHQDO OHUGLQJVZDUHUGDULQ3HSLWRXQWHUOHJHQGHVVHQWLHIHVEUO OHQGHV/DFKHQZLHGHU9RUERWHHLQHVWURSLVFKHQ6WXUPHVLQ GLHYRQ6WURERVNRSOLFKWHUQHUKHOOWH'LVFRYRUDXVUROOWH-HGHU WDQ]WHIUVLFK'LH6FKZDU]HQXQGGLH/DWHLQDPHULNDQHU NRQQWHQGDVJXWGLH1RUGHXURSlHUXQG1RUGDPHULNDQHU ZLUNWHQHKHUXQEHKROIHQ 3HSLWRGHXWHWHEHUGLH0HQJHKLQZHJ7UHQWNRQQWHQLFKW HUNHQQHQDXIZHQRGHUZDVHU]HLJWH'HU0H[LNDQHUOHJWH VHLQH+lQGHDXI7UHQWV+IWHQXQGKRELKQZLHHLQHQORFNHU PLW*lQVHGDXQHQJHIOOWHQ6DFNXQWHUGLH'HFNH3HSLWRKDW WHDXIGHQ0H[LNDQHUJH]HLJWGHUYRUGHP+RWHO]LPPHUGHV &RORQHODOV/HLEZlFKWHUIQJLHUWXQGVRJHWDQKDWWHDOVUH SDULHUHHUHLQH6WHFNGRVH 7UHQWJDE3HSLWRPLWHUKREHQHP'DXPHQ]XYHUVWHKHQ GDHULKQJHVHKHQKDWWH'HU0H[LNDQHUOLHLKQZLHGHUDXI GLH7DQ]IOlFKHKHUXQWHUXQGJLQJPLWHQHUJLVFKHQ6FKULWWHQ ]ZLVFKHQGHQ7lQ]HUQXQG7lQ]HULQQHQKLQGXUFKDOVZlUHQ GLHVHJDUQLFKWYRUKDQGHQ0LWGHPIDOVFKHQ(OHNWULNHUEHU GHU6FKXOWHUNHKUWHHU]XUFNHUKDWWHGHQ0DQQZLHHLQH 6FKZHLQHKlOIWHLP6FKODFKWKRIEHUGLH6FKXOWHUJHZRUIHQ PLWGHPHLQ]LJHQ8QWHUVFKLHGGDGHUIDOVFKH(OHNWULNHU OHEWHDEHUVRDXVVDKDOVHUZDUWHHUVHLQOHW]WHV6WQGFKHQ KDEHJHVFKODJHQ 3HSLWROXGGHQ0DQQDXIGHP5FNVLW]GHV-HHSVDE'HU 'REHUPDQQOHJWHVLFKDXILKQVHLQ0DXOZDUQXUZHQLJH =HQWLPHWHUYRQVHLQHU.HKOHHQWIHUQW=ZHLGHUVFKZHGL VFKHQ0lGFKHQZDUHQLKQHQDXVGHU'LVFRJHIROJW6LHZLUN WHQYHUXQVLFKHUWZXWHQQLFKWPHKUZHOFKH)XQNWLRQVLHHL JHQWOLFKKDWWHQDEHU3HSLWRJULQVWHIU|KOLFKXQGEUHLWHWH VHLQH+lQGHDXV6LHKDWWHQGLH*U|HYRQ%DVHEDOOKDQG VFKXKHQª(QWVFKXOGLJW6HQRULWDVDEHU]XHUVWPXLFKQRFK HLQHJHVFKlIWOLFKH$QJHOHJHQKHLWUHJHOQ0XFKR9HUJQJHQ© 7UHQWZDUEHUHLWVLQGHQ-HHSJHVWLHJHQ3HSLWRKREHLQHV GHU0lGFKHQDXI7UHQWV6FKREHYRUVLHHWZDVGDJHJHQHLQ

ZHQGHQNRQQWH'HUDQGHUHQJDEHUHLQHQ.XDXIEHLGH :DQJHQXQGDXIGLH/LSSHQXQGVHW]WHVLHDXIGHQ6WRJH IDOWHWHU+DQGWFKHU]ZLVFKHQGHQEHLGHQ6LW]HQ(UWlWVFKHO WHGHQ'REHUPDQQEHZHJWHVHLQHQPDVVLJHQ/HLEEHKXWVDP KLQWHUGDV/HQNUDGXQGZLQNWHHLQHQ3ROL]LVWHQKHUEHL'HU 3ROL]LVWUDQQWHLQGLH'LVFRXQGNDPPLWIULVFKHQLQKDOEOL WHUJURHQ9DNXXPEHKlOWHUQDEJHIOOWHQ0DUJDULWDVIUGLH 0lGFKHQZLHGHU]XUFN(UVDOXWLHUWHGLH0lGFKHQNLFKHU WHQXQGIKOWHQVLFKZLHGHUVLFKHUZDVLKUHY|OOLJH8QHU IDKUHQKHLWPLWGHUODWHLQDPHULNDQLVFKHQ3ROL]HLXQWHU%HZHLV VWHOOWH ª(VLVWQXUVLQQYROOZHQQZLU=HXJHQKDEHQ©ULHI3HSLWR 7UHQWIU|KOLFKDXI6SDQLVFK]XXPLKP]XHUNOlUHQZDUXP HUGLH0lGFKHQPLWQDKPª$XVOlQGHUVLQGGLHEHVWHQ=HX JHQ6LHN|QQHQZDKUKHLWVJHPlDXVVDJHQZHLOVLHGLH6L FKHUKHLWLKUHU+HLPDWOlQGHUJHQLHHQ8QVHUH/HXWHODVVHQ VLFKYLHO]XOHLFKWGD]XEHUUHGHQGDV]X3URWRNROO]XJH EHQZDVGLHMHQLJHQJHUQHK|UHQZROOHQGLHGDV6DJHQKD EHQ© hEHUGHQ'DPPJLQJHV]XUFN3HSLWRIXKULQGHQ+RI KLQWHUGHU]HQWUDOHQ3ROL]HLZDFKHYRQ&DQFXQ(UEHIUHLWH GHQ*HIDQJHQHQYRQVHLQHP'REHUPDQQXQGWULHELKQ GXUFKGLH+LQWHUWU(LQH9LHUWHOVWXQGHVSlWHUWDXFKWHHU ZLHGHUDXI(UVFKLHQVHKUPLWVLFK]XIULHGHQ]XVHLQ %HLLKUHU5FNNHKU]XU7RXULVWHQPHLOHKLHOWHUNXU]DQHL QHU%DUDQXPQHXH0DUJDULWDV]XKROHQGDQQIROJWHHUGHU ]ZHLVSXULJHQ6FKQHOOVWUDHHQWODQJGHU.VWHELVGLH+RWHOV YRQGHQ+lXVHUQGHU6XSHUUHLFKHQDEJHO|VWZXUGHQ(UIXKU DQGHQ6WUDHQUDQGVFKDOWHWHGLH/LFKWHUDXVEHYRUHU]ZL VFKHQGHQ%lXPHQ]XUFNVHW]WH'HU-HHSVWDQGMHW]WHLQHP VFKPLHGHHLVHUQHQ7RUDXIGHUDQGHUHQ6HLWHGHU)DKUEDKQ JHJHQEHU ª-HW]WZHUGHWLKUGLH&DQFXQ9HUVLRQYRQ0LDPL9LFHHUOH EHQOLYHXQGVSH]LHOOIUHXFKJHGDFKW6HQRULWDV©VDJWH3H SLWR(U]HLJWHDXIHLQHOLQNVQHEHQGHP-HHSVWHKHQGH3DO PHª6HW]WHXFKGDKLQXQGWULQNWHXUH0DUJDULWDV6HQRULWDV ,Q]HKQ0LQXWHQZHUGHQZLU]XPHLQHP+DXVIDKUHQXQG LP0RQGOLFKWVFKZLPPHQJHKHQ©

ª(VLVW1HXPRQGXQGGHULVWDXFKVFKRQIDVWXQWHUJHJDQ JHQ©VWHOOWH7UHQWIHVW ª5RPDQWLNQLPPWQLFKWXQEHGLQJW5FNVLFKWDXIGLH :DKUKHLW6HQRU7UHQW©PHLQWH3HSLWRWDGHOQG(UGHXWHWH DXIGDV7RUª'RUWZRKQWGHU0DQQGHU,KUHP&RORQHOGLH EHLGHQ/HLEZlFKWHUEHVRUJWH'RQ5REHUWH)OHPLQJ$OV5R EHUW&KDUOHV5LFKDUG)UHQFKDP)HEUXDULQ/RQGRQ (QJODQGJHERUHQ'LDEHWLNHU)UHLJHVWHOOWYRP0LOLWlUGLHQVW 8QLYHUVLWlWVDEVFKOXLQPRGHUQHQ6SUDFKHQ*LQJ]XU 0$EWHLOXQJ/DWHLQDPHULND6SH]LHOOH,QWHUHVVHQJHELHWH &KLOH*XDWHPDOD$UJHQWLQLHQ8UXJXD\IUK]HLWLJH 3HQVLRQLHUXQJ6HLWGHPDUEHLWHWHHUIUYHUVFKLHGHQH9HUVL FKHUXQJVJHVHOOVFKDIWHQXQGIKUWH9HUKDQGOXQJHQPLW.LG QDSSHUQLQJDQ]/DWHLQDPHULND%HUDWHUYHUVFKLHGHQHUPXOWL QDWLRQDOHU*HVHOOVFKDIWHQLQ)UDJHQGHV3HUVRQHQVFKXW]HV 6WHOOW3HUVRQDO]XP3HUVRQHQVFKXW]XQGGLHHQWVSUHFKHQGH $XVUVWXQJ]XU9HUIJXQJXQG]ZDUEHUHLQH3ULYDWILUPD PLW6LW]DXIGHQ&D\PDQ,QVHOQGHU36/$,QF(LQUHLFKHU DOWHUE|VDUWLJHU0DQQGHUEHUJHIlKUOLFKJXWH9HUELQGXQ JHQYHUIJW© ª:DUXPLVWHUIUK]HLWLJLQGHQ5XKHVWDQGJHWUHWHQ"© ZROOWH7UHQWZLVVHQ ª(LQ,QWHUHVVHQNRQIOLNW6HQRU9LHOH,QWHUHVVHQNRQIOLNWH© ª6HOEVWlQGLJ"© ª(UDUEHLWHWHVRZRKOIU5HJLHUXQJHQDOVDXFKIU3ULYDW OHXWH6HQRU© ª:HQQHUVRJXWLVWZDUXPKDWHUGDQQ]ZHLGHUDUWODXVL JH$PDWHXUHEHVRUJW"©8QGZDUXPIUDJWHVLFK7UHQWKDWWH PDQLQ%DFDODUGLHGUHL6FKXUNHQDXILKQDQJHVHW]W"2GHU YLHOPHKUGLH0|FKWHJHUQVFKXUNHQMHGHUHUIDKUHQH$JHQW KlWWHGLHGUHLXPEULQJHQN|QQHQEHYRUVLHDXFKQXUGHQ *HGDQNHQJHIDWKDWWHQLKUHQ:DJHQ]XYHUODVVHQ ª'LHVH)UDJHVROOWHQZLU'RQ5REHUWRVWHOOHQ6HQRU©3HSL WRZHGHOWHPLWHLQHP%ODWW3DSLHULQGHU/XIWKHUXPª'LHV LVWGLHULFKWHUOLFKH(UODXEQLVLKQEH]JOLFKHLQHVYHUVXFKWHQ 0RUGHVDQHLQHPDXVOlQGLVFKHQ7RXULVWHQ]XEHIUDJHQ'LH VHU7RXULVWVLQG6LH6HQRU©3HSLWROlFKHOWH]XIULHGHQ ª*OFNOLFKHUZHLVHYHUIJHDXFKLFKEHUJXWH9HUELQGXQ

JHQ0HLQ9HWWHU5LFDUGRLVW5LFKWHU,FKKDEHDUUDQJLHUWGD HUELV]XXQVHUHP(LQWUHIIHQLQGHU3ROL]HLZDFKHDXIXQV ZDUWHQZLUG© 7UHQWZROOWHJHUDGHDXVGHP-HHSNOHWWHUQDOVLKQ3HSLWR ]XUFNKLHOW ª:HQQZLUNOLQJHOQ6HQRUZLUG'RQ5REHUWRLQ0H[LNR &LW\DQUXIHQ5LFDUGRLVWHLQMXQJHU5LFKWHU©HUOlXWHUWH3HSL WRPLWHLQHP$QIOXJYRQ7UDXULJNHLWª8QWHUVHLQHQlOWHUHQ .ROOHJHQJLEWHVHLQLJHGLH5LFDUGRIUHLQZHQLJ]XDEHQ WHXHUOXVWLJKDOWHQ© 7UHQWKDWWHGHQ9HUGDFKWGD$EHQWHXHUOXVWLQVHLQHU)D PLOLHKlXILJHUYRUNDP ª:HQQ6LHVRIUHXQGOLFKZlUHQGLHVHLQHQ0RPHQWIU PLFK]XKDOWHQ6HQRU©(UUHLFKWH7UHQWHLQHQZLQ]LJHQ5H YROYHUHLQH6PLWK :HVVRQPLWYHUGHFNWHP6FKODJKDP PHU.DOLEHU'DQQOHJWHHUVHLQHQ6LFKHUKHLWVJXUWDQ 7UHQWIROJWHVHLQHP%HLVSLHO3HSLWROHJWHGHQHUVWHQ*DQJ HLQZLQNWHGHQVFKZHGLVFKHQ0lGFKHQ]XXQGWUDWGDV*DV SHGDOYROOGXUFK$OVVLHGLH0LWWHGHU)DKUEDKQHUUHLFKWHQ KDWWHQVLHEHUHLWVDXIGUHLLJ6WXQGHQNLORPHWHUEHVFKOHXQLJW DOVVLHGDV7RUWUDIHQZDUHQHVVHFK]LJ 'HU-HHSULGLH7RUIOJHODXVLKUHU9HUDQNHUXQJLQGHQ %HWRQSIlKOHQXQGUROOWHEHUVLHKLQZHJ'LH$XIIDKUWIKUWH LQHLQHUOHLFKWHQ.XUYH]XHLQHU9LOODLPVSDQLVFKHQ.RORQL DOVWLO(LQHEUHLWH7UHSSHIKUWH]XHLQHUJURHQ'RSSHOWU DXVJHVFKQLW]WHP+RO]'LH6WXIHQZDUHQIODFKXQGDXI5R EHUWRV$OWHUXQGVHLQHDQJHEOLFKH*HEUHFKOLFKNHLW]XJH VFKQLWWHQ:lKUHQGGHU-HHSGLH7UHSSHKRFKUDVWHEHVFKOHX QLJWHHUZHLWHU'LH6WRVWDQJHQOLHHQGLH7UDXIVSULQJHQ XQGVFKOHXGHUQGEUDFKWH3HSLWRGHQ-HHSDXIGHPURVDIDUEH QHQ0DUPRUERGHQGHUJURHQ(LQJDQJVKDOOH]XPVWHKHQ 7UHQWPDFKWHVHLQHQ6LFKHUKHLWVJXUWORVXQGVSUDQJDXI GHQ%RGHQ'HUJURH0H[LNDQHUZDU]XUDQGHUHQ6HLWHKHU DXVJHVSUXQJHQVHLQHUHFKWH+DQGXPVFKORHLQHZXFKWLJH 0DJQXP.DOLEHU 5HFKWVODJHLQ]HKQ0HWHUODQJHU6DORQ'LHVFKZHUHQVSD QLVFKHQ0|EHOZDUHQHFKWGLHDXVGHPDFKW]HKQWHQ-DKU KXQGHUWVWDPPHQGHQ3RUWUDLWVHQJOLVFKHU/DQGMXQNHUXQG

LKUHU(KHIUDXHQHEHQIDOOVREZRKOGLH1DPHQXQWHUGHQ3RU WUDLWVIDOVFKZDUHQ,P)HQVWHUVWDQGHLQ%HFKVWHLQIOJHODXI GHPLKQEHGHFNHQGHQ6DWLQVWDQGHQLQ6LOEHUUDKPHQ VWHFNHQGH)RWRJUDILHQ'RQ5REHUWRZDUQLFKW]XVHKHQ 'HQ6SHLVHVDDOOLQNVYRQGHU(LQJDQJVKDOOH]LHUWHQZHLWHUH 3RUWUDLWV'HUULHVLJH7LVFKXQGGLH6WKOHPLWGHQKRKHQ /HKQHQVWDPPWHQDXVGHUIUKHQ.RORQLDO]HLWXQGZDUHQHLQ 9HUP|JHQZHUW 'LH%FKHULQGHU%LEOLRWKHNPDFKWHQGHQ(LQGUXFNDOV KDEHPDQVLHJHOHVHQ'HU6FKUHLEWLVFKZDUHLQJURDUWLJHV 0|EHOVWFNDXVHQJOLVFKHP:DOQXKRO]XQGVWDPPWHDXV GHPDFKW]HKQWHQ-DKUKXQGHUWGLH6HVVHOZDUHQDXV/HGHU (LQNOHLQHVDEHUVFK|QHV/DQGVFKDIWVELOGYRQ&DQDOHWWRGDV GLH/RQGRQHU7KHPVH]HLJWHJOKWHLQHLQHPKLVWRULVFKHQ 5DKPHQEHUGHPEHUIOVVLJHQ.DPLQ'HU:DQGVDIHZDU JH|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ª,UJHQGZDQQJHVWHUQQDFKW"©IUDJWH7UHQW ª:DKUVFKHLQOLFK© %HLGH0lQQHUZXWHQZLH'RQ5REHUWRXPJHEUDFKWZRU GHQZDU(VZDUDXIXQJHZ|KQOLFKH:HLVHJHVFKHKHQ7UHQW

JULIIKLQWHUVHLQHQ5FNHQQDFKVHLQHP:XUIPHVVHU'HU 0H[LNDQHUOLHGLH.OLQJHLQ'RQ5REHUWRV+DOVZXQGHJOHL WHQ6LHSDWHJHQDX(UEOLFNWH]X7UHQWKRFKª(LQHXQDQJH QHKPH6DFKH6HQRU© ª-D© ª6LHZDUHQJHVWHUQQDFKWDOOHLQ"© ª-D© ª'LHVLVWNHLQ9HUK|U©PHLQWH3HSLWRWDGHOQG(UVWDQG DXIODQJVDPGXUFKIRUVFKWHQVHLQH%OLFNHGDV=LPPHUª,KUH )LQJHUDEGUFNHZHUGHQKLHUVHLQ6HQRU© ª-D©DQWZRUWHWH7UHQW(LQ*ODVHLQ%XFKHLQ6WFN3DSLHU HUHUNDQQWHQLFKWVZLHGHUKDWWHNHLQH$KQXQJZDUXP PDQLKPGLHVH)DOOHJHVWHOOWKDWWHRGHUZHUGDVJHZHVHQ ZDU'DKHUNRQQWHHUDXFKQLFKWHUJUQGHQDXVZHOFKHU=HLW VHLQHU9HUJDQJHQKHLWGLHLQGLHVHP=LPPHUSOD]LHUWHQ%H ZHLVPLWWHOVWDPPWHQ'DVDXV]ZHL0lQQHUQEHVWHKHQGH 7HDPYRQ/HLEZlFKWHUQKDWWHLKQ]X'RQ5REHUWRJHIKUW 6LHZLHGHUXPVWDQGHQPLWGHQGUHL9HUEUHFKHUQLP&HQRWH $]XOLQ9HUELQGXQJQRFKPHKUNQVWOLFKJHVFKDIIHQH 4XHUYHUELQGXQJHQGLHLKQPLWGHP0RUGLQ9HUELQGXQJ EUDFKWHQ)UHLQHQ$XJHQEOLFNHQWVWDQGZLHGHUGDVTXlOHQ GH%LOGGHV3LORWHQYRUVHLQHPLQQHUHQ$XJHGHUHUIDKUHQH DOWH+DVHYRP/LFKWEOLW]JHEOHQGHWEHLVHLQHP6SUXQJLQ GLH1DFKW (UVDJWHª-DMDMDMD©XQGOlFKHOWHGHQ0H[LNDQHUDQEH IUHLWHVLFKYRP%LOGGHV3LORWHQXQG]ZDQJVLFK]XP6SUH FKHQª7XWPLUOHLG3HSLWRLFKNOLQJHZLHHLQ,GLRWDEHULFK EHJUHLIHQLFKWZDV]XP7HXIHOKLHUYRUVLFKJHKW+HUUJRWW LFKELQ$JHQWIUSUDNWLVFKH(LQVlW]H8QGLFKELQEHLHLQHU QHXHQ2UJDQLVDWLRQ,FKELQQLFKWZLFKWLJJHQXJGDMH PDQGHLQHQ0DQQXPEULQJWQXUXPPLFKUHLQ]XOHJHQ9LHO OHLFKWIUKHUDEHUVHOEVWGDPDOV©(UNRQQWHHVQLFKWIDV VHQª1HLQHVHUJLEWHLQIDFKNHLQH6LQQ© ª)U6LH©YHUEHVVHUWH3HSLWRª)UGHQGHU'RQ5REHUWR XPJHEUDFKWKDWHUJLEWGDV*DQ]HGXUFKDXV6LQQZHULPPHU HVDXFKZDU:LHLFK,KQHQEHUHLWVVDJWHKDW'RQ5REHUWR GHQ.RQWDNW]XJXWHQ)UHXQGHQJHSIOHJW'LHZHUGHQJDQ] VFK|QVDXHUVHLQ©

ª$XIPLFK©VDJWH7UHQW ª8QGDXFKDXIPLFK6HQRU©PHLQWH3HSLWR6HLQ/lFKHOQ ZDUZLHZHJJHEODVHQª:HQQLFKYHUVXFKH6LH]XGHFNHQ ZHUGHQXQVHUHJHPHLQVDPHQ$NWLYLWlWHQYRQKHXWHDOV%H ZHLVXQVHUHU)UHXQGVFKDIWDXVJHOHJW*XWLFKN|QQWHDOV =HXJHQIU,KUH8QVFKXOGPHLQHP0DQQSUlVHQWLHUHQGHU 6LHOHW]WH1DFKWEHZDFKWKDWDEHUGDHUIUPLFKDUEHLWHW ZUGHVHLQH$XVVDJHHQWZHUWHQ-HW]WEHJUHLIHQ6LHYLHO OHLFKWZLHQRWZHQGLJGLHVFKZHGLVFKHQ6HQRULWDVVLQG :HQQ6LHZLUNOLFKGLH*HVHOOVFKDIWGLHVHUYLHU)UDXHQJHQRV VHQKlWWHQPLWGHQHQ6LHEHLGHP$PHULNDQHUKHUXPSUDKO WHQKlWWHQ6LHHLQ$OLELGDVLFKJH]ZXQJHQHUPDHQYHUWHL GLJHQPWH6RZLHGLH'LQJHOLHJHQ©(U]XFNWHGLH $FKVHOQ6HLQH6FKXOWHUQZDUHQVRNUlIWLJGDHUDXILKQHQ HLQHQ2FKVHQKlWWHWUDJHQN|QQHQª(VZlUHQHWW6HQRU ZHQQ6LH,KUH3LVWROHDXIPLFKULFKWHWHQXQG,KU0HVVHUZLH GHUDQVLFKQHKPHQ'DQQN|QQWHQ6LHPLFK]ZLQJHQ6LH XQGGLH6HQRULWDV]XUFN]X,KUHP%RRW]XIDKUHQ'LH6SLW ]HYRQ,VOD0XMHUHVZlUHHLQHSDVVHQGH6WHOOHXPXQVDE]X VHW]HQ© ª8QGLFKVHJHO]XUFNQDFK%HOSDQXQGZDUWHDXIGHQ $XVOLHIHUXQJVEHIHKO©VDJWH7UHQW :LHGHU]XFNWHGHU0H[LNDQHUPLWGHQ$FKVHOQª'HU0|U GHUPXVHKUYRUVLFKWLJKDQGHOQZHQQHUVHLQH%HZHLVHJH JHQ6LHDXVVSLHOW6HQRUVRQVWN|QQWHLFKLKQLGHQWLIL]LHUHQ ,FKJODXEHGDVLVWXQVHUHHLQ]LJH+RIIQXQJ6LHN|QQHQGDU DXIKRIIHQVRODQJHDP/HEHQ]XEOHLEHQELVGLH6DFKHKLHU SXEOLNZLUGVRGDZLUVHKHQN|QQHQZDVKLHUHLJHQWOLFK JHVSLHOWZLUG© ,FKN|QQWHDXFKGDYRQODXIHQGDFKWH7UHQW'RFKHUDKQ WHZHOFKH)UHXQGH'RQ5REHUWRKDWWH%HZHLVHLKUHU0DFKW XQGLKUHV(LQIOXVVHVZDUHQGLH5HLFKWPHUGLH'RQ5REHU WRDQJHVDPPHOWKDWWH6LFKYRULKUHQ6SUKXQGHQ]XYHU VWHFNHQZUGHIU7UHQWVRXQP|JOLFKVHLQZLHGHQ0RXQW (YHUHVWYRUGHQ6KHUSDVLQ1HSDOJHKHLP]XKDOWHQ'DUEHU PDFKWHHUVLFKNHLQH,OOXVLRQHQDOVHU]XUFNLQGHQ6DORQ JLQJ 'LH)RWRJUDILHQVWDQGHQQDFKGHP$XVPDGHV(LQIOXVVHV

GHUGDUJHVWHOOWHQ3HUVRQHQJHVWDIIHOWDXIGHP)OJHO%DQ NLHUV)LUPHQFKHIV5HJLHUXQJVVSLW]HQ.DELQHWWPLWJOLHGHU XQEHGHXWHQGH0LWJOLHGHUGHU.|UDJVIDPLOLH$GOLJHXQG HLQJURHUVWDWWOLFKHUHLQHQ6FKQXUUEDUWWUDJHQGHUMXQJHU $UPHH2IIL]LHULQGHU3DUDGHXQLIRUPHLQHV6ROGDWHQGHVEUL WLVFKHQ/DQFHU5HJLPHQWHVGHUHVVLFKLQVHOEVWEHZXWHU 7UlJKHLW]X)HQHLQHUMXQJHQ)UDXLP$EHQGNOHLGEHTXHP JHPDFKWKDWWHGLHDXIHLQHPJUDVEHZDFKVHQHQ8IHULQ*O\Q GHERXPHVD 7UHQWV)LQJHU]LWWHUWHQHLQZHQLJDOVHUGDV)RWRDXVGHP 5DKPHQQDKP(UGUHKWHVLFKXP3HSLWRVWDQGLQGHU7U XQGEHREDFKWHWHLKQª0HLQH0XWWHU©VDJWH7UHQW

3HSLWRKDWWH7UHQWJHUDWHQQDFK%HOSDQ]XUFN]XNHKUHQ XQGDE]XZDUWHQELVGLH$IIlUHSXEOLNZXUGH7UHQWZXWH GD3HSLWRUHFKWKDWWHDEHUHUZDUHLQ$NWLYLVWXQGHPSIDQG :DUWHQDOVJOHLFKHUPDHQIUXVWULHUHQGZLH]HUPUEHQG :lKUHQGHUYRQ&DQFXQQDFK.H\6DQ3DXO]XUFNVHJHOWH KDWWHHUDXIJHVFKULHEHQZDVHUZXWH(UKRIIWHGDHUVLFK DXIGLHVH:HLVHHLQ%LOGYRQGHQ*HVFKHKQLVVHQPDFKHQ NRQQWHGDHLQ0XVWHU]XP9RUVFKHLQNDP8PGDV*DQ]H ]XYHUHLQIDFKHQKDWWHHUDOOHVXQWHU]ZHLhEHUVFKULIWHQDXI JHOLVWHW8QWHUHLQHUQRWLHUWHHUDOOH'LQJHGLHGLUHNWH$XV ZLUNXQJHQDXI%HOSDQKDWWHQ 7DWVDFKH1U(LQV,UJHQGMHPDQGEDXWHHLQ6]HQDULXPDXI GDVGD]XGLHQWHGLH5HJLHUXQJYRQ%HOSDQXQGGHUHQ3UlVL GHQWHQLQ0LNUHGLW]XEULQJHQ 7DWVDFKH1U=ZHL&RORQHO6PLWKHUZDUWHWH:DIIHQ VFKPXJJOHU )JWHPDQEHLGH7DWEHVWlQGH]XVDPPHQOLHVLFKQDFK 7UHQWV0HLQXQJDPHKHVWHQGDUDXIIROJHUQGDHLQ6WDDWV VWUHLFKJHSODQWZDU:DVGLH$Q]DKOGHUGDUDQ%HWHLOLJWHQ DQJLQJZUGHHLQ6WDDWVVWUHLFKOHLFKWGXUFK]XIKUHQVHLQ,Q %HOSDQJDEHVNDXP.ULPLQDOLWlW%HOSDQKDWWHNHLQH)HLQGH QLFKWVZDV'LHEVWDKOORKQHQZUGHXQGNHLQHUOHL*HELHWV DQVSUFKH'DVKDWWHGD]XJHIKUWGDHLQH3ROL]HLQXULQ $QVlW]HQH[LVWLHUWHXQGEHUZHQLJ(UIDKUXQJYHUIJWHXQG GLH6WUHLWPDFKW%HOSDQVGLHQWHLQHUVWHU/LQLHGD]XGLH(K UHQJDUGH]XVWHOOHQGLHGHPVHOWHQHQ%HVXFKHUYRQHQWVSUH FKHQGHU%HGHXWXQJHLQH=HUHPRQLHVLFKHUWH 'RFKIUHLQHQ6WDDWVVWUHLFKEUDXFKWHPDQPHKUDOVHLQH +DQGYROO/HXWH(VPXWHVRZRKOLP/DQGHVHOEVWXQGZDV QRFKZLFKWLJHUZDUDXFKDXHUKDOEGHV/DQGHVHLQHJHZLVVH SROLWLVFKH%HUHLWVFKDIWYRUKDQGHQVHLQGHQ6WDDWVVWUHLFK]X DN]HSWLHUHQGHQQVHLWGHP(QGHGHVNDOWHQ.ULHJHVZXUGH HLQH0DFKWEHUQDKPHGXUFK0LOLWlUVLQZDFKVHQGHP$XV

PDYRQHLQHPVRIRUWLJHQ(LQIULHUHQGHU+LOIHOHLVWXQJHQDXV GHP$XVODQGEHDQWZRUWHW%HOSDQZDUDEHUDXIDXVOlQGLVFKH +LOIHDQJHZLHVHQ 8QGHVPXWHHLQHQ*UXQGIUGHQ6WDDWVVWUHLFKJHEHQ 6RZHLW7UHQWGDVHUIDVVHQNRQQWHJDEHVGHQLQ%HOSDQQLFKW 'LH6WHXHUHLQQDKPHQ%HOSDQVZDUHQJHULQJHUDOVGLHHLQHU PLWWHOJURHQHXURSlLVFKHQ.OHLQVWDGWZRGXUFKHV]XHLQHP ILQDQ]LHOOHQ$OSWUDXPZXUGHGDV/DQG]XUHJLHUHQ:HJHQ GHV5LIIVJDEHVNHLQH+lIHQZDVGLH(UULFKWXQJHLQHU0LOL WlUEDVLVDXVVFKOR8QGVHLW%HHQGLJXQJGHVNDOWHQ.ULHJHV ZXUGHQ6WW]SXQNWHGHU6XSHUPlFKWHVRZLHVRHKHUDXIJH O|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lVLGHQWHQHUNOlUHQOLHH GLHGHU5HJLHUXQJYRUGHUNRPPHQGHQ:DKO6FKDGHQ]XI JHQZROOWH 'DQDFKQRWLHUWH7UHQWDOOHVZDVGLH5ROOHEHWUDIGLHHU VHOEVWLQGHP*DQ]HQVSLHOWH (UZDUYRQ&RORQHO6PLWKDOV/RFNYRJHOIU:DIIHQ VFKPXJJOHUQDFK%HOSDQJHVDQGWZRUGHQ%HOSDQODJDXHU KDOEGHV0DFKWEHUHLFKVGHU(XURSlLVFKHQ*HPHLQVFKDIWDO VRWDWGHU&RORQHOMHPDQGHPPLWGHU6DFKHHLQHQ*HIDOOHQ 'HU&RORQHOKDWWHVHLQH.DUULHUHGDUDXIDXIJHEDXWGHU&,$ HLQLJH*HIDOOHQ]XWXQGRFK7UHQWZDUPLW&DVSDUYRQGHU '($LQ.RQWDNWJHNRPPHQ 'DVPDFKWHIU7UHQW6LQQ'DV(QGHGHVNDOWHQ.ULHJHV EHZLUNWHGDV(QWVWHKHQQHXHU3ULRULWlWHQIUGLH*HKHLP

GLHQVWH'URJHQXQG7HUURULVPXVZDUHQMHW]WGLHZLFKWLJVWHQ 'LQJHXPGLHVLHVLFK]XNPPHUQKDWWHQ,QGHPGHU&ROR QHOGHU'($HLQHQ*HIDOOHQWDWVHW]WHHUVHLQHEOLFKH0H WKRGHIRUW(LQIOXP|JOLFKNHLWHQ]XJHZLQQHQ 'HU&RORQHOKDWWHLKQQDFK&DQFXQEHVWHOOWXPLKQLP+R WHO5HQD9LFWRULD]XWUHIIHQ 'RQ5REHUWRKDWWHGHP&RORQHO/HLEZlFKWHUEHVRUJW 'HU/HLEZlFKWHUGHV&RORQHOVKDWWH7UHQWXQG3HSLWR]X 'RQ5REHUWRJHIKUW 'RQ5REHUWRZDUPLWHLQHP0HVVHUXPJHEUDFKWZRUGHQ GDVGHP0HVVHUGDV7UHQWEHLVLFKIKUWHVHKUlKQOLFKZDU 'UHL0lQQHUKDWWHQLQ%DFDODUHLQHQVWPSHUKDIWHQ9HU VXFKJHPDFKW7UHQWDQ]XJUHLIHQ 'HUHLQ]LJH*UXQGGHQVLFK7UHQWIUGHQ$QJULIIYRUVWHO OHQNRQQWHZDUGDV6FKDIIHQHLQHU9HUELQGXQJ]ZLVFKHQ LKPXQGGHP0RUGDQ'RQ5REHUWRGRFKGDVVHW]WHYRU DXVGDGLHGUHL0lQQHUIU'RQ5REHUWRDUEHLWHWHQ'RFK ZHUKDWWH'RQ5REHUWREHUUHGHWRGHUGDIUEH]DKOWGLH 0lQQHU]XU9HUIJXQJ]XVWHOOHQXQGZHOFKHQ*UXQGKDWWH HULKPGDIUJHJHEHQ" 'RQ5REHUWRZDUHLQlXHUVWHUIROJUHLFKHUXQGHLQIOXUHL FKHU0DQQGHUDOVIUHLHU0LWDUEHLWHUIUGHQ*HKHLPGLHQVW WlWLJZDUXQG$XIJDEHQGHV3HUVRQHQVFKXW]HVEHUQDKP 'HU0|UGHU'RQ5REHUWRVKDWWHVHLQ2SIHUJHNDQQWRGHU ZDUPLWEHVWHQ5HIHUHQ]HQEHLLKPHLQJHIKUWZRUGHQGHQQ DXHUGHUYRP0HVVHUYHUXUVDFKWHQ:XQGHKDWWHHVNHLQHU OHL$Q]HLFKHQIU*HZDOWDQZHQGXQJJHJHEHQVHLQHP3HUVR QDOKDWWH'RQ5REHUWRIUHLJHJHEHQ :DUXPZDU'RQ5REHUWRXPJHEUDFKWZRUGHQ"9HUPXW OLFKGDPLWHUGHQ0XQGKLHOW$EHUZDVVROOWHHUIUVLFKEH KDOWHQ" :DUXPKDWWHPDQLKQ7UHQWDOV'RQ5REHUWRV0|UGHU KLQJHVWHOOW"7UHQWZXWHGDHUQLFKWZLFKWLJJHQXJZDU XPGDVHLJHQWOLFKH=LHO]XVHLQGDV*DQ]HPXWHDOVRQRFK PLWMHPDQGDQGHUHP]XVDPPHQKlQJHQ'HUHLQ]LJHGHU LKPGD]XHLQILHOZDU&RORQHO6PLWK'RQ5REHUWRKDWWHPLW GHP&RORQHO]XVDPPHQJHDUEHLWHWXQGDOV]ZLVFKHQJHVFKDO WHWHV%LQGHJOLHG]ZLVFKHQLKPXQGGHU&,$IQJLHUWXQG

]ZDUEHL2SHUDWLRQHQGLH7UHQWIUGLH$PHULNDQHUGXUFK JHIKUWKDWWH 9HUVXFKWHMHPDQG6PLWKEHU7UHQW6FKDGHQ]X]XIJHQ" :HQQGDVGHU)DOOZDU:DVKDWWHGLHVH3HUVRQ]XHLQHUVRO FKHQ6NUXSHOORVLJNHLWJHWULHEHQ" 7UHQWV*HGDQNHQODQGHWHQEHLGHP$PHULNDQHUGHUVLFK LQ&DQFXQ6WHYHXQGLQ)UDQNIXUW5REHUWJHQDQQWKDWWH(U KlWWHJHUQHJHZXWREGHU$PHULNDQHULKU7UHIIHQLQ)UDQN IXUWDEVLFKWOLFKKHUEHLJHIKUWKDWWH 8QGYRUDOOHPZROOWH7UHQWJHUQHZLVVHQZDUXPGDV)RWR GDVHUDXV'RQ5REHUWRV+DXVPLWJHQRPPHQKDWWHEHU KDXSWGRUWJHZHVHQZDU:DUXPDXVJHUHFKQHWGLHVHV%LOG" ,QDOOGHQ-DKUHQLQGHQHQ'RQ5REHUWRDOVVHLQ.RQWUROO PDQQIQJLHUWKDWWHXQGLQGHQHQHUYRQGHU&,$EH]DKOW ZRUGHQZDUKDWWHGHUlOWHUH(QJOlQGHU7UHQWV0XWWHUQLHHU ZlKQW %HL7UHQWV(QWODVVXQJDXVGHP.UDQNHQKDXVQDFKGHP +LQWHUKDOWLQ,UODQGKDWWHHVQLFKWVPHKUJHJHEHQGDVDQ VHLQDOWHV/HEHQHULQQHUWH-HW]WZDUGDV)RWRDP6FKRWWGHV 6DORQVGHU*ROGHQ*LUOEHIHVWLJW 'D7UHQWQLFKWVDQGHUHVEULJEOLHEDOVDE]XZDUWHQKDWWHHU VLFKGD]XEHUHLWHUNOlUWEHLGHPMHGHQ6RQQWDJVWDWWILQGHQ GHQ%RRWVUHQQHQDOV1DYLJDWRUDXIHLQHP6DQGOHLFKWHUDQ]X WUHWHQ'LHHWZDGUHL]HKQ0HWHUODQJHQRIIHQHQ6ORRSVPLW *DIIHOWDNHOXQJXQGJHULQJHP7LHIJDQJZDUHQGDIUJHEDXW ZRUGHQ)OXVDQGYRP)HVWODQGIU%DXSURMHNWHGUDXHQ DXIGHQ,QVHOQ]XODGHQ7UHQWIXKUEHL%DFF\PLWHLQHPIDVW ]ZHL0HWHUJURHQVFKZDU]HQ$GYHQWLVWHQXQG=ROOEHDP WHQGHUZHQQHUQLFKWJHUDGHEHL6HJHOERRWUHQQHQPLWPDFK WHGHU.DSLWlQYRQ%HOSDQVHLQ]LJHP.VWHQZDFKERRWZDU $GYHQWLVWHQZDUHQJHIUDJWH6FKQHOOERRWVNDSLWlQHVLHUKU WHQNHLQHQ$ONRKRODQXQGGDVZDUHWZDVGDVVLFKYRQGHQ 0DQQVFKDIWHQGHU/HLFKWHUQLFKWVDJHQOLH 'HUEHZHJOLFKH%DOODVWHLQHV/HLFKWHUVEHVWDQGDXVQHXQ ]LJ.LORVFKZHUHQ6lFNHQPLWQDVVHP6DQGXQGLQVEHVRQGH UHEHLHLQHP5HQQHQEHLGHPPDQKlXILJGLH5LFKWXQJlQ GHUQPXWHEHGHXWHWHGDVKDUWH$UEHLWIUGLH0DQQVFKDIW

-HGHV0DOZHQQGHU/HLFKWHUDXIQHXHQ.XUVJLQJPXWH GHU%DOODVWDXIGLH/XYVHLWHGHV%RRWHVYHUODJHUWZHUGHQ'LH %HVDW]XQJVPLWJOLHGHUHUQlKUWHQVLFKYRQ5XPXQGIULVFKHP 2UDQJHQVDIW,QGHQ%XJVSLW]HQSUHWHQ]ZHLNUHROLVFKH 0lGFKHQ2UDQJHQDXVZlKUHQG%DFF\DXIVHLQH%HVDW]XQJ HLQVFKULHDOVZlUHQGLH0lQQHU*DOHHUHQVNODYHQXQGQLFKW HLQ+DXIHQDQJHWUXQNHQHU$PDWHXUHGLHLKUHP6RQQWDJV YHUJQJHQQDFKJLQJHQ$OOHUGLQJVK|UWHPDQYRQ%DFF\NHL QHQHLQ]LJHQ)OXFKGLHJDQ]H=HLWKDWWHHUGLH%UX\HUH3IHLIH LQVHLQHP0XQGREZRKOHUGLH*HZRKQKHLWGHV7DEDNUDX FKHQVDEJHOHJWKDWWHDOVHUPLWDFKW]HKQ-DKUHQLQGLH$G YHQWLVWHQNLUFKHHLQJHWUHWHQZDU 0DULD0DJGDOHQDKLH%DFF\V%RRW'HUDOWH(GG\VWHXHUWH GLH&DULEEHDQ4XHHQ'LH5RXWHIKUWHYRQ-LPP\V$QOHJH VWHOOHDXI.H\6DQ3DXOXP.H\&DQDNDKHUXPXQGZLHGHU ]XUFNZREHLGLHVLHE]HKQ0HWHUODQJH
&KULVWVHLQDEHUHUKDWHHVEHLP6HJHOERRWUHQQHQ]XYHUOLH UHQ(UEHIDKOGHQ%HVDW]XQJVPLWJOLHGHUQGLHQRFKILWJHQXJ ZDUHQVLFKLQV:DVVHU]XEHJHEHQXQG]XVFKZLPPHQ=X VDPPHQPLWHLQHPKDOEHQ'XW]HQG0lQQHUQYRQGHU%HVDW ]XQJKHFKWHWHDXFK7UHQWPLWHLQHP.RSIVSUXQJEHU%RUG XQGGLH0DULD0DJGDOHQDEUDXVWHGDYRQ 7UHQWVFKOHQGHUWHGHQ:HJ]X-LPP\ V%DUKRFK-LPP\ KDWWHGDV5HQQHQYRQVHLQHP/LHJHVWXKODXVYHUIROJW(U ZLQNWH7UHQW]XVLFKª7UHQWPHLQ-XQJHGDKDEHQ)UHPGH QDFKGLUJHIUDJW©(UZLHVPLWGHP'DXPHQEHUGLH6FKXO WHULQV,QQHUHGHU%DU7UHQWJLQJGXUFKGHQ.FKHQDQEDX XQGEOLHELQGHU7UVWHKHQYRQGHUDXVHULQV5HVWDXUDQW VHKHQNRQQWH (VZDUHQYLHU0lQQHUHLQGQQHUHLQIHWWHUXQG]ZHLXQ VFKHLQEDUHDOOH/DWLQRVDOOH0LWWH'UHLLJELV$QIDQJ9LHU ]LJ6LHWUXJHQGLH6WDQGDUGXQLIRUPGHVEHWXFKWHQ$PHULND QHUVDXHUKDOEVHLQHU%URVWXQGHQ0DUNHQVSRUWKHPGHQ JHOEEUDXQH%DXPZROOKRVHQOHLFKWH/HGHUVOLSSHU,KU 6FKPXFNZLUNWHDQHLQHP*ULQJR]LHPOLFKDXIIlOOLJNORELJH (KHULQJHWHXUH$UPEDQGXKUHQLQYHUVFKLHGHQHQ*ROGW|QHQ ,KUH6HLGHQVRFNHQKlWWHQLQGHQ*HVHOOVFKDIWVNOXEVIUGLH HWDEOLHUWHQ.UHLVHLQGHQ+DPSWRQVHLQ6WLUQUXQ]HOQKHUYRU JHUXIHQ6SRUWMDFNHQDXV.DVFKPLUZROOHKLQJHQEHULKUHQ 6WXKOOHKQHQPLWGHQHQVLHDXFK.OLPDDQODJHQWURW]HQNRQQ WHQ1HEHQGHP7LVFKVWDSHOWHQVLFKTXDOLWDWLYKRFKZHUWLJH 5HLVHWDVFKHQ *HVFKlIWVOHXWHGDFKWH7UHQW:DKUVFKHLQOLFKEHUSUIHQ VLHGDV3RWHQWLDO%HOSDQVIU,QYHVWLWLRQHQ6LHZUGHQ%ULHI WDVFKHQDXV.URNRGLOOHGHUIULKUH.UHGLWNDUWHQXQG)RWRV LKUHU.LQGHUGDEHLKDEHQ6LHKDWWHQVLFKNOHLQH*OlVHUPLW %LHU]DSIHQODVVHQXQGNHLQH(LOHGDPLWVLH]XOHHUHQ5XKL JH6WLPPHQXQGNXEDQLVFKH=LJDUUHQ$PHULNDQHUDXVGHQ 9HUHLQLJWHQ6WDDWHQPLWGHPJOHLFKHQJHVHOOVFKDIWOLFKHQ+LQ WHUJUXQGKlWWHQLKUH0lQQOLFKNHLWXQWHU%HZHLVJHVWHOOWLQ GHPVLH5XPLQJURHQ*OlVHUQJHWUXQNHQXQGYLHO]XODXW JHZRUGHQZlUHQ 'HU'QQHVFKLHQGHU:LFKWLJVWH]XVHLQ(UZDUJUROLWW

XQWHUGHUHLQJHIDOOHQHQ%UXVWHLQHV6FKZLQGVFKWLJHQKDWWH HLQH+DNHQQDVHXQG$XJHQGLH]ZDUKLQWHUGXQNOHQ/LGHUQ YHUERUJHQZDUHQDEHUWURW]GHPYLHO]XJURIUGDV*HVLFKW ZLUNWHQHUVDKDXVZLHGHUDP+XQJHUWXFKQDJHQGH'LFK WHUGHPVLFKVHOEVWDXIRSIHUQGH)UDXHQYHUILHOHQ(UKDWWH VLFKHLQH(UNlOWXQJ]XJH]RJHQRGHUOLWWPLWJU|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|PWH 5XKHXQG*HODVVHQKHLW7UHQWVFKULHELKPGLH5ROOHGHVWHFK QLVFKHQ%HUDWHUV]XGHUPLWUHLVWHDEHUQLFKWGLUHNWIUGDV (UJHEQLVGHU5HLVHYHUDQWZRUWOLFKZDU 'LH8QDXIIlOOLJHQZDUHQ%HREDFKWHUGLHJHUDGHZHJVDXV GHU%DQNEURNUDWLHPLWLKUHQJHUHJHOWHQ$UEHLWV]HLWHQJH NRPPHQ]XVHLQVFKLHQHQELV]XU9ROOHQGXQJKHUDXVJH SXW]WXQJODXEOLFKK|IOLFKXQGIUGHQ0HLVWELHWHQGHQ]X NDXIHQGHULKQHQJDUDQWLHUWHGHQ0XQG]XKDOWHQ2GHUIU GLH0HLVWELHWHQGHYHUEHVVHUWHVLFK7UHQW1HWWH9RUXUWHLOH GDFKWHHUXQGOlFKHOWH]XIULHGHQDOVHUGLH%DUEHWUDW(U QLFNWH-LPP\V6RKQ]XEHYRUHU]XP7LVFKGHU0lQQHUKLQ EHUVFKOHQGHUWHVWHOOWHVLFKGHPJURHQ0DQQPLWHLQHU OHLFKWHQ9HUEHXJXQJYRUª7UHQW6HQRUHV6LHKDEHQQDFK PLUJHIUDJW© )UHLQHQ$XJHQEOLFN|IIQHWHGHU0DQQGLH$XJHQ6LH ZDUHQGXQNHOGRFKRKQHMHGH:lUPHXQG*HKRUVDPJH ZRKQW'LHWLHIH6WLPPHSDWHGD]XVLHZDUHVQLFKWJH ZRKQWDXI$UJXPHQWH]XUFNJUHLIHQ]XPVVHQª:LU P|FKWHQGDV5LIIXQWHUVXFKHQ6HQRU© 7UHQWZDUWHWHGRFKGHUJURH0DQQKDWWHJHVDJWZDVHU]X VDJHQKDWWH'HU)HWWHZDUIUGLHQlKHUHQ(LQ]HOKHLWHQ]X

VWlQGLJ(UVWHOOWHVLFKYRUª*RPH]3HGUR*RPH]©:lUHHU (QJOlQGHUJHZHVHQKlWWHHU-RKQ6PLWKJHKHLHQª6LHKDEHQ HLQHQ.DWDPDUDQ6LHN|QQHQJDQ]QDKDQGLH6WUlQGHKHUDQ IDKUHQXQGDXFKGDV5LIIEHUTXHUHQZHQQHVQ|WLJLVW© :DUGDV$XVGUXFNSHUV|QOLFKHU(UIDKUXQJRGHUDQJHOHUQ WHQ:LVVHQVIUDJWHVLFK7UHQW$Q*RPH]UHFKWHP=HLJHILQ JHUZDUHLQHNOHLQH6FKZLHOH]XHUNHQQHQ7UHQWNRQQWHVLFK GHQ)HWWHQJXWPLWHLQHP*ROIVFKOlJHULQGHU+DQGYRUVWHO OHQ'LH6FKZLHOHMHGRFKSDWHQLFKWLQGLHVHV%LOG(UVDJWH ª)UHLQHVLFKHUH)DKUWEUDXFKHLFKVHFK]LJ=HQWLPHWHU:DV VHUWLHIH© ª.DQQPDQ6LHPLHWHQ"©IUDJWH*RPH] )UGHQ%UXFKWHLOHLQHU6HNXQGHKREHQVLFKGLH$XJHQOL GHUGHV'QQHQXQGYHUULHWHQHLQHQ%OLFNUXKLJHU%HOXVWL JXQJDXIGHQ7UHQWPLWHLQHPOHLFKWHQ$FKVHO]XFNHQUHD JLHUWHª6HQRUREHLQ0DQQ]XPLHWHQLVWKlQJWJDQ]YRQ GHQ8PVWlQGHQDE© ª9RQGHQHQGLH+|KHGHV*HOGHVHLQZLFKWLJHU%HVWDQGWHLO LVW©PHLQWH*RPH]JHZDQGW ª8QGGLH6FKZLHULJNHLWHQ©VDJWH7UHQW(UPHUNWHZLHHU GLH+lQGHGHV'QQHQVWXGLHUWH'LHODQJHQVNHOHWWDUWLJHQ )LQJHUUXKWHQDEVROXWUHJORVDXIGHPUDXKHQ+RO]GHU7LVFK REHUIOlFKH$OVREVLHDXIHLQ.RPPDQGRZDUWHWHQGDVVLH OHEHQGLJZHUGHQOLHGDFKWH7UHQW(UKDWWHHLQPDOHLQHQ ,UHQPLWJDQ]lKQOLFKHQ+lQGHQJHNDQQWHVZDUHQ+lQGH JHZHVHQGLHVLFKZLHYRP0DQQVHOEVWDEJHWUHQQWH:HVHQ YHUKLHOWHQXQGLKP]X'LHQVWHQZDUHQDEHUVHLQ*HZLVVHQ QLFKWPLWGHU9HUDQWZRUWXQJIUGDVEHODVWHWHQZDVVLHWD WHQ'HU,UHKDWWHHLQH6FKXZDIIHEHQXW]WDEHUHLQ)OOKDO WHUNRQQWHJHQDXVRJHIlKUOLFKVHLQ ª$OV$XVOlQGHUYHUELHWHQPLUGLH*HVHW]H]XDUEHLWHQ6H QRU©VDJWH7UHQWª'DLFKJHUQHLQGLHVHQ*HZlVVHUQEOHLEHQ ZLOOPXLFKHLQZHQLJDXIGHU+XWVHLQXPQLFKWJHJHQGLH *HVHW]H]XYHUVWRHQRGHU1HLGKHUYRU]XUXIHQ© ª:LUP|FKWHQDQ%RUGVFKODIHQXQGVRQDKHZLHP|JOLFK DQV5LIIKHUDQ:HOFKHVDQGHUH%RRWN|QQWHXQVPLWQHK PHQ"©IUDJWHGHU)HWWH(UVSUDFKHLQKDUWHVJXWWXUDOHV6SD QLVFK7UHQWNRQQWHGHQ$N]HQWQLFKWHLQRUGQHQ

ª0LWHLQHPJHZLVVHQ.RPIRUW".HLQHV©DQWZRUWHWH7UHQW ª*HEHQ6LHPLUHLQH6WXQGH© (UKROWHDXVGHU%DUHLQH)ODVFKH5XPXQG3DSLHUEHFKHU DXVGHU.FKHHLQH7UDJHWDVFKHPLWIULVFKHQ2UDQJHQ'DQQ VSD]LHUWHHU]XU+XPPHUJHQRVVHQVFKDIWKLQEHU(UVWLH DXIHLQKDOEHV'XW]HQG)LVFKHUGLHXQWHUGHQ3DOPHQDP )XGHV.DLVGHU*HQRVVHQVFKDIWVDHQ7UHQWNDXHUWHVLFK KLQJR5XPHLQXQGSUHWH2UDQJHQVDIWLQGLH%HFKHU(U KDWWHVLFKVFKRQPLWGHQ)LVFKHUQDQGHU:HVWNVWH,UODQGV DQJHIUHXQGHW'RUWKlWWHQVLHVLFKEHUGDV:HWWHUEH VFKZHUWEHUGLHQHXHQ.RQWUROOHQGHU(XURSlLVFKHQ*H PHLQVFKDIWJHNODJWXQGEHUGHQVWlQGLJGURKHQGHQ%DQN URWWJHMDPPHUW'LHVH0lQQHUKLHUGLVNXWLHUWHQ,QYHVWLWLRQHQ LQ)ORULGDXQGGLH'XPPKHLWGLHGLH*HQRVVHQVFKDIWEHLGHU 5FNIKUXQJLKUHU9HUGLHQVWHLQGHQ9HUHLQLJWHQ6WDDWHQ QDFK%HOSDQDQGHQ7DJOHJWH(LQJURHU7HLOLKUHU9HUGLHQ VWHIORZLHGHULQGLH86$]XUFNXPGRUWLQYHVWLHUW]X ZHUGHQ'DVIKUWHGD]XGDVLHGHU1DWLRQDOEDQN%HOSDQV ]ZHLIDFKHhEHUZHLVXQJVJHEKUHQ]DKOHQPXWHQ 7UHQWK|UWHLKUHQ*HVSUlFKHQ]XXQGEHREDFKWHWHGUHL)UH JDWWY|JHOGLHLPDXIODQGLJHQ:LQGKLQWHUGHP.DLGDKLQVH JHOWHQ6LHZDUWHWHQDXIGDV(LQWUHIIHQGHV+XPPHUERRWHV XQGHUZDUWHWHQGDPDQLKQHQHLQ$EHQGHVVHQ]XZDUI ZDVZHQLJHU0KHEHGHXWHWHDOVHVVLFKVHOEVW]XVDPPHQ ]XILVFKHQ'DVIDWHGDV/HEHQDXIGHQ.H\VJDQ]JXW]X VDPPHQGDFKWH7UHQW6RQQH6FKODIJXWH%HVlXIQLVVHOXVW ORVHV*HVFKZlW]XQGHLQ0LQLPXPDQ$QVWUHQJXQJ'DV 7XFNHUQXQGGLH$EJDVHGHVVFKZHUHQ'LHVHOJHQHUDWRUVIU GLH.KODQODJHZDUHQGLHHLQ]LJHQXQZLOONRPPHQHQ6W| UXQJHQ'HQ)LVFKHUQDOOHUGLQJVZDUGHU*HQHUDWRUJDUQLFKW VRXQZLOONRPPHQHULQQHUWHHUVLFK(UZROOWHQLFKWEHUGLH /DWLQRVQDFKGHQNHQ$EHUVLHZDUWHWHQXQGLQHLQHU*H VSUlFKVSDXVHHUZlKQWHHUGDHUVLHGUEHQLQ-LPP\ V%DU JHWURIIHQKDWWH 'LH)LVFKHUZXWHQEHUHLWVYRQGHQYLHU$XVOlQGHUQ1HX LJNHLWHQYHUEUHLWHWHQVLFKDXIGHUNOHLQH,QVHOVFKQHOOHUDOV GDV/LFKW'HUlOWHVWH)LVFKHUPLWJUDXHP+DDUGHUVHLQ*H ELDQHLQHP%DQGXPGHQ+DOVWUXJVSXFNWHLQGHQ6DQG

XQGPHLQWHª7UHQWPHLQ-XQJHZHQQGXGLH0lQQHUPLW QLPPVWGDQQJHKEORVLFKHUGDVLHEDU]DKOHQ© ([WUDJHOGGDVYRU&RORQHO6PLWKYHUVWHFNWZHUGHQPXWH GDFKWH7UHQWDOVGLHDQGHUHQ)LVFKHUGHPYHUQQIWLJHQ5DW PLWHLQHP.RSIQLFNHQXQWHUVWW]WHQ ª8QGSDDXI*LOGDDXI-XQJH©ZDUQWHGHUDOWH)LVFKHU (UPHLQWHGDPLWGHQ+XUULNDQGHUJHUDGHGHQ6GHQGHU .DULELNKHLPVXFKWH$UJZ|KQLVFKVFKDXWHHU]XP1RUG KLPPHOKRFK.ODUXQGIULHGOLFKVSDQQWHHUVLFKEHULKQHQ ª'LHYHUGDPPWHQ5DGLROHXWHVLQGLPPHU]XVSlW*LOGD NRPPWGLH9|JHOYHUUDWHQHV$OVR-XQJHPDFKNHLQHQ 4XDWVFK9HU]LHKGLFKLQHLQHNOHLQH%XFKWXQG]XUUDOOHV JXWIHVW© =XVWLPPHQGHV*HPXUPHOYRQGHQDQGHUHQ0lQQHUQHU W|QWH(LQHUYRQLKQHQVDJWH7UHQWHUVROOHHLQHQ%HQ]LQNDQL VWHU]XP.DLGHU*HQRVVHQVFKDIWEULQJHQXQGDQGHU=DSI VlXOHGHU*HQRVVHQVFKDIWYROOPDFKHQ'DV%HQ]LQEHLGHU *HQRVVHQVFKDIWZDUVWHXHUIUHL7UHQWGDQNWHLKPXQG VFKHQNWHHLQHZHLWHUH5XQGH5XPDQGLH)LVFKHUDXV'LHVH 0lQQHUZDUHQZRKOKDEHQGGHU5XPXQGLQVEHVRQGHUHGDV 3UHVVHQGHVIULVFKHQ2UDQJHQVDIWHVZDUHQHKHUHLQH*HVWH GHU+|IOLFKNHLWDOVHLQ%HVWHFKXQJVJHOG8QGHUKDWWHVHLQH (UODXEQLVGLH&KDUWHUWRXU]XPDFKHQ :LHGHULQ-LPP\ V%DUDQJHODQJWQLFNWHHU*RPH]YRQGHU EHUGDFKWHQ7HUUDVVHDXV]X'HU0DQQNDPQDFKGUDXHQ 7UHQWJHVHOOWHVLFK]XLKPVFKZHLJHQGJLQJHQVLHGXUFKGLH 3DOPHQ]XP6WUDQGXQG]XU*ROGHQ*LUOKLQXQWHU'DV 6FKZHLJHQODJJDQ]LQ7UHQWV$EVLFKWXQG*RPH]VFKLHQ GDPLW]XIULHGHQ]XVHLQHUVWHLQPDODE]XZDUWHQ )U7UHQWZDUHVHLQJHJHQVHLWLJHV7D[LHUHQZLHEHL]ZHL VLFKEHVFKQIIHOQGHQ+XQGHQ.OHLQH+XQGHNOlIIHQJURH +XQGHEHKDOWHQLKUH$EVLFKWIUVLFK$OVVLHGHQ.DWDPDUDQ HUUHLFKWHQKlWWH7UHQWGLH6XPPHIUGLH&KDUWHUWRXUGDUDXI JHVHW]WGHQ%HUXIGHV0DQQHVHUUDWHQ]XN|QQHQ(UZDWHWH ]XP%RRWKLQDXVXQGKLHOWGLH%XJVSLW]HQIHVWZlKUHQG*R PH]6FKXKHXQG6RFNHQDEOHJWHXQGVHLQH+RVHKRFKNUHP SHOWH0LWEHLGHQ+lQGHQSDFNWHGHUIHWWH0DQQGDV9RUVWDJ VRZHLWREHQZLHHUNRQQWHXQG]RJVLFKPLWGHU*HVFKPHL

GLJNHLWHLQHV/XIWVFK|SIHQGHQ'HOSKLQVDXVGHP:DVVHU XQGDXIGHQYRUGHUHQ5XPSI 7UHQWKDWWHHLQHQDOWHQ0DQQDOV:DFKHDXIGHP.DWDPD UDQ]XUFNJHODVVHQ%ODFN3HWHVFKOLHILP&RFNSLWXQWHUGHP 6RQQHQVHJHO7UHQWEHGDQNWHVLFKPLWHLQHP.RSIQLFNHQXQG HLQHP'ROODUEHLLKPGDQQWUDWHUEHLVHLWHXQGJDE*RPH] GHQ:HJLQGHQ6DORQIUHLª0LFDVDHVVXFDVD6HQRU© )KOHQ 6LHVLFKJDQ]ZLH]X+DXVH'DVNXU]H/lFKHOQGHV)HWWHQ JDE7UHQW]XYHUVWHKHQGDGLHVHULKQIUHLQHQ/JQHU KLHOW$OOHUGLQJVZDUGDVQLFKWE|VHJHPHLQWXQG7UHQWJULQ VWHª1DWUOLFKKDWHVVHLQHQ3UHLVXQGGDV$QJHERWJLOWQXU YRUEHUJHKHQG© *RPH]ODFKWHOHLVHª.DQQLFKPLUGLH5lXPOLFKNHLWHQHLQ PDOJHQDXHUDQVHKHQ"© ª0LW9HUJQJHQ© 'HU)HWWHOLHVLFK=HLW7UHQWKDWWHGDVQLFKWDQGHUVHUZDU WHW(UEOLHELP&RFNSLWXQGEHREDFKWHWHGDEHLHLQ3DDUVRQ QHQJHEUlXQWHMXQJHDPHULNDQLVFKH:LQGVXUIHUGLHYRP 5LIINRPPHQGKLQWHUHLQDQGHUKHUMDJWHQ*RPH]NDP]X UFNXQGGHXWHWHDXIGLHHOHNWURQLVFKHQ1DYLJDWLRQVJHUlWH EHUGHP.DUWHQWLVFKDXIGHU%DFNERUGVHLWHGHV+DXSWQLH GHUJDQJV]XP6DORQª'DKDEHQ6LHMDHLQLJHVDQ$XVU VWXQJ6HQRU© ª.LQGHUVSLHO]HXJ©PHLQWH7UHQWª&KULVWRSK.ROXPEXV KDW$PHULNDPLWHLQHP6H[WDQWHQXQGHLQHPDP(QGHHLQHU 6FKQXUKlQJHQGHQ6WFN%OHLHQWGHFNW© ª$PHULNDLVWQLFKWOHLFKW]XYHUIHKOHQ© ª'DVVWLPPW©VDJWH7UHQWXQGZDUWHWH ª:LHNOHLQGDUIHLQ=LHOVHLQGDPLW6LHHVPLW,KUHQ.LQ GHUVSLHO]HXJHQQRFKDQVWHXHUQN|QQHQ&DSLWDQR7UHQW"© ª$XIGUHLLJ0HWHUJHQDXWDJVEHUZLHQDFKWV© ª*XWH6SLHO]HXJH© ª7HXUH©DQWZRUWHWH7UHQW :LHGHUGDVVFKQHOOH/lFKHOQª'DQQVROOWHQZLUMHW]WEHU *HOGUHGHQ&DSLWDQR© 7UHQWNORSIWHJHJHQGDV%DURPHWHU'LH1DGHOEOLHEEHL HLQWDXVHQGYLHU]HKQ0LOOLEDUVWHKHQª86'ROODU(LQWDXVHQG SUR7DJ%DUXQGLPYRUDXV©VDJWHHUª.HLQH4XLWWXQJHQ

6RODQJH6LH)LVFKHVVHQJHKHQ1DKUXQJXQG*HWUlQNHDXI PLFK© %H]JOLFKGHU%ULHIWDVFKHDXV.URNRGLOOHGHUKDWWHHUVLFK QLFKWJHWlXVFKW$OOHUGLQJVEHIDQGHQVLFKNHLQH.UHGLWNDUWHQ GDULQ*RPH]OLHGUHL(LQWDXVHQGGROODUQRWHQDXVGHU%ULHI WDVFKHJOHLWHQ'LH%DQNQRWHQZDUHQGUXFNIULVFKª*UDFLDV 6HQRU©PHLQWH7UHQWIDOWHWHGLH%DQNQRWHQ]XVDPPHQXQG VWHFNWHVLHLQVHLQH*HVlWDVFKH ª'HQDGD:LUNRPPHQPRUJHQDQ%RUG8P]ZHL8KU© *RPH]VWUHFNWHLKPVHLQH+DQGHQWJHJHQ (UKDWHLQHQNUlIWLJHQ+lQGHGUXFNGDFKWH7UHQWDOVVLH VLFKGLH+lQGHVFKWWHOWHQXQGGDPLWGHQ+DQGHOEHVLHJHO WHQ,KPZlUHZRKOHU]XPXWHJHZHVHQZHQQGHU/DWHLQ DPHULNDQHU]XPLQGHVWVRJHWDQKlWWHDOVZROOHHUYHUVXFKHQ LKQDXIGHQEOLFKHQ&KDUWHUSUHLVKHUXQWHU]XKDQGHOQ ª(LQH6DFKHLVWGDQRFK©PHLQWHHUª,P6GHQWREWHLQ +XUULNDQ'LH:HWWHUOHXWHVDJHQZLUEHIlQGHQXQVLQ6L FKHUKHLWDEHUZHQQHVGLHHUVWHQ$Q]HLFKHQGDIUJLEWGD HUQDFK1RUGHQZDQGHUWVXFKHQZLUVRVFKQHOOZLUN|QQHQ HLQHJHVFKW]WH6WHOOHDXI© 7UHQWODJDXIGHU:DVVHUREHUIOl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lKUOLFKNHLWEHUWUDI+DLH EOLHEHQGUDXHQYRUGHP5LII7UHQWNDQQWHDUDELVFKH1HW] ILVFKHUYRP3HUVLVFKHQ*ROIGHQHQ%DUUDNXGDVGLH:DGHQ PXVNHOQZHJJHULVVHQKDWWHQZlKUHQGVLHLPNQLHWLHIHQ :DVVHUDXIGHP.RUDOOHQVWRFNVWDQGHQ 7UHQWKDWWHVHLQH&KDUWHUJUXSSHEHUHLWVDXIJHIRUGHUW]XP

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|GHOQZDVHLQYLHOEHVVHUHU=HLWYHUWUHLE IUGHQ1DFKPLWWDJZDUDOVIUGLHYLHU/DWLQRVGDV.LQGHU PlGFKHQ]XVSLHOHQ'RFKHLJHQWOLFKZDUHQVLHIU&KDUWHU JlVWHJDUQLFKWVREHO(UPXWHLKQHQQLFKWVDJHQGDVLH GLH6FKXKHDXV]LHKHQVROOWHQDOVVLHDP.DLGHU*HQRVVHQ VFKDIWDQ%RUGNDPHQXQGLQGHQGUHL7DJHQLKUHU.UHX] IDKUWKDWWHQVLHQDFKMHGHP$XVIOXJ]XU.VWHGHQ6DQGYRQ LKUHQ)HQJHVSOW$XIPHUNVDPKDWWHQVLHVHLQHQ$QZHL VXQJHQJHODXVFKWDOVHUHUNOlUWHZLHPDQGLH6FKLIIVWRLOHWWHQ EHQXW]WYHUVWRSIWH7RLOHWWHQZLHGHUIUHL]XPDFKHQZDU GDVOHW]WHZDV7UHQWJHUQHWDW9RUDOOHPKDWWHNHLQHUYRQLK QHQLUJHQGZHOFKH6HJHOHUIDKUXQJHQJHVFKZHLJHGHQQVLFK MHDXIHLQHPJURHQ.DWDPDUDQDXIJHKDOWHQ6LHZDUHQDXFK QLFKWGDUDQLQWHUHVVLHUWVHJHOQ]XOHUQHQXQG7UHQWKDWWH QLFKWYHUVXFKWHVLKQHQEHL]XEULQJHQ 'HU%DUUDNXGDVFKZDPP]ZHLYROOVWlQGLJH.UHLVH7UHQW OLHLKQQLFKWDXVGHQ$XJHQ=HLWZHLVHKLQJGHU)LVFKHLQ IDFKLP:DVVHUEHZHJWHNHLQH)ORVVHQVSLW]H'RFKHUVFKRE VLFKLPPHUHLQNOHLQHVELFKHQZHLWHUDQ7UHQWKHUDQNDP LKPDOOPlKOLFKLPPHUQlKHU7UHQWEH]ZHLIHOWHMHGRFKGD GHU)LVFKLKQDQJUHLIHQZUGHREZRKOPDQVLFKGHVVHQEHL %DUUDNXGDVQLHVRJDQ]VLFKHUVHLQNRQQWH(LQJURHU%DUUD NXGDHQWVSUDFKHLQHP/|ZHQLQGHU6DYDQQHRGHUHLQHP7L JHULP'VFKXQJHO'LHVH7LHUHNDQQWHQNHLQH$QJVWZHLOVLH NHLQH)HLQGHKDWWHQ :DUHU-lJHURGHU*HMDJWHU"

:HQQGHU)LVFKWDWVlFKOLFKHLQHQ$QJULIIZDJWHXQGHULKQ PLWVHLQHU+DUSXQHYHUIHKOWHZXWH7UHQWGDVHLQH&KDQ FHQXQYHUVHKUWDXVGHP:DVVHU]XNRPPHQJOHLFK1XOO ZDUHQ(VGDXHUWHYLHO]XODQJHHLQH+DUSXQHGLHVHU*U|H QDFK]XODGHQ0HKUDOVHLQ6FKXZDUQLFKWGULQ8QGZHQQ GHU)LVFKDXIVHLQHQ%DXFKORVJLQJZXWHHUGDHUGDV QLFKWEHUOHEHQZUGH (UZXWHDXFKGDGHU%DUUDNXGDLPJOHLFKHQ$XJHQ EOLFNLQGHPHUDEGUFNWHDXILKQORVVFKLHHQZUGH7UHQW ]LHOWHDXIGLH0LWWHVHLQHV.LHIHUV'HUNUlIWLJH5XFNVFKOXJ 7UHQWV$UPQDFKREHQXQGJHJHQGLHUHFKWH6HLWHVHLQHV %UXVWNRUEV(LQHQ$XJHQEOLFNODQJNRQQWHHUGXUFKGLHYRP 6SHHUYHUXUVDFKWHQ/XIWEODVHQJDUQLFKWVHUNHQQHQ'RFK GHU6SHHUKDWWHGHQ)LVFKQXUZHQLJH=HQWLPHWHUKLQWHUGHP .LHIHUJHOHQNJHWURIIHQ0LWVFKQDSSHQGHQ.LHIHUQVSUDQJ GHU%DUUDNXGDKRFKLQGLH/XIWVHLQ.|USHUZDUGDEHLVR VHKUQDFKKLQWHQJHERJHQGD7UHQWGDFKWHHUZUGHVHLQ 5FNJUDWNQDFNHQK|UHQ'LH:XFKWGHV6SUXQJHV]RJ7UHQW ELV]XU%UXVWDXVGHP:DVVHU'LHYHUFKURPWH6SHHUVSLW]H XQGGHU)LVFKEOLW]WHQLQGHU6RQQH9LHU6SUQJHXQGGHU %DUUDNXGDZDUWRW-LPP\V)UDXEUVWHWHVLFKLPPHUPLWLK UHP%DUUDNXGD&XUU\HVZUGHHLQHZLOONRPPHQH$E ZHFKVOXQJ]XGHQJDQ]HQ+XPPHUJHULFKWHQVHLQ7UHQW VFKZDPP]XP.DWDPDUDQ]XUFN]RJGHQ)LVFKKLQWHUVLFK KHU(UUHLFKWHGLH+DUSXQHQEFKVH]X/RXLVKRFKGHP *U|WHQVHLQHU*lVWHXQGVHLQHU$QVLFKWQDFKDXFKGHUHQ $QIKUHU/RXLV]RJGHQ)LVFKDQ%RUG 7UHQWVFKOXJGHQ/DWLQRVYRUZLHGHULQV:DVVHU]XUFN ]XNHKUHQDEHUVLHZDUHQQLFKWVRQGHUOLFKHUSLFKWGDUDXI ª'DQQYLHO6SD©PHLQWHHU]XLKQHQª:HQQ6LHQLFKWVGD JHJHQKDEHQZHUGHLFKHLQSDDU)LVFKHIUXQVHU$EHQGHV VHQIDQJHQ© (UEUDFKWHQRFK]ZHLZHLWHUH6WXQGHQLP:DVVHU]X'HQ JU|WHQ7HLOGHU=HLWWDXFKWHHUDP5DQGHHLQHU/FNHLP 5LIIQDFKURWHQ6FKQlSSHUQ9LHOHGHUJURHQ)LVFKH VFKZDPPHQZlKUHQGGHVVHQGXUFKGLH/FNHLQVRIIHQH 0HHUKLQDXV =ZLVFKHQGHQ7DXFKJlQJHQGDFKWH7UHQWEHUVHLQH&KDU

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lWWHGHQ1DFKPLWWDJVRZLHVRDP5LIIYHUEUDFKW JDQ]JOHLFKREVLHQXQDQ%RUGZDUHQRGHUQLFKW8QGLKUH *HVHOOVFKDIWZDULKPHLQ9HUJQJHQ'DVKDWWHHULKQHQ]X PLQGHVWHU]l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|FNHKHUXP'HU6FKQlSSHU 6FKZDUPEHIDQGVLFKEHULKP(UZlKOWHGHQJU|WHQDXV VHLQ6SHHUIXKULKPTXHUGXUFKGHQ%DXFK=ZHL6FKOlJHPLW VHLQHQJURHQ6FKZLPPIORVVHQJHQJWHQXPLKQZLHGHUDQ GLH:DVVHUREHUIOlFKH]XWUHLEHQGLHLPJUHOOHQ6RQQHQOLFKW ZLHHLQH]LWWHUQGH0DVVHDXVIOVVLJHP4XHFNVLOEHUZLUNWH (UVFKUDXEWHGLH6SHHUVSLW]HORVOLHGHQ)LVFKYRP6FKDIW JOHLWHQXQGLQVHLQ)DQJQHW]SOXPSVHQ=ZHLVROFKHU)LVFKH SUR1DVHHUJDEHQHLQHJXWH0DKO]HLW0LWGHP1HW]LP 6FKOHSSWDXVFKZDPPHUODQJVDPZLHGHU]XU*ROGHQ*LUO]X UFN'DV0HHUZDUUXKLJZLUNWHZLHgO :LHLPPHUZDU7UHQWYRQGHU6FK|QKHLWGHVJURHQ.DWD

PDUDQVEHHLQGUXFNW(UZDUYRQDQGHUHU6FK|QKHLWDOVHLQHV GHU6FKLIIHGHQHQWUDGLWLRQVEHZXWH0HQVFKHQLKUH%HZXQ GHUXQJHQWJHJHQJHEUDFKWHQZLHHLQH$OGHQ.HWVFKDXVGHP -DKUHRGHUHLQ.OLSSHUVFKRQHUYRQ+HUUHVKRI:lKUHQG GLHVH
ª,P0RPHQWQLFKW©DQWZRUWHWH*RPH](VZDUHLQH8Q WHUKDOWXQJ]ZLVFKHQ3URILVSHUV|QOLFKH)HLQGVHOLJNHLWHQJDE HVQLFKW 7UHQWVHW]WHVLFKDXIGLH+HFNUHOLQJ(UKREVHLQH%LHUGRVH SURVWHWH/RXLV]XXQGVDJWHª6DOXG©EHYRUHUWUDQNª6ROO WHQ6LHPLFKHUVFKLHHQODVVHQZHUGHQ6LHPLW,KUHQ6HJHO NHQQWQLVVHQIUGHQ5HVW,KUHV/HEHQVKLHUGUDXHQ]LHOORV XPKHUWUHLEHQ6HQRU/RXLV© 'HU*HGDQNHPXWH/RXLVDXFKVFKRQJHNRPPHQVHLQ(U EHUKUWHPLWGHPLPPHUYRUKDQGHQHQ/HLQHQWDVFKHQWXFK VHLQH1DVHª:LUP|FKWHQGD6LHXQVHLQHQ*HIDOOHQWXQ© ª'DQQEULQJHQ6LHQRFKHLQSDDU'ROODU]XP9RUVFKHLQ© PHLQWH7UHQWª-HPHKU6LH]XP9RUVFKHLQEULQJHQGHVWR EHVVHUZHUGHLFKGDUDXIUHDJLHUHQ© $PVLHUWVFKQDXEWH/RXLVLQVHLQ7DVFKHQWXFKª'LH:DIIH LVWQXUGD]XGD,KQHQGLH6LFKHUKHLW]XJHEHQGDXQVGLH 6DFKHZLFKWLJLVW© ª*HKHQ6LHGDYRQDXVGDLFKPLUGHVVHQEHZXWELQ©HU ZLGHUWH7UHQW(UEHREDFKWHWHLQGHU)HUQHHLQH6FKDU6HHP| ZHQGLHLQ5LFKWXQJ)HVWODQGIORJ8QGGLHJURHQ)LVFKH VWHXHUWHQWLHIHUH*HZlVVHUDQ(UVWUHFNWHGLH=XQJHKHUDXV DOVREHUVLFKGDV%LHUYRQGHQ/LSSHQOHFNWHXQGIKOWH QDFKGHP:LQG(VJLQJNHLQ/IWFKHQ ª:LUP|FKWHQGD6LHVLFKPLWHLQHP6FKLIIWUHIIHQ©VDJWH /RXLV ª,FKZXWHGDVYRPHUVWHQ7DJDQVHLW*RPH]DQ%RUG NDPXQGEHUSUIWHREGDV/25$16\VWHPIXQNWLRQVIlKLJ LVW*HKHQ6LHYRQ%RUGRGHUQHKPHQZLUQRFK/HXWHDXI"© /RXLVUPSIWHGLH1DVHª:LUQHKPHQZHOFKHPLW=ZDQ ]LJ0lQQHU© (LQHLQKDOE7RQQHQª9LHO*HSlFN"© ª6LHEHQKXQGHUW.LOR© ª(VZLUG:LQGDXINRPPHQ:LUPVVHQGLH+lOIWHLQGDV 6FKODXFKERRWODGHQ©'DVIQI0HWHUODQJH6FKODXFKERRW ZUGHGDV*HZLFKWWUDJHQXQGVLFKOHLFKWJHQXJVFKOHSSHQ ODVVHQ /RXLVIDOWHWHVRUJIlOWLJVHLQ7DVFKHQWXFK]XHLQHP4XDGUDW ]XVDPPHQXQGOHJWHHVQHEHQVHLQHP6WXKODXIGDV'HFN

6HLQH+lQGHNHKUWHQZLHGHULQLKUHXUVSUQJOLFKH/DJH]X UFNXQGUXKWHQSDUDOOHO]XHLQDQGHUDXIEHLGHQ.QLHQ(U XQWHUVXFKWHVLHPLWHLQHP%OLFNXQWHUVHLQHQURWJHUlQGHUWHQ /LGHUQKLQZHJDOVZUGHHUQDFKVFKDXHQREVLHZLUNOLFK ]XLKPJHK|UWHQGDFKWH7UHQW)UHLQHQ$XJHQEOLFNKREHQ VLFKGLH$XJHQOLGHU7UHQWVSUWHGDHUDXIGLHJOHLFKH$UW LQVSL]LHUWZXUGHDXIGLH/RXLVVHLQH+lQGHXQWHUVXFKWKDW WH0DQPXVWHUWHLKQZLHHLQDEVWUDNWHV*HELOGHEHVWHQIDOOV ZLHHLQ:HUN]HXJGDVPDQIUNXU]H=HLWJHEUDXFKHQNDQQ GRFKQDFK*HEUDXFKZHJZLUIWRKQHHLQHQZHLWHUHQ*HGDQ NHQGDUDQ]XYHUVFKZHQGHQ7UHQWZXWHPLWDEVROXWHU6L FKHUKHLWGDVRHEHQHLQ0DQQHLQ7RGHVXUWHLOEHULKQJH IlOOWKDWWHGHUVRZRKOLQWHOOLJHQWDOVDXFKSV\FKRSDWKLVFK ZDU(ULQQHUXQJHQDQ,UODQGZXUGHQZDFK7UHQWGDFKWHDQ &RORQHO6PLWKXQGVHLQH0DFKWVSLHOFKHQGLHGD]XGLHQWHQ GDVHLQH6SHLFKHOOHFNHUQLFKWVYRQGHU*HIDKUPLWEHNDPHQ LQGLHVLHGXUFKVHLQH0DQLSXODWLRQHQJHULHWHQ1LPPHLQ SDDU0RQDWHIUHL(QWVSDQQGLFK/HJGLFKLQGLH6RQQH%DX GLUHLQHQHXH,GHQWLWl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lWJHJHQEHUGHP&RORQHOJH OHJWZRUGHQ6LHZXUGHZHLWHUGXUFKGLH$EKlQJLJNHLWJHIH VWLJWGLH]ZLVFKHQHLQHP$JHQWHQDXIVHLQHQ(LQVlW]HQXQG GHP0DQQKHUUVFKWHGHULKQNRQWUROOLHUWH'LH*UXQGODJHQ GLHVHU/R\DOLWlWZXUGHQQLHLQ)UDJHJHVWHOOWYLHOOHLFKWZHLO 7UHQWVLFKYRUGHU$UWXQG:HLVHDXIGLHVHLQZLUNOLFKHU9DWHU XPV/HEHQJHNRPPHQZDUKDWWHVFKW]HQN|QQHQLQGHPHU GHQ&RORQHODOV9DWHUILJXUDQQDKP

6ROOWHQVLHGRFKEHLGH]XU+|OOHIDKUHQGDFKWH7UHQW'HU EULWLVFKH&RORQHOXQGGHUODWHLQDPHULNDQLVFKH.LOOHU'HU .LOOHUZDUWHWHDXI7UHQWV(UNOlUXQJª(LQ.DWDPDUDQLVWDXI 6FKQHOOLJNHLWDXVJHOHJW©PHLQWH7UHQW8QGQLFKWIUGDV%H I|UGHUQYRQ/DVWHQJHGDFKW:HQQHLQHNRQYHQWLRQHOOH6H JHO\DFKWYRQHLQHPKHIWLJHQ:LQGVWRJHWURIIHQZXUGHOHJ WHVLHVLFKDXIGLH6HLWHXQGOLHVRGHQEHUVFKVVLJHQ:LQG YRQGHQ6HJHOQDEJOHLWHQ%HLHLQHP.DWDPDUDQZDUHVVHLQH GLUHNWH%HVFKOHXQLJXQJGLHGHP:LQGVHLQH.UDIWQDKP ª:HQQPDQLKQ]XVFKZHUEHOlGWZLUGGHUHUVWH:LQGVWR GHQ0DVWKHUDXVUHLHQ©ZDUQWHHUª%LQGHQ6LHGDV 6FKODXFKERRWDQXQG*RPH]VHW]HQZLUPLWHLQHU0DFKHWH DXIGLH+HFNUHOLQJ:HQQGHU.DWDPDUDQLQHLQH%|NRPPW NDSSWHUGLH9HUELQGXQJ© *RPH]JULQVWHEHLGHP*HGDQNHQ ª$EHUGDQQYHUOLHUHQZLUGLH)UDFKW©EHPHUNWH/RXLVNDOW 7UHQWVFKWWHOWHGHQ.RSI(UKDWWHHLQWDXVHQG0HWHU$Q JHOOHLQHDXV1\ORQDXIGHUDP%DFNERUGVWDJEHIHVWLJWHQ *URILVFKDQJHO6LHKLHOWELV]XHLQHU%HDQVSUXFKXQJYRQ GUHLKXQGHUW.LORª:LUJHKHQHLQIDFKLQGHQ:LQGXQGIDQ JHQGDV6FKODXFKERRWZLHGHUHLQ© ª6RHLQIDFK&DSLWDQR"© 7UHQWKREVHLQH%LHUGRVHª*DQ]HLQIDFK'DQQZLUGHVIU 6LHDXFKQLFKWVRWHXHU©

'HU:LQGNDPPLWJDQ]VFKZDFKHQ6W|HQGLHGLH0HHUHV REHUIOlFKHNDXPEHZHJWHQ7URW]GHUIHKOHQGHQ/XIWEHZH JXQJHQKDWWHVLFKLQQHUKDOEGHUOHW]WHQ6WXQGHMHQVHLWVGHV 5LIIVHLQH'QXQJHQWZLFNHOWHLQHPHUNZUGLJHIDVW|OLJH 'QXQJGLHLQODQJHQ+JHOQHPSRUZXFKVXPGDQQLQ VLFKVHOEVW]XVDPPHQ]XIDOOHQDOVVHLVLHGXUFKGLH$QVWUHQ JXQJHUVFK|SIW'LH+LW]HYHUVWlUNWHVLFKGLH)HXFKWLJNHLW ZDUVRGUFNHQGGDVLFKGLHVLQNHQGH6RQQHLQGLH%HUJH KLQHLQTXHWVFKWHZLHGDVDXV7RQPRGHOOLHUWH6WFNHLQHU DXVJHSUHWHQ2UDQJH 'HQJDQ]HQ1DFKPLWWDJEHUZDUHQGLHJURHQ)LVFKHLQV WLHIHUH:DVVHUJH]RJHQGLHOHW]WH6WXQGHKDWWH7UHQWNHLQHQ HLQ]LJHQ9RJHOPHKUJHVHKHQ(UVDDXIGHU%DFNERUGVHLWH GHV&RFNSLWVXQG]HUVWDPSIWH.QREODXFKIULVFKHQ,QJZHU VFKZDU]H3IHIIHUN|UQHU6DO]XQG2OLYHQ|O]XHLQHU3DVWH 'DV6RQQHQVHJHOGHV&RFNSLWVKDWWHHUEHUHLWVZHJJHSDFNW GHU*ULOOZDUDXIJHEDXW(LQHUGHU%URNUDWHQKDWWHGLH)L VFKHDXVJHQRPPHQ7UHQWV)LVFKPHVVHUZDUYRQ3HGUR*R PH]NRQILV]LHUWZRUGHQ-HW]WKRFNWHQGLH%URNUDWHQXQG /RXLVXQWHQZlKUHQG*RPH]DXIGHP'DFKGHU6DORQNDEL QHVDXQGWUlJH$XIPHUNVDPNHLWDQGHQ7DJOHJWH (VJDENHLQH(LOH'DV5HQGH]YRXVVROOWHXPHLQ8KU QDFKWVVHFKV0HLOHQDXHUKDOEGHV5LIIVVWDWWILQGHQ0DQEH Q|WLJWHYLHOOHLFKW]ZDQ]LJ0LQXWHQXPGLH0lQQHUXQGGLH )UDFKWXP]XODGHQ]ZHL6WXQGHQELV]XP)HVWODQGXQGQRFK HLQHZHLWHUHKDOEH6WXQGHXPDOOHVDQHLQHUEHVWLPPWHQ IOXDXIZlUWVJHOHJHQHQ6WHOOHZLHGHUDXV]XODGHQ2EZRKO YRU7UHQWJHKHLPJHKDOWHQZXUGHXPZHOFKHQ)OXHVVLFK KDQGHOWHZDUHUVLFKVLFKHUGDHVGLHQ|UGOLFKH)OXJDEH OXQJGHV%HOSDQVHLQZUGHZRHVHLQH6WHOOHJDEGLHGXUFK HLQH)OXELHJXQJYRQGHU6WUDHQEUFNHDXVQLFKWHLQVHKEDU ZDU6LHZUGHQGLH)UDFKWDEODGHQGDQQZUGH*RPH]LKQ PLWHLQHP.RSIVFKXW|WHQ*RPH]ZUGHGDUDQZHGHUEH

VRQGHUHQ6SDKDEHQQRFK$EVFKHXHPSILQGHQ(VZDUVHLQ -REQLFKWYLHODQGHUVDOVLQV%UR]XJHKHQ 7UHQWKDWWHDFKW]XVDPPHQJHIDOWHWHIULVFKH(LQWDXVHQGGRO ODPRWHQLQGHU*HVlWDVFKHVHLQHU-HDQVGLHXUVSUQJOLFKHQ GUHLIUGLH&KDUWHUWRXUXQGZHLWHUHIQIGLHDOV%H]DKOXQJ IUVHLQH=XVWLPPXQJ]XP5HQGH]YRXVKLQ]XNDPHQ'HU *HGDQNHGDGLH%DQNQRWHQZLHGHULQ*RPH] %ULHIWDVFKH DXV.URNRGLOOHGHU]XUFNZDQGHUQZUGHQZDULKPlXHUVW ]XZLGHUGHU*HGDQNHPLWHLQHP.RSIVFKXJHW|WHW]XZHU GHQZDUDOOHUGLQJVQRFKVFKOLPPHU6RODQJHVFKRQKDWWH 7UHQWDXVVWHLJHQZROOHQZHJYRQGLHVHUJDQ]HQ*HKHLP KDOWXQJKHUDXVDXVGHU,VRODWLRQ'LHVHOHW]WHQ0RQDWHLQ GHQHQHUHLQHQHXH,GHQWLWlWDXIEDXWHKDWWHQHVLKPHUP|J OLFKWGDVHUVWH0DOVHLW-DKUHQ]XHQWVSDQQHQ-HW]WVWDQGHU ZLHGHUDP$EJUXQG $QJVWZDUQW]OLFKGDHV$GUHQDOLQLQGLH$GHUQSXPSWH DEHUJHIlKUOLFKZHQQPDQLKUHUODXEWHGLH)lKLJNHLW]XP NODUHQ'HQNHQ]XEHHLQWUl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|IIHO LQGLH)LVFKHXQGJRVLHEHUGLH+DXWOLHGLHHUVWHQGUHL )LVFKHDXIGHQ5RVWIDOOHQXQGULHI]XGHQDQGHUHQ/DWLQRV KLQXQWHUVLHVROOWHQVLFKDXVGHU.RPEVH7HOOHUXQG%H VWHFNPLWEULQJHQ %HLP$EHQGHVVHQEHREDFKWHWH7UHQWZLH/RXLVVHLQ0HV VHUDP5FNJUDWGHV)LVFKHVHQWODQJJOHLWHQOLHXQGGDV )OHLVFKPLWGHU.RQ]HQWUDWLRQXQGGHU3HGDQWHULHHLQHV&KLU

XUJHQDXVHLQDQGHUVFKRE/RXLVZDUHLQ0DQQIUGHQHLQ )HKOHUXQYHU]HLKOLFKZDUEHLVLFKVHOEVWEHLVHLQHQ*HIlKU WHQXQGEHLGHQ/HXWHQGLHIULKQDUEHLWHWHQ)U7UHQWV hEHUOHEHQVFKDQFHQZDUHVZHVHQWOLFKGD/RXLVLKQEH]J OLFKGHVEHUHLWVJHIlOOWHQ7RGHVXUWHLOVIUDKQXQJVORVKLHOW $XFKZHQQVLHNHLQHQ9HUGDFKWJHVFK|SIWKDWWHQZUGHQ VLH7UHQW]ZDUPLW6LFKHUKHLWLP$XJHEHKDOWHQDEHUYLHO OHLFKWERWVLFKLKPMDLQLUJHQGHLQHP0RPHQWLQGHPGLH/D WLQRVVLFKHQWVSDQQWHQRGHULKUH.RQ]HQWUDWLRQDXIHWZDVDQ GHUHVULFKWHWHQHLQH&KDQFH 7UHQWJULIILP.KOVFKUDQNQDFKHLQHP%LHUVFKREVHLQH .DSSHQDFKKLQWHQXQGIUDJWHEHLOlXILJª:DUXPKDEHQ6LH GLH/HXWHQLFKWPLWGHP)OXJ]HXJNRPPHQODVVHQ"© (UNDQQWHGLH$QWZRUWEHUHLWV'LH/DWLQRVZDUHQHVJH ZRKQWLKUH'URJHQIUDFKWSHU)OXJ]HXJDQLKUHQ%HVWLP PXQJVRUW]XEULQJHQXQGZXWHQHVJDEGDEHLLPPHUGDV 5LVLNRGDVLFKLUJHQGMHPDQGXQGZHQQHVDXFKQXUGXUFK =XIDOOZDUDXIRGHULQGHU1lKHGHU3LVWHDXIKLHOW'URJHQ VFKPXJJHOZDUHLQ8QWHUIDQJHQEHLGHPVLFKDOOHVP|JOLFKH XQJHKHXHUUDVFKYHUlQGHUQNRQQWH/DQGHQDXIWDQNHQXQG ZLHGHUVWDUWHQEHYRUMHPDQGDP2UWGHV*HVFKHKHQVDXI WDXFKHQNRQQWHODXWHWHGLH'HYLVH'LHVH0lQQHUZDUHQMH GRFKLQHLQHODQJIULVWLJH2SHUDWLRQHLQJHEXQGHQGHUHQ$XV JDQJGDYRQDEKLQJGDVLHY|OOLJJHKHLPJHKDOWHQZXUGH /RXLVVFKDXWHLKQDQ6HLQHURWJHUlQGHUWHQ$XJHQOLGHUKR EHQVLFKIUHLQHQ$XJHQEOLFNGDV7DVFKHQWXFKWDXFKWHDXI GLH1DVHZXUGHDEJHWXSIW$OVHUGDQQGLHGQQHQ)LQJHU VSUHL]WH]LWWHUWHQVLHNDXPZDKUQHKPEDUª:LUP|JHQHEHQ GDV0HHU6HQRU&DSLWDQR© $EHULKUKDEWNHLQHUOHL(UIDKUXQJGDPLWGDFKWH7UHQW'DV ZDUGHUHLQ]LJH)HKOHUGHQVLHPDFKWHQ6LHEHWUDWHQHLQIU VLHXQYHUWUDXWHV7HUULWRULXPVHLQ7HUULWRULXP8QGJHQDX GHVZHJHQKDWWH7UHQWWURW]VHLQHU$QJVWYRU/RXLVQRFK +RIIQXQJ*HQDXZLHGDPDOVLQ,UODQGDOVHUYRP$QIKUHU GHV7HUURULVWHQNRPPDQGRVLQGDVHUVLFKHLQJHVFKOLFKHQ KDWWHDXIGLH3UREHJHVWHOOWZXUGH'HU7HUURULVWKDWWH+lQ GHJHKDEWGLH/RXLV +lQGHQJOLFKHQXQGDXFKHUZDUHLQ 3V\FKRSDWKJHZHVHQ

'LH:LQGVW|HZXUGHQMHW]WVWlUNHUREZRKOQRFKQLFKW KlXILJHU(VZDUHQQRFKNHLQHULFKWLJHQ%|HQDEHUVLHKDWWHQ EHUHLWVJHQJHQG.UDIWXPGLH*ROGHQ*LUODXIGHUJDQ]HQ /lQJHGHU:DUSOHLQHDEGULIWHQ]XODVVHQ'DV*HUlXVFKGDV GLH'QXQJDXIGHP5LIIYHUXUVDFKWHYHUlQGHUWHVLFKHV ZXUGHKlUWHUª,FKPXGLH6HJHONODUPDFKHQ©VDJWH7UHQW :HGHU6WHUQHQRFK:RONHQVFKDWWHQZDUHQLQGHU'XQNHOKHLW DXV]XPDFKHQGLHVLFKEHULKQHQVSDQQWHXQGELV]XGHU JOHLFKDUWLJHQ)LQVWHUQLVGHV2]HDQVKHUXQWHUUHLFKWHXQGPLW LKUYHUVFKPRO]'HU:LQGZHKWHMHW]WXQUHJHOPlLJ'LHODQ JH|OJODWWH'QXQJKREGLH*ROGHQ*LUOLQGLH+|KHRKQH VLFKDQGHQOHLFKWHQ5PSIHQ]XEUHFKHQXQGKLQWHUOLHHLQ JDQ]VFKZDFKHV1DFKOHXFKWHQLPGRSSHOWHQ.LHOZDVVHUGHV =ZLOOLQJVUXPSIHV8QJHIlKUDOOH]HKQ0LQXWHQUROOWHHLQH PlFKWLJHUH'QXQJDXVGHU'XQNHOKHLWDXIVLH]X'DQQEH NDPGLH*HQXDHLQHYROOH/DGXQJ:LQGDEVRGDGLHVHV JURHOHLFKWH9RUVHJHOPLWHLQHP.QDOOZLHGHUDXIJHEOlKW ZXUGHXQGGLH6WDJHXQWHUGHUSO|W]OLFKHUQHXWHQWVWDQGH QHQ6SDQQXQJ]XVXPPHQEHJDQQHQ 7UHQWNRQQWHGDV+HUDQUROOHQHLQHUVWlUNHUHQ'QXQJUH JHOUHFKWVSUHQ(UZXWHQLFKWZLHYLHOOHLFKWZDUHVHLQ DQGHUHV*HIKODQGHU5XGHUSLQQHRGHUGLH%XJVSLW]HQLP :DVVHUIKOWHQVLFKDQGHUVDQ(VZDUHLQH)lKLJNHLWGLHDOOH JXWHQ6HHOHXWHDXV]HLFKQHWHGDVHQWVFKHLGHQGH([WUDGDHV LKQHQHUP|JOLFKWHGHP0HHUEHLMHGHP:HWWHU]XEHJHJQHQ VRGDVLHLKU%RRWHKHUDXIJHUDGHP.XUVKDOWHQNRQQWHQDOV GHUGXUFKGHQ.RPSDHLQJHHQJWH6WHXHUPDQQGHUQXUDXI GDV6FKZDQNHQGHU.RPSDQDGHOUHDJLHUWXQGVLFKDXIHL QHP]LFN]DFNI|UPLJHQ.XUVYRUDQEHZHJW 7UHQWVFKDXWHNDXPDXIGHQ.RPSD(UGLHQWHGHU%HVWl WLJXQJGHV.XUVHVXQGQLFKWVRVHKUDOVLPPHUJHJHQZlUWL JHU)KUHUIUGLHVLFKODQJVDPYHUlQGHUQGHQ)LJXUHQDXI GHPNOHLQHQ%LOGVFKLUPGHV/25$16\VWHPVDP6FKRWWQH EHQGHP1LHGHUJDQJJDOWGDVJOHLFKH$XFKGLH.DUWH EUDXFKWHHUQLFKW]XEHUSUIHQ%HYRUHUGHQ$QNHUJHOLFK WHWKDWWHKDWWHHUGHQ7UHIISXQNWLQGHQ&RPSXWHUGHV/2 5$16\VWHPVHLQJHJHEHQMHW]WJDEGDV)XQNQDYLJDWLRQV

6\VWHPGLH3RVLWLRQGHU*ROGHQ*LUOLQ5HODWLRQ]XP7UHII SXQNWELVDXIKXQGHUW0HWHUJHQDXDQ 'DV6HJHOQILHOOHLFKWZDUDEHUXQDQJHQHKP'LHJDQ]H =HLWEHUODXHUWHLQGHU'XQNHOKHLWXQGLQGHUGUFNHQGHQ 1DFKWOXIWHWZDV%HGURKOLFKHVGHQ:HWWHUEHULFKWHQXQGHL QHPEHVWlQGLJEHLHLQWDXVHQGYLHU]HKQ0LOOLEDUYHUKDUUHQ GHQ%DURPHWHUZHUW]XP7URW]3HGUR*RPH]KDWWH7UHQWV 8QEHKDJHQYRU%HJLQQLKUHU6HJHOWRXUJHVSUWª6LHN|QQHQ LKQVSUHQ"© ª:HQ"©KDWWH7UHQWJHIUDJWXQGLPPHUQRFKGDUDXIJH KRIIWGHUHLJHQWOLFKHQ)UDJHDXVZHLFKHQ]XN|QQHQ ª'HQ+XUULNDQ©PHLQWHGHU/DWLQRPLWDXVGUXFNVORVHU 6WLPPHª'LHOHW]WHQYLHU6WXQGHQKDEHQ6LHQLFKWHLQPDO GHQ:XQVFKYHUVSUWDXIGDV%DURPHWHU]XVFKDXHQ© 7UHQWKDWWHGLH$FKVHOQJH]XFNWGHU5HYROYHUPDQQKDWWH LKQDQJHJULQVW,P/LFKWGDVDXVGHP1LHGHUJDQJ]XP6D ORQDXILKQILHOEOLW]WHQVHLQH=lKQHDXIª,FKPDJ6LH7UHQW $OOHUGLQJVlQGHUWGDVQLFKWV© ª(VlQGHUWQLFKWV©KDWWHLKP7UHQWEHLJHSIOLFKWHW (LQHKDOEH6WXQGHYRUGHP=HLWSXQNWGHQ7UHQWDOV6WDUW ]HLWEHUHFKQHWKDWWHZDU/RXLVDQ'HFNJHNRPPHQª6HQRU &DSLWDQRKDEHQ6LHHLQOHLFKWHV6HLO"© ª:LHOHLFKW"© ª6ROHLFKWGD6LHHVXPOHJHQN|QQHQ©'LH$XJHQOLGHU KREHQVLFK.DOWH$XJHQª(VZlUHMDDXVJHVSURFKHQVFKDGH ZHQQZLU6LHDQGDV0HHUYHUOLHUHQVROOWHQ6HQRU&DSLWDQR© -HW]WKLQJ7UHQWDOVRZLHDQHLQHU/HLQHDQHLQHPVLHE]HKQ 0HWHUODQJHQ6HLO*RPH]KDWWHHVLKPXPGHQ+DOVJHOHJW 6HLQOHLFKWHV/lFKHOQXQGHLQ$FKVHO]XFNHQKDWWHQ7UHQW]X YHUVWHKHQJHJHEHQGDDXFKGLHVQLFKWSHUV|QOLFKJHPHLQW ZDUVRQGHUQHLQIDFK]XVHLQHP-REGD]XJHK|UWH 'DV6HLOEHUDXEWH7UHQWVHLQHUOHW]WHQ+RIIQXQJDXIHLQ (QWNRPPHQ'LH$QJVWZDULPPHUQRFKVHLQVWlQGLJHU%H JOHLWHUYHUERUJHQ]ZDUDEHUXQHQWULQQEDU'UHL6WXQGHQ ZUGHHUQRFKOHEHQ'UHL6WXQGHQLQGHQHQHUDQDOOHVGHQ NHQNRQQWHZDVHUMHYHUPLWKDWWH/LHEH,PPHUZDUHV/LH EHJHZHVHQ'LH9RUVWHOOXQJPLWHLQHU)UDXLQHLQHP=X VWDQGGHU2IIHQKHLWXQGGHV9HUWUDXHQV]XVDPPHQ]XOHEHQ

