Am Rand des Universums

&ODUN'DOWRQ $05$1' '(681,9(56806 2EZRKOGHU)HOVEURFNHQNDXP'HFNXQJERWVXFKWH8UDEDOLKLQWHULKP...

7 downloads 266 Views 274KB 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

DOWNLOAD .DOCX DOWNLOAD .PPTX

&ODUN'DOWRQ

$05$1' '(681,9(56806

2EZRKOGHU)HOVEURFNHQNDXP'HFNXQJERWVXFKWH8UDEDOLKLQWHULKP6FKXW](UKDWWHNHLQH DQGHUH:DKOGHQQDXIGHU:HOWGLHVHLQH+HLPDWZDUJDEHVQXUZHQLJ)HOVHQ'DIUJDEHV XPVRPHKU)HLQGH 'LHVPDOZDUHQHVGLH&UROVGLHLKQMDJWHQ,P*HJHQVDW]]XLKPOLHIHQVLHDXIDOOHQVHFKV %HLQHQVWDWWQXUDXIGHQGUHL+LQWHUEHLQHQZLHHU'DQNGLHVHU0HWKRGHZDUHQVLHVFKQHOOHU DOVHUDEHULKUH9RUGHUEHLQHZDUHQYHUNPPHUW6LHZDUHQQLFKWPHKUIlKLJGDPLWHLQHQ 6WHLQDXI]XKHEHQXQGDXIGHQ*HJQHU]XZHUIHQ8UDEDOLNRQQWHGDVXQGHUQXW]WHGDV ZHLGOLFKDXV ,QVHLQHQ$XJHQZDUHQGLH]RWWLJHQXQGPLWVFKDUIHQ.ODXHQXQG)DQJ]lKQHQEHZHKUWHQ &UROVKlOLFKH*HVFK|SIH6LHMDJWHQXQGULVVHQDOOHVZDVVLFKEHZHJWH6LHZDUHQGRSSHOWVR JURZLH8UDEDOLGHUVFKRQYLHOHYRQLKQHQHUOHJWKDWWH9LHOOHLFKWZDUGDVGHU*UXQGGDVLH VRKLQWHULKPKHUZDUHQ 9RUVLFKWLJVFKREHUVLFKELV]XU.DQWHGHV)HOVEURFNHQVYRUXPGLH/DJH]XVRQGLHUHQ6HLQH PLWWOHUH+DQGHUWDVWHWHHLQHQIDXVWJURHQ6WHLQGHQHUPLWGHQ)LQJHUQXPNODPPHUWH'LH EHLGHQDQGHUHQ+lQGHGLHQWHQLKPDOV6WW]H1DWUOLFKKlWWHHUDXFKDXIUHFKWJHKHQN|QQHQ DEHUQXQNURFKHUZLHHLQ&URODXIDOOHQVHFKVHQ(UHUVSlKWHYLHUGHU%HVWLHQLQXQPLWWHOEDUHU 1lKH6LHDFKWHWHQQLFKWDXI'HFNXQJGHQQGD]XZDUHQVLH]XGXPP6LHKDWWHQLKUH%HXWH HLQJHNUHLVWXQGZDUWHWHQDXIGHQJQVWLJVWHQ$XJHQEOLFNXPEHUVLHKHUIDOOHQ]XN|QQHQ ,FKPXQRFKPHKU6WHLQHILQGHQGDFKWH8UDEDOL 0LWGHUOLQNHQ+DQGJUXEHULQGHPORVHQ6DQGELVVHLQH)LQJHUDXI:LGHUVWDQGVWLHHQ +DVWLJEXGGHOWHHUZHLWHUELVHUHLQKDOEHV'XW]HQGZHLWHUHU6WHLQH]XWDJHI|UGHUWH1XQ EHVDHULQVJHVDPWVLHEHQ'DPLWOLHVLFKVFKRQHWZDVDQIDQJHQZHQQPDQVRJHVFKLFNWZDU ZLHHU9LHU*HJQHUXQGVLHEHQ6WHLQHGDVZDUHLQJXWHV9HUKlOWQLV ,QMHGH+DQGQDKPHUHLQHQ6WHLQGLHUHVWOLFKHQYLHUYHUVWDXWHHULQGHPNOHLQHQ%HXWHOGHQ HUDQHLQHP*UWHOYRUVHLQHP%DXFKWUXJ'DQQULFKWHWHHUVLFKDXI Ä.RPPWKHUXQGKROWPLFKZHQQLKUPLFKIUHVVHQZROOWULHIHULKQHQ]XÄ$EHUYRUKHUPW LKUPLFKW|WHQZHQQLKUGDVN|QQWLKUIHLJHQ&UROV (UUHL]WHVLHDEVLFKWOLFKGHQQHUZXWHDXV(UIDKUXQJGDVLHGDQQXQYRUVLFKWLJZXUGHQ 'LHYLHU%HVWLHQYHUVWDQGHQQLFKWZDV8UDEDOLULHI$EHUVLHVDKHQLKQXQGGDVJHQJWH'LH 6HKQHQLKUHUNUlIWLJHQ+LQWHUEHLQHVSDQQWHQVLFKXQGGDQQUDVWHQVLHZLHDXIHLQ.RPPDQGR ORV6LHKDWWHQ+XQJHUXQGGDVPDFKWHVLHQRFKXQEHUOHJWHUDOVVLHRKQHKLQVFKRQZDUHQ 6LHNDQQWHQGLH'UHLEHLQHUXQGZXWHQGDVLHLKUHJHIlKUOLFKVWHQ*HJQHUZDUHQ8QGVLH NDQQWHQDXFKLKUHJHIlKUOLFKVWH:DIIHGLHJHVFKOHXGHUWHQ6WHLQH1LHPDQGDXHUGHQ 'UHLEHLQHUQNRQQWH6WHLQHVFKOHXGHUQ'HQQGLH'UHLEHLQHUZDUHQGLHHLQ]LJHQ/HEHZHVHQ DXIGLHVHU:HOWGLH+lQGHEHVDHQ 8UDEDOLZDUWHWHELVVLHDXI:XUIZHLWHKHUDQZDUHQGDQQVFKOHXGHUWHHUGUHL6WHLQH JOHLFK]HLWLJ6LHDOOHWUDIHQLKU=LHOQlPOLFKGLH6WLUQHQGHU&UROVLKUHYHUZXQGEDUVWH6WHOOH 'LHZHLFKHQ6FKlGHONQRFKHQZXUGHQ]HUVFKPHWWHUWXQGVLHZDUHQVRIRUWWRW 'HUYLHUWH&UROZDUEHL8UDEDOLHKHGLHVHU*HOHJHQKHLWKDWWHHLQHQ6WHLQDXVVHLQHP%HXWHO ]X]LHKHQ'LH:XFKWGHV$XISUDOOVZDUILKQ]X%RGHQ'HU&UROKDWWHVLFKYHUVFKlW]W:DUHV LKPJHOXQJHQVHLQHQ*HJQHUQLHGHU]XZHUIHQVRYHUVlXPWHHUHVGRFKLKQIHVW]XKDOWHQ'HU HLJHQH6FKZXQJOLHLKQHLQ6WFNZHLWHUUHQQHQEHYRUHU]XP6WLOOVWDQGNDPXQGDOVHUVLFK XPGUHKWHVWDQG8UDEDOLOlQJVWZLHGHUDXIVHLQHQGUHL%HLQHQXQGVWUHFNWHGHP&UROGLH

+lQGHPLWGHQGUHL6WHLQHQHQWJHJHQ Ä1XQJUHLIVFKRQDQGHQQLFKW|WHNHLQHQ)HLJOLQJ 2EZRKOGHU&URONHLQ:RUWYHUVWDQGJULIIHUXQYHU]JOLFKDQ(UKDWWHVHLW7DJHQQLFKWV JHIUHVVHQ*OHLFK]ZHL6WHLQHGXUFKVFKOXJHQVHLQH6FKlGHOGHFNH.QDSSHLQHQ0HWHUYRU 8UDEDOLEOLHEHUOLHJHQ6HLQHJHEURFKHQHQ$XJHQVWDUUWHQLQGHQJUQHQ+LPPHO 8UDEDOLVWHFNWHGLH6WHLQHZLHGHULQVHLQHQ%HXWHOGDQQULHUVHLQHPWRWHQ*HJQHUGLH UHFKWHQ9RUGHUNUDOOHQKHUDXVGLHDOV%HZHLVIUVHLQHQ6LHJJDOWHQ*XWJHODXQWPDFKWHHU VLFKDXIGHQ+HLPZHJ'LHVHUZDUDOOHVDQGHUHDOVXQJHIlKUOLFKJDQ]DEJHVHKHQYRQGHU 7DWVDFKHGDHUNHLQH$KQXQJKDWWHZRVHLQ6WDPPVLFKMHW]WDXIKLHOW6HLQH/HXWHZDUHQ VWlQGLJDXIGHU:DQGHUVFKDIWXQGEOLHEHQDXV6LFKHUKHLWVJUQGHQQXUVHOWHQOlQJHUH=HLWDP JOHLFKHQ2UW $EHU8UDEDOLZDUVLFKHUGDHULKUH6SXUHQIDQG(UZUGHLKQHQIROJHQELVHUVLHHLQJHKROW KDWWHXQGGDQQZUGHHULKQHQGLHDXVJHULVVHQHQ.UDOOHQGHUYLHU&UROV]HLJHQ1LFKWPHKU ODQJHXQGVLHPXWHQLKQ]XP$QIKUHUGHU6LSSHHUQHQQHQ (UQDKPGHQVHOEHQ:HJGHQHUJHNRPPHQZDU%DOGHUUHLFKWHHUGHQ)OXXQGGXUFKTXHUWH LKQ(UOLHGHQ:DOGKLQWHUVLFKXQGZDQGHUWHGXUFKGLH6WHSSHVWlQGLJQDFKDOOHQ6HLWHQ VLFKHUQG,QGHPKRKHQ*UDVNRQQWHQ&UROVODXHUQ (LQPDOKDWWHHUGDV*HIKODOVVHLHWZDVEHULKPDEHUDOVHUQDFKREHQEOLFNWHNRQQWHHU QLFKWVVHKHQ(LQZHQLJVSlWHUZDULKPVRDOVZDQGHUHHUQLFKWDOOHLQGXUFKGLH6WHSSH VRQGHUQKDEHHLQHQXQVLFKWEDUHQ%HJOHLWHUGHULKQQLFKWDXVGHQ$XJHQOLH(UEHVFKOHXQLJWH VHLQH6FKULWWHGHQQPLW*HLVWHUQZROOWHHUQLFKWV]XWXQKDEHQ 'LH1DFKWYHUEUDFKWHHULQHLQHU+|KOHGLHHUDP7DJ]XYRUHQWGHFNWKDWWH$PDQGHUHQ7DJ EUDFKHUVHKUIUKDXIGDHUELV]XP0LWWDJEHLP/DJHUVHLQHV6WDPPHVVHLQZROOWH(U HUUHLFKWHGHQ3ODW]]XGHP=HLWSXQNWGHQHUVLFKJHVHW]WKDWWHGRFKZLHHUZDUWHWZDUHQVHLQH /HXWHQLFKWPHKUGD2KQH]X]|JHUQIROJWHHUGHQQXU]XGHXWOLFKHQ6SXUHQGLHLQMHQH 5LFKWXQJIKUWHQLQGHUGLH6RQQHDQMHGHP$EHQGXQWHUJLQJ'LHULHVLJHQ:lOGHUODJHQGRUW LQGHQHQHVYLHOH9HUVWHFNHJDEXQGGDKLQWHUGDVKRKH*HELUJHLQGHPVLHYLHOHVLFKHUH +|KOHQNDQQWHQ 'LH6RQQHEHJDQQEHUHLWVZLHGHU]XVLQNHQDOVHU0DUXWDUDHUEOLFNWH(UVFKOHSSWHGDV PLWWOHUH%HLQQDFK 8UDEDOLKROWHGHQ1DFK]JOHUHLQ Ä1XQ0DUXWDUDZDUXPJHKVWGXVRODQJVDP":HQQGXGLH6SXUGHUDQGHUHQYHUOLHUVWELVWGX YHUORUHQRGHUZHLWGXGDVQLFKW" 'HUDOWH'UHLEHLQHUZDUVRHUVFKURFNHQGDHUXQZLOONUOLFKLQVHLQHQ%HXWHOJULIIXPHLQHQ 6WHLQGDUDXVKHUYRU]XKROHQ'DQQHUVWHUNDQQWHHU8UDEDOL(UDWPHWHHUOHLFKWHUWDXIXQG ODFKWHGU|KQHQG Ä,FKNHQQHGLH+|KOHQZRKLQVLHZROOHQ:DUXPVROOWHLFKPLFKEHHLOHQ" Ä'XELVWVFKRQLPPHUVHKUNOXJJHZHVHQDEHUPDQFKPDOLVW]XYLHO.OXJKHLWVFKlGOLFK:DV KlWWHVWGXJHWDQZHQQGLFKGUHLRGHUYLHU&UROVEHUIDOOHQKlWWHQ"*ODXEVWGXGXKlWWHVWVLH W|WHQN|QQHQ" 'HUDOWH'UHLEHLQHUVWLHHLQHQJXWWXUDOHQ.DPSIVFKUHLDXV Ä1DWUOLFKKDWWHLFKVLHJHW|WHW,FKKDEHPHKUDOV]HKQ6WHLQHEHLPLU'LHKlWWHQJHUHLFKW 8UDEDOLYHU]LFKWHWHGDUDXILKPGLH.UDOOHQGHUYLHUYRQLKPHUOHJWHQ&UROV]X]HLJHQ(UWULHE 0DUXWDUD]XU(LOHDQGHQQHUKDWWHNHLQH/XVWGLH+|KOHQEHL1DFKW]XVXFKHQ:HQQ 0DUXWDUDVLHNDQQWHXPVREHVVHU'DVHUVSDUWHLKPGLH$UEHLWGHVZHLWHUHQ6SXUHQVXFKHQV XQGHUNRQQWHVLFKPHKUDXIVHLQH8PJHEXQJNRQ]HQWULHUHQ'LH&UROVODXHUWHQEHUDOOXQG VLHZDUHQDXFKLPPHUJHIlKUOLFK 6LHGXUFKTXHUWHQGHQ:DOGEHYRUHVDQILQJ]XGXQNHOQ9RULKQHQODJHLQHOHLFKWDEIDOOHQGH (EHQHGLHDQHLQHP)OXHQGHWH$XIGHUJHJHQEHUOLHJHQGHQ6HLWHVWHLOWHHLQH)HOVZDQG VHQNUHFKWLQGLH+|KH,QLKUZDUHQGLHGXQNOHQ/|FKHUGHU+|KOHQ 6LHKDWWHQLKU=LHOHUUHLFKW

8UDEDOLNRQQWHEHREDFKWHQGDGLH$QJHK|ULJHQVHLQHV6WDPPHVGDPLWEHJDQQHQVLFK KlXVOLFKHLQ]XULFKWHQ'LH)UDXHQJLQJHQ+RO]VDPPHOQGDPLWGLH0lQQHUHLQ)HXHUPDFKHQ NRQQWHQHLQH.XQVWGLHVLHVFKRQODQJHNDQQWHQ $OV0DUXWDUDZHLWHUJHKHQZROOWHEOLHE8UDEDOLVWHKHQ Ä*HKGXDOOHLQYRUVDJWHHUÄ,FKZHUGHQRFKZDUWHQXQGHUVWGDQQ]XGHQ+|KOHQNRPPHQ ZHQQHVGXQNHOJHZRUGHQLVW6DJHLKQHQGDLFKYLHU&UROVJHW|WHWKDEHXQGGDV)HVWGHV 6LHJHUVYHUODQJH,FKKDEHGLH.UDOOHQPLWJHEUDFKW 0DUXWDUDVWDUUWHLKQYROOHU%HZXQGHUXQJDQ Ä'XKDVWZLUNOLFKYLHU&UROVJHW|WHW":DUXPKDVWGXPLUGDVQLFKWIUKHUJHVDJW" Ä'XZHLWHVMDMHW]W0DUXWDUD1XQJHKXQGVDJHHVLKQHQ 'DHVEHUHLWV]XGXQNHOQEHJDQQ]|JHUWHGHUDOWH'UHLEHLQHUQLFKWOlQJHU(UKXPSHOWHGDYRQ ZDWHWHGXUFKGHQ)OXXQGZXUGHYRQVHLQHQ6WDPPHVJHQRVVHQPLWGHPEOLFKHQ*OHLFKPXW HPSIDQJHQ:HQQHUQLFKWPHKUJHNRPPHQZlUHKlWWHPDQLKQZRKONDXPYHUPLW8UDEDOL NRQQWHEHREDFKWHQGDHUPLWHLQLJHQGHU0lQQHUVSUDFKGLHGDUDXIKLQPLWDOOHQ=HLFKHQGHU (UUHJXQJ]XHLQHUGHU+|KOHQOLHIHQXQGLQLKUYHUVFKZDQGHQ:DKUVFKHLQOLFKKDWWHLQLKUGHU +lXSWOLQJVHLQ4XDUWLHUDXIJHVFKODJHQ 8UDEDOL]RJVLFKHLQZHQLJLQGHQ:DOG]XUFNXQGVHW]WHVLFKDXIHLQHQIODFKHQ6WHLQ'XUFK GLH=ZHLJHGHU%lXPHKLQGXUFKNRQQWHHUGDV+|KOHQODJHUEHREDFKWHQ'LH*HVFKlIWLJNHLW VHLQHU6WDPPHVJHQRVVHQEHOXVWLJWHLKQSO|W]OLFK(UNRQQWHVLFKQLFKWHULQQHUQGDHUGDV MHPDOVJHWDQKDWWHhEHUKDXSWVFKLHQHU'LQJH]XWXQXQG]XGHQNHQGLHLKPIUKHUQLHPDOV LQGHQ6LQQJHNRPPHQZlUHQ:DUXPHLJHQWOLFKOLHHU0DUXWDUDYRUDQJHKHQ"1RFKJHVWHUQ ZlUHHULQGDV/DJHUJHVWUPWKlWWHVHLQHQ6LHJHVVFKUHLDXVJHVWRHQGLH.UDOOHQGHP +lXSWOLQJYRUGLH)HJHZRUIHQXQGLKPLQV*HVLFKWJHVFKULHQGDHUHLQWDSIHUHUXQG HUIROJUHLFKHU-lJHUVHL6RKDWWHHUHVLPPHUJHWDQ8QGQLHPDQGKDWWHHVLKPEHOJHQRPPHQ $EHUKHXWHZDUGDVDOOHVJDQ]DQGHUV (UVDDXIGHP6WHLQXQGZDUWHWH ,Q]ZLVFKHQZDU0DUXWDUDZLHGHUDXVGHU+|KOHJHNRPPHQXQGGHXWHWHEHUGHQ)OXLQ 5LFKWXQJGHV:DOGHV(UVDJWHHWZDV]XGHQDQGHUHQ'UHLEHLQHUQGDV8UDEDOLQLFKWYHUVWHKHQ NRQQWH(WZDV:LFKWLJHVNRQQWHHVQLFKWJHZHVHQVHLQGHQQVLHJLQJHQDOOHDQLKUH$UEHLW ]XUFN 'LH)UDXHQKDWWHQGDV+RO]DXIHLQHPNOHLQHQ3ODWHDXDXIJHVFKLFKWHWXQGZDUHQ YHUVFKZXQGHQ (UVWDOVHVIDVWGXQNHOJHZRUGHQZDU]QJHOWHQGLHHUVWHQ)ODPPHQHPSRU'HU6FKHLQGHV EDOGKHOODXIORGHUQGHQ)HXHUVILHOJHJHQGLH)HOVHQ'LH6FKDWWHQGHUKHUXPVLW]HQGHQ 'UHLEHLQHUWDQ]WHQDXILKPXQGDOV8UDEDOLGDVVDKNDPLKPSO|W]OLFKGLH(UNHQQWQLVGD GLHVHPDVVLYHQ)HOVHQZHQQPDQVLH]HUNOHLQHUQNRQQWHHLQHW|GOLFKH:DIIHJHJHQGLH&UROV GDUVWHOOWHQ%LVKHUZDUHVLPPHUVRJHZHVHQGDPDQGLHZHQLJHQIDXVWJURHQ6WHLQHLQ %lFKHQRGHU*HU|OOKDOGHQIDQGXQGGDVZDUVHOWHQJHQXJ+LHUDEHUZDUHLQHJDQ]H:DQGDXV 6WHLQGLHQXUGDUDXIZDUWHWH]XIDXVWJURHQ6WFNHQYHUDUEHLWHW]XZHUGHQ $EHUZLH" 'LH)UDJHZDUGD'LH$QWZRUWQRFKQLFKW$EHUGDHVEHUKDXSWHLQH)UDJHJDEKlWWHHLQHP XQEHWHLOLJWHQ%HREDFKWHUGHQ%HZHLVJHOLHIHUWGD8UDEDOLYRQHLQHU6HNXQGH]XUDQGHUHQ LQWHOOLJHQWJHZRUGHQZDU (LQ6FKULWWGHU(QWZLFNOXQJIUGHQ8UDEDOLXQGVHLQH$UWJHQRVVHQVRQVW-DKUWDXVHQGH EHQ|WLJWKlWWHQ 8QWHUQRUPDOHQ8PVWlQGHQ $EHUGLHVZDUHQNHLQHQRUPDOHQ8PVWlQGH =HLWXQG5DXPKDWWHQIU(UQVW(OOHUWMHJOLFKH%HGHXWXQJYHUORUHQ6HLWMHQHVHQHUJHWLVFKH ([SHULPHQWVHLQ%HZXWVHLQYRQVHLQHP.|USHUJHZDOWVDPJHWUHQQWKDWWHGHUWLHIXQWHUGHU (UGHLQHLQHP0DXVROHXPDXIGLH5FNNHKUVHLQHV*HLVWHVZDUWHWHLUUWHHUGXUFKGDV 8QLYHUVXPXQGVXFKWHQDFKHLQHU0|JOLFKNHLWGHU5FNNHKU

(UEHVDNHLQHQ.|USHUPHKUDEHUHUEHVDGDIUGLH0|JOLFKNHLWDOVEORHV%HZXWVHLQLQ MHGHQEHOLHELJHQ.|USHU]XVFKOSIHQ:HQQHUVWDUNJHQXJZDUVRJHODQJHVLKPRKQH 6FKZLHULJNHLWHQGDVDQGHUH%HZXWVHLQ]XXQWHUGUFNHQXQG]XEHKHUUVFKHQ2IWNDPHV]X HUELWWHUWHQ=ZHLNlPSIHQGLHPHLVWPLWVHLQHP6LHJHQGHWHQ)DWDOZDUQXUGDVHLQ *DVWN|USHUVWHUEHQPXWHZHQQHULKQZLHGHUYHUODVVHQZROOWH'DVZDUHLQHY|OOLJQHXH (UIDKUXQJGLHHUHUVWNU]OLFKJHPDFKWKDWWH9RUKHUKDWWHHUGHQ.|USHUQDFK%HOLHEHQ ZHFKVHOQN|QQHQ $XFKGLH+HUUVFKDIWEHUGDV9HUJHKHQGHU=HLWKDWWHHUYHUORUHQVHLWHULQGDV LQWHUJDODNWLVFKH(QHUJLHIHOG]ZLVFKHQ0LOFKVWUDHXQG$QGURPHGDJHUDWHQZDU(UKDWWHQDFK VHLQHUODQJHQ2G\VVHHHQGOLFKGDV=LHOVRGLFKWYRU$XJHQDOVGDV8QJOFNJHVFKDK(UEHVD NHLQHQ.|USHUHUZDUSUDNWLVFKQLFKWVDOVHLQ(QHUJLHLPSXOVDOVGLH%HJHJQXQJLKQDXVGHU %DKQZDUI 'RFKGLH(ULQQHUXQJEOLHE (UZXWHGDHUYRQHLQHP3ODQHWHQVWDPPWHGHUHLQHJHOEH1RUPDOVRQQHXPNUHLVWH6LH QDQQWHQGLHVH6ROOH6RO8QGGHQ3ODQHWHQQDQQWHQVLH(UGH$OVHULQGLH9HUJDQJHQKHLW ZDQGHUWHKDWWHHUGLH(QWVWHKXQJGLHVHV3ODQHWHQPLWHUOHEW(UZDUZHLWLQGLH=XNXQIW YRUJHVWRHQXPDXFKVHLQ(QGHNHQQHQ]XOHUQHQDEHU]XVHLQHPXQIDEDUHQ(UVWDXQHQKDWWH HUGDV6RQQHQV\VWHPLQGHU=XNXQIWQLFKWPHKUILQGHQN|QQHQ 6SlWHUZDUHULQHLQH=HLWIDOOHJHUDWHQXQGHVKDWWH(ZLJNHLWHQJHGDXHUWELVHUVLFKGDUDXV EHIUHLWKDWWH6HLQH+RIIQXQJGDQDFK]XU(UGHXQGLQGLH*HJHQZDUW]XUFN]XNHKUHQHUIOOWH VLFKQLFKW'DV(QHUJLHIHOG]ZLVFKHQ$QGURPHGDXQG0LOFKVWUDH]HUVW|UWHDOOHVHLQH3OlQH +LQ]XNDPGDHUGLH2ULHQWLHUXQJYHUORUHQKDWWH(UZXWHQLFKWPHKUZRHUZDU(VNRQQWH GLH0LOFKVWUDHVHLQRGHUHLQHIUHPGH*DOD[LVHLQKXQGHUW0LOOLDUGHQ/LFKWMDKUHYRQGHU (UGHHQWIHUQW8PVHLQHQ6WDQGRUW]XEHVWLPPHQEUDXFKWHHU,QVWUXPHQWH8QGXPGLH ,QVWUXPHQWHKHU]XVWHOOHQPXWHHUZLHGHUHLQHQ.|USHUEHVLW]HQ(LQHQ.|USHUGHULKQGD]X EHIlKLJWHPLW+lQGHQHWZDV]XVFKDIIHQZDVVHLQ*HLVWHUGDFKWH'DV8PKHULUUHQ]ZLVFKHQ GHQ6WHUQHQXQGGHQ*DOD[LHQZDUVLQQORVJHZRUGHQZHLOHUGLH+HUUVFKDIWEHUGLH=HLW YHUORUHQKDWWH $EHU]XP*OFNEHVDHUQRFKGLH)lKLJNHLWVLFKIUHL]XEHZHJHQ6HLQ:ROOHQDOOHLQ JHQJWHLKQEHU/LFKWMDKUHKLQZHJ]XPQlFKVWHQ6WHUQ]XEULQJHQ 8QGVREHZHJWHHUVLFK]XUJUQHQ6RQQHXQGVHQNWHVLFKGHPHLQ]LJHQ3ODQHWHQHQWJHJHQ GHUVLHXPNUHLVWH(UZDUXQVLFKWEDUHLQHQHUJHWLVFKHV(WZDVGHPQLHPDQGHWZDVDQKDEHQ NRQQWHDXHUHLQHDQGHUH)RUPYRQ(QHUJLH'RFKVFKRQGLHHUVWHQ%HREDFKWXQJHQVDJWHQ LKPGDHUGLHVH$UWYRQ*HIDKUKLHUQLFKW]XEHIUFKWHQKDWWH 0HKUDOVKXQGHUW3ODQHWHQKDWWHHUEHVXFKWRKQHHLQH/HEHQVIRUP]XHQWGHFNHQGLHIUVHLQH =ZHFNHJHHLJQHWZDU+LHUDEHUJDEHV/HEHQZHQQDXFKLQSULPLWLYVWHU)RUP$EHUGLHVHV /HEHQEHVD)HXQGHVEHVD+lQGH'DVZDUGHUHQWVFKHLGHQGH)DNWRU(UQVW(OOHUW HQWVFKORVLFKGHQ9HUVXFK]XZDJHQ /DQJH=HLWEHUZDFKWHHUGHQZDQGHUQGHQ1RPDGHQVWDPPGHU'UHLEHLQHUELVLKPGHU-lJHU 8UDEDOLEHVRQGHUVDXIILHO'DVVHOWVDPDXVVHKHQGH*HVFK|SIVFKLHQEHVVHUJHHLJQHW]XVHLQ DOVGLHDQGHUHQ$QJHK|ULJHQVHLQHU6LSSH(OOHUWIROJWHLKPZHQQHUDXIGLH-DJGJLQJ(UVDK ]XPLWZHOFKHP*HVFKLFNGHU-lJHUVHLQH%HXWHEHVFKOLFKXQGVFKOLHOLFKHUOHJWH:HUPLW VROFKHP*HVFKLFNDQV:HUNJLQJGHUNRQQWHDXFKJDQ]DQGHUH'LQJHYROOEULQJHQZHQQHU GLHQ|WLJH,QWHOOLJHQ]EHVD8QGGLH,QWHOOLJHQ]GDVZDUHU(UQVW(OOHUW $OV8UDEDOLGLHYLHU&UROVW|WHWHXQG]XVHLQHP6WDPP]XUFNNHKUWHZDU(OOHUWV(QWVFKOX JHIDW(UIROJWHLKPXQGDOVHVGXQNHOZXUGHEHUQDKPHUVHLQ%HZXWVHLQ 8UDEDOLQDKPGLH.UDOOHQGHUYLHUHUOHJWHQ&UROVDXVVHLQHU7DVFKHXQGZDUIVLHGHP +lXSWOLQJYRUGLH)H Ä'XZLOOVWQLFKWJODXEHQGDLFKYLHUYRQLKQHQJHW|WHWKDEH"'DKDVWGXGHQ%HZHLV 'HU+lXSWOLQJHLQEHVRQGHUVNUlIWLJHU'UHLEHLQHUWUDWYHUlFKWOLFKPLWGHPPLWWOHUHQ)XDXI GLH7URSKlHQ

Ä)UPLFKLVWGDVNHLQ%HZHLV8UDEDOL-HGHU)HLJOLQJNDQQVLHDXVGHQ)HQWRWHU&UROV ]LHKHQXQGEHKDXSWHQHUKlWWHVLHYRUKHUJHW|WHW'XNDQQVWGHLQH0lUFKHQGHQDOWHQ)UDXHQ HU]lKOHQDEHUQLFKWPLUGHP+lXSWOLQJ 'LHVH$UWYRQ5HGHQZDU8UDEDOLJHZRKQWXQGIUKHUKlWWHHUVLFKQLFKWZHLWHUGDUEHU DXIJHUHJW$EHUGLHVPDOZDUHVDQGHUV'HU=RUQVWLHJLQLKPKRFKXQGDOVGHU+lXSWOLQJVLFK HLQIDFKXPGUHKWHXQGJHKHQZROOWHWDWHUHWZDVZDVHUQLH]XYRUJHWDQKDWWH Ä:DUWHULHIHULKPQDFKÄ,FKKDEHQLFKWJHORJHQ+lXSWOLQJ,FKKDEHYLHU&UROVJHW|WHW ZHQQGXZLOOVWZHUGHLFKQRFKPHKUYRQLKQHQW|WHQ,FKZHLMHW]WZLHZLU6WHLQH EHNRPPHQRKQHVLHPKVDPVXFKHQ]XPVVHQ 'HU+lXSWOLQJZDUVWHKHQJHEOLHEHQ Ä6WHLQH" Ä-D6WHLQHHUZLGHUWH8UDEDOLÄ'LHJDQ]H:HOWLVWYROOGDYRQ:LUVWHKHQDXILKQHQXQGZLU ZRKQHQ]ZLVFKHQLKQHQ6LHKGRUWGHQ)HOVHQ+lXSWOLQJ:HQQZLUHLQHQJURHQ6WHLQ QHKPHQGHQZLUQLFKW]XU-DJGEHQXW]HQN|QQHQXQGJHJHQGHQ)HOVHQVFKODJHQZHUGHQ NOHLQHUH6WHLQHKHUDXVEUHFKHQ0LWLKQHQN|QQHQZLUXQVHUH%HXWHOIOOHQXQGDXIGLH-DJG JHKHQ:LUZHUGHQPHKU6WHLQHKDEHQDOVZLUMHPDOVEUDXFKHQ 'HU+lXSWOLQJVWDUUWH8UDEDOLZWHQGDQ Ä:HQQZLUGHLQHQ5DWEHIROJHQZLUGGHUJDQ]H%HUJDXIXQVKHUDEVWU]HQXQGXQVXQWHUVLFK EHJUDEHQ'XELVWQLFKWQXUHLQ)HLJOLQJGXELVWDXFKGXPP Ä8QGGXELVWHVQLFKWZHUWXQVHU+lXSWOLQJ]XVHLQHQWIXKUHV8UDEDOLYROOHU=RUQ 'HU+lXSWOLQJEOLHEVWHKHQXQGGUHKWHVLFKXP6HLQH+DQGIXKU]XU-DJGWDVFKHLQGHUHU VHLQH:XUIVWHLQHDXIEHZDKUWH$EHU8UDEDOLNDPLKP]XYRU(UZXWHVHOEVWQLFKWZDUXPHU ]XPHUVWHQ0DOLQVHLQHP/HEHQDXIGLH,GHHNDPGLH+DQG]XU)DXVW]XEDOOHQXQGDOV :DIIH]XEHQXW]HQ=XHUVWIXKUGLHUHFKWH)DXVWYRUGHUGLHPLWWOHUHVRIRUWIROJWH%HLGH WUDIHQGDV.LQQGHV+lXSWOLQJV$OVGLHVHUQXUVFKZDQNWHNDPDXFKGLHGULWWH)DXVWQDFKYRUQ XQGJDELKPGHQ5HVW(UEUDFKZLHYRP%OLW]JHIlOOW]XVDPPHQXQGEOLHEEHZHJXQJVORV OLHJHQ 'LH)UDXHQGLHLQGHU1lKHJHVWDQGHQXQGGHQ9RUIDOOEHREDFKWHWKDWWHQNUHLVFKWHQHQWVHW]W DXI'DQQOLHIHQVLHLQGLH+|KOHQ]XUFN$QGHUVGLH0lQQHU6LHVDHQXPGDVORGHUQGH )HXHUXQGKDWWHQVLFKQLFKWXPGHQ6WUHLWJHNPPHUW1XQDEHUDOVLKU+lXSWOLQJ]X%RGHQ VWU]WHVSUDQJHQVLHDXIXQGNDPHQKHUEHLJHODXIHQ8UDEDOLVDKLKQHQPLWHLQHPNDOWHQ *OLW]HUQLQGHQ$XJHQHQWJHJHQ(UHUZDUWHWHLKUH$QNODJH Ä'XKDVWGHQ+lXSWOLQJJHW|WHWGDIUPXWGXVWHUEHQULHILKPMHPDQG]XRKQHZHLWHU QlKHU]XNRPPHQ Ä(ULVWQLFKWWRWHQWJHJQHWH8UDEDOLÄ(UZLUGQXUHLQH=HLWODQJVFKODIHQGDQQZLUGHUZLHGHU ZDFK,FKKDEHLKQQLFKWPLWHLQHP6WHLQHUVFKODJHQ(VZDUQXUPHLQH)DXVW Ä(LQH)DXVWLVWQLFKWVRKDUWZLHHLQ6WHLQIDQGMHPDQGKHUDXV Ä(EHQ'DUXPLVWGHU+lXSWOLQJDXFKQLFKWWRW 6LHELOGHWHQHLQHQGLFKWHQ5LQJXPGHQ+lXSWOLQJXQG8UDEDOLELVHUVWHUHUVLFK]XUHJHQ EHJDQQXQGGDPLWEHZLHVGDHUQLFKWWRWZDU(U|IIQHWHGLH$XJHQXQGULFKWHWHVLFK ODQJVDPDXI(UVDKGLH0lQQHUYHUZXQGHUWDQGDQQILHOVHLQ%OLFNDXI8UDEDOL(UZROOWH DXIVSULQJHQJLQJDEHUVRIRUWZLHGHULQGLH.QLH Ä'XKDVWPLFKJHVFKODJHQ"VWLHHUPKVDPKHUYRU 8UDEDOLQLFNWH Ä-DLFKKDEHGLFKJHVFKODJHQ+lXSWOLQJ8QGZHQQGXPLFKQRFKHLQPDOHLQHQ)HLJOLQJXQG HLQHQ/JQHUQHQQVWGDQQZHUGHLFKGLFKW|WHQ:LUN|QQHQPRUJHQGDUEHUUHGHQZHQQGX GDVZLOOVW$EHUZHQQGXPLWPLUNlPSIHQZLOOVWVRZHUGHLFKGLUEHZHLVHQGDLFKNHLQ )HLJOLQJELQ (UGUHKWHVLFKXPXQGJLQJ]XUQlFKVWHQ+|KOH 'LH0lQQHUPDFKWHQLKPUHVSHNWYROO3ODW] 'HU+lXSWOLQJDEHUVWDUUWHLKPKDHUIOOWQDFK

$OV(UQVW(OOHUWV%HZXWVHLQLQGHQ.|USHUYRQ8UDEDOLVFKOSIWHZDULKPNODUGDHUHLQH ZHQLJJHHLJQHWH/HEHQVIRUPJHZlKOWKDWWH$EHUEHVVHUGLHVHDOVJDUNHLQH,PPHUKLQEHVD HU+lQGHXQGGD]XQRFKGUHL(LQUHODWLYSULPLWLY]XVDPPHQJHEDXWHUNRVPLVFKHU6H[WDQW ZUGHJHQJHQGLH3RVLWLRQHLQLJHUPDHQ]XEHVWLPPHQ0HKUZDUQLFKWQRWZHQGLJGHQQHU ZROOWHQXUGLH5LFKWXQJ]XUKHLPDWOLFKHQ*DOD[LVZLVVHQ(UZROOWHDXIDOOH)lOOHYHUPHLGHQ QRFKZHLWHULQGLHHQWJHJHQJHVHW]WH5LFKWXQJYRU]XVWRHQ$QZHOFKHU6WHOOHGHV=HLWVWURPV HUVLFKMHW]WEHIDQGKlWWHHUDOOHUGLQJVQLFKW]XVDJHQYHUPRFKW(VNRQQWHQHLQLJH0LOOLRQHQ -DKUHLQGHU=XNXQIWVHLQDEHUJHQDXVRJXWDXFKHLQSDDUKXQGHUW0LOOLRQHQ-DKUHLQGHU 9HUJDQJHQKHLW (UHQWVDQQVLFKZLHHUEHLVHLQHP6WXU]LQGLH9HUJDQJHQKHLWGLH*HEXUWGHV8QLYHUVXPV PLWHUOHEWKDWWH.|USHUORVZDUHUGDPDOVLQGHPOLFKWORVHQ$OOJHVFKZHEWELVGLHJHZDOWLJH 8UH[SORVLRQ/LFKWXQG(QHUJLHEUDFKWH0LOOLDUGHQYRQ*DOD[LHQZDUHQLQDOOHQ5LFKWXQJHQ DXVHLQDQGHUJHVWUHEWXQGHLQHYRQLKQHQZDUGLHKHLPDWOLFKH0LOFKVWUDH(UKDWWHVLH JHIXQGHQDEHUGDQQZLHGHUYHUORUHQ(UZDULQGLH=HLWIDOOHGHU'UXXIJHUDWHQXQGVFKOLHOLFK ZLHGHUHQWNRPPHQ(UKDWWHVFKOLHOLFKGLH(UGHZLHGHUJHIXQGHQDEHUZHLWLQGHU 9HUJDQJHQKHLW(UZDU]HLWORVJHZRUGHQXQGGDPLWXQVWHUEOLFK(UNRQQWHMHGHQEHOLHELJHQ .|USHUEHUQHKPHQDEHUMHW]WNRQQWHHULKQQXUGDQQZLHGHUYHUODVVHQZHQQGLHVHU.|USHU VWDUE8QGGLH=HLWVSDQQHGLHHULQHLQHPVROFKHQ*DVWN|USHUYHUEUDFKWHGXUFKOHEWHHU ZLUNOLFK 8QGQXQZDUHV8UDEDOL 'HUSULPLWLYH6HFKVIOHUGHUDXIGUHL%HLQHQJLQJXQGGLHGUHLYRUGHUHQ*OLHGPDHQDOV $UPHXQG+lQGHEHQXW]WHEHVDHLQHJHULQJIJLJH,QWHOOLJHQ](VZDUQLFKWJHQXJLKQ VHOEVWlQGLJLQVHLQHP6LQQHKDQGHOQ]XODVVHQDEHUGDNRQQWHHUQDFKKHOIHQ1DWUOLFKZUGH HVVHLQHQ6WDPPHVJHQRVVHQVHKUVFKQHOODXIIDOOHQGDHUNOJHUZDUDOVVLH$EHUGDVZDU NHLQ+LQGHUQLV,P*HJHQWHLO)UKHURGHUVSlWHUZUGHHULKU+lXSWOLQJZHUGHQXQGGLH %HIHKOHJHEHQ'DVZDUHVZRUDXIHV(UQVW(OOHUWDQNDP 'HU6FKODJLQGDV*HVLFKWGHU+lXSWOLQJVZDUGLHHUVWH$NWLRQJHZHVHQGLHHUYHUDQODWKDWWH :lKUHQG8UDEDOLVLFKLQGHU(FNHHLQHU+|KOHYHUNURFKVLFK]XU5XKHOHJWHXQGHQGOLFK HLQVFKOLHIEOLHE(OOHUWV%HZXWVHLQZDFK(VEUDXFKWHNHLQHQ6FKODI (UQVW(OOHUWZDUGDYRQEHU]HXJWGD8UDEDOLVHLQHQ=ZHFNHQGLHQOLFKVHLQZUGHREGHU 'UHLEHLQHUZROOWHRGHUQLFKW $OVGHU+lXSWOLQJDPQlFKVWHQ7DJYRUGHQ+|KOHQHUVFKLHQZDUVHLQ*HVLFKWYHUVFKZROOHQ (UKDWWHHLQHVFKLPSIOLFKH1LHGHUODJHHUOLWWHQ6HLQ$QVHKHQNRQQWHHUQXUGDGXUFKUHWWHQ LQGHPHUVHLQHQ:LGHUVDFKHUW|WHWH $OV8UDEDOLHUZDFKWHXQGDXVGHU+|KOHNDPZUGLJWHHUGHQ+lXSWOLQJNHLQHV%OLFNHV VRQGHUQULHIHLQLJHGHU0lQQHU]XVLFK*HVWHQUHLFKXQGPLWYLHOHQ:RUWHQVXFKWHHULKQHQ NODU]XPDFKHQZDVHUSODQWH'HUIDXVWJURH6WHLQGHQPDQLQGLH+DQGQHKPHQXQG VFKOHXGHUQNRQQWHZDUGLHHLQ]LJH:DIIHGHU'UHLEHLQHU$EHUHVJDE]XZHQLJYRQGLHVHQ 6WHLQHQ(UZXWHMHW]WZLHPDQPHKUGDYRQEHVFKDIIHQNRQQWH8QGHUHUNOlUWHHVLKQHQ 6LHEHJULIIHQQLFKWZDVHUYRQLKQHQZROOWH'DOLHIHU]XP)HXHUSODW]ZRGDVYRQGHQ )UDXHQJHVDPPHOWH+RO]KHUXPODJ(UIDQGHLQHQ6WDPPGHQGHU6WXUPJHNQLFNWKDWWH$Q VHLQHPXQWHUHQ(QGHZDUHUVRJHVSDOWHQGDHUIDVWHLQH6SLW]HELOGHWH'DHU]XVFKZHUZDU ULHIHU]ZHLGHU0lQQHU]X+LOIH*HPHLQVDPPLWLKQHQVFKOHSSWHHUGHQ6WDPP]XGHP )HOVHQ'RUWHQWGHFNWHHUGHQ6SDOWVRIRUWZLHGHUGHULKPEHUHLWVIUKHUDXIJHIDOOHQZDU 'XUFK=HLFKHQJDEHUVHLQHQ+HOIHUQ]XYHUVWHKHQGDVLHGHQ6WDPPPLWGHU6SLW]HLQGHQ 6SDOWKLQHLQVFKLHEHQVROOWHQ'LH0lQQHUEHJULIIHQ]ZDUQLFKWZDVHUGDPLWEH]ZHFNHQ ZROOWHDEHUVLHWDWHQLKPGHQ*HIDOOHQ'DQQQDKP8UDEDOLHLQHQVFKZHUHQ6WHLQXQG ZlKUHQGGLH'UHLIOHUGHQ6WDPPKLHOWHQVFKOXJHUPLWLKPPHKUPDOVJHJHQGDVDQGHUH (QGHGHV6WDPPHV'LH6SLW]HGUDQJLPPHUPHKULQGHQ)HOVVSDOWHLQXQGDOVGLHHUVWHQ 6WHLQHKHUDXVNROOHUWHQVWU]WHQVLFKHLQLJHGHU+HUXPVWHKHQGHQDXIVLHQDKPHQVLHDXIXQG YHUVWHFNWHQVLHLQLKUHQ:XUIEHXWHOQ

Ä/DWVLHOLHJHQLKU'XPPN|SIHULHI8UDEDOLÄ(VZHUGHQEDOGVRYLHOHNRPPHQGDZLU DOOHJHQXJKDEHQ+HOIWXQVOLHEHU 8QGQXQKDOIHQVLH(QGOLFKVFKLHQHQVLHEHJULIIHQ]XKDEHQZRUDXIHV8UDEDOLDQNDP,PPHU WLHIHUGUDQJGHU6WDPPLQGHQ)HOVELVHUJHJHQ:LGHUVWDQGVWLH Ä1XQPWLKUDOOHGDJHJHQGUFNHQEHIDKO8UDEDOLÄ1XUJHJHQGLHHLQH6HLWH/RV (LQZHQLJDEVHLWVHWZD]ZDQ]LJ0HWHUHQWIHUQWVWDQGGHU+lXSWOLQJ(UEHREDFKWHWHGLH %HPKXQJHQGHU0lQQHUPLWHLQHPKlPLVFKHQ*ULQVHQZlKUHQGHUPLWGHUPLWWOHUHQ+DQG GLH6WHLQHLQVHLQHP:XUIEHXWHO]lKOWH6REDOG8UDEDOLPLWVHLQHPYHUUFNWHQ([SHULPHQW IHUWLJZDUZUGHHULKQ]XP=ZHLNDPSIIRUGHUQXQGLKQW|WHQ $XVGHP6SDOWEUDFKHLQJURHV6WFN)HOVKHUDXVGHU6WDPPKDWWHNHLQHQ+DOWPHKUXQG GLH0lQQHUVWU]WHQ]X%RGHQ'HP)HOVHQMHGRFKIROJWHHLQ+DJHOIDXVWJURHU6WHLQHGLH LKQHQYRUGLH)HUROOWHQ8UDEDOLVWLHHLQHQ)UHXGHQVFKUHLDXVEFNWHVLFKXQGVDPPHOWH HLQLJHGHU6WHLQHHLQ'LHDQGHUHQEHUOLHHUVHLQHQ6WDPPHVJHQRVVHQGHUHQ%HXWHOZHQLJH 6HNXQGHQVSlWHUSUDOOJHIOOWZDUHQ 2KQHGD8UDEDOLGHQ%HIHKOGD]XJHJHEHQKlWWHNDPHQGLHDQGHUHQ0lQQHUGHV6WDPPHV KHUEHLJHODXIHQXQGYHUVXFKWHQHEHQIDOOVLKU*OFN6LHKDWWHQ]XJHVHKHQXQGZXWHQQXQZLH HVJLQJ 0LWILQVWHUHQ%OLFNHQEHREDFKWHWHGHU+lXSWOLQJGLH9RUJlQJH-HW]WJULQVWHHUQLFKWPHKU $XHUGHPZDUHQLQVHLQHP%HXWHOQXUGUHL6WHLQH 8UDEDOLZDQGWHVLFKLKP]XXQGULHI Ä.RPPKHU+lXSWOLQJKROGLU6WHLQH(VVLQGJHQXJIUMHGHQGD9RQQXQDQZHUGHQZLU LPPHUJHQXJ6WHLQHKDEHQXPGLH&UROV]XW|WHQ,FKJODXEHZLUYHUJHVVHQGLH6DFKHYRQ JHVWHUQDEHQGEHVVHU 'HU+lXSWOLQJNDPODQJVDPQlKHU9RU8UDEDOLEOLHEHUVWHKHQ Ä1XUGDQQZHQQGXPLFKXP9HU]HLKXQJELWWHVW'XKDVWPLFKJHVFKODJHQ Ä8QGGXKDVWPLFKGD]XKHUDXVJHIRUGHUW'XKDVWPLFKHLQHQ)HLJOLQJJHQDQQW8QGHLQHQ /JQHU Ä'DQQVLQGZLUTXLWWZLUEUDXFKHQQLFKWPHKU]XNlPSIHQ.DQQVWGXQRFKPHKU6WHLQHDXV GHP)HOVHQKROHQ" Ä6RYLHOGXZLOOVW+lXSWOLQJ,FKKDEHHVHXFKJH]HLJWQXQPDFKWHVVHOEVW,FKZHUGHDXIGLH -DJGJHKHQXQGHLQHQMXQJHQ&UROHUOHGLJHQ 1XUGLHMXQJHQ&UROVNRQQWHPDQHVVHQ'DV)OHLVFKGHUDOWHQZDUYLHO]X]lK6RNDPHVGD GLH'UHLIOHUGHQ&UROVLKUH-XQJHQZHJILQJHQXQGYHU]HKUWHQ'DVZDUHLQHUGHU +DXSWJUQGHZDUXP7RGIHLQGVFKDIW]ZLVFKHQLKQHQKHUUVFKWH Ä*HKQXUDXIGLH-DJG8UDEDOL,FKZHUGHLQ]ZLVFKHQPLWPHLQHQ0lQQHUQZHLWHUH6WHLQHDXV GHP)HOVHQKROHQ:LUEUDXFKHQHLQHQJURHQ9RUUDW 2KQH]XDQWZRUWHQGUHKWHVLFK8UDEDOLXPZDWHWHGXUFKGHQ)OXXQGYHUVFKZDQGLP:DOG (UKDWWHGDVNDOWH*OLW]HUQLQGHQ$XJHQGHV+lXSWOLQJVEHPHUNWXQGZUGHHVQLFKW YHUJHVVHQ*HQDXVRZHQLJZUGHGHU+lXSWOLQJYHUJHVVHQN|QQHQGDHUHLQHVFKZHUH 1LHGHUODJHHUOLWWHQKDWWH8UDEDOLZDUHVJHZHVHQGHUGHQ0lQQHUQJH]HLJWKDWWHZLHPDQ 6WHLQHDXVGHP)HOVHQKROWHQLFKWHUGHU+lXSWOLQJ)UKHURGHUVSlWHUPXWHHV]XGHU HQWVFKHLGHQGHQ$XVHLQDQGHUVHW]XQJNRPPHQ'LH)UDJHZDUQXUZHOFKHQ$QODGHU +lXSWOLQJZlKOHQZUGH(UPXWHLP5HFKWVHLQGDVZDU*HVHW] 8UDEDOLVWLHDXIGLH6SXUHQHLQLJHU&UROVGLHLQHLQHDQGHUH5LFKWXQJIKUWHQ=XIDXOLKQHQ ]XIROJHQJLQJHUZHLWHUXQGHUUHLFKWHGHQ5DQGHLQHU/LFKWXQJ+LHUEOLHEHUVWHKHQXQG VLFKHUWH2EZRKOHVZLQGVWLOOZDUEHZHJWHQVLFKZHLWYRULKPGLH6SLW]HQHLQLJHU*UDVKDOPH 'DVNRQQWHQQXU&UROVVHLQ :LHYLHOHHVZDUHQYHUPRFKWHHUQLFKWDE]XVFKlW]HQDEHUHUZDUIHVWHQWVFKORVVHQQLFKW RKQH%HXWH]XGHQ+|KOHQ]XUFN]XNHKUHQ (UQDKPGUHL6WHLQHDXVVHLQHP%HXWHOXQGJLQJZHLWHU3O|W]OLFKK|UWHHU/lUPKLQWHUVLFK(U EOLHEVWHKHQXQGVDK]XUFN6HLQHVFKOLPPVWH%HIUFKWXQJHUIOOWHVLFK0LWGHP+lXSWOLQJ

DQGHU6SLW]HVWUPWHQVHLQH6WDPPHVJHQRVVHQDXVGHP:DOGXQGUDQQWHQPLWODXWHP *HVFKUHLDXIGLH&UROV]XGLHQXQLKUH*HJQHUJHZDKUWHQXQGJHZDUQWZDUHQ8UDEDOLYHUEDUJ VLFKLPKRKHQ*UDVXQGOLHGHQ+lXSWOLQJXQGVHLQH0lQQHUDQVLFKYRUEHLODXIHQ'DQQ IROJWHHULKQHQPLWDOOHU%HKXWVDPNHLW (VNDPJHQDXVRZLHHUEHIUFKWHWKDWWH'LH&UROVEUDFKWHQGLHZHLEOLFKHQ7LHUHXQGLKUH -XQJHQLQ6LFKHUKHLWGDQQVWHOOWHQVLHVLFKLKUHQ$QJUHLIHUQ=ZDUYHUVWDQGHQVLHHVQRFK LPPHUQLFKWLKUHHPSILQGOLFKH6WLUQ]XVFKW]HQHLQH7DWVDFKHGLH8UDEDOLKHXWH]XP HUVWHQPDODXIILHODEHUVLHZDUHQLQGHUhEHU]DKO+LQ]XNDPGDQLHPDQGHLQHQ6WHLQVR JXWJH]LHOWVFKOHXGHUQNRQQWHZLH8UDEDOLGHUQXQHLQHQJURHQ%RJHQVFKOXJXPLQGHQ 5FNHQGHU&UROV]XJHODQJHQ6RODQJHGLHVHPLWGHU$EZHKUGHV$QJULIIVEHVFKlIWLJWZDUHQ EOLHEHQLKUH:HLEFKHQXQG-XQJHQVFKXW]ORVLQGHU0XOGH]XUFNLQGLHPDQVLHJHWULHEHQ KDWWH (UGXFNWHVLFKDOVHUGLH6HQNHHUUHLFKWH(LQHVGHU-XQJWLHUHZDUXQYRUVLFKWLJJHQXJ ]LHPOLFKQDKDQLKQKHUDQ]XNRPPHQ8UDEDOLW|WHWHHVPLWHLQHPJXWJH]LHOWHQ6WHLQZXUI 'DQQVFKOHLIWHHUHVGHQ:HJ]XUFNGHQHUJHNRPPHQZDU$P:DOGUDQGKLHOWHUDQOHJWH VHLQH%HXWHQLHGHUXQGULFKWHWHVLFKDXIXPGDV*HVFKHKHQDXIGHU/LFKWXQJZHLWHU]X YHUIROJHQ 'HU+lXSWOLQJXQGVHLQH0lQQHUJULIIHQRKQHMHGHV.RQ]HSWDQ6LHYHUVFKOHXGHUWHQLKUH 6WHLQHXQGW|WHWHQHLQLJHGHU&UROVGDQQPXWHQVLHYRUGHQ%HVWLHQGLH)OXFKWHUJUHLIHQ ,Q]ZLVFKHQZDUGDV9HUVFKZLQGHQGHV-XQJWLHUVYRQGHQ0WWHUQHQWGHFNWZRUGHQ6LH DODUPLHUWHQGLHPlQQOLFKHQ7LHUHGLHVRIRUWGLH9HUIROJXQJHLQVWHOOWHQXQGVLFKDXIGLH6XFKH PDFKWHQ'HU+lXSWOLQJXQGVHLQHEHUOHEHQGHQ-lJHUHUUHLFKWHQGHQ:DOGUDQG8UDEDOLWUDW LKPHQWJHJHQ Ä:DUXPKDVWGXPLUGLH-DJGYHUGRUEHQXQGGDV/HEHQXQVHUHU0lQQHUXQQ|WLJLQ*HIDKU JHEUDFKW":LHLFKVHKHVLQGIQIYRQLKQHQQLFKW]XUFNJHNHKUW8QGZRLVWGHLQH%HXWH" 'HU+lXSWOLQJVWDUUWHLKQZWHQGDQ Ä:LUKDEHQJHNlPSIWXQGZRZDUVWGX"'XELVWDOVRGRFKHLQ)HLJOLQJ6WDWWXQV]XKHOIHQ KDVWGXGLFKLP*UDVYHUNURFKHQ Ä'XLUUVW+lXSWOLQJ:lKUHQGLKUQXW]ORVHXUH6WHLQHYHUVFKOHXGHUWHWKDEHLFKHLQ-XQJWLHU HUOHJW(UGHXWHWH]XP:DOGUDQGÄ'RUWOLHJWHV1HKPWHVPLW]XUFNLQV/DJHU 'HU+lXSWOLQJSURWHVWLHUWHQLFKWDOV]ZHLGHU-lJHUGHQHUOHJWHQMXQJHQ&URODXIGLH6FKXOWHUQ QDKPHQXQGYRUDQJLQJHQ:RUWORVIROJWHHULKQHQRKQH8UDEDOLQRFKHLQHV%OLFNHV]X ZUGLJHQ6LHZDUHQGHU(QWVFKHLGXQJZLHGHUHLQHQ6FKULWWQlKHU8QGGLHVH(QWVFKHLGXQJ NRQQWHQXUEHGHXWHQGDHLQHUYRQLKQHQVWDUE 'HU&UROZDUDXVJHQRPPHQZRUGHQXQGGUHKWHVLFKEHUHLWVEHUGHP)HXHUDOV8UDEDOLGLH +|KOHQHUUHLFKWH(UVHW]WHVLFKDXIHLQHQGHUIODFKHQ8IHUVWHLQHXQGVDK]XZLHGLH)UDXHQ GHQ6SLHGUHKWHQ0HKUPDOVEHJDQQGDVYRQGHP)HWWJHWUlQNWH+RO]DXI]XORGHUQXQGGLH )UDXHQPXWHQ:DVVHUGDUEHUVFKWWHQ8UDEDOLZXWHVHOEVWQLFKWZDUXPHULQGLHVHP $XJHQEOLFNDXVJHUHFKQHWDQGLHGXQNOHQ$GHUQLQGHP*HVWHLQGHQNHQPXWHDXVGHPHU KHXWHIUKQRFKGLH:XUIJHVFKRVVHPLWGHP+RO]VWDPPKHUDXVJHEURFKHQKDWWH(UZXWHQXU GDGLHVHVVFKZDU]HEU|FNHOLJHXQGZHLFKH*HVWHLQVHLQHP/HEHQXQGGHPVHLQHV9RONHV HLQH:HQGHEULQJHQZUGH*OHLFK]HLWLJHULQQHUWHHVLKQDQGDVKDOEYHUEUDQQWH+RO]GDV EHUDOODXIGHU(UGHKHUXPODJXQGQRFKJOKWH 'HU+lXSWOLQJKDWWHVLFKZRUWORVLQVHLQH+|KOH]XUFNJH]RJHQDEHUDOVGLH)UDXHQGDPLW EHJDQQHQGDVJHEUDWHQH)OHLVFK]X]HUWHLOHQNDPHUZLHGHU]XP9RUVFKHLQ2KQH8UDEDOL DXFKQXUDQ]XVHKHQQDKPHUVLFKGHQ/|ZHQDQWHLOXQGYHUVFKZDQGZLHGHU(LQLJHGHU 0lQQHUPXUUWHQXQWHUQDKPHQDEHUQLFKWV,KU5HVSHNWYRUGHP+lXSWOLQJZDULPPHUQRFK]X JUR,KUH6\PSDWKLHMHGRFKGDVVSUWH8UDEDOLGHXWOLFKZDQGWHVLFKLPPHUPHKULKP]X $XFKHUQDKPVLFKHLQ6WFN)OHLVFKXQGJLQJGDPLWKLQDE]XGHP)HOVHQZRHUVLFK QLHGHUKRFNWHXQGEHGlFKWLJD$OVHUGDPLWIHUWLJZDUZDUIHUGHQDEJHQDJWHQ.QRFKHQLQ GHQ)OXXQGZDQGWHVHLQH$XIPHUNVDPNHLWZLHGHUGHP)HOVHQ]X0LWHLQHPVWDUNHQ

