Antimaterie-Alarm

$QWLPDWHULH$ODUP +*(ZHUV 'DODLPRF5RUYLFXQG 7DWFKHUD+DLQXEHLGHQ 0HLVWHUGLHEHQGHV.RVPRV E\...

Author: Ewers H G

37 downloads 667 Views 423KB 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

$QWLPDWHULH$ODUP

+*(ZHUV 'DODLPRF5RUYLFXQG 7DWFKHUD+DLQXEHLGHQ 0HLVWHUGLHEHQGHV.RVPRV E\0RHZLJ9HUODJ 'DODLPRF5RUYLFYHUVHW]WHPLUHLQHQKHIWLJHQ6WRGHUPLFKGXUFKGDV JH|IIQHWH6FKRWWLQGHQ.RUULGRUWDXPHOQOLH %HYRULFKPHLQ*OHLFKJHZLFKWZLHGHUIDQGXQGDXIGDV7UDQVSRUWEDQGVSUDQJ HQWGHFNWHLFKDXVGHQ$XJHQZLQNHOQHLQHU|WOLFKOHXFKWHQGH*HVWDOWPLW UXQGHP5XPSIHLQHPIODVFKHQI|UPLJHQ.RSIXQGYLHU$UPHQ 'HU)UHPGHVWDUUWH]XPLUKHUEHUGDQQEHZHJWHHUVLFKDXIGLH:DQG]X XQGYHUVFKZDQGGDULQ 'DODLPRF5RUYLFGHUWLEHWDQLVFKH$OOURXQGPXWDQWXQG&DSWDLQ7DWFKHUD +DLQXGHU0DUVJHERUHQHEHUQHKPHQGLH$XIJDEHGHQ+HLPDWSODQHWHQ GHUNRVPLVFKHQ0HLVWHUGLHEHYRUGHU9HUQLFKWXQJ]XEHZDKUHQ'DV EHUKPWEHUFKWLJWH=ZHLHUWHDPVW|WGDEHLDXIGHQ6WUXNWXUOlXIHUGHQ JHIlKUOLFKHQ.XQGVFKDIWHUHLQHVDXHUJDODNWLVFKHQ9RONHV 5RPDQDXVGHP-DKUKXQGHUW 'HUHLQ]HOQHLVWQXULQGHU*HPHLQVFKDIWYHUQQIWLJ$OH[DQGHU*RUERZVNLM 7HUUD

6LHZDUHQDXIYHUVFKLHGHQHQ:HJHQJHNRPPHQDEHUVLHDOOHKDWWHQQXUHLQ =LHO GLHOXQDUH,QSRWURQLN1$7+$1 'DVELRSRVLWURQLVFKH*HKLUQLP,QQHUQGHV(UGPRQGHVZDUVFKZHUEHZDFKW 9LHOIlOWLJH6LFKHUKHLWVV\VWHPHVRUJWHQGDIUGD8QEHIXJWHNHLQHQ=XJDQJ ]XMHQHQ$QODJHQHUKLHOWHQRKQHGLHHLQH.RRUGLQLHUXQJGHU|NRQRPLVFKHQ SROLWLVFKHQXQGPLOLWlULVFKHQ3ODQXQJHQXQG+DQGOXQJHQGHV6RODUHQ ,PSHULXPVQLFKWP|JOLFKZDU 'HQQRFKHUUHLFKWHQGLH)UHPGHQLKU=LHO 6LHEUDXFKWHQGLH6LFKHUKHLWVV\VWHPHQLFKW]XXPJHKHQGHQQVLHVLFNHUWHQ VWHWVLQGHU*HVWDOWHLQGLHNHLQHQ9HUGDFKWHUUHJWH(VNRVWHWHVLHHLQLJH $QVWUHQJXQJQDFKGHU(LQVLFNHUXQJVSKDVHGLHJHSODQWHQ0DQLSXODWLRQHQ YRU]XQHKPHQ'RFKEHL:HVHQZLHLKQHQ]lKOWHQLFKWGLH$QVWUHQJXQJ VRQGHUQGHU5HL]GHV8QWHUQHKPHQV 9|OOLJUHLEXQJVORVZLFNHOWHQVLHLKUH$NWLRQHQDEGHQQ*HVFKlIWHGLHVHUXQG lKQOLFKHU$UWJHK|UWHQVHLWXQGHQNOLFKHQ=HLWHQ]XP/HEHQLKUHV9RONHV $QVFKOLHHQGYHUOLHHQVLHGLHOXQDUH,QSRWURQLNXQGGHQ(UGPRQGZLHGHU $XIYHUVFKLHGHQHQ:HJHQJHODQJWHQVLHDXVGHP6ROV\VWHPKLQDXVXQG QLHPDQGKlWWHMHPDOVHWZDVYRQLKUHP%HVXFKEHPHUNWZHQQGHUXUDOWH 'UDQJGHULKU/HEHQEHKHUUVFKWHQLFKWEHUPlFKWLJJHZHVHQZlUH $OV]DKOUHLFKH3HUVRQHQDXI/XQDXQGDXI)UDFKWXQG.DPSIVFKLIIHQ $Q]HLJHQJHJHQ8QEHNDQQWZHJHQHEHQVRGUHLVWHUZLHP\VWHUL|VHU 'LHEVWlKOHHUVWDWWHWHQO|VWHGLH5HJLRQDOSROL]HLGHV6ROV\VWHPV )DKQGXQJVVWXIH$OSKDDXV $EHUGDKDWWHQGLH)UHPGHQGDVVRODUH6\VWHPOlQJVWZLHGHUYHUODVVHQXQG DOOHVGHXWHWHGDUDXIKLQGDGLHDQJH]HLJWHQ'LHEVWlKOHGHUHLQ]LJH*UXQG LKUHUIOFKWLJHQ9LVLWHJHZHVHQZDUHQ .HLQHUGHUIlKLJHQ.RVPRNULPLQDOLVWHQGHUVRODUHQ3ROL]HLDKQWHGDPDQHV QXUPLW1HEHQHUVFKHLQXQJHQHLQHUUDIILQLHUWHQ$NWLRQ]XWXQKDWWH $XFK1$7+$1QLFKWGHQQWURW]LKUHVKRFKWUDEHQGHQ1DPHQVZDUGLHOXQDUH ,QSRWURQLNDOOHVDQGHUHDOVZHLVH ,KUHGXUFK+\SHULPSXOVHPLWHLQDQGHUYHUEXQGHQHQ6\VWHPHJHKRUFKWHQ 3URJUDPPHQXQGQLFKWSKLORVRSKLVFKHQ%HWUDFKWXQJHQ]XGHQHQVLHJDU QLFKWEHIlKLJWZDUHQ 6LHIKUWHQ%HIHKOHDXVXQGGDVVRSHUIHNWZLHHVLKUH.RQVWUXNWHXUH JHSODQWKDWWHQ 8QGQDWUOLFKGLH)UHPGHQ 6RNDPHVGDHLQYROOURERWLVFKHU)UDFKWHUGHV6RODUHQ ([SHULPHQWDONRPPDQGRVQDFKGHP2ULHQWLHUXQJVDXVWULWWLP6HNWRU 0RQRFHURVVHLQHQ.XUVJHPlGHQQHXHQ$QZHLVXQJHQ1$7+$1VlQGHUWH $QVWDWWQDFKGHPQHXHUOLFKHQ(LQWDXFKHQLQGHQ=ZLVFKHQUDXPGLH6RQQH 6RODOV=LHOVWHUQDQ]XSHLOHQOLHGLH%LRSRVLWURQLNGHV5RERWVFKLIIHVGHQ

=HQWUDOVWHUQGHV'UHLIDFK6\VWHPV%HWD0RQRFHURVLQVHOHNWURQLVFKH )DGHQNUHX]GHV5HOLHIVFKLUPHVZDQGHUQ 1DFKNXU]HP/LQHDUIOXJODQGHWHGDV)UDFKWVFKLIIDXIHLQHPGHUZHQLJHQ 3ODQHWHQGLHVHV6\VWHPVHLQHUgGZHOWGLHQXUDXV6DQGXQG6FKODPP]X EHVWHKHQVFKLHQ (VODQGHWHJHQDXLQGHU0LWWHHLQHV.UHLVHVGHQGLH5DXPVFKLIIHGHU )UHPGHQDXIHLQHUIODFKHQ6DQGZVWHJHELOGHWKDWWHQ(LQZHLWHUHU %HIHKOVLPSXOVYRQ1$7+$1YHUDQODWHGLH%LRSRVLWURQLNGLH )UDFKWVFKOHXVHQ]X|IIQHQXQGGDQDFKVLFKXQGGDPLWDOOH %RUGVLFKHUKHLWVV\VWHPH]XGHVDNWLYLHUHQ 8QJHKLQGHUWNRQQWHQGLH)UHPGHQGLH/DGXQJGHV5RERWVFKLIIHVO|VFKHQ XQGLQLKUHQNOHLQHUHQ5DXPVFKLIIHQYHUVWDXHQ=DKOUHLFKHUXELQURW VFKLPPHUQGH%HKlOWHUGHUHQ,QKDOWHLQHQ:HUWGDUVWHOOWHYRQGHPVLFKGHU QRUPDOH%UJHUGHV6RODUHQ,PSHULXPVNHLQH9RUVWHOOXQJ]XPDFKHQ YHUPRFKWH $EHUGHU,QKDOWGHUUXELQURWHQ%HKlOWHUZDUQLFKWQXUXQJHKHXHUZHUWYROO VRQGHUQDXFKXQJHKHXHUJHIlKUOLFK 'LH)UHPGHQZXWHQGDV'RFKVLHJODXEWHQGLHVFKODIHQGH.UDIW EHKHUUVFKHQ]XN|QQHQ 1DFKhEHUQDKPHGHUNRVWEDUHQ)UDFKWVWDUWHWHQVLHYRQGHUgGZHOW'DV 5RERWVFKLIIEOLHEPLWZHLWJH|IIQHWHQ)UDFKWVFKOHXVHQDXIGHU6DQGZVWH ]XUFN 1DFKHLQHUJHZLVVHQ=HLWVSDQQHVRUJWHHLQ5FNNRSSOXQJVPHFKDQLVPXVLQ GHUOXQDUHQ,QSRWURQLNGDIUGDHLQ6SHLFKHUVHNWRUEHLGHU]XVWlQGLJHQ $NWLYVHNWLRQDQIUDJWHZDUXPHLQHEHVWLPPWH$NWLRQQRFKQLFKWDOV DEJHVFKORVVHQJHPHOGHWZRUGHQVHL 'DUDXIKLQEHJDQQGLH,QWHUQ.RPPXQLNDWLRQYRQ1$7+$1DXIYROOHQ7RXUHQ ]XODXIHQ=DKOORVH+\SHULPSXOVHVFK|VVHQRKQH=HLWYHUOXVW]ZLVFKHQGHQ ELRSRVLWURQLVFKHQ6\VWHPHQKLQXQGKHUXPHLQHORJLVFKHXQGEHIULHGLJHQGH $QWZRUWDXIGLH)UDJH]XILQGHQ $EHUHVJDENHLQHORJLVFKH(UNOlUXQJIUGHQ9RUIDOO8QGZLHLPPHUZHQQ 1$7+$1VLFKQLFKWDXVHLJHQHU.UDIW]XKHOIHQYHUPRFKWHULHIGLH,QSRWURQLN LKUHQ+HUUQXQG0HLVWHUDQGHQ0HQVFKHQ 'HQQEHLDOOLKUHUWHFKQLVFKHQ3HUIHNWLRQXQGUlXPOLFKHQ$XVGHKQXQJZDU GDVPHQVFKOLFKH*HKLUQDXFKGHUJU|WHQ,QSRWURQLNGHVEHNDQQWHQ 8QLYHUVXPVHQWVFKHLGHQGEHUOHJHQ ,FKVFKDOWHWHGLHVWDUNHQ6FKHLQZHUIHUPHLQHV)OXJJOHLWHUVDQDOVGLH ]HUNOIWHWHQ5lQGHUGHV*URHQ&DQRQVEHUPLU]XUFNEOLHEHQ $QGLHVHU6WHOOHZDUGDVDXVJHWURFNQHWH)OXEHWWQXUHWZDGUHL.LORPHWHU EUHLWGDIUDEHUIDVW.LORPHWHUWLHI%HUHLWV (WZDGUHLLJ0HWHUKLQWHUGHU6WDWXHDUEHLWHWHHLQJHPLVFKWHV7HDP PDUVLDQLVFKHUXQGWHUUDQLVFKH$XVJUDEXQJVH[SHUWHQ6LHKDWWHQHLQHQ EUHLWHQ7RUERJHQIUHLJHOHJWGHUDXV0LOOLRQHQJHEQGHOWHU*ODVIDVHUQ

EHVWDQGXQGIUKHUZDKUVFKHLQOLFKHLQPDOYRQ]DKOORVHQEXQWHQ/LFKWVWUDKOHQ GXUFKODXIHQZXUGH 'HU*ODVUHJHQERJHQ 3URIHVVRU+LWFKHQVHLQJURHUKDJHUHU7HUUDQHUVDKPLFKXQWHUEUDFKVHLQH $UEHLWXQGNDPDXIPLFK]X +DOOR7DWFKHUULHIHU +DOOR%LOOULHILFK]XUFN:LHJHKWHVYRUDQ" =XIULHGHQVWHOOHQG0DQEUDXFKWQDWUOLFKGLH*HGXOGHLQHV3IHUGHVDEHUGDV LVWEHLGHQPHLVWHQ$XVJUDEXQJHQVR,PPHUKLQLVWGHU*ODVUHJHQERJHQEDOG Y|OOLJIUHLJHOHJW'DQQIDQJHQZLUPLWGHP'XUFKEUXFK]XU+|KOHGHU 6LHE]HKQ.RVWEDUNHLWHQDQ(UODFKWH 'LH+|KOHGHU6LHE]HKQ.RVWEDUNHLWHQZDUHEHQIDOOVYRQPLUHQWGHFNW ZRUGHQ$OOHUGLQJVEHQXW]WHQGLH7HUUDQHUGHQQDWUOLFKHQ)HOVVWROOHQGHU GRUWKLQIKUWHZHJHQ(LQVWXU]JHIDKUQLFKW ,FKJULQVWH 'DQQZHUGHLFKLQ]ZLVFKHQGLH6LHE]HKQ.RVWEDUNHLWHQYRQ,KQHQJUHQ %LOOHUNOlUWHLFK 'HU3URIHVVRUKREEHVFKZ|UHQGGLH$UPH 'DVGUIHQ6LHQLFKW7DWFKHU(VLVWYLHO]XJHIlKUOLFK(LQPDOLVWHV,KQHQ JHOXQJHQKHLOKLQHLQXQGZLHGHUKHUDXV]XNRPPHQDEHUEHLP]ZHLWHQ0DO N|QQWHHVVFKLHIJHKHQ ,FKZLQNWHDE 1LFKWEHLPHLQHP6FKXW]HQJHO%LOO %LOO\+LWFKHQVSDIIWHQHUY|VDQVHLQHU=LJDUUH (LJHQWOLFKPWHLFK6LHGDUDQKLQGHUQGHQHLQVWXU]JHIlKUGHWHQ6WROOHQ]X EHWUHWHQ7DWFKHU $EHU6LHYHUVXFKHQHVJDUQLFKWHUVWZHLO6LHGDQQQlPOLFK*HZDOW DQZHQGHQPWHQHQWJHJQHWHLFK (UYHU]RJXQZLOOLJGDV*HVLFKW 6LHYHUWUDXHQQDWUOLFKGDUDXIGDHVNHLQ7HUUDQHUZDJW HLQHQ0DUVLDQHUGHUD.ODVVHXQVDQIWDQ]XIDVVHQPHLQWHHUPUULVFK 1DWUOLFK8QVHUH9RUIDKUHQKDEHQGHQ0DUVEHVLHGHOWDOVHUGHQPHLVWHQ 7HUUDQHUQQRFK]XNDOW]XWURFNHQXQG]XVDXHUVWRIIDUPZDU)ROJOLFKJHK|UW GLHVHU3ODQHWGHQ0DUVLDQHUQGHUD.ODVVHXQGNHLQ7HUUDQHUGDUIXQVKLHU 9RUVFKULIWHQPDFKHQ +LWFKHQVOlFKHOWHUHVLJQLHUHQG ,FKZLOO6LHQLFKWEHOHLGLJHQ7DWFKHUDEHUIUXQVDOOHJHOWHQGLHJOHLFKHQ *HVHW]H+RIIHQWOLFKVW|W,KQHQGRUWGULQQHQQLFKWV]XVRQVWZUGHLFKPLU LPPHU9RUZUIHPDFKHQ .HLQH6RUJHHUZLGHUWHLFK0LUSDVVLHUWQLFKWVVRODQJHGLHVHUWLEHWLVFKH 6FKDUODWDQQLFKWLQPHLQHU1lKHLVW,FKP|FKWH]XJHUQZLVVHQZRVLFKGDV URWlXJLJH6FKHXVDOKHUXPWUHLEW(UKlWWHPLUZHQLJVWHQVPDOHLQH $QVLFKWVNDUWHVFKLFNHQN|QQHQ +LWFKHQVODFKWH

6LHVFKHLQHQDQGHP!6FKHXVDO]XKlQJHQ7DWFKHU ,FKZLQNWHDE 1LFKWGLH6SXU%LOO +DVWLJHLOWHLFKDXIGLHgIIQXQJGHVQDWUOLFKHQ)HOVVWROOHQV]XXQGNURFK KLQHLQ,FKPXWHGLHYRUPHLQHU%UXVWKlQJHQGH$WRPODPSHHLQVFKDOWHQXP HWZDVVHKHQ]XN|QQHQ 8PPLFKKHUXPZDUXUDOWHVKHOOJUDXHV*HVWHLQYRQ]DKOORVHQ5LVVHQ GXUFK]RJHQ:DVVHUWURSIHQKLQJHQVFKZHUDQGHU'HFNHXQGPDQFKPDOILHO HLQHUYRQLKQHQKHUDE$OVHVLP)HOVEHUPLUNQLUVFKWHEOLHELFKVWHKHQXQG KLHOWXQZLOONUOLFKGHQ$WHPDQ 'RFKGDV.QLUVFKHQYHUVWXPPWHZLHGHURKQHGDLFKXQWHU7DXVHQGHQYRQ 7RQQHQ)HOVEHJUDEHQZRUGHQZlUH (QWJHJHQPHLQHU]XU6FKDXJHWUDJHQHQ=XYHUVLFKWZXWHLFKJDQ]JHQDX GDLFKHLQJURHV5LVLNRHLQJLQJZHQQLFKGLHVHQ6WROOHQEHQXW]WH$EHU PHLQH1HXJLHUKDWWHQRFKLPPHUDOOH%HGHQNHQEHVLHJW ,FKHLOWHZHLWHUXQGHQGOLFKEHWUDWLFKGLH+|KOHGHU6LHE]HKQ.RVWEDUNHLWHQ 'HU/LFKWNHJHOPHLQHU/DPSHNUHLVWHQDFKGHPLFKVLHDXV GHU0DJQHWKDOWHUXQJJH]RJHQKDWWH(UHQWKOOWHDQGHUJHJHQEHUOLHJHQGHQ :DQGGHU.DYHUQHHLQH$UW:DQGUHOLHIGDVWHLOZHLVHYRQ0DJPD EHUIO|VVHQZRUGHQZDU (VKDQGHOWHVLFKQLFKWHWZDXPHLQJHZ|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|JOLFKHUZHLVHIDQGHQZLUGDQQGLH*UQGHGDIUZDUXPLKUH=LYLOLVDWLRQHQ XQWHUJHJDQJHQZDUHQ 3O|W]OLFKVSUWHLFKHLQHLJHQWPOLFKHV.ULEEHOQLP1DFNHQ,FKGUHKWHPLFK QLFKWXPVRQGHUQVFKDOWHWHPHLQH/DPSHDXVXQGODXVFKWH 0HLQ,QVWLQNWKDWWHPLUVRHEHQHLQH:DUQXQJVLJQDOLVLHUW *HIDKU

$XVGHUGLHVVHLWLJHQ6WROOHQPQGXQJHUVFKROOGDV*HPXUPHOIHUQHU 6WLPPHQ(LQPDOVFKZROOHVDQXQGLFKJODXEWH%LOOV6WLPPH KHUDXV]XK|UHQZDUPLUDEHUQLFKWVLFKHU 'DQDFKEUDFKGDV*HPXUPHODE .XU]GDUDXIYHUQDKPLFKGDV7DSSHQVFKZHUIlOOLJHU6FKULWWH DXVGHP6WROOHQZHQLJVSlWHUJHVHOOWHVLFKJHOHJHQWOLFKHV6FKQDXIHQKLQ]X -HPDQGNDPGXUFKGHQHLQVWXU]JHIlKUGHWHQ6WROOHQ ,FKGUHKWHPLFKODQJVDPXP'LH6FKULWWHEUDFKHQDEGDQQIROJWHHLQH6HULH YRQXQLGHQWLIL]LHUEDUHQ*HUlXVFKHQEHJOHLWHWYRQVWlUNHUHP6FKQDXIHQ 8QG6WLOOH 'DQQULHIHLQH%DVWLPPHGLHPLUQXUDOO]XJXWYHUWUDXWZDU %HLPZHLHQ6FKUHLQYRQ.DSLODYDVWX+ROHQ6LHPLFKHQGOLFKKLHUKHUDXV 7DWFKHU6FKOLHOLFKKDEHQ6LHPLFKLQGLHVH)DOOHJHORFNW 'DODLPRF5RUYLF ,FKVFKDOWHWHPHLQH$WRPODPSHZLHGHUHLQXQGNURFKLQGHQ6WROOHQ'HU KHOOH/LFKWNHJHOILHODXIGDVJHGXQVHQH*HVLFKWGHVWLEHWLVFKHQ $OOURXQGPXWDQWHQGHQLFKQRFKYRUNXU]HP/LFKWMDKUHHQWIHUQWJHZlKQW KDWWH 'DODLPRF5RUYLFZDUDQGHUHQJVWHQ6WHOOHGHV6WROOHQV]ZLVFKHQGHQ )HOVZlQGHQHLQJHNOHPPWXQGNRQQWHRIIHQEDUZHGHUYRUQRFK]XUFN(LQ :DVVHUWURSIHQILHOYRQGHU'HFNHKHUDEXQG]HUSODW]WHDXIGHPNDKOHQ 6FKlGHOGHV6FKHXVDOV :DVVXFKHQ6LHGHQQKLHU6LU"IUDJWHLFKYHUZLUUW )UDJHQ6LHQLFKWVRGXPP7DWFKHUHQWJHJQHWH5RUYLFZWHQG1DWUOLFK KDEHLFK6LHJHVXFKWXQGWURW]DOOHU)DOOHQGLH6LHXQWHUZHJVIUPLFK OHJWHQLVWHVPLUVFKOLHOLFKJHOXQJHQ6LH]XILQGHQ 6WLUQUXQ]HOQGPXVWHUWHLFKGLHXQYROOVWlQGLJH.OHLGXQJGHV0XWDQWHQ(UWUXJ HLQHWHUUDQLVFKH%RUGNRPELQDWLRQXQGRKQHGHQ:DIIHQJXUWZLUNWHVHLQ %DXFKQRFKYROXPLQ|VHUDOVVRQVW%HVRQGHUVNXULRVDEHUZLUNWHHURKQH 6WLHIHO(UWUXJVFKZHUHVHLGHQH6RFNHQDQGHQ)HQXQGDXVGHUOLQNHQ VFKDXWHGHUJURH=HKKHUDXV *HJHQPHLQHQ:LOOHQPXWHLFKODFKHQ 5RUYLFIXQNHOWHPLFK]RUQLJDQ /DFKHQ6LHQXU6LHKHLPWFNLVFKHU0DUV]ZHUJVFKLPSIWHHU(VZLUG ,KQHQEDOGJHQXJYHUJHKHQ/RVEHIUHLHQ6LHPLFK ,FKZXUGHZLHGHUHUQVW 6LHPLW,KUHQ]DKOUHLFKHQ3DUDIlKLJNHLWHQEUDXFKHQGRFKNHLQH+LOIHXP IUHL]XNRPPHQHUZLGHUWHLFK (LQIDOWVSLQVHOHUNOlUWHHUVFKURII'DQQVHQNWHHUGLH6WLPPHVRGDLFK LKQNDXPQRFKYHUVWDQG'LH6WDELOLWlWGLHVHV)HOVJHVWHLQVZLUGQXUGXUFK XQJHKHXHUNRPSOL]LHUWHSVLRQLVFKH6WU|PXQJHQDXIUHFKW]XHUKDOWHQ7DWFKHU 6REDOGLFKGHQ3DUDVHNWRUPHLQHV*HKLUQVDNWLYLHUHZHUGHQGLHVH 6WU|PXQJHQHPSILQGOLFKJHVW|UW'DQQN|QQWHQ7DXVHQGHYRQ7RQQHQ *HVWHLQKHUDEEUHFKHQXQGXQVDOOHXQWHUVLFKEHJUDEHQ

6LHSIOHJHQ]XVFKHU]HQ6LUVDJWHLFK'RFKLFKZXWHJHQDXGDGHU 7LEHWHUQLFKWVFKHU]WHQLFKWLQGLHVHP$XJHQEOLFN$EHUPDOVHUVFKDXGHUWH LFK'LHVH6WlWWHVFKLHQPHKUDOVQXULKUHVLFKWEDUHQ*HKHLPQLVVH EHUHLW]XKDOWHQ 5DPPHQ6LHPLFKPLWGHU6FKXOWHU7DWFKHUEHIDKO'DODLPRF5RUYLF ,FKQLFNWHEHIHVWLJWHPHLQH/DPSHLQGHU0DJQHWKDOWHUXQJVHQNWHGHQ.RSI XQGUDQQWHDXIGHQIHWWHQ7LEHWHUORV0HLQH6FKXOWHUSUDOOWHLQ1DEHOK|KH JHJHQVHLQHQ%DXFK,FKKDWWHGDV*HIKOJHJHQHLQH0DXHUJHUDQQW]X VHLQWDXPHOWHUFNZlUWVXQGVHW]WHPLFKKLQ 5RUYLFEHZHJWHVHLQHQPDVVLJHQ.|USHU6HLQH.RPELQDWLRQ]HUULDQGHQ 6FKXOWHUQGDQQNDPGHU7LEHWHUIUHLXQGVHW]WHVLFKPLUJHJHQEHU (UVFKQDXIWHODXWGDQQVDJWHHU 6FK|Q6LH]XVHKHQ7DWFKHU$EHUYHUUDWHQ6LHPLUEORZLH6LHHV EHZHUNVWHOOLJWKDEHQGDPLUDXIGHP:HJ]X,KQHQPHLQ:DIIHQJXUW PHLQH0W]HXQGPHLQH6WLHIHOJHVWRKOHQZXUGHQRKQHGDLFKHWZDVGDYRQ PHUNWH *HVWRKOHQ"HFKRWHLFKYHUEOIIW 5RUYLFV*HVLFKWOLHIURWDQ 0HLQHQ6LHHWZDLFKOLHIHIUHLZLOOLJVRKHUXP6LHPDUVLDQLVFKHU 'QHQKSIHU %HL,KQHQLVWDOOHVP|JOLFKHUZLGHUWHLFKVWDQGDXIXQG ULHEPLUGLHVFKPHU]HQGH6FKXOWHU:DUXPKDEHQ6LHPLFKHLJHQWOLFK JHVXFKW" 'DODLPRF5RUYLFNDPVRVFKQHOOXQGPKHORVDXIGLH)HZLHPDQHV HLQHPGHUDUWNRUSXOHQWHQ0DQQQLH]XJHWUDXWKlWWH 'HU*URDGPLQLVWUDWRUKDWPLFKEHDXIWUDJW,KQHQVHLQHQ%HIHKO]X EHUEULQJHQVLFKXQYHU]JOLFKEHLLKP]XPHOGHQ ,FKVSUWHZLHVLFKPHLQ0DJHQ]XVDPPHQNUDPSIWH3HUU\5KRGDQZUGH PHLQH)UHLVWHOOXQJQLHPDOVDXVHLJHQHP$QWULHEUFNJlQJLJPDFKHQ :DKUVFKHLQOLFKKDWWHGHU7LEHWHULQVHLQHUKHLPWFNLVFKHQ$UWHLQH NRPSOL]LHUWH,QWULJHHLQJHIlGHOWXPPLFKZLHGHUXQWHUVHLQH%HIHKOVJHZDOW]X EHNRPPHQ $EHU5KRGDQKlWWHHLQH$XIIRUGHUXQJQLHPDOVGHUDUWLJXQK|IOLFKIRUPXOLHUW ,FKVDJWHGDVGHP7LEHWHUXQG'DODLPRFJDE]XGDGHU*URDGPLQLVWUDWRU VHLQH$XIIRUGHUXQJLQHLQH%LWWHJHNOHLGHWKDWWH (ULVWHEHQ]XZHLFKNRPPHQWLHUWH5RUYLF,FKGDJHJHQZHLGDPDQ EHL,KQHQQXUHWZDVHUUHLFKWZHQQPDQ6LHVFKDUIDQGLH.DQGDUHQLPPW (UEFNWHVLFKXQGWlWVFKHOWHPLUGLH:DQJH $EHULP*UXQGHJHQRPPHQKDEHQ6LHHLQHQJXWHQ.HUQPHLQOLHEHU 7DWFKHUVDJWHHUKHXFKOHULVFK8QGQXQNRPPHQ6LHHQGOLFKDXVGLHVHU YHUZQVFKWHQ+|KOHKHUDXV (LQYHUVWDQGHQHQWJHJQHWHLFKHLVLJ$EHUEHYRULFKPLFKYRQ,KQHQ]XP *URDGPLQLVWUDWRUHQWIKUHQODVVHIOLHJHLFKQDFK+DXVHXPPLFKYRQ PHLQHU)DPLOLH]XYHUDEVFKLHGHQ

,FKZHUGH6LHEHJOHLWHQHQWVFKLHG5RUYLF 'HU7LEHWHUIROJWHPLULQVHLQHPHLJHQHQ)OXJJOHLWHUZlKUHQGLFKEHUGLH EXQWJHVSUHQNHOWHQ0DUVZLHVHQ]XGHUNOHLQHQ$QVLHGOXQJIORJZRLFKPLW PHLQHU)DPLOLHHLQHQ%XQJDORZEHZRKQWH $OVZLUDXIGHU3DUNIOlFKHODQGHWHQWDXFKWHQPHLQHEHLGHQ -QJVWHQDXVGHP6DQGJDUWHQDXI&DUXKXQGLFKKDWWHQXQVGDIU HQWVFKLHGHQ]ZHL'ULWWHOGHV*UXQGVWFNHVVR]XJHVWDOWHQGDVLFK 0DUVLDQHUGHUD.ODVVHGDULQZRKOIKOWHQ'HVKDOEJDEHVLQXQVHUHP 6DQGJDUWHQQLFKWVDXHU6DQG$XIGHPUHVWOLFKHQ'ULWWHO]FKWHWHQZLU .DNWHHQXQG.FKHQNUlXWHU 1DFKGHUVWUPLVFKHQ%HJUXQJVDJWHLFK 0HUFHLOHXQG5HJLQDOGGHUGLFNH7HUUDQHUQHEHQPLUKHLW'DODLPRF 5RUYLF 0HUFHLOHVWUHFNWHGHP7LEHWHUGLH=XQJHKHUDXVZlKUHQG5HJLQDOGVHLQH 8QOXVWJHIKOHDEUHDJLHUWHLQGHPHULQWHQVLYPLWGHP=HLJHILQJHULQGHU1DVH ERKUWH 5RUYLFEHUVDKGLHVH$EOHKQXQJJHIOLVVHQWOLFK(UVWUDKOWHEHUVJDQ]H *HVLFKWXQGVDJWH]XFNHUV ,FKIUHXHPLFKHXFK]XVHKHQLKUQLHGOLFKHQ0DUV]ZHUJH6LFKHUZLWLKU QLFKWGDLFKHLQ$OOURXQGPXWDQWELQ6ROOLFKHXFKHLQPDOHWZDVYRQPHLQHQ .QVWHQ]HLJHQ" hEHUGHP6DQGJDUWHQELOGHWHVLFKHLQH:LQGKRVH(LQLJH=HQWQHU6DQG ZXUGHQDXIJHZLUEHOWXQGNUHLVHOWHQDOVGQQHU6FKODXFKEHUGDV *UXQGVWFN 5HJLQDOGVWDUUWHGDV:XQGHUDXVJURHQ$XJHQDQ'RFK0HUFHLOH]HLJWH VLFKGHVLQWHUHVVLHUW6LHKREHLQHQ6WHLQDXIXQGVFKOXJGDPLWDXI5RUYLFV QDFNWHQ=HKHLQ 'DVOHQNWHGHQ0XWDQWHQDE6HLQH6DQGKRVHEHZHJWHVLFKXQNRQWUROOLHUW ZHLWHUHUUHLFKWHGDV1DFKEDUJUXQGVWFNXQGILHOSO|W]OLFKEHUGHU7HUUDVVH LQVLFK]XVDPPHQ +LOGD.RV\UHZGLHEH]DXEHUQGH)UDXPHLQHV1DFKEDUQ]XU/LQNHQVFKR UDNHWHQJOHLFKDXVGHP6ZLPPLQJSRROXQGEHWUDFKWHWHVSUDFKORVGLH %HVFKHUXQJ +LHUVWHKWGHU0LVVHWlWHUULHILFKXQGGHXWHWHDXI'DODLPRF5RUYLF(LQ YHUUFNWHUWHUUDQLVFKHU0XWDQW +LOGDGUHKWHVLFKXPPXVWHUWHGHQ7LEHWHUXQGNDPDQGHQQLHGULJHQ=DXQ (VLVWQLFKWZHLWHUVFKOLPPYHUVLFKHUWHVLH]XPHLQHU(QWWlXVFKXQJ8QVHU +X*R+GDPLWPHLQWHVLHLKUHQ+DXVXQG*DUWHQRGHU+RIURERWHUZLUG GDVLQ2UGQXQJEULQJHQ 6LHOlFKHOWH5RUYLFDQ 6LHVLQGHLQ0XWDQW6LU" 'DODLPRFWUDWYRQHLQHP)XDXIGHQDQGHUHQZlKUHQGLKPGHU6FKZHL DXVEUDFK

-DZRKO0DGDPDQWZRUWHWHHU$EHUQHQQHQ6LHPLFKELWWHQLFKW!6LU VRQGHUQHLQIDFK'DODLPRF *HUQ'DODLPRFVDJWH+LOGD,KU/HEHQPXIUFKWHUOLFKDXIUHJHQGVHLQ )UFKWHUOLFKLVWHVJDQ]VLFKHU+LOGDZDUILFKHLQ%LWWHHQWVFKXOGLJHXQV MHW]W,FKPXPHLQHQ*DVW&DUXKYRUVWHOOHQ +LOGDZLUNWHHQWWlXVFKW ,Q2UGQXQJORJVLH:LHZlUHHVZHQQLKUXQVKHXWHDEHQGEHVXFKHQ ZUGHWPLW'DODLPRF"6LHHUU|WHWH]DUW 'DVZLUGOHLGHUQLFKWJHKHQ0DGDPVDJWHGHU7LEHWHU7DWFKHUXQGLFK PVVHQQRFKKHXWHGHQ0DUVLQHLQHUZLFKWLJHQ0LVVLRQYHUODVVHQ (UIOFKWHWHI|UPOLFKLQV+DXV ,FKOlFKHOWHYHUVWRKOHQ (ULVWQLFKWJDQ]ULFKWLJGDREHQ+LOGDHUNOlUWHLFKZlKUHQGLFKPLWGHP =HLJHILQJHUDQPHLQH6FKOlIHWLSSWH*HQDXJHQRPPHQKDW3HUU\5KRGDQ LKQQXUDOV%RWHQEHQXW]WXPPLUGLH$XIIRUGHUXQJ]XEHUEULQJHQLKQDQ HLQHPVWUHQJJHKHLPHQ2UW]XEHVXFKHQ +LOGDV0XQGIRUPWHHLQ2 ,FKZLQNWHLKU]XXQGJLQJHEHQIDOOVLQV+DXV0HUFHLOHXQG5HJLQDOG WDXFKWHQZLHGHU]ZLVFKHQGHQ'QHQGHV6DQGJDUWHQVXQWHU6LH XQWHUKLHOWHQVLFKGDEHL]LHPOLFKXQJHQLHUWEHUGHQWLEHWLVFKHQ0XWDQWHQ XQGLFKSIOLFKWHWHLKQHQLPVWLOOHQEHL $OVLFKGLHJHUlXPLJH9RUKDOOHEHWUDWYHUEHXJWHVLFK'DODLPRFJHUDGHWLHI YRUPHLQHU)UDX'HUDOWH+HXFKOHU &DUXKVDKLPPHUQRFKVREH]DXEHUQGDXVZLHLFKVLHYRQXQVHUHUHUVWHQ %HJHJQXQJKHULQ(ULQQHUXQJKDWWHHLQZHQLJNOHLQHUDOVLFKJHUWHQVFKODQN ELHJVDPVFKZDU]KDDULJJROGlXJLJXQGPLWGHUEHLQDKHSRUHQORVHQ+DXW HLQHU0DUVLDQHULQGHUD.ODVVH6LHZDUHLQHJHERUHQHD9DFDW 'HU7LEHWHUNDPDXVVHLQHU9HUEHXJXQJKRFKXQGVWDPPHOWHVHLQH (QWVFKXOGLJXQJZHJHQVHLQHV$XI]XJV 'DVPDFKWPLUJDUQLFKWVVDJWH&DUXKPLWLKUHUUDXFKLJHQ6WLPPH6LH N|QQHQVLFKLP%DGHLQZHQLJHUIULVFKHQ/HLGHUNDQQLFK,KQHQNHLQ'XVFK RGHU:DQQHQEDGDQELHWHQGDZLU0DUVLDQHUGHUD.ODVVH:DVVHU YHUDEVFKHXHQDEHU6LHILQGHQGRUWHLQNOHLQHV:DVFKEHFNHQ,Q]ZLVFKHQ ZLOOLFKYHUVXFKHQHLQ3DDU6FKXKHIU6LHDXI]XWUHLEHQ:HOFKH*U|H KDEHQ6LHGHQQ0LVWHU5RUYLF" 6LHEHQXQGIQI]LJJQlGLJH)UDXDQWZRUWHWH'DODLPRF6LHGUIHQPLFK 'DODLPRFQHQQHQZHQQHV,KQHQQLFKWVDXVPDFKWbKZRILQGHLFKGDV%DG ELWWH" ,FK]HLJHHV,KQHQVDJWHLFK .XU]GDUDXIPXVWHUWHGHU0XWDQWGHQNOHLQHQ5DXPPLWGHU.DOWOXIWGXVFKH GHP6DQGIXEHFNHQXQGGHPZLQ]LJHQ:DVFKEHFNHQ,Q$EZHVHQKHLW PHLQHU)UDXEUDFKZLHGHUGLHDOWH%RVKDIWLJNHLWEHLLKPGXUFK (UPXVWHUWHGLH(LQULFKWXQJJHULQJVFKlW]LJVFKQDO]WHPLWGHU=XQJHXQG PHLQWH

.HLQ:XQGHUGD,KU&KDUDNWHUVRVFKPXW]LJLVWZHQQ6LHVLFKQXUDOOH 6FKDOWMDKUHHLQPDOZDVFKHQ7DWFKHU ,FKKDEHHVQLFKW|IWHUQ|WLJVDJWHLFKXQGYHUOLHGHQ5DXP &DUXKHUZDUWHWHPLFKLQGHU3DUW\NFKH6LHEHUHLWHWHPLWIOLQNHQ+lQGHQ HLQHQ,PELIUGUHL3HUVRQHQ]X ,FKVHW]WHPLFKDXIHLQHQ+RFNHU 'HU*URDGPLQLVWUDWRUKDW5RUYLFJHVFKLFNWGDPLWHUPLFK]XLKPEULQJW HUNOlUWHLFK 6RHWZDVKDWWHLFKJOHLFKYHUPXWHWDOVLFKGHQ7LEHWHUVDKHUZLGHUWH &DUXK+RIIHQWOLFKZLUGNHLQQHXHU(LQVDW]GDUDXV7DWFKHU ,FKNWHVLHDXIGLH6WLUQ +RIIHQWOLFKQLFKW9LHOOHLFKWVROOWHQZLUGHP6FKHXVDOHLQ%HWlXEXQJVPLWWHOLQ VHLQHQ'ULQNWXQ'DVZUGHPHLQH$EUHLVHYHU]|JHUQXQGGHQ *URDGPLQLVWUDWRUP|JOLFKHUZHLVHYHUDQODVVHQVLFKQDFKHLQHP(UVDW]PDQQ XP]XVHKHQ &DUXKVWUHLFKHOWHPHLQH+DQG 'DVZlUHXQIDLU7DWFKHU:HQQ5KRGDQGLFKEUDXFKWPXXQVHU 3ULYDWOHEHQ]XUFNVWHKHQ:LHNDPHVHLJHQWOLFKGD5RUYLFV.OHLGXQJVR GHUDQJLHUWZXUGH" .HLQH$KQXQJ(UEHKDXSWHWQDWUOLFKLFKZlUHGDUDQVFKXOG$EHUGDVLVW JHORJHQ,FKKDWWHNHLQH$KQXQJGDHUPLFKEHVXFKHQZROOWH:R EHNRPPHQZLUHLJHQWOLFKHLQ3DDU6FKXKHIUGHQ*URIXKHU" &DUXKOlFKHOWH ,FKKDEHHLQ3DDU6WLHIHOVHLQHU*U|HEHLP.RPSXWHUGHV 9HUVRUJXQJV]HQWUXPVDQJHIRUGHUW6FKDW]0DQFKPDOYHUJLWGXGDZLULQ HLQHU]LYLOLVLHUWHQ:HOWOHEHQ ,FKVHXI]WH 1XUJXWGDLFKGLFKKDEH6WDXEKH[HVDJWHLFK]lUWOLFK 6LHNDPKLQWHUGHU7KHNHKHUYRUXQGVFKPLHJWHVLFKDQPLFK,FKNWHVLH LQQLJ -HPDQGUlXVSHUWHVLFKODXWVWDUNKLQWHUPLUGDQQVDJWH5RUYLFV%DVWLPPH +|UHQ6LHDXIPLWGHP*HVFKPXVH7DWFKHU6LHVLQGDEVRIRUWZLHGHULP 'LHQVW &DUXKO|VWHVLFKYRQPLUWUDWHLQHQ6FKULWWDXI'DODLPRF]XXQGVDJWH (UVWHQVEHILQGHWVLFK7DWFKHULQVHLQHPHLJHQHQ+DXVXQG]ZHLWHQVKDWHU VHLQHHLJHQH)UDXJHNW:ROOHQ6LHHWZDEHKDXSWHQGDGDVYHUERWHQ VHL" 'HU$OELQRNUDW]WHVLFKYHUOHJHQDP.RSI 1HLQVHOEVWYHUVWlQGOLFKQLFKW(QWVFKXOGLJHQ6LHELWWH,FKIUFKWHLFKKDEH PLFKWDNWORVEHQRPPHQ :LHEOLFKEHPHUNWHLFKGD]X &DUXKOlFKHOWH6LHZDUVFKRQZLHGHUYHUV|KQW ,FKQHKPH,KUH(QWVFKXOGLJXQJDQ'DODLPRFHUNOlUWHVLH$EHU6WUDIH PXVHLQ,FKYHUXUWHLOH6LHGD]XPLWXQVHLQHQNOHLQHQ,PELHLQ]XQHKPHQ

'DJHJHQKDWWHGHU7LEHWHUQLFKWVHLQ]XZHQGHQ:lKUHQGZLUDHQ EHREDFKWHWHLFKDXIGHQ0RQLWRUVFKLUPHQGLH.LQGHU0HUFHLOHXQG5HJLQDOG NOHWWHUWHQLQGLH6SLHO]HXJUDNHWHGLH LP6DQGJDUWHQDXIJHVWHOOWZDU*OHLFKGDUDXIVFK|VVHQ5DXFKZRONHQDXV GHQ'VHQ|IIQXQJHQGDQQHUKREVLFKGDV)DKU]HXJVRZHLWZLHHVGDV )HVVHOIHOGHUODXEWH $OVZLUJHJHVVHQKDWWHQNDPHQ3DWXOOLXQG6KHLODPLW3DWXOOLV%RGHQJOHLWHU DXVGHU6FKXOH6LHEHJUWHQGHQ0XWDQWHQPLWGLVWDQ]LHUWHU+|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lKUHQGGHVNXU]HQ)OXJHVYRP0DUV]XP(UGPRQG]RJLFKPLFKLQHLQH .DELQHGHU6SDFH-HW]XUFN=XYRUKDWWHLFKYHUVXFKWYRQ5RUYLF]X HUIDKUHQZHVKDOE3HUU\5KRGDQPLFK]XVLFKULHI'RFKGHU0XWDQW EHKDXSWHWHY|OOLJDKQXQJVORV]XVHLQ 'LH6SDFH-HWODQGHWHLQHLQHPOXQDUHQ5LQJNUDWHUGHVVHQ,QQHQIOlFKH]X HLQHP5DXPKDIHQDXVJHEDXWZRUGHQZDU'LHWXUPlKQOLFKHQ 9HUZDOWXQJVEDXWHQULQJVXPGHQ.UDWHUODJHQXQWHU(QHUJLHVFKLUPHQ 8QWHUXQVJOLWWHQGLHGUHLHFNLJHQ6HJPHQWHHLQHU+DQJDUVFKOHXVH]XUFN 'LH6SDFH-HWVFKZHEWHLQHLQHP$QWLJUDYIHOGWLHIHUXQGVHW]WHDXIGHP +DQJDUERGHQDXI $OV5RUYLFXQGLFKDXVVWLHJHQHUZDUWHWHXQVHLQ0DMRUGHU6RODUHQ$EZHKU (UHUNOlUWHQDFKGHUNQDSSHQ%HJUXQJGDHUXQV]XP*URDGPLQLVWUDWRU EULQJHQVROOWH (LQJHSDQ]HUWHU5RKUEDKQZDJHQEUDFKWHXQV]XHLQHPGHUWXUPlKQOLFKHQ 9HUZDOWXQJVJHElXGH$QGHQ:DQGXQG 6FKRWWEHVFKULIWXQJHQVRZLHDQGHQ8QLIRUPHQGHV3HUVRQDOVHUNDQQWHLFK GDHVGDVOXQDUH9HUZDOWXQJVJHElXGHGHU6RODUHQ$EZHKUZDU 'HU*URDGPLQLVWUDWRUHPSILQJXQVLQHLQHP=LPPHUDXVGHPGLH(OHNWURQLN JU|WHQWHLOVYHUEDQQWZDUZRGXUFKGLH$WPRVSKlUHDXIJHORFNHUWXQG HQWVSDQQHQGZLUNWH $XHU3HUU\5KRGDQZDUQRFK6WDDWVPDUVFKDOO5HJLQDOG%XOODQZHVHQG 'HU*URDGPLQLVWUDWRUEHJUWH5RUYLFXQGPLFKPLWDXVJHVXFKWHU +|IOLFKNHLW(UYHUORUNHLQ:RUWEHU5RUYLFVVHOWVDPHQ$XI]XJ

(VWXWPLUVHKUOHLGGDLFKVR]XVDJHQLQ,KU3ULYDWOHEHQHLQJHEURFKHQELQ 7DWFKHUVDJWHHU]XPLUDEHUHVKDEHQVLFK'LQJHHUHLJQHWGLHHVPLUDOV QRWZHQGLJHUVFKHLQHQOLHHQ6LHXP,KUH8QWHUVWW]XQJ]XELWWHQ (UZDUWHWHELVHLQH6HUYRPDVFKLQHXQVPLW.DIIHHYHUVRUJWKDWWHGDQQIXKU HUIRUW (VEHJDQQGDPLWGDYRUGUHL7DJHQJDQ]SO|W]OLFKHLQXQJHZ|KQOLFK VWDUNHV$QVWHLJHQGHU'LHEVWDKOVGHOLNWHYHU]HLFKQHWZXUGH 1LFKWQXUGLH$Q]DKOGHUJHPHOGHWHQ'LHEVWlKOHZDUXQJHZ|KQOLFKVRQGHUQ DXFKLKUH$UWXQG:HLVHXQGGLHHUEHXWHWHQ2EMHNWHZDUI6WDDWVPDUVFKDOO %XOOHLQ'LH'LHEHVWDKOHQSUDNWLVFKDOOHVDQJHIDQJHQYRQGHU =DKQSURWKHVHEHU6FKPXFNELVKLQ]XVDQLWlUHQ(LQULFKWXQJHQYRQ 5DXPVFKLIIHQ 'DODLPRFEHZHJWHOHLVHlFK]HQGGLH)HEOLFNWHYRQ5HJLQDOG%XOO]XPLU XQGZLHGHU]XP6WDDWVPDUVFKDOO :XUGHQYLHOOHLFKWDXFK6WLHIHOXQG:DIIHQJXUWHJHVWRKOHQ6LU"HUNXQGLJWH HUVLFK 6HOEVWYHUVWlQGOLFKVDJWH%XOO:ROOHQ6LHGDPLWVDJHQGDDXFK6LH EHVWRKOHQZXUGHQ'DODLPRF" 5RUYLFQLFNWH 5LFKWLJ6LUXQGGDLFKGHQ9HUGDFKWQLFKWORVZHUGHGDGLHVHU XQJHZDVFKHQH0DUV]ZHUJHUGHXWHWHDXIPLFK KLQWHUGHP'LHEVWDKODQPLUVWHFNWOLHJWGHU6FKOXQDKHGDHUIUDOOH 'LHEVWlKOHLP6ROV\VWHPYHUDQWZRUWOLFKLVW 3HUU\5KRGDQOlFKHOWHIOFKWLJ 'DVLVWY|OOLJDXVJHVFKORVVHQ'DODLPRF (UEOLFNWHDXIDOVHLQKRFKJHZDFKVHQHU0DQQLQGHU8QLIRUPHLQHV ,QVSHNWRUVGHU6RODUHQ$EZHKUGHQ5DXPEHWUDW'HU0DQQKDWWHHLQHQ VFKPDOHQ6FKlGHOPLWKRKHU6WLUQNXU]JHVFKQLWWHQHVNXSIHUIDUEHQHV+DDU XQG9I|UPLJHNXSIHUIDUEHQH%UDXHQ 5KRGDQVWHOOWHLKQDOV.RVPR.ULPLQDOLVWHQQDPHQV(PPHW9XWKDUYRU 9XWKDUZDU7XWKDQLHU6RYLHOLFKZXWHOHEWHGLHVHV9RONLQHLQHPNOHLQHQ .XJHOVWHUQKDXIHQXQGKDWWHHVELVKHUYHUVWDQGHQVLFKDXVJDODNWLVFKHQ .RQIOLNWHQKHUDXV]XKDOWHQ %LWWHVHW]HQ6LHVLFK0LVWHU9XWKDUVDJWHGHU*URDGPLQLVWUDWRUIUHXQGOLFK 'D6LHGLH(UPLWWOXQJHQEHUGLHUlWVHOKDIWHQ'LHEVWlKOHOHLWHQN|QQHQ6LH 0LVWHU5RUYLFXQG0LVWHUD+DLQXJOHLFKEHUGLH6FKOVVHEHULFKWHQ]X GHQHQ6LHELVKHUJHNRPPHQVLQG (PPHW9XWKDUVHW]WHVLFKVWHLI *HUQ6LUHUZLGHUWHHU=XYRUPXLFKDOOHUGLQJVULFKWLJVWHOOHQGDHVGHQ $XVGUXFN!UlWVHOKDIWLP6SUDFKVFKDW]HLQHVVWUHQJORJLVFKGHQNHQGHQ *HLVWHVQLFKWJLEW$XHUGHPELQLFKQXULQVRZHLWDQGHQELVKHUJH]RJHQHQ 6FKOVVHQEHWHLOLJWDOVLFKGLHPDWKHORJLVFKH$XVZHUWXQJGHUHUPLWWHOWHQ )DNWHQJHOHLWHWKDEH %UHFKHQ6LHVLFKNHLQHQDEZDUI5HJLQDOG%XOOHLQ

9XWKDU]RJGLH%UDXHQKRFKXQGEOLFNWHGHQ6WDDWVPDUVFKDOOLQGLJQLHUWDQ 6FKRQJXWYHUVXFKWH5KRGDQ]XEHVFKZLFKWLJHQ5RUYLFXQGD+DLQX ZLVVHQZDVJHPHLQWLVW%LWWHEHULFKWHQ6LH0LVWHU9XWKDU (PPHW9XWKDUUlXVSHUWHVLFK 'LH$UWXQG:HLVHLQGHUGLHPHLVWHQ'LHEVWlKOHGHUOHW]WHQ7DJH GXUFKJHIKUWZXUGHQXQGGLH8PVWlQGHXQWHUGHQHQVLHVWDWWIDQGHQIKUWHQ ]XGHP6FKOXGDGLH'LHEHEHUDXHURUGHQWOLFKZDQGHOEDUH.|USHU YHUIJHQPVVHQ0LWJURHU:DKUVFKHLQOLFKNHLWKDEHQ9HUZDQGOXQJHQLQ *HJHQVWlQGHXQG'XSOL]LHUXQJHQDQGHUHU3HUVRQHQVWDWWJHIXQGHQ :LUNHQQHQELVKHUQXUHLQ9RONGDVVRZRKO]XGHUDUWLJYLHOIlOWLJHQ 9HUZDQGOXQJHQDOVDXFK]XGHUDUWLJZDKOORVHQ'LHEVWlKOHQEHIlKLJWLVW(V KDQGHOWVLFKXPGLH3DL XKQ. DVDOWLF'HU1DPHEHGHXWHWVRYLHOZLH!GLH 9LHOJHVWDOWLJHQPLWGHQIOLQNHQ+lQGHQ ,FKOHUQWHYRU-DKUHQGLHVH0HLVWHUGLHEHDXILKUHP+HLPDWSODQHWHQNHQQHQ ZDUIGHU*URDGPLQLVWUDWRUHLQ6LHVWDKOHQPLUXQGPHLQHQGDPDOLJHQ %HJOHLWHUQGLH6DFKHQYRP/HLERKQHGDZLUYRPHLJHQWOLFKHQ9RUJDQJ HWZDVPHUNWHQ 'DVJHVFKDKLQQHUKDOEGHV6FKZDUPVVDJWH%XOOHUQVW'HU+HLPDWSODQHW GHU0HLVWHUGLHEHKHLW1D QDFXQGLVWGLHHLQXQG]ZDQ]LJVWH:HOWGHUEODXHQ 5LHVHQVRQQH*KRJKRUXQGGLHVHV6\VWHPEHIDQGVLFKEHLGHLQHP%HVXFK HWZDLQ6FKZDUPPLWWH3HUU\ 5KRGDQQLFNWH (VZDUVHLWODQJHU=HLWHLQIHVWHU%HVWDQGWHLOGHV6FKZDUPHV%XOO\'LH *|W]HQGLHGDPDOVQRFKGHQ6FKZlUPEHKHUUVFKWHQKDWWHQVLFKGDV *KRJKRU6\VWHPXQGGDV9RONGHU3DL XKQ. DVDOWLFHLQYHUOHLEWRKQH]X ZLVVHQGDVLHVLFKGDPLWGLHZDKUVFKHLQOLFKUDIILQLHUWHVWHQ'LHEHGHV 8QLYHUVXPVLQVHLJHQH1HVWVHW]WHQ 'DGLHVH:HVHQLKUH'LHEHV]JHQLHPDOVLQLKUHU*UXQGJHVWDOWGXUFKIKUWHQ ZXUGHQYRQGHQ*|W]HQXQGLKUHQ+HOIHUQDOOHP|JOLFKHQ9|ONHUYHUGlFKWLJW QLHPDOVDEHUGLH3DL XKQ. DVDOWLFVHOEVW (LQLJH&\QRVDEHUZXWHQ%HVFKHLGVRQVWKlWWH$UPDQ6LJQRXQVQLFKWEHU VLHXQGLKUHZDKUH1DWXULQIRUPLHUHQN|QQHQ'HVKDOEKDOWHLFKHVIU P|JOLFKGDGLH&\QRVQDFKGHU0DFKWEHUQDKPHLP6FKZlUPGLHOlVWLJHQ 'LHEHPLWVDPWLKUHP6RQQHQV\VWHPDXVGHP6FKZlUPDXVVWLHHQEHYRU VLHXQVHUH*DOD[LVYHUOLHHQ 'LHVH+\SRWKHVHZXUGHYRQ1$7+$1DOVORJLVFKIXQGLHUWHLQJHVWXIW6LU VDJWH9XWKDU (UUXQ]HOWHGLH6WLUQDOVVHLQ$UPEDQGWHOHNRPVXPPWHGDQQZLQNHOWHHUGHQ $UPDQXQGVFKDOWHWHGDV*HUlWHLQ ,PQlFKVWHQ0RPHQWGUHKWHHUHVDXIYROOH/DXWVWlUNHVRGDZLUGHXWOLFK K|UHQNRQQWHQZDVGHU*HVSUlFKVSDUWQHU9XWKRUVVDJWH ,QSRWURQLNHUNOlUWHQLFKWYRP3URJUDPPDEJHZLFKHQ]XVHLQ'HQQRFK KDWVLHGLH$NWLRQ<SVLORQUHJHOZLGULJXQWHUEURFKHQGHQ7UDQVSRUWHUDXI HLQHUgGZHOWGHV5DXPVHNWRUV%HWD0RQRFHUXVODQGHQODVVHQXQGGHVVHQ

