Das Tor zur Tiefe

3(7(5*5,(6( '$6725=857,()( 3HUU\5KRGDQ7DVFKHQEXFK 5$806&+,))62/ 'DVVFKULOOH.UHLVFKHQHUI...

Author: Griese Peter

25 downloads 619 Views 323KB 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

3(7(5*5,(6(

'$6725=857,()( 3HUU\5KRGDQ7DVFKHQEXFK

5$806&+,))62/

'DVVFKULOOH.UHLVFKHQHUIOOWHVFKODJDUWLJGLHJDQ]H=HQWUDOH'DV0HWDOOGHU :lQGHGHU.RQVROHQXQG6FKDOWSXOWHEHJDQQ]XYLEULHUHQXQGGLHXOWUDKRKHQ 6FKZLQJXQJHQEHUWUXJHQVLFKDXIGLH0HQVFKHQXQGGHQ+DOXWHU,UUH 'LVVRQDQ]HQYHUDQODWHQGLH0HQVFKHQLKUH+lQGHJHJHQGLH2KUHQ]XSUHVVHQ *HJHQGLHKDUWHQ6FKZLQJXQJHQGLHVLFKEHUGHQ%RGHQDXILKUH.|USHU EHUWUXJHQNRQQWHQVLHMHGRFKQLFKWVWXQ ,KUH.|USHUWRUNHOWHQXPKHUXQGVWU]WHQVFKOLHOLFKYHUNUPPWLQLUJHQGHLQHU (FNH]X%RGHQ6FKUHLHNODQJHQDXIGLH$QJVWXQG3HLQDXVGUFNWHQDEHUVLH NRQQWHQGDV*HWRVHGHUNUHLVFKHQGHQ.OlQJHQLFKWEHUW|QHQ 'DV3XOWGHU2UWXQJVDQODJHO|VWHVLFKDXVVHLQHU+DOWHUXQJXQGNQDOOWHXQWHU KHIWLJHQ(QWODGXQJHQ]X%RGHQ8PHLQ+DDUKlWWHQVHLQH7UPPHU6HQFR $KUDWJHWURIIHQGHUZLPPHUQGDXIGHP%RGHQODJ $WODQJDEVLFKHLQHQ5XFNQDKPHLQH+DQGYRP2KUXQGKLHEDXIGLH 6HQVRUWDVWHGLHGLHGLUHNWH9HUELQGXQJ]X6(1(&$KHUVWHOOWH Ä:DV]XP7HXIHOEUOOWHHULQGHQ0LNURIRQULQJÄJHKWKLHUYRU" Ä8QEHNDQQWHU(LQIOXYRQDXHUKDOEGHU62/PHOGHWHGLH+\SHULQSRWURQLN PLWGHULKUHLJHQHQ*HODVVHQKHLWÄ(QHUJHWLVFKH6FKXW]VFKLUPHYHUVDJHQ$NWLRQ VFKHLQWDXIGLH.RPPDQGR]HQWUDOHGHU6=EHVFKUlQNW]XVHLQ(PSIHKOH VRIRUWLJHV5lXPHQGHU=HQWUDOH 'HU$UNRQLGHKDWWH0KHGLH:RUWHGHV5HFKHQKLUQV]XYHUVWHKHQGHQQGLH VFKULOOHQ7|QHGLHVLFKQDKHGHU+|UEDUNHLWVVFKZHOOHEHZHJWHQEHUODJHUWHQ DOOH/DXWH 1XUGHU+DOXWHU,FKR7RORWVWDQGZLHHLQ)HOVLQGHU0LWWHGHU=HQWUDOH'LHDOOHV GXUFKGULQJHQGHQ7|QHOlKPWHQDXFKVHLQHQ0HWDEROLVPXV(UZDUWHWHGHQQHLQH EOLW]VFKQHOOH%HUHFKQXQJVHLQHV3ODQKLUQVKDWWHLKPGLH(UNHQQWQLVJHEUDFKW GDGLHVHV6FKDXVSLHOGHUVLFKEHUVFKODJHQGHQVFKULOOHQ7|QHHUVWGHU$QIDQJ HLQHU$NWLRQVHLQNRQQWHQ (UNRQQWHDXFKQLFKWHLQJUHLIHQDOVHUVDKZLHVLFKGLH0DQQVFKDIWYHUJHEOLFK EHPKWHGDV6FKRWW]X|IIQHQ'HU:HJDXVGHPWRVHQGHQ,QIHUQRZDU YHUVSHUUWGHQQGDV6FKRWWKDWWHVLFKXQWHUGHP(LQIOXGHU9LEUDWLRQHQLQGHQ *OHLWVFKLHQHQYHUNOHPPW 'DVWRWDOH&KDRVVFKLHQSHUIHNW]XVHLQ'LH:lQGHJHULHWHQLQLPPHUVWlUNHUH 6FKZLQJXQJHQ%LOGVFKLUPHNQDOOWHQDXVLKUHU%HIHVWLJXQJXQG]HUEDUVWHQDXI GHP%RGHQ .HLQHUGHU0HQVFKHQUHDJLHUWHPHKUYHUQQIWLJ'HU+DOXWHUZDUZLHJHOlKPW $WODQVFKOHSSWHVLFKPKVDP]XP3LORWHQVHVVHOXQGYHUVXFKWHHLQHQ1RWVWDUW 8QWHUGHPKHIWLJHQ6FKWWHOQXQG6WRHQGDVGLHJDQ]H=HQWUDOHHUIOOWH

HUZLVFKWHHUDEHUGLHIDOVFKH7DVWH'HU.RQWXUVHVVHOGHV3LORWHQLQGHPHUVLFK PKVDPKLHOWIXKUODQJVDPLQGLH%RGHQSODWWHHLQ(UNRQQWHGHQ9RUJDQJQLFKW DEVWRSSHQXQGPXWHWDWHQORV]XVHKHQZLHGDV6WHXHUSXOWDXVVHLQHQ+lQGHQ JOLWW (LQZWHQGHU)OXFKNDPEHUVHLQH/LSSHQDEHULQGHPVFKULOOHQ.UHLVFKHQ NRQQWHLKQQLHPDQGK|UHQ :DUXPKROWHQ*XFN\RGHU5DV7VFKXEDLVLHQLFKWDXVGLHVHU+|OOH"IXKUHVLKP GXUFKGHQ.RSI:DKUVFKHLQOLFKZDJWHQGLHEHLGHQ0XWDQWHQQLFKWGHQ6SUXQJ LQGLHVHV,QIHUQRGDVGLH.|USHUGHU0HQVFKHQGXUFKVFKWWHOWHXQGVLHMHGHQ NODUHQ*HGDQNHQVEHUDXEWH 0KVDP]RJVLFKGHU$UNRQLGHDQGHP6WHXHUSXOWKRFKXPQRFKVHLQH$EVLFKW ]XYHUZLUNOLFKHQ :DUHVGHUXQVLFKWEDUHXQGXQEHNDQQWH)HLQGGHUVLHHUQHXWDWWDFNLHUWH"IUDJWH HUVLFKZlKUHQGHUVLFKGDUDXINRQ]HQWULHUWHGLHVFKULOOHQ3IHLIW|QHQLFKW]X K|UHQ2GHUZDUHVHLQ$QJULII%8//2&VGHQVLHVHLW7DJHQYHUIROJWHQ QDFKGHPHUPLW3HUU\5KRGDQDOV*HLVHOLQVHLQHU6SKlUHJHIORKHQZDU" 2GHUZDUHQVLHJDUDXIHLQHQQHXHQ)HLQGJHVWRHQGHUVLFKGHU62/ EHPlFKWLJHQZROOWH" %HUHLWV]ZHLPDOKDWWHVLHGHUXQVLFKWEDUH)HLQGHPSILQGOLFKJHWURIIHQXQGHV ZDUQLFKWDXV]XVFKOLHHQGDHUPLWVHLQHQXQEHNDQQWHQ:DIIHQHLQHQGULWWHQ $QJULIIYHUVXFKHQZUGH'LHEHLGHQHUVWHQhEHUIlOOHKDWWHQLKPQXUHLQHQ 7HLOHUIROJEHVFKLHGHQZHQQJOHLFKGLH9HUOXVWHVFKOLPPJHQXJZDUHQ 2GHUZDUGHUXQEHNDQQWH)HLQGJDULGHQWLVFKPLWGHUYLHUWHQ,QNDUQDWLRQ %$5',2&V"6(1(&$KDWWHGLHV]ZDUYHUQHLQWDEHUGDVEHVDJWHQLFKW XQEHGLQJWHWZDV=XXQEHNDQQWZDUGHQ0HQVFKHQGLH0DFKWIOOHGHU 6XSHULQWHOOLJHQ]XQGLKUHUVFKUHFNOLFKHQ,QNDUQDWLRQ 0LWHLQHU+DQG]RJVLFK$WODQLQ+|KHGHV6WHXHUSXOWVGHV3LORWHQ'LHDQGHUH SUHWHHUDEZHFKVHOQGDXIVHLQHEHLGHQ2KUHQXPGLHNUHLVFKHQGHQ'LVVR QDQ]HQ]XGlPSIHQ (UNRQ]HQWULHUWHVLFKIU6HNXQGHQYROODXIGDVZDVJHWDQZHUGHQPXWH'DQQ VFKOXJVHLQH+DQGDXIGHQ$XVO|VHVHQVRUIUHLQHXQSURJUDPPLHUWH1RWHWDSSH 6HNXQGHQVSlWHUYHUVFKZDQGGLH62/LP/LQHDUUDXP $WODQEOLFNWHVLFKLQGHU=HQWUDOHXP1LFKWVKDWWHVLFKYHUlQGHUW'LHVFKULOOHQ 7|QHSHLWVFKWHQLQGLH*HKLUQHGHU0HQVFKHQVFKWWHOWHQLKUH.|USHUGXUFKXQG OlKPWHQGHQ+DOXWHU 1XUPLW0KHNRQQWHHUGLH6WLPPH6(1(&$VYHUQHKPHQGHUPHOGHWHGDGLH )OXFKWHWDSSHEHHQGHWVHL :DUXPNDPHQGLH0XWDQWHQQLFKW]X+LOIH":DUXPWDW6(1(&$QLFKWV" 6HLQHhEHUOHJXQJHQZXUGHQYRQHLQHPNUDFKHQGHQ6FKODJXQWHUEURFKHQ(V ZDUEXFKVWlEOLFKDOVREHLQ%OLW]LQGLH=HQWUDOHHLQVFKODJHQZUGH'DZDU HLQHJUHOOH/HXFKWHUVFKHLQXQJHLQDOOHVEHUW|QHQGHU'RQQHUHLQJHIlKUOLFK NOLQJHQGHV.QLVWHUQ ,FKR7RORWZXUGHZLHYRQHLQHU5LHVHQIDXVWJHSDFNW(LQHXQVLFKWEDUH0DFKW VFKOHXGHUWHGHQPlFKWLJHQ/HLEGHV+DOXWHUVTXHUGXUFKGLH=HQWUDOHJHJHQ

HLQHQ9HUVRUJXQJVDXWRPDWHQGHUXQWHUGHP$QSUDOO]HUEDUVW(LQ*HPLVFKDXV .DIIHH7HHXQGV\QWKHWLVFKHQ)UXFKWVlIWHQHUJRVLFKEHUVHLQHQ.|USHU 8QWHUZWHQGHQ*UROODXWHQUDIIWHVLFK,FKR7RORWDXI'DQQYHUKDUUWHHU SO|W]OLFKVWLOOGHQQHUQHXWZDUHLQH9HUlQGHUXQJHLQJHWUHWHQ 9RQHLQHP$XJHQEOLFN]XPDQGHUHQKHUUVFKWHDEVROXWH6WLOOH1XUGDV*HSUDVVHO GHUHOHNWULVFKHQ(QWODGXQJHQLQGHQEHVFKlGLJWHQ*HUlWHQZDUQRFK]XK|UHQ (LQDQJHQHKPHU6XPPWRQYRQJOHLFKEOHLEHQGHU6WlUNHXQG7RQK|KHHUIOOWH GHQ5DXP,P9HUJOHLFK]XGHPYRUDQJHJDQJHQHQ,QIHUQRK|UWHHUVLFKZLH OLHEOLFKH0XVLNDQ(UZXUGHEHJOHLWHWYRQHLQHU/HXFKWHUVFKHLQXQJGLHVLFK ODQJVDPLQGHU)RUPHLQHVDQVFKZHOOHQGHQJHOEHQ%DOOHVLQGHU0LWWHGHU.RP PDQGR]HQWUDOHDXVEUHLWHWH 'LH0HQVFKHQO|VWHQLKUH+lQGHYRQGHQ2KUHQXQGVWDQGHQDXI1RFK EHQRPPHQVWDUUWHQVLHDXIGDVIUHPGH*HELOGHGDVVWlQGLJDQZXFKVXQGVFKRQ IDVWIQI0HWHUGXUFKPD6HLQH$XHQKOOHZXUGHWUDQVSDUHQW8QGZDV GDKLQWHUVLFKWEDUZXUGHWULHEVHOEVWGHPHUIDKUHQHQ$UNRQLGHQGHQ6FKZHLDXI GLH6WLUQ (VZDUDOVREVLFK*HGlUPHXQG2UJDQH.|USHUWHLOHXQG+DDUIHW]HQLQHLQHP LUUHQ3X]]OHVSLHODXIXQGDEXQGKLQXQGKHUEHZHJWHQ(WZDV8QKHLPOLFKHV QDKPODQJVDP)RUPDQ %8//2&" 'HUXQVLFKWEDUH$QJUHLIHU" $WODQVDKGDVLFKMHW]WZLHGHUGDV+DXSWVFKRWW|IIQHWH Ä5DXVVFKULHHU 'LH0lQQHUXQG)UDXHQLQGHU=HQWUDOHIROJWHQVHLQHP%HIHKOXQYHU]JOLFK 6HOEVWGHU+DOXWHU]|JHUWHNHLQH6HNXQGH(UULYLHUQRFKEHQRPPHQH 0HQVFKHQLQVHLQH$UPHXQGVWUPWHDXVGHU=HQWUDOH 'DQQVFKOXJGLH6FKRWWUNUDFKHQG]X

=ZHL6WXQGHQYRUKHU 'LH5RERWHUNRORQQHQ6(1(&$VKDWWHQLQGHQYHUIORVVHQHQ6WXQGHQRKQH 8QWHUEUHFKXQJJHDUEHLWHWXQGGDVULHVLJH/RFKGDVLQGLH+OOHGHU6= JHULVVHQZRUGHQZDUZLHGHUJHVFKORVVHQ $WODQZDUWHWHPLWVHLQHP.ULVHQVWDELP.RQIHUHQ]UDXP%LQGHU1l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

JHUDWHQ6LHLGHQWLIL]LHUWHQGDV+DQWHOUDXPVFKLIIPLWLKUHU+HLPDWVRZLHHVGLH 7HUUDQHUPLWGHU(UGHWDWHQ(LQ$QJULIIDXIGLH62/NDPSUDNWLVFKHLQHP 9HUVXFKJOHLFKGLHJHLVWLJH:XU]HOLKUHV/HEHQV]X]HUVW|UHQ9LHOH6RODQHU UHDJLHUWHQXQEHKHUUVFKWRGHUXQNRQWUROOLHUW2EZRKOVFKRQHLQHODQJH=HLWVHLW GHP$QJULIIYHUJDQJHQZDUVWDQGLPPHUQRFKQLFKWIHVWREXQGZHQQMD ZLHYLHOH0HQVFKHQXPV/HEHQJHNRPPHQZDUHQ'LH6ROJHERUHQHQVHW]WHQ DOOHVGDUDQXPGHQ6FKDGHQDQGHU6RO]HOOH]XEHKHEHQ$XI$WODQV $XIIRUGHUXQJYHUVFKZXQGHQH0HQVFKHQIHVW]XVWHOOHQUHDJLHUWHQVLH]XQlFKVW QLFKW 6(1(&$ZDUHEHQIDOOVQLFKWLQGHU/DJHLQGHUQRFKKHUUVFKHQGHQ8QUXKHXQG GHPGDPLWYHUEXQGHQHQ'XUFKHLQDQGHUHLQHNODUH$XVVDJH]XPDFKHQ 6WLUQUXQ]HOQGEOLFNWHGHU$UNRQLGHDXIDOVGHU,QWHUNRPDQVFKOXLQGHP .RQIHUHQ]UDXPVXPPWH:lKUHQGHU]XGHP*HUlWVFKULWWEHUGDFKWHHUQRFK HLQPDOGLH8QJHZLKHLWLKUHU/DJH6LHEHIDQGHQVLFKLQHLQHUXQEHNDQQWHQ 5HJLRQGHV.RVPRV,UJHQGZRZHLWYRUDXVPXWHGLH*DOD[LV*DQXKUVHLQZR PDQHLQH6SXUYRQ%8//2&XQGGHPYRQLKPHQWIKUWHQ3HUU\5KRGDQ]X ILQGHQKRIIWH$OOH9HUDQWZRUWXQJODVWHWHDXIVHLQHQ6FKXOWHUQVHLWGHU)UHXQG YHUVFKZXQGHQZDU8QGMHW]WGLHVHU$QJULIIGHUGLH6ROJHERUHQHQLQ 9HUZLUUXQJYHUVHW]WH (VZDUGHU/HLWHQGH,QJHQLHXUYRQ'HFNZRGLH6=GHQVFKZHUHQ7UHIIHU HUKDOWHQKDWWH(UPHOGHWHGDGLH+DXSWVFKlGHQEHKREHQVHLHQXQGGDGDV KHUDXVJHULVVHQH6WFNGHU6FKLIIVKOOHHUVHW]WZRUGHQZDU Ä:LHVLHKWHVPLWGHQ9HUOXVWHQDXV"IUDJWH$WODQGHQ6ROJHERUHQHQ 'HU0DQQ]XFNWHJOHLFKPWLJPLWGHQ6FKXOWHUQ Ä.HLQH$KQXQJEUXPPWHHUVFKURIIÄ'DVIlOOWQLFKWLQPHLQHQ $XIJDEHQEHUHLFK *UXORVXQWHUEUDFKHUGLH9HUELQGXQJ$WODQVFKWWHOWHYHUlUJHUWGHQ.RSI(U GHUVRODQJH=HLWQLFKWDXIGHP6FKLIIJHZHVHQZDUNRQQWHGLH5HDNWLRQHQGHU 6ROJHERUHQHQDPZHQLJVWHQYHUVWHKHQ (UQHXWZlKOWHHUGHQ+DQJDUDXI'HFNDQ'LHVPDOHUVFKLHQGDV*HVLFKWHLQHU )UDX Ä,FKP|FKWHZLVVHQZHOFKH9HUOXVWHDXIJHWUHWHQVLQGVDJWHHUXQJHZROOW VFKURII Ä'DVNDQQLFK,KQHQVDJHQODXWHWHGLH$QWZRUWÄ(VVLQGGUHL]HKQNOHLQH %HLERRWHVRVFKZHUEHVFKlGLJWZRUGHQGDVLFKHLQH5HSDUDWXUQLFKWPHKU ORKQW'LHEULJHQ6FKlGHQVLQGELVDXIHLQH$XVQDKPHQLFKWGHU(UZlKQXQJ ZHUWXQGZXUGHQZHLWJHKHQGEHKREHQ$OOHUGLQJVGLH)UDXVWRFNWHHLQHQ 0RPHQWXQGEOLFNWHXQVLFKHU]XU6HLWHÄIHKOWMHGH6SXUYRQGHP/HLFKWHQ .UHX]HU6=GHU-$<0$'$+5(VLVWDOVREHUJDUQLFKWDQ%RUGGHU6= JHZHVHQZDUDOVGHU$QJULIIHUIROJWH 1DFKGHP$WODQVLFKEHGDQNWKDWWHVFKDOWHWHHUGLH9HUELQGXQJDEXQGZlKOWH 6(1(&$DQ'LH+\SHULQSRWURQLNPXWHZLVVHQZDVPLWGHP.UHX]HUJHVFKH KHQZDU Ä'DV6FKLIIPWHDQ%RUGVHLQHUNOlUWH6(1(&$Ä:HQQYRQLKPNHLQH

7UPPHUJHIXQGHQZRUGHQVLQGJLEWHVQXU]ZHLP|JOLFKH(UNOlUXQJHQ (QWZHGHUGLH6=ZXUGHEHLGHP$QJULIIY|OOLJ]HUVWUDKOWRGHUVLHZXUGH DXVGHP/HFNLQGHQ/HHUUDXPJHULVVHQ,P)DOOGHUY|OOLJHQ=HUVWUDKOXQJ PWHQDOOHUGLQJVGLHHQWVWDQGHQHQ6FKlGHQDXI'HFNZHVHQWOLFKJU|HUVHLQ :DKUVFKHLQOLFKHULVWGDKHUGLH]ZHLWH$QQDKPH(UJlQ]HQGGD]XZlUH]X EHPHUNHQGDGLH6=QDFKGHPVLHDXVGHU62/JHVFKOHXGHUWZRUGHQZDU YHUPXWOLFKGLHUl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|QQHQ .XU]GDUDXIPHOGHWHVLFKGHU0XWDQW)HOOPHU/OR\GYRQ'HFN Ä,FKKDEHPLFKHLQZHQLJXPGLH/DJHKLHUJHNPPHUWVDJWHHUUXKLJÄ(V VWHKWIHVWGD0HQVFKHQDQ%RUGGHU6=ZDUHQDOVGHU7UHIIHUHUIROJWH (UEOLFNWHDXIHLQHQ1RWL]]HWWHOÄ(VKDQGHOWVLFKXPGHQ.RPPDQGDQWHQ:LQ 2JLOYLHGLH2UWXQJVWHFKQLNHULQ5RV\'HZLWWHXQGLKUHQ0DQQ&KDUOHVDOOHV 6ROJHERUHQH8QG/OR\GEOLFNWH$WODQGXUFKGULQJHQGDQXQGYHU]RJXQVLFKHU GLH0XQGZLQNHOÄHVKDWGHQ$QVFKHLQGDQRFKMHPDQGDXIGHU -$<0$'$+5ZDUQlPOLFK$ODVND6DHGHODHUH

6WXQGHQYRUKHU 'LH62/GU|KQWHXQWHUGHPJHEDOOWHQ)HXHUGHU7UDQVIRUPNDQRQHQ,KU=LHOZDU HLQILNWLYHU3XQNWLP/HHUUDXPGHVVHQ.RRUGLQDQWHQ6(1(&$QDFKGHQ 6FKXEDKQHQGHVXQVLFKWEDUHQ$QJUHLIHUVEHVWLPPWKDWWH$EHUVFKRQ6HNXQGHQ VSlWHUNDPHQGLH)ODPPHQGHQ6WUDKOHQGHV8QVLFKWEDUHQDXVHLQHUDQGHUHQ 5LFKWXQJ'LH(QHUJLHQVFKOXJHQLQGLHKRFKJHIDKUHQHQ6FKXW]VFKLUPHHLQXQG YHUSXIIWHQZLUNXQJVORV $WODQVFKLPSIWHLQQHUOLFKPLWVLFKVHOEVW:HQQGLH(QHUJLHVFKLUPHYRQ$QIDQJ DQJHVWDQGHQZlUHQKlWWHHVGHQVFKZHUHQ7UHIIHULQGHU6RO]HOOHQLFKWJHJH EHQGHUIU0LQXWHQDOOH6\VWHPHGHV+DQWHOUDXPVFKLIIVJHOlKPWKDWWH Ä1RFKNHLQ2UWXQJVHUJHEQLV"ULHIHUTXHUGXUFKGLH.RPPDQGR]HQWUDOH (UHUKLHOWQXUHLQ.RSIVFKWWHOQ]XU$QWZRUW'HU*HJQHUZDUPLWNHLQHP0LWWHO DXV]XPDFKHQ$OOH2UWXQJVYHUIDKUHQDXFKGLHDXI+\SHUEDVLVYHUVDJWHQ'LH 0DVVHWDVWHU]HLJWHQQXU1XOOZHUWH$EHUGHU)HLQGZDUGD'DVEHZLHVHQGLH JHEQGHOWHQ(QHUJLHVWUDKOHQGLHI|UPOLFKDXVGHP1LFKWVDXIWDXFKWHQXQGVWHWV GLH62/WUDIHQ=XJOHLFKZDUHQGLHVH)HXHUEDKQHQGHUHLQ]LJH+LQZHLVEHUGHQ YHUPXWOLFKHQ6WDQGRUWGHV8QVLFKWEDUHQ6(1(&$PDEHUGLHRSWLVFKHQ 6HQVRUHQGLH*HVFKREDKQHQDXVXQGEHVWLPPWHGDQDFKGHQ$XIHQWKDOWVRUWGHV

*HJQHUV'DGLHVHUDOOHUGLQJVODXIHQGVHLQH3RVLWLRQlQGHUWHZDUGHU62/QRFK NHLQ:LUNXQJVWUHIIHUJHOXQJHQ(VNRQQWHVLFKDEHUDXFKXPPHKUHUH6FKLIIH KDQGHOQXQGGLHVH9HUPXWXQJYHUVWlUNWHGLH1HUYRVLWlWGHU0HQVFKHQ Ä7UHIIHUPHOGHWH6(1(&$ÄDEHUNHLQHQDFKKDOWLJH:LUNXQJ $XIGHQ%LOGVFKLUPHQZDU]XVHKHQZLHGLH(QHUJLHGHU7UDQVIRUPNDQRQHQ QDFKDOOHQ6HLWHQDEJHOHQNWZXUGHQ'HU)HLQGDEHUEOLHEXQVLFKWEDU Ä-HW]WJHKWHVLKPDQGHQ.UDJHQPXUPHOWH6HQFR$QUlWÄ6(1(&$KDWLKQLP 9LVLHU $EHUHVNDPJDQ]DQGHUV 9RQHLQHU6HNXQGH]XUDQGHUHQHUORVFKHQVlPWOLFKH/LFKWHUDQ%RUGGHU62/ 8QGXUFKGULQJOLFKH6FKZlU]HEUHLWHWHVLFKDXV'LH0HQVFKHQIKOWHQHLQ VFKPHU]HQGHV=HUUHQLQLKUHQ*OLHGHUQ)U6HNXQGHQEUXFKWHLOHYHUVDJWHQGLH $QGUXFNQHXWUDOLVDWRUHQ(LQJHZDOWLJHU5XFNJLQJGXUFKGDVULHVLJH6FKLII'LH 0HQVFKHQVWU]WHQ]X%RGHQ 'DQQIODFNHUWHQGLH/LFKWHUZLHGHUDXIXQGGLH%LOGVFKLUPHHUKHOOWHQVLFK 'HUHUIDKUHQH$UNRQLGHZDUIQXUHLQHQNXU]HQ%OLFNGDUDXI Ä:LUVLQGZRDQGHUVVWHOOWHHUQFKWHUQIHVWÄ*DQ]ZRDQGHUV 8QGQDFKHLQHU:HLOHLQGHUVHLQH$XVVDJHYRQGHP2UWXQJVSHUVRQDOEHVWlWLJW ZXUGHIJWHHUOHLVHKLQ]XÄ(LQHXQKHLPOLFKH'HIHQVLYZDIIH$OVHVGHP 8QEHNDQQWHQ]XEUHQ]OLJZXUGHVFKOHXGHUWHHUXQVYRQVLFK:LUPVVHQ /LFKWMDKUHYRQGHPDOWHQ6WDQGRUWHQWIHUQWVHLQ 6HLQHKRFKJHZDFKVHQH)LJXUVWUDIIWHVLFK Ä6WHOOWGLHJHQDXH3RVLWLRQIHVW8QGGLH6FKlGHQXQG9HUOXVWH,FKP|FKWHGD GLH6=VFKQHOOVWHQVZLHGHUHLQVDW]EHUHLWLVW8QGLFKP|FKWHZLVVHQRE 0HQVFKHQXPV/HEHQNDPHQ

(LQHKDOEH6WXQGHYRUKHU 'DV/HEHQDQ%RUGGHU62/JLQJVHLQHQJHZRKQWHQ*DQJZHQQPDQGDYRQ DEVDKGDGDV6FKLIIPLWVHLQHQ0DQQ%HVDW]XQJDXIGHU9HUIROJXQJ %8//2&VZDUGHUPLW3HUU\5KRGDQDOV*HLVHODQ%RUGVHLQHU6SKlUHLQ 5LFKWXQJGHU*DOD[LV*DQXKUYHUVFKZXQGHQZDU 'LH2UWXQJV]HQWUDOHPHOGHWHGDGHU/HHUUDXPLPZHLWHQ8PNUHLVRKQH %HVRQGHUKHLWHQZDU(UVWLQEHUWDXVHQG/LFKWMDKUHQ(QWIHUQXQJVWHOOWHPDQ HLQH.OHLQJDOD[LVIHVWGHUHLQLJH6RQQHQDOV(LQ]HOJlQJHUYRUJHODJHUWZDUHQ 'LH*DOD[LVVHOEVWZDUHKHUHLQNOHLQHU6WHUQHQKDXIHQGHQQGLH=DKOGHU6RQQHQ ZDUEHUVFKDXEDU0DQPDLKUNHLQHUOHL%HGHXWXQJEHL )DVWIQI0RQDWHZlKUWHQXQVFKRQGLH9HUIROJXQJGHUYLHUWHQ,QNDUQDWLRQ 0HKUDOVYDJH+LQZHLVHDXILKUHQ9HUEOHLEKDWWHPDQELVODQJQLFKWHUKDOWHQ 'HUNXU]H+DOWGHU62/GLHQWHDXVVFKOLHOLFKGHU2ULHQWLHUXQJ=XXQEHNDQQW ZDUGLHVH5HJLRQGHVVFKLHUXQHUPHOLFKHQ.RVPRVDOVGDPDQHVKlWWH ULVNLHUHQN|QQHQJU|HUH'LVWDQ]HQRKQH8QWHUEUHFKXQJ]XUFN]XOHJHQ $Q%RUGJDEHVHLJHQWOLFKQXUHLQ3UREOHPXQGGDVZDUGDV6WUHEHQGHU 6ROJHERUHQHQQDFK8QDEKlQJLJNHLW6LHZROOWHQLKU6FKLIIGDVIUVLH+HLPDW

XQG:HOW]XJOHLFKZDUIUVLFKDOOHLQ1RFKVFKZHOWHGLHVHJHLVWLJH%HZHJXQJ PHKULP8QWHUJUXQGDEHUGLH=HLWZDUDE]XVHKHQGDGLH6RODQHUGLH 7HUUDJHERUHQHQQDFKGUFNOLFKDXIIRUGHUQZUGHQGLH62/IULPPHU]X YHUODVVHQ ,P$XJHQEOLFNKHUUVFKWHHLQXQDXVJHVSURFKHQHU:DIIHQVWLOOVWDQG(VJDOW3HUU\ 5KRGDQ]XILQGHQXQGDXVGHQ.ODXHQ%8//2&V]XEHIUHLHQ)UGLHVH$XI JDEH]HLJWHQVLFKGLH6RODQHUDEVROXWVROLGDULVFK ZHQQJOHLFKGLH8PVWlQGHGLH]X5KRGDQV(QWIKUXQJJHIKUWKDWWHQQLFKW JHUDGHLQLKUHP6LQQYHUODXIHQZDUHQ(LQDQGHUHU8QVLFKHUKHLWVIDNWRUODJLQGHU 3HUVRQ$WODQV1LFKWMHGHU6RODQHUZDUGDPLWHLQYHUVWDQGHQJHZHVHQGD JHUDGHHUGDV.RPPDQGREHUQRPPHQKDWWH=ZDU]ZHLIHOWHNHLQHUDQVHLQHU (UIDKUXQJXQG8PVLFKWDEHUVFKOLHOLFKJHK|UWH$WODQQLFKWHLQPDO]XGHQ 7HUUDQHUQ 'LH:RUWH3UHPLVFK'RUJRQVNODQJHQLKPQRFKLQGHQ2KUHQDOVGLHVHUEHLGHU .RPPDQGREHUQDKPHEHGHXWXQJVYROOJHVDJWKDWWHÄ(ULVWHLQ$UNRQLGH'DV :RUWKDWWHHUEHVRQGHUVEHWRQWÄ.HLQ6ROJHERUHQHUXQGNHLQ7HUUDQHU 1XU-RVFDQ+HOOPXWGHPEHVRQQHQHQ6SUHFKHUGHU6ROJHERUHQHQKDWWHHV$WODQ ]XYHUGDQNHQGDHV]XNHLQHP.RQIOLNWJHNRPPHQZDU 'LHVH6LWXDWLRQEHVWLPPWHVHLQ+DQGHOQhEHUJURH9RUVLFKWZDULKPVFKRQ LPPHUOLHEHUJHZHVHQDOVDOO]XVWUPLVFKHV'UDXIJlQJHUWXP,QGHUMHW]LJHQ /DJHJDOWHVQRFKYRUVLFKWLJHU]XVHLQXQGP|JOLFKH)HKOHU]XYHUPHLGHQXP GDVVFKZDFKH9HUWUDXHQGDVHUJHQR]XUHFKWIHUWLJHQXQG]XVWlUNHQ $XVGLHVHP*UXQGEHIDKO$WODQGHP2UWXQJVSHUVRQDOQRFKHLQPDOGHQ JHVDPWHQ5DXPDE]XVXFKHQXQGLUJHQGZHOFKH*HIDKUHQTXHOOHQDXV]XPDFKHQ =XVLFKVHOEVWVDJWHHUGDGLHVHLJHQWOLFKEHUIOVVLJZDU(VKDQGHOWHVLFK PHKUXPHLQH0DQDKPHXPVHLQHLQQHUH8QUXKH]XGlPSIHQ=XOHLFKWNRQQWH GDV6WLPPXQJVSHQGHOJHJHQLKQXPVFKZHQNHQZHQQGLH62/GXUFK 8QDFKWVDPNHLWLQHLQHJHIlKUOLFKH6LWXDWLRQJHULHW Ä.HLQH%HVRQGHUKHLWHQPHOGHWHGHU6SUHFKHUGHU2UWXQJV]HQWUDOHHUQHXW(U ZDUHLQ6ROJHERUHQHUXQGLQVHLQHU6WLPPHNODQJHWZDV%HOXVWLJXQJPLWVRDOV REHUGLH0DQDKPHQ$WODQVIUEHUWULHEHQKLHOW Ä:LUZROOHQYRUVLFKWVKDOEHUGLH6FKXW]VFKLUPHDNWLYLHUHQVDJWHGHU$UNRQLGH RKQHVLFKXPGDVPLOGH/lFKHOQLQGHQ*HVLFKWHUQHLQLJHU6RODQHU]XNPPHUQ $EHUNHLQHUGHU$QZHVHQGHQNDPPHKUGD]XKLHUDXIHWZDV]XHQWJHJQHQGHQQ LPVHOEHQ0RPHQWVFKOXJGHUXQVLFKWEDUH)HLQG]XPHUVWHQPDO]X $WODQJHZDKUWHDXVGHQ$XJHQZLQNHOQKHUDXVZLHDXIGHP+DXSWELOGVFKLUP XUSO|W]OLFKHLQJUHOOOHXFKWHQGHUIHLQJHEQGHOWHU(QHUJLHVWUDKOVLFKWEDUZXUGH ,PJOHLFKHQ$XJHQEOLFNWUDIGLH62/HLQHKHIWLJH(UVFKWWHUXQJXQGHLQ GRQQHUQGHU.QDOOUDVWHGXUFKGHQPlFKWLJHQ6FKLIIVOHLE :HUQLFKWJHUDGHLQHLQHP3QHXPRRGHU.RQWXUVHVVHOVDZXUGHYRQGHQ %HLQHQJHULVVHQ8QPLWWHOEDUGDUDXIVFKULOOWHQGLH$ODUPVLUHQHQDXI,PJOHLFKHQ 0RPHQWWUDIGLH62/HLQ]ZHLWHU6WR (LQXQWUJOLFKHV*HIKOVDJWH$WODQGDEHLGH7UHIIHULQGLH6= HLQJHVFKODJHQZDUHQ6FKODJDUWLJILHOHQQDKH]XDOOH%LOGVFKLUPHXQG.RQWUROOHQ

DXV)UPHKUHUH6HNXQGHQGLH$WODQZLHHLQH(ZLJNHLWYRUNDPHQZDUGLH 0DQQVFKDIWEOLQG $OVRGRFKQLFKWYRUVLFKWLJJHQXJJHZHVHQPHOGHWHVLFKHWZDVLURQLVFKVHLQ ([WUDKLUQ 'LH6WLPPH6(1(&$VGLHVLFKXQPLWWHOEDUGDUDXIPHOGHWHZDUGHP $UNRQLGHQLQGLHVHP$XJHQEOLFNDQJHQHKPHU Ä8QEHNDQQWHU$QJUHLIHU9HUPXWOLFKXQVLFKWEDU(QW]LHKWVLFKMHGHU$UWYRQ 2UWXQJ6FKXW]VFKLUPHKRFKJHIDKUHQ=ZHLVFKZHUH7UHIIHULP'HFNGHU6= ,FKWUHIIH0DQDKPHQ]XU$EULHJHOXQJGHU]HUVW|UWHQ=RQH 5HVHUYHVFKDOWXQJHQIU(QHUJLH]XIXKUVLQGIUHLJHJHEHQ 'LH%LOGVFKLUPHHUKHOOWHQVLFKZLHGHU6FKOHXQLJVWNHKUWHQGLH]X%RGHQ JHVWU]WHQ0HQVFKHQDQLKUH3OlW]H]XUFN Ä:RUDXIVROOHQZLUVFKLHHQ"NDPHLQH$QIUDJHDXVGHU)HXHUOHLW]HQWUDOHÄ:LU N|QQHQNHLQHQ*HJQHUHUNHQQHQ $WODQVFKOXJGDV+HU]ELV]XP+DOVDOVHUDXIGHP%LOGVFKLUPHUNDQQWHGD VWlQGLJQHXH(QHUJLHVWUDKOHQDXVGHP1LFKWVDXIWDXFKWHQXQGDXIGLH62/ ]XUDVHQ$EHUMHW]WZRGLH6FKXW]VFKLUPHKRFKJHIDKUHQZDUHQHU]HXJWHQGLH 6FKVVHQXUQRFKOHLFKWH(UVFKWWHUXQJHQLQGHP+DQWHOUDXPVFKLII Ä6(1(&$EUOOWH$WODQLQGHQ0LNURIRQULQJÄ%HUHFKQHDXVGHQ6FKXEDKQHQ GHQ$XIHQWKDOWVRUWGHV$QJUHLIHUVXQGOHLWHGLH'DWHQDQGLH7UDQVIRUPJH VFKW]HZHLWHU8QGGDQQ)HXHUIUHL 6HNXQGHQVSlWHUGU|KQWHGLH62/XQWHUGHPJHEDOOWHQ)HXHUGHU 7UDQVIRUPNDQRQHQ $WODQIUDJWHVLFKZLHGLH6ROJHERUHQHQVHLQH(QWVFKHLGXQJHQEHXUWHLOHQZUGHQ 6=/(,&+7(5.5(8=(5-$<0$'$+5 =HKQ0LQXWHQYRUKHU Ä*XWHQ7DJ6LU,P(LQJDQJVVFKRWW]XU=HQWUDOHGHV/HLFKWHQ.UHX]HUV6= VWDQG5RV\'HZLWWHGLHMXQJH2UWXQJVWHFKQLNHULQ,KU*UXJDOW&RPPDQGHU :LQ2JLOYLHGHUDOVHLQ]LJHUDQZHVHQGZDUXQGVLFKPLW7HVWVGHV 6WHXHUV\VWHPVEHIDWH(UHUZLGHUWHGHQIDVWVFKFKWHUQHQ*UXGHU)UDXPLW HLQHP.RSIQLFNHQ Ä&KDUOHVLFKPHLQHPHLQ0DQQIXKU5RV\IRUWZlKUHQGVLH]XGHQ2UWXQJV XQG)XQNDQODJHQVFKULWWÄLVWXQWHQEHLGHQ7ULHEZHUNHQXQGEHJLQQWPLWGHP 'XUFKFKHFNHQ Ä,Q2UGQXQJ0UV'HZLWWH2JLOYLHZDUZLHGLHJDQ]H%HVDW]XQJGHV .UHX]HUVDXFKHLQ6ROJHERUHQHUÄ6LHZLVVHQMDZDVVLH]XWXQKDEHQ 5RV\'HZLWWHPXUPHOWHHLQNDXPK|UEDUHVÄ-D 'LH6=ZDUHLQ$XINOlUXQJVNUHX]HUGHUQDFKGHUVFKRQVDJHQKDIWHQ 3ORRKQ.|QLJLQ-D\PDGDKU&RQ]HQWU\QDXVGHP0DKOVWURPGHU6WHUQHDXIGHQ

(LJHQQDPHQ-$<0$'$+5JHWDXIWZRUGHQZDU'LH-$<0$'$+5ZDUVHLW 0RQDWHQLQNHLQHP(LQVDW]PHKUJHZHVHQ6LHVROOWHMHW]WDXI+HU]XQG1LHUHQ EHUSUIWZHUGHQXPDOV$XINOlUHUIUGLH]XHUZDUWHQGH%HJHJQXQJPLW %$5',2&VYLHUWHU,QNDUQDWLRQ%8//2&HLQJHVHW]W]XZHUGHQ=XGLHVHP =ZHFNZDUHQ&RPPDQGHU2JLOYLHGHU7ULHEZHUNVLQJHQLHXU&KDUOHV'HZLWWH XQGVHLQH)UDXGLH2UWXQJVXQG)XQNWHFKQLNHULQ5RV\'HZLWWHDQ%RUG JHJDQJHQ 5RV\'HZLWWHOLHEWHGLH-$<0$'$+5PLWGHUVLHVFKRQHLQLJH$EHQWHXHU EHVWDQGHQKDWWH'DV6FKLIIVWHOOWHIUVLHDOV6RODQHULQHWZDV%HZHJOLFKHVGDU ZlKUHQGGLH62/VHOEVW]XGHUGHU.UHX]HUJHK|UWHQDFKLKUHP*HIKONHLQ 5DXPVFKLIIZDUVRQGHUQHLQVWDWLRQlUHU)L[SXQNWGLH+HLPDWGHU%RGHQGHQ PDQXQWHUGHQ)HQKDWWH 6FKZHLJHQGEHJDQQVLHPLWGHQ,QWHUQWHVWVGHU2UWXQJVDQODJH 9RUHLQHP-DKUDOVVLHXQG&KDUOHV'ZLWWHJHKHLUDWHWKDWWHQKDWWHVLHLKUHQ =ZHLWEHUXIDOV/DERUWHFKQLNHULQDXIJHJHEHQ'DV/HEHQDQ%RUGGHVULHVLJHQ GUHLWHLOLJHQ+DQWHOUDXPVFKLIIVHUIRUGHUWHHVGDIDVWMHGHV%HVDW]XQJVPLWJOLHG ]ZHLXQWHUVFKLHGOLFKH$XIJDEHQ]XHUIOOHQKDWWH,QGHU5HJHOODJHLQH $XIJDEHLQGHU7lWLJNHLWDQ%RUGGHU62/VHOEVWZlKUHQGGLH=ZHLW YHUZHQGXQJPLW9HUWHLGLJXQJVDXIJDEHQ]XWXQKDWWHRGHUZLHLQ5RV\V)DOO VLFKDXIHLQHVGHU]DKOUHLFKHQ%HLERRWHEH]RJ 'LHMXQJH)UDXZDUHWZDJURXQGODJPLWGLHVHU*U|HZHLWXQWHUGHP 'XUFKVFKQLWWGHU6RODQHUXQG7HUUDQHU,KUH]LHUOLFKHIDVWPlGFKHQKDIWH)LJXU OLHQLFKWDKQHQZHOFKH.UlIWHLQLKUHPGXUFKWUDLQLHUWHQ.|USHUVWHFNWHQ$XFK LKUHVHKUUXKLJHXQG]XUFNKDOWHQGH$UWZHFNWHHKHUGLH9HUPXWXQJGDVLHHLQ 0DXHUEOPFKHQVHL,KUH+DDUHWUXJVLHVHLWHLQLJHU=HLWJODWWJHNlPPWXQGELV DXIGLH6FKXOWHUQKHUDEKlQJHQG$XFKDXIGHU62/JLQJPDQPLWGHU0RGH'HV KDOEKDWWHVLHDXFKGLH+DDUIDUEHJHZHFKVHOW6FKZDU]ZDULP$XJHQEOLFN EHJHKUWXQGVRWUXJVLHGLH+DDUH,KUHJURHQGXQNOHQ$XJHQVWDFKHQLQGHP EODVVHQ*HVLFKWKHUYRU,QLKQHQODJHLQ=XJYRQ7UDXULJNHLWDEHUGDVWlXVFKWH 6LHNRQQWHVHKUIU|KOLFKXQGDXVJHODVVHQVHLQDEHUVLHYHUPLHGVROFKH/DXQHQ ZHQQHVXP$XIJDEHQJLQJGLHPLWGHU6LFKHUKHLWGHU62/]XWXQKDWWHQ'DQQ ZDUVLHVWLOOXQGDUEHLWHWHEHKDUUOLFKXQGXQWHUYROOHU.RQ]HQWUDWLRQ 6RZDUHVDXFKMHW]WDOVVLHGLH2UWXQJVDQODJHPLWGHP7HVWJHUlWYHUEXQGHQ KDWWHXQGGLHVLPXOLHUWHQ,PSXOVHLQGLH$QODJHIOLHHQOLH6LHK|UWHNDXP]X DOVYRQ=HLW]X=HLWGLH.ODUPHOGXQJHQLKUHV0DQQHVDXVGHP7ULHEZHUNVGHFN GXUFKJHVSURFKHQZXUGHQ&RPPDQGHU2JLOYLHPDFKWHVLFKVRUJIlOWLJH1RWL]HQ 1XUHLQPDOEOLFNWHGLH)UDXNXU]DXIDOVHLQ0DQQGLH=HQWUDOHEHWUDW6LH]HLJWH LKUH9HUZXQGHUXQJQLFKWGHQQGLHVHU0DQQJHK|UWH]XGHQEHNDQQWHVWHQ 3HUVRQHQDQ%RUGGHU62/ (VZDU$ODVND6DHGHODHUH 'HU0DQQPLWGHU3ODVWLNPDVNHLP*HVLFKWEHJUWHGLHEHLGHQ6ROJHERUHQHQ NXU]XQGHWZDVOLQNLVFK6DHGHODHUHZDUNHLQ0HLVWHULP8PJDQJPLWVHLQHQ 0LWPHQVFKHQ(UIKOWHVLFKDOV$XHQVHLWHUXQGGDVQXUZHLOHUGLHVHQ IUHPGDUWLJHQ2UJDQNOXPSHQLQVHLQHP*HVLFKWWUXJGHQNHLQ0HQVFKVHKHQ

GXUIWH Ä6LHVLQGZRKOIUGHQQlFKVWHQ(LQVDW]PLWGHU-$<0$'$+5YRUJHVHKHQ" ZROOWH2JLOYLHZLVVHQ(UHUKLHOWQXUHLQXQVLFKHUHV%UXPPHQ]XU$QWZRUW 5RV\'HZLWWHKDWWH]X7HVW]ZHFNHQGLH2UWXQJVDQODJHYROODNWLYLHUW'DKHU NRQQWHVLHQRFKHLQHQ:DUQVFKUHLDXVVWRHQDOVVLHSO|W]OLFKGDV(FKRHLQHV +RFKHQHUJLHVWUDKOVJHZDKUZXUGH,QVWLQNWLYXPNODPPHUWHVLHGHQ+DOWHJULII GHV.RQWUROOSXOWV )UGLHEHLGHQ0lQQHUMHGRFKNDPGLH:DUQXQJ]XVSlW0LWNUDFKHQGHP %HUVWHQWUDIHLQXQJHKHXUHU6FKODJGLH-$<0$'$+55RV\NODPPHUWHVLFK YHU]ZHLIHOWDQGHQ*ULIIXPQLFKWTXHUGXUFKGLH=HQWUDOHJHVFKOHXGHUW]X ZHUGHQ$XVGHQ$XJHQZLQNHOQKHUDXVVDKVLHZLH&RPPDQGHU2JLOYLHZLHHLQ ZHONHV%ODWWLP+HUEVWZLQGJHJHQHLQHQ6WDKOVFKUDQNJHZRUIHQZXUGHQXQG YHUNUPPW]X%RGHQVFKOXJ $ODVND6DHGHODHUHHUJLQJHVQXUZHQLJEHVVHU(UYHUORUGHQ+DOWXQGNQDOOWHPLW YROOHU:XFKWJHJHQGLH5FNVHLWHHLQHV.RQWXUVHVVHOV%HYRUHUZLHGHUDXIGHQ %HLQHQZDUVFKOXJGHU]ZHLWH7UHIIHULQXQPLWWHOEDUHU1lKHHLQ 6FKODJDUWLJHUORVFKGLH%HOHXFKWXQJQXUHLQHLQ]HOQHVVFKZDFKHV1RWOLFKW VSHQGHWHQRFKHWZDV+HOOLJNHLW'LH-$<0$'$+5ZXUGHYRQWRVHQGHQ *HZDOWHQXPKHUJHULVVHQ'LHNQVWOLFKH*UDYLWDWLRQGLHYRQGHU62/VHOEVW HU]HXJWZXUGHYHUVFKZDQG*HJHQVWlQGHVHJHOWHQGXUFKGLH=HQWUDOH 5RV\'HZLWWHNRQQWHVLFKQLFKWPHKUKDOWHQXQGIORJ]XU6HLWH,QVWLQNWLYVFKOR VLHGLH$XJHQXQGVXFKWHQDFKLUJHQGHLQHP+DOW6LHKDWWH*OFNGHQQLKUH +lQGHIDWHQQDFKGHQIHVWYHUDQNHUWHQ)HQHLQHV$UEHLWVSXOWV6LHNODPPHUWH VLFKGDUDQIHVW bQJVWOLFKZDUWHWHVLHGDUDXIGDGLH*UDYLWDWLRQZLHGHUHLQVHW]HQZUGH ZlKUHQGVLHGLH$XJHQ|IIQHWH$EHUGDVNQVWOLFKH6FKZHUHIHOGEOLHEDXV 1RFKZl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lQJWHVLHGLHDXINHLPHQGH3DQLNXQG8QVLFKHUKHLW 'DV)HKOHQGHUJHZRKQWHQ*UDYLWDWLRQYHUZLUUWHVLHXQGWUXJGD]XEHLGDVLH VLFKYRQGHU62/DEJHWUHQQWIKOWH(VZDUDOVREPDQLKUGHQ%RGHQXQWHUGHQ )HQZHJJH]RJHQKlWWH (LQOHLVHV6W|KQHQGDVYRQKHIWLJHP$WPHQEHJOHLWHWZXUGHZHFNWHLKUH $XIPHUNVDPNHLW0LWJHVFKORVVHQHQ$XJHQYHUVXFKWHVLHGLH5LFKWXQJ DXV]XPDFKHQDXVGHUGLH/DXWHNDPHQ'DQQVWLHVLHVLFKEHKXWVDPYRQGHP

$UEHLWVSXOWDE 'LHY|OOLJH6WLOOHHUOHLFKWHUWHLKUGLH2ULHQWLHUXQJ6LHVFKZHEWHGXUFKGHQ5DXP XQGUXGHUWHGDEHLPLWGHQ$UPHQ'DVKHIWLJH$WPHQNDPQlKHUXQGGDQQ EHUKUWHLKUH+DQGHLQHQPHQVFKOLFKHQ.|USHU 'HU0DQQODJDXIGHU6HLWHXQGEHZHJWHVLFKQLFKW$OVVLHLKQDXIGHQ5FNHQ GUHKWHGUDQJGDV,UUOLFKWGHV&DSSLQIUDJPHQWVVFKZDFKGXUFKLKUHJHVFKORVVH QHQ$XJHQOLGHU$OVRZDUHV$ODVND6DHGHODHUH 6RJXWHVLQGHU6FKZHUHORVLJNHLWJLQJWDVWHWHVLHGLHXQPLWWHOEDUH8PJHEXQJ DEXPGLH3ODVWLNPDVNH]XILQGHQ6LHKDWWHNHLQHQ(UIROJ ,KUH$XJHQEHJDQQHQXQWHUGHP'UXFNGHU]XVDPPHQJHSUHWHQ/LGHU]XWUlQHQ DEHUVLHZDJWHHVQLFKWVLHDXFKQXUHLQH6HNXQGH]X|IIQHQ6WDWWGHVVHQ VWUHFNWHVLHLKUHQ.|USHU0LW]ZHLVFKQHOOHQ*ULIIHQ]RJVLHLKUH/HGHUMDFNH DXV'DEHLYHUORUVLHGLH2ULHQWLHUXQJXQGSUDOOWHJHJHQGHQ%RGHQ(UOHLFKWHUW DWPHWHVLHDXIDOVVLHGDEHL6DHGHODHUHV%HLQEHUKUWH 6LHKDQJHOWHVLFKDQGHP0DQQHQWODQJELV]XGHVVHQ.RSI2KQH=|JHUQWDVWHWH VLHQDFKGHUIUHPGDUWLJHQ2UJDQPDVVHLQ6DHGHODHUHV*HVLFKW6LHNOHPPWHVLFK GHQ2EHUN|USHUGHV0DQQHV]ZLVFKHQGLH%HLQHXPEHLGH+lQGHIUHL]XKDEHQ 'DQQVFKODQJVLHLKUH-DFNHXPGHQ.RSIGHV0DQQHVXQGYHUNQRWHWHGLHbUPHO DXIGHU+LQWHUVHLWH (UVWMHW]WZDJWHVLHGLH$XJHQ]X|IIQHQ'DVVFKZDFKH1RWOLFKWEUDQQWHQRFK LPPHU6RQVWDEHUKHUUVFKWHIDVWY|OOLJH'XQNHOKHLWXQGWRWDOH6WLOOH 6LHVWLHVLFKYRP%RGHQDEXQGVFKZHEWH]XP+DXSWSXOW'RUWGUFNWHVLHGLH 7DVWHIUGLH1RWDNWLYLHUXQJGHV5DXPVFKLIIV$EHUQLFKWVJHVFKDK'LH -$<0$'$+5PXWHVFKZHUJHWURIIHQZRUGHQVHLQ ,KU%OLFNILHODXI&RPPDQGHU2JLOYLHGHUVFKUlJLP5DXPKLQJ6HLQ*HVLFKW ZDUEOXWYHUVFKPLHUW9RUVHLQHP0XQGKLQJHQNOHLQH%OXWWURSIHQLQGHU 6FKZHUHORVLJNHLW 7DXVHQG*HGDQNHQUDVWHQGXUFKLKUHQ.RSI:DVZDUJHVFKHKHQ":DVZDUPLW &KDUOHVLKUHP0DQQGHUXQWHQGLH7ULHEZHUNVWHVWVGXUFKIKUHQVROOWH" =XIlOOLJILHOLKU%OLFNDXI6DHGHODHUHV3ODVWLNPDVNHGLHKDOEXQWHUGLH.RQVROH GHV+DXSWSDQRUDPDELOGVFKLUPVJHUXWVFKWZDU6LHVWLHVLFKHUQHXWDEXQG VFKZHEWH]XGHU6WHOOH $OVVLHGLH0DVNHDXIKREK|UWHVLHHLQ*HUlXVFKKLQWHUVLFK0LWHLQHU JHVFKLFNWHQ*HJHQGUHKXQJZHQGHWHVLHLKUHQ.|USHU $ODNVD6DHGHODHUHZDUZLHGHUEHL%HZXWVHLQ(UUXGHUWHPLWGHQ$UPHQLQGHU /XIWKHUXPXQGWDVWHWHQDFKGHU-DFNHGLH5RV\XPVHLQHQ.RSIJHEXQGHQ KDWWH Ä:DUWHQVLH$ODVNDULHIVLHVFKQHOOÄ1LFKWGLH-DFNHDEQHKPHQ,FKKDEH,KUH 0DVNHXQGNRPPH]X,KQHQ 'HU0DQQVWLHHLQGXPSIHV*UROOHQDXV:DKUVFKHLQOLFKQDKPLKPGLHHQJH 9HUVFKQUXQJGHQ$WHP 5RV\EHHLOWHVLFK*HVFKLFNWJOLWWVLH]X6DHGHODHUHXQGIDWHVHLQHUHFKWH+DQG 6LHGUFNWHLKPGLH0DVNHKLQHLQ Ä6LHKDEHQVLHYHUORUHQ:DUWHQ6LHELVLFKPLFKXPGUHKHXQGGLH$XJHQ

VFKOLHH'DQQQHKPHQ6LHGLH-DFNHDEXQGVHW]HQGLH0DVNHZLHGHUDXI 6DHGHODHUHKREHLQH+DQG]XP=HLFKHQGDHUHLQYHUVWDQGHQZDU Ä6LHN|QQHQGLH$XJHQMHW]W|IIQHQ0UV'HZLWWHK|UWHVLHNXU]GDUDXI $OVVLHGHQ0DVNHQWUlJHUDQEOLFNWHKLHOWGHULKUGLH-DFNHHQWJHJHQ Ä'DQNH0UV'HZLWWHVDJWH6DHGHODHUHHLQIDFK Ä6DJHQ6LHUXKLJ5RV\]XPLUDQWZRUWHWHGLH)UDXÄ8QGGDQQPDFKHQ6LHVLFK ELWWHHLQSDDU*HGDQNHQZLHZLUDXVGLHVHP6FKODPDVVHOKHUDXVNRPPHQ 0LWNQDSSHQ:RUWHQEHULFKWHWHVLHGHP$NWLYDWRUWUlJHUZDVYRUJHIDOOHQZDU XQGZDVVLHEHREDFKWHWKDWWH$ODVNDK|UWHLKUVFKZHLJHQG]X'DEHLVFKZHEWH HUODQJVDP]XP.RQWUROOVFKDOWSXOWGHU1RWDJJUHJDWH 6DHGHODHUHKDQWLHUWHDQGHQ%HGLHQXQJVHOHPHQWHQGHV3XOWHVKHUXP,QGHU1lKH HUNODQJHLQVFKZDFKHU6XPPWRQ.XU]GDUDXIVHW]WHHLQHVFKZDFKH*UDYLWDWLRQ HLQXQGGLHEHLGHQ0HQVFKHQJHZDQQHQZLHGHU%RGHQXQWHUGHQ)HQ 0HKUHUH/DPSHQIODFNHUWHQDXI Ä(VKDWGHQ$QVFKHLQVDJWH6DHGHODHUHÄGDGLH+DXSWHQHUJLHYHUVRUJXQJWRWDO DXVJHIDOOHQLVW$XFKDXVGHU7ULHEZHUNVHNWLRQNRPPHQNHLQH,PSXOVH Ä0HLQ0DQQLVWGRUWXQWHQVDJWH5RV\OHLVH Ä,FKZHUGHQDFKVHKHQ.PPHUQ6LHVLFKXP2JLOYLH8QGGDQQYHUVXFKHQ6LH GLH)XQNVWDWLRQLQ%HWULHE]XQHKPHQ:HQQPLFKQLFKWDOOHVWlXVFKWKDWXQV GHU$QJULIIDXVGHU62/KHUDXVJHVFKOHXGHUW 2KQHHLQH$QWZRUWDE]XZDUWHQYHUOLHHUGLH=HQWUDOH 'LH8QWHUVXFKXQJGHV&RPPDQGHUVGDXHUWHQXU6HNXQGHQ'DQQZXWH5RV\ GDGHU0DQQWRWZDU(UPXWHVLFKVFKRQEHLGHPHUVWHQ$XISUDOOGXUFKGHQ XQJOFNOLFKHQ=XVDPPHQSUDOOPLWGHP6WDKOVFKUDQNGDV*HQLFNJHEURFKHQ KDEHQ5RV\OHJWHHLQH'HFNHEHUVHLQHQ.|USHU 'DQQDNWLYLHUWHVLHGLH)XQNDQODJHQ=XHUVWPXWHVLHIHVWVWHOOHQGDGDV +\SHUIXQNJHUlWY|OOLJDXVJHIDOOHQZDU6HQGHUXQG(PSIlQJHUUHDJLHUWHQQLFKW 'LH1RUPDOIXQNDQODJHDUEHLWHWHQRFKVW|UXQJVIUHL$EHUVLHK|UWHDXINHLQHP .DQDOHLQ6LJQDOXQGDOVVLHHLQHQ5XIDXIYHUVFKLHGHQHQ)UHTXHQ]HQDEVWUDKOWH HUKLHOWVLHNHLQH$QWZRUW 6LHVFKDOWHWHJHUDGHGLH$XWRPDWLNHLQDOV6DHGHODHUH]XUFNNDP(UEOLHE XQEHKROIHQLP(LQJDQJVVFKRWWVWHKHQXQGPDFKWHHLQHIDKULJH%HZHJXQJPLW GHU+DQG5RV\NRQQWHGHQ%OLFNLQVHLQHQ$XJHQGXUFKGLHVFKPDOHQ6FKOLW]H VHLQHU0DVNHQLFKWHUNHQQHQ Ä(ULVWWRWQLFKWZDKU"VDJWHVLHGDQQNDXPK|UEDU 6LHVFKOXFNWHQXUXQGEOLFNWHNXU]]X%RGHQDOV6DHGHODHUHQLFNWH Ä'HUHUVWH7UHIIHUPXGLH$XHQZDQGGHU6=]HUVW|UWKDEHQHUNOlUWHGHU 0DVNHQWUlJHUÄ'HU]ZHLWHWUDIYROOLQGLHXQWHUH+lOIWHGHU-$<0$'$+5(U KDWGDV6FKLIIDXVGHP/HLEGHU62/KLQDXVJHULVVHQ ,UJHQGZLHIKOWHHUGDLKPGLH)UDXJDUQLFKW]XK|UWH Ä6LHPVVHQMHW]WVHKUWDSIHUVHLQ5RV\IJWHHUKROSULJKLQ]X 0LWHLQHP5XFNIORJ5RV\V.RSIKRFK Ä0DFKHQ6LHVLFKXPPLFKNHLQH6RUJHQ$ODVNDVDJWHVLHPLWHLQHPNDXP ZDKUQHKPEDUHQ=LWWHUQLQGHU6WLPPHÄ'HU&RPPDQGHULVWDXFKWRW,FKKDEH