+RO]VSDQYHUVXFKWHHUHLQZHQLJYRQGHPVFKZDU]HQXQGSRU|VHQ*HVWHLQKHUDXV]XEUHFKHQ (VJLQJOHLFKWHUDOVJHGDFKW'DV=HXJZDUQLFKWDOV:XUIJHVFKR]XJHEUDXFKHQ(V ]HUEU|FNHOWHZHQQPDQGLH)DXVWGDUXPVFKOR$EHULPPHUKLQZHQQHVDXFKVRDXVVDKZLH KDOEYHUEUDQQWHV+RO]VRZDUHVGRFKIHVWHU8QGZHQQHVEUDQQWHGDQQZUGHHVVLFKHUOLFK YLHOOlQJHUXQGKHLHUEUHQQHQDOV+RO] (LQLJHGHU0lQQHUNDPHQKHUEHLJHVFKOHQGHUWVHW]WHQVLFKXQGVDKHQ]XZDV8UDEDOLPDFKWH (UZROOWHLKQHQVHLQH$EVLFKWHUNOlUHQDEHUGDQQVDKHUHLQGDHVEHVVHUZDULKQHQVHLQ 9RUKDEHQLQGHU3UD[LVYRU]XIKUHQ(UEUDFKQRFKZHLWHUH6WFNHGHVVFKZDU]HQ*HVWHLQV DXVGHU)HOVVSDOWHXQGVDPPHOWHVLHHLQ Ä.RPPWPLW]XP)HXHULFKZLOOHXFKHWZDV]HLJHQ 6LHIROJWHQLKPXQVFKOVVLJDEHUVLHKDWWHQKHXWHVFKRQHLQPDOHUOHEWGD8UDEDOLJXWH,GHHQ KDWWH:DVHUDOOHUGLQJVPLWGHQVFKZDU]HQ6WHLQHQSODQWHZDULKQHQQLFKWNODU 'LH)UDXHQKDWWHQLQ]ZLVFKHQDXIJHUlXPWXQGGLH5HVWHGHV0DKOVEHVHLWLJW'DV)HXHU JORPPQRFK8UDEDOLZDUIVHLQHVFKZDU]HQ6WHLQHLQGLH*OXWXQGVHW]WHVLFK(UQLFNWHGHQ 0lQQHUQ]X Ä:DUWHWDEZDVJHVFKLHKWULHWHU (LQHUYRQLKQHQPHLQWH Ä:DUXPO|VFKVWGXGDV)HXHU" Ä$EZDUWHQULHW8UDEDOLDEHUPDOVÄ'XZLUVWVHKHQGDHVEDOGEHVVHUEUHQQWDOVMH]XYRU 'XZLUVWDXIGHLQHP3ODW]QLFKWVLW]HQEOHLEHQN|QQHQZHLOHV]XKHLZLUG :LHGHUXPZXWHHUQLFKWZDUXPHUGDVVDJWHDEHUHLQHLQQHUH6WLPPHVDJWHLKPGDHU UHFKWEHKDOWHQZUGH(UNRQQWHQLFKWDKQHQGDGDV%HZXWVHLQHLQHUIUHPGHQ,QWHOOLJHQ] LKQEHKHUUVFKWHXQGLKQ'LQJHWXQOLHGLHHUYRQVHOEVWQLHPDOVJHWDQKlWWH 'LH)UDXHQZDUHQEHLGHQ+|KOHQHLQJlQJHQVWHKHQJHEOLHEHQXQGVDKHQDXVVLFKHUHU (QWIHUQXQJ]XZDV8UDEDOLWDW+LQWHULKQHQVWDQGGHU+lXSWOLQJ6HLWJHVWHUQKDWWHHUVFKRQ ]ZHLPDODPHLJHQHQ/HLEHHUIDKUHQPVVHQGDLKPGHUMXQJH-lJHUEHUOHJHQZDU(U YHUVSUWHNHLQH/XVWKHXWHQRFKHLQHGULWWH1LHGHUODJHHLQVWHFNHQ]XPVVHQ 'DVVFKZDU]H*HVWHLQEHJDQQ]XJOLPPHQ'DV*OLPPHQZXUGHLPPHUVWlUNHUELVHVHLQH VROFKH+LW]HDXVVWUDKOWHGDGLHGHP)HXHUDPQlFKVWHQVLW]HQGHQ0lQQHUZHJUFNWHQ$OV QRFKHLQZHQLJ:LQGDXINDPZXUGHGDV*OLPPHQDOOPlKOLFK]XHLQHU*OXW'LH6WHLQHGLH XPGDV)HXHUKHUXPODJHQZXUGHQURW 8UDEDOLHUKREVLFK Ä,FKJHKHLQPHLQH+|KOHXQGVFKODIH%OHLEWKLHUXQGZDFKWEHUGDV)HXHU:HFNWPLFK ZHQQHVHUOLVFKW (UYHUNURFKVLFKLQVHLQ9HUVWHFNZRLKQGHU+lXSWOLQJQLFKWEHUUDVFKHQNRQQWHRKQHLKQ]X ZHFNHQ $OVHUDPQlFKVWHQ0RUJHQ]XP)HXHU]XUFNNHKUWHVDHQGLH0lQQHULPPHUQRFKGDXQG VWDUUWHQLQGLHYHUJOLPPHQGH*OXW 'HUVFKZDU]H6WHLQKDWWHGLHJDQ]H1DFKWEHUJHEUDQQW (UQVW(OOHUWZXWHGDHVVHKUODQJHGDXHUQZUGHELVHUVHLQ=LHOHUUHLFKWKDWWH2EZRKOGHU $QIDQJUHFKWYLHOYHUVSUHFKHQGZDUZUGHHUYLHOOHLFKWGLHJHVDPWH/HEHQVVSDQQH8UDEDOLV GXUFKOHEHQPVVHQHKHHUHUIXKULQZHOFKHP7HLOGHV8QLYHUVXPVHUVLFKEHIDQG'HUMXQJH -lJHUZDULKPLQGHQZHQLJHQ7DJHQGHV=XVDPPHQVHLQVEHUHLWVVRV\PSDWKLVFKJHZRUGHQ GDHUHVQLHPDOVEHUV+HU]JHEUDFKWKlWWHYRU]HLWLJVHLQHQ7RG]XYHUVFKXOGHQ (UHULQQHUWHVLFKGHU)HXHUZUPHULQGHUHQ.|USHUHUHLQLJH-DKUWDXVHQGHJHOHEWKDWWHDOV GLHVHQRFKGLH(UGHEHY|ONHUWHQ(UHQWVDQQVLFKGDHUHLQVWLQ*HVWDOWHLQHV)LVFKHVDXIV /DQGNOHWWHUWHXQGVHLQH)ORVVHQDOV)HEHQXW]WH'DQQZDUHUHLQULHVLJHU6DXULHUJHZHVHQ

8QGVFKOLHOLFKKDWWHHUHLQH+RUGHYRQ6WHLQ]HLWPHQVFKHQDQJHIKUWXQGVLH]X%HKHUUVFKHUQ LKUHV/DQGHVZHUGHQODVVHQ 2EZRKOGDPDOV-DKUPLOOLRQHQYHUJDQJHQZDUHQKDWWHLKPGDVQLFKWVJHQW]W(VZDULKP QLFKWJHOXQJHQGLH*HJHQZDUWZLHGHU]XILQGHQ-HQH*HJHQZDUWQlPOLFKGLHVHLQ6FKLFNVDO YHUXUVDFKWKDWWH 1XQZDUHU8UDEDOLXQGHUOHEWH(UNRQQWHIHVWH*HJHQVWlQGHIKOHQHUZDULQGHU/DJH 6FKPHU]HQXQG(PRWLRQHQ]XHPSILQGHQ(UZUGHOLHEHQXQGHUZUGHKDVVHQN|QQHQ 8UDEDOLKDWWHGLH.RKOHHQWGHFNW(VZUGHEHVVHUVHLQYRQQXQDQGLH(QWZLFNOXQJ ODQJVDPHUYRUDQ]XWUHLEHQVRQVWZUGHGHUMXQJH-lJHUQLFKWGHU+lXSWOLQJVRQGHUQGHU =DXEHUHUGHV6WDPPHVZHUGHQ %HLGHQ'UHLIOHUQDEHUKDWWHGHU=DXEHUHUQLFKWYLHO]XVDJHQ(UPXWHVLFKQDFKGHQ $QRUGQXQJHQGHV+lXSWOLQJVULFKWHQXQGGXUIWHQXUVROFKH:XQGHUYROOEULQJHQGLHLQGHVVHQ 6LQQZDUHQ $OVRHQWVFKORVLFK(UQVW(OOHUWGHQ'LQJHQLKUHQ/DXI]XODVVHQXQGQXUKLQXQGZLHGHU QDFK]XKHOIHQ 'HU6WDPPGHU'UHLIOHUZDUEHLGHQ)HOVHQJHEOLHEHQDOOHLQVFKRQGHVKDOEZHLOGLH VFKZDU]HQ6WHLQHVRJXWXQGVRODQJHEUDQQWHQ$XHUGHPEUDFKWHQGLH-lJHUIDVWMHGHQ7DJ HLQHQMXQJHQ&UROLQV/DJHUXQGVRJDEHVJHQXJ)OHLVFK]XHVVHQ+LHUEHLGHQVWHLOHQ)HOVHQ ZDUHQVLHYRUGHQ$QJULIIHQGHU%HVWLHQVLFKHU$XHUGHPJDEHVQXQPHKUDOVJHQXJ6WHLQH 'HU+lXSWOLQJYHUKLHOWVLFKSDVVLY(UJLQJ8UDEDOLDXVGHP:HJZDQQLPPHUHUNRQQWH 6HLWGHPGDV)HXHUGHUVFKZDU]HQ6WHLQHEUDQQWHEHWUDFKWHWHHULKQVRJDUPLWHLQHU$UWYRQ (KUIXUFKWXQG6FKHX7URW]GHPEOLHE8UDEDOLZDFKVDP(UYHUVSUWHNHLQH/XVWGDV2SIHU HLQHVKHLPWFNLVFKHQ0RUGDQVFKODJV]XZHUGHQ 9LHOH7DJHYHUJLQJHQEHYRUHLQ(UHLJQLVHLQWUDWGDV8UDEDOLV/HEHQY|OOLJYHUlQGHUQVROOWH (UKDWWHVLFKQLHYLHODXVGHQ)UDXHQGHV6WDPPHVJHPDFKWGHQQHUKDWWHVFKRQYLHO]XRIW HUOHEWZHOFKHQbUJHUPDQFKH0lQQHUPLWLKUHQ)UDXHQKDWWHQ'DV6WDPPHVJHVHW]VFKULHE YRUGDMHGHU0DQQGLHYRQLKPJHZlKOWH)UDXELV]XLKUHP7RGHEHKDOWHQPXWH8QGVR NDPHVGDPDQFKHYLHUELVIQI)UDXHQKDWWHQGLHVLHHUQlKUHQXQGPLWGHQHQVLHVLFK KHUXPVFKODJHQPXWHQ8UDEDOLZDUIHVWHQWVFKORVVHQHVQLHPDOVVRZHLWNRPPHQ]XODVVHQ $QGLHVHP7DJYHUEDUJGLH6RQQHVLFKKLQWHUHLQHUGLFKWHQ:RONHQGHFNH(VEHJDQQ]X UHJQHQ0LW+LOIHYRQIODFKHQ6WHLQHQVFKREHQGLH)UDXHQGLH*OXWGHU)HXHULQGLH+|KOHQ GDPLWVLHQLFKWHUORVFKHQ'HUDOWH0DUXWDUDKDOILKQHQGDEHL(UKDWWHQXUHLQHHLQ]LJH)UDX XQGHLQH7RFKWHU 'LHVH7RFKWHUKLH3DQDUXQGHVJDEYLHOHMXQJH-lJHULP6WDPPGLHLKUH*XQVW]XHUULQJHQ YHUVXFKWHQ9RP6WDQGSXQNWGHU'UHLEHLQHUDXVJHVHKHQZDU3DQDUHLQMXQJHVXQGKEVFKHV 0lGFKHQ%LVKHUKDWWHVLHDOOH%HZHUEHUDEJHZLHVHQGHQQVLHZDUWHWHGDUDXIGD8UDEDOLVLH IUDJHQZUGH$EHU8UDEDOLVFKZLHJ 0DUXWDUDZDUPLWVHLQHU$UEHLWGHQ)UDXHQEHLP$XIUlXPHQ]XKHOIHQIHUWLJXQGHU EHVFKORGHQ5HVWGHV7DJHVPLW6FKZDW]HQ]XYHUEULQJHQ6FKZDW]HQZDUVHLQH /LHEOLQJVEHVFKlIWLJXQJ(UEUDFKWHGLH1HXLJNHLWHQGLHHUYRQGHQ)UDXHQHUIXKU]XGHQ DQGHUHQ*UXSSHQGHV6WDPPHVXQGZHQQGHU7DJYRUEHLZDUKDWWHQDOOHLKUH1HXLJNHLWHQ 'DHVGUDXHQNKOXQGQDZDUKDWWHQVLFKDXFKGLH0lQQHULQGLH+|KOHQ]XUFNJH]RJHQ $OVHUEHLGHUHUVWHQ*UXSSHDQNDPKDWWH0DUXWDUDLKQHQQRFKQLFKWYLHO1HXHV]XEHULFKWHQ Ä'LH)HXHUEUHQQHQQRFKLPPHUVHLW8UDEDOLXQVGLHVFKZDU]HQ6WHLQHJHEUDFKWKDWVDJWHHU XQGVHW]WHVLFKÄ6LHVLQGEHVVHUDOVGDV+RO]DXVGHP:DOG (LQHUGHU-lJHUODFKWH Ä'DVZXWHQZLUVFKRQULHIHUÄ$EHUKLHUQLPPHLQ6WFN)OHLVFKYRPOHW]WHQ%UDWHQ 'HLQH)UDXZLUGVLFKHU+XQJHUKDEHQXQG3DQDUDXFK Ä6LHZLUG+XQJHUKDEHQVRODQJHVLHNHLQHP0DQQJHK|UWVDJWHHLQDQGHUHUGHU-lJHU Ä:HQLJVWHQVZLUGVLHQLFKW]XIHWWPHLQWHHLQGULWWHU 0DUXWDUDNDQQWHGLHVH5HGHQXQGPDFKWHVLFKQLFKWVPHKUDXVLKQHQ(UQDKPVHLQ)OHLVFK

QLFNWHGHQ0lQQHUQ]XXQGKXPSHOWHDXVGHU+|KOH$OVHULQGHUQlFKVWHQGHQ)HXHUVFKHLQ JHZDKUWHVWROSHUWHHUKLQHLQXPGHQ9HUVDPPHOWHQVHLQHDOWH*HVFKLFKWH]XHU]lKOHQ6R HUEHWWHOWHHUVLFKGLH5HVWHGHU0DKO]HLWHQGDPLWHUVHLQH)UDXXQGVHLQH7RFKWHUQLFKW]X KXQJHUQEUDXFKWHQ(UVHOEVWZDU]XDOW]XP-DJHQ ,QGHUGULWWHQ+|KOHVDHQQXUGUHL-lJHU0DUXWDUDNDQQWHVLHJXW6LHZDUHQHWZDVRDOWZLH 8UDEDOLXQGYRQ.LQGDQVHLQH)UHXQGHJHZHVHQ,QGHUOHW]WHQ=HLWMHGRFKKDWWHQVLHVLFKYRQ LKP]XUFNJH]RJHQ9LHOOHLFKWJHVFKDKGDVGHVKDOEZHLO8UDEDOLGLH*XQVWGHV+lXSWOLQJV YHUORUHQKDWWH Ä,FKKDWWHJHKRIIWHUZlUHEHLHXFKVDJWHHUZlKUHQGHUVLFKXPVWlQGOLFKVHW]WH'LHGUHL -lJHUZXWHQVRIRUWZHQHUPHLQWHÄ%HLGHP5HJHQNDQQHUGRFKQLFKWDXIGLH-DJG JHJDQJHQVHLQ Ä8UDEDOLLVWLQVHLQHU+|KOHDOOHLQVDJWHHLQHUGHUGUHL0lQQHUÄ(UKDWVLFKVHKUYHUlQGHUW Ä'DVLVWZDKUJDEGHU$OWHLKPUHFKWÄ$EHUHUKDWXQVJHVDJWZLHZLU6WHLQHILQGHQXPGLH &UROV]XHUVFKODJHQ8QGHUKDWXQVGLHVFKZDU]HQ6WHLQHJHEUDFKWGLHVRODQJHXQGVRJXW EUHQQHQ:DUXPVROOVLFKQLFKWMHPDQGlQGHUQGHUVROFKH'LQJHYROOEULQJW" Ä'HU+lXSWOLQJZLUGLKQHLQHV7DJHVHUVFKODJHQVDJWHHLQDQGHUHUGHU-lJHU 0DUXWDUDVDKLKQEHUGDV)HXHUKLQZHJDQ Ä:DUXPVROOWHGHU+lXSWOLQJ8UDEDOLW|WHQZROOHQZHQQHUQXU*XWHVIUGHQ6WDPPWXW" Ä:HLOGHU+lXSWOLQJQLFKWVHOEVWGLHVHV*XWHJHWDQKDWODXWHWHGLH$QWZRUWGHVVHOEHQ-lJHUV 'HUGULWWH-lJHUVDJWHJHKHLPQLVYROO Ä-DGHU+lXSWOLQJZLUGLKQW|WHQ,FKZHLHV0RUJHQQRFKZLUGHUHVWXQ Ä:RKHUZLOOVWGXGDVZLVVHQ" Ä:HLOLFKVHOEVWJHK|UWKDEHZLHHUHVVDJWH(UVSUDFKPLWVHLQHQ)UDXHQGDUEHU1XQZHLW DXFKGXHV 0DUXWDUDZDUHLQDOWHU0DQQXQGYRULKPODJQXUQRFKHLQHNXU]H/HEHQVVSDQQH6HLQ HLJHQHV/HEHQKDWWHIULKQMHGH%HGHXWXQJYHUORUHQ$EHUGLH=XNXQIWGHV6WDPPHVVLHZDU ZLFKWLJIULKQ'HU+lXSWOLQJZDUVWDUNXQGOLVWLJDEHUHUZDUDXFKIHLJH8QGHUZDUQXU GHVKDOE+lXSWOLQJJHZRUGHQZHLODXFKVHLQ9DWHU+lXSWOLQJZDU(UKDWWHGHP6WDPPQRFK QLHHWZDV*XWHVJHEUDFKWDEHUDOOHIUFKWHWHQLKQ9LHOH0lQQHUZDUHQVFKRQJHVWRUEHQZHLO VLHVHLQHQ3ODW]HLQQHKPHQZROOWHQ8QGYRQYLHOHQZXWHPDQQLFKWHLQPDOZLHVLH JHVWRUEHQZDUHQ6LHZDUHQHLQIDFKYHUVFKZXQGHQ Ä(UZLUG8UDEDOL]XP=ZHLNDPSIIRUGHUQ"IUDJWH0DUXWDUDODXHUQG Ä'DVZHLQLHPDQGYRQXQV:LUZLVVHQQXUGDHULKQPRUJHQW|WHQZLOO+LHUKDVWGXHLQHQ .QRFKHQ(ULVWQRFKQLFKWDEJHQDJW 0DUXWDUDQDKPGLH*DEHXQGYHUOLHGLH+|KOH$XIGHP:HJ]XVHLQHUHLJHQHQEHJHJQHWH HUGHP+lXSWOLQJ(UVWDQGEUHLWEHLQLJDXIGHPNOHLQHQ3ODWHDXXQGVDKLKPPLWILQVWHUHQ %OLFNHQHQWJHJHQ0LWHLQHP%OLFNVWUHLIWHHUGLH)OHLVFKUHVWHGLHGHU$OWHWUXJ Ä+DVWGXGLUZLHGHUHWZDV]XVDPPHQJHEHWWHOW"'XELVW]XDOWIUGLH-DJGQLFKWZDKU"(V ZLUG=HLWGDGXXQVIULPPHUYHUOlW 0DUXWDUDZXWHGDLKPQLHPDQGKHOIHQZUGHZHQQGHU+lXSWOLQJGHQ6WHLQDXILKQZDUI 'HPWLJVDJWHHU Ä0DQKDWHVPLUIUHLZLOOLJJHJHEHQJURHU+lXSWOLQJ8QGLFKELQIUQLHPDQGHQHLQH/DVW GHQQLFKZHUGHQRFKKHXWHLQGHQ:DOGJHKHQXQG+RO]EULQJHQ%HLGHP:HWWHUJHKWVRQVW QLHPDQG Ä:LUKDEHQ+RO]JHQXJGXNDQQVWGLUGHQ:HJVSDUHQ*HKLQGHLQH+|KOH8QGVFKLFNPLU GHLQH7RFKWHU3DQDULFKP|FKWHPLWLKUUHGHQ 'DVDOVRLVWGHU*UXQGGDFKWH0DUXWDUDZlKUHQGHUDQGHP+lXSWOLQJYRUEHLJLQJZDUXPLFK QRFKOHEH(UZLOO3DQDUKDEHQ$OVREHUQRFKQLFKWJHQXJ)UDXHQKlWWH,FKZHUGHVLHQLFKW ]XLKPVFKLFNHQXQGZHQQHUPLFKGDIUHUVFKODJHQVROOWH =XVDPPHQPLWVHLQHU)DPLOLHWHLOWHHUGLH+|KOHPLWHLQLJHQDQGHUHQ-lJHUQ6HLQH)UDXXQG VHLQH7RFKWHUODJHQEHUHLWVDXIGHPJHWURFNQHWHQ5HLVLJ(UOHJWHVLFK]XLKQHQ(UJDELKQHQ

GDV)OHLVFKXQGEHJQJWHVLFKPLWGHP.QRFKHQ:lKUHQGVLHDHQIOVWHUWHHU Ä3DQDUGHU+lXSWOLQJZLOOGDLFKGLFK]XLKPVFKLFNH'XZHLWZDVHUYRQGLUZLOO'X ZLUVWQLFKWJHKHQ 6LHOLHGDV6WFN)OHLVFKVLQNHQDXVGHPVLHJHUDGHPLWLKUHQ=lKQHQHLQ6WFN KHUDXVJHULVVHQKDWWH Ä'XPHLQVW" Ä'XZLUVWQLFKWJHKHQZLHGHUKROWHHURKQHLKUH)UDJH]XEHDQWZRUWHQÄ,FKKDEHJHK|UWGD HUPRUJHQ8UDEDOLW|WHQZLOO'XZLUVWQLFKWGLH)UDXHLQHV0DQQHVZHUGHQGHU8UDEDOLW|WHW 6LHOHJWHGDVUHVWOLFKH)OHLVFKDXIGHQ%RGHQXQGVWDQGDXI Ä,FKZHUGHJHKHQVDJWHVLH 0DUXWDUDKLHOWVLHIHVW Ä:RKLQZLOOVWGXJHKHQ"=XP+lXSWOLQJ":DVZLOOVWGXYRQLKP" 6LHEFNWHVLFKGDPLWVLHQLFKWVRODXWUHGHQPXWH Ä1HLQLFKJHKHQLFKW]XP+lXSWOLQJ,FKJHKH]X8UDEDOL,FKZHUGHLKPVDJHQGDGHU +lXSWOLQJLKQPRUJHQW|WHQZLOO 0DUXWDUDOLHVLHORV Ä'DQQZLUGGHU+lXSWOLQJDXFKGLFKW|WHQZDUQWHHUVLHÄ$EHUGXELVWGLHHLQ]LJHGLHLKQ ZDUQHQNDQQ$FKWHGDUDXIGDGHU+lXSWOLQJGLFKQLFKWVLHKW(ULVWYRUVHLQHU+|KOH 6LHOlFKHOWHIOFKWLJXQGQDKPHLQH+RO]VFKDOH/DXWVDJWHVLH Ä(VLVWJXW9DWHU,FKJHKH:DVVHUKROHQ 'DVJOHLFKPlLJH5DXVFKHQGHV5HJHQVKDWWH8UDEDOLHLQJHVFKOlIHUWREZRKOHUGDV 7DJHVOLFKWDP(LQJDQJGHU+|KOHVHKHQNRQQWH$QHLQHP7DJZLHGLHVHPJLQJPDQQLFKWDXI GLH-DJG$OVRKDWWHHUVLFKDXIVHLQ5HLVLJODJHULQGHU+|KOHQQLVFKHJHOHJWGLHHUVLFKVFKRQ DPHUVWHQ7DJDXVJHVXFKWKDWWH (UZDFKWHDXIDOVHLQHUGHU.LHVHONQLUVFKWHGLHHUJHVWUHXWKDWWH*HJHQGDVJUDXZHLH/LFKW GDVLQGLH+|KOHILHO]HLFKQHWHVLFKGLH*HVWDOWHLQHV'UHLEHLQHUVDE(UZXWHQLFKWZHUHV ZDUGHQQGDV*HVLFKWZDULP'XQNHOQ(KHHUMHGRFKDXIVSULQJHQNRQQWHVDJWHHLQHLKP ZRKOEHNDQQWH6WLPPH Ä,FKELQ V3DQDU,FKZROOWHGLFKZDUQHQ8UDEDOL'HU+lXSWOLQJZLOOGLFKPRUJHQW|WHQ 8UDEDOLULFKWHWHVLFKHLQZHQLJDXIEOLHEDEHUOLHJHQ Ä.RPPQlKHU3DQDU$EHUVHLYRUVLFKWLJIDOOHQLFKWEHUGLHNOHLQHQ6WHLQH 3DQDUZXWHQLFKWZDVGLH6WHLQH]XEHGHXWHQKDWWHQDEHUVLHGDFKWHEHLVLFKGDHVJXW ZlUHZHQQ8UDEDOLVLFKHLQH)UDXQlKPH6FKRQGHVKDOEGDPLWVLHVHLQH+|KOHLQ2UGQXQJ KLHOW9RUVLFKWLJJLQJVLHZHLWHUELVVLHVHLQ/DJHUHUUHLFKWH6LHEOLHEVWHKHQ(UVDJWH Ä.RPPVHW]GLFK]XPLUXQGHU]lKOH:RKHUZHLWGXGDGHU+lXSWOLQJPLFKPRUJHQW|WHQ ZLOO" Ä0HLQ9DWHUK|UWHHVYRQGHQ0lQQHUQEHLGHQHQHUVLFK)OHLVFKKROWH6LHZLVVHQHVDOOHQXU GXZHLWHVQLFKW8UDEDOL (UZXWHQDWUOLFKVFKRQODQJHGDGHU+lXSWOLQJHWZDVJHJHQLKQLP6FKLOGHIKUWH$EHUHU NDQQWHGHQJHQDXHQ=HLWSXQNWQLFKWXQGQXQNDP3DQDUGLH7RFKWHU0DUXWDUDVXQGVDJWHHV LKP Ä0RUJHQKDVWGXJHVDJW"0RUJHQZLUGHUPLFKDOVR]XP=ZHLNDPSIIRUGHUQ" Ä9LHOOHLFKWWXWHUHVYLHOOHLFKWWXWHUHVDEHUDXFKQLFKW'DVZHLQLHPDQG6LHZLVVHQQXU DOOHGDHUGLFKPRUJHQW|WHQZLOO (VZDU8UDEDOLNODUGDGHU+lXSWOLQJLUJHQGMHPDQGHPVHLQH$EVLFKWYHUUDWHQKDEHQPXWH $EHUZHP"6ROOWHHVXQWHUGHQ0lQQHUQGHV6WDPPHVQRFKHLQHQJHEHQGHUVHLQHQ7RG ZQVFKWH"(UKDWWHELVKHUQXU*XWHVIUGHQ6WDPPJHWDQXQGHUZXWHJHQDXGDHUQRFK YLHOPHKUIULKQWXQZUGH Ä3DQDUJHKMHW]W]XGHLQHP9DWHU]XUFN6DJHLKPGDLFKQLHPDOVYHUJHVVHQZHUGHZDVHU IUPLFKJHWDQKDW8QGLFKGDQNHDXFKGLU3DQDU8QGZHQQGX]XP+lXSWOLQJJHKVWYHUJL QLFKWGDGXHLQHQEHVVHUHQ0DQQDOVLKQKDEHQNDQQVW

Ä,FKZHUGHQLFKW]XP+lXSWOLQJJHKHQVDJWHVLH 6LHQDKPLKUH+RO]VFKVVHOVWDQGDXIXQGJLQJ8UDEDOLVDKLKUQDFKELVVLHKLQWHUGHP +|KOHQDXVJDQJYHUVFKZDQG(UEHZXQGHUWHGHQ0XWGHV0lGFKHQV3DQDUGDVLKQJHZDUQW KDWREZRKOVLHGDPLWLKUHLJHQHV/HEHQLQ*HIDKUEUDFKWH:DUXPQXUKDWWHVLHGDVJHWDQ" (VZDUHQQRFKDQGHUHDXHULKPLQGHU+|KOHDEHUVLHNPPHUWHQVLFKQLFKWXPLKQ6HLQH 1LVFKHODJLP+LQWHUJUXQGXQGELOGHWH]XJOHLFKGHQ$EVFKOX9RQKLHUDXVJDEHVNHLQHQ )OXFKWZHJDEHUGLH1LVFKHOLHVLFKGDIUJXWYHUWHLGLJHQ'DVZDUDXFKGHU*UXQGZDUXP 8UDEDOLVLHJHZlKOWKDWWH8QWHUGHP5HLVLJVHLQHV/DJHUVKDWWHHUHLQH0HQJHIDXVWJURHU 6WHLQHYHUVWHFNW'DPLWKlWWHHUHLQHUULFKWLJHQ%HODJHUXQJVWDQGKDOWHQN|QQHQ $OVGLH'lPPHUXQJDQEUDFKHUKREHUVLFKXQGJLQJKLQDXV(VKDWWHDXIJHK|UW]XUHJQHQ DEHUHVZDUQDXQGNKO0DUXWDUDNDPJHUDGHDXVGHP:DOG(UVFKOHLIWHHLQLJH YHUWURFNQHWHbVWHKLQWHUVLFKKHUXQGZDWHWHGXUFKGHQ)OX8UDEDOLJLQJGHP$OWHQHQWJHJHQ XQGKDOILKP$P8IHUDQJHNRPPHQVDJWHHU Ä'HLQH7RFKWHUKDWPLFKJHZDUQW6LHLVWYRQQXQDQLQJURHU*HIDKU,FKZHUGHDXIVLH DXISDVVHQ Ä'XZLUVWJHQXJGDPLW]XWXQKDEHQDXIGLFKVHOEVWDXI]XSDVVHQ:HQQGHU+lXSWOLQJGLFK ]XP=ZHLNDPSIIRUGHUQZUGHZLHHVGDV*HVHW]YRUVFKUHLEWZUGHVWGXVLHJHQ$EHUZHQQ HUGLFKDXVGHP+LQWHUKDOWHUPRUGHWZLUGPDQGHLQH/HLFKHQLHPDOVILQGHQ'XELVWDXIGLH -DJGJHJDQJHQXQGQLFKWPHKU]XUFNJHNHKUW8QGYLHOOHLFKWYHUOlWGHU+lXSWOLQJDP PRUJLJHQ7DJQRFKQLFKWHLQPDOVHLQH+|KOH Ä:DVZLOOVWGXGDPLWVDJHQ" Ä,FKZLOOGDPLWVDJHQGDHVYLHOOHLFKWHLQHUGHU-lJHUIUGHQ+lXSWOLQJWXQZLUG:HUZHL ZDVHULKPGDIUYHUVSURFKHQKDW9HUJLQLFKWGDHUKHXWH3DQDUVHKHQZROOWH9LHOOHLFKW ZLOOHUVLHJDUQLFKWIUVLFKVHOEVWKDEHQ 'LHVH$QGHXWXQJZDU*UXQGJHQXJIU8UDEDOLHUQHXWQDFK]XGHQNHQ:DUHVP|JOLFKGD HLQHUGHU-lJHULKQW|WHQZUGHZHQQHU]XU%HORKQXQJ3DQDUHUKLHOW"8UDEDOLZXWHGD YLHOHYRQLKQHQGLH7RFKWHU0DUXWDUDV]XU)UDXKDEHQZROOWHQ:HOFKHUDOVRYRQLKQHQZDU HV" 'HUDOWH0DQQVFKLHQVHLQH*HGDQNHQHUUDWHQ]XKDEHQ(UVDJWH Ä1LHPDQGNDQQGHLQH)UDJHQEHDQWZRUWHQ'XPXWGHQPRUJLJHQ7DJDEZDUWHQXQGGX PXWYRUEHUHLWHWVHLQ2EGXLQGHU+|KOHELVWRGHUDXIGLH-DJGJHKVWGHU0|UGHUZLUGLQ GHLQHU1lKHVHLQ$FKWHGDUDXIZHUGLFKEHJOHLWHQP|FKWH8QGODGHQ+lXSWOLQJQLFKWDXV GHQ$XJHQ,FKN|QQWH3DQDU]XP+lXSWOLQJVFKLFNHQZLHHUHVYHUODQJWHGDQQZUGHQZLU YLHOOHLFKWVHKUEDOGZLVVHQZHUHVLVWGHPVLH]XJHVSURFKHQZHUGHQVROO$EHUHVN|QQWHDXFK VHLQGDHUVLHLQGLHVHU1DFKWIUVLFKEHKDOWHQZLOO8QGGDVODVVHLFKQLFKW]X Ä3DQDUZLUGQLFKW]XLKPJHKHQEHIDKO8UDEDOLÄ(LQHV7DJHVZHQQDOOHVYRUEHLLVWZLUGVLH LQPHLQHU+|KOHZRKQHQXQGPHLQ/DJHUWHLOHQ8QGGDQQZHUGHLFKIUGLFKVRUJHQ 0DUXWDUD'XZLUVWQLFKWPHKUEHWWHOQJHKHQ Ä'XZLUVW3DQDU]XU)UDXQHKPHQ" Ä-DGDVZHUGHLFKWXQZHQQVLHHVZLOO 'HUDOWH0DQQVDPPHOWHVHLQ+RO]]XVDPPHQXPHV]XGHQ+|KOHQ]XEULQJHQ=XP $EVFKLHGVDJWHHU Ä:HQQGXPLFKKHXWHLQGHU1DFKWEUDXFKVWRGHUPRUJHQGDQQODHVPLFKZLVVHQ8QG KDOWHGLH$XJHQRIIHQ 8UDEDOLULHIKLQWHULKPKHU Ä8QGGXGHLQH2KUHQ 1XQZDUHVGXQNHOJHZRUGHQ8UDEDOLNHKUWHLQVHLQH+|KOH]XUFN(UKDWWHQRFKHWZDV JHWURFNQHWHV)OHLVFKYRQGHPHUD0RUJHQPXWHHUDXIGLH-DJGJHKHQZHQQHUNHLQHQ +XQJHUOHLGHQZROOWH(UVHW]WHVLFKDXIVHLQ/DJHUPLWGHP5FNHQJHJHQGLH:DQGJHOHKQW XQGEHREDFKWHWHGLHDQGHUHQ0lQQHUXQG)UDXHQLQGHU+|KOH6LHVDHQLQNOHLQHQ*UXSSHQ XPYHUVFKLHGHQH)HXHUXQGVSUDFKHQQXUZHQLJ8UDEDOLKlWWHJHUQJHZXWREHLQLJHYRQ

LKQHQGLH3OlQHGHV+lXSWOLQJVNDQQWHQDEHUHUZROOWHVLHQLFKWIUDJHQ:HQQHLQHUYRQLKQHQ HLQZLUNOLFKHU)UHXQGZDUZUGHHUYRQVHOEVW]XLKPNRPPHQ$EHUHVNDPQLHPDQG 2EZRKOHULQVHLQHP/HEHQQRFKQLHVRHLQVDPJHZHVHQZDUZLHMHW]WZXWHHUGDHU )UHXQGHKDWWHPLQGHVWHQV]ZHL'DV*HIKOPDFKWHLKQJOFNOLFKXQGHUIUFKWHWHGHQ PRUJLJHQ7DJSO|W]OLFKQLFKWPHKU 2EZRKOHUZDFKEOHLEHQZROOWHZDU8UDEDOLHLQJHVFKODIHQ8QGDOVHUHQGOLFKHUVFKURFNHQLQ GLH+|KHIXKUZDUHVGUDXHQEHUHLWVKHOO'LH0lQQHUGLHPLWLKPGLH+|KOHWHLOWHQ EHUHLWHWHQVLFKVFKRQDXIGLH-DJGYRU.HLQHUYRQLKQHQIUDJWH8UDEDOLREHUVLHEHJOHLWHQ ZROOWH (UVWDOVVLHJHJDQJHQZDUHQVWDQG8UDEDOLDXI(UZDUIHVWHQWVFKORVVHQGHP6WDPPKHXWH HLQH/HKUH]XHUWHLOHQZHQQGHU+lXSWOLQJWDWVlFKOLFKVHLQ9RUKDEHQGXUFKIKUHQZROOWH 1LFKWXPVRQVWKDWWH8UDEDOLVLFK]ZHL7DJHXQG]ZHL1lFKWHLQHLQHP*HELHWMHQVHLWVGHU JURHQ:DOGOLFKWXQJDXIJHKDOWHQDXIHLQHPIODFKHQ+JHOGHVVHQ.XSSHDXVQDFNWHP *HVWHLQXQGIODFKHQ)HOVPXOGHQEHVWDQG,QHLQHUVROFKHQ0XOGHKDWWHHUHLQJURHV)HXHU JHPDFKWXQG(U]KLQHLQJHZRUIHQ1DWUOLFKZXWH8UDEDOLQLFKWZDV(U]ZDUDEHUHLQH LQQHUH6WLPPHKDWWHLKPEHIRKOHQZDVHUWXQVROOWH6SlWHUDOVGDV)HXHUHUORVFKHQZDUKDWWH HUGLH$VFKHEHLVHLWHJHUlXPWXQGXQWHUGHQQRFKKHLHQ6WHLQHQGDVJUDXH0HWDOOJHIXQGHQ (LVHQ 8QGZLHGHUKDWWHHVHLQHQJDQ]HQ7DJXQGHLQHJDQ]H1DFKWJHGDXHUWELVHUGDVNOHLQH6WFN 0HWDOOJOKHQGJHPDFKWXQGQDFKVHLQHP:LOOHQJHIRUPWKDWWH 1XQEHVD8UDEDOLDOVHUVWHU'UHLEHLQHUHLQ0HVVHU (UKDWWHHVJOHLFKDPQlFKVWHQ7DJDXVSURELHUWXQGHLQHQ&UROGDPLWHUOHGLJW(UZXWHDOVR ZLHHUGDPLWXP]XJHKHQKDWWH (UEHIHVWLJWHGHQ%HXWHOPLWGHQ:XUIVWHLQHQDQVHLQHP*UWHOXQGVFKREGDV0HVVHUVR GDKLQWHUGDPDQHVQLFKWVHKHQNRQQWH2KQHVLFKQRFKHLQPDOXP]XGUHKHQYHUOLHHUGLH +|KOH'HQ+lXSWOLQJVDKHUQLFKW(UEHJHJQHWH3DQDUXQGLKUHU0XWWHUGLHJHUDGH:DVVHU DXVGHP%DFKKROWHQ(UQLFNWHLKQHQIUHXQGOLFK]XXQGVDJWH]X0DUXWDUDGHULKPDXVGHU +|KOHHQWJHJHQNDP Ä,FKZHUGHGLUHLQHQMXQJHQ&UROPLWEULQJHQGHQGXYRQGHLQHU)UDXXQGGHLQHU7RFKWHU ]XEHUHLWHQODVVHQNDQQVW6RUJHGDIUGDJHQJHQG+RO]GDLVW(VVROOHLQ)HVWPDKO ZHUGHQ Ä'LH-lJHUVLQGLQGHQ:DOGJHJDQJHQ8UDEDOL'HU+lXSWOLQJLVWLKQHQHLQZHQLJVSlWHU JHIROJWDOOHLQ1LPPGLFKLQDFKW Ä,FKELQDXIVHLQHQ$QJULIIYRUEHUHLWHWEHUXKLJWHLKQ8UDEDOLXQGJLQJ (UIROJWHGHU6SXUGHU-lJHUXQGHQWGHFNWHQDFKHLQLJHU=HLWGLHHLQHVHLQ]HOQHQ'UHLEHLQHUV GLHQDFKUHFKWVDE]ZHLJWH:HQQGHU+lXSWOLQJZLUNOLFKDOOHLQJHJDQJHQZDUVRPXWHHVGLH VHLQHVHLQ.XU]HQWVFKORVVHQQDKP8UDEDOLGLH)lKUWHDXI6LHEUDFKWHLKQLQHLQ*HELHWGDV HUQRFKQLFKWNDQQWH'HU)OXPDFKWHKLHUHLQH%LHJXQJXQGKDWWHHLQH)HOVEDUULHUH GXUFKEURFKHQ,QWRVHQGHQ.DVNDGHQVWU]WHHULQGLH7LHIH(VJDENDXPQRFK%lXPHGHQQ +XPXVKDWWHVLFKQXULQGHQ*HVWHLQVVSDOWHQDQJHVDPPHOW 0HKUPDOVYHUORU8UDEDOLGLH6SXUIDQGVLHDEHULPPHUZLHGHU(VZDULKPNODUGDGHU +lXSWOLQJQXQJDQ]QDKHVHLQPXWHGHQQHVNRQQWHNHLQHQEHVVHUHQ2UWJHEHQHLQHQ *HJQHUIULPPHUYHUVFKZLQGHQ]XODVVHQ -HW]WZDUHQHVQXUQRFKGLHHLQ]HOQHQ)HOVEURFNHQXQG9RUVSUQJHGLH'HFNXQJERWHQ 8UDEDOLQXW]WHVLHDXVLQGHPHUYRQHLQHP]XPDQGHUHQVSUDQJZDUWHWHXQGODXVFKWH$EHU YLHONRQQWHHUQLFKWK|UHQGHQQGDV'RQQHUQGHU:DVVHUIlOOHEHUW|QWHDOOHDQGHUHQ *HUlXVFKH

8UDEDOLIUDJWHVLFKZRKHUGHU+lXSWOLQJZLVVHQNRQQWHGDHULKPIROJHQZUGH+DWWHHUPLW $EVLFKWYRQVHLQHP0RUGSODQEHULFKWHWGDPLWLKP8UDEDOLMHPDQGGLHVH1HXLJNHLW EHUEUDFKWH" 'HU6WHLQGHUSO|W]OLFKDXILKQ]XJHIORJHQNDPVWUHLIWHEHLQDKHVHLQHQ.RSI(UZDUPLW VROFKHU:XFKWJHVFKOHXGHUWZRUGHQGDHULQPHKUHUH7HLOH]HUVSUDQJDOVHUJHJHQGLH )HOVHQSUDOOWH8UDEDOLGXFNWHVLFKVRIRUWXQGEOLHELQ'HFNXQJ(UZXWHMHW]WZRGHU KHLPWFNLVFKH$QJUHLIHUYHUERUJHQZDU8QPLWWHOEDUQHEHQGHP$EJUXQGLQGHVVHQ7LHIH GDV:DVVHUUDXVFKWHZDUHLQH*UXSSHYRQNOHLQHUHQ)HOVHQ6LHELOGHWHQHLQHOFNHQKDIWH 0DXHUXPHLQNOHLQHV3ODWHDXYRQGHPDXVPDQHLQHQJXWHQhEHUEOLFNKDWWH$EHUGLHNOHLQH )HVWXQJKDWWHDXFKLKUHQ1DFKWHLOHVJDEHLQHQWRWHQ:LQNHO 8UDEDOLQDKPGUHL6WHLQHDXVVHLQHP%HXWHOXQGULFKWHWHVLFKODQJVDPDXI(UDFKWHWHGDUDXI GDVHLQ.|USHULQ'HFNXQJEOLHE1XUGHQ.RSIVFKREHUYRUVLFKWLJK|KHUELVHUEHUGHQ 5DQGGHV)HOVHQVVHKHQNRQQWH'DUDXIVFKLHQVHLQ*HJQHUQXUJHZDUWHW]XKDEHQ(LQ ZHLWHUHU6WHLQNDPJHIORJHQYHUIHKOWHMHGRFKVHLQ=LHO 1DWUOLFKZDUHVY|OOLJVLQQORVIU8UDEDOLEHUKDXSWQXUGHQ9HUVXFK]XXQWHUQHKPHQYRQ GLHVHU6WHOOHDXVVHLQHQ*HJQHUWUHIIHQ]XZROOHQ7URW]GHPVFKOHXGHUWHHUHLQHQ6WHLQLQGLH %DVWLRQKLQDXI(UKRIIWHGDGHU+lXSWOLQJHVPXWHGHU+lXSWOLQJVHLQLKQGDGXUFK XQWHUVFKlW]WH(UVROOWHGDV*HIKOEHNRPPHQGHUhEHUOHJHQHUH]XVHLQ (WZDHLQHKDOEH6WXQGHVSlWHUKDWWH8UDEDOLQXUQRFKGUHL6WHLQH'HU+lXSWOLQJKLQJHJHQ PXWHVLFKLQVHLQHUNOHLQHQ)HVWXQJHLQHQJHK|ULJHQ9RUUDWDQJHOHJWKDEHQGHQQHUZDUIIDVW XQXQWHUEURFKHQ8UDEDOLNRQQWHVLFKGLH:XUIJHVFKRVVHQLFKWKROHQRKQHVHLQH'HFNXQJ]X YHUODVVHQ(UEHUOHJWHZLHHUGHQ+lXSWOLQJDXVVHLQHU)HOVHQIHVWXQJKHUDXVORFNHQNRQQWH (UEHVFKORHUVWHLQPDOIHVW]XVWHOOHQREHVZLUNOLFKGHU+lXSWOLQJZDU Ä+HUDXVGX)HLJOLQJ.lPSIHPLWPLUZLHHVVLFKJHK|UW,FKJODXEHIDVWGDVLFKGRUWREHQ HLQDOWHV:HLEYHUVWHFNWKDW (LQH:HLOHJHVFKDKQLFKWV'LH:RUWHVFKLHQHQGHQ+lXSWOLQJVFKRFNLHUW]XKDEHQ$EHUDOV 8UDEDOLGHQ.RSIZLHGHUEHUVHLQHQ)HOVEURFNHQKRENDPHQJOHLFKGUHL6WHLQHDXIHLQPDO JHIORJHQ1XUPLW0KHZLFKHULKQHQDXVDEHUQXQKDWWHHUJHQDXJHVHKHQZRKHUVLH NDPHQ(UVFKlW]WHGLH(QWIHUQXQJDE'UHL6SUQJHZUGHQLKQJHQDXLQGHQWRWHQ:LQNHO EULQJHQ:HQQGHU+lXSWOLQJLKPGDQQQRFKHWZDVDQKDEHQZROOWHPXWHHUDXVVHLQHU 'HFNXQJNRPPHQ8QG8UDEDOLKDWWHLPPHUKLQQRFKGUHL6WHLQH8QGGDV0HVVHU 'LH:RONHQKDWWHQVLFKYHU]RJHQXQGGLH6RQQHVFKLHQ'DVYRQGHQ)lOOHQDXIGDV3ODWHDX KHUEHUVSUKHQGH:DVVHUOLHNHLQH+LW]HDXINRPPHQ8UDEDOLIKOWHVLFKIULVFK(UZDUWHWH QXUDXIGLH&KDQFHVHLQHP*HJQHUHQGOLFKRIIHQJHJHQEHUWUHWHQ]XN|QQHQ(QWVFKORVVHQ VSDQQWHHUGLH%HLQPXVNHOQXQGGDQQUDVWHHUKLQWHUVHLQHU'HFNXQJKHUYRUXPXQWHUGHQ NOHLQHQ+JHO]XJHODQJHQZRHUVLFKLQHLQH0XOGHZDUI9RUVLFKWLJVDKHUQDFKREHQ (UIUHXWNRQQWHHUIHVWVWHOOHQGDVHLQH9HUPXWXQJULFKWLJZDUhEHULKPZDUHQQXUGLHOHLFKW EHUKlQJHQGHQ)HOVHQGHU%DVWLRQ(VPXWHGHP+lXSWOLQJXQP|JOLFKVHLQLKQYRQGRUW REHQ]XVHKHQ$EHUQRFKZlKUHQGHUVHLQHQQlFKVWHQ6FKULWWEHUOHJWHK|UWHHUKLQWHUVLFK SO|W]OLFKHLQ*HUlXVFK (UEOLHEOLHJHQGUHKWHDEHUGHQ.RSI:DVHUVDKOLHGDV%OXWLQVHLQHQ$GHUQVWRFNHQ =ZHLHUZDFKVHQH&UROVZDUHQDXIGLH/LFKWXQJJHWUHWHQ 'DV*HVHW]GHV6WDPPHVEHIDKOGDMHGHU'UHLEHLQHUGHPDQGHUHQKHOIHQPXWHZHQQGLHVHU LQ*HIDKUJHULHW,QGLHVHP)DOOEHIDQGVLFKGHU+lXSWOLQJLQGHUEHVVHUHQ3RVLWLRQ(VZDU VHLQH3IOLFKWGLH&UROV]XW|WHQHKHVLH8UDEDOLGHUUHODWLYVFKXW]ORVXQWHUGHU)HOVHQIHVWXQJ ODJDQJULIIHQ $EHUQLFKWVGHUJOHLFKHQJHVFKDK8UDEDOLK|UWHGHQ+lXSWOLQJUXIHQ Ä1LFKWLFKZHUGHGLFKW|WHQ8UDEDOLVRQGHUQGLH&UROV,FKZHUGH]XGHQ+|KOHQ ]XUFNNHKUHQXQGGHP6WDPPVDJHQGDGXHLQVFKOHFKWHU-lJHUZDUVW.lPSIHHQGOLFKGX )HLJOLQJ 8UDEDOLKDWWHGXUFKDXVQLFKWGLH$EVLFKWVLFKYRQGHQEHLGHQ&UROVXPEULQJHQ]XODVVHQ

6HLQHGUHL6WHLQHZXUIEHUHLWLQGHQ+lQGHQULFKWHWHHUVLFKHLQZHQLJDXIXPEHVVHUZHUIHQ XQG]LHOHQ]XN|QQHQ'HUEHYRUVWHKHQGH$QJULIIGHU&UROVZUGHGLH$XIPHUNVDPNHLWGHV +lXSWOLQJVDXIVLHOHQNHQXQGIUHLQHQ$XJHQEOLFNZUGHHULKQ8UDEDOLYHUJHVVHQ'DV ZUGHVHLQ9HUGHUEHQVHLQ :LHHUZDUWHWJULIIHQGLH%HVWLHQVRIRUWDQ8UDEDOLKDWWHJHQXJ(UIDKUXQJLP8PJDQJPLW LKQHQXPEOLW]VFKQHOOXQGEHUOHJWKDQGHOQ]XN|QQHQ=ZHL6WHLQHVFKOHXGHUWHHU JOHLFK]HLWLJZlKUHQGHUGHQGULWWHQDOV5HVHUYHEHKLHOW'HUHLQH&UROEUDFKPLW GXUFKVFKODJHQHU6FKlGHOGHFNHWRW]XVDPPHQZlKUHQGGHUDQGHUHQLFKWVRJXWJHWURIIHQ ZXUGH:XWHQWEUDQQWVWU]WHHUVLFKDXIGHQNOHLQHUHQ*HJQHUZXUGHDEHUYRQGHPGULWWHQ 6WHLQJHWURIIHQXQGILHOZLHYRP%OLW]JHIlOOW 8UDEDOLYHUORUNHLQH6HNXQGH'HU]ZHLWH&UROODJNDXPGDKXVFKWHHUDXFKVFKRQVFKUlJGHQ $EKDQJHPSRUXQGHUUHLFKWHGLHHUVWHQVFKW]HQGHQ)HOVEURFNHQ(UVFKOSIWHGXUFKHLQHGHU /FNHQXQGVDKGHQ+lXSWOLQJGHUKLQWHUVHLQHU)HOVEDUULHUHVWDQGXQGQDFKXQWHQEOLFNWH(U ZDQGWH8UDEDOLGHQ5FNHQ]X 8UDEDOLGHUQXQNHLQHQ:XUIVWHLQPHKUEHVD]RJGDV0HVVHU(UJLQJZHLWHUELVHUGLH 0LWWHGHVNOHLQHQ)HOVSODWHDXVHUUHLFKWH'DV*HUlXVFKGHUQDKHQ:DVVHUIlOOHKDWWHVHLQH 6FKULWWHYHUVFKOXFNW'HU+lXSWOLQJZDUQXUZHQLJH0HWHUYRQLKPHQWIHUQW,QVHLQHQGUHL +lQGHQKLHOWHUGLH6WHLQHZXUIEHUHLWZlKUHQGHUQDFKXQWHQULHI Ä,FKZDUHVGHUGLH&UROVHUOHJWH6LFKHUZLUVWGXDQGHUHQZLHGHUHU]lKOHQZROOHQGXVHLHVWHV JHZHVHQGX)HLJOLQJ:DUXPNRPPVWGXQLFKWDXVGHLQHP9HUVWHFN"'RUWNDQQVWGXQLFKW HLQPDONlPSIHQ 'DV0HVVHULQGHU+DQGVDJWH8UDEDOL Ä+LHUELQLFK+lXSWOLQJ'UHKGLFKXPGDQQNDQQVWGXNlPSIHQ 1RFKQLHLQVHLQHP/HEHQKDWWH8UDEDOLHLQVRHQWVHW]WHV*HVLFKWJHVHKHQDOVGHU+lXSWOLQJ VLFKXPZDQGWHXQGLKQHUEOLFNWH Ä'XZDUVW]XIHLJHPLFK]XP=ZHLNDPSI]XIRUGHUQVDJWH8UDEDOLÄ'XZROOWHVWPLFKDXV GHP+LQWHUKDOWW|WHQ-HW]WDEHUPXWGXRIIHQPLWPLUNlPSIHQ $EHUPDOVYHUlQGHUWHVLFKGHU$XVGUXFNLP*HVLFKWGHV+lXSWOLQJV'LHVFKUHFNJHZHLWHWHQ $XJHQZXUGHQZLHGHUNOHLQHUXQGGDQQEHJDQQHQVLHYRU+D]XIXQNHOQ(UKDWWHGHQOHHUHQ %HXWHOIUGLH:XUIVWHLQHDQ8UDEDOLV*UWHOHQWGHFNW'HQNOHLQHQ*HJHQVWDQGLQVHLQHU +DQGEHDFKWHWHHUQLFKW Ä'HLQH+lQGHVLQGOHHUDEHUGXZLOOVWPLWPLUNlPSIHQ" Ä'XYHUJLWGLHVHVKLHUVDJWH8UDEDOLXQGKREGLHUHFKWH+DQGLQGHUHUGDV0HVVHUKLHOW Ä(VZLUGGLHQHXH:DIIHGHV6WDPPHVZHUGHQZHQQGXWRWELVW'DPLWN|QQHQZLUVRYLHOH &UROVHUOHJHQZLHZLUEUDXFKHQ:DUXPHLJHQWOLFKZLOOVWGXPLFKW|WHQ" 'HU+lXSWOLQJVWDUUWHLKQDQ6HLQH$UPHKLQJHQQRFKORVHKHUDEPLWGHQGUHL+lQGHQKLHOWHU VHLQH6WHLQHXPNODPPHUW(UVDJWH Ä'XZLOOVW+lXSWOLQJZHUGHQGHVKDOEPXWGXVWHUEHQ9LHOOHLFKWELVWGXLQPDQFKHQ'LQJHQ NOJHUDOVLFKDEHUKHXWHELVWGXGXPP'XELVWPLUJHIROJWXQGLQGLH)DOOHJHJDQJHQ8QG QXQKDVWGXNHLQH6WHLQHPHKU'HLQHQHXH:DIIHVLHKWQLFKWVHKUJHIlKUOLFKDXV Ä$EHUVLHLVWHV+lXSWOLQJ:LUIHQGOLFKGHQHUVWHQ6WHLQ'HQ]ZHLWHQZLUVWGXQLFKWPHKU ZHUIHQN|QQHQ 'LH(QWIHUQXQJ]ZLVFKHQLKQHQEHWUXJQLFKWPHKUDOVIQI0HWHU(LQ:XUIVWHLQNRQQWHVHLQ =LHONDXPYHUIHKOHQZHQQGHU*HJQHUQLFKWXQJHZ|KQOLFKJHVFKLFNWXQGZHQGLJZDU$EHU VFKOLHOLFKKDWWHGHU+lXSWOLQJGUHL6WHLQH'DUDXIVFKLHQHUVLFK]XYHUODVVHQ6HLQPLWWOHUHU $UPNDPXUSO|W]OLFKKRFKKROWHDXVXQGVFKQHOOWHZLHGHUQDFKYRUQ1RFKZlKUHQGGHU6WHLQ VHLQH+DQGYHUOLHGXFNWHVLFK8UDEDOLEOLW]VFKQHOO+DOELP/LHJHQZDUIHUGDV0HVVHU(U KDWWHDXIGLH0LWWHGHV.|USHUVJH]LHOWXQGHUPXWHGDPLWUHFKQHQGDDXFKGHU+lXSWOLQJ DXIGLHJOHLFKH$UWXQG:HLVHGHP*HVFKRDXVZHLFKHQZUGH(UNRQQWHDXINHLQHQ)DOO GDPLWUHFKQHQGD8UDEDOLVHLQHXQEHNDQQWH:DIIHLQ5LFKWXQJVHLQHV%DXFKHVZDUIVWDWW ZLHEOLFKDXIGHQ.RSI]X]LHOHQ'HU(UIROJZDUGDGDV0HVVHULQVHLQHQ+DOVGUDQJ