%LRSRVLWURQLNYHUDQODWGLH)UDFKWVFKOHXVHQ]X|IIQHQXQGVLFK DQVFKOLHHQG]XGHVDNWLYLHUHQ1$7+$1HUNOlUWGDV3UREOHPQLFKWDOOHLQ O|VHQ]XN|QQHQ6LU'D6LH]XOHW]WPLWGHPPDWKHORJLVFKHQ6HNWRUGHU ,QSRWURQLNJHDUEHLWHWKDEHQ 'DQNHGDVJHQJWVDJWH(PPHW9XWKDU,FKZHUGHPLFKGDUXP NPPHUQ (UEOLFNWHXQVHUQVWDQ 'D6LHPLWJHK|UWKDEHQEUDXFKHLFKQLFKWV]XHUNOlUHQ,FKELQEHUGLH $NWLRQ<SVLORQLQIRUPLHUWGHU*URDGPLQLVWUDWRUXQGGHU6WDDWVPDUVFKDOO HEHQIDOOV(VVWHOOWVLFKGLH)UDJHREZLU5RUYLFXQGD+DLQXHEHQIDOOV LQIRUPLHUHQGUIHQ 5HJLQDOG%XOOZROOWHDXIVSULQJHQDEHU5KRGDQOHJWHLKPGLH+DQGDXIGHQ 8QWHUDUPXQGVDJWH ,PPHUPLWGHU5XKH%XOO\6HLWLFKYHUPXWHWHGDGLH3DL XKQ. DVDOWLF KLQWHUGHP$QVWHLJHQGHU'LHEVWDKOVGHOLNWHVWHFNHQKDEHLFKDXIHLQH 0HOGXQJEHUHLQHQZLUNOLFKJURHQ&RXSJHZDUWHW0LUZDUNODUGDGLH 0HLVWHUGLHEHQLFKWLQVRJURHU=DKOZLHDXVGHQYLHOHQXQWHUVFKLHGOLFKHQ 7DWRUWHQJHVFKORVVHQZHUGHQNRQQWHLQV6ROV\VWHPJHNRPPHQZDUHQQXU XPHLQSDDU.OHLQLJNHLWHQ]XVWHKOHQ'LHYLHOHQNOHLQHUHQ'LHEVWlKOHZDUHQ PHLQHU$QVLFKWQDFKQXU1HEHQSURGXNWHGLHEHLGHU'XUFKIKUXQJHLQHV JU|HUHQ3ODQHV]XIlOOLJDQILHOHQ $EHUGDVLVWXQJHKHXHUOLFKVDJWH6WDDWVPDUVFKDOO%XOOHUUHJW'LHOXQDUH ,QSRWURQLNLVWVHLWGHQOHW]WHQ=ZLVFKHQIlOOHQSHUIHNWJHJHQ0DQLSXODWLRQHQ 8QEHIXJWHUDEJHVLFKHUWXQGRKQHHLQH0DQLSXODWLRQ1$7+$1VKlWWHGLH $NWLRQ<SVLORQQLFKWUHJHOZLGULJXQWHUEURFKHQZHUGHQN|QQHQ'LH6,*0$ LVWHLQYROOSRVLWURQLVFKJHVWHXHUWHU)UDFKWHUPLWYLHOIlOWLJHQ 6LFKHUKHLWVV\VWHPHQ (VJLEWQLFKWVZDVHVQLFKWJLEWPHLQWH3HUU\5KRGDQ(UEOLFNWHPLFK VFKDUIDQ9RQZHPVWDPPWGLHVHU$XVVSUXFK7DWFKHU" ,FKOlFKHOWHYHUVWRKOHQ 9RQ,KUHP)UHXQG3DWXOOL/RNRVKDQ6LU 'HU*URDGPLQLVWUDWRUOlFKHOWH]XUFN 3DWXOOL/RNRVKDQLVW,KU)UHXQGQLFKWPHLQHU'HVKDOEVLW]HQ6LHKLHUXQWHU DQGHUHP (UJLQJQLFKWQlKHUDXIGLHVH%HKDXSWXQJHLQVRQGHUQIXKUIRUW /HEHZHVHQGLHVLFKVRZRKOLQDQGHUH3HUVRQHQDOVDXFKLQ*HJHQVWlQGH YHUZDQGHOQN|QQHQYHUP|JHQDXFKVFKHLQEDUSHUIHNWH$EVLFKHUXQJHQ]X GXUFKEUHFKHQ$EVROXWH3HUIHNWLRQLVWRKQHKLQQXUHLQH,GHDOYRUVWHOOXQJ 6HLQ%OLFNYHUGXQNHOWHVLFK ,FKQHKPHDQGLH3DL XKQ. DVDOWLFEHILQGHQVLFKLQ]ZLVFKHQLP%HVLW]GHU )UDFKWYRQ6,*0$'DVLVWDOOHUGLQJVHLQHVHKUHUQVWH6DFKH6,*0$ WUDQVSRUWLHUWHQlPOLFKLP$XIWUDJGHV([SHULPHQWDONRPPDQGRV]Z|OIWDXVHQG 7RQQHQ$QWLPDWHULH'LH$QWLPDWHULHEHILQGHWVLFKLQNOHLQHQ%HKlOWHUQDXV

+RFKGUXFNHOHPHQWLVWGDVNHLQH(QWVSUHFKXQJXQWHUGHQ$QWLPDWHULH (OHPHQWHQEHVLW]WXQGGHVKDOEQLFKWH[SORVLYPLW$QWLPDWHULHUHDJLHUHQNDQQ 'DGHU,QKDOWGHU

ZHQQGLH0HLVWHUGLHEH6LHQLFKWY|OOLJDXVUDXEHQVROOHQ7DWFKHU/HLGHULVW 'DODLPRFGHUHLQ]LJHGHU]HLWYHUIJEDUH0XWDQW 'HUIHWWH7LEHWHUVW|KQWH 5KRGDQVDKLKQSUIHQGDQ :RGUFNWGHU6FKXK'DODLPRF" $QEHLGHQ)HQ6LUJDEGHU$OOURXQGPXWDQW]XUFN)UDXHQVLQGZLH 6FKODQJHQ$EHUGHVKDOEKDEHLFKQLFKWJHVW|KQW,FKGDFKWHQXUGDUDQGD GLH3DL XKQ. DVDOWLFPLUDXIGHP0DUVPHLQHQ:DIIHQJXUWPHLQH0W]HXQG PHLQH6WLHIHOJHVWRKOHQKDEHQRKQHGDLFKGHQ9RUJDQJDQVLFKEHPHUNWH :LHVROOLFKDXIHLQHPJDQ]HQ3ODQHWHQYROOHU0HLVWHUGLHEH 5KRGDQOLHLKQGHQ6DW]QLFKWEHHQGHQ $XI1D QDFZLUG7DWFKHUEHL,KQHQVHLQ'DODLPRFHUNOlUWHHU%LWWH EHJHEHQ6LHVLFKXQYHU]JOLFK]XU0DWHULDODXVJDEHXQGODVVHQ6LHVLFKGLH EHUHLWOLHJHQGH(LQVDW]DXVUVWXQJDXVKlQGLJHQ 'HUVFKZHUH*OHLWHUEUDFKWHXQVPLWKHXOHQGHQ7ULHEZHUNHQ]XU &$1%(55$QDFKGHPZLUSHU7UDQVPLWWHUYRP(UGPRQG]XP)ORWWHQKDIHQ EHL7HUUDQLDJHNRPPHQZDUHQ 'LH7ULHEZHUNHGHV/HLFKWHQ.UHX]HUVGHU6WlGWH.ODVVHOLHIHQLP/HHUODXI 'DVWUDIDXFKIUGLH7ULHEZHUNHGHUEULJHQIQI.UHX]HU]X2KUHQXQG 1HUYHQZXUGHQYRPGXPSIHQ*UROOHQXQGGHQXQK|UEDUHQ9LEUDWLRQHQ JHSHLQLJW $XHUGHPUHJQHWHHVLQ6WU|PHQ,FKNRQQWHPLUJDUQLFKWYRUVWHOOHQGD GLHVH(UGUHJLRQQRFK(QGHGHV-DKUKXQGHUWVHLQHKHUUOLFKWURFNHQH 6DQGZVWHJHZHVHQVHLQVROOWH 'HU*OHLWHUEUHPVWHXQPLWWHOEDUYRUGHU0LWWHOVWW]HGHU&$1%(55$DEXQG VFKOLQJHUWHKHIWLJEHYRUGLH$QWLJUDYSURMHNWRUHQVHLQH/DJHZLHGHU VWDELOLVLHUWHQ 5HJLQDOG%XOOVWLHVLFKGHQ.RSIDQGHU,QQHQZDQGDQXQGIOXFKWH XQEHKHUUVFKWZDVLKPHLQHQYRUZXUIVYROOHQ%OLFN9XWKDUVHLQWUXJ 'DODLPRF5RUYLFEOLHEYRQDOOHGHPXQEHUKUW(UVWDSIWHPLWJHVHQNWHP 6FKlGHO]XP$XVJDQJXQGKlWWHPLFKXPJHVWRHQZHQQLFKQLFKW UHFKW]HLWLJ]XU6HLWHJHVSUXQJHQZlUH0HLQHLQ]LJHU7URVWZDUGDHULQGHU 0DWHULDODXVJDEHNHLQHSDVVHQGHQ6WLHIHOEHNRPPHQKDWWH6RZDUHU ZHLWHUKLQJH]ZXQJHQGLHHQJHQ6WLHIHO]XWUDJHQGLH&DUXKLKPDXIGHP 0DUVEHVRUJWKDWWH $OVZLUGLH0LWWHOVWW]HQVFKOHXVHGHU&$1%(55$EHWUDWHQZXUGHQZLUEHU GLH5XQGUXIDQODJHGD]XDXIJHIRUGHUW XQVVFKQHOOVWHQVLQGLH.DELQHQ]XEHJHEHQGLHPDQXQVDQ%RUGGHV 6FKLIIHV]XJHZLHVHQKDWWH

*OFNOLFKHUZHLVHHUKLHOWLFKHLQH(LQ]HONDELQH,FKKDWWHVFKRQEHIUFKWHWPLW GHP7LEHWHUHLQH'RSSHONDELQHWHLOHQ]XPVVHQ .DXPZDULFKLQPHLQHU.DELQHDQJHNRPPHQZXUGHEHU5XQGUXIGHU6WDUW DQJHNQGLJW$XIGHU7ULYLGHR%HREDFKWXQJVZDQGNRQQWHLFKVHKHQZLHZLU PLWWHOVHQHUJHWLVFKHU6WDUWJHUVWHDXVGHU(UGDWPRVSKlUHJHKREHQZXUGHQ 'DQDFKEHVFKOHXQLJWHQGLH,PSXOVWULHEZHUNHGDV6FKLII1DFKZHQLJHQ 0LQXWHQVFKZHEWH/XQDJOHLFKHLQHPJHOEHQ/XIWEDOORQEHUGHQ%LOGVFKLUP GDQQKDWWHQZLUGLH(EHQHGHU3ODQHWHQEDKQHQYHUODVVHQ ,FKVLFKWHWHPHLQ5HLVHJHSlFNGDVYRUPHLQHU$QNXQIWYRQ'LHQVWURERWHUQLQ PHLQH.DELQHJHEUDFKWXQGRUGQXQJVJHPlYHUVWDXWZRUGHQZDUGDQQ OHJWHLFKPLFKLQGLH.RMHVFKORGLH$XJHQXQGVXFKWHLQPHLQHP *HGlFKWQLVQDFKGHQZLFKWLJVWHQ'DWHQEHUGLHLULVLHUHQGH6RQQH3DWHUQDO XQGLKUHQVLHEWHQ3ODQHWHQQDPHQV.DPDVK .DPDVKZDUDQQlKHUQGHUGJURKDWWHHLQH6FKZHUNUDIWYRQGXUFKVFKQLWWOLFK *UDYRVXQGGUHKWHVLFKLQ6WXQGHQ6WDQGDUG]HLWHLQPDOXPGLH HLJHQH$FKVH'LH8PODXIGDXHUXP3DWHUQDOEHWUXJ-DKUH6WDQGDUG]HLW :HJHQGHUJHULQJHQ$FKVHQQHLJXQJJDEHVNHLQHJURHQ.OLPDXQWHUVFKLHGH DXIGHP3ODQHWHQ 'LHPLWWOHUHSODQHWDULVFKH-DKUHVWHPSHUDWXUODJEHL*UDG&HOVLXV(V KHUUVFKWHDOVRWURSLVFKHV.OLPD'LHVLHEHQ.RQWLQHQWHQDKPHQHWZDYLHU]LJ 3UR]HQWGHU3ODQHWHQREHUIOlFKHHLQVLHKLHHQLKUHU*U|HQDFK3DVK +DLVKHW&RURGDP1RVKZHG$JURSXU3DLWHKXQG6DYXGRU (LQH+DXSWVWDGWRGHUHLQH5HJLHUXQJEHVDHQGLH.DPDVKLWHQQLFKW'LHVH 7DWVDFKHVWHOOWHHLQH4XHOOHVWlQGLJHUbUJHUQLVVHLQGHU*URDGPLQLVWUDWLRQ GHV6RODUHQ,PSHULXPVGDUGHQQPLWZHPVROOWHPDQEHU%H]LHKXQJHQXQG 9HUWUlJHYHUKDQGHOQZHQQHVNHLQHQDXWRULVLHUWHQSODQHWDULVFKHQ9HUWUHWHU DXIGHUDQGHUHQ6HLWHJDE.DPDVKZDUVR]XVDJHQHLQ)HOVEURFNHQLQGHU 0KOHGHU%URNUDWLH 8QGYLHOPHKUZXWHPDQDXI7HUUDQLFKWEHU.DPDVKXQGGLH.DPDVKLWHQ 'HU3ODQHWZDU]XHLQHU=HLWEHVLHGHOWZRUGHQLQGHUVLFKHLQHVFKZHUH ([LVWHQ]NULVHGHV6RODUHQ,PSHULXPVDQEDKQWH9LHOHKXQGHUW-DKUHODQJ ZDUHQGLH6LHGOHUDXIVLFKDOOHLQJHVWHOOWJHZHVHQ(VKDWWHNHLQH9HUELQGXQJ PLWGHU0XWWHUZHOWRGHUDQGHUHQ:HOWHQGHV6RODUHQ,PSHULXPVPHKU JHJHEHQ(UVWEHUDQGHUHUDXPIDKUHQGH9|ONHUVWHOOWHQGLH.DPDVKLWHQYRQ VLFKDXVZLHGHUHLQHQ.RQWDNWPLWGHP,PSHULXPKHUDOOHUGLQJVHLQHQVHKU ORFNHUHQ.RQWDNW ,FKVWHOOWHIHVWGDLFKEHU.DPDVKQLFKWPHKUZXWHDOVGLHRIIL]LHOOHQ 6WHOOHQREZRKOPLFKHLQHXQJHWUEWH)UHXQGVFKDIWPLWHLQHP.DPDVKLWHQ YHUEDQG ,FKZDUJHVSDQQWGDUDXIGLHVHQ3ODQHWHQDXVHLJHQHU$QVFKDXXQJ NHQQHQ]XOHUQHQ 8QPLWWHOEDUQDFKGHP%HJLQQGHVHUVWHQ/LQHDUPDQ|YHUVULPLFKGLH 5XQGUXIDQODJHDXVPHLQHQ*HGDQNHQJlQJHQ'HU.RPPDQGDQWEDWVHLQH %HVXFKHULQGLH+DXSW]HQWUDOH

,FKVFKZDQJPLFKDXVGHU.RMHEHUSUIWHLP)HOGVSLHJHOGHQ6LW]PHLQHU 5HLVHNRPELQDWLRQXQGHLOWHDXIGHQ)OXUXPPLFKYRQHLQHPGHU JHJHQOlXILJHQ7UDQVSRUWElQGHUEHI|UGHUQ]XODVVHQ $OVLFKGLH+DXSW]HQWUDOHEHWUDWEHIDQGHQVLFK6WDDWVPDUVFKDOO%XOOXQG (PPHW9XWKDUEHUHLWVGRUW1HEHQLKQHQVWDQGHLQPLWWHOJURHUVWlPPLJHU 0DQQPLWEUDXQJHEUDQQWHP*HVLFKWOHLFKWJHOLFKWHWHP+DDUXQG XQWHUQHKPXQJVOXVWLJIXQNHOQGHQ$XJHQ 5HJLQDOG%XOOVWHOOWHLKQPLUDOVGHQ.RPPDQGHXUGHV.UHX]HUYHUEDQGHV 2EHUVW&KHLU'HQQLNYRU 'HQQLNVFKWWHOWHPLUGLH+DQGXQGVDJWH ,FKIUHXHPLFKEHVRQGHUVHLQHQHFKWHQ0DUVLDQHUGHUD.ODVVHDQ%RUG EHJUHQ]XGUIHQ&DSWDLQD+DLQX,FKQHKPHGRFKDQGD,KU5DQJGHU HLQHV&DSWDLQVLVWRGHU" ,FKHUZLGHUWH'HQQLNV+lQGHGUXFN .HLQH$KQXQJ6LUDQWZRUWHWHLFKZDKUKHLWVJHPl(ULVWPLUDXFKY|OOLJ JOHLFKJOWLJ &KHLU'HQQLNODFKWHKHU]OLFKXQGZDQGWHVLFKDQ%XOO (LJHQWOLFKPWH6RQGHURIIL]LHU5RUYLFLQ]ZLVFKHQKLHUVHLQ 6WDDWVPDUVFKDOO 5HJLQDOG%XOOEOLFNWHPLFKDQ ,FKZXWHJHQDXZDVMHW]WNRPPHQZUGH6FKOLHOLFKKDWWHLFKHVRIWJHQXJ HUOHEW'HQQRFKWDWLFKVRDOVEHPHUNWHLFK%XOOV%OLFNQLFKW 'HU6WDDWVPDUVFKDOOUlXVSHUWHVLFKXQGPHLQWH $FK7DWHKHUZlUHQ6LHVRQHWWVLFKXP'DODLPRF]XNPPHUQMD" (UVDJWHHVVROLHEHQVZUGLJGDLFKGLH:HLJHUXQJGLHPLUEHUHLWVDXIGHU =XQJHJHOHJHQKDWWHKHUXQWHUVFKOXFNWH 6HOEVWYHUVWlQGOLFK6LUHUZLGHUWHLFK $EHUDXHUKDOEGHU+DXSW]HQWUDOHEUDFKGHUDOWH*UROOZLHGHUGXUFK,FK NRFKWHLQQHUOLFKYRU:XWDXIGHQIHWWHQ$OELQRGHUVLFKHUZLHGHULQVHLQHU .DELQHKRFNWHXQGPHGLWLHUWH$OVZLUXQVQRFKDQ%RUGGHU0$5&232/2 EHIDQGHQKDWWHLFKPLUH[WUDHLQ'XSOLNDWVHLQHV,PSXOV7U|IIQHUVEHVFKDIIW XPLKQGXUFKHLQHQ6FKODJDXIVHLQHQGLFNHQ6FKlGHOZHFNHQ]XN|QQHQ$Q %RUGGHU&$1%(55$EHVDLFKGLHVH0|JOLFKNHLWQLFKW 9RUGHP6FKRWWVHLQHU.DELQHVSUDQJLFKYRP7UDQVSRUWEDQGXQGSUHWHGLH +DQGDXIGLH0HOGHSODWWH2KQHGHQJHULQJVWHQ(UIROJ'DODLPRF5RUYLF UHDJLHUWHEHUKDXSWQLFKW:DKUVFKHLQOLFKKDWWHHUHLQH7UDXPNDSVHO JHVFKOXFNWXQGVFKOLHIIHVW 1DFKHLQLJHQ0LQXWHQJDELFKDXI,FKYHUVHW]WHGHP6FKRWWHLQHQ)DXVWKLHE XQGSO|W]OLFKJOLWWHQGLHEHLGHQ+lOIWHQLQGLH:DQG]XUFN 'DV6FKRWWZDUGLHJDQ]H=HLWXQYHUULHJHOWJHZHVHQXQGHVKDWWHVLFK JH|IIQHWDOVPHLQH)DXVWGHQDXI%HUKUXQJUHDJLHUHQGHQ gIIQXQJVPHFKDQLVPXVHUVFKWWHUWH ,FKHPSIDQGGDVDOVDXVJHVSURFKHQKLQWHUKlOWLJYRQGHP7LEHWHU$XI5DFKH VLQQHQGEHWUDWLFKVHLQH.DELQH

5RUYLFKRFNWHWDWVlFKOLFKDXIGHUDOWHQVFKlELJHQ0DWWHGLHHUDXIGHP )XERGHQDXVJHEUHLWHWKDWWH6HLQH$XJHQZDUHQKDOEJH|IIQHWDEHUVLH QDKPHQQLFKWVYRQGHU8PZHOWZDKU2IIHQEDUVFKZHLIWH5RUYLFV*HLVWGXUFK IHUQH:HOWHQXQGNRUUHVSRQGLHUWHPLWIUHPGDUWLJHQ:HVHQKHLWHQ =XHUVWVFKULHLFKLKQDQGDQQVFKWWHOWHLFKVHLQH6FKXOWHUQ:LHHUZDUWHW UHDJLHUWHGHU7LEHWHUQLFKWGDUDXI,FKVFKOHQGHUWHGXUFKVHLQH.DELQH,QGHU 1D]HOOHHQWGHFNWHLFKHLQ)OlVFKFKHQPLWGHP|OGDVGHU$OELQRVWHWV]XP 3ROLHUHQVHLQHVNDKOHQ6FKlGHOV]XEHQXW]HQSIOHJWH ,FK]RJGHQ*ODVVW|SVHOKHUDXVNHKUWH]X5RUYLF]XUFNGUFNWHLKPGHQ )ODVFKHQKDOVLQGHQKDOEJH|IIQHWHQ0XQGXQGVFKREPLWGHUIUHLHQ+DQG 5RUYLFV.RSIQDFKKLQWHQ 'HU$GDPVDSIHOXQWHUGHPIDOWLJHQ0HKUIDFKNLQQEHZHJWHVLFKDOVGLH )OVVLJNHLWGXUFKGLH.HKOHGHV0XWDQWHQUDQQ$OVGLH)ODVFKHOHHUZDU IOOWHLFKVLHPLWIOVVLJHU6HLIHDXIYHUVFKORVLHXQGVWHOOWHVLHDQLKUHQ 3ODW]]XUFN 'LHVPDOZDUHUZDFK6HLQHOHLFKHQEODVVH+DXWKDWWHHLQHQ6WLFKLQV*UQ EHNRPPHQ(USUHWHGLH+lQGHJHJHQGHQ/HLEXQGIOVWHUWH ,FKKDEHHLQH.ROLN7DWFKHU6FKQHOOKROHQ6LHHLQHQ0HGRURERWHU 8QVLQQ6LUHQWJHJQHWHLFK6LHKDEHQQXUVFKOHFKWJHWUlXPW6ROOLFK ,KQHQHLQHQ.DIIHHWDVWHQGDPLW6LHZLHGHU]XVLFKNRPPHQ" 'DODLPRF5RUYLFVFKWWHOWHKHIWLJGHQ.RSI'DQDFKVDHUUHODWLYUXKLJ6HLQ %OLFNZXUGHVWDUU ,FKEHNDP$QJVWXQGZROOWHGRFKHLQHQ0HGRURERWHUUXIHQDEHUJHUDGHDOV LFK]XP,QWHUNRPJHUlWDQGHU:DQGJLQJVSUDQJGHU7LEHWHUDXIXQG YHUVFKZDQGLP%DG (LQLJH0LQXWHQVSlWHUNHKUWHHU]XUFN(UZLUNWHJHO|VWEHLQDKHKHLWHU (VLVWDOOHVZLHGHULQ2UGQXQJ7DWFKHUYHUNQGHWHHU'HU*HLVW EHKHUUVFKWGHQ.|USHUXQGQLFKWXPJHNHKUW0HUNHQ6LHVLFKGDV6LH N|QQWHQHVHLQPDOJHEUDXFKHQ -D6LUHUZLGHUWHLFKVDQIW 5RUYLFEOLFNWHPLFKPLWUDXLVFKDQGDQQ]XFNWHHUGLH6FKXOWHUQ :DVVXFKHQ6LHHLJHQWOLFKLQPHLQHU.DELQH" ,FKVROO6LHELWWHQLQGLH+DXSW]HQWUDOH]XNRPPHQ6LUDQWZRUWHWHLFK 'DVNRQQWHQ6LHDXFKJOHLFKVDJHQ7DWFKHU,FKZHLQLFKWZDUXP6LHVR NRPSOL]LHUWVLQG'DVPXZRKOGDUDQOLHJHQGD6LHVWDWWHLQHV*HKLUQV HLQH%DFNSIODXPHLQ,KUHU6FKlGHONDSVHOVSD]LHUHQWUDJHQ (UVDKPLFKHUVWDXQWDQ /HW]WHQVZDUHVHLQHYHUWURFNQHWH'DWWHO6LUHUNOlUWHLFK 7DWVlFKOLFK$EHULP*UXQGHJHQRPPHQOlXIWHVDXIGDVJOHLFKHKLQDXV :DVVWHKHQ6LHHLJHQWOLFKQRFKKLHUKHUXP",FKGHQNHZLUZHUGHQLQGHU +DXSW]HQWUDOHHUZDUWHW (UYHUVHW]WHPLUHLQHQ6WRGHUPLFKELV]XP6FKRWWEHI|UGHUWH'LH 6FKRWWKlOIWHQJOLWWHQDXVHLQDQGHU,FKWDXPHOWHLQGHQ.RUULGRU%HYRULFKDXI GDV7UDQVSRUWEDQGVSUDQJHQWGHFNWHLFKDXVGHQ$XJHQZLQNHOQHLQHU|WOLFK

OHXFKWHQGH*HVWDOWPLWUXQGHP5XPSIIODVFKHQI|UPLJHP.RSIXQGYLHU $UPHQ'LH*HVWDOWVWDUUWHDXV]ZHL$XJHQ]XPLUKHUEHUGDQQEHZHJWHVLH VLFKDXIGLH:DQG]XXQGYHUVFKZDQGGDULQ 5RUYLFVPDVVLJH*HVWDOWWDXFKWHKLQWHUPLUDXI 6LHVHKHQDXVDOVKlWWH6LHHLQHQ*HLVWJHVHKHQ7DWFKHUVS|WWHOWHGHU 7LEHWHU 'DVKDEHLFKDXFKVDJWHLFK,FKHUNOlUWHZDVLFKJHVHKHQKDWWH 'DODLPRF5RUYLFJULQVWH 6LHVROOWHQVLFKGDV7ULQNHQDEJHZ|KQHQPHLQWHHU 6HLW7DJHQLVWNHLQ7URSIHQ$ONRKROEHUPHLQH/LSSHQJHNRPPHQ EHWHXHUWHLFK :HUVLFKQLFKWZlVFKWGHUOJWDXFKHQWJHJQHWHGHU$OELQR'DV *HVSHQVWKDWWHHLQHQIODVFKHQI|UPLJHQ.RSIQLFKWZDKU" 6WLPPW6LU 'DVLVWGHU%HZHLV7DWFKHU,KU8QWHUEHZXWVHLQVWHOOWHHLQIDFKHLQH $VVR]LDWLRQ]ZLVFKHQ8UVDFKHXQG:LUNXQJ KHUXQGDXVJHO|VWZXUGHGLH+DOOX]LQDWLRQZDKUVFKHLQOLFKGXUFK,KU VFKOHFKWHV*HZLVVHQ8QGQXQVWHLJHQ6LHHQGOLFKDXIGDV%DQG ,FKJHKRUFKWHVFKZHLJHQG 0LUZDUQDWUOLFKNODUZLHXQZDKUVFKHLQOLFKPHLQH*HVFKLFKWHJHNOXQJHQ KDWWH$EHULFKZXWHDXFKJHQDXGDLFKQLFKWGDV2SIHUHLQHU +DOOX]LQDWLRQJHZHVHQZDU'DVU|WOLFKOHXFKWHQGH*HVFK|SIPLWGHQYLHU $UPHQZDU:LUNOLFKNHLWJHZHVHQXQGHVZDUGXUFKGLH:DQGJHJDQJHQ $OVZLUGLH+DXSW]HQWUDOHEHWUDWHQHPSILQJ5HJLQDOG%XOOXQVXQJHGXOGLJ 6LHKlWWHQVLFKZLUNOLFKHWZDVEHHLOHQVROOHQ7DWFKHUVDJWHGHU 6WDDWVPDUVFKDOOYRUZXUIVYROO ,FKKDEHHVYHUVXFKW6LUYHUWHLGLJWHLFKPLFK$EHUHUVWKDW5RUYLFIHVW JHVFKODIHQXQGGDQQZXUGHLKPDXFKQRFKVFKOHFKW 8QGGDQQVLFKWHWH&DSWDLQ+DLQXLP)OXUHLQURWKlXWLJHV*HVSHQVW HUJlQ]WHGHU7LEHWHU (VJLEWNHLQH*HVSHQVWHU0LVWHU5RUYLFPLVFKWH(PPHW9XWKDUVLFKHLQ ,FKKDEHQLFKWEHKDXSWHWHLQ*HVSHQVWJHVLFKWHW]XKDEHQHUNOlUWHLFK VRQGHUQHLQ/HEHZHVHQPLWU|WOLFKOHXFKWHQGHU+DXWGDVGXUFKHLQH:DQG YHUVFKZDQG 'XUFKGLH:DQGVDJWH%XOO:LHPKVHOLJ 'LH8PVWHKHQGHQODFKWHQ ,FKVFKZLHJJHNUlQNW(VKDWWHNHLQHQ6LQQDXIPHLQHU(QWGHFNXQJ]X EHKDUUHQ$OOHZDUHQYRUHLQJHQRPPHQ1XUGHU7XWKDQLHUEOLFNWHPLFKLPPHU ZLHGHUSUIHQGDQ 2EHUVW'HQQLNHUOlXWHUWHXQVGDZLULQLQVJHVDPWYLHU/LQHDUHWDSSHQ]XP 3DWHUQDO6\VWHPIOLHJHQZUGHQXQGLQQHXQ]HKQ6WXQGHQ]XU/DQGXQJDXI .DPDVKDQVHW]HQN|QQWHQ 'DQDFKVDKHUPLFKDQ

:LHODQJHZHUGHQ6LHXQJHIlKUEUDXFKHQXP,KUHQ)UHXQG3DWXOOL /RNRVKDQ]XHUUHLFKHQ&DSWDLQD+DLQX" ,FK]XFNWHGLH6FKXOWHUQ 'DVZHLLFKQLFKW6LU,FKNDQQQXUKRIIHQGD3DWXOOLVLFKEHUKDXSWDXI .DPDVKDXIKlOW 'HQEHWURIIHQHQ0LHQHQNRQQWHLFKHQWQHKPHQGDNHLQHUELVKHUDQGLH 0|JOLFKNHLWJHGDFKWKDWWH3DWXOOL/RNRVKDQN|QQWHVLFKJDUQLFKWDXI .DPDVKEHILQGHQ ,FKZROOWHLUJHQGHLQHNDPDVKLWLVFKH'LHQVWVWHOOHOLHHVLFKEHU+\SHUNRP HUUHLFKHQVDJWH5HJLQDOG%XOO$EHUDXI.DPDVKJLEWHVOHLGHUNHLQH 'LHQVWVWHOOHQ :LHLVWHVPLWGHQ5DXPKlIHQ6LU"HUNXQGLJWHVLFK9XWKDU .DPDVKKDWNHLQH5DXPKlIHQPHLQWH%XOO(VJLEWOHGLJOLFKPHKUHUH YROOSRVLWURQLVFKH7UDQVPLWWHUVWDWLRQHQGLHGHQ3ODQHWHQXPNUHLVHQ:HU .DPDVKEHVXFKHQZLOOPXGXUFKHLQHGLHVHU7UDQVPLWWHUVWDWLRQHQJHKHQ XQGUHPDWHULDOLVLHUWLQHLQHUSODQHWDULVFKHQ*HJHQVWDWLRQ $EHUDXIGLHVH$UWNDQQPDQGRFKNHLQHQLQWHUVWHOODUHQ+DQGHOEHWUHLEHQ PHLQWH'DODLPRF5RUYLF (VZlUH]XPLQGHVWXQ|NRQRPLVFKHUNOlUWH&KHLU'HQQLN 9XWKDUUXQ]HOWHGLH6WLUQ 'DVOlWQXUGHQ6FKOX]XGDGLH.DPDVKLWHQNHLQHQLQWHUVWHOODUHQ +DQGHOWUHLEHQPHLQH+HUUHQ:HQQHVDXHUGHPQXUHLQHQVFKZDFKHQ LQWHUVWHOODUHQ3HUVRQHQYHUNHKUJLEWHUVFKHLQWHVORJLVFKDXV*UQGHQGHV 8PZHOWVFKXW]HVNHLQH5DXPVFKLIIHODQGHQXQGVWDUWHQ]XODVVHQ 6LHPLW,KUHU/RJLNVFKLPSIWH5RUYLF'LH.DPDVKLWHQVLQGJDQ] RIIHQVLFKWOLFKHLQ9RONYRQUFNVWlQGLJHQ,VRODWLRQLVWHQJDODNWLVFKHQ 6WXEHQKRFNHUQGLHlQJVWOLFKGHQ)RUWVFKULWWYRQ,KUHU:HOWIHUQ]XKDOWHQ VXFKHQ $XIJHEUDFKWHUNOlUWHLFK 'DVZDV6LHXQG,KUHVJOHLFKHQ)RUWVFKULWWQHQQHQLVWGHVZHJHQQRFKODQJH QLFKWIRUWVFKULWWOLFK:DKUVFKHLQOLFKVLQGGLH.DPDVKLWHQXQVVRZHLWYRUDXV GDZLULKQHQJHLVWLJQLFKWPHKUIROJHQN|QQHQ ,FKKDOWH6SHNXODWLRQHQGLHVHU$UWQLFKWIUVLQQYROOZDQGWH(PPHW9XWKDU NKOHLQ'HVKDOEVFKODJHLFKYRUVLH]X XQWHUODVVHQXQGGLH9HUKlOWQLVVHDQ2UWXQG6WHOOH]XHUIRUVFKHQIDOOVXQV GDIU=HLWEOHLEW (LQYHUVWDQGHQVDJWH5HJLQDOG%XOO (UZDQGWHVLFKDQPLFK 'D6LHEHLGHU$QNXQIWLP3DWHUQDO6\VWHPILWVHLQPVVHQ7DWFKHUKDOWH LFKHVIUGDVEHVWH6LHWULQNHQMHW]WHLQHQJURHQ.RJQDNXQGVFKODIHQ GDQQHLQSDDU6WXQGHQ'DQDFKVHKHQZLUZHLWHU(UOlFKHOWH$EHU KRIIHQWOLFKNHLQHURWHQ0lQQFKHQPHKU 'DODLPRF5RUYLFODFKWHYHUKDOWHQ -D6LUVDJWHLFK]X%XOO

$OVLFKGLH+DXSW]HQWUDOHYHUOLHWUDWLFKGHP7LEHWHUPLWYROOHU.UDIWDXIGLH =HKHQ (UYHU]RJNHLQH0LHQH (VEHUHLWHWHPLUNHLQH0KHGHQHUVWHQ7HLOYRQ%XOOV5DWVFKODJ]X EHIROJHQ'LH9HUVRUJXQJVDXWRPDWLNVHUYLHUWHPLUHLQHQYRU]JOLFKHQ IHUUROLVFKHQ.RJQDN,FKEHGDQNWHPLFKLP*HLVWHEHLGHQOLHEHQVZHUWHQ %HZRKQHUQGHVDFKWHQ:HJD3ODQHWHQGDIU 'HU]ZHLWH7HLOYRQ%XOOV5DWVFKODJOLHVLFKOHLGHUQLFKWEHIROJHQREZRKOLFK PLUJURH0KHJDE,PPHUZLHGHUWDXFKWHYRUPHLQHPJHLVWLJHQ$XJHGDV %LOGGHVYLHUDUPLJHQ*HVFK|SIHVDXIGDVGXUFKGLH:DQGJHJDQJHQZDU ,FKYHUVXFKWHPLFK]XHULQQHUQRELFKDQGHUU|WOLFKOHXFKWHQGHQ*HVWDOWVR HWZDVZLH%HLQHJHVHKHQKDWWHXQGNDP]XGHP6FKOXGDGHU)UHPGH NHLQH%HLQHEHVD (UPXWHVLFKDXIGHQ+lQGHQEHZHJWKDEHQ$OOHUGLQJVZDULFK]XYHUEOIIW JHZHVHQXPDOOH(LQ]HOKHLWHQ]XUHJLVWULHUHQ(LQHU6DFKHDEHUZDULFKPLU Y|OOLJVLFKHU'HU)UHPGHKDWWHNHLQH.OHLGXQJJHWUDJHQ'DVU|WOLFKH /HXFKWHQZDUYRQVHLQHU+DXWDXVJHJDQJHQ $OVPLUNODUZXUGHGDHV]ZHFNORVZDUOlQJHULQGHU.RMH KHUXP]XOLHJHQVWDQGLFKZLHGHUDXI]RJPHLQH6WLHIHODQXQGVFKQDOOWHGHQ :DIIHQJXUWXP ,FKZUGHGHQ)UHPGHQVXFKHQ 'LH)UDJHZDUQXUZLHLFKPLFKEHLHLQHU]ZHLWHQ%HJHJQXQJYHUKDOWHQ VROOWH,FKNRQQWHQLFKWHLQIDFKDXIHLQIUHPGHV/HEHZHVHQVFKLHHQ EHLVSLHOVZHLVHXPHV]XODKPHQ9LHOOHLFKWUHDJLHUWHVHLQ0HWDEROLVPXVDXI 3DUDO\VDWRUEHVFKXPLWHLQHPW|GOLFKHQ6FKRFN $QGHUHUVHLWVKLHOWGHU)UHPGHVLFKXQHUODXEWDQ%RUGHLQHV.DPSIVFKLIIHV GHU6RODUHQ)ORWWHDXIXQGGDVGXUIWHPDQQLFKWDOVKDUPORVHQ6FKHU]DEWXQ ,FKQDKPGHQNOHLQHQIODFKHQ7UDQVODWRUDXVPHLQHP*HSlFNXQGKlQJWHLKQ PLUXP%HYRULFK]XGUDVWLVFKHQ0LWWHOQJULIIZROOWHLFKYHUVXFKHQPLFKPLW GHP)UHPGHQ]XYHUVWlQGLJHQ ,FKYHUOLHPHLQH.DELQHIXKUPLWGHPD[LDOHQ$QWLJUDYOLIW]XPYLHUWHQ'HFN XQGEHJDEPLFKLQGHQ0DVFKLQHQOHLWVWDQG:HQQGHU)UHPGHHLQ6SLRQZDU VRLQWHUHVVLHUWHUVLFKK|FKVWZDKUVFKHLQOLFKIUXQVHUH6FKZDU]VFKLOGPHLOHU XQGIUMHQH*HQHUDWRUHQGLHGLHGLPHQVLRQDOEHUJHRUGQHWH(QHUJLHIUGLH 3DUDWURQVFKLUP3URMHNWRUHQHU]HXJWHQ 'DLFKLP8QWHUVFKLHG]XLKPQLFKWGXUFK:lQGHJHKHQNRQQWHEUDXFKWHLFK GLH(UODXEQLVGHVGLHQVWKDEHQGHQ0/,QJHQLHXUVXPGLH$JJUHJDWH]X LQVSL]LHUHQ $OVLFKGHQ0DVFKLQHQOHLWVWDQGEHWUDWZDQGWHHLQXQWHUVHW]WHUlOWHUHU0DQQ GHQ.RSIXQGQLFNWHPLU]X (LQHQ$XJHQEOLFNELWWHVDJWHHU,FKPXQXUQRFKGLH$EJDEHZHUWHGHV 6FKZHUNUDIWUHJOHUVNRUULJLHUHQ$XVXQHUILQGOLFKHQ*UQGHQYDULLHUHQVLHVHLW DQGHUWKDOE0LQXWHQXP*UDYRV

(UEHREDFKWHWHHLQLJH'LDJUDPPVFKLUPHZlKUHQGHUPLWGHUOLQNHQ+DQG HLQHQ5HJOHUNQRSIGUHKWHXQGPLWGHUUHFKWHQGLH(LQJDEHWDVWHQVHLQHV 7LVFKNRPSXWHUVGUFNWH (UPXUPHOWHGDEHLlUJHUOLFKYRUVLFKKLQ$XIGHP9LGHRVFKLUPGHV .RPSXWHUVHUVFKLHQHQHOHNWURQLVFKH=DKOHQNRORQQHQ 'HU,QJHQLHXUVWLHHLQH9HUZQVFKXQJDXV .QVWOLFKH6FKZHUNUDIWIl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lOOLJ(QGH 'HU,QJHQLHXUZDUIHLQHQ%OLFNDXIVHLQH'LDJUDPPVFKLUPH 7DWVlFKOLFKULHIHUYHUEOIIW (UHUKREVLFKXQGZDQGWHVLFK]XPLUXP :DVVDJHQ6LHGD]X"(EHQILHOGLH%RUGVFKZHUNUDIWQRFKDEXQGNDXPOHLWH LFKGLHODXIHQGHQ:HUWHGHU3RVLWURQLN]XQRUPDOLVLHUWVLFKGLH $EJDEHOHLVWXQJZLHGHU ,FKGDFKWHVRIRUWDQGHQ)UHPGHQZROOWHPLFKDEHUQLFKWDEHUPDOV6SRWW DXVVHW]HQ'DKHUHUZLGHUWHLFK ,FKYHUVWHKH]XZHQLJYRQGHU0DWHULHXPPLUHLQ8UWHLO]XHUODXEHQ *HVWDWWHQ6LHPHLQ1DPHLVW7DWFKHUD+DLQX,FKELQHLQHUGHU3DVVDJLHUH GHU&$1%(55$ 'HU,QJHQLHXUOlFKHOWH 8QGLFKELQ$GULDQ%RUVRZ=ZHLWHU0DVFKLQHQLQJHQLHXUDXIGLHVHP6FKLII :LOONRPPHQDQ%RUG0|FKWHQ6LHVLFKHLQZHQLJLP!+HU]HQGHU &$1%(55$XPVHKHQ" :HQQ6LHJHVWDWWHQJHUQ $EHUVHOEVWYHUVWlQGOLFK&DSWDLQD+DLQX,FKKDEHVFKRQYLHOYRQ,KQHQXQG 'DODLPRF5RUYLFJHK|UW'HUWLEHWLVFKH0XWDQWPXMDHLQVDJHQKDIWHU 0HQVFKVHLQ 6DJHQKDIWLVWHUVFKRQDEHUREHUDXFKHLQ0HQVFKLVWEH]ZHLIOHLFK PDQFKPDO %RUVRZODFKWH 6LHKDEHQJDQ]UHFKW0XWDQWHQNRPPHQDXFKPLURIWXQKHLPOLFKYRU 6FKDGHGDLFKLP/HLWVWDQGEOHLEHQPXLFKKlWWH6LHJHUQGXUFKGLH 0DVFKLQHQUlXPHJHIKUW&DSWDLQ$EHULFKNDQQMHW]WQLFKWZHJQDFKGHP

GLH6DFKHPLWGHU$EJDEHOHLVWXQJSDVVLHUWLVW0|JOLFKHUZHLVHWULWWHVZLHGHU DXI ,FKILQGHPLFKVFKRQ]XUHFKWVDJWHLFKIURKGDGHU,QJHQLHXUPLFKQLFKW EHJOHLWHQZROOWH )HLQPHLQWH%RUVRZ$EHUIDVVHQ6LHELWWHQLFKWVDQ6LHNHQQHQMDGLH 6LFKHUKHLWVEHVWLPPXQJHQ 6HOEVWYHUVWlQGOLFK ,FKQLFNWH$GULDQ%RUVRZ]XXQGJLQJGXUFKGDV3DQ]HUVFKRWWGDVGHQ 0DVFKLQHQOHLWVWDQGYRQGHU+DOOHPLWGHQQRUPDOHQ(QHUJLHHU]HXJHUQ WUHQQWH 'LH6FKZDU]VFKLOGPHLOHUKRFNWHQJOHLFKULHVLJHQ8QJHWPHQKLQWHUGHQ 6LFKHUKHLWV(QHUJLHJORFNHQ'DV'U|KQHQLQGHU+DOOHNDPMHGRFKQLFKWYRQ LKQHQVRQGHUQYRQGHQ]XJHVFKDOWHWHQ:DQGHOHOHPHQWHQ ,FKVDKPLFKDXIPHUNVDPXPYHUPRFKWHDEHUNHLQH6SXUGHV(LQGULQJOLQJV ]XHQWGHFNHQ /DQJVDPZDQGHUWHLFKGLH5XQGXP*DOHULHDQGHU,QQHQZDQGHQWODQJGDQQ |IIQHWHLFKGDV6FKRWWPLWGHU$XIVFKULIW3W63URMHNWRUHQ=XWULWWIU 8QEHIXJWHYHUERWHQ =XHUVWPXWHLFKHLQHKDOEGXQNOH6FKOHXVHQNDPPHUSDVVLHUHQEHYRULFKGLH QlFKVWH+DOOHHUUHLFKWH6LHZDUNOHLQHUDOVGLHGHU6FKZDU]VFKLOGPHLOHUXQG ZLUNWHXQKHLPOLFKHU $XFKKLHUHQWGHFNWHLFKGHQ)UHPGHQQLFKW ,P1HEHQUDXPEHIDQGHQVLFKGLH*HQHUDWRUHQGLHGLH(QHUJLHIUGLH3W6 3URMHNWRUHQHU]HXJWHQ'DGLH&$1%(55$LKUH3DUDWURQVFKLUPH]XU=HLW QLFKWEHQ|WLJWHZDUHQGLHJORFNHQI|UPLJHQ%QGHOGHU(VNDODWLRQV]\OLQGHU VWXPPXQGWRW ,FKJLQJ]ZLVFKHQGHQ$JJUHJDWHQKLQGXUFKXQGEOLHEVWHKHQDOVLFKYRQ OLQNVHLQH:lUPHVWUDKOXQJVSUWH /DQJVDPZDQGWHLFKPLFK]XGHPOLQNVYRQPLUVWHKHQGHQ$JJUHJDWXPXQG VWUHFNWHGLH+DQGDXV 'LH:lUPHVWUDKOXQJZDUGHXWOLFK]XVSUHQ'DV$JJUHJDWPXWHYRU NXU]HPQRFKLQ%HWULHEJHZHVHQVHLQ ,FKULHIPLUGLH.RQWUROOZDQGGHV0DVFKLQHQOHLWVWDQGHVLQV *HGlFKWQLV'LH,QVWUXPHQWHKDWWHQNHLQH$NWLYLWlWGHU(VNDODWLRQV]\OLQGHU DQJH]HLJW(VEHVWDQGMDZlKUHQGGHV/LQHDUIOXJHVNHLQ*UXQGHLQ 5DXPVFKLIILQHLQHQ3DUDWURQVFKLUP]XKOOHQ $EHU]XPLQGHVWGLHVHVHLQH$JJUHJDWKDWWHJHDUEHLWHW :DUXPZDUGLH$NWLYLWlWQLFKWYRQGHQ,QVWUXPHQWHQDQJH]HLJWZRUGHQ" 'DV$EVLQNHQGHU%RUGVFKZHUNUDIW ,FKYHUVWDQGQLFKWJHQXJYRQGHQ=XVDPPHQKlQJHQ]ZLVFKHQGHQ YHUVFKLHGHQHQ(QHUJLHV\VWHPHQHLQHV5DXPVFKLIIHVDEHUPLUNDPVRIRUW GHU9HUGDFKWGDGHU)UHPGHGXUFK0DQLSXODWLRQHQGHU/HLWXQG .RQWUROOV\VWHPHGLH$NWLYLHUXQJGHV(VNDODWLRQVDJJUHJDWHVYHUVFKOHLHUW KDWWH

'DVEHGHXWHWHHUZDUHLQ6SLRQ :LHGHUEHUOHJWHLFKRELFKPHLQH(QWGHFNXQJPHOGHQVROOWHXQGZLHGHU ]|JHUWHLFK $EHUGDQQILHOPLUHLQGDLFKGLHVPDOHLQHQ%HZHLVKDWWHGLH :lUPHVWUDKOXQJGHV$JJUHJDWV 'DVJDEGHQ$XVVFKODJ ,FKHLOWHLQGHQ0DVFKLQHQOHLWVWDQG]XUFN:HQQLFK%RUVRZGD]XEHZHJHQ NRQQWHPLWPLULQGHQ5DXPPLWGHQ(VNDODWLRQVDJJUHJDWHQ]XNRPPHQXQG VLFKGDYRQ]XEHU]HXJHQGDHLQHVGHU$JJUHJDWH:lUPHVWUDKOXQJ HPLWWLHUWHPXWHPDQPLUJODXEHQ $OVGDV6FKRWW]XP0/VLFKYRUPLU|IIQHWHVDJWHLFK ,QJHQLHXU%RUVRZLFKKDEHHLQH ,FKVFKZLHJGHQQLQ]ZLVFKHQKDWWHLFKGHQ0DVFKLQHQOHLWVWDQGEHWUHWHQXQG IHVWJHVWHOOWGDHUOHHUZDU 8QVFKOVVLJEOLHELFKVWHKHQ 6LFKHUZDU$GULDQ%RUVRZQXUIUHLQHQ0RPHQWKLQDXVJHJDQJHQ(VZlUH WDNWORVJHZHVHQEHU,QWHUNRPQDFKLKP]XUXIHQ(UKlWWHYLHOOHLFKW 6FKZLHULJNHLWHQEHNRPPHQZHLOHUVHLQHQ3ODW]YRUGHQ.RQWUROOHQ YHUODVVHQKDWWHRKQHIUHLQH9HUWUHWXQJ]XVRUJHQ $QGHUHUVHLWVVWDQGLFKXQWHU=HLWGUXFN%OLHE%RUVRZ]XODQJHIRUWZUGHGLH :lUPHVWUDKOXQJGHV$JJUHJDWVQLFKWPHKU VSUEDUVHLQ(VZDUY|OOLJNODUGDHLQ0DVFKLQHQLQJHQLHXULQHLQHP VROFKHQ)DOOQLFKWGHU$XVVDJHHLQHV/DLHQVRQGHUQGHQ$XI]HLFKQXQJHQ GHU.RQWUROOLQVWUXPHQWHJODXEHQZUGH $OVGHU,QWHUNRPPHOGHUVXPPWH]XFNWHLFKXQZLOONUOLFK]XVDPPHQ%HLQDKH KlWWHLFKDXWRPDWLVFKUHDJLHUWXQGGDV*HUlWHLQJHVFKDOWHW'RFKGDV EHVWlQGLJH6XPPHQHQWQHUYWHPLFK 3O|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lK EHREDFKWHVRODQJHGLH.RQWUROOHQ 'LH%UDXHQGHV.RPPDQGDQWHQZ|OEWHQVLFKOHLFKW

6LHVLQG0DVFKLQHQLQJHQLHXU&DSWDLQD+DLQX" 'DVQLFKWPXWHLFK]XJHEHQDEHUHVJHK|UWMDQLFKWYLHOGD]XHLQH YROODXWRPDWLVFKDUEHLWHQGH.RQWUROOZDQG]XEHREDFKWHQ ,QGHU7DWPHLQWHGHU.RPPDQGDQW6HLQ6DUNDVPXVZDUQLFKW]X EHUK|UHQ(LQNOHLQHV.LQGN|QQWHGDVWXQ'HVKDOEZHUGHQZLUGHPQlFKVW %DE\VDOV0DVFKLQHQLQJHQLHXUHEHVFKlIWLJHQ&DSWDLQ (UVFKDOWHWHDEUXSWDE ,FKPHUNWHGDLFKHUU|WHWH:DKUVFKHLQOLFKKDWWHLFKHLQH'XPPKHLW EHJDQJHQ .XU]GDUDXIWUDWHLQJURHUKDJHUHU0DQQHLQ(UEOLFNWHPLFKILQVWHUDQXQG HUNOlUWH ,FKELQGHU(UVWH0,%DVLO7XFNHUXQGVROO6LHEHL,KUHUNLQGHUOHLFKWHQ$UEHLW DEO|VHQ&DSWDLQD+DLQX6LHN|QQHQJHKHQ ,FKVFKOXFNWH (VWXWPLUOHLGZHQQLFK,KUH%HUXIVHKUHJHNUl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lFKVWHQ0RPHQWSDFNWH7XFNHUPHLQHQ$UPXQG]RJPLFKPLWVLFK(KH LFKPLFKYHUVDKVWDQGHQZLULP(VNDODWRUUDXP7XFNHUOLHPLFKORVEFNWH VLFKXQGGUHKWHGLHUHJORVH*HVWDOWXP ,FKEOLFNWHLQ$GULDQ%RUVRZV*HVLFKW'LH$XJHQZDUHQJHVFKORVVHQ %DVLO7XFNHUSUIWHGHQ3XOV (UOHEWHUNOlUWHHU 'DQQVWDQGHUDXIVDKPLFKDQXQG]RJVHLQHQ3DUDO\VDWRU %HWUDFKWHQ6LHVLFKDOVYHUKDIWHW&DSWDLQD+DLQXVDJWHHUGURKHQG ,FKVWDQGDXIDOVVLFKGDV6FKRWWGHU$UUHVW]HOOH|IIQHWH(LQ5DXPVROGDWXQG HLQ.DPSIURERWHUHUVFKLHQHQLQGHUgIIQXQJ .RPPHQ6LHKHUDXVVDJWHGHU6ROGDW8QGYHUVXFKHQ6LHQLFKW]X IOLHKHQ :RKLQVROOWHLFKGHQQIOLHKHQ"IUDJWHLFKYHUlUJHUW 'HU5DXPVROGDWJULQVWH