.HLQH*HKHLPQLVVH]XKDEHQNHLQHDEQRUPHQbQJVWHNHL QHQJHKHLPHQ=HLWSODQ:LHDQGHUH0HQVFKHQDXFK]XVHLQ DP:RFKHQHQGHLP*DUWHQ]XDUEHLWHQGHU'XIWIULVFKJH PlKWHQ5DVHQVVSLHOHQGH.LQGHULP*UDVGLHODQJEHLQLJH )UDXLP%DXPZROONOHLGLKU/lFKHOQWHLOWPLWLKPLKUHSULYD WHQ(ULQQHUXQJHQHLQHJHVLFKHUWH=XNXQIW6RJDUGLH0|J OLFKNHLWGLHVHVLKPYRQ*HEXUWDQ]XVWHKHQGHQ$QUHFKWV KDWWHPDQLKPJHQRPPHQXQGGDVZDUHQQLFKWHLQPDOGLH VH/DWHLQDPHULNDQHUJHZHVHQ&RORQHO6PLWKZDUGHU'LHE 7UHQWVJHZRKQKHLWVPlLJH/R\DOLWlW]XLKPZDUVHLQ.RP SOL]H'LH/DWLQRVZDUHQQXUGLH:HUN]HXJHGDFKWH7UHQW DOVHU]XUPDVVLJHQ*HVWDOWYRQ3HGUR*RPH]KLQEHUEOLFNWH GHUDXIGHU6WHXHUERUGVHLWHGHV&RFNSLWVVD :lKUHQGLKUHUGUHLWlJLJHQ&KDUWHUWRXUZDU*RPH]YRQ GHQYLHU/DWLQRVGHUHLQ]LJH]XGHP7UHQWDQVDW]ZHLVHHLQH %H]LHKXQJJHNQSIWKDWWH(UPHUNWHVRJDUGDHUGHQ5H YROYHUPDQQREZRKOGLHVHULKQW|WHQZUGHDXIDEVWUDNWH :HLVHPRFKWH6HLQH6\PSDWKLHIUGHQ0DQQPDFKWHLKP DXIXQDQJHQHKPH:HLVHNODUZLHlKQOLFKLKUH-REVZDUHQ %HLGHZDUHQVLH3URILVGHUHLQ]LJH8QWHUVFKLHGODJGDULQ GD7UHQWDXIGHU6HLWHGHV*HVHW]HVVWDQG $XVGHUGLFKWHQ'XQNHOKHLWNDPHLQHVFKZHUH'QXQJ DXIVLH]X7UHQWEHJHJQHWHLKUPLWHLQHUOHLFKWHQ%HZHJXQJ GHU3LQQHGHUJURH.DWDPDUDQKREVLFKVDQIWLQGLH+|KH 'DV:DVVHUJOLWWPLWGHP*HUlXVFK]HUUHLHQGHQ3DSLHUVXQ WHUGHP=ZLOOLQJVUXPSIHQWODQJDOVVLFKGHU.DWDPDUDQLQ GLH:HOOHQVFKUlJHQHLJWH)UHLQHQ$XJHQEOLFNVWLHGHU :LQGLQGLH6HJHOOLHVLHIODWWHUQ(LQVFKQHOOHU%OLFNDXIGDV /25$1*HUlW1RFKHLQH6HHPHLOHELV]XP7UHIISXQNW 1RFK]ZHL6WXQGHQXQGIQI]LJ0LQXWHQ]XOHEHQª6LQG6LH YHUKHLUDWHW*RPH]"© ª6L6HQRU© 'HU5HYROYHUPDQQODFKWH]XIULHGHQª'UHL-XQ JHQGUHL0lGFKHQ(LQ-XQJHZLUG5HFKWVDQZDOWHLQHUZLUG %XFKKDOWHUHLQHUZLUG3ROL]LVW© 6RYLHODOVR]XP7KHPD)UDXHQHPDQ]LSDWLRQGDFKWH7UHQW ª'DQQKDEHQ6LHMDDOOHVDEJHGHFNW© :LHGHUODFKWH*RPH]OHLVHª'HU$U]WPXQRFKJHERUHQ ZHUGHQ©

ª8QGJHKRUVDPH0LOOLRQlUHDOV(KHPlQQHUIU,KUH7|FK WHU© ª$EHUQDWUOLFK© ª$EHUQLFKWYHUJHVVHQ©ZDUQWH7UHQWª*RUWLVWDXIXQVHUHU 6HLWH8QJOFNOLFKHUZHLVHJODXEWHUGDZLUXQVGXUFK6WUD IHEHVVHUQ© 'HUIHWWH0DQQJULQVWHKLHOWGLH3LVWROHORFNHULQVHLQHP 6FKRª(LQHEHGUFNHQGH3KLORVRSKLH6HQRU&DSLWDQR© ª=ZHLIHOORV©PHLQWH7UHQW1RFK]ZHL6WXQGHQXQGIQI XQGYLHU]LJ0LQXWHQ]XOHEHQ 'DVKHLVHUH'U|KQHQ]ZHLHU'LHVHOPRWRUHQEUXPPWHLK QHQDXVGHU'XQNHOKHLWHQWJHJHQ(LQHQ0RPHQWODQJHU ODXEWHVLFK7UHQWDQ5HWWXQJ]XJODXEHQ$EHUGDV6FKLII KDWWHNHLQHUOHL/LFKWHU$P%XJGHV.DWDPDUDQVOLHHLQHU GHU%URNUDWHQ]ZHLPDOHLQH7DVFKHQODPSHDXIEOLW]HQZDU WHWHIQI6HNXQGHQXQGZLHGHUKROWHGDV6LJQDO(LQEODXHV /LFKWEHUHLQHPJUQHQEOLW]WH]XUFN ªhEHUQHKPHQ6LHGDV5XGHU©VDJWH7UHQW]X*RPH] ª+DOWHQ6LHGHQ.DWDPDUDQDXI.XUVZlKUHQGLFKGLH*H QXDHLQKROH© 6RUJVDPGDUDXIDFKWHQGPLWVHLQHU/HLQHQLUJHQGZRKlQ JHQ]XEOHLEHQEHZHJWHVLFK7UHQWYRUVLFKWLJQDFKYRUQH(U ZLQNWHGHQ%URNUDWHQEHLVHLWHKROWHGDVJURH9RUVHJHO HLQUROOWHHV]XVDPPHQXQGYHUVWDXWHHVLQGHP]XJHK|UL JHQ6DFN,Q]ZLVFKHQZDUGDV6FKLIILQ6LFKWJHNRPPHQ(V KDWWHHLQHQZHLHQ5XPSIXQGZDUHLQHVFKQLWWLJHHWZD GUHLLJ0HWHUODQJH0RWRU\DFKWYRQ%DJOLHWWRHLQ3URGXNW GHUEHVWHQ+DQGZHUNVNXQVW,WDOLHQVLP:HUWYRQ]ZHL0LO OLRQHQ'ROODU-HGHU0RWRUKDWWHHLQH/HLVWXQJYRQHLQWDX VHQG36EHLUXKLJHU6HHHUUHLFKWHGLH
'RFKZHQQGLH
ª:HUIHQ©EUOOWH7UHQW(UVDKZLHHLQHUGHU0DWURVHQGLH :XUIOHLQHDXIILQJ]RJGDV5XGHUKHUXPVFKRDXVGHP :LQGVFKDWWHQGHU0RWRU\DFKWKHUDXV(LQ5XFNDQGHU*UR VFKRWO|VWHGLHVHDXVGHU.OHPPHª.RSIUXQWHU©ZDUQWHHU *RPH]DOVGHU%DXPKHUXPVFKZHQNWH'DQQZDUHUREHQ DXIGHP.DELQHQGDFKXQGO|VWHGDV*URIDOO'DV6HJHONDP LQVHLQHU)KUXQJKHUXQWHU7UHQWKREHVKRFKXQGEHIHVWLJWH HVDP%DXPEHYRUHUZLHGHUQDFKYRUQHJLQJXPGLH 6WXUPIRFN]XKLVVHQ 4XHU]XP:LQGWULHEGLH*ROGHQ*LUOEHUHLWVYRQGHUVFKZH UHQ0RWRU\DFKWZHJª'LH/HLQHHLQKROHQ©EHIDKO7UHQWGHQ %URNUDWHQª$EHUODQJVDP©HUPDKQWHHUVLHXQGKROWHGLH ZLQ]LJH6WXUPIRFNGLFKWPDFKWHGLH6FKRWIHVWVRGDGHU OHLFKWH:LQGGHQ.DWDPDUDQLQVLFKHUHP$EVWDQGYRP+HFN GHU%DJOLHWWRKLHOW(LQ7HLOYRQLKPPDFKWHVLFKDXIIDVW NUDQNKDIWH:HLVHEHULKQOXVWLJHVZDUHLQELWWHUHU6SRWWGHU DXVGHU$QJVWJHERUHQZDUGLHHUZLHGHUYHUVSUWH'LHKHU YRUUDJHQGHQVHHPlQQLVFKHQ/HLVWXQJHQGLHHUYROOEUDFKWH HPSIDQGHUDOV+RKQ(UKDWWHQRFK]ZHLHLQKDOE6WXQGHQ]X OHEHQ:DUXPLQWHUHVVLHUWHLKQEHUKDXSWQRFKZDVDXVGHU *ROGHQ*LUOZHUGHQZUGH"'RFKHVZDULKPHEHQQLFKW JOHLFKJOWLJ8QGHVZDULKPZLFKWLJGDGLH0DWURVHQDXI GHU%DJOLHWWR5HVSHNWYRUVHLQHP.|QQHQHPSIDQGHQ 'LHHUVWHQ7U|SIFKHQHLQHVOHLFKWHQ5HJHQVEHVSUHQNHOWHQ 7UHQWV*HVLFKWDOVHUKRFKVFKDXWHXQGVDKZLHLKQGHU.D SLWlQGHU0RWRU\DFKWEHUGLHDXI+RFKJODQ]JHEUDFKWH +HFNUHOLQJKLQZHJPXVWHUWH$XIVHLQHUVSLW]]XODXIHQGHQ .RSIEHGHFNXQJXQGHLQHQ(SDXOHWWHQOHXFKWHWHQJROGHQH 7UHVVHQ7UHQWVFKlW]WHGDV$OWHUGHV0DQQHVDXIHWZDVHFK ]LJ-DKUHbXHUOLFKXQWHUVFKLHGHUVLFKLQNHLQHU:HLVHYRQ LUJHQGHLQHPDQGHUHQ.DSLWlQGHU6XSHUUHLFKHQHUZDUHLQ HUSUREWHUXQGEHZlKUWHU*HIROJVPDQQPLWHLQHP-DKUHVJH KDOWYRQVHFK]LJWDXVHQG'ROODU3HQVLRQVNDVVHXQGGHUEH VWHQ.UDQNHQYHUVLFKHUXQJ'RFKGLH%RVVHGLHVHV.DSLWlQV ZDUHQDQGHUVXQGGDVZDUIDXFKHLQDQGHUHV/LFKWDXIGHQ .DSLWlQ*URH6FKZHLQHKDWWHQLKUHNOHLQHQ6FKZHLQH GDFKWH7UHQWXQGULHI]XP.DSLWlQKRFKª:DVKDOWHQ6LH YRP:HWWHU"©

ª'DV%DURPHWHUEHZHJWVLFKQLFKW©ODXWHWHGLH$QWZRUW ª,P5DGLRNDPDXFKQLFKWV© 'DQQEOHLEEHLGHLQHU=XYHUVLFKWXQGJHKXQWHUGDFKWH 7UHQW1HEHQGHP.DSLWlQVWDQGHLQ0DWURVHKLQWHULKP ZDUHQHLQ'XW]HQG0lQQHULQ7DUQDQ]JHQXQGPLW VFKZDU]HQ%DUHWWHQ]XVHKHQ6LHKDWWHQ$UPHHVWLHIHOXP GHQ+DOVJHEXQGHQXQGWUXJHQ:DIIHQ .DODVFKQLNRZVYHUPXWHWH7UHQW(VZDUHQLPPHU.D ODVFKQLNRZV ª:LUQHKPHQ]XQlFKVWVHFKV0lQQHUDXIGLHPLWDQIDVVHQ N|QQHQGDQQNRPPWGLH/DGXQJ©ULHIHUª/RVSDFNHQZLU HVDQ© 'LH0lQQHUNDPHQGLH+HFNOHLWHUKHUXQWHU(VZDUHQNOHL QHVWlPPLJH0HVWL]HQXQGVLHOLHHQNHLQHQIDOVFKHQ(LQ GUXFNDXINRPPHQKDWWHQLP8QWHUVFKLHG]XGHQ0LWJOLHGHUQ VHLQHU&KDUWHUJUXSSHNHLQH0|JOLFKNHLWVLFK]XYHUVWHOOHQ (VZDUHQ.LOOHU*DQJVWHUGHUEHOVWHQ6RUWHDXVGHQ6OXPV YRQ0HGHOOLQ7HUURULVWHQGLHLP$XIWUDJGHV.RNDLQKDQGHOV DJLHUWHQLQ%XVKDKQK|IHQ%RPEHQOHJWHQXQGMHGHQHUPRU GHWHQGHULKUHQ'LHQVWKHUUHQGDV5HFKWVWUHLWLJPDFKWHLQ .ROXPELHQZLHVHOEVWHUQDQQWH.|QLJH]XKHUUVFKHQ $XFKEH]JOLFKGHU.DODVFKQLNRZVKDWWH7UHQWUHFKWJH KDEWZLHGHUHLQPDOKDWWHQEULWLVFKH([SRUWJWHUGDV1DFK VHKHQ *HZDOWZDUVHOEVWYHUVWlQGOLFKHU%HVWDQGWHLOLP/HEHQGLH VHU0lQQHUXQGVLHEUDFKWHQGHP6HLODQGHP7UHQWKLQJ JHQDXVRZHQLJ$XIPHUNVDPNHLWHQWJHJHQZLHGHPDOOWlJOL FKHQ$QEOLFNHLQHUGDKHLPLQGHU*RVVHOLHJHQGHQEOXWEHU VWU|PWHQ/HLFKH7UHQWOLH]ZHLGHU0lQQHUDP%XJ3RVLWL RQEH]LHKHQGLHGLH)UDFKWLQ(PSIDQJQHKPHQVROOWHQXQG VFKLFNWH]ZHLZHLWHUH0lQQHUDXIGLH:LQGVHLWHGHV6HLWHQ GHFNV'LHOHW]WHQEHLGHQ0lQQHUKDOIHQLKPGDEHLGDV 6FKODXFKERRWORV]XPDFKHQXQGYRP.DELQHQGDFKEHU %RUG]XKHEHQ'DQQPDFKWHHUHVYRUQHXQGKLQWHQDP.D WDPDUDQIHVW :LHGHU]XUFNDP%XJULHIHUª+HUXQWHUODVVHQ©(UEHRE DFKWHWHZLHHLQH0XQLWLRQVNLVWHDXV0HWDOOQDFKXQWHQEDX PHOWHª9RP'HFNIHUQKDOWHQ©EHIDKOHU

+LQWHULKPVDJWH/RXLVª(VJLEWGUHL*U|HQYRQ.LVWHQ 6HQRU&DSLWDQR/DGHQ6LHVHFKVYRQGHQNOHLQHQLQGHQ6D ORQMH]ZHLYRQGHQODQJHQ.LVWHQHEHQIDOOV© 7UHQWKDWWH/RXLVQLFKWQDFKYRUQHNRPPHQK|UHQ'HU NDOWHXQGUXKLJH.ODQJGHU6WLPPHGHV/DWLQREUDFKWHGLH $QJVW]XUFNGLHHUHLQHQ0RPHQWODQJYHUJHVVHQKDWWH(U GUHKWHVLFKXPXP/RXLVDQ]XVFKDXHQXQGVDJWHª,FKKDEH 6LHJHZDUQW'LH/DGXQJNRPPWLQV6FKODXFKERRWVRQVWKD EHQZLU]XYLHO*HZLFKWGDEHL© $XVGUXFNVORVHUZLGHUWH/RXLVª/DVVHQ6LHGUHL0lQQHU LQV6FKODXFKERRWJHKHQ© 'LH$QJVWGLH7UHQWYHUVSUWHOLHVHLQ76KLUWJDQ] NODPPZHUGHQ/HEKDIWVWHOOWHHUVLFKGLHVFKUHFNOLFKH$QJVW YRUGLHGLH0lQQHUKDEHQZUGHQZHQQVLHRKQHGLHJH ULQJVWHQ(UIDKUXQJHQPLWGHP0HHULQVWRFNGXQNOHU1DFKW :LQGXQG:HOOHQSUHLVJHJHEHQZXUGHQZREHLVLHYRQGHQ LPPHUVWlUNHUZHUGHQGHQ:HOOHQPLWZLQ]LJHQ7U|SIFKHQ EHVSUKWZXUGHQXQGGDV7RVHQGHU%UDQGXQJDP5LIIYRU LKQHQLPPHUODXWHUZXUGH'RFKPLW/RXLV]XGLVNXWLHUHQ ZDUZLHGDV%HWUHWHQHLQHVIUHPGHQ7HUULWRULXPVXQGOH EHQVJHIlKUOLFKGD]Xª(VVLQG,KUH0lQQHU,FKJHEHLKQHQ HLQH)DFNHO© /RXLV|IIQHWHGLH]XVDPPHQJHNQLIIHQHQ$XJHQ(VZDUHQ GLH$XJHQHLQHU*LIWVFKODQJHVHLQH6WLPPHZDUVROHLVHZLH LKU=LVFKHQª6LHEUDXFKHQNHLQH)DFNHO6HQRU&DSLWDQR© )UGHQ)DOOGDVLHLQ3DQLNJHULHWHQVROOWHQVLHGDV/LFKW KLQXQGKHUVFKZHQNHQª:LH6LHPHLQHQ©VDJWH7UHQWXQG GUHKWHVLFKZLHGHUXPXPGHQ/DGHYRUJDQJ]XRUJDQL VLHUHQ'LH/DGXQJEHVWDQGDXV0XQLWLRQIUGLH.DODVFK QLNRZVXQGGLH%HUHWWD$XWRPDWLNSLVWROHQDXV*UDQDWHQ HLQHPKDOEHQ'XW]HQG5DNHWHQZHUIHUXQGGHQHQWVSUHFKHQ GHQ*HVFKRVVHQ $OVQlFKVWHVNDP0DULRGHU$QIKUHUGHU0lQQHU(UZDU NOHLQVFKODQNXQGOHLFKWILJ6HLQH$XJHQZDUHQZLQ]LJ VWDQGHQZHLWDXVHLQDQGHUXQGZDUHQVRKHOOZLHGLHHLQHV )UHWWFKHQV$XIVHLQHUOLQNHQ:DQJHNRQQWHPDQHLQHYRQ HLQHP0HVVHUYHUXUVDFKWHEODVVH1DUEHHUNHQQHQ0DULR VSUDFKPLWHLQHPOHLFKWHQ/LVSHOQXQGEHJUWH/RXLVPLW

5HVSHNWDEHURKQH8QWHUZUILJNHLW:LHEHLVHLQHQ/HXWHQ DXFKZDUHQ6FKXOWHUDE]HLFKHQGHUEHOSDQHVLVFKHQ6WUHLWNUlI WHDXIVHLQHQ7DUQDQ]XJJHQlKW'LHDQGHUHQ0lQQHUIROJ WHQDOOHZDUHQVLHYRPJOHLFKHQEOXWUQVWLJHQ0HQVFKHQ VFKODJ=ZDQ]LJ.LOOHUGLHDXIHLQZLQ]LJHVZHKUORVHV/DQG ORVJHODVVHQZXUGHQGDV7UHQWZHJHQVHLQHU(LQIDFKKHLWXQG 8QVFKXOGXQGZHJHQGHU9LHOIDOWVHLQHU1DWXUVFK|QKHLWHQ OLHEHQJHOHUQWKDWWH 'UHL0lQQHUNOHWWHUWHQLQV6FKODXFKERRW]ZHLEHJDEHQ VLFKQDFKYRUQHLQGLHEHLGHQYRUGHUHQ.DELQHQYLHUEOLHEHQ LQGHQ'RSSHONDELQHQLP+HFNIQILP6DORQ7UHQWVFKDXWH KRFKXQGVDKZLHGHUOHW]WH0DQQHLQHQPLWHLQHP$UPHH VWLHIHOEHNOHLGHWHQ)X EHUGLH+HFNUHOLQJGHU%DJOLHWWR VFKZDQJ ª+DOW'DJHEOLHEHQ©EUOOWH7UHQW 0LWJHVSLHOWHU9HUZLUUXQJEOLFNWHGHU0DQQQDFKXQWHQ ª6SULFKWGDZHUPLWPLU"© ª-D,FKVSUHFKHPLWGLU=LHKGLHVH6WLHIHODXV© 'HU0DQQNLFKHUWHPLWKRKHU6WLPPHª+H\0DQQ(LQ VSUHFKHQGHU*ULQJRN|WHUDQGHU/HLQH,VWGHQQGDV]XIDV VHQ"©IUDJWHHUVHLQH/DQGVOHXWHLQDEVLFKWOLFKVS|WWLVFKHP ODWHLQDPHULNDQLVFKHP)LOPVSDQLVFK(UVFKZDQJGDVDQGHUH %HLQEHUGLH5HOLQJVHW]WHVLFKDXIGDV*HOlQGHUXQG VSXFNWHDXI7UHQWKHUDE'DQQQHLJWHHUGHQ.RSIQDFKKLQ WHQXQGNOlIIWHZLHHLQ3HNLQHVHª3DMDDXIGHLQHQ$UVFK DXI*ULQJR]X+DXVHHVVHQZLUQlPOLFK+XQGHIOHLVFK©(U VSUDQJKHUXQWHUGLH6WLHIHONQDOOWHQDXIGDV'HFN$OVHUDXI NDPUDPPWHHUVHLQH)HUVHQDEVLFKWOLFKLQGDVKHOOH7HDN KRO]=ZHLVFKZDU]H6WULFKHEOLHEHQ]XUFNXQGJOlQ]WHQLP PLWWOHUZHLOHEHVWlQGLJIDOOHQGHQOHLFKWHQ5HJHQ:LHGHUNL FKHUWHGHU0DQQ(UZDUNOHLQHUDOVGLHDQGHUHQ%UHLWHKRKH :DQJHQNQRFKHQXQGHLQHPDKDJRQLIDUEHQH+DXWXQWHUVWUL FKHQVHLQHLQGLDQLVFKH+HUNXQIW(UQHXWVSXFNWHHU7UHQWDQ NLFKHUWH'LHVFKZDU]HQ$XJHQIODFNHUWHQª6HLHLQJXWHU +XQG*ULQJRMD".RPPZLOOVWGX0LJXHOLWRQLFKW]HLJHQ ZLHWROOGXPLWGHLQHP6FKZDQ]ZHGHOQNDQQVW"© 7UHQWV6HOEVWEHKHUUVFKXQJZDUGXUFKGDV8QWHUGUFNHQ VHLQHU$QJVWDXIJHEUDXFKW%OLQGH:XWSDFNWHLKQ0LWYROOHU

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lQGHQDFK7UHQWSUHWHQVHLQH$UPH JHJHQVHLQH6HLWHQ'HU0DQQYRULKPJULQVWHEHVWDQGIDVW QXUQRFKDXV=lKQHQXQGJLQJDXI7UHQWORV'DV0HVVHU ]LHOWHDXIVHLQHQ%DXFK 'DHUW|QWH/RXLV6WLPPHNDOWZLH7URFNHQHLVY|OOLJNRQ WUROOLHUWXQGDEVROXWE|VDUWLJª/DHVIDOOHQ© 'HU0DQQVWRSSWHPLWWHQLP+LHEDOVKlWWHPDQLKPHLQH 6WDKOWUYRUGHU1DVH]XJHVFKODJHQ6HLQH)LQJHU|IIQHWHQ VLFKGDV0HVVHUKSIWHDXIGDVWUDPSROLQDUWLJH*HIOHFKWILHO KLQGXUFKXQGLQV:DVVHU'LH$XJHQGHV0DQQHVEOLHEHQMH GRFKDXI7UHQWJHULFKWHWVLHZDUHQJDQ]YHUUFNWYRU+D (UVSLHVFKDXPLJHQ6FKOHLPDXVª,FKEULQJHGLFKXP*ULQ JR©'DGLHVHV9HUVSUHFKHQHUIOOWZXUGHZDUJHQDXVRVL FKHUZLHEHLHLQHU9HUVLFKHUXQJVSROLFHª:DUWH*ULQJR :DUWHQXU,FKEULQJHGLFKXP,FK0LJXHOLWR© 7UHQWVFKWWHOWHGLH+lQGHDEGLHLKQIHVWKLHOWHQXQG GUHKWHGHP0DQQVHLQHQ5FNHQ]X'LH:XWEOLHELQLKP 6HLQH+lQGH]LWWHUWHQ-HJOLFKH$QJVWZDUYHUVFKZXQGHQ ª=LHKHQ6LHGLHVHP6FKZHLQGLH6FKXKHDXV©VDJWHHU/RXLV ª=LHKHQ6LHVHLQH6FKXKHDXVXQGVFKDIIHQ6LHLKQQDFKXQ WHQVRQVWVHJHOLFKHXUHQJDQ]HQ+DXIHQGLUHNWLQV5LII© /RXLVEHWXSIWHVHLQH1DVHPLWVHLQHP7DVFKHQWXFK(U PXMDHLQHQJDQ]HQ.RIIHUYROOHU7DVFKHQWFKHUKDEHQ GDFKWH7UHQWDOVHUGHPNDOWHQ%OLFNGHV/DWLQRVEHJHJQHWH GHULKQEHUGHQ5DQGGHUVWUDKOHQGZHLHQ%DUULNDGHDXV /HLQHQKLQZHJPXVWHUWH

ª0LWGHP6HLOXP,KUHQ1DFNHQVWHUEHQ6LHHLQHQODQJVD PHQ7RG6HQRU&DSLWDQR© 6RODQJHHV/HEHQJLEWJLEWHVDXFK+RIIQXQJ7UHQWKDWWH DOOHUGLQJVNHLQH+RIIQXQJPHKU1RFK]ZHL6WXQGHQXQG ]ZDQ]LJ0LQXWHQ]XOHEHQ (UPDFKWHGDVEHODGHQH6FKODXFKERRWORVIKUWHHVQDFK KLQWHQXQGEHIHVWLJWHGHVVHQ%XJOHLQHDQGHU.ODPSHIU GLH+HFNDQNHUOHLQHGHU*ROGHQ*LUO'LHGUHLIUGDV 6FKODXFKERRWHLQJHWHLOWHQ0lQQHUZDUWHWHQLP&RFNSLW6LH EHREDFKWHWHQLKQPLWXQYHUKRKOHQHU6RUJH'HUOHLFKWH5H JHQKDWWHVLHEHUHLWVGXUFKQlW%DOGZUGHQVLHNODWVFKQD VHLQXQGVHHNUDQNGD]X7UHQWGDFKWHGDUDQHLQHPYRQLK QHQ]X]HLJHQZLHPDQGDV6FKODXFKERRWLP:LQGKLHOW IDOOVHUGLH/HLQH]XLKQHQNDSSHQPXWHDEHU/RXLVVWDQG QHEHQLKP ª8QVDXI]XKDOWHQZlUHJHIlKUOLFK6HQRU&DSLWDQR© 7UHQWHQWQDKPGHP%DFNERUGVSLQGLP&RFNSLWHLQSDDU 6FKZLPPZHVWHQ:lKUHQGGLH0lQQHUVLHDQOHJWHQOLHHU GLH$QJHOOHLQHYRQVHLQHUDPKLQWHUHQ%DFNERUGVWDJEHIH VWLJWHQ*URILVFKDQJHOKHUXQWHUPDFKWHVLHDQGHU%XJNODP SHGHV6FKODXFKERRWHVIHVWXQGVWHOOWHGLH=XJEUHPVHDQGHU 5ROOHDXIHLQHQ:HUWYRQ]ZHLKXQGHUW.LORHLQ ª:HQQLKUHXFKQLFKWEHZHJWXQGQLFKWGXUFKGUHKWZLUG HXFKQLFKWVSDVVLHUHQ©VDJWH7UHQW]XGHQGUHL0lQQHUQDOV HULKQHQLQV6FKODXFKERRWKDOI/RXLVEHREDFKWHWHGDV*DQ]H GLH0lQQHUQLFNWHQLQVWXPPHP(OHQGª:LUZHUGHQLQHL QHQ6WXUPJHUDWHQXQGGDQQZLUGKLHUHLQLJHVORVVHLQ© ZDUQWHHU/RXLVXQG0DULRGHQ$QIKUHUGHV0RUGNRP PDQGRVª-HZHQLJHU0lQQHUVLFKDQ'HFNDXIKDOWHQGHVWR EHVVHU6LHZHUGHQQXULP:HJVWHKHQ©,P.RSIKDWWHHUGLH 5HLVHEHUHLWVJHQDXGXUFKJHSODQWª*RPH]NDQQLFKJHEUDX FKHQHUKDWHWZDV(UIDKUXQJIHUQHUEHQ|WLJHLFKHLQHQ 0DQQDP0DVW©$Q0DULRJHZDQGWHUJlQ]WHHUª+ROHQ6LH HLQHQYRQ,KUHQ0lQQHUQGHUVHLQH%HLQH]XEHQXW]HQZHL XQGHWZDVYRQ/HLQHQYHUVWHKW© :lKUHQG/RXLVLP6DORQYHUVFKZDQGEHZHJWHVLFK7UHQW QDFKYRUQH(UZlKOWHGLH)RFN1XPPHU=ZHLDXVEHIHVWLJ WHGLH6FKlNHODP9RUVWDJ6HOEVWEHLGLHVHPOHLFKWHP:LQG

ZUGHHLQJU|HUHV6HJHOGDV=LHKHQGHV6FKODXFKERRWHV]X HLQHUJHIlKUOLFKHQXQGXQNRQWUROOLHUEDUHQ6DFKHPDFKHQ (LQHUGHU6ROGDWHQZDU]XP.DELQHQGDFKKRFKJHNRP PHQª6LHNHQQHQVLFKPLW/HLQHQDXV"©IUDJWH7UHQW 'HU0DQQ]XFNWHGLH$FKVHOQª6R\YDFXHUR6HQRU© (LQ 9LHKWUHLEHUDOVR ª'DQQVFKDXHQ6LH]X©EHIDKO7UHQW(UKROWHGLH6WXUP IRFNHLQXQGKLWHGLH)RFN1XPPHU=ZHL ª/HLQHORV©ULHIHUGHP0DWURVHQYRQGHU%DJOLHWWR]X 5DVFKGLH%XJOHLQHDXIZLFNHOQG]RJHUGDV*URVHJHOKRFK 'DQQNHKUWHHUZLHGHU]XP&RFNSLW]XUFN0LWGLFKWJHKDO WHQHQ6FKRWHQOLHHUVLFKYRQGHU0RWRU\DFKWZHJWUHLEHQ 'HU0DWURVHZLQNWH(LQ6HHPDQQVJUX7UHQWKREVHLQH +DQG]XP/HEHZRKO1RFK]ZHL6WXQGHQ]XOHEHQ %HLQDKHKlWWHGHUSO|W]OLFKH5XFNGHUDP6FKODXFKERRWEH IHVWLJWHQ6FKOHSSOHLQHGLH*ROGHQ*LUOEUHLWVHLWLJLQGHQ:LQG JHULVVHQDEHU7UHQWKLHOWGLH)RFNVFKRWEHUHLWXQGKROWHVLH NUlIWLJGLFKWXPGHP=XJGHU6FKOHSSOHLQHHQWJHJHQ]XZLU NHQ6REDOGVLFKGDV6FKODXFKERRWEHZHJWHNRQQWHHUGLH 6FKRWYRUVLFKWLJIL[LHUHQ5XKLJDEHUVFKZHUIlOOLJJOLWWGHU JURH.DWDPDUDQGDKLQª+DOWGHQ.DWDPDUDQDXI.XUV©EH IDKOHU*RPH]XQGEHJDEVLFKDXIGDV.DELQHQGDFK (U]HLJWHGHP9DTXHURGLH)DOOHQIU*URVHJHOXQG)RFN ª:HQQLFKEUOOHKROHQ6LHGLH6HJHOHLQ©VDJWH7UHQW]X LKPª6HKHQ6LH]XGD6LHVLHVFKQHOOKHUXQWHUEHNRPPHQ XQGDXIGHP'HFN]XVDPPHQOHJHQ© 2EZRKOGHU9DTXHUREHUVHLQH9HUDQWZRUWXQJRIIHQ VLFKWOLFKQLFKWEHVRQGHUVHUIUHXWZDUJDEHUPLWHLQHP.RSI QLFNHQ]XYHUVWHKHQGDHUEHJULIIHQKDWWH 0LWGHPEHODGHQHQ6FKODXFKERRWLP6FKOHSSWDXZXUGHGHU .DWDPDUDQVRODQJVDPGDVLHNDXPHLQH*HVFKZLQGLJNHLW YRQIQI.QRWHQHUUHLFKWHQ,QGHUOHW]WHQKDOEHQ6WXQGHZDU GLH'QXQJVWHWLJLPPHUVWlUNHUJHZRUGHQ9RULKQHQNRQQ WH7UHQWGLH%UDQGXQJDXIGDV5LIINUDFKHQK|UHQ0LWWOHU ZHLOHZDUVLHNUlIWLJXQGEHGURKOLFKJHZRUGHQ(VUHJQHWH XQXQWHUEURFKHQEOLHEEHLHLQHPOHLFKWHQ:LQGGLH%|HQMH GRFKYHUVWlUNWHQVLFKXQGZXUGHQKlXILJHU=HKQ0LQXWHQ

XQGVLHZUGHQGLH/FNHLP5LIIHUUHLFKWKDEHQLQHLQHU 'UHLYLHUWHOVWXQGHZDUHQVLHDP)HVWODQG]ZDQ]LJ0LQXWHQ GDXHUWHGLH)DKUWIOXDXIZlUWVELV]XGHU6WHOOHDQGHUZLH GHUDXVJHODGHQZXUGHXQGDOOHDXVVWLHJHQ (VODJHLQH6SDQQXQJLQGHU/XIWDOVVHJHOWHQVLHLP,Q QHUQHLQHUPLOOLPHWHUGQQHQ*ODVNXJHOGLH]X]HUVSULQJHQ GURKWH,P0RPHQWLKUHV=HUEHUVWHQVZUGHDXVDOOHQ5LFK WXQJHQGLH+|OOHDXIVLHHLQVWUPHQ *RPH]VSUWHHV=XVDPPHQJHNUPPWVDHUDQGHU .ODPSHDP+HFNXQGKLHOWGDV0HVVHUEHUHLWXPGLH9HU ELQGXQJ]XP6FKODXFKERRW]XNDSSHQ(UKDWWHHLQH=LJDUHW WHQDFKGHUDQGHUHQJHUDXFKWKLHOWVLHLQGHUJHZ|OEWHQ +DQGXPVLHYRUGHP5HJHQ]XVFKW]HQ(WZDMHGHKDOEH 0LQXWHEOLFNWHHU]XU$Q]HLJHWDIHOGHV/25$1*HUlWHVKLQ EHUDOVREVLFKGXUFKVHLQH%OLFNHGLH=DKOHQGLHGLH3R VLWLRQGHV.DWDPDUDQVDQ]HLJWHQVFKQHOOHUYHUlQGHUQZU GHQ'DQQEOLFNWHHU]XP+LPPHODXIDOVREHVLQGHU JODQ]ORVHQ'XQNHOKHLWHWZDV]XHUNHQQHQJlEHGDVLKQYRU GHPKHUDQQDKHQGHQ9HUGHUEHQZDUQHQNRQQWH ª.RPPWHU"©IUDJWHHU]XPIQIWHQ0DOVHLWVLHVLFKYRQ GHU%DJOLHWWRORVJHPDFKWKDWWHQ ª1RFKQLFKW©VDJWH7UHQWª9LHOOHLFKWLQHLQSDDU6WXQGHQ 9LHOOHLFKWGDXHUWHVDXFKOlQJHU$OVHUVWHVNRPPHQ6WXUP E|HQ© 8QGGDQQNDPDXFKGLHHUVWH6WXUPE|DXVGHU'XQNHOKHLW DXIVLH]XJHUDVWXQGEUDFKEHUVLHKHUHLQ,KU*HUlXVFK ZXUGHYRP7RVHQGHU%UDQGXQJYRULKQHQYHUVFKOXFNWXQG VRWUDIVLHGLH/LQLHDXVZHLHU*LVFKWRKQHMHGH9RUZDU QXQJ $OVGHU:LQGVWRLQGLH6HJHOIXKUEUOOWH7UHQWª.DS SHQ©(UVDK*RPH]0HVVHUDXIEOLW]HQDOVGHUJURH.DWD PDUDQHLQHQ6DW]QDFKYRUQHPDFKWH'LH6HJHOZDUHQVR VWUDIIJHVSDQQWZLHGLHEHUKLW]WH2EHUIOlFKHHLQHU7URP PHO'LH6WDJHQKHXOWHQDXI 'DQQZDU*RPH]DXIGHQ%HLQHQREDXV$QJVWRGHUXP HWZDV]XXQWHUQHKPHQZXWH7UHQWQLFKW'HUSO|W]OLFKH 6DW]GHQGHUJURH.DWDPDUDQQDFKYRUQHPDFKWHEUDFKWH GHQ5HYROYHUPDQQDXVGHP*OHLFKJHZLFKW(UVWROSHUWH

ZDUIGLH$UPHZHLWDXVHLQDQGHU'LH$QJHOOHLQHYHUILQJVLFK LQVHLQHQ%HLQHQGDV*HZLFKWGHV6FKODXFKERRWVULLKQDXV GHP&RFNSLWZLHGHQ.HUQDXVHLQHUUHLIHQ2OLYH$XV(QW VHW]HQYRUGHP(UWULQNHQVFKULHHUDXIDOVHULQV:DVVHUILHO ª5XQWHUPLWGHQ6HJHOQ©EUOOWH7UHQWGHP9DTXHURDP 0DVW]XXQG]RJGDV5XGHUKHUXPXPGLH*ROGHQ*LUOLQ GHQ:LQG]XVWHXHUQ0LWHLQHP5XFNO|VWHHUEHLGH6FKRWHQ DXVLKUHQ.OHPPHQXQGVSUDQJLQIODFKHP:LQNHOLQV:DV VHU=HKQ6FKZLPPVW|HXQGHUKDWWH*RPH]KLQWHQDP .UDJHQJHSDFNW'DV6HLODQGHPHUVHOEHUKLQJKDWWHHUMH GRFKY|OOLJYHUJHVVHQ(UGDFKWHGHUSO|W]OLFKH5XFNZUGH LKPGHQ.RSIYRQGHQ6FKXOWHUQUHLHQVFKDIIWHHVPLWHL QHU+DQGGDV6HLO]XIDVVHQ]RJPLWVHLQHUJDQ]HQ.UDIWGDU DQ6HLQHDQGHUH+DQGKDWWHVLFKLQ*RPH]+HPGJHNUDOOW 0HHUZDVVHUIORLKPLQ0XQGXQG$XJHQQDKPLKPGLH 6LFKWHUVWLFNWHLKQ'LHZLOGXPKHUVFKODJHQGHQ$UPHGHV 5HYROYHUPDQQHVGURKWHQLKQEHZXWORV]XVFKODJHQ ª.RPPZLHGHU]X9HUVWDQG©EUOOWHHU(LQH:HOOHKRE LKQLQGLH+|KHLP&RFNSLWVDKHU0lQQHU'DV6HLOXPVHL QHQ+DOVORFNHUWHVLFK.HXFKHQGVRJHU/XIWLQGLH/XQJHQ WDXFKWHQDFKXQWHQWDVWHWHQDFKGHU$QJHOOHLQHGLHVLFKLQ PHKUHUHQ6FKOLQJHQXP*RPH]%HLQHJHOHJWKDWWH$XIGHU ]XP6FKODXFKERRWZHLVHQGHQ6HLWHGHV5HYROYHUPDQQHVEH NDPHUGLH/HLQH]XIDVVHQZLFNHOWHVLHXPVHLQUHFKWHV +DQGJHOHQN0LWKHIWLJHQ%HLQEHZHJXQJHQVWLHHUVLFKZLH GHUDQGLH:DVVHUREHUIOlFKH:DVVHUIOOWHVHLQHQ0XQGDOV HUQDFK/XIWUDQJ6DO]EUDQQWHLQVHLQHU/XQJH'DZDUILKP *RPH]LQSDQLVFKHP6FKUHFNHQGLH$UPHXPGHQ+DOV GUFNWHLKPGLH/XIWDEXQGGURKWHLKQZLHGHUQDFKXQWHQ ]X]HUUHQ 7UHQWKDWWHNHLQHDQGHUH:DKO(UVWLHPLWGHP.QLHQDFK REHQUDPPWHHV*RPH]PLWYROOHU:XFKWLQGHQ%DXFK WULHELKPGLH/XIWDXVGHQ/XQJHQ:LHHLQ7DVFKHQPHVVHU NODSSWHGHU5HYROYHUPDQQ]XVDPPHQ7UHQW]LHOWHXQGYHU SDWHLKPHLQHQ.LQQKDNHQ ª7XWPLUOHLG©VDJWHHUREZRKO*RPH]NDXPQRFKEHL%H ZXWVHLQZDU (UOLH*RPH]ORV]RJGDV6HLOXPVHLQHQ+DOVVRZHLW]X

VLFKKHUDQGDHUGDPLWHLQH6FKOLQJHPDFKWHQNRQQWHXQG EDQGGLHVHDQGLH$QJHOOHLQHXQG]ZDUVRGDGHU=XJYRQ *RPH]%HLQHQJHQRPPHQZXUGHXQGGLH/HLQHGXUFKKLQJ (USDFNWHGHQ5HYROYHUPDQQXQGZDUILKQEHUVHLQH6FKXO WHUVRGDVHLQ0XQGXQGVHLQH1DVHQLFKWPHKUXQWHU:DV VHUODJHQ'DQQWDXFKWHHUPLWVHLQHP.RSIXQWHUZROOWH*R PH]%HLQHEHIUHLHQDEHUGLH/HLQHKDWWHVLFKZLHHLQ )DGHQVSLHOLQZLUUHQ%DKQHQXPVLHKHUXPJHZLFNHOW 7UHQWNDPZLHGHUKRFKXQGEUOOWHGHQ0lQQHUQLP&RFN SLW]XVLHVROOWHQLKPHLQH6FKZLPPZHVWHEULQJHQ.HLQHU YRQLKQHQVFKLHQVLFKGLH0KH]XPDFKHQVHLQHU$XIIRUGH UXQJQDFK]XNRPPHQXQG7UHQWEH]ZHLIHOWHGDVHLQH.UlI WHQRFKODQJHJHQXJDXVUHLFKHQZUGHQXP*RPH]JHJHQ GDV*HZLFKWGHV6FKODXFKERRWHVPLWVLFK]X]LHKHQ 'DV7RVHQGHU%UDQGXQJZDUQlKHUJHNRPPHQ(LQHQ$X JHQEOLFNODQJGDFKWH7UHQWGDUDQGLHJDQ]HJRWWYHUGDPPWH %DQGHDXIGDV5LIIIDKUHQ]XODVVHQ(UNRQQWHVLFKMDDQGHQ .RUDOOHQYRQVHLQHP6HLOORVVFKQHLGHQ'RFKHUZXWHGDV ZDUQXU7UlXPHUHL'LH:XFKWGHU:HOOHQGLHVLFKMHW]WDP 5LIIEUDFKHQZUGHLKQLQQHUKDOEYRQ6HNXQGHQLQ6WFNH UHLHQ%HVVHUHUOHEWHXQGKDWWHQRFK+RIIQXQJXQGPLWHL QHPVDXEHUHQ.RSIVFKXJHW|WHW]XZHUGHQZDUHEHQIDOOV EHVVHUDOVGXUFKGLH%UDQGXQJ]HUVFKPHWWHUW]XZHUGHQXQG VLFKYRQPHVVHUVFKDUIHQ.RUDOOHQGDEHLGDV)OHLVFKLQ6WUHL IHQVFKQHLGHQ]XODVVHQ (UVFKULHGHQ0lQQHUQLP&RFNSLW]XVLHVROOWHQGDV6HLO GD]XVHLQHP+DOVIKUWHIHVWPDFKHQ*RPH]WULHEREHQ DXIVHLQHQ6FKXOWHUQPLWGHUOLQNHQ+DQGKLHOW7UHQWLKQ GRUWIHVWZlKUHQGHUVLFKPLWVHLQHU5HFKWHQEHVWlQGLJQDFK YRUQH]RJ1XUPLWHLQHU+DQGNRQQWHHUGDVWXQXQGPX WHGD]XDXFKQRFKGHP*HZLFKWGHV0DQQHVXQGGHP*H ZLFKWGHVEHODGHQHQ6FKODXFKERRWHV:LGHUVWDQGELHWHQ 'HPHQWVSUHFKHQGNDPHUQXUHQWVHW]OLFKODQJVDPYRUZlUWV 'DV5LIIZDUMHW]WNHLQHYLHUKXQGHUW0HWHUPHKUHQWIHUQW-H GHV0DOZHQQLKQGLH:HOOHQLQGLH+|KHKREHQNRQQWHHU VHKHQGDGLH:DQGDXV*LVFKWQlKHUKHUDQJHUFNWZDU 1RFKHLQSDDUZHLWHUH:RJHQXQGHVZDUYRUEHL 7UHQWVWHOOWHVLFKYRUZLHGLH*ROGHQ*LUOYRQGHU%UDQ

GXQJLQGLH+|KHJHZRUIHQXQGZLHGHUQDFKXQWHQJH VFKOHXGHUWZXUGHXQGGDEHLLQLKUH%HVWDQGWHLOH]HUVSOLWWHU WH0HQVFKOLFKH.|USHUVFKUHLHQGH0lQQHUZUGHQGXUFK GLH/XIWZLUEHOQ'HU=XJDQVHLQHPUHFKWHQ$UPZDUIDVW XQHUWUlJOLFK(UKDWWHQLFKWOlQJHUGLH.UDIWGHQ0lQQHUQ DXIGHP.DWDPDUDQ$QZHLVXQJHQKLQEHU]XEUOOHQ8QGHU KDWWHVRYLHO6DO]ZDVVHUJHVFKOXFNWGDHUVLFKDPOLHEVWHQ EHUJHEHQKlWWH(LQ7HLOYRQLKPVHKQWHVLFKGDQDFKHLQ IDFKDXI]XJHEHQDEHUHUZDUMHW]WLQGHU1lKHGHV.DWDPD UDQVXQGLKPVWUHFNWHQVLFK+lQGHHQWJHJHQ(LQH:HOOHUL LKQQDFKYRUQHXQGHLQHUGHUXQLIRUPLHUWHQ7HUURULVWHQHU ZLVFKWHVHLQ+DQGJHOHQN.HXFKHQGJDEHUGHQ0lQQHUQ]X YHUVWHKHQVLHVROOWHQVLFK*RPH]SDFNHQ'DQQZDUHULP &RFNSLW 'HU9DTXHURVWDQGLPPHUQRFKDP0DVWª6HJHOKRFK© EUDFKWH7UHQWKHUYRUGDV5LIIZDUQXUQRFK]ZHLKXQGHUW 0HWHUYRQLKQHQHQWIHUQWXQGHUKDWWHQLFKWGLH=HLWZLHGHU ]X$WHP]XNRPPHQª'DVJURH]XHUVW© 'HU:LQGHUIDWHGDV6HJHO7UHQWKROWHGLH6FKRWGLFKW XQGDOVGDV6HJHOVWDQGOHJWHHUGDV5XGHUKHUXPXPLQHL QHP%RJHQ]XP6FKODXFKERRW]XUFN]XIDKUHQª-HPDQG PXGLH$QJHOOHLQHHLQKROHQ©EHIDKOHUª$EHUPLW*HIKO VRQVWUHLWVLH,FKPXQXUGLH5LFKWXQJHUNHQQHQN|QQHQ© $OVGDVGXUFKKlQJHQGH6WFNNDPOLHHUHLQHQGHUXQL IRUPLHUWHQ0lQQHUGLH/HLQHDQ*RPH]%HLQHQGXUFKWUHQ QHQXQGVLHZLHGHUPLWGHU/HLQHDQGHU$QJHO]XVDPPHQ ELQGHQ ª5ROOVLHZHLWHUDXI©VDJWHHUGHP0DQQª,KUDQGHUHQ JHKWZLHGHUQDFKXQWHQ© (UVWMHW]WVDKHU/RXLV GQQH*HVWDOWGLHDP6FKRWWGHV6D ORQVOHKQWH7UHQWKDWWHGHQ/DWLQRJDQ]YHUJHVVHQ'LH GXQNOHQ8PULVVHYRQ0DULRV0lQQHUQWDXFKWHQHLQHUQDFK GHPDQGHUHQLQGHQ6DORQDE1XUGHU0DQQDQGHU$QJHO GHU0DQQDP0DVWXQG*RPH]ZDUHQQRFKGD/RXLVOHJWH HLQH+DQGDQGHQ%DXPXPVLFKDE]XVWW]HQXQGJLQJ GDQQ]XP&RFNSLWKLQEHUELV]XGHU6WHOOHDQGHU*RPH] DXIGHP%RGHQODJZLHHLQDXIGHQ6WUDQGJHZRUIHQHU %DUVFK6DO]ZDVVHUVLFNHUWHDXVVHLQHP0XQGVWRFNHQGXQG

NUDPSIHQGVFKQDSSWHHUVWRZHLVHQDFK/XIW/RXLVVFKDXWH DXILKQKHUDEª:LUZHUGHQ]XVSlWNRPPHQ6HQRU&DSLWD QR© ª:LUOHEHQ©HUZLGHUWH7UHQW /RXLVWUDW*RPH]LQGHQ%DXFKGHU5HYROYHUPDQQEHU JDEVLFKª=HLWLVWZLFKWLJ6HQRU&DSLWDQR© 7UHQWNRQQWHGHQ$EVFKHXGHQHUJHJHQEHUGHP/DWLQR HPSIDQGQLFKWOlQJHUIUVLFKEHKDOWHQª8QG6LHVLQGHLQ 3V\FKRSDWK©VDJWHHUª-HPDQGKlWWH6LHLQHLQHU.OLQLNIU JHLVWHVNUDQNH6FKZHUYHUEUHFKHUHLQVSHUUHQXQGGHQ6FKOV VHOZHJZHUIHQVROOHQ© 'DVLPPHUEHUHLWOLHJHQGHZHLH7DVFKHQWXFKNDP]XP 9RUVFKHLQ/RXLVVFKQDXEWHKLQHLQWXSIWHVLFKVHLQH1DVHQ VSLW]HPLWGHUJOHLFKHQ3Ul]LVLRQDEPLWGHUHLQ=DKQDU]WHLQ /RFKLP=DKQWURFNQHW(UVWHFNWHGDV7DVFKHQWXFKZLHGHULQ VHLQHQbUPHOª:HQQPDQHLQ6HLOXPGHQ+DOVKDW6HQRU &DSLWDQRLVWHVHLQ)HKOHUGHQMHQLJHQ]XEHOHLGLJHQGHUGDV 6HLOLQGHU+DQGKlOW©HPSIDKOHULKPRKQHMHGHHUNHQQEDUH *HIKOVUHJXQJª0LJXHOLWR©ULHIHULQGHQ6DORQKLQXQWHU ª%LWWHVHW]GLFK]X6HQRU&DSLWDQR© 'DGHU:LQGGDVEHODGHQH6FKODXFKERRWYRUVLFKKHUWULHE EH]ZHLIHOWH7UHQWGDHUGLH6FKOHSSOHLQHDXVGHP:DVVHU QHKPHQNRQQWHEHYRUGLH0lQQHUDXIGDV5LIINDPHQ(U NRQQWHVLFKOHEKDIWYRUVWHOOHQZLHGLH0l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ª,FK

ZHQGH©ULHIHUGHP9DTXHUR]Xª'DVNOHLQH6HJHOLP$XJH EHKDOWHQ%OHLEWHVLUJHQGZRKlQJHQVRIRUWZLHGHUIUHLPD FKHQ© ª6L6HQRU©NDPGLH$QWZRUW]XUFN :HQQVLHDXIGDV6FKODXFKERRW]XJOLWWHQZDUHVIUGHQ 0DQQDQGHU$QJHOUROOHXQP|JOLFKGLH/HLQHVFKQHOOJHQXJ HLQ]XKROHQª/DVVHQ6LHGLH$QJHOORVXQG]LHKHQ6LHGLH/HL QHPLWGHU+DQGKHUHLQ©ULHI7UHQWLKP]Xª6FKQHOODEHU PLW*HIKOVRQVWUHLWVLH6WHKWLP%XJDXIXQGJHEWGLH 5LFKWXQJDQ© 9RULKQHQWRVWHGDV5LIIPLWIXUFKWHLQIO|HQGHU*HZDOW 1RFKYLHUKXQGHUW0HWHUGUHLKXQGHUW]ZHLKXQGHUWHLQKXQ GHUW7UHQWZXWHGDGDV6FKODXFKERRWXQGGLHGUHL0lQ QHUYHUORUHQZDUHQ 'DVFKULHGHU0DQQDQGHU$QJHODXIVHLQ$UP]HLJWHJH UDGHQDFKYRUQHDXIGLH%UDQGXQJ 7UHQWVFKULHPLWDOOHU.UDIWHUZHUGHMHW]WZHQGHQ(U]RJ GDV5XGHUKHUXPKLHOWPLWGHQ%XJVSLW]HQGHV.DWDPDUDQ GLUHNWLQGHQ:LQGVFKDXWHQDFKKLQWHQVDKGLHZLHUDVHQG LQGHU/XIWXPKHUIXFKWHOQGHQ$UPHGHUHQWVHW]WHQ0lQQHU YRUGHU:DQGDXVZHLHU*LVFKW1XUQRFKIQI]LJ0HWHU WUHQQWHQGDV6FKODXFKERRWYRQVHLQHU9HUQLFKWXQJGUHLLJ 0HWHUZDUHVYRP.DWDPDUDQHQWIHUQW 7UHQWKLHOWGLH)RFNEDFNXQGVHJHOWHGHQ.DWDPDUDQPLW GHP+HFNQDFKYRUQ(LQ0DQQVWDQGQHEHQLKPXQGKLHOW GLH/HLQHEHUHLW(UKDWWHNHLQH=HLWQDFK]XVFKDXHQZHUHV ZDU1RFK]HKQ0HWHU'LH/HLQHILHOEHUGDV%RRW(UVDK ZLHHLQHUGHU0lQQHUEHJDQQDQLKU]X]LHKHQª)HVWPD FKHQ©EUOOWHHUDEHUGHU0DQQZDUYLHO]XYHUVFKUHFNWXP HV]XNDSLHUHQ ª)HVWELQGHQ©EUOOWH7UHQWZLHGHUKDWWHDEHUQLFKWGLH =HLWXP]XYHUIROJHQREGHU0DQQVHLQH$QRUGQXQJHQEH IROJWH (UILHUWHGLH)RFNVFKRWXQGKROWHGDV*URVHJHOGLFKW'HU JURH.DWDPDUDQEHJDQQDXIGHQDQGHUHQ.XUVHLQ]X VFKZHQNHQGRFKGDZXUGHVHLQ%XJYRQHLQHU:HOOHHUIDW GLHLKQZLHGHULQGLHXUVSUQJOLFKH/DJH]XUFNVWLH1RFK IQI]LJ0HWHUELV]XP5LII'DV'RQQHUQGHU%UDQGXQJYHU

VFKOXFNWHVHLQH6WLPPHDOVHUGHP0DQQYRUQHDP%XJ]X EUOOWHGLH)RFNYRQGHQ6WDJHQIUHL]XKDOWHQ'DV*URVHJHO EOlKWHVLFKGHUJURH.DWDPDUDQQDKP)DKUWDXI1RFK ]ZDQ]LJ0HWHUELV]XP5LII 'HU.DWDPDUDQZDUQRFKQLFKWVRVFKQHOOGDVLFK7UHQW VLFKHUVHLQNRQQWHGDHUWDWVlFKOLFKKHUXPNRPPHQZUGH 1RFK]HKQ0HWHU-HW]WGDFKWHHUXQG]RJGLH5XGHUSLQQH KHUXP'HU.DWDPDUDQHU]LWWHUWHDOVVHLQH%XJVSLW]HQLQGLH :HOOHVWLHHQ'DQQNDPHUKRFKGLH:HOOHKRELKQHPSRU LPPHUZHLWHULQGLH+|KHGLH6HJHOIODWWHUWHQZLHZLOG+DOW LKQEORDXI.XUVHUPDKQWH7UHQWVLFK(LQH6HNXQGH]ZHL 6HNXQGHQGUHL 'DQQZDUGLH*ROGHQ*LUOGXUFKGHQ:LQG+DUWDP:LQG PLWGLFKWJHKROWHQ6FKRWHQXQGSUDOOHQ6HJHOQJLQJHVYRUDQ 8PGDV6FKODXFKERRWNPPHUWHHUVLFKMHW]WQLFKW(VJDE QLFKWVZDVHUIUGDV%RRWWXQNRQQWHHQWZHGHUKDWWHHV GDV0DQ|YHUKHLOEHUVWDQGHQRGHUQLFKW(UVSUWHGHQKHI WLJHQ5XFNDQGHU6FKOHSSOHLQH(UVWGDZDJWHHUHVEHUGLH 6FKXOWHUQDFKKLQWHQ]XEOLFNHQ(LQHQ$XJHQEOLFNODQJ NRQQWHHUQXUGLHJURH:DQGGHU%UDQGXQJVHKHQGLHDP $QVDW]GXQNHOZLUNWHZLHEHLHLQHUJHIlUEWHQ%ORQGLQH8QG GDQQHUNDQQWHHUGDVLFKYRUGHUZHLHQ*LVFKWGLHGXQN OHUH0DVVHGHV6FKODXFKERRWHVDE]HLFKQHWH 'LH/HLQHKLHOWDEHUGDV*HZLFKWGHV6FKODXFKERRWHV GUlQJWHLKQLPPHUZHLWHUYRP:LQGZHJ1RFKHLQH0LQXWH OlQJHUXQGHUZUGHTXHU]XGHQ:HOOHQVWHKHQ ª9RUVLFKW%DXP©EUOOWHHUEH]ZHLIHOWHMHGRFKGDGLH 0lQQHULKQK|UHQNRQQWHQª.ODU]XU:HQGH© 'DV5XGHUDXIGLHDQGHUH6HLWH:LHGHUKLHOWGLH:HOOHHL QHQTXlOHQGHQ$XJHQEOLFNODQJGLH%XJVSLW]HQIHVW'DVDK 7UHQWZLHHLQHGXQNOH*HVWDOWGDVXQWHUH(QGHGHU)RFN SDFNWHXQGGDV6HJHOPLWDOOHU.UDIWLQGHQ:LQG]ZDQJ'HU .DWDPDUDQVFKOXJPLWGHQ%XJVSLW]HQKDUWJHJHQGLH:HO OHQGDQQZDUHUGXUFKGHQ:LQGXQGDXIGHPQHXHQ.XUV 'LH6HJHOVSDQQWHQVLFK6LHKDWWHQMHGRFKGXUFKGDV0DQ| YHUHWZD]HKQ0HWHUYHUORUHQGDV6FKODXFKERRWODJIDVWZLH GHULP%HUHLFKGHU%UDQGXQJ7UHQWEOLFNWHDXIGDV/25$1 *HUlW'LH/FNHLP5LIIODJ]ZHLKXQGHUW0HWHUYRUGHP

%DFNERUGEXJ(UEHQ|WLJWHQRFK]XVlW]OLFKH6HJHONRQQWH DEHUQLFKWYRP5XGHUZHJ(UEOLFNWHDXI*RPH]KLQXQWHU 'HU0DQQODJLPPHUQRFKDXIGHP%RGHQGHV&RFNSLWV9RQ LKPZDUNHLQH+LOIH]XHUZDUWHQ 1HEHQLKPWDXFKWH0LJXHOLWRGHUVFKZDFKVLQQLJHNOHLQH 0HVVHUVWHFKHUDXI(UNLFKHUWHZLHHLQEHUGUHKWHV6FKXO PlGFKHQDXIHLQHU*HEXUWVWDJVSDUW\7UHQWVDKZLHHUVLFK ZHLHV3XOYHULQGLH1DVHVWRSIWH'HU0DQQVRJGLH/XIWHLQ ZLHHLQ$FNHUJDXOGHUZLHGHU]X$WHPNRPPWQDFKGHPHU HLQHODQJH$FNHUIXUFKHLQGHQ%RGHQJH]RJHQKDW'DV3XO YHUKLQWHUOLHXQWHUVHLQHQ1DVHQO|FKHUQHLQHQZHLHQ 5DQGª+H\NOHLQHU+XQG©NLFKHUWHHUXQGVFKDXWH7UHQW PLWZLOGIODFNHUQGHQ$XJHQDQª'LHVHV6FKHLZLQGVHJHO EULQJWQLFKWYLHO© :DVYHUVWHKWGHUGHQQGDYRQ"GDFKWH7UHQW'LH:XWWULHE LKPGDV$GUHQDOLQLQV%OXWDOVREHVPLWHLQHU3XPSHKLQ HLQJHGUFNWZUGH 0LJXHOLWRGUFNWHVLFKGLHZHLHQ5lQGHUPLWGHQ.Q| FKHOQLQGLH1DVHQO|FKHU(LQH0DVVHZHLHU=lKQHJOlQ]WH 'DVKRKH.LFKHUQERKUWHVLFKLQ7UHQWV.RSIKLQHLQDOVGLH YHUUFNWHQ:RUWHGHV0HVWL]HQLPVFKOHFKWHQ$PHULNDQLVFK HLQHVELOOLJHQ)LOPHVDXILKQHLQGUDQJHQª+H\NOHLQHU +XQGZLOOVWGXGD0LJXHOLWRKLOIW"0XWQXUZDVVDJHQ© $OVREHLQPRUGOXVWLJHU,UUHULP.RNDLQUDXVFKHLQHJURH +LOIHVHLQN|QQWH ª0DQQ0LJXHOLWRZHLHLQIDFKDOOHV:lUHEHVVHUZHQQ GX VJODXEVW©'HU0HVWL]HVSUDQJKRFKKSIWHLP&RFNSLW KHUXPDOVZUGHHUHLQHQNOHLQHQ7DQ]DXIIKUHQª:RLVW GDV6HJHO0DQQ"6DJ V0LJXHOLWRZLUGVFKRQJXWJHKHQ© 3O|W]OLFKVDK7UHQWGLH9HUELQGXQJ]ZLVFKHQGHPZDV GHU0HVWL]HVDJWHXQGGHP0DQQGHUGLH)RFNEDFNJHKDO WHQKDWWH:LHXQJODXEOLFKHVDXFKVHLQPRFKWH'DVPXWH GHUNOHLQH0HVWL]HJHZHVHQVHLQª,P6HJHOVSLQGDXIGHU %DFNERUGVHLWH(LQVFKZDU]HU6DFNPLWHLQHUZHLHQ(LQV GDUDXI©(LQH:HOOHYHUVHW]WHGHQ.DWDPDUDQHLQHQZHLWHUHQ 0HWHUDXIGDV5LII]Xª,FKZHQGH©WHLOWHHU0LJXHOLWRPLW DEHUGHUNOHLQH0DQQZDUEHUHLWVQDFKYRUQHJHWDQ]W 'LHQlFKVWH:HOOHKREGLH*ROGHQ*LUOLQGLH+|KH7UHQW

QXW]WHGDV:HOOHQWDOXP]XVlW]OLFKH*HVFKZLQGLJNHLW]XJH ZLQQHQVFKZHQNWHGDV5XGHUKHUXPXQGKLHOWGLH)RFN VFKRWGLFKWELVGHU%XJGXUFKGHQ:LQGJHNRPPHQZDU 'HU%DXPVFKOXJKHUXP7UHQWKROWHEHLGH6HJHOGLFKWXQG EOLFNWHQDFKKLQWHQVDKZLHGDV6FKODXFKERRWJHUDGHKRFK REHQDXIGHP.DPPHLQHUVLFKEUHFKHQGHQ:HOOHVFKZHEWH 3O|W]OLFKZDUGLH6FKOHSSOHLQHELV]XP=HUUHLHQJHVSDQQW XQGULGDV6FKODXFKERRWZHJDOVGLH:HOOHVLFKEUDFKXQG QDFKYRUQHDXIGDVZDUWHQGH.RUDOOHQULIIGRQQHUWH $P%XJZXUGHGDVJHOEH*HQXD1XPPHU(LQVDXVGHP 6DFNJH]RJHQXQGNODUJHPDFKW0LJXHOLWRKXVFKWHGDV6HL WHQGHFNHQWODQJXQGIKUWHGLH%DFNERUGVFKRWGHU*HQXD DFKWHUQ]XU6FKRUZLQVFK ª+H\0LJXHOLWRPDFKWGDVSULPDZDV"©NLFKHUWHHUXQG WlQ]HOWHPLWGHQ)HQKHUXPEHYRUHUQDFKYRUQH]XU6WHX HUERUGVFKRWHLOWH(UNOlIIWHZLHHLQ+XQGDOVHUZLHGHULQV &RFNSLW]XUFNVSUDQJ'LH6FKRWZDUNODUª:LU]LHKHQGDV 6FKHLGLQJMHW]WGHQ0DVWKRFKNOHLQHU+XQG%LVWGXVR ZHLW"© ª,FKELQVRZHLW©VDJWH7UHQWXQGEHREDFKWHWHZLHGHU0H VWL]HHLQKlQGLJDXIGDV.DELQHQGDFKKSIWHXPHLQNXU]HV :RUWPLWGHP9DTXHURDP0DVW]XZHFKVHOQ 'LHJHOEH*HQXDNOHWWHUWHVFKQHOOGDV9RUVWDJKRFK7UHQW ZHFKVHOWHGLH6FKRWHQDOVGLH)RFNKHUXQWHUNDP=XVlW]OLFK GXUFKGDVJURH6HJHODQJHWULHEHQVFKQHOOWHGHU.DWDPDUDQ MHW]WYRUDQ'DV6FKODXFKERRWVFKOLQJHUWHKLQWHULKPKHU'LH /FNHLP5LIIZDUDOVGXQNOH)OlFKH]XVHKHQXQGZHQLJHU DOV]ZHLKXQGHUW0HWHUYRQGHU%DFNERUGVHLWHGHV$FKWHU VFKLIIHVHQWIHUQW,QMHGHP0RPHQWNRQQWHQVLHYRQGHU QlFKVWHQ:LQGE|JHWURIIHQZHUGHQ7UHQWZLVFKWHVLFKGHQ 5HJHQDXVGHQ$XJHQDOVHUYHUVXFKWH*HVFKZLQGLJNHLW XQG(QWIHUQXQJ]XEHUHFKQHQXQGGDEHLGHQ:LGHUVWDQG GHV6FKODXFKERRWHVPLWHLQ]XEH]LHKHQ=XU6LFKHUKHLWEHQ| WLJWHHUHLQHQ0LQGHVWDEVWDQGYRQIQI]LJ0HWHUQ ª,FKZHQGH©ULHIHUXQGVDKHUVWDXQWPLWZHOFKHUZDKQ ZLW]LJHQ.XQVWIHUWLJNHLWGHUNOHLQHNRNDLQVFKWLJH0DQQ ZLHGHULQV&RFNSLW]XUFNVSUDQJXPPLWGHU:LQVFKGLH *HQXDVFKRWGLFKW]XKROHQ

ª+H\NOHLQHU+XQGNULHJVWMDHLQJDQ]VFK|QHV7HPSR GUDXI©NLFKHUWHGHU0HVWL]HXQGVWRSIWHVLFKPLWGHP'DX PHQQDJHOZLHGHUGDVZHLH3XOYHULQGLH1DVHª'XHU VFKUHFNVWVLHMD]X7RGH© ª%HVVHU]X7RGHHUVFKUHFNWDOVULFKWLJWRW©PHLQWH7UHQW ª:RKDVWGXGHQQJHOHUQWPLWHLQHP%RRWXP]XJHKHQ"© ª0LJXHOLWRLVWPDOPLW QHU*ULQJR/DG\JHVHJHOW QHU :LWZH'DQQKDWVLH0LJXHOLWRLQV*HIlQJQLVJHVWHFNW:DU

QHVFKOLPPH=HLW©(UNLFKHUWHª-HW]WPDFKW(O-HIH0LJXH OLWRHLQ*HVFKHQN7MDNOHLQHU+XQGGDV*HVFKHQNELVW GX©(U]RJHLQLPDJLQlUHV0HVVHUGXUFKVHLQH.HKOHª(LQ WRWHU*ULQJR©

0LWVHLQHU(LQVFKlW]XQJGDV=LHOLKUHU5HLVHOlJHDQGHU Q|UGOLFKHQ)OXJDEHOXQJGHV%HOSDQKDWWH7UHQWVLFKQLFKW JHLUUW6REDOGVLHLQGHQ6FKXW]GHUYRQ0DQJURYHQJHVlXP WHQ)OXPQGXQJKLQHLQIXKUHQKDWWHHUGLH/DGXQJGHV%HL ERRWHVDXIGHQ6HLWHQGHFNVGHU*ROGHQ*LUOJHVWDSHOWGLH 0lQQHUYRP6FKODXFKERRWKHUXQWHUJHKROWXQGLKQHQEHIRK OHQQDFKXQWHQ]XJHKHQ$OVNHLQ:LQGPHKUDXIGDV+HFN JLQJKDWWHHUGLH*HQXDJHJHQHLQYLHOJU|HUHVXQGOHLFKWH UHV6HJHODXVJHWDXVFKW'DV*URVHJHO]XU%DFNERUGVHLWH XQGGLH*HQXD]XU6WHXHUERUGVHLWHDXVJHEDXPWVHJHOWHQVLH JHLVWHUKDIWZLHHLQULHVLJHUZHLHU6FKPHWWHUOLQJEHUGDV JODWWH:DVVHUGHV)OXVVHVGDKLQZlKUHQGGDVHUVWH*UDXGHV EHJLQQHQGHV7DJHVGHQ+LPPHOHUKHOOWH $P8IHUZDUGDVGXQNOHJUQH0DQJURYHQJHZLUUHLQHP KRKHQ'VFKXQJHOJHZLFKHQ'LHEOHLFKHQ6WlPPHJLJDQ WLVFKHU8UZDOGElXPHUDJWHQDXVGHPPHKUVFKLFKWLJHQ %XVFKZHUNDXV)lFKHUSDOPHQXQG.OHWWHUSIODQ]HQKHUDXV .DSRNElXPHEHVFKDWWHWHQGDV8IHU&RKXQHSDOPHQPLW 1XVFKDOHQGLHULHVLJHQ:HVSHQQHVWHUQlKQHOWHQVWDQGHQ :DFKH5RWH-DVPLQElXPHZXFKHUWHQZLOGXQGSSLJHLQH REHUKDOEGHV6GXIHUVJHOHJHQHJUDXH.DONVWHLQNOLSSHKRFK 'LHZHLHQVWHUQI|UPLJHQ%OWHQZLOGHU.DIIHHSIODQ]HQZD UHQDQGHQ8IHUQYHUVWUHXW5HJHQWURSIHQJOlQ]WHQDXIGHQ IHGHUlKQOLFKHQ%DOOHULQDU|FNFKHQGHV.DSRNEDXPHV (LJHQWOLFKKlWWHQ3DSDJHLHQDXIGHU6XFKHQDFKLKUHP )UKVWFNYRQ%DXP]X%DXPVDXVHQPVVHQ7XNDQH6LO EHUUHLKHU.RUPRUDQH'RFKQLFKWVUKUWHVLFKNHLQ*H UlXVFKGXUFKEUDFKGLH6WLOOHNHLQ(LVYRJHOEOLW]WHWLHIEHU GHP:DVVHUPLWVHLQHPOHXFKWHQGHQ%ODXDXINHLQH=LND GHQEHJUWHQGLH0RUJHQGlPPHUXQJPLWLKUHPRKUHQEH WlXEHQGHQ=LUSHQ$OOHVZDUWHWHDXIHLQNRPPHQGHV8QKHLO HVUHJQHWHLQ6WU|PHQ 5HTXLHPIUHLQHQ0|QFKGDFKWH7UHQWDOVHUGHQNRNDLQ

VFKWLJHQ0HVWL]HQEHREDFKWHWHGHUDXIGHP.DELQHQGDFK NDXHUWH:lKUHQGGHUOHW]WHQKDOEHQ6WXQGHKDWWHGHUNOHLQH 0DQQLQVLFKKLQHLQJHNLFKHUWXQGGDEHLDQGHU,QQHQVHLWH VHLQHV*UWHOVVHLQ0HVVHUVFKDUIZLHHLQH5DVLHUNOLQJHJH PDFKW7UHQW]ZHLIHOWHQLFKWGDUDQGD0LJXHOLWRLKQW|WHQ ZUGHXQG]ZDUPLW9HUJQJHQDOV5DFKHGDIUZDV PDQLKPLQGHQ86$LP*HIlQJQLVDQJHWDQKDWWHXQGDOV 5DFKHDQGHU*ULQJR:LWZHGLHLKQKLQWHU*LWWHUJHEUDFKW KDWWH *RPH]KDWWHVLFKZLHGHUHUKROWXQGVDPLWHUQVWHP*H VLFKWQHEHQ7UHQWLP&RFNSLW%LVKHUKDWWHQVLHNDXPHLQ :RUWPLWHLQDQGHUJHZHFKVHOWDEHUMHW]WVFKDXWHGHU5HYRO YHUPDQQKRFKXQGPHLQWHUXKLJª,FKNDQQQLFKWVGDUDQlQ GHUQ© 7UHQWPDFKWHVLFKQLFKWGLH0KH]XDQWZRUWHQ(VJDE NHLQH$QWZRUW%HLGHZDUHQ3URILVEHLGHNDQQWHQGLH6SLHO UHJHOQ'RFKHLQHQZHVHQWOLFKHQ8QWHUVFKLHGJDEHV]ZL VFKHQLKQHQ6LHKDWWHQVLFKIUXQWHUVFKLHGOLFKH$XIWUDJJH EHUHQWVFKLHGHQ:HOFKHP'UXFN*RPH]DXFKLPPHU DXVJHVHW]WJHZHVHQVHLQPRFKWHHUKDWWHMHGHQIDOOVGLH)UHL KHLWEHVHVVHQVHLQH:DKO]XWUHIIHQ *XWRGHUE|VH ,QHLQHUPRUDOLVFKIKUHUORVHQ*HVHOOVFKDIWZXUGHQGLHVH %HJULIIHDOVDOWPRGLVFKDQJHVHKHQGDFKWH7UHQWZREHLVHLQH 7UDXULJNHLWGLH%LWWHUNHLWEHUZRJ'RFKIULKQZDUHQGLHVH :HUWHLPPHUQRFKYRQZHVHQWOLFKHU%HGHXWXQJYLHOOHLFKW ZHLOVHLQ/HEHQVRRIWDXIGHP6SLHOJHVWDQGHQKDWWH(UKlW WHJHUQHJHZXWZDV/RXLVSODQWHXQGVHLHVQXUXPKHU DXV]XILQGHQZHOFKHU6DFKH&RORQHO6PLWKVHLQ/HEHQJH ZHLKWXQGZLHYLHOH,QIRUPDWLRQHQ6PLWKYHUKHLPOLFKW KDWWH9RUDOOHPDEHUKlWWH7UHQWXQJHKHXHUJHUQHGLH 0DFKWVWUXNWXUHQXQGGLH'UDKW]LHKHUJHNDQQWGLHKLQWHU /RXLVVWDQGHQ:DVGLHVH0lQQHUDXFKLPPHUSODQHQPRFK WHQ7UHQWZDUVLFKZHLWHUKLQVLFKHUGDHVYLHO]XDXVJHNO JHOWZDUXPYRQ0|UGHUQGHVNROXPELDQLVFKHQ'URJHQKDQ GHOVHUVRQQHQZRUGHQ]XVHLQ 0|UGHU )U7UHQWZDUHVZLFKWLJVLFKDQGLHVHV:RUW]XKDOWHQ

*HQDXVRZLFKWLJZDUHVJHZHVHQQLHGHQ%HJULIIª/R\DOLVW© ]XJHEUDXFKHQZHQQHUYRQGHQSURWHVWDQWLVFKHQ7HUURUL VWHQLQ1RUGLUODQGVSUDFKRGHUEHUVLHEHULFKWHWH:HQQ PDQVHLQ/HEHQULVNLHUWHZDU*HQDXLJNHLWLQGHU6SUDFKH YRQHQWVFKHLGHQGHU%HGHXWXQJ6RZDUDXFKGLH9HUZHQ GXQJGHV:RUWHVª/R\DOLVW©IUGLHSURWHVWDQWLVFKH(QWVSUH FKXQJ]XU,5$IU7UHQWGHUVHOEVWNDWKROLVFKJHWDXIWZDU HLQH%HOHLGLJXQJGHU.DWKROLNHQYRQGHQHQGLHPHLVWHQ GHP7HUURULVPXVJHQDXVRDEOHKQHQGJHJHQEHUVWDQGHQZLH GHQGLVNULPLQLHUHQGHQ8QJHUHFKWLJNHLWHQGLHGHQLULVFKHQ 7HUURULVPXVKHUYRUJHEUDFKWKDWWHQ 7HUURULVUQXVZDUHKHUGDV(UJHEQLVYRQHWZDVDOVGLH8UVD FKHIUHWZDV'LHVH/HNWLRQKDWWH7UHQWEHLVHLQHP.DPSI JHJHQLKQJXWJHOHUQW'LHVHU6DFKYHUKDOWHQWVFKXOGLJWHDO OHUGLQJVQLFKWGDV9RUJHKHQGHUNUDQNHQE|VDUWLJHQXQG EOHQ7\SHQGLHLKQIULKUH=ZHFNHDXVQXW]WHQ,QGHQ-DK UHQLQGHQHQVLFK7UHQWLQ7HUURULVWHQJUXSSHQHLQJHVFKOL FKHQKDWWHKDWWHHUVLFKMHGH)RUPGHUSKLORVRSKLVFKHQ 6HOEVWUHFKWIHUWLJXQJDQK|UHQPVVHQXQGGDYRQZDUMHGHV :RUWJHORJHQJHZHVHQ'HPHLJHQHQ7RGQDKHVWDQG7UHQW JHQDXVRKXQGHUWSUR]HQWLJ]XGLHVHU:DKUKHLWZLH]XGHQ =HLWHQLQGHQHQHUGHQ6WXU]GHU*UXSSHQJHSODQWKDWWHLQ GLHHUHLQJHGUXQJHQZDU ,QGHUOHW]WHQ1DFKWKDWWHHV0RPHQWHJHJHEHQLQGHQHQ VHLQH$QJVWIDVWDXHU.RQWUROOHJHUDWHQZDU$OVMHW]WGLH 0RUJHQGlPPHUXQJKHUHLQEUDFKXQGLKPGHU7RGVRQDK ZDUEHPHUNWHHUHLQHPHUNZUGLJH=XYHUVLFKWLQVLFKIDVW VRDOVZlUHHUHLQHDEVWUDNWH:HVHQKHLWGLHYRQHLQHPDQ GHUHQ2UWDXVGDVOHW]WH.DSLWHOVHLQHV/HEHQVYHUIROJWH /RXLVNDPYRP6DORQKRFK'HU7HXIHOGDFKWH7UHQWXQG PHUNWHZLHLKQGLH(UNHQQWQLVOlFKHOQOLHGDGLHVWlQGLJH $QJVWZLHHLQH'URJHJHZLUNWKDWWHGLHLKQDXIGLHJOHLFKH $UWEHUGLH:LUNOLFKNHLWKLQDXVKREZLHEHLHLQHP0DUD WKRQOlXIHUGHUMHQVHLWVGHU6FKPHU]EDUULHUHLQHLQHQIDVWKDO OX]LQDWRULVFKHQ=XVWDQGGHU5XKHJHULHW /RXLVVWXGLHUWH7UHQWPLWZHQLJHU*HIKOVUHJXQJHQDOVHU HLQHP6DQGZLFKHQWJHJHQJHEUDFKWKlWWH(UWXSIWHVHLQH1D VHPLWHLQHPZHLWHUHQIULVFKHQVDXEHUHQ7DVFKHQWXFKDE

GDVHUGDQDFKVRUJIlOWLJ]XVDPPHQIDOWHWHXQGZLHGHULQVHL QHQ+HPGlUPHOVWHFNWHª:HQQZLUXPGLHQlFKVWH%LHJXQJ KHUXPVLQGEULQJHQ6LH,KU%RRW]XPOLQNHQ8IHU6HQRU&D SLWDQR© ª0|JH*RWWPHLQ)OHKHQHUK|UHQGDMHPDQG6LHHU VFKLHW©VDJWH7UHQW /RXLVLJQRULHUWHLKQDEHU0LJXHOLWRNLFKHUWHIU|KOLFK ª+H\GXELVWMDHLQULFKWLJPXWLJHUNOHLQHU+XQG*ULQJR© 6LHNDPHQXPGLH%LHJXQJXQGVDKHQHLQH/DQGXQJV EUFNHXQGHLQHQXQEHIHVWLJWHQ:HJGHU]XU+DXSWVWUDH XQG]XU6WUDHQEUFNHIKUWH=ZHL/DQGURYHUGHUEHOSDQH VLVFKHQ6WUHLWNUlIWHXQGHLQ$UPHHODVWZDJHQZDUWHWHQDQ GHU$QOHJHVWHOOH'LH:DJHQVWDQGHQPLWGHP+HFN]XP )OXVRGDVLHVRIRUWORVIDKUHQNRQQWHQZHQQGLH0lQQHU GLH:DIIHQXQGGLH0XQLWLRQDXIJHODGHQZRUGHQZDUHQ 'LHVHV'HWDLOGHU2UJDQLVDWLRQOLH7UHQWXPGLHEHOSDQHVL VFKH5HSXEOLNIUFKWHQ8QGHUNRQQWHQLFKWVGDJHJHQXQWHU QHKPHQHVJDENHLQH0|JOLFKNHLW&DVSDULQGHU86%RW VFKDIWHLQH1DFKULFKW]XNRPPHQ]XODVVHQ 9RUVLFKWLJEHZHJWH7UHQWGDV5XGHUOLHGLH*ROGHQ*LUO DQV8IHUJOHLWHQ'HU9DTXHURKROWHGLH6HJHOHLQZlKUHQG 0LJXHOLWRHLQHPGHUZDUWHQGHQ)DKUHUHLQH/HLQH]XZDUI ª,FKN|QQWHHLQH7DVVH.DIIHHYHUWUDJHQ©VDJWH7UHQW]X *RPH] 'RFK/RXLVZDUDQ'HFNXQG*RPH]]XFNWHHQWVFKXOGL JHQGGLH$FKVHOQª,FKPXPLFKGDUXPNPPHUQGDGLH :DJHQEHODGHQZHUGHQ8QGLFKPX6LHDXFKELWWHQ© ª$EHUVLFKHUGRFK%LWWHVHKU©PHLQWH7UHQWXQGUHLFKWH LKPGLHDFKWWDXVHQG'ROODUDXVVHLQHU*HVlWDVFKH(U VFKDXWH]XZLH*RPH]GDV8PODGHQGHU)UDFKWRUJDQLVLHUWH *RPH]KDWWHVHLQH6WHOOXQJGXUFKGLHXQHUVFKWWHUOLFKHXQG JHZLFKWLJH$XVVWUDKOXQJVHLQHU3HUV|QOLFKNHLWVHLQH.|U SHUNUDIWXQGGLHXQHQWULQQEDUH3Ul]LVLRQHUODQJWPLWGHUHU VHLQH6FKXZDIIHQ]XJHEUDXFKHQYHUVWDQG,QGHQ$XJHQ YRQ/RXLVZDUGLH7DWVDFKHGDHUIDVWHUWUXQNHQZDUHLQ $NWGHU6HOEVWHQWPDQQXQJJHZHVHQHLQ*HVLFKWVYHUOXVWDOV ZlUHHUGLHJHVHOOVFKDIWOLFKH6WXIHQOHLWHUELV]XHLQHU3RVLWLRQ KHUXQWHUJHSXU]HOWGLHNQDSSREHUKDOEGHUHLQHV7DJHO|K

QHUVODJ7DJHO|KQHUOLHHQVLFKRSIHUQXQGYHUKHL]HQGLH 0lQQHUKDWWHQHLQHQ5LHFKHUGDIUXQGVSUWHQGLH9HUlQ GHUXQJEHL*RPH]VRGDVLHVHLQHQ%HIHKOHQ]|JHUOLFKHU QDFKNDPHQ5LVLNHQGLHVHU$UWJHK|UWHQ]XP*HZHUEHHLQHV 5HYROYHUPDQQHV 0DULRVHW]WHVLFKGHUDUWLJHQ5LVLNHQQLFKWJHUQHDXV'HU $QIKUHUGHV0RUGNRPPDQGRVKDWWHVLFKLQGLHVHU+LQVLFKW LPPHUEHGHFNWJHKDOWHQXPQLFKWSO|W]OLFKLQHLQH.RQIURQ WDWLRQPLW/RXLV]XJHUDWHQRGHUYRQVHLQHQ0lQQHUQDOVXQ WHUZUILJRGHUJDUlQJVWOLFKJHJHQEHUGHP$QIKUHUGHU /DWLQRVZDKUJHQRPPHQ]XZHUGHQ 0LJXHOLWRDQGHUHUVHLWVKDWWHDQ.RQWXUJHZRQQHQMHQlKHU GHU0RPHQWJHUFNWZDUDQGHPGLH0lQQHUDNWLYZHUGHQ PXWHQYLHOOHLFKWZHLOHUVRRIIHQNXQGLJGDV0RUGHQJH QRGDFKWH7UHQWDOVHUEHREDFKWHWHZLH0LJXHOLWRPLWGHP 'DXPHQQDJHOQRFKPHKU.RNDLQLQVHLQH1DVHQO|FKHUVWRSI WH'LHVH0lQQHUZDUHQJHNRPPHQXP]XW|WHQ'HVVHQ ZDUVLFK7UHQWVLFKHU 'HU0HVWL]HVFKDXWHKRFKXQGVDKGD7UHQWLKQEHRE DFKWHWHª'XZLOOVW.DIIHH".ODUGRFK:DUXPDXFKQLFKW" 'RFK]XHUVWELQGHQZLUGLUGLH+lQGHIHVWNOHLQHU+XQG© *RPH]VFKDXWH]XZLH0LJXHOLWR7UHQWV+DQGJHOHQNHYRU GHP%DXFK]XVDPPHQEDQGVRGDHUGHQ%HFKHUPLW.DIIHH KDOWHQNRQQWH 0DULRIROJWHGHPOHW]WHQVHLQHUXQLIRUPLHUWHQ0lQQHULQ GHQ/DVWZDJHQ'LH%URNUDWHQVDHQLQHLQHP/DQGURYHU GLHDQGHUHQZDUWHWHQDXI/RXLVXQG*RPH]0LJXHOLWRZDU DXIVHLQHQ6LW]SODW]DXIGHP.DELQHQGDFK]XUFNJHNHKUW 2EZRKO*RPH]YRQ/RXLVEHREDFKWHWZXUGHVWUHFNWHHU 7UHQWVHLQH+DQGHQWJHJHQXQGEDWVRZRUWORVXP9HUJH EXQJª'DQNHGD6LHPLUGDV/HEHQJHUHWWHWKDEHQ6HQRU© ª%LWWHVHKU©:LHHLQ%HREDFKWHUYRQDXHQVDK7UHQWVLFK GDEHL]XZLHHUGLH+DQGGHV5HYROYHUPDQQHV]ZLVFKHQGLH ]XVDPPHQJHEXQGHQHQ+DQGIOlFKHQQDKPXQGVFKWWHOWH (UZDUQLFKWZHLWGDYRQHQWIHUQWK\VWHULVFKORV]XODFKHQ XQGUDQJGDUXPZLHGHUGLH.RQWUROOH]XJHZLQQHQª,FK QHKPHHVQLFKWSHUV|QOLFK©PHLQWHHU0LWUDXHQ]ZLVFKHQ /RXLVXQG*RPH]]XVlHQZDUMHW]WGDVHLQ]LJHZDVHUWXQ

NRQQWHª:HQQVLFKHLQH*HOHJHQKHLWELHWHWZUGHLFKLKQ HUVFKLHHQ©ULHWHU*RPH]PLWHLQHP1LFNHQLQ/RXLV5LFK WXQJª7XVWGXGDVQLFKWEULQJWHUGLFKXP© (UVDKZLHVLFK/RXLV $XJHQYHUHQJWHQVSUWHZLHLQ *RPH]+DQGHLQ1HUY]XFNWHhEHUHLQHQGHU0lQQHUKDWWH HUJHUDGHGDV7RGHVXUWHLOJHVSURFKHQEHUZHQZUGHGLH =XNXQIW]HLJHQ *RPH]VSUDQJEHUGLH5HOLQJXQGOLHVLFKDXIGHQ%RGHQ IDOOHQ7UHQWEHREDFKWHWHZLHHUVHKUDXIUHFKW]XP/DQGUR YHUKLQEHUJLQJGHUGHU.RORQQHYRUDXVIXKU /RXLVVFKQLHIWHLQHLQ7DVFKHQWXFK)UHLQHQ$XJHQEOLFN UXKWHVHLQNDOWHU%OLFNDXI7UHQWª6LHZDUHQVHKUWFKWLJ6H QRU&DSLWDQR©'DQQEOLFNWHHU]XP0HVWL]HQKRFKª%HVHLWL JHLKQ© ª.ODUGRFK,FKQHKPHLKQPLWLQGHQ'VFKXQJHO-HIH© 'HU NOHLQH0DQQNLFKHUWHYRU9RUIUHXGHXQGPDFKWHPLWVHLQHP 0HVVHUHLQH%HZHJXQJDOVZUGHHUHVGXUFK7UHQWV.HKOH ]LHKHQª6HLQH/HLFKHODVVHLFKOLHJHQ'LHNDQQGLHJURH .DW]HIUHVVHQ© /RXLVJDELKPPLWHLQHPOHLFKWHQ:LQNVHLQHV7DVFKHQWX FKHV]XYHUVWHKHQGDHUGDPLWHLQYHUVWDQGHQZDUª:HQQ GXIHUWLJELVWNRPPVWGX]XU6WUDHQVSHUUHDQGHU%UFNH© $OVGLH)DKU]HXJHZHJZDUHQVFKZDQJVLFK0LJXHOLWR YRP.DELQHQGDFKKHUXQWHUª:LOOVWGXHLQHOHW]WH7DVVH.DI IHHNOHLQHU+XQG"© ª*HUQH©PHLQWH7UHQWXPVHLQHQ7RGQRFKHWZDVKLQDXV ]X]|JHUQZHQQDXFKQXUXPZHQLJH0LQXWHQ 'HU0HVWL]HVWHFNWHVHLQHQ'DXPHQLQVHLQHQ.RNDLQEHX WHOXQGIOXFKWHDOVHUQXUHLQSDDU.UPHODP1DJHOIDQG ª+H\ZLUVROOWHQEHVVHULQGHQ6DORQJHKHQNOHLQHU+XQG +LHUGUDXHQUHJQHWHV]XYLHOXQG0LJXHOLWRZLUGVLFKQRFK HLQELFKHQ.RNVJHQHKPLJHQ© (UPDFKWHGDV6HLOXP7UHQWV+DOVDP+DOWHJULIIQHEHQ GHP1LHGHUJDQJIHVWGHULQGLH6SLW]HGHV%DFNERUGUXPSIHV KLQHLQIKUWH7UHQWVHW]WHVLFKDXIGDV6DORQGHFNGHQ.DI IHHEHFKHU]ZLVFKHQGHQJHZ|OEWHQ+lQGHQ0LJXHOLWRVD DP7LVFKGHV6DORQV(UKDWWHHLQSDDU]HQWLPHWHUJURH.R NDLQEU|FNFKHQDXVVHLQHP9HUVWHFNJHKROWXQG]HUVWLHVLH

PLWVHLQHP0HVVHUDXI7UHQWV5DVLHUVSLHJHO%HVRQGHUVHLOLJ VFKLHQHVGHU0HVWL]HQLFKW]XKDEHQ:DKUVFKHLQOLFKZHLO /RXLVQLFKWPHKUGDLVWXQGZHLOVHLQH.RNDLQVXFKWHLQHQ EHWUlFKWOLFKHQ9RUUDWDQ]HUNOHLQHUWHP.RNDLQHUIRUGHUOLFK PDFKWYHUPXWHWH7UHQW6REDOGVLFK0LJXHOLWRGUDXHQLP 5HJHQDXIKLHOWZUGHHVLKPZHVHQWOLFKVFKZHUHUIDOOHQ GDV.RNDLQJHEUDXFKVIHUWLJ]XPDFKHQ ª+H\GLHVHV%HOSDQLVWHLQYHUUFNWHU3ODW]©EHPHUNWH0L JXHOLWR6HLQ.RSIZDU]XU6HLWHJHQHLJWDOVHU]X7UHQWKHU EHUVFKDXWHª6LHKDEHQHLQH5HJLHUXQJDOVREVLHPHLQHQ GLHVHV/DQGVHLHLQULFKWLJHV/DQGKDEHQDEHUQXUHLQSDDU +XQGHUWWDXVHQG/HXWH(UVFKQLWWHLQHQKDOEHQ=HQWLPHWHU DEXQG]HUVWLHGDV%U|FNFKHQ]XHLQHPIHLQHQ3XOYHUª7MD NOHLQHU+XQG(LQIDFKEHNORSSW8QGVLHKDEHQMHW]W:DKOHQ GDKHUODXIHQEHUDOOLQGLHVHP6FKHLODQG3ROLWLNHUUXP .HLQH/HLEZlFKWHU1LFKWV0DQQGLHVLQGZLUNOLFKYHU UFNW:LUZHUGHQVLHXQVVFKQDSSHQZLHUHLIH$YRFDGRV© (UVFKDXWHYRP6SLHJHOKRFKVDEEHUQG]ZLQNHUWHHU7UHQW ]Xª7MDNOHLQHU+XQGSOXPSVSOXPSVSOXPSVJHKHQVLH XQVLQV1HW]©(UNLFKHUWHXQGWDWVRDOVZUGHHUUHLIH$YR FDGRVLQHLQHQ.RUEIDOOHQODVVHQ ª:LUZHUGHQGLHVH3ROLWLNHUKRSVQHKPHQNOHLQHU+XQG XQGVLHLQHLQJURHV/RFKVWHFNHQGDPLWVLHQLHPHKUZLH GHUNRPPHQ'DQQZLUG6HQRU/RXLVEHUGLHVHVNOHLQH/DQG KHUUVFKHQZLHEHUVHLQH+D]LHQGD)OXJ]HXJHZHUGHQKLHU ODQGHQZLHGLH)OLHJHQDXIGHLQHU/HLFKHQDFKGHP0LJXHOL WRGLFKJHNLOOWKDW7MD©PHLQWHHU]XIULHGHQDOVHUHLQHQZHL WHUHQKDOEHQ=HQWLPHWHUYRP%ORFNDEKDFNWHª:HQQDOOHV NODSSWXQGZLUIHUWLJVLQGZLUGMHGHVJRWWYHUGDPPWH.RNV IOXJ]HXJEHU%HOSDQIOLHJHQ'DVKLHULVW6XSHUNRNVDXVGHQ %HUJHQNOHLQHU+XQG© ª)UHLQHQHLQ]LJHQ0DQQLVWGDVHLQHJDQ]VFK|QJURH 6DFKH©PHLQWH7UHQW 0LJXHOLWRZ|OEWHHUVWDXQWGLH$XJHQEUDXHQZXQGHUWH VLFKEHU7UHQWV'XPPKHLWª+H\PHLQVWGXHWZD/RXLVVHL GHUJURH-HIH"%LVWXQGEOHLEVWHLQIDFKHLQYHUUFNWHU*ULQ JR0DQQ/RXLV:LHQHQQWPDQGDVGRFKJOHLFK"!%RGHQ RSHUDWLRQJHQDXGDVLVWGDVULFKWLJH:RUW©'HU0HVWL]H

ZLHGHUKROWHGDV:RUWPLWJURHU$FKWVDPNHLWHUZDUVLFKW OLFKVWRO]GDUEHUZLHJXWHUPLW6SUDFKHXPJHKHQNRQQWH ª-DJHQDX!%RGHQRSHUDWLRQ©(UVWRSIWHVLFKGDV.RNDLQ PLWGHP'DXPHQLQGLH1DVHNLFKHUWHª/RXLVLVWWRWDOKDUW GUDXIGHU0DQQDEHUHLJHQWOLFKLVWHUHLQ1LFKWV:LUKDEHQ %RVVHGLHNRPPHQYRQEHUDOOKHUNOHLQHU+XQG:LUKDEHQ %RVVHDXV.ROXPELHQ:LUKDEHQGLH1LFDUDJXDQRV:LUKD EHQVRJDUHLQHQ*ULQJR%RGHQQRFKNHLQHUJHVHKHQKDW 'HULVWGHU.RSINOHLQHU+XQG(LQULFKWLJVFKODXHU'UHFNV NHUO© 7UHQWKDWWHDOVRUHFKWJHKDEW'RFKGLH,QIRUPDWLRQHQ QXW]WHQLKPQLFKWV(UVWHOOWHVLFK%HOSDQV3UlVLGHQWYRUZLH HULKQGDVOHW]WH0DOJHVHKHQKDWWH%DUIXKDWWHHUDP(QGH GHV/DQGHVWHJHVGUDXHQDXI.H\6DQ3DXOJHVWDQGHQXQG JHDQJHOW2KQHHLQHQHLQ]LJHQ:lFKWHUZHQQPDQYRQVHL QHU(QNHOLQHLQPDODEVDK'LHDQGHUHQ0LQLVWHUGLHVLFKLU JHQGZRLQLKUHQ:DKONUHLVHQDXIKLHOWHQZDUHQJHQDXVR OHLFKWH2SIHU'RFKHLQ3X]]OHVWHLQIHKOWHLQGHPJDQ]HQ 6]HQDULXPQRFK 7UHQWVWHOOWHVHLQHQOHHUHQ.DIIHHEHFKHUDEª*ODXEVWGX ZLUNOLFKGDGLH86$XQGGLH81HXFKJHVWDWWHQZHUGHQ GDPLWGXUFK]XNRPPHQ"© ª%HOSDQ"©0LJXHOLWRNLFKHUWHIU|KOLFKª'X9HUUFNWHU 0HLQVWGXGHQQGLHNPPHUWGDVHLQHQ6FKHLGUHFN":LU VLQGGLH$UPHHYRQ%HOSDQ0DQQZLUKDEHQGLH8QLIRU PHQRGHUHWZDQLFKW"© $EHUJDQ]VRHLQIDFKZDUHVQLFKWPHKU'DV(QGHGHVNDO WHQ.ULHJHVKDWWH9HUlQGHUXQJHQKHUEHLJHIKUW'LH=HLWGHU $OOLDQ]HQPLWZHLWHQWIHUQWHQ/lQGHUQKDWWHDXIGHUHQ9HU VSUHFKHQEHUXKWHQWZHGHUGHQ.DSLWDOLVPXVRGHUGHQ.RP PXQLVPXV]XXQWHUVWW]HQXQGGLHVH=HLWHQZDUHQYRUEHL 'HUKLQWHUGLHVHU2SHUDWLRQVWHFNHQGH'UDKW]LHKHUPXWH GDVZLVVHQ ª:LOOVWGXQLFKWHLQH/LQLH.RNV]LHKHQNOHLQHU+XQG"© ERWGHU0HVWL]HPLWHLQHP*ULQVHQLKPDQª+XQGHUWSUR]HQ WLJUHLQ© 7UHQWLJQRULHUWHGDV$QJHERW ª0DQQGXZHLWQLFKWZDVJXWIUGLFKLVW©0LJXHOLWR