8UDEDOLULFKWHWHVLFKDXIXQGVSUDQJ]XUFNDOVGHU+lXSWOLQJ]X%RGHQVWU]WH'DQQJLQJHU ]XLKPSDFNWHGDV0HVVHUDP*ULIIXQG]RJHVDXVGHUNODIIHQGHQ:XQGH'HU+lXSWOLQJ OHEWHQRFKDEHUHUYHUGUHKWHEHUHLWVGLH$XJHQ0LWHLQHU0LVFKXQJYRQ+DXQG 9HUZXQGHUXQJVDKHU8UDEDOLDQZlKUHQGVLFKVHLQH)lXVWHO|VWHQXQGGLHEHLGHQUHVWOLFKHQ 6WHLQHIDOOHQOLHHQ Ä'HLQHQHXH:DIIHVWDPPHOWHHUPLWOHW]WHU.UDIW Ä(VLVWHLQHJXWH:DIIH+lXSWOLQJ$EHUGXZLUVWQLFKWPHKUHUOHEHQZLHZLUPLWLKUMDJHQ 'HU)OXZLUGGLFK]XGHQIHUQHQ6HHQEULQJHQDEHUWURW]GHPZLUGGHU6WDPPHUIDKUHQZDV JHVFKHKHQLVW0LWGHLQHP7RGZLUGHLQHQHXH=HLWEHJLQQHQ 'HU+lXSWOLQJElXPWHVLFKQRFKHLQPDODXIXQGVDQNGDQQLQVLFK]XVDPPHQ (UZDUWRW (VILHO8UDEDOLQLFKWVFKZHUGLH/HLFKHELV]XP5DQGGHV3ODWHDXV]XVFKOHLIHQXQGLQGLH 7LHIH]XZHUIHQ'DQQZLVFKWHHUGDV0HVVHUDQHLQHP*UDVEVFKHODEVFKREHVLQGHQ*UWHO XQGVDPPHOWHHLQLJHGHU6WHLQHDXIGLHKHUXPODJHQ(VZDULPPHUJXWJHJHQGLH$QJULIIH GHU&UROVJHZDSSQHW]XVHLQDXFKZHQQPDQGLHQHXH:DIIHEHVD 'LH6RQQHKDWWHLQ]ZLVFKHQLKUHQK|FKVWHQ6WDQGHUUHLFKWXQG8UDEDOLNRQQWHQLFKWZLVVHQ REHUKHXWHQRFKHLQHPMXQJHQ&UROEHJHJQHWH(UXQWHUVXFKWHGLHEHLGHQJHW|WHWHQ7LHUHXQG VWHOOWHIHVWGDHLQHVYRQLKQHQQRFKQLFKWVHKUDOWZDU(U]RJVHLQ0HVVHUZLHGHUDXVGHP *UWHO]HUOHJWHGDV7LHUXQGQDKPGLHEHVWHQ7HLOHPLWQDFK+DXVH 'LHDQGHUHQ-lJHUZDUHQQRFKQLFKW]XUFNDOVHUGDV/DJHUHUUHLFKWH$OV0DUXWDUDLKQGXUFK GHQ)OXZDWHQVDKGLH%HXWHDXIGHU6FKXOWHUKXPSHOWHHULQVHLQH+|KOHXQGKROWHGLH*OXW XPVLHLQGHQYRUEHUHLWHWHQ+RO]VWR]XZHUIHQ3DQDUKLQJHJHQNDPDXILKQ]XJHUDQQWXQG EOLHEYRULKPVWHKHQDOVHUGDV8IHUHUUHLFKWH Ä'XOHEVW8UDEDOL'XKDVWGHQ+lXSWOLQJJHW|WHW" 8UDEDOLQLFNWH Ä-DLFKKDEHLKQJHW|WHWDOVHULP+LQWHUKDOWDXIPLFKODXHUWH'XEUDXFKVWNHLQH$QJVWPHKU YRULKP]XKDEHQ1LHPDQGEUDXFKWPHKU$QJVWYRULKP]XKDEHQ Ä$OOHKDEHQJHKRIIWGDGHU+lXSWOLQJQLFKW]XUFNNHKUW$EHUNHLQHUGXUIWHGLUKHOIHQ Ä,FKZHL3DQDU$EHUGHLQ9DWHUXQGGXLKUKDEWPLUWURW]GHPJHKROIHQ:LUVWGXKHXWH DEHQGPLWPLUNRPPHQ" 6LHEOLFNWHLKQHUVWDXQWDQ Ä0LWGLUNRPPHQ":RKLQ" Ä,QPHLQH+|KOH3DQDU,FKP|FKWHGDGXLPPHUEHLPLUEOHLEVW8QGGHLQ9DWHUXQGGHLQH 0XWWHU Ä:HQQGXZLOOVWZHUGHLFKPLWGLUNRPPHQ,FKKDEHHVPLUVFKRQODQJHJHZQVFKW0HLQH 0XWWHUZLUGVHKUIURKVHLQLFKODXIHJOHLFKXPHVLKU]XHU]lKOHQ 8UDEDOLYHUVWDQGQLFKWPHKUZDVVLHVRQVWQRFKVDJWHGHQQVLHUDQQWHVFKRQGDYRQ9RP DXIIODFNHUQGHQ)HXHUKHUULHI0DUXWDUD Ä%ULQJGDV)OHLVFK8UDEDOL:LUZROOHQIHLHUQ (UVFKLHQVFKRQDOOHV]XZLVVHQRKQHJHIUDJW]XKDEHQ$OOHLQGLH7DWVDFKHGD8UDEDOL ]XUFNJHNHKUWZDUJHQJWHLKPGHQ+HUJDQJGHU*HVFKHKQLVVH]XHUUDWHQ 8UDEDOLZDUIGLH)OHLVFKVWFNHDXIGHQIODFKHQ)HOVHQQHEHQGHP)HXHU(UKRFNWHVLFK QLHGHU Ä,FKKDEHGHQ+lXSWOLQJJHW|WHW:LUEUDXFKHQHLQHQQHXHQ+lXSWOLQJ'XELVWGHUbOWHVWHGHV 6WDPPHVGXZLUVWGLH0lQQHUKHXWH]XVDPPHQUXIHQ:LUZHUGHQEHUDWHQZHU+lXSWOLQJ ZLUG Ä,FKJODXEHGDJLEWHVQLFKWYLHO]XEHUDWHQ'XZLUVWXQVHUQHXHU+lXSWOLQJVHLQ:DVZLUVW GXPLWVHLQHQ)UDXHQPDFKHQ" 8UDEDOLPXWHEHUGLH6RUJHQVHLQHVDOWHQ)UHXQGHVODFKHQ Ä6LHZHUGHQGLH+|KOHVlXEHUQXQGVLHGDQQYHUODVVHQ(VJLEWQRFKJHQXJ-lJHUGLHNHLQH )UDXHQKDEHQ'LH+|KOHGHV+lXSWOLQJVJHK|UWYRQQXQDQPLU'XGHLQH)UDXXQG3DQDU

ZHUGHQGRUWPLWPLUZRKQHQ,FKZHUGH3DQDU]XU)UDXQHKPHQ 0DUXWDUDQLFNWHXQGVFKREGLH)OHLVFKVWFNHDXIHLQHQ6SLHGHQHUGDQQEHUGDV)HXHU OHJWH(UGHXWHWHKLQEHU]XP:DOGUDQG Ä'LH-lJHUNHKUHQ]XUFN6LHEULQJHQNHLQH%HXWHPLWXQGZHUGHQKHXWHKXQJHUQPVVHQ 8UDEDOLVWHOOWHEHLVLFKIHVWGDGHUDOWH0DUXWDUDDQ6HOEVWEHZXWVHLQJHZRQQHQKDWWH )UKHUZlUHHVIULKQVHOEVWYHUVWlQGOLFKJHZHVHQVLFKYRP)HXHU]XUFN]X]LHKHQXQGGDV )OHLVFKGHQDQGHUHQ]XEHUODVVHQ$EHUQXQZDUHUGHU)UHXQGXQGGHU6FKZLHJHUYDWHUGHV MXQJHQ+lXSWOLQJVGHQQHVNRQQWHNHLQ=ZHLIHOGDUDQEHVWHKHQGD8UDEDOLGHUQHXH +lXSWOLQJZXUGH(LQHUGHU-lJHUNDP]XP)HXHU(UEHWUDFKWHWHGDVYRQ8UDEDOL PLWJHEUDFKWH)OHLVFKGDVVFKRQEUDXQZXUGHXQGVDJWH Ä'HU+lXSWOLQJZROOWHGLFKKHXWHW|WHQ:RLVWHU" 8UDEDOLNDQQWH.HURQDOVWDSIHUHQ0DQQDEHUHUKDWWHLKQQLHOHLGHQP|JHQ.HURQZDU JHVFKLFNWLP:HUIHQGHU6WHLQHGLHLPPHULKU=LHOIDQGHQ Ä'HU+lXSWOLQJLVWWRWGDVVROOWHVWGXZLVVHQ(UORFNWHPLFKLQHLQHQ+LQWHUKDOWDEHULFKZDU VFKQHOOHUDOVHU+HXWHZHUGHQZLUHLQHQQHXHQ+lXSWOLQJZlKOHQ Ä:LUDOOHZXWHQGDGHU+lXSWOLQJGLFKKHXWHW|WHQZROOWH(UVDJWHHVVHLQHQ:HLEHUQ GDPLWZLUHVHUIXKUHQXQGGLUYHUULHWHQ$EHUZLUKDEHQHVGLUQLFKWYHUUDWHQXPGLFKQLFKWLQ GLH)DOOH]XORFNHQ7URW]GHPELVWGXLKPJHIROJWDEHUGXOHEVW,FKJODXEHGDGXGHUQHXH +lXSWOLQJVHLQZLUVW 8UDEDOLVFKREHLQ6WFN+RO]QDFK Ä6DJHGHQDQGHUHQGDVLHKHXWHDEHQG]XPHLQHP)HXHUNRPPHQN|QQHQ0DUXWDUDKDW )OHLVFKXQGZLUGHVLKQHQJHEHQ'DQQN|QQHQZLUEHUDWHQZHU+lXSWOLQJVHLQZLUG .HURQJLQJJUXORVGDYRQ 0DUXWDUDVDKLKPQDFKXQGPHLQWH Ä,FKWUDXHLKPQLFKW(UZROOWHVFKRQLPPHU+lXSWOLQJZHUGHQ$EHUHUZDU]XIHLJH 8UDEDOLVFKWWHOWHGHQ.RSI Ä,FKJODXEHQLFKWGDHUIHLJHLVW8QGLFKJODXEHDXFKQLFKWGDHU+lXSWOLQJZHUGHQZLOO 6HLQH)UDXLVWHVGLHGLH)UDXHLQHV+lXSWOLQJVVHLQP|FKWH6LHLVWHVYRUGHUZLUXQVLQDFKW QHKPHQPVVHQ $OVHVGXQNHOZXUGHNDPHQGLHHUVWHQ-lJHUPLWLKUHQ)UDXHQDQV)HXHU(VZDUIU0DUXWDUD XQGVHLQH)UDXHLQXQJHZRKQWHV=HUHPRQLHOOGDV)OHLVFK]X]HUVFKQHLGHQXQGDQGLH-lJHU]X YHUWHLOHQ%LVKHUZDUHVVWHWVXPJHNHKUWJHZHVHQXQGHUKDWWHQXUGLHNOlJOLFKHQ5HVWH EHNRPPHQ3DQDUKDOILKUHQ(OWHUQDEHULPPHUZLHGHUVFKZHLIWHQLKUH%OLFNHDEXQGVXFKWHQ 8UDEDOLGHUPLWWHQ]ZLVFKHQGHQ-lJHUQVD /DQJVDPZXUGHHVGXQNHO0DUXWDUDZDUHVGHUHQGOLFKGLHHQWVFKHLGHQGH)UDJHVWHOOWH Ä'HU+lXSWOLQJLVWWRWZLUEUDXFKHQHLQHQQHXHQ+lXSWOLQJ,FKVFKODJH8UDEDOLYRUGHQQLFK ZWHNHLQHQEHVVHUHQ(UKDWXQVJH]HLJWZLHZLU6WHLQHDXVGHP)HOVHQEUHFKHQN|QQHQ(U KDWXQVJHOHKUWGLH)HXHUQLHPDOVPHKUDXVJHKHQ]XODVVHQ8QGHUKDWHLQHQHXH:DIIHPLW GHUHUGHQ+lXSWOLQJW|WHWHRKQHHLQHQ6WHLQ]XVFKOHXGHUQ:HQQHU+lXSWOLQJZLUGZHUGHQ ZLUGLHVHQHXH:DIIHHLQHV7DJHVDOOHEHVLW]HQ8QGLFKSURSKH]HLHHXFKGDXQVHU6WDPP QLHPDOVHLQHQEHVVHUHQ+lXSWOLQJKDEHQZLUGDOVHV8UDEDOLVHLQZLUG 'LH0HKU]DKOGHU0lQQHUEHNXQGHWHQLKU(LQYHUVWlQGQLVLQGHPVLHPLWLKUHQEHLGHQlXHUHQ +lQGHQJHJHQGLHGULWWHVFKOXJHQ.HURQZDUHVGHUVLFKVFKOLHOLFK*HK|UYHUVFKDIIWH(U ULHI Ä0DUXWDUDLVWHLQDOWHU0DQQDEHUGLHVPDOVWLPPHLFKLKP]X8UDEDOLVROOXQVHUQHXHU +lXSWOLQJVHLQ,FKMHGHQIDOOVJHOREHLKPPHLQH7UHXH ,PPHUPHKU-lJHUZLHGHUKROWHQGLHVHQ6DW]GHU(LQYHUVWlQGQLVXQG7UHXHVFKZXU]XJOHLFK EHGHXWHWH=XP6FKOXJDEHVQLHPDQGHQPHKUGHU8UDEDOLQLFKW]XP+lXSWOLQJJHZlKOW KlWWH 0DUXWDUDV)UDXNDPDXVGHUHKHPDOLJHQ+|KOHGHVDOWHQ+lXSWOLQJV]XUFN6LHEHULFKWHWH GDGLH)UDXHQVLHJHUlXPWXQGVDXEHUJHPDFKWKDWWHQ'LH/DJHUZDUHQYRUEHUHLWHW

8UDEDOLQDKP3DQDUEHLGHU+DQG Ä-HW]WELVWGXPHLQH)UDX3DQDU0DUXWDUDXQGGHLQH0XWWHUZHUGHQEHLXQVZRKQHQ 6LHIROJWHLKPLQGLH+|KOHRKQHVLFKXP]XGUHKHQ 'HUDOWH0DUXWDUDOHJWHQRFKHLQLJH6WFNH+RO]DXIV)HXHUGDHVKHOODXIIODFNHUWH(UQLFNWH VHLQHU)UDX]XGLHJHUDGH:DVVHUJHKROWKDWWH Ä,FKJODXEHLFKZHUGHQRFKHLQZHQLJKLHUVLW]HQEOHLEHQ8UDEDOLXQG3DQDUZROOHQDOOHLQ VHLQ (LQLJH7DJHVSlWHUZlKOWH8UDEDOLGUHLEHVRQGHUVNUlIWLJH0lQQHUDXVXQGPDFKWHVLFKPLW LKQHQDXIGHQ:HJ]XGHQ+JHOQMHQVHLWVGHUJURHQ:DOGOLFKWXQJDXIGHUDQGHUHQ6HLWHGHV )OXVVHV-HGHUYRQLKQHQWUXJGUHL%HXWHODP*UWHOHLQHUYRQLKQHQPLW:XUIJHVFKRVVHQGLH EHLGHQDQGHUHQZDUHQPLWGHPVFKZDU]HQ*HVWHLQDQJHIOOWGDVVRODQJHXQGVRKHLEUDQQWH 8UDEDOLKDWWHLKQHQYHUVSURFKHQGDMHGHUYRQLKQHQEDOGVRHLQ0HVVHUKDEHQZUGHZLHHU HLQHVEHVD'LHEULJHQVROOWHQGDQQDQGLHEHVWHQ-lJHUGHV6WDPPHVYHUWHLOWZHUGHQ 6LHZDUHQVRIUKDXIJHEURFKHQXQGVFKQHOOJHJDQJHQGDVLHJHJHQ0LWWDJLQGHU)HUQH VFKRQGLH+JHOHUNHQQHQNRQQWHQ'D]ZLVFKHQDEHUODJGDV:DVVHUORFKDQGHPVLFKHLQ KDOEHV'XW]HQG&UROVWXPPHOWH'LHGUHL-lJHUQDKPHQ6WHLQHDXVLKUHQ%HXWHOQXQG EHUHLWHWHQVLFKDXIGHQhEHUIDOOYRUGRFK8UDEDOLVDJWH Ä,FKNHQQHHLQHQ3IDGGHUXPGDV:DVVHUORFKKHUXPIKUW'LH&UROVZHUGHQXQVQLFKW EHPHUNHQ$XHUGHPVLQGVLH]XDOWXQGKDEHQ]lKHV)OHLVFK'UEHQEHLGHQ+JHOQKDEHQ ZLUYLHOOHLFKWPHKU*OFN )UKHUKlWWHQGLH0lQQHUYLHOOHLFKWJHPXUUWDEHUMHW]WZDU8UDEDOLLKU+lXSWOLQJDOVRK|UWHQ VLHDXIVHLQHQ5DW6LHIROJWHQLKPDXIGHPVFKPDOHQ3IDGGHUVLHGXUFKKRKHV*UDVIKUWH 'LH&UROVNRQQWHQVLHQLFKWVHKHQXQGVLHNRQQWHQVLHDXFKQLFKWZLWWHUQGHQQGHU:LQGNDP YRP:DVVHUORFKKHU .XU]EHYRUVLHGLH+JHOHUUHLFKWHQHUKLHOW8UDEDOL*HOHJHQKHLWGLH0DFKWVHLQHV0HVVHUV]X GHPRQVWULHUHQ5HFKWVXQGOLQNVGHV:HJHVUDJWHQGLHHUVWHQ)HOVHQDXVGHP*UDVHPSRU 'D]ZLVFKHQVWDQGHQYHUNUSSHOWH%lXPH8UDEDOLGHUYRUDQJLQJEOLHEPLWHLQHP5XFN VWHKHQDOVGLHGUHL-lJHUKLQWHULKPSO|W]OLFKDXIVFKULHQ%OLW]VFKQHOOGUHKWHHUVLFKXP ZlKUHQGVHLQH+DQG]XP*ULIIGHV0HVVHUVIXKU (LQHDUPGLFNH6FKODQJHKDWWHVLFKYRQHLQHP%DXPDXIGHQPLWWOHUHQ-lJHUKHUDEIDOOHQ ODVVHQ'HUJHVFKPHLGLJH.|USHUZLFNHOWHGHQVRQVWVREHZHJOLFKHQ'UHLEHLQHUYROOHQGVHLQ ELVHUVLFKNDXPQRFKUKUHQNRQQWH'DVDOOHVJHVFKDKVRVFKQHOOGDVHLQHEHLGHQ*HIlKUWHQ QRFKQLFKWHLQPDO=HLWJHIXQGHQKDWWHQ]XU6HLWH]XVSULQJHQ6LHNRQQWHQLKPDXFKQLFKW KHOIHQGHQQZHQQVLH6WHLQHDXIGLH6FKODQJHVFKOHXGHUWHQZUGHGDGXUFKZDKUVFKHLQOLFK DXFKLKU*HIlKUWHYHUOHW]WRGHUJDUJHW|WHW 8UDEDOLEUDXFKWHQXUGUHL6HNXQGHQXPDQGHU8QJOFNVVWHOOH]XVHLQ0LWHLQHPVLFKHUHQ *ULIISDFNWHHUGHQ+DOVGHU6FKODQJHGLFKWKLQWHULKUHP.RSIGHQHULKUGDQQEOLW]VFKQHOOPLW GHP0HVVHUDEVFKQLWW.UDIWORVHQWULQJHOWHVLFKGHU.|USHUGHU6FKODQJHXQGGHU-lJHUZDU ZLHGHUIUHL%LVDXIGHQ6FKUHFNXQGHLQLJH4XHWVFKXQJHQZDUHUQRFKHLQPDO GDYRQJHNRPPHQ'DQNEDUQDKPHU8UDEDOLV+DQGGHULKPEHLP$XIVWHKHQKDOI Ä,FKKDEHVLHQLFKWHLQPDOEHPHUNWVRVFKQHOOILHOVLHDXIPLFKKHUDE'HLQ0HVVHULVW ZLUNOLFKHLQHJXWH:DIIH Ä%DOGZLUGMHGHUYRQXQVHLQVROFKHV0HVVHUKDEHQYHUVSUDFKGHU+lXSWOLQJ $OVVLHGDVNOHLQH3ODWHDXPLWGHQ)HOVPXOGHQHUUHLFKWKDWWHQVFKLFNWH8UDEDOLVHLQHGUHL -lJHU+RO]KROHQ(UVHOEVWPDFKWHVLFKDXIGLH6XFKHQDFKGHP(U]GDVKLHURIIHQ]XWDJH WUDW0KVDPVFKOHSSWHHU%HXWHOIU%HXWHO]XGHU0XOGHLQGHUQRFKGLH$VFKHQUHVWHYRP OHW]WHQ)HXHUZDUHQ(UKlXIWHHVDQLKUHP5DQGDXIXQGZDUWHWHDXIGLH5FNNHKUVHLQHUGUHL

0lQQHU$OVVLHHQGOLFKHUVFKLHQHQKDWWHHUGLH$VFKHQUHVWHDXVGHU0XOGHHQWIHUQWXQGGDV (U]KLQHLQJHVFKDXIHOW Ä&UROVKDEHQ$QJVWYRUGHP)HXHUXQGZHUGHQQLFKWQlKHUNRPPHQ:LUVLQGKLHUVLFKHU +LHULVWWURFNHQHU=XQGHUVFKODJWGLH)XQNHQ $OVGDV)HXHUULFKWLJEUDQQWHZDUI8UDEDOLGHQJHVDPWHQ.RKOHYRUUDWLQGLH*OXW%DOGZXUGH HVVRKHLGDPDQJODXEHQNRQQWHGLH)HOVPXOGHEHJlQQH]XVFKPHO]HQ'DV)HXHUEUDQQWH GLHJDQ]H1DFKWXQGGLH0lQQHUKLHOWHQDEZHFKVHOQG:DFKH$OVGHU0RUJHQJUDXWHKROWH 8UDEDOLGLHJUDXHQ(LVHQNOXPSHQDXVGHUQRFKJOKHQGHQ$VFKH(UOHJWHVLH]XU6HLWHGDPLW VLHDENKOHQNRQQWHQ Ä'DVZHUGHQZLUPLW]XGHQ+|KOHQQHKPHQXQGGRUWGLH0HVVHUVFKPLHGHQ(VJLEW EHVWLPPW]HKQ6WFNXQGGUHLGDYRQJHK|UHQHXFK $P0LWWDJGHVQlFKVWHQ7DJHVWUDWHQVLHGHQ+HLPZHJDQXQGKRIIWHQGLH+|KOHQELV]XP $EHQG]XHUUHLFKHQ6LHEHUTXHUWHQGLHJURH/LFKWXQJQLFKWLQLKUHU0LWWHVRQGHUQKLHOWHQ VLFKDP:DOGUDQGXPGHU+RUGH&UROVQLFKW]XEHJHJQHQGLHVLHDP7DJ]XYRUJHVHKHQ KDWWHQ+LHUWUDIHQVLHDXIGLH$QJHK|ULJHQHLQHVIUHPGHQ6WDPPHVGHUKLHUDQVlVVLJZDU(V ZDUHQVLHEHQ0lQQHUGLHLKQHQPLW6WHLQHQHQWJHJHQNDPHQ 'LHEHLGHQ*UXSSHQVWDQGHQVLFKNDPSIEHUHLWJHJHQEHUMHGHUZDUWHWHODXHUQGDXIGHQ $XJHQEOLFNEHUGLHDQGHUHQKHU]XIDOOHQ8UDEDOLVDJWH Ä:LUMDJHQQLFKWLQHXUHP*HELHWRGHUVLHKVWGXHLQH%HXWH"8QGZHQQZLUHLQHQDOWHQ&URO W|WHQVRNDQQHVHXFKQXUUHFKWVHLQ Ä,KUZRKQWLQGHQ+|KOHQEHLP)OXHUZLGHUWHGHU$QIKUHUGHUDQGHUHQ*UXSSHÄ:HQQHV NDOWZLUG]LHKHQZLULQGLH+|KOHQ:HQQLKUQRFKGRUWVHLGZHUGHQZLUHXFKW|WHQ Ä6RODQJHZHUGHQZLUGRUWQLFKWEOHLEHQGHQQZLUZHUGHQEDOGZHLWHU]LHKHQ:LUEOHLEHQQLH VHKUODQJHDPVHOEHQ2UW(VLVWDOVRXQQ|WLJGDZLUNlPSIHQ 'LHVLHEHQIUHPGHQ-lJHUOLHHQGLH+lQGHPLWGHQ:XUIVWHLQHQZLHGHUVLQNHQ'DV $UJXPHQW8UDEDOLVKDWWHVLHEHU]HXJW Ä(VVHLDOVR)ULHGH]ZLVFKHQGHLQHP9RONXQGPHLQHP9RONVDJWHGHU$QIKUHUÄ=LHKWLQ )ULHGHQZHLWHUDEHUMDJWQLFKWLQXQVHUHP*HELHW%HLP)OXJLEWHVJHQXJ&UROV $XIVHLQ.RPPDQGRKLQGUHKWHQVLHVLFKXPXQGYHUVFKZDQGHQZLHGHULQGHP:DOGDXV GHPVLHJHNRPPHQZDUHQ8UDEDOLDWPHWHHUOHLFKWHUWDXIXQGJDEVHLQHQGUHL-lJHUQGDV =HLFKHQ]XP:HLWHUPDUVFK 6LHHUUHLFKWHQGHQ%DFKREHUKDOEGHU+|KOHQXQGIROJWHQVHLQHP/DXI$QHLQHUVFKPDOHQ 6WHOOHVWDXWHQ)HOVEURFNHQGDV:DVVHUGDVHLQHQNOHLQHQ6HHELOGHWH'LHYLHU-lJHUGXFNWHQ VLFKLQV*HEVFKDOVVLHGLH&UROVEHPHUNWHQGLHVLFKLQGHQNKOHQ)OXWHQWXPPHOWHQ(V ZDUHQPHKUHUH(UZDFKVHQHXQGGUHL-XQJH Ä:LUN|QQWHQVLHDOOHW|WHQIOVWHUWHHLQHUGHU-lJHU Ä:HQQZLUVLHDOOHW|WHQZHUGHQZLUEDOGNHLQ)OHLVFKPHKUKDEHQOHKQWH8UDEDOLDEÄ:LU EUDXFKHQQXUHLQ-XQJWLHU:LUPVVHQZDUWHQELVHLQHVYRQLKQHQDXVGHP:DVVHUNRPPW XQGVLFKGHP:DOGUDQGQlKHUW'DQQHUOHJHQZLUHVODXWORVPLWPHLQHP0HVVHU(KHGLH DQGHUHQ&UROVPHUNHQZDVJHVFKHKHQLVWVLQGZLUVFKRQZHLWYRQKLHUZHJ *HGXOGLJZDUWHWHQVLHIDVWHLQHKDOEH6WXQGH(VGXQNHOWHEHUHLWVDOVJOHLFK]ZHLGHUMXQJHQ &UROVLQLKUH1lKHNDPHQ8UDEDOLOLHGDVHUVWHYRUEHLJHKHQXQGVWU]WHVLFKPLWHUKREHQHP 0HVVHUYRQKLQWHQDXIGDV]ZHLWH'UHLPDOGUDQJGLHVFKDUIH6FKQHLGHLQGHQ.|USHUGHV &UROVXQGW|WHWHLKQDXIGHU6WHOOH/DXWORVEUDFKGDV7LHU]XVDPPHQ'DVDQGHUHYHUVFKZDQG LP:DOG (LOLJVWQDKPHQVLHLKUH%HXWHXQGWUDFKWHWHQGDQDFKGHQ2UWGHQ*HVFKHKHQVVRVFKQHOOZLH P|JOLFK]XYHUODVVHQ 'LH-lJHUNDPHQKHUEHLJHODXIHQDOVLKU+lXSWOLQJPLWVHLQHQGUHL0lQQHUQXQGGHUVFKZHUHQ %HXWHHUVFKLHQ2KQHYLHO]XUHGHQQDKPHUPLWVHLQHP0HVVHUGDV7LHUDXV 'DQQ]RJVLFK8UDEDOLLQGLH+|KOH]XUFNZR3DQDULKQEHUHLWVXQJHGXOGLJHUZDUWHWH $PDQGHUHQ7DJOLHGHU+lXSWOLQJHLQJURHV.RKOHIHXHUDQ]QGHQXQGEHJDQQPLWGHP

6FKPLHGHQGHU0HVVHU$OOH-lJHUVDKHQLKPGDEHL]XXPGLHVH.XQVWHEHQIDOOV]XHUOHUQHQ 9LHOH7DJHVSlWHUKDWWHMHGHUGHU0lQQHUHLQ0HVVHUXQGYHUVWDQGGDPLWXP]XJHKHQ :XUIEXQJHQZXUGHQYHUDQVWDOWHWXQGDOV8UDEDOLVDKZLHVLHGLH0HVVHUVFKOHXGHUWHQNDP LKPDEHUPDOVHLQH,GHH (UEDW3DQDULKPHLQHQGQQHQDEHUIHVWHQ6WULFNDXV*UlVHUQ]XGUHKHQZlKUHQGHUVHOEVWLQ GHQ:DOGJLQJXPHLQHQDUPGLFNHQ%DXPVWDPP]XVFKQHLGHQ(UZRJLKQSUIHQGLQGHU +DQGVFKlOWHGLH5LQGHDEXQGNHKUWHLQV/DJHU]XUFN0LWGHP0HVVHUVFKQLWWHUHLQH .HUEHLQGDVGLFNHUH(QGHXQGVFKREHVGDQQPLWGHP*ULIILQGLHVHKLQHLQ3DQDUEUDFKWHGHQ 6WULFNGHQHU]XPEHVVHUHQ+DOWGHV0HVVHUVXPGDV6WDPPHQGHZLFNHOWH 'LH0lQQHUKDWWHQLKPQHXJLHULJ]XJHVHKHQXQGEHJDQQHQ]XDKQHQZDVHUYRULKUHQ$XJHQ EDVWHOWH:HQQNHLQH6WHLQHYRUKDQGHQZDUHQKDWWHQVLHVFKRQRIWPLW]XJHVSLW]WHQ6WlPPHQ JHZRUIHQDEHUPHLVWHQV]HUEUDFKHQGLHVHZHQQVLHHLQHQ&UROWUDIHQ'LH+RO]VSLW]HQZDUHQ IUGLHGLFNH+DXWGHU%HVWLHQ]XVFKZDFK 8UDEDOLVDJWH]XLKQHQ Ä'DVKLHULVWEHVVHUDOV6WHLQHXQG0HVVHU0DQNDQQZHLWHUGDPLWZHUIHQXQGEHVVHUWUHIIHQ 'LHHUVWHQ-DJGHUIROJHJDEHQLKPUHFKW'HP6WDPPJLQJHVVRJXWZLHQLH]XYRUXQG QLHPDQGPXWHPHKUKXQJHUQ8UDEDOLZDUGHUEHVWH+lXSWOLQJGHQHVMHJHJHEHQKDWWHXQG HVZDUGDQQDXFKNHLQ:XQGHUGDVLFKVHLQ5XIEHLGHQ1DFKEDUVWlPPHQKHUXPVSUDFK 2EZRKOHUGDIUVRUJWHGDQLFKWPHKUMXQJH&UROVDOVQRWZHQGLJJHW|WHWZXUGHQEHJDQQ VLFKLKU%HVWDQGPHUNOLFK]XYHUULQJHUQ+LQ]XNDPGDLPPHUPHKUHUZDFKVHQH%HVWLHQGLH -lJHUDQJULIIHQZRLPPHUVLHDXIWDXFKWHQ (LQHV7DJHVHUVFKLHQHLQHVWDUNH$ERUGQXQJGHVEHQDFKEDUWHQ6WDPPHVEHLGHQ+|KOHQXQG HULQQHUWH8UDEDOLDQVHLQ9HUVSUHFKHQQRFKYRU(LQEUXFKGHUNDOWHQ-DKUHV]HLWGLH*HJHQG YHUODVVHQ]XZROOHQ:lKUHQGGLH0lQQHULKU$QOLHJHQYRUEUDFKWHQUXKWHQLKUH$XJHQ EHJHKUOLFKDXIGHQ+RO]VSHHUHQPLWGHQJHIlKUOLFKHQ0HWDOOVSLW]HQ6LHVHOEVWZDUHQQXUPLW 6WHLQHQXQGSULPLWLYHQ+RO]NHXOHQEHZDIIQHW(LQRIIHQHU.DPSIPLW8UDEDOLV6WDPPZlUH IUVLHIDWDOYHUODXIHQ 8UDEDOLZXWHGDVQRFKEHVVHUDOVVLHDEHUHUZROOWHDXFKNHLQH)HLQGVFKDIWPLWLKQHQ$XI GHUDQGHUHQ6HLWHYHUVSUWHHUDEHUDXFKNHLQH/XVWGHQ:LQWHULP:DOGRGHUDXIGHU6WHSSH ]XYHUEULQJHQZLHGDVELVKHUPHLVWGHU)DOOJHZHVHQZDU 6LHSDODYHUWHQVWXQGHQODQJRKQH]XHLQHP(UJHEQLV]XJHODQJHQ8QGVFKOLHOLFKHUKREVLFK GHU$QIKUHUGHU$ERUGQXQJXQGVDJWH Ä'DV*DVWUHFKWVFKW]WXQVELVZLUXQVHU*HELHWHUUHLFKWKDEHQ9RQQXQDQPX)HLQGVFKDIW ]ZLVFKHQXQVKHUUVFKHQGHQQGLH+|KOHQJHK|UHQXQV=LHKWZHLWHUXQGZLUZHUGHQDOV )UHXQGHVFKHLGHQ:HQQLKUDEHUEOHLEWKDEWLKUQLFKWQXUGLH&UROV]XIUFKWHQVRQGHUQDXFK XQV Ä:LUIUFKWHQXQVQLFKWYRUHXFKHQWJHJQHWH8UDEDOLÄ8QGZLUZHUGHQEOHLEHQ(VPDJ VHLQGDLKUIUKHULQGLHVHQ+|KOHQJHZRKQWKDEWDEHUQXQLVWGHU:DOGHXUH+HLPDW%DXW HXFK+WWHQDXV+RO]XQGLKUVHLGYRUGHU.lOWHJHVFKW]W/DQJHJHQXJVLQGZLUEHUGLHVH :HOWJHZDQGHUWRKQHHLQHULFKWLJH+HLPDW]XILQGHQ8QGQXQGDZLUHQGOLFKHLQHJHIXQGHQ KDEHQZROOWLKUXQVZLHGHUYHUWUHLEHQ:HQQZLUEOHLEHQXQGLQ)ULHGHQPLWHLQDQGHUOHEHQ JLEWHVYLHOH'LQJHGLHZLUHXFK]HLJHQN|QQHQ8QGYLHOOHLFKWZHUGHQZLUHLQHV7DJHVZHQQ ZLU]XVDPPHQKDOWHQGLHJDQ]H:HOWEHKHUUVFKHQN|QQHQ Ä'LH:HOWLVWYLHO]XJURXPVLHEHKHUUVFKHQ]XN|QQHQVDJWHGHU$QIKUHUGHVDQGHUHQ 6WDPPHV Ä,FKZHLZLHJURVLHLVW8UDEDOLVDJWHHVREZRKOHUELVKHUQRFKQLFKWJHZXWKDWWHZLH JURVHLQH:HOWZDUÄ(VJHQJWVFKRQZHQQZLUXQVHU*HELHWGXUFK:DFKWSRVWHQVR DEVLFKHUQGDHVQLHPDQGXQEHPHUNWEHWUHWHQNDQQ:LUZHUGHQGLHDOWHQ&UROVW|WHQXQGGLH MXQJHQLQ*HKHJHVSHUUHQZRVLHVLFKYHUPHKUHQN|QQHQ:HQQZLU)OHLVFKEUDXFKHQ EUDXFKHQZLUQXUHLQHVYRQLKQHQ]XW|WHQ:LUN|QQWHQ)UFKWHDQEDXHQRKQHVWlQGLJ EHIUFKWHQ]XPVVHQGDGLH)HOGHUYRQGHQ&UROVYHUZVWHWZHUGHQ'DV/HEHQN|QQWHIU

XQVDOOHOHLFKWHUXQGEHVVHUZHUGHQ 'HUIUHPGH-lJHUGDFKWHODQJHEHU8UDEDOLV:RUWHQDFKGDQQHUZLGHUWHHU Ä,FKZHUGHGHLQH%RWVFKDIWPHLQHP+lXSWOLQJQlKHUEULQJHQ1XUHUNDQQHQWVFKHLGHQZDV JHVFKHKHQZLUG:DVGXVDJVWK|UWVLFKJXWDQDEHUVSULFKVWGXDXFKGLH:DKUKHLW":LUVWGX QLFKWHLQHV7DJHVPLWGHLQHQ0lQQHUQZHQQZLUDUJORVJHZRUGHQVLQGXQVHU'RUI EHUIDOOHQ":LUZHUGHQXQVHUVWGDQQVLFKHUIKOHQN|QQHQZHQQZLUGLHJOHLFKHQ:DIIHQ EHVLW]HQZLHLKU Ä'DVZHUGHWLKUDXFKHLQHV7DJHVYLHOOHLFKW=XHUVWPXVLFKXQVHUH)UHXQGVFKDIWEHZlKUHQ *HKWXQGVDJWGDVHXUHP+lXSWOLQJ $OVGLHIUHPGHQ-lJHUJHJDQJHQZDUHQVDJWH.HURQ Ä:LUKlWWHQVLHW|WHQVROOHQ8UDEDOL:LUZHUGHQQLHPDOVPLWLKQHQLQ)UHXQGVFKDIWOHEHQ N|QQHQ6LHZHUGHQEHUXQVKHUIDOOHQZDQQLPPHUVLFKGLH*HOHJHQKHLWELHWHW 8UDEDOLVFKWWHOWHGHQ.RSI Ä:HQQVLHXQVEHUIDOOHQKDEHQVLHPLWGHP.ULHJEHJRQQHQ8QGZHUHLQHQ.ULHJEHJLQQW LVWLPPHULP8QUHFKW8QGQXQJHKPLWGHQDQGHUHQ+RO]VDPPHOQGHQQWlJOLFKVLQNWGLH 6RQQHWLHIHU'HU:LQWHUZLUGEDOGEHJLQQHQGDQQPVVHQZLUYRUEHUHLWHWVHLQ%ULQJWHLQHQ MXQJHQ&UROPLW:LUZROOHQVHLQ)OHLVFKWURFNQHQXQGIUGHQ1RWIDOODXIEHZDKUHQ $QGLHVHP$EHQGNHKUWHQ]ZHLGHU-lJHUQLFKW]XGHQ+|KOHQ]XUFN6LHZDUHQYRQ6WHLQHQ JHW|WHWZRUGHQ0DQKDWWHLKUH/HLFKHQLP:DOGJHIXQGHQXQGLKUH6SHHUHXQG0HVVHU IHKOWHQ9RQGHQKHLPWFNLVFKHQ0|UGHUQZDUNHLQH6SXU]XHQWGHFNHQ :LHGHUZDUHV.HURQGHUGHQ+lXSWOLQJEHVFKLPSIWH Ä,FKKDEHHVGLUMDJHVDJW8UDEDOL6LHZHUGHQQLHPDOVHLQHQRIIHQHQ.DPSIZDJHQDEHUVLH ZHUGHQXQVW|WHQZDQQLPPHUVLFKGLH*HOHJHQKHLWELHWHW,FKELQGDIUGDZLUDOOHXQVHUH :DIIHQQHKPHQXQGLKU'RUIEHUIDOOHQ Ä1RFKLVWQLFKWEHZLHVHQGDHVGLH0lQQHUGHVDQGHUHQ6WDPPHVZDUHQGLHXQVHUH-lJHU W|WHWHQ(VN|QQWHQDXFKGXUFK]LHKHQGH1RPDGHQJHZHVHQVHLQ:DVZLUEHQ|WLJHQLVWHLQ %HZHLV)LQGHLKQ.HURQGDQQVWLPPHLFKGHLQHP9RUVFKODJ]X .HURQQLFNWH Ä$OVRJXWLFKZHUGHGHQ%HZHLVILQGHQ$EHUGDQQGDUIVWGXDXFKQLFKWOlQJHU]|JHUQXQV GDV=HLFKHQGHV.ULHJHV]XJHEHQ $OVHUGXUFKGHQ%DFKZDWHWHXQGLP:DOGYHUVFKZDQGEOLFNWHLKP8UDEDOLQDFKGHQNOLFK KLQWHUKHU :DU.HURQZLUNOLFKWDSIHUHUDOVVLHDOOHJODXEWHQ" $OVHUVSlWHUPLW0DUXWDUDGHVVHQ)UDXXQG3DQDUDP)HXHUVDPHLQWHGHUDOWH0DQQ Ä,FKWUDXH.HURQQLFKW:LHZLOOHUGHQ%HZHLVIUHWZDVILQGHQGDVQLFKW]XEHZHLVHQLVW" Ä9DWHUKDWUHFKW8UDEDOL(VJLEWYLHOHWDXVHQG6WHLQHXQGVLHVLQGDOOHJOHLFK:LHZLOO .HURQZLVVHQZRKHUGLH6WHLQHVWDPPHQGLHXQVHUHEHLGHQ-lJHUJHW|WHWKDEHQ" 8UDEDOLOlFKHOWHELWWHU Ä:HQQ.HURQNOXJLVWGDQQVXFKWHUQLFKWGLH6WHLQH:HQQLFKDQVHLQHU6WHOOHZlUHGDQQ ZUGHLFKQDFK]ZHL0HVVHUQXQGQDFK]ZHL6SHHUHQVXFKHQ1XUGLH0|UGHUN|QQHQVLH EHVLW]HQ .HURQZDUHWZDIQIKXQGHUW0HWHUJHJDQJHQHKHHUDQKLHOWXQGVLFKLQHLQHP*HEVFK YHUVWHFNWH)DVWHLQH6WXQGHODJHUGRUWGDQQZDUHUEHU]HXJWGDLKPQLHPDQGJHIROJWZDU :HQQ8UDEDOLZLUNOLFKGHQIUHPGHQ6WDPPEHVLHJWHVREHUOHJWH.HURQZUGHVHLQH0DFKW DOV+lXSWOLQJQRFKJU|HUZHUGHQDOVVLHHVMHW]WVFKRQZDU9LHOOHLFKWILHOHULP.DPSIGDQQ ZUGH3DQDUIULKQ.HURQZLHGHUIUHLVHLQ$EHUZHQQ8UDEDOLVLHJWHXQGEHUOHEWHZDU 3DQDUIULPPHUYHUORUHQ (VPXWHDOVRHLQHQDQGHUHQ:HJJHEHQVLHIUVLFK]XJHZLQQHQ (UKDWWHGLHEHJHKUOLFKHQ%OLFNHGHUIUHPGHQ0lQQHUJHVHKHQPLWGHQHQVLHGLHQHXHQ :DIIHQEHWUDFKWHWKDWWHQ.HLQHUYRQLKQHQZXWHZLHPDQVLHKHUVWHOOWH$EHUHU.HURQ ZXWHHV:HQQHU]XGHPIUHPGHQ6WDPPJLQJXQGGDV*HKHLPQLVYHUULHWZUGHVLFKGDV

%ODWWEDOG]XVHLQHQ*XQVWHQZHQGHQ (UZDUZHLWHUJHJDQJHQXQGVRPLWVHLQHQ:XQVFKWUlXPHQEHVFKlIWLJWGDHUXQYHUVHKHQV EHUHLQHQ$VWVWROSHUWHXQGILHO'DVUHWWHWHLKPGDV/HEHQGHQQKDDUVFKDUIDQVHLQHP.RSI YRUEHLIORJHLQ6WHLQXQGSUDOOWHJHJHQHLQHQ%DXPVWDPP'DHVEHUHLWVGlPPHUWHNRQQWH .HURQVHLWZlUWVLP8QWHUKRO]YHUVFKZLQGHQXQGVLFKYHUVWHFNHQ(UUKUWHVLFKQLFKWXPGHQ XQEHNDQQWHQ*HJQHUQLFKWDXIVHLQH6SXU]XORFNHQ*DQ]UXKLJODJHUXQGODXVFKWHLQGLH 'lPPHUXQJ ,UJHQGZRNQDFNWHQ=ZHLJHDEHUGLH*HUlXVFKHNDPHQDXVYHUVFKLHGHQHQ5LFKWXQJHQ(V K|UWHVLFKVRDQDOVZUGHQGLHXQEHNDQQWHQ*HJQHUVLFKDQVFKOHLFKHQ.HURQV+DQGWDVWHWH QDFKGHP0HVVHU:DVZDUZHQQVLHHLQIDFKEHULKQKHUILHOHQXQGLKQW|WHWHQHKHHUHLQ :RUWGHU(UNOlUXQJDEJHEHQNRQQWH"(VZDUHLQJUREHU)HKOHUYRPLKPJHZHVHQEHL EHJLQQHQGHU1DFKWLQGDV/DJHUGHV)HLQGHVVFKOHLFKHQ]XZROOHQ $OVHUVLFKYRUVLFKWLJDXIULFKWHWHHQWGHFNWHHULQJHULQJHU(QWIHUQXQJHLQHQGXQNOHQ6FKDWWHQ GHUVLFKDXILKQ]XEHZHJWH(UZDUWHWHELVHUQDKHJHQXJKHUDQJHNRPPHQZDUGDQQVSUDQJ HUXQGZDUIVLFKDXIGHQ*HJQHUGHU]X%RGHQVWU]WH0LWGHQEHLGHQ$XHQKlQGHQKLHOWHU LKQIHVWZlKUHQGHUPLWGHU0LWWHOKDQGVHLQHQ0XQGYHUVFKOR+DVWLJIOVWHUWHHU Ä6HLUXKLJGDQQJHVFKLHKWGLUQLFKWV,FKELQHXHU)UHXQGXQGP|FKWHPLWHXFKUHGHQ,FKZLOO HXFKKHOIHQXQGLKUZHUGHWHXUH+|KOHQZLHGHUEHNRPPHQ5XIHGHLQH)UHXQGHXQGVDJHHV LKQHQDEHUZHQQVLHPLFKDQJUHLIHQVWLUEVWGX+DVWGXYHUVWDQGHQ" 'HU8QEHNDQQWHQLFNWHXQG.HURQQDKPGLH0LWWHOKDQGYRQVHLQHP0XQG(U]RJGDV 0HVVHUXQGVHW]WHGLH6SLW]HDXIGLH%UXVWGHVIUHPGHQ-lJHUV Ä*XWGDQQUXIHGHLQH)UHXQGH 6LHNDPHQXQGGLH9HUKDQGOXQJZDUQXUYRQNXU]HU'DXHU6LHQDKPHQLKPGDV0HVVHUDE SDFNWHQLKQEHLGHQ$UPHQXQGVFKOHSSWHQLKQPLWVLFK1LHPDQGVSUDFKPHKUHLQ:RUW .HURQZDUHQWWlXVFKW6RKDWWHHUVLFKGHQ(PSIDQJEHLGHPIUHPGHQ6WDPPQLFKW YRUJHVWHOOW$EHUHUEHVDQRFKHLQHQXQVFKODJEDUHQ7UXPSI(UZXWHZLHPDQ0HVVHUXQG 6SHHUHKHUVWHOOWH 0HKUPDOVZXUGHQVLHDXVGHP'XQNHOGHV:DOGHVDQJHUXIHQ6LHPXWHQVLFK]XHUNHQQHQ JHEHQHKHVLHZHLWHUJHKHQGXUIWHQ.HURQEHJULIIGDQLHPDQGGLH.HWWHGHU:DFKWSRVWHQ XQEHPHUNWKlWWHSDVVLHUHQN|QQHQ:HQQHUHVSURELHUWKlWWHZlUHHUZDKUVFKHLQOLFKVFKRQ WRW,PPHUZLHGHUYHUVXFKWHHUHLQ*HVSUlFK]XEHJLQQHQHUKLHOWDEHUNHLQH$QWZRUW =LHOEHZXWIKUWHQGLHIUHPGHQ-lJHULKQLQLKU'RUIGDVYRQHLQHPKRKHQ3DOLVDGHQ]DXQ XPJHEHQZDU 'HU=DXQEHVWDQGDXVGLFNHQ%DXPVWlPPHQGLHPDQQHEHQHLQDQGHURKQH=ZLVFKHQUDXPLQ GLH(UGHHLQJHJUDEHQKDWWH4XHUEDONHQJDEHQLKPGLHQRWZHQGLJH)HVWLJNHLW,Q UHJHOPlLJHQ$EVWlQGHQZDUHQNOHLQH:DFKWWUPHHUULFKWHWZRUGHQDXIGHUHQ3ODWWIRUPHQ .HURQXQGHXWOLFKGLH6FKDWWHQGHU3RVWHQHUNHQQHQNRQQWH.HURQVDKPLWHLQHP%OLFNGD GDV/DJHUGHU:DOGEHZRKQHUVREHIHVWLJWZDUGDHVMHGHP$QJULIIGHU&UROVVWDQGKDOWHQ ZUGHXQGHVZDULKPXQYHUVWlQGOLFKZDUXPVLHVRVHKUGDUDXIGUlQJWHQZlKUHQGGHV :LQWHUVLQGLH+|KOHQ]X]LHKHQ 'LH-lJHUIKUWHQLKQGXUFKGDVZHLWJH|IIQHWH7RUGDVVLFKVRIRUWKLQWHULKQHQZLHGHUVFKOR 'LH:HLEHUK|UWHQDXI]XNHLIHQDOVVLHVDKHQGDGHU-DJGWUXSSHLQHQ*HIDQJHQHQEUDFKWH (LQLJH0lQQHUNDPHQQHXJLHULJQlKHUXPLKQ]XEHWUDFKWHQ'DV0HVVHUGDVPDQLKP QDWUOLFKDEJHQRPPHQKDWWHPDFKWHGLH5XQGHXQGZXUGHYRQDOOHQEHZXQGHUW6HLQQHXHU %HVLW]HUIRUGHUWHHVVFKOLHOLFK]XUFNXQGIUDJWH Ä:RLVW2JXUD"'HU0DQQYRQGHQ+|KOHQP|FKWHPLWLKPUHGHQ:LUKDEHQLKQLP:DOG JHIDQJHQ ,KU+lXSWOLQJKHLWDOVR2JXUDGDFKWH.HURQ(LQJOFNOLFKHU8PVWDQGGHQQQXQZHLLFK ZLHLFKLKQDQ]XUHGHQKDEH,FKZHUGHLKPVFKPHLFKHOQPVVHQXPVHLQ:RKOJHIDOOHQ]X HUULQJHQ Ä'HU+lXSWOLQJLVWLQVHLQHU+WWHVDJWHMHPDQGÄ%ULQJWGHQ*HIDQJHQHQ]XLKP

'DPDQDEHUQRFKHLQH:HLOHVWHKHQEOLHEKDWWH.HURQ*HOHJHQKHLWVLFKGDV'RUIQlKHU DQ]XVHKHQ'LHSULPLWLYHQ+RO]KWWHQZDUHQLP.UHLVDQJHRUGQHWXQGEHVDHQNHLQH 9RUGHUZDQG,QGHU0LWWHZDUGHUUXQGH3ODW]DXIGHPPHKUHUH)HXHUEUDQQWHQhEHUHLQHP YRQLKQHQVFKPRUWHHLQMXQJHU&UROGHUEDOGJDUVHLQZUGH'LH0lQQHUVDHQVFKRQEHUHLW VLFKLKUHQ$QWHLOPLWLKUHQSULPLWLYHQ6WHLQPHVVHUQDE]XVFKQHLGHQ'LH)UDXHQZDUHQLQGLH +WWHQ]XUFNJHNHKUW .HURQZXUGHDXVVHLQHQ%HWUDFKWXQJHQKRFKJHVFKUHFNWDOVLKQMHPDQGXQVDQIWLQGHQ5FNHQ VWLH Ä'HU+lXSWOLQJHUZDUWHWGLFK 6LHIKUWHQLKQ]XHLQHUEHVRQGHUVJURHQ+WWHYRUGHUHLQPlFKWLJHV)HXHUEUDQQWH6HLQ 6FKHLQHUKHOOWHGHQ,QQHQUDXPGHV+RO]KDXVHVLQGHPHLQNUlIWLJHU0DQQDXIHLQHP URKJH]LPPHUWHQ+RO]WKURQKRFNWH,KP]XU6HLWHVDHQHLQLJH)UDXHQYRQGHQHQGLHPHLVWHQ QRFKUHFKWMXQJZDUHQ Ä:LUKDEHQLKQLQGHU1lKHGHU+|KOHQDXIJHJULIIHQ2JXUDXQGHUEHKDXSWHW]XGLUNRPPHQ ]XZROOHQ6SULFKPLWLKPXQGGDQQJLELKQXQV]XUFN:LUZHUGHQLKQW|WHQ 6LHJLQJHQRKQHGLH$QWZRUWLKUHV+lXSWOLQJVDE]XZDUWHQ6LHVFKLHQHQVLFKLKUHU6DFKH VLFKHU]XVHLQ$EHU.HURQZDUVLFKHUGDHUQLFKWVWHUEHQZUGH,QGHPWLJHU+DOWXQJVWDQG HUYRUGHP+lXSWOLQJGHV:DOGVWDPPHVXQGZDUWHWHGLH$QUHGHDE 2UJXUDEHWUDFKWHWHLKQPLWILQVWHUHU0LHQH'DQQVFKHXFKWHHUVHLQH)UDXHQDXVGHU+WWH GHXWHWHDXIHLQ)HOOXQGVDJWH Ä6HW]GLFK:HOFKH%RWVFKDIWKDVWGXPLUYRQGHLQHP9RON]XEHUEULQJHQ"(VLVWGRFKHXHU +lXSWOLQJGHUGLFKVFKLFNW" .HURQVHW]WHVLFK Ä(VLVWQLFKWPHLQ+lXSWOLQJJURHU2JXUDGHUPLFKVFKLFNW:HQQHUZWHGDLFK]XGLU JHNRPPHQZlUHZUGHHUPLFKDXIGHU6WHOOHW|WHQ,FKNRPPH]XGLUZHLOLFKZHLGD JURH+lXSWOLQJHJHUHFKWVLQG=ZDUELQLFKVHOEVWNHLQ+lXSWOLQJDEHUDXFKLFKGHQNH JHUHFKW,QMHGHP:LQWHUKDEHQHXFKGLH+|KOHQJHK|UWGRFKQXQKDW8UDEDOLVLHLQ$QVSUXFK JHQRPPHQ'DVLVWXQJHUHFKW,FKZROOWHPLWGLUGDUEHUUHGHQ Ä:RKHUZLOOVWGXZLVVHQGDLFKHLQJURHUXQGHLQJHUHFKWHU+lXSWOLQJELQ"'XNHQQVWPLFK QLFKW Ä(VVWLPPWGDLFKGLFKQLFKWNHQQHDEHULFKKDEHGHLQ'RUIJHVHKHQ²XQGLFKKDEHGHQ +RO]]DXQJHVHKHQ'HLQH0lQQHUKDEHQVLFKHGHOYHUKDOWHQDOVVLHXQVHUHQ/HXWHQ EHJHJQHWHQXQGGDVN|QQHQ-lJHUQXUGDQQWXQZHQQVLHHLQHQJURHQXQGJHUHFKWHQ +lXSWOLQJKDEHQ 2JXUDUXQ]HOWHGLH6WLUQXQGIUDJWH Ä:DVZLOOVWGX" 'DVZDUHLQH)UDJHGHUHQ$QWZRUWVLFK.HURQJXWEHUOHJHQPXWH'HU+lXSWOLQJGHV :DOGVWDPPHVZDUHLQNDOWHU5HFKQHUGHUVLFKQLFKWDXI6HQWLPHQWDOLWlWHQHLQOLH,KPNRQQWH PDQQXUPLW7DWVDFKHQNRPPHQXQGPLWQFKWHUQHQhEHUOHJXQJHQ Ä,FKELQLQGHLQHQ$XJHQHLQ9HUUlWHUGDVZHLLFKVDJWH.HURQHQGOLFKÄ$EHUHVJLEW 6LWXDWLRQHQLQGHQHQ9HUUDWGLHHLQ]LJH0|JOLFKNHLWLVW*HUHFKWLJNHLW]XHUUHLFKHQ8QVHU +lXSWOLQJ8UDEDOLJODXEWGHLQHP6WDPPGLH-DJGJUQGHXQGGLH+|KOHQZHJQHKPHQ]X PVVHQXPVHLQHQ6WDPPHUQlKUHQ]XN|QQHQ,FKDEHUELQEHU]HXJWGDXQVHUH:HOWJUR JHQXJLVWXPXQVHUHQ6WDPPHLQHQDQGHUHQ3ODW]ILQGHQ]XODVVHQDQGHPZLUOHEHQN|QQHQ RKQHGLH,QWHUHVVHQDQGHUHU6WlPPH]XJHIlKUGHQ'DVLVWGHU*UXQGZDUXPLFK]XGLU NRPPHQZROOWH 1RFKQLHLQVHLQHP'DVHLQKDWWH.HURQVROFKH:RUWHJHEUDXFKW(VZDUGDVHUVWH0DOLQ VHLQHP/HEHQGDHUGLH6SUDFKHGHU+lXSWOLQJHVSUDFKXQG2JXUDZDUEHHLQGUXFNW Ä'XVSULFKVWVHKUNOXJPHLQ)UHXQG$EHUZLHZLOOVWGXHUUHLFKHQGDGHLQ6WDPPYRU (LQEUXFKGHV:LQWHUVIRUW]LHKWRKQHGDHVHLQHQ.ULHJ]ZLVFKHQXQVJLEW":LHZLOOVWGX GHLQHQ+lXSWOLQJGDYRQEHU]HXJHQGDHVEHVVHUIULKQLVWGLH+|KOHQ]XYHUODVVHQ"8QG