9LHOOHLFKWN|QQHQ6LHGXUFKIHVWH:lQGHJHKHQ&DSWDLQ 'LHVH*HVFKLFKWHKDWWHVLFKDOVRVFKRQKHUXPJHVSURFKHQ5HVLJQLHUW JHKRUFKWHLFK0DQKDWWHPLUPHLQHQ:DIIHQJXUWDEJHQRPPHQXQGPHLQH 7DVFKHQJHOHHUW'DVZDUY|OOLJXQQ|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lFKWOLFK 5HJLQDOG%XOOPXVWHUWHPLFKEHVRUJW 1DFK,KUHUHUVWHQ$XVVDJHGLH6LHLQGHU,VRODWLRQ,KUHU=HOOHXQGGDKHU Y|OOLJXQEHHLQIOXWDXI6SHLFKHUNULVWDOOVSUDFKHQVDJWHHUEHGlFKWLJKDWWHQ 6LHVLFKLQGHQ0DVFKLQHQUlXPHQXPJHVHKHQXQGZDUHQYRP (VNDODWRUUDXPGLUHNWLQGHQ0DVFKLQHQOHLWVWDQG]XUFNJHNHKUW6WLPPWGDV &DSWDLQD+DLQX" -D6LU 6LHVLQGXQWHUZHJVZHGHU%RUVRZQRFKHLQHPDQGHUHQ0HQVFKHQ EHJHJQHW" 'DVLVWULFKWLJ6LU :LHHUNOlUHQ6LHVLFKGDQQGDGHU=ZHLWH0DVFKLQHQLQJHQLHXUEHZXWORV LP(VNDODWRUUDXPODJZHQQ6LHQLFKWIUVHLQHQ=XVWDQGYHUDQWZRUWOLFKVHLQ ZROOHQ" (VPXGHU)UHPGHJHZHVHQVHLQ6LUHUZLGHUWHLFK'DHUGXUFKIHVWH :lQGHJHKHQNDQQEUDXFKWHHUQLFKWGHQQRUPDOHQ:HJ]XQHKPHQ 5HJLQDOG%XOOVHXI]WH 1HKPHQZLUHLQPDODQHVJLEWGLHVHQ)UHPGHQWDWVlFKOLFKXQGHUNDQQ GXUFKIHVWH:lQGHJHKHQ7DWFKHU'DQQEOHLEWDEHUQRFKLPPHUGLH 7DWVDFKHGD%RUVRZQLFKWGXUFKIHVWH:lQGHJHKHQNDQQ:HU%RUVRZLQ GHQ(VNDODWRUUDXPEUDFKWHPXGHVKDOEORJLVFKHUZHLVHGHQQRUPDOHQ:HJ EHQXW]WKDEHQ 9LHOOHLFKWNDQQGHU)UHPGHDXFKGLH.|USHUVWUXNWXUDQGHUHU/HEHZHVHQVR XPZDQGHOQGDHUVLHDXIVHLQHP:HJGXUFKIHVWH0DWHULHPLW]XQHKPHQ YHUPDJ6LU 'DODLPRF5RUYLFJULQVWHK|KQLVFK :DVVRHLQ0DUVJHKLUQVLFKDOOHVDXVGHQNWLVWGLUHNWSKlQRPHQDO:DUXP ZHUGHQ6LHQLFKW7ULYLGHR$XWRU+DLQX"

:DUXPZHUGHQ6LHQLFKW+RIQDUUEHL.DLVHU$UJ\ULV5RUYLF"NRQWHUWHLFK 'HU6WDDWVPDUVFKDOOUlXVSHUWHVLFKXQGVDJWH]XGHP0XWDQWHQ %LWWHNPPHUQ6LHVLFKGRFKHLQPDOSHUV|QOLFKXP%RUVRZ'DODLPRF 9LHOOHLFKWN|QQHQ6LHGHQbU]WHQKHOIHQGHP3DWLHQWHQGDV*HGlFKWQLV ]XUFN]XJHEHQ 'DVLVWHLQJXWHU(LQIDOO6LUHUZLGHUWH5RUYLF*DQ]VLFKHUNDQQLFKGHP EHGDXHUQVZHUWHQ2SIHUGHVPDUVLDQLVFKHQ$PRNOlXIHUVKHOIHQ $OVHUJHJDQJHQZDUVDJWH%XOO]XPLU ,KUH+\SRWKHVHNOLQJWVRXQJODXEZUGLJZLH,KUHJDQ]H*HVFKLFKWH7DWFKHU GDVZHUGHQ6LHVHOEVWHLQVHKHQ'HQQRFKKDEHLFKGLH0lQQHUDXIGHQ 6WDWLRQHQ]XHUK|KWHU:DFKVDPNHLWDXIJHIRUGHUWXQGGHQ/HXWHQGHU )UHLZDFKHEHIRKOHQGDV6FKLII]XGXUFKVXFKHQ 'DQNH6LUVDJWHLFK 'DVZDUQXUORJLVFK0LVWHUD+DLQXZDUI9XWKDUGHU VLFK]XXQVJHVHOOWKDWWHHLQ'DZLUNHLQH(UNOlUXQJGDIUIDQGHQZLH6LH GLHWRWDOH$PQHVLHEHL%RUVRZKHUYRUJHUXIHQKDEHQN|QQWHQPXWHQZLU VRZRKO,KUHU*HVFKLFKWHEHUGHQ)UHPGHQDOVDXFK,KUHU+\SRWKHVHHLQHQ JHZLVVHQ*UDGYRQ:DKUVFKHLQOLFKNHLWHLQUlXPHQ $OOHUGLQJVPHLQWH5HJLQDOG%XOOYHUVWHKHLFKQLFKWZLH6LHZLVVHQ NRQQWHQGD%RUVRZEHZXWORVLP(VNDODWRUUDXPODJ ,FKZXWHHVMDJDUQLFKW6LU,FKZROOWHQXUGDIUVRUJHQGD7XFNHULQGHQ (VNDODWRUUDXPJLQJXQGPHLQH(QWGHFNXQJEHVWlWLJWHGDHLQ$JJUHJDW :lUPHVWUDKOXQJDEJDE %XOOVFKWWHOWHGHQ.RSI :DUXPKDEHQ6LHLKPGDQQQLFKWHLQIDFKYRQ,KUHU(QWGHFNXQJEHULFKWHW 7DWFKHU" ,FKYHUVXFKWHHVDEHU7XFNHUOLHPLFKQLFKWDXVUHGHQ(UZDUE|VHDXI PLFKZHLOLFKJHVDJWKDWWHHVJHK|UWHQLFKWYLHOGD]XGLH.RQWUROOZDQGLP 0DVFKLQHQOHLWVWDQG]XEHREDFKWHQ 'HU6WDDWVPDUVFKDOOOl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|UWOLFKZLHGHU]XJHEHQZLH0LVWHUD+DLQXGLHVH $XIIRUGHUXQJIRUPXOLHUWH ,FKJODXEHHUVDJWH!6LHPVVHQXQEHGLQJWPLWPLULQGHQ(VNDODWRUUDXP NRPPHQ6LU

:DVGDFKWHQ6LHZDUXPD+DLQXPLW,KQHQLQGHQ(VNDODWRUUDXPJHKHQ ZROOWH7XFNHU" %DVLO7XFNHU]HLJWH9HUOHJHQKHLW 'DUEHUPDFKWHLFKPLU]XGLHVHP=HLWSXQNWNHLQH*HGDQNHQ6LU :DUXPQLFKW" ,FKZDUYHUlUJHUW6LU :RUEHU" 7XFNHUOHFNWHVLFKGLH/LSSHQ 'DVN|QQHQ6LHVLFKVLFKHUGHQNHQ6LU ,FKGHQNH9HUVFKLHGHQHVHUNOlUWH9XWKDUVFKDUI$EHUGDVEHGHXWHWQLFKW GDZLUEHUHLQHQEHVWLPPWHQ6DFKYHUKDOWJOHLFKJHVFKDOWHWGHQNHQ%LWWH EHDQWZRUWHQ6LHPHLQH)UDJH 1XQLFKlUJHUWHPLFKEHUGLH$ETXDOLIL]LHUXQJPHLQHV%HUXIHV6LU 6LHEHKDXSWHQDOVR6LHZlUHQXQIlKLJJHZHVHQLQGHUEHWUHIIHQGHQ %HPHUNXQJD+DLQXVGDV]XHUNHQQHQZDVGHU&DSWDLQGDPLWEHDEVLFKWLJW KDWWH"IUDJWHGHU7XWKDQLHUHUVWDXQW 7XFNHUZDQGWHVLFKDQ5HJLQDOG%XOO 6LULFKSURWHVWLHUHJHJHQGLHVHLQTXLVLWRULVFKH$UWGHU%HIUDJXQJ $EJHOHKQWHQWVFKLHG%XOO)DKUHQ6LHIRUW0LVWHU9XWKDU 9XWKDUQLFNWH 1XQ"VDJWHHU]X%DVLO7XFNHU 'HU0DVFKLQHQLQJHQLHXUVFKOXFNWH -D6LU(UVWVSlWHUZXUGHPLUNODUGDD+DLQXP|JOLFKHUZHLVH%RUVRZ VFKW]HQZROOWH 6LHKDEHQVLFKDOVRYRQ(PRWLRQHQOHQNHQODVVHQPHLQWHGHU7XWKDQLHU YRUZXUIVYROO:DVDQWZRUWHWHQ6LHDXID+DLQXV$XIIRUGHUXQJ"7XFNHU HUU|WHWH ,FKVDJWHHUKlWWHJHQDXGUHL6HNXQGHQ=HLWXPDXVGHP/HLWVWDQG]X YHUVFKZLQGHQ6LU :DVHUZLGHUWHHUGDUDXI" -HPDQGKlWWHLUJHQGHWZDVPLWGHP(VNDODWLRQVDJJUHJDWJHPDFKW6LU(U EHHQGHWHVHLQHQ6DW]DOOHUGLQJVQLFKW :DUXPQLFKW" ,FKVDJWH!]ZHL6LU 6LH]lKOWHQYRQHLQVELVGUHLQLFKWZDKU" -D6LU %OLHEHQ6LHGDEHLDXIHLQHP)OHFNVWHKHQ" 1HLQLFKJLQJDXID+DLQX]X 'DQNH7XFNHUHUNOlUWH9XWKDU (UZDQGWHVLFKDQGHQ6WDDWVPDUVFKDOOXQGVDJWH 7XFNHUEHGURKWHD+DLQXZRUDXIKLQGHU&DSWDLQGLH1HUYHQYHUORUXQGQDFK HLQHP$UJXPHQWVXFKWHGDVVWDUNJHQXJZDUDXFKEHLHLQHPVNHSWLVFKHQ XQGHUUHJWHQ0HQVFKHQHLQHSRVLWLYH5HDNWLRQKHUYRU]XUXIHQ

'DVN|QQWHGHU*UXQGGDIUJHZHVHQVHLQGDHUHWZDVEHKDXSWHWHZDV RKQHVHLQ:LVVHQGHU:DKUKHLWHQWVSUDFK 9XWKDUZDQGWHVLFKDEHUPDOVDQGHQ,QJHQLHXU +DWWHQ6LH]XLUJHQGHLQHP=HLWSXQNWGHQ(LQGUXFNGDD+DLQX6LH]X EHUIDOOHQEHDEVLFKWLJWHGDHU6LHYLHOOHLFKWQLHGHUVFKODJHQZROOWH7XFNHU" %DVLO7XFNHUVFKWWHOWHGHQ.RSI 1HLQ6LU 'DQQNRPPHLFK]XGHP6FKOXGD&DSWDLQD+DLQXXQVGHQ+HUJDQJ ZDKUKHLWVJHPlJHVFKLOGHUWKDW 'DVEHJUHLIHLFKQLFKWJDQ]VDJWH5HJLQDOG%XOO*ODXEHQ6LHLKPHWZDGLH *HVFKLFKWHYRQGHPURWHQ:HVHQGDVGXUFK6FKLIIVZlQGHJHKW" *ODXEHQ"IUDJWH9XWKDUEHIUHPGHW:LHN|QQWHHWZDV,UUDWLRQDOHV7HLO HLQHUORJLVFKDXIJHEDXWHQ*HGDQNHQNHWWHVHLQ6LU,FKZHUGHYHUVXFKHQ PLFKYHUVWlQGOLFK]XPDFKHQ (UKREGHQ=HLJHILQJHU &DSWDLQD+DLQXZROOWH7XFNHUEHZHJHQPLWLKPLQGHQ(VNDODWRUUDXP]X JHKHQ=ZHLIHOORVPXWHHUHLQHQZLFKWLJHQ *UXQGGDIUKDEHQ(UEHDEVLFKWLJWHDEHURIIHQEDUQLFKW7XNNHU QLHGHU]XVFKODJHQ :HQQHUGDUEHULQIRUPLHUWJHZHVHQZlUHGD%RUVRZEHZXWORVLP (VNDODWRUUDXPODJXQGZHQQHUIUGHQ=XVWDQG%RUVRZVYHUDQWZRUWOLFK JHZHVHQZlUHGDQQKlWWHHUGRFKYHUVXFKW7XFNHUYRP(VNDODWRUUDXP IHUQ]XKDOWHQ2GHUHUKlWWHLKQQXUGHVKDOELQGHQ5DXPJHORFNWXPLKQ HEHQIDOOVEHZXWORV]XPDFKHQ 'HU&DSWDLQKDQGHOWHDEHUJHQDXHQWJHJHQJHVHW]W,FKZLOOVHLQH,QWHOOLJHQ] QLFKWEHUVFKlW]HQDEHUD+DLQXZlUHQLFKW2IIL]LHUGHU6RODUHQ)ORWWH JHZRUGHQZHQQHUQLFKWLQGHU/DJHZlUHVLFKIROJHULFKWLJ]XYHUKDOWHQ 'DUXPJHODQJWHLFK]XGHP6FKOXGDHUXQVGLH:DKUKHLWEHULFKWHWKDW +PPDFKWHGHU6WDDWVPDUVFKDOO,FKELQJHQHLJW,KQHQ]XJODXlK PLFK,KUHQ6FKOVVHQDQ]XVFKOLHHQ0LVWHU9XWKDU$OOHUGLQJVIHKOWXQV LPPHUQRFKGHU%HZHLVGDIUGDVLFKHLQ)UHPGHULP6FKLIIDXIKlOW (UGUHKWHVLFKPLWVDPWVHLQHP6HVVHO]XP.DUWHQWLVFKKHUXPDNWLYLHUWHGHQ ,QWHUNRPXQGWDVWHWHHLQH9HUELQGXQJ]XU.UDQNHQVWDWLRQ ,FKP|FKWH6RQGHURIIL]LHU5RUYLFVSUHFKHQVDJWHHU]XGHP$U]WGHUVLFK JHPHOGHWKDWWH :RVROOHUOLHJHQ"IUDJWHGHU$U]W 1LUJHQGV5RUYLFZXUGHYRQPLU]X%RUVRZJHVFKLFNW ,FKYHUELQGH 1DFKHLQHU:HLOHWDXFKWHHUZLHGHUDXIGHP%LOGVFKLUPDXI 6RQGHURIIL]LHU5RUYLFLVWQRFKQLFKWHLQJHWURIIHQ6LU 5HJLQDOG%XOOEHUOHJWHHLQLJH6HNXQGHQODQJGDQQEHGDQNWHHUVLFKIUGLH $XVNXQIWXQGXQWHUEUDFKGLH9HUELQGXQJ (UVFKZDQJDEHUPDOVPLWVHLQHP6HVVHOKHUXPEOLFNWHPLFKDQXQGPHLQWH

5RUYLFPWHOlQJVWLQGHU.UDQNHQVWDWLRQDQJHNRPPHQVHLQ7DWFKHU,FK P|FKWHGLH%HVDW]XQJGHV6FKLIIHVQLFKWGXUFKHLQH5XQGUXIGXUFKVDJH EHXQUXKLJHQGHVKDOEEHDXIWUDJHLFK6LHQDFKGHP0XWDQWHQ]XVXFKHQ +HLWGDVLFKELQIUHL6LU"HUNXQGLJWHLFKPLFKK|IOLFK ,FKEHZXQGHUH,KUHQ6FKDUIVLQQHQWJHJQHWH%XOO%LWWHEHHLOHQ6LHVLFK 6HOEVWYHUVWlQGOLFK6LU'UIWHLFKPHLQH6DFKHQZLHGHUKDEHQLFKPHLQH GLH'LQJHGLHPDQPLUQDFKGHU)HVWQDKPHDEJHQRPPHQKDW" 'HU6WDDWVPDUVFKDOOQLFNWH %LWWHHUOHGLJHQ6LHGDV0LVWHU9XWKDUVDJWHHU]XGHP7XWKDQLHU (PPHW9XWKDUQHLJWHGHQ.RSIVDKPLFKDXIIRUGHUQGDQXQGJLQJPLUYRUDXV ]XP0DJD]LQZRPHLQH:DIIHQXQGVRQVWLJHQ*HJHQVWlQGHDXIEHZDKUW ZXUGHQ 'DQDFKZQVFKWHHUPLUYLHO*OFNXQGWUHQQWHVLFKYRQPLU ,FKVWDQGUHLFKOLFKUDWORVGDXQGEHUOHJWHZLHLFKGHQURWlXJLJHQ$OELQR ILQGHQNRQQWH,QVJHKHLPZQVFKWHLFKPLUGHU)UHPGHP|FKWHLKQLQVHLQH *HZDOWJHEUDFKWXQGHEHQVRVHLQHV*HGlFKWQLVVHVEHUDXEWKDEHQZLH $GULDQ%RUVRZ$EHULFKZXWHJHQDXGDGDVOHLFKHQKlXWLJH6FKHXVDOVLFK QLFKWVROHLFKWEHUZlOWLJHQOLH'D]XNDQQWHHV]XYLHOH7ULFNV %UDXFKHQ6LHQRFKHWZDV&DSWDLQD+DLQX"IUDJWHGHU0DJD]LQYHUZDOWHU -DDQWZRUWHWHLFKHWZDV5XKHXPEHVVHUQDFKGHQNHQ]XN|QQHQ ,FKEHJDEPLFKHUVWHLQPDOLQPHLQH.DELQHXQGVWUHFNWHPLFKDXIGHU.RMH DXVJHWUHXGHP*UXQGVDW]GDHVVWHWVYRUWHLOKDIWHUZDUVHLQH*HGDQNHQ ZDQGHUQ]XODVVHQDQVWDWWGLH%HLQH]XEHZHJHQ (LQH:HLOHEHZHJWHQVLFKPHLQH*HGDQNHQLQHLQHP7HXIHOVNUHLVGRFK GDQQNDPPLUSO|W]OLFKGLH(UOHXFKWXQJ 'DODLPRF5RUYLFVHOEHUZDUGHU)UHPGH 9RQDOOHQ0lQQHUQGLHVLFKDQ%RUGGHU&$1%(55$EHIDQGHQZDUQXUHULQ GHU/DJHSVLRQLVFKH$NWLYLWlWHQ]XHQWZLFNHOQ'DV0RQVWUXPPLWGHUU|WOLFK OHXFKWHQGHQ+DXWNRQQWHGXUFKDXVHLQHSDUDSK\VLNDOLVFKH3URMHNWLRQGHV 7LEHWHUVJHZHVHQVHLQPLWGHUHUPLFKDQIDQJVQXUKDWWHHUVFKUHFNHQ ZROOHQ 6SlWHUPXWHHUVLFKGD]XHQWVFKORVVHQKDEHQGDV6SLHOIRUW]XVHW]HQ :DKUVFKHLQOLFKHPSIDQGHUHLQHNUDQNKDIWH%HIULHGLJXQJGDUEHUZLHZLU DOOHHLQHP3KDQWRPQDFKMDJWHQ 8QGSO|W]OLFKZXWHLFKZDVLFK]XWXQKDWWHXPXQVYRQGHP$OSWUDXP]X EHIUHLHQ 'LH6FKRWWKlOIWHQYRQ5RUYLFV.DELQHJOLWWHQDXVHLQDQGHUDOVLFKGLH+DQG DXIGLH6WHOOHOHJWHXQWHUGHUGHUgIIQXQJVPHFKDQLVPXVYHUERUJHQZDU /HLVHVFKOLFKLFKLQGLHJHUlXPLJH:RKQ]HOOH'LH0DWWHDXIGHUGHU7LEHWHU ZlKUHQGVHLQHUDQJHEOLFKHQ0HGLWDWLRQ]XVLW]HQSIOHJWHODJXQRUGHQWOLFKDXI

GHP7LVFK'DQHEHQVWDQGHQHLQHKDOEYROOH7HHNDQQHHLQHOHHUH7DVVHXQG HLQH=XFNHUGRVH ,FKLQVSL]LHUWHGHQYROXPLQ|VHQ(LQEDXVFKUDQNGHUGLHSHUV|QOLFKHQ +DEVHOLJNHLWHQ5RUYLFVHQWKLHOW=ZLVFKHQ6RXYHQLUVYRQDOOHQP|JOLFKHQ :HOWHQXQGDQGHUHP.ULPVNUDPVHQWGHFNWHLFKVFKOLHOLFKGDV*HVXFKWH 'DV%KDYDFFD.U D5RUYLFVVFKHLEHQI|UPLJHVVFKZDU]HV$PXOHWWPLWGHP SODVWLVFKHQ%LOGZHUNDXIGHU9RUGHUVHLWH $OVLFKPLWGHQ)LQJHUQEHUGDV5HOLHIVWULFKIKOWHLFKZLHGHUGDV XQKHLPOLFKH3XOVLHUHQLQGHU0LWWH ,FKHUVFKDXGHUWH0HLQH+lQGH]LWWHUWHQDOVLFKGDV$PXOHWW]XUgIIQXQJGHV $EIDOOYHUQLFKWHUVWUXJXQGKLQHLQZDUI ,PQlFKVWHQ$XJHQEOLFNGUDQJHLQHJUHOOH/LFKWIOXWDXVGHUgIIQXQJ,FKZLFK ODQJVDP]XUFNGDUDXIZDUWHQGGDGDV/HXFKWHQHUORVFK(VPXWH HUO|VFKHQVREDOGVLFKGDV%KDYDFFD.U DLP.RQYHUWHUDXIJHO|VWKDWWH 'RFKGDV/HXFKWHQHUORVFKQLFKW ,FKQDKPGLHVFKlELJH0HGLWDWLRQVPDWWHYRP7LVFKJLQJPLW]XU6HLWH JHZDQGWHP.RSI]XGHUVWUDKOHQGHQgIIQXQJXQGOLHGLH0DWWHGHP$PXOHWW IROJHQ (LQODXWHU*RQJVFKODJGU|KQWHLQPHLQHP6FKlGHO ,FKSUHWHGLH+DQGIOlFKHQJHJHQPHLQH2KUHQDEHUHVKDOIQLFKWV'HU *RQJGU|KQWHLQJOHLFKHU/DXWVWlUNHZHLWHU2IIHQEDUEHIDQGHUVLFKLQ PHLQHP.RSIXQGQLFKWLUJHQGZRDXHUKDOE $XIK|UHQULHILFK 1RFKHLQPDOGU|KQWHGHU*RQJGDQQVDJWHHLQHGXPSIH6WLPPH 'XKDVW0DLWUH\DHLQHQJURHQ'LHQVWHUZLHVHQ7DWFKHUD+DLQX'DIUZLUVW GXUHLFKEHORKQWZHUGHQ 'DQDFKZXUGHHVVWLOOLQPHLQHP.RSI'DV/HXFKWHQDXVGHUgIIQXQJGHV $EIDOOYHUQLFKWHUVHUORVFK,FKJODXEWHZDKQVLQQLJ]XZHUGHQDOVGDV %KDYDFFD.U DRIIHQVLFKWOLFKXQYHUVHKUWDXVGHP$EIDOOYHUQLFKWHUVFKZHEWH ODXWORVDQPLUYRUEHLIORJXQGLQGHUJHJHQEHUOLHJHQGHQ:DQGYHUVFKZDQG ,FKZDQNWHPLWZHLFKHQ.QLHQ]XPQl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

$EHUMHW]WVLQG6LHKLHU6LUHUNOlUWHLFK'DPLWKDEHLFKPHLQHQ$XIWUDJ HUIOOW,FKZHUGH6WDDWVPDUVFKDOO%XOOVRIRUWEHULFKWHQGDLFK6LHJHIXQGHQ KDEH ,FKZROOWHPHLQHQ$UPEDQG7HOHNRPHLQVFKDOWHQDEHUGHU$OELQRKLHOWPHLQH +DQGIHVW :DUWHQ6LHQRFKGDPLW7DWFKHUEHIDKOHU=XHUVWPVVHQZLUHLQLJH'LQJH NOlUHQ,FKELQQlPOLFKLQ]ZLVFKHQGDYRQEHU]HXJWGDVLFKHLQEOLQGHU 3DVVDJLHUDQ%RUGEHILQGHW 'DVKDEHLFKGRFKGLHJDQ]H=HLWEHUEHKDXSWHWPHLQWHLFK 1LFKWIXQGLHUWJHQXJ7DWFKHU:HQQPDQHLQH%HKDXSWXQJDXIVWHOOWPX PDQVLHDXFKEHZHLVHQN|QQHQ'DVVROOWHQ6LHHLJHQWOLFKZLVVHQ 'LH6FKZLHULJNHLWODJELVKHUQXUGDUDQGDGHU%HZHLVGXUFKIHVWH:lQGH JHKHQNDQQ,FKELQVHKUJHVSDQQWGDUDXIZLH6LHLKQGDUDQKLQGHUQ NRQQWHQ6LU 6LHKDEHQGDV*HKLUQHLQHV%DQGZXUPV7DWFKHUHUNOlUWHGDVURWlXJLJH 6FKHXVDO1DWUOLFKNDQQLFKGHQ)UHPGHQQLFKWGDUDQKLQGHUQGXUFKIHVWH :lQGH]XJHKHQ :HLO6LHPLWLKPLGHQWLVFKVLQGWUXPSIWHLFKDXI 5RUYLFV8QWHUNLHIHUVDQNKHUDE :DV" (VJLEWJDUNHLQHQ)UHPGHQ'DV0RQVWUXPZDUQXUHLQHSDUDSK\VLNDOLVFKH 3URMHNWLRQYRQ,KQHQ6LHKDEHQ%RUVRZV*HKLUQOHHUJHVRJHQ 'HU7LEHWHUOLHPLFKORV6HLQ0XQGVFKORVLFKZLHGHU'LHURWHQ$XJHQ IXQNHOWHQ 6LHVLQGYRQ6LQQHQ7DWFKHU,FKELQ)UXXWKYRUKLQEHJHJQHW(UZDUDOOHV DQGHUHDOVHLQH3URMHNWLRQXQGVFKRQJDUNHLQHYRQPLU )UXXWK",FKODFKWHK|KQLVFK,QGHP6LH,KUHU3URMHNWLRQHLQHQ1DPHQ JHEHQYHUVXFKHQ6LHGRFKQXUPLFK]XWlXVFKHQ,FKKDOWHHVMHGHQIDOOVIU DXIVFKOXUHLFKGD,KU%KDYDFFD.U DGXUFKGLH:DQGIORJQDFKGHPLFKHV LQGHQ$EIDOOYHUQLFKWHUJHZRUIHQKDWWH 'LH$XJHQGHV$OELQRVWUDWHQZHLWDXVLKUHQ+|KOHQ 'XKDVWPHLQ%KDYDFFD.U DLQGHQ.RQYHUWHUJHZRUIHQ"IOVWHUWHHU -DZRKOXQGHLQHLQQHUH6WLPPHVDJWHPLULFKKlWWHGDPLW0DLWUH\DHLQHQ JURHQ'LHQVWHUZLHVHQZHULPPHU0DLWUH\DLVW 'DODLPRF5RUYLFZDQNWHXQGVHW]WHVLFKLQHLQHQ6HVVHO :DVKDEHQ6LHGDEORZLHGHUDQJHULFKWHW7DWFKHUNODJWHHU:HQQ 0DLWUH\D]XIUKDQNRPPWPXLFKHXFKYHUODVVHQ+RIIHQWOLFKLVWGDV %KDYDFFD.U DQLFKWVFKRQXQWHUZHJV (UVSUDQJDXIXQGVWU]WH]XP6FKRWW :HQQLFKHVQLFKWPHKUDXIKDOWHQNDQQJHKWHV,KQHQVFKOHFKW6LH PDUVLDQLVFKHV0OOKDOGHQIHUNHO 'DV6FKRWW|IIQHWHVLFK'DODLPRF5RUYLFWUDWKLQDXV ,FKVSUDQJDXIXQGVWU]WHLKPQDFK(VGDXHUWHK|FKVWHQV]ZHL6HNXQGHQ ELVLFKGXUFKGLH6FKRWW|IIQXQJDXIGHQ.RUULGRUVSlKHQNRQQWH

$EHUYRQ5RUYLFZDUQLFKWVPHKU]XVHKHQ (QWZHGHUKDWWHHUVLFKLQ/XIWDXIJHO|VWRGHUZDUGXUFKHLQH:DQG JHJDQJHQ ,FKVSUDQJDXIHLQ7UDQVSRUWEDQGOLHPLFK]XU+DXSW]HQWUDOHWUDJHQXQGWUDW HLQ$XIGHQ%LOGVFKLUPHQGHU3DQRUDPDJDOHULHHUNDQQWHLFKHLQHQEL]DUUHQ OHXFKWHQGHQ*DVQHEHOXQGGDUEHU]DKOORVH6WHUQH:LUZDUHQDOVR]ZHFNV 2ULHQWLHUXQJLQGHQ1RUPDOUDXP]XUFNJHNHKUW 6WDDWVPDUVFKDOO%XOOXQG(PPHW9XWKDUVWDQGHQPLW.RPPDQGHXU'HQQLN DP.DUWHQWLVFKXQGOLHHQVLFKYRQGHP6FKLIIVNRPPDQGDQWHQHWZDV HUNOlUHQ ,FKJLQJKLQEHUXQGWLSSWHGHP6WDDWVPDUVFKDOODXIGLH6FKXOWHU$OV%XOO VLFKXPGUHKWHVDJWHLFK ,FKKDEH5RUYLFJHIXQGHQ6LU 5HJLQDOG%XOOOlFKHOWH (UKDWWHVLFKEHUHLWVYRUKHUEHLPLUJHPHOGHW7DWFKHU'HQQRFKGDQNHLFK ,KQHQhEULJHQVLVW,KUH8QVFKXOGLP)DOO%RUVRZHUZLHVHQ'DODLPRFKDWGHQ %HZHLVGDIUHUEUDFKWGDHVHLQHQ)UHPGHQDQ%RUGJLEW 'DELQLFKDEHUVHKUJHVSDQQW6LUHUZLGHUWHLFK:LHVLHKWGHQQGLHVHU %HZHLVDXV" 'HU6WDDWVPDUVFKDOO]RJHLQH)DUESKRWRJUDSKLHDXVVHLQHU%UXVWWDVFKHXQG UHLFKWHVLHPLU 'HXWOLFKZDUGLHU|WOLFKOHXFKWHQGH*HVWDOWPLWGHQYLHU$UPHQXQGGHP IODVFKHQI|UPLJHQ.RSI]XVHKHQ,P+LQWHUJUXQGHUNDQQWHLFKHLQH .RQWUROOZDQG +DWGHU7LEHWHUGHQ)UHPGHQJHIDQJHQ6LU"HUNXQGLJWHLFKPLFK 5HJLQDOG%XOOZXUGHHUQVW /HLGHUQLFKW7DWFKHU)UXXWKYHUVXFKWH'DODLPRFSDUDSV\FKLVFK]X EHUZlOWLJHQ$OVHVLKPQLFKWJHODQJIORKHUGXUFKGLH:lQGH 6HLQ$UPEDQG7HOHNRPVXPPWH(UVFKDOWHWHGDV*HUlWHLQXQGPHOGHWH VLFK 6LUZLVSHUWHHLQH6WLPPHVRHEHQIDQGHQZLU/HXWQDQW.HUQLP 2EVHUYDWRULXP(UEHILQGHWVLFKLPJOHLFKHQ=XVWDQGLQGHPVLFK%RUVRZ QRFKYRUHLQHU6WXQGHEHIDQG %ULQJHQ6LH.HUQVRIRUWLQGLH.UDQNHQVWDWLRQEHIDKOGHU6WDDWVPDUVFKDOO (UVFKDOWHWHVHLQHQ7HOHNRPDEVDKXQVEHGHXWXQJVYROODQXQGHUNOlUWH )UXXWKKDWDOVRDEHUPDOV]XJHVFKODJHQ:LUPVVHQGLHVHV:HVHQ XQEHGLQJWXQVFKlGOLFKPDFKHQEHYRUZLUDXIHLQHPEHZRKQWHQ3ODQHWHQ ODQGHQVRQVWULFKWHWHVXQYRUVWHOOEDUHQ6FKDGHQDQ )UXXWKLVW5RUYLF6LUVWHOOWHLFKIHVW :LHELWWH" )UXXWKLVWHLQHSDUDSK\VLNDOLVFKH3URMHNWLRQ5RUYLFVHUNOlUWHLFKPLW %HVWLPPWKHLW1DFKGHPLFKLKQJHIXQGHQKDWWHYHUVFKZDQGHUGXUFKHLQH :DQG .|QQHQ6LHGDVEHVFKZ|UHQ7DWFKHU"

1LFKWGLUHNW6LUJDELFK]X$EHULFKVDKZLH5RUYLFVHLQH.DELQHYHUOLH XQGEOLFNWHXQPLWWHOEDUGDUDXILQGHQ)OXU'DZDUGHU7LEHWHU YHUVFKZXQGHQ 5HJLQDOG%XOOVHXI]WH 7DWFKHU6LHZLVVHQVRJXWZLHLFKGD'DODLPRFVRHWZDVbKQOLFKHVZLH GLH7HOHSRUWDWLRQEHKHUUVFKW(UZLUGHLQIDFKGXUFKHLQHIQIGLPHQVLRQDOH 6SDOWHJHJDQJHQVHLQ (UZDQGWHVLFKDQ9XWKDU :DVPHLQHQ6LHGD]X0LVWHU9XWKDU" 'HU7XWKDQLHUUXQ]HOWHGLH6WLUQ %HLGH0|JOLFKNHLWHQVLQGGHQNEDU6LUHUZLGHUWHHU0LVWHU5RUYLFYHUPDJ SDUDSK\VLNDOLVFKH3URMHNWLRQHQ]XVFKDIIHQXQGHUNDQQ ,QGLYLGXDOWUDQVPLVVLRQHQGXUFKIKUHQ$OOHUGLQJVVHKHLFKNHLQ0RWLYIULKQ DQGHUHQ0HQVFKHQGDV*HGlFKWQLV]XQHKPHQ (UWXWHVDXVSXUHU%RVKHLW0LVWHU9XWKDUVDJWHLFK (PPHW9XWKDUQLFNWHEHGlFKWLJ 'DMHGHU0HQVFKLQVLFK*XWXQG%|VHYHUHLQWZlUHGDVQDWUOLFKP|JOLFK 0LVWHUD+DLQX(EHQVRJXWDEHUZlUHHVP|JOLFKGD6LHGHQ $OOURXQGPXWDQWHQDXVSXUHU%RVKHLWYHUGlFKWLJHQGHQQZLHHEHQJHVDJWLQ MHGHPYRQXQVZRKQW*XWHVXQG%|VHV 1LFKWLQHLQHP0DUVLDQHUGHUD.ODVVHZLGHUVSUDFKLFKKHIWLJ 'HU7XWKDQLHU]RJGLH%UDXHQKRFKZDQGWHVLFKDQGHQ6WDDWVPDUVFKDOOXQG PHLQWH ,FKHPSIHKOHGLH%HKDXSWXQJHQYRQ0LVWHUD+DLQXDOVXQZDKUVFKHLQOLFK DQ]XVHKHQ6LU :DUXP"IUDJWH%XOO :HLOHULUUDWLRQDOH6FKOVVH]LHKW6LU:HQQ6LHQLFKWVGDJHJHQKDEHQ ZHUGHLFKGLH+DXSWSRVLWURQLNEHPKHQXPPLWLKUHU+LOIHQDFKHLQHU 0|JOLFKNHLW]XVXFKHQGHQ)UHPGHQ]XIDQJHQ ,FKEHDQWUDJHGDEHLVHLQ]XGUIHQHUNOlUWHLFK 9XWKDUVFKWWHOWHGHQ.RSI 1HLQ,KQHQHPSIHKOHLFKVLFKP|JOLFKVWYLHOLP6FKLII]XEHZHJHQXQGGLH $XJHQRIIHQ]XKDOWHQ $EHUZDUXP"IUDJWHLFKYHUZXQGHUW 6LHVLQGGHU)DNWRU;EHKDXSWHWHGHU7XWKDQLHUJHKHLPQLVYROOXQGJLQJ 5HJLQDOG%XOOVDK9XWKDUQDFKXQGULHEVLFKGDV.LQQ ,FKNDQQGHP6RKQPHLQHV9DWHUVQLFKWKHOIHQHUNOlUWHHUHUZLUGDXV GLHVHP7XWKDQLHUQLFKWVFKODX %HILQGHWVLFKGHU6RKQ,KUHV9DWHUVGHQQDXFKDQ%RUG6LU"HUNXQGLJWHLFK PLFKXQVFKXOGLJ 'LHVH)UDJHKDWWHGLHEHDEVLFKWLJWH:LUNXQJ:lKUHQGGHVEUDXVHQGHQ *HOlFKWHUV]RJLFKPLFKXQDXIIlOOLJDXVGHU+DXSW ]HQWUDOH]XUFNXQGHQWJLQJGDPLWZHLWHUHQHQWQHUYHQGHQ)UDJHQ

'HQQRFKIUHXWHLFKPLFKQLFKWXQHLQJHVFKUlQNWEHUGHQ(UIROJPHLQHU/LVW ,FKlUJHUWHPLFKGDUEHUGDGLHVH(UGPHQVFKHQPLUHLQHGHUDUWLJH1DLYLWlW ]XWUDXHQ $EHULFKZUGHLKQHQQRFKEHZHLVHQZDVLQPLUVWHFNWH (PPHW9XWKDUKDWWHPLFKMHGHQIDOOVDOV)DNWRU;EH]HLFKQHWXQGLFK ]ZHLIHOWHNHLQH6HNXQGHGDUDQGDHUGDPLWDXIGDVJURH0DDQ )LQGLJNHLWDQVSLHOWHGDVXQVD0DUVLDQHUYRUDOOHQDQGHUHQ0HQVFKHQ DXV]HLFKQHW 0HLQHUVWHV=LHOZDUGLH.UDQNHQVWDWLRQ ,FKHUVXFKWHXP(UODXEQLV$GULDQ%RUVRZEHVXFKHQ]XGUIHQ'U3HWHU &LOGDLUHXQVHU%RUGPHGL]LQHUIKUWHPLFKSHUV|QOLFK]XP=ZHLWHQ 0DVFKLQHQLQJHQLHXU %RUVRZODJLQHLQHPK\GURSQHXPDWLVFKHQ%HWWXQGZDUDQHLQH0DVFKLQH DQJHVFKORVVHQ(LQHHOHNWURQLVFKH.RQWUROOZDQGEHUGHP.RSIHQGHGHV %HWWHVJDE$XVNXQIWEHUVHLQH.|USHUIXQNWLRQHQ $GULDQ%RUVRZOlFKHOWHXQVDQ(VZDUGDV/lFKHOQHLQHVXQZLVVHQGHQ .LQGHV $OOH.|USHUIXQNWLRQHQVLQGQRUPDOHUNOlUWH'U&LOGDLUH$OOHUGLQJVNRQQWH GLHWRWDOH$PQHVLHELVKHUQLFKWEHUZXQGHQZHUGHQ:HQQZLULQGLHVHU +LQVLFKWELVKHXWHDEHQGNHLQHQ(UIROJHU]LHOHQN|QQHQPVVHQZLULKQDQ VHLQHQLQGLYLGXHOOHQ'DWHQVSHLFKHUDQVFKOLHHQVHLQ*HGlFKWQLVDOOPlKOLFK ZLHGHUDXIEDXHQXQGLKQPHFKDQRK\SQRWLVFKVFKXOHQ :LUGHUGDQQZLHGHUZLHHUYRUGHP=ZLVFKHQIDOOZDU'RNWRU" 3HWHU&LOGDLUHVFKWWHOWHGHQ.RSI ,QIRUPDWLRQHQKDEHQNHLQHQHFKWHQ(UOHEQLVZHUWXQGIRUPHQGLH 3HUV|QOLFKNHLWNDXP,FKIUFKWHGHU3DWLHQWZLUG-DKUHEUDXFKHQXPZLHGHU HLQYROOZHUWLJHV0LWJOLHGGHUPHQVFKOLFKHQ*HVHOOVFKDIW]XZHUGHQ ,FKWUDW]XP%HWWXQGEOLFNWH%RUVRZDQ +DOOR$GULDQ(UNHQQHQ6LHPLFK" +DOORVDJWH%RUVRZHUIUHXW:HUVLQG6LH" ,FKELQ7DWFKHUD+DLQX6LHHUODXEWHQPLUGLH0DVFKLQHQDQODJHQGHU &$1%(55$]XEHVLFKWLJHQ:LHKDWGHU)UHPGHPLWGHUU|WOLFKOHXFKWHQGHQ +DXW6LHEHUZlOWLJW$GULDQ" %RUVRZV$XJHQZHLWHWHQVLFK,FKEHPHUNWHHLQ)ODFNHUQGDULQ )UHPGHUVDJWHHUDQJVWYROOURWHV8QJHKHXHUDXVGHU:DQG+LOIH +LOIH (UElXPWHVLFKDXI $QGHUHOHNWURQLVFKHQ.RQWUROOZDQGIODFNHUWHQ/LFKWHU$XVGHU0DVFKLQH QHEHQGHP%HWWGUDQJHQNOLFNHQGH*HUlXVFKH1DFKNXU]HU=HLWEHUXKLJWH VLFKGHU3DWLHQWZLHGHU 'U&LOGDLUHVDKPLFKEHXQUXKLJWDQ ,FKZHLQLFKWRE,KU(LQIOXDXIGHQ3DWLHQWHQSRVLWLYRGHUQHJDWLYEHZHUWHW ZHUGHQVROOPHLQWHHUQDFKGHQNOLFK,PPHUKLQVLQG6LHGLHHUVWH3HUVRQ GLHHLQHKHIWLJH*HIKOVUHJXQJEHLLKPKHUYRUULHI

(UHULQQHUWVLFKDQGHQ)UHPGHQHUZLGHUWHLFK6REDOGHUZLHGHU DQVSUHFKEDULVWVROOWHQ6LHLQGLHVHU5LFKWXQJZHLWHUIUDJHQ,FKQHKPHDQ GDELVKHUQLHPDQGQDFKGHPURWKlXWLJHQ:HVHQPLWGHQYLHU$UPHQXQG GHPIODVFKHQI|UPLJHQ.RSIJHIUDJWKDW 'HU0HGL]LQHUZDUVLFKWOLFKYHUOHJHQ 1HLQZLUKLHOWHQGDVIU(UVWRFNWH HLQ+LUQJHVSLQVWHUJlQ]WHLFK6RZDUHVGRFKQLFKWZDKU'RNWRU" 3HWHU&LOGDLUHQLFNWH ,KUH*HVFKLFKWHNODQJVRXQJODXEZUGLJ&DSWDLQD+DLQX ,FKOlFKHOWHJULPPLJ 'DQQHUNXQGLJHQ6LHVLFKHLQPDOEHL6WDDWVPDUVFKDOO%XOO(UJODXEWQlPOLFK LQ]ZLVFKHQGDUDQ,FKVFKODJHYRU6LHODVVHQVLFKYRQLKPGLH3KRWRJUDSKLH JHEHQGLH5RUYLFYRQGHP)UHPGHQDQJHIHUWLJWKDW=HLJHQ6LHVLHGHP 3DWLHQWHQ 'DVZHUGHLFKWXQ&DSWDLQYHUVSUDFK&LOGDLUH,FKELWWHYLHOPDOVXP (QWVFKXOGLJXQJ 'DVEUDXFKHQ6LHQLFKW'RNWRUHUZLGHUWHLFK9LHO*OFN ,FKYHUOLHGLH.UDQNHQVWDWLRQXQGEHJDEPLFK]XP0DVFKLQHQOHLWVWDQG=ZHL 0lQQHUKLHOWHQVLFKGRUWDXI'HUHLQHZDU%DVLO7XFNHU (UEHJUWHPLFKYHUOHJHQXQGZROOWHPLFKXP(QWVFKXOGLJXQJELWWHQ$EHU LFKZLQNWHDE 'HU$XJHQVFKHLQVSUDFKJHJHQPLFK%DVLOHUNOlUWHLFK$Q,KUHU6WHOOH KlWWHLFKZDKUVFKHLQOLFKHEHQVRJHKDQGHOW (UZDUHUOHLFKWHUWXQGGDQNEDU ,FKQW]WHGLH6LWXDWLRQDXVLQGHPLFKLKQEDWGLH0DVFKLQHQDQODJHQQRFK HLQPDODOOHLQEHVLFKWLJHQ]XGUIHQ %DVLO7XFNHUUXQ]HOWHGLH6WLUQ ,FKKDEHSULQ]LSLHOOQLFKWVGDJHJHQ7DWFKHUPHLQWHHU]|JHUQGDEHULVWHV QLFKW]XJHIlKUOLFKDOOHLQGRUWKLQ]XJHKHQZRGHU)UHPGHP|JOLFKHUZHLVH ZLHGHUDXIWDXFKHQZLUG" ,FKVFKWWHOWHGHQ.RSI 1LFKWIUPLFK9RUPLUKDWHUQlPOLFK$QJVWGHQQLFKELQ)DNWRU; -DZHQQHVVRLVWHUZLGHUWH7XFNHU (VLVWVRHUNOlUWHLFKXQGJLQJ]XGHP6FKRWWGDVLQGLH0DVFKLQHQUlXPH IKUWH =LHOVWUHELJEHWUDWLFKGHQ(VNDODWRUUDXP+LHUKDWWHLFK]XPHUVWHQPDOHLQHQ +LQZHLVDXIGLHKHLPOLFKHQ$NWLYLWlWHQ)UXXWKVHQWGHFNWXQGKLHUZDU%RUVRZ JHIXQGHQZRUGHQ,FKKRIIWHGD5RUYLFVSDUDSK\VLNDOLVFKH3URMHNWLRQ DEHUPDOVKLHUDXIWDXFKHQZUGH$OOHUGLQJVZXWHLFKQRFKQLFKWZDVLFK JHJHQVLHXQWHUQHKPHQZROOWH'DVPXWHVLFKYRQVHOEVWHUJHEHQ ,FKJLQJXPGLHHLQ]HOQHQ(VNDODWLRQVDJJUHJDWHKHUXPXQGIXKUPLWEORHQ +lQGHQGLFKWGDUEHUKLQZHJ'RFKLFKHQWGHFNWHGLHVPDONHLQHUOHL :lUPHVWUDKOXQJ

,FKNOHWWHUWHGLH6WDKOWUHSSH]XU,QVSHNWLRQVJDOHULHKLQDXI+LQWHUGHU*DOHULH ZDUHQLQPHKUHUHQ:DQGQLVFKHQVFKZHUH 6WUDKOHQSDQ]HUDXIJHVWHOOW'DVLHIUXQYRUKHUJHVHKHQH.DWDVWURSKHQIl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l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|KQHQGGLH 7UHSSHKLQDE9RQIHUQHHUW|QWHGDV+HXOHQYRQ$ODUPVLUHQHQ,P 0DVFKLQHQOHLWVWDQGKDWWHPDQDOVRGHQ9RUIDOOUHJLVWULHUW ,FKHLOWHGLH7UHSSHKLQDEYHUWDXVFKWHGHQ3DUDO\VDWRUJHJHQPHLQHQ ,PSXOVVWUDKOHUXQGVWHOOWHGLH:DIIHDXIYHUPLQGHUWH/HLVWXQJHLQ'DQDFK YHUVFKZHLWHLFKPLWHLQHPGQQHQ(QHUJLHVWUDKOGLH5lQGHUGHU DXINODSSEDUHQ9RUGHUVHLWHPLWGHQ5lQGHUQGHV+DXSWWHLOV(VZDUHLQH PKVHOLJH$UEHLWGHQQGLH6WUDKOHQSDQ]HUEHVWDQGHQDXV VWUXNWXUYHUGLFKWHWHP0HWDOOSODVWLNPLW

6LHVLQGZLUNOLFKHLQ7HXIHOVNHUO7DWFKHU ,FKELQHLQ0DUVLDQHUGHUD.ODVVHHUNOlUWHLFK :RKHUZXWHQ6LHGDGHU)UHPGHQRFKHLQPDOKLHUKHUNRPPHQXQGLQ HLQHQ6WUDKOHQSDQ]HUVWHLJHQZUGH" ,FKKDWWHHVQDWUOLFKQLFKWJHZXWDEHULFKVDKQLFKWHLQZDUXPLFKGDV ]XJHEHQXQGGDPLWPHLQHQ5XKPVFKPlOHUQVROOWH 'DVZDUHLQH)UDJHJHGDQNOLFKHU.RPELQDWLRQHQXQGORJLVFKHU6FKOVVH DQWZRUWHWHLFK :LUN|QQHQQLFKWVHKHQZHUVLFKLQGHP3DQ]HUEHILQGHWZDUIGHU6ROGDW HLQ9LHOOHLFKWLVWHVJDUQLFKWGHU)UHPGH+DEHQ6LHLKQHLQVWHLJHQVHKHQ &DSWDLQD+DLQX" 6HOEVWYHUVWlQGOLFKYHUVLFKHUWHLFK6FKOLHOLFKNRQQWHLFKQLFKW]XJHEHQ GDLFKJHVFKODIHQKDWWH(VKDQGHOWVLFKHLQGHXWLJXP)UXXWK ,FKULHIEHU,QWHUNRPGHQ6WDDWVPDUVFKDOODQXQGLQIRUPLHUWHLKQEHU PHLQHQ)DQJ5HJLQDOG%XOOGDQNWHPLUXQGEHIDKOGHQ*HIDQJHQHQLQHLQH GHU([SHULPHQWLHUNDPPHUQ]XEULQJHQGHUHQ:lQGHDOOHVDPWDXV VWUXNWXUYHUGLFKWHWHP0DWHULDOEHVWDQGHQXQG]XVlW]OLFKHLQH

%XOOVFKDOWHWHGLH0DQLSXODWRUHQGHU.DPPHUHLQ$OVGLH5VWXQJGXUFK IHLQH(QHUJLHVWUDKOHQDXIJHVFKQLWWHQZRUGHQZDUJHVHOOWHVLFK'DODLPRF 5RUYLF]XXQV 'HU7LEHWHUVDJWHQLFKWVVRQGHUQEHREDFKWHWHQXUGHQ%LOGVFKLUPGHUGDV ,QQHUHGHU([SHULPHQWLHUNDPPHU]HLJWH =ZHL0DQLSXODWRUDUPH|IIQHWHQGHQ6WUDKOHQSDQ]HUXQGKREHQGLH 9RUGHUVHLWHDE (LQU|WOLFKOHXFKWHQGHV/HEHZHVHQNDP]XP9RUVFKHLQ(VVWLHJDXVGHU 5VWXQJXQGEHQXW]WHGDEHLDOOHYLHU+lQGHGRFKHVWUDINHLQH$QVWDOWHQ GXUFKHLQH:DQGGHU.DPPHU]XYHUVFKZLQGHQ (VLVWLQWHOOLJHQWJHQXJXPVLFK]XVDJHQGDZLUHVQLFKWLQHLQHP5DXP IUHLODVVHQZUGHQGHVVHQ:lQGHIUHVGXUFKOlVVLJVLQGEHPHUNWH9XWKDU +RIIHQWOLFKN|QQHQZLUXQVPLWLKPYHUVWlQGLJHQPHLQWH5HJLQDOG%XOO'HU 6WDDWVPDUVFKDOOVFKDOWHWHHLQH'UHLSXQNW.RPPXQLNDWLRQEHLGHUGLH +DXSWSRVLWURQLNGLH$XIJDEHHLQHV7UDQVODWRUVHUIOOWH (UPXVWHUWHPLFKSUIHQG :HQQ,KUH%HKDXSWXQJVWLPPWGD)UXXWKQXUHLQHSDUDSK\VLNDOLVFKH 3URMHNWLRQ5RUYLFVGDUVWHOOWGUIWHGLH9HUVWlQGLJXQJOHLFKWVHLQ (VZlUHXQORJLVFKGLHVH%HKDXSWXQJOlQJHUDXIUHFKW]XHUKDOWHQ6LU HQWJHJQHWHLFKXQGHUQWHWHGDIUHLQHQVFKQHOOHQ6HLWHQEOLFN9XWKDUV:lUH GDV:HVHQHLQH3URMHNWLRQKlWWHHVVLFKQLFKWIDQJHQODVVHQ 0DQFKPDOIXQNWLRQLHUW,KUPDUVLDQLVFKHV6WDXENRUQGDVEHL,KQHQHLQ *HKLUQHUVHW]WEHLQDKHZLHHLQULFKWLJHV*HKLUQ7DWFKHUVDJWH5RUYLF 5XKHIXKU%XOOLKQDQ (UVFKDOWHWHGDV0LNURSKRQGHU'UHLSXQNWYHUELQGXQJHLQXQGVDJWH +LHUVSULFKW6WDDWVPDUVFKDOO%XOO.|QQHQ6LHPLFKK|UHQ)UXXWK" ,FKNDQQ6LHVRZRKOK|UHQDOVDXFKYHUVWHKHQDQWZRUWHWHGHU)UHPGH :DUXPKDOWHQ6LHPLFKJHIDQJHQ" 6LHVLQGXQEHIXJWLQGLHVHV5DXPVFKLIIHLQJHGUXQJHQXQGKDEHQ]ZHL %HVDW]XQJVPLWJOLHGHUQLKU*HGlFKWQLVJHUDXEWHUZLGHUWH5HJLQDOG%XOO VFKDUI'DPLWVWHOOHQ6LHHLQHUKHEOLFKHV6LFKHUKHLWVULVLNRGDU]XPDO6LHELV DXI$XVQDKPHQIHVWH0DWHULHGXUFKGULQJHQN|QQHQ,FKHUZDUWHHLQH XPIDVVHQGH(UNOlUXQJYRQ,KQHQ 'HU)UHPGHEOLFNWHDXVVHLQHQEHLGHQ$XJHQVWDUUDXIGHQ %LOGVFKLUPLQGHU.DPPHU$XHUGLHVHQ$XJHQKDWWHVHLQ.RSIQLFKWV 0HQVFKOLFKHVDQVLFKHUEHVDZHGHU2KUHQQRFKHLQHQ0XQGQRFKZLHVHU GLHJHULQJVWH%HKDDUXQJDXI0LUZDUUlWVHOKDIWZRPLWGDV:HVHQVSUDFK ELVLFKHLQH$UW0HPEUDQ]ZLVFKHQVHLQHQ$XJHQHQWGHFNWH $N]HSWLHUW6WDDWVPDUVFKDOO%XOOHUZLGHUWH)UXXWK,FKELQ$QJHK|ULJHU HLQHV9RONHVGDVVLFKDXIGHP3ODQHWHQ6RPQLXOLQGHU*DOD[LV$GLIDU HQWZLFNHOWH :REHILQGHWVLFKGLH*DOD[LV$GLIDU"IUDJWH5RUYLF6LHJHK|UW]XHLQHU 3RSXODWLRQGLHYRQ,KQHQDOV1HEHOKDXIHQLQGHU!1|UGOLFKHQ.URQH EH]HLFKQHWZLUGDQWZRUWHWH)UXXWK

