Hochzeit Der Vampire

+2&+=(,7'(59$03,5( .DOWSILIIGHU:LQGEHUGLHNDUVWLJHQ+|KHQ]JHKLQXQWHULQV 7DO'HUHLQVDPH0DQQIU|VWHOWH(U...

Author: Dark Jason

10 downloads 381 Views 271KB Size Report

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

Report copyright / DMCA form

DOWNLOAD PDF

+2&+=(,7'(59$03,5( .DOWSILIIGHU:LQGEHUGLHNDUVWLJHQ+|KHQ]JHKLQXQWHULQV 7DO'HUHLQVDPH0DQQIU|VWHOWH(UKDWWHGHQ.UDJHQVHLQHV GLFNHQ0DQWHOVKRFKJHVFKODJHQXQGVWHPPWHVLFKJHGXFNWJHJHQ GHQ:LQG'HU0DQQKDWWHHVHLOLJ8P3XQNW0LWWHUQDFKW ZROOWHHUDQGHPEHZXWHQ7UHIISXQNWVHLQ8USO|W]OLFK EOLHEGHU0DQQVWHKHQ(LQ*HUlXVFKZDUDQVHLQH2KUHQ JHGUXQJHQ(VZDUHLQJHIlKUOLFKHV.QXUUHQGDVVRJDUGDV 3IHLIHQGHV:LQGHVEHUW|QWH 'HUHLQVDPH:DQGHUHUEHNDPHVPLWGHU$QJVW]XWXQ(U GUHKWHVLFKXPZROOWHZHJODXIHQGRFKGDKDWWHQVLHLKQVFKRQ HLQJHNUHLVW *HOEHWFNLVFKH$XJHQEDQQWHQLKQDXIGHU6WHOOH 'HP0DQQVWRFNWHGHU$WHP 'LH:|OIHZDUHQGD 'LHYLHUJUDXH6FKDWWHQKXVFKWHQDXIGLH6WUDH:LH6FKHPHQ ZDUHQVLHDXVGHQ%VFKHQ]XEHLGHQ6HLWHQGHVVFKPDOHQ:HJHV DXIJHWDXFKW 6LHKDWWHQDXIGHQ(LQVDPHQJHODXHUW 'HU0DQQ]LWWHUWHSO|W]OLFK.DOWHU6FKZHLOHJWHVLFKDXIVHLQH 6WLUQ(UEHUHXWHHVVLFKDXIGHQ:HJJHPDFKW]XKDEHQ$EHUHU ZDU*HVFKlIWVPDQQPXWHVHKHQGDHU*HOGYHUGLHQWHXQG +RUURU7RXUHQZDUHQHWZDV$XHUJHZ|KQOLFKHV 'HU0DQQKLH-DQRV5XII,PYRULJHQ0RQDWZDUHUYLHU]LJ -DKUHDOWJHZRUGHQXQGKDWWHYRUGRSSHOWVRODQJH]XOHEHQ 5XIIV*HGDQNHQVWRFNWHQ'LH:|OIHVFKOLFKHQQlKHU.HLQ/DXWZDU ]XK|UHQ'LH%HVWLHQEHZHJWHQVLFKZLHDXI6DPWSIRWHQ 5XIIV%OLFNHLUUWHQ]ZLVFKHQGHQJHOEOLFKIXQNHOQGHQ$XJHQ GHU7LHUHKLQXQGKHU-HGHQ0RPHQWUHFKQHWHHUGDPLWGDVLH LKQDQIDOOHQZUGHQ 1LFKWVJHVFKDK6LHVWDQGHQXPLKQKHUXPXQGODXHUWHQ 6HNXQGHQZXUGHQIU5XII]X(ZLJNHLWHQ:HQQHUGRFKQXU HWZDVWXQN|QQWH 0LWGHU=HLWIODXWHGLH(UUHJXQJDE6HLQH=XQJHKXVFKWHEHU GLHVSU|GHQDXIJHULVVHQHQ/LSSHQ'HU:LQGWURFNQHWHGHQ 6FKZHL

5XIIDWPHWHGXUFKGHQ0XQG1RFKHLQPDOULHUVLFK]XVDP PHQXQGZDJWHGHQHUVWHQYRUVLFKWLJHQ6FKULWW 'HQ]ZHLWHQ 'LH:|OIHZLFKHQ]XU6HLWHELOGHWHQHLQH*DVVH 5XIIDWPHWHDXI/DQJVDPXQGDXI=HKHQVSLW]HQJLQJHUZHLWHU (UKLHOWVHLQHQ.RSI]XU6HLWHJHZDQGWXQGEHREDFKWHWHDXVYHU GUHKWHQ$XJHQGLH%HVWLHQ 6LHIROJWHQLKPIODQNLHUWHQGHQHLQVDPHQ:DQGHUHU :LH/HLEZlFKWHUGDFKWH5XII9LHOOHLFKWZDUHQVLHHVVRJDU 9LHOOHLFKWKDWWHGHU*UDIVLHYRUJHVFKLFNW -DVRPXWHHVJHZHVHQVHLQ(LQHDQGHUH0|JOLFKNHLWNRQQWH VLFK5XIIQLFKWYRUVWHOOHQ (UVDK]XP+LPPHO :RONHQEHUJHWUPWHQVLFKGRUWREHQXQGZXUGHQYRQGHP :LQGZLH6SLHOElOOHGXUFKHLQDQGHUJHVFKOHXGHUW 'HU0RQGZDUQLFKW]XVHKHQ(VIXQNHOWHDXFKNHLQHLQ]LJHU 6WHUQ(VZDUHLQH1DFKW]XP)UFKWHQ,GHDOIUGXQNOH *HVWDOWHQDXVGHP7RWHQUHLFK -DQRV5XIIJLQJZHLWHU.DUUHQXQG:DJHQKDWWHQWLHIH)XUFKHQ LQGHQ:HJJHJUDEHQ'LH(UGHZDUKDUWXQGWURFNHQ(VKDWWH ODQJHQLFKWPHKUJHUHJQHW 5XIIVXFKWHHLQH=LJDUHWWHDXVGHU3DFNXQJ(VZDUHQDPHULND QLVFKH6WlEFKHQ5XIIPRFKWHNHLQHDQGHUHQ (UULHLQ=QGKRO]DQ'HU:LQGEOLHVGLH)ODPPHDXV%HLP YLHUWHQ9HUVXFKEUDQQWHGLH=LJDUHWWHHQGOLFK -DQRV5XIIVRJGHQ5DXFKWLHILQGLH/XQJHQ6HLQH1HUYHQ EHUXKLJWHQVLFKHWZDV 'HU0DQQUDXFKWHKDVWLJ6FKRQQDFKHLQSDDU0LQXWHQZDUIHU GLH=LJDUHWWHZHJ6LHZXUGHYRP:LQGQRFKZHLWHUJHWULHEHQ XQGEOLHEGDQQLP*UDEHQIUNXU]H=HLWDOVJOKHQGHU3XQNW OLHJHQ 'LH:|OIHZDUHQQRFKLPPHUGDOLHHQGHQ0DQQNHLQH 6HNXQGHDXVGHQ$XJHQ 5XIIJLQJVFKQHOOHU'XUFKGHQ$XIHQWKDOWYRUKLQKDWWHHU ]XYLHO=HLWYHUORUHQ8QGHUZROOWHSQNWOLFKVHLQ=XYLHOKLQJ GDYRQDE

'DQQKDWWHHUVHLQ=LHOHUUHLFKW(LQDQGHUHU3IDGVFKQLWWVHLQHQ :HJHUZXUGH]XP.UHX]ZHJ 'HU.UHX]ZHJ0\WKHQXQG/HJHQGHQUDQNWHQVLFKGDUXP 'HU.UHX]ZHJZDUGLH,QNDUQDWLRQGHV%|VHQ*HUDGHLQ6G XQG2VWHXURSDVSLHOWHHUHLQHJURH5ROOH(UZXUGHYRQGHQ 0HQVFKHQJHPLHGHQGHQQHUJDOWDOV7UHIISXQNWGHU8QWRWHQ XQG+H[HQ -DQRV5XIIEOLHEVWHKHQ(LQXQKHLPOLFKHV*HIKOEHVFKOLFKLKQ GHQQDXFKHUNDQQWHGLHDOWHQ*HVFKLFKWHQ 5XIIV%OLFNZDQGHUWHHLQ6WFN]XU6HLWHVDXJWHVLFKDQGHU NQRUULJHQXUDOWHQ(LFKHIHVWGLHLKUHGLFNHQbVWHZLHODQJH 7RWHQILQJHULQGHQJUDXHQ+LPPHOUHFNWH 'HU*DOJHQEDXP1RFKYRUVLHE]LJ-DKUHQKDWWHPDQKLHU 0|UGHUXQG6LWWHQVWUROFKHJHKlQJW1DFKWVPHLVWHQVEHL 9ROOPRQGVROOWHQGLH*HLVWHUGHU9HUEUHFKHUQRFKKHXOHQXQG ZHKNODJHQ 5XIIGDFKWHDQGHQ0DQQGHQHUKLHUWUHIIHQZROOWH *UDI0RQWHVL(UNDQQWHLKQQLFKWKDWWHQLFKWHLQPDOYRQLKP JHK|UW%ULHIOLFKZDUGHU*UDIDQLKQKHUDQJHWUHWHQ(UKDWWH 5XIIV$QQRQFHLQGHU=HLWXQJJHOHVHQ +2552572856(LQH5HLVHGLHPHKULVWDOVHLQ$EHQWHXHU :HQQ6LHHWZDV%HVRQGHUHVHUOHEHQZROOHQGDQQEXFKHQ6LHEHL +2552572856:LUJDUDQWLHUHQIU*lQVHKDXW 'DQQZDUGHU$QUXIYRQ*UDI0RQWHVLJHNRPPHQ'HU*UDI KDWWHVLFKQDFKGHQ%HGLQJXQJHQHUNXQGLJWXQGVHLQ6FKOR]XU 9HUIJXQJJHVWHOOW(VODJLUJHQGZRLQGHQ.DUSDWHQ5XIIVROOWH HUVWKHXWH(LQ]HOKHLWHQHUIDKUHQ'RFKHLQVPXWHHUGHP*UDIHQ YHUVSUHFKHQ(UGXUIWHPLWQLHPDQGHPEHUGLHVHV7UHIIHQUHGHQ 'D-DQRV5XIIVRZLHVRHLQ(LQ]HOJlQJHUZDUKDWWHLKQGDVQLFKW ZHLWHUJHVW|UW 5XIIVDKDXIVHLQH8KU 1RFK]HKQ0LQXWHQELV0LWWHUQDFKW'DQQZUGHVLFKDOOHVHQW VFKHLGHQ :LHGHUZDUIHUHLQHQ%OLFN]XP*DOJHQEDXPKLQEHU'LHYLHU :|OIHKDWWHQVLFKYRUGHPGLFNHQ6WDPPQLHGHUJHODVVHQXQG EHODXHUWHQ5XII

8QUXKLJJLQJ-DQRV5XIIKLQXQGKHU:LUUH*HGDQNHQWDQ]WHQ LQVHLQHP6FKlGHO(UZDUQHXJLHULJXQGlQJVWOLFK]XJOHLFK :HQQGDV*HVFKlIWNODSSHQVROOWHGDQQEUDXFKWHHUVLFKNHLQH 6RUJHQPHKUXPGLH=XNXQIW]XPDFKHQ +XIJHWUDSSHOVFKUHFNWH5XIIDXVVHLQHQ*HGDQNHQ(VNDPYRQ 2VWHQXQGZXUGHVFKQHOOODXWHU $XFKGLH:|OIHKDWWHQGDV*HUlXVFKJHK|UW,QODXHUQGHU +DOWXQJVWDUUWHQVLHLQGLHHQWVSUHFKHQGH5LFKWXQJ 6ROOWHGHU*UDIHWZDDXIHLQHP3IHUGNRPPHQ"2GHUZDUHQHV 6ROGDWHQGLH (WZDVVFKlOWHVLFKDXVGHU'XQNHOKHLW(WZDV*URHV :XFKWLJHV3IHUGHVFKQDXEWHQ -DQRV5XIIVSUDQJXQZLOONUOLFKHLQHQ6FKULWW]XU6HLWHDOVGLH EHLGHQVFKZDU]HQ7LHUHYRULKPDXIWDXFKWHQXQGZLHYRQ *HLVWHUKDQGJHVWRSSWDQKLHOWHQ -DQRV5XIIVWRFNWHGHU$WHP 'LH3IHUGH]RJHQHLQHQ:DJHQ (LQHQ/HLFKHQZDJHQ -HGH(LQ]HOKHLWSUlJWHVLFKLQ5XIIV*HKLUQHLQ'HU /HLFKHQZDJHQZDUSHFKVFKZDU]9LHUKRKH5lGHUWUXJHQLKQ$Q GHQYLHU(FNHQVWHFNWHQLQHLVHUQHQ+DOWHUQ.HU]HQGLHHEHQIDOOV VFKZDU]ZDUHQ'LH)ODPPHQZXUGHQYRQHLQHP*ODV]\OLQGHU YRUGHP:LQGJHVFKW]W'LH)HQVWHUZDUHQLP,QQHUQGHV /HLFKHQZDJHQVGXUFKGXQNOH9RUKlQJHYHUKlQJW=ZHL SUlFKWLJH3IHUGH]RJHQGHQ:DJHQ 'LH7LHUHVWDQGHQVWLOOXQGKDWWHQGLH.|SIHJHVHQNW$XVLKUHQ 1VWHUQGUDQJZDUPHU$WHPGHUZLHHLQH:RONHYRUGHQ 0lXOHUQVWDQG -DQRV5XIIUlXVSHUWHVLFKGLH.HKOHIUHL(UWUDXWHVLFKQLFKW GLH7UGHV/HLFKHQZDJHQV]X|IIQHQ0LWSRFKHQGHP+HU]HQ ZDUWHWHHUDEZDVJHVFKDK =XHUVWEOLHEHVVWLOO 'DQQK|UWH5XIIHLQ*HUlXVFKDXVGHP,QQHUQGHV /HLFKHQZDJHQV'LH7UZXUGHJH|IIQHW ª.RPPKHU©K|UWH5XIIHLQHOHLVHDEHUGHQQRFKEHIHKOV JHZRKQWH6WLPPH

-DQRV5XIIVHW]WHVLFKLQ%HZHJXQJ'DHUVHLWOLFKGHV /HLFKHQZDJHQVJHVWDQGHQKDWWHPXWHHUXPLKQKHUXPJHKHQ XP]XU+LQWHUVHLWH]XJHODQJHQ 'HU'UHFNNQLUVFKWHXQWHU5XIIV6RKOHQhEHUODXWNDPLKPGDV *HUlXVFKYRU -DQRV5XIIZLFKGHQ7UIOJHOQDXVXQGNRQQWHHQGOLFKLQGHQ /HLFKHQZDJHQVHKHQ ,QGHUVHOEHQ6HNXQGHWUDILKQGHU6FKRFN ,P/HLFKHQZDJHQVWDQGHLQRIIHQHU6DUJ ,Q/RQGRQEOlWWHUWHHLQJHZLVVHU%LOO&RQROO\HLQHQ6WDSHO =HLWXQJHQGXUFK8QWHUDQGHUHPILHOLKPDXFKHLQ%ODWWLQGLH +lQGHGDVHUVWVHLWHLQHP-DKUDXIGHP0DUNWZDUXQGPHLVWHQV YRQ6NDQGDOHQEHULFKWHWH %LOO&RQROO\ZDUIUHLHU5HSRUWHU'DVHLQH)UDX6KHLODHLQ JURHV9HUP|JHQPLWLQGLH(KHJHEUDFKWKDWWHNRQQWHHUVLFK VHLQH%HVFKlIWLJXQJDXVVXFKHQ0HLVWHQVMHGHQIDOOV(UVFKULHE PDOIUGLHVH=HLWVFKULIWXQGPDOIUMHQH,P$XJHQEOLFNDUEHL WHWHHUDQHLQHP5HLVHEHULFKWEHU6GDPHULND(UKDWWHGHQ .RQWLQHQWYRUHLQLJHQ:RFKHQPLWVHLQHU)UDXEHUHLVWXQGGLH (LQGUFNHZDUHQQRFKGHPHQWVSUHFKHQGIULVFK:HQQ%LOO QLFKWVFKULHEJLQJHUPHLVWHQVPLWVHLQHP)UHXQG,QVSHNWRU -RKQ6LQFODLUDXI*HLVWHUMDJG6HKU]XPbUJHUVHLQHUMXQJHQ )UDX6KHLOD $EHUVLHZDUIUGUHL7DJHYHUUHLVW(VJLQJXPHLQH)LOLDOHGLH GDV:HUNGDV6KHLODJHK|UWHLQ6FKZHGHQHUULFKWHQZROOWH8QG GD]XEUDXFKWHQGLH0DQDJHULKU2ND\%LOOKDWWHHUVWPLWIDKUHQ ZROOHQKDWWHHVVLFKGDQQDEHUDQGHUVEHUOHJW %LOO&RQROO\IKOWHVLFKLQVHLQHPPLWDOOHP.RPIRUWHLQJHULFK WHWHQ+DXV]LHPOLFKHLQVDP$XHUGHPVFKPHFNWHLKPGDV )UKVWFNOlQJVWQLFKWVRJXW %LOOQDKPHLQHQ6FKOXFN.DIIHHYHU]RJGDV*HVLFKWXQGVFKOXJ GLHOHW]WH6HLWHGHU=HLWXQJDXI 6LHZDUIDVWDXVVFKOLHOLFKPLW$Q]HLJHQEHGUXFNW (LQHILHO%LOOEHVRQGHUVLQV$XJH(LQJHZLVVHU-DQRV5XIISULHV

+RUURU7RXUHQQDFK5XPlQLHQLQGDVNODVVLVFKH9DPSLUODQGDQ 'HU5HSRUWHUODVGLH$Q]HLJHHLQPDOXQGGDQQQRFKHLQ]ZHL WHV0DO ª(LJHQWOLFKVROOWHPDQGDPLWIDKUHQ©PXUPHOWHHU(UZXWH GDLQOHW]WHU=HLWVROFKH5HLVHQXSWRGDWHZDUHQ$EHUELVKHU ZDU5XIIGHUHLQ]LJH8QWHUQHKPHUGHUQDFK5XPlQLHQIXKU8QG GDVNODVVLVFKH9DPSLUODQGZROOWH%LOOLPPHUVFKRQPDONHQQHQ OHUQHQ (LQH:RFKHZUGHGLH5HLVHGDXHUQ %LOOZDUQRFKLP=ZHLIHODOVGDV7HOHIRQDQVFKOXJ6KHLODVHLQH )UDXZDUDP$SSDUDW ª(VWXWPLUOHLG%LOO$EHULFKPXQRFKHLQLJH7DJHOlQJHU EOHLEHQ©WHLOWHVLHLKUHP0DQQPLWª9RUHLQHU:RFKHELQLFK QLFKWLQ/RQGRQ© ª,VWHVGHQQVRZLFKWLJ"© ª-D'XNHQQVWPLFK%LOO,FKZlUHYLHOOLHEHU]X+DXVH© 'DVZDUNHLQOHHUHV*HUHGH6KHLODPHLQWHHVWDWVlFKOLFKVR ª*XWGDQQNDQQLFKMDDXFKHWZDVXQWHUQHKPHQ© 6RIRUWZXUGH6KHLODPLWUDXLVFK ª+DWGLFK-RKQLQHLQHQ)DOOYHUZLFNHOW":LOOVWGXZLHGHUDXI *HLVWHUMDJGJHKHQ"© ª1HLQQHLQ©ODFKWH%LOOªVRVFKOLPPLVWHVQLFKW©'DQQ EHULFKWHWHHU6KHLODYRQGHQ+RUURU7RXUHQ 6HLQH)UDXEOLHEPLWUDXLVFK6FKOLHOLFKVWLPPWHVLHGRFK]X GHQQVLHZXWHGD%LOOVRZLHVRQLFKW]XKDOWHQZDU 'LHEHLGHQZHFKVHOWHQQRFKHLQSDDU:RUWHXQG%LOO&RQROO\ VFKULHEVLFKDQVFKOLHHQG0U5XIIV7HOHIRQQXPPHUDXI +RIIHQWOLFKKDWHUQRFKHLQHQ3ODW]IUHLGDFKWHHUXQGILQJLP VHOEHQ0RPHQWDQ]XJULQVHQ ª1HHHLJHQWOLFK]ZHL3OlW]H©VDJWH%LOO&RQROO\]XVLFKVHOEVW ª9LHOOHLFKWKDW-RKQGHUDOWH*HLVWHUMlJHUDXFKQRFK/XVWPLW]X NRPPHQ© 'HU5HSRUWHUDKQWHQLFKWGDGHU(QWVFKOXGHQHUJHIDW KDWWHGHU%HJLQQHLQHVXQKHLPOLFKHQXQGKDDUVWUlXEHQGHQ $EHQWHXHUVZDU

'DV*UDXHQSDFNWH-DQRV5XIIZLHHLQHHLVLJH)DXVW(UZDU XQIlKLJHLQHQNODUHQ*HGDQNHQ]XIDVVHQVRQGHUQVWDUUWH LPPHU]XDXIGHQRIIHQHQ6DUJ(VZDUHLQ3UXQNVWFN$XV HGOHP+RO]JHIHUWLJWXQGPLWZHLHPVHLGLJHP6WRIIDXVJH VFKODJHQ 'RFKGDVDOOHVQDKP5XIIQXUDP5DQGHZDKU0DJLVFKZXUGH VHLQ%OLFNYRQGHP0DQQDQJH]RJHQGHULQGHP6DUJODJ 5LFKWLJNRQQWH5XIIQXUGHQY|OOLJKDDUORVHQ6FKlGHOHUNHQQHQ LQGHVVHQ+|KOHQGLH$XJHQZLH]ZHLGXQNOH.RKOHQVWFNH ODJHQ'LH)LQJHUGHV0DQQHVZDUHQODQJXQGGUU'HU 8QKHLPOLFKHKDWWHGLH+lQGHDXIVHLQH%UXVWJHOHJW$QHLQHP )LQJHU5XIINRQQWHQLFKWJHQDXHUNHQQHQDQZHOFKHPVWHFN WHHLQ5LQJLQGHVVHQUXELQURWH2EHUIOlFKHHLQZHLHU7RWHQNRSI JUDYLHUWZDU'HU.|USHUGHV8QKHLPOLFKHQZDUHKHUVFKPlFKWLJ ]XQHQQHQ 'LH+lQGHGHV0DQQHVO|VWHQVLFKYRQGHU%UXVWXQGXPNODP PHUWHQ]XEHLGHQ6HLWHQGLH.DQWHQGHV6DUJHV 'HU0DQQVWHPPWHVLFKKRFK 5XIIHUNDQQWHGDHUJDQ]LQ6FKZDU]JHNOHLGHWZDU(LQ 8PKDQJDQGHQ6FKXOWHUQIHVWJHVWHFNWYHUGHFNWHVHLQHQ 5FNHQ ª*UDI0RQWHVL"© lFK]WHGHUQRFKLPPHUVFKUHFNHQVVWDUUH-DQRV 5XII 'HU8QKHLPOLFKHODFKWHOHLVH(VNODQJEOHFKHUQRKQHMHGHV *HIKO ª-DVRNDQQVWGXPLFKQHQQHQ©ODXWHWHVHLQH$QWZRUWª)U GLFKELQLFK*UDI0RQWHVL© 0LWJHVFKPHLGLJHQ%HZHJXQJHQVWLHJ0RQWHVLDXVGHP6DUJ *HGXFNWVSUDQJHUQDFKGUDXHQ'HU8PKDQJEDXVFKWHVLFKDXI ZLHHLQ9RUKDQJ -DQRV5XIINRQQWHQLFKWHUNOlUHQZHOFKH*HIKOHLKQLQGLHVHQ $XJHQEOLFNHQEHKHUUVFKWHQ:DUHV$QJVW*UDXHQRGHU1HX JLHUGH"9LHOOHLFKWDOOHV]XVDPPHQXQG-DQRV5XIIVSUWHYRQ 6HNXQGH]X6HNXQGHPHKUGDGLHVHU0DQQ0DFKWEHULKQ JHZDQQXQGVHLQHQ:LOOHQDXVVFKDOWHWH 5XIIDWPHWHJHSUHW

8QK|UEDUZDUHQGLH:|OIHKHUDQJHVFKOLFKHQNDXHUWHQVLFK]X EHLGHQ6HLWHQGHV*UDIHQQLHGHU'LH5DXEWLHUDXJHQIXQNHOWHQ E|VH/HLVHV.QXUUHQGUDQJDXVGHQKDOERIIHQHQ0lXOHUQ 0RQWHVLKREGLHUHFKWH+DQG'DV.QXUUHQGHU:|OIHYHU VWXPPWH ª'XELVWDOVRJHNRPPHQXPGLFKLQPHLQH'LHQVWH]XEH JHEHQ©VWHOOWHGHU*UDIIHVW 5XIIZROOWHHWZDVDQWZRUWHQGRFKHUEUDFKWHQXUHLQ1LFNHQ ]XVWDQGH 0RQWHVLIXKUIRUW6HLQH6WLPPHZDUNODUXQGGHXWOLFKª,FK KDEHPLFKLQGLHVHV/DQG]XUFNJH]RJHQXPHLQHQJDQ]HQ6WDDW LQPHLQH*HZDOW]XEHNRPPHQ8QGGDEHLZLUVWGXPLUKHOIHQ -DQRV5XII© 'HU$UPGHV*UDIHQVFKRYRUXQG-DQRV5XIIVDKZLHGHU 5LQJDQ0RQWHVLV)LQJHUVHLQH)DUEHlQGHUWH'DV5XELQURWYHU VFKZDQGXQGGHU7RWHQNRSIEHJDQQ]XVWUDKOHQZXUGH]X HLQHP6HQGHUGHUVHLQH6FKZLQJXQJHQLQ5XIIV*HKLUQ]HQWUXP VFKLFNWH -DQRV5XIIZDUJHEOHQGHW(UVDKQXUGHQ5LQJXQGVSUWH SO|W]OLFKGDVGUlQJHQGH*HIKOLQVHLQHP,QQHUQQXUQRFK GLHVHP0DQQ]XGLHQHQ 8QEHZHJOLFKVWDQGHQVLFKGLHEHLGHQYHUVFKLHGHQHQ3HUVRQHQ JHJHQEHU 'DQQQDFK0LQXWHQQDKPGHU5LQJZLHGHUVHLQQRUPDOHV $XVVHKHQDQ -DQRV5XIIHUZDFKWHZLHDXVHLQHP7UDXP(UZDUEHJLHULJ GDUDXIGLHQlFKVWHQ:RUWHVHLQHV0HLVWHUV]XK|UHQ ª-D©K|UWHHUVLFKIOVWHUQªLFKZHUGHDOOHVWXQ$OOHV©IJWHHU QRFKHLQPDOKLQ]X ª,FKZXWHGDGXPLUJHKRUFKHQZLUVW©VDJWH0RQWHVL ª'RFKQXQK|UHJXW]X'XZLUVW]XUFNQDFK(QJODQGUHLVHQ XQGGRUWHLQH*UXSSH]XVDPPHQVWHOOHQGLHLQGLHVHV/DQGIlKUW 'XIKUVWVLHDXIPHLQ6FKOR6LHVROOHQ*lVWHEHLHLQHU+RFK]HLW VHLQ%HLGHU+RFK]HLWGHU9DPSLUH(VZLUGHLQKHUUOLFKHV)HVW XQGGDQDFKJHK|UHQGLH0HQVFKHQVHOEVWGHP)UVWHQGHU )LQVWHUQLV,FKZHUGHVLH]X9DPSLUHQPDFKHQ$EHUGDVLVWHUVW

GHU$QIDQJ$QGHUHZHUGHQIROJHQ8QGGXKDVWGLH$XIJDEHVLH PLU]XEULQJHQ'RFKVROOWHVWGXGLFKMHPDOVZHLJHUQRGHULUJHQG MHPDQGHPHWZDVYHUUDWHQVRLVWGHLQ/HEHQDXFKYHUORUHQ+DVW GXPLFKYHUVWDQGHQ-DQRV5XII"© ª-D© ª'DQQLVWHVJXW,FKHUZDUWHGLFKLQHLQHU:RFKHDXIPHLQHP 6FKOR+LHU©*UDI0RQWHVLJULIIXQWHUVHLQH-DFNHXQGKROWHHLQ %ODWW3DSLHUKHUYRUª'DVLVWGHU:HJ]XP6FKOR0RQWHVL'X ZLUVWHLQHQ%XVEHVRUJHQXQGVHOEVWIDKUHQ© -DQRV5XIIQDKPGLH=HLFKQXQJDQVLFK6RUJIlOWLJYHUVWDXWHHU VLHLQVHLQHU0DQWHOWDVFKH *UDI0RQWHVL]RJGHQ8PKDQJIHVWHUXPVHLQH6FKXOWHUQ1RFK HLQPDOEOLFNWHHU-DQRV5XIILQGLH$XJHQ'DQQJLQJHUDQLKP YRUEHLXQGNOHWWHUWHZLHGHULQGHQ/HLFKHQZDJHQ %HYRUHUGLH7U]X]RJVDJWHHUQRFKHLQHQ6DW]ª9HUJLQLFKW LQHLQHU:RFKH© 'DQQYHUVFKZDQG*UDI0RQWHVL 6HNXQGHQVSlWHUVHW]WHQVLFKGLHEHLGHQ3IHUGHZLHGHULQ %HZHJXQJ,KUH+XIHNODSSHUWHQKRKODXIGHPKDUWHQ%RGHQ 'RFKQLHPDQGVDDXIGHP.XWVFKERFNXP]XOHQNHQ(VZDU HLQHJHVSHQVWLVFKH)DKUW 'HU/HLFKHQZDJHQIXKUXPGHQ*DOJHQEDXPKHUXP'LH 5DSSHQVFKQDXEWHQXQGZDUIHQZLOGLKUH.|SIHKRFK 'DQQUDVWHGHU:DJHQDQ-DQRV5XIIYRUEHL )U$XJHQEOLFNHJODXEWHHU*UDI0RQWHVLV*HVLFKWKLQWHUGHQ ]XU6HLWHJH]RJHQHQ9RUKlQJHQ]XHUNHQQHQDEHUHVZDUGRFK ZRKOHLQH7lXVFKXQJ 'DV*HUlXVFKGHU+XIHYHUORUVLFKLQGHU1DFKW -HW]WHUVWVSUWH-DQRV5XIIZLHGHUGLH.lOWH(LQH*lQVHKDXW KDWWHVHLQHQ.|USHUEHU]RJHQ5XIIDWPHWHVFKZHU6FKZHL WURSIHQUDQQHQDQVHLQHP+DOVKLQDE %|VHV.QXUUHQVFKUHFNWHLKQDXVVHLQHQ*HGDQNHQ 5XIIZDQGWHGHQ.RSI 'LH:|OIHZDUHQQRFKGDEHODXHUWHQLKQ6LHJOLWWHQDXILKQ]X 5RVLJH=XQJHQKLQJHQDXVGHQ0lXOHUQYRUGHQHQGHU$WHPDOV NOHLQHQLHDEUHLHQGH:RONHVWDQG

-DQRV5XIIVHW]WHVLFKZLHGHULQ%HZHJXQJ(UZROOWHVRVFKQHOO ZLHP|JOLFKZHJYRQGLHVHPXQKHLPOLFKHQ2UW1RFKHLQPDO ZDUIHUGHP*DOJHQEDXPHLQHQVFKHXHQlQJVWOLFKHQ%OLFN]X 5DEHQVDHQDXIGHQNDKOHQbVWHQ 7RWHQY|JHO",KU*HNUlFK]HKDOOWHODXWGXUFKGLH1DFKW'LH /DXWHNDPHQ-DQRVYRUZLH+RKQJHOlFKWHU*HOlFKWHUGDVQXU LKPJDOW (UJLQJQRFKVFKQHOOHUhEHUGUHL.LORPHWHUKDWWHHU]XUFN ]XOHJHQ 'LH:|OIHZLFKHQQLFKWYRQVHLQHU6HLWH 1DFKHLQLJHQ0LQXWHQZXUGHGHU:HJEUHLWHUXQGPQGHWH VFKOLHOLFKLQHLQHVFKPDOHDVSKDOWLHUWH6WUDH(LQH6HOWHQKHLWLQ GLHVHU*HJHQG /DXWVFKOXJHQ5XIIV$EVlW]HDXIGHQ$VSKDOW(UZDUKHLOIURK DOVHUGLH8PULVVHVHLQHV/HLKZDJHQVHUNDQQWH(VZDUHLQ :DUWEXUJ 5XIIVFKORGLH7UDXIXQGVHW]WHVLFKKLQWHUGDV6WHXHU'LH 6FKHLEHQEHVFKOXJHQVFKQHOO5XIIZLVFKWHHLQH6WHOOHEODQNXQG VWDUUWHQDFKGUDXHQ 'LH:|OIHNDXHUWHQLQHLQLJHU(QWIHUQXQJDXIGHU6WUDH5XII VDKQXUGLHJHOEHQ5DXEWLHUDXJHQ -DQRV5XIIGUHKWHGHQ=QGVFKOVVHO,QGLHVHP$XJHQEOLFN YHUVFKZDQGHQDXFKGLH:|OIH:LH6FKDWWHQKXVFKWHQVLH]ZL VFKHQGLH)HOVHQ -DQRV5XIIHUVFKLHQDOOHVZLHHLQE|VHU7UDXP8QGGRFKZDUHV NHLQHU7LHILQVHLQHP*HKLUQ]ZDQJLKQHLQHXQEHVWLPPWH 0DFKWGHQ%HIHKOHQGHV*UDIHQ]XJHKRUFKHQ *UDI0RQWHVL,KPKDWWHHUVLFKYHUVFKULHEHQ'RFK-DQRV5XII DKQWHQLFKWGDGLHVHU0DQQJDUQLFKW0RQWHVLKLH'DHUGLH VHQ1DPHQQXUDQJHQRPPHQKDWWH'DV*HVFKOHFKWGHU0RQWHVLV ZDUOlQJVWDXVJHVWRUEHQ 'HU*UDIZDUQLHPDQGDQGHUVDOV'U7RG

6FKRQVHLW:RFKHQOLHIHQGLHJURHQ&RPSXWHUEHL6FRWODQG
QLFKWLQHLQH)RUPHO]ZlQJHQVHLQHQlFKVWHQ7DWHQYRUDXVEH UHFKQHQQHLQEHLLKPPXWHPDQVLFKDXI)LQJHUVSLW]HQJHIKO XQG,QWXLWLRQYHUODVVHQ -HGHQ7DJWUDIHQVLFK-RKQ6LQFODLUXQGVHLQ&KHI6XSHU LQWHQGHQW3RZHOO]XHLQHU/DJHEHVSUHFKXQJ 6LHIDQGLPPHULQ3RZHOOV%URVWDWW8QGLPPHUZLHGHUGDV JOHLFKH5HVXOWDW 1LFKWV $XFKDQGLHVHP0RUJHQVDHQVLFKGLHEHLGHQ0lQQHUJHJHQ EHU$NWHQWUPWHQVLFKDXI3RZHOOV6FKUHLEWLVFK -RKQYHU]RJGDV*HVLFKWDOVHUGLH$NWHQVW|HVDK ª1HXHRGHUDOWH"©IUDJWHHU ª$XVZHUWXQJHQGHUOHW]WHQ:RFKH(VVLQGXQVHLQLJH9HUEUH FKHULQV1HW]JHJDQJHQGDVZLOOLFKPDOYRUZHJQHKPHQ0HKU DEHUDXFKQLFKW1DMDYLHOOHLFKWILQGHQ6LHHWZDV© 6XSHULQWHQGHQW3RZHOOZLUNWHPGH.ODUHUWUXJGLH9HU DQWZRUWXQJXQGPDQHUZDUWHWHYRQLKP(UIROJH,QGHUOHW]WHQ =HLWPDFKWHLKPVHLQ0DJHQQRFKPHKU]XVFKDIIHQ'HP HQWVSUHFKHQGVWLHJDXFKVHLQ7DEOHWWHQYHUEUDXFK'D3RZHOO 'U7RGV*HIlKUOLFKNHLWDPHLJHQHQ/HLEH]XVSUHQEHNRPPHQ KDWWHZDUHUGHUOHW]WHGHU-RKQ6LQFODLULUJHQGHLQHQ9RUZXUI PDFKWH 'HU*HLVWHUMlJHUZLH-RKQVFKHU]KDIWJHQDQQWZXUGHUDXFKWH VHLQHHUVWH=LJDUHWWH:lKUHQGHUGHQ5DXFK]ZLVFKHQGLH$NWHQ EOLHVPHLQWHHUª,FKKDEHPLUGLHJDQ]H6DFKHKXQGHUWPDOGXUFK GHQ.RSIJHKHQODVVHQDEHUKHUDXVJHNRPPHQLVWGDEHLQLFKWV :LUPVVHQWDWVlFKOLFKZDUWHQELV'U7RGZLHGHUDNWLYZLUG© ª:DV0HQVFKHQOHEHQNRVWHW©IJWH3RZHOOKLQ]X ª-D© 6XSHULQWHQGHQW3RZHOOQDKPHLQHQ6FKOXFN0LQHUDOZDVVHU 'DQQVWDQGHUDXIXQGJLQJ]XP)HQVWHU ª$OOHVZDVZLUDQJHNXUEHOWKDEHQNRVWHWHLQH8QPHQJH*HOG :LUKDEHQ,QWHUSROHLQJHVFKDOWHWGDV)%,XQGQRFKDQGHUH 3ROL]HLRUJDQLVDWLRQHQ8QGGDEHLGXUIWHQZLUQLFKWHLQPDOJHQDX VDJHQXPZDVHVHLJHQWOLFKJHKW$EHUXQVHU,QQHQPLQLVWHULXP ZHL%HVFKHLG8QGYRQGRUWDXVKDWPDQPLUTXDVLHLQ

8OWLPDWXPJHVWHOOW,FKPX'U7RGLQQHUKDOEGHUQlFKVWHQ]ZHL :RFKHQKDEHQVRQVW©3RZHOOPDFKWHHLQH3DXVHXQGIXKU VLFKEHUGLHVFKZHLQDVVH6WLUQªVRQVWNDQQLFKPHLQHQ+XW QHKPHQ©YROOHQGHWHHUGHQ6DW] ª'DVGDUIGRFKQLFKWZDKUVHLQ©-RKQ6LQFODLUIOVWHUWHGLH :RUWH ª(VVWLPPWDEHU6LHVLQGGHUHLQ]LJH,QVSHNWRUGHPLFKHWZDV JHVDJWKDEHXQGLFKP|FKWH6LHDXFKELWWHQ]XVFKZHLJHQ© ª'DVLVWGRFKVHOEVWYHUVWlQGOLFK© -RKQNRQQWHHVLPPHUQRFKQLFKWIDVVHQ(UZXWHZLH3RZHOO DQVHLQHP-REKLQJ'LHVHU0DQQJDEDOOHVGDIUKDWWHVLFKXP 6FRWODQG