GDQQIUDJHLFKPLFKLPPHUQRFKZHOFKHQ=ZHFNGXZLUNOLFKYHUIROJVW,VWHVQXUGLH6RUJH XPGHLQHQ6WDPP" .HURQEHUOHJWHQLFKWODQJH1XUGLH:DKUKHLWVRZXWHHULQ]ZLVFKHQNRQQWH2JXUD EHU]HXJHQ(UVDJWH Ä,FKZLOO+lXSWOLQJPHLQHV6WDPPHVZHUGHQ8QGZHQQZLUGLH+|KOHQRKQH.DPSI YHUODVVHQZLUG8UDEDOLJHVWU]W Ä8QGZLHZLOOVWGXHUUHLFKHQGD8UDEDOLJHVWU]WZLUG"'XZHLWJHQDXVRJXWZLHLFKGD LKUGLHEHVVHUHQ:DIIHQEHVLW]W:LUN|QQHQHXUH-lJHUQXUDXVGHP+LQWHUKDOWW|WHQGHQQLP RIIHQHQ.DPSIVLQGZLULKQHQXQWHUOHJHQ,FKELQHKUOLFK]XGLUZHLOGXHVDXFK]XPLUELVW DXVZHOFKHQ*UQGHQDXFKLPPHU+DVWGXGLUDXFKGDVEHUOHJW" Ä-DLFKKDEHHVPLUEHUOHJW'HVKDOEELQLFKKLHU:DVZUGHJHVFKHKHQZHQQGHLQ6WDPP GLHJOHLFKHQ:DIIHQEHVlHZLHGHUPHLQH"*lEHHVGDQQHLQHQRIIHQHQ.DPSIRGHUJlEHHV HLQHQ.RPSURPL"8QGZDVZUGHJHVFKHKHQZHQQGHLQ6WDPPPLWPHLQHU+LOIHVLHJHQ ZUGH":UGHVWGXPLFKGDQQ]XP+lXSWOLQJPHLQHV9RONHVPDFKHQ" Ä,FKJODXEHHVEOLHEHPLUNHLQHDQGHUH:DKOZHQQLFKQLFKWGHLQHQJDQ]HQ6WDPP YHUQLFKWHQZROOWH(UPWHZHLWHU]LHKHQXQGHUN|QQWHHVQXUXQWHUGHU)KUXQJHLQHVJXWHQ +lXSWOLQJV'HLQH6SUDFKHYHUUlWPLUGDGXHLQVROFKHU+lXSWOLQJVHLQZUGHVW,QGHQ $XJHQ8UDEDOLVZUGHVWGXHLQ9HUUlWHUVHLQXQGGXELVWHVDXFKLQPHLQHQ$XJHQ$EHU 9HUUlWHUVLQGRIWQW]OLFK'XZUGHVWDOVR+lXSWOLQJZHUGHQZHQQLFKVLHJH Ä'DVLVWJHQDXGDVZDVLFKZLVVHQZROOWH+|UHDOVRPHLQHQ9RUVFKODJ2JXUD,FKZHUGHGLU ]HLJHQZLHPDQGLH:DIIHQKHUVWHOOWGLHXQVHU6WDPPEHVLW]W,FKZHLZLHPDQVLHKHUVWHOOW GHQQ8UDEDOLKDWHVXQVJH]HLJW$EHU8UDEDOLLVWNOXJHULVWVRJDUVHKUNOXJ,FKZUGHLKQ DQGHLQHU6WHOOHQLFKWW|WHQVRQGHUQDOV*HIDQJHQHQDP/HEHQODVVHQ(UKDWJXWH,GHHQGLH GHLQHP6WDPPXQGPHLQHP6WDPPGDV/HEHQLQGHU=XNXQIWHUOHLFKWHUQN|QQWHQ:DVKlOWVW GXYRQPHLQHP9RUVFKODJ" 'LHVPDOGDFKWH2JXUDHLQZHQLJOlQJHUQDFKHKHHUDQWZRUWHWHÄ,FKPXPLWPHLQHQ 0lQQHUQEHUDWHQHKHLFKGLUPHLQHQ(QWVFKOXPLWWHLOHQNDQQ,QGLHVHU1DFKWZLUVWGXLQ HLQHUNOHLQHQ+WWHVFKODIHQGLHEHZDFKWZLUG0RUJHQVHKHQZLUXQVZLHGHU (UVWDQGDXIXQGULHIHLQLJH%HIHKOHDXIGHQ3ODW]KLQDXV=ZHLGHU0lQQHUNDPHQ KHUEHLJHUDQQWQDKPHQ.HURQXQGEUDFKWHQLKQLQHLQHNOHLQH+WWHYRUGHUVLHGDQQ3RVWHQ EH]RJHQ6SlWHUNDPHLQDQGHUHUXQGZDUILKPHLQHQKDOEDEJHQDJWHQ.QRFKHQ]XDXIGHQHU VLFKKHLKXQJULJVWU]WH *HJHQ0LWWHUQDFKWHUIROJWHHLQhEHUIDOOGHU&UROV'LH:DFKWSRVWHQO|VWHQGHQ$ODUPDXVGLH -lJHUHLOWHQ]XGHU3DOLVDGH'DQQVFKOHXGHUWHQVLHLKUH6WHLQHJHJHQGLH$QJUHLIHU$EHU GLHVPDOKDWWHQVLHQLFKWQXULKUH6WHLQHVRQGHUQDXFK]ZHLGHUQHXHQ6SHHUHXQGGUHL 0HWDOOPHVVHU'UHL&UROVEOLHEHQDXIGHU6WUHFNHYRQ]ZHL6SHHUHQXQGHLQHP JHVFKOHXGHUWHQ0HVVHUJHW|WHW$OV.HURQGDVK|UWHOlFKHOWHHU'LHQHXHQ:DIIHQKDWWHQ LKUHQ:HUWGXUFKVFKODJHQGEHZLHVHQ $PDQGHUHQ0RUJHQHPSILQJ2JXUDVHLQHQ*HIDQJHQHQPLWXQGXUFKGULQJOLFKHP*HVLFKW(U VDJWH Ä0HLQH0lQQHUVLQGGDPLWHLQYHUVWDQGHQGDGHLQ3ODQGXUFKJHIKUWZLUG'XZLUVWXQV ]HLJHQZLHGLHQHXHQ:DIIHQJHPDFKWZHUGHQ'XNDQQVWGLFKIUHLLQXQVHUHP'RUIEHZHJHQ DEHUGXGDUIVWHVQLFKWYHUODVVHQ Ä:LHVROOLFKHXFK]HLJHQZLHPDQGHQVFKZDU]HQ%UHQQVWHLQXQGGDV0HWDOOILQGHWZHQQ LFKGDV'RUIQLFKWYHUODVVHQGDUI"%HLGHVDEHULVWQRWZHQGLJXPGLH0HVVHUXQGGLH6SHHUH KHU]XVWHOOHQ Ä6HOEVWYHUVWlQGOLFKNDQQVWGXGDV'RUILQ%HJOHLWXQJPHLQHU/HXWHYHUODVVHQ9HUVXFKWGLHVH VFKZDU]HQ6WHLQH]XILQGHQXQGDXFKGDV0HWDOODXVGHPGLH0HVVHUKHUJHVWHOOWZHUGHQ'X KDVWGHLQHLJHQHV9RONYHUUDWHQJXW$EHUYHUVXFKHQLFKWPLFKQRFK]XYHUUDWHQ(VZlUH GHLQVLFKHUHU7RG Ä:HQQLFKGLFKYHUUDWHQZUGHZUGHLFKPLFKVHOEVWYHUUDWHQ'XZHLWZDVLFKZLOO2KQH

GLFKNDQQLFKPHLQ=LHOQLFKWHUUHLFKHQ8QGGXZLHGHUXPJURHU+lXSWOLQJZLUVWGHLQ=LHO QXUGXUFKPLFKHUUHLFKHQN|QQHQ 2JXUDQLFNWH Ä'XELVWNOJHUDOVLFKJHJODXEWKDEHVDJWHHU $PJOHLFKHQ7DJQRFKQDKPHQ]HKQ0lQQHUGHV:DOGVWDPPV.HURQLQGLH0LWWHXQG EUDFKHQDXIXPGHQVFKZDU]HQ6WHLQ]XVXFKHQGHUVRKHLEUDQQWH:RGDV(U]ODJHUWH ZXWH.HURQ$EHUGHUVFKZDU]H6WHLQZDUZRDQGHUV]XVXFKHQ1lPOLFKDP)OXEHLGHQ +|KOHQDOOHUGLQJVQLFKWGRUWZRVHLQ6WDPPKDXVWH%HLHLQHP-DJGDXVIOXJKDWWHHUGHQ VFKZDU]HQ6WHLQEHLGHQ:DVVHUIlOOHQHQWGHFNW (VILHOLKPQLFKWVFKZHUVHLQHQQHXHQ)UHXQGHQ]X]HLJHQZLHPDQGLH.RKOHDXVGHP *HVWHLQKROWH6LHEHUQDFKWHWHQEHLGHQ:DVVHUIlOOHQXQGDOVVLHDPDQGHUHQ7DJLQGDV'RUI ]XUFNNHKUWHQWUXJMHGHUYRQLKQHQHLQHJURH/DVWGHUVFKZDU]HQ6WHLQHPLWVLFK1XQJDOW HVQXUQRFKGDV0HWDOOYRQGHQ+JHOQ]XKROHQ $XFKGLHVH([SHGLWLRQYHUOLHIHUIROJUHLFK8QGQDFKGUHL7DJHQKDWWHQVLHVRYLHO(U]LQV'RUI ]XUFNJHEUDFKWGD.HURQGHP+lXSWOLQJPLWWHLOHQNRQQWH Ä'DPLWZHUGHQZLU]HKQ0HVVHUXQG]HKQ6SHHUHPDFKHQN|QQHQ,FKKRIIHGDVJHQJWGLU DOV%HZHLV%HJLQQWPRUJHQPLWGHU$UEHLWXQGLQHLQLJHQ7DJHQN|QQHQZLU8UDEDOLXQVHU 8OWLPDWXPVWHOOHQ 2JXUDOlFKHOWHNDOW Ä'XKDVWXQVHXHU*HKHLPQLVYHUUDWHQ.HURQ,FKN|QQWHGLFKMHW]WW|WHQODVVHQ .HURQOlFKHOWH]XUFNQDFKDXHQKLQJHODVVHQ Ä'XZHLWGDLFKQRFKDQGHUH*HKHLPQLVVHNHQQHGLHGLFKXQGPLFKQRFKYLHOPlFKWLJHU PDFKHQN|QQHQ:HQQGXPLFKW|WHVWZUGHVWGXGLHVH*HKHLPQLVVHQLHNHQQHQOHUQHQ 2JXUDVWLPPWH]X$EHUDOV.HURQGDUDXIEHVWDQG]XGHQ+|KOHQ]XUFNNHKUHQ]XGUIHQ ZHLJHUWHHUVLFKLKQJHKHQ]XODVVHQ(VJDEHLQODQJHV3DODYHUGDVVFKOLHOLFKGDPLWHQGHWH GD]ZHLYRQ2JXUDV0lQQHUQ.HURQ]XGHQ+|KOHQ]XUFNEHJOHLWHWHQXQGLKQGRUWDEJDEHQ 'HUVFKODXH+lXSWOLQJGHV:DOGVWDPPVZROOWHGDPLWEH]ZHFNHQGD8UDEDOL.HURQ JHJHQEHUPLWUDXLVFKZXUGH(UVROOWHVLFKIUDJHQZDUXP.HURQQLFKWJHW|WHWZRUGHQZDU VRQGHUQLQGHU%HJOHLWXQJYRQ]ZHL-lJHUQGHVIHLQGOLFKHQ6WDPPHV]XP/DJHU]XUFNNDP .HURQHUNOlUWHVLFKGDPLWHLQYHUVWDQGHQ(VJDENHLQHQ*UXQGIULKQ]X8UDEDOL ]XUFN]XNHKUHQDXHUGHPHLQHQ(UZROOWH3DQDUZLHGHUVHKHQ (UQVW(OOHUWVSUWHVRIRUWGDHWZDV8QJHZ|KQOLFKHVJHVFKHKHQZDU'LHEHLGHQ0lQQHUGHV IHLQGOLFKHQ6WDPPHVKDWWHQ.HURQ]XGHQ+|KOHQ]XUFNJHEUDFKWXQGDEJHOLHIHUW6LHKDWWHQ GDEHLHUVWDXQOLFKHQ0XWEHZLHVHQGHQQ8UDEDOLV0lQQHUZROOWHQVLHVRIRUWW|WHQ'RFK .HURQKDWWH(LQVSUXFKHUKREHQXQGEHKDXSWHWVLHKlWWHQLKPGDV/HEHQJHUHWWHW6LHGUFNWHQ .HURQHLQZHQLJ]XIUHXQGVFKDIWOLFKGLH+DQGXQGJLQJHQZLHGHU0LQXWHQVSlWHUZDUHQVLH LP:DOGYHUVFKZXQGHQ .HURQZDU]XUFNJHNHKUWDEHUVHLQ:HVHQKDWWHVLFKYHUlQGHUW 'DVZDUHVZDV(UQVW(OOHUW]XGHQNHQJDE ,QVHLQHP/HEHQGDVQXQVFKRQ(ZLJNHLWHQZlKUWHKDWWHHUYLHOHUOHEW$EHUHUZDUQRFKQLH HLQHP/HEHZHVHQEHJHJQHWGDVLKPJOLFK(UZDUHLQHN|USHUORVH,QWHOOLJHQ]JHZHVHQGHUHQ %HZXWVHLQQDFK%HOLHEHQYRQ*HVFK|SI]X*HVFK|SIVFKOSIHQNRQQWH'DQQMHGRFKZDUGDV HLQJHWUHWHQZDVHUEHIUFKWHWKDWWH6HLQH)lKLJNHLWHLQHQ.|USHU]XYHUODVVHQRKQHGD GLHVHUYRUKHUVWDUEJLQJYHUORUHQ:lUHGDVQLFKWGHU)DOOJHZHVHQKlWWHHVLKPNHLQH0KH JHNRVWHWLQ.HURQV.|USHU]XJHKHQXQGVHLQ%HZXWVHLQ]XHUIRUVFKHQ6RDEHUPXWHHUDOV 8UDEDOLYHUVXFKHQGLH$EVLFKWHQGHVDQGHUHQ]XHUIRUVFKHQ 'HUHUVWH9HUGDFKWZDULQLKPDXIJHWDXFKWDOVHU.HURQQDFKVHLQHU5FNNHKUVSUHFKHQK|UWH

6HLQH$UJXPHQWHZDUHQORJLVFKXQGLQWHOOLJHQWJHZHVHQ9LHO]XLQWHOOLJHQWXQGYLHO]X ORJLVFK)UGLHVHV3KlQRPHQNRQQWHHVQXUHLQHHLQ]LJH(UNOlUXQJJHEHQ $XHULKP(UQVW(OOHUWJDEHVLP8QLYHUVXPQRFKHLQ]ZHLWHV/HEHZHVHQZLHLKQ8QGHV KDWWH]XIlOOLJGLHJUQH6RQQHXQGGHQ3ODQHWHQGHU'UHLEHLQHUHQWGHFNW9LHOOHLFKWYHUIROJWH HVJDQ]DQGHUH=LHOHDOVHUDEHUHVEHQW]WHGLHVHOEHQ0HWKRGHQ'LH)UDJHZDUQXUREGLH IUHPGH,QWHOOLJHQ].HURQV.|USHUYRUVHLQHP7RGYHUODVVHQNRQQWHRGHUQLFKW8QGGLH ]ZHLWH)UDJHZDUREHVHLQH9HUVWlQGLJXQJJDE :lKUHQG8UDEDOLLQGHQ$UPHQ3DQDUVODJEHUGDFKWH(OOHUWQRFKHLQPDOGDV*HVSUlFKPLW .HURQ(VZDUZLHJHVDJWHLQLQWHOOLJHQWHV*HVSUlFKPLWORJLVFKHQ$UJXPHQWHQJHZHVHQ 8QGWURW]GHPJDEHVGDHWZDVGDVQLFKWVWLPPHQNRQQWH(VZDUHWZDVGDVPLWGHU 0HQWDOLWlWGHU'UHLEHLQHU]XWXQXQGPLWVHLQHUPHQVFKOLFKHQ0HQWDOLWlWQLFKWVJHPHLQKDWWH (LQHZLQ]LJH.OHLQLJNHLWGLH8UDEDOLQLHPDOVHUIDVVHQNRQQWHZHQQHUIUVLFKVHOEVWGHQNHQ PXWH(OOHUWZXWHPLW6LFKHUKHLWGD.HURQHLQ9HUUlWHUZDUDEHUHUKlWWHHVQLFKW EHZHLVHQN|QQHQ 8QGGDQQZDUQRFKHWZDVDQGHUHVJHVFKHKHQGDVQLFKWVPLW.HURQGLUHNW]XWXQKDWWH 2EZRKO(OOHUWNHLQHQHLJHQHQ.|USHUPHKUEHVDZDUHUHLQ0HQVFKJHEOLHEHQ(UZDU 8UDEDOLJHZRUGHQGHUHLQHP0HQVFKHQQLFKWlKQOLFKVDKDEHUGXUFKLKQVSUWHHUGLH OHEHQGLJH:lUPHGHV0lGFKHQV3DQDU(UKDWWHVLHOLHEJHZRQQHQGHQQHUVDKVLHPLWGHQ $XJHQ8UDEDOLV8QGPLWGLHVHQ$XJHQJHVHKHQZDUVLHKEVFK(UVSUWHVLHDEHUHUZUGH VLHQLHPDOVEHVLW]HQN|QQHQGDVNRQQWHQXU8UDEDOLPLWVHLQHP.|USHU:HQQVLHVLFKQDFKWV OLHEWHQ]RJHUVLFKPLWVHLQHP%HZXWVHLQ]XUFNXPQLFKWYRU(LIHUVXFKWGHQ9HUVWDQG]X YHUOLHUHQ'DVZDUHLQHUGHU*UQGHZDUXPHU8UDEDOLKDWHDEHUDXFKHLQHUGHU*UQGH ZDUXPHULKQQLFKWW|WHQZROOWH6RODQJHHU8UDEDOLZDUZUGH3DQDUIULKQQLFKWYHUORUHQ VHLQ $EHU.HURQXQGMHQHUXQEHNDQQWH)DNWRUGHUYRQLKP%HVLW]HUJULIIHQKDWWHZDUHQGDV JU|HUH3UREOHP8PHVO|VHQ]XN|QQHQEHQ|WLJWHHU8UDEDOLV+LOIH8QG8UDEDOLNRQQWH LKPQXUGDQQKHOIHQZHQQLKPVHOEVWJHKROIHQZXUGH 8QGVFKOLHOLFKJDEHVQRFKHLQGULWWHV3UREOHP(OOHUWKDWWHHLQHQEHZRKQWHQ3ODQHWHQLQ HLQHPDQVRQVWHQWRWHQ6HNWRUJHIXQGHQ(UZROOWHHQGOLFKIHVWVWHOOHQZRXQGZDQQHUZDU(V ZXUGH=HLWGLH6RUJHQGHUSULPLWLYHQ(LQJHERUHQHQ]XYHUJHVVHQXQGVHLQHHLJHQH$XIJDEH LQGHQ9RUGHUJUXQG]XVWHOOHQ =XHUVWDEHUPXWHGLH6DFKHPLW.HURQJHNOlUWZHUGHQ ,QGHQIROJHQGHQ7DJHQJHVFKDKQLFKWVYRQ%HGHXWXQJDXHUGDVLFK8UDEDOLV0LWUDXHQ LPPHUPHKUYHUWLHIWH(UEHREDFKWHWH.HURQXQGVWHOOWHIHVWGDGHVVHQ$XJHQYRQ0DO]X 0DOPLWJU|HUHP%HJHKUHQDXI3DQDUUXKWHQ $XFKLP5DWGHU-lJHUIKUWH.HURQGDVJURH:RUW,PPHUZLHGHUVSUDFKHUGDYRQGDHV EHVVHUVHLZHQQGHU6WDPPYRU(LQEUXFKGHV:LQWHUVGLH+|KOHQYHUOLHHXQGZHLWHU]|JH (LQPDOEHVFKXOGLJWHHU8UDEDOLVRJDULKUH([LVWHQ]DXIV6SLHO]XVHW]HQZHQQHUGLH*HGXOG GHV:DOGVWDPPVDXIHLQHDOO]XJURH3UREHVWHOOWH:LHHUZDUWHWVWDQGHUPLWVHLQHU0HLQXQJ DOOHLQGD8UDEDOLXQGVHLQH.ULHJHUZDUHQGDIUGHQ:LQWHULQGHQ+|KOHQ]XYHUEULQJHQXQG VLHQRWIDOOVJHJHQGHQNULHJHULVFKHQ:DOGVWDPP]XYHUWHLGLJHQ $XFKGHPDOWHQ0DUXWDUDZDUGDVYHUlQGHUWH:HVHQ.HURQVDXIJHIDOOHQ6SlWHULQGHU+|KOH DOVVLHDOOHLQZDUHQVDJWHHU]X8UDEDOL Ä$XV.HURQVSULFKWGLH6WLPPHGHU:DOGEHZRKQHU,PPHUXQGLPPHUZLHGHUVROOHUXQV VDJHQGDHVIUXQVEHVVHULVWZHLWHU]X]LHKHQ(UVROOHVXQVVRODQJHVDJHQELVZLUHVVHOEVW JODXEHQ Ä:HQQGDVZLUNOLFKVHLQH$EVLFKWVHLQVROOWHVRLVWHVLKPVFKRQEHLHLQLJHQXQVHUHU0lQQHU JHOXQJHQ6LHVSUHFKHQHVQXUQLFKWRIIHQDXVVRQGHUQVFKOLHHQVLFKPHLQHU0HLQXQJDQ $EHULFKZHLGDVLHDQGHUVGHQNHQ$POLHEVWHQZUGHQVLHQRFKKHXWHLKUH6DFKHQSDFNHQ XQGIOXDEZlUWV]LHKHQZRHVHEHQIDOOV+|KOHQJHEHQVROO 0DUXWDUDVHXI]WH

Ä8QVHU6WDPPKDWQRFKQLHVRJXWJHOHEWZLHLQGLHVHP-DKU:LUKDEHQLPPHUJHQXJ]X HVVHQJHKDEWXQGLQGHQ+|KOHQLVWHVWURFNHQXQGZDUP'HUJDQ]H:DOGLVWYROOHU+RO]XQG GRUWXQWHQLVW:DVVHU:LUN|QQHQNHLQHQEHVVHUHQ3ODW]ILQGHQXPGHQ:LQWHU]X EHUVWHKHQ Ä(VJLEWEHUDOO*HIDKUHQ0DUXWDUDDEHUGLHVHKLHUEHLGHQ+|KOHQNHQQHQZLU:LUZHUGHQ EOHLEHQ (UOLHGHQ$OWHQEHLP)HXHUVLW]HQXQGJLQJ]XVHLQHP/DJHU(UOHJWHVLFKQLHGHU1HEHQ VLFKK|UWHHUGLH$WHP]JH3DQDUV6LHKDWWHGHQJDQ]HQ7DJEHUJHDUEHLWHWXQGZDU VLFKHUOLFKPGH(UKlWWHMHW]WDXFKNHLQH=HLWJHKDEWVLFKPLWLKU]XEHVFKlIWLJHQZHLOHU EHU.HURQQDFKGHQNHQPXWH+LQWHUVHLQHPPHUNZUGLJHQ9HUKDOWHQVWHFNWHHLQHJDQ] EHVWLPPWH$EVLFKWGDUEHUZDUVLFK8UDEDOLNODU:HOFKH"%HYRUGHU-lJHUEHLGHP6WDPP GHU:DOGEHZRKQHUJHZHVHQZDUKDWWHHUGHQ3ODW]EHLGHQ+|KOHQPLWDOOHQ0LWWHOQ YHUWHLGLJHQZROOHQ8QGQXQVSUDFKHUJHQDXGDV*HJHQWHLO -HOlQJHU8UDEDOLGDUEHUQDFKGDFKWHXPVRYHUZRUUHQHUZXUGHGLHJDQ]H*HVFKLFKWH(U EHNDPHLQIDFKNHLQHQ6LQQKLQHLQ'D.HURQGLHKEVFKH3DQDUPLWVHLQHQ%OLFNHQ YHUIROJWHVW|UWH8UDEDOLZHLWHUQLFKW(VVFKPHLFKHOWHLKPVRJDU .XU]EHYRUHUHLQVFKOLHIVSUWHHUSO|W]OLFKUDVHQGH.RSIVFKPHU]HQ(UVW|KQWHOHLVHDXI EOLHEDEHUJDQ]UXKLJOLHJHQ(UKDWWHLQOHW]WHU=HLWVFKRQPDQFKPDO.RSIVFKPHU]HQJHKDEW DEHUQRFKQLHVRVFKOLPPZLHKHXWH 1DFKZHQLJHQ0LQXWHQZXUGHHVHWZDVEHVVHUDEHUGHUGXPSIH'UXFNLP*HKLUQEOLHE 2EZRKO8UDEDOLQRFKLPPHUGLH$XJHQJHVFKORVVHQKLHOWVDKHUSO|W]OLFKEXQWH)DUEHQGLH VLFKLQYHUVFKOXQJHQHQ.UHLVHQGUHKWHQVLFKYRQLKPHQWIHUQWHQXQGZLHGHUQlKHUNDPHQ 'D]ZLVFKHQVFKZHEWHQGXQNOH.XJHOQXQGOHXFKWHQGH6RQQHQGLHVLFKODQJVDPGUHKWHQ $OVHUGLH$XJHQ|IIQHWHHUORVFKGHU6SXN(UODJZLHGHUDXIVHLQHP/DJHULQGHU+|KOHXQG GUEHQEHLP(LQJDQJEUDQQWHQRFKLPPHUGDV)HXHU0DUXWDUDVFKOLHIQHEHQVHLQHU)UDX $OOHVZDUUXKLJXQGVWLOO'HU'UXFNLP*HKLUQKLHOWVLFKLQHUWUlJOLFKHQ*UHQ]HQ 9LHOOHLFKWELQLFKNUDQNGDFKWH8UDEDOLEHVRUJW,FKVROOWHHV3DQDUV0XWWHUVDJHQVLHNHQQW GLH+HLONUlXWHUEHVVHUDOVMHGHUDQGHUH'HU6WDPPNDQQMHW]WNHLQHQNUDQNHQ+lXSWOLQJ JHEUDXFKHQ (QGOLFKVFKOLHIHUHLQDEHUHUZXUGHYRQZLOGHQ7UlXPHQJHSODJWXQGDOVHUVFKZHLJHEDGHW ZLHGHUHUZDFKWHGlPPHUWHGUDXHQEHUHLWVGHU0RUJHQ0LWIXUFKWEDUHU:XFKWNHKUWHQGLH .RSIVFKPHU]HQQRFKHLQPDO]XUFNHKHVLHYRQHLQHU6HNXQGH]XUDQGHUHQVFKZDQGHQ 8UDEDOLKDWWHGDV*HIKOYRQHLQHP'lPRQEHIUHLWZRUGHQ]XVHLQ $OVGLHJUQH6RQQHDPK|FKVWHQVWDQGULHI8UDEDOLGHQ6WDPP]XVDPPHQXQGVDJWH Ä,FKZHUGHHXFKKHXWHYHUODVVHQNHKUHDEHULQHLQLJHQ7DJHQZLHGHU]XUFN0DUXWDUDZLUG ZlKUHQGPHLQHU$EZHVHQKHLW+lXSWOLQJVHLQ:HQQHLQ$QJULIIGHU:DOGEHZRKQHUHUIROJW VRZHUGHWLKULKQJHPHLQVDPDEVFKODJHQXQGGHQ)HLQGEHVLHJHQ$EHULFKJODXEHQLFKWGD VLHHVZDJHQZHUGHQGLH+|KOHQ]XEHUIDOOHQ Ä:DUXP0DUXWDUD"IUDJWH.HURQÄ*LEWHVQLFKWMQJHUH-lJHUGLHGHQ+lXSWOLQJYHUWUHWHQ N|QQHQ" Ä'XPHLQVWZRKOGLFKVHOEVWGDPLW"HUNXQGLJWHVLFK8UDEDOLVS|WWLVFKÄ'DV*HVHW]EHILHKOW GDGHU+lXSWOLQJHLQHQ6WHOOYHUWUHWHUEHVWLPPHQNDQQLFKEHVWLPPH0DUXWDUD,FKKDEH *UQGHGDIUVHKUJXWH*UQGH6SlWHUZHUGHWLKUVLHHUIDKUHQ (LQLJHGHU-lJHUZROOWHQ8UDEDOLEHJOHLWHQDEHUHUOHKQWHDE(UYHUVXFKWHLKQHQ]XHUNOlUHQ GDHUDOOHLQVHLQPVVH%HYRUHUGXUFKGHQ)OXZDWHWHGUHKWHHUVLFKQRFKHLQPDOXPXQG VDJWH]X.HURQ Ä9HUODVVHGLH+|KOHQQLFKWVRQGHUQEOHLEHLP/DJHU8QGYHUVXFKHQLFKWZlKUHQGPHLQHU $EZHVHQKHLWPHLQH+|KOH]XEHWUHWHQ0DUXWDUDZUGHGLFKW|WHQ :HQLJVSlWHUZDUHULP:DOGYHUVFKZXQGHQ (UZXWHVHOEVWQLFKWZDUXPHUGLHVH:DQGHUXQJDQWUDWXQGZDVHUHLJHQWOLFKZROOWH(VZDU ZLHGDPDOVDOVHUGLH.RKOHIDQGXQGVSlWHUGDV(U]VFKPRO](WZDVLQVHLQHP,QQHUQEHIDKO

LKPDOOHGLHVH'LQJH]XWXQXQGPDQFKPDOZDUHVZLHHLQH6WLPPHGLHXQK|UEDU]XLKP VSUDFK6RZLHLQGLHVHU1DFKWDOVHUQLFKWVFKODIHQNRQQWH $XFKMHW]WZDUGLH6WLPPHZLHGHUGDXQGVLHVFKLHQVHLQH6FKULWWH]XOHQNHQ=XHUVWZDQGHUWH HULQ5LFKWXQJGHUJURHQ:DOGOLFKWXQJERJDEHUGDQQQDFKUHFKWVDEXQGVFKOXJGHQ:HJ]X GHQ:DVVHUIlOOHQHLQ%DOGHUUHLFKWHHUGHQ3ODW]ZRGHU.DPSIPLWGHPDOWHQ+lXSWOLQJ VWDWWJHIXQGHQKDWWH(UHQWGHFNWHHLQH0HQJH6SXUHQGLHQXUYRQDQGHUHQ'UHLEHLQHUQ VWDPPHQNRQQWHQXQGIDQGHQGOLFKHLQHQVWHLOHQ3IDGGHUXQPLWWHOEDUDQGHQ:DVVHUIlOOHQ YRUEHLLQGLH7LHIHIKUWH(LQHPLQQHUHQ'UDQJIROJHQGVWLHJHULQGLH6FKOXFKWKLQDE9RQ GHQ:DVVHUIlOOHQKHUNDPGHUIHLQH6SUKUHJHQXQGGXUFKQlWHLKQELVDXIGLH+DXW(UIURU DEHUHUZXWHGDHVQLFKWPHKUODQJHGDXHUQZUGHELVHLQ)HXHULKQZlUPWH'HU3IDG IKUWHDXIHLQNOHLQHV)HOVSODWHDXGLFKWREHUKDOEGHVVFKQHOOGDKLQIOLHHQGHQ*HZlVVHUVGDV KLHUEUHLWHUJHZRUGHQZDU8UDEDOLEHVFKORQRFKHLQ6WFNZHLWHU]XJHKHQ(UIROJWHZHLWHU GHP3IDGGHUDP)OXXIHUHQWODQJIKUWHXQGDQHLQHP6HHHQGHWHGHUVLFKSO|W]OLFK8UDEDOLV HUVWDXQWHQ$XJHQGDUERW 'HU6HHZDUYRQVWHLOHQ)HOVZlQGHQXPJHEHQGLHQXUDXIGHUOLQNHQ6HLWHHLQHQ8IHUVWUHLIHQ IUHLOLHHQ$XIGHUUHFKWHQILHOGLH:DQGVWHLOLQV:DVVHUDE8UDEDOLKDWWHDOVRNHLQHDQGHUH :DKODOVGHQOLQNHQ:HJ]XZlKOHQ'DHVEHUHLWV]XGlPPHUQEHJDQQVDKHUVLFKQDFK HLQHPJHHLJQHWHQ/DJHUSODW]XP (UIDQGLKQXQWHUHLQHPEHUKlQJHQGHQ)HOVHQ+RO]JDEHVJHQXJXQGEDOGSUDVVHOWHHLQ )HXHUDQGHPHUVLFKZlUPHQXQGWURFNQHQNRQQWH(U]RJHLQ6WFNJHWURFNQHWHV)OHLVFKDXV GHP7UDJHEHXWHOXQGYHU]HKUWHHVKHLKXQJULJ'DQQOHKQWHHUVLFKJHJHQGHQ)HOVHQXQGVDK KLQDXVDXIGHQ6HHDXIGHVVHQ2EHUIOlFKHVLFKGLHXQWHUJHKHQGH6RQQHVSLHJHOWH8UDEDOL ZXWHQLFKWZDVHUKLHUVROOWH$EHUHUZDUGDYRQEHU]HXJWGDGLHXQK|UEDUH6WLPPH ZLHGHU]XLKPVSUHFKHQZUGH'LH6RQQHYHUVDQNKLQWHUGHQ%HUJHQXQGHVZXUGHGXQNHO 8UDEDOLOHJWH+RO]QDFKXQGVDPPHOWHHLQHQ9RUUDWIUGLH1DFKW$OVHUVLFK]XP6FKODI QLHGHUOHJWHKLHOWHUGHQ6SHHUIHVWDQVHLQHQ.|USHUJHSUHW 6RVFKOLHIHUHLQ $OV8UDEDOLDPDQGHUHQ0RUJHQHUZDFKWHZXWHHUJHQDXZDVHU]XWXQKDWWH(UWUDQNYRQ GHPNODUHQ6HHZDVVHUDHLQ6WFN)OHLVFKQDKPVHLQHQ6SHHUXQGZDQGHUWHZHLWHUDP OLQNHQ8IHUHQWODQJ'HU$EVWDQGYRP:DVVHUELV]XGHQ)HOVHQZXUGHJHULQJHUDXFKIDQG 8UDEDOLNHLQH6SXUYRQ'UHLEHLQHUQPHKU'LHPHLVWHQYRQLKQHQZDUHQQXUELV]XGHP )HOVSODWHDXJHJDQJHQGDVHUJHVWHUQHQWGHFNWKDWWH'RUWJDEHV/|FKHULQGHU:DQGXQGGDV VFKZDU]H*HVWHLQGDVVRJXWEUDQQWH 8UDEDOLEOLHEPLWHLQHP5XFNVWHKHQ'DVVFKZDU]H*HVWHLQ :RKHUZXWHQGLH:DOGEHZRKQHUYRQGHU%HGHXWXQJGHUVFKZDU]HQ6WHLQH"6HLW -DKUWDXVHQGHQODJHQVLHKHUXPXQGQLHPDQGKDWWHVLFKXPVLHJHNPPHUW(U8UDEDOLKDWWH LKUHZDKUH%HGHXWXQJHUNDQQW1XQDEHUNDQQWHQVLHDXFKQRFKDQGHUH 3O|W]OLFKZXUGHLKPNODUZDUXP2JXUD.HURQKDWWHOHEHQODVVHQ(UKDWWHYRQLKPGDV *HKHLPQLVGHU.RKOHHUIDKUHQGDPLWKDWWHVLFK.HURQVHLQH)UHLKHLWHUNDXIW0LW9HUUDW 8UDEDOLNRQQWHQXUKRIIHQGD.HURQGHP+lXSWOLQJGHV:DOGVWDPPVQLFKWDXFKQRFK YHUUDWHQKDWWHZLHPDQGDV(U]DXVGHP*HVWHLQKROWHHVDXVVFKPRO]XQG]X:DIIHQ VFKPLHGHWH /DQJVDPJLQJHUZHLWHUELVHUZXWHGDHUVHLQ=LHOHUUHLFKWKDWWH(UVDKVLFKXP'LH 9HJHWDWLRQZDUUHFKWVSlUOLFKXQGEHVWDQGQXUDXVGRUQLJHQ%VFKHQ'HU8IHUVWUHLIHQZDU QLFKWPHKUDOV]ZDQ]LJ0HWHUEUHLW6WHLOVWLHJGHU)HOVLQGLH+|KHXQGHVJDENHLQH+|KOHQ $EHUHVJDEWLHIH5LVVHLQGHQVFKUlJOLHJHQGHQ3ODWWHQGLHELV]XP:DVVHUIKUWHQXQG GDQHEHQlKQHOWHQGLHIODFKHQ0XOGHQGHQHQLQGHQ+JHOQDXIGHUDQGHUHQ6HLWHGHUJURHQ /LFKWXQJ(WZDKXQGHUW0HWHUZHLWHUOLHIHQGLH)HOVZDQGXQGGHU5DQGGHV6HHV]XVDPPHQ XQGGDPLWHQGHWHGHUVFKPDOH/DQGVWUHLIHQ9RQGRUWDOVRNRQQWHHVNHLQH$QJUHLIHUJHEHQ (UOHKQWHGHQ6SHHUJHJHQGLH)HOVZDQGXQGEHJDQQGDPLWGLH5LVVHLQGHQ3ODWWHQ]X XQWHUVXFKHQ(UZXWHQLFKWZDVHUVXFKWHDEHUZHQQHUHVIDQGZUGHHUHVVRIRUWHUNHQQHQ

$OVVHLQHWDVWHQGHQ+lQGHDXI:LGHUVWDQGVWLHHQVSUWHQVLHORFNHUHQJUREHQ.LHV(UKROWH HWZDVGDYRQDXVGHU6SDOWHXQGEUHLWHWHHVDXIGHU)HOVSODWWHDXV'LH.LHVHOKDWWHQHLQH JHOEOLFKELVJUDXH)lUEXQJ'DVJHOEH0HWDOOZDUHVZDVHUVXFKHQVROOWHXQGQXUGDV)HXHU ZUGHHVYRQGHPJUDXHQ6WHLQWUHQQHQN|QQHQ (UIDQGHLQHEUHLWHUH6FKOXFKWLQGLHHUKLQDEVWHLJHQNRQQWH9RQIXWLHIHP:DVVHUEHGHFNW ODJGHUJHOEH.LHVKLHUPHWHUKRFK(UVFKDIIWHPHKUHUH7UDJEHXWHOGDYRQKRFKXQGVFKWWHWH GHQ,QKDOWLQHLQHGHUIODFKHQ0XOGHQ'DQQVDPPHOWHHU+RO]HQWIDFKWHHLQULHVLJHV)HXHU XQGJLQJXP.RKOH]XKROHQGLHHULQGLH*OXWVFKWWHWH 0LWGHP6SHHUHUOHJWHHUHLQLJHJU|HUH)LVFKHEULHWVLHEHUGHQ)ODPPHQXQGYHU]HKUWHVLH PLWJURHP$SSHWLW$OVHUPLWHLQHP6WDELQGHU*OXWKHUXPVWRFKHUWHVDKHUGDVLFKGDV JHOEH0HWDOOEHUHLWVYHUIOVVLJWKDWWH$XIVHLQHU2EHUIOlFKHVFKZDPP6WHLQVFKODFNHXQG $VFKH(VZUGHGLHJDQ]H1DFKWGDXHUQELVHVDEJHNKOWZDU 1RFKDPJOHLFKHQ$EHQGEHJDQQHUGDPLWPLWGHP0HVVHUPHKUHUHVFKPDOH5LOOHQLQGLH DEJHVFKUlJWH)HOVSODWWH]XJUDEHQ$OVHUGDPLWIHUWLJXQGVHLQ0HVVHUIDVWVWXPSIJHZRUGHQ ZDUVFKlUIWHHUHVDQGHQ6WHLQHQ'DQQEHWUDFKWHWHHUGLH5LOOHQ8QGJHQDXLQGLHVHP $XJHQEOLFNPHOGHWHVLFKGLH6WLPPHLQVHLQHP,QQHUQZLHGHU/DXWORVVDJWHVLH Ä'XPXWGDVJHOEH0HWDOOVRODQJHHVQRFKIOVVLJLVWDPREHUHQ(QGHLQMHGHHLQ]HOQH5LOOH JLHHQ1LPPGD]XHLQHQGHUDXVJHK|KOWHQ6WHLQHZLHGXVLHDP6HHXIHUILQGHVW8QG YHUEUHQQHGLFKQLFKW 6RGHXWOLFKVFKLHQHV8UDEDOLKDWWHHUGLH6WLPPHQRFKQLHJHK|UW(VZDUDOVKlWWHHLQ 8QVLFKWEDUHU]XLKPJHVSURFKHQXQGXQZLOONUNOLFKVDKHUVLFKQDFKDOOHQ6HLWHQXP$EHUHU NRQQWHQLHPDQGHQHUEOLFNHQ 1RFKEHYRUHVGXQNHOZXUGHKDWWHHUHLQHQIODFKHQ6WHLQJHIXQGHQGHUZLHHLQ7HOOHU JHIRUPWZDU$QGHUHLQHQ6HLWHZDUHLQH(LQNHUEXQJLQGLHHUHLQHQ+RO]VWDEKLQHLQVFKLHEHQ NRQQWH(UHQWIHUQWHGLHUHVWOLFKH*OXWGLH$VFKHXQGGLHVFKZLPPHQGHQ6WHLQHDXVGHU 0XOGHELVQXUQRFKHLQNOHLQHU7PSHOGHVYHUIOVVLJWHQJHOEHQ0HWDOOVEULJZDU'DQQWDW HUJHQDXGDVZDVLKPGLH6WLPPHEHIRKOHQKDWWH2EZRKOHUPLWJU|WHU9RUVLFKW]X:HUNH JLQJNRQQWHHUQLFKWYHUKLQGHUQGDHLQ7HLOGHUJHZRQQHQHQ0DWHULHGDQHEHQIOR'HU5HVW DEHUEOLHELQGHQPHKUDOVGUHL0HWHUODQJHQ5LOOHQXQGHUNDOWHWHVFKQHOO (VZDUGXQNHOJHZRUGHQ9RP:DVVHUKHUNDPHLQHHLVLJH.lOWHGHU9RUERWHGHVQDKHQGHQ :LQWHUV8UDEDOLHQW]QGHWHHLQQHXHV)HXHUXPQLFKW]XIULHUHQ1RFKHLQPDONHKUWHHU]XP )HOVSODWHDX]XUFNXPHLQHQ9RUUDWDQ.RKOH]XKROHQ(UZDUQRFKQLFKWIHUWLJPLWVHLQHU $UEHLWXQGHUZUGHVLHPRUJHQIRUWVHW]HQPVVHQ$EHUPDOVYHUEUDFKWHHUHLQHUXKLJH 1DFKWXQGDXFKGLHVPDOYHUVSUWHHUNHLQH.RSIVFKPHU]HQ $PDQGHUHQ0RUJHQO|VWHHUGDVHUNDOWHWH0HWDOODXVVHLQHUSULPLWLYHQ5LOOHQIRUP(VZDUHLQ ZHLFKHV0HWDOOXQGIU:DIIHQQLFKWJHHLJQHW6REHWUDFKWHWKDWWHHU]ZHL7DJHXPVRQVW JHDUEHLWHWGHQQHUZXWHQLFKWZDVHUGDPLWDQIDQJHQVROOWH$EHUHUZXWHDXFKGDHU QRFKPHKUGHUGQQHQODQJHQ6WlEHKHUVWHOOHQVROOWHGLHQLFKWGLFNHUDOV:UPHUZDUHQ 1DFKZHLWHUHQ]ZHL7DJHQKDWWHHU]HKQGLHVHU6WlEHEHLVDPPHQ8PVLHEHVVHU WUDQVSRUWLHUHQ]XN|QQHQUROOWHHUVLHHLQIDFKXPHLQ6WFN+RO]GDVVLFKEHTXHPDXIGHU 6FKXOWHUWUDJHQOLH8UDEDOLZXWHHVQRFKQLFKWDEHUHUKDWWHGHQ.XSIHUGUDKWHQWGHFNW $OVHU]XGHQ+|KOHQ]XUFNNHKUWHZXUGHHUYRQ3DQDULQEHUVFKZHQJOLFKHU)UHXGHEHJUW 0DUXWDUDVLFKVHLQHU:UGHDOV6WHOOYHUWUHWHUGHV+lXSWOLQJVYROODXIEHZXWHPSILQJLKQ ZHVHQWOLFK]XUFNKDOWHQGHU Ä,FKKDEHGHLQ$PWJXWYHUZDOWHW8UDEDOLXQGHVKDWNHLQH6FKZLHULJNHLWHQJHJHEHQ(U GHXWHWHDXIGLH5ROOHPLW'UDKWGLHVHLQ6FKZLHJHUVRKQDXIGLH(UGHJHOHJWKDWWHÄ:DVLVW GDV"%LVWGXGHVKDOEVRODQJHIRUWJHZHVHQ":RKDVWGXHVJHIXQGHQ" 8UDEDOLEHULFKWHWHLKQHQZLHHUHVVHOEVWKHUJHVWHOOWKDWWHXQGYHUVSUDFKLKQHQVSlWHU]X HUNOlUHQZR]XHVJXWVHL'DQQJLQJHUKLQDXV]XGHQZDUWHQGHQ-lJHUQ6LHVDJWHQLKPGD VLFKLPPHUPHKUYRQ2JXUDV0lQQHUQLQGHU8PJHEXQJKHUXPWULHEHQXQGEHUHLWVPHKUHUH hEHUIlOOHEHJDQJHQKlWWHQ$QVFKHLQHQGEHVDHQVLHMHGRFKQRFKLPPHUNHLQH0HWDOOZDIIHQ

GHQQVLHJULIIHQQXUPLW6WHLQHQDQ1XUHLQPDOZDUHLQ6SHHUPLWHLQHU0HVVHUVSLW]HJHIORJHQ JHNRPPHQZRPLW]XJOHLFKGHU%HZHLVHUEUDFKWZRUGHQZDUGDHVGLH0lQQHUGHV :DOGVWDPPVJHZHVHQZDUHQGLHGLHEHLGHQ-lJHUDXVGHP+LQWHUKDOWHUPRUGHWKDWWHQ .HURQVWDQGPLWPUULVFKHP*HVLFKWHLQZHQLJDEVHLWVXQGVSUDFKQLFKW8UDEDOLZDUILKP HLQHQIRUVFKHQGHQ%OLFN]XVFKZLHJDEHUHEHQIDOOV,KUH)HLQGVFKDIWZDUDXFKRKQH:RUWH RIIHQVLFKWOLFKXQGMHGHUVFKLHQGDYRQ]XZLVVHQ:HQQ.HURQQRFKPHKUDQ(LQIOXJHZDQQ NRQQWHHVJHVFKHKHQGDVLFKGHU6WDPPLQ]ZHL/DJHUVSDOWHWH'DVPXWHXQWHUDOOHQ 8PVWlQGHQYHUPLHGHQZHUGHQ (VZDU8UDEDOLSO|W]OLFKNODUGDGLH]HKQJROGHQHQ'UlKWHGLHHUPLWJHEUDFKWKDWWHLKP GDEHLKHOIHQZUGHQ.HURQHLQIUDOOHPDO]XHQWPDFKWHQ'DVZDUQRWZHQGLJZHQQHUHLQHQ W|GOLFKHQ=ZHLNDPSIPLWLKPYHUPHLGHQZROOWH(UIUFKWHWHGLHVHQ.DPSIQLFKWHUZROOWH LKPQXUGHVKDOEDXVGHP:HJJHKHQXPQLFKWHLQHQJXWHQ-lJHU]XYHUOLHUHQ:HQQ.HURQ ZLHGHUVRZXUGHZLHHUIUKHUJHZHVHQZDUEHGHXWHWHHUNHLQH*HIDKUPHKU =XPHUVWHQPDOVHLWVLHLQGHQ+|KOHQZRKQWHQVWHOOWH8UDEDOLLQGLHVHU1DFKW:DFKWSRVWHQ DXI'DQQHUVW]RJHUVLFKLQVHLQH+|KOH]XUFNZR3DQDULKQDXIGHP/DJHUHUZDUWHWH (UQVW(OOHUWV0|JOLFKNHLWHQZDUHQEHVFKUlQNWZHLOHU8UDEDOLV.|USHUQLFKWYHUODVVHQNRQQWH :LHGHU+lXSWOLQJZDUDXFKHUDXI9HUPXWXQJHQDQJHZLHVHQVRZHLWVLH.HURQEHWUDIHQ(U EHIDQGVLFKMHGRFKGHPGUHLEHLQLJHQ3ULPDWHQJHJHQEHULQVRIHUQLP9RUWHLODOVHUPHKU EHUGLH([LVWHQ]DXHUN|USHUOLFKHU'LQJHZXWHDOVGLHVHU(UHLJQLVVHDEHUGLH8UDEDOLQLFKW YHUVWDQGPXWHQIULKQHLQ:HUNYRQ=DXEHUHUQXQG'lPRQHQVHLQ8PVRVFKZLHULJHUZDU HVIU(UQVW(OOHUWHQGOLFKGLUHNWHQ.RQWDNWPLWLKPDXI]XQHKPHQ8QGGDVPXWHMHW]W XQYHU]JOLFKJHVFKHKHQZHQQLKPGLH=JHOQLFKWDXVGHQ+lQGHQJOHLWHQVROOWHQ 2EZRKOHUDXV(UIDKUXQJZXWHGDHVLKPQLFKWJHOLQJHQZUGHYHUVXFKWHHUDQGLHVHP $EHQG8UDEDOLV.|USHU]XYHUODVVHQ(UZXWHGDHUGHP+lXSWOLQJGDPLW6FKPHU]HQ ]XIJWHDEHULKPEOLHENHLQHDQGHUH:DKOZHQQHU.HURQHQWODUYHQZROOWH:LHHUZDUWHW PLODQJGHU9HUVXFKDEHUHUZDUWURW]GHPQLFKWJDQ]XPVRQVWJHZHVHQ(VZDUVHLQHP %HZXWVHLQJHOXQJHQGLUHNWHQ.RQWDNWPLWGHP%HZXWVHLQ8UDEDOLVDXI]XQHKPHQ(U SURML]LHUWHIDUELJH6\PEROHLQGDV6HK]HQWUXPGHV+lXSWOLQJVGLHGLHVHUQDWUOLFKQLFKW YHUVWDQG,PPHUKLQQDKPHUVLHYLVXHOOZDKUXQGZXUGHGDGXUFKIUGLH$XIQDKPHPHQWDOHU ,PSXOVHHPSIlQJOLFKHU6RJHODQJHV(UQVW(OOHUWLKPIUGLHQlFKVWHQ7DJHH[DNW $QRUGQXQJHQ]XJHEHQ (UQVW(OOHUWZDUQXQHQGJOWLJGDYRQEHU]HXJWGD.HURQYRQHLQHPIUHPGHQ%HZXWVHLQ EHKHUUVFKWZXUGH:HQQHVVHLQHQ.|USHUQLFKWYHUODVVHQZROOWHRGHUNRQQWHPXWHHEHQ QDFKJHKROIHQZHUGHQ8QGGDJDEHVQXUHLQ0LWWHOHLQHOHNWULVFKHU6FKRFN 'LH'UHLEHLQHUZXWHQQLFKWZDV(OHNWUL]LWlWZDU$EHUDXILKUHU:HOWJDEHVDXFK.XSIHU ZLH(OOHUWJOHLFK]X$QIDQJIHVWJHVWHOOWKDWWH $OVRVFKLFNWHHU8UDEDOLXPHV]XKROHQ 6HLQHLJHQHV%HZXWVHLQEHUODJHUWHGDVGHV+lXSWOLQJVDEHUHVOLHGLHVHPJHQJHQG 6SLHOUDXP(LQHY|OOLJH%HKHUUVFKXQJZlUHQLFKWXQEHPHUNWJHEOLHEHQXQGKlWWHQLFKWQXU 8UDEDOLV0LWUDXHQVRQGHUQGDVGHVJDQ]HQ6WDPPHVJHZHFNW:HQQ(OOHUWV9HUPXWXQJ VWLPPWHZUGHVLFKGDVIUHPGH%HZXWVHLQLQ.HURQYHUUDWHQQRFKHKHGDV([SHULPHQW GXUFKJHIKUWZXUGH (OOHUWEHGDXHUWH]XWLHIVWGLH7DWVDFKHNHLQHQ.RQWDNWPLWGLHVHUXQEHNDQQWHQ,QWHOOLJHQ] DXIQHKPHQ]XN|QQHQ(UPXWHDOVRVRZHLWHUPDFKHQZLHELVKHUXQGNRQQWHGDEHLQXU KRIIHQGDV5LFKWLJH]XWXQ 'DVDEHUZUGHVLFKHUVWGDQQKHUDXVVWHOOHQZHQQ8UDEDOLJHVFKLFNWJHQXJZDUVHLQH $QRUGQXQJHQGXUFK]XIKUHQ