'LHVHU1HEHOKDXIHQLVWUXQGDFKWKXQGHUW0LOOLRQHQ/LFKWMDKUHYRQXQVHUHU *DOD[LVHQWIHUQWZDUI5HJLQDOG%XOOHLQ:LHZROOHQ6LHGLHVHXQJHKHXUH (QWIHUQXQJEHUZXQGHQKDEHQ)UXXWK" ,FKEHQXW]WHHLQ5DXPVFKLIIPLWHLQHP$QWULHEGHU,KQHQQDFKPHLQHQ ELVKHULJHQ(UPLWWOXQJHQXQEHNDQQWLVW'LHVHV6FKLIIZXUGHPLUJHVWRKOHQ ZlKUHQGLFKGLH=LYLOLVDWLRQLQ,KUHP+HLPDWV\VWHPVWXGLHUWH,FKELQ :LVVHQVFKDIWOHUXQGEHVFKlIWLJHPLFKKDXSWVlFKOLFKPLWGHP$XIVSUHQXQG GHP6WXGLXPIUHPGHU=LYLOLVDWLRQHQ :LUKDEHQHVQLFKWJHUQZHQQPDQXQVHUH=LYLOLVDWLRQKHLPOLFKVWXGLHUW PHLQWH5HJLQDOG%XOO6LHKlWWHQVLFKEHLGHUVRODUHQ*URDGPLQLVWUDWLRQ PHOGHQXQGHLQH(UODXEQLVHLQKROHQPVVHQ$EHULFKZLOOGLHVHQ3XQNWJDU QLFKWVRVHKUVWUDSD]LHUHQ9LHOVFKOLPPHULVWGD6LHEHL]ZHL %HVDW]XQJVPLWJOLHGHUQHLQHWRWDOH$PQHVLHYHUXUVDFKWKDEHQ (VZDUXQXPJlQJOLFKGDLFKJH]ZXQJHQZDUPLUDXIGLHVH:HLVH ]XVlW]OLFKH,QIRUPDWLRQHQ]XEHVFKDIIHQHUNOlUWH)UXXWK,FKKDOWHHV QlPOLFKIUZDKUVFKHLQOLFKGDHLQHGHUKLHUDQZHVHQGHQ3HUVRQHQDP 'LHEVWDKOPHLQHV6FKLIIHVEHWHLOLJWZDU/HLGHUNDPLFKDQGHQ *HGDQNHQLQKDOWGLHVHU3HUVRQQLFKWKHUDQ (UVSULFKWYRQ5RUYLFULHILFK6LHKDEHQDOVR)UXXWKV5DXPVFKLII JHVWRKOHQ6LUZDQGWHLFKPLFKDQGHQ7LEHWHU 'DODLPRF5RUYLFKREDEZHKUHQGGLH+lQGH ,FKKDEHQLFKWVPLWGLHVHP'LHEVWDKO]XWXQEHWHXHUWHHU,FKZXUGHMD VHOEVWEHVWRKOHQDOVLFKDXIGHP0DUVQDFK,KQHQVXFKWH7DWFKHU ,FKGHQNHLFKZHLZHU,KU5DXPVFKLIIJHVWRKOHQKDW)UXXWKHUNOlUWH 5HJLQDOG%XOO(VPVVHQGLHJOHLFKHQ/HEHZHVHQJHZHVHQVHLQGLHDXFK XQV7HUUDQHUKHLPVXFKWHQGLH3DL XKQ. DVDOWLF 'DVHUVFKHLQWORJLVFKZDUI(PPHW9XWKDUHLQ,FKGHQNHZLUVROOWHQ0LVWHU )UXXWKDQELHWHQPLWXQVJHPHLQVDPGHQ+HLPDWSODQHWHQGHU3DL XKQ . DVDOWLF]XVXFKHQXQGGLHVH:HVHQ]XYHUDQODVVHQLKUH'LHEHVEHXWH ZLHGHUKHUDXV]XJHEHQ 'HU6WDDWVPDUVFKDOOQLFNWH ,FKELQHLQYHUVWDQGHQDOOHUGLQJVXQWHUGHU9RUDXVVHW]XQJGD)UXXWK YRUOlXILJLQGHU([SHULPHQWLHUNDPPHUEOHLEW,FKKDEHHVQLFKWJHUQZHQQ DXIGHP6FKLIIGDVLFKEHQXW]HMHPDQGKHUXPOlXIWGHUIHVWH:lQGH GXUFKGULQJHQNDQQ:LHIXQNWLRQLHUWGDVHLJHQWOLFK)UXXWK" (VLVWJDQ]HLQIDFKDQWZRUWHWHGHU)UHPGH,FKHUK|KHGLH PROHNXODUNLQHWLVFKH(QHUJLHPHLQHV.|USHUVVRGDPHLQHYRQ1DWXUDXV VHKUNOHLQHQ0ROHNOH]ZLVFKHQGHQ0ROHNOHQDQGHUHU.|USHU KLQGXUFKVFKOSIHQN|QQHQ'DEHLEOHLEWGLH%LQGXQJVHQHUJLHHUKDOWHQVR GDEHL+HUDEVHW]XQJGHUPROHNXODUNLQHWLVFKHQ(QHUJLHGHUQRUPDOH $EVWDQG]ZLVFKHQGHQ.|USHUPROHNOHQZLHGHUKHUJHVWHOOWZLUG 6RXQJHIlKUKDWWHLFKHVPLUYRUJHVWHOOWPHLQWH%XOO:LUKDWWHQQlPOLFK VFKRQHLQPDO.RQWDNWPLW$QJHK|ULJHQHLQHV9RONHVGDVEHUGLHJOHLFKH )lKLJNHLWYHUIJWH

6LHVSUHFKHQYRQGHQ.RVPLVFKHQ,QJHQLHXUHQDXV$QGURPHGD6LU" HUNXQGLJWHVLFK9XWKDU 5LFKWLJYRQGHQ3DGGOHUQZLHZLUVLHVFKHU]KDIWQDQQWHQ $QGURPHGDQHQQHQ6LH,KUHQlFKVWH1DFKEDUJDOD[LVQLFKWZDKU 6WDDWVPDUVFKDOO%XOO"IUDJWH)UXXWK 'DVVWLPPW$EHUGDVLVWIUXQVNHLQ*HVSUlFKVWKHPD,FKZUGHJHUQYRQ ,KQHQZLVVHQ)UXXWKREHVHLQH0|JOLFKNHLWJLEW,KUHQ2SIHUQGDV *HGlFKWQLV]XUFN]XJHEHQ 1HLQDQWZRUWHWHGHU)UHPGH'HU9RUJDQJLVWLUUHYHUVLEHO6WDDWVPDUVFKDOO %XOO:HUGHQ6LHPLFKIUHLODVVHQZHQQLFK,KQHQ]XVLFKHUHNQIWLJDOOHV]X XQWHUODVVHQZDVHLQHPYRQ,KQHQVFKDGHQN|QQWH" ,FKZHUGHGDUEHUQDFKGHQNHQHUZLGHUWH5HJLQDOG%XOOHUQVW8QG6LH VROOWHQLQ]ZLVFKHQEHUOHJHQZLH6LHXQV,KUH)ULHGIHUWLJNHLWEHZHLVHQ ZROOHQ,FKPHOGHPLFKEDOGZLHGHU(QGH (UGHVDNWLYLHUWHGLH'UHLSXQNW.RPPXQLNDWLRQGUHKWHVLFK]XXQVXPXQG VDJWH 'DPLWKlWWHQZLUDXHUGHQ3DL XKQ. DVDOWLFHLQZHLWHUHV3UREOHP:HQQ ZLUGHQ0HLVWHUGLHEHQGDV5DXPVFKLII)UXXWKVDEQHKPHQXQGLKP ]XUFNJHEHQN|QQHQNHKUWHUYLHOOHLFKWHLQHV7DJHVPLW7DXVHQGHQYRQ 6WUXNWXUOlXIHUQ]XUFN 'DVZlUHQXUORJLVFK6LUZDUI(PPHW9XWKDUHLQ 8QVHU)OXJSODQZDUGXUFKGDV$XIWDXFKHQGHV6RPQLXOVQLFKWJHVW|UW ZRUGHQVRGDZLUH[DNW]XPYRUDXVEHUHFKQHWHQ=HLWSXQNWLQHLQH 8PODXIEDKQXPGHQVLHEWHQ3ODQHWHQ3DWHUQDOVJLQJHQ ,FKZDUUHFKW]HLWLJYRUKHULQGLH+DXSW]HQWUDOHJHUXIHQZRUGHQDEHUGHU $QEOLFN.DPDVKVEHHLQGUXFNWHPLFKZHQLJ 0HLQH$XIPHUNVDPNHLWJDOWLQHUVWHU/LQLHGHU5LHVHQVRQQH3DWHUQDOGLHLQ DOOHQ5HJHQERJHQIDUEHQVFKLOOHUWH (LQHLQPDOLJHV6FKDXVSLHOGHVVHQ=DXEHUVLFKNHLQHUYRQXQVHQW]LHKHQ NRQQWH:HPHVDXIGHQ.UHX]HUQLUJHQGP|JOLFKZDUGHUEHREDFKWHWHGLH LULVLHUHQGH6RQQHDXIGHP%LOGVFKLUP 3DWHUQDOZLUNWDXIGHQHUVWHQ%OLFNZLHHLQ5HJHQERJHQGHUVLFKNXJHOI|UPLJ ]XVDPPHQJHEDOOWKDW(UVWEHLOlQJHUHP+LQVHKHQZLUGGHU8QWHUVFKLHG GHXWOLFK %HLHLQHP5HJHQERJHQVLQGGLH)DUEHQGHV6RQQHQVSHNWUXPVYRQHLQDQGHU JHWUHQQWDXIGHU2EHUIOlFKH3DWHUQDOVDEHUZLUEHOQVLHEXQWGXUFKHLQDQGHU PLVFKHQVLFKWUHQQHQVLFKZLHGHUXQGYROOIKUHQHLQHQFKDRWLVFKHQ7DQ] )DV]LQLHUHQGULHILFKDXV ,UUVLQQLJPHLQWH5HJLQDOG%XOOWURFNHQ,FKJODXEHPDQPX3DWHUQDO JHVHKHQKDEHQXPGLH3V\FKHGHU.DPDVKLWHQ]XYHUVWHKHQ +LQWHUGHPVFKHLQEDUHQ&KDRVGHU)DUEZLUEHOPXHLQEHVWLPPWHV6\VWHP YHUERUJHQVHLQHUNOlUWH(PPHW9XWKDU(UZDQGWHVLFKDQGHQ 6WDDWVPDUVFKDOO:HQQ6LHJHVWDWWHQ6LUIHUWLJHLFKHLQH 6SHNWUDODXI]HLFKQXQJDQXQGZHUWHVLHDQVFKOLHHQGPLWGHU+DXSWSRVLWURQLN

DXV'LHVHLULVLHUHQGH6RQQHLVWHLQDVWURSK\VLNDOLVFKHV3KlQRPHQYRQGHP ZLUYLHOOHLFKWPHKUEHUGLH1DWXUGHV8QLYHUVXPVOHUQHQN|QQHQ (VWXWPLUOHLG0LVWHU9XWKDUHUZLGHUWH%XOODEHUDQHUVWHU6WHOOHUDQJLHUW IUPLFKGDV3UREOHPZLHZLUGLH9LHOJHVWDOWLJNHLWPLWGHQIOLQNHQ+lQGHQ GDUDQKLQGHUQN|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lXFKHXQGZUGHPLUGLH'XUFKIKUXQJPHLQHV$XIWUDJHVQXU HUVFKZHUHQ 5HJLQDOG%XOOZLQNWHXQZLUVFKDE 'LH.DPDVKLWHQYHUVWRHQDXFKJHJHQXQVHUH%UlXFKHRKQHLKU*HZLVVHQ GDPLW]XEHODVWHQ:LUKDEHQQLFKWPHKUYLHO=HLW7DWHKHU (QGOLFKPHOGHWHGLH)XQN]HQWUDOHGDGHU)XQNNRQWDNW]X HLQHP.DPDVKLWHQKHUJHVWHOOWZRUGHQVHL.XU]GDUDXIZXUGHGLH9HUELQGXQJ DXIGHQ7HOHNRPLQGLH+DXSW]HQWUDOHXPJHOHJW $XIGHP%LOGVFKLUPHUVFKLHQGLH*HVWDOWHLQHVPHQVFKOLFKHQ/HEHZHVHQV PLWJROGEUDXQHU+DXWJUDVJUQHU=|SIFKHQIULVXUXQGVLOEHUIDUEHQHQ )LQJHUQlJHOQ(VKDQGHOWHVLFKRIIHQEDUXPHLQHQ0DQQXQGHUWUXJEHUGHU KHOOEODXHQ.RPELQDWLRQHLQHQNXU]HQJHOEHQ8PKDQJ ,FKJUH6LHVSUDFK%XOOGLHJDODNWLVFKH*UXIRUPHO,FKELQ 6WDDWVPDUVFKDOO%XOO ,FKJUH6LHDXFKHUZLGHUWHGHU.DPDVKLWHPLWHUVWDXQOLFKNUlIWLJHU YROOW|QHQGHU6WLPPH'LH.XU]IDVVXQJPHLQHV1DPHQVLVW+LFNRU9DOHPQLN 6LHVLQG6WDDWVPDUVFKDOOXQGKHLHQ%XOO6LQG6LHLGHQWLVFKPLWGHP 6WDDWVPDUVFKDOOGHV6RODUHQ,PSHULXPV0LVWHU%XOO" %XOOVW|KQWHXQWHUGUFNWXQGDQWZRUWHWH 6RLVWHV0LVWHU9DOHPLN 9DOHPQLNNRUULJLHUWHGHU.DPDVKLWH+LFNRU9DOHPQLN,FKIUHXHPLFK6LH NHQQHQ]XOHUQHQ0LVWHU%XOO)DOOV6LHXQVHUHQ3ODQHWHQEHVXFKHQP|FKWHQ YHUPLWWOHLFK6LHJHUQDQHLQHQXQVHUHU7UDQVPLWWHUVDWHOOLWHQ 'DIUZlUHLFK,KQHQVHKUGDQNEDUHUNOlUWHGHU6WDDWVPDUVFKDOO,FKVXFKH HLQHQ.DPDVKLWHQQDPHQV3DWXOOL/RNRVKDQ8PJHQDX]XVHLQ/RNRVKDQV )UHXQG7DWFKHUD+DLQXVXFKWGLHVHQ0DQQ:LVVHQ6LH]XIlOOLJZLHLFKLKQ HUUHLFKHQNDQQ0LVWHU9DOHPQLN" 'HU.DPDVKLWHUXQ]HOWHGLH6WLUQ

(VJLEWEHLXQVYLHOH3HUVRQHQPLWGHP(UVWQDPHQ3DWXOOLXQGGHP (QGQDPHQ/RNRVKDQ6LHPWHQPLUVFKRQGHQYROOHQ1DPHQQHQQHQ 0LVWHU%XOO 5HJLQDOG%XOOEOLFNWHVLFKKLOIHVXFKHQGQDFKPLUXP (UKHLW3DWXOOL6KDQJULQRQVNRZMH%DWXODWVFKLQR6DJULPDW/RNRVKDQVDJWH LFK +LFNRU9DOHPQLNJULQVWH 6LHPHLQHQGHQ7DERUD7UlJHU(ULVWHLQVHKUEHUKPWHU0DQQ :RILQGHQZLULKQ"IUDJWH%XOOGUlQJHQG 'HU.DPDVKLWH]XFNWHGLH6FKXOWHUQ :RKHUVROOLFKGDVZLVVHQ,FKELQJDQ]DOOHLQLQXQVHUHP'DWHQ]HQWUXPXP HLQLJH%HUHFKQXQJHQEHUGDVQlFKVWH3O|VW|DQ]XVWHOOHQ$EHULPYRULJHQ -DKUKDW3DWXOOLVHLQHQ2QNHODXIGHQ.RQWLQHQW+DLVKHWEHJOHLWHWDOVGLH 'XPUXJKVXQUXKLJJHZRUGHQZDUHQ 5HJLQDOG%XOOEHKHUUVFKWHVLFKQXUQRFKPKVDP6HLQ1DFNHQKDWWHVLFK EHUHLWVJHU|WHW ,PYRULJHQ-DKUULHIHUDQNODJHQG,FKZLOOZLVVHQZRHUVLFKMHW]WEHILQGHW 0LVWHU9DOHPQLNXQGQLFKWZRHUVLFKLPYRULJHQ-DKUEHIXQGHQKDW ,FKWUDWHLQHQ6FKULWWYRUVRGDPLFKGHU.DPDVKLWHEHVVHUDXIGHP %LOGVFKLUPVHLQHV7HOHNRPVVHKHQNRQQWH 0LVWHU9DOHPQLNVDJWHLFKHVKDQGHOWVLFKQLFKWQXUXPHLQHQ )UHXQGVFKDIWVEHVXFKVRQGHUQXPHLQH$QJHOHJHQKHLWYRQK|FKVWHU 'ULQJOLFKNHLW(VJHKWXP/HEHQXQG7RGHLQHVJDQ]HQ9RONHVXQGZLU KRIIHQGD3DWXOOLV+LOIHGHQ$XVVFKODJ]XP*XWHQJHEHQNDQQ%LWWH DODUPLHUHQ6LHGLHJHVDPWH%HY|ONHUXQJYRQ.DPDVKGDPLW3DWXOOLVR VFKQHOOZLHP|JOLFKJHIXQGHQZLUG :DUXPKDW0LVWHU%XOOGDVQLFKWJOHLFKJHVDJWHUZLGHUWH+LFNRU9DOHPQLN :HQQHVXP/HEHQXQG7RGJHKWGDUILFKHLQHQ6XFKUXIDEVHW]HQ 'DQQUXIHQ6LHHQGOLFKQDFK3DWXOOL/RNRVKDQVDJWH%XOO 0LWHLQHP6XFKUXIN|QQHQQXUXQVHUH)DXQDXQG)ORUDPHLVWHUDODUPLHUW ZHUGHQVDJWHGHU.DPDVKLWH 5HJLQDOG%XOOZDQGWHVLFKZLHGHUDQPLFK :DUQLFKWHLQ2QNHOGLHVHV=ZHUJHV)DXQDPHLVWHU7DWFKHU" 3DWXOOLV2QNHO/HVVNDLVW(UVWHU)DXQDPHLVWHUYRQ.DPDVK0LVWHU%XOO VDJWH9DOHPQLNRKQHDXIGLHEHOHLGLJHQGH%H]HLFKQXQJ=ZHUJ HLQ]XJHKHQ,FKZHUGHHLQHQ6XFKUXIDQLKQDEVHW]HQXQGGHQ6DWHOOLWHQ 2PHJDYHUDQODVVHQGHQ3HUVRQHQWUDQVSRUW]XEHUQHKPHQ2PHJD ZLUGGDQQ3HLO]HLFKHQJHEHQVRGD6LHLKQILQGHQN|QQHQ ,FKNQLFNWHLQGHQ.QLHQHLQDOVVLFKHLQHVFKZHUH+DQGDXIPHLQH6FKXOWHU OHJWH :LUEHLGHZHUGHQGHQ:DJQDFK.DPDVKHLQZHQLJDENU]HQ7DWFKHU VDJWH5RUYLF ,PQlFKVWHQ0RPHQWKDWWHLFKGDV*HIKOGXUFKHLQHQUDXPXQG]HLWORVHQ $EJUXQG]XZLUEHOQ

'DV*HIKOVFKZDQGXQGLFKIDQGPLFKLQHLQHUPLWWHOJURHQ+DOOHZLHGHU 0LUJHJHQEHUEHIDQGVLFKHLQH.RQWUROOZDQGXQGGDYRUVWDQGHLQ .DPDVKLWHXQGVSUDFKLQHLQHQ7HOHNRP 'DODLPRF5RUYLFODFKWHYHUKDOWHQ ,FKJUH6LH0LVWHU9DOHPQLNVDJWHHU +LFNRU9DOHPQLNGUHKWHVLFKXP6HLQ*HVLFKWYHUULHWQLFKWREHUEHUXQVHU XQNRQYHQWLRQHOOHV$XIWDXFKHQHUVWDXQWZDU+|IOLFKHUZLGHUWHHU ,FKJUH6LHXQGLFKJUH0LVWHUD+DLQX:LOONRPPHQDXI.DPDVK :ROOHQ6LHPLFKQLFKWIUDJHQZLHZLUKLHUKHUJHNRPPHQVLQG"HUNXQGLJWH VLFKGHU7LEHWHUHQWWlXVFKW +LFNRU9DOHPQLN]XFNWHGLH6FKXOWHUQ :R]X"6LHVLQGKLHUGDVJHQJW,FKZUGHHVDOOHUGLQJVEHJUHQZHQQ 6LHPLU,KUHQ1DPHQQHQQHQZUGHQGDPLWLFK6LHDQVSUHFKHQNDQQZLHHV GLH5HJHOQGHU+DUPRQLHJHELHWHQ 5RUYLFVFKOXFNWH 1DWUOLFK0LVWHU9DOHPQLN,FKELQ'DODLPRF5RUYLF6RQGHURIIL]LHUGHV 6RODUHQ,PSHULXPVXQG0LWJOLHGGHV0XWDQWHQNRUSV (UUlXVSHUWHVLFKXQGIJWHKLQ]X 0DQSIOHJWPLFK!6LU]XQHQQHQ0LVWHU9DOHPQLN 2KHQWIXKUHVGHP.DPDVKLWHQ'DVWXWPLUVHKUOHLGDEHULFKGDUI,KQHQ YHUVLFKHUQGDNHLQ.DPDVKLWHVRWDNWORVVHLQZLUG6LHGXUFKHLQH YHUXQJOLPSIHQGH7LWXOLHUXQJ]XNUlQNHQ 'HUIHWWH$OELQRNUDW]WHVLFKDP+LQWHUNRSI 9HUXQJOLPSIWH7LWXOLHUXQJ"'DVYHUVWHKHLFKQLFKW 1XQHVKDQGHOWVLFKXPHLQhEHUEOHLEVHOGHVWHUUDQLVFKHQ)HXGDOLVPXV 0LVWHU5RUYLFXQGQLHPDQGOlWVLFKJHUQDOVHLQH$UW6NODYHQKDOWHU EH]HLFKQHQ $KDPDFKWHGHU7LEHWHUPDWW (UEOLFNWHPLFKGXUFKGULQJHQGDQ :DVVDJHQ6LHGD]X7DWFKHU" 1LFKWV69HUZLGHUWHLFK 'DVQRUPDOHUZHLVHOHLFKHQEODVVH*HVLFKWGHV$OOURXQGPXWDQWHQOLHIURWDQ :ROOHQ6LHHWZDEHKDXSWHQLFKVHLHLQH$UW6NODYHQKDOWHU6LH VFKUXPSIKlXWLJHUXQJHZDVFKHQHU0DUV]ZHUJ$EVRIRUWYHUELWWHLFKPLU GLHVHYHUXQJOLPSIHQGH7LWXOLHUXQJ :LH6LHZQVFKHQ6LUHUZLGHUWHLFK 5RUYLFKROWH]XHLQHU2KUIHLJHDXV +DOWULHIGHU.DPDVKLWH*HZDOWWlWLJNHLWHQYHUVWRHQJHJHQGLH5HJHOQ GHU+DUPRQLH0LVWHU5RUYLF 'DODLPRF5RUYLFOLHGHQHUKREHQHQ$UPVLQNHQXQGIUDJWH 9HUVWRHQ%HOHLGLJXQJHQQLFKWDXFKJHJHQGLH5HJHOQGHU+DUPRQLH *UQKDDU" 1XU%HOHLGLJXQJHQGLHJHJHQHLQHHKUHQZHUWH3HUVRQDXVJHVSURFKHQ ZHUGHQ0LVWHU5RUYLF,Q,KUHP)DOOHLVWGDV]ZHLIHOKDIW,FKELWWHXP

(QWVFKXOGLJXQJZHQQLFKGDPLWXQEHZXWJHJHQGLH5HJHOQGHU+DUPRQLH YHUVWRHQKDEH %LWWHHUZLGHUWHGHU7LEHWHUJHVFKODJHQ9HUJHVVHQZLUGDV+DEHQ6LH VFKRQHLQHQ6XFKUXIDQ/HVVND/RNRVKDQDEJHVHW]W" 'HU6XFKUXIZLUGDXWRPDWLVFKDEJHVWUDKOW0LVWHU5RUYLFDQWZRUWHWH+LFNRU 9DOHPQLN,FKPXQXUQRFK2PHJDYHUDQODVVHQGHQ3HUVRQHQWUDQVSRUW ]XEHUQHKPHQ (UNHKUWH]XGHU.RQWUROOZDQG]XUFNQDKPKLHUXQGGD6FKDOWXQJHQYRUXQG HUNOlUWHGDQQ (VLVWDOOHVEHVWHQVJHUHJHOW2PHJDZLUGGLHDQGHUHQ%HVXFKHULQGLH 7UDQVPLWWHUVWDWLRQGHV'DWHQ]HQWUXPVVFKLFNHQ8QWHUGHVVHQOlXIWVLFKHUGLH %HVWlWLJXQJGHV(UVWHQ)DXQDPHLVWHUHLQ (UEOLFNWH]XHLQHU.RQWUROODPSHGLHVRHEHQDXIOHXFKWHWH 'DLVWVLHVFKRQ 'HU.DPDVKLWHNHKUWH]XP7HOHNRPJHUlW]XUFN.XU]GDUDXIHUVFKLHQDXI GHP%LOGVFKLUPGDVZHWWHUJHJHUEWH]HUNQLWWHUWH*HVLFKWHLQHVDOWHQ0DQQHV 9HUHKUWHU)DXQDPHLVWHUVDJWH9DOHPQLNKLHUVSULFKW+LFNRU9DOHPQLN,FK VFKLFNWHGHQ6XFKUXIDXVGDHLQHJODXEZUGLJH3HUVRQPLUYHUVLFKHUWHVLH ZUGH,KUH+LOIHEHLHLQHU$QJHOHJHQKHLWEHQ|WLJHQEHLGHUHVXP/HEHQXQG 7RGHLQHVJDQ]HQ9RONHVJLQJH 8P/HEHQXQG7RG"IUDJWHGHUDOWH.DPDVKLWHHUVFKURFNHQ(VNDQQVLFK GHPQDFKQXUXPHLQHQ6RODULHUKDQGHOQ:LHLVWVHLQ1DPH+LFNRU" (UKHLW%XOOXQGLVW6WDDWVPDUVFKDOOYHUHKUWHU)DXQDPHLVWHU 5HJLQDOG%XOOULHIGHU(UVWH)DXQDPHLVWHUHUVWDXQW'LHVRODUH0HQVFKKHLW PXJDQ]VFK|QWLHILQGHU7LQWHVLW]HQZHQQ%XOO\SHUV|QOLFKEHU.DPDVK DXINUHX]W (QWVFKXOGLJHQ6LHDEHULFKQHKPHDQGHU$XVGUXFN!LQGHU7LQWHVLW]HQLVW QLFKWZ|UWOLFK]XQHKPHQYHUHKUWHU)DXQDPHLVWHU"PHLQWH9DOHPQLN 1DWUOLFKQLFKWVDJWH/HVVND/RNRVKDQ,FKPXPLFKHQWVFKXOGLJHQ:LH 6LHZLVVHQKLHOWLFKPLFKHLQLJH=HLWXQWHU6RODULHUQDXIXQGGLHVH VRQGHUEDUHQ0HQVFKHQKDEHQHLQH9RUOLHEHIUNRGLHUWH5HGHZHQGXQJHQ ,FKWUDWLQGHQ$XIQDKPHEHUHLFKGHU7HOHNRP2SWLNXQGVDJWH 9HUHKUWHU)DXQDPHLVWHUPHLQ1DPHLVW7DWFKHUD+DLQX :HLWHUNDPLFKQLFKWGHQQ/HVVND/RNRVKDQULHIHUKHLWHUW /DVVHQ6LHGLHJHVFKZROOHQH$QUHGHZHJ7DWFKHU(VJHQJWY|OOLJZHQQ 6LHPLFK/HVVNDQHQQHQ-HGHUKLHUQHQQWPLFKVR+LFNRUDXFKQXULQ,KUHU $QZHVHQKHLWJODXEWHHUI|UPOLFKVHLQ]XPVVHQ 'DQNH/HVVNDHUZLGHUWHLFK:LH+LFNRUEHUHLWVHUNOlUWHKDQGHOWHVVLFK EHLXQVHUHP%HVXFKXPHLQH6DFKHEHLGHUHVXP/HEHQXQG7RGHLQHV JDQ]HQ9RONHVJHKW:LUQHKPHQDQGD3DWXOOLXQVEHLGLHVHU $QJHOHJHQKHLWHQWVFKHLGHQG KHOIHQNDQQ:LVVHQ6LHZRXQGZLHZLULKQHUUHLFKHQN|QQHQ" 'DODLPRF5RUYLFVWHOOWHVLFKHEHQIDOOVLQGHQ$XIQDKPHEHUHLFKGHU7HOHNRP 2SWLNXQGHUNOlUWH

$QVFKHLQHQGKDWELVKHUQLHPDQGGDUDQJHGDFKWGDQRUPDOHUZHLVHMHGHU 0HQVFKHLQHQIHVWHQ:RKQVLW]KDWHLQH$QVFKULIWDQGLHVHLQH3RVW JHVFKLFNWZLUG9LHOOHLFKWN|QQWHQ6LHXQV3DWXOOLV$QVFKULIWJHEHQ0LVWHU /RNRVKDQ /HVVNDV$XJHQZHLWHWHQVLFK 'RQQHUZHWWHUVDJWHHU*U|HPLQGHVWHQV0HWHUNXJHOI|UPLJHU 5XPSIXOWUDZHLH+DXWIDUEHU|WOLFKH$XJHQ6LHVLQGHLQ']JRQLUQLFKW ZDKU" 1HLQLFKELQHLQ7HUUDQHUVFKULH5RUYLFHPS|UW *ODXEHQ6LHLKPNHLQ:RUW/HVVNDZDUILFKHLQ'DODLPRF5RUYLFLVWHLQ &\QRGHUVLFKDOV0HQVFKJHWDUQWKDW0DQFKPDOVHW]WEHLLKPHWZDVDXV GDQQYHUZDQGHOWHUVLFKLQHLQHQ)OXJGUDFKHQ 'HU7LEHWHUZLQNWHJHULQJVFKlW]LJDE 6LHGUIHQGHQPDUVLDQLVFKHQ*LIW]ZHUJQLFKWHUQVWQHKPHQ0LVWHU /RNRVKDQ(ULVWHLQQRWRULVFKHU/JQHUXQGHLQ6DGLVW 6RVRPHLQWH/HVVND1XQZLUZROOHQGLHVHV7KHPDOLHEHUDXVNODPPHUQ 6HOEVWYHUVWlQGOLFKKDWMHGHU.DPDVKLWHHLQHIHVWH$QVFKULIWDEHUGLHPHLVWHQ (UZDFKVHQHQNHKUHQQXULQJURHQ=HLWDEVFKQLWWHQ]XLKUHU3RVWDQVFKULIW ]XUFN'LHJU|HUH=HLWYHUEULQJHQ6LHGDPLWXQVHUHQ3ODQHWHQ]X GXUFKVWUHLIHQRGHUDOV5DXPIDKUHUDXI6FKLIIHQDQGHUHU9|ONHU (UUXQ]HOWHGLH6WLUQXQGGDFKWHDQJHVWUHQJWQDFK ,FKEHILQGHPLFK]XU=HLWDXIGHP.RQWLQHQW&RURGDP3DWXOOLZDUYRU]ZHL :RFKHQEHLGHU)DPLOLHPHLQHV%UXGHUV]X*DVWGLHVLFKGDPDOVLQGHQ 1DLHQQH%HUJHQDXIGHP.RQWLQHQW3DLWHKDXIKLHOW$QVFKOLHHQGZROOWHHU PLFKEHVXFKHQDEHUELVKHULVWHUQLFKWHLQJHWURIIHQ .|QQHQ6LHLKQQLFKWEHU)XQNHUUHLFKHQ"IUDJWH5RUYLFXQJHGXOGLJ 1DWUOLFKQLFKWDQWZRUWHWH/HVVND/RNRVKDQ(LQ.DPDVKLWHLVWQXUGDQQ EHU)XQN]XHUUHLFKHQZHQQHUHQWZHGHUHLQ|IIHQWOLFKHV$PWEHNOHLGHW RGHU*HVFKlIWHQQDFKJHKWGLHVLFKRKQH7HOHNRPPXQLNDWLRQQLFKWDEZLFNHOQ ODVVHQ hEW3DWXOOLGHQQNHLQHQ%HUXIDXV"HUNXQGLJWHLFKPLFK 6LHGUIHQKLHUNHLQHWHUUDQLVFKHQ0DVWlEHDQOHJHQ7DWFKHUHUZLGHUWH /HVVND3DWXOOLKDWHLQHQDWUOLFKH%HUXIXQJQlPOLFKGLHHLQHV 3V\FKRNRSLVWHQVRZLHLFKGLHQDWUOLFKH%HUXIXQJHLQHV)DXQDPHLVWHUV KDEH=XU=HLWYHUVXFKWHUVHLQHEHVRQGHUH*DEH]XHUZHLWHUQ6LHQHQQHQ GDVZDKUVFKHLQOLFKQLFKW%HUXIVDXVEXQJ7DWFKHU 'DODLPRF5RUYLFEOLFNWHRVWHQWDWLYDXIVHLQHQ$UPEDQG&KURQRJUDSKHQXQG VDJWH :LUKDEHQQXUQRFKVHFKV7DJHXQGVLHEHQ6WXQGHQ)ULVWGDQQJHKWGLH %RPEHKRFK 9RQZHOFKHU%RPEHVSUHFKHQ6LH"IUDJWH/HVVND 'HU7LEHWHUZROOWHHVHUNOlUHQGRFKLQGLHVHP$XJHQEOLFNEHWUDWHQ5HJLQDOG %XOOXQG(PPHW9XWKDUGHQ5DXP6LHZDUHQYRQ2PHJDLQGHQ 7UDQVPLWWHUGHV'DWHQ]HQWUXPVDEJHVWUDKOWZRUGHQ

'HU6WDDWVPDUVFKDOOEHJUWH+LFNRU9DOHPQLNXQG/HVVND/RNRVKDQVWHOOWH GHQ7XWKDQLHUYRUXQGNOlUWHGLHEHLGHQ.DPDVKLWHQEHUGLH0HLVWHUGLHEH GHQ5DXEGHU$QWLPDWHULH/DGXQJXQGGLH*HIDKUDXIGLHGHQ3DL XKQ . DVDOWLFXQGLKUHP3ODQHWHQGURKWHZHQQVLHGLH%HKlOWHUPLWGHU $QWLPDWHULHQDFK1D QDFEUDFKWHQXQGQLFKWYRUVFKULIWVPlLJEHKDQGHOWHQ /RNRVKDQXQG9DOHPQLN]HLJWHQVLFKEHVWU]W 6HOEVWYHUVWlQGOLFKZHUGHQZLU,KQHQKHOIHQHUNOlUWHGHU(UVWH )DXQDPHLVWHU$PEHVWHQNRPPHQ6LHDQPHLQHQJHJHQZlUWLJHQ $XIHQWKDOWVRUWZlKUHQGLFKXQWHUGHVVHQDOOHVYHUVXFKHQZHUGHXP3DWXOOL ]XHUUHLFKHQ :LUEUDXFKHQQLFKWQXU3DWXOOLVRQGHUQDXFKGDV7DERUDZDUI%XOOHLQ 'DVLVWPLUNODUPHLQWH/HVVND(UOlFKHOWHIOFKWLJ1DGMDZLUG]XU6WHOOH VHLQ (UXQWHUEUDFKGLH9HUELQGXQJEHYRUHLQHUYRQXQVIUDJHQNRQQWHZHU1DGMD ZDU +LFNRU9DOHPQLNEHJOHLWHWHXQV]XP7UDQVPLWWHUGHV'DWHQ]HQWUXPVXQG VWHOOWHGDV*HUlWDXIGHQ=LHORUW3ULRUVNHLQHLQHIHVWH$QVLHGOXQJDXIGHP .RQWLQHQW&RURGDP :LUEHJHJQHWHQZlKUHQGGLHVHU=HLWNHLQHPZHLWHUHQ.DPDVKLWHQXQG 9DOHPQLNHUNOlUWHDXI%XOOVGLHVEH]JOLFKH)UDJHGDGDV'DWHQ]HQWUXP PHLVWEHU)XQNEHPKWZXUGHXQGQXUVHOWHQMHPDQGSHUV|QOLFK KLHUKHUNDP :RYRQOHEHQGLH%HZRKQHUGLHVHV3ODQHWHQHLJHQWOLFK"HUNXQGLJWHVLFK (PPHW9XWKDU 1DWUOLFKYRQGHQ(U]HXJQLVVHQXQVHUHUYROODXWRPDWLVFKDUEHLWHQGHQ )DEULNHQDQWZRUWHWH+LFNRU9DOHPQLN6lPWOLFKH1DKUXQJVPLWWHOZHUGHQ GXUFK%LRV\QWKHVHHU]HXJWXQGGLH5RKVWRIIHGXUFK(OHPHQWHQXPZDQGOXQJ VRGDZLUQXUJHULQJIJLJLQGDV*OHLFKJHZLFKWGHUSODQHWDULVFKHQ1DWXU HLQ]XJUHLIHQEUDXFKHQ (UEOLFNWHXQVEHGHXWXQJVYROODQ $OVGLH9RUIDKUHQGHUKHXWLJHQ.DPDVKLWHQDXIGLHVHQ3ODQHWHQNDPHQ GUDQJHQVLHXQZLVVHQGLQHLQH[WUHPVWDUNHV6\VWHPGHU5FNNRSSOXQJ ]ZLVFKHQDOOHQWLHULVFKHQXQGSIODQ]OLFKHQ3RSXODWLRQHQHLQ ,PHUVWHQ-DKUVW|UWHQVLHGLH+DUPRQLHVRVHKUGDHVEHLQDKH]XHLQHP NROOHNWLYHQ6HOEVWPRUGYRQ)ORUDXQG)DXQDJHNRPPHQZlUH (PPHW9XWKDUUlXVSHUWHVLFKXQGPHLQWH $XV,KUHQ:RUWHQHQWQHKPHLFKGDGLHEHUJHRUGQHWHXQEHZXWH :LOOHQVELOGXQJEHLGHQYHUVFKLHGHQHQ3RSXODWLRQHQYRQ.DPDVKVLFK ZHLWJHKHQGLQHLQHU5LFKWXQJEHZHJW0LVWHU9DOHPQLN

'DVLVWULFKWLJDQWZRUWHWHGHU.DPDVKLWH8QVHUH)ORUDXQG)DXQDPHLVWHU KDEHQNHLQHDQGHUH$XIJDEHDOVGLHVHJHPHLQVFKDIWOLFKH5LFKWXQJVWl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|UWHGHU 0HQVFKVLHZHLOVHLQHEHUOHJHQH,QWHOOLJHQ]LKQ]XXQYHUQQIWLJHQ +DQGOXQJVZHLVHQYHUIKUWH 9XWKDUQLFNWH 'DVHUVFKHLQWORJLVFK 8QGGHVKDOEELWWHLFK6LHVDJWH9DOHPQLN:lKUHQG,KUHV$XIHQWKDOWHVDXI .DPDVKGDUDXI]XDFKWHQGD6LHQLFKWYHUVHKHQWOLFK6W|UIDNWRUHQ HU]HXJHQ :LUZHUGHQXQVEHPKHQ0LVWHU9DOHPQLNYHUVLFKHUWH6WDDWVPDUVFKDOO %XOO,FKILQGH,KUH$XVIKUXQJHQEULJHQVVHKULQWHUHVVDQW:HQQZLU XQVHUH0LVVLRQHUIROJUHLFKDEJHVFKORVVHQKDEHQZHUGHLFKKRIIHQWOLFKEHU DXVUHLFKHQG=HLWYHUIJHQXPPLFKPLWGHQEHVRQGHUHQ9HUKlOWQLVVHQDXI .DPDVK]XEHIDVVHQ +LFNRU9DOHPQLNYHUVLFKHUWH%XOOGDZLUDXI.DPDVKLPPHUZLOONRPPHQ ZlUHQ ,Q]ZLVFKHQZDUDXFKGLH%HVWlWLJXQJVPHOGXQJDXV3ULRUVNHLQJHJDQJHQGLH XQVVDJWHGDGHUGRUWLJH7UDQVPLWWHUDXI(PSIDQJJHVFKDOWHWZDU 1DFKHLQDQGHUWUDWHQZLULQGDV$EVWUDKOIHOGXQGZXUGHQLP(PSIlQJHU UHPDWHULDOLVLHUW =ZHL.DPDVKLWHQHUZDUWHWHQXQVXQGIKUWHQXQVLQV)UHLHZRHLQ )OXJJOHLWHUIUXQVEHUHLWVWDQG 3ULRUVNHUZLHVVLFKDOVHLQHXQUHJHOPlLJH$QVDPPOXQJYRQWHLOV WUDQVSDUHQWHQWHLOVXQGXUFKVLFKWLJHQ3ODVWLNNXJHOQLQGHQHQGLH(LQZRKQHU OHEWHQ 'LH.XJHOKlXVHUZDUHQPRELOH*HELOGH:lKUHQGXQVHUHVNXU]HQ $XIHQWKDOWHVLQ3ULRUVNYHUOLHHQIQIYRQLKQHQGLH$QVLHGOXQJLQGHPVLH JOHLFK6HLIHQEODVHQDXIVWLHJHQXQGODXWORVGDYRQVFKZHEWHQ6LHEHQDQGHUH :RKQNXJHOQNDPHQDQXQGOLHHQVLFKDQYHUVFKLHGHQHQIUHLHQ6WHOOHQ QLHGHU 'LH$QVLHGOXQJODJLQHLQHUJURHQIODFKHQ:LHVHDP5DQGHHLQHV6HHV(V JDENHLQH6WUDHQVRQGHUQQXUHWZDVHUK|KWHXQGPLWEXQWHQ3ODWWHQ EHIHVWLJWH9HUELQGXQJVZHJH,P=HQWUXPEHIDQGVLFKGHU.XSSHOEDXGHV 7UDQVPLWWHUV8QVHUH%HJOHLWHUZLHVHQDXIPHKUHUHDQGHUHJURH*HElXGH

KLQXQGHUNOlUWHQGDGDULQGLH%LOGXQJV]HQWUHQGLH7HOH8QLYHUVLWlWHLQ (LQNDXIV]HQWUXPHLQ0HGR]HQWUXPVRZLHHLQ6SRUW]HQWUXPXQWHUJHEUDFKW VHLHQ8QWHUHLQHUZHLWHUHQ.XSSHOODJHQGLH/LIWVFKlFKWHGLHLQGLHKLHVLJH /HEHQVPLWWHOIDEULNIKUWHQ (VZLUNWHDOOHVHWZDVVWHULOELVZLUHLQH*UXSSHYRQYLHOOHLFKW]ZDQ]LJ .LQGHUQHQWGHFNWHQGLHPLWVFKPXW]LJHQ.OHLGHUQXQGEHJHLVWHUWHP*HVFKUHL DXVGHPQDKHJHOHJHQHQ:DOGJHVWUPWNDPHQ :lKUHQGHLQHUGHU.DPDVKLWHQXQVHUHQ*OHLWHUVWDUWHWH]HUVWUHXWHVLFKGLH .LQGHUVFKDULQ*UXSSHQGLHDXIYHUVFKLHGHQH.XJHOKlXVHU]XHLOWHQ 8QVHU3LORWEUDFKWHGHQ)OXJJOHLWHUDXIHLQH+|KHYRQWDXVHQG0HWHUXQG EHVFKOHXQLJWHDXIWDXVHQG6WXQGHQNLORPHWHU$OV5HJLQDOG%XOOlUJHUOLFK IUDJWHZDUXPHUGHQQQLFKWVFKQHOOHUIO|JHHUNOlUWHGHU.DPDVKLWHJHODVVHQ GDGLHhEHUVFKUHLWXQJGHU6FKDOOJHVFKZLQGLJNHLWJHJHQGLH5HJHOQGHU +DUPRQLHYHUVWLHH $EHUHVJHKWXP/HEHQXQG7RGSURWHVWLHUWHGHU6WDDWVPDUVFKDOO 6RLVWHV0LVWHU%XOOHUZLGHUWHXQVHUNDPDVKLWLVFKHU3LORW'HVKDOEGDUI LFKMDQLFKWVFKQHOOHUIOLHJHQ 5HJLQDOG%XOOJDEVLFKPLWGLHVHU$QWZRUW]XIULHGHQXQGLFKVDKVHLQHP *HVLFKWDQGDLKPDOOPlKOLFKGlPPHUWHZLHVHKUVLFKGLH9HUKlOWQLVVHDXI GHPVLHEWHQ3ODQHWHQGHULULVLHUHQGHQ6RQQH3DWHUQDOYRQGHQHQDXIGHU (UGHXQGDQGHUHQHUGlKQOLFKHQ3ODQHWHQXQWHUVFKLHGHQ .DPDVKVFKLHQHLQHLQ]LJHUNRPSOL]LHUWHUXQGKRFKVHQVLEOHU2UJDQLVPXV]X VHLQ6LFKHUEHJULIILFKOlQJVWQLFKWDOOHVDEHUPLUZXUGHNODUGDKLHULQGLH 8UVDFKHQIUGLHEHVRQGHUH0HQWDOLWlWGHU.DPDVKLWHQODJHQ ,FKULFKWHWHPHLQH$XIPHUNVDPNHLWDXIGLH/DQGVWULFKHGLHZLUEHUIORJHQ 'LH1DWXUZDUZHLWJHKHQGXQEHUKUW'VFKXQJHO3DOPZlOGHU6PSIH 6WHSSHQXQGZHOOLJHV*UDVODQGO|VWHQVLFKDE5LHVLJH7LHUKHUGHQ GXUFKVWUHLIWHQGDV/DQG$QGHQ8IHUQGHUNULVWDOONODUHQ6HHQHQWGHFNWHLFK EXQWJHILHGHUWH9|JHOLQJURHU=DKO 'LH$QVLHGOXQJHQGHU0HQVFKHQIJWHQVLFKKDUPRQLVFKLQV*HVDPWELOGHLQ 6LHYHUGUlQJWHQGLH1DWXUQLFKWVRQGHUQQXW]WHQVLHEHKXWVDPDXV)U WHUUDQLVFKH%HJULIIHZDUHQGLHVHORVHQ$QVDPPKLQJHQYRQNXJHOI|UPLJHQ XQGNXELVFKHQ*HElXGHQVRZLH5XQGNXSSHOQEHVWHQIDOOV)HULHQG|UIHU$EHU LFKIDQGGDGLH.DPDVKLWHQVLFKJOFNOLFKVFKlW]HQGXUIWHQDXIHLQHUKHLOHQ :HOW]XOHEHQ :LUEHUIORJHQHLQ0HHUXQGODQGHWHQIQIHLQKDOE6WXQGHQVSlWHUPLWWHQDXI GHP.RQWLQHQW&RURGDPDP5DQGHHLQHVGLFKWHQ'VFKXQJHOVYRUGHPHLQ ]XU+lOIWHWUDQVSDUHQWHVPRELOHV.XJHOKDXVYHUDQNHUWZDU :LUVWLHJHQDXVXQGXQVHUHLQKHLPLVFKHU3LORWVWDUWHWHVRIRUWZLHGHU 5HJLQDOG%XOOYHUVXFKWHGHQ.DPDVKLWHQEHU)XQN]XUFN]XUXIHQGRFKGHU 0DQQDQWZRUWHWHEHUKDXSWQLFKW 'DVZDUQLFKWJHUDGHK|IOLFKPHLQWH%XOOYHUGURVVHQ'DEHLNRQQWHHUVLFK GHQNHQGDZLUGHQ*OHLWHUIUGHQ5FNIOXJEHQ|WLJHQZHUGHQ

9LHOOHLFKWJLEWHVLQGHU1lKHDQGHUH7UDQVSRUWP|JOLFKNHLWHQPHLQWHLFK ]XYHUVLFKWOLFK 'DODLPRF5RUYLF]HLJWHDXIGHQ'VFKXQJHO :DUXPJHKHQ6LHQLFKWGRUWKLQHLQXQGVXFKHQGDQDFK7DWFKHU" ,FKPXVWHUWHGLHGVWHUH.XOLVVHGHV8UZDOGHV9LHOIlOWLJH*HUlXVFKH YHUULHWHQGDHUYROOHU/HEHQVWHFNWH%HVWLPPWJDEHVLQLKP]DKOORVH EOXWGUVWLJH5DXEWLHUH$XHUGHPZUGHHVLQVHLQHP+DOEGXQNHO]XIHXFKW IUHLQHQ0DUVLDQHUGHUD.ODVVHVHLQ 'DVZlUHHKHUHWZDVIU6LH6LUHQWJHJQHWHLFK ,KUHP*HVSUlFKIHKOWGLHORJLVFKH%DVLVZDUI(PPHW9XWKDUHLQ'HVKDOE NDQQPDQHVQXUDOV*HVFKZlW]EH]HLFKQHQ,FKVFKODJHYRUVWDWWVROFKHU XQIUXFKWEDUHU$NWLYLWlW]XP+DXVPRELOGHV(UVWHQ)DXQDPHLVWHUV]XJHKHQ XQGGHQ7UPHOGHU]XEHWlWLJHQ %LWWHEHUQHKPHQ6LHGDV0LVWHU9XWKDUVDJWH%XOO:DKUVFKHLQOLFKLVW /HVVND/RNRVKDQQLFKW]X+DXVHDEHUYHUVXFKHQPXPDQHVGHQQRFK 'HU7XWKDQLHUJLQJJHPHVVHQHQ6FKULWWHV]XGHU:RKQNXJHOXQGSUHWHHLQH +DQGJHJHQGLHJHOEOHXFKWHQGH3ODWWHQHEHQGHP6FKRWW(UHU]LHOWHNHLQH 5HDNWLRQ 5HJLQDOG%XOOZDUIHLQHQ%OLFNDXIVHLQHQ$UPEDQG&KURQRJUDSKHQXQG VDJWH /HVVNDZHLGDZLUNRPPHQ,FKP|FKWHZLVVHQZDUXPHUGDQQQLFKW]X +DXVHLVW 9RP'VFKXQJHOKHUHUVFKROOHQGLH*HUlXVFKHEUHFKHQGHQ8QWHUKRO]HVXQG VWDPSIHQGHU6FKULWWHGDQQEUDFKHLQXUZHOWKDIWHV0RQVWUXPGXUFKGHQ /LDQHQYHUKlQJ=ZHLPDQQVGLFNH%lXPHVWU]WHQNUDFKHQGXP 'DV7LHUZDUVRJURZLHHLQWHUUDQLVFKHU(OHIDQWXQGVDKDXVZLHHLQH ULHVHQZFKVLJH.UHX]XQJ]ZLVFKHQ)OXSIHUGXQG6lEHO]DKQWLJHU$EHUPLW HLQHP)OXSIHUGKDWWHHVZRKOQXUGLHGLFNH+DXWJHPHLQVDPDOOHDQGHUHQ 0HUNPDOHZLHVHQHLQGHXWLJDXIHLQ5DXEWLHUKLQ 'HU6WDDWVPDUVFKDOO]RJVHLQHQ,PSXOVVWUDKOHU,FKEH]ZHLIHOWHDOOHUGLQJV GDHUHLQHhEHUOHEHQVFKDQFHJHKDEWKlWWHZHQQGDV7LHUXQVDQJUHLIHQ ZROOWH (VEOLHEVWHKHQVREDOGHVLQYROOHU*U|HLQV)UHLHJHWUHWHQ ZDU'LFKWKLQWHUGHPPlFKWLJHQ6FKlGHOZDUHLQH$UW7UDJHVDWWHOEHIHVWLJW XQGDXIGLHVHP6DWWHOVDPLWJHNUHX]WHQ$UPHQXQG%HLQHQ/HVVND /RNRVKDQ 'HU(UVWH)DXQDPHLVWHUQHLJWHGHQ.RSIXQGULHI ,FKJUH6LH%LWWHHQWVFKXOGLJHQ6LHGDLFKQLFKWUHFKW]HLWLJ]XU6WHOOH ZDUDEHULFKPXWHHLQHEHGURKOLFKH:LOOHQVELOGXQJGHUKLHVLJHQ3VFKDND 3RSXODWLRQXPGLULJLHUHQ (UOLHHLQH6WULFNOHLWHUYRQVHLQHPOXIWLJHQ6LW]KHUDEXQGWXUQWHDQLKUQDFK XQWHQ'DQDFKEHIUHLWHHUGDV5DXEWLHUYRQVHLQHP7UDJHJHVWHOOVWHOOWHVLFK VRDXIGDGLHJURHQ6FKOLW]SXSLOOHQGHUPHHUEODXHQ$XJHQLKQHUIDWHQ XQGULHI

*HKQDFK+DXVH0DWKLOGD8QGYLHOHQ'DQN 'HU5LHVHQWLJHUPLWGHUJUDXHQ)OXSIHUGKDXW|IIQHWHGHQ5DFKHQXQG HQWEO|WHGDEHLHLQIXUFKWHUUHJHQGHV*HEL'DQQVWLHHUHLQ*HEUOODXV EHLGHPZHQLJHUDEJHEUKWH0lQQHUDOVZLULQ3DQLNJHUDWHQZlUHQ 1DFKGHPGDV%UOOHQLQHLQGRQQHUDUWLJHV*UROOHQEHUJHJDQJHQXQG VFKOLHOLFKYHUVWXPPWZDUPHLQWHGHU)DXQDPHLVWHUEHGDXHUQG 0LUWXWHVDXFKOHLGGDVLFKXQVHUH:HJHVFKRQVREDOGZLHGHUWUHQQHQ PVVHQ0DWKLOGD$EHULFKEHVXFKHGLFKEDOGZLHGHU 'DUDXIKLQILQJGDV8QJHKHXHUWDWVlFKOLFKDQ]XVFKQXUUHQDEHUPLWZHOFKHU /DXWVWlUNH (QGOLFKYHUVWXPPWHHVXQGZDQGWHVLFKDE0LWIHGHUQGHQ6FKULWWHQEUDFKHV ZLHGHULQGHQ'VFKXQJHOHLQDEHUVHLQEHVWLDOLVFKHU*HVWDQNKLHOWVLFKQRFK ODQJHLQGHU/XIW /HVVND/RNRVKDQOlFKHOWHYHUVFKPLW]W ,FKKRIIH0DWKLOGDV$XIWULWWKDW6LHQLFKW]XVHKUHUVFKUHFNW6LHLVWY|OOLJ KDUPORVVRODQJHVLFKHLQ)DXQDPHLVWHULQGHU1lKHEHILQGHW6ROOWHQ6LH DOOHUGLQJVHLQHP3VFKDNDDOOHLQEHJHJQHQPVVHQ6LHLKQW|WHQRGHU IOLHKHQ :LHYHUHLQEDUWVLFKGDVPLWGHQ5HJHOQGHU+DUPRQLH"HUNXQGLJWHVLFKGHU 6WDDWVPDUVFKDOO,FKGDFKWHDXI.DPDVKOHEWHQ7LHUHXQG0HQVFKHQY|OOLJ IULHGOLFKPLWHLQDQGHU /HVVNDVFKWWHOWHGHQ.RSI 'HUSDUDGLHVLVFKH)ULHGHLVWHLQH,OOXVLRQ0LVWHU%XOO$XFKDXI.DPDVKJLEW HV1DKUXQJVNHWWHQQXUKHUUVFKWKLHUHLQ2SWLPXPDQ$XVJHZRJHQKHLW ]ZLVFKHQGHQ3RSXODWLRQHQYRQ)ORUDXQG)DXQD'HU0HQVFKZDUDQIDQJV HLQ5LVLNRIDNWRUZHLOHUQLFKWDKQWHGDWURW]GHV)UHVVHQVXQG *HIUHVVHQZHUGHQVHLQEHUJHRUGQHWHUSODQHWDULVFKHU:LOOHUHJLHUWH :lUHQGLH.RORQLVWHQGHUHUVWHQ*HQHUDWLRQQLFKWYLHOH-DKUKXQGHUWHODQJ Y|OOLJYRP6RODUHQ,PSHULXPDEJHVFKQLWWHQJHZHVHQKlWWHQVLHLKUH 3UREOHPHZDKUVFKHLQOLFKHEHQVRJHZDOWVDPJHO|VWZLHGDVDXIDQGHUHQ 6LHGOXQJVZHOWHQJHVFKDK 6RDEHUPXWHQVLHOHUQHQVLFKHLQ]XIJHQXPQLFKWHLQ&KDRVDXV]XO|VHQ GDVVLHLKUHUGDPDOVQRFKDUFKDLVFKHQ1DKUXQJVTXHOOHEHUDXEWKlWWH 6SlWHUELOGHWHQVLFK0XWDWLRQHQKHUDXVGLHHVHUP|JOLFKWHQHLQHDNWLYH 5ROOHLPSODQHWDULVFKHQ5FNNRSSOXQJVV\VWHP]XEHUQHKPHQ:LU )DXQDPHLVWHUVRZLHGLH)ORUDPHLVWHUVLQG3URGXNWHMHQHU0XWDWLRQHQGLH VHKUZDKUVFKHLQOLFKGXUFK5HL]LPSXOVHGHUSODQHWDULVFKHQ,QWHOOLJHQ] ]XVWDQGHNDPHQ (U]XFNWHGLH6FKXOWHUQ 0HLQHU$QVLFKWQDFKKDEHQZLUKHXWHGHQ,GHDO]XVWDQGHUUHLFKWGDVKHLW ZLUEHKHUUVFKHQGLHVHQ3ODQHWHQ]ZDUQLFKWDEHUXQVHUH,QWHUHVVHQIOLHHQ LQGHQEHUJHRUGQHWHQ:LOOHQHLQXQGIKUHQ]XGHQIUDOOH/HEHZHVHQ RSWLPDOQW]OLFKHQ*HVDPWUHDNWLRQHQ