6FKOR0RQWHVLODJLQHLQHPHQJHQ7DO+RFKWUPWHQVLFKGLH VFKURIIHQ)HOVHQ]XEHLGHQ6HLWHQLQGHQ+LPPHO6LHZDUHQ VFKPDOXQGODQJJH]RJHQXQGZXFKVHQPLW]XQHKPHQGHU+|KH DXIHLQDQGHU]XVRGDYRQXQWHQLPPHUQXUHLQVFKPDOHV )OHFNFKHQ+LPPHO]XVHKHQZDU (VGUDQJVRJXWZLHNHLQ:LQGLQV7DO'LH)HOVHQVFKLUPWHQ DOOHVDE 'DV6FKORVHOEVWZDUEHUYLHUKXQGHUW-DKUHDOW'DV *HVFKOHFKWGHU0RQWHVLVZDUDXVJHVWRUEHQ'LH0lQQHUXQG )UDXHQKDWWHQLP/DXIHGHU=HLWLPPHUZLHGHU.ULHJHJHIKUW XQGGLH0RQWHVLVZDUHQVHOEVWEHLGHQ7UNHQEHNDQQWXQG JHIUFKWHWJHZHVHQ-HW]WVWDQGGDV6FKORVFKRQEHLQDKHKXQ GHUW-DKUHYHUODVVHQGD +LQWHUGHQZXFKWLJHQ)HOVHQEHJDQQHQGLH%HUJH'LH .DUSDWHQPLWLKUHQWLHIHQ:lOGHUQLQGHQHQHV)OHFNHQJDEGLH QRFKQLHHLQHV0HQVFKHQ)XEHUKUWKDWWH+LHUZDUGLH+HLPDW GHU%lUHQXQG:|OIH ,QGHQYHUVWUHXWOLHJHQGHQ'|UIHUQZXFKVHQGLH6DJHQXQG /HJHQGHQ7LHIVWHFNWHQRFKGHU9DPSLUJODXEHLQGHQ*HKLUQHQ GHU0HQVFKHQ1LFKWXPVRQVWKDWWHLQGLHVHU*HJHQG9ODG 'UDFXODVHLQJUDXVDPHV5HJLPHQWJHIKUW 6FKOR0RQWHVLKDWWHPDQYHUJHVVHQ(VODJ]XDEJHOHJHQGDV QlFKVWH'RUIZDUYLHU]LJ.LORPHWHUHQWIHUQW1XUDEXQG]XYHU LUUWHVLFKHLQHLQVDPHU:DQGHUHUDQGLHGVWHUHQ0DXHUQGRFK HUNHKUWHLPPHUVFKQHOOXPGHQQGDV6FKORVWU|PWHHWZDV 8QKHLPOLFKHV'URKHQGHVDXV 8QGVRYHUJLQJGLH=HLW%LV'U7RGGDV6FKORIUVHLQH3OlQH HQWGHFNWH(UGHUEHUDOOLQGHU:HOW6WW]SXQNWHJHVFKDIIHQ KDWWHZDUYRQGHP6FKOREHJHLVWHUWJHZHVHQ8QGHUKDWWHGDV *HKHLPQLVGHV6FKORVVHV0RQWHVLKHUDXVJHIXQGHQ(LQ*HKHLP QLVGDVVFKUHFNOLFKXQGJUDXVDPZDU)U'U7RGZDUHVGHU $QIDQJVHLQHVJHQLDOHQ3ODQHVJHZHVHQ (VJDEQXUHLQH=XIDKUW]XP6FKOR(LQVFKPDOHU:HJDXI GHPGLFNH6WHLQHODJHQ6FKRQDOOHLQGLH$QIDKUWZDUIUlQJVW OLFKH*HPWHUVFKDXULJ'HU:HJZXUGHLPPHUVFKPDOHUXQG GLH)HOVHQUFNWHQPHKUXQGPHKU]XVDPPHQ0DQKDWWHGDV

*HIKOYRQGHQ6WHLQPDVVHQHUGUFNW]XZHUGHQ'DQQQDFK HLQLJHQKXQGHUW0HWHUQEHVFKULHEGHU:HJHLQH.XUYHXQGGHU %HVXFKHUNRQQWHGDV6FKORYRUVLFKOLHJHQVHKHQ 'LHGLFNHQ0DXHUQZDUHQPLW0RRVXQG(IHXEHZDFKVHQ 5DEHQXQG(OVWHUQKDWWHQKLHULKUH1LVWSOlW]HJHIXQGHQ'DV 6FKORKDWWHPHKUHUH)OJHOXQGHLQHQHLJHQHQ%UXQQHQ(U EHIDQGVLFKDXIGHP+RI-HW]WZDUHU]XP7HLOHLQJHIDOOHQXQG GLHgIIQXQJPLWHLQHP0XVWHUDXV6SLQQHQQHW]HQEHU]RJHQ 6RYHUNRPPHQGDV6FKORYRQDXHQDXVVDKVRHOHJDQWZDU VHLQ,QQHUHV 'U7RGKDWWHHV]XVDPPHQPLWGHPDOWHQ+DGXNQDFKVHLQHP *HVFKPDFNHLQJHULFKWHW'LH5lXPHZDUHQJHVlXEHUWZRUGHQ XQG+DGXNKDWWHIUDOOHVJHVRUJWZDVHLQ0HQVFKEUDXFKWH1XU HOHNWULVFKHV/LFKWJDEHVQLFKW$EHUGDVQDKPHQGLH7RXULVWHQ EHLHLQHU+RUURU7RXUJHUQLQ.DXI ,QGLHVHUVWRFNILQVWHUHQ1DFKWMDJWHGHU/HLFKHQZDJHQEHU GHQVFKPDOHQ:HJ'LHKRKHQ5lGHUSUDOOWHQJHJHQGLHNRSI JURHQ6WHLQH2IWZXUGHGHU/HLFKHQZDJHQKRFKJHULVVHQGRFK HUNLSSWHLPPHUZLHGHULQGLHDOWH/DJH]XUFN 'LH3IHUGHNDQQWHQMHGHQ)XEUHLW%HLQDKHPLWWUDXPZDQG OHULVFKHU6LFKHUKHLWIDQGHQVLHGHQ:HJ 6FKZHLIORFNHQEHGHFNWHQLKUH)ODQNHQXQG$WHPZRONHQ IDXFKWHQDXVGHQ1VWHUQ 'LHEHLGHQ5DSSHQVSUHQJWHQPLWHLQHP+|OOHQWHPSRDXVGHU :HJPQGXQJOLHIHQQRFKHLQSDDU0HWHUDXIGDV6FKOR]XXQG VWDQGHQGDQQVWLOO 'LH/HLEHUGHUSUlFKWLJHQ7LHUH]LWWHUWHQ 'LH3IHUGHKDWWHQNDXPDQJHKDOWHQDOVGLHVFKZHUH7UDXIJH ]RJHQZXUGH +DGXNWUDWQDFKGUDXHQ 0LWJHPHVVHQHQ6FKULWWHQQlKHUWHHUVLFKGHP/HLFKHQZDJHQ XQG|IIQHWHGLH7UHQXPVHLQHQ+HUUQ'U7RGDXVVWHLJHQ]X ODVVHQ +DGXNZDU7UNH(UKDWWHGLHPHLVWH=HLWVHLQHV/HEHQVLP =XFKWKDXVJHVHVVHQ(UZDUEHSDFNWPLW0XVNHOSDNHWHQXQG WUXJGDVVFKZDU]H+DDUVWUHQJQDFKKLQWHQJHNlPPW0DQVDK

+DGXNVHLQHVHFK]LJ-DKUHQLFKWDQ(UZDUHLQ.UDIWSURW]HLQ *HZDOWPHQVFK$EHUGDVEUDXFKWH'U7RG+DGXNVWFNLVFKH $XJHQYHUVFKZDQGHQIDVWKLQWHUGHQ)HWWSROVWHUQXQGVHLQH 1DVHZDUYRQHLQHP0HVVHUKLHEJHVSDOWHQ$QGHQ2KUHQWUXJHU EOLW]HQGH5LQJHXQGLQVHLQHP*UWHOVWHFNWHHLQ.UXPP VFKZHUW +DGXNWDWDOOGDVZDV'U7RGYHUODQJWH,QLKPSDDUWHQVLFK GHU,QVWLQNWHLQHV5DXEWLHUHVXQGGLH*HIlKUOLFKNHLWHLQHV.LOOHUV 'U7RGEOLHEIUZHQLJH$XJHQEOLFNHYRU+DGXNVWHKHQGHU GHQ.RSIGHPWLJJHVHQNWKDWWH ª(VKDWDOOHVJHNODSSW©VDJWH'U7RGPLWUDXKHU6WLPPHª,Q HLQHU:RFKHZHUGHQGLH/HXWHKLHUVHLQ© +DGXNNLFKHUWH'DEHLULHEHUVLFKGLHIOHLVFKLJHQ+lQGHª:LU ZHUGHQLKQHQHLQHQJHEKUHQGHQ(PSIDQJEHUHLWHQ© 'U7RGQLFNWHQXUXQGJLQJDQ+DGXNYRUEHLGHUGLH3IHUGH XQGGHQ/HLFKHQZDJHQZHJEUDFKWH 'U7RGEHWUDWGDV6FKOR ,QGHUULHVLJHQ+DOOHYHUKDUUWHHUIUHLQHQ0RPHQW.RVWEDUH /HXFKWHULQGHQHQEUHQQHQGH.HU]HQVWHFNWHQ]LHUWHQGLH :lQGH,KUIODFNHUQGHV/LFKWJDEHLQJHVSHQVWLVFKHV+DOEGXQNHO 9RUGHQ)HQVWHUQKLQJHQVFKZHUH9RUKlQJHXQGHLQHEUHLWH 7UHSSHIKUWH]XU*DOHULHZRGLH$KQHQELOGHUGHU0RQWHVLVKLQ JHQ0LWWHQLQGHU+DOOHVWDQGHLQVFKZHUHU+RO]WLVFKPLW]HKQ KRFKOHKQLJHQ6WKOHQ'LH(FNHQZDUHQPLW5LWWHUUVWXQJHQDXV JHIOOWXQGDQGHQ:lQGHQKLQJHQDOOHUOHL:DIIHQ 'LH=LPPHUGHU*lVWHEHIDQGHQVLFKLP2EHUJHVFKR6LH ZDUHQSUXQNYROODXVJHVWDWWHWERWHQGHQ.RPIRUWGHQPDQYRU YLHUKXQGHUW-DKUHQJHOLHEWKDWWH 'RFKGDVDOOHVLQWHUHVVLHUWH'U7RGQXULQ]ZHLWHU/LQLH6HLQ 5HLFKZDUHQGLH9HUOLHVHXQG)ROWHUNDPPHUQLP.HOOHU+LHU IKOWHHUVLFKZRKO+LHUKDWWHQDXFKVHLQHVFKUHFNOLFKHQ3OlQH *HVWDOWDQJHQRPPHQ 0LWODQJHQ6FKULWWHQGXUFKTXHUWH'U7RGGLH+DOOHXQG]RJGLH 7U]XU%LEOLRWKHNDXI (LQEUHLWHU.DPLQQDKPEDOGHLQHJDQ]H:DQGHLQ+RO]VFKHLWH NQLVWHUWHQLQGHQ]XFNHQGHQ)ODPPHQ

'HU.DPLQZDULQGHQ5DXPKLQHLQJHEDXWZRUGHQ'XUFK HLQHQVFKPDOHQ6FKDFKWNRQQWHGHU5DXFKDE]LHKHQ 1HEHQGHP.DPLQVWDQGHLQ(LVHQNRUE(UZDUPLWKDQGOLFKHQ +RO]VFKHLWHQJHIOOW 'U7RGQDKP]ZHL6FKHLWHLQGLH+DQGXQGZDUIVLHLQGLH )ODPPHQ(UEHREDFKWHWHZLHGDV)HXHUGLH6FKHLWHXPILQJXQG VLHODQJVDPYHUNRKOWHQ 'DQQGUHKWHVLFK'U7RGXPXQGWUDWDQHLQHGHUGUHL %FKHUZlQGH'LH5HJDOHZDUHQQXU]XU+lOIWHPLW%FKHUQ JHIOOW 'U7RGVWHOOWHVLFKDXIGLH=HKHQVSLW]HQXQG]RJHLQEHVWLPP WHV%XFKKHUDXV6RZHLWGDHVQRFKVRHEHQDXIGHP5HJDO VWDQG (LQ0HFKDQLVPXVZXUGHLQ*DQJJHVHW]W'DV5HJDOVFKREVLFK ZLHYRQ*HLVWHUKDQGEHZHJW]XU6HLWHXQGJDEHLQHHWZD WUJURHg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|UWHGLH7UHSSHDXI0HKUHUH*lQJH]ZHLJWHQDE (LQHUGDYRQZDUEUHLWHUXQGMHZHLOVPLW1LVFKHQDXVJHVWDWWHW,Q LKQHQVWDQGHQGLH6DUNRSKDJHLQGHQHQGLH0RQWHVLVLKUHOHW]WH 5XKHJHIXQGHQKDWWHQ 1XUHLQH1LVFKHZDUOHHU 'U7RGQDKPMHGRFKHLQHQDQGHUHQ*DQJ(UZDUQLHGULJXQG GHU0HQVFKHQKDVVHUPXWHVLFKPDQFKPDOEFNHQ

$QGHUH*lQJHWDXFKWHQDXI(VZDUHLQZDKUHV/DE\ULQWKKLHU XQWHQ 'U7RGERJLQHLQHQVFKPDOHQHWZDVK|KHUHQ4XHUJDQJHLQ XQGEOLHEVFKOLHOLFKYRUHLQHUNDXPPDQQVKRKHQ+RO]WU VWHKHQ (LQVFKZHUHV6FKORVLFKHUWHGLH7U 'RFK'U7RGKDWWHGHQ6FKOVVHO (UZHFKVHOWHGLH)DFNHOLQGLH/LQNHXQG]RJPLWGHUUHFKWHQ +DQGGHQ6FKOVVHOKHUYRU .UDW]HQGGUHKWHHUVLFKLP6FKOR 'U7RGVWLHGLH7UDXI6LHVFKDEWHEHUGHQ%RGHQXQGNDP GLFKWYRUGHU:DQG]XU5XKH *HGXFNWEHWUDW'U7RGGDV9HUOLHV .DKOHIHXFKWH:lQGHZXUGHQDXVGHU'XQNHOKHLWJHULVVHQ 'DV9HUOLHVZDUOHHUELVDXIHLQHQPDNDEUHQ*HJHQVWDQG (UVWDQGLQGHU0LWWHGLHVHVXQKHLPOLFKHQ5DXPHV (VZDUHLQ6DUNRSKDJ 'HU6WHLQJOlQ]WHJUDXJUQ'HUVFKZHUH6DUNRSKDJGHFNHOZDU PLWHLQHP1DPHQYHUVHKHQZRUGHQ 9HUD0RQWHVL*HERUHQ*HVWRUEHQ +LQWHUGHP:RUWJHVWRUEHQVWDQGNHLQH-DKUHV]DKO9HUD 0RQWHVLZDUHLQHV7DJHVYHUVFKZXQGHQ*HQDXGUHL:RFKHQYRU LKUHU9HUOREXQJ2IIL]LHOOKDWWHPDQHUNOlUWVLHZlUHLQHLQ .ORVWHUJHJDQJHQDEHUGDVKDWWHQLHPDQGJHJODXEW*HUFKWH HQWVWDQGHQ0DQVSUDFKYRP6HOEVWPRUGGHUVFK|QHQ9HUD8QG DOVLKU=XNQIWLJHUHLQHV7DJHVWRWDXIJHIXQGHQZXUGHJODXEWH PDQLQ9HUDGLH0|UGHULQ]XNHQQHQ 6HLWGLHVHP7DJHODVWHWHHLQ)OXFKDXIGHP+DXVHGHU0RQWHVLV XQGWDWVlFKOLFKVWDUEGDV*HVFKOHFKWGDQQDXV 9HUD0RQWHVLZXUGHQLHZLHGHUJHVHKHQ,KU6DUNRSKDJIHKOWH LQGHU5HLKHDEHUGDIUVWDQGHUKLHULQGLHVHPXQKHLPOLFKHQ 9HUOLHV 'U7RGQHLJWHVHLQHQ.RSIXQGOHJWHGDVOLQNH2KUDXIGHQ 6DUNRSKDJGHFNHO *DQ]VFKZDFKK|UWHHUGLH*HUlXVFKH (VZDUHLQ6HXI]HQXQG6W|KQHQGDVDXVGHP6DUNRSKDJ

GUDQJ6FKDXULJDQ]XK|UHQXQGGRFKZLH%DOVDPIU'U7RGV 2KUHQ ,PPHUODXWHUZXUGHGDV6W|KQHQ+lQGHVFKOXJHQYRQLQQHQ JHJHQGHQ'HFNHO ªgIIQH©JXUJHOWHHLQH6WLPPH ª(LQHQ$XJHQEOLFNPXWGXQRFKZDUWHQ©IOVWHUWH'U7RG(U JLQJ]XU:DQGXQGVWHFNWHGLH)DFNHOLQHLQH)HOVULW]H 'DQQWUDWHUZLHGHUDQGHQ6DUNRSKDJOHJWHEHLGH+lQGHDXI GHQ'HFNHOXQGVFKRELKQlFK]HQG]XU6HLWH /LFKWILHOLQGHQ6DUNRSKDJ'LH)ODPPHGHU)DFNHOPDOWH 6FKDWWHQDXIGDVZXQGHUVFK|QH*HVLFKWHLQHU)UDX ,QGHP6DUNRSKDJODJ9HUD0RQWHVL 'DV7HOHIRQVFKULOOWHDOV-RKQ6LQFODLUJHUDGHGLH$NWHQDXIGHQ 6FKUHLEWLVFKZDUI 5DVFKJULIIGHU,QVSHNWRU]XP+|UHU(UZDUEHLVHLQHUPRPHQ WDQHQ7lWLJNHLWIUMHGH6W|UXQJGDQNEDU ª6LQFODLU© %LOO&RQROO\VIU|KOLFKHV2UJDQVFKDOOWHLKPHQWJHJHQ -RKQVW|KQWHDXIª:HUNDQQXPGLHVH=HLWVFKRQDQGHUHVDQ UXIHQ6RJXWZLHGXP|FKWHLFKHVDXFKPDOKDEHQ%LOO'HQ JDQ]HQ7DJIUHLDXHUGHPQRFK6WURKZLWZHU© ª+|UDXIK|UDXI©ODFKWH%LOOªhEULJHQVGDV6WURKZLWZHU GDVHLQYHUOlQJHUWVLFKQRFK6KHLODKDWQRFKHLQLJH7DJH]XWXQ XQGGDPXLFKMDLUJHQGZLHGLH=HLWWRWVFKODJHQ© ª8QGLQPLUVLHKVWGXGDIUHLQ2SIHUZDV"©NRQWHUWH-RKQ ª%LOOLFKKDEHHLQHQbUJHUDP+DOVGDLFKZRKONDXPGD]X NRPPHQZHUGHDEHQGVQRFKJURHLQHQGUDXI]XPDFKHQ© ª$EHU-RKQ:HUVSULFKWGHQQYRQVROFKSURIDQHQ'LQJHQ" 1HLQGDUEHUVLQGZLUGRFKOlQJVWKLQDXV© ª-HW]WWXPDOQLFKWVR©-RKQYHU]RJVlXHUOLFKJULQVHQGVHLQ *HVLFKWª:HQQLFKGDVRDQPDQFKH$EHQGHGHQNH© ª6WUHLFKVLHDXVGHLQHP*HGlFKWQLV©VDJWH%LOOª,FKKDEHZDV YLHOEHVVHUHVJHIXQGHQ© ª'XPDFKVWPLFKQHXJLHULJ%UXGHU©

ª-D©ULHI%LOOª'DVZDUDXFKGHU6LQQGHU6DFKH8QG]ZDU KDEHLFKGLH6HQVDWLRQDXIJHULVVHQ'XIlOOVWYRQHLQHP6FKRFNLQ GHQDQGHUHQ©%LOOV6WLPPHVWHLJHUWHVLFK]X5HSRUWHUODXWVWlUNH ª+RUURU7RXUVGDVLVWGDV,UUVWHGDV1HXHVWH©'HU5HSRUWHU VFKQDXIWHª-HW]WELVWGXSODWWZDV-RKQ"© ª$OOHUGLQJVPHLQ)UHXQG'DPLWKlWWHLFKQXQQLFKWJHUHFKQHW GDGXPLUVROFKHLQHQ8QVLQQDXIWLVFKVW©-RKQ6LQFODLUVHW]WH VLFKHUVWPDOILQJHUWHHLQH=LJDUHWWHDXVGHU6FKDFKWHOXQGJDE VLFK)HXHU'DQQPHLQWHHUª+RUURU7RXUHQVLQGGRFKHLQDOWHU +XW:LHYLHOH&OXEVJLEW VDOOHLQEHLXQVDXIGHU,QVHOGLH:RFKH IU:RFKHGLHWUDGLWLRQHOOHQ6SXNVFKO|VVHUEHVXFKHQ1HHGDPLW ORFNVWGXPLFKQLFKWPHKUKLQWHUP2IHQKHUYRU© ª'XKDVWPLFKMDDXFKJDUQLFKWDXVUHGHQODVVHQ©%LOOV6WLPPH NODQJEHOHLGLJWª.ODUHLQHP*HLVWHUMlJHUNDQQPDQPLW 6SXNVFKORURPDQWLNQLFKWLPSRQLHUHQ$EHUGLHVH7RXUYRQGHU LFKJHVSURFKHQKDEHGLHJHKWQDFK5XPlQLHQ'LUHNWLQGLH .DUSDWHQLQ'UDFXODVHKHPDOLJHQ:LUNXQJVNUHLV1DLVWGDV QLFKWV"© ª(VLVWDEHUHLQHUHLVHSURJUDPPlLJHUIDWH+RUURU7RXU"© ª$OOHUGLQJV© ª'DQQKDWHVGRFKNHLQHQ=ZHFN%LOO© ª+LPPHOELVWGXKHXWHDEHUHLQH7UlQH©VW|KQWHGHU5HSRUWHU ª,FKZROOWHXQVEHLGHDQPHOGHQ:LHLVWHVDOWHU.QDEH"0DFKVW GXQXQPLW"© -RKQEHUOHJWH$QXQGIUVLFKKLHOWHUVROFKH5HLVHQIUEODQ NHQ8QVLQQ$EHULUJHQGHLQ*HIKOULHWLKPVLFKGHQ/DGHQGRFK PDOQlKHUDQ]XVHKHQ ª2ND\%LOOGXKDVWPLFKKDOEEHU]HXJW+ROPLFKKLHUDELFK IDKUHPLW© ª:XWHGRFKGXELVWGHU*U|WH©ODFKWH%LOOª$OVRELVJOHLFK GDQQ'XZLUVWGHQ(QWVFKOXEHVWLPPWQLFKWEHUHXHQ-RKQ© 'DPLWVROOWH%LOO&RQROO\DOOHUGLQJVUHFKWKDEHQ

9HUD0RQWHVLZDUHLQH6FK|QKHLW6HOEVWEHLGHPIODFNHUQGHQ /LFKWNRQQWHGLHYROOHQGHWH(EHQPlLJNHLWLKUHV*HVLFKWHVQLFKW YHUERUJHQEOHLEHQ 'DV+DDUZDUODQJXQGVFKZDU](VXPJDEGHQ.RSIZLHHLQ GXQNOHU5DKPHQ'LHIHLQJHVFKZXQJHQHQ%UDXHQODJHQEHU JUQHQOHLFKWVFKUlJJHVWHOOWHQ$XJHQ'LHVH$XJHQZDUHQHVGLH LPVHOWVDPHQ.RQWUDVW]XGHU)DUEHGHV+DDUHVVWDQGHQ+RFK DQJHVHW]WH:DQJHQNQRFKHQXQGHLQYHUORFNHQGHU0XQGJDEHQ GHP*HVLFKWGLH)DV]LQDWLRQGLHHLQHQ0DQQVRDQ]RJ /DQJHVWDUUWH'U7RGGLH)UDXDQGLHMHW]WVWXPPLQLKUHP 6DUJODJ 'HU0HQVFKHQKDVVHUEDOOWHGLH+lQGH]X)lXVWHQ'DQQIO VWHUWHHUª'XZLUVWOHEHQVFK|QH9HUD'DV%OXWGHU0HQVFKHQ ZLUGGLUGLH.UDIWJHEHQGLHGXEUDXFKVW© 'U7RGWUDWDQGDV(QGHGHV6DUNRSKDJVXQG]RJGHQ'HFNHO JDQ]KHUXQWHU(UNLSSWHGLHVFKZHUH6WHLQSODWWHKRFKXQGVWHOOWH VLHJHJHQGLH:DQG 9HUD0RQWHVLWUXJHLQODQJHVZHLHV*HZDQGGDVHQJDQLKUHP .|USHUODJ ª6WHKDXI©VDJWH'U7RG 9HUDJHKRUFKWH 5XFNDUWLJVFKUDXEWHVLFKLKU2EHUN|USHULQGLH+|KH'U7RG VWUHFNWHLKUVHLQH+DQGHQWJHJHQGLHVLHHUJULIIXQGVLFKGDQQ YRQLKPDXVGHP6DUJ]LHKHQOLH 1RFKKDWWHVLHNHLQHQ7RQJHVDJW8QEHZHJOLFKZLHHLQH VFK|QHYRQHLQHP0HLVWHUVHLQHV)DFKVJHVFKDIIHQH6WDWXH VWDQGVLHLQGHPGVWHUHQ9HUOLHV'HQ%OLFNGHUJUQHQ$XJHQ LQXQHQGOLFKH)HUQHQJHULFKWHW 3O|W]OLFK|IIQHWHVLHGHQ0XQG/DQJVDPVFKREHQVLFKGLH /LSSHQDXVHLQDQGHU)U$XJHQEOLFNHEOLW]WHHLQHKHUUOLFK JHZDFKVHQH=DKQUHLKHDXIXQG 'U7RGODFKWHOHLVHDOVHUGLHEHLGHQVSLW]HQ=lKQHOLQNVXQG UHFKWVLP2EHUNLHIHUVDK 9HUD0RQWHVLZDUHLQ9DPSLU 'DVZDUGDV*HKHLPQLVGLHVHU)UDX-DKUKXQGHUWHZDUVLH VFKRQDOWKDWWHVLFKYRQGHP%OXW8QVFKXOGLJHUHUQlKUWXQG

GDPLWLKUH6FK|QKHLWHUKDOWHQ6LHGLHYRQGHU)DPLOLHIUYHU VFKROOHQHUNOlUWZRUGHQZDUKDWWHLQ:LUNOLFKNHLWLP.HOOHUGHV 6FKORVVHVHLQVFKUHFNOLFKHV'DVHLQJHIKUW 6LHKDWWHLPPHULKUH2SIHUJHIXQGHQ(VZDUHQ6ROGDWHQJH ZHVHQXQGHLQIDFKH0HQVFKHQGHUHQ9HUVFKZLQGHQQLHPDQG EHPHUNWKDWWH $OVHVGLH0RQWHVLVQLFKWPHKUJDEZDUVLHQDFKWVDXVLKUHP 6DUJJHVWLHJHQXQGKDWWHVLFKLKUH2SIHUJHKROW 'DQQZDU'U7RGHUVFKLHQHQ(UGHUPLW$VPRGLVGHPREHU VWHQ+|OOHQIUVWHQLQ9HUELQGXQJVWDQGKDWWHVRIRUWJHVSUW GDGLHVH)UDXHLQ:HUN]HXJIUVHLQHWHXIOLVFKHQ3OlQHZDU 6LHKDWWHQHLQHQILQVWHUHQ3DNWJHVFKORVVHQPLWGHP6LHJHO GHV7HXIHOV 9HUD0RQWHVLEUDXFKWHHLQHQ0DQQHLQHQ%UlXWLJDP8QG'U 7RGZROOWHLKQEHVRUJHQ+LHUDXIGHP6FKORVROOWHGLH +RFK]HLWGHU9DPSLUHVWDWWILQGHQ'HU$QIDQJ]XU,QYDVLRQGHU 8QWRWHQ:LHHLQ6FKZDUPZUGHQVLHEHUGDV/DQGNRPPHQ XQGVLFKLKUH2SIHUKROHQ8QGGLHVH2SIHUZXUGHQZLHGHU 9DPSLUH(LQK|OOLVFKHU.UHLVODXIZXUGHLQ%HZHJXQJJHVHW]W 8QGQLHPDQGNRQQWHLKQVWRSSHQ 9HUDVJUQH$XJHQZDUHQXQYHUZDQGWDXI'U7RGJHULFKWHW ª:DQQLVWGLH+RFK]HLW"©IUDJWHVLH,KUH6WLPPHNODQJUDXKXQG XQJHGXOGLJ ª:DUWHQRFKHLQSDDU7DJHVFK|QH9HUD'DQQZLUVWGXGLU VHOEVWXQWHUGHQ*lVWHQGHLQHQ%UlXWLJDPDXVVXFKHQN|QQHQ© 9HUDVFKWWHOWHGHQ.RSIGDGLHODQJHQ+DDUHIORJHQª1HLQ© VDJWHVLHª'DVLVW]XVSlW,FKVSUHZLHGLH.UDIWPHLQHQ.|USHU YHUOlW,FKEUDXFKH%OXWXP]XOHEHQ,FKZLOOYRUKHUHLQ2SIHU KDEHQ© 'U7RGV$XJHQ]RJHQVLFK]X6FKOLW]HQ]XVDPPHQ (UZXWHGD9HUD0RQWHVLLQGLHVHP6WDGLXPXQEHUHFKHQEDU ZDU$OVRPXWHHUGDIUVRUJHQGDHLQ2SIHUEHUHLWVWDQG 'U7RGQDKPGLH)DFNHOXQGJLQJLQ5LFKWXQJ$XVJDQJ ª*HGXOGHGLFKQRFKHLQSDDU6WXQGHQ'XEHNRPPVWZDVGX EUDXFKVWGDVYHUVSUHFKHLFKGLU© 6HNXQGHQVSlWHUZDU'U7RGYHUVFKZXQGHQ

'XQNHOKHLWOHJWHVLFKEHUGDV9HUOLHV(LQH'XQNHOKHLWLQGHU ]ZHLJUQH$XJHQNDOWXQGP|UGHULVFKOHXFKWHWHQ %LOO&RQROO\ZDUSQNWOLFK(UHU]lKOWHGHP3RUWLHULQGHU+DOOH JHUDGHHLQSDDU:LW]HDOV-RKQGHQ/LIWYHUOLH 'HU,QVSHNWRUWUXJHLQHQVDQGIDUEHQHQ&RUGDQ]XJXQGGD]X SDVVHQG+HPGXQG.UDZDWWH0DQKlWWHEHLLKPHKHUDXIHLQHQ 3OD\ER\JHWLSSWGHQQHUJHK|UWH]XGHQ/HXWHQGHQHQPDQGHQ %HUXIQLFKWDQVDK -RKQKDWWHGLH'UHLLJNQDSSEHUVFKULWWHQZDUJURVFKODQN XQGGXUFKWUDLQLHUW6HLQEORQGHV+DDUWUXJHUNXU]JHVFKQLWWHQXQG XPVHLQH0XQGZLQNHOODJLPPHUHLQHWZDVMXQJHQKDIWHV/lFKHOQ 'LHEHLGHQ)UHXQGHVFKWWHOWHQVLFKGLH+lQGH ª:LUQHKPHQPHLQHQ:DJHQ©VDJWH%LOOª'XVROOVWVFKOLHOLFK PDOPLWHLQHPYHUQQIWLJHQ$XWRIDKUHQ© -RKQJULQVWHª+RIIHQWOLFKNRPPHLFKLQGHLQH6DUGLQHQEFKVH DXFKUHLQ© 0LW6DUGLQHQEFKVHZDU%LOOV3RUVFKHJHPHLQW-RKQ6LQFODLU IXKUHLQHQVLOEHUPHWDOOLFIDUEHQHQ%HQWOH\GDVHLQ]LJH+REE\GDV HUVLFKOHLVWHWH %LOO&RQROO\VDKVHLQHQ)UHXQGYRQGHU6HLWHDQXQGPHLQWH ª6HLIURKGDLFKJXWH/DXQHKDEHVRQVWKlWWHVWGXJOHLFKVFKRQ PLW QHU.UDQNHQVFKZHVWHUIOLUWHQN|QQHQ© 'LHEHLGHQODFKWHQXQG%LOO|IIQHWHGLH:DJHQWUHQ:HQLJ VSlWHUIlGHOWHHUVLFKLQGHQIOLHHQGHQ9HUNHKUHLQ ª6DJPDOZRLVWHLJHQWOLFKGLHVHVNRPLVFKH5HLVHEUR"©IUDJWH -RKQ ª$P%DKQKRI,QLUJHQGHLQHUNOHLQHQ6HLWHQVWUDH8IIRUG 6WUHHWJODXEHLFK,FKKDEHEULJHQVPLWGHP%HVLW]HUWHOHIRQLHUW (UKHLW-DQRV5XII© ª+|UWVLFKVFKRQUXPlQLVFKDQ© %LOO]XFNWHPLWGHQ6FKXOWHUQª.DQQDXFKHLQ3VHXGRQ\PVHLQ :HJHQGHU3XEOLFLW\© 6LHTXlOWHQVLFKGXUFKGHQ/RQGRQHU0RUJHQYHUNHKUXQGQDK PHQGLH$XIIDKUW]XU:DWHUORR%ULGJHXPGLH7KHPVH]XEHU

TXHUHQ6LHOLHHQGHQ%DKQKRIUHFKWVOLHJHQXQGERJHQHLQSDDU 0LQXWHQVSlWHULQGLH8IIRUG6WUHHWHLQ (VZDUHLQUHLQHV*HVFKlIWVXQG+RWHOYLHUWHO'LH+lXVHU VWDPPWHQDXVGHQIQI]LJHU-DKUHQXQGEHKHUEHUJWHQ]XPHLVW 0LWWHONODVVH+RWHOV(VJDE]DKOUHLFKHNOHLQH/lGHQXQG %RXWLTXHQGLH$QGHQNHQXQG.OHLGXQJ]XEHUK|KWHQ3UHLVHQ YHUNDXIWHQ (LQ5HLVHEXVDXV'HXWVFKODQGKDWWH6FKZLHULJNHLWHQPLWGHP /LQNVYHUNHKUXQGKlWWH%LOOIDVWPLWVHLQHP3RUVFKHJHJHQHLQH +DXVZDQGJHGUFNW 'HU5HSRUWHUIOXFKWH 'LH*HKVWHLJHZDUHQYROOHU0HQVFKHQ(VZDUHLQKHUUOLFKHU 6SlWVRPPHUWDJ9RUGHQ6FKDXIHQVWHUQGHU*HVFKlIWHKLQJHQ EXQWH0DUNLVHQXQGEHLYLHOHQ&DIHVKDWWHPDQ6WKOHXQG 7LVFKHQDFKGUDXHQJHVWHOOW ª'DDXIGHUUHFKWHQ6HLWHGDVPWHHVVHLQ©VDJWH-RKQ6LQFODLU ª6FKRQJHVHKHQ©HUZLGHUWH%LOOVDKNXU]LQGHQ,QQHQVSLHJHO XQG]RJGHQ3RUVFKHKHUXP(UKDWWHYRUGHP/DGHQHLQH 3DUNOFNHHQWGHFNWGLHJHUDGHVRDXVUHLFKWH %LOOUDQJLHUWHPLWGHU5RXWLQHHLQHV.|QQHUV'DQQVWLHJHQGLH EHLGHQ0lQQHUDXV -RKQVDKVLFKGHQ/DGHQDQ(UPDFKWHQLFKWJHUDGHHLQHQYHU WUDXHQHUZHFNHQGHQ(LQGUXFN:HQLJVWHQVQLFKWZDVGLH:HUEXQJ EHWUDI(VJDEHLQ6FKDXIHQVWHUhEHUGLH6FKHLEHZDUPLWVFKZDU] HU)DUEHGHU)LUPHQQDPH!+RUURU7RXUVJHPDOW=ZLVFKHQGHQ %XFKVWDEHQNRQQWHPDQLQV,QQHUHGHV*HVFKlIWHVEOLFNHQ %LOOGUFNWHVLFKEDOGGLH1DVHSODWW ª,FKVFKODJHYRUZLUJHKHQUHLQ©VDJWH-RKQ %LOOJULQVWHª0DQFKPDOKDVWGXZLUNOLFKJXWH,GHHQ$EHUGDV PDFKWGHU8PJDQJPLWPLU© (LQH*ORFNHOlXWHWHPHORGLVFKDOV-RKQGLH7UDXIVWLH +DOEGXQNHOHPSILQJGLHEHLGHQ)UHXQGH ,P+LQWHUJUXQGGHV/DGHQVZXUGHHLQ9RUKDQJ]XU6HLWHJH ]RJHQXQGHLQ0DQQWDXFKWHDXI (UJLQJXPGHQ7UHVHQKHUXPDXIGHPHLQLJH3URVSHNWHODJHQ XQGEOLHEK|IOLFKOlFKHOQGYRU-RKQXQG%LOOVWHKHQ

ª:RPLWNDQQLFKGHQ*HQWOHPHQGLHQHQ"©IUDJWHHU ª0HLQ1DPHLVW%LOO&RQROO\©VDJWHGHU5HSRUWHU hEHUGDV*HVLFKWGHV0DQQHVIORJHLQ/lFKHOQª6LHKDWWHQ KHXWHVFKRQDQJHUXIHQ6LUXQGVLFKQDFKHLQHU5HLVHHUNXQGLJW© ª*HQDXVRLVWHV© ª'DQQGDUILFK6LHELWWHQ© 'HU0DQQZLHVDXIGHQ]XUFNJH]RJHQHQ9RUKDQJ%LOOVDK -RKQDQ]XFNWHPLWGHQ6FKXOWHUQXQGVLHVHW]WHQVLFKLQ %HZHJXQJ :lKUHQG%LOOPLWGHP0DQQJHUHGHWKDWWHKDWWHVLFK-RKQ 6LQFODLU-DQRV5XIIDQVHKHQN|QQHQ (UPDFKWHDXILKQNHLQHQEHVRQGHUVV\PSDWKLVFKHQ(LQGUXFN 5XIIZDU]LHPOLFKNOHLQXQGKDWWHIDKOEORQGHVEHLQDKHJHOEHV +DDU(UWUXJHLQHQDOWHQ$Q]XJXQGHLQJHVWUHLIWHVIOHFNLJHV +HPG$XIHLQH.UDZDWWHKDWWHHUYHU]LFKWHW8QWHUVHLQHQ $XJHQKLQJHQGLFNH7UlQHQVlFNHXQGVHLQH)LQJHUZDUHQLQ GDXHUQGHU%HZHJXQJ$XHUGHPNRQQWH5XIINHLQHP%OLFN VWDQGKDOWHQHLQ=HLFKHQGDHULQVWLQNWLYLUJHQGHWZDVYHU EHUJHQZROOWH -RKQEHVFKORDXIGHU+XW]XVHLQ 'DV+LQWHU]LPPHUZDU]XJOHLFK*HVFKlIWV]LPPHU(LQ 6FKUHLEWLVFKHLQLJH6WKOH]ZHL$NWHQVFKUlQNH(LQVFKPDOHV )HQVWHUZLHV]XU+RIVHLWHKLQDXV 5XIINQLSVWHVHLQH6FKUHLEWLVFKODPSHDQXQGKROWHDXVHLQHP $NWHQVFKUDQN]ZHL$QPHOGHIRUPXODUH ª'DUILFKGDQQXPHLQLJH$QJDEHQELWWHQ©VDJWHHUXQGVHW]WH VLFKKLQWHUVHLQHQ6FKUHLEWLVFK*HVSDQQWEOLFNWHHUVHLQHEHLGHQ %HVXFKHUDQ ª(LQHQ$XJHQEOLFNQRFK0U5XII©PHLQWH-RKQ6LQFODLUª6LH ZHUGHQYHUVWHKHQGDZLUQLFKWVRHLQIDFKHWZDVXQWHUVFKUHLEHQ RKQH]XZLVVHQXPZDVHVHLJHQWOLFKJHQDXJHKW'HU%HJULII +RUURU7RXULVW]LHPOLFKZHLWOlXILJJHIDW© 5XIIOlFKHOWHJHTXlOWª6HOEVWYHUVWlQGOLFK*HQWOHPHQZHUGH LFK,KQHQHLQLJH(UNOlUXQJHQJHEHQ:LHLFK0U&RQROO\VFKRQ PLWWHLOWHIDKUHQZLUQDFK5XPlQLHQGLUHNWLQGLH+HLPDWGHU 9DPSLUHXQGDQGHUHU+RUURU*HVWDOWHQ©