$PDQGHUHQ0RUJHQZLFNHOWH8UDEDOLHLQHQGHU'UlKWHYRQGHP+RO]VWFNDEXQGZRJLKQ SUIHQGLQGHU+DQG'DV0HWDOOZDUZHLFKXQGJHVFKPHLGLJDEHUHVEUDFKQLFKW(VZDU EHVVHUDOVMHGHU6WULFN0LWLKPZUGHPDQQRFKEHVVHUDOVMH]XYRU0HWDOOVSLW]HQDQ6SHHUHQ EHIHVWLJHQN|QQHQ.DXPGDFKWHHUGDUDQYHUVSUWHHUDXFKVFKRQZLHGHUGHQ'UXFNLP .RSI 8QGGLH6WLPPHVSUDFK]XLKP Ä8UDEDOLODHLQJURHV+RO]IHXHUDQ]QGHQXQGHLQLJH6WFNHGHVJUDXHQ(U]HVVR VFKPLHGHQDOVZROOWHVWGX0HVVHUJULIIHKHUVWHOOHQ'LHHUNDOWHWHQ(LVHQNHUQHVROOPDQGLU EULQJHQXQGGXZLUVWVLHPLWGHP'UDKWXPZLFNHOQ'LH)UDXHQVROOHQLQ]ZLVFKHQXQWHQDP %DFKZRGLH6WU|PXQJDPVWlUNVWHQLVWHLQJURHV:DVVHUUDGDXV+RO]EDXHQ,FKZHUGHGLU QRFKHUNOlUHQZLHGDVJHPDFKWZLUGXQGGXNDQQVWGHLQ:LVVHQDQ3DQDUZHLWHUJHEHQ (VZDU8UDEDOLNODUGDHUYRQHLQHP'lPRQEHVHVVHQZDU$EHUHUZXWHGDHVNHLQE|VHU 'lPRQZDUVRQGHUQHLQLKPXQGGHP6WDPPZRKOJHVLQQWHU7URW]GHPGXUIWHHVQLHPDOV MHPDQGHUIDKUHQVRQVWZUGHPDQLKQVRIRUWW|WHQ (VEOLHELKPDOVRQLFKWVEULJDOVGHU6WLPPH]XIROJHQZHQQHUQLFKWZLHGHUGLHVH VFKUHFNOLFKHQ.RSIVFKPHU]HQEHNRPPHQZROOWH (UULHIHLQSDDUYRQVHLQHQ-lJHUQKHUEHLJDELKQHQVHLQH$QZHLVXQJHQXQGQDKPGDQQ3DQDU EHLVHLWHXPLKU]XHUNOlUHQZLHPDQHLQ:DVVHUUDGEDXH'DV0lGFKHQEHJULII]ZDUQLFKW ZR]XHLQVROFKHV5DGJXWVHLQVROOWHDEHUHVJLQJJHKRUVDP]XGHQDQGHUHQ)UDXHQXQGWHLOWH LKQHQGHQ:XQVFKGHV+lXSWOLQJVPLW:lKUHQGGHVVHQVFKOHSSWHQGLH0lQQHU+RO]XQG .RKOHKHUEHLHQWIDFKWHQHLQJHZDOWLJHV)HXHUXQGOHJWHQGHQ*UDQLWEORFN]XP6FKPLHGHQ EHUHLW .HURQVWDQGZLHGHULQGHU1lKHGHV%DFKXIHUVXQGVDKGHQ)UDXHQEHLLKUHU$UEHLW]X 8UDEDOLJLQJ]XLKP Ä'XKDVWQLFKWGLH:DKUKHLWJHVSURFKHQDOVGXYRQGHLQHU*HIDQJHQVFKDIWEHL2JXUD HU]lKOWHVW'XPXWJHORJHQKDEHQ'HU:DOGVWDPPZHLZDVPDQPLWGHPVFKZDU]HQ6WHLQ EHJLQQHQNDQQ2JXUDNDQQHVQXUYRQGLUZLVVHQ:DVKDVWGXGD]X]XVDJHQ" :HQQ.HURQHUVFKURFNHQZDUVROLHHUVLFKQLFKWVDQPHUNHQ Ä2JXUDLVWHLQNOXJHU+lXSWOLQJZDUXPVROOWHHUGDV*HKHLPQLVGHUEUHQQHQGHQ6WHLQHQLFKW NHQQHQ",FKKDEHHVLKPQLFKWYHUUDWHQ Ä'XOJVWZLHGHUKROWH8UDEDOLÄ)UKHURGHUVSlWHUZHUGHLFKHVGLUEHZHLVHQ Ä'XZLUVWPLUQLFKWVPHKUEHZHLVHQN|QQHQ8UDEDOLGHQQVREDOGGHUHUVWH6FKQHHIlOOW ZHUGHQGLH:DOGEHZRKQHUXQVDQJUHLIHQXQGW|WHQ'XKlWWHVWLKU'RUIVHKHQVROOHQGDQQ ZUGHVWGXDQGHUVGHQNHQ6LHVLQGVWlUNHUDOVZLUXQGVLHKDEHQJXWH:DIIHQ 8UDEDOLZDUILKPHLQHQODXHUQGHQ%OLFN]X Ä:DVIU:DIIHQ.HURQ"(LVHUQH0HVVHU"/DQ]HQPLWHLVHUQHQ6SLW]HQZLHZLU" .HURQJDEGHQ%OLFNILQVWHU]XUFN(UVFKZLHJ 8UDEDOLEHDFKWHWHLKQQLFKWZHLWHUXQGNHKUWH]XP)HXHU]XUFN(UVDKGDGLHXQI|UPLJHQ (LVHQVWFNHEHUHLWV]XJOKHQEHJDQQHQXQGHLQEHVRQGHUVNUlIWLJHU-lJHUGLH0HWDOONHXOH ]XUHFKWOHJWHPLWGHUHUVLHVFKPLHGHQZUGH(UQLFNWHLKPIUHXQGOLFK]XXQGJLQJ]XU+|KOH 1DFKNXU]HU=HLWEUDFKWHQVLHLKPGLHHUVWHQ6WFNH:lKUHQGGLHODXWORVH6WLPPHLKPGLH $QZHLVXQJHQJDEEHJDQQHUPLWGHUHLJHQWOLFKHQ$UEHLW6RUJIlOWLJZLFNHOWHHUGHQ NXSIHUQHQ'UDKWXPGLH(LVHQNHUQHXQGRUGQHWHVLHQDFKHLQHPJDQ]EHVWLPPWHQ0XVWHUDQ (UEHJULIIQLFKWZR]XGDVJXWVHLQVROOWHXQGVHLQH0lQQHUEHJULIIHQHVQRFKYLHOZHQLJHU $XFK0DUXWDUDVFKWWHOWHYHUVWlQGQLVORVGHQ.RSIXQGJLQJVFKZHLJHQGGDYRQ 3DQDUNDPKHUEHLJHODXIHQXQGULHIDWHPORV Ä'DV5DGGUHKWVLFK 8UDEDOLOlFKHOWH]XIULHGHQ Ä-DHVPXVLFKDXFKGUHKHQ8QGMHW]WZHUGHQZLUGLHVHV0HWDOOJHVWHOOVRDXIGLH+RO]DFKVH VFKLHEHQGDHVVLFKHEHQIDOOVGUHKW.RPPPLW $QGHQHQWJHJHQJHVHW]WHQ(QGHQGHV6SXOHQJHKlXVHVKDWWHHU]ZHLHWZDHLQHQ0HWHUODQJH

.XSIHUGUlKWHDQJHEUDFKW'LHODXWORVH6WLPPHZDUQWHLKQ Ä6REDOGVLFKGHU(LVHQNHUQGUHKW8UDEDOLGDUIVWGXGLHEHLGHQ.XSIHUGUlKWHQLFKWPHKU EHUKUHQ:HQQGXHLQHQDOOHLQEHUKUVWLVWGDVQLFKWVFKOLPP$EHUGXGDUIVWQLHPDOVEHLGH ]XJOHLFKEHUKUHQ'DVGDUIQXU.HURQ8QGQXQWXZDVLFKGLUJHVDJWKDEH 'HU6WDPPZDUYROO]lKOLJDP8IHUGHV%DFKHVYHUVDPPHOWDOV8UDEDOLPLWVHLQHP PHUNZUGLJHQ*HVWHOOLQGDV:DVVHUZDWHWHXQGHVDXIGLH+RO]DFKVHGHV5DGHVVFKREGLH VLFKUDVHQGVFKQHOOGUHKWH6RIRUWEHJDQQDXFKGHUPLW.XSIHUGUDKWXPZLFNHOWH(LVHQNHUQLQ GHP*HKlXVHVLFK]XGUHKHQXQG]ZDUVRVFKQHOOGDPDQLKQNDXPQRFK]XVHKHQ YHUPRFKWH'LHEHLGHQ'UDKWHQGHQGLH6WURPDEQHKPHUKLQJHQORVHKHUDE,KUH6SLW]HQ ZDUHQHWZDHLQHQKDOEHQ0HWHUYRQHLQDQGHUHQWIHUQW Ä8QGQXQKROH.HURQEHIDKOGLHODXWORVH6WLPPHÄ'XZHLWZDVHU]XWXQKDW'XZLUVWGLH :DKUKHLWHUIDKUHQ 8UDEDOLZDQGWHVLFKDQGLH0lQQHU Ä%ULQJW.HURQKHU(UVROOXQVQRFKHLQPDOEHULFKWHQZDVHULP'RUI2JXUDVHUOHEWH8QGHU VROOGLH'UlKWHGDEHLDQIDVVHQ .HURQVFKULHYHU]ZHLIHOWDXIDOVGLH0lQQHULKQSDFNWHQ2EZRKOHUVLFKPLW+lQGHQXQG )HQZHKUWHVFKOHSSWHQVLHLKQLQGHQ%DFKELVHUQHEHQ8UDEDOLVWDQG Ä:DUXPHUVFKULFNVWGXVR"IUDJWHGHU+lXSWOLQJÄ'XEUDXFKVWXQVQXUGLH:DKUKHLW]X HU]lKOHQGDQQJHVFKLHKWGLUQLFKWV$EHUGLH'UlKWHZHUGHQXQVYHUUDWHQREGXJHORJHQ KDVW Ä,FKZLOOQLFKWVWHUEHQULHI.HURQÄ,FKZHUGHGHQ'UDKWQLFKWEHUKUHQDEHULFKZLOOHXFK GLH:DKUKHLWVDJHQ 8UDEDOLQLFNWH Ä'XKDVW2JXUDYHUUDWHQZLHPDQGLHHLVHUQHQ:DIIHQVFKPLHGHW"'HVKDOEZROOWHVWGXDXFK GDZLUYRQKLHUIRUW]LHKHQ'XKDVW$QJVWYRULKPXQGVHLQHQ.ULHJHUQ:DUXPKDVWGXGDV JHWDQ":HQQGXZLUNOLFKYRQHLQHPE|VHQ'lPRQEHVHVVHQELVWZHUGHLFKGLFKYRQLKP EHIUHLHQ'DQQJHK|UVWGXZLHGHU]XXQVHUHP6WDPPXQGZLUZHUGHQGHLQHQ9HUUDW YHUJHVVHQ+LHUQLPPGLHVHQ'UDKW 'LH-lJHUKDWWHQ.HURQORVJHODVVHQGHUVLFKQLFKWYRP)OHFNUKUWH)DVVXQJVORVVDKHU]X ZLH8UDEDOLGHQHLQHQGHU'UlKWHLQVHLQH+DQGQDKPXQGLKQLKPUHLFKWH=|JHUQGQDKPHU LKQLQGLHHLQH+DQGGHQQZHQQ8UDEDOLQLFKWVSDVVLHUWHNRQQWHLKPDXFKQLFKWVJHVFKHKHQ (UVSUWHHLQOHLFKWHV.ULEEHOQLQGHQ)LQJHUQXQGKlWWHEDOGZLHGHUORVJHODVVHQ$EHUGDQQ VDKHUGLH%OLFNHGHU0lQQHUXQG)UDXHQDXIVLFKJHULFKWHWXQGHUZROOWHNHLQ)HLJOLQJVHLQ (UKLHOWGHQ'UDKWIHVWVFKODQJLKQVLFKVRJDUHLQPDOXPGLH+DQG Ä1D.HURQGDVLVWGRFKJDUQLFKWVRVFKOLPPQLFKWZDKU"8QGQXQQLPPGHQ]ZHLWHQ 'UDKW .HURQ]|JHUWH Ä*LELKQPLU8UDEDOLVDJWHHU Ä'XPXWLKQGLUVHOEVWQHKPHQ.HURQ6RQVWNDQQGHU'lPRQQLFKWYHUWULHEHQZHUGHQ .HURQVHOEVWVFKLHQQLFKWVRUHFKWDQGLHVHQ'lPRQJODXEHQ]XZROOHQYRQGHPHUDQJHEOLFK EHVHVVHQZDU$EHUHUZXWHGDLKQVHLQ6WDPPVRIRUWW|WHQZUGHZHQQPDQ]XGHP 6FKOXNDPGDHUVHLQHLJHQHV9RONEHZXWXQGRKQHGHQ(LQIOXHLQHV'lPRQVYHUUDWHQ KDWWH:HQQHUDEHUDOOHVDXIGLHVHQ'lPRQVFKLHEHQNRQQWHEOLHEHUDP/HEHQ 2EZRKOLKQHLQHLQQHUH6WLPPHZDUQWHJULIIHUNXU]HQWVFKORVVHQQDFKGHPKHUDEKlQJHQGHQ ]ZHLWHQ'UDKW (UKDWWHLKQQRFKQLFKWJDQ]EHUKUWDOVHLQJUHOOEODXHU)XQNHYRP(QGHGHV'UDKWHVLQVHLQH +DQGEHUVSUDQJ8UDEDOLVHOEVWVSUWHVRIRUWHLQHQNULEEHOQGHQ6FKPHU]LQGHQ)HQXQG UDQQWHDXVGHP:DVVHU(UGUHKWHVLFKXP .HURQVWDQGPLWWHQLP%DFKQHEHQGHP:DVVHUUDGXQGEUOOWHGDPDQHVPHLOHQZHLWK|UHQ NRQQWH(UKDWWHGLH%HZHJXQJVHLQHU+DQGQLFKWPHKUEUHPVHQN|QQHQXQGGHQ'UDKW JHSDFNW1XQNRQQWHHULKQQLFKWPHKUORVODVVHQDXFKGHQHUVWHQQLFKW'HU6WURPIOR

XQJHKLQGHUWGXUFKVHLQHQ.|USHU 8UDEDOLEHREDFKWHWHGHQ8QJOFNOLFKHQDXIPHUNVDPXQGVWXGLHUWHMHGHVHLQHU5HDNWLRQHQ 8QGGDQQK|UWHHUZLHGHUGLHODXWORVH6WLPPH Ä(VLVWJXW8UDEDOL'HU'lPRQLVWYRQ.HURQJHZLFKHQ*HKWKLQXQGEHIUHLWLKQDEHU EHUKUWLKQQLFKW+HEWHLQIDFKGDV:DVVHUUDGDXVVHLQHU*DEHOGDPLWHVVLFKQLFKWPHKU GUHKHQNDQQ 6HLQH0lQQHUZHLJHUWHQVLFKGHU$QRUGQXQJ]XIROJHQGLHHULKQHQJDE$OVRVWLHJHU NXU]HQWVFKORVVHQVHOEVWQRFKHLQPDOLQV:DVVHUXQGZDUIGDV:DVVHUUDGPLWHLQHPNUlIWLJHQ 6FKZXQJDXVVHLQHU*DEHO(VILHOLQGHQ%DFKXQGVFKZDPPGDYRQEOLHEMHGRFKDP QlFKVWHQ6WHLQKlQJHQ .HURQKDWWHGLHEHLGHQ'UlKWHORVJHODVVHQXQGVWLHUWHEHQRPPHQYRUVLFKKLQ8UDEDOLQDKP LKQEHLP$UPXQG]RJLKQPLWVLFK(UNORSIWHLKPEHJWLJHQGPLWDOOHQGUHL+lQGHQDXIGLH 6FKXOWHU Ä*HKLQGHLQH+|KOHXQGUXKGLFKDXV:HQQGXPRUJHQIUKHUZDFKVWZLUVWGXIURKVHLQ GHQQZLUKDEHQGLFKYRQHLQHP'lPRQEHIUHLW:LUZROOHQGHLQHQ9HUUDWDQXQVHUHP9RON YHUJHVVHQZHQQGXXQVQLFKWPHKUYHUVFKZHLJVWZDVGLH3OlQH2JXUDVVLQG*HKMHW]W 0LWJHVHQNWHP.RSIZDQNWH.HURQGDYRQXQGYHUVFKZDQGLQVHLQHU+|KOH 6FKZHLJHQGVDKHQVLHLKPQDFK8UDEDOLZXWHGDVHLQHJHKHLPQLVYROOH0DVFKLQHQXQ XQJHIlKUOLFKZDU*HIlKUOLFKZDUVLHQXUGDQQZHQQVLHVLFKGUHKWH(UJLQJLQGHQ%DFK KROWHVLHKHUDXVXQGEUDFKWHVLHLQVHLQH+|KOH 'XUFKGLH$XJHQGHV+lXSWOLQJVKDWWH(UQVW(OOHUWMHGHYLVXHOOH.OHLQLJNHLWGHV*HVFKHKHQVLQ VLFKDXIQHKPHQN|QQHQ(UYHUVWDQGHVDXFKGLH5HDNWLRQHQ.HURQV]XDQDO\VLHUHQ1DWUOLFK KDWWHGHUMXQJH-lJHUVHOEVWNHLQH$KQXQJZDVPLWLKPJHVFKDKDEHUGDVIUHPGH%HZXWVHLQ GDVLKQEHKHUUVFKWHZXWHHV(VNDQQWHGLH(OHNWUL]LWlWXQGLKUH*HIDKUHQ$EHUHVEHVD QRFK]XZHQLJ0DFKWEHU.HURQV.|USHUXPVFKQHOOJHQXJUHDJLHUHQ]XN|QQHQ'HU 6WURPVWRNDPXQHUZDUWHWXQGPLWXQJHDKQWHU,QWHQVLWlW 'DVIUHPGH%HZXWVHLQZDUDXV.HURQV.|USHUKLQDXVJHVFKOHXGHUWZRUGHQVRZLHHVYRU HLQHU(ZLJNHLWPLW(OOHUWV%HZXWVHLQJHVFKHKHQZDUDOVHVYRQVHLQHPHLJHQHQ.|USHU JHWUHQQWZXUGH 'LH)UDJHZDU:DVZUGHHVMHW]WXQWHUQHKPHQ":UGHHVYHUVXFKHQVLFKHLQDQGHUHV2SIHU JHIJLJ]XPDFKHQ"2GHUZUGHHVVRJDUYHUVXFKHQLKQVHOEVWLQ8UDEDOLV.|USHU DQ]XJUHLIHQ"(OOHUWDEHUNRQQWHQLFKWVDQGHUHVWXQDOVZDUWHQ $OOHUGLQJVEHVDHUQXQGLH0|JOLFKNHLWHLQHHQJHUH6\PELRVHPLW8UDEDOLHLQ]XJHKHQ ,PPHUPHKUQRFKZUGHHULQ8UDEDOLV%HZXWVHLQHLQGULQJHQXQGVRPLWEDOG8UDEDOLVHOEVW VHLQ'DQQZUGHHUDXFK3DQDUOLHEHQN|QQHQ 8UDEDOL.HURQXQGGUHLDQGHUH-lJHUQlKHUWHQVLFKDXI6FKOHLFKZHJHQGHP'RUI2JXUDV6LH KDWWHQEHUHLWVGUHLGHUYRUJHVFKREHQHQ:DFKWSRVWHQXPJDQJHQXQGQlKHUWHQVLFKQXQHLQHP YLHUWHQGHUDXIHLQHPHLQ]HOQHQ)HOVEURFNHQVWDQGXQG$XVVFKDXKLHOW 6LHZDUHQDPVSlWHQ1DFKPLWWDJDXIJHEURFKHQXQGHVGlPPHUWHEHUHLWV9RUHLQLJHQ7DJHQ ZDUGHUHUVWH6FKQHHJHIDOOHQ(VZXUGHNDOW6LHPXWHQKHUDXVILQGHQREGLH:DOGEHZRKQHU HLQHQ$QJULIIDXIGLH+|KOHQSODQWHQRGHUQLFKW ,QJURHP%RJHQXPJLQJHQVLHGHQYLHUWHQ3RVWHQXQGGDQQVDK8UDEDOL]XPHUVWHQPDOGLH 3DOLVDGH6WDXQHQGEHWUDFKWHWHHUGDV:HUNGDVYLHO$UEHLWJHNRVWHWKDEHQPXWH Ä,QHLQHPKDVWGXUHFKWZDVGXVDJWHVWDOVGXQRFKYRQGHP'lPRQEHVHVVHQZDUVW IOVWHUWH8UDEDOL.HURQ]XÄ(VLVWEHVVHUNHLQHQ.ULHJPLWLKQHQ]XEHJLQQHQ1XQEHVLW]HQ VLHDXFKQRFKGLHVHOEHQ:DIIHQZLHZLU9LHOOHLFKWN|QQHQZLUHLQHQ9HUWUDJPLWLKQHQ VFKOLHHQGHUXQVGLH+|KOHQVLFKHUW(VZlUHEHVVHUIUXQVDOOH

Ä,FKGHQNHDXFKKHXWHQRFKVR8UDEDOLQXUELQLFKHVKHXWHVHOEVWGHUVRGHQNW .HURQKDWWHVHLQHQ6FKRFNVFKRQODQJHEHUZXQGHQ(UXQG8UDEDOLZDUHQVRJDUJXWH )UHXQGHJHZRUGHQ'HU'lPRQZDUDXV.HURQJHZLFKHQXQGDXFKGLH*LHUQDFK3DQDU 'LHIQI0lQQHUVFKOLFKHQZHLWHUELVVLHLQHLQHUIODFKHQ0XOGHODJHQGLHYRQGLFKWHP *HEVFKEHUGHFNWZXUGH'DVJURH7RULP3DOLVDGHQ]DXQZDUJH|IIQHWXQGVLHNRQQWHQDXI GHQ'RUISODW]PLWGHQ)HXHUQVHKHQ2JXUDVFKULWWJUDYLWlWLVFK]ZLVFKHQGHQ)HXHUQKLQXQG KHUJDEHLQLJH$QZHLVXQJHQXQGYHUVFKZDQGGDQQLQVHLQHU+WWH .HURQIOVWHUWH Ä(VPVVHQQRFK-lJHUXQWHUZHJVVHLQVRQVWKlWWHQVLHGDV7RUJHVFKORVVHQ:LUPVVHQ JDQ]UXKLJVHLQVRQVWHQWGHFNHQVLHXQV 6LHVFKZLHJHQXQGEHREDFKWHWHQ 8UDEDOLZlUHQDFKHLQLJHU=HLWDPOLHEVWHQHLQ6WFNYRUJHNURFKHQXPEHVVHUVHKHQ]X N|QQHQDEHU.HURQKLHOWLKQ]XUFN(UPDFKWHLKPNODUZLHJHIlKUOLFKHVIUVLHDOOHZlUH ZHQQPDQVLHHQWGHFNWH2JXUDZDUWHWHPLW6LFKHUKHLWQXUDXIHLQHQ$QODGLH+|KOHQ DQ]XJUHLIHQXQGZHQQHUGHQ+lXSWOLQJGHU+|KOHQEHZRKQHUXQG.HURQLQVHLQH*HZDOW EHNDPPXWHGHU6WDPPDP)OXLQVHLQHQ$XJHQKLOIORVVHLQ .HURQKDWWHVLFKLQGHU7DW]XVHLQHQ*XQVWHQYHUlQGHUW8UDEDOLZDUVLFKHUGDGHU (OHNWURVFKRFNGDVIUHPGH%HZXWVHLQYHUWULHEHQKDWWHDEHUJHQDXVRJXWNRQQWHHVQDWUOLFK DXFKVHLQGDHVLQ]ZLVFKHQ]XUFNJHNHKUWZDUXQGVLFKUXKLJYHUKLHOW9LHOOHLFKWZDUWHWHHV HEHQVRZLH2JXUDDXIHLQH*HOHJHQKHLW =HKQ-lJHUGHV:DOGVWDPPVNDPHQKHLP6LHVFKOHSSWHQ]ZHLMXQJH&UROVPLWVLFKXQGDOOH WUXJHQVLH6SHHUHPLWHLVHUQHQ6SLW]HQXQG0HVVHU*DQ]GLFKWPDUVFKLHUWHQVLHDQGHP 9HUVWHFNGHUIQI0lQQHUYRUEHLXQGSDVVLHUWHQGDV7RUGDVVLFKXQPLWWHOEDUKLQWHULKQHQ VFKOR1XQNRQQWH8UDEDOLVLFKHUVHLQGDVLFKDXHUGHQ:DFKWSRVWHQNHLQ$QJHK|ULJHU GHV:DOGVWDPPHVPHKUDXHUKDOEGHU3DOLVDGHDXIKLHOW$XFKGLH:DFKWWUPHZDUHQEHVHW]W ZRUGHQ'DQQORGHUWHQGLH/DJHUIHXHUK|KHUXQGPDQNRQQWHVLFKHUVHLQGDKHXWHDEHQG QRFKHLQJURHV)HVWPDKOVWDWWILQGHQZUGH Ä9LHOPHKUILQGHQZLUKHXWHQLFKWKHUDXVIOVWHUWH8UDEDOL.HURQ]XÄ(VLVWEHVVHUZLU NHKUHQ]XGHQ+|KOHQ]XUFN Ä:DUWHQRFKKDXFKWH.HURQ]XUFNÄ(VNRPPWMHPDQG ,QGHU7DWYHUQDKPQXQDXFK8UDEDOLGDV.QDFNHQYRQWURFNHQHQbVWHQGDQQHUVFKLHQHQ ]ZHLGHU:DFKWSRVWHQGLHVLHYRUKHUXPVFKOLFKHQKDWWHQ6LHVSUDFKHQPLWHLQDQGHU(VZDUHQ QXU%UXFKVWFNHGLH8UDEDOLXQGVHLQHYLHU%HJOHLWHUYHUVWDQGHQDEHUVLHJHQJWHQXPHLQHQ 6LQQ]XHUJHEHQ$P7DJQDFKGHP]ZHLWHQ6FKQHHIDOOZUGH2JXUDGHQ6WDPPEHLGHQ +|KOHQDQJUHLIHQ'LHQHXHQ.DPSIPDVFKLQHQXQWHU/HLWXQJGHV+lXSWOLQJVJHEDXW VFKOHXGHUWHQGLH6SHHUHVRZHLWGDVLHLKU=LHODXFKYRP:DOGDXVWUHIIHQZUGHQ2JXUDV -lJHUNRQQWHQGHQ6WDPPEHLGHQ+|KOHQYHUQLFKWHQRKQHVLFKVHOEVWHLQHU*HIDKU DXV]XVHW]HQ 'LHEHLGHQ:DFKWSRVWHQWUHQQWHQVLFKNXU]YRUGHU3DOLVDGHXQGJLQJHQLQYHUVFKLHGHQHQ 5LFKWXQJHQZHLWHU8UDEDOLODJEHZHJXQJVORVLQVHLQHP9HUVWHFNXQGZDJWHNDXP]XDWPHQ 'HQEHYRUVWHKHQGHQ$QJULIIGHV:DOGVWDPPVKDWWHHUHUZDUWHW:DVDEHUKDWWHGLH $QGHXWXQJPLWGHQ.DPSIPDVFKLQHQ]XEHGHXWHQ":HOFKH7HXIHOHLZDU2JXUDHLQJHIDOOHQ" 0DVFKLQHQGLH6SHHUHVFKOHXGHUQNRQQWHQ" .HURQVWLHLKQDQ Ä-HW]WLVWGHUJQVWLJVWH$XJHQEOLFN]XP5FN]XJIOVWHUWHHUÄ,FKJODXEHZLUKDEHQJHQXJ JHK|UW 6RYRUVLFKWLJZLHVLHJHNRPPHQZDUHQVFKOLFKHQVLHDXFKZLHGHU]XUFN8QGDOVGHU 0RUJHQJUDXWHHUUHLFKWHQVLHLKUH+|KOHQ2KQHGLHDQGHUHQYRQGHP(UJHEQLVLKUHV 6SlKWUXSSV]XXQWHUULFKWHQJLQJHQVLHVFKODIHQ9RUOlXILJZDUNHLQ$QJULII]XEHIUFKWHQ GHQQHUVWHLQPDOZDU6FKQHHJHIDOOHQ$EHUHVZUGHQLFKWPHKUODQJHGDXHUQELVHV DEHUPDOV]XVFKQHLHQEHJDQQ

(VZDU8UDEDOLNODUGDHUPHKUEHUGLH.DPSIPDVFKLQHQHUIDKUHQPXWH.HLQQRFKVR VWDUNHU0DQQNRQQWHYRP:DOGUDQGMHQVHLWVGHV%DFKHVKHUHLQHQ6SHHUELV]XGHQ+|KOHQ VFKOHXGHUQ:HQQ2JXUDDOOHUGLQJVHLQ0LWWHOEHVDPLWGHPHUGLH6SHHUHYRP:DOGDXVELV ]XGHQ+|KOHQIOLHJHQODVVHQNRQQWHZUGHMHGH9HUWHLGLJXQJ]XVDPPHQEUHFKHQ'DQQEOLHE QXUQRFKGHU*HJHQDQJULII )U(UQVW(OOHUWNRQQWHHVNHLQHQ=ZHLIHODQGHU7DWVDFKHJHEHQGDGHUIUHPGH,QWHOOHNWLP JOHLFKHQ$XJHQEOLFNGDHU.HURQYHUODVVHQKDWWHLQ2JXUDV%HZXWVHLQHLQJHGUXQJHQZDU 'DPLWZXUGHQGLH+lXSWOLQJHGHUEHLGHQ6WlPPHYRQIUHPGHQ,QWHOOLJHQ]HQJHOHLWHWGLHQXQ GDPLWEHJDQQHQVLFKJHJHQVHLWLJ]XEHNlPSIHQ'HU.ULHJ]ZLVFKHQGHQEHLGHQ6WlPPHQ ZDUQLFKWVDQGHUHVDOVHLQH0DFKWSUREH]ZLVFKHQ]ZHLN|USHUORVHQ%HZXWVHLQVLQKDOWHQ6WDWW LKUH0HLQXQJVYHUVFKLHGHQKHLWHQLQGHQ:HLWHQGHV8QLYHUVXPVDXV]XWUDJHQEHQW]WHQVLHGLH .|USHUGHUDKQXQJVORVHQ'UHLEHLQHUIULKUH=ZHFNH(OOHUWVXUVSUQJOLFKH$EVLFKWHLQ JHUXKVDPHV/HEHQDOV8UDEDOL]XIKUHQXQGVHLQHQ6WDPPLQGHQ*HQXGHV)RUWVFKULWWV NRPPHQ]XODVVHQOLHVLFKLP$XJHQEOLFNQLFKWYHUZLUNOLFKHQ6WDWWGHVVHQJHULHWHUQXQ VHOEVWLQHUQVWKDIWH*HIDKUYRQHLQHPIUHPGHQ,QWHOOHNWLQGLH)OXFKWJHVFKODJHQ]XZHUGHQ (VZUGHLKPQLFKWVQW]HQZHQQHU2JXUDW|WHWH'DVIUHPGH%HZXWVHLQZUGHHUQHXWIUHL VHLQXQGVLFKHLQHQDQGHUHQ.|USHUVXFKHQ 9LHOOHLFKWZDUHVGRFKEHVVHUGLH+|KOHQ]XYHUODVVHQXQGZHLWHU]X]LHKHQ'HU8IHUVWUHLIHQ XQWHQDP6HHZDUJXW]XYHUWHLGLJHQQXUJDEHVGRUW]XZHQLJ+|KOHQ$EHUGRUWZUGHQ 2JXUDVHLQH.ULHJVPDVFKLQHQQLFKWVQW]HQGHQQHUKlWWHQXUYRP:DVVHUKHUDQJUHLIHQ N|QQHQ(UPXWH8UDEDOLGDYRQ]XEHU]HXJHQVXFKHQGDGHU5FN]XJGHUNOJHUH7HLOGHU 7DSIHUNHLWZDU 1DWUOLFKKlWWHHULKQDXFKGLH6FKOHXGHUPDVFKLQHQIUGLH6SHHUHÄHUILQGHQODVVHQN|QQHQ DEHUGD]XZDUHVQXQ]XVSlW-HGHQ7DJNRQQWHHVHUQHXW]XVFKQHLHQEHJLQQHQXQGGDQDFK ZUGHGHU$QJULIIHUIROJHQ $OV8UDEDOLDP1DFKPLWWDJHUZDFKWHKDWWHHUOHLFKWH.RSIVFKPHU]HQDEHUHUZXWHDXFK ZDVQXQ]XWXQZDU(UYHUOLHGLH+|KOHVDKKLQDXILQGHQJUDXHQ+LPPHOXQGULHIGLH 0lQQHU]XVDPPHQ(UWHLOWHLKQHQLQGUUHQ:RUWHQVHLQHQ(QWVFKOXPLW,PHUVWHQ $XJHQEOLFNZDUIDVVXQJVORVHV6FKZHLJHQGLH$QWZRUWGDQQDEHUVSUDFKHQDOOHDXIHLQPDO 6LHDUJXPHQWLHUWHQGDVLFKGLH+|KOHQOHLFKWYHUWHLGLJHQOLHHQZHQQPDQ:lOOHDXV+RO] YRUGLH(LQJlQJHEDXWH/HEHQVPLWWHOYRUUlWHZDUHQJHQJHQGYRUKDQGHQXQGZHQQHVNDOW ZXUGHEOLHEDXFKGDV)OHLVFKIULVFK+RO]NRQQWHJHQXJJHVDPPHOWZHUGHQVRGDPDQGHQ JDQ]HQ:LQWHUEHULQMHGHU+|KOHHLQ)HXHUXQWHUKDOWHQZUGH 1LHPDQGZDUEHUHLWYRU2JXUDXQGVHLQHQ0lQQHUQGDYRQ]XODXIHQ 8UDEDOLVDKEDOGHLQGDHVVLQQORVZDUPLWVHLQHQ0lQQHUQ]XVWUHLWHQ(UZDQGWHVLFKDQ .HURQ Ä:DVPHLQVWGX"6ROOHQZLUEOHLEHQRGHUVROOHQZLU]XP6HH]LHKHQ":LUKDEHQEHLGHGLH .DPSIPDVFKLQHQQLFKWJHVHKHQDEHULFKZHLZLHVLHDXVVHKHQXQGZLHVLHJHEDXWZHUGHQ Ä:DUXPEDXHQZLUGDQQQLFKWZHOFKH" Ä:HLOZLUGD]XNHLQH=HLWPHKUKDEHQ'LHZHQLJHQ7DJHGLHXQVELV]XPHUVWHQULFKWLJHQ 6FKQHHYHUEOHLEHQN|QQHQZLUQXUGDPLWQXW]HQGLH+|KOHQ]XYHUODVVHQXQG]XP6HH]X ]LHKHQRGHUXQVHUH+|KOHQ]XEHIHVWLJHQ(VJLEWQXUGLHVHEHLGHQ0|JOLFKNHLWHQ,FKIUDJH GLFKQRFKPDOVIUZHOFKHVWLPPVWGX" .HURQHUZLGHUWH Ä,FKELQGDIUGDZLUKLHUEOHLEHQ:LUNHQQHQGHQ=HLWSXQNWGHV$QJULIIV:LUZHUGHQXQV GDUDXIYRUEHUHLWHQ8QGGDQQVROOHQVLHNRPPHQPLWLKUHQ.DPSIPDVFKLQHQ 8UDEDOLQLFNWHODQJVDP Ä1XQJXWLFKELQYRQHXFKEHUVWLPPWZRUGHQXQGIJHPLFKHXUHP(QWVFKOX:LUZHUGHQ QRFKKHXWHGDPLWEHJLQQHQGHQJDQ]HQ7DJEHU+RO]]XVDPPHOQXQGMXQJH&UROV]XMDJHQ (LQ7UXSSZLUG]XGHQ(U]KJHOQJHKHQXQGGDV0HWDOOKROHQGDPLWZLUQRFKPHKU0HVVHU XQGQRFKPHKU6SHHUHVFKPLHGHQN|QQHQ8QGGDQQLVWPLUGDQRFKHWZDVHLQJHIDOOHQ,FK

JODXEHGDDXFKZLUELV]XP7DJGHV$QJULIIVHLQH:DIIHEHVLW]HQZHUGHQPLWGHUZLU 2JXUDV0lQQHUEHUUDVFKHQN|QQHQ'DQQN|QQHQZLULQGHQ+|KOHQEOHLEHQ 'LH0lQQHUMXEHOWHQLKP]XDOVHUVHLQHQ(QWVFKOXEHNDQQWJDE'LHODXWORVH6WLPPHLQ VHLQHP*HKLUQZDUYHUVWXPPW(UZXWHGDVLHEDOGZLHGHU]XLKPVSUHFKHQZUGHXQG GDQQZUGHVLHLKPVDJHQZDVHUWXQVROOWH0LWVLFKXQGGHU:HOW]XIULHGHQJLQJHU]XU +|KOH]XUFN8QWHUZHJVEUDFKHUHLQHQGHUELHJVDPHQ6WlPPHYRQGHQ8IHUEVFKHQDE QDKPLKQLQ]ZHL+lQGHXQGERJLKQSUIHQG=X3DQDUGLHLKPHQWJHJHQHLOWHVDJWHHU Ä:LUKDEHQGRFKQRFKHLQSDDUJHWURFNQHWH'lUPHYRQ&UROVGD".DQQVWGXPLUGDYRQHLQLJH VHKUGQQH6WULFNHGUHKHQ"8QGEULQJVLHPLUEDOG (UVHW]WHVLFK]X0DUXWDUDDQV)HXHUGDVQHEHQGHP(LQJDQJ]XVHLQHU+|KOHEUDQQWHXQG HUNOlUWHLKPVHLQHQ3ODQ (UQVW(OOHUWGHPN|USHUORVHQ,QWHOOHNWZDUHVGXUFKDXVNODUGDHUVHLQHHLJHQWOLFKH $XIJDEHIHVW]XVWHOOHQZRHUZDUKLQDXV]|JHUWH 1XQDEHUEHVFKlIWLJWHHUVLFKGDPLWGLH$QJHOHJHQKHLWHQYRQ8UDEDOLV6WDPP]XUHJHOQ 2EZRKOHUGHQ'UHLEHLQHULQMHQHQ$XJHQEOLFNHQKDWHLQGHQHQ3DQDUVLFKLKPKLQJDE HPSIDQGHUPHKU6\PSDWKLHIULKQDOVMHPDOV]XYRUIUHLQDQGHUHV/HEHZHVHQGDVHU EHKHUUVFKWKDWWH'DV6FKLFNVDOVHLQHV6WDPPHVZDUDXFKGDVVHLQHJHZRUGHQ 'DV0RWLYVHLQHU+DQGOXQJVZHLVHZDULKPY|OOLJEHZXW(UOLHEWH3DQDUXQGHUNRQQWHVLH QXUGXUFK8UDEDOLOLHEHQ(UEHIDQGVLFKLQHLQHP'LOHPPDGHQQQRFKQLHZlKUHQGVHLQHU ODQJHQ([LVWHQ]ZDUHUHLQHPlKQOLFKHQ3UREOHPEHJHJQHW $EHUGDZDUQRFKGHUXQEHNDQQWH,QWHOOHNWGHU%HVLW]YRQ2JXUDHUJULIIHQKDWWHQDFKGHPHU JH]ZXQJHQZRUGHQZDUGHQ.|USHU.HURQV]XYHUODVVHQ:HQQGLHVHU,QWHOOHNWZLUNOLFKDQ HLQHP.RQWDNWPLWLKP(OOHUWLQWHUHVVLHUWZlUHKlWWHHUGD]XLP$XJHQEOLFNGHV (OHNWURVFKRFNV*HOHJHQKHLWJHKDEW(UKDWWHHVQLFKWYHUVXFKWRGHUHUNRQQWHHVQLFKW 'DVJDE*UXQG]XQHXHQhEHUOHJXQJHQ9LHOOHLFKWZDUHUQXUHLQSDVVLYHU.RQWDNWDXIQHKPHU NHLQDNWLYHU'DQQODJHVDQ(OOHUWGLH,QLWLDWLYH]XHUJUHLIHQ8PGDV]XN|QQHQPXWHHU MHGRFK8UDEDOLV.|USHUYHUODVVHQ1DFKVHLQHU(UIDKUXQJPLW.HURQZDUHUEHU]HXJWGDHV LKPYLHOOHLFKWJHOLQJHQZUGHRKQH8UDEDOLGDEHL]XW|WHQ$EHUGDVKDWWHQRFK=HLWELV VSlWHU,P$XJHQEOLFNZDUHVZLFKWLJIULKQ8UDEDOLV6WDPPQLFKWGHUhEHUPDFKW2JXUDV ]XP2SIHUIDOOHQ]XODVVHQ(UPXWHLKPKHOIHQGHQEDOGDQJUHLIHQGHQ)HLQG]XEHVLHJHQ +LQ]XNDPHLQHZHLWHUHhEHUOHJXQJ(OOHUWNRQQWHQLFKWZLVVHQREGHUIUHPGH,QWHOOHNW IHLQGOLFKHLQJHVWHOOWZDURGHUIUHXQGOLFK$OOHVHLQHELVKHULJHQ+DQGOXQJHQZLHVHQDXI )HLQGVFKDIWKLQDEHUGDVEOLHEELVKHUXQEHZHLVEDU 0LW+LOIHVHLQHU0lQQHUXQG8QWHUVWW]XQJGHU)UDXHQGLHDXVGHQWURFNHQHQ'lUPHQGHU HUOHJWHQ&UROV6HKQHQGUHKWHQKDWWH8UDEDOLDP1DFKPLWWDJGHVIROJHQGHQ7DJHV]HKQ%|JHQ XQGHWZDIQI'XW]HQG3IHLOHPLW(LVHQVSLW]HQIHUWLJJHVWHOOW9RQ(UQVW(OOHUWXQEHZXW JHOHLWHW]HLJWHHUVHLQHQ-lJHUQZLHPDQGDPLWXPJLQJ9RP,QQHUQGHU+|KOHQDXVZDUGHU :DOGUDQGDPDQGHUHQ8IHUGHV%DFKHVOHLFKW]XHUUHLFKHQXQGEDOGZDUHQGRUWGLH%lXPH PLW3IHLOHQJHVSLFNW8UDEDOLOLHVLHZLHGHUHLQVDPPHOQXQG]XUFNEULQJHQ'DQQEHIDKOHU VHLQHQ-lJHUQVLFKHEHQIDOOVLQGHU.XQVWGHV%RJHQVFKLHHQV]XEHQ(UVHOEVWEHJOHLWHWH HLQLJH)UDXHQLQGHQ:DOGXPIULVFKH%DXPVWlPPFKHQ]XKROHQ $P$EHQGGHVQlFKVWHQ7DJHVEHVDMHGHU-lJHUHLQHQ%RJHQXQGHWZD]ZHL'XW]HQG3IHLOH 'LH(LQJlQJHGHU+|KOHQZDUHQGXUFKVFKZHUH+RO]VWlPPHYHUVSHUUWZRUGHQGLHQXUHLQHQ HQJHQ'XUFKODJHVWDWWHWHQ0DUXWDUDVDKKLQDXILQGHQJUDXHQ+LPPHOVFKQXSSHUWHSUIHQG LQGHU/XIWXQGVDJWHGDQQ Ä0RUJHQZLUG6FKQHHIDOOHQ,FKVSUHHV8QGEHUPRUJHQZLUG2JXUDDQJUHLIHQ 8UDEDOLQLFNWHJHODVVHQ

6HLQH-lJHUXQGHUZDUHQDXIGHQhEHUIDOOYRUEHUHLWHW8QGHUZXWHLQ]ZLVFKHQDXFKZDUXP 2JXUDGLH=HLWQDFKGHP6FKQHHIDOOJHZlKOWKDWWH:HQQHUVFKZHUH.DPSIPDVFKLQHQKDWWH EDXHQODVVHQPLWGHQHQ6SHHUHJHVFKOHXGHUWZHUGHQNRQQWHQVRZDUHQGLHVHDXI5lGHUQQLFKW GXUFKGDVXQZHJVDPH*HOlQGH]XEHZHJHQ(UPXWHZDUWHQELV6FKQHHODJ'DQQOLHHQ VLFKGLHVFKZHUHQ*HVWHOOHDXI+RO]EUHWWHUQOHLFKWHU]LHKHQ(LQ6SlKWUXSS]XP'RUIGHU :DOGEHZRKQHUKDWWHIHVWJHVWHOOWGDHVGUHLGLHVHU.DPSIPDVFKLQHQJDE(VZDUHQ XQI|UPLJH+RO]NRQVWUXNWLRQHQGLHLP3ULQ]LSHLQHP%RJHQJOLFKHQ1XUZDUGHU%RJHQYLHO JU|HUXQGGLH6HKQHOlQJHUXQGGLFNHU $PDQGHUHQ7DJEHJDQQHV]XVFKQHLHQ(VZDUNDOWXQGGHU6FKQHHILHOLQNOHLQHQ)ORFNHQ 1RFKEHYRUHVGXQNHOWHODJHUIDVW]HKQ=HQWLPHWHUKRFKDXIGHPIHOVLJHQ8IHUVWUHLIHQXQG MHQVHLWVGHV%DFKHVDP:DOGUDQG(VVDKVRDXVDOVZUGHHVGLHJDQ]H1DFKW ZHLWHUVFKQHLHQ:HQQ2JXUDDQJULIIVRZUGHHUGDVLQGHQIUKHQ0RUJHQVWXQGHQWXQ 8UDEDOLWHLOWHGLH:DFKHQHLQXQGULHWVHLQHQ-lJHUQVLFKVFKODIHQ]XOHJHQ.HURQVFKLFNWHHU PLW]ZHL%HJOHLWHUQDOV.XQGVFKDIWHUDXVXQGEHIDKOLKPGLH%HZHJXQJHQGHVDQUFNHQGHQ )HLQGHV]XEHREDFKWHQXQGVRIRUW]XPHOGHQ .HURQZHFNWHLKQHLQH6WXQGHYRU6RQQHQDXIJDQJ Ä6LHNRPPHQ8UDEDOL,FKKDEHGHQ:DFKWSRVWHQJHVDJWVLHVROOHQLQLKUH+|KOHQJHKHQ GHQQ2JXUDXQGVHLQH-lJHUVLQGQXUQRFKHLQLJHKXQGHUW0HWHUYRP:DOGUDQGHQWIHUQW6LH ]LHKHQLKUH.DPSIPDVFKLQHQDXI6FKOLWWHQ1LFKWPHKUODQJHXQGVLHZHUGHQDQJUHLIHQ 8UDEDOLZDUVRIRUWDXIGHQ%HLQHQ Ä*HKYRQ+|KOH]X+|KOHXQGVDJGHQDQGHUHQ%HVFKHLG-HGHUZHLZDVHU]XWXQKDW 6LHVDKHQQLFKWZDVLP:DOGJHVFKDKDEHUVLHNRQQWHQHVVLFKYRUVWHOOHQ2JXUDVWHOOWHGLH GUHL6FKOHXGHUPDVFKLQHQDQEHVRQGHUVJHHLJQHWHQ2UWHQDXIYRQZRDXVGLH+|KOHQDP MHQVHLWLJHQ8IHUGHV%DFKHVJXWHLQ]XVHKHQZDUHQ'LH6SHHUHZXUGHQ]XUHFKWJHOHJWXQGGLH 0lQQHUYHUWHLOW'UEHQEHLGHQ+|KOHQUHJWHVLFKQLFKWVXQG2JXUDPXWHDQQHKPHQGD 8UDEDOLV6WDPPQRFKVFKOLHI(VZDUVLQQORVGLH6SHHUHEOLQGOLQJVLQGLH+|KOHQ]X VFKOHXGHUQGHQQHUNRQQWHQLFKWVLFKHUVHLQREVLHMHPDQGHQWUDIHQ$OVRVFKLFNWHHUHLQHQ 7UXSSVHLQHU/HXWHEHUGHQ%DFKGDPLWHUGLH6FKODIHQGHQEHUILHO6REDOGGLH*HJHQZHKU HUIROJWHVROOWHQVLHVLFKZLHGHU]XP:DOGUDQG]XUFN]LHKHQGDPLWGLH.DPSIPDVFKLQHQLQ 7lWLJNHLWWUHWHQNRQQWHQ'DVZDU2JXUDV3ODQ 8QGHUVHW]WHLKQLQGLH7DWXPQRFKEHYRUGLH6RQQHDXIJLQJ hEHUVHLQH+RO]EUVWXQJKLQZHJHQWGHFNWH8UDEDOLGLHKHUDQVFKOHLFKHQGHQ-lJHUGHVDQGHUHQ 6WDPPHV(UZDUVLFKHUGDDXFKVHLQHHLJHQHQ/HXWHGLH$QJUHLIHUEHPHUNWKDWWHQ(UKDWWH VHLQHQ0lQQHUQEHIRKOHQ%RJHQXQG3IHLOHHUVWGDQQHLQ]XVHW]HQZHQQHUGDV=HLFKHQGD]X JDE $XIPHUNVDPEHREDFKWHWHHUGHQ:DOGUDQG=XP*OFNKDWWHHVDXIJHK|UW]XVFKQHLHQ(U NDQQWHIDVWMHGHQ%DXPXQGMHGHQ%XVFKDXIGHUDQGHUHQ6HLWHXQGVFKRQEDOGHQWGHFNWHHU GLHHUVWH.DPSIPDVFKLQH6LHVWDQGHWZDVHUK|KWDXIHLQHPNOHLQHQ+JHOZDUDEHUQLFKWJXW JHWDUQW6LHZDUJHQDXDXIVHLQH+|KOHJHULFKWHW0DUXWDUDXQG3DQDUKDWWHQVLFKKLQWHUGLH VFKZHUHQ+RO]VWlPPHJHOHJWGLHDOV'HFNXQJGLHQWHQ'HU6SHHUZUGHDOVRLQGHU+|KOH ODQGHQRKQH6FKDGHQDQ]XULFKWHQ ,Q]ZLVFKHQZDUHQGLHDQVFKOHLFKHQGHQ*HJQHUQDKHJHQXJKHUDQJHNRPPHQ8UDEDOLHUKRE VLFKEHUGLH%UXVWZHKUXQGULHIGDV.DPSIVLJQDO(LQ+DJHOYRQ6WHLQHQEHUVFKWWHWHGLH $QJUHLIHUYRQGHQHQIQIVRIRUW]X%RGHQJLQJHQ'HUOHW]WHVWDUEDOVHUGHQ)OXGXUFKZDWHW XQGGHQ:DOGUDQGNDXPHUUHLFKWKDWWH 'DUDXIKDWWH2JXUDJHZDUWHW'HU7RGVHLQHU]HKQ.ULHJHUZDUGHU3UHLVGDIUGDHUQLFKWLQ HLQH)DOOHJHWDSSWZDU'HU)HLQGPXWHVHLQHQ$QJULIIJHDKQWKDEHQ(UJDEVHLQHQ0lQQHUQ EHLGHQ.DPSIPDVFKLQHQGDV=HLFKHQ 8UDEDOLVDKZLHGHU6SHHU]XUFNJH]RJHQXQGGHUJHZDOWLJH%RJHQJHVSDQQWZXUGH(U EUOOWHHLQH:DUQXQJXQGGXFNWHVLFKKLQWHUGLH%UXVWZHKU,PJOHLFKHQ$XJHQEOLFNVFKQHOOWH GUEHQGHUJURH6SHHUYRQGHU6HKQHXQGSUDOOWHPLWRKUHQEHWlXEHQGHP6SOLWWHUQJHJHQGLH

KLQWHUH)HOVZDQGLP,QQHUQGHU+|KOH'HU6FKDIW]HUEUDFKXQGGLHVFKZHUH(LVHQVSLW]H NOLUUWH]X%RGHQ$XFKGLHDQGHUHQEHLGHQ6SHHUHHUUHLFKWHQLKU=LHOYHUOHW]WHQMHGRFK QLHPDQGHQ$EHUVFKRQZXUGHQGLH.DPSIPDVFKLQHQQDFKJHODGHQ 'XUFKVHLQH%HREDFKWXQJHQKDWWH8UDEDOLIHVWJHVWHOOWGD2JXUDHWZDVLHE]LJ.ULHJHUEHL VLFKKDWWH)DVWDOOHYRQLKQHQOHJWHQNHLQHQ:HUWDXI'HFNXQJGHQQVLHZXWHQGDPDQ 6SHHUH0HVVHUXQG6WHLQHQLFKWVRZHLWZHUIHQNRQQWH (LQ*HJQHUGHUGLHDQGHUH6HLWHXQWHUVFKlW]WGDFKWH8UDEDOLEHLVLFKKDWGHQ.DPSIEHUHLWV YHUORUHQ 'LH]ZHLWH6DOYHGHU.DPSIPDVFKLQHQEOLHEHEHQVRHUIROJORV7URW]GHPHUKREVLFKDP :DOGUDQGHLQODXWHV+RKQJHOlFKWHUDOVGLHDXVGHQ+|KOHQJHZRUIHQHQ6WHLQHLQGHQ%DFK SODWVFKWHQ 1DFKGHUVHFKVWHQ6DOYHGHU.DPSIPDVFKLQHQHQWVFKORVLFK8UDEDOLGHP6FKDXVSLHOHLQ (QGH]XEHUHLWHQ(VZXUGHK|FKVWH=HLW2JXUDGLHYHUGLHQWH/HKUH]XHUWHLOHQ(UQDKP VHLQHQ%RJHQVSDQQWHLKQXQG]LHOWHVRUJIlOWLJ(UQDKPHLQHQGHU0lQQHUDQGHQ .DPSIPDVFKLQHQDXIV.RUQXQGKRIIWHGDHVQLFKW2JXUDZDU'HQEUDXFKWHHUOHEHQGLJ (UOLHGHQ3IHLOYRQGHU6HKQHVFKQHOOHQ(LQH6HNXQGHVSlWHUVWU]WHHLQHUGHU0lQQHUEHLP +RO]JHVFKW]W|GOLFKJHWURIIHQ]X%RGHQ6HLQH*HIlKUWHQZDUHQIUHLQLJH$XJHQEOLFNH IDVVXQJVORVGDQQHQWGHFNWHQVLHGHQ3IHLOLQGHU%UXVWGHV7RWHQ$EHUHKHVLHLKQ KHUDXV]LHKHQXQGXQWHUVXFKHQNRQQWHQILHOGHU]ZHLWHYRQLKQHQ 'DQQHUJRVLFKHLQZDKUHU6WURPYRQJXWJH]LHOWHQ3IHLOHQEHU2JXUDV7UXSSH(KHGHU +lXSWOLQJEHUKDXSWEHJULIIZDVJHVFKDKKDWWHHUGLH+lOIWHVHLQHU/HXWHYHUORUHQ(UPXWH HLQVHKHQGDGHU+|KOHQVWDPPHLQHQHXH:DIIHEHVDJHJHQGLHHUQLFKWDQNDP8QGVHLQH HUVWH9HUPXWXQJZDUGDGLHVHU.HURQLKQYHUUDWHQKDWWH(UVFKZRULKPIXUFKWEDUH5DFKH XQGJDEGDV=HLFKHQ]XP5FN]XJ'LH.DPSIPDVFKLQHQEOLHEHQ]XUFN 8UDEDOLV6SlKHUEHU]HXJWHQVLFKGDYRQGDGLHhEHUOHEHQGHQGHV:DOGVWDPPVVLFKLQLKU 'RUI]XUFN]RJHQRKQHVLFKXPLKUH7RWHQRGHU9HUZXQGHWHQ]XNPPHUQ8UDEDOLOLHGLH .DPSIPDVFKLQHQ]XGHQ+|KOHQEULQJHQVLHOLHIHUWHQJXWHV+RO]IUGHQ:LQWHU6SHHUHXQG 3IHLOHZXUGHQHLQJHVDPPHOW'LH7RWHQZXUGHQLQGHQ)OXJHZRUIHQGLH9HUZXQGHWHQ SIOHJWHPDQXQGOLHVLHGDQQIUHL $OV8UDEDOLNXU]YRUGHU'lPPHUXQJ.HURQWUDIVDJWHHU]XLKP Ä(VLVWEHVVHUZHQQGXLQGHQQlFKVWHQ7DJHQQLFKWDXI-DJGJHKVW2JXUDZLUGDXI5DFKH VLQQHQ(UZLUGGLUGLH6FKXOGJHEHQ6FKOLHOLFKKDVWGXLKPGLH.RKOHQXQGGDV(LVHQ JHEUDFKWXQGHUZLUGDQQHKPHQGDGXLKQGDPLW]XP$QJULIIHUPXWLJHQZROOWHVW6HLDOVR YRUVLFKWLJ Ä,FKKDEHNHLQH$QJVWYRU2JXUD8UDEDOL$EHULFKZHUGHGHLQHQ5DWEHIROJHQ 'HU6WDPPKDWWHNHLQHQHLQ]LJHQ7RWHQ]XEHNODJHQ(VZDUHLQ6LHJJHZHVHQZLHLKQQRFK QLHHLQHULKUHU+lXSWOLQJHHUUXQJHQKDWWHVRZHLWMHPDQG]XUFNGHQNHQNRQQWH$OVDEHQGV EHLP/DJHUIHXHUGHU9RUVFKODJODXWZXUGHGDV'RUIGHU:DOGEHZRKQHU]XEHUIDOOHQ VFKWWHOWH8UDEDOLGHQ.RSIXQGVDJWH Ä,FKJODXEHQLFKWGDZLUGDVWXQVROOWHQ'LHDQGHUHQ6WlPPHZUGHQGDYRQK|UHQXQGZLU KlWWHQVLHGDPLWDOOH]XXQVHUHQ)HLQGHQJHPDFKW,FKP|FKWH)ULHGHQPLW2JXUDVFKOLHHQ $QHLQHPGHUQlFKVWHQ7DJHZROOWHHU]X2JXUDJHKHQXQGPLWLKPUHGHQ$EHUHUQDKPVLFK YRUQLFKWDOOHLQ]XJHKHQ .HURQZDUGDYRQEHU]HXJWGD8UDEDOLHLQHQ)HKOHUPDFKWHZHQQHUHLQIDFKQXUZDUWHWH 6HLWGUHL7DJHQVFKRQZDUQLFKWVJHVFKHKHQXQGHUGXUIWHGDV/DJHUQLFKWYHUODVVHQ(U ZXWHGDGHU+lXSWOLQJGDV9HUERWQXUDXV6RUJHXPVHLQ/HEHQHUODVVHQKDWWHDEHUHUZDU JHZLOOWVHLQHQGDPDOLJHQ)HKOHUZLHGHUJXW]XPDFKHQ(UVHOEVWZROOWHLQGDV'RUIGHU