NHLQHQ)XQNNRQWDNWEHNRPPHQ$OOHUGLQJVLVWGLH+\SHUIXQNDQODJHDXVJHIDOOHQ 'HU2UWXQJVVFKLUPLVWOHHU(VLVWDOVRE6LHVWRFNWHXQGZDUWHWHGD$ODVND LKUGHQ5HVWGHV6DW]HVDEQHKPHQZUGH$EHUGHUVFKZLHJ Ä(VLVWDOVREGLH62/QLFKWPHKUH[LVWLHUHQZUGHVDJWHVLHGDQQ 6DHGHODHUHVFKWWHOWHGHQ.RSI Ä'DVLVWXQP|JOLFK:DKUVFKHLQOLFKVLQGZLUQXU]XZHLWDEJHWULHEHQZRUGHQ 0DQZLUGQDFKXQVVXFKHQ 6HLQH6WLPPHPXWHQLFKWVHKUEHU]HXJHQGJHNOXQJHQKDEHQGHQQ5RV\ DQWZRUWHWHLKPVHKUEHVWLPPWÄ6LHZLVVHQGDZLULQGHUNXU]HQ=HLWQLFKWVR ZHLWYRQGHU62/ZHJJHIORJHQVHLQN|QQHQDOVGDLFKVLHQLFKWPLWGHP 1RUPDOIXQNKlWWHHUUHLFKHQN|QQHQ 'HU0DQQ]XFNWHOLQNLVFKPLWGHQ6FKXOWHUQ Ä:LUZHUGHQHLQH/|VXQJILQGHQ Ä,FKZWH]ZDUQLFKWZLHDEHULFKZLOO,KQHQQDFKEHVWHQ.UlIWHQKHOIHQ ,QGLHVHP$XJHQEOLFNEHJDQQGDV:UDFNGHU-$<0$'$+5]XEHVFKOHXQLJHQ 'HU6RJPXWHYRQDXHQNRPPHQGHQQGLH$QGUXFNQHXWUDOLVDWRUHQZHQQVLH EHUKDXSWQRFKHLQLJHUPDHQDUEHLWHWHQJOLFKHQGLH%HVFKOHXQLJXQJQLFKWDXV $ODVND6DHGHODHUHHLOWH]XGHP2UWXQJVSXOWXQGVFKDOWHWHVlPWOLFKH 2V]LOORJUDSKHQXQGGHQ0DVVHWDVWHUHLQ Ä.HLQHLQ]LJHV6LJQDOPXUPHOWHHUÄ,UJHQGHWZDVPXDEHUGDVHLQGHQQGHU 6RJNDQQQXUYRQHLQHP7UDNWRUVWUDKONRPPHQ2GHUGLH$QODJHKDWHLQHQ'H IHNW Ä'LH6RIRUWWHVWVZDUHQSRVLWLYVDJWH5RV\Ä6RYLHOH)HKODQ]HLJHQVLQGVHOEVW EHLGHQHLQJHWUHWHQHQ=HUVW|UXQJHQXQP|JOLFK 'LH%HZHJXQJGHV:UDFNVVFKLHQHLQHQNRQVWDQWHQ:HUWHUUHLFKW]XKDEHQ GHQQHVZDUNHLQH%HVFKOHXQLJXQJPHKUVSUEDU 6DHGHODHUHXQG5RV\'HZLWWHKDUUWHQGHU'LQJHGLHGDNRPPHQVROOWHQ Ä'DULHIGLH)UDXXQG]HLJWHDXIGHQ1RWELOGVFKLUP %XFKVWlEOLFKDXVGHP1LFKWVZDUGRUWLQXQPLWWHOEDUHU1lKHHLQODQJJHVWUHFNWHU .DVWHQDXIJHWDXFKW=ZHLIHOORVKDQGHOWHHVVLFKGDEHLXPHLQH$UW5DXPVFKLII $XIGHU$XHQKOOHGHVJXW0HWHUODQJHQ*HELOGHVZXUGHQ3URMHNWRUHQ 6FKOHXVHQXQG$QWHQQHQVLFKWEDU5DVFKEHZHJWHVLFKGLH-$<0$'$+5DXI GDV6FKLII]X Ä(VVLHKWDXVZLHHLQULHVLJHU6DUJPHLQWH5RV\$OVVLH$ODVNDV=|JHUQ EHPHUNWHIJWHVLHUDVFKKLQ]XÄ,FKPHLQHGLHlXHUH)RUP $EUXSWZXUGHGLH-$<0$'$+5EH]LHKXQJVZHLVHGDVZDVQRFKYRQLKUEULJ ZDUDEJHEUHPVW,P0LWWHOWHLOGHV.DVWHQVFKLIIV|IIQHWHQVLFK]ZHLJURH 6FKOHXVHQXQGHLQKDOEHV'XW]HQGNOHLQHU6FKLIIHVFKRGDUDXVKHUYRUXQG QDKP.XUVDXIGLH-$<0$'$+5 Ä+LHUJLEWHVGRFKLUJHQGZR.DPSIDQ]JHVDJWH6DHGHODHUH Ä:LU]ZHLJHJHQGLHVHhEHUPDFKW"IUDJWH5RV\]XUFN Ä8QVLQQ5RV\'HQNHQ6LHDQ/XIW*UDYLWDWLRQ7HPSHUDWXU,FKKDEHNHLQH $KQXQJZHOFKH=XVWlQGHEHLGHQHQKHUUVFKHQ'DPDQXQVKROHQZLOOVWHKW IHVW$XHUGHPVHLQH6WLPPHEHNDPHLQHQKDUWHQ.ODQJÄZHQQGLHXQVDQGHQ

.UDJHQZROOHQGDQQQHKPHLFKQRFKHLQLJHYRQLKQHQPLW 5RV\GLHVLFKLQGHU=HQWUDOHGHV-$<0$'$+5QDWUOLFKEHVWHQVDXVNDQQWH VFKOHSSWH]ZHL.DPSIDQ]JHKHUEHL :lKUHQGGLHEHLGHQ0HQVFKHQGLH.RPELQDWLRQHQEHU]RJHQZDUIHQVLHDEXQG ]XHLQHQ%OLFNDXIGHQ%LOGVFKLUP'LH%HLERRWHGHV.DVWHQVFKLIIVPXWHQMH GHQ0RPHQWDQGHU-$<0$'$+5DQOHJHQ Ä+DEHQ6LHIUPLFKDXFKQRFKVRHLQ'LQJ" ,P+DXSWHLQJDQJGHU=HQWUDOHVWDQGHLQ0DQQGHQ$ODVNDXQG5RV\QRFKQLHLQ LKUHP/HEHQJHVHKHQKDWWHQ(UKLHOWVLFKGHQOLQNHQ8QWHUDUPZRDXVHLQHU :XQGH%OXWWURSIWH Ä:RNRPPHQ6LHGHQQKHU"5RV\'HZLWWHZDUVLFKWOLFKYHUEOIIWQRFKHLQHQ OHEHQGHQ0HQVFKHQDQ%RUGGHUVFKZHUDQJHVFKODJHQHQ-$<0$'$+5]X VHKHQ Ä,FKKHLH*UDQHU,QGDFRFKHDDQWZRUWHWHGHU0DQQPLWXQVLFKHUHUXQG SLHSVHQGHU6WLPPH'HU.ODQJGLHVHU6WLPPHVWDQGLQNUDVVHP*HJHQVDW]]X VHLQHPlXHUHQ(UVFKHLQXQJVELOGÄ,FKELQ%LRJHQ'LDJQRVWLNHUDQ%RUGGHU 62/ Ä9LHOOHLFKWVROOWHQ6LHEHVVHUVDJHQLFKZDU%LRJHQ'LDJQRVWLNHUDQ%RUGGHU 62/PHLQWH5RV\QLFKWRKQH6DUNDVPXV Ä,FKYHUVWHKH6LHQLFKW *UDQHU,QGDFRFKHDZDUHLQHDXVJHVSURFKHQJXWHPlQQOLFKH(UVFKHLQXQJHWZD 0HWHUJUREUDXQJHEUDQQWXQGYRQGHU1DWXURGHUGXUFKVWlQGLJHV 7UDLQLQJPLWHLQHPDWKOHWLVFKHQ.|USHUYHUVHKHQ(UWUXJIDVWVFKZDU]H VRUJIlOWLJJHNlPPWH+DDUHGLHQLFKWJDQ]ELV]XGHQ6FKXOWHUQUHLFKWHQ,P *HJHQVDW]]XVHLQHPlXHUHQ%LOGVWDQGQLFKWQXUGLHZHLFKHKRKH6WLPPH VRQGHUQDXFKGDVYRQ8QVLFKHUKHLW]HXJHQGHXQUXKLJH)ODFNHUQVHLQHU$XJHQ :HQQHUHLQHQ%OLFNDXIVHLQHQQXUOHLFKWOlGLHUWHQ8QWHUDUPZDUIZLUNWHGLHVHU IDVWZHLQHUOLFK Ä6LHVLQGHLQ6ROJHERUHQHUQLFKWZDKU"VDJWH$ODVND6DHGHODHUH8QGRKQH VHLQH$QWZRUWDE]XZDUWHQIXKUHUIRUWÄ:LHNRPPHQ6LHKLHUKHU" ,QGDFRFKHDNUDW]WHVLFKJHPlFKOLFKDP+LQWHUNRSI(UZLUNWHLUJHQGZLH XQVLFKHUVFKLHQVLFKDEHUEHUGLHJHJHQZlUWLJH6LWXDWLRQJDUQLFKWLPNODUHQ]X VHLQ Ä1DWUOLFKELQLFKHLQZDVFKHFKWHU6RODQHUSLHSVWHHUGDQQÄ,FKELQHUVW -DKUHDOWXQGGDLVWGDVGRFKORJLVFKRGHU" (UNDPHLQSDDU6FKULWWHDXIGLHEHLGHQ]XXQGKLHOWVLFKGDEHLNUDPSIKDIWVHLQHQ OLQNHQ8QWHUDUPÄ,FKZROOWHPLUHLQPDOHLQ5DXPVFKLIIDQVHKHQIXKUHUGDQQ IRUWÄXQG]ZDUYRQLQQHQ'DLFKKHXWHNHLQHQ'LHQVWLP/DERUKDWWHELQLFK HLQIDFKDQ%RUGGLHVHV6FKODFKWVFKLIIVJHJDQJHQ'LHURERWLVFKH.RQWUROOHGHV +DQJDUVKDWWHNHLQH(LQZlQGH Ä'LH-$<0$'$+5LVWNHLQ6FKODFKWVFKLIIVRQGHUQEHJDQQ5RV\DEHUVLH ZXUGHGXUFKHLQHHQHUJLVFKH+DQGEHZHJXQJ6DHGHODHUHVXQWHUEURFKHQ Ä,FKHUNOlUH,KQHQGDVVSlWHU0U,QGDFRFKHDVDJWHGHU0DVNHQWUlJHUÄ-HW]W LVWGDIUNHLQH=HLW/DVVHQ6LHVLFKHLQHQ5DXPDQ]XJJHEHQXQGEHUHLWHQ6LH

VLFKGDUDXIYRUGDZLUJOHLFKYRQ8QEHNDQQWHQJHNDSHUWZHUGHQ Ä*HNDSHUW"IUDJWHGHU%LRJHQ'LDJQRVWLNHUJHGHKQWXQGOLHGHQ0XQGZHLW RIIHQVWHKHQÄ'DVLVWGRFKQLFKW,KU(UQVW" 6DHGHODHUHJDELKPNHLQH$QWZRUW6HLQ%OLFNUXKWHDXIGHP%LOGVFKLUPZRGLH NOHLQHQ6FKLIIHDXVGHPULHVLJHQ.DVWHQVFKLIIDXVGHP(UIDVVXQJVEHUHLFKGHU .DPHUDVYHUVFKZXQGHQZDUHQ'DVNRQQWHQXUEHGHXWHQGDVLHDQGHU -$<0$'$+5DQJHGRFNWKDWWHQ 5RV\ZDUXQWHUGHVVHQQLFKWXQWlWLJJHZHVHQ6LHKDWWHHLQHQZHLWHUHQ .DPSIDQ]XJKHUEHLJHVFKDIIWXQGZDUILKQYRU,QGDFRFKHDV)H Ä$Q]LHKHQ 'HU0DQQEOLFNWHXQVLFKHUDXIGLH.RPELQDWLRQ Ä1XQPDFKHQ6LHVFKRQYRUDQKHUUVFKWHLKQGLH2UWXQJVWHFKQLNHULQDQ ,QGDFRFKHDEFNWHVLFKXQGKREGHQ$Q]XJDXI(UKDQWLHUWHHLQH:HLOHGDPLW KHUXPELVHUVLFKPLWVHLQHPXQYHUOHW]WHQ$UPLP+RVHQWHLOGHV$Q]XJVYHU IDQJHQKDWWH%HLGHP9HUVXFKGHQ$UPIUHL]XEHNRPPHQWUDWHUDXIHLQHQORVH KHUDEKlQJHQGHQbUPHOVWROSHUWHXQGVWU]WH]X%RGHQ $ODVND6DHGHODHUHIXKUKHUXPÄ%LWWHKHOIHQ6LHGLHVHP7\SLQGHQ .DPSIDQ]XJ5RV\,FKKDEHGDVGXQNOH*HIKOGDGHU+HUU:LVVHQVFKDIWOHU VRHLQ'LQJQRFKQLHJHVHKHQJHVFKZHLJHGHQQJHWUDJHQKDW 1RFKZlKUHQG5RV\GHP0DQQEHLPhEHU]LHKHQGHU.RPELQDWLRQEHKLOIOLFK ZDUGU|KQWHHLQHODXWH6WLPPHGXUFKGHQ.UHX]HU'LH6SUDFKHNODQJLUJHQGZLH PHQVFKOLFKDEHUGHU6LQQGHU:RUWHEOLHE6DHGHODHUHYHUERUJHQ1RFKQLHKDWWH HUGLHVHRGHUHLQHlKQOLFKH6SUDFKHJHK|UW0LWHLQHPUDVFKHQ*ULIIDNWLYLHUWHHU VHLQHQ7UDQVODWRU$EHUGLHURWH/DPSHDQGHPWUDJEDUHQ6SUDFKEHUVHW]HU ]HLJWHDQGDDXFKGLHVHUPLWGHQGU|KQHQGHQ:RUWHQQLFKWVDQIDQJHQNRQQWH 1RFKQLFKWGDFKWH6DHGHODHUHGHQQHVZDUQXUHLQH)UDJHGHU=HLWELVGDV OHLVWXQJVIlKLJH*HUlWJHQJHQGYHUEDOHXQGVHPDQWLVFKH.RPELQDWLRQHQJHK|UW KDWWHXPGHQ7H[WWHLOZHLVHRGHUJDQ]]XEHUVHW]HQ Ä6LHVWHOOHQVLFKDQZLHGHUOHW]WH(VHOVFKLPSIWH5RV\GLHVLFKWOLFK 6FKZLHULJNHLWHQKDWWH,QGDFRFKHDHLQHQ9HUEDQGXPVHLQHQYHUOHW]WHQ$UP]X OHJHQXQGLKQLQGHQ.DPSIDQ]XJ]X]ZlQJHQ,PPHUZLHGHUVWHOOWHVLFKGHU 0DQQVRWROSDWVFKLJDQGDHULKUH%HPKXQJHQ]XQLFKWHPDFKWH $OVGLHIUHPGH6WLPPHIUHLQHQ$XJHQEOLFNVFKZLHJXQG6DHGHODHUHQRFKQDFK GHP8UVSUXQJVRUWGHU7|QHVXFKWHOHXFKWHWHDQVHLQHP7UDQVODWRUGLHJHOEH /DPSHDXI'DVEHGHXWHWHGDHLQHWHLOZHLVHhEHUVHW]XQJJHOXQJHQZDU(U GUFNWHGLH.RPPXQNDWLRQVWDVWHXQGIUDJWHGDV*HUlW Ä:HOFKH,QIRUPDWLRQHQOLHJHQYRU" 3URJUDPPJHPlHUOlXWHUWHGHU7UDQVODWRU]XQlFKVWGDQXUHLQHXQJHQDXH hEHUWUDJXQJGHV6LQQHVGHUJHK|UWHQ:RUWHYRUOlJHXQGGDNHLQH*DUDQWLHIU GLH5LFKWLJNHLWJHJHEHQZHUGHQNRQQWH Ä(LQHP|JOLFKHhEHUVHW]XQJODXWHWVDJWHGDQQGLH.XQVWVWLPPHGHV 7UDQVODWRUVÄGDGLH+XUR]RQVDXIJHIRUGHUWZHUGHQLKUH:DIIHQZHJ]XZHUIHQ XQGVLFKZLGHUVWDQGVORV]XHUJHEHQ Ä$KDGLH+XUR]RQVVDJWH5RV\ELWWHUXQGVFKORGHQOHW]WHQ0DJQHWYHUVFKOX

DQ,QGDFRFKHDV.DPSIDQ]XJ$ODVNDEOLFNWHVLHHUVWDXQWDQÄ.|QQHQ6LHPLW GHP:RUW+XUR]RQVGHQQHWZDVDQIDQJHQ" 5RV\VFKWWHOWHGHQ.RSI Ä1DWUOLFKQLFKWVDJWHVLHGDQQOHLVHÄ,FKKDEHGDVQXUVRJHVDJW9LHOOHLFKW ELQLFKHLQIDFK]XYHUZLUUW6FKOLHOLFKLVW&KDUOHVLFKPHLQHPHLQ0DQQXQG GLH62/LVWDXFKZHJ 6LHEUDFKXQYHUPLWWHOWDE Ä6FKRQJXWVDJWH6DHGHODHUHÄ%OHLEHQ6LHVRWDSIHU,FKZXQGHUHPLFK VRZLHVRZLH6LHDOOHVGXUFKKDOWHQ Ä6FKOLHOLFKELQLFKHLQH6RODQHULQVDJWHVLHXQGEHPKWHVLFKLKUHU6WLPPH HLQHQIHVWHQ.ODQJ]XJHEHQ ,QGLHVHP$XJHQEOLFNGUDQJHQGXUFKGDV+DXSWVFKRWWXQGGXUFKGLH $QWLJUDYU|KUHGHV1RWDXVVWLHJVJOHLFK]HLWLJPHKUHUH*HVWDOWHQLQGLH .RPPDQGR]HQWUDOHGHU-$<0$'$+5HLQ'DVJHVFKDKVRVFKQHOOGDVHOEVW 6DHGHODHUH]XNHLQHUYHUQQIWLJHQ5HDNWLRQIlKLJZDU %HLHLQHP7HLOGHU(LQGULQJOLQJHKDQGHOWHHVVLFK]ZHLIHOORVXP5RERWHU'LH U|KUHQI|UPLJHQ0HWDOON|USHUVFKZHEWHQGLFKWEHUGHP%RGHQ6LHEHVDHQ NHLQHUOHL*HKZHUN]HXJH$QGHPREHUHQ5DQGGHVJXWPDQQVJURHQ.|USHUV ZDUHQYHUVFKLHGHQH6HQVRUHQ]XHUNHQQHQ$XFK$UPHRGHUlKQOLFKH*HELOGH IHKOWHQY|OOLJ *DQ]DQGHUVVDKHQGLH%HJOHLWHUGLHVHU5RERWHUDXV=ZHLIHOORVKDQGHOWHHVVLFK XPKXPDQRLGH/HEHZHVHQDEHULKUH.|USHUJU|HEHWUXJQXUJXWHLQHQ0HWHU 6LHHULQQHUWHQ6DHGHODHUHDQKXW]OLJH/LOLSXWDQHURGHUDQ]XJURJHUDWHQH XUDOWH6LJDQHVHQ,QGHQ+lQGHQGHUNOHLQHQ/HEHZHVHQODJHQ:DIIHQGLHLP *U|HQYHUKlOWQLV]XGHQ.|USHUQZLHZDKUH8QJHWPHZLUNWHQ (LQLJHGHU=ZHUJHULHIHQODXWVWDUNH:RUWH=ZHLIHOORVKDQGHOWHHVVLFKGDEHLXP GLHJOHLFKH6SUDFKHGLHGLHGUHLVFKRQ]XYRUJHK|UWKDWWHQ'HU7UDQVODWRU VFKDOWHWHDEHULPPHUQRFKQLFKWDXIDXWRPDWLVFKH6LPXOWDQEHUVHW]XQJ 6DHGHODHUHVDKVRIRUWHLQGDMHGHU:LGHUVWDQGJHJHQGLHVHhEHUPDFKWY|OOLJ VLQQORVZDU0LQGHVWHQV]HKQ5RERWHUXQGHLQKDOEHV'XW]HQGGHU]ZHUJHQKDI WHQ:HVHQKDWWHQLQ6HNXQGHQVFKQHOOHGLH=HQWUDOHJHIOOW 8PVHLQIULHGOLFKHV9HUKDOWHQ]XGHPRQVWULHUHQKREHUEHLGH$UPHODQJVDPLQ .RSIK|KH0LWHLQHP.RSIQLFNHQYHUVWlQGLJWHHUVLFKPLW5RV\'HZLWWHXQGGLH )UDXIROJWHVHLQHP%HLVSLHO *DQ]DQGHUVMHGRFKYHUKLHOWVLFK*UDQHU,QGDFRFKHD'HU0DQQVWLHHLQHQ EHUWULHEHQVSLW]NOLQJHQGHQ6FKUHLDXVXQGYHUVXFKWHGHQPLWWHOVFKZHUHQ 7KHUPRVWUDKOHUDXVGHP+DOIWHUVHLQHV.DPSIDQ]XJV]X]LHKHQ'D5RV\ 6DHGHODHUHWHLOZHLVHGLH6LFKWYHUVSHUUWHEHPHUNWHGHU0DVNHQWUlJHUGDV XQVLQQLJH9RUKDEHQGHV%LRJHQ'LDJQRVWLNHUV]XVSlW 1DFKPHKUHUHQ9HUVXFKHQGLHDQGHUHLJHQHQ8QJHVFKLFNWKHLWVFKHLWHUWHQ JHODQJHVGHP0DQQWDWVlFKOLFKGLH:DIIHLQ6FKXSRVLWLRQ]XEULQJHQ:LHHU GHQ6LFKHUXQJVKHEHOGDEHLO|VHQNRQQWHVROOWHIU6DHGHODHUHHZLJHLQ5lWVHO EOHLEHQ (UPHUNWHHUVWZDVVLFKDEVSLHOWHDOVGHUIHLQJHEQGHOWH(QHUJLHVWUDKOGXUFK

GHQ5DXP]LVFKWH'D,QGDFRFKHDGDEHLGLHRKQHKLQQLFKWPHKUEUDXFKEDUH WHFKQLVFKH(LQULFKWXQJQRFKPHKU]HUVW|UWHVSLHOWHHLJHQWOLFKNHLQH5ROOHPHKU 6HLQXQNRQWUROOLHUWDEJHIHXHUWHU6WUDKOWUDIDEHUDXFKHLQHQGHUHLQJHGUXQJHQHQ 5RERWHUXQG]ZHLGHU=ZHUJZHVHQ 'DQQEOLW]WHHVNXU]DP2EHUUDQGHLQHV5RERWHUVDXI(LQIDKOHV/LFKWODJIU 6HNXQGHQEUXFKWHLOHLP5DXPXQGKOOWHGLH*HVWDOWGHV%LRJHQ'LDJQRVWLNHUV HLQ,QGDFRFKHDEUDFKU|FKHOQG]XVDPPHQ ;;; 5RV\WUDWVFKQHOO]XGHP]XVDPPHQJHVXQNHQHQ0DQQXQGYHUVHW]WHGHU:DIIH HLQHQ)XWULWWVRGDGLHVHLQHLQH(FNHIORJ6LHKRIIWHGXUFKGLHVH*HVWHGHQ (LQGULQJOLQJHQ]XEHZHLVHQGDVLHXQG6DHGHODHUHQLFKWEHDEVLFKWLJWHQGHP YRUVFKQHOOHQ,QGDFRFKHDQDFK]XHLIHUQ 'LHEHLGHQJHWURIIHQHQ=ZHUJHODJHQEHZHJXQJVORVDP%RGHQ6DHGHODHUH YHUPXWHWHGDVLHW|GOLFKJHWURIIHQZRUGHQZDUHQ (WZDV(UVWDXQOLFKHVJHVFKDK'LHEULJHQ=ZHUJHNPPHUWHQVLFKEHUHLQH 0LQXWHODQJQLFKWXPGLHGUHL0HQVFKHQ6LHGLVNXWLHUWHQLQLKUHUXQYHUVWlQGOL FKHQ6SUDFKH'DQQWUDWHQ]ZHLGHU=ZHUJHKLQ]XXQGKREHQGLHEHLGHQ *HWURIIHQHQDXI 2EZRKO6DHGHODHUH]ZLVFKHQGHQHLQ]HOQHQ=ZHUJHQGHXWOLFKH8QWHUVFKLHGH IHVWVWHOOHQNRQQWHGLHVRZRKOLQGHU.OHLGXQJDOVDXFKLQGHQ*HVLFKWV]JHQ ODJHQVFKLHQHVLKPIUHLQHQ0RPHQWDOVREGLH=ZHUJHGLHGLH7RWHQ DXIKREHQH[DNWH(EHQELOGHUZlUHQ 'DV3DODYHUGHU=ZHUJHKDWWHLQ]ZLVFKHQGHU3RVLWURQLNGHV7UDQVODWRUVGD]X YHUKHOIHQGLH6SUDFKHKLQUHLFKHQG]XDQDO\VLHUHQ$OVHLQHUGHU=ZHUJHVLFKDQ 6DHGHODHUHXQG5RV\ZDQGWHJDEGDV*HUlWHLQHQNXU]HQ6XPPODXWDEXQG VFKDOWHWHDXIJUQ'DPLWEHJDQQHVVLPXOWDQ]XEHUVHW]HQ Ä,FKELQ%URGJRQ$$VDJWHGHU=ZHUJÄXQGLFKIRUGHUHHXFKDXIMHGHQ :LGHUVWDQGDXI]XJHEHQ Ä,FKELQ%URGJRQ$NDPGLH6WLPPHHLQHVDQGHUHQ=ZHUJHVYRQGHU JHJHQEHUOLHJHQGHQ6HLWHGHU=HQWUDOHÄ:HQQLKUGHP%HIHKOQLFKWIROJW ZHUGHWLKUJHW|WHW8QG]ZDUKLHU,KUZLWZHOFKH6FKDQGHGDVEHGHXWHQ ZUGH )UHLQHQ0RPHQW]ZHLIHOWH6DHGHODHUHDQGHUhEHUVHW]XQJGHV7UDQVODWRUV GHQQGLH:RUWHVFKLHQHQLKPQLFKWLQMHGHU+LQVLFKWVLQQYROO'DILHOVHLQ%OLFN DXIGHQ=ZHUJGHUDOV]ZHLWHUJHVSURFKHQKDWWH9HUEOIIWUHJLVWULHUWHGHU 0DVNHQWUlJHUGDGLHVHULQVHLQHPlXHUHQ(UVFKHLQXQJVELOGPLWGHPGHU ]XHUVWJHVSURFKHQKDWWHY|OOLJLGHQWLVFKZDU(UVDJWHVLFKGDHLQHLLJH =ZLOOLQJHEHL)UHPGUDVVHQGXUFKDXVQLFKWV8QJHZ|KQOLFKHV]XVHLQEUDXFKWHQ Ä,Q2UGQXQJ%URGJRQVDJWH6DHGHODHUHXQGZXWHGDEHLVHOEVWQLFKWJHQDXDQ ZHOFKHQGHUEHLGHQ6SUHFKHUHUVLFKZDQGWHÄZLUOHLVWHQNHLQHQ:LGHUVWDQG $OOHUGLQJVPWLKUPLUHUNOlUHQZDUXPLKUXQVJUXQGORVDQJHJULIIHQKDEW,FK JODXEHKLHUOLHJWHLQ0LYHUVWlQGQLVYRU Ä(VNDQQQLHHLQ,UUWXPVHLQVDJWH%URGJRQ$ Ä+XUR]RQVPVVHQYHUQLFKWHWZHUGHQZRLPPHUPDQVLHWULIIWVDJWH%URGJRQ

$$ 'HU0DVNHQWUlJHUVFKWWHOWHXQZLUVFKGHQ.RSI Ä:LUVLQGNHLQH+XUR]RQVZHULPPHUGDVDXFKVHLQPDJ 0HKUHUHGHU=ZHUJHVWLHHQ7|QHDXVGLHHQWIHUQWDQK|KQLVFKHV*HOlFKWHU HULQQHUWHQ'DGLHVWDWVlFKOLFKVRJHPHLQWZDUVWHOOWHVLFKVRJOHLFKKHUDXV Ä$OVZLUHXHU'RSSHONXJHOVFKLIIHQWGHFNWHQPHLQWH%URGJRQ$ÄKDEHQZLU HXHU6SLHOVFKRQGXUFKVFKDXW Ä:LUUHFKQHQVWlQGLJGDPLWPHLQWH%URGJRQ$$ÄGDLKUHXFKQHXH7ULFNV HLQIDOOHQODW $XVHLQHPWUDJEDUHQ)XQNJHUlWGDVGHUHLQH%URGJRQHEHQVRWUXJZLHGHU DQGHUHNODQJHLQHDQGHUH6WLPPH6DHGHODHUHK|UWHHLQ:RUWGDVZLH*RUODN NODQJ(UZDUWHWHYHUJHEOLFKDXIHLQHhEHUVHW]XQJGHV7UDQVODWRUV'LH6WLPPH DXVGHP)XQNJHUlWZDU]XOHLVHIUGDV*HUlWJHZHVHQ Ä,KUNRPPWPLWDXIXQVHU6FKLIIVDJWH%URGJRQ$$HQHUJLVFKDOVGDV )XQNJHUlWVFKZLHJ Ä5RERWHUVDJWH%URGJRQ$PLWJOHLFKHPHQHUJLVFKHQ7RQIDOOÄZHFNHGLHVHQ +XUR]RQZLHGHUDXI6HLQNOHLQHVbUPFKHQ]HLJWHDXIGHQEHZXWORVHQ,Q GDFRFKHD 2KQHHUVLFKWOLFKHlXHUH(LQZLUNXQJEHJDQQVLFKGHU0DQQVFKRQQDFKZHQLJHQ 6HNXQGHQ]XUHJHQ0KVDPXQGVWROSHUQGNDPHUDXIGLH%HLQHXQGEOLFNWH VLFKY|OOLJYHUZLUUWXP Ä.HLQH'XPPKHLWHQPHKUPDKQWHLKQ6DHGHODHUH$XI*UXQGVHLQHUEHU HLQKXQGHUWIQI]LJMl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|JOLFKNHLWGLH=ZHUJH]XVWXGLHUHQ :DVHU]XYRUVFKRQYHUPXWHWKDWWHZXUGHQXQ]XU*HZLKHLW'LH)UHPGHQ WUDWHQQXUSDDUZHLVHDXI$XHUJHZ|KQOLFKZDUGDEHLGDVLFKGLH3DDUH lXHUOLFKY|OOLJJOLFKHQ$XFKLKUH$XVUVWXQJXQGGDVZDV6DHGHODHUHIU 5DQJDE]HLFKHQRGHUHWZDVbKQOLFKHVKLHOWZDUHQDEVROXWLGHQWLVFK1DFK HLQLJHU=HLWGHUZHLWHUHQ%HREDFKWXQJVWHOOWHHUIHUQHUIHVWGDVLFKGLH =ZLOOLQJVSDDUHQLHXQWHUHLQDQGHUXQWHUKLHOWHQ,KUH*OHLFKKHLWVFKLHQVRZHLW]X JHKHQGDVLHDXFKVWHWVGLHJOHLFKHQ*HGDQNHQEHVDHQ$QGHUVZDUGLHVHU IHKOHQGH,QIRUPDWLRQVDXVWDXVFK]XQlFKVWQLFKW]XHUNOlUHQ

0DQGLULJLHUWHGLHGUHL0HQVFKHQDQ%RUGHLQHVGHU%HLERRWH'DQQYHUOLHGLH NOHLQH)ORWWHGDV:UDFNGHU-$<0$'$+5XQGQDKP.XUVDXIGDVZDUWHQGH .DVWHQVFKLII $OVHLQHJHZLVVHQ(QWIHUQXQJYRQGHU-$<0$'$+5HUUHLFKWZDUIODPPWHDXI GHP.DVWHQVFKLIIHLQ3URMHNWRUDXI(LQJHZDOWLJHU(QHUJLHVWUDKO]RJVHLQH IHXULJH%DKQGXUFKGHQ5DXPXQGWUDIGHQ.UHX]HU 'XUFKGLHWUDQVSDUHQWH.XSSHOGHV%HLERRWVNRQQWHQGLH0HQVFKHQGHQ HQGJOWLJHQ8QWHUJDQJGHV6FKLIIHVEHREDFKWHQ 5RV\'HZLWWH]XFNWH]XVDPPHQ ,KUH+DQG]HLJWHDQNODJHQGDXIGHQEHUVWHQGHQ)HXHUEDOO Ä0HLQ0DQQEHIDQGVLFKDQ%RUGGHV6FKLIIHV ,KUH6WLPPHNODQJWUDXULJXQGOHLVHDEHUODXWJHQXJGD6DHGHODHUHV7UDQVODWRU GLH:RUWHDXIQDKPXQGLQGLH6SUDFKHGHU=ZHUJHEHUVHW]WH 'LHEHLGHQ%URGJRQIXKUHQZLHYRP%OLW]JHWURIIHQKHUXP,QLKUHQ*HVLFKWHUQ VWDQG%HGDXHUQXQG(QWVHW]HQ Ä'DVKlWWHVWGXXQVVDJHQPVVHQVDJWH%URGJRQ$EHWUHWHQ8QG%URGJRQ $$IJWHLPJOHLFKHQ7RQIDOOKLQ]XÄ6HOEVWYHUVWlQGOLFKKlWWHVWGXJHPHLQVDP PLWLKPGXUFKGDV7RUGHU7LHIHJHKHQGUIHQ $ODVND6DHGHODHUHKHJWHQRFKLPPHU=ZHLIHODQGHU5LFKWLJNHLWGHU hEHUVHW]XQJGHV7UDQVODWRUV ,P-DKUEHWUDWHLQIDVW]ZHL0HWHUJURHUKDJHUHU0DQQGHQ7UDQVPLWWHU GHU+DQGHOVVWDWLRQ%RQWRQ6HLQ=LHOKLH3HUXZDOO$EHUGDV 7UDQVPLWWHUSHUVRQDODP=LHORUWZDUWHWH]XQlFKVWYHUJHEOLFKDXIGLH$QNXQIW GLHVHV0DQQHV'HUVWDNVLJH7\SPLWGHUXQEHKROIHQXQGKROSULJHQ6SUHFKZHLVH ZDUYHUVFKZXQGHQ(UVWYLHU6WXQGHQVSlWHUNDPHULQ3HUXZDOODQREZRKOGRFK GHU'XUFKJDQJGXUFKHLQHQ7UDQVPLWWHUVWHWVRKQHVSUEDUHQ=HLWYHUOXVWDEOLHI 'HU0DQQGHULQ3HUXZDOODXVGHP7UDQVPLWWHUWUDWZDUQLFKWPHKUGHUGHULKQ LQ%RQWRQEHWUHWHQKDWWH(LQVFKLHUXQJODXEOLFKHU=XIDOOZDUJHVFKHKHQ6HLQH DWRPDUH=HOOVWUXNWXUKDWWHVLFKEHLP%HWUHWHQGHV7UDQVPLWWHUVLQJHRUGQHWH EHUGLPHQVLRQDOH,PSXOVHDXIJHO|VW'LHVH,PSXOVHZDUHQDXIGHP)OXJGXUFK GDVEHUJHRUGQHWH.RQWLQXXPNROOLGLHUWNROOLGLHUWPLWGHQ,PSXOVHQHLQHV :HVHQVGDVGLHQDWUOLFKH)lKLJNHLWEHVDVHLQHQ.|USHUEHUXQHQGOLFKH :HLWHQDOV,PSXOVIROJHDE]XVWUDKOHQNROOLGLHUWPLWGHUDXIJHO|VWHQ=HOOVWUXNWXU HLQHV&DSSLQV (LQ7HLOGHUWUDQVIRUPLHUWHQ.|USHUPDVVHGHV&DSSLQVZDUDQGHP0DQQ KlQJHQJHEOLHEHQ'LHVHV&DSSLQ)UDJPHQWNOHEWHXQWUHQQEDULP*HVLFKWGLHVHV 0DQQHVDOVHU3HUXZDOOEHWUDW'LHJHLVWLJHQXQGN|USHUOLFKHQ4XDOHQGLH GLHVHU0DQQVHLWGLHVHP7DJLP-DKUHUWUDJHQPXWHZDUHQ XQEHVFKUHLEOLFK'LH9RUVLFKWPLWGHUHUVHLWGLHVHP7DJGHQ8PJDQJPLW VHLQHQ0LWPHQVFKHQSIOHJHQPXWHZDUULHVHQJUR'HQQNHLQDQGHUHV /HEHZHVHQGXUIWHGDV,UUOLFKWGHV&DSSLQ)UDJPHQWVVHKHQXQGHUOHEHQ:HUHV GHQQRFKHUEOLFNWHYHUILHOLQXQKHLOEDUHQ:DKQVLQQXQGVWDUE 'DVLFKGDV)UDJPHQWZHGHURSHUDWLYQRFKDXIVRQVWHLQHGHQNEDUH:HLVHDXV GHP*HVLFKWVHLQHV7UlJHUVHQWIHUQHQOLHPXWHGHU0DQQIRUWDQHLQH0DVNH

WUDJHQ1XU]XU$WPXQJXQG]XP6HKHQZDUHQVFKPDOH6FKOLW]HLQGLHVHU 3ODVWLNPDVNHYRUKDQGHQJHUDGHJURJHQXJXPGHP7UlJHUGLH:DKUQHKPXQJ VHLQHUQRWZHQGLJVWHQ%HGUIQLVVH]XHUP|JOLFKHQ'LH9HUlQGHUXQJGLHGHU 2UJDQNOXPSHQLQGHU3V\FKHVHLQHV7UlJHUVKHUYRUULHIZDUYLHOIlOWLJ'LH 4XDOHQHUWUXJHUDOOHLQ8QGGLHVHV*HIKOPLWHWZDV6FKUHFNOLFKHPDOOHLQ]X VHLQHQWIUHPGHWHLKQYRQGHQDQGHUHQ0HQVFKHQXQGPDFKWHLKQ]XHLQHP ZRUWNDUJHQ(LQ]HOJlQJHU]XHLQHP(UHPLWHQXQWHUGHQ0HQVFKHQ(VPDFKWH GHQ0DQQDEHUDXFK]XHLQHP.lPSIHUEHVRQGHUHQ6WLOHVGHQQGDV&DSSLQ )UDJPHQWZDUHLQHXQVFKlW]EDUH:DIIHJHJHQIDVWMHGHV/HEHZHVHQ=XGHPZDU GLHVH:DIIHXQWUHQQEDUPLWVHLQHP.|USHUYHUEXQGHQ 'HUOHXFKWHQGH2UJDQNOXPSHQOHEWH$EHUUHDJLHUWHQXULQVWLQNWLYXQGGDV EHVRQGHUVDXIHLQH$UWYRQ6WUDKOXQJGLHPLWQRUPDOHQ6LQQHQQLFKWZDKUQHKP EDUZDUQlPOLFKDXIQGLPHQVLRQDOH(QHUJLHQ %LVDXIQLFKWHUZlKQHQVZHUWH$XVQDKPHQYRQZHQLJHQ6HNXQGHQ'DXHUKDWWH $ODVND6DHGHODHUHVHLWMHQHP7DJLP-DKUVHLQZDKUHV*HVLFKWQLFKWPHKU JHVHKHQ8QYHUUFNEDUDOVZlUHHUHLQ%HVWDQGWHLOVHLQHVPHQVFKOLFKHQ .|USHUVKLQJGHU2UJDQNOXPSHQLQVHLQHP*HVLFKW $OOHVZDV$ODVND6DHGHODHUHLP1RWIDOOEHQ|WLJWHZDUHLQHIUHLH+DQGXP GDPLWGLH0DVNHYRQVHLQHP*HVLFKW]X]LHKHQXQG:DKQVLQQXQG7RGEHU VHLQH)HLQGH]XEULQJHQ 'LHGUHL0HQVFKHQWUHQQWHQVLFKLQQHUOLFKYRQGHUOHW]WHQ%UFNHGLHVLHPLW LKUHPQRUPDOHQ/HEHQYHUEDQG)U5RV\'HZLWWHXQG*UDQHU,QGDFRFKHDZDU GLHVH7UHQQXQJVFKOLPPHUDOVIU6DHGHODHUH'LH62/ZDUPLWXQEHNDQQWHP 6FKLFNVDOYHUVFKROOHQ(LQH$XVNXQIWGDUEHUREVLHEHUKDXSWQRFKH[LVWLHUWH KDWWHQGLHEHLGHQ6ROJHERUHQHQQLFKWHUKDOWHQ(VZDUDOVKlWWHPDQLKQHQGHQ %RGHQGHV/HEHQVXQWHUGHQ)HQZHJJH]RJHQ )UGHQ0DQQPLWGHU3ODVWLNPDVNHVWHOOWHVLFKGLHDXJHQEOLFNOLFKH6LWXDWLRQ DQGHUVGDU=XRIWKDWWHHULQVHLQHPELVKHULJHQ/HEHQVFKRQGLHDXVZHJORVHVWHQ /DJHQGXUFKJHPDFKWXQGEHUVWDQGHQ6HLQHVWRLVFKH5XKHXQGGLH7DWVDFKH GDHUVHLWEHUIQI]LJ-DKUHQ]XP.UHLVGHUUHODWLY8QVWHUEOLFKHQJHK|UWH OLHHQLKQGLH6DFKHJHODVVHQDQJHKHQ'DPDOVKDWWHLKP3HUU\5KRGDQHLQHQ GHUGUHL=HOODNWLYDWRUHQJHJHEHQGLHHUQRFKLQ5HVHUYHJHKDOWHQKDWWH 'LHOHW]WH%UFNH]XUYHUWUDXWHQ8PJHEXQJ]HUEUDFKDOVGHU*OXWEDOOGHU ]HUVW|UWHQ-$<0$'$+5DOOPlKOLFKYHUVFKZDQGXQGGDV%HLERRWGHU)UHPGHQ DQGHPULHVLJHQ.DVWHQUDXPVFKLIIDQOHJWH(LQ6FKOHXVHQWRU|IIQHWHVLFKNXU] GDUDXIXQGGDVNOHLQH6FKLIIJOLWWLQGDV,QQHUHGHV6FKLIIHVGDV5RV\XQG,Q GDFRFKHDZLHHLQHY|OOLJIUHPGH:HOWYRUNDP 'LHNOHLQH2UWXQJVWHFKQLNHULQVXFKWHXQEHZXWGLH1lKH6DHGHODHUHVZHLOVLH GHPHUIDKUHQHQ7HUUDQHUDOOHLQ]XWUDXWHVLHDXVGLHVHU6LWXDWLRQ]XEHIUHLHQ $EHU6DHGHODHUHUHDJLHUWHPLWNHLQHP:RUWXQG]HLJWHPLWNHLQHU*HVWHZDVLQ LKPYRUJLQJ *UDQHU,QGDFRFKHDVWROSHUWHEHUHLQHVFKPDOH0HWDOOHLVWHDXIGHP%RGHQGHV 5DXPVFKLIIVXQGILHOGHU/lQJHQDFKDXIGLH1DVH6FKLPSIHQGUDIIWHHUVLFK ZLHGHUDXIXQGHLOWHKLQWHUGHQEHLGHQKHU

9RQGHQ=ZHUJHQHUQWHWHHUYHUZXQGHUWH%OLFNH '$6.$67(16&+,))'(57$5'(//,$1(5 =X$ODVND6DHGHODHUHV(UVWDXQHQNPPHUWHVLFKHLJHQWOLFKNHLQHUGHU=ZHUJH VRUHFKWXPGLHGUHL*HIDQJHQHQ0DQEHOLHLKPDXFKVHLQHQ7UDQVODWRUVRGD HUVLFKHLQXQJHIlKUHV%LOGYRQGHP7XQGHU=ZHUJHPDFKHQNRQQWH1XUHLQLJH GHUU|KUHQI|UPLJHQ5RERWHUKLHOWHQVLFKVWlQGLJLQGHU1lKHGHUGUHLDXI 'HU5DXPLQGHQPDQVLHJHEUDFKWKDWWHZDUJXWKXQGHUWPDOKXQGHUW0HWHU JUR(UVWHOOWHHWZDVbKQOLFKHVZLHHLQHHUZHLWHUWH=HQWUDOHGHV.DVWHQUDXP VFKLIIVGDU=DKOUHLFKH%LOGVFKLUPHZDUHQVFKHLQEDURKQH6\VWHPDQDOOHQ P|JOLFKHQ6WHOOHQDQJHEUDFKW$Q.RQWUROOSXOWHQGLH6DHGHODHUHJHUDGHELV]X GHQ.QLHQUHLFKWHQVDHQSDDUZHLVHGLH=ZHUJHXQGKDQWLHUWHQPLWGHQ*HUlWHQ LKUHUGHQ0HQVFKHQXQEHNDQQWHQ7HFKQLN :R6DHGHODHUHDXFKKLQEOLFNWHEHUDOOHUEOLFNWHHUQXU=ZHUJSlUFKHQGLHY|OOLJ LGHQWLVFKZDUHQ(UYHUVWlQGLJWHVLFKNXU]PLWVHLQHQ%HJOHLWHUQEHUGLHVHV 3KlQRPHQXQGQDQQWHGDEHLGLH)UHPGHQ7ZLQ]ZHUJH Ä(LQHELRORJLVFKKRFKLQWHUHVVDQWH.RQILJXUDWLRQEHPHUNWH,QGDFRFKHDPLW VHLQHUKRKHQ6WLPPHÄ'DVPWHPDQQlKHUXQWHUVXFKHQN|QQHQ 'HU(UQVWGHU/DJHVFKLHQLKPJDUQLFKWEHZXW]XVHLQ ,QGHP=HQWUDOUDXPKHUUVFKWHHLQHPHUNZUGLJH+HNWLN0LW+LOIHVHLQHV 7UDQVODWRUVNRQQWH6DHGHODHUHLQ(UIDKUXQJEULQJHQGDGLH6WDUWYRUEHUHLWXQJHQ DXI+RFKWRXUHQOLHIHQ'DVHLQ]LJZLFKWLJH=LHOGHU7ZLQ]ZHUJHZDUHVVR YHUQDKPGHU0DVNHQWUlJHUGDV7RU]XU7LHIH]XHUUHLFKHQ'LHVHV9RUKDEHQ VFKLHQVRZLFKWLJ]XVHLQGDPDQGDUEHUGLHGUHL*HIDQJHQHQIDVWYHUJD (UVWDOVVLFKGHUIHUQH6WHUQKLPPHODXIGHQ%LOGVFKLUPHQ]XEHZHJHQEHJDQQ XQGGDPLWNODUZXUGHGDGDV.DVWHQVFKLII)DKUWDXIJHQRPPHQKDWWHWUDWHQ ]ZHL7ZLQ]ZHUJH]XGHQ0HQVFKHQ%HLGHJOLFKHQVLFKZLHHLQ(LGHPDQGHUHQ XQGEHLGHWUXJHQEHVRQGHUVUHLFKH9HU]LHUXQJHQDQLKUHU.OHLGXQJ:HQQKLHU PHQVFKOLFKH0DVWlEHJDOWHQVRPXWPDWH6DHGHODHUHVRPXWHHVVLFKXP K|KHUH9RUJHVHW]WHGHU7ZLQ]ZHUJHKDQGHOQ Ä0HLQ1DPHLVW*RUODN$VDJWHGHUHLQHGHUEHLGHQXQGGHUDQGHUHIXKUIRUW Ä,FKELQGHU.RPPDQGDQWGLHVHV6FKLIIHV%HWUDFKWHWHXFKDOV*HIDQJHQHGHU 7DUGHOOLDQHUELVLKUGHQ*DQJGXUFKGDV7RU]XU7LHIHJHPDFKWKDEW %HYRU6DHGHODHUHHWZDVVDJHQNRQQWHHUJULII,QGDFRFKHDGDV:RUW Ä0LFKLQWHUHVVLHUWGDVGlPOLFKH7RUGHU7LHIHQLFKWVDJWHHUPLWDXIUHL]HQGHP 7RQÄ,FKELQHLQ$QJHK|ULJHUGHU62/8QGLFKYHUODQJHGDLFKVRIRUWGRUWKLQ JHEUDFKWZHUGH 5RV\'HZLWWHGHXWHWH,QGDFRFKHDPLWHLQHU*HVWHDQGDHUVFKZHLJHQVROOH DEHUGHU0DQQEHDFKWHWHGLH)UDXJDUQLFKW'LH7ZLQ]ZHUJHEOLFNWHQ ,QGDFRFKHDSUIHQGDQ Ä'XELVWGRFKGHU+XUR]RQVDJWHGHUHLQH7DUGHOOLDQHUÄGHU]ZHLXQVHUHU /HXWHJHW|WHWKDW

Ä'XZLUVWGDIUDOVHUVWHUGXUFKGDV7RU]XU7LHIHJHKHQHUJlQ]WHVHLQ =ZLOOLQJ %HYRUGHUDXIJHEUDFKWH,QGDFRFKHDHWZDVVDJHQNRQQWHJULII$ODVND6DHGHODHUH HLQ Ä(VOLHJWHLQ,UUWXPYRUEHJDQQHUEHKXWVDPÄ:LUGUHLJHK|UHQQLFKW]XGHQ YRQ,KQHQHUZlKQWHQ+XUR]RQV:LUVWDPPHQEHUKDXSWQLFKWDXVGLHVHP 6HNWRUGHV:HOWDOOV:LUZLVVHQQLFKWZDVHLQ+XUR]RQLVWRGHUGDVHUZlKQWH 7RU]XU7LHIH 'LHEHLGHQ7ZLQ]ZHUJHZLQNWHQJOHLFK]HLWLJPLWHLQHUJHUDGH]XPHQVFKOLFKHQ *HVWHDE Ä1DWUOLFKKDWPDQHXFKVRSUlSDULHUWGDLKUHXFKDQGLHZDKUH+HUNXQIWQLFKW HULQQHUQN|QQW,KUN|QQWDEHUQXU+XUR]RQVVHLQ Ä6FKRQDOOHLQGLH6SLHOHUHLPLWGHP6SUDFKEHUVHW]HUIXKUGHUDQGHUH 7ZLQ]ZHUJIRUWÄVLHEHZHLVWZLHJHVFKLFNWPDQHXFKYRUEHUHLWHWKDW$EHUGHP N|QQHQZLUOHLFKW$EKLOIHVFKDIIHQ (UZLQNWHHLQHPGHU5RERWHU]XXQGVDJWHHWZDVVROHLVHGDHV6DHGHODHUHV 7UDQVODWRUQLFKWDXIQHKPHQNRQQWH (KHGLH0HQVFKHQVLFK VYHUVDKHQZDUHQVLHYRQHLQHU6FKDUGHU5RERWHU XPULQJW$XVGHQ2EHUVHLWHQGHU0HWDOOU|KUHQVFKREHQVLFKQHW]DUWLJH*HELOGH XQGVFKO|VVHQVLFK]XHLQHU$UW'DFK'DQQHUIOOWHHLQVHNXQGHQODQJHV 6XPPHQGLH*HKLUQHGHU0HQVFKHQ ,QGDFRFKHDJULIIVLFKDQGHQ.RSIXQGEHJDQQ]XVFKUHLHQ:LHYRQ6LQQHQ UDQQWHHUJHJHQHLQHQGHU5RERWHUDEHUHUSUDOOWHRKQH:LUNXQJYRQGLHVHPDE 'DQQWURPPHOWHHUZWHQGPLWGHQ)lXVWHQDXIGLH0DVFKLQHRKQHHWZDV GDGXUFK]XHUUHLFKHQ Ä5HLHQ6LHVLFK]XVDPPHQ0DQQIDXFKWH5RV\GHQ%LRJHQ'LDJQRVWLNHUDQ XQG]HUUWHLKQYRQGHP5RERWHUZHJÄ6RNRPPHQZLUQLFKWZHLWHU 6LHZDUIHLQHQ6HLWHQEOLFNDXI$ODVNDGHUVLFKPHUNZUGLJUXKLJYHUKLHOW 6RJOHLFKHUNDQQWH5RV\GLH8UVDFKH'DV&DSSLQ)UDJPHQWXQWHUGHU 3ODVWLNPDVNHZDULQ8QUXKHJHUDWHQ$QGHQ 5lQGHUQGHU0DVNH]QJHOWHQNDOWH )ODPPHQ 6LHHUORVFKHQHUVWDOVGDV6XPPHQDXIK|UWHXQGGLH5RERWHUGDVQHW]DUWLJH *HELOGHZLHGHUHLQ]RJHQ'HU.UHLVGHU0DVFKLQHQO|VWHVLFKDXIXQGYRUGHQ 0HQVFKHQVWDQGHQZLHGHUGLHEHLGHQ7ZLQ]ZHUJHPLWGHP1DPHQ*RUODN Ä,FKJODXEHVDJWHGHUHLQHÄGDGLH9HUVWlQGLJXQJMHW]WHWZDVHLQIDFKHULVW $ODVNDXQG5RV\EOLFNWHQHUVWDXQWDXI1XU,QGDFRFKHDPHUNWHQLFKWZDV YRUJHIDOOHQZDU,PHUVWHQ$XJHQEOLFNKDWWH5RV\JHJODXEWGDGHU7DUGHOOLDQHU VLHDXI,QWHUNRVPRDQJHVSURFKHQKlWWH'RFKVRJOHLFKHUNDQQWHVLHGHQ,UUWXP (VZDUYLHOPHKUVRGDVLHSO|W]OLFKGLH6SUDFKHGHU7ZLQ]ZHUJHYHUVWDQG Ä(VPXDQGHU%HKDQGOXQJPLWGHUQGLPHQVLRQDOHQ6WUDKOXQJOLHJHQHUNOlUWH GHU0DVNHQWUlJHUGHUGLH*HGDQNHQGHU)UDXHUDKQWKDWWH(UEHQXW]WHIDVWDX WRPDWLVFKGLH6SUDFKHGHU7DUGHOOLDQHUGHQQGLH%HKDQGOXQJZLUNWHQRFK EHVRQGHUVQDFKKDOWLJ ,QGDFRFKHDIROJWHGHP*HVSUlFKEHUKDXSWQLFKW(UVWU]WHDXIGDV