(VJLEWNHLQHQ,GHDO]XVWDQGVWHOOWH(PPHW9XWKDUQFKWHUQIHVW(VZlUH XQORJLVFKDQ]XQHKPHQDXI.DPDVKZUGHGLH(QWZLFNOXQJLQHLQHU EHVWLPPWHQ3KDVHVWHKHQEOHLEHQ 'DVEHKDXSWHW3DWXOOLDXFKLPPHUJDEGHU(UVWH)DXQDPHLVWHUPUULVFK ]X:DKUVFKHLQOLFKKDWHUUHFKWREZRKOHVPLUVRJHIlOOWZLHHVLVW :RPLWGDV7KHPDEHL3DWXOOLDQJHODQJWZlUHVDJWH5HJLQDOG%XOO:DQQ WULIIWHUKLHUHLQ0LVWHU/RNRVKDQ" ,FKZHLHVQLFKWDQWZRUWHWHGHU.DPDVKLWH/HLGHUNRQQWHLFKPHLQHQ 1HIIHQQLFKWHUUHLFKHQ$EHULFKKDEHGDV*HIKOHUZLUGYRQVLFKDXV KLHUKHUNRPPHQ 6WDDWVPDUVFKDOO%XOOZLVFKWHVLFKGHQ6FKZHLYRQGHU6WLUQ +RIIHQWOLFKWUJW,KU*HIKOQLFKW8QVEOHLEHQQRFKUXQGVHFKV7DJHGLH JDODNWLVFKH3RVLWLRQGHV*KRJKRU6\VWHPV]XHUPLWWHOQQDFK1D QDF]X IOLHJHQ.RQWDNWPLWGHQ3DL XKQ. DVDOWLFDXI]XQHKPHQVLH]XYHUDQODVVHQ GLH

*QlGLJHV)UlXOHLQ6LHKDEHQLQPLUHLQHQWUHXHQ)UHXQGXQGHUJHEHQHQ 'LHQHUJHZRQQHQGHU,KQHQMHGHQ:XQVFKYRQGHQ$XJHQDEOHVHQXQG DXJHQEOLFNOLFKHUIOOHQZLUG%LWWHYHUIJHQ6LHEHUPLFK 1DGMDOlFKHOWHKLQWHUJUQGLJXQGHUZLGHUWH ,FKGDQNH,KQHQ'DODLPRF,KUH%HZXQGHUXQJUKUWPLFK]XWLHIVW6LQG6LH IHVWHQWVFKORVVHQPLUMHGHQ:XQVFK]XHUIOOHQ" ,FKVFKZ|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lXHUOLFKH 6FK|QKHLWEOHQGHQODVVH 1DGMDOlFKHOWHEOLFNWH]X3DWXOOLXQGIUDJWH 'HUOLHEH5HJLQDOGKDWDOOHUKDQG'DPSILP.HVVHO3DWXOOL6ROOHQZLULKQ EHUXKLJHQRGHUZHLWHUEURGHOQODVVHQ" 3DWXOOL/RNRVKDQODFKWHVFKDOOHQG 'HLQH$XVGUXFNVZHLVHLVWQLFKWVHKUYRUQHKP0lGFKHQ 1DGMDNLFKHUWH 6LHVWDPPWDXFKYRQ*XFN\XQGYRQGLU/LHEVWHU 9RQ*XFN\"PHLQWH%XOOYHUZLUUW6HLQ%OLFNILHODXIGLH)ODVFKHXQG SO|W]OLFKNQLIIHUGLH$XJHQ]XVDPPHQ(UVFKLHQ]XNRPELQLHUHQ6ROOWHDQ GHQ0lUFKHQYRP)ODVFKHQJHLVWWDWVlFKOLFKHWZDV:DKUHVVHLQ"IOVWHUWH HU 6LHKDEHQHVHUUDWHQDQWZRUWHWH1DGMD$OOHUGLQJVZXUGHQGLH WDWVlFKOLFKHQ%HJHEQLVVHLQGHQDOWHQ*HVFKLFKWHQYLHOIlOWLJDEJHZDQGHOW 'DPLW6LHPLUJODXEHQZHUGHLFKLQPHLQ%HKlOWQLV]XUFNNHKUHQGDV NHLQHVIDOOVHLQ*HIlQJQLVLVWhEULJHQVVRUJHQ6LHVLFKQLFKWXP'DODLPRF 5RUYLF6HLQH3DUDIlKLJNHLWHQZHUGHQYLHOIDFKXQWHUVFKlW]W 9RUXQVHUHQ$XJHQO|VWHVLFK1DGMDLQHLQH(QHUJLHVSLUDOHDXIGLHXQWHUGHP JOHLFKHQ6LQJHQXQG.OLQJHQZLHZLUHVYRUKLQJHK|UWKDWWHQLQGHU EDXFKLJHQ)ODVFKHYHUVFKZDQG 5HJLQDOG%XOOVFKOXFNWH %HLQDKHKlWWHPLFKGHU6FKODJJHWURIIHQPXUPHOWHHU (PPHW9XWKDUUlXVSHUWHVLFKXQGHUNOlUWHWDGHOQG

'D6LH7UlJHUHLQHV=HOODNWLYDWRUVVLQGHQWEHKUW,KUH%HKDXSWXQJMHJOLFKHU ORJLVFKHQ%DVLV6LU,PPHUKLQHPSIDQGLFKHEHQIDOOVHLQHJHZLVVH LQWHOOHNWXHOOH(UUHJXQJDOVLFKGLH,GHQWLWlW1DGMDVPLWGHP7DERUDHUNDQQWH -HPDQGODFKWH (LQH:HLOHEOLFNWHLFKPLFKVXFKHQGXPZHLOLFKJODXEWHHLQHUYRQXQV ZUGHODFKHQ'RFKPHLQH*HIlKUWHQXQGDXFKGLHEHLGHQ.DPDVKLWHQ ZDUHQY|OOLJHUQVW $EHUHUVWDOVPLUNODUZXUGHGDNHLQHUYRQLKQHQGDV/DFKHQJHK|UWKDWWH EHJULIILFKZHUGDJHODFKWKDWWH 'DV7DERUD 8QGHVKDWWHNHLQHVZHJVODXWJHODFKWVRQGHUQGLUHNWLQPHLQHP*HKLUQ )ROJOLFKPXWHHVHLQH$UWYRQWHOHSDWKLVFKHP*HOlFKWHUJHZHVHQVHLQ HLQH$EDUWGHVZHJHQZHLOLFKQRUPDOHWHOHSDWKLVFKH6HQGXQJHQQLFKW HPSIDQJHQNRQQWH 'DVVWLPPWQLFKWJDQ]ZLVSHUWHHVLQPHLQHP%HZXWVHLQ-HGHV /HEHZHVHQLVWPHKURGHUZHQLJHUWHOHSDWKLVFKEHJDEW]XPLQGHVWMHGHV /HEHZHVHQGDV*HIKOHEHVLW]W $XFK3IODQ]HQIKOHQGDFKWHLFK 'DV7DERUDDQWZRUWHWH 'DVLVWULFKWLJ7DWFKHU'HU0HQVFKLVWQLFKWGLH.URQHGHU(YROXWLRQ VRQGHUQQXU%HVWDQGWHLOGHURUJDQLVLHUWHQ0DWHULH'DVZDVLKUZDVHXUH :LVVHQVFKDIWHUIRUVFKWLVWPHLVWQXUGLH(UVFKHLQXQJGHU'LQJH'DV:HVHQ GHU'LQJHEOHLEWHXFKRIWYHUERUJHQ'DUXPKDOWHQGLH0HQVFKHQGDVZDV LFKWXHPHLVWIU=DXEHUHLREZRKOHVNHLQH=DXEHUHLJLEW,FKEHKHUUVFKH GDV:HVHQGHU'LQJHGDUXPYROOEULQJHLFK7DWHQGLHHXUHQ :LVVHQVFKDIWOHUQLPJHJHQZlUWLJHQ6WDGLXPGHV(UNHQQWQLVSUR]HVVHVDOV XQP|JOLFKHUVFKHLQHQPVVHQ 'DVJOHLFKHKDWWHLFKVFKRQYRQ3DWXOOL/RNRVKDQJHK|UWXQGHVHQWVSUDFK ZHLWJHKHQGPHLQHUHLJHQHQhEHU]HXJXQJ $EHUPDOVPHOGHWHVLFKGDV7DERUD 'DVLVWGHU*UXQGZDUXPLFKPLFK3HUVRQHQZLH3DWXOOLJHLVWLJYHUEXQGHQ IKOHVRZLHLFKPLFK*XFN\JHLVWLJYHUEXQGHQIKOHXQGGLUGHQQGLH :HVHQVYHUZDQGWVFKDIW]ZLVFKHQGLU*XFN\XQG3DWXOOLLVWJUR 'LHVPDOULFKWHWHLFKPHLQH*HGDQNHQGLUHNWDQGDV7DERUD 6WLPPWHVGDHVQLFKWVJLEWZDVGXQLFKW]XWXQYHUPDJVW"*XFN\VDJWH PLUGHLQH0|JOLFKNHLWHQZlUHQXQEHJUHQ]W $OOHVLVWUHODWLY7DWFKHU9RPPHQVFKOLFKHQ6WDQGSXQNWDXVP|JHQPHLQH 0|JOLFKNHLWHQXQEHJUHQ]WHUVFKHLQHQDEHUVLHVLQGGHQWLHIHUHQ*HVHW]HQ XQWHUZRUIHQGLHIUGDV:HVHQDOOHU(UVFKHLQXQJHQJHOWHQ 'XNDQQVWXQVDOVRKHOIHQGLHGHQ3DL XKQ. DVDOWLFGURKHQGH.DWDVWURSKH DE]XZHQGHQ"IUDJWHLFK ,FKNDQQHVZHQQLFKZLOO7DWFKHU$XFK9HUQLFKWXQJXQG7RGVLQGUHODWLY XQGHVJLEWQLFKWV(QGJOWLJHV'XZLUVWYRQ*XFN\ZLVVHQGDLFKNHLQH (LJHQLQLWLDWLYHEHVLW]H,FKNDQQQXUDNWLYZHUGHQZHQQLFKGXUFKHLQHQ

JXWHQ)UHXQGGD]XDQJHUHJWZHUGHDEHULFKNDQQMHGH$QUHJXQJLJQRULHUHQ ZHQQHLQHJHZQVFKWH+DQGOXQJGHPEHUJHRUGQHWHQ6LQQGHV8QLYHUVXPV ZLGHUVSULFKW (LQVWVWHOOWHPLU*XFN\HLQH.DUGLQDOIUDJHGLHGHQ$QJHOSXQNWXQVHUHV JHPHLQVDPHQ6WUHEHQVEHUKUWH'LHJOHLFKH)UDJHP|FKWHLFKGLUVWHOOHQ 8QUXKLJGDFKWHLFK 0DQZLUGXQJHGXOGLJZHUGHQZHQQZLUXQVOlQJHUVFKZHLJHQGXQWHUKDOWHQ YLHOOHLFKWVRJDUPLWUDXLVFK$XHUGHPGUlQJWGLH=HLW:ROOHQZLUXQVHUH SKLORVRSKLVFKH8QWHUKDOWXQJQLFKWYHUVFKLHEHQELVGDV3UREOHPGHU3DL XKQ . DVDOWLFJHO|VWLVW" $EHUPDOVK|UWHLFKGDVWHOHSDWKLVFKH*HOlFKWHUGDQQDQWZRUWHWHGDV 7DERUD 6LHKGLFKXP7DWFKHU:LUKDEHQDOOH=HLWGHV8QLYHUVXPVGHQQZlKUHQG ZLUPLWHLQDQGHUUHGHQYHUJHKWIUGHLQH*HIlKUWHQXQG3DWXOOLNHLQH=HLW ,FKIROJWHGHU$XIIRUGHUXQJXQGVWHOOWHIHVWGDDOOHPHLQH*HIlKUWHQGLHVHU 5HLVHXQGDXFKPHLQ)UHXQG3DWXOOLXQEHZHJOLFKGDVWDQGHQ,KUH%OLFNH ZDUHQDXIGLHVFKZDU]H)ODVFKHJHULFKWHWGRFKGLH$XJHQYHUULHWHQNHLQ /HEHQ :LHKDVWGXGDVYROOEUDFKW"GDFKWHLFK ,FKN|QQWHHVGLUHUNOlUHQDEHUGLH%HJULIIHGLHLFKGDEHLYHUZHQGHQPWH ZUGHQGLUQLFKWVVDJHQ7DWFKHU'XPXWGLFKGDPLWDEILQGHQGDVRHWZDV JUXQGVlW]OLFKP|JOLFKLVW'HU=HQWDXUH7DNYRULDQEHLVSLHOVZHLVHQXW]WDOV 0RYDWRUGLHJOHLFKHQLQQHUHQ:HVHQVNUlIWHZLHLFKQXUWXWHUHVRKQH 9HUVWlQGQLVIUGLHWLHIHQ=XVDPPHQKlQJHXQGGHVKDOEXQYROONRPPHQ$OOH :HVHQGLHLKUDOV0XWDQWHQEH]HLFKQHWVFK|SIHQSUDNWLVFKDXVHLQXQG GHUVHOEHQ4XHOOH$EHUVLHNHQQHQGLH4XHOOHQLFKWDXVGHUVLHLKUH.UDIW EH]LHKHQ ,FKEHJLQQH]XYHUVWHKHQZDVGXPHLQVWHUZLGHUWHLFK'XZLOOVWHUNOlUHQ GDDXFKGLHXQZDKUVFKHLQOLFKVWHQ9RUJlQJHQLFKWVhEHUQDWUOLFKHVVLQG ZHLODOOHVQDWXUJHVFKDIIHQLVWXQGHVGDKHUQLFKWVhEHUQDWUOLFKHVJHEHQ NDQQ 5LFKWLJ7DWFKHU'DVZDVYLHOIDFKXQGIlOVFKOLFKDOVEHUQDWUOLFK EH]HLFKQHWZLUGLVWLQ:LUNOLFKNHLWQXUEHUVLQQOLFKGDVKHLWHVEHUVWHLJW GDV)DVVXQJVYHUP|JHQGHUXQYROONRPPHQHQPHQVFKOLFKHQ6LQQH 'RFKQXQ]XGHU.DUGLQDOIUDJHGLHHQWVFKHLGHQGIUXQVHU9HUKlOWQLVVHLQ ZLUG,FKJODXEHGHLQH$QWZRUW]XNHQQHQDEHULFKZLOOVLHDUWLNXOLHUW YHUQHKPHQ :DV7DWFKHULVWGLHK|FKVWH0D[LPHDOOHU'LQJH" 'LH%HDQWZRUWXQJGHU)UDJHHUVFKLHQPLUVRHLQIDFKGDLFK]XHUVWQDFK HLQHP6LQQVXFKWHGHUPLUYLHOOHLFKWYHUERUJHQJHEOLHEHQVHLQNRQQWH $EHUGDQQEHJULIILFKGDGLH$QWZRUWGHVKDOEVRHLQIDFKZDUZHLOLFKPLU GLH)UDJHVFKRQRIWJHVWHOOWXQGEHDQWZRUWHWKDWWH 'LHK|FKVWH0D[LPHDOOHU'LQJHDQWZRUWHWHLFKHUQVWLVWGHU)ULHGH

'HV7DERUDV5HDNWLRQGDUDXIEHVWDQGLQHLQHUHPRWLRQHOOHQ)OXWYRQWLHIHU )UHXGH 8QGPHKUEHGXUIWHHVQLFKW )UPLFKZDUHVYHUZLUUHQG]XEHREDFKWHQZLHPHLQH*HIlKUWHQDXVGHU UHODWLYHQ6WDVLV]XPHEHQVRUHODWLYHQ/HEHQHUZDFKWHQXQGDQHLQHP3XQNW DQNQSIWHQGHUIUPLFKHLQHKDOEH(ZLJNHLW]XUFN]XOLHJHQVFKLHQ 6WDDWVPDUVFKDOO%XOOVDJWH]X(PPHW9XWKDU ,FKQHKPHPLW%HIULHGLJXQJ]XU.HQQWQLVGD6LHZHQLJVWHQV!HLQHU JHZLVVHQLQWHOOHNWXHOOHQ(UUHJXQJIlKLJVLQG0LVWHU9XWKDU (UZDQGWHVLFKDQ3DWXOOL 0LVWHU/RNRVKDQODVVHQ6LHPLFKNXU]HUNOlUHQZDUXPZLUQDFK.DPDVK XQG]X,KQHQJHNRPPHQVLQG 6LHEUDXFKHQPLUQLFKWV]XHUNOlUHQ0LVWHU%XOOHQWJHJQHWH3DWXOOL,FK NHQQH,KU3UREOHP'DV7DERUDKDWPLFKGDUEHULQIRUPLHUW 5HJLQDOG%XOODWPHWHK|UEDUDXI 'DVLVWVHLW7DJHQGLHHUVWHJXWH1DFKULFKW:LUGGDV7DERUDXQVGLH JDODNWLVFKHQ.RRUGLQDWHQGHV*KRJKRU6\VWHPVJHEHQ0LVWHU/RNRVKDQ" 'DQDFKPXLFKHVHUVWIUDJHQDQWZRUWHWHGHU.DPDVKLWH 6HLQ%OLFNZXUGHJHLVWHVDEZHVHQG,FKEHJULIIGDHUVLFKDXIGLHJOHLFKH UlWVHOKDIWWHOHSDWKLVFKH:HLVHPLWGHP7DERUDXQWHUKLHOWZLHLFKYRUKLQ0LW GHP8QWHUVFKLHGGDGHU=HLWDEODXIGHU8QEHWHLOLJWHQQLFKWDQJHKDOWHQ ZXUGH 1DFKHLQHU:HLOHYHUULHWHQ3DWXOOLV$XJHQGDGDV*HVSUlFKEHHQGHWZDU 'LH$QWZRUWLVWQHLQ0LVWHU%XOOVDJWH3DWXOOL'DV7DERUDLVWQLFKWEHUHLW ,KQHQGLHJDODNWLVFKHQ.RRUGLQDWHQGHV*KRJKRU6\VWHPV]XJHEHQ %XOOV0LHQHYHUULHW%HVWU]XQJ $EHUGDVLVWGDV7RGHVXUWHLOIUGLH3DL XKQ. DVDOWLFXQGLKUHQ +HLPDWSODQHWHQ3DWXOOL:HQQGDV7DERUDHLQHQ)XQNHQGHVVHQEHVLW]WZDV ZLU!0HQVFKOLFKNHLWQHQQHQNDQQHVXQVVHLQH+LOIHQLFKWYHUZHLJHUQ 3DWXOOL/RNRVKDQOl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|PHQYRQ 6FKZHL

hEHUGHQ6FKXOWHUQGHV7LEHWHUVODJHLQ3VFKDNDXQYHUNHQQEDUGXUFK .|USHUIRUPXQGIlUEHDEHUYLHONOHLQHUDOVGDV8QJHWPDXIGHP/HVVND /RNRVKDQJHULWWHQZDU (UZDUHLJHQWOLFKQLFKWJU|HUDOVHLQWHUUDQLVFKHU7LJHUDEHUDXFKHLQ WHUUDQLVFKHU7LJHUEUDFKWHELV]X]ZHLKXQGHUWIQI]LJ.LORJUDPPDXIGLH :DDJH.HLQ:XQGHUGDGHUIHWWH$OELQRVRVWDUNWUDQVSLULHUWH 5RUYLFVFKDIIWHHVELVLQXQVHUH0LWWHGDQQVXFKWHHUQDFK1DGMDXQGDOVHU VLFKGDEHLXPVHLQH$FKVHGUHKWHYHUORUHUGDV*OHLFKJHZLFKWXQGILHOKLQ 'HUMXQJH3VFKDNDUROOWHYHUJQJWVFKQXUUHQGEHUGHQ%RGHQGDQQVSUDQJ HUDXIGLH)HOLHI]X5RUYLFXQGOHFNWHLKPGDV*HVLFKWDE /HVVNDXQG3DWXOOL/RNRVKDQNODWVFKWHQ%HLIDOOZlKUHQG5RUYLFVLFKGHU UDXKHQ=XQJHHQW]RJXQGSUXVWHQGDXIVWDQG$EHUPDOVVXFKWHQVHLQH$XJHQ QDFK1DGMDXQGDOVHUVLHQLFKWVDKYHU]RJHUGDV*HVLFKWDOVZROOWHHULP QlFKVWHQ$XJHQEOLFNZHLQHQ ,FKNRQQWHHVQLFKWPLWDQVHKHQZLHGDVDOWH6FKHXVDOOLWW8QEHUOHJWVDJWH LFKODXW 4XlOHLKQQLFKWXQQ|WLJ7DERUD(LQHNOHLQH*HJHQOHLVWXQJELVWGXLKP VFKRQVFKXOGLJ 6WDDWVPDUVFKDOO%XOOEOLFNWHPLFKYHUZXQGHUWXQGDUJZ|KQLVFKDQXQGIUDJWH +DEHQ6LHHEHQPLWGHP7DERUDJHVSURFKHQ7DWFKHU" (VEUDXFKWNHLQ*HKHLPQLV]XEOHLEHQ7DWFKHUZLVSHUWHGLHWHOHSDWKLVFKH 6WLPPHGHV7DERUDV ,FKOlFKHOWHHUOHLFKWHUW 'DVKDEHQ6LHGRFKJHK|UW6LUEHDQWZRUWHWHLFK%XOOV)UDJH'DV7DERUD LVWPHLQ)UHXQG:LUKDEHQYRUKLQHLQODQJHV*HVSUlFKJHIKUW 5HJLQDOG%XOOZ|OEWHGLH%UDXHQ :ROOHQ6LHPLFK]XP1DUUHQKDOWHQ7DWFKHU":DQQVROOGLHVHV!ODQJH *HVSUlFKGHQQVWDWWJHIXQGHQKDEHQ" :HQQLFKPLUGLH%HPHUNXQJHUODXEHQGDUI6LUZDUI(PPHW9XWKDUHLQ P|FKWHLFKGDUDXVGDZLUQLFKWVYRQGHP*HVSUlFKEHPHUNWHQVFKOLHHQ GDHVDXIEHUJHRUGQHWHUJHLVWLJHU(EHQHVWDWWIDQG $EHUPDOVHUW|QWHGDVLQ]ZLVFKHQYHUWUDXWH6LQJHQXQG.OLQJHQ(LQH (QHUJLHVSLUDOHNURFKJOHLFKIOLPPHUQGHP1HEHODXVGHU)ODVFKHQ|IIQXQJXQG IRUPWHVLFKQHEHQ3DWXOOL]XHLQHUPHQVFKOLFKHQ*HVWDOW $EHUGLHVPDOVWHOOWHGDV7DERUDQLFKW1DGMDGDUZLHZLUVLHNDQQWHQ1HEHQ 3DWXOOL/RNRVKDQVWDQGHLQHDOWH)UDXPLWDXVJHSUlJWHP%XFNHO]HUIXUFKWHP *HVLFKWXQGHLQHUJURHQ:DU]HDXIGHU1DVH .RPPKHU'DODLPRFPHLQ7lXEFKHQORFNWHGLH$OWHPLW]LWWULJHU6WLPPH )UGHLQHPXWLJH7DWKDVWGXHLQHQ.XYRQPLUYHUGLHQW $XI5RUYLFV*HVLFKW]HLFKQHWHVLFK(UVFKWWHUXQJDEGRFKDOVLFKVHLQH 6WLPPHK|UWHGXUFKVFKDXWHLFKVHLQH.RP|GLH 21DGMDULHIHUNODJHQG6RODQJHZDULFKIRUWGDGHU6FKPHO]GHLQHU -XJHQGVLFKLQGLH3DWLQDGHV$OWHUVYHUZDQGHOWKDW

(UZDQNWHDXIGLH$OWH]XVFKORVLHLQGLH$UPHXQGNWHVLHDXIGLH$XJHQ XQGDXIGLHYHUGRUUWHQ/LSSHQ'DQQSDFNWHHUVLHEHLGHQ6FKXOWHUQVFKRE VLHDXI$UPHVOlQJHYRQVLFKXQGHUNOlUWH $EHUZDVKDEHQVFKRQbXHUOLFKNHLWHQ]XVDJHQ,FKOLHEHGHLQLQQHUVWHV :HVHQXQGGDVLVWJHEOLHEHQZLHHVZDU 6WDDWVPDUVFKDOO%XOOGXUFKVFKDXWHGLH.RP|GLHRIIHQEDUHEHQIDOOVGHQQHU PHLQWH 6FKOXPLWGHP7KHDWHU'DODLPRF7DERUDRGHU1DGMDZLHLPPHUDXFKGX GLFKQHQQVWXQGLQZHOFKHU*HVWDOWLPPHUGXDXIWULWWVWNHKUHQZLU]XU6DFKH ]XUFN (UVWLHHLQH9HUZQVFKXQJDXVDOVGHUMXQJH3VFKDNDLKQVSLHOHULVFKLQV %HLQELXQGEHJLQJGHQ)HKOHUVLFKLQHLQH%DOJHUHLPLWGHP7LHU HLQ]XODVVHQ $OVGHU(UVWH)DXQDPHLVWHUGLHEHLGHQVFKOLHOLFKPKHORVWUHQQWHEOXWHWH GHU6WDDWVPDUVFKDOODXVPHKUHUHQWLHIHQ.UDW]HUQXQGVHLQH.OLPD .RPELQDWLRQKDWWHHEHQIDOOVJHOLWWHQ (UVWDQGDXIXQGNORSIWHVLFKDE(LQZHQLJDWHPORVHUNOlUWHHU 'HU8PJDQJPLW,KUHP3VFKDND%DE\LVWDQVWUHQJHQG'DODLPRF:HQQGHU 7DWHQGXUVW6LHZLHGHUHLQPDOEHUPDQQWEULQJHQ6LHELWWHNHLQ7LHUPLWGDV JU|HULVWDOVHLQH)HOGPDXV (UZDQGWHVLFKDQGLH$OWHXQGVDJWHHUQVW :LUKDEHQVFKRQYLHO=HLWYHUORUHQKRIIHQWOLFKQLFKW]XYLHO(VZlUH XQYHU]HLKOLFKZHQQGDGXUFKGLH3DL XKQ. DVDOWLF]XP8QWHUJDQJYHUXUWHLOW ZUGHQ (UEOLFNWH3DWXOOLDQ 0LVWHU/RNRVKDQ6LHKDEHQHUNOlUWGDV7DERUDZUGHGHQ0HLVWHUGLHEHQ VHLQH+LOIHQLFKWYHUZHLJHUQREZRKOHVQLFKWEHUHLWLVWXQVGLH.RRUGLQDWHQ GHV+HLPDWV\VWHPVGHU3DL XKQ. DVDOWLF]XJHEHQ%LWWHSUl]LVLHUHQ6LH,KUH 9RUVWHOOXQJHQYRQGHU$UWXQG:HLVHZLHGDV7DERUDGHQ3DL XKQ. DVDOWLF ]XKHOIHQJHGHQNW (VZLUGXQVQDFK1D QDFEULQJHQ6LUDQWZRUWHWHGHU.DPDVKLWH 5HJLQDOG%XOOEHREDFKWHWHZLHGLH$OWHVLFKLQHLQH(QHUJLHVSLUDOHDXIO|VWH XQGZLHGHULQGHU)ODVFKHYHUVFKZDQG ,FKP|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|UGHUQ

'HU6WDDWVPDUVFKDOOVWULFKVLFKEHUVHLQNXU]JHVFKQLWWHQHVURWHV+DDU 6LFKHUPHLQWHHU$EHUNDQQHVVHFKV.UHX]HUJOHLFK]HLWLJVWHXHUQ",FK PHLQHHVPWHGRFK$QZHLVXQJHQDQGLH(PRWLRQDXWHQGHU6FKLIIH JHEHQ $EHUPDOVYHUQDKPLFKWHOHSDWKLVFKHV*HOlFKWHUXQGGLHVPDOVDKLFKDQ GHQ0LHQHQPHLQHU*HIlKUWHQGDVLHHVHEHQIDOOVYHUQDKPHQ 5HJLQDOG%XOOZLVSHUWHHVLQPHLQHP%HZXWVHLQGXVSLHOVWGHQ(LQIlOWLJHQ JXWDEHUQLFKWJXWJHQXJIUPLFK1DWUOLFKP|FKWHVWGXDXI8PZHJHQGRFK QRFK]XGHQJDODNWLVFKHQ.RRUGLQDWHQGHV*KRJKRU6\VWHPVNRPPHQZHLO LKU7HUUDQHU ZHLWHUHQ'LHEHV]JHQGHU3DL XKQ. DVDOWLFHLQHQ5LHJHOYRUVFKLHEHQ P|FKWHW 'HU6WDDWVPDUVFKDOOZXUGHURW 6HOEVWYHUVWlQGOLFKZROOHQZLUGDVHUNOlUWHHU(VJHKWGRFKQLFKWDQGD ZLUEHIUFKWHQPVVHQDXI6FKULWWXQG7ULWWYRQKLQWHUOLVWLJHQ0HLVWHUGLHEHQ EHODXHUW]XZHUGHQ 'DV7DERUDDQWZRUWHWHVRIRUW 'DV8QLYHUVXPPXPLWVHLQHQ3DL XKQ. DVDOWLFOHEHQZLHHVPLWVHLQHQ 7HUUDQHUQOHEHQPX5HJLQDOG'HQNHGDUEHUQDFK'XZLUVW]XPJOHLFKHQ (UJHEQLVNRPPHQZLHLFKGHQQGXELVWHLQJXWHU0HQVFKQXUHWZDV]X LPSXOVLY 8QGQXQELWWHLFKHXFKDOOHHUVFKUHFNWQLFKW'HU9RUJDQJPDJXQJHZ|KQOLFK IUHXFKVHLQDEHUHULVWQLFKWEHUQDWUOLFKVRQGHUQVRQRUPDOZLHIUHXFK GDV|IIQHQXQG6FKOLHHQHLQHU7U(LQHV7DJHVZLUGGDVZDVDXVHXFK JHZRUGHQLVWLKQHEHQIDOOVEHKHUUVFKHQ (VZXUGHILQVWHU 6FKZLQGHOHUIDWHPLFK 8QGLPQlFKVWHQ$XJHQEOLFNZDUHVZLHGHUKHOOXQGGDV6FKZLQGHOJHIKO VFKZDQG :LUVWDQGHQQRFKLPPHUDXIGHU2EHUIOlFKHHLQHV3ODQHWHQGRFKLQHLQHU Y|OOLJDQGHUHQ8PJHEXQJ8QWHUXQVHUHQ)HQZDUHLQH$UW *ODVIDVHUSODVWLNYRQPHWDOOLVFKHU+lUWH'DV0DWHULDOVWHOOWHGHQ%RGHQEHODJ HLQHVUXQGHQ5DXPKDIHQVGDUDXIGHPLFK]ZLVFKHQYHUVFKLHGHQHQNOHLQHQ 6FKLIIHQXQWHUVFKLHGOLFKHU%DXZHLVHVHFKV.XJHOVFKLIIHJOHLFKHU*U|H VWHKHQVDK,FKVFKlW]WHLKUHQ'XUFKPHVVHUDXIKXQGHUW0HWHU 5HJLQDOG%XOOVDKVLFKKDVWLJXP(UZLUNWHLUJHQGZLHJHKHW]W 'DVPXHLQ5DXPKDIHQDXI1D QDFVHLQVDJWHHU8QGGLH.XJHOVFKLIIH VLQGXQVHUHVHFKV.UHX]HU:LUPVVHQDQ%RUGGHU&$1%(55$VHLQEHYRU GLHHUVWHQ(LQJHERUHQHQDXIWDXFKHQ (UVFKDOWHWHVHLQHQ$UPEDQG7HOHNRPHLQXQGULHIQDFK.RPPDQGHXU 'HQQLN'DHUGHQ(PSIDQJVWHLODXIPD[LPDOH /DXWVWlUNHHLQJHVWHOOWKDWWHNRQQWHQZLUGHXWOLFKK|UHQZDV&KHLU'HQQLN VDJWH %XOO

+LHU6WDDWVPDUVFKDOO%XOO.|QQHQ6LHPLFKYHUVWHKHQ'HQQLN" (LQZDQGIUHL6LUDQWZRUWHWHGHU.RPPDQGHXUGHV.UHX]HUYHUEDQGHV 6HLQH6WLPPHNODQJHWZDVEHOHJW$OOHUGLQJVEHJUHLIHLFKQLFKWZLHZLU KLHUKHUJHNRPPHQVLQG.|QQHQ6LHPLUHUNOl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lWLJWH5RUYLF$EHUHVLVWDXFKEOLFKGD9RUJHVHW]WH HLQHQ7HLOLKUHU$XIJDEHQDQ8QWHUJHEHQHGHOHJLHUHQ'DLFKDOV0XWDQWLQ GHUQlFKVWHQ=HLWGHU+DXSWWUlJHUXQVHUHU0LVVLRQVHLQZHUGHNDQQLFKPLFK QLFKW XP.OHLQLJNHLWHQNPPHUQ)ROJOLFKZHUGHQ6LHDOVPHLQ$VVLVWHQWGDV .lW]FKHQEHWUHXHQ 9RQHLQHPGHU.XJHOVFKLIIHO|VWHVLFKHLQ*OHLWHUXQGIORJPLWKRKHU *HVFKZLQGLJNHLWLQXQVHUH5LFKWXQJ$EHUDXFKYRP5DQGGHV5DXPKDIHQV NDPHQ*OHLWHUDXIXQV]XRIIHQVLFKWOLFK(LQJHERUHQHGLHXQVEHJUHQ ZROOWHQ ,FKJLQJ]XGHPMXQJHQ3VFKDNDVFKQDO]WHPLWGHU=XQJHXQGVDJWH .RPP]XPLU6HVNRPP9HUIOL[WZHQQGXZHQLJVWHQVHLQHQ1DPHQ KlWWHVW,FKZHUGHGLUHLQIDFKHLQHQJHEHQ/DPLFKEHUOHJHQ:DVKlOWVW GXYRQ0LQN\KP" 'HU3VFKDNDVFKQXUUWH=XVWLPPXQJNDPDXIVDQIWHQ3IRWHQKHUDQXQGULHE VLFKDQPHLQHP2EHUN|USHUZlKUHQGHUPLFKXPNUHLVWH,FKKDWWH0KH PHLQ*OHLFKJHZLFKW]XZDKUHQ$EHULFKZDUHUOHLFKWHUWGDGDV7LHUNHLQHQ 9HUVXFKPDFKWHPLWPLU]XVSLHOHQ$OOHVDQGHUHZROOWHLFKLQ.DXI QHKPHQ

8QVHU*OHLWHUVFKDIIWHVQLFKWULHI5HJLQDOG%XOODXIJHUHJW(LQLJH3DL XKQV ZHUGHQDOVRYRULKPKLHUVHLQ5FNHQ6LHGLFKW]XVDPPHQGLH%XUVFKHQ NODXHQZLHGLH5DEHQQXUYLHOUDIILQLHUWHU :HQQZLUDXISDVVHQN|QQHQVLHXQVQLFKWVVWHKOHQPHLQWH/HVVND /RNRVKDQZHJZHUIHQG +DEHQ6LHHLQH$KQXQJHQWJHJQHWH%XOO1DFKGHPZDVGHU *URDGPLQLVWUDWRUXQG*XFN\PLUEHULKUHQGDPDOLJHQ%HVXFKDXI1D QDF HU]lKOWHQJLEWHVHLJHQWOLFKEHUKDXSWNHLQHQ6FKXW]YRUGLHVHQ 0HLVWHUGLHEHQ6LHVROOHQVRJDUGHP+DOXWHU,FKR7RORWGLH8QWHUZlVFKH XQWHUGHP.DPSIDQ]XJJHVWRKOHQKDEHQ /HVVNDODFKWH 8QGVRHWZDVKDEHQ6LHJHJODXEW0LVWHU%XOO(VLVWY|OOLJXQP|JOLFK MHPDQGHPGDV8QWHU]HXJDXV]X]LHKHQRKQHGDPDQLKPYRUKHUGLH 2EHUNOHLGXQJDEQLPPW ,FKZHLQLFKWUHFKWPHLQWH'DODLPRF5RUYLF]ZHLIHOQG0LUKDEHQDXIGHP 0DUVHLQSDDU3DL XKQ. DVDOWLFMHGHQIDOOVGLH6WLHIHODXVJH]RJHQRKQHGD LFKHWZDVGDYRQPHUNWH ,FKODFKWHK|KQLVFK 6LH]XEHVWHKOHQLVWNHLQH.XQVWZHQQ6LHJHUDGHYRUVLFKKLQG|VHQ :RKHUZLVVHQ6LHGDV"IUDJWHGHU7LEHWHUDUJZ|KQLVFK:DUHQHVOHW]WHQ (QGHVGRFK6LHGHUPLFKVRVFKDPORVEHVWRKOHQKDW"(VVROOWHPLFKQLFKW ZXQGHUQ 6FKOXGDPLWEHIDKO%XOO:LUUFNHQ]XVDPPHQORV (LQLJHGHU*OHLWHUKDWWHQVLFKXQVELVDXIHWZDKXQGHUW0HWHUJHQlKHUW'DV )DKU]HXJGDVXQVDEKROHQVROOWHEHIDQGVLFKGDJHJHQQRFKPLQGHVWHQV IQIKXQGHUW0HWHUYRQXQVHQWIHUQW .XU]GDUDXIVHQNWHQVLFKGLHHUVWHQ*OHLWHULQUHVSHNWYROOHP$EVWDQGDXIGHP 3ODW]EHODJGHV5DXPKDIHQV,FKVDKGDGLH(LQJHERUHQHQGLHLKQHQ HQWVWLHJHQZLH(UGPHQVFKHQDXVVDKHQ,KUH.OHLGXQJZDUDOOHUGLQJVEXQW ]XVDPPHQJHZUIHOWXQGUHLFKWHYRPHLQIDFKHQ/HQGHQVFKXU]ELV]XU %RUGNRPELQDWLRQ ,FKHUJULIIHLQ2KU0LQN\VXQG]RJGHQ3VFKDNDDQGLH*HIlKUWHQKHUDQGLH VLFKHQJXP5HJLQDOG%XOOJHVFKDUWKDWWHQ (LQHUGHU3DL XKQ. DVDOWLFO|VWHVLFKDXVGHP.UHLVGHU(LQJHERUHQHQ(U WUXJGLH%RUGNRPELQDWLRQHLQHV&\QR5DXPIDKUHUV%HVWLPPWKDWWHVHLQ 7UlJHUVLHQLFKWIUHLZLOOLJKHUDXVJHJHEHQ (UYHU]RJGDV*HVLFKW]XHLQHPIUHXQGOLFKHQ/lFKHOQGHXWHWHHLQH 9HUEHXJXQJDQXQGVDJWHPLWZRKOW|QHQGHU6WLPPHDXI,QWHUNDUWLHVGHU JHPHLQVDPHQ6SUDFKHDOOHU6FKZDUPY|ONHU 6HLGZLOONRPPHQDXI'RJ KHEXQVHUHU+HLPDWLQVHO:LUEHNRPPHQQXU VHOWHQ%HVXFKGHVKDOEIUHXHQZLUXQVVHKUHXFKXQVHUH*DVWIUHXQGVFKDIW DQELHWHQ]XN|QQHQ 'HU6WDDWVPDUVFKDOOGUlQJWHVLFKHLQHQKDOEHQ6FKULWWYRU(USUHWHVHLQH +lQGHNUDPSIKDIWDXIGLH%UXVWWDVFKHQVHLQHU.RPELQDWLRQ

,FKGDQNHHXFKHUZLGHUWHHU:LUIUHXHQXQVHXUH*DVWIUHXQGVFKDIW JHQLHHQ]XGUIHQ$EHUYRUGULQJOLFKPWHQZLUPLWHLQHP0LWJOLHG,KUHU 5HJLHUXQJVSUHFKHQ 5HJLHUXQJ"IUDJWHGHU(LQJHERUHQH:DVLVWGDV" %XOOZDQGWHVLFKXPXQGIOVWHUWH5RUYLF]X .|QQHQ6LHLKUH*HGDQNHQOHVHQ'DODLPRF" 1HLQ6LUDQWZRUWHWHGHU7LEHWHUXQEHNPPHUWXQGODXW,FKHPSIDQJHQXU YHUZLUUHQGH0XVWHUXQG%LOGHUEHUKDXSWQLFKWV.RQNUHWHV 'DVPDFKHQVLHDEVLFKWOLFKIOVWHUWH3DWXOOL +|UW]XZDQGWHVLFK%XOOZLHGHUDQGLH(LQJHERUHQHQ(LQLJHDXVHXUHP 9RONKDEHQHLQH6FKLIIVODGXQJ$QWLPDWHULHJHVWRKOHQXQG (UNDPQLFKWZHLWHUGHQQGLH3DL XKQ. DVDOWLFSURWHVWLHUWHQODXWVWDUNXQG K|UWHQQLFKWHKHUDXIGDPLWELVGHU6WDDWVPDUVFKDOOUHVLJQLHUHQGGLH 6FKXOWHUQ]XFNWH 'HU6SUHFKHUGHU(LQJHERUHQHQOHJWHVLFKHLQH+DQGDXIGLH%UXVWXQG VDJWH :LUVLQGHLQIULHGOLFKHVXQGJDVWIUHXQGOLFKHV9RONDEHUZLUODVVHQXQVQLFKW JHUQEHOHLGLJHQ,FKVFKODJH,KQHQYRUGD6LHGLH%HVDW]XQJHQ,KUHU 6FKLIIHDXVVWHLJHQXQGXQVHUHEHVFKHLGHQHQ+WWHQGXUFKVXFKHQODVVHQ 6LHZHUGHQGDEHLQLUJHQGV$QWLPDWHULHILQGHQhEULJHQVKHLHLFK3DQ 7RUWKHVXQGELQGHU*LOGHPHLVWHUDXIXQVHUHU,QVHO ,FKZHLVFKRQHUZLGHUWH%XOOPLWVFKZDFKHP/lFKHOQGHU0HLVWHUGHU 'LHEHVJLOGH /HLVHVDJWHHU :RQXUXQVHU*OHLWHUEOHLEW (UZLQNHOWHGHQ$UPDQXQGZROOWHGHQ7HOHNRPHLQVFKDOWHQKLHOWDEHU SO|W]OLFKLQGHU%HZHJXQJLQQH6HLQ*HVLFKWZXUGHODQJ 0HLQ$UPEDQG7HOHNRPVWLHHUKHUYRU(ULVWZHJ 'DODLPRF5RUYLFODFKWHVFKDGHQIURK,PQlFKVWHQ0RPHQWYHUVWXPPWHHU XQGPXUPHOWHEHWURIIHQ 0LUKDWPDQGHQ:DIIHQJXUWJHVWRKOHQ 6FKDIIHQ6LHXQVGLHVH.HUOHYRP/HLEH'DODLPRFEHIDKO5HJLQDOG%XOO 6HW]HQ6LH,KUH0XWDQWHQNUlIWHHLQ$EHUVFKQHOOEHYRUZLUY|OOLJQDFNWKLHU VWHKHQ ,FKNDQQQLFKWMDPPHUWHGHU7LEHWHU0HLQHSDUDSV\FKLVFKHQ)lKLJNHLWHQ YHUVDJHQJHJHQGLH'LHEH,FKN|QQWHXQVK|FKVWHQVDQ%RUGGHU &$1%(55$EULQJHQ 'DQQWXQ6LHGDVVDJWH%XOO 8QWHUGHVVHQZDUHQGLH(LQJHERUHQHQQlKHUKHUDQJHNRPPHQ,FKVDKPLFK GDXHUQGXPDEHUWURW]GLHVHU:DFKVDPNHLWEHPHUNWHLFKSO|W]OLFKGDGDV .OLPDDJJUHJDWPHLQHU.RPELQDWLRQIHKOWH 6FKQHOO0LVWHU5RUYLFGUlQJWH3DWXOOL/RNRVKDQPLWHUVWLFNWHU6WLPPH ,FKEOLFNWH]XGHP.DPDVKLWHQKLQXQGVDKGD3DWXOOLGDV7DERUDPLW EHLGHQ$UPHQIHVWXPVFKOXQJHQKLHOW:HQLJVWHQVGDVZUGHQGLH3DL XKQ

. DVDOWLFQLFKWVWHKOHQN|QQHQ'DIUVWDQG3DWXOOLDOOHUGLQJVLP8QWHU]HXJ XQGRKQH6WLHIHOGD ,PQlFKVWHQ0RPHQWZXUGHLFKYRQHLQHUSVLRQLVFKHQ)OXWZHOOHGXUFK ZLUEHOQGHV1LFKWVJHULVVHQXQGVWDQGSO|W]OLFKLQGHU+DXSW]HQWUDOHGHU &$1%(55$1HEHQPLUWDXFKWHQPHLQH*HIlKUWHQDXI .RPPDQGHXU'HQQLNEOLFNWHXQVHEHQVRIDVVXQJVORVDQZLHGLHEULJH %HVDW]XQJ :LHZLHVHKHQGHQQ6LHDXV"VWDPPHOWHHU 5HJLQDOG%XOOEHWDVWHWHVLFKXQG]RJGDQQPLWJULPPLJHP*HVLFKW%LODQ] 0HLQ7HOHNRPGHU&KURQRJUDSKPHLQH%ULHIWDVFKHPLW]HKQWDXVHQG6RODU XQGPHLQH:DIIHQIHKOHQ 8QG,KU=HOODNWLYDWRU6LU"HUNXQGLJWHVLFK'HQQLN 'HU6WDDWVPDUVFKDOOZXUGHOHLFKHQEODXQGIDWHLQVHLQH.RPELQDWLRQGDQQ DWPHWHHUODXWDXI (ULVWQRFKGD /HVVND/RNRVKDQ]RJVHLQH6WLHIHODXVXQGIXKUVXFKHQGPLWGHQ+lQGHQ KLQHLQ 'DVLVWGRFKQLFKWP|JOLFKPXUPHOWHHU$EHUVLHVLQGZHJ(VLVWQLFKW]X IDVVHQ :DVIHKOW,KQHQGHQQ"IUDJWHLFK /HVVNDEOLFNWHDXI6HLQDOWHV*HVLFKWZLUNWHVRUJHQYROO 0HLQHRUWKRSlGLVFKHQ(LQOHJHVRKOHQHUNOlUWHHU6LH VLQGDXVSXUHP6LOEHUXQGPLWNRVWEDUHP'KDJYDW/HGHUEHU]RJHQ 'LH3DL XKQ. DVDOWLFKDEHQHEHQ*HVFKPDFNPHLQWHLFK 5HGHQ6LHQLFKWVRGXPPHV=HXJIXKU%XOOPLFKDQ0DQKDWXQV]ZDU EHVWRKOHQDEHUGDVZUGHLFKJHUQLQ.DXIQHKPHQZHQQHVXQV ZHQLJVWHQVJHOXQJHQZlUHGLH3DL XKQ. DVDOWLFYRUGHP6FKODIHQGHQ7RG ]XZDUQHQGHQVLHVLFKPLWGHU$QWLPDWHULH/DGXQJDXILKUHQ3ODQHWHQJHKROW KDEHQ :LUVDKHQXQVEHWURIIHQDQ:lKUHQGGHUOHW]WHQ0LQXWHQKDWWHNHLQHUYRQ XQVPHKUDQGLH0LVVLRQJHGDFKWGLHZLUDXI1D QDF]XHUIOOHQKDWWHQNRVWH HVZDVHVZROOH $OVGDV3DQ]HUVFKRWWGHU=HQWUDOHDXIJOLWWXQGHLQ5DXPVROGDWDXIJHUHJW KHUHLQVWUPWHZDQGWHQZLUXQVDOOHXP (ULVWIRUWULHIGHU6ROGDWDWHPORV(LQIDFKYHUVFKZXQGHQ :HU"IUDJWH5HJLQDOG%XOO )UXXWKGHU)UHPGH1DFKGHQ$XI]HLFKQXQJHQGHU.RQWUROODXWRPDWLN YHUVFKZDQGHUJHQDXLQGHP$XJHQEOLFNDXVGHU([SHULPHQWLHUNDPPHULQ GHPZLUDXVGHP8PODXIXP.DPDVKDXIGHQ%RGHQYRQ1D QDFEHI|UGHUW ZXUGHQ 'DQQKlQJHQEHLGH9RUJlQJHLUJHQGZLH]XVDPPHQPHLQWH%XOO QDFKGHQNOLFK,Q]ZLVFKHQZLUGGHU6WUXNWXUOlXIHUZRKODXIGHU6XFKHQDFK VHLQHP5DXPVFKLII1D QDFXQVLFKHUPDFKHQ 'DVN|QQWHXQVKHOIHQ6LUZDUI'DODLPRF5RUYLFHLQ

,QZLHIHUQ" 9LHOOHLFKWELWWHQGLH(LQJHERUHQHQXQVXP+LOIHZHQQHLQLJHYRQLKQHQPLW WRWDOHU$PQHVLHDXIJHIXQGHQZHUGHQ6LU'DQQVLQGGLH3DL XKQ. DVDOWLF XQVHUHQ:DUQXQJHQJHJHQEHUVLFKHU]XJlQJOLFKHU 'HU6WDDWVPDUVFKDOOVHXI]WH +RIIHQWOLFKEHKDOWHQ6LHUHFKW'DODLPRF (UZDQGWHVLFKDQ&KHLU'HQQLN hEULJHQVVFKHLQWPLUDOVKlWWHGHU3LORWGHV*OHLWHUVGHUXQVDEKROHQVROOWH HLQHQEHWUlFKWOLFKHQ8PZHJJHPDFKW 'DVJODXEHLFKQLFKWZDUIHLQ2IIL]LHUHLQ6RHEHQPHOGHWPLUGLH +DXSWVFKOHXVHQNRQWUROOHGDGHU*OHLWHUSLORW]XUFNJHNHKUWVHL(UPHOGHWH VHLQ)DKU]HXJXQGVHLQH.OHLGXQJDOVJHVWRKOHQ 'DQQKDEHQZLUMDQRFKHLQPDOJURHV*OFNJHKDEWEHPHUNWHLFK :LHVRKDEHQZLU*OFNJHKDEW7DWFKHU"IUDJWH%XOOPLFK ,FK]XFNWHGLH6FKXOWHUQ 8QVKDWPDQZHQLJVWHQVQLFKWDOOHVJHVWRKOHQ6LU 'LH0lQQHUGHU=HQWUDOEHVDW]XQJEUOOWHQYRU/DFKHQDOVKlWWHLFKHLQHQ :LW]JHPDFKW'DEHLZDUHVPLUY|OOLJHUQVWJHZHVHQ 9HUZLUUW]RJLFKPLFK]XUFN (UVWLQPHLQHU.DELQHPHUNWHLFKGD0LQN\PLUJHIROJWZDU,FKWlWVFKHOWH GHP3VFKDNDGHQPlFKWLJHQ%DE\VFKlGHO 6HLIURKGDGXPLFKKDVW0LQN\VDJWHLFK'LH7HUUDQHUVLQGMDYHUUFNW %HLGHQHQZUGHVWGXGHLQELFKHQ9HUVWDQGLQQHUKDOEZHQLJHU7DJHUHVWORV YHUOLHUHQ 'HU3VFKDND|IIQHWHHLQ$XJHXQGVDKPLU]XZLHLFKDXVGHU.RMHVWLHJXQG PLFKDQ]RJ(UODJDXIHLQHU+HL]PDWWHXQGIKOWHVLFKRIIHQEDUZRKO ,FKKDWWHHLQSDDU6WXQGHQJHVFKODIHQDEHUGLH%HGURKXQJGXUFKGLH $QWLPDWHULHGLHZLHHLQ'DPRNOHVVFKZHUWEHU1D QDFVFKZHEWHOLHPLU NHLQH5XKH 1LHPDQGVFKLHQLQGHU/DJH]XVHLQGLH0HLVWHUGLHEHEHUGLH*HIlKUOLFKNHLW LKUHU%HXWHDXI]XNOlUHQ0|JOLFKHUZHLVHZDUMHQH*UXSSH3DL XKQ. DVDOWLF GLHGLH6FKLIIVODGXQJ$QWLPDWHULHJHUDXEWKDWWHQRFKJDUQLFKWLQV*KRJKRU 6\VWHP]XUFNJHNHKUW'RFKGDUDXIGXUIWHQZLUXQVHEHQVRZHQLJYHUODVVHQ ZLHGDUDXIGDVLHGLH$QWLPDWHULHVRIRUW]XPYLHUXQG]ZDQ]LJVWHQ3ODQHWHQ QDPHQV6XWR$ IDQJHEUDFKWKDWWHGHUDOV9HUVWHFNIULKUH'LHEHVEHXWHJDOW -HPDQGYRQXQVPXWHGLH,QLWLDWLYHHUJUHLIHQ %HLVSLHOVZHLVHLFK ,FKVWUHLIWHPHLQHQOHLFKWHQ.DPSIDQ]XJEHUGDV8QWHU]HXJ'DPLWZDULFK YRQ9HUNHKUVPLWWHOQXQDEKlQJLJGHQQPLW+LOIHGHV)OXJDJJUHJDWHVNRQQWH LFKXPGHQJDQ]HQ3ODQHWHQIOLHJHQ

$EHUEHYRULFKGDV6FKLIIYHUOLHZROOWHLFKPLWGHP7DERUDVSUHFKHQ(V NRQQWHPLUKHOIHQZHQQHVZROOWHXQGLFKVDKNHLQHQ*UXQGZDUXPHVPLU VHLQH+LOIHYHUZHLJHUQVROOWH 0LQN\VFKORLKU$XJHZLHGHUULGHQ]lKQHVWDUUHQGHQ5DFKHQ]XHLQHP KHU]KDIWHQ*lKQHQDXIXQGVWUHFNWHGLH.UDOOHQ 'XEOHLEVWKLHU0LQN\VDJWHLFK,FKNDQQGLFKQLFKWPLWQHKPHQGHQQ PHLQ)OXJDJJUHJDWLVW]XVFKZDFKIUXQVEHLGH$XHUGHPEUlFKWHQGLH 3DL XKQ. DVDOWLFHVIHUWLJGLUGLH+DXWEHLOHEHQGLJHP/HLEHDE]X]LHKHQ RKQHGDGXHWZDVGDYRQPHUNVW 0LQN\NODSSWHGLH.LHIHU]XXQGPXVWHUWHPLFKDXIPHUNVDP ,FKWDVWHWHIUGHQ3VFKDNDDP9HUVRUJXQJVDXWRPDWHQHLQH+DPPHONHXOH XQGOLH:DVVHULQV%DGHEHFNHQGHU1D]HOOHHLQODXIHQ'DPLWZDUGLH 9HUVRUJXQJ0LQN\VJHVLFKHUW 'DQDFKYHUOLHLFKPHLQH.DELQHXQGEHJDEPLFK]XU5HJLVWUDWXUZRLFK HUIXKULQZHOFKHU.DELQH3DWXOOL/RNRVKDQXQWHUJHEUDFKWZDU $OVLFKGHQ7UPHOGHUYRQ3DWXOOLV.DELQHGUFNWHVLJQDOLVLHUWHPLUGLH 0HOGHSODWWHEHUGHP6FKRWWGDGHU3V\FKRNRSLVWDEZHVHQGZDU 'DV6FKRWWZDUMHGRFKQLFKWHOHNWURQLVFKYHUULHJHOWXQGVRNRQQWHLFK XQJHKLQGHUWHLQWUHWHQ'DVZDU]ZDUNHLQVRQGHUOLFKNRUUHNWHV%HQHKPHQ DEHULFKZROOWHQLFKWLP6FKLIIXPKHUODXIHQXQGQDFKGHP.DPDVKLWHQ VXFKHQZHLOLFKEHIUFKWHWHGDEHLYRQ5RUYLFJHVHKHQXQGPLW%HVFKODJ EHOHJW]XZHUGHQ 'LHVFKZDU]HEDXFKLJH)ODVFKHVWDQGDXIGHP7LVFKGHU:RKQ]HOOH,FK ZDUWHWHELVVLFKGDV6FKRWWKLQWHUPLUDXWRPDWLVFKJHVFKORVVHQKDWWHGDQQ JLQJLFK]XP7LVFKXQGQDKPGLH)ODVFKHKHUXQWHU ,FKVWHOOWHVLHYRUVLFKWLJDXIGHQ%RGHQXQGEOLFNWHQHXJLHULJLQGLHgIIQXQJ GHV)ODVFKHQKDOVHV =ZDUZDULFKDXIGHQ$QEOLFNYRUEHUHLWHWJHZHVHQGHQQRFKYHUVFKOXJHVPLU GHQ$WHP ,FKVDKQLFKWVDOVHLQJROGIDUEHQHV:RJHQXQG:DOOHQLP,QQHUQGHU )ODVFKHHLQVFKHPHQKDIWHVNRQWXUORVHV(WZDVGDVHLQHJHZLVVHb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lOWVW