ª:LUGHVHLQH5XQGUHLVH"©ZROOWH-RKQZLVVHQ ª1HLQ6LU:LUEOHLEHQHLQH:RFKHODQJDXIHLQHP6FKOR(V JHK|UWGHP*UDIHQ0RQWHVLXQG6LHILQGHQGRUWDOOGDVZDV VRQVWQXULQ*UXVHOILOPHQ]XVHKHQLVW)ROWHUNDPPHUQ *HKHLPJlQJHDOWH5LWWHUVlOH:HQGHOWUHSSHQXQGVRZHLWHU 6HOEVWYHUVWlQGOLFKVLQG6LHJXWXQWHUJHEUDFKW'LH=LPPHUVLQG PRGHUQDXVJHVWDWWHWXQGHVZLUG,KQHQDQQLFKWVIHKOHQ $XHUGHPN|QQHQ6LH$XVIOJHLQGLHQlKHUH8PJHEXQJXQWHU QHKPHQEHLGHQHQGHU*UDI6LHVHOEVWIKUHQZLUG© ª*UDI0RQWHVL"©KDNWH-RKQQDFK ª-D© ª.HQQHQ6LHLKQSHUV|QOLFK"© -DQRV5XIIKREGHQ.RSIª1DWUOLFK6LU,FKKDEHVHOEVWPLW LKPDOOHVJHUHJHOW© ª.RPLVFK©VDJWH-RKQXQGPXVWHUWHGHQ0DQQYRULKPJHQDX ª6RZHLWLFKLQIRUPLHUWELQXQGLFKKDEHPLFKHLQZHQLJPLWGHU *HVFKLFKWH5XPlQLHQVEHVFKlIWLJWLVWGDV*HVFKOHFKWGHU 0RQWHVLVDXVJHVWRUEHQ© 1DFK-RKQV:RUWHQHQWVWDQGHLQHNXU]H3DXVH-DQRV5XIIEL VLFKDXIGLH/LSSH6HLQ%OLFNIODFNHUWH'DQQKDWWHVLFKGHU0DQQ ZLHGHUJHIDQJHQ ª'DVNDQQQLFKWVWLPPHQ0DQPX6LHIDOVFKLQIRUPLHUW KDEHQ© -RKQOlFKHOWHª0DQKDWPLFKQLFKWLQIRUPLHUWVRQGHUQLFK VHOEVWKDEHHVLQHLQHUDOWHQ&KURQLNJHOHVHQ0LFKLQWHUHVVLHUWGLH 9HUJDQJHQKHLWHVLVWHLQ+REE\YRQPLU$EHUODVVHQZLUGDV,FK ZHUGHHVMDVHOEVWIHVWVWHOOHQN|QQHQ© ª'DQQELVWGXDOVRHLQYHUVWDQGHQ"©IUDJWH%LOO ª-D+RUURU5HLVHQKDEHQPLFKVFKRQLPPHUIDV]LQLHUW©'HU ,QVSHNWRUZDQGWHVLFKZLHGHUDQGHQ5HLVHXQWHUQHKPHUª:DV ZLUGGLH)DKUWNRVWHQXQGZLHVLHKWHVPLWGHQ9LVDDXV"© ª0LWGHQ9LVDJLEWHVNHLQH6FKZLHULJNHLWHQ,FKKDEHGDV EHUHLWVPLWGHQRIIL]LHOOHQ6WHOOHQJHUHJHOW'HU8QNRVWHQEHLWUDJ EHWUlJW]ZHLKXQGHUW3IXQG© -RKQVFKU]WHGLH/LSSHQª1LFKWJHUDGHELOOLJ© -DQRV5XIIKREGLH6FKXOWHUQª$OOHVLVWWHXHU6LU©

ª:LUVLQGHLQYHUVWDQGHQ©HUNOlUWH-RKQª:DQQVROOGLH5HLVH EHUKDXSWORVJHKHQ"© ªhEHUPRUJHQ©5XIIZKOWHLQVHLQHQ3DSLHUHQKHUXPXQG]RJ HLQH/DQGNDUWHYRQ5XPlQLHQKHUYRUª:HQQ6LHPDOVHKHQZRO OHQ*HQWOHPHQ"©-RKQXQG%LOOEHXJWHQVLFKEHUGLH.DUWHª:LU IOLHJHQELV%XNDUHVW9RQGRUWJHKWHVGDQQPLWHLQHP%XVZHLWHU GLUHNWELV]XP6FKOR(VLVWHLQHKHUUOLFKH)DKUWGXUFKGLHZLOG URPDQWLVFKHQ.DUSDWHQ6LHZHUGHQDXI,KUH.RVWHQNRPPHQ *HQWOHPHQ© -RKQXQG%LOOQDKPHQZLHGHU3ODW]5XIIZDUHWZDVLUULWLHUW(U KDWWHDQJHQRPPHQGLHEHLGHQZUGHQZLHGHUJHKHQª.DQQLFK ,KQHQVRQVWQRFKEHKLOIOLFKVHLQ"©IUDJWHHU ª-D©VDJWH-RKQª:LHYLHOH3HUVRQHQZHUGHQHVVHLQ"© ª0W,KQHQJHQDXVLHEHQXQG]ZDQ]LJ$OV5HLVHOHLWHUPVVHQ 6LHVLFKPLWPLU]XIULHGHQJHEHQ:LHZROOHQ6LH]DKOHQ"%DURGHU PLW6FKHFN"© -RKQZROOWHVFKRQLQGLH7DVFKHJUHLIHQDOV%LOODEZLQNWHª/D PDOGDVEHUQHKPHLFK6FKOLHOLFKELQLFKHVJHZHVHQGHUGLFK GD]XEHUUHGHWKDW© 5XIIV$XJHQOHXFKWHWHQDXIDOV%LOO&RQROO\HLQHQ6FKHFNEHU YLHUKXQGHUW3IXQGDXVVWHOOWH ª6R©VDJWHGHU5HSRUWHUªGDVZlUHHUOHGLJW©(UVFKRE-DQRV 5XIIGHQ6FKHFN]X 'HU5HLVHOHLWHUOLHGDV3DSLHUEOLW]VFKQHOOYHUVFKZLQGHQª:LU VHKHQXQVGDQQEHUPRUJHQ*HQWOHPHQ©VDJWHHUXQGUHLFKWH MHGHPGLH+DQG-RKQYHU]RJGDV*HVLFKW5XIIKDWWHHLQHQIHXFK WHQ+lQGHGUXFNª7UHIISXQNWKLHU:LUZHUGHQJHPHLQVDP]XP +HDWKURZ$LUSRUWIDKUHQ© 5XIIJLQJYRUXQG]RJGHQ9RUKDQJQRFKHLQ6WFN]XU6HLWH ª,FKGDUI6LHZLUNOLFK]XGLHVHP(QWVFKOXEHJOFNZQVFKHQ6LH ZHUGHQGLH5HLVHDXINHLQHQ)DOOEHUHXHQGDVYHUVSUHFKHLFK ,KQHQ$XHUGHPKDEHQZLUQRFKHLQHQ+|KHSXQNWLQXQVHUHP 3URJUDPP(LQHHFKWH+RFK]HLW© ª+RFK]HLW"©GHKQWH%LOOª:HUKHLUDWHWGHQQ"(WZD6LH"© 5XIIODFKWHJHNQVWHOWª1HLQQHLQ,FKVDJHQLFKWV/DVVHQ6LH VLFKEHUUDVFKHQ©

ª'DVZHUGHQZLUDXFK©VDJWH%LOO(UZROOWHQRFKHWZDVKLQ]X IJHQGRFKGDZXUGHGLH7UGHV/DGHQVDXIJH]RJHQXQGHLQH )UDXEHWUDWGDV*HVFKlIW %LOOXQG-RKQKDWWHQZLUNOLFK0KHHLQHQ3ILII]XXQWHU GUFNHQGHQQGLH3XSSHGLHJHUDGHGHQ/DGHQEHWUHWHQKDWWH ZDUZLUNOLFK([WUDNODVVH 6RJDU-DQRV5XIIEHNDPIHXFKWH$XJHQDOVHUVLHVDK 'DV*LUOWUXJHLQKLPEHHUURWHV76KLUWXQGHLQ+DOELQGLDQHU NRQQWHHUNHQQHQGDVLHGDUXQWHUNHLQHQ%+DQKDWWH'LHODQJHQ %HLQHVWHFNWHQLQHQJHQIODVFKHQJUQHQ&RUG-HDQVXQGGDV EORQGH+DDUILHOLKUELVDXIGLH6FKXOWHUQhEHUGHUNOHLQHQ1DVH JUXSSLHUWHQVLFKHLQLJH6RPPHUVSURVVHQ'LH/LSSHQZDUHQ]X HLQHPK|IOLFKHQ/lFKHOQYHU]RJHQ -DQRV5XIIZLHVHOWHDXIGLH)UDX]X ª*XWHQ0RUJHQ0LVV&ROOLQV:DVYHUVFKDIIWPLUGLH(KUH,KUHV %HVXFKHV"© 'DV*LUOODFKWHVLOEHUKHOOª,FKKDWWHYROONRPPHQYHUJHVVHQ]X IUDJHQZDQQGLH)DKUWORVJHKW8QGGDLFKJHUDGHKLHULQGHU *HJHQGZDUZROOWHLFKPLFKHEHQGDQDFKHUNXQGLJHQ© ª$EHUQDWUOLFK0LVV&ROOLQVhEHUPRUJHQhEHUPRUJHQJHKW HVORV(VZlUHZLUNOLFKVFKDGHJHZHVHQZHQQZLUDXI6LHKlWWHQ YHU]LFKWHQPVVHQ© 'LHIDGHQ.RPSOLPHQWHGHV5HLVHXQWHUQHKPHUVYHUXUVDFKWHQ -RKQ0DJHQEHVFKZHUGHQ ª1DGDQQLVWMDDOOHVLQ2UGQXQJ©VDJWH0LVV&ROOLQV6LH ZDQGWHVLFKVFKRQZLHGHU]XP*HKHQDOV5XIIHLQILHOGLHEHLGHQ QHXHQ5HLVHWHLOQHKPHUPLWLKUEHNDQQW]XPDFKHQ ª'DVVLQG0U6LQFODLUXQG0U&RQROO\=ZHL*HQWOHPHQGLH HEHQIDOOVGHQ0XWJHIXQGHQKDEHQVLFKXQVDQ]XVFKOLHHQ© ,Q0LVV&ROOLQV $XJHQEOLW]WHHVDXI6LHUHLFKWH-RKQXQG%LOO GLH+DQGª'DQQELQLFKMDQLFKWJDQ]RKQHPlQQOLFKHQ6FKXW]© VDJWHVLHODFKHQG ª(VZLUGPLUHLQ9HUJQJHQVHLQDXI6LH]XDFKWHQ©PHLQWH -RKQ ª7MD©0LVV&ROOLQVOlFKHOWHQRFKHLQPDOXQGZDQGWHVLFKGDQQ ]XU7Uª:LUVHKHQXQVEHUPRUJHQ%LVEDOGGDQQ©

%LOOVWLHGLH/XIWDXVª(LQKHLHU2IHQ-RKQ:DVPHLQVWGX"© ª-DHLQVHKUPXWLJHV*LUOGLHVH-DQH&ROOLQV©VFKQDSSWH-DQRV 5XIIª(VZLUGLKUEHVWLPPWDXIGHP6FKORJHIDOOHQ©IJWHHU QRFKPLWHLQHPVHOWVDPHQ8QWHUWRQLQGHU6WLPPHKLQ]X -RKQEHPHUNWHHVZRKOVDJWHDEHUQLFKWV :HQLJVSlWHUVWDQGHQGLHEHLGHQ0lQQHUZLHGHUYRU%LOOV 3RUVFKHª$OVRHLQVYHUVWHKHLFKQLFKW©PHLQWHGHU5HSRUWHU ª:LHVRKDVWGXGLFKVRVFKQHOOIUGLHVH5HLVHHQWVFKLHGHQ"© ª'DVNDQQLFKGLUJHQDXVDJHQ'DV*HVFKOHFKWGHU0RQWHVLVLVW WDWVlFKOLFKDXVJHVWRUEHQXQGLFKELQJHVSDQQWZHQPDQXQV GRUWLQ5XPlQLHQDOV*UDI0RQWHVLSUlVHQWLHUHQZLOO© ª9LHOOHLFKWGHLQHQDOWHQ)UHXQG'U7RG©VDJWH%LOOXQGJULQVWH 'HU5HSRUWHUNRQQWHQLFKWDKQHQZLHQDKHHUGDPLWGHU :DKUKHLWNDP 9RQHLQHP$XJHQEOLFN]XPDQGHUHQJDEGHU0RWRUVHLQHQ*HLVW DXI(UVWRWWHUWHQRFKHLQSDDUPDOXQGHUVWDUEGDQQLQVFKULOOHP 0LWRQ 'LQR=DFKHZIOXFKWH$XVJHUHFKQHWMHW]WXQGKLHUPXWHGDV SDVVLHUHQ0LWHLQHUZWHQGHQ%HZHJXQJGUHKWHHUGHQ$QODVVHU (VJDEHLQLJHXQGHILQLHUEDUH*HUlXVFKHXQWHUGHU.KOHUKDXEH DEHUVRQVWQLFKWV 'LQRPXUPHOWHQRFKHLQH9HUZQVFKXQJXQGVWLHGLH7UGHV )DKUHUKDXVHVDXI (UVSUDQJQDFKGUDXHQ*HUlXVFKORVODQGHWHHUDXIGHP ZHLFKHQ:DOGERGHQ (VZDU1DFKWXQGDXHUGHPVWRFNILQVWHU:LHHLQHXQGXUFK GULQJOLFKH0DXHUODJGHU:DOG]XEHLGHQ6HLWHQGHVVFKPDOHQ :HJHVhEHUDOOLP*HEVFKUDVFKHOWHXQGVFKDEWHHV'LH7LHUH GHU1DFKWZDUHQDXI%HXWH]XJ(LQ8KXIORJPLWUDXVFKHQGHQ 6FKZLQJHQEHU'LQRV.RSIKLQZHJ8QZLOONUOLFKVWUlXEWHQ VLFKGHP0DQQGLH+DDUH (UZDUQLFKWlQJVWOLFKHKHUGDV*HJHQWHLO$EHUHUEHIDQGVLFK LQGHU1lKHYRQ6FKOR0RQWHVLXQGGLH/HXWHHU]lKOWHQVLFKVR PDQFKVFKDXULJH'LQJH

'LQRZDUIQIXQG]ZDQ]LJ-DKUHDOWXQGNUlIWLJJHEDXW(U KDWWHEUDXQHVORFNLJHV+DDUXQGHLQYHUZHJHQHVDXIVHLQH$UW KEVFKHV*HVLFKW'DVVDJWHQMHGHQIDOOVGLH0lGFKHQLQGHU QlKHUHQXQGZHLWHUHQ8PJHEXQJGLH'LQRVFKRQPHKUDOVHLQ PDOEHJOFNWKDWWH 'LQR=DFKHZKDWWH+RO]JHODGHQ)UHLQH3DSLHUIDEULNLQGHU .UHLVVWDGW(UJHK|UWHHLQHU/DVWZDJHQNRORQQHDQXQGZDUDOV OHW]WHUDEJHIDKUHQ8QGMHW]WODJHUIHVW 'LQR|IIQHWHGLH0RWRUKDXEH'DILHOLKPHLQGDHUMDGLH 7DVFKHQODPSHLP:DJHQOLHJHQJHODVVHQKDWWH (UJLQJQRFKHLQPDO]XUFNXQGEUDFKWHDXFKGHQ :HUN]HXJNDVWHQPLW 'LQRVFKDOWHWHGLH/DPSHDQ'HUEUHLWH/LFKWVWUDKOVFKQLWW GXUFKGLH'XQNHOKHLW (LQ)XFKVZXUGHDXIJHVFKUHFNWXQGYHUVFKZDQGPLWHLQSDDU VFKQHOOHQ6lW]HQLQHLQQDKHV*HEVFK +RIIHQWOLFKNRPPHQNHLQH:|OIHGDFKWH'LQR /DQJVDPJHZ|KQWHVLFK'LQR=DFKHZDQGLH*HUlXVFKHGHU 1DFKW)ULKQZDUHVHUVWPDOZLFKWLJGHQ:DJHQZLHGHUIORWW ]XNULHJHQ 'LQRZDUVRLQVHLQH$UEHLWYHUWLHIWGDHUQLFKWEHPHUNWHZLH HLQH*HVWDOWDXVGHQ%VFKHQWUDW'LH*HVWDOWKDWWHGHQMXQJHQ 0DQQVFKRQHLQHJDQ]H:HLOHEHREDFKWHWXQGKLHOWMHW]WGLH=HLW ]XP(LQJUHLIHQIUJHNRPPHQ /DXWORVEHWUDWGHU8QKHLPOLFKHGHQVFKPDOHQ:HJ8QK|UEDU QlKHUWHHUVLFKGHPDUEHLWHQGHQ'LQR=DFKHZ 'UHL6FKULWWHYRQGHPMXQJHQ0DQQHQWIHUQWEOLHEGLH*HVWDOW VWHKHQ ª.DQQLFK,KQHQEHKLOIOLFKVHLQ"© ª$K©'LQR=DFKHZNUHLVHOWHHUVFKUHFNWKHUXPXQGULGDEHL LQVWLQNWLYHLQHQ$UPKRFK (LQVFKZHUHU6FKUDXEHQVFKOVVHOJOLW]HUWHJHIlKUOLFKLP/LFKW GHU/DPSH ª$EHUDEHU©'HU1HXDQN|PPOLQJVFKWWHOWHGHQ.RSIª:HU ZLUGGHQQJOHLFKJHZDOWWlWLJVHLQ"©(UJLQJ]ZHL6FKULWWH]XU 6HLWHGDPLW'LQRLKQEHVVHUVHKHQNRQQWH

ª:HUVLQG6LH"©IUDJWHGHUMXQJH0DQQIOVWHUQG1RFKLPPHU KLHOWHUGHQ6FKUDXEHQVFKOVVHOIHVW ª,FKELQ*UDI0RQWHVL© ª1HLQ©'LQRZDQNWH]XUFNª1HLQGDVJLEWHVQLFKW'HU*UDI LVWVFKRQODQJHWRW© 'LQRDWPHWHVFKZHU(UVWLHPLWGHP5FNHQJHJHQGLHRIIHQ VWHKHQGH7UGHV)KUHUKDXVHVª+DXHQ6LHDE0DQQ/RVZHJ YRQKLHU6RQVWVFKODJHLFK,KQHQGHQ6FKlGHOHLQ© 'HU8QKHLPOLFKHNPPHUWHVLFKQLFKWXPGLH:RUWH *HUDGHZHJVJLQJHUDXI'LQR=DFKHZ]X(UKDWWHGHQUHFKWHQ $UPYRUJHVWUHFNW'LQRV%OLFNZXUGHYRQGHP5LQJDQJH]RJHQ DXIGHPHLQ7RWHQNRSILPPHUJUHOOHUVWUDKOWH 'LQRNQLIIGLH$XJHQ]XVDPPHQ(UZXWHQLFKWZHUGLHVHU 8QKHLPOLFKHZDU(UKDWWHLKQQRFKQLHLQGHU*HJHQGJHVHKHQ 'LQRIKOWHMHGRFKLQVWLQNWLYGDYRQGLHVHP0DQQHWZDV%|VHV 6FKUHFNOLFKHVDXVJLQJXQGREZRKO'LQRGHQ8QEHNDQQWHQXP HLQHQKDOEHQ.RSIEHUUDJWHKDWWHHUGRFK$QJVWYRUGLHVHU XQKHLPOLFKHQ(UVFKHLQXQJ ª6LHKGLHVHQ5LQJJHQDXDQ©K|UWH'LQRGLH6WLPPHGHV 8QKHLPOLFKHQ 'HUMXQJH0DQQVFKWWHOWHLQZLOGHU9HU]ZHLIOXQJGHQ.RSI ª1HLQ©NHXFKWHHULPPHUZLHGHUª,FKZLOOQLFKW9HUVFKZLQGHQ 6LHHQGOLFK,FKZLOOZHLWHUIDKUHQ,FK© ª'X1DUU:DVJODXEVWGXGHQQZHVKDOEGHLQ0RWRUJHVWUHLNW KDW":HLOLFKGHU*UDI0RQWHVLPHLQHPDJLVFKHQ.UlIWHKDEH VSLHOHQODVVHQ'XELVWVFKRQOlQJVWDOV2SIHUDXVHUVHKHQ© 'DEUOOWH'LQR=DFKHZDXI8USO|W]OLFKZDUIHUVLFKYRUXQG GURVFKPLWGHPVFKZHUHQ6FKUDXEHQVFKOVVHODXIVHLQHQ XQKHLPOLFKHQ*HJQHUHLQ %HLQDKHVSLHOHULVFKWDXFKWH'U7RG]XU6HLWH 'LQRZXUGHYRQVHLQHPHLJHQHQ6FKZXQJPLWJHULVVHQXQGILHO GHU/lQJHQDFKDXIGHQ:HJ (UZROOWHVLFKVRIRUWKHUXPZHUIHQGRFKHLQP|UGHULVFKHU 'UXFNLQVHLQHP5FNHQQDJHOWHLKQDXIGHQ%RGHQIHVW 'U7RGKDWWH'LQRVHLQHQ)XLQV.UHX]JHGUFNW 'HUMXQJH0DQQVW|KQWH9HUJHEHQVVWHPPWHHUVLFKJHJHQGHQ

'UXFNDQ(UNUDOOWHVHLQH+lQGHLQGDV(UGUHLFK'LH$XJHQ WUDWHQLKPYRU$QVWUHQJXQJDXVGHQ+|KOHQ 8USO|W]OLFKOLHGHU'UXFNQDFK:LHHLQ(UWULQNHQGHUVDXJWH 'LQR/XIWLQGLH/XQJHQ(UZlO]WHVLFKDXIGHQ5FNHQXQG VFKORLPVHOEHQ0RPHQWJHEOHQGHWGLH$XJHQ hEHUJURHUVFKLHQLKPDXIHLQPDOGHU7RWHQNRSI'LQRPHUNWH GDHWZDVYRQGLHVHP7RWHQNRSIDXVJLQJVLFKLQVHLQ*HKLUQ ERKUWHXQGVHLQHQ:LOOHQOlKPWH (LQSDDU6HNXQGHQNlPSIWH'LQRQRFKGDJHJHQDQ'DQQYHU ORUHUGLH%HVLQQXQJ +DGXNZDUHVGHU'LQR=DFKHZLQ(PSIDQJQDKP ª%ULQJLKQLQGLH)ROWHUNDPPHU©EHIDKO'U7RG +DGXNQLFNWHHLIULJª,VWHUGHU%UlXWLJDP"©IUDJWHHU]LVFKHQG ª1HLQ© 'HU7UNHKDWWHVLFKGHQ%HZXWORVHQEHUEHLGH$UPHJHOHJW :lKUHQGHUGHQ:HJ]XU)ROWHUNDPPHUJLQJEDXPHOWHGHU.RSI GHVMXQJHQ0DQQHVKDOWORVKLQXQGKHU +DGXNEHJOHLWHWHMHGHQVHLQHU6FKULWWHPLWHLQHPLUUHQ)OVWHUQ (UZDUDXHU'U7RGDOVHLQ]LJHUHLQJHZHLKWZXWHZHOFKHLQ JUDXVDPHV6SLHOKLHULQGLHVHP6FKORDEOLHI8QGHVPDFKWHLKP )UHXGHGHQQHUZDUVHLQHP0HLVWHUKQGLVFKHUJHEHQ )DFNHOQEUDQQWHQ7DJXQG1DFKWLQGHU)ROWHUNDPPHU,KU/LFKW VWULFKEHUGLHP|UGHULVFKHQ,QVWUXPHQWHPLWGHQHQLQGHU EOXWLJHQ9HUJDQJHQKHLWGLH0HQVFKHQ]X7RGHJHTXlOWZRUGHQ ZDUHQ (VJDE6WUHFNElQNH9RUULFKWXQJHQIU'DXPHQVFKUDXEHQXQG HLQH)HXHUVWHOOHEHUGHUPDQGLH)HGHU9HUXUWHLOWHQJHU|VWHW KDWWH,QHLQHU(FNHVWDQGDXFKHLQH(LVHUQH-XQJIUDX 'LH:lQGHZDUHQPLW.HWWHQXQG5LQJHQEHVWFNW+LHUKDWWH PDQIUKHU0HQVFKHQDQJHNHWWHW +DGXNSUHWH'LQRV+DQGJHOHQNHLQ(LVHQPDQVFKHWWHQGLH PLWGLFNHQ+DNHQLQGHU:DQGYHUDQNHUWZRUGHQZDUHQ'LH 0DQVFKHWWHQZDUHQVRKRFKDQJHOHJWGDGHU%HZXWORVHLQ HLQHU6FKUlJODJHYRQGHU:DQGZHJKLQJ8PGLH)XJHOHQNH

VFKQDSSWHQGLH5LQJHHLQHUVFKZHUHQ(LVHQNHWWH +DGXNV$XJHQIXQNHOWHQDOVHUGHQ*HIDQJHQHQEHWUDFKWHWH :HKUORVKLQJGDV2SIHULQGHQ.HWWHQ+DGXNGHPHV6SD PDFKWH8QVFKXOGLJH]XTXl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ª'XZHLWGRFKGDGXLKQLQ5XKHODVVHQVROOVW©]LVFKWH 'U7RGXQGJDEVHLQHP'LHQHUHLQHQ)XWULWWª:LUEUDXFKHQ LKQQRFK:DVGXKLQWHUKHUPLWGHQDQGHUHQPDFKVWLVWPLU HJDO$EHUHUVWZHQQLFKHVEHIHKOH9HUVWDQGHQ"© +DGXNKHXOWHYRU6FKPHU](UGHUDQGHUHOlFKHOQGW|WHWH NRQQWHVHOEVWNHLQH6FKPHU]HQHUGXOGHQ 6FKZHUDWPHQGWUDW'U7RG]XU6HLWH+DGXNTXlOWHVLFKDXI GLH%HLQH ª6WHOOGHQ6SHHUZHJ©EHIDKO'U7RG +DGXNJHKRUFKWH]LWWHUQG'DQQYHUOLHHUZLHHLQJHSUJHOWHU +XQGGLH)ROWHUNDPPHU (VZDUHLQPDNDEUHU$QEOLFN 'LH)UDXVWDQGQHEHQGHP6DUNRSKDJ1LFKWVZDUPHKUYRQ LKUHU6FK|QKHLWEULJJHEOLHEHQ9HUD0RQWHVLZDUHLQHDOWH)UDX JHZRUGHQ 'DVHLQVWVRVFKZDU]H+DDUKLQJJUDXXQGVWUlKQLJELVDXIGLH 6FKXOWHUQ'LH+DXWZDUZHONXQG]HLJWH)OHFNHQ

9HUD0RQWHVLZDUHLQH*UHLVLQ'LH.OHLGXQJVFKORWWHUWHXP LKUHQ.|USHU'LH8QWRWHYHUILHO]XVHKHQGV 1XU%OXWNRQQWHVLHYHUMQJHQ 9HUD0RQWHVLZDQNWH]XU7U6LHUWWHOWHDQGHU(LVHQNOLQNH 2KQH(UIROJ'LH7UZDUDEJHVFKORVVHQ 9HUD0RQWHVLKHXOWHDXIZLHHLQZDLGZXQGHV7LHU,KUHODQJHQ )LQJHUQlJHONUDW]WHQJHJHQGDV+RO] 6LHVFKOXFK]WHMDPPHUWHXQGIOHKWH 8QGGDQQK|UWHVLH6FKULWWH %OLW]VFKQHOOWUDWVLH]XUFN,KUDXVJHPHUJHOWHU.|USHUQDKP HLQHDQJHVSDQQWH+DOWXQJDQ/HEHQWUDWLQGLHYRUKLQQRFK VWXPSIEOLFNHQGHQ$XJHQ 6HNXQGHQVSlWHUZXUGHHLQ6FKOVVHOLP6FKORJHGUHKW'DQQ ZXUGHGLH7UJH|IIQHW 9HUD0RQWHVLIDXFKWH.DPGRUWGDV2SIHU" 6SUXQJEHUHLWVWDQGVLHQHEHQLKUHP6DUNRSKDJ:HLWVWDFKHQ GLHEHLGHQP|UGHULVFKHQ9DPSLU]lKQHDXVLKUHP*HELKHUYRU 'DV*HVLFKWZDUQXQHLQHHLQ]LJH)UDW]H 'DQQVWDQG'U7RGLQGHP9HUOLHV0LWHLQHP%OLFNVDKHUZDV ORVZDU9HUD0RQWHVLZDULQHLQHU9HUIDVVXQJLQGHUVLHDXFKLKQ DQIDOOHQZUGH ª'HLQ2SIHULVWGD©VDJWH'U7RG 'LH)LQJHUGHU8QWRWHQEHJDQQHQ]X]XFNHQª:R"© ª,QGHU)ROWHUNDPPHU© (VZDUHQGLH6FKPHU]HQGLH'LQR=DFKHZDXVGHU%HZXWORVLJ NHLWULVVHQ (UKDWWHGDV*HIKODOVZlUHQVHLQH$UPHDEJHVWRUEHQ(U VSUWHVLHHLQIDFKQLFKWPHKU'LQRZROOWHGLH%HLQHKHEHQ(V JLQJQLFKW=HQWQHUJHZLFKWHVFKLHQHQGDUDQ]XKlQJHQ 'HUMXQJH0DQQ|IIQHWHGLH$XJHQ(UEUDXFKWH6HNXQGHQXP ]XEHJUHLIHQZRHUVLFKEHUKDXSWEHIDQG 6HLQ%OLFNLUUWHEHUGLHVFKUHFNOLFKHQ)ROWHULQVWUXPHQWHXQG HUDKQWHZDVLKPDOOHVEHYRUVWDQG 8USO|W]OLFKNDPGLH$QJVW

(LQHKHLH7RGHVDQJVWGLHVHLQ+HU]ZLOGSRFKHQOLHXQGLKP 6FKDXHUEHUGHQ5FNHQMDJWH :HKUORVZDUHUGHP*UDIHQDXVJHOLHIHUW 'LQRVFKULH 6FKULHVHLQH9HU]ZHLIOXQJVHLQH3DQLNKLQDXVXQGZXWHGRFK GDHVQLFKWVKDOI (UULDQGHQ.HWWHQ'RFKVLHKDWWHQ-DKUKXQGHUWHJHKDOWHQ XQGKLHOWHQDXFKMHW]W'LQRVFKHXHUWHVLFKQXUGLH+DXWYRQ VHLQHQ+DQGJHOHQNHQ%OXWZDU]XVHKHQ 'LQRKDWWHGHQ0XQGKDOEJH|IIQHWXQGVDXJWHGLHVFKOHFKWH /XIWLQVHLQH/XQJHQ'HU)DFNHOVFKHLQJDXNHOWHLKP+|OOHQ JHVWDOWHQYRUXQGHUVSUWHEHUHLWVGLHJOKHQGHQ(LVHQVSLW]HQ DXIVHLQHU%UXVW ,UJHQGZDQQKDWWH'LQRNHLQH.UDIWPHKU+DOWORVVDFNWHHULQ VHLQHQ.HWWHQ]XVDPPHQ 'LQR=DFKHZZDULQWLHIH/HWKDUJLHYHUIDOOHQ,KPZDUQXQ DOOHVHJDO 6FKULWWHVFKUHFNWHQLKQDXI 6LHZDUHQQLFKWODXWVRQGHUQHKHUVFKOXUIHQGJOHLWHQG 8QEHLUUEDUQlKHUWHQVLHVLFKGHU7UGHU)ROWHUNDPPHU 'LQRKLHOWGHQ$WHPDQ .DPHQVLHMHW]W":HVKDOEKDWWHPDQJHUDGHLKQDOV2SIHUDXV JHVXFKW" :LHGHUNDPGLH$QJVW .lOWHVFKDXHUMDJWHQEHUVHLQHQ.|USHU(U]LWWHUWHZLH (VSHQODXE 'LH6FKULWWHYHUVWXPPWHQ $XVEUHQQHQGHQ$XJHQVWDUUWH'LQR]XU7U 'DMHW]WEHZHJWHVLFKGLHVFKZHUH.OLQNHZXUGHXQHQGOLFK ODQJVDPKHUXQWHUJHGUFNW 6WFNIU6WFNZXUGHGLH7UDXIJHVFKREHQ (LQH+DQGXPNUDOOWHGDV+RO]6LHKDWWHVSLW]H)LQJHUQlJHOGLH ZLH'ROFKHZLUNWHQ 'LQRKLHOWGHQ$WHPDQ(UNRQQWHVHLQHQ%OLFNQLFKWPHKUYRQ GHU7UZHQGHQ (LQH*HVWDOWVFKREVLFKLQGLH)ROWHUNDPPHU

'LQR=DFKHZVW|KQWHDXI(UNRQQWHQLFKWJODXEHQZDVVHLQH $XJHQVDKHQ (LQH)UDXKDWWHGLH)ROWHUNDPPHUEHWUHWHQ6LHZDUXUDOWXQG XQEHVFKUHLEOLFKKlOLFK 'RFKGDVZDUHVQLFKWZDVGLH3DQLNLQ'LQRKRFKWULHE (VZDUHQGLHEHLGHQP|UGHULVFKHQ9DPSLU]lKQHGLHDXVGHP 2EHUNLHIHUKHUYRUVWDFKHQXQG6FKUHFNOLFKHVDKQHQOLHHQ $OVRJDEHVVLHGRFK'LH9DPSLUH 'LQRKDWWHGHQ*HVFKLFKWHQGHU$OWHQQLHVRUHFKWJHJODXEW(U ZDU6ROGDWJHZHVHQZDUPRGHUQHU]RJHQZRUGHQXQGKDWWHGLH 6DJHQXQG/HJHQGHQDOV8QVLQQDEJHWDQ (UKDWWHVLFKJHLUUW 'LH8QKHLPOLFKHNDPQlKHU6LHDWPHWHQLFKWVRQGHUQVWLH QXULPPHUHLQJUlOLFKHV)DXFKHQDXV 'LFKWYRU'LQREOLHEVLHVWHKHQ 'HUMXQJH0DQQNRQQWHMHGH(LQ]HOKHLWLKUHVHQWVWHOOWHQ *HVLFKWHVHUNHQQHQ /DQJVDPKREVLHGLH$UPH 6SLW]H)LQJHUQlJHOIXKUHQEHU'LQRV*HVLFKW]HLFKQHWHQ 6WUHLIHQDXIVHLQHQDFNWH%UXVW 'LH8QWRWHNLFKHUWH 'LHJHEHXJWH*HVWDOWEHJDQQVLFK]XVWUDIIHQDOVZUGHVLHPLW QHXHP/HEHQJHIOOW 'LQRZDQGWHGHQ.RSI]XU6HLWH(UNRQQWHGLHVHQ$QEOLFN QLFKWOlQJHUHUWUDJHQ 'LH$OWHVWDQGMHW]WGLUHNWYRULKP,KUHUHFKWH+DQGZXUGH]XU .ODXH 'LH)LQJHUJULIIHQLQ'LQRVORFNLJHQ+DDUVFKRSIERJHQGHQ .RSIQRFKZHLWHUQDFKKLQWHQ 'HUMXQJH0DQQVW|KQWHYRU6FKPHU]HQ$XVGHQ $XJHQZLQNHOQVDKHUZLHVLFKGDV*HVLFKWGHU8QWRWHQVHLQHP +DOVQlKHUWH

9HUD0RQWHVLKDWWHLKUH/HEHQVNUDIW]XUFNJHZRQQHQ'DVZDV -DKUKXQGHUWHJHKROIHQKDWWHWDWDXFKMHW]WVHLQH:LUNXQJ 'LH9HUZDQGOXQJQDKPLKUHQ$QIDQJ 'LH+DXWYRUKLQQRFKZHONXQGIDOWLJEHJDQQ]XOHEHQ,KUH =HOOHQHUQHXHUWHQVLFKXQGOLHHQ9HUD0RQWHVLVMXJHQGOLFKH 6FK|QKHLWZLHGHUHUEOKHQ 8QGGDV2SIHUZXUGHGDEHLVHOEVW]XP9DPSLU]XHLQHP 8QWRWHQGHUQLH5XKHILQGHQXQGLPPHUDXIGHU6XFKHQDFK QHXHQ2SIHUQVHLQZUGH 6RZDUHVVFKRQLPPHUJHZHVHQ,QGHQDOWHQ&KURQLNHQXQG .LUFKHQEFKHUQNDQQPDQQRFKKHXWHQDFKOHVHQGDLPPHU ZLHGHULP/DXIHGHU=HLW9DPSLUHDXIJHWDXFKWVLQG'LH 0HQVFKHQLQGLHVHP/DQGVWULFKVHOEVWWLHILP9DPSLUJODXEHQ YHUZXU]HOWKDEHQPHKUDOVHLQPDO8QWRWHPLWHLQHP3IORFN JHW|WHWXQGGLH.|USHUDQVFKOLHHQGYHUEUDQQW )QI]HKQ0LQXWHQGDXHUWHGLHVHVVFKUHFNOLFKH6FKDXVSLHO (QGOLFKOLHGLH8QWRWHYRQLKUHP2SIHUDE,KU.|USHUZDU MXJHQGOLFKIULVFKXQGHLQH9HUORFNXQJIUMHGHQ0DQQ 'LH8QWRWHZDQGWHVLFKXP,KU%OLFNWUDI'U7RGGHUDXIGHU 7UVFKZHOOHVWDQGXQGDOOHVPLWWLHIHU%HIULHGLJXQJEHREDFKWHW KDWWH ª%LVWGXQXQ]XIULHGHQ"©IUDJWH'U7RG 'LH8QWRWHQLFNWH ª'DVZDUHUVWGHU$QIDQJ©VDJWH'U7RGª6FKRQEDOGZLUVWGX GLH0HQVFKHQEHNRPPHQGLHGXEUDXFKVW'HLQHU+RFK]HLWVWHKW QLFKWVPHKULP:HJH© 'HU0HQVFKHQKDVVHUZDQGWHVLFKDE'UDXHQLP*DQJEOLFNWH HUVLFKQRFKHLQPDOWXQ ª.RPPMHW]W(VJLEWYLHO]XWXQ© 'LH8QWRWHIROJWHZLOOLJLKUHP0HLVWHU6LHXQGGHU 0HQVFKHQKDVVHUZDUHQHLQ3DDUZLHHVQXUGHU6DWDQVFKDIIHQ NRQQWH'HQQGHU+|OOHQIUVWVHOEVWKDWWHLQ'U7RGVHLQHQ EHVWHQ'LHQHUJHIXQGHQ