=ZLOOLQJVSlUFKHQ]XSDFNWHHLQHQYRQLKQHQXQGKRELKQPLWVSLHOHULVFKHU /HLFKWLJNHLWLQGLH+|KH Ä:DVKDEWLKUPLWPLUJHPDFKW"VFKULHHUGHQ7DUGHOOLDQHUPLWVLFK EHUVFKODJHQGHU6WLPPHDQ,PVHOEHQ0RPHQWWUDILKQGHU/lKPVWUDKOHLQHV 5RERWHUVXQGHUVDQNEHZXWORV]X%RGHQ Ä'LHVHU+XUR]RQEHQLPPWVLFKVHKUGXPPVDJWHGHU7ZLQ]ZHUJJHODVVHQÄ,KU DOOHZHUGHWGDIUEHQPVVHQ'DV7RU]XU7LHIHZDUWHWDXIHXFK Ä%ULQJWVLHLQVLFKHUHQ*HZDKUVDPEHIDKOGHUDQGHUHÄ%LVZLUDXI7DUGHOO JHODQGHWVLQGEOHLEHQGLH+XUR]RQVLP$UUHVW 6DHGHODHUHNRQQWHNHLQHQ(LQZDQGPHKUKHUYRUEULQJHQ'LH5RERWHUGLULJLHUWHQ GLH0HQVFKHQDXVGHP5DXPXQGIKUWHQVLHLQHLQHNOHLQH.DPPHU$OVGLH 7UKLQWHULKQHQLQV6FKORJHIDOOHQZDUEOLFNWHVLFK6DHGHODHUHLQGHP5DXP XP6HLQ&DSSLQ)UDJPHQWKDWWHVLFKZLHGHUY|OOLJEHUXKLJW Ä6LHVLQGHLQ,GLRW0LVWHUVDJWH5RV\]X,QGDFRFKHDÄ0LUVWHKWGLH$QJVW DXFKELV]XP+DOV$EHU6LHEHQHKPHQVLFKZLHHLQ1DUUXQGPDFKHQDOOHVQRFK YLHOVFKOLPPHU ,QGDFRFKHDEOLFNWHVLHYHUVWlQGQLVORVDQ 'LH%HGLQJXQJHQDQ%RUGGHVWDUGHOOLDQLVFKHQ.DVWHQVFKLIIVKDWWHQVLFKDOV DEVROXWYHUWUlJOLFKIUGLH0HQVFKHQKHUDXVJHVWHOOW7HPSHUDWXU/XIWGUXFNXQG ]XVDPPHQVHW]XQJVRZLHGLH*UDYLWDWLRQKDWWHQ:HUWHGLHGHQJHZRKQWHQIDVW JOHLFKZDUHQ6DHGHODHUHRUGQHWHGDKHUDQGDGLHKLQGHUOLFKHQ.DPSIDQ]JH DE]XOHJHQZDUHQ,QGDFRFKHDEUDXFKWHGD]XIDVW]HKQ0LQXWHQGDLKPNHLQHU GHUEHLGHQDQGHUHQEHKLOIOLFKZDU5RV\VFKWWHOWHPHKUIDFKGHQ.RSIDOVVLH VDKZLHXQJHVFKLFNWGHU0DQQGLH6DFKHDQJLQJ Ä6LHVFKHLQHQHLQDUJHU7ROSDWVFK]XVHLQVDJWHVLHKXPRUORV 8QG,QGDFRFKHDDQWZRUWHWHÄ,FKELQHLQ6SH]LDOLVWDXIPHLQHP)DFKJHELHWDOV %LRJHQ'LDJQRVWLNHU Ä8QGGDVZLUG,KQHQKLHUZHQLJKHOIHQNQXUUWH6DHGHODHUHXQZLOOLJZlKUHQG HUZHLWHUGHQNOHLQHQ5DXPJUQGOLFKDEVXFKWH(VJDEQLFKWHLQPDOHLQH 6LW]JHOHJHQKHLW(VZlUHDXFK]XEH]ZHLIHOQJHZHVHQREHLQ6WXKORGHUHWZDV bKQOLFKHVGHU7DUGHOOLDQHUGHQ0HQVFKHQJHQXW]WKlWWHGHQQGHU *U|HQXQWHUVFKLHGZDU]XNUDÄ,Q=XNXQIWKDOWHQ6LHVLFKPLWLKUHQXQ NRQWUROOLHUWHQ$NWLRQHQJHIlOOLJVW]XUFNLVWGDVNODU" ,QGDFRFKHDQLFNWHXQVLFKHU 6DHGHODHUHVVHKQLJH+DQGIXKUOHLFKWEHUGLH:DQGIOlFKHLQGHU.DPPHU 8QYHUPXWHWNODSSWHSO|W]OLFKAHLQH3ODWWHQDFKXQWHQXQGJDEGHQ%OLFNDXI HLQHQ%LOGVFKLUPIUHL(UPXWHHLQHQXQVLFKWEDUHQ6HQVRUEHUKUWKDEHQ5RV\ WUDWLQWHUHVVLHUWKLQ]X Ä9LHOOHLFKWN|QQHQZLUGHQ%LOGVFKLUPDNWLYLHUHQXQGVRPHKUEHUGLH=ZHUJH XQGLKUH$EVLFKWHQHUIDKUHQVDJWHVLH6DHGHODHUHQLFNWHQXUVWXPP6HLQH +DQGIXKUEHKXWVDPEHUGHQXQWHUHQ5DQGGHV%LOGVFKLUPV7DWVlFKOLFK IODPPWHHLQ%LOGDXI(VKDQGHOWHVLFK]ZHLIHOORVXPHLQH$QVLFKWDXVGHP ,QQHUQGHV.DVWHQUDXPVFKLIIV 'LH6]HQHVSLHOWHVLFKLQHLQHP5DXPDEGHULQGHU*U|HGHU=HQWUDOHJOHLFK

ZDULQGLHPDQVLH]XHUVWJHEUDFKWKDWWH'LH$XVVWDWWXQJZDUMHGRFKDQGHUV ,P+LQWHUJUXQGZDUHLQULHVLJHV*HPlOGH]XHUNHQQHQ(VKDQGHOWHVLFKXPHLQH /DQGVFKDIWPLW%lXPHQXQG%VFKHQEHUGLHVLFKHLQVWUDKOHQGEODXHU+LPPHO ]RJ$QGLHVHP+LPPHOZDUHQYLHU6RQQHQ]XVHKHQGLHGLH6]HQHY|OOLJ DXVOHXFKWHWHQVRGDHVNHLQH6FKDWWHQJDE'DVHLJHQDUWLJVWHDQGHP%LOGZDU MHGRFKHLQKHOOEODXHU.UHLVERJHQGHUVLFKZLHHLQ7RULQPLWWHQGHU/DQGVFKDIW HUKRE'DV,QQHUHGHV.UHLVERJHQVZDUSHFKVFKZDU] 9RUGLHVHPULHVLJHQ*HPlOGHVWDQGHQ]ZHL5HLKHQGHU7DUGHOOLDQHUXQGELOGHWHQ HLQ6SDOLHU$P(QGHGLHVHU'RSSHOUHLKHODJHQGLFKWYRUGHP*HPlOGH]ZHL UHLFKYHU]LHUWH.LVVHQDXIGHP%RGHQ$XIGLHVHVFKULWWHQ]ZHL7ZLQ]ZHUJHPLW JHPHVVHQHQ6FKULWWHQ]X-HGHUGHUEHLGHQ/HEHZHVHQWUXJVHLQOHEORVHV (EHQELOGDXIGHQ$UPHQ9RQLUJHQGZRKHUHUNODQJHLQHVFKZHUPWLJH0XVLN Ä'DVVLQGGLHEHLGHQ7ZLQ]ZHUJHGLH6LHHUVFKRVVHQKDEHQVDJWH5RV\ 'HZLWWH]X,QGDFRFKHD'HU0DQQ]XFNWHYHUOHJHQPLWGHQ6FKXOWHUQXQG VFKZLHJ $XIGHP%LOGVFKLUPKDWWHQGLH7ZLQ]ZHUJHGLH.LVVHQHUUHLFKW'RUWOHJWHQVLH GLHWRWHQ=ZLOOLQJHEHKXWVDPDEXQGYHUKDUUWHQGDQQEHZHJXQJVORV $EUXSWZHFKVHOWHGLH6]HQHXQG]HLJWHGHQ=HQWUDOUDXP'LHEHLGHQ .RPPDQGDQWHQ*RUODNWUDWHQYRUGLH$XIQDKPHRSWLN$OVVLH]XVSUHFKHQ EHJDQQHQWDWHQVLHGLHVDEZHFKVHOQG Ä:LUZHUGHQ7DUGHOOQDFKIQI=HLWHLQKHLWHQHUUHLFKWKDEHQ Ä:LUIOLHJHQGLUHNW]XP7RU]XU7LHIH Ä8PXQVHUHQWRWHQ%UGHUQGLHYHUGLHQWH(KUH]XHUZHLVHQ Ä'LH7UDXHUIHLHULP6DDOGHU%HVLQQXQJGDXHUWELVGDKLQDQ Ä-HGHUGHU)UHLVFKLFKWKDWVROOWH]XPLQGHVWHLQH=HLWHLQKHLWGDUDQWHLOQHKPHQ Ä'LHJHIDQJHQHQ+XUR]RQVZHUGHQGHQ7RWHQGXUFKGDV7RU]XU7LHIHIROJHQ 'HU%LOGVFKLUPHUORVFKXQGRKQH6DHGHODHUHV=XWXQYHUVFKORVLFKGLH3ODWWH ZLHGHU Ä'DVRPLQ|VH7RU]XU7LHIHVFKHLQWPLWGHU%HVWDWWXQJGHUWRWHQ7DUGHOOLDQHU HWZDV]XWXQKDEHQYHUPXWHWH5RV\Ä(VN|QQWHVLFKGDEHLXPGLH'DUVWHOOXQJ DXIGHP*HPlOGHKDQGHOQ 6DHGHODHUHEOLFNWHGLHNOHLQH2UWXQJVWHFKQLNHULQODQJHDQÄ6LHN|QQWHQUHFKW KDEHQ5RV\VDJWHHUGDQQLQVHLQHUKROSULJHQ6SUHFKZHLVHÄ8QGZHQQPLFK QLFKWDOOHVWlXVFKWKDWPDQYRUXQVGXUFKGLHVHV7RU]XU7LHIHHEHQIDOOVLQV -HQVHLWV]XEHI|UGHUQ ,QGDFRFKHDK|UWHPLWRIIHQHP0XQG]X5RV\EOLFNWHXQVLFKWHU]X%RGHQ Ä,FKELQHLQ7\SPXUPHOWHVLHNDXPK|UEDUÄGHUOLHEHUELV]XPOHW]WHQ 0RPHQWXPVhEHUOHEHQNlPSIW8QVHUH:DIIHQKDWPDQXQVDEHUDEJHQRPPHQ 8QGPLWGHQEORHQ+lQGHQJHJHQGLHVH5RERWHU 6LHEUDFKDEXQGEOLFNWH6DHGHODHUHIUDJHQGDQ Ä,FKNlPSIHDXFKELV]XPOHW]WHQ$WHP]XJVDJWHGHUÄ,FKKDEHDXFKQRFK HLQH:DIIH:HQQHVKDUWDXIKDUWJHKWZHUGHLFKQLFKW]|JHUQVLHHLQ]XVHW]HQ 9LHOVDJHQGGHXWHWHHUDXIGLH3ODVWLNPDVNHKLQWHUGHUGDV&DSSLQ)UDJPHQW YHUERUJHQZDU

Ä6LQG,KQHQGLHEHUJURHQ$XJHQGHU7ZLQ]ZHUJHHLJHQWOLFKDXIJHIDOOHQ" IUDJWH,QGDFRFKHDÄ'LHVHV9RONEHVLW]WHLQH$Q]DKOYRQPHUNZUGLJHQ9HUKDO WHQVZHLVHQXQGlXHUHQ.HQQ]HLFKHQ0DQPWHGLHJHQHWLVFKH6WUXNWXUGLHVHU =ZHUJHXQWHUVXFKHQ'DVJlEHVLFKHU$XIVFKOXEHULKUH/HEHQVZHLVHXQGEHU GLH.DPSIHVZXWPLWGHUVLHLKUH)HLQGHGLH+XUR]RQVYHUQLFKWHQZROOHQ 9LHOOHLFKWZUGHHVDXFKHUNOlUHQZHOFKH%HZDQGWQLVHVPLWGHP7RU]XU7LHIH KDW 'D6DHGHODHUHVFKZLHJDQWZRUWHWH5RV\GHP%LRJHQ'LDJQRVWLNHU Ä)U6LHPDJGDVYLHOOHLFKWJDQ]LQWHUHVVDQWVHLQ0LVWHU,FKJODXEHMHGRFK QLFKWGDXQVGDVZHLWHUKHOIHQZUGH0LUVWHKWGHU6LQQPHKUQDFK)OXFKWYRQ GLHVHPXQKHLPOLFKHQ.DVWHQVFKLII:LUVROOWHQYHUVXFKHQHLQ%HLERRW]XNDSHUQ XQG]XYHUVFKZLQGHQEHYRUZLUEHLGHQ7DUGHOOLDQHUQODQGHQXQGGDV7RU]XU 7LHIHNHQQHQOHUQHQ(VLVWGRFKRIIHQVLFKWOLFKGDZLUYHUVHKHQWOLFKLQHLQHQ .ULHJ]ZLVFKHQGLHVHQ=ZHUJHQXQGGHQ+XUR]RQVJHUDWHQVLQG,FKKDEHNHLQH /XVWPLFK]ZLVFKHQGLHVHQ)URQWHQYHUQLFKWHQ]XODVVHQ Ä,FKJODXEHQLFKWGDHLQ)OXFKWYHUVXFKVLQQYROOLVWVDJWH6DHGHODHUHÄ:HQQ VLFKDEHUHLQH&KDQFHHUJLEWZHUGHLFKQLFKW]|JHUQ Ä,FKDXFKQLFKW,QGDFRFKHDVKRKH6WLPPHOLHVHLQH:RUWHOlFKHUOLFKNOLQJHQ Ä6FKOLHOLFKELQLFK6RODQHUXQGZLOO]XU62/]XUFN Ä$EHUELWWHNHLQH'XPPKHLWHQPHKUZDUQWHLKQ5RV\ (LQHYDJH)OXFKWP|JOLFKNHLWHUJDEVLFKZHQLJVSlWHUWDWVlFKOLFK'LH7UGHU =HOOH|IIQHWHVLFKODXWORVXQGHLQ7DUGHOOLDQHUSlUFKHQVWDQGLP(LQJDQJ(LQHU GHU=ZHUJHKLHOWHLQH3ODWWHLQGHU+DQGDXIGHUIUHPGDUWLJH)UFKWHODJHQ Ä,KUGUIWRKQH+XQJHULQGDV7RU]XU7LHIHJHKHQVDJWHGHUHLQH Ä'DVLVWHLQH(KUHGLHLKUJDUQLFKWYHUGLHQWKDEWHUJlQ]WHGHU]ZHLWHÄ$EHU .RPPDQGDQW*RUODNKDWHVVREHIRKOHQ,KUVROOWHWLKPGDQNEDUVHLQ Ä,FKSIHLIHDXI'DQNXQG2EVWEUOOWH*UDQHU,QGDFRFKHDORV(U]ZlQJWHVLFK DQ5RV\XQG6DHGHODHUHYRUEHLXQGVWU]WHVLFKDXIGLHEHLGHQ=ZHUJH:LOGPLW GHQ$UPHQXPVLFKVFKODJHQGUDQQWHHUVLHKDOEEHUGHQ+DXIHQ(LQHQWUDIHU PLWHLQHP)DXVWVFKODJDP.RSI'HU7DUGHOOLDQHUVDQN]X%RGHQ 'HUDQGHUHOLHGLH3ODWWHPLWGHQ)UFKWHQIDOOHQXQGZROOWHIOLHKHQ5RV\KLHOW LKQPLWHLQHPEOLW]VFKQHOOHQ*ULIIIHVWXQGSUHWHLKPHLQH+DQGDXIGHQ0XQG 6LHEOLFNWH6DHGHODHUHIUDJHQGDQ Ä1DZLHKDEHLFKGDVJHPDFKW"SUDKOWH,QGDFRFKHD(UHUKLHOWNHLQH$QWZRUW $ODVND6DHGHODHUHZDUPLWZHQLJHQVFKQHOOHQ6FKULWWHQGXUFKGHQ(LQJDQJ(U EOLFNWHVLFKDXIGHPDQVFKOLHHQGHQ.RUULGRUXP1LUJHQGVHUEOLFNWHHUZHLWHUH 7DUGHOOLDQHURGHUGHUHQ5RERWHU 0LWHLQHP)DXVWVFKODJVWUHFNWHHUGHQLQ5RV\V$UPHQ]DSSHOQGHQ7DUGHOOLDQHU ]X%RGHQ'DQQZLQNWHHVGHQEHLGHQDQGHUHQ Ä9HUVXFKHQZLUHVVDJWHHUNQDSSÄ9RQGRUWVLQGZLUYRUKLQJHNRPPHQ,Q GLHVHU5LFKWXQJPXDXFKGHU+DQJDUPLWGHQ%HLERRWHQOLHJHQ 6LHHLOWHQXQEHKLQGHUWGXUFKGHQVFKZDFKEHOHXFKWHWHQ.RUULGRU$QVHLQHP (QGHVWLHHQVLHDXIHLQHQ6FKDFKWGHUVLFKVHQNUHFKWQDFKREHQXQGXQWHQIRUW VHW]WH3UIHQGKLHOW6DHGHODHUHHLQH+DQGEHUGLHgIIQXQJ(UVSUWHHLQHQ

VDQIWHQ6RJQDFKXQWHQ2KQH]X]|JHUQVFKZDQJHUVLFKLQGHQ $QWLJUDYVFKDFKW5RV\XQG,QGDFRFKHDIROJWHQLKPZRUWORV $OVVLHGUHL$E]ZHLJXQJHQSDVVLHUWKDWWHVDJWH5RV\Ä:HQQPLFKQLFKWDOOHV WlXVFKWEHILQGHWVLFKGHU+DQJDUDXIGHPQlFKVWHQ'HFN 'RUWYHUOLHHQVLHGHQ6FKDFKWXQGEOLFNWHQVLFKXP Ä,QGDFRFKHDLVWZHJVDJWHGLH2UWXQJVWHFKQLNHULQÄ(UKDWGHQ$XVVWLHJ YHUSDW 6DHGHODHUHVFKWWHOWHXQZLOOLJGHQ.RSIXQGVWLHHLQHQ)OXFKDXVÄ'HU0DQQ WUHLEWPLFKQRFK]XP:DKQVLQQ:DVVROOHQZLUMHW]WPDFKHQ":LUN|QQHQGRFK QLFKWRKQHLKQZHLWHUJHKHQ $XVGHP$QWLJUDYVFKDFKWW|QWHSO|W]OLFKODXWHV*HVFKUHL6DHGHODHUHHUNDQQWH GLH6WLPPHGHV6RODQHUVXQGGLHYRQPHKUHUHQ7ZLQ]ZHUJHQ8QVFKOVVLJYHU KDUUWHHU 'DSDFNWHLKQGLH]LHUOLFKH)UDXDP$UP Ä:HLWHUVDJWHVLHJHSUHWÄ2KQHGLHVHQ7ROSDWVFK 6LHKDVWHWHQGXUFKGHQ*DQJXQGVWLHHQDXIHLQYHUVFKORVVHQHV6FKRWW%HLLKUHU $QQlKHUXQJJOLWWHVDXWRPDWLVFK]XU6HLWH'DKLQWHUODJGHU+DQJDUPLWGHQ %HLERRWHQ 5RV\'HZLWWHJLQJHQWVFKORVVHQDXIGDVQlFKVWH.OHLQVFKLII]X$EHU6DHGHODHUH EOLHESO|W]OLFKVWHKHQ'DYHUKDUUWHDXFKGLH)UDX Ä'DVGDVN|QQHQZLUQLFKWPDFKHQ(U]RJHLQHIDKULJH*HVWHPLWGHU+DQG GXUFKGLH/XIWÄ$XHUGHPNHQQHQZLUGLH7HFKQLNGLHVHU%HLERRWH]XZHQLJ 6HOEVWZHQQHVXQVJHOLQJHQVROOWHGDV5DXPVFKLII]XYHUODVVHQGUIWHHVGHQ =ZHUJHQQLFKWVFKZHUIDOOHQXQVZLHGHUHLQ]XIDQJHQRGHUHLQIDFKDE]XNQDOOHQ ,FKVHKHNHLQH&KDQFH 2KQHDXIHLQH$QWZRUWYRQ5RV\'HZLWWH]XZDUWHQGUHKWHVLFKGHU 0DVNHQWUlJHUXPXQGJLQJGHQ:HJ]XUFN$XIGHP*DQJDXVGHP+DQJDU NDPLKQHQHLQH*UXSSH7DUGHOOLDQHUHQWJHJHQ,QLKUHU0LWWHEHIDQGVLFK ,QGDFRFKHDHVNRUWLHUWYRQ]ZHL5RERWHUQ(UKDWWHHLQEODXHV$XJHXQGPDXOWH XQYHUVWlQGOLFKHV=HXJYRUVLFKKLQ 'LH7ZLQ]ZHUJHEOLFNWHQPLWE|VHIXQNHOQGHQ$XJHQDXI$ODVNDXQG5RV\ 'HP7UDQVPLWWHUJHVFKlGLJWHQILHOHQQXQHUVWPDOVGLHEHUJURHQ$XJHQGLHVHU :HVHQDXI,KUH$XJHQZDUHQYRQGHQJOHLFKHQ$EPHVVXQJHQZLHGLHGHU 0HQVFKHQ'DLKUH.|USHULQVJHVDPWDEHUQXUGLH+lOIWHHLQHV0HQVFKHQ DXVPDFKWHVWDFKHQGLHJURHQ$XJHQEHVRQGHUVKHUYRU6LHEHGHFNWHQIDVWGLH JDQ]H6WLUQIOlFKH%HLHLQLJHQUDJWHQVLHVRJDUELV]XP+DDUDQVDW] (LQ7DUGHOOLDQHUSDDUWUDWDXVGHU*UXSSHDXI6DHGHODHUH]X%HLGHIXFKWHOWHQ GURKHQGPLWLKUHQEHUVFKZHUHQ+DQGVWUDKOHUQ Ä'DVZDUVHKUGXPPYRQHXFKWREWHGHUHLQHXQGVHLQ(EHQELOGIJWHLP JOHLFKHQ$WHP]XJKLQ]XÄ8QGY|OOLJVLQQORV:ROOWLKUHLQHQJHZDOWVDPHQ7RG ZLUNOLFKGHP7RU]XU7LHIHYRU]LHKHQ" 'LH0HQVFKHQ]RJHQHVYRU]XVFKZHLJHQ'LH7ZLQ]ZHUJH]HLJWHQVLFKWURW] LKUHUVLFKWOLFKHQ9HUlUJHUXQJDOVVHKUUHGVHOLJ Ä,KUEUDXFKWQLFKWPHKULQGLH$UUHVW]HOOH]XUFNEHJDQQGHUHLQHÄ:LUODQGHQ

QlPOLFKJOHLFKDXI7DUGHOO,KUN|QQWGHQ(LQIOXJLQXQVHU6\VWHPUXKLJEHRE DFKWHQ'HP7RU]XU7LHIHHQWJHKWLKURKQHKLQQLFKW'HUHUVWH6SUHFKHUIJWH QDFKHLQHU3DXVHKLQ]XÄ6RHUIDKUWLKUZHQLJVWHQVZRLKUHXUH)HLQGH YHUJHEOLFKJHVXFKWKDEW 'HU]ZHLWH=ZHUJWUDWDQGLH6HLWHQZDQGGHV*DQJHVXQGDNWLYLHUWHHLQHQGRUW YHUERUJHQHQ%LOGVFKLUP'DV:HOWDOOZXUGHVLFKWEDU ,QXQHQGOLFKVFKHLQHQGHU)HUQHEOLQNWHQHLQ]HOQH/LFKWHUYRQ*DOD[LHQ,QGHU XQPLWWHOEDUHQ1lKHVWDQGHLQH.OHLQJDOD[LVGLHQDFK6DHGHODHUHV6FKlW]XQJ QLFKWPHKUDOV]ZDQ]LJ/LFKWMDKUHGXUFKPD'RFKGLHVHNOHLQH$QVDPPOXQJ YRQ6RQQHQVFKLHQQLFKWGDV=LHOGHVWDUGHOOLDQLVFKHQ6FKLIIHV]XVHLQ'LH )OXJULFKWXQJ]HLJWHVHLWOLFKDQGLHVHU.OHLQJDOD[LVYRUEHLLQGHUGLHZHQLJHQ 6WHUQHVRGLFKWVWDQGHQGDHLQ/HEHQGRUWYLHOOHLFKWJDUQLFKWP|JOLFKZDU 1HEHQGLHVHU*DOD[LVVFKlOWHVLFKHLQOHXFKWHQGHU3XQNWDXVGHP'XQNHOGHV $OOV'LHVHU3XQNWVWDQGJHQDXLP0LWWHOSXQNWGHV%LOGVFKLUPV'DV6FKLIINDP UDVFKQlKHUXQGGHUOHXFKWHQGH3XQNWYHUlQGHUWHVHLQ$XVVHKHQPLWGHU JU|HUHQ$XIO|VXQJ 6DHGHODHUH]lKOWHQHXQ6RQQHQGLHGRUWLPGLFKWHVWHQ5DXPEHLHLQDQGHU VWDQGHQ6LHELOGHWHQLQLKUHUDXJHQEOLFNOLFKHQ.RQILJXUDWLRQXQJHIlKU]ZHL .UHLVH Ä(LQHLJHQDUWLJHV%LOGVDJWH5RV\'HZLWWHOHLVH]XGHP 7UDQVPLWWHUJHVFKlGLJWHQÄ6LHKWLUJHQGZLHNQVWOLFKDXV 'HU7HUUDQHUVWDUUWHVFKZHLJHQGDXIGDV%LOGDOVHUSO|W]OLFKHLQ=LHKHQLQ VHLQHP.|USHUYHUVSUWH*OHLFK]HLWLJYHUVFKZDQGGDV%LOGGHUQHXQ6RQQHQ 6HNXQGHQVSlWHU]HLJWHGHU%LOGVFKLUPHLQHY|OOLJDQGHUH.RQILJXUDWLRQ (VZDUHQQXQQXUQRFKGUHL6RQQHQ]XVHKHQGLHMHGRFKZHVHQWOLFKQlKHU VWDQGHQ 'LHEHLGHQ7DUGHOOLDQHUGLHIUGLH*UXSSHVSUDFKHQWUDWHQQHEHQ$ODVNDXQG 5RV\XQGEOLFNWHQEHUOHJHQOlFKHOQG]XGHQEHLGHQQDFKREHQ Ä0LWGLHVHPWHFKQLVFKHQ7ULFNEHJDQQGHUHLQH=ZHUJÄGHQLKUVRHEHQ JHVHKHQXQGJHVSUWKDEWEHUZLQGHQZLUGLHXQVVFKW]HQGH=RQHGHV DEVROXWHQ9HUJHKHQV Ä,KUVHKWDOVRGDHVY|OOLJVLQQORVIUHXFK+XUR]RQVLVWIXKUGHU]ZHLWH LURQLVFKIRUWÄQDFK7DUGHOO]XVXFKHQ6HOEVWZHQQLKUHVLP,QQHUQGHUQHXQ 6RQQHQHQWGHFNHQN|QQWHWZl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

HQWJLQJQLFKWGHU$QIOXJYRQ8QVLFKHUKHLWGHULQGHQ*HVLFKWHUQGHUEHLGHQ :HVHQODJ Ä'LH=RQHGHVDEVROXWHQ9HUJHKHQVLVWGDVZDVLKU1DPHEHVDJWNDPGLH DXVZHLFKHQGH$QWZRUW Ä'HQWHFKQLVFKHQ7ULFN]XLKUHUhEHUZLQGXQJGUIHQZLUHXFKQDWUOLFKQLFKW YHUUDWHQHUNOlUWHGHU]ZHLWH7DUGHOOLDQHU$ODVNDKDWWHGDVVLFKHUH*HIKOGD GHU=ZHUJLKQVHOEVWQLFKWNDQQWH Ä$OOHVGXPPHV*HUHGHPDXOWH,QGDFRFKHDXQGKLHOWVLFKGLH+DQGDXIVHLQ JHVFKXQGHQHV$XJHÄ,FKYHUODQJHGDZLUXPJHKHQG]XU62/JHEUDFKW ZHUGHQ (UHUKLHOWYRQNHLQHU6HLWHHLQH$QWZRUW 'DV7DUGHOOLDQHUSlUFKHQZDUIJOHLFK]HLWLJHLQHQ%OLFNDXIHLQ$UPEDQGJHUlW Ä-HW]WLVWHVVRZHLWVDJWHGHUHLQHÄ7DUGHOOPXQXQDXIWDXFKHQHUJlQ]WHGHU ]ZHLWH $QGHU%HZHJXQJGHU6RQQHQZDU]XHUNHQQHQGDGDV.DVWHQVFKLIIQXQIDVW Y|OOLJEHZHJXQJVORVLP5DXPVWDQG7DWVlFKOLFKPDFKWHHVQXUQRFKPLQLPDOH )DKUW 'DVDQJHNQGLJWH$XIWDXFKHQYRQ7DUGHOOZDUIUGLH0HQVFKHQHLQHHFKWH hEHUUDVFKXQJ'HULPJOHLHQGHQ/LFKWGHUQHXQ6RQQHQOLHJHQGH3ODQHWIOOWH SO|W]OLFKLQXQPLWWHOEDUHU1lKHGHQJHVDPWHQ%LOGVFKLUPXQGUDJWHDQGHVVHQ 5lQGHUQQRFKZHLWEHULKQKLQDXV Ä:LUKDEHQGLH*UHQ]HGHU8QVLFKWEDUNHLWGXUFKVWRHQHUOlXWHUWHQGLH 7DUGHOOLDQHULQLKUHPW\SLVFKHQ:HFKVHOJHVSUlFKÄ8QVHU]ZHLWHU6FKXW]IDNWRU JHJHQGLH%HVWLHQYRQ+XUR]RQ *UDQHU,QGDFRFKHDZROOWHVFKRQZLHGHUDXIEHJHKUHQ Ä0LW:RUWHQHUUHLFKHQZLUKLHUJDUQLFKWVIXKULKP5RV\'HZLWWHHQHUJLVFK EHUGHQ0XQGÄ6LHVLQGDOVREHVVHUVWLOOXPGHQ=RUQGHU7DUGHOOLDQHUQLFKW QRFKPHKU]XVFKUHQ $ODVNDYHUVXFKWHVLFKXQWHUGHVVHQHLQXQJHIlKUHV%LOGYRQGHU7HFKQLNGLHVHV 9RONHV]XPDFKHQ%HLGHUhEHUZLQGXQJGHU=RQHGHVDEVROXWHQ9HUJHKHQV NRQQWHHVVLFKXPHLQHQ/LQHDUIOXJRGHUHWZDV$GlTXDWHVJHKDQGHOWKDEHQ'DV OHXFKWHWHLKPQRFKHLQZHQQJOHLFKHUVLFKQLFKWYRUVWHOOHQNRQQWHZDVHVPLW GLHVHURPLQ|VHQ=RQHDXIVLFKKDWWH(UVWDXQOLFKHUZDUKLQJHJHQGDHVGLH 7DUGHOOLDQHURIIHQVLFKWOLFKRKQH0KHVFKDIIWHQLKUHQ+HLPDWSODQHWHQ]XU *lQ]HXQVLFKWEDU]XPDFKHQ(QWZHGHUVLHEHWULHEHQGDPLWHLQHQJHUDGH]X XQJHKHXUHQ$XIZDQGRGHUVLHEHVDHQHLQH7HFKQLNGLHGHQ7HUUDQHUQY|OOLJ XQEHNDQQWZDU 6DHGHODHUHKDWWHJHVFKlW]WGDGLH(QWIHUQXQJ]XGHU3ODQHWHQREHUIOlFKH ZHQLJHUDOV]ZHLRGHUGUHL.LORPHWHUEHWUDJHQKDWWHDOVGLHVHSO|W]OLFKVLFKWEDU ZXUGH9LHOOHLFKWYHUEDUJVLFKGLHVHJDQ]H:HOWDEHUDXFKLQHLQHP=HLWIHOG lKQOLFKRGHUJOHLFKGHPZLHHVGLH7HUUDQHUYRQGHQ8OHEVJHOHUQWKDWWHQ2GHU DEHU7DUGHOOV9HUVWHFNODJLQHLQHUK|KHUGLPHQVLRQDOHQ(EHQH 'DGLH*HGDQNHQGHV0DVNHQWUlJHUVVLFKQDKH]XXQXQWHUEURFKHQPLWDOOHQ GHQNEDUHQ)OXFKWP|JOLFKNHLWHQEHIDWHQNDPHUEHLGLHVHQhEHUOHJXQJHQ]X

GHU(UNHQQWQLVGDGHUXQEHNDQQWH)DNWRUGHVXQVLFKWEDUPDFKHQGHQ (QHUJLHIHOGVQXUQRFKHLQH]XVlW]OLFKH(UVFKZHUQLVIUVLHGDUVWHOOHQZUGH =XHLQHPJHHLJQHWHQ=HLWSXQNWZROOWHHU5RV\'HZLWWHVHLQHhEHUOHJXQJHQ PLWWHLOHQ(UZXWHGDHUVLFKDXIGLH]LHUOLFKH2UWXQJVWHFKQLNHULQYHUODVVHQ NRQQWHGLHWURW]GHV9HUOXVWVLKUHV0DQQHVXQGLKUHU+HLPDWGHU62/WDSIHU EOLHEXQGPLWNKOHP.RSIGLH6DFKHDQJLQJ 6HLQH*HGDQNHQZXUGHQXQWHUEURFKHQDOVLKQGLH7DUGHOOLDQHUDXIIRUGHUWHQLQ GHQ+DQJDU]XGHQ%HLERRWHQ]XJHKHQ9RQDOOHQ6HLWHQNDPHQGLH=ZHUJH MHW]WKHUEHLXQGEHWUDWHQGLHNOHLQHQ6FKLIIH Ä0DFKWHXFKNHLQHIDOVFKHQ+RIIQXQJHQVDJWHGHUHLQH6SUHFKHUGHU 7ZLQ]ZHUJHÄ:LUIOLHJHQGLUHNW]XP7RU]XU7LHIHHUJlQ]WHVHLQ(EHQELOG :LGHUVSUXFKVORVEHWUDWHQGLHGUHL0HQVFKHQGDV]XJHZLHVHQH%HLERRW$ODVND 6DHGHODHUHHQWJLQJHVQLFKWGD,QGDFRFKHDV$XJHQJHIlKUOLFKIODFNHUWHQ (UPXWHDXIGHQ6ROJHERUHQHQJXWDXISDVVHQ'DVZDUHLQH]XVlW]OLFKH %HODVWXQJGLHXQWHU8PVWlQGHQDOOH)OXFKWSOlQH]XQLFKWHPDFKHQNRQQWH 7$5'(//',(:(/7'(57:,1=:(5*( 'LHEHLGHQWDUGHOOLDQLVFKHQ%HLERRWHUDVWHQGLFKWEHUGHU2EHUIOlFKHGHV 3ODQHWHQLKUHP=LHOHQWJHJHQ'DGLHVHV=LHOGDV7RU]XU7LHIHVHLQPXWHZDU 6DHGHODHUHDEVROXWNODU:DVVLHGRUWZLUNOLFKHUZDUWHQZUGHODJDEHUQRFKLP GXQNHOQ 'LH0DVVHGHU%HLERRWHKDWWHGDVWDUGHOOLDQLVFKH.DVWHQVFKLIILQ HQWJHJHQJHVHW]WHU5LFKWXQJYHUODVVHQZRDPIHUQHQ+RUL]RQWHLQH6WDGWPLW ULHVLJHQ+RFKKlXVHUQHPSRUUDJWH 1XU]ZHL%RRWHWUDWHQGHQ)OXJLQGLHDQGHUH5LFKWXQJDQ,QGHPHLQHQZDUHQ GLHGUHL0HQVFKHQXQWHUJHEUDFKWHVNRUWLHUWXQGEHZDFKWYRQGUHL=ZLOOLQJV SDDUHQGHU7DUGHOOLDQHU,QGHPDQGHUHQ%RRWZDUHQQXU7ZLQ]ZHUJH$ODVND ZDUYRQ5RV\GDUDXIDXIPHUNVDPJHPDFKWZRUGHQGDLQGLHVHP%RRWDXFKGLH EHLGHQYRQ,QGDFRFKHDHUVFKRVVHQHQ=ZHUJHZDUHQXQGGDGLHVHYRQLKUHQ (EHQELOGHUQJHWUDJHQZXUGHQ 'HU7HUUDQHUKDWWHGLHVHQ8PVWlQGHQQXUZHQLJ%HGHXWXQJEHLJHPHVVHQ'DV HLQ]LJHZDVHUEHVRQGHUVUHJLVWULHUWKDWWHZDUGLH7DWVDFKHGDGLH7DUGHOOLDQHU LKUHJHIlKUOLFKHQ5RERWHUDQ%RUGGHV.DVWHQUDXPVFKLIIVJHODVVHQKDWWHQ (LQH*HIDKUHQTXHOOHZDUGDPLWDXVJHVFKDOWHW6DHGHODHUHOLHElXJHOWHPLWGHP *HGDQNHQGHQ7ZLQ]ZHUJHQ]XHQWIOLHKHQXQGVLFKHUVWHLQPDODXI7DUGHOO]X YHUEHUJHQ9LHOOHLFKWJHODQJHVLKQHQHLQ6FKLIIDXI]XWUHLEHQXQGGLHVH:HOW]X YHUODVVHQ'DGDV7RU]XU7LHIHJOHLFKEHGHXWHQGPLWGHP7RGRGHUHLQHU$UW +LQULFKWXQJZDUHUVFKLHQLKPRIIHQVLFKWOLFK :lKUHQGGHV)OXJHVEHREDFKWHWHHUDXIPHUNVDPGLH3ODQHWHQODQGVFKDIW7DUGHOO ZDUHUGlKQOLFKDEHUQXUVHKUGQQEHVLHGHOW$XHUGHU6WDGWGLHEHLGHU/DQ GXQJVLFKWEDUJHZHVHQZDUXQGHLQHUNOHLQHQ$QVLHGOXQJGLHVLHNXU]QDFK GHP6WDUWGHV%HLERRWVSDVVLHUWKDWWHQJDEHVNHLQH$Q]HLFKHQDXI%HEDXXQJ

.LORPHWHUODQJH6DYDQQHQZHFKVHOWHQVLFKPLWULHVLJHQ:lOGHUQDEGXUFKGLH NOHLQH)OVVHLKUHQ:HJEDKQWHQ6DHGHODHUHYHUPLWHDXFKHLQ6WUDHQQHW]RGHU LUJHQGZHOFKH$Q]HLFKHQYRQ8UEDUPDFKXQJGHV/DQGHV'DV9RONGHU 7DUGHOOLDQHUPXWH]DKOHQPlLJVHKUNOHLQVHLQEHUOHJWHHUZHLWHU)UVHLQH $EVLFKWZDUGLHVGXUFKDXVSRVLWLYGHQQVRZUGHHVLKQHQP|JOLFKVHLQVLFK YHUEHUJHQ]XN|QQHQ9RUDXVVHW]XQJZDUMHGRFKLPPHUGDLKQHQGLH)OXFKW EHUKDXSWJHODQJ 'HU)OXJGHUEHLGHQ%HLERRWHZlKUWHQXQVFKRQIDVWHLQH6WXQGH'LH 7ZLQ]ZHUJHZDUHQZlKUHQGGLHVHU=HLWLPPHUUXKLJHUJHZRUGHQ$ODVND 6DHGHODHUHYHUPHLQWHVRJDUVRHWZDVZLHHLQHQDQGlFKWLJHQ%OLFNLQLKUHQ *HVLFKWHUQ]XHUNHQQHQ(UHULQQHUWHVLFKDQGDVZDVVLHDXIGHP.DVWHQVFKLII JHVHKHQKDWWHQDOVGLHEHLGHQWRWHQ7ZLQ]ZHUJHYRQLKUHQQRFKOHEHQGHQ =ZLOOLQJHQIHLHUOLFKYRUGHPJURHQ*HPlOGHDEJHOHJWZRUGHQZDUHQ =ZHLIHOORVKDWWHHVVLFKGDEHLXPGLHHUVWH3KDVHHLQHU$UW%HVWDWWXQJJHKDQGHOW *UDQHU,QGDFRFKHDVFKLHQGLH9HUlQGHUXQJEHLGHQ7DUGHOOLDQHUQQLFKW]X EHPHUNHQ(UEHJDQQPLWVHLQHUKRKHQ6WLPPHDEZHFKVHOQGDXI7DUGHOOLDQLVFK XQGDXI,QWHUNRVPR]XPDXOHQ$OVLKPGLH=ZHUJHNHLQH$QWZRUWJDEHQVWLH HUHLQHQYRQLKQHQLQGLH6HLWH %|VH%OLFNHXQGGLHGURKHQGH0QGXQJHLQHV+DQGVWUDKOHUVULFKWHWHQVLFKDXI LKQ Ä6FKZHLJ+XUR]RQIDXFKWHLKQHLQ7DUGHOOLDQHUDQÄ(QWZHLKHGLHVH=HLWELV ]XGHLQHP7RGQLFKW =XPHUVWHQPDOHUOHEWH6DHGHODHUHGDGHU=ZLOOLQJGHV6SUHFKHUVQLFKWV HUJlQ]WHRGHUVHOEVWEHPHUNWH2IIHQVLFKWOLFKJLQJHLQH9HUlQGHUXQJDXI JHLVWLJHU(EHQHPLWGHQ=ZHUJHQYRUGLHPLWGHPHQGJOWLJHQ$EVFKLHGLKUHU WRWHQ%UGHU]XWXQKDEHQPXWH'HU7UDQVPLWWHUJHVFKlGLJWHZLWWHUWHVRJOHLFK HLQH&KDQFHGLHLKUH)OXFKWP|JOLFKNHLWHQYHUJU|HUQNRQQWH (UNDPQLFKWPHKUGD]XGLHVHQ*HGDQNHQZHLWHU]XVSLQQHQGHQQGLHEHLGHQ %RRWHVHW]WHQ]XU/DQGXQJDQ6LHNUHLVWHQNXU]EHUHLQHPJHVFKORVVHQHQ :DOGVWFNXQGVHQNWHQVLFKGDQQQDFKXQWHQZRHLQHNUHLVUXQGH/LFKWXQJ VLFKWEDUZXUGH$P5DQGGLHVHU/LFKWXQJODQGHWHQGLH%RRWH 'XUFK*HVWHQGHXWHWHPDQGHQ0HQVFKHQDQGDVLHDXVVWHLJHQVROOWHQ5RV\ 'HZLWWHJDEGHPXQVLFKHUXQGYHUZLUUWGUHLQEOLFNHQGHQ,QGDFRFKHDHLQHQ6WR DOVGHU]|JHUWH Ä,FKKDEHDXFKQRFKQLHHLQHQ3ODQHWHQEHWUHWHQVDJWHVLHOHLVH]XGHP%LRJHQ 'LDJQRVWLNHUÄ$EHUVRVFKOLPPZLUGHVGRFKQLFKWVHLQ ,QGDFRFKHDYHU]RJVHLQ*HVLFKW]XHLQHU*ULPDVVHDOVVHLQ)XGHQ%RGHQ EHUKUWH6DHGHODHUHZDUVFKRQGUDXHQXQGEOLFNWHVLFKXP 'LHbKQOLFKNHLWGHU6]HQHPLWGHP*HPlOGHDQ%RUGGHV.DVWHQUDXPVFKLIIV ZDUXQYHUNHQQEDU'LH/LFKWXQJZDUPLWNOHLQHQ%VFKHQXQGXQUHJHOPlLJDQ JHRUGQHWHQ%lXPHQGXUFKVHW]W2EHQDQGHPVWUDKOHQGEODXHQ+LPPHOJOlQ]WHQ GLH6FKHLEHQYRQYLHU6RQQHQ)UHLQHQ0RPHQWGDFKWH$ODVNDGDUDQGDHV DXI7DUGHOOZRKOQLHHLQH1DFKWJDEZHQQGHU3ODQHWLP,QQHUQGHUQHXQ 6RQQHQVWDQG

'HUHQWVFKHLGHQGH8QWHUVFKLHG]XGHP*HPlOGHLP6DDOGHU%HVLQQXQJZDU MHGRFKGDGDV*HELOGHLQGHP5RV\'HZLWWHGDV7RU]XU7LHIHYHUPXWHWKDWWH IHKOWH'HUKHOOEODXH.UHLVERJHQPLWGHPVFKZDU]HQLQQHUHQ)HOGZDUQLFKW YRUKDQGHQ $XFKDXVGHP]ZHLWHQ%HLERRWZDUHQGLH7DUGHOOLDQHUDXVJHVWLHJHQ6LH IRUPLHUWHQVLFK]XHLQHP=XJDQGHVVHQ6SLW]HGLHEHLGHQ7ZLQ]ZHUJHPLW LKUHQWRWHQ=ZLOOLQJHQVFKULWWHQ:lKUHQGVLFKGLH3UR]HVVLRQVFKZHLJHQGLQ %HZHJXQJVHW]WHGHXWHWHQ]ZHLLGHQWLVFKH7DUGHOOLDQHUGHQ0HQVFKHQGXUFK XQPLYHUVWlQGOLFKH*HVWHQPLWLKUHQ:DIIHQDQVLFKDQ]XVFKOLHHQ 6FKRQQDFKNQDSSIQI]LJ6FKULWWHQEOLHEGHU=XJVWHKHQ'LH7DUGHOOLDQHU KREHQHLQHQ*HVDQJDQGHUDQGLHVFKZHUPWLJH0XVLNHULQQHUWHGLHGLH 0HQVFKHQDQ%RUGGHV6FKLIIHVVFKRQJHK|UWKDWWHQ 8QGGDJHVFKDKHV 0LWKHIWLJHP3UDVVHOQZ|OEWHVLFKGHUEODXH.UHLVERJHQDXVGHP%RGHQXQG HUUHLFKWHHLQH+|KHYRQJXW]ZDQ]LJ0HWHUQ$OVGDVVHOWVDPH*HELOGHVWDQG YHUVFKZDQGHQGLH%HJOHLWJHUlXVFKH'DV,QQHUHGHV%RJHQVIOOWHVLFKPLWHLQHU OLFKWORVHQ6FKZlU]HGLHGXQNOHUZDUDOVHLQVWHUQHQORVHU+LPPHOGHV:HOWDOOV (WZDV8QKHLPOLFKHVJLQJYRQGHP7RU]XU7LHIHDXV,UJHQGZLHHULQQHUWHHV $ODVNDDQHLQHQ7UDQVPLWWHUWRUERJHQDEHUGLH)RUPXQGGLH)DUEHZDUHQGRFK DQGHUV 'HUIUHPGDUWLJH*HVDQJGHU7DUGHOOLDQHUEUDFKLQGHP0RPHQWDEDOVGDV *HELOGHVLFKVWDELOLVLHUWKDWWH 'HUHUVWH7ZLQ]ZHUJVHW]WHVLFKPLWVHLQHPWRWHQ=ZLOOLQJDXIGHQ$UPHQLQ 5LFKWXQJGHV7RUHVLQ%HZHJXQJ6DHGHODHUHEOLFNWHVLFKUDVFKXP'LHYRULKP VWHKHQGHQ7DUGHOOLDQHUKDWWHQDQGlFKWLJGLH$XJHQJHVFKORVVHQ1XUGLHEHLGHQ %HZDIIQHWHQGLHKLQWHUGHQGUHL0HQVFKHQVWDQGHQZDUHQYROOHU$XIPHUN VDPNHLW,KUH%OLFNHODJHQDXI6DHGHODHUH5RV\XQG,QGDFRFKHD 'HU7UDQVPLWWHUJHVFKlGLJWHHUZDUWHWHLUJHQGZLHGDGHU7ZLQ]ZHUJQXQVHLQHQ WRWHQ%UXGHUDPGHP7RU]XU7LHIHEHUJHEHQZUGH(VJHVFKDKDEHUHWZDV ZDVIUGLH0HQVFKHQXQIDEDUZDU 5RV\'HZLWWHDWPHWHVFKZHUDXIDOVVLHVDKZLHGHU7DUGHOOLDQHUPLWVHLQHP OHEORVHQ%HJOHLWHULQGDV7RUWUDW(LQJUHOOHU%OLW]]XFNWHYRUGHP SHFKVFKZDU]HQ+LQWHUJUXQGDXI'DQQZDUHQGHUOHEHQGHXQGGHUWRWH 7ZLQ]ZHUJYHUVFKZXQGHQ $ODVNDXQG5RV\VWDUUWHQJHEDQQWDXIGLH6]HQHDOVVLFKGHU]ZHLWH7DUGHOOLDQHU LQ%HZHJXQJVHW]WH)DVWZlUHLKQHQGDGXUFKGDVNODWVFKHQGH*HUlXVFKKLQWHU LKUHP5FNHQHQWJDQJHQ 5RV\'HZLWWHEHPHUNWHGLH9HUlQGHUXQJ]XHUVWGHQQ6DHGHODHUHZDUSO|W]OLFK DEJHOHQNW6HLQ&DSSLQ)UDJPHQWZDUXQUXKLJJHZRUGHQ6SUWHQGLH,QVWLQNWH GHV2UJDQNOXPSHQVGLHQDKH9HUQLFKWXQJRGHUZDUHQHVGLHHQHUJHWLVFKHQ 6WUDKOXQJHQGHV7RUERJHQVGLHHVLQ(UUHJXQJYHUVHW]WHQ"5RV\ZXWHHVQLFKW 6LHNRQQWHVLFKDXFKNHLQH*HGDQNHQPHKUGDUEHUPDFKHQGHQQDOVVLHQDFK UFNZlUWVEOLFNWHVDKVLHGLH9HUlQGHUXQJ 'LHEHLGHQ7DUGHOOLDQHUGLHVLHEHZDFKWKDWWHQODJHQEHZHJXQJVORVDXIGHP

%RGHQ*UDQHU,QGDFRFKHDUDQQWHPLWULHVLJHQ6FKULWWHQLQ5LFKWXQJGHU DEJHVWHOOWHQ%HLERRWH 6LHSDFNWH$ODVNDDP2EHUDUPXQG]RJLKQKHUXPXPLKQDXIGLH (LJHQPlFKWLJNHLWGHV6ROJHERUHQHQDXIPHUNVDP]XPDFKHQ Ä$ODVND.RPPHQ6LH'DVLVWXQVHUH&KDQFH]LVFKWHVLHNDXPK|UEDUXPGLH 7DUGHOOLDQHUQLFKWDXIPHUNVDP]XPDFKHQ 6DHGHODHUH]HLJWHNDXPHLQH5HDNWLRQ6R]RJGLH)UDXLKQHLQIDFKPLWVLFKPLW 6FKRQQDFKZHQLJHQ6FKULWWHQEHUXKLJWHVLFKGDV&DSSLQ)UDJPHQW$ODVND PXUPHOWHHWZDV8QYHUVWlQGOLFKHVXQGUDQQWHORV 'DVZWHQGH*HVFKUHLGHU7ZLQ]ZHUJHKREDQDOVVLHGDVHUVWH%HLERRWHUUHLFKW KDWWHQ,QGDFRFKHDZDUVFKRQGXUFKGLH/XNHLQV,QQHUHJHNOHWWHUW(UYHUVXFKWH DQGHQ6WHXHUXQG.RQWUROOHLQULFKWXQJHQ]XKDQWLHUHQDEHU5RV\VFKREVLFK UDVFKDQLKPYRUEHL Ä'DVEHUODVVHQ6LHEHVVHUPLUVDJWHVLHÄ,FKKDEHEHLP+HUIOXJGLH=ZHUJH JHQDXEHREDFKWHW.PPHUQ6LHVLFKXP$ODVND(UKDW6FKZLHULJNHLWHQPLW VHLQHP&DSSLQ)UDJPHQW Ä(VJHKWVFKRQZLHGHUPXUPHOWHGHU0DVNHQWUlJHUVFKZDFKXQGVFKORGLH /XNHKLQWHUVLFK 'UDXHQWREWHQGLH7DUGHOOLDQHUKHUDQ6LHKDWWHQLKUH:DIIHQJH]RJHQXQG ULFKWHWHQVLHGURKHQGDXIGDV%HLERRW 5RV\'HZLWWHVFKLPSIWHYRUVLFKKLQ Ä7XWPLUOHLG$ODVNDVDJWHVLHGDQQQLHGHUJHVFKODJHQÄ,FKEULQJHGHQ.DVWHQ QLFKWLQ*DQJ(VIHKOWHLQ(OHPHQWDQGHP6WHXHUSXOWGDVYRUKLQQRFKGDZDU 'LH=ZHUJHPVVHQHVPLWJHQRPPHQKDEHQ *UDQHU,QGDFRFKHDEUDEEHOWHHWZDVYRQHLQHUKHLOLJHQ6WlWWH(KHVLFKGHUQRFK OHLFKWEHQRPPHQH6DHGHODHUHYHUVDKKDWWHGHU6ROJHERUHQHGLH/XNHJH|IIQHW (UZROOWHVLFKPLWHLQHPHOHJDQWHQ6FKZXQJQDFKGUDXHQEHJHEHQDEHUVHLQH 8QJHVFKLFNOLFKNHLWVSLHOWHLKPZLHGHUHLQHQ6WUHLFK(UEOLHEPLWHLQHP6WLHIHO KlQJHQXQGVWU]WH]X%RGHQ 9LHOOHLFKWZDUHVJHUDGHGLHVHXQJHZROOWH*HVWHGLHGLH7DUGHOOLDQHU]|JHUQ OLH(KHUQHXJLHULJXQGYHUZXQGHUWDOVDQJULIIVZWLJVWDUUWHQVLHDXIGHQ 0DQQ Ä,KUZLWGDLKUDQGLHVHUKHLOLJHQ6WlWWHQLFKWVFKLHHQGUIWVFKULOOWHVHLQH 6WLPPHGHQ7ZLQ]ZHUJHQHQWJHJHQÄ*HEWXQVGLH0|JOLFKNHLWQDFKXQVHUHU $UWGXUFKGDV7RU]XU7LHIH]XJHKHQJHPHLQVDPXQGLQGLHVHP)DKU]HXJ*HEW PLUGDVIHKOHQGH(OHPHQWGHV6WHXHUSXOWV 'LH7DUGHOOLDQHUZDUHQVLFKWOLFKYHUZLUUW.HLQ/DXWNDXPEHULKUH/LSSHQ Ä'XUFKPHLQ*HUHGHPXLFKLKUHKHLOLJH6WlWWHJDQ]VFK|QHQWZHLKWKDEHQ ULHI,QGDFRFKHD6DHGHODHUH]XGHULQGHURIIHQHQ/XNHVWDQGXQGGLH XQRUWKRGR[H9RUJHKHQVZHLVHGHV%LRJHQ'LDJQRVWLNHUVEHREDFKWHWH'LH+DQG $ODVNDVODJDQGHU3ODVWLNPDVNHGHV&DSSLQ)UDJPHQWV:HQQGHUXQVLQQLJ VFKHLQHQGH9HUVXFKGHV6ROJHERUHQHQVFKLHIJHKHQZUGHZUGHGHU7HUUDQHU QLFKW]|JHUQVLFKDXIVHLQH:HLVH]XZHKUHQ 8PVRYHUEOIIWHUZDUHUDOVWDWVlFKOLFKHLQHUGHU7ZLQ]ZHUJHLQGLH7DVFKH

JULIIXQGHLQHQ*HJHQVWDQGKHUYRU]RJGHUDQHLQHQ6FKOVVHOHULQQHUWH(UZDUI LKQZRUWORV,QGDFRFKHDYRUGLH)H 'HUKRELKQDXIXQGNOHWWHUWHZLHGHULQGDV%HLERRW 6HNXQGHQVSlWHUKDWWH5RV\'HZLWWHGHQ$QWULHEDNWLYLHUW6DHGHODHUHVWHOOWHVLFK ]XLKUXPLKUEHLGHU/HQNXQJGHVIUHPGHQ)DKU]HXJVEHKLOIOLFK]XVHLQ 2EZRKOGLH)UDXQXU0HWHUJURZDUPXWHVLHVLFKEFNHQXPGLH 6WHXHUHOHPHQWHEHGLHQHQ]XN|QQHQ$OOHVZDUKLHUIUGLHQXUHWZDHLQHQ0HWHU JURHQ7DUGHOOLDQHUJHEDXW 7DWVlFKOLFKJHODQJHVLKUGDV%HLERRWLQ%HZHJXQJ]XVHW]HQ(VVFKZDQNWH DQIDQJV]ZDUVWDUNDEHUVFKRQQDFKZHQLJHQ0HWHUQVWDELOLVLHUWHVLFKGHU)OXJ $ODVND6DHGHODHUHZDUIQRFKHLQHQ%OLFNDXIGLHZDUWHQGHQ7ZLQ]ZHUJH ZlKUHQG5RV\GDV%RRWDXIGDV7RUPLWVHLQHPKHOOEODXHQ%RJHQ]XOHQNWH 1RFKIROJWHQGLH+DQGZDIIHQGHU7DUGHOOLDQHUGHP)OXJ Ä%LVNXU]YRUGDV7RUVDJWH6DHGHODHUHÄXQGGDQQEHVFKOHXQLJHQXQGDEQDFK REHQ 'LH6ROJHERUHQHQLFNWHXQGNRQ]HQWULHUWHVLFKDXIGLHNOHLQHQ6FKDOWHOHPHQWH GHV%HLERRWV'DVVFKZDU]H,QQHUHGHV7RUHV]XU7LHIHNDPEHGURKOLFKQlKHU (UVWLPOHW]WHQ0RPHQWEHVFKOHXQLJWH5RV\XQGGUHKWHGDV)OXJERRWDE6WHLO VFKRHVLQGHQEODXHQ+LPPHO 6DHGHODHUHHUZDUWHWHGDGLH7DUGHOOLDQHUKLQWHULKQHQKHUIHXHUQZUGHQDEHU QLFKWVJHVFKDK6FKOLHOLFKGUHKWHHUVLFKXPXQGEOLFNWHGHQVFKZHLJHQGHQ ,QGDFRFKHDDQ Ä:RKHUKDEHQ6LHJHZXWGDGLH=ZHUJHQLFKWVFKLHHQXQGGDVLHGHQ IHKOHQGHQ6FKOVVHOKHUDXVUFNHQZUGHQ"IUDJWHHUGHQ%LRJHQ'LDJQRVWLNHU 'HU]XFNWHOLQNLVFKPLWGHQ6FKXOWHUQÄ,FKZXWHHVQLFKW,FKKDEHHVPLUQXU JHGDFKWDOVLFKVDKGDGHUOHEHQGH7DUGHOOLDQHUPLWVHLQHPWRWHQ=ZLOOLQJLQ GHQ)UHLWRGJLQJ(LQVHKUHLJHQDUWLJHV9RONGLHVH7ZLQ]ZHUJH$OVRPXPDQ LKQHQDXFKVREHJHJQHQ $ODVNDVFKZLHJ6RIDGHQVFKHLQLJZLHGLH(UNOlUXQJ,QGDFRFKHDVDXFKZDUVLH KDWWH]XPLQGHVWYRUEHUJHKHQGLQGHU'XUFKIKUXQJJHKROIHQ'DVOHQNWHGHQ 7UDQVPLWWHUJHVFKlGLJWHQZLHGHUDXIGLHHLJHQWOLFKHQ3UREOHPH Ä(LQH)OXFKWLQVIUHLH$OOGUIWH]XULVNDQWVHLQPLWGLHVHP.OHLQERRWVDJWHHU Ä:LUYHUVXFKHQXQV]XQlFKVWDXI7DUGHOO]XYHUEHUJHQXQGGLH/DJH]XVRQ GLHUHQ 5RV\'HZLWWHVWLHHLQHQZHQLJGDPHQKDIWHQ3LIIGXUFKGLH=lKQH Ä,FKIUFKWH$ODVNDGDPLWKDEHQZLU3HFK2GHULFKELQHLQIDFKLQHLQH]X JURH+|KHJHIORJHQGHQQVRHEHQLVWGHU3ODQHWYHUVFKZXQGHQ Ä'LH*UHQ]HGHU8QVLFKWEDUNHLWPHLQWH,QGDFRFKHD Ä,FKKDEHNHLQH2ULHQWLHUXQJVKLOIHVDJWH5RV\UXKLJÄ(LQ2UWXQJVV\VWHPRGHU HWZDVbKQOLFKHVVFKHLQWHVQLFKW]XJHEHQ 6DHGHODHUHEOLFNWHVLFKXPXQGVDKGLH$XVVDJHQGHU)UDXEHVWlWLJW Ä'DQQEOHLEWQXUQRFKHLQ:HJVDJWHHUÄ6WHXHUQ6LH]ZLVFKHQ]ZHL6RQQHQ KLQGXUFKLQV$OO'LH&KDQFHQVLQG]ZDUJHULQJDEHUMHW]WKDEHQZLUHLQPDO GDPLWDQJHIDQJHQXQGGDQQPDFKHQZLUDXFKZHLWHU