NUDW]WHGDVSXOYHULVLHUWH.RNDLQLQVHLQHQ%HXWHOXQGVWDQG DXI,QVHLQHP*UWHOVWHFNWHHLQH3LVWROHLQVHLQHUUHFKWHQ +DQGKLHOWHUVHLQ0HVVHUª:LUJHKHQMHW]WHLQELFKHQVSD ]LHUHQNOHLQHU+XQG'XZLUVW0LJXHOLWRNHLQHQbUJHUPD FKHQ'DQQVFKQHLGHWGLU0LJXHOLWRVRJXWGLH.HKOHGXUFK GDGXQLFKWVPHUNVW© (UEHIDKO7UHQWYRP+DQGJULIIDP1LHGHUJDQJ]XUFN]X WUHWHQVRGDVLFKGHU0HVWL]HDXHUKDOEVHLQHU5HLFKZHLWH EHIDQGZlKUHQGHUGDV6HLOORVEDQG(LQOHW]WHV0DOVFKDXWH VLFK7UHQWLP6DORQXP ª7MDNOHLQHU+XQGVFK|QHV%RRW©NLFKHUWH0LJXHOLWR ª$GLRV©(UIROJWH7UHQW]XU5HOLQJDQGHU/DQGXQJV EUFNHYHUVHW]WHLKPHLQHQNOHLQHQ6WLFKPLWGHU0HVVHUVSLW ]Hª:LUJHKHQQXUHLQNXU]HV6WFNLQGHQ'VFKXQJHONOHL QHU+XQG© (VJDENHLQHQ3IDGVRGD7UHQWVLFKVHLQHQ:HJLQHLQH :DQGDXV3IODQ]HQKLQHLQVHOEHUEDKQHQPXWH$OOHSDDU 6HNXQGHQSLHNWHLKQGHU0HVWL]HPLWGHU0HVVHUVSLW]HLQ GHQ5FNHQVRGD7UHQWZXWHGDGHUNOHLQH0DQQGLFKW KLQWHULKPZDU9RULKP|IIQHWHVLFKKLQWHUHLQHP)lFKHUDXV 3DOPZHGHOQHLQH/LFKWXQJ$OV7UHQWGLH3DOPZHGHODXVHLQ DQGHUVFKREK|UWHHUKLQWHUVLFKGDVYHUWUDXWH6FKQLHIHQPLW GHP0LJXHOLWRGDV.RNDLQLQVHLQH1DVH]RJ7UHQWOLHVLFK IDOOHQZLUEHOWHKHUXPWUDWPLWGHPUHFKWHQ%HLQQDFKKLQ WHQ'HU7ULWWVDVHLQ)XVDQNWLHILQGHQ%DXFKGHVNOHLQHQ 0DQQHV0LJXHOLWRNQLFNWH]XVDPPHQ$OVHUDXIGHP%R GHQDXIVFKOXJOLH7UHQWGHQOLQNHQ)XQDFKREHQVFKQHO OHQWUDIGHQ0HVWL]HQPLWYROOHU:XFKWXQWHUGHP.LQQ'HU NOHLQH0DQQILHODXIGLH.QLHKDWWHDEHULPPHUQRFKGDV 0HVVHULQGHU+DQG(UOLHGDV6HLOGDV7UHQWXPGHQ+DOV KLQJORVVXFKWHLP*UWHOQDFKVHLQHU3LVWROH 7UHQWZlO]WHVLFKKHUXPUDSSHOWHVLFKDXIVWUPWHEOLQG EHUGLH/LFKWXQJLQV8QWHUKRO]KLQHLQKLHOWVHLQH]XVDP PHQJHEXQGHQHQ+lQGHKRFKXPVHLQH$XJHQ]XVFKW]HQ 6FKDUIH%OlWWHUXQG'RUQHQ]HUVFKQLWWHQVHLQH$UPH]HUUWHQ DQLKQHQULVVHQVHLQH:DQJHQDXI6HLQH)HXQGGDV6HLO XPVHLQHQ+DOVEOLHEHQDQ6FKOLQJSIODQ]HQKlQJHQ(UVWRO SHUWHILHOLQHLQHQGLFKWHQ%XVFK9HU]ZHLIHOWYRU$QJVW

]ZDQJHUVLFKYRUDQNURFKDXI.QLHQXQG(OOERJHQXQWHU GHPQLHGULJHQ%DOGDFKLQDXV%OlWWHUQKLQGXUFK(UNRQQWH K|UHQZLH0LJXHOLWRIOXFKWH6FKZHLQDKP7UHQWGLH6LFKW 9RULKPULHVHOWHHLQ:DVVHUODXI5LFKWXQJ)OX0LWHLQHP )XWULWWEHIUHLWHHUVLFKYRQHLQHU6FKOLQJSIODQ]HXQGUROOWH LQV:DVVHUKLQHLQ'DVDQVHLQHP+DOV]HUUHQGH6HLOZDUQD KHGDUDQLKQ]XHUZUJHQ6LFKIOXDEZlUWVEHZHJHQGVDK HUYRUVLFKHLQHQ7HLFKHUEHVWDQGDOOHUGLQJVHKHUDXVIOVVL JHP6FKODPPDOVDXV:DVVHU7UHQWSOXPSVWHKLQHLQGHU 6FKODPPVFKORVLFKEHUVHLQHP.RSIDOVHUVLFKYHU]ZHL IHOWEHPKWHLUJHQGZLH+DOW]XJHZLQQHQ'DV*HIKOPLW GHPGHU6FKODPPVHLQH1DVHQO|FKHUYHUVWRSIWHYHUVWlUNWH VHLQH3DQLNQRFK -HW]WZDUGLH3DQLNVHLQ)HLQG (UEHIDKOVLFKQDFK]XGHQNHQ(UIDQG%RGHQXQWHUVHLQHQ )HQWDXFKWHPLWHUKREHQHQ+lQGHQDXIXPVLFKGHQ 6FKODPPDXVGHQ$XJHQ]XZLVFKHQ'DVDKHUGLH6FKODQ JH6LHZDUHWZDHLQHQ0HWHUODQJHLQJUQOLFKEUDXQHV %DQGPLWHLQHUJHOEHQ5DXWHDXIGHU.HKOH(UZXWHGDV ZDUHLQHW|GOLFKH*LIWVFKODQJH 'LFKWKLQWHULKPULHIGHU0HVWL]Hª+H\*ULQJRGXELVW HLQE|VHUNOHLQHU+XQG0LJXHOLWRLVWULFKWLJZWHQG© 7UHQWGUHKWHODQJVDPVHLQHQ.|USHUELVHUVHLQH+lQGHDQ GDV6HLOOHJHQNRQQWH'LH6FKODQJHKREGHQ.RSI]LVFKWH DXV$QJVWRGHU:XW]QJHOWH ª+H\*ULQJRLFKNDQQGLFKVHKHQ©VDQJ0LJXHOLWRDOV ZROOWHHUHLQ.LQGEHLP9HUVWHFNVSLHOHQlUJHUQ 'LH6FKODQJH]LVFKWH 'HU0HVWL]HNLFKHUWHª%DOGZLUGGLFK0LJXHOLWRKDEHQ NOHLQHU+XQG© (LQ0RVNLWRODQGHWHDXI7UHQWV1DVHXQGVWDFKLKQ'HU 6FKODPPDXIVHLQHQ/LSSHQVFKPHFNWHQDFKPRGHULJHQ 3IODQ]HQGHUGXPSIH*HVWDQNJLQJLKPQLFKWDXVGHU1DVH =HQWLPHWHUIU=HQWLPHWHUEHZHJWHHUGDV6HLOLQVHLQH5LFK WXQJ'LH6FKODQJHVWLH]XVFKOXJLKUH*LIW]lKQHWLHILQGDV 6HLO'DQQZDUVLHZHJLKU(QGHYHUVFKZDQGXQWHUGHQ% VFKHQDXVGHQHQVLHKHUYRUJHNURFKHQZDU (UK|UWHGHQ0HVWL]HQlQJVWOLFKIOXFKHQDOVHUGLH6FKODQ

JHVDKª+H\*ULQJRYLHOOHLFKWVROOWHLFKGLFKHLQIDFKKLHU ODVVHQ'DQQZLUVWGXODQJVDPVWHUEHQ© 'LH)HGHV0HVWL]HQNUDFKWHQGXUFKGDV8QWHUKRO] GDQQK|UWH7UHQWZLHGHUGDV*HUlXVFKPLWGHP0LJXHOLWR .RNDLQVFKQXSIWH$OVREHU6HOEVWJHVSUlFKHIKUWHVDJWH GHU0HVWL]Hª-D*ULQJRJHQDXGDVZHUGHLFKWXQ'XZLUVW JDQ]ODQJVDPLP'VFKXQJHOYRUGLH+XQGHJHKHQ6FKHL NHUO0LJXHOLWRZLUG(O-HIHHLQIDFKVDJHQGXVHLVWPDXVHWRW QXUQRFKHLQ+DXIHQ)OHLVFK© 7UHQWDUJZ|KQWHGD0LJXHOLWRLKQLQHLQH)DOOHORFNHQ ZROOWH(UK|UWHZLHVLFKGHU0HVWL]HOLQNVYRQLKPVHLQHQ :HJGXUFKGDV*HEVFKEDKQWH*LQJHU]XUFN]XU*ROGHQ *LUO"2GHUZUGHHUVLFKGHQ0lQQHUQDQGHU6WUDHQVSHUUH DQGHU%UFNHDQVFKOLHHQ"'LH0HQJHDQ.RNDLQGLHGHU 0DQQGXUFKVHLQH1DVHJH]RJHQKDWWHPXWHVHLQ8UWHLOV YHUP|JHQGRFKEHHLQWUlFKWLJWKDEHQDEHUDXIZHOFKH:HL VH"IUDJWHVLFK7UHQW:UGHHUGDV5LVLNRHLQJHKHQ/RXLV DQ]XOJHQ" 7UHQWZDUGHP/DXIGHV)OFKHQVELVKLQXQWHU]XP%HOSDQ JHIROJWZDUGLHJDQ]H6WUHFNHODXWORVGXUFK6FKODPPXQG 0RGHUJHNURFKHQ'HQ%DXFKIODFKLP:DVVHUEHZHJWHHU VHLQH]XVDPPHQJHEXQGHQHQ+lQGH=HQWLPHWHUXP=HQWL PHWHUQDFKYRUQHXQGKREVHLQ*HVLFKWDXVGHP%XVFKZHUN VRGDHUIOXDXIZlUWVEOLFNHQNRQQWHZlKUHQGHUXQWHUHL QHPEHUKlQJHQGHQZLOGHQ.DIIHHVWUDXFKXQVLFKWEDUEOLHE 0LWWOHUZHLOHUHJQHWHHVVHLWEHUYLHU6WXQGHQ'HU)OXZDU EHUHLQHQKDOEHQ0HWHUJHVWLHJHQGLH6WU|PXQJGLHEHLLK UHU$QNXQIWDQGHU/DQGXQJVEUFNHNDXPZDKU]XQHKPHQ JHZHVHQZDUELOGHWHLQ]ZLVFKHQDPQDKHQ8IHUNOHLQH:LU EHOPLW6FKDXPDQGHQ5lQGHUQ 7UHQWKDWWHJHKRIIWGLH*ROGHQ*LUOVHKHQ]XN|QQHQDEHU GDV)OFKHQKDWWHLKQHLQJXWHV6WFNIOXDEZlUWVJHIKUW XQGGHU.DWDPDUDQODJKLQWHUGHU%LHJXQJIOXDXIZlUWV$Q 0LJXHOLWRV6WHOOHKlWWH7UHQWVLFKGRUWLP'VFKXQJHODXIGLH /DXHUJHOHJW'DGLH6WUDHXQWHU%HREDFKWXQJVWDQGZDU GHU.DWDPDUDQ7UHQWVHLQ]LJH+RIIQXQJDXI)OXFKW*HODQJWH HUDQV)XQNJHUlWNRQQWHHUVRJDU&DVSDUXQGGLH%HOSDQH

VHQZDUQHQXQG6WHYHVVFKZHUH7UXSSHDQIRUGHUQ'RFKGHU 0HVWL]HZDUHLQ*DQJVWHUXQGLQHUVWHU/LQLHVLFKVHOEVWWUHX :DUHVIULKQVLFKHUHU]XOJHQDOVHLQ]XJHVWHKHQGDHU YHUVDJWKDWWH" 'DVORVH(QGHGHV6HLOVXPGLH+IWHJHVFKOXQJHQJOLWW 7UHQWZLHHLQ.URNRGLOLQGHQ)OX8QWHUKDOEGHU%LHJXQJ ZDUGDV:DVVHULQGHU1lKHGHV8IHUVVRVHLFKWGD7UHQW PLWVHLQHQ)HQJXWHQ+DOWIDQG(UYHUVXFKWHVLFKYRQ =ZHLJ]X=ZHLJJHJHQGLH6WU|PXQJYRUDQ]XDUEHLWHQYHU ORUMHGRFKMHGHV0DOZHQQHUQDFKHLQHPQHXHQ+DOWJULII GHQ%RGHQXQWHUGHQ)HQ(QWZHGHUPXWHHU]XPDQGH UHQ8IHUVFKZLPPHQRGHUZLHGHULQV%XVFKZHUN]XUFNNHK UHQ(UVWHOOWHVLFKGLH7RSRJUDSKLHGHV*HOlQGHVYRU 'LH6WU|PXQJKDWWHVLFKDXIGHUIOXDXIZlUWVJHOHJHQHQ 6HLWHGHU%LHJXQJLQGLH)ODQNHHLQHV+JHOVHLQJHJUDEHQVR GDHUGRUWHLQHQVWHLOHQ$QVWLHJYRQPLQGHVWHQV]ZDQ]LJ 0HWHUQ]XEHZlOWLJHQKDWWH%HLP$EVWLHJIOXDXIZlUWVXQG EHLGHU$QQlKHUXQJDQGLH%UFNHNHLQH*HUlXVFKH]XPD FKHQZUGHXQP|JOLFKVHLQ:HQQHUGHQ)OXHQWODQJ VFKZDPPZUGHHUIOXDXIZlUWVELVZHLWKLQWHUGLH*ROGHQ *LUOXQGELVLQ6LFKWZHLWHGHU%UFNHVFKZLPPHQPVVHQ VRQVWULLKQGLH6WU|PXQJZLHGHUELV]XP$XVJDQJVSXQNW ]XUFN/RXLVKDWWHGLH6WUDHQVSHUUHHUULFKWHWXPMHGH3HU VRQGLHEHUHLQJHZLVVHV$QVHKHQYHUIJWHXQGQDFK%HO SDQ&LW\]XUFNNHKUWHDQ]XKDOWHQ6HLQH0lQQHUZUGHQ HKHUGLH6WUDHDOVGHQ)OXLP$XJHEHKDOWHQ6LHZROOWHQ GDLKQHQ3ROLWLNHULQV1HW]JLQJHQZDVMDZLH0LJXHOLWR VLFKJHEUVWHWKDWWHVRHLQIDFKZDUZLHGDV3IOFNHQUHLIHU $YRFDGRV7UHQWGUFNWHVLFKYRP8IHUZHJXQGEHZHJWH VLFKPLW]XVDPPHQJHEXQGHQHQ+lQGHQHKHUXQEHKROIHQ XQGZHQLJHIIL]LHQWPLWVHLWOLFKHQ6FKZLPPYHUVXFKHQGHQ )OXKLQDXI 6REDOGHUDXVGHP6FKXW]GHV8IHUVKHUDXVWUDWPHUNWHHU GDGHU:LQGDXIJHIULVFKWKDWWH$XFKGDVZUGHLKPGLH )OXFKWHUVFKZHUHQ$QGHUHUVHLWVNRQQWHHUDEHUVREDOGHU GLH)OXPQGXQJHUVWHLQPDOKLQWHUVLFKJHODVVHQKDWWHRK QH3UREOHPHELV.H\&DQDNDVHJHOQ(UPXWHGHQ3UlVLGHQ WHQXQEHGLQJWYRUGHU*HIDQJHQQDKPHGXUFK/RXLV0lQQHU

EHZDKUHQ6WFNIU6WFNHQWVWDQGZLHEHLHLQHP3X]]OHHLQ LPPHUGHXWOLFKHUHV*HVDPWELOG'LHHQWVFKHLGHQGH3HUVRQ ZDUGHU3UlVLGHQW6RJDUYRUGHU8QDEKlQJLJNHLW%HOSDQV ZDUHUGHU)KUHUVHLQHV/DQGHVJHZHVHQXQGGLHHLQ]LJH 3HUVRQGLHPDQDXHUKDOE%HOSDQVNDQQWH,Q*HIDQJHQ VFKDIWZUGHPDQLKQ]ZLQJHQGHQ6WDDWVVWUHLFKJODXE ZUGLJZLUNHQ]XODVVHQ:HQQHUVLFKMHGRFKZHLWHUKLQLQ )UHLKHLWEHIDQGZDUHUEHUHFKWLJW+LOIHYRQDXHQKHUEHL]X UXIHQ8PVLFKGDJHJHQDE]XVLFKHUQKDWWHQGLH$QIKUHU GHV6WDDWVVWUHLFKHVYHUVXFKWGDV$QVHKHQGHV3UlVLGHQWHQ ]X]HUVW|UHQLQGHPVLHLKQPLWGHP.RNDLQKDQGHOLQ9HU ELQGXQJEUDFKWHQ 9RQGHU$XHQVHLWHGHU%LHJXQJDXVVDKHUGLH*ROGHQ *LUO'HU.DWDPDUDQODJJHQDXVRGDZLHHULKQYHUODVVHQ KDWWHXQGZDUYRUQHXQGKLQWHQDQGHU$QOHJHVWHOOHIHVWJH PDFKW'RFKPLWGHPJHVWLHJHQHQ:DVVHUGHV)OXVVHVZDU GLH$QOHJHVWHOOHIDVWEHUIOXWHWXQGGLH%XJOHLQHKLQJ VFKODIIKHUXQWHU 'DV:DVVHUOHFNWHDQVHLQHP*HVLFKWDOV7UHQWVLFKIOX DXIZlUWVYRUDQVFKRE:LQGXQG5HJHQVWLHHQDXIGHQ)OX KLQXQWHUXQGYHUEDUJHQVHLQ9RUGULQJHQ-HW]WNRQQWHHUGLH %UFNHVHKHQHUZDUWHWHDEXQGEHREDFKWHWH 9RQ7UHQWV6WDQGRUWDXVJHVHKHQKDWWHQ/RXLV0lQQHULK UH6WUDHQVSHUUHDPDQGHUHQ(QGHGHU%UFNHHUULFKWHW'LH 6SHUUHEHVWDQGDXVDXIJHULFKWHWHQ0XQLWLRQVNLVWHQLQGHQHQ REHQ3IlKOHVWHFNWHQGLHDXVGHP'VFKXQJHODP6WUDHQ UDQGJHKDXHQZRUGHQZDUHQ(LQUHFKWHFNLJHVZHLHV6FKLOG PLWURWHQ%XFKVWDEHQZDUHEHQIDOOV]XHUNHQQHQDOOHUGLQJV NRQQWH7UHQWDXVVHLQHU3HUVSHNWLYHQLFKWOHVHQZDVGDUDXI VWDQG'LH0lQQHUWUXJHQ*XPPLSRQFKRVXQGKDWWHQLKUH VFKZDU]HQ%DUHWWHJHJHQ'VFKXQJHOKWHDXVJHWDXVFKWGLH VLHDOV6FKXW]YRUGHP5HJHQWLHILQV*HVLFKWJH]RJHQKDWWHQ 7UHQWNRQQWHQLFKWHUJUQGHQREVLFK0LJXHOLWRXQWHULKQHQ EHIDQG (UVFKDXIHOWHVLFK6FKODPPDXI6WLUQXQG:DQJHQXQG GUFNWHVLFKLQGHQWURSIHQGHQ%DOGDFKLQDXV%OlWWHUQKLQ HLQGHUGLH8IHUEHGHFNWH6HLFKWH6WHOOHQ]ZDQJHQLKQDXI GLH.QLH]XJHKHQHUNDPQXUHQWVHW]OLFKODQJVDPYRUDQ

'HU)DKUHUHLQHV*HOlQGHZDJHQVVFKDOWHWHXQGIXKUODQJVDP EHUGLH%UFNHXPDQGHU6WUDHQVSHUUHDQ]XKDOWHQ=ZHL 0lQQHUGUHKWHQ:LQGXQG5HJHQLKUHQ5FNHQ]XDOVVLH GLH3DSLHUHGHV)DKUHUVEHUSUIWHQ 6LHEHQ8KUPRUJHQV6RQQWDJPRUJHQ 1XUGUHL6WUDHQIKUWHQQDFK%HOSDQ&LW\XQG/RXLV ZUGHPLW6LFKHUKHLWDQDOOHQGUHL6WUDHQ6SHUUHQHUULFKWHW KDEHQ+lWWHQVLHHLQHQ:RFKHQWDJIULKUHQ6WDDWVVWUHLFK JHZlKOWKlWWHHVXPGLHVH6WXQGHYLHO9HUNHKUJHJHEHQ XQGGLH1DFKULFKWYRQGHQ6WUDHQVSHUUHQKlWWHVLFKLQ:LQ GHVHLOHLPJDQ]HQ/DQGYHUEUHLWHWXQGYLHOOHLFKWHLQHQGHU 0LQLVWHUJHZDUQWEHYRUPDQLKQJHIDQJHQQHKPHQNRQQWH HLQZHLWHUHV%HLVSLHOIUGLHYRUELOGOLFKH3ODQXQJ 7UHQWEHIDQGVLFKMHW]WREHUKDOEGHU*ROGHQ*LUOLP)OX XQGEOLFNWH]XUFN:HGHUDP8IHUQRFKDXIGHP.DWDPD UDQUKUWHVLFKHWZDV:HQQ0LJXHOLWRZDUWHWHZUGHHU VLFKJXWYHUVWHFNWKDEHQ$OV7UHQWHLQHQ$VWXQWHUGHU %UFNHKHUDXIGDV%RRW]XVFKZLPPHQVDK]lKOWHHUGLH6H NXQGHQ(WZDYLHU0LQXWHQZUGHHVGDXHUQGHQ)OXZLH GHU]XEHUTXHUHQ]ZHLKXQGHUW0HWHUZHLWZUGHHUVLFK WUHLEHQODVVHQ=XU6LFKHUKHLWZUGH7UHQWGDVDQGHUH8IHU YRQHLQHU6WHOOHDXVDQVWHXHUQGLHIQI]LJ0HWHUXQWHUKDOE GHU%UFNHODJGLH6WU|PXQJYHUVWlUNWHVLFKZHLWHU (LQHUGHU0lQQHUDQGHU6WUDHQVSHUUHOLHJHODQJZHLOWHL QHQ6WRFNLQV:DVVHUIDOOHQXQGEHREDFKWHWHZLHHUXQWHU GHU%UFNHKLQGXUFKWULHE(LQ]ZHLWHU0DQQJHVHOOWHVLFK]X LKP6LHIDQGHQQHXH6W|FNH2EZRKO7UHQWGLH0lQQHUQLFKW K|UHQNRQQWHZXWHHUGDVLHHLQH:HWWHYHUDQVWDOWHWHQ 7DWVlFKOLFK6LHOLHHQLKUH6W|FNHLPJOHLFKHQ0RPHQWIDOOHQ XQGUDQQWHQDXIGLHIOXDEZlUWVJHULFKWHWH6HLWHGHU%UFNH XPQDFKGHP*HZLWWHU$XVVFKDX]XKDOWHQ (LQGULWWHU0DQQVFKORVLFKLKQHQDQDOVVLHQHXH6W|FNH VXFKWHQ7UHQWZDUWHWHELVVLH]XUIOXDXIZlUWVOLHJHQGHQ 6HLWHGHU%UFNHJLQJHQGDQQVWUPWHHUDFKWORVYRUDQ :HQQVLHLKUH6W|FNHIDOOHQOLHHQXQG]XUFNUDQQWHQKLHOW HULQQHXQGHUVWDUUWH(UNRQQWHLKUH*HVLFKWHUVHKHQ0LJXH OLWRZDUQLFKWGDEHL $XIGLHVH:HLVHNDP7UHQWEHLMHGHP0DO]HKQ0HWHUYRU

DQXQGHUZXWHGDHUNHLQH&KDQFHKDWWHGHQ)OXXQJH VHKHQ]XEHUTXHUHQVRODQJHGLH0lQQHUPLWLKUHP6SLHO ZHLWHUPDFKWHQ (UVWDUUHQORVUDVHQHUVWDUUHQORVUDVHQ(LQHKDOEH6WXQGH ODQJHLQH6WXQGHODQJ 7UHQWHUUHLFKWHGLHDXVJHZlKOWH6WHOOH0LWWOHUZHLOHZDU GLH6WU|PXQJMHGRFKXPHLQLJHVVWlUNHUJHZRUGHQHUPXWH VLFKELV]XU%UFNHEHJHEHQ9RQ0LJXHOLWRZDULPPHUQRFK NHLQH6SXU]XVHKHQ (LQ/DQGURYHUIROJWHHLQHPDPHULNDQLVFKHQ3LFNXSEHU GLH%UFNH7UHQWHUJULIIGLH*HOHJHQKHLWUDQQWHWLHIJHEFNW ELV]XP6FKXW]GHQLKPGLH%UFNHERW(UKDWWHQRFK]HKQ 0HWHUYRUVLFKDOVHUK|UWHZLHGHU)DKUHUGHV/DQGURYHUV EHVFKOHXQLJWHXQGYRQGHU6WUDHQVSHUUHZHJIXKU2EHQDXI GHU%UFNHK|UWHPDQ5XIH7UHQWWDXFKWHLQGHQ6FKXW]HL QHV%XVFKHVKLQHLQGHUQHEHQGHQ%HWRQSIlKOHQGHU%UFNH KRFKZXFKVOHJWHVLFKIODFKDXIGHQ%DXFKLQV:DVVHUUROOWH GDQQDXIGHQ5FNHQXQGODJUHJORVGDZLHHLQH/HLFKH1XU VHLQ*HVLFKWUDJWHQRFKDXVGHU:DVVHUREHUIOlFKHKHUDXV (UK|UWHZLH]ZHL0lQQHUPLWHLQDQGHUGLVNXWLHUWHQDEHU EHLGHPLQVHLQH2KUHQSOlWVFKHUQGHQ:DVVHUNRQQWHHUGLH :RUWHQLFKWYHUVWHKHQ'DQQK|UWHHU]HUEUHFKHQGHbVWHXQG HLQHQ)OXFKDOVHLQHUGHU0lQQHUYRP%UFNHQJHOlQGHU ]HKQ0HWHUEHULKPDXIGDVREHUH(QGHGHU8IHUE|VFKXQJ VSUDQJ7UHQWKLHOWGHQ$WHPDQGUFNWHVHLQ*HVLFKWXQWHU GLHVFKODPPLJH2EHUIOlFKHGHV)OXVVHV(UNQLUVFKWHPLWGHQ =lKQHQXPGHPEHUPlFKWLJHQ9HUODQJHQVHLQHU/XQJHQ ]XZLGHUVWHKHQ6LHGURKWHQ]XSODW]HQ=HKQ6HNXQGHQ ]ZDQ]LJGUHLLJ /XIWHQWZLFKLQVHLQHQ0XQG(UNRQQWHVSUHQGDVLFK VHLQH%DFNHQDXIEOlKWHQZLHKHLH%DOORQV(UVWHFNWHGLH1D VHQO|FKHUEHUGLH:DVVHUREHUIOlFKHOLHGLH/XIWKHUDXV VWU|PHQ)HUXWVFKWHQGXUFKGHQ6FKODPPGLH8IHUE| VFKXQJKLQXQWHU(LQ6WHLQO|VWHVLFKUROOWHKHUXQWHUXQG SODWVFKWHNHLQHQ0HWHUYRQ7UHQWV)HQHQWIHUQWLQV:DV VHU6WLOOH 'DQQK|UWHHUJDQ]QDKEHUVLFKHLQ)OVWHUQª+H\ELVW GXGDNOHLQHU+XQG"©1RFKHLQPDOUXWVFKWHQ)HKHUXQ

WHUYHUVXFKWHQ+DOW]XILQGHQ(LQJHGlPSIWHV.LFKHUQEH JOHLWHWHGDV*HUlXVFKª,FKJODXEH0LJXHOLWRVLHKWGLFK© )U7UHQWZDUGLH7DWVDFKHGDGHU0HVWL]HVHLQH6WLPPH GlPSIWHGHU%HZHLVGDIUGDGHUNOHLQH0DQQJHORJHQ XQGLKQIUWRWHUNOlUWKDWWH8QGYRP8IHUDXVNRQQWH0L JXHOLWRLKQQLFKWVHKHQ1RFKQLFKW8PXQWHUGLH%UFNH]X VFKDXHQPXWHGHU0HVWL]HELVJDQ]QDFKXQWHQLQV:DVVHU NRPPHQ 8QWHUGHP*HZLFKWGHVNOHLQHQ0DQQHVEUDFKHLQ(UG NOXPSHQDXVGHU8IHUE|VFKXQJKHUDXVXQGNXOOHUWHLQGHQ )OX)U7UHQWZDUGDVSODWVFKHQGH*HUlXVFKVRODXWZLH GLH'HWRQDWLRQHLQHU%RPEH'HU0HVWL]HYHUORUVHLQHQ+DOW XQG7UHQWK|UWHZLHHUIOXFKHQGDXVUXWVFKWHhEHUGHQ %XVFKXQWHUGHPHUYHUVWHFNWODJVSULW]WHHLQ6FKZDOO:DV VHUDOV0LJXHOLWRLQGHQ)OXVWU]WH7UHQWZXWHHUZDUHU OHGLJW'HU0HVWL]HNRQQWHLKQMHW]WJDUQLFKWPHKUEHUVH KHQ(UPXWHQXUQRFKDXIVWHKHQHLQHQ6FKULWWQDFKYRUQH PDFKHQXQGGLH=ZHLJHDXVHLQDQGHUVFKLHEHQ2EHQDXIGHU %UFNHK|UWHHUGHQ0DQQODFKHQ0LJXHOLWREHGDFKWHLKQ ODXWKDOVPLWHLQHU5HLKHEOHU%HOHLGLJXQJHQ 'DQQVDJWHHUOHLVHª6FKHLH©7UHQWGHUJH]ZXQJHQHUPD HQ]ZLVFKHQGHQ%OlWWHUQKLQGXUFKVFKDXWHVDKLKQGDV :DVVHUDXVVHLQHU3LVWROHVFKWWHOQ'DQQ|IIQHWH0LJXHOLWR GLH-DFNHVHLQHV7DUQDQ]XJHVPDFKWHGDV0DJD]LQDQGHU 9RUGHUVHLWHVHLQHV6ZHDWVKLUWVWURFNHQ ª:DVPDFKVWGXGDHLJHQWOLFK":LOOVWGX)LVFKHIDQJHQ"© ULHIGHU0DQQYRQGHU%UFNHKHUXQWHU 0LJXHOLWREUOOWHQDFKREHQGHU0DQQVROOHVLFKHWZDV 8QDXVVSUHFKOLFKHVDQWXQ0LWHLQHPNUlIWLJHQ6FKODJEHI|U GHUWHHUGDV0DJD]LQZLHGHULQGHQ.QDXIGHU3LVWROHXQG PDFKWHHLQHQ6FKULWWQDFKYRUQH1XUZHQLJH=HQWLPHWHUQH EHQ7UHQWV)HQZKOWHQVHLQH$UPHHVWLHIHOGHQ6FKODPP DXI0LWGHU3LVWROHLQGHU+DQGVFKREHUGLH%OlWWHUDXVHLQ DQGHU'DK|UWHPDQREHQDXIGHU6WUDHSO|W]OLFKHLQ+X SHQ'HUNOHLQH0DQQEOLFNWHKRFK0HKUHUH+XSHQYHUHLQLJ WHQVLFK]XHLQHPULFKWLJHQ+XSNRQ]HUWª+H\0DQQZDV ]XP7HXIHOJHKWGDYRUVLFK"© ª+|UWVLFKDQZLHHLQ.RQYRL©EUOOWHGHU0DQQYRQGHU

%UFNHQDFKXQWHQª3ODNDWHYRQLUJHQGHLQHP&DEU|QPLW JURHP6FKQXUUEDUW'DVPXHLQ3ROLWLNHUVHLQ© 0LJXHOLWRIOXFKWHHUQHXWXQGOLHGLH=ZHLJHORVª0DQQ KLHULVWQLFKWV,FKNRPPHKRFK© ª-DEHHLOGLFK8QGJHKQLFKWXQWHUGDEHL© 'LH+XSHQHUW|QWHQLQUK\WKPLVFKHP(LQNODQJ(LQH0lQ QHUVWLPPHVNDQGLHUWHEHUHLQ0HJDSKRQGLH$QIDQJVEXFK VWDEHQGHU3DUWHLGHV3UlVLGHQWHQXQGGHQ1DPHQGHVEHOSD QHVLVFKHQ0LQLVWHUVIU7RXULVPXVXQG9HUNHKUª:b+/(1 6,(',(33:b+/(16,(*(25*(9,&(17(%52:1© ª*HRUJH9LFHQWH%URZQZLUGEDOGHLQWRWHU6FKHLNHUO VHLQ©IOXFKWH0LJXHOLWRDOVHUVLFKGDV8IHUKRFKNlPSIWH 7UHQW]LWWHUWH(UYHUVXFKWHODQJVDP]XDWPHQVLFK]XEH UXKLJHQDOVHUDEZDUWHWH'HU.RQYRLZDUMHW]WDXIGHU %UFNHDOOHVFKULHHQGXUFKHLQDQGHUGLH+XSHQOlUPWHQ XQGGLHVNDQGLHUWHQ6ORJDQVZLHGHUKROWHQVLFKSDXVHQORV(V ZDUHQEHVWLPPWIQI]LJ/DVWZDJHQXQG$XWRV 7UHQWJOLWWXQWHUGHP%XVFKKHUYRUXQGKROWHWLHI/XIW'LH +lQGHZLHHLQHQ5DPPERFNQDFKYRUQHJHVWUHFNWVWLHHU VLFKDEXQGVFKZDPPXQWHU:DVVHUPLWKHIWLJHQ%HLQEHZH JXQJHQDXIGDVDQGHUH8IHU]X(UVSUWHZLHLKQGLH6WU| PXQJHUIDWH=ZHLPDONDPHUDQGLH:DVVHUREHUIOlFKH IOOWHVHLQH/XQJHQWDXFKWHZLHGHUDE'DQQNRQQWHHUGHQ .DWDPDUDQVHKHQ(LQHQ$XJHQEOLFNODQJVFKDXWHHUVLFKXP XQGEHWUDFKWHWHGHQ.RQYRLGHV0LQLVWHUVGHUDQGHU6WUD HQVSHUUHDXIJHKDOWHQZXUGH(UNRQQWHQLFKWVWXQXP*H RUJH9LFHQWH%URZQ]XUHWWHQWDXFKWHZLHGHUDEVWUDPSHOWH PLWDOOHU.UDIWGXUFKV:DVVHU$OVHUZLHGHUKRFKNDPKDWWH LKQGLH6WU|PXQJLQ6LFKHUKHLWJHEUDFKW'DV)UHLZHUGHQ YRQGHU$QJVWZDUIDVWXQHUWUlJOLFK(UZROOWHVLFKDXIGHQ 5FNHQOHJHQXQGGDKLQWUHLEHQXQGVLFKEHUKDXSWQLFKW PHKUDQVWUHQJHQGRFKHUNlPSIWHGDJHJHQDQLQGHPHU VLFKGDV%LOGGHVDOWHUQGHQ3UlVLGHQWHQPLWGHQJUDXHQ+DD UHQXQGGHU]HUEUHFKOLFKHQ6WDWXULQV*HGlFKWQLV]XUFNULHI (UPXWH.H\&DQDNDYRU/RXLV 0lQQHUQHUUHLFKHQ(VJR LQ6WU|PHQGHU:LQGZXUGHVWlUNHU

'LH6WU|PXQJGHV)OXVVHVUL7UHQW]ZLVFKHQGHQEHLGHQ 5PSIHQGHU*ROGHQ*LUOQDFKXQWHQ(UJULIIQDFKGHU 6FKOHSSOHLQHGHV6FKODXFKERRWHVVWHPPWHVLFKHLQHQ$X JHQEOLFNODQJJHJHQGHQ)OXNDPZLHGHU]X$WHP'DQQ ]RJHUVLFKEHUGHQ:XOVWDXIGHU%DFNERUGVHLWHGHV 6FKODXFKERRWHVKRFKXQGOLHVLFKDXIGLH%RGHQOHLVWHQURO OHQ'DVXPVHLQH+IWHJHZLFNHOWH6HLOKDWWHHUGDEHLJDQ] YHUJHVVHQXQGDOVHUGDUDXIILHOZXUGHLKPIDVWY|OOLJGLH /XIWJHQRPPHQ(UVHKQWHVLFKGDQDFKDXV]XUXKHQZXWH MHGRFKGDHULQ%HZHJXQJEOHLEHQPXWH]RJDQGHU 6FKOHSSOHLQHEHNDPVFKOLHOLFKVHLQH+lQGHDXIGLH+HFNUH OLQJGHV.DWDPDUDQXQGVSUDQJLQV&RFNSLW (UJLQJGLUHNW]XP)XQNJHUlWEHUGHP1DYLJDWLRQVWLVFK 'LH.DEHOZDUHQKHUDXVJHULVVHQZRUGHQHLQZHLWHUHU%H ZHLVGDIUGDPDQDXFKDXI'HWDLOVDFKWHWH(UJLQJLQGLH .RPEVHKLQXQWHUVXFKWHVLFKHLQ7UDQFKLHUPHVVHUXQG VFKQLWWVLFKGDV6HLOYRP+DOVORV6HLQH+lQGH]XEHIUHLHQ ZDUVFKRQVFKZLHULJHU(UNOHPPWHGDV0HVVHUVHQNUHFKWLQ GLH%HVWHFNVFKXEODGHXQGVFKORGLHVHLQGHPHUHLQ.QLH GDJHJHQUDPPWH=ZHLPDOUXWVFKWHGDV0HVVHUDXVXQG VFKQLWWLKPLQGLH+DQGJHOHQNHGDQQDEHUKDWWHHUHVJH VFKDIIW 'DV%OXWWURSIWHKHUXQWHUDOV7UHQW]XUFNDXIGDV'HFN UDVWHXQGDQV8IHUVSUDQJ'LH$QOHJHVWHOOHODJEHUHLWVGUHL LJ=HQWLPHWHUXQWHU:DVVHU(UEDQGGLH+HFNOHLQHORVNQL HWHVLFKKLQIKUWHVLHXPHLQHQ3IHLOHUKHUXPXQG]XP &RFNSLW'DQQO|VWHHUGLH%XJOHLQHVSUDQJDQ%RUGXQG UDQQWHDXIGHP.DWDPDUDQQDFKKLQWHQ'DGLH+HFNOHLQH QRFKIHVWJHPDFKWZDUWULHEGLH6WU|PXQJGLH%XJVSLW]HQ GHU*ROGHQ*LUOYRQGHU$QOHJHVWHOOHZHJ7UHQWZDUWHWHELV GDV9RUGHUHQGHGHV.DWDPDUDQVIOXDEZlUWVZLHVGDQQ PDFKWHHUGLH+HFNOHLQHORV]RJVLHHLQXQGOHJWHVLHLQ5LQ JHQEHUHLQDQGHU(UEOLHEDQGHQ,QQHQVHLWHQGHU)OXELH

JXQJHQGRUWKDWWHGLH6WU|PXQJPHKU.UDIWDOVGHUODQGHLQ ZlUWVZHKHQGH:LQGXQG6HJHOZlUHQQXUKLQGHUOLFKJHZH VHQ$XIHLQHPJHUDGHQ7HLOVWFNGHV)OXVVHVQXW]WHHUGLH *HOHJHQKHLWGDV%DURPHWHU]XEHUSUIHQ'HU/XIWGUXFN ZDUDXIHLQWDXVHQG0LOOLEDUJHVXQNHQ .XU]H=HLWGDFKWH7UHQWGDUDQ%HOSDQ&LW\XQG&DVSDULQ GHU86%RWVFKDIWDQ]XVWHXHUQDEHUHUZDUVLFKQLFKWVLFKHU REGHU'($$JHQWDXFKGDZDUXQGIUGHQ)DOOGDGLH 5HJLHUXQJYRQGHU:DKONDPSDJQHDXIGHQ,QVHOQ]XUFN NHKUWHZUGH/RXLVVHLQH0lQQHUDXFKDQGHQ'RFNVSR VWLHUWKDEHQGDV]XPLQGHVWZDUVLFKHU8QGZDVGDV(UUHL FKHQHLQHV7HOHIRQVDQEHWUDIUHFKQHWH7UHQWEHLGHU *HQDXLJNHLWPLWGHUGHU6WDDWVVWUHLFKRUJDQLVLHUWZRUGHQ ZDUIHVWGDPLWGD/RXLVDXFKGDV)HUQVSUHFKDPWEHU QRPPHQKDWWHXQGGDV7HOHIRQGDKHULQVEHVRQGHUHIU$XV ODQGVJHVSUlFKHQLFKWPHKUJHQXW]WZHUGHQNRQQWH'DPLW ZDUDXFKHLQ$QUXIEHL6WHYHLQ:DVKLQJWRQXQP|JOLFKJH ZRUGHQ&RORQHO6PLWKEH]RJ7UHQWQLFKWZHLWHULQVHLQH hEHUOHJXQJHQHLQ (UPXWHQDFK.H\&DQDND(WZDVDQGHUHVNDPQLFKWLQ )UDJH:HUGHQ3UlVLGHQWHQLQVHLQH*HZDOWEUDFKWHKLHOWDO OH7UPSIHLQGHU+DQG $OVGLH6WU|PXQJGLH*ROGHQ*LUOXPGLHOHW]WH%LHJXQJ GHV)OXVVHVYRUGHPRIIHQHQ0HHUWUXJZXFKWHWH7UHQWGDV 6FKODXFKERRWDQ%RUG0LWGHP)HUQJODVVXFKWHHUGLH.VWH DEGHU:LQGEOLHVLKPYROOLQV*HVLFKW'DVVHLFKWH:DVVHU LQQHUKDOEGHV5LIIVZDUEHUHLWV]XNXU]HQ:HOOHQPLWZHLHQ 6FKDXPNURQHQKRFKJHSHLWVFKWGLHGHQJURHQ.DWDPDUDQ DEUXSW]XP6WHKHQJHEUDFKWKlWWHQZHQQ7UHQWYHUVXFKW KlWWHZHLWKLQDXV]XVHJHOQXQG%HOSDQ&LW\]XHUUHLFKHQ .H\&DQDNDZDUVHFKV6HHPHLOHQHQWIHUQWXQGVRPLWJXWHU UHLFKEDUXQGHUVHJHOWHDOOHLQ:LHVHKUGLH=HLWDXFK GUlQJWHPHKUDOVGLH)RFN1XPPHU'UHLXQGGDV*URVHJHO ]XVHW]HQZlUHHLQIDFK'XPPKHLWJHZHVHQ(UKLWHGDV *URVHJHO]XUUWHGDV5XGHUIHVWXQGUDQQWHQDFKYRUQHXP GLH)RFN]XVHW]HQ'LH:XFKWPLWGHUVLFKGLH6HJHOEOlK WHQKREGLH*ROGHQ*LUOHPSRUVRGDVLH]ZHLODQJH6WUHLIHQ GXQNHOEODXHQ:DVVHUVKLQWHUVLFKKHU]RJ)UHLQHQ$XJHQ

EOLFNJDEVLFK7UHQWGHU(UUHJXQJKLQLQGLHLKQGLH*H VFKZLQGLJNHLWXQGGLH.UDIWYHUVHW]WHQ'RFKHUKDWWHDQGH UHV]XWXQ *XPPLVWURSSVVLFKHUWHQGLH3LQQHDOV7UHQWPLWGHP %RUGNUDQGLHVFKZHUH%0:DQ%RUGKLHYWHGDV0RWRUUDG EHUGDV&RFNSLWVFKREXQGLQGHQ6DORQEHI|UGHUWHZRHU HVDP0DVWIXIHVW]XUUWH$OVQlFKVWHVVFKUDXEWHHUHLQHHW ZDGUHLLJ=HQWLPHWHU6HLWHQOlQJHPHVVHQGH3ODWWHEHUHL QHP$EIOXVFKDFKWLP6DORQGHFNDE 'DQQVFKOHXGHUWHHUGLH.LVVHQDXIGHP6LW]ElQNFKHQ EHLVHLWHKREGHQ'HFNHOGHV.DVWHQVXQWHUGHU6LW]IOlFKH KRFK.UlIWLJGUFNWHHUJHJHQGHQREHUVWHQ7HLOGHV%UHWWHV DQGHU5FNVHLWHGHV.DVWHQVXQGVFKREHV]XU6HLWH'DV %UHWWILHOXP'DKLQWHUODJHQLQZDVVHUGLFKWHQ+OOHQ]ZHL YRQJHSROVWHUWHQ)HGHUEJHOQJHKDOWHQHHLQOlXILJH6FKURW IOLQWHQ.DOLEHU]Z|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gIIQXQJLP5LIIIXKULQHLQH:HOOHKLQHLQ VSUDQJKDOEDXVGHP:DVVHUZLHHLQULHVLJHUJUDXHU6FKZHUW

ZDO(VKlWWHQLFKWYLHOJHIHKOWXQG7UHQWKlWWHODXWORVJH ODFKWDOVHUVLFKGHQIDVW]ZHL0HWHUJURHQ=ROOEHDPWHQPLW GHUOHHUHQ3IHLIH]ZLVFKHQGHQ=lKQHQKLQWHUGHP5XGHUYRU VWHOOWH%DFF\ZDUHLQ0DQQGHQZHGHUHLQ+XUULNDQQRFK /RXLVZUGHQDXIKDOWHQN|QQHQ (UOXGGDV]ZHLWH*HZHKU%LV.H\&DQDNDZDUHQHVMHW]W NHLQH]ZHL6HHPHLOHQPHKU'RUWZUGHHUGHQ3UlVLGHQWHQ VLFKHUDQ%RUGGHV3DWURXLOOHQERRWHVEULQJHQXQGEHU)XQN .RQWDNWPLWGHU86%RWVFKDIWDXIQHKPHQ(UEOLFNWH]XP :LQGPHVVHUKLQEHU:LQGVWlUNHYLHUVWlUNHUZHUGHQG0LW YLHU]HKQ.QRWHQIORJGLH*ROGHQ*LUOGDKLQ*DQ]DOOHLQVH JHOWH7UHQWVFKQHOOHUDOVHLQHVGHU=Z|OI0HWHU6FKLIIHPLW YROOHU%HVDW]XQJGLHXPGHQ$PHULFD V&XSZHWWHLIHUWHQ $OOHUGLQJVKDWWHHUDXFKQLFKWWRQQHQZHLVH%OHLDP.LHOGDV HUGXUFKGDV:DVVHUVFKOHSSHQPXWH8QGHUPXWHDXFK QLFKWGDXHUQGGLH.DUWH]X5DWH]HLKHQ'LH*ROGHQ*LUOKDWWH VHFKVXQGIQI]LJ=HQWLPHWHU7LHIJDQJXQGHUVHJHOWHMHW]W VHLWVHFKV0RQDWHQLQGLHVHQ*HZlVVHUQXQGNDQQWHMHGHV 5LIIXQGMHGHQ.RUDOOHQVWRFNGHUVRZHLWDQGLH:DVVHUREHU IOlFKHUDJWHGDHUHLQH*HIDKUGDUVWHOOWH 0LWHLQHP$XJHDXIGHP*HVFKZLQGLJNHLWVPHVVHUILHUWHHU GDV*URVHJHOXPHLQSDDU]XVlW]OLFKH=HQWLPHWHUPLWGHU )RFNPDFKWHHUHVJHQDXVR)QI]HKQ.QRWHQ1DFKGHQ 6FKUHFNHQGHUOHW]WHQYLHUXQG]ZDQ]LJ6WXQGHQEHIDQGHU VLFK]XPLQGHVWLQGLHVHP$XJHQEOLFNLQ6LFKHUKHLWXQGKDWWH GHQ6LHJYRU$XJHQ/RXLVXQGVHLQH1LFDUDJXDQHU0DULR XQGVHLQH.ROXPELDQHUGHU*ULQJR'UDKW]LHKHUKLQWHUGHP YHUVXFKWHQ6WDDWVVWUHLFKVROOWHQVLHGRFKDOOH]XU+|OOHIDK UHQ8QG]XP7HXIHODXFKPLW&RORQHO6PLWK7UHQWZDUI GHQ.RSI]XUFNGHU5HJHQVFKOXJLKPLQV*HVLFKWXQGHU ODFKWHDXV)UHXGHEHUVHLQH)UHLKHLWORVZLHHLQ6FKZDFKVLQ QLJHU'LHVHV*HIKOZDULKPZRKOEHNDQQWHVVWHOOWHVLFK HLQZHQQHUDXHUKDOEGHU5HJHOQMHJOLFKHU.RQWUROOHGXUFK VHLQH9RUJHVHW]WHQHQW]RJHQDJLHUWH (UVHJHOWHDP6WUDQGKDXVGHV3UlVLGHQWHQYRUEHLNDP GDQQDXVGHUDQGHUHQ5LFKWXQJZLHGHU]XUFN(UNPPHUWH VLFKZHGHUXPGLH$QOHJHVWHOOHQRFKXPGHQ+HFNDQNHU VRQGHUQKROWHGLH6HJHOHLQXQGVWHXHUWHGLH*ROGHQ*LUODXI

GHQ6DQG:HQQHUVRZHLWZDUZUGHLKQGHU:LQGZLHGHU YRP6WUDQGZHJWUDJHQ(UKDWWHHLQ%DQGHOLHUEHUVHLQH 6FKXOWHUJHZRUIHQXQGHLQHVGHU*HZHKUHLQGHU+DQG VSUDQJPLWGHU%XJOHLQHDQ/DQGEHIHVWLJWHVLHPLWHLQHP :HEHOHLQVWHNDP6WDPPHLQHU3DOPH'HQ:HJ]XP+DXV GHV3UlVLGHQWHQPHLGHQGUDQQWHHUGDV*HZHKUVFKXEH UHLWLQJHEFNWHU+DOWXQJLP=LFN]DFNNXUV]ZLVFKHQGHQ %lXPHQKLQGXUFK'LH7HUUDVVHZDUYHUODVVHQGLH7UVWDQG DXI7UHQWKREHLQHQ6WHLQDXIQDKPGUHL6WXIHQDXIHLQPDO DOVHUGLH7UHSSH]XU7HUUDVVHKRFKVSUDQJVFKOHXGHUWHGHQ 6WHLQGXUFKGLH7UKHFKWHWHKLQWHUKHUNDPIODFKDXIGHP %RGHQGHV:RKQ]LPPHUVDXIZlO]WHVLFK]ZHLPDOKHUXP 5HFKWVYRQLKPVFKULHHLQH)UDXDXI'LH(QNHOLQGHV3Ul VLGHQWHQ6LHKDWWHGLH+lQGHEHUGHQ0XQGJHOHJWDOVYHU VXFKWHVLHLKUH6FKUHLH]XXQWHUGUFNHQ6RQVWZDUNHLQHULP =LPPHU0LWGHP*HZHKUGLHEHLGHQ7UHQGLH]XU5FN VHLWHGHV+DXVHVIKUWHQVLFKHUQGIUDJWH7UHQWª6LQG6LHDO OHLQH"© 6LHQLFNWH (UJLQJVRZLHVRDXI1XPPHU6LFKHUGXUFKVXFKWHGLH]ZHL 6FKODI]LPPHUGDV%DGH]LPPHUGLH.FKHDOOHVZDUOHHU 6LHKDWWHVLFKQLFKWYRP)OHFNJHUKUW,KUHGXQNOHQ$XJHQ EHREDFKWHWHQLKQ6LHZDUHQYRU$QJVWJHZHLWHWVRGDGDV :HLHLQLKUHQ$XJHQDXIIlOOLJ]XWDJHWUDW6LHKDWWHLKU+DDU PLWGHPVHOEHQJURHQURWHQ7XFK]XHLQHU$IURIULVXUDXIJH EDXVFKWGDVVLHDXFKJHWUDJHQKDWWHDOV7UHQWVLHDQGHU$Q OHJHVWHOOH]XPHUVWHQ0DOJHVHKHQKDWWH6FKZDU]HVlUPHOOR VHV76KLUWVFKZDU]H6KRUWVNHLQH6FKXKH (LJHQWOLFKZROOWHHULKUVDJHQGDHUHLQ)UHXQGZDUDEHU )UHXQGHKHFKWHWHQQLFKWPLWHLQHP6DW]GXUFKGLH7HUUDVVHQ WUVLHKDWWHQDXFKNHLQ%OXWDQGHQ+DQGJHOHQNHQRGHULP JDQ]HQ*HVLFKW6FKQLWWZXQGHQVLHKDWWHQDXFKNHLQHURWH 6WHOOHDP+DOVDQGHUHLQ6HLOLKUH+DXWZXQGJHVFKHXHUW KDWWHXQGVLHWUXJHQ+HPGHQ]XPLQGHVWVRODQJHVLHLPE OLFKHQ5DKPHQPLWLKUEHNDQQWJHPDFKWZXUGHQ9RUDOOHP DEHUWUXJHQVLHZHGHU:DIIHQQRFK%DQGHOLHUH(UPXWHLKU HLQH(UNOlUXQJELHWHQ ª7UHQW©VDJWHHUª9RQGHU6RQGHUHLQKHLWIU7HUURULVPXV

EHNlPSIXQJGHU(XURSlLVFKHQ*HPHLQVFKDIW©'DQQHU JlQ]WHHUª*UREULWDQQLHQV©GDVLHPLWª(XURSlLVFKHU*H PHLQVFKDIW©RIIHQVLFKWOLFKQLFKWVDQIDQJHQNRQQWHª,FKELQ KLHUKHUYHUVHW]WZRUGHQ(LQLJH/HXWHKDEHQHLQHQ6WDDWV VWUHLFKGXUFKJHIKUW:RLVW,KU*URYDWHU"© 6LHZROOWHHVLKPQLFKWVDJHQ(UNRQQWHHVLKUQLFKWYHU EHOQKDWWHDEHUNHLQH=HLWODQJH]XGLVNXWLHUHQª6LHKDEHQ NHLQHQ*UXQGPLU]XYHUWUDXHQDEHUZDKUVFKHLQOLFKELQLFK GLHHLQ]LJH3HUVRQGLHGHQ3UlVLGHQWHQUHWWHQNDQQ6FKOLH OLFKELQLFKGDIUDXVJHELOGHWZRUGHQ© 6LHKDWHGDVZRIUHUDXVJHELOGHWZRUGHQZDU0DQ NRQQWHHVDQLKUHQ$XJHQDEOHVHQ&,$0'HX[LHPH%X UHDXGDVZDUHQGLH$QWLKHOGHQMHGHUSROLWLVFKHQ0\WKROR JLHHLQHU8QLYHUVLWlWVVWXGHQWLQ,QVEHVRQGHUHZHQQVLHLQ /RQGRQ3ROLWLNXQG:LUWVFKDIWVZLVVHQVFKDIWHQVWXGLHUWKDW WHQDXVGHU'ULWWHQ:HOWNDPHQXQGGXQNHOKlXWLJZDUHQ 'LHVWXGHQWLVFKHQ9RUXUWHLOHNODPPHUWHQGDEHLGHQ.*%DO OHUGLQJVDXV-HQDFKGHPZHOFKHU:RFKHQWDJJHUDGHZDU PXWH7UHQWGDUEHUODFKHQRGHUZXUGHVWLQNZWHQG ª6DJHQ6LHPLUHLQHV©VDJWHHUª,VWHUKLHUDXIGHU,QVHO RGHULQ6LFKHUKHLW"©6LH]|JHUWHHUVDJWHª%LWWH© ª(ULVWLQ6LFKHUKHLW© ª*RWWVHL'DQN©(LQHOHW]WH$QVWUHQJXQJQRFKGDQQ NRQQWHHUVLFKDXVUXKHQ(UZLVFKWHVLFKPLWGHP+DQG UFNHQEHUGDV*HVLFKW6FKZHLXQG5HJHQWURSIHQVSULW] WHQDXIGLHODFNLHUWHQ)XERGHQEUHWWHUKLQXQWHUª9RQGHU DQGHUHQ6HLWHQlKHUWVLFKGHU,QVHOGDV3DWURXLOOHQERRW(V KDWHLQ)XQNJHUlWDQ%RUG%DFF\GHU%RRWVPDQQNHQQW PLFKZLUKDEHQ]XVDPPHQEHLP/HLFKWHUUHQQHQPLWJH PDFKW©HUOlXWHUWHHUª,QGHU86%RWVFKDIWKDEHLFKHLQHQ .RQWDNWPDQQ© 'LH%RWVFKDIW]XHUZlKQHQZDUHLQ)HKOHUJHZHVHQ'LH 86$ZDUGHUJURH%XKPDQQVLHVWDQGIUGLH8QLWHG)UXLW &RPSDQ\IUGDV$WWHQWDWDXI$OOHQGHLQ&KLOHIUGLH&RQ WUDV 7UHQWODVGLHJDQ]H/LWDQHLDQLKUHQ$XJHQDEª%OHLEHQ6LH KLHU©VDJWHHUª,FKELQJOHLFKZLHGHUGD© 'HU$JHQWUDQQWHEHUGLH,QVHOGDV%DQGHOLHUNODWVFKWH

JHJHQVHLQH%UXVWGLH:DIIHZDUDXIGHQ+DIHQJHULFKWHW(U HUUHLFKWHGHQ6WUDQGJHUDGHUHFKW]HLWLJXP]XVHKHQZLH %DFF\GDV3DWURXLOOHQERRWGXUFKHLQH/FNHLP5LIIPDQ| YULHUWH8P=HLW]XVSDUHQOHKQWH7UHQWGDV*HZHKUJHJHQ HLQH3DOPHOHJWHGDV%DQGHOLHUEHUGHQ/DXIXQGUDQQWHGLH $QOHJHVWHOOHGHV0LOOLRQlUVHQWODQJ0LWHLQHPIODFKHQ.RSI VSUXQJWDXFKWHHULQV:DVVHUVFKZDPPJHJHQGHQ:LQG KLQDXV)QI]LJ0HWHUYRP/DQGHQWIHUQWEOLHEHUDXIHLQHU 6WHOOHVWHKHQXQGWUDW:DVVHUZlKUHQGHUZLHGHU]X$WHP NDPXQGGDV3DWURXLOOHQERRW]ZHLKXQGHUW0HWHUYRUGHU .VWHYRU$QNHUJHKHQVDK1RUPDOHUZHLVHZlUH%DFF\Ql KHUJHNRPPHQDEHUHVKHUUVFKWHDXIODQGLJHU:LQGXQGGHU 6WXUPNRQQWHQXUQRFKHLQH6WXQGHHQWIHUQWVHLQ $XIGHP=ZLVFKHQGHFNZDUHQHLQKDOEHV'XW]HQG0DWUR VHQ]XVHKHQ7UHQWZLQNWHEUOOWHª%DFF\©(LQH:HOOH NODWVFKWHLQVHLQHQ0XQG'HU$JHQWKXVWHWHVFKWWHOWHGDV 6DO]DXVVHLQHQ$XJHQ'LH0DWURVHQZDUHQQDFKKLQWHQ ]XP%HLERRWJHUDQQWGDVDP+HFNDP%RUGNUDQKLQJ7URW] GHV6FKXW]HVGHQGDV5LIIERWJDEHVQRFKJHQJHQG6HH JDQJXPGDV3DWURXLOOHQERRWXPHWZDVHFK]LJ*UDGVFKZR MHQ]XODVVHQ:HQQGLH0DWURVHQGDV%HLERRWXQYHUVHKUWLQV :DVVHUEULQJHQZROOWHQHUIRUGHUWHGDV9RUVLFKWXQG*H GXOG'HU0DQQGHUGLH%HIHKOHJDEZDUNOHLQXQGIHWW(LQ 6FKZDU]HUZDUQLFKWXQWHUGHQ0lQQHUQNHLQHUVWDQGEDU IXDQ'HFNXQGZDUIDVW]ZHL0HWHUJURNHLQHUKDWWHHLQH 3IHLIHLP0XQG 7UHQWUROOWHVLFKKHUXPXQGVFKZDPPZLHGHUDXIGHQ 6WUDQG]X$OVHUGLH$QOHJHVWHOOHHUUHLFKWHOLHHQGLH0DWUR VHQJHUDGHGLH+HFNOHLWHULQV%HLERRWIDOOHQGDVLQGHQNXU ]HQVWHLOHQ:HOOHQDXIXQGDEWDQ]WHXQGGHQ0lQQHUQGDV 0DQ|YHUDOOHVDQGHUHDOVHLQIDFKPDFKWH7UHQWVSULQWHWHGLH $QOHJHVWHOOHHQWODQJXQGHQWGHFNWHGLH(QNHOLQGHV3UlVL GHQWHQ6LHVWDQGLP6FKDWWHQGHU%lXPHQHEHQVHLQHP*H ZHKU(UEUDXFKWHGDV*HZHKUZLQNWHVLH]XUFN6WDWWGHV VHQWUDWVLHMHGRFKDXVGHP6FKDWWHQKHUDXVZROOWHLKP HQWJHJHQJHKHQ(UK|UWHGLH*HUlXVFKHGHU.XJHOQQRFKYRU GHPVFKQHOOHQ7DNWDNWDNHLQHV0DVFKLQHQJHZHKUHV6HLWVHL QHP6FKXODEVFKOXKDWWH7UHQWNHLQ5XJE\PHKUJHVSLHOWHU

SDFNWHGDV0lGFKHQDEHUDOVZlUHHUHLQLULVFKHU)OJHOVWU PHULQ/DQVGRZQH5RDG6LHWUDWQDFKLKPDOVHUVLFKDXIVLH OHJWHXQGPLWLKULQGHQ6FKXW]GHU%lXPHUROOWH ª$XIGHQ%DXFK©EHIDKOHUDOVHUVLFKGDV*HZHKU VFKQDSSWH(UPDFKWHVLFKQLFKWGLH0KHVLFKXP]XVFKDX HQXP]XVHKHQREGLH6FKVVHYRP3DWURXLOOHQERRWRGHU YRP%HLERRWNDPHQ%HLGHVZDUHQJOHLFKHUPDHQVFKZDQ NHQGH6WDQGIOlFKHQIUHLQHQ6FKDUIVFKW]HQ'DVVFKORMH GRFKQLFKWGLH0|JOLFKNHLWDXVGXUFKHLQHQ=XIDOOVWUHIIHUHU VFKRVVHQ]XZHUGHQª,FKVDJWH,KQHQGRFK6LHVROOWHQLP +DXVEOHLEHQ©PHLQWH7UHQW'DQQPHUNWHHUGDVLHGDV *HUlXVFKGHV0DVFKLQHQJHZHKUHVJDUQLFKWDOVVROFKHVHU NDQQWKDWWH8QWHU%HVFKX]XJHUDWHQJHK|UWHQXQHLQPDO QLFKW]XHLQHP$EVFKOXLQ3ROLWLNXQG:LUWVFKDIWVZLVVHQ VFKDIWHQ8PVRVFKOLPPHUGDFKWHHUZHQQPDQVLFKGLH 7DWVDFKHYHUJHJHQZlUWLJWHGDYLHOH)KUXQJVSHUV|QOLFK NHLWHQGHU'ULWWHQ:HOWLKUH$XVELOGXQJDQlKQOLFKHQ,QVWL WXWHQZLHVLHJHQRVVHQKDWWHQ ª+HUUJRWWGLHVFKLHHQDXIXQV=XPLQGHVWVFKLHHQVLH DXIPLFK© ,KUHQlFKVWH)UDJHZDUEHVWLPPWª:DUXP"©'DKHUQDQQ WHHULKUGHQ*UXQGGDIURKQHZHLWHUDE]XZDUWHQª:HQQ GLH/HXWH6LHLQGLH)LQJHUNULHJHQGDQQKDEHQVLHDXFK,K UHQ*URYDWHU'HQQGHUOLHEW6LH©HUJlQ]WHHUEHYRUVLHGLH HQWVSUHFKHQGH)UDJHVWHOOWHª,FKPX6LHYRQGHU,QVHOZHJ EULQJHQ© (UVDKDQLKUHP*HVLFKWVDXVGUXFNGDVLHQLFKWIUHLZLOOLJ JHKHQZUGH0LW]XVDPPHQJH]RJHQHQ$XJHQEUDXHQ]XP =HLFKHQLKUHU(QWVFKORVVHQKHLWHUZLGHUWHVLHª(UVDJWHPLU LFKVROOHKLHUZDUWHQ,PPHUKLQLVW%HOSDQNHLQH.RORQLH6LH KDEHQQLFKWGDV5HFKWPLFKKLHUKHUXP]XNRPPDQGLHUHQ© ª=XIlOOLJZLOOLFKQXUQLFKWXPJHEUDFKWZHUGHQ©(UNRQQ WHQLFKWYHUKLQGHUQGDVHLQH9HUlUJHUXQJ]XK|UHQZDU 6WRO]ZDUIVLHLKUHQ.RSI]XUFNª'DVLVW,KUH6FKXOG© ª+HUULP+LPPHOYHUJLEPLU©(USDFNWHVLHDP$UPUL VLHKRFKª,FKNDQQ6LHKLQWHUPLUKHUVFKOHLIHQRGHUWUDJHQ GDV'XPPHLVWQXUGDPLFKZDKUVFKHLQOLFKEHLGHVPHLQ /HEHQNRVWHQZUGH©

6LHPHUNWHGDHVLKPHUQVWZDUª6WRHQ6LHPLFKQLFKW VRKHUXP© ª'DQQUHQQHQ6LH©ULHIHULKU]XDOVHUK|UWHZLHGHU0R WRUGHV%HLERRWHVDQJHZRUIHQZXUGH 7UHQWVFKREGLH*ROGHQ*LUOYRP6WUDQGXQGVFKZHQNWHGLH %XJVSLW]HQKHUXPEHYRUHUVLFKDQ%RUG]RJ$OVHUGLH6H JHOJHVHW]WKDWWHKDWWHGHU:LQGVLHEHUHLWVYRQGHU.VWH ZHJJHWUDJHQ'HU/XIWGUXFNZDUXPZHLWHUHIQIXQGGUHLLJ 0LOOLEDUDXIQHXQKXQGHUWIQIXQGVHFK]LJ0LOOLEDUJHVXQNHQ ª:LUZHUGHQLQHLQHQ+XUULNDQJHUDWHQ©WHLOWHHUGHP 0lGFKHQPLWDOVHUVLFKLQV&RFNSLWIDOOHQOLHXQGGDV5X GHUEHUQDKP(UVFKQDSSWHVLFK]ZHL6FKZLPPZHVWHQDXV GHP%DFNERUGVSLQGXQGZDUIHLQH]XLKUKLQEHUª=LHKHQ 6LHGDVDQ:HQQHWZDVSDVVLHUWVFKZLPPHQ6LH8QGPD FKHQ6LHVLFKNHLQH6RUJHQ'HU:LQGZLUG6LHDQ/DQGWUD JHQ/DXIHQ6LHGDQQLQGHQ:DOGXQGVHKHQ6LH]XGD6LH DXIK|KHUJHOHJHQHV*HOlQGHNRPPHQ© (UPDFKWHYRUQHXQGKLQWHQHLQH5HWWXQJVOHLQHNODUXQG EHIHVWLJWHGLH6LFKHUKHLWVOHLQHDQGHU6FKZLPPZHVWHGHV 0lGFKHQVhEHULKU)DKU]LHOZDUHUVLFKQRFKXQVFKOVVLJ %LVKHUVWDQGQXUIHVWGDHUHLQHQVLFKHUHQ=XIOXFKWVRUW EUDXFKWH$POLHEVWHQZlUHHUQDFK0H[LNRJHIORKHQDEHUHV JDEIULKQQRFKHLQLJHV]XWXQXQGEHLHLQHPVRODQJHQ :HWWODXIPLWGHP+XUULNDQKDWWHQVLHNHLQHUOHLhEHUOHEHQV FKDQFHQ%HOSDQ&LW\NDPQLFKWLQ)UDJHGHU%HOSDQ)OX HEHQIDOOVQLFKW1|UGOLFKGHV%HOSDQJDEHVQRFKGHQ0DNDD $OVVLFK7UHQWGLH.DUWHYRU$XJHQIKUWHVFKlW]WHHUGLH (QWIHUQXQJELV]XU0QGXQJGHV0DNDDDXIHWZD]Z|OI6HH PHLOHQ(UlQGHUWHGHQ.XUVXPIQI*UDGXQGKLHOWQDFK GHP6WXUP$XVVFKDX:HULPPHUGDV3DWURXLOOHQERRWDXFK VWHXHUWHHUKDWWHQLFKWJHZDUWHWELVGDV%HLERRWZLHGHUDQ %RUGZDU'DV6FKQHOOERRWNDPPLW+|FKVWJHVFKZLQGLJNHLW XPGLH,QVHOKHUXPGLH*LVFKWVSULW]WHYRQLKUHP%XJVR KRFKGD7UHQWPLWVHLQHP)HUQJODVNDXPGLH.RPPDQGR EUFNHDXVPDFKHQNRQQWH%HVWLPPWGUHLLJ.QRWHQVFKlW] WH7UHQW1RFK]HKQ0LQXWHQXQGGLH*ROGHQ*LUOZUGHLQ 5HLFKZHLWHGHU%XJNDQRQHJHUDWHQ

(UPXWHQDFKGHQNHQGRFKHUZDUN|USHUOLFKJHLVWLJXQG HPRWLRQDOY|OOLJDXVJHODXJW ª6LHZHUGHQDXIXQVVFKLHHQQLFKWZDKU"©IUDJWHGDV 0lGFKHQ 7UHQWKDWWHVLHEHUHLWVLQVHLQH%HUHFKQXQJHQHLQEH]RJHQ 'LHUXKLJH(LQW|QLJNHLWLKUHU6WLPPHHQWVSUDFKGHP)DWDOLV PXVGHQHULQLKUHQ$XJHQVDK'HU5HJHQUDQQLKUGLH :DQJHQKHUDEVRGDHUXQP|JOLFKVDJHQNRQQWHREVLH ZHLQWHRGHUQLFKWª6LHZHUGHQ,KQHQVFKRQQLFKWVWXQ© PHLQWHHUª'LHZROOHQ6LHOHEHQGLJKDEHQ© 6LHKDWWHEHUHLWVZHLWHUJHGDFKWª6LHZHUGHQXQVUDPPHQ© ª:DKUVFKHLQOLFK9LHOOHLFKWJHEHQVLHDEHUDXFKHLQHQ :DUQVFKXDE© 6LHQLFNWHEHMDKHQG'DVKDWWHVLHVLFKDXFKJHGDFKWª6LH ZHUGHQPLFKDQVLHDXVOLHIHUQ©=XQlFKVWKLHOWHUGDVIU HLQHQ9RUZXUIDEHUIUHLQH6HNXQGHWUDIHQVLFKLKUH%OLFNH ª6LHZHUGHQ6LHXPEULQJHQ©VDJWHVLH ª'DVNDQQPDQQLHZLVVHQ© ª6LHZLVVHQHV©VDJWHVLHPLWGHUJOHLFKHQUXKLJHQHLQW|QL JHQ6WLPPHª*HQDXGDVKDEHQ6LHJHVDJW'DIUZXUGHQ6LH DXVJHELOGHW© $QVWDWW]XDQWZRUWHQNRUULJLHUWHHUGLH6WHOOXQJGHU)RFN ª:HUVLQGGLHVH/HXWH"© ª.RNDLQKlQGOHU6LHZROOHQ%HOSDQDOV=ZLVFKHQVWDWLRQ QXW]HQ© (UVDKGDVLHLKPGDVQLFKWJODXEHQNRQQWH(UKlWWHGLH 3LQQHPLWGHQ*XPPLVWURSSVVLFKHUQN|QQHQIRUGHUWHDEHU VWDWWGHVVHQGDV0lGFKHQDXIGDV5XGHU]XEHUQHKPHQ :HQQVLHHWZDV]XWXQKDWWHZDUGDVEHVVHUDOVZHQQVLH HLQIDFKGDVDQLFKWVWDWXQGDXIGDVHUVWH*HVFKRZDUWHWH (U]HLJWHDXIHLQHNOHLQH/FNHLP*HELUJHHWZDIQIXQG YLHU]LJ.LORPHWHULP/DQGHVLQQHPª'DUDXIKDOWHQ6LH]X© PHLQWHHU 6LHSURWHVWLHUWHª,FKKDEHQRFKQLH© ª/DQJVDPXQGPLW*HIKO©VDJWHHU]XLKUª.RQ]HQWULH UHQ6LHVLFKMHW]W© (UYHUVFKZDQGLP6DORQ'DV%DURPHWHUILHOMHW]WZLHHLQ 6HQNEOHL0LWGHP/LQHDO]RJHUSDUDOOHOH/LQLHQEHUGLH

.DUWHJDEGLHJHRJUDSKLVFKH/lQJHXQG%UHLWHLKUHU3RVLWL RQLQGDV/25$1*HUlWHLQ(LQH0LQXWHODQJEHREDFKWHWH HUGDV0lGFKHQGDQQULHIHULKU]XVLHVROOHHLQNOHLQHV ELFKHQZHLWHU5LFKWXQJ%DFNERUGVWHXHUQª+DOWHQ6LHGLH VHQ.XUV© %HKXWVDPDUEHLWHWHHUVLFKQDFKYRUQH]RJ6HJHOWDVFKHQ DXVGHP6SLQGELVHUGHQULHVLJHQIHGHUOHLFKWHQ%DOORQVSLQ QDNHUJHIXQGHQKDWWH:HJHQVHLQHUXQJHKHXUHQ*U|HXQG GHU6FKZLHULJNHLWHQLKQEHLP(LQPDQQVHJHOQXQWHU.RQWURO OH]XEHKDOWHQEHQXW]WHHUGHQ6SLQQDNHUQLFKWKlXILJXQG HUODJJDQ]XQWHQDPKLQWHUVWHQ(QGHGHV6HJHOVSLQGHV6HLQ 3ODQZDUYHUUFNWXQGIDVWPLWKXQGHUWSUR]HQWLJHU6LFKHU KHLW]XP6FKHLWHUQYHUXUWHLOWDEHUHLQHDQGHUH:DKOKDWWHHU QLFKW(UYHUVWDXWHGLHDQGHUHQ6HJHOZLHGHUXQGKDWWHGD GXUFKGLH=HLWVLFKVHLQHQ3ODQLQDOOHQ(LQ]HOKHLWHQQRFK HLQPDO]XYHUJHJHQZlUWLJHQ (UVFKWWHOWHGHQ6SLQQDNHUDXVGHP6DFNKHUDXVUROOWH LKQ]XP7UDPSROLQKLQEHUXQGEHUSUIWHGDEHLGLH%DXP ZROOElQGHOPLWGHQHQHU]XVDPPHQJHKDOWHQZXUGH(U PDFKWHGHQ%HIHVWLJXQJVULQJGHV6SLQQDNHUVDPIUHLHQ9RU VHJHOIDOOIHVWVRGDGDV6HJHODXHUKDOEGHU)RFNJHVHW]W ZHUGHQNRQQWH'DQDFKIKUWHHUGLH6SLQQDNHUVFKRWHQQDFK KLQWHQ]XP&RFNSLWXQGPDFKWHVLHPLWZHQLJ6SDQQXQJDQ GHQ+HFNNOHPPHQIHVW 'DV0lGFKHQZDUYLHO]XVHKUPLWGHP5XGHUEHVFKlIWLJW DOVGDHVLKQGDEHLEHREDFKWHWKlWWH ª6LHVLQGHLQ1DWXUWDOHQW©PHLQWHHU%HLQDKHKlWWHVLH EHUGDV.RPSOLPHQWJHOlFKHOW(UPXWLJWIXKUHUIRUWª'HU 3UlVLGHQWVWHOOWH6LHPLUDOVVHLQH(QNHOLQYRUVDJWHPLUDEHU QLFKWZLH6LHKHLHQ© ª0DULDQD©VDJWHVLH ª6FK|Q©(UKLHOWGDVIUHLQHGHUGPPVWHQ%HPHUNXQ JHQGLHHUMHJHPDFKWKDWWHXQGQDFKLKUHP*HVLFKWVDXV GUXFN]XXUWHLOHQJLQJHVLKUJHQDXVR (UEOLFNWHQDFKKLQWHQ'DV0HHUGDVQRUPDOHUZHLVHDP +RUL]RQWDE]XIDOOHQVFKLHQZLUNWHMHW]WDOVVHLHVQDFKREHQ JHERJHQZLHGHU5DQGHLQHUIODFKHQ6FKVVHO(LQHQ$XJHQ EOLFNODQJGDFKWH7UHQWDQHLQHQ$XJHQIHKOHU'DQQHUNDQQ

WHHUGDHU]XPHUVWHQ0DOLQGLH)URQWHLQHV+XUULNDQV KLQHLQEOLFNWH'DV3DWURXLOOHQERRWZDUHLQHJXWH6HHPHLOH QlKHUDQVLHKHUDQJHUFNW=ZHL0DWURVHQKDWWHQGLH.DQR QHDXIGHP9RUGHFNEHVHW]W'DGDV%RRWGXUFKGLHNXU]HQ :HOOHQZLHHLQQLFKW]XJHULWWHQHV3IHUGDXIXQGDEWDQ]WH KRIIWH7UHQWGDVLHNHLQHQ:DUQVFKXDEJHEHQZUGHQ :HQQGLH0lQQHUQLFKWEHUVHKUYLHO(UIDKUXQJYHUIJWHQ NRQQWHQVLHDOOHVWUHIIHQ(UEHUSUIWHVHLQH3RVLWLRQDXI GHP/25$1*HUlWZROOWHHLJHQWOLFKQRFKHLQHQ%OLFNDXI GLH.DUWHZHUIHQIDQGDEHUNHLQH=HLWGDIU (UVDJWH]X0DULDQDª)UHLQSDDU0LQXWHQZHUGHLFK VWHXHUQ+DOWHQ6LHGDEHL,KUH+lQGHDXIGHP5XGHUGDPLW VLHGDV*HIKOIUGHQ.DWDPDUDQQLFKWYHUOLHUHQ© 7UHQWYHUlQGHUWHGHQ.XUVXPHLQSDDU*UDG5LFKWXQJ %DFNERUGRKQHGLH6HJHOVWHOOXQJ]XYHUlQGHUQXQGGLH*RO GHQ*LUOYHUORUHLQHQ.QRWHQDQ*HVFKZLQGLJNHLW(UKLHOW GHQ.DWDPDUDQ]ZHL0LQXWHQODQJDXIGLHVHP.XUVGDQQ VWHXHUWHHUZHLWHUH]ZHL*UDGOHHZlUWVZLHGHURKQHDQGHQ 6HJHOQHWZDV]XYHUlQGHUQ,QGHU)HUQHZDUGHUZHLH6DQG HLQHU/DQG]XQJH]XHUNHQQHQ'DV'U|KQHQGHUULHVLJHQ 'LHVHOPRWRUHQGHV3DWURXLOOHQERRWHVZDUQLFKWJHUDGH0X VLNLQVHLQHQ2KUHQXQGHUVFKDXWHEHUGLH6FKXOWHUQDFK KLQWHQ'LH*ROGHQ*LUOKDWWHQXUQRFKHLQHQ9RUVSUXQJYRQ HWZDIQIKXQGHUW0HWHUQ(UQHXWEHUSUIWHHUVHLQH3RVLWL RQXQG]HLJWHDXIGLHVDQGLJH/DQG]XQJH ª'DJHKW VODQJ0DULDQD,FKZHUGHQRFKHWZDVDXVSUR ELHUHQ:DKUVFKHLQOLFKZLUGHVQLFKWNODSSHQDEHUYLHOOHLFKW KDEHQZLU*OFN'DQQYHUOLHUHQZLU]ZDUPLW]LHPOLFKHU6L FKHUKHLWGHQ0DVWJHKHQDEHUQLFKWXQWHU© 0DULDQDEOLFNWHQLFKWKRFK'DV/lFKHOQGDLKU7UHQW VFKHQNWHZDUDOVRUHLQH=HLWYHUVFKZHQGXQJXQGLKPILHO QLFKWVHLQZDVHUVRQVWQRFKKlWWHVDJHQN|QQHQRGHUZDVLU JHQGHWZDVJHlQGHUWKlWWH'DKHUVDJWHHUQXUª2ND\GDQQ EHUODVVHLFK,KQHQZLHGHUGDV5XGHU©'DQQVSUDQJHUDXI GDV.DELQHQGDFK 'DV0HHUZDUGHUPDHQDXIJHZKOWGDHUHLQLJH 0RPHQWHEUDXFKWHXPVLFKHU]XVHLQZRGDV5LIIODJ$OV HUKLHUGDVOHW]WH0DOJHWDXFKWKDWWHKDWWHQGLH.RUDOOHQ

VWRFNHDQGHU:DVVHUREHUIOlFKHJHOHJHQMHW]WZDUGDV5LII EHLGHUGXUFKGHQDQUFNHQGHQ6WXUPEHVRQGHUVKRFKDXV IDOOHQGHQ)OXWNDXPQRFKVLFKWEDU1LFKWVGHVWRWURW]ZDUHV GDODJJHQDXYRULKPHLQHW|GOLFKHXQGUDVLHUPHVVHU VFKDUIH%DUULHUH:HQQVLHDXIGHP5LIIDXINDPHQZUGH HVLQ6HNXQGHQEUXFKWHLOHQGHQ%RGHQGHU*ROGHQ*LUODXI UHLHQ 7UHQWSDFNWHGDV6SLQQDNHUIDOO(UEOLFNWH]XUFN6LHVH JHOWHQMHW]WQXUQRFKLQ]ZHLKXQGHUW0HWHUQ(QWIHUQXQJYRU GHP3DWURXLOOHQERRWKHU6FKRQNRQQWHHUGLHXQWHUVFKLHGOL FKHQ*LVFKWEDKQHQGLHGHU%XJ]XU6HLWHVSULW]HQOLHXQG GHQ6FKDWWHQGHV5XGHUPDQQHVLP5XGHUKDXVHUNHQQHQ 'DV5LIIZDUZHQLJHUDOVIQI]LJ0HWHUHQWIHUQW6LHZDUHQ ]ZLVFKHQGHQ.OLSSHQXQGGHPWRGEULQJHQGHQ%RRWJHIDQ JHQ (UEOLFNWH]X0DULDQDKHUXQWHUOlFKHOWHVLHHLQZHLWHUHV 0DODQZROOWHVLHGDPLWDXIPXQWHUQ6LHVFKDXWHDEHUVWDUU JHUDGHDXVLKU%OLFNZDUIHVWDXIGLHVDQGLJH/DQG]XQJHJH ULFKWHW'DV0lGFKHQKDWWHGDV5XGHUVRIHVWJHSDFNWGD GDV%OXWDXVLKUHQ.Q|FKHOQJHZLFKHQZDU7UHQWGDFKWH GDUDQLKU]X]XUXIHQVLHVROOHVLFKHQWVSDQQHQDEHUHU ZXWHGDGDVJHQDXVR]ZHFNORVZDUZLHGHU9HUVXFKHL QHVZHLWHUHQ/lFKHOQV (UPXVWHUWHGDV5LII1RFKGUHLLJ0HWHU(UNRQQWHVFKRQ GLH.RUDOOHQHUNHQQHQGLHZLH+DLILVFK]lKQHGDUDXIZDUWH WHQVLH]XYHUVFKOLQJHQª+DOWHLKQDXI.XUV©EUOOWHHU]X 0DULDQDKLQXQWHUXQGKLWHGHQ6SLQQDNHUELVHUDP0DVW WRSSZHKWH 'DVULHVLJHURWH6HJHOEUDFKDXVVHLQHU%HIHVWLJXQJ'HU :LQGEOlKWHHVVRGDHVVLFKULHVHQJURXQGVFKDUODFKURW QDFKYRUQHZ|OEWH$XIGHP6HJHOSUDQJWHLQVWUDKOHQGHP *ROGPLWZDOOHQGHQ/RFNHQXQGVFKPROOHQGHQ/LSSHQGDV 3RUWUDLWGHV*ROGHQ*LUOVFKOHFKWKLQ0DULO\Q0RQURH ª7XHVIUPLFK©IOHKWH7UHQWGHQ)LOPVWDUDQ(UNRQQWH IKOHQZLHHVJHVFKDK'DVORFNHUJHVSDQQWH6HJHOZLUNWH ZLHHLQULHVLJHU'UDFKHQXQGKREGDV%RRWLQGLH/XIW'LH =ZLOOLQJVUPSIHWUDWHQIDVWY|OOLJDXVGHP:DVVHUGHU 0DVWNUPPWHVLFKZLHGHU/DQJERJHQHLQHV%RJHQVFKW

]HQ'DQQKDWWHQVLHGDV.RUDOOHQULIIEHUZXQGHQHVODJ KLQWHULKQHQ ª)OLHJ©EUOOWHHUGHP*ROGHQ*LUO]XXQGOLHGDV6SLQ QDNHUIDOOORV$OVVLFKGLH/HLQHYRP0DVWWRSSORVULVSUDQJ HULQV&RFNSLW]XUFNXPGLH6SLQQDNHUVFKRWHQ]XO|VHQ,Q HLQDQGHUJHZXQGHQHJROGHQHXQGVFKDUODFKURWH6FKODQJHQ ZDOOWHQGXUFKHLQDQGHUDOVGDV6HJHOYRP6WXUPHUIDWZXU GHXQGGDYRQVFKQHOOWH 7UHQWVFKDXWHKLQWHUVLFKXQGVDKGLUHNWDXIGHQ%XJGHV 3DWURXLOOHQERRWHV)UHLQH6HNXQGHNRQQWHHUMHGHV'HWDLOLQ GHQ*HVLFKWHUQGHU0lQQHUDQGHU%XJNDQRQHVHKHQ'DQQ K|UWHHUGDVHQWVHW]OLFKH.UDFKHQPLWGHPGDV.RUDOOHQULII GHQ%RGHQGHV6FKLIIHVKHUDXVUL(UVDKZLHGHU6FKXW] VFKLOGDQGHU.DQRQHGLH0DWURVHQIDVWLQ]ZHL6WFNH VFKQLWWLKUH]HUIOHLVFKWHQ.|USHULQKRKHP%RJHQYRUGHP JURHQPDOYHQIDUEHQHQ6WUHLIHQGHVKHUDQQDKHQGHQ+XUUL NDQVGXUFKGLH/XIWZLUEHOWHQXQGGDEHL6DOWRVVFKOXJHQ(L QH6HNXQGHODQJVFKLHQGDV3DWURXLOOHQERRWZLHLQHLQHP 6WDQGELOGDXVHLQHU1DFKULFKWHQVHQGXQJHLQJHIURUHQ]X VHLQGDQQULVLFKGDV6FKLIIYRP5LIIORV(VZDUKLQWHQ]HU EURFKHQDP%XJNODIIWHHLQ]HKQ0HWHUJURHVGXQNOHV /RFKLQGHPGLH,QQHUHLHQGHV6FKLIIHV]XHUNHQQHQZDUHQ 'DQQHUW|QWHGDV'RQQHUQGHUH[SORGLHUHQGHQ7UHLEVWRII WDQNV'HU+LQWHUJUXQGDXVGHQVLFKHPSRUWUPHQGHQ:RO NHQGHV+XUULNDQVOLHGLHYRQUXELQURWHQ6WUDKOHQGXUFK ]XFNWHQ)ODPPHQEHVRQGHUVVWDUNDXIOHXFKWHQZlKUHQGVLH LQGLH+|KHVFKRVVHQDOVZROOWHQVLHGHQ+LPPHOYHUVFKOLQ JHQ'DQQHUIDWHGLH+LW]HZHOOHGHU([SORVLRQGHQ.DWDPD UDQ7UHQWUL0DULDQDDXIGHQ%RGHQGHV&RFNSLWVKHUXQWHU VFKW]WHVLHPLWVHLQHP.|USHUYRUGHQKHUDEUHJQHQGHQ VFKDUINDQWLJHQ%UXFKVWFNHQ(LQ6WFN6WDKOEOHFKVFKQLWW ZLHHLQ0HVVHUGXUFKGDV*URVHJHOGHU*ROGHQ*LUOXQG GXUFKVFKQLWWGLH:DQWHQDXIGHU%DFNERUGVHLWHZLH)lGHQ 'HU0DVWHU]LWWHUWHXQGNUPPWHVLFKDOV7UHQWVLFKDXIGLH 6FKRWHQGHV*URVHJHOVXQGGHU)RFNVWU]WHXQGVLHDXVLK UHQ.OHPPHQUL(UVSUDQJDXIGDV.DELQHQGDFKKROWHGLH 6HJHOHLQ2KQHVLFKGLH0KH]XPDFKHQVLHLQLKUHQ6lN NHQ]XYHUVWDXHQVWRSIWHHUGLH)RFNLQGHQ6HJHOVSLQGXQG

EHIHVWLJWHGDV*URVHJHODP%DXP(UVWGDQQVFKDXWHHUVLFK QDFK0DULDQDXP 'DV(QWVHW]HQGDVHULQLKUHQ$XJHQHUNHQQHQNRQQWH EHUUDVFKWHLKQQLFKW(UKDWWHHUZDUWHWGDVLFKGDV0lG FKHQVDQJHVLFKWVGHU7RWHQEHWURIIHQ]HLJWHDEHUQLFKWGD VLFKLKUH*HIKOHVRVHKUJHJHQLKQDOVGHQIULKUHQ7RG 9HUDQWZRUWOLFKHQULFKWHWHQ ª6LHKDEHQVLHHUPRUGHW©VDJWHVLH,KU8UWHLOZDUXQXP VW|OLFKNHLQ6FKXOGEHNHQQWQLVZUGHHVDEPLOGHUQ8QG 7UHQWNRQQWHQLFKWZHLWHUGDUDXIHLQJHKHQ(UEHREDFKWHWH ZLHGLHHUVWHVFKZHUH6WXUPE|DXIGLH]XUDVWHVLFKGHU5H JHQEHUGHUZHLHQ/LQLHGHU:HOOHQVSLW]HQ]XHLQHP9RU KDQJYHUGLFKWHWH1RFKHWZD]ZDQ]LJ0LQXWHQXQGVLHZXU GHQ]XP6SLHOEDOOGHV+XUULNDQV 'HU0DNDDZDUMHW]WQRFK]ZHL6HHPHLOHQHQWIHUQWXQGHV KLQJDQHLQHPVHLGHQHQ)DGHQREVLHGHQ)OXUHFKW]HLWLJ HUUHLFKWHQ7UHQWKLWHGLH6WXUPIRFNLQGHPHUHLQH/HLQH EHUGLH'ZDUVVDOLQJVZDUIXQGGLH)RFNEHU%DFNERUG DXVVFKRWHWHLQGHU+RIIQXQJGDGXUFKGHQJU|HUHQ=XJDXI GLH6WHXHUERUGVWDJH]XOHJHQ (LQHQHXH6WXUPE|NDPDXIVLH]X'HU:LQGYHUZLUEHOWH GDV0HHU]X6FKDXPNURQHQGHU5HJHQZDUZLHHLQIHVWHU .|USHUGHUJHJHQ0DULDQDV*HVLFKWVFKOXJ6LH]XFNWH]X UFNVRVWDUNZDUGLH:XFKW'DV0lGFKHQKDWWHVLFKQLFKW YRP%RGHQGHV&RFNSLWZHJEHZHJWNDXHUWHQXUGDVFKDXWH QDFKKLQWHQDOVZlUHVLHYRQGHUVLFKDXIWUPHQGHQ6WXUP IURQWZLHK\SQRWLVLHUW ª:HQQGHU6WXUPXQVHUZLVFKW©VDJWH7UHQWªZLUGXQV GDVGHQ0DVWNRVWHQ6LHVLQGXQWHQVLFKHUHU© 0DULDQDJDENHLQH$QWZRUW ª%LWWH©VDJWH7UHQWDEHUZLHGHUEOLHEVLHLKPHLQH$QW ZRUWVFKXOGLJ 6LHNRQQWHQMHW]WGLHNRQNDYH)RUPGHU*HZLWWHUIURQWGHV +XUULNDQVHUNHQQHQ'HU*LSIHOSXQNWNUPPWHVLFKQDFK YRUQHZLHEHLHLQHU5LHVHQZHOOHGLHVLFKJHUDGHEULFKW'HU .DPPGHU*HZLWWHUIURQWZDUZLHEHLHLQHUVROFKHQ:HOOHLQ NOHLQH6WUlKQHQ]HUIDVHUWGLHZLH'UDFKHQ]XQJHQQDFKYRU QHOHFNWHQDOVZHQQVLHVLFKYHU]ZHLIHOWEHPKWHQLKUH

%HXWH]XVFKPHFNHQEHYRUVLHVLHYHUVFKODQJHQ)DVWXQDXI K|UOLFK]XFNWHQ%OLW]HEHUGLH)URQWGHU'RQQHUUROOWH EHUGHQ.DWDPDUDQKLQZHJ7UHQWZXWH0DULDQDZDUWHWH GDUDXIGDGHU+XUULNDQDXIVLHKHUXQWHUVWLH'DV0lG FKHQJODXEWHGDVLHGDQQY|OOLJDXVUDGLHUWZHUGHQZU GHQZLHNOHLQH0FNHQYRQHLQHP5LHVHQ]XHLQHP1LFKWV ]HUVWRHQ:LHZLQ]LJH0FNHQZLHXQHQGOLFKNOHLQH 0FNHQ'LHVFKUHFNOLFKH$QJVWOHJWHVLFKZLHHLQH)HVVHO XPLKUH%UXVWVRGDLKUH$WHP]JHGHQNXU]HQWURFNH QHQVFKPHU]KDIWHQ$WHP]JHQHLQHVVWHUEHQGHQ$VWKPDWL NHUVJOLFKHQ 7UHQWZXWHGDHUHWZDVXQWHUQHKPHQVROOWH(UKDWWHLQ YLNWRULDQLVFKHQ5RPDQHQJHOHVHQGDV0WWHULKUHK\VWHUL VFKHQ7|FKWHURKUIHLJWHQ(UKDWWH*RPH]GDV.QLHLQGHQ 0DJHQJHUDPPWXPGHQ5HYROYHUPDQQDXVVHLQHUSDQL VFKHQ$QJVWYRUGHP(UWULQNHQ]XUHLHQ'RFKGDKDWWHHU XQPLWWHOEDUXQGVSRQWDQJHKDQGHOWXQGQLFKWQXU*RPH] VRQGHUQDXFKVLFKVHOEVWUHWWHQZROOHQ(UGDFKWHGDHUVLH EHUKUHQLKU7URVWDQELHWHQVROOWH'RFKHUZDUHKHUDOV$N WLYLVWXQGZHQLJHUDOV6HHOHQWU|VWHUDXVJHELOGHWZRUGHQ(V LVWGRFKQLFKWVFKZLHULJVDJWHHUVLFKGXPXWHLQIDFKQXU VDQIWHLQH+DQGDXILKUH6FKXOWHUOHJHQXQGVLH]XGLU]LH KHQGDPLWGHLQ.|USHULKU6FKXW]ELHWHQNDQQ%HLGHUQlFK VWHQ6WXUPE|ZUGHHUHVWXQ 'DVGXPSIHUXPSHOQGH.UDFKHQGHV'RQQHUVZDUMHW]W EHUDOOXPVLHKHUXP%OLW]HEHOHXFKWHWHQ0DULDQDV*HVLFKW 'DQQKDWWHVLHGLH6WXUPE|HUUHLFKW,KUH:XFKWKREGDV +HFNGHU*ROGHQ*LUODXVGHP:DVVHUVRGD7UHQWIUHLQHQ $XJHQEOLFNEHIUFKWHWHGHU.DWDPDUDQZUGHVLFKPLWVHL QHQ%XJVSLW]HQLQV:DVVHUERKUHQXQGVLFKEHUVFKODJHQ(U EHZHJWHGDV5XGHUVRGDGLH6WXUPIRFNGHQ%XJDQKRE XQGGHU.DWDPDUDQHLQHQ6DW]QDFKYRUQHDXIGHQQlFKVWHQ :HOOHQEHUJPDFKWHXQGZLHHLQ6XUIHUYRUGHU6WXUPIURQW KHUVDXVWH'DQQVWLHGLH6WXUPE|ZHLWHUQDFKYRUQHXQG OLHGDV6FKLIIKLQWHUVLFKHU]LWWHUQ 7UHQWKDWWHGDV0lGFKHQQLFKWDQJHUKUW(VUHJQHWHMHW]W VRVWDUNGDHULKUHQ*HVLFKWVDXVGUXFNQLFKWVHKHQNRQQWH 'HUJHZDOWLJHVLFKNUPPHQGH.DPPGHV+XUULNDQVHU

VWUHFNWHVLFKMHW]WGLUHNWEHULKQHQGLH*HZLWWHUZDQGUHLFK WHYRQ+RUL]RQW]X+RUL]RQW%OLW]HIORVVHQXQDXIK|UOLFK GDUEHUKLQZHJHVGRQQHUWHXQXQWHUEURFKHQ(UPXWH VFKUHLHQGDPLWVLHLKQK|UWHª0DULDQD© 'RFKHLJHQWOLFKYHUVXFKWHHUVLHGDYRQDE]XKDOWHQKLQ]X VFKDXHQ=XPLQGHVWKDWWHHUGDVYRU'DV%LOGGHUYLNWRULD QLVFKHQ0XWWHUGLHLKUH7RFKWHURKUIHLJWHOLHLKQQLFKW PHKUORV(UERVWEHUVHLQHHLJHQH8Q]XOlQJOLFKNHLWK|UWH HUZLHHUYROOHU9HU]ZHLIOXQJ]XLKUKHUEHUEUOOWHª0DULD QDKDEHQ6LH-DQH$XVWHQJHOHVHQ"©

+DEHQ6LH-DQH$XVWHQJHOHVHQ"'LH9HUUFNWKHLWRGHU$O EHUQKHLWYRQ7UHQWVJHEUOOWHU)UDJHUL0DULDQDDXVLKUHU 7UDQFH'HU'RQQHUHUVFKWWHUWHGHQ.DWDPDUDQDOVVLH]X 7UHQWKRFKVFKDXWHGHU5HJHQQDKPLKUIDVWMHJOLFKH6LFKW 7UHQW]HLJWH]ZLVFKHQVHLQHQ%HLQHQDXIGDV'HFNXQGVLH UXWVFKWHDXILKUHP+LQWHUQ]XLKPKHUEHUXPGRUW]XPLQ GHVW]XP7HLOJHVFKW]W]XVLW]HQ 'DV0HHUKDWWHVLFKLQHLQHQZHQLJHUDOVGUHLLJ0HWHULP 8PIDQJPHVVHQGHQXQGPLW6FKDXPEHGHFNWHQJUQ VFKZDU]HQ3IXKOYHUZDQGHOWLQGHP7UHQWVHLQHQ.XUVQXU QRFKLQVWLQNWLYVWHXHUWH(UNRQQWHLKUH3RVLWLRQQLFKWOlQJHU YRP/25$1*HUlWDEOHVHQJHVFKZHLJHGHQQGLH.VWHXQG GLH)OXPQGXQJGHV0DNDDVHKHQGLHQDFKZLHYRUVHLQ =LHOZDU6RJDUGDV/LFKWGHU%OLW]HZDUGXUFKGHQDXVGHU :RONHQIURQWVLQWIOXWDUWLJKHUXQWHUSUDVVHOQGHQXQGDXIDO OHPODVWHQGHQ5HJHQQXUQRFKDOV9HUlQGHUXQJLP$XVPD GHU'XQNHOKHLWDXV]XPDFKHQ'HU:LQGZDUEHVWlQGLJHUJH ZRUGHQJOLFKGHP6SDQQHQGHU0XVNHOQHLQHV7LJHUVEHLP $QVHW]HQ]XP6SUXQJ 7UHQWJODXEWHGDVLHNHLQH]ZHL6HHPHLOHQPHKUYRQGHU )OXPQGXQJHQWIHUQWZDUHQ$OVOHW]WH9RUEHUHLWXQJDXI GHQ:LUEHOVWXUPYHUVFKORHUGLH$EIOX|IIQXQJHQLP &RFNSLW'DQQEUDFKGHU+XUULNDQEHUVLHKHUHLQ0LWHL QHPNUHLVFKHQGHQ*HUlXVFKVWLHHUDXVGHU'XQNHOKHLWKHU DXVXQGVHOEVWGHU'RQQHUNRQQWHGDVEHGURKOLFKVFKULOOH *HKHXOQLFKWEHUW|QHQ7UHQWOLH)RFNVFKRWXQG)DOOHLQH ORVGDVVFKZHUH6HJHOULVLFKEOLW]VFKQHOOIUHLXQGYHU VFKZDQGLP5HJHQYRUKDQJDOVVHLHVOHLFKWHUDOVHLQ3DSLHU WDVFKHQWXFK+RKH:HOOHQEUDFKHQVLFKKLQWHUVHLQHP5N NHQGHU6WXUPXQGGDV:DVVHUVWLHHQLKQYRP6LW] KHUXQWHUDXIGHQ%RGHQGHV&RFNSLWV(UVFKODQJVHLQH%HLQH XP0DULDQDOHJWHLKUHLQHQ$UPXPGLH%UXVWPLWGHUDQ GHUHQ+DQGXPNODPPHUWHHUGLH3LQQH,Q6HNXQGHQVFKQHO

OHZDUGDV&RFNSLWELV]XP6OOPLW:DVVHUJHIOOW:HOOHQ VFKOXJHQNUDFKHQGEHULKUHQ.|SIHQ]XVDPPHQ:DVVHU VFKRGXUFKGLHRIIHQH6DORQWU*HQDXZLH7UHQWJHSODQW KDWWH]RJGDV*HZLFKWGHV:DVVHUVGLH*ROGHQ*LUOQDFKXQ WHQVRGDGHU.DWDPDUDQNDXPQRFKDXVGHP:DVVHUUDJ WH(LQ.HQWHUQZDUMHW]WXQP|JOLFKJHZRUGHQGHQQGHU.D WDPDUDQZDUVRJHEDXWGDHULP:DVVHU$XIWULHEKDWWH XQGNRQQWHGDKHUQLFKWVLQNHQ 8QDXIK|UOLFKNUDFKWHQGLH:HOOHQEHU7UHQWXQG0DULDQD KLQZHJ'HU'RQQHUUROOWHDXVDOOHQ5LFKWXQJHQDXIVLH]X XQGXPVLHKHUXP7UHQWKDWWHGDV*HIKOVLFKLP,QQHUQHL QHUXQJHKHXUHQ7URPPHO]XEHILQGHQDXIGLH5LHVHQYRQDO OHQ6HLWHQHLQVFKOXJHQ=DFNLJH%OLW]HULVVHQGHQ+LPPHO DXIIXKUHQLP=LFN]DFNEHUGLH:RONHQ8QDEOlVVLJKHXOWH GHU:LQG 'LH+DOWHOHLQHQGHV6FKODXFKERRWVULVVHQZLHHLQ)ULVEHH ZLUEHOWHHVGDYRQ'LH0DVWVSLW]HEUDFKDXI+|KHGHU 'ZDUVVDOLQJZLHHLQ=DKQVWRFKHUXQGHLQHQ$XJHQEOLFN VSlWHUEUDFKGHUJDQ]H0DVWDP0DVWIX'LH6SLHUHQNUDFK WHQEHUGDV.DELQHQGHFNKLQZHJLQHLQ*HZLUULQHLQDQGHU YHUZLFNHOWHU6WDJHQXQG)DOOHLQHQKLQHLQ'LH:HOOHQGLH GLH6SLHUHQQLFKWORVUHLHQNRQQWHQVFKOHXGHUWHQGLHVFKDUI NDQWLJHQ$OXPLQLXPURUWUHEHUGDV9RUGHFN,QMHGHP$X JHQEOLFNNRQQWHQGLH5RKUH]XUFNLQV&RFNSLWJHULVVHQ ZHUGHQXQG7UHQWRGHU0DULDQDGXUFKERKUHQ ª:LUPVVHQLQGHQ6DORQKLQHLQNRPPHQ©ULHI7UHQWLQ 0DULDQDV2KU(UNRQQWHQLFKWHUNHQQHQREVLHLKQJHK|UW KDWWH (UQDKPVLHLQVHLQH$UPHUROOWHVLFKDXIVLHVWLHVLFKPLW GHQ)HQDP+HFNVSLQGDEVFKQHOOWHPLWLKUQDFKYRUQH GXUFKGDV&RFNSLW:HOOHQVSOWHQEHUVLHKLQZHJULVVHQ 0DULDQDDXVVHLQHQ$UPHQDOVHUQHEHQGHP1LHGHUJDQJ GHV6DORQVQDFK+DOWVXFKWH6LHVWU]WHQDFKYRUQHLQGLH EHUIOXWHWH'XQNHOKHLWGHV,QQHQUDXPHV7UHQWVFKREVLFK KLQWHULKUKHU(UO|VWHGLH6LFKHUKHLWVOHLQHYRQLKUHU 6FKZLPPZHVWHXQGKREVLHDXIGLH6LW]EDQNGHV6DORQVZR VLHGXUFKVHLQH%0:YRUGHPZRJHQGHQ:DVVHUJHVFKW]W ZXUGH