'HU)OXJYRQ/RQGRQQDFK%XNDUHVWYHUOLHIRKQH=ZLVFKHQIlOOH -RKQ6LQFODLUKDWWHGLHPHLVWH=HLWYHUVFKODIHQHEHQVR%LOO &RQROO\GHUQHEHQ-RKQLP6LW]ODJ )UGHQ,QVSHNWRUZDUHVHLQ5LVLNRJHZHVHQMHW]W]XIOLHJHQ %HLP
ª*HQDX8QVHU,QQHQPLQLVWHULXPKDWEHLGHPKLHVLJHQLQWHUYH QLHUW,FKUHLVHGHPQDFKPLWGHURIIL]LHOOHQ*HQHKPLJXQJGHU UXPlQLVFKHQ5HJLHUXQJ© %LOO]RJGLH$XJHQEUDXHQ]XVDPPHQª'DVWLPPWGRFKZDV QLFKW-RKQ%HVWLPPWVWHFNWKLQWHUGHP)DOOPHKUDOVGXVDJHQ ZLOOVW.RPPVFKRQUDXVPLWGHU6SUDFKHZDVLVWORV"© ª+|U]X%LOO'XZHLWGD5XPlQLHQHLQHDQGHUH6WDDWVIRUP KDWDOVZLUXQGZHQQLQGHQOHW]WHQ0RQDWHQXQG:RFKHQ *HUFKWHDXIJHNRPPHQVLQGGDHVLQGHQ.DUSDWHQ9DPSLUH JHEHQVROOGDQQLVWGDVHLQ'LQJGHU8QP|JOLFKNHLW6RHWZDV GDUIHVKLHUJDUQLFKWJHEHQ0DQKDWVHOEVWKRKH3ROL]HLEHDPWH LQGLH'|UIHUJHVFKLFNWXPGHQ/HXWHQGHQ9DPSLUJODXEHQ DXV]XWUHLEHQDEHURKQH(UIROJ'LH(UOHEQLVVHVLQG]XWLHIYHU ZXU]HOW$XHUGHPVLQG0HQVFKHQYHUVFKZXQGHQ6SXUORV RKQH0RWLY© %LOOQLFNWHEHGlFKWLJª+DWPDQGLHVH9DPSLUHGHQQJHVHKHQ"© ª$QJHEOLFKMD© %LOO&RQROO\JULQVWHYHUVFKPLW]Wª-HW]WYHUVWHKHLFK8PVLFK QLFKW]XEODPLHUHQKDEHQGLHRIIL]LHOOHQ6WHOOHQPLW)UHXGHQ ]XJHJULIIHQDOVGDV$QJHERWDXV/RQGRQNDP:HQQGXQLFKWV HUUHLFKVWKDEHQVLHZHQLJVWHQVMHPDQGHQGHPVLHGHQ 6FKZDU]HQ3HWHU]XVFKLHEHQN|QQHQ5DIILQLHUWJHGDFKW© ª%LVWGXQXQ]XIULHGHQ"©IUDJWH-RKQ ª1LFKWJDQ]© ª'DQQK|UDEHUELWWHDXI]XIUDJHQ© ª6FKRQJXW$EHUYHUJLQLFKWVFKOLHOLFKZDULFKHVGHUGLFK DXIGLH6SXUJHEUDFKWKDW© ª,FKZHUGHGLFKLQPHLQHP7HVWDPHQWHUZlKQHQ$OV(UEH PHLQHU6FKXOGHQ8QGGLH$OLPHQWHNDQQVWGXDXFKZHLWHU ]DKOHQ© ª7HXIHO©ODFKWH%LOOª:LHYLHOLVWHVGHQQ"© ª)U]ZDQ]LJ.LQGHU6LHVLQGLQJDQ](QJODQGYHUWHLOW© ª:XWHJDUQLFKWGD6LHVRSRWHQWVLQG©K|UWH-RKQLQVHLQHP 5FNHQHLQH)UDXHQVWLPPH 'HU,QVSHNWRUGUHKWHGHQ.RSIXQGSHLOWH]ZLVFKHQGHQ 6LW]OHKQHQKLQGXUFK

=ZHL%HLQHGLHYRQHLQHP5RFNLQPRGLVFKHU/lQJHXP VFKPHLFKHOWZXUGHQJHULHWHQLQ-RKQV%OLFNIHOG'HUGD]X JHK|ULJH2EHUN|USHUEHXJWHVLFKHLQZHQLJYRU(VZDU-DQH &ROOLQVGLH-RKQDQOlFKHOWH ª=XGLHVHU/HLVWXQJNDQQPDQ,KQHQZLUNOLFKJUDWXOLHUHQ 0U6LQFODLU©VDJWHVLHXQGHLQ.UDQ]YRQNOHLQHQ/DFKIlOW FKHQXPJDELKUH$XJHQ -RKQEUDFKWHHVWDWVlFKOLFKIHUWLJXQGZXUGHOHLFKWURW :lKUHQGVLFK%LOOQHEHQLKPGDV/DFKHQQLFKWYHUEHLHQNRQQWH XQG-RKQVHLQHQ)UHXQGGRVLHUWJHJHQGDV6FKLHQEHLQWUDWHU ZLGHUWHHUª6LHPVVHQVFKRQHQWVFKXOGLJHQ0LVV&ROOLQVLFK DKQWHQLFKWGD6LHKLQWHUXQVVLW]HQ© ª:DUDXFKQLFKWVFKOLPP6LHJODXEHQJDUQLFKWZHOFKHLQ 9HUJQJHQPLU,KUH8QWHUKDOWXQJEHUHLWHWKDW© 'DV)OXJ]HXJVHW]WHLQGLHVHP0RPHQWDXIYHUULQJHUWHGLH *HVFKZLQGLJNHLWXQGUROOWHODQJVDPDXV (LQ%XVZDUWHWHVFKRQXQGIXKUGLH3DVVDJLHUHEHUGDV 5ROOIHOGELV]XGHQ$EIHUWLJXQJVKDOOHQ(LQ0DQQGHU=LYLOWUXJ XQGWURW]GHP]HKQ0HLOHQJHJHQGHQ:LQGQDFK3ROL]HLDXVVDK NDPDXI-RKQ6LQFODLU]X ª,QVSHNWRU6LQFODLU"©IUDJWHHULQVFKOHFKWHP(QJOLVFK ª-D© ª'DUILFK6LHELWWHQPLU]XIROJHQ"© -RKQQLFNWH(UVDKVLFKXQDXIIlOOLJXPRE-DQRV5XIIQLFKW HWZDVEHPHUNWH'RFKHUZDU]XVHKUPLWHLQLJHQDQGHUHQ 5HLVHQGHQEHVFKlIWLJWXPYRQ-RKQ1RWL]]XQHKPHQ 1XU-DQH&ROOLQVILHOHVDXI6LHVDKDEHUVFKQHOOZLHGHUZHJDOV -RKQV%OLFNVLHVWUHLIWH 'HU%HDPWHIKUWH-RKQLQHLQHQNOHLQHQ5DXPLQGHPHVXQ HUWUlJOLFKVFKZOZDU 'DV*HSlFNGHV,QVSHNWRUVODJDXIGHP7LVFK8QJH|IIQHW-RKQ EHNDPHVDXFKVRZHLWHUJHUHLFKWª,FKZQVFKH,KQHQHLQHQ DQJHQHKPHQ$XIHQWKDOWLQXQVHUHP/DQG,QVSHNWRU8QGZLU K|UHQYRQ,KQHQ© ª6HOEVWYHUVWlQGOLFK©HUZLGHUWH-RKQXQGVFKQDSSWHVLFK VHLQHQ.RIIHUª'DQQELVGHPQlFKVW©

'HU*HLVWHUMlJHUKLHOWVLFKQRFKHWZDVLQGHU+DOOHDXIXQG EHREDFKWHWHGLH5HLVHJUXSSH (VZDUZLUNOLFKHLQEXQWJHPLVFKWHV9|ONFKHQ9RQGHUlOWHUHQ -XQJIHUELV]XUKHLHQ3XSSHZLH-DQH&ROOLQV'D]ZLVFKHQJDE HVQRFKVNXUULOH7\SHQZLH'U0RWKHUODLQHLQZLHHUVLFKVHOEVW QDQQWH6FKORIRUVFKHU'U0RWKHUODLQKDWWHLQ(QJODQGVFKRQ HLQ%XFKEHU*HVSHQVWHUYHU|IIHQWOLFKWXQGZDUQDWUOLFK ZlKUHQGGHU5HLVHHLQEHJHKUWHU*HVSUlFKVSDUWQHUJHZHVHQ 'HQQZDVHU]XEHULFKWHQZXWHOLHPDQFKHPMHW]WVFKRQGLH +DDUH]X%HUJHVWHKHQ ,QVJHVDPWZDUHQQXUGUHLXQG]ZDQ]LJ3HUVRQHQPLWJHIORJHQ 9LHUZDUHQLPOHW]WHQ$XJHQEOLFNDEJHVSUXQJHQ(LQMXQJHV (KHSDDUEHIDQGVLFKVRJDUDXIGHU+RFK]HLWVUHLVH6LHKLH&DURO XQGHU6LPRQ6KXVWHU'HUMXQJH0DQQZXUGHDEHUYRQVHLQHU )UDXQXU5RFN\JHQDQQWZHLOHUWDWVlFKOLFKZLHHLQ)HOVHQDXV VDK6LPRQJDEGDPLWDQIUKHUHLQPDOJHER[W]XKDEHQXQG MHGHPGHUHVK|UHQZROOWH]lKOWHHUVHLQHDQJHEOLFKHQ 0HLVWHUVFKDIWHQDXI:lKUHQGGLHVHU*HVSUlFKHKLQJVHLQH)UDX GDQQPLWJOlQ]HQGHQ$XJHQDQGHQ/LSSHQLKUHV0DQQHV -RKQNRQQWHVLFKHLQ/lFKHOQQLFKWYHUNQHLIHQZHQQHUGLH EHLGHQVDK 6FKOLHOLFKKDWWHGLH5HLVHJHVHOOVFKDIWGLH.RQWUROOHQEHUVWDQ GHQXQG-DQRV5XIIVDPPHOWHVHLQH6FKlIFKHQZLHGHUHLQ$XFK -RKQJHVHOOWHVLFKGD]X (UVWHOOWHVLFKQHEHQ%LOOXQGNQLIIVHLQHP)UHXQGHLQ$XJH]X 5XIIVFKOXJHLQSDDUPDOLQGLH+lQGHXQGEDWXP5XKH'DQQ VDJWHHUª:LUZHUGHQMHW]WLQGHQ%XVVWHLJHQXQGHLQHOlQJHUH )DKUWXQWHUQHKPHQ,FKIDKUHGHQ%XVXQGKRIIH6LHYHUWUDXHQ VLFKPHLQHQ.QVWHQDQ© ª:DVEOHLEWXQVGHQQDQGHUHVEULJ"©NRQQWH%LOOVLFKQLFKW YHUNQHLIHQ]XVDJHQ 5XIIYHU]RJGDV*HVLFKWXQGJULQVWHSIOLFKWVFKXOGLJPLWZHLO GLHDQGHUHQEHJRQQHQKDWWHQ]XODFKHQ ª'DQQIROJHQ6LHPLUELWWH©VDJWH5XII 0LWODQJHQ6FKULWWHQXQGOHLFKWYRUJHEHXJWHP2EHUN|USHUJLQJ HUYRUDQ0DQNRQQWHPHUNHQGD5XIILQVHLQHP(OHPHQWZDU

8QGGDQQVDKHQVLHGHQ%XVHLQHQ0HUFHGHVDXVGHQIQI]LJHU -DKUHQPLWHLQHUODQJHQ.KOHUVFKQDX]HXQGHLQHPEOLW]HQGHQ 6WHUQGDUDXI 6WRO]VFKOR-DQRV5XIIGLH7UDXIª%LWWHHLQVWHLJHQGLH +HUUVFKDIWHQ© ª(LQHQEHVVHUHQKDEHQ6LHZRKOQLFKWILQGHQN|QQHQZDV"© IUDJWH%LOO&RQROO\DOVHUDQ-DQRV5XIIYRUEHLJLQJ ª:LHPHLQHQ6LH"© ª+LHUGHQNRPLVFKHQ7UDQVSRUWHU© ª6LHZHUGHQVLFKQRFKGDUDQJHZ|KQHQ0U&RQROO\8QGDQ PDQFKDQGHUH6DFKHQ© 'LHOHW]WHQ:RUWH]LVFKWH5XIIQXUVRKHUDXV (KH%LOOHLQH$QWZRUWJHEHQNRQQWHZXUGHHUDQJHVWRHQ ª:HLWHUJHKHQ©ULHIHLQH6WLPPHXQG%LOONOHWWHUWHLQGHQ%XV RKQH5XIIVKDHUIOOWH%OLFNH]XEHPHUNHQ 'XUFKGLHVHQNOHLQHQ=ZLVFKHQIDOOZDUHQ-RKQ6LQFODLUXQG %LOO&RQROO\JHWUHQQWZRUGHQ-RKQKDWWHVLFKEHUHLWVKLQJHVHW]W XQGVHLQHQ.RIIHUDXIGDV*HSlFNQHW]JHOHJWDOV-DQH&ROOLQV SO|W]OLFKQHEHQGHP,QVSHNWRUVWDQG ª,VWGLHVHU3ODW]QRFKIUHL"© ª$EHUELWWH© -DQHVHW]WHVLFKXQGEOLHVHLQH+DDUVWUlKQHDXVGHU6WLUQ-RKQ VWHPPWHLQ]ZLVFKHQLKUHQ.RIIHULQGDV*HSlFNQHW] 'DVDKHU%LOO&RQROO\'HU5HSRUWHUZLQNWHLKP]Xª:LHLFK VHKHKDVWGXDQJHQHKPHUH*HVHOOVFKDIW-RKQ,FKZHUGHGLH )DKUWDXFKRKQHGLFKEHUVWHKHQ© ª'DQQZDUGHU3ODW]DOVRGRFKEHVHW]W"©-DQH&ROOLQV*HVLFKW QDKPHLQHQHUVWDXQWHQ$XVGUXFNDQ ª$EHUQLFKWIU6LH©HUNOlUWH-RKQ ª$KVRLVWGDV© ª8QGZHVKDOEKDEHQ6LHJHUDGHGLHVHQ3ODW]JHZlKOW"©ZROOWH -RKQZLVVHQ(UPXWHODXWVSUHFKHQXPGDV6WLPPHQJHZLUULP %XV]XEHUW|QHQ ª:HLO6LHXQG,KU)UHXQGGLHHLQ]LJHQVLQGGLHLFKVFKRQ NHQQH© ª'DVLVWHLQH$QWZRUW©-RKQQLFNWHEHLIlOOLJª'DPLWVWHKHQ6LH

DEMHW]WXQWHUPHLQHPSHUV|QOLFKHQ6FKXW],FKZHUGHGDUDXI DFKWHQGD,KQHQLP*HLVWHUVFKORNHLQ9DPSLUEHUGHQ:HJ OlXIW© -RKQPHLQWHGLH:RUWHPHKUVFKHU]KDIWGRFKVLHVROOWHQVLFK QRFKDXIJUDXVDPH:HLVHEHVWlWLJHQ )QI0LQXWHQVSlWHUIXKUHQVLHORV,Q5LFKWXQJ1RUGZHVWHQ JHUDGHZHJVDXIGLH.DUSDWHQ]X -RKQ6LQFODLUXQG-DQH&ROOLQVEHVFKORVVHQVLFKIUGLHZHLWHUH =HLWEHLP9RUQDPHQ]XQHQQHQ$OVVLFKGHU*HLVWHUMlJHUHLQPDO XPGUHKWHPXWHHUIHVWVWHOOHQGDVLFKGLHlOWHUH-XQJIHUDXVJH UHFKQHWQHEHQ%LOO&RQROO\JHVHW]WKDWWH'HU5HSRUWHUYHUGUHKWH YRUODXWHU!)UHXGHGLH$XJHQ $XFK-RKQNRQQWHVLFKHLQ*ULQVHQQLFKWYHUEHLHQXQGHVILHO VRJDUHWZDVVFKDGHQIURKDXV ª6DJHQ6LH-RKQZHVKDOEKDEHQ6LHVLFKHLJHQWOLFK]XGLHVHU HWZDVDXHUJHZ|KQOLFKHQ5HLVHHQWVFKORVVHQ"©IUDJWH-DQH &ROOLQVSO|W]OLFK 'HU,QVSHNWRU]XFNWHPLWGHQ6FKXOWHUQª5HLQH$EHQWHXHUOXVW :HQQPDQGHQJDQ]HQ7DJLP%URVLW]WZLOOPDQMDDXFKPDO HWZDVDQGHUHVVHKHQ© ª:DVPDFKHQ6LHGHQQEHUXIOLFK"© ª,FKELQEHLHLQHU9HUVLFKHUXQJDQJHVWHOOW© ª2K©-DQH&ROOLQVOlFKHOWHKLQWHUJUQGLJª8QGGDQQVLQG6LH VFKRQVREHNDQQW"© ª:LHPHLQHQ6LHGDV"© ª1XQ6LHZDUHQEHLGHU*HSlFNNRQWUROOHQLFKWGDEHLXQGVLQG JHVRQGHUWEHKDQGHOWZRUGHQ'DVEHGHXWHWHWZDV© 'HU,QVSHNWRUZDUZLUNOLFKLPHUVWHQ0RPHQWEHUUDVFKW 'RFKHKHHUVLFKHLQHJODXEKDIWH$XVUHGHHLQIDOOHQODVVHQNRQQ WHZLQNWH-DQH&ROOLQVODFKHQGDEª6LHEUDXFKHQPLUQLFKWV]X HUNOlUHQ6FKOLHOLFKJLEWHVHLQ'LHQVWJHKHLPQLVQLFKWZDKU ,QVSHNWRU6LQFODLU© -HW]WZDU-RKQY|OOLJSODWWª6LHNHQQHQPLFK"©IUDJWHHU ª-D6LHKDEHQYRUXQJHIlKU]ZHL-DKUHQHLQHQ)DOOJHO|VWGHU 6FKODJ]HLOHQJHPDFKWKDW(VJLQJGDPDOVXPHLQH6HNWH,FK KDWWH]XGHU=HLWJHUDGHPHLQ6WXGLXPDEJHVFKORVVHQXQGPHLQH

NOHLQH'HWHNWHLHU|IIQHW,FKZDULPPHUDXIGHU6XFKHQDFK DXHUJHZ|KQOLFKHQ)lOOHQ8QGGDEHLELQLFKEHU-RKQ6LQFODLU JHVWROSHUW© 'HU*HLVWHUMlJHUSILIIGXUFKGLH=lKQHª$KDHLQH 3ULYDWGHWHNWLYLQDOVR'DPLWKlWWHLFKDOOHUGLQJVQLFKWJHUHFKQHW 8QG6LHVLQGEHUXIOLFKDQGLHVHU5HLVHLQWHUHVVLHUW"© -DQH&ROOLQVODFKWHª1HLQGDNDQQLFK6LHEHUXKLJHQ$EHU ZHQQHLQ,QVSHNWRU6LQFODLUPLWIlKUWZLUGHVEHVWLPPWQLFKW ODQJZHLOLJ© ª,FKNDQQ,KQHQQLFKWZLGHUVSUHFKHQ-DQH$EHUWXQ6LHPLU HLQHQ*HIDOOHQ]XQLHPDQGHPHLQ:RUWMD"© ª6LHN|QQHQVLFKDXIPLFKYHUODVVHQ-RKQ© ª'DQQELQLFKMDEHUXKLJW$XHUGHPYLHOOHLFKWZLUGHV WDWVlFKOLFKQXUHLQH9HUJQJXQJVUHLVH© 'RFKKLHUVROOWHVLFK-RKQ6LQFODLULUUHQ 'LH=HLWZXUGHLPPHUOlQJHU-HGHQIDOOVKDWWHQGLH5HLVHQGHQ GDV*HIKO'LHPHLVWHQYRQLKQHQZDUHQHLQJHVFKODIHQXQG KRFNWHQPHKURGHUZHQLJHUXQEHTXHPDXIGHQ.XQVWVWRIIVLW]HQ $XFK-RKQ6LQFODLUV8QWHUKDOWXQJPLW-DQH&ROOLQVZDUYHUVLHJW (LQPDOQXUKDWWHQVLHXQWHUZHJVHLQHNXU]H3DXVHHLQJHOHJW $EVHLWVGHU6WUDHDQHLQHPDOWHQ*DVWKRI'RUWKDWWHHVQRFK QLFKWHLQPDOHWZDV]XHVVHQJHJHEHQ-RKQ6LQFODLUXQG%LOO &RQROO\PXWHQVLFKVFKOLHOLFKPLWODXZDUPHPGQQHP%LHU ]XIULHGHQJHEHQ 'HU7DJVFKZDQGXQGGLH'lPPHUXQJEUDFKKHUHLQ 0LWWOHUZHLOHKDWWHQVLHVFKRQGLH$XVOlXIHUGHU.DUSDWHQHU UHLFKW'LH*HJHQGZXUGHLPPHUHLQVDPHUXQGXQZLUWOLFKHU +RKHPLW:DOGEHZDFKVHQH%HUJHIODQNLHUWHQGLHVFKPDOH 6WUDH'LH7HPSHUDWXUZDUVWDUNJHIDOOHQXQGGHU:LQGWULHE GLFNHGXQNOH:RONHQEHUGHQIDKOJUDXHQ+LPPHO'LH:LSIHO GHUGLFKWEHODXEWHQ%lXPHERJHQVLFKXQWHUGHP'UXFNGHV :LQGHV2IWIXKUGHU%XVGXUFKHQJH6FKOXFKWHQXQGQLFKW VHOWHQK|UWHPDQGDV5DXVFKHQHLQHV:DVVHUIDOOV 2UWHZXUGHQQLFKWPHKUDQJHIDKUHQ(VWDXFKWHQZRKODEXQG

]XYHUZLWWHUWH+LQZHLVVFKLOGHUDXIGDVZDUDEHUDXFKDOOHV'LH '|UIHUODJHQGDQQPHLVWPHKUHUH.LORPHWHUYRQGHU6WUDHHQW IHUQW 1XUZHQLJH5HLVHQGHZDUIHQHLQHQ%OLFNQDFKGUDXHQ'D]X JHK|UWHDXFK-RKQ6LQFODLU'LH*HGDQNHQGHV,QVSHNWRUVZDUHQ QLFKWJHUDGHIUHXQGOLFK(UDKQWHGDVLHLQHLQHJRWWYHUODVVHQH *HJHQGNXWVFKLHUWZXUGHQXQGGDVLHGRUWDXI*HGHLKXQG 9HUGHUEGHP6FKORKHUUQDXVJHOLHIHUWZDUHQ -RKQ]QGHWHVLFKHLQH=LJDUHWWHDQ'LH]ZHLWHZlKUHQGGHU ODQJHQ)DKUW*HQXYROOEOLHVHUGHQ5DXFKJHJHQGLH'HFNHGHV %XVVHV 1HEHQLKPLP6LW]VFKOLHI-DQH&ROOLQV$XVGLHVHU)UDXZXUGH -RKQDXFKQLFKWVFKODX6LHJDEYRU'HWHNWLYLQ]XVHLQ2EHV MHGRFKVWLPPWHVWDQGLQGHQ6WHUQHQ-RKQKDWWHMHGHQIDOOV NHLQHQ$XVZHLVYRQLKUJHVHKHQ$EHUGDVVSLHOWHDXFKLP $XJHQEOLFNQXUHLQHVHNXQGlUH5ROOH %LOO&RQROO\VFKOLHIHEHQIDOOV:DKUVFKHLQOLFKKDWWHLKQVHLQH 1DFKEDULQLQGHQ6FKODIJHUHGHW,P%XVEUDQQWHQXUHLQH 1RWEHOHXFKWXQJXQGEHUJRGLH*HVLFKWHUGHU5HLVHQGHQPLW HLQHPVFKZDFKHQU|WOLFKHQ6FKHLQ -DQRV5XIIIXKUUHODWLYVFKQHOO(UQDKPGLH.XUYHQZLHHLQ *UDQG3UL[0DWDGRUXQGGHUVFKZHUH%XVVFKZDQJRIWYRQHLQHU 6HLWH]XUDQGHUHQ1XUJXWGDNHLQ*HJHQYHUNHKUKHUUVFKWH -RKQGUFNWHVHLQH=LJDUHWWHLQGHP$VFKHQEHFKHUDXV (UZROOWHVLFKJHUDGH]XUFNOHKQHQXQGQRFKHLQZHQLJGLH $XJHQVFKOLHHQGDWUDW5XIIYROODXIGLH%UHPVH (LQJHZDOWLJHU5XFNJLQJGXUFKGHQ%XV :LH3XSSHQZXUGHQGLH5HLVHQGHQKLQXQGKHUJHVFKWWHOW -RKQIORJJHJHQGLH5FNHQOHKQHGHV9RUGHUVLW]HVXQGVWLH VLFKVFKPHU]KDIWGHQ(OOHQERJHQDQ=XP*OFNNRQQWHHU GLHVFKODIHQGH-DQH&ROOLQVPLWGHPIUHLHQ$UPQRFKHWZDV DEIDQJHQVRGDVLHVLFKQLFKWDOO]XZHKWDW ,P*HJHQVDW]]XGHQDQGHUHQ -RKQK|UWH6FKPHU]HQVVFKUHLHXQG)OFKH%LOOV1DFKEDULQZDU DXIGHQ*DQJJHIDOOHQXQGZXUGHYRQGHP5HSRUWHUJHUDGH KRFKJH]RJHQ

:HQLJVSlWHUKDWWHQVLFKGLH0HQVFKHQZLHGHUEHUXKLJW-RKQ VDKJHVSDQQWHHUZDUWXQJVYROOHDEHUDXFKlQJVWOLFKH*HVLFKWHU $OOHZDUWHWHQDXIHLQH(UNOlUXQJGHV%XVIDKUHUV -DQH&ROOLQVKDWWHLKUH+DQGDXI-RKQV$UPJHOHJW(LQSDDU QDFKGHQNOLFKH)DOWHQKDWWHQVLFKLQLKUHVRQVWJODWWH6WLUQJH JUDEHQXQGVLHQDJWHQHUY|VDQGHU8QWHUOLSSH ª+DEHQ6LHHLQH(UNOlUXQJGDIU-RKQ"© ª1RFKQLFKW© (QGOLFKHUKREVLFK-DQRV5XIIYRQVHLQHP3ODW]KLQWHUGHP 6WHXHU(UVWHOOWHVLFKLQGHQ*DQJ]ZLVFKHQGLHHUVWHQEHLGHQ 6LW]ElQNHXQGKLHOWVLFKPLWEHLGHQ+lQGHQDQGHQ*ULIIVWDQJHQ XQWHUGHP'DFKGHV%XVVHVIHVW ª,FKP|FKWHPLFKIUGLHVHSO|W]OLFKH9ROOEUHPVXQJHQWVFKXO GLJHQDEHUHVZDUOHLGHUQLFKWDQGHUV]XPDFKHQ:LUZHUGHQ QlPOLFKDEMHW]WHLQLJH%HJOHLWHUEHNRPPHQ© *HPXUPHOZXUGHODXW ª:ROOHQ6LHQRFKPHKU0HQVFKHQLQGLHVH.LVWHSIHUFKHQ"©ULHI HLQ0DQQ 5XIIOlFKHOWHEHUKHEOLFKª.HLQH$QJVW,KUHQHXHQ%HJOHLWHU ZHUGHQNHLQH0HQVFKHQVHLQ© ª9LHOOHLFKW9DPSLUHZDV"©VDJWHGHU0DQQZLHGHUXQGODFKWH VFKULOO 'RFKQLHPDQGGHU0LWUHLVHQGHQJLQJDXIGHQ!:LW]HLQ $XFK-DQRV5XIIQLFKWGHUVLFKDEZDQGWH]XU7UJLQJXQGVLH |IIQHWH -RKQ6LQFODLUKDWWHVLFKLQGLHlXHUVWH(FNHGHV6LW]HV JHNOHPPWXQGSUHWHVHLQ*HVLFKWJHJHQGLH6FKHLEH 'UDXHQZDUHVVFKRQ]XGXQNHOXQGHUNRQQWHQLFKWVHU NHQQHQ 6HNXQGHQVSlWHUOLHLKQHLQVSLW]HU6FKUHL]XVDPPHQ]XFNHQ -RKQV.RSIIORJKHUXP ,PHUVWHQ$XJHQEOLFNGDFKWHGHU*HLVWHUMlJHULKQWUlIHGHU 6FKODJ(UVDK]ZHLJUDXH6FKDWWHQLQGHQ%XVVSULQJHQXQGPLW JHVFKPHLGLJHQ%HZHJXQJHQGXUFKGLH6LW]UHLKHKXVFKHQ :|OIH ª8P+LPPHOVZLOOHQ©IOVWHUWH-DQH&ROOLQVQHEHQLKP

'DEUDFKVFKRQGLH3DQLNORV9LHOH5HLVHQGHVSUDQJHQDXI ZROOWHQQDFKGUDXHQVWU]HQ 'LH5DXEWLHUHUHDJLHUWHQEOLW]VFKQHOO6LHIORJHQDXIGLH 0HQVFKHQ]X'XUFKGHQ$QSUDOOZXUGHQGLHPHLVWHQ]X%RGHQ JHZRUIHQ6FKUHLHQGYHUVXFKWHQVLHVLFKYRUGHQ5DXEWLHUHQLQ 6LFKHUKHLW]XEULQJHQ 2KQH(UIROJ 0LWWOHUZHLOHZDUHQQRFK]Z|OI:|OIHLQGHQ%XVJHKXVFKW6LH NDXHUWHQVSUXQJEHUHLWYRUGHU7U'LH=lKQHZDUHQJHIOHWVFKW XQGGLHJHOEHQ5DXEWLHUDXJHQIXQNHOWHQJHIlKUOLFK $OOH0HQVFKHQZDUHQDXIJHVSUXQJHQ8USO|W]OLFKKDWWHVLHGLH KHLH$QJVWEHUIDOOHQ0DQFKHLQHUELGLH=lKQH]XVDPPHQ XPQLFKWODXWDXI]XVFKUHLHQ 6HOWVDPHUZHLVHKDWWHQGLH:|OIHQLHPDQGHPHWZDVJHWDQ .HLQHUZDUYHUOHW]WZRUGHQXQG-DQRV5XIIVFKDIIWHHVGLH/HXWH ZLHGHU]XEHUXKLJHQ 9HUlQJVWLJWNURFKHQGLH5HLVHQGHQ]XUFNLQLKUH6LW]H 'LH:|OIHKDWWHQDXIGHP*DQJ6WHOOXQJEH]RJHQ,KUH 6FKQDX]HQZDUHQKDOEJH|IIQHWXQGGLHQDGHOVSLW]HQ=lKQH ZDUHQIUMHGHQ5HLVHQGHQHLQHVWXPPH'URKXQJ $EHUPDOVJDE-DQRV5XIIHLQH(UNOlUXQJ ª,FKNDQQ,KUH$QJVWJXWYHUVWHKHQPHLQH+HUUVFKDIWHQ©VDJWH HUª$EHUZROOWHQ6LHQLFKWHLQH+RUURU7RXUXQWHUQHKPHQ"© (UPDFKWHQDFKGLHVHQ:RUWHQHLQHNXU]H3DXVHXPGLH6lW]H ULFKWLJZLUNHQ]XODVVHQ 1LHPDQGJDE$QWZRUW -DQRV5XIIVSUHL]WHGLH$UPHª*XWGDQQZLOOLFKIRUWIDKUHQ 'LH:|OIHGLHVLFK]XXQVJHVHOOWKDEHQVLQGGLH%RWHQGHV *UDIHQ0RQWHVL6LHPVVHQVLFKHLQIDFKGDPLWDEILQGHQ6LHZHU GHQXQVELV]XP6FKOREHJOHLWHQ(LQ=XUFNJLEWHVQLFKWPHKU ,FKKRIIHLFKKDEHPLFKGHXWOLFKJHQXJDXVJHGUFNW© -DQRV5XIIOLHVHLQH%OLFNHQRFKHLQPDOEHUGLH5HLVHQGHQ VFKZHLIHQXQGVHW]WHVLFKGDQQZLHGHUKLQWHUGDV6WHXHU (UVWMHW]WZXUGHGHQ3DVVDJLHUHQGLH%HGHXWXQJGHU:RUWHNODU 6WLPPHQJHZLUUEUDQGHWHDXIGDVEDOGYHUVWXPPWHDOVGLH:|OIH DQILQJHQ]XNQXUUHQ

-RKQ6LQFODLUGHUDOOHPELVKHUVFKZHLJHQGJHIROJWZDUZDUI HLQHQ%OLFNDXI%LOO&RQROO\'HU5HSRUWHUVDPLWJHEDOOWHQ )lXVWHQDXIVHLQHP6LW]XQGVWDUUWHVWXUJHUDGHDXV6HLQH 1DFKEDULQZDUEODZLHHLQ/HLFKHQWXFK -DQH&ROOLQVJLQJHVQLFKWEHVVHU 'LUHNWQHEHQLKUHP6LW]KDWWHVLFKHLQ:ROIQLHGHUJHODVVHQGHU VLHPLWJHOEOLFKIXQNHOQGHQ$XJHQDQVWDUUWHXQGDXIMHGHLKUHU %HZHJXQJHQDFKWHWH -RKQ6LQFODLUVDKZRKOXQWHUZHOFKHUQHUYOLFKHQ$QVSDQQXQJ GLH)UDXVWDQG ª/DVVHQ6LHVLFKQLFKWYHUUFNWPDFKHQ-DQH©VDJWHHU6HLQH 6WLPPHNODQJEHUXKLJHQG 'LH'HWHNWLYLQOlFKHOWHJHTXlOWª:LUGVFKRQVFKLHIJHKHQ© HUZLGHUWHVLHª$XHUGHPKDEHLFKMDPlQQOLFKHQ6FKXW],FKELQ QXUJHVSDQQWZHOFKHhEHUUDVFKXQJHQQRFKDXIXQVZDUWHQ:HLW NDQQHVELV]XGHP6FKORGRFKQLFKWPHKUVHLQ© -RKQEOLFNWHDXIGLH8KUª(LJHQWOLFKQLFKW6FKOLHOLFKVROOHQ ZLUGRUWQRFK]X$EHQGHVVHQ1DMDPDOVHKHQZDVGHU*UDI XQVELHWHW8QGGLH:|OIH-DQHGLHGUIHQ6LHQLFKWVRHUQVW QHKPHQ(LQHNOHLQH6SLHOHUHLPHKUQLFKW© -DQH&ROOLQVEOLFNWH-RKQVFKUlJYRQGHU6HLWHDQª'DVJODXEHQ 6LHGRFKVHOEVWQLFKW© -RKQXQWHUGUFNWHHLQH$QWZRUWGHQQGHU%XVERJVRHEHQLQ HLQHQVFKPDOHQ:HJHLQ%DXP]ZHLJHNUDW]WHQEHUGDV'DFK GHV%XVVHV'LH6WUHFNHZXUGHQRFKVFKOHFKWHUXQGGLHZHLWHUH )DKUWZDUHLQHHLQ]LJH+ROSHUHL 'UHLLJ0LQXWHQVSlWHUZDUHVGDQQVRZHLW 6FKOR0RQWHVLWDXFKWHDXI'HU%XVJHUDGHQRFKKDWWHHUVLFK GXUFKGLHHQJH6FKOXFKWJHZXQGHQVWRSSWHYRUGHPJURHQ 3RUWDO 0LWHLQHPKXVWHQGHQ*HUlXVFKHUVWDUEGHU0RWRU 'LH:|OIHZXWHQJHQDXGDGLH5HLVHKLHU]X(QGHZDU6LH HUKREHQVLFKDXVLKUHUNDXHUQGHQ+DOWXQJXQGGUlQJWHQGHP $XVJDQJHQWJHJHQ -DQRV5XII|IIQHWHGLH7UXQGGLH:|OIHVSUDQJHQQDFKGUDXHQ ª%LWWHDXVVWHLJHQGLH+HUUVFKDIWHQ©VDJWHHUª'DV*HSlFN

N|QQHQ6LHUXKLJVFKRQPLWQHKPHQ(VJLEWKLHUOHLGHUQLHPDQ GHQGHUVLFKGDUXPNPPHUW© 'LH5HLVHQGHQGUlQJWHQDXVLKUHQ6LW]HQ-HGHUZROOWHDOVHUVWHU GUDXHQVHLQ8QGVRNDPHVGD-RKQ6LQFODLUXQG%LOO&RQROO\ ]XVDPPHQWUDIHQ %LOOVWLHVHLQHQ)UHXQGLQGLH6HLWHª:DVKlOWVWGXYRQGHU 6DFKH-RKQ"© ª,P$XJHQEOLFNQRFKQLFKWV©HUZLGHUWHGHU,QVSHNWRUIO VWHUQGª,FKJODXEHDEHUGDLFKLQHLQHU6WXQGHPHKUZHL© -RKQVSUDQJQDFKGUDXHQXQGKDOIDQVFKOLHHQG-DQH&ROOLQV EHLP$XVVWHLJHQ 'XQNHOKHLWXQGKHUUOLFKNKOH/XIWHPSILQJHQVLH -RKQV$XJHQVXFKWHQYHUJHEOLFKQDFKHLQHP/LFKWVFKLPPHUDQ GHU)URQWVHLWHGHV6FKORVVHV(LQJHNHLOW]ZLVFKHQGHQDQGHUHQ 5HLVHQGHQVDKHUZLH-DQRV5XIIDXIGDV3RUWDO]XJLQJXQGPLW EHLGHQ)lXVWHQJHJHQGDV(LQJDQJVWRUKlPPHUWH 6HNXQGHQVSlWHUZXUGHHVDXIJH]RJHQ (LQHEUHLWH/LFKWEDKQILHOQDFKGUDXHQ (LQ0DQQVWDQGDXIGHU7UVFKZHOOH6RZRKO-RKQ6LQFODLUDOV DXFKGLHDQGHUHQ5HLVHQGHQNRQQWHQLKQGHXWOLFKHUNHQQHQ (LQ]ZHL6HNXQGHQVWDUUWH-RKQGHQ0DQQDQ8QGGDWUDILKQ GLH(UNHQQWQLVZLHHLQ%OLW]VWUDKO'LHVHU0DQQGHUVLFKKLHU ZDKUVFKHLQOLFKDOV*UDI0RQWHVLDXVJDEZDULQ:LUNOLFKNHLW -RKQV(U]IHLQG 'U7RG 'LHJUDXVDPHhEHUUDVFKXQJZDUJHOXQJHQ hEHUGHXWOLFKNRQQWH-RKQ6LQFODLUGHQ0HQVFKHQKDVVHUHUNHQ QHQ(UVDKGHQJURHQNDKOJHVFKRUHQHQ6FKlGHOXQGGHQLP 9HUKlOWQLVGD]XVFKPlFKWLJZLUNHQGHQ.|USHU6RJDUGHQ5LQJ NRQQWH-RKQLP/LFKWVFKHLQEOLW]HQVHKHQ ,QQHUKDOEYRQ6HNXQGHQ]XFNWHQXQ]lKOLJH*HGDQNHQGXUFK -RKQV.RSI 'U7RGKLHU":DVKDWWHGDV]XEHGHXWHQ":HVKDOEJDEHUVLFK DOV*UDI0RQWHVLDXV":HOFKH7HXIHOHLKDWWHHUDXVJHKHFNW"