Ä+HULHI,QGDFRFKHDÄ+DEHQ6LHVFKRQHLQPDOHWZDVYRQGHU=RQHGHV DEVROXWHQ9HUJHKHQVJHK|UW" Ä+DEHQ6LHVFKRQHLQPDOGDV7RU]XU7LHIHJHVHKHQ"6DHGHODHUHV6WLPPHNODQJ LURQLVFKÄ,FKZHLGDHVVLFKGDEHLXPHLQHQHLQVHLWLJJHSROWHQ7UDQVPLWWHU KDQGHOQPX'D]LHKHLFKGLH=RQHGHVDEVROXWHQ9HUJHKHQVGRFKYRU Ä8QGZHQQHVVLFKGDEHLDXFKXPHLQHQHLQVHLWLJJHSROWHQ7UDQVPLWWHUKDQGHOW" IUDJWH,QGDFRFKHDZHLQHUOLFK Ä'DQQZHUGHQZLUHVIUKJHQXJPHUNHQDQWZRUWHWH$ODVNDVFKURII 5RV\'HZLWWHEOLFNWHNXU]YRQGHQ.RQWUROOHQDXI,KUHP*HVLFKWZDUGHXWOLFK DQ]XVHKHQGDVLHPLW$ODVNDV9RUKDEHQQLFKWHLQYHUVWDQGHQZDU Ä,FKZUGHVFKRQJDQ]JHUQZLVVHQZLH6LHGDVPHUNHQZROOHQ$ODVND(LQ XQEHUK|UEDUHU9RUZXUIODJLQLKUHU6WLPPHÄ:LUKDEHQNHLQHLQ]LJHV 0HLQVWUXPHQWDQ%RUG2GHU]XPLQGHVWNHLQVPLWGHPZLUXPJHKHQN|QQHQ RGHUGDVDOVVROFKHV]XHUNHQQHQZlUH Ä5LFKWLJ0UV'HZLWWHSLHSVWH,QGDFRFKHDJHUHL]WÄ:DVHUYRUKDWLVWGHU VLFKHUH7RGIUXQV 9RQHLQHU6HNXQGH]XUlQGHUQKHUUVFKWHHLQHJHUHL]WH6WLPPXQJ'LHGUHL 0HQVFKHQZDUHQVLFKQLFKWPHKUHLQLJ6DHGHODHUHVSUWHZLHVLFKGHUJHLVWLJH $EVWDQG]X5RV\XQG,QGDFRFKHDYHUJU|HUWH(UIKOWHVLFKXQVLFKHUGHQQHU ZXWHQLFKWZDVHU]XU(QWNUDPSIXQJGHU6LWXDWLRQWXQVROOWH Ä9LHOOHLFKWKDEHQZLUGRFKHLQ2UWXQJVJHUlWVDJWHHUVFKOLHOLFKLQVHLQHU W\SLVFKHQKROSULJHQ6SUHFKZHLVH(UGHXWHWHYLHOVDJHQGDXIVHLQH3ODVWLNPDVNH Ä$XIMHGH$UW(QHUJLHVSULFKWHVDEHUDXFKQLFKWDQZDQGWH5RV\HLQ ,QGDFRFKHDVFKZLHJ]XGHU%HPHUNXQJ Ä:LUIOLHJHQZHLWHUXQGYHUVXFKHQGLHVHV1HXQHU6RQQHQV\VWHP]XYHUODVVHQ HQWVFKLHG6DHGHODHUHÄ:HQQHVMHQVHLWVGHU6RQQHQHLQH*HIDKUJHEHQVROOWH ZHUGHQZLUHVVFKRQPHUNHQ$XIDOOH)lOOHYHUODQJVDPHQZLUGRUWGHQ)OXJ :HQQHVVLFKEHLGHU=RQHGHVDEVROXWHQ9HUJHKHQVXPHWZDVbKQOLFKHV KDQGHOQVROOWHZLHXPGDV7RU]XU7LHIHVRZHUGHLFKHVPHUNHQ'LHQ GLPHQVLRQDOHQ(QHUJLHQGHV7RUHVKDEHQGDV&DSSLQ)UDJPHQWDXFKZLOG JHPDFKW 5RV\'HZLWWH]HLJWHPLWNHLQHU*HVWHREVLHPLW6DHGHODHUHV$QVLFKWLP (LQNODQJVWDQG6FKZHLJHQGVHW]WHVLHGHQ)OXJIRUW 1RFKEHYRUVLHGHQ'RSSHOULQJGHUQHXQ6RQQHQHUUHLFKWHQGU|KQWHHLQH 6WLPPHLQGHP%HLERRWDXI6LHHULQQHUWH6DHGHODHUHVRIRUWDQGLH6WLPPHGLH HUDQ%RUGGHU-$<0$'$+5JHK|UWKDWWHXQGGLHVLHGRUW]OXP$XIJHEHQ DXIJHIRUGHUWKDWWH'LH7DUGHOOLDQHUPXWHQEHUHLQH7HFKQLNLQGHU hEHUWUDJXQJYRQDNXVWLVFKHQ1DFKULFKWHQEHVLW]HQGLHVLFKJUXQGOHJHQGYRQ GHUWHUUDQLVFKHQXQWHUVFKLHG Ä+LHUVSULFKW*RUODN$VDJWHGLH6WLPPHEHUODXWÄ8QG*RUODN$$HUJlQ]WH HLQH]ZHLWHLGHQWLVFKH6WLPPHÄ,FKIRUGHUHHXFKDXIGHQXQVLQQLJHQ)OXFKW YHUVXFKDE]XEUHFKHQ,KUN|QQWGHP6\VWHPGHUQHXQ6RQQHQQLFKWHQWIOLHKHQ GHQQGLH=RQHGHVDEVROXWHQ9HUJHKHQVLVWEHUDOO:lKOWGHQHKUHQYROOHQ7RG GHU$XIHUVWHKXQJGXUFKGDV7RU]XU7LHIH

Ä,FKZHLQLFKWRELKUXQVK|UHQN|QQWVFKULH,QGDFRFKHDYRUZLW]LJÄ$EHU GXUFKGDVGlPOLFKH7RUJHKHQZLUQLFKW (UHUKLHOWNHLQHGLUHNWH$QWZRUW$EHUGLH$QZHVHQKHLWGHU7ZLQ]ZHUJHZXUGH VSUEDUDOVGLFKWYRUGHP%XJHLQ(QHUJLHVWUDKOLQ)RUPHLQHV:DUQVFKXVVHV YRUEHL]LVFKWH'DVXQVLFKWEDUH6FKLIIGHU7DUGHOOLDQHUPXWHJDQ]LQGHU1lKH VHLQ Ä5RV\VDJWH$ODVNDGXPSIÄKROHQ6LHDXVGHU.LVWHKHUDXVZDVLPPHUDXFK JHKW0DQLVWXQVDXIGHQ)HUVHQ 'LHNOHLQH2UWXQJVWHFKQLNHULQQLFNWHYHU]ZHLIHOW,KUVFKLHQJDUQLFKWZRKO]X VHLQLQGLHXQEHNDQQWH*HIDKUGHU=RQHGHVDEVROXWHQ9HUJHKHQV]XIOLHJHQ 'LH7DUGHOOLDQHUXQWHUQDKPHQNHLQHQZHLWHUHQ9HUVXFKXPGDV%HLERRWGHU )OLHKHQGHQDXI]XKDOWHQ6FKOLHOLFKSDVVLHUWHQGLHGUHL]XU/LQNHQXQG]XU 5HFKWHQMHHLQHGHUQHXQH6RQQHQXQGYHUOLHHQVRGHQ,QQHQUDXPGHV HLJHQDUWLJHQ6\VWHPV (VZDUHLQ5lWVHOIU6DHGHODHUHGDGLH7ZLQ]ZHUJHGLHMDVRYHUVHVVHQGDUDXI ZDUHQGLHYHUPHLQWOLFKHQ+XUR]RQVLQV-HQVHLWV]XEHI|UGHUQVLHQLFKWHLQIDFK DEVFK|VVHQ'LH0|JOLFKNHLWGD]XEHVDHQVLHEHVWLPPW'DVLHHVQLFKWWDWHQ PXWHHLQHQDQGHUHQ*UXQGKDEHQ(VVFKLHQPLWGHP=ZDQJ]XVDPPHQ]X KlQJHQVLHQXUGXUFKGDV7RU]XU7LHIH]XEHVHLWLJHQ/RJLVFKZDUGLHVHU=ZDQJ QLFKW]XHUNOlUHQ 'LH7DUGHOOLDQHUPHOGHWHQVLFKQRFKHLQPDO Ä,KUKDEWMHW]WGLH=RQHGHVDEVROXWHQ9HUJHKHQVHUUHLFKW Ä,KUKDEWGHQHKUORVHQ7RGJHZlKOW:LUN|QQHQQLFKWVPHKUIUHXFKWXQ 5RV\'HZLWWHGURVVHOWHGLH*HVFKZLQGLJNHLWGHV%HLERRWV)UDJHQGEOLFNWHVLH DXI6DHGHODHUH$EHUGHU0DVNHQWUlJHUVWDUUWHVFKZHLJHQGGXUFKGLHWUDQVSD UHQWH'DFKNXSSHOLQ)OXJULFKWXQJDOVREGHUGRUWHLQH*HIDKUHUVSlKHQN|QQWH -HZHLWHUVLHVLFKYRQGHQ6RQQHQHQWIHUQWHQGHVWRUXKLJHUZXUGHQ5RV\XQG ,QGDFRFKHD(VJHVFKDKQlPOLFKQLFKWVZDVDXIGLH$QZHVHQKHLWHLQHU*HIDKU KLQGHXWHWH(VZDUDOVREHVGLH=RQHGHVDEVROXWHQ9HUJHKHQVJDUQLFKWJlEH Ä0DQPWHGLH7ZLQ]ZHUJHJHQHWLVFKXQWHUVXFKHQN|QQHQVDJWH,QGDFRFKHD Ä,KU9HUKDOWHQLVWVRZLGHUVSUFKOLFK,UJHQGZLHNRPPHQVLHPLUZLH0DULRQHW WHQYRUGLHQLFKWDXVLKUHU+DXWKHUDXVN|QQHQ:HQQPLFKPHLQ(LQGUXFNQLFKW WlXVFKWVREHVLW]HQVLHPDQLSXOLHUWH*HQH =XP(UVWDXQHQGHUGUHL0HQVFKHQPHOGHWHQVLFKGLH7DUGHOOLDQHUGRFKQRFK HLQPDO,KUH6WLPPHQNODQJHQKHNWLVFKXQGHUUHJW Ä:LHN|QQWLKUGHU=RQHGHVDEVROXWHQ9HUJHKHQVZLGHUVWHKHQ"VFKULHHLQH 6WLPPHEHUGHQXQEHNDQQWHQ0HFKDQLVPXVGHUDNXVWLVFKHQhEHUWUDJXQJ8QG GLH]ZHLWHIXKUIRUWÄ:LUZHUGHQHXFKMHQVHLWVGHU*UHQ]HDEIDQJHQXQG YHUQLFKWHQZHQQLKUQLFKWVRIRUWXPNHKUW Ä:HLWHUIOLHJHQNQXUUWH$ODVND,QGDFRFKHDSIOLFKWHWHLKPEHL 6LHKDWWHQNHLQH$KQXQJZLHZHLWGLHDQJHEOLFKH7RGHV]RQHUHLFKHQVROOWH1XU DQGHUXQJHIlKUHQ*U|HGHUKLQWHULKQHQOLHJHQGHQQHXQ6RQQHQNRQQWH6DHGH ODHUHDEVFKlW]HQGDVLHQXQZHLWJHQXJJHIORJHQZDUHQ 'DHVWDWVlFKOLFKVRZDUPHUNWHQGLHGUHLDQHLQHPDQGHUHQ8PVWDQG

8USO|W]OLFKWDXFKWHYRULKQHQGDVULHVLJH.DVWHQVFKLIIGHU7DUGHOOLDQHUDXI(V YHU]LFKWHWHDXIGHQ6FKXW]VLFKXQVLFKWEDU]XPDFKHQXQGGHPRQVWULHUWHGDPLW VHLQHhEHUOHJHQKHLW Ä:LUKROHQHXFKMHW]WDQ%RUGGU|KQWHGLHEHNDQQWH6WLPPHGHV .RPPDQGDQWHQ*RUODNÄ'HU7UDNWRUVWUDKOLVWHLQJHVFKDOWHWHUJlQ]WHGHU DQGHUH*RUODN ,QGDFRFKHDVWLHHLQHQ)OXFKDXV Ä8QVHU)OXFKWYHUVXFKZDUVLQQORVEHPHUNWH5RV\'HZLWWH 6DHGHODHUHVFKWWHOWHGHQ.RSIÄ1LFKWJDQ]=XPLQGHVWKDEHQZLUGDGXUFK XQVHU/HEHQXPHLQSDDU6WXQGHQYHUOlQJHUW 'DV%HLERRWZXUGHRKQH(LQJUHLIHQGHU0HQVFKHQEHVFKOHXQLJW(VZDUNODU]X HUNHQQHQGDHVDXIGDV.DVWHQVFKLII]XJOLWWGDVLQZHQLJHQKXQGHUW0HWHUQ EHZHJXQJVORVLP5DXPVWDQG 3O|W]OLFKMHGRFKZLFKHVDXVGHU5LFKWXQJDE,PJOHLFKHQ0RPHQW]RJHQ IODPPHQGH(QHUJLHVWUDKOHQGXUFKGHQ5DXPXQGEOHQGHWHQGLH0HQVFKHQ'DV =LHOGHV)HXHUVZDUGDV.DVWHQVFKLIIGHU7ZLQ]ZHUJH 8QGGHU$QJUHLIHUZDUXQVLFKWEDU6FKRQQDFKGHPHUVWHQ7UHIIHUYHUEDUJVLFK GDVWDUGHOOLDQLVFKH6FKLIIHEHQIDOOVKLQWHUGHP6FKLUPGHUHVMHJOLFKHU%HREDFK WXQJHQW]RJ Ä:DVJHKWGDYRU"IUDJWH5RV\'HZLWWH Ä(VVFKHLQWVRDQWZRUWHWH6DHGHODHUHPLWVWRLVFKHU5XKHÄGDZLU+LOIH EHNRPPHQ 'LH)UDXKDQWLHUWHDQGHQ6WHXHUHOHPHQWHQGHV%HLERRWVKHUXPXQGVWHOOWHIHVW GDGLHVHZLHGHULKUHQ%HIHKOHQJHKRUFKWHQ5DVFKGUHKWHVLHGDVNOHLQH6FKLII DEXPDXVGHP%HUHLFKGHU(QHUJLHVWUDKOHQ]XNRPPHQGLHNUHX]XQGTXHULKUH %DKQHQGXUFKGHQ5DXP]RJHQ:RGLHEHLGHQXQVLFKWEDUHQ.lPSIHUVWDQGHQ NRQQWHPDQQLFKWIHVWVWHOOHQ 6RSO|W]OLFKZLHGHU.DPSIEHJRQQHQKDWWHEUDFKHUDXFKZLHGHUDE'D MHJOLFKH%HREDFKWXQJVP|JOLFKNHLWIHKOWHNRQQWHQGLHGUHLQXUDEZDUWHQZDV ZHLWHUJHVFKHKHQZUGH$XFKOLHVLFKQLFKWHLQPDOHUDKQHQRE HLQHGHU3DUWHLHQHLQHQ9RUWHLORGHUJDUHLQHQ6LHJHUUXQJHQKDWWH (UVWDOVZLHGHUHLQ7UDNWRUVWUDKOQDFKGHP%HLERRWIDWHXQGLQXQPLWWHOEDUHU 1lKHVLFKGLH8PULVVHHLQHVULHVLJHQ.DVWHQVFKLIIVDXVGHP1LFKWVVFKlOWH ZXWHQVLHPHKU Ä(VVLHKWDXVZLHGDV6FKLIIGHU=ZHUJHVWHOOWH$ODVNDIHVWÄ$EHULQHLQLJHQ 3XQNWHQLVWHVDQGHUV(VLVWQLFKWGDVWDUGHOOLDQLVFKH6FKLII 52=21',(:(/7'(6:$66(5*2776 Ä,FKKHLH'UHOOJRUXQGELQGHU.RPPDQGDQWGLHVHV6FKLIIHVVDJWHGHU0DQQ LQGHUYLROHWWHQ8QLIRUPÄ%HWUDFKWHWHXFKDOV*HIDQJHQHGHU+XUR]RQV 8PLKQKHUXPVWDQGHQ]ZHL'XW]HQGVHLQHU$UWJHQRVVHQ$ODVNDXQG5RV\ VFKZLHJHQ1XU,QGDFRFKHDVFKWWHOWHYHUZXQGHUWVHLQHQ.RSIXQGPXUPHOWH

KDOEODXWÄ'DVLVWGRFKQLFKWP|JOLFK 6HLQ%OLFNJOLWWEHUGLH+XUR]RQVKLQZHJVRDOVREHUHWZDV%HVWLPPWHV VXFKHQZROOWHHVDEHUQLFKWHQWGHNNHQNRQQWH Ä+|UHQ6LHPLUELWWH]X.RPPDQGDQW'UHOOJRUVDJWH6DHGHODHUHVFKOLHOLFK Ä:LUVLQGJHUDGHPLWYLHO0KHGHQ7DUGHOOLDQHUQHQWNRPPHQ'XUFKHLQHQ ,UUWXPRGHU=XIDOOVLQGZLULQLKUH*HIDQJHQVFKDIWJHUDWHQ6LHKLHOWHQXQVIU +XUR]RQVXQGZROOWHQXQVGXUFKLKU7RU]XU7LHIHKLQULFKWHQ:LUVWDPPHQLQ :LUNOLFKNHLWYRQHLQHUZHLWHQWIHUQWHQ:HOWXQGVLQGQXU]XIlOOLJLQGLHVHP 6HNWRUGHV$OOV 'UHOOJRUXQWHUEUDFKGHQ7UDQVPLWWHUJHVFKlGLJWHQPLWHLQHUHQHUJLVFKHQ +DQGEHZHJXQJ Ä6SDUHGHLQH:RUWH7DUGHOOLDQHU:LUIDOOHQQLFKWDXIGHLQ0lUFKHQKHUHLQ $ODVNDEUDXFKWHHLQHQ0RPHQWXPGDV*HVDJWH]XYHUDUEHLWHQ,PJOHLFKHQ 0RPHQWUHJLVWULHUWHHUYHUEOIIWGDHUGLH6SUDFKHGHU+XUR]RQVYHUVWDQGGHQQ GLHVHZDUPLWGHUGHU7ZLQ]ZHUJHY|OOLJLGHQWLVFK Ä6LHKDOWHQXQVIU7DUGHOOLDQHU"IUDJWHHUXQJOlXELJ Ä1DWUOLFKVHLGLKUNHLQH2ULJLQDOHDQWZRUWHWHGHU+XUR]RQPLWGHP%UXVWWRQ GHUhEHU]HXJXQJÄ7DUGHOOLDQHUVLQGNOHLQHKlOLFKH'RSSHO]ZHUJH,KUVHLGRI IHQVLFKWOLFKEHVRQGHUVSUlSDULHUWZRUGHQXPGHQ(LQGUXFN]XHUZHFNHQLKU N|QQWHW+XUR]RQVVHLQ%HVRQGHUVEHLGLHVHU)UDXVFKHLQWHXFKGDVDEHUQLFKWJXW JHOXQJHQ]XVHLQ (UZDUIHLQHQDEIlOOLJHQ%OLFNDXI5RV\'HZLWWH Ä(XUHYRUJHWlXVFKWH)OXFKWZDUQDWUOLFKDXFKQXUHLQ7ULFNIXKUGHU+XUR]RQ .RPPDQGDQWIRUWÄ:LUIDOOHQQDWUOLFKQLFKWDXIVROFKH0DFKHQVFKDIWHQKHU HLQ 5RV\'HZLWWHZLUNWHSO|W]OLFKVHKUQLHGHUJHVFKODJHQ,KUH6WLPPHZDUNDXP K|UEDUÄ(VVLHKWVRDXVDOVREZLUYRP5HJHQLQGLH7UDXIHJHUDWHQVHLHQ $ODVND6DHGHODHUHHUNDQQWHGDGHU.DPSIXPGDV'DVHLQRGHUGDV/HEHQ ZHLWHUJHKHQZUGH6RIRUWNRQ]HQWULHUWHVLFKVHLQ9HUVWDQGDXIGLH'LQJHLQVHL QHUDXJHQEOLFNOLFKHQ8PJHEXQJ 6FKRQlXHUOLFKKDWWHGDV.DVWHQVFKLIIGHU+XUR]RQVHLQHIDVWY|OOLJH*OHLFKKHLW PLWGHPGHU7ZLQ]ZHUJHDXIJHZLHVHQ+LHULP,QQHUQGHV+DQJDUVZDUNDXP HLQ8QWHUVFKLHGIHVW]XVWHOOHQ'LH%HLERRWHGLHLQGHU1lKHVWDQGHQZDUHQ LGHQWLVFKPLWGHQHQGHU7DUGHOOLDQHU'LH6SUDFKHQGHUEHLGHQ9|ONHUVWLPPWHQ DXFKEHUHLQ (VODJDXIGHU+DQGGDHVHLQHEHVWLPPWHLQQHUH9HUELQGXQJ]ZLVFKHQ 7DUGHOOLDQHUQXQG+XUR]RQVJHEHQPXWH9LHOOHLFKWNRQQWH*UDQHU,QGDFRFKHD PLWVHLQHPJHVFKXOWHQ9HUVWDQGDOV%LRJHQ'LDJQRVWLNHUEHVVHUH 6FKOXIROJHUXQJHQ]LHKHQDOVHU 'HU0DVNHQWUlJHUPXVWHUWHGHQ.RPPDQGDQWHQGHU+XUR]RQV'LHVHUZDU DXVJHVSURFKHQKXPDQRLGXQGHWZD0HWHUJUR'LHVH.|USHUJU|H XQWHUVFKLHGLKQZHVHQWOLFKYRQGHQ7ZLQ]ZHUJHQ(LQ]ZHLWHU8QWHUVFKLHGZDU GLH7DWVDFKHGDGLH+XUR]RQVDOVHFKWH(LQ]HOZHVHQDXIWUDJHQGHQQHUNRQQWH QLUJHQGV]ZHLJOHLFKDXVVHKHQGHGLHVHU:HVHQHUEOLFNHQ

8QGHVJDEQRFKHLQHYHUEOIIHQGH3DUDOOHOH'LH$XJHQGHU+XUR]RQVZDUHQ EHUJURXQGUHLFKWHQELVIDVWDQGHQ+DDUDQVDW],QGDFRFKHDKDWWHLKQVFKRQEHL GHQ7ZLQ]ZHUJHQDXIGLHVHVDXHUJHZ|KQOLFKH0HUNPDODXIPHUNVDPJHPDFKW $XVGHPUFNZlUWLJHQ%HUHLFKGHV+DQJDUVVFKZHEWHQHLQLJH5RERWHUKHUEHL (VZXQGHUWH6DHGHODHUHMHW]WQLFKWPHKUGDGLHVH]XPLQGHVWLQLKUHPlXHUHQ (UVFKHLQXQJVELOGGHQHQGHU7DUGHOOLDQHUY|OOLJJOLFKHQ*OHLFKHVWUDIDXFKIU GLH:DIIHQGHU+XUR]RQV]XGLHGLHVHDQGHQ*UWHOQKlQJHQGWUXJHQ(V HUNOlUWHDXFKLUJHQGZLHGDGLHVH:DIIHQLQGHQNOHLQHQ+lQGHQGHU 7DUGHOOLDQHUEHUJURJHZLUNWKDWWHQ (UZDJWHHLQHQOHW]WHQ9HUVXFKGHQ)UHPGHQLKUHZDKUH+HUNXQIWXQGLKUH $EVLFKWHQ]XHUNOlUHQ$EHUGLH+XUR]RQVK|UWHQJDUQLFKWULFKWLJ]X$OOH %HWHXHUXQJHQWDWHQVLHDOV/JHDE Ä(VJLEWQLFKWQXUHLQH9LHO]DKOYRQlXHUOLFKHQ0HUNPDOHQGLH EHUHLQVWLPPHQVDJWH,QGDFRFKHD]X6DHGHODHUHÄ$XFKLQLKUHU0HQWDOLWlW VFKHLQHQGLH=ZHUJHXQGGLHVH)LJXUHQDXIJOHLFKH3ULQ]LSLHQSURJUDPPLHUW]X VHLQ (EHQZLUNWH,QGDFRFKHDQRFKVRJHODVVHQXQGYHUQQIWLJ,PQlFKVWHQ0RPHQW UHDJLHUWHHUVFKHLQEDUZLUU(UVSUDQJDXIGHQ+XUR]RQ]XGHULKPDPQlFKVWHQ VWDQGXQGSDFNWHKHIWLJQDFKGHVVHQ8QWHUDUP'DEHLVFKULHHULKQPLWVLFK EHUVFKODJHQGHU6WLPPHDQ6HLQH:RUWHKDWWHQEHUKDXSWNHLQHQ6LQQ 'HU+XUR]RQ]XFNWH]XVDPPHQXQGULVHLQH+DQG]XUFN(LQEOXWLJHU6WUHLIHQ ZXUGHGLFKWREHUKDOEVHLQHV+DQGJHOHQNVVLFKWEDU Ä$EIKUHQULHI'UHOOJRUZWHQG 'LH5RERWHUNDPHQQlKHUXQGNUHLVWHQGLHGUHL0HQVFKHQHLQ(LQHUGHU +XUR]RQVRIIHQEDUHLQZHLEOLFKHV:HVHQZHQQ6DHGHODHUHLKUH.|USHUIRUP ULFKWLJGHXWHWHJLQJYRUDXV =ZHL0LQXWHQVSlWHUIDQGHQVLHVLFKLQHLQHP5DXPZLHGHUGHUVLFKQXULQ HLQHP3XQNWYRQGHU=HOOHDXIGHPWDUGHOOLDQLVFKHQ6FKLIIXQWHUVFKLHG(VJDE GUHL6WKOHGLHDXIGLH*U|HQYHUKlOWQLVVHGHU0HQVFKHQ]XJHVFKQLWWHQZDUHQ VRZLHHLQHQ7LVFK $OVGLHVFKZHUH0HWDOOWUKLQWHULKQHQLQV6FKORILHOEOLFNWH5RV\GHQ%LRJHQ 'LDJQRVWLNHUYRUZXUIVYROODQ Ä0XWHGDVVHLQ"VDJWHVLHHUUHJWÄ6WlQGLJWUDJHQ6LHGD]XEHLGDV9HUKlOWQLV ]XGLHVHQ)UHPGHQ]XYHUVFKOHFKWHUQ *UDQHU,QGDFRFKHDJULQVWHEUHLWÄ,FKELQ]ZDU6RODQHUXQGLFKIKOHPLFKDXFK VR$EHUPHLQH9RUIDKUHQVWDPPHQQDWUOLFKYRQGHU(UGHXQG]ZDUDXVGHP %XQGHVVWDDW3HUX9RQGHU=HLWKHUKDEHLFKPHLQHQRULJLQDOSHUXDQLVFKHQ 1DPHQXQGHLQH3RUWLRQ%OXWYRQHLQSDDULQGLDQLVFKHQ9RUIDKUHQ8QGGDV ZDUHQJDQ]DXVJHNRFKWH%XUVFKHQ6RZLHLFK 5RV\NRQQWHPLWGLHVHQ:RUWHQQLFKWYLHODQIDQJHQXQGDXFK6DHGHODHUH VFKZLHJ ,QGDFRFKHDVHW]WHVLFKDQGHQ7LVFKXQGEHWUDFKWHWHNRQ]HQWULHUWGLH)LQJHUQlJHO VHLQHUUHFKWHQ+DQG0LWGHUOLQNHQ+DQGIDWHHULQVHLQH.RPELQDWLRQXQG EUDFKWHHLQNOHLQHV(WXL]XP9RUVFKHLQ

Ä0HLQH1RWDXVUVWXQJHUNOlUWHHUÄ(LQlXHUVWOHLVWXQJVIlKLJHV0LNURVNRS VLJDQHVLVFKHU%DXDUW Ä:UGHQ6LHPLUELWWHHUNOlUHQZDVGDVDOOHVVROO"YHUODQJWH$ODVND Ä,FKYHUVXFKHHLQH(UNOlUXQJIUGDVLGLRWLVFKHXQGVFKHLQEDUSURJUDPPLHUWH 9HUKDOWHQXQG'HQNHQGHU+XUR]RQV]XILQGHQ1XUZHQQZLUP|JOLFKVWYLHO EHUGLHVHV9RONXQGEHUGLH=ZHUJHYRQ7DUGHOOLQ(UIDKUXQJEULQJHQ NRPPHQZLUPLWKHLOHU+DXWGDYRQ 'HUVRQVWVRXQJHVFKLFNWHXQGWROSDWVFKLJH0DQQQDKPHLQH3LQ]HWWHDXVGHP (WXL(UWDWGLHVVREHKXWVDPGD5RV\XQG$ODVNDQXUVWDXQHQNRQQWHQ Ä0LWNOHLQHQ6DFKHQNDQQLFKJDQ]JXWXPJHKHQHUNOlUWH,QGDFRFKHDZlKUHQG HUPLWGHU3LQ]HWWHHLQHQ+DXWIHW]HQDXVHLQHP)LQJHUQDJHONUDW]WHÄ(LQ6WFN +XUR]RQ(VLVWEHVWLPPWHLQHXQEHVFKlGLJWH=HOOHGDEHLXQGGLHZLOOLFKPLU QlKHUEHWUDFKWHQ (UKDQWLHUWHEHKXWVDPPLWHLQHPNOHLQHQ*HUlW1DFKHLQLJHQ0LQXWHQLQGHQHQ DOOHGUHLVFKZLHJHQEHXJWHHUVLFKEHUGDV*HUlW$Q]ZHLZLQ]LJHQ(LQ VWHOONQ|SIHQMXVWLHUWHHUGDV.OHLQPLNURVNRS (LQHNDXPVSUEDUH(UVFKWWHUXQJJLQJGXUFKGHQ5DXP Ä:LUKDEHQ)DKUWDXIJHQRPPHQVDJWH5RV\Ä:RJHKWHVGLHVPDOZRKOKLQ" $ODVNDQLFNWHQXUVFKZLHJDEHUXQGEHREDFKWHWH,QGDFRFKHD'HUSILIISO|W]OLFK OHLVHGXUFKGLH=lKQHÄ(LQK|FKVWPHUNZUGLJHV*HQPXVWHUVDJWHHUÄ(V EHVWHKWNHLQ=ZHLIHOGDGLH+XUR]RQVJHQHWLVFKPDQLSXOLHUWVLQG(VJLEW HLQGHXWLJH+LQZHLVHGDUDXI(LQ7HLOLKUHU(UEPHUNPDOHLVWDEHUVLFKHU QDWUOLFKHQ8UVSUXQJV:DVPLFKDPPHLVWHQYHUEOIIWXQGZDVHLQHHLQGHXWLJH 9HUELQGXQJ]XGHQ'RSSHO]ZHUJHQKHUVWHOOWLVWHLQ*HQPXVWHUGDVNQVWOLFK GHVDNWLYLHUWZXUGH(VLVWHLQ6FKHPDGDV]XU'XSOL]LHUXQJGHVHLJHQHQ.|USHUV GLHQW(VJLEWQRFKHLQH$Q]DKODQGHUHU0XVWHUGLHK|FKVWPHUNZUGLJVLQGGLH LFKDEHUQLFKWGHXWHQNDQQGDPLUHLQHYHUIHLQHUWH$XVUVWXQJIHKOW (UEHXJWHVLFKZLHGHUEHUVHLQ0LNURVNRS'DQQ]RJHUHLQHQ1RWL]EORFN KHUYRUXQGEHJDQQVLFKYHUVFKLHGHQH0HUNSXQNWHDXI]XVFKUHLEHQ Ä+LOIWXQVGDVZHLWHU"IUDJWH5RV\GHQ0DQQPLWGHU0DVNH $ODVND]XFNWHPLWGHU6FKXOWHUÄ9LHOOHLFKW6FKDGHQZUGHHVMHGHQIDOOVQLFKW (LQ*HUlXVFKOHQNWHGLH$XIPHUNVDPNHLWGHUGUHLDXIHLQHQ%LOGVFKLUPGHU XQYHUPXWHWDQGHU:DQGDXIOHXFKWHWH'HU.RSIGHV+XUR]RQ.RPPDQGDQWHQ 'UHOOJRUZXUGHVLFKWEDU Ä:LUODQGHQMHW]WDXI5R]RQ'LH*HIDQJHQHQZHUGHQLQGDV=HQWUXPJHEUDFKW 'LHVH$XIJDEHEHUQLPPWGDV.RPPDQGR

GLH+XUR]RQVLKUH:HOWDXFKKLQWHUHLQHPXQVLFKWEDUPDFKHQGHQ6FKLUP YHUEHUJHQ6HKUZHLWVFKHLQHQZLUDXFKQLFKWJHIORJHQ]XVHLQGHQQ (UEUDFKSO|W]OLFKDEXQGJULIIVLFKDQGHQ.RSI,PJOHLFKHQ0RPHQWVFKlOWH VLFKDXIGHP%LOGVFKLUPGLH2EHUIOlFKHHLQHV3ODQHWHQKHUDXV Ä$ODVND:DVLVW"5RV\V6WLPPHGUFNWH%HVRUJQLVDXV Ä'DV&DSSLQ)UDJPHQWVW|KQWH$ODVNDÄ(VZLUGXQUXKLJ,UJHQGZRLVWKLHU HLQHQGLPHQVLRQDOH6WUDKOXQJGLHHVHUUHJW (UWDXPHOWHLQHLQHQ6WXKOXQGYHUEDUJVHLQHQ.RSILQGHQNQRFKLJHQ+lQGHQ $OVVLFKGLH7U|IIQHWHSDFNWH,QGDFRFKHDVHLQH8WHQVLOLHQUDVFKZHJ(LQ +XUR]RQVWDQGPLW]ZHLGHUU|KUHQI|UPLJHQ5RERWHULP7UUDKPHQ Ä,FKELQ

:HQQVLFK$ODVNDV=XVWDQGEHVVHUQVROOWHZUGHVLHLKPLKUH%HREDFKWXQJHQ PLWWHLOHQ 'DV)OXJERRWHUUHLFKWHGLH6WDGWXQGVFKZHQNWH]ZLVFKHQHQGORVH5HLKHQYRQ +RFKlXVHUQHLQGLHVLFKDEJHVHKHQYRQLKUHQ$EPHVVXQJHQNDXPYRQGHQ IOFKWLJEHREDFKWHWHQ%DXWHQDXI7DUGHOOXQWHUVFKLHGHQ 'DV=LHOZDUGDV=HQWUXPGHU6WDGW 'RUWZXUGHHLQHNUHLVUXQGH)OlFKHYRQJXW]ZHL.LORPHWHUQ'XUFKPHVVHU VLFKWEDU'HU3ODW]ZXUGHULQJVXPYRQKRKHQ%DXWHQEHJUHQ]WGLHVLFKELVDXI HLQH$XVQDKPHY|OOLJJOLFKHQ'LHVH$XVQDKPHZDUHLQHWHPSHODUWLJH+DOOH GLHDXIHLQHU9LHO]DKOYRQVWHLQHUQHQ6lXOHQVWDQG=XEHLGHQ6HLWHQGHV 7HPSHOVJDEHVNHLQH%HEDXXQJ ,QGHU0LWWHGHV3ODW]HVHUKREVLFKHLQ*HELOGHGDV5RV\HUVWEHLP 1lKHUNRPPHQDOVHLQHQJLJDQWLVFKHQ6SULQJEUXQQHQLGHQWLIL]LHUWH(LQH :DVVHUVlXOHVFKRJXW]ZHLKXQGHUW0HWHULQGLH+|KHXQGHUJRVLFKZLHHLQ GLFKWHU7HSSLFKJOHLFKPlLJQDFKDOOHQ6HLWHQ $XIGHP3ODW]VHOEVWKHUUVFKWHUHJHV7UHLEHQ)DKU]HXJHYHUVFKLHGHQHU7\SHQ EHZHJWHQVLFKDXIGHP%RGHQRGHULQGHU/XIWNUHX]XQGTXHU'D]ZLVFKHQ OLHIHQ*UXSSHQYRQ+XUR]RQVRGHUHLQ]HOQHGHU:HVHQ 'DV%HLERRWKLHOWDXIHLQVGHUJOHLFKI|UPLJHQ*HElXGH]XXQGODQGHWHDXIGHP 'DFK $ODVND6DHGHODHUHYHUGUlQJWHIUHLQHQ0RPHQWGLH4XDOHQGLHLKPGDV &DSSLQ)UDJPHQWEHUHLWHWHXQGEOLFNWHVLFKXP Ä:RVLQGZLU"PXUPHOWHHUEHQRPPHQ Ä'XVWHKVWLP$QEOLFNGHV:DVVHUJRWWV&KDIILHSUHVWRDQWZRUWHWHLKP

:lKUHQGVLHZHLWHUGHQ3ODW]EHREDFKWHWHWHLOWHVLH,QGDFRFKHDLKUH %HREDFKWXQJHQXQG9HUPXWXQJHQPLW Ä)UVROFKH6FKOXIROJHUXQJHQWDXJHLFKQLFKWVDQWZRUWHWHGHUPLWVHLQHU KRKHQ6WLPPHÄ,FKJHKHGHQ:HJEHUGLH*HQVWUXNWXUHQXPPLUHLQ%LOGYRQ GLHVHQ7\SHQKLHU]XPDFKHQ Ä9LHOOHLFKWNDQQLFK,KQHQGDEHLEHKLOIOLFKVHLQ*DUQHUVDJWH5RV\'HZLWWH Ä,FKKDEHHLQHHLJHQDUWLJH)HVWVWHOOXQJJHPDFKW'DGUDXHQODXIHQKXQGHUWH YRQ+XUR]RQVKHUXP(VN|QQHQDXFKEHUWDXVHQGVHLQ(VVLQG0lQQHUXQG )UDXHQ$EHULFKVHKHNHLQH.LQGHURGHU+XUR]RQVGLHQDFKXQVHUHQ0DVWlEHQ MQJHUDOVHWZDIQIXQG]ZDQ]LJ-DKUHZlUHQ $ODVND6DHGHODHUHODJDXIGHU/LHJHXQG]HLJWHPLWNHLQHU*HVWHREHUGDV *HVSUlFKGHUEHLGHQ6ROJHERUHQHQYHUIROJWH 'HU%LRJHQ'LDJQRVWLNHUVWDQGEHGlFKWLJDXIXQGJLQJ]XGHU)UDXDQGDV )HQVWHU$XIPHUNVDPEHREDFKWHWHHUGDV7UHLEHQGHU+XUR]RQV Ä9LHOOHLFKWLVWGHU3ODW]DOVKHLOLJH6WlWWHWDEXIU+HUDQZDFKVHQGHPXWPDH HU'RFKSO|W]OLFKSDFNWHHU5RV\HUUHJWDP$UPÄ1HLQSLHSVWHHUÄ'DVLVWHV ZDVLFKGLHJDQ]H=HLWQLFKWYHUVWDQGHQRGHUHLQIDFKEHUVHKHQKDEH (UUDQQWH]XUFN]XVHLQHP3ODW]XQGYHUWLHIWHVLFKLQGLH$XVUVWXQJVHLQHV 0LNURVNRSV Ä,QGHU7DWHQWIXKUHVLKPGDQQYROOHU%HJHLVWHUXQJGLHLP*HJHQVDW]]XLKUHU XQJHNOlUWHQ/DJHVWDQGÄ(LQ3KlQRPHQGHU%LRORJLH$OOH*HQVWUXNWXUHQGLH ]XU$UWHUKDOWXQJGLHQHQVLQGNQVWOLFKGHVDNWLYLHUWZRUGHQ'LH+XUR]RQV N|QQHQVLFKQLFKWDXIQDWUOLFKH:HLVHYHUPHKUHQ Ä6HKUHLJHQDUWLJPXUPHOWHHU ,QGLHVHP$XJHQEOLFNKREDXIGHP3ODW]LQGHUXQPLWWHOEDUHQ1lKHGHV %UXQQHQVHLQJURHV*HVFKUHLDQ(VGUDQJELVLQGHQ5DXPGHUGUHL0HQVFKHQ %HVRQGHUVHLQVLFKUK\WKPLVFKZLHGHUKROHQGHVÄ&KDIILHSUHVWREHUW|QWHDOOH DQGHUHQ/DXWH *HVSDQQWEHREDFKWHWHQGLHEHLGHQ6ROJHERUHQHQHLQVHOWVDPHV6FKDXVSLHO$XV GHUULHVLJHQ:DVVHUIRQWlQHWUDWHLQ+XUR]RQ(UZDUY|OOLJQDFNW6HLQH +DXWIDUEHJOlQ]WHLQGHU1lVVHPLWVDQIWHQKHOOEUDXQHQ7|QHQ'HU+XUR]RQ EOLFNWHVLFKNXU]XP'DQQWUDWHQDQGHUHKLQ]XWURFNQHWHQLKQDEXQGKlQJWHQ LKPHLQHQ8PKDQJXP (LQ%RGHQIDKU]HXJJOLWWDXIVHLQHQ$QWLJUDYSROVWHUQKHUEHLXQGQDKPGHQ +XUR]RQDXI:lKUHQGHVGDYRQIORJHEEWHGHU-XEHOZLHGHUDE Ä+DEHQ6LHHLQH$KQXQJIUDJWH5RV\ÄZDVGDVEHGHXWHQVROO" *UDQHU,QGDFRFKHD]XFNWHPLWGHQ6FKXOWHUQÄ:HQQHVQLFKWVR XQZDKUVFKHLQOLFKNOLQJHQZUGHVRZUGHLFKYHUPXWHQGDZLUVRHEHQGLH *HEXUWHLQHVHUZDFKVHQHQ+XUR]RQVHUOHEWKDEHQ Ä6LHPHLQHQGLHVHU:DVVHUJRWWVSXFNWVRPLUQLFKWVGLUQLFKWVHLQIDFKHLQHQ +XUR]RQDXV"$P.ODQJLKUHU6WLPPHZDU]XHUNHQQHQGDVLHKHIWLJH =ZHLIHOSODJWHQ Ä,FKPHLQHJDUQLFKWV,QGDFRFKHDDQWZRUWHWHXQJHZROOWVFKURIIÄ$EHUKLHU VFKHLQHQVHKUHLJHQDUWLJHELRORJLVFKH9HUKlOWQLVVH]XKHUUVFKHQ'DVEHZHLVHQ

GLHXQWHUVXFKWHQ*HQVWUXNWXUHQ8QGZLUVLQGXQYHUPLWWHOWLQGLHVH6LWXDWLRQ KLQHLQJHUDWHQ:HQQZLUGLHVHV9RONQLFKWYHUVWHKHQKDEHQZLUNHLQH&KDQFH ZLHGHU]XHQWNRPPHQ 'XUFKGLH(LJHQGUHKXQJ5R]RQVYHUVFKZDQGHQGLHQHXQ6RQQHQDOOPlKOLFK KLQWHUGHQ+lXVHUQGLHGHQ3ODW]XPGHU:DVVHUIRQWlQHXPJDEHQ,P 8QWHUVFKLHG]X7DUGHOOZRHVLPPHU7DJZDUZHLO]XMHGHU6WXQGHPLQGHVWHQV ]ZHL6RQQHQMHGHQ)OHFNGLHVHV3ODQHWHQEHVFKLHQHQNDQQWH5R]RQ7DJXQG 1DFKW 1RFK]ZHLPDOELV]XUKHUHLQEUHFKHQGHQ'XQNHOKHLWEHREDFKWHWHQGLHEHLGHQ 6ROJHERUHQHQZLH+XUR]RQVGHP%UXQQHQHQWVWLHJHQ

ERWHQHLQHQJURDUWLJHQ$QEOLFN(VKHUUVFKWHWRWDOH:LQGVWLOOHVRGDGLH]X %RGHQJOHLWHQGHQ)OXWHQGDVJOHLFKPlLJH%LOGHLQHVJHVFKORVVHQHQ :DVVHUGRPVDEJDEHQ 8QPLWWHOEDUQHEHQGHU)RQWlQHZDUHLQ3RGHVWHUULFKWHWZRUGHQDXIGHPLQ ZUGHYROOHU*HVWHVHFKV+XUR]RQVVWDQGHQ(VKDQGHOWHVLFKXPDOWH$QJHK|ULJH GLHVHV9RONHV,KUH6FKlGHOZDUHQKDDUORVXQGGLH*HVLFKWVKDXWZDUIDOWLJXQG ULVVLJ 'LHGUHL0HQVFKHQZXUGHQVFKZHLJHQGYRUGDV3RGHVWJHOHLWHW'LH+XUR]RQV DXIGHP3RGHVWEOLFNWHQVWXUJHUDGHDXVRKQHGLHYRULKQHQVWHKHQGHQ0HQVFKHQ ]XEHDFKWHQ 6RVWDQGHQVLHEHZHJXQJVORVGDZlKUHQGVLFKLQLKUHP5FNHQLPPHUPHKU +XUR]RQVYHUVDPPHOWHQ1LUJHQGZRILHODXFKQXUHLQ:RUW Ä9LHOOHLFKWVROOWHQZLUGLH,QLWLDWLYHHUJUHLIHQIOVWHUWH5RV\'HZLWWH 6DHGHODHUH]XÄEHYRUGLH9HUKDQGOXQJEHJLQQW 'HUNRQQWHQLFKWPHKUDQWZRUWHQGHQQHLQHUGHUVHFKVDOWHQ+XUR]RQVWUDWHLQHQ 6FKULWWYRUXQGYHUNQGLJWHPLWNUlIWLJHU6WLPPH Ä&KDIILHSUHVWRKDWHQWVFKLHGHQGDGLH7DUGHOOLDQHU]XP7RGYHUXUWHLOWVLQG Ä'DVVROOZRKOHLQ:LW]VHLQVFKULH,QGDFRFKHDZWHQGÄ9LHOOHLFKWGUIHQZLU DXFKHLQPDOHWZDVVDJHQ:LUVLQGNHLQH7DUGHOOLDQHU:LUVLQG0HQVFKHQXQG ZLUKDEHQHLQ5HFKW]XOHEHQ 6HLQH:RUWHZDUHQY|OOLJQXW]ORV.HLQHUGHU+XUR]RQV]HLJWHLUJHQGHLQH 5HDNWLRQ$XFKGLHYHUVDPPHOWHQ0DVVHQYHUKLHOWHQVLFKY|OOLJVWLOO'HU 6SUHFKHUGHUVHFKV+XUR]RQVDXIGHP3RGHVWKREVHLQHQ$UPXQG]HLJWHDXIGHQ 7HPSHODPMHQVHLWLJHQ5DQGGHV3ODW]HV 'LH%HZDFKXQJVURERWHUUFNWHQQlKHUDXIGLHGUHL0HQVFKHQ]X Ä(LQHQ$XJHQEOLFNPHOGHWHVLFK$ODVND6DHGHODHUH6HLQHVRQVWVRKROSULJH 6WLPPHNODQJLQGHPZHLWHQ5XQGGHV3ODW]HVNODUXQGGHXWOLFK6LHEHUW|QWH DXFKGDVJOHLFKI|UPLJH5DXVFKHQGHU:DVVHUIRQWlQHÄ:HQQLKUXQVZLUNOLFK W|WHQZROOWGDQQODWHXFKVDJHQGDLFKHLQH9LHO]DKOYRQHXFKPLWLQGHQ7RG QHKPH6HLGYHUQQIWLJXQGODWYRQHXUHU$EVLFKWDE,FKZDUQHHXFKQXUGLHVHV HLQHPDO'DQQVFKODJHLFK]X $XFKGLHVH:RUWHULHIHQNHLQH5HDNWLRQKHUYRU'LH5RERWHUGUlQJWHQVLFK KHUDQXQGVFKREHQVLHLQ5LFKWXQJGHV7HPSHOJHElXGHV Ä:ROOHQ6LHZLUNOLFK"IUDJWH5RV\6DHGHODHUHXQGGHXWHWHDXIVHLQH 3ODVWLNPDVNH 'HU0DQQQLFNWHVWXPPZlKUHQGPDQVLHZHLWHUDXIGHQ7HPSHO]XVFKRE Ä6LHPVVHQ,QGDFRFKHDXQGPLFKYRUKHUZDUQHQ Ä1DWUOLFK 'HU7HPSHOHUZLHVVLFKDOVHLQODQJJHVWUHFNWHV*HElXGH,QVHLQHP,QQHUQ JORPPHLQVFKZDFKHV/LFKWDXVYHUERUJHQHQ4XHOOHQ,P+LQWHUJUXQGOHXFKWHWH GLH'HFNHGHV*HElXGHVLQJUHOOHP2UDQJHURW'RUWKLQGLULJLHUWHPDQGLHGUHL (WZD]ZHL'XW]HQG+XUR]RQVEHJOHLWHWHQVLH'LH5RERWHUEHZHJWHQVLFK VWlQGLJLQXQPLWWHOEDUHU1lKHGHU0HQVFKHQXQGVFKLUPWHQVRLKUH+HUUQ JHVFKLFNWDE

6DHGHODHUHEOLFNWHVLFKXP(UVXFKWHQRFKLPPHUQDFKHLQHU0|JOLFKNHLW]XU )OXFKWDEHUHVJDENHLQH&KDQFH ,QGDFRFKHDZXUGHLPPHUXQUXKLJHU3DQLNJULIIQDFKLKP(UVFKULHVHLQH %HZDFKHUDQDEHUHUHUUHLFKWHQLFKWVGDPLW-HQlKHUVLHGHURUDQJHURW OHXFKWHQGHQ5HJLRQGHV7HPSHOVNDPHQXPVRPHKUYHUVSUWHQVLHHLQ )HVVHOIHOGGDVZRKOYRQGHQ5RERWHUQHU]HXJWZXUGHXQGGDVLKQHQQXUHLQHQ :HJIUHLOLHQlPOLFKGHQJHUDGHDXVDXIGLHOHXFKWHQGH=RQH]X 6DHGHODHUHV&DSSLQ)UDJPHQWGDVVLFKVHLW%HJLQQGHU1DFKWDXI5R]RQ HLQLJHUPDHQUXKLJYHUKDOWHQKDWWHJHULHWZLHGHULQVWlUNHUH(UUHJXQJ,Q5RV\ 'HZLWWHGLHGHQ9RUJDQJEHREDFKWHWHNDPHQ=ZHLIHODXIREGHU 0DVNHQWUlJHULQZHQLJHQ0LQXWHQEHUKDXSWQRFKLQGHU/DJHVHLQZUGH NRQVHTXHQW]XUHDJLHUHQ 9RULKQHQ|IIQHWHVLFKHLQHJURH*UXEHDXVGHUGHUOHXFKWHQGH6FKHLQDXIGLH 7HPSHOGHFNHILHO$P5DQGGHU*UXEHEOLHEGHU=XJVWHKHQ5RV\ZDUIHLQHQ %OLFNLQGLH7LHIH:HQLJH0HWHUXQWHULKQHQZRJWHHLQHJUHOOHXQGHILQLHUEDUH 0DVVH (LQ+XUR]RQKLHOWHLQPHWHUODQJHV+RO]VFKHLWLQGHU+DQGXQGZDUIHVLQKRKHP %RJHQLQGLH*UXEH'DV+RO]VFKHLWYHUJOKWHLQ6HNXQGHQEUXFKWHLOHQLQGHU JOKHQGHQ0DVVH Ä(LQHQHUJHWLVFKHV=HUVHW]XQJVIHOGPXUPHOWH5RV\6DHGHODHUH]X$EHUGHU ZDUVRPLWVHLQHPUHEHOOLHUHQGHQ&DSSLQ)UDJPHQWEHVFKlIWLJWGDGLH)UDX QLFKWIHVWVWHOOHQNRQQWHREHULKUH:RUWHYHUVWDQGHQKDWWH *UDQHU,QGDFRFKHDKDWWHGLH'HPRQVWUDWLRQPLWGHP+RO]VFKHLWDXIPHUNVDP YHUIROJW(LQLUUHU%OLFNODJLQVHLQHQ$XJHQ(UVWHPPWHVLFKJHJHQGDV )HVVHOIHOGOLHVLFKGDQQSO|W]OLFK]XU6HLWHIDOOHQXQGSUDOOWHDXIHLQHQ5RERWHU 'DEHLUXWVFKWHHUDXIGHPJODWWHQ6WHLQERGHQDXVWRUNHOWHNXU]DQGHP *UXEHQUDQGHQWODQJXQGVWU]WHVFKOLHOLFKPLWHLQHPJUHOOHQ$XIVFKUHLLQGLH 7LHIH 6HLQ.|USHUO|VWHVLFKVRIRUWLQGHP(QHUJLHIHOGDXI Ä$ODVNDVFKULH5RV\'HZLWWHLQK|FKVWHU3DQLNÄ'LH0DVNHDE $OVGHVVHQ+DQG]XP*HVLFKW]XFNWHZDQGWHVLHLKUHV]XU6HLWHXPQLFKWLQGDV W|GOLFKH,UUOLFKWGHV&DSSLQ)UDJPHQWV]XEOLFNHQ1XUDXVGHQ$XJHQZLQNHOQ KHUDXVJHZDKUWHVLHGHQ:LGHUVFKHLQGHVHLVLJHQ/HXFKWHQVGHV2UJDQNOXPSHQV +\VWHULVFKH6FKUHLHDXVGHQ0QGHUQGHU+XUR]RQVNODQJHQDQLKU2KU6LH UDQQWHQKLQXQGKHUNUHLVFKWHQXQGVWU]WHQVFKOLHOLFKZLPPHUQG]X%RGHQ 'LH5RERWHUNRQQWHQGLHYHUlQGHUWH6LWXDWLRQQLFKWHUNOlUHQ(LQLJHHLOWHQLKUHQ +HUUQ]X+LOIHDEHUVLHNRQQWHQGHQVLFKDXVEUHLWHQGHQ:DKQVLQQQLFKWHLQ GlPPHQ $ODVND6DHGHODHUHVFKREGLH0DVNHZLHGHUEHUVHLQ*HVLFKW Ä5RV\VFKULHHUGHU)UDX]XÄ5DXVKLHU 6LHNRQQWHGDV9RUKDEHQQLFKWPHKUDXVIKUHQ8USO|W]OLFKNLSSWHGHU%RGHQ XQWHULKUHQ)HQ]XU6HLWHXQGELOGHWHHLQHVFKUlJH5DPSHGLHGLUHNWLQGLH W|GOLFKH*OXWIKUWH6LHUXGHUWHZLOGPLWGHQ$UPHQXQGYHUVXFKWHLUJHQGZR

HLQHQ+DOW]XILQGHQ 6DHGHODHUHVWU]WHDQLKUYRUEHLLQGLH7LHIH'DVOHW]WHZDVVLHVSUWHZDUHLQH DOOHVYHUVHQJHQGH+LW]H'DQQZDUQLFKWVPHKU ',(0h77(5'(51(8(1 Ä9LHOOHLFKWPDFKWHVVLFKEHVVHUZHQQ6LHMHW]WZLHGHUDXIVWHKHQ0U 6DHGHODHUHNODQJGLH6WLPPHDQGDV2KUGHV7UDQVPLWWHUJHVFKlGLJWHQ(VZDU GLH6WLPPH*UDQHU,QGDFRFKHDV $ODVNDIKOWHQRFKHLQHGXPSIH/HHUHLQVHLQHP.RSI%HQRPPHQYRQGHQ MQJVWHQ(ULQQHUXQJHQXQGGHPUHEHOOLHUHQGHQ&DSSLQ)UDJPHQWNDPHUDXIGLH %HLQH :HQLJH6FKULWWHQHEHQLKPVWUHFNWH5RV\'HZLWWHLKUH$UPHLQGLH/XIW Ä,FKNRPPHPLUYRUVDJWHVLHQLFKWZHQLJHUYHUZLUUWÄDOVVHLLFKJHUDGH DXIJHZDFKW 0LWJHZRKQWHU5RXWLQHUHJLVWULHUWH6DHGHODHUH]XQlFKVWGLH8PJHEXQJ6HLQ 9HUVWDQGYHUVXFKWHJOHLFK]HLWLJ]XHUIDVVHQZDV8QIDEDUHVPLWLKQHQJHVFKH KHQZDU 'LHHUVWH)HVWVWHOOXQJJDOWVHLQHP&DSSLQ)UDJPHQW'HU2UJDQNOXPSHQXQWHU GHU0DVNHYHUKLHOWVLFKY|OOLJUXKLJ'DQQEOLFNWHHUDXI5RV\XQG,QGDFRFKHD 'HU%LRJHQ'LDJQRVWLNHUJULQVWHEUHLW Ä:LUOHEHQQRFKVDJWHHUVFKULOOÄDEHUIUDJHQ6LHPLFKQLFKWZLHXQGZDUXP 6HLQH+DQGGHXWHWHDXIGUHLOHEORVH*HVWDOWHQGLHPLWGHP*HVLFKW]XU(UGH QHEHQLKQHQDXIGHP%RGHQODJHQ'D]X]XFNWHHUPLWGHQ6FKXOWHUQ Ä,FKZDUHLQH0LQXWHYRU,KQHQKLHU$OVVLHEHLGHDXIWDXFKWHQHUVFKLHQHQDXFK GLHEHLGHQDQGHUHQ)LJXUHQ $ODVNDV%OLFNJLQJ]XP+LPPHOXQGGDQQLQGLHQlKHUH8PJHEXQJ$P )LUPDPHQWZDUHQGUHL6RQQHQ]XHUNHQQHQ,KUHW\SLVFKH.RQVWHOODWLRQ ]XHLQDQGHUOLHQXUHLQHQ6FKOX]X6LHEHIDQGHQVLFKZLHGHUDXIGHP3ODQHWHQ 7DUGHOO 'LHGUHL0HQVFKHQVWDQGHQHWZDLQGHU0LWWHHLQHU/LFKWXQJGLHULQJVXPYRQ GLFKWHP:DOGEHJUHQ]WZXUGH$XIGHU/LFKWXQJVHOEVWZXFKVQLHGULJHV*UDV GDVHLQHQJHSIOHJWHQ(LQGUXFNPDFKWH(WZDVZHLWHUDXHUKDOEGHV=HQWUXPVGHU /LFKWXQJZDUHQPHKUHUH%OXPHQEHHWHDQJHOHJWDXIGHQHQ*HZlFKVHLQDOOHQ )DUEVFKDWWLHUXQJHQVSURVVHQ $QHLQHU6WHOOHGHVDQJUHQ]HQGHQ:DOGHVHUVSlKWHHUHLQHQVFKPDOHQ3IDGGHU LUJHQGZRLP'XQNHOGHU%lXPHYHUVFKZDQG (VJDENHLQHYHUQQIWLJH(UNOlUXQJIULKU+LHUVHLQ Ä+DEHLFKQXUJHWUlXPWIUDJWHLKQ5RV\'HZLWWHÄDOVZLULQGLH(QHUJLHJUXEH GHV+XUR]RQ7HPSHOVJHVWU]WVLQG" $ODVNDVFKWWHOWHGHQ.RSIÄ,FKKDEHGDVYHUGDPPWH*HIKOGDGDVVHKUUHDO ZDU(WZDVJlQ]OLFKDQGHUHVPXPLWXQVJHVFKHKHQVHLQ$EHUQRFKKDEHLFK NHLUWH$KQXQJZDVGDVZDU 0LWZHQLJHQ6FKULWWHQZDUHUEHLGHQOHEORVHQ*HVWDOWHQGLHUHJXQJVORVLP*UDV