%HLGH5PSIHZDUHQMHW]WYROO:DVVHUJHODXIHQ:HQQGLH :HOOHQHUVWGHQHLQHQXQGGDQQGHQDQGHUHQ5XPSIDQKR EHQIORGDV:DVVHUEHUGDV6DORQGHFNXQGZLHGHU]XUFN 'DVDQGDXHUQGH.UDFKHQGHUKRKHQ:HOOHQXQWHUGHP %UFNHQGHFNKlPPHUWHDXIVLHHLQZLHHLQ6SULQJEUXQQHQ VSULW]WHGDV:DVVHUDXVGHU6FKDFKW|IIQXQJGLH7UHQWLP6D ORQGHFNDXIJHVFKUDXEWKDWWH'DV0HHUYHUZDQGHOWHGLH%D QDOLWlWHQVHLQHV/HEHQVLQ7UHLEJXW%HWWODNHQ+HPGHQ6DQ GDOHQ%FKHU.DUWHQ6DO]VWUHXHU :HOOHQNUDFKWHQEHUGDV&RFNSLWLQGHQ6DORQKLQHLQ UDJWHGDV%UFNHQGHFNHLQHQ$XJHQEOLFNODQJDXVGHP:DV VHUIORGDV:DVVHUGXUFKGHQ6FKDFKWLP%RGHQZLHGHUDE 'HU:LQGZDUQXUQRFKHLQVFKULOOHV.UHLVFKHQZLHGDVHL QHU6FKZHLQHKHUGHEHLGHU6FKODFKWXQJ'HU0DVWXQGGLH 6WDJHQVFKOXJHQDXIGDV.DELQHQGDFK'HU'RQQHUNUDFKWH XQGUROOWHXQDXIK|UOLFKEHUGHQ+LPPHOVRGDHV]ZL VFKHQGHQHLQ]HOQHQ'RQQHUVFKOlJHQJDUNHLQH3DXVHPHKU ]XJHEHQVFKLHQ(VZDUHLQHLQ]LJHVXQDXIK|UOLFKHV%RPEDU GHPHQW'LH*ROGHQ*LUOZDUHLQ6SLHOEDOOGHV+XUULNDQVJH ZRUGHQ$Q'HFNJDEHVIU7UHQWQLFKWVPHKU]XWXQ ª:LUNRPPHQKLHUVFKRQKHLOKHUDXV©ULHIHU0DULDQD]X ª'DVYHUVSUHFKHLFK,KQHQ© 6LHZDUHQYLHOOHLFKWQRFKDQGHUWKDOE6HHPHLOHQYRQGHU )OXPQGXQJHQWIHUQWJHZHVHQDOVGHU+XUULNDQEHUVLH KHUHLQEUDFK'DV0HHUZUGHMHW]WUDVFKDQVWHLJHQODQGHLQ ZlUWVEHUGLH0DQJURYHQVPSIHKLQZHJIOXWHQXQGGLH. VWHGUHLVHFKVRGHU]HKQ0HWHUWLHIXQWHU:DVVHUVHW]HQ 7UHQWKDWWHGLH*HVFKLFKWHQJHK|UWGLHPDQVLFKEHUGHQ +XUULNDQYRQHU]lKOWH9LHOOHLFKWODJHVDQGHQ.RUDO OHQULIIHQGDHVGDPDOVZLHMHW]WDXFKNHLQH)OXWZHOOHJHJH EHQKDWWH'HU6WXUPZDUMHGRFKVRVWDUNJHZHVHQGDHU GDV0HHUZHLWLQV/DQGKLQHLQJHGUFNWKDWWH%HOSDQ&LW\ KDWWH]HKQ0HWHUXQWHU:DVVHUJHVWDQGHQ(LQH8QPHQJH ]XVDPPHQJHEXQGHQHU%DXPVWlPPHGLHDXILKUH9HUOD GXQJDQ%RUGHLQHV6FKLIIHVZDUWHWHQKDWWHQVLFKORVJHULVVHQ XQGGLH0DXHUQYRQ%HWRQJHElXGHQGXUFKVWRHQDOVZlUHQ GLHVHDXV3DSSH hEHUDOOZUGHGLH6WURPYHUVRUJXQJXQWHUEURFKHQVHLQ

$OOH7HOHIRQYHUELQGXQJHQZUGHQQLFKWPHKUIXQNWLRQLH UHQ'LH3LVWHQZUGHQJHVFKORVVHQVHLQ:HQQGLHGXUFK GHQXQDXIK|UOLFKHQ5HJHQEHUIOXWHWHQ)OVVHVLFKZWHQG DXVGHQ%HUJHQKHUDEVWU]WHQZUGHHVQLFKWODQJHGDXHUQ ELVGLH6WUDHQEUFNHQZHJJHULVVHQZDUHQ'LH/HXWHGLH GHQ6WDDWVVWUHLFKGXUFKIKUWHQZUGHQGLHQlFKVWHQYLHU XQG]ZDQ]LJ6WXQGHQGXUFKGHQ+XUULNDQKDQGOXQJVXQIl KLJVHLQ$XIGHP:HJ]XP5HQGH]YRXVPLWGHU%DJOLHWWR KDWWH7UHQWQRFKJHGDFKWGHU+XUULNDQVHLVHLQVLFKHUVWHU 9HUEQGHWHU'DVHUZLHVVLFKMHW]WDOVULFKWLJ*XWGLHPHL VWHQYLHOOHLFKWVRJDUDOOH0LQLVWHUGHU5HJLHUXQJZDUHQ JHIDQJHQJHQRPPHQZRUGHQ:HQQHUDEHUGHQ6WXUPEHU OHEWHKDWWHHUHLQHJHZLVVH&KDQFHYRU/RXLV 0lQQHUQGHQ 3UlVLGHQWHQ]XHUUHLFKHQ 'HU:LQGZDUQRFKJHQDXVRWFNLVFKDEHUGHU'RQQHUZDU DQLKQHQYRUEHLJH]RJHQXQGGHU.ODQJGHUJURHQ:HOOHQ KDWWHVLFKYHUlQGHUW'LH:RJHQNUDFKWHQMHW]WPLWZHQLJHU :XFKWEHUGHQ.DWDPDUDQKLQZHJ7UHQWKDWWHGDV.UDW]HQ YRQ=ZHLJHQDP%UFNHQGHFNJHK|UWDOVGHU:LQGGLH*RO GHQ*LUOPLWGHUVWHLJHQGHQ)OXWODQGHLQZlUWVWULHE6HLQHQ *ULIIYRQ+DOW]X+DOWYHUODJHUQGHUUHLFKWHHUVFKOLHOLFK GHQ1LHGHUJDQJ]XP&RFNSLW 'HU5HJHQEHVFKUlQNWHGLH6LFKWZHLWHDXIZHQLJHUDOVGUHL LJ0HWHUXQGHVZDUDOVZlUHQVLHLQHLQHU7URPPHODXV *ODVJHIDQJHQGHUHQ6HLWHQYRQGHU6FKZlU]HGHV6WXUPHV HLQJHVFKORVVHQZXUGHQ'LH6HHVFKlXPWHXQWHUHLQHUZDO OHQGHQ0DWWHDXV]HUIHW]WHQ0DQJURYHQ]ZHLJHQ%OlWWHUQ 6FKLOISIODQ]HQ*UlVHUQXQG7DQJ 7UHQWZDQGVLFKVFKZLPPHQGGXUFKGDV&RFNSLWXPGLH $EIOX|IIQXQJHQZLHGHUIUHL]XPDFKHQ$OVGDV:DVVHUDE IORJLQJGDV+HFNGHU*ROGHQ*LUOLQGLH+|KHGHU:LQG GUHKWHGHQ.DWDPDUDQXPVHLQH$FKVHXQGWULHELKQGDQQ PLWGHP+HFNQDFKYRUQHYRUDQ'DGHU1LHGHUJDQJYRU GHP:LQGJHVFKW]WZDUVWU]WHQQXUQRFKGLH:HOOHQGLH EHUGDV.DELQHQGDFKNUDFKWHQLQGHQ6DORQ7UHQWHUUHLFK WHGHQ1LHGHUJDQJZLHGHU]RJGLH7UHQ]XXQGYHUULHJHOWH VLH'DQQOLHHUVLFKLQGHQ%DFNERUGUXPSIIDOOHQ$XIGHP

6FKRWWZDUGLH/HQ]SXPSHDQJHEUDFKW(USXPSWHIQI0L QXWHQODQJGDQQJLQJHULQGHQ6WHXHUERUGUXPSIXQG SXPSWHZHLWHUH]HKQ0LQXWHQ'DQQJLQJHVZLHGHU]XUFN LQGHQ%DFNERUGUXPSIXQGHLQOHW]WHV0DOZXUGHIQI0L QXWHQODQJGLH3XPSHEHWlWLJW$OVGDV:DVVHULQMHGHP 5XPSIXQWHUGUHLLJ=HQWLPHWHUJHVXQNHQZDU]ZlQJWHHU VLFKXPGDV0RWRUUDGKHUXPXQGJHVHOOWHVLFK]X0DULDQD DXIGLH6LW]EDQN$XVGHU.RPEVHKDWWHHUHLQHLQ=HOOR SKDQHLQJHZLFNHOWHXQGPLWHLQHP6FKUDXEGHFNHOYHUVFKORV VHQH.DIIHHGRVHPLW6WUHLFKK|O]HUQJHKROW(UHQW]QGHWHGLH NDUGDQLVFKDXIJHKlQJWHgOODPSHDQGHU.DELQHQZDQGXQG VDKLPZHLFKHQJHOEHQ/LFKWGD0DULDQDHKHUYHUEOIIWDOV HUVFKUHFNWZLUNWH ª,FKVDJWH,KQHQGRFKZLUZUGHQHVVFKDIIHQ©PHLQWHHU XQGKLHOWGDEHLVHLQH/LSSHQGLFKWDQLKU2KUª:LUZXUGHQ ZHLWDQ/DQGJHVSOW6RODQJHGHU6WXUPQLFKWYRUEHLLVW ZHUGHQVLFKGLH%|VHZLFKWHUQLFKWUKUHQ© 0DULDQDJDENHLQH$QWZRUWDEHUGDVKDWWHHUDXFKQLFKW YRQLKUHUZDUWHW(UJLQJZLHGHULQGLH.RPEVHKLQXQWHU ]QGHWHGLH)ODPPHGHVNDUGDQLVFKDXIJHKlQJWHQ+HUGHV DQOHJWHHLQH'RVH7RPDWHQVXSSHGLHHUYRUKHUGXUFKO| FKHUWDEHUQLFKWJH|IIQHWKDWWHLQGHQ'DPSIGUXFNWRSIXQG YHUVFKORGHVVHQ'HFNHO(UJDEGHU6XSSHIQI0LQXWHQ ]XP:DUPZHUGHQVFKDIIWHHVGLH'RVH]X|IIQHQRKQHVLFK ]XVFKQHLGHQXQGYHUWHLOWHGHQ,QKDOWDXI]ZHLJURH%H FKHU ª+DXWH&XLVLQHZLUG,KQHQJXWWXQ©PHLQWHHU]X0DULD QDXQGGUFNWHLKUHLQHQGHU%HFKHULQGLH+DQG6LHZROOWH LKQQLFKWQHKPHQ6LHZROOWHVLFKZHGHUEHZHJHQQRFKVSUH FKHQYRUDOOHPDEHUZROOWHVLHQLFKWGHQNHQ :HQQHUVLHDXVGLHVHP=XVWDQGKHUDXVEULQJHQNRQQWH ZDUPLWLKUDOOHVLQ2UGQXQJ8QGHUPXWHGDVHLQIDFK VFKDIIHQHUEUDXFKWH,QIRUPDWLRQHQ ª6LHZHUGHQ,KUHQ.LQGHUQHLQHZXQGHUEDUH*HVFKLFKWH HU]lKOHQN|QQHQ$XIHLQHPNOHLQHQ%RRWLP+XUULNDQXQG HLQ9HUUFNWHUIUDJWRE6LH-DQH$XVWHQOHVHQ© .HLQH$QWZRUWQLFKWHLQPDOGHU$QIOXJHLQHV/lFKHOQV ª:HQQ,KQHQGLH.LQGHUGDVHUVWH0DOHU]lKOHQVLHKlWWHQ

GLH*HVFKLFKWHVFKRQJHK|UWHULQQHUQ6LHVLFKGDUDQGDLFK 6LHJHZDUQWKDEH©(UPDFKWHVHLQHQ%HFKHUOHHUOLHLKQ EHUVHLQH6FKXOWHULQV:DVVHUIDOOHQGDVLQGHU.RPEVH KHUXPVFKZDSSWHª=XP*HVFKLUUVSOHQJLEWHVQLFKWV%HVVH UHVDOVHLQHQ+XUULNDQ© (UOHJWHVHLQHJHZ|OEWHQ+lQGHXPLKUH+lQGHKREGHQ %HFKHUPLWGHU6XSSHDQLKUH/LSSHQQHLJWHLKQ6LHNRQQWH GLH6XSSHWULQNHQRGHUGHQ.RSIZHJGUHKHQ7UHQWZDUHV HJDOZDVVLHWDWHUZROOWHQXUHLQH5HDNWLRQPHKUQLFKW 6LHQLSSWHDQGHU6XSSHDOVZlUHVLHDXI$XWRSLORWJHVFKDO WHW'DVZDUQLFKWJHUDGHJXWDEHUEHVVHUDOV.DWDWRQLH ª9HUGDPPW©VDJWHHUDOVZlUHLKPHWZDV'ULQJHQGHVHLQ JHIDOOHQGDVVHLQH$XIPHUNVDPNHLWHUIRUGHUWHª+DOWHQ6LH PDOLFKELQJOHLFKZLHGHUGD©(UQDKPVHLQH+DQGYRQLK UHQ+lQGHQZHJ)DVWKlWWHVLHGHQ%HFKHUIDOOHQODVVHQDEHU LPOHW]WHQ0RPHQWEHUQDKPLKU9HUVWDQGGLH5HJLH7UHQW JLQJLQGLH.RPEVHKLQXQWHUXQGQDKPVLFKGLH=HLWQDFK HLQHU'RVHPLW,QJZHUSOlW]FKHQ]XVXFKHQ 0DULDQDKDWWHGLH6XSSHJHOHHUW$XVHLJHQHP(QWVFKOX OLHVLHGHQ%HFKHUVLQNHQXQGHUQDKPLKQYRQLKUHQWJH JHQª,QJZHUSOlW]FKHQ©PHLQWHHU]XLKUXQG]HLJWHLKUGLH 'RVHª*LEWHVHLQHQJU|HUHQ/LHEHVEHZHLVHLQHV0DQQHV IUHLQH)UDX"© (UGUFNWHLKUHLQ3OlW]FKHQLQGLH+DQGª,FKZHL,FK ELQQLFKWZLW]LJ'DVVDJHQPLUGLH/HXWHVHLWLFKHLQNOHLQHU -XQJHELQ©(UOlFKHOWHª$EHUVHLHQ6LHGDQNEDU6LHPWHQ PLFKHUVWVLQJHQK|UHQ© 6LHEOLFNWHDXIGDV3OlW]FKHQKLQXQWHUDOVVHLVLHEHU UDVFKW'DQQIKUWHVLHHVDQLKUHQ0XQGXQGNQDEEHUWHGDU DQ6LHEOLFNWH]X7UHQWKRFKDOVVlKHVLHLKQGDVHUVWH0DO ª:HQQ6LHPLFKDXIGHU,QVHO]XUFNJHODVVHQKlWWHQZlUH LFKHUWUXQNHQ©PHLQWHVLHVFKOLHOLFK ª8QVLQQ'DV3DWURXLOOHQERRWKlWWH6LHPLWJHQRPPHQ© ª:lUHGDVGHQQEHVVHUJHZHVHQ"©6LHVDKLQGHQ.ROXP ELDQHUQDOVR)HLQGH (UVDJWHQLFKWVGD]X 'DQQIUDJWHVLHª*LEWHVEHL6WUPHQGLHVHU$UWQLFKWHLQH ZLQGVWLOOH=RQH"©

ª'DV$XJHGHV:LUEHOVWXUPV"%HL+XUULNDQVJLEWHVGDV :HQQZLUGDKLQHLQJHUDWHQKDEHQZLUHLQHKDOEH6WXQGH ODQJ5XKH'DVLVWXQVHUH&KDQFH© (UEHUOLHVLHVLFKVHOEVWGDPLWVLHQDFKGHQNHQNRQQWH VWUHLIWHGLH$EGHFNXQJYRQGHU%0:ZLVFKWHHLQSDDU7URS IHQ6DO]ZDVVHUYRP2EHUWHLOGHV9HUJDVHUVYHUVHW]WHLKPHL QHQOHLFKWHQ6FKODJXQG]XFNWHHQWVFKXOGLJHQGGLH$FKVHOQ 'DQQEHWlWLJWHHUGHQ.LFNVWDUWHU%HLPYLHUWHQ7ULWWVSUDQJ GHU0RWRUDQ,QGHPJHVFKORVVHQHQ5DXPZDUGHU/lUPXQ HUWUlJOLFK(UVWHOOWHGHQ0RWRUZLHGHUDEXQG|IIQHWHGLH6D ORQWUHQGDPLWVLFKGLH$EJDVHYHU]LHKHQNRQQWHQ'UDXHQ KDWWHVLFKQLFKWVYHUlQGHUWHVJDEQXUPHKU*UDVXQGZHQL JHU%OlWWHUDXIGHUVFKlXPHQGHQ:DVVHUREHUIOlFKH (UPDFKWHGLH7UHQZLHGHU]XVWDQGGDXQGEHREDFKWHWH 0DULDQDYRP1LHGHUJDQJDXV(UKDWWHHVQLFKWHLOLJ(LOH ZlUHVRZLHVRXQSURGXNWLYJHZHVHQ:HQQPDQGDUDXIZDU WHWHGDVLFKHLQ,JHODXIUROOWHKDWWHHVNHLQHQ=ZHFNLKQ PLWHLQHP6WRFN]XVWRHQ 0DULDQDDGDV3OlW]FKHQDXI7UHQWKLHOWLKUGLH'RVHKLQ 6LHEUDXFKWHHLQH0LQXWHELVVLHVLFKHQWVFKLHGHQKDWWHGDV $QJHERWDQ]XQHKPHQ(UQDKPVLFKHEHQIDOOVHLQ3OlW]FKHQ (UZDUHQWVFKORVVHQVLHQLFKWDQ]XOJHQ%HLP6SUHFKHQGHV +HXOHQGHV6WXUPHV]XEHUW|QHQZDURKQHKLQVFKZLHULJ (UPXWHVLFKLQVHLQHQ(UOlXWHUXQJHQNXU]IDVVHQª0DULD QDGLH0lQQHUGLHGLHVHQ6WDDWVVWUHLFKGXUFKIKUHQKDEHQ GLHVHQ0RUJHQ6WUDHQVSHUUHQHUULFKWHWXPMHGHV5HJLH UXQJVPLWJOLHGJHIDQJHQ]XQHKPHQGDVYHUVXFKWQDFK%HO SDQ&LW\]XJHODQJHQ(LQHULKUHU0lQQHUEUVWHWHVLFKYRU PLUGDPLWGDVLHGLH0LQLVWHUXPEULQJHQZROOHQ,FKJODX EHQLFKWGD6LH,KUHQ*URYDWHUVFKRQHUZLVFKWKDEHQ© (UYHUVXFKWHQLFKWLKUIDOVFKH+RIIQXQJHQ]XPDFKHQ VRQGHUQVDJWHLKUHLQIDFKGLH:DKUKHLW$OOHUGLQJVQLFKWGLH JDQ]H:DKUKHLWª(VLVW]ZDUQLFKWVLFKHUXQGLFKKDEHDXFK QLFKWDOOH,QIRUPDWLRQHQGDKHUNDQQLFKDXFKQLFKWVYHUVSUH FKHQ©PHLQWHHUª$EHULFKELQPLUGRFKVRJXWZLHVLFKHU GDVLHQXUGDQQJHZRQQHQKDEHQZHQQVLFK,KU*URYDWHU LQLKUHU+DQGEHILQGHW(UUHLFKHLFKLKQYRULKQHQKDEHLFK HLQH&KDQFHGLH0LQLVWHU]XUHWWHQ©

:XWEOLW]WHZLHGHULQLKUHQ$XJHQDXILKU*HIKOYRQ LKPHUSUHW]XZHUGHQQDKPHUDXIVLFK ª(VLVW,KUH(QWVFKHLGXQJ©VDJWHHUXQGYHUVWlUNWHEHZXW GHQ'UXFNª'LHNDQQLFK,KQHQQLFKWDEQHKPHQ© (UVFKZDQJVLFKKLQXQWHULQGHQ%DFNERUGUXPSIVXFKWHLQ VHLQHU.DELQHQDFKWURFNHQHU.OHLGXQJ6HLQ3XOORYHUGHQHU LQGHQOHW]WHQGUHL0RQDWHQLQGHUKHLHQ=HLWJDUQLFKW PHKUDQJH]RJHQKDWWHZDUYRQ)HXFKWLJNHLWDEVRUELHUHQGHQ 3lFNFKHQXPJHEHQXQGLQHLQHQ6DFNDXVVWDUNHP3ODVWLN HLQJHZLFNHOW6HLQHODQJH+RVHVHLQH+HPGHQIURIIL]LHOOH $QOlVVHXQGGLHYRQLKPDOVVHLQH$UEHLWVNOHLGXQJDQJHVH KHQHQXQGYRQ7DUQXQG.DPSIDQ]JHQVWDPPHQGHQ+R VHQXQG-DFNHQZDUHQDXIGLHJOHLFKH:HLVHYHUVWDXW)U 0DULDQDZlKOWHHUHLQEODXHV%DXPZROOKHPGXQGHLQHOHLFK WH)UHL]HLWKRVHDXV:ROOHDXV(UQDKPHLQHQ6FKODIVDFNPLW KRFKXQG|IIQHWHGHVVHQ5HLYHUVFKOXGDPLWVLFKGDV0lG FKHQDXIHWZDV7URFNHQHVVHW]HQNRQQWH'LH+DQGWFKHU VWDQGHQXQWHU:DVVHU:lKUHQGVLFK0DULDQDXP]RJJLQJ HUZLHGHULQVHLQH.DELQHKLQXQWHU(UJDELKU]HKQ0LQXWHQ =HLW 'LHWURFNHQH.OHLGXQJKDWWHVLHZLHGHU]X.UlIWHQNRP PHQODVVHQ(UVSUWHZLHVLHYHUVXFKWHVLFKHLQ8UWHLOEHU LKQ]XELOGHQ(UQDKPGLHhEHUSUIXQJKLQZDUWHWHDEKDW WHHLQH+DQGDQGHQ0DVWIXJHOHJWXPVLFKDE]XVWW]HQ 'HU.DWDPDUDQVFKZDQNWHXQWHUVHLQHQ)HQGHU6WXUP KHXOWHGLH6WDJHQXQGGHU0DVWVFKOXJHQDXIGDV'HFN ª6LHZHUGHQLKPDXFKQLFKWVDQWXQ"©IUDJWHVLH (VZDUQLFKWGLH)UDJHGLH7UHQWHUZDUWHWKDWWH$EHUHV ZDUGLHULFKWLJH)UDJH6LHYHUULHW0XWXQGHUEHZXQGHUWH VLHGDIU(UOLHVLFK=HLWIUGLH$QWZRUW6LHPXWHZLVVHQ GDHUQDFKJHGDFKWKDWWHXQGGDHUVLFKPLWVHLQHU$QWZRUW YHUSIOLFKWHWH(UVFKDXWHZHJDOVREHUVHLQHQHLJHQHQ*H GDQNHQQDFKKLQJ'DQQVFKDXWHHUEHZXW]XUFNXPLK UHP%OLFN]XEHJHJQHQVRGDVLHZLVVHQZUGHGDHUHLQH (QWVFKHLGXQJJHIlOOWKDWWH0LWHLQHPOHLFKWHQ+HEHQVHLQHU 6FKXOWHUQDN]HSWLHUWHHUGLHVH(QWVFKHLGXQJª-D0DULDQD LFKZHUGHLKPQLFKWVWXQ© (UZXWHZDVHUGDYRQLKUYHUODQJWHVLHVROOWHGDV

6FKLFNVDOLKUHV*URYDWHUVLQVHLQH+lQGHOHJHQ8QGHUZDU VLFKVLFKHUGDGHU3UlVLGHQWLKUJHVDJWKDWWHNHLQHP0HQ VFKHQ]XYHUUDWHQZRKLQHUJHJDQJHQZDU 0DULDQDUDQJQXQLQQHUOLFKGDPLWGHQQDQLKUHP*HVLFKW ZDUQLFKWVPHKUDE]XOHVHQ:LH]XYRU7UHQWVFKDXWHDXFK VLHZHJ(LQH:HOOHHUIDWHGHQ0DVWKRELKQKRFKNQDOOWH LKQDXIGDV.DELQHQGDFK6LHQXW]WHGHQ/lUPXPGLHQDFK LKUHP*HIKOHLQHQ9HUUDWDQLKUHP*URYDWHUGDUVWHOOHQGH $XVNXQIW]XJHEHQª(ULVWREHQLQGHU3LQH5LGJH© 'DPLWGDV0lGFKHQQLFKWVFKUHLHQPXWHVFKZDQJVLFK 7UHQW]XU6LW]EDQNKLQEHUª:RLQGHU3LQH5LGJH"© ª(UKDWGDREHQLQGHU1lKHHLQHVYHUODVVHQHQ6WHLQEUXFKV HLQH%ORFNKWWH©HUOlXWHUWHVLHª'DJHKWHULPPHUKLQZHQQ HUHLQH5HGHVFKUHLEHQPX©6LHVFKDXWHZHJGDPLW7UHQW QLFKWVDKZLHHOHQGVLHVLFKIKOWHª(UVDJWHPLULFKVROOH]X QLHPDQGHPGDUEHUVSUHFKHQ© ª,FKZHL©VDJWH7UHQW(UIDOWHWHGLHDXVGHUZDVVHUGLFK WHQ7DVFKHDP0RWRUUDGVWDPPHQGH.DUWH%HOSDQVDXVHLQ DQGHUª.|QQHQ6LHPLU]HLJHQZRGLH%ORFNKWWHOLHJW"© 0KHORVJOLWWGHU.DWDPDUDQGDKLQ'HU:LQGWULHELKQTXHU GXUFKGHQ.VWHQVWUHLIHQLPPHUZHLWHULQV/DQGHVLQQHUH KLQHLQ$OV7UHQWGLH.DUWHVWXGLHUWHULHIHUVLFKGLH7RSRJUD SKLHGHV*HOlQGHV]XEHLGHQ6HLWHQGHV0DNDDLQV*HGlFKW QLV]XUFN +LQWHUGHQ0DQJURYHQZXFKVHQQLHGULJH6WUlXFKHUHV JDE/DJXQHQGDQQNDPHQVFKPDOH)HOGHUGLHPLW=XFNHU URKUEHSIODQ]WZDUHQ'LH)OXWZUGHVLHPLQGHVWHQVGUHL YLHOOHLFKWVRJDUIQI.LORPHWHULQV/DQGHVLQQHUHWUDJHQEH YRUVLHDXIGHUHUVWHQQLHGULJHQ+JHONHWWHDXIVHW]WHQDQ GHUHLQH0LOOLRQ-DKUHYRU&KULVWL*HEXUWGLH.VWHQOLQLHYHU ODXIHQZDU+LQWHUGLHVHUHUVWHQ+JHONHWWHHUVWUHFNWHVLFK KJHOLJHV%XVFKODQGGHVVHQ%RGHQGXUFKGHQ$FNHUEDXGHU 0D\DVEHUGLH-DKUKXQGHUWHKLQZHJDXVJHODXJWZRUGHQ ZDUZDVGLH0HQVFKHQYHUDQODWKDWWHGLHVHQ/DQGVWULFK ]XYHUODVVHQ'DQDFKNDPHQGLH%HUJH'LHWLHIHUJHOHJHQHQ %HUJKlQJHZDUHQPLW5HJHQZDOGEHGHFNWGHUVLFKHLQPDO EHUGLHJDQ]H.VWHQHEHQHHUVWUHFNWKDWWHXQGVLFKMHW]WDXI

VFKPDOH=XQJHQDQGHQ8IHUQGHV%HOSDQXQGGHV0DNDD EHVFKUlQNWH 'LHK|FKVWH%HUJNHWWHWUHQQWHGLH4XHOOJHELHWHGHU)OVVH %HOSDQXQG0DNDD$XIGHQK|KHUJHOHJHQHQ%HUJKlQJHQ GLHVHV*HELUJHVJLQJGHUGLFKWH%HZXFKVDXV5HJHQZDOGLQ HLQHQ:DOGPLWVFKODQNHQ.LHIHUQEHULQGHPVLFKNODUH %HUJIOVVHYRQ7HLFK]X7HLFKEHU*UDQLWIHOVHQKLQZHJLQ GLH7LHIHVWU]WHQ6HLWGHU)UK]HLWGHUVSDQLVFKHQ,QYDVLRQ ZDUGLH%HUJNHWWHV\VWHPDWLVFKDEJHKRO]WZRUGHQPLWWOHU ZHLOHZDUGHUJU|WH7HLOGHV.LHIHUQZDOGHVMHGRFK]XP1D WXUVFKXW]JHELHWHUNOlUWZRUGHQ 7UHQWVWHOOWHVLFKGLH%HUJNHWWHYRU(WZDHLQKXQGHUWDFKW ]LJ0HWHUXQWHUKDOEGHU*UHQ]H]XP1DWXUVFKXW]JHELHWKDW WHHLQ$PHULNDQHUHLQH%HUJKWWHJHEDXWYRQGHUDXVHU 5HLWWRXUHQDXI%HUJSIDGHQXQGGHQDOWHQ+RO]IlOOHUZHJHQ DQERW'RFKGDVZDUQXULQGHU7RXULVWHQVDLVRQGHU)DOOXQG GLHEHJDQQRIIL]LHOOHUVWLQHLQHP0RQDW'LH%ORFNKWWHGHV 3UlVLGHQWHQODJIQI.LORPHWHUKLQWHUGHU*UHQ]HGHV1DWXU VFKXW]JHELHWHVHWZDGUHLKXQGHUW0HWHUK|KHUDOVGLH%HUJ KWWHXQGZXUGHYRQHLQHPNOHLQHQ1HEHQIOXGHV0DNDD YRQLKUJHWUHQQWVRGD7UHQWYRQGRUWNHLQH+LOIHHUZDUWHQ NRQQWHDXFKZHQQGHU(LJHQWPHUGHU%HUJKWWHJHUDGH]X +DXVHZDU (WZDDFKW]HKQ.LORPHWHUQ|UGOLFKGHV0DNDDERJYRQGHU LQ1RUG6G5LFKWXQJYHUODXIHQGHQ6FKQHOOVWUDHGHU:HJ ]XU%ORFNKWWHDE(UZDU]XQlFKVWYRQ+RO]Il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lUHEHLQDKHHU WUXQNHQXPHLQ+DDUKlWWHPDQLKPGLH.HKOHGXUFKJH

VFKQLWWHQPDQKDWWHDXILKQJHVFKRVVHQGDQQZDUHUIDVW YRQHLQHP3DWURXLOOHQERRWJHUDPPWZRUGHQ(VVDKVRDXV DOVZlUHGHU7DJQRFKODQJQLFKW]X(QGH $Q0DULDQDJHZDQGWPHLQWHHUª,FKPXYHUVXFKHQXQV QRFKHLQNOHLQZHQLJZHLWHUQDFK1RUGHQ]XEULQJHQ© (UKROWHVHFKVGRSSHOWH%HWWODNHQDXVGHQGXUFKQl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lQGHQUHLHQNRQQWHZlKUHQGHUYHUVXFKWHVLHLQGLHULFK WLJH6WHOOXQJ]XEULQJHQ'DQQ]HUUWHHUVLHLQV&RFNSLWKLQ DXVEHIHVWLJWHHLQH(FNHDQGHU*URVHJHO6FKRWZLQVFKDXI GHP.DELQHQGDFKXQGHLQHDQGHU6WHXHUERUG)RFNZLQVFK -HGH%HZHJXQJZXUGHGXUFKGLHWREHQGHQ(OHPHQWHEHKLQ GHUW'HU:LQGJHOOWHLQVHLQHQ2KUHQXQGPDFKWHHVIDVW XQP|JOLFKHLQHQYHUQQIWLJHQ*HGDQNHQ]XIDVVHQ7UHQW UDQJQLFKWQXUYHU]ZHLIHOWPLWGHQ:HWWHUEHGLQJXQJHQVRQ GHUQNlPSIWHDXFKXPVHLQH.RQ]HQWUDWLRQ-HGH%HZHJXQJ PXWHLPYRUDXVEHUHFKQHWZHUGHQ(LQ)HKOHUXQGHUZU GHORVJHULVVHQEHU%RUGJHVFKOHXGHUWXQGYRQGHUDXIJH SHLWVFKWHQ*LVFKWEHJUDEHQZHUGHQ )ODFKDXIGHP%DXFKOLHJHQGZDQGHUVLFKEHUGDV&RFN SLWIKUWHGLHDQGHUHQEHLGHQ/HLQHQEHUGLH+HFNUHOLQJ XQGGXUFKGLH$QNHUNODPSHDQGHU%DFNERUGVHLWHZLHGHU ]XUFN]XU%DFNERUGZLQVFK(UEHWlWLJWHGLH.XUEHOELVDOOHV VWUDPPZDUXQGO|VWHGLHXPGLH]XVDPPHQJHUROOWHQ%HWW ODNHQJHOHJWHQ%HIHVWLJXQJHQ,KU:LQNHOXQGLKUH1HLJXQJ

]XP.DELQHQGDFKUHLFKWHQDXVXPGHQ.DWDPDUDQQDFK 1RUGHQ]XWUHLEHQ7UHQWHUZDUWHWHQLFKWGDGLHLQ]Z|OI /DJHQEHUHLQDQGHUOLHJHQGHQ%DXPZROOWFKHUGDVODQJH DXVKLHOWHQDEHUMHGH0LQXWHGLHVLHGDVWDWHQOHJWHQVLHHLQ 6WFNGHU:HJVWUHFNH]XUFN (USXU]HOWHZLHGHULQGHQ6DORQ]XUFN5FNOLQJVDXI GHP%RGHQDXVJHVWUHFNWODJHUHUVFK|SIWXQWHUHLQHPZDK UHQ:DVVHUIDOODOVGLH:HOOHQEHUGHP.DELQHQGDFK]X VDPPHQVFKOXJHQ(UEHVDQLFKWGLH.UDIWGLH7UHQ]X VFKOLHHQNRQQWHVLFKQLFKWEHZHJHQ(VZDULKPHJDO,P 0RPHQWZDUIULKQQXUZLFKWLJGDHUGDV*HIKOKDWWH GLH%HWWODNHQOHQNWHQGLH*ROGHQ*LUO5LFKWXQJ1RUGHQ +DOE]Z|OIDP0RUJHQHLQHV+XUULNDQV7UHQWQDKPDQGD GHU:LUEHOVWXUPDFKWELV]HKQ6WXQGHQDQKDOWHQZUGH'DV $XJHGHV6WXUPHVZDUMHW]WQLFKWPHKUZHLWHQWIHUQW'LH OHW]WHQGHU]XVFKPDOHQ6WUHLIHQ]HUIHW]WHQ%HWWODNHQZDUHQ PLWWOHUZHLOHZHJJHULVVHQZRUGHQDEHUHUJODXEWHGDVLH VLFKEHUHLWVQ|UGOLFKGHV0DNDDEHIDQGHQ0DULDQDKDWWHHV JHVFKDIIWGLH7UHQ]XVFKOLHHQ-HW]WEHREDFKWHWHVLHLKQ ZlKUHQGHUGDV+DQGZHUNV]HXJVHLQHU=XQIWNODUPDFKWH 'HU$JHQWEHIHVWLJWHGLH5LHPHQDQGHQ6HJHOWXFKIXWWHUD OHQGHU*HZHKUHVRGDHUVLFKHLQHVEHUGLH%UXVWKlQJHQ XQGGDVDQGHUHEHUGLH6FKXOWHUZHUIHQNRQQWH'DVJHOEH 6HLGHQUXFKGDV6WHYHLKPJHJHEHQKDWWHVWHFNWHLQVHLQHU *HVlWDVFKHLQMHGHU6DWWHOWDVFKHEHIDQGHQVLFKDFKW6FKDFK WHOQPLW6FKURWSDWURQHQ'DV)HUQJODVZDULQVHLQHU.DPSI MDFNHXQWHUJHEUDFKWGDVUHVWOLFKH*HSlFNEHVWDQGDXV]ZHL 5ROOHQHWZDGUHL=HQWLPHWHUEUHLWHQ3DNHWEDQGHVDFKW]HKQ 0HWHUQOHLFKWHU6FKQXUHLQHP6WDKOKDPPHUXQGHLQHPKDO EHQ'XW]HQG6WDKOQlJHOQHLQHU(UVDW]MDFNHXQG]ZHL7DUQ KRVHQ)U1DFKWDNWLYLWlWHQQDKPHUQRFKHLQHQVFKZDU]HQ 5ROONUDJHQSXOORYHUDXV%DXPZROOHHLQHVFKZDU]H7UDL QLQJVKRVHXQGVFKZDU]H%DXPZROOKDQGVFKXKHPLW 6LHEHREDFKWHWHZLHHUGHQNOHLQHQ%HXWHODXV6lPLVFKOH GHULQGHPVHLQ:XUIPHVVHUVWHFNWHDQGHU+DOVNHWWHDXV URWHQ.RUDOOHQ]XUHFKWUFNWHVLFKGLH.HWWHXPGHQ+DOV OHJWHXQGGDV0HVVHUVR]XUHFKWVFKREGDHV]ZLVFKHQVHL

QHQ6FKXOWHUEOlWWHUQYHUERUJHQDQVHLQHP5FNHQUXKWH8P VHLQHUHFKWH:DGHVFKQDOOWHHUHLQIQIXQG]ZDQ]LJ=HQWLPH WHUODQJHV-DJGPHVVHU(LQHLQHLQKDOE0HWHUODQJHV6WFN .XSIHUGUDKWPLWK|O]HUQHQ+DQGJULIIHQDQMHGHP(QGHYHU VFKZDQGLQVHLQHU7DVFKHIHUQHUHLQH6FKDFKWHO3DWURQHQIU VHLQH:DOWKHUIUGHQ)DOOGDVLHVLFKQRFKLP0DVWWRSS EHIDQGXQGHUVLHVLFKZLHGHUYRQGRUWKROHQNRQQWH (UZDU]XHLQHP8QEHUKUEDUHQJHZRUGHQGDFKWH7UHQW PLWSO|W]OLFKHU%LWWHUNHLWDOVHUDXIEOLFNWHXQGGHQIDVWHQW VHW]WHQ$XVGUXFNDXI0DULDQDV*HVLFKWVDK(UZDUVLFKGHV VHQEHZXWZLHSURIHVVLRQHOOHULKUEHLVHLQHQ9RUEHUHLWXQ JHQYRUNRPPHQPXWHGLHHUWUDIXPHWZDV]XWXQGDVVLH DOV0RUGHQDQVDKXQGGDVHUIUGHQVLQQYROOHQXQGQRW ZHQGLJHQ6FKXW]XQVFKXOGLJHU0HQVFKHQKLHOW'RFKDXFK ZHQQPDQVLHGD]XEULQJHQNRQQWHVHLQH+DQGOXQJHQPLW GHUJOHLFKHQ(LQVWHOOXQJ]XVHKHQPLWGHUHUVLHVHOEHUEHXU WHLOWHZUGHHUIUVLHLPPHUHLQ,QVWUXPHQWGHV7RGHVEOHL EHQ ª$XIGHU*ROGHQ*LUOVLQG6LHVLFKHU©VDJWHHUª6REDOGVLFK GHU6WXUPJHOHJWKDWYHUVXFKHQ6LHEHUGLH*UHQ]H]X NRPPHQ© ª)UGHQ)DOOGD6LHVFKHLWHUQ"© ª7URW]GHUJDQ]HQ6FKLHHLVHQELQLFKQLFKWXQEHUZLQG OLFK© (UJULIIEHULKUHQ.RSIKLQZHJXQGQDKPGDV)RWRVHLQHU 0XWWHUYRP6FKRWW0DULDQDVDK]XZLHHUGDV%LOGLQGLH ]XVDPPHQJHIDOWHWH.DUWHVFKREXPHV]XVFKW]HQ ª,FKNRPPHPLW,KQHQ©VDJWHVLH (VZDUHLQH)HVWVWHOOXQJXQGQLFKWGLH(U|IIQXQJHLQHU 'LVNXVVLRQXQG7UHQWDN]HSWLHUWHGDV(UKDWWHEHUHLWVJH OHUQWGLHNOHLQH)DOWH]XHUNHQQHQPLWGHUVLFK0DULDQDV %UDXHQ]XVDPPHQ]RJHQGDVXQHUVFKWWHUOLFKH+DOVVWDUULJ NHLWVLJQDOLVLHUWHRGHUUFNKDOWORVHV(QJDJHPHQW(VEOLHE GHP%HWUDFKWHUEHUODVVHQIUZHOFKHVYRQEHLGHQHUVLFK HQWVFKLHG ª,FKNDQQPLFKGXUFKDXVQW]OLFKPDFKHQXQGDOOHVN|Q QHQ6LHQLFKWDOOHLQHWXQ©6LHZHFKVHOWHYRPPWWHUOLFKHQ 7RQLQGHQHLQHVVFKPROOHQGHQ.LQGHVXQGHUJlQ]WHª-H

GHQIDOOVEUDXFKHQ6LHPLFKGDPLWLFKDOOHVEHVWlWLJHQNDQQ ZDV6LH*URSDSDHU]lKOHQ© 7UHQWKlWWHYLHOOHLFKWORVJHODFKWZHQQHUQLFKWLQGLHVHP 0RPHQWJHJHQGDV0RWRUUDGJHZRUIHQZRUGHQZlUH'HU +XUULNDQKDWWHGLH*ROGHQ*LUODXI*UXQGODXIHQODVVHQ'DV +HFNGHV.DWDPDUDQVNUDFKWHDXIGLH)HOVHQXQGVLHK|UWHQ EHUGDV+HXOHQGHV:LQGHVKLQZHJZLHGLH5XGHU]HUVSOLW WHUWHQ7UHQWVSUDQJ]XU/HQ]SXPSHDXIGHU%DFNERUGVHLWH EHPKWHVLFKYHU]ZHLIHOWGDVQRFKLP5XPSIVWHKHQGH :DVVHUKHUDXV]XSXPSHQEHYRUGDV%RRWGXUFKGHVVHQ*H ZLFKWDXVHLQDQGHUJHULVVHQZXUGH ª8QGZDJHQ6LHQLFKWPLU]XVDJHQGDHVIUHLQH)UDX ]XKDUWZHUGHQZLUG©ULHI0DULDQDDXVGHP6DORQKHUDXV XQGEOLFNWHZWHQGDXILKQKHUDE'DQQZDUVLHQLFKWPHKU ]XVHKHQ(LQH0LQXWHVSlWHUK|UWHHUGDVUK\WKPLVFKH3R FKHQGHU/HQ]SXPSHDXIGHU6WHXHUERUGVHLWHGDVPLWVHLQHQ HLJHQHQ3XPSEHZHJXQJHQYHUVFKPRO] 'DVSO|W]OLFKH1DFKODVVHQGHV6WXUPVEUDFKWHHLQH6WLOOHPLW VLFKGLHGXUFKGHQ.RQWUDVW]XGHUXQXQWHUEURFKHQHQ.DNR SKRQLHGHUYHUJDQJHQHQ6WXQGHQVRYROOVWlQGLJZDUGD GHU6FKRFNGDUEHU0DULDQDXQG7UHQWHLQHQ0RPHQWODQJ EHZHJXQJVORVYHUKDUUHQOLH (UVWLHGLH7UHQDXIEDQGGDV0RWRUUDGORVXQG]HUUWH HVTXHUGXUFKGHQ6DORQLQV&RFNSLW(UVWGDQQEOLFNWHHU QDFKGUDXHQEHUGDV/DQG'LH*ROGHQ*LUOKDWWHGLH)HO VHQDXIGHQHQVLHDXIJHNRPPHQZDUHQKLQWHUVLFKJHODVVHQ GHU:LQGOLHGHQOHLFKWHUJHZRUGHQHQ.DWDPDUDQEUHLWVHL WLJEHUGDVVSlUOLFKH*UDVUXWVFKHQGDVDXIGHPDXVJHODXJ WHQVDQGLJHQ%RGHQLP+LQWHUODQGGHUDOWHQ.VWHQOLQLH ZXFKV'HU5HJHQKDWWHQLFKWQDFKJHODVVHQDOOHUGLQJVZXU GHHUQLFKWOlQJHUYRP:LQG]XHLQHPIHVWHQ9RUKDQJ]X VDPPHQJHGUFNW(LQJHZDOWLJHU.UDQ]DXV6WXUPZRONHQ VWLHJGLFKWEHUGHP%RGHQKRFKXQGWUPWHVLFKELVLQ VFKZLQGHOHUUHJHQGH+|KHHPSRU6LHEHIDQGHQVLFKDXIGHU ,QQHQVHLWHHLQHVXQJHKHXUHQPDOYHQIDUEHQHQ7ULFKWHUVLQ HLQHUZLQGVWLOOHQ=RQH'XUFKGLH:lQGHGHV7ULFKWHUVKLQ GXUFKNRQQWH7UHQWLQVGOLFKHU5LFKWXQJHLQHGQQHGXQN

OHUH/LQLHDXVPDFKHQ(UZXWHGDGDVGHUGHQ0DNDDVlX PHQGH5HJHQZDOGVHLQPXWH6LHZDUHQYLHOZHLWHUQDFK 1RUGHQJHWUDJHQZRUGHQDOVHUYHUPXWHWKDWWH'LH6FKQHOO VWUDHODJLP:HVWHQ (UOLHGDV)DOOUHHSEHUGDV+HFNJOHLWHQXQGUROOWHGDV 0RWRUUDGKLQXQWHU'LH:DOWKHUKDWWHVLFKQRFKLQLKUHPVL FKHUHQ9HUVWHFNLP0DVWWRSSEHIXQGHQHUKDWWHVLHLQHLQHU GHU6DWWHOWDVFKHQYHUVWDXW7UHQWVFKDXWHVLFKXP0DULDQD KDWWHVLFKHLQHVGHU*HZHKUHEHUGLH6FKXOWHUJHVFKZXQ JHQKLHOWLKPGDV]ZHLWH*HZHKUKLQ(UKlQJWHHVVLFKEHU GLH%UXVW(LQHQ$XJHQEOLFNODQJ]|JHUWHHU(UVFKHXWHVLFK GLHVHOWVDPH5XKHGLHVHUYHUODVVHQHQ/DQGVFKDIW]XVW|UHQ (UKDWWHGDV*HIKODXIHLQHPIUHPGHQ3ODQHWHQJHODQGHW]X VHLQXQGEHIUFKWHQ]XPVVHQGLHULHVLJHQXQGEHGURKOL FKHQ%HZRKQHUGLHVHV3ODQHWHQDXI]XZHFNHQ 'LHJOHLFKH6FKHXNRQQWHHUDXFKEHL0DULDQDVSUHQ%H UXKLJHQGOlFKHOWHHUVLHDQGDQQEUDFKHUGHQ=DXEHUGHU VLHLQVHLQHP%DQQKLHOWXQGEHWlWLJWHGHQ.LFNVWDUWHU'U|K QHQGVSUDQJGHU0RWRUDQ7UHQWVFKZDQJHLQ%HLQEHUGHQ 6LW]0DULDQDVHW]WHVLFKKLQWHULKQ6LHZDUHQGHP0LWWHO SXQNWGHV:RONHQWULFKWHUVEHUHLWVVHKUQDKH1RFK]HKQ PD[LPDOIQI]HKQ0LQXWHQGDQQZUGHGHU6WXUPZLHGHU EHUVLHKHUIDOOHQXQGVLHYRQGHQ6LW]HQUHLHQ0HKU=HLW KDWWHQVLHQLFKWXPGHQVFKW]HQGHQ:DOG]XHUUHLFKHQ REZRKODXFKGRUWGLH*HIDKUEHVWDQGYRQHQWZXU]HOWHQ %lXPHQLQV1LFKWVJHULVVHQ]XZHUGHQ

'LH)URQWGHV+XUULNDQVMDJWHDQGHQWLHIHUJHOHJHQHQ%HUJ IODQNHQHQWODQJUL8UZDOGULHVHQLQ6WFNHZDUIVLHHLQIDFK XP'RFKLP=HQWUXPGHV6WXUPVKHUUVFKWHZHLWHUKLQ5XKH JDEHVHLQ*HELHWPLWHLQHP5DGLXVYRQHWZDIQIXQG]ZDQ ]LJ.LORPHWHUQGDV7UHQWXQG0DULDQD=XIOXFKWERWXQGLQ GHPGLHEHLGHQ]XGHULQ1RUG6G5LFKWXQJYHUODXIHQGHQ 6FKQHOOVWUDHMDJWHQ6LHEHIDQGHQVLFKLQHLQHPYHU]ZHLIHO WHQ:HWWODXIPLWGHQVLFKKRFKDXIWUPHQGHQZLUEHOQGHQ :lQGHQDXVPDOYHQIDUEHQHQ:RONHQEHUJHQ6RODQJHVLH VLFKLP,QQHUQGLHVHUZLQGVWLOOHQ=RQHEHIDQGHQZDUHQVLH LQ6LFKHUKHLW$P5DQGKHUUVFKWHQ&KDRVXQG=HUVW|UXQJ 2EZRKOGLHJURH%0:IU*HOlQGHIDKUWHQNRQVWUXLHUW ZDUGUHKWHQGLH5lGHULPJUDXHQPLW:DVVHUYROOJHVRJH QHQ(UGUHLFKGXUFKZlKUHQG7UHQWPLWGHP/HQNHUNlPSIWH XQGVLFK]ZLVFKHQ%VFKHQXQG*UDVEVFKHOQKLQGXUFK VFKOlQJHOWH(LQPDOKDWWHHUEHUHLWVGLH.RQWUROOHEHUGDV 0RWRUUDGYHUORUHQ$OVHUHLQHDXVJHZDVFKHQH+RKOULQQH PLWVWHLOHQ:lQGHQDQGHQ6HLWHQLQHLQHPYHU]ZHLIHOWHQ $XVZHLFKPDQ|YHUXPIDKUHQZROOWHZDUHQGLH5lGHUXQWHU LKPZHJJHUXWVFKW6LHKDWWHQZHUWYROOH6HNXQGHQYHUORUHQ 'LH$XJHQYRUGHPGLH6LFKWQHKPHQGHQ5HJHQ]XVFKPD OHQ6FKOLW]HQYHUHQJWZDUIHUVLFKPLWVHLQHP.|USHUJHZLFKW QDFKYRUQHDOVVLHHLQHQ+JHOKRFKUDVWHQ'DV+LQWHUUDG ]RJHLQHWLHIH)XUFKHGXUFK6FKLHIHUWRQXQG6FKODPP9RQ REHQNRQQWHHUGLH6FKQHOOVWUDHVHKHQVLHZDUQRFKHWZD YLHUKXQGHUW0HWHUHQWIHUQWHUVWUHFNWHVLFKTXHU]XLKUHU )DKUWULFKWXQJZLHHLQHVFKZDU]H6FKODQJHUHJHQQDXQG XQJHVFKW]WODJVLHYRULKQHQ 0DULDQDKDWWHLKUH:DQJHIHVW]ZLVFKHQVHLQH6FKXOWHU EOlWWHUJHGUFNWXQGNODPPHUWHVLFKDQ7UHQW8PVLHDXI]X PXQWHUQEUOOWH7UHQWGLH6WUDHVHLLQ6LFKW(UEHPHUNWH GDGHU6WUXGHOLQGHVVHQ,QQHUQVLHYRUGHUKLQWHULKQHQ KHUMDJHQGHQ:RONHQIURQWGDYRQJHIDKUHQZDUHQMHW]WVHLQH

5LFKWXQJlQGHUWHXQGVLFKZLHGHUYRQGHQ%HUJHQZHJEH ZHJWH'DGXUFKMDJWHQVLHMHW]WGHQDXIVLH]XVWRHQGHQ/XIW PDVVHQHQWJHJHQ$OOHUGLQJVKDWWHQVLHGXUFKGLH5LFKWXQJV lQGHUXQJGHV+XUULNDQVZHLWHUH]HKQ0LQXWHQ=HLW JHZRQQHQ $XIGHU6FKQHOOVWUDHDQJHNRPPHQUL7UHQWGDV0RWRU UDGKHUXP0LW9ROOJDVERJHULQGHQ:LQGVFKDWWHQ0DULD QDGXFNWHVLFKDXILKUHP6LW]WLHIQDFKXQWHQ6SULW]ZDVVHU ZLUEHOWHYRQGHQ5HLIHQKRFK=LWWHUQGEOLHEGLH7DFKRPH WHUQDGHOEHLHLQKXQGHUWYLHU]LJ6WXQGHQNLORPHWHUQVWHKHQ 5LQJVXPWUPWHQVLFKGLH:RONHQXQGGLHDXIVLH]XUDVHQ GH:RONHQIURQWOLQNVYRULKQHQZDUNHLQHDQGHUWKDOE.LOR PHWHUPHKUYRQLKQHQHQWIHUQW 7UHQWYHUVXFKWHVLFKQRFKHLQPDOLQV*HGlFKWQLV]XUXIHQ ZLHGDV*HOlQGHDXVVDK(UHULQQHUWHVLFKDQHLQ6XPSIJH ELHWGDVHLQH/DJXQHVSHLVWHGLHLUJHQGZRUHFKWVYRQGHU 6FKQHOOVWUDHODJ'LH6WUDHODJ]XWLHIDOVGDHUVRZHLW KlWWHVFKDXHQN|QQHQ'DV6XPSIJHOlQGHPXWHYRQHLQHP RGHUPHKUHUHQ:DVVHUOlXIHQJHVSHLVWZHUGHQGLHLQ'XUFK OlVVHQXQWHUGHU6FKQHOOVWUDHKLQGXUFKJHOHLWHWZXUGHQ (UZXWHGDHUDEEUHPVHQXQG6FKXW]VXFKHQVROOWHXQG EHJDQQVWLOOYRUVLFKKLQ]X]lKOHQ'DVKDWWHHULPPHUJH WDQZHQQHULQ6WUHJHULHWVRJDUDOV.LQGVFKRQ1RFKGUHL LJ6HNXQGHQGDQQZUGHHUYRQGHU6WUDHDEELHJHQ(U VSUWHHLQHZDFKVHQGH$QVSDQQXQJEHL0DULDQDXQGPHUN WHZLHVLHGHQ.RSIZHJGUHKWHGDPLWVLHQLFKWOlQJHUDXI GLHNHLQHDFKWKXQGHUW0HWHUPHKUHQWIHUQWH:RONHQZDQG OLQNVYRQLKQHQEOLFNHQPXWH'DV0RWRUUDGHU]LWWHUWHDOV HLQH6WXUPE|HLQH5HJHQ]XQJHEHUGLH6FKQHOOVWUDH SHLWVFKWH7UHQWEHPKWHVLFKYHU]ZHLIHOWGLH%0:DXIUHFKW ]XKDOWHQ(UQDKP*DVZHJXQGNXSSHOWHDXV(LQHVFKQHOOH 9HUODJHUXQJGHV.|USHUJHZLFKWHVXQGHUVWHXHUWHGDV0R WRUUDGVFKUlJEHUGHQ6FKRWWHUUDQGUXWVFKWH]XU6HLWHZHJ EHPKWHVLFKYHU]ZHLIHOWQLFKWGLH%RGHQKDIWXQJ]XYHU OLHUHQ(LQQHXHU:LQGVWRULGDV5HJHQZDVVHUYRQGHU 6WUDHQREHUIOlFKHOLHHVNDVNDGHQDUWLJKHUXQWHUUHJQHQVR GDVLHDXILKUHUUDVHQGHQ)DKUWLP:LQGVFKDWWHQGHV6WUD HQGDPPHVZLHDXIGHU,QQHQVHLWHHLQHV:DVVHUIDOOHVHQW

ODQJIXKUHQ,QGHU)HUQHVDKHUGLHLP6FKDWWHQOLHJHQGHgII QXQJHLQHVJURHQ'XUFKODVVHVDXIVLH]XNRPPHQhEHULK QHQKHXOWHQGLH6WXUPE|HQ5HJHQYRUKlQJHMDJWHQLQ5LFK WXQJ0HHUKLQWHUHLQDQGHUKHUIHJWHQEHUGDVWLHIJHOHJHQH 6XPSIODQGKLQZHJ $OVLPVWXUPJHSHLWVFKWHQ5HJHQSO|W]OLFKHLQ)OXEHWWPLW VWHLOHQ8IHUE|VFKXQJHQYRULKQHQDXIWDXFKWHGUHKWH7UHQW GDV0RWRUUDG]XVSlWPLWHLQHU6FKOHXGHUEHZHJXQJZHJ 0DULDQDSXU]HOWHYRQLKUHP6LW]DOVGLH%0:EHUGHQ 5DQGJOLWWXQG7UHQWPLWVLFKUL0LWGHPOLQNHQ6WLHIHO ]ZDQJHUGDV0RWRUUDGLQHLQHVHQNUHFKWH3RVLWLRQDOVHULP QLFKWHLQPDOGUHLLJ=HQWLPHWHUWLHIHQ:DVVHUDXIVFKOXJJDE *DVMDJWHGDV0RWRUUDGEUHLWVHLWLJLQGHQ'XUFKOD'DQQ VWHOOWHHUGHQ0RWRUDEXQGVSUDQJKHUXQWHU(UZLUEHOWHJH UDGHUHFKW]HLWLJKHUXPXP]XVHKHQZLH0DULDQDGLH8IHU E|VFKXQJKHUDEUXWVFKWH(UZROOWHJHUDGHLKUHQ$UPQHK PHQXQGLKULQGHQ'XUFKODKHOIHQDEHUHQWZHGHUEUDXFKWH VLHNHLQH+LOIHYRQLKPRGHUZROOWHVLHQLFKW-HGHQIDOOV VFKOXJVLHVHLQH+DQGZHJ 7UHQWWUDWLQGLH%HWRQU|KUHXQGIDQGKHUDXVGDGLH%H JUHQ]XQJHQGHV)OXEHWWVZLHHLQH9HUOlQJHUXQJGHU%HIH VWLJXQJHQGHV'XUFKODVVHVZDU(VKDWWHVHQNUHFKWH8IHUXQG ZDUHWZDGUHLLJ0HWHUEUHLW6HLFKWHV:DVVHUIORLQGHU 0LWWHWUlJHGDKLQ7UHQWNHKUWHZLHGHU]XP0RWRUUDG]X UFNXQGVWXGLHUWHGLH.DUWH(UVDKGDGDV)OXEHWWHLQPDO GHQ1HEHQIOXGHV0DNDDDXIJHQRPPHQKDWWHGHUMHW]WXQ WHUKDOEGHV:HJHV]XU%ORFNKWWHGHV3Ul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

PHQEHUZHOFKH(QWIHUQXQJKLQZHJGLH8IHUVRVWHLOEOLH EHQ:HQQMHGRFKWDWVlFKOLFKLUJHQGZDQQHLQ(UGUXWVFKGDV )OXEHWWYHUVSHUUWKDWWHPXWHQGLH)OXXIHUHLJHQWOLFKELV ]XGHU6WHOOHVRVWHLOEOHLEHQDQGHUVLFKGHU)OXHLQQHXHV %HWWJHJUDEHQKDWWH7UHQWZDUIHLQHQSUIHQGHQ%OLFNDXI VHLQH$UPEDQGXKU(VZDU]Z|OI8KUPLWWDJV 'LH%HWRQU|KUHGHV'XUFKODVVHVODJVFKUlJ]XGHU:LQG ULFKWXQJGHV+XUULNDQVXQGKDWWHVLFKLQHLQHULHVLJH2UJHO SIHLIHYHUZDQGHOWLQGHUGHU+XUULNDQVW|KQWHXQGKHXOWH DOVKDEHLKQGLH7DWVDFKHGDVLHVHLQHU*HZDOWHQWNRPPHQ ZDUHQLQHLQHQ=XVWDQGZDKQVLQQLJHU5DVHUHLYHUVHW]W'DV YRQGHU6FKQHOOVWUDHKHUXQWHUJHWULHEHQH5HJHQZDVVHUELO GHWHHLQHIHVWH:DQGGLHVLHMHGHV%OLFNHVDXIGLH$XHQZHOW EHUDXEWH7UHQWVFKDXWHYRQGHU.DUWHDXIXQGPHUNWHGD 0DULDQDLKQEHREDFKWHWH'LH:XWGLHHULQLKUHQ$XJHQ VDKEHUGHFNWHGLH$QJVWGLHVLHIKOWH6LHKDWWHMHW]WVFKRQ JHQXJGXUFKJHVWDQGHQ,P6FKXW]GHV'XUFKODVVHVIKOWHVLH VLFKVLFKHU'RFKGHU'XUFKODZDUHLQHW|GOLFKH)DOOH 7UHQWVSUWHZLHVLHVLFKZHLWHULQVLFK]XUFN]RJZlK UHQGHUGXUFKGDV+HXOHQGHU2UJHOKLQGXUFKVFKULHª:LU KDEHQGLH&KDQFHHVGHQ)OXKRFK]XVFKDIIHQ©(LJHQWOLFK ZROOWHHUVLH]XQLFKWV]ZLQJHQDEHULKPEOLHEQLFKWVDQGH UHVEULJ'LH/LSSHQGLFKWDQLKUHP2KUVDJWHHUª7XWPLU OHLGDEHULFKPXHVYHUVXFKHQ© (UWUDWDXIGHQ.LFNVWDUWHUXQGVFKZHQNWHGLH%0:KHU XPLQ5LFKWXQJ%HUJHRKQH0DULDQDDQ]XVFKDXHQ'LH6H NXQGHQYHUUDQQHQ6FKOLHOLFKIKOWHHULKU*HZLFKWDXIGHP 6R]LXVVLW]DEHUVLHEHUKUWHLKQQLFKWOHJWHLKPQLFKWGLH +lQGHXPGLH7DLOOHOHKQWHLKUHQ.|USHUQLFKWJHJHQVHLQHQ (UVFKDXWHVLFKXPLKUH%OLFNHWUDIHQVLFK6LHZROOWHZHJ JXFNHQGDSDFNWHHUVLHDQGHU6FKXOWHU:XWZDULKUHLQ]L JHU6FKXW]XQG7UHQWVWHLJHUWHVLHDEVLFKWOLFKLQGHPHULKU ]XULHIª.HLQ$IIHQWKHDWHU0DULDQD(QWZHGHU6LHEOHLEHQ KLHURGHU6LHPDFKHQPLW© 'LH:XWEUDFKWHZLHGHU/HEHQLQLKUH$XJHQª,FKKDVVH 6LH©VFKULHVLH(LQHQ$XJHQEOLFNODQJGDFKWHHUVLHZUGH LKQVFKODJHQ(UOLHGLH.XSSOXQJORVXQGLKUH$UPHOHJWHQ VLFKXPVHLQH7DLOOHDOVZROOWHVLHVHLQH5LSSHQ]HUTXHWVFKHQ

$OVHU*DVJDEGXUFKVFKQLWWGDV'U|KQHQGHV0RWRUUDGHV GDVbFK]HQXQG+HXOHQGHV6WXUPHVLQGHUgIIQXQJGHV 'XUFKODVVHV7UHQWEHXJWHVLFKWLHIEHUGHQ/HQNHUQDFK YRUQHXQGWULHEGLH0DVFKLQHDXVGHP7XQQHOKLQDXV0LW ZHLWDXVHLQDQGHUJHVSUHL]WHQ%HLQHQXQGDXIGHP)OXEHWW VFKOHLIHQGHQ6WLHIHOQUDVWHHUGDKLQ'HU5HJHQSHLWVFKWHLKP LQV*HVLFKWYHU]ZHLIHOWEHPKWHHUVLFKGDV0RWRUUDGJHUD GH]XKDOWHQXQGGHQ6FKXW]GHVLP:LQGVFKDWWHQOLHJHQGHQ 8IHUVDQ]XVWHXHUQ,QQHUKDOEYRQ6HNXQGHQZDUHQVHLQH 6WLHIHOPLW:DVVHUJHIOOW(UNRQQWHQLFKWVVHKHQ'HU:LQG KHXOWHGHU+XUULNDQVFKOHXGHUWH6WHLQHXQG=ZHLJHGXUFK GLH/XIW(LQHQ$XJHQEOLFNODQJGDFKWH7UHQWHUKDEHGLH 0DVFKLQHQLFKWPHKULQVHLQHU*HZDOWXQGHXWOLFKUDJWHGDV 8IHUYRULKPDXI$OVGDQQGHU:LQGSO|W]OLFKQDFKOLH VFKRGLH%0:GDYRQDOVKlWWHHUGLH%UHPVHQJHO|VW(UUL GDV0RWRUUDGXPVHLQUHFKWHV%HLQKHUXPQXUZHQLJH=HQ WLPHWHUYRQGHU8IHUE|VFKXQJHQWIHUQWGHUHQ2EHUNDQWH VLFKHLQHLQKDOE0HWHUEHUVHLQHP.RSIEHIDQG0LW]XVDP PHQJHNQLIIHQHQIDVWJHVFKORVVHQHQ$XJHQNRQQWHHUNHLQH ]HKQ0HWHUIOXDXIZlUWVVHKHQ'DV0RWRUUDGPDFKWHHLQHQ 6DW]QDFKOLQNVDOVHUJHJHQHLQHQ)HOVHQIXKUGDV9RUGHU UDGVFKOXJJHJHQGLH8IHUE|VFKXQJEHYRUHUZLHGHUJHUDGH DXVOHQNHQNRQQWH(LQH6HNXQGHVSlWHUODJHQVLHODQJDXV JHVWUHFNWLP6FKODPPXQG:DVVHUXQWHUGHP0RWRUUDG6LH KDWWHQQLFKWHLQPDOHLQKXQGHUW0HWHU]XUFNJHOHJW 7UHQWVWHOOWHGDV0RWRUUDGZLHGHUKLQ0DULDQDKLHEDXI VHLQH6FKXOWHUQHLQVFKULHHUVROOHXPNHKUHQ'RFKGDPLW KlWWHQVLHLKU/HEHQDXIV6SLHOJHVHW]WHLQH8PNHKUNDPHL QHU6HOEVWDXIJDEHJOHLFK8QGVLHKlWWHQQLFKWQXUYRUGHP +XUULNDQNDSLWXOLHUWVRQGHUQHLQHJDQ]H1DWLRQZLHNOHLQ VLHDXFKLPPHUZDULQGLH+lQGHYRQ0|UGHUQIDOOHQODV VHQ7UHQWZXWHGD/RXLV 0lQQHUEHL7DJHVDQEUXFKORV VFKODJHQZUGHQ(UPXWHGLH%ORFNKWWHGHV3UlVLGHQWHQ VRIUKHUUHLFKHQGDLKQHQQRFKPLQGHVWHQVHLQH6WXQGH 7DJHVOLFKW]XU9HUIJXQJVWDQGXPVHLQH9HUWHLGLJXQJ]X SODQHQXQG=HLWJHQXJ]XKDEHQEHUGDV)XQNJHUlWGHV 3UlVLGHQWHQ&DVSDU]XHUUHLFKHQ

(LQH]HKQ0HWHUKRKH)OXWYHUKLQGHUWHGDGHU0DNDDVLFK ZLHJHZRKQWLQV0HHUHUJR'LHOHW]WHQVHFKV6WXQGHQKDWWH HVDQKDOWHQGXQGVLQWIOXWDUWLJJHUHJQHW'HU1HEHQIOXGHV 0DNDDZDUXPIQI0HWHUJHVWLHJHQEHUVHLQH8IHUJHWUH WHQXQGVWU|PWHMHW]WLQVHLQDOWHV)OXEHWWLQGHP7UHQWXQG 0DULDQDGDKLQIXKUHQ 'DVPLWLPPHUJU|HUHU*HVFKZLQGLJNHLWIOLHHQGH:DV VHUQDJWHEHVWlQGLJDQGHPIOXDEZlUWVJHOHJHQHQ(QGHGHV (UGUXWVFKHVGHUGLHVHQ)OXXUVSUQJOLFKQDFK:HVWHQDE JHOHQNWXQGLKQJH]ZXQJHQKDWWHLQGHQ0DNDDDE]XIOLH HQ0LWMHGHU0LQXWHYHUVWlUNWHVLFKGLH6WU|PXQJXQG ZXUGHUHLHQGHU:DVHUVWQXUHLQ5LQQVDOJHZHVHQZDU ZXUGH]XHLQHP%DFKGDQQ]XHLQHPVHLFKWHQ)OX*URH (UGNOXPSHQO|VWHQVLFKYRPXQWHUHQ(QGHGHV(UGUXWVFKHV )HOVEURFNHQVHW]WHQVLFKLQ%HZHJXQJGDVGXUFKVLH]XUFN JHKDOWHQH(UGUHLFKZXUGHXQWHUK|KOWHU]LWWHUWHUXWVFKWH VFKOLHOLFKDE +XQGHUWWDXVHQGHYRQ7RQQHQ:DVVHUGUFNWHQJHJHQGHQ (UGUXWVFKMHGH+DQGEUHLWGLHGDV:DVVHUYRQVHLQHPXQWH UHQ5DQGZHJULYHUULQJHUWHGHQ:LGHUVWDQGGHQGHU(UG UXWVFKGHPPDVVLYHQ'UXFNHQWJHJHQVHW]HQNRQQWH'LH/D JHHUUHLFKWHDOOPlKOLFKHLQHQNULWLVFKHQ3XQNW,UJHQGZDQQ ZUGHGHU0RPHQWJHNRPPHQVHLQLQGHPGHU'DPPHQG JOWLJEUDFK:HQQHVVRZHLWZDUZUGHVLFKHLQHHWZDVLH EHQ0HWHUKRKH:DQGDXV:DVVHUGDVDOWH)OXEHWWKLQDE ZlO]HQDOOHVYHUQLFKWHQZDVVLFKLKULQGHQ:HJVWHOOWHXQG PLWGHU:XFKWHLQHV6FKQHOO]XJHVDXIGLH6FKQHOOVWUDHWUHI IHQ,QQHUKDOEYRQ6HNXQGHQEUXFKWHLOHQKlWWHVLHHLQH/FNH LQGLH6FKQHOOVWUDHJHULVVHQGLHVREUHLWZDUZLHGDV)OX EHWW $OVKlWWHVLFKGHU+XUULNDQGDUEHUDXIJHUHJWGDGLH%HU JHIULKQXQEHUZLQGOLFKZDUHQlQGHUWHHUHUQHXWVHLQH 5LFKWXQJXQG]RJZLHGHUODQGHLQZlUWV'LHVH'UHKXQJGHU :LQGULFKWXQJEHZLUNWHGDGDV)OXXIHU7UHQWXQG0DULDQD QLFKWOlQJHUYRUGHPVFKOLPPVWHQ:WHQGHVKHXOHQGHQ:LU EHOVWXUPHVEHVFKW]WH'DV*HJHQWHLOZDUGHU)DOOIUHLQH JHZLVVH=HLWYHUZDQGHOWHVLFKGDV)OXEHWWLQHLQHQ:LQGND QDOLQGHPGHU6WXUPVHLQHJDQ]H*HZDOWHQWIHVVHOWH

7UHQWKDWWHGLH(QWIHUQXQJ]ZLVFKHQGHP'XUFKODXQG GHU6WHOOHDQGHUGDVQHXH)OXEHWWYRPDOWHQ)OXEHWWDE ]ZHLJWHDXIXQJHIlKUVHFKV.LORPHWHUJHVFKlW]W6HLWVLHGHQ 6FKXW]GHV'XUFKODVVHVYHUODVVHQKDWWHQZDUHLQHKDOEH 6WXQGHYHUJDQJHQ(UKDWWHNHLQH$KQXQJZLHZHLWVLHJH NRPPHQZDUHQXQGKDWWHHVDXIJHJHEHQ]X]lKOHQZLHRIW VLHJHVWU]WZDUHQ$XVJHVWUHFNWODJHUZLHGHUDP)XGHU 8IHUE|VFKXQJGLH%0:ODJPLWLKUHPJDQ]HQ*HZLFKWDXI VHLQHQ%HLQHQ:LHHLQH)OLHJH]ZLVFKHQGHQ6HLWHQHLQHV%X FKHVZXUGH7UHQW]ZLVFKHQGHP6WXUPXQGGHU]XQHKPHQ GHQ.UDIWGHV:DVVHUVIHVWJHKDOWHQ 'LH6WXUPE|GLHLKQJHJHQGDV8IHUJHVFKOHXGHUWKDWWH KDWWHPLWHLQHU:LQGJHVFKZLQGLJNHLWYRQUXQG]ZHLKXQGHUW 6WXQGHQNLORPHWHUQGDV0RWRUUDGHUIDW0DULDQDYRP6R]L XVVLW]JHULVVHQXQGJHJHQGLH6WU|PXQJEHUGLH2EHUIOlFKH GHV)OXVVHVJHZRUIHQZLHHLQHQEHUHLQHQ7HLFKKSIHQGHQ IODFKHQ6WHLQ$OVGHUVWXUPJHSHLWVFKWH5HJHQIUHLQHQNXU ]HQ$XJHQEOLFNDXIULVDK7UHQWGDVLFK0DULDQDHWZD ]ZDQ]LJ0HWHUIOXDXIZlUWVPLWGHQ$UPHQDQGHQ6WDPP HLQHVXPJHVWU]WHQ%DXPHVNODPPHUWH(UNRQQWHVLFKOHE KDIWYRUVWHOOHQZHOFKHIUFKWHUOLFKHQb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

ODXVFKWHLKP(UQDKPDOOH.UlIWH]XVDPPHQDUEHLWHWHVLFK PLWGHPOLQNHQ%HLQXQWHUGHP0RWRUUDGKHUYRU]HUUWHGLH 0DVFKLQHKRFKXQGOHKQWHVLHDQGLH8IHUE|VFKXQJ0LWJH VSUHL]WHQ%HLQHQVWLHJHUDXIGHQ6LW]WUDWDXIGHQ.LFNVWDU WHU1LFKWVUKUWHVLFK(UEHWlWLJWHGHQ+HEHO]ZHLZHLWHUH 0DOH+HUUVWHKPLUEHLEHWHWHHUXQGOHKQWHVHLQH6FKXOWHU JHJHQGDV8IHUNDPZLHGHU]X$WHP(LQHQ$XJHQEOLFN ODQJPHLQWHHUHLQNDXPZDKUQHKPEDUHV%HEHQGHU(UGH JHVSUW]XKDEHQ(LQYLHUWHV0DOEHWlWLJWHHUGHQ.LFNVWDU WHUXQGGHU0RWRUVSUDQJDQ7UHQWVWW]WHVLFKDP8IHUDE KLHOWLQQHGLHVHV0DOZDUHUVLFKVLFKHUHWZDVJHVSUW]X KDEHQ (LQH6WXUPE|GUFNWHLKQJHJHQGLH%|VFKXQJ6LH]RJ ZHLWHU7UHQWVFKDXWHGHQ)OXKRFK]X0DULDQDKLQEHUGLH GRUWDXIGHPXPJHVWU]WHQ%DXPVWDPPODJ(UNRQQWHVLH MHW]WGHXWOLFKVHKHQDXFKGDV+HXOHQGHV6WXUPHVZDUOHLVHU JHZRUGHQ'XUFKGLH5LFKWXQJVlQGHUXQJGHV+XUULNDQVJH ULHWHQVLHZLHGHULQGLHZLQGVWLOOH=RQHLQGHVVHQ0LWWH 7UHQWJDE*DVOHJWHGHQHUVWHQ*DQJHLQXQGPDQ|YULHUWH GDV0RWRUUDGYRUVLFKWLJLQGLDJRQDOHU5LFKWXQJIOXDXI ZlUWV$P%DXPVWDPPZDUGDV:DVVHUMHW]WHWZDVLHE]LJ =HQWLPHWHUWLHI(UULHI0DULDQDHWZDV]XSDFNWHVLHDQGHQ $UPHQ]HUUWHVLHDXIGLH%HLQHª%HZHJHQ6LHVLFK©EUOOWH HUª6FKQHOO© (UVFKZHQNWHGDV0RWRUUDGIOXDEZlUWVDOVGDV*HZLFKW LKUHV.|USHUVDXIGHP6R]LXVVLW]]XVSUHQZDUJDE9ROOJDV XQGKLHOWDXIGLH)OXPLWWH]XZRLKQHQQLFKWVGHQ:HJ YHUVSHUUWH,P]ZHLWHQ*DQJMDJWHHUGLH0DVFKLQHGHQJOHL FKHQ:HJ]XUFNGHQVLHJHNRPPHQZDUHQ9HU]ZHLIHOW KLHOWHUQDFKHLQHU0|JOLFKNHLW$XVVFKDXGLH8IHUE|VFKXQJ KRFK]XNRPPHQ=ZHLPDOPXWHHUJHJHQGLH:XFKWHLQHU 6WXUPE|DQNlPSIHQDEHUGHU6WXUPOLHUDVFKQDFKGDV +HXOHQZDUYHUVFKZXQGHQ8QGGDQQK|UWHHUHVLQZHLWHU )HUQHGDVGXPSIHJUROOHQGH'U|KQHQHLQHVVFKZHUHQ)HOG JHVFKW]HV'RFK)HOGJHVFKW]HJDEHVKLHUQLFKW (UVDKGDVLFKOLQNVYRULKQHQHLQJURHVNHLOI|UPLJHV 6WFN(UGUHLFKYRUP8IHUJHO|VWKDWWHXQGKHUXQWHUJHIDOOHQ ZDU(UIXKUDXIGLH6WHOOH]XEUHPVWHDEUL0DULDQDYRP

6R]LXVVLW]XQGEUOOWHVLHDQVLHVROOHKRFKNOHWWHUQª/DXIHQ 6LH©VFKULHHUª/DXIHQ6LHXP,KU/HEHQ© 'DQQVWLHHUGDV0RWRUUDGKHUXPVFKRGDPLWEHUGHQ )OXZHQGHWHXQGVWDQGMHW]WGLUHNWJHJHQEHUGHU/DQG ]XQJHXQGGHP9I|UPLJHQ(LQVFKQLWWLQGHUIDVWVHQNUHFK WHQ8IHUE|VFKXQJ0DULDQDKDWWHGLH+lOIWHGHU%|VFKXQJHU NORPPHQVFKDXWHVLFKXP(UKLHEPLWGHU)DXVWLQLKUH 5LFKWXQJDOVREGLH:XFKWGLHVHU*HVWHVLHGLHOHW]WHQDQ GHUWKDOE0HWHUQDFKREHQZHUIHQN|QQWHVFKULHVLHDQRE ZRKOHUZXWHGDVLHQLFKWVK|UWHQNRQQWH,KU.RSIZDU LPPHUQRFKJXWHGUHLLJ=HQWLPHWHUYRQGHU2EHUNDQWHGHU %|VFKXQJHQWIHUQW(UEOLFNHIOXDXIZlUWV6LHNDPHLQHULH VLJHWRVHQGH0DXHUGHV7RGHVXQGGHV9HUGHUEHQV(UOLH GLH.XSSOXQJORVGDV9RUGHUUDGVFKQHOOWHLQGLH+|KHXQG HUUDVWHDXIGDVJHJHQEHUOLHJHQGH8IHU]XGLHVDQGLJH /DQG]XQJHODJJHQDXYRULKP6FKRQVFKOXJLKPGLH*LVFKW GHU:DVVHUZDQGHQWJHJHQVFKRQVSUWHHUGLHYRQLKUYHU XUVDFKWH/XIWEHZHJXQJLKUH.lOWH'DQQHUEOLFNWHHUGLH /DQG]XQJHHUZDUIVHLQJDQ]HV.|USHUJHZLFKWQDFKYRUQH ULGLH%0:GHQVWHLOHQ$EKDQJKRFKWULHEVLHLQGDV9KLQ HLQ0DULDQDNOHWWHUWHLPPHUQRFKGLH%|VFKXQJKRFK'LH 9HU]ZHLIOXQJYHUOLHK7UHQWXQJHDKQWH.UlIWH(USDFNWHGDV 0lGFKHQDP.UDJHQULVLHORVXQG]HUUWHVLHEHUGHQ 6FKODPPZLHHLQHOHEHQVJURH6WRIISXSSH 'DV7RVHQGHV:DVVHUVZDURKUHQEHWlXEHQG6LHK|UWHQ ZLHHVPLWVHLQHUJDQ]HQ*HZDOWLQHLQHUZDKUHQ([SORVLRQ DXIGLH6WUDHNUDFKWHVDKHQGDGLH6FKQHOOVWUDHDXVHLQ DQGHUEUDFKXQGLQ]ZHL6WFNHQKRFKJHKREHQZXUGHZLH GLHEHLGHQ6HLWHQHLQHU=XJEUFNH'DQQZDUGDQXUQRFK GHUEUHLWXQGGXQNHOXQGPlFKWLJGDKLQVFKLHHQGH)OX(V ZDUDOVREGLH6FKQHOOVWUDHQLHH[LVWLHUWKlWWH (LQHQ0RPHQWODQJZDUHQ7UHQWXQG0DULDQDEHWlXEWYRQ GHUXQJODXEOLFKHQ.UDIWGHUVLHVRNQDSSHQWURQQHQZDUHQ 7UHQWEUDFKGHQ%DQQ,QGHU6LFKHUKHLWGHUZLQGVWLOOHQ=RQH LQGHU0LWWHGHV6WXUPHVKDWWHQVLHMHW]WZLHGHU]HKQRGHU IQI]HKQ0LQXWHQ=HLWXPGLHUHODWLYH6LFKHUKHLWGHV:HJHV ]XHUUHLFKHQGHUGXUFKGHQ5HJHQZDOG]XU%ORFNKWWHGHV 3UlVLGHQWHQIKUWH

0LWHLQHPVFKULOOHQ*HUlXVFKSDFNWHGHU+XUULNDQGHQ%OlW WHUEDOGDFKLQGHV5HJHQZDOGHVEHULKUHQ.|SIHQULJURH /|FKHUKLQHLQ'HU:HJKDWWHVLFKLQHLQHQVHLFKWHQ)OXYHU ZDQGHOWGHUWRQLJH%RGHQZDU]ZLVFKHQGHQ)HOVWUPPHUQ XQG.LHVHOQZHJJHVSOWZRUGHQ7UHQWIXKULPHUVWHQ*DQJ 'HU6FKHLQZHUIHUVFKXIHLQHQ/LFKWWXQQHOLQGHPGVWHUHQ :DOGGXUFKGHQGHU5HJHQZLHDXV.EHOQKHUXQWHUVFKR :HLWHUYRUQHZDQGVLFKGHU:HJQDFKREHQXQGNOHEWHDQ GHU%HUJIODQNHZLHHLQEOHLFKHUVFKOSIULJHU+XQGHUWIOHU 'LH1DWXUKDWWHHLQH*UHQ]OLQLHJH]RJHQGLHYLHOJHQDXHU ZDUDOVMHGHYRP0HQVFKHQJH]RJHQH6WDDWVJUHQ]H8USO|W] OLFKNDPHQ7UHQWXQG0DULDQDDXVGHP5HJHQZDOGKLQDXV XQGLQGDVHWZDVHFKVKXQGHUWIQI]LJ0HWHUEHUGHP0HH UHVVSLHJHOJHOHJHQHYRQ.LHIHUQEHZDFKVHQH+RFKODQG)DVW ZDUHQVLHGHP+XUULNDQGDYRQJHIDKUHQRGHUGHU+XUULNDQ KDWWHVLFK=HLWJHODVVHQXQGZROOWHXQEHGLQJWDQGHQ%HUJ IODQNHQGLHLKQXUVSUQJOLFKDEJHZHKUWKDWWHQ5DFKHEHQ +LQWHQDQGHU6WXUPIURQW]XFNWHQGLH%OLW]HXQGNUDFKWHGHU 'RQQHULQODQJDQKDOWHQGHQ3HULRGHQGDV*HZLWWHUVFKLHQ GLHJHVDPWH/lQJHGHU%HUJNHWWHHLQ]XKOOHQ 'LH.LHIHUQZXFKVHQLQZHLWHP$EVWDQGZLHDXIHLQHU 3ODQWDJH(VJDENHLQH%VFKHXQG3DOPHQZLHLP5HJHQ ZDOGVRGDGHU:HJQXUZHQLJ6FKXW]YRUGHQ6WXUPE|HQ ERWGLHGLH%HUJIODQNHKRFKVWLHHQXQGZLH7RGHVIHHQDXI NUHLVFKWHQZHQQVLHGLHVFKODQNHQ%DXPVWlPPHIDVWELV ]XP%RGHQNUPPWHQ6LHNlPSIWHQVLFKDXIHLQHQ%HUJ NDPP'HU:DOG|IIQHWHVLFKXQG7UHQWNRQQWHHLQHQ%OLFN DXIHLQHVWHLODQVWHLJHQGH:LHVHZHLWHUREHQYRULKQHQZHU IHQXQGGDUDXIHLQHQZHLHQ)OHFNHUNHQQHQ'HU:HJQHLJ WHVLFKZLHGHUQDFKXQWHQXQGVFKOlQJHOWHVLFKLQHLQHEHZDO GHWH6HQNHKLQHLQ6LHNDPHQDQHLQH:HJJDEHOXQJ0DULDQD ZLHV7UHQWQDFKOLQNV )QI0LQXWHQVSlWHUHUUHLFKWHQVLHGHQ5DQGGHU:LHVH 7UHQWEUHPVWHVFKZHQNWHGLH%0:ZLHGHULQGHQ6FKXW] GHU.LHIHUQ(UVWHOOWHGDV0RWRUUDGDXIGHQ6WlQGHUVWLHJDE XQGVWUHFNWHVLFKXPHLQZHQLJYRQGHU6WHLIKHLWDXVVHLQHQ 6FKXOWHUQ]XYHUWUHLEHQ(UQDKPGDV*HZHKUIXWWHUDOYRQ GHU%UXVW]RJGHQ5HLYHUVFKOXDXIXQGJULQVWH0DULDQD

GDEHLDQª:LUKDEHQHVJHVFKDIIW©PHLQWHHUXQGQDKPGHP 0lGFKHQGDV]ZHLWH*HZHKUYRQGHU6FKXOWHURKQHVLHULFK WLJDQ]XVFKDXHQ (UEHUSUIWHDOOH)XQNWLRQHQXQGOXGEHLGH*HZHKUH GXUFK'DQQVFKOLFKHU]ZLVFKHQGHQ%lXPHQKLQGXUFKQDFK REHQ'LH:LHVHPDHWZDGUHLKXQGHUW0HWHULP4XDGUDW 'LH%ORFNKWWHVWDQGJHQDXLQGHU0LWWH(VZDUHLQ+lXV FKHQZLHHV.LQGHUPDOHQLQGHU0LWWHHLQH7UMHZHLOVHLQ SDVVHQGHV)HQVWHUOLQNVXQGUHFKWVGDYRQHLQVFKUlJHV 'DFKDXVGHPHLQ6FKRUQVWHLQKHUYRUUDJWH'DV'DFKZDU PLW3DOPZHGHOQJHGHFNWZHLH:lQGHODFNLHUWHV+RO] HLQVFKOLFKWHV*HElXGHGDVGHP5XIGHV3UlVLGHQWHQHQW VSUDFK 7UHQWVSUWHZLHLKQ0DULDQDDQGHU6FKXOWHUEHUKUWH ª6WLPPWHWZDVQLFKW"©IUDJWHVLH ª:DKUVFKHLQOLFKLVWDOOHVLQ2UGQXQJDEHUHVLVWZLHEHLP hEHUTXHUHQHLQHU6WUDH©PHLQWHHU]XLKUª(UVWKLQVFKDX HQGDQQNRPPWPDQDXFKQLFKWXP© (UQDKPVHLQ)HUQJODVDXVGHU%UXVWWDVFKH9LHUJURH %lXPHEHVFKDWWHWHQGLH%ORFNKWWHHWZDHLQ'XW]HQG.LH IHUQZDUHQEHUGHQREHUHQ+DQJYHUVWUHXW7UHQWQDKPDQ GDGLH:LHVHXUVSUQJOLFKJHURGHWZRUGHQZDUZHLOGHU %RGHQKLHUIUXFKWEDUHUZDUDOVGHUVRQVWLP%HUHLFKGLHVHU %HUJNHWWHEOLFKHVDQGLJH/HKP,P9HUJOHLFK]XGHQIHGHU OHLFKWZLUNHQGHQ%lXPHQGHV:DOGHVPDFKWHQGLH%lXPH KLHUHLQHQZXFKWLJHQ(LQGUXFN'HU%HUJKDQJGHUYRPREH UHQ(QGHGHU:LHVHDQVWHLODQVWLHJZ|OEWHVLFKQDFKLQQHQ VRGDHUVLFK]XHLQHPQDWUOLFKHQ$PSKLWKHDWHUIRUPWHLQ GDVGLH6WHLOZDQGGHV6WHLQEUXFKVHLQJHEHWWHWZDU7UHQW NRQQWHQLFKWHUNHQQHQREGHU:HJZHLWHULQGHQ6WHLQEUXFK IKUWHRGHUDQGHU%ORFNKWWHHQGHWH.HLQ)DKU]HXJZDU]X VHKHQLQGHQ)HQVWHUQGHU%ORFNKWWHVDKPDQNHLQH9RU KlQJHGLH)HQVWHUOlGHQZDUHQQLFKWJHVFKORVVHQNHLQ5DXFK NDPDXVGHP6FKRUQVWHLQ$OV7UHQWGHQ$QEOLFNDXIVLFK ZLUNHQOLHPXWHHUDQ5RWNlSSFKHQGHQNHQ 'RQQHUJUROOWHZlKUHQG7UHQWVLFK]X0DULDQDXPGUHKWH XPVLH]XIUDJHQZRGHU3UlVLGHQWVHLQHQ/DQGURYHUDEJH VWHOOWKDWWH(LQH%|KHXOWHGXUFKGLH%lXPHXQGVWLHHLQHQ

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|OEXQJGHU%HUJIODQNHIROJWH'LH.LHIHUQDPXQWHUHQ :HJUDQGHUODXEWHQQXUHLQHQEUXFKVWFNKDIWHQ%OLFNDXIGLH :LHVHVRGDVLHGLH5FNEUHLWHGHU%ORFNKWWHHUVWGHXWOLFK HUNHQQHQNRQQWHQDOVVLHGHQREHUHQ5DQGGHV6WHLQEUXFKV HUUHLFKWHQ(LQVWHLOHU3IDGIKUWHGLUHNWYRQGHU6WHLQEUXFK NDQWHKLQXQWHUDXIGLH:LHVH :LHGHUEUHPVWH7UHQWLP6FKDWWHQGHU%lXPHXQGVFKDXWH VLFKGLH%ORFNKWWHGXUFKGDV)HUQJODVDQ,QHLQHPVWURKJH GHFNWHQ$QEDXZDUPLWGHP+HFNYRUHLQHP%UHQQKRO]VWD SHOHLQ/DQGURYHUXQWHUJHVWHOOW(LQH3ODVWLNSODQHEHGHFNWH GHQ+RO]VWDSHO(LQNOHLQHV6FKLOGPLWGHP3UlVLGHQWHQZDS SHQZDUPLWHLQHU6FKDEORQHDXIGLHYRUGHUH7UGHV)DKU ]HXJVJHPDOWZRUGHQXQG7UHQWNRQQWHDXIGHU.KOHUKDX EHGHQVLOEHUQHQ6WDEIUGLH6WDQGDUWHHUNHQQHQ(LQH +LQWHUWUIKUWHDXVGHU%ORFNKWWH]XP$QEDXKLQDXV ]ZHL)HQVWHUZLHVHQHEHQIDOOVQDFKKLQWHQ6LHHQWVSUDFKHQ

GHQ)HQVWHUQDXIGHU9RUGHUVHLWH/LQNVQHEHQGHU7UVWDQG HLQHJURH/DJHUNLVWH'HU$QEDXXQGGHU/DQGURYHUYHU VSHUUWHQ7UHQWGHQ%OLFNLQGLH)HQVWHU 'HU6WHLQEUXFKZDUHWZDVHFK]LJ0HWHUEUHLWGHUVHQN UHFKWHEHUIQIXQG]ZDQ]LJ0HWHUWLHIH6WHLOKDQJHQGHWH XQWHQLQHLQHPNOHLQHQ6HH'DV:DVVHUZDUGXUFKGHQYRP 5HJHQKHUXQWHUJHVSOWHQ6FKODPPJDQ]URWJHIlUEW,QGHU 1lKHGHU6WHLQEUXFKZDQGZDUHQGDULQHLQLJH)HOVHQ]XHU NHQQHQ=XU:LHVHKLQZXUGHGHU6HHGXUFKHLQHVLFKHOI|U PLJH6DQGIOlFKHEHJUHQ]WGLHUHFKWH(FNHGHU6DQGIOlFKH ODJLP6FKDWWHQ]ZHLHUULHVLJHU.LHIHUQ%HLVRQQLJHP:HWWHU ZDUGDVHLQZXQGHUEDUHU3ODW]IUHLQ3LFNQLFN =ZLVFKHQGHP:DOGUDQGXQGGHU%ORFNKWWHODJHLQH ]ZHLKXQGHUW0HWHUEUHLWHRIIHQH*UDVIOlFKHGLHNHLQHUOHL 'HFNXQJERW7UHQWEHLVHLQHU$QQlKHUXQJDQGLH+WWH]X HUVFKLHHQZlUHHLQIDFKHUJHZHVHQDOVHLQH=LHOVFKHLEHPLW %OHLYROO]XSXPSHQ0LW=HLFKHQJDEHU0DULDQD]XYHUVWH KHQVLHVROOHHLQH6NL]]HYRP,QQHUHQGHU+WWHDQIHUWLJHQ ,PYRUGHUHQ7HLOEHIDQGVLFKHLQJURHV:RKQ]LPPHUPLW ]ZHL7UHQ(LQHIKUWHLQGLH.FKHGLHDQGHUHLQV6FKODI ]LPPHUGHV3UlVLGHQWHQYRQGHPDXVQRFKHLQ%DGH]LPPHU DEJLQJ(LQH7UYHUEDQGDXFKGLH.FKHPLWGHP%DGH]LP PHUGLHKLQWHUH7UGHU.FKHIKUWH]XP$QEDXKLQDXV 7UHQWJLQJ]XUFNXQGVWXGLHUWHGHQ)XSIDGEHYRUHU ZLHGHUDXIGDV0RWRUUDGVWLHJ0LWHLQHP:LQNJDEHU0D ULDQD]XYHUVWHKHQVLHVROOHLKP]X)XIROJHQXQGOLHHLQHV GHU*HZHKUHEHLLKU]XUFN,PHUVWHQ*DQJXQGXQWHU%HWl WLJXQJYRQ)XXQG+DQGEUHPVHVFKOLWWHUWHHUGLH6FKLHIHU SODWWHQXQGGHQVFKOSIULJHQ:HJGXUFKGLH)HOVHQKLQDE GHUVLFK]ZLVFKHQGHQ%lXPHQKLQXQGKHUZDQG=ZHLPDO YHUORUHUEHLQDKHGLH.RQWUROOHEHUGLH0DVFKLQHXQGEOLHE VWHKHQXPZLHGHUUXKLJHU]XZHUGHQ(UZXWHGD(U VFK|SIXQJHLQHQXQYRUVLFKWLJHQ0HQVFKHQGD]XYHUOHLWHQ NRQQWHYHUKlQJQLVYROOH$ENU]XQJHQ]XZlKOHQ 9RP5DQGGHU:LHVHDXVNRQQWHHUGLHKLQWHUHQ)HQVWHU GHU%ORFNKWWHHLQVHKHQ1LFKWVUKUWHVLFK(UOHJWHGDV*H ZHKUEHUVHLQHQ6FKR(LQHKHIWLJH%|VWLHGLH:LHVHKLQ DXIEHXJWHGLH%lXPHQDFKXQWHQXQGVDXVWHKHXOHQGGLH

%HUJIODQNHKRFK%OLW]HVFKOXJHQDXVGHUKRFKDXIUDJHQGHQ :RONHQEDQN(UOLHGLH.XSSOXQJNRPPHQDOVGHU'RQQHU EHULKP]XVDPPHQVFKOXJ'LH0lFKWLJNHLWGHV'RQQHU VFKODJHVSUHWHLKQI|UPOLFKLQGHQ6LW]GHU0DVFKLQHLP =LFN]DFNUDVWHHUEHUGDVJODWWH*UDVDXIGLH%ORFNKWWH]X (UEUHPVWHKDWWHPLWHLQHP*ULIIGDV*HZHKUKRFKJHKREHQ ZlKUHQGHUGDV0RWRUUDGDXIGLH6HLWHOHJWHGDQQJOLWWHULQ GHQ6FKXW]GHV+RO]VWDSHOV$XI=HKHQXQG(OOHQERJHQ NURFKHUXPGHQ/DQGURYHUKHUXP(LQH7U]ZHL)HQVWHU (UKDWWHHVKlXILJJHWDQDEHUHVZXUGHHKHUVFKZLHULJHU DOVOHLFKWHUGLH6FKPHU]HQLP%DXFKGHUNOHEULJHVDXUH*H VFKPDFNKLQWHQLQGHU.HKOHGLHYRU6SDQQXQJ]LWWHUQGHQ 6FKHQNHO'LH+lQGHDOOHUGLQJVZDUHQUXKLJ(UVFKORGLH $XJHQXQGZDUWHWHELVVLFKGLH3XSLOOHQJHZHLWHWKDWWHQ +RFKLQGLH+RFNHORVVWUPHQ(UVSUDQJDXIEUDFKPLWGHU OLQNHQ6FKXOWHUGXUFKGDV)HQVWHULQV6FKODI]LPPHUGHV3Ul VLGHQWHQNDPDXIGHP%RGHQDXIUROOWHVLFKDEXQGODJGDV *HZHKULP$QVFKODJIODFKDXIGHP%RGHQ'HU3UlVLGHQW VDDQHLQHPHLQIDFKHQ+RO]VFKUHLEWLVFKUHFKWVQHEHQGHU 7U]XPYRUGHUHQ=LPPHU(UWUXJ%R[HUVKRUWVXQG=HKHQ VDQGDOHQDXV*XPPLXQGKDWWHDXIGHQ:DQJHQ]ZHL7DJH DOWHVLOEHUQH%DUWVWRSSHOQ(VVFKLHQHLQH(ZLJNHLW]XGDX HUQELVHUDXI7UHQWKHUXQWHUVFKDXWH6HLQ%OLFNYHUULHWZH GHUhEHUUDVFKXQJQRFK$QJVW(UKDWWH7UHQWQLFKWHLQPDOIL [LHUW'DV:DVVHUJODVLQVHLQHUUHFKWHQ+DQGZDUIDVWOHHU HEHQVRGLH:KLVN\IODVFKHDXIGHP6FKUHLEWLVFK$XIGHP %RGHQODJHQ.OHLGXQJVVWFNHGDV%HWWZDUQLFKWJHPDFKW 7UHQWUROOWHVLFK]XU:RKQ]LPPHUWUKLQEHUXQG|IIQHWH VLH'DV=LPPHUZDUOHHU(UEHUSUIWHGDV%DGH]LPPHU XQGGLH.FKHHUVWGDQQVWDQGHUDXIVFKDXWHGXUFKGLH )HQVWHUXQGYHUJHZLVVHUWHVLFKGDNHLQHULQ5LFKWXQJ%lX PH]XIOLHKHQYHUVXFKWH(VZDULKPNHLQHVZHJVSHLQOLFK 6HLQHQ9RUVLFKWVPDQDKPHQKDWWHHUHV]XYHUGDQNHQGD HUQRFKOHEWH(UXPUXQGHWHGLH%ORFNKWWHVXFKWHDXIGHP %RGHQQDFK6SXUHQ'DQQZLQNWHHU0DULDQDKHUEHL $OVHUZLHGHULQV6FKODI]LPPHUGHV3UlVLGHQWHQ]XUFNJH NRPPHQZDUVDJWHHUª*XWHQ7DJ6LU©8QWHUGHQJHJHEH QHQ8PVWlQGHQNDPLKPGDVHLQZHQLJI|UPOLFKYRU