'DVZDUQLFKWGLH$QWZRUWGLHLFKHUZDUWHWKDWWHQLFKWYRQHLQHP DOOPlFKWLJHQ:HVHQ ,FKELQQLFKWDOOPl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lWVWGXPLU ZHQLJVWHQVZRVLFKGLHJHUDXEWH/DGXQJ$QWLPDWHULH]XU=HLWEHILQGHW" .HLQH$QWZRUW (QWWlXVFKWGUHKWHLFKPLFKXPXQGYHUOLH3DWXOOLV.DELQH,FKKDWWHPHKU (QWJHJHQNRPPHQYRQGHP7DERUDHUZDUWHW6WDWWGHVVHQZDULFKPLW UHLFKOLFKYDJHQ(UPXQWHUXQJHQXQG%HOHKUXQJHQDEJHVSHLVWZRUGHQ ,FKPXWHZRKOVHKULQ*HGDQNHQYHUVXQNHQJHZHVHQVHLQGHQQDOVLFKGDV 7UDQVSRUWEDQGYHUOLHVWHOOWHLFKIHVWGDLFKYRU5RUYLFV.DELQHVWDQG ,PHUVWHQ6FKUHFNGDUEHUZROOWHLFKVRIRUWZLHGHUDXIGDV 7UDQVSRUWEDQGVWHLJHQDEHUGDQQHULQQHUWHLFKPLFKGDUDQGDLFKHLQHQ OHLFKWHQ.DPSIDQ]XJWUXJXQGGDGD]XDXHUGHP)OXJDJJUHJDWDXFKHLQ 'HIOHNWRUVFKLUPJHK|UWHPLWGHPPDQVLFKXQVLFKWEDUPDFKHQNRQQWH 'HQPHLVWHQ0HQVFKHQKlWWHLKUH8QVLFKWEDUNHLWHLQHP$OOURXQGPXWDQWHQ JHJHQEHUQDWUOLFKQLFKWVJHQW]WDEHULFKKDWWHGXUFKODQJHV ,QWHQVLYWUDLQLQJHUUHLFKWGDLFKPHLQH*HGDQNHQLPSXOVHDEVFKLUPHQ NRQQWHXQG]ZDUDXFKGDQQZHQQLFKVFKOLHI ,FKEHVFKORGHP7LEHWHUHLQHQNOHLQHQ6WUHLFK]XVSLHOHQ1DFKGHPLFK PHLQHQ'HIOHNWRUHLQJHVFKDOWHWKDWWHGUFNWHLFKDXIGHQ7UPHOGHU =XPHLQHU(QWWlXVFKXQJVWUDKOWHGLH0HOGHSODWWHEHUGHP6FKRWWGDV $EZHVHQKHLWV6LJQDODXV 'RFKDXFKKLHUZDUGDV6FKRWWQLFKWYHUULHJHOW,FKEOLFNWHQDFKUHFKWVXQG OLQNV.HLQ5RUYLFLQ6LFKW,FKOHJWHGLH+DQGDXIGDV:lUPHVFKORXQGGLH EHLGHQ6FKRWWKlOIWHQJOLWWHQDXVHLQDQGHU$XIOHLVHQ6RKOHQEHWUDWLFK5RUYLFV :RKQ]HOOHXQGEOLHEZLHDQJHZXU]HOWVWHKHQ 'HUURWlXJLJH$OELQRVWDQGYRUGHP(LQEDXVFKUDQNXQGUlXPWHVHLQH 6DFKHQLQGLHEHLGHQ7UDQVSRUWNLVWHQ:LHZDUGDVP|JOLFK" 'LH6HQVRUHQGHV6LJQDOJHEHUVZDUHQDXIGLHLQGLYLGXHOOH=HOODXUDGHV MHZHLOLJHQ.DELQHQLQKDEHUVDEJHVWLPPWXQGGLH0LNURSRVLWURQLNDQGLHVLH LKUH,PSXOVHZHLWHUOHLWHWHQHQWVFKLHGGDQDFKREGHU,QKDEHUGHU.DELQH DQZHVHQGZDURGHUQLFKW

'LHVHV)XQNWLRQVV\VWHPZDUVRSULPLWLYGDHV]XNHLQHU)HKOHQWVFKHLGXQJ NRPPHQNRQQWH3UDNWLVFKHQWVFKLHGMDGLH3RVLWURQLNQXU]ZLVFKHQMDXQG QHLQ 8QGGDGHU7LEHWHUVLFKLQVHLQHU.DELQHEHIDQGKlWWHQLHPDOVGDV $EZHVHQKHLWV6LJQDODXIOHXFKWHQGUIHQ0DQLSXODWLRQHQZDUHQXQP|JOLFK GHQQEHLPJHULQJVWHQ(LQJULIIVFKDOWHWHVLFKGDV6\VWHPDE 'DODLPRF5RUYLFKDWWHPLFKRIIHQEDUQLFKWHLQWUHWHQK|UHQGHQQHUIXKUIRUW VHLQHSHUV|QOLFKHQ+DEVHOLJNHLWHQLQGHQ EHLGHQ.LVWHQ]XYHUVWDXHQ(UJLQJGDEHL]LHPOLFKZDKOORVXQGXQRUGHQWOLFK YRU ,FKEHVFKORLKPHLQHQNOHLQHQ6FKUHFNHLQ]XMDJHQXQGVFKDOWHWHPHLQHQ 'HIOHNWRUDE +DOOR6LUVDJWHLFK 'HU0XWDQWIXKUKHUXPXQGVWDUUWHPLFKDQ6HLQ*HVLFKWZLUNWHJDUQLFKW PHKUVRYROOZLHVRQVWXQGDXFKVHLQ.|USHUXPIDQJVFKLHQDEJHQRPPHQ]X KDEHQ9LHOOHLFKWZROOWH5RUYLFVFKODQNZHUGHQXQGKDWWHHLQH+XQJHUNXU HLQJHOHJW (VGDXHUWHHLQLJH6HNXQGHQELVHUVLFKYRQGHP6FKUHFNHUKROWKDWWH'DQQ OlFKHOWHHUXQGVDJWHHEHQIDOOV +DOOR6LU ,FKJULQVWH 'LH+XQJHUNXUVFKHLQW,KUHP*HKLUQQLFKWJXW]XEHNRPPHQZHQQ6LHPLFK !6LUQHQQHQ6LU9LHOOHLFKWHUNOlUWGDVDXFKGLHLUUHJXOlUH5HDNWLRQGHV 6LJQDOJHEHUV,KUH=HOODXUDPXVLFKJHlQGHUWKDEHQ 'DVZlUHP|JOLFKHUZLGHUWH5RUYLF'DUILFK,KQHQHWZDVDQELHWHQ" 9LHOOHLFKWHLQHQ6FKQDSVDQWZRUWHWHLFK'RFKGDQQEHVFKORLFK5RUYLFV $QIDOOYRQ*DVWIUHXQGVFKDIWDXV]XQXW]HQ2GHUEHVVHUQRFKHLQHQ IHUUROLVFKHQ.RJQDN (LQHQIHUUROLVFKHQ.RJQDNZLHGHUKROWH5RUYLF (UJLQJELV]XU0LWWHGHU:RKQ]HOOHEOLFNWHVLFKVXFKHQGXPXQG|IIQHWH GDQQHLQNOHLQHV:DQGVFKUlQNFKHQ :lKUHQGHUHLQHQJURHQ6FKZHQNHUELV]XP5DQGPLW.RJQDNYRQ)HUURO IOOWHIUDJWHLFK 6LHZROOHQZRKODXIHLQDQGHUHV6FKLIIXP]LHKHQ6LU" 'HU7LEHWHUVDKPLFKHUVWDXQWDQ :LHVR" 1DZHLO6LHSDFNHQ6LU2GHULVWGDVQXUHLQHhEXQJ",FKQLSSWHDQGHP .RJQDN(UVFKPHFNWHJXWDEHUEHVVHUKlWWHHUJHVFKPHFNWZHQQGHU 6FKZHQNHUQXU]XHLQHP=HKQWHOJHIOOWJHZHVHQZlUH'HU$OELQRZDUHEHQ HLQKRIIQXQJVORVXQJHELOGHWHU0HQVFK 5RUYLFOlFKHOWH 5LFKWLJHLQHhEXQJ0DQPXLQ)RUPEOHLEHQ

(UJLQJ]XGHQ.LVWHQ]XUFNZKOWHPLWEHLGHQ+lQGHQLQHLQHUXQG]RJ YHUVWRKOHQHWZDVGDUDXVKHUYRUGDVHUVLFKKDVWLJLQGLH.OLPDNRPELQDWLRQ VWRSIWH (UKDWWHYHUVXFKWGHQ*HJHQVWDQGYRUPLU]XYHUEHUJHQ 6LHKDEHQ,KU%KDYDFFD.U DDOVRZLHGHUJHIXQGHQ6LUVDJWHLFK UHVLJQLHUHQG 5RUYLFODFKWHYHUOHJHQ 0HLQ%KDYDZDV" :HQQ6LHGDV$PXOHWWQLFKWKHLPOLFKLQ,KUH.RPELQDWLRQJHVFKREHQKlWWHQ ZUGHLFKGHQNHQ6LHKlWWHQYHUJHVVHQZDVGDV%KDYDFFD.U DLVW6LU6R DEHUZLUGPLUNODUGD6LHHLQH,KUHU7HXIHOHLHQLP6FKLOGHIKUHQ ,FKOHHUWHGDV*ODVXQGIKOWHPLFKOHLFKWEHQRPPHQ 6RQXQZHUGHLFK6LHYHUODVVHQ6LUhEULJHQV,KUHP3VFKDND%DE\JHKW HVJXW 0HLQHP3VFKDND%DE\MDMD,FKGDQNH,KQHQVDJWH'DODLPRF5RUYLF 'UDXHQLP.RUULGRUVFKWWHOWHLFKYHUZXQGHUWGHQ.RSI (QWZHGHUVWHOOWHGHU7LEHWHUVLFKGXPPRGHUHUSODQWHHWZDVXQGZROOWHHV YRUPLUJHKHLPKDOWHQ ,FKPHOGHWHPLFKLQGHU.RPPDQGR]HQWUDOHEHL6WDDWVPDUVFKDOO%XOOGHQQ LFKGXUIWHMDGDV6FKLIIRKQHVHLQH(UODXEQLVQLFKWYHUODVVHQ,FKNRQQWHHV EULJHQVDXFKQLFKWGHQQDOOH6FKRWWHGHUVHFKV.UHX]HUZDUHQYRQLKUHQ +DXSW]HQWUDOHQDXVIHUQVWHXHUWHFKQLVFKYHUULHJHOWXQG]XVlW]OLFKVLFKHUWHQ 3UDOOIHOGVFKLUPHGLH6FKLIIHJHJHQGLH9LHOJHVWDOWLJHQPLWGHQIOLQNHQ +lQGHQ 5HJLQDOG%XOOK|UWHPLUJHGXOGLJ]XGDQQPHLQWHHU (VZlUHPLUOLHEHUZHQQ6LHHLQHQNRQNUHWHQ3ODQDXVJHDUEHLWHWKlWWHQ 7DWFKHUDEHUQDFK/DJHGHU'LQJHGDUILFKQLFKWZlKOHULVFKVHLQ 9RP3ODW]GHV/RJLVWLNHUVULHIMHPDQGKHUEHU 9RQGLHVHPPDUVLDQLVFKHQ)OHFKWHQIUHVVHUGUIHQ6LHQLHPDOVNRQNUHWH 3OlQHHUZDUWHQ6LU'D]XIHKOWLKPMHJOLFKH%HJDEXQJ %HLGHQHUVWHQ:RUWHQVFKRQIXKULFKKHIWLJ]XVDPPHQGHQQLFKHUNDQQWH 5RUYLFV6WLPPHXQGDOVLFKKLQEHUVDKZXUGHPHLQH$KQXQJ]XU *HZLKHLW 6FKRQZROOWHLFKIUDJHQZLHHUDQ]ZHLYHUVFKLHGHQHQ2UWHQGHV6FKLIIHV JOHLFK]HLWLJVHLQNRQQWHGDHUNDQQWHLFKLQWXLWLYGLH:DKUKHLW 'HU0HQVFKLQ5RUYLFV.DELQHZDUJDUQLFKW'DODLPRF5RUYLFJHZHVHQ(U ZDUQLFKWHLQPDOHLQ0HQVFKJHZHVHQVRQGHUQHLQ3DL XKQ. DVDOWLFGHU 5RUYLFV*HVWDOWDQJHQRPPHQKDWWH ,FKHQWVDQQPLFKZLHGHUGHU)DNWHQGLHPLUEHUGLH0HLVWHUGLHEHEHNDQQW ZDUHQ'DQDFKZDUGLH*UXQGJHVWDOWGHU3DL XKQ. DVDOWLFHLQGXUFKVFKQLWWOLFK ]ZHL0HWHUJURHU.HJHODXVZHLJUDXHUVFKOHLPLJHU6XEVWDQ]RKQH HUNHQQEDUH2UJDQH'LHVH*UXQGJHVWDOWQDKPHQGLH3DL XKQ. DVDOWLFDEHU QXULP=XVWDQGY|OOLJHU(QWVSDQQXQJEHLGHU3DDUXQJXQGLP7RGHHLQ

6RQVWNRQQWHQVLHSUDNWLVFKGDV$XVVHKHQMHGHVDQGHUHQ/HEHZHVHQVRGHU *HJHQVWDQGHVDQQHKPHQ ,FKOlFKHOWHVFKDGHQIURK 'HUURWlXJLJH$OELQRZUGH$XJHQPDFKHQZHQQHULQVHLQH.DELQH ]XUFNNHKUWHXQGVLHOHHUJHUlXPWIDQG9RUDOOHPIUHXWHPLFKGDGHU'LHE DXFK5RUYLFV$PXOHWWDQVLFKJHQRPPHQKDWWH ,FKULHEPLUGLH+lQGH 9LHOOHLFKWVROOWHQ6LHOLHEHUQLFKWYRQ%RUGJHKHQ7DWFKHUPHLQWH%XOO EHVRUJW6LHNRPPHQPLUJHLVWHVDEZHVHQGYRU 'DVKDWQLFKWV]XVDJHQ6LUHQWJHJQHWHLFK,FKZDUQXUIUHLQHQ0RPHQW PLWPHLQHQ*HGDQNHQZRDQGHUV 'DVVLQG6LHGRFKLPPHU7DWFKHUHUNOlUWH5RUYLFKlPLVFK 'RFKGLHVPDOZDULFKLPPXQJHJHQVHLQH%RVKHLWHQ,FKEHDFKWHWHGHQ 0XWDQWHQJDUQLFKWVRQGHUQZDQGWHPLFKDEHUPDOVDQGHQ6WDDWVPDUVFKDOO 'XUFKZHOFKH6FKOHXVHGDUILFKGLH&$1%(55$YHUODVVHQ6LU" 5HJLQDOG%XOOVSUDFKNXU]PLWGHP6FKLIIVNRPPDQGDQWHQGDQQDQWZRUWHWH HU %HQXW]HQ6LHGLHREHUH3ROVFKOHXVHXQGVWDUWHQ6LHVHQNUHFKWELVDXI PLQGHVWHQVGUHLKXQGHUW0HWHU+|KH7DWFKHU'HU.RPPDQGDQWZLUGIUGHQ HQWVSUHFKHQGHQ=HLWUDXPHLQH6WUXNWXUOFNHLP3UDOOIHOGVFKLUPVFKDOWHQ 'DQNH6LUHUZLGHUWHLFK $P3DQ]HUVFKRWWGHU=HQWUDOHGUHKWHLFKPLFKQRFKHLQPDOXP %HYRULFKHVYHUJHVVH6LULFKZHLDXVIUKHUHQ*HVSUlFKHQPLW*XFN\ GDDXI1D QDFHLQHIDVWDXVJHVWRUEHQH)OXJHFKVHQDUWOHEW'LH7LHUHVLQG lXHUVWJHIlKUOLFK)DOOVMHPDQGHLQ([HPSODUHQWGHFNWVROOWHHUHVVRIRUW DEVFKLHHQ 'DV6FKRWW|IIQHWHVLFK,FKWUDWKLQGXUFK+LQWHUPLUJOLWWHQGLH6FKRWWKlOIWHQ ZLHGHU]XVDPPHQ %LVKHUKDWWHVLFK'DODLPRF5RUYLF]ZHLPDOLQHLQHQ'UDFKHQYHUZDQGHOW HLQPDOLP1XOO]HLW'HIRUPDWRUXQGHLQPDODXI$VSRUFXQGMHGHVPDOZDUGHU DXVO|VHQGH)DNWRUJHZHVHQGDGHU0XWDQWYRQVHLQHP$PXOHWWJHWUHQQW ZRUGHQZDU 8QGGLHVHU)DOOZUGHZLHGHUHLQWUHWHQVREDOGHVGHP(LQGULQJOLQJJHODQJ GLH&$1%(55$ZLHGHU]XYHUODVVHQ ,FKVHXI]WHGUHKWHPLFKXPXQG|IIQHWHGDV=HQWUDOH6FKRWWHUQHXW$OVGLH 3DQ]HUVWDKOSODWWHQ]XU6HLWHJOLWWHQULHILFK *DQ]VRJHIlKUOLFKVLQGGLHKHLPLVFKHQ)OXJHFKVHQGRFKQLFKW6LU(V JHQJWVLH]XSDUDO\VLHUHQ %HYRUGHU6WDDWVPDUVFKDOOHWZDVHUZLGHUQNRQQWHVSUDQJLFKDXIGDV 7UDQVSRUWEDQGXQGJOLWWUDVFKGDYRQ ,FKNUHLVWHLQWDXVHQG0HWHUQ+|KHEHUGHUVFKLOGI|UPLJDXVGHP0HHU UDJHQGHQ,QVHO'RJ KHE0HLQHQ'HIOHNWRUKDWWHLFKQRFKLQGHU3ROVFKOHXVH GHV6FKLIIHVDNWLYLHUWVRGDLFKVLFKHUVHLQGXUIWHYRQGHQ3DL XKQ. DVDOWLF QLFKWEHPHUNW]XZHUGHQ

1D QDFEHVDNHLQH.RQWLQHQWHLQXQVHUHP6LQQHVRQGHUQQXU7DXVHQGH XQGDEHU7DXVHQGHYRQJURHQ,QVHOQGLHDOOHPHKURGHUZHQLJHU VFKLOGI|UPLJZDUHQ 'DV.OLPDZDUPLOGQLFKW]XKHLDEHUIUHLQHQ0DUVLDQHUGHUD.ODVVHYLHO ]XIHXFKW,FKVFKORPHLQHQ'UXFNKHOPGHQQRFKQLFKWXPGHQ 6DXHUVWRIIYRUUDWGHV7RUQLVWHUDJJUHJDWVIU1RWIlOOH]XVSDUHQ 'RJ KHEZDUXQJHIlKUVRJURZLHGLHWHUUDQLVFKH,QVHO,VODQG'LH *UXQGIRUPZDUGLHHLQHV5XQGVFKLOGHVXQGGLHWLHIHLQJHVFKQLWWHQHQ 0HHUHVEXFKWHQZLHVHQJROGIDUEHQH6DQGVWUlQGHXQGHLQHSSLJH9HJHWDWLRQ DXI 0HLQHQ,QIRUPDWLRQHQ]XIROJHKLHOWHQVLFKGLH3DL XKQ. DVDOWLFWDJVEHU PHLVWLQGHQ0HHUHVEXFKWHQDXIVFKZDPPHQRGHUIDXOHQ]WHQLP6FKDWWHQ GHU9HJHWDWLRQ'RUWWDXVFKWHQVLH,QIRUPDWLRQHQEHUDQGHUH:HOWHQXQG 5DVVHQDXVODXVFKWHQGHQ(U]lKOXQJHQLKUHU$UWJHQRVVHQXQGSODQWHQQHXH UDIILQLHUWH6WUHLI]JH 1DFKWV]RJHQVLFKGLH3DL XKQ. DVDOWLFLQLKUH%HKDXVXQJHQ]XUFN(VJDE QXUHLQHQHLQ]LJHQ:RKQKDXVW\SDXI1D QDFGDVVRJHQDQQWH.HOOHUKDXV $EZHLFKXQJHQZDUHQVHOWHQ'HU*UXQGULGLHVHV7\SVZDUUXQGRGHURYDO GHU'XUFKPHVVHUEHUVFKULWWVHOWHQDFKW0HWHU 'LH.HOOHUKlXVHUZXUGHQYLHU0HWHUWLHILQGHQ%RGHQJHEDXWXQGUDJWHQ HLQHQ0HWHUEHU%RGHQK|KHKLQDXV'LH'lFKHUZDUHQVFKLOGEXFNHOI|UPLJ XQGVRNRQVWUXLHUWGDGDV5HJHQZDVVHUGXUFKEHVRQGHUHgIIQXQJHQLQGHQ HLQ]LJHQ$OO]ZHFNUDXPJHOHLWHWZXUGH 'RUWODJHQGLH. RVFXV3IODQ]HQPDWWHQGLHVLFKYROO:DVVHUVRJHQXQG GDGXUFKIQI]LJ=HQWLPHWHUKRKH1DWHSSLFKHELOGHWHQ)UPLFKZlUHHV HLQH7RUWXUJHZHVHQLQHLQHPVROFKHQ+DXVOHEHQ]XPVVHQDEHUGLH 3DL XKQ. DVDOWLFOLHEWHQQXQHLQPDO)HXFKWLJNHLW $OVLFKDXVGHU&$1%(55$JHVWDUWHWZDUKDWWHQGLH(LQJHERUHQHQGHQ 5DXPKDIHQEHUHLWVYHUODVVHQJHKDEW,QGHP*ODXEHQGDVLHGLH 6LQQORVLJNHLWHLQHU%HODJHUXQJGHU6FKLIIHHLQJHVHKHQKlWWHQXQG]XLKUHQ 8IHUSOlW]HQ]XUFNJHNHKUWZlUHQZDULFK]XPZHVWOLFKHQ5DQGGHU,QVHO JHIORJHQ 'RFKGLH%XFKWHQZDUHQOHHUREZRKOHVHUVWIUKHU1DFKPLWWDJZDU'DVZDU 3HFKIUPLFKGHQQLFKKDWWHYRUJHKDEW LKUH*HVSUlFKH]XEHODXVFKHQXQGDXVLKQHQHWZDVEHUGHQ5DXEGHU $QWLPDWHULH]XHUIDKUHQ ,FKNHKUWHDOVRXPXQGIORJ]XUQlFKVWHQ$QVLHGOXQJ%HUHLWVDXVHLQLJHU (QWIHUQXQJEHPHUNWHLFK]DKOUHLFKH(LQJHERUHQHGLH]ZLVFKHQLKUHQ +lXVHUQKLQXQGKHUOLHIHQ6LHVFKLHQHQDXIJHUHJW]XVHLQ'LH6LHGOXQJ JOLFKHLQHPDXIJHVW|UWHQ$PHLVHQKDXIHQ ,FKDWPHWHDXI :DKUVFKHLQOLFKKDWWHQGLH3DL XKQ. DVDOWLFHQGOLFKEHJULIIHQZHOFKH XQJHKHXUH*HIDKUVLHVLFKPLWGHU$QWLPDWHULH)UDFKWDXILKUHQ +HLPDWSODQHWHQJHKROWKDWWHQ

'RFKDOVLFKPLWWHQ]ZLVFKHQLKQHQDXIGHP3ODW]YRUHLQHPEHVRQGHUV JURHQ*HElXGHODQGHWHZXUGHLFKZLHGHUVFKZDQNHQGLQPHLQHU0HLQXQJ 6HFKV(LQJHERUHQHLQKXPDQRLGHU*HVWDOWVFKREHQHLQHNOHLQH $QWLJUDYSODWWIRUPYRUVLFKKHUXQGDXIGHU3ODWWIRUPODJHLQ3DL XKQ. DVDOWLF ,FKSLUVFKWHPLFKQlKHUKHUDQXPHWZDVDXVGHUDXIJHUHJWJHIKUWHQ 8QWHUKDOWXQJDXI]XVFKQDSSHQDEHUREZRKOLFKGDV,QWHUNDUWLHVVHLQHU]HLWLQ HLQHP+\SQRNXUVJHOHUQWKDWWHYHUVWDQGLFKQXUHLQLJHZHQLJH%URFNHQ'LH (LQJHERUHQHQVSUDFKHQ]XVFKQHOO ,PPHUZLHGHUDEHUILHOGLH%H]HLFKQXQJURWKlXWLJHU7HXIHO(LQLJH0DOH VSUDFKHQGLH(LQJHERUHQHQYRQHLQHP*HVSHQVW 3O|W]OLFKILHOHVPLUZLH6FKXSSHQYRQGHQ$XJHQ 'LH3DL XKQ. DVDOWLFVSUDFKHQYRQ)UXXWKMHQHPURWKlXWLJHQYLHUDUPLJHQ 8QJHKHXHUGDVVLFKDOVEOLQGHU3DVVDJLHUDQ%RUGGHU&$1%(55$ JHVFKOLFKHQXQGGRUW]ZHL0lQQHULKUHV*HGlFKWQLVVHVEHUDXEWKDWWH )UXXWKZDUZlKUHQGGHU9HUVHW]XQJYRQ.DPDVKQDFK1D QDFHQWNRPPHQ 2IIHQEDUWULHEHUVLFKVHLWGHPDXIGLHVHU,QVHOKHUXPXQG]DSIWHGLH*HKLUQH YRQ(LQJHERUHQHQDQXP]XHUIDKUHQZRKLQPDQVHLQ5DXPVFKLIIJHEUDFKW KDWWH ,FKNRQQWHQDWUOLFKYHUVWHKHQGDMHPDQGGHPPDQVHLQ6FKLIIJHVWRKOHQ KDWHVZLHGHU]XEHNRPPHQYHUVXFKW$OOHUGLQJVELOOLJWHLFKGLH0HWKRGH QLFKWPLWGHU)UXXWKDUEHLWHWH'RFKLFKNRQQWHQLFKWVGDJHJHQWXQ 1HLQGDVVWLPPWHQLFKWJDQ] ,FKNRQQWHGLH3DL XKQ. DVDOWLFGDUEHUDXINOlUHQZDUXPMHPDQGHLQLJHQ LKUHU$UWJHQRVVHQ]XWRWDOHP9HUJHVVHQYHUKDOI:HQQVLHHLQVLFKWLJJHQXJ ZDUHQZUGHQVLHGHP)UHPGHQGDV5DXPVFKLII]XUFNJHEHQ (LJHQWOLFKPXWHQVLHPLUGDQQGDQNEDUGDIUVHLQGDLFKVLHYRQGHP 4XlOJHLVWHUO|VWKDWWHXQGGDVPDFKWHVLHVLFKHUJHQHLJWPLU]X]XK|UHQ ZHQQLFKVLHYRUGHU*HIlKUOLFKNHLWGHU$QWLPDWHULH)UDFKWZDUQWH ,FKVFKDOWHWHPHLQHQ'HIOHNWRUDEXQGZXUGHGDGXUFKZLHGHUVLFKWEDU 5XIHGHV(UVWDXQHQVJLQJHQGXUFKGLH0HQJHGDQQQlKHUWHQVLFKGLH 3DL XKQ. DVDOWLFPHLQHP6WDQGRUW ,FKIUHXWHPLFKEHUGLH$XIPHUNVDPNHLWGLHPDQPLUHUZLHVXQGZDU GHVKDOEY|OOLJIDVVXQJVORVDOVGLH(LQJHERUHQHQPLFKXQVDQIWSDFNWHQXQG ]ZLVFKHQVLFKKLQXQGKHUVFKREHQ (UVWQDFKHLQLJHU=HLWXQGQDFKGHPPHLQ.|USHUEHUHLWVYROOHUEODXHU )OHFNHQZDUNRQQWHLFKPLU*HK|UYHUVFKDIIHQ 'LH3DL XKQ. DVDOWLFK|UWHQDXIPLFK]XPLKDQGHOQQDKPHQDEHUZHLWHUKLQ HLQHGURKHQGH+DOWXQJPLUJHJHQEHUHLQ ,FKKROWH/XIWXQGVDJWH 'DVPXHLQVFKUHFNOLFKHV0LYHUVWlQGQLVVHLQ)UHXQGH,FKELQQLFKW JHNRPPHQXPHXFK]XEHVWHKOHQVRQGHUQXPHXFK]XKHOIHQ0HLQ1DPH LVW7DWFKHUD+DLQXXQGLFKELQHLQ0DQQGHV)ULHGHQV 'DVVLQGJURH:RUWH7DWFKHUD+DLQXVDJWHHLQILQVWHUGUHLQEOLFNHQGHU (LQJHERUHQHUGHU]XVHLQHP/HQGHQVFKXU]HLQYLHO]XNOHLQHV8QWHUKHPG

WUXJZDKUVFKHLQOLFK3DWXOOLV8QWHUKHPG0HLQ1DPHLVW7DP ODWHU,FKELQ GHU*LOGHPHLVWHUGLHVHV2UWHV6DJHPLUZDUXPLKUHXUHQURWKlXWLJHQ7HXIHO JHVFKLFNWKDEWXPGLH*HKLUQHXQVHUHUUXKPUHLFKVWHQ'LHEHOHHU]XVDXJHQ" :LUKDEHQGHQ'LHEGHU*HGlFKWQLVVHQLFKWDXVJHVFKLFNW EHWHXHUWHLFK(UKDWDXFKLQHLQHPXQVHUHU5DXPVFKLIIH8QKHLOJHVWLIWHWELV HVPLUJHODQJLKQ]XIDQJHQ'LHVPDOHUQWHWHLFK$XVUXIHGHU%HZXQGHUXQJ ,FKUHFNWHPLFK -DZRKOLFKELQGHUHLQ]LJH0HQVFKGHUHVPLW)UXXWKDXIQHKPHQNDQQXQG LFKZHUGHHXFKYRQLKPEHIUHLHQ7DP ODWHUVDKPLFKVFKRQIUHXQGOLFKHUDQ DOV]XYRU:LUZROOHQKRIIHQGDHVGLUJHOLQJW7DWFKHUD+DLQX$EHUVDJH PLUZLHNRQQWHGHUURWKlXWLJH7HXIHOGHQGX)UXXWKQHQQVWDXVHXUHP 6FKLIIHQWNRPPHQ" 6HLQ%HZDFKHUZDUQDFKOlVVLJXQGSIOLFKWYHUJHVVHQ(UKHLWEULJHQV 'DODLPRF5RUYLF,FKEHVFKULHEGHQIHWWHQ$OELQR(UVFKOLHIZlKUHQGVHLQHU :DFKHGHVKDOENRQQWH)UXXWKHQWNRPPHQ :LUZHUGHQ'DODLPRF5RUYLFGDIUEHVWUDIHQZHQQHUVLFKXQWHUXQVZDJHQ VROOWHYHUVLFKHUWHGHU*LOGHPHLVWHU:LHZLOOVWGXYRUJHKHQXP)UXXWK ZLHGHUHLQ]XIDQJHQ7DWFKHUD+DLQX" 1HQQWPLFKHLQIDFKQXU7DWFKHUVDJWHLFK1DWUOLFKLVWHLQ3ODQHWJU|HU DOVHLQ/HLFKWHU.UHX]HU(VGUIWHVHKUVFKZLHULJVHLQ)UXXWK]XIDQJHQGD HUGHQ9RUWHLOXQVJHJHQEHUEHVLW]WGXUFKIHVWH0DWHULHJHKHQ]XN|QQHQ $EHULFKZHLZLHLKULKQORVZHUGHQN|QQW8QVJHJHQEHUKDW)UXXWK EHKDXSWHWHLQLJH3DL XKQ. DVDOWLFKlWWHQLKPVHLQ5DXPVFKLIIJHVWRKOHQ,FK ELQVLFKHUGDZHQQLKUHVLKP]XUFNJHEWHUGLHVHQ3ODQHWHQYHUOlWXQG LQVHLQH+HLPDWJDOD[LV]XUFNIOLHJW 7DP ODWHUUXQ]HOWHGLH6WLUQ,FKEHZXQGHUWHGLH9ROONRPPHQKHLWPLWGHUHU PHQVFKOLFKH9HUKDOWHQVZHLVHQQDFKDKPWH:LUN|QQHQ)UXXWKQLFKW ]XUFNJHEHQZDVZLULKPQLFKWJHVWRKOHQKDEHQ:LHVROOGHQQGLHVHV 5DXPVFKLIIDXVVHKHQ",QOHW]WHU=HLWNHKUWHQ]DKOUHLFKHXQVHUHU%UGHUPLW JHVWRKOHQHQ6FKLIIHQQDFK1D QDF]XUFN:LUKDWWHQXQVDOOHUGLQJVDXI DQGHUH7DWHQVSH]LDOLVLHUW ,FKEHUOHJWHRE)UXXWKMHPDOVVHLQ5DXPVFKLIIEHVFKULHEHQKDWWH'DV (UJHEQLVZDUQHJDWLY ,FKZHLHVQLFKWVDJWHLFKDEHUHVPXHLQHQJDQ]EHVRQGHUHQ$QWULHE EHVLW]HQGHQQ)UXXWKVDJWHVHLQH+HLPDWJDOD[LVZlUHXQJHIlKUDFKWKXQGHUW 0LOOLRQHQ/LFKWMDKUHYRQXQVHUHU*DOD[LVHQWIHUQW 'DQQZDUHVGLH0XQ UR*LOGHHQWIXKUAVHLQHP(LQJHERUHQHQ,FKK|UWH GDYLHULKUHU0LWJOLHGHUHLQVHOWVDPHV5DXPVFKLIIDXVGHP6ROV\VWHP PLWJHEUDFKWKDEHQ 6FKZHLJEHIDKO7DP ODWHU.HLQ3DL XKQ. DVDOWLFGDUIHLQHP)UHPGHQ JHJHQEHUNRQNUHWH+LQZHLVHDXIGLH$XVIKUHQGHQHLQHV'LHEVWDKOV JHEHQ 'DQQNDQQLFKHXFKQLFKWKHOIHQHUNOlUWHLFKNDWHJRULVFK

'XPXWXQVYHUVWHKHQVDJWH7DP ODWHU(VYHUVWLHHJHJHQXQVHUHQ (KUHQNRGH[XQVHUH%UGHU]XYHUUDWHQ ,FKVFKWWHOWHGHQ.RSI 1LHPDQGYHUODQJWYRQHXFKGLH1DPHQGHUUXKPUHLFKHQ'LHEHGHV EHWUHIIHQGHQ6FKLIIHVSUHLV]XJHEHQ,KUEUDXFKWQXUGDIU]XVRUJHQGDGLH 0XQ UR*LOGHGDV)UXXWKJHVWRKOHQH5DXPVFKLIIZLHGHUKHUDXVUFNW (LQVROFKHV$QVLQQHQNlPHHLQHUVFKZHUHQ.UlQNXQJJOHLFKHUZLGHUWH 7DP ODWHU ,FK]XFNWHEHWRQWJOHLFKJOWLJGLH6FKXOWHUQ 'DVLVWQLFKWPHLQH$QJHOHJHQKHLW)UHXQGH:HQQLKUZROOWGD)UXXWK LPPHUPHKUYRQHXFKLQWRWDOH$PQHVLHYHUVHW]WQXUGDPLWLKUHXUH%UGHU QLFKWNUlQNHQPWNDQQLFKQLFKWVGDUDQlQGHUQ ,FKDNWLYLHUWHPHLQ)OXJDJJUHJDW /HEWZRKO)UHXQGH 7DP ODWHUVWUHFNWHGLH+DQGQDFKPLUDXVXQGEDW 9HUODVVHXQVQRFKQLFKW7DWFKHU9LHOOHLFKWILQGHQZLUJHPHLQVDPHLQHQ :HJZLHZLUXQVKHOIHQN|QQHQRKQHXQVHUH%UGHU]XNUlQNHQ ,FKJODXEHLFKNDQQHXFKKHOIHQHUNOlUWHLFK%ULQJWPLFK]X0XQ URXQG EHUODWDOOHVDQGHUHJHWURVWPLU 'LH3DL XKQ. DVDOWLF]|JHUWHQ ,FKEHUOHJWHZLHLFK]XU0XQ UR*LOGHILQGHQVROOWHIDOOVVLHPHLQHQ 9RUVFKODJDEOHKQWHQ 0HLQHhEHUOHJXQJHQZXUGHQXQWHUEURFKHQDOV]ZHL(LQJHERUHQHVFKUHLHQG XQGJHVWLNXOLHUHQGDQJHODXIHQNDPHQ6LHQDQQWHQLQLKUHQKDVWLJ KHUYRUJHVSUXGHOWHQ6lW]HQPHKUPDOVGLH%H]HLFKQXQJURWKlXWLJHU7HXIHO 'DVJDEGHQ$XVVFKODJ 7DP ODWHUWHLOWHPLUPLWGDHUXQGHLQLJHDQGHUH0HLVWHUGLHEHPLFKPLW HLQHP*OHLWHU]XU,QVHO3DJ KHUEULQJHQZUGHQ'RUWOHEWHGLH0XQ UR*LOGH $OOHUGLQJVZROOWHPDQPLFKQLFKW]XP*LOGHPHLVWHUEULQJHQ,FKVROOWHDXI 3DJ KHUJDQ]DXIPLFKDOOHLQJHVWHOOWVHLQ ,FKQDKPDQ :DVEOLHEPLUVFKRQZHLWHUEULJ 'LH3DL XKQ. DVDOWLFVHW]WHQPLFKDXIHLQHP+JHODEYRQGHPDXVPDQ EHUHLQ:lOGFKHQDXIGLH6FKLOGGlFKHUHLQHUNOHLQHQ6WDGWVHKHQNRQQWH 'RUWHUNOlUWH7DP ODWHUOHEWGLH0XQ UR*LOGH0XQ URLVWLKU*LOGHPHLVWHU XQG]XJOHLFKGHU%UJHUPHLVWHUGHU6WDGW:LUZQVFKHQGLUYLHO(UIROJ 7DWFKHU 'D]XKDEWLKUDOOHQ*UXQGJDELFK]XUFN 7DP ODWHUVFKLHQYHUOHJHQ]XZHUGHQDEHUHUEUDFKWHHVQLFKWIHUWLJPLU ZHLWHUH8QWHUVWW]XQJDQ]XELHWHQ(LQWLHIYHUZXU]HOWHU(KUHQNRGH[OLHVLFK HEHQQLFKWVRVFKQHOOEHUZLQGHQ $OVGHU*OHLWHUDEJHIORJHQZDUVFKDOWHWHLFKPHLQ)OXJDJJUHJDWHLQXQGIORJ LQJHULQJHU+|KHDXIGLH6WDGWGHU0XQ UR*LOGH]X(VZDUHLQHJUR]JLJ DQJHOHJWH$QVLHGOXQJGLHHWZDVHUK|KWDXIUHODWLYWURFNHQHP*HOlQGHODJ

(LQEHVRQGHUVKRKHV*HElXGHLQPLWWHQGHU6WDGW]RJPHLQH$XIPHUNVDPNHLW DXIVLFK9RULKPVWDQGHQDXI6WHLQVRFNHOQ]DKOUHLFKHVLOEULJVFKLPPHUQGH 6WDWXHQGLHDOOHGHQNEDUHQ/HEHZHVHQGDUVWHOOWHQDXFK+XPDQRLGH ,FKPXWHXQZLOONUOLFKOlFKHOQGHQQLFKNDQQWHGDV*HElXGHDXV*XFN\V (U]lKOXQJHQEHUVHLQHQIUKHUHQ%HVXFKDXI 1D QDFGDPDOVDOVGDV*KRJKRU6\VWHPQRFK%HVWDQGWHLOGHV6FKZDUPHV JHZHVHQZDU (VKDQGHOWHVLFKXPGDV*LOGHKDXVGHU0XQ UR*LOGHXQGGLH6WDWXHQ VWHOOWHQEHVRQGHUVEHUKPWH0HLVWHUGLHEHGDUXQG]ZDUMHZHLOVLQGHU *HVWDOWLQGHUVLHHLQHQUXKPUHLFKHQ'LHEHV]XJYROOEUDFKWKDWWHQ 'DPDOVKDWWHQGHU0DXVELEHUXQG/RUG=ZLHEXVGLHVH6WDWXHQJHVWRKOHQ XQGGHQ3DL XKQ. DVDOWLFGDPLWHLQHQVFKZHUHQ6FKRFNYHUVHW]WGHUQLFKW ]XOHW]WGD]XEHLJHWUDJHQKDWWHGLH(LQJHERUHQHQ]XU5FNJDEHGHU *HJHQVWlQGH]XEHZHJHQGLHVLH]XYRU3HUU\5KRGDQXQGDQGHUHQ 7HLOQHKPHUQGHU([SHGLWLRQJHVWRKOHQKDWWHQ ,FKEHGDXHUWHGDLFKNHLQ7HOHNLQHWZLH*XFN\ZDUVRQVWKlWWHLFK]XP JOHLFKHQ'UXFNPLWWHOJUHLIHQN|QQHQ 1LUJHQGVZDUHLQ3DL XKQ. DVDOWLF]XVHKHQ:DKUVFKHLQOLFKEHIDQGHQVLFK GLH(LQJHERUHQHQQRFKDP0HHUHVXIHU'RFKVSlWHVWHQVLQHLQHU6WXQGH ZUGHHVGXQNHOZHUGHQGDQQNHKUWHQGLH(LQJHERUHQHQLQGLH6WDGW]XUFN ,FKEHVFKORLP*LOGHKDXVDXIVLH]XZDUWHQXQGODQGHWHYRUGHP 6WDWXHQNUDQ] (LQHGHU6WDWXHQLQWHUHVVLHUWHPLFKEHVRQGHUVGHQQVLHVWHOOWHHLQHQ +XPDQRLGHQGDUGHURIIHQVLFKWOLFKHLQHQWHUUDQLVFKHQ5DXPDQ]XJWUXJ(V ZDUQLFKWDXV]XVFKOLHHQGDLFKGLH6WDWXHMHQHV0HLVWHUGLHEHVYRUPLU VDKGHUGHQ5DXEGHU$QWLPDWHULH)UDFKWRUJDQLVLHUWKDWWH (LQ9RJHOVFKZDUPNUHLVWHEHUGHP3DUNYRUGHP*LOGHKDXVXQGOLHVLFK NUHLVFKHQGLQGHQ%DXPZLSIHOQQLHGHU,FKYHUVSUWHSO|W]OLFK+XQJHUXQG JULIIQDFKGHP9HUSIOHJXQJVEHXWHODQPHLQHP:DIIHQJXUW 0HLQH+DQGJULIILQV/HHUH 5DVFKEOLFNWHLFKPLFKXP'RFKLFKYHUPRFKWHNHLQHQHLQ]LJHQ3DL XKQ . DVDOWLF]XHQWGHFNHQ bUJHUOLFKOLHLFKGLH+DQGVLQNHQ ,FKIDQGHVXQIDLUGDGLH$QJHK|ULJHQGHU7DP ODWHU6LSSHPLFKEHVWRKOHQ KDWWHQREZRKOLFKQXU]XLKQHQJHNRPPHQZDUXPVLHYRQGHP VFKUHFNOLFKHQ)UXXWK]XEHIUHLHQ ,FKOHKQWHPLFKDQHLQHQ%DXP]RJGLHIODFKH7DVFKHQIODVFKHDXVPHLQHU .RPELQDWLRQXQGWUDQNHLQHQ6FKOXFN.RJQDN'DQQVFKRELFKGLH)ODVFKH ZLHGHUDQLKUHQ3ODW]]XUFNVWLHPLFKPLWGHP5FNHQYRP%DXPVWDPP DEXQGJLQJDXIGDV7RUGHV*LOGHKDXVHV]X %HYRULFKHLQWUDWZROOWHLFKQRFKHLQHQ6FKOXFNDXVGHU7DVFKHQIODVFKH QHKPHQ $EHUPHLQH+DQGNDPOHHUDXVGHUEHWUHIIHQGHQ7DVFKHGHV.DPSIDQ]XJHV ]XUFN

)DVVXQJVORVPXVWHUWHLFKPHLQH8PJHEXQJ (VVWDQGIHVWGDLFKYRUZHQLJHQ6HNXQGHQEHVWRKOHQZRUGHQZDURKQH GDLFKHLQHQ(LQJHERUHQHQ]X*HVLFKWEHNRPPHQKDWWH 0HLQ%OLFNEOLHEDQGHP%DXPKlQJHQDQGHPLFKHEHQQRFKJHOHKQWKDWWH 6ROOWHQVLFKLQVHLQHU*HVWDOWHWZDHLQLJH0HLVWHUGLHEHYHUEHUJHQ" ,FKJULIIDQGLH6FKDOWXQJHQPHLQHU*UWHOVFKQDOOHXQGDNWLYLHUWHGHQ 'HIOHNWRUJHQHUDWRU'DPLWZDUGHU$XVJOHLFKZLHGHUKHUJHVWHOOW'LH3DL XKQ . DVDOWLFPRFKWHQVLFKDOV%lXPHWDUQHQN|QQHQDEHULFKYHUPRFKWHPLFK XQVLFKWEDU]XPDFKHQ 8QGHLQHQ8QVLFKWEDUHQEHVWHKOHQGDVVROOWHPLUHUVWHLQPDOMHPDQG YRUPDFKHQ ,FKJHZDQQPHLQHJXWH/DXQH]XUFN9HUJQJWEHWUDWLFKGDV*LOGHKDXV,Q GHUNOHLQHQ9RUKDOOHHUEOLFNWHLFKZHLWHUH6WDWXHQ(LQHVWHOOWHHLQHQ+DOXWHU GDU=ZHLIHOORVKDWWHQPHKUHUH3DL XKQ. DVDOWLFLKUH.|USHUPDVVHQ YHUVFKPHO]HQPVVHQXPHLQHQKDOXWLVFKHQ*LJDQWHQ]XIRUPHQ +LQWHUGHU9RUKDOOHODJHLQJURHUPDQHJHQDUWLJJHIRUPWHU5DXPPLW ]DKOUHLFKHQXQWHUVFKLHGOLFKJHIRUPWHQ6HVVHOQLQGHQ6LW]UHLKHQ2IIHQEDU VWDPPWHGDV0RELOLDUDXVGHU%HXWHYRQ'LHEVWlKOHQ 'DV0DQHJHQUXQGZDUPLWJURHQGUHLHFNLJHQ0HWDOOSODWWHQEHOHJWGLHHLQH EHLQDKHIXJHQORVH.UHLVIOlFKHELOGHWHQ:DKUVFKHLQOLFKKDQGHOWHHVVLFKXP HLQHQ7UL'L3URMHNWLRQV5HIOHNWRU ,FKVDKPLFKDXIPHUNVDPXPXQGHQWGHFNWHGLH3URMHNWRUNDELQHDPREHUHQ 3ROGHU.XSSHOKDOOH 9ROOHU(UZDUWXQJWXUQWHLFKGLHHQJH:HQGHOWUHSSHKRFKGLHERJHQI|UPLJ]X GHU.DELQHIKUWH,FKKRIIWHGLH)XQNWLRQVZHLVHGHU3URMHNWRUHQ GXUFKVFKDXHQXQGHLQLJH3URMHNWLRQHQDEODXIHQODVVHQ]XN|QQHQ 0HLQH+RIIQXQJWURJQLFKW 'LH3URMHNWRUHQZDUHQWHUUDQLVFKHU+HUNXQIWDOVRHEHQIDOOV'LHEHVJXW ,FKOHJWHGLHQlFKVWHHUUHLFKEDUH9RUIKUNDVVHWWHLQHLQHQ3URMHNWRUHLQXQG VFKDOWHWHGDV*HUlWDQ hEHUGHQ0HWDOOSODWWHQGHU0DQHJHELOGHWHQVLFKNUHLVHQGH(QHUJLHVSLUDOHQ GLHVLFKDOOPlKOLFK]XHLQHU/DQGVFKDIWVNXOLVVHXQGKDQGHOQGHQ3HUVRQHQ IRUPWHQ ,FKHUOHEWHGHQUDIILQLHUWHQ'LHEVWDKOPLWEHLGHPGLH3DL XKQ. DVDOWLFGHP +HUUVFKHUHLQHVPLUXQEHNDQQWHQ9RONHVHLQHVWUDKOHQGH.URQH HQWZHQGHWHQ-HGH3KDVHGHU9RUEHUHLWXQJXQG'XUFKIKUXQJZXUGHJHQDX JH]HLJWXQGLFKKDWWHGHQ9RUWHLOGDLFKDXFKVHKHQNRQQWHZDVGHU +HUUVFKHUXQGGLH$QJHK|ULJHQMHQHVXQEHNDQQWHQ9RONHVQLFKWEHPHUNWHQ (VZDUHLQXQJHPHLQOHKUUHLFKHU$QVFKDXXQJVXQWHUULFKWEHUGLH7DNWLN HLQHVUDIILQLHUWHQ'LHEHV]XJHVDEHUDPPHLVWHQHUKHLWHUWHQPLFKGLH NOHLQHUHQ'LHEVWlKOHGLHYRQGHQEHWHLOLJWHQ/DQJILQJHUQVR]XVDJHQ QHEHQEHLGXUFKJHIKUWZXUGHQ 'RFKSO|W]OLFKHUORVFKHQGLH3URMHNWLRQHQ(LQH6WLPPHVDJWHDXI ,QWHUNRVPR

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|W]OLFKEHZXWGDLFKGLH/DVWPHLQHV7RUQLVWHUDJJUHJDWHV QLFKWPHKUVSUWH%LVKHUKDWWHLFKHVQLFKWEHPHUNWZDKUVFKHLQOLFKZHLOGLH 6FKZHUNUDIW1D QDFVHWZDVK|KHUZDUDOVGLHDXIWHUUDQLVFKHQ5DXPVFKLIIHQ XQGLFKGDGXUFKHLQHUVWlUNHUHQSK\VLVFKHQ%HODVWXQJDXVJHVHW]WZDU ,FKVFKQDOOWHGLH7UDJHJXUWHDEXQGHQWGHFNWHGDLFKQXUQRFKGHQ 0HWDOOSODVWLNUDKPHQEHVDLQGHPPHLQ$JJUHJDWHNRPSOH[YHUDQNHUW JHZHVHQZDU 'HU3DL XKQ. DVDOWLFZXUGHHUQVW )UJHZ|KQOLFKHUODXEHQZLU)UHPGHQQLFKWXQVHUH*LOGHKDOOH]XEHWUHWHQ QRFKZHQLJHULQGLH*HKHLPQLVVHXQVHUHU*HVFKlIWHYRU]XGULQJHQ$EHUGD GXDOOHLQNDPVWZDUHQZLUQHXJLHULJJHZRUGHQXQGZROOWHQVHKHQZDVGX YRUKDVW:LHHVVFKHLQWELVWGXQXUQHXJLHULJ:LHKHLWGX0DUVLDQHU" 7DWFKHUD+DLQX 8QGLFKELQ0XQ UR.RPPVWGXDXVHLQHPGHU5DXPVFKLIIHGLHDXIGHU ,QVHO'RJ KHEJHODQGHWVLQG" -DREZRKOZLUQLFKWHLJHQWOLFKJHODQGHWVLQGVRQGHUQDQGHUV KLHUKHUEHI|UGHUWZXUGHQ'RFKGDVLVWQHEHQVlFKOLFK,FKIUHXHPLFKGDLFK GLFKJHWURIIHQKDEH0XQ UR 9LHOOHLFKWVROOWHVWGXGLFKQLFKWGDUEHUIUHXHQ7DWFKHUHUZLGHUWHGHU *LOGHPHLVWHU8QVHUH*LOGHZLUGGDUEHUEHILQGHQZDVPLWGLUJHVFKHKHQ VROOGHQQGXKDVWHLQHVXQVHUHUZLFKWLJVWHQ*HVHW]HEHUWUHWHQ ,FKHUVFKUDN :ROOWLKUPLFKGHVKDOEXPEULQJHQ0XQ UR" 0XQ UROlFKHOWH :LU3DL XKQ. DVDOWLFEULQJHQQLHPDQGHQXPHVVHLGHQQLQ1RWZHKU$EHU HVN|QQWHVHLQGDGX*LOGHQVFKDIWVDQZlUWHUZHUGHQPXW7DWFKHU ,FKKRIIHGDVPXQLFKWJOHLFKVHLQGHQQLFKKDEHHXFKHW ZDV:LFKWLJHVPLW]XWHLOHQ'HLQH*LOGHKDWGDV5DXPVFKLIIHLQHV /HEHZHVHQVJHVWRKOHQGDVDXVHLQHUIHUQHQ*DOD[LVNDPXPGLH =LYLOLVDWLRQHQXQVHUHU*DOD[LV]XHUIRUVFKHQ)UXXWKVRKHLWGLHVHV /HEHZHVHQVXFKWDXI1D QDFQDFKVHLQHP5DXPVFKLIIXQGHVVXFKWGDZR

HVDPHKHVWHQ+LQZHLVHILQGHQNDQQLQGHQ*HKLUQHQGHU3DL XKQ. DVDOWLF /HLGHUEOHLEHQGLHGHUDUWGXUFKVXFKWHQ'LHEHRKQH*HGlFKWQLV]XUFN 0XQ URKREGLH+lQGH +DOW7DWFKHU,FKDKQHZHOFKH=XPXWXQJEHUGHLQH/LSSHQNRPPHQZLOO (VZlUHNOJHUZHQQGXVLH]XUFNKLHOWHVW:LU3DL XKQ. DVDOWLFKDEHQHLQHQ VHKUVWUHQJHQ(KUHQNRGH[ ,FKELQDEHUNHLQ3DL XKQ. DVDOWLFJDELFK]XUFN 'DEHLWUDWLFKXQDXIIlOOLJGLFKWDQ0XQ URKHUDQXQGLQGHPLFKGLHEHLGHU 3URMHNWLRQGDUJHVWHOOWHQ7ULFNVDQZDQGWHJHODQJHVPLUPHLQHQ:DIIHQJXUW ]XUFN]XVWHKOHQ 'HU*LOGHPHLVWHUPHUNWHHVLQGHP$XJHQEOLFNLQGHPLFKGLH*UWHOVFKQDOOH VFKOR6HLQH0LHQHGUFNWH9HUEOIIXQJDXVGDQQJULQVWHHUEUHLW +DWHVGLU6SDJHPDFKW7DWFKHU" ,FKJULQVWH]XUFN 6HKUJURHQ6SD*LOGHPHLVWHU ,FKZXUGHZLHGHUHUQVW (VLVWPLUY|OOLJHJDOJHJHQZHOFKHQ(KUHQNRGH[LFKYHUVWRHHUNOlUWHLFK HQWVFKORVVHQ,FKGDUIPHLQHU3IOLFKWDOVGHQNHQGHV/HEHZHVHQQLFKW DXVZHLFKHQ,KUPW)UXXWKV5DXPVFKLII]XUFNJHEHQ'RFKGDVLVWQRFK QLFKWDOOHV,KUPWDXFKVHKUEDOGGLHJHUDXEWH6FKLIIVODGXQJ$QWLPDWHULH ORVZHUGHQ,QYLHUHLQKDOE7DJHQUHDJLHUWGHU6WRIIPLW1RUPDOPDWHULH 'DVGDUILFKPHLQHQ%UGHUQQLFKW]XPXWHQHQWJHJQHWH0XQ UR:LUKDEHQ GLH$QWLPDWHULHGHVKDOEJHVWRKOHQZHLOGHU,QWHUJDODNWLVFKH$QWULHEGHV 6FKLIIHVYRQ)UXXWKVHLQH(QHUJLHDXVHLQHP$QWLPDWHULH5HDNWRUEH]LHKW 0HLQH*HGDQNHQYROOIKUWHQHLQHQLUUHQ7DQ] 3O|W]OLFKZXUGHGDV0RWLYVLFKWEDUGDVGLH3DL XKQ. DVDOWLFYHUDQODWKDWWH HLQHQWHUUDQLVFKHQ$QWLPDWHULH7UDQVSRUW]X EHUDXEHQXQGVLFKGDGXUFKGHQ8QPXWGHUVRODUHQ5HJLHUXQJ]X]X]LHKHQ 2IIHQEDUZROOWHQVLHPLW)UXXWKV6FKLIILKUH'LHEHV]JHDXFKDXIDQGHUH *DOD[LHQDXVGHKQHQ 'RFKGDVLQWHUHVVLHUWHPLFKZHQLJHU9LHOVWl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lUWHHUXQWHUHLQHU%HGLQJXQJ'XPXWGLFKYRUKHU YHUSIOLFKWHQIUHLZLOOLJ*LOGHQVFKDIWVDQZlUWHU]XZHUGHQ ,FKZXWHGDVRZRKO*XFN\DOVDXFK/RUG=ZLHEXVXQGVRJDU *URDGPLQLVWUDWRU(KUHQPLWJOLHGHUHLQHUQD QDFVFKHQ'LHEHVJLOGHZDUHQ