(LQHVZDU-RKQ6LQFODLUMHGRFKNODU'U7RGGXUIWHLKQQLFKW VHKHQ1RFKQLFKW -RKQVFKDXWHVLFKEOLW]VFKQHOOXP1LHPDQGDFKWHWHDXILKQ 6HOEVW-DQH&ROOLQVKDWWHLKU*HVLFKWGHP(LQJDQJ]XJHZDQGW -RKQPXWHGLH=HLWGHU$EOHQNXQJQXW]HQ *HZDQGWVFKOlQJHOWHHUVLFKGXUFKGLH*UXSSHGHU5HLVHQGHQ XQGNDVVLHUWHPDQFKHUVWDXQWHQRGHUlUJHUOLFKHQ%OLFN'DQQ KDWWHVLFK-RKQYRQGHU*UXSSHJHO|VW :LHHLQ6FKDWWHQWDXFKWHHULQGHU'XQNHOKHLWXQWHUKLHOWVLFK IU6HNXQGHQLQ'HFNXQJGHV%XVVHVXQGKXVFKWHGDQQLP %RJHQDXIGLH6HLWHGHV6FKORVVHV]X +LQWHUHLQHP%DXPOHJWH-RKQHLQH3DXVHHLQ 9RQKLHUDXVNRQQWHHUGLH*UXSSHQRFKVHKHQ*HUDGHVHW]WH VLHVLFKLQ%HZHJXQJXQGJLQJDXIGDV6FKOR]X-DQRV5XIIDQ GHU6SLW]H -RKQVFKU]WHYHUlFKWOLFKGLH/LSSHQ -DQRV5XII(UZDUDXFKHLQHXQGXUFKVLFKWLJH)LJXULQGLHVHP K|OOLVFKHQ6SLHO:LHGHUHLQHUYRQGHQDUPHQ7HXIHOQGLHPLW'U 7RGSDNWLHUWHQXQGVLFKYRQLKPXQHUPHOLFKHQ5HLFKWXP HUKRIIWHQ 0HLVWHQVVWDUEHQVLHMlPPHUOLFK-DQRV5XIIZlUHQLFKWGHU HUVWHJHZHVHQ -RKQEHJOFNZQVFKWHVLFKGD]XGDHUVHLQHQ.RIIHUPLW JHQRPPHQKDWWH-HW]WVWHOOWHHULKQDXIGHQ%RGHQDEXQGJLQJ LQGLH.QLH 'LH6FKO|VVHUVFKQDSSWHQ]XUFN-RKQQDKPHLQHKDQGOLFKH 7DVFKHQODPSHKHUDXVVFKDOWHWHVLHHLQXQGVFKLUPWHGHQ6WUDKO PLWGHU+DQGDE (VVLFNHUWHQRFKJHQJHQG/LFKWLQGHQ.RIIHUXP(LQ]HOKHLWHQ ]XHUNHQQHQ 'LH%HUHWWDODJLQHLQHPPLW6DPWDXVJHVFKODJHQHP.lVWFKHQ (EHQIDOOVGHU'ROFK -RKQQDKPEHLGHVDQVLFK'DV0DJD]LQGHU3LVWROHZDUPLW 6LOEHUNXJHOQJHIOOW'LH(UVDW]PDJD]LQHYHUVFKZDQGHQLQGHQ +RVHQWDVFKHQ'HQ'ROFKVWHFNWH-RKQLQHLQHOHGHUQH6FKHLGH GLHHUDQVHLQHP*UWHOEHIHVWLJWH

-RKQQDKPDXFKQRFKGLHEHLGHQ)OlVFKFKHQPLW:HLKZDVVHU DQVLFKXQGYHUVWHFNWHGHQ.RIIHUGDQQLQHLQHP*HEVFK -HW]WIKOWHHUVLFKXPYLHOHVZRKOHU 6HOEVWYHUVWlQGOLFKKDWWHGHU,QVSHNWRUVFKRQHLQHQ3ODQZLHHU YRUJHKHQZROOWH'DHWZDVPLWGHQ5HLVHQGHQJHVFKHKHQVROOWH VWDQGDXHU=ZHLIHO1XUGXUIWHPDQHVVRZHLWQLFKWNRPPHQ ODVVHQ-RKQKDWWHYRU'U7RG]XEHUUDVFKHQ(UZROOWHVLFKGLH VHV0HQVFKHQKDVVHUVEHPlFKWLJHQXQGLKQHLQIUDOOHPDODXV VFKDOWHQ'DQQZDUGLH*HIDKUDXFKYRQGHQEULJHQ5HLVHQGHQ JHQRPPHQ $EHUZLHVROOWHHULQGDV6FKORJHODQJHQ"-RKQKRIIWHHVYRQ GHU5FNVHLWH]XVFKDIIHQ0HLVWHQVJDEHVEHLGLHVHQ6FKO|VVHUQ (LQJlQJHZRIUKHUGLH.DXIOHXWHLKUH:DUHQDEJHOLHIHUWKDWWHQ 'HU*HLVWHUMlJHUVFKREVLFKDXVVHLQHU'HFNXQJ 'HU3ODW]YRUGHP6FKORZDUMHW]WOHHU1XUQRFKGHU%XV VWDQGGRUW(UZDUDOVNRPSDNWHU6FKDWWHQ]XHUNHQQHQ (VZDUPHUNOLFKNKOHUJHZRUGHQ -RKQNDPHVYRUZLHGLHEHUKPWH5XKHYRUGHP6WXUP 9RUVLFKWLJEHZHJWHHUVLFKDQGHU6FKORPDXHUHQWODQJ6WHLQH XQGbVWHNQLUVFKWHQXQWHUVHLQHQ6RKOHQ-RKQKDWWHGDV*HIKO GLHVHV*HUlXVFKZlUHPHLOHQZHLW]XK|UHQ 1HEHQGHU6FKORPDXHUEHIDQGVLFKQXUHLQVFKPDOHU3IDG'LH %HUJIHOVHQUHLFKWHQELVGLFKWDQGDV6FKORKHUDQ,QGHQ5LW]HQ GHUNDKOHQ6WHLQHIULVWHWHQ%lXPHGHUHQ$VWVSLW]HQEHUHLWVGLH 0DXHUEHUKUWHQLKUNlUJOLFKHV'DVHLQ $EXQG]XULVNLHUWHHV-RKQXQGOLHGLH/DPSHDXIEOLW]HQ'HU /LFKWVWUDKOKXVFKWHDOVJHOEHU6WUHLIHQDQGHUULVVLJHQ0DXHU HPSRUGRFKHLQ)HQVWHURGHUHLQHDQGHUHgIIQXQJZDUHQQLFKW ]XHQWGHFNHQ 'HU,QVSHNWRU]HUELHLQHQ)OXFK]ZLVFKHQGHQ=lKQHQ 6ROOWHHUWDWVlFKOLFKQXUYRQYRUQLQGDV6FKORKLQHLQJHODQJHQ N|QQHQ" (UJLQJZHLWHU 'HU3IDGZXUGHLPPHUVFKPDOHU'LH)HOVHQGUlQJWHQVLFK QRFKQlKHUDQGDV6FKORKHUDQ -RKQEOLHEVWHKHQXQGVDKVLFKXP

*UDEHVVWLOOHKHUUVFKWHKLHUXQGGD]XNDPGLHSHFKVFKZDU]H )LQVWHUQLVGLHQLFKWHLQPDOHLQIDKOHU0RQGHUKHOOWH 'HU,QVSHNWRUEHVFKORVRZHLW]XJHKHQELVGHU3IDG]X(QGH ZDU(UKDWWHVHLQH6FKULWWHJH]lKOWXQGNDPMHW]WVFKRQDXIHWZD IQI]LJ0HWHU 6FKOR0RQWHVLKDWWHZLUNOLFKJLJDQWLVFKH$XVPDH 'DQQKDWWHHUHQGOLFKGLH5FNVHLWHHUUHLFKW:LHGHUOLHGHU ,QVSHNWRUVHLQH/DPSHDXIEOLW]HQ 'HU%HUJKDQJWUDWKLHUHWZDV]XUFNELOGHWHXPGLH5FNVHLWH GHV6FKORVVHVHLQHQ+DOENUHLV'LFKWHU%DXPEHVWDQGEUHLWHWHVLFK ELV]XUHEHQHQ(UGHDXV 'HU,QVSHNWRUGUHKWHVLFKXPGLHHLJHQH$FKVH'LH/DPSH KLHOWHULQGHUUHFKWHQ+DQG 8QGGDVDKHUGLH7U 6LHZDUDXV+RO]]LHPOLFKVFKPDOGRFK]LHPOLFKKRFK(LQ HLVHQEHVFKODJHQHV6FKORZDUIGDV/DPSHQOLFKW]XUFN -RKQWUDWQlKHUZROOWHVLFKGDV6FKORDQVHKHQ'RFK]XHUVW SURELHUWHHUGLHJHVFKZXQJHQH.OLQNH (VNUHLVFKWHDOVHUVLHQDFKXQWHQGUFNWH -RKQYHU]RJGDV*HVLFKW1DWUOLFKZDUGLH7UDEJHVFKORVVHQ -RKQEHUOHJWHJHUDGHZDVHUZHLWHUXQWHUQHKPHQVROOWHGD K|UWHHUKLQWHUVLFKHLQOHLVHV.LFKHUQ :LHYRP%OLW]JHWURIIHQIXKUGHU,QVSHNWRUKHUXP'HU /DPSHQVWUDKOEUDFKVLFKDXIGHUEOLW]HQGHQ.OLQJHHLQHV .UXPPVFKZHUWHVGDVHLQZLOGDXVVHKHQGHU%XUVFKHLQGHU +DQGKLHOW %LOO&RQROO\EHPHUNWH-RKQ6LQFODLUV9HUVFKZLQGHQDOVHUVWHU PDFKWHVLFKMHGRFKNHLQHZHLWHUHQ*HGDQNHQVRQGHUQVWDUUWHDXI GLH:|OIHGLHDQ*UDI0RQWHVLYRUEHLLQGDV6FKORKXVFKWHQ 'HU5HSRUWHUNDQQWH'U7RGQLFKW(UKLHOWGHQ0DQQGRUWDXI GHU6FKZHOOHGHV(LQJDQJVWRUHVLPPHUQRFKIUGHQ*UDIHQ 0RQWHVL %LOOKDWWH]ZDUVFKRQYLHOYRQ'U7RGJHK|UWHUZDUDXFKLQ $XVHLQDQGHUVHW]XQJHQPLWGHVVHQ6FKHUJHQYHUZLFNHOWJHZHVHQ

DEHU]X*HVLFKWEHNRPPHQKDWWHHUGLHVHQ0HQVFKHQKDVVHUQRFK QLFKW %LOOZDUIHLQHQ]ZHLWHQ%OLFN]XGHU6WHOOHKLQZR-RKQHEHQ QRFKJHVWDQGHQKDWWH 9RQGHP,QVSHNWRUNHLQH6SXU -HW]WZXUGH%LOOQHUY|V$EHUZDKUVFKHLQOLFKZXWHGLHVH-DQH &ROOLQV%HVFKHLG %LOOVFKREVLFKLQ-DQHV5LFKWXQJ ª0LVV&ROOLQV©VDJWHHUOHLVH 'LH'HWHNWLYLQ]XFNWH]XVDPPHQ,UULWLHUWZDQGWHVLHGHQ .RSI %LOOJULQVWHª.HLQH$QJVW,FKELQHVQXU© ª:DVZROOHQ6LHGHQQ"© %LOOVWULFKEHUVHLQ+DDUXQGEOLFNWHVLFKSUIHQGXPª,FK VXFKH-RKQ6LQFODLU:LVVHQ6LHQLFKWZRHU"© ª$EHUHUVWHKWGRFKQHEHQ© -DQH&ROOLQVYHUVWXPPWHZLH]ZHL6HNXQGHQYRUKHUGHU 5HSRUWHU,KU*HVLFKWQDKPHLQHQXQJOlXELJHQ$XVGUXFNDQ ª'DVEHJUHLIHLFKQLFKW,FKKDEHGRFKQRFKYRUHLQHU0LQXWHPLW LKPJHVSURFKHQ%HYRUGLHVHU*UDIDXVGHU7UWUDW© ª-HW]WLVWHUDXIMHGHQ)DOOZHJ©EHPHUNWH%LOOWURFNHQª8QG ZLHLFK-RKQNHQQHKDWHUDXFKVHLQH*UQGHIUGLHVHVXUSO|W] OLFKH8QWHUWDXFKHQ© -DQH&ROOLQVIDWHQDFK%LOOV$UPª6LHPHLQHQHUKDWHWZDV HQWGHFNW"© ª0|JOLFK© ª'DQQLVWHUGRFKEHUXIOLFKPLWJHIDKUHQ©VDJWH-DQH %LOOSILIIOHLVHGXUFKGLH=lKQHª(UKDW,KQHQJHVDJWZDVHU YRQ%HUXILVW"© ª1LFKWGLUHNW,FKKDEHPDOVHLQ)RWRLQGHQ=HLWXQJHQJH VHKHQ© ª$KDGDKHUZHKWDOVRGHU:LQG$EHUSDVVHQ6LHDXI0LVV &ROOLQVHVJHKWORV© %LOOKDWWHUHFKW-DQRV5XIIULHIVHLQH6FKlIFKHQZLHGHU]XVDP PHQ*UDI0RQWHVLKDWWHVLFKLQGDV,QQHUHVHLQHV6FKORVVHV ]XUFNJH]RJHQ

1DFKHLQDQGHUEHWUDWHQGLH5HLVHQGHQGLHJURH+DOOH(V PDQJHOWHQLFKWDQHUVWDXQWHQ$KXQG2K5XIHQ 'HU*UDIVHOEVWZDUYHUVFKZXQGHQ%LOOZXQGHUWHVLFKGDUEHU GHQQQRUPDOHUZHLVHOLHHVVLFKHLQ*DVWJHEHUQLFKWQHKPHQ VHLQH*lVWHSHUV|QOLFK]XEHJUHQ -DQRV5XIIJDEHLQH(UNOlUXQJDE ª'HU*UDIZLUG6LHRIIL]LHOOEHLGHPKHXWHDEHQGVWDWWILQGHQGHQ *DOD(VVHQHPSIDQJHQ,QJHQDX]ZHL6WXQGHQ(UKDWVLFKMHW]W ]XUFNJH]RJHQXQGELWWHW6LHGLHV]XHQWVFKXOGLJHQ© -DQRV5XIIZLHVDXIGLHEUHLWH7UHSSHGLHQDFKREHQIKUWH ª'RUWOLHJHQ,KUH=LPPHU'HU*UDIKDWPLFKEHDXIWUDJWVLH ,KQHQ]X]HLJHQ© ª+DEWLKUGHQQKLHUNHLQ3HUVRQDO"©ULHI5RFN\6KXVWHU -DQRV5XIIZDQGWHVLFKGHPHKHPDOLJHQ%R[HU]Xª7XWPLU OHLG6LUDEHUDXIGLHVHQ/X[XVPVVHQ6LHIUGLH'DXHUGHV $XIHQWKDOWHVYHU]LFKWHQ© 5RFN\ZROOWHHWZDVHUZLGHUQGRFKVHLQH)UDX]LVFKWHLKP HLQLJH:RUWH]XXQGGDUDXIKLQ]RJHUHVYRU]XVFKZHLJHQ ª'DUILFK6LHGDQQELWWHQ©VDJWH5XIIXQGEHWUDWDOVHUVWHUGLH 7UHSSH %LOOQDKPVHLQHQXQG-DQHV.RIIHUXQGVHW]WHVLFKLQ%H ZHJXQJ 'HUIODFNHUQGH.HU]HQVFKHLQZDUIWDQ]HQGH6FKDWWHQDXIGLH *HVLFKWHUGHU5HLVHQGHQXQGPDQFKHLQHPOLHIVFKRQMHW]WHLQH *lQVHKDXWEHUGHQ5FNHQ 'LH=LPPHUZDUHQEHUGHQHUVWHQXQG]ZHLWHQ6WRFNGHV 6FKORVVHVYHUWHLOW %LOOXQG-DQHZRKQWHQLP]ZHLWHQGDKHUNDPHQVLHDXFKDOV OHW]WHDQGLH5HLKH 'HU5HSRUWHUPHUNWHGD5XIIQHUY|VJHZRUGHQZDU 6FKOLHOLFKWUDWGHU5HLVHOHLWHUDXI%LOO&RQROO\]X(UZDUIQRFK HLQHQVFKUlJHQ%OLFNDXI-DQH&ROOLQVXQGIOVWHUWHGDQQª,FK YHUPLVVH0U6LQFODLU(UZDUGRFKYRUKLQQRFKLP%XV.|QQHQ 6LHPLUVDJHQZRHUKLQJHJDQJHQLVW"© %LOOJULQVWHYRQHLQHP2KU]XPDQGHUHQª.HLQH$KQXQJPHLQ %HVWHU$EHUZHQQ6LHLKQILQGHQGDQQJUHQ6LHLKQYRQPLU©

5XIIEOLFNWH%LOOZWHQGDQXQGPDFKWHDXIGHP$EVDW]NHKUW ,PPHUQRFKJULQVHQG|IIQHWHGHU5HSRUWHUVHLQH=LPPHUWU ª0U&RQROO\"©-DQH&ROOLQV 6WLPPHKLHOW%LOO]XUFN ª:DVLVWGHQQ"©%LOOZDQGWHVLFKQRFKHLQPDOXP 'LH'HWHNWLYLQKLHOWGLH7UNOLQNHLQGHU+DQG'LHHLQH+lOIWH LKUHV*HVLFKWHVODJLP6FKDWWHQXQGGRFKNRQQWH%LOOHUNHQQHQ GDGLH)UDX$QJVWKDWWH(UVDKHVDQLKUHQ$XJHQ ª,FKZHLZDV6LHMHW]WVDJHQZROOHQ0LVV&ROOLQV$EHUNHLQH %DQJHXQVSDVVLHUWVFKRQQLFKWV)DOOVZLUNOLFKHWZDV8QJH Z|KQOLFKHVJHVFKLHKWUXIHQ6LHPLFK8QVHUH=LPPHUOLHJHQVLFK MDVFKOLHOLFKJHJHQEHU© ª'DQNH© %LOOOlFKHOWHLKUQRFKHLQPDO]XZDUWHWHELVVLHLQLKUHP =LPPHUYHUVFKZXQGHQZDUXQG|IIQHWHGDQQVHLQH7U hEHUUDVFKWEOLHEHUVWHKHQ 'HU5DXPZDUZLUNOLFKIDQWDVWLVFKHLQJHULFKWHW'HQ0LWWHO SXQNWELOGHWHHLQEUHLWHV+LPPHOEHWWGHVVHQ%DOGDFKLQDXV VFKZHUHU6HLGHZDU8QWHUVHLQHQ)HQVSUWH%LOOGLFNH 7HSSLFKHXQGDQGHU:DQGVWDQGQHEHQHLQHP6FKUDQNHLQNOHL QHU7LVFKPLW]ZHLJHSROVWHUWHQ6WKOHQ(VJDEDXHUGHPQRFK HLQHQ6FKUDQNXQGHLQHQPLW6FKQLW]HUHLHQYHU]LHUWHQ6HNUHWlU ª$OOH$FKWXQJ©PXUPHOWH%LOOª+LHUNDQQPDQHVDXVKDOWHQ© ª(VIUHXWPLFKGDHV,KQHQJHIlOOW©VDJWHSO|W]OLFKHLQH )UDXHQVWLPPH %LOO]XFNWHLPHUVWHQ$XJHQEOLFN]XVDPPHQXQGZDQGWHGDQQ GHQ.RSI (LQH)UDXWUDWDXVGHU'HFNXQJGHV6FKUDQNHVKHUYRU(LQH )UDXGLHDQ6FK|QKHLWVlPWOLFKH)LOPVWDUVEHUWUDI (VZDU9HUD0RQWHVL $XVGHP6WDQGKHUDXVKHFKWHWH+DGXNGHQ,QVSHNWRUDQ(LQ JHEDOOWHV%QGHODXV.UDIWXQG(QHUJLH'DVP|UGHULVFKH .UXPPVFKZHUW]LHOWHDXI-RKQV.RSI 'HU,QVSHNWRUUHDJLHUWHZLHDXVGHP/HKUEXFK(UJLQJLQGLH .QLHXQGULJOHLFK]HLWLJGHQUHFKWHQ$UPKRFK

'DV6FKZHUWSILIIEHUVHLQHP.RSIGXUFKGLH/XIWZlKUHQG GLH7DVFKHQODPSHJHJHQGHQ6FKlGHOGHV$QJUHLIHUVNUDFKWH (VJDEHLQGXPSIHV*HUlXVFK+DGXNJUXQ]WHEHUUDVFKW 'RFKVWRSSHQNRQQWH-RKQLKQVRQLFKW 'HU,QVSHNWRUOLHGLHQRFKEUHQQHQGH/DPSHIDOOHQ(UVSUDQJ PLWHLQHPJURHQ6DW]DXVGHPXQPLWWHOEDUHQ*HIDKUHQEHUHLFK +DGXNGUHKWHVLFKDXIGHU6WHOOH6HLQHWFNLVFKJOLW]HUQGHQ $XJHQVXFKWHQGHQ*HJQHU -RKQVWDQGLQJHGXFNWHU+DOWXQJGHP0|UGHUJHJHQEHU(U ZDUYROOHU.RQ]HQWUDWLRQXQGGDFKWHQLFKWGDUDQVHLQH3LVWROH ]X]LHKHQ:HQQHEHQP|JOLFKZROOWHHUGHQ.HUOPLWEORHQ )lXVWHQEHUZlOWLJHQGHQQHUHUKRIIWHVLFKYRQLKPQRFKHLQLJH ,QIRUPDWLRQHQEHUGDV6FKORXQG'U7RG $EHUDXFK+DGXNZXWHGDKLHUMHPDQGYRULKPVWDQGGHU QLFKWVROHLFKW]XEH]ZLQJHQZDUGDHUKLHUVHLQJHVDPWHV .|QQHQDXIELHWHQPXWHXPGHQ0DQQ]XEHUZlOWLJHQ 'LHEUHQQHQGH7DVFKHQODPSHOHJWHHLQHQEUHLWHQ/LFKWVWUHLIHQ ]ZLVFKHQGLH.lPSIHU-HGHUVDKGLH%HZHJXQJGHVDQGHUHQ 'DV.UXPPVFKZHUWZDUHLQHP|UGHULVFKH:DIIH'LHJHVDPWH 6FKQHLGHDQGHU,QQHQVHLWHZDUK|OOLVFKVFKDUI8QG+DGXN PDFKWHJDQ]GHQ(LQGUXFNDOVN|QQWHHUGDPLWXPJHKHQ ,QVWLQNWLYZXWHHUGDGLHVHU)UHPGHHLQH*HIDKUIU'U7RG GDUVWHOOWH +DGXNILQWLHUWHJHVFKLFNWVHW]WHDOOVHLQH7ULFNVHLQ,PPHU ZLHGHUVWLHHUGDV6FKZHUWYRUXQG]RJHVGDQQEOLW]VFKQHOO ZLHGHU]XUFN'DEHLEOLHE+DGXNQLFKWDXIHLQHP)OHFNVWHKHQ ,PPHUZDUHULQ%HZHJXQJ 'HU*HLVWHUMlJHUSHQGHOWHPLWEHREDFKWHWHMHGH$NWLRQDXV VFKPDOHQ$XJHQVFKOLW]HQ(LQH=HKQWHOVHNXQGHGHU8QDXIPHUN VDPNHLWNRQQWHLKQGDV/HEHQNRVWHQ 1XUGDV.HXFKHQGHUEHLGHQ0lQQHUNODQJGXUFKGLHGUFNHQ GH6WLOOH -RKQ6LQFODLUZXUGHLPPHUPHKU]XUFNJHGUlQJW1HEHQLKP UDJWHQEHUHLWVGLHKRKHQ%lXPHGHVDXVODXIHQGHQ%HUJKDQJVLQ GHQ+LPPHO:HQQ-RKQHVVFKDIIWHLQGLHVHP:DOG]XYHU VFKZLQGHQVDKHQVHLQH&KDQFHQZHVHQWOLFKEHVVHUDXV

$EHUGDVZXWHDXFK+DGXN(UVHW]WHDOOHVDXIHLQH.DUWH /HLFKWILJZLHHLQ%DOOHWWlQ]HUVSUDQJHUYRU$XVVHLQHP0XQG GUDQJHLQZLOGHU.DPSIVFKUHL'HU$UPPLWGHP6FKZHUW]HU WHLOWHGLH/XIW (VZDUHLQK|OOLVFKHU$QJULII .OHLQHUHbVWHXQG%OlWWHUIHJWHQDXI-RKQ]X 8QGGD]ZLVFKHQVDKHULPPHUZLHGHUGLHEOLW]HQGH6FKZHUW NOLQJHDXIWDXFKHQ 'D(LQZHLWHUHUVFKULOOHU6FKUHLGUDQJEHU+DGXNV/LSSHQ 6HLQ$UPVFKZDQJ]XUFN+DGXNVHW]WH]XPOHW]WHQDOOHVYHU QLFKWHQGHQ6FKODJDQ 'RFKDXFK-RKQ6LQFODLUZDUNHLQ$QIlQJHU:lKUHQGVLFK +DGXNVHLQHV2SIHUVVLFKHUZDUXQGPHKURGHUZHQLJHUJODXEWH PLW-RKQ6LQFODLU]XVSLHOHQKDWWHVLFKGHU*HLVWHUMlJHUHLQHQ KDQGOLFKHQ$VWJHSDFNW -RKQVDKGDV6FKZHUWDXIVLFK]XUDVHQVDKJOHLFK]HLWLJ+DGXNV VFKZHLQDVVHKDYHU]HUUWH)UDW]HXQGVFKOXJVHLQHUVHLWV]X -RKQVSUWHZLHDQVHLQHUOLQNHQ6FKXOWHUGDV-DFNHWWUL,Q GHUVHOEHQ6HNXQGHWUDIGHU.QSSHO+DGXNV*HVLFKW 'HU.DPSIVFKUHLJLQJLQHLQJUlOLFKHV+HXOHQEHU+DGXN ZDUDEJHOHQNWKDWWHJHQXJPLWVLFKVHOEVW]XWXQ -RKQV+DQGNDQWHIHJWHKHUDQ'LHJHEDOOWH:XFKWGHV6FKODJHV WUDI+DGXNV:DIIHQDUP 'HU6FKUHLGHV7UNHQEUDFKDE'DV6FKZHUWILHODXIGHQ :DOGERGHQ%HZHJXQJVXQIlKLJKLQJ+DGXNVUHFKWHU$UPDQGHU 6HLWHKHUXQWHUZlKUHQGGHU7UNHGLHOLQNH+DQGYRUGDV *HVLFKWJHSUHWKLHOW -RKQVNQDOOKDUWH5HFKWHOLH+DGXNHQGJOWLJ]XVDPPHQ VDFNHQ 'HU7UNHNUPPWHVLFKDP%RGHQ -RKQ]RJGHQ.HUOKDFKª6RPHLQ)UHXQGMHW]WZHUGHQZLU XQVPDOLQDOOHU5XKHXQWHUKDOWHQ© 'HU*HLVWHUMlJHUVWLH+DGXNPLWGHP5FNHQJHJHQHLQHQ %DXPVWDPP $XVGHU1DVHGHV7UNHQOLHI%OXW6HLQH$XJHQZDUHQZHLW DXIJHULVVHQ.HLQ=ZHLIHOGHU0|UGHUKDWWH$QJVW

-RKQVUHFKWH)DXVWXPNUDOOWH+DGXNV+HPGª5DXVPLWGHU 6SUDFKH©]LVFKWHGHU,QVSHNWRUª:DVZLUGKLHUJHVSLHOW"© +DGXNVFKWWHOWHGHQ.RSI'XPSIHXQYHUVWlQGOLFKH/DXWH GUDQJHQDXVVHLQHP0XQG -RKQ]RJGHQ*ULIIIHVWHUª5HGH]XP7HXIHO© :LHGHUVFKWWHOWH+DGXNGHQ.RSI(U]LWWHUWHDPJHVDPWHQ .|USHU 3O|W]OLFKZXUGH-RKQNODUGDGHU0DQQNHLQ:RUW(QJOLVFK YHUVWDQG8QGGHU*HLVWHUMlJHUEHKHUUVFKWHVHLQHUVHLWVGLH UXPlQLVFKH6SUDFKHQLFKW -RKQOLHGHQ7UNHQORVGHUDXJHQEOLFNOLFK]XVDPPHQVDFNWH (UILHODXIGHQ5FNHQ6WRZHLVHNDPGHU$WHPDXVVHLQHP 0XQG ,QVSHNWRU6LQFODLUKREGDV6FKZHUWDXIZRJHVLQVHLQHU+DQG +DGXNYHUNUDPSIWHGLH+lQGHLQHLQDQGHUXQGKREVLHPLW HLQHUIOHKHQGHQ*HVWH(UQDKPDQ-RKQZUGHLKQMHW]W XPEULQJHQ 'HU*HLVWHUMlJHUJULQVWHYHUlFKWOLFK1HLQYRQGLHVHU6RUWHZDU HUQLFKW -RKQGUHKWH+DGXNDXIGHQ5FNHQ'DQQ]RJHULKPGHQ *UWHODXVGHU+RVHXQGIHVVHOWHLKPVRJXWHVJLQJGLH+lQGH -RKQV7DVFKHQWXFKGLHQWHDQVFKOLHHQGDOV.QHEHO 6FKOLHOLFK]RJGHU,QVSHNWRUGHQ7UNHQQRFKHLQ6WFNGHQ +DQJKRFKXQGOHJWHLKQLQHLQ*HEVFK(UZXWHGDGLH )HVVHOXQJQLFKWODQJHYRUKDOWHQZUGHDEHULP0RPHQWJDEHV NHLQHDQGHUH0|JOLFKNHLW 'DV.UXPPVFKZHUWGHV7UNHQVWHFNWHHULQVHLQHQ*UWHO -RKQUXWVFKWHGHQ%HUJKDQJZLHGHUKLQXQWHUXQGVWDQGEDOGDQ GHU6FKORPDXHU (UKDWWHYRUKHUQRFK+DGXNV7DVFKHQGXUFKVXFKWXQGWDWVlFK OLFKHLQ6FKOVVHOEXQGJHIXQGHQ'UHL6FKOVVHOKLQJHQGDUDQ (LQHUSDWHEHVWLPPW -RKQKREVHLQH/DPSHDXI'DV*ODVZDUZLUNOLFKEUXFKVLFKHU VRZLHHVGHU+HUVWHOOHUYHUVSURFKHQKDWWH (UVWMHW]WVSUWH-RKQGHQ6FKPHU]'DV.UXPPVFKZHUWKDWWH LKQDQGHUOLQNHQ6FKXOWHUJHWURIIHQGRUWGDV-DFNHWW]HUIHW]WXQG

HLQHEOXWLJH)XUFKHEHUVHLQH+DXWJH]RJHQ-RKQV+HPGZDU DQGLHVHU6WHOOHEOXWJHWUlQNW 'HU,QVSHNWRU]HUELHLQHQ)OXFK6RHLQHNOHLQH6FKUDPPH NRQQWHLKQQLFKWDXIKDOWHQ (UNOHPPWHVLFKGLH7DVFKHQODPSH]ZLVFKHQGLH=lKQHXQG SURELHUWHGLH6FKOVVHO 'HUGULWWHSDWH 1DFKDQIlQJOLFKHP:LGHUVWDQGGUHKWHHUVLFKLP6FKOR -RKQGUFNWHDXIGLH.OLQNHXQGGLH7UVFKZDQJNQDUUHQG DXI (LQILQVWHUHV/RFKJlKQWHGHP,QVSHNWRUHQWJHJHQ -RKQQDKPGLH7DVFKHQODPSHDXVGHP0XQGXQGOLHGHQ 6WUDKOLQGLH'XQNHOKHLWZDQGHUQ )HXFKWHGLFNH0DXHUQXQGHLQHQLHGULJH'HFNHERWHQVLFK VHLQHQ$XJHQ -RKQEHWUDWGHQ*DQJXQG]RJGLH7UZLHGHUKLQWHUVLFK]X 7RWHQVWLOOHXPILQJLKQ 9RUVLFKWLJJLQJ-RKQGXUFKGHQ*DQJ$XIGHP%RGHQODJ *HU|OO 1DFKHLQLJHQ0HWHUQYHUEUHLWHUWHVLFKGHU*DQJXQGHQGHWH VFKOLHOLFKYRUHLQHU7UHSSHGLHLQGLH7LHIHIKUWH 'LH6WXIHQZDUHQKRFKXQGPLWHLQHUJUDXJUQHQ6FKLPPHO VFKLFKWEHU]RJHQ -RKQVFKZHQNWHGHQ$UPPLWGHU/DPSH(LQHGLFNH6WHLQVlXOH YHUVSHUUWHGLH6LFKW-RKQJLQJGLHSDDU6FKULWWHXPGLH6lXOH KHUXPXQGVDKGDGLH7UHSSHDXFKQDFKREHQIKUWH 'HU,QVSHNWRUEHUOHJWH)UZHOFKH5LFKWXQJVROOWHHUVLFK HQWVFKHLGHQ" :LHHUDXV(UIDKUXQJZXWHEHJDQQHQVROFKH7UHSSHQPHL VWHQVKLQWHUHLQHP*HKHLPJDQJ$EHUZRHQGHWGLHVHKLHU" )U-RKQ6LQFODLUZDUHQGLH.HOOHUJHZ|OEHYLHOLQWHUHVVDQWHU 8QWHU8PVWlQGHQHQWGHFNWHHUGRUW'U7RGV*HKHLPQLV -RKQVWLHJYRUVLFKWLJGLH6WXIHQKLQDE6LHVFKLHQHQNHLQ(QGH QHKPHQ]XZROOHQ 'RFKGDQQKDWWHHUHVJHVFKDIIW'LHOHW]WHQIQI6WXIHQZXUGHQ YRQGHU/DPSHDXVGHU'XQNHOKHLWJHULVVHQ

'HU*HLVWHUMlJHUVDKPHKUHUH*lQJHYRUVLFK(LQHUGDYRQZDU EHVRQGHUVEUHLW 'HU,QVSHNWRUJLQJQHXJLHULJGDUDXI]X 6WDXEXQG6SLQQZHEHQ]LWWHUWHQLQGHPJHEQGHOWHQ /LFKWVWUDKO-RKQHQWGHFNWH1LVFKHQLQGHQ:l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lXVFKYHUXUVDFKWHEHL-RKQ6LQFODLUHLQH *lQVHKDXW 'HU*HLVWHUMlJHUEHWUDWHLQ9HUOLHV(VZDUVWLFNLJXQGURFK LUJHQGZLHVOLFK -RKQ]RJVFKQXSSHUQGGLH1DVHKRFK'DQQZXWHHUZRQDFK HVKLHUURFK 1DFK%OXW" :HOFKVFKDXULJHV*HVFKHKHQPXWHVLFKKLHUXQWHUDEJHVSLHOW KDEHQ")U|VWHOQG]RJ-RKQGLH6FKXOWHUQKRFK 'HU/DPSHQVFKHLQZDUDXIHLQHPRIIHQHQ6DUNRSKDJKlQJHQ JHEOLHEHQ -RKQ6LQFODLUWUDWQlKHUKHUDQ 'HU6DUNRSKDJZDULQQHQPLWURWHP6DPWDXVJHVFKODJHQ,Q +|KHGHV.RSIHVODJHLQZHLHV.LVVHQ -RKQ6LQFODLUKDWWHGDV*HIKOGDLQGLHVHP6DUNRSKDJELVYRU NXU]HPQRFKMHPDQGJHOHJHQKDEHQPXWH(UGDFKWHVRIRUWDQ HLQHQ9DPSLU8QGZHQQHVWDWVlFKOLFKVRZDUGDQQZDUHQGLH 0HQVFKHQGHU5HLVHJUXSSHYHUORUHQGHQQJHJHQGLH%OXWVDXJHU KDWWHQVLHNHLQH&KDQFH1LFKWPLWQRUPDOHQ0LWWHOQ

-RKQ6LQFODLUDKQWHGDGLH=HLWMHW]WGUlQJWHZHQQHUQRFK HWZDVUHWWHQZROOWH 3O|W]OLFK]RJHQVLFKVHLQH$XJHQEUDXHQ]XVDPPHQ'HU /LFKWNHJHOGHU7DVFKHQODPSHKDWWHHLQHQJHOEHQ.UHLVDXIGDV .LVVHQJHZRUIHQ-RKQHUNDQQWHHLQODQJHVVFKZDU]HV+DDU 0LW]ZHL)LQJHUQKREHUHVKRFK .HLQ=ZHLIHOHVZDUHLQ)UDXHQKDDUXQGPXWHGHU3HUVRQ JHK|UHQGLHLQGHP6DUNRSKDJJHOHJHQKDWWH (LQH)UDXDOVRHLQH8QWRWH -RKQ|IIQHWHGLH)LQJHUXQGGDV)UDXHQKDDUVFKZHEWH]X %RGHQ ,PVHOEHQ$XJHQEOLFNK|UWHGHU,QVSHNWRULQVHLQHP5FNHQ HLQ+HFKHOQ ,QVWLQNWLYWUDWHUHLQHQ6FKULWW]XU6HLWHXQGZDQGWHVLFKXP =ZHL:|OIHVWDUUWHQLKQDQ'LHJHOEOLFKHQ5DXEWLHUDXJHQIXQ NHOWHQPRUGOVWHUQXQGDXVGHQKDOERIIHQHQ0lXOHUQWURIIGHU *HLIHU -RKQ6LQFODLUEUDXFKWHNHLQ3URSKHW]XVHLQXP]XZLVVHQGD HUMHW]WNlPSIHQPXWH .lPSIHQRGHUXQWHUJHKHQ %LOO&RQROO\EHUZDQGVHLQHhEHUUDVFKXQJ]LHPOLFKVFKQHOO ª1DZHQQGDVNHLQ6HUYLFHLVW©VDJWHHUXQGZDUIGHQ.RIIHU VFKZXQJYROODXIGDVSUlFKWLJH+LPPHOEHWW 'LH)UDXWUDW]ZHL6FKULWWHYRU$XILKUHP*HVLFKWODJHLQ YHUORFNHQGHV/lFKHOQ 6LHWUXJHLQJUQOLFKVFKLPPHUQGHVODQJHV.OHLGPLWHLQHP RIIHQKHU]LJJHVFKQLWWHQHQ'HNROOHWpGDVGHQ$QVDW]LKUHV %XVHQVVHKHQOLH8PLKUHQPDNHOORVHQ+DOVZDQGVLFKHLQH NRVWEDUH3HUOHQNHWWH'DV*HVLFKWZDUYRQHEHQPlLJHU 6FK|QKHLWMHGRFKVHOWVDPEOHLFKXQGGHU0XQGZLUNWHGDULQZLH HLQEOXWURWHV0DO 'LH$XJHQZDUHQHVGLH%LOODPPHLVWHQIDV]LQLHUWHQ6LH KDWWHQHLQHJUQH)DUEHXQGVWUDKOWHQHWZDVDXVGDVHLQHQ 0DQQXQZLOONUOLFKLQVHLQHQ%DQQ]RJ