'HU3UlVLGHQWPDFKWHNHLQHUOHL$QVWDOWHQDXI]XVFKDXHQ 6WDWWGHVVHQJULIIHUQDFKGHU:KLVN\IODVFKH7UHQWQDKPVLH LKPZHJ ª,FKKDEH0DULDQDPLWJHEUDFKW©VDJWHHUª6LHZLUGLQHLQ SDDU0LQXWHQKLHUVHLQ© 8PGHP3UlVLGHQWHQHLQZHQLJ=HLW]XJHEHQVLFK]X VDPPHOQEUDFKWH7UHQW%HWWODNHQXQG7DJHVGHFNHLQ2UG QXQJQDKPGLH.OHLGXQJVVWFNHYRP%RGHQXQGYHUVWDXWH VLHLP.OHLGHUVFKUDQN'DQDFKVXFKWHHULKPHLQHVDXEHUH +RVHXQGHLQ+HPGXQGNHKUWHGLH6FKHUEHQDXI 'HU3UlVLGHQWVDGDXQGVWXGLHUWHVHLQ:DVVHUJODV(V VFKLHQLKQQLFKWZHLWHUDXI]XUHJHQGDHVOHHUZDUXQG 7UHQWKDWWHGDV*HIKOGDGHU3UlVLGHQWKlWWHHUGLH*HOH JHQKHLWGD]XJHKDEWVLFKQXUGHVKDOEHLQHQZHLWHUHQ:KLV N\HLQJHJRVVHQXQGLKQJHWUXQNHQKlWWHXPEHUKDXSWHW ZDV]XWXQ]XKDEHQXQGQLFKWZHLOHVLKQQDFK$ONRKRO YHUODQJWH7UHQWZDUQLH]X2KUHQJHNRPPHQGDGHU3Ul VLGHQWHLQ7ULQNHUZDULQHLQHP/DQGYRQGHU*U|H%HO SDQVNRQQWHHLQHVROFKH$QJHZRKQKHLWXQP|JOLFKYHUERU JHQEOHLEHQ ª7XWPLUOHLG6LU©VDJWHHUªDEHU6LHPVVHQVLFKGX VFKHQ6LHN|QQHQQLFKW]XODVVHQGD,KUH(QNHOLQ6LHLQGLH VHP=XVWDQGYRUILQGHW© 'HU0DQQJDENHLQH$QWZRUW7UHQWJLQJLQV%DGH]LPPHU XQGGUHKWHGHQ.DOWZDVVHUKDKQDXI'DQQJLQJHU]XP3Ul VLGHQWHQ]XUFNKRELKQYRQKLQWHQDQEHLGHQ(OOERJHQ KRFKXQGIKUWHLKQLQ%R[HUVKRUWVXQG6DQGDOHQLQGLH'X VFKH'HU3UlVLGHQWNlPSIWHQLFKWGDJHJHQDQOLHVLFKIK UHQ7UHQWKLHOWLKQXQWHUGHQ.DOWZDVVHUVWUDKOXQGKRIIWH GHU3UlVLGHQWZUGHLUJHQGHLQH$QVWUHQJXQJXQWHUQHKPHQ VLFKDE]XVWW]HQ'RFKLQGLHVHU+LQVLFKWKDWWHGHU$JHQW NHLQ*OFN ª,FKODVVH6LHORV6LUXQGHQWZHGHUVWHOOHQ6LHVLFKMHW]W ULFKWLJKLQRGHU6LHIDOOHQ©(UKLHOWGDVIUHLQHGHUGlPOLFK VWHQbXHUXQJHQGLHHUMHPDOVYRQVLFKJHJHEHQKDWWHOHJWH GLH+lQGHGHV3UlVLGHQWHQJHJHQGLH:DQGOLHVLHGDQQ ORV*RWWVHL'DQNKLHOWVLFKGHU0DQQDXIVHLQHQ%HLQHQ 7UHQWEHUSUIWHGDHLQ+DQGWXFKYRUKDQGHQZDUXQG

VDJWHª,FKPDFKHHLQHQ.DIIHH6LU7XWPLUOHLGDEHUXP,K UHU(QNHOLQZLOOHQVROOWHQ6LHZLUNOLFKHLQZHQLJ]XU%HVLQ QXQJNRPPHQ© 7UHQWVDK0DULDQDREHQDP:DOGUDQGDOVHUKLQDXVJLQJ XP+RO]DXVGHP$QEDX]XKROHQ(UEHUOHJWHREHULKU DXIKDOEHP:HJHHQWJHJHQJHKHQVROOWHXPVLH]XZDUQHQ HQWVFKLHGDEHUGDHVZLFKWLJHUZDULKUHP*URYDWHU.DI IHHHLQ]XIO|HQ'HU+HUGOLHVLFKRKQH6FKZLHULJNHLWHQ HQW]QGHQ(UIOOWHGHQ:DVVHUNHVVHOXQGVWHOOWHLKQDXI GHQ$XIVDW]'DQQJLQJHULQGDVYRUGHUH=LPPHUVFKOR GLH)HQVWHUOlGHQXQGYHUVXFKWHDXIGHU)UHTXHQ]GLHLKP &DVSDUIUGLH86%RWVFKDIWLQ%HOSDQ&LW\JHJHEHQKDWWHHL QHQ)XQNVSUXFKORV]XVFKLFNHQ'XUFKGLHYRP6WXUPKHU YRUJHUXIHQHQDWPRVSKlULVFKHQ6W|UXQJHQHUZDUWHWHHUQLFKW HWZDV]XHPSIDQJHQDEHUHUJDEHLQH:DUQXQJXQGVHLQH 3RVLWLRQLQGHU+RIIQXQJGXUFKGLH%RWVFKDIWYHUIJWHEHU GLHWHFKQLVFKH$XVUVWXQJPLWGHUVLFKVHLQ)XQNVSUXFK DXIIDQJHQOLH 7UHQWJLQJLQGLH.FKH]XUFNXQGQDKPHLQHQHPDLOOLHU WHQ.UXJYRP:DQGERUG=Z|OI/|IIHO.DIIHHXQGHLQ/LWHU NRFKHQGHV:DVVHUHUVFKLHQHQLKPIUGLHVHQ1RWIDOOJHUDGH ULFKWLJ(UJR]ZHL)LQJHUEUHLW.RQGHQVPLOFKLQGHQ.UXJ IJWHYLHU/|IIHO=XFNHUKLQ]XXQGUKUWHGHQ.DIIHHYRU GHP)LOWHUQDXI'DQQWUXJHUGLH0LVFKXQJ]XP3UlVLGHQ WHQ(QWZHGHUEUDFKWHLKQGDV]XU%HVLQQXQJRGHUHVZDU Y|OOLJPLWLKPYRUEHL (UKDWWHJHKRIIWGDGHU3UlVLGHQWPLWWOHUZHLOHGHQ9HU VXFKXQWHUQRPPHQKDWWHVLFKDQ]X]LHKHQDEHUGHU0DQQ OHKQWHLPPHUQRFKXQWHUGHU'XVFKHDQGHU:DQGXQG VWW]WHVLFKPLWGHQ+lQGHQDE ª(QWVFKXOGLJHQ6LH6LULFKKDEH,KQHQ.DIIHHJHEUDFKW© /DQJVDPGUHKWHGHU3UlVLGHQWVHLQHQ.RSI'HU$ONRKRO KDWWHVHLQH.LHIHUPXVNHOQMHJOLFKHU.UDIWEHUDXEWVRGDGLH +DXWLQPHKUHUHQ)DOWHQ]XVDPPHQJHVDFNWZDUZDVLKP GDV$XVVHKHQHLQHV'HOSKLQVJDE7UHQWKDWWHGHQ(LQGUXFN GHU3UlVLGHQWKDWWHVLFKVRZHLWLQVLFKVHOEVW]XUFNJH]RJHQ GDMHJOLFKHV/HEHQDXVVHLQHQ$XJHQJHZLFKHQZDU=X PLQGHVWVDKHUVRDXV$OOHUGLQJVKRIIWH7UHQWGDHLQ7HLO

GLHVHUOHEORVHQ:LUNXQJVHLQHU$XJHQDXIGLH7DWVDFKH]X UFN]XIKUHQZDUGDGHU3UlVLGHQWVHLQH%ULOOHQLFKWDXI JHVHW]WKDWWHª.DIIHH6LU©ZLHGHUKROWHHUXQGKLHOWLKPGHQ %HFKHUKLQDOOHUGLQJVJHUDGHVRGDGHU3UlVLGHQWLKQQLFKW HUUHLFKHQNRQQWHª6LHN|QQHQDXVGHU'XVFKHNRPPHQ 6LU© 'HU3UlVLGHQWVFKDIIWHHVVLFKDXIGLHIUHLH+DQG]XNRQ ]HQWULHUHQGLH7UHQWLKPDQERW(UGUFNWHVLFKYRQGHU :DQGZHJJULIIQDFKLKUYHUIHKOWHVLHXQGZlUHEHLQDKHJH VWU]W7UHQWHUZLVFKWHLKQDP8QWHUDUP'HU3UlVLGHQW VFKZDQNWHDOVHUDXVGHU'XVFKZDQQHWUDW6HLQH.QLHKlW WHQIDVWQDFKJHJHEHQGRFKHUNlPSIWHVLFKLQHLQHDXIUHFKWH +DOWXQJXQGVFKDIIWHHVVFKOLHOLFKVHLQH$XIPHUNVDPNHLW DXI7UHQW]XULFKWHQ3O|W]OLFKODJ$QJVWLQVHLQHP%OLFN ª:HUVLQG6LH"© ª7UHQW6LU(XURSlLVFKH*HPHLQVFKDIW6RQGHUHLQKHLWIU 7HUURULVPXVEHNlPSIXQJ,FKELQVR]XVDJHQDXIGHU$EUHLVH ,FKEHIUFKWHMHGRFKKLHUKDWJHUDGHVRHWZDVZLHHLQ6WDDWV VWUHLFKVWDWWJHIXQGHQXQGLFKYHUVXFKH,KQHQ]XKHOIHQ© ª:HP"© ª,KQHQ6LU,KUHU5HJLHUXQJ©7UHQWVFKORGLH)LQJHUGHV 3UlVLGHQWHQXPGHQ%HFKHUª0DULDQDNRPPWJHUDGHGLH :LHVHKHUXQWHU,FKKDOWHVLHDXIVRODQJHLFKNDQQZHUGHLKU VDJHQHVJHKW,KQHQQLFKWEHVRQGHUV,FKJODXEHGHU.DIIHH ZLUG,KQHQJXWWXQ6LU8QGYLHOOHLFKWZLUG,KQHQEHO©

(LQH/LJKW6KRZYRQHLQHU0LOOLDUGH$PSHUHVWDUNHQ%OLW]HQ ]XFNWHEHUGLHGLFKWHVFKZDU]H:RONHQZDQGGLHGHQ%HUJ KDQJMHW]WXQWHUVLFKEHJUDEHQKDWWH0DULDQDWDXPHOWHGXUFK :LQGXQG5HJHQGHU6WXUPOLHVLHJDQ]ZLQ]LJZHUGHQ6LH NUPPWHVLFK]XVDPPHQXPLKP]XEHJHJQHQXQGZXUGH IDVWXPJHZRUIHQDOVGHUHQWIHVVHOWH'RQQHUPLWVHLQHUJDQ ]HQ:XFKWEHUGHU:LHVHH[SORGLHUWH$OVGDQQGLH6WXUP E| EHUVLHKHUHLQEUDFKZDUVLHLPPHUQRFKIQI]LJ0HWHU YRQGHU%ORFNKWWHHQWIHUQW'LH%|ULVLHYRQGHQ%HLQHQ XQGZLUEHOWHVLHKHUXPUROOWHVLHZLHGHU]XUFNGHQ+DQJ KRFKDOVREGHU6WXUPPLWLKU%DOOVSLHOHQZROOWH 7UHQWUDQQWHEHUHLWVDXIVLH]X6HLQH)HVFKLHQHQGHQ (UGERGHQNDXP]XEHUKUHQDOVGHU:LQGLKQGHQ$EKDQJ KRFKWULHE(UVDKZLH0DULDQDDXIGHP*UDVKHUXPNUDEEHO WHXQGYHU]ZHLIHOWQDFK+DOWVXFKWH'DQQZDUHUEHLLKU NDXHUWHVLFKKLQXPLKUPLWVHLQHP.|USHU6FKXW]]XJHEHQ (UVFKULHLQLKU2KUVLHVROOWHQNULHFKHQDEHUGHU:LQGUL LKPGLH:RUWHYRQGHQ/LSSHQ1XUPLW=HLFKHQVSUDFKHZD UHQVLHLQGHU/DJHVLFK]XYHUVWlQGLJHQ7UHQWKLHOW0DULDQD HQJDP%RGHQGUHKWHVLHLQGHQ:LQG)QI]HKQ0LQXWHQ VSlWHUKDWWHQVLHHVJHVFKDIIWGLHIQI]LJ0HWHUELV]XU %ORFNKWWH]XUFN]XNULHFKHQ 7UHQWKLHOW0DULDQDDQGHQ6FKXOWHUQIHVWYHUVSHUUWHLKU GLH6LFKWDXILKUHQ*URYDWHUGHUZLHLP*HEHWYRUGHU7RL OHWWHQVFKVVHONQLHWH$OVVLHVLFKHULQGHU.FKHZDUHQULHI HULQV2KULKU*URYDWHUUXKHVLFKDXV'LH:lQGHGHU %ORFNKWWH]LWWHUWHQGLH'DFKEDONHQERJHQVLFKDOVGHU 6WXUPVLFKEHPKWHGDV'DFKORV]XUHLHQ7UHQWEOLFNWHLQV :RKQ]LPPHU7URW]GHU)HQVWHUOlGHQZDUHQEHLGHYRUGHUHQ )HQVWHUJHERUVWHQ*ODVVSOLWWHUEHUVlWHQGHQ%RGHQ6LHK|U WHQGXUFKGHQ'RQQHUKLQGXUFKZLHHLQHUGHUULHVLJHQ%lX PHXPVWU]WH $OVHUVWHVJRGHU$JHQWNRFKHQGHV:DVVHUEHUGHQEH

UHLWVEHQXW]WHQ.DIIHHVDW]GDQQIKUWHHU0DULDQDLQV :RKQ]LPPHUXQGVHW]WHVLHDXIV6RIDª5KUHQ6LHVLFKQLFKW YRQGHU6WHOOH©EHIDKOHUª+LHUOLHJWEHUDOO*ODV:HQQ6LH IDOOHQZHUGHQ6LHVLFKYHUOHW]HQ© (U]QGHWHGLH6WXUPODPSHQDQGLHLQ:DQGKDOWHUXQJHQ DXV0HVVLQJHLQJHODVVHQZDUHQXQGIDQGHLQH*DVODPSHIU GHQ(WLVFK:LHGHULQGHU.FKHJRHU.DIIHHDXIIJWH DOVVRIRUWLJHQ(QHUJLHVSHQGHUJHVWH.RQGHQVPLOFKKLQ]X 0DULDQDVFKDXWHDXIDOVHULQV:RKQ]LPPHU]XUFNNHKU WH1DZLHHLQH:DVVHUUDWWHVDVLHGDXQGXPNODPPHUWH LKUH.QLH'DGLH.RQWXUHQLKUHV.|USHUVYHUERUJHQEOLHEHQ VDKVLHDXVZLHHLQ7HHQDJHUXQGZLUNWHY|OOLJVFKXW]ORV 'HU6WXUPKDWWHLKUH+DDUHIODFKJHJHQGHQ.RSIJHSUHWVR GD7UHQWEHLP$QEOLFNLKUHU)ULVXUDQHLQHQ]XVDPPHQJH GUFNWHQ$VWUDFKDQKXWGHQNHQPXWH8QWHULKUHQ$XJHQ ODJHQDQJHVFKZROOHQH6FKDWWHQXQGYHUULHWHQLKUH(UVFK|S IXQJ7UHQWNRQQWHDQLKUHP%OLFNDEOHVHQGDVLHLKP GDQNEDUZDUXQGDOOPlKOLFKEHJDQQLKPLKU9HUWUDXHQ]X VFKHQNHQ%HLGHVZROOWHHUQLFKW6LHZDU7HLOHLQHU*OHL FKXQJPHKUQLFKWXQGEHJOHLWHWHLKQQXUGHVZHJHQEHLGLH VHU5HLVHZHLOHVQLFKWDQGHUVJLQJ ª,FKKROHHLQHQ%HVHQ©7UHQWHLOWHGXUFKGLH.FKHGHU 3UlVLGHQWZDULP%DGH]LPPHUXPJHNLSSWXQGODJDXIGHP )XERGHQ'HU$JHQWNQLHWHVLFKKLQXPGHQ3XOVGHVDOWHQ 0DQQHV]XSUIHQXQGHQWGHFNWHGDGHU3UlVLGHQWQLFKW EHZXWORVZDUVRQGHUQQXUHLQIDFKY|OOLJDSDWKLVFK 0LWHLQHP:DVFKODSSHQZLVFKWH7UHQWGHPDOWHQ0DQQ GHQ0XQGDEXQGKDOILKPDXIGLH%HLQHª(VZLUG,KQHQ EHVVHUJHKHQZHQQ6LHVLFKKLQOHJHQ©VDJWHHUXQGVWW]WH LKQDXIGHP:HJ]XP6FKODI]LPPHU(U]|JHUWHEHYRUHU GLH%R[HUVKRUWVQDFKXQWHQJOHLWHQOLHDEHUGDVJHK|UWHQXQ HLQPDO]XVHLQHU$UEHLW(UNLSSWHGHQ3UlVLGHQWHQYRUQEHU DXIGDV%HWWXQGEHGHFNWHLKQPLWHLQHP/DNHQ 0DULDQDPDFKWH$QVWDOWHQ7UHQW]XKHOIHQDOVGLHVHUPLW %HVHQXQG.HKUEOHFKLQV:RKQ]LPPHU]XUFNNHKUWHDEHU HUZLQNWHDE(UKDWWHQLFKWYRUVLFKLP,QQHUQGHU+WWHDXI HLQHQ.DPSIHLQ]XODVVHQDEHUHVZDULPPHUKLQP|JOLFK GDHVGD]XNDPXQGGDV*ODVYRP)XERGHQ]XIHJHQ

JOLFKGHP3XW]HQVHLQHU*HZHKUHHVZDUNHLQH$UEHLWGLH PDQMHPDQGDQGHUHPEHUODVVHQVROOWH$XHUGHPEUDXFKWH 0DULDQD5XKH $OVHUGDPLWIHUWLJZDUYHUVXFKWHHUHVQRFKHLQPDOPLW GHP)XQNJHUlW'DV.UDFKHQGHUDWPRVSKlULVFKHQ6W|UXQ JHQZDUQRFKGXUFKGDV7RVHQGHV6WXUPHVGUDXHQ]XK| UHQ7UHQWZLHGHUKROWHGLH1DFKULFKWDQ&DVSDUXQG]XFNWH GLH$FKVHOQDOVHU0DULDQDDQVFKDXWH(UKROWHGLH6DWWHOWD VFKHQYRP0RWRUUDGXQGEUHLWHWHLKUHQ,QKDOWDXIGHP7LVFK DXV(UZXWHGD0DULDQDLKQQLFKWDXVGHQ$XJHQOLHDOV HUGLH*HZHKUHDXVHLQDQGHUQDKPHLQ|OWHXQGZLHGHUPLW LKUHQ0DJD]LQHQEHVWFNWH'DQQPDFKWHHUGDVJOHLFKHPLW GHU:DOWKHU 'HUVFKOLPPVWH'RQQHUZDUYRUEHLJH]RJHQGDV:WHQGHV 6WXUPHVYHUORUDQ+HIWLJNHLW7UHQWJLQJ]XHLQHP)HQVWHU KLQEHUVSlKWHGXUFKGLHKHU]I|UPLJH=LHU|IIQXQJLP)HQ VWHUODGHQQDFKGUDXHQ(UZXWHJHQDXZLHGDV*HOlQGH DXVVDK1RFK]HKQ0LQXWHQXQGHUZUGHYHUVXFKHQGDV SRWHQWLHOOH6FKODFKWIHOG]XSUlSDULHUHQ(UVDKZLH0DULDQD ]LWWHUWHDOVHUZLHGHU]XP7LVFK]XUFNJLQJXQGGLH:DOWKHU LQVHLQHQ*UWHOJOHLWHQOLH3UIHQGPXVWHUWHVLHLKUH+lQGH ª6LHVROOWHQVLFKWURFNHQH.OHLGXQJDQ]LHKHQ©PHLQWHHU ª,FKZHUGHHLQH:HLOHQDFKGUDXHQJHKHQPVVHQ© 6LHVFKDXWH]XLKPDXI)UHLQHQ$XJHQEOLFNZHLJHUWHHU VLFKLKULQGLH$XJHQ]XVFKDXHQDEHUVLHVSUDFKLKQPLW VHLQHP1DPHQDQª7UHQW©'DQQIJWHVLHKLQ]Xª)lOOW,K QHQQLFKWVDQGHUHVHLQZDV6LHWXQN|QQWHQDOV/HXWHXP]X EULQJHQ"© 6LHKDWWHGDVPLW$EVLFKWVRDXVJHGUFNWXQGHVKDWWHDXI LKQHLQHEHXQUXKLJHQGH:LUNXQJ ª:DVVROOWHLFKGHQQ,KUHU0HLQXQJQDFKWXQ"© ª0LFKKDOWHQ%LWWH©'DQQVDJWHVLHª$FKYHUGDPPW© ,KU*HVLFKWILHOLQVLFK]XVDPPHQª+DXHQ6LHGRFKDE'HU 7HXIHOVROO6LHKROHQ© 1DFK7DJHVDQEUXFKZUGHHVQLFKWPHKUODQJHGDXHUQELV HQWZHGHU&DVSDUVRGHU/RXLV 0lQQHUNDPHQXPGHQ3UlVL GHQWHQ]XKROHQ:HUDXFKLPPHUDXIWDXFKWH7UHQWZDUIHVW

HQWVFKORVVHQGDIU]XVRUJHQGDHU]X)XXQGEHUGDV RIIHQH*HOlQGHNRPPHQPXWH9RUDOOHPDEHUZROOWHHU =HLWIUVHLQH9RUEHUHLWXQJHQKDEHQ 9RQGHU3ODVWLNSODQHGLHDOV]XVlW]OLFKHU6FKXW]YRUGHP 5HJHQDXIGHP+RO]VWDSHOODJKDWWHHUVLFKHLQLJH6WFNHDE JHVFKQLWWHQ(UXPZLFNHOWHVHLQH*HZHKUHGDPLWXQGNOHEWH GDV*DQ]H]X]ZHL3DNHWHQ]XVDPPHQGLHHUMHW]WDXIGHU 6FKXOWHUWUXJ,QGHU/DJHUNLVWHLP$QEDXKDWWHHUHLQH0R WRUVlJHXQG7UHLEVWRIIJHIXQGHQZDUNXU]YHUVXFKWGHQ /DQGURYHUGHV3UlVLGHQWHQ]XEHQXW]HQYHUZDUIGHQ*H GDQNHQDEHUZLHGHUZHLOPDQGLH)DKUVSXUHQVHKHQZUGH -HW]WVWDQGHUDP5DQGHGHV.LHIHUQZDOGHVDPXQWHUHQ(QGH GHU:LHVH(UKDWWHGLH6WUHFNH]XUFNJHOHJWLQGHPHU]ZL VFKHQGHQHLQ]HOQHQ6WXUPE|HQLQNXU]HQ6SULQWVYRUDQJH VWUPWZDU'DLKPNHLQH6WXQGH7DJHVOLFKWPHKUEOLHEKDW WHHUHLQH7DVFKHQODPSHPLWJHQRPPHQDOOHUGLQJVZUGH VLHLKPQLFKWEHVRQGHUVGLHQOLFKVHLQGHQQGHU5HJHQVWU] WHLQZDKUHQ.DVNDGHQYRP+LPPHODOVKlWWHGHU5HJHQJRWW GHU0D\DVDOOH5HJHQZRONHQ0LWWHODPHULNDV]XVDPPHQJH WULHEHQXQGGLH6W|SVHOJH]RJHQ 7UHQWOHJWHGLH*HZHKUHLQVLFKHUHU(QWIHUQXQJDEXQG ZDUIGLH0RWRUVlJHDQ'HU6WXUPGHUGDV7DOKRFKIHJWHEH VWLPPWHGLH5LFKWXQJLQGLHGLH%lXPHIDOOHQZUGHQ$XV GHQ6WlPPHQVlPWOLFKHU%lXPH]XEHLGHQ6HLWHQGHV:HJHV VlJWHHUWLHIH.HLOHKHUDXVXQGVFKDXWH]XZLHGHU:LQGVLH XPZDUI(UVlJWHZHLWHUELVGLHEHUHLQDQGHUJHVWU]WHQ.LH IHUQGHQ:HJGHUDP5DQGGHU:LHVHHQWODQJIKUWHPLWHL QHUGLFKWHQ9I|UPLJHQ%DUULHUHYHUVSHUUWHQ 7UHQWJLQJZHLWHUEHUJDEXQGIlOOWHDQGHU6WHOOHDQGHU GHU:HJGHQWLHIVWHQ3XQNWGHU6HQNHHUUHLFKWHHLQZHLWHUHV KDOEHV'XW]HQG.LHIHUQ(UZlKOWHNOHLQH%lXPHDXVZHLOHU ZROOWHGDVLHZHJJHUlXPWZXUGHQ'DQQQDKPHUDQGHU :HJJDEHOXQJGLHUHFKWH$E]ZHLJXQJIROJWHGHP:HJHLQ KXQGHUW0HWHUXQGEORFNLHUWHLKQVRGDPDQLKQDXIGLH 6FKQHOOHQXUPLWHLQHP%XOOGR]HUZUGHIUHLUlXPHQN|QQHQ (UQDKPHLQH$ENU]XQJGXUFKGHQ:DOGXPZLHGHU]X GHU6WHOOH]XJHODQJHQDQGHUHUGLH*HZHKUH]XUFNJHODV VHQKDWWHXQGIROJWHGHP:DOGUDQGQDFKOLQNVELVHUHLQH

GHU%ORFNKWWHIDVWJHQDXJHJHQEHUOLHJHQGHNOHLQH6FKOXFKW HUUHLFKWH'DV5HJHQZDVVHUGDVLQGLH6FKOXFKWKLQHLQJHIORV VHQZDUKDWWHGHQ+XPXVZHJJHVSOWVRGDDQVWHOOHGHU *UDVVFKLFKWQXUQRFKHLQ6WUHLIHQVSlUOLFKHQ*HVWUSSVXQG YHUNPPHUWHU%lXPHEULJJHEOLHEHQZDU7UHQWIDQGDP 5DQGGHU6FKOXFKWHLQHQUXQGHQ)HOVEURFNHQGHQHUDXV GHP%RGHQO|VWHELVHLQOHLFKWHU6WRJHQJHQZUGHXP LKQGHQ+DQJKLQXQWHUNUDFKHQ]XODVVHQ(LQHVGHU*HZHKUH YHUVWHFNWHHUDP)XHLQHUHLQ]HOQVWHKHQGHQ.LHIHU 'LH6FKOXFKWDQLKUHPREHUHQ(QGHEHUTXHUHQGJLQJHU GLH:LHVHKRFKEOLHEGDEHLLP6FKXW]GHU%lXPHGHV:DOG UDQGHVXQGVXFKWHVLFKVHLQHQ:HJPLW+LOIHGHU7DVFKHQODP SH$P)XGHV6WHLQEUXFKVNDPHUDQGHQ6HH=ZHLPDOVWLH LKQHLQH%|DXIVHLQHP:HJXPGHQ6HHKHUXPLQV:DVVHU 'LH0RWRUVlJHVFKLHQHLQH7RQQH]XZLHJHQ7UHQWYHUVWHFNWH GDV]ZHLWH*HZHKUXQWHUHLQHPKHUDEJHIDOOHQHQ$VWDP)X HLQHUGHU.LHIHUQGLHGDVIODFKH8IHUEHVFKDWWHWHQ0LWGHP 5FNHQDQGHQ%DXPJHOHKQWVFKDOWHWHHUGLH7DVFKHQODPSH DXVXQGZDUWHWHELVVLFKVHLQH3XSLOOHQJHZHLWHWKDWWHQ'DQQ PDFKWHHUVLFKDQGHQ$EVWLHJEHUGLH:LHVH 9RUGHP9HUODVVHQGHU%ORFNKWWHKDWWH7UHQWHLQH*DV ODPSHDXIGLH.KOHUKDXEHGHV/DQGURYHUVJHVWHOOW'XUFK GHQ5HJHQKLQGXUFKNRQQWHHUVLHDOOHUGLQJVQLFKWVHKHQ(U OLHIGLUHNWJHJHQGHQ6WXUPDQVHLQH:XFKWVWLHLKQKLQ XQGKHUELVHUY|OOLJGLH2ULHQWLHUXQJYHUORUHQKDWWH(U GDFKWHGDUDQVLFKKLQ]XVHW]HQXQGDE]XZDUWHQELVGHU 6WXUPHLQHQ$XJHQEOLFNQDFKOLHDEHUGDVNRQQWHQRFKODQ JHGDXHUQ$OVREOLHELKPQLFKWVDQGHUHVEULJDOVVLFKZHL WHUGHQ+JHOKLQXQWHU]XNlPSIHQVLFKGDEHLHLQZHQLJ OLQNV]XKDOWHQELVHUDPXQWHUHQ(QGHGHU:LHVHDQGLH %lXPHNDP(UERJHLQZHQLJQDFKUHFKWVDEWUDIDXIGHQ :HJGHU]XU+WWHIKUWHXQGIROJWHLKP]XUFNQDFKREHQ (UXPUXQGHWHGLH+WWHJLQJ]XP$QEDXXQGOHJWHGLH0R WRUVlJHZLHGHULQGLH.LVWH]XUFN'LH/DPSHKDWWHNDXP QRFK'UXFNHUSXPSWHHLQZHQLJQDFKGDQQQDKPHUHLQHQ $UPYROOHU%UHQQKRO]IUGHQ+HUGXQGEHWUDWGLH+WWH GXUFKGLH+LQWHUWU(UVFKDXWHDXIGLH8KUhEHUGUHL6WXQ GHQKDWWHHUVLFKDXHUKDOEGHU%ORFNKWWHDXIJHKDOWHQ

7UHQWOLHGLH+RO]VFKHLWHLQGHU.FKHDXIGHQ%RGHQIDO OHQIWWHUWHPLWHLQLJHQ6WFNHQGDV+HUGIHXHUXQGVHW]WH :DVVHUDXI'DQQVFKDXWHHUQDFKGHP3UlVLGHQWHQ,QVHL QHP6FKODI]LPPHUZDUGHUDOWH0DQQQLFKW7UHQWNHKUWH ]XP+HUG]XUFNVWHOOWHVLFKYRULKQXQGZlUPWHVLFKDXI YHUVXFKWHZLHGHU]X.UlIWHQ]XNRPPHQ(UPXWH0DULDQD DXVVHLQHQ*HGDQNHQYHUEDQQHQ6LHZDUQLFKWZHLWHUZLFK WLJ]XPLQGHVWQLFKWIUGHQ*HVDPWSODQZLHLPPHUGHU DXFKDXVVHKHQPRFKWH (UULHIVLFKLQV*HGlFKWQLV]XUFNGDHUIUGHQ3UlVL GHQWHQYHUDQWZRUWOLFKZDU'DEHLILHOLKPZLHGHUHLQZLH 0DULDQDGHQDOWHQ0DQQDPHUVWHQ7DJDQJHVFKDXWKDWWHDQ GHPHUGLHEHLGHQGUDXHQDQGHU$QOHJHVWHOOHJHWURIIHQKDW WH'HU3UlVLGHQWKDWWHJHDQJHOWXQG7UHQWKDWWHLQLKUHP %OLFN6WRO]%HZXQGHUXQJXQG/LHEHJHVHKHQXQGGLH)U VRUJOLFKNHLWMXQJHU0HQVFKHQJHJHQEHUDOWHQ0HQVFKHQ GLHDXV/LHEHHUZl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|IIQHWH 'HU3UlVLGHQWVDDP7LVFK(UKDWWHIULVFKH%R[HUVKRUWV DQJH]RJHQRGHUYLHOOHLFKWGLHDOWHQJHWURFNQHW8QGHUKDWWH HLQ:DVVHUJODVJHIXQGHQXQGHLQHZHLWHUH)ODVFKH:KLVN\ YRQGHUHUELVKHUEHVWHQIDOOV]ZHL6FKOFNFKHQJHQRPPHQ KDWWH(UZLUNWHZLHHLQDOWHU0DQQGHUYRUGHP$U]W]LP PHULQHLQHP$UPHQNUDQNHQKDXVDXI(LQODZDUWHWXQG QLFKWDXVIUHLHP:LOOHQGRUWVLW]WVRQGHUQYRQDQGHUHQGRUW KLQJHVFKLFNWZXUGHHLQDOWHU0DQQGHUGDPLW]XIULHGHQ LVW]XZDUWHQXQGGHPGDVZDVGHU$U]WLKPVDJHQZLUG Y|OOLJJOHLFKJOWLJLVWZHLOHVNHLQHJXWHQ1DFKULFKWHQPHKU

JLEWXQGVFKOHFKWH1DFKULFKWHQQLFKWOlQJHUVFKOLPPVLQG VRQGHUQHLQIDFK*UXQGEHVWDQGWHLOHVHLQHV=XVWDQGHV 'DVLVWMDZLHHLQH5FNEOHQGHDXIPHLQHHLJHQH.LQGKHLW XQGOlWGLH(ULQQHUXQJDQPHLQHQ9DWHUZLHGHUDXIOHEHQ GDFKWH7UHQWDOVHU]X0DULDQDKLQEHUEOLFNWH0LWXPGLH .QLHJHOHJWHQ$UPHQVDVLHQRFKLQGHUJOHLFKHQ6WHOOXQJ DXIGHP6RIDLQGHUHUVLH]XUFNJHODVVHQKDWWH$OOHUGLQJV KDWWHVLHVLFKXPJH]RJHQXQGWUXJMHW]WGLH+RVHXQGGHQ -HUVH\SXOORYHUGLHHUYRQGHU*ROGHQ*LUOPLWJHEUDFKWKDWWH %H]JOLFKLKUHV6FKPHU]HVKDWWHHUVLFKQLFKWJHLUUW:DVHU MHGRFKQLFKWEHGDFKWKDWWHRGHUZDVHUYHUVXFKWKDWWH QLFKW]XEHGHQNHQZDUGDV$XVPDLQGHPHUVLFKXP VLHVRUJWH 0LWEHWUlFKWOLFKHU:XWLQGHU6WLPPHIUDJWH0DULDQDª:R VLQG6LHJHZHVHQ"© 'HU3UlVLGHQWVFKDXWHKRFKXQG7UHQWZDUVLFKVLFKHUGD GHU0DQQZXWHZHUHUZDU6RUJIlOWLJXQGLP%HZXWVHLQ GDGHUDOWH0DQQ]XK|UWHDQWZRUWHWHHUª'UDXHQLFK KDEHHLQHQ6SD]LHUJDQJJHPDFKW©(UUHLFKWH0DULDQDHLQHQ %HFKHUXQGQDKPGDV7DEOHWWKLQEHU]XP7LVFK'DQQVDJ WHHUª*XWHQ$EHQG0LVWHU3UlVLGHQW©9LHO]XHUVFK|SIW XPVLFKPLW1HWWLJNHLWHQDXI]XKDOWHQQDKPHULKQDP(OOER JHQª6LHVROOWHQGRFKLP%HWWOLHJHQ6LU.RPPHQ6LH© ,P%DGH]LPPHUIUDJWHHUª:ROOHQ6LHVLFKQLFKW,KUH=lK QHSXW]HQ6LU"© 'HU3UlVLGHQWVFKDXWHLKQHLQHQ$XJHQEOLFNDQVRGD 7UHQWVFKRQGDFKWHGHUDOWH0DQQN|QQWHVLFKYLHOOHLFKW GRFKQRFKIDQJHQ'RFKGDQQVDJWHHUQXUª'DVVLQGQLFKW PHLQHULFKWLJHQ=lKQH© ª'DQQVROOWHQ6LHVLHYLHOOHLFKWLQHLQ:DVVHUJODVOHJHQ© VFKOXJ7UHQWYRUª0RUJHQIUKZLUGHV,KQHQEHVVHUJH KHQRGHU]XPLQGHVWQLFKWPHKUJDQ]VRVFKOHFKW© 'HU3UlVLGHQWEUDFKWHHLQVFKZDFKHV/lFKHOQ]XVWDQGH GDVVHLQH$XJHQIUHLQHQ0RPHQWEHOHEWHª6LHVLQGEHU DXVDXIPHUNVDP0LVWHU©'DV6DUWLNXOLHUWHHUHLQZHQLJ VFKODII ª7UHQW©VDJWH7UHQWª,FKWXHPHLQ%HVWHV© ª=ZHLIHOORVHQWVSULFKWGDVGHQ9HUKlOWQLVVHQ©

(LQHJHZLVVH%HKHU]WKHLWDQGHQ7DJ]XOHJHQZUGHHL QHP3UlVLGHQWHQDXFKJDQ]JXW]X*HVLFKWVWHKHQGDFKWH 7UHQW(UKDOIGHPDOWHQ0DQQ]XVHLQHP%HWWXQGKROWHLKP IUVHLQH=lKQHDXVGHU.FKHHLQ*ODV6DO]ZDVVHU 'HU3UlVLGHQWKDWWHVLFKLQV%HWWJHOHJWXQGPLWGHP/DNHQ ]XJHGHFNW$OV7UHQWZLHGHULQV=LPPHUNDPVFKDXWHHU KRFKª6LHNRPPHQPRUJHQIUK© ª3ROL]LVWHQRGHU6FKXUNHQJDQ]JHQDX6LU©VDJWH7UHQW ª9LHOOHLFKWDXFKEHLGH]XVDPPHQ6ROOWHGDVGHU)DOOVHLQ NDQQHVJDQ]VFK|QXQJHPWOLFKZHUGHQ©(UVWHOOWHGDV :DVVHUJODVDXIGHQ1DFKWWLVFKª,FKKDEH6DO]LQGDV:DVVHU JHWDQ6LU© ª6LHVLQGHLQIUHXQGOLFKHU0DQQ0LVWHU7UHQW©'HU3UlVL GHQWWDWVRDOVREHU7UHQWVHLQH+DQGJHEHQZROOWHDEHUGLH $QVWUHQJXQJEHUVWLHJVHLQH.UlIWH9LHOOHLFKWZDUDXFKGLH 6FKDP]XJURª:HUGHQ6LH0DULDQDEHVFKW]HQ"© 7UHQWKDWWHGLHVH%LWWHHUZDUWHWXQGNRQQWHVLHQDFKYROO]LH KHQ(UZDUQLFKWEHUHLW]XOJHQª,QHUVWHU/LQLHELQLFK,K QHQYHUSIOLFKWHW6LU$EHULFKWXHPHLQ%HVWHV© ª,FKELQPLUVLFKHUGDLKU%HVWHVEHUDXVHUIROJUHLFKVHLQ ZLUG0LVWHU7UHQW©PHLQWHGHU3UlVLGHQWUXKLJ $OVVLFKLKUH%OLFNHWUDIHQKDWWH7UHQWGDV*HIKOPDQ ZUGHLQLKPOHVHQZLHLQHLQHPDXIJHVFKODJHQHQ%XFK ª-DLQGHU7DW©VDJWHGHU3UlVLGHQWª*XWH1DFKW0LVWHU 7UHQW© ª*XWH1DFKW6LU© 7UHQWGXUFKVW|EHUWHGLH.FKH*UXQGQDKUXQJVPLWWHOZDUHQ YRUKDQGHQ*HPVHNRQVHUYHQHEHQIDOOVDEHU)OHLVFKNRQVHU YHQIHKOWHQ'HU3UlVLGHQWZDUHLQEHJHLVWHUWHU)LVFKHUXQG 7UHQWYHUPXWHWHGDHUDXFKMDJWHGHU7DWVDFKH]XP7URW] GDHVVLFKEHLGHU3LQH5LGJHXPHLQ1DWXUVFKXW]JHELHW KDQGHOWH(LQ3UlVLGHQWYHUIJWHEHQEHUJHZLVVH3ULYLOHJL HQ (UVFKQLWW=ZLHEHOQLQHLQHQ7RSIVHW]WHVLHPLWHLQZHQLJ gODQXPVLHZHLFKZHUGHQ]XODVVHQXQGJLQJQDFKGUDX HQXPGHQ/DQGURYHU]XXQWHUVXFKHQ(LQ*HZHKUPLW GRSSHOWHP/DXIYRP.DOLEHU]Z|OIVWDQGDXIUHFKWLQHLQHP

*HZHKUVWlQGHU]ZLVFKHQGHQEHLGHQ9RUGHUVLW]HQ,QGHU /DJHUNLVWHIDQGHUHLQH%JHOVlJH(UNHKUWHLQGLH.FKH]X UFNUKUWH5HLVLQGLH=ZLHEHOQIJWH:DVVHUXQGHLQHQ %UKZUIHOKLQ]XXQGNLSSWH]ZHL'RVHQ%RKQHQLQHLQH %UDWSIDQQH'D]XNDPHQMHHLQKDOEHU/|IIHO&KLOLVFKZDU]HU 3IHIIHUXQG.QREODXFKSUHH)ULVFKHU.QREODXFKZlUHLKP OLHEHUJHZHVHQDEHUHVJDENHLQHQ ,QGHQZHQLJHQ0LQXWHQLQGHQHQHUGDV(VVHQ]XEHUHLWH WHKDWWHGDVDXVVHLQHU.OHLGXQJWURSIHQGH:DVVHUXPVHLQH )HKHUXPHLQHULFKWLJH3IW]HJHELOGHW(UPLHG0DULDQD XQGZDUVLFKGHVVHQEHZXW8QGHUZXWHDXFKGDHULKU QLFKWGDXHUQGDXVGHP:HJJHKHQNRQQWHHVVHLGHQQHU ZROOWHVLFKHLQH/XQJHQHQW]QGXQJ]X]LHKHQGDFKWHHU XQGOlFKHOWHEHUGHQHLJHQHQ:LW] 6LHKDWWHVLFKQLFKWYRP6RIDIRUWEHZHJWXQGVFKDXWHQLFKW DXIDOVHUGLH7UDXIGUFNWH(UOlFKHOWHDOVZlUHQLFKWV 8QJHZ|KQOLFKHVYRUJHIDOOHQXQGVDJWHª:LUHVVHQLQIQI 0LQXWHQ,FK]LHKHPLUQXUWURFNHQH.OHLGXQJDQ©(UJLQJ ]XP7LVFKKLQEHUXPVLFKVHLQH(UVDW]KRVHXQGGLH]ZHLWH .DPSIMDFNH]XKROHQ +LQWHULKPVDJWH0DULDQDª(ULVWEHWUXQNHQ© ª'LH)ODVFKHLVWGRFKQRFKIDVWYROO©$OV%HZHLVKLHOW 7UHQWVLHKRFK ª/JHQ6LHPLFKQLFKWDQ© ª,FKOJH6LHQLFKWDQ© ª6LHYHUPHLGHQHVGLH:DKUKHLW]XVDJHQXQGGDVLVWGDV JOHLFKH6LHJHKHQHLQLJHQ'LQJHQDXVGHP:HJ9HUGDPPW QRFKPDOVFKDXHQ6LHPLFKJHIlOOLJVWDQ6LHPDFKHQXP HLQLJHVHLQHQ%RJHQQLFKWZDKU"©(VVFKLHQLKU9HUJQJHQ ]XEHUHLWHQGDHUGDUDXINHLQH$QWZRUWKDWWHª-HGHQIDOOV LVWHUNHLQ7ULQNHU© ª'DVKDEHLFKDXFKQLHJHK|UW©HUZLGHUWH7UHQW ª:DVKDEHQ6LHPLWLKPJHPDFKW"© ª1LFKWV© 0DULDQDZDUPLWVHLQHU$QWZRUWQLFKW]XIULHGHQª6LHVDJ WHQ6LHZUGHQLKPQLFKWVDQWXQ© ª'DVKDEHLFKYHUVSURFKHQ©EHHLOWHVLFK7UHQW]XYHUEHV VHUQª8QGLFKKDOWHPHLQH9HUVSUHFKHQ©

ª,PPHU"© ª0DULDQDZHQQ6LHHLQHVROFKH)UDJHVWHOOHQPVVHQLVWHV VLQQORVGDUDXI]XDQWZRUWHQ© 7UHQWQDKPVHLQH.OHLGXQJVVWFNHXQGVFKDXWHQDFKGHP 3UlVLGHQWHQ'HUDOWH0DQQVFKOLHIXQGVFKQDUFKWH=XIULH GHQGDPLWGDHULQ6LFKHUKHLWZDU]RJVLFK7UHQWLP%DGH ]LPPHUXP(UOHJWHVHLQHQDVVH.OHLGXQJYRUGHP+HUG EHUHLQHQ6WXKOXQGYHUWHLOWHPLWHLQHU.HOOH5HLVXQG%RK QHQDXI]ZHL7HOOHU 0DULDQDKDWWHVLFKDQGHQ7LVFKEHJHEHQDXIGHPHUGLH .DUWHOLHJHQJHODVVHQKDWWH6LHKDWWHGDV)RWRJHIXQGHQ EOLFNWH]X7UHQWKRFKXQGVXFKWHLQVHLQHP*HVLFKWQDFK bKQOLFKNHLWHQª6LHLVWVHKUVFK|Q,KUH0XWWHUQLFKW ZDKU"© ª-D© :LHGHUPXVWHUWHVLHGDV)RWRª8QGGDVLVW,KU9DWHU"© =ZHLIHONODQJLQLKUHU6WLPPHGXUFK ª'DVLVWGHU0DQQIUGHQLFKDUEHLWH©VDJWH7UHQWª(U XQGPHLQ9DWHUZDUHQ]XVDPPHQLQGHU$UPHHXQGPLWHLQ DQGHUEHIUHXQGHW(VLVWHLQDOWHV%LOG©IJWHHUKLQ]XXQG XQWHUQDKPGHQXQ]XOlQJOLFKHQ9HUVXFKHWZDV]XHUNOlUHQ QDFKGHPVLHJDUQLFKWJHIUDJWKDWWH ª$FKMDYHUVWHKH©PHLQWHVLHDOVREHVLKUQLFKWYRQ$Q IDQJDQNODUJHZHVHQZlUHGDHVVLFKXPHLQDOWHV)RWR KDQGHOWH6LHVFKDXWHZHJXQGHLQHQ$XJHQEOLFNODQJGDFK WH7UHQWVLHZUGHHVDXIVLFKEHUXKHQODVVHQ'DQQEOLFNWH VLHLKQMHGRFKZLHGHUDQXQGIUDJWHUDVFKXPHVEHUGLH /LSSHQ]XEULQJHQª+DW,KUH0XWWHULKQZHJHQ,KUHV9DWHUV YHUODVVHQ"© 7UHQWVWHOOWHGDV$EHQGHVVHQDXIGHQ7LVFKJULIIQDFKGHP )RWRXQGVWXGLHUWHHV]XP[WHQ0DOVHLWHUHVDXI'RQ5R EHUWRV)OJHOJHIXQGHQKDWWHGDV)RWRYRQVHLQHU0XWWHU XQGGHPMXQJHQ&RORQHO7UHQWDN]HSWLHUWHGDGHUVHOEVW ]XIULHGHQH*HVLFKWVDXVGUXFNGHV&RORQHOVXQGGLH7DWVDFKH GDHUGLHVH)UDXDOVVHLQHQ%HVLW]DQ]XVHKHQVFKLHQ0DULD QD]XGLHVHU)UDJHYHUDQODWKDWWH6HLQH0XWWHUGHUHQ*H VLFKWGHUVLFK]XLKUHQ)HQDXIGHP*UDVUlNHOQGH%HJOHL WHUQLFKWVHKHQNRQQWHYHUPLWWHOWHHLQ*HIKOGHU'LVWDQ]

XQGOHLFKWHQ9HUOHJHQKHLWEHUGLH%H]LHKXQJGLHGLH([L VWHQ]GLHVHV)RWRVVWLOOVFKZHLJHQG]XP$XVGUXFNEUDFKWH 0DULDQDLQWHUSUHWLHUWH7UHQWV6FKZHLJHQDOV=XUFNZHL VXQJXQGVDJWHª7XWPLUOHLG(VZDUHLQ)HKOHUVRQHXJLH ULJ]XVHLQ© ª'DVLVWVFKRQLQ2UGQXQJ©7HLOZHLVHHPSIDQGHU(UOHLFK WHUXQJGDUEHUGDGDV)RWR0DULDQDGD]XEHZRJHQKDWWH GLH)UDJH]XVWHOOHQGLHVHLQHQHLJHQHQ9HUGDFKWEHVWlWLJWH ª$EHULFKNHQQHGLH$QWZRUWQLFKW©VDJWHHUª,FKZDU ]Z|OIDOVPHLQH(OWHUQVWDUEHQ/HW]WH:RFKHIDQGLFKGDV )RWRLP+DXVHLQHV8QEHNDQQWHQ(VZDUJHUDKPW©HUJlQ] WHHUGHQQGHU5DKPHQZDUZLFKWLJ'LHZLGHUVSUFKOLFKHQ *HIKOHGLHGDV)RWRRIIHQEDUWHQKDWWHQHWZDV%HXQUXKL JHQGHVDQVLFKHVZDUNHLQ)RWRGDVPDQYLHU]LJ-DKUHODQJ DXIEHZDKUWHJHVFKZHLJHGHQQLQHLQHQVLOEHUQHQ5DKPHQ VWHFNWHXPHVLP6DORQ]XU6FKDX]XVWHOOHQ 0DULDQDV%OLFNYHUULHWLKPGDVLHGDVJOHLFKHGDFKWH'LH 5lQGHUGHV)RWRVZDUHQQLFKWZHQLJHUDXVJHEOLFKHQDOVGHU 5HVWGHV)RWRVZDVVLFKHUOLFKGHU)DOOJHZHVHQZlUHZHQQ GDV%LOGMDKUHODQJLQHLQHP5DKPHQJHVWHFNWKlWWHª6HOW VDP©PHLQWHVLH7UHQWZDUVLFKVLFKHUGDPLWGHP)RWRLU JHQGHLQH$EVLFKWYHUEXQGHQZDU$EHUZHOFKH"(QWKLHOWGDV %LOGHLQH%RWVFKDIW":DUHVHLQH:DUQXQJ"'RFKZRYRUXQG ZDUXP"6HLQH%H]LHKXQJ]X'RQ5REHUWRZDUUHLQEHUXIOL FKHU1DWXUJHZHVHQXQGVHLW7UHQWQDFK,UODQGYHUVHW]W ZRUGHQZDUJDOWVHOEVWGDVQLFKWPHKU ª,KUH0XWWHUZDUVHKUVFK|Q©ZLHGHUKROWH0DULDQDXQG GXUFKEUDFKGDPLWGDV6FKZHLJHQª:LHLVWVLHXPV/HEHQ JHNRPPHQ"© ª'XUFKHLQHQ$XWRXQIDOO©6HLQH0XWWHUZDUVHFKV:R FKHQQDFKGHP7RGVHLQHV9DWHUVPLWLKUHPDOWHQ-DJXDUJH JHQHLQH%HWRQPDXHUJHIDKUHQ)QI]HKQ-DKUHVSlWHUKDWWH 7UHQWGLH6WHOOHDXIJHVXFKW'UHLLJ.LORPHWHUODQJIKUWH GLH6WUDHJHUDGHDXVGXUFKGLH:VWHGDQQNDPGLH.XUYH LQGHUGLH6WUDHXPGDVYRQ0DXHUQXPJHEHQH5HLWJHKHJH GHV5HQQVWDOOVHLQHV6FKHLFKVKHUXPIKUWH'LH0DXHUZDU ]ZDQ]LJ0HWHUYRQGHU6WUDHHQWIHUQW0|JOLFKHUZHLVHZDU VHLQH0XWWHUDP6WHXHUHLQJHVFKODIHQª6LHIXKULPPHUVHKU

VFKQHOO©VDJWHHUDOVHUGLH.DUWHZLHGHUXPGDV)RWRKHUXP ]XVDPPHQIDOWHWHXQGLQGLH,QQHQWDVFKHVHLQHUZDVVHUGLFK WHQ6DWWHOWDVFKHVWHFNWH'HQ(UPLWWOXQJHQ]XIROJHHUHLJQHWH VLFKGHU8QIDOOEHLHLQHU*HVFKZLQGLJNHLWYRQIDVWHLQKXQ GHUWVHFK]LJ6WXQGHQNLORPHWHUQ ª(VVHQ6LHVRODQJHHVZDUPLVW©GUlQJWHHU0DULDQDª(L QHV7DJHVZHUGHLFKDQ%RUGGHU*ROGHQ*LUOHLQHULFKWLJH 0DKO]HLWIU6LH]XEHUHLWHQ©:lKUHQGVLHVLFKEHUGDV)RWR XQWHUKDOWHQKDWWHQKDWWH7UHQWIUHLQHQ$XJHQEOLFNYHUJHV VHQGDGLH*ROGHQ*LUONLORPHWHUZHLWLP/DQGHVLQQHUQODJ ª:HQQLFKGHQ.DWDPDUDQQLFKWZLHGHU]XP0HHU]XUFN VFKDIIHQNDQQZHUGHLFK%DXHU©PHLQWHHUª'LH*ROGHQ*LUO LVWDOOHVZDVLFKKDEH© ª$XHU,KUHU$UEHLW©$XFK0DULDQDKDWWHJHVSURFKHQ RKQHQDFK]XGHQNHQ'RFKMHW]WZDUHVDXVJHVSURFKHQXQG GLH%DUULHUH]ZLVFKHQLKQHQZDUZLHGHUGD6LHEHUXKWHDXI HLQHP$UJZRKQGHQNHLQHUYRQLKQHQRIIHQDQ]XVSUHFKHQ ZDJWHREZRKO7UHQWYRUJHKDEWKDWWHVLHEHULKUHQ*UR YDWHU]XEHIUDJHQ-HW]WZDUGHU0RPHQWYRUEHL 7UHQWWUXJVHLQHQ7HOOHULQGLH.FKHVSOWHLKQXQGIOOWH GHQ:DVVHUNHVVHO(UVHW]WHVLFKDQGHQ.FKHQWLVFKXQGEH JDQQGLHODQJZLHULJHXQGPKVDPH$UEHLWPLWGHU%JHO VlJHGHQGRSSHOWHQ/DXIGHV*HZHKUHVGHV3UlVLGHQWHQELV DXIHLQH/lQJHYRQ]ZDQ]LJ=HQWLPHWHUQDE]XVlJHQ(VZDU QLFKWJHUDGHHLQH$UEHLWGLHLKP6SDPDFKWH'LH:DIIH ZDUHLQ=HXJQLVYROOHQGHWHU+DQGZHUNVNXQVWHLQYRQ+RO ODQG +ROODQGLQ/RQGRQDQJHIHUWLJWHVXQGPLWZXQGHU VFK|QHQ*UDYXUHQYHUVHKHQHV*HZHKU'HU:DIIHQVFKPLHG KlWWHLKQXPJHEUDFKWRGHUHLQHQ+HU]LQIDUNWEHNRPPHQ 0DULDQDWUDWGXUFKGLH7U(LQHQ$XJHQEOLFNODQJVWDUUWH VLHLKQDQGDQQVDJWHVLHPLWHLQHPHUVWLFNWHQ.HXFKHQ ª'DVLVW*URSDSDV*HZHKU© ª,FKYHUVXFKHLKQ]XEHVFKW]HQ©VDJWH7UHQWª*ODXEHQ 6LHPLU0DULDQD(LQ*HZHKUPLWDEJHVlJWHP/DXILVWLQQHU KDOEJHVFKORVVHQHU5lXPHGLHEHVWH:DIIHGLHHVJLEWLP 8QWHUVFKLHG]XHLQHU*UDQDWH©HUJlQ]WHHUXPGHU*HQDXLJ NHLWZLOOHQXQGOlFKHOWHª*UDQDWHQNDQQPDQQXULP)UHLHQ HLQVHW]HQ©

ª$KMDYHUVWHKH©PHLQWHVLHXQGJLQJZHLWHULQV%DGH]LP PHU'LH7UHQQXQJVWUZDUGQQXQGVDVFKOHFKW 8P0DULDQDVLFKVHOEVW]XEHUODVVHQVDJWH7UHQWLQ5LFK WXQJ7Uª,FKYHUVXFKHHVQRFKHLQPDOPLWGHP)XQNJHUlW 6DJHQ6LH%HVFKHLGZHQQ6LHVRZHLWVLQGGDQQN|QQHQZLU .DIIHHWULQNHQ© (UJDEVHLQH1DFKULFKWDQGLH86%RWVFKDIWGXUFKXQGZLH GHUKROWHVLHHLQGXW]HQGPDO'LHDWPRVSKlULVFKHQ6W|UXQ JHQHQWPXWLJWHQLKQQLFKW,P9HUJOHLFK]XGHUDXVJHIHLOWHQ 7HFKQLNEHUGLHGLH'($YHUIJWHZDUGDV)XQNJHUlWGHV 3UlVLGHQWHQVRYRUVLQWIOXWOLFKZLHHLQ0DQQGHUPLWHLQHU %RWVFKDIWLQGHU+DQGHLQHQ+JHOKRFKUHQQW 0DULDQDULHILKQ6LHJRVLFKEHUHLWVHLQHQ.DIIHHHLQ(U VHW]WHVLFKDQGHQ.FKHQWLVFKXQGQDKPGLH%JHOVlJHZLH GHULQGLH+DQG6LHVWHOOWHHLQHQ%HFKHUYRULKQKLQª*UR SDSDZDUVFKRQEHWUXQNHQDOVVLHDQNDPHQQLFKWZDKU"© ª-D©(UILQJDQ]XVlJHQ ª/DVVHQ6LHGDV©VDJWHVLHXQGHUK|UWHDXIª:HQVROOHQ 6LHHLJHQWOLFKEHVFKW]HQ"© ª'HQ3UlVLGHQWHQ© ª$EHUGDVKDEHQ6LHQLFKWJHWDQQLFKWZDKU"6LHKDEHQ PLFKEHVFKW]W© ª,FKYHUVXFKHEHLGHV© ª,QGHP6LHPLFKDQOJHQ"© ª,FKKDEH6LHQLHDQJHORJHQ0DULDQD© ª6LHKDEHQPLUQLFKWGLH:DKUKHLWJHVDJW© ª,FKNHQQHGLH:DKUKHLWQLFKW© (UNDQQWH%UXFKVWFNHKDWWH9HUGDFKWVPRPHQWHGLHHU QXUVFKZHUJODXEHQNRQQWHXQGZQVFKWHVLFKLKQHQWURW] GHULPPHU]DKOUHLFKHUHQ%HZHLVHZHLWHUKLQQLFKWJODXEHQ]X PVVHQDEHUHUKDWWHQRFKQLFKWGLHJDQ]H6DFKHHUIDW$O OHUGLQJVVSUWHHUGDHUGHU:DKUKHLWQlKHUNDPXQGGHP 0DQQDXIGHQHUHVDEJHVHKHQKDWWHGHP*ULQJR'UDKW]LH KHUGHUKLQWHUGHPJDQ]HQ6WDDWVVWUHLFKVWDQGYRQGHP0L JXHOLWRJHVSURFKHQKDWWH(UZXWHGDHUPLW0DULDQDEHU LKUHQ*URYDWHUVSUHFKHQVROOWHDEHUHUKDWWHLPPHUQRFK $QJVWVLH]XYHUOHW]HQ ª'DV*DQ]HLVWHWZDVNRPSOL]LHUW©EHJDQQHU'DVJOHLFKH

VDJHQ(UZDFKVHQH]X.LQGHUQGDFKWHHU'XELVWYLHO]XMXQJ XPGDV]XEHJUHLIHQ8QGVFKRQKDWWHHUZLHGHUGHQ.RQWDNW ]XLKUYHUORUHQ ª,KUHQYHUGDPPWHQ6FKXW]KDEHLFKQLFKWQ|WLJ©VDJWHVLH ª,FKNDQQVHOEVWDXIPLFKDXISDVVHQ/DVVHQ6LHPLFKJHIlO OLJVWLQ5XKHXQGYHUULFKWHQ6LH,KUEOXWLJHV*HVFKlIW*HQDX GDVLVWHVQlPOLFKHLQEOXWLJHV*HVFKlIW©6LHQDKPLKUHQ .DIIHHXQGNQDOOWHGLH7UKLQWHUVLFK]X 7UHQWYHUVWDQGLKUH:XW6LHHQWVSUDQJGHU$QJVWXPLK UHQ*URYDWHUGDFKWHHUDOVHUVLFKZLHGHUVHLQHUJUDXVD PHQ$UEHLWDP*HZHKUGHV3UlVLGHQWHQ]XZDQGWH$OVHU GDPLWIHUWLJZDUVFKQDOOWHHUVHLQH:DOWKHUDE0LWGHP 'DXPHQEHI|UGHUWHHUGLH.XJHOQDXIHLQHDOWH=HLWXQJXQG PDFKWHVLFKPLWVHLQHP0HVVHUDQGLH$UEHLW(UK|UWHGHQ 3UlVLGHQWHQLQV%DGH]LPPHUVWROSHUQOXGGLH:DOWKHUZLH GHUZDUWHWHELVGLH6SOXQJGHU7RLOHWWHEHWlWLJWZXUGH XQGJLQJGDQQKLQHLQXPGHPDOWHQ0DQQ]XUFNLQV%HWW ]XKHOIHQ(UVWHFNWHLKPVHLQH:DOWKHUXQWHUGDV.LVVHQ ª)UDOOH)lOOH6LU©'DQQYHUVXFKWHHUHVQRFKHLQPDOPLW GHP)XQNJHUlW 0DULDQDZDUDXIGHP6RIDHLQJHVFKODIHQ(UOHJWHHLQH 'HFNHEHUVLHVWHOOWHGHQ:HFNHUVRGDHULQHLQHU6WXQGH NOLQJHOQZUGHXQGZLFNHOWHLKQLQHLQ+DQGWXFK'DQQ VHW]WHHUVLFKDQGHQ7LVFKXQGVFKOLHIHLQ'DV+DQGWXFK ZDUVHLQ.LVVHQ$OVHUJHZHFNWZXUGHYHUVXFKWHHUHLQZHL WHUHV0DO&DVSDUEHU)XQN]XHUUHLFKHQ0DULDQDZlO]WH VLFKXQUXKLJLP6FKODIKLQXQGKHUVLHKDWWHVLFK]XVDPPHQ JHUROOWZLHHLQNOHLQHV.LQG7UHQWEHREDFKWHWHVLHXQGHULQ QHUWHVLFKGDUDQGDHUQRFKDP0RUJHQ]XYRUIHVWGDPLW JHUHFKQHWKDWWHPLWGHU*ROGHQ*LUOVHLQHPVLFKHUHQ7RGHQW JHJHQ]XVHJHOQ(UHULQQHUWHVLFKDQVHLQ*HIKOGDLKP HLQVFKOLHOLFKVHLQHV5HFKWVHLQQRUPDOHV/HEHQ]XIKUHQ DOOHVJHQRPPHQZRUGHQZDUXQGGDHVGHU&RORQHOJHZH VHQZDUGHUGDVJHWDQKDWWH(U|IIQHWHGLH6DWWHOWDVFKHXQG HQWQDKPLKUGDV)RWR

2EZRKOGHUHLJHQWOLFKH+XUULNDQQDFK1RUGHQZHLWHUJH]R JHQZDUIHJWHQQDFKZLHYRUE|VDUWLJH:LQGE|HQEHUGLH %HUJIODQNHQSHLWVFKWHQGHQXQDXIK|UOLFKVWU|PHQGHQ5HJHQ EHUGLH:LHVH7UHQWODJMHW]WVHLWHLQHLQKDOE6WXQGHQDXI GHP'DFKXQWHUHLQHP*XPPLSRQFKRGHQHULQGHU.FKH JHIXQGHQKDWWH'HU6WXUPXQGGLH1lVVHKDWWHQLKPVlPWOL FKH:lUPHHQW]RJHQXQGHU]LWWHUWHXQDXIK|UOLFK'HQ5H JHQKDWWHHUVLFKJHZQVFKW:HQQGHU$QJULIIHUIROJWHZU GHQGLH$QJUHLIHUDXILKUH]DKOHQPlLJHhEHUOHJHQKHLW YHUWUDXHQ,KU:XQVFKGHP5HJHQ]XHQWNRPPHQWULHEVLH EHLLKUHU$WWDFNHYLHOOHLFKW]XU(LOHDQGDVZDU]ZDUQLFKW YLHOUHLFKWHDEHUDXVXPLKPHLQHQNOHLQHQ9RUWHLO]XYHU VFKDIIHQ (UKDWWHVHLQH:DFKHHLQHKDOEH6WXQGHYRUGHP0RUJHQ JUDXHQEHJRQQHQXQGMHW]WUFNWHQVLHDQYRQ&DVSDUJH VFKLFNWH*HVHW]HVKWHU2KQH)HUQJODVNRQQWH7UHQWGLH$XI VFKULIW32/,=(,DXIGHQ9RUGHUWUHQGHUEHLGHQ/DQGURYHU HQW]LIIHUQDOVGLHVFKDUIHQ.XUYHQGHV:HJHVGLH)DKUHUGD ]X]ZDQJHQGHU%ORFNKWWHGLH%UHLWVHLWHLKUHU)DKU]HXJH ]X]XZHQGHQ6LHZUGHQGLHOHLFKWH6SHUUHDQGHUWLHIVWHQ 6WHOOHGHU6HQNHLQ]HKQ0LQXWHQHUUHLFKWKDEHQGDQQZU GHHVIQI0LQXWHQGDXHUQELVVLHGLH%lXPHZHJJHUlXPW KDWWHQ:HLWHUHIQI0LQXWHQVSlWHUXQGVLHVWDQGHQYRUGHU 9I|UPLJHQ%DUULNDGHDQGHUVLHJH]ZXQJHQZDUHQLKUH )DKU]HXJH]XYHUODVVHQ)QI0LQXWHQZUGHQVLHEUDXFKHQ XPGLH:LHVHKRFK]XODXIHQ 7UHQWUXWVFKWHDXIGHUYRP:HJDXVQLFKWHLQVHKEDUHQ6HLWH GLH'DFKVFKUlJHKLQXQWHUXQGOLHVLFKDXIGHQ%RGHQIDOOHQ ,QGHU.FKHEOLHVHUGLH*OXWLP+HUGDQOHJWHHLQSDDU+RO] VWFNHQDFKXQGVHW]WH:DVVHUDXI0DULDQDKDWWHVLFKQLFKW YRQGHU&RXFKZHJEHZHJW,P6FKODIKDWWHVLHVLFKXQUXKLJ KLQXQGKHUJHZlO]WMHW]WMHGRFKODJGLHVFKODQNH*HVWDOWUHJ ORVXQWHUGHQ'HFNHQ7UHQWQDKPDQGDVLHZDFKZDU

ª'LH*XWHQKDEHQJHZRQQHQ(VNRPPW3ROL]HL©VDJWHHU ª6LHZHUGHQLQ]ZDQ]LJ0LQXWHQKLHUVHLQ'HU:DVVHUNHVVHO VWHKWDXIGHP+HUG© (UNHKUWH]XPZDUPHQ.FKHQKHUG]XUFNVWUHLIWHVLFK GLH.OHLGXQJVVWFNHEHUGLHHUDXIGHP0RWRUUDGJHWUDJHQ KDWWH6LHZDUHQIHXFKWDEHUZDUP(UZDUIVLFKGLHEHLGHQ 3DWURQHQJXUWHEHUVHLQH6FKXOWHUQXQGVWHFNWHVLFKLQMHGH VHLQHU-DFNHQWDVFKHQHLQH5ROOHNUlIWLJHV.OHEHEDQGGDQDFK PDFKWHHU.DIIHH'LH.DQQHXQGGUHL%HFKHUWUXJHULQGDV YRUGHUH=LPPHU 6LHKDWWHVLFKMHW]WDXIUHFKWKLQJHVHW]W'LH:XWGLHVLH OHW]WH1DFKWJHKDEWKDWWHZDUQRFKQLFKWYHUIORJHQ'HU 6FKODIKDWWHHLQH6HLWHLKUHU$IURIULVXUDQGHQ.RSIJHGUFNW EHULKUHU6WLUQKDWWHVLFKHLQH/RFNHJHO|VW(UGDFKWHGDUDQ ]XLKUKLQEHU]XJHKHQXQGLKUGLH/RFNHQDFKKLQWHQ]X VWUHLFKHQDEHUHUZDUVLFKQLFKWVLFKHUZLHVLHGDUDXIUHDJLH UHQZUGH:DKUVFKHLQOLFKZUGHVLHLKPGLH+DQGDEEHL HQHQWVFKLHGHUXQGOlFKHOWHVWDWWGHVVHQ ª6LHVHKHQDXVZLHHLQ(LQKRUQ©PHLQWHHU 6LHVFKREGLH/RFNHQDFKREHQGDQQJULIIVLHKHUXQWHU]XU 6FKXOWHUWDVFKHGLH]XLKUHQ)HQODJXQGKROWHHLQH+DDU QDGHODXV(EHQKRO]KHUDXVª6WDUUHQ6LHQLFKWVR© (UJLQJ]XP)HQVWHUKLQEHU'XUFKGLHKHU]I|UPLJHQgII QXQJHQLQGHQ)HQVWHUOlGHQVDK7UHQWZLHGLH/DQGURYHULQ GHU6HQNHYHUVFKZDQGHQLQGHUHUGLHNOHLQHQ%lXPHJHIlOOW KDWWH ª6LHVDJWHQGRFKHVVHL3ROL]HL©PHLQWH0DULDQD6LHEH ]RJVLFKGDPLWDXIVHLQH3DWURQHQJXUWH ª6WHOOHQ6LHVLFKHLQIDFKYRUGDVVHLPHLQ6WUDHQDQ]XJ© HUZLGHUWH7UHQWª,FKZHUGH,KUHQ*URYDWHUZHFNHQ© (UQDKPGHQGULWWHQ%HFKHU.DIIHHYRP7DEOHWWWUXJLKQ LQV6FKODI]LPPHU'HUDOWH0DQQZLUNWHZLHHLQ:UDFN6HL QH+lQGH]LWWHUWHQDOVHUGHQ%HFKHUHQWJHJHQQDKP(U EHUUDVFKWH7UHQWPLWHLQHPYHUZLUUHQGYHUWUDXWHQ%OLFNHL QHU0LVFKXQJDXV6FKXOG:XWXQG9HUELWWHUXQJGLHHUYRQ VHLQHPHLJHQHQ9DWHUKHUNDQQWHZHQQGLHVHUDXIVHLQHP :HJLQGHQ$EJUXQGHLQHQZHLWHUHQ0HLOHQVWHLQ]XUFNJH OHJWKDWWH(UVW*HVFKlIWVIKUHUGHV-RFNH\&OXEGDQQ*H

VFKlIWVIKUHUGHV3ROR&OXEGLH&OXEVZDUHQLPPHUXQEH GHXWHQGHUJHZRUGHQXQGUHSUlVHQWLHUWHQLQGHU5HLWHUZHOW LPPHUIHUQHUH$XHQSRVWHQ'LHVH2G\VVHHKDWWHGD]XJH IKUWGD7UHQWPHKUHUH6SUDFKHQXQG'LDOHNWHJHOHUQWKDW WHZDVDXFKQRFKGDGXUFKJHI|UGHUWZRUGHQZDUGDHUVR ZRKOPLWGHQ.LQGHUQGHUJHVHOOVFKDIWOLFKHQ(OLWHDOVDXFK PLWGHP3|EHOLQGHQ6WlOOHQYHUNHKUWZDU&DSWDLQ+DPLO WRQ0DKRQH\ZDUWURW]VHLQHUILQDQ]LHOOHQ'HVDVWHUHLQOLHEH YROOHUYHUVWlQGQLVYROOHUXQGDXIUHJHQGHU9DWHUJHZHVHQ 1DFK6DXIJHODJHQMHGRFKKDWWHHU]X*HGlFKWQLVOFNHQJH QHLJW 'D7UHQWVLFKQLFKWVLFKHUZDUZLHYLHOGHU3UlVLGHQWYRP JHVWULJHQ7DJQRFKZXWHVWHOOWHHUVLFKQRFKHLQPDOYRU ª7UHQW6LU6RQGHUHLQKHLWIU7HUURULVPXVEHNlPSIXQJ%UL WH©(UZlKQWHHUVHLQHQ$UEHLWJHEHUGLH(XURSlLVFKH*H PHLQVFKDIWZDUGDVIUGLHPHLVWHQ/HXWHLQGLHVHU5HJLRQ HLQ]LHPOLFKQLFKWVVDJHQGHU%HJULII 'HU3UlVLGHQWWDVWHWHDXIGHP1DFKWWLVFKQDFKVHLQHU%ULO OH7UHQWIDQGVLHDXIGHP)XERGHQXQGVDK]XZLHGHUDOWH 0DQQGLHJHIHGHUWHQ%JHOEHUVHLQH2KUHQOHJWHª'LH3R OL]HLNRPPWGDV7DOKRFK0LVWHU3UlVLGHQW©ZDUQWHHULKQ XQGJDELKPGDPLW]XYHUVWHKHQGDHUVLFKHLQZHQLJ]X UHFKWPDFKHQVROOWHª(VVLHKWVRDXVDOVZlUHQ6LHMHW]WLQ6L FKHUKHLW%HKDOWHQ6LHDEHUPHLQH3LVWROHJULIIEHUHLW0DQ NDQQQLHZLVVHQ© (LQHQ$XJHQEOLFNODQJVFKLHQGHUDOWH0DQQY|OOLJLQ VHLQHQ*HGDQNHQYHUVXQNHQ]XVHLQ'DQQNDPGLH(ULQ QHUXQJXQGHUWDVWHWHXQWHUGHP.LVVHQQDFK7UHQWV :DOWKHU(UPHUNWHZLHVHOWVDPHUDXVVHKHQPXWHDXI UHFKWLQVHLQHP%HWWVLW]HQGVLOEHUQH%DUWVWRSSHOQDXIGHQ :DQJHQGHQ.DIIHHEHFKHULQGHUHLQHQXQGHLQH3LVWROHPLW ODQJHP/DXILQGHUDQGHUHQ+DQG0LWHLQHP$QIOXJYRQ ,URQLHVDJWHHUª'DQNH0U7UHQW0LUJHKWHVVFKRQYLHO EHVVHU© 3ROLWLNHUVLQG0HLVWHUGDULQVLFKVFKQHOO]XHUKROHQGDFK WH7UHQWDOVHUZLHGHULQGHQYRUGHUHQ5DXP]XUFNNHKUWH ª(VJHKWLKPJXW©WHLOWHHU0DULDQDPLWXQGJLQJ]XP)HQ VWHUKLQEHU(UZDUIHLQHQSUIHQGHQ%OLFNDXIVHLQH8KU

(LJHQWOLFKKDWWHHUHUZDUWHWGDGLH3ROL]HLLQ]ZLVFKHQZLH GHUDXIJHWDXFKWZlUH 6FKOLHOLFKTXlOWHVLFKHLQHLQ]HOQHU/DQGURYHUEHUGHQ %HUJNDPPXQGKLHOWDQGHU6SHUUHDQ'HU]ZHLWH/DQGURYHU PXWHDQGHQHUVWHQ%lXPHQVWHFNHQJHEOLHEHQVHLQRGHU GHU)DKUHUKDWWHVLFKQLFKWGLH0KHJHPDFKWGDV+LQGHUQLV ]XXPIDKUHQ7UHQWEHREDFKWHWHZLHGLH3ROL]LVWHQYRP:D JHQKHUXQWHUVSUDQJHQ9LHU0lQQHUZDUHQHVGLH*HVLFKWHU NRQQWHHUQLFKWHUNHQQHQ3RQFKRVGLHGHP3RQFKRJOLFKHQ GHQHUDXIGHP'DFKDOV6FKXW]EHUJH]RJHQKDWWHEHGHFN WHQLKUHNKDNLIDUEHQHQ8QLIRUPHQ(LQHUGHU3ROL]LVWHQ ZLQNWHJUHQG]XU%ORFNKWWHKRFKGHU3ROL]HLVHUJHDQW YHUPXWHWH7UHQW/HLFKWDXVVFKZlUPHQGNDPHQGLH3ROL]L VWHQGHQ+JHOKRFK5HJHQXQG:LQGWULHEHQVLHYRUDQ PDQFKPDOEUDFKWHVLHGLH6WlUNHGHU6FKDXHUE|HQLQV:DQ NHQ,KUHDXWRPDWLVFKHQ*HZHKUHTXHUEHULKUH.|USHUPLW WHKDOWHQGZLUNWHQVLHZLHYLHU)UHXQGHGLHJHUDGHLKUHP WlJOLFKHQ=HLWYHUWUHLEQDFKJLQJHQ ª6LHVLQGGD©VDJWH7UHQW]X0DULDQDXQGULHILQV6FKODI ]LPPHU]XUFNª0LVWHU3UlVLGHQW© 'DQQNDPGLH(ULQQHUXQJDQHLQHQDQGHUHQ0RUJHQHL QHQ0RUJHQPLWGHQ6SHFLDO)RUFHVLQ6GRVWDVLHQ5DQJHU ZDUHQDXVHLQHP+XEVFKUDXEHUJHVSUXQJHQXQGGDQQJH QDXVRDXVJHVFKZlUPWPLWGLHVHUHLQZHQLJEHU]RJHQHQ 6HOEVWVLFKHUKHLW]XGHUYLHOHDPHULNDQLVFKH6ROGDWHQQHLJ WHQGLHGXUFKGDV)HUQVHKHQXQG.LQRELOGHUGD]XJHEUDFKW ZXUGHQVLFKEHUDQGHUH]XVWHOOHQXQGDQLKUHDQJHERUHQH hEHUOHJHQKHLW]XJODXEHQ%HOSDQV3ROL]HLVWDQGZHQQVLH EHUKDXSWLUJHQGZRHLQH$XVELOGXQJHUKDOWHQKDWWHLQGHU 7UDGLWLRQGHUEULWLVFKHQ3ROL]HL 9LHU0lQQHUXQWHQDP%HUJGLHDQGHUHQEHUQDKPHQ GLH5FNVHLWHGHV%ORFNKDXVHVYRQGHU%HUJVHLWHDXV'LH 9HU]|JHUXQJZDUGDGXUFKHQWVWDQGHQGDPDQGHP]ZHL WHQ7HDPGLH=HLWJHJHEHQKDWWHVHLQH3RVLWLRQ]XEH]LHKHQ 7UHQWZDUHLQZHQLJEHUUDVFKWGDUEHU]XPHUNHQGDHU EHUKDXSWNHLQH$QJVWKDWWH'RFKVREDOGPDQGHQ)HLQG HLQPDOHUNDQQWKDWWHJDEHVDXFKQLFKWPHKUYLHOYRUGHP PDQ$QJVWKDEHQPXWH9RQGDDQZXUGHHLQHPQXUQRFK

$UEHLWDEYHUODQJWXQGHQWZHGHUKDWWHPDQGDPLW(UIROJ RGHUPDQHUOLWWHLQH1LHGHUODJH (UVFKDXWHVLFK]X0DULDQDXP6HLWGDV0lGFKHQDXIJH ZDFKWZDUKDWWHVLHVLFKNDXPYRQGHU6WHOOHJHUKUW$OVHU VLHVRGDVLW]HQVDKVLFKDQLKUH:XWNODPPHUQGHULQQHUWHVLH 7UHQWSO|W]OLFKDQHLQH0XWWHULQHLQHP/DJHUGLHLKUWRWHV .LQGZLHJWXQGYRU.XPPHUY|OOLJHUVWDUUWLVW:UGHVLHHV ORVODVVHQZUGHLKUQLFKWVEOHLEHQ7URW]DOOHU(UNOlUXQJHQ GLHHU0DULDQDDQELHWHQNRQQWHPXWHHUGHU)HLQGEOHLEHQ ,P0RPHQWZDUGLH$OWHUQDWLYH]XVFKPHU]KDIWIUVLH ª7XWPLUOHLG0DULDQD©VDJWHHUª,FKKDEHPLFKJHLUUW 'LH*XWHQVLQGYHUNOHLGHWH%|VHZLFKWHU© (UVFKREGHQ7LVFKLQGLH=LPPHUPLWWHNLSSWHLKQDXIGLH 6HLWHXQG]HUUWHGLH&RXFKPLWGHULPPHUQRFKDXILKUVLW ]HQGHQ0DULDQDKHUEHUVRGDGLH0|EHOHLQHNOHLQH)H VWXQJELOGHWHQ1HEHQVLHDXIGDV6RIDOHJWHHUGDV*HZHKU PLWGHPDEJHVlJWHQ/DXI,KU*HVLFKWVDXVGUXFNKDWWHVLFK QLFKWYHUlQGHUWª8QWHQEOHLEHQ1LFKWEHZHJHQ1LFKWKRFK VFKDXHQ:HQQVLHKHUHLQNRPPHQHUVFKLHHQ6LHVLH ZHQQ6LHZROOHQ©HUJlQ]WHHU'LH(QWVFKHLGXQJEOLHELKU EHUODVVHQ *HJHQGHQ:LQGGUFNWHHUGLH7UDXIZLQNWHGHPQlK HUNRPPHQGHQ3ROL]LVWHQ]XXQGWUDWYRQGHU%ORFNKWWH ZHJLQV)UHLHVRGDVLHVHKHQZUGHQGDHUQLFKWEHZDII QHWZDU:HQQVLHLKQEHREDFKWHWHQNRQQWHQVLHVLFKQLFKW JHJHQVHLWLJLP$XJHEHKDOWHQXQGGDKHUQXU9HUPXWXQJHQ GDUEHUDQVWHOOHQZDVLKQJHZDUQWKDWWH 2KQH+DNHQ]XVFKODJHQXQGRKQHVLFK]XGXFNHQUDQQWH HUXQEHZDIIQHWXQGRIIHQVLFKWOLFKYROOHU3DQLNEHUGLHRIIH QH)OlFKHGHU:LHVHDXIGHQ:DOGUDQG]XVSUDQJEHUHL QHQQLHGULJHQ%XVFKK|UWH6FKVVH(VEHVWDQGNDXPHLQH &KDQFHGDHUJHWURIIHQZXUGHDEHUHUUXWVFKWHDEVLFKWOLFK DXVNLSSWHQDFKYRUQHVFKOXJPLWGHU6FKXOWHUDXIGHP%R GHQDXIXQGUROOWHVLFKVFKQHOOLQGLH6FKOXFKWDELQGHUHU GDVHUVWH*HZHKUYHUVWHFNWKDWWH(LQPDO]ZHLPDOGUHLPDO EHUVFKOXJHUVLFKVHLQH+lQGHNUDOOWHQVLFKLQGHQ 6FKODPPHUNUDFKWHGXUFKGDVVSlUOLFKH*HVWUSSVXFKWH GLH6LFKHUKHLWGHU%lXPHXQGGHU6FKOXFKW

(LQHQ$XJHQEOLFNODQJODJHUGDNDPZLHGHU]X$WHP 'DQQVSUDQJHUKRFKKHEHOWHGHQUXQGHQ)HOVEURFNHQORV KRUFKWHQLFKWZLHHUGHQ%HUJKHUXQWHUNUDFKWHXQGEH]ZHL IHOWHDXFKGDGLH$QJUHLIHUGHQ)HOVHQK|UHQRGHUVHKHQ ZUGHQIDOOVVLHHVWDWHQZUGHQVLHVLFKMDYLHOOHLFKW]X GHU$QQDKPHYHUOHLWHQODVVHQGDHVVHLQ.|USHUZDUGHU GRUWKHUXQWHUSXU]HOWH'RFKGLHVHV0DQ|YHUERWLKPHLQH NOHLQH]XVlW]OLFKH&KDQFHXQGNRVWHWHLKQQXUZHQLJH6H NXQGHQ7UHQWULGDV*HZHKUDXVGHU9HUSDFNXQJ]RJGHQ 5HLYHUVFKOXGHV)XWWHUDOVDXIXQGUDQQWHLQVFKQHOOHP 7HPSRGXUFKGLH.LHIHUQEHUJDQ(UKDWWHDOOHVVRUJIlOWLJ YRUDXVJHSODQWMHGHQ6FKULWWLP.RSIGXUFKJHVSLHOW 'DVREHUH7HDPZUGHVLFKDXIGHPREHUKDOEGHVQDWUOL FKHQ$PSKLWKHDWHUVYHUODXIHQGHQ:HJIUGLH+RO]WUDQV SRUWHEHILQGHQZlKUHQGHUKDVWLJLQ'HFNXQJJLQJ(UQDKP DQGDVLHDXFKGRUWEOHLEHQZUGHQ'HU:HJHUODXEWHLK QHQHLQHJXWH6LFKWXQGHLQHIUHLH6FKXOLQLH6LHZUGHQ )XQNJHUlWHEHLVLFKKDEHQ (UUREEWHEHUGHQ:HJJLQJHLQLJHKXQGHUW0HWHUZHLWHU GDQQEHJDQQHUPLWVHLQHU5XQGH$OVHUVWHVPXWHHUGHQ DPZHLWHVWHQYRQLKPHQWIHUQWHQ0DQQDXVVFKDOWHQ'LHVHU 0DQQZDUDPZHQLJVWHQGDUDXIYRUEHUHLWHW :LQGXQG5HJHQZDUHQDXIVHLQHU6HLWHYHUEDUJHQVHLQH %HZHJXQJHQ(VZDUHLQDOWHV6SLHOHUNDQQWHHVQRFKDXV VHLQHU9HUJDQJHQKHLWXQGHUZDU([SHUWHGDULQ6HLQ2SIHU NDXHUWHDXIHLQHP)HOVHQDQGHUK|FKVWHQ6WHOOHHLQHUOHLFK WHQ:HJNXUYHYRQGHUDXVHUEHLGH5LFKWXQJHQHLQVHKHQ NRQQWH6HLQH:DIIHODJVFKXEHUHLWLQVHLQHU+DQGHVZDU HLQHGHU.DODVFKQLNRZVGLH7UHQWDQGLH.VWHJHVFKPXJ JHOWKDWWH'HU0DQQWUXJHLQHQ$UPHHKXWYRQGHVVHQ .UHPSHVLFKZDKUH:DVVHUIlOOHDXIVHLQHQ3RQFKRHUJRVVHQ 7UHQWZDUWHWHELVHLQH:LQGE| EHUVLHKHUHLQEUDFKGDQQ VWUPWHHUPLWVFKQHOOHQ%HZHJXQJHQYRUDQOLHVLFKDXI GHQ%RGHQIDOOHQXQGOHJWHGLHOHW]WHQSDDU0HWHUNULHFKHQG ]XUFN ª2ODDPLJRPLR©IOVWHUWHHUXQGEHREDFKWHWHZLHGLH 6FKXOWHUEOlWWHUGHV0DQQHV]XVDPPHQ]XFNWHQDOVZHQQVLH YRQHLQHPWRQQHQVFKZHUHQ/DVWZDJHQ]XVDPPHQJH]RJHQ

ZRUGHQZlUHQª.HLQ/DXWNHLQH%HZHJXQJ©ZDUQWHHU ª'LH6FKURWIOLQWHLQGHLQHP5FNHQLVWPLW5HKSRVWHQJHOD GHQ0DFKVWGXDXFKQXUGLHNOHLQVWH'XPPKHLWSXVWHLFK GLUGHLQ5FNJUDWGXUFKGHQ1DEHO© %HLHLQHP*HZHKUKlWWHGHU0DQQHVULVNLHUHQN|QQHQHL QHQ6DW]]ZLVFKHQGLH%lXPH]XPDFKHQ%HLHLQHU6FKURW IOLQWHMHGRFK ª/DPLFKGHLQ*HVLFKWDQVFKDXHQ/DQJVDPXQGKDOWH GHLQH+lQGHGDZRLFKVLHVHKHQNDQQ©PHLQWH7UHQWZDU QHQG 'DV)HKOHQMHJOLFKHQ+DVVHVLQGHU'XQNHOKHLWEHUXKLJWH 7UHQW'LHDXIPHUNVDPHQ$XJHQHLQHV/DWHLQDPHULNDQHUV VDKHQLKQDQ'HU0DQQZDUNOHLQVFKODQN0LWWH'UHLLJ $OWJHQXJXPVHLQHQ0XWEHUHLWVXQWHU%HZHLVJHVWHOOW]X KDEHQXQGZLH7UHQWHLQ3URIL ª'XXQGLFKVLQG7DJHO|KQHU©JDELKP7UHQW]XYHUVWH KHQ(LQIHLQHVNRPSOL]HQKDIWHV/lFKHOQXQWHUVWW]WHVHLQH :RUWHª6ROOHQGRFKGLH*URHQVWHUEHQZHQQVLH$SSHWLW GDUDXIKDEHQ+DVWGXHLQHQ1DPHQ"© ª-RVH©IOVWHUWHGHU0DQQ6HLQH/LSSHQEHZHJWHQVLFK NDXP ª*XW©VDJWH7UHQWª9LHOOHLFKWZLUVWGXGHQ)XGHV%HU JHVZLHGHUVHKHQ+LHUREHQZLHYLHOHVHLGLKU"© ª'UHL© ª:RVLQGVLHSRVWLHUW"© -RVHQLFNWHQDFKUHFKWVGHQ:HJKLQXQWHU ª'HU0DQQGHUDPQlFKVWHQ]XGLULQ6WHOOXQJJHJDQJHQ LVWKDWGHUDXFKHLQHQ1DPHQ"© ª-XDQLWR© ª8QGGHUGULWWH0DQQ"© ª:LUQHQQHQLKQ!GHQ$DO© ª'XZLUVWMHW]WGHLQ)XQNJHUlWEHQXW]HQXQG-XDQLWRKHU NRPPHQODVVHQ©EHIDKO7UHQWª6DJLKPGDGXJODXEVWXQ WHUKDOEYRQGLUEHZHJHVLFKMHPDQG8QGVHLYRUVLFKWLJPLW GHPZDVGXVDJVW,FKZUGHNHLQHQ6SDGDUDQILQGHQ GLFKXP]XEULQJHQ© %HLGHPJHJHQGLH%lXPHVFKODJHQGHQ5HJHQXQGGHP SIHLIHQGHQ:LQGEHVWDQGIU-RVHQLFKWGLH0|JOLFKNHLWPLW

WHOVVHLQHU,QWRQDWLRQHLQH:DUQXQJDE]XJHEHQ=XIULHGHQ EHIDKOLKP7UHQWVLFK]ZLVFKHQGLH.LHIHUQ]XUFN]X]LHKHQ 0LWGHU+DQGNDQWHYHUSDWHHUGHP0DQQHLQHQKDUWHQ 6FKODJLQGHQ1DFNHQILQJLKQDXIDOVHUVWU]WH'DQQNOHE WHHUGHQ0XQGGHV0DQQHV]XIHVVHOWHVHLQH+lQGHXQGVHL QH)XNQ|FKHO'DV*DQ]HGDXHUWHZHQLJHUDOVHLQH0LQXWH 7UHQWZDUZLHGHUDXIGHQ%HLQHQUDQQWHORVHVZDUZLFK WLJGDHU-XDQLWRHLQJXWHV6WFNYRU-RVHV3RVLWLRQ]XP VWHKHQEUDFKWHVRQVWZUGHGHU0DQQGXUFK-RVHV$EZH VHQKHLWJHZDUQWVHLQ 'HU:HJIKUWHDQGHU2EHUNDQWHGHVQDWUOLFKHQ$PSKL WKHDWHUVHQWODQJ.HLQH%lXPHVLFKHUWHQGHQREHUHQ5DQG GHUIDVWGUHLLJ0HWHUWLHIHQ6WHLOZDQGGLHLQGHPNOHLQHQ 6HHHQGHWH7UHQWNRQQWHGDKHUYRQVHLQHP+LQWHUKDOWDXV EHUGHQJDQ]HQ:HJKLQZHJELVKLQXQWHU]XU:LHVHEOLN NHQ'LH%ORFNKWWHZDULP5HJHQNDXP]XVHKHQ9RQGRUW ZDUNHLQHLQ]LJHU6FKXJHNRPPHQ7UHQWKDWWHGDVDXFK QLFKWHUZDUWHWDEHULQGLHVHU+LQVLFKWUHFKW]XEHKDOWHQEH UHLWHWHLKPNHLQH)UHXGH -XDQLWRVWUDIWHGLH9HUNOHLQHUXQJVIRUPLQVHLQHP1DPHQ /JHQ(UZDUJU|HUXQGYLHOVFKZHUHUDOV-RVHKDWWHHLQH %R[HUQDVHXQGZDUHKHU6FKOlJHUDOV'HQNHU'HU0DQQZDU JHIlKUOLFKZHLOHUXQEHUOHJWKDQGHOQZUGH7UHQWQDKP LKQYRQKLQWHQ(LQZXFKWLJHU+LHEPLWVHLQHUUHFKWHQ+DQG XQGGLH+DQGNDQWHNUDFKWHLQGDV*HQLFNGHV0DQQHV'HU 6FKODJKlWWHDXVUHLFKHQVROOHQXPGHQ/DWHLQDPHULNDQHU QLHGHU]XVWUHFNHQDEHUVHLQ3RQFKRYHUEDUJHLQHQPLW=LHU QlJHOQEHVFKODJHQHQ/HGHUNUDJHQ'LH=LHUQlJHOERKUWHQ VLFKLQ7UHQWV+DQG-XDQLWRVFKWWHOWHVHLQHQ.RSIIUHLXQG ILHOEHU7UHQWKHU7UHQWPXWHQDKHDP0DQQEOHLEHQ VRQVWZUGHLKQ-XDQLWRQLHGHUVFKLHHQ%OLHEHULKPMHGRFK VRQDKHZDUGHUJURH0DQQGXUFKVHLQ*HZLFKWXQGVHLQH .|USHUNUDIWLP9RUWHLO 7UHQWWUDWJHJHQGDVUHFKWH.QLHGHV0DQQHV-HW]WZDU -XDQLWRDOOHUGLQJVDXILKQYRUEHUHLWHWXQGGLH.DODVFKQLNRZ NUDFKWHDXI7UHQWV:DGHKHUXQWHU'HU$JHQWSDFNWHGHQ /DXIGHV*HZHKUHVXQGOLHVLFKIDOOHQVRGDGLH:XFKW PLWGHUGHUJURH0DQQGLH:DIIHEHZHJWHVHLQHHLJHQH

.UDIWYHUVWlUNWH,P)DOOHQPDFKWH7UHQWHLQH'UHKEHZH JXQJXQGGDVYROOH*HZLFKWVHLQHV.|USHUVULGHP0DQQ GDV*HZHKUDXVGHQ+lQGHQ 0LWHLQHPZWHQGHQ$XIVFKUHLVHW]WHLKP-XDQLWRQDFK VHLQ6WLHIHOVWLHDXI7UHQWV.RSI]XGDV*HZHKUODJ]ZL VFKHQLKQHQORVHDXIGHP%RGHQ7UHQWUROOWHVLFKZLHGHU ZHJGHU6WLHIHOKLQWHUOLHDQGHU6HLWHVHLQHV6FKlGHOVEOH 6SXUHQ'HUJURH0DQQZXUGHGXUFKVHLQHLJHQHV.|USHU JHZLFKWHLQZHLWHUHV0DODXVGHP*OHLFKJHZLFKWJHZRUIHQ 7UHQWULVHLQHUHFKWH+DQGQDFKREHQ]ZLVFKHQGLH%HLQH GHV0DQQHVGLH+DQGZDUVWHLIZLHHLQ6WFN(LVHQ-XDQLWR VFKULHDXIVWU]WHVHLQHIODFKHQ+lQGHVFKQHOOWHQDXI7UHQWV .HKOH]X7UHQWULVHLQH.QLHZLHDXIHLQHPGUHKHQGHQ =DSIHQQDFKREHQXQGDOVGHUJURH0DQQJHJHQVLHNQDOOWH SDFNWHHUGHVVHQ+RVHDQGHU+IWHXQGZXFKWHWHLKQPLW GHU.UDIWGHU9HU]ZHLIOXQJKRFK'HU0DQQVWROSHUWHQDFK YRUQHEHUGHQ:HJUDQGKLQZHJ'XUFKVHLQHQ6FKUHLKLQ GXUFKK|UWHPDQDXVHLQDQGHUVWLHEHQGH6WHLQHGDQQGDV 3ODWVFKHQDOVGHU0DQQGUHLLJ0HWHUWLHIHULP:DVVHUDXI VFKOXJ7UHQWUROOWHVLFKDXIGLHDQGHUH6HLWHGHV:HJHVXQG JULIIQDFKVHLQHP*HZHKU ª.HLQH%HZHJXQJ*ULQJR© 'HUª$DO©GDFKWH7UHQWJURGQQNOHLQHVFKZDU]H$X JHQGLHHLQHQDWUOLFKH%RVKHLWDXVVWUDKOWHQ5HJHQWURSIHQ VFKLPPHUWHQDXIVHLQHUGXQNOHQ|OLJHQ+DXWGLH.DODVFKQL NRZODJY|OOLJUXKLJLQVHLQHQ+lQGHQ ª'LH:DIIHIDOOHQODVVHQ© 7UHQWOLHVLHIDOOHQ ª+lQGHKLQWHUGHQ.RSI© 7UHQWJHKRUFKWH 'HUª$DO©VSXFNWHEHUGLH.DQWHGHU6WHLOZDQGª(LQ 6FKZHLQJXWGDZLULKQORVVLQG-RVH"© ª'HUOHEW©HUZLGHUWH7UHQWª=ZLVFKHQGHQ%lXPHQ© ª%ULQJPLFK]XLKP8QGSDDXIZRGXKLQJHKVW©ZDUQ WHGHU$DO (LQZHQLJYRULKQHQXQGIQI0HWHUXQWHUKDOEGHU )HOVNDQWHDP:HJHVUDQGZXFKVHLQH.LHIHUDXVGHU6WLUQ ZDQGGHV$PSKLWKHDWHUV'DQQZDUHQHVQRFKJXW]ZDQ]LJ

0HWHUELVLQV:DVVHU$XFKZHQQ-XDQLWRQLFKWJHJHQHLQHQ )HOVHQJHVFKODJHQZDUZUGHHUMHW]WWRWVHLQREZRKODP $EHQG]XYRULP:DVVHUYLHOPHKU)HOVHQ]XVHKHQJHZH VHQZDUHQ6HLWGHPKDWWHHVXQXQWHUEURFKHQJHUHJQHWXQG GHU%HUJVFKWWHWHJDQ]H:DVVHUIlOOHLQGDV$PSKLWKHDWHU 7UHQWIUDJWHVLFKZLHWLHIGDV:DVVHUMHW]WZRKOVHLQ PRFKWH 8QWHUKDOEGHU.LHIHUZXFKVHQDXVHLQHPEUHLWHQ6SDOWLQ GHU)HOVZDQGHLQJXWHV'XW]HQG%VFKH8QWHUKDOEGHU% VFKHJDEHVHLQHQ6LPVGDQQJLQJHVHWZDGUHL]HKQ0HWHU VHQNUHFKWLQGLH7LHIHELVGLH)HOVZDQGLP6HHHQGHWHGHU YRPWRQLJHQ%RGHQJDQ]URWJHIlUEWZDU'XUFKHLQHQ6FKX LQGHQ+LQWHUNRSIXPV/HEHQNRPPHQ".HLQHEHVRQGHUV VFK|QH3HUVSHNWLYH 'HUHUPRUGHWH3LORWILHOLKPZLHGHUHLQ=XPLQGHVWKDWWH 7UHQWQLFKWVHLQ6HKYHUP|JHQHLQJHEW8QGHUPXWHGHQ JDQ]HQ:HJQDFKXQWHQVHLQH$XJHQRIIHQKDOWHQ(LQIODFKHV 6WFN)HXHUVWHLQDXIGHP:HJPDUNLHUWHGLH6WHOOH1RFKVLH EHQ6FKULWWHGDFKWH7UHQW6HLQ9HUVWDQGKDWWHVLFKYRQVHL QHP.|USHUJHO|VWVRGDHUVLFKVHOEVWEHREDFKWHQNRQQWH $XFKGDVZDULKPYHUWUDXWHUNDQQWHGLHVH)lKLJNHLWLQ=HL WHQGHU*HIDKUVHLQHP.|USHU%HIHKOH]XJHEHQDOVZlUHHU ]ZHLJHWUHQQWH:HVHQ-HW]WGDFKWHHUXQGPDFKWHHLQHQJH ZDOWLJHQ6DW]DXIGLH.LHIHU]X /DGLFKSHQGHOQVFKULHHULQQHUOLFKDOVHUPLWGHQ$UPHQ LQGLH.LHIHUNUDFKWH1LFKWIHVWKDOWHQ'DV*HZLFKWVHLQHV .|USHUVKDWWHLKQEHUHLWVLQGLHQlFKVWH.XUYHVHLQHU)OXJ EDKQJHULVVHQ1LFKWGHQNHQ6FKDXKLQVFKULHHULQQHUOLFK XPGHP9HUODQJHQ]XZLGHUVWHKHQDXV(QWVHW]HQYRUGHP IUHLHQ)DOOGLH$XJHQ]XVFKOLHHQ6HLQHUHFKWH+IWHVFKOXJ JHJHQGHQ)HOVKDQJREHUKDOEGHU%VFKH'DQQNODPPHUWH HUVLFKDQGHQ%VFKHQIHVWOLHQLFKWORVDXFKDOVHUVSUWH ZLHVLHVLFKYRP)HOVHQORVULVVHQ'HU6LPVGDUXQWHUNDPDXI LKQ]XGLH)HOVNDQWHULDQVHLQHQ+lQGHQVHLQH6FKXOWHUQ ZXUGHQIDVWDXVLKUHQ*HOHQNHQJHULVVHQDOVHUVHLQH6WLHIHO IUHLQH+XQGHUWVWHOVHNXQGHIODFKJHJHQGLH)HOVZDQG EUDFKWH 6LFKPLWHLQHPKHIWLJHQ5XFNYRP%HUJDEVWRHQGZLUEHO