ODJHQ'LHEHLGHQ6ROJHERUHQHQIROJWHQLKP(UGUHKWHGLHHUVWH)LJXUXPXQG EOLFNWHLQHLQH[DNWHV(EHQELOGYRQ*UDQHU,QGDFRFKHD (LQH8QWHUVXFKXQJGHV.|USHUVHUJDEGDGLHVHURKQH/HEHQZDU(VKDWWH VRJDUGHQ$QVFKHLQGDHUQLH/HEHQEHVHVVHQKDWWHGHQQDOV6DHGHODHUHGHVVHQ +DXWDXIULW]WHWUDWQLFKWHLQPDOHLQH%OXWVSXUDXI 'HQ]ZHLWHQ.|USHULGHQWLIL]LHUWHHUVFKRQDQ+DQGVHLQHU*U|HDOVHLQ (EHQELOGYRQ5RV\'HZLWWH$XFKHUZDURKQH/HEHQ 6FKZHUDWPHQGGUHKWHHUVFKOLHOLFKGLHNQRFKLJH)LJXUGHVGULWWHQ.|USHUVXP (UZDUVLFKYRQYRUQKHUHLQGDUEHULPNODUHQGDHVVLFKEHLLKPQXUXPHLQ $EELOGVHLQHVHLJHQHQ.|USHUVKDQGHOQNRQQWH 6RXQHUNOlUOLFKGLH$QZHVHQKHLWGLHVHUWRWHQ'XSOLNDWHDXFKZDUVLHPXWHQ GXUFKGHQ6WXU]LQGDVRUDQJHURWH(QHUJLHIHOGDXI5R]RQHU]HXJWZRUGHQVHLQ 1XUHLQH)UDJHEHVFKlIWLJWHGHQ7UDQVPLWWHUJHVFKlGLJWHQLQGLHVHP$XJHQEOLFN :DUGDV&DSSLQ)UDJPHQWHEHQIDOOVYHUGRSSHOWZRUGHQ" 'LHOHEORVHQ.|USHUWUXJHQGLHJOHLFKHQ.RPELQDWLRQHQZLHLKUH2ULJLQDOH$OVR ZDUDXFKGLHQLFKWELRORJLVFKH0DVVHYHUGRSSHOWZRUGHQ $OVGHU.|USHUDXIGHP5FNHQODJEOLFNWH$ODVNDDXIGLH0DVNHGLHGDV *HVLFKWEHGHFNWH2KQHDXIHLQHHYHQWXHOOH*HIDKU]XDFKWHQXQGRKQHVLFKXP 5RV\XQG,QGDFRFKHD]XNPPHUQUL6DHGHODHUHGLH0DVNHPLWHLQHP5XFN YRP*HVLFKW 'DV+HU]VFKOXJLKPELV]XP+DOVDOVHUGLHHLQJHIDOOHQHQ:DQJHQPLWGHQ KHUYRUVWHKHQGHQ%DFNHQNQRFKHQVDK'LH+DXWZDUEOHLFKXQGYRQKDXFKIHLQHQ 5LOOHQGXUFK]RJHQ 9RQHLQHP]ZHLWHQ&DSSLQ)UDJPHQWIHKOWHMHGRFKMHGH6SXU %HQRPPHQVWDUUWHHUDXIGDV*HVLFKWDXIVHLQ*HVLFKWGDVHUVRYLHOH-DKUH QLFKWPHKUJHVHKHQKDWWH(UZDUlOWHUJHZRUGHQDEHUGDVPXWHLQGHU=HLW JHVFKHKHQVHLQEHYRULKP3HUU\5KRGDQGHQ=HOODNWLYDWRUEHUJHEHQKDWWHGHU LKQLQGHQ.UHLVGHUUHODWLY8QVWHUEOLFKHQKRE 'HU=HOODNWLYDWRU 6HLQH+DQGVXFKWHGDVZXQGHUYROOH*HUlWGDVDXIVHLQHU%UXVWODJ(UVSUWHGLH VDQIWHQ,PSXOVHGLHSDXVHQORVMHGH=HOOHVHLQHV.|USHUVYRUMHJOLFKHU$OWHUXQJ EHZDKUWHQ 'DQQEFNWHHUVLFK]XVHLQHPOHEORVHQ(EHQELOG'DV*HVLFKWZDUMHW]WJDQ] QDKXQGVWU]WHLKQLQHLQHQ7DXPHOYHUZLUUHQGHU(PRWLRQHQ(UWDVWHWHGHQ OHEORVHQ.|USHUDEDEHUVHLQH(UZDUWXQJWUDI]X'DV(EHQELOGGDVDXI UlWVHOKDIWH:HLVHHU]HXJWZRUGHQZDUEHVDNHLQHQ=HOODNWLYDWRU 6HLQ%OLFNKLQJZLHGHULQGHPKDJHUHQ*HVLFKW(UVWDOV5RV\'HZLWWH]XLKP WUDWXQGLKQVDQIW]XUFN]RJQDKPHUZLHGHUVHLQH8PZHOWEHZXWZDKU Ä(VLVWHLQVFK|QHV*HVLFKWVDJWHGLH)UDXPLWIKOHQGÄDEHUHVLVWQLFKWLKU *HVLFKW$ODVND Ä,FKZHL$ODVNDIKOWHVLFKSO|W]OLFKXQHQGOLFKHLQVDPXQGGLHYLHOHQ 'HSUHVVLRQHQGLHHULQDOOGHQ-DKUHQJHKDEWKDWWHGURKWHQVHLQH*HIKOH]X EHUZlOWLJHQÄ(VZDUHLQPDOPHLQ*HVLFKW8QGYLHOOHLFKWZHUGHLFKHVHLQHV 7DJHVZLHGHUEHVLW]HQ

Ä:LUPVVHQXQVMHW]WXPXQVVHOEVWNPPHUQIXKU5RV\IRUWÄ,FKVHKHGRUW GLH7ZLQ]ZHUJHNRPPHQ 0LWHLQHP5XFNULVLFK6DHGHODHUHLQGLH:LUNOLFKNHLW]XUFN9RP:DOGUDQG KHUYRQGHU6WHOOHZRHU]XYRUGHQVFKPDOHQ3IDGEHPHUNWKDWWHNDPHLQH *UXSSH7DUGHOOLDQHUDXIVLH]X6FKRQEHLP1lKHUNRPPHQHUNDQQWHQGLH 0HQVFKHQGDHVVLFKXPZHLEOLFKH$QJHK|ULJHGHV=ZHUJHQYRONVKDQGHOWH 6LHNDPHQLQGHUJHZRKQWHQ:HLVHMHSDDUZHLVHLQ]ZHLLGHQWLVFKHQ*HVWDOWHQ Ä6LHKDEHQNHLQH5RERWHURGHU:DIIHQGDEHLVWHOOWH,QGDFRFKHDIHVW Ä$EHUDXFKNHLQ)DKU]HXJPLWGHPZLULKQHQHQWZLVFKHQN|QQHQPHLQWH 6DHGHODHUH Ä0VVHQZLUGDVGHQQ"5RV\'HZLWWH]HLJWHPLWDXVJHVWUHFNWHP$UPDXIGLH VLFKQlKHUQGHQ7DUGHOOLDQHUIUDXHQÄ6LHPDFKHQGRFKHLQHQJDQ]IULHGOLFKHQ (LQGUXFN 'DQQZDUGLH*UXSSHKHUDQ=ZHLYRQLKQHQHQWSXSSWHQVLFKDOVGDV 6SUHFKHUSDDU Ä'LH0WWHUGHU1HXHQEHJUHQHXFKDXI7DUGHOOVDJWHGLHHUVWHGHV3lUFKHQV ,KUH%OLFNHZXUGHQXQVLFKHUXQGJOLWWHQPHKUIDFKDQGHQJURHQ*HVWDOWHQGHU 0HQVFKHQDXIXQGDE Ä:LHLFK]XXQVHUHP%HGDXHUQIHVWVWHOOHQPXIXKUGLH]ZHLWHIRUWÄKDWHXFK GLH1DWXUYHUXQVWDOWHW'DVZlUHQRFKQLFKWVRVFKOLPP Ä$EHUGDHXUH]ZHLWHQ+lOIWHQQLFKWOHEHQIXKUGLHHUVWH7DUGHOOLDQHUIUDXIRUW XQGLQLKUHU6WLPPHODJHFKWHV0LWJHIKOÄLVWVHKUEHGDXHUOLFK ,KUHNOHLQH+DQGGHXWHWHDXIGLHGUHLOHEORVHQ.|USHUGLHLP*UDVODJHQ'LH DQGHUHQ7DUGHOOLDQHUIUDXHQKDWWHQVLFKPLWWOHUZHLOHGRUWYHUVDPPHOW Ä,FKZHLQLFKWZDVGDUDQEHGDXHUOLFKVHLQVROOSLHSVWH,QGDFRFKHDJHUHL]W Ä,FKELQPHLQJDQ]HV/HEHQODQJHLQ(LQ]HOZHVHQJHZHVHQ:DUXPVROOWHHV PLFKSO|W]OLFKGRSSHOWJHEHQ" 'LHEHLGHQ7ZLQ]ZHUJHVWDUUWHQGHQ%LRJHQ'LDJQRVWLNHUPLWRIIHQHQ0QGHUQ DQ Ä:LOOVWGXGDPLWVDJHQIUDJWHGLHHLQHHUUHJWÄGDGXGLFKDQGHLQIUKHUHV /HEHQHULQQHUQNDQQVW" ,QGDFRFKHDZDUVLFKWOLFKJHUHL]WÄ,FKZLOOGDPLWVDJHQGDLFKPLFKDQPHLQ ELVKHULJHV/HEHQHULQQHUQNDQQ8QGGDLFKHVYRU]LHKHHVLQGHUELVKHULJHQ )RUPZHLWHU]XIKUHQ Ä,FKYHUVWHKHGLFKQLFKWVDJWHGLHDQGHUH=ZHUJIUDX Ä'DQQZLOOLFKHVGLUHUNOlUHQ,QGDFRFKHDEDXWHVHLQHQEDXPODQJHQ.|USHUYRU GHQEHLGHQ=ZHUJHQDXIÄ:LUVLQGZHGHU7DUGHOOLDQHUQRFK+XUR]RQVQRFK KDEHQZLUHLQ%HGUIQLVGRSSHOW]XH[LVWLHUHQ:LUVLQG0HQVFKHQGLHDXVHLQHU JDQ]DQGHUHQ*HJHQGGHV:HOWDOOVVWDPPHQXQGQXUGXUFK=XIDOOKLHUJHODQGHW VLQG8QGZLUZROOHQZLHGHUGDKLQ]XUFNZRZLUKHUNDPHQ.DSLHUW" 'DV3lUFKHQZLFKHUVFKURFNHQ]XUFN Ä(VVLQG9HUUFNWHVW|KQWHGLHHLQH

Ä2GHU6SLRQHGHU+XUR]RQVMDPPHUWHGLH]ZHLWH $ODVND6DHGHODHUHEHPHUNWHGDGDV*HVSUlFKLQHLQHXQJHZROOWH5LFKWXQJ YHUOLHIÄ:LUVLQGZHGHUGDVHLQHQRFKGDVDQGHUH.|QQWLKUGHQQQLFKW YHUVWHKHQGDHVDXHU7DUGHOOLDQHUQXQG+XUR]RQVQRFKDQGHUH/HEHZHVHQ JLEW" 6HLQ9HUVXFKGLH6LWXDWLRQ]XEHIULHGHQVFKOXJY|OOLJIHKO'LHEHLGHQ6SUHFKHU GHU0WWHUGHU1HXHQEHJDQQHQZLOG]XJHVWLNXOLHUHQ$QGHUH)UDXHQDXVGHU NOHLQHQ*UXSSHUDQQWHQYHUlQJVWLJWGDYRQ 'LHHUVWH6SUHFKHULQZDJWHQRFKHLQHQOHW]WHQ9HUVXFK6LHWUDWDXIGLHGUHL 0HQVFKHQ]XXQGEHJDQQPLW]LWWHUQGHU6WLPPH]XVSUHFKHQ,KUH9HUZLUUXQJ ]HLJWHVLFKGDUDQGDVLHHQWJHJHQGHU*HZRKQKHLWGHU7ZLQ]ZHUJHDOOHLQ VSUDFK Ä:DVLKUVDJWNDQQQLFKWVWLPPHQ,KUVHLGYHUXQVWDOWHWH3URGXNWHGHU*HEXUW ,KUPWHXUHWRWHQ%UGHUQHKPHQXQGXQV]XP7RU]XU7LHIHIROJHQ(VGDUI NHLQ.|USHUYHUORUHQJHKHQDXFKNHLQHUGHUXQYROONRPPHQLVWRGHUGHUWRWGLH 6WlWWHGHU0WWHUGHU1HXHQHUUHLFKWKDW ,QGDFRFKHDVW|KQWHDXIÄ-HW]WJHKWGDVVFKRQZLHGHUORV:LUZDUHQHUVWYRU NXU]HU=HLWDP7RU]XU7LHIH(XUH0lQQHUZROOWHQXQVPLWDOOHU*HZDOWGXUFK GDV7RULQV-HQVHLWVEHI|UGHUQ:LUNRQQWHQDEHUHQWNRPPHQ,Q]ZLVFKHQKDEHQ ZLUGLH+XUR]RQVEHVXFKW6LHKDWWHQQLFKWV'PPHUHVLP.RSIDOVXQVIU 7DUGHOOLDQHU]XKDOWHQXQGXQVHEHQIDOOV]XW|WHQ%HLGHP9HUVXFKVLQGZLU DOOHUGLQJVKLHUJHODQGHWXQGIDQGHQXQVHUHOHEORVHQ'XSOLNDWHYRU.|QQWLKUXQV GDVHUNOlUHQ" 'LH]ZHLWH)UDXWUDWQXQGRFKKLQ]XXQGEHWHLOLJWHVLFKDQGHP*HVSUlFK%HLGH 7ZLQ]ZHUJHZLUNWHQSO|W]OLFKQHXJLHULJ6DHGHODHUHKDWWHDEHUGHQ9HUGDFKW GDPDQVLHQXUKLQKDOWHQZROOWH Ä,KUZDUWEHLGHQ+XUR]RQV"IUDJWHGLH]ZHLWH)UDXÄ'DQQN|QQWLKUXQVVLFKHU VDJHQZRLKUH:HOWLVW Ä:HQQHXFKGDPLWJHGLHQWLVWDQWZRUWHWH$ODVNDÄ6LHKHLW5R]RQXQGVWHKW DXHUKDOEGHV5LQJHVGHUQHXQ6RQQHQ$EHU5R]RQLVWVRXQVLFKWEDUZLHHXUH :HOW Ä'XOJVW'LH$QWZRUWZDUVRNDWHJRULVFKGD6DHGHODHUHZLHGHUXPGHXWOLFK VSUWHGDPLWVDFKOLFKHQ$UJXPHQWHQGHQ7ZLQ]ZHUJHQQLFKWEHL]XNRPPHQ ZDU(UIUDJWHVLFKZDVGLHVHEHLGHQLUJHQGZLHVRlKQOLFKHQ9|ONHUGD]X JHEUDFKWKDWWHGDVLHQXUQRFKIlKLJZDUHQLQJDQ]YRUJHJHEHQHQ%DKQHQ]X GHQNHQ,QGDFRFKHDV9HUGDFKWYRQGHU3URJUDPPLHUXQJGHU*HQVWUXNWXUHQ EHJDQQVLFK]XHUKlUWHQ1RFKZDU]XYLHOHVY|OOLJXQNODU Ä,KUQHQQWHXFKGLH0WWHUGHU1HXHQIXKUGHU0DVNHQWUlJHUIRUWÄ:HOFKH $XIJDEHKDEWLKU" :LUZHLOHQVWlQGLJLQGHU1lKHGLHVHU6WlWWHXPDXIGLH$QNXQIWQHXHU 7DUGHOOLDQHU]XZDUWHQ:HQQVLHNRPPHQZHLVHQZLUVLHLQXQVHUH:HOWHLQ HUNOlUHQLKQHQLKUH$XIJDEHXQGIKUHQVLHLQGLH6WlGWH:HQQYHUVWPPHOWH RGHUWRWH7DUGHOOLDQHUNRPPHQJHOHLWHQZLUVLH]XP7RU]XU7LHIHXQG EHUJHEHQVLHGHU(ZLJNHLW

,QGDFRFKHDZDUI6DHGHODHUHHLQHQVFKQHOOHQ%OLFN]XÄ*ODXEHQ6LH$ODVNDGD HVHLQHQ6LQQKDWGLHVHQ/HXWHQGHQ=XVDPPHQKDQJ]XHUNOlUHQ" 'HU7HUUDQHU]XFNWHQXUPLWGHQ6FKXOWHUQÄ,FKP|FKWHHLQ2EHUKDXSWGHU 7DUGHOOLDQHUVSUHFKHQYHUODQJWHHUYRQGHQ=ZHUJIUDXHQÄ:LUKDEHQHLQH ZLFKWLJH%RWVFKDIWEHUHXFKXQGGLH+XUR]RQV.|QQWLKUXQV]XHLQHP 2EHUKDXSWEULQJHQ" %HLGH7ZLQ]ZHUJHVFKWWHOWHQLQHLQHUPHQVFKOLFKHQ*HVWHLKUHNOHLQHQ.|SIH Ä'HUHLQ]LJH2UWDQGHQZLUHXFKKLQEULQJHQN|QQHQXQGGUIHQLVWGDV7RU]XU 7LHIHVDJWHGLHHLQHXQGGLHDQGHUHHUJlQ]WHÄ8QGJHQDXGDKLQEULQJHQZLU HXFKMHW]W ,PJOHLFKHQ$XJHQEOLFNVFK|VVHQYRQPHKUHUHQ6HLWHQHWZD]ZDQ]LJ WDUGHOOLDQLVFKH%HLERRWHEHUGHQ%DXPZLSIHOQKHUYRU6LHIORJHQLQ JHUDGOLQLJHP.XUVDXIGHQ0LWWHOSXQNWGHU/LFKWXQJ]XXQGODQGHWHQ6HNXQGHQ VSlWHUZDUHQGLHGUHLYRQGHQ5|KUHQURERWHUQXPULQJW (LQH+DQGYROOPlQQOLFKHU7ZLQ]ZHUJHIROJWHLKQHQ6LHOLHHQVLFKDXINHLQH 'LVNXVVLRQHLQ ,QGDFRFKHDEHJDQQZLHGHUHLQPDO]XVFKLPSIHQXQGUDQQWHDXIGLH=ZHUJH]X (UNDPQLFKWZHLW(LQHUULHIHLQ.RPPDQGRXQG6HNXQGHQVSlWHUZDUIHLQH /lKPVWUDKOXQJGLHGUHL0HQVFKHQ]X%RGHQ8QVLFKWEDUH(QHUJLHIHOGHUKREHQ VLHKRFKXQGWUDQVSRUWLHUWHQVLHLQHLQVGHU%RRWH.XU]GDUDXIVFKZHEWHQDXFK GLHOHEORVHQ'XSOLNDWHKHUHLQ'DQQVWDUWHWHQGLH%HLERRWH $ODVNDNRQQWHQLFKWHUNHQQHQZRGHU)OXJKLQJLQJ$EHUHUKHJWHNHLQHQ =ZHLIHOGDUDQGDPDQVLHHUQHXW]XP7RU]XU7LHIHEULQJHQZUGH'LH 7DUGHOOLDQHUVFKLHQHQHVDOVREHUVWHV*HERW]XEHWUDFKWHQ+XUR]RQV 6W|UHQIULHGHRGHUHLJHQHYHUVWRUEHQH$QJHK|ULJHLKUHV9RONHVPLWGHUHQQRFK OHEHQGHQ=ZLOOLQJVKlOIWHQGHP7RU]XU7LHIH]XEHUJHEHQ 'XUFKGLH/lKPXQJZDUHUQXQDXFKMHGHU0|JOLFKNHLWEHUDXEWVLFKQRFKPLW GHQ7ZLQ]ZHUJHQ]XYHUVWlQGLJHQRGHUXPLPH[WUHPHQ1RWIDOOVHLQ&DSSLQ )UDJPHQWYRP*HVLFKW]X]LHKHQ,P$XJHQEOLFNJDEHVJDUNHLQH0|JOLFKNHLW PHKUXPHWZDV6LQQYROOHV]XWXQ 6LHPXWHQHLQIDFKDEZDUWHQ*HQDXJHQRPPHQZDUHQVLHVHLWLKUHUHUVWHQ /DQGXQJDXI7DUGHOONHLQHQ6FKULWWZHLWHUJHNRPPHQ6LHKDWWHQHLQSDDU)DNWHQ EHUGLHEHLGHQ5DVVHQGHU7DUGHOOLDQHUXQG+XUR]RQVLQ(UIDKUXQJEULQJHQ N|QQHQ$EHUGDVZDUDXFKDOOHV2EHVLKQHQLQGHU=XNXQIWHWZDVKHOIHQ ZUGHZDUPHKUDOVIUDJOLFK (UVFKlW]WHGDVLHHWZDHLQHKDOEH6WXQGHJHIORJHQZDUHQDOVGLH/lKPXQJ HWZDVQDFKOLH*HUDGHDOVHUVLFKEHZHJHQZROOWHVSUWHHUZLHYRQKLQWHQ ]ZHL7DUGHOOLDQHUDQLKQKHUDQWUDWHQXQGVHLQH+lQGHDXIGHP5FNHQIHVVHOWHQ 5RV\'HZLWWHXQG*UDQHU,QGDFRFKHDHUJLQJHVQLFKWDQGHUV 'DQQODQGHWHGDV)OXJERRW0DQEHIDKOLKQHQDXI]XVWHKHQXQGHV]XYHUODVVHQ 'LHEHJOHLWHQGHQ5RERWHUVFKDIIWHQGLHWRWHQ.|USHULKUHU'XSOLNDWHLQV)UHLH 'HUEODXH.UHLVERJHQGHV7RUHV]XU7LHIHVWDQGVFKRQLQGHU/DQGVFKDIW6HLQ SHFKVFKZDU]HV,QQHQIHOGHULQQHUWHDQGDVJHIUlLJH0DXOHLQHV0RORFKV

(VNRUWLHUWYRQGHQ5RERWHUQXQGHLQHP'XW]HQG7DUGHOOLDQHUZXUGHQGLHGUHL 0HQVFKHQELVGLFKWYRUGHQVFKZDU]HQ6FKOXQGJHEUDFKW:LHGHUEHJDQQVHLQ &DSSLQ)UDJPHQWGXUFKGLH$QZHVHQKHLWGHUXQGHILQLHUEDUHQ(QHUJLHQXQUXKLJ ]XZHUGHQ Ä:HUYRQHXFKEHUQLPPWIUHLZLOOLJGLH(KUHDOVHUVWHUGXUFKGDV7RU]X JHKHQ"IUDJWHHLQHUGHU=ZHUJH Ä:LUZROOHQEHUKDXSWQLFKWGXUFKGDV7RUJHKHQDQWZRUWHWH6DHGHODHUH GXPSIGHQQVHLQ&DSSLQ)UDJPHQWPDFKWHLKP]XVFKDIIHQÄ(VN|QQWHXQVHUHQ 7RGEHGHXWHQ Ä1DWUOLFKEHGHXWHWHVGHQ7RGHUZLGHUWHGDV(EHQELOGGHVHUVWHQ6SUHFKHUV Ä'HVKDOEVROOWLKUMDLQGDV7RU]XU7LHIH Ä:HQQLKUQLFKWIUHLZLOOLJJHKWIXKUZLHGHUGHUDQGHUH7ZLQ]ZHUJIRUW ÄVWRHQZLUHXFKKLQHLQ Ä:DUXP"VFKULH,QGDFRFKHDÄ:DVKDEHQZLUHXFKJHWDQ" (UEHNDPNHLQH$QWZRUW 6HLQOHEORVHV'XSOLNDWVFKZHEWHSO|W]OLFKYRQGHQXQVLFKWEDUHQ.UDIWIHOGHUQGHU 5RERWHUKRFKXQGIORJDXIGLHJlKQHQGHVFKZDU]HgIIQXQJ]X Ä,Q2UGQXQJVDJWHGHU%LRJHQ'LDJQRVWLNHUSO|W]OLFKPLWYHUZDQGHOWHU 6WLPPHÄ,FKJHKHLQGDV7RU8QK|UEDUIUGLH7DUGHOOLDQHUIOVWHUWHHU$ODVND XQG5RV\]XÄ,FKUDWH,KQHQPLU]XIROJHQ$OOPlKOLFKYHUVWHKHLFKGLH1DWXU GLHVHU9|ONHU %HYRUGLHEHLGHQYHUEOIIWHQ0HQVFKHQQDFKHLQHU(UNOlUXQJIUDJHQNRQQWHQ KDWWHVLFK,QGDFRFKHDLQ0DUVFKJHVHW]W8QPLWWHOEDUKLQWHUVHLQHPWRWHQ'X SOLNDWYHUVFKZDQGHULQGHPVFKZDU]HQ1LFKWV 'DQQIROJWHQGLHEHLGHQ(EHQELOGHUYRQ6DHGHODHUHXQG5RV\'HZLWWH(KH VLFK VGLHEHLGHQYHUVDKHQZXUGHQDXFKVLHYRQGHQ(QHUJLHIHOGHUQGHU5RERWHU HUIDWXQGLQ5LFKWXQJGHV7RUHV]XU7LHIHEHI|UGHUW 9RQHLQHU6HNXQGH]XUDQGHUHQZXUGHDOOHVULQJVXPGXQNHO 'DVOHW]WHZDV$ODVND6DHGHODHUHQRFKJHZDKUWHZDUHLQ6FKDOWSXOWPLWHLQLJHQ .RQWUROOLFKWHUQXQG7DVWHQ(VZDULP%RGHQYHUVHQNWXQGXQPLWWHOEDUDQGHU 6WHOOHZRGDVVFKZDU]HLQQHUH)HOGGHV7RUHVEHJDQQ =:,6&+(1'(1)5217(1 Ä+RSSODVDJWH*UDQHU,QGDFRFKHDXQGVSUDQJ]XU6HLWH(UJOLWWDXIGHP 6WHLQERGHQDXVXQGILHOVW|KQHQGDXIVHLQ*HVl =XXQYHUPXWHWZDUHQ$ODVND6DHGHODHUHXQG5RV\'HZLWWHYRUVHLQHQ$XJHQ DXVGHP1LFKWVPDWHULDOLVLHUW(UVHOEVWZDUQRFKNHLQHYROOH0LQXWHDQGLHVHP IUHPGHQ2UWXQGHUKDWWHVLFKQRFKQLFKWXPVHKHQXQGRULHQWLHUHQN|QQHQ Ä:RVLQGZLUGHQQGLHVPDOJHODQGHW"IUDJWHGLH)UDXHQWVSDQQW'LH$QJVWGHU OHW]WHQ0LQXWHQZDUYHUVFKZXQGHQ'LHWRGEULQJHQGHQ$QODJHQGHU7DUGHOOLD QHUXQG+XUR]RQVVFKLHQHQGRFKQLFKWVRJHIlKUOLFK]XVHLQZLHVLH XUVSUQJOLFKYHUPXWHWKDWWHQ

Ä8QVHUH'XSOLNDWHVLQGZHJVWHOOWH6DHGHODHUHIHVWÄXQGGLH)HVVHOQVLQGDXFK ZHJ$EHUPHLQ&DSSLQ)UDJPHQWUHEHOOLHUWQRFKLPPHUZHQQDXFKQLFKWPHKU VRVWDUN Ä,VWHVHWZDVRVWDUNZROOWH,QGDFRFKHDZLVVHQÄZLHDXI5R]RQ]XU 1DFKW]HLW" Ä-DZDUXP" Ä(VXQWHUVWW]WGLH7KHRULHGLHLFKLQ]ZLVFKHQEHUGDVELRORJLVFKH :HFKVHOVSLHO]ZLVFKHQ7ZLQ]ZHUJHQXQG+XUR]RQVDXIJHVWHOOWKDEH(V EHGHXWHWDXFKJOHLFK]HLWLJGDZLUZLHGHUDXI5R]RQJHODQGHWVLQG)UDJHQ6LH PLFKDEHUQLFKWZLHXQGZDUXP6HKHQ6LHVLFKGRFKHLQPDOXP 'DZDU]XQlFKVWHLQJOHLFKPlLJHV*HUlXVFKGDVGHQJDQ]HQ5DXPHUIOOWH,Q GHU0LWWHGLHVHV5DXPHVVWDQGHLQHPHKUHUH0HWHUGXUFKPHVVHQGH6lXOHGLH VFKZDFKOHXFKWHWH,QLKUHP,QQHUQVWU|PWHHLQH)OVVLJNHLWQDFKREHQ $ODVNDWUDWKLQ]XXQGEHUKUWHGLH6lXOHYRUVLFKWLJ Ä(LQ(QHUJLHIHOGLQ)RUPHLQHU5|KUHGXUFKGLH:DVVHUQDFKREHQIOLHW NRQVWDWLHUWHHU 'DVVFKZDFKH/LFKWGHU6lXOHZDUIQXUZHQLJ+HOOLJNHLWDXIGLH8PJHEXQJGLH VLHZLHHLQJHVFKORVVHQHU'RPXPJDE(UHLOWH]XHLQHU6HLWHQZDQGXQGVDKZLH GRUWGDV:DVVHUZLHGHUQDFKXQWHQVWU|PWH+LHUOHQNWHHLQHVLQQUHLFKH $QRUGQXQJYRQ(QHUJLHJLWWHUQGHQ:DVVHUIOX (UNHKUWH]XGHQEHLGHQ6ROJHERUHQHQ]XUFN Ä1XQ"IUDJWH,QGDFRFKHDHUZDUWXQJVYROO Ä:LUEHILQGHQXQVLP,QQHUQGHV5LHVHQEUXQQHQVGHV:DVVHUJRWWV&KDI ILHSUHVWRVDJWH6DHGHODHUH Ä'DVJODXEHLFKDXFKEHVWlWLJWHGHU%LRJHQ'LDJQRVWLNHU Ä6HKHQ6LHHLQPDOQDFKXQWHQ$ODVNDYHUODQJWH5RV\'HU0DVNHQWUlJHU IROJWHLKUHU+DQG$QHLQLJHQ6WHOOHQZDUHQGLH6WHLQHGHV%RGHQVWHLOZHLVH GXUFKVLFKWLJ'DUXQWHUJOlQ]WHHVYRP0HWDOOHLQHUWHFKQLVFKHQ$QODJH Ä$OOPlKOLFKZLUGPLUHLQLJHVNODUVDJWH6DHGHODHUHÄ'DV7RU]XU7LHIHGLH )HXHUJUXEHLQGHP7HPSHOXQGGLHVHUJLJDQWLVFKH%UXQQHQVLQGZHLWHUQLFKWVDOV NRPSOL]LHUWHXQGXQYHUVWlQGOLFKH(LQULFKWXQJHQGLHLQGLH/HEHQVSUR]HVVHGHU 7DUGHOOLDQHUXQGGHU+XUR]RQVHLQJHEXQGHQVLQG Ä'LHWHFKQLVFKH6HLWHPVVHQ6LHEHXUWHLOHQ,QGDFRFKHDVSUKWHYRU ZLVVHQVFKDIWOLFKHP,QWHUHVVHÄ,FKNDQQHLQHQ%HLWUDJDXVPHLQHQhEHUOHJXQJHQ XQG8QWHUVXFKXQJHQEHLVWHXHUQ'DV%LOGGHU*HQVWUXNWXUHQGHU+XUR]RQVKDW PLUGHXWOLFKH+LQZHLVHJHJHEHQ%HLGHQ7ZLQ]ZHUJHQGUIWHHVQLFKWDQGHUV VHLQ%HLGH9|ONHUVLQGLQ:LUNOLFKNHLWQXUHLQV%HLGHVFKHLQHQGDYRQDEHU QLFKWV]XZLVVHQ6LHIROJHQVWXUHLQHUYRUJHJHEHQHQ3URJUDPPLHUXQJLKUHU *HQH'HU6LQQGHV*DQ]HQLVWY|OOLJXQNODU$EHUGHU$EODXIOlWVLFKHL QLJHUPDHQHUNHQQHQ$XVHLQHP7DUGHOOLDQHUSlUFKHQZLUGHLQ+XUR]RQ'DV =ZLOOLQJVSDDUJHK|UWXQWUHQQEDU]XVDPPHQ'DUXPJHKHQEHLGHLQGHQ7RG'HU GXUFKGHQ*DQJGXUFKGDV7RU]XU7LHIHHQWVWDQGHQH+XUR]RQHQWVWHLJWGHP %UXQQHQGHV&KDIILHSUHVWR'LH+XUR]RQVEHVWDWWHQLKUH7RWHQYHUPXWOLFKLQ GHP7HPSHOLQGHPPDQXQVDXFKLQV-HQVHLWVEHI|UGHUQZROOWH$OV

=ZLOOLQJVWDUGHOOLDQHUQHKPHQGLH0WWHUGHU1HXHQGLHVHLQ(PSIDQJ'HU JDQ]H9RUJDQJVWHOOWHLQH$UWNQVWOLFKJHVWHXHUWH0HWDPRUSKRVHGDU Ä:DUXPDEHUGDV*DQ]H"IUDJWH5RV\ Ä(LQHQQDWUOLFKHQ*UXQGNDQQHVGDIUQLFKWJHEHQPHLQWHGHU%LRJHQ 'LDJQRVWLNHUÄ'LH0DQLSXODWLRQHQLQGHQ*HQ6WUXNWXUHQVLQG]XHLQGHXWLJ,U JHQGMHPDQGKDWKLHUYRQDXHQLQGLH1DWXUHLQJHJULIIHQ(VJLEWHLQSDDUJDQ] YHUEOIIHQGH)HVWVWHOOXQJHQEHVRQGHUVZHQQZLUXQVHUHHLJHQHQ'XUFKJlQJH GXUFKGLHVH0HWDPRUSKRVHHLQULFKWXQJPLWGHP.RPPHQXQG*HKHQGLHVHU EHLGHQ9|ONHUYHUJOHLFKHQ7DUGHOOLDQHUXQG+XUR]RQVYHUOLHUHQGLH(ULQQHUXQJ DQLKUIUKHUHV'DVHLQ7DUGHOOLDQHUZHUGHQ]XHFKWHQ=ZLOOLQJHQ%HLXQVZDU GDVJDQ]DQGHUV:LUEHKLHOWHQDOOH(ULQQHUXQJHQXQGXQVHUH'XSOLNDWHZDUHQ OHEORV(VKDWGHQ$QVFKHLQGDGLHWHFKQLVFKHQ$VSHNWHGLHVHU$QODJHQ VSH]LHOODXIGLHVH9|ONHUDXVJHULFKWHWZXUGHQ:HQQLFKPLULP1DFKKLQHLQ EHUOHJHZDVDOOHVPLWXQVKlWWHJHVFKHKHQN|QQHQOlXIWHVPLUMHW]WQRFKNDOW EHUGHQ5FNHQ $ODVND6DHGHODHUHEOLFNWHGHQ6ROJHERUHQHQQDFKGHQNOLFKDQ$QIDQJVKDWWHHU LKQQXUDOVHLQHQ+HPPVFKXKEHWUDFKWHW'LHVHV8UWHLOPXWHHUMHW]WUHYLGLHUHQ *UDQHU,QGDFRFKHDZDUGXUFKGLH:LUUHQJHZDFKVHQXQGKDWWHVHLQHQ.RPSOH[ DXIHLQHP3ODQHWHQ]XVHLQUDVFKEHUZXQGHQ Ä:DUXPDEHUUHEHOOLHUWPHLQ&DSSLQ)UDJPHQW"IUDJWHHUGHQ%LRJHQ 'LDJQRVWLNHU Ä,FKZHLHVQLFKW,QGDFRFKHDV6WLPPHYHUORUPHKUXQGPHKUGLHVFKULOOHQ 7|QHÄ(VJLEWHLJHQWOLFKQXUHLQHQYHUQQIWLJHQ+LQZHLVDEHUGHULVWLQVLFK ZLGHUVSUFKOLFK Ä6LHPHLQHQGLH7DWVDFKHGDGLH8QUXKHGHV&DSSLQ)UDJPHQWVQDFK 6RQQHQXQWHUJDQJQDFKOLH"1DWUOLFK'DVN|QQWHEHGHXWHQGDGLHDXVO|VHQGH 6WUDKOXQJYRQHLQHUGHUQHXQ6RQQHQRGHUYRQPHKUHUHQRGHUDOOHQNRPPHQ ZUGH'HU3ODQHW5R]RQVFKLUPWVLHHWZDVDE:RDEHULVWGHU:LGHUVSUXFK" Ä'HU:LGHUVSUXFK",QGDFRFKHDVFKLHQHVVLFKWOLFK)UHXGH]XEHUHLWHQGHP 0DVNHQWUlJHUEHKLOIOLFK]XVHLQÄ$XI7DUGHOOYHUKLHOWVLFKGDV)UDJPHQWUXKLJ DEJHVHKHQYRQGHU6LWXDWLRQLQGHU1lKHGHV7RUHV]XU7LHIH:HQQGLH6RQQHQ VWUDKOHQGDQQVWUDKOHQVLHGRFKZRKOLQDOOH5LFKWXQJHQJOHLFKPlLJRGHU" Ä1RFKHLQXQJHNOlUWHU3XQNWVDJWH6DHGHODHUHÄ$EHUHUKLQGHUWPLFKQLFKW GDUDQGLHHQWVFKHLGHQGH6FKOXIROJHUXQJDXVDOOHQ%HREDFKWXQJHQ]X]LHKHQ Ä8QGGLHZlUH"5RV\ZDUVHKULQWHUHVVLHUW Ä,UJHQGMHPDQGPXGLH$QODJHQLQVWDOOLHUWKDEHQ,UJHQGMHPDQGPXHLQH EHVWLPPWH$EVLFKWGDPLWYHUIROJWKDEHQGLH7DUGHOOLDQHUXQGGLH+XUR]RQVLQ GLHVHQXQVLQQLJHQ/HEHQVUK\WKPXV]X]ZLQJHQXQGLUJHQGMHPDQGPXHLQ ,QWHUHVVHGDUDQKDEHQGDVLFKEHLGH9|ONHUELVDXIV0HVVHUEHNlPSIHQ REZRKOVLHVLFKZLGHUVLQQLJHUZHLVHGDGXUFKQLFKWDXVURWWHQVRQGHUQ]XVWlQGLJ QHXHP/HEHQYHUKHOIHQ Ä9LHOOHLFKWNOLQJWGDVQXUIUXQVZLGHUVLQQLJPHLQWH,QGDFRFKHDÄXQGLQ :LUNOLFKNHLWLVWHVJDUQLFKW Ä:LHGHPDXFKVHLIXKU$ODVNDIRUWÄ$OOGDVZHLVWGDUDXIKLQGDHVQRFK

MHPDQGDQGHUVJLEW,FKP|FKWHLKQGLH0DFKWLP+LQWHUJUXQGQHQQHQ8QGLFK KDEHGDVGXQNOH*HIKOGDZLUDXVGLHVHP7HXIHOVNUHLVQXUKHUDXVNRPPHQ ZHQQZLUGLHVH0DFKWDXIVSUHQ:LUVROOWHQDOOHZHLWHUHQ$NWLRQHQGDUDXI EHVFKUlQNHQGHQQPLWGLHVHQYRUSURJUDPPLHUWHQ=ZHUJHQRGHUPLWGHQ +XUR]RQVLVWHLQH9HUVWlQGLJXQJQLFKWP|JOLFK(LQYHUVWDQGHQ" 5RV\XQG,QGDFRFKHDQLFNWHQREZRKOVLHVLFKEHLGHQLFKWYRUVWHOOHQNRQQWHQ ZLH$ODVNDNRQNUHWYRU]XJHKHQJHGDFKWH Ä=XU62/N|QQHQZLULP$XJHQEOLFNVRZLHVRQLFKWHUOlXWHUWHGHU 7UDQVPLWWHUJHVFKlGLJWHVHLQHQ3ODQÄ(VVHLGHQQPDQILQGHWXQVXQGKDXWXQV KHUDXV'LH&KDQFHQGDIUEHXUWHLOHLFKMHGRFKDOVVHKUJHULQJ:LUPVVHQXQV DOVRVHOEVWKHOIHQ:LUPVVHQGHQRGHUGLH'UDKW]LHKHULP+LQWHUJUXQG DXVILQGLJPDFKHQ(VLVWMHW]W1DFKWDXI5R]RQ'HU&KDIILHSUHVWREUXQQHQLVW ]ZDUVWlQGLJEHZDFKWDEHUZLUVROOWHQGRFKXQHUNDQQWHQWNRPPHQN|QQHQ 'DQQNDSHUQZLUXQVHLQHQRGHU]ZHL+XUR]RQVXQGTXHWVFKHQVLHDXV(VPX MD]XPLQGHVWLUJHQGZHOFKH*HUFKWHRGHU6DJHQLQGLHVHP9RONJHEHQGLHXQV ]XGHPP|JOLFKHQ$XIHQWKDOWVRUWGHU0DFKWLP+LQWHUJUXQGIKUHQ'LH VWlQGLJH3UJHOHL]ZLVFKHQGHQ9|ONHUQXQGLKUHJHJHQVHLWLJH:LHGHUJHEXUW PXGRFKHLQHQ6LQQKDEHQ Ä,FKELQGLH.OHLQVWHYRQXQVVDJWH5RV\'HZLWWHXQGJLQJ]XGHP5DQGGHV :DVVHUGRPV6LH]ZlQJWHVLFKYRUVLFKWLJGXUFKGLH(QHUJLHIHOGHUGLHVFKZDFK OHXFKWHWHQXQGGHQJOHLFKPlLJHQ)OXGHV:DVVHUVJDUDQWLHUWHQ 1DFKHLQLJHQ0LQXWHQNDPVLHWULHIQD]XUFNDEHUGDVVFKLHQLKUQLFKWV DXV]XPDFKHQGHQQVLHOlFKHOWHVSLW]EELVFKZlKUHQGVLHVLFKGLHODQJHQ+DDUH DXVGHP*HVLFKWVWULFK Ä0DQKDWPLFKQLFKWEHPHUNW'LH*HOHJHQKHLWLVWJQVWLJ(VODXIHQQLFKW HLQPDOHLQ'XW]HQG+XUR]RQVGUDXHQKHUXP'DV3RGHVWYRQXQVHUHU 9HUXUWHLOXQJVWHKWQRFKDP%UXQQHQ8QWHULKPN|QQWHQZLUXQV]XQlFKVW YHUEHUJHQXQGGDQQLUJHQGZRLQGHU'XQNHOKHLWXQWHUWDXFKHQ,FKVFKODJHYRU LFKJHKHYRUXQGJHEH,KQHQHLQ=HLFKHQZHQQGLH/XIWUHLQLVW 'LHEHLGHQ0lQQHUKDWWHQNHLQH(LQZlQGH :HQLJH0LQXWHQVSlWHUVDHQGLHGUHLYRU:DVVHUWULHIHQGXQWHUGHP3RGHVW 6DHGHODHUHGHXWHWHDXIGHQ7HPSHOGHULP+DOEGXQNHOQODJ Ä'RUWKLQIOVWHUWHHUÄ9LHOOHLFKWN|QQHQZLUGDHLQHQNRPSHWHQWHQ+XUR]RQ DXIWUHLEHQ $OVIUHLQHQ0RPHQWNHLQHUGHU3ODQHWHQEHZRKQHUVLFKWEDUZDUNURFKHQVLH XQWHUGHP3RGHVWKHUYRUXQGVFKULWWHQRKQH(LOHEHUGHQZHLWHQ3ODW]5RV\ EOLFNWHVLFKHLQLJHPDOXQDXIIlOOLJXPDEHUWDWVlFKOLFKQDKPQLHPDQG1RWL]YRQ LKQHQ'LH+XUR]RQVZDQGHUWHQLQ*UXSSHQ]XGUHLRGHUYLHU3HUVRQHQXPGLH :DVVHUIRQWlQHKHUXP6LHVFKLHQHQHLQH$UW:DFKPDQQVFKDIW]XVHLQ =ZLVFKHQGHP7HPSHOXQGGHPDQJUHQ]HQGHQ+RFKKDXVODJHLQHGXQNOH 6WUDHQVFKOXFKW$OVGLHGUHLQlKHUNDPHQZLHV$ODVNDDXIGHQ'XUFKJDQJ ,QGHP7HPSHOJHElXGHJORPPQXUHLQHLQ]HOQHVVFKZDFKHV/LFKW'HU 7UDQVPLWWHUJHVFKlGLJWHGUFNWHVHLQH%HJOHLWHULQGHQ6FKDWWHQGHVDQOLHJHQGHQ *HElXGHV

=ZHL*HVWDOWHQNDPHQVHLWOLFKDXVGHP7HPSHOGXUFKTXHUWHQGLHKRKHQ6lXOHQ XQGEOLHEHQNXU]DXIGHU6WUDHVWHKHQ6LHVSUDFKHQHLQSDDU:RUWHPLWHLQ DQGHUGLHDEHUVROHLVHZDUHQGDPDQQXUZHQLJH:RUWIHW]HQYHUVWDQG 'DQQJLQJHQGLHEHLGHQ+XUR]RQVLQJHWUHQQWHQ5LFKWXQJHQGDYRQ6DHGHODHUH ZDUWHWHELVGHUHLQHGHUVLFKLQ5LFKWXQJGHV=HQWUDOSODW]HVJHZDQGWKDWWH YHUVFKZXQGHQZDU(UJDEGHQ6ROJHERUHQHQHLQ=HLFKHQXQGVSXUWHWHORV 'HU+XUR]RQOLHVLFKOHLFKWEHUZlOWLJHQ6DHGHODHUHSUHWHLKPHLQH+DQGDXI GHQ0XQGXQGKLHOWLKQPLWGHUDQGHUHQIHVW'DQQULHIHUQDFKVHLQHQ%HJOHL WHUQ $OV5RV\XQG,QGDFRFKHDEHLLKPZDUHQVFKOHSSWHHUGHQ+XUR]RQHVKDQGHOWH VLFKXPHLQHQlOWHUHQ0DQQLQGDV*HOlQGHKLQWHUGHP7HPSHOEDX+LHUJDEHV %VFKHXQGQLHGULJH%lXPH]ZLVFKHQGHQHQPDQVLFKJXWYHUEHUJHQNRQQWH (UGUFNWHGHQ+XUR]RQ]X%RGHQXQGNQLHWHVLFKYRULKPKLQ(UVWGDQQQDKP HUGLH+DQGYRQVHLQHP0XQG,QGHU'XQNHOKHLWNRQQWH$ODVNDGHQ*HVLFKWV DXVGUXFNGHV0DQQHVQLFKWHUNHQQHQ Ä:HQQGXVFKUHLVWVDJWHHUDOVHUVWHVÄLVWHVDXVPLWGLU $OVHUVDKZLHGHU+XUR]RQQLFNWHIXKUHUIRUWÄ(VZLUGGLUQLFKWVJHVFKHKHQ ZHQQGXJHKRUFKVW:LUEUDXFKHQQXUHLQSDDU$XVNQIWHYRQGLU Ä,KUVHLGGRFKGLHGUHL7DUGHOOLDQHUVDJWHGHU+XUR]RQlQJVWOLFKÄGLHZLUKHXWH LQGLH)HXHUJUXEHJHVWRHQKDEHQ:LHVRVHLGLKUZLHGHUKLHU" Ä'DVVSLHOWMHW]WNHLQH5ROOH6WHOOGLUHLQPDOYRUZLUVLQGNHLQH7DUGHOOLDQHU Ä'DVLVW8QVLQQVDJWHGHU+XUR]RQDEZHLVHQG Ä,Q2UGQXQJ6DHGHODHUHVDKHLQGDVRQLFKWVLQ(UIDKUXQJ]XEULQJHQZDU Ä%HDQWZRUWHPLUHLQHDQGHUH)UDJH:HUKDWGHQ%UXQQHQGHV&KDIILHSUHVWRXQG GLH)HXHUJUXEHJHEDXW" 'HU+XUR]RQVFKZLHJHLQH:HLOHXQG6DHGHODHUHPXWHLKQHQHUJLVFK DXIIRUGHUQHQGOLFK]XDQWZRUWHQ Ä,FKZHLHVQLFKWVDJWHGHU$OWHVFKOLHOLFKÄ6LHZDUHQVFKRQLPPHUGD Ä'XELVWHLQDOWHU0DQQERKUWHGHU0DVNHQWUlJHUZHLWHUÄ'XKDVWVLFKHUYRQ LUJHQGZHOFKHQ6DJHQRGHU*HUFKWHQJHK|UWGLHGDYRQHU]lKOHQZRGHU %UXQQHQKHUNDPZRLKU+XUR]RQVIUKHUJHOHEWKDEWRGHUZHUGLH7DUGHOOLDQHU VLQG Ä(VLVWYHUERWHQGDUEHU]XUHGHQDQWZRUWHWHGHU+XUR]RQPLWGXPSIHU 6WLPPH Ä'XPXWMHW]WGDUEHUVSUHFKHQ$ODVNDOHJWHHLQHQGURKHQGHQ.ODQJLQVHLQH 6WLPPHÄ2GHU(USDFNWHGHQ$OWHQPLWIHVWHP*ULIIDQGHU*XUJHO Ä$OVRJXWPXUPHOWHGHUNDXPK|UEDUÄ(VJLEWGDHLQH0lUGLHEHVDJWGDYRU XUGHQNOLFKHQ=HLWHQDOOHVJDQ]DQGHUVZDU'LHZDKUHQ+HUUQRGHU*|WWHU]HLJHQ VLFKXQVDEHUQLFKW6LHKDEHQGHQ%UXQQHQJHEDXW Ä:RILQGHLFKGLHVH*|WWHU"6SULFK 'HU$OWHEUHLWHWHVHLQH$UPHDXVXQGGRNXPHQWLHUWHGDPLWVHLQH8QZLVVHQKHLW Ä(LQH6DJHHU]lKOWGLHQHXQ*|WWHUGHU+XUR]RQVVHLHQGLHQHXQ6RQQHQ'LH QHXQ6RQQHQNDPHQLQIHUQHU9HUJDQJHQKHLWXQGYHUQLFKWHWHQGLHDOWH6RQQH &KDIILHSUHVWR$EHU&KDIILHSUHVWRVFKOXJGHQQHXHQ*|WWHUQHLQ6FKQLSSFKHQ

XQGYHUEDUJVLFKLP%UXQQHQZRHUELVKHXWHIUGLH(UKDOWXQJGHU+XUR]RQV VRUJW Ä,FKK|UH6FKULWWHVDJWH5RV\'HZLWWH $ODVNDVWDQGDXIXQGOLHGHQ$OWHQORV ,UJHQGZRLQGHU1lKHHUNODQJHQOHLVH5XIH'DQQKDVWHWHGRUWHLQH*UXSSH YRUEHLLQ5LFKWXQJGHV=HQWUDOSODW]HV Ä7DUGHOOLDQHUHQWIXKUHVGHPDOWHQ+XUR]RQ(UPXWHEHUHLQHJXWH 1DFKWVHKIlKLJNHLWYHUIJHQGHQQ6DHGHODHUHKDWWHGLH*HVWDOWHQQLFKW LGHQWLIL]LHUHQN|QQHQ 2KQHVLFKXPGLHGUHL0HQVFKHQ]XNPPHUQUDQQWHGHU+XUR]RQORV,P /DXIHQ]RJHUHLQH:DIIHDXVGHU%UXVWWDVFKHXQGEHJDQQZLOG]XVFKUHLHQ $ODVNDKLHOW,QGDFRFKHDIHVWGHUGHP$OWHQIROJHQZROOWH'LHGUHLYHUEDUJHQ VLFKLP6FKDWWHQHLQHVKRKHQ%XVFKHV 'HU+XUR]RQVWUPWHDXIGLH7ZLQ]ZHUJH]XXQGEHJDQQRKQH:DUQXQJ]X VFKLHHQ3O|W]OLFKZDUHQQRFKDQGHUH+XUR]RQV]XVHKHQGLHHEHQIDOOVLQGHQ .DPSIHLQJULIIHQ 'HUDOWH+XUR]RQZXUGHYRQHLQHP)HXHUVWUDKOJHWURIIHQ'D]XJHOOWHHLQ GRSSHOWHU-XEHOVFKUHLDXVGHQ0QGHUQYRQ]ZHL7ZLQ]ZHUJHQ ,QGHP+DOEGXQNHONRQQWHQGLHGUHL0HQVFKHQHWZDV6HOWVDPHVEHREDFKWHQ 1RFKEHYRUGHUDOWH+XUR]RQ]X%RGHQJHVXQNHQZDUO|VWHVLFKVHLQ.|USHULQ 1LFKWVDXI'LHVH:LUNXQJNRQQWHXQP|JOLFKYRQGHP6FKXGHU7ZLQ]ZHUJH KHUUKUHQ ,QGHUXQPLWWHOEDUHQ8PJHEXQJHQWEUDQQWHHLQZLOGHU.DPSILQGHQMHW]WDXFK YHUPHKUW5RERWHUDXIEHLGHQ6HLWHQHLQJULIIHQ'LH)HXHUVWUDKOHQ]XFNWHQGXUFK GLH1DFKWXQGHUKHOOWHQGLH6]HQH 'LH9HUELVVHQKHLWPLWGHUVLFKEHLGH6HLWHQEHNlPSIWHQEHHLQWUlFKWLJWHGLH (UIROJHGHQQVRZRKO7DUGHOOLDQHUZLH+XUR]RQVZDUIHQVLFKRKQH5FNVLFKW XQGRKQHJH]LHOWHQ.DPSISODQLQGDV*HWPPHO $OVDXFKSO|W]OLFKLP5FNHQGHUGUHL0HQVFKHQ.DPSIOlUPDXIEUDQGHWH:DU HVVFKRQIDVW]XVSlW$ODVNDZDUIVLFK]X%RGHQXQGUL5RV\PLW,QGDFRFKHD VWDQGQRFKHLQHQ0RPHQWGDGDQQVXFKWHDXFKHU'HFNXQJ Ä:LUKlWWHQXQVHLQSDDU:DIIHQEHVRUJHQVROOHQULHIHU6DHGHODHUH]XÄ-HW]W VLW]HQZLUJDQ]VFK|QLQGHU.OHPPH Ä:LUYHUVXFKHQXQV]XP7HPSHOGXUFK]XVFKODJHQDQWZRUWHWH6DHGHODHUH :lKUHQGVLHORVKDVWHWHQWREWHGLH$XVHLQDQGHUVHW]XQJLQLKUHUXQPLWWHOEDUHQ 1lKH(VZDUIDVWHLQ:XQGHUGDVLHYRQNHLQHUGHUEHLGHQ3DUWHLHQJHWURIIHQ ZXUGHQ (UQHXWNRQQWHQVLHEHREDFKWHQGDGLHW|GOLFKJHWURIIHQHQ+XUR]RQVVLFKVWHWV LQ6HNXQGHQVFKQHOOHLQ1LFKWVDXIO|VWHQ$QGHUHGLHQXUOHLFKWYHUOHW]WZXUGHQ NUPPWHQVLFKVFKUHLHQGDXIGHP%RGHQ $OV$ODVNDXQG5RV\GLH6lXOHQGHV7HPSHOVHUUHLFKWHQIHKOWH,QGDFRFKHD ,UJHQGZR]ZLVFKHQGHQ%VFKHQZDUHUJHVWROSHUW)OXFKHQGNDPHUNXU]GDUDXI DQJHUDQQW Ä0DFKHQ6LHQLFKWVROFKHQ.UDFKULHILKP5RV\]X$EHUHVZDUVFKRQ]XVSlW

9RQEHLGHQ6HLWHQWDXFKWHQDXVGHP'XQNHOGHU1DFKW]ZHL*UXSSHQGHU U|KUHQI|UPLJHQ5RERWHUDXI6LHNRQQWHQQLFKWIHVWVWHOOHQ]XZHOFKHU3DUWHLVLH JHK|UWHQ6LHKDWWHQDXFKJDUNHLQH=HLWPHKUXPGDUEHUQDFK]XGHQNHQ9RQ PHKUHUHQ6HLWHQWUDIHQVLHGLH/lKPVWUDKOHQGHU5RERWHUXQGWLHIH %HZXWORVLJNHLWVHQNWHVLFKLQLKUH*HKLUQH 9(567(&.'(5859b7(5 Ä7DXVHQGJHTXLUOWH0RQGJQRPHQIOXFKWH*UDQHU,QGDFRFKHDDOVHUVLFK PKVDPYRP%RGHQHUKREHQKDWWH6HLQ*HKLUQZDUQRFKXPQHEHOWXQGVHLQH 6LQQHDUEHLWHWHQQRFKQLFKWZLHJHZRKQW(LQVKDWWHHUDEHUVRIRUWUHJLVWULHUW (UVWDQGZLHGHUYRUGHP7RU]XU7LHIH (VZDUMHW]WGDVGULWWHPDOGDHUGHQXQKHLPOLFKHQ$QEOLFNGHVKHOOEODXHQ +DOENUHLVHVPLWVHLQHUSHFKVFKZDU]HQ,QQHQIOlFKHHUOHEWH6HLQ.RSIIXKUUXFN DUWLJKHUXP 1HEHQLKPVWDQG$ODVND6DHGHODHUHXQGHLQHQ6FKULWWGDKLQWHUGLHNOHLQH5RV\ 'HZLWWH'DV&DSSLQ)UDJPHQWGHV7UDQVPLWWHUJHVFKlGLJWHQZDUZLHGHULQ VWDUNHU8QUXKH'DVNRQQWHQXUYRQGHU6WUDKOXQJGHV7RUHV]XU7LHIHKHUUKUHQ Ä$OVRJHK|UWHQGLH5RERWHUGLHXQVVFKQDSSWHQGHQ=ZHUJHQIROJHUWHHUODXW Ä(VVLHKWVRDXVDQWZRUWHWHLKP6DHGHODHUHPLWVWRLVFKHU5XKHÄ0DQKDWXQV ZLHGHUQDFK7DUGHOOJHVFKDIIW1XQZLOOPDQHV]XPGULWWHQPDOYHUVXFKHQXQV LQGDV7RU]XU7LHIH]XEHI|UGHUQ$FKWULFKWLJH+XUR]RQVKDWPDQVFKRQ KLQHLQEHI|UGHUW(LQOHW]WHUVWHKWQRFKGRUWGUEHQXQGZDUWHWDXIVHLQH +LQULFKWXQJ Ä+LQULFKWXQJLVWJXWPHLQWHGHU6ROJHERUHQHJULPPLJÄ,FKEH]ZHLIOHVWDUN GDKLHUZLUNOLFKMHPDQGKLQJHULFKWHWZLUG$EHUGDVLVWHLJHQWOLFKHJDO,FKPD FKHGLHVHV6SLHOMHGHQIDOOVQLFKWPHKUPLWGHQQLFKKDEHNHLQH/XVWQRFK HLQPDOLQGHP3ODQVFKEHFNHQGLHVHV3UHVVLHFKDIWR]XHUZDFKHQ2GHUZLHGHU .HUOJHQDQQWZLUG Ä/XVWKDEHLFKDXFKNHLQH6DHGHODHUHVSUDFKODXWXQGLQGHU6SUDFKHGHU 7ZLQ]ZHUJH(UHUKRIIWHVLFKLPPHUQRFKHLQHYHUQQIWLJH5HDNWLRQYRQGHQ 7DUGHOOLDQHUQÄ$EHUZDVVROOHQZLUWXQ" Ä6LHKDEHQGRFKDP5DQGGHV7RUHVHLQ6FKDOWSXOWJHVHKHQ:RLVWGDV" 9LHOOHLFKWN|QQHQZLUGDV7RUIUDOOH=HLWHQDEVFKDOWHQ 'XUFKGLHVH:RUWHJHULHW8QUXKHLQGLH5HLKHQGHU7DUGHOOLDQHUGLHPLW JH]RJHQHQ:DIIHQKLQWHUGHQGUHL0HQVFKHQVWDQGHQ Ä6HLGLKUZDKQVLQQLJ"VFKULHHLQHUORV6HLQ(EHQELOGHUNOlUWHZLHVRGLH =ZHUJHDXIGLHVH9HUPXWXQJNDPHQÄ:HUHVZDJWGDV7DEXGHU8UYlWHU]X EHUKUHQZLUGHUVFKRVVHQ Ä8UYlWHU"VFKULH,QGDFRFKHD]XUFNÄ:HULVWGHQQGDVQXQZLHGHU" 'LH7ZLQ]ZHUJHEOLFNWHQLKQHLVLJDQXQGVFKZLHJHQ Ä$KDWREWHGHU0DQQZHLWHUÄ,KUZLWHVQLFKW,KUZLWDXFKQLFKWZRHXUH 7HFKQLNKHULVWZHUGDV7RU]XU7LHIHJHEDXWKDWZDVPLWGHQHQJHVFKLHKWGLH