%LOOUlXVSHUWHVLFKGLH.HKOHIUHLXQGVHQNWHGHQ%OLFNª'DUI PDQHUIDKUHQZDVGLHVHU%HVXFKEHGHXWHWRGHUELQLFKYHU VHKHQWOLFKLQHLQHPIDOVFKHQ=LPPHUJHODQGHW"© ª1HLQGDVEHVWLPPWQLFKW©VDJWHGLH)UDX6LHKDWWHHLQHZRKO NOLQJHQGH6WLPPH,KU(QJOLVFKKDWWHHLQHQKDUWHQ$N]HQWZLH PDQLKQEHLGHQ2VWHXURSlHUQRIWILQGHW ª:DVYHUVFKDIIWPLUGDQQGLH(KUH,KUHV%HVXFKHV"©ZROOWH%LOO ZLVVHQ(UWDVWHWHXQZLOONUOLFKQDFKVHLQHQ=LJDUHWWHQXPPLW HLQHP6WlEFKHQVHLQH1HUYRVLWlW]X]JHOQ ª/DVVHQ6LHGRFK©VDJWHGLH8QEHNDQQWH %LOOVWHFNWHDXWRPDWLVFKGLH3DFNXQJZLHGHUZHJ ª,FKELQ9HUD0RQWHVL©K|UWH%LOOGLH6FK|QHVDJHQ ª'LH*UlILQ"©HFKRWHGHU5HSRUWHU ª-D© %LOOVDKZLHGHULQGLHJUQHQ$XJHQGLHHLQHHLQ]LJH9HU ORFNXQJGDUVWHOOWHQ=XP7HXIHOGLHVH)UDXPDFKWHLKQQRFK YHUUFNW %LOOULVLFK]XVDPPHQGRFKGDVSUWHHUVFKRQ9HUD0RQWHVLV +lQGHEHUVHLQH%UXVWJOHLWHQ ª'LFKKDEHLFKDXVJHVXFKW©IOVWHUWHGLH*UlILQXQGLKUH /LSSHQEHIDQGHQVLFKGLFKWYRU%LOOV*HVLFKW 'HU5HSRUWHU]RJVFKDUIGLH/XIW]ZLVFKHQVHLQH=lKQH:HQQ HUMHW]WQLFKWVWDQGKDIWEOLHEGDQQ 3O|W]OLFKVWXW]WH%LOO8QZLOONUOLFKWUDWHUHLQHQ6FKULWW]XUFN (LQVHOWVDPHU*HUXFKZDULQVHLQH1DVHJHGUXQJHQ %LOONQLIIGLH$XJHQ]X6FKOLW]HQ]XVDPPHQ 'LH*UlILQPXWHZRKOHWZDVEHPHUNWKDEHQGHQQDXFKVLH KDWWHHLQHDQJHVSDQQWH+DOWXQJDQJHQRPPHQ %LOOVFKOXFNWH'DQQVDJWHHUª,FKP|FKWH6LHGRFKMHW]WELWWHQ GDV=LPPHU]XYHUODVVHQ,FKZLOOPLFKYRUGHP(VVHQQRFKHLQ ZHQLJDXVUXKHQ© ª9RUGHP(VVHQ"©'LH*UlILQODFKWHOHLVHª$EHUHVZLUGGRFK QXUIUXQVJHJHEHQ(VLVWHLQ+RFK]HLWV'LQQHU© ª:LHELWWH"© ª(LQ+RFK]HLWV'LQQHU,FKZHUGHKHXWHKHLUDWHQXQGGXZLUVW PHLQ%UlXWLJDPVHLQ©

'LH*UlILQKDWWHEHVWLPPWJHVSURFKHQVRDOVGXOGHVLHNHLQHQ :LGHUVSUXFK %LOO&RQROO\KDWWHGHQ9HUGDFKWLQHLQHP,UUHQKDXVJHODQGHW]X VHLQ$POLHEVWHQKlWWHHUGLHVH3HUVRQUDXVJHZRUIHQ7URW]LKUHU 6FK|QKHLW$EHU%LOOEHKHUUVFKWHVLFK ª'DVVROOGRFKZRKOQXUHLQ6FKHU]VHLQ©VDJWHHUª6XFKHQ6LH VLFK,KUHQ%UlXWLJDPZR6LHZROOHQQXUODVVHQ6LHPLFKLQ5XKH 8QGIDOOVHVHLQ6SDGHV5HLVHOHLWHUVVHLQVROOGDQQEHVWHOOHQ6LH LKPHVZDUHLQYHUGDPPWVFKOHFKWHU© 'DV*HVLFKWGHU*UlILQYHUVFKORVLFKª,FKKDEHGDV*HIKO 6LHYHUNHQQHQQRFKLPPHU,KUH/DJH©6LHZDUZLHGHULQHLQHQ I|UPOLFKHQ7RQIDOO]XUFNJHIDOOHQª(VJLEWIU6LHNHLQ=XUFN PHKU6LHZHUGHQPLUJHKRUFKHQRGHUVWHUEHQ© -HW]WZXUGHGHU5HSRUWHUHQGJOWLJlUJHUOLFK2ND\HUKDWWH GLHVH5HLVHPLWJHPDFKWKDWWHVLFKHLQHJUXVHOLJH$EZHFKVOXQJ YHUVSURFKHQDEHUPLWVROFKHP8QVLQQGXUIWHPDQLKPQLFKW NRPPHQ ª9HUVFKZLQGHQ6LHHQGOLFK©]LVFKWHHUªVRQVWYHUJHVVHLFKGD 6LHHLQH)UDXVLQG© 9HUD0RQWHVLODFKWHOHLVHª,FKJODXEHGDVZHUGHQ6LHVLFK EHUOHJHQ© ª5DXV©VFKULH%LOO6HLQ*HVLFKWZDU]RUQURW(UVSUDQJDXIGLH *UlILQ]XXQGSDFNWHLKUHQ$UP ,PVHOEHQ0RPHQW]XFNWH%LOO]XUFN 'LH+DXWGHU*UlILQZDUHLVNDOW:LHEHLHLQHU7RWHQ 6FKODJDUWLJHULQQHUWHVLFK%LOOZLHGHUDQGHQ*HUXFK6ROOWH 9HUD0RQWHVLHLQH8QWRWHVHLQ" %LOO&RQROO\ZDQGWHGHQ.RSIEOLFNWHGHU)UDXLQV*HVLFKW 'LH*UlILQOlFKHOWHE|VHª,FKPHUNHGXDKQVWHWZDV©VDJWHVLH XQGVFKREODQJVDPLKUH2EHUOLSSH]XUFN %LOO&RQROO\EDOOWHGLH+lQGH]X)lXVWHQ*HEDQQWVWDUUWHHUDXI GLHEHLGHQQDGHOVSLW]HQ9DPSLU]lKQHGLHODQJVDP]XP 9RUVFKHLQNDPHQ 6HLQHVFKUHFNOLFKHQ$KQXQJHQKDWWHQVLFKEHVWlWLJW9HUD 0RQWHVLZDUHLQH8QWRWH

:LHHLQ7ULXPSKDWRUVWDQG'U7RGLQGHPJURHQ6DDO 'U7RG'DVZDUGLH,QNDUQDWLRQGHV%|VHQGDVZDUGHU0DQQ GHUGLH0HQVFKKHLWELVDXIV%OXWKDWHXQGVLFKPLWDOOHQ .RQVHTXHQ]HQGHP6DWDQYHUVFKULHEHQKDWWH 6FKFKWHUQNORSIWHHVJHJHQGLH7U ª-D©'U7RGV6WLPPHNODQJPHWDOOLVFK 'LHJURH)OJHOWUZXUGHHLQ6WFNJH|IIQHW-DQRV5XII VFKDXWHKHUHLQ 6HLQIDKOJHOEHV+DDUNOHEWHVFKZHLQDDP.RSI,QVHLQHP *HVLFKW]XFNWHQHLQLJH0XVNHOQ.HLQ=ZHLIHOGHU0DQQZDU QHUY|V ª:DVJLEWHV5XII"© 'U7RGV$XJHQIL[LHUWHQGHQ5HLVHXQWHUQHKPHUVFKLHQHQDXI GHQ*UXQGVHLQHU6HHOHEOLFNHQ]XN|QQHQXQGEHPHUNWHQGLH $QJVWGLHLQGLHVHP0DQQVWHFNWH ª6LULFKLFKZHLQLFKWVRUHFKWZLHLFKHV,KQHQVDJHQVROO $EHUYRQGHU5HLVHJHVHOOVFKDIWIHKOWMHPDQG© ª:DVKHLWGDV"© -DQRV5XIIOlFKHOWHYHU]HUUWª1XQLP%XVZDUHQVLHQRFK DOOHYRUKDQGHQXQGKLQWHUKHUDOVLFKGHQ/HXWHQLKUH=LPPHU ]HLJWHZDUHLQH3HUVRQQLFKWPHKUGDEHL© ª:DUHVHLQ0DQQRGHUHLQH)UDX"© ª(LQ0DQQ© ª:RNDQQHU,KUHU0HLQXQJQDFKJHEOLHEHQVHLQ"© -DQRV5XII]XFNWHPLWGHQ6FKXOWHUQª(UNDQQVLFKQXUGUDXHQ LQGHU1lKHGHV6FKORVVHVKHUXPWUHLEHQ,QGLHQlFKVWH6WDGW]X ODXIHQZLUGLKPNDXPJHOLQJHQGD]XQRFKLQHLQHPY|OOLJ IUHPGHQ/DQG© ª'HU%XVVWHKWGRFKQRFKYRUGHP6FKOR"©IUDJWH'U7RG ª-D© ª'DQQZLUGHVIUGHQ0DQQNHLQH6FKZLHULJNHLWHQEHGHXWHQ ]XIOLHKHQ© ª'DVLVWXQP|JOLFK6LU,FKKDEHGLH6FKOVVHO© ª0DQNDQQVROFKH:DJHQDXFKNQDFNHQ© 5XII]XFNWHPLWGHQ6FKXOWHUQª,FKN|QQWHGLH5HLIHQGXUFK VWHFKHQ©VFKOXJHUYRU

ª'DVZlUHHLQH0|JOLFKNHLW©JDE'U7RG]Xª$EHUYRUKHU YHUVXFKHQ6LHGHQ0DQQ]XILQGHQ.HQQHQ6LHVHLQHQ1DPHQ"© ª6HOEVWYHUVWlQGOLFK6LU©-DQRV5XQLFNWHHLIULJª6HLQ1DPH ODXWHW-RKQ6LQFODLU© ,QGHQHUVWHQ6HNXQGHQGDQDFKZDUHVWRWHQVWLOO'DQQVFKOXJ 'U7RGVHLQHUHFKWH)DXVWLQGLHRIIHQHOLQNH+DQGIOlFKH ª,QVSHNWRU6LQFODLU©IOVWHUWHHUª'HU%OXWKXQGYRP
-RKQOLHQLFKWORFNHUElXPWHVLFKDXIXQGVWHPPWHGDV 5DXEWLHULPPHUZHLWHU]XUFN 'RFKVFKRQKRFNWHGLH]ZHLWH%HVWLHVSUXQJEHUHLWYRUGHQ EHLGHQ.lPSIHQGHQ6LHZDUWHWHQXUGDUDXIHLQJUHLIHQ]X N|QQHQ -RKQ6LQFODLUNlPSIWHYHUELVVHQPRELOLVLHUWHDOOH.UlIWH8QG GHU:ROIPXWHZHLFKHQ,PPHUZHLWHUZXUGHHU]XUFN JHGUlQJW0LWGHUIUHLHQ+DQGXPNODPPHUWH-RKQMHW]WGLH.HKOH GHU%HVWLHXQGZDUIGDV7LHUPLWHLQHPUXFNDUWLJHQ$XVIDOOYRQ VLFK 'DVSUDQJGHUDQGHUH:ROI :lKUHQGGLHHUVWH%HVWLHMDXOHQGEHUGHQ%RGHQUROOWHKHFK WHWHHUDXI-RKQ6LQFODLU]X 0LWHLQHPJHZDOWLJHQ6DW]ZLFKGHU,QVSHNWRUGHP:ROIDXV 'LH%HVWLHVSUDQJLQV/HHUHZLUEHOWHMHGRFKDXIGHU6WHOOHKHUXP XPZLHGHUDQ]XJUHLIHQ -RKQ]RJGDV.UXPPVFKZHUW-HW]WZDUHVIULKQHLQHZHUW YROOH:DIIH 'HU:ROIZLFK]XFNHQG]XUFN(UPXWHZRKOGLH:DIIH NHQQHQKDWWHYLHOOHLFKWVFKRQVHOEVWGDPLW%HNDQQWVFKDIW JHPDFKW $XFKGLHDQGHUH%HVWLHKDWWHVLFKZLHGHUHUKROW6LHYHUVXFKWH -RKQLQGHQ5FNHQ]XJHODQJHQ'LHJHOEHQ5DXEWLHUDXJHQ IL[LHUWHQGHQ,QVSHNWRU 'HU*HLVWHUMlJHUZROOWHVLFKQLFKWHLQNUHLVHQODVVHQ:HQQGDV JHVFKDKNRQQWHLKPDXFKGDV6FKZHUWQLFKWYLHOKHOIHQGDQQ ZDUHUJHOLHIHUW(LQH%HVWLHEUDXFKWHLKPQXUDXIGLH6FKXOWHUQ ]XVSULQJHQXQGGLH=lKQHLQVHLQHQ+DOV]XVFKODJHQ -RKQ6LQFODLUEHUQDKPVHOEVWGLH,QLWLDWLYH(UJULIIDQNDP EHUGLH%HVWLHQZLHHLQ7RUQDGR -RKQGUHKWHVLFKDXIGHU6WHOOHXQGHLQJHZDOWLJHU6DW]EUDFKWH LKQGLUHNWQHEHQGHQ:ROIGHULKQYRQKLQWHQEHUOLVWHQZROOWH 'LH%HVWLHZDU]XEHUUDVFKW 'DV6FKZHUWEOLW]WHDXI3IHLIHQG]HUVFKQLWWHVGLH/XIWXQG WUHQQWH6HNXQGHQEUXFKWHLOHVSlWHUGHQ.RSIYRP5XPSIGHU PRUGJLHULJHQ%HVWLH

$XVGHQ$XJHQZLQNHOQVDK-RKQGHQ]ZHLWHQ6FKDWWHQKHUDQ IOLHJHQ 'HU,QVSHNWRUSDFNWHGDV6FKZHUWPLWEHLGHQ+lQGHQULHV KRFKXQGLPQlFKVWHQ$XJHQEOLFNMDJWHGLH6FKQHLGHGHP 5DXEWLHUHQWJHJHQ 'HU:ROIZXUGHPLWWHQLQGHU/XIWJHWURIIHQ 'HU,QVSHNWRUVSUDQJVFKQHOO]XU6HLWHGDPLWGHU.|USHUQLFKW JHJHQLKQSUDOOWH 6FKZHUVWW]WHVLFK-RKQDXIGHQ5DQGGHV6DUNRSKDJV'DV 6FKZHUWKDWWHHUZLHGHULQVHLQHQ*UWHOJHVWHFNW -RKQV$WHPJLQJVFKQHOOXQGNHXFKHQG'HU,QVSHNWRUZDULQ 6FKZHLJHEDGHW'LH6DFKHQNOHEWHQQXUVRDQVHLQHP.|USHU 8QGGLHYHUEUDXFKWH/XIWWDWHLQEULJHVXPVHLQHQ0DJHQ UHYROWLHUHQ]XODVVHQ 0LQXWHQODQJEOLHE-RKQVRVWHKHQ=ZHL%HVWLHQKDWWHHUHU OHGLJW$EHUHVZDUHQQRFK]ZHLGD -RKQ6LQFODLUKREGLH7DVFKHQODPSHYRP%RGHQDXI 'DPLWOHXFKWHWHHUGDV9HUOLHVDE(UVDKGLH.DGDYHUGHU:|OIH XQGVFKWWHOWHVLFK'DQQWUDIGHU6WUDKOHLQHQGHUDEJHWUHQQWHQ .|SIH -RKQV+HU]VFKODJVWRFNWH8USO|W]OLFKEHUNDPGHQ,QVSHNWRU GDVQDFNWH*UDXHQ 'HU.RSIKDWWHVLFKYHUZDQGHOWKDWWHPHQVFKOLFKH=JHDQJH QRPPHQ'LH6FKQDX]HZDUIODFKHUJHZRUGHQHLQ7HLOGHU+DDUH ZDUYHUVFKZXQGHQXQGGLH$XJHQKDWWHQHLQHQIDVWIOHKHQGHQ $XVGUXFNDQJHQRPPHQ -RKQ6LQFODLUVFKWWHOWHVLFK:DVZDUKLHUJHVFKHKHQ":DUHQ GLHVH:|OIHLQ:LUNOLFKNHLW0HQVFKHQJHZHVHQRGHU :ROIVPHQVFKHQ":HOFKJUDXVDPHV6SLHOKDWWH'U7RGPLWLKQHQ JHWULHEHQ"(UKDWWHGLHVH0HQVFKHQPLW+LOIHGHU6FKZDU]HQ 0DJLHLQ:|OIHYHUZDQGHOW(LQHXQYRUVWHOOEDUH7DW -RKQ6LQFODLUZDQGWHVLFKDE(UNRQQWHGLHVHQ$QEOLFNQLFKW OlQJHUHUWUDJHQ (UZDUDXIGHU+XWDOVHUGHQ6FKDXSODW]GHV.DPSIHVYHUOLH -RKQUHFKQHWHMHGHQ$XJHQEOLFNPLWHLQHP$QJULIIGHUDQGHUHQ EHLGHQ:|OIH

-RKQEOLHEVWHKHQXQGODXVFKWH.HLQ+HFKHOQRGHU.HXFKHQ GUDQJDQVHLQH2KUHQ(VZDUPHUNZUGLJVWLOOLQGLHVHPXQWHU LUGLVFKHQ/DE\ULQWKYRQ*lQJHQXQG9HUOLHVHQ -RKQ6LQFODLUUHFKQHWHPLWZHLWHUHQhEHUUDVFKXQJHQZlKUHQG HUGXUFKGLH*lQJHVFKOLFK'HUKHOOH/DPSHQVWUDKOZLHVLKPGHQ :HJ -RKQ6LQFODLUJLQJGXUFK4XHUJlQJHXQGPDFKWHPDNDEUH (QWGHFNXQJHQ ,QHLQHP9HUOLHVODJHQGLHhEHUUHVWHYRQ0HQVFKHQGLHKLHU YRU+XQGHUWHQYRQ-DKUHQHLQHQJUDXVDPHQ+XQJHUWRGHUOLWWHQ KDEHQPXWHQ 'LHEOHLFKHQ.QRFKHQXQG6FKlGHOZDUHQWHLOZHLVHVFKRQ]X 6WDXE]HUIDOOHQ 6LHZDUHQ=HXJHQHLQHUJUDXVDPHQ9HUJDQJHQKHLWLQGHU 0HQVFKHQRIWZLH7LHUHEHKDQGHOWZXUGHQWHLOZHLVHVRJDUQRFK VFKOHFKWHU 8QGGDQQVWDQG-RKQ6LQFODLUYRUGHU)ROWHUNDPPHU'LH7U GLHGLH.DPPHUYHUVFKORZDUJU|HUXQGPDVVLYHUDOVGLH DQGHUHQ -RKQV/LSSHQSUHWHQVLFKKDUWDXIHLQDQGHUDOVHUGLH7UDXI ]RJ(UVWUHFNWHGHQ$UPPLWGHU/DPSHYRU 'HU/LFKWVWUDKOULGLH0DUWHULQVWUXPHQWHDXVGHU'XQNHOKHLW 'HU,QVSHNWRUEHWUDWGLH)ROWHUNDPPHU%LVDXIGLH0DUWHU LQVWUXPHQWHVFKLHQVLHOHHU]XVHLQ 6FKLHQGHQQ-RKQVDKGHQ6FKDWWHQQLFKWGHUKLQWHUGHU7U ODXHUWH.HLQ$WHPYHUULHWGHVVHQ$QZHVHQKHLW 'HQQ8QWRWHDWPHQQLFKW 'HU*HLVWHUMlJHUWUDWQRFKHLQHQ6FKULWWYRU 6FKUlJKLQWHULKPKREGHU9DPSLUGHQUHFKWHQ$UP6HLQH )LQJHUXPNODPPHUWHQHLQHQDUPODQJHQ.QSSHO (LQHQ+HU]VFKODJVSlWHUVSUWH-RKQKLQWHUVLFKHLQHQ/XIW]XJ (UZROOWHVLFKQRFKKHUXPZHUIHQGRFKHVZDUVFKRQ]XVSlW (WZDVWUDIPLWP|UGHULVFKHU:XFKWVHLQHQXQJHVFKW]WHQ 6FKlGHOXQGIU-RKQ6LQFODLUJLQJHQGLH/LFKWHUDXV :LHHLQ%DOORQDXVGHPPDQGLH/XIWOlWVDFNWH-RKQDXIGHQ KDUWHQ6WHLQERGHQ'LH/DPSHUROOWHLKPDXVGHQ)LQJHUQ

'HU9DPSLUWUDWDXVGHP6FKDWWHQGHU7U(UODFKWHWULXP SKLHUHQGDXI 'RUWODJVHLQHUVWHV2SIHU 'HU8QWRWHHVZDUQLHPDQGDQGHUHVDOV'LQR=DFKHZ GUHKWH-RKQDXIGHQ5FNHQ (LQ5DXVFKSDFNWHGHQ8QWRWHQ(UEHXJWHVHLQHQ.RSIYRU'LH ODQJHQKlVVOLFKHQ=lKQHVFKLPPHUWHQ 3O|W]OLFK]XFNWHGHU9DPSLU]XUFN1HLQGLHVHV2SIHUZDU LKPVLFKHU$EHUGRUWREHQGDEHIDQGHQVLFK0HQVFKHQGLHQRFK QLFKWVYRQVHLQHU([LVWHQ]DKQWHQ =DFKHZSDFNWH-RKQ6LQFODLUXQWHUEHLGH$FKVHOK|KOHQXQG VFKOHLIWHLKQ]XGHU:DQGKLQDQGHUGLH.HWWHQEHIHVWLJWZDUHQ =DFKHZODFKWHZLOG$XFKHUKDWWHKLHUVFKRQJHKDQJHQ%LV 9HUD0RQWHVLJHNRPPHQZDUXQGLKQEHIUHLWKDWWH -DVRZUGHHUHVPLWGLHVHP)UHPGHQDXFKPDFKHQ 6FKRQEDOGKLQJGHUEHZXWORVH-RKQ6LQFODLULQGHQ.HWWHQ XQGHVJDENHLQH&KDQFHIULKQVLFK]XEHIUHLHQ 9HUD0RQWHVLODFKWHJUDXVDP,KUHLQVWVRVFK|QHV*HVLFKWZDU QXUQRFKHLQH)UDW]H=ZLVFKHQGHQEOXWURWHQ/LSSHQVWDFKHQ GURKHQGGLH9DPSLU]lKQHKHUYRU'LHJUQHQ$XJHQEOLFNWHQ JLHULJ %LOO&RQROO\ZDUELV]XU:DQG]XUFNJHZLFKHQ:HQQGLH 8QWRWHDQQDKPHUKlWWH$QJVWGDQQLUUWHVLHVLFK(UZXWHZLH PDQGLHVH%HVWLHQEHNlPSIHQPXWH1XUIHKOWHQLKPLQGLHVHP $XJHQEOLFNGLH0LWWHO 9HUD0RQWHVLNUPPWHLKUH)LQJHU]X.UDOOHQ6LHIL[LHUWHLKU 2SIHUDXVVWDUUHQNDOWHQ$XJHQ ª1XQKDVWGXHVGLUMHW]WEHUOHJW"©]LVFKWHVLH %LOOJULQVWHKDUWª,FKGHQNHJDUQLFKWGDUDQ'XKDVWGLUGHQ IDOVFKHQDXVJHVXFKWOLHEH9HUD,FKZHUGHGLFKGRUWKLQVFKLFNHQ ZRKLQGXJHK|UVW,QGLH+|OOH© 'LH8QWRWHIDXFKWHKDHUIOOW 6LHKDWWHGDPLWJHUHFKQHWHLQHQYRU$QJVWJHOlKPWHQ0DQQ YRU]XILQGHQGRFKGDVZDUHLQ,UUWXP

'LHVHU0DQQ]HLJWHNHLQH$QJVW$OVRPXWHHUPLW*HZDOW JHIJLJJHPDFKWZHUGHQ ª,FKZHUGHGLFK]XPHLQHP'LHQHUPDFKHQ©NHXFKWHGLH 0RQWHVL :lKUHQGGLHVHU:RUWHNDPVLHXQEHLUUEDUDXI%LOO&RQROO\]X 'HU5HSRUWHUZDUNDOWELVLQV0DUN(UZUGHVLFKVHLQHU+DXW VFKRQ]XZHKUHQZLVVHQ *DQ]GLFKWOLH%LOOGLH*Ul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gVHQ %LOO]RJHLQHQ'HJHQKHUDXV 'HU5HSRUWHUUDQQWHGDPLW]XUFNLQGDV=LPPHU 9HUD0RQWHVLKDWWHVLFKLQ]ZLVFKHQDXVGHP%HWWJHUROOW:LH HLQ5DXEWLHUYRUGHP6SUXQJVWDQGVLHJHGXFNWLQGHU0LWWHGHV 5DXPHV %LOOV$XJHQYHUHQJWHQVLFK]XVFKPDOHQ6FKOLW]HQª6R© IOVWHUWHHUªMHW]WVLHKWGLH6DFKHVFKRQJDQ]DQGHUVDXV 'HQNGDUDQZDVLFKGLUYRUKLQYHUVSURFKHQKDEHVFK|QH9HUD© 'LHKHLH$QJVWOHJWHVLFKDXIGDV*HVLFKWGHU8QWRWHQ6LH ZXWHSO|W]OLFKGDVLHMHW]WXPLKU!/HEHQNlPSIHQPXWH %LOOKLHOWGHQ'HJHQLQGHUUHFKWHQ+DQG'HU$UPZDUZHLW YRUJHVWUHFNW 0LWIHGHUQGHQ6FKULWWHQJLQJHUDXIGLH8QWRWH]XGLHLPPHU ZHLWHU]XUFNZLFK'DV.HU]HQOLFKWEUDFKVLFKIXQNHOQGDXIGHU EODQNHQ'HJHQNOLQJH

'LH8QWRWHVWLHPLWGHP5FNHQJHJHQGLH:DQG6LHNRQQWH QLFKWPHKUZHLWHU(VJDENHLQHQ$XVZHJ %LOOKREGLH:DIIH]XP6WR 9HUD0RQWHVLKDWWHEHLGH$UPHDEZHKUHQGYRUJHVWUHFNW$XV LKUHP0XQGGUDQJHQXQDUWLNXOLHUWH$QJVWVFKUHLH-DDXFK 9DPSLUHHPSILQGHQ7RGHVDQJVW %LOOKROWHQRFKHLQPDOWLHI/XIWXPGDQQGLHVHPXQVHOLJHQ !/HEHQHLQ(QGH]XEHUHLWHQ ª:HQQ6LHGDVWXQVFKLHHLFK,KQHQHLQH.XJHOLQGHQ 5FNHQ©K|UWH%LOO&RQROO\SO|W]OLFKHLQH6WLPPH 'HU5HSRUWHUYHUHLVWH'HU$UPPLWGHP'HJHQEOLHELQGHU /XIWKlQJHQ 9RULKPODFKWH9HUD0RQWHVLK\VWHULVFKDXI)DXFKHQGIXKUVLH %LOOHQWJHJHQ ª%OHLEVWHKHQ©HUVFKROOZLHGHUGLHNDOWH6WLPPHª8QG6LH 0LVWHUODVVHQGHQ'HJHQIDOOHQ© %LOO|IIQHWHGLH)LQJHU'LH:DIIHSROWHUWH]X%RGHQ ª6RMHW]WN|QQHQ6LHVLFKXPGUHKHQ© %LOOJHKRUFKWH 9RULKPVWDQGQLHPDQGDQGHUHVDOV*UDI0RQWHVL (VGDXHUWH6HNXQGHQELV%LOO&RQROO\GHQ6FKRFNEHUZXQGHQ KDWWH'DQQ]XFNWHHUPLWGHQ6FKXOWHUQXQGVDJWHNUlFK]HQG ª2ND\*UDI6LHKDEHQJHZRQQHQ© 0RQWHVLOlFKHOWH]\QLVFKª,FKJHZLQQHLPPHU0LVWHU© ª&RQROO\©NQXUUWH%LOOª0HUNHQ6LHVLFKGHQ1DPHQJXW :DKUVFKHLQOLFKZHUGHLFKHVVHLQGHU6LH]XU+|OOHVFKLFNW© 0RQWHVLNUDXVWHGLH6WLUQª*URH:RUWH0U&RQROO\0LFK KDEHQVFKRQYLHOHDXV]XVFKDOWHQYHUVXFKW'RFKQLHPDQGKDWHV JHVFKDIIW6RJDUGLH/HXWHYRQ6FRWODQG
GHQ'DVZDUDOVRGHUOHJHQGlUH'U7RG6LFKHUHUKlWWHHVVLFK VRIRUWGHQNHQN|QQHQ-RKQKDWWHLKPGHQ0DQQVFKRQHLQLJH 0DOHEHVFKULHEHQ $XFKMHW]WWUXJHUZLHGHUVHLQHGXQNOH.OHLGXQJ'LH$XJHQLQ GHPEHUJURHQNDKOHQ6FKlGHOVFKLHQHQ%LOOELVDXIGHQ*UXQG VHLQHU6HHOH]XGXUFKERKUHQ'HUZHLH7RWHQNRSIHLQJHIDWLQ GHQUXELQURWHQ5LQJOHXFKWHWHLQHLQHPNDOWHQ)HXHU 8QYHUZDQGWKLHOW'U7RGHLQHQ5HYROYHUDXI%LOO&RQROO\ JHULFKWHW'LH:DIIHKDWWHVLFKXPNHLQHQ'HXWEHZHJW -HW]WPLVFKWHVLFK9HUD0RQWHVLZLHGHULQGDV*HVSUlFKHLQ6LH OLHIXP%LOO&RQROO\KHUXPDFKWHWHMHGRFKGDUDXIQLFKWLQGLH 6FKXVVOLQLH]XJHUDWHQ ªhEHUODLKQPLU©NHXFKWHVLHª,FKZLOOLKQ]XPHLQHP %UlXWLJDPPDFKHQ(UVROODOV9DPSLUDQPHLQHU6HLWHVLW]HQ,FK ZLOOLKQKDEHQ© ª'XEHNRPPVWLKQDXFK©HUZLGHUWH'U7RGª$EHUQLFKWDOV 9DPSLU(UZLUGDQGHU+RFK]HLWWHLOQHKPHQXQGDOOHVEHZXW HUOHEHQXQGGRFKQLFKWHLQJUHLIHQN|QQHQ6DWDQVHOEVWKDWPLU GLH0DFKWGHU+\SQRVHJHJHEHQXQGGLHVHU0DQQZLUGVLH]X VSUHQEHNRPPHQ:DVKDOWHQ6LHGDYRQ0U&RQROO\"© %LOOJDENHLQH$QWZRUW,KPZDUNODUGDHU'U7RGLP 0RPHQWQLFKWVHQWJHJHQ]XVHW]HQKDWWH6FKZHLWURSIHQVDPPHO WHQVLFKDXI%LOOV6WLUQXQGOLHIHQLQNOHLQHQ%lFKHQLQVHLQH $XJHQEUDXHQ ª6LHKPLFKDQ©IRUGHUWH'U7RG 8QG%LOOJHKRUFKWHPXWHJHKRUFKHQREHUZROOWHRGHUQLFKW 'U7RGV$XJHQZLUNWHQSO|W]OLFKZLH6FKlFKWHLQGHQHQDOOHV ]XYHUVLQNHQGURKWH %LOOVDKQXUGLHVH$XJHQK|UWH'U7RGVPRQRWRQH6WLPPHXQG PHUNWHZLHHLQIUHPGHU:LOOHGHQVHLQHQYHUGUlQJWH %LOO&RQROO\ZXUGH]X'U7RGV6NODYHQ6HNXQGHQGHKQWHQ VLFK]X(ZLJNHLWHQ%LOOYHUORUGDV*HIKOIU5DXPXQG=HLW'HU 5HSRUWHUZXUGH]X:DFKVLQGHQ+lQGHQHLQHV6DWDQV :DVDXFKJHVFKDKHUZUGHMHGHQ%HIHKODXVIKUHQ

-DQH&ROOLQVKDWWHVLFKJOHLFKLQLKUHP=LPPHUKLQJHOHJW'LH (LQULFKWXQJGHV5DXPHVJOLFKGHUGHUDQGHUHQ-DQHKDWWH5RFN XQG3XOORYHUDXVJH]RJHQXQGODJDXIGHPEUHLWHQ%HWW 'RFKGHU6FKODIZROOWHVLFKQLFKWHLQVWHOOHQ=XYLHOZDUDXIGLH )UDXHLQJHVWUPW 'LH(LQGUFNHGHUODQJHQ%XVIDKUWVFKZLUUWHQYRULKUHQ $XJHQ6LHVDKGLHJHIlKUOLFKHQ:|OIHGLHVLHSO|W]OLFKDQJULIIHQ XQG]HUIOHLVFKHQZROOWHQ'DQQWDXFKWHSO|W]OLFK-RKQ6LQFODLU DXIXPVLH]XEHVFKW]HQ6LQFODLUKLHOWHLQH0DVFKLQHQSLVWROHLQ GHQ+lQGHQXQGWULHEGLH%HVWLHQLQGLH)OXFKW (LQ]XIULHGHQHV/lFKHOQOHJWHVLFKDXIGDV*HVLFKWGHU)UDX -RKQ6LQFODLUHUEHGHXWHWHLKUPHKUDOVVLH]XJHEHQZROOWH6LH VDKVLFKLQGHQ$UPHQGLHVHV0DQQHVOLHJHQXQG (LQ6FKUHLGUDQJDQLKUH2KUHQ (UVFKUHFNWVSUDQJ-DQH&ROOLQVDXI6LHIDWHVLFKDQGHQ.RSI +LPPHOMHW]WZDUVLHGRFKHLQJHVFKODIHQ -DQHDWPHWHWLHIHLQ6LHIU|VWHOWHSO|W]OLFK5RFNXQG3XOORYHU ODJHQDXIGHP%HWW6LHVWUHLIWHVLFKEHLGHVEHU 'DK|UWHVLHZLHGHUGHQ6FKUHL([NODQJJHGlPSIWZDUDEHU GHQQRFKGHXWOLFK]XYHUQHKPHQ -DQHIU|VWHOWH 6LH]RJLKUH6FKXKHDQXQGVFKOLFKDXI=HKHQVSLW]HQ]XU7U 6FKULWWHZDUHQGUDXHQ]XK|UHQ -DQH]RJYRUVLFKWLJGLH7UDXIXQGOXJWHDXIGHQ*DQJ 6LHVDKJHUDGHQRFKZLH*UDI0RQWHVLLQ%LOO&RQROO\V=LPPHU YHUVFKZDQG 'LH'HWHNWLYLQJUXEGLH=lKQHLQGLH8QWHUOLSSH:DVKDWWHGDV ]XEHGHXWHQ":DVVXFKWHGHU*UDILQ%LOO&RQROO\V=LPPHU" -DQHZDUWHWHHLQLJH0LQXWHQ'DQQK|UWHVLHZLHGLH7U JHJHQEHUJH|IIQHWZXUGH :LHGHUVDKVLHLQGHQ*DQJ 'UHL3HUVRQHQYHUOLHHQGDV=LPPHU=ZHL0lQQHUXQGHLQH )UDX (LQHUGHU0lQQHUZDU%LOO&RQROO\GHUDQGHUH*UDI0RQWHVL XQGGLH)UDXKDWWH-DQHQRFKQLHJHVHKHQ 'LHGUHL3HUVRQHQJLQJHQGHQ*DQJHQWODQJ

-DQH&ROOLQVNDPVLFKDXIHLQPDOXQVDJEDUYHUODVVHQYRU6LH KDWWHDXI%LOO&RQROO\YHUWUDXW:HQQHUMHW]WZHJJLQJZDUVLH JDQ]DXIVLFKDOOHLQJHVWHOOW (QWVFKLHGHQVFKWWHOWH-DQHGHQ.RSI1HLQVLHZROOWHDXI HLJHQH)DXVWORV]LHKHQZROOWHKHUDXVILQGHQZDVLQGLHVHP 6FKORJHVFKDK -DQH]RJGLH7UGHV=LPPHUVKLQWHUVLFK]X'HU*DQJODJLP +DOEGXQNHO=XU7UHSSHKLQZXUGHHUHWZDVHUKHOOWGRFKDXIGHU DQGHUHQ6HLWHYHUORUHUVLFKLQGHU'XQNHOKHLW -DQHVFKOXJGHQ:HJLQ5LFKWXQJ7UHSSHHLQ 9RUVLFKWLJVHW]WHVLHLKUH6FKULWWH0DQEUDXFKWHVLHQLFKW]X K|UHQ hEHUDOOVWDQGHQ5LWWHUUVWXQJHQRGHUKLQJHQ:DIIHQDQGHQ :lQGHQ'D]ZLVFKHQVDK-DQHSUlFKWLJHgOJHPlOGH 'LH$KQHQJDOHULHGHU0RQWHVLV.HU]HQOLFKWWUDIGLH*HVLFKWHU DXIGHQ%LOGHUQXQGJDELKQHQHLQXQZLUNOLFKHVGVWHUHV/HEHQ 5HFKWVVWDQGHLQHJURH5VWXQJ'DV(LVHQJOlQ]WHPDWW =ZLVFKHQGHQ)LQJHUQGHVHLVHUQHQ+DQGVFKXKVZDUHLQ6SHHU JHNOHPPWGHVVHQ6SLW]HJHJHQGLH'HFNH]HLJWH -DQHZDUVFKRQDQGHU5VWXQJYRUEHLGDVDKVLHGHQ6FKDWWHQ (UVFKUHFNWIXKUVLHKHUXP (LQJUDXHQKDIWHV*HVLFKWVWDUUWHVLHDQ'LH1DVHZDUHLQJH GUFNWXQGHLQHGLFNH%OXWNUXVWHOLHIELV]XP0XQG -DQHKDWWHGDV*HIKOLKU+HU]ZUGHVWHKHQEOHLEHQ$XVPLW YRU$QJVWZHLWDXIJHULVVHQHQ$XJHQVWDUUWHVLHDXIGLHJUlOLFKH (UVFKHLQXQJ (VZDU+DGXNGHUYRU-DQH&ROOLQVVWDQG'HU7UNHKDWWHVLFK EHIUHLHQN|QQHQXQGZDULQGDV6FKORJHNRPPHQXPVLFK]X UlFKHQ 6HLQHVWlPPLJHQ$UPHIXKUHQYRU )LQJHUXPNUDOOWHQ-DQHV.HKOHHUGUFNWHQMHGHQ+LOIHVFKUHL ª7|WHQZHUGHLFK©NHXFKWH+DGXNª7|WHQ©(UGUFNWHQRFK IHVWHU]Xª'LH(LVHUQH-XQJIUDXZDUWHW©JHLIHUWHGHU7UNHXQG LQVHLQHQ$XJHQJOKWHGHUQDFNWH+D 'LHVH:RUWHZDUHQGLHOHW]WHQGLH-DQH&ROOLQVK|UWHEHYRU HLQHJQlGLJH2KQPDFKWVLHHUO|VWH