WHHUUFNZlUWVYRP)HOVHQZHJUROOWHLQGHU/XIWVRODQJ VDPQDFKKLQWHQGDHUZLHLQ=HLWOXSH]XQlFKVWGLHYRU EHU]LHKHQGHQGXQNOHQ:RONHQEHUVHLQHP.RSIGDQQGLH %HUJHGLHDQGHUH6HLWHGHV7DOHVGLH:LHVHGLH%ORFNKWWH XQGDOVOHW]WHVGHQ6HHPLWVHLQHPYRP6FKODPPURWJHIlUE WHQ:DVVHUVDK(U]RJVLFK]XHLQHU.XJHO]XVDPPHQLP OHW]WHQ0RPHQWUROOWHHUVLFKDXV$QJVWYRUGHQ)HOVHQXQWHU GHU:DVVHUREHUIOlFKHDXIGLH6HLWH$OVHUDXIVFKOXJZXUGH LKPGLH/XIWDXVGHU/XQJHJHSUHW(LQH6XSSHDXV7RQ XQG:DVVHUIOOWHVHLQHQ0XQGGDQQIROJWHGHU$XISUDOO VHLQHV.|USHUVDXIGHPGDUXQWHUOLHJHQGHQ)HOVHQ(UNUDFKWH LQVHLQH5LSSHQ7UHQWZXUGHJH]ZXQJHQVHLQHQ0XQGZLH GHU]X|IIQHQQRFKPHKUYRQGHUVFKODPPLJHQ6XSSHGUDQJ LQVHLQH/XQJHGURKWHLKQ]XHUVWLFNHQVHLQH$XJHQZDUHQ YRQ6FKODPPYHUNOHEWDOVHUVLFK]XU:DVVHUREHUIOlFKH KRFKNlPSIWH 'LH)HOVZDQGVFKW]WHLKPYRUGHP©$DO© EHULKP6HLQ UHFKWHV%HLQZDUWDXEGLHUHFKWH6HLWHVHLQHV.|USHUVZDU DXIJHULVVHQXQGEOXWHWH(UZXWHGDHLQLJH5LSSHQJHEUR FKHQZDUHQHVZDUQXUGLH)UDJHZLHYLHOH 'HUª$DO©GHUEHU)XQNPLWVHLQHQYLHU*HIlKUWHQLQ9HU ELQGXQJVWDQGZUGHMHW]WGHQ3IDGKLQXQWHUUHQQHQGHQ 7UHQWDP1DFKPLWWDJ]XYRUPLWVHLQHP0RWRUUDGKLQXQWHU JHIDKUHQZDU7UHQWEOLFNWHEHUGHQ6HHKLQZHJ6HOEVW ZHQQHUGLH.UDIWGD]XJHKDEWKlWWHKlWWHLKQGHU:HJEHU GDV:DVVHUQXUDXVGHP6FKXW]GHU)HOVZDQGKHUDXVJH EUDFKW9HU]ZHLIHOW]RJHUVLFKDQGHU2EHUIOlFKHGHU)HOV ZDQGHQWODQJ]HUUWHVHLQUHFKWHV%HLQEHUGLH)HOVHQKLQWHU VLFKKHU:DVVHUIlOOHOLHHQPLWJHIKUWH6WHLQHXQG6FKRWWHU DXIVHLQHQ.RSIKHUDEUHJQHQ 1RFKIQI]LJ0HWHU7UHQWUHGHWHVLFKXQDXIK|UOLFKHLQ ZLHJHULQJGLHVH(QWIHUQXQJGRFKZDU(U]lKOWHMHGHQQHXHQ *ULIIPLWGHU+DQGDOVKDOEHQ6FKULWWXQGPDFKWHVLFKGDPLW 0XWGDHUVLFKYHUVSUDFKQDFK]HKQ6FKULWWHQDXVUXKHQ]X N|QQHQXPVLFKGDQQDE]XYHUODQJHQQRFKIQIZHLWHUH 6FKULWWH]XVFKDIIHQXQGGDQQQRFKIQIZHLWHUH6FKULWWHELV HUQLFKWPHKU]lKOHQNRQQWHZLHYLHOH6FKULWWHHUVFKRQKLQ WHUVLFKJHEUDFKWKDWWHXQGZLHZHLWHUQRFKJHKHQPXWH

2EZRKOGHU5HJHQDXIGLH)HOVHQWURPPHOWHPHLQWH7UHQW GHQª$DO©]XK|UHQGHVVHQ)HDXIGHP6FKRWWHUSIDGQDFK +DOWVXFKWHQ(UVWHOOWHVLFKYRUZLHHVZDULP:DVVHUHU VFKRVVHQ]XZHUGHQPDOWHVLFKDXVZLHGDV:DVVHUEHU VHLQHP.RSI]XVDPPHQVFKOXJVHLQHQ0XQGXQGVHLQH/XQ JHQIOOWHXQGZLHLKPZlKUHQGGHUOHW]WHQ0RPHQWHVHLQHV /HEHQVGHU$WHPDXVJLQJ6WHUEHQLVWLPPHUMlPPHUOLFK GDFKWHHU 'HUNOHLQH6WUDQGDQGHP0DULDQDDOV.LQGJHVSLHOWKDWWH ODJOLQNVYRQLKP(UIKOWHGHQ6FKRWWHUIlFKHUXQWHUVHLQHQ )HQDQVWHLJHQXQGWDXPHOWHDXVGHP:DVVHU$OVHUGLH :LHVHKLQXQWHU]XU%ORFNKWWHEOLFNWHVDKHUQRFKNHLQHUOHL =HLFKHQYRQGHQDQGHUHQYLHU0lQQHUQGRFKGHUª$DO©ZDU QLFKWPHKUZHLWHQWIHUQW7UHQWWDVWHWHPLWVHLQHUUHFKWHQ +DQGKLQWHUVHLQHQ1DFNHQGDQQEUDFKHUDXIGHP6DQG]X VDPPHQODJDXVJHVWUHFNWGDGHQUHFKWHQ$UPEHUGHQ .RSI]XUFNJHZRUIHQGDVPLWQDVVHP7RQVFKODPPEHGHFN WH+DDUODJEHUVHLQHQ$XJHQ 'HUª$DO©NDPXPGLH%VFKHVDKLKQXQGVFKULHWULXP SKLHUHQGDXI(UKDWWHHLQHQVHOWVDPHQLQGHQ+IWHQ VFKZLQJHQGHQ*DQJZDUHLQHGQQHXQGJURH*HVWDOWE| VHXQGWRGEULQJHQG0LWEHLGHQ+lQGHQKLHOWHUVHLQH.D ODVFKQLNRZULFKWHWHVLHDEHUQLFKWDXI7UHQWGHQQGD]XJDE HVNHLQH1RWZHQGLJNHLW'HU*ULQJRZDUHUOHGLJW8PVL FKHU]XJHKHQWUDWGHUª$DO©]ZHLPDOJHJHQGLH6RKOHYRQ 7UHQWVUHFKWHP6WLHIHO'DQQVSUDFKHULQVHLQ)XQNJHUlW ª,FKKDEHLKQ© -HW]WGDFKWH7UHQWVFKQHOOWHVHLQHQUHFKWHQ$UPPLWHLQHU JHVFKPHLGLJHQ%HZHJXQJQDFKYRUQH 'HU/DWLQROLHVHLQ*HZHKUIDOOHQ6HLQH+lQGHIXKUHQ ]XU.HKOHKDWWHQGHQKDOEHQ:HJ]XUFNJHOHJWDOVVHLQH .QLHQDFKJDEHQ/DQJVDPILHOHULQVLFK]XVDPPHQGLH hEHUUDVFKXQJVWDQGLKPQRFKLQGHQVFKZDU]HQ$XJHQ 7UHQWNURFKKLQEHU]RJVHLQNOHLQHVPDWWVFKZDU]HV :XUIPHVVHUDXVGHU.HKOHGHV0DQQHVXQGVlXEHUWHGLH .OLQJHEHYRUHUGDV0HVVHUZLHGHULQGLH6FKHLGH]ZLVFKHQ VHLQHQ6FKXOWHUEOlWWHUQVWHFNWH(UGDFKWHNXU]GDUDQGDV *HZHKUGHV0DQQHVDQVLFK]XQHKPHQZXWHDEHUGDHV

]XVFKZHUIULKQZDUXQGGDHUQLFKWLQGHU/DJHVHLQ ZUGHGDPLW]X]LHOHQ(UNURFK]XGHPKHUXQWHUJHIDOOH QHQ$VWDQGHUJURHQ.LHIHUKLQEHUIDQGVHLQ]ZHLWHV*H ZHKUXQGSDFNWHHVDXV'HU6WXU]KDWWHHLQHQ*XUWYRQVHL QHU6FKXOWHUJHULVVHQXQGGLH3DWURQHQLPDQGHUHQ*XUW ZDUHQGXUFKGDV:DVVHUYLHO]XIHXFKWJHZRUGHQ$FKW 6FKVVHDOVRGDFKWH7UHQWDOVHUPKVDPKRFKNDPVLFK JHJHQGLHJURH.LHIHUOHKQWHXQGZDUWHWH(UZDUVLFK ]ZDUQLFKWVLFKHUGDVLHDOOHNRPPHQZUGHQYHUPXWHWH HVDEHU 8QGVLHNDPHQDXFKHLQHNOHLQHVLFKGLFKW]XVDPPHQ GUlQJHQGH*UXSSHYRQ0lQQHUQPLW*HZHKUHQLQGHQ $UPEHXJHQGLHZLH-lJHUZLUNWHQGLHQDFKHLQHPVFK|QHQ 7DJLP)UHLHQGDKHUVFKOHQGHUWHQXPVLFKGLH-DJGEHXWHDQ ]XVHKHQXQGGDEHLODFKHQGPLWHLQDQGHUSODXGHUWHQ 7UHQWZDUWHWHELVVLHQDKHKHUDQJHNRPPHQZDUHQ(UZDU YLHO]XHUVFK|SIWXPVLFK*HGDQNHQEHUGLH0RUDOVHLQHU +DQGOXQJ]XPDFKHQ(UWUDWYRP%DXPZHJIHXHUWHDXV GHU+IWH'HU5FNVWRULDQGHQ]HUULVVHQHQ0XVNHOQVHL QHVUHFKWHQ$UPHVXQGVHLQHU6FKXOWHU(UGDFKWHGDUDQVLFK QRFKHLQH3DWURQHDXI]XEHZDKUHQDEHUPDQZUGHLKPNHL QH6FKZLHULJNHLWHQPHKUPDFKHQ/DQJVDPJLQJ7UHQWGHQ +JHOKLQXQWHURKQHHLQHQHLQ]LJHQ%OLFNDXIGLHWRWHQ 0lQQHU]XZHUIHQ'DV*HKHQILHOLKPVFKZHUMHGHU6FKULWW WDWLKPZHK6FKHLQEDULQZHLWHU(QWIHUQXQJNRQQWHHUVH KHQZLH0DULDQDXQGGHU3UlVLGHQWGLH:LHVHKRFKNOHWWHU WHQXPLKPHQWJHJHQ]XJHKHQ (UZROOWHQLFKWVSUHFKHQ(UZROOWHQXUQRFKVFKODIHQ YRU]XJVZHLVHLQVHLQHPHLJHQHQ%HWWREHQLQVHLQHP +lXVFKHQDP+DPEOH]ZLVFKHQVDXEHUHQZHLHQ/DNHQ 'DQQHULQQHUWHHUVLFKGDUDQGDGDV+lXVFKHQYHUNDXIW XQGGDV*HOGIUGLH0XWWHUVHLQHV9DWHUVDQJHOHJWZRUGHQ ZDU0LWGHQ(LQNQIWHQNRQQWHQGLH*HEKUHQGHV3IOHJH KHLPHVEH]DKOWZHUGHQLQGHPVLHGHQJDQ]HQ7DJLP5ROO VWXKOVDXQGKLQXQGKHUVFKDXNHOWHVLHOLWWDQGHU$O] KHLPHUVFKHQ.UDQNKHLW&RORQHO6PLWKZDUHVJHZHVHQGHU GHQ9HUNDXIGHV+lXVFKHQVLQGLH:HJHJHOHLWHWXQGGDV )LQDQ]LHOOHJHUHJHOWKDWWH'DV+DXVKDWWH7UHQWJHK|UWXQG

HUKDWWHDOV3DWULFN0DKRQH\GDULQJHOHEW$EHU3DWULFN0D KRQH\ZDUWRW 7UHQWZDUGDVDOOHVJUQGOLFKOHLGHUVHW]WHVLFKDXIGDV GQQHQDVVHNXU]H*UDV 0DULDQDHUUHLFKWHLKQDOVHUVWH 7UHQWOLHVLFKYRQLKUGDV*HZHKUDEQHKPHQª+DEHQVLH ,KQHQHWZDVDQJHWDQ"©IUDJWHHU ª1HLQ© ª1HLQ©'DQQIJWHHUKLQ]Xª'DVKDEHLFKPLUJH GDFKW©(UVFKDXWHKRFKXQGEOLFNWHLQGLH0QGXQJVHLQHU HLJHQHQ3LVWROHGLHUXKLJLQGHU+DQGGHV3UlVLGHQWHQODJ

:LHHLQULHVLJHV'DPSIEJHOHLVHQGUFNWHHLQHQHXH6WXUP E|GLH%DXPZLSIHODPXQWHUHQ(QGHGHU:LHVHSODWW)UHL QHQNXU]HQ0RPHQWULGLH:RONHQGHFNHDXIXQGOLHGLH 6RQQHGXUFK'DV6RQQHQOLFKWWUDIDXIGHQIDVWZLHHLQHIHVWH 0DVVHZLUNHQGHQ5HJHQYRUKDQJGHQGLH%|YRUVLFKKHU WULHEXQGXUSO|W]OLFKHQWVWDQGEHUGHP%HUJKDQJHLQVWUDK OHQGHU5HJHQERJHQ'LH/FNH]ZLVFKHQGHQ:RONHQVFKOR VLFKZLHGHUXQGGHU6HJOHULQ7UHQWEHREDFKWHWHZLHGHU5H JHQYRUKDQJGHQ+DQJKRFKIHJWHXQGGLH%ORFNKWWHKLQWHU VLFKYHUVFKZLQGHQOLH 7UHQWVDKZLHVLFKGHU)LQJHUGHV3UlVLGHQWHQXPGHQ$E ]XJGHU3LVWROHVSDQQWH'LH%|ZUGHGHQDOWHQ0DQQLQV :DQNHQEULQJHQXQG7UHQWZXWHGDHULKPLQGLHVHP $XJHQEOLFNGLH3LVWROHDXVGHU+DQGVFKODJHQNRQQWH(U ZXWHDXFKGDHVHLQHIUHXQGOLFKH*HVWHYRQLKPZDU(L JHQWOLFKZDUHUYLHO]XPGHXQGZDUHVVDWWVLFKXPLU JHQGHWZDV]XNPPHUQ 'LH6WXUPE|EUDFKEHUVLHKHUHLQ )U0DULDQDZDUHVZLHHLQ6FKODJLQV*HVLFKWGHUVLHDXV LKUHU(UVWDUUXQJUL0LWHLQHP5XFNULVLHGDV*HZHKU QDFKREHQXQG]LHOWHDXIGHQ%DXFKLKUHV*URYDWHUV ª:HQQGXLKPDXFKQXUHLQ+DDUNUPPVWGDQQEULQJHLFK GLFKXP8QGGDVLVWPHLQ(UQVW©,KUH%HWHXHUXQJZLUNWH ZLHGLH'URKXQJHLQHV.LQGHVVLFKVFKOHFKW]XEHQHKPHQ 0DULDQDV:XWKDWWHHLQHVRGHXWOLFKHXQGHQJXPJUHQ]WH $XVULFKWXQJGDVLHGHQDOWHQ0DQQPLWGHU:XFKWHLQHV N|USHUOLFKHQ6FKODJVWUDI'LH.UlIWHYHUOLHHQLKQPLWHL QHPVFKZDFKHQ$FKVHO]XFNHQQDKPHUGHQ+DVHLQHU (QNHOLQKLQVHQNWHGLH3LVWROHXQGGUHKWHVLFKXPXPGLH :LHVHKLQDE]XUFN]XU%ORFNKWWH]XJHKHQ 7UHQWNDQQWHGLHVHNUDIWORVKHUXQWHUKlQJHQGHQ6FKXOWHUQ HLQHVJHVFKODJHQHQ0DQQHV(UYHUVXFKWHGHPDOWHQ0DQQ HWZDVKLQWHUKHU]XUXIHQDEHUHLQH)OXWYRQ(ULQQHUXQJHQ

VWUPWHDXILKQHLQ(ULQQHUXQJHQDQVHLQHQ9DWHUGHQ*H VFKlIWVIKUHUGHV-RFNH\&OXEGHU*ROIVWDDWHQ7UHQWZDUGD PDOV]Z|OI-DKUHDOWJHZHVHQ6HLQH0XWWHUKDWWHJHZHLQW 'XUFKLKUH7UlQHQYHUlQJVWLJWZDU7UHQWPLWVHLQHP)DKU UDG]XP%URVHLQHV9DWHUVLQGHU1lKHGHU3IHUGHVWlOOHJH IDKUHQ2KQHDQ]XNORSIHQKDWWHHUGLH7UJH|IIQHWXQGVHL QHQ9DWHUDQVHLQHP6FKUHLEWLVFKYRUJHIXQGHQ6HLQ9DWHU KDWWHVLFKXPJHVFKDXWXQG7UHQWHULQQHUWHVLFKDQGLHY|OOL JH/HHUHLQVHLQHQ$XJHQHLQH/HHUHGLHVLFKLQHLQ)OHKHQ YHUZDQGHOWKDWWH7UHQWKDWWH]XLKPODXIHQVLFKLQGLH$U PHVHLQHV9DWHUVZHUIHQLKQXPDUPHQXQGNVVHQXQGLKP VDJHQZROOHQZLHVHKUHULKQOLHEWH(UKDWWHZHLQHQZROOHQ DEHUGLH7UlQHQZROOWHQQLFKWNRPPHQXQGVHLQH%HLQH ZROOWHQLKPQLFKWJHKRUFKHQ8QGVRKDWWHHUPLWHUVWDUUWHP *HVLFKWGDJHVWDQGHQ'DV*HUlXVFKGHVJURHQDOWPRGL VFKHQ'HFNHQYHQWLODWRUVZDULQGDV]ZLVFKHQLKQHQKHUU VFKHQGH6FKZHLJHQJHGUXQJHQ(VZDUQXUHLQHVRNXU]H'L VWDQ]JHZHVHQGLHVLHJHWUHQQWKDWWH8QGGHU5HYROYHULQ GHU+DQGVHLQHV9DWHUV 7UHQWKDWWHVLFKDXIGHU6WHOOHXPJHGUHKWGDV%URYHUODV VHQXQGZDUGLHEHUGDFKWH9HUDQGDHQWODQJJHJDQJHQ6HL QH6DQGDOHQKDWWHQVLFKDXIGHQ%RGHQIOLHVHQDQJHK|UWZLH GDV7LFNHQGHUJURHQ6WDQGXKULP+DXVVHLQHV2QNHOV6HL QHV:DKORQNHOV&RORQHO6PLWK7UlJHUGHVHQJOLVFKHQ .ULHJVYHUGLHQVWRUGHQVGHV2UGHQVGHV%ULWLVFKHQ5HLFKHV XQGGHV0LOLWlUYHUGLHQVWNUHX]HVGHULQGHU$UPHHJHGLHQW KDWWHXQGMHW]WSHQVLRQLHUWZDUXQGGHULQ/RQGRQLQHLQHP %URLQGHU&XU]RQ6WUHHWLUJHQGHLQHU$UEHLWQDFKJLQJZR EHLQLHEHVRQGHUVGHXWOLFKZXUGHZDVHUGDHLJHQWOLFK PDFKWH$OVGHU&RORQHOVLFKGDQQVSlWHUXP7UHQWJHNP PHUWKDWWHKDWWH7UHQWEHUHLWVJHQJHQG6SLRQDJHEFKHUJH OHVHQXP&XU]RQ6WUHHWPLWGHPPLOLWlULVFKHQ*HKHLP GLHQVWLQ9HUELQGXQJ]XEULQJHQ 'HQ6WDOOMXQJHQDXVGHP:HJJHKHQGKDWWHVLFK7UHQW KLQWHQLQHLQHU%R[YHUVWHFNWXQGGLH.QLHHQJDQGLH%UXVW JH]RJHQ6RJDUMHW]WQRFKNRQQWHHUVLFKGDUDQHULQQHUQZLH VLFKGDV6WURKDQJHIKOWKDWWHNRQQWHVLFKGLHIHXFKWHQ3IHU GHlSIHOXQGGHQ6FKZHLJHUXFKGHU3IHUGHLQV*HGlFKWQLV

]XUFNUXIHQXQGGDHU]ZDUQLFKWJHZHLQWDEHUIUFKWHU OLFKH$QJVWYRUGHPJHKDEWKDWWHZDVVHLQ9DWHUYLHOOHLFKW JHUDGHWDW(UKDWWHHVQLFKWEHQDQQWDEHUJHZXW:HQQ VHLQ9DWHUHVWDWZDUHVDOOHLQVHLQH6FKXOGQLFKWVJHVDJW RGHUXQWHUQRPPHQ]XKDEHQ(UKDWWHMDHWZDVWXQZROOHQ KDWWHVHLQHQ9DWHULQGLH$UPHVFKOLHHQXQGVLFKIULKQ HLQVHW]HQZROOHQ'RFKHUKDWWHZHGHUGLH:RUWHJHIXQGHQ QRFKGDVGDIUQ|WLJH9HUVWlQGQLVJHKDEWXQGZXWHQXU GDVHLQ9DWHULKQXQGVHLQH0XWWHUIULPPHUYHUODVVHQ ZROOWH8QGGDVNRQQWHGRFKQXUEHGHXWHQGDVLHLKQQLFKW JHQXJJHOLHEWKDWWHQ7UHQWKDWWHKLQJHQRPPHQGDHUXQIl KLJJHZHVHQZDUVHLQHP9DWHUGLHQ|WLJH/LHEHHQWJHJHQ]X EULQJHQXQGGDVKDWWHGLH'LVWDQ]]ZLVFKHQGHU7UXQG GHP6FKUHLEWLVFKVRJURZHUGHQODVVHQGDHUVLHQLFKWKDW WHEHUEUFNHQN|QQHQ6FKOLHOLFKPXWHHUMDEHUHLWVEHL GHP9HUVXFKGLH.OXIW]ZLVFKHQLKQHQ]XEHUEUFNHQYHU VDJWKDEHQVRQVWKlWWHLKQVHLQ9DWHUMDJDUQLFKWHUVWYHUODV VHQZROOHQ'HQ6FKXKDWWHHUJHK|UW (UVFKDXWH]X0DULDQDKRFKGHU5HJHQGHULKUGLH:DQ JHQKHUXQWHUOLHIYHUEDUJLKUH7UlQHQ(UGDFKWHGDUDQVHLQH +DQGQDFKGHP0lGFKHQDXV]XVWUHFNHQLKU7URVWDQ]XELH WHQHULQQHUWHVLFKGDQQDEHUDQVHLQHHLJHQH$QJVWYRU$XI O|VXQJ 'LH$QJVWGDYRUVLFKLQVHLQHHLQ]HOQHQ%HVWDQGWHLOHDXI ]XO|VHQKDWWHLKQGD]XJHEUDFKWVLFKKLQWHQLQGLH%R[]X VHW]HQXQGVHLQH.QLHHQJDQVHLQH%UXVW]X]LHKHQ(UKDWWH DXFKIUFKWHUOLFKH$QJVWGDYRUJHKDEWGDLKQMHPDQGILQ GHQZUGHGHQQGLHJHULQJVWH.RPPXQLNDWLRQKlWWHGHU $XVO|VHUGDIUVHLQN|QQHQGDHUYROOHQGVGLH.RQWUROOH EHUVLFKYHUORU(UKDWWHVLFKGD]XJH]ZXQJHQVHLWZlUWVLQ HLQH(FNH]XUXWVFKHQVRGDGLHEHLGHQ:lQGHLKQGDYRQ DEKLHOWHQVLFKKLQXQGKHU]XZLHJHQ6HOEVWMHW]WZDUHUXQ IlKLJVLFKGDUDQ]XHULQQHUQZHULKQVFKOLHOLFKJHIXQGHQ KDWWHRGHUXQWHUZHOFKHQ8PVWlQGHQGDVJHVFKHKHQZDU GRFKHUHULQQHUWHVLFKDQGHQ5FNIOXJQDFK/RQGRQDQGDV 3lFNFKHQGDVPDQXPVHLQHQ+DOVJHKlQJWKDWWHLQGHP VLFKVHLQH)OXJNDUWHXQGVHLQ3DEHIDQGHQ$P)OXJKDIHQ YRQ%DKUDLQKDWWHHUVHLQH$UPHXPVLFKJHVFKOXQJHQVR

GDVHLQH0XWWHULKPQLFKWVHLQ6WRIIO|ZHQEDE\DXI]ZLQJHQ NRQQWHGDPLWHVLKPDXIGHP)OXJ*HVHOOVFKDIWOHLVWHWH(U KDWWHJHZXWGDGLH:lUPHGHV6WRIIWLHUHVLQVHLQHQ$U PHQLKQXQNRQWUROOLHUWLQ7UlQHQDXVEUHFKHQODVVHQZUGH 8QGHUKDWWHVLFKDXFKJHJHQLKUHQ9HUVXFKJHZHKUWLKPHL QHQ.X]XJHEHQ(UHULQQHUWHVLFKDQGLHEHGURKOLFKH )UHXQGOLFKNHLWGHU6WHZDUGHGLHLKPLKUHQ7URVWDXIGUlQJ WH,Q+HDWKURZKDWWHLKQ&RORQHO6PLWK +DXVKlOWHULQDEJH KROW,P+DXVGHV&RORQHOVKDWWHHUVLFKLQ6LFKHUKHLWEHIXQ GHQGRUWJDEHVNHLQH*HIKOVEH]HXJXQJHQGLHLKQDXV GHPLQQHUHQ*OHLFKJHZLFKW]XZHUIHQGURKWHQ )U&RORQHO6PLWKZDUHV]XP6FKOXHLQ.LQGHUVSLHOJH ZHVHQLKPGLH$QZHLVXQJ]XJHEHQVLFKHLQHQHXH3HUV|Q OLFKNHLWDXI]XEDXHQGDFKWH7UHQW$OVREGLHOHW]WHQDQJVWHU IOOWHQ-DKUHLQ,UODQGYRQJU|HUHU%HGHXWXQJJHZHVHQ ZlUHQDOVMHQH0RPHQWHLP%URVHLQHV9DWHUV (UZQVFKWHHVKlWWHDXIJHK|UW]XUHJQHQ(UEUDXFKWH MHW]WNHLQHQ5HJHQXQG:LQGPHKUXQGHUZDUYLHO]XHU VFK|SIWXPVLFKGDV:DVVHUDXVGHQ$XJHQ]XZLVFKHQ ª2EHQDP%HUJOLHJWHLQ0DQQ(ULVWJHIHVVHOW©VDJWHHU]X 0DULDQD(UEHVFKULHELKUZRVLH-RVHILQGHQZUGHª%LQGHQ 6LHVHLQH)HORV/DVVHQ6LHPLUGDV*HZHKUKLHU©0DULDQD PXWHQLFKWZLVVHQGDGLH6FKURWIOLQWHPLWGHUVLHLKUHQ *URYDWHUEHGURKWKDWWHQLFKWJHODGHQJHZHVHQZDUª6LH ZHUGHQHVQLFKWEUDXFKHQ(ULVWHLQ3URIL© 7UHQWQDKP0DULDQDV0LIDOOHQDXIVLFK:HQQPDQMXQJ ZDUHUJULIIPDQVFKQHOO3DUWHLIULUJHQGHWZDV0LWZDFK VHQGHU(UIDKUXQJZXUGHQGLH*UHQ]HQIOLHHQGHUZXUGHHV VFKZLHULJHU8UWHLOH]XIlOOHQ -RVHNDPDOVHUVWHUGHQ%HUJKHUXQWHU0LWKLQWHUVHLQHP 5FNHQ]XVDPPHQJHEXQGHQHQ+lQGHQEHZHJWHHUVLFKXQ EHKROIHQYRUDQVWROSHUWHDXIGHPIHOVLJHQ3IDGGDKLQ0D ULDQDIROJWHLKPLQVLFKHUHU(QWIHUQXQJ(LQ7HLOLKUHU:XW ULFKWHWHVLFKMHW]WDXIGHQ/DWLQRVLHKDWWHHLQHQVFKZHUHQ 6WRFNJHIXQGHQGHQVLHZLHHLQHQ%DVHEDOOVFKOlJHUPLW]ZHL +lQGHQKLHOWXQGEHULKUHU6FKXOWHUWUXJ(LQHIDOVFKH%H ZHJXQJYRQ-RVHXQGVLHZUGHLKQPLWHLQHP6FKODJDXI GHQ.RSIQLHGHUNQSSHOQ

-RVHOLHIDQGHQ/HLFKHQVHLQHU*HIlKUWHQHQWODQJEOLFNWH ]XP6HH]XUFNXQGVDKGHQª$DO©WRWDP8IHUOLHJHQ 7UHQWJDEGHP/DWLQRPLWHLQHP.RSIQLFNHQ]XYHUVWHKHQ GDHUVLFKDXIGHQ%RGHQVHW]HQVROOWH'HU/DWLQRJHKRUFK WHVHW]WHVLFKKLQVDKLKQDQ(VJDE*HPHLQVDPNHLWHQ]ZL VFKHQLKQHQ%HLGHKDWWHQPLWLKUHP/HEHQJHVSLHOWGRFK MHW]WZDUGHU$GUHQDOLQVWRYRUEHLXQGVLHEHIDQGHQVLFKLQ GHPVLFKGDQDFKLPPHUHLQVWHOOHQGHQ=XVWDQGZRKOYHUWUDX WHUN|USHUOLFKHU5XKH)DVWZDUHVHLQ=XVWDQGGHV*HWUHQQW VHLQVYRP.|USHUGDFKWH7UHQW =X0DULDQDVDJWHHUª,FKGHQNHZLUNRPPHQEHVVHUPLW HLQDQGHUNODUZHQQZLUXQWHUXQVVLQG:HQQ6LHDOVRVR IUHXQGOLFKZlUHQ© 6LHZDUQLFKWVRIUHXQGOLFK7UHQWDN]HSWLHUWHLKUHQ:LGHU ZLOOHQLKUHP*URYDWHUJHJHQEHU]XWUHWHQDEHUHUZXWH DXFKGDVLHGXUFKGDV*HIKOGHQDOWHQ0DQQ]XEHVFKW ]HQHLQ=LHOYRU$XJHQKDWWHGDVLKULQPLWWHQGHVJDQ]HQ &KDRV+DOWJDE ª9LHOOHLFKWPXLFKLKPGURKHQ©VDJWHHUª%HVWLPPWH 'LQJHWXQ8QGGDVLVWYLHOVFKZLHULJHUZHQQMHPDQG]X VFKDXW©'DVLHHLQHMXQJH)UDXPLW]DUWHQ*HIKOHQZDU GLHGDYRUEHVFKW]WZHUGHQVROOWH*HZDOWPLWDQ]XVHKHQ NDPLQVHLQHQ:RUWHQVWLOOVFKZHLJHQGHEHQIDOOV]XP$XV GUXFN %HZXWEOLFNWHVLH]XGHQ/HLFKHQ]XUFN'HU5HJHQOLH GDV%OXWGHQ+DQJKHUXQWHUVLFNHUQ ª*HKHQ6LHQLFKW]XZHLWZHJ©VDJWH7UHQWª9LHOOHLFKW EUDXFKHLFK6LH© ,KU(KUJHIKOZDUEHIULHGLJWZRUGHQ'LHEHLGHQ0lQQHU EHREDFKWHWHQZLHVLHVLFKLQGHQ6FKXW]HLQHUIQI]LJ0HWHU OLQNVYRQLKQHQOLHJHQGHQ7DQQHEHJDEXQGVLFKPLWGHP 5FNHQ]XP6WDPPKLQVHW]WHVRGDVLHGLHEHLGHQLP %OLFNIHOGKDWWH'HU.QSSHOODJEHULKUHQ.LHQLQLKUHU +DQG'DVLHDXI7UHQWDXISDVVHQZROOWHEHUKUWHEHLGH 0lQQHU ª0X\SHOLJURVDODFKLTXLWD©PHLQWHGHU/DWLQRVHKUJH IlKUOLFKGDVMXQJH0lGFKHQ(VZDUVFKHU]KDIWJHPHLQWXQG GLHQWHZHQLJHUGHP/HXJQHQVHLQHU*HIKOHDOVGHP6LJQD

OLVLHUHQLKUHVJHJHQVHLWLJHQ(LQYHUQHKPHQV ª
PDQVWHUEHQPXWHGDQQPXWHPDQHEHQVWHUEHQDEHU PDQVWDUEDOV0DQQ6HOEVWLQ7UHQWV.UHLVHQZDUGLHVH9RU VWHOOXQJGHQ$PHULNDQHUQIUHPGXQGZHQQHVXPGLH'ULWWH :HOWJLQJIKUWHGDVIHKOHQGH9HUVWlQGQLVIUGLHVH+DO WXQJEHLLKQHQKlXILJ]XSROLWLVFKHQ)HKOHUQ7UHQWKDWWHHLQ PDOYHUVXFKWVLHHLQHP0DMRUGHU6SHFLDO)RUFHV]XHUNOlUHQ 6WHOOHQ6LHVLFKHLQHQPH[LNDQLVFKHQ%DXHUQYRUKDWWHHUJH VDJWXQGVWHOOHQ6LHVLFKYRUGHU/DQGEHVLW]HUZLOOVHLQ 6WFN/DQGKDEHQ(UVFKLFNWVHLQH0lQQHUDXVXQGGHU %DXHUZHLGDVLHLKQW|WHQZHUGHQ(UKDWQLFKWVPLWGHP VLFKNlPSIHQOLHH,KPEOHLEWQXUHLQHVEULJ6LFKDXIUHFKW KLQ]XVWHOOHQXQGGHP$QIKUHUVHLQH9HUDFKWXQJ]X]HLJHQ 6HLQ*HVLFKW]XZDKUHQª9HUIOXFKWURPDQWLVFK©ZDUGHU .RPPHQWDUGHV0DMRUVJHZHVHQ ª'DV0lGFKHQLVWGXUFKGHQ9HUUDWLKUHV*URYDWHUVWLHI YHUOHW]W©VDJWH7UHQW]X-RVH ª3ROLWLNHU©'HU/DWLQRVSXFNWH]ZLVFKHQVHLQH)H ª6FKZHLQHDOOHV6FKZHLQH© ª,Q$IULNDVDJHQGLH1LJHULDQHUEHU3ROLWLNHUVLHVHLHQ /HXWHGLHHLQHPHU]lKOHQ!:lKOHQ6LHPLFKGDPLWLFKPHKU (LQIOXDXVEHQNDQQDOV6LH©HU]lKOWH7UHQW )UHLQHQ$XJHQEOLFNOLHHQVLHGHQ6FKHU]DXIVLFKZLUNHQ HLQVFKZDFKHV/lFKHOQKXVFKWHEHU-RVHVVFKPDOH/LSSHQ (LQH%|VWLHGLH:LHVHKRFKSHLWVFKWH7UHQWGHQ5HJHQ LQV*HVLFKW(U]LWWHUWHXQGZQVFKWHVLFKHUVlHLUJHQGZR LP7URFNHQHQ'RFKHVZDUEHVVHUKLHUGUDXHQLP)UHLHQ ]XVHLQXQGGHQ/DWLQRGHU:LWWHUXQJDXV]XVHW]HQ(UKDWWH NHLQH(LOHª+DVWGX=LJDUHWWHQ"© ª,QPHLQHU-DFNH© 7UHQWEHXJWHVLFKYRUWDVWHWHQDFKGHU3DFNXQJXQGIDQG LQ-RVHV%UXVWWDVFKHHLQH%OHFKGRVH'LH6WUHLFKK|O]HUODJHQ EHLGHQ=LJDUHWWHQ(UQDKP-RVHV+XWVFKWWHOWHGDV5HJHQ ZDVVHUYRQGHU.UHPSH'DQQ]QGHWHHUHLQH=LJDUHWWHDQ XQGVWHFNWHVLH]ZLVFKHQ-RVHV/LSSHQ(UJDELKPHLQH0L QXWHLQGHUHUGHQ7DEDNJHQLHHQNRQQWHGDQDFKIUDJWHHU ª.DQQVWGXGDV/DQGYHUODVVHQ"© ª6R*RWWZLOO©'HU/DWLQREOLQ]HOWHXQGKXVWHWHDOVGHU=L JDUHWWHQUDXFKLQVHLQH$XJHQZLUEHOWH

7UHQWQDKPGLH=LJDUHWWHLQGLHJHZ|OEWH+DQGIOlFKHKLHOW VLHJHVFKW]WELVGHU/DWLQRLKPPLWHLQHP1LFNHQ]XYHU VWHKHQJDEGDHUZLHGHUEHUHLWZDU 7UHQWVWHFNWHLKPGLH=LJDUHWWHZLHGHU]ZLVFKHQGLH/LS SHQXQGPHLQWHª:HQQZLUJHKHQELQGHQZLUGLFKORV© 'DV9HUVSUHFKHQKDWWHNHLQHQ+DNHQXQGVRNDPHVDXFK DQª6HKUIUHXQGOLFK©PHLQWH-RVH :LHGHUKLHOW7UHQWGLH=LJDUHWWHNlPSIWHJHJHQGLH(U VFK|SIXQJDQGLHVHLQH*HGDQNHQ]XYHUQHEHOQGURKWH(U JDEGLH=LJDUHWWHDQ-RVH]XUFNVRGDHUPLWNHLQHU*HVWH DQGHXWHWHHUHUZDUWHHLQH*HJHQOHLVWXQJRGHUZROOHLKP GURKHQ 7UHQWVFKDXWH]X0DULDQDKLQEHUXQGZXWHGD-RVH GDVJOHLFKHWXQZUGHª0LW*HZDOW,QIRUPDWLRQHQDXVGHP DOWHQ0DQQ]XKROHQZUGHGHP0lGFKHQZHKWXQ9LHO OHLFKWZUGHHVVLHVRJDUULFKWLJYHUOHW]HQ©HUJlQ]WHHUUXKLJ XQGEHGDFKWHVLHZHLWHUKLQPLWHLQHPSUIHQGHQ%OLFNª'DV *HPWHLQHUMXQJHQ)UDXLKUH*HIKOH© ª=DUWH*HIKOH©PHLQWHGHU/DWLQR]XVWLPPHQG ª8QVHUH$UEHLWVWHOOWXQVYRU6LWXDWLRQHQGLHZLUXQVQLFKW IUHLZLOOLJDXVVXFKHQ©VDJWH7UHQWXQGEHQXW]WHGLH:RUWH !ZLUXQG!XQVHUHXP]XEHWRQHQGDVLH9HUEQGHWHZD UHQ(UEOLFNWH]X-RVH]XUFNXQGZLHGHUKROWHGLH:RUWHGHV /DWLQRVª(VZlUHVHKUIUHXQGOLFK© 0KVDPNDP7UHQWKRFK,QVHLQUHFKWHV%HLQZDUGDV*H IKOZLHGHU]XUFNJHNHKUW'LH6FKHQNHOPXVNHOQZDUHQ VFKRQJDQ]VWHLIHUKDWWHVWDUNH3UHOOXQJHQXQGZDUJH ]ZXQJHQJDQ]JHUDGH]XVWHKHQGDPLWHUGLHVFKDUIHQ6WL FKHGLHVLFKGXUFKVHLQH6HLWHERKUWHQLQ*UHQ]HQKDOWHQ NRQQWH(UEHUWULHEGDV$XVPDVHLQHU8QIlKLJNHLWZDU HQWVFKORVVHQ-RVH]XGHPRQVWULHUHQGDHU]XNHLQHQJUR HQ7DWHQPHKUIlKLJZDUDXFKZHQQ-RVH,QIRUPDWLRQHQDQ LKQZHLWHUJDE'HU$JHQWEOLFNWHDQVLFKKHUDEXQGPHLQWH VLFKVHOEVWYHUVSRWWHQGPLWHLQHPJHTXlOWHQ/lFKHOQª,FK PXYHUVXFKHQGLHJHIDQJHQHQ5HJLHUXQJVOHXWH]XEHIUHL HQ© ª6LHVLQGLQGHU)LQFD©VDJWH-RVH ª0LW0DULRV0lQQHUQ"©IUDJWH7UHQWZlKUHQGHU-RVHDXI

GLH%HLQHKDOILKPHLQHQ$UPXPGLH6FKXOWHUOHJWHXQGVLFK DXILKQOHKQWHª:HQQGXHUODXEVW© ª(VLVWPLUHLQ9HUJQJHQ6LU-DPLW0DULRV0lQQHUQ/D )XQWDGHO&RORQHO,QJOHV©IJWH-RVHUXKLJKLQ]Xª6RKHLWGLH )LQFD©'HU(QJOLVK&RORQHO V3RLQW 7UHQWGDQNWHLKPª$XFKZHQQLFKJHIDQJHQJHQRPPHQ ZHUGHQVROOWHZLUGNHLQHUHUIDKUHQZRKHULFKGLHVH,QIRU PDWLRQKDEH© ª$XFKGDVLVWVHKUIUHXQGOLFK© ª.DQQVWGXPLUYLHOOHLFKWGDEHLKHOIHQ]XU%ORFNKWWH]X NRPPHQ"© 'DV*HZHKULP$UPVFKORVLFK0DULDQDLKQHQDQ0LW GHPIUHLHQ$UPVWW]WHVLH7UHQWDE-RVHOLHHQVLHLP6FKXW] GHV$QEDXV]XUFN6HLQH)HKDWWHQVLHLKPZLHGHUJHIHV VHOW ,QGHU%ORFNKWWH]RJ0DULDQDYRUVLFKWLJ7UHQWV+HPG KRFKXQGYHUEDQGVHLQH5LSSHQ(UK|UWHHLQPHWDOOLVFKHV .OLFNHQDXVGHP6FKODI]LPPHUGHV3UlVLGHQWHQ(VZLHGHU KROWHVLFKGDQQK|UWHPDQGDVNUlIWLJH3ROWHUQPLWGHPHLQ IHVWHU*HJHQVWDQGDXV0HWDOODXIGHQ+RO]ERGHQILHO7UHQW |IIQHWHGLH7U(UZXWHEHUHLWVZDVHUYRUILQGHQZUGH 'HUDOWH0DQQVDDQVHLQHP6FKUHLEWLVFKXQGVWDUUWHJH JHQGLH:DQGDXVJUREEHKDXHQHQ6WlPPHQ7UlQHQOLHIHQ LKPGLH:DQJHQKHUXQWHUDOOHUGLQJVK|UWHPDQZHGHU 6FKOXFK]HQQRFK:LPPHUQ/DQJVDPXQGEHVWlQGLJUDQQHQ GLH7UlQHQGLH:DQJHQZLUNWHQGHUPDHQHLQJHIDOOHQGD GLH6WHOOHQDQGHQHQHLQPDO)DOWHQJHZHVHQZDUHQMHW]WZLH GXQNOHYRP]DUWHQ6LOEHUGHU%DUWVWRSSHOQEHU]RJHQH 6FKOXFKWHQZLUNWHQ$XIGHP)XERGHQQHEHQGHP6WXKO GHV3UlVLGHQWHQODJ7UHQWV:DOWKHU]ZHLGHU.XJHOQDXV GHQHQ7UHQWOHW]WH1DFKWGDV3XOYHUHQWIHUQWKDWWHODJHQDXI GHP7LVFK 7UHQWQDKPGLH$XWRPDWLNSLVWROHZLHGHUDQVLFKKROWHGDV 0DJD]LQKHUDXVVFKREGLHUHVWOLFKHQDFKW.XJHOQPLWGHP 'DXPHQDXVGHP0DJD]LQXQGIOOWHHVZLHGHUPLWVFKDUIHU 0XQLWLRQDXVGHU6FKDFKWHOLQVHLQHU7DVFKHª7XWPLUOHLG© VDJWHHUXQGKlWWHGHP3UlVLGHQWHQEHLQDKHVHLQH+DQGDXI GLH6FKXOWHUJHOHJW'DK|UWHHUHLQ*HUlXVFKYRQ0DULDQD

VFKDXWHVLFKXPXQGVDKGDGLHLKUHP6HOEVWVFKXW]GLHQHQ GH:XWZLHGHULQLKUHQ%OLFN]XUFNJHNHKUWZDU(UYHU VXFKWH0DULDQDGLH6LFKWDXILKUHQ*URYDWHU]XQHKPHQ REZRKOHUVLFKQLFKWVLFKHUZDUZHQHUGDPLWHLJHQWOLFKYRU ZHPEHVFKW]WH'DQQIKUWHHUVLH]XUFNLQV:RKQ]LPPHU XQGVFKORGLH7U ª6LHKDEHQ,KUH3LVWROHPLWOHHUHQ3DWURQHQJHODGHQ© 7UHQWQLFNWHXQGVFKDXWHLKU]XZlKUHQGVLHYHUVXFKWH VLFKEHULKUH*HIKOHNODU]XZHUGHQ(LQOHLFKWHV6WLUQUXQ ]HOQOLH EHULKUHU1DVH]ZHLVHQNUHFKWH)DOWHQHQWVWHKHQ ª'DQQKDEHLFK,KQHQMDJDUQLFKWGDV/HEHQJHUHWWHW©VDJ WHVLHDOVREHVGLH:DIIHQXQGQLFKWLKUHXQJH]JHOWH9HU DFKWXQJJHZHVHQZlUHQGLHLKUHQ*URYDWHU]XUFNLQGLH %ORFNKWWHJHWULHEHQKDWWHQ6LHVFKDXWH]XLKPKRFKª'DV KDEHQ6LHVFKRQJHVWHUQDEHQGJHZXW© ª,FKDUJZ|KQWHHV©YHUEHVVHUWH7UHQWª:HULPPHUKLQWHU GLHVHUJDQ]HQ6DFKHVWHKWEUDXFKWHHLQ$XVKlQJHVFKLOG'DV 1DFKODVVHQGHVNDOWHQ.ULHJHVKDWKLHUXQGLQ/DWHLQDPHULND GLH/DJHYHUlQGHUW)UGLH$QHUNHQQXQJHLQHU5HJLHUXQJ PXHVMHW]W]XPLQGHVWGHQ$QIOXJHLQHU/HJLWLPDWLRQJH EHQ©'DVHQWVSUDFK]ZDUGHU:DKUKHLWXQGOLHVLFKDXFK OHLFKWVDJHQZDUDEHUY|OOLJXQJHHLJQHWXPEHL0DULDQD GHQELWWHUHQ$EVFKHXXQGGDV*HIKOEHWURJHQZRUGHQ]X VHLQ]XOLQGHUQ ª7XWPLUOHLG©PHLQWHHUXQGZXWHGDHUVLFKZLHGHU KROWH(VJDEQRFK$UEHLWIULKQHUPXWHDXIEUHFKHQ,Q GLHVHP$XJHQEOLFNZlUHGDVDEHUQXUHLQ$XVZHLFKHQYRU VHLQHUXQPLWWHOEDUHQ9HUDQWZRUWXQJJHJHQEHU0DULDQDJH ZHVHQ 6HLQH$XVELOGXQJKDWWHLKQ]XHLQHP([SHUWHQEH]JOLFK GHU*HIKOHZHUGHQODVVHQGLH0HQVFKHQ]XLKUHQ+DQGOXQ JHQPRWLYLHUWHQ+lXILJKLQJVHLQ/HEHQYRQGHU5LFKWLJNHLW XQG*HQDXLJNHLWVHLQHU$QDO\VHDE-HPDQGHQ]XWU|VWHQ ZDUMHGRFKYLHOVFKZLHULJHUGDFKWHHUDOVHUKLQWHU0DULDQDV :XWGHQ6FKPHU]VSUWHGLHJHULQJH%HODVWEDUNHLWXQG9HU OHW]OLFKNHLWHLQHU=ZDQ]LJMlKULJHQ(VZDUQRWZHQGLJIUVLH LKUHQ7UlQHQIUHLHQ/DXI]XODVVHQXQGHUNlPSIWHJHJHQDO OHVDQZDVHUVLFKLQVHLQHU$XVELOGXQJDQWUDLQLHUWKDWWHXP

GHQ$XVGUXFNVHLQHU$XJHQYRULKUQLFKWOlQJHU]XNRQWURO OLHUHQ'HU6FKPHU]KDWWHVLHN|USHUOLFK]XVDPPHQVFKUXPS IHQODVVHQLKUH/LSSHQZDUHQHLQJH]RJHQGHU5HJHQKDWWH LKU+DDUIODFKJHJHQGHQ.RSIJHGUFNW$OV7UHQWLQGDV 'XQNHOLKUHU$XJHQEOLFNWHKDWWHHUGHQ(LQGUXFNGDV0lG FKHQZUGHMHGHQ$XJHQEOLFNLQWDXVHQG(LQ]HOWHLOH]HU VSULQJHQGLHVLFKQLHPHKU]XVDPPHQIJHQOLHHQ (UEUHLWHWHVHLQH$UPHDXVULVNLHUWHLKUH=XUFNZHLVXQJ (LQHQ0RPHQWODQJEOLFNWHQVLHVLFKDQXQGSO|W]OLFKZDU 7UHQWGHU9HUOHW]OLFKHUH0DULDQDPHUNWHGDVLFKGLH5ROOHQ YHUWDXVFKWKDWWHQXQGGLHVH(UNHQQWQLVOLHGLH6SDQQXQJ DXVLKUHQ/LSSHQZHLFKHQ,KUH$XJHQKHOOWHQVLFKDXIDOV VLHHLQHQKDOEHQ6FKULWWQDFKYRUQHWUDWXQGLKU*HVLFKWDQ VHLQHU%UXVWYHUJUXE :lKUHQG7UHQW0DULDQDIHVWKLHOWVFKDXWHHUEHULKUHQ .RSIKLQZHJDXIGLHJHVFKORVVHQH7U6HLQH*HGDQNHQ ZDQGHUWHQ]XVHLQHP9DWHU]XUFN]XGHP*HIKOGHU8Q ]XOlQJOLFKNHLWGDVVHLQHQ9DWHUYHUDQODWKDWWH7UHQWXQG VHLQHU0XWWHUWHXUH*HVFKHQNH]XNDXIHQPLWYRP.RQWR GHV-RFNH\&OXERGHUGHV3ROR&OXEJHOLHKHQHQ*HOGHVGDV DP0RQDWVHQGHZLHGHUHUVHW]WZHUGHQVROOWHDEHUQLHHU VHW]WZXUGH7UHQWHULQQHUWHVLFKDQVHLQHHLJHQHQ6FKXOGJH IKOHXQGGLHVHLQHU0XWWHUEHULKUH9HUDQWZRUWXQJDOV (PSIlQJHUGHU*HVFKHQNH6FKXOGJHIKOHGLHVLHLPPHU VFKQHOOHULPPHUWLHIHULQGHQ$EJUXQGULVVHQ6HLQ9DWHUJH ULHWLQGLH9HU]ZHLIOXQJGHV$ONRKROLNHUVZlKUHQGVLHDXI GHQXQDXVZHLFKOLFKHQ0RPHQWZDUWHWHQLQGHPEHUDOOHV 5HFKHQVFKDIWDEJHOHJWZHUGHQPXWH6LHKDWWHQQLHPLWHLQ DQGHUGDUEHUJHVSURFKHQDOVREGDV$XVVFKZHLJHQDOOHV XQJHVFKHKHQPDFKHQRGHUYHUVFKZLQGHQODVVHQZUGH 'HUDOWH0DQQLP=LPPHUQHEHQDQILHOLKPZLHGHUHLQ GHU3UlVLGHQWHLQHUEDQNURWWHQ1DWLRQGLHWURW]LKUHU6WLP PHEHLGHQ9HUHLQWHQ1DWLRQHQQLFKWYLHOPHKUZDUDOVHLQ :LW]8QGGRFKZDUGHU0DQQ3UlVLGHQWXQGVHLQH.LQGHU XQG(QNHOKDWWHQ(UZDUWXQJHQDQLKQGLHHU]XHUIOOHQYHU VXFKWKDWWHHLQH$XVELOGXQJLP$XVODQG-REV:RKQXQJHQ .OHLGXQJ$XWRV(VZDUOHLFKWGHQIDVWXQDXVZHLFKOLFKHQ 6RJLQGLH.RUUXSWLRQ]XYHUGDPPHQYLHO]XOHLFKW

ª9HUVXFKHQ6LHLKQQLFKW]XYHUXUWHLOHQ©VDJWHHUXQG VWULFKLKUVDQIWEHUGDV+DDU 0DULDQDO|VWHVLFKVFKDXWHPLWIHXFKWHQ$XJHQXQGODXIHQ GHU1DVH]XLKPKRFK(UNWHLKUH6WLUQ(LQHOHLFKWH%HUK UXQJLKUHU/LSSHQ'DV.VVHQIlOOWQLFKWVFKZHUGDFKWHHU VFKORVLHZLHGHULQVHLQH$UPH.|USHUOLFKH/LHEHZDUHLQ IDFKDEHURKQHGLH:RUWHGLH0DULDQDEUDXFKWHXQGGLHDQ GHUH)UDXHQLQVHLQHU9HUJDQJHQKHLWJHEUDXFKWKDWWHQEH GHXWXQJVORV9HUKLQGHUWHGLHMDKUHODQJH$XVELOGXQJLQ *HKHLPKDOWXQJXQGLP6SLHOHQYRQ5ROOHQGLHVH:RUWHIUDJ WHHUVLFKRGHUZDUHULPPHUVFKRQHLQ+HLPOLFKWXHUJHZH VHQ":DUGLHVH+HLPOLFKWXHUHLGLH]XVHLQHU5HNUXWLHUXQJ JHIKUWKDWWHHLQH4XDOLWlWRGHUHLQhEHO"+HQQHRGHU(L" ,QGLHUHJHQQDVVH:HLFKKHLWLKUHV+DDUHVKLQHLQPXUPHOWH HUª,FKNDQQJXW%HULFKWHVFKUHLEHQ© ª8QG/HXWHXPEULQJHQ©(LQOHLFKWHV/lFKHOQKXVFKWH EHU0DULDQDV/LSSHQDOVVLHVLFKDXVVHLQHQ$UPHQEHIUHL WH'HUDEUXSWH6WLPPXQJVZHFKVHOZDUHLQ9RUWHLOLKUHU-X JHQGª(VJHKWPLUVFKRQZLHGHUJXW© ª6LQG6LHVLFKHU"© ª,FKJODXEHVFKRQ©6LHVFKQLHIWHª,FKQHKPHQLFKWDQGD 6LHHLQ3DSLHUWDVFKHQWXFKGDEHLKDEHQRGHU"© 8QZLOONUOLFKWDVWHWHHULQGHQ7DVFKHQVHLQHUGXUFKQlWHQ .DPSIMDFNHQDFKHLQHP7DVFKHQWXFK.XJHOQ.OHEHEDQGHLQ 0HVVHUª7XWPLUOHLG© ª,FKZHL,VWVFKRQJXW©PHLQWHVLHXQGZLVFKWHVLFKLKUH 1DVHDQLKUHPbUPHODE ª,FKPXPLWLKPVSUHFKHQ©VDJWH7UHQW(UVFKDXWHDXI VHLQH8KUª)QI]HKQ0LQXWHQ© 6HLW]ZDQ]LJ-DKUHQZDUGHUDOWH0DQQMHW]W3UlVLGHQWXQG GDYRUXQWHUEULWLVFKHU.RORQLDOKHUUVFKDIWZDUHUREHUVWHU 0LQLVWHUJHZHVHQ$Q&KDUDNWHUVWlUNHLVWHUPHLQHP9DWHU EHUOHJHQGDFKWH7UHQWDOVHUEHREDFKWHWHZLHGHU3UlVL GHQWGLH$XUDVHLQHV5HJLHUXQJVDPWHVZLHGHUHUODQJWHZlK UHQGHUDXIVFKDXWHXQGZLHVLFKGLHVH$XVVWUDKOXQJIDVWZLH HLQJUHLIEDUHU0DQWHOXPLKQOHJWH ª,FKPXZLVVHQZLHHVGD]XJHNRPPHQLVW©VDJWH7UHQW RKQHHLQOHLWHQGH:RUWH

$OOHVKDWWHGDPLWEHJRQQHQGDDXIGHP.RQWRGHV3UlVL GHQWHQEHLHLQHU1HZ
EHUKUWZLHHVGLH'HWHNWLYHLQGHQ)LOPHQLPPHUWXQ,Q GHQ)LOPHQOHFNWHQGLH'HWHNWLYHDQGHP=HXJ'DYRUKDWWH HU$QJVWJHKDEW ª:LUKDEHQYRU]ZHL-DKUHQHLQH$QWL'URJHQ.DPSDJQH GXUFKJHIKUW3ODNDWHDXIJHKlQJW'52*(17g7(1KLH HVGD©EHULFKWHWHHU7UHQW'RFKGLH'HWHNWLYHOHFNWHQLPPHU GDUDQXQGVRKDWWHHUDP6FKOXVHLQHQJDQ]HQ0XW]XVDP PHQJHQRPPHQ'LH.ULVWDOOHVFKPHFNWHQELWWHUXQGOLHHQ GLH=XQJHQVSLW]HWDXEZHUGHQ 8QVFKOVVLJKDWWHGHU3UlVLGHQWGDJHVWDQGHQ(UKDWWH JHZXWGDGDVMHW]WVHLQHOHW]WH&KDQFHZDUMHPDQGHQ]X UXIHQ(UKDWWHDEHUQLFKWJHZXWZHQHUUXIHQRGHUZLHHU DOOHVEULJHHUNOlUHQVROOWH(VZUGHMDGRFKKHUDXVNRP PHQGLH6DFKHPLWGHP*HOG(VZDURIIHQVLFKWOLFKGD GHUMHQLJHGHULKPGLHVH)DOOHJHVWHOOWKDWWH)RWRVYRP.RI IHUJHPDFKWKDWWHGLHVHLQH)DPLOLHQIRWRVPLWGHQ'URJHQ ]HLJWHQ'LHHQWVSUHFKHQGHQ7LWHOVHLWHQGHU7DJHV]HLWXQJHQ NRQQWHVLFKGHU3UlVLGHQWJXWYRUVWHOOHQ 7UHQWOLHGLHJDQ]H6]HQHYRUVHLQHPLQQHUHQ$XJHDEODX IHQ(UKDWWH9HUVWlQGQLVIUGLH6LWXDWLRQGHV3UlVLGHQWHQ IKOWHVRJDUHLQZHQLJ6\PSDWKLH'LH5DWWHKDWWHLQGHU)DO OHJHVHVVHQ'RFKZHUKDWWHGLH)DOOHDXIJHVWHOOW":HUZDU PLWHLQHP3l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

GDVPLWWHODOWHUOLFKH7LHUPXVWHUHLQJHZHEWZDUHQDXVJHVWHOOW ZDUHQ6WHYHGHU$PHULNDQHUKDWWHDP)OXJKDIHQYRQ&DQ FXQHLQHGLHVHU5HLVHWDVFKHQEHLVLFKJHKDEW-HW]WIHKOWQXU QRFKGLH9HUELQGXQJGDFKWH7UHQWDOVHUDXIGHQ3UlVLGHQ WHQKLQXQWHUEOLFNWH ª6LHKDEHQGLH3lFNFKHQGXUFKGLH7RLOHWWHJHVSOW"© 'HU3UlVLGHQWQLFNWHNOHLQODXWª0LUEOLHEQLFKWVDQGHUHV EULJ©PHLQWHHU(LQOHLFKWHV/lFKHOQEHUGHFNWHVHLQH9HU OHJHQKHLW :LHHLQNOHLQHU-XQJHGDFKWH7UHQW3O|W]OLFKYHUVSUWHHU (PS|UXQJYHUVWDQGHVMHGRFKVLH]XYHUEHUJHQ(UGDFKWH DQ.DWKROLNHQLQ1RUGLUODQGPLWGHQHQHU]XVDPPHQJHZH VHQZDUXQGGLHHLQH$XVUHGHGDIUVXFKWHQGDVLHGLH ,5$QLFKWDQ]HLJWHQª'DVVLQGGRFKDXFK.DWKROLNHQ-XQ JHGXZHLWGRFKZLHGDVLVW©8QGGLHLKUH.RQIHVVLRQ DOV$XVUHGHIUHLQH)HLJKHLWQXW]WHQGLHLKU/DQG0|UGHUQ LQGLH+lQGHIDOOHQOLH'LH3URWHVWDQWHQZDUHQQLFKWDQ GHUV ª:DVKDEHQ6LHPLWGHP.RIIHUJHPDFKW"© $XFKGLH3UlVLGHQWHQGHVNOHLQVWHQ/DQGHVZXUGHQXPLK UHUHLJHQHQ6LFKHUKHLWZLOOHQVWlQGLJEHJOHLWHW'HU3UlVLGHQW KDWWHHLQH6WXQGHLQHLQHPJURHQ%XFKODGHQGDPLWYHU EUDFKWQDFK%FKHUQ]XVXFKHQGLH0DULDQDJHIDOOHQN|QQ WHQ$QGHPHLQ]LJHQ7DJVHLQHV%HVXFKHVDQGHPQLFKWV DXIGHP3URJUDPPVWDQGZDUHUPLWGHP=XJQDFK&DP EULGJHJHIDKUHQZR0DULDQDHLQHQ6RPPHUNXUVEHVXFKWH XQGKDWWHGLH%FKHULP.RIIHUPLWJHQRPPHQ'HPLKQEH JOHLWHQGHQ3ROL]LVWHQYRP'LSORPDWHQVFKXW]KDWWHHUGDQQ HU]lKOWHUZUGHVLFKGHQJDQ]HQ1DFKPLWWDJPLW0DULDQD DXILKUHQ=LPPHUQDXIKDOWHQXQGGHU3ROL]LVWVROOHVLFKGHQ 1DFKPLWWDJIUHLQHKPHQ'DQQKDWWHHUVLFKDQJHEOLFKDQGHUV HQWVFKLHGHQHLQHQIUKHUHQ=XJ]XUFNQDFK/RQGRQJH QRPPHQXQGGHQ.RIIHULQHLQHP6FKOLHIDFKDP%DKQKRI &KDULQJ&URVV]XUFNJHODVVHQ ª,FKKDEHGDIUJHVRUJWGDVLFKNHLQH)LQJHUDEGUFNH GDUDXIEHIDQGHQ©VDJWHHUXQGOlFKHOWHZLHGHU$OVZHQQHU HUZDUWHQZUGHGDLFKLKQDXFKQRFK]XVHLQHU6FKODXKHLW EHJOFNZQVFKHGDFKWH7UHQW

'LHHLQ]LJHQ$QZHLVXQJHQDQGHQ3UlVLGHQWHQZDUHQJH QDXVRDQRQ\PZLHGDV*HOGXQGGHU.RIIHUPLWGHQ'URJHQ JHNRPPHQ,QPLW.XJHOVFKUHLEHUJHPDOWHQ*UREXFKVWDEHQ WHLOWHPDQLKPPLW6&+/$)(16,(6$067$*1$&+7,1 ,+5(5%/2&.+h77(,1'(1%(5*(1%/(,%(16,( '2570$1:,5'6,($%+2/(1 6HKUXPVLFKWLJXQGVHKUQFKWHUQGDFKWH7UHQW:LHHV VLFKIU3URILVHEHQJHK|UW(UEHPKWHVLFKVHLQH:XW]X ]JHOQ 'HU3UlVLGHQWKDWWHVHLQH*HVFKLFKWHHU]lKOW-HW]WZDUWHWH HU 7UHQWZXWHGHUDOWH0DQQKDWWHQLHHLQH&KDQFHJHKDEW :HQQGLHDEJHNDUWHWH6DFKHPLWGHQ'URJHQQLFKWIXQNWLR QLHUWKlWWHKlWWHPDQLKQDXILUJHQGHLQHDQGHUH:HLVHHU ZLVFKW(UKDWWHVLFK]LHPOLFKGXPPYHUKDOWHQKDWWHVLFKEH VWHFKHQODVVHQXQGZDUDP(QGHVRYHUlQJVWLJWXQG YHU]ZHLIHOWJHZHVHQGDHU]XQlFKVW0RUGLQ(UZlJXQJ ]RJXQGGDQQYHUVXFKWHVLFKVHOEVWGDV/HEHQ]XQHKPHQ 7UHQWZHLJHUWHVLFKLKQ]XYHUXUWHLOHQª,FKKDEH0DULDQD YHUVSURFKHQ,KQHQQLFKWVDQ]XWXQ6LU©(LQOHLFKWHV$FKVHO ]XFNHQª:HQQLFKDOVRODQJHJHQXJOHEHXPHLQHQ%HULFKW EHUGLHJDQ]H6DFKHHLQ]XUHLFKHQZLUGGDULQQLFKWVYRQDO OHGHPDXIWDXFKHQ(VJLEWQLFKWVZHVZHJHQ6LHPLUGDQNHQ VROOWHQ©IXKUHUVFKQHOOIRUWDOVGHU3UlVLGHQW]XHLQHU(UZL GHUXQJDQVHW]WHª,FKQHKPH0DULDQDPLW:HQQ6LHPRUJHQ IUKKLHUZHJJHKHQZROOHQZHUGHQ6LHKDQJDEZlUWVQDFK IQI]HKQ.LORPHWHUQDP:HJGHQ9HUWHLOHUILQJHUYRQHLQHP GHU3ROL]HL/DQGURYHUILQGHQ(UZLUGDQHLQHP%DXPIHVW JHPDFKWVHLQ©

,QGLH(FNHJHJHQGLH)DKUHUWUGHV3ROL]HLODQGURYHUVJH NOHPPWEHREDFKWHWH7UHQWZLH0DULDQDPLWGHP/HQNUDG NlPSIWH'HU5HJHQKDWWHGHQXQEHIHVWLJWHQ:HJLQHLQHQ HLQ]LJHQ0RUDVWYHUZDQGHOWGXUFKGHQVLFKGHU:DJHQLP HUVWHQ*DQJKLQGXUFKTXlOWH'LH5lGHUUXWVFKWHQLP 6FKODPPKLQXQGKHUVFKOHXGHUWHQ6WHLQHQDFKKLQWHQZHJ GLH6FKHLEHQZLVFKHUNODWVFKWHQEHUGLH:LQGVFKXW]VFKHLEH :RGHU+XUULNDQULHVLJH6FKQHLVHQLQGHQ:DOGJHULVVHQ KDWWHUDJWHQGLHJH]DFNWHQZHLHQ6SLW]HQ]HUVSOLWWHUWHU %DXPVWlPPHDXVGHP8QWHUKRO]hEHUGHQ/LFKWXQJHQXQG GHP:HJVWLHHQORVJHULVVHQH%OlWWHUKHUXQWHUXQGVFKRVVHQ ZLHGHUKRFKZLH.DPSIGUDFKHQ'DV7URPPHOQGHV5HJHQV DXIGHU$OXPLQLXPNDURVVHULHGHV/DQGURYHUVGDV$XIKHX OHQGHV0RWRUVXQGGDV'XUFKGUHKHQGHU5lGHUNRQQWHGDV 7RVHQGHV+RFKZDVVHUIKUHQGHQ)OXVVHVXQGGDV5XPSHOQ GHUYRPVFKlXPHQGHQ:DVVHUYRUDQJHWULHEHQHQ)HOV EURFNHQXQG%DXPVWlPPHQLFKWEHUGHFNHQ 'HU%HUJZHJGHUYRQGHU%ORFNKWWHGHV3UlVLGHQWHQ QDFKXQWHQIKUWHNUHX]WHJDQ]LQGHU1lKHGHV%HUJIXHV HLQHXQEHIHVWLJWH6WUDH9RUGHP%DXGHULQ1RUG6G 5LFKWXQJYHUODXIHQGHQ6FKQHOOVWUDHZDUGLHVH6FKRWWHUVWUD HGDV5FNJUDWGHUEHU/DQGIKUHQGHQ9HUNHKUVZHJH %HOSDQVJHZHVHQ6LHYHUOLHISDUDOOHO]XUQHXHQ6FKQHOOVWUDH XQGZDUEHUNOHLQHUH:HJHPLWLKUYHUEXQGHQGLHYRQGHQ +RO]IlOOHUFDPSVLP:DOGXQGYHUHLQ]HOWDXVHLQHPIUXFKW EDUHQ7DORGHUHLQHPNOHLQHQ3ODWHDXZLHGHPDXIGHPGLH %ORFNKWWHGHV3UlVLGHQWHQVWDQGKHUXQWHUNDPHQ(LQLJH GLHVHU:HJHZDQGHQVLFK]ZLVFKHQGHQYLHOHQ/DJXQHQXQG 6PSIHQ%HOSDQVKLQGXUFK]XGHQYRQ0RVNLWRVKHLPJH VXFKWHQ)LVFKHUG|UIHUQGLHVLFKLQGHQ0DQJURYHQZlOGHUQ YHUVWHFNWHQZHOFKHGLHJDQ]H.VWHEHGHFNWHQ'LHXQEHIH VWLJWH6WUDHKDWWHPDQVLFKVHOEVWEHUODVVHQXQGVLFKGDIU XPGLHQHXH6FKQHOOVWUDHJHNPPHUWGHQQGLHPLWGHU%H

JUDGLJXQJGHUVLFKXPGLH*HELUJVDXVOlXIHUKHUXPZLQGHQ GHQ7UDVVHYHUEXQGHQHQ.RVWHQZlUHQLPPHQVJHZHVHQ %HYRUPDQGLHVH6WUDHMHGRFKDXIJHJHEHQKDWWHZDUHLQ DFKW]LJ.LORPHWHUODQJHV7HLOVWFNYRU%HOSDQ&LW\JHWHHUW ZRUGHQ9RQGLHVHU7HHUVWUHFNHERJGHU:HJ]XP(QJOLVK &RORQHO V3RLQWGHUDP(QGHHLQHVHQJHQ7DOHVGUHLLJ.LOR PHWHUQ|UGOLFKGHU+DXSWVWDGWXQGHWZDIQIXQGVHFK]LJ.L ORPHWHULP/DQGHVLQQHUQODJ 'DGLH6FKQHOOVWUDHEHUHLWVDQHLQHU6WHOOHXQXQWHUEURFKHQ ZDUEHDEVLFKWLJWH7UHQWGLHVHXQEHIHVWLJWH6WUDH]XQHK PHQ8QWHUQRUPDOHQ8PVWlQGHQKlWWHQVLHGLH6WUHFNHELV ]XGLHVHU6WUDHLQZHQLJHUDOVGUHL6WXQGHQ]XUFNOHJHQ N|QQHQ-HW]WZDUHVJXWP|JOLFKGDVLHVLHJDUQLFKWHU UHLFKWHQ 7UHQWZDUVLFKVLFKHUGD/RXLV 0lQQHUGLH7HOHIRQ]HQWUD OHEHUQRPPHQKDWWHQXPGHQ.RQWDNWPLWGHU$XHQZHOW ]XNRQWUROOLHUHQGDVLQOlQGLVFKH7HOHIRQV\VWHPZUGHGXUFK GHQ+XUULNDQ]HUVW|UWZRUGHQVHLQ(UKDWWHYRU0DULDQDPLW GHP/DQGURYHU]HUVW|UWZRUGHQVHLQ(UKDWWHYRU0DULDQD PLWGHP/DQGURYHUZHLWHUQDFK%HOSDQ&LW\]XVFKLFNHQXQG KRIIWHGDVLHGHQEULWLVFKHQ+RFKNRPPLVVDUHUUHLFKWH0LW 0DULDQDV+LOIHXQGWURW]LKUHU(LQZlQGHGDHUGRFKJDU QLFKWIDKUHQN|QQHKDWWHHUGLH%0:EHUHLQGLFNHV%UHWWLQ GHQ/DQGURYHUEHI|UGHUWXQGKDUWQlFNLJEHKDXSWHWGDGDV 0RWRUUDGLKQHQGLH6LFKHUKHLWERWDXFKGDQQQRFKYRUDQ]X NRPPHQZHQQVLHDXIHLQH6WHOOHVWLHHQDQGHUGLH6WUDH EORFNLHUWRGHUXQSDVVLHUEDUJHZRUGHQZDU 0LJXHOLWRKDWWHGDPLWJHSUDKOWGDVLHGLH0LQLVWHUXP EULQJHQZUGHQª:LUZHUGHQVLHLQHLQJURHV/RFKVWHN NHQ©VRKDWWHGHUNOHLQH.RNDLQVFKWLJHLKUH$EVLFKWHQEH VFKULHEHQ-RVHMHGRFKKDWWHJHJODXEWGDPDQLKU/HEHQ VFKRQHQZUGH6ROOWHGDVGHU)DOOVHLQPXWHHVIUGHQ 6WDDWVVWUHLFKYRQZHVHQWOLFKHU%HGHXWXQJVHLQVLHDP/HEHQ ]XODVVHQGHQQHVEHVWDQGLPPHUGDV5LVLNRGDVHLQHUYRQ LKQHQHQWNDPXQG:LGHUVWDQGRUJDQLVLHUWHZLHJHULQJGLH &KDQFHQGD]XDXFKLPPHUVHLQPRFKWHQ'HUDXVOlQGLVFKH 'UDKW]LHKHUYRQGHP0LJXHOLWRJHVSURFKHQKDWWHZDUHLQ 0DQQGHUQLHRKQH*UXQGHLQ5LVLNRDXIVLFKQDKP

7UHQWYHUPXWHWHGDGLH$EZHVHQKHLWGHV3UlVLGHQWHQ GHQ6WDDWVVWUHLFKLQGLH/lQJH]RJ:HGHUGHU3UlVLGHQW VHOEVWQRFK-RVHKDWWHQJHZXWZHOFKH5ROOHGHU3UlVLGHQW HLJHQWOLFKVSLHOWH7UHQWJODXEWGDGHUDOWH0DQQEHLGLH VHP6WDDWVVWUHLFKHLQH]HQWUDOH)XQNWLRQLQQHKDWWHHLQH )XQNWLRQGLHLKPQLFKWQXUGHP6FKHLQQDFKGLH.RQWUROOH EHUGLH5HJLHUXQJODVVHQZUGHVRQGHUQDXFKVHLQHP$Q VHKHQDXIGHU:HOWEKQHI|UGHUOLFKZDU 7UHQWKDWWH,QWHOOLJHQ]QLHDOVKHUDXVUDJHQGHV0HUNPDO NROXPELDQLVFKHU'URJHQEDURQHDQJHVHKHQ'LHVH/HXWHKDW WHQVLFKLKUULHVLJHV9HUP|JHQGXUFK7HUURU0RUG%HVWH FKXQJXQG(USUHVVXQJDXIJHEDXW-HGHVGLHVHU(OHPHQWHZDU DXFKEHLGLHVHP6WDDWVVWUHLFKYRUKDQGHQGRFK7UHQWHUNDQQW LQGHVVHQ.RQ]HSWHLQHGLH1RUPZHLWEHUVFKUHLWHQGH$XV JHUHLIWKHLWGLHODQJIULVWLJH3ODQXQJGHU2SHUDWLRQGDV$N ]HSWLHUHQGHU1RWZHQGLJNHLWHLQH/HJLWLPDWLRQ]XKDEHQ IUGLHGLH%HVWHFKXQJGHV3UlVLGHQWHQHLQHJDQ]ZHVHQWOL FKH9RUDXVVHW]XQJZDUGLHhEHUQDKPHGHU=HLWXQJHQGDV (LQVFKOHXVHQEHVWLPPWHU0HOGXQJHQLQGLH863UHVVH$Q IUDJHQLP3DUODPHQWXQGLP6HQDWGDV2SIHUQYRQ)OXJ]HX JHQXQG3LORWHQ 8QGVFKOLHOLFK7UHQWVHLJHQH3UlVHQ]LQ%HOSDQ=ZHL 0RQDWHZDUHQQRWZHQGLJJHZHVHQXPLKQGRUW]XVWDWLR QLHUHQVLHEHQZHLWHUH0RQDWHKDWWHHUVLFKGDQQLQGLHVHP /DQGDXIJHKDOWHQ$GGLHUWHPDQQRFK]ZHLZHLWHUH0RQDWH IUGLHVHLQHU$XVZDKOYRUDXVJHJDQJHQHQ9HUKDQGOXQJHQ XQGGLHJDQ]H3ODQXQJKLQ]XGDQQZXUGHGHXWOLFKGD&R ORQHO6PLWKXQJHIlKUVHLWGHP=HLWSXQNWGHU(QWVWHKXQJGHU ,GHH]XGLHVHP6WDDWVVWUHLFKGDYRQJHZXWKDEHQPXWH =X%HJLQQKDWWHVLFK7UHQWJHIUDJWZDUXPPDQJHUDGHLKQ JHZlKOWKDWWH:DUXPKDWWHPDQVLFKIUMHPDQGHQHQWVFKLH GHQGHULP$XIWUDJGHU(XURSlLVFKHQ*HPHLQVFKDIWVHLQH (LQVlW]HGXUFKIKUWHXQGQLFKWIUHLQHQ$PHULNDQHUZR GRFK%HOSDQLP0DFKWEHUHLFKGHU86$ODJ"-HW]WZXWHHU GDQLFKWZHJHQGHU2UJDQLVDWLRQGHUHUDQJHK|UWHVRQGHUQ ZHJHQVHLQHU3HUVRQVHOEVWGLH:DKODXILKQJHIDOOHQZDU 'DV*HKHLPQLVODJLQGHU9HUELQGXQJ]ZLVFKHQDOOHP]ZL VFKHQGHP6WDDWVVWUHLFK6WHYHGHP&RORQHO&DVSDUGHP

0RUGDQ'RQ5REHUWRGHP)RWRVHLQHUHLJHQHQ9HUVHW]XQJ QDFK%HOSDQ,Q.RPELQDWLRQPLWHLQHUIDVWXQJODXEOLFKHQ 6NUXSHOORVLJNHLW 7UHQWNHXFKWHYRU6FKPHU]DXIDOV0DULDQDKDUWDXIGLH %UHPVHWUDWXQGGHU/DQGURYHUVLFKVHLWOLFKLQGLH]HUEURFKH QHQbVWHHLQHVJURHQ.DSRNEDXPHVGUHKWHGHUGHQ:HJ YHUVSHUUWH'DVZDUMHW]WGHUYLHUWH%DXPGHPVLHPLWLKUHP :HUN]HXJEHLNRPPHQPXWHQXPZHLWHUIDKUHQ]XN|QQHQ XQGVLHKDWWHQIUGLHVH3UR]HGXUHLQHQGXUFK7UHQWV9HUOHW ]XQJHQEHVWLPPWHQ$EODXIHQWZLFNHOW0DULDQDVHW]WH]X UFNVRGDGLH:LQGHYRUGHP.KOHUJULOOEHUJDEZlUWV ZLHV6LH]RJHQVLFKELVDXILKUH8QWHUZlVFKHDXVVWUHLIWHQ VLFK3RQFKRVEHUXQGNOHWWHUWHQPKVDPLQGHQ5HJHQKLQ DXV 7UHQWIOOWHGHQ7DQNGHU0RWRUVlJHPLW%HQ]LQXQGgO XQGEHJDQQ6HLWHQlVWHLQKDQGOLFKH6WFNH]XVFKQHLGHQ,Q GHU=ZLVFKHQ]HLWVFKOHSSWH0DULDQDHLQHQ'UDKWJXUWXQGHL QH5ROOHGHQ+DQJKLQDE6LHOHJWHGHQ*XUWXPGHQ6WDPP HLQHUJURHQ=HGHUPDFKWHLKQIHVWXQGNHKUWH]XP/DQGUR YHU]XUFNXPGDVDQGHU:LQGHEHIHVWLJWH'UDKWVHLO]XKR OHQGDVVLHGDQQGXUFKGLH5ROOH]RJXQG]XPKDQJDEZlUWV OLHJHQGHQ(QGHQGHVXPJHVWU]WHQXQGGHQ:HJYHUVSHU UHQGHQ.DSRNEDXPHVIKUWH 7UHQW]HUUWHHLQHQZHLWHUHQ$VWORVXQGGUHKWHVLFKXP(U VFKDXWH]XZLH0DULDQDGLH6HLOUROOHYRQGHU/DGHIOlFKHGHV /DQGURYHUVQDKPXQGGDPLWGHQ%HUJKRFKNOHWWHUWHXPGDV )DKU]HXJDQHLQHP%DXP]XEHIHVWLJHQ,KUH)HUXWVFKWHQ XQGVFKOLWWHUWHQLP6FKODPPKLQXQGKHU]HUULVVHQH'UDKW IDVHUQDP:LQGHQVHLO'RUQHQXQGUDVLHUPHVVHUVFKDUIH%OlW WHULP8QWHUKRO]KDWWHQLKUH+lQGHDXIJHULVVHQ6LHEOXWHWHQ 7DSIHUGDFKWHHUGDV:RUWZLUNWHDOWPRGLVFKDEHUHV SDWH]XLKU7UHQWKREGLH0RWRUVlJHGXUFKVFKQLWWHLQZHL WHUHVKDOEHV'XW]HQGbVWHVFKDOWHWHGLH6lJHDEXQGOHJWHVLH KLQ$OVHUDQHLQHP$VW]HUUWHIXKULKPGHU6FKPHU]ZLHHLQ 0HVVHULQGLH/XQJHUDXEWHLKPGHQ$WHP(UVHW]WHVLFKLQ GHQ6FKODPPZDUXQIlKLJVLFK]XEHZHJHQELVGHU 6FKPHU]QDFKOLH 0DULDQDJOLWWDP%HUJKDQJDXVUXWVFKWHGLHOHW]WHQ0HWHU

ELV]XP:HJDXILKUHP+LQWHUQKHUXQWHU'HU3RQFKREOLHE DQHLQHP$VWKlQJHQULVLFKORV'DV0lGFKHQ]RJLKQKLQ WHUVLFKKHUGHUURWH6FKODPPKDWWHLKUGXQNOH+DXWJDQ] JOLWVFKLJZHUGHQODVVHQ6LHNDPKHUEHUXQGVWDQGGD VFKDXWHDXI7UHQWKHUDE(UKDWWHGHQ9HUGDFKWGDDXHU GHP5HJHQDXFK7UlQHQLKUH:DQJHQKHUXQWHUUDQQHQ7Ul QHQGHU(UVFK|SIXQJ ª6LW]HQ6LHEHTXHP"©IUDJWHVLH 7UHQWEUDFKWHHLQ/lFKHOQ]XVWDQGH hEHUKDXSWQLFKWPHKUDQGHQ6FKODPPGHQNHQGVHW]WH VLHVLFKQHEHQLKQXQGQDKPVHLQHUHFKWH+DQG|IIQHWHVLH DOVREVLHLQVHLQHQ+DQGOLQLHQOHVHQZUGHª6LHEULQJHQ VLFKXP© ª'DQNH©VDJWH7UHQWXQGPHUNWHZLHHUVLFKYRUVWHOOWH GD&RORQHO6PLWK]XVFKDXWH:LH*RWWDXIHLQHU:RONH GDFKWHHUGHUVWUDIHQGH*RWWGHV$OWHQ7HVWDPHQWVDEHU PLW3DQDPDKXWXQGHLQHP5HJHQVFKLUPLQGHU+DQGXQG IUFKWHUOLFKHQ6RFNHQDQGHQ)HQ(UZROOWHODFKHQKDWWH DEHU$QJVWYRUGHP6FKPHU](UIUDJWHVLFKRE0DULDQD ZRKOPLWODFKHQZUGHZHQQHULKUGDVHU]lKOWHDEHUDE JHVHKHQYRQGHP)RWRGDVLKQDOVMXQJHQ0DQQ]HLJWH NDQQWHVLH&RORQHO6PLWKQLFKW9LHOOHLFKWODFKWHVLHMDZHQQ HULKUVDJWHGDHUVLHIUWDSIHUKLHOWDOVREOLHEHUIULHGOLFK XQGNRQ]HQWULHUWHVLFKGDUDXIZLHGHUUHJHOPlLJ]XDWPHQ GDPLWGHU6FKPHU]DXIK|UWH(LQ:LQGVWRZLUEHOWHQDVVH %OlWWHUXPVLHKHUXP 0DULDQDGUFNWHLKPGLH+DQGª,FKGHQNHLFKZHUGHHLQ PDO5HFKWVDQZlOWLQRGHU)LQDQ]EHDPWLQ© ª6LHZHUGHQVLFKODQJZHLOHQ© ª%HVWLPPWQLFKW©6LHOHKQWHLKUHQ.RSIDQVHLQH6FKXOWHU ª:LHZHLWLVWHVQRFKELV]XU6WUDH"© ª8QJHIlKUVHFKV.LORPHWHU©VFKlW]WH7UHQWª1RFKHLQH 'UHLYLHUWHOVWXQGH© %HLGHZXWHQGDHVQRFKHLQ'XW]HQGZHLWHUHUEHUGHP :HJOLHJHQGHU%lXPHJHEHQNRQQWHRGHUHLQH]XVDPPHQ JHVWU]WH%UFNH8UVSUQJOLFKZDUGHU:HJIU+RO]IlOOHU DQJHOHJWZRUGHQGLH7UDVVHIROJWHGHU)ODQNHHLQHUODQJJH ]RJHQHQ%HUJNHWWH'LHGLH6WUDHNUHX]HQGHQ:DVVHUOlXIH

ZDUHQNOHLQGLH%UFNHQZDUHQGDIUNRQVWUXLHUWVFKZHUH /DVWZDJHQ]XWUDJHQ6LHN|QQWHQDOVRZHLWHUKLQ*OFNKD EHQ 7UHQWVFKORVHLQH+DQGEHU0DULDQDV)LQJHUXQGKREVLH DQVHLQH/LSSHQª:LUVROOWHQZHLWHUPDFKHQ© 6LHKDOILKPDXIGLH%HLQHXQGHUZDUIZLHGHUGLH0RWRU VlJHDQ%HLMHGHP$VWGHUVLFKO|VWHXQG]X%RGHQILHOIXKU LKPGHU6FKPHU]ZLHHLQKHIWLJHU6FKODJLQGLH6HLWH0DULD QD]HUUWHGLHbVWHZHJ(LQHKDOEH6WXQGHVSlWHUZDUHQVLH VRZHLWXQGNRQQWHQGHQ%DXPPLWGHU:LQGHEHUGHQ:H JHVUDQG]LHKHQ(UNDPLQV5XWVFKHQVFKDXNHOWHHLQHQ$X JHQEOLFNDXIGHU.DQWHXQGVWU]WHGDQQGHQ+DQJKLQDE ZLHHLQJURHU6WXUPERFNZXUGHVFKQHOOHUXQGVFKQHOOHU ULGDEHLGDV8QWHUKRO]ORVXQGSOXPSVWHVFKOLHOLFKLQGHQ )OX 6LHZLVFKWHQVLFKGHQ6FKODPPYRQLKUHQ.|USHUQEHYRU VLHZLHGHULQGHQ6FKXW]GHV/DQGURYHUVNOHWWHUWHQGDQQULH EHQVLHVLFKPLW+DQGWFKHUQWURFNHQ,KUH%HZHJXQJHQ ZLUNWHQLQGHPEHHQJWHQ5DXPJDQ]XQEHKROIHQ9LHO]XHU VFK|SIWXPEHULKUH1DFNWKHLWYHUOHJHQ]XVHLQOHJWHQVLH LKUHVFKODPPLJH8QWHUZlVFKHDEEHYRUVLHVLFKZLHGHUDQ ]RJHQ 0DULDQDIXKUHWZDDQGHUWKDOE.LORPHWHUZHLWGDQQPX WHQVLHZLHGHUDQKDOWHQXQGPLWGHU:LQGHHLQHQ)HOV EURFNHQYRP:HJ]LHKHQ'DQQHLQHQZHLWHUHQ%DXP'DV /LFKWZXUGHUDVFKVFKZlFKHU0DULDQDZROOWHJHUDGHGLH 6FKHLQZHUIHUHLQVFKDOWHQDOV7UHQWVLHGDYRQDEKLHOW$OO PlKOLFKNRQQWHHUGLH*HGDQNHQJlQJHGHV$QIKUHUVGHV 6WDDWVVWUHLFKHVQDFKYROO]LHKHQXQG]ZDUQLFKWLQGHPHULKQ JHQDXDQDO\VLHUWHVRQGHUQLQGHPHUVLFKPLWLKPLGHQWLIL ]LHUWHZLHPLWGHU+DXSWILJXUHLQHV5RPDQV 'LHVHU3UR]HZDU7UHQWYHUWUDXW'DV8QDQJHQHKPHGDU DQZDUQXUGDVLFKVHLQHHLJHQH,GHQWLWlWGDGXUFKYHU ZLVFKWH,QGLHVHU+LQVLFKWlKQHOWHGDVGHPODQJVDPHQ+LQ HLQZDFKVHQLQHLQH7DUQH[LVWHQ]GLHLKQLUJHQGZDQQY|OOLJ YHUHLQQDKPWHELVHUHLQHEHZXWH$QVWUHQJXQJXQWHUQHK PHQPXWHZROOWHHUGLH3HUV|QOLFKNHLWVHLQHU7DUQH[LVWHQ] XQGGLH3HUV|QOLFKNHLWGLHHUIUGLHHLJHQHKLHOWYRQHLQDQ

GHUXQWHUVFKHLGHQ0DQFKPDOEHIUFKWHWHHUGDGDEHLNHL QHUHDOH3HUVRQPHKUEULJEOLHEXQGGDHUHLQ.ULFNHWEDOO JHZRUGHQZDUGHUYRQ&RORQHO6PLWKXQDXIK|UOLFK]HUOHJW XQGQHXJHVFKDIIHQZXUGHLQGHPHUGHVVHQ)lGHQXQG .RUNVFKLFKWHQVHLQHQ=LHOHQHQWVSUHFKHQGLPPHUZLHGHU QHX]XVDPPHQVHW]WH 7UHQWVDJWH0DULDQDVLHVROOHDQKDOWHQXQGHULQQHUWHVLH GDUDQGDVHLWGHP(QGHGHU$EKRO]XQJHQQXUQRFKGHU 3UlVLGHQWXQGVHLQH*lVWHGLHVHQ:HJEHQXW]WHQ:lUH 7UHQWGHU$QIKUHUGLHVHV6WDDWVVWUHLFKHVJHZHVHQKlWWHHU DOV$EVLFKHUXQJXQWHQDQGHU.UHX]XQJPLWGHUXQEHIHVWLJ WHQ6WUDHHLQHQ+LQWHUKDOWJHOHJWHLQXPJHVWU]WHU%DXP XQGGLH6WDWLRQLHUXQJYRQ.DODVFKQLNRZVEHZDIIQHWHU0lQ QHUZDUHQGDIUY|OOLJDXVUHLFKHQG 2KQH7UHQWDQ]XVFKDXHQK|UWH0DULDQD]XDOVHUPLWLKU GLH5ROOHGXUFKJLQJGLHHULKU]XPXWHQPXWH ª:DUXP"©IUDJWHVLH ª$OOHLQHNDQQLFKHVQLFKW© ª6LHZLVVHQGRFKGDLFKGDVQLFKWJHPHLQWKDEH© ª,FKPXHVDEHUWXQ©PHLQWHHU ª6LFKVHOEVWXPEULQJHQODVVHQ"© :RHU]XYRUVHOEVWGHU0|UGHUJHZHVHQZDU(VZDU PHUNZUGLJGLH9HUlQGHUXQJLP6WDWXVDOV9HUEHVVHUXQJ DQ]XVHKHQGDFKWH7UHQW 0DULDQDOHJWHLKUH6WLUQDXIGDV/HQNUDGª6LHKDEHQQLFKW HLQPDOHLQHQULFKWLJHQ1DPHQ,KUH0XWWHUKDW6LHEH VWLPPWQLFKW7UHQWJHQDQQW©6LHZLVFKWHVLFKPLWGHP +DQGUFNHQEHUGLH1DVHWDVWHWHQDFKVHLQHU+DQGRKQH DXI]XVFKDXHQ ª,FKKDVVH6LH© &RORQHO6PLWKKDWWHMDKUHODQJYHUVXFKWLKQGD]X]XEHU UHGHQ3IHLIH]XUDXFKHQª'DV6WRSIHQJLEWHLQHP=HLW]XP 'HQNHQ© ª:HQQ6LHMHW]WVDJHQHVWXH,KQHQOHLGVFKUHLHLFK© ZDUQWHLKQ0DULDQD ª(VLVWGLH6LWXDWLRQLQGHUZLUXQVEHILQGHQ©VDJWHHULKU GLH*HIDKUYHUVWlUNWHGLH(PRWLRQHQ (UVWLHJKLQDXVLQGHQ5HJHQ]HUUWHGDV0RWRUUDGVRZHLW

QDFKKLQWHQGDGLHKLQWHUH7UGHV/DQGURYHUVQLFKW]XIDO OHQNRQQWHXQGNOHEWHGHQ'UXFNVFKDOWHUIHVWGHUGDV,QQHQ OLFKWHLQVFKDOWHWH =XVlW]OLFK]XGHQ)URQWVFKHLQZHUIHUQKDWWH0DULDQDQRFK GLHEHLGHQ6XFKVFKHLQZHUIHUDXIGHP'DFKHLQJHVFKDOWHW %HLMHGHU8QHEHQKHLWVFKZDQJGLHKLQWHUH7UDXIXQG NUDFKWHZLHGHU]X6LHERJXPHLQHHQJH.XUYHXQGVDKGHQ %DXP]RJGHQ:DJHQLQ5LFKWXQJ$EJUXQGXQGZLHGHU VFKDUI]XUFNNQDOOWHLKUHQ)XDXIGLH%UHPVH'HU/DQGUR YHUUXWVFKWHTXHUEHUGHQ:HJXQGNDPGDQQ]XP6WHKHQ 6HLQ+HFNKLQJEHUGHP6WUDHQUDQGGLHKLQWHUH7UZDU ZHLWDXIJHVFKZXQJHQ6RIRUW|IIQHWHVLHGLH6HLWHQWUGDV ,QQHQOLFKWILHOQDFKDXHQ:HQQHVLUJHQGMHPDQGHQJDE GHUVLHEHREDFKWHWHGDQQZUGHHUVHKHQGDHVVLFKEHLLKU XPHLQ0lGFKHQKDQGHOWHGDVDOOHLQHZDU ª6HKHQ6LHUXKLJYHUZXQGEDUDXV©KDWWH7UHQWVLHLQVWUX LHUWª6FKHUHQ6LHVLFKQLFKWXP,KUH$QJVW6LHVLQGDOOHLQDXI HLQHP%HUJZHJXQWHUZHJV0DQHUZDUWHWYRQ,KQHQGD6LH lQJVWOLFKVLQG/DVVHQ6LHGLH6FKHLQZHUIHUDQXQGVFKZHQ NHQ6LHGLH6XFKVFKHLQZHUIHU]XPKDQJZlUWVZHLVHQGHQ(Q GHGHU6SHUUHEHYRU6LHDXVVWHLJHQ1HKPHQ6LHGLH7D VFKHQODPSH:HQQ6LHMHPDQGHQVHKHQOHJHQ6LH,KUH+DQG DXIGHQ0XQGDOVZHQQ6LH]X7RGHHUVFKURFNHQZlUHQ XQGVFKUHLHQ6LH© 6LHVFKZHQNWHGLH6XFKVFKHLQZHUIHUDXIGDVKDQJZlUWV ZHLVHQGH(QGHGHV%DXPHVVFKDOWHWHGLH7DVFKHQODPSHHLQ XQGVWLHJDXV6LHJDELKQHQ=HLW]XHUNHQQHQGDVLHXQEH ZDIIQHWZDUEHYRUVLHLKUHQ3RQFKREHULKUH6FKXOWHUQOHJ WH'HU5HJHQVFKOXJLKULQV*HVLFKW6LHVFKQLHIWHXQGULHE VLFKGLH1DVHGDQQJLQJVLH]XP%DXPKLQEHUOLHGHQ /LFKWVWUDKOGHU7DVFKHQODPSHGDUEHUKLQXQGKHUZDQGHUQ 'HU%DXPZDUQLFKWDEJHVlJWZRUGHQDEHU7UHQWKDWWHVLH GDYRUJHZDUQWGDVLHHLQHQ%DXPEHQXW]HQZUGHQGHU YRP+XUULNDQXPJHZRUIHQZRUGHQZDUZHQQVLFKLKQHQ HLQHHQWVSUHFKHQGH0|JOLFKNHLWERW6LHKDWWHLKPQLFKWJH JODXEWKDWWHLKPQLFKWJODXEHQZROOHQ 6LHKRUFKWHDEHUGXUFKGHQ:LQGGHQDXIGLH%lXPH

WURPPHOQGHQ5HJHQXQGGDV7RVHQGHV)OXVVHVZHLWHUXQWHQ NRQQWHVLHQLFKWK|UHQREVLFKMHPDQGEHZHJWH6LHZDUVLFK VLFKHUGDHVVLFKQLFKWXPHLQHQ+LQWHUKDOWKDQGHOWH$EHU VHOEVWZHQQHVHLQHUZDUXQGVLHQLFKWXPJHEUDFKWZXUGHQ PXWHQVLHXQG7UHQWGHQ%DXPPLWGHU:LQGHZHJUl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lPPLJHU0DQQ 0DULDQDVFKDXWHKRFKXQGEOLFNWHLQ$XJHQGLH]ZHLJODW WHQVFKZDU]HQ6WHLQHQDP*UXQGHLQHVVHLFKWHQ)OXVVHVJOL FKHQ'LH$QJVWKDWWHVLHHUVWDUUHQODVVHQ 'HU0DQQVWHOOWHHLQHQ)X]ZLVFKHQLKUH%UVWHXQG GUFNWHVLHIODFKDXIGHQ5FNHQLQGHQ6FKODPP]XUFN 0LWGHP/DXIVHLQHV*HZHKUHVVFKOXJHUGHQ3RQFKR]X UFN'HU6FKQXUUEDUWGHUEHUVHLQHU2EHUOLSSHKHUXQWHU KLQJNRQQWHVHLQK|KQLVFKHV*ULQVHQQLFKWYHUEHUJHQ +LOIVORVODJ0DULDQDGD'HU5HJHQWURPPHOWHDXILKUH %UXVWHUZDUNDOWXQGVLHNRQQWHIKOHQZLHLKUH%UXVWZDU ]HQVLFKXQWHUGHPQDVVHQ%DXPZROOVWRIIYHUKlUWHWHQ ª(VZHUGHQ]ZHLVHLQ©KDWWH7UHQWJHZDUQWª(LQHUZLUG REHQDXIGHP+JHOVWHKHQXQGGHQ0DQQDXIGHP:HJ GHFNHQ$OVHUVWHVNQ|SIHLFKPLUGHQ0DQQREHQDXIGHP +JHOYRU6SUHFKHQ6LHODXWXQGGHXWOLFK,FKZLOOK|UHQ ZDV6LHVDJHQ© ª'DLVWHLQ8QIDOOJHVFKHKHQ©VWLH0DULDQDKHUYRU ª2EHQDP:HJ'HUDQGHUH/DQGURYHUPHLQ*URYDWHU

%LWWH©6LHZHFKVHOWHLQV6SDQLVFKH8QDFFLGHQLH'LH:RU WHEOLHEHQLKULQGHU.HKOHVWHFNHQ6LHVFKOXFNWHYHUVSUWH HLQXQJHKHXUHV%HGUIQLVQDFK6SHLFKHO ª6SLHOHQ6LHGLH+LOIORVH©KDWWH7UHQWLKUJHVDJW$POLHE VWHQKlWWHVLHODXWVHLQHQ1DPHQJHVFKULHQ 7UHQWKDWWHVLFKGUHL0HWHUGLH%|VFKXQJKLQXQWHUUROOHQ ODVVHQXQGODJMHW]WUHJORVGD'LHRIIHQH7UGHV/DQGURYHUV KDWWHLKQYHUERUJHQGLH6FKHLQZHUIHUZUGHQGHQLP+LQ WHUKDOWOLHJHQGHQ0lQQHUQGDV1DFKWVHKYHUP|JHQJHQRP PHQKDEHQ6HLQH$XJHQKLHOWHUJHVFKORVVHQ6RZHLWZDUDO OHVQDFK3ODQJHODXIHQ(UKDWWHMHGRFKQLFKWHLQJHSODQWPLW VHLQHQJHEURFKHQHQ5LSSHQDXIHLQHP%DXPDXI]XVFKODJHQ (UEHVFKPLHUWHVHLQH+DQGUFNHQXQGVHLQ*HVLFKWPLW 6FKODPP0DULDQDVFKULH(UOLHGLH6RQQHQEULOOHDXVVHLQHU %UXVWWDVFKHJOHLWHQVHW]WHVLHDXIXQG|IIQHWHGLH$XJHQ'HU 6FKPHU]KDWWHLKP7UlQHQLQGLH$XJHQJHWULHEHQXQGHU NRQQWHNDXPHWZDVHUNHQQHQ(U]ZLQNHUWHXQGVFKDXWH ZLHGHUKLQ6FKRQEHVVHUª8QDFFLGHQWH©K|UWHHU0DULDQD VDJHQ'DQQZDU6WLOOH(UPXWHXQEHGLQJWGLH%|VFKXQJ KRFKNOHWWHUQXQGEHUGHQ:HJVFKOHLFKHQEHZHJWHYRUVLFK WLJVHLQH+DQGQDFKYRUQHWDVWHWHQDFKWURFNHQHQ=ZHLJHQ GDQQJUXEHUVHLQH)LQJHULQGHQ6FKODPP$OVHUVLFKDXI VHLQHP%DXFKGLH%|VFKXQJKRFK]RJOLHGHU6FKPHU]QHXH 7UlQHQLQVHLQH$XJHQVWHLJHQ(UZQVFKWHVLFK0DULDQD ZUGHZHLWHUUHGHQIDQGQHXHQ+DOW ª(O3UHVLGHQWH(O/DQGURYHUVHFXQGR(OULR©VFKULH0D ULDQDGXUFKGDV7RVHQGHV)OXVVHVKLQGXUFK$QJVWGURKWH VLHLQVFKZDU]H6WUXGHO]XUHLHQ'DVK|KQLVFKH/DFKHQGHV 0DQQHVVFKZHEWHEHULKU6LHGDFKWHDQGLH.DW]HDXVLKUHU .LQGKHLWVXFKWH=XIOXFKWLQ.LQGKHLWVHULQQHUXQJHQVSUWH GHQNDOWHQ/DXIGHV*HZHKUHVDQLKUHP6FKHQNHOVSUWH ZLHGDPLWLKU5RFNKRFKJHKREHQZXUGH ª.OHLQH+XUH©VDJWHGHU0DQQXQGVSXFNWHLKULQV*HVLFKW 6LHVFKULH ª1LFKWKLQVFKDXHQ©HUPDKQWH7UHQWVLFK)ODFKDXIGHP %DXFKUREEWHHUEHUGHQ:HJ ª+XUH©ZLHGHUKROWHGHU0DQQª6DJGLH:DKUKHLWRGHU GXVWLUEVW©

'HU*HZHKUODXIGUDQJDXIVLHHLQ6LHZLQVHOWHZLHHLQJH VFKODJHQHU+XQGª,FKVFKZ|UHHV,KQHQ6HQRUELWWHLFKIOH KH6LHDQ© ª)OHKQXU©K|KQWHGHU0DQQ0LWGHU6WLHIHOVSLW]HKHEHOWH HUVLHDXILKUHQ%DXFKHUODJHUWHVHLQHQ6WLHIHODXILKUHQ 1DFNHQSUHWHLKU*HVLFKWLQGHQ6FKODPP 9HUlFKWOLFKVWLHHUGDV*HZHKULQVLHKLQHLQ'HU+DH[ SORGLHUWHLQLKUHVZDUDOVREHUGXUFKGLHYHUNRKOWH.UXVWH HLQHV)HXHUVJHVWRHQKlWWH)ODPPHQGHU$EVFKHXVFKRVVHQ VHQJHQGGXUFKLKUH$GHUQVDXUH*DOOHVWLHJLKULQGLH.HKOH 6LHGUFNWHLKUH:DQJHIODFKLQGHQ6FKODPPVRGDVLHDW PHQNRQQWH'LFNODJGHU6FKODPPDXILKUHQ/LSSHQYHU VWRSIWHLKUH1DVHQO|FKHU (VZDUQLFKWQ|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lQQHUVHLQ 7UHQWOLHGLH6RQQHQEULOOHLQVHLQH7DVFKHJOHLWHQVHLQH 6WLHIHOJUXEHQVLFKLQGHQ%RGHQVXFKWHQVLFK+DOWDOVHU VLFKDXIGLH)HVWHOOWH'HU0DQQVWDQGGDJDQ]IUHLZLH HLQH=LHOVFKHLEHDXIGHP6FKLHSODW]'LH6FKPHU]HQZDUHQ ZLHZHJJHEODVHQ7UHQWGXFNWHVLFKWLHIGLH)HZLHHLQ $QNHUDXIGHP%RGHQVHLQH:DOWKHULQEHLGHQ+lQGHQUX KLJZLHHLQ)HOVHQ'HUODQJH/DXIZLHVDXIGLH%UXVWGHV 0DQQHVGHU)LQJHUGUFNWHGHQ$E]XJGUFNWHHLQPDO GXUFKGDQQHLQ]ZHLWHV0DOGHU0DQQWDXPHOWH'LH)H LPPHUQRFKZLHDQJHZDFKVHQVFKZDQJ7UHQWDXVGHU+IWH