KLQGXUFKJHKHQRGHUGDHVGLH=RQHGHUDEVROXWHQ9HUQLFKWXQJEHUKDXSWQLFKW JLEW"1LFKWZDKU",KUVROOWHWDOOPlKOLFKDXIZDFKHQ0HUNWLKUGHQQQLFKWGD ZLUVFKRQHLQPDOXQEHVFKDGHWGXUFKGDV7RU]XU7LHIHJHJDQJHQVLQGXQGMHW]W LPPHUQRFKOHEHQ" ,QGLH5HLKHQGHU7DUGHOOLDQHUJHULHW8QUXKH6LHHEEWHHUVWDEDOV]ZHL EHVRQGHUVDOWXQGZUGLJDXVVHKHQGH=ZHUJHQDFKYRUQWUDWHQXQGLQGLH 'LVNXVVLRQHLQJULIIHQ Ä'LHVPDOZHUGHWLKUVWHUEHQZHQQGDV7RUHXFKYHUVFKOLQJWVDJWHGHUHUVWHGHU EHLGHQ Ä'HQQLKUVHLGDOOHLQ(XUH]ZHLWH+lOIWHIHKOWHUJlQ]WHVHLQ(EHQELOG Ä'DPLWLVWGDV*HVSUlFKEHHQGHWIXKUGHUHUVWHIRUW Ä*HKWLQGDV7RUJHLIHUWHGHU]ZHLWHÄ2GHUXQVHUH5RERWHUVWRHQHXFK KLQHLQ *UDQHU,QGDFRFKHDKREDEZHKUHQGEHLGH+lQGHÄ,Q2UGQXQJ:LUJHKHQ IUHLZLOOLJ$EHULFKKDEHQRFKHLQHOHW]WH)UDJH:HUVLQGGLH8UYlWHU":R ILQGHQZLUVLH" :LHGHUHUQWHWHHUDEZHLVHQGHXQGHLVLJH%OLFNH(LQ7DUGHOOLDQHUKREVHLQH +DQGXQGGLH5RERWHUNDPHQDXIGLHGUHL]X Ä,KUZLWHVQLFKWVFKULH,QGDFRFKHDPLWEHUVFKODJHQGHU6WLPPHÄ,KUDUPHQ PDQLSXOLHUWHQXQGSURJUDPPLHUWHQ,GLRWHQ 'LH5RERWHUUFNWHQQlKHU Ä/RVVDJWH$ODVND6DHGHODHUHÄ:LUJHKHQ8QGDXI,QWHUNRVPRIJWHHU KLQ]XÄ$EHUGLHVPDOQDFKPHLQHQ6SLHOUHJHOQ $OVVLHDXIGHQ7RUERJHQ]XVFKULWWHQEOLHEHQGLH5RERWHU]XUFN Ä(WZDVZHLWHUQDFKOLQNVVDJWHGHU0DVNHQWUlJHUOHLVHÄ'RUWPXGLH$QODJH VHLQGLHLFKJHVHKHQKDEH $OVVLHQRFKHLQHQ0HWHUYRQGHPVFKZDU]HQ$EJUXQGHQWIHUQWZDUHQ HUEOLFNWHQVLHKDOELP(UGERGHQYHUVWHFNWGDV6FKDOWSXOW(VZLHVHWZDHLQ 'XW]HQG/HXFKWVNDOHQDXIVRZLHHLQLJHXQEHOHXFKWHWH.Q|SIHGLHZLH 6HQVRUWDVWHQZLUNWHQ $ODVNDNQLHWHVLFKKLQXPGDV*HUlWJHQDXHULQ$XJHQVFKHLQ]XQHKPHQ ,QGDFRFKHDEHXJWHVLFKQHXJLHULJQDFKYRUQXQGYHUVXFKWHEHUVHLQH6FKXOWHU ]XEOLFNHQ Ä'LH5RERWHUZDUQWH5RV\LQGLHVHP$XJHQEOLFN %HYRUGLHEHLGHQ0lQQHUHWZDVHUUHLFKHQNRQQWHQZDUHQGLHU|KUHQI|UPLJHQ 0DVFKLQHQKHUDQ6LHVWUPWHQDXIGLHGUHL0HQVFKHQ]XXQGZROOWHQVLHLQGHQ VFKZDU]HQ,QQHQUDXPGHV7RUERJHQVVWRHQ *UDQHU,QGDFRFKHDVWLHHLQHQHUVFKURFNHQHQ6FKUHLDXVXQGVSUDQJ]XU6HLWH 'DEHLSUDOOWHHUJHJHQ6DHGHODHUHXQGYHUORUGHQ+DOW'LUHNWYRUGHP6FKDOW XQG.RQWUROOSXOWVWU]WHHUDXIGDVVFKZDU]H/RFKGHV7RUHV]XU7LHIH 6HLQHDXVJHVWUHFNWHQ$UPHVFKOXJHQDXIGLH6HQVRUHQ8QPLWWHOEDUGDUDXIKDWWH LKQGDV7RUYHUVFKOXQJHQ 6DHGHODHUHXQG5RV\'HZLWWHKDWWHQGHQ6WXU]GHV6ROJHERUHQHQJHUDGHQRFK PLWHUOHEWGDSUDOOWHQGLH6WDKON|USHUGHU5RERWHUJHJHQVLH'LHGLPHQVLRQVORVH

6FKZlU]HYHUVFKOXFNWHDXFKVLH 1XUIUHLQHQ6HNXQGHQEUXFKWHLOVSUWHQVLHHLQHQ]LHKHQGHQ6FKPHU]'DV %HZXWVHLQVHW]WHGLHVPDOQLFKWDXV6LHWDXPHOWHQVFKZHUHORVGXUFKHLQHQPLW ,UUOLFKWHUQHUIOOWHQ5DXP'HU6WXU]NDPLKQHQZLHHLQH(ZLJNHLWYRUDEHUHU GDXHUWHLQ:LUNOLFKNHLWQLFKWHLQPDOHLQH6HNXQGH $OVVLHZLHGHUIHVWHQ%RGHQXQWHUGHQ)HQVSUWHQVWDQG,QGDFRFKHDQHEHQ LKQHQ6HLQ*HVLFKWZDUDXVGUXFNVORV Ä:RVLQGZLUMHW]WJHODQGHW"VDJWHHUPHKU]XVLFKVHOEVWÄ-HGHQIDOOVQLFKWDXI 5R]RQLQGHP:DVVHUGRP 'HU5DXPLQGHPGLHGUHLVWDQGHQZDUIHQVWHUORVXQGTXDGUDWLVFK'LH $EPHVVXQJHQEHWUXJHQHWZDIQIXQG]ZDQ]LJ0HWHU$XIHLQHU6HLWHPQGHWH HLQXQEHOHXFKWHWHU*DQJLQGLH6HLWHQZDQG$QGHU'HFNHKLQJHLQH.XJHODXV GHUVDQIWHV/LFKWVWU|PWH *HJHQEHUGHP(LQJDQJVWDQGGDVHLQ]LJH0RELOLDUGHV5DXPHVHLQ6FKDOWSXOW GHVVHQ2EHUVHLWHGHPGHV7RUHV]XU7LHIHZHLWJHKHQGJOLFK9RUGLHVHP3XOW Z|OEWHVLFKHLQNDXPVLFKWEDUHU(QHUJLHULQJELVXQWHUGLH'HFNH'DV0DWHULDO GHU:lQGHVDKDXVZLHPDWWLHUWHU6WDKO Ä(VVFKHLQWDOVRE6LHPLW,KUHPZLOGHQ*HKlPPHUDXIGDV6FKDOWSXOWDP7RU ]XU7LHIHGRFKHWZDVHUUHLFKWKDEHQVDJWH6DHGHODHUHÄ'LH=LHONRRUGLQDWHQGHV WUDQVPLWWHUlKQOLFKHQ*HUlWVZXUGHQYHUlQGHUW :HLWHUH6FKOXIROJHUXQJHQNRQQWHQGLHGUHL]XQlFKVWQLFKW]LHKHQGHQQ SO|W]OLFKODJHLQNXU]HV6XPPHQLQGHP5DXP'HUVFKZDFKOHXFKWHQGH .UHLVERJHQVSXFNWHQRFKHLQH*HVWDOWDXV $XIGHQHUVWHQ%OLFNZDU]XHUNHQQHQGDHVVLFKXPHLQHQ+XUR]RQKDQGHOWH 'HUEOLFNWHVLFKNXU]YHUZXQGHUWXPXQGIDWHVLFKGDQQDXIVW|KQHQGDQGHQ .RSI Ä'DVLVWGHU+XUR]RQGHQGLH=ZHUJHQRFKQLFKWLQGDV7RUJHVFKPLVVHQ KDWWHQVDJWH5RV\'HU)UHPGHEHDFKWHWHGLH0HQVFKHQEHUKDXSWQLFKW (UQDKPZLHGHUGLH+lQGHYRP*HVLFKWXQGEOLFNWHVLFKXP6WDXQHQXQG $QGDFKWODJHQLQVHLQHP*HVLFKW Ä'DV9HUVWHFNGHU8UYlWHUPXUPHOWHHUYRUVLFKKLQ 8QPLWWHOEDUGDUDXIVFKZROOGHU6XPPWRQZLHGHUDQ'HU(QHUJLHULQJEHJDQQ VWlUNHU]XOHXFKWHQ*OHLFK]HLWLJYHUlQGHUWHHUVHLQH3RVLWLRQXQGVFKREVLFK ODQJVDPEHUGHQ+XUR]RQ$OVHUGLHVHQXPVFKORO|VWHVLFKGLH*HVWDOWDXI GDV6XPPHQHUVWDUEXQGGHU5LQJZLFKDQVHLQHQDOWHQ3ODW]]XUFN Ä(UZXUGH]XUFNEHI|UGHUWVWDXQWH,QGDFRFKHDÄ:DUXPZLUQLFKW" Ä9LHOOHLFKWPHLQWH6DHGHODHUHÄZHLOZLUNHLQH+XUR]RQVVLQG $XVGHU6FKDOWDQODJHHUW|QWHQHLQH5HLKHYRQ6LJQDOW|QHQ'DQQHUORVFKGHU (QHUJLHULQJ Ä,FKP|FKWHZLVVHQZRZLUKLHUVLQGVDJWH,QGDFRFKHDXQGEOLFNWHVLFKXP Ä,P9HUVWHFNGHU8UYlWHUDQWZRUWHWHLKP$ODVNDÄ'HU+XUR]RQKDW RIIHQVLFKWOLFKEHLP'XUFKJDQJGXUFKGDV7RUHLQHYHUVFKWWHWH(ULQQHUXQJ ]XUFNHUKDOWHQGHQQHUHUNDQQWHGLHVHQ2UW'HU+XUR]RQGHQZLUDXI5R]RQ JHIDQJHQKDWWHQHU]lKOWHHWZDVYRQGHQ*|WWHUQ,FKYHUPXWHGDGLHVH

LGHQWLVFKVLQGPLWGHQ8UYlWHUQGLHGLH7ZLQ]ZHUJHHUZlKQWHQ:HQQGDV ]XWULIIWGDQQVLQGZLUGDZRZLUKLQZROOWHQQlPOLFKDQGHP2UWZRGLH0DFKW LP+LQWHUJUXQGUHJLHUW Ä0LUVLHKWKLHUDOOHVVHKUDXWRPDWLVLHUWRGHUURERWLVLHUWDXV-HOlQJHU5RV\YRQ GHU62/ZHJZDUXPVRXQZRKOHUIKOWHVLHVLFKÄ0LUJHIlOOWHVKLHUJDUQLFKW Ä(VZlUHQLFKWGDVHUVWHPDOVDJWH6DHGHODHUHODQJVDPÄGDZLUDXIHLQHQ 5RERWKHUUVFKHUVWRHQ'DVZUGHGLH6DFKHDOOHUGLQJVNRPSOL]LHUHQGHQQ KLQWHUMHGHP5RERWHUVWHKWRGHUVWDQGHLQPDOHLQHQDWUOLFKH0DFKW(UGHXWHWH DXIGHQ*DQJÄ+HUXPVWHKHQKLOIWXQVQLFKWZHLWHU:LUZROOHQVHKHQREZLU HWZDVKHUDXVILQGHQN|QQHQ 'LH6ROJHERUHQHQZDUHQHLQYHUVWDQGHQ $OVGLHGUHLGHQ*DQJEHWUDWHQOHXFKWHWHDQGHU'HNNHHLQ/LFKWDXI(VHUORVFK VHOEVWlQGLJQDFKGHPVLHHVSDVVLHUWKDWWHQDEHULPJOHLFKHQ0RPHQWIODPPWH HLQQlFKVWHU/HXFKWN|USHUDXI'DV(QGHGHV*DQJHVZDUMHGRFKQLFKWDEVHKEDU 1DFKHLQLJHQKXQGHUW0HWHUQ]HLJWHVLFKGLHHUVWH9HUlQGHUXQJLQGHP.RUULGRU =XUUHFKWHQ6HLWHJDEHVHLQHVFKPDOH$E]ZHLJXQJDXVGHUHLQKHOOHUXQGQLFKW JDQ]UHJHOPlLJHU/LFKWVWUDKOILHOhEHUGHP6HLWHQJDQJZDUHQ/HXFKWV\PEROH LQGLH:DQGHLQJHODVVHQZRUGHQGLHGLHGUHLDOOHUGLQJVQLFKWHQW]LIIHUQNRQQWHQ 'DUXQWHUSHQGHOWHQGLH=HLJHUYRQHLQLJHQ0HLQVWUXPHQWHQ Ä,UJHQGHLQH.RQWUROOHLQULFKWXQJYHUPXWHWH5RV\'HZLWWHVFKXOWHU]XFNHQG 6DHGHODHUHZDUIHLQHQ%OLFNLQGHQ6HLWHQJDQJXQGKLHOWVLFKHUVFKURFNHQGLH +DQGYRUGDV*HVLFKW ,QHWZD]ZDQ]LJ0HWHUQ(QWIHUQXQJZDUHLQNOHLQHVNUHLVUXQGHV)HQVWHUGDV XQZLOONUOLFKDQGDV%XOODXJHHLQHV+RFKVHHVFKLIIVHULQQHUWH'DKLQWHUJOKWH HLQHXQGHILQLHUEDUH0DVVHLQJUHOOHPZHLHQ/LFKWGDVQXUJHOHJHQWOLFKYRQ HWZDVGXQNOHUHQ6FKOLHUHQGXUFK]RJHQZXUGH Ä'DVVLHKWMDDXVDOVREPDQLQHLQHQ$WRPRIHQJXFNWVDJWH,QGDFRFKHDHWZDV GPPOLFK Ä:HLWHUZDUGHUJDQ]H.RPPHQWDUGHV0DVNHQWUlJHUV 6LHOHJWHQQRFKHLQPDOPHKUHUHKXQGHUW0HWHU]XUFNXQGJHODQJWHQDQHLQ7RU GDVLKQHQGHQ:HJYHUVSHUUWH$OVDEHU6DHGHODHUHGLFKWGDYRUWUDWJOLWWHQGLH EHLGHQ+lOIWHQGHV7RUHVJHUlXVFKORV]XU6HLWHXQGJDEHQGHQ%OLFNDXIHLQH +DOOHIUHL0HKUHUH/LFKWHUIODPPWHQDXIXQGHUKHOOWHQGLH6]HQH 'LH+DOOHZDUGLFKWDQJHIOOWPLWPlFKWLJHQ0DVFKLQHQEO|FNHQDXVGHQHQOHLVH *HUlXVFKHNDPHQ:HOFKHQ=ZHFNGLH0DVFKLQHQHUIOOWHQNRQQWHQGLHGUHL QXUYHUPXWHQ(LQHQNRQNUHWHQ+LQZHLVHUKLHOWHQVLHHUVWDOV6DHGHODHUHDXIGLH JXW]ZHLKXQGHUW0HWHUKRKH'HFNHZLHV'RUWVSDQQWHVLFKZHLWDXVODGHQGHLQH ULHVLJH$QWHQQHQVFKVVHORGHUHLQ(QHUJLHSURMHNWRU'LHSDUDEROLVFKH $QRUGQXQJGHV*HELOGHVOLHNHLQHQDQGHUHQ6FKOX]X =ZLVFKHQGHQ0DVFKLQHQEO|FNHQ]RJHQGLFNH5RKUHLKUH%DKQHQ1LUJHQGVZDU HLQ/HEHZHVHQ]XVHKHQRGHUHLQH%HZHJXQJ]XHUNHQQHQ 6LHGXUFKTXHUWHQGLHHUVWHQ$JJUHJDWHXQGKLHOWHQDXIGLH0LWWHGHU+DOOH]X Ä'DVDJWH5RV\'HZLWWHXQG]HLJWH]XU6HLWH=ZLVFKHQ]ZHL5HLKHQYRQ KDXVKRKHQ0HWDOOEO|FNHQILHOGHU%OLFNGHUGUHLDXIHLQJUHOOOHXFKWHQGHV

5HFKWHFN 'DVVFKOLHUHQDUWLJH0XVWHUDXIGHU5HFKWHFNIOlFKHHULQQHUWH6DHGHODHUHDQGLH OHXFKWHQGH0DVVHGLHHUQRFKYRU0LQXWHQLQGHP%XOODXJHJHVHKHQKDWWH+LHU MHGRFKZDUGLH]XEHREDFKWHQGH)OlFKHZHVHQWOLFKJU|HU'LHKHOOHUH /HXFKWNUDIWZDUGXUFK)LOWHUVFKHLEHQVRJHGlPSIWGDPDQRKQH6FKDGHQDQ GHQ$XJHQ]XQHKPHQDXIGLH)OlFKHEOLFNHQNRQQWH 6LHQlKHUWHQVLFKODQJVDPGHPJURHQ)HQVWHUXQGEHREDFKWHWHQZHLWHUKLQ DXIPHUNVDPGLH8PJHEXQJ8QPLWWHOEDUYRUGHUOHXFKWHQGHQ)OlFKHHUVWUHFNWH VLFKHLQ.RQWUROOSXOWYRQPHKUHUHQ0HWHUQ%UHLWH)DVWDOOH$Q]HLJHQGHU 6WHXHUHLQULFKWXQJZDUHQGHVDNWLYLHUW *UDQHU,QGDFRFKHDWUDWQHXJLHULJDXIGDV3XOW]X6FKRQZROOWHHUVHLQH+lQGH QDFKGHQ%HGLHQXQJVHOHPHQWHQDXVVWUHFNHQGDKLHOWLKQ6DHGHODHUH]XUFN Ä)DVVHQ6LHEORQLFKWVDQ,QGDFRFKHDZDUQWHGHU7UDQVPLWWHUJHVFKlGLJWH Ä6LHN|QQHQQLFKWLPPHUVRYLHO*OFNGDEHLKDEHQZLHEHLGHP3XOWDP7RU ]XU7LHIH'DVKLHULVWRIIHQVLFKWOLFKHLQHY|OOLJDQGHUH$QODJH 'HU%LRJHQ'LDJQRVWLNHU]XFNWHYHUOHJHQPLWGHQ6FKXOWHUQÄ2ND\LFKUKUH VFKRQQLFKWVDQ$EHUZDVLVWGDVIUHLQH$QODJH" Ä'DVN|QQHQXQVEHVWLPPWQXUGLH8UYlWHUVDJHQYHUPXWHWH5RV\'HZLWWH Ä:HQQHVGLHEHUKDXSWQRFKJLEW=ZHLIHOODJHQLQ,QGDFRFKHDV6WLPPH $OVDOOHGUHLGLFKWYRUGHP.RQWUROOSXOWVWDQGHQHUNODQJHLQ*RQJ(VZDUQLFKW IHVW]XVWHOOHQYRQZRKHUGHU7RQNDP$XVGHP3XOWVFKREVLFKHLQNOHLQHU.D VWHQLQGLH+|KHDQGHVVHQ2EHUVHLWHLQNXU]HQ,QWHUYDOOHQHLQ/LFKWEOLQNWH $XVGHP.DVWHQHUW|QWHHLQH6WLPPHLQGHU6SUDFKHGHU+XUR]RQVRGHU 7DUGHOOLDQHU Ä.RQWUROOHLQKHLWEHULFKWHW$OOH]XEHUZDFKHQGHQ)XQNWLRQHQDUEHLWHQ RKQH6W|UXQJ=XVWDQGGHV6RQQHQSODVPDVSOXVHLQV.RPPDGUHL)ROJHQGH (LQKHLWHQVLQGZlKUHQGGHUOHW]WHQ.RQWUROOSHULRGHDXVJHIDOOHQXQGHUVHW]W ZRUGHQ=ZHL3URMHNWRUHQ]XU=HOODXIO|VXQJDXI5R]RQGD]XHLQH=HQWUDOHLQKHLW GHU8PIRUPHUEDQN(LQH6WHXHUHLQULFKWXQJ]XU8QWHUGUFNXQJGHUQDWUOLFKHQ )RUWSIODQ]XQJGHU7DUGHOOLDQHU'DGXUFKNDPHV]X6W|UXQJHQEHLGHQ 7DUGHOOLDQHUQ$OOH)HKOSURGXNWHZXUGHQMHGRFKLP7RU]XU7LHIHUHJHQHULHUW $P7RU]XU7LHIHWUDWHLQ6FKDOWIHKOHUDXI'DGXUFKZXUGHHLQ+XUR]RQLQGDV 9HUVWHFNGHU8UYlWHUDEJHVWUDKOW(VZXUGHHLQH.RUUHNWXUYRUJHQRPPHQXQG LQVEHVRQGHUVGHUIUHLJHOHJWH%HZXWVHLQVLQKDOWZLHGHUXQWHUGUFNW,QGHU 6HNWLRQDXI'HFNZXUGHGLH$EVFKLUPXQJJHJHQGDV6RQQHQSODVPD HUQHXHUWGDGLH*HIDKUHLQHV'XUFKEUXFKVEHVWDQG)HUQHUZXUGHQHLQLJH )UHPGN|USHUEHREDFKWHWGLHPHKUIDFK]ZLVFKHQ7DUGHOOXQG+XUR]RQKLQXQG KHUZHFKVHOWHQ0|JOLFKHUZHLVHKDQGHOWHHVVLFKGDEHLXP0LELOGXQJHQGLH WURW]PHKUIDFKHU5HJHQHULHUXQJQLFKW]X7DUGHOOLDQHUQRGHU+XUR]RQV VWDELOLVLHUWZHUGHQNRQQWHQ(QGHGHV%HULFKWV 'LHGUHL0HQVFKHQEOLFNWHQVLFKHUVWDXQWDQ:DVVLHJHK|UWKDWWHQEHVDHWZDV 8QJHKHXHUOLFKHV(VEHVWlWLJWHMHGRFKLPZHVHQWOLFKHQGLH9HUPXWXQJHQGLH,Q GDFRFKHDJHlXHUWKDWWH

Ä.RQWUROOHLQKHLWVDJWH$ODVND6DHGHODHUH]XGHP.lVWFKHQÄ:DVLVWEHU GHQ9HUEOHLEGHUYRQGLUHUZlKQWHQ)UHPGN|USHUEHNDQQW" =XQlFKVWVFKZLHJGLH6WLPPH(VVFKLHQGHP0DVNHQWUlJHUGDGDV%OLQNOLFKW MHGRFKLQVFKQHOOHUHQ5K\WKPXVEHUZHFKVHOWH Ä'LH)UHPGN|USHUVDJWHGLHURERWLVFKH6WLPPHGDQQXQGVWRFNWHSO|W]OLFK Ä,KUVHLGGLH)UHPGN|USHU,KUVHLGJDUQLFKWGLH(UKDOWHU ,QGDFRFKHDSILIIGXUFKGLH=lKQH,PQlFKVWHQ0RPHQWYHUVHQNWHVLFKGDV .lVWFKHQLQGHP3XOW'LH/LFKWHULQGHUULHVLJHQ+DOOHHUORVFKHQELVDXIZHQLJH $XVQDKPHQXQGHLQVFKULOOHU$ODUPWRQHUIOOWHGLH/IXW Ä'XUFK,KUH)UDJHKDEHQVLHGLH.RQWUROOHLQKHLWHUVWDXIXQVDXIPHUNVDP JHPDFKWZDUI5RV\'HZLWWHGHP0DVNHQWUlJHUYRU Ä.DQQVHLQNQXUUWH6DHGHODHUHÄ$EHUGDVNDQQLFKMHW]WDXFKQLFKWPHKU lQGHUQ$PEHVWHQLVWHVZHQQZLUHUVWHLQPDOYRQKLHUYHUVFKZLQGHQ'HU $ODUPWRQEHGHXWHWQLFKWV*XWHV0DQZLUGQDFKXQVVXFKHQ Ä:HU"IUDJWH5RV\ .RPPHQWDUORVVHW]WHVLFK6DHGHODHUHLQ0DUVFK(UVFKOXJHLQHQ:HJ]XU0LWWH GHU+DOOHHLQ,QGDFRFKHDXQGGLH)UDXVFKO|VVHQVLFKLKPDQ6LHYHUVFKZDQGHQ ]ZLVFKHQGHQPlFKWLJHQ0DVFKLQHQEO|FNHQ 'LHEHLGHQU|KUHQI|UPLJHQ5RERWHUJOLWWHQODXWORVYRQKLQWHQKHUDQ$XILKUHQ $QWLJUDYSROVWHUQHU]HXJWHQVLHNHLQHQ7RQ5RV\GLH]XIlOOLJQDFKUFNZlUWV VFKDXWHHUEOLFNWHVLH]XHUVWXQGVWLHHLQHQ:DUQUXIDXV6DHGHODHUHXQG ,QGDFRFKHDIXKUHQKHUXPXQGVDKHQGLHEHLGHQ5RERWHULP+DOEGXQNHOGHU +DOOH Ä(VVLQG(LQGULQJOLQJHLQGHU6WDWLRQVDJWHGHUHLQH5RERWHUÄ+DEWLKUVLH JHVHKHQ" 6DHGHODHUHZDUVRYHUEOIIWEHUGLH)UDJHGDHU]XQlFKVWQLFKWDQWZRUWHQ NRQQWH'HU%LRJHQ'LDJQRVWLNHUUHDJLHUWHVFKQHOOHU (UGHXWHWHPLWGHU+DQGLQGLH5LFKWXQJDXVGHUVLHJHNRPPHQZDUHQÄ6LH IORJHQLQGLHVH5LFKWXQJVDJWHHU Ä)ORJHQ"IUDJWHGHU5RERWHU Ä-DIXKU,QGDFRFKHDUDVFKIRUWÄ'LH(LQGULQJOLQJHN|QQHQIOLHJHQ,KUGUIWVLH QLFKWQXUDXIGHP%RGHQVXFKHQVRQGHUQDXFKLQGHU+|KH 'LHEHLGHQ5RERWHUVFKZHEWHQGDYRQ Ä3XXKVW|KQWH,QGDFRFKHDÄ'DVKlWWHDXFKLQV$XJHJHKHQN|QQHQ 6DHGHODHUHQLFNWHÄ:LUSURILWLHUHQGDYRQGDGLH$QODJHQGLHVHU8UYlWHUXQG GD]X]lKOWHLFKDXFKGLHDXI7DUGHOOXQG5R]RQXQVQLFKWULFKWLJLGHQWLIL]LHUHQ N|QQHQ:DUXPGDVVRLVWLVWPLU]ZDUVFKOHLHUKDIW$EHUHVKLOIWXQVLP $XJHQEOLFN Ä'LH$QODJHQUHDJLHUHQZHLWJHKHQGVRVDJWH,QGDFRFKHDÄZLHGLH=ZHUJHXQG GLH+XUR]RQVGHQNHQXQGKDQGHOQ'LHJUXQGVlW]OLFKH*HQSURJUDPPLHUXQJGLH VHU9|ONHULVWPLWGHU3URJUDPPLHUXQJGHU$QODJHQLGHQWLVFK'LH8UYlWHU VFKHLQHQGDVDOVDOOHVXPIDVVHQGHV3ULQ]LSVRYRUJHVHKHQ]XKDEHQ 6LHHLOWHQZHLWHURKQHGDLKQHQZHLWHUH5RERWHUEHJHJQHWHQXQGHUUHLFKWHQGLH JHJHQEHUOLHJHQGH6HLWHGHU+DOOH$QGHU6HLWHQZDQGZDUHQPHKUHUHgIIQXQ

JHQVLFKWEDUKLQWHUGHQHQVLFK*lQJHPLWXQEHNDQQWHP=LHOHUVWUHFNWHQ 6DHGHODHUHGHXWHWHDXIHLQHQ(LQJDQJÄ(JDOZRKLQ1XUHLQ6WFNZHJYRQKLHU ,UJHQGZDQQZHUGHQDXFKGLH5RERWHUPHUNHQGDZLUVLHKHUHLQJHOHJWKDEHQ Ä'DLFKVLHKHUHLQJHOHJWKDEHVDJWH,QGDFRFKHD 'LHGUHLEHWUDWHQGHQ6WROOHQGHUVDQIWDEZlUWVIKUWH$XWRPDWLVFKIODPPWHGLH %HOHXFKWXQJDXI 5RV\'HZLWWHGHXWHWHDXIGLH/LFKWTXHOOHÄ:HQQGLH5RERWDQODJHQKLHU ]ZHFNPlLJUHDJLHUHQZUGHQZWHPDQVFKRQOlQJVWZRZLUVLQG'LH 6HQVRUHQGHU/LFKWTXHOOHQRUWHQXQVMDDXFK Ä,FKNDQQQXUKRIIHQDQWZRUWHWH6DHGHODHUHÄGDHVVLFKGDEHLXP HLJHQVWlQGLJH6\VWHPHKDQGHOW:LUPVVHQXQVLUJHQGZRYHUEHUJHQ (UEHVFKOHXQLJWHVHLQH6FKULWWHVRGD,QGDFRFKHD]XPDXOHQDQILQJ(UZDU YLHOHV/DXIHQQLFKWJHZRKQWXQGGDFKWHYROOHU6HKQVXFKWDQGLH $QWLJUDYVFKlFKWHXQG/DXIElQGHUDXIGHU62/ $OVQHEHQLKQHQDQGHU*DQJZDQGHLQH7UDXIWDXFKWHEOLHE6DHGHODHUHVWHKHQ 6HLQHNQRFKLJH+DQGIXKUEHUGLH7UXQGVXFKWHQDFKHLQHPgIIQXQJVPH FKDQLVPXV2KQHGDHUGLH8UVDFKHHUNHQQHQNRQQWHVFKREVLFKGHU 0HWDOOIOJHOSO|W]OLFK]XU6HLWH (LQNOHLQHU5DXPZXUGHVLFKWEDUGHUPLWDOOHUOHLIUHPGDUWLJHQ*HUlWDQJHIOOW ZDU(LQNOHLQHV/LFKWIODPPWHDQGHU'HFNHDXI6LHEHWUDWHQGHQ5DXPXQG GLH7UVFKORVLFKKLQWHULKQHQ Ä,FKZHLQLFKWVDJWH6DHGHODHUHÄREGLHVHLQJXWHV9HUVWHFNLVW$EHUZLU VROOWHQXQV]XQlFKVWEHUDWHQ Ä9LHOOHLFKWLVWHVNHLQ9HUVWHFNVRQGHUQHLQH)DOOHVDJWH5RV\Ä,FKVHKH NHLQHQ]ZHLWHQ$XVJDQJ 6LHUFNWHQVLFKHLQSDDU*HUlWH]XUHFKWXQGVHW]WHQVLFKGDUDXI$ODVNDKROWH HLQHQ.RQ]HQWUDWZUIHODXVVHLQHU.RPELQDWLRQXQGEHJDQQEHGlFKWLJDXILKP ]XNDXHQ Ä(LQVYHUVWHKHLFKQLFKWXQWHUEUDFK5RV\'HZLWWHQDFKHLQHU:HLOHGDV 6FKZHLJHQÄ:RVLQGZLUEHUKDXSW" 6DHGHODHUHVFKOXFNWHGHQOHW]WHQ%LVVHQKLQXQWHUXQGEOLFNWHGLH)UDXDQ Ä:HQQLFKGLH$XVVDJHQGHU.RQWUROOHLQKHLWULFKWLJGHXWHVREHILQGHQZLUXQV LP,QQHUQHLQHUGHUQHXQ6RQQHQGHV7DUGHOO5R]RQ6\VWHPV:DVZLUGXUFK GDV%XOODXJHXQGDXIGHP5HFKWHFNVFKLUPEHREDFKWHWKDEHQZDU 6RQQHQSODVPD'LHVRJHQDQQWHQ8UYlWHUKDEHQVLFKHLQDXVJH]HLFKQHWHV 9HUVWHFNDXVJHVXFKWQlPOLFKGDV,QQHUHHLQHU6RQQH'DVSDWDXFK]XGHQ *HUFKWHQYRQGHQHQXQVGHU+XUR]RQHU]lKOWKDW9RQKLHUDXVZLUGGLH JLJDQWLVFKH0DQLSXODWLRQGHU7ZLQ]ZHUJHXQGGHU+XUR]RQVJHVWHXHUW ,QGDFRFKHDQLFNWH]XVWLPPHQGHQWKLHOWVLFKDEHUMHJOLFKHQ.RPPHQWDUV5RV\ VWDUUWHGHQ0DVNHQWUlJHUDQ Ä'DVLVWXQJHKHXHUOLFKVDJWHVLHOHLVH 6DHGHODHUH]XFNWHPLWGHQ6FKXOWHUQÄ'DVPDJVWLPPHQ'LH)UDJHLVWQXURE HVXQVZHLWHUKLOIW6FKOLHOLFKOHJHLFKNHLQHQ:HUWGDUDXIIUXQEHVWLPPWH=HLW

KLHU]XEOHLEHQ'LH$QODJHKLHUPXZDKUKDIWULHVLJH$XVPDHKDEHQ:HQQ LFKDOOHLQGDUDQGHQNHZHOFKHU$XIZDQGHUIRUGHUOLFKLVWXPGLH6WDWLRQJHJHQ GDVXPJHEHQGH6RQQHQSODVPDDE]XVFKLUPHQJUDXWPLU0|JOLFKHUZHLVHJLEWHV QXUHLQHQ:HJDXVGLHVHU6RQQHXQGGDVLVWGHUDXIGHPZLUJHNRPPHQVLQG $OOHLQGLH(UIRUVFKXQJGHU5RERWDQODJHQN|QQWH-DKUHGDXHUQ'DQQLVWLPPHU KRFK]XEH]ZHLIHOQREZLUVLHEHUKDXSWLQGHQ*ULIIEHNRPPHQ Ä8QGREZLUZLUNOLFKHWZDVJHZRQQHQKlWWHQHUJlQ]WH,QGDFRFKHDÄZHQQZLU ZLHGHUDXI7DUGHOORGHU5R]RQJHODQGHWVLQG 6DHGHODHUHUFNWHVHLQH0DVNH]XUHFKW6HLWVLHLP9HUVWHFNGHU8UYlWHUGHU 7DUGHOOLDQHUXQG+XUR]RQVDQJHNRPPHQZDUHQYHUKLHOWVLFKGDV&DSSLQ)UDJA PHQWUXKLJ Ä3URMHNWRUHQ]XU=HOODXIO|VXQJDXI5R]RQPXUPHOWHHUNDXPK|UEDUYRUVLFK KLQXQGZLHGHUKROWHGDPLWHLQHQ7HLOGHU:RUWHGHU.RQWUROOHLQKHLW'DQQ EOLFNWHHU,QGDFRFKHDXQGGLH)UDXDQÄ6LHZLVVHQZDVGDVEHGHXWHQN|QQWH" IXKUHUODXWIRUWÄ:LUKDEHQVHOEVWJHVHKHQZLHGLHW|GOLFKJHWURIIHQHQ +XUR]RQVYRUXQVHUHQ$XJHQYHUVFKZDQGHQ*DQ]5R]RQOLHJWXQWHUGHP (LQIOXHLQHUQGLPHQVLRQDOHQ6WUDKOXQJGLHJHVWRUEHQH/HEHZHVHQLQHUVWHU /LQLHQDWUOLFK+XUR]RQVDXIO|VWXQGDXI7DUGHOOLQGRSSHOWHU)RUPQHXHQWVWH KHQOlW'LHVH6WUDKOXQJJHKWYRQKLHUDXV'DV&DSSLQ)UDJPHQWKDWGDUDXI UHDJLHUWZHQQLFKDXI5R]RQZDU8QGGLH%HZRKQHUGLHVHV3ODQHWHQZLVVHQ QLFKWVGDYRQ Ä(VLVWDOOHVJHVWHXHUWXQGPDQLSXOLHUWVDJWH,QGDFRFKHDÄ9RQGHQ *HQVWUXNWXUHQELV]XPWlJOLFKHQ/HEHQVUK\WKPXV'LHQDWUOLFKH)RUWSIODQ]XQJ LVWXQWHUEXQGHQ,FKIUDJHPLFKLPPHUQRFKZDVGDV*DQ]HVROO 6DHGHODHUHVWDQGDXIXQGJLQJHLQSDDU6FKULWWHDXIXQGDE Ä:HQQXQVGLH$QODJHQKLHUNHLQH$QWZRUWGDUDXIJHEHQVDJWHHUXQGYHUILHO ZLHGHULQVHLQHKROSULJH6SUHFKZHLVHÄGDQQN|QQHQHVQXUQRFKGLHVHJHKHLP QLVYROOHQ8UYlWHU,FKZDJHHVDEHU]XEH]ZHLIHOQGDHVGLHVHEHUKDXSWQRFK JLEW1DFKDOOHPZDVZLUHUIDKUHQKDEHQKHUUVFKWGHUGHU]HLWLJH=XVWDQGVFKRQ HLQHKDOEH(ZLJNHLWDQ Ä:LUPVVHQHWZDVWXQYHUODQJWH5RV\ Ä1DWUOLFKDQWZRUWHWH6DHGHODHUHÄ(VJLEWQXU]ZHL0|JOLFKNHLWHQ.RQWDNW PLWGHQ5RERWDQODJHQRGHUPLWGHQ8UYlWHUQ$QGHUQIDOOVVLW]HQZLUKLHUIHVW XQGZHUGHQLUJHQGZDQQYHUKXQJHUQ 'LH)UDXVWDQGYRQLKUHP%HKHOIVVLW]DXIXQGEHJDQQGHQ5DXP]X GXUFKVXFKHQ'LH*HUlWHGLHVFKHLQEDUZDKOORVDXIGHP%RGHQVWDQGHQVDJWHQ LKUQLFKWV'LH7HFKQLNGHU8UYlWHUZDU]XIUHPGDUWLJ 6LH|IIQHWHHLQH.LVWHXQGIDQG+DQGZDIIHQGDULQGLHGHQHQGHU7DUGHOOLDQHU XQG+XUR]RQVY|OOLJJOLFKHQ0LWGUHL6WUDKOHUQNHKUWHVLH]XGHQEHLGHQ0lQ QHUQ]XUFN Ä,PPHUKLQHWZDVPHLQWH,QGDFRFKHDÄ'LH)UDJHLVWDEHUREVLHXQVHWZDV QW]HQ(LQIULHGOLFKHU.RQWDNWPLWGHQ8QEHNDQQWHQZlUHPLUDQJHQHKPHU 6DHGHODHUHKREGLH:DIIHKRFKXQG]LHOWHDQGLH'HNNH'DQQJDEHUHLQHQ NXU]HQ)HXUVWRDE'LHEHLGHQDQGHUHQPDFKWHQVLFKNXU]PLWGHU%HGLHQXQJ

GHU:DIIHQYHUWUDXW Ä$EHUELWWHQLFKWXQEHUOHJWGUDXIORVEDOOHUQZDUQWH5RV\GHQ%LRJHQ 'LDJQRVWLNHU'HUKREDEZHKUHQGEHLGH+lQGH Ä+DEHQ6LHVLFKJHUlXVSHUW"IUDJWHLKQGLH)UDX Ä1HLQQHLQEHHLOWHVLFK,QGDFRFKHD]XVDJHQÄ,FKGDFKWH6LHZDUHQGDV :LHGHUZDUGHXWOLFK]XK|UHQGDVLFKMHPDQGUlXVSHUWH'D]XHUNODQJGDV XQYHUVWlQGOLFKH0XUPHOQHLQHU6WLPPH Ä+LHULVWQRFKMHPDQGVDJWH$ODVND6DHGHODHUHXQGVWDQGDXI$XIPHUNVDP EOLFNWHHUVLFKXP Ä+|UWPLU]X+XUR]RQVHUNODQJQXQHLQHODXWH6WLPPHGLHDXVGHP1LFKWV]X NRPPHQVFKLHQÄ+LHUVSULFKWHLQHUGHU(UKDOWHU'XUFKGLH)HKOEHUWUDJXQJ VHLGLKUDQGHQIDOVFKHQ2UWJHEUDFKWZRUGHQ'DGXUFKKDEWLKUDXFK YRUEHUJHKHQGGLHYROOH(ULQQHUXQJZLHGHUHUODQJW,KUZLWGDGLHVQLFKW JHVFKHKHQGXUIWH%HJHEWHXFK]XUFNLQGLH+DOOHLQGHULKUPDWHULDOLVLHUWVHLG 'LHGRUWLJH$QODJHZLUGHXFK]XUFNQDFK5R]RQEULQJHQXQGLKUZHUGHWDOOHV YHUJHVVHQZDVLKUKLHUJHVHKHQKDEW:LUHUZDUWHQHXFKDQGHUhEHUWUD JXQJVVWDWLRQ Ä+XLVDJWH*UDQHU,QGDFRFKHDÄ'LH8UYlWHUOHEHQ Ä(VLVWDXFKP|JOLFKGDHVVLFKXPGLH6WLPPHHLQHUURERWLVFKHQ$QODJH KDQGHOWZDQGWH6DHGHODHUHHLQÄ$XIMHGHQ)DOOVLQGZLUPLWGHQ+XUR]RQV JHPHLQW:HQQZLU]XGHU6WDWLRQ]XUFNNHKUHQZHUGHQXQVGLH8UYlWHURGHU LKUH5RERWDQODJHEHVWLPPWQDFK5R]RQEHI|UGHUQ'DVLVWQLFKWLQPHLQHP6LQQ GHQQGDQQZlUHQZLUNHLQHQ6FKULWWZHLWHU$QGHUHUVHLWVEHVWQGHGDPLWGLH 0|JOLFKNHLWGDZLUGHQZDKUHQ+HUUQGHU6WDWLRQXQGGHQ8UKHEHUQGHU 0DQLSXODWLRQEHJHJQHQN|QQHQ Ä'DPLWLVWDEHUQLFKWJHVDJWVDJWH5RV\'HZLWWHÄGDVLHXQVPHKU*ODXEHQ VFKHQNHQDOVGLH7ZLQ]ZHUJHRGHUGLH+XUR]RQV Ä6WLPPW6DHGHODHUHZLUNWHHQWVFKORVVHQÄ'HVZHJHQZHUGHQZLUGHU $XIIRUGHUXQJ]XQlFKVWQLFKWQDFKNRPPHQ6FKOLHOLFKKDOWHQXQVGLH 8QEHNDQQWHQDXFKIU+XUR]RQVXQGGDV]HLJWVFKRQLKUHHLQJHHQJWH 'HQNZHLVH:LUZDUWHQDEXQGEOHLEHQKLHU 'LHEHLGHQ6RODQHUZDUHQHLQYHUVWDQGHQ,QGDFRFKHDVWUHFNWHVLFKDXIGHP %RGHQDXVXQGVFKOXJGLH%HLQHEHUHLQDQGHU'DQQVFKORHUGLH$XJHQ Ä,FKELQNHLQ7HFKQLNHUVDJWHHU]X6DHGHODHUHÄ$EHUN|QQHQ6LHPLUVDJHQ ZLHGLHGDVPDFKHQGDVLHGXUFKQLFKWV]XXQVVSUHFKHQ Ä'LH7HFKQLNGLHVHU9|ONHULVWDXFKIUPLFKXQYHUVWlQGOLFKDQWZRUWHWHGHU 0DVNHQWUlJHUÄ(LQ9HUIDKUHQ]XUGLUHNWHQhEHUWUDJXQJYRQJHVSURFKHQHQ 1DFKULFKWHQNHQQHLFKDXFKQLFKW(VPXVLFKDEHUQDFKDOOHQ$Q]HLFKHQXP HLQWHFKQLVFKHV9HUIDKUHQKDQGHOQYRQGHPDXFKGLH7DUGHOOLDQHUXQGGLH +XUR]RQV*HEUDXFKPDFKHQ8QGHVLVWHLQHLQVHLWLJHV9HUIDKUHQ$XI $QWZRUWHQUHDJLHUHQVLHQLFKW Ä5XKHVDJWH5RV\'HZLWWHSO|W]OLFKXQGODXVFKWH (LQIUHPGDUWLJHU7RQODJLQGHU/XIW(UVFKZROOVDQIWDQXQGNODQJGDQQZLHGHU PLWHWZDVGXQNOHUHQ7|QHQDE

6DHGHODHUHGHXWHWHDXIGLHYHUVFKORVVHQH7UÄ'DGUDXHQLVWHWZDV YRUEHLJHUDXVFKW Ä'LH8UYlWHU"IUDJWH,QGDFRFKHD 5RV\HUKREVLFKXQGJLQJ]XGHP(LQJDQJ$OVVLHVLFKLKPQlKHUWHJOLWWGLH7U VHOEVWlQGLJ]XU6HLWH6LHVFKREYRUVLFKWLJGHQ.RSIGXUFKGLHgIIQXQJXQG VSlKWHDXIGHQ*DQJKLQDXV ,QGHU5LFKWXQJLQGHUGLHJURH0DVFKLQHQKDOOHODJHQWVFKZDQGPLWKRKHU *HVFKZLQGLJNHLWHLQNOHLQHV)DKU]HXJ'HXWOLFKNRQQWHVLHHLQH*HVWDOW HUNHQQHQGLHLQGHP)DKU]HXJDXIUHFKWVWDQGXQGVLFKJHJHQGHQKHOOHQ +LQWHUJUXQGDEKRE 6LHNHKUWH]XGHQEHLGHQ0lQQHUQ]XUFNXQGWHLOWHGLHVHQLKUH%HREDFKWXQJHQ PLW Ä:LHVDKGLH*HVWDOWDXV"ZROOWH6DHGHODHUHZLVVHQ 5RV\]XFNWHPLWGHQ6FKXOWHUQÄ*HQDXNDQQLFKGDVQLFKWVDJHQGHQQGLH=HLW ZDUIUHLQH%HREDFKWXQJ]XUNXU]$XHUGHPZDUGDV)DKU]HXJVFKRQ]XZHLW HQWIHUQW$EHUHVN|QQWHVLFKXPHLQHQ+XUR]RQRGHUHLQHQ0HQVFKHQJHKDQGHOW KDEHQ,FKNRQQWHGHXWOLFK]ZHL$UPHHUNHQQHQ Ä:HQQGLH8UYlWHUPLWGHQ=ZHUJHQXQGGHQ+XUR]RQVYHUZDQGWVLQGPHLQWH ,QGDFRFKHDÄGDULQZHUGHQVLHDXFKPLWLKQHQlKQOLFKVHLQ'DVKHLWDEHUQLFKW GDVLHDXFKVRERUQLHUWXQGSURJUDPPLHUWGHQNHQPVVHQZLHGLHVHHVWXQ:LU VROOWHQGRFK.RQWDNWPLWLKQHQDXIQHKPHQ 6DHGHODHUHVFKWWHOWHGHQ.RSIÄ(UVWP|FKWHLFKZLVVHQZLHVLHGDUDXI UHDJLHUHQGDZLUQLFKWLQGLHhEHUWUDJXQJVVWDWLRQJHKHQ,UJHQGHWZDVZHUGHQ VLFKGLHVH%XUVFKHQMDZRKOHLQIDOOHQODVVHQ ',((5+$/7(5'(6:$+5(1 'LH$QWZRUWHUKLHOWHQVLHYLHU6WXQGHQVSlWHU'HUXQEHNDQQWH6SUHFKHUGHU 8UYlWHUPHOGHWHVLFKHUQHXW6HLQH6WLPPHHUNODQJYRQEHUDOO$XFK 6DHGHODHUHGHUJHUDGHGHQ5DXPYHUODVVHQKDWWHXQGGHQDQVFKOLHHQGHQ .RUULGRULQVSL]LHUWHK|UWHVLHPLWJOHLFKHU/DXWVWlUNHXQG,QWHQVLWlW Ä+XUR]RQV'LH6WLPPHNODQJXQJHKDOWHQXQGXQJHGXOGLJÄ,KUVHLGGHU $XIIRUGHUXQJQLFKWJHIROJW'DIUPWHWLKUEHVWUDIWZHUGHQ:LUN|QQHQHXFK DXFKRKQHHXUH8QWHUVWW]XQJQDFK5R]RQDEVWUDKOHQLQGHPZLUGHQ =HUVHW]XQJVSURMHNWRUDXIGLHJDQ]H6WDWLRQGHU(UKDOWHUGHV:DKUHQMXVWLHUHQ $OOHUGLQJVZLUGGHU3UR]HIUHXFKGDGXUFKHWZDVVFKPHU]KDIWHUVHLQXQGZLU N|QQHQQLFKWJDUDQWLHUHQRELKUGHQ7UDQVSRUWRKQH6FKDGHQEHUOHEW:LU IRUGHUQHXFKGDKHUQRFKHLQPDODXIHXFKLQGLHhEHUWUDJXQJVVWDWLRQ]X EHJHEHQ,KUKDEWGD]XHLQH=HLWHLQKHLWGLH0|JOLFKNHLW'LH5RERWHUZHUGHQ HXFKGHQ:HJZHLVHQ6LHSDWURXLOOLHUHQLQDOOHQ'HFNVXQGLQDOOHQ5lXPHQ :HQQLKUQDFK$EODXIGLHVHU=HLWQLFKWDQGHPDQJHJHEHQHQ2UWVHLGZHUGHWLKU XQNRQWUROOLHUWDEJHVWUDKOW'HQNWGDUDQGDGLH(UKDOWHUGHV:DKUHQQLFKW VSDHQ

Ä:HULVWGHQQGDV"IUDJWH,QGDFRFKHDDOV$ODVNDLQGHQ5DXP]XUFNNHKUWH Ä'LH(UKDOWHUGHV:DKUHQ"6DHGHODHUH]XFNWHPLWGHQ6FKXOWHUQ Ä:DKUVFKHLQOLFKGHU7LWHOGHQVLFKGLH8UYlWHUVHOEVWJHJHEHQKDEHQXQGYRQ GHPVLHVLFKPHKU1DFKGUXFNHUZDUWHQ Ä:LHODQJGDXHUWHLQH=HLWHLQKHLW"IUDJWH5RV\Ä:HQQLFKPLFKDQGLH ]HLWOLFKHQ$XVVDJHQGHU7DUGHOOLDQHUHULQQHUHVRPWHQGDVHWZD0LQXWHQ VHLQ Ä6RVHKHLFKHVDXFKDQWZRUWHWH6DHGHODHUHÄ8QGGDUDXIEDXHLFKPHLQHQ3ODQ DXI:LUPVVHQPLWGHQ8UYlWHUQRGHUGHQ(UKDOWHUQGHV:DKUHQ.RQWDNWDXI QHKPHQXQGJOHLFK]HLWLJGDIUVRUJHQGDVLHXQVQLFKWRKQHYHUQQIWLJH 9HUVWlQGLJXQJQDFK7DUGHOORGHU5R]RQEHI|UGHUQ,FKKDEHYRUPLFKPLW ,QGDFRFKHDGLHVHQ8QEHNDQQWHQ]XVWHOOHQDEHUHUVWQDFKGHP9HUVXFKXQVYRQ KLHU]XHQWIHUQHQ,FKEH]ZHLIOHRKQHKLQGDGLHDXI+XUR]RQVSURJUDPPLHUWH 6WUDKOXQJXQVYLHODQKDEHQNDQQ5RV\6LHEOHLEHQDOV5HVHUYHKLHU]XUFN ,QGDFRFKHDXQGLFKZHUGHQYHUVXFKHQLQGHUhEHUWUDJXQJVVWDWLRQGLHZDKUHQ 'UDKW]LHKHU]XWUHIIHQ(LQYHUVWDQGHQ" 5RV\VSLHOWHPLWLKUHU:DIIHXQGEOLFNWHQDFKGHQNOLFKDXIGLHEHLGHQ0lQQHU Ä6LHPHLQHQZRKO$ODVNDVDJWHVLHGDQQÄGD6LHPLFKGHU*HIDKUHLQHU %HJHJQXQJPLWGHQ8UYlWHUQQLFKWDXVVHW]HQZROOHQ" Ä8QVLQQ$ODVNDV6WLPPHNODQJVFKURIIÄ,FKZHLJHQDXZLHPLHVXQVHUH /DJHLVW,FKWUDXH,KQHQHLQIDFKHKHU]XXQVKHUDXV]XKDXHQDOVGLHVHP *HQEDVWOHU'DVLVWDOOHV Ä,FKZHLDXFKZLHPLHVGLH/DJHLVW5RV\'HZLWWHEUDFKWHGHQQRFKHLQ HFKWHV/lFKHOQ]XVWDQGHÄ,FKELQPLWLKUHP3ODQHLQYHUVWDQGHQ+DXHQ6LHDE Ä,Q0LQXWHQVDJWH6DHGHODHUHÄ:LUZROOHQGHQ5RERWHUQQLFKW]XIUKLQ GLH$UPHODXIHQ Ä'DVDJWH*UDQHU,QGDFRFKHDXQGWLSSWHGHP0DQQPLWGHU0DVNHDXIGLH 6FKXOWHU$ODVNDEOLFNWHLQGLHJH]HLJWH5LFKWXQJ 'LH+DOOHGLHVLHVFKRQHLQPDOGXUFKTXHUWKDWWHQODJLQJOHLHQGHP/LFKW(V VFKLHQDOVREGLH+HUUQGHU6WDWLRQVlPWOLFKH%HOHXFKWXQJVN|USHUHLQJHVFKDOWHW KDWWHQXPGHQYHUPHLQWOLFKHQ+XUR]RQVGHQ:HJ]XGHUhEHUWUDJXQJVVWDWLRQ]X HUOHLFKWHUQ 'LHEHLGHQ0lQQHUEHIDQGHQVLFKHWZDLQGHU0LWWHGHVULHVLJHQ5DXPHV(UVW MHW]WHUEOLFNWHQVLH]XPHUVWHQPDOVHLWVLHLKU9HUVWHFNYHUODVVHQKDWWHQGLHDQ JHNQGLJWHQ5RERWHU=ZHLGHUU|KUHQI|UPLJHQ0DVFKLQHQVFKZHEWHQ]ZLVFKHQ GHQKDXVKRKHQ0DVFKLQHQEO|FNHQKHUDQXQGKLHOWHQYRULKQHQDQ Ä*HK|UWLKU]XGHQJHVXFKWHQ+XUR]RQV"'LH.XQVWVWLPPHGHV5RERWHUVNODQJ XQVLFKHU Ä+PEUXPPWH6DHGHODHUHÄ6HKHQZLUGHQQZLU+XUR]RQVDXV" 'LH$QWZRUWGHV5RERWHUVYHUVHW]WHLKQLQ(UVWDXQHQ'LH0DVFKLQHJDE XQXPZXQGHQ]XGDVLHGDVQLFKWZLVVH Ä:HQQLKUDEHU]XGHQGUHL+XUR]RQVJHK|UWVDJWHGHU]ZHLWH5RERWHUÄGDQQ VROOWHWLKUHXFKEHHLOHQLQGLH$EVWUDKOVWDWLRQ]XNRPPHQ6FKRQEDOGZHUGHQ

GLH(UKDOWHUGHV:DKUHQGLHZLOGH6WUDKOXQJEHUGLHJDQ]H6WDWLRQHUJLHHQ 8QGGDQQZHUGHWLKUXQNRQWUROOLHUWZHJEHI|UGHUW 6DHGHODHUHEOLFNWHDXIVHLQ$UPEDQGFKURQRPHWHUXQGVFKlW]WHGLH=HLWDE,Q HWZDIQI0LQXWHQZUGHGLHXQNRQWUROOLHUWH6WUDKOXQJHLQVHW]HQ9RUDXVJHVHW]W GLH8UYlWHURGHUGLH(UKDOWHUGHV:DKUHQKLHOWHQLKUH'URKXQJDXIUHFKWXQGGLH =HLWEHVWLPPXQJZDUJHQJHQGJHQDX(UOHJWHNHLQHQ:HUWGDUDXIYRUGLHVHP =HLWSXQNWLQGLHhEHUWUDJXQJVVWDWLRQ]XJHODQJHQ Ä.DQQVWGXGHLQH+HUUQEHQDFKULFKWLJHQIUDJWHHUGLH5RERWHUXPQRFKHWZDV =HLW]XJHZLQQHQÄGDGXXQVJHIXQGHQKDVW"Ä,FKN|QQWHHVQDWUOLFK DQWZRUWHWHGLH0DVFKLQHQRFKLPPHUYHUXQVLFKHUWÄ$EHULFKZHLQLFKWRELKU ZLUNOLFK+XUR]RQVVHLG$XHUGHPKDEHQZLUGHQ$XIWUDJHXFKOHGLJOLFK]XU hEHUWUDJXQJVVWDWLRQ]XJHOHLWHQ Ä7UHIIHQZLUGRUWGHLQH+HUUQ" Ä,KUPHLQWGLH(UKDOWHUGHV:DKUHQ" Ä(VLVWPLUHJDOZLHLKUVLHQHQQW$ODVNDPDFKWHHLQHQLFKWVVDJHQGH*HVWHPLW GHU+DQGÄ(UKDOWHUGHV:DKUHQRGHU8UYlWHU Ä'LH8UYlWHUVLQGODQJHWRWDQWZRUWHWHGHU5RERWHUÄ'LH(UKDOWHUGHV:DKUHQ YHUZDOWHQQXULKU(UEH *UDQHU,QGDFRFKHDUXQ]HOWHGLH6WLUQÄ(VJLEWDOVR]ZHL0lFKWHLP+LQWHUJUXQG YRQGHQHQGLHHLQHZDKUVFKHLQOLFKGHUZDKUH8UKHEHUGLHVHUJDQ]HQ0D QLSXODWLRQQLFKWPHKUH[LVWLHUW Ä6RVHKHLFKHVDXFK$ODVNDQLFNWHGHP6ROJHERUHQHQ]XXQGZDQGWHVLFK GDQQZLHGHUDQGLH5RERWHUÄ,Q2UGQXQJ%ULQJHXQV]XGHQ(UKDOWHUQGHV :DKUHQ 'LHEHLGHQ5RERWHUVHW]WHQVLFKNRPPHQWDUORVLQ%HZHJXQJ6DHGHODHUHXQG ,QGDFRFKHDIROJWHQLKQHQLQZHQLJHQ0HWHUQ$EVWDQG Ä0DQKDWXQVQLFKWHLQPDOGLH:DIIHQDEJHQRPPHQVDJWH,QGDFRFKHDOHLVHVR GDGLH5RERWHUHVQLFKWK|UHQNRQQWHQ Ä6LHGUIHQQLFKWYHUJHVVHQGDPDQXQVIUXQJHIlKUOLFKH+XUR]RQVKlOW DQWZRUWHWHGHU7UDQVPLWWHUJHVFKlGLJWH 'LH5RERWHUVWUHEWHQUDVFKGHP$XVJDQJ]XGXUFKGHQGLHGUHL0HQVFKHQYRU 6WXQGHQLQGLH0DVFKLQHQKDOOHJHODQJWZDUHQ'HUDQVFKOLHHQGH*DQJZDUKHOO HUOHXFKWHW 1DFKHLQHP%OLFNDXIVHLQ&KURQRPHWHUVWHOOWH$ODVND6DHGHODHUHIHVWGDMHW]W GHU=HLWSXQNWJHNRPPHQVHLQPXWHDQGHPGLH+HUUQGHU6WDWLRQGLHDQJHNQ GLJWH$EVWUDKOXQJZDKUPDFKHQZROOWHQ )DVWLPJOHLFKHQ0RPHQWHUNODQJYRQDOOHQ6HLWHQHLQHGU|KQHQGH6WLPPH'LH EHLGHQ5RERWHUKLHOWHQDQ Ä+XUR]RQV,KUVHLGZLHGHUQLFKWJHNRPPHQ:LUVWUDKOHQHXFKMHW]WDE Ä(VLVW]XVSlWVWHOOWHGHUHLQH5RERWHUIHVW 'LHEHLGHQ0lQQHUVWHOOWHQHLQNXU]HV=LHKHQLQLKUHQ.|USHUQIHVW6DHGHODHUHV &DSSLQ)UDJPHQW]XFNWH]XVDPPHQXQGOLHOHXFKWHQGH)ODPPHQDQGHQ 5lQGHUQGHU0DVNHKHUYRUVFKLHHQ 'DQQZDUDOOHVYRUEHL8QGQLFKWVZDUZLUNOLFKJHVFKHKHQ