:DOGEHZRKQHUJHKHQXQG2JXUDGDYRQEHU]HXJHQGDGHU)ULHGH]ZLVFKHQGHQEHLGHQ 6WlPPHQIUDOOHGDVEHVWHZDU $OVHVGXQNHOWHVFKOLFKHUVLFKXQEHPHUNWGDYRQXQGYHUVFKZDQGLP:DOG'HU6FKQHHODJ LQ]ZLVFKHQHLQHQKDOEHQ0HWHUKRFKXQGHVZDUVFKZHUYRUDQ]XNRPPHQ'HU0RUJHQ JUDXWHEHUHLWVDOVHUGDV'RUIHUUHLFKWH'DNHLQH:DFKWSRVWHQ]XVHKHQZDUHQJLQJHU]X GHPJURHQK|O]HUQHQ7RUXQGNORSIWHGDJHJHQ /DQJH=HLWJHVFKDKQLFKWV$XIGHU,QQHQVHLWHGHV3DOLVDGHQ]DXQHVZDUQHEHQGHP7RUHLQ :DFKWWXUP3O|W]OLFKHUW|QWHYRQREHQHLQH6WLPPH Ä:HUELVWGXXQGZDVZLOOVWGX" Ä,FKZLOO]X2JXUD)KUHPLFK]XLKP Ä'HU+lXSWOLQJZLUGPLFKW|WHQZHQQLFKHVZDJHLKQXPGLHVH7DJHV]HLW]XZHFNHQ $XHUGHPKDEHLFKJHIUDJWZHUGXELVWGXKDVWPLUNHLQH$QWZRUWJHJHEHQ Ä,FKELQ.HURQGHU+lXSWOLQJNHQQWPLFK .HURQVDKZLHGHU:DFKWSRVWHQYRP7XUPKHUDENOHWWHUWH7URW]GHPGDXHUWHHVQRFKHLQLJH 0LQXWHQELVGDV7RUJH|IIQHWZXUGH1HEHQGHP3RVWHQVWDQGHQVHFKVZHLWHUH.ULHJHULKUH 6SHHUH]XP:XUIHUKREHQ Ä'XELVWDOVR.HURQGHUGRSSHOWH9HUUlWHU"8QGGXNHKUVWIUHLZLOOLJ]XXQV]XUFN" .HURQQLFNWH Ä0HLQH*UQGHZHUGHLFKGHP+lXSWOLQJVDJHQ)KUWPLFK]XLKPVREDOGHUHUZDFKWLVW 6LHEUDFKWHQLKQLQHLQHGHU+WWHQRKQHLKPGDV0HVVHUDE]XQHKPHQ$EHUVLHEHZDFKWHQ GHQ(LQJDQJ8QGDOVHVGDQQKHOOHUZXUGHNDPHLQHUYRQLKQHQKHUHLQXQGVDJWH Ä'HU+lXSWOLQJIUHXWVLFKGLFK]XVHKHQ .HURQ]XFNWH]XVDPPHQDOVHUGHQ6SRWWLQGHU6WLPPHGHV0DQQHVYHUQDKP(UVWDQGDXI XQGIROJWHGHP-lJHU2JXUDHUZDUWHWHLKQDXIVHLQHP+RO]WKURQXQGGLHVPDOVFKHXFKWHHU VHLQH)UDXHQQLFKWGDYRQ(UVDK.HURQILQVWHUHQWJHJHQXQGGHXWHWHDXIHLQHQURKHQ +RO]NORW] Ä6HW]GLFK:DUXPELVWGXJHNRPPHQ"'XZHLWJHQDXGDLFKGLFKW|WHQODVVHQZHUGH .HURQVHW]WHVLFK(UZXWHGDMHGHVZHLWHUH:RUWVHLQ6FKLFNVDOEHVWLPPHQNRQQWH Ä,FKZlUHQLHPDOVIUHLZLOOLJ]XGLUJHNRPPHQZHQQLFKGLFKXQGGHLQHQ6WDPPYHUUDWHQ KlWWH,FKZHLQLFKWZDVGXYRQ'lPRQHQKlOWVWDEHULFKZXUGHYRQHLQHPEHKHUUVFKWDOV LFKGHLQ*HIDQJHQHUZDUXQGPHLQ9RONYHUULHW(UVW8UDEDOLEHIUHLWHPLFKYRQLKPXQGQXQ NRPPHLFKDOVIUHLHU0DQQ]XGLU,FKKDEHGLUJH]HLJWZLHPDQ:DIIHQVFKPLHGHWDEHULFK KDEHGLFKQLHPDOVGD]XEHUUHGHWGLH+|KOHQ]XEHUIDOOHQ8UDEDOLZHLQLFKWGDLFK]XGLU JHNRPPHQELQ$EHUHUGHQNWZLHLFKXQGLFKP|FKWHGLUIROJHQGHVVDJHQ'HLQ6WDPPXQG PHLQ6WDPPN|QQHQLQ)ULHGHQQHEHQHLQDQGHUOHEHQ,KUKDEWGHQ:DOGXQGGLH+WWHQZLU KDEHQGHQ%DFKXQGGLH+|KOHQ(VPXQLFKW.ULHJ]ZLVFKHQXQVVHLQVRQGHUQZLUN|QQHQ ]XVDPPHQGLH&UROVMDJHQ 2JXUDEHWUDFKWHWHLKQPLWHLQHPVHOWVDPHQ*ODQ]LQGHQ$XJHQGHU.HURQEHNDQQWYRUNDP ,KPZDUDOVKlWWHHUGHQVHOEHQ*ODQ]VFKRQHLQPDOLQ8UDEDOLV$XJHQJHVHKHQ'DQQPHLQWH GHU+lXSWOLQJ Ä,FKEHZXQGHUHGHLQHQ0XW.HURQ'XUFKGHLQH6FKXOGKDEHLFKYLHU]LJPHLQHUEHVWHQ .ULHJHUYHUORUHQXQGQXQNRPPVWGX]XPLUXP]XYHUKDQGHOQ'UDXHQZDUWHQVFKRQ XQVHUH)UDXHQXPGLFKPLW6WHLQHQ]XHUVFKODJHQ1LFKWVNDQQGLFKUHWWHQ1LHPDOVZLUGHV )ULHGHQJHEHQN|QQHQ]ZLVFKHQGHLQHPXQGPHLQHP9RON'HLQHQOHEORVHQ.|USHUZHUGHQ ZLUDP2EHUODXIGHV%DFKHVLQV:DVVHUZHUIHQGDPLWHUEHLGHQ+|KOHQDQJHVFKZHPPW ZLUG %HLGHP*HGDQNHQGDUDQYRQ)UDXHQHUVFKODJHQ]XZHUGHQEHUILHO.HURQGDV*UDXHQ(U YHUVXFKWHHVQRFKHLQPDO Ä:HQQ8UDEDOLDXFKQLFKWZHLGDLFK]XGLUJHNRPPHQELQVRZLUGHUPLFKYHUPLVVHQ'X ZHLWGDHUGLHEHVVHUHQ:DIIHQKDWXQGHUZLUGGHLQ'RUIEHUIDOOHQXQGHVYHUQLFKWHQ :HQQLFKVWHUEHQPXVRZHUGHWLKUDXFKDOOHVWHUEHQ,FKELWWHGLFKQRFKHLQPDOPLU

]X]XK|UHQ 8QEHZXWXQGRKQHYRQHLQHPIUHPGHQ,QWHOOHNWJHOHLWHW]XZHUGHQKDWWH.HURQGLHJURH :DKUKHLWHUNDQQW$XFKHUPXWHGURKHQXPVHLQ/HEHQ]XUHWWHQXQGGHQ)ULHGHQ]X HUKDOWHQ=XPLQGHVWHUKLHOWHUPLWGLHVHU0HWKRGHHLQHQ$XIVFKXEGHQQ2JXUDVDJWH Ä:HUJDUDQWLHUWPLUGDHUPHLQ'RUIQLFKWEHUIlOOWZHQQLFKGLUJODXEH".HKUQXQLQGLH +WWH]XUFNXQGZDUWHPHLQH(QWVFKHLGXQJDE,FKPXGDUEHUQDFKGHQNHQ =ZHL-lJHUNDPHQXQGJHOHLWHWHQLKQGXUFKGLH*DVVHGHU:HLEHUGLHEHUHLWVPLW:XUIVWHLQHQ ZDUWHWHQ$XVLKUHQ*HVLFKWHUQVSUDFK(QWWlXVFKXQJDOV2JXUDVLHLQGLH+WWHQ ]XUFNVFKLFNWH :lKUHQG.HURQVLFKDXIGDVSULPLWLYH/DJHUOHJWHXQGGLH$XJHQVFKORXP.UlIWH]X VDPPHOQ]RJVLFK2JXUDZLHGHULQVHLQH+WWH]XUFNVHW]WHVLFKDXIVHLQHQ7KURQXQG GDFKWHEHUGHQ6LQQYRQ.ULHJXQG)ULHGHQQDFK *HJHQ0LWWDJNDPHLQ-lJHU]X8UDEDOLXQGPHOGHWHLKPGDV9HUVFKZLQGHQ.HURQV'HU +lXSWOLQJZDUEHVWU]WDEHUHUNRQQWHQLHPDQGHPHLQHQ9RUZXUIPDFKHQ )U8UDEDOLJDEHVQXUHLQH(UNOlUXQJ.HURQZDUVRXQYRUVLFKWLJJHZHVHQGHQ)OX]X EHUVFKUHLWHQ'RUWZDUWHWHQGLH0lQQHU2JXUDVDXILKQXPLKQJHIDQJHQ]XQHKPHQ6LH KDWWHQLKQLQV:DOGGRUIJHVFKOHSSWZRVLHLKQIUVHLQHQ9HUUDWEHVWUDIHQZROOWHQ(LQH DQGHUH0|JOLFKNHLWNDPIU8UDEDOLEHUKDXSWQLFKWLQ%HWUDFKWREZRKOHLQHLQQHUH6WLPPH LKPLPPHUZLHGHUVDJWHGD.HURQIUHLZLOOLJJHJDQJHQZDUXPEHLGHQ6WlPPHQGHQ )ULHGHQ]XHUKDOWHQ 6HLQHUVWHU*HGDQNHZDU]ZDQ]LJ%RJHQVFKW]HQ]XQHKPHQXQG2JXUDV'RUI]XEHUIDOOHQ 'DQQVDJWHHUVLFKGDHURKQHKLQ]XVSlWNRPPHQZUGHXQGEHVFKOR]XPLQGHVWGHQ QlFKVWHQ7DJDE]XZDUWHQ9LHOOHLFKWVRWU|VWHWHHUVLFKLVWHUQXUDXIGLH-DJGJHJDQJHQXQG QRFKQLFKW]XUFNJHNHKUW9LHOOHLFKWEHODXHUWHUHLQH+HUGH&UROVXQGZDUWHWDXIGHQ JQVWLJHQ$XJHQEOLFNXPHLQHVGHU-XQJWLHUH]XHUOHJHQ'DQQPWHHUVSlWHVWHQVPRUJHQ ]XUFNNHKUHQ $OV.HURQDEHUDXFKDPQlFKVWHQ7DJQLFKW]XUFNNHKUWHULHI8UDEDOLDP$EHQGVHLQH 0lQQHU]XVDPPHQXQGVDJWH]XLKQHQ Ä:HQQ.HURQZLUNOLFKLQGLH+lQGHGHV)HLQGHVJHIDOOHQLVWN|QQHQZLULKQQLFKWPHKU UHWWHQ$EHUZLUZHUGHQLKQUlFKHQ,FKP|FKWHGDPLFKPRUJHQ]ZDQ]LJ%RJHQVFKW]HQ EHJOHLWHQZHQQLFK]X2JXUDJHKH,FKZLOOPLWLKPVSUHFKHQ8QGHUZLUGPLUVDJHQPVVHQ ZDVHUPLW.HURQJHWDQKDW,FKZHUGHDOOHLQ]XLKPJHKHQXQGLKUZHUGHWGUDXHQLP:DOG YHUERUJHQDXIPHLQ=HLFKHQZDUWHQ,FKZHUGHPHLQ0HVVHUZLHLPPHULP*UWHOWUDJHQ DEHUHLQ]ZHLWHVZHUGHLFKYHUVWHFNWXQWHUGHP)HOOKDOWHQ:HQQ2JXUD.HURQJHW|WHWKDW ZLUGDXFKHUVWHUEHQ 6HLQH0lQQHUVFKLHQHQYRQGHP9RUVFKODJQLFKWVRQGHUOLFKEHJHLVWHUW]XVHLQ$OV8UDEDOL]X VHLQHU+|KOH]XUFNNHKUWHXQGVLFK]X0DUXWDUDDQV)HXHUVHW]WHPHLQWHGLHVHU Ä,FKZHLZDVGLFKEHGUFNWXQGXQVHU6WDPPZLUGQLFKWLQ5XKHXQG)ULHGHQOHEHQ N|QQHQHKHZLUHLQH/|VXQJPLW2JXUDJHIXQGHQKDEHQ8QGHVNDQQQXU]ZHL/|VXQJHQ JHEHQ'LHHLQHLVW'XEHUIlOOVWPLWXQVHUHQ.ULHJHUQGDV'RUILP:DOGXQGW|WHVWDOOH %HZRKQHU$EHUHVJLEWDXFKQRFKHLQH]ZHLWH'XVSULFKVWPLW2JXUDXQGYHUVXFKVWGLFKPLW LKP]XHLQLJHQ'LH+|KOHQGHU:DOGGLHJURH/LFKWXQJGHU%DFKXQGGHU6HHGLHVDOOHV ELHWHWJHQXJ3ODW]IU2JXUDXQGIUGLFK*HK]XLKPXQGUHGHPLWLKP Ä8QGZHQQHU.HURQJHW|WHWKDW":DVVROOLFKGDQQWXQ" Ä$XFKGDQQPXWGXPLWLKPUHGHQ(UKDW.HURQIUHLQHQ9HUUlWHUKDOWHQPVVHQXQGZDV KlWWHVWGXPLWHLQHP9HUUlWHUJHPDFKW" 8UDEDOLQLFNWHVWDQGDXIXQGNORSIWHGHP$OWHQDXIGLH6FKXOWHU'DQQJLQJHU]XVHLQHP /DJHUXQGOHJWHVLFK]X3DQDU 'HQJDQ]HQ7DJEHUNPPHUWHVLFKQLHPDQGXP.HURQQXUDOVHVGlPPHUWHEUDFKWHPDQ LKPHWZDV]XHVVHQ,QGHU1DFKWVFKOLHIHUXQUXKLJ%HLGHQ+|KOHQZUGHPDQLKQOlQJVW YHUPLWKDEHQXQGHUKRIIWHGD8UDEDOLQLFKWDXIGHQ*HGDQNHQNDPLKQEHIUHLHQ]X

ZROOHQ'DPLWZUGHHUDOOHVYHUGHUEHQ 'LH1DFKWYHUJLQJ(UVFKOLHIKLQXQGZLHGHUZDFKWHHUDXIXQGVFKOLHIHUQHXWHLQ'UDXHQ YRUGHU+WWHVDKHUJHJHQGHQ6FKHLQGHV/DJHUIHXHUVGLHEHLGHQ:DFKWSRVWHQ(UKlWWHVLH OHLFKWEHUUXPSHOQXQGIOLHKHQN|QQHQDEHUGDQQZlUHVHLQH0LVVLRQJHVFKHLWHUW(UEOLHE DOVR $P0LWWDJGHVQlFKVWHQ7DJHVWUDWHUYRUGLH+WWH'LHEHLGHQ:DFKWSRVWHQKLHOWHQLKPGLH 6SHHUHHQWJHJHQ Ä%OHLEZRGXELVW:LUKDEHQ%HIHKOGLFKEHLHLQHP)OXFKWYHUVXFK]XW|WHQ Ä,FKZLOOPLW2JXUDUHGHQVDJWH.HURQÄ%ULQJWPLFK]XLKP Ä'XPXWZDUWHQELVHUGLFKUXIW .HURQNHKUWHLQGLH+WWH]XUFNXQGVHW]WHVLFKDXIGHQ%RGHQ(VKDWWHZHQLJ6LQQPLWGHQ EHLGHQ-lJHUQ]XDUJXPHQWLHUHQ6LHEHIROJWHQLKUH%HIHKOH $OVVLFKGLH6RQQHEHUHLWVJHQ:HVWHQVHQNWHEUDFKWHPDQLKQ]XU+WWHGHV+lXSWOLQJV'RUW HUZDUWHWH.HURQHLQHhEHUUDVFKXQJ 1HEHQ2JXUDDXIHLQHPSURYLVRULVFKHQ7KURQDXV]XVDPPHQJHKlXIWHQ&UROIHOOHQVD 8UDEDOL(UVDK.HURQVWDUUDQXQGEOLQ]HOWHLKPYHUWUDXOLFK]X.HURQZXWHZDVGDV]X EHGHXWHQKDWWH(UVROOWHVFKZHLJHQ 2JXUDVDKYRQHLQHP]XPDQGHUHQHKHHUQDFKODQJHU3DXVHHQGOLFKVDJWH Ä8UDEDOLLVWJHNRPPHQXQGHUKDWQLFKWJHZXWGDGXXQVHU*HIDQJHQHUELVW8QGHUVWUHFKW KDWHUQLFKWJHZXWGDGXIUHLZLOOLJ]XXQVJHNRPPHQELVW:DVVDJVWGXGD]X" .HURQHULQQHUWHVLFKGHV%OLFNHVGHQ8UDEDOLLKP]XJHZRUIHQKDWWH(UVFKZLHJ Ä5HGHEUOOWH2JXUDLKQDQ 8UDEDOLVDJWH Ä'XKDVWPLUYHUVSURFKHQ2JXUDNHLQHKLQWHUKlOWLJHQ0HWKRGHQDQ]XZHQGHQ+DOWHGLFK ELWWHGDUDQ'XZHLWZDVJHVFKHKHQZLUGZHQQZLUXQVQLFKWHLQLJHQ'UDXHQLP:DOG ZDUWHQPHLQH0lQQHUQXUDXIGDV=HLFKHQGDV'RUIDQ]XJUHLIHQXQGGHLQH0lQQHUXQG )UDXHQ]XW|WHQ5LFKWHGLFKGDQDFK .HURQYHUPLHGHV8UDEDOLRGHU2JXUDDQ]XVHKHQ(UEHJULIIZDVVHLQ+lXSWOLQJSODQWH8QG HUEHJULIIGDQXUPLW*HZDOWGURKXQJ)ULHGH]XHU]ZLQJHQZDUZHQQHVNHLQHDQGHUH 0HWKRGHJDE$XFKQXUVRZDUHV]XHUNOlUHQGD8UDEDOLQHEHQ2JXUDVDRKQHYRQVHLQHQ 0lQQHUQVRIRUWJHW|WHWZRUGHQ]XVHLQ(UEOLHEVWHKHQGHQ.RSIJHVHQNWXQGVFKZLHJDXFK ZHLWHUKLQ Ä(ULVWHLQ9HUUlWHUVDJWH2JXUDZWHQGÄ(ULVWVRJDUHLQGRSSHOWHU9HUUlWHU(UKDWGHLQHQ 6WDPPJHQDXVRYHUUDWHQZLHGHQPHLQHQ(UYHUGLHQWGHQ7RG Ä'DELQLFKDQGHUHU0HLQXQJ2JXUD.HURQZDUYRQHLQHP'lPRQEHVHVVHQDOVHUXQVHUHQ 6WDPPYHUULHW'DPLWKlWWHHUGHQ7RGYHUGLHQWZHQQLFKLKPQLFKWGHQ'lPRQDXVJHWULHEHQ KlWWH(UKDWDXFKGLFKQLFKWYHUUDWHQGHQQHUKDWEHUKDXSWQLFKWJHZXWZDVHUWDW'XZLUVW .HURQIUHLODVVHQ8QGQXQVROOWHQZLUEHUGHQ)ULHGHQUHGHQ Ä'XZLOOVWEHU)ULHGHQUHGHQZHQQGUDXHQGHLQJDQ]HU6WDPPGDUDXIZDUWHWEHUGHQ PHLQHQKHU]XIDOOHQ"HUNXQGLJWHVLFK2JXUD Ä+lWWHLFKPLWGLUEHU)ULHGHQUHGHQN|QQHQZHQQLFKDOOHLQJHNRPPHQZlUH"+lWWHVWGX PLFKQLFKWVRIRUWW|WHQODVVHQXQG.HURQGD]X"(VLVWDOVRQXUGLH'URKXQJGLHGLFKGD]X ]ZLQJWYRQ)ULHGHQ]XUHGHQ 2JXUDOHQNWHDXIVHLQH$UWHLQLQGHPHUGDV7KHPDZHFKVHOWH Ä:DVKDVWGXJHPHLQWDOVGXVDJWHVW.HURQZlUHYRQHLQHP'lPRQEHVHVVHQJHZHVHQ"*LEW HV'lPRQHQ" 8UDEDOLQLFNWH Ä-DHVJLEW'lPRQHQ.HURQZDUYRQHLQHPEHVHVVHQXQGLFKKDEHLKQYHUWULHEHQ(VJLEW HLQH.UDIWPLWGHUPDQ'lPRQHQYHUWUHLEHQNDQQXQGLFKNHQQHVLH(UVDKGHQ+lXSWOLQJ GHV:DOGVWDPPVIRUVFKHQGDQÄ+DVWGXQLFKWDXFKPDQFKPDOGDV*HIKOYRQHLQHP'lPRQ EHVHVVHQ]XVHLQ"

'LH)UDJHNDPVREHUUDVFKHQGGD2JXUDXQZLOONUOLFKQLFNWHRKQHYRUKHUEHUOHJHQ]X N|QQHQ8UDEDOLIXKUIRUW Ä(VLVWDOVVHLPDQSO|W]OLFKQLFKWPHKUPLWVLFKDOOHLQDXFKZHQQQLHPDQGEHLHLQHPLVW (LQHODXWORVH6WLPPHVSULFKW]XGLUXQGVLHJLEWGLU%HIHKOHGLHGXEHIROJHQPXW,VWHVGLU ZLUNOLFKVFKRQHLQPDOVRHUJDQJHQ"'XNDQQVWUXKLJGLH:DKUKHLWVDJHQ2JXUDGHQQLFK NHQQHVLH .HURQJODXEWH]XDKQHQZDVVHLQ+lXSWOLQJSODQWH(UZROOWH2JXUDGD]XEHZHJHQLKQ]X GHQ+|KOHQ]XEHJOHLWHQGDPLWHUGLHEHLGHQ'UlKWHGHU7HXIHOVPDVFKLQHEHUKUWH8QG GLHVPDOZUGHGLH.UDIWVRVWDUNVHLQGD2JXUDJHW|WHWZXUGH'DVXQGQLFKWVDQGHUHV NRQQWH8UDEDOLV3ODQVHLQ Ä'XKDVWUHFKW8UDEDOL,FKKDEHZLUNOLFKPDQFKPDOGDV*HIKOYRQHLQHP'lPRQEHVHVVHQ ]XVHLQ$EHUGDVLVWQRFKODQJHNHLQ*UXQGEHUGHQ)ULHGHQ]XUHGHQ(VNDQQQLFKWPHKU ODQJHGDXHUQELVZLUGHLQHQHXH:DIIHHEHQIDOOVEHVLW]HQ'DQQVLQGZLUJOHLFKVWDUN8QG GDQQZHUGHQZLUNlPSIHQ Ä:HOFKHQ6LQQKDWGDV":LUW|WHQXQVJHJHQVHLWLJXQGGLH&UROVYHUPHKUHQVLFK(VZLUG LKQHQHLQHV7DJHVOHLFKWIDOOHQGLH5HVWHXQVHUHUEHLGHQ6WlPPH]XYHUQLFKWHQ:DVDOVR KDEHQZLUYRP.ULHJ" Ä:LUZHUGHQVLHJHQEHKDXSWHWH2JXUD Ä'DVLVWIUDJOLFK$EHUHVVSLHOWDXFKNHLQH5ROOHZHUVLHJW,FKKDEHGLUPHLQH9RUVFKOlJH XQWHUEUHLWHWXQGGXVROOWHVWGDUEHUQDFKGHQNHQ8QGMHW]WP|FKWHLFKGLFKELWWHQ.HURQ IUHL]XODVVHQ'DQQUHGHQZLUZHLWHU =X.HURQVJU|WHUhEHUUDVFKXQJQLFNWH2JXUDJDEGHQEHLGHQ:lFKWHUQGLHLPPHUQRFKDP (LQJDQJGHU+WWHVWDQGHQHLQHQ:LQNXQGEHIDKOLKQHQGHQ*HIDQJHQHQ]XP7RU]XIKUHQ XQGJHKHQ]XODVVHQ(KHHUQRFKHWZDVVDJHQNRQQWHZDUHUEHUHLWVDXIGHP'RUISODW]XQG GDQQEHLP7RU(V|IIQHWHVLFKXQGHUZDUIUHL(UZDUNDXP]ZHLKXQGHUW0HWHUJHJDQJHQ DOVHUDXIGLH-lJHUVHLQHV6WDPPHVWUDI(UEHULFKWHWHLKQHQZDVHUHUOHEWKDWWH'LH0lQQHU QLFNWHQJULPPLJ6LHZXWHQZDVVLH]XWXQKDWWHQZHQQ8UDEDOLELV]XU'lPPHUXQJQLFKW GDV=HLFKHQJDEGDYRQQXQDQ)ULHGHQ]ZLVFKHQGHQEHLGHQ6WlPPHQKHUUVFKH ,Q]ZLVFKHQVDJWH8UDEDOL]X2JXUD Ä'XZHLWZDVJHVFKHKHQZLUGZHQQLFKGDV=HLFKHQQLFKWJHEH)ODPPHQGH3IHLOHZHUGHQ JHIORJHQNRPPHQXQGGHLQHQ+RO]]DXQLQ%UDQGVWHFNHQ'DQDFKZHUGHQGLH)ODPPHQDXI GLH+WWHQEHUJUHLIHQXQGDOOHVYHUVFKOLQJHQ'HLQH.ULHJHUGLHLP6FKHLQGHV)HXHUVJXW VLFKWEDUVHLQZHUGHQVWHUEHQGXUFKGLH3IHLOHPHLQHU-lJHU,FKKRIIHDEHUGDHVQLFKWQ|WLJ VHLQZLUGGLUPHLQH0DFKWHUQHXW]XGHPRQVWULHUHQ%HYRUGLH6RQQHVLQNWVROOWHQZLU XQVHUHQEHLGHQ6WlPPHQGDVQHXH*HVHW]YHUNQGHQZRQDFKQLHPHKUHLQ-lJHUGHVHLQHQ 6WDPPHVJHJHQHLQHQ-lJHUGHVDQGHUHQ6WDPPHVVHLQH:DIIHHUKHEHQGDUI:DVVDJVWGX GD]X2JXUD" Ä*LEPLUHLQH6WXQGH=HLWXPPLWPHLQHQ0lQQHUQ]XVSUHFKHQ'DQQZHUGHLFKGLUPHLQH (QWVFKHLGXQJPLWWHLOHQ Ä,FKZDUWHKLHU$EHUNRPPLQHLQHU6WXQGH]XUFNGDPLWZLUZHLWHUUHGHQN|QQHQ:LUKDEHQ QLFKWPHKUYLHO=HLW 2JXUDUXWVFKWHYRQVHLQHP+RO]WKURQXQGYHUOLHGLH+WWH:HQLJH0LQXWHQVSlWHUNDPHQ HLQLJHVHLQHU)UDXHQXQGEUDFKWHQGHP*DVWHLQH6FKVVHOPLW)UFKWHQ,PPHUKLQHLQJXWHV =HLFKHQGDFKWH8UDEDOLEHIULHGLJW:lKUHQGHUDVDKHU2JXUDGLH0lQQHUXPVLFK YHUVDPPHOQ(UUHGHWHDXIVLHHLQXQGXQWHUVWULFKVHLQH:RUWHPLWOHEKDIWHQ*HVWHQ8UDEDOL ZDUGDYRQEHU]HXJWGDGHU+lXSWOLQJGHV:DOGVWDPPHVLQGLHVHP$XJHQEOLFNIUGHQ )ULHGHQSOlGLHUWH $OV2JXUDGDQQ]XLKP]XUFNNHKUWHZDUVHLQH0LHQHJHORFNHUW(UVDK]XIULHGHQIDVW IU|KOLFKDXV Ä0HLQH0lQQHUVLQGPLWGHLQHP9RUVFKODJHLQYHUVWDQGHQ+ROHGHLQH-lJHUKHUEHLZLU ZROOHQPLWLKQHQIHLHUQ

'DVN|QQWHQDWUOLFKDXFKHLQH)DOOHVHLQDEHU8UDEDOLJODXEWHHVQLFKW(UVWDQGDXIXQG UHLFKWHGHP+lXSWOLQJDOOHGUHL+lQGH Ä6RVROOHVVHLQ2JXUD8QGPRUJHQZLUVWGX]XGHQ+|KOHQNRPPHQXQGXQVHU*DVWVHLQ 'XNDQQVWGHLQH)UDXHQXQGDXFKHLQLJH.ULHJHUPLWEULQJHQ,FKJHKHMHW]WXPPHLQH/HXWH ]XKROHQ 6LHEOLHEHQGHQJDQ]HQ7DJXQGDXFKGLHIROJHQGH1DFKWLP'RUIGHV:DOGVWDPPVXQG NHKUWHQHUVWDPQlFKVWHQ7DJ]XLKUHQ+|KOHQ]XUFNZRVLHPLWJURHU)UHXGHHPSIDQJHQ ZXUGHQ.HURQZDUYRUDXVJHHLOWXQGKDWWHGLHIURKH%RWVFKDIWEHUEUDFKW (LQ7UXSSYRQ-lJHUQPDFKWHVLFKDQVFKOLHHQGDXIGHQ:HJXP]ZHLMXQJH&UROV]X HUOHJHQ0RUJHQZUGHHLQJURHV)HVWVWDWWILQGHQXQGPDQZUGH2JXUDZLHHLQHQ.|QLJ HPSIDQJHQ $OV3DQDUHLQJHVFKODIHQZDUQDKP(UQVW(OOHUWLQGLHVHU1DFKWGLUHNWHQ.RQWDNWPLW8UDEDOL DXIXQGVDJWH]XLKP Ä(UVFKULFNQLFKWLFKELQGHLQ)UHXQG,FKELQGHLQ'lPRQZHQQGXVRZLOOVWDEHUGXPXW ]XJHEHQGDLFKNHLQVFKOHFKWHU'lPRQZDU,FKKDEHGLUJHKROIHQGHLQHP9RON:DIIHQ]X JHEHQGLHGHQ)ULHGHQVLFKHUQ'XGDUIVWPLFKQLFKWIUDJHQZHULFKELQGHQQLFKN|QQWHHV GLUQLFKWHUNOlUHQ$EHULFKZHUGHEDOGYHUVXFKHQGLFKIULPPHU]XYHUODVVHQ'DQQZLUVWGX ZLHGHUDOOHLQVHLQDOOHUGLQJVRKQH]XYHUJHVVHQZDVGXGXUFKPLFKJHOHUQWKDVW:HQQ2JXUD PRUJHQNRPPWZHUGHLFKGXUFKGLFK]XLKPVSUHFKHQ$XFKHUKDWHLQHQ'lPRQXQGGXUFK GLFKXQG2JXUDZLUGHUK|UHQZDVLFKLKP]XVDJHQKDEH ,PHUVWHQ$XJHQEOLFNZDU8UDEDOLVWDUUYRU6FKUHFN6RGHXWOLFKKDWWHHUGLHODXWORVH6WLPPH QRFKQLH]XYRUYHUQRPPHQ Ä:HQQGXVRQVWQRFKHWZDVZLVVHQZLOOVW8UDEDOLGDQQIUDJHQXU'XNDQQVWIOVWHUQZHQQ GXZLOOVW(VJHQJWDEHUDXFKZHQQGXQXUGHQNVW (VNDP8UDEDOLVHOWVDPYRUHLQH)UDJHQXU]XGHQNHQ$OVRIOVWHUWHHU Ä:RKQVWGXLQPHLQHP*HLVW"%LVWGXLQPLU"8QGZDUXP]HLJVWGXGLFKQLFKW" 'LHODXWORVH6WLPPHDQWZRUWHWH Ä,FKNDQQPLFKQLFKW]HLJHQGHQQLFKKDEHNHLQHQ.|USHU$XFKZHQQLFKGLFKYHUODVVH ZLUVWGXPLFKQLHPDOVVHKHQN|QQHQ$XHUGHU:HOWDXIGHUGXOHEVWJLEWHVQRFKYLHOH DQGHUH:HOWHQXQGDXIPDQFKHQYRQLKQHQH[LVWLHUHQGLHVHOWVDPVWHQ/HEHZHVHQ'HLQ9RON ZLUGVLFKZHLWHUHQWZLFNHOQXQGYLHOOHLFKWZHUGHQHXUH1DFKNRPPHQLQ7DXVHQGHQYRQ -DKUHQHLQPDOGLHVHQ3ODQHWHQYHUODVVHQN|QQHQ'RFKGDVOLHJWLQIHUQHU=XNXQIW'LH 3UREOHPHYRQKHXWHVLQGGHLQH3UREOHPH8QGIUVHUVWHGUIWHQVLHJHO|VWVHLQ/DGH2JXUD PRUJHQQDFKGHP)HVWPDKOLQGHLQH+|KOHHLQ'DQQZHUGHLFKPLWLKPVSUHFKHQ Ä,FKZHUGHDOOHVWXQZDVGXYRQPLUYHUODQJVWKDXFKWH8UDEDOLVFKHX Ä'DQNHHUZLGHUWHGLH6WLPPHXQGVFKZLHJ (VGDXHUWHODQJHELV8UDEDOLHQGOLFKHLQVFKOLHI (VZDU(OOHUWNODUGDHUHLQJHZLVVHV5LVLNRGDPLWHLQJHJDQJHQZDUVLFKGHP+lXSWOLQJ]X RIIHQEDUHQ$EHUHUZROOWHIUGHQPRUJLJHQ7DJGLH.RRSHUDWLRQVHLQHV*DVWN|USHUV EHVLW]HQXPVROHLFKWHUPXWHHVIDOOHQGHQIUHPGHQ,QWHOOHNWYRQVHLQHQJXWHQ$EVLFKWHQ]X EHU]HXJHQ$QGHU5HDNWLRQ2JXUDVZUGHHUVRIRUWPHUNHQRELKPGDVJHOXQJHQZDURGHU QLFKW $P0LWWDJGHVDQGHUHQ7DJHVEUDQQWHQJURH)HXHUYRUGHQ+|KOHQ2JXUDHUVFKLHQPLWHWZD ]ZDQ]LJ.ULHJHUQXQGHLQLJHQ)UDXHQ(UZXUGHYRQ8UDEDOLQRFKDP:DOGUDQGEHJUWXQG ]XGHQ+|KOHQJHOHLWHW(VZDUDOVKlWWHHVQLHHLQHQ.ULHJ]ZLVFKHQGHQEHLGHQ6WlPPHQ JHJHEHQ'LH0lQQHUEHJHJQHWHQHLQDQGHUZLHDOWH)UHXQGHXQGDXFKGLH)UDXHQ]HLJWHQVLFK QLFKW]XUFNKDOWHQG8QWHQLQGHQ6WURPVFKQHOOHQZLUEHOWHGDV:DVVHUUDGXQGGLHEHLGHQ

JHOEHQ'UlKWHGHVVHOWVDPHQ(LVHQJHVWHOOHVKLQJHQORVHKHUDE,P$XJHQEOLFNDFKWHWHQRFK QLHPDQGGDUDXI $OV*DVWJHVFKHQNKDWWH2JXUDHLQ)DPLWHLQHUGXQNHOEUDXQHQ)OVVLJNHLWPLWJHEUDFKWYRQ GHUHUJHKHLPQLVYROOVDJWH Ä:LUKDEHQHVDXV*HWUHLGHXQG)UFKWHQKHUJHVWHOOWXQGHVVFKPHFNWVHKUJXW:HQQPDQ DOOHUGLQJV]XYLHOGDYRQWULQNWVFKOlIWPDQODQJHXQGWLHI6HLGDOVRYRUVLFKWLJ 'DV)HVWPDKOEHJDQQXQGK|O]HUQH.UJHPLWGHUGXQNHOEUDXQHQ)OVVLJNHLWPDFKWHQGLH 5XQGH'LH6WLPPXQJZXUGHDXVJHODVVHQXQGEDOGEHJDQQGLH9HUEUGHUXQJ $PVSlWHQ1DFKPLWWDJQDKP8UDEDOL2JXUDEHLP$UP Ä,FKP|FKWHPLWGLUDOOHLQVSUHFKHQ2JXUD)ROJHPLULQPHLQH+|KOH:LUKDEHQ=HLWGHQQ LKUZHUGHWGLHVH1DFKWEHLXQVYHUEULQJHQ(VVLQGZLFKWLJH'LQJHGLHLFKGLU]XVDJHQKDEH 2JXUDQLFNWHHWZDVHUVWDXQWULHIVHLQHQ0lQQHUQHLQ6FKHU]ZRUW]XXQGIROJWH8UDEDOLLQ GHVVHQ+|KOH$OVVLHVLFKJHVHW]WKDWWHQVDJWH8UDEDOL(OOHUW Ä+|UJHQDX]X2JXUDZDVLFKGLU]XEHULFKWHQKDEH'XJODXEVWPLUGHP+lXSWOLQJGHV +|KOHQVWDPPVJHJHQEHU]XVLW]HQDEHUGDVLVWQLFKWGHU)DOO(VLVWPHLQ'lPRQGHU]XGLU VSULFKW8QGHUP|FKWHDXFKQLFKWPLWGLUVRQGHUQPLWGHLQHP'lPRQVSUHFKHQ1HLQVWHK QLFKWDXIVRQGHUQEOHLEVLW]HQ,FKVSUHFKHGLH:DKUKHLW,FKELQHLQ:HVHQGHVVHQ([LVWHQ] GHLQ%HJULIIVYHUP|JHQEHUVWHLJW2JXUDXQG8UDEDOLKDWNHLQH*HZDOWEHUPLFK *HQDXVRZHQLJ2JXUDZLHGX*HZDOWEHUGHLQHQ'lPRQKDVW,FKZLOOGDHUPLUGXUFK GLFKDQWZRUWHW(VLVWIULKQXQGIUPLFKYRQJU|WHU:LFKWLJNHLWGDZLU.RQWDNW DXIQHKPHQ -HW]WPXWHHVVLFKHQWVFKHLGHQRE(OOHUWV+RIIQXQJHQVLFKHUIOOWHQRGHUQLFKW'DVDQGHUH %HZXWVHLQHLQHHQHUJHWLVFKH([LVWHQ]ZLHHUVHOEVWPXWHVLFKQXQEHPHUNEDUPDFKHQ ZHQQHVGD]XLQGHU/DJHZDU*HVSDQQWVDKHUDXI2JXUDV0XQGXQGDOVGLHVHUVLFKHQGOLFK |IIQHWHKLHOWHUXQZLOONUOLFKGHQ$WHPDQGDVKHLW8UDEDOLKLHOWGHQ$WHPDQ Ä,FKKDEHLPPHUJHJODXEWHLQPDOLJLP8QLYHUVXP]XVHLQ9LHOOHLFKWLVWGDVGHU*UXQGIU HLQLJHPHLQHU+DQGOXQJHQGLHGLUXQORJLVFKHUVFKHLQHQPVVHQ(VLVWJXWGDGXGHQ 9HUVXFKXQWHUQRPPHQKDVW9HUELQGXQJPLWPLUDXI]XQHKPHQ,FKNDQQHVQLFKWGHQQLFK NDQQGLHVHQ.|USHUQLFKWPHKUYHUODVVHQ (VGDXHUWHQXU6HNXQGHQGDQQHUZLGHUWH(OOHUW Ä'XKDVWHVVFKRQHLQPDOJHWDQDOVGXLQGHP-lJHU.HURQZDUVW(LQ(OHNWURVFKRFNEHZLUNW GLH7UHQQXQJ]ZLVFKHQ%HZXWVHLQXQG*DVWN|USHU:LUZHUGHQGDV([SHULPHQW ZLHGHUKROHQ Ä:DUXP" Ä%HYRULFKGLUGDUDXIDQWZRUWHP|FKWHLFKGDGXPLUHLQLJH$XVNQIWHJLEVW:HUELVWGX XQGZRKHUVWDPPVWGX"%LVWGXLQGLHVHP7HLOGHV8QLYHUVXPV]X+DXVH" 2JXUDRGHUGDVIUHPGH:HVHQDQWZRUWHWHQLFKWVRIRUW(OOHUWZLHGHUKROWHVHLQH)UDJHXQG ZDUWHWH Ä9RUYLHOHQ0LOOLRQHQ-DKUHQZDUGLHVHUKHXWHIDVWXQEHY|ONHUWH6HNWRUGHV8QLYHUVXPVHLQH $QVDPPOXQJEHZRKQWHU3ODQHWHQPLWZHLWIRUWJHVFKULWWHQHQ=LYLOLVDWLRQHQ6FKUHFNOLFKH .ULHJHWREWHQ]ZLVFKHQGHQYHUVFKLHGHQHQ(LQIOXEHUHLFKHQELVHVZHGHU6LHJHUQRFK %HVLHJWHJDE'LH]ZHLWDXVHQGEHWHLOLJWHQ3ODQHWHQVFKO|VVHQVLFK]XHLQHU.RQI|GHUDWLRQ ]XVDPPHQGHUHQHUNOlUWHV=LHOHVZDUVLFKYRPEULJHQ7HLOGHV8QLYHUVXPV]XLVROLHUHQ 'DVZDUGHU%HJLQQ (OOHUWZXWHGDHUGHQ6WDUW]XHLQHUlKQOLFKHQ(QWZLFNOXQJVHOEVWHUOHEWKDWWHZHQQDXFKLQ HLQHPY|OOLJDQGHUHQ7HLOGHV8QLYHUVXPV,QMHQHP7HLOQlPOLFKGHQHUZLHGHU]XILQGHQ KRIIWH Ä:DVJHVFKDKZHLWHU" Ä:LHLFKVFKRQVDJWHHVZDUGHU%HJLQQ'HU%HJLQQHLQHUY|OOLJHQ8PZDQGOXQJGHV 'HQNHQVXQGGHV+DQGHOQV8QVHUH6XSHUWHFKQLNZXUGHQLFKWPHKUGD]XEHQXW]W 5DXPIORWWHQXQG:DIIHQKHU]XVWHOOHQVRQGHUQGHQ*HLVW]XI|UGHUQ'DV%HZXWVHLQZDU

DOOHVGHU.|USHUZXUGHYHUQDFKOlVVLJW(LQ+HHUYRQ5RERWHUQVRUJWHIUGLH(UKDOWXQJGHV PDWHULHOOHQ/HEHQVZlKUHQGGDV%HZXWVHLQVLFKLPPHUPHKUGHU0HGLWDWLRQZLGPHWH8QG VRNRQQWHHVQLFKWDXVEOHLEHQGDHLQHV7DJHVQLHPDQGPHKUJHERUHQZXUGH'DPLWVFKLHQ GDV(QGHEHVLHJHOW]XVHLQ (OOHUWDKQWHZDVJHVFKHKHQZDU(UZDUWHWHELV2JXUDZHLWHUVSUDFK Ä=XHLQHU8PNHKUZDUHV]XVSlWDEHU]XP*OFNEHVDHQZLUXQVHUH7HFKQLNXQGXQVHUH KHUYRUUDJHQGHQ:LVVHQVFKDIWOHU'LH%HZXWVHLQVLQKDOWHGHU%HZRKQHUYRQPHKUDOV ]ZHLWDXVHQG3ODQHWHQZXUGHQJHVDPPHOWLQHLQHQHQHUJHWLVFKHQ8PZDQGOHUWUDQVIHULHUWXQG VRYHUHLQLJW'DV(UJHEQLVZDUHLQLQWHOOLJHQWHU(QHUJLHNRORGHUXQVWHUEOLFKJHZRUGHQZDU 'DV(UJHEQLVZDULFK (UQVW(OOHUWVHOEVWZDUQXUGDV%HZXWVHLQHLQHVHLQ]HOQHQ0HQVFKHQDEHULQGHU*HVWDOW 2JXUDVVDLKPHLQVLFKWEDUJHZRUGHQHV%HZXWVHLQJHJHQEHUGDVGLH,QWHOOLJHQ]YRQ YLHOOHLFKWKXQGHUW0LOOLDUGHQ/HEHZHVHQYHUN|USHUWH)UHLQHQ$XJHQEOLFNVFKDXGHUWHHU ]XVDPPHQGDQQIDWHHUVLFKXQGVDJWH Ä8QGZDVJHVFKDKPLWGHQ%HZRKQHUQGHU]ZHLWDXVHQG3ODQHWHQQDFKGHPVLHLKU%HZXWVHLQ YHUORUHQKDWWHQ" Ä6LHILHOHQLQGLH3ULPLWLYLWlW]XUFNXQGVWDUEHQDXV6HLWGHPJLEWHVLQGLHVHP6HNWRUGHV 8QLYHUVXPVNHLQHYRQ,QWHOOLJHQ]HQEHZRKQWHQ3ODQHWHQPHKU'LH(QWZLFNOXQJKDWVLFK QLFKWZLHGHUKROW,FKQHKPHDQGDGHLQ6FKLFNVDOGHPPHLQHQlKQHOWRGHULUUHLFKPLFK GD" Ä-DGXLUUVWGLFKVDJWH(OOHUWXQGVFKLOGHUWHGHPDQGHUHQ%HZXWVHLQZLHHU]XVHLQHU DXJHQEOLFNOLFKHQ([LVWHQ]IRUPJHNRPPHQZDU9RQGUDXHQGUDQJGDV-RKOHQXQGGDV *HVFKUHLGHUEHUHLWVOHLFKWDQJHWUXQNHQHQ-lJHULQGLH+|KOHDEHU(OOHUWYHUVXFKWHVLFKQLFKW DEOHQNHQ]XODVVHQ8UDEDOLXQG2JXUDVHOEVWVDHQEHZHJXQJVORVDXILKUHQ3OlW]HQ6LH K|UWHQQLFKWVZDVEHLGHQ)HXHUQYRUVLFKJLQJ$OOHLKUH6LQQHZDUHQLQGDV'XQNHOGHV 8QWHUEHZXWVHLQVDEJHVXQNHQ 1DFKHLQHU:HLOHVDJWHGHU)UHPGH Ä'XKDVWUHFKWGHLQ6FKLFNVDOXQWHUVFKHLGHWVLFKVHKUYRQGHPPHLQHQ,FKYHUN|USHUH 0LOOLDUGHQYRQ/HEHZHVHQGXDEHUQXUHLQHV,FKPWH2JXUDW|WHQXPLKQYHUODVVHQ]X N|QQHQZHQQGHU(OHNWURVFKRFNQLFKWVRIXQNWLRQLHUWZLHGXHVPLUVDJVW$XIGHUDQGHUHQ 6HLWHELUJWVHLQ6WDPPXQGGHU6WDPP8UDEDOLVGHQ.HLPGHUQHXHQ(QWZLFNOXQJLQVLFK:LU GUIHQLKQQLFKWPXWZLOOLJ]HUVW|UHQ:DQQZHUGHQZLUGHQ9HUVXFKXQWHUQHKPHQXQGZDV ZHUGHQZLUWXQZHQQHUJHOLQJW" Ä:LUN|QQWHQYHUVXFKHQDOV(QHUJLHZHVHQPLWHLQDQGHU9HUELQGXQJDXI]XQHKPHQ$EHU EHYRUZLUGDV([SHULPHQWGXUFKIKUHQP|FKWHLFKGLFKQRFKHWZDVIUDJHQ Ä)UDJH Ä'XVSULFKVWGDYRQGDGHLQH=LYLOLVDWLRQHQYRUYLHOHQ0LOOLRQHQYRQ-DKUHQH[LVWLHUWHQ:LH DOWLVWGLHVHU7HLOGHV8QLYHUVXPV" (OOHUWDKQWHGDGLHYRQGHP)UHPGHQHUZlKQWHQ6WHUQHQUHLFKHXQG,PSHULHQYLHOlOWHUDOV GLH(UGHZDUHQ'DVLFKGDV8QLYHUVXPDXVGHKQWHXQGGLH*DOD[LHQDQVHLQHP5DQGlOWHU ZDUHQDOVMHQHPHKUGHP0LWWHOSXQNW]XKLHOWHUVLFKDP5DQGGHV8QLYHUVXPVDXI'DVZlUH GDPLWGHUHUVWHNRQNUHWH+LQZHLVDXIVHLQHQMHW]LJHQ$XIHQWKDOWVRUW:HQQHUQRFKZHLWHUH $QJDEHQHUKLHOWZDUHLQH2ULHQWLHUXQJP|JOLFK Ä,FKZLOOYHUVXFKHQGLU]XKHOIHQHUNOlUWHGHU)UHPGHQDFKHLQHU:HLOHÄ(VZLUGVHKU VFKZHUVHLQGHQQHLQHJHQDXH2UWVEHVWLPPXQJLVWDXFKPLUQLFKWP|JOLFK,FKZHLQXUGD ]XUHLQHQ6HLWHKLQGLH*DOD[LHQVHKUGLFKWVWHKHQZlKUHQGVLHDXIGHUDQGHUHQ6HLWHlXHUVW VHOWHQYRUNRPPHQ'RUWMHGHQIDOOVZLUGGHLQHHLJHQH*DOD[LVQLFKW]XVXFKHQVHLQ$EHULFK JODXEHLFKKDEHHLQHQ5DW Ä,FKELQGLUIUMHGHQ+LQZHLVGDQNEDUGHQQLFKP|FKWHPHLQH+HLPDWZLHGHUILQGHQ:LH ODXWHWGHLQ5DW" Ä$OVLFKGLHVH:HOWIDQGEHVFKORLFKHLQHQ.|USHUGLHVHU'UHLEHLQHU]XEHUQHKPHQ%HYRU

GDVMHGRFKJHVFKDKXQWHUVXFKWHLFKMHGHQ:LQNHOGLHVHV3ODQHWHQXQGLFKIDQGHLQ JHVWUDQGHWHV5DXPVFKLII(VOLHJWQXU]ZHLRGHUGUHL7DJHVPlUVFKHYRQKLHUHQWIHUQWREHQLQ GHQ)HOVHQGLHGHQ6HHHLQVFKOLHHQ,FKELQGDYRQEHU]HXJWGD8UDEDOLRGHU2JXUDVLH EHVWHLJHQN|QQHQ'DV:UDFNVRJODXEHLFKVWDPPWYRQPHLQHQ9RUIDKUHQ(VPXVFKRQ VHKUODQJHGRUWREHQOLHJHQDEHUHVVFKHLQWXQEHVFKlGLJW]XVHLQLFKELQDXFKGDYRQ EHU]HXJWGDLQVHLQHU3RVLWURQLNQRFKDOOH'DWHQJHVSHLFKHUWVLQGGLHIUGLFKZHUWYROOVHLQ N|QQWHQ$EHUGDJLEWHVHLQ3UREOHP2KQH.|USHUZLUGHVZHGHUGLUQRFKPLUJHOLQJHQDQ GLHVH'DWHQKHUDQ]XNRPPHQ 'LHhEHUOHJXQJGHV)UHPGHQZDUULFKWLJ.|USHUORVZUGH(OOHUWQLHPDOVLQGDV5DXPVFKLII HLQGULQJHQN|QQHQXQGHVZUGHLKPXQP|JOLFKVHLQGHQSRVLWURQLVFKHQ6SHLFKHUGD]X]X YHUDQODVVHQGLH'DWHQDXV]XVSXFNHQ Ä8UDEDOLXQG2JXUDPVVHQLKUHQ6WlPPHQHUKDOWHQEOHLEHQGDVVDJWHVWGXDXFK*ODXEVWGX GDHVXQVJHOLQJHQN|QQWHEHLGHLQ.HURQV.|USHU]XVFKOSIHQ":LUZlUHQ]XVDPPHQXQG KDWWHQGLUHNWHQ.RQWDNW:lUHGDVHLQH/|VXQJ" Ä,FKKDOWHVLHIUGLHHLQ]LJP|JOLFKHHUZLGHUWHGHU)UHPGH 8UDEDOLQLFNWHXQG(OOHUWWHLOWHPLW Ä,FKZHUGHPLW.HURQGDUEHUVSUHFKHQ0RUJHQZHUGHQZLUGDQQXQVHUHOHW]WH(QWVFKHLGXQJ WUHIIHQ8QGQXQP|FKWHLFKPLFKZLHGHULQGDV8QWHUEHZXWVHLQ8UDEDOLV]XUFN]LHKHQXQG LFKZUGHGLUGDVVHOEHEHL2JXUDUDWHQ (VZDUIU8UDEDOLXQG2JXUDVRDOVHUZDFKWHQVLHDXVHLQHPWLHIHQ6FKODI6LHVDKHQVLFKDQ XQGODXVFKWHQDXIGHQ/lUPGHUGUDXHQYRQGHQ)HXHUQNDP6LHVSUDQJHQDXIXQGUDQQWHQ DXVGHU+|KOH]XGHQDQGHUHQ 8UDEDOLEOLHEHLQH=HLWODQJEHLVHLQHQ0lQQHUQWUDQNPLWLKQHQHKHHU.HURQDXIGLH6HLWH QDKPXQG]XLKP VDJWH Ä,FKPXPLWGLUVSUHFKHQPHLQ)UHXQG.RPPPLW:HQQ.HURQDXFKHUVWDXQWZDUVR VWHOOWHHUNHLQH)UDJHQ:LOOLJIROJWHHUVHLQHP+lXSWOLQJLQGHVVHQ6WLPPHHLQPHUNZUGLJHU 8QWHUWRQPLWJHVFKZXQJHQKDWWH$OVVLHDXIHLQHPIODFKHQ6WHLQZHLWDEYRQGHQ/DJHUIHXHUQ VDHQIXKU8UDEDOLIRUW Ä:DVLFKMHW]W]XGLUVDJHVSULFKWQLFKWGHLQ+lXSWOLQJ8UDEDOLVRQGHUQGHU'lPRQGHULQ LKPZRKQW(UVFKULFNQLFKWLFKELQHLQJXWHU'lPRQ,FKKDEHHXUHP6WDPPJHKROIHQXQG QXQPXWGXPLUKHOIHQ'XZHLWZLHHVLVWZHQQHLQ'lPRQLQGLULVW'XZLUVWHVQRFK HLQPDOHUWUDJHQPVVHQ0RUJHQZHUGHQ2JXUDXQGLFKYRUGLHJHKHLPQLVYROOH0DVFKLQH XQWHQDP%DFKWUHWHQXQGVLHEHUKUHQ'XZLUVWLQGHU1lKHVWHKHQ6REDOGGLHEHLGHQ +lXSWOLQJHIUHLVLQGZLUVWGXDQGLUVHOEVWHLQH9HUlQGHUXQJYHUVSUHQ:LUKDEHQHLQH $XIJDEH]XHUIOOHQ.HURQ:HQQGDVJHVFKHKHQLVWZLUVWDXFKGLHZLHGHUIUHLVHLQ :LGHUVWDQGZUGHGLUQLFKWVQW]HQDEHULFKP|FKWHGDGXIUHLZLOOLJKLOIVW9RUGLUOLHJW HLQH:DQGHUXQJKLQDXI]XGHQ*LSIHOQGHUKRKHQ%HUJHEHLP6HH:HQQZLUJHIXQGHQKDEHQ ZDVLFKVXFKHZHUGHQZLU]XGHQ+|KOHQ]XUFNNHKUHQXQGGXZLUVWYRQPLUIULPPHU EHIUHLWZHUGHQ'DVYHUVSUHFKHLFKGLU:LOOVWGXPLUKHOIHQ" .HURQVWDUUWH8UDEDOLDQ Ä(VLVWGHLQH6WLPPH+lXSWOLQJDEHUGDVELVWQLFKWGXGHU]XPLUVSULFKW,VWHVZLUNOLFKGHU 'lPRQ" Ä-D8UDEDOLV'lPRQVSULFKW]XGLUXQGLFKIUDJHGLFKQRFKHLQPDO:LOOVWGXPLUKHOIHQ" .HURQEUDXFKWHQXUIQI6HNXQGHQXPVLFK]XHQWVFKOLHHQ Ä'XKDVWYLHO*XWHVIUXQVHUHQ6WDPPJHWDQDOVRZHUGHLFKGLUKHOIHQ 8UDEDOL(OOHUWHUKREVLFKÄ.RPP.HURQZLUJHKHQ]XUFN]XGHQDQGHUHQ9RUXQVOLHJW QRFKHLQHJDQ]H1DFKWXQGGXKDVW=HLWHVGLUDQGHUV]XEHUOHJHQ,FKP|FKWHGDGX IUHLZLOOLJDXIPHLQHQ9RUVFKODJHLQJHKVW²GDVEHWRQWHLFKEHUHLWV 1HEHQHLQDQGHUJLQJHQVLH]XUFN]XGHQ/DJHUIHXHUQZlKUHQG(OOHUWZLHGHULQGDV 8QWHUEHZXWVHLQGHV+lXSWOLQJVKLQDEWDXFKWH