KHUXP/RFNHUXQGJHVFKPHLGLJEHZHJHQHUPDKQWH7UHQW VLFKZLHDXIGHP6FKLHSODW]'HU0DQQDXIGHP:HJ VSUDQJLQVHLQ%OLFNIHOG7UHQWVFKRLKQ]XHUVWLQVHLQH*H ZHKUVFKXOWHUGDQQGXUFKGHQ+LQWHUNRSI *DQ]ODQJVDPEUDFKGHU0DQQ]XVDPPHQ(UVWMHW]WHU ODXEWHVLFK7UHQW0DULDQDDQ]XVHKHQ+DOEQDFNWNQLHWHVLH GDPLW6FKODPPEHGHFNWKLHOWLKU76KLUWXPNODPPHUW (U]RJVHLQH.DPSIMDFNHDXVDOVHUGLH%|VFKXQJKHUXQ WHUVFKOLWWHUWHOHJWHVLHLKUEHUGLH6FKXOWHUXQGNQLHWHVLFK KLQVDKVLHDQVFKORVLHLQVHLQH$UPHIKOWHZLHVLH]LWWHU WHZLHLKUH6FKOXFK]HUYRQVHLQHU%UXVWJHGlPSIWZXUGHQ 6DQIWKREHUVLHDXILKUH)HKLHOWVLHIOVWHUWHLKU]lUWOLFKH :RUWH]XZLHHLQHPQHUY|VHQ)RKOHQVWULFKEHULKUHQ+LQ WHUNRSIEHZHJWHVLHYRUVLFKWLJ]XPVFKW]HQGHQ/DQGURYHU $EHUVLHZROOWHNHLQHQ6FKXW]ª%LWWH©IOVWHUWHVLHXQGEH IUHLWHVLFKDXV7UHQWV$UPHQ6LHEOLFNWHDXIGHQ0DQQ]X UFNGHUWRWLP6FKODPPODJ7UHQWEHREDFKWHWHZLHVLH JDQ]UXKLJDOOH(LQ]HOKHLWHQLQVLFKDXIQDKPVLFKGDV%LOGLQ LKU*HGlFKWQLVHLQSUlJWH 6LHPXWHHVHLQIDFKWXQ6LHIKOWHZLHGHU+DXQGGLH $QJVWZLFKHQ$P(QGHZDUVLHOHHU6LHGUHKWHVLFKZLHGHU LQ7UHQWV$UPHVDXJWHVHLQH:lUPHLQGLH/HHUHKLQHLQ ª,FKKROHGLH0RWRUVlJH©VDJWHHU

,PUHFKWHQ:LQNHOWUDIGLHXQEHIHVWLJWH6WUDHDXIGHQ)OX 8PJHVWU]WHXQGYRQGHU6WU|PXQJPLWJHULVVHQH%lXPH KDWWHQVLFKZLHHLQ%LEHUGDPPYRUGHU%UFNHDXIJHWUPW 1DFKGHP/RXLV 0lQQHUGLH%UFNHEHUTXHUWKDWWHQXP GHQ3UlVLGHQWHQDXVVHLQHU%ORFNKWWH]XKROHQKDWWHGHU JHZDOWLJH'UXFNGHV:DVVHUVGLH%UFNHDXVLKUHQ9HUDQNH UXQJHQJHULVVHQ'DV:DVVHU]HUUWHVRODQJHDQGHP0LWWHO WHLOGHU%UFNHGDVQLUJHQGZRPHKUDXIODJELVGHU%HWRQ ]HUVSUDQJXQGJURH3ODWWHQGHVJHWHHUWHQ6WUDHQEHODJHV ZLH7HHUSDSSH]XU6HLWHJHZRUIHQZXUGHQ(LQGLUHNWHU %RPEHQWUHIIHUKlWWHZHQLJHU=HUVW|UXQJHQDQJHULFKWHW 1DFKGHP+LQWHUKDOWKDWWH7UHQWGDV6WHXHUEHUQRPPHQ 2EZRKOGLHXQEHIHVWLJWH6WUDHYRQ6FKODJO|FKHUQEHUVlW ZDUZDUVLHLP9HUJOHLFK]XGHPYRQGHU:LHVHKHUDEIK UHQGHQ:HJJODWWZLHGLH2EHUIOlFKHYRQ'RQ5REHUWRV %HFKVWHLQ)OJHO0DULDQDKDWWHVLFKQHEHQLKP]XVDPPHQ JHUROOWXQGVFKOLHILKU.RSIODJLQVHLQHP6FKR0LWGHQ 6XFKVFKHLQZHUIHUQOHXFKWHWHHUIOXDXIZlUWVELV]XHLQHU )OXELHJXQJGLHLQHLQHP%RJHQ]XUFN]XU6WUDHIKUWH $OVHUGLH7U|IIQHWHGUDQJGDV7RVHQGHVDQGHQhEHUUH VWHQGHU%UFNHQWUlJHUUHLHQGHQ:DVVHUVDQVHLQH2KUHQ 'HU5HJHQKDWWHMHGRFKDXIJHK|UWXQGGDV+RFKZDVVHUKDW WHEHUHLWVHLQZHQLJQDFKJHODVVHQ'LH:DVVHUREHUIOlFKH VFKlXPWHZHQLJHUGXQNHOXQGJODWWZLHHLQ6WURPDXV VFKOSIULJHU/DNULW]HZlO]WHVLFKGHU)OXGDKLQ 7UHQWOLH0DULDQDVFKODIHQQDKPGLH7DVFKHQODPSHXQG JLQJIOXDXIZlUWVELVKLQWHUGLH%LHJXQJ'LH(QWIHUQXQJ]X HLQHUNOHLQHQ*UXSSHYHUNUSSHOWHU%lXPHDPDQGHUHQ8IHU EHWUXJHWZDIQIXQG]ZDQ]LJ0HWHU(UVFKOHXGHUWHHLQHQ GLFNHQ6WRFNLQGLH6WURPPLWWHXQGEHREDFKWHWHZLHHUYRQ GHU6WU|PXQJHUIDWZXUGH9LHU]LJ6HNXQGHQELV]XU0LWWH GHU%LHJXQJ*HIlKUOLFKDEHUP|JOLFK (UNHKUWH]XP/DQGURYHU]XUFNKROWH0RQWLHUHLVHQ)X

SXPSH:DJHQKHEHUXQG5DGNUHX]DXVGHU:HUN]HXJNLVWH PDFKWHGDV(UVDW]UDGORVOLHGLH/XIWDEXQGKHEHOWHGHQ 5HLIHQVRZHLWYRQGHU)HOJHGDHUGHQ6FKODXFKKHUDXV]LH KHQNRQQWH(USXPSWHGHQ6FKODXFKPLW/XIWYROOOLHLKQ LP/DQGURYHU]XUFN1DFKGHPHUGLH0XWWHUQDP+LQWHU UDGDXIGHU)DKUHUVHLWHHLQZHQLJJHORFNHUWKDWWHEDQGHU GDV6HLWHQHQGHDQGLH+LOIVVWW]HGHV:DJHQKHEHUVZDUI VLFKGDV6HLOEHUGLH6FKXOWHUXQGJLQJZLHGHUHLQ6WFN IOXDXIZlUWV 0LWHLQHPKDOEHQ'XW]HQG]XVDPPHQJHVXFKWHU6WHLQHE WHHUGDV:HUIHQ]XGHQYHUNUSSHOWHQ%lXPHQDXIGHPDQ GHUHQ8IHU6REDOGHUVLFKVLFKHUZDUGLH(QWIHUQXQJ]X PHLVWHUQOHJWHHUGDV6HLOVRUJIlOWLJVRLQ5LQJHQEHUHLQDQ GHUGDHVVLFKJXWDEUROOHQZUGHXQGKREGLH5DGVWW]H KRFK6HLQHUVWHU:XUIZDU]XKRFKGLH6WW]HYHUILQJVLFK LQGHQ.URQHQGHU%lXPHXQGULVLFKZLHGHUORV'HU]ZHL WH9HUVXFKILHO]XNQDSSDXVEHLPGULWWHQ0DOODQGHWHGLH 6WW]HLQGHU9HU]ZHLJXQJHLQHV6WDPPHV7UHQW]RJPLWVHL QHPJDQ]HQ.|USHUJHZLFKWDP6HLO(VKLHOW(U]HUUWHGDV 6HLOPLWHLQHP5XFNLQGLH+|KHXQGQDFKXQWHQHVKLHOWLP PHUQRFK=XIULHGHQZDQGHUGDV6HLOXPHLQHQ%DXPDXI VHLQHU6HLWHGHV)OXVVHV]RJHVVWUDPPGDPLWHVVLFKQLFKWLQ LUJHQGHLQHPYRUEHLWUHLEHQGHQ*HJHQVWDQGYHUIDQJHQNRQQ WHXQGPDFKWHHVPLWHLQHP'RSSHONQRWHQIHVW'HQ5HVW GHV6HLOHVDEZLFNHOQGEHREDFKWHWHHUHLQH:HLOHGHQ)OX *U|WHQWHLOVEHVWDQGGDV7UHLEJXWDXVWURFNHQHQbVWHQXQG 6WUlXFKHUQ $OVHU]XU6WUDH]XUFNJLQJGDFKWHHUEHU0DULDQD QDFK%HLP/DQGURYHUZlUHGDV0lGFKHQYLHOVLFKHUHU$EHU VLHZUGHEHVWLPPWOLHEHQGJHUQHGLH$E]ZHLJXQJ]XP (QJOLVK&RORQHO V3RLQWKLQWHUVLFKEULQJHQ*HIKOVPlLJ KDWWHVLHHLQLJHVYHUNUDIWHQPVVHQXQG:DUWHUHL]HUUWHLP PHUDQGHQ1HUYHQ ª,PPHUKlQJWHVYRQPLUDE©VDJWHVLH6LHVFKDXWH]X LKPª8QGGDVZLUGLPPHUVREOHLEHQ,FKPHLQH]ZLVFKHQ XQV© :LHHLQIDFKHVZlUHVLHZLHGHULQGLH$UPH]XQHKPHQ GDFKWHHU$EHUGDVZDUQLFKWVHLQH$UWXQGHVZlUHLKUJH

JHQEHUDXFKQLFKWIDLUJHZHVHQª,FKJODXEHGLH0LQLVWHU OHEHQ©VDJWHHUªXQGLFKGHQNHLFKNDQQVLHEHIUHLHQ© ª,FKNRPPHPLW,KQHQ© ªhEHUGHQ)OXDEHUQLFKWELV]XU)DUP'DVPXLFKDO OHLQHWXQ© ª,FKZHLHVLVW,KU-RE©6LHZDUYLHO]XHUVFK|SIWXPbU JHURGHUJDU%LWWHUNHLWLQLKUH6WLPPH]XOHJHQ ª7XWPLUOHLG©VDJWHHUXQGOLHGHQ0RWRUDQ(UERJEHU GLH6WUDHIXKUGXUFKGHQ*UDEHQXQGGDV)OXXIHUKRFKELV ]XU%LHJXQJ0DULDQDKRFNWHDXIGHU%DQNXQGEHWUDFKWHWH GDV:DVVHUZlKUHQG7UHQWGHQ/DQGURYHUPLWGHP:DJHQ KHEHUDQKRE(UPRQWLHUWHGDVEHUHLWVHLQZHQLJJHO|VWH+LQ WHUUDGDEOLHGLH/XIWKHUDXVEHIUHLWHGHQ,QQHQVFKODXFK XQGSXPSWHLKQZLHGHUDXI$P'RSSHONQRWHQVFKQLWWHU GDV6HLODP%DXPHQW]ZHLXQGEDQGGDV(QGHXPGHQ 6FKODXFK'DPLWGDVEULJH6WFN6HLOQLFKWZHJJHZHKWZXU GHEDQGHUHVPLWHLQHP(QGHDP%DXPIHVWPLWGHPDQGH UHQXPGHQ]ZHLWHQ6FKODXFK'DQQNDXHUWHHUVLFKQHEHQ 0DULDQDKLQ(UEHUKUWHVLHQLFKWª6LQGVLHVRZHLW"© 6LHQLFNWH ª'DQQVSULQJHQ6LHVRZHLW6LHN|QQHQ©VDJWHHUª'DV 6HLOZLUNWZLHHLQ3HQGHOXQGGLH6WU|PXQJGUFNW6LHKLQ EHU]XPDQGHUHQ8IHU© ª,FKZHL© (UZROOWHQLFKWVZHLWHUGD]XVDJHQDEHUVLHKDWWHGLHOHW] WHQIQI0LQXWHQGDV7UHLEJXWYRUEHLVFKZLPPHQVHKHQXQG VLHZDUQLFKWGXPP(UKROWHGLHEHLGHQ3RQFKRVDXVGHP /DQGURYHUXQGOHJWHVLH]XHLQHP%DOOHQ]XVDPPHQ (LQWURFNHQHU$VWVDXVWHYRUEHLHUZDUGLFNXQGVFKZHU XQGKDWWHVSLW]H(QGHQ 7UHQWKLHOWLKUGHQ6FKODXFKKLQ0DULDQDVWLHJKLQHLQ VFKDXWHLKQQLFKWDQ ª:HQQ6LHVLFKKLQEHUWUDJHQODVVHQVROOWHGHU6FKODXFK VRKRFKZLHP|JOLFKVLW]HQ©LQVWUXLHUWHHUVLHª%HQXW]WHQ 6LHGLH3RQFKRVXP,KU*HVLFKW]XVFKW]HQ6LHVFKQDSSWH VLFKGLH3RQFKRVXQGVSUDQJEHYRU7UHQWLKUVDJHQNRQQWH VLHVROOHQRFKZDUWHQ(UEHREDFKWHWHZLHVLHYRQGHU6WU| PXQJHUIDWZXUGH,KU6HLOYHUKDNWHVLFKDQLUJHQGHWZDV

GDVGUDXHQLQGHU)OXPLWWHODJ7UHQWVFKDXWHIOXDXI ZlUWV'LH6XFKVFKHLQZHUIHUGHV/DQGURYHUHUIDWHQGHQJH VSOLWWHUWHQ6WDPPHLQHV%DXPHVHWZDHLQ'ULWWHOGHU)OX EUHLWHYRPDQGHUHQ8IHUHQWIHUQW'LHJH]DFNWHQ6SLW]HQGHV 6WDPPHVZLUNWHQZLHHLQ%QGHOZHLHU)OHLVFKHUPHVVHU 'HU%DXPZUGHLQ0DULDQDV6HLOKlQJHQEOHLEHQXQGVLH ZUGHLQGHQDXVJH]DFNWHQ5DPERFNKLQHLQJH]RJHQZHU GHQ7UHQWVWHOOWHVLFKYRUZLHGLH6SLW]HQGHU0HVVHULQLKU *HVLFKWVWLHHQLQLKUH$XJHQ(VKDWWHNHLQHQ=ZHFN]X EUOOHQGDV7RVHQGHV:DVVHUVKlWWHHLQ1HEHOKRUQEHU W|QW (UVFKQDSSWHVLFKGHQ]ZHLWHQ6FKODXFKXQGVFKOHXGHUWH VLFKKLQDXVLQGHQ)OXWUDWEHUHLWVPLWGHQ%HLQHQEHYRUHU LP:DVVHUDXINDP(UGDFKWHQLFKWGDHUHVVFKDIIHQZU GHGRFKGLH6WU|PXQJWULHEGHQ%DXPDXILKQ]X'HUHUVWH $VWVFKOXJJHJHQVHLQHQ$UP(USDFNWHLKQKLHYWHVLFKQDFK YRUQHXQGVFKDIIWHHVGHQ6FKODXFKEHUGLH]DFNLJHQ6SLW ]HQGHV]HUERUVWHQHQ%DXPHV]XKlQJHQ-HGHQ0RPHQWHU ZDUWHWHHUGDGHU6FKODXFKSODW]HQRGHUGDV6HLO]HUUHLHQ N|QQWH0KVDPNOHWWHUWHHUGXUFKGLHbVWHQDFKREHQ]RJ GLHOHW]WHQSDDU0HWHUGHVVFKODIIHQ6HLOHV]XVLFKKHUDQ VFKOXJHVXPHLQHQ$VWVWXPSI(LQDQGHUHU$VWSHLWVFKWH EHUVHLQ*HVLFKW]ZDQJLKQXQWHU:DVVHU*OHLFKZUGH GHU%DXPEUHLWVHLWLJLQGHQ)OXVFKZHQNHQGLHbVWHZU GHQ0DULDQDDXIGHQ*UXQGGHV)OXVVHVKLQXQWHUUHLHQXQG VLHKlWWHNHLQH0|JOLFKNHLWGHP]XHQWULQQHQ *HJHQGLH6WU|PXQJ]RJHUVLFKZLHGHUDXVGHP:DVVHU YHUILQJVLFK]ZLVFKHQGHQbVWHQEHPKWHVLFKYHU]ZHLIHOW VHLQHQ.|USHUJDQ]VWHLI]XPDFKHQVRGDHUZLHHLQ5XGHU ZLUNWHXQGGHU%DXPVWXPSIGDGXUFK]XPDQGHUHQ8IHUJH WULHEHQZXUGH'LH6WU|PXQJULGLH6SLW]HGHV%DXPHVKHU XPVRGDVLHMHW]WDXIGHQ/DQGURYHU]HLJWH'DV:DVVHU ZRJWHEHU7UHQWKLQZHJDOVVLFKDXIHLQPDOGDV6HLOXQWHU GHP*HZLFKWGHV%DXPHVVSDQQWHXQGZLHGHU$UPHLQHV 3HQGHOVZLUNWH'DVJHVSOLWWHUWH(QGHVFKREVLFK]XUFNXQG YRPDQGHUHQ8IHUZHJGHU)OXZDUIU0DULDQDZLHGHU IUHL$OVGDV6HLOULZDUGHU'UXFNJHQDXVRSO|W]OLFKZLHGHU ZHJZLHHUHQWVWDQGHQZDU'RFKGHU%DXPVFKZHQNWHEH

UHLWVKHUXPGLH6WU|PXQJVWLHGLHREHUVWHQEHODXEWHQbVWH LQGLH)OXPLWWH]XUFN(LQ$VWYHUILQJVLFKDXIGHP*UXQG GHV)OXVVHV7UHQWZXUGHXQWHUGLH:DVVHUREHUIOlFKHJHUROOW (UNlPSIWHJHJHQGLHbVWHDQZROOWH]XP6WDPPKLQZXWH JDUQLFKWZDUXP'DQQUROOWHVLFKGHU%DXPZLHGHUKHUXP XQGKREVHLQHQ.RSIDXVGHP:DVVHU )UHLQH6HNXQGHNRQQWHHUGDVDQGHUH8IHUVHKHQ0DULD QDNODPPHUWHVLFKDQHLQH%DXPZXU]HO,KU0XQGZDUZHLW JH|IIQHWXQG7UHQWZXWHGDVLHVHLQHQ1DPHQVFKULH 'DQQZDUHUDQLKUYRUEHUXQGGHU%DXPUDVWHDXIGLH hEHUUHVWHGHU%UFNH]X (UZROOWHJHJHQGLHVFKUHFNOLFKH$QJVWDQVFKUHLHQ$QJVW GDYRUGDGLH6WDKOWUlJHUVLFKLQVHLQHQ.|USHUERKUHQZU GHQ'HU%DXPYHUILQJVLFKUROOWH7UHQWQRFKK|KHUDXVGHP :DVVHUKHUDXVZXUGHYRP)OXZLHGHUORVJHULVVHQ=ZDQ ]LJ0HWHUZHLWHUVDK7UHQWHLQHQYRP6WXUPXPJHZRUIHQHQ %DXPGHUZHLWLQGHQ)OXKLQHLQUDJWH*ODWWZLHgOZRJWH GDV:DVVHUDQLKPKRFKXQGEHULKQKLQZHJ7UHQWZDU VLFKVLFKHUGDGLHVSLW]HQ6WPSIHDEJHULVVHQHUbVWHQXU GDUDXIZDUWHWHQLKQDXI]XVSLHHQ(UOLHGLH=ZHLJHORV OLHVLFKYRQGHU6WU|PXQJHUIDVVHQGLH6FKPHU]HQLQVHL QHQ5LSSHQIXKUHQLKPELVLQGLH/XQJH9HU]ZHLIHOWWDVWHWHQ VHLQH)LQJHUQDFKHLQHP+DOW7UHQWIKOWHZLHVHLQH)LQJHU QlJHO]HUULVVHQZXUGH(LQH6HNXQGHODQJEHUKUWHQVHLQH )HGHQ6WDPP7UHQWPDFKWHHLQHQ6DW]DXIGDV8IHU]X GLH6WU|PXQJ]HUUWHDQVHLQHQ%HLQHQDOVHUGLHbVWHHLQLJHU NOHLQHU%lXPH]XSDFNHQYHUVXFKWH'HU6FKPHU]QDKPLKP GLH6LFKWHVKlWWHQLFKWYLHOJHIHKOWXQGHUKlWWHDXIJHJHEHQ 'LH6WU|PXQJGUHKWHVHLQH%HLQHSDUDOOHO]XP8IHUXQGGLH )HEHUKUWHQGHQ6FKODPP0LWOHW]WHU.UDIWNlPSIWHHU VLFKELVLQGHQ6FKXW]GHUMXQJHQ%lXPHKLQHLQXQGODJGD IKOWHQLFKWVDOV6FKPHU] 0DULDQDVYHU]ZHLIHOWH5XIHKROWHQ7UHQWDXVGHP$EJUXQG GHU(UVFK|SIXQJ]XUFN'DV0lGFKHQKDWWHGLH+DXSWVWUD HEHUTXHUWXQGVXFKWHGDV)OXXIHUDE6WDWWVHLQHQ1D PHQ]XEHQXW]HQULHIVLHª:RVLQG6LH"©XQGZLHGHUKROWH GLH:RUWHLPPHUZLHGHU

(UODJ]ZLVFKHQGHQMXQJHQ%lXPHQDP%RGHQGHU)OX WRVWHQHEHQLKPGDKLQZDUHLQHXQDEOlVVLJH%HGURKXQJ :HOOHQNODWVFKWHQJHJHQGHQXPJHVWU]WHQ%DXPGDVKRFK JHVSULW]WH:DVVHUSHLWVFKWHLQ7UHQWV*HVLFKW'HU$JHQW UROOWHVLFKDXIGLH.QLHXQGYHUVXFKWHYRP8IHUZHJ]XNULH FKHQEHYRUHULKUDQWZRUWHWH'HUVHQJHQGHTXDOYROOH 6FKPHU]LQVHLQHUUHFKWHQ+DQG]ZDQJLKQMHGRFKDXI]XVWH KHQ ª+LHU©ULHIHU6HLQH)HSODWVFKWHQGXUFKGDVPRUDVWLJH *UDVDOVHUDXIVLH]XKXPSHOWH(VZDUHQQRFKHWZDDQGHUW KDOE.LORPHWHUELV]XGHU$E]ZHLJXQJ]XP(QJOLVK&ROR QHO V3RLQW(UZDUVLFKQLFKWVLFKHUREHUGDVVFKDIIHQNRQQ WH(LQHQ0HWHUYRQLKPHQWIHUQWEOLHE0DULDQDVWHKHQ'LH 'XQNHOKHLWYHUEDUJLKUHQ*HVLFKWVDXVGUXFN7UHQWZROOWH QLFKWGDVLH*HIKOH]HLJWH:UGHVLHGDVQlPOLFKWXQ GDFKWHHUZUGHHUVLFKDQLKUIHVWKDOWHQXQGXQIlKLJVHLQ VLFKQRFK]XEHZHJHQ8QGHUZDUGRFKYLHO]XDOWXPGHQ 7UlQHQQDKH]XVHLQ(UYHUVXFKWHVLFK]XHULQQHUQZDQQHU GDVOHW]WH0DOJHZHLQWKDWWH'DPDOVDOVHUVLFKLQGHU%R[ YHUVWHFNWKDWWHMHGHQIDOOVQLFKWQLFKWHLQPDODOVHUGHQ 6FKXJHK|UWKDWWHZDUHQLKPGLH7UlQHQJHNRPPHQ(U KDWWHDXFKQLFKWJHZHLQWDOV&RORQHO6PLWKLKPYRP7RG VHLQHU0XWWHUEHULFKWHWKDWWH'DPDOVKDWWHHUNHLQHQ 6FKPHU]JHIKOWQXUGLHQFKWHUQH/HHUHGHU(LQVDPNHLW 8QGHUZDUVLFKVLFKHUGDHUVHLWGHPQLFKWJHZHLQWKDWWH DOVRPXWHHVLQVHKUMXQJHQ-DKUHQJHZHVHQVHLQ'LH(U VFK|SIXQJVSLHOWHLQHPVFKRQVHOWVDPH6WUHLFKHGDFKWHHU ª+DOOR©JDEHUYRQVLFK 0DULDQDDQWZRUWHWHQLFKW'DKHUIJWHHUKLQ]Xª*XWPLW ,KQHQLVWDOVRDOOHVLQ2UGQXQJ©'DQQVFKDXWHHUDXIGLH 8KUª:LUVROOWHQLQ%HZHJXQJEOHLEHQ,QHLQSDDU6WXQGHQ ZLUGHVKHOOXQGLFKZLOODXVGHU'XQNHOKHLWKHUDXVORV VFKODJHQ© ª/DVVHQ6LHHVGRFKVHLQ©VDJWHVLH %HLQDKHKlWWHHUª:DV"©JHIUDJWDEHUHUYHUNQLIIHVVLFK $OVREHUHVGRFKJHVDJWKlWWHPHLQWHVLHª6LHZLVVHQ VFKRQGLHVH6SLHOFKHQ© 6LHWUDWHLQHQ6FKULWWQDFKYRUQH'LFKWYRULKPVWHKHQG

VWUHFNWHVLHGLH$UPHQDFKREHQXQGKLHOWGLH9RUGHUVHLWH VHLQHU.DPSIMDFNHIHVW7UHQWZXWHGDVLHLP%HJULIIZDU LKP]XVDJHQGDVLHLKQOLHEWH 5XKLJPHLQWHHUª,QGHQOHW]WHQDFKW0RQDWHQZDULFK 7UHQWGHUH[WUDYDJDQWH6HJOHU,PQlFKVWHQ0RQDWELQLFK YLHOOHLFKW,EUDKLP0RKDPPHGKDEHGUHL)UDXHQXQG]ZHL 'XW]HQG.LQGHURGHULFKELQ3HSHGHUVFKZXOH%DUNHHSHU PLWGHP6HLGHQKHPG© ª,FKKDEHHLQVLFKHUHV*HIKO©VDJWH0DULDQDPLWHLQHP OHLVHQ.LFKHUQGDVVLHIDVWDEUXSWXQWHUEUDFKDOVEHIUFKWHWH VLHLQ+\VWHULHDXV]XEUHFKHQ ª6LFKHU"©IUDJWH7UHQW$XIGLHEHLGHQ7DJHGLHVLHPLWHLQ DQGHUYHUEUDFKWKDWWHQWUDIGLHVHV:RUWQXQEHUKDXSWQLFKW ]X ª%HLLKQHQ©VDJWHVLHª6LHZLVVHQVFKRQZDVLFKPHLQH© 6LHOHJWHLKUH:DQJHDQVHLQH%UXVWª6LHVLQGHLQULFKWLJHU )HLJOLQJ© (UGUHKWHVLH]XU6WUDHOHKQWHVLFKPLWHLQHP7HLOVHLQHV .|USHUJHZLFKWVDXILKUH6FKXOWHUQªhEHUGDVXQHEHQH*H OlQGHZHUGHQ6LHPLUHLQZHQLJKLQZHJKHOIHQPVVHQ©VDJ WHHUª$XIGHU7HHUVWUDHVROOWHLFKGDQQNODUNRPPHQ© 6LHEHQ|WLJWHQIDVWHLQH6WXQGHXPGLHDQGHUWKDOE.LORPHWHU ELV]XU$E]ZHLJXQJ]XP(QJOLVK&RORQHO V3RLQW]XUFN]X OHJHQ=ZHLPDOKDWWHQVLHDEZDUWHQPVVHQELV7UHQWPLWHL QHUJURHQ.UDIWDQVWUHQJXQJZLHGHUVHLQHU6FKPHU]HQ+HUU ZXUGH(VZDUHQ$XJHQEOLFNHLQGHQHQHUGDFKWHHUPVVH DXIJHEHQ0LWWOHUZHLOHEUDFKHQGLH:RONHQDXIXQGJDEHQ GHQ%OLFNDXIGLH6WHUQHIUHLGHU:LQGKDWWHQDFKJHODVVHQHV ZHKWHQXUQRFKHLQHOHLFKWH%ULVH'LHWULHE7UHQWYRUDQ (WZDHLQKXQGHUW0HWHUYRUGHU$E]ZHLJXQJEOLHEHQVLH VWHKHQ ª,FKKDEHNHLQH$KQXQJZLH6LHLQGLH6WDGWNRPPHQ© PHLQWH7UHQW]X0DULDQDªDEHU6LHVROOWHQNHLQH5LVLNHQHLQ JHKHQ*HEHQ6LHVLFKDOV%DXHUQPlGFKHQDXV(U]lKOHQVLH HLQXPVWU]HQGHU%DXPKDEHGDV%HLQ,KUHV0DQQHVXQWHU VLFKEHJUDEHQ6LHKlWWHQGDV%HLQPLW7RQJHVFKLHQWKLHU DXIGHP/DQGPDFKWPDQGDVVRPLW7RQGHUPLWGHQ6WUHL

IHQHLQHV0RVNLWRQHW]HVYHUVWlUNWZLUG6LHVLQGXQWHUZHJV ]XP.UDQNHQKDXVXP$QWLELRWLND]XKROHQ© (UNQLHWHVLFKDP6WUDHQUDQGKLQQDKP0DULDQDV7XUQ VFKXKHVFKQLWWGLH=HKHQDEXQGIUDQVWHGLH5lQGHUDXV0LW HLQHPVFKDUIHQ6WHLQHQWIHUQWHHUGLH0HWDOOVSLW]HQYRQHL QHPLKUHU6FKQUVHQNHOKDFNWHGHQ6FKQUVHQNHOHQW]ZHL XQGNQRWHWHGLH+lOIWHQ]XVDPPHQVRGDGHU.QRWHQLQV $XJHYLHOXQGGHU6FKQUVHQNHODXVVDKDOVKlWWHHUVFKRQ HLQ-DKUODQJLP6FKXKJHVHVVHQ,KUHQDQGHUHQ6FKQUVHQ NHOWDXVFKWHHUJHJHQHLQHQEUDXQHQDXVGHUDXVHLQHPVHL QHU$UPHHVWLHIHOVWDPPWH:HJHQVHLQHUYHUOHW]WHQ+DQGDU EHLWHWHHUQXUODQJVDPVHLQH)LQJHUVSLW]HQZDUPLW%OXW YHUNUXVWHW ª'DUDXIZHUIHQ3URILVLPPHUHLQHQ%OLFNDXIGLH6FKXKH 8QGVFKOHLFKHQ6LHQLFKWGXUFKGLH*HJHQG©ZDUQWHHU ª+DOWHQ6LHVLFKPLWWHQDXIGHU6WUDHVRGDGLH/HXWHYLHO =HLWKDEHQ6LH]XVHKHQ8QGVSUHFKHQ6LHNUHROLVFKXQG QLFKWVDQGHUHV©(UJULQVWHVLHDQª6RYLHO]XP/RQGRQHU,Q VWLWXWIU:LUWVFKDIWVZLVVHQVFKDIWHQ:HQQVLHGHQEULWLVFKHQ +RFKNRPPLVVDUHUUHLFKHQEHULFKWHQVLHLKPZDVJHVFKHKHQ LVW:HQQ6LHHVQLFKWVFKDIIHQPDFKHQ6LHVLFKNHLQH6RU JHQ$PZLFKWLJVWHQLVWGD,KQHQQLFKWV]XVW|W©(UZX WHHUKlWWHVDJHQVROOHQª,FKZLOOQLFKWGD,KQHQHWZDV]X VW|W©,PVFKZDFKHQ/LFKWGHU6WHUQHNRQQWHHUQLFKWDQ LKUHP*HVLFKWDEOHVHQZDVLQLKUYRUJLQJ(UZROOWHVLHEH UKUHQIKOWHDEHU6FKHXYRUGHPZDVGDQQJHVFKHKHQ ZUGH ª8QGZHQQ6LHVFKHLWHUQ"©IUDJWHVLH ª,FKZHUGHQLFKWVFKHLWHUQ,FKZHUGHPLFKPLWLKQHQXQ WHUKDOWHQPHKUQLFKW'LH6FKLHHUHLHQVLQGYRUEHL© (UEHREDFKWHWHZLHVLHGLH6WUDHHQWODQJJLQJ6LHZLUNWH NOHLQXQGYHUOHW]OLFK 'HU:HJKRFK]XU%ORFNKWWHGHV3UlVLGHQWHQZDUGHP9HU ODXIGHV*HELUJHVJHIROJWGHU:HJ]XP(QJOLVK&RORQHO V 3RLQWOLHIXQWHQLQHLQHP7DOHQWODQJ$PXQWHUHQ(QGHGHV 7DOHVZUGHHLQH6WUDHQVSHUUHHUULFKWHWZRUGHQVHLQGLH GHUDP%HUJJOLFK(VKDWWHIU7UHQWNHLQHQ=ZHFNGHQ9HU

VXFK]XXQWHUQHKPHQVLH]XXPJHKHQ(U KDWWHJDUQLFKW PHKUGLH.UDIWGD]X8QGVHOEVWZHQQHUXPGLH6WUDHQ VSHUUHKHUXPJHNRPPHQZlUHKlWWHHUQLHPDOVGLH.UDIWJH KDEWGLH)DUP]XHUUHLFKHQ6HLQHHLQ]LJH+RIIQXQJEHVWDQG GDULQ]XEOXIIHQ'DVZDUQLFKWYLHODEHUHUPXWHHVHLQIDFK YHUVXFKHQ $QGHU6WHOOHDQGHUVLFKGDV7DO]XU+DXSWVWUDHKLQ|IIQH WHZDUHVHWZDDQGHUWKDOE.LORPHWHUEUHLW=ZHL%lXPHODJHQ TXHUEHUGHP:HJDQMHGHU6HLWHUDJWHQVLHEHUGLH(QWZlV VHUXQJVJUlEHQKLQZHJELVLQGLH)HOGHUKLQHLQ7UHQWKLHOWVHL QH$UPHEHUGHQ.RSIXQGKXPSHOWHODQJVDPYRUZlUWV 'HU/LFKWVWUDKOHLQHU7DVFKHQODPSHOHXFKWHWHLKPLQV*H VLFKW7UHQWEOLHEVWHKHQKDWWHGLH$XJHQYRUGHP/LFKWYHU VFKORVVHQ(UK|UWH6FKULWWHKLHOWGLH+lQGHZHLWHUKLQREHQ ,PZHLFKHQOLVSHOQGHQ6SDQLVFKGHU.ROXPELDQHUVDJWH HLQ0DQQª2\HGDVLVWMDGHU*ULQJR© ª6RKDEWLKUPLFKGDVOHW]WH0DOJHQDQQW©HUZLGHUWH 7UHQW(UKDWWHGDV*HIKOHUVROOWHHVRKQH8PVFKZHLIHKLQ WHUVLFKEULQJHQª$EHULQ:LUNOLFKNHLWELQLFKHLQ%XOOH© (UK|UWHGDVOHLVH=LVFKHQGHV$WHPVGHV0DQQHVZXWH GD*HZHKUHDXILKQJHULFKWHWZDUHQZXWHZLHVFKQHOOHLQ QHUY|VHU0DQQDEGUFNHQNRQQWHRKQH]XEHUOHJHQ ª,FKELQDXVIUHLHP:LOOHQKLHUKHUJHNRPPHQ©VDJWHHUVR EHLOlXILJDOVKlWWHQVLHVLFKDP6RQQWDJPRUJHQLQVHLQHP +HLPDWRUWDXIGHPJHPWOLFKHQ:HJ]XU.LUFKHJHWURIIHQ ª,FKELQYLHOOHLFKWHLQ%XOOHDEHUQRFKODQJHNHLQ,GLRW,FK ZLOOPLWHXUHP%RVSUHFKHQ©9HUlFKWOLFKIJWHHUKLQ]X ª1LFKWPLWGHP*ULQJR%R8QGLFKVSUHFKHDXFKQLFKWYRQ /RXLVGHP%RGHU&RQWUDVRGHUZLHLPPHUGLHVLFKMHW]W QHQQHQP|JHQ,FKP|FKWHPLWHXUHP%RVSUHFKHQPLW0D ULR(O-HIHGH/RV&RORPELDQRV© (UNRQQWHK|UHQZLH]ZHL0lQQHUDXIGHUDQGHUHQ6HLWH GHU6SHUUHPLWHLQDQGHUIOVWHUWHQ(VJDEDOVRPLQGHVWHQV GUHL0lQQHUGHQ0DQQPLWGHU7DVFKHQODPSHHLQJHVFKORV VHQª+|UWPLUPDOJXW]X©VDJWHHUZDUQHQGVSUDFKGDEHL EHZXWOHLVH6LHZDUHQHVGHUHQ/HEHQDXIGHP6SLHOVWDQG ª6RQVWGDXHUWHVQLFKWODQJHXQGLKUZHUGHWGHQ*HLHUQ ]XP)HVWVFKPDXVYRUJHZRUIHQ0DQKDWHXFKUHLQJHOHJW©

:LHGHQ3Ul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lVLGHQWHQGXUFK(USUHVVXQJXQWHU VHLQH.RQWUROOHJHEUDFKWKDWWHEHZLHVGDIUGHQ3UlVLGHQ WHQDXFK]XNQIWLJGLH5ROOHGHV5HJLHUXQJVREHUKDXSWHV YRUJHVHKHQZDU6ROOWHGDVMHGRFKWDWVlFKOLFKVRVHLQPXWH GHU6WDDWVVWUHLFKVFKHLWHUQ:HQQVHLQ6FKHLWHUQDEHUYRQ $QIDQJDQJHSODQWZDUZDVJDEHV%HVVHUHVDOVGHQ3UlVL GHQWHQDOV,QVWUXPHQWIUGDV6FKHLWHUQGHV6WDDWVVWUHLFKHV ]XQXW]HQ"$XIGHU:HOWEKQHZUGHGHU3UlVLGHQW]XP +HOGHQLQVHLQHP/DQGZUGHHU]XPXQHLQJHVFKUlQNWHQ +HUUVFKHU

=ZHL0lQQHUEOLHEHQXPGLH6WUDHQVSHUUH]XEHZDFKHQ 'HUGULWWHIXKUPLW7UHQWGDV7DOLQHLQHP.OHLQEXVKRFK6LH KDWWHQLKPVHLQH+lQGHDXIGHP5FNHQ]XVDPPHQJHEXQ GHQHLQHUGHU0lQQHUSILIIGXUFKGLH=lKQHDOVHU7UHQWV ]HUULVVHQH)LQJHUQlJHOVDK7UHQWKDWWHVLFKJHJHQGLH7U GHV)DKU]HXJVJHOHKQWXQGVHLQHQ.|USHUKDOEKHUXPJH GUHKWXPGDV*HZLFKWYRQVHLQHQ+lQGHQ]XQHKPHQ $P(QGHGHV7DOHVNDPHQGLH7DOZlQGH]XVDPPHQGHU :HJIKUWHLP=LFN]DFNGDVOHW]WH6WFNGHU6WHLJXQJKRFK XQGHQGHWHDXIHLQHPPLW6FKRWWHUEHOHJWHQ+RIGHUDQMHGHU 6HLWHYRQRIIHQHQ6FKHXQHQXQGDQGHU6WLUQVHLWHGXUFKHLQH 6WHLQPDXHUEHJUHQ]WZXUGH7UHQWUHJLVWULHUWHHLQHQ7UDNWRU 3IOJH(JJHQ (LQH:DFKHWUDWDXVGHP6FKDWWHQKHUDXVGLH:DIIHZDU DXIGHQ.OHLQEXVJHULFKWHW7UHQWHUNDQQWHGHQ0DQQZLH GHUHUKDWWH]XGHU*UXSSHJHK|UWGLHHUGHQ)OXKRFKJH EUDFKWKDWWH'HU$JHQWZXWHDXFKGDHVHLQHQ]ZHLWHQ 0DQQJDEGHUEHUHLWZDUGHU:DFKHDXVGHU6FKHXQHKHU DXV)HXHUVFKXW]]XJHEHQ 6HLQ)DKUHUJUWHGLH:DFKHª,FKKDEHKLHUGHQ*ULQJR YRP6HJHOERRW(UNDPDXVHLJHQHP(QWVFKOX(UZLOOPLW 0DULRVSUHFKHQ© ª1LPPLKQPLW©VDJWHGHU0DQQXQGPDFKWHHLQHUXFNDU WLJH%HZHJXQJPLWGHU:DIIH 6WHLQVUXIHQIKUWHQYRP+RIGXUFKHLQVFKPLHGHHLVHUQHV 7RUGDVGHU+XUULNDQDXVGHQREHUHQ$QJHOQJHULVVHQKDWWH (VJLQJQRFKHLQOHLFKWHU:LQGZHQLJH:RONHQVWDQGHQDP +LPPHOGLH6WHUQHZDUHQPHKUJHZRUGHQ'UHL6WXQGHQ QRFKELV]XP0RUJHQJUDXHQVFKlW]WH7UHQW 'HU)DKUHU]HUUWHLKQDXVGHP.OHLQEXVXQGKLHOWLKQDXI GHP:HJGLH6WXIHQKRFKDP$UPIHVW7UHQWZDUVLFKQLFKW VLFKHUREGHU0DQQLKPKDOIRGHUREHULKP]HLJHQZROOWH ZHUKLHUGDV6DJHQKDWWH

'DV+DXVGDVXQWHUGHP1DPHQ(QJOLVK&RORQHO V3RLQW EHNDQQWZDUVWDQGDPKLQWHUHQ(QGHHLQHUPLW5DVHQEH GHFNWHQ7HUUDVVHGLHGXUFKGHQ7DOVFKOXYRQEHLGHQ6HLWHQ XQGYRQKLQWHQYRU:LQGJHVFKW]WZDU(VZDUHLQDXV ZHLJHNDONWHQ/HKPZlQGHQHUULFKWHWHUODQJHU%XQJDORZ PLWURWHP:HOOEOHFKGDFK'DV'DFKGHU9HUDQGDGLHVLFK EHUGLHJHVDPWH9RUGHUVHLWHGHV+DXVHVHUVWUHFNWHZXUGH YRQ6lXOHQJHVWW]WGLHDXV3DOPVWlPPHQEHVWDQGHQGHQHQ GLH%ODWWDQVlW]HDEJHVFKODJHQZRUGHQZDUHQXQGGLHPDQ GDQQHLQJH|OWXQGSROLHUWKDWWH :HLQUHEHQZDUHQGLH6lXOHQKRFKJHZDFKVHQGRFKGHU :LQGKDWWHVLHORVJHULVVHQXQGMHW]WZDQGHQVLHVLFKLQGHU OHLFKWHQ%ULVHDXIGHQ7RQIOLHVHQGHV9HUDQGDIXERGHQVKLQ XQGKHUZLH+DXIHQNOHLQHU6FKODQJHQ6HFKV]ZHLIOJHOLJH 7HUUDVVHQWUHQIKUWHQDXIGLH9HUDQGDKHUDXVGLHPLWWOHUH YRQLKQHQZDUHLQHREHQJHUXQGHWH0DKDJRQLWU$XVJH EOLFKHQH-XWHYRUKlQJHKLQJHQLQGHQ)HQVWHUQGDVJHOEOL FKH/LFKWGHU.HURVLQODPSHQGUDQJDQLKQHQYRUEHLQDFK GUDXHQ =ZHL0lQQHUVWDQGHQPLWVFKXEHUHLWHQ.DODVFKQLNRZV DXIGHU9HUDQGD$XFKVLHNDQQWH7UHQWVFKRQYRQGHU5HLVH PLWGHQJHVFKPXJJHOWHQ:DIIHQKHU.ROXPELDQHU'DQQODJ HUDOVRULFKWLJ]XPLQGHVWELVMHW]W ª'HU*ULQJRYRP%RRW©ULHIVHLQ%HJOHLWHUGHQ0lQQHUQ ]Xª:DUWH©EHIDKOHLQHUYRQLKQHQ(U|IIQHWHHLQH6HLWHGHU 'RSSHOWU 'LHVFKPlFKWLJH*HVWDOW0DULRVLKUHV$QIKUHUVNDP ]XP9RUVFKHLQKLQWHULKPVFKORVLFKGLH7UZLHGHUª6R GXELVWDOVRZLHGHU]XXQV]XUFNJHNRPPHQ©PHLQWHHU 'DVOHLFKWH/LVSHOQNODQJJOHLFKHUPDHQEHGURKOLFKXQG PHUNZUGLJXQPlQQOLFKª:LHHLQH7DXEH© ª:LHHLQ%XOOH©YHUEHVVHUWH7UHQWUXKLJ6RGXUFKQlW YHUGUHFNWXQGDXVJH]HKUWZLHHUGDVWDQGXQGPLWGHQDXI GHP5FNHQ]XVDPPHQJHEXQGHQHQ+lQGHQILHOHVVFKZHU PLWGHUHQWVSUHFKHQGHQ$XWRULWlWDXI]XWUHWHQDEHUVHLQ/H EHQKLQJGDYRQDEª,KU.ROXPELDQHUVHLGKHUHLQJHOHJWZRU GHQ©VDJWHHUPLWUXKLJHUXQGGLUHNWHU6WLPPHª,KUZHUGHW HLQHU*ULQJR9HUVFKZ|UXQJJHRSIHUW©

ª'XOJVW©OLVSHOWHGHU0DQQ 7UHQW]XFNWHGLH$FKVHOQª:DUXPVROOWHLFKPLUGLHVH0 KHPDFKHQ"© ª8PVLH]XUHWWHQ©0DULRGHXWHWHDXIGLH7UKLQWHUVLFK GDKLQWHUZXUGHQRIIHQVLFKWOLFKGLH0LQLVWHU%HOSDQVJHIDQ JHQJHKDOWHQ ª,FKVROOVLHUHWWHQRKQH:DIIHQ"0LWJHEURFKHQHQ5LS SHQ"©VSRWWHWH7UHQWª0LW]HUULVVHQHQ+lQGHQ"'XJODXEVW ZRKOLFKVHL%DWPDQZHQQGXVROFKH:XQGHUWDWHQYRQPLU HUZDUWHVWZLH":RLVWGDQQ5RELQ"9LHOOHLFKWVWHKWGHUMD VFKRQKLQWHUGLU©7UHQWV/DFKHQZDUOHLVHXQGVWLFKHOQG ª/DGLUGDVGXUFKGHQ.RSIJHKHQ6HQRU0DULR8QGGHQN JXWGDUEHUQDFK© ª:RUEHUVROOLFKJXWQDFKGHQNHQ"©2EZRKOGHU.ROXP ELDQHUVLFKEHPKWHVHLQH)UDJHVRNOLQJHQ]XODVVHQDOV ZUGHHU7UHQWVbXHUXQJHQDOV8QVLQQDEWXQZDUHLQ$Q IOXJYRQ=ZHLIHOLQVHLQHU6WLPPHGHQVHLQH0lQQHUHU NDQQWHQ 7UHQWVSUWHZLHGLH+DQGVHLQHV%HJOHLWHUVVLFKDXIVHL QHP$UPYHUVSDQQWH'DV6FKZHLJHQNQLVWHUWHI|UPOLFKYRU 6SDQQXQJ(UZXWHGDGLH0lQQHUDXIGHU9HUDQGDHEHQ IDOOV]XK|UWHQXQGKREVHLQH6WLPPHGDPLWVLHLKQDXFK YHUVWHKHQNRQQWHQª:DUXPZXUGHWLKU.ROXPELDQHUGHQQ ZRKOYRQGHQ/HXWHQJHWUHQQWGLHYRQGHQ$PHULNDQHUQ DXVJHELOGHWZRUGHQVLQG"©IUDJWHHUª'HQ)DVFKLVWHQDXV 1LFDUDJXD8UVSUQJOLFKKLHHQGLHHLQPDO&RQWUDVDEHU PLWWOHUZHLOHLVWLKU.ULHJYRUEHL8QGIUZHOFKHQ=ZHFN ZLUGGHU3UlVLGHQWJHEUDXFKWZHQQHUDXVGHQ%HUJHQLQ GHQHQZLULKQ]XUFNOLHHQJHUHWWHWZHUGHQNDQQ"© ª,KUKDEWLKQ]XUFNJHODVVHQ"© ª:LUKDEHQLKQ]XUFNJHODVVHQ©PHLQWH7UHQWHQHUJLVFK ª8QGGDPLWHUHLQZHQLJ*HVHOOVFKDIWKDWKDEHQZLULKP QRFKQHXQWRWH0lQQHUGDJHODVVHQ$OOHV&RQWUDV$EHUYRQ GHQHQJLEWHVQRFKYLHOPHKU:lKUHQGLKUKLHU© $FKWORVEHUGLHNOHLQH*UXSSH.ROXPELDQHUKLQZHJ EOLFNHQG]HLJWH7UHQWPLWHLQHPOHLFKWHQ5XFNVHLQHV.RSIHV DXIGDVXQWHULKQHQOLHJHQGH7DOª0RUJHQIUKZHUGHQGLH &RQWUDVNRPPHQ6LHWUDJHQ3ROL]HLXQLIRUPHQ,KUZHUGHW

VLHZLOONRPPHQKHLHQ'DQQZHUGHQVLHHXFKXPEULQJHQ XQGHXUH*HIDQJHQHQHEHQIDOOV6LHZHUGHQ-RXUQDOLVWHQUX IHQGDPLWGLHVH%LOGHUIUGLHDXVOlQGLVFKHQ=HLWXQJHQPD FKHQ'LHEOXWLJHQ%LOGHUZHUGHQ]HLJHQGDGLH3ROLWLNHU JHUDGHXPJHEUDFKWZRUGHQVLQG6LHZHUGHQDXFKGLH0|U GHUEHQHQQHQHXFK8QGVLHZHUGHQQDWUOLFKLQDOOHU%H VFKHLGHQKHLWHUOlXWHUQZLHVLHPLWGHU+LOIH*RWWHV%HOSDQ YRUGHQNROXPELDQLVFKHQ'URJHQVFKPXJJOHUQJHUHWWHWKD EHQ'HU3UlVLGHQWZLUGGDVHLQVHLQ3ROLWLNHUOlFKHOQDXIVHW ]HQXQGVLHZHUGHQEHULFKWHQZLHHULKUHQ$QJULIIJHOHLWHW KDW'LH:HOWZLUGLKPJODXEHQXQGHUZLUGDOV+HOGXQG 5HWWHUGHU'HPRNUDWLHGDVWHKHQ© 7UHQWZXWHGDGDVDOOHVGHU:DKUKHLWHQWVSUDFKXQG ZXWHDXFKGDGHQ.ROXPELDQHUQQLFKWDQGHUHVEULJ EOLHEDOVLKP]XJODXEHQ8QWHUVLFKZUGHQVLHQDWUOLFK GDUEHUUHGHQDEHUDP(QGHPXWHQVLHHVJODXEHQ ª'LH0DFKWZLUGQXUEHLP3UlVLGHQWHQOLHJHQ©VDJWHHU ª(UZLUGGHQ1RWVWDQGDXVUXIHQSHU'HNUHWUHJLHUHQXQG JOHLFK]HLWLJYHUVSUHFKHQQHXH:DKOHQDE]XKDOWHQGLHDXI JHVFKREHQZHUGHQVREDOGVLFKGLH$XIPHUNVDPNHLWGHU :HOWGHUQlFKVWHQ+XQJHUVQRWHLQHP6WDDWVVWUHLFKRGHUGHU )XEDOOZHOWPHLVWHUVFKDIW]XZHQGHW'LH/HXWHGLHHLQPDO &RQWUDVKLHHQZHUGHQGDV/DQGEHKHUUVFKHQXQG]ZDUIU GHQDPHULNDQLVFKHQ*ULQJRGHUVLHDXVJHELOGHWKDW©IXKU 7UHQWUXKLJIRUWª(XUH$UEHLWJHEHUGLHGHQ*ULQJRILQDQ ]LHUWKDEHQZHUGHQVLFKEHVFKZHUHQ$OOHUGLQJVQLFKWGDU EHUGDGXXQGGHLQH0lQQHUWRWVLQG6HQRU0DULRIU GLHVH/HXWHVHLGLKUXQZLFKWLJHUDOV0RVNLWRVVRQGHUQGDU EHUGDGHU*ULQJRVLHKLQWHUJDQJHQKDW7URW]GHPZHU GHQVLHGLH*HEKUHQ]DKOHQGLHGHU*ULQJRIUGLH%HQXW ]XQJGHU3LVWHQIRUGHUWXQGQDFKHLQHP-DKURGHUYLHOOHLFKW DXFKQDFK]ZHL-DKUHQZLUGGHU*ULQJRYRQGHU%LOGIOlFKH YHUVFKZLQGHQXQGGLH0LOOLRQHQJHQLHHQGLHDXIJHKHLPHQ %DQNNRQWHQYHUVWHFNWZXUGHQ© 'HU0DQQYRQGHU6WUDHQVSHUUHXQGGLHEHLGHQ0lQQHU DXVGHP+RINDPHQQlKHUKHUDQXPEHVVHUYHUVWHKHQ]X N|QQHQ7UHQWVDKVLHQLFKWHVZDUHKHUHLQ*HIKO'UHLSOXV GLHEHLGHQDXIGHU7HUUDVVHPDFKWHQIQIIQIYRQ]ZDQ]LJ

]lKOWHPDQ0DULRGD]XZDUHQHVVHFKV=ZDUQXUGHUNOHL QHUH7HLODEHUGHUJHQJWHXQG7UHQWZXWHGDHUVLHHU ZLVFKWKDWWH6HLQ/lFKHOQ]HLJWHEHZXWHQ6SRWWª2GHU GHQNWLKUYLHOOHLFKWGDGHU*ULQJRHXFKYRUVHLQHP$E VFKLHG0DUPRUJUDEVWHLQHNDXIW6HQRU0DULR":HUZHL" 9LHOOHLFKWKDEWLKUMDVRJDUJHJODXEWHVJlEHVRHWZDVZLH *DQRYHQHKUH"©7UHQWVFKWWHOWHVHLQHQ.RSIEHUVRYLHO1DL YLWlWVHLWHQVGHU.ROXPELDQHU ª0DQVROOWHHXFKHLQVSHUUHQGHQQLKUVHLG0|UGHU©PHLQ WHHUª$EHUEHLGLHVHU$UJORVLJNHLWVROOWHLFKHXFKYLHOOHLFKW YHUJHEHQ,UJHQGZHOFKH7DJHO|KQHUVLQGIUPLFKYRQNHL QHP,QWHUHVVH,FKZLOOGHQDQGHUHQ'HQ*ULQJR%R© (VUHLFKWH(LQHUGHU5HYROYHUPlQQHUVWLHHLQHQ)OXFK DXVHLQ]ZHLWHUEHJDQQDXIJHUHJWDXI0DULRHLQ]XUHGHQ XQGGLHVHUEHIDKOLKPGHQ0XQG]XKDOWHQ'HU0DQQSUR WHVWLHUWH $OV7UHQWGDVK|UWHIKOWHHUZLHGLHOHW]WH.UDIWDXVVHL QHQ%HLQHQZLFKª,KUPWPLFKHQWVFKXOGLJHQ©VDJWHHU ª,FKELQHLQZHQLJHUVFK|SIW© (VKHUUVFKWHDEVROXWH'XQNHOKHLWXQGDOOHVWDWLKPZHK 7UHQWODJLQ%DXFKODJHDXIHLQHP%HWW6HLQH+lQGHZDUHQ ZHLWHUKLQJHIHVVHOWPLWWOHUZHLOHDXFKVHLQH)H(UNRQQWH VLFKQLFKWGDUDQHULQQHUQDEHUGLH.ROXPELDQHUPXWHQLKQ LQV+DXVJHEUDFKWKDEHQ-HW]WKDWWHHUQLFKWJHK|UWZLHVLFK GLH7UJH|IIQHWKDWWHHUNRQQWHDXFKNHLQH$WHPJHUlXVFKH K|UHQDEHUDXIHLQPDOZXWHHUGDVLFKQRFKMHPDQGLP =LPPHUDXIKLHOW8QGLQGLHVHU+LQVLFKWLUUWHHUVLFKQLH (UK|UWHHLQH)HGHUNOLFNHQ'LH.OLQJHHLQHV0HVVHUVZU GHKHUDXVJHNODSSWVHLQ(LQHVVFKZHUHQ0HVVHUV'DV0HV VHUIDQGGDV6HLO]ZLVFKHQ7UHQWV)HQVFKQLWWHVGXUFK(L QHQ$XJHQEOLFNVSlWHUZDUHQDXFKVHLQH+lQGHIUHL/DXWORV |IIQHWHXQGVFKORVLFKGLH7U(UZDUDOOHLQ 'LH+lQGH]XVDPPHQEDOOHQGXQGGLH)LQJHUZLHGHU VWUHFNHQGZDUWHWH7UHQWYROOHU%HNORPPHQKHLWDXIGLHUD VHQGHQ6FKPHU]HQGLHZLHGHUXQWHUVHLQHQ]HUULVVHQHQ)LQ JHUQlJHOQZWHQZUGHQZHQQGDV%OXWLQVHLQH)LQJHU]X UFNNHKUWH'LH6FKPHU]HQNDPHQXQGHUVHW]WHVLFKDXIGDV

%HWWKLHOWGLH+lQGHXQWHUGLH$FKVHOK|KOHQZLHJWHVLFKKLQ XQGKHU(UELVLFKDXIGLH/LSSHXPQLFKWODXWDXI]XVFKUHL HQ7UlQHQUDQQHQLKPEHUGLH:DQJHQ6FKOLHOLFKZDUHV DXV]XKDOWHQ(UWDVWHWHDP.RSIHQGHGHV%HWWHVHQWODQJXQG IDQGGDKLQWHUHLQH0DXHUIROJWHLKUJHJHQGHQ8KU]HLJHU VLQQXQGVWLHOLQNVYRUVLFKDXIHLQ)HQVWHUGHVVHQ/lGHQ PLWHLQHPIODFKHQ(LVHQULHJHOYHUVFKORVVHQZDUHQ(UO|VWH GHQ5LHJHOXQGVFKOXJYRUVLFKWLJGLH/lGHQ]XUFN 'LH6WHUQHOHXFKWHWHQXQGGHUHUVWH$QIOXJGHV0RUJHQ JUDXHQVOLHGLH6FKDWWHQZHLFKHUZHUGHQ'UDXHQZDUWHWH GLH)UHLKHLWRGHUGHU7RG:LHDXI.H\&DQDNDDOVGHU 7RGDXIGHQ3LORWHQGHQDOWHQ+DVHQJHZDUWHWKDWWH7UHQW NlPSIWHVLFKDXIGHQ)HQVWHUVLPV(LQHQ6HNXQGHQEUXFKWHLO ]|JHUWHHUGDQQOLHHUVLFKDXIGHQ%RGHQIDOOHQ.HLQ%OHL URKUZDUWHWHGDUDXILKPGHQ6FKlGHOHLQ]XVFKODJHQ(UYHU VXFKWH]XUHQQHQDEHUVHLQUHFKWHV%HLQZHLJHUWHVLFKVHLQ .|USHUJHZLFKW]XWUDJHQXQGVHLQH5LSSHQJHJHQGIKOWH VLFKDQDOVZHQQGLH5LSSHQVHLQH/XQJH]XHLQHPEOXWLJHQ %UHLDXIUKUHQZUGHQ 7UHQWYHUVXFKWHHLQHQNODUHQ*HGDQNHQ]XIDVVHQ:HU LPPHULKQORVJHVFKQLWWHQKDWWHKDWWHGDVJHWDQZHLOHUVHL QHP%HULFKWYRQGHU9HUVFKZ|UXQJ*ODXEHQVFKHQNWH8QG GLHVHU0HQVFKKDWWHDXIHLJHQH)DXVWJHKDQGHOWVRQVWKlWWH HVNHLQHQ*UXQGIUGLH+HLPOLFKNHLWJHJHEHQ:HQQGLHDQ GHUHQ7UHQWV$EZHVHQKHLWHQWGHFNWHQZUGHQVLHNRPPHQ XQGQDFKLKPVXFKHQ(QWZHGHUZUGHQVLHYHUPXWHQGD HUWDODEZlUWVJHIOFKWHWZDURGHUVLHUHFKQHWHQGDPLWGD HUVLFKDXIGLHVH(LQVFKlW]XQJVHLQHU+DQGOXQJHQYHUOLH XQGHLQHQDQGHUHQ3ODQYHUIROJWH 8QGZLHZUGH&DVSDUYRUJHKHQ" (UNDPLQHLQHQNOHLQHQ=LWURQHQJDUWHQQXW]WHGLH'HN NXQJGHU6WlPPHIUVHLQH)RUWEHZHJXQJXQGVFKOHSSWH VLFKGHQXQWHUHQ7HLOGHV%HUJKDQJVDP7DOVFKOXKRFK'HU 5HJHQKDWWHGHQ%RGHQDXIJHZHLFKWVHLQH6WLHIHOIDQGHQJX WHQ+DOW(UNDPDQHLQHQ=DXQXQGDQHLQ7RU'HU%HUJ KDQJZXUGHVWHLOHU)HOVHQIROJWHQGDQQGUUHV*HVWUSS XQGZHLWHUREHQHUQHXW:DOG$OVHUUHFKWVYRQVLFKHLQH%H ZHJXQJK|UWHHUVWDUUWHHUXQGZDUWHWH(LQH=LNDGHVWRWWHUWH

HLQHQ0RPHQWGDQQPDFKWHVLHLQYROOHU/DXWVWlUNHZHLWHU HLQH]ZHLWH=LNDGHDQWZRUWHWHGDQQHLQHGULWWHXQGHLQH YLHUWH'DVVLFKDXVEUHLWHQGHVFKULOOH=LUSHQVLJQDOLVLHUWHGDV VLFKHUH(QGHGHV6WXUPV 1HEHOVFKZHEWHEHUGHP%HUJKDQJ9RQGHQJUDXHQ:RO NHQYHUERUJHQKXPSHOWH7UHQWGXUFKGLHVSlUOLFKH'HN NXQJWDVWHWHPLWGHQ$UPHHVWLHIHOQQDFK]HUEURFKHQHQ =ZHLJHQXQGORFNHUHQ6WHLQHQ&KDFKDODFDVVFKPHWWHUWHQ VLFKLKUH5XIHHQWJHJHQDOVZlUHQVLHHKHU(VHODOV9|JHOLKU IUHPGDUWLJHVOLLKXQKDDDKOLLKXQKDDDKKDOOWH]ZLVFKHQ GHQ%lXPHQZLGHU(LQ3DSDJHLJOXFNVWHGXUFKGDV4XLHNHQ XQG3LHSVHQGHU)OLHJHQVFKQlSSHUXQG6SDW]HQKLQGXUFK XQGUHFKWVEHULKPKlPPHUWHHLQ6SHFKWDQHLQHPWRWHQ %DXPVWDPP (LQOHLFKWHU:LQGOLHGHQ1HEHOLQNOHLQH:|ONFKHQ]HU IDOOHQGLHNXU]DP%HUJKDQJNOHEWHQEHYRUVLHVLFKLPZHL FKHQJUDXHQ/LFKWGHVQHXHQ7DJHVDXIO|VWHQ:HLWHUXQWHQ HUVFKROOHQ0lQQHUUXIHKLQWHULKP$OV7UHQWVHLQ)HUQJODV DXIGLH9HUDQGDGHV(QJOLVK&RORQHO V3RLQWULFKWHWHZDU LKPNODUGDPDQVHLQH)OXFKWHQWGHFNWKDWWH0DULRVWDQG PLWZLOGIXFKWHOQGHQ$UPHQGDXQGVFKLFNWHMHHLQHQ0DQQ ]XMHGHU6HLWHGHV7DOVFKOXVVHVKRFK'LH0lQQHUJHKRUFKWHQ QXUXQZLOOLJVFKOXUIWHQLQLKUHQ6WLHIHOQPLWKRFKJH]RJHQHQ 6FKXOWHUQGDKLQ7UHQWZDUVLFKVLFKHUGDVLHGHQ5HVWGHU 1DFKWPLWHLQDQGHUGHEDWWLHUWKDWWHQXQGGDVHLQ%HULFKWLK UH(QWVFKORVVHQKHLWXQWHUJUDEHQKDWWH 'HU1HEHOZDUPLWWOHUZHLOHYHUVFKZXQGHQXQG7UHQWOLH VHLQHQ%OLFNGXUFKGDV)HUQJODVEHUGDV7DOZDQGHUQSUlJ WHVLFKMHGHVHLQ]HOQH*HOlQGHPHUNPDOHLQ]XQlFKVWGDV +DXVXQGGDVPLW=LWURQHQElXPHQEHSIODQ]WH6WFN/DQG GDQQGHQJUR]JLJEHPHVVHQHQXQWHUHQ+RIPLWVHLQHU 6FKHXQHXQGGHP7UDNWRUVFKXSSHQYRQGHPGHU:HJLP =LFN]DFNGHQ%HUJKLQDE]ZLVFKHQVFKPDOHQ:HLGHQKLQ GXUFKIKUWHGLHPLW*XLQHDJUDVEHZDFKVHQZDUHQXQGDXI GHQHQHWZDHLQ'XW]HQG5LQGHUJUDVWHQ 'LH:HLGHXQWHUKDOEYRQLKPZXUGHGXUFKHLQHQVWHLODXI UDJHQGHQ)HOVYRUVSUXQJYRUGHP6HHZLQGJHVFKW]W'HU :HJIKUWHPLWHLQHUVFKDUIHQ.XUYHXPGLH6SLW]HGHV)HOV

YRUVSUXQJVKHUXPEHYRUHULQHLQHU/LQNVNXUYHDQHLQHU%D QDQHQSODQWDJHYRUEHLOLHI'LH]XP:HJZHLVHQGH6HLWHGHU 3ODQWDJHZDUDXIHWZDDFKW]LJ0HWHU/lQJHYRP+XUULNDQLQ HLQJURWHVNHV*HZLUUDXV]HUIHW]WHQ%OlWWHUQXQG]HUVSOLWWHU WHQ6WlPPHQYHUZDQGHOWZRUGHQ+LQWHUGHU3ODQWDJHODJHL QHZHLWHUH:HLGH(LQODQJHVZLHHLQ6HJHOJHIRUPWHV)HOG PLWDXIGHP%RGHQJHGUFNWHP0DLVHUVWUHFNWHVLFKKLQWHU GHP)HOVYRUVSUXQJUHFKWVYRP:HJHVZDUEHVWLPPWEHU HLQKXQGHUW+HNWDUJUR'DQDFKNDPHLQH%DXPUHLKHGDQQ VFKORVVHQVLFKDXIEHLGHQ6HLWHQQRFKPHKU0DLVIHOGHUDQ GLHVFKOLHOLFKLQGLHRIIHQHQ*UDVIOlFKHQEHUJLQJHQGLH VLFKELV]XUZHLWLQGHU)HUQHOLHJHQGHQ6FKQHOOVWUDHKLQ]R JHQ (LQ/DVWZDJHQNDPGDV7DOKRFKXQGEHIDQGVLFKMHW]WJH QDXLQGHUULFKWLJHQ(QWIHUQXQJXPYRP+DXVXQGYRQGHU 7HUUDVVHDXVPLW+DQGIHXHUZDIIHQXQWHU%HVFKJHQRP PHQ]XZHUGHQ(UZUGH]XQlFKVWYRQGHU3ODQWDJHGDQQ YRQGHP)HOVYRUVSUXQJYHUGHFNWVHLQ$Q0DULRV6WHOOHKlW WH7UHQWKRFKREHQDXIGHUWDODEZlUWVZHLVHQGHQ6HLWHGHV )HOVYRUVSUXQJVHLQHQ6FKDUIVFKW]HQSRVWLHUWGHUGHQWRWHQ :LQNHOLP6FKXIHOGKDWWH 'LHEHLGHQ0lQQHUGHQHQ0DULREHIRKOHQKDWWHGLH%HUJ KlQJHKRFK]XVWHLJHQZDUHQQRFKQLFKWZHLWYRUDQJHNRP PHQ6LHVW|UWHQ7UHQWDXFKQLFKWZHLWHU$XIJHZXQGHQHQ :HJHQ]ZLVFKHQ%lXPHQXQG%VFKHQEHZHJWHHUVLFKYRU ZlUWVXQGVXFKWHHLQHQ3ODW]YRQGHPDXVHUGHQWDODEZlUWV ZHLVHQGHQ+DQJGHV)HOVYRUVSUXQJVXQGGHQWRWHQ:LQNHO HLQVHKHQNRQQWH$OVHUGLHREHUVWH6WHOOHGHV9RUVSUXQJVHU UHLFKWKDWWHPHUNWHHUGDGLHVHUJHZ|OEWZDU'LHHLQ]LJH 6WHOOHYRQGHUDXVHUGHQJHVDPWHQ+DQJHLQVHKHQNRQQWH ODJDXHUKDOEGHU'HFNXQJKRFKREHQDXIGHP*UDWGHV9RU VSUXQJV(UOHJWHVLFKDXIGHQ%DXFKXQGUREEWHELVDXIGHQ IUHLHQ*UDWKLQDXVYRQGHPDXVHUVRZRKOELV]XUFN]XP +DXVDOVDXFKGHQ+DQJKLQDEVHKHQNRQQWH 9HUERUJHQLP6FKDWWHQHLQHV)HOVHQVJLQJHU6WFNIU 6WFNGHQJDQ]HQ+DQJPLWVHLQHP)HUQJODVGXUFK(LQH :DFKHZDUQLFKW]XVHKHQHQWZHGHUZDU0DULRQDFKOlVVLJ JHZRUGHQRGHUHUZDUGXPP=ZDQ]LJ0HWHUOLQNVYRQ

7UHQWKDWWHHLQ.ROLEULHLQHQEOKHQGHQ%XVFKHQWGHFNW'HU 9RJHOZDUQXUVHFKV=HQWLPHWHUODQJXQGVFKODQNZLHHLQH 3DWURQH6HLQH5FNHQIHGHUQZDUHQVPDUDJGJUQVHLQ 6FKRSIVFKLOOHUWHEODX(UVFKRYRQ%OWH]X%OWHXQG VFKZHEWHGDYRUZl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lQ]HQGHU0LVWNlIHUVHLQHQ :HJ$P6WHXHUVD&DVSDU'XUFKVHLQ)HUQJODVNRQQWH 7UHQWGLHYRUVWHKHQGH=LJDUUHVHKHQGLHHU]ZLVFKHQVHLQH U|WOLFKHQ/LSSHQJHNOHPPWKDWWH$XIGHP.RSIWUXJHUHLQH MHQHU.DSSHQPLWGHQHQ$PHULNDQHUZLVVHQODVVHQLQZHO FKHP)HULHQRUWVLHHVVLFKOHLVWHQN|QQHQ6WDPPJlVWH]X VHLQ'LHVH.RSIEHGHFNXQJZDULQURWHXQGEODXH)HOGHUXQ WHUWHLOW 1HEHQ&DVSDUVD0DULDQD 7UHQWJOLWWDXVGHP)HOVVFKDWWHQKHUDXVXQGEHZHJWHVLFK EHUJDEVRGDHUYRP+DXVDXVQLFKWPHKUJHVHKHQZHUGHQ NRQQWH,QHLQHU0LQXWHZUGHHUGXUFKGDV'DFKGHV.RP ELVIU&DVSDUZLHGHUXQVLFKWEDUVHLQGDKHUVSUDQJHUDXI GLH%HLQHXQGZLQNWHZLHHLQ%XFKPDFKHUDXIGHU3IHUGH UHQQEDKQ'XUFKGLH]XVlW]OLFKH+|KHEHUGHP(UGERGHQ VDKHUMHGRFKDXIHLQPDOGLH6SLW]HHLQHV*HZHKUODXIHVGLH XQWHUHLQHPHWZD]HKQ0HWHUKDQJDEZlUWVJHOHJHQHQhEHU KDQJKHUYRUUDJWHZLHHUMHW]WHUNDQQWH,KPEOLHEHQK|FK VWHQVVHFK]LJ6HNXQGHQ8QGHUZDUHUVFK|SIWIUFKWHUOLFK HUVFK|SIWXQGHLQ'XPPNRSIGD]X6HLQH'XPPKHLW VFKPHU]WHDPPHLVWHQ (UPDFKWHHLQHQ6FKULWWQDFKUHFKWVVRGDHUVLFKMHW]WGL

UHNWREHUKDOEGHVhEHUKDQJVEHIDQG(LQ6WHLQJDEXQWHUVHL QHPUHFKWHQ6WLHIHOQDFKXQGVHLQ%HLQJDEQDFK(UYHU VXFKWHVLFKYRUGHP6WXU]]XEHZDKUHQ'HU6FKPHU]LQVHL QHQ]HUIHW]WHQ)LQJHUQQDKPLKPIDVWYROOVWlQGLJGLH6LFKW KLOIORVUXWVFKWHHUEHUGLH.DQWH*HQDXYRULKPHUKREVLFK 0LJXHOLWR(VPXWH0LJXHOLWRVHLQ7UHQWWUDILKQPLWGHU 6FKXOWHUVFKOHXGHUWHGHQNOHLQHQ0DQQDXVGHUZLQ]LJHQ 0XOGHLQGHUHUVLFKYHUVWHFNWKDWWHGDV*HZHKUZLUEHOWH DXVVHLQHU+DQG7UHQWVDKZLHHV]HUEUDFKDOVHVZHLWXQ WHQDXIHLQHP)HOVHQDXIVFKOXJ'LHEHLGHQ0lQQHUODJHQ VLFKLQGHQ$UPHQUXWVFKWHQVFKOLWWHUWHQILHOHQQDFKXQWHQ (UVDKRGHUVSUWHGLH3LVWROHLQ0LJXHOLWRV+DQGGDQQ VFKORVLFKVHLQHHLJHQH+DQGXPGHQ.ROEHQXPNODPPHU WHLKQDOVJlEHHVQLFKWVDQGHUHVPHKULPJDQ]HQ8QLYHU VXPGDVLKQUHWWHQN|QQWH 'XUFKHLQHQ%XVFKZXUGHHUYRQ0LJXHOLWRJHWUHQQW'HU NOHLQH0DQQKLHOWVLFKDQGHQ=ZHLJHQIHVWZlKUHQG7UHQW ZHLWHUUXWVFKWH'DV5HJHQZDVVHULP*UDEHQUHWWHWHLKQ(U ILHOVHLWOLFKKLQHLQGDV:DVVHUVSULW]WHQDFKREHQGDQQ NURFKHUDXIGLH)HVFKZDQNWHZlUHEHLQDKHJHIDOOHQ ILQJVLFKDQGHU.KOHUKDXEHGHVJHSDUNWHQ.RPELVDXIXQG IDQGVHLQ*OHLFKJHZLFKWZLHGHU (UVDKGDV(QWVHW]HQLQ0DULDQDV$XJHQ&DVSDUUXWVFKWH EHUGLH6LW]EDQN|IIQHWHLKUH7U0LWHLQHP$UPKREHUVLH DXIVHLQHQ6FKRXQGOLHVLFKPLWLKUDXIGLH)DKUEDKQIDO OHQ(UKLHOWLKUVHLQH3LVWROHDQGHQ.RSIKDWWHGHQOLQNHQ $UPIHVWXPLKUH.HKOHJHOHJW$OV7UHQWLKULQGLH$XJHQ EOLFNWHIKOWHHULKUHQ6FKPHU]IDVWZLHHLQHQN|USHUOLFKHQ 6FKODJ(VZDUGHU6FKPHU]GDUEHUGDVLHLKQLP6WLFKJH ODVVHQKDWWHXQGZHQQHVDXFKQXULUUWPOLFKJHZHVHQZDU 7UHQWZXWHGDHUJHZLQQHQZUGH/RVVSULQJHQ3LVWROH KRFKUHLHQVHLQHUVWHU6FKXZUGH&DVSDULQGLH%UXVWWUHI IHQGHU]ZHLWH6FKXVHLQHQ.RSI0DULDQDZUGHVWHUEHQ DEHUGDVZUGHVLHVRZLHVRJDQ]JOHLFKZDV7UHQWXQWHU QDKP&DVSDUNRQQWHVLHQLFKWPHKUJHEUDXFKHQXQGVLH ZXWH]XYLHO ª'LH:DIIHIDOOHQODVVHQ©EHIDKO&DVSDU'LH=LJDUUHEH ZHJWHVLFKNDXP

'LH6RQQHYHUILQJVLFKLQHLQHUHLQ]HOQHQ7UlQHGLHDXI 0DULDQDVXQWHUHP$XJHQOLGLPPHUJU|HUZXUGH7LHIEUDX QH$XJHQZDUHQYROOHU$QJVWXPLKQ/LHEHGDFKWH7UHQW (UKDWWHLPPHUJHZXWGDHVGDIULQVHLQHP%HUXINHLQHQ 3ODW]JDE(UPXWHQDFKUHFKWVZHJVSULQJHQGDQQZUGH LKQ0DULDQDV.RSIYRU&DVSDUV3LVWROHEHVFKW]HQ'DV*H IKOGHUN|USHUOLFKHQ/HHUHZDUVRVWDUNGDHVLKPIDVWGLH /XIWQDKP-HW]W%HIDKOVLFK7UHQW(UOlFKHOWH0DULDQDDQ XQGOLH0LJXHOLWRV$XWRPDWLNIDOOHQ'HU/DXIVFKOXJJHJHQ HLQHQ6WHLQGDVZLQ]LJH*HUlXVFKZLUNWHLQGHU6WLOOHZLH HLQ'RQQHUVFKODJ ,Q&DVSDUV/lFKHOQODJQHEHQGHP7ULXPSKDXFK%|VDUWLJ NHLWª'XELVWXQGEOHLEVWHLQEHVFKUlQNWHU,UH0DKRQH\© VDJWHHUª:lUVWEHVVHULP7RUIPRRUJHEOLHEHQ© ª+H\%ROlWGX0LJXHOLWRGLHVHQ6FKHLNHUOXPOHJHQ"© 'DVVFKZDFKVLQQLJH.LFKHUQGHV.RNDLQVFKWLJHQYHUULHW GHVVHQ9HUJQJHQ &DVSDUJULQVWHDOVHUGHP.ROXPELDQHUGHUEHULKQHQ DP%HUJKDQJVWDQGHLQHQVFKQHOOHQ%OLFN]XZDUIª.ODU GRFKPDFKGLUHLQVFK|QHV)HVWGDUDXV© 'DV*HVLFKWZDKUHQGDFKWH7UHQW(UNRQQWH&DVSDUQLFKW DQVSXFNHQ'HU:LQGEOLHVLKPLQV*HVLFKWDXHUGHPVWDQG LKP0DULDQDLP:HJ8QGHUNRQQWHGLH$QJVWXQGGHQ 6FKPHU]GLHVLHVHLQHWZHJHQDXVVWDQGXQGGLHLKU%OLFNXQ PLYHUVWlQGOLFK]XP$XVGUXFNEUDFKWHQLFKWDXVKDOWHQ 'DKHUJULQVWHHU0LJXHOLWRDQDOVGLHVHUGHQ+JHOKHUXQ WHUVFKOLWWHUWHXPVHLQH$XWRPDWLNDXI]XQHKPHQGLH7UHQW DXIGHQ:HJIDOOHQJHODVVHQKDWWH(VZDUHLQGlPOLFKHV *ULQVHQGDFKWHHU$EHUPHKUNRQQWHHU0DULDQDQLFKWELH WHQXPVLHZLVVHQ]XODVVHQGDHUNHLQH$QJVWKDWWHXQG VLHHEHQIDOOVNHLQH$QJVWKDEHQVROOWH(VZUGHMHW]WQLFKW PHKUODQJHGDXHUQ(LQH0LQXWH]ZHLGDQQZDUHVYRUEHL $EHUHUZROOWHHVDXIGLHULFKWLJH:HLVH]X(QGHEULQJHQ 7URW]VHLQHU(UVFK|SIXQJJULQVWHHU&DVSDUZHLWHUKLQDQ DOV0LJXHOLWRGLH3LVWROHKRE(UVDJWHª'XELVWFOHYHU&D VSDUDEHUGXELVWQXU$EVFKDXP© ª-DXQGGXKDVWGHLQHQJDQ]HQ0XPPLQ,UODQGJHODV VHQ©K|KQWHGHU$PHULNDQHUGHQ=LJDUUHQVWXPPHOYRQHL

QHP0XQGZLQNHOLQGHQDQGHUHQVFKLHEHQGXQGGDVZDU GLH%HVWlWLJXQJIUGDVOHW]WH3X]]OHVWFN 7UHQWPXWHVLFKDQVWUHQJHQXPVHLQH:XWXQWHU.RQWURO OH]XKDOWHQ 0LJXHOLWRVWDQGKLQWHULKPª+H\NOHLQHU+XQG©NLFKHUWH HUªJHKHLQHQ6FKULWWQDFKOLQNVGDPLWGLHKEVFKHNOHLQH /DG\NHLQH%OXWVSULW]HUDXILKUH+RVHEHNRPPWMD"© 7UHQWJHKRUFKWH]ZHL6FKULWWH/lFKHOQEHIDKOHUVLFK/l FKHOQLPPHUZHLWHUOlFKHOQ ª,FKPDFK VMHW]WMD%R©EHWWHOWH0LJXHOLWRVHLQVFKZDFK VLQQLJHV.LFKHUQKDOOWHYRQGHQ)HOVHQZLHGHU ª9HUGDPPWQRFKPDOPDFKHVGRFKZHQQGLUGDQDFK LVW©VDJWH&DVSDUª(VJLEWZLUNOLFKQLFKWV6FKOLPPHUHVDOV HLQHQGXPPHQ,UHQ©VDJWHHUXQGVHQNWHVHLQH3LVWROH ª2ND\0LJXHOLWROHJLKQXP© ª8QGGXGDFKWHVWGXN|QQWHVWGDPLWGLH%DVLVIUGHLQH 3HQVLRQVNDVVHOHJHQQLFKWZDKU"©VDJWH7UHQW)UHLQH3HQ VLRQZDUHVMHW]W]XVSlW&DVSDUZLUNWHlXHUVWEHUUDVFKW 6HLQ0XQG|IIQHWHVLFKXQGGLH=LJDUUHILHOKHUDXV'DQQ IHXHUWH0LJXHOLWRXQGLQ&DVSDUV6WLUQNODIIWHHLQ/RFK*H QDXLQGHU0LWWH&DVSDUGUHKWHVLFKXPVHLQH$FKVHZLHHLQ 6FKOHULQGHU:RFKHQHQGJUXSSHIU$QIlQJHULP%DO OHWWDQ] 7UHQWVSUDQJDXI0DULDQD]XULVLHKRFKXQGVFKOHXGHUWH VLHLQGHQ:DVVHUJUDEHQ0LWHLQHP6DW]VSUDQJHUKLQWHULKU KHUXQGEHVFKW]WHVLHPLWVHLQHP.|USHU0LJXHOLWRODQGHWH HLQSDDU0HWHUHQWIHUQWKDWWHLKQHQGDV*HVLFKW]XJHZDQGW (UKDWWH&DVSDUV3LVWROHPLWJHQRPPHQZDUIVLH7UHQW]X 'DQQODJHQVLHGD0LJXHOLWRVLFKHUWHGHQ:HJYRP+DXV KHUDE7UHQWGHQ:HJYRP7DOKRFK'HUGXUFKGLH'URJH KHUYRUJHUXIHQHYHUUFNWH$XVGUXFNZDUY|OOLJDXVGHQ$X JHQGHV.ROXPELDQHUVYHUVFKZXQGHQ6WDWWGHVVHQVWUDKOWH HUMHW]WHLQHQFKWHUQH3URIHVVLRQDOLWlWDXVHLQHDQWUDLQLHUWH *HODVVHQKHLWGLH7UHQWYRQVHLQHUHLJHQHQ$XVELOGXQJKHU NDQQWH8QGHLQHHQWVSUHFKHQGH$XVELOGXQJZDUDXFKGDIU YHUDQWZRUWOLFKGD0LJXHOLWRMHW]WVRLP*UDEHQODJGD VLFKEHLGH0lQQHUJHJHQVHLWLJGHFNHQNRQQWHQ 0LJXHOLWRZDUHVJHZHVHQGHULKPLP+DXVGLH)HVVHOQ

GXUFKVFKQLWWHQKDWWH8QGZHGHU=XIDOOQRFK8QDXIPHUN VDPNHLWKDWWHQHV7UHQWHUP|JOLFKW0LJXHOLWRDP)OXXIHU ]XHQWNRPPHQQDFKGHPGLH:DIIHQDQ/DQGJHVFKPXJJHOW ZRUGHQZDUHQ7UHQWZXWHMHW]WDXFKGDVZDUPLW$EVLFKW JHVFKHKHQJHQDXVRZLHGLHDQIlQJOLFKH$XVHLQDQGHUVHW ]XQJDXIGHU*ROGHQ*LUO9RUVLFKWLJQDKPHUVHLQ*HZLFKW YRQ0DULDQDXQGEHQXW]WHGLH(OOERJHQXPVLFKUFNZlUWV LQGHQ*UDEHQKLQHLQ]XEHZHJHQ ª8QWHQEOHLEHQ©EHIDKOHUDOVVLHGHQ.RSIKREXPVLFK QDFKLKPXP]XVFKDXHQ7UlQHQKDWWHQ6WUHLIHQDXILKUHQ VFKODPPYHUVFKPLHUWHQ:DQJHQKLQWHUODVVHQª$OOHVLQ2UG QXQJPLW,KQHQ"©IOVWHUWHHU 0LJXHOLWRJDEHLQDPVLHUWHV6FKQDXEHQEHU7UHQWVXQ SDVVHQGH)UDJHYRQVLFKª.ODUGRFKLKUJHKW VEHVWHQV©'HU VFKZDFKVLQQLJH$XVGUXFNWUDWZLHGHULQVHLQH$XJHQ6HLQH /LSSHQILHOHQDXVHLQDQGHUKLQJHQVFKODIIKHUXQWHUHUVDE EHUWHª*ULQJRZLUVLQGKLHULQ/DWHLQDPHULND©]LVFKWHHU ª:HQQGXGLFKKLHUDXIHLQ0lGFKHQOHJVWGDQQKHLUDWHVW GXVLHVRQVWNRPPHQLKUH%UGHUXQGPDFKHQ+DFNIOHLVFK DXVGLU© %ULOODQWXUWHLOWH7UHQWEHUGLH6FKDXVSLHOHUHLGHV0DQQHV 0LJXHOLWR"-HW]WZDUHUVLFKJDQ]VLFKHUGDGHU0DQQGLHVH EUHLWHQ:DQJHQNQRFKHQGLHVFKZDU]HQ$XJHQXQGGLH VFKZDU]HQ+DDUHJDQ]ZRDQGHUVJHHUEWKDWWH,KUH%OLFNH WUDIHQVLFK0LJXHOLWRQDKP7UHQWV:LVVHQPLWHLQHPHLQIlO WLJHQ*ULQVHQXQGHLQHPHQWVFKXOGLJHQGHQ$FKVHO]XFNHQ KLQ ª:HUKDWGLFKJHVFKLFNW"©IUDJWH7UHQWLP5XVVLVFKGHQWD ULVFKHQ.*%$JHQWHQ ª3HUV|QOLFKH,QLWLDWLYH©DQWZRUWHWH0LJXHOLWRLQGHUJOHL FKHQ6SUDFKHª'LH6SLHOUHJHOQYHUlQGHUQVLFKXQG3ROLWL NHUQNDQQPDQQLFKWWUDXHQ:LUMXQJHQ/HXWHVLQGDXIHLQ DQGHUDQJHZLHVHQ8QGQLFKWYHUJHVVHQ)UHXQGLFKKDEH HLQHQJXWEHLGLU© ª=ZHL©YHUEHVVHUWH7UHQWª'DQNH7RZDULVFKWVFK© ª*HUQJHVFKHKHQ©0LJXHOLWRV$XJHQYHUHQJWHQVLFKDOVHU JHJHQGLH6RQQHVFKDXWH'RUWZRGHU:HJGLH%DXPJUXSSH XQWHULKQHQXPUXQGHWHVDK7UHQWHLQH%HZHJXQJ(UIHXHUWH

HLQHQ6FKXDEGHUHKHUGHU(QWPXWLJXQJGHU&RQWUDVGLHQ WHDOVGDHUKRIIWHHLQHQYRQLKQHQ]XWUHIIHQ'DQQVFKDX WHHUVLFKZLHGHU]X0LJXHOLWRXP 'HU5XVVHKDWWHGDV0DJD]LQDXVVHLQHU3LVWROHJH]RJHQ (U]HLJWH7UHQWVHFKV)LQJHU0LW&DVSDUV$XWRPDWLNNRQQWH 7UHQWVLHEHQ6FKVVHDEJHEHQ$XIGLHVH=DKOHQNDPHVDO OHUGLQJVQLFKWDQ%OLHEHQVLHLP*UDEHQZUGHQVLHYRQGHQ .ROXPELDQHUQYRQHLQHPGHUEHLGHQ+lQJHDXVHUVFKRVVHQ ZHUGHQ9HUOLHHQVLHGHQ*UDEHQZUGHQVLHGLH&RQWUDV YRQGHU3ODQWDJHDXVHUVFKLHHQ $XI5XVVLVFKVDJWH7UHQWª/DXQV]XVHKHQGDGDV0lG FKHQKLHUKHUDXVNRPPW© 0LJXHOLWRQLFNWH ª'DQQDELQGLH3ODQWDJH©VFKOXJ7UHQWYRUª'LH'HN NXQJLVWJXWXQGHVJLEWYLHO]XYLHOH&RQWUDVDOVGDVLH VLFKVLFKHUVHLQN|QQWHQZHUVLFKGRUWJHUDGHEHZHJW© 7UHQWIKOWHZLH0DULDQDV0XVNHO]XFNWHQDOVHUVHLQH IUHLH+DQGDXILKU%HLQOHJWHª$FKWXQJLFKZHUGHGHQ%HQ ]LQWDQNGHV.RPELVLQ%UDQGVFKLHHQ:HQQHUH[SORGLHUW VROOWHQ6LH]XVHKHQGD6LHLQV0DLVIHOGNRPPHQ%OHLEHQ 6LHIODFKDXIGHP%DXFK©PDKQWHHUª:HQQ6LHGDQQPLWWHQ LP)HOGVLQGYHUNULHFKHQ6LHVLFK]ZLVFKHQGLH+DOPHXQG UKUHQ6LHVLFKHUVWZLHGHUZHQQZLU6LHUXIHQ© 2KQHLKUH$QWZRUWDE]XZDUWHQMDJWH7UHQW]ZHL.XJHO XQWHQLQGDVKLQWHUH6HLWHQEOHFKGHV.RPELV0LJXHOLWRUL VLFKGHQbUPHOYRP+HPG]HUULLKQLQ6WUHLIHQEDQGGLH 6WUHLIHQXPHLQHQ6WHLQ ª6LQG6LHVRZHLW"©IUDJWH7UHQW0DULDQDDOVGHU5XVVHVHLQ )HXHU]HXJDQGDV%QGHOKLHOW'HU$UPGHV5XVVHQERJVLFK QDFKKLQWHQGLHGUHLGUFNWHQVLFKWLHILP*UDEHQJHJHQGHQ %RGHQ)UHLQHQ$XJHQEOLFNGDFKWH7UHQW0LJXHOLWRKDEH GDQHEHQJHZRUIHQ'DQQIDXFKWHGLHKHLH'UXFNZHOOHGHV H[SORGLHUHQGHQ%HQ]LQVGXUFKGLH/XIWEHULKUHQ.|SIHQ ª/RV©EHOOWH7UHQW]X0DULDQDKLQEHUUROOWHVLFKEHUHLWV ]XP*UDEHQDXIGHUDQGHUHQ6HLWHGHV:HJHV9RQGHQ 6FKPHU]HQLQGHQ5LSSHQXQG+lQGHQJDQ]HUVFK|SIWODJ HUGDGRFKGHU5XVVHZDUZHLWHULQ%HZHJXQJXQGGHU 6WRO]]ZDQJ7UHQWLKP]XIROJHQ=ZHLKXQGHUW0HWHUGD

KLQUREEHQZLHHLQH6FKODQJHDXIGHU(UGHNULHFKHQVLFKPLW =HKHQXQG(OOERJHQYRUZlUWV]LHKHQXQGYRUZlUWVGUFNHQ )HOVHQXQG6WHLQHVFKQHLGHQGXUFKGLH-DFNH%HYRUVLHGLH +lOIWHGHU6WUHFNH]XUFNJHOHJWKDWWHQEOXWHWH7UHQW8QGHU KDWWHVRJDUQRFKVHLQH.DPSIMDFNH'HU5XVVHWUXJQXUHLQ %DXPZROOKHPGXQGDQGHPIHKOWHDXFKQRFKHLQbUPHO 0LJXHOLWRZDULKPMHW]WGUHLLJ0HWHUYRUDXVXQGQXU QRFK]ZDQ]LJ0HWHUYRQGHQ%lXPHQHQWIHUQWHVZXUGH =HLW ª2\H© VFKULH7UHQWDXI6SDQLVFKª,FKELQ VGHU(QJOlQ GHU,FKHUJHEHPLFK'HU*ULQJRLVWWRW© (UZDUIGLH3LVWROHKRFKLQGLH/XIWVRGDGLH&RQWUDVVH KHQZUGHQZLHVLHPLWWHQDXIGHP:HJKHUXQWHUILHOª+|UW PLU]X©ULHIHUª,FKHUJHEHPLFK,FKNDQQHXFKEHLHXUHQ 9HUKDQGOXQJHQPLWGHQ%HK|UGHQEHVWLPPWQW]OLFKVHLQ© 0LJXHOLWRZDUQRFK]HKQ0HWHUYRQGHQ%lXPHQHQWIHUQW -HW]WGDFKWH7UHQW0DFKVFKRQVDJWHHUVLFK,P*UDEHQOLH JHQGKREHUGLH+lQGHKRFKEHUVHLQHQ.RSIXQGZDUWHWH DXIGHQ.XJHOKDJHOGHUVLHLKPYRQGHQ+DQGJHOHQNHQ UHLHQZUGH1XUQLFKWVWROSHUQHUPDKQWHHUVLFKEORNHL QHSO|W]OLFKHQ%HZHJXQJHQ0LWHUKREHQHQ+lQGHQVWDQGHU DXIXQGJLQJGLHSDDU6FKULWWHDXVGHP*UDEHQKHUDXVELV ]XU:HJPLWWH ª*HKLQXQVHUH5LFKWXQJ©ULHIHLQH6WLPPH *RPH]GDFKWH7UHQWDOVHUJHKRUFKWH(UVFKDXWHQLFKW]X GHQ%lXPHQKLQEHULQGHQHQGLH&RQWUDVZDUWHWHQEOLFNWH DXFKQLFKWDXIGHQ*UDEHQ'LH&RQWUDVZUGHQLKQEHRE DFKWHQDOOH(U]lKOWHVHLQH6FKULWWHGLHODQJVDPHQNXU]HQ VFKOHSSHQGHQ6FKULWWHHLQHVHUVFK|SIWHQ0DQQHV(UOLHGLH +lQGHELV]XVHLQHP1DFNHQKHUXQWHUVLQNHQZDU]XNUDIW ORVXPVLHZHLWHUREHQ]XKDOWHQ 6LHKDWWHQHLJHQWOLFKQLHGLH&KDQFHJHKDEWEHLGH]XHQW NRPPHQXQGHUZXWHGD0LJXHOLWRGDVEHJUHLIHQZUGH 'HU5XVVHPXWHELVKLQWHUGLH3ODQWDJHNRPPHQ'DQQEH VWDQGVRJDUGLHZLQ]LJH&KDQFHGDHUHLQHQ/DVWZDJHQ RGHUHLQHQ/DQGURYHUVWHKOHQNRQQWH%HLMHGHP6FKULWWGHQ HUPDFKWHVWHOOWHHUVLFKGLH=HQWLPHWHUYRUGLH0LJXHOLWR YRUDQNDP(UZXWH0DULDQDZUGHKRUFKHQPDOWHVLFK

DXVZLHVLHLP0DLVIHOGODJ$QJVWZUGHLKUHQ%DXFKJDQ] OHHUJHVRJHQKDEHQXQGHUNRQQWHIDVWGDVVDXUH%UHQQHQ GHU*DOOHVFKPHFNHQGDVLKUGLH.HKOH]XVFKQUWH ª/DXI©EUOOWH*RPH] 'LH.ROXPELDQHUZDUHQDOVRXPGHQ+DQJKHUXPJHNRP PHQ 7UHQWYHUVXFKWH]XUHQQHQDEHUVHLQUHFKWHV%HLQNQLFNWH HLQ(LQH.DODVFKQLNRZOLHGLH%DQDQHQElXPHDXVHLQDQGHU VSULW]HQGLH.XJHOQ]HUIHW]WHQGLH%OlWWHUXQGULVVHQJURH 6WFNHDXVGHPZHLFKHQ+RO]KHUDXV0LQGHVWHQVHLQHUGHU .ROXPELDQHUKDWWHVHLQH*HVFKLFKWHJHJODXEW 'LH&RQWUDVHUZLGHUWHQGDV)HXHUDOVKlWWHQVLHJHQJHQG 0XQLWLRQXPHLQHQNOHLQHUHQ.ULHJ]XIKUHQ(LQ]ZHLWHU .ROXPELDQHUVFKRYRP*UDWGHV)HOVYRUVSUXQJVKHUXQWHU .XJHOQVFKOXJHQDXIGHU6WUDHQREHUIOlFKH)XQNHQDOV 7UHQWVLFKZLHGHULQGHQ*UDEHQDXIGHUGHU3ODQWDJH]XJH ZDQGWHQ6HLWHGHV:HJHVUROOWH ª.ULHFK©GUlQJWH*RPH]6HLQH6WLPPHZDUJDQ]UDXK YRU%HVRUJQLV$XV'DQNEDUNHLWGD7UHQWLKPGDV/HEHQ JHUHWWHWKDWWH"2GHUZHLOHUPHLQWH7UHQWVHLVHLQ*DUDQWIU 6LFKHUKHLW" 7UHQWEHVWLPPWH*RPH] 3RVLWLRQ(UKLHOWVLFK]ZDQ]LJ 0HWHUKLQWHUGHP%HJLQQGHU3ODQWDJHDP:HJUDQGDXI6R EDOG7UHQWXPGLH.XUYHPLWGHQ%lXPHQKHUXPZDUNRQQ WHQLKPGLH.ROXPELDQHUDXIGHPDQGHUHQ%HUJKDQJQLFKWV PHKUDQKDEHQ'RFKLQGHP0RPHQWLQGHPHUDXVGHP *UDEHQVWLHJZUGHHUGHP0DQQRGHUGHQ0lQQHUQDXI GHP*UDWGHV)HOVYRUVSUXQJVDXVJHOLHIHUWVHLQ(UNURFK QRFK]HKQ0HWHUZHLWHUXQGULHI*RPH]]XHUVROOHLKP 'HFNXQJVIHXHUJHEHQ $OVGHU5HYROYHUPDQQIHXHUWHUROOWHVLFK7UHQWDXVGHP *UDEHQKHUDXV(UUROOWHVLFKHLQZHLWHUHV0DODEK|UWH*R PH]HLQHQEOHQ)OXFKDXVVWRHQ=ZHLVFKZHUH3LVWROHQ VFKVVHNUDFKWHQLQGDVOHLFKWHUH0DVFKLQHQJHZHKUIHXHU )ODFKDXIGHP%DXFKZDQGVLFK7UHQWLQGHQ6FKXW]GHV %DXPJHZLUUVKLQHLQ'DVDKHU/RXLV'HU1LFDUDJXDQHU KLHOWHLQHQ5HYROYHU.DOLEHULQGHU+DQG6FKODQNXQG WRGEULQJHQGVFKZHQNWHHULKQKLQXQGKHUDOVHU]ZLVFKHQ

GLH%lXPHVSlKWHXQGVXFKWH9LHU6FKVVHKDWWHHUQRFKLP 5HYROYHU(UHQWGHFNWH7UHQWXQGOlFKHOWH7UHQWNlPSIWH VLFKLQHLQHVLW]HQGH3RVLWLRQGLH+lQGHKLQWHUGHP.RSI PLWGHQ$XJHQIOHKWHHUXP*QDGH9HUJQJWVFKQDXEWH /RXLVLQHLQVDXEHUHV7DVFKHQWXFK)UHXGORVH$XJHQZXU GHQVLFKWEDUDOVVLFKGLHURVDIDUEHQHQ/LGHUKREHQ6HLQ/l FKHOQZXUGHEUHLWHUVHLQH=XQJHQVSLW]HVFKQHOOWHKHUYRU IXKUEHUGQQH/LSSHQ/DQJVDPKREHUGHQ5HYROYHU ZROOWHGDV9HUJQJHQGHV7|WHQVLQGLH/lQJH]LHKHQ'D GU|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lXPH]XUDVWH.ROXPELDQHUXQG&RQWUDVIHXHUWHQZLH ZLOG7UHQWKROWHVLFKVHLQ0HVVHUZLHGHUXQGIDQG*RPH] 'HU5HYROYHUPDQQODJDXIGHU6HLWHVFKDXPLJHV%OXWDXI GHQ/LSSHQ/RXLVKDWWHLKQLQGHQ5FNHQJHVFKRVVHQ(U GUFNWH7UHQWHLQ6WFN3DSLHULQGLH+lQGHGLHVWHUEHQGHQ $XJHQKDWWHQHLQHQIOHKHQGHQ$XVGUXFN0LWHLQHP6WRFN GHQHULQVHLQHLJHQHV%OXWJHWDXFKWKDWWHKDWWH*RPH]EHU IQIPLWHLQDQGHUYHUEXQGHQHQ.UHX]HQGLHVLFKXPHLQ= JUXSSLHUWHQ=DKOHQJHVFKULHEHQ ª8QLRQ%DQTXHLQ=ULFK"© *RPH]YHUVXFKWH]XVSUHFKHQDEHUGDV%OXWHUWUlQNWHVHL QH:RUWH(UKDWWHHLQH/XQJHQEOXWXQJEHPKWHVLFKYHU ]ZHLIHOWPLWVHLQHQ$XJHQ]XVSUHFKHQGLH%LWWHJDOWQLFKW LKPVRQGHUQVHLQHU)DPLOLH'UHL6|KQHGUHL7|FKWHUª,FK