GHVKDOEHUNOlUWHLFKPLFKRKQHODQJHV1DFKGHQNHQPLWGHU%HGLQJXQJ HLQYHUVWDQGHQ (UVWYLHOVSlWHUVROOWHPLUDXIJHKHQGDLFKHLQHQVHKUZHVHQWOLFKHQ 8QWHUVFKLHGEHUVHKHQKDWWH 'DV5DXPVFKLII)UXXWKVVWDQGLQHLQHPJHUlXPLJHQ+DQJDUWLHIXQWHUGHU 2EHUIOlFKHYRQ1D QDF 'LH)RUPJOLFKGHUHLQHV(LHVGHPPDQGDVVWXPSIH(QGHDEJHVFKODJHQ KDWWH(VZDUVFKlW]XQJVZHLVH]ZHLKXQGHUW0HWHUKRFKXQGGDV0DWHULDO GHU$XHQKOOHVFKLPPHUWHLP/LFKWGHU+DQJDUEHOHXFKWXQJZLH GXQNHOJUQHV*ODV $QVRQVWHQJDEHVQLFKWV]XVHKHQNHLQH/DQGHVWW]HQNHLQH 7ULHEZHUNV|IIQXQJHQNHLQHUOHL$XVEXFKWXQJHQ'DV6FKLIIUXKWHDXIGHU HEHQHQ8QWHUVHLWH 0XQ URXQG]ZHLDQGHUH3DL XKQ. DVDOWLFEHJOHLWHWHQPLFK]XP+HFN(LQHU GHU(LQJHERUHQHQEHWlWLJWHHLQHQNOHLQHQ.RGHJHEHUZRUDXIKLQVLFKLQGHU 6FKLIIVKOOHHLQHWRUlKQOLFKHgIIQXQJELOGHWH ,FKEOLHEVWHKHQXQGZROOWHGHQ3DL XKQ. DVDOWLFGHQ9RUWULWWODVVHQDEHUGHU *LOGHPHLVWHUVDJWH]XPHLQHUhEHUUDVFKXQJ $OV*LOGHQVFKDIWVDQZlUWHUJHK|UVWGX]XXQV7DWFKHUXQGGDZLU 0HLVWHUGLHEH]ZDUDOOHDQGHUHQ/HEHZHVHQQLHPDOVDEHUXQVJHJHQVHLWLJ EHVWHKOHQRGHUKLQWHUJHKHQKDVWGXXQVHUYROOHV9HUWUDXHQ'XGDUIVW XQEHVFKUlQNWODQJHLQGLHVHP6FKLIIEOHLEHQXQGGLUDOOHVDQVHKHQZDVGLFK LQWHUHVVLHUW:LUEOHLEHQGUDXHQXQGJHKHQXQVHUHQ*HVFKlIWHQQDFK 6RYLHO*OFNKDWWHLFKQLFKWHUZDUWHWGHVKDOEYHUDEVFKLHGHWHLFKPLFKEHYRU GLH(LQJHERUHQHQHVVLFKDQGHUVEHUOHJWHQ+LQWHUPLUVFKORVLFKGDV 6FKRWW ,FKEHIDQGPLFKDOOHLQLP6FKLIIGHVURWKlXWLJHQ:HVHQVDXVHLQHUIHUQHQ *DOD[LV 'DLFKQLFKWZXWHZDQQ)UXXWKVHLQ6FKLIIHQWGHFNHQXQGPHLQH (UNXQGXQJVWlWLJNHLWEHHQGHQZUGHZDQGWHLFKPLFKGHP.HUQ]LHOPHLQHV ,QWHUHVVHV]XGHQ$QWLPDWHULH5HDNWRUHQ 6LHZDUHQUHODWLYOHLFKW]XILQGHQGDVLHQHEHQGHQ7DQNVIUGLH 5HDNWLRQVPDVVHQXQWHUVFKLHGOLFKHU/DGXQJGHQ+DXSWWHLOGHV6FKLIIVLQQHUQ EHDQVSUXFKWHQ (UKHEOLFKVFKZLHULJHUZDUHVIUPLFKRKQH+LOIVPLWWHOGLH)XQNWLRQVZHLVH GHU5HDNWRUHQ]XHUJUQGHQ$OOHUGLQJVZXWHLFKJHQXJEHU$QWLPDWHULH XPPLUGXUFK6WXGLXPGHU$JJUHJDWHXQG.RQWUROOHQODQJVDPHLQH VFKHPDWLVFKH9RUVWHOOXQJEHUGLHZDKUVFKHLQOLFKH)XQNWLRQVZHLVH]X YHUVFKDIIHQ

1DFKHLQLJHU=HLWVWDQGHVIUPLFKIHVWGDGLH5HDNWRUHQPLWHLQHP *HPLVFKDXV3ODVPDEHLGHU0DWHULHDUWHQDUEHLWHWHQHLQHPVRJHQDQQWHQ $PELSODVPD ,FKVXFKWHPLU:HUN]HXJ]XVDPPHQGDVPHLQHQ9RUVWHOOXQJHQHQWVSUDFK XQGPDFKWHPLFKGDUDQGHQ.UDIWIHOGJHQHUDWRUHLQHV$PELSODVPD5HDNWRUV ]XGHPRQWLHUHQ .DXPKDWWHLFKGHQ9HUVFKOXPDJQHWLVPXVHLQHU0RQWDJHSODWWHPLWGHP DNWLYLHUWHQ8PSROHUEHUKUWGDZXUGHLFKVHNXQGHQODQJLQEOlXOLFK IOLPPHUQGH(QHUJLHJHKOOW ,FKHUVWDUUWHLPJOHLFKHQ$XJHQEOLFNXQGVWU]WHVWRFNVWHLI]X%RGHQ(V PXWHVLFKXPHLQHHQHUJHWLVFKH3DUDO\VHKDQGHOQGHQQLFKNRQQWH ZHLWHUKLQK|UHQXQGVHKHQ1XUEHZHJHQNRQQWHLFKPLFKQLFKWPHKU (LQLQWHUYDOODUWLJHVVFKULOOHV=LUSHQSHLQLJWHPLQXWHQODQJPHLQ*HK|U :DKUVFKHLQOLFKKDQGHOWHVVLFKXPGLHDNXVWLVFKHQ6LJQDOHHLQHU $ODUPDQODJH ,FKZDUIURKGD)UXXWKVLFKQLFKWDQ%RUGEHIDQG(VKlWWHLKPVLFKHUQLFKW JHIDOOHQGDHLQ)UHPGHUGLH*HKHLPQLVVHGHV$PELSODVPD$QWULHEHV HUJUQGHQZROOWH 6RDEHUGXUIWHLFKKRIIHQGDGLH/lKPXQJQDFKHLQLJHU=HLWYRQVHOEVW VFKZLQGHQZUGH /HLGHUWUDWYRUKHUHWZDVHLQPLWGHPLFKQLFKWJHUHFKQHWKDWWH:HQLJH 0LQXWHQQDFKGHPLFKSDUDO\VLHUWZRUGHQZDUWDXFKWHQ]ZHLNOHLQH PHWDOOHQH1DFKELOGXQJHQ)UXXWKVDXI5RERWHUGLHPLFKKRFKKREHQXQG QDFKHLQHP:HJGXUFKGDVKDOEH6FKLIILQHLQHQNOHLQHQ5DXPPLW UHFKWHFNLJHP*UXQGULOHJWHQ 6RYLHOLFKPLWPHLQHQXQEHZHJOLFKHQ$XJHQVHKHQNRQQWHEHVWDQGHQGLH :lQGHDXVVSLHJHOQGHP0HWDOO/DQJH=HLWJHVFKDKQLFKWV $EHUGDQQEHJDQQHQGLH:lQGH]XIOLPPHUQXQGVWDWWPHLQHVHLJHQHQ 6SLHJHOELOGHVVFKDXWHQPLUGLH*HVLFKWHU]DKOORVHUIUHPGDUWLJHU/HEHZHVHQ HQWJHJHQ =XHUVWHPSIDQGLFKK|FKVWHQV1HXJLHU,FKYHUVXFKWH]XHUUDWHQZRKHUGLH /HEHZHVHQVWDPPHQPRFKWHQGHQHQGLH*HVLFKWHUJHK|UWHQ'RFK DOOPlKOLFKZXUGHPLUGHU$QEOLFNXQKHLPOLFK0HLQH3KDQWDVLHVSLHOWHPLU YHUUFNWH6WUHLFKH (LQPDOJODXEWHLFKGLH*HVLFKWHUYHU]|JHQVLFK]XK|KQLVFKHP/DFKHQ GDQQZLHGHUJODXEWHLFKXQJODXEOLFKIUHPGDUWLJH/DXWH]XK|UHQ 8QGSO|W]OLFKVSUDFKHWZDVLQPHLQHP%HZXWVHLQ (LQHIUHPGH:HVHQKHLWHU]lKOWHPLUYRP/HLGHQVZHJLKUHU=LYLOLVDWLRQ,FK YHUQDKPGLH*HVFKLFKWHHLQHUODXWORVHQ,QYDVLRQGLHDQIDQJVY|OOLJ XQEHPHUNWYHUODXIHQZDUELVVLFKDOOH,QGLYLGXHQLP]ZLQJHQGHQ%DQQHLQHV IUHPGHQE|VDUWLJHQ*HLVWHVEHIXQGHQKDWWHQ 'LH=LYLOLVDWLRQVWDJQLHUWHZHLOGHUIUHPGH*HLVW(QHUJLHDXVGHQ*HKLUQHQ LKUHU$QJHK|ULJHQVRJ*OHLFK]HLWLJVXJJHULHUWHHUGHQYHUVNODYWHQ:HVHQ GLH,OOXVLRQHLQHVJHUHFKWHQXQGKLOIUHLFKHQ6FKLFNVDOVOHQNHUVXQGJDXNHOWH

LKQHQYRUVLHZUGHQEDOGDXIHLQH'DVHLQVVWXIHGHUYROOHQGHWHQ *OFNVHOLJNHLWDQJHKREHQ 7DWVlFKOLFKKROWHQGLH,QYDVRUHQLQXQUHJHOPlLJHQ$EVWlQGHQ7DXVHQGH LKUHUZLOOHQORVJHZRUGHQHQ2SIHUDEXQGGLH=XUFNJHEOLHEHQHQEHQHLGHWHQ VLHGDUXP 'HU:HVHQKHLWGLHLQPHLQHP%HZXWVHLQVSUDFKZDUHVHEHQVRHUJDQJHQ ELVVLHHLQHV7DJHVVHOEHUHLQHP7UDQVSRUW]XJHWHLOWZRUGHQZDU $P=LHOKDWWHPDQLKUHQ.|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|UWHXQGVDKLFKQLFKWVPHKU0HLQ%HZXWVHLQVFKLHQLQHLQHU DEJUXQGWLHIHQ/HHUH]XVFKZHEHQHLQHU/HHUHGLHPDWHULHORVXQGGHQQRFK JOHLFK]HLWLJVR]l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lQGHDE .HLQH6SXUHLQHU7U $EHULFKZDUKLQHLQEHI|UGHUWZRUGHQIROJOLFKPXWHHVDXFKHLQHQ:HJDXV GLHVHU.DPPHUJHEHQ ,FKVWHOOWHPLFKPLWGHP5FNHQ]XU:DQGXQGWUDWPLWGHQ6WLHIHOQJHJHQGLH VSLHJHOQGH)OlFKHZlKUHQGLFKPLFKODQJVDPZHLWHUEHZHJWH $QHLQHU6WHOOHHU]LHOWHLFKHLQHQHWZDVGXPSIHUHQ.ODQJDOVDQGHQEULJHQ 6WHOOHQGLHLFKJHWHVWHWKDWWH,FKWDVWHWHGLH8PJHEXQJPLWEHVRQGHUHU 6RUJIDOWDEOHLGHURKQHSRVLWLYHV5HVXOWDW

9HUlUJHUWXQG]RUQLJVSLHLFKJHJHQGLHJODWWH)OlFKH ,PQlFKVWHQ0RPHQWO|VWHVLFKHLQRYDOHU7HLOGHU:DQGDXI2KQH]X ]|JHUQVSUDQJLFKDXVGHU.DPPHUXQGSUDOOWHPLW0XQ UR]XVDPPHQ 'HU*LOGHPHLVWHUVWDQGPLWYLHUDQGHUHQ3DL XKQ. DVDOWLFLQHLQHU KHOOHUOHXFKWHWHQNOHLQHQ+DOOH :LUKDEHQGLFKWDJHODQJJHVXFKW7DWFKHUVDJWHHUYRUZXUIVYROO%LVWGX GLHJDQ]H=HLWEHUKLHUJHZHVHQ" (UGHXWHWHDXIHWZDVKLQWHUPLU ,FKZDQGWHPLFKXPXQGEOLFNWHGXUFKGLHRYDOHgIIQXQJLQGLH.DPPHUPLW GHQVSLHJHOQGHQ:lQGHQ )UHLZLOOLJZDULFKMHGHQIDOOVQLFKWGDULQHQWJHJQHWHLFK 'DQQJLQJPLUGLH%HGHXWXQJYRQ0XQ URV:RUWHQDXI(LQHQ0RPHQWODQJ ZXUGHLFKYRQ3DQLNHUIDW :HOFKHV'DWXPKDEHQZLU"IUDJWHLFKHUVFKURFNHQ,FKPHLQHQDWUOLFK 6RODU]HLW (LQHUGHU3DL XKQ. DVDOWLFEOLFNWHDXIVHLQHQ$UPEDQG&KURQRJUDSKHQ,FK HUNDQQWHHLQWHXUHV0RGHOOGHUWHUUDQLVFKHQ)LUPD0DQWRU 6LUWD\0HLQHV :LVVHQVEHVDYRQDOOHQDXI1D QDFZHLOHQGHQ0HQVFKHQQXU5HJLQDOG%XOO HLQHQVROFKHQ&KURQRJUDSKHQ 'LHVH9LHOJHVWDOWLJHQPLWGHQIOLQNHQ+lQGHQZDUHQVFKRQZDKUH 7HXIHOVNHUOH 'HU(LQJHERUHQHQDQQWHPLU'DWXPXQG8KU]HLWXQGSO|W]OLFKZDUGLH %HJHLVWHUXQJEHUGHQ'LHEVWDKOYRQ%XOOV8KUYHUIORJHQ 'HQQPLUZXUGHNODUGDLQVSlWHVWHQVYLHU6WXQGHQGLH )ULVWDEJHODXIHQVHLQZUGHGLHGLH:LVVHQVFKDIWOHUHUUHFKQHWKDWWHQ 'DQDFKZUGHQGLHGXUFKGLH

:DVVROOHQZLUWXQ"IUDJWH0XQ UR ,FKZROOWH]XHUVWDQWZRUWHQHUVROOHGLH.RRUGLQDWHQGHV6DWHOOLWHQ XQYHU]JOLFKDQ6WDDWVPDUVFKDOO%XOOGXUFKJHEHQGRFKGDQQEHREDFKWHWH LFKHWZDVZDVPLFKYHUDQODWHHLQHJDQ]DQGHUH$QWZRUW]XJHEHQ )UGHQ%UXFKWHLOHLQHU6HNXQGHKDWWHLFKHLQU|WOLFKOHXFKWHQGHV/HEHZHVHQ ZDKUJHQRPPHQGDVWHLOZHLVHDXVGHU:DQGGHU+DOOHNDPXQGVRIRUW ZLHGHUGDULQYHUVFKZDQG 1HQQHQ6LHPLUGLH.RRUGLQDWHQIRUGHUWHLFKGHQ*LOGHPHLVWHUDXI2GHU EHVVHUVFKUHLEHQ6LHVLHPLUDXI$OOHVDQGHUHGUIHQ6LHPLUEHUODVVHQ 0XQ UR]RJHLQH0DJQHWIROLHKHUYRUXQGPDOWHPLWHLQHP6FKUHLEVWLIW=DKOHQ XQG6\PEROHLQ,QWHUNRVPRDXI'DQQUHLFKWHHUPLUGLH)ROLH 'UIHQZLUXQVGDUDXIYHUODVVHQGDGLH$QWLPDWHULHUHFKW]HLWLJIRUWJHEUDFKW ZLUG7DWFKHU"IUDJWHHU )HOVHQIHVWHUNOlUWHLFK'RFKQXQPVVHQZLUVFKQHOOVWHQVDQGLH 2EHUIOlFKH $OVZLUGLH+DOOHYRUGHU.DPPHUGHU6FKUHFNHQYHUOLHHQ|IIQHWHLFKGLH +DQG /DXWORVVHJHOWHGLH)ROLH]X%RGHQ'LH3DL XKQ. DVDOWLFEHPHUNWHQHVQLFKW :lKUHQGZLUGHQ+DQJDUPLWHLQHP/LIWYHUOLHHQXQGDQGLH2EHUIOlFKH IXKUHQGDFKWHLFKDQGLHVHOWVDPH:HVHQKHLWGLHLQGHU.DPPHU]XPLU JHVSURFKHQKDWWH ,FKZDUVLFKHUGDVLHPLWPHLQHP7XQHLQYHUVWDQGHQJHZHVHQZlUHQKlWWH LFKPLFKLKUPLWWHLOHQN|QQHQ $OVZLUDQGHU2EHUIOlFKHDXVGHP/LIWVWLHJHQVXPPWHGHU$UPEDQG 7HOHNRPGHQHLQHUGHU(LQJHERUHQHQWUXJ ,FKEDWLKQPLUGDV*HUlW]XOHLKHQ(UNDPPHLQHU%LWWHXQYHU]JOLFKQDFK ,FKVFKDOWHWHGHQ7HOHNRPHLQXQGHUEOLFNWHDXIGHPZLQ]LJHQ%LOGVFKLUP %XOOV*HVLFKW,PJOHLFKHQ$XJHQEOLFNPXWHGHU6WDDWVPDUVFKDOODXIVHLQHP %LOGVFKLUPPHLQ*HVLFKWVHKHQ ,FKEHPHUNWHZLHVHLQ*HVLFKWURWDQOLHI &DSWDLQD+DLQXVDJWHHUVWUHQJLFKZHLQLFKWZDVLFKEHU,KU VHOWVDPHV9HUKDOWHQGHQNHQVROO6LHIHLHUQRIIHQEDUVHHOHQUXKLJ2UJLHQPLW GHQ(LQJHERUHQHQZlKUHQGZLUYHU]ZHLIHOWEHPKWVLQGGDV9HUVWHFNGHU $QWLPDWHULH)UDFKWDXVILQGLJ]XPDFKHQ +DWWHQ6LH(UIROJ6LU"HUNXQGLJWHLFKPLFKVFKHLQKHLOLJ 1HLQHUZLGHUWH5HJLQDOG%XOO]RUQLJ'LH3DL XKQ. DVDOWLFHUNOlUWHQLPPHU ZLHGHUVLHZUGHQQXU,KQHQDXVJHUHFKQHW,KQHQVRVHKUYHUWUDXHQGD VLH,KQHQGDV9HUVWHFN YHUULHWHQ,FKYHUVWHKHGDV]ZDUQLFKWDEHULFKPXHVZRKODN]HSWLHUHQ $OOHUGLQJVHULQQHUHLFK6LHGDUDQGD6LHIUGLH'DXHUGLHVHV(LQVDW]HV 2IIL]LHUGHV6RODUHQ,PSHULXPVVLQGPLWDOOHQ3IOLFKWHQGLHVLFKGDUDXV HUJHEHQ

8QGPLWDOOHQ5HFKWHQEHUGLHHLQ2IIL]LHUZlKUHQGHLQHV6RQGHUHLQVDW]HV YHUIJW6LUHUNOlUWHLFK,FKYHUVLFKHUH,KQHQGDDOOHVLQ2UGQXQJJHKHQ ZLUG 6R"PHLQWH%XOOVDUNDVWLVFK6LHYHUVWHFNHQVLFKWDJHODQJXQGEHKDXSWHQ GDQQRKQHQlKHUH%HJUQGXQJDOOHVJLQJHLQ2UGQXQJ:LVVHQ6LH EULJHQVGDELV]XU.DWDVWURSKHQXUHLQH)ULVWYRQNQDSSYLHU6WXQGHQ YHUEOHLEWXQGGD6RQGHURIIL]LHU5RUYLFVSXUORVYHUVFKZXQGHQLVW" 1HLQDQWZRUWHWHLFKXQGVFKDOWHWHDE ,FKZDQGWHPLFKDQ0XQ UR +|UHPLUJXW]XEDWLFK,FKP|FKWHGDGXPLUYROOYHUWUDXVWGHQQQLFKW DOOHVZDVLFKLQGHQQlFKVWHQ6WXQGHQWXQZHUGHZLUGGLUEHJUHLIOLFK HUVFKHLQHQ 'HU*LOGHPHLVWHUOHJWHPLUGLH+lQGHDXIGLH6FKXOWHUQXQGHUZLGHUWH :LU0HLVWHUGLHEHYHUWUDXHQHLQDQGHUDEVROXW7DWFKHU'XELVW]ZDUHUVW *LOGHQDQZlUWHUDEHUGDPLWEHUHLWVXQVHU%UXGHU *XWPHLQWHLFK'DQQEULQJWPLFKELWWHLQHLQ9HUVWHFNLQGHP 6WDDWVPDUVFKDOO%XOOPLFKQLFKWILQGHQZLUG$XHUGHPGUIWLKUQLFKWVJHJHQ GHQ6WDUW)UXXWKVXQWHUQHKPHQ :LHVROOWHGHU'LHEGHV*HGlFKWQLVVHVVWDUWHQZHQQHUJDUQLFKWZHLZR VLFKVHLQ5DXPVFKLIIEHILQGHW"IUDJWHHLQHUGHUDQGHUHQ(LQJHERUHQHQ ,FKVDJHHXFKHUZLUGVWDUWHQZLGHUVSUDFKLFK6FKOLHOLFKKDWWHLFKGHQ 5RWKlXWLJHQLQVHLQHP6FKLIIJHVHKHQ ,P2VWHQHUW|QWHGDV*UROOHQYRQ,PSXOVWULHEZHUNHQ,FKEHPHUNWHGD HLQLJHEOLQNHQGH6FKHLEHQUDVFKLQGHQ+LPPHOVWLHJHQ 6SDFH-HWV :lKUHQGLFKPLW5HJLQDOG%XOOVSUDFKKDWWHPDQPHLQHQ 6WDQGRUWDQJHSHLOWXQGVFKLFNWHVLFKDQPLFKXQWHUGLH)LWWLFKHGHV 6WDDWVPDUVFKDOOV]XUFN]XKROHQ 'DVPXWHLFKYHUKLQGHUQGHQQ%XOOGXUIWHLQGHQQlFKVWHQ6WXQGHQQLFKW HUIDKUHQZRGLH3DL XKQ. DVDOWLFGLHJHUDXEWH$QWLPDWHULHYHUVWHFNWHQ %ULQJWPLFKIRUWXQG]ZDUVFKQHOOEDWLFK 'LH(LQJHERUHQHQIDWHQPLFKDQGHQ+lQGHQXQGOLHIHQPLWPLU]XHLQHP NOHLQHQWURSIHQI|UPLJHQ)DKU]HXJGDV]ZLVFKHQ]ZHL.HOOHUKlXVHUQVWDQG 'RFKQRFKZlKUHQGGDV6FKRWWDXIJOLWWODQGHWHQGUHL6SDFH-HWVPLW VXPPHQGHQ$QWLJUDYSURMHNWRUHQLQGHU1lKH'LH6FKOHXVHQ|IIQHWHQVLFK XQGLFKHUEOLFNWHEHZDIIQHWH5DXPVROGDWHQGLHVLFK]XP$XVVWLHJ DQVFKLFNWHQ :LUVFKDIIHQHVQLFKWPHKUVDJWHLFK :LUQLFKWDEHUGXZLUVWHVVFKDIIHQHUNOlUWH0XQ URXQGVFKREPLFKLQGDV )DKU]HXJ9HUEOIIWVWHOOWHLFKIHVWGDVLFKLP,QQHUQHLQ7UDQVPLWWHUEHIDQG %LWWHYHUUDWHWGHP6WDDWVPDUVFKDOOQLFKWZRVLFKGLH$QWLPDWHULHEHILQGHW VDJWHLFK :LUYHUWUDXHQQXUGLU7DWFKHUVDJWHGHU*LOGHPHLVWHU

(UVFKORGDV/XNYRQDXHQ.XU]GDUDXIEUXPPWHGHU7UDQVPLWWHUDXI(LQ VFKPHU]KDIWHV=LHKHQMDJWHGXUFKPHLQHQ.|USHUGDQQVWDQGLFKLQHLQHU 7UDQVPLWWHUKDOOHGHUHQ0DVFKLQHQVRHEHQDXVOLHIHQ ,FKYHUOLHGLH0DWHULDOLVLHUXQJVSODWWHXQGVDKPLFKQDFKHLQHU7UXPGXUFK GLHLFKGLH+DOOHYHUODVVHQNRQQWH6WDWWHLQHU7UHQWGHFNWHLFKGLH UHFKWHFNLJHgIIQXQJHLQHV$QWLJUDYVFKDFKWHV ,FKVWHFNWHGLH+DQGKLQHLQXP]XSUIHQREGDV.UDIWIHOGHLQJHVFKDOWHW ZDU0HLQH+DQGZXUGHYRQHLQHUXQVLFKWEDUHQ.UDIWDQJHKREHQ'HPQDFK ZDUGDV$QWLJUDYIHOGDNWLYLHUWXQGDXIPHLQHU6HLWHQDFKREHQJHSROW ,FKVFKZDQJPLFKKLQHLQXQGOLHPLFKELV]XPREHUHQ(QGHGHV6FKDFKWHV WUHLEHQ'RUWVWLHJLFKDXVXQGIDQGPLFKLQHLQHP.XSSHOVDDOGHVVHQ :lQGHYRQ]DKOORVHQNOHLQHQ%LOGVFKLUPHQPLWXQEHNDQQWHQ6\PEROHQ EHGHFNWZDUHQ (LQ9HUELQGXQJVJDQJIKUWHLQHLQHQ]ZHLWHQ.XSSHOVDDO+LHUZDUHQGLH :lQGHDOOHUGLQJVGXUFKVLFKWLJXQGLFKEOLFNWHDXIHLQH:HOWGLHYRQ(LVXQG 6FKQHHEHKHUUVFKWZXUGH'QQH6FKOHLHUYRQ(LVNULVWDOOHQZHKWHQXPGLH .XSSHO,QGHU)HUQHUDJWHHLQPlFKWLJHV(LVJHELUJHDXI +|FKVWZDKUVFKHLQOLFKEHIDQGLFKPLFKDXI6XWR$ IDQGHP YLHUXQG]ZDQ]LJVWHQ3ODQHWHQGHUEODXHQ5LHVHQVRQQH*KRJKRU 6XWR$ IDQVROOWHYRQ]DKOORVHQQDWUOLFKHQ.DYHUQHQDXVJHK|KOWVHLQLQ GHQHQGLH3DL XKQ. DVDOWLFLKUH'LHEHVEHXWHYHUVWHFNWHQQDFKGHPVLHVLH DXI1D QDFDXVJLHELJKHUXPJH]HLJWKDWWHQ,QLKUHQ.HOOHUKlXVHUQSIOHJWHQ VLHK|FKVWHQVHLQSDDUPHKURGHUPLQGHUNRVWEDUH.OHLQRGLHQ DXI]XEHZDKUHQ +LHUGXUIWHLFKPLFKVLFKHUIKOHQZHQLJVWHQVIUHLQLJH=HLWGHQQIUKHU RGHUVSlWHUZUGH5HJLQDOG%XOOGRFKKHUDXVEHNRPPHQZRKLQLFKJHIORKHQ ZDU%LVGDKLQDEHUVRKRIIWHLFKZUGHPHLQH5HFKQXQJDXIJHJDQJHQVHLQ 8QWHUGHVVHQNRQQWHLFKPLFKHLQZHQLJLQGHQ.DYHUQHQYRQ6XWR$ IDQ XPVHKHQ,FKZDUVHKUQHXJLHULJGDUDXIZDVGLH3DL XKQ. DVDOWLFDOOHV ]XVDPPHQJHVWRKOHQKDWWHQYRUDOOHPGHVKDOEZHLOGLHPHLVWHQ *HJHQVWlQGH$QJHK|ULJHQYRQ6FKZDUPY|ONHUQJHK|UWKDWWHQ ,FKNHKUWHLQGHQ6DDOPLWGHQYLHOHQ%LOGVFKLUPHQ]XUFN:DKUVFKHLQOLFK KDQGHOWHHVVLFKXPHLQH$UW/DJHSODQXQGGLH6\PEROHEH]HLFKQHWHQGHQ 'LHERGHUGLH'LHEHVJLOGHGHQHQIGDVMHZHLOLJH9HUVWHFNJHK|UWH $OOHUGLQJVYHUPRFKWHLFKPLWGHQ6\PEROHQQLFKWVDQ]XIDQJHQ )ROJOLFKPXWHLFKHVDXIJXW*OFNYHUVXFKHQ ,FKVWLHJZLHGHULQGHQ$QWLJUDYVFKDFKWZlKOWHDEHUGLHVHV0DOGLH6HLWHDXI GHUGDV.UDIWIHOGQDFKXQWHQJHSROWZDU/DQJVDPVFKZHEWHLFKKLQDEDQ GHUgIIQXQJGLH]XU7UDQVPLWWHUKDOOHIKUWHYRUEHL.XU]GDUDXIHUEOLFNWHLFK GXUFKHLQHZHLWHUH6FKDFKW|IIQXQJHLQH$UW%DKQKRIPLWYLHOHQNOHLQHQ )DKU]HXJHQ ,FKZDUVFKRQYRUEHLDOVPLUNODUZXUGHGDLFKYRQGHP

%DKQKRIDXVZDKUVFKHLQOLFKDOOHRGHUGLHPHLVWHQ.DYHUQHQHUUHLFKHQ NRQQWH5DVFKVWLHJLFKLQGDVDXIZlUWVJHSROWH.UDIWIHOGXPXQGVFKZDQJ PLFKEHLP%DKQKRIKLQDXV ,QHLQHUODQJJHVWUHFNWHQQLHGULJHQ+DOOHVWDQGHQHWZDIQI]LJNOHLQH )DKU]HXJHDXI6FKLHQHQ'LH6FKLHQHQNDPHQDXVYHUVFKLHGHQHQ 7XQQHO|IIQXQJHQXQGIKUWHQZLHGHULQDQGHUHKLQHLQ ,FKVWLHJLQHLQHVGHU)DKU]HXJHXQGVDKGDGLH%HGLHQXQJVHKUHLQIDFK ZDU(VJDEQXUHLQHHLQ]LJH6FKDOWSODWWHZRUDXVLFKVFKORGDIUMHGHV )DKU]HXJHLQEHVWLPPWHV=LHOHLQSURJUDPPLHUWZDU $OVLFKGLH6FKDOWSODWWHPHLQHV)DKU]HXJHVGUFNWHHUW|QWHHLQVFKZDFKHV 6XPPHQ'DVVFKDOHQI|UPLJH7UDQVSRUWPLWWHOKREVLFKHWZDVVRGDHV HLQLJH=HQWLPHWHUEHUGHU.UDIWIHOGVFKLHQHVFKZHEWH'DQQVHW]WHHVVLFKLQ %HZHJXQJXQGJOLWWODXWORVLQHLQHQ7XQQHOKLQHLQ .XU]GDQDFKVFKORVLFKGDV.DELQHQGDFK,FKVSUWHZLHGHU)DKUJDVWUDXP VLFKPLWHLQHP(QHUJLHIHOGIOOWHGDQQEHVFKOHXQLJWHGDV)DKU]HXJDXIHLQH ZDKQZLW]LJH*HVFKZLQGLJNHLW'LH8PJHEXQJZDUQXUQRFKDOV VFKHPHQKDIWHU:HFKVHOYRQ)RUPHQXQG)DUEHQDXV]XPDFKHQ$OOHUGLQJV YHUVSUWHLFKZHGHU$QGUXFNQRFK=HQWULIXJDONUlIWH $OVGDV)DKU]HXJKLHOWHUEOLFNWHLFKLQJHULQJHU(QWIHUQXQJHLQH)HOVZDQG XQGGDYRUHLQVLOEULJVFKLPPHUQGHVJURHV7RU ,FKVDKPLFKXP /LQNVXQGUHFKWVZDUHQQXU7XQQHOZlQGH]XVHKHQXQGKLQWHUPLUVFKLHQGHU 7XQQHOVLFKLQHWZDIQIKXQGHUW0HWHUQ(QWIHUQXQJVFKDUIQDFKREHQ]X NUPPHQ ,FKVWLHJDXVQDFKGHPGDV.DELQHQGDFKVLFKDXWRPDWLVFKJH|IIQHWKDWWH JLQJ]XP7RUXQGVDKPLFKQDFKHLQHUgIIQXQJVVFKDOWXQJXP'RFKQLFKWV GHUJOHLFKHQZDU]XVHKHQ :HUELVWGX"IUDJWHGDV7RU (UVFKURFNHQZLFKLFK]XUFN6FKOLHOLFKHUOHEWHPDQHLQVSUHFKHQGHV7RU QLFKWDOOH7DJH $EHULFKEHUXKLJWHPLFKUDVFKZLHGHUGHQQQDWUOLFKZXUGH PLUNODUGDHVNHLQHUEHVRQGHUVUDIILQLHUWHQ7HFKQLNEHGXUIWHXPHLQ VSUHFKHQGHV7RU]XEDXHQ ,FKELQ7DWFKHUD+DLQXDQWZRUWHWHLFK*LOGHQDQZlUWHUGHU0HLVWHUGLHEH :DUWHELWWHIRUGHUWHGDV7RUPLFKDXI ,FKZDUWHWH%HVWLPPWKROWHGLH7RUSRVLWURQLNEHUHLQH)XQNDQODJH ,QIRUPDWLRQHQEHUPLFKHLQ 1DFKHWZD]ZHL0LQXWHQVDJWHGDV7RU ,FKKHLHGLFKZLOONRPPHQ*LOGHQDQZlUWHU7DWFKHU'HUHKUHQZHUWH 0HLVWHUGLHE*DDQ WHUELWWHWGLFKVHLQH6FKDW]NDPPHU]XEHVLFKWLJHQXQGGLU DXVGHQ6FKlW]HQHLQ*HVFKHQNDXV]XVXFKHQ 8QWHUGHQKDOOHQGHQ6FKOlJHQHLQHVHOHNWURQLVFKHQ*RQJV|IIQHWHVLFKGDV 7RU0LUZXUGHIHLHUOLFK]XPXWHDOVLFKLQHLQHKHOOHUOHXFKWHWH+DOOHHLQWUDW

LQGHUDXIIDUELJHQ3RGHVWHQHLQH9LHOIDOWDOOHUQXUGHQNEDUHU*HJHQVWlQGH ODJ .OHLQH3ODVWLNWDIHOQDQGHQ3RGHVWHQHQWKLHOWHQLQ,QWHUNDUWLHVGHQMHZHLOLJHQ 1DPHQGHV*HJHQVWDQGHVGHQ1DPHQGHU=LYLOLVDWLRQGLHLKQ KHUYRUJHEUDFKWKDWWHVRZLH2UWXQG'DWXPGHV'LHEVWDKOVXQGGHQ1DPHQ GHVOHW]WHQ%HVLW]HUV 'DHVVLFKEHLGHQ%HVWRKOHQHQJU|WHQWHLOVXP$QJHK|ULJHYRQ 6FKZDUPY|ONHUQKDQGHOWHVDJWHQPLUGLHEHWUHIIHQGHQ1DPHQQLFKWYLHO'D JDEHVHLQHQ1HXWURQHQVSHLFKHUYRQ2GLLUGDV'DFKHLQHV9RUUDWVKDXVHV YRQ7XWKRUJGLH.URQMXZHOHQGHV6RQQQHQIUVWHQYRQ.VFKXNXVFKHLQH 6FKODIPDVFKLQHYRQ3UDQWNHZXQGZDVGHU'LQJHPHKUZDUHQ 'RFKLFKIDQGDXFK+LQZHLVHDXIHUIROJUHLFKH'LHEHV]JHLQXQVHUHU*DOD[LV VREHLVSLHOVZHLVHHLQHQDNRQLVFKHQ.RPSDNWWUDQVPLWWHUHLQHWRSVLGLVFKH 1DVHQVSOPDVFKLQHXQG]XPHLQHU(UKHLWHUXQJGHQ5RERWVHNUHWlUGHV .DLVHUV$QVRQ$UJ\ULVYRQ2O\PS *DDQ WHUZDU]ZHLIHOORVLQZHLWJHUHLVWHU3DL XKQ. DVDOWLFXQGHLQVHKU HUIROJUHLFKHU'LHE 8QGGDQQHQWGHFNWHLFKXQYHUPXWHWGDV%KDYDFFD.U D 5RUYLFV$PXOHWWPLWGHU7UDJHNHWWHGHVVHQ'LHEVWDKOLFKVHOEHUEHREDFKWHW KDWWH $OVRZDUHV*DDQ WHUJHZHVHQGHULQGHU*HVWDOWGHV7LEHWHUVGHVVHQ .DELQHDXVJHUDXEWKDWWH(QGOLFKEHIDQGVLFKGDV%KDYDFFD.U DDQHLQHP 2UWDQGHP'DODLPRF5RUYLFHVDOOHU:DKUVFKHLQOLFKNHLWQDFKQLHPDOVILQGHQ ZUGH 9LHOOHLFKWKDWWHGHUURWlXJLJH$OELQRLQ]ZLVFKHQVFKRQVHLQHPHQVFKOLFKH *HVWDOWYHUORUHQ 1DFKGHQNOLFKPXVWHUWHLFKGDVUlWVHOKDIWH$PXOHWWRKQHGDV5RUYLFVHLQH PHQVFKOLFKH*HVWDOWQLFKWODQJHDXIUHFKWHUKDOWHQNRQQWH=ZHLPDOVFKRQ KDWWHHUVLFKLQHLQHQ'UDFKHQYHUZDQGHOWZHLOHUYRQVHLQHP%KDYDFFD.U D JHWUHQQWZRUGHQZDU 8QG]ZHLPDOKDWWHLFKLKPVHLQ$PXOHWWZLHGHUEHVFKDIIW ,FKGDFKWHGDUDQGD5HJLQDOG%XOOEHKDXSWHWKDWWH'DODLPRF5RUYLFVHL VSXUORVYHUVFKZXQGHQ:DKUVFKHLQOLFKEHVWDQG]ZLVFKHQGLHVHP 9HUVFKZLQGHQXQGGHP'LHEVWDKOGHV$PXOHWWVHLQ=XVDPPHQKDQJ 3O|W]OLFKHPSIDQGLFKNHLQH6FKDGHQIUHXGHPHKUVRQGHUQLFKKDWWHGDV *HIKOGURKHQGHU(LQVDPNHLWHLQHU$UW/HHUHLQPLUGLHLFKQLFKWQlKHU]X EHVFKUHLEHQYHUPRFKWH ,FKJULIIQDFKGHP$PXOHWWXQGKLQJHVPLUDQGHU.HWWHXPGHQ+DOV*DQ] HJDOZLHRIWGLHVHVIHWWH6FKHXVDOPLFKGUDQJVDOLHUWKDWWHLFKGXUIWH5RUYLF QLFKWHLQHPJUDXHQYROOHQ6FKLFNVDOEHUODVVHQ $OOHUGLQJVNRQQWHLFKQXQNHLQ*HVFKHQNIUPLFKSHUV|QOLFKDXVZlKOHQ GHQQ*DDQ WHUKDWWHPLUEHUGLH7RUSRVLWURQLNQXUHLQHLQ]LJHV*HVFKHQN ]XJHVWDQGHQ ,FKVHXI]WHXQGGUHKWHPLFKXP

,QGLHVHP$XJHQEOLFNHUW|QWHDEHUPDOVGHU*RQJ'DV7RU|IIQHWHVLFKXQG HLQ3DL XKQ. DVDOWLFLQGHU*HVWDOWHLQHV0DUVLDQHUVGHUD.ODVVHWUDWHLQ ,FKJUHGLFK7DWFKHUVDJWHGHU0HLVWHUGLHE(VNRQQWHVLFKQXUXP *DDQ WHUKDQGHOQXQGZDKUVFKHLQOLFKKDWWHHUGLH*HVWDOWHLQHV0DUVLDQHUV GHUD.ODVVHJHZlKOWXPPLFKEHVRQGHUV]XHKUHQ ,FKJUHGLFK*DDQ WHUHUZLGHUWHLFK'XKDVWYLHOHNRVWEDUH6FKlW]H JHVDPPHOW ,FKGDQNHGLUIUGHLQH$QHUNHQQXQJ7DWFKHUHUZLGHUWH *DDQ WHU$OOHUGLQJVKDVWGXQXUHLQHQNOHLQHQ7HLOPHLQHU6FKlW]HJHVHKHQ 0LUJHK|UHQQRFKYLHUDQGHUH/DJHUKDOOHQDEHUGLHEHVRQGHUVNRVWEDUHQ *HJHQVWlQGHEHILQGHQVLFKLQHLQHP7UHVRU%LWWHIROJHPLU

*DDQ WHUIKUWHPLFK]XU5FNZDQGGHU/DJHUKDOOH'RUWDNWLYLHUWHHUHLQHQ .RGHLPSXOVJHEHU'LH:DQGJOLWW]XU6HLWH:LUWUDWHQLQHLQH 6FKOHXVHQNDPPHU$EHUPDOVDNWLYLHUWH*DDQ WHUGHQ,PSXOVJHEHU /DQJVDPJOLWWHQGLHEHLGHQ+lOIWHQHLQHVVFKZHUHQ3DQ]HUWRUHVLQGLH :lQGH'DKLQWHUIOLPPHUWHHLQ(QHUJLHVFKLUP 1DFKGHPGHU0HLVWHUGLHEVHLQHQ.RGHLPSXOVJHEHU]XPGULWWHQPDOEHWlWLJW KDWWHHUORVFKGHU(QHUJLHVFKLUP(LQHJHUlXPLJHVWlKOHUQH.DPPHUZXUGH VLFKWEDUXQJHIlKUVRJURZLHGLH+DXSW]HQWUDOHHLQHV6FKZHUHQ.UHX]HUV ,QXQWHUVFKLHGOLFKJHIRUPWHQ:DQGQLVFKHQODJHQJU|WHQWHLOVXQGHILQLHUEDUH *HJHQVWlQGHXQG$JJUHJDWH *DDQ WHUGHXWHWHDXIHWZDVGDVHLQHPZDJHQUDGJURHQ6FKQHFNHQKDXVDXV EOlXOLFKVFKLPPHUQGHP6WDKOJOLFK 'DVLVWGHU6FKLUZLUDGHV6]WH3 HQYRQ. ZXUKPLWGHPHU9HUELQGXQJHQ]X GHQ*HLVWHUQ9HUVWRUEHQHUKHUVWHOOWH(VIXQNWLRQLHUWHWDWVlFKOLFK7DWFKHU $OOHUGLQJVNDQQLFKQLFKWGDPLWXPJHKHQ ,FKHUVFKDXGHUWH 'HU0HLVWHUGLHEOlFKHOWHOHJWHPLUHLQH+DQGDXIGLH6FKXOWHUXQGIKUWH PLFK]XHLQHU1LVFKHLQGHUDXIHLQHUVFKDXPLJHQURVD8QWHUODJHHWZDVODJ GDVPLFKDQWHUUDQLVFKH%OLQGVFKOHLFKHQHULQQHUWH (VLVWGDV3WD3 WDHLQHV7VLUXGHQHUNOlUWHHUHLQ3VLRELRQLVFKHV*HUlW GDVVHLQH(QHUJLHDXVGHP$EODXIGHU=HLWEH]LHKW $XVGHP$EODXIGHU=HLWZLHGHUKROWHLFKHKUIUFKWLJ%LVKHUZDUHVXQVHUHQ :LVVHQVFKDIWOHUQQRFKQLFKWJHOXQJHQMHQH(QHUJLHQXW]EDU]XPDFKHQGLH EHLP$EODXIGHU=HLWHQWVWDQGREZRKOLQ]ZLVFKHQIHVWVWDQGGDGLHYRQ .RV\UHZDXIJHVWHOOWH+\SRWKHVHGLH=HLWVHLHLQ)OXPLW:LUEHOQXQGGLH NOHLQVWHQ3DUWLNHOYRQ0DWHULHXQG$QWLPDWHULHZlUHQPLWGHU 5LFKWXQJVHQHUJLHDXIJHODGHQHLQHQJURHQ:DKUVFKHLQOLFKNHLWVJHKDOW EHVD 8QGZDVEHZLUNWGLHVHV3WD3 WD" *DDQ WHUQDKPGHQVFKODQJHQI|UPLJHQ*HJHQVWDQGXQGZLFNHOWHLKQPLUXP GHQUHFKWHQ8QWHUDUP'DV0DWHULDOZDUZHLFKXQGVFKPLHJWHVLFKDQPHLQH +DXWDQ

%LWWH7DWFKHUGHQNHQ6LHLQWHQVLY6LHZROOWHQGLH*HVWDOWHLQHVDQGHUHQ /HEHZHVHQVDQQHKPHQVDJWHGHU0HLVWHUGLHE (UIKUWHPLFKYRUHLQHQ)HOGVSLHJHO 0HLQH*HGDQNHQZDUHQVRYHUZLUUWGDLFKPLUQLFKWEHZXWZXUGHZHOFKH *HVWDOWLFKPLUYRUVWHOOWH,FKHUNDQQWHHVHUVWDQGHP6SLHJHOELOG 'HUWLEHWLVFKH0XWDQW'DODLPRF5RUYLFVDKPLUOHEHQVHFKWHQWJHJHQVRGD LFKLPHUVWHQ0RPHQWJODXEWHLKQWDWVlFKOLFKYRUPLU]XKDEHQ 6FKQHOOGDFKWHLFKPLUPHLQHHLJHQH*HVWDOW]XUFN 'DVLVWMDXQKHLPOLFKVDJWHLFKXQGZROOWHGDV3WD3 WDZLHGHUDEVWUHLIHQ *DDQ WHUOlFKHOWHXQHUJUQGOLFK (VPDJGLFK7DWFKHU'HUSVLRELRQLVFKH.RQWDNWLVWVRIHVWGDHUHUVW GDQQHUO|VFKHQNDQQZHQQVLFK]ZLVFKHQHXFKHLQHXQEHUZLQGEDUH $EQHLJXQJKHUDXVELOGHW ,FK]RJXQGULDQGHP3WD3 WD9HUJHEOLFK (VPDJPLFK"IUDJWHLFK,VWHVGHQQHLQ/HEHZHVHQ" -DXQGQHLQDQWZRUWHWHGHU0HLVWHUGLHE,FKYHUPDJHVQLFKW]XHUNOlUHQ ZHLOLFKHVVHOEHUQLFKWY|OOLJEHJUHLIH (UOlFKHOWHZLHGHU $EHUYRQQXQDQJHK|UVWGXYROOXQGJDQ]]XXQV%UXGHU7DWFKHU6REDOG GXGLH3UREHDEJHOHJWKDVWZLUVWGXDOVYROOZHUWLJHV0LWJOLHGLQPHLQH*LOGH DXIJHQRPPHQ(VLVWDOOHVEHUHLWVDEJHVSURFKHQ]ZLVFKHQXQV *LOGHPHLVWHUQXQGZLUVLQGVLFKHUGDGLUHLQHV7DJHVGHU7LWHOHLQHV 0HLVWHUGLHEHVYHUOLHKHQZLUG 0LUZXUGHVFKZLQGOLJEHLGHP*HGDQNHQ0LWPDWWHU6WLPPHVDJWHLFK 9HUUDWHPLUQXUQRFKZRULQGLH3UREHEHVWHKWXQGGDQQEULQJHPLFKQDFK 1D QDF]XUFN*DDQ WHU 'HU3DL XKQ. DVDOWLFEHUUHLFKWHPLUHLQHQIODFKHQ*HJHQVWDQGQLFKWJU|HU DOVHLQHQ0LQLEULHIXQGPHLQWH 6REDOGVLFKGDV. DVVLE|IIQHWZLUVWGXZLVVHQZRULQGLH3UREHEHVWHKW=XU 'XUFKIKUXQJKDVWGXHLQ-DKUHXHUHU=HLWUHFKQXQJ]XU9HUIJXQJ8QGQXQ NRPP (UIKUWHPLFKDXVGHP7UHVRUYHUULHJHOWHLKQVRUJIlOWLJPLWVHLQHP .RGHLPSXOVJHEHUXQGEUDFKWHPLFK]XPHLQHP)DKU]HXJKLQWHUGHPHLQ ]ZHLWHVSDUNWH $OVZLUGLH$XVJDQJVVWDWLRQHUUHLFKWHQWUDWHQ6WDDWVPDUVFKDOO%XOOXQG 0XQ URJHUDGHDXVGHP/LIWVFKDFKW,KQHQIROJWHQ]HKQ5DXPVROGDWHQ 5HJLQDOG%XOOJLQJDXIPLFK]XEOLHEGUHL0HWHUYRUPLUVWHKHQXQGHUNOlUWH ,P1DPHQGHV6RODUHQ,PSHULXPV6LHVLQGKLHUPLWYHUKDIWHW&DSWDLQD +DLQX 0LWZHOFKHU%HJUQGXQJ"HUNXQGLJWHLFKPLFK 6LHKDEHQPLW$QJHK|ULJHQHLQHVDQGHUHQ9RONHVJHJHQGDV6RODUH ,PSHULXPNRQVSLULHUWXQGGDGXUFKYHUKLQGHUWGDGHU3ODQHW1D QDFYRUHLQHU YHUKHHUHQGHQ.DWDVWURSKHEHZDKUWZXUGH ,FKHUVFKUDN

,VWGHU6DWHOOLWYRU]HLWLJH[SORGLHUW"IUDJWHLFK 5HJLQDOG%XOOUXQ]HOWHGLH6WLUQGDQQVDKHU0XQ URPLWUDXLVFKYRQGHU 6HLWHDQ :HVKDOEVSULFKW&DSWDLQD+DLQXYRQHLQHP6DWHOOLWHQ0XQ UR"IUDJWHHU VFKDUI6LHKDEHQPLUJHVDJWHUKlWWHGLH$QWLPDWHULH)UDFKWDQHLQHP XQEHNDQQWHQ2UWDXI1D QDFGHSRQLHUW 6LHOLHHQPLUNHLQHDQGHUH:DKO6WDDWVPDUVFKDOOHQWJHJQHWH0XQ UR (LQHUVHLWVKDWWHLFK7DWFKHUYHUVSURFKHQGDV9HUVWHFNGHU$QWLPDWHULHQLFKW ]XYHUUDWHQDQGHUHUVHLWVGURKWHQ6LHPLUPLWGHU$QZHQGXQJHOHNWURQLVFKHU 9HUK|UPHWKRGHQ'DLFKZHGHUGDV9HUVSUHFKHQEUHFKHQGXUIWHGDVLFK PHLQHP%UXGHUJHJHQEHUDEJHJHEHQKDWWHQRFKPLFK,KUHQHOHNWURQLVFKHQ 9HUK|UPHWKRGHQDXVVHW]HQZROOWHPXWHLFK,KQHQHLQHXQ]XWUHIIHQGH ,QIRUPDWLRQJHEHQ %XOOZXUGHEOD 'DQQEHILQGHWVLFKGLH$QWLPDWHULHLQHLQHPGHU6DWHOOLWHQGLH1D QDF XPNUHLVHQ" $OVQLHPDQGGDUDXIDQWZRUWHWHSDFNWHHUPLFKEHLGHQ6FKXOWHUQXQGVWLH PLFKDXIGLHgIIQXQJGHV/LIWVFKDFKWHV]X 9RUZlUWV&DSWDLQD+DLQXEHIDKOHU:LUPVVHQ]XU$XVVLFKWVNXSSHO KLQDXIGDGLHVHVXESODQHWDULVFKHQ$QODJHQIU)XQNZHOOHQXQGXUFKOlVVLJ JHPDFKWVLQG+RIIHQWOLFKN|QQHQZLUGLH.UHX]HUQRFKUHFKW]HLWLJ YHUDQODVVHQGHQEHWUHIIHQGHQ6DWHOOLWHQYRQ1D QDFZHJ]XVFKOHSSHQ 'DVZLUGQLFKWPHKUQ|WLJVHLQ6LUHUZLGHUWHLFKZlKUHQGZLUQDFKREHQ VFKZHEWHQ 1RFKDQGHUWKDOE0LQXWHQ6LUVDJWHHLQHUGHU5DXPVROGDWHQ 5HJLQDOG%XOOVWLHHLQH9HUZQVFKXQJDXV ,FKNRQQWHPLUYRUVWHOOHQZDVLQLKPYRUJLQJGRFKLFKGXUIWHLKQQLFKW]XIUK HLQZHLKHQVRQVWKlWWHHUPHLQHQ3ODQYLHOOHLFKWQRFKYHUHLWHOQN|QQHQ ,QGHUGXUFKVLFKWLJHQ.XSSHODQJHNRPPHQDNWLYLHUWHGHU6WDDWVPDUVFKDOO VHLQHQ0LQLNRPXQGVWHOOWHHLQH9HUELQGXQJ]X.RPPDQGHXU'HQQLNKHU $XIGHP:HJHQDFKREHQKDWWHLFKLKPGLH.RRUGLQDWHQGHVEHWUHIIHQGHQ 6DWHOOLWHQEHUHLWZLOOLJDXIJHVFKULHEHQ1XQJDE%XOOVLHGXUFKXQGEHIDKO GLHVHQ6DWHOOLWHQXQYHU]JOLFKPLW7UDNWRUVWUDKOHQDXVGHP2UELWXP1D QDF ]XHQWIHUQHQXQGLKQVRZHLWZLHP|JOLFKIRUW]XVWRHQ 'RUWVROOGLH$QWLPDWHULHJHODJHUWKDEHQ"IUDJWH&KHLU'HQQLNYHUZXQGHUW :LHVRJHODJHUWKDEHQ"ULHI%XOO6LHOLHJWQRFKGRUW9HUDQODVVHQ6LH VRIRUW 9HU]HLKXQJ6LUXQWHUEUDFK'HQQLNGHQ6WDDWVPDUVFKDOODEHUVLHOLHJW ZDKUVFKHLQOLFKQLFKWPHKUGRUW8QVHUH2UWXQJKDWIHVWJHVWHOOWGDHLQ JURHV5DXPVFKLIIYRQ1D QDFDQGLHVHP6DWHOOLWHQ)UDFKWEHUQDKPXQG VLFKGDQQPLWKRKHQ%HVFKOHXQLJXQJVZHUWHQHQWIHUQWH(VNDQQHUVWZHQLJH /LFKWPLQXWHQHQWIHUQWVHLQDEHULFKIUFKWHGLH%HVFKOHXQLJXQJVZHUWH XQVHUHU6FKQHOOHQ.UHX]HUOLHJHQHUKHEOLFKXQWHU