8UDEDOLVDJWH]X.HURQ Ä(VLVWHLQJURHV)ULHGHQVIHVWPHLQ)UHXQGXQGZLUZROOHQPLWGHQ-lJHUQIHLHUQ7ULQNDEHU QLFKW]XYLHOYRQGHPEUDXQHQ6DIWGHQQHUJHKWLQGLH%HLQH,FKVSUHHVVFKRQ .HURQZXWHGDQXQ8UDEDOLVHOEVW]XLKPJHVSURFKHQKDWWH'HU+lXSWOLQJVFKLHQ YHUJHVVHQ]XKDEHQZDVHUQRFKYRUZHQLJHQ0LQXWHQJHVDJWKDWWH ,QGLHVHU1DFKWVFKOLHI8UDEDOLVRJXWZLHHUVHLWODQJHPQLFKWPHKUJHVFKODIHQKDWWH ,QVHLQHU+|KOHDEHUODJ.HURQZDFK(UZXWHGDVLFKVHLQ/HEHQYRQPRUJHQDE JUXQGOHJHQGYHUlQGHUQZUGH $P0RUJHQGHVDQGHUHQ7DJHVVWDQGHQGLH$QJHK|ULJHQEHLGHU6WlPPHDP8IHUGHV%DFKHV XQGVDKHQ]XZLH8UDEDOLXQG2JXUD+DQGLQ+DQGLQGDV:DVVHUZDWHWHQ6LHQlKHUWHQVLFK GHP:DVVHUUDGGDVGLHJHKHLPQLVYROOH0DVFKLQHDQWULHEGLHPLWLKPYHUEXQGHQZDU.HURQ VDHLQZHQLJDEVHLWVDXIHLQHP)HOVEURFNHQPLWWHQLP%DFKGHQ.RSILQVHLQHGUHL+lQGH JHVWW]WXQGGLH$XJHQIDVWJHVFKORVVHQ(UKDWWHQLFKWPHKUPLW8UDEDOLVSUHFKHQN|QQHQ DEHUZHQQGHU+lXSWOLQJZLUNOLFKYRQHLQHP'lPRQEHVHVVHQZDUGDQQZXWHHUDXFKGD HUVHLQ9HUVSUHFKHQKDOWHQZUGH $OVVLHYRUGHP:DVVHUUDGXQGGHP'\QDPRVWDQGHQVDJWH8UDEDOL Ä3DFNHPLWGHLQHUOLQNHQ+DQGGHQ'UDKWDXIGHUOLQNHQ6HLWHXQGODLKQQLFKWZLHGHUORV 'XZLUVWNDXPHWZDVVSUHQ 2JXUDY|OOLJLQGHU*HZDOWGHVIUHPGHQ,QWHOOHNWVJHKRUFKWH(UJULIIQDFKGHP(QGHGHV ORVHKHUDEKlQJHQGHQ.XSIHUGUDKWVXQGXPVSDQQWHHVPLWVHLQHQ)LQJHUQ$XFK8UDEDOLGHU GLH+DQG2JXUDVIHVWKLHOWVSUWHGDVOHLFKWH.ULEEHOQGDVGXUFKVHLQHQ.|USHUUDQQ$EHUHU ZXWHGDHVQRFKQLFKWGHUHLJHQWOLFKH6FKRFNZDU'HUZUGHHUVWGDQQHLQWUHWHQZHQQHU GDVDQGHUH'UDKWHQGHPLWGHUUHFKWHQ+DQGHUJULII 8QGHUWDWHVPLWHLQHUEOLW]VFKQHOOHQ%HZHJXQJ $OV2JXUDYRU6FKUHFNDXIVFKULHXQGWURW]GHU:DUQXQJ8UDEDOLVGHQ'UDKWORVOLHZDUHV EHUHLWV]XVSlW(UEUDFKEHZXWORV]XVDPPHQILHOLQV:DVVHUXQGZXUGHYRQGHU6WU|PXQJ JHJHQGLH6WHLQHJHWULHEHQ8UDEDOLKLQJHJHQZDUDXIGHQ6FKRFNJHIDWZHQQHUDXFK KHIWLJHUDOVHUZDUWHWZDU(UEFNWHVLFKHUJULII2JXUDXQGVWHOOWHLKQDXIGLH)H'HU +lXSWOLQJGHV:DOGVWDPPVGXUFKGDVNDOWH:DVVHULQV%HZXWVHLQ]XUFNJHUXIHQVDKLKQ YHUVWlQGQLVORVDQ9RQ8UDEDOLJHIKUWNHKUWHHUDQV8IHU]XUFNXQGOLHVLFKDXIHLQHQ6WHLQ VLQNHQ Ä:DVZDUGDV",FKJODXEWHPHLQH+DQGPVVHYHUEUHQQHQ'DQQGDVNDOWH:DVVHU 8UDEDOLVFKWWHOWHYHUZXQGHUWGHQ.RSI Ä,FKNDQQHVGLUQLFKWHUNOlUHQ2JXUDDEHUMHPDQGKDWHVPLUEHIRKOHQ:LUPXWHQHVWXQ XPYRQGHQ'lPRQHQEHIUHLW]XZHUGHQGLHYRQXQVEHLGHQ%HVLW]HUJULIIHQKDWWHQ1XQVLQG ZLUZLHGHUZLUVHOEVW Ä,FKJODXEHQLFKWDQ'lPRQHQEHKDXSWHWH2JXUDXQGHUKREVLFKWDXPHOQGÄ.RPPJHKHQ ZLU]XP)HXHUPLULVWNDOW$XHUGHPKDEHLFK'XUVW 'LH-lJHUGHUEHLGHQ6WlPPHVWHOOWHQNHLQH)UDJHQ6LHZDUHQYRQLKUHQ+lXSWOLQJHQLQ OHW]WHU=HLWVHOWVDPH'LQJHJHZRKQWXQGVLHKDWWHQVLFKGDPLWDEJHIXQGHQ%DOGNUHLVWHQ ZLHGHUGLHK|O]HUQHQ*HIlHPLWGHUEUDXQHQ)OVVLJNHLW'DV)HVWJLQJZHLWHU .HURQEOLHEQRFKHLQLJH=HLWDXIVHLQHP6WHLQVLW]HQHKHHULQVHLQH+|KOHJLQJ(UQDKP VHLQHQ6SHHUXQGVHLQ0HVVHUIOOWHVHLQHQ7UDJHEHXWHOPLWJHWURFNQHWHP)OHLVFKXQGJLQJ]X 8UDEDOL Ä,FKZHUGH]XGHP6HHJHKHQXQG)LVFKHIUGHQ:LQWHUIDQJHQVDJWHHUÄ,QDFKWRGHU]HKQ 7DJHQELQLFKZLHGHU]XUFN(VZLUGHLQNDOWHUXQGODQJHU:LQWHUZHUGHQ(VLVWJXWZHQQ ZLU9RUUlWHEHVLW]HQ 8UDEDOLZDUILKPHLQHQHUVWDXQWHQ%OLFN]X Ä8QGMHW]WZLOOVWGXJHKHQ"*HUDGHMHW]WZRZLUHLQ)HVWIHLHUQ"+DWGDVQLFKWQRFKELV PRUJHQRGHUEHUPRUJHQ=HLW" Ä1HLQ8UDEDOLHVKDWNHLQH=HLW:HQQHVNlOWHUZLUGIULHUWGHU6HH]X,FKPXGLH)LVFKH

YRUKHUIDQJHQ8QGHVLVWEHVVHUZHQQPLFKQLHPDQGEHJOHLWHW Ä:DUXPLVWGDVEHVVHU" Ä:HLOLFKDOOHLQVHLQZLOOHUNOlUWH.HURQNXU]8UDEDOL]XFNWHGLH$FKVHOQXQGQLFNWH Ä*XW.HURQGDQQJHK8QGQLPPGLFKYRUGHQ&UROVLQDFKW .HURQJLQJGDYRQZDWHWHGXUFKGHQ)OXXQGYHUVFKZDQGLP:DOG 8UDEDOLVDKLKPQDFKGHQNOLFKKLQWHUKHU(UEHJULII.HURQV+DQGOXQJVZHLVHQLFKW (UKDWWHHEHQVRZLH2JXUDIDVWYHUJHVVHQGDHVHLQH=HLWJHJHEHQKDWWHLQGHUHUQLFKWHU VHOEVWJHZHVHQZDU (VJLQJDOOHVYLHOOHLFKWHUXQGYLHOEHVVHUDOV(UQVW(OOHUWHUZDUWHWKDWWH'LH/RVO|VXQJYRQ 8UDEDOLHUIROJWHLQGHP$XJHQEOLFNDOVGHU(OHNWURVFKRFNHLQWUDW(UYHUVlXPWHNHLQH 6HNXQGHXQGVFKOSIWHVRIRUWLQ.HURQV.|USHU 'DV%HZXWVHLQGHV-lJHUVEUDXFKWHHUQLFKW]XYHUGUlQJHQHVZLFKIUHLZLOOLJ:HQLJH 6HNXQGHQVSlWHUVSUWHHUGDDXFKGHUIUHPGH,QWHOOHNWHLQGUDQJ'HU.RQWDNWZDU XQPLWWHOEDUXQGGLUHNW Ä:LUKDEHQHVJHVFKDIIWWHLOWHGHU)UHPGHPLWÄ:LUVLQGEHLGHLP.|USHUGLHVHV'UHLEHLQHUV YHUHLQLJWXQGHUZLUGXQVHUHQ%HIHKOHQJHKRUFKHQPVVHQ (OOHUWHUZLGHUWH Ä(UWXWHVIUHLZLOOLJ:LUEUDXFKHQLKPNHLQH%HIHKOH]XHUWHLOHQ(UZHLZDVHU]XWXQKDW .HURQHUKREVLFKJLQJLQVHLQH+|KOHNHKUWHPLWGHQ:DIIHQ]XUFNXQGVSUDFKPLW8UDEDOL 'DQQEHUTXHUWHHUGHQ%DFKXQGYHUVFKZDQGLP:DOG(UGXUFKVFKULWWGHQ:DOGXQGVWLHJ LPPHUK|KHUELVHUGHQ)XGHVKRKHQ*HELUJHVHUUHLFKWH+LHUVFKOXJHUHLQ/DJHUDXIXQG EHUQDFKWHWH $PDQGHUHQ0RUJHQDOVHUHUZDFKWHVDJWHGHU'lPRQHUJODXEWHQRFKLPPHUGDHVQXU HLQHUZDU]XLKP Ä)ROJHGHP3IDGGHQGLH&UROVPDFKWHQDOVVLHQRFKDXIGLH%HUJHVWLHJHQ'XEUDXFKVW QLFKWV]XEHIUFKWHQHVJLEWGRUWNHLQH&UROVPHKU'XZLUVWQLHPDQGHPEHJHJQHQ(VZLUG 6FKQHHOLHJHQXQGHLQEHVFKZHUOLFKHU:HJVHLQDEHUGXZLUVWHVVFKDIIHQ:HQQGXNHLQH JU|HUHQ3DXVHQPDFKVWHUUHLFKHQZLUQRFKYRU'XQNHOZHUGHQHLQH+|KOHLQGHUGX EHUQDFKWHQNDQQVW (VZXUGHHLQHDQVWUHQJHQGH:DQGHUXQJXQGJHJHQ0LWWDJEHJDQQHV]XVFKQHLHQ'HU IUHPGH,QWHOOHNWEHUQDKPGLH/HLWXQJ.HURQVGHQQHUNDQQWHYRQVHLQHQIUKHUHQ %HREDFKWXQJHQKHUGHQ:HJ1RFKYRU(LQEUXFKGHU'lPPHUXQJHUUHLFKWH.HURQGLH YHUVSURFKHQH+|KOHXQGOHJWHVLFK]XU5XKH2EZRKOHVNDOWZDUVFKOLHIHUVRIRUWYRU (UVFK|SIXQJHLQ :lKUHQGHUVFKOLHIQDKP(OOHUWZLHGHU.RQWDNWPLWGHPIUHPGHQ%HZXWVHLQDXI9LHO NRQQWHHUQLFKWPHKUHUIDKUHQREZRKOGLH9HUVWlQGLJXQJGLUHNWXQGNODUZDU6FKOLHOLFK VDJWHGHU)UHPGH Ä,FKZHLDXVDOWHQhEHUOLHIHUXQJHQGDPHLQH9RUIDKUHQDXFK([SHGLWLRQHQ]XPLQQHUHQ .HUQGHV8QLYHUVXPVGXUFKJHIKUWKDEHQ$OVXQVHUH=LYLOLVDWLRQHQQDKH]XLKUHQ+|KHSXQNW HUUHLFKWKDWWHQZDUHQGLHPHLVWHQ3ODQHWHQGHVLQQHUHQ8QLYHUVXPVJHUDGHHUVWHQWVWDQGHQ /HEHQZDUGRUWQRFKXQP|JOLFKXQGHVZUGHHUVWLQHLQLJHQ0LOOLRQHQ-DKUHQHQWVWHKHQ 6HOEVWZHQQZLULQGHP:UDFNNHLQHQlKHUHQ.XUVDQJDEHQILQGHQVRGUIWHNHLQ=ZHLIHO GDUDQEHVWHKHQLQZHOFKH5LFKWXQJGXGLFK]XZHQGHQKDVW'LH=HLWXQGGLH(QWIHUQXQJGDV VLQG]ZHLDQGHUH3UREOHPHPLWGHQHQGXIHUWLJZHUGHQPXW (OOHUWZXWHGDHVQLFKWYLHO]XHUZLGHUQJDE(VZDUPHUNZUGLJPLWHLQHP:HVHQ 9HUELQGXQJ]XKDEHQGDVHUZHGHUVHKHQQRFKIKOHQNRQQWH(UPXWHLKPYHUWUDXHQXQG JODXEHQGDVZDUVHLQHHLQ]LJH&KDQFH$XIGHUDQGHUHQ6HLWHJDEHVNHLQ0RWLYIUHLQHQ 9HUUDW Ä,FKELQGLUIUGHLQH+LOIHVHKUGDQNEDU(VWXWPLUOHLGGDLFKQLFKWVIUGLFKWXQNDQQ Ä9LHOOHLFKWNDQQVWGXGDVGRFKDEHUGDUEHUXQWHUKDOWHQZLUXQVZHQQZLUGDV:UDFN JHIXQGHQKDEHQ

(UQVW(OOHUWOLHVLFKLQGDV8QWHUEHZXWVHLQ.HURQVKLQDEVLQNHQXQGJHULHWLQHLQHQ=XVWDQG GHQHLQ0HQVFKDOVÄ6FKODIEH]HLFKQHWKlWWH (UZDUWHWHDXIGHQNRPPHQGHQ7DJ $PDQGHUHQ7DJKDWWHHVDXIJHK|UW]XVFKQHLHQ'LH7HPSHUDWXUZDUZHLWHUJHVXQNHQXQG GHU+LPPHOZDUNODU.HURQPDUVFKLHUWHWDSIHUZHLWHUELVHUGHQ5DQGHLQHUULHVLJHQ0XOGH HUUHLFKWHLQGHUHQ0LWWHYRP6FKQHHEHGHFNWHLQEHUKXQGHUW0HWHUODQJHVVHOWVDP JHIRUPWHV*HELOGHODJ(OOHUWLGHQWLIL]LHUWHHVVRIRUWDOVHLQWRUSHGRDUWLJHV5DXPVFKLIIGDV IODFKJHODQGHWVHLQPXWH/DXWORVIUDJWHHUVHLQHQN|USHUORVHQ3DUWQHU Ä'XKDVWHVYRUPLUJHVHKHQDOVHVQRFKQLFKWPLW6FKQHHEHGHFNWZDU,VWHVVHKU EHVFKlGLJW" Ä(VPXJODWWJHODQGHWVHLQ,FKZHLQLFKWZDVDXVVHLQHU%HVDW]XQJJHZRUGHQLVW$Q%RUG EHILQGHQVLFKNHLQH/HLFKHQ,FKZHLZRGLH/XNHLVW.HURQNDQQVLHOHLFKW|IIQHQ ,QGHU0XOGHZDUGHU6FKQHHWLHIHUDEHU]XP*OFNDXFKKDUWJHIURUHQVRGD.HURQNDXP HLQVDQN'HU'lPRQIKUWHLKQELV]XU0LWWHGHVODQJHQ*HELOGHVXQGEHIDKOLKPGHQ6FKQHH DE]XNUDW]HQ%DOGNDPHLQHJODWWH0HWDOOIOlFKH]XP9RUVFKHLQXQG.HURQHUNDQQWHHLQH UHFKWHFNLJYHUODXIHQGH)XJHGLHZRKOHLQH7UGDUVWHOOWH'HU'lPRQVDJWH]XLKP Ä$XIGHUUHFKWHQ6HLWHGLFKWQHEHQGHU5LOOHVLHKVWGXHLQH9HUWLHIXQJXQGDXILKUHP*UXQG HLQHQ.QRSI'UFNHGDUDXI .HURQWDWZLHLKPEHIRKOHQZXUGH6RIRUWHUW|QWHHLQOHLVHV6XPPHQXQGGDQQ|IIQHWHVLFK YRULKPHLQH7U(UVFKURFNHQVSUDQJHU]ZHLRGHUGUHL6FKULWWH]XUFNEOLHEGDQQDEHU VWHKHQ(UVDKLQGDV,QQHUHHLQHU+|KOHGLHJODWWH:lQGHEHVD/LFKWZDUDXIJHIODPPWGDV QLFKWVRIODFNHUWHZLHGDV/DJHUIHXHUGDVHUNDQQWH'LH6WLPPHLQVHLQHP,QQHUQIXKUIRUW Ä6WHLJKLQHLQ.HURQ(VSDVVLHUWGLUQLFKWV (UVWLHJLQGDV,QQHUHGHUPHWDOOHQHQ+|KOHXQGPLWGXPSIHP/DXWVFKORVLFKKLQWHULKPGLH 7U$EHUHUKDWWHNHLQH$QJVWPHKUGHQQGHU'lPRQZDUEHLLKP 9RQQXQDQEHUQDKPGDVIUHPGH%HZXWVHLQYROOXQGJDQ]GLH)KUXQJ(UWHLOWH(OOHUWPLW Ä,FKJODXEHQLFKWGDGLHVHV6FKLIIQRFKDXVGHQDOWHQ=HLWHQVWDPPW(VNDQQHUVWHLQSDDU WDXVHQG-DKUHKLHUOLHJHQ1DFKGHP8QWHUJDQJXQVHUHU=LYLOLVDWLRQPXHVDOVRQRFK UDXPIDKUHQGH9|ONHUJHJHEHQKDEHQYRQGHQHQZLUQLFKWVZXWHQ'LH%DXDUWGHV6FKLIIHV lKQHOWGHUXQVHUHQ$EHUGDVKDWQLFKWV]XVDJHQGHQQGLH(QWZLFNOXQJGHU7HFKQLNLVWIDVW EHUDOOJOHLFK'LHVLVWGHU+DXSWNRUULGRUXQGZHQQZLULKPIROJHQPVVHQZLULQGLH .RPPDQGR]HQWUDOHLP%XJJHODQJHQ9LHOOHLFKWILQGHQZLUGRUWZDVGXVXFKVW 'LH.RPPDQGR]HQWUDOHZDUHLQJURHUNXSSHOI|UPLJHU5DXP'LH1RWEHOHXFKWXQJEUDQQWH $QGHQ:lQGHQULQJVXPHULQQHUWHQGLHPDWWHQ%LOGVFKLUPHDQJURHWRWH$XJHQ6LHEHVDHQ DXFKGLHRYDOH)RUPYRQ$XJHQ'LH%HGHXWXQJGHUGDUXQWHUEHILQGOLFKHQ.RQWUROOHQZDU (OOHUWXQEHNDQQW$EHUHUVWHOOWHDXIGHQHUVWHQ%OLFNIHVWGDVLH]XU%HGLHQXQJGXUFK)LQJHU XQG+lQGHHQWZLFNHOWZRUGHQZDUHQ$XFKGLH)RUPHQGHU.RQWXUVHVVHOYRUGHQ.RQWUROOHQ OLHHQGDUDXIVFKOLHHQGDHVVLFKEHLGHQ.RQVWUXNWHXUHQGHV6FKLIIHVXPKXPDQRLGH ,QWHOOLJHQ]HQJHKDQGHOWKDWWH Ä6LHPVVHQVRDXVJHVHKHQKDEHQVDJWHGHUIUHPGH,QWHOOHNWÄZLHPHLQ9RONGDPDOV DXVVDK$EHUHVNDQQNHLQHVXQVHUHU6FKLIIHJHZHVHQVHLQ,FKNDQQHVQXUEHGDXHUQGDLFK PHLQHQ6HNWRUGHV8QLYHUVXPVQLHPDOVYHUODVVHQGXUIWHVRQVWZWHLFKPHKUGDUEHU.HURQ VROOZHLWHUJHKHQGRUWGUEHQVFKHLQWGLH&RPSXWHU]HQWUDOH]XVHLQ +LHUNDQQWHVLFK(UQVW(OOHUWVFKRQEHVVHUDXV'LH6SHLFKHUElQGHUDXIGHQ6SXOHQZDUHQKDOE DEJHODXIHQDEHUGLH/DPSHQDXIGHQVFKUlJHQ.RQWUROOSXOWHQEUDQQWHQQLFKWPHKU ,UJHQGZDQQPXWHQVLHHUORVFKHQVHLQ Ä'DVGRUWPXGHU1DYLJDWLRQVVSHLFKHUVHLQHUNOlUWHGHU)UHPGH'XUFKGLHYHUVWlQGQLVORV DXIJHULVVHQHQ$XJHQ.HURQVVWXGLHUWHQVLHGLH$QODJH=XMHQHU=HLWGD(UQVW(OOHUWQRFK VHLQHQHLJHQHQ.|USHUEHVDKDWWHHUJHUDGHHUVWGLH$QIlQJHGHUWHUUDQLVFKHQ5DXPIDKUW NHQQHQJHOHUQW$EHULP9HUODXIVHLQHVZHLWHUHQN|USHUORVHQ'DVHLQVZDUHVLKPJHOXQJHQ VLFKXQJHKHXUH.HQQWQLVVHLQGLHVHU5LFKWXQJDQ]XHLJQHQ(UZDULQGHQ5DXPVFKLIIHQGHU

YHUVFKLHGHQVWHQ9|ONHUJHZHVHQXQGKDWWHGLH7HFKQLNGHUJHZDOWLJVWHQ6XSHU]LYLOLVDWLRQHQ GHV8QLYHUVXPVNHQQHQJHOHUQW8QGVRZDUHVDXFKNHLQ:XQGHUGDLKPGLH.RQVWUXNWLRQ GHV1DYLJDWLRQVFRPSXWHUVLQGLHVHP:UDFNQLFKWDEVROXWXQEHNDQQWHUVFKLHQ Ä:LUPVVHQ.HURQUXKHQODVVHQPDKQWHGHU)UHPGHÄ(UPXIULVFKVHLQHKHZLUDQGLH $UEHLWJHKHQhEHUODVVHQZLULKQZLHGHUVLFKVHOEVWXQGKHOIHQZLULKPGDEHLHLQH5XKHVWlWWH ]XILQGHQ 2EZRKO(OOHUWYRU8QJHGXOGILHEHUWHJDEHUQDFK6LH]RJHQVLFKEHLGHDXVGHP%HZXWVHLQ GHV-lJHUV]XUFNXQGJDEHQLKPQXUQRFKGHQ%HIHKO]XVFKODIHQ .HURQGXUFKVWUHLIWHGDV6FKLIIELVHUHLQH.DELQHIDQGLQGHUHLQLQWDNWHV3ODVWLNODJHU]XU 5DVWHLQOXG(UOHJWHVLFKQLHGHUXQGVFKORGLH$XJHQ(UEHJULIIEHUKDXSWQLFKWVPHKU)U LKQZDUGDV,QQHUHGHV5DXPVFKLIIVQLFKWVDQGHUHVDOVHLQHSKDQWDVWLVFKH+|KOHGLH'lPRQHQ DXIGHP*LSIHOGHV%HUJHVHUULFKWHWKDWWHQ $OV.HURQV%HZXWVHLQHQWVFKOXPPHUWHXQGWLHILQGDVKLQDEVDQNZDVYRQGHQ,QWHOOLJHQ]HQ GHV8QLYHUVXPVDOVÄ6HHOHEH]HLFKQHWZXUGHNRQQWHQVLFK(OOHUWXQGGHUIUHPGH,QWHOOHNW ZLHGHUXQWHUKDOWHQRKQHYRQGHQ*HGDQNHQGHVSULPLWLYHQ'UHLEHLQHUVJHVW|UW]XZHUGHQ Ä9RQMHGHPEHOLHELJHQ3XQNWGHU2EHUIOlFKHHLQHU.XJHODXVLVWGLH/LQLH]XLKUHP=HQWUXP JOHLFKODQJVDJWH(UQVW(OOHUWÄ$EHUPHLQ6RQQHQV\VWHPPHLQH*DOD[LVODJQLFKWLP =HQWUXPGHV8QLYHUVXPV Ä'DV8QLYHUVXPLVWHLQH.XJHOGDPLWKDVWGXUHFKW8QGVLHGHKQWVLFKLPPHUZHLWHUDXVPLW PHKUDOV/LFKWJHVFKZLQGLJNHLWDPlXHUHQ5DQG$XFKGLHVHJUQH6RQQHPLWLKUHP3ODQHWHQ UDVWPLWhEHUOLFKWJHVFKZLQGLJNHLWYRP=HQWUXPGHV8QLYHUVXPVIRUWDEHUZLUEHPHUNHQHV QLFKW8QVHUH$VWURQRPHQXQG:LVVHQVFKDIWOHUKDWWHQDXFKEHUHFKQHWGDVLFKGLH*DOD[LHQ LP,QQHUQGHU8QLYHUVXPNXJHOPLW8QWHUOLFKWJHVFKZLQGLJNHLWEHZHJWHQ'DVZDUHLQH SKlQRPHQDOH)HVWVWHOOXQJXQGVLHZDUXQJODXEOLFK(LQH*HVFKZLQGLJNHLWGLHXQWHUGHUGHV /LFKWHVODJNDQQWHQZLUQXULQGHU5HODWLRQ]XXQVHUHQHLJHQHQ:HOWHQ,FKELQGDYRQ EHU]HXJWGDDOOHGLHVH8PVWlQGHHLQHJHZLVVH=HLWYHUVFKLHEXQJYHUXUVDFKWHQGLHZLU MHGRFKQLFKWEHPHUNWHQ(VJDEHLQIDFKNHLQH5HODWLRQ]XDQGHUHQ=HLWHEHQHQ(VPDJVHLQ GDLQGLHVHUKHLPDWOLFKHQ*DOD[LVGHUHQ3RVLWLRQZLUQLFKWNHQQHQQXUZHQLJH6HNXQGHQ YHUJHKHQZlKUHQGZLUXQV6WXQGHQXQWHUKDOWHQRGHUXPJHNHKUW,FKKDEHRIWEHUGLHVHV 3UREOHPQDFKJHGDFKWXQGLFKNDQQHVWXQZHLOLFKNHLQHQ.|USHUEHVLW]HGHUVWHUEOLFKLVW $EHURKQH.|USHUH[LVWLHUHQZLUQXUZLUOHEHQQLFKW,Q8UDEDOLKDVWGXJHOHEWLFKOHEWHLQ 2JXUD-HW]WOHEHQZLUEHLGHLQXQGPLW.HURQ8QGGRFKJLEWHV]ZLVFKHQXQVEHLGHQHLQHQ JHZDOWLJHQ8QWHUVFKLHG:HQQZLUHLQHHLQ]LJH=HLWHEHQHDOV*UXQGODJHQHKPHQH[LVWLHUW GHLQ9RONQRFK'DVPHLQHKLQJHJHQLVWOlQJVWYHUJDQJHQ'HLQH([LVWHQ]KDWQRFKHLQHQ 6LQQGLHPHLQHQLFKW,FKNDQQPHLQHQ6HNWRUGHV8QLYHUVXPVQLFKWYHUODVVHQXQGLFKZHUGH KLHUZDUWHQPVVHQELVQHXHV/HEHQHQWVWHKWXPLKPHLQH6HHOHHLQ%HZXWVHLQ]XJHEHQ 'DVLVWPHLQH$XIJDEH Ä'HUJ|WWOLFKH)XQNH"IUDJWH(OOHUWPLWHLQHUJHZLVVHQ(KUIXUFKW Ä6RN|QQWHPDQHVEH]HLFKQHQHUZLGHUWHGHU)UHPGH (OOHUWNDPHV]X%HZXWVHLQGDHUGHP:HVHQGHV*|WWOLFKHQHLQ6WFNQlKHUJHNRPPHQ ZDU Ä,FKKHLH(UQVW(OOHUW'DVZDUPHLQ1DPHDOVLFKQRFKHLQHQ.|USHUEHVD:LHKHLWGX" (VHQWVWDQGHLQH3DXVHGDQQHUZLGHUWHGHU)UHPGH Ä,FKKDEHYLHOH0LOOLRQHQ1DPHQGHQQPHLQ%HZXWVHLQEHVWHKWQLFKWDXVPLUDOOHLQ,FK UHSUlVHQWLHUHHLQH(LQKHLWDXVYLHOHQ9|ONHUQXQG5DVVHQGHUHQ,QWHOOHNWVLFKLQPLU YHUHLQLJWH'XNDQQVWPLFK(6QHQQHQ2GHUQHQQHPLFKHLQIDFKQXUÄGHQ)UHPGHQZLHGX HVELVKHUJHWDQKDVW'HQQLFKZHUGHGLULPPHUIUHPGEOHLEHQPVVHQ :lKUHQGVHLQHVXQHQGOLFKZlKUHQGHQ'DVHLQVKDWWH(OOHUWQRFKQLHPDOVMHPDQGHQJHWURIIHQ GHUIUHPGXQG]XJOHLFK)UHXQGZDU'DV(UVFKUHFNHQGHDQGHPZDVHUHUIDKUHQKDWWHZDU GLH7DWVDFKHGDGHU)UHPGHJRWWlKQOLFKZDUXQGGDHUVHOEVWLKPJOLFK Ä'XELVWGDV(UJHEQLVMHGHUQDWUOLFKHQ(QWZLFNOXQJYHUPXWHWHHUÄ-HGH,QWHOOLJHQ]XQVHUHV

8QLYHUVXPVZLUGVLFKHLQHV7DJHVHQWVWRIIOLFKHQXQGQXULQGHU)RUPUHLQHU(QHUJLH ZHLWHUH[LVWLHUHQ(LQH(QHUJLHGLHGHQNHQNDQQ'HU.|USHUVFKHLQWQXUHLQHhEHUJDQJVIRUP ]XVHLQ$EHUGXVLHKVWDOOHLQDQXQVHUHP%HLVSLHOGDZLURKQHHLQHQ.|USHUQLFKWOHEHQ N|QQHQ:LUN|QQHQQLFKWHLQPDOHLQH.RQWUROOHEHWlWLJHQ Ä'DVVWLPPWDEHUQXUGHVKDOEZHLOZLUQRFKLPPDWHULHOOHQ8QLYHUVXPH[LVWLHUHQ'ULQJH QXUZHLWHUYRULQGDV8QEHNDQQWHMHQVHLWVGHU*UHQ]HQXQVHUHV8QLYHUVXPVXQGGXZLUVW :HOWHQILQGHQGLHNHLQH0DWHULHPHKUNHQQHQ:HOWHQGLHQXUIUHLQN|USHUORVHVXQG PDWHULHORVHV%HZXWVHLQEHWUHWEDUZHUGHQ'DVLVWGLH=XNXQIW Ä'DVLVWGDVLVWSKDQWDVWLVFK,FKNDQQHVPLUQLFKWYRUVWHOOHQ Ä:HUNDQQVLFKVFKRQZLUNOLFKGLH=XNXQIWYRUVWHOOHQ")U.HURQGUIWHVFKRQHLQH *OKODPSHHLQ:XQGHUGDUVWHOOHQ)UXQVLVWGDV8QLYHUVXPDXV=HLWXQG(QHUJLHHLQ XQYRUVWHOOEDUHV:XQGHUXQGGRFKH[LVWLHUWHV'LH(QWZLFNOXQJVFKUHLWHWXQDXIKDOWVDPYRUDQ XQGVLHVFKOHSSWXQVPLW$EHUZLUKDOWHQQLFKW6FKULWWXQGVRPVVHQZLUYHUVXFKHQGLH =XNXQIWHLQ]XKROHQ hEHU(OOHUWV%HZXWVHLQVHQNWHVLFKVRHWZDVZLHHLQ6FKDWWHQ(UVDJWH Ä8QGLFKVXFKHGLH9HUJDQJHQKHLWQLFKWGLH=XNXQIW%LQLFKHLQPHQWDOHU$QDFKURQLVPXV" Ä'DVELVWGXQLFKWPHLQ)UHXQG'XVXFKVWLPPHUKLQHWZDVGDVQRFKH[LVWLHUWGHLQ9RON GHLQH5DVVH,FKKLQJHJHQPXHWZDVVXFKHQGDVHVQRFKQLFKWJLEW Ä.|QQWHQZLUGLH6XFKHQDFKGHU=XNXQIWQLFKWJHPHLQVDPIRUWVHW]HQ"IUDJWH(OOHUWÄ'LH =XNXQIWLQWHUHVVLHUWPLFKVLHKDWPLFKVFKRQLPPHULQWHUHVVLHUW$OV0HQVFKKDEHLFKLQGHU *HJHQZDUWJHOHEWXQGGLH9HUJDQJHQKHLWVWXGLHUWDEHUYRUPLUVWDQGLPPHUZLHGHUGLH)UDJH :LHJHKWHVZHLWHU":LHVLHKWHVVSlWHUHLQPDODXV" Ä'HLQHhEHUOHJXQJHQXQG:QVFKHVLQGXQORJLVFKHQWJHJQHWHGHU)UHPGHÄ'XZLOOVWGHLQ 9RONXQGGHLQH*HJHQZDUWZLHGHUILQGHQDEHUGHLQH:QVFKHJHKHQLQGLH=XNXQIW:LU EHILQGHQXQVDP5DQGGHV8QLYHUVXPVDQGHU*UHQ]H]ZLVFKHQ0DWHULHXQG(QHUJLH'LH *DOD[LHQGLHVLFKMHQVHLWVGLHVHU*UHQ]HEHILQGHQVLQGGDEHLVLFKDXI]XO|VHQ6RQQHQ ZHUGHQ]XU1RYDXQGLKUH3ODQHWHQYHUZDQGHOQVLFKLQHQHUJHWLVFKH*DVZRONHQ'DV LQWHOOLJHQWH/HEHQKDWGLHVH(QWZLFNOXQJPLWJHPDFKWXQGNDQQLQGLHVHP(QHUJLHLQIHUQR H[LVWLHUHQVRZLHHLQN|USHUOLFKHV:HVHQQXUDXIHLQHUPDWHULHOOYRUKDQGHQHQ:HOWH[LVWLHUHQ NDQQ,FKKDEHGLUVFKRQJHVDJWGDLFKEHUPLFKVHOEVWXQGPHLQH$XIJDEHQQLFKWVVDJHQ GDUIQXUVRYLHO0HLQH5DVVHXQGGDPLWLFKEHILQGHWVLFKLQHLQHPh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lOOHQNRQQWH$XI GHUHLQHQ6HLWHODJLKPGDUDQGLH(UGHXQGGDPLWGLH*HJHQZDUWZLHGHU]XILQGHQDXIGHU DQGHUHQ6HLWHERWVLFKLKPGLHHLQPDOLJH*HOHJHQKHLWGLHIHUQVWH=XNXQIWNHQQHQ]XOHUQHQ(V GDXHUWHVHKUODQJHHKHHUGHP)UHPGHQGHUVHLQ)UHXQGZDUPLWWHLOWH Ä,FKJODXEHGDGXPLUHLQH/HKUHHUWHLOWKDVW:HQQPDQGDV6WFNHLQHV.XFKHQVSURELHUW KDWXQGHUVFKPHFNWJXWP|FKWHPDQGHQJDQ]HQKDEHQ Ä:DVLVWHLQ.XFKHQ" Ä2KQXUHLQH5HGHQVDUW,FKZROOWHGDPLWVDJHQGDLFKHLQHQNOHLQHQ7HLOGHV8QLYHUVXPV XQGGHU(ZLJNHLWNHQQHQJHOHUQWKDEHXQGQXQP|FKWHLFKDOOHVNHQQHQOHUQHQ,FKJODXEHGDV LVW]XYLHOYHUODQJW+LOIPLUPLFKVHOEVW]XILQGHQGDQQKDEHLFKDXFKPHLQ9RONXQGPHLQH :HOWZLHGHUJHIXQGHQ Ä'LH$QWZRUWLVWHLQIDFK:LUKDEHQGLHVHV6FKLIIXQGZLUKDEHQGHQ1DYLJDWLRQVVSHLFKHU 8QGZLUKDEHQGHQ'UHLEHLQHU.HURQ'HU%LOGVFKLUPGHV1DYLJDWLRQVFRPSXWHUVZLUGGLU

RSWLVFK]HLJHQZDVGXVXFKVW,FKZHLQLFKWREZLU(UIROJKDEHQZHUGHQDEHU]XPLQGHVWLVW HVHLQ%HJLQQ9HU]HLKPLUDEHULFKZHUGHPLFKQXQ]XUFN]LHKHQ$XFKHLQ(QHUJLHZHVHQ EHQ|WLJW5XKHXPVLFKDXIVHLQH$XIJDEHQNRQ]HQWULHUHQ]XN|QQHQ:HQQGXQRFKHLQH )UDJHKDVWVRVWHOOHVLHMHW]W (UQVW(OOHUWKDWWHDOOH)UDJHQJHVWHOOWGLHHV]XVWHOOHQJDE(UVDJWH Ä,FKJODXEHGDLFKGHLQHQ5DWEHIROJHQZHUGH8QVHUH:HJHJHKHQLQYHUVFKLHGHQH 5LFKWXQJHQGHUGHLQHIKUWQDFKYRUQGHUPHLQH]XUFN$EHU=XUFNLVWPHLQH*HJHQZDUW ,FKPXVLHILQGHQ'LH(QWVFKHLGXQJIlOOWPRUJHQ Ä:HQQGXIHVWJHVWHOOWKDVWGDGXVLHILQGHQPXWLVWGLH(QWVFKHLGXQJEHUHLWVMHW]WJHIDOOHQ :LUEUDXFKHQDOVRPRUJHQQLFKWPHKUGDUEHU]XGLVNXWLHUHQ,FK]LHKHPLFKMHW]W]XUFN (UQVW(OOHUWZXWHGDGLHNDOWH/RJLNGHV)UHPGHQNHLQH$UJXPHQWDWLRQYHUWUXJ6LHZlUH DXFKEHUIOVVLJJHZHVHQ ,QVHLQHP(LIHUVHLQHXUVSUQJOLFKH*HJHQZDUWZLHGHU]XILQGHQZDUHU]XZHLWLQGLH=XNXQIW YRUJHVWRHQ(UKDWWHGHQ5DQGGHV8QLYHUVXPVHUUHLFKWXQGHUPXWH]XUFNNHKUHQ=XUFN LQGDV5HLFKGHU0DWHULHLQGLH*HJHQZDUW'HUhEHUJDQJZUGHVLFKQXUODQJVDP YROO]LHKHQ-DKUPLOOLRQHQPRFKWHQGDUEHUKLQJHKHQ'HU:HJYRP6DXULHU]XP+RPR VDSLHQVZDUJHQDXVRZHLWZLHGHU:HJYRP+RPRVDSLHQV]XP+RPRPHQWDOLV(UJHK|UWH]X GLHVHUOHW]WHQ*DWWXQJGHV0HQVFKHQDEHUVHLQH(QWVWHKXQJZDUUHLQHU=XIDOOJHZHVHQ8QG LP9HUJOHLFK]XP0HQVFKHQZDUHUHLQH*RWWKHLWRGHUDXFKQXUHLQ*HLVWHLQ6SXN (VZXUGHLKPSO|W]OLFKNODUGDHUQLFKWGHUHLQ]LJHVHLQNRQQWHDEJHVHKHQYRQGHP )UHPGHQGHUGDV(UJHEQLVHLQHUQDWUOLFKHQ(QWZLFNOXQJZDU6RZHLWGLH *HVFKLFKWVVFKUHLEXQJGHU0HQVFKHQDXFK]XUFNUHLFKWHLPPHUZLHGHUZDUYRQUlWVHOKDIWHQ (UVFKHLQXQJHQXQG6SXNJHVWDOWHQGLH5HGH,P*UXQGHZDUHQGLHVH(UVFKHLQXQJHQDOOHHLQ XQGGDVVHOEHGLH%HZXWVHLQVLQKDOWHLQWHOOLJHQWHU/HEHZHVHQ-HGHV/HEHZHVHQGDV LQWHOOLJHQWZDUEHVDHLQHQ%HZXWVHLQVLQKDOW8QGGLHVHUZXUGHIUHLZHQQGHU.|USHUVWDUE $EHUHUEHVDQLFKWGLH%HZHJXQJVIUHLKHLWGLH(UQVW(OOHUWGXUFK(OHNWURVFKRFNEHLGHQ GDPDOLJHQ([SHULPHQWHQHUODQJWKDWWH(UZDUVLFKVHLQHU([LVWHQ]EHZXWJHEOLHEHQGDVZDU GHU8QWHUVFKLHG 'LH6HHOHHLQHVYHUVWRUEHQHQ0HQVFKHQKDQGHOWHQDFKGHP9HUODVVHQGHV.|USHUVXQEHZXW XQGRKQHHLJHQHQ:LOOHQ6HOEVWGLH(ULQQHUXQJJLQJEHLGLHVHP9RUJDQJYHUORUHQ6WDWWGLH :HOWGDV6RQQHQV\VWHP]XYHUODVVHQLUUWHGLHVHVLFKKHLPDWORVIKOHQGH6HHOHDXIGHP 3ODQHWHQ(UGHXPKHUXQGVXFKWHHLQHQQHXHQ*DVWN|USHU'DVIKUWH]X.RPSOLNDWLRQHQ0DQ QDQQWH0HQVFKHQVFKL]RSKUHQZHQQHLQH%HZXWVHLQVVSDOWXQJYRUODJGLHQLFKWVDQGHUHV GDUVWHOOWHDOVGDV'XHOO]ZHLHU%HZXWVHLQVLQKDOWHGLHVLFKXPHLQHQ.|USHUVWULWWHQ8QG ZHQQGDVXUVSUQJOLFKH%HZXWVHLQXQWHUODJGDQQYHUlQGHUWHGLHVHU0HQVFKDEUXSWVHLQHQ &KDUDNWHU'DV(UJHEQLVZDUPHLVWGDPDQLKQIUZDKQVLQQLJHUNOlUWHXQGLQHLQH$QVWDOW VWHFNWH$OOHGLHVH9RUNRPPQLVVHVRJHKHLPQLVYROOVLHIUGHQ0HQVFKHQDXFKVHLQPRFKWHQ KDWWHQVRPLWHLQHHLQIDFKH(UNOlUXQJ(UQVW(OOHUWZXWHHVDEHUZHUZXWHHVQRFK" .HURQZXUGHZDFKXQGHUNRQQWHQLFKWZLVVHQGDPDQLKQJHZHFNWKDWWH(UJLQJ]XP $XVJDQJGHVVHQZDVHUIUHLQH+|KOHKLHOWXQG|IIQHWHGLH7U'LHNDOWH6FKQHHOXIWVFKOXJ LKPHQWJHJHQXQGPDFKWHLKQIULVFK'LH6RQQHZDUVFKRQDXIJHJDQJHQ 6HLQ'lPRQKDWWHLKPIUKHXWHQRFKNHLQH%HIHKOHJHJHEHQYLHOOHLFKWVFKOLHIHUQRFK6ROOWH HUGLH*HOHJHQKHLW]XU)OXFKWQXW]HQ"(UYHUZDUIGHQ*HGDQNHQVRVFKQHOOZLHGHUZLHHU JHNRPPHQZDU9RUHLQHP'lPRQJDEHVNHLQH)OXFKW(UPXWHLKPJHKRUFKHQXQGGHU 'lPRQZDUVHLQ)UHXQG'DVZDUGHUHQWVFKHLGHQGH)DNWRU .HURQNHKUWHXPXQGJLQJLQGLH+|KOH]XUFN6HLQH6FKULWWHZXUGHQDXWRPDWLVFKJHOHQNW DEHUHUEHPHUNWHHVQLFKW6RJHODQJWHHUZLHGHULQGHQ.XSSHOUDXPGHU.RPPDQGR]HQWUDOH XQGYRQGLHVHP$XJHQEOLFNDQZDUHUQLFKWPHKUHUVHOEVW(UQVW(OOHUWXQGGHU)UHPGH EHUQDKPHQVHLQHQ.|USHUXQGGUlQJWHQVHLQ%HZXWVHLQLQGHQ+LQWHUJUXQG6LHVHOEVW KDWWHQXQHQGOLFKYLHO=HLWDEHUVLHZXWHQGD.HURQV.|USHUVWHUEOLFKZDU:HQQGLH 9RUUlWHDXIJH]HKUWZDUHQZUGHHUYHUKXQJHUQ,QGHQHLVLJHQ5HJLRQHQGHV*HELUJHVJDEHV

QLFKWV(EDUHV 'DV%HZXWVHLQGHV)UHPGHQOLH.HURQHLQLJH6FKDOWXQJHQYRUQHKPHQGDQQOHXFKWHWHGHU %LOGVFKLUPEHUGHP1DYLJDWLRQVFRPSXWHUDXI8QYHUVWlQGOLFKH6\PEROHHUVFKLHQHQGDUDXI PLWGHQHQ(OOHUWQLFKWVDQ]XIDQJHQZXWH$EHUGDQQDOVGHU)UHPGHVLHPLWGDFKWHHUIROJWH DXWRPDWLVFKHLQHhEHUVHW]XQJ(VGDXHUWHQXUZHQLJH$XJHQEOLFNHGDQQNRQQWH(OOHUWGLH 6FKULIWVHOEVWOHVHQ(VZDUGDV/RJEXFKGHVJHVWUDQGHWHQ6FKLIIHV Ä(VLVWGLH6SUDFKHPHLQHV9RONHVDOVHVQRFKHLQHDNXVWLVFKH9HUVWlQGLJXQJJDE$XFKGDV 6FKLIIHQWVSULFKWGHUPLUEHNDQQWHQ%DXDUW$EHULUJHQGHWZDVVWLPPWQLFKWXQG]ZDUPLWGHU =HLW'LHVHV6FKLIIKLHUNDQQQRFKNHLQH-DKUPLOOLRQHQKLHUOLHJHQ1DFKGHU(QWVWRIIOLFKXQJ EHQ|WLJWHPHLQ9RONNHLQH6FKLIIHPHKU:LHDOVRNRPPWHVKLHUKHUXQGZRKHUNRPPWHV" :LUKDEHQGDV/RJEXFKDEHUHVZUGHIU.HURQ]XODQJHGDXHUQZROOWHQZLUHVHLQJHKHQG VWXGLHUHQ:LUZHUGHQGHP&RPSXWHUGHQ$XIWUDJJHEHQHLQHNXU]H=XVDPPHQIDVVXQJGHV ,QKDOWV]XSURJUDPPLHUHQ'DQQZLVVHQZLUZDVJHVFKHKHQLVW (OOHUW]RJVLFKHLQZHQLJ]XUFNGDPLWGHU)UHPGH.HURQYROONRPPHQEHUQHKPHQNRQQWH )DV]LQLHUWEHREDFKWHWHHUZLHGHUMXQJH-lJHUJHVFKLFNW6FKDOWXQJHQYRUQDKP/lQJVWZDU GHU%LOGVFKLUPZLHGHUHUORVFKHQDEHUGDVJOHLFKPlLJH6XPPHQLP5DXPZDUODXWHU JHZRUGHQ'LH&RPSXWHUVSXOHQZLUEHOWHQ]XUFNXPZLHGHUVFKQHOOYRUZlUWVDE]XODXIHQ 'LHDXILKQHQYHU]HLFKQHWHQ6FKULIWXQG%LOGLQIRUPDWLRQHQZXUGHQJHVSHLFKHUWXQGVRJOHLFK DXVVRUWLHUW(VZDUHLQXQJHKHXHUNRPSOL]LHUWHUWHFKQLVFKHU9RUJDQJXQG(OOHUWV6SDQQXQJ ZXFKVLQV8QHUWUlJOLFKH6FKOLHOLFKPHOGHWHVLFKGHU)UHPGHZLHGHUÄ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|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|JOLFKZDU8QGGRUWZRZLU6WHULOLWlW YHUPXWHWHQIDQGHQZLU/HEHQ 'HP0LWWHOSXQNWGHV8QLYHUVXPV]XJLEWHVJHZDOWLJH6WHUQHQUHLFKHGHQXQVHUHQQLFKW XQlKQOLFK$EHUVLHVLQGYLHOMQJHUDOVGLHXQVHUHQ'LHVHV/HEHQDXIGHQLQQHUHQ:HOWHQLVW JDQ]YRQGHU0DWHULHDEKlQJLJ'DV*HLVWLJHVSLHOWQXUHLQHXQWHUJHRUGQHWH5ROOHZHQQGHU ,QWHOOHNWDXFKJXWDXVJHELOGHWVHLQPDJ :LUIDQGHQDXFKMXQJH:HOWHQDXIGHQHQGDV/HEHQJHUDGHHUVWHQWVWDQGHQZDU$XI PDQFKHQYRQLKQHQZXUGHQZLUZLH*|WWHUHPSIDQJHQDXIDQGHUHQZLHGHUXPJULIIPDQXQV DQRGHUIORKYRUXQV $QGLHVHU6WHOOHVHLHLQJHIORFKWHQGDZLUZlKUHQGGHUJDQ]HQ5HLVHNHLQHQ.RQWDNW]X

XQVHUHU+HLPDWZHOWKDWWHQ'LH(QWIHUQXQJHQZDUHQ]XJHZDOWLJ$XFKYHUORUHQZLUMHGHQ .RQWDNW]XUUHODWLYHQ*HJHQZDUWZDVVLFKVSlWHUDOVYHUKlQJQLVYROOKHUDXVVWHOOHQVROOWH'HU QHXH$QWULHEKDWWHXQVLQHLQH$UW5DXVFKYHUVHW]W(QWIHUQXQJHQVSLHOWHQNHLQH5ROOHPHKU XQGZLUNRQQWHQMHGHQ3XQNWLQQHUKDOEGHV8QLYHUVXPVDXIVXFKHQ 'LH&KURQRPHWHUDQ%RUGGHV6FKLIIHVJDEHQGDVQRUPDOH9HUJHKHQGHU=HLWDQ(VZDUDEHU XQP|JOLFKGLHVHQWHFKQLVFKHQ9RUJDQJ]XNRQWUROOLHUHQGHQQMHGH:HOWGLHZLUIDQGHQ EHIDQGVLFKLQHLQHPDQGHUHQ6WDGLXPLKUHU(QWZLFNOXQJ-HPHKUZLUXQVGHP=HQWUXPGHV 8QLYHUVXPVQlKHUWHQXQGMHGLFKWHUGLH*DOD[LHQVWDQGHQGHVWRMQJHUZDUHQGLHGRUW H[LVWLHUHQGHQ:HOWHQ'DPLWZDUHQGLH9HUPXWXQJHQXQVHUHU:LVVHQVFKDIWOHUEHVWlWLJWGD VLFKGDV8QLYHUVXPZLHHLQ%DOORQQDFKDOOHQ6HLWHQDXVGHKQHXQGGLHDXHQVWHKHQGHQ *DOD[LHQGLHlOWHVWHQVHLHQ8QGZLUZXWHQQXQPLW6LFKHUKHLWGDXQVHUHHLJHQH*DOD[LV YRP5DQGGHV8QLYHUVXPVDXVPLWXQYRUVWHOOEDUHU*HVFKZLQGLJNHLWZHLWHULQGDV1LFKWV KLQHLQUDVWH8QVHUHQlFKVWH$XIJDEHZUGHHVVHLQGLHVHV1LFKWV]XHUIRUVFKHQ 1DFKIQI-DKUHQ%RUG]HLWJDELFKGHQ%HIHKO]XP5FNIOXJ8PGHU0DQQVFKDIW(UKROXQJ ]XJ|QQHQODQGHWHQZLUDXIHLQHP8USODQHWHQGHUYRQULHVLJHQ*HVFK|SIHQEHY|ONHUWZDU 'LH0lQQHUJLQJHQDXIGLH-DJGZlKUHQGLFKGDV/RJEXFKYHUYROOVWlQGLJWH=HKQ3ODQHWHQ XPNUHLVWHQHLQHIDVWZHLH6RQQHXQGHLQHUGLHVHU3ODQHWHQERWHLQHLQPDOLJHV6FKDXVSLHO GDVZLUQRFKQLHJHVHKHQKDWWHQ(UZDUYRQVLOEHUQHQ5LQJHQXPJHEHQ 9RP5FNIOXJJLEWHVQLFKWYLHO]XEHULFKWHQ:LUVSUDQJHQYRQ*DOD[LV]X*DOD[LVXQG QlKHUWHQXQVLPPHUPHKUGHQHLJHQHQ5HJLRQHQ)UHXGHXQG6WRO]HUIOOWHXQVZHQQZLUDQ GHQ(PSIDQJGDFKWHQGHUXQVQDFKGLHVHUHUIROJUHLFKHQ([SHGLWLRQ]XWHLOZHUGHQZUGH$OV ZLUGLHNRVPLVFKH/LFKWJUHQ]HGXUFKEUDFKHQUHJLVWULHUWHLFKHLQHQVHNXQGHQODQJHQ$XVIDOO VlPWOLFKHU,QVWUXPHQWH(KHLFK*HJHQPDQDKPHQHLQOHLWHQNRQQWHOLHIDOOHVZLHGHUQRUPDO :LUHUUHLFKWHQXQVHUH*DOD[LVXQGNQGLJWHQEHU)XQNXQVHUH5FNNHKUDQHUKLHOWHQMHGRFK NHLQH$QWZRUWhEHUKDXSWEOLHEHVLP(PSIlQJHUVRVWXPPDOVJlEHHVLQGHQYLHOHQWDXVHQG EHZRKQWHQ6RQQHQV\VWHPHQNHLQ/HEHQPHKU,FKYHUPXWHWHVRIRUWHLQHQ$XVIDOOGHU HQWVSUHFKHQGHQ*HUlWHDEHUHLQHJHQDXHhEHUSUIXQJHUJDEGDVLHIHKOHUIUHLDUEHLWHWHQ :HGHULFKQRFKPHLQH6SH]LDOLVWHQIDQGHQHLQH(UNOlUXQJ ,QQHUKDOEHLQHU*DOD[LVZDUHV9RUVFKULIWQXUPLWGHPQRUPDOHQ6WHUQDQWULHE]XIOLHJHQ6R QlKHUWHQZLUXQVUHODWLYODQJVDPXQVHUHP6RQQHQV\VWHPXQGHQGOLFKVWDQGXQVHU3ODQHWJUR XQGGHXWOLFKYRUXQVDXIGHP%LOGVFKLUP8QGMHW]WHUVWWUDIXQVGLH(UNHQQWQLVGHVVHQZDV JHVFKHKHQVHLQPXWHZLHHLQW|GOLFKHU6FKODJ 8QVHUH:HOWZDUHQWY|ONHUW (VJDENHLQH6SXUYRQ/HEHQPHKUXQGQXQEHJULIILFKDXFKZDUXPZLUNHLQH )XQNQDFKULFKWHQHPSIDQJHQKDWWHQ'DV9HUEOIIHQGHZDUMHGRFKGDZLUDXFKNHLQH 1DFKULFKWHQYRQDQGHUHQ3ODQHWHQHUKLHOWHQ(VVFKLHQDOVVHLGLHJDQ]H*DOD[LVSO|W]OLFK DXVJHVWRUEHQXQGYHUVW|UWRUGQHWHLFKGLH/DQGXQJDXIXQVHUHUYHUODVVHQHQ:HOWDQ 'HU5DXPKDIHQZDUHLQHLQ]LJHU6FKLIIVIULHGKRI'DODJHQRGHUVWDQGHQGLHHLQVWVRVWRO]HQ 5LHVHQYRQ5RVW]HUIUHVVHQXQGYRQ3IODQ]HQEHUZXFKHUW1XUPLW0KHIDQGLFKHLQHQ 3ODW]IUXQVHU6FKLII =|JHUQGQXUYHUOLHHQZLUHV(LQHUPHLQHU0HWDOOXUJHQEHVWlWLJWHPLUVSlWHUGDGLH 6FKLIIVZUDFNVVFKRQVHLW-DKUWDXVHQGHQYRQ-DKUHQXQJHZDUWHWGHU:LWWHUXQJDXVJHVHW]W ZDUHQ'LH8QWHUVXFKXQJGHU5XLQHQGLHZLUXQWHUGHP9HJHWDWLRQVWHSSLFKIDQGHQHUJDEGDV JOHLFKH5HVXOWDW :LUZDUHQGLHOHW]WHQhEHUOHEHQGHQXQVHUHV9RONHV (VJDENHLQH(UNOlUXQJIUGDVZDVVLFKKLHUHUHLJQHWKDWWH(LQH6HXFKHNRQQWHHVQLFKW JHZHVHQVHLQGHQQHVJDEVFKRQODQJHNHLQH.UDQNKHLWHQPHKU8QGZHQQGDQQZlUHQXQV GLHEHIUHXQGHWHQ6WHUQHQUHLFKH]X+LOIHJHNRPPHQ(VPXWHDOVRHWZDVDQGHUHVJHZHVHQ VHLQDEHUZDV"(LQHVVWDQGMHGHQIDOOVIHVW=ZLVFKHQ6WDUWLQV8QEHNDQQWHXQG5FNNHKU ODJHQQLFKWZLHGLH%RUGXKUHQDQ]HLJWHQHWZDVPHKUDOVIQI-DKUH(VPXWHQ-DKUWDXVHQGH YHUJDQJHQVHLQ,FKHQWVDQQPLFKGHVNXU]HQ$XVIDOOVGHU,QVWUXPHQWHEHLP'XUFKEUXFKGHU