Ä6FKHLQWQLFKW]XNODSSHQVWHOOWH,QGDFRFKHDJULQVHQGIHVWÄ,FKKDEHIDVWGDPLW JHUHFKQHW Ä,FKDXFKEHVWlWLJWH6DHGHODHUHÄ:LUVLQGVFKOLHOLFKNHLQH+XUR]RQVXQGDXI GLHLVWGLH6WUDKOXQJSURJUDPPLHUW(UJLQJ]ZHL6FKULWWHDXIGLH5RERWHU]X Ä%ULQJWXQVMHW]WUDVFK]XGHQ(UKDOWHUQ 'LH0DVFKLQHQVHW]WHQVLFKVRIRUWLQ%HZHJXQJXQGJOLWWHQZHLWHUGHQ*DQJ HQWODQJ'LHEHLGHQ0lQQHUIROJWHQLKQHQ 1DFKZHQLJHQKXQGHUW0HWHUQHUUHLFKWHQVLHGHQNOHLQHQ5DXPLQGHPVLHEHL LKUHU$QNXQIWPDWHULDOLVLHUWZDUHQ $QGHP6FKDOWSXOWVWDQGHLQHKRFKJHZDFKVHQH*HVWDOWLQHLQHPODQJHQZHLHQ 8PKDQJ6LHIXKUKHUXPXQG$ODVNDEOLFNWHLQGDV*HVLFKWHLQHUXUDOWHQ)UDX *UDXH+DDUHKLQJHQLQ6WUlKQHQELVEHUGLH6FKXOWHUQKLQDE'LH)UDXZDU DEVROXWPHQVFKOLFKZHQQPDQYRQGHQEHUJURHQ$XJHQDEVDKGLHVLHVFKRQ EHLGHQ7ZLQ]ZHUJHQXQGGHQ+XUR]RQVEHREDFKWHWKDWWHQ6LHEOLFNWHYHUEOIIW DXIGLHEHLGHQ0lQQHU:HQLJH6FKULWWHQHEHQLKUVWDQGHLQNOHLQHV)DKU]HXJ PLWHLQHUWUDQVSDUHQWHQ.XSSHO(VPXWHVLFKXPHLQHQ$QWLJUDYJOHLWHURGHU HWZDVbKQOLFKHVKDQGHOQ %HYRULUJHQGMHPDQGHWZDVVDJHQNRQQWHJHVFKDKPLWGHU$OWHQHLQHVHOWVDPH 9HUlQGHUXQJ,KUH.|USHUXPULVVHYHUVFKZDPPHQNXU]XQGEUHLWHWHQVLFKQDFK OLQNVXQGUHFKWVDXV$OVGLH.RQWXUHQZLHGHUIHVWH)RUPDQQDKPHQVWDQGGLH )UDXLQ]ZHLIDFKHU$XVIHUWLJXQJYRUGHQ0lQQHUQ6LHKDWWHVLFKGXSOL]LHUW'LH EHLGHQQHXHQWVWDQGHQHQ*HVWDOWHQJOLFKHQVLFKELVLQDOOH(LQ]HOKHLWHQ Ä:HUVHLGLKU"VDJWHGLHHLQH ,QGDFRFKHDHUJULIIZLHGHUHLQPDOEOLW]VFKQHOOGLH,QLWLDWLYH(UWUDWHLQHQ6FKULWW DXIGLHEHLGHQ)UDXHQ]XXQGKREGURKHQGHLQHQ$UP Ä:HUELVWGX"KHUUVFKWHHUGLH=ZLOOLQJHDQ Ä,FKELQ%DOGHUJD$DQWZRUWHWHGLHHLQH)UDXEHUHLWZLOOLJÄ(LQHUGHU (UKDOWHUÄGHV:DKUHQIXKUGLH]ZHLWH)UDXEHUJDQJVORVIRUW,FKELQ %DOGHUJD$$8QGZHUVHLGLKU" %DOGHUJD$JDELKUHU=ZLOOLQJVVFKZHVWHUVHOEVWGLH$QWZRUWÄ,KUJHK|UW]XGHQ IHKOJHOHLWHWHQ+XUR]RQV$EHUZLHVRVHLGLKUQRFKKLHU" Ä9LHOOHLFKWVLQGZLUJDUNHLQH+XUR]RQV,QGDFRFKHDZDUULFKWLJDJJUHVLY 'LHEHLGHQDOWHQ)UDXHQVFKZLHJHQYHUEOIIW Ä(VZUGHHUNOlUHQVDJWHGLHHLQHQDFKHLQHU:HLOHÄGDGLH$EVWUDKOXQJQLFKW IXQNWLRQLHUWKDW Ä(VEHGHXWHWDEHUDXFKIXKUGLH]ZHLWHIRUWÄGDLKUVRIRUWYHUVFKZLQGHQ PW6LHZLQNWHGHQEHLGHQ5RERWHUQÄ7|WHWGLHVH:HVHQ $ODVND6DHGHODHUHUHDJLHUWHEOLW]VFKQHOO%HYRUGLH5RERWHUGHU$QZHLVXQJ QDFKNRPPHQNRQQWHQKDWWHHUGLH:DIIHDXVVHLQHP*UWHOJHULVVHQXQGDXIGLH EHLGHQ0DVFKLQHQDEJHIHXHUW(UWUDIVLHNXU]KLQWHUHLQDQGHUDPREHUHQ5DQG ZRHUGLHZLFKWLJVWHQ6HQVRUHQYHUPXWHWH+HIWLJH%OLW]H]XFNWHQDXVGHQ5|K UHQN|USHUQXQGGDQQVWU]WHQGLH5RERWHU]X%RGHQ (UEHKLHOWGLH:DIIHLQGHU+DQG]LHOWHDEHUQLFKWGLUHNWDXIGLHEHLGHQ)UDXHQ

Ä+|UWJXW]XVDJWHHUKDUWÄ:LUVLQGZHGHU+XUR]RQVQRFK7DUGHOOLDQHU:LU VLQGGXUFKXQJOFNOLFKH8PVWlQGHLQGLHVHV6\VWHPYHUVFKODJHQZRUGHQXQGLQ GHQ.ULHJGHUEHLGHQ9|ONHUYHUZLFNHOWZRUGHQ:LUZROOHQQLFKWVZHLWHUDOV]X XQVHUHP9RON]XUFN:HQQLKUXQVQLFKWKHOIWZHUGHQZLUXQVHUH%HIUHLXQJ PLW*HZDOWHU]ZLQJHQ Ä'DVN|QQWLKUQLFKWVWHOOWHGLHHLQH)UDXIHVW8QPLWWHOEDUGDQDFK YHUVFKPRO]HQGLHEHLGHQ.|USHUZLHGHU]XHLQHP,QGDFRFKHDSILIIXQJHQLHUW GXUFKGLH=lKQHDOVHUGHQ3UR]HEHREDFKWHWH'HU6LQQGHU0DQDKPHZXUGH DEHUHUVWRIIHQEDUDOVVLFKGHUHLQH.|USHUDXVGHPMHW]W%DOGHUJDEHVWDQGLQ HLQ(QHUJLHIHOGKOOWH'LH6WLPPHGHUDOWHQ)UDXNODQJQXQVHOWVDPYHU]HUUW GUDQJDEHUQRFKGHXWOLFKDQGLH2KUHQGHU0lQQHU Ä'LHQHXQ(UKDOWHUGHV:DKUHQZHUGHQGDUEHUHQWVFKHLGHQGXUFKZHOFKHQ7RG LKUDXVGHU6WDWLRQHQWIHUQWZHUGHW)ROJWPLU Ä9RUVLFKWVFKULH,QGDFRFKHDLPJOHLFKHQ0RPHQWDXI(UVDKZLHGLH)UDX HLQH+DQGLQLKUHQZHLWHQ8PKDQJYHUVHQNWH$OVGLH+DQGZLHGHU]XP9RU VFKHLQNDPODJHLQH:DIIHGDULQGLHGHUVFKRQEHNDQQWHQ)RUPHQWVSUDFK 'HU%LRJHQ'LDJQRVWLNHU]|JHUWHNHLQH6HNXQGH(U]RJVHLQHQ6WUDKOHUKHUYRU XQGIHXHUWHDXIGLH$OWH:LH6DHGHODHUHYHUPXWHWKDWWHVFKW]WHGHU(QHUJLH VFKLUPGLH)UDXYROONRPPHQ6LHOHJWHLQDOOHU5XKHLKUH:DIIHDXI,QGDFRFKHD DQGHUZLHYHUVWHLQHUWGDVWDQG 6DHGHODHUHKREVHLQH:DIIHPLWGHUUHFKWHQ+DQG0LWGHUOLQNHQYHUVHW]WHHU ,QGDFRFKHDHLQHQKHIWLJHQ6WRVRGDGLHVHU]XU6HLWHJHVFKOHXGHUWZXUGH(V ZDUNHLQH6HNXQGH]XVSlW'HU)HXHUVWUDKODXVGHU:DIIHGHU$OWHQEUDFKVLFK ZLUNXQJVORVDQGHQ:lQGHQ 'HU6WUDKOHU$ODVNDV]HLJWHDXIGLH'HFNHDOVHULKQDXVO|VWH0LWGHPHUVWHQ 6FKXWUDIHUGHQJURHQ/HXFKWN|USHUGHUGHQ5DXPHUKHOOWH9RQHLQHU6H NXQGH]XUDQGHUHQKHUUVFKWH'XQNHOKHLW Ä$XFKGDVZLUGHXFKQLFKWVQW]HQVFKULHGLH$OWH'LH*HUlXVFKHGLHGDQDFK ]XK|UHQZDUHQNRQQWH6DHGHODHUHQLFKWLGHQWLIL]LHUHQ(UEHZHJWHVLFKDEHU VWlQGLJKLQXQGKHUGHQQHUYHUPXWHWHEHLGHU$OWHQHLQHlKQOLFKJXWH 6HKIlKLJNHLWLQGHU'XQNHOKHLWZLHHUHVEHLGHQ+XUR]RQVEHREDFKWHWKDWWH ,QGDFRFKHD]RJHUPLWZREHLHULKP]XIOVWHUWHVWLOO]XVHLQ 3O|W]OLFKNODQJHLQSIHLIHQGHV*HUlXVFKDXI.XU]GDUDXIILHOHLQVFKZDFKHU /LFKWVFKHLQDXVGHP*DQJDXVGHPVLHJHNRPPHQZDUHQ'DV*OHLWIDKU]HXJ ZDUJHUDGHQRFK]XVHKHQGDQQYHUVFKZDQGHVGHQ%OLFNHQGHU0lQQHU Ä6LHLVWZHJVWHOOWH,QGDFRFKHDIHVW (UUDQQWH]XGHP.RUULGRUXQGVDKGDV)DKU]HXJLQGHU)HUQHGDYRQVFKZHEHQ Ä6LHNRPPWEHVWLPPW]XUFNYHUPXWHWH6DHGHODHUHÄ0LW9HUVWlUNXQJ'D GLHVHU5DXPNHLQHQDQGHUHQ$XVJDQJKDWVROOWHQZLUVFKQHOOVWP|JOLFK YHUVFKZLQGHQ(UGHXWHWHDXIGHQ*DQJ *UDQHU,QGDFRFKHDVHW]WHVLFKZRUWORVLQ%HZHJXQJ(UQHXWHLOWHQGLHEHLGHQ]X GHU0DVFKLQHQKDOOH]XUFN $ODVNDZROOWHVFKRQDXIDWPHQDOVVLHVFKOLHOLFKXQJHVW|UWGLHJURH+DOOH EHWUDWHQ'LH]DKOORVHQ5RERWHUGLHSO|W]OLFK]ZLVFKHQGHQ0DVFKLQHQEO|FNHQ

DXIWDXFKWHQQDKPHUJHUDGHQRFKZDKU)UHLQH*HJHQUHDNWLRQZDUHVDEHU]X VSlW /lKPVWUDKOHQVFK|VVHQDXVGHQ5|KUHQN|USHUQDXIGLHEHLGHQ0lQQHUXQG ZDUIHQVLH]X%RGHQ 5RV\'HZLWWHKDWWHHLQSDDU6WXQGHQYRUVLFKKLQJHGlPPHUW6HLWEDOG]ZDQ]LJ 6WXQGHQKDWWHVLHQLFKWPHKUJHVFKODIHQXQGGHU.|USHUYHUODQJWHQDFK5XKH 0HKUIDFKKDWWHVLHLP+DOEVFKODIZDKUJHQRPPHQGDGUDXHQDXIGHP DQJUHQ]HQGHQ*DQJ)DKU]HXJHRGHU5RERWHUYRUEHLJHJOLWWHQZDUHQ'DVZDU DEHUDXFKDOOHVZDVJHVFKHKHQZDU -HW]WSDFNWHVLHHLQHKHIWLJH8QUXKH6LHEHVD]ZDUNHLQHNODUH9RUVWHOOXQJ GDYRQZLHGLHEHLGHQ0lQQHULKUHYHQWXHOOHLQH1DFKULFKW]XNRPPHQODVVHQ ZROOWHQDEHULUJHQGZLHKDWWHVLHZlKUHQGGHUJDQ]HQ=HLWLQGHUVLHDOOHLQ JHZHVHQZDUDXIHLQ6LJQDOJHZDUWHW 1DFKGHPVLHHLQHQ.RQ]HQWUDWZUIHOJHNDXWKDWWHPDFKWHVLHVLFKDXIGHQ:HJ 6LHYHUOLHGHQ5DXPXQGVFKULWWGHQ*DQJHQWODQJZlKOWHGDEHLDEHUGLH5LFK WXQJGLHLKUQRFKXQEHNDQQWZDU1DFKHLQLJHQKXQGHUW0HWHUQJHODQJWHVLHDQ HLQH9HU]ZHLJXQJLQGHUHQ.UHX]XQJVSXQNWJOHLFK]HLWLJHLQ$QWLJUDYVFKDFKW QDFKXQWHQIKUWH'LH6WDWLRQGHUJHKHLPQLVYROOHQ(UKDOWHUGHV:DKUHQPXWH EHWUlFKWOLFKH$XVPDHKDEHQGHQQYRQGHU+DOOHLQGHUVLHDQJHNRPPHQ ZDUHQZDUVLHQXQPLQGHVWHQV]ZHL.LORPHWHUHQWIHUQW 6LHODXVFKWHLQGLH*lQJHXQGLQGHQ6FKDFKW$XVGHUHLQHQ$E]ZHLJXQJ VFKLHQHQOHLVH*HUlXVFKHDQLKU2KU]XGULQJHQXQGVRZlKOWHVLHGLHVHQIU LKUHQ:HJ =XEHLGHQ6HLWHQGHV*DQJHVWUDIVLHDXI]DKOUHLFKH7UHQDEHUDOOHEOLHEHQEHL LKUHU$QQlKHUXQJJHVFKORVVHQ1XUGLH%HOHXFKWXQJVN|USHULQGHP.RUULGRU UHDJLHUWHQLQGHUJHZRKQWHQ:HLVHXQGHUKHOOWHQDXWRPDWLVFKGLH8PJHEXQJ 'HU*DQJHQGHWHYRUHLQHU'RSSHOWUGHUHQ)OJHOVLFKRKQHLKU=XWXQ]XU6HLWH VFKREHQ'DKLQWHUHUKHOOWHVLFKHLQ5DXP(UVWDXQWEOLHEGLH)UDXVWHKHQ8Q ZLOONUOLFKJLQJLKUH+DQG]XGHU:DIIHDOVVLHGLH*HVWDOWHQLQGHP5DXPVDK (UVWEHLQlKHUHU%HWUDFKWXQJVWHOOWHVLHIHVWGDHVVLFKXPOHEORVH.|USHU KDQGHOWH(LQLJHGDYRQNRQQWHVLHVRIRUWLGHQWLIL]LHUHQ'DZDUHLQ 7DUGHOOLDQHUSlUFKHQXQGHLQPlQQOLFKHU+XUR]RQ,KUH*HVLFKWHUZLUNWHQZLH DXV:DFKVPRGHOOLHUW8QZLOONUOLFKZXUGH5RV\DQGDV:DFKVILJXUHQNDELQHWW DXIGHU62/HULQQHUWZRPDQ7HUUDQHUGHU)UKJHVFKLFKWH7HUUDVEHZXQGHUQ NRQQWH 'LHYLHUWH*HVWDOWZDUQRFKHWZDVJU|HUDOVGHU+XUR]RQ%HLLKUKDQGHOWHHV VLFKIUDJORVXPHLQZHLEOLFKHV:HVHQYRQKRKHP$OWHU'LH)UDXWUXJQLFKWV ZHLWHUDOVHLQHQZHLWHQ8PKDQJ'HUVWHLQHUQH%OLFNZDUGLUHNWDXIGHQ %HWUDFKWHUJHULFKWHWXQG5RV\OLHIHLQOHLVHU6FKDXGHUEHUGHQ5FNHQ(LQH IL[H,GHHVDJWHLKUGDGLH$XJHQLKUPLWWHLOHQZROOWHQGDVLHOlQJVWGDV HLQ]LJH/HEHZHVHQLQGLHVHU6WDWLRQLQPLWWHQHLQHU6RQQHZDU 6LHVFKWWHOWHGHQEHNOHPPHQGHQ*HGDQNHQDEXQGEOLFNWHVLFKZHLWHUXP $XHUHLQHU9LHO]DKOYRQY|OOLJXQEHNDQQWHQ*HUlWHQIDQGVLHQLFKWV %HPHUNHQVZHUWHV

6LHGXUFKTXHUWHGHQ5DXPXQGVWLHDXIHLQHVFKPDOH7UGLHVLFKHEHQIDOOV DXWRPDWLVFK|IIQHWH*HPXUPHOGUDQJDQLKU2KU,QGHP]ZHLWHQ5DXP KHUUVFKWH+DOEGXQNHO.HLQH%HOHXFKWXQJVFKDOWHWHVLFKHLQDOVVLHLKQEHWUDW 'DVGLIIXVH/LFKWUKUWHYRQHLQHU9LHO]DKOZLQ]LJHU.RQWUROODPSHQKHUGLH VDQIWDQGHQ:lQGHQJOKWHQ Ä,VWGDMHPDQG"IOVWHUWHHLQH6WLPPHNDXPK|UEDU'DVDQGHUH*HPXUPHO HUVWDUEVFKODJDUWLJ 5RV\ODXVFKWHLQGDV+DOEGXQNHO:LHGHUNDPGLHIOVWHUQGH6WLPPH Ä:HULVWGD"%LVWGXHLQHUGHU(UKDOWHU"6HLGLKUHQGOLFKJHNRPPHQ" 'LH)UDX]|JHUWHHLQHQ0RPHQWGHQQVLHZXWHQLFKWZDVVLHVDJHQVROOWH'LH 6WLPPHVSUDFKGLH6SUDFKHGHU+XUR]RQVRGHU7DUGHOOLDQHU Ä:HUVSULFKW]XPLU"VDJWHVLHVFKOLHOLFKXQGEHUZDQGGHQ.ORGHULKULP +DOV]XVWHFNHQVFKLHQ 6FKZHLJHQ Ä,FKELQ5RV\'HZLWWHHLQH6RODQHULQIJWHVLHKLQ]X(VGDXHUWHIDVWHLQH KDOEH0LQXWHELVHLQH$QWZRUWNDP Ä6RODQHULQ"IOVWHUWHGLH6WLPPHDXVGHP+DOEGXQNHOÄ.HLQ(UKDOWHU".HLQ +XUR]RQ".HLQ7DUGHOOLDQHU" Ä1HLQ,FKVWDPPHQLFKWYRQGLHVHQ:HOWHQ Ä2K'LHOHLVH6WLPPHGUFNWHWLHIHV%HGDXHUQDXVÄ+DVWGXHWZDVGDJHJHQ ZHQQZLUGLFKEHWUDFKWHQ" Ä1HLQQDWUOLFKQLFKW,FKZUGHHXFKDEHUDXFKJHUQVHKHQ Ä'DVZLUGOHLGHUQLFKWP|JOLFKVHLQ 9RQPHKUHUHQ6HLWHQIODPPWHQ/DPSHQDXI'LHNOHLQH6ROJHERUHQHEOLFNWHVLFK HUVWDXQWXP'HU5DXPZDUNUHLVI|UPLJXQGJOLFKHLQHP'RPYRQHWZDIQI XQG]ZDQ]LJ0HWHUQ+|KH'LH%RGHQIOlFKHGXUFKPDQXUNQDSS]HKQ0HWHU 6lPWOLFKH6HLWHQZlQGHGHV'RPHVZDUHQPLWWHFKQLVFKHQ*HUlWHQYHUNOHLGHW GHUHQ6LQQVLHQLFKWYHUVWHKHQNRQQWH'RUWEUDQQWHQDXFKGLH/lPSFKHQGLH GHQ5DXP]XYRUVFKZDFKHUKHOOWKDWWHQ Ä(VVWLPPWVDJWHGLH6WLPPHGLHGLUHNWYRQREHQ]XNRPPHQVFKLHQÄ'XELVW ZHGHUHLQ+XUR]RQQRFKHLQ7DUGHOOLDQHU:LHELVWGXKLHUKHUJHODQJW" Ä'DVLVWHLQHODQJH*HVFKLFKWH Ä:LUKDEHQYLHO=HLW6HW]GLFKXQGHU]lKOH 9RULKUHQ$XJHQELOGHWHVLFKDXVGHP1LFKWVHLQVFKDOHQI|UPLJHU6HVVHO5RV\ QDKPDXILKP3ODW] Ä,FKNDQQHXFKQLFKWVHKHQ:RVHLGLKUXQGZHUVHLGLKU" Ä:LUVLQGGHU5HVWGHV%HZXWVHLQVGHU8UYlWHUNDPGLHEHUHLWZLOOLJH $QWZRUWÄ:LUVWHFNHQPDWHULHORVLQGHQ0DVFKLQHQGLHGXVLHKVW Ä*XWVDJWH5RV\Ä9LHOOHLFKWN|QQWLKUPLUXQGPHLQHQ)UHXQGHQKHOIHQ,FK ZHUGHHXFKDOOHV:LFKWLJHVDJHQ Ä9LHOOHLFKWNDQQVWDXFKGXXQVKHOIHQ ,QNXU]HQ=JHQEHULFKWHWH5RV\YRQGHP$QJULIIGHU7ZQ]ZHUJHDXIGLH62/ XQGEHUDOOH(UHLJQLVVHGLHVLHGDQDFKPLW$ODVND6DHGHODHUHXQG*UDQHU,Q GDFRFKHDGXUFKJHPDFKWKDWWH%HVRQGHUVEHWRQWHVLHGLH6WXUKHLWGHUEHLGHQ

NULHJHULVFKHQ9|ONHUGLHQLFKWHLQVHKHQZROOWHQGDVLHXQGGLHEHLGHQ0lQQHU NHLQH)HLQGHVHLHQ'LHIOVWHUQGH6WLPPHGHV5HVWEHZXWVHLQVGHU8UYlWHU XQWHUEUDFKVLHQLFKWHLQPDO$OV5RV\IHUWLJZDUVDJWHGLH6WLPPHQXU Ä'DVLVWVFKUHFNOLFK:LUKDEHQ]ZDUEHIUFKWHWGDGLH(QWZLFNOXQJLQHLQH IDOVFKH5LFKWXQJJHODXIHQLVWZHLOGLH(UKDOWHUQLFKWPHKU]XXQVNDPHQ$EHU GDGDVJHVFKHKHQLVWEHUWULIIWGLHVFKOLPPVWHQ(UZDUWXQJHQ Ä,FKNDQQHXFKQLFKWYHUVWHKHQDQWZRUWHWHGLH)UDXÄ0HLQH)UHXQGHXQGLFK KDEHQ]ZDUHLQLJHVEHUGLH7DUGHOOLDQHUXQGGLH+XUR]RQVKHUDXVJHIXQGHQ DEHUGLH=XVDPPHQKlQJHEOLHEHQXQVXQNODU$QGHUHUVHLWVIHKOWXQVDXFKMHGH 0|JOLFKNHLW]XXQVHUHP9RON]XUFN]XNHKUHQ,FKZlUHHXFKVHKUGDQNEDU ZHQQLKUXQVKHOIHQN|QQWHW6RZHLWHVLQPHLQHU0DFKWVWHKWZLOOLFKHXFKDXFK JHUQEHKLOIOLFKVHLQ 'LHXQVLFKWEDUH6WLPPHVFKZLHJDEHU5RV\KDWWHGDV*HIKOGDVLHYRQHLQHU 9LHO]DKOZLVSHUQGHU6WLPPHQXPJHEHQZDU6LHZDUWHWHJHGXOGLJ Ä:REHILQGHQVLFKGHLQH)UHXQGH"IOVWHUWHHVGDQQ Ä,FKZHLHVQLFKWJHQDXDEHUZDKUVFKHLQOLFKQRFKLQGLHVHU6WDWLRQLQGHU 6RQQH:HQQLKUGLH8UYlWHUVHLGPWLKUGRFKIHVWVWHOOHQN|QQHQZRVLHVLFK EHILQGHQ 'LH6WLPPHNODQJWUDXULJDOVVLHDQWZRUWHWHÄ:LUKDEHQVFKRQHLQH(ZLJNHLW NHLQH0DFKWPHKUEHUGLH6WDWLRQ:LUVLQGLVROLHUWYRQGHU8PJHEXQJ'LH(U KDOWHUGHV:DKUHQGLHZLUJHVFKDIIHQKDEHQXQG]XU$XIUHFKWHUKDOWXQJGHU 2UGQXQJHLQVHW]WHQKDEHQVLFKVHOEVWlQGLJJHPDFKW6LHJODXEHQGDZLUJDU QLFKWPHKUH[LVWLHUHQGHQQVLHKDEHQMHGH(QHUJLHYHUVRUJXQJDEJHVFKQLWWHQ :LUDEHUVFK|SIHQGLH(QHUJLH]XU(UKDOWXQJPLWGHU.UDIWXQVHUHVJHPHLQVDPHQ *HLVWHVGLUHNWDXVGHP6RQQHQSODVPD'LH(UKDOWHUDEHUEHKHUUVFKHQGLH ]HQWUDOH.RQWUROOHGHU6RQQHQVWDWLRQ Ä(U]lKOWPLUHXUH*HVFKLFKWHYHUODQJWHGLH)UDXÄ9LHOOHLFKWNDQQLFKHXFK ZLUNOLFKKHOIHQ Ä9RUHLQHUXQYRUVWHOOEDUODQJHQ=HLWOHEWHQZLUDXIGHP3ODQHWHQGHUKHXWH 7DUGHOOKHLW8QVHU9RONEDXWHHLQHJURDUWLJH=LYLOLVDWLRQDXI'LH7HFKQLN EOKWHXQGZLUVWUHFNWHQXQVHUH)KOHUQDFKDQGHUHQ:HOWHQGLHVHU*DOD[LVDXV $EHUHVVFKLHQHLQ1DWXUJHVHW]]XJHEHQGDMHGH=LYLOLVDWLRQ]XP8QWHUJDQJ YHUGDPPWLVWZHQQHLQZDKUHU+|KHSXQNWHUUHLFKWZRUGHQZDU:LUWUDIHQ DQGHUH9|ONHUGLHLQ'HNDGHQ]YHUIDOOHQZDUHQREZRKOLKUHWHFKQLVFKHQ0|J OLFKNHLWHQGHQXQVHUHQZHLWEHUOHJHQZDUHQ'HU*HLVWGHU9HUVWDQGKDWWHPLW GHUWHFKQLVFKHQ(YROXWLRQQLFKW6FKULWWJHKDOWHQ:LUVDKHQGDVJOHLFKH8QJOFN DXIXQV]XNRPPHQDOVGHU9HUIDOOXQYHUPXWHWHLQVHW]WH'HVLQWHUHVVHXQG *OHLFKJOWLJNHLWQDKPHQGHQ3ODW]YRQ7DWNUDIWXQG,GHHQUHLFKWXPHLQ(LQH +DQGYROO:HLVHUEHVFKORGHPGURKHQGHQ8QWHUJDQJHLQHQ5LHJHO YRU]XVFKLHEHQXQGGHU1DWXUHLQ6FKQLSSFKHQ]XVFKODJHQ=XHUVWEDXWHQZLU GLHVH6RQQHQVWDWLRQ'LHWHFKQLVFKHQ0|JOLFKNHLWHQGD]XEHVDHQZLU'LH 0DVVHXQVHUHV9RONHVYHUIROJWHXQVHU7XQEHUKDXSWQLFKW9HUJQJXQJVVXFKW XQG/DQJHZHLOHEHKHUUVFKWHVLH'LH)lKLJNHLWVLFKNUDIWGHVHLJHQHQ*HLVWHV]X

GXSOL]LHUHQZDUVFKRQZHLWJHKHQGYHUORUHQJHJDQJHQ1XUZLUHLQHNOHLQH *UXSSHGLHPDQGLH8UYlWHUQHQQHQVROOWHEHKHUUVFKWHQVLHQRFK1XUZLU ZDUHQQRFKIUHLYRQGHQ(UVFKHLQXQJHQGHUHLQVHW]HQGHQ'HNDGHQ]8QVHU=LHO ZDUHVGDV9RONDP/HEHQ]XODVVHQXQGHVQHXHQWVWHKHQ]XVHKHQ:LU VFKXIHQDXVXQVHUHU(UEPDVVHGLH+XUR]RQVXQGGLH7DUGHOOLDQHULQGHPZLU QDFKXQGQDFKGLH'HNDGHQWHQWUDQVIRUPLHUWHQ'LHQRWZHQGLJHQWHFKQLVFKHQ 9RUDXVVHW]XQJHQEHOLHHQZLUEHLGHQ9|ONHUQ'DPLWVLHQLFKWXQWHUJLQJHQXQG VLFKJOHLFK]HLWLJ]X)RUVFKXQJXQG7DWHQGUDQJDQVWDFKHOWHQlQGHUWHQZLULKUH JHLVWLJH6WUXNWXUGXUFK0RGLILNDWLRQLKUHU*HQVWUXNWXUHQ'HUXQHUELWWOLFKH .DPSI]ZLVFKHQ+XUR]RQVXQG7DUGHOOLDQHUQLVWHLQH)ROJHGLHVHU0DQDKPHQ 'DV7RU]XU7LHIHGHU%UXQQHQGHV&KDIILHSUHVWRGLH=HUVHW]XQJVVWUDKOXQJDXI 5R]RQXQGGLHGHU=RQHGHVDEVROXWHQ9HUJHKHQVZDUHQGLHQRWZHQGLJHQ 0DQDKPHQXPIUGHQ(UKDOWXQGGHQ/HEHQVZLOOHQEHLGHU9|ONHU]XVRUJHQ -HGHV9RONHUKLHOWDEHUQXUHLQHQ7HLOGHVZDKUHQ(UEHV$OVGLH8UYlWHUDOW ZXUGHQXQGZLU]XVWHUEHQGURKWHQVFKXIHQZLUGLH(UKDOWHUGHV:DKUHQHLQH *UXSSHYRQQHXQ8QVWHUEOLFKHQGLHIUGHQ)RUWJDQJGHU'LQJHXQGGLH )XQNWLRQVEHUHLWVFKDIWGHU6RQQHQVWDWLRQVRUJHQVROOWHQ $OVGLH6WLPPHIUHLQHQ0RPHQWVFKZLHJIORFKW5RV\'HZLWWHUDVFKHLQH )UDJHHLQÄ:LUKDEHQGLH=RQHGHVDEVROXWHQ9HUJHKHQVJDQ]QRUPDO GXUFKIORJHQ(VLVWXQVDEHUQLFKWVJHVFKHKHQ Ä'XXQGGHLQH)UHXQGHLKUVHLGNHLQH$QJHK|ULJHQXQVHUHU1DFKNRPPHQ:LU YHUP|JHQQLFKW]XVDJHQRERGHUZLHXQVHUH6WUDKOXQJHQDXIHXFKZLUNHQ7HLO ZHLVHKDVWGXHVMDVHOEVWJHVFKLOGHUW$EHUODGLUVDJHQZDVZHLWHUJHVFKDK 8QVHU3ODQJLQJLQ]ZHLIDFKHU+LQVLFKWQLFKWDXI:LUKDWWHQHUZDUWHWGDEHLGH QHXHQ9|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hEHUGDXHUQGHU=HLWPDQLIHVWLHUWKDWWHQDOVOlVWLJXQGIDOVFK $QIDQJVNDPHQVLHQRFKXQGEHULFKWHWHQXQVGDVZDVLP6\VWHPGHUQHXQ 6RQQHQJHVFKDK'DQQYHUODQJWHQVLHYRQXQVGDZLUXQVVHOEVWYHUQLFKWHWHQ 'LH*UXQGLGHHXQVHUHV9RUKDEHQVKDEHQGLH(UKDOWHUQLHYHUVWDQGHQ6LH EHWUDFKWHWHQVLFKDOV6HOEVW]ZHFNDOV+HUUVFKHUEHU]ZHLDUPHXQGXQZLVVHQGH 9|ONHU'DQQXQWHUEUDFKHQVLHRKQH:DUQXQJGLH(QHUJLHYHUVRUJXQJXQVHUHV (UKDOWXQJVV\VWHPVXQGYHUVLHJHOWHQGLHVHQ5DXP6LHNRQQWHQQLFKWZLVVHQGD ZLUHLQHYLHOJU|HUH0DFKWEHVDHQXQGGDZLULQXQVHUHU)RUPGHQQRFK EHUOHEHQZUGHQ$OOGDVJHVFKDKYRUXUGHQNOLFKHQ=HLWHQ6HLWGLHVHU=HLW H[LVWLHUHQZLUHLQVDPXQGRKQH0|JOLFKNHLWQRFKLQGLH*HVFKHKQLVVH HLQJUHLIHQ]XN|QQHQ

'LHOHLVH6WLPPHVFKZLHJ5RV\'HZLWWHEHUGDFKWHGDV*HK|UWH'LH XQJHKHXHUOLFKH*HVFKLFKWHGHV5HVWEHZXWVHLQVGHU8UYlWHUSDWHLQGDV%LOG GDVVLHELVODQJYRQGHQ*HVFKHKQLVVHQJHZRQQHQKDWWH6LH]ZHLIHOWHQLFKWDQ GHU5LFKWLJNHLWGHUJHK|UWHQ:RUWHDEHUVLHIUDJWHVLFKZLHVWDUNHLQ9HUEXQG DXV%HZXWVHLQHQVHLQPXWHXPHLQHVRODQJH=HLW]XEHUGDXHUQRKQHLQ :DKQVLQQ]XYHUIDOOHQ Ä:LOOVWGXXQVKHOIHQ"IOVWHUWHGLH6WLPPHVFKOLHOLFK Ä-DVDJWH5RV\IHVWÄ(UNOlUWPLUZLHLFKHXFKZLHGHUPLWGHU(QHUJLHGHU 6WDWLRQYHUVRUJHQNDQQXQGZLHLKUZLHGHUGLH0|JOLFKNHLWEHNRPPWGLHVH]X EHKHUUVFKHQ Ä'DVLVWXQP|JOLFK'LHQHXHQ(UKDOWHUKDEHQDOOH9HUELQGXQJHQVRQDFKKDOWLJ ]HUVW|UWGDHLQ:LHGHUDXIEDXRKQHGLH]HQWUDOH.RQWUROOHGHU6RQQHQVWDWLRQ DXVVFKHLGHW'LHOHLVH6WLPPHVFKZLHJIUHLQHQ0RPHQW'DQQIXKUVLHNDXP K|UEDUIRUWÄ'HUHLQ]LJH:HJXPXQVHXFKGHQ7DUGHOOLDQHUQXQGGHQ+XUR ]RQV]XKHOIHQLVWGLH(UKDOWHU]XEHVHLWLJHQ(VVLQG0RQVWUHQ )HKO]FKWXQJHQGLHJHQDXVRIDOVFKVLQGZLHHVXQVHUXUVSUQJOLFKHU3ODQZDU :LUJODXEHQKHXWHGDQXUGLHY|OOLJH%HIUHLXQJYRQMHJOLFKHU0DQLSXODWLRQ XQVHUQ1DFKIROJHY|ONHUQQRFKKHOIHQN|QQWHZLHGHUHLQHQDWUOLFKH([LVWHQ] DXI]XEDXHQ:LUJODXEHQDXFKGDHVHLQXQYHU]HLKOLFKHU)UHYHOZDUGLHVH (LQJULIIHYRU]XQHKPHQ0DQPXGHP*DQJGHU1DWXUVHLQHQ/DXIODVVHQ Ä*XWVDJWH5RV\Ä'DQQVDJWPLUZLHLFKGLHVH(UKDOWHUEHVHLWLJHQNDQQ :LHGHUGDXHUWHHVPHKUHUH0LQXWHQELVGLH6WLPPHDQWZRUWHWH6LHNODQJ WUDXULJXQGGHSULPLHUWÄ:LUIUFKWHQGDGLUDXFKGDVQLFKWJHOLQJHQZLUG'LH (UKDOWHUVLQGSHUIHNWH:HVHQ6LHN|QQHQVLFKQDFKHLJHQHP:LOOHQGXSOL]LHUHQ $XFKZHQQPDQHLQHQYRQLKQHQW|WHWXQGVLHN|QQHQQXUHLQHVJHZDOWVDPHQ 7RGHVVWHUEHQGHQQVLHDOWHUQQLFKWZLUNOLFKVROHEWGHUDQGHUH7HLOZHLWHUXQG NDQQVLFKZLHGHUYHUGRSSHOQ6LHN|QQHQVLFKNUDIWLKUHV*HLVWHVPLWHLQHP XQGXUFKGULQJEDUHQ(QHUJLHVFKLUPXPJHEHQGHUVRVWDELOLVWGDVHUVRJDUGHP 6RQQHQSODVPDVWDQGKlOW:LUZROOWHQGDPDOVZLUNOLFKXQYHUJlQJOLFKH:HVHQ VFKDIIHQ+HXWHZLVVHQZLUGDGLHVHLQ)HKOHUZDU:LHZLOOVWGXVLHEHVLHJHQ N|QQHQ" Ä,FKN|QQWHHV]XPLQGHVWPLW+LOIHPHLQHU)UHXQGHYHUVXFKHQDQWZRUWHWH 5RV\Ä,KUPWPLUDEHUJDUDQWLHUHQGDHVIUXQVHLQH0|JOLFKNHLWJLEW GLHVHQ)OHFN]XYHUODVVHQXQGRKQH6FKDGHQ]XXQVHUP9RON]XUFN]XNHKUHQ Ä'LH0|JOLFKNHLWEHVWHKWZHQQLKUHLQHQIHVWHQ%H]XJVSXQNWEHVLW]W]XGHPLKU ZROOW:LUPWHQGDQQ]ZDUGLH6RQQHQVWDWLRQRSIHUQXQGDXFKXQVHUXQVHOLJHV 'DVHLQDXIJHEHQDEHUGD]XZlUHQZLUJHUQEHUHLWZHQQLKUGLH(UKDOWHUW|WHQ N|QQWHW:LUZROOHQDEHUHKUOLFK]XGLUVHLQ:LUJODXEHQQLFKWGDGDVJHOLQJHQ N|QQWH Ä(JDOVDJWH5RV\Ä'LH$EPDFKXQJJLOW:LUYHUOLHUHQVRZLHVRQLFKWVGHQQ DQGHUQIDOOVPWHQZLUKLHUXPNRPPHQ6DJHPLUZRLFKGLH(UKDOWHUGHV :DKUHQILQGH 6WDWWHLQHU$QWZRUWOHXFKWHWHHLQH%LOGIOlFKHDXI(LQ3ODQZXUGHVLFKWEDUDXI GHPPHKUHUH6WHOOHQPDUNLHUWZDUHQ'LHOHLVH6WLPPHGHV5HVWEHZXWVHLQVGHU

8UYlWHUHUNOlUWH5RV\ZRVLHMHW]WZDUXQGEHUZHOFKH*lQJHXQG6FKlFKWHVLH LQGHQ]HQWUDOHQ5DXPGHU6WDWLRQJHODQJHQZUGH Ä'RUWZLUVWGXGLH(UKDOWHUILQGHQ$EHUVHLYRUVLFKWLJ(LQ/HEHZHVHQEHGHXWHW LKQHQQLFKWV 5RV\KRELKUH:DIIHÄ'DVLVWDOOHVZDVLFKKDEHPHLQWHVLHVFKHLQEDU JOHLFKJOWLJÄ+DEWLKUQLFKWV%HVVHUHV]XELHWHQ" Ä1XUXQVHUH:RUWHEHJOHLWHQGLFKIOVWHUWHGLH6WLPPHUHVLJQLHUHQG 'LHNOHLQH6RODQHULQVFKORGLH$XJHQXQGSUlJWHVLFKGHQ/DJHSODQJHQDXHLQ 'DQQYHUOLHVLHZRUWORVGHQ5DXP 526<'(:,77( 6FKRQLPHUVWHQ4XHUJDQJEHJHJQHWHVLHHLQHPGHUU|KUHQI|UPLJHQ5RERWHU6LH ]|JHUWHNHLQH6HNXQGHGDVLHGLHhEHUOHJHQKHLWGHU0DVFKLQHQ]XU*HQJHDP HLJHQHQ/HLEYHUVSUWKDWWH,KUH:DIIHVSLH)HXHUXQGGHU5RERWHUYHUVDQNLQ *OXWXQG$VFKH6LHNRQQWHQXUKRIIHQGDGHU5RERWHUQLFKWQRFKHLQH :DUQXQJDXVJHVHQGHWKDWWHGHUZHLWHUH0DVFKLQHQDODUPLHUWKDWWH 9RUVLFKWVKDOEHUYHUEDUJVLHVLFKPHKUHUH0LQXWHQLQHLQHP6HLWHQJDQJ(UVWDOV DOOHVUXKLJEOLHEZDJWHVLHHVGHQ:HJIRUW]XVHW]HQ $XVGHP3ODQGHQLKUGDV5HVWEHZXWVHLQGHU8UYlWHUJH]HLJWKDWWHZXWH 5RV\'HZLWWHZHOFKH$XVPDHGLH6RQQHQVWDWLRQHWZDKDWWH'DVLQVJHVDPW NXJHOI|UPLJH*HELOGHPXWHPLQGHVWHQVIQI.LORPHWHUGXUFKPHVVHQ'LH =HQWUDOHLQGHUVLHQLFKWQXUGLHQHXQ(UKDOWHUGHV:DKUHQVRQGHUQDXFK 6DHGHODHUHXQG,QGDFRFKHD]XWUHIIHQKRIIWHZDUQRFKEHU]ZHL.LORPHWHU HQWIHUQW (VEHXQUXKLJWHVLHQLFKWGDVLHQLFKWVEHUGDV6FKLFNVDOGHUEHLGHQ0lQQHULQ (UIDKUXQJJHEUDFKWKDWWH6LHVDJWHVLFKGDHVIUGDVZDVVLH]XWXQKDWWH RKQH%HODQJZDU:HQQGLHEHLGHQQLFKWPHKUOHEWHQVRZUGHVLHDOOHLQ YHUVXFKHQLKUHQ:HJ]XJHKHQ(LQH9RUVWHOOXQJZLHVLHGLH(UKDOWHU EHUZlOWLJHQNRQQWHEHVDVLHMHGRFKQLFKW(VZDUGHU0XWGHU9HU]ZHLIOXQJ GHUVLHYRUDQWULHE 8QEHLUUEDUVHW]WHVLHLKUHQ*DQJGXUFKGLH.RUULGRUHXQG$QWLJUDY6FKlFKWH IRUW0HKUIDFKEOLHEVLHDQ$E]ZHLJXQJHQVWHKHQXQGULHIVLFKGHQ/DJHSODQLQV *HGlFKWQLV'LH:DIIHKLHOWVLHVWlQGLJLQGHU+DQGXPHYHQWXHOO DXIWDXFKHQGHQ5RERWHUQ]XYRU]XNRPPHQ $OOPlKOLFKYHUlQGHUWHVLFKGLH8PJHEXQJ'LH*lQJHZXUGHQEUHLWHUXQGLQ GHQVHLWOLFKHQ$E]ZHLJXQJHQGLHGHQ.HUQPLWGHU]HQWUDOHQ.RQWUROOVWDWLRQ NUHLVI|UPLJXPOLHIHQZDUGLH.UPPXQJGHXWOLFKHUNHQQEDU$XFKEUDQQWHQLQ GLHVHU5HJLRQVWlQGLJGLH%HOHXFKWXQJVN|USHUZDV5RV\]XGHP6FKOXYHUDQ ODWHGDGLHQHXQ(UKDOWHUGHV:DKUHQRGHULKUH5RERWHUKLHURIWXQG UHJHOPlLJSDWURXLOOLHUWHQ ,KUH6LQQHZDUHQELV]XPlXHUVWHQDQJHVSDQQW6LHNRQQWHQLFKWPHKUDOO]XIHUQ YRQGHP3XQNWHQWIHUQWVHLQZRGDV5HVWEHZXWVHLQGHU8UYlWHUGLH(UKDOWHU

YHUPXWHWKDWWH $OVVLFKZHQLJH6FKULWWHYRULKUHLQH6HLWHQWU|IIQHWHZLFKVLHEOLW]VFKQHOO ]XUFN(LQH'HFNXQJVP|JOLFKNHLWJDEHVQLFKW$XFKRKQHQlKHUH$QJDEHQGHU 8UYlWHUZXWHGLH6ROJHERUHQHVRIRUWGDGLH*HVWDOWGLHLQGHQ*DQJWUDWHLQH GHUQHXQ(UKDOWHUZDU6LHJOLFKIDVWY|OOLJGHUYLHUWHQ0RGHOOILJXUGLHVLHLQ GHP9RUUDXP]XGHP5HVWEHZXWVHLQGHU8UYlWHUHUEOLFNWKDWWH(VKDQGHOWH VLFKXPHLQHQ(UKDOWHUPLWW\SLVFKPlQQOLFKHQ=JHQ'HU$OWHWUXJHLQHODQJH ZHLWH.XWWHGLHGLHHLJHQWOLFKHQ.|USHUIRUPHQYHUEDUJ 'HU(UKDOWHUZDQGWHVLFKLQGLHHQWJHJHQJHVHW]WH5LFKWXQJ$EHUVFKRQQDFK GHPHUVWHQ6FKULWWGUHKWHHUGHQ.RSI]XUFNXQGHUEOLFNWHGLHNOHLQH)UDX 5RV\'HZLWWHZXWHGDVLHJHJHQGDV.XQVWZHVHQGHU8UYlWHUQXUGDQQHLQH &KDQFHKDWWHZHQQVLHGLH*XQVWGHVHUVWHQ$XJHQEOLFNXQGGHUhEHUUDVFKXQJ IUVLFKQXW]WH6LHKDQGHOWHDXWRPDWLVFKXQGIHXHUWHRKQH:DUQXQJLKUH VFKXEHUHLWH:DIIHDXIGHQ$OWHQDE1RFKZlKUHQGVLHLKQWUDIGXSOL]LHUWHVLFK GDV:HVHQ(LQ]ZHLWHUY|OOLJLGHQWLVFKHU(UKDOWHUVWDQGQHEHQGHP.|USHUGHU OHEORV]X%RGHQVWU]WH :LHGHU]|JHUWHGLH)UDXNHLQH6HNXQGH6LHVSUDQJPLWEHLGHQ%HLQHQYRUDQGHQ QHXHUVWDQGHQHQ(UKDOWHUDQEHYRUGLHVHUVHLQHQN|USHUHLJHQHQ6FKXW]VFKLUP DNWLYLHUHQNRQQWH'HU$OWHWDXPHOWH]X%RGHQEOLHEDEHUEHL%HZXWVHLQGHQQ NUDIWVHLQHV:LOOHQVKOOWHHUVLFKLQGLHOHXFKWHQGH$XUDHLQHV(QHUJLHIHOGV 5RV\'HZLWWHHUNDQQWHGDVLHLKUH&KDQFHYHUVSLHOWKDWWH6LHEHVDQXUQRFK GLH+RIIQXQJGXUFKLKUHJU|HUH%HZHJOLFKNHLWGHP$OWHQEHUOHJHQ]XVHLQ 6RVFKQHOOVLHNRQQWHUDQQWHVLHGHQ*DQJ]XUFNDXIGHPVLHJHNRPPHQZDU 6FKRQQDFKZHQLJHQ0HWHUQVSUDQJVLHLQHLQHQ$QWLJUDYVFKDFKW:lKUHQGVLH QDFKXQWHQVDQNIHXHUWHVLHQDFKREHQDQGLH6HLWHQZlQGHXPGHQ(UKDOWHU DXI]XKDOWHQRGHULKP]XPLQGHVWGLH6LFKW]XYHUVSHUUHQ %HLPHUVWHQ4XHUJDQJYHUOLHVLHGHQ6FKDFKWXQGZDQGWHVLFKZLHGHULQ 5LFKWXQJGHV]HQWUDOHQ3XQNWHV6LHKRIIWHGDGXUFKGHQ9HUIROJHUDEVFKWWHOQ ]XN|QQHQGDGLHVHUQLFKWGDPLWUHFKQHQZUGHGDVLHVLFKGLUHNWLQGLH+|KOH GHV/|ZHQEHJHEHQZUGH 6LHYHUEDUJVLFKLQHLQHU1LVFKHXQGVSlKWHEHKXWVDP]XGHP$QWLJUDYVFKDFKW ]XUFN7DVlFKOLFKVFKZHEWHGRUWGHU(UKDOWHULQVHLQOHXFKWHQGHV(QHUJLHIHOG JHKOOWDQGHP6HLWHQJDQJYRUEHLLQGLHWLHIHUHQ=RQHQGHU6RQQHQVWDWLRQ 2KQH]X]|JHUQVHW]WHVLHLKUHQ:HJEHKXWVDPIRUW6LHWUDWOHLVHDXIXPLKUH $QZHVHQKHLWQLFKW]XYHUUDWHQ'LH:DIIHKLHOWVLHVFKXEHUHLWLQGHU+DQG 6FKRQEDOGVWLHVLHDXIHLQHQ4XHUJDQJGHUVRJHNUPPWZDUGDVLH XQPLWWHOEDUGDKLQWHUGLH=HQWUDOHYHUPXWHWH6LHZLFKGHUJHJHQEHUOLHJHQGHQ 7UDXVXPHLQDXWRPDWLVFKHVgIIQHQ]XYHUPHLGHQ 'HU5XQGJDQJZDUDQGHU$XHQVHLWHPLWXQEHNDQQWHQ*HUlWHQDXVJHVWDWWHW 'D]ZLVFKHQEHIDQGHQVLFKPHKUHUH7UHQ$XFKGLHVHQZLFKGLH)UDXJHVFKLFNW DXV :HQLJH6FKULWWHYRULKUILHO/LFKWDXVGHU,QQHQVHLWHGHV5XQGJDQJV6LHSLUVFKWH VLFKYRUVLFKWLJKHUDQ'LH:DQGZDUYRQHLQHP)HQVWHUXQWHUEURFKHQGXUFKGDV VLHLQGDV,QQHUHGHV]HQWUDOHQ.RQWUROOUDXPVEOLFNHQNRQQWH

:DVVLHVDKOLHLKUGHQ$WHPVWRFNHQ*OHLFK]HLWLJHPSIDQGVLHDEHUDXFK )UHXGHGHQQ$ODVND6DHGHODHUHXQG*UDQHU,QGDFRFKHDOHEWHQ 6LHOHEWHQQRFKNRUULJLHUWHVLHLKUHQ*HGDQNHQGHQQGDVZDVVLHVDKOLH QLFKWV*XWHVDKQHQ 'LHEHLGHQ0lQQHUKLQJHQPLWJHIHVVHOWHQ+lQGHQYRQGHU'HFNHKHUDE ,P+DOENUHLVYRULKQHQVWDQGHQHWZDHLQ'XW]HQGGHU(UKDOWHU'DGDV 5HVWEHZXWVHLQGHU8UYlWHUYRQLQVJHVDPWQHXQ(UKDOWHUQGHV:DKUHQ JHVSURFKHQKDWWHQDKP5RV\DQGDHLQLJHYRQLKQHQVLFKJHUDGHYHUGRSSHOW KDWWHQ7DWVlFKOLFKHUEOLFNWHVLHEHLQlKHUHU%HWUDFKWXQJDXFKDFKW(UKDOWHUGLH VLFKSDDUZHLVHY|OOLJJOLFKHQ'LH+HUUQGHU6RQQHQVWDWLRQWUXJHQWHLOV ZHLEOLFKHXQGWHLOVPlQQOLFKH=JH6LHDOOHZDUHQLQODQJHZHLH8PKlQJH JHNOHLGHW 'LHWUDQVSDUHQWH6FKHLEHYHUVFKOXFNWHGLH*HUlXVFKHDXVGHP,QQHUQ YROOVWlQGLJ1XUDQGHQ*HVWHQXQG%HZHJXQJHQGHU(UKDOWHUNRQQWHGLH)UDX HUNHQQHQGDGLHVHDXIJHEUDFKWPLW6DHGHODHUHXQG,QGDFRFKHDGLVNXWLHUWHQ 'HU0DQQPLWGHU0DVNHYHUKLHOWVLFKY|OOLJUXKLJ,QGDFRFKHDVFKULHPLW KRFKURWHP.RSIGHQ(UKDOWHUQLUJHQGHWZDV]X 3O|W]OLFKO|VWHVLFKHLQHUGHU(UKDOWHUDXVGHP.UHLV(UWUDWYRUHLQHGHU ]DKOUHLFKHQ0DVFKLQHQXQG6WHXHUSXOWHGLHGHQ]HQWUDOHQ5DXPDXVIOOWHQ$OV HU]XVSUHFKHQEHJDQQNRQQWH5RV\'HZLWWHGLH6WLPPHK|UHQ6LHGUDQJLQGHU VFKRQEHNDQQWHQ:HLVHYRQDOOHQ6HLWHQDQLKU2KU Ä+LHUVSUHFKHQGLH(UKDOWHUGHV:DKUHQ:LUZHQGHQXQVDQGHQHLQHQ +XUR]RQGHUQRFKIUHLLQGHU6WDWLRQKHUXPOlXIW:LUKDEHQGHLQHEHLGHQ %HJOHLWHULQXQVHUHU*HZDOW:HQQGXGLFKQLFKWIUHLZLOOLJVWHOOVWZHUGHQZLUVLH W|WHQ(LQHUGHLQHU)UHXQGHZLUGGLUGLHVEHVWlWLJHQ 'HU(UKDOWHUWUDWYRQGHU0DVFKLQH]XUFN,QVHLQHU+DQGKLHOWHUHLQIDVW GXUFKVLFKWLJHV*HELOGHGDVZLHVFKZHUHORVPLWLKPJOLWW(USRVLWLRQLHUWHGDV 'LQJYRU*UDQHU,QGDFRFKHDV.RSI'HU%LRJHQ'LJQRVWLNHUVFKOXFNWHHLQ SDDUPDO'DQQEHJDQQHULQGHU6SUDFKHGHU(UKDOWHU]XUHGHQ(UEHVWlWLJWHGDV ZDVGHU(UKDOWHUJHVDJWKDWWH 3O|W]OLFKZHFKVHOWHHUDEHUDXI,QWHUNRVPRXQGVDJWHVFKQHOO Ä1LFKWVWHOOHQ6LHZROOHQXQVRKQHKLQW|WHQ'HU(UKDOWHU]RJGDV*HELOGHGDV GLH6SUDFKHGHV6ROJHERUHQHQEHUWUDJHQKDWWHEOLW]VFKQHOO]XU6HLWH'DQQ VFKULHHUGHQ0DQQDQDEHU5RV\NRQQWHGLHVH:RUWHQLFKWPHKUYHUVWHKHQ GHQQGLH$QODJHZDUVFKRQGHVDNWLYLHUW:WHQGVFKOXJGHU(UKDOWHU,QGD FRFKHDLQV*HVLFKWDEHUGHUJULQVWHQXUK|KQLVFK]XUFN$OVGHU(UKDOWHULKP ]XQDKNDPWUDWHUQDFKLKP,UJHQGHLQH(LQULFKWXQJ]RJGHQJHIHVVHOWHQ0DQQ GDUDXIKLQHLQ6WFNQDFKREHQVRGDVHLQH%HLQHGHQ%RGHQQLFKWPHKU EHUKUWHQ 5RV\'HZLWWHVSUWH3DQLNXQG$QJVWLQVLFKDXINRPPHQ,KU9HUVWDQGVDJWH LKUGDVLHDOOHLQNHLQH&KDQFHJHJHQGLHhEHUPDFKWGHUQDKH]XXQDQJUHLIEDUHQ (UKDOWHUKDWWH*OHLFK]HLWLJVSUWHVLHDEHUGHQXQZLGHUVWHKOLFKHQ'UDQJGHQ EHLGHQ0lQQHUQ]XKHOIHQ $XVHLQHP7HLOGHV]HQWUDOHQ5DXPHVLQGHQVLHQLFKWHLQEOLFNHQNRQQWH