ZHUGHGDIUVRUJHQGDPDQVLFKXPVLHNPPHUW©YHU VSUDFK7UHQWª$EHULFKPXPHLQHDFKWWDXVHQG'ROODU]X UFNKDEHQ©(U]RJGLH%ULHIWDVFKHGHV5HYROYHUPDQQHVDXV GHVVHQ*HVlWDVFKHXQGVWHFNWHVLHHLQ 'HU/DVWZDJHQNUDFKWHGXUFKGLH%DQDQHQElXPHOLQNV YRQLKPPDFKWHNXU]YRUGHP5DQGGHU3ODQWDJHNHKUWXQG UDVWHZLHGHU]XUFN7UHQWQDKPGDV5LVLNRDXIVLFKDXI]X VWHKHQXQG0LJXHOLWRVDKLKQ8QGQRFKHLQDQGHUHV*H UlXVFKZDUMHW]W]XK|UHQGDV:LPPHUQYRQ'VHQWULHE ZHUNHQ]XVDPPHQPLWGHP6FKUDSSHQGHU5RWRUEOlWWHU HLQHV+XEVFKUDXEHUV 7UHQWJULIIQDFKGHU/DVWZDJHQWU]RJVLFKDXIGHQ9RU GHUVLW]ª'XYHUUFNWHU,GLRW©ULHIHUDOV0LJXHOLWRGDV*DV SHGDOGXUFKGUFNWH 'HUNOHLQH7DWDUHNLFKHUWHª+H\NOHLQHU+XQGJHK|UWDO OHV]XP6HUYLFH(XUH-XQJV"© ª:DKUVFKHLQOLFK© ª'DQQODXQVPDFKHQGDZLUKLHUZHJNRPPHQEHYRU GLHXQVGLH+|OOHKHLPDFKHQ©'LH%DQDQHQElXPHILHOHQ XPZLH0LNDGRVWlEFKHQDOVGHU5XVVHGHQ$UPHHODVWZDJHQ EHL9ROOJDVLPHUVWHQ*DQJYRUDQWULHE=ZHL&RQWUDVHUKR EHQVLFKZHQLJHUDOV]HKQ0HWHUYRULKQHQDXVGHP*UQ LKUH.DODVFKQLNRZVVFKXEHUHLWJHKREHQ'HU5XVVHKLHEDXI GLH+XSHHLQXQGULGDV6WHXHUUDGPLWDOOHU.UDIWKHUXP 'DV+HFNGHV/DVWZDJHQVEUDFKDXVXQG7UHQWVDKZLHVLFK GLH&RQWUDVPLWHLQHP6SUXQJYRUGHQZLUEHOQGHQ5lGHUQLQ 6LFKHUKHLWEUDFKWHQ 'DV)DKU]HXJKSIWHDXVGHQ%lXPHQKLQDXVEHUGHQ :HJLQGDV0DLVIHOG7UHQWKLHOWGDVJHOEH6HLGHQWXFKDXV GHP)HQVWHUGDVLKPGHU$PHULNDQHULQ&DQFXQJHJHEHQ KDWWH(LQ+XEVFKUDXEHUVFKZHEWHGLUHNWEHULKQHQGHU :LQGGHU5RWRUHQSUHWHGHQ0DLVIODFKDXIGHQ%RGHQ9LHU ZHLWHUH+XEVFKUDXEHUWULHEHQGLH&RQWUDVDXVGHU3ODQWDJH ZlKUHQG]ZHLZHLWHUHEHUGHQ)HOVYRUVSUXQJKLQZHJIOR JHQXQG]XP(QJOLVK&RORQHO V3RLQWKLQWHUVWLHHQ 7UHQWOLHVLFKDXIGHQ%RGHQIDOOHQGDVJHOEH7DVFKHQ WXFKKLHOWHUEHUVHLQHQ.RSIKRFK(UNDPVLFK]LHPOLFKDO EHUQYRUDOVHUGDPLWKHUXPZHGHOWH

0LJXHOLWRNLFKHUWHª0DQQXQGLFKILQJJHUDGHDQPLUHLQ ZHQLJ6SD]XJ|QQHQ© ª'XEO|GHU,GLRW©VDJWH7UHQWª'DQNH© ª1LFKWV]XGDQNHQ,FKVFKLFNHGLUHLQH3RVWNDUWH© 7UHQWVDDXIGHP7ULWWEUHWWGHV/DVWZDJHQVLQGHU6RQQH $XVLUJHQGHLQHP*UXQGGHULKPVHOEVWQLFKWNODUZDUKDWWH HUGDVJHOEH7DVFKHQWXFKDXIVHLQHP6FKRDXVJHEUHLWHW XQGVHLQH+lQGHUXKWHQGDUDXI1HEHQLKPVWDQG0DULDQD 6LHZDUHQVLFKQDKHEHUKUWHQVLFKDEHUQLFKWVFKDXWHQVLFK DXFKQLFKWDQ'LH+XEVFKUDXEHUEHVDW]XQJVWDQGHLQZHQLJ YRP/DVWZDJHQHQWIHUQWXQGXQWHUKLHOWVLFKUXKLJ%HZXW VFKDXWHQVLHQLFKWLQVHLQH5LFKWXQJ6LHHULQQHUWHQ7UHQWDQ bU]WHDXILKUHU6WDWLRQVUXQGHGLHGLH.|SIH]XVDPPHQ VWHFNWHQXQGEHUGHQ)DOOHLQHVWRGNUDQNHQ.UHEVSDWLHQWHQ EHULHWHQ(UIUDJWHVLFKREHUEHUHLWVQDFK7RGURFK(UKDWWH HLQPDOHLQHQ0DMRUGHU6SHFLDO)RUFHVJHNDQQWDXIGHQGDV ]XWUDI(UKDWWH]ZDUQLFKWQDFK7RGJHURFKHQNRUULJLHUWH VLFK7UHQWDEHUQDFK7|WHQ'HU*HUXFKHLQHV0|UGHUV(U KDWWHQLHEHJULIIHQZDUXP-DJGIOLHJHU%LOGHUYRQLKUHQ$E VFKVVHQDXILKUH)OXJ]HXJHPDOHQZROOWHQ9LHOOHLFKWPDFK WHQGLHPLW/XIWNlPSIHQYHUEXQGHQH*HVFKZLQGLJNHLWXQG GLH'LVWDQ]GDV7|WHQEHLLKQHQ]XHLQHUZHQLJHUXQPLWWHO EDUHQXQGSHUV|QOLFKHQ6DFKH:HQLJHUEOXWLJ :DKUVFKHLQOLFKZDUHVGDVGDFKWH7UHQWDOVHUDXIVHLQH EOXWYHUNUXVWHWHQ+lQGHEOLFNWH6HLQHLJHQHV%OXW/RXLV

%OXW*RPH] %OXW8QGHVZDUQRFKQLFKWYRUEHL1RFKQLFKW JDQ] (VZDUQLFKWYHUZXQGHUOLFKGDHUHVQLFKWZDJWH0DULD QD]XEHUKUHQ ª7XWPLUOHLG©VDJWHVLHª(VNDPHLQ3ROL]HLZDJHQ6LHER WHQDQPLFKPLW]XQHKPHQXQGLFKVDJWHLKQHQLFKZROOH ]XPEULWLVFKHQ+RFKNRPPLVVDU© ª8QGGLHEUDFKWHQ6LHGDQQ]X&DVSDU"© 0DULDQDQLFNWH ª1DMDMHW]WLVWHVVRZLHVRHJDO© (LQJURHU6ROGDWlOWHUDOVGLH0lQQHUGHU+XEVFKUDXEHU EHVDW]XQJJLQJGHQ:HJHQWODQJDXIGHQ/DVWZDJHQ]X'LH

%HVDW]XQJVDOXWLHUWHQLFKWZDUHLJHQWOLFKQLFKWEHUHLWLKP EHVRQGHUH$XIPHUNVDPNHLW]XVFKHQNHQLKUH+DOWXQJZXU GHMHGRFKHLQZHQLJVWHLIHU'LH$EZHVHQKHLWYRQ5DQJDE ]HLFKHQYHUULHW7UHQWGDGLHVHU0DQQ]XU6$6JHK|UWH'HU 6ROGDWVWHOOWHVLFKQLFKWYRUQLFNWHLKQHQOHGLJOLFKIUHXQGOLFK ]Xª7UHQW":LUVWDQGHQLQ%HOL]HDXI$EUXIEHUHLW7XWPLU OHLGGDZLUXQVYHUVSlWHWKDEHQ'DV:HWWHUKDWXQVDXIJH KDOWHQ© ª,VWVFKRQLQ2UGQXQJ:HUKDWHXFKGLH1DFKULFKWEHU PLWWHOW"© ª'HU3UlVLGHQWEHUGHQ+RFKNRPPLVVDU'LHVHUDOWH 'UDXIJlQJHU©PHLQWHGHU6ROGDWEHZXQGHUQGª(QGH6HFK ]LJEULQJWHVIHUWLJEHLP$EIODXHQHLQHV+XUULNDQEHUGHQ )OX]XNRPPHQXQGGUHLLJ.LORPHWHUEHUGLH%HUJH]X ODXIHQELV]XP5HLWODJHUHLQHV$PHULNDQHUV%HQXW]WHHLQ )XQNJHUlW© 7UHQWK|UWH0DULDQDGLH1DVHUPSIHQ9RQGHQJDQ]HQ 6FKPHU]HQGLHHULQGHQOHW]WHQ7DJHQKDWWHHUWUDJHQPV VHQZDUGDVGHUVFKOLPPVWHJHZHVHQGHU6FKPHU]UXKLJ LQGHU6RQQH]XVLW]HQXQGQLFKWLQGHU/DJH]XVHLQLKUH +DQG]XQHKPHQ6LH]RJGDVJHOEH7DVFKHQWXFKXQWHUVHL QHQ+lQGHQZHJXQGSXW]WHVLFKGDPLWGLH1DVH ª:HUZDUGHQQGLHVHU)UHXQGYRQGLU"©IUDJWHGHU6ROGDW XQGGHXWHWHPLWHLQHP.RSIQLFNHQDXIGLHJURH)OlFKHGHV SODWWJHGUFNWHQXQGGXUFKHLQDQGHUJHZLUEHOWHQ0DLVIHOGHV ª:HOFKHU)UHXQG"©IUDJWH7UHQW 'HU6ROGDWJULQVWHª1DGHULP0DLVIHOGGHQHVJDUQLFKW JLEW© ª1LFKWHLQPDOLQHXUHP%HULFKW©VDJWH7UHQW ª1DMDGHLQ%LHU©'HU6ROGDWPXVWHUWH7UHQWXQGlKQHOWH GDEHLHLQHP7LHUDU]WGHUHLQ3IHUGDQVFKDXWGDVLQHLQHQ %DFKJHVWU]WLVWª:LUEULQJHQGLFKEHVVHULQHLQ.UDQNHQ KDXV(LQ]LYLOHVRGHUHLQ0LOLWlUNUDQNHQKDXV"© ª(LQ0LOLWlUNUDQNHQKDXV©VDJWH7UHQWª0HULGDLQ0H[L NR,KUEUDXFKWHLQH(UODXEQLV©7UHQWQDQQWHLKPGLH)UH TXHQ]XQGVFKDXWH]X0DULDQDKRFK(UGDFKWHHUPVVHHV VFKQHOOWXQVFKQHOOXQGGHXWOLFK$EHUGLH:RUWHZROOWHQ QLFKWNRPPHQ

6LHOHJWHOHLFKWHLQH+DQGDXIVHLQHQ8QWHUDUP,KUH$XJHQ ZDUHQVRWLHIEUDXQZLHQLHª,VWVFKRQJXW7UHQW,FKZHL (VWXW,KQHQOHLG© ª-D©VDJWHHUª,FKPHLQH© 6LHJDELKPHLQHQIOFKWLJHQ.XDXIGLH:DQJHª1DORV© ª5LFKWLJ©VDJWHHUXQGYHUVXFKWHDXI]XVWHKHQDEHUVHLQ UHFKWHV%HLQJHKRUFKWHLKPQLFKW 'HU6ROGDWZLQNWH]ZHL0lQQHUYRQGHU+XEVFKUDXEHUEH VDW]XQJKHUDQGLHLKQXQWHUGHU6FKXOWHUDEVWW]WHQ(LQHU GHUEHLGHQZDUMXQJNDXP=ZDQ]LJ ª7XWPLUOHLGPLWGHPJDQ]HQ%OXW©PHLQWH7UHQW ª,VWVFKRQLQ2UGQXQJ6LU'DVJHK|UW]XP-RE©

&RORQHO6PLWKZDULQPLVHUDEOHU6WLPPXQJDOVHUGHQJUR HQ)OXULP0LOLWlUNUDQNHQKDXVYRQ0HULGDHQWODQJVFKULWW 'DV*HUlXVFKVHLQHU/HGHUDEVlW]HDXIGHPJHNDFKHOWHQ%R GHQWULHEGHQMXQJHQ6DQLWlWHUYRULKPKHUDOVZlUHHLQ 5RWWZHLOHUKLQWHULKP 'HU&RORQHOKDWH.UDQNHQKlXVHU(UKDWHGHQ*HUXFK QDFK'HVLQIHNWLRQVPLWWHOQXQGJHNRFKWHP)LVFKYRQJH VWHUQKDWHGLH$UWXQG:HLVHLQGHUGRUWDOOHVSUDFKHQXQG GLHGHUEHVlQIWLJHQGHQ$XWRULWlWHLQHVNDWKROLVFKHQ3ULHVWHUV JOLFKGHUGHU%HLFKWHODXVFKWH(UKDWHGLHDOEHUQOlFKHOQ GHQ.UDQNHQVFKZHVWHUQGLHVLFKIUEHUOHJHQKLHOWHQZHLO VLHZXWHQZLHPDQHLQHP0DQQGHQ+LQWHUQDEZLVFKW RGHUZLHPDQLKQYRUQHKHUXPUDVLHUW8QGHUKDWHGHQXQ PlQQOLFKHQ*DQJGHU.UDQNHQSIOHJHUGHUMXQJH6DQLWlWHU YRULKPZDUHLQW\SLVFKHU9HUWUHWHUGLHVHU=XQIW6HLQHJODW WHQ:DQJHQEUDXFKWHQQXUHLQPDOLQGHU:RFKHUDVLHUW]X ZHUGHQ $PZHQLJVWHQNRQQWHGHU&RORQHObU]WHDXVVWHKHQ .UDQNKHLWHQMHJOLFKHU$UWZDUHQHQWZHGHUVLPXOLHUWHU8Q VLQQRGHUGHU%HZHLVIUHLQHQVFKZDFKHQ:LOOHQQRUPD OHUZHLVHEHLGHV.UDQNHQKlXVHUNDPHQQXUGHQ6LPXODQWHQ ]XJXWHXQGbU]WHZDUHQGHUHQ+HOIHUXQG9HUEQGHWHGLH GDEHLDXFKQRFKDXIVFKlQGOLFKH:HLVH(LQQDKPHQHU]LHOWHQ XQG5HLFKWPHUDQKlXIWHQ'D]XNDPGDQQGDVZLUNOLFK DXFKGHUOHW]WH$U]WHLQJRWWYHUGDPPWHU/JQHUZDUGHUHLQ :LVVHQYRUJDEGDVHUJDUQLFKWEHVDXQG*HKHLPQLVVH ZLVVHQZROOWHGLH]XHUIDKUHQHUJDUNHLQ5HFKWKDWWH 'HU6DQLWlWHU|IIQHWHGHP&RORQHOHLQH7UXQG]RJVLFK PLWXQWHUZUILJHU+|IOLFKNHLWXQGHLQHUDQJHGHXWHWHQ9HU EHXJXQJ]XUFN'HU&RORQHOZDUILKPHLQHQZWHQGHQ %OLFN]XXQGVWRO]LHUWHLQGDV%HUDWXQJV]LPPHUGHV2EHU FKLUXUJHQ'HU&KLUXUJZDUHLQULFKWLJHU5LHVH0LWWH'UHL LJXQGPDFKWHLQVHLQHPZHLHQ0DQWHOPLW.XJHOVFKUHL

EHUXQG(GHOVWDKOWDVFKHQODPSHLQGHU%UXVWWDVFKHHLQHQRU GHQWOLFKHQ(LQGUXFNZLHHLQ7LHUDU]WIU3XGHOXQG.DW ]HQGDFKWHGHU&RORQHO 'HU&KLUXUJWUXJVHLQVFKZDU]HV|OLJHV+DDUQDFKKLQWHQ JHNlPPW'LH8KUDQVHLQHP+DQGJHOHQNZDUHLQHVMHQHU SURW]LJHQ0RGHOOHPLWZXFKWLJHP$UPEDQGLQXQWHUVFKLHG OLFKHQ*ROGW|QHQ(UWUXJHLQHDOWPRGLVFKHUDQGORVH%ULOOH VDLQHLQHPNLSSXQGVFKZHQNEDUHQ6HVVHOPLWKRKHU/HK QHXQGHLQHU3ROVWHUXQJDXVVFKZDU]HP/HGHULPLWDWKLQWHU HLQHPJURHQ6FKUHLEWLVFKDXVNQVWOLFKKHUJHVWHOOWHP VFKZDU]HP+RO]PLW0DUPRUREHUIOlFKHGHUGD]XJHGDFKW ZDU(LQGUXFNEHLGHQ,GLRWHQ]XVFKLQGHQGLHVLFKVHLQHQ 0HVVHUQDQYHUWUDXWHQ 'LHEHLGHQ6WKOHDXIGHUDQGHUHQ6HLWHGHV6FKUHLEWLVFKHV ZDUHQDXVGHPJOHLFKHQVFKZDU]HQ+RO]LPLWDWJHPDFKW6LH ZDUHQNOHLQKDWWHQNHLQH$UPOHKQHQGDIUDEHUHLQHVHQN UHFKWH5FNHQOHKQHHLQHNDONXOLHUWH8QEHTXHPOLFKNHLW 'DVXQWHUVWULFKGHQJHVHOOVFKDIWOLFKHQ$EVWDQG]ZLVFKHQ3D WLHQWXQG$U]W $XVGHPHLQ]LJHQ)HQVWHUDXIGHUUHFKWHQ6HLWHGHV=LP PHUVVDKPDQHLQHYRQHLQHPURWHQ-DVPLQEDXPEHVFKDWWHWH 5DVHQIOlFKH(LQ%LOGVFKLUPDXIGHPPDQ5|QWJHQELOGHU ]HLJHQNRQQWHHUVWUHFNWHVLFKEHUGLHJDQ]H%UHLWHGHU 5FNZDQGKLQWHUGHP6FKUHLEWLVFK(UZDUDXVJHVFKDOWHW $QGHQDQGHUHQ:lQGHQKLQJHQLQ&KURPJHUDKPWH%LOGHU PLWPDWWVFKZDU]HQ3DVVHSDUWRXWVGLH]XP6FKUHLEWLVFKXQG GHQ6LW]P|EHOQSDWHQ$XIGHQ%LOGHUQZDUHQVLFKEHU ODSSHQGH)RUPHQXQEHVWLPPWHU)DUEH]XVHKHQ 6RJHQDQQWHPRGHUQH.XQVWZDUQRFKHWZDVZDVGHU&R ORQHOQLFKWDXVVWHKHQNRQQWH'HUJHVSUHQNHOWH%RGHQEHODJ HULQQHUWHLKQDQGDVZDV0lXVHLPPHUIDOOHQOLHHQ ª6PLWK&RORQHO6LHVLQG*RQ]DOH]©VDJWHHUEDUVFK 'HU&KLUXUJHUZLGHUWHª0DMRU*RQ]DOH]©(UDQWZRUWHWH HKHUDXV*HZRKQKHLWDOVDXVGHP%HGUIQLVKHUDXVGHQ (QJOlQGHU]XYHUEHVVHUQ6LFKKDOEDXVVHLQHP6HVVHOHUKH EHQGGLHULHVLJH+DQGEHUGHQ6FKUHLEWLVFKDXVJHVWUHFNW PHLQWHHUGDQQª)UHXWPLFK6LH]XWUHIIHQ&RORQHO6PLWK© 'HU&RORQHOLJQRULHUWHGLH+DQGVRGDGHU&KLUXUJGLH

*HVWHVHLQHU+DQG]XHLQHUHLQODGHQGHQ%HZHJXQJZHUGHQ OLHPLWGHUHUDXIHLQHQGHUJHUDGHQ6WKOHZLHVª:ROOHQ 6LHVLFKQLFKWVHW]HQ"© (UKDWWHHLQHWLHIHSROWHUQGH6WLPPHXQGVSUDFKPLWNDOL IRUQLVFKHP$N]HQWZDVGHQ&RORQHOQRFKPHKUYHUlUJHUWH :DUXPLQDOOHU:HOWQDKPHQ$XVOlQGHUQXUGHQ$N]HQW XQGGDV9RNDEXODUHLQHU1DWLRQYRQ(LQZDQGHUHUQDQ" ª,FK]LHKHHVYRU]XVWHKHQ©WHLOWHLKPGHU&RORQHOPLW ª*HVHVVHQKDEHLFKLQGLHVHPYHUGDPPHQ)OXJ]HXJGLHOHW] WHQYLHUXQG]ZDQ]LJ6WXQGHQEHU© ª9LHOOHLFKWHLQH7DVVH7HH"© ª7HH©'HUPH[LNDQLVFKH$U]WZDUZDKQVLQQLJª'XOLHEH *WH0DQQHVLVW]ZHL8KUQDFKPLWWDJV,FKP|FKWHZLVVHQ ZDVPLWGHP(QJOlQGHUORVLVWGHQ6LHKLHUKDEHQ© 'HU&KLUXUJEHUHLWHWHVHLQHVRQQHQJHEUlXQWHQXQJHKHXHU PXVNXO|VHQ+lQGHDXVHLQDQGHUª,FKGDFKWHLFKKlWWH,KQHQ DP7HOHIRQHUNOlUW&RORQHO© ª,FKZLOONHLQPHGL]LQLVFKHV*HVFKZDIHOK|UHQVRQGHUQ GLH:DKUKHLWXQG]ZDUVRGDGLH(UNOlUXQJHQDXFKHLQ /DLHYHUVWHKW'HU0DQQDUEHLWHWIUPLFK6HLQ9DWHUZDUHLQ DOWHU)UHXQG,FKKDEHLKQJURJH]RJHQ© 'HU&KLUXUJVHXI]WHXQGVHW]WVLFKZLHGHULQVHLQHQ&KHI VHVVHOEUDXFKWHGLH$XWRULWlWGLHLKPGLHVHUYHUOLHK'HU 6HVVHOlFK]WHXQWHUVHLQHP*HZLFKW ª'HU3DWLHQWKDWVLFKYLHUJHEURFKHQH5LSSHQDXIGHUUHFK WHQ.|USHUVHLWH]XJH]RJHQ©PHLQWHHUEHGlFKWLJGLH(OOHQ ERJHQDXIGHP6FKUHLEWLVFKDEJHVWW]WGLHGLFNHQ)LQJHUPLW GHQ6SLW]HQDQHLQDQGHUJHOHJWª)UHLQHQ0DQQVHLQHU.|U SHUVWDWXUXQG.RQVWLWXWLRQLVWGDV]ZDUXQDQJHQHKPVROOWH LKPDEHUQLFKWZHLWHUJHIlKUOLFKZHUGHQ8QJOFNOLFKHUZHL VHVFKHLQWGHU3DWLHQWDEHUHLQHJDQ]H:HLOHQDFKGLHVHPHU VWHQ9RUIDOOXQJHKHXHUDNWLYJHZHVHQ]XVHLQ=ZHLIHOORVLVW HUGDQDFKDXFKQRFKPHKUHUH0DOHJHVWU]W© *UXQ]HQGEUDFKWHGHU&RORQHOVHLQH*HUHL]WKHLW]XP$XV GUXFNª.RPPHQ6LHHQGOLFK]XU6DFKH0DQQ© 'HU6HVVHOSURWHVWLHUWHHUQHXWDOVGHU&KLUXUJKHUXP VFKZHQNWHXPVLFKGHP%LOGVFKLUP]X]XZHQGHQ(UVFKDO WHWHLKQHLQ'UHL5|QWJHQELOGHUYRQGHU%UXVWZDUHQ]XVH

KHQ'HU$U]W]HLJWHPLWHLQHPZHLHQ'LULJHQWHQVWDEDXI GLHJHEURFKHQHQ5LSSHQª:LH6LHEHPHUNHQ&RORQHOKDEHQ EHLPHUVWHQ$XISUDOOGLH5LSSHQGHQUHFKWHQ/XQJHQIOJHO GXUFKERKUW© 'HU6WDEGHV&KLUXUJHQ]HLJWHMHW]WDXIHLQH6HULHGXQNOH UHU$EVFKQLWWHLP%HUHLFKGHVUHFKWHQ/XQJHQIOJHOVª6HKHQ 6LHKLHU&RORQHO'DVLVWGLHGXUFKGLH5LSSHQYHUXUVDFKWH EHWUlFKWOLFKH6FKlGLJXQJGHU/XQJHEHLGHQQDFKIROJHQGHQ 6WU]HQXQGGHQQDFKGHQ%HIXQGHQGXUFKZHJKHIWLJHQ%H ZHJXQJHQGHV3DWLHQWHQ© 0LWGHU6SLW]HGHV6WDEVXPNUHLVWHGHU&KLUXUJHLQHGXQN OH0DVVHGLHDXIMHGHU5|QWJHQDXIQDKPHGLHUHFKWH6HLWHGHU %UXVWIOOWHª(LQHVFKZHUH%OXWXQJ&RORQHO©(UVFKDOWHWH GHQ%LOGVFKLUPDXVOHJWHGHQ6WDEZHJXQGGUHKWHVLFKZLH GHU]X&RORQHO6PLWKKHUXPª(UHUKlOWJHUDGHHLQH%OXW WUDQVIXVLRQ&RORQHO© 'LH$XJHQEUDXHQGHV&RORQHOVIXKUHQLQGLH+|KHZLHGLH )OJHOHLQHV+DELFKWVª:ROOHQ6LHPLUGDPLWHU]lKOHQGD GLHVH%OXWXQJLPPHUQRFKDQGDXHUW"© ª,FKZUGHOLHEHUVDJHQZLUNRQQWHQGLH%OXWXQJELVKHU QRFKQLFKW]XP6WHKHQEULQJHQ©'HU7RQIDOOGHV&KLUXUJHQ ZDUIURVWLJ ª:DVLVWGHQQGDGHU8QWHUVFKLHG"©IXKULKQGHU&RORQHO DQ ª'DVHLQHEHLQKDOWHWVWLOOVFKZHLJHQG,QNRPSHWHQ]GLH ]ZHLWH)RUPXOLHUXQJEHVDJWGDZLUWURW]XQVHUHU*HVFKLFN OLFKNHLWXQGGHUEHVWHQ$XVUVWXQJNHLQHQ(UIROJKDWWHQ 8QVHU+DXSWSUREOHPLVWGDV+HU]'HU3DWLHQWEHILQGHWVLFK LP6FKRFN]XVWDQGGHUGXUFKGLHY|OOLJH(UVFK|SIXQJQRFK YHUVFKOLPPHUWZLUG'HU+HU]VFKODJLVWVFKZDFK,P$XJHQ EOLFNLVWGHU3DWLHQWQLFKWLQGHU/DJHHLQHZHLWHUH2SHUDWLRQ GXUFK]XVWHKHQ© ª8QGZDVPDFKHQ6LHMHW]W"© ª$EZDUWHQ&RORQHO© ª.DQQHUVSUHFKHQ"© ª,P0RPHQWQLFKW&RORQHO© 9LHU:RUWHZHQQHLQHLQIDFKHV1HLQDXVJHUHLFKWKlWWH ª:DKUVFKHLQOLFKNDQQLFKDEHUHLQH:HLOHEHLLKPVLW]HQ

,FKPDJGHQ-XQJHQVHKU©HUJlQ]WHGHU&RORQHOXQGlUJHUWH VLFKDXJHQEOLFNOLFKEHUVLFKZHLOHUDXVVHLQHU5ROOHJHIDO OHQZDUª+DEHQ6LHVHLQH+DEVHOLJNHLWHQ"©'HU&KLUXUJ UHLFKWHLKP7UHQWV%QGHO'ROODUQRWHQXQGHLQH4XLWWXQJ ]XP8QWHUVFKUHLEHQ )UGHQ/DLHQVDK7UHQWDXVZLHHLQHGUHLGLPHQVLRQDOH.DUWH GHV/RQGRQHU8%DKQ1HW]HV'HU&RORQHOEHREDFKWHWHZLH GDV+HU]VLJQDOLQHLQHUGQQHQ.XUYHEHUGHQ%LOGVFKLUP ZDQGHUWH(UNDQQWHVLFKDXVLQGLHVHQ'LQJHQKDWWHVRHW ZDVLP)HUQVHKHQJHVHKHQ8QGHUHUNDQQWHGLH.LVVHQPLW GHP%OXWSODVPD 7URW]GHV%DUWHVNHLQKlOLFKHV*HVLFKWGDFKWHGHU&ROR QHODOVHUDXI7UHQWKLQXQWHUVFKDXWH$EHUGLH0XWWHU NRPPW]XVHKUGXUFK(LQHVFK|QH)UDXXQGEHLP5HLWHQ KDWWHVLHHLQHQZXQGHUYROOHQ6LW]$EHUIUFKWHUOLFKYHU VFKZHQGHULVFK1XQHUKlWWHMDGDV*HOGIUVLHJHKDEW,P *ODXEHQGDVLHVLFKJXWYHUVWDQGHQKDWWHHULKUHLQH6WXWH JHNDXIWGDPLWVLHDQHLQHU+HW]MDJGWHLOQHKPHQNRQQWHHLQ -DKUEHYRUHU]XP&DSWDLQHUQDQQWZXUGHXQGQDFKGHQ .RQYHQWLRQHQGHV5HJLPHQWVKHLUDWHQGXUIWH(UKDWWHLKUHQ 6FKQHLGHUEH]DKOWXQGLKUVRJDUHLQHQEODXHQ0*JHVFKHQNW 'DQQKDWWHHUVLHJHIUDJWREVLHLKQKHLUDWHQZROOHXQGVLH KDWWHLKPHLQHQ.RUEJHJHEHQ6LHKDWWHJHVDJWVLHP|JHLKQ DEHU$OOHZXWHQHV(UZXUGH]XP*HVS|WWGHVJDQ]HQ 5HJLPHQWV'DQQNDPVHLQH9HUVHW]XQJLQV0LQLVWHULXP(LQ -DKUVSlWHUKHLUDWHWHVLHVHLQHQEHVWHQ)UHXQG0DKRQH\HLQ ZXQGHUYROOHU0DQQ8QJODXEOLFKWUHXZDUPKHU]LJXQG DPVDQW'RFKDXFKHLQNOHLQHU+DOXQNHGHUNHLQ*HIKO IU*HOGKDWWHXQGEHUVHLQHQ6ROGKLQDXVNHLQHQ3IHQQLJ EHVD 'HU&RORQHOKDWWH0DKRQH\GDYRUJHZDUQWGDEHLGLHVHU (KHQLFKWV*XWHVKHUDXVNRPPHQZUGH'HU.HUOKDWWHJH ODFKWXQGGDUDXIEHVWDQGHQGDHULKPEHLGHU$XVULFKWXQJ GHU+RFK]HLW]XU6HLWHVWDQG6HFKV0RQDWHVSlWHUPXWHGHU &RORQHOLKPPLWHLQHU.DXWLRQDXVGHU3DWVFKHKHOIHQLQGLH HUVLFKPLWVHLQHQ$EUHFKQXQJHQJHJHQEHUGHU6FKZDGURQ KLQHLQJHULWWHQKDWWH

:LHDOWZDUGHU-XQJHJHZHVHQDOVHUVLFKEHUHLWHUNOlUW KDWWHIULKQ]XVRUJHQ"=Z|OI"'LHYHUGDPPWH)UDXKDWWH LKQDXV%DKUDLQDQJHUXIHQLKPYRQ0DKRQH\V6HOEVWPRUG HU]lKOW+LOIHJHZROOWXQGVHLWGHP6NDQGDOPLWGHQ$EUHFK QXQJHQZDUGDVQLFKWGDVHUVWH0DOJHZHVHQ(UKDWWHJH PHLQWVLHKDEHGHQDUPHQ0DKRQH\PLWLKUHU9HUVFKZHQ GXQJVVXFKW]XVHLQHU7DWJHWULHEHQXQGLKUJHVDJWVLHVROOH VLFK]XP7HXIHOVFKHUHQ$EHUHUKDWWH]XJHVWLPPWGHQ-XQ JHQ]XQHKPHQ (UZDUEHUHLWJHZHVHQLKQ]XWU|VWHQKDWWHVLFKGDUDXI YRUEHUHLWHWGLH:RUWHHLQJHEWVRJDUYRUVHLQHP6FKODI]LP PHUVSLHJHOJHEWZLHHUGHQ-XQJHQKDOWHQZUGH(UKDWWH JHZXWGDGDVZLFKWLJZDUGHQQN|USHUOLFKHU.RQWDNWILHO LKPVFKZHU 'HU&RORQHOHULQQHUWHVLFKDQGHQVWUHQJNRQWUROOLHUWHQ XQGXQEHZHJWHQ*HVLFKWVDXVGUXFNGHV-XQJHQDOVGLHVHU PLWVHLQHPNOHLQHQ.RIIHUYROO6RPPHUNOHLGXQJLQGLH)OXJ KDIHQKDOOHJHNRPPHQZDU0LWUHJORVHP*HVLFKWKDWWHHUGD JHVWDQGHQDOVREQLFKWVSDVVLHUWJHZHVHQZlUHKDWWHGHQ &RORQHOQLFKWDQVLFKKHUDQNRPPHQODVVHQ:LHVHLQH0XW WHUGLHVFKDXGHUWHZHQQGHU&RORQHOYHUVXFKWKDWWHLKUHL QHQ$UPXPGLH6FKXOWHU]XOHJHQ 'HU&RORQHOKDWWHVLFKQDWUOLFKJHlUJHUWZDVXQWHUGLHVHQ 8PVWlQGHQQLFKWYHUZXQGHUOLFKZDU8QGREZRKOHUHVYHU VXFKWKDWWHKDWWHHUGHQ-XQJHQQLHDXVVWHKHQN|QQHQ(U ZDUKHLPOLFKWXHULVFKXQGWHLOQDKPVORVDEHUJXWZHQQHV XPV/HUQHQJLQJ9LHOOHLFKWKDWWHHUMDHLQHQ)HKOHUEHJDQ JHQDOVHULKQGDYRQDEKLHOW]XU8QLYHUVLWlW]XJHKHQDEHU GHU-XQJHKDWWHGDV=HXJ]XHLQHPHUVWNODVVLJHQ$JHQWHQ XQGGHU&RORQHOKDWWHLKQYRUGHU*HVHOOVFKDIWYHUVWHFNHQ ZROOHQEHYRUVHLQ*HVLFKW]XJXWEHNDQQWZDU (UGDFKWHDQGLH=HLWLQGHUHU7UHQWIUVHLQH=ZHFNHYHU ZHQGHWXQGLKQ]XHLQHUKHUYRUUDJHQGHQ:DIIHJHIRUPWKDW WH$EHUPLWWOHUZHLOHZDUHUZHLFKJHZRUGHQVWHOOWHEH VWLPPWH'LQJHLQ)UDJH 'DV9HUVSUHFKHQDQVHLQH0XWWHULKQLQHLQH6FKXOH]X VFKLFNHQGLHYRQGLHVHQYHUGDPPWHQ0|QFKHQLQLKUHQ .XWWHQJHIKUWZXUGHZDUVHLQHUVWHU)HKOHUJHZHVHQ8QG

LKQQDFK,UODQG]XYHUVHW]WHQGDFKWHGHU&RORQHOJHUHL]W 'LHVHYHUGDPPWHQ.DWKROLNHQ'LHOLHHQVLFKLPPHUZLH GHUQHXYRQ,GHHQLQIL]LHUHQGLHHLJHQWOLFKGHU9HUJDQJHQ KHLWDQJHK|UWHQXQGEHVVHUYHUJHVVHQZHUGHQVROOWHQ6LHED WHQXP9HUVWl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lOWLJ]RJHUVLFKHLQHQFUHPHIDUEHQHQ/HLQHQDQ]XJ DQGHUYRP=LPPHUSHUVRQDOJHEJHOWZRUGHQZDU'DV =LPPHUSHUVRQDOKDWWHDXFKGLHEUDXQHQ6WUDHQVFKXKHGHV &RORQHOVDXI+RFKJODQ]SROLHUW'LH5HJLPHQWVNUDZDWWHGLH HUWUXJZDULKPEHVRQGHUVOLHEDXFKZHQQHULQV0LQLVWHUL XPEHUJHZHFKVHOWZDUXQGVHLQHQPLOLWlULVFKHQ5DQJQLFKW ZHJHQVHLQHU9HUGLHQVWHIUGDV5HJLPHQWEHNOHLGHWHVRQ GHUQQXUGHVZHJHQZHLOGXUFKLKQVHLQHHLJHQWOLFKH7lWLJ NHLWYHUWXVFKWZXUGH'DV3lFNFKHQZDUWHWHDP(PSIDQJ DXILKQ(LQ*HQWOHPHQKDWWH]ZDUQRUPDOHUZHLVHNHLQH$N WHQWDVFKHXQWHUP$UPDEHUKHXWHEUDXFKWHHUHLQH'HQ3D QDPDKXWVHW]WHHUPLWGHUHQWVSUHFKHQGHQ*HQDXLJNHLWJHUD

GHDXIGHQ.RSIZLQNWHGDQQHLQ7D[LKHUEHLXQGZLHVGHQ )DKUHUDQ]XP0LOLWlUNUDQNHQKDXV]XIDKUHQ 'HU=XVWDQGGHV3DWLHQWHQKDWWHVLFKQLFKWJHEHVVHUW'HU &RORQHOVDJWHHUZROOHHLQH6WXQGHEHLGHP-XQJHQVLW]HQ 'HU&KLUXUJPHLQWHHUKlWWHDQJHRUGQHWHLQHQEHTXHPHUHQ 6WXKOLQGDV=LPPHUGHV3DWLHQWHQ]XVWHOOHQXQGOLHHLQHQ 6DQLWlWHUNRPPHQGHUGHQ&RORQHOEHJOHLWHQVROOWH 'HU&RORQHOPXVWHUWH7UHQWPLWSUIHQGHP%OLFNDEHUHV JDEQLFKWPHKU]XVHKHQDOVDP7DJ]XYRU(UHQWOLHGHQ6D QLWlWHUKlQJWHVHLQHQ+XWEHUHLQHQ+DNHQDQGHU7UXQG VHW]WHVLFK(UKLHOWHVIUYHUQQIWLJHLQH:HLOH]XZDUWHQ GDPLWHUHLQ*HIKOIUGDV.UDQNHQKDXVEHNDPXQGVLFKDQ GLH*HUlXVFKHGHU6FKULWWHGUDXHQLP)OXUJHZ|KQWH $OVHU7UHQWEHREDFKWHWHGDFKWHHUZLHGHUGDHUDQGHP -XQJHQJXWH$UEHLWJHOHLVWHWKDWWH6HLQH0lQQHUKDWWHQDOOH JXWH$UEHLWJHOHLVWHW6LHKDWWHQGLH.RPPXQLVWHQLQGLH .QLHJH]ZXQJHQ-HW]WJDEHV$XVVFKVVHGLH0HWKRGHQXQ WHUVXFKWHQGLHVLHGDEHLDQJHZDQGWKDWWHQ1DWUOLFK$PH ULNDQHU (UKDWWHLPPHUVRJHWDQDOVZUGHHU6\PSDWKLHIUGLH $PHULNDQHUHPSILQGHQXQGGHQ-XQJHQGD]XDXVJHELOGHW IUVLHGLH'UHFNDUEHLW]XPDFKHQ'RFKGHU7HXIHOVROOWHLKQ KROHQZHQQHU]XOLHGDVLHLKQYRQVHLQHP3ODW]HQWIHUQ WHQ:LHNRQQWHQVLHHVQXUZDJHQHLQHQEULWLVFKHQ2IIL]LHU YRUHLQHQLKUHUPLHVHQ$XVVFKVVH]X]LWLHUHQ"*HlFKWHWXQG HQWHKUWZUGHHUVLFKLQVHLQHP&OXEGRFKQLFKWPHKUEOLN NHQODVVHQN|QQHQ'DQQZlUHHUJHQDXVJXWZLHWRW $EHUGD]XZUGHHVQLFKWNRPPHQ 9RQ$QIDQJDQZDUHUGDUDXIYRUEHUHLWHWJHZHVHQKDWWH %RE)UHQFKDOV%LQGHJOLHGEHQXW]WXPGHQ-XQJHQ]XVWHX HUQ'LHOHW]WH=HLWKDWWHVLFK)UHQFK'RQ5REHUWHJHQDQQW )UHQFK 9DWHUZDUQXUHLQKRFKQlVLJHU$QJHVWHOOWHUJHZH VHQ*HPHVVHQDQGLHVHUZHQLJJQVWLJHQ$XVJDQJVSRVLWLRQ KDWWH)UHQFKVLFKHLQHQJDQ]VFK|QHQ5HLFKWXPHUZRUEHQ GDFKWHGHU&RORQHODOVHUVLFKDQGDVJURH6WUDQGKDXVLQ &DQFXQHULQQHUWH'LHQVWSHUVRQDO*lUWQHUHLQ0HUFHGHVPLW &KDXIIHXU (VLVWVFKRQODQJHKHUGDLFKVRHWZDVWXQPXWHGDFKWH

HUDOVHUVHLQH/HVHEULOOHDXVLKUHP(WXLQDKPXQGGLH)H GHUEJHOEHUVHLQH2KUHQ]RJ(UQDKPHLQHQ%HXWHOPLW %OXWSODVPDDXVVHLQHU$NWHQWDVFKHGDVPLW$QWLJHULQQXQJV PLWWHOQYHUVHW]WZDUXQGJLQJ]XGHP*HZLUUDXVEDXPHOQ GHQ6FKOlXFKHQKLQEHUGLHEHUGHP%HWWKLQJHQ ,QZHQLJHUDOVHLQHUKDOEHQ0LQXWHZDUHUZLHGHU]XVHL QHP6WXKO]XUFNJHNHKUW'LH%HXWHOZDUHQDXVJHWDXVFKW 1DWUOLFKKDWWHHUGDVYRUKHUJHEW'DHUQRFK]ZDQ]LJ0L QXWHQZDUWHQPXWHQDKPHUGLH6XQGD\7LPHVDXVVHLQHU $NWHQWDVFKH 8QWHUIDVWJHVFKORVVHQHQ$XJHQOLGHUQKHUYRUEHREDFKWHWH 7UHQWZLHGHU&RORQHO=HLWXQJODV(UKDWWHJHGDFKWGD LKPGLHJDQ]H6DFKHHWZDVDXVPDFKHQN|QQWHDEHUDOVHULP %HWWODJKDWWHHUVLFKDOOPlKOLFKDQGHQ*HGDQNHQJHZ|KQW 'DYRUZDUHUYLHO]XVHKUGDPLWEHVFKlIWLJWJHZHVHQHLQIDFK ]XEHUOHEHQ6HLWGUHL7DJHQKDWWHHUQLFKWJHVSURFKHQOH GLJOLFK3HSLWRKDWWHHUVHLQH$QZHLVXQJHQ]XJHIOVWHUW$Q VWDWWVLFK]XUlXVSHUQKXVWHWHHU 'HU&RORQHOEOLFNWHEHUGHQ5DQGGHU=HLWXQJKLQZHJ XQG7UHQWVDJWHª,FKIUFKWHGXKDVWHLQHQ)HKOHUJHPDFKW &RORQHO© )UHLQHQ0DQQVHLQHV$OWHUVZDUGHU&RORQHOVFKQHOO GRFK7UHQWZDUQWHLKQª6HLNHLQ1DUULFKELQEHZDIIQHW 8QGGXZLUVWDXI9LGHRIHVWJHKDOWHQ'LH)HQVWHUVLQGYHU JLWWHUWXQGGUDXHQVWHKWGLHKDOEHPH[LNDQLVFKH$UPHH© (UVHW]WHVLFKKLQUROOWHGHQ9HUEDQGYRQVHLQHPUHFKWHQ $UPO|VWHGLH6FKOlXFKH'LH1DGHOQIHKOWHQ 'HU&RORQHOVDQNLQVHLQHQ6WXKO]XUFN(UZDUEODJH ZRUGHQ'RFKNHU]HQJHUDGHVDHUGDVHLQH$XJHQKDWWHQ HLQHQNDOWHQXQGDXIPHUNVDPHQ$XVGUXFN )UHLQHQ$XJHQEOLFNELOGHWH7UHQWVLFKHLQGDHUK|UHQ NRQQWHZLHGLH*HGDQNHQLP6FKlGHOGHV&RORQHOVUDVWHQ ZlKUHQGGLHVHUQDFKHLQHP$XVZHJVXFKWHª)USUDNWLVFKH (LQVlW]HZDUVWGXQRFKQLHEHVRQGHUVJHHLJQHW&RORQHO'XJH K|UVWKLQWHUGHQ6FKUHLEWLVFKELVWYLHO]XVHKUGDPLWEHVFKlIWLJW DQGHUH]XPDQLSXOLHUHQXP]XPHUNHQZDQQGXVHOEHUPDQLSX OLHUWZLUVW©

ª0DQLSXOLHUW":DV]XP7HXIHOPHLQVWGXHLJHQWOLFK"© ª9RQ$QIDQJDQKDWWHVWGXGLHVHQ:DKQYRQN|QLJOLFKHU *URDUWLJNHLW©VDJWH7UHQWUXKLJª,Q:LUNOLFKNHLWZDUVWGX HLQ%DXHU'XELVWKHUHLQJHOHJWZRUGHQGXXQG&DVSDU'X KDVWGDVDOOHVJHWDQXPGLHDOWH/DQJOH\*DUGHDXVGHP:HJ ]XUlXPHQ)UHXQGHYRQGLU&RORQHO'DUXPJHKWHVKLHU© ª(U]lKOPLUNHLQHQJRWWYHUGDPPWHQ8QVLQQ©EHOOWHGHU &RORQHOª)UZHQ]XP7HXIHOKlOWVWGXGLFKHLJHQWOLFK",FK KDEHGLFKDXVJHELOGHWPHLQ-XQJH'XJHK|UVWPLU(LQH +DQGEHZHJXQJYRQPLUXQGGXELVWHUOHGLJW©,QGHPNOHL QHQ=LPPHUKDWWHGDV6FKQLSSHQVHLQHU)LQJHUGLH/DXWVWlU NHHLQHV3LVWROHQVFKXVVHVª'XXQGGHUMHQLJHGHUGLFK]X GLHVHU6DFKHDQJHVWLIWHWKDW'HQNMDQLFKWGXZlUHVWPLWPLU VFKRQIHUWLJ$OOH$XIWUlJHYRQGLUXQGMHGHQGHLQHU$XI WUDJJHEHUKDEHLFKLQGHQ$NWHQ:HQQHVPLUDQGHQ.UD JHQJHKWJHKWHVHXFKDOOHQDQGHQ.UDJHQ©%HL*RWWVLH ZUGHQVFKRQVHKHQZDVVLHGDYRQKDWWHQ ª'XK|UVWQLFKW]X©VDJWH7UHQWª(VLVWYRUEHL&RORQHO 'XKDVWYHUVXFKWPLFK]XHUPRUGHQ'DVLVWDXIGHP)LOP IHVWJHKDOWHQZRUGHQXQGZLUVLQGLQ0H[LNR'HUJURH 0DQQGHQGXIUGHQ2EHUFKLUXUJHQJHKDOWHQKDVWJHK|UW ]XPPH[LNDQLVFKHQ*HKHLPGLHQVWXQGLVWHLQ)UHXQGYRQ PLU© )UGHQ%UXFKWHLOHLQHU6HNXQGHIODFNHUWH=ZHLIHOLQGHQ $XJHQGHV&RORQHODXI ª,FKVXFKHNHLQH5DFKH©IXKU7UHQWIRUWª,FKVWHKHLPPHU QRFKLQGHLQHU6FKXOG&RORQHOJDQ]JOHLFKZDVGXJHWDQ KDVW'DUXPKDEHLFKDXFK0H[LNRDXVJHZlKOW,FKGDFKWH KLHUN|QQWHVWGXPHKUKHUDXVVFKODJHQDOV]X+DXVHRGHULQ GHQ9HUHLQLJWHQ6WDDWHQ6LHZHUGHQGLFKZHJHQYHUVXFKWHQ 0RUGHVIHVWKDOWHQELVLKUHXFKHLQLJJHZRUGHQVHLG©(U ]XFNWHGLH$FKVHOQª'DVK|UWVLFKYLHOOHLFKWQLFKWQDFKEHVRQ GHUVYLHODQDEHUGXEHILQGHVWGLFKLQ6LFKHUKHLWXQGLQHLQHU UHODWLYDQJHQHKPHQ6LWXDWLRQ'HUKDOEH*HKHLPGLHQVWLVW KLQWHUGLUKHUZLHGLH%LHQHQKLQWHUGHP+RQLJXQGGDVEH GHXWHWHGDGHU+RQLJHWZDVZHUWVHLQPX,FKZUGHOLHEHU LQ9HUKDQGOXQJHQWUHWHQEHYRULFKPLFKYRQGHUDQGHUHQ +lOIWHGHV*HKHLPGLHQVWHV]XP6FKZHLJHQEULQJHQODVVH©

0HKUNRQQWHHUQLFKWIULKQWXQ8QGIUGLH/LHEHGLH GHU&RORQHOJHJHQEHUVHLQHU0XWWHUJH]HLJWKDWWHLQGHP HUVHLQHQ9DWHUYRUGHUHUVWHQ6FKPDFKEHZDKUWHLKP VHOEVWHLQ=XKDXVHVFKHQNWHXQGLKQ]XU6FKXOHVFKLFNWH VWDQG7UHQWLPPHUQRFKWLHILQVHLQHU6FKXOG(VZDUEH VWLPPWQLFKWHLQIDFKIUGHQ&RORQHOJHZHVHQLKQDOVVWlQ GLJH(ULQQHUXQJDQVHLQHYHUORUHQH/LHEHLP+DXV]XKD EHQ ª+LHUXQWHQ©VDJWHHUªKlWWHLFKGLFKIUGHQ5HVWGHLQHV /HEHQVKLQWHU*LWWHUEULQJHQN|QQHQ© 'LH:DQJHGHV&RORQHO]XFNWHOHLFKW ª7XWPLUOHLG©VDJWH7UHQWGHQQWURW]DOOHPWDWLKPGHUDO WH0DQQWDWVlFKOLFKOHLG'RFKHUEOLHEDXIPHUNVDP8QGHV JDEHLQLJH'LQJHLQVHLQHU9HUJDQJHQKHLWGLHXQEHGLQJWJH NOlUWZHUGHQPXWHQ6HLQH.HKOHVFKPHU]WHHUJULIIQDFK GHP:DVVHUDXIGHP1DFKWWLVFK'DQQIUDJWHHUUXKLJª,FK ZXUGHQLH]XU(XURSlLVFKHQ*HPHLQVFKDIWYHUVHW]W"9HU PXWOLFKELQLFKWRW"© 'HU&RORQHONRQQWHVHLQ9HUJQJHQQLFKWYROOVWlQGLJYHU EHUJHQª-DPHLQ-XQJH,FKIUFKWHGDVELVWGX© ª'DVKDEHLFKYHUPXWHW©VDJWH7UHQWª$EHUGDV+lXVFKHQ KDVWGXYHUNDXIWRGHUQLFKW"0HLQH*URPXWWHUKDWGRFKJH QJHQG*HOG"© ª1DWUOLFKKDWVLHGDV'DVLVWVFKRQHLQNRPLVFKHU-RE© 'HUDOWH0DQQVFKWWHOWHZLHGHUVHLQHQ.RSIDOVVHLHUIUFK WHUOLFKPGHª7XWHLQHP0DQQQLFKWJXW© 0LWHLQHPDQGHUHQ:HUGHJDQJXQGZHQLJHUEHJWHUWHU +HUNXQIWKlWWHHUGDV=HXJ]XHLQHPHUVWNODVVLJHQ6FKDX VSLHOHUJHKDEWGDFKWH7UHQWª'XPXWGDYRQDXVJHJDQJHQ VHLQGLFKVHOEVWXQGGLH$EWHLOXQJVFKW]HQ]XN|QQHQ:LH RIWKDVWGXGHLQHQDPHULNDQLVFKHQ)UHXQGHQLQ/DQJOH\HL QHQ*HIDOOHQJHWDQGLHVDOVVHOEVWlQGLJH2SHUDWLRQXQGYRQ PLURKQHGHLQH%LOOLJXQJGXUFKJHIKUWH$NWLRQLQGHQ$N WHQODQGHQODVVHQ8QGGLH6DFKHPLWGHP*HOGIUPHLQH $XIWUlJHUHJHOWHGDQQ'RQ5REHUWH)OHPLQJRGHUZLHLPPHU HUDXFKKHLHQPDJ© ª)UHQFK©VDJWHGHU&RORQHOJHULQJVFKlW]LJª5REHUW&KDU OHV5LFKDUG)UHQFK(UJHK|UWHQLFKW]XXQV©

7UHQWNDQQWHGHQDOWHQ0DQQJXWª'XKDVWLKQXPEULQJHQ ODVVHQ© ª(UVDJWHHUZROOHQDFK:DVKLQJWRQ]XLUJHQGHLQHPPLH VHQ.RQJUHDXVVFKX6HLW0RQDWHQKDWWHQVLHLKQXQWHU 'UXFNJHVHW]W0DQKlWWHGLHJDQ]H3KLOE\$IIlUHZLHGHU YRQYRUQHDXIJHUROOWQLHPDQGZlUHGDYRQYHUVFKRQWJHEOLH EHQ3ROLWLNHUPLVFKHQVLFKLQ'LQJHHLQLQGHQHQVLHQLFKWV ]XVXFKHQKDEHQ1DFKGLUKDWWHQVLHDXFKVFKRQJHIUDJW DEHUGLFKKDWWHLFKLQ,UODQGYHUVWHFNW,FKZlUHDXILKUHUYHU GDPPWHQ/LVWHGHUQlFKVWHJHZHVHQ© 7UHQWVDKGHQ+DLQGHQ$XJHQGHV&RORQHOVIUHLQHQ $XJHQEOLFNZDUHUGHXWOLFK]XWDJHJHWUHWHQ(UKDWWHHVJH DKQWDEHUHUKDWWHGHQ%HZHLVJHZROOW)UHQFK 7RGZlUH LKP]XU/DVWJHOHJWZRUGHQHVZDUVHLQ0HVVHUXQGHUZU GHDOVE|VDUWLJHU(LQ]HOJlQJHUJHOWHQGHPPDQP|JOLFKVW VFKQHOOEHLNRPPHQPXWHXQGGHURKQH:DUQXQJQLHGHUJH VFKRVVHQZXUGH'DV*DQ]HZDUGDQQQXUHLQZHLWHUHV'H WDLOGLHVHVVRUJIlOWLJJHVFKQUWHQ3DNHWHV ª'XKDVWGHQ.DWDPDUDQDXVHLQHP)RQGEH]DKOWGHUVLFK DXIPLFK]XUFNYHUIROJHQOLH"© ª-D© ª8QGGHUYRQ)UHQFKNRQWUROOLHUWZXUGH"© 'LH2EHUOLSSHGHV&RORQHOVYHU]RJVLFK]XHLQHPVFKZD FKHQK|KQLVFKHQ/lFKHOQª)UHQFKYHUVWDQGVLFKDXIGLHVH 'LQJH© )UHQFKNDQQWHVLFKPLW*HOGDXVDEHU!*HOGZDUHLQ :RUWGDVHLQ*HQWOHPHQQLHEHQXW]WHª'HQ$8)=HLFKQXQ JHQ]XIROJHKDEHLFKLQ,UODQGPHLQHQHLJHQHQ72GYRUJH WlXVFKW"© 6LHZDUHQLPOHLFKWHQ5HJHQEHUGDV)HOGDXIGDV%DXHP KDXV]XJHJDQJHQ7UHQWXQGIQI0LWJOLHGHUGHV7HUURULVWHQ NRPPDQGRVLQGDVHUVLFKHLQJHVFKOHXVWKDWWH6LHWUXJHQ .RUGVDPWKRVHQ*XPPLVWLHIHOGLFNH3XOORYHU7ZHHG MDFNHQKDWWHQ6FKURWIOLQWHQXQWHUGHQ$UPHQ]ZHL.DQLQ FKHQXQGHLQHQ+DVHQLQLKUHQ-DJGWDVFKHQHLQHQ/DEUDGRU PLVFKOLQJXQGHLQHQ,ULVK6HWWHUGLFKWDXIGHQ)HUVHQXQG VWHOOWHQGDPLWXQWHU%HZHLVGDVLHQLFKWV%|VHVLP6LQQKDW WHQhEHUGDV)HOGKLQZHJYHUOLHIGHUQLHGULJH.DPPHLQHV

+JHOVGDV*UQGHV5DVHQVZDUDXILKPHLQZHQLJVDWWHU DOVLQGHU8PJHEXQJ %HLGHQ7HUURULVWHQKDWWHHUDQMHQHP7DJHLQHEHVRQGHUH )UHXQGOLFKNHLWJHVSUWVLHKDWWHQLKPDXIGHQ5FNHQJH NORSIWXQGHLQELFKHQ]XODXWJHODFKWXQGHUKDWWHYHUPX WHWGDPDQLKQDQVLHYHUUDWHQKDWWH'DV$GUHQDOLQGDV EHUHLWVLQVHLQH$GHUQJHSXPSWZXUGHKDWWHLKQJHUHWWHW(U ZDUDXI*HZDOWYRUEHUHLWHWJHZHVHQZlUHEHLQDKHVFKRQDE JHWDXFKWEHYRULKQHQGLHHUVWHQ6DOYHQDXVGHU6WHLQPDXHU UHFKWVYRQLKQHQXQGDXVGHU6FKHXQHYRULKQHQHQWJHJHQ VFKOXJHQ (LQH.XJHOWUDI7UHQWLQGLH6FKXOWHUHLQH]ZHLWHLQGHQ 2EHUVFKHQNHODEHUGDV$GUHQDOLQYHUOLHKLKPGLH]XVlW]OL FKH.UDIWXQG*HVFKZLQGLJNHLWXPGHQ*UDEHQXQWHUKDOE GHU0DXHU]XHUUHLFKHQ(UHULQQHUWHVLFKQRFKJXWDQGLHSD QLVFKH$QJVWGLHHUJHIKOWKDWWHDOVHUGRUWLP6FKODPPODJ PLWGHPVLFKHUHQ*HIKOGDHUYRQMHPDQGHPDXVVHLQHP HLJHQHQ/DJHUYHUUDWHQZRUGHQZDUXQGQLFKWZXWHZDU XP (UZXWHGDHULQHLQHU)DOOHVDXQGGDHVNHLQHhEHU OHEHQGHQXQGNHLQH*HIDQJHQHQJHEHQVROOWH(UVFKHXWHGD YRU]XUFNGDV6LJQDOZRUWGDVLKPIUHLH3DVVDJHVLFKHUQ VROOWHKLQDXV]XVFKUHLHQGHQQHUKDWWH$QJVWHVN|QQHQLFKW PHKUJHOWHQ,QMHGHP$XJHQEOLFNZUGHYRQGHUDQGHUHQ 6HLWHGHU0DXHUDXVHLQH*UDQDWHDXILKQKHUXQWHUIDOOHQ(U NRQQWHVSUHQGDGHU6ROGDWEHUHLWV]lKOWHXQGVDJWHGDV :RUWJDQ]UXKLJZHLOHUGHQ6ROGDWHQQLFKWHUVFKUHFNHQ ZROOWH (UK|UWHGHQ0DQQIOXFKHQXQGGLH*UDQDWHIORJLQKRKHP %RJHQEHUVHLQHQ.RSIKLQZHJXQGH[SORGLHUWHDXIGHP QLHGULJHQ+JHONDPPLP)HOG:lKUHQGGHU+XQJHUVQRW KDWWHQDQGLHVHU6WHOOHHWZDGUHLKXQGHUW3HUVRQHQLKUHOHW]WH 5XKHVWlWWHJHIXQGHQGHU0DQQGHUVLHEHJUDEHQKDWWHKDWWH NDXPQRFKGLH.UDIWJHKDEWHLQHQ6SDWHQ]XVFKZLQJHQ 'DKHUKDWWHHUGHQ7RWHQNHLQHWLHIHQ*UlEHUDXVJHKREHQ VRQGHUQOHGLJOLFKHLQZHQLJ(UGHEHUGLH7RWHQJHVFKDXIHOW 'HU6ROGDWVSUDFKPLWGHPZHLFKHQ$N]HQWGHU/HXWHDXV 1RUWKXPEULDLQVHLQ)XQNJHUlWGHU0DQQGHUGHQ+LQWHU

KDOWEHIHKOLJWHULHI7UHQW]XHUVROOHPLWHUKREHQHQ+lQGH DXVGHP*UDEHQNRPPHQ 'HP6ROGDWHQDXIGHUDQGHUHQ6HLWHGHU0DXHUULHI7UHQW PLWVHLQHUQRUPDOHQ6WLPPHXQGLQGHP$N]HQWGHQHUVHLW ]ZHL-DKUHQQLFKWPHKUEHQXW]WKDWWHHQWJHJHQª6DJGLHVHP YHUGDPPWHQ,GLRWHQGDLFKPLFKJDUQLFKWUKUHQNDQQ(L QHUYRQHXFKKDWPLFKLQV%HLQJHWURIIHQPHLQH6FKXOWHU ZXUGH]HUVFKPHWWHUWXQGLFKEOXWHZLHHLQ6FKZHLQ© ª-D6LU©PHLQWHGHU6ROGDWXQG7UHQWHULQQHUWHVLFKDQGLH :HOOHYRQ6FKXOGJHIKOHQGLHLKQLQGHQ$EJUXQGGHU%H ZXWORVLJNHLWKLQXQWHUJH]RJHQKDWWH(UKDWWHVLFKZHJHQ VHLQHU6WLPPHVFKXOGLJJHIKOWPLWGHUHUVLFKDOV6HSDUDWLVW GHUEULWLVFKHQ2EHUNODVVHQRIIHQEDUWHXQGGLHLKQYRQGHQ IQIWRWLP)HOGOLHJHQGHQMXQJHQ0lQQHUQXQWHUVFKLHG 7UHQWEOLFNWH]XP&RORQHOKLQEHUXQGVDJWHª'XKDVW PLFKDQGLH,5$XQGDQGLH$UPHHYHUUDWHQ'DVKlWWHPHKU DOVHLQPDOIUPHLQHQ7RGDXVJHUHLFKW©.HLQ:XQGHUGD LKQLQGHQOHW]WHQ0RQDWHQMHQHU=HLWSDUDQRLGH*HIKOHJH TXlOWKDWWHQ 'HU&RORQHOVWUHFNWHVHLQ.LQQQDFKYRUQHVHLQH$XJHQ ZDUHQPDWWXPGLH:DQJHQKHUXPZDUHUHLQZHQLJZHL JHZRUGHQª,FKKDEHGHLQH%HULFKWHJHOHVHQ-HGH0HQJH UKUVHOLJHV=HXJ$XIKDOEHP:HJ]XPhEHUOlXIHU© ª%O|GVLQQ©VDJWH7UHQWª'XZROOWHVWPHLQHQ7RGGDPLW PDQPLFKQLFKWYRUGHQ.RQJUHDXVVFKXEHVWHOOWHQNRQQWH 0HLQhEHUOHEHQPXIUGLFKMDHLQJDQ]VFK|QHU6FKRFNJH ZHVHQVHLQ© 'HU&RORQHOOlFKHOWHK|KQLVFK ª'XKDVW&DVSDUGHQ5FNHQJHVWlUNWXPVLFKHU]XJHKHQ GDVHLQH2SHUDWLRQWDWVlFKOLFKGXUFKJHIKUWZXUGHXQGLFK DOV5HYROYHUKHOGXQG)UHQFK 0|UGHUGDVWDQG'DPLWZlUHQ ZLUEHLGHYRQGHU%LOGIOlFKHYHUVFKZXQGHQ'HU9RUKDQJ ZlUHJHIDOOHQXQGGXZlUHVWPLWHLQHP/RUEHHUNUDQ]JH NU|QWZRUGHQZHLOGXGLH6$6DXV%HOL]HLQV)HOGJHZRUIHQ KDWWHVWXPGLH'HPRNUDWLH]XUHWWHQ%ULOODQW)UHLQHQ .RQJUHDXVVFKX]DKOWHVVLFKSROLWLVFKEHUKDXSWQLFKW DXVHLQHP+HOGHQGDV/HEHQVFKZHU]XPDFKHQ$EHUHLQHQ )HKOHUKDVWGXEHJDQJHQ'RQ5REHUWRKLQWHUOLHPLUHLQH

:DUQXQJXQGGLHKDVWGXQLFKWHQWGHFNW©7UHQW]RJGDV)R WRXQWHUVHLQHP.LVVHQKHUYRUXQGVFKQLSSWHHVGXUFKGDV =LPPHUª'XPXWVLHZLUNOLFKVHKUJHOLHEWKDEHQXQG PHLQHQ9DWHUVHKUJHKDW©VDJWH7UHQW'DQQVDKHUGHQ $XVGUXFNGHUDXIGHP*HVLFKWGHV&RORQHOVODJXQGZXWH GDGLHVHULKQIDOVFKYHUVWDQGHQKDWWH 6HLQH+lQGHZDUHQJHIDOWHWGLH.Q|FKHOWUDWHQZHLKHU YRUª,FKNRQQWHGLHYHUGDPPWH)UDXQLFKWDXVVWHKHQ©VDJWH GHU&RORQHOXQGIXQNHOWH7UHQWZWHQGDQª8QGGXELVWGHU 6RKQGHLQHU0XWWHU'HLQ9DWHUKDWVLFKXPJHEUDFKWXQGGX KDVWQLFKWHLQH7UlQHEHULKQYHUJRVVHQ©6HLQH6WLPPHZDU YRU%LWWHUNHLWJDQ]KHLVHUJHZRUGHQª'XELVWNDOWZLHHLQ )LVFK'HVZHJHQKDWWHLFKGLFKMDDXFKDXVJHELOGHWGXKDW WHVWYRQ$QIDQJDQGLHULFKWLJHQ$QODJHQ© $OOH(ULQQHUXQJHQDQVHLQH0XWWHUZDUHQDOVRHEHQIDOOV QXUHLQHZHLWHUH0DQLSXODWLRQGHV&RORQHOª,FKKDEH'DGG\ JHVHKHQXQG]ZDUNXU]EHYRUHUVLFKXPEUDFKWH©VDJWH 7UHQW ª,FKNRQQWHLKPQLFKWKHOIHQ© ª'XOLHEHU+LPPHO©7UHQWHUOHEWHHVGDVHUVWHXQGHLQ]LJH 0DOGDGHU&RORQHOZLUNOLFKVFKRFNLHUW]XVHLQVFKLHQ(U VFKWWHOWHGHQ.RSIDOVREHUYHUVXFKHQZROOWH.ODUKHLWLQ VHLQH*HGDQNHQ]XEULQJHQª'DVKlWWHVWGXPLUDEHUHU]lK OHQVROOHQ,FKVDJWHGHLQHU0XWWHULFKZUGHGLUXPGHLQHV 9DWHUVZLOOHQHLQ=XKDXVHJHEHQ(UZDUGHUHLQ]LJH0DQQ PLWGHPLFKMHPDOVVSUHFKHQNRQQWH© ª7XWPLUOHLG©VDJWH7UHQW8QGHVWDWLKPWDWVlFKOLFKOHLG ª'HU7HXIHOVROOGLFKKROHQ,FKZLOONHLQH6\PSDWKLHYRQ GLU©IXKULKQGHU&RORQHODQZWHQGGDUEHUGDHUVLFK HLQH%O|HJHJHEHQKDWWH 7UHQWVFKZDQJVHLQH)HDXIGHQ%RGHQ6HLQUHFKWHV %HLQWDWLKPZHKXQGDXFKLQVHLQHU6HLWHIKOWHHUWURW]GHV 9HUEDQGHVQRFK]LHPOLFKH6FKPHU]HQ'LH)LQJHUVHLQHU UHFKWHQ+DQGZDUHQYHUEXQGHQª.DQQLFKPDOGHLQH%ULHI WDVFKHKDEHQ"© 'HU&RORQHO]RJVLHDXVGHU,QQHQWDVFKHVHLQHU-DFNH(V ZDUHLQH%ULHIWDVFKHDXV6FKZHLQVOHGHUGHUHLQHLKUHUJROGH QHQ(FNHQIHKOWHXQGGLH-DKU]HKQWHVWlQGLJHQ*HEUDXFKV

JDQ]VSHFNLJKDWWHQZHUGHQODVVHQ'LHVHU%ULHIWDVFKHKDWWH GHU&RORQHO7UHQWV7DVFKHQJHOGHQWQRPPHQ ª'XKDVWPLFKLPPHUVHOEVW]XP=XJJHEUDFKWGHU]XU 6FKXOHIXKU©VDJWH7UHQW ª'DVZDUPHLQH3IOLFKW©HQWJHJQHWHGHU&RORQHO ª'XZDUVWIURKGDLFKZHJZDU©YHUEHVVHUWHLKQ7UHQW XQGZXWHGDGDVVWLPPWH(UKDWWHHVJHVSUWDOVVLHQH EHQHLQDQGHUDXIGHP%DKQVWHLJYRQ.LQJ V&URVVJHVWDQGHQ KDWWHQ 7UHQWGXUFKVXFKWHGLH%ULHIWDVFKH,QHLQHP([WUDIDFKEH IDQGHQVLFKYRP3ULYDWJHOGGHV&RORQHOVJHWUHQQWVHLQH DFKWWDXVHQG'ROODU7UHQWKLHOWGLH%DQNQRWHQGHU9LGHRND PHUDEHUGHU7UKLQNULW]HOWHPLWGHPJROGHQHQ0LQLDWXU NXJHOVFKUHLEHUGHV&RORQHOVPLWJURHU0KHHLQH4XLWWXQJ DXIGHQGQQHQ1RWL]EORFNLQGHU%ULHIWDVFKH'DQQUHLFKWH HUGHP&RORQHOGLH%ULHIWDVFKH]XUFN ª'DQNH©VDJWHGHU&RORQHOXQGOLHVLHPLWGHUJOHLFKHQ %HZHJXQJZLHGHULQVHLQH7DVFKHJOHLWHQPLWGHUHUHVJHWDQ KDWWHQDFKGHPHU7UHQWVHLQ7DVFKHQJHOGJHJHEHQKDWWH(U VXFKWHQDFKGHP=LJDUHWWHQHWXLGDVLKP7UHQWV9DWHUJH VFKHQNWKDWWH 7UHQWGHXWHWHDXIGDV6FKLOGPLWGHU$XIVFKULIW!5DXFKHQ YHUERWHQEHUGHP%HWWXQGKXPSHOWHLQVHLQHP.UDQNHQ KDXVS\MDPD]XU7U(UPHUNWHDOOHUGLQJVGDHUQLFKWHLQ IDFKVRKHUDXVJHKHQNRQQWHGUHKWHVLFKXPXQGVDJWH ª0DFKMDNHLQH'XPPKHLWHQ© ª)UZHQKlOWVWGXPLFK"©JUROOWHGHU&RORQHOª)UHLQHQ YHUGDPPWHQ,GLRWHQ"+LQDXVPLWGLU© 'UHL0lQQHUZDUWHWHQLP)OXU'HU0H[LNDQHUZDUXQLIRU PLHUWGHU0DQQLQGHP7ZHHGDQ]XJZDUGHP6FKQLWWVHL QHV$Q]XJVQDFK]XXUWHLOHQPLW]LHPOLFKHU6LFKHUKHLW%ULWH GHU$PHULNDQHUZLUNWHDOVVHLHUYLHO]XVFKQHOOLQVHLQH3R VLWLRQDXIJHVWLHJHQXQGXQVLFKHUZLHHUDXIWUHWHQVROOWH 7UHQWQLFNWHLKQHQ]XXQGVDJWHª(UJHK|UW,KQHQ.P PHUQ6LHVLFKXPLKQ© 3HSLWRQLFNWHDXVHLQHU7UZHLWHUKLQWHQLP)OXU]XLKQHQ KHUEHU(UWUXJHLQHQZHLHQ&KLUXUJHQNLWWHO

(3,/2* 7UHQWV.OHLGXQJZDUJHZDVFKHQJHIOLFNWXQGJHEJHOWZRU GHQ'HU6DQLWl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lFKHOQKDW WHVLFKQLFKWJHlQGHUWª)UHXWPLFKXQJODXEOLFK6LH]XVH KHQ©VDJWHHUª,FKELQJHUDGHPLWGHP)OXJ]HXJDXV :DVKLQJWRQJHNRPPHQ© 7UHQWZlUHQLFKWEHUUDVFKWJHZHVHQZHQQHUHUIDKUHQ KlWWHGDGHU$PHULNDQHUZlKUHQGGHUOHW]WHQ]ZHL6WXQ GHQYRUGHU/DQGXQJEHU0HULGDJHNUHLVWZDUXQGGDEHL DXIGLH%HVWlWLJXQJSHU)XQNZDUWHWHGDHVQLFKWQRFKLP OHW]WHQ$XJHQEOLFNLP.UDQNHQKDXVHLQ'HVDVWHUJHJHEHQ KDWWH 'HU$PHULNDQHUKDWWHLKPVHLQH+DQGHQWJHJHQJHVWUHFNW 7UHQW]HLJWHLKPGLHYHUEXQGHQHQ)LQJHU 'HU$PHULNDQHUPHLQWHª+H\GDVLVWMDVFKDGH©XQGOHJ WHVWDWWGHVVHQVHLQHQ$UPXP7UHQWV6FKXOWHUª:LHLFKK|U WHKDEHQ6LHZLUNOLFKJXWH$UEHLWJHOHLVWHW©IXKUHUIRUWXQG VWLH7UHQWLQGDV%URGHV.RPPDQGDQWHQ6HLQ/lFKHOQ VWUDKOWHWRWDOH)UHXQGVFKDIWXQGDEVROXWH8QWHUVWW]XQJDXV ª*URDUWLJLFKPHLQHULFKWLJJURDUWLJ7ROO(LQIDFKWROO©

9HUZXQGHUWXQGXQJOlXELJVFKWWHOWHHUGHQ.RSIXQG PHLQWH]XGHQEHLGHQ0lQQHUQGLHEHUHLWVLP=LPPHUZD UHQª(VLVWZLUNOLFKNDXP]XJODXEHQPLWGLHVHP0DQQ,FK PHLQH+HUUJRWW© 7UHQWYHUVWDQGZDVHUVDJHQZROOWH,Q:DVKLQJWRQZDU PDQHUIUHXW (LQHQGHU0lQQHULP=LPPHUNDQQWH7UHQWYRP6HKHQ 'HU0DQQZDU%ULWH]ZDQ]LJ-DKUHMQJHUDOVGHU&RORQHO XQGKDWWHGLHJOHLFKH.LQGHUVWXEHXQGGLHJOHLFKH$XVELO GXQJZLHGLHVHUJHQRVVHQ:HJHQVHLQHVMQJHUHQ$OWHUV KDWWHHUZDKUVFKHLQOLFKOLEHUDOHUH$QVLFKWHQRGHUQHLJWH ZHQLJHU]X9RUXUWHLOHQZDVQLFKWXQEHGLQJWGDVVHOEHZDU 'HU0DQQPHLQWHª*XWJHPDFKW© ª'DQNH© 'HU]ZHLWH0DQQZDUHLQ0H[LNDQHUPLWHLQHPWHXUHQ GXQNHOEODXHQ$Q]XJ(UUDXFKWHHLQHGQQH=LJDUUHXQG GDV*ROGDQVHLQHQ+DQGJHOHQNHQZDUHLQZHQLJ]XYLHOGHV *XWHQ(UOlFKHOWHXQGPHKU*ROGEOLW]WHDXIª:LUIUHXHQ XQVVHKU,KQHQ]X'LHQVWHQJHZHVHQ]XVHLQ6HQRU© ª7XWPLUOHLG©PHLQWH7UHQWª,FKKlWWH]XHUVWIUDJHQVRO OHQ©'RFKGHU0H[LNDQHUXQGGHU$PHULNDQHUZDUHQEH UHLWVY|OOLJGDPLWLQ$QVSUXFKJHQRPPHQVLFKGLH+lQGH ]XVFKWWHOQXQGPLWGHU+HU]OLFKNHLWDOWHU6FKXOIUHXQGHJH JHQVHLWLJ]XP0LWWDJHVVHQHLQ]XODGHQ 'HU$PHULNDQHUIKUWHGHQ0H[LNDQHUDXVGHP=LPPHU EHLLKUHQVLFKJHJHQVHLWLJEHUGLH6FKXOWHUJHOHJWHQ$UPHQ KlWWHHVDXFKDQGHUVKHUXPVHLQN|QQHQ 9RQGLHVHU6WLPPXQJDQJHVWHFNWKLHOWLKPGHU(QJOlQGHU VHLQH+DQGHQWJHJHQª&KDUOHV%HQVRQ:LUNOLFKEHJHJQHW VLQGZLUXQVQLH© 7UHQW]HLJWHVHLQH9HUElQGH%HQVRQZLUNWHYHUOHJHQª-D QDWUOLFK(QWVFKXOGLJHQ6LH©0LWHLQHUEHUUDVFKHQG VFKZLHOLJHQXQGPXVNXO|VHQ+DQGGHXWHWHHUDXIHLQHQGHU EHLGHQ6HVVHOGLHJHJHQEHUGHP6FKUHLEWLVFKGHV.RPPDQ GDQWHQVWDQGHQª6HW]HQ6LHVLFKGRFK'LHVHUOHW]WH$NWVR HEHQZDUGRFKVLFKHUQLFKWEHVRQGHUVDQJHQHKPIU6LH© ª'DQNH©VDJWH7UHQW(UKDWWHNHLQ9HUVWlQGQLVHUZDUWHW XQGVFKDXWH%HQVRQGDVHUVWH0DOULFKWLJDQ%UDXQH$XJHQ

EUDXQH+DDUHVFKODQNHV*HVLFKWVFKPlFKWLJH*HVWDOW6HLQH 6WLUQORFNHGLHLKPLPPHUEHUGLH6WLUQ]XIDOOHQGURKWH JDELKPHLQHQJDQ]MXQJHQKDIWHQ$XVGUXFNXQGREZRKOHU PGHZDUZDUHURIIHQVLFKWOLFKN|USHUOLFKILW 7UHQWYHUPXWHWHGDHUEHU:DVKLQJWRQJHIORJHQZDU ª6LHVSLHOHQ3ROR"©IUDJWHHU ª:DV"©IUDJWH%HQVRQ'DQQVFKDXWHHUDXIVHLQH+lQGH XQGOlFKHOWHª-D-DGDVWXHLFKWDWVlFKOLFK,QWHOOLJHQWVLQG 6LHGDVPXPDQ,KQHQODVVHQ© ª,FKZUGHPLFKPLWGHP$PHULNDQHUJDQ]JHUQHDOOHLQ XQWHUKDOWHQ*HKWGDVLQ2UGQXQJ"© ª1XQLFKKDWWHVFKRQYHUPXWHWGD6LHGDVZROOHQ© %HQVRQGDFKWHHLQHQ$XJHQEOLFNQDFKª$OOHUGLQJVZlUH PLUOLHEHU6LHKlWWHQ8UODXE6LHN|QQHQGDVEULJHQVGLUHNW WXQ8UODXEQHKPHQPHLQHLFK(VOLHJWLQQHUKDOEPHLQHU .RPSHWHQ]© 7UHQWZDUVLFKJDUQLFKWGDUEHULPNODUHQJHZHVHQGD HUDQJHVWHOOWJHZHVHQZDU ª%LVKHUKDW6LHQRFKNHLQHUPLWHLQHP1DPHQDQJHVSUR FKHQ +DEHQ6LHHWZDVGDJHJHQZHQQZLUEHLGHP1DPHQ7UHQW EOHLEHQ"© :LHGHUNDPGDV7UHQWXQJHZ|KQOLFKYHUVWlQGQLVYROOYRU (UKDWWHVLFKVFKRQJHIUDJWZHUHUZDU ª*XW©PHLQWH%HQVRQDOVGHU$PHULNDQHULQV%UR]X UFNNDPª-RKQLFKKDEH7UHQWHLQSDDU0RQDWH8UODXEJH JHEHQ%HYRUHULKQDQWULWWZUGHHUJHUQHQRFKHLQSDDU :RUWHPLW,KQHQZHFKVHOQ©(UVFKDXWHDXIVHLQHDOWH8KUDQ LKUHP/HGHUDUPEDQGª,FKVROOWHPLFKZLHGHU]XUFN]XP )OXJKDIHQEHJHEHQ©(UOlFKHOWH7UHQWDQVHLQ%OLFNYHUULHW HLQHQ$QIOXJYRQ%RVKDIWLJNHLWª9LHOOHLFKWZHUGHQPLFKMD ,KUH)UHXQGHGUDXHQPLWQHKPHQVREDOG6LHKLHUDOOHVKLQ WHUVLFKJHEUDFKWKDEHQ© 'HU$PHULNDQHUVFKZHQNWHGHQ]ZHLWHQ6HVVHOKHUXPXP 7UHQWGDV*HVLFKW]X]XZHQGHQXQGVHW]WHVLFKHQWVSDQQW XQGUXKLJKLQ ª-RKQ9RONVWDGW©VDJWHHUPLWHLQHP/lFKHOQGDV7UHQW YHUULHWGDGHU$PHULNDQHU]HLJWHZHUHUZLUNOLFKZDU(U

KDWWHMHW]WHLQHQ1DPHQXQGJHK|UWHQLFKWPHKU]XU6FKDU GHU1DPHQORVHQRGHU]XGHQHQPLWGHQYLHOHQ1DPHQ ª1HWWHU.HUOGLHVHU%HQVRQ(VZLUG,KQHQJHIDOOHQPLW LKP]XVDPPHQ]XDUEHLWHQ(ULVWLPPHUDP%DOOXQGKDWGLH ULFKWLJHQ,GHHQ© ª'DVJHOEH7DVFKHQWXFK©VDJWH7UHQWXQGEUDFKWHPLW HLQHP$FKVHO]XFNHQVHLQH9HUOHJHQKHLW]XP$XVGUXFNª,FK PHLQH© 9RONVWDGWZXWHZDV7UHQWPHLQWH0LWHLQHUXQPHUNOL FKHQ*HVWHJDEHULKP]XYHUVWHKHQGDHVNHLQHUOHL1RW ZHQGLJNHLWJDELKP]XGDQNHQ 'RFK7UHQWIXKUIRUWª6LHKDEHQPLUGDV/HEHQJHUHWWHW ,FKZHL]ZDUQLFKWZLH©(UKDWWHLPPHUQRFKQLFKWJH QXJJHVDJW$XIJUXQGVHLQHU$QJVWYRUGHQDQLUJHQGZHO FKHQ6FKUHLEWLVFKHQJHWURIIHQHQ(QWVFKHLGXQJHQZDU7UHQW EHLLKUHP7UHIIHQLQ&DQFXQVHKU]XUFNKDOWHQGJHZHVHQ(U PXWHVLFKMHW]WRIIHQEDUHQª:LUKDEHQJHZRQQHQQLFKW ZDKU"© ª'DVKDEHQZLUVLFKHUOLFK©(VZDUJXWH$UEHLWVDJWHGDV /lFKHOQ ª8QGLFKELQLQ6LFKHUKHLW©(VZDUVFKRQVRODQJHKHU GDHUVLFKLQ6LFKHUKHLWEHIXQGHQKDWWH ª=XP7HXIHOMD©VDJWH9RONVWDGWEHVWlWLJWHGDPLWGD 7UHQWXQWHUVHLQHU6FKLUPKHUUVFKDIWVWDQG'DV/lFKHOQ ]HXJWHYRQ0DFKW 7UHQWEHIHXFKWHWHVHLQH/LSSHQª,FKZROOWHQRFKVDJHQ 1XQVLHZLVVHQGRFK"-HGHU]HLW© 1XQZDUHVKHUDXVHUERWLKPVHLQH'LHQVWHDQ 9RONVWDGWV/lFKHOQYHUVFKZDQG0LWNKOHQEHUHFKQHQ GHQ$XJHQQDKPHUVLFKGLH=HLWGDV$XVPDYRQ7UHQWV 9HUSIOLFKWXQJDE]XVFKlW]HQ ª%HOSDQV3UlVLGHQW©VDJWH7UHQWDEHUHUVFKHXWHVLFKGD YRU]XZHLW]XJHKHQª6LHZLVVHQVFKRQ,P6DYR\© 9RONVWDGWZXWH%HVFKHLG ª6RHWZDV©PHLQWH7UHQW 'HU$PHULNDQHUVDJWHª,FKZHUGHGDVLP+LQWHUNRSIEH KDOWHQ© +HUUJRWWZDUGDVVFKZLHULJª,FKKDEHGDVQLFKWJDQ]EH

JULIIHQ©VDJWH7UHQWª,FKZXWHGDGHU&RORQHOHVQLFKW JHWDQKDWWH(UZUGHGDVHLQIDFKQLFKWWXQ1LFKWLQ(QJ ODQG8QGHUKlWWH6FKZLHULJNHLWHQJHKDEWDQGLH'URJHQ KHUDQ]XNRPPHQ&DVSDUKDWWHQLFKWGLH0DFKW© (LQOHLFKWHV$XIKHOOHQLQ9RONVWDGWV$XJHQYHUULHW7UHQW GDHUDXIGHUULFKWLJHQ6SXUZDU0DFKWZDUHLQ:RUWGDV GLH$PHULNDQHUOLHEWHQEHVRQGHUVZHQQHVVLHVHOEVWEHWUDI ª(VPXHLQH0HQJH0XWHUIRUGHUWKDEHQ©VDJWH7UHQW'LH %HZXQGHUXQJGLHHLQHPYRQHLQHP$JHQWHQJH]ROOWZXUGH VWHOOWHHLQHUQVW]XQHKPHQGHV/REGDUXQGGHU$PHULNDQHU OlFKHOWHHVZDUQLFKWVHLQEUHLWHVVWUDKOHQGHVHLQJHEWHV /lFKHOQVRQGHUQHLQOHLFKWHV+HEHQGHU0XQGZLQNHO 7UHQWVFKWWHOWHEHZXQGHUQGGHQ.RSIª8QGGDQQQRFK &DVSDUXQGGLH.ROXPELDQHU]XVDPPHQHLQ]XVHW]HQ© ª'LHVHU6FKHLNHUO(UJULIIPLWEHLGHQ+lQGHQ]X© 9RONVWDGWJULQVWH'DVZDUMHW]WNHLQH6FKDXVSLHOHUHL ª:HQQLFKPLUGDV*DQ]HQLFKWVHOEVWDXVJHGDFKWKlWWHZl UHHUPLWGLHVHU,GHHGDKHUJHNRPPHQ© ª'DIUZDUHUQLFKWLQWHOOLJHQWJHQXJ©PHLQWH7UHQWª(U OLHQLFKWORFNHUDEHUGDVLVWQLFKWGDVJOHLFKH© ª(UZDU]lKXQGHUZDUYRU2UW©9RONVWDGWNRQQWHVHL QHQ6WRO]QLFKWY|OOLJYHUEHUJHQ ª'RFKLFKEHKDXSWHLPPHUQRFKGDHUQLFKWLQWHOOLJHQW JHQXJZDU,FKEH]HLFKQHLKQGDPLWQLFKWDOVGXPP$EHU GDV.RQ]HSW©(UEOLFNWH9RONVWDGWGLUHNWLQGLH$XJHQ ª'HVZHJHQZUGHLFKJHUQHPLW,KQHQDUEHLWHQ'LHPHLVWHQ /HXWHVLQGHLQIDFKQLFKWVRFOHYHU©(UZXWHHUKDWWHGLH ULFKWLJHQ:RUWHJHIXQGHQ 9RONVWDGWOlFKHOWH'DV.RPSOLPHQWKDWWHLKQHLJHQWOLFK QLFKWEHVRQGHUVYHUOHJHQJHPDFKWDEHUHUJDEVLFKHLQZH QLJVFKFKWHUQ=XGLHVHP3XQNWKDWWHHUVLFKVFKRQHLQH 0HQJH*HGDQNHQJHPDFKWª(VLVWHKHUHLQEHVRQGHUHV7D OHQWDOV,QWHOOLJHQ]©PHLQWHHUª,FKGHQNHEHUHLQ3UREOHP QDFKXQGVHKHGLH6WHOOHQDQGHQHQPDQDQVHW]HQPXZLH DXIHLQHU.DUWH(LQZHQLJ'UXFNDXVEHQHLQKHIWLJHU5XFN KLHUXQGGDQRFKHLQSDDUDQGHUH=XWDWHQKLQ]XIJHQXQG DOVQlFKVWHVIlOOWDOOHVDQVHLQHQULFKWLJHQ3ODW]© ª$EHU&DVSDUXQGGHQ&RORQHO]XVDPPHQEHLGLHVHU6D

FKHPLWPDFKHQ]XODVVHQ©PHLQWH7UHQWXQGVFKWWHOWHZLH GHUGHQ.RSIª'HU&RORQHOLVWGRFKQXQZLUNOLFKLPPHULQ GHU1lKHJHZHVHQ© ª9LHO]XODQJH:HQQ6LHQLFKW$XIWUlJHIUGHQ*HKHLP GLHQVWDXVJHIKUWKlWWHQZlUHHUVFKRQHLQLJH-DKUHIUKHU LQ5HQWHJHJDQJHQ©9RONVWDGWZDUJDQ]VHOEVWVLFKHUEDGHWH VLFKLQ7UHQWV%HZXQGHUXQJZROOWHPHKUGDYRQª6LHKDEHQ LKQDP/HEHQHUKDOWHQ6LHZDUHQVHLQ'UDKWQDFK/DQJOH\© ª'LHNDOWHQ.ULHJHUPVVHQMDHLQHQIUFKWHUOLFKHQ 6FKUHFNHQEHNRPPHQKDEHQDOV6LH)UHQFKXQWHU'UXFN VHW]WHQDXV]XVDJHQ©VDJWH7UHQW ª(LQHQ6FKUHFNHQ"'LHKlWWHQ6LHVHKHQVROOHQ©9RONVWDGW ODFKWHª6LHZDUHQEHUHLWVGDEHLDOOHVYHUVFKZLQGHQ]XODV VHQZDV$XVNXQIWEHU,KUHLQLKUHP$XIWUDJDEVROYLHUWHQ 7lWLJNHLWHQLQQHUKDOEGHUOHW]WHQIQI]HKQ-DKUHJDEXQGWD WHQGDEHLVRDOVREVLHHVPLWGHP$XVEUXFKHLQHU0LO] EUDQGHSLGHPLH]XWXQKlWWHQ,FKEHUEUDFKWHLKQHQGLH 1DFKULFKWEHU)UHQFK© (UEOLFNWH]X7UHQWKLQEHUXPVLFK]XYHUJHZLVVHUQGD GLHVHUDXFKGLH3HUIHNWLRQEHJULIIPLWGHUVLFKGDV*DQ]HDE JHVSXOWKDWWHª%HLGLHVHP7UHIIHQDQGHPLFKDXFKWHLO QDKPJHULHWHQDOOHLQ3DQLNXQGLFKVDJWH+HUUJRWWGDVLVWMD EHO9LHOOHLFKWVROOWHPDQLKQHQWIHUQHQ$OVQlFKVWHVVFKLFNWHQ VLHGLHVHQ6SLQQHUDXVGHQ9HUHLQLJWHQ6WDDWHQXQGLKUSH GDQWLVFKHU&RORQHOOLHLKQLQ)UHQFK +DXV'HU&RORQHO KDWWHQLFKWGHQ0XWHVVHOEVW]XWXQ:LUKDEHQDOOHVJHILOPW (LQ0HVVHUGDVJHQDXVRDXVVLHKWZLHGDV0HVVHUGDVVLH KLQWHQDQLKUHP5FNHQWUDJHQ© ª'HU&RORQHOZLUGUHGHQ© ª5HGHQ"(UZLUGMHGHYHUGDPPWH0HORGLHVLQJHQGLHLFK YRQLKPK|UHQZLOO%HLKLOIH]XP0RUGXQGYHUVXFKWHU 0RUGZLUVLQGKLHULQ0H[LNR.RPPWHUQLFKWGXUFKZHU GHLFKGHQ6FKHLNHUODQV.UHX]QDJHOQ© ª'HUDUPH.HUO©PHLQWH7UHQW ª(UYHUVXFKWH6LHXP]XEULQJHQ3URWHVWLHUWH9RONVWDGW 3O|W]OLFKZDUVHLQ%OLFNZLHGHUJDQ]DXIPHUNVDPGDVHLQ JHEWH/lFKHOQZDUZLHGHUDQVHLQHQEOLFKHQ3ODW]]XUFN JHNHKUWª$XIZHOFKHU6HLWHVWHKHQ6LHHLJHQWOLFK"©

ª$XIJDUNHLQHU,FKWXHHLQIDFKPHLQH$UEHLW© 'DV/lFKHOQYHUVFKZDQGª=XP7HXIHOPLW,KQHQ,FKKDEH ,QIRUPDWLRQHQEHU6LHGDZUGHQ,KQHQGLH+DDUH]X%HU JHVWHKHQ©9RONVWDGWVWDQGDXI6HLQH$XJHQZDUHQKDUW XQGPDWWHLQHQ$XJHQEOLFNODQJGDFKWH7UHQWDQ/RXLVGHQ 3V\FKRSDWKHQª:HQQ6LHLUJHQGZHOFKH6SLHOFKHQPLWPLU VSLHOHQVROOWHQ6LHVLFKEHVVHUYRUVHKHQ© 7UHQWVFKREVLFKDXVGHP6HVVHO(UKDWWHQLFKWYLHO.UDIW DEHUHUZDUGHU0HLQXQJVLHUHLFKWHª,FKKDEHPLFKYRUJH VHKHQ©VDJWHHUª,FKELQHLQZHQLJEHUGUHKWXQG6LHVLQG HUOHGLJW©6RIHVWHUQXUNRQQWHVFKOXJHU9RONVWDGWGLUHNW LQV*HVLFKWXQGVSUWHZLHGLH1DVHGHV$PHULNDQHUVEUDFK ª9HUGDPPW©HQWIXKUHV7UHQWXQGHUVWHFNWHVHLQH+DQG XQWHUVHLQH$FKVHOK|KOH ,P*HJHQVDW]]X9RONVWDGWKDWWHHUNHLQ*HSlFN(UYHU OLHGDV.UDQNHQKDXV ,P6FKDWWHQHLQHU$ND]LHVWDQGHLQZHLHU-HHS%HQVRQ OHKQWHDQGHU.KOHUKDXEH3HSLWRODJQHEHQGHP-HHSDXI HLQHU'HFNHDXV*XDWHPDOD(UKDWWHVHLQHQ.RSILQGHQ 6FKRHLQHUGXQNOHQJXWDXVVHKHQGHQ)UDX$QIDQJ'UHLLJ JHOHJW'LH)UDXWUXJ-HDQVHLQlUPHOORVHV76KLUW]ZHLJXWH 5LQJHXQGHLQHWHXUH$UPEDQGXKU(LQH]ZHLWH)UDXVD VHLWOLFKYRQLKUXQGODVHLQ%XFK6LHWUXJHLQHQ:LFNHOURFN XQGHLQHZHLH%OXVHGLHLKUH7DLOOHIUHLOLH.XU]H+DDUH NXU]H1DVHEUHLWHU0XQG+RUQEULOOH $XVGHU$QODJHGHV-HHSVHUVFKROOHLQH$ULHDXV)LJDURV +RFK]HLW'HU0H[LNDQHUVFKLHQ]XVFKODIHQ7UHQWJLQJYRU EHU6HLQH+DQGWDWLKPZHK'LH)UDXNODSSWHLKU%XFK]X HVZDUYRQOVDEHO$OOHQGH'DVN|QQWHEHGHXWHQGDVLHDXI GHUULFKWLJHQ6HLWHVWDQGGDFKWH7UHQW ª0DQXHOOD)XHQWHV©VDJWHVLH ª7UHQW©VDJWH7UHQWª0X\FDQWDGR6HQRULWD© 3HSLWRJlKQWHXQG|IIQHWHHLQ$XJHª+DVWGXLKQJHVFKOD JHQ"© 7UHQW]HLJWHVHLQH+DQGYRU%OXWVLFNHUWHGXUFKGLH9HU ElQGH 'HU0H[LNDQHUVDJWHª%HL6FKODQJHQVROOWHPDQLPPHU VHLQHQ6WLHIHOEHQXW]HQ©(U]HLJWHKLQWHUVHLQHQ.RSIDXIGLH

)UDXGHVVHQ6FKRHUEHQW]WHª7LQDLVW,QJHQLHXULQDXV9H QH]XHOD:LUGDFKWHQZLUVROOWHQHLQIDFKKHUXQWHUIDKUHQ XQGHLQHQ3ODQDXVDUEHLWHQZLHZLUGHLQ%RRWZLHGHU]XP 6FKZLPPHQEULQJHQ© ª'DVK|UWVLFKGRFKJDQ]JXWDQ©PHLQWH7UHQW 3HSLWRJlKQWHUlNHOWHVLFKXQGVWDQGDXIª:LUKDEHQ%HQ VRQHLQJHODGHQ'HUYHUUFNWH*ULQJRVDJWHUPVVH]XUFN LQV%UR© 7URW]VHLQHV$Q]XJVZLUNWH%HQVRQVHKUHQWVSDQQWXQG ZLHHLQ0LWJOLHGGHU*UXSSHª9LHOOHLFKWEHLPQlFKVWHQ 0DO©VDJWHHU ª'DQNHGD6LHJHZDUWHWKDEHQ©VDJWH7UHQW]XLKPª,FK KDEHDOOHVDXI%DQG©$Q3HSLWRJHZDQGWVDJWHHUGDQQ ª8QGGXZLUVWPLUMHW]WVRIRUWGLHVHQ5HFRUGHUDEQHKPHQ 2GHUVROOLFKLKQHWZDIUGHQ5HVWPHLQHV/HEHQVPLWPLU KHUXPVFKOHSSHQ"©

'$1.6$*81* 2EZRKOGLH5HSXEOLN%HOSDQMHQHQ/HVHUQGLHHLQPDO%HOL]H EHVXFKWKDEHQJHRJUDSKLVFKEHNDQQWYRUNRPPHQPDJ KDQGHOWHVVLFKXPHLQHUHLQILNWLYH5HSXEOLN'LHWRSRJUD SKLVFKHQbKQOLFKNHLWHQ]ZLVFKHQGHUHUIXQGHQHQ5HSXEOLN %HOSDQXQGGHPWDWVlFKOLFKHQ%HOL]HVLQGUHLQHU=XIDOORGHU EHUXKHQDXIPDQJHOQGHU3KDQWDVLHDOOH&KDUDNWHUHLQGLH VHP%XFKVLQGIUHLHUIXQGHQ,FKWUHIIHGLHVH)HVWVWHOOXQJHQ ZHLOGLHVHV%XFKLQ%HOL]HJHVFKULHEHQZXUGH %HOL]HLVWHLQ/DQGGDVXPVHLQH)UHLKHLWHQLQJHVHOOVFKDIW OLFKHUXQGSROLWLVFKHU+LQVLFKWXPGDVIUHLH=XVDPPHQOH EHQGHUYHUVFKLHGHQHQ9|ONHUXQGGLH6FK|QKHLWVHLQHV.R UDOOHQULIIVXQGVHLQHV5HJHQZDOGHV]XEHQHLGHQLVW8QWHU GHQYLHOHQ%HZRKQHUQ%HOL]HVGLHPLU8QWHUVWW]XQJXQG *DVWIUHXQGVFKDIWJHZlKUWHQZLOOLFKEHVRQGHUV/XF\XQG 0LFN)OHPLQJXQGLKUHP3HUVRQDODP&KDD&UHHNGDQNHQ GLHPLUHLQHQLGHDOHQ3ODW]IUGLHVFKULIWVWHOOHULVFKH$UEHLW ]XU9HUIJXQJVWHOOWHQ$QZHOFKHPDQGHUHQ2UWGHU:HOW KlWWHLFKDXVGHUEHKDJOLFKHQ8PJHEXQJHLQHVK|O]HUQHQ 'HFNVYRUPHLQHP=LPPHURGHUEHLHLQHUJHPWOLFKHQ3DG GHOWRXUDXIHLQHPLQGHQ5HJHQZDOGHLQJHEHWWHWHQ)OX PHKUDOVHLQKXQGHUWYHUVFKLHGHQHQ9|JHOQODXVFKHQXQGVLH EHREDFKWHQN|QQHQ"

Golden Girl

Golden Girl

Golden Girl

The Girl in the Golden Atom

The Girl in the Golden Atom

The Girl With The Golden Spurs

The Girl With The Golden Spurs

The Girl in the Golden Cage

The Girl in the Golden Cage

The Girl in the Golden Cage

The Girl in the Golden Cage

The Girl With The Golden Spurs

The Girl With The Golden Spurs

The Girl In The Golden House

The Girl In The Golden House

The Girl of the Golden West

The Girl of the Golden West

The Girl With The Golden Spurs

The Girl With The Golden Spurs

The Girl with the Golden Eyes (Duke Classics)

The Girl with the Golden Eyes (Duke Classics)

Girl

Girl

Girl

Black Girl White Girl

Black Girl White Girl

Mountain Girl, River Girl

Mountain Girl, River Girl

The Girl with the Golden Eyes (Duke Classics)

The Girl with the Golden Eyes (Duke Classics)

Girl

Black Girl White Girl

Black Girl White Girl

Black Girl White Girl

Black Girl White Girl

Black Girl White Girl

Black Girl White Girl

Black Girl White Girl

Black Girl White Girl

Black Girl White Girl

Black Girl White Girl

Golden Fox

Golden Fox

Golden Fox

Golden Witchbreed

Golden Witchbreed

Golden Fool

Golden Lies

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