-RKQ6LQFODLUHUZDFKWHPLWERKUHQGHQ.RSIVFKPHU]HQ6HLQ 6FKlGHOVFKLHQHLQ%HUJZHUN]XVHLQLQGHPWDXVHQG=ZHUJH KlPPHUWHQXQGNORSIWHQ 'HU*HLVWHUMlJHUVW|KQWHDXIXQG|IIQHWHPKVDPGLH$XJHQ (UKRFNWHLQNQLHQGHU6WHOOXQJDP%RGHQ'LH%HLQHZDUHQ DXVHLQDQGHUJHGUFNWXQGGLH$UPHQDFKREHQJH]RJHQ-RKQ ZROOWHGLH$UPHKHUXQWHUQHKPHQGRFKGDV.OLUUHQYRQ .HWWHQJOLHGHUQPDFKWHLKPGHXWOLFKLQZHOFKHU/DJHHUVLFK EHIDQG 'XELVWDQJHNHWWHWVFKRHVLKPGXUFKGHQ.RSI )U6HNXQGHQGURKWH-RKQGLH3DQLN]XEHUZlOWLJHQ:LOGUL HUDQGHQ.HWWHQ'RFKGDV.OLUUHQGHU*OLHGHUGDVLKPZLH 0XVLNDXVGHU+|OOHYRUNDPZDUGHUHLQ]LJH(UIROJ -RKQ6LQFODLU]ZDQJVLFK]XU5XKH(UPXWHMHW]WHLQIDFKHLQHQ NODUHQ.RSIEHKDOWHQ*XWHUEHIDQGVLFKLQHLQHUYHUWHXIHOWHQ /DJHDEHUQRFKOHEWHHU8QGVRODQJHGLHVGHU)DOOZDUJDEHLQ -RKQ6LQFODLUQLHDXI 'LH:DIIHQKDWWHPDQLKPJHODVVHQ+DGXNV6FKZHUWVWHFNWH QRFKLQVHLQHP*UWHO(VZXUGHYRQGHUOLQNHQ-DFNHQKlOIWHYHU GHFNW)HUQHUEHVD-RKQQRFKVHLQHQJHZHLKWHQ'ROFKXQGGLH PLW6LOEHUNXJHOQJHODGHQH%HUHWWD$XHUGHPVWHFNWHQGLHEHLGHQ )OlVFKFKHQPLW:HLKZDVVHULQVHLQHQ7DVFKHQ6LHZDUHQZLHGLH 7DVFKHQODPSHXQ]HUEUHFKOLFK -HPDQGKDWWHHLQH)DFNHODQJH]QGHWXQGVLHLQHLQHHLVHUQH +DOWHUXQJLQGHU:DQGJHVWHFNW'LH)DFNHOJDEVRYLHO/LFKWGD -RKQGLH(LQ]HOKHLWHQGHU)ROWHUNDPPHUHUNHQQHQNRQQWH8QG HUUHFKQHWHGXUFKDXVPLWGHU0|JOLFKNHLWGDPDQGLHVH 0DUWHULQVWUXPHQWHDQLKPDXVSURELHUHQZUGH -RKQ6LQFODLUVFKOXFNWHEHLGLHVHU9RUVWHOOXQJ 6FKRQMHW]WWDWHQLKPGLH6FKXOWHUJHOHQNHZHK$XFKGLH :XQGHGLH+DGXNV6FKZHUWJHULVVHQKDWWHVFKPHU]WHZLHGHU 'D]XNDPHQQRFKGLHERKUHQGHQ.RSIVFKPHU]HQ -RKQELGLH=lKQH]XVDPPHQEHZHJWHVLFK]XUFNELVHUGLH :DQGLP5FNHQVSUWHXQGVWHPPWHVLFKGDQQKRFK'LH-DFNH NUDW]WHEHUGLHUDXKHQ6WHLQHDEHU-RKQVFKDIIWHHVVFKOLHOLFK GRFKDXIHLJHQHQ)HQ]XVWHKHQ

6FKZHLOLHILKPEHUGDV*HVLFKW(UNHXFKWHYHUELVVHQ-HW]W KLQJHQVHLQHDQJHNHWWHWHQ$UPHLQHLQHUZDDJHUHFKWHQ/DJH6LH ZDUDXFKXQEHTXHPXQGDXIGLH'DXHUNDXP]XHUWUDJHQ -RKQV=XQJHIXKUEHUGLHVSU|GHQ/LSSHQ'XUVWTXlOWHGHQ ,QVSHNWRU(UKl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gVHQKLQJHQ'DZDUQLFKWV ]XPDFKHQ $EHUVHLQH+DQGJHOHQNHZDUHQYRQHLQHU6WDKOPDQVFKHWWH XPNODPPHUW-RKQ6LQFODLUHQWGHFNWHNHLQ6FKORVRQGHUQQXU HLQH.ODPPHUGLHGLH0DQVFKHWWHIHVWKLHOW$OOHUGLQJVNRQQWHHU DXVHLJHQHU.UDIWDQGLH.ODPPHUQLFKWKHUDQ(VPXWHLKQ VFKRQMHPDQGEHIUHLHQ 3O|W]OLFKK|UWH-RKQ6FKULWWH8QZLOONUOLFKVSDQQWHGHU ,QVSHNWRUVHLQH0XVNHOQ .DPPDQMHW]WXPLKQ]XKROHQ" 'LH6FKULWWHQlKHUWHQVLFKGHU)ROWHUNDPPHU -RKQK|UWHHLQHKHLVHUHZDKQVLQQLJNOLQJHQGH6WLPPHXQGLP VHOEHQ$XJHQEOLFNHUNDQQWHHUZHPGLHVH6WLPPHJHK|UWH +DGXNGHP0|UGHU

9RQ+DEHVHHOWLUUWH+DGXNGXUFKGLHILQVWHUHQ*lQJHGHV 6FKORVVHV$XIVHLQHQ$UPHQODJGLHEHZXWORVH-DQH&ROOLQV 'DVEORQGH+DDUKLQJZLHHLQGLFKWHU9RUKDQJYRQLKUHP.RSI KHUDE,KUH%UXVWKREXQGVHQNWHVLFKXQWHUVFKZDFKHQ$WHP ]JHQ +DGXNGHUYRQ)UDXHQXQG0lGFKHQZHJHQVHLQHV$XVVHKHQV LPPHUYHUVWRHQZRUGHQZDUKDWWHMHW]WHQGOLFKGLH*HOHJHQKHLW VLFK]XUlFKHQ$XHUGHPIUDGLH1LHGHUODJHGLHLKP-RKQ 6LQFODLUEHUHLWHWKDWWHZLH6lXUHLQLKP6LHVWDFKHOWHVHLQHQ+D QRFKPHKUDQ 2EZRKOHVKLHUXQWHQGXQNHOZDUIDQGVLFK+DGXNPLWWUDXP ZDQGOHULVFKHU6LFKHUKHLW]XUHFKW1LFKWHLQHLQ]LJHV0DOVWLHHU JHJHQLUJHQGHLQHQ0DXHUYRUVSUXQJ'LHVHV/DE\ULQWKYRQ *lQJHQXQG9HUOLHVHQZDUVHLQHHLJHQWOLFKH+HLPDW+LHUKDWWHHU VLFKMDKUHODQJYHUVWHFNWJHKDOWHQ (UZDUDXIGHP:HJ]XU)ROWHUNDPPHUVHLQHPHLJHQWOLFKHQ 5HLFK(QGOLFKKDWWHHUZLHGHUHLQ2SIHUJHIXQGHQ 'LH6FKULWWHGHV7UNHQNODQJHQGXPSI(UEHPKWHVLFKHUVW JDUQLFKWOHLVH]XVHLQ1LHPDQGZUGHLKPKLHULQGLH4XHUH NRPPHQ8QHQWZHJWPXUPHOWHHUXQYHUVWlQGOLFKH:RUWHYRU VLFKKLQ 'HUVFKZDFKH)DFNHOVFKHLQLQGHU)ROWHUNDPPHUGUDQJGXUFK GLHVSDOWEUHLWJH|IIQHWH7UELVLQGHQ*DQJ+DGXNEOLHEHLQHQ $XJHQEOLFNVWHKHQXQGVWLHGDQQGLH7UDXI 6LHVFKZDQJJHJHQGLHGDKLQWHUOLHJHQGH:DQG =ZHLVFKQHOOH6FKULWWHEUDFKWHQGHQ7UNHQLQGDV,QQHUHGHU )ROWHUNDPPHU 8QGSO|W]OLFKZHLWHWHQVLFKVHLQH$XJHQ6HLQ%OLFNZDUDXI -RKQ6LQFODLUJHIDOOHQGHUDQJHNHWWHWDQGHU:DQGKLQJ)UHLQ SDDU6HNXQGHQQDKP+DGXNGLHVHV%LOGLQVLFKDXIGDQQHQW UDQJVLFKVHLQHU.HKOHHLQP|UGHULVFKHU:XWVFKUHL (UKDWWHQXUQRFK$XJHQIUVHLQHQYHUKDWHQ*HJQHU :LHHLQ6WFN+RO]OLHHUGLHEHZXWORVH-DQH&ROOLQVIDOOHQ 8QDUWLNXOLHUWH6FKUHLHDXVVWRHQGUDQQWH+DGXNDXI-RKQ]X 'HU*HLVWHUMlJHUVDKGHQ0RUGUDXVFKLQ+DGXNV$XJHQOHXFK WHQXQGYHUNUDPSIWHVLFKXQZLOONUOLFK

1RFKLP/DXIHQKROWH+DGXNDXVZROOWHGHP,QVSHNWRUVHLQH )DXVWLQV*HVLFKWVFKPHWWHUQ 'LHVHU6FKODJKlWWHXQWHU8PVWlQGHQW|GOLFKIU-RKQVHLQ N|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lQHQVFKRVVHQDXVGHQ$XJHQGHV7UNHQ(UZDQNWH]XUFN 6HLQEOXWYHUNUXVWHWHV*HVLFKWZDU]XHLQHU*ULPDVVHYHU]RJHQ :DKUVFKHLQOLFKNRQQWHHUGLHUHFKWH+DQGQLFKWPHKUJHEUDX FKHQ -RKQZDUIHLQHQVFKQHOOHQ%OLFN]X-DQH&ROOLQVKLQ'LH 'HWHNWLYLQNDPVRHEHQ]XVLFK 9HUVW|UWEOLFNWHVLHVLFKLQGHU)ROWHUNDPPHUXP6LHNRQQWH QLFKWEHJUHLIHQZRVLHVLFKEHIDQG ª-DQH© -RKQV6WLPPHEHUW|QWHGDV+HXOHQGHV7UNHQ 'LH'HWHNWLYLQZDQGWHGHQ.RSI6LHVDK-RKQJHIHVVHOWLQGHQ .HWWHQKlQJHQXQGVWLHHLQHQVSLW]HQ6FKUHLDXV ª.RPPHQ6LH-DQH6LHPVVHQPLFKEHIUHLHQ+LHUDQGHQ 0DQVFKHWWHQ© 'HU,QVSHNWRUKDWWHVHLQHHLQ]LJH&KDQFHHUNDQQW1RFKKDWWH +DGXNPLWVLFKVHOEVW]XWXQXQGZHQQ-DQHMHW]WULFKWLJUHD JLHUWHGDQQ 'LH'HWHNWLYLQNDPDXIGLH%HLQH,KU%OLFNZDUOHLFKWJODVLJVLH NRQQWHQRFKQLFKWVRH[DNWUHDJLHUHQZLHVRQVW 6LHVWROSHUWHLQ-RKQV5LFKWXQJGDZDQGWH+DGXNGHQ.RSI

,QQHUKDOEHLQHV+HU]VFKODJVHUIDWHHUZDV-DQH&ROOLQVYRU KDWWH +DGXNEUOOWHDXIZLHHLQ7LHU0LWHLQHPJHZDOWLJHQ6DW] VFKQLWWHU-DQHGHQ:HJDE:LHHLQIXUFKWHUUHJHQGHV8QJHKHXHU VWDQGHUYRUGHU'HWHNWLYLQ 6HLQHEOXWLJHUHFKWH+DQGKLHOWHUJHJHQGHQ.|USHUJHSUHW 8QGPLWGHUDQGHUHQVFKOXJHU]X -RKQ6LQFODLUVFKORGLH$XJHQXQGELVLFKYRU:XWXQG 9HU]ZHLIOXQJDXIGLH/LSSHQ -DQH&ROOLQVZLPPHUWH 6LHODJDXIGHP%RGHQXQG+DGXNGDVPHQVFKOLFKH8Q JHKHXHUVWDQGEHULKU ª.RPPKHUGX5DWWH©NHXFKWH-RKQ6LQFODLUª.RPPGRFK GDPLWLFKGLU]HLJHQNDQQZDVPDQPLW.HUOHQPDFKWGLH)UDXHQ EUXWDO]XVDPPHQVFKODJHQ© +DGXNZDQGWHGHQ.RSIXQGVWLHUWH-RKQPLWWUEHP%OLFNDQ 9HU]ZHLIHOWVFKORGHU,QVSHNWRUGLH$XJHQ:DVQXW]WHDOOHV 5HGHQGHU7UNHYHUVWDQGLKQMDGRFKQLFKW 'RFKSO|W]OLFKNDP%HZHJXQJLQ+DGXN(UEFNWHVLFKXQG KREGLHDQJVWVFKORWWHUQGH-DQH&ROOLQVPLWGHUOLQNHQ+DQGKRFK :LHHLQ3DNHWNOHPPWHHUVLHVLFKXQWHUGHQ$UP =LHOVWUHELJJLQJHUPLWVHLQHP2SIHUDXIGLH(LVHUQH-XQJ IUDX]X ª1HLQ©-RKQ6LQFODLUEUOOWHGDV:RUWKLQDXV(UZROOWH+DGXN VWRSSHQLKQYRQGLHVHU:DKQVLQQVWDWDEEULQJHQGRFKGHU7UNH ODFKWHQXUKlOLFK 'DZXWH-RKQ6LQFODLUGD-DQH&ROOLQVYHUORUHQZDU:DVHU LQGLHVHQ$XJHQEOLFNHQIKOWHZDUXQEHVFKUHLEOLFK+D:XW =RUQHLQHLQQHUH/HHUHGDV*HIKOYHUVDJW]XKDEHQDOOHV GUHKWHVLFKZLHLQHLQHP.UHLVHO $EHUDXFK-DQH&ROOLQVZXUGHSO|W]OLFKNODUZDV+DGXNPLW LKUYRUKDWWH 6LHZHKUWHVLFKYHU]ZHLIHOWYHUVXFKWHGHQJQDGHQORVHQ*ULII GHV7UNHQ]XVSUHQJHQ (VJHODQJLKUQLFKW=XVWDUNZDUGLHVHV0XVNHOSDNHW 3O|W]OLFKZLUEHOWHHU-DQH&ROOLQVKHUXPXQGVWHOOWHVLHDXIGLH

)H(KH-DQHMHGRFKDXVGLHVHU6LWXDWLRQ.DSLWDOVFKODJHQ NRQQWHVFKQHOOWHGLHOLQNH3UDQNHGHV7UNHQYRUXQGXPNODP PHUWHLKUHQ+DOV -DQHZXUGHGLH/XIWDEJHZUJW +DGXNVFKREGLH'HWHNWLYLQZHLWHU 0RUGOXVWVSLHJHOWHVLFKMHW]WLQVHLQHQ$XJHQ 'LHHLQH+lOIWHGHU(LVHUQHQ-XQJIUDXVWDQGRIIHQ6FKRQ NRQQWH-DQHGLH(LVHQVSLW]HQVHKHQXQGKHLH$QJVWVFKDXHU MDJWHQGXUFKLKUHQ.|USHU 8QG-RKQ6LQFODLUPXWHGLHVHVJUDXVDPH6FKDXVSLHOPLWDQ VHKHQ:LHHLQ%HUVHUNHU]HUUWHHUDQVHLQHQ.HWWHQ0LWGHP (UIROJGDHUVLFKVHLQH+DQGJHOHQNHEOXWLJVFKHXHUWH 1RFKHLQPDOVWHPPWHVLFK-DQH&ROOLQVJHJHQGHQGURKHQGHQ 7RG'RFK+DGXNV.UDIWZDUXQJHEURFKHQ (UVWLH-DQH&ROOLQVLQGLHIUHLH+lOIWHGHU(LVHUQHQ-XQJIUDX ª7XQ6LH VQLFKW©VFKULH-RKQª7XQ6LH VQLFKW© 'HU7UNHK|UWHQLFKWDXILKQ $XHU+DGXNZDUQRFKMHPDQGDXIGHU6XFKHQDFKHLQHP 2SIHU 'LQR=DFKHZGHU9DPSLU :HQQHUQLFKWEDOGHLQ2SIHUIDQGZUGHHULQGLH)ROWHU NDPPHU]XUFNJHKHQ 'RFKSO|W]OLFKYHUQDKP=DFKHZ6FKULWWH $XJHQEOLFNOLFKYHUVFKZDQGHULQHLQHU1LVFKHXQGYHUKLHOW VLFKVWLOO 'LH6FKULWWHNDPHQQlKHU=DFKHZK|UWHHLQHQ0DQQLUJHQG HWZDVYRUVLFKKLQIOVWHUQ 'DQQKXVFKWHGHU8QEHNDQQWHDQVHLQHP9HUVWHFNYRUEHL =DFKHZZDUWHWHHLQSDDU6HNXQGHQXQGQDKPGLH9HUIROJXQJ DXI8QK|UEDUVFKOLFKHUKLQWHUGHP0DQQKHU 'HU8QEHNDQQWHVWHXHUWHGLH)ROWHUNDPPHUDQ|IIQHWHGLH7U /LFKWILHOLQGHQ*DQJ 'HU9DPSLUEOLHEHWZDV]XUFNGDPLWHUQLFKWJHVHKHQZXUGH 'DQQK|UWHHUHLQHQP|UGHULVFKHQ6FKUHL

=DFKHZEDOOWHGLH+lQGH]X)lXVWHQ:ROOWHVLFKGHU0DQQDQ VHLQHP2SIHUYHUJUHLIHQ"1HLQGDVGXUIWHHUQLFKW]XODVVHQ'HU $QJHNHWWHWHJHK|UWHLKPJDQ]DOOHLQ 'HU8QWRWHVFKOLFKDXIGLH)ROWHUNDPPHU]X(VNRVWHWHLKQ %HKHUUVFKXQJQLFKWHLQIDFKORV]XUHQQHQ (USUHWHVLFKJHJHQGLH*DQJZDQGXQGOXJWHLQGLH)ROWHU NDPPHU 1XUPLW0KHNRQQWHHUHLQHQ)UHXGHQVFKUHLXQWHUGUFNHQ (LQH)UDXODJDXIGHP%RGHQXQGEHULKUVWDQGGHU.HUOGHU VLHKHUJHVFKOHSSWKDWWH 'HU9DPSLUKDWWHQXUQRFK$XJHQIUGLH)UDX6LHKDWWHODQJH EORQGH+DDUHXQGZDUJHQDXGDVZDVHUMHW]WEUDXFKWH$EHUGD ZDUQRFKGHUDQGHUH 1HLQGLH)UDXJHK|UWHDXFKLKP )U-RKQ6LQFODLUKDWWH=DFKHZNHLQHQ%OLFN(UDFKWHWHDXFK QLFKWGDUDXIZDVGHU*HLVWHUMlJHUVFKULH)ULKQJDEHVQXUGDV EORQGH2SIHU +DGXN=DFKHZKDWWHLKQLQ]ZLVFKHQDOVVHLQHQ*HJQHUHLQ JHVWXIWULGLH%ORQGHKRFK*HZDOWVDP]HUUWHHUVLH]XGHU (LVHUQHQ-XQJIUDX 'LH)UDXZHKUWHVLFKNRQQWHJHJHQGLHURKH.UDIWGHV7UNHQ MHGRFKQLFKWVDXVULFKWHQ %UXWDOVWLHVLHGHU0DQQLQGDV,QQHUHGHV*HKlXVHV 6HLQH5HFKWHIDWHQDFKGHUPLW(LVHQVSLW]HQEHVWFNWHQ .ODSSH ,QGHUQlFKVWHQ6HNXQGHZUGHHUGDV)ROWHULQVWUXPHQW VFKOLHHQ 'DVSUDQJGHU9DPSLUYRU 0LWHLQHP)DXFKODXWMDJWHHULQGLH)ROWHUNDPPHUZDUPLW ]ZHL6SUQJHQEHLGHP7UNHQXQGULLKQDQGHU6FKXOWHU ]XUFN +DGXNZXUGHYRQGHP$QJULIIY|OOLJEHUUDVFKW+LQWHUGHP *ULIIKDWWHVRYLHO.UDIWJHVHVVHQGDGHU7UNHDXIGHQ%RGHQ JHVFKOHXGHUWZXUGH 'HU9DPSLUKDWWH-DQH&ROOLQVGDV/HEHQJHUHWWHW:HQLJVWHQV IUGLHQlFKVWHQ0LQXWHQ

+DGXNHLQJHEWHU.lPSIHUUROOWHVLFKVRIRUW]XU6HLWH(KH VLFK=DFKHZYHUVDKVWDQGHUZLHGHUDXIGHQ%HLQHQ 'HU9DPSLUIOHWVFKWHGLH=lKQH'URKHQGWUDWHQGLHVSLW]HQ +DXHUDXVVHLQHP2EHUNLHIHUKHUYRU +DGXNZLFK]XUFN$QJVWHQWVWHOOWHVHLQ*HVLFKW(UZXWHXP GLH9DPSLUHXQGNDQQWHDXFKLKUH*HIlKUOLFKNHLW'LHVHUGRUW ZROOWHLKQW|WHQ (LQSDQWKHUKDIWHU6SUXQJEUDFKWH+DGXNELVDQGLH:DQG'RUW KLQJHLQ0RUJHQVWHUQHLQHK|OOLVFKJHIlKUOLFKH:DIIH6LHEH VWDQGDXVHLQHPDUPODQJHQ+RO]VWFNDQGHVVHQ(QGHHLQH (LVHQNXJHOEHIHVWLJWZDU'LH.XJHOKDWWHPDQGDQQPLWILQJHU ODQJHQ6SHHUVSLW]HQEHVWFNW :LH]ZHL5DXEWLHUHEHODXHUWHQVLFKGLHEHLGHQ*HJQHU$XI -RKQ6LQFODLUXQG-DQH&ROOLQVDFKWHWHQLHPDQG ,QGHQQlFKVWHQ6HNXQGHQHQWEUDQQWHHLQP|UGHULVFKHU=ZHL NDPSI(LQ.DPSIZLHLKQ-RKQ6LQFODLUVHOWHQLQVHLQHP/HEHQ JHVHKHQKDWWH -DQH&ROOLQVNRQQWHLKUDXJHQEOLFNOLFKHV*OFNQRFKJDUQLFKW IDVVHQ'DV(QWVHW]HQXQGGLH$QJVWKLHOWHQVLHLPPHUQRFKLQ LKUHP%DQQ :LHHLQH3XSSHVWDQGVLHLQGHU(LVHUQHQ-XQJIUDXGHQ%OLFN DXIGLHW|GOLFKHQ6SLW]HQJHULFKWHWGLHVLHK|KQLVFKDQ]XJULQVHQ VFKLHQHQ 1XULP8QWHUEHZXWVHLQQDKPVLHGDV.HXFKHQXQG6FKUHLHQ GHU.lPSIHQGHQZDKU $EHU-RKQ6LQFODLUVDKVHLQH&KDQFH :LH:DVVHUOLHIGHU6FKZHL EHUVHLQ*HVLFKW6HLQ%OLFNVDXJ WHVLFKDQ-DQH&ROOLQVIHVW ª-DQH© 'LH'HWHNWLYLQK|UWHLKQQLFKW -RKQVW|KQWHDXI1RFKHLQPDOULHIHULKUHQ1DPHQ 'DZDQGWH-DQH&ROOLQVGHQ.RSI6LHNRQQWHLKQQXUXPHLQ SDDU=HQWLPHWHUEHZHJHQGRFKHVUHLFKWHXP-RKQ6LQFODLU DQVHKHQ]XN|QQHQ

-RKQ6LQFODLUZDUDXIVK|FKVWHNRQ]HQWULHUWª.RPP]XPLU -DQH.RPP© 6HLQH6WLPPHNODQJEHVFKZ|UHQG6HLQXQGGDV/HEHQGHU 'HWHNWLYLQKLQJHQDQHLQHPKDXFKGQQHQ)DGHQ 8QG-DQH&ROOLQVK|UWHGHQ5XI 6LHVFKLHQDXVHLQHPWLHIHQ7UDXP]XHUZDFKHQ,KUH$XJHQ EHNDPHQZLHGHUGHQDOWHQ*ODQ]XQGVLHEHJULIISO|W]OLFKGLH VFKUHFNOLFKH6LWXDWLRQLQGHUVLHVLFKEHIDQG 6LHVDKGLHEHLGHQJUlOLFKHQ*HVWDOWHQGLHYHUELVVHQPLWHLQ DQGHUNlPSIWHQXQGLKU0XQG|IIQHWHVLFK]XHLQHPHUO|VHQGHQ 6FKUHL :HQQVLHQXUQLFKWVFKUHLWEHWHWH-RKQ6LQFODLU ª-DQH© -RKQV6WLPPHULGLH'HWHNWLYLQDXVLKUHU3DQLN3O|W]OLFK ZXWHVLHZDVVLH]XWXQKDWWH 6LHYHUOLHGDV0DUWHULQVWUXPHQW+DGXNXQG=DFKHZZDUHQ]X VHKUPLWVLFKVHOEVWEHVFKlIWLJWDOVGDVLHHWZDVJHPHUNWKlWWHQ :DQNHQGOLHI-DQH&ROOLQVDXIGHQ*HLVWHUMlJHU]X ª6FKQHOO-DQHGLH0DQVFKHWWHQ©-RKQEHZHJWHGLH$UPHª6LH KDEHQ%JHOGLHGXQXU]XO|VHQEUDXFKVW%HHLOGLFK© -DQH&ROOLQVKDQGHOWHZLHLQ7UDQFH6LHXPIDWHGLHHLVHUQH 0DQVFKHWWHVDKGHQ5LHJHOXQGULLKQ]XUFN 'LH.HWWHILHOXQG-RKQDWPHWHDXI ª8QGMHW]WGLHDQGHUH© 'LH'HWHNWLYLQWUDWDQ-RKQVOLQNH6HLWH6LHEHPHUNWHQLFKWZDV XPVLHKHUXPJHVFKDK)UVLHJDEHVQXU-RKQ6LQFODLU'HQ 0DQQGHQVLHEHIUHLHQPXWH 'RFKGDQQNDPDOOHVJDQ]DQGHUV +DGXNZDUHVGHUJHVHKHQKDWWHZDVPLWGHP,QVSHNWRUSDV VLHUWH(UEUDXFKWHQXUHLQH6HNXQGHXP]XEHJUHLIHQGDHU YHUORUHQZDUZHQQ-RKQ6LQFODLUKHUNDP (UWDWGDVIULKQHLQ]LJ5LFKWLJH 0LWHLQHP+HFKWVSUXQJIODQNWHHUEHUGLH6WUHFNEDQNXQG UDQQWHGHQ0RUJHQVWHUQZLOGEHUVHLQHQ.RSIVFKZLQJHQGDXI -RKQ6LQFODLU]X

(VZDUHLQXQKHLPOLFKHU$QEOLFN 'LH0HQVFKHQJLQJHQZLH0DULRQHWWHQ,QHLQHUODQJHQ5HLKH VFKULWWHQVLHGXUFKGLH*lQJHGHV6FKORVVHV 'U7RGV+\SQRVHKDWWHKXQGHUWSUR]HQWLJJHZLUNW 'LH$XJHQGHU5HLVHQGHQZDUHQVHOWVDPOHHUXQGYHUGUHKW 1LHPDQGVSUDFKHLQ:RUW'LHJHVDPWH6]HQHHULQQHUWHDQ HLQHQ/HLFKHQ]XJ 'LHHUVWHQHUUHLFKWHQEHUHLWVGLH7UHSSHZlKUHQGGDV(QGHGHU PDNDEUHQ3UR]HVVLRQQRFKLP'XQNHOGHV*DQJHVODJ -DQRV5XIIZDUGHU$QIKUHU$XFKHUVWDQGXQWHU+\SQRVH 'U7RGKDWWHHVIUVLFKHUHUJHKDOWHQ5XIIZLUNWHZLHHLQH JURH6SLHO]HXJSXSSH6HLQH$UPHSHQGHOWHQEHLMHGHP6FKULWW UK\WKPLVFKKLQXQGKHU 'LH6FKULWWHGHU5HLVHQGHQGU|KQWHQLQHLQHUPRQRWRQHQ *OHLFKKHLW'DV/LFKWGHU.HU]HQ]DXEHUWH]XFNHQGH0XVWHUDXI GLHEOHLFKHQ*HVLFKWHU 1LHPDQGVSUDFKHLQ:RUW:LH*HLVWHUZLUNWHQGLHVH 0HQVFKHQ -DQRV5XIIOLHGLHOHW]WH6WXIHKLQWHUVLFKXQGJLQJQDFKOLQNV 0LWEHLGHQ+lQGHQVWLHHUHLQHEUHLWH'RSSHOWUDXILQGHUHQ +RO]JUlOLFKH'lPRQHQIUDW]HQJHVFKQLW]WZDUHQ 'LH)OJHOVFKZDQJHQ]XUFNXQGNDPHQ]XU5XKH (LQJURHU6DDOWDWVLFKDXI 'HU%RGHQEHVWDQGDXV6WHLQEHPDOWPLW6]HQHQDXVGHU9HU JDQJHQKHLWGHV6FKORVVHV'LH0DOHUHLHQDQGHU'HFNH]HLJWHQ PHLVWlKQOLFKH0RWLYH 'LHKRKHQ)HQVWHUZDUHQGXUFKGLFNH9RUKlQJHYHUKlQJW .HU]HQVSHQGHWHQ/LFKW 'LH:lQGHZDUHQVFKZDU]JHWQFKW'LH)DUEHJOlQ]WHXQG UHIOHNWLHUWHGDV/LFKWGHU.HU]HQ 'RFKGHQ0LWWHOSXQNWGHV6DDOHVELOGHWHHLQ7LVFK (UKDWWHGLH)RUPHLQHV'UHLHFNV(LQHVPDJLVFKHQ'UHLHFNV 3HFKVFKZDU]ZDUGLH7LVFKSODWWH$XILKUVWDQGHQHEHQIDOOV GXQNOH.HU]HQ6LHVWHFNWHQLQ+RO]OHXFKWHUQXQGEUDQQWHQPLW UXKLJHU)ODPPH -HZHLOVDQGHQVSLW]HQ(QGHQGHV'UHLHFNVVWDQGHQGUHL6HVVHO

6LHZDUHQPLWGXQNOHP6DPWEHU]RJHQXQGGLH(QGHQGHU $UPOHKQHQ]HLJWHQHLQHQJHVFKQLW]WHQ'lPRQHQNRSI $QGHQ6HLWHQGHVGUHLHFNLJHQ7LVFKHVVWDQGHQGLH6WKOHIU GLH+RFK]HLWVJlVWH6LHZDUHQHEHQIDOOVJHSROVWHUWXQGKDWWHQ KRKH/HKQHQ :LHHLQVWXGLHUWJLQJHQGLH5HLVHQGHQDXIGHQVHOWVDPJHIRUP WHQ7LVFK]X-HGHUQDKPVHLQHQ3ODW]HLQDOVKlWWHPDQLKQLKP YRUKHU]XJHZLHVHQ 8QEHZHJOLFKVDHQGLH0HQVFKHQDXILKUHQ6WKOHQKDUUWHQ GHU'LQJHGLHGDNRPPHQVROOWHQ 6LHKDWWHQGLH+lQGHDXIGHQ7LVFKJHOHJWXQGYLHOHVSUWHQ SO|W]OLFKGDVVHOWVDPH%UHQQHQGDVYRQGHU7LVFKSODWWHDXVJLQJ 'LHPDJLVFKHQ.UlIWHEHJDQQHQ]XZLUNHQ8QVLFKWEDUZXUGHQ GLH0HQVFKHQDQHLQDQGHUJHNHWWHW 8QGHVZDUQLHPDQGGDGHUVLFKGLHVHPK|OOLVFKHQ(LQIOX HQW]LHKHQNRQQWH %LOO&RQROO\OlFKHOWHYHUNOlUW (UVDKGLHVHVVFKDXULJVFK|QH*HVLFKWPLWGHQ9DPSLU]lKQHQ GLFKWYRUVLFKXQGKDWWHSO|W]OLFKGDV9HUODQJHQGLH/LSSHQGHU 6FK|QHQ]XNVVHQ 'RFKLUJHQGHWZDVKLHOWLKQGDYRQDE(VZDUQLFKWVHLQ HLJHQHU:LOOHVRQGHUQGLH0DFKWGLH'U7RGDXILKQ%LOO &RQROO\DXVEWHXQGGLHQLHZLHGHUJHEURFKHQZHUGHQVROOWH 9HUD0RQWHVLVWDQGGHUHUVWH.X]X'HU.XGHV9DPSLUV 'DQQHUVWZUGH%LOO&RQROO\HQGJOWLJHLQJHKHQLQGDV5HLFK GHU)LQVWHUQLVZRGHU7HXIHOUHJLHUWHXQGGDV%|VH7UXPSIZDU 0LWDXIUHL]HQGHU/DQJVDPNHLWVFKOSIWH9HUD0RQWHVLDXV LKUHP.OHLG 'HU5HSRUWHUVWDUUWHJHEDQQWDXIGHQPDNHOORVHQ.|USHU(U VDKVLFKEHUHLWVLQGHQ$UPHQGHU)UDXOLHJHQXQG 'LH8QWRWHOlFKHOWHYHUIKUHULVFK 'HU5HSRUWHUVDLQHLQHP6HVVHO(UKDWWHVLFKXPJH]RJHQ WUXJMHW]WHLQEOXWURWHV*HZDQGGDVPLW6\PEROHQGHU 6FKZDU]HQ0DJLHEHPDOWZDU

(UZDUGHU%UlXWLJDP8QGHUZDUQLFKWPHKU+HUUVHLQHU VHOEVW'LH+\SQRVHXQWHUGHUHUVWDQGKDWWHVHLQHLJHQHV 'HQNHQY|OOLJDXVJHO|VFKW (LQHXUDOWH=HUHPRQLHZUGHKHXWHDEODXIHQVRZLHHVLQGHQ %FKHUQGHV6FKUHFNHQVVWDQG (LQ0HQVFKVROOWHVHLQ/HEHQGHU+|OOHRSIHUQ 9HUD0RQWHVLVFKULWWDXIHLQHQ6FKUDQN]X|IIQHWHGLH7UHQ XQG]RJHLQSHFKVFKZDU]HV.OHLGKHUYRU 0LWHLQHUOlVVLJHQ%HZHJXQJVFKOSIWHVLHKLQHLQ 'DV.OHLGVDZLHHLQH]ZHLWH+DXWEHWRQWHMHGH%HZHJXQJ LKUHV.|USHUV 'LH8QWRWHZDUILKUHQ.RSILQGHQ1DFNHQ'LHODQJHQ+DDUH ILHOHQZLHHLQ9OLHVDXIGLH6FKXOWHUQ 9HUD0RQWHVLZDUEHUHLW *DQ]GLFKWWUDWVLHDQGHQ6HVVHOKHUDQ,KUH+lQGHPLWGHQ EOXWURWHQ)LQJHUQlJHOQVWULFKHQEHU%LOOV*HVLFKW ª.RPP*HOLHEWHU©VDJWHGLH8QWRWH6LHUHLFKWH%LOOLKUH +lQGHXQG]RJGHQ5HSRUWHUKRFK %LOO&RQROO\OlFKHOWHDOVHUGLFKWYRULKUVWDQG,KUH.|USHU EHUKUWHQVLFK ª(VZLUG=HLW©VDJWHGLH*UlILQ *HPHLQVDPVFKULWWHQVLH]XU7U9HUD0RQWHVLKDWWHVLFKEHL %LOO&RQROO\HLQJHKDNWXQGGHU5HSRUWHUVSUWHQLFKWHLQPDOGLH .lOWHLKUHV.|USHUV %LOO|IIQHWHGLH7U 6HNXQGHQVSlWHUKDWWHVLHHLQGXQNOHU*DQJYHUVFKOXFNW 7UDXPKDIWVLFKHUJLQJHQVLHGXUFKGDV6FKORXQGHUUHLFKWHQ VFKOLHOLFKGLH7UHSSHGLHQDFKXQWHQLQGHQ6DDOIKUWH 1XULKUH6FKULWWHZDUHQ]XK|UHQDOVVLHGLH6WXIHQKLQXQWHU VWLHJHQ 'LH7U]XP)HVWVDDOVWDQGRIIHQ%LOOVDKGLH0HQVFKHQDQ GHP7LVFKVLW]HQXQGHLQVHOWVDPHV*OFNVJHIKOEHUNDPLKQ XQGEHOHEWHVHLQHQYRQ'U7RGNRQWUROOLHUWHQ*HLVW 6LHZDUHQVHLQHWZHJHQJHNRPPHQZROOWHQGDEHLVHLQZHQQHU LQGDV5HLFKGHU)LQVWHUQLVHLQWUDW 'UHL3OlW]HZDUHQIUHL9HUD0RQWHVLJHOHLWHWH%LOO]XVHLQHP6HVVHO

'HU5HSRUWHUVHW]WHVLFKOHJWHEHLGH+lQGHIODFKDXIGHQ7LVFK $XFK9HUD0RQWHVLKDWWH3ODW]JHQRPPHQ1XUHLQHUIHKOWHQRFK LQGLHVHPK|OOLVFKHQ5HLJHQ 'U7RG (UNDP0LQXWHQVSlWHUXQGKDWWHHLQHQ$XIWULWWZLHGHU +|OOHQIUVWSHUV|QOLFK %HJOHLWHWZXUGHHUYRQ]ZHL:|OIHQGLHIXUFKWHUUHJHQGLKUH =lKQHIOHWVFKWHQ 'U7RGWUXJEHUVHLQHU.OHLGXQJHLQHQVFKZDU]HQ6HLGHQ XPKDQJDXIGHVVHQ5FNHQHLQJURHU7RWHQNRSIHLQJHVWLFNW ZRUGHQZDU 'HU8PKDQJEDXVFKWHVLFKKLQWHUGHP5FNHQGHV 0HQVFKHQKDVVHUVZLHHLQH)DKQHLP:LQG 'U7RGV*HVLFKWJOLFKHLQHU0DVNH1LHPDQGNRQQWHDKQHQ ZDVLQGHP0DQQYRUJLQJ6HOEVWGLH$XJHQLQGHPVWDUUHQ *HVLFKW]HLJWHQNHLQHUOHL*HIKO 'LH*HVLFKWHUGHU0HQVFKHQKDWWHQVLFKGHP(LQWUHWHQGHQ ]XJHZDQGW(LQHXQVLFKWEDUH6SDQQXQJODJEHUGHQKLHU 9HUVDPPHOWHQ 'U7RGJLQJDQVHLQHQ3ODW])ULKQZDUGHUSUlFKWLJVWH6HVVHO UHVHUYLHUW(UZDUDXVNRVWEDUHP+RO]JHVFKQLW]WXQGGLHKRKH 5FNHQOHKQHUHLFKWHELV]X'U7RGV1DFNHQ -HGHUGHU0HQVFKHQKDWWHGDV*HIKOGHU0HLVWHUZUGHELVLQ VHLQH6HHOHEOLFNHQ$OOHVWDQGHQVLHXQWHUGHPVFKUHFNOLFKHQ %DQQ =ZHL3OlW]HZDUHQOHHUJHEOLHEHQ 'RUWKlWWHQ-RKQ6LQFODLUXQG-DQH&ROOLQVVLW]HQVROOHQ(V NPPHUWH'U7RGQLFKWZHLWHU(UZDUVLFKHUGDGHU,QVSHNWRU QRFKLQGLHVHU1DFKWVWHUEHQZUGH 0LWGHU*HVWHHLQHVJURHQ0DJLHUVKRE'U7RGEHLGH$UPH ª'LH+RFK]HLWNDQQEHJLQQHQ©VDJWHHU ,PVHOEHQ$XJHQEOLFNHUW|QWHHLQGXPSIHV%UDXVHQ:LQGIXKU GXUFKGHQ5DXPXQGOLHGLH.HU]HQIODFNHUQ 'LH7UHQNODSSWHQ]X 'U7RGUHJLHUWHGLH.UHDWXUHQGHU+|OOH6LHZDUHQ]XHLQHP PDNDEUHQ+RFK]HLWVUHLJHQHUVFKLHQHQ