(UEUDFKDEGHQQRIIHQEDUKDWWHHUYRQVHLQHP)ODJJVFKLIIDXVLPJOHLFKHQ 0RPHQWGLH6RQQHJHVHKHQGLHVLFKXUSO|W]OLFKLP:HOWUDXPDXIEOlKWH 'DV:HVHQDXVGHUIHUQHQ*DOD[LVZDULQGLH)DOOHJHJDQJHQGLHLFKLKP JHVWHOOWKDWWH 'HU5FNIOXJQDFK1D QDFEHDQVSUXFKWHQXUZHQLJH6WXQGHQ,FKEHQXW]WH GLHVH=HLWVSDQQHXPGHP6WDDWVPDUVFKDOO]XHUNOlUHQZDUXPLFK)UXXWK GD]XYHUOHLWHWKDWWHGLHJHVWRKOHQH$QWLPDWHULHVHLQHUVHLWV]XVWHKOHQXQG GDPLWVHLQH9HUQLFKWXQJKHUDXI]XEHVFKZ|UHQ 5HJLQDOG%XOOYHUKLHOWVLFKVHKUNRUUHNWXQGIDLU(UPHLQWHGDHU NHLQHVZHJVEH]ZHLIHOWHGDLFKLQGHU2EHU]HXJXQJJHKDQGHOWKlWWHGLH IUHPGH$UWGHU)UXXWKDQJHK|UWHVWUHEWHQDFKGHUJHLVWLJHQ9HUVNODYXQJ DQGHUHULQWHOOLJHQWHQ$UWHQ $OOHUGLQJVPDFKWHHUPLUXQPLYHUVWlQGOLFKNODUGDHUYRQPLUHLQHQ%HZHLV IUPHLQH%HKDXSWXQJHQYHUODQJWH$QGHUQIDOOVPWHLFKPLWHLQHU *HULFKWVYHUKDQGOXQJXQGZDKUVFKHLQOLFKKDUWHU%HVWUDIXQJUHFKQHQ $EHUZLHVROOWHLFKEHZHLVHQGDHLQHIUHPGH:HVHQKHLWPLUGXUFKUHLQ JHLVWLJH.RPPXQLNDWLRQGLH$EVLFKWHQYRQ)UXXWKV9RONPLWJHWHLOWKDWWH ,FKHUNOlUWHPLFKVFKOLHOLFKGDPLWHLQYHUVWDQGHQGDPDQPLFKPLW HOHNWURQLVFKHQ0LWWHOQYHUK|UWH/HLGHUZDUGDV(UJHEQLVQHJDWLY 6LHVLQGDXIHLQHEHVRQGHUH$UWXQG:HLVHPHQWDOVWDELOLVLHUW0LVWHUD +DLQXWHLOWHPLU(PPHW9XWKDUQDFKGHQ9HUK|UHQPLW'HU7XWKDQLHUKDWWH GLH3UR]HGXUJHOHLWHW:LUNRPPHQQLFKWDQ,KUHQ%HZXWVHLQVLQKDOWKHUDQ (VJLEWMHPDQGHQGHULQPHLQHP%HZXWVHLQOHVHQN|QQWHZHQQLFKDXI HLQH%ORFNLHUXQJYHU]LFKWHHUZLGHUWHLFK'DODLPRF5RUYLF 6WDDWVPDUVFKDOO%XOOGHUGHU8QWHUUHGXQJEHLZRKQWHVDJWHHUQVW 6LHZLVVHQJHQDXGD6RQGHURIIL]LHU5RUYLFVSXUORVYHUVFKZXQGHQLVW 7DWFKHU,FKZHL]ZDUQLFKWZLHLFKPLUGDVHUNOl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|UWHXQGSO|W]OLFKZXUGHPLUNODUZDVHV ZDU

'LH&$1%(55$KDWWHVLFKJHQDXZLHGLHEULJHQ.UHX]HUDXFKLQHLQHQ 3UDOOIHOGVFKLUPJHKOOWXPGLH3DL XKQ. DVDOWLFGDUDQ]XKLQGHUQGLH 5DXPVFKLIIHKHLPOLFK]XGHPRQWLHUHQ :LHNRQQWHGDQQ*DDQ WHUPLWVHLQHU%HXWHGLH&$1%(55$YHUODVVHQ KDEHQ" 'DHULQQHUWHLFKPLFKDQ*XFN\V(U]lKOXQJHQ%HLGHPIUKHUHQ%HVXFK HLQHVWHUUDQLVFKHQ5DXPVFKLIIHVDXI1D QDFVROOWHHLQ0HLVWHUGLHEGDV6FKLII WURW]DNWLYLHUWHQ3UDOOVFKLUPHVYHUODVVHQKDEHQLQGHPHUVLFKLQ]DKOUHLFKH ZLQ]LJH.lIHUXPZDQGHOWHGLHVLFKLQQHUKDOEGHVDEJHVFKLUPWHQ%HUHLFKHV LQGHQ3ODW]EHODJERKUWHQGHQ3UDOOIHOGVFKLUPXQWHUOLHIHQXQGGUDXHQ ZLHGHUDQGLH2EHUIOlFKHNDPHQXQGVLFK]XGHP(LQJHERUHQHQ EH]LHKXQJVZHLVHVHLQHUEHYRU]XJWHQKXPDQRLGHQ*HVWDOW ]XVDPPHQIJWHQ $XIGLHJOHLFKH$UWXQG:HLVHPRFKWH*DDQ WHUGLH&$1%(55$YHUODVVHQ KDEHQ $EHUGDQQKlWWHHUVHLQH'LHEHVEHXWHQLFKWPLWQHKPHQN|QQHQXQGGDLFK 5RUYLFV$PXOHWWDXI6XWR$ IDQJHIXQGHQKDWWHZDUHUQLFKWRKQH%HXWH HQWNRPPHQ $OOHUGLQJVHLQH0|JOLFKNHLWJDEHVQRFK 6LUZDQGWHLFKPLFKDQGHQ6WDDWVPDUVFKDOOZDUHQGLH3UDOOIHOGVFKLUPH GHU&$1%(55$]XLUJHQGHLQHU=HLWXQVHUHV$XIHQWKDOWHVDXI1D QDF GHVDNWLYLHUW" -DJDE5HJLQDOG%XOO]X.XU]QDFKGHP6LHGDV6FKLIIYHUODVVHQKDWWHQ ]RJHQGLH(LQJHERUHQHQVLFKYRP5DXPKDIHQ]XUFN(VZlUH (QHUJLHYHUJHXGXQJJHZHVHQGLH3UDOOIHOGVFKLUPHXQWHUGLHVHQ8PVWlQGHQ DNWLYLHUW]XODVVHQ:LUVFKDOWHWHQVLHHUVWYRUXQJHIlKU]Z|OI6WXQGHQZLHGHU HLQDOVVLFKDEHUPDOV(LQJHERUHQHXQVHUHQ6FKLIIHQQlKHUWHQ 'DVZDUGLH(UNOlUXQJGLHPLUELVKHUQRFKJHIHKOWKDWWH(LQVRDXVJHNRFKWHU 0HLVWHUGLHEZLH*DDQ WHUKDWWHGLH*HOHJHQKHLWVHOEVWYHUVWlQGOLFKJHQXW]W XPPLWVHLQHU'LHEHVEHXWH]XHQWNRPPHQ 'DUILFKPLFKHLQPDOLQ5RUYLFV.DELQHXPVFKDXHQ"IUDJWHLFK 0|JOLFKHUZHLVHHQWGHFNHLFKHLQHQ+LQZHLVGDUDXIZRKLQHUYHUVFKZXQGHQ LVW :LUKDEHQ5RUYLFV.DELQHEHUHLWVGXUFKVXFKWHUNOlUWHGHU6WDDWVPDUVFKDOO XQGNHLQHQ+LQZHLVJHIXQGHQ ,FKNHQQHLKQEHVVHUDOV6LHHUZLGHUWHLFK'HVKDOEGUIWHQPHLQH $XVVLFKWHQJU|HUVHLQ $XIGHP:HJH]X5RUYLFV.DELQHEHUOHJWHLFKZDUXP5HJLQDOG%XOOQLFKW HUZlKQWKDWWHGDGHU(LQEDXVFKUDQNGHV7LEHWHUVDXVJHUlXPWZDU%HLGHU 'XUFKVXFKXQJGHU.DELQHPXWHGRFKGDV)HKOHQGHUSULYDWHQ +DEVHOLJNHLWHQDXIJHIDOOHQVHLQ 'DQQILHOPLUQRFKHWZDVHLQ

,FKKDWWHEHUKDXSWQLFKWPHKUDQGDV3VFKDND%DE\JHGDFKWGDVLFKLQ PHLQHU.DELQHDOOHLQ]XUFNJHODVVHQKDWWH+RIIHQWOLFKZDUHVLQGHU =ZLVFKHQ]HLWQLFKWYHUVFKPDFKWHW ,FKULHIGHQ6WDDWVPDUVFKDOOEHU$UPEDQG7HOHNRPDQXQGHUNXQGLJWHPLFK QDFK0LQN\=XPHLQHU(UOHLFKWHUXQJWHLOWH%XOOPLUPLW/HVVND/RNRVKDQ KlWWHGLH%HWUHXXQJGHV3VFKDNDVEHUQRPPHQ 'DQQVSUDQJLFKYRU5RUYLFV.DELQHYRP7UDQVSRUWEDQG 'DV6FKRWWZDUXQYHUULHJHOW ,FKJLQJLQGLH:RKQ]HOOHXQG|IIQHWHDOVHUVWHVGHQ(LQEDXVFKUDQN 9HUEOIIWEOLFNWHLFKDXI5RUYLFV.OHLGXQJXQGVRQVWLJH+DEVHOLJNHLWHQ$OOHV ZDUVlXEHUOLFKDXIJHKlQJWRGHULQGHQ5HJDOHQYHUVWDXW1DFKNXU]HU 0XVWHUXQJNDPLFK]XGHP6FKOXGD*DDQ WHUDXHUGHP%KDYDFFD.U D QLFKWVPLWJHQRPPHQKDWWH 'DVEHJULIILFKQLFKW .HLQ3DL XKQ. DVDOWLFOLHVLFKGLH*HOHJHQKHLWHQWJHKHQZLHVLHVLFKGHP 0HLVWHUGHU*DDQ WHU*LOGHJHERWHQKDWWH$XHUGHPZDULFK=HXJH JHZHVHQZLH*DDQ WHU5RUYLFV(LJHQWXPLQGHVVHQ7UDQVSRUWNLVWHQ YHUVWDXWH 'RFKPLW7DWVDFKHQKDWWHPDQVLFKDE]XILQGHQ 0LUZXUGHEHZXWGDLFKGDVVFKHLEHQI|UPLJH$PXOHWWQRFKLPPHUWUXJ 'LH.HWWHKDWWHPHLQHQ+DOVEHUHLWVZXQGJHVFKHXHUW,FKQDKPGDV %KDYDFFD.U DDEXQGOHJWHHVDXIHLQH:DQGNRQVROHQHEHQGLH %URQ]HVWDWXHGLHHLQHQWLEHWLVFKHQ

,PQlFKVWHQ$XJHQEOLFNZLFKGLH'XQNHOKHLWVRVFKQHOOZLHVLHJHNRPPHQ ZDUXQGDXFKGLH6FKZHUHPHLQHU)HVFKZDQG ,FKZROOWHGLHXQWHUEURFKHQH)OXFKWIRUWVHW]HQGDVDJWHHLQHSKOHJPDWLVFKH GXQNOH6WLPPHKLQWHUPHLQHP5FNHQ *HKQRFKQLFKWIRUW7DWFKHU ,QPLUNUDPSIWHVLFKDOOHV]XVDPPHQGHQQLFKHUNDQQWHGLH6WLPPH /DQJVDPGUHKWHLFKPLFKXP 'DODLPRF5RUYLFKRFNWHPLWXQWHUJHVFKODJHQHQ%HLQHQDXIGHP7LVFK6HLQH U|WOLFKHQ$XJHQEOLFNWHQPLFKGXUFKGULQJHQGDQ6LHZLUNWHQQRFKUlWVHOKDIWHU DOVVRQVWREZRKOLFKQXQGLHZDKUH1DWXUGHV0XWDQWHQNDQQWH ,FKZLFK5RUYLFV%OLFNDXVXQGEHPHUNWHGDEHLGDGLH6WDWXHYRQGHU .RQVROHYHUVFKZXQGHQZDU 'HU7LEHWHUVFKLHQPHLQH*HGDQNHQ]XHUUDWHQGHQQHUVDJWH (VLVWDOOHVIDOVFKZDVGXGHQNVW7DWFKHU'XZDUVWGDV2SIHUHLQHU +DOOX]LQDWLRQ +DPDFKWHLFKPDWW+DOOX]LQDWLRQ,FKZHLJHQDXZDVLFKJHVHKHQKDEH XQGLFKNHQQHDXFKGDV*HKHLPQLV,KUHU+HUNXQIW 'DODLPRFOlFKHOWHKHUDEODVVHQG ,FKEHIDQGPLFKGLHJDQ]HQ7DJHLQGLHVHU.DELQH7DWFKHUXQG]ZDULP =XVWDQGDEVROXWHU/RVO|VXQJYRQGHUVFKDWWHQ KDIWHQ([LVWHQ]IRUPGLHVHU:HOW'DUXPYHUPRFKWHPLFKQLHPDQG]XVHKHQ ,FKVFKWWHOWHGHQ.RSI ,FKZHLGD,KU8UDKQHLQ&\QRZDU'DODLPRFXQGLFKZHLGD&\QRV DQGHUHQ/HEHZHVHQHLQVFKHLQEDUUHDOLVWLVFKHV*HVWDOWELOGYRUJDXNHOQ N|QQHQ0HLQHU0HLQXQJQDFKKDWWHQ6LHVLFKLQGLH'RSSHOVWDWXHHLQHV

(UKREGLH6WLPPHHWZDV $QGHUHUVHLWVN|QQWHLFKPLUYRUVWHOOHQGDHVIU6LH7DWFKHUVHKUZLFKWLJ ZlUH,KUH*HVFKLFKWHEHU)UXXWKXQGDOOHVZDVGDPLW]XVDPPHQKlQJW EHVWlWLJW]XEHNRPPHQ ,FKUXQ]HOWHGLH6WLUQ :DVZLVVHQ6LHGDUEHU" 6RYLHOZLH6LHXQGQRFKHWZDVPHKU,FKZDU=HXJH,KUHUJHLVWLJHQ .RPPXQLNDWLRQPLWGHUIUHPGHQ:HVHQKHLWLQ)UXXWKV5DXPVFKLIIXQGLFK HPSILQJ,PSXOVHDOV)UXXWKV6FKLIIH[SORGLHUWH,PSXOVHGLH(UOHLFKWHUXQJ XQG*HQXJWXXQJDXVGUFNWHQ ,FKDWPHWHDXI 'DQQELQLFKUHKDELOLWLHUW )UHXHQ6LHVLFKQLFKW]XIUK7DWFKHUHUNOlUWH5RUYLF:HQQ6LHPLW,KUHU XQJODXEZUGLJHQ*HVFKLFKWHEHUPHLQH$EVWDPPXQJKHUDXVUFNHQN|QQWH PDQ]XGHP6FKOXNRPPHQ6LHZlUHQXQ]XUHFKQXQJVIlKLJZDVEULJHQV GHU:DKUKHLWVHKUQDKHNRPPW:DKUVFKHLQOLFKQW]W,KQHQGDQQPHLQH $XVVDJHQLFKWPHKUYLHO ,FKEDOOWHGLH)lXVWH :LHODQJHZUGHLFKPLUGLH%HOHLGLJXQJHQGLHVHV6FKHXVDOVQRFKJHIDOOHQ ODVVHQPVVHQ =RUQLJVDJWHLFK 6LHVFKHLQHQ]XYHUJHVVHQGDLFK,KQHQ,KU%KDYDFFD.U D]XUFNJHEUDFKW KDEH6LU $EHUQLFKWGRFK7DWFKHUHQWJHJQHWHGHU7LEHWHUYRUZXUIVYROO,FKZLOOHV GXUFKDXVDOVWlWLJH5HXHZUGLJHQGD6LHPLUPHLQ$PXOHWW ZLHGHUEHVFKDIIWHQQDFKGHP6LHVHLQHQ'LHEVWDKOGXUFK,KU6FKZHLJHQ EHJQVWLJWHQ 0HLQ:LGHUVWDQGEUDFKHQGJOWLJ]XVDPPHQ $OVRVFK|Q6LULFKZHUGHEHU,KUHZDKUH$EVWDPPXQJVFKZHLJHQZHQQ 6LHGDIUEHVWlWLJHQGDLFKLP,QWHUHVVHDOOHUJDODNWLVFKHQ=LYLOLVDWLRQHQ KDQGHOWHDOVLFK]XOLHGD)UXXWKVLFKGHQVFKODIHQGHQ7RGLQVHLQ 5DXPVFKLIIKROWH 'DODLPRF5RUYLFHUKREVLFKNDPDXIPLFK]XXQGOHJWHPLUHLQHQ$UPXPGLH 6FKXOWHUQ ,FKIUHXHPLFKGD6LH]XUEHVVHUHQ(LQVLFKWJHNRPPHQVLQG7DWFKHU (LQHV7DJHVZHUGHQ6LHYLHOOHLFKWDXFKHLQVHKHQZLHXQYHUGLHQWGLH XQHQGOLFKH*WHLVWPLWGHULFK6LHEHUVFKWWH (UYHUVHW]WHPLUHLQHQ6WRGHUPLFKXQVDQIWJHJHQGDV6FKRWWSUDOOHQOLH 8QGQXQYHUWU|GHOQ6LHQLFKWOlQJHUPHLQH=HLW6LHPDUVLDQLVFKH %LWWHUPDQGHO $OVZLUGLH+DXSW]HQWUDOHEHWUDWHQOHKQWH3DWXOOL/RNRVKDQOlVVLJDP .DUWHQWLVFKXQGXQWHUKLHOWVLFKPLW&KHLU'HQQLN'LHVFKZDU]H)ODVFKHPLW GHP7DERUDVWDQGQHEHQLKP

'HU.DPDVKLWH]ZLQNHUWHPLUYHUVFKZ|UHULVFK]XXQGGHXWHWHGDQQPLWGHP 'DXPHQEHUGLH6FKXOWHU ,FKIROJWHGHUDQJHJHEHQHQ5LFKWXQJPLWGHQ$XJHQXQGHQWGHFNWH 6WDDWVPDUVFKDOO%XOOGHUDXIHLQHP5HVHUYHVHVVHOQHEHQGHP 6FKLIIVNRPPDQGDQWHQVDXQGHWZDVPLWLKPEHVSUDFK(PPHW9XWKDUVWDQG QHEHQGHQEHLGHQ0lQQHUQ$XFKHUKDWWHPLUGHQ5FNHQ]XJHZDQGW ,FKKROWHWLHI/XIWXQGVDJWHODXW 'DELQLFKZLHGHU6LU 5HJLQDOG%XOOZDQGWHVLFKXP6HLQH$XJHQZHLWHWHQVLFKDOVHU'DODLPRF 5RUYLFQHEHQPLUHUEOLFNWH 'DODLPRFULHIHUHQWJHLVWHUW-DZRNRPPHQ6LHGHQQKHU" :RVROOLFKVFKRQKHUNRPPHQ6LUHQWJHJQHWHGHU7LEHWHUJOHLFKPWLJ $XVPHLQHU.DELQHQDWUOLFK (PPHW9XWKDUZDQGWHVLFKHEHQIDOOVXP'HU7XWKDQLHUPXVWHUWH5RUYLF ZREHLHUVHLQH9I|UPLJHQ%UDXHQKRFK]RJ'DQQVDJWHHUEHGlFKWLJ 'LHVH$QWZRUWHQWEHKUWMHJOLFKHU/RJLN0LVWHU5RUYLFGHQQGLH)UDJHZDU VHOEVWYHUVWlQGOLFKVRJHPHLQWGDVLHVLFKDXI,KUHQ$XIHQWKDOWVRUWZlKUHQG GHUYHUJDQJHQHQYLHU7DJHEH]RJ'DHVIHVWVWHKWGD6LHVLFKLQGLHVHU =HLWQLFKWLQ,KUHU.DELQHDXIKLHOWHQPVVHQ6LHDQHLQHPDQGHUHQ2UW JHZHVHQVHLQ 'HU7LEHWHUZHKUWHDE (VKlWWHZHQLJ6LQQ,KQHQHUNOlUHQ]XZROOHQZHVKDOELFK GLHJDQ]HIUDJOLFKH=HLWLQPHLQHU.DELQHZDUREZRKOLFKHLJHQWOLFKQLFKWGRUW ZDU0LVWHU9XWKDU 5HJLQDOG%XOOKDWWHVLFKZLHGHUJHIDW(UOlFKHOWHZRKOZROOHQGXQGPHLQWH :LUZROOHQXQVQLFKWGXUFK1HEHQVlFKOLFKNHLWHQEHLUUHQODVVHQPHLQH +HUUHQ'DODLPRFVLFKHUKDW7DWFKHU,KQHQVFKRQVHLQ3UREOHPGDUJHOHJW :HUGHQ6LHXQVKHOIHQN|QQHQHV]XO|VHQ" 5RUYLFQLFNWH ,FKELQLQGHU/DJH6LHDXI]XNOlUHQ6LU :lKUHQGHUEHULFKWHWHZDVVHLQXPKHUVFKZHLIHQGHU*HLVWEHU)UXXWKXQG GLHZDKUHQ$EVLFKWHQVHLQHV9RONHVKHUDXVJHIXQGHQKDWWHIRUPXOLHUWHLFK HLQH)UDJHDQGDV7DERUD +DVWGXYRQ$QIDQJDQJHZXWZHOFKHVGLH$EVLFKWHQYRQ)UXXWKXQG VHLQHP9RONZDUHQ7DERUD " ,FKHPSILQJHLQOHLVHVWHOHSDWKLVFKHV*HOlFKWHUGDQQDQWZRUWHWHGDV7DERUD ,FKZXWH%HVFKHLGVHLWGHU.UHX]HUYHUEDQGLQV3DWHUQDO6\VWHPHLQIORJ 7DWFKHU )UXXWKZDUDOVRWDWVlFKOLFKGHU.XQGVFKDIWHUHLQHVDJJUHVVLYHQ9RONHV" 9RQ!9RONVROOWHPDQLQGLHVHP=XVDPPHQKDQJOLHEHUQLFKWVSUHFKHQ 7DWFKHU(KHUYRQHLQHUIUHPGDUWLJHQ/HEHQVIRUPYRQHLQHU/HEHQVIRUPGLH RIIHQEDURKQHJHLVWLJHQ3DUDVLWLVPXVNHLQHHLJHQH,QWHOOLJHQ]EHVLW]W :DUXPKDVWGXPLFKGDQQQLFKWJHZDUQW7DERUD"

:HLOGDVEHUIOVVLJZDU7DWFKHU'XKDVWGDV3UREOHPGHU$QWLPDWHULHXQG GHVIUHPGHQ.XQGVFKDIWHUVJHQLDOJHO|VWLQGHPGXGLH=HLWYHNWRUHQEHLGHU 2EMHNWH]XVDPPHQIKUWHVW ,FKZDUYHUZLUUW'LH$UJXPHQWDWLRQGHV7DERUDVZDUORJLVFKIXQGLHUWDEHU QXUZHQQPDQVLHQDFK$EODXIGHU*HVFKHKQLVVHDQDO\VLHUWH $EHUPDOVYHUQDKPLFKGDVWHOHSDWKLVFKH*HOlFKWHU ,FKKDEHHEHQGLH*HVFKHKQLVVHYRULKUHP$EODXIDQDO\VLHUW7DWFKHU(V ZUGH]XZHLWIKUHQGLUHUNOlUHQ]XZROOHQZLHLFKGDVDQVWHOOWH ,FKVHXI]WH 'DQQKDVWGXVLFKHUDXFKEHU5RUYLFVZDKUH$EVWDPPXQJ%HVFKHLG JHZXWQLFKWZDKU" -D7DWFKHU8QGLFKZHLYLHOPHKUGDUEHUDOVGX(VLVWHLQHlXHUVW NRPSOL]LHUWH*HVFKLFKWHXQGWHLOZHLVHHLQHWUDJLVFKH'DODLPRF5RUYLFKDW DQHLQHPVFKZHUHQ(UEH]XWUDJHQ9LHOOHLFKWJHOLQJWHVLKPGDV 9HUPlFKWQLVHLQHV7DJHV]XHUIOOHQGDVGHP*HVFKOHFKWGHU5RUYLFV DXIHUOHJWZXUGH (LQ*OFNGDLFKGDPLWQLFKWV]XVFKDIIHQKDEHGDFKWHLFK]XUFN 1LHPDQGNDQQVHLQHU9HUDQWZRUWXQJHQWIOLHKHQHUZLGHUWHGDV7DERUD UlWVHOKDIW 'DQDFKVFKZLHJHVREZRKOLFKQRFKPHKUHUH0DOHYHUVXFKWH$QWZRUWDXI HLQLJH)UDJHQ]XHUKDOWHQ 5HJLQDOG%XOOYHUHLWHOWHZHLWHUH9HUVXFKHLQGLHVHU5LFKWXQJLQGHPHU HUNOlUWH 'DODLPRFKDW,KUH$XVVDJHOFNHQORVEHVWlWLJW7DWFKHU,FKIUHXHPLFK ,KQHQPLWWHLOHQ]XGUIHQGD,KUH+DQGOXQJVZHLVHNHLQHQDFKWHLOLJHQ )ROJHQIU6LHKDEHQZLUG $OOHUGLQJVNDQQLFK,KQHQGHQ9RUZXUIQLFKWHUVSDUHQGD6LH]X HLJHQPlFKWLJKDQGHOWHQ(VZlUH,KUH3IOLFKWJHZHVHQPLFKEHU,KUH :DKUQHKPXQJHQLQ)UXXWKV5DXPVFKLIIXQYHU]JOLFK]XLQIRUPLHUHQ ,FKGUlQJWHGLHhEHUOHJXQJHQ]XUFNGLHGLH0LWWHLOXQJHQGHV7DERUDVLQPLU DXVJHO|VWKDWWHQ(VGDXHUWHHLQLJH6HNXQGHQEHYRULFK%XOOV:RUWHGLHLFK QXUXQWHUEHZXWJHK|UWKDWWHLQPHLQHP%HZXWVHLQDEVSLHOHQNRQQWH 5HLQIRUPHOOMD6LUHUZLGHUWHLFK$EHULFKKLHOWHVIUXQZDKUVFKHLQOLFK GD6LHPLUXQHLQJHVFKUlQNWJODXEHQZUGHQ9RUDOOHPQDKPLFKQLFKWDQ GD6LHGLHHLQ]LJHORJLVFKH.RQVHTXHQ]DXVPHLQHQ,QIRUPDWLRQHQJH]RJHQ KlWWHQ 5HJLQDOG%XOOVDKPLFKQDFKGHQNOLFKDQ :DKUVFKHLQOLFKKDEHQ6LHUHFKW7DWFKHU$OV9L]H*URDGPLQLVWUDWRUGHV 6RODUHQ,PSHULXPVKlWWHLFKQLFKWDXIHLQHQYDJHQ9HUGDFKWKLQGLH 9HUQLFKWXQJHLQHVIUHPGHQ,QWHOOLJHQ]ZHVHQVDQRUGQHQN|QQHQ (UEOLFNWHGHQ7XWKDQLHUDQ :LHGHQNHQ6LHGDUEHU0LVWHU9XWKDU" (PPHW9XWKDUHUZLGHUWHHUQVW

6LHZlUHQYHUSIOLFKWHWJHZHVHQHLQHIULHGOLFKH.RQWDNWDXIQDKPH]X YHUVXFKHQ6LU'DGXUFKKlWWH)UXXWK*HOHJHQKHLWJHIXQGHQXQVVRODQJH KLQ]XKDOWHQELVVHLQ5DXPVFKLIIVWDUWEHUHLWZDU)UHLQHQ.XQGVFKDIWHUGHU QXUQDFKQHXHQ2SIHUQIUVHLQH/HEHQVIRUPVXFKWZlUHHLQVROFKHV 9HUKDOWHQORJLVFKJHZHVHQ 'HU6WDDWVPDUVFKDOOHUVFKDXGHUWH 8QGZLUKlWWHQLQZHQLJHQ-DKUHQRGHUQRFKIUKHUHLQH,QYDVLRQ JUDXHQKDIWHU3DUDVLWHQHUOHEW $XIJHVFKREHQLVWQLFKWDXIJHKREHQ6LUZDUI'DODLPRF5RUYLFSKOHJPDWLVFK HLQ9LHOOHLFKWHUIROJWGLH,QYDVLRQZHJHQ)UXXWKV$EOHEHQHUVWLQKXQGHUW RGHUWDXVHQG-DKUHQDEHUZHQQGLHVH/HEHQVIRUPQLFKWYRUKHUDXILKUHQ 0HLVWHUWULIIWZLUGVLHXQDXVZHLFKOLFKDXIGLH0HQVFKKHLWVJDOD[LV ]XNRPPHQ (UEOLFNWHPLFKGXUFKGULQJHQGDQGDQQZDQGWHHUVLFKZLHGHUDQ5HJLQDOG %XOO ,FKVFKODJHYRUQRFKLP9HUODXIHGHUQlFKVWHQ]HKQ-DKUHHLQH )RUVFKXQJVH[SHGLWLRQLQMHQHQ5DXPVHNWRU]XVFKLFNHQDXVGHP)UXXWK]X XQVNDP:HQQHVVRZHLWLVWZHUGHQ7DWFKHUXQGLFKPLW)UHXGHQEHUHLW VHLQGLHVH0LVVLRQGXUFK]XIKUHQ ,FKPHUNWHZLHEODLFKZXUGH 0LWPLUGUIHQ6LHQLFKWUHFKQHQ6LUULHILFKHPS|UW:HQQGLHVHP OHLFKHQKlXWLJHQ6FKHXVDOGDV)HOOMXFNWVROOHVVLFKJHIlOOLJVWDOOHLQNUDW]HQ 'HU7LEHWHUEFNWHVLFKXQGWlWVFKHOWHPLUGLH:DQJHQ $EHUDEHU,FKZHLGRFKJHQDXGD6LHPLFKQLHPDOVLP6WLFKODVVHQ ZUGHQZHQQLFK6LHEUDXFKH7DWFKHU'D]XKlQJHQ6LHYLHO]XVHKUDQ PLU ,FKVFKlXPWHLQQHUOLFKYRU=RUQ :DVELOGHWHGLHVHU&\QR$EN|PPOLQJVLFKHLJHQWOLFKHLQ'LHVHU(LQVDW]ZDU GHUOHW]WHGHQLFKJHPHLQVDPPLW5RUYLF GXUFKJHIKUWKDWWH$PEHVWHQYHUVFKDIIWHLFKPLUQDFKXQVHUHU5FNNHKULQV 6ROV\VWHPHLQHQ)RUVFKXQJVDXIWUDJGHUPLFK7DXVHQGHYRQ/LFKWMDKUHQYRQ 'DODLPRF5RUYLFWUHQQHQZUGH 9LHOHQ'DQN'DODLPRFVDJWH%XOO,FKZHUGHDXI,KU$QJHERW ]XUFNNRPPHQVREDOGGLH6DFKHDNXWZLUG9RUDOOHPIUHXWHVPLFKZLH VHKU6LHXQG7DWFKHUKDUPRQLHUHQ(LQEHVVHUHV7HDPDOV6LHEHLGHNDQQ LFKPLUJDUQLFKWYRUVWHOOHQ 'DVLVWEODQNHU+RKQ6LUVDJWHLFKPLWKDOEHUVWLFNWHU6WLPPH 5HJLQDOG%XOOOlFKHOWH 1HLQHVLVWGLH:DKUKHLW7DWFKHU (UZXUGHZLHGHUHUQVW 1DFKGHPXQVHUH0LVVLRQDXI1D QDFHUIOOWLVWVROOWHQZLUVREDOGZLH P|JOLFKGHQ+HLPIOXJDQWUHWHQ/HLGHUJLEWHVGDHLQH6FKZLHULJNHLW8QVHUH $VWURJDWRUHQWHLOWHQPLUEHUHLQVWLPPHQGPLWGDEHLDOOHQVHFKV.UHX]HUQ

GLH)HUQRUWXQJVLQVWUXPHQWHXQGGLH+\SHUNRPJHUlWHNHLQH(UJHEQLVVHPHKU OLHIHUQ (UEOLFNWH3DWXOOL/RNRVKDQDQ 'LH*HUlWHIXQNWLRQLHUHQLQVLFK0LVWHU/RNRVKDQ'HQQRFKOLHIHUQVLHQLFKW GLH(UJHEQLVVHGLHZLUEUDXFKHQXPXQVHUHJDODNWLVFKH3RVLWLRQ HLQZDQGIUHL]XEHVWLPPHQ8QGGLHYRQKLHUDXVVLFKWEDUHQ6WHUQELOGHU KHOIHQXQVQDWUOLFKDXFKQLFKWZHLWHUZHLOZLUVLH]XPHUVWHQPDOVHKHQ 'HU3V\FKRNRSLVWOlFKHOWHYHUVFKPLW]WVDJWHDEHUQLFKWV 5HJLQDOG%XOOVHXI]WH ,FKYHUVWHKHGD6LHPHLQH)UDJHUHLIUEHUIOVVLJKDOWHQZHLOPLUNODU VHLQVROOWHGD,KUYHUZQVFKWHV7DERUDVHLQHVFKW]HQGH+DQGEHUGLH 0HLVWHUGLHEHKlOWGLHGHU6FKZlUPXQVKLQWHUODVVHQKDW(LQHVFK|QH +LQWHUODVVHQVFKDIW ,FKVWLPPH,KQHQYRUEHKDOWORV]XVDJWH3DWXOOLJHODVVHQ ,FKDXFKHUNOlUWHLFK(VJLEWQLFKWV6FK|QHUHVDOVHLQHQUDIILQLHUWXQG KXPRUYROOGXUFKJHIKUWHQ'LHEVWDKO %XOOZ|OEWHGLH%UDXHQ ,FKPXGRFKVHKUELWWHQ7DWFKHUVDJWHHUVWUHQJ'LHEHVLQG *HVHW]HVEUHFKHU:HOFKH=XVWlQGHZUGHQDXIGHU(UGHXQGGHQDQGHUHQ 0HQVFKKHLWVSODQHWHQKHUUVFKHQZHQQNHLQ'LHEPLW6WUDIHUHFKQHQPWH" 9LHOVFKOLPPHUDOVMHW]WN|QQWHHVQLFKWVHLQHUNOlUWHLFK6LHGUIHQ 'LHEVWDKOQLFKWJOHLFK'LHEVWDKOVHW]HQ6LU'DVZDVEHL7HUUDQHUQXQG DQGHUHQJHZ|KQOLFKHQ0HQVFKHQHLQ(LJHQWXPVGHOLNWLVWZXUGHYRQGHQ 3DL XKQ. DVDOWLF]XHLQHU.XQVWHQWZLFNHOWGHUHQ$XVEXQJQLFKWGHU %HUHLFKHUXQJZHJHQHUIROJWVRQGHUQGHPlVWKHWLVFKHQ*HQXGLHQW 'HU6WDDWVPDUVFKDOOVDKPLFKYHUZXQGHUWDQ 6LHUHGHQDOVZlUHQ6LHVHOEHUHLQ3DL XKQ. DVDOWLF7DWFKHU)UPLFKLVW HVMHGHQIDOOVNHLQlVWKHWLVFKHU*HQXGDPLUHLQZHUWYROOHU&KURQRJUDSK YRQ0DQWRU 6LUWD\JHVWRKOHQZXUGHRKQHGDLFKVDJHQN|QQWHZDQQXQG ZRGHU'LHEVWDKOHUIROJWH (UZDQGWHVLFKZLHGHUDQ3DWXOOLXQGVDJWHUHVLJQLHUHQG %LWWHWHLOHQ6LH,KUHP)ODVFKHQJHLVWPLWGDLFKLKQK|IOLFKGDUXPHUVXFKH XQV]XHLQHP3XQNWGHU*DOD[LV]XEHI|UGHUQDQGHPXQVHUH,QVWUXPHQWH ZLHGHUHLQZDQGIUHLIXQNWLRQLHUHQ0LVWHU/RNRVKDQ *HUQ0LVWHU%XOOHUZLGHUWHGHU.DPDVKLWHOlFKHOQG $EHUPDOVOLHIHLQIUXQVXQEHJUHLIOLFKHU9RUJDQJDE(VZDUDOVZUGHQZLU GXUFKHLQH'UHKWUDXVGLPHQVLRQDOEHUJHRUGQHWHQ(QHUJLHQJHVFKOHXVW (LQH'UHKWUPLW6FKOXSIO|FKHUQGHQQDOVZLUHQWJHJHQXQVHUHU(UZDUWXQJ PLWWHQLP6ROV\VWHPDQNDPHQXQGHLQHQ$ODUPGHVKRFKHPSILQGOLFKHQ DXWRPDWLVFKHQ9HUWHLGLJXQJVV\VWHPVDXVO|VWHQIHKOWHQVRZRKO3DWXOOL /RNRVKDQPLWGHP7DERUDDOVDXFKVHLQ2QNHO/HVVNDPLWVDPW0LQN\ 1DFKGHPHV6WDDWVPDUVFKDOO%XOOJHOXQJHQZDUGHQ$ODUPDEEODVHQ]X ODVVHQQDKPGHU.UHX]HUYHUEDQG.XUVDXIGLH(UGH8QWHUZHJVEHJHJQHWHQ ZLU(LQKHLWHQGHU+HLPDWIORWWHGLHODXW$ODUPSODQLQ5LFKWXQJXQVHUHV

(LQWDXFKSXQNWHVJHIORJHQZDUHQXQGQXQDXIJHQDXIHVWJHOHJWHQ%DKQHQ DEGUHKWHQXP]XLKUHQ6WDUWSRVLWLRQHQ]XUFN]XNHKUHQ ,FKYHUOLHGLH+DXSW]HQWUDOHZHLOLFKPLFKHWZDVUHQRYLHUHQPXWHGDZLU JOHLFKQDFKXQVHUHU/DQGXQJ]XU%HULFKWHUVWDWWXQJ]XP*URDGPLQLVWUDWRU NRPPHQVROOWHQ ,QPHLQHU.DELQHDQJHNRPPHQOHJWHLFKPLFKDXIGLH:RKQ]HOOHQFRXFKXQG EHUGDFKWHQRFKHLQPDOGLHWXUEXOHQWHQ(UHLJQLVVHDXI1D QDF,FKKLHOWHV IUHLQHQYHUUFNWHQ(LQIDOOGHU3DL XKQ. DVDOWLFPLFKLQHLQHLKUHU 'LHEHVJLOGHQDXI]XQHKPHQ 6HOEVWYHUVWlQGOLFKEHDEVLFKWLJWHLFKQLFKWPHLQZHLWHUHV/HEHQDOV 0HLVWHUGLHE]XYHUEULQJHQ 1DFKGHQNOLFKZRJLFKGDV. DVVLELQGHU+DQGGDV*DDQ WHUPLUJHJHEHQ KDWWH'HU*LOGHPHLVWHUKDWWHPLUJHVDJWVREDOGGHUIODFKH*HJHQVWDQGVLFK |IIQHWHZUGHLFKHUIDKUHQZHOFKH3UREHLFKDE]XOHJHQKDWWHXP YROOZHUWLJHV0LWJOLHGVHLQHU*LOGH]XZHUGHQ ,FKGDFKWHQLFKWGDUDQHLQHVROFKH3UIXQJDE]XOHJHQ1D QDFZDUZHLWXQG QDFKHLQLJHU=HLWZUGHQGLH3DL XKQ. DVDOWLFYHUJHVVHQGDHVHLQHQ 0DUVLDQHUQDPHQV7DWFKHUD+DLQXJDE ,FKVWHFNWHGDV. DVVLELQHLQH%UXVWWDVFKHPHLQHU$XVJHKXQLIRUPVFKRE GHQUHFKWHQbUPHOKRFKXQGEHWUDFKWHWHGDVVFKODQJHQDUWLJJHZXQGHQH $UPEDQG 1XUVR]XP6SDZQVFKWHLFKPLUGLH*HVWDOWYRQ5HJLQDOG%XOO$OVLFKYRU GHQ)HOGVSLHJHOWUDWXPGHQ6WDDWVPDUVFKDOO]XEHJXWDFKWHQVXPPWHGHU 7UPHOGHU 8QEHGDFKWDNWLYLHUWHLFKGLHgIIQXQJVDXWRPDWLNPLWWHOV%OLFNVFKDOWXQJXQG DOVPLUPHLQ)HKOHUEHZXWZXUGHZDUHV]XVSlWLKQ]XNRUULJLHUHQ,FK NRQQWHPLFKDXFKQLFKWLQPHLQHHLJHQH*HVWDOW]XUFNZQVFKHQGHQQGDV 6FKRWWKDWWHVLFKEHUHLWVJH|IIQHWXQGGHU9HUZDQGOXQJVYRUJDQJZlUHGHP %HVXFKHUQLFKWYHUERUJHQJHEOLHEHQ +DOORVDJWH'DODLPRF5RUYLFEHUUDVFKW6LHVLQGKLHU6LU" ,FKJULQVWHLQQHUOLFK :LH6LHVHKHQ'DODLPRF6RJDUGLH6WLPPHZDUGLHYRQ6WDDWVPDUVFKDOO %XOO,FKZDUWHDXI7DWFKHU6XFKHQ6LHLKQ" 'HU7LEHWHUQLFNWH ,FKKDWWHLKQHLJHQWOLFKLQVHLQHU.DELQHYRU]XILQGHQHUZDUWHW6LU'DUILFK PLFKVHW]HQ" 6HOEVWYHUVWlQGOLFK:DVZROOHQ6LHGHQQYRQ7DWFKHU" 'HU$OELQREHWUDFKWHWHDQJHOHJHQWOLFKGLH6SLW]HQVHLQHU6WLHIHO (LJHQWOLFKZLOOLFKPLFKQXUIUGLHJXWH3DIRUPGHU6WLHIHOEHGDQNHQGLH 7DWFKHUV)UDXPLUDXIGHP0DUVEHVRUJWH(UOlFKHOWHJHTXlOW(LQ7ULWWLQ 7DWFKHUV*HVlZUGHPLFKZHQLJVWHQVWHLOZHLVHIUGLH6FKPHU]HQ HQWVFKlGLJHQGLHGLHVHHQJH)XEHNOHLGXQJPLUZlKUHQGGHVJDQ]HQ (LQVDW]HVYHUXUVDFKWH ,FKHUVFKUDN

'DVVDKGHP6FKHXVDOlKQOLFKDXI5DFKH]XVLQQHQ,FKPXWHGDV LUJHQGZLHYHUKLQGHUQXQGGDQQILHOPLUHLQGDLFKGD]XMDQXUGLH$XWRULWlW GHV6WDDWVPDUVFKDOOVHLQ]XVHW]HQEUDXFKWHGHQLFK]XU=HLWGDUVWHOOWH 6RQGHURIIL]LHU5RUYLFVDJWHLFKVWUHQJLFKYHUELHWH,KQHQJHJHQ&DSWDLQ D+DLQXWlWOLFK]XZHUGHQ,FKZROOWHVFKRQODQJHHLQPDOPLW,KQHQEHUGLH $UWXQG:HLVHVSUHFKHQPLWGHU6LHHLQHQXQVHUHUIlKLJVWHQ2IIL]LHUH ODXIHQGKHUDEVHW]HQ.QIWLJZHUGHQ6LHLKPJHJHQEHUDXVJHVXFKWK|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lFKKDWRIIL]LHOOQLHVWDWWJHIXQGHQPHUNHQ6LHVLFKGDV:HQQ 6LHHVPLUJHJHQEHUHUZlKQHQVROOWHQZHUGHLFKWXQDOVZWHLFKQLFKWV GDYRQ,VWGDVNODU" 'HU7LEHWHUVSUDQJDXIXQGQDKP+DOWXQJDQHWZDVZDVHUQRFKQLHJHWDQ KDWWH-DZRKO6LU (UIOFKWHWHI|UPOLFKDXVPHLQHU.DELQH,FKOLHPLFKLQHLQHQ6HVVHOIDOOHQ XQGODFKWHELVPLUGLH7UlQHQEHUGLH:DQJHQOLHIHQ(QGOLFKZDUHVPLU HLQPDOJHOXQJHQGDVURWlXJLJH6FKHXVDOYRUPLUVWUDPPVWHKHQ]XODVVHQ %HVWLPPWZUGHHUVLFKDQGLH%HIHKOHKDOWHQGLHVHLQHU0HLQXQJQDFK LKPGHU6WDDWVPDUVFKDOOHUWHLOWKDWWH $OVGHU,QWHUNRPPHOGHUVXPPWHKlWWHLFKGDV*HUlWEHLQDKHDNWLYLHUWRKQH PHLQHHLJHQH*HVWDOWZLHGHUDQ]XQHKPHQ,FKQDKPPLUYRUGDV3WD3 WDVR VHOWHQZLHQXUP|JOLFK]XEHQXW]HQGDPLWLFKPLFKQLFKWHLQHV7DJHVVHOEVW YHUULHW ,FKYHUZDQGHOWHPLFKLQPLFKVHOEHU]XUFNXQGDNWLYLHUWHGHQ,QWHUNRP $XIGHP%LOGVFKLUPWDXFKWH5HJLQDOG%XOOV*HVLFKWDXI :LUODQGHQLQZHQLJHQ0LQXWHQ7DWFKHUVDJWHHU%LWWHJHKHQ6LHLQ 'DODLPRFV.DELQHXQGVRUJHQ6LHGDIUGDGHU0XWDQWUHFKW]HLWLJEHLGHU %RGHQVFKOHXVHHUVFKHLQW 1XUPKVDPXQWHUGUFNWHLFKHLQWULXPSKLHUHQGHV/lFKHOQ -D6LU *XW,FKYHUODVVHPLFKDXI6LH(QGH ,FKVFKDOWHWHGHQ,QWHUNRPDEXQGEHJDEPLFKYHUJQJWSIHLIHQG]X5RUYLFV .DELQH'DV6FKRWW|IIQHWHVLFKVRIRUW +LQWHUGHUgIIQXQJVWDQG5RUYLFVPDVVLJH*HVWDOW'DV*HVLFKWGHV7LEHWHUV ZDUJHU|WHWXQGGLH0LHQHYHUULHW5DWORVLJNHLW ,FKZROOWHJHUDGH]X,KQHQNRPPHQ&DSWDLQD+DLQXVDJWHHUWRQORV

6R" -DLFKELQEHUDXEWZRUGHQXQGGDXQGGDGDFKWHLFK(UYROOHQGHWH GHQ6DW]QLFKW 6LHGDFKWHQLFKZlUHHVJHZHVHQZLH"6FKlPHQ6LHVLFK6LU,FKELQGRFK NHLQ'LHE 1QDWUOLFKQLFKW7DWFKHUVWRWWHUWH5RUYLFNOHLQODXWXQGYHUOHJHQ$EHU LFKNDQQPLUHLQIDFKQLFKWHUNOlUHQ%LWWHVHKHQ6LHVLFKGRFKEHLPLUXP 7DWFKHU(UPDFKWHPLU3ODW]$OVLFKGLH:RKQ]HOOHEHWUDWYHUVFKOXJHVPLU IDVWGLH6SUDFKH)DVWGDVJHVDPWH0RELOLDUZDUDEJHVFKUDXEWXQG DXVJHUlXPWZRUGHQ6RJDUGLH7UHQGHV(LQEDXVFKUDQNHVIHKOWHQXQGGHU 6FKUDQNZDUOHHU 1DFKGHPHUVWHQ6FKUHFNYHUPRFKWHLFKHLQVFKDGHQIURKHV*ULQVHQQLFKW JlQ]OLFK]XXQWHUGUFNHQ'DODLPRF5RUYLFUlXVSHUWHVLFKYHUOHJHQ,FK ZHLLFKKDEH6LHRIWXQJHUHFKWEHKDQGHOW7DWFKHU'DVZLUGNQIWLJQLFKW PHKUYRUNRPPHQLFKVFKZ|UHHV,KQHQEHLPZHLHQ6FKUHLQYRQ .DSLODYDVWX$EHUODVVHQ6LHPLFKQLFKW]XP*HVS|WWGHUJHVDPWHQ 5DXPIORWWHZHUGHQ0HLQH.DELQHGLH.DELQHHLQHV$OOURXQGPXWDQWHQIDVW Y|OOLJDXVJHUlXPWRKQHGDLFKHVYHUKLQGHUQNRQQWH (VWXWPLUOHLGHUZLGHUWHLFKDEHULFKKDEHQLFKWVGDPLW]XWXQ6LU,FK EHIDQGPLFKGLHJDQ]H=HLWEHULQPHLQHU.DELQHXQG,FKVWRFNWHDOV PLUHLQILHOGDGLHVHV$UJXPHQWZHUWORVZDU 'DVLVWHLQHXQYHUVFKlPWH/JHEUDXVWHGHU7LEHWHUDXI 'DQQVFKLHQHUVLFKDXI%XOOV(UPDKQXQJHQ]XEHVLQQHQ GHQQHUXQWHUGUFNWHVHLQHQ=RUQXQGPHLQWH ,FKZROOWHVDJHQHVN|QQWHMDVHLQGD6LHVLFKLUUHQ&DSWDLQD+DLQX,FK ZLOO6LHNHLQHVZHJVNUlQNHQ 'DVKDEHQ6LHDEHUJHWDQHUNOlUWHLFK,FKEHUOHJHRELFKPLFKEHL 6WDDWVPDUVFKDOO%XOOGDUEHUEHVFKZHUHQVROO'LH'URKXQJVFKZHEWH GVWHULP5DXP:LHHUZDUWHWOHQNWHGHU0XWDQWHLQ %LWWHQLFKW7DWFKHUEDWHU0LUZLUGVFKRQHLQHSODXVLEOH(UNOl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lGLJHP%OLFNHQWKLHOWVLFKDEHUMHGHQ .RPPHQWDUV]XXQVHUHU9HUVSlWXQJ:LUVWLHJHQDXVXQGZXUGHQLQHLQHP

)OXJJOHLWHU]XP5HSUlVHQWDWLRQV%XQJDORZGHV*URDGPLQLVWUDWRUV JHEUDFKW(LQH(VNRUWHYRQDFKW)OXJSDQ]HUQGHVQHXHQIODFKHQ7\SV EHJOHLWHWHXQV 3HUU\5KRGDQHPSILQJXQVDXIGHUJURHQ9HUDQGDVHLQHV%XQJDORZVYRQ GHPDXVPDQGLHVFKDXHUOLFKHQ:DVVHUPDVVHQGHV*RVKXQ6HHVVDK 1DFKGHU%HJUXQJEDWHUXQVLKQLQGHQKDOOHQDUWLJHQ:RKQUDXP]X EHJOHLWHQXQGEHLHLQHPNOHLQHQ,PELHLQHQHUVWHQ%HULFKWEHUGHQ9HUODXI XQVHUHU0LVVLRQDE]XJHEHQ (UHUZLHVVLFKDOVJXWHU=XK|UHUXQGDXIPHUNVDPHU*DVWJHEHU1DWUOLFK ]HLJWHHUVLFKVHKUEHVRUJWDOVZLULKPYRQGHU/HEHQVIRUPEHULFKWHWHQGHU )UXXWKDQJHK|UWKDWWH :LUZHUGHQHLQH6RQGHUNRPPLVVLRQJUQGHQGLH9RUVFKOlJHHUDUEHLWHQ VROOQDFKGHQHQZLUHLQHQ3ODQ]XU9RUEHXJXQJJHJHQHLQH,QYDVLRQGLHVHU 3DUDVLWHQDXVDUEHLWHQN|QQHQPHLQWHHU 5HJLQDOG%XOOQLFNWH ,FKVFKODJHYRUGDZLU6RQGHURIIL]LHU5RUYLF]XP9RUVLW]HQGHQGLHVHU .RPPLVVLRQEHUXIHQ3HUU\(UEOLFNWHVLFKVXFKHQGXP:RLVWHU EHUKDXSW" (UPXWHYRUHLQSDDU0LQXWHQHLQPDOKLQDXV6LUHUNOlUWHLFK 'HU6WDDWVPDUVFKDOOOlFKHOWHYHUVWlQGQLVYROO 3HUU\5KRGDQUlXVSHUWHVLFK :LHVWHKWHVHLJHQWOLFKPLWGHUDOOHUGLQJVZHVHQWOLFKNOHLQHUHQ*HIDKUGLH GLH3DL XKQ. DVDOWLFIUGLH6LFKHUKHLWGHV(LJHQWXPVLQXQVHUHU*DOD[LV GDUVWHOOHQ%XOO\":HUGHQ6LHLKUH'LHEHV]JHZHLWHUKLQGXUFKIKUHQ" 5HJLQDOG%XOOVFKWWHOWHGHQ.RSI 'DVLVWXQZDKUVFKHLQOLFK'LH6DFKHPLWGHU$QWLPDWHULHKDWLKQHQHLQHQ 6FKRFNYHUVHW]W,FKVSUDFKYRUXQVHUHU5FNNHKUPLWHLQLJHQ*LOGHPHLVWHUQ 6LHYHUVLFKHUWHQPLUGDLKQHQGLH/XVWDP6WHKOHQYHUJDQJHQVHL :HUVWLHKOWOJWDXFKVDJWHMHPDQGNOlJOLFKYRQHLQHUGHU,QQHQWUHQKHU ,FKHUNDQQWH5RUYLFV6WLPPHXQGZDQGWHPLFKXP 'HU7LEHWHUVWDQGYRUHLQHU7UQXUPLWVHLQHP8QWHU]HXJEHNOHLGHWXQG GHP*HVLFKWVDXVGUXFNHLQHVJHSUJHOWHQ+XQGHV -HPDQGKDWPLUPHLQHQHXH$XVJHK8QLIRUPJHVWRKOHQZlKUHQGLFKPLFK lKHWZDVIULVFKPDFKWHHUNOlUWHHU'DVNDQQQXUHLQ3DL XKQ. DVDOWLF JHWDQKDEHQ 6WDDWVPDUVFKDOO%XOOKROWHWLHI/XIWXQGVDJWHWRQORV :LUKlWWHQHVZLVVHQPVVHQ'LH.DW]HOlWGDV0DXVHQQLFKW ,FKILQJHUWHYHUVWRKOHQLQPHLQHU.OHLGXQJQDFKGHP. DVVLE1D QDFXQGGLH 9LHOJHVWDOWLJHQPLWGHQIOLQNHQ+lQGHQZDUHQZRKOGRFKQLFKWVRZHLW HQWIHUQWZLHLFKLPVWLOOHQJHKRIIWKDWWH,FKZUGHQLFKWGDUXP KHUXPNRPPHQPHLQH3UREHDE]XOHJHQZHQQLFKQLFKWPHLQH(KUHYHUOLHUHQ ZROOWH 1XQZXUGHPLUDXFKNODUZDVGDV9HUVFKZLQGHQYRQ5RUYLFVSHUV|QOLFKHP *HSlFNXQGGHP*URWHLOVHLQHV.DELQHQPRELOLDUV]XEHGHXWHQKDWWH'LH

HFKWHQ*HJHQVWlQGHZDUHQLQ:LUNOLFKNHLWYRQ*DDQ WHUEHUHLWVDXI1D QDF JHVWRKOHQZRUGHQ(LQ3DL XKQ. DVDOWLFKDWWHLKUH)RUPHQDQJHQRPPHQXQG VLFKYRUGHU/DQGXQJXQVHUHV6FKLIIHVGDYRQJHVFKOLFKHQXPLQZLHGHUXP DQGHUHU*HVWDOWLQXQVHUHP)OXJJOHLWHUPLW]XUHLVHQ 0LULVWVFKOHFKWVDJWHLFKXQGVWDQGDXI ,FKZDQNWHLQHLQHQGHU:DVFKUlXPHOHKQWHPLFKJHJHQGLH:DQGXQG VWDUUWHLQGHQJURHQ6SLHJHODXVHFKWHP.ULVWDOOJODVGHUGLH:DQGPLU JHJHQEHUHLQQDKP 2*DDQ WHUZDVKDVWGXGLUQXUGDEHLJHGDFKWVWLHLFKYHU]ZHLIHOWKHUYRU 'D6WHKOHQULHVLJHQ6SDPDFKW7DWFKHUDQWZRUWHWHGHU:DQGVSLHJHO YHUJQJW (1'(

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