/LFKWJUHQ]H2EGDVHWZDVGDPLW]XWXQKDWWH":HQQMDGDQQKDWWHQZLU]ZDUGLH (QWIHUQXQJHQEHUZXQGHQQLFKWDEHUGLH=HLW:LUVFKOHXVWHQGLH*OHLWHUDXVGHP+DQJDU XQGRUJDQLVLHUWHQNOHLQHUH([SHGLWLRQHQDOOHQXUPLWGHUHLQHQ$XIJDEHEHWUDXWGLH8UVDFKH GHU.DWDVWURSKHKHUDXV]XILQGHQ8PHVJOHLFKYRUZHJ]XQHKPHQNDQQLFKMHW]WVFKRQ PLWWHLOHQGDXQVHUH9HUVXFKHIHKOVFKOXJHQ:HGHUHQWGHFNWHQZLUHLQH6SXUYRQ/HEHQ QRFKIDQGHQZLUHLQHQ+LQZHLVDXIGLH8UVDFKHGHVSO|W]OLFKHQ9HUVFKZLQGHQVHLQHUJDQ]HQ 5DVVH,QGHQQHXHQWVWDQGHQHQ8UZlOGHUQGLHGLH6WlGWHEHUZXFKHUWHQXQGLQGHQZHLWHQ 6WHSSHQJDEHV]ZDUQRFK7LHUHXQGVLHKDWWHQVLFKVHKUYHUPHKUW$EHUXQVHUVFKLHQHVGRFK VRDOVKlWWHQGLH3IODQ]HQGLH+HUUVFKDIWEHUXQVHUH:HOWDQJHWUHWHQ $OVDOOHXQVHUH*OHLWHU]XUFNJHNHKUWXQGZLHGHUHLQJHVFKOHXVWZRUGHQZDUHQULHILFKGLH 0DQQVFKDIW]XVDPPHQXPLKUPLW]XWHLOHQGDZLUHLQHQYRQLQWHOOLJHQWHQ:HVHQEHZRKQWHQ 3ODQHWHQILQGHQPXWHQZHQQZLUXQVHUH9RUUlWHHUQHXHUQZROOWHQ$XHUGHPZUGHQZLU GRUWYLHOOHLFKW+LQZHLVHGDUDXIHUKDOWHQZDVDXIXQVHUHU:HOWJHVFKHKHQZDU8QGVR YHUOLHHQZLUHLQLJH7DJHVSlWHUXQVHU6RQQHQV\VWHPXQGVWHXHUWHQGDVEHQDFKEDUWHDQPLW GHVVHQGUHLEHZRKQWHQ3ODQHWHQZLUVFKRQODQJHLQIUHXQGVFKDIWOLFKHU9HUELQGXQJVWDQGHQ 'RUWEHZDKUKHLWHWHVLFKPHLQH%HIUFKWXQJ$XVGHQGUHLPLW6Wl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lKQHOWH'RUWZUGHQ ZLU+LOIHHUZDUWHQN|QQHQ $XIDOOHQHKHPDOVYRQLQWHOOLJHQWHP/HEHQEHKHUUVFKWHQ:HOWHQIDQGHQZLUGLHJOHLFKH 6LWXDWLRQYRU'LHJHVDPWH*DOD[LVZDUDXVJHVWRUEHQVRZHLWHVGHQ,QWHOOHNWEHWUDI:DUHV VFKRQHLQ6FKRFNIUXQVJHZHVHQGLH=HLWPDXHUXQIUHLZLOOLJGXUFKEURFKHQ]XKDEHQVRZDU GLHVH(UNHQQWQLVGLHZHLWDXVVFKOLPPHUH:LUZDUHQSO|W]OLFKDOOHLQ$XHUXQVHUHP6FKLII VFKLHQHVDXIGLHVHU6WHUQHQLQVHONHLQDQGHUHVPHKU]XJHEHQ 9RUQXQJHQDX]ZHL-DKUHQYHUOLHHQZLUXQVHUH*DOD[LVXQGDQ%RUGXQVHUHV6FKLIIHVZDUHQ QRFKHWZDIU]ZHL-DKUH/HEHQVPLWWHOYRUUlWH:LUEHUTXHUWHQGHQ5DQGGHV8QLYHUVXPV XQGKLQWHUXQVVFKLPPHUWHQGLHYLHOHQWDXVHQG/LFKWSQNWFKHQYRQGHQHQMHGHVHLQH JHZDOWLJH*DOD[LVGDUVWHOOWH9RUXQVMHGRFKZDUHVVFKZDU],QVJHVDPWNRQQWHQZLUPLW XQVHUHQ,QVWUXPHQWHQQLFKWPHKUDOV]HKQ*DOD[LHQIHVWVWHOOHQGLHQRFKYRUXQVODJHQ,KUH (QWIHUQXQJHQYRQHLQDQGHUZDUHQXQJHKHXU$EHUPLWXQVHUHPQHXHQ$QWULHEZUGHQZLU DXFKVLHEHUZLQGHQXQGYRQQXQDQZDUHVXQVJOHLFKJOWLJZLHYLHO=HLWGDEHLYHUJLQJ6R VWHXHUWHQZLUGLHDPQlFKVWHQJHOHJHQH*DOD[LVDQLQGHU+RIIQXQJ/HEHQYRU]XILQGHQ $OVLFKVDJWHHVVHLXQVJOHLFKJOWLJZLHYLHO=HLWYHUJHKHQZUGHVRPHLQWHLFKGDPLW QDWUOLFKGLH=HLWDXHUKDOEGHV6FKLIIHV:DVGLH%RUG]HLWDQJLQJVRPXWHQZLULQQHUKDOE YRQ]ZHL-DKUHQHLQHQ3ODQHWHQPLWLQWHOOLJHQWHP/HEHQJHIXQGHQKDEHQ6RZLHXQVHUH IUKHUHQ9RUIDKUHQYRQ3IODQ]HQRGHU7LHUHQ]XOHEHQZDUXQVLP9HUODXIGHU(QWZLFNOXQJ XQP|JOLFKJHZRUGHQ:LUEUDXFKWHQV\QWKHWLVFKH1DKUXQJRGHUZLUVWDUEHQ 'LH(QWIHUQXQJ]XUQlFKVWJHOHJHQHQ*DOD[LVZDUVRJURGDXQVHUH7HFKQLNHUPLUULHWHQ HLQH=ZLVFKHQVWDWLRQHLQ]XOHJHQGDPLWGLH0DVFKLQHQVLFKHUKROHQNRQQWHQ6RPDFKWHQZLU LP/HHUUDXP3DXVHXQGWULHEHQLP1LFKWVGDKLQYRUXQVQXUGLHZHQLJHQ/LFKWSQNWFKHQGHU IHUQHQ:HOWHQLQVHOQ+LHUPXHVDXFKJHZHVHQVHLQGDDEHUPDOVHLQH=HLWYHUVFKLHEXQJ VWDWWIDQG,FKKDEHHVHLQHQÄ.RVPLVFKHQ7HPSRUDOVWXUPJHQDQQW(LQH(UNOlUXQJJLEWHV QLFKWGDIU-HGHQIDOOVVWHKWIHVWGDXQVZLHGHUXPHLQ=HLWVSUXQJEHU-DKUWDXVHQGHMD YLHOOHLFKWVRJDU-DKUPLOOLRQHQKLQZHJJHVFKOHXGHUWKDEHQPX'HQQDOVZLUXQVHU=LHOGLH MHQVHLWVGHV5DQGHVJHOHJHQH*DOD[LVHUUHLFKWHQEHIDQGVLFKGLHVHJHUDGHLP$QIDQJVVWDGLXP LKUHU(QWVWHKXQJ*UHOOZHLH6RQQHQZLUEHOWHQXPHLQLPDJLQlUHV=HQWUXPLKUH3ODQHWHQ

ZDUHQQRFKQLFKWHQWVWDQGHQ+LHUQDFK/HEHQVXFKHQ]XZROOHQZlUHYHUUFNWJHZHVHQ'DV /HEHQZUGHHUVWLQYLHOHQ0LOOLRQHQ-DKUHQHQWVWHKHQYLHOOHLFKWDXFKHUVWLQ0LOOLDUGHQ 7URW]GHPHQWVFKORVVHQZLUXQV]XHLQHP]ZHLWHQ9HUVXFK ,QGUHL(WDSSHQOHJWHQZLUGLH(QWIHUQXQJ]XHLQHUZHLWHUHQ0LOFKVWUDH]XUFNXQGIDQGHQ GDVJOHLFKH(UJHEQLVYRU:LUHQWVFKORVVHQXQV]XU8PNHKU8QVHUH1DKUXQJVPLWWHOUHLFKWHQ IUQRFKHWZDVPHKUDOVHLQ-DKUXQGXQVHU$QWULHEZDUQLFKWPHKUJDQ]LQ2UGQXQJ =HKQPDOPXWHQZLUHLQH=ZLVFKHQVWDWLRQHLQOHJHQXPHQGOLFKGLHKHLPDWOLFKH*DOD[LV ZLHGHU]XHUUHLFKHQ9RQQXQDQIORJHQZLUPLWGHPQRUPDOHQ6WHUQDQWULHEZHLWHU'DV HUVFKLHQXQVVLFKHUHU 8PHLQHQ$QKDOWVSXQNW]XHUKDOWHQZLHYLHO=HLWLQ]ZLVFKHQYHUVWULFKHQZDUVXFKWHQZLU ]XHUVWXQVHUHQ+HLPDWSODQHWHQDXI:DVLFKEHIUFKWHWKDWWHEHZDKUKHLWHWHVLFK:LUNDQQWHQ XQVHUH:HOWQLFKWPHKUZLHGHU'LH2EHUIOlFKHQJHVWDOWXQJKDWWHVLFKVWDUNYHUlQGHUWXQGGLH .RQWLQHQWHZDUHQPHUNOLFKDXVHLQDQGHUJHUFNW'RUWZRIUKHU/DQGJHZHVHQZDUUROOWHQ MHW]WGLH:RJHQQHXHU2]HDQH$OOHVZDUYRQGLFKWHU)ORUDEHGHFNWXQGDOVZLUXQVHUHQDOWHQ 5DXPKDIHQDQVWHXHUWHQIDQGHQZLUGRUWQLFKWVPHKUYRU8QVHUH.RVPR$UFKlRORJHQ PDFKWHQVLFKDQGLH$UEHLWXQGVLHEHVWlWLJWHQPLUGDPLQGHVWHQVHLQH0LOOLRQ-DKUHVHLW XQVHUHPOHW]WHQ+LHUVHLQYHUJDQJHQZDU :LUEOLHEHQQLFKWODQJH:HQQZLUNOLFKVRYLHO=HLWYHUJDQJHQZDUZLHXQVHUH :LVVHQVFKDIWOHUHUUHFKQHWKDWWHQPXWHHVDQGHUH:HOWHQJHEHQDXIGHQHQLQ]ZLVFKHQ/HEHQ HQWVWDQGHQZDU:HQQXQVHU$QWULHEQRFKIHKOHUIUHLJHDUEHLWHWKlWWHZlUHQZLUVLFKHULQV ,QQHUHGHV8QLYHUVXPV]XUFNJHIORJHQ6RPXWHQZLUXQVGDPLWEHJQJHQLQXQVHUHU HLJHQHQ*DOD[LVQDFK/HEHQ]XVXFKHQ8QGVRVWDUWHWHQZLU $OVZLUQRFKIUHLQKDOEHV-DKU1DKUXQJEHVDHQIDQGHQZLUGLHVHQ3ODQHWHQ(UZDUGHU HLQ]LJHDXIGHPKDOEZHJVLQWHOOLJHQWHV/HEHQHQWVWDQGHQZDU(VZUGHQRFKVHKUODQJH GDXHUQELVGLHVHPHUNZUGLJHQ'UHLEHLQHUHLQH=LYLOLVDWLRQHQWZLFNHOWHQDEHUGDUDXI NRQQWHQZLUMHW]WNHLQH5FNVLFKWPHKUQHKPHQ:LUPXWHQYHUVXFKHQVHOEVWZHQQZLULQ GLH%DUEDUHL]XUFNILHOHQXQGXQVZLHGHUGDUDQJHZ|KQWHQ)OHLVFKXQG3IODQ]HQ]XHVVHQ GHQ5HVWXQVHUHU/HEHQVVSDQQH]XQXW]HQ$OVRODQGHWHQZLUDQGLHVHU6WHOOHKRFKLP*HELUJH XQGQDKPHQ.RQWDNW]XGHQ(LQJHERUHQHQDXI (VGDXHUWHODQJHHKHZLUXQVPLWLKQHQYHUVWlQGLJHQNRQQWHQ6LHKLHOWHQXQVIU*|WWHUXQG ZLUOLHHQVLHLQGLHVHP*ODXEHQ :LUEUDFKWHQVLHVRZHLWGDVLHXQV2SIHUGDUERWHQ,QUHJHOPlLJHQ$EVWl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

8QWHUJDQJVKDEHQZLUQLHPDOVOIWHQN|QQHQ $EHUDXVGHU8QHQGOLFKNHLWGHV5DXPHVKDEHQZLUHLQH(UNHQQWQLVPLWJHEUDFKWGLHLFK ZHLWHUJHEHQP|FKWH:LUVLQGVLFKHUEHLXQVHUHP)OXJZHLWLQGLH=XNXQIWYRUJHVWRHQ]X VHLQ:DVZLUMHGRFKIDQGHQZDUHQVLFKJHUDGHHUVWELOGHQGH*DOD[LHQ9LHOOHLFKWZDUHQHV DEHUDXFK*DOD[LHQGLHVLFK]XUFNELOGHWHQXQGZLHGHU]XGHPZXUGHQZDVHLQVWLKUH*HEXUW YHUDQODWH6RXQGQLFKWDQGHUVPXHVVHLQGHQQVRQVWKlWWHQZLU:HOWHQJHIXQGHQGLHYRQ 6XSHU]LYLOLVDWLRQHQEHKHUUVFKWZXUGHQ:LUDEHUIDQGHQQXU(QHUJLHGLHVLFKHUVWLQIHUQVWHU =XNXQIWLQ0DWHULHXPZDQGHOQZUGH'DPLWVFKOLHHLFKGDV/RJEXFKXQVHUHV6FKLIIHV Ä(ULVWGHU:DKUKHLWVHKUQDKHJHNRPPHQVDJWHGDV%HZXWVHLQGHV)UHPGHQ]X(OOHUWÄ'LH :HOWHQGRUWGUDXHQYHUZDQGHOQVLFKLQGHU7DWXQGNHKUHQ]XUHQHUJHWLVFKHQ)RUP]XUFN DEHUXQVHUXQEHNDQQWHU)UHXQGNRQQWHQLFKWEHPHUNHQGDDXFKGDVLQWHOOLJHQWH/HEHQ HQHUJHWLVFKH)RUPHQDQJHQRPPHQKDW(VJDENHLQHQ.RQWDNW]ZLVFKHQLKPXQGGLHVHU)RUP YRQ/HEHQ(VKlWWHQLHHLQHQJHEHQN|QQHQ'RFKQXQZLVVHQZLUZHQLJVWHQVZRKHUGLHVHV 6FKLIIVWDPPW(VLVWHLQ([SHGLWLRQVVFKLIIPHLQHV9RONHV (UQVW(OOHUWKDWWHHLQJDQ]DQGHUHV3UREOHP Ä,FKHULQQHUHPLFKDQHLQH3DVVDJHGHV/RJEXFKVLQGHUYRQHLQHP6RQQHQV\VWHPLP,QQHUQ GHV8QLYHUVXPVGLH5HGHZDUGDVHLQHQ3ODQHWHQPLW5LQJHQEHVD'HU.RPPDQGDQW EHKDXSWHWGLHVH(UVFKHLQXQJVHLHLQPDOLJ:HLWGXGDLFKHLQHQVROFKHQ3ODQHWHQNHQQH" Ä'XNHQQVWHLQHQVROFKHQ3ODQHWHQ"'DVLVWHUVWDXQOLFK:RLVWHV" Ä(ULVWGHUVHFKVWH3ODQHWPHLQHV+HLPDWV\VWHPVGDPDOVPXHVGHUVLHEWHJHZHVHQVHLQ GHQQGHU.RPPDQGDQWVSULFKWYRQLQVJHVDPW]HKQ3ODQHWHQ:HQQHVXQVP|JOLFKZlUHGHQ .XUVGLHVHV6FKLIIHV]XUFN]XYHUIROJHQHUKLHOWHLFKYLHOOHLFKWGLH.RRUGLQDWHQGHU6RQQHXP GLHPHLQ3ODQHWNUHLVW.|QQWHVWGXGDVIUPLFKWXQ" Ä'HVKDOEVLQGZLUMDKLHUPHLQ)UHXQG,FKZHUGHGHP1DYLJDWLRQVFRPSXWHUGHQ HQWVSUHFKHQGHQ$XIWUDJJHEHQ$EHULFKIUFKWH.HURQZLUG+XQJHUKDEHQ*|QQHQZLULKP HLQH3DXVH(UPXHVVHQVRQVWEULFKWHUYRU(UVFK|SIXQJ]XVDPPHQ $EHUPDOV]RJHQVLFK(OOHUWXQGGDVIUHPGH%HZXWVHLQ]XUFNXQGEHUOLHHQGHQMXQJHQ -l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Ä,QGHLQH0HZHUWHEHUWUDJHQGUIWHVLFKGHLQH*DOD[LVLQHWZDVPHKUDOV VLHEHQXQG]ZDQ]LJ0LOOLDUGHQ/LFKWMDKUH(QWIHUQXQJEHILQGHQ(VJLEWLQGLHVHP6HNWRUGHV 8QLYHUVXPVNHLQ5DXPVFKLIIGDVGLHVH6WUHFNHEHUZLQGHQN|QQWH'XZLUVWVLHDOVR N|USHUORV]XUFNOHJHQPVVHQ8PMHGRFKGLH5LFKWXQJ]XEHVWLPPHQPVVHQZLU]X PHLQHP+HLPDWSODQHWHQ'DDOOHUGLQJVGHU$EVWDQG]ZLVFKHQGHU:HOWGHU'UHLEHLQHUXQG PHLQHU+HLPDWZHOWLQGHU5HODWLRQJHVHKHQVRJHULQJLVWHQWVWHKWHLQVRZLQ]LJHU )HKOHUZLQNHOGDZLUGDUDXIYHU]LFKWHQN|QQHQ(VZLUGXQVP|JOLFKVHLQHLQH 2UWVEHVWLPPXQJDXFKYRQKLHUDXVYRU]XQHKPHQ,PPHUKLQVWHKHQXQVGLH,QVWUXPHQWHGHV 6FKLIIHVQRFK]XU9HUIJXQJ'RFKQXQPVVHQZLUZLHGHU5FNVLFKWDXIGLHN|USHUOLFKHQ %HGUIQLVVH.HURQVQHKPHQ

$PDQGHUHQ7DJDNWLYLHUWHGHU)UHPGHGHQJURHQ%LOGVFKLUPLQGHU1DYLJDWLRQV]HQWUDOH $XILKUHUVFKLHQGDV8QLYHUVXPZLHHVVHLQHP9RONEHNDQQWJHZHVHQZDU-HGHUZLQ]LJH /LFKWSXQNWEHGHXWHWHHLQHJDQ]H*DOD[LVXQGHVJDE7DXVHQGHXQGDEHU7DXVHQGHYRQLKQHQ (LQHGDYRQPXWH(OOHUWVKHLPDWOLFKH*DOD[LVVHLQ$EHUZHOFKH" 'HU&RPSXWHUGHUGHQ.XUVGHV6FKLIIHV]XUFNYHUIROJWKDWWH]HLFKQHWHVHLQHQ)OXJLQGLH 8QLYHUVDONDUWHHLQ'LHIHLQHZHLH/LQLHVSUDQJYRQ/LFKWSXQNW]X/LFKWSXQNWZlKUHQG XQWHUGHP%LOGVFKLUPGLHHQWVSUHFKHQGHQ.RRUGLQDWVGDWHQHUVFKLHQHQ-HQHDXIGLH(OOHUW ZDUWHWHZDUHQQRFKQLFKWGDEHL 'HU.XUVYHUOLHIQLFKWLPPHUJHUDGOLQLJ'HUZHLH6WULFKYHUOLHILP=LFN]DFNDEHUGLHJURH /LQLHEOLHEHUNHQQEDU Ä'LH*DOD[LVPWHHVVHLQEHPHUNWHGHU)UHPGH (OOHUWVWDUUWHDXIGDV(QGHGHU/LQLHXQGZDUWHWHDXIGHQQlFKVWHQ6SUXQJ$OVHUNDP HUVFKLHQHQXQWHUGHP%LOGVFKLUPGLHODQJHHUZDUWHWHQ.RRUGLQDWHQ (OOHUWKDWWHGLH0LOFKVWUDHZLHGHUJHIXQGHQ'LH(QWIHUQXQJEHUHLWHWHLKPGLHJHULQJVWH 6RUJHVLHZDUNHLQ3UREOHP:LFKWLJZDUQXUGDHUGLH5LFKWXQJIDQG(USUlJWHVLFKGDV %LOGGHU6WHUQNDUWHJHQDXHLQXQGGDHUVRHWZDVZLHHLQSKRWRJUDSKLVFKHV*HGlFKWQLVEHVD ZUGHHUHVQLHPDOVYHUJHVVHQ7URW]GHPZDUHVVFKZLHULJGDV=LHODQ]XYLVLHUHQGHQQHVJDE NHLQHUOHLRSWLVFKH$QKDOWVSXQNWH8QGDXIGLHZDUHUDQJHZLHVHQ8QGZLHGHUKDOILKPGHU )UHPGH Ä'XVLHKVWDXIGHU.DUWHHLQHVHOWHQH.RQVWHOODWLRQPHKUHUHU*DOD[LHQ6LHVWHKHQDXIEHLGHQ 6HLWHQEHU]HKQ0LOOLDUGHQ/LFKWMDKUHKLQZHJIDVWLQHLQHUJHUDGHQ/LQLHXQGELOGHQHLQH *DVVH:HQQGXGLHVH*DVVHDEJHVHKHQYRPHLQJH]HLFKQHWHQ.XUVZHLWHUKLQLQJHUDGHU /LQLHYHUOlQJHUVWVW|WGXJHQDXDXIGHLQHHLJHQH*DOD[LV(LJHQWOLFKNDQQVWGXVLHQLFKW YHUIHKOHQ Ä8QGZLHLVWGLH5LFKWXQJYRQKLHUDXV":LHILQGHLFKVLH" Ä$XFKGDVLVWHLQIDFKGHU=XIDOOKLOIWGLU,FKZHUGHHVGLULQGLHVHU1DFKW]HLJHQZHQQNHLQH :RONHQGHQ+LPPHOEHGHFNHQ 6LHOLHHQ.HURQGHQ5HVWGHV7DJHVYHUVFKODIHQGDPLWHUDP$EHQGIULVFKZDU(LQ%OLFN QDFKGUDXHQKDWWHLKQHQJH]HLJWGDHVVWHUQHQNODUZXUGH'DVEHGHXWHWHDEHUDXFKGDHV VHKUNDOWZXUGH(VILHO.HURQQLFKWOHLFKWGDV6FKLII]XYHUODVVHQXQGGXUFKGHQ KDUWJHIURUHQHQ6FKQHH]XJHKHQXPVLFKHLQ6WFNYRQLKP]XHQWIHUQHQ'DQQDEHUVWDQGHU DXIHLQHPGHUIODFKHQ*LSIHOYRQGHPDXVPDQHLQHQJURDUWLJHQ5XQGEOLFNKDWWH Ä:LUKDEHQ*OFN(UQVW(OOHUW:HQQGXVHQNUHFKWQDFKREHQEOLFNVWVLHKVWGXGLH .RQ]HQWUDWLRQGHU/LFKWSXQNWHYRQGHQHQGLHPHLVWHQ*DOD[LHQGDUVWHOOHQNHLQHHLQ]HOQHQ 6WHUQH'HUPLOFKLJH)OHFNLP=HQLWLVWHLQH=XVDPPHQEDOOXQJYRQ:HOWHQLQVHOQXQGJHQDX LQGLHVHU5LFKWXQJOLHJWDXFKGDV=HQWUXPGHV8QLYHUVXPVGHU3XQNWQlPOLFKDQGHPHV JHERUHQZXUGH:HQQGXGDUDXI]XKlOWVWXQGGLHHUZlKQWH*DVVHILQGHVWJHODQJVWGXVLFKHU DQV=LHO+DXSWDQKDOWVSXQNWLVWGLH=XVDPPHQEDOOXQJGHU0LOFKVWUDHQ(LJHQWOLFKVROOWHLFK GLFKEHQHLGHQGHQQGXZLUVWGHLQ9RONZLHGHUILQGHQ,FKDEHUELQVHOEVWPHLQ9RON,FKNDQQ QXUZDUWHQELV(ZLJNHLWHQYHUJDQJHQVLQG'DQQZLUGVLFKPLUHLQHQHXH$XIJDEHVWHOOHQ Ä:DUXPNRPPVWGXQLFKWPLWPLU"IUDJWH(OOHUWVSRQWDQÄ,QPHLQHU*DOD[LVJlEHHVYLHOH $XIJDEHQIUGLFK:DUXPZLOOVWGXKLHU(ZLJNHLWHQZDUWHQZHQQGLH*HJHQZDUWYROOHU $XIJDEHQLVW" Ä'HLQ9RONEHQ|WLJWNHLQH+LOIHPHKUGHQQLKUVHLGLQWHOOLJHQW'XVLHKVWHVDP%HLVSLHO GLHVHU'UHLEHLQHUZLHVHKUVLHGHU8QWHUVWW]XQJGXUFKK|KHUH,QWHOOLJHQ]HQEHGUIHQ'DV VROOQLFKWEHGHXWHQGDPDQLKUH(QWZLFNOXQJLQ]XKRKHP0DHEHHLQIOXWDEHUZLUVROOWHQ LKQHQLQPDQFKHQ)lOOHQ:HJZHLVHUVHLQ0HKUGUIHQZLUQLFKWWXQ'XZLUVWDOOHLQJHKHQ PVVHQGHQQLFKEOHLEH]XUFN$EHUHVZDUJXWGLUEHJHJQHW]XVHLQ 'XUFK.HURQV$XJHQVDK(OOHUWQRFKHLQPDOKLQDXI]XP=HQLWGDQQZDQGWHHUVLFKDEUXSWXP XQGOLHGHQ-lJHU]XP6FKLII]XUFNNHKUHQ$OV.HURQGLH:lUPHHQWJHJHQVFKOXJVFKORHU GLH/XNHXQGDWPHWHDXI(UZXWHQLFKWZDVHUGUDXHQJHWDQKDWWHXQGZDUXPHULQGLH

.lOWHJHJDQJHQZDUDEHUQXQZDUHUIURKLQGHUZDUPHQ+|KOHGHUYHUVFKZXQGHQHQ*|WWHU ]XVHLQ(UVXFKWHVHLQH.DELQHDXIXQGOHJWHVLFK]XP6FKODIQLHGHU %DOGZUGHHU]XVHLQHP6WDPPEHLGHQ+|KOHQ]XUFNNHKUHQ(UKDWWHVHLQHQ$XIWUDJHUIOOW XQGGHP'lPRQJHGLHQW(UZUGHZLHGHUIUHLVHLQ %HYRU.HURQDPDQGHUHQ7DJDXIEUDFKVDJWHGHU)UHPGH]X(UQVW(OOHUW Ä,FKZHLQLFKWREZLUQDFKGHP(OHNWURVFKRFNZHQQZLUXQVYRQVHLQHP.|USHUJHWUHQQW KDEHQQRFKGLH9HUELQGXQJDXIUHFKWHUKDOWHQN|QQHQ9LHOOHLFKWLVWHVXQVDOVUHLQH (QHUJLHZHVHQXQP|JOLFKRKQH.|USHUPLWHLQDQGHU]XVSUHFKHQ,QGHP)DOOZQVFKHLFKGLU VFKRQMHW]WHLQHJXWH+HLPNHKUXQG*OFNIUGHLQ9RON(VZlUHHLQXQHQGOLFKJURHU=XIDOO ZUGHQZLUXQVMHPDOVZLHGHUEHJHJQHQ Ä,FKELQGLUIUGHLQH+LOIHGDQNEDUGDVZHLWGX8QGLFKELQGDYRQEHU]HXJWGDZLUXQV HLQHV7DJHVZLHGHUEHJHJQHQZHUGHQGHQQZLUVLQGXQVWHUEOLFKGDV8QLYHUVXPDEHULVW EHJUHQ]W(VVWLPPWGDHVXQEHJUHLIOLFKJURLVWDEHUHVLVWQLFKWXQHQGOLFK(VKDWVHLQH *UHQ]HQXQGMHQVHLWVGLHVHU*UHQ]HQOLHJWGDV1LFKWV,QGLHVHV1LFKWVKLQHLQVWUHEHQXQVHUH *DOD[LHQXPVLFKLQ(QHUJLH]XUFN]XYHUZDQGHOQ9LHOOHLFKWLVWHVGRUWZRZLUXQVZLHGHU EHJHJQHQ Ä'DVZHLQLHPDQGXQGZHQQHVMHPDQGHQJLEWGHUHVZHLVRZLUGHUHVXQVQLFKWVDJHQ .HURQVWDSIWHGXUFKGHQ6FKQHHEHUJDE,PPHUZLHGHUPXWHHU6SDOWHQXPJHKHQGLHVLFK SO|W]OLFKYRULKPDXIWDWHQ'HU$EVWLHJZDUJHIlKUOLFKHUDOVYRUYLHOHQ7DJHQGHU$XIVWLHJ(V ZDUZl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|VWZRUGHQGDVQRFKYRULKQHQJHOHJHQKlWWH (OOHUWYHUVXFKWHVRIRUW.RQWDNWPLWGHP)UHPGHQDXI]XQHKPHQDEHUHVJHODQJLKPQLFKW ,KUH%HIUFKWXQJEHZDKUKHLWHWHVLFK6LHKDWWHQGLH9HUELQGXQJYHUORUHQ (UZDUEHLGHQ+|KOHQNDXPGDHUDQVLHJHGDFKWKDWWH-HW]WZRHUQLFKWPHKUDXIHLQHQ *DVWN|USHUDQJHZLHVHQZDUNRQQWHHUZLHGHUDOOHVZDKUQHKPHQZDVXPLKQKHUXPJHVFKDK (UVDK8UDEDOLDP)HXHUVLW]HQXQGHLQHQ.QRFKHQDEQDJHQ3DQDUNDPYRP%DFKXQG EUDFKWH:DVVHU$OV(OOHUWVLHHUEOLFNWHGDFKWHHUDQGLH=HLW]XUFNGLHHULQ8UDEDOLV.|USHU YHUEUDFKWKDWWH'RFKMHW]WHPSIDQGHUNHLQH/LHEHPHKUIUGLHMXQJH)UDX 'DV/HEHQJLQJZHLWHUHUNDQQWHHUXQGHUKDWWHGLHVHU(QWZLFNOXQJGHQHUVWHQ,PSXOV JHJHEHQ9RQQXQDQZDUMHGH+LOIHIUGLH'UHLEHLQHUEHUIOVVLJJHZRUGHQVLHZUGHQGHQ :HJLQGLH=XNXQIWVHOEVWILQGHQ0LWHLQHPOHW]WHQ%OLFNDXIGLH+|KOHQQDKP(OOHUWYRQ LKQHQ$EVFKLHGXQGEHIDQGVLFKQRFKLQGHUJOHLFKHQ6HNXQGHKXQGHUWWDXVHQG.LORPHWHUEHU GHP3ODQHWHQ8PLKQZDUZLHGHUGHU:HOWUDXPZLHHULKQVFKRQVRODQJHNDQQWH'RFKQXQ ZXWHHUZRQDFKHU]XVXFKHQKDWWHXQGPLWGHPHUVWHQ%OLFNKDWWHHUHVDXFKVFKRQ JHIXQGHQ'DZDUGHUJURHPLOFKLJZHLH)OHFNGHQGLHYLHOHQKXQGHUWRGHUWDXVHQG *DOD[LHQELOGHWHQDXVGHQHQGDV=HQWUXPGHV8QLYHUVXPVEHVWDQG(OOHUWXQWHUGUFNWHGHQ :XQVFKJOHLFKGRUWKLQ]XHLOHQZDVLKPGXUFKDXVP|JOLFKJHZHVHQZlUH$EHUQLHPDOV KlWWHHUVLFKGDQQLQGHP*HZLUUGHU0LOFKVWUDHQ]XUHFKWJHIXQGHQ(UPXWHJHQDXQDFK GHP3ODQYRUJHKHQGHQHUPLWGHP)UHPGHQDXVJHDUEHLWHWKDWWH(UPXWHGLH*DVVHILQGHQ 9RULKPHQWVWDQGGLH&RPSXWHU]HLFKQXQJDXVGHP6FKLII1XUQDFKLKUGXUIWHHUVLFK RULHQWLHUHQVRQVWYHULUUWHHUVLFKHUQHXW 1RFKHLQPDOZDUIHUHLQHQ%OLFNKLQDEDXIGLH:HOWGHUJUQHQ6RQQHGDQQYLVLHUWHHUVHLQ

=LHODQGLHEHQDFKEDUWH*DOD[LV,Q*HGDQNHQVFKQHOOHZDUHUGRUWXQGVFKRQVXFKWHHUGDV ]ZHLWH=LHO (LQHQHXH2G\VVHHEHJDQQIULKQ 6HLW(UQVW(OOHUWGLH.RQWUROOHEHUGLH=HLWYHUORUHQKDWWHEHVDHUDXFKQLFKWPHKUGDV *HIKOIUVLHXQGLKU9HUJHKHQ,P8QLYHUVXPJDEHVNHLQHQ$QKDOWVSXQNWGHUHLQ]LJHIU LKQZDUGLH(UGH(UEHJULIIDXIHLQPDOZDUXPGLH0HQVFKHQZlKUHQGLKUHUJDQ]HQ([LVWHQ] GLH(UGHDOV0LWWHOSXQNWGHV:HOWDOOVJHVHKHQKDWWHQZHQQLKUH%HZHJJUQGHDXFKDQGHUV ZDUHQDOVGLHVHLQHQ(UEUDXFKWHGLH(UGHDOV5HODWLRQDOV%H]XJVSXQNWZlKUHQGGLH 0HQVFKHQLKUGLHVH%H]HLFKQXQJJHJHEHQKDWWHQZHLOVLHVLFKVHOEVWDOV0LWWHOSXQNWGHV 8QLYHUVXPVEHWUDFKWHWHQ:LULUULJGLHVH$QVLFKWZDUZXWHQLHPDQGEHVVHUDOVHU ,QVJHVDPWEHUVSUDQJHUVLHEHQ*DOD[LHQHKHHUGLH*DVVHHUUHLFKWH6LHEHUZDQGHULQ]HKQ (WDSSHQZHLOHU2ULHQWLHUXQJVSDXVHQHLQOHJWHXQGVLFKGDV&RPSXWHUELOGLQV*HGlFKWQLV ]XUFNULHI$P(QGHGHU*DVVHKDWWHHUGLH+lOIWHGHUJHVDPWHQ6WUHFNH]XUFNJHOHJWRKQH GLH5LFKWXQJYHUORUHQ]XKDEHQ,QGLUHNWHU/LQLHJHVHKHQODJHQQXQ]ZLVFKHQLKPXQGGHU KHLPDWOLFKHQ0LOFKVWUDHQRFKVLHE]HKQIUHPGH*DOD[LHQ:HQQHUVLHEHUZXQGHQKDWWH PXWHQGHU$QGURPHGDQHEHOXQGXQPLWWHOEDUGDKLQWHUGLH0LOFKVWUDHYRULKUOLHJHQ 1DFKMHGHU(WDSSHPXWHHUVLFKQHXRULHQWLHUHQGLH3DXVHQZXUGHQMHGHVPDOOlQJHU'LH *DOD[LHQVWDQGHQQXQGLFKWHU]XVDPPHQ(LQHLQ]LJHU)HKOVSUXQJZUGHJHQJHQLKQGLH h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lUHYRUKDQGHQDEHUGDV6FKLIIZDUOHHU'LH 0DQQVFKDIWPXWHHVYHUODVVHQKDEHQ(UIDQGDXFKNHLQHQ$QKDOWVSXQNWZLHODQJHGDV KHUUHQORVH6FKLIIEHUHLWVXQWHUZHJVZDU(UNRQQWHQXUYHUPXWHQGDHV]XUQlFKVWJHOHJHQHQ *DOD[LVJHK|UWHXQGVLFKDXIGHP+HLPIOXJEHIDQG'DEHLPXWHHWZDVJHVFKHKHQVHLQZDV GLH%HVDW]XQJYHUDQODWHGDV6FKLIIDXI]XJHEHQ (OOHUWKlWWHJHUQHHUIDKUHQZDVSDVVLHUWZDUDEHUGDHUNHLQHQ.|USHUEHVDGHUVHLQHQ %HIHKOHQJHKRUFKWHNRQQWHHUDXFKGHQ/RJEXFK$XI]HLFKQHUQLFKWEHGLHQHQ$OV HQHUJHWLVFKHV:HVHQNRQQWHHU0DWHULH]ZDUGXUFKGULQJHQDEHUHUNRQQWHVLHQLFKWEHZHJHQ (UYHUOLHGDV6FKLIIXQGVDKLKPQDFKELVHVLP6WHUQHQJHZLPPHOGHU*DOD[LVYHUVFKZDQG GLHHUHEHQHUVWSDVVLHUWKDWWH (UZDQGWHVLFKVHLQHPQlFKVWHQ=LHO]X $OVHU$QGURPHGDHUUHLFKWHXQGYRQLKUHP5DQGDXVLQHLQHU(QWIHUQXQJYRQDQGHUWKDOE 0LOOLRQHQ/LFKWMDKUHQGLHYHUWUDXWHQ8PULVVHVHLQHU0LOFKVWUDHHUNDQQWHSDXVLHUWHHU DEHUPDOV(VZDUHLQHLJHQDUWLJHV*HIKOGDVLKQSO|W]OLFKEHUNDP:LHODQJHZDUHUDXIGHU 6XFKHQDFKLKUJHZHVHQXQGQXQKDWWHHUVLHJHIXQGHQ6LHJOLFKHLQHUZHLOLFK VFKLPPHUQGHQ/LQVHGLHHLQZHQLJVFKUl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lKHUNDPNRQQWHHUGLHHLQ]HOQHQ6SLUDODUPH XQWHUVFKHLGHQ6RIRUWHUNDQQWHHUMHQHQVFKODQJHQI|UPLJHQZLHGHULQGHPGDV6ROV\VWHP

EHKHLPDWHWZDU'DPLWVFKUXPSIWHGLH=DKOGHU6WHUQHGLHLQ%HWUDFKWNDPHQDXINQDSSHLQH 0LOOLDUGH]XVDPPHQ'RFKLQGHUJOHLFKHQ6LWXDWLRQZDUHUVFKRQHLQPDOJHZHVHQXQGHU KDWWHGLH6RQQHJHIXQGHQ(VZUGHLKPDXFKGLHVPDOJHOLQJHQ (VPXQRFKYLHO0HQVFKOLFKHVLQPLUVHLQGDFKWHHUZlKUHQGHULQGHQ6SLUDODUPHLQGUDQJ ,FKELQXQVWHUEOLFKXQGGDVJDQ]H8QLYHUVXPJHK|UWPLUYRQHLQHP(QGHELV]XPDQGHUHQ XQGWURW]GHPVHKQHLFKPLFKGDQDFKHLQHQNOHLQHQXQGXQEHGHXWHQGHQ3ODQHWHQ ZLHGHU]XVHKHQ'RFKYLHOOHLFKWLVWHVJDUQLFKWGLHVHU3ODQHWVRQGHUQQXUVHLQH%HZRKQHU GHUHQ1lKHLFKVXFKH $EHUZHQQHU]XLKQHQVSUHFKHQZROOWHXQGZHQQHU$QWZRUWEHNRPPHQZROOWHPXWHHU HLQHQYRQLKQHQEHUQHKPHQXQGVHLQ%HZXWVHLQYHUVNODYHQ(UZDUVLFKQLFKWVRVLFKHURE HUHVWXQZUGH 6FKRQEHLPGULWWHQ9HUVXFKHQWGHFNWHHUHLQHQ6WHUQGHQHUVHLQHUEHVRQGHUHQ0HUNPDOH ZHJHQYRQIUKHUKHUQRFKLQ(ULQQHUXQJKDWWH-HW]WZXWHHUGD6ROQXUQRFKDFKWKXQGHUW /LFKWMDKUHYRQLKPHQWIHUQWZDU$XFKGLH5LFKWXQJNRQQWHHUXQJHIlKUEHVWLPPHQXQGVR JHVFKDKHVGDHUQDFKZHLWHUHP(LQGULQJHQLQGHQ6SLUDOQHEHOSO|W]OLFKYRUVLFKHLQHQ JHOEHQ6WHUQVDKYRQGHPHUZXWHGDHVGLHKHLPDWOLFKH6RQQHZDU (UKDWWHHVJHVFKDIIW(UZDUZLHGHU]X+DXVH 8QGGDQQPLWHLQHPHLQ]LJHQ*HGDQNHQVFKZHEWHHUYHUWLNDOEHUGHP6RQQHQV\VWHPVR GDHUHVY|OOLJEHUEOLFNHQNRQQWH'RFKQRFKHKHHUEHJDQQGLH3ODQHWHQ]X]lKOHQZXWH HUGDLUJHQGHWZDVQLFKWLQ2UGQXQJZDU6DWXUQPLWVHLQHQ5LQJHQZDUXQYHUNHQQEDUGDV KDWWHDXFKGHU.RPPDQGDQWMHQHV6FKLIIHVDXIGHP3ODQHWGHUJUQHQ6RQQHHLQVWIHVWJHVWHOOW -XSLWHUPLWVHLQHQ0RQGHQERWHLQHQSUlFKWLJHQ$QEOLFN$EHUGHUlXHUVWH3ODQHW3OXWR IHKOWH6WDWWVHLQHUXPNUHLVWHHLQ]ZHLWHU$VWHURLGHQJUWHOGLH6RQQH(LQNRVPLVFKHV(UHLJQLV PXWHLKQ]HUVW|UWKDEHQVRZLHHLQVWGHQ3ODQHWHQ]ZLVFKHQ0DUVXQG-XSLWHU (OOHUWEHJDQQKDVWLJ]X]lKOHQXP]XVHLQHU9HUEOIIXQJIHVW]XVWHOOHQGDGLH6RQQHQXU QRFKVLHEHQ3ODQHWHQKDWWH$XHU3OXWRIHKOWHDOVRDXFKQRFKHLQDQGHUHU 'HUGULWWH3ODQHWGDVVWHOOWHHUDXIGHQHUVWHQ%OLFNIHVWZDUQLFKWPHKUGLH(UGHVRQGHUQGHU 0DUV'LH(UGHVHOEVWIHKOWH0LWHLQHUJHZLVVHQ(UOHLFKWHUXQJUHJLVWULHUWHHUGLH7DWVDFKH GDHVNHLQHQGULWWHQ$VWHURLGHQJUWHOJDEGRFKVHLQH9HUEOIIXQJEHUZRJDOOVHLQHDQGHUHQ (PSILQGXQJHQ'LH(UGHNRQQWHQLFKWYHUQLFKWHWZRUGHQVHLQVRQVWKlWWHHV6SXUHQGDYRQ JHJHEHQ$EHUVLHZDUDXFKQLFKWPHKUYRUKDQGHQ :DVZDUJHVFKHKHQ" (UZDUGDYRQEHU]HXJWGDHLQ3ODQHWQLFKWHLQIDFKYHUVFKZLQGHQNRQQWH8QGZHQQHU QRFKVRZHLWLQGLH=XNXQIWYRUJHGUXQJHQZDUVRZUGHHVNHLQH7HFKQLNJHEHQGLHGDV YHUPRFKWH8PHLQH.DWDVWURSKHNRQQWHHVVLFKDXFKQLFKWKDQGHOQGHQQ6SXUHQGHU 9HUQLFKWXQJIHKOWHQ8QGGRFKPXWHHVHLQH(UNOlUXQJJHEHQ 9RQQXQDQZXUGHHUYRUVLFKWLJHU(UQlKHUWHVLFKGHP6DWXUQGHQQHUNDQQWHGLH6WDWLRQHQ DXIGHVVHQ0RQG7LWDQ(QHUJLHIDOOHQNRQQWHQYHUKlQJQLVYROOIULKQVHLQZHQQHUDXFKNHLQH PDWHULHOOHQ:DIIHQ]XEHIUFKWHQKDWWH'HQ7RGJDEHVIULKQDOVUHLQHV%HZXWVHLQQLFKW DEHUHLQQHXHUOLFKHU6FKRFNNRQQWHLKQZLHGHUKLQDXVVFKOHXGHUQLQV1LFKWVLQGLH(ZLJNHLW XQGDQHLQHQXQEHNDQQWHQ3XQNWGHV8QLYHUVXPV 7LWDQVFKLHQXQYHUlQGHUW'LH*UDYLWDWLRQVIHOGHUPLWGHQHQGLHNQVWOLFKH6FKZHUNUDIW HU]HXJWZXUGHGLHZLHGHUXPGLH$WPRVSKlUHIHVWKLHOWZDUQRFKYRUKDQGHQ(OOHUWHUNDQQWH HVGDUDQGDVLFKGLH0HQVFKHQIUHLXQGRKQH6FKXW]DQ]JHDXIGHU2EHUIOlFKHEHZHJWHQ,Q GHQ+DQJDUVZXUGHJHDUEHLWHWXQGLQGHQULHVLJHQ:HUNVWlWWHQWLHILP,QQHUQ7LWDQVVWDQGHQ PHKUHUH5DXPVFKLIIH]XPhEHUKROXQJVGLHQVWEHUHLW'LH$EZHKUIRUWVZDUHQQRUPDOEHVHW]W XQGLQGHQ.RPPDQGRVWHOOHQYHUVDKHQGLH9HUDQWZRUWOLFKHQZLHEOLFKLKUHQ'LHQVW1LFKWV ZLHVDXIHLQXQJHZ|KQOLFKHV(UHLJQLVKLQ (OOHUWZXWHGDGHU6FKHLQWURJ'DVIULHGOLFKH/HEHQDXI7LWDQZDUQLFKWVDOV7DUQXQJ 7DUQXQJJHJHQZHQ" (VILHOLKPQLFKWVFKZHULQGLH*HGDQNHQHLQHV0HQVFKHQHLQ]XGULQJHQRKQHGHVVHQ

%HZXWVHLQ]XEHUKUHQ6RNRQQWHHUVLH]ZDUEHODXVFKHQDEHUHUZDUQLFKWLQGHU/DJH 9HUELQGXQJDXI]XQHKPHQXQGLKQHQ)UDJHQ]XVWHOOHQ(UZDUVRPLWDXIGHQ=XIDOO DQJHZLHVHQ8QGVREHJDQQHUPLWGHP9HUVXFKGLH:DKUKHLWKHUDXV]XILQGHQ (UVSUWHHLQHQlOWHUHQ2IIL]LHUDXIGHULQGHPZLQ]LJHQ*DUWHQVHLQHVYRUIDEUL]LHUWHQ +lXVFKHQVVSD]LHUHQJLQJ$OOHOlQJHUDXI7LWDQVWDWLRQLHUWHQ%HDPWHQXQG2IIL]LHUHEHVDHQ VROFKH+lXVHU'DVEHGHXWHWHGHPQDFKNHLQH%HVRQGHUKHLW:LFKWLJKLQJHJHQHUVFKLHQ(OOHUW GLH7DWVDFKHGDLQGHP*DUWHQXQJHZ|KQOLFKKRKH%lXPHZXFKVHQGHUHQ5LQGHLKU %HVLW]HUPLWOLHEHYROOHQ+lQGHQVWUHLFKHOWH)DVWHLQ%HZHLVGDIUGDHUVLHVHOEVWJHSIODQ]W XQGJURJH]RJHQKDWWH(UPXWHDOVRVFKRQODQJHDXI7LWDQVHLQ:HQQMHPDQGZXWHZDV JHVFKHKHQZDUGDQQHU 0LWXQHQGOLFKHU9RUVLFKWGUDQJ(OOHUWLQGLH*HGDQNHQZHOWVHLQHVDKQXQJVORVHQ2SIHUVHLQ XQGYHUVXFKWHVLFK]XRULHQWLHUHQ1DWUOLFKHUZDUWHWHHUQLFKWVRIRUWHLQHQ(UIROJYHUEXFKHQ ]XN|QQHQHUZDUDXIGHQ=XIDOODQJHZLHVHQ'HU2IIL]LHUHLQSDVVLRQLHUWHU2EHUVWGDFKWHDQ VHLQH%lXPHXQGDQVHLQH.DUWRIIHOQ)ULVFKH.DUWRIIHOQIULVFKDXVGHU(UGHXQGQRFKIHXFKW JDOWHQLQGHU6XSHU]LYLOLVDWLRQGHV6RODUHQ,PSHULXPVDOV/HFNHUELVVHQ%HVRQGHUVDXIGHP 6DWXUQPRQGZRGLHGQQH+XPXVVFKLFKWGXUFK6SH]LDOPHWKRGHQHUVWDXIEHUHLWHWZHUGHQ PXWH $OO]XYLHOHUIXKU(OOHUWLQGLHVHQHUVWHQ0LQXWHQQLFKW/HGLJOLFKVHLQH9HUPXWXQJGDGHU 2EHUVWIDVWVHLQKDOEHV/HEHQKLHUYHUEUDFKWKDWWHEHVWl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lKQWHQVLHGLHYHUVFKZXQGHQH(UGH(UVWVSlWHU DOVVLHLP%HWWODJHQXQGGDV/LFKWJHO|VFKWKDWWHQGDFKWHGHU2IIL]LHUQRFKHLQPDODQGLH *HVFKHKQLVVH]XUFNGLHVLFKYRUOlQJHUHU=HLWLP6RQQHQV\VWHPDEJHVSLHOWKDWWHQ $XVGHQVFKHLQEDU]XVDPPHQKDQJORVHQ*HGDQNHQJlQJHQJHODQJHV(OOHUWGLH(UHLJQLVVHLQ URKHQ8PULVVHQ]XUHNRQVWUXLHUHQ'LH/DUHQGLHEHKHUUVFKHQGH5DVVHHLQHUIUHPGHQ *DOD[LVKDWWHQ5KRGDQXQGGDV6RODUH,PSHULXPVRXQWHU'UXFNJHVHW]WGDHUVLFK JH]ZXQJHQVDKHLQZDKQVLQQLJHUVFKHLQHQGHV([SHULPHQWGXUFK]XIKUHQ 6HLQHQ:LVVHQVFKDIWOHUQZDUHVJHOXQJHQHLQH]ZHLWH6RQQHHLQHQZHLHQ=ZHUJPLW XQYRUVWHOOEDUVWDUNHP*UDYLWDWLRQVIHOG²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|UWQRFKJHVHKHQ:HQQ5KRGDQQRFKOHEWHZHQQGLH 0HQVFKHQQRFKOHEWHQZlUHHVVHOEVWYHUVWlQGOLFKJHZHVHQHLQ.XULHUVFKLIILQV 6RQQHQV\VWHP]XUFN]XVHQGHQXPYRQGHPHUIROJUHLFKHQ8QWHUQHKPHQ]XEHULFKWHQ (VNRQQWHHLQH)HKOWUDQVLWLRQVWDWWJHIXQGHQKDEHQGLHGHQ3ODQHWHQLQGLHIDOVFKH5LFKWXQJ

DEJHVWUDKOWKDWWHDEHUGDVZDUQRFKODQJHNHLQ*UXQGIUHLQVSXUORVHV8QWHUWDXFKHQ 'HU2EHUVWZDUHLQJHVFKODIHQXQGPLWVHLQHQZLUUHQ7UlXPHQYHUPRFKWH(OOHUWQLFKWVPHKU DQ]XIDQJHQ(U]RJVLFK]XUFNRKQHPHKUHUIDKUHQ]XKDEHQ :DVZDUPLWGHQ/DUHQ"6LHVFKLHQHQGDVEULJH6RQQHQV\VWHPEHVHW]W]XKDEHQRKQHVLFK MHGRFKRIIHQLQGLH$QJHOHJHQKHLWGHU0HQVFKHQ]XPLVFKHQ'DV9HUVFKZLQGHQGHU(UGHZDU IUVLHHLQ5lWVHOJHEOLHEHQXQGVLHZDUHQDXIHLQHQSO|W]OLFKHQh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|JOLFKNHLWOLHLKQQRFK]|JHUQVHLQ9RUKDEHQLQGLH7DWXP]XVHW]HQ'HU =XVDPPHQKDQJ]ZLVFKHQ5DXPXQG=HLWDXIGHUHLQHQXQG0DWHULHXQG(QHUJLHDXIGHU DQGHUHQ6HLWHZDUGHUDUWHQJGDVLFKMHGHGHUYLHU.RPSRQHQWHQLQGLHDQGHUHYHUZDQGHOQ NRQQWH6HOEVWPLWLKPNRQQWHHLQHJHZLVVH8PZDQGOXQJVWDWWILQGHQDEHU]XPLQGHVWZDUHV P|JOLFKGDHULQHLQHVROFKH$EKlQJLJNHLWYRQ5DXP0DWHULHRGHU=HLWJHULHWGDHUIU DOOH=HLWHQHLQ*HIDQJHQHUEOLHE $EHUZDUHUQLFKWVFKRQODQJHHLQ*HIDQJHQHUVHLQHUVHOEVW":DVKDWWHHUQRFK]XYHUOLHUHQ ZHQQHVNHLQ=LHOPHKUIULKQJDE"0XWHHUQLFKWDOOHVVHOEVWVHLQHHLJHQH([LVWHQ]DXIV 6SLHOVHW]HQXPGHUYHUODVVHQHQ0HQVFKKHLW]XKHOIHQ" (UEHVFKORGHQ9HUVXFK]XZDJHQ 6HOEVWQXUHQHUJHWLVFKHV%HZXWVHLQILHOHVLKPOHLFKWGDV=HQWUXPGHV7UDQVPLWWHUV]X ILQGHQ'LH$XVVWUDKOXQJGHV.UDIWIHOGHV]ZLVFKHQ6ROXQGGHPZHLHQ=ZHUJZDUHQVR VWDUNXQGVLHEUHLWHWHQVLFKJOHLFKPlLJQDFKDOOHQ6HLWHQDXVGDHVHLQIDFKZDULKUHQ 0LWWHOSXQNW]XHUXLHUHQ 'LHVHU0LWWHOSXQNWZDU]XJOHLFKGHUHLJHQWOLFKH6RQQHQWUDQVPLWWHU (VPXWH(OOHUWJHOLQJHQELV]XLKPYRU]XGULQJHQHKHHLQH7HLODEVWUDKOXQJHUIROJWHGLH VHLQH([LVWHQ]JHIlKUGHWYLHOOHLFKWVRJDUEHHQGHWKlWWH'HU9RUJDQJVHOEVWZDUXQWHU QRUPDOHQ8PVWlQGHQJHIDKUORVXQGRKQH3UREOHPHDEHUHVJDEHEHQ]XYLHOHXQEHNDQQWH )DNWRUHQLQGLHVHP)DOOXPLKQIHVWDQHLQHQKXQGHUWSUR]HQWLJHQ(UIROJJODXEHQ]XODVVHQ 'RFKVHLQ(QWVFKOXVWDQGIHVWXQGQLFKWVNRQQWHLKQPHKUGDYRQDEEULQJHQ (UYLVLHUWHGHQLPDJLQlUHQ3XQNWDQPLWWHQ]ZLVFKHQGHPZHLHQ=ZHUJVWHUQXQGGHU6RQQH XQGGDQQUDVWHHUKLQHLQLQGDVHQHUJHWLVFKH)HOGXPVRIRUWYRQGHQ8UJHZDOWHQDXIJHVRJHQ

XQGDEJHVWUDKOW]XZHUGHQ 'DV(UVWDXQOLFKHZDUGD(OOHUWHLQGHQNHQGHV%HZXWVHLQEOLHEXQGGHQ9RUJDQJPLW XQJODXEOLFKHU3Ul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|JOLFKVHLQLKUHQ6WDQGRUW]XEHVWLPPHQ'HUPLOFKLJH)OHFNGHUGLH 0LOFKVWUDHGDUVWHOOWHZDUOlQJVWHUORVFKHQ 9RUVLFKVDKHU]ZHL*DOD[LHQDXIWDXFKHQGLHJHUDGHGDEHLZDUHQVLFKDQGHQZLUEHOQGHQ 5lQGHUQ]XEHUKUHQXQGPLWHLQDQGHU]XYHUVFKPHO]HQ'LHJLJDQWLVFKHQ*UDYLWDWLRQVNUl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|W]OLFKRKQHhEHUJDQJ IUHL]XJHEHQ (UVFKZHEWH]ZLVFKHQGHQIUHPGHQ6WHUQHQGHUHQEHUVFKQHOOH5RWDWLRQLKPDEHUPDOV NODUPDFKWHGDHUVLFKLQHLQHUDQGHUHQ=HLWHEHQHDXIKLHOW'LH3ODQHWHQZLUEHOWHQZLH (OHNWURQHQXPLKUH6RQQHQZlKUHQGVLFKGLHEHLGHQ0LOFKVWUDHQVFKQHOOYRQHLQDQGHU HQWIHUQWHQ 'LH(QWWlXVFKXQJODKPWHVHLQ'HQNYHUP|JHQDEHUHVZDULKPY|OOLJNODUJHZRUGHQGDPLW GHU(UGHl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lPOLFKDQGHPGLH=HLWVWLOOVWDQGZHLOVLFK5DXP0DWHULHXQG(QHUJLHLQ VLHYHUZDQGHOWHQ 8QGGDPLWDXFKGLH(UGHXQGDOOHV/HEHQ 'RFKGDQQEHJDQQHQVLFKDOOH%HZHJXQJHQXPLKQKHUXPPHUNOLFK]XYHUODQJVDPHQXQG DOOPl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

'LH]ZHLWH6RQQHZLHGHUQLFKWV 'LHGULWWHGLH]HKQWHGLHWDXVHQGVWH (UQVW(OOHUWVXFKWHHLQ6WDXENRUQLQGHU8QHQGOLFKNHLWDEHUGLHVHV6WDXENRUQKLH(UGH 'DVZDUGHU*UXQGZDUXPHUQLHPDOVDXIJHEHQZUGH (1'(