6FKUHFNOLFKHGXUFKVFKHLQHQGH*HVWDOWHQWDQ]WHQSO|W]OLFKLQ GHPJURHQ6DDO(VZDUHQ8QJHKHXHUDXVGHP6FKDWWHQUHLFK GLH'U7RGXQGGHP%UDXWSDDULKUH5HYHUHQ]HUZHLVHQZROOWHQ 'LHJUlOLFKHQ:HVHQXPWDQ]WHQGHQ7LVFKXQGVWLHHQVFKULOO NOLQJHQGH/DXWHDXV .DOWH)ODPPHQ]QJHOWHQDXVRIIHQHQ0lXOHUQJOLWWHQZLH IHXULJH6FKODQJHQEHUGHQ7LVFKXQGKXVFKWHQDXIGLH 6LW]HQGHQ]X %LOOVSUWHZLHGLH=XQJHQEHUVHLQ*HVLFKWOHFNWHQXQGHU HPSIDQGGLHVH%HUKUXQJHQDOV/LHENRVXQJ 0LQXWHQODQJGDXHUWHGLHVHUK|OOLVFKH5HLJHQ'DQQYHU VFKZDQGHQGLH+|OOHQERWHQVRVFKQHOOZLHVLHDXIJHWDXFKW ZDUHQ 'LH:|OIHGLHZlKUHQGGHV7DQ]HVDXIJHVSUXQJHQZDUHQ KRFNWHQVLFKZLHGHUQLHGHU,KUKHFKHOQGHU$WHPGUDQJGXUFKGLH 6WLOOH 6FKOLHOLFKHUKREVLFK'U7RGYRQVHLQHP6LW](UEOLFNWHHUVW 9HUD0RQWHVLDQXQGGDQQ%LOO&RQROO\$XIGHP5HSRUWHUEOLHE VHLQ%OLFNHWZDVOlQJHUUXKHQPDQNRQQWHVSUHQGD'U7RG JURH*HQXJWXXQJHPSIDQGGLHVHQ0DQQLQVHLQH*HZDOW JHEUDFKW]XKDEHQ %LOOUHDJLHUWHQLFKW6HLQVHHOHQORVHU%OLFNKLQJDQ'U7RGV /LSSHQ )UGHQ5HSRUWHUZDUDOOHVYHUJHVVHQ1LFKWHLQH6HNXQGH GDFKWHHU]XUFNDQVHLQHLJHQWOLFKHV/HEHQ)ULKQH[LVWLHUWH QLFKWV3RVLWLYHVPHKU1LFKWVHLQH)UDXQLFKW-RKQ6LQFODLU(V JDEQXUQRFK'U7RG 'HU0HQVFKHQKDVVHUEHJDQQVHLQHPDNDEUH+RFK]HLWVUHGH(U VSUDFKPLWNKOHUOHLGHQVFKDIWVORVHU6WLPPHZLHHLQ+HQNHU]X VHLQHP2SIHU ª'HU)OXFKGHU6FKZDU]HQ0DJLHLVWHUIOOW©VDJWHHUª:LHHV LQGHQ6FKULIWHQGHV6DWDQVJHVFKULHEHQVWHKW(LQ0HQVFKZLUG VLFKKHXWHPLWHLQHU*HIlKUWLQDXVGHP6FKDWWHQUHLFKYHUPlKOHQ 'DV%OXWGLHVHV0DQQHVZLUG9HUD0RQWHVLGLH.UDIWJHEHQZHL WHU]XOHEHQ(UVHOEVWEHUVFKUHLWHWLQZHQLJHQ0LQXWHQGLH 6FKZHOOH]XP5HLFKGHU6FKDWWHQXQGLKUGLHLKUDOVDXVJH

VXFKWH*lVWHDQGLHVHU+RFK]HLWWHLOKDEWZHUGHWVHLQHP %HLVSLHOIROJHQ$OV$UPHHYRQ8QWRWHQOHEWLKUZHLWHUXQG QHKPWGLHVHV/DQGLQHXUHQ%HVLW]:LUZHUGHQGDV5HLFKGHV 6FKUHFNHQVJUQGHQ© 'U7RGGUHKWHGHQ.RSIXQGVDK9HUD0RQWHVLDQ 'LH8QWRWHKDWWHGHQ0XQGJH|IIQHW'LHODQJHQ9DPSLU]lKQH EHUKUWHQLKUH8QWHUOLSSH.DONZHLVDKGLH+DXWDXV ª*HKMHW]W]XGHLQHP%UlXWLJDPXQGJLELKPGHQ9DPSLUNX© EHIDKO'U7RG 9HUD0RQWHVLVWDQGDXI'HU6WXKOUXFNWHOHLFKW]XUFN'DV 6FKDEHQGUDQJEHUODXWGXUFKGLHKHUUVFKHQGH6WLOOH 6HKQVXFKWVYROOEOLFNWH%LOO&RQROO\GHU8QWRWHQHQWJHJHQ(U NRQQWHHVNDXPHUZDUWHQGHQ9DPSLUNX]XHPSIDQJHQ 8QWHUHLQHPXQKHLPOLFKHQ=ZDQJHUKREVLFKGHU5HSRUWHUYRQ VHLQHP6WXKO(UGUHKWHVLFKXQGJLQJ9HUD0RQWHVLHLQHQ6FKULWW HQWJHJHQ 'LH*lVWHVWDUUWHQGLHEHLGHQDQ'LH=HLWVFKLHQIU $XJHQEOLFNHVWLOO]XVWHKHQ'HU+DXFKGHV%|VHQODJGURKHQGLQ GHU/XIW (LQXQEHVFKUHLEOLFKHU5DXVFKKDWWHGLH8QWRWHJHSDFNW6LH KDWWHQXUQRFK$XJHQIU%LOO&RQROO\ ,KUH$UPHIXKUHQYRUIDWHQQDFK%LOOV6FKXOWHUQ :LOOHQORVOLHGHU5HSRUWHUDOOHVPLWVLFKJHVFKHKHQ(UVWDQG Y|OOLJXQWHUGHPPDJLVFKHQ%DQQ 9HUD0RQWHVLGUFNWH%LOOV.RSI]XU6HLWH'LH+DXWGHV+DOVHV VWUDIIWHVLFK 9HUD0RQWHVL|IIQHWHGHQ0XQG(LQKHLVHUHV)DXFKHQGUDQJ DXVLKUHP5DFKHQ %LOOVFKORGLH$XJHQXQGZDUWHWHDXIGHQ.X 'HU,QVSHNWRUHUIDWHGLHEUDQGJHIlKUOLFKH6LWXDWLRQLQQHUKDOE YRQ6HNXQGHQEUXFKWHLOHQ1RFKKDWWHHUQXUGHQUHFKWHQ$UP IUHLXQGZHQQ+DGXN]XVFKOXJGDQQZDUQLFKWQXUHUVRQGHUQ DXFK-DQH&ROOLQVHUOHGLJWGLHGHP7UNHQGHQ5FNHQ ]XZDQGWHXQGDQ-RKQVHLVHUQHU)HVVHOKDQWLHUWH

-RKQ6LQFODLUULVHLQHQUHFKWHQ)XKRFKXQGVWLHGHQ$EVDW] JHJHQ-DQH&ROOLQVYHUOlQJHUWHQ5FNHQ 'LH'HWHNWLYLQIORJVFKUHLHQGGXUFKGLH)ROWHUNDPPHU1RFK ZlKUHQG-RKQV%HLQLQ$NWLRQZDUULGHU,QVSHNWRUGDV .UXPPVFKZHUWDXVVHLQHP*UWHO ,PVHOEHQ0RPHQWIHJWHGHU0RUJHQVWHUQDXILKQ]X 'HU*HLVWHUMlJHUJLQJEOLW]VFKQHOOLQGLH.QLH 'LHJHIlKUOLFKH:DIIHSILIIEHUVHLQHQ.RSI'LH(LVHQVSLW]HQ GHU.XJHONQDOOWHQJHJHQGDV0DXHUZHUN)XQNHQVSUKWHQ 'LFKWQHEHQ-RKQ6LQFODLUSUDOOWHGHU0RUJHQVWHUQDXIGHQ%RGHQ 'HU,QVSHNWRUKLHOWGDV6FKZHUWVRLQGHU+DQGGDGLH6SLW]H QDFKREHQ]HLJWH +DGXNV6FKZXQJZDUQLFKWPHKU]XEUHPVHQ(UUDQQWHJHQDX LQGLH.OLQJHGHV6FKZHUWHVKLQHLQ (LQJXUJHOQGHU6FKUHLGUDQJDXVVHLQHP0XQGXQGJLQJLQHLQ JHTXlOWHV5|FKHOQEHU -RKQOLHGDV.UXPPVFKZHUWORV'HU7UNHEUDFK]XVDPPHQ +DGXNZDUWRW $EHUQRFKOHEWHGHU9DPSLU(UZDUQLFKWVROHLFKW]XHUOHGLJHQ ZLH+DGXN %HYRUVLFK-RKQDXIGLH6LWXDWLRQHLQVWHOOHQNRQQWHUDQQWH =DFKHZORV0LWODQJHQ6SUQJHQKHW]WHHUDXIGLHDP%RGHQ OLHJHQGH-DQH&ROOLQV]X 'LH'HWHNWLYLQVFKULH -RKQV+DQGUDVWHXQWHUGDV-DFNHWW]RJGLHPLW6LOEHUNXJHOQ JHODGHQH3LVWROHKHUYRU =LHOHQIHXHUQHVZDUHLQV 'DVVLOEHUQH*HVFKRIOLUUWHGXUFKGLH/XIWXQGGUDQJGHP 9DPSLULQGLH+IWH =DFKHZZXUGHPLWWHQLP6SUXQJJHVWRSSW(UZXWHGD 6LOEHUIUHLQHQ8QWRWHQW|GOLFKZDUDEHUQXUZHQQGLH.XJHO RGHUGHU'ROFKGDV+HU]WUDIHQ -RKQV*HVFKRVWHFNWHLQVHLQHU+IWHOlKPWH]ZDUGLH .DPSINUDIWGHV9DPSLUVPDFKWHLKQMHGRFKQLFKWNDPSIXQIlKLJ =DFKHZZDU]X%RGHQJHVFKOHXGHUWZRUGHQ-RKQZROOWHHLQ ]ZHLWHV0DOVFKLHHQGRFKHUVDKNHLQ=LHO

'HU8QWRWHZXUGHGXUFKGLH6WUHFNEDQNJHGHFNW1XUVHLQ 6W|KQHQZDU]XK|UHQ'LH6LOEHUNXJHOGLHLQVHLQHP.|USHU VWHFNWHPXWHLKPZDKQVLQQLJH6FKPHU]HQEHUHLWHQ -DQH&ROOLQVNQLHWHDXIGHP%RGHQ,KU%OLFNIUDVLFKDQGHP 9DPSLUIHVWGHUODQJVDPDXIVLH]XNURFK =DFKHZV$XJHQZDUHQEOXWXQWHUODXIHQ(UKDWWHGDV*HVLFKW]X HLQHU)UDW]HYHU]RJHQ'LH$UPHZDUHQYRUJHVWUHFNWGLH)LQJHU JHNUPPW =HQWLPHWHUZHLVHQlKHUWHHUVLFKVHLQHP2SIHU ª-DQH©EUOOWH-RKQ6LQFODLUª.RPPHQ6LH-DQH/RV6LHPV VHQGDZHJ© -DQH&ROOLQVVFKWWHOWHLQJUHQ]HQORVHU3DQLNGHQ.RSI=XYLHO ZDUDXIVLHHLQJHVWUPW6LHUHDJLHUWHNDXPQRFKDXIVHLQHQ $QUXI 8QGGHU9DPSLUNDPLPPHUQlKHU -RKQ6LQFODLUZDUQDKHGDUDQGLH1HUYHQ]XYHUOLHUHQ:LHGHU EUOOWHHUGHQ1DPHQGHUEORQGHQ)UDX 'DHQGOLFKEHZHJWHVLFK-DQH&ROOLQV 0KVDPVWW]WHVLHVLFKDQGHU:DQGKRFK,KUH.QLH]LWWHUWHQ XQGLKU+HU]VFKODJJLQJZLHUDVHQG 0LWHLQHP3DQWKHUVDW]ZDUIVLFK'LQR=DFKHZGHUDQJVWVFKORW WHUQGHQ)UDXHQWJHJHQ6HLQHODQJHQ$UPHZROOWHQ-DQHV+IWH XPIDVVHQXQG 'HU*HLVWHUMlJHUIHXHUWH 6FKLHHQNRQQWHHUZLHNHLQ=ZHLWHU'DULQKDWWHPDQLKQ JHWULPPW-HW]WPDFKWHVLFKGLHVH6FKXOHEH]DKOW 'LH6LOEHUNXJHONODWVFKWHLQGHQ+DOVGHV9DPSLUV (LQODQJHU6FKUHLGUDQJDXVVHLQHU.HKOHXQGHKHHUGRFKQRFK ]XSDFNHQNRQQWHVSUDQJ-DQH&ROOLQV]XU6HLWH 'LQR=DFKHZSUDOOWHJHJHQGLH:DQG $XIKHXOHQGZDUIHUVLFKZLHGHUKHUXP 'HU9DPSLUERWHLQVFKUHFNOLFKHV%LOG(UGUHKWHVLFKNUHL VFKHQGDXIGHU6WHOOH(UKDWWHYROOHQGVGLH.RQWUROOHXQGhEHU VLFKWYHUORUHQ 'LH6FKPHU]HQPXWHQLKQY|OOLJYHUUFNWJHPDFKWKDEHQ XQGXQEHUHFKHQEDU

0LWEHLGHQ+lQGHQSDFNWHHUHLQH/DQ]HULVLHDXVGHU +DOWHUXQJ+RFKVFKZDQJHUGLH:DIIHEHUGHQ.RSI ,PQlFKVWHQ$XJHQEOLFNZUGHGLH/DQ]HDXI-RKQ6LQFODLU ]XIOLHJHQXQGLKQGXUFKERKUHQ %UHLWEHLQLJXQGOHLFKWLQGHQ.QLHQIHGHUQGVWDQGGHU ,QVSHNWRUDQGHU:DQG:LHIHVWJHVFKZHLWODJGLH3LVWROHLQ VHLQHU5HFKWHQ 'HU8QWRWHEHXJWHVLFKHWZDV]XUFNZROOWHQRFKPHKU 6FKZXQJKROHQ 'DVNRVWHWH%UXFKWHLOHYRQ6HNXQGHQ -RKQ6LQFODLUVFKRHLQGULWWHV0DO +DUWEHOOWHGLH:DIIHDXI 'DVVLOEHUQH*HVFKRERKUWHVLFKJHQDXLQ+HU]K|KHLQGLH %UXVWGHV8QWRWHQ 'LH:XFKWGHV(LQVFKODJHVVWLH=DFKHZKHUXP(UKDWWHQLFKW PHKUGLH.UDIWGLH/DQ]H]XVFKOHXGHUQ6LHUXWVFKWHLKPDXV GHQ)LQJHUQ 'DQQEUDFKGHU8QWRWH]XVDPPHQ 0LWGHP*HVLFKWVFKOXJHUDXIGHPVWHLQLJHQ%RGHQDXI -RKQ6LQFODLUKDWWHGHQ.DPSIJHZRQQHQ-HW]WHUVWPHUNWHHU ZLHHUVFK|SIWHUZDU'LH%HLQHNRQQWHQGDV*HZLFKWVHLQHV .|USHUVNDXPKDOWHQ-RKQPXWHVLFKDQGHU:DQGDEVWW]HQ XPQLFKWXP]XIDOOHQ -DQHV6FKOXFK]HQGUDQJDQVHLQH2KUHQ -RKQZROOWHHWZDVVDJHQPXWHVLFKMHGRFKHUVWGLH.HKOHIUHL UlXVSHUQXPHLQHQ7RQKHUDXV]XEULQJHQ ª.RPPHQ6LH-DQH(VLVWYRUEHL© 'LH'HWHNWLYLQKREGHQ.RSI,KUH$XJHQZDUHQJHU|WHWYRP :HLQHQ6WUlKQLJNOHEWHGDVEORQGH+DDUDXILKUHUVFKZHLQDV VHQ6WLUQ6LHWDXPHOWHDXI-RKQ]XXQGYHUPLHGHVWXQOLFKVWGLH EHLGHQ/HLFKHQDQ]XEOLFNHQ 0LW]LWWHUQGHQ)LQJHUQPDFKWHVLHVLFKDQGHU]ZHLWHQ6FKHOOH ]XVFKDIIHQ'DEHLEUDFKVLHVLFK]ZHL1lJHODEGRFKVFKOLHOLFK KDWWHVLHHVJHVFKDIIW 'LH.HWWHILHO-RKQKDWWHGDV*HIKOYRQHLQHU=HQWQHUODVW EHIUHLWZRUGHQ]XVHLQ

,PQlFKVWHQ$XJHQEOLFNILHOLKP-DQH&ROOLQVVFKOXFK]HQGLQ GLH$UPH6LHEDUJLKU*HVLFKWDQ-RKQV6FKXOWHUQ 'HU,QVSHNWRUVWULFKGHU'HWHNWLYLQVDFKWEHUGDVEORQGH+DDU ,KPVD]ZDUGLH=HLWLP1DFNHQGRFKHUEUDFKWHHVQLFKWIHUWLJ -DQH&ROOLQVMHW]WZHJ]XVWRHQ 6FKOLHOLFKKRE-DQHGHQ.RSIXQGEOLFNWH-RKQDXVWUlQHQ IHXFKWHQ$XJHQDQ ª-HW]WLVWGRFKDOOHVYRUEHLQLFKW"©IUDJWHVLHKRIIQXQJVYROO -RKQV/lFKHOQILHOJHTXlOWDXVª)DVWDOOHV©VDJWHHU -DQHVWLHHLQHQHUVWLFNWHQ6FKUHLDXVª6LH6LHPHLQHQHVJLEW QRFKPHKUYRQGLHVHQ9DPSLUHQ"© ª-DGDVJODXEHLFK© ª0HLQ*RWWZDQQKDWGDVDOOHVHLQ(QGH"© 6DQIWVFKREGHU,QVSHNWRU-DQH&ROOLQVYRQVLFKª,KQHQZLUG QLFKWVPHKUSDVVLHUHQ-DQHGDVYHUVSUHFKHLFK7URW]GHPPV VHQZLUMHW]WQDFKREHQJHKHQ(VJHKWXPGDV/HEHQYRQEHU ]ZDQ]LJ0HQVFKHQ© -RKQ6LQFODLUVWHFNWHVHLQH%HUHWWDZHJQLFKWRKQHVLHYRUKHU QDFKJHODGHQ]XKDEHQXQGIDWH-DQH&ROOLQVDQGHU+DQG %HYRUVLHGLH)ROWHUNDPPHUYHUOLHHQQDKP-RKQQRFKGLH3HFK IDFNHOYRQGHU:DQG6LHJDEPHKU/LFKWDOVVHLQH7DVFKHQ ODPSH :LH]ZHL9HUVFKZ|UHUVFKOLFKHQ-RKQ6LQFODLUXQG-DQH&ROOLQV GXUFKGLHGVWHUHQ*lQJH 'HU*HLVWHUMlJHUZDUGDUDXIJHIDWZLHGHUGHQ:|OIHQ]X EHJHJQHQGRFKNHLQHVGHU7LHUHOLHVLFKEOLFNHQ ª:LVVHQ6LHGHQQZLHZLUKLHUKLQDXVNRPPHQ"©IUDJWH-DQH IOVWHUQG ª,FKKRIIHHVGRFK©HUZLGHUWHGHU,QVSHNWRUª9RUDOOHQ'LQJHQ PVVHQZLUGLH7UHSSHILQGHQ© ª:HOFKH7UHSSH"© -RKQZDQGWHGHQ.RSIXQGOlFKHOWH-DQHDQª'LH7UHSSHGLH QDFKREHQIKUW© -RKQJLQJMHW]WVFKQHOOHU,UJHQGHLQXQEHVWLPPWHV*HIKO GUlQJWHLKQ]XU(LOH 8QGGDQQVWDQGHQVLHYRUGHQHUVWHQ6WXIHQ

-DQHVHXI]WHDXIª-HW]WKDEHQZLUHVJHVFKDIIW-RKQ.RPPHQ 6LH©6LHKDWWHHVSO|W]OLFKVFKUHFNOLFKHLOLJ -RKQEHUQDKPGLH)KUXQJ 6LHSDVVLHUWHQGLHGLFNH6lXOHKLQWHUGHUGLH6WXIHQZHLWHUQDFK REHQIKUWHQ $XIHLQPDOZDUGLH7UHSSH]X(QGH 6LHVWDQGHQMHW]WYRUHLQHU7URGHU:DQG6RJHQDXOLHHVVLFK QLFKWHUNHQQHQ -RKQVXFKWHYHUJHEHQVQDFKHLQHU.OLQNH-DQHKDWWHVHLQHQ VXFKHQGHQ%OLFNEHPHUNW ª-HW]WLVWZRKODOOHVDXV©VDJWHVLH 'HU,QVSHNWRUJDENHLQH$QWZRUW(UGUFNWH-DQHGLH)DFNHOLQ GLH+DQGXQGWDVWHWHIOLQNGLH+RO]ZDQGQDFKLUJHQGZHOFKHQ )XJHQRGHU(LQEXFKWXQJHQDE (UIDQGHLQHQNOHLQHQ+HEHO -RKQ]RJLKQQDFKYRUQ 6HNXQGHQVSlWHUJDEHVHLQVFKDEHQGHV*HUlXVFK'LH+RO] ZDQGVFKREVLFKLQGHU0LWWHDXVHLQDQGHU -RKQVFKOSIWHDOVHUVWHUGXUFKGHQ=ZLVFKHQUDXP (UEHIDQGVLFKLQGHU%LEOLRWKHNGHV6FKORVVHV'LHKRKHQ 5HJDOHUHLFKWHQELV]XU'HFNH(LQJURHU.DPLQZDUYRQGHU :DQGLQGHQ5DXPKLQHLQJHEDXWZRUGHQ9HUNRKOWH+RO]VFKHLWH YHUEUHLWHWHQHLQHQVFKDUIHQ*HUXFK -RKQVFKORGDUDXVGDGDV)HXHUQRFKELVYRUNXU]HP JHEUDQQWKDEHQPXWH ª8QGMHW]W"©IUDJWH-DQH&ROOLQV ª:LUZHUGHQGLHDQGHUHQVXFKHQ'DVKHLWLFKPDFKHHV6LH EOHLEHQLQVLFKHUHU'HFNXQJ©-RKQQDKPLKUGLH)DFNHODXVGHU +DQG ª:DVZROOHQ6LHGHQQGDPLW"© ª9DPSLUHNDQQPDQDXFKPLW)HXHUEHNlPSIHQ©JDEGHU *HLVWHUMlJHU]XU$QWZRUW 'DQQJLQJHUPLWVFKQHOOHQXQGZHLWHQ6FKULWWHQDXIGLH7U GHU%LEOLRWKHN]X 6LHZDU]XP*OFNRIIHQ -RKQ6LQFODLUVWDQGLQGHUJURHQ+DOOHGHV6FKORVVHV

6HLQ%OLFNVFKZHLIWHDQGHQ:lQGHQHQWODQJXQGDQGHQ]DKO UHLFKHQ7UHQGLHGRUWDE]ZHLJWHQ$XFKGLHEUHLWH7UHSSHJHULHW LQVHLQ%OLFNIHOG /DQJVDPJLQJGHU,QVSHNWRUGXUFKGLH+DOOH -DQH&ROOLQVVWDQGLQGHPRIIHQHQ7UUHFKWHFNGHU%LEOLRWKHN XQGZDUWHWH 'HU,QVSHNWRUKDWWHGLH4XDOGHU:DKO(UNDQQWHGDV6FKOR QLFKWZXWHQLFKWZLHYLHOH5lXPOLFKNHLWHQHVKLHUJDE 3O|W]OLFKEOLHEHUVWHKHQ (LQ*HUlXVFKZDUDQVHLQ2KUJHGUXQJHQ(VKDWWHVLFKDQ JHK|UWZLHGDV6FKDEHQHLQHV6WXKOVGHU]XUFNJHVHW]WZXUGH -RKQKREGHQ%OLFN 6HLQH$XJHQJOLWWHQEHUGLHEUHLWH'RSSHOWU(UVDKGLH JUlOLFKHQ'lPRQHQIUDW]HQGLHLQGDV+RO]JHVFKQLW]WZDUHQ XQGZXWHPLWHLQHPPDOGDHUKLHUULFKWLJZDU +LQWHUGHU7UPXWHHWZDV6FKUHFNOLFKHVJHVFKHKHQ -RKQIDWHQDFKGHQEHLGHQ*ULIIHQ%HYRUHUGLH7U|IIQHWH ZDQGWHHUQRFKHLQPDOGHQ.RSIXQGEHGHXWHWH-DQH&ROOLQVVLFK QLFKWYRP)OHFN]XUKUHQ 'DQQ]RJHUGLH*ULIIHDXVHLQDQGHU(VJLQJOHLFKWHUDOVHU JHGDFKWKDWWH :LHHLQ6FKDWWHQKXVFKWH-RKQ6LQFODLULQGHQGDKLQWHUOLHJHQ GHQ5DXP ,PVHOEHQ$XJHQEOLFNSDFNWHLKQGDV*UDXHQ8QDXVO|VFKOLFK SUlJWHVLFKGDVPDNDEUH%LOGLQVHLQ*HGlFKWQLVHLQ (UVDK'U7RGVDKGLH0HQVFKHQZLH3XSSHQDQGHPGUHL HFNLJHQ7LVFKVLW]HQXQGVDKGLHVSLW]HQ=lKQHGHU*UlILQGLH VLFKEHU%LOO&RQROO\JHEHXJWKDWWH 0LWHLQHP6DW]VSUDQJ-RKQPLWWHQLQGHQ6DDO ª,FKJODXEHKLHUIHKOWQRFKGHU(KUHQJDVW1LFKWZDKU 'U7RG"© 'LHVWDKOKDUWH6WLPPHGHV*HLVWHUMlJHUV]HUVFKQLWWGLHXQKHLP OLFKH6WLOOH

'LH'HWRQDWLRQHLQHUH[SORGLHUHQGHQ%RPEHKlWWHNHLQH JU|HUH:LUNXQJ]HLJHQN|QQHQ)UNXU]H=HLWZDUHQGLH +DXSWDNWHXUHGLHVHVJUDXVDPHQ6SLHOVPLWWHQLQLKUHQ %HZHJXQJHQHUVWDUUW 9HUD0RQWHVLKDWWHGHQ.RSIJHGUHKW,KU*HVLFKWZDUGHP ,QVSHNWRU]XJHZDQGW'HXWOLFKVDK-RKQGLHEHLGHQJUlOLFKHQ 9DPSLU]lKQH %LOO&RQROO\V%OLFN]HLJWHHLQHQQLFKWVVDJHQGHQ$XVGUXFN'HP 5HSRUWHUVFKLHQDOOHVJOHLFKJOWLJ]XVHLQ-RKQZXWHVRIRUWGD HUXQWHU+\SQRVHVWDQG $XFK'U7RGZDUEHUUDVFKW(UVDKDXVDOVN|QQHHU-RKQV $XIWULWWQLFKWEHJUHLIHQ'LHVHU0DQQKDWWHHLQHQUHJHOUHFKWHQ 6FKRFNHUOLWWHQXQGGDVVROOWHEHLLKPHWZDVKHLHQ 'HU*HLVWHUMlJHUKLHOWGLHEUHQQHQGH3HFKIDFNHOLQGHUOLQNHQ +DQGZlKUHQGHUPLWGHUUHFKWHQVHLQH3LVWROH]RJ $OVHUVWHUHDJLHUWHQGLH:|OIH :lKUHQGGLH0HQVFKHQVWXPPXQGVWDUULQLKUHU+\SQRVH VDHQKHW]WHQGLHEHLGHQ5DXEWLHUHPLWJHIOHWVFKWHQ=lKQHQDXI -RKQ6LQFODLU]X -RKQVFKR]ZHLPDOEOLW]VFKQHOOKLQWHUHLQDQGHU %HLGH.XJHOQWUDIHQ 1RFKLQGHU/XIWZXUGHQGLH:|OIH]XUFNJHVFKOHXGHUW SUDOOWHQDXIGHQ%RGHQXQGYHUHQGHWHQ 'RFKGLHVHEHLGHQ6FKVVHZLUNWHQDXI9HUD0RQWHVLZLHHLQ 6LJQDO .UHLVFKHQGZROOWHVLHVLFKDXI%LOO&RQROO\VWU]HQDOVZWH VLHGDGDV2SIHULKULPOHW]WHQ$XJHQEOLFNQRFKHQWULVVHQ ZHUGHQVROOWH =ZHLODQJH6SUQJHEUDFKWHQ-RKQ6LQFODLULQGLH1lKHGHU 8QWRWHQ-RKQULGHQ$UPPLWGHU3LVWROHKRFKXQG]LHOWHDXI GLH*UlILQ 'DJULII'U7RGHLQ -RKQVDKDXVGHQ$XJHQZLQNHOQZLHGHU0HQVFKHQKDVVHUYRQ VHLQHP6WXKOVSUDQJXQGXQWHUGHQ8PKDQJJULII -RKQVOLQNH+DQGEHVFKULHEHLQHQ%RJHQ :LHHLQIHXULJHU6FKZHLIVHJHOWHGLH)DFNHOGXUFKGLH/XIW

SUDOOWHJHJHQGHQEHUUDVFKWHQ'U7RGGHUZLHGHU]XUFNDXI VHLQHQ6WXKOILHOXQGIU6HNXQGHQEUXFKWHLOHQLFKWUHDJLHUWH 'DVZDUPH3HFKGHU)DFNHONOHEWHDQGHU.OHLGXQJ,P1X VWDQGGHU6WRIILQ)ODPPHQZREHLGHU6HLGHQXPKDQJEHVRQGHUV OHLFKWH1DKUXQJERW $OOHVKDWWHVLFKLQQHUKDOEYRQ6HNXQGHQDEJHVSLHOWXQGGRFK UHLFKWHGLH=HLWGHU8QWRWHQ )LQJHUZLH6WDKONODPPHPXPIDWHQSO|W]OLFK-RKQVUHFKWHV +DQGJHOHQN 'HU,QVSHNWRUVFKULHDXIXQGJLQJLQGLH.QLH hEHULKPIDXFKWH9HUD0RQWHVLWULXPSKLHUHQGDXI 8QGZlKUHQG'U7RGEUOOHQGGXUFKGHQ6DDOQDFKGUDXHQ UDQQWHNlPSIWH6LQFODLUPLWGHUK|OOLVFKHQ*UlILQXPVHLQ/HEHQ ,PPHUZHLWHUZXUGHVHLQ$UP]XUFNJHERJHQ2EHUZROOWH RGHUQLFKW-RKQPXWHPLWGHP2EHUN|USHUIROJHQ -RKQULGHQUHFKWHQ$UPKRFKXQGGURVFKGLH)DXVWLQGDV *HVLFKWGHU8QWRWHQ (VKDOIQLFKWV 'HU*HLVWHUMl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|USHU 'DK|UWHHUGHQJHOOHQGHQYRQSDQLVFKHU$QJVWHUIOOWHQ 6FKUHL

$OVOHEHQGH)DFNHOUDQQWH'U7RGDXVGHP6DDO'HU8PKDQJ ZLUEHOWHZLHHLQHIHXULJH/RKHKLQWHUVHLQHP5FNHQKHU 9HU]ZHLIHOWYHUVXFKWHGHU0HQVFKHQKDVVHULKQDE]XVWUHLIHQ 'U7RGHUUHLFKWHGLH+DOOH%OLQGYRU:XWXQG6FKPHU]HQZDUI HUVLFKDXIGHQ%RGHQZlO]WHVLFK]XFNHQGKHUXPYHUVXFKWHVR GLH)ODPPHQ]XO|VFKHQ 'U7RGVDKQLFKW-DQH&ROOLQVGLHGLHJUDXHQYROOH6]HQHPLW DQJVWJHZHLWHWHQ$XJHQEHREDFKWHWH 'LH'HWHNWLYLQKDWWHVLFKKLQWHUHLQHU5LWWHUUVWXQJYHUVWHFNW ,PHUVWHQ$XJHQEOLFNZXWHVLHQLFKWZDVVLHWXQVROOWH'HP 0DQQKHOIHQRGHU 8QZLOONUOLFKWUDW-DQH&ROOLQV]ZHL6FKULWWHYRUNRQQWHVR GXUFKGLHRIIHQH6FKLHEHWULQGHQ6DDOEOLFNHQ 6LHVDK-RKQ6LQFODLUDP%RGHQXQG9HUD0RQWHVLGLHLP *HIKOLKUHV6LHJHVGHQ,QVSHNWRUDXIGHP%RGHQIHVWKLHOW 'DGUHKWH-DQH&ROOLQVGXUFK$OOLKUHLQOHW]WHU=HLWDXVJHVWDQ GHQH$QJVWXQG6RUJHOLHVLHGXUFKGLHRIIHQH7UYRUZlUWV VFKQHOOHQDXIGLHEHLGHQ.lPSIHQGHQ]X (LQZLOGHU6FKUHLHQWUDQJVLFKLKUHU.HKOH(LQ6FKUHLGHU /HEHQUHWWHWH 9HUD0RQWHVLZXUGHHLQSDDU/LGVFKOlJHODQJDEJHOHQNW6LHUL GHQ.RSIKRFKVDKGHUDQVWUPHQGHQ-DQH&ROOLQVHQWJHJHQXQG ORFNHUWHXQZLOONUOLFKGHQJQDGHQORVHQ*ULII (LVNDOWQXW]WH-RKQ6LQFODLUVHLQH&KDQFHNlPSIWHVLFKIUHL (UUROOWHVLFKHLQSDDUPDOXPGLHHLJHQH$FKVH 'LHEHLGHQ)UDXHQSUDOOWHQ]XVDPPHQ ª-DQH©JHOOWH-RKQ6LQFODLUV6WLPPH 'HU,QVSHNWRUZDUDXIGLH.QLHJHNRPPHQKDWWHVHLQHQ'ROFK JH]RJHQXQGKLHOWGLH6FKQHLGH]ZLVFKHQ'DXPHQXQG=HLJH ILQJHUJHNOHPPW -DQH&ROOLQVDXVJHELOGHWH'HWHNWLYLQGXFNWHVLFKXQWHU9HUD 0RQWHVLV*ULIIKLQZHJXQGZDUIGLH8QWRWHPLWHLQHP+IW VFKZXQJ]X%RGHQ ª:HJ-DQH©EUOOWH-RKQ 'LH'HWHNWLYLQVFKQHOOWH]XU6HLWHXQG-RKQ6LQFODLUKDWWH IUHLH%DKQ

0LWXQJHKHXUHU:XFKWVFKOHXGHUWHHUGHQVLOEHUQHQ'ROFK'LH :DIIHWUDIGLH%UXVWGHU8QWRWHQ 9HUD0RQWHVLEUDFK]XVDPPHQ 1RFKLPPHUEUOOWHVLHPDUNHUVFKWWHUQG'LH6FKUHLHKDOOWHQ JUHOOXQGVSLW]GXUFKGHQKRKHQ6DDO (VZDUHLQPDNDEUHV%LOGZLHGLHHEHQPlLJHQ*HVLFKWV]JH ]HUIORVVHQ]XHLQHUJUDXHQ0DVVHZXUGHQGLHODQJVDP]HU EU|FNHOWHXQGDOV6WDXEOLHJHQEOLHE 'LH8QWRWHKDWWHDXIJHK|UW]XH[LVWLHUHQ'LHOHW]WHDXVGHP *HVFKOHFKWGHU0RQWHVLVZDUQLFKWPHKU $EHUQRFKOHEWH'U7RG 'HU*HGDQNHWUDI-RKQZLHHLQ%OLW]VFKODJ ª:RLVW'U7RG"© -DQH&ROOLQVZDQGWHGHQ.RSI6LHGHXWHWHPLW]LWWHUQGHU+DQG ]XU+DOOHKLQEHUª'RUWLFK© -RKQK|UWHLKUHQlFKVWHQ:RUWHVFKRQQLFKWPHKU(UUDQQWHORV 'U7RGODJDXIGHP5FNHQ1RFKLPPHUEUDQQWHHLQ7HLOGHU .OHLGXQJ 'DQQVDK-RKQGDV*HVLFKW 'HU*HLVWHUMlJHUVFKOXFNWH+LHUNRQQWHQLHPDQGPHKUKHOIHQ (VZDUEHUKDXSWHLQ:XQGHUGDGHU0HQVFKHQKDVVHUQRFK OHEWH ª'XGXKDVWHVQXQGRFKJHVFKDIIW*HLVWHUMlJHU©JXUJHOWH'U 7RGª$EHUHLQVLVWJHZLPHLQ(UEHZLUGZHLWHUOHEHQ$VPRGLV ZLUGVLFKHLQHQQHXHQ'LHQHUKROHQXQGGLFKDKKKK© 0LWHLQHP6FKPHU]HQVVFKUHLKDXFKWH'U7RGVHLQ/HEHQDXV *OHLFK]HLWLJZXUGHDXFKGHU5LQJDQVHLQHU+DQG]X6WDXE ,Q*HGDQNHQYHUVXQNHQEOLHE-RKQ6LQFODLUQHEHQGHU/HLFKH KRFNHQELVLKQGLH6WLPPHQDXIVFKUHFNWHQ -RKQZDQGWHGHQ.RSI 'XUFKGHQ7RGGHV0HQVFKHQKDVVHUVZDUDXFKGLH+\SQRVH HUORVFKHQ'LH5HLVHQGHQUHGHWHQZLOGGXUFKHLQDQGHU6LHVWUP WHQPLW)UDJHQDXI-DQH&ROOLQVHLQ%HVRQGHUV%LOO&RQROO\GHU VLFKZXQGHUWHZLHHU]XVROFKHLQHU.OHLGXQJNDP 'HU5HSRUWHUEDKQWHVLFKHLQHQ:HJ]X-RKQ6LQFODLU ª$OVR-RKQLFKPXVFKRQVD©'DILHO%LOOV%OLFNDXIGLH

/HLFKH6HLQH$XJHQZXUGHQJURYRU(QWVHW]HQª:DVLVWGHQQ JHVFKHKHQ"© 'HU,QVSHNWRUZLQNWHDEª*HK]XUFNLQGHQ6DDOLFKHUNOlUH HVHXFK© %LOOQLFNWH :HQLJVSlWHUVFKOR-RKQ6LQFODLUGLHJURH)OJHOWUKLQWHU VLFK =ZHL7DJHVSlWHUEHIDQGHQVLFKGLH5HLVHQGHQZLHGHULQ %XNDUHVW ,P)OXJ]HXJVDHQ-RKQ6LQFODLUXQG-DQH&ROOLQVQHEHQHLQ DQGHU6LHKDWWHQVLFKHLQLJHV]XHU]lKOHQ8QWHUDQGHUHPKDWWH -DQHYRULKUHQ-REDQGHQ1DJHO]XKlQJHQXQGEHLP