VFKZHEWHQ]ZHL5RERWHUKHUEHL(LQOHLFKWHV)OLPPHUQGHU/XIW]HLJWHDQGD VLHLKUHHQHUJHWLVFKHQ)HOGHUQDFKGHQEHLGHQ0lQQHUQDXVVWUHFNWHQ'LH 9HUDQNHUXQJDQGHU'HFNHO|VWHVLFK6DHGHODHUHXQG,QGDFRFKHDNRQQWHQLKUH $UPHZLHGHUQDFKXQWHQQHKPHQ'HU6ROJHERUHQHGHUIDVWHLQHQKDOEHQ0HWHU LQGHU/XIWJHKDQJHQZDUVWU]WH]X%RGHQ'DV)HVVHOIHOGGHV5RERWHUVULLKQ DEHUVRJOHLFKZLHGHULaLGLH+|KH5RV\NRQQWHHUNHQQHQGDGHU0DQQZWHQG VFKULH 'LH5RERWHUWUDQVSRUWLHUWHQGLH0lQQHU]XUJHJHQEHUOLHJHQGHQ6HLWHGHV =HQWUDOUDXPV0HKUHUHXQEHNDQQWH(LQULFKWXQJVJHJHQVWlQGHYHUVSHUUWHQ5RV\ GLH6LFKW'DIUK|UWHVLHDEHUHLQH7UGLHVLFKSIHLIHQG|IIQHWH'DV*HUlXVFK NRQQWHVLFKQXUEHUGHQNUHLVI|UPLJHQ*DQJ]XLKUDXVJHEUHLWHWKDEHQ$OVR KDWWHQGLH5RERWHU$ODVNDXQGGHQ6ROJHERUHQHQDXVGHP5DXPJHVFKDIIW 5RV\PDFKWHVLFKNOHLQXQGHLOWHXQWHUGHP)HQVWHUKLQGXUFKGHQ*DQJHQWODQJ 6LHZROOWHYHUVXFKHQKHUDXV]XEHNRPPHQZRKLQPDQGLHEHLGHQVFKDIIWH9RU VLFKWLJVFKOLFKVLHVLFKDQGHU5XQGXQJHQWODQJ (LQHNOHLQH1LVFKHGLHLQGLHlXHUH6HLWHQZDQGHLQJHODVVHQZDUERWLKUJXWH 'HFNXQJ)HUQHUNDPLKU]XJXWHGDLQGLHVHP$XJHQEOLFNGHU*URWHLOGHU%H OHXFKWXQJLQGHP*DQJDEJHVFKDOWHWZXUGH9RUVLFKWLJVWUHFNWHVLHLKUHQ.RSI XPGHQ5DQGGHU1LVFKH ,QHWZD]ZDQ]LJ0HWHUQ(QWIHUQXQJEUDQQWHQRFKHLQHHLQ]HOQH'HFNHQOHXFKWH 8QPLWWHOEDUGDKLQWHUHUEOLFNWHVLHHLQHQ(UKDOWHUGHUDXIHLQHP+RFNHUYRUHLQHU YHUVFKORVVHQHQ7UVD+LQWHUGHP(UKDOWHUGHUGDV$XVVHKHQHLQHUDOWHQ)UDX KDWWHVWDQGHLQHUGHUU|KUHQI|UPLJHQ5RERWHU 'LH6ROJHERUHQH]ZHLIHOWHNHLQH6HNXQGHGDUDQGDHVVLFKEHLGHP(UKDOWHU XQGGHP5RERWHUXPHLQ:DFKNRPPDQGRKDQGHOWH+LQWHUGHUYHUVFKORVVHQHQ 7UYHUPXWHWHVLH$ODVND6DHGHODHUHXQG*UDQHU,QGDFRFKHD 6LHYHUKLHOWVLFKY|OOLJVWLOOXQGDWPHWHQXUJDQ]YRUVLFKWLJXPVLFKQLFKW]X YHUUDWHQ1DFKHLQHU0LQXWHGHV1DFKGHQNHQVXQGGHV=ZHLIHLQVVWDQGLKU3ODQ IHVW6LHZROOWHGLHEHLGHQ0lQQHUDXVGHU*HIDQJHQVFKDIWEHIUHLHQ$OOHLQKDWWH VLHNHLQH&KDQFHJHJHQGLHQHXQ(UKDOWHUGHV:DKUHQXQGLKUH5RERWHU$EHU DXFKGHUHLQH(UKDOWHUXQGVHLQ%HJOHLWURERWHUVWHOOWHQHLQHVFKLHU XQEHUZLQGOLFKH6FKUDQNHGDU 5RV\'HZLWWHULHIVLFKLQV*HGlFKWQLVZDVGDV5HVWEHZXWVHLQGHU8UYlWHUEHU GLH(UKDOWHUJHVDJWKDWWH6LHVDJWHVLFKGDGLHVH.XQVWZHVHQHKHU$QGURLGHQ ZDUHQDOVZDKUH/HEHZHVHQ'DPLWYHUVXFKWHVLHLKUHHLJHQHQ6NUXSHOIUHLQHQ hEHUIDOORKQH:DUQXQJ]XEHVHLWLJHQ6LHZXWHGDVLHQXUVRHLQH&KDQFH KDWWHGLH$OWHXQGLKUHQ5RERWHU]XEHUZlOWLJHQ:HQQGDV:HVHQVLFKHUVW GXSOL]LHUWKDWWHXQGVLFKLQGHQXQGXUFKGULQJOLFKHQ(QHUJLHVFKLUPKOOWHZDUVLH KRIIQXQJVORVXQWHUOHJHQ:DKUVFKHLQOLFKEHVDHQVLHGDQQDOOHGUHLNHLQH &KDQFHPHKUXQEHVFKDGHWDXVGHU6RQQHQVWDWLRQ]XHQWNRPPHQ :lKUHQGVLHVRUJIlOWLJGLH:DIIHYRUEHUHLWHWHNDPHQLKUHUQHXW=ZHLIHO%HVD VLHZLUNOLFKGDV5HFKWGLH$OWHRKQH:DUQXQJDQ]XJUHLIHQ" 5RV\'HZLWWHNRQQWHVSlWHUQLFKWVDJHQREVLHVLFKGXUFKHLQ*HUlXVFK EHPHUNEDUJHPDFKWKDWWHRGHUREGLH$OWHRKQH*UXQGSO|W]OLFKDXIVWDQGXQGLQ

LKUH5LFKWXQJEOLFNWH'LHNOHLQH6ROJHERUHQHKDQGHOWHZLHHLQ$XWRPDW,KUH :DIIHVSLH)HXHUDXIGHQ (UKDOWHUGHV:DKUHQXQG]HUVWUDKOWHGDV:HVHQIDVW YROOVWlQGLJ6LHOLHGHQ)LQJHUDP$E]XJXQGGLULJLHUWHGLH:DIIHDXIGHQ 5RERWHU%HYRUGLHVHU]XHLQHU*HJHQUHDNWLRQIlKLJZDUVDQNDXFKHU]X%RGHQ 0LWVFKQHOOHQ6FKULWWHQVWDQGVLHYRUGHU7UKLQWHUGHUVLHGLHEHLGHQ0lQQHU YHUPXWHWH,KUH$XJHQIORJHQKLQXQGKHUXQGVXFKWHQGHQgIIQXQJVPHFKDQLV PXV$EHUVLHIDQGQLFKWVZDVLKUKHOIHQNRQQWHGLH7U]X|IIQHQ 5DVFKEOLFNWHVLHQDFKUHFKWVXQGOLQNV$XIGHP5XQGJDQJZDUMHGRFKQLHPDQG ]XVHKHQ (UQHXWVSLHGLH:DIIH)HXHU6LHKLHOWDXIGLH6WHOOHQGHU7UZRVLHGHQ gIIQXQJVPHFKDQLVPXVYHUPXWHWH'DQQOLHVLFKGHUVFKZHUH6WDKOIOJHO SO|W]OLFKQDFKLQQHQGUFNHQ :HQLJH6FKULWWHYRULKUVWDQGHQ$ODVND6DHGHODHUHXQG*UDQHU,QGDFRFKHD'HU %LRJHQ'LDJQRVWLNHUVWDUUWHGLH)UDXDQDOVVHLVLHGLHSHUVRQLIL]LHUWH.DLVHULQ YRQ7KHUP$OVHU]XHLQHP-XEHOVFKUHLDQKRE]LVFKWH5RV\EOLW]VFKQHOO Ä5XKH 6LHZLQNWHGHQEHLGHQGLHLKUUDVFKDXIGHQ*DQJIROJWHQ1RFKVFKLHQHQGLH (UKDOWHUQLFKWJHPHUNW]XKDEHQZDVJHVFKHKHQZDU2KQHVLFKXP]XGUHKHQ HLOWH5RV\GHQ:HJ]XUFN]XGHU6WHOOHZRVLHVLFKHLQHQ$QWLJUDYVFKDFKW JHPHUNWKDWWH.DXPZDUHQVLHLQGHU5|KUHDOVYRQREHQODXWHXQGHUUHJWH 6WLPPHQ]XK|UHQZDUHQ(UVWMHW]WEOLFNWHVLHHLQPDOQDFKREHQXQGVDKGD 6DHGHODHUHXQG,QGDFRFKHDLKUGLFKWDXIIROJWHQ 'DVLHVLFKEHUHLWVHLQHQ)OXFKWSODQ]XUHFKWJHOHJWKDWWHZXWHVLHJHQDXZDV]X WXQZDU'HU/DJHSODQGHULKUYRQGHP5HVWEHZXWVHLQGHU8UYlWHUJH]HLJW ZRUGHQZDUNDPLKUGDEHL]X+LOIH $QGHUQlFKVWHQ$E]ZHLJXQJYHUOLHVLHGHQ$QWLJUDYVFKDFKWXQGHLOWHHLQHQ 5XQGJDQJHQWODQJGHUJHQDXXQWHUGHPODJGHUGHQ=HQWUDOUDXPXPJDE,QGD FRFKHDEHJDQQVFKRQ]XNHXFKHQGHQQGLH)UDXOHJWHHLQPlFKWLJHV7HPSRYRU 'HUKDJHUH6DHGHODHUHKDWWHNHLQH6FKZLHULJNHLWHQLKU]XIROJHQ hEHUHLQHQDQGHUHQ$QWLJUD9VFKDFKWJOLWWHQGLHGUHLZLHGHUQDFKREHQ'LHVZDU GHUJHIlKUOLFKVWH7HLOGHU)OXFKWVWUHFNHGHQQIUEHUHLQH0LQXWHVFKZHEWHQ VLHLQGHP6FKDFKW:HQQMHW]WREHURGHUXQWHUKDOEGHUGUHLGLH(UKDOWHURGHU LKUH5RERWHUDXIWDXFKHQZUGHQZlUHGLH)OXFKWYHUJHEHQVJHZHVHQ 5RV\DWPHWHDXIDOVVLHHQGOLFKGLHJHZQVFKWH$E]ZHLJXQJHUUHLFKWKDWWHQ 'DQQZDUHQHVQXUQRFKZHQLJH6FKULWWHELV]XHLQHP9RUUDWVODJHUGHVVHQ7U VLFKVHOEVWlQGLJ|IIQHWHDOVVLHVLFKQlKHUWH ,P,QQHUQVSUDQJDXWRPDWLVFKGLH%HOHXFKWXQJDQ'LH7UJOLWWOHLVHLQGLH 9HUULHJHOXQJ (UVWMHW]WKDWWHGLH)UDX=HLWVLFKGLHEHLGHQ0lQQHULQ5XKH]XEHWUDFKWHQ,KUH +lQGHZDUHQQRFKLPPHUJHIHVVHOW)UHLQHQ0RPHQWGDFKWHVLHGDUDQGDGHU %HIUHLXQJVYHUVXFKPLWJURHU:DKUVFKHLQOLFKNHLWJHVFKHLWHUWZlUHZHQQPDQ GHQ0lQQHUQDXFKQRFKGLH)H]XVDPPHQJHEXQGHQKlWWH Ä*XWJHPDFKWVDJWH,GDFRFKHDVFKZHUDWPHQG6DHGHODHUHKLHOWGHU)UDX ZRUWORVGLHJHIHVVHOWHQ+lQGHKLQ'LHEUHLWHQ6WDKOElQGHUOLHHQVLFKQLFKW

RKQHZHLWHUHVHQWIHUQHQ5RV\'HZLWWHVFKRELKUH:DIIH]ZLVFKHQGLH 6WDKOIHVVHOXQGGUFNWHNXU]DE'DV0HWDOOSROWHUWH]X%RGHQ'DQQEHIUHLWHVLH ,QGDFRFKHDDXIGLHJOHLFKH:HLVH Ä(VLVW]LHPOLFKXQZDKUVFKHLQOLFKVDJWHVLHGDQQÄGDPDQXQVKLHUVHKUEDOG ILQGHW(VJLEWHLQH8QPHQJHYRQ.DPPHUQXQG/DJHUQLQGHUULHVLJHQ6RQ QHQVWDWLRQ Ä:RKHUZLVVHQ6LHGDV"IUDJWHGHU7UDQVPLWWHUJHVFKlGLJWH 5RV\'HZLWWHHU]lKOWHGHQEHLGHQDXVIKUOLFKZDVVLFK]XJHWUDJHQKDWWHVHLWGLH 0lQQHUVLHYHUODVVHQKDWWHQ6DHGHODHUHXQG,QGDFRFKHDKDWWHQYLHOZHQLJHU]X EHULFKWHQGDVLHGLHPHLVWH=HLWRKQH%HZXWVHLQJHZHVHQZDUHQ1DFKGHU hEHUZlOWLJXQJGXUFKGDV5RERWNRPPDQGRZDUHQVLHHUVWLQGHP=HQWUDOUDXP ZLHGHUHUZDFKW$XFKGDQQKDWWHQVLHQLFKWJHZXWZRVLHVLFKEHIDQGHQ Ä)LQGHQ6LH]XGHP5DXPPLWGHP5HVWEHZXWVHLQ]XUFN"IUDJWH6DHGHODHUH GLHVFKZDU]KDDULJH6ROJHERUHQH Ä1DWUOLFKDQWZRUWHWH5RV\Ä$EHUGDPLWO|VHQZLUGDV3UREOHPPLWGHQQHXQ (UKDOWHUQQLFKW Ä$FKWNRUULJLHUWHVLHGHU0DVNHQWUlJHU Ä1DWUOLFK5RV\'HZLWWHZLUNWHSO|W]OLFKVHKUPGHÄ9HUJHVVHQ6LHQLFKWGD PLFKDOOHVGRFKPHKUPLWJHQRPPHQKDWDOVLFKQDFKDXHQKLQ]HLJH $ODVNDVFKOXJGHQEHLGHQ6ROJHERUHQHQYRUVLFKHUVWHLQPDODXV]XUXKHQ=X ODQJHZDUHQVLHQXQVFKRQJHMDJWXQGYRQHLQHP$EHQWHXHULQGDVDQGHUH JHVWU]WZRUGHQ,KPVHOEVWDOV7UlJHUHLQHV=HOODNWLYDWRUVPDFKWHGLHODQJH=HLW RKQH6FKODIXQG(UKROXQJYLHOZHQLJHUDXV Ä,FKEHUQHKPHGLHHUVWH:DFKHVDJWHGHU0DVNHQWUlJHU5RV\XQG,QGDFRFKHD ZDUHQHLQYHUVWDQGHQ$QGHP0DQQGHUKDUWH(LQVlW]HQLFKWJHZRKQWZDUZD UHQGLH6SXUHQGHU%HODVWXQJGHXWOLFKLP*HVLFKWDE]XOHVHQ 'LH7HPSHUDWXUHQLP,QQHUQGHV9RUUDWVODJHUVZDUHQHUWUlJOLFK'LHEHLGHQ 6ROJHERUHQHQOHJWHQVLFK]ZLVFKHQGLH*HUlWHNLVWHQXQGVFKRQQDFKNXU]HU=HLW YHUULHWHQLKUHJOHLFKPlLJHQ$WHP]JHGDVLHHLQJHVFKODIHQZDUHQ $ODVND6DHGHODHUHZDUDOOHLQ(UZDUVRDOOHLQZLHHUVLFKLQVHLQHU6WHOOXQJ LQQHUKDOEGHUPHQVFKOLFKHQ*HVHOOVFKDIWVHOEVWVDK(UEHUGDFKWHIUVLFKGLH 6LWXDWLRQZlKUHQGHUEHZHJXQJVORVGDVWDQG6HLQHOLQNH+DQGJOLWWEHUGLH NOHLQH(UK|KXQJVHLQHU.RPELQDWLRQZRDXIVHLQHU%UXVWGHU=HOODNWLYDWRUVHLQH OHEHQVHUKDOWHQGHQ,PSXOVHDEVWUDKOWH'DQQJOLWWGLHVHKQLJH+DQGEHUGLH 5lQGHUGHU0DVNHLQVHLQHP*HVLFKW6HLQH)LQJHUJOLWWHQNXU]XQWHUGLH0DVNH XQGEHUKUWHQGHQIUHPGHQ2UJDQNOXPSHQ 6RVWDQGHUPHKUHUH0LQXWHQ6HLQ9HUVWDQGDUEHLWHWHNRQ]HQWULHUWXQGGUlQJWH DOOH*HIKOHLQGDV8QWHUEHZXWVHLQ]XUFN'LH)DNWHQGLHEHNDQQWZDUHQ]R JHQHPRWLRQVORVYRUVHLQHPJHLVWLJHQ$XJHYRUEHL (UYHUJHZLVVHUWHVLFKGDGLHEHLGHQ6ROJHERUHQHQIHVWVFKOLHIHQ 'DQQJLQJHU]XP$XVJDQJGHV9RUUDWVODJHUV $ODVND6DHGHODHUHZXWHZDVHU]XWXQKDWWH(UZXWHHVJDQ]JHQDX

$/$6.$6$('(/$(5( (VPXHWZDVJHVFKHKHQGDGLH/DJHJUXQGOHJHQGYHUlQGHUWVDJWHHUVLFK ZlKUHQGHUGXUFKGLH*lQJHXQG$QWLJUDYVFKlFKWHGHU6RQQHQVWDWLRQLQ 5LFKWXQJGHV=HQWUXPVGUDQJ(LQHZLOGH(QWVFKORVVHQKHLWEHVHHOWHGHQ 7UDQVPLWWHUJHVFKlGLJWHQ:HQQLKP=ZHLIHODQVHLQHP9RUKDEHQNDPHQULHIHU VLFKHLQ%LOGLQV*HGlFKWQLV 'UHL0HQVFKHQLP,QQHUQHLQHUIUHPGDUWLJHQKRFKNRPSOL]LHUWHQ6WDWLRQGLHLQ HLQHU6RQQHYHUERUJHQZDU8PJHEHQYRQ*HIDKUHQXQGLUUJHOHLWHWHQ.XQVW VFK|SIXQJHQGLHGDV/HEHQ]ZHLHU9|ONHUPDQLSXOLHUWHQXQGOHQNWHQGLHJHJHQ MHGHYHUQQIWLJH*UXQGORJLNGHU1DWXUYHUVWLHHQXQGGLHGDV/HEHQGHUGUHL 0HQVFKHQEHGURKWHQ Ä/HEHQhEHUOHEHQ.DPSIPXUPHOWH6DHGHODHUHYRUVLFKKLQXQGJOLWWLQGHQ 6FKDFKWGHULKQDXIGDV1LYHDXGHV=HQWUDOUDXPVEULQJHQVROOWH6HLQH:DIIH VWHFNWHLP*UWHO)UGDVZDVHUYRUKDWWHEUDXFKWHHULQHUVWHU/LQLHVHLQH +lQGH8QGLQ]ZHLWHU/LQLH 6HLQ%OLFNJOLWWZDFKVDPEHUGLH*lQJHXQG:lQGH,UJHQGZRZHLWKLQWHQRGHU REHQRGHUXQWHQZXWHHUGLHEURGHOQGH0DVVHGHV6RQQHQSODVPDVDEJHVFKLUPW YRQHLQHUEHUZlOWLJHQGHQWHFKQLVFKHQ0DVFKLQHULH(LQEHNOHPPHQGHV*HIKO GHV(LQJHVFKORVVHQVHLQVEHVFKOLFKLKQ /DQJVDPVFKULWWGHUJURHKDJHUH0DQQZHLWHU(UKDWWH*OFNGHQQQLHPDQG EHJHJQHWHLKP:DKUVFKHLQOLFKKDWWHVLFKGLH6XFKHQDFKGHQ(LQGULQJOLQJHQLQ HLQHDQGHUH5HJLRQYHUODJHUW $ODVND6DHGHODHUHHUUHLFKWHGHQLQQHUHQ5LQJJDQJGHUGHQ=HQWUDOUDXPXPJDE (UWDVWHWHVLFKEHKXWVDPDQGHU:DQGHQWODQJLPPHUEHGDFKWNHLQHQ/DXW]X YHUXUVDFKHQ $OVHUHLQIUHPGDUWLJHV*HUlXVFKK|UWHYHUEDUJHUVLFKLQHLQHPNOHLQHQ 6HLWHQJDQJ(U]RJGLH:DIIHXQGZDUWHWH:HQLJH0HWHUYRULKPJOLWWHQ]ZHL U|KUHQI|UPLJH5RERWHUYRUEHLRKQHLKQ]XEHPHUNHQ'LH0DVFKLQHQZDUHQ KRFKWHFKQLVFKH*HELOGHDEHULUJHQGZLHZDUHQVLHXQIlKLJGHQ0HQVFKHQ JHJHQEHUORJLVFK]XUHDJLHUHQ,KU(UNHQQXQJVYHUP|JHQZDUQXUVHKUEHGLQJW DXVJHELOGHWZLHVLFKVFKRQDXVGHQIUKHUHQ%HJHJQXQJHQJH]HLJWKDWWH $QGHUHUVHLWVZXUGH6DHGHODHUHQXQZLHGHUEHZXWGDGLHHLJHQWOLFKH*HIDKU QLFKWQXULQGHQ(UKDOWHUQODJ 1DFKHLQHU:HLOHVHW]WHHUVHLQHQ:HJIRUW(UIDQGGDVWUDQVSDUHQWH)HOGGXUFK GDV5RV\'HZLWWHGDV,QQHUHGHV]HQWUDOHQ5DXPHVEHREDFKWHWKDWWH9RUVLFKWLJ ZDUIHUHLQHQ%OLFNQDFKLQQHQ (UHUNDQQWHYLHU(UKDOWHUGHV:DKUHQGLHGLVNXWLHUHQGYRUGHU+DXSWVFKDOWWDIHO VWDQGHQ.HLQVGHU:HVHQKDWWHVLFKGXSOL]LHUWGHQQDOOHYLHUXQWHUVFKLHGHQVLFK GHXWOLFKLQGHQlXHUHQ0HUNPDOHQ 6DHGHODHUHJLQJGHQ*DQJ]XUFNELVHUDQHLQHQ(LQJDQJNDPGHULQGHQ =HQWUDOUDXPIKUWH'DV7RU|IIQHWHVLFKLQGHUJHZRKQWHQ:HLVHVHOEVWlQGLJ 0LWVFKQHOOHQ6FKULWWHQJLQJHULQGHQ5DXPXQGDXIGLHYLHU(UKDOWHU]X'DEHL ]RJHUVHLQH:DIIHXQGKLHOWGLHVHPLWGHP*ULIIYRUDQGHQYLHU.XQVWZHVHQ

HQWJHJHQ 'LHEHUJURHQ$XJHQYRQMH]ZHLDOWHQ0lQQHUQXQG)UDXHQVWDUUWHQLKQ VHNXQGHQODQJDQ'DQQYHUGRSSHOWHQVLFKGLHYLHU(UKDOWHUXQGDOOHDFKWKOOWHQ VLFKLQLKUHN|USHUHLJHQHQ(QHUJLHVFKLUPH Ä,FKVWHOOHPLFKIUHLZLOOLJVDJWHGHU7UDQVPLWWHUJHVFKlGLJWHLQVHLQHU KROSULJHQ6SUHFKZHLVHÄ5XIWHXUH5RERWHUGDPLWVLHPLFKDEIKUHQRGHU W|WHQ =XU8QWHUVWUHLFKXQJGHV*HVDJWHQKREHUEHLGH$UPHLQ.RSIK|KH6HLQH$XJHQ PXVWHUWHQYROOHU.RQ]HQWUDWLRQMHGH*HVWHGHU(UKDOWHUXQGMHGH(LQ]HOKHLWGHU (LQULFKWXQJ 'LH(UKDOWHUZDUHQVLFKWOLFKEHUUDVFKW 'DVPVVHQVLHDXFKVHLQGDFKWH$ODVNDGHQQHVVLQG]ZDUNQVWOLFKH:HVHQ DEHULPPHUQRFKVROFKHDXV)OHLVFKXQG%OXW (LQ3DDUGHU(UKDOWHUZDQGWHVLFKHLQHU6WHXHUHLQKHLW]X Ä,FKUXIHGLH5RERWHUVDJWHGLHHLQHGHUEHLGHQDOWHQ)UDXHQ Ä(VLVWJXWGDGXGLFKVWHOOVWVDJWHGLHDQGHUH$OWHÄGHQQLKUKDEWNHLQH &KDQFH Ä'DVZHUGHQZLUQRFKVHKHQ'LH6WLPPHGHV7HUUDQHUVNODQJGXPSI0LWHLQHU EOLW]VFKQHOOHQ%HZHJXQJULHUGLH0DVNHYRP*HVLFKW 'DV,UUOLFKWGHV&DSSLQ)UDJPHQWV]XFNWHLQYLHOIlOWLJHQ)DUEQXDQFHQGXUFKGHQ 5DXP'LHYLHU3DDUHGHU(UKDOWHUHUVWDUUWHQ8QYHUZDQGWODJGHU%OLFNLKUHU JURHQ$XJHQDXIGHPOHXFKWHQGHQ2UJDQNOXPSHQ 'HU:DKQVLQQVFKOXJ]X'LHDFKW:HVHQVFKULHQVFKPHU]JHSHLQLJWDXI'LH (QHUJLHVFKLUPHGHU(UKDOWHUEHJDQQHQ]XIODFNHUQ(VKDWWHGHQ$QVFKHLQDOVRE VLHQDFKHLQHU0|JOLFKNHLWVXFKWHQGDVZDKQVLQQVYHUEUHLWHQGH/LFKW]X DEVRUELHUHQ 'DQQVWU]WHQGLH(UKDOWHUMDPPHUQGXQGWRUNHOQGEHUHLQDQGHU(LQHUGHU$OWHQ YHUVXFKWHQRFKLPOHW]WHQ0RPHQWGHVJHLVWLJHQ:DFKVHLQVVHLQH:DIIH]X ]LHKHQDEHUGDVFKOXJGHU7RG]X 6HNXQGHQVSlWHUODJHQDFKWOHEORVH*HVWDOWHQDXIGHP%RGHQ(LQPHUNZUGLJHU 3UR]HYROO]RJVLFK1RFKLP7RGYHUHLQLJWHQVLFKGLH3DDUH]XLKUHP8U VSUXQJVZHVHQ'LHN|USHUHLJHQHQ(QHUJLHVFKLUPHZDUHQHUORVFKHQ $ODVND6DHGHODHUHVHW]WHVHLQH0DVNHZLHGHUDXI(UWUDW]XGHQYLHUOHEORVHQ *HVWDOWHQXQGXQWHUVXFKWHVLH(UVWDOVHUJDQ]VLFKHUZDUGDVLHZLUNOLFKDXV GHP'DVHLQJHVFKLHGHQZDUHQZDQGWHHUVLFKGHUQlFKVWHQ$XIJDEH]X (UWUDWDQGLH.RQWUROOHLQKHLW]XU6WHXHUXQJGHU5RERWHU'DV3ULQ]LSGHU$QODJH ZDUQLFKWVFKZHU]XGXUFKVFKDXHQ(UGHVDNWLYLHUWHVlPWOLFKH)XQNWLRQHQLQGHU +RIIQXQJVLFKGDGXUFKGLHVHJHIlKUOLFKHQ*HJQHUYRUHUVWYRP/HLE]XKDOWHQ 'DQQVHW]WHHUVLFKLQHLQHGXQNOH(FNH]ZLVFKHQ]ZHLPHWHUKRKH6FKUlQNHXQG ZDUWHWH'LHQRFKIHKOHQGHQYLHU(UKDOWHUGHV:DKUHQNRQQWHQQLFKWODQJHDXI VLFKZDUWHQODVVHQVDJWHHUVLFKGHQQGLH0DQLSXODWLRQGHU$QODJH]XU 6WHXHUXQJGHU5RERWHUNRQQWHLKQHQQLFKWYHUERUJHQEOHLEHQ $ODVND6DHGHODHUHHUOHEWHHLQHNOHLQHhEHUUDVFKXQJDOVVLFKGDV7RU]XP =HQWUDOUDXP|IIQHWH9RUGHQYRUJHKDOWHQHQ:DIIHQGHUYLHU(UKDOWHUWUDWHQ

5RV\'HZLWWHXQG*UDQHU,QGDFRFKHDLQGHQ5DXP'LHEHLGHQ6ROJHERUHQHQ PDFKWHQHLQHQHUVFK|SIWHQ(LQGUXFN 'HU%OLFNGHU(UKDOWHUILHODXIGLHYLHUOHEORVHQ*HVWDOWHQDP%RGHQ6LHVWLHHQ ZWHQGH6FKUHLHDXVXQGGXSOL]LHUWHQVLFKDOOHYLHUJOHLFK]HLWLJ'LHQHXHUVWDQ GHQHQ(UKDOWHUWUDWHQ]XGHQ7RWHQXQGXQWHUVXFKWHQVLH6LHVFKLHQHQYRUHLQHP 5lWVHO]XVWHKHQXQGVFKULHEHQGHQ7RGRIIHQVLFKWOLFKGHQ(LQGULQJOLQJHQ]X $XIJHEUDFKWNDPHQVLHDXI5RV\XQG,QGDFRFKHD]XXQGVFKULHHQVLHDQ $OVVLHPLWGHQ:DIIHQGURKHQGKHUXPIXFKWHOWHQVDK$ODVNDGHQ0RPHQW JHNRPPHQXPHLQ]XJUHLIHQ Ä+DOWULHIHUODXWXQGWUDWDXVVHLQHP9HUVWHFN $FKWEHUJURH$XJHQSDDUHVWDUUWHQLKQDQ/HLVHVDJWHGHU0DVNHQWUlJHUDXI ,QWHUNRVPRÄ$XJHQ]XKDOWHQ 5RV\'HZLWWHQLFNWHNDXPPHUNOLFKDEHU,QGDFRFKHDEOLFNWH6DHGHODHUHQXU YHUVWlQGQLVORVDQ :lKUHQG$ODVNDV+DQG]XGHU0DVNH]XFNWHVSUDQJGLHNOHLQH)UDXDXIGHQ %LRJHQ'LDJQRVWLNHU]XXQGULLKQ]X%RGHQ,KUH+lQGHSUHWHQVLFKDXIVHLQH $XJHQ*OHLFK]HLWLJGUHKWHVLHGHQ.|USHUGHVJHVWU]WHQ0DQQHVPLWGHP *HVLFKW]X%RGHQXQGYHUKDUUWHVHOEVWDEZDUWHQGPLWDEJHZDQGWHP%OLFN 'DV,UUOLFKWGHV&DSSLQ)UDJPHQWVHUIOOWH]XP]ZHLWHQPDOGHQ=HQWUDOUDXP :LHGHUNODQJHQGLHLUUHQ6FKULHDXIELVQDFKHLQLJHQ0LQXWHQDOOHVYRUEHLZDU Ä6WHKHQ6LHDXI6DHGHODHUH]RJGLH0DVNHZLHGHUEHUGDV*HVLFKWÄ8QG IKUHQ6LHPLFK]XGHP5HVWEHZXWVHLQGHU8UYlWHU *UDQHU,QGDFRFKHDEOLFNWHGHQ7UDQVPLWWHUJHVFKlGLJWHQPLWRIIHQHP0XQGDQ DEHUHUVDJWHQLFKWV Ä.RPPHQ6LHPHLQWH5RV\'HZLWWHXQG]HLJWHDXIGHQ$XVJDQJ Ä(VLVWXQVHLQ5lWVHOIOVWHUWHGLH6WLPPHGHU8UYlWHUÄZLHLKUGLH(UKDOWHU EHUZLQGHQNRQQWHWDEHUZLUVSUHQGDVLHQLFKWPHKUH[LVWLHUHQ Ä(VVSLHOWNHLQH5ROOHZLHHVJHVFKHKHQLVWVDJWH6DHGHODHUHGXPSIÄDEHUHV LVWJHVFKHKHQ Ä*XW8QVHU'DQNJLOWHXFK:LUZROOHQHXFKDXFKEHKLOIOLFKVHLQGDPLWLKU]X HXUHP9RON]XUFNNHKUHQN|QQW Ä:DVJHVFKLHKWPLWGHQ7DUGHOOLDQHUQXQGGHQ+XUR]RQV"ZROOWH,QGDFRFKHD ZLVVHQ 'DV5HVWEHZXWVHLQGHU8UYlWHUOLHPLWHLQHU$QWZRUWDXIVLFKZDUWHQÄ(V ZLUGYLHOJHVFKHKHQLQGHUQlFKVWHQ=HLWVDJWHHVGDQQODQJVDPÄ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

ZLHDXIHLQ.RPPDQGR Ä'LH9|ONHUGHV1HXQ6RQQHQ6\VWHPVZHUGHQIUHLVHLQYRQDOOHQ=ZlQJHQXQG 0DQLSXODWLRQHQIXKUGLHOHLVH6WLPPHGHU8UYlWHUIRUWÄ(VZLUGVLFKHUHLQH :HLOHGDXHUQELVVLFKGDV/HEHQQRUPDOLVLHUW$EHUGLHQDWUOLFKHQ3UR]HVVH ZHUGHQZLHGHUGLH2EHUKDQGJHZLQQHQ:DVGLHVOHW]WOLFKIUXQVHUH9|ONHU EHGHXWHWLVWQLFKWYRUKHU]XVDJHQ8QWHUJDQJRGHUQHXH%OWH"$XIMHGHQ)DOO ZLUGGHUHZLJH.ULHJHLQ(QGHKDEHQZHQQGLH0DQLSXODWLRQVVWUDKOXQJQLFKW PHKUH[LVWLHUW(EHQVRZHUGHQGDWV7RU]XU7LHIHGLH=RQHGHUDEVROXWHQ 9HUQLFKWXQJXQGGHU/HEHQVERUQGHV&KDIILHSUHVWRGHU9HUJDQJHQKHLW DQJHK|UHQ$XFKZLUZHUGHQGHU9HUJDQJHQKHLWDQJHK|UHQGHQQGDVZLUGDXFK XQVHU(QGHVHLQ,QGHP%HZXWVHLQGHU9|ONHUZLUGDEHUGDVXQWHUGUFNWH :LVVHQIUHLJHOHJWZHUGHQ 'LHGUHL0HQVFKHQVWDUUWHQVLFKVFKZHLJHQGDQ Ä6HLGLKUEHUHLW"IUDJWHGDV5HVWEHZXWVHLQGHU8UYlWHUÄ+DEWLKUGHQ %H]XJVSXQNWJHZlKOW",KUEUDXFKWQLFKWV]XWXQDOVIHVWDQGHQ2UW]XGHQNHQ DQGHQLKUJHODQJHQZROOW ,QGDFRFKHDKDWWHZLHGHU2EHUZDVVHUGDVLFKGDV(QGHGHV$EHQWHXHUV DE]HLFKQHWHXQGGDPLWGLH5FNNHKULQGLHDQJHVWDPPWH8PJHEXQJGHU62/ Ä-DVDJWHHUHLQIDFKÄ8QVHUH+HLPDWLVWGLH62/'RUWKLQZROOHQZLU 5RV\'HZLWWHEHVWlWLJWHGDVÄ,Q2UGQXQJ"IUDJWHVLHGDQQ$ODVND6DHGHODHUH Ä-DQDWUOLFKDQWZRUWHWHGHU7UDQVPLWWHUJHVFKlGLJWHDEZHVHQG Ä8QVHU'DQNEHJOHLWHWHXFK 'DVZDUHQGLHOHW]WHQ:RUWHGHU8UYlWHU 'LH8PJHEXQJEHJDQQVLFKVHOWVDP]XYHUlQGHUQ=XQlFKVWZXUGHHVGXQNHO XQGHLQGXPSIHV*UROOHQGUDQJLQGLH*HKLUQHGHU0HQVFKHQ6FKZHUHORVLJNHLW VHW]WHHLQGDQQHLQ=HUUHQDOVREGLH.|USHUGHU0HQVFKHQLQV8QHQGOLFKH ]HUIOLHHQZROOWHQ(VZDUDEHUHLQDQJHQHKPHV*HIKOGDVLQVHLQHU )UHPGDUWLJNHLWHWZDV%L]DUUHVXQG(LQPDOLJHVEHLQKDOWHWH 'HU.RQWDNWXQWHUGHQGUHL0HQVFKHQJLQJYHUORUHQ-HGHUH[LVWLHUWHDQHLQHP DQGHUHQ2UWXQGIKOWHVLFKYRUKDQGHQDEHUVRDOVJlEHHVNHLQHQ2UWLQGLHVHP 8QLYHUVXPDQGHQHUZLUNOLFKKLQJHK|UWH 'DQQWDXFKWHQZLUUH/LFKWPXVWHUDXIXQGGDVGXPSIH*UROOHQZLFKHLQHP JOHLFKPlLJHQ*HVDQJ9RU5RV\V$XJHQHUVFKLHQELVZHLOHQHLQHVFKZDU]H XQGXUFKGULQJOLFKH%DUULHUH,QGDFRFKHDHUJLQJHVQLFKWDQGHUV(LQHXQIDEDUH .UDIWVFKLHQGLHEHLGHQ6ROJHERUHQHQDQHLQHQ2UWHQWIKUHQ]XZROOHQGHUJDU QLFKWH[LVWLHUWH 'LH*HGDQNHQGHUEHLGHQ0HQVFKHQDUEHLWHWHQY|OOLJNODU'LH)UDXVDJWHVLFK GDGHUJHZQVFKWH9HUVHW]XQJVSUR]HQLFKWIXQNWLRQLHUHQNRQQWHZHLOGLH 62/JDUQLFKWPHKUYRUKDQGHQZDU'HU0DQQJODXEWHGDGDV5HVWEHZXWVHLQ GHU8UYlWHUHLQHQVFKOHFKWHQ6WUHLFKPLWLKQHQVSLHOWHLKQHQLUJHQGHWZDV 8QZLUNOLFKHVYRUJDXNHOWHXQGLQ:LUNOLFKNHLWQXUVHLQHHLJHQHQ=LHOHYHUIROJWH QlPOLFKGLHHUQHXWH+HUUVFKDIWEHUGLH6RQQHQVWDWLRQ 'LHEHLGHQ6ROJHERUHQHQIKOWHQVLFKKLOIORV'DZDUHWZDV6W|UHQGHVHWZDV GDVQLFKWVWLPPWH'DVhEOHDQGHU6DFKHZDUGDVLHQLFKWV]XUbQGHUXQJGHU

/DJHEHLWUDJHQNRQQWHQ$OOHVZDVVLHLQGLHVHP$XJHQEOLFNQRFKZDUHQZDU %HZXWVHLQ'LH(LQGUFNHIO|VVHQGLUHNWLQGLHVHVKLQHLQ(LQ.|USHUZDUQLFKW YRUKDQGHQ (UQHXWNRQ]HQWULHUWHQVLHLKUH*HGDQNHQDXIGLH62/6LHWDWHQGLHVJOHLFK]HLWLJ VRIHUQPDQLQGLHVHP=XVWDQGEHUKDXSWYRQ=HLWVSUHFKHQNRQQWH$XFK ZXWHQVLHXQWHUHLQDQGHUQLFKWZDVGHUDQGHUHWDW-HGHUH[LVWLHUWHQXUIUVLFK ,QGHPYRQ/LFKWVFKZDGHQGXUFK]RJHQHQ'XQNHOWDXFKWHHLQ6LOEHUVWUHLIDXI GHUVLFKUDVFKQlKHUWH $QGHUVHUJLQJHV$ODVND6DHGHODHUH $XFKHUIKOWHGHQ7DXPHOPLWGHQHULQHLQHY|OOLJIUHPGDUWLJH8PJHEXQJ JHULVVHQZXUGHXQGGXUFKGLHHUEXFKVWlEOLFKGHQ%RGHQXQWHUGHQ)HQ YHUORU(LQHLJHQDUWLJHV*HIKOVDJWHLKPGDGDV&DSSLQ)UDJPHQWGLHVHP 3UR]HQLFKWIROJHQNRQQWH'DQQJODXEWHHUGHQ2UJDQNOXPSHQYRUVLFK VFKZHEHQ]XVHKHQXQGVHLQH:DKQVLQQVWUDKOXQJDPHLJHQHQ/HLE]XVSUHQ(U ZROOWHQDFKLKPJUHLIHQDEHUGDZDUNHLQH+DQGNHLQ.|USHU 6HLQ%HZXWVHLQZXUGHXPKHUJHULVVHQDOVREHVHLQHXQHQGOLFKH=DKOYRQ 'LPHQVLRQHQGXUFKHLOWHXQGDQHLQHU9LHO]DKOYRQ3OlW]HQHLQHQQHXHQ $XIHQWKDOWVRUWVXFKH 6WLPPHQDXVGHU9HUJDQJHQKHLWGUDQJHQDQVHLQ2KU,KUH:RUWHNRQQWHHUZRKO K|UHQDEHUGHU6LQQEOLHELKPYHUERUJHQ,UJHQGZRZDUHLQHXQEHUZLQGOLFKH %DUULHUH6LHEDXWHVLFKDXIZLHHLQHJHZDOWLJH:DQGDXVXQGXUFKGULQJOLFKHU 6XEVWDQ](UYHUVXFKWHGHQWRUNHOQGHQ)OXJVHLQHV%HZXWVHLQVGXUFKGLHVH %DUULHUH]XOHQNHQDEHUHUSUDOOWH]XUFN+HIWLJHUN|USHUOLFKHU6FKPHU] GXUFK]RJVHLQH*OLHGHUREZRKOGLHVHJDUQLFKWYRUKDQGHQZDUHQ (LQ%OLW]]XFNWHYRUVHLQHQ$XJHQXQGVFKODJDUWLJYHUlQGHUWHVLFKGLH 8PJHEXQJ(UKDWWHZLHGHUIHVWHQ%RGHQXQWHUGHQ)HQ 6HLQH$XJHQZDQGHUWHQXPKHU6HLQH+lQGHWDVWHWHQXQEHZXWQDFKGHU0DVNH XQGGHP)UDJPHQWLQVHLQHP*HVLFKW$OOHVZDUZLHYRUKHU (UVWDQGZLHGHULQGHP'RPGHV5HVWEHZXWVHLQVGHU8UYlWHU'LH%HOHXFKWXQJ IODFNHUWHXQUXKLJXQGGLH/LFKWHUGHUWHFKQLVFKHQ$QODJHLQGHUGDV5HVWEH ZXWVHLQHLQH%OHLEHJHIXQGHQKDWWHZDUHQDXVQDKPVORVWRW(LQGXPSIHV *UROOHQODJLQGHU/XIWXQGGHU%RGHQXQWHUVHLQHQ)HQVFKLHQOHLFKW]X EHEHQ 9RQ5RV\'HZLWWHXQG*UDQHU,QGDFRFKHDIHKOWHMHGH6SXU (UULHIQDFKGHP5HVWEHZXWVHLQGHU8UYlWHUDEHUHUHUKLHOWNHLQH$QWZRUW 3DQLNDUWLJUDQQWHHUDXVGHP5DXP,QGHU9RUKDOOHZDUHQGLHYLHU 0RGHOOILJXUHQXPJHVWU]W'LHWRWH)LJXUGHV(UKDOWHUVJULQVWHLKQDXVGHQ EHUJURHQ$XJHQK|KQLVFKDQ (LQHVHOWVDPH8QUXKHJULIIQDFKLKP6LHNDPYRQGHP&DSSLQ)UDJPHQWGDV VLFK]XFNHQG]XEHZHJHQEHJDQQ(VQHEHOWHVHLQHQ9HUVWDQGHLQ0KVDP VWW]WHHUVLFKDQHLQH:DQGEHYRUHUVHLQHQ:HJIRUWVHW]WH (ULUUWHGXUFKGLHYHUODVVHQHQ*lQJHGHU6RQQHQVWDWLRQ'DVUHEHOOLVFKH 9HUKDOWHQGHV&DSSLQ)UDJPHQWVZXUGHLPPHUVWlUNHU.DXPQRFKEHZXW UHJLVWULHUWHGHU7UDQVPLWWHUJHVFKlGLJWHGDDXFKGHU%RGHQXQWHUVHLQHQ)HQ

LPPHUKHIWLJHU]XEHEHQEHJDQQ,UJHQGZRKHUHUNODQJHQVFKULOOH$ODUPW|QH (LQHGU|KQHQGH6WLPPHPHOGHWHODXIHQGLUJHQGZHOFKH$XVIlOOHYRQ 3URMHNWLRQVVFKLOGHUQXQG(QHUJLHPDXHUQ ,QVWLQNWLYVSUWH6DHGHODHUHGLH*HIDKULQGHUHUZDU6HLQ9HUVWDQGZDUDEHUVR EHQRPPHQGDHUQLFKWPHKUGLHULFKWLJHQ)ROJHUXQJHQ]LHKHQNRQQWH'DV &DSSLQ)UDJPHQWUXPRUWHLPPHUVWlUNHUXQGTXROO]XDOOHQ6HLWHQDXVGHU 0DVNHKHUDXV 'LH%HOHXFKWXQJILHOLQGHQ*lQJHQWHLOZHLVHDXVZlKUHQGHU]LHOORV ZHLWHUWRUNHOWH 3O|W]OLFKVWDQGHUYRUHLQHP%LOGVFKLUPDXVGHPHLQH5RERWVWLPPHTXlNWH 6FKXW]V\VWHPPHOGHWHGDHVVHLQH$XIJDEHLQZHQLJHQ%UXFKWHLOHQHLQHU =HLWHLQKHLWQLFKWPHKUHUIOOHQN|QQWH $XIGHP%LOGVFKLUPZDUHLQJUDXHQKDIWHU9RUJDQJ]XVHKHQ(VPXWHVLFKXP GLHJURH0DVFKLQHQKDOOHKDQGHOQLQGHUHUQDFKGHU$QNXQIWLQGHU6RQQHQVWD WLRQJHZHVHQZDU$XIHLQHU6HLWHGHU+DOOHTXROOXQDXIKDOWVDPHLQHJUHOO JOKHQGH0DVVHJHJHQHLQHQ(QHUJLHVFKLUPYRU'DV6RQQHQSODVPDGUlQJWH LPPHUZHLWHUEUDFKWHGHQ(QHUJLHVFKLUP]XP(LQVWXU]XQGJHZDQQVRQHXHQ %RGHQEHYRUHLQDQGHUHV6FKXW]V\VWHPVLFKLKPLQGHQ:HJOHJWH )U6HNXQGHQNRQQWH6DHGHODHUHNODUGHQNHQ(UHUNDQQWHZDVVLFKGRUW DEVSLHOWH'LH6\VWHPHGHU6RQQHQVWDWLRQEUDFKHQQDFKXQGQDFK]XVDPPHQ 'DV6RQQHQSODVPDHUREHUWHVHLQHQDQJHVWDPPWHQ3ODW]]XUFNXQGYHUVFKODQJ 6WFNIU6WFNGHUJLJDQWLVFKHQ$QODJH *OHLFK]HLWLJVSUWHHUDXFKGDGLH7HPSHUDWXUJHZDOWLJDQJHVWLHJHQZDU(UUL VHLQH.RPELQDWLRQDXIXQGUDQJQDFK$WHP(UVFKZHUHQGZDUGDVLFKGDV &DSSLQ)UDJPHQWXQWHUGHP(LQIOXGHUWREHQGHQ(QHUJLHQLPPHUZLOGHU JHElUGHWHXQGLKP0XQG1DVHXQG$XJHQ]XYHUVFKOLHHQGURKWH =XU=HQWUDOHVFKRHVLKPGXUFKGHQ.RSI'RUWNDQQLFKDPOlQJVWHQ EHUOHEHQ$EHUZR]XQRFKEHUOHEHQ" 'LH2ULHQWLHUXQJKDWWHHURKQHKLQYHUORUHQ(UWDXPHOWH]LHOORVZHLWHU'DV &DSSLQ)UDJPHQWWREWHXQGUDXEWHLKPHUQHXWGHQNODUHQ9HUVWDQG6HLQ %HZXWVHLQZXUGHI|UPOLFKJHOlKPW ,QLUJHQGHLQHU(FNHVDQN$ODVND6DHGHODHUH]X%RGHQ6HLQOHW]WHU*HGDQNH EHYRUHULQ%HZXWORVLJNHLWYHUVDQNZDUGDHULQ:LUNOLFKNHLWLQVHLQHP JDQ]HQ/HEHQQLFKWVRHLQVDPJHZHVHQZDUZLHLQGLHVHP$XJHQEOLFN 'LHHUGEHEHQJOHLFKHQ6W|HGLHVHLQHQ.RSIJHJHQGLH:DQGVFKOHXGHUWHQ VSUWHHUVFKRQQLFKWPHKU 5$806&+,))62/ *XFN\PDWHULDOLVLHUWHQHEHQGHP$UNRQLGHQ Ä:DVJHKWKLHUYRU"IUDJWHHUDXIJHUHJW Ä,FKGDFKWHGXN|QQWHVWPLUGDVYLHOOHLFKWVDJHQ$WODQZLVFKWHVLFKGHQ 6FKZHLYRQGHU6WLUQ'LHVFKULOOHQ7|QHXQGGLHKHIWLJHQ(UVFKWWHUXQJHQZD

UHQLQVHLQHP%HZXWVHLQQRFKQLFKWDEJHNOXQJHQ=XJUDXHQKDIWVWDQGYRU VHLQHP$XJHQRFKGDV%LOGGHUVLFKZLQGHQGHQ2UJDQHXQG.|USHUWHLOHÄ(WZDV YHUVXFKWGLH=HQWUDOHGHU6=LQ%HVLW]]XQHKPHQ Ä:DVYRUJHIDOOHQLVWKDEHLFKOlQJVWGHQ*HKLUQHQGHU/HXWHHQWQRPPHQVDJWH GHU0DXVELEHUÄ,FKZLOOZLVVHQZDVGDKLQWHUVWHFNW $WODQ]XFNWHQXUPLWGHQ6FKXOWHUQÄ:LUPVVHQHLQH)HUQEHREDFKWXQJGHU =HQWUDOHYRUQHKPHQ.RPPPLWLQGHQ.RQIHUHQ]UDXP'RUWVLQGDOOH$QODJHQ GDIUYRUKDQGHQ 'HU+DOXWHU,FKR7RORWXQGHLQ7HLOGHU%HVDW]XQJGHU.RPPDQGR]HQWUDOH VFKO|VVHQVLFKLKQHQDQ 0LW6(1(&$V+LOIHODJGLHJHZQVFKWH%LOGYHUELQGXQJEDOGYRU,QGHU0LWWH GHUWHLOZHLVHYHUZVWHWHQ=HQWUDOHVWDELOLVLHUWHVLFKLPPHUQRFKGHUJHOEH %DOORQ6HLQHlXHUH+DXWZDULQ]ZLVFKHQIDVWXQGXUFKVLFKWLJJHZRUGHQ:DV LP,QQHUQGHU.XJHOYRUJLQJOLHVLFKQLFKWJHQDXHUNHQQHQ Ä.|QQWHGDVGLH6SKlUH%8//2&VVHLQ"IUDJWH6HQFR$KUDW 6WDWWHLQHU$QWZRUWEHIDKO$WODQ6(1(&$GLH3DUDO\VDWRUHQLQGHU=HQWUDOH YRU]XEHUHLWHQ'LH+\SHULQSURWURQLNEHVWlWLJWHGDVLHGLHVH 9RUVLFKWVPDQDKPHYRQVLFKDXVVFKRQHLQJHOHLWHWKlWWH $XIPHUNVDPEHREDFKWHWH$WODQZHLWHUGHQ%LOGVFKLUP*HUlXVFKHGUDQJHQ NHLQHPHKUDXVGHU=HQWUDOH$XFKGHUJOHLFKEOHLEHQGH7RQZDUMHW]WYHU VFKZXQGHQ ,QGHUJHOEHQ.XJHOELOGHWHQVLFKGUHLGXQNOH6FKDWWHQ'XUFKGLHNDXPQRFK WUDQVSDUHQWH+OOHZDUHQGLH)RUPHQQXUVFKZHU]XHUNHQQHQDEHUHVKDWWHGHQ $QVFKHLQGDHVVLFKXPGUHLPHQVFKOLFKH*HVWDOWHQKDQGHOWH3O|W]OLFKVDQN GLH.XJHOXPHLQ6WFN]XVDPPHQ$WODQJODXEWHMHW]WQXUQRFK]ZHL*HVWDOWHQ ]XVHKHQ Ä.HLQH*HIDKUSLHSVWH*XFN\LQGLHVHP0RPHQWJHODVVHQ8QPLWWHOEDUGDQDFK EHJDQQVLFKGLHJHOEH.XJHODXI]XO|VHQÄ,FKKDEHGLH*HGDQNHQZHLWJHKHQGWH OHSDWKLVFKHUIDW,QGHU.XJHOPDWHULDOLVLHUHQ]ZHL0HQVFKHQ(VKDQGHOWVLFK XP5RV\'HZLWWHXQG*UDQHU,QGDFRFKHD]ZHL6ROJHERUHQH6LHJHK|UHQ]XGHQ /HXWHQGLHDXIGHU-$<0$'$+5ZDUHQDOVZLUYRQGHPXQEHNDQQWHQ)HLQG DQJHJULIIHQZXUGHQ Ä:DVLVWPLW$ODVNDXQGGHQDQGHUHQ0HQVFKHQGLHDXIGHPYHUVFKROOHQHQ 6FKLIIZDUHQ" Ä.HLQH$KQXQJ'HU,OWVHW]WHVLFKLQ5LFKWXQJGHV(LQJDQJVVFKRWWVGHU .RPPDQGR]HQWUDOHLQ%HZHJXQJÄ.RPPW:LUPVVHQGLHEHLGHQIUDJHQZDV JHVFKHKHQLVW $OVVLHDXIGLHEHLGHQ6RODQHUWUDIHQPDFKWHQGLHHLQHQY|OOLJYHUZLUUWHQ (LQGUXFN$WODQOLHLKQHQ=HLWXQGJDELKQHQ]XU6WlUNXQJHWZDV]XWULQNHQ (LQHLOHQGVKHUEHLJHKROWHU0HGR5RERWHUEHVWlWLJWHGHQ(UVFK|SIXQJV]XVWDQG YRQ5RV\XQG,QGDFRFKHDVWHOOWHDEHUNHLQHN|USHUOLFKHQ6FKlGHQIHVW Ä:RLVW$ODVND6DHGHODHUH"ZDUGDVHUVWHZDVGLHNOHLQH2UWXQJVWHFKQLNHULQ IUDJWH Ä,FKGDFKWHDQWZRUWHWHGHU$UNRQLGHÄ6LHN|QQWHQXQVGDVVDJHQ

5RV\EOLFNWHGHQ%LRJHQ'LDJQRVWLNHUDQÄ(VLVWHWZDVVFKLHIJHJDQJHQ$ODVND LVWQLFKWGD ,QGDFRFKHDZDUEHVWU]WÄ:HQQGLH8UYlWHUGLH6RQQHQVWDWLRQKRFKJHKHQ ODVVHQLVWHUYHUORUHQ Ä(LQHQ0RPHQW$WODQZDUXQJHKDOWHQÄ,FKYHUVWHKHNHLQ:RUW9LHOOHLFKW HU]lKOHQ6LHHLQPDOGHU5HLKHQDFKZDVJHVFKHKHQLVW Ä,FKIUFKWHVDJWH5RV\'HZLWWHEHGUFNWÄGDHVGDQQ]XVSlWLVW9LHOOHLFKW LVWHVDXFKMHW]WVFKRQ]XVSlW *XFN\GUlQJHOWHVLFKQDFKYRUQ Ä/DPLFKPDO(UVFKREGHQ$UNRQLGHQ]XU6HLWHÄ5RV\NHQQWPLFKDXVGHU =HLWDOVGHUE|VH*HLVWGHU3HKUWXVGLH62/EHUILHO6LHZLUGPLUZLHGHU YHUWUDXHQ'HU,OWEOLFNWHGLH)UDXDXVVHLQHQNOHLQHQ$XJHQDQÄ5RV\GHQN QXUNXU]DQDOOHVZDVZLFKWLJLVWXQGVSHUUGLFKQLFKWGDJHJHQZHQQLFKLQ GHLQHQ*HGDQNHQVFKQIIOH Ä,Q2UGQXQJ 6FKRQ0LQXWHQVSlWHUZDQGWHVLFK*XFN\HUUHJWDQ$WODQÄ(VJLEWQRFKHLQH NOHLQH&KDQFH$ODVND]XUHWWHQ'LHDQGHUHQYRQGHU-$<0$'$+5OHEHQ QLFKWPHKU$ODVNDVLW]WLP,QQHUQHLQHU6RQQH $WODQUXQ]HOWHGLH6WLUQÄ6ROOGDVHLQ6FKHU]VHLQ" Ä1HLQGXUFKDXVQLFKW'HU.OHLQHZLUNWHJDQ]HUQVWÄ/DVRIRUWVWDUWHQ:LU PVVHQLQHWZDGDKLQZRXQVGLH7ZLQ]ZHUJHDQJULIIHQ9RQGRUWDXVPVVHQ ZLUQDFKGHP1HXQ6RQQHQ6\VWHPVXFKHQ,QHLQHUGHUQHXQ6RQQHQLVW $ODVND $OV$WODQLPPHUQRFK]|JHUWHKHUUVFKWHLKQ*XFN\DQÄ'XELVW]ZDUGHU .RPPDQGDQWDEHUQXQPDFKVFKRQ,FKHUNOlUHGLUGLH(LQ]HOKHLWHQXQWHUZHJV $WODQJDE6HQFR$KUDWHLQHQ:LQN.XU]GDUDXIYHUVFKZDQGGLH62/LP /LQHDUUDXP,QGHU.RPPDQGR]HQWUDOHHU]lKOWHQ*XFN\5RV\'HZLWWHXQG ,QGDFRFKHDDEZHFKVHOQGZDVGLHEHLGHQ6RODQHUXQG$ODVND6DHGHODHUHHUOHEW KDWWHQ $OVDOOH8PVWlQGHVFKOLHOLFKHLQLJHUPDHQNODUZDUHQIUDJWH$WODQÄ8QGZLH VROOHQZLU$ODVNDDXVGHU6RQQHKHUDXVKROHQ" Ä1LFKWZLU*XFN\UHFNWHVHLQH%UXVWÄ'DVLVWHLQH$XIJDEHIUPLFK,FKELQ GHUHLQ]LJHGHU$ODVNDRUWHQXQGGXUFK7HOHSRUWDWLRQKROHQNDQQ Ä,Q2UGQXQJ$WODQKDWWHNHLQH(LQZlQGHJHJHQGLH$EVLFKWGHV0DXVELEHUV Ä$EHUGDVLQGQRFKGLHVH=ZHUJH,FKEH]ZHLIOHGDVLHLQGHUNXU]HQ=HLW IULHGOLFKJHZRUGHQVLQG Ä(VVLQGQLFKWQXUGLH7ZLQ]ZHUJHVDJWH5RV\'HZLWWHVRQGHUQDXFKQRFKGLH +XUR]RQV,KUH:XWDXIHLQDQGHUZLUGDENOLQJHQZLHHVGDV5HVWEHZXWVHLQGHU 8UYlWHUDQJHNQGLJWKDW:DQQGDVDEHUGHU)DOOLVWZHLQLHPDQG'DV5LVLNR VROOWHXQVDEHU$ODVNDZHUWVHLQ Ä1DWUOLFK$WODQVDKGDPDQLKQPLYHUVWDQGHQKDWWHÄ,FKYHUVXFKHQXUGHQ :HJ]XILQGHQGHUIUXQVDPXQNRPSOL]LHUWHVWHQLVW ,QGLHVHP$XJHQEOLFNPHOGHWHGLH2UWXQJV]HQWUDOHGDGHUHUVWH=LHOSXQNW HUUHLFKWZDU'DV2EVHUYDWRULXPKLHOWLP0RPHQWQRFK$XVVFKDXQDFKGHQ

QHXQ6RQQHQ Ä'LH*HJHQGKLHULVWJHIlKUOLFKVDJWH$WODQÄ'HUOHW]WH$QJULIIGHU 8QVLFKWEDUHQLVWQRFKQLFKWODQJHYRUEHL$OOH6FKXW]VFKLUPHHLQVFKDOWHQ )UGLH62/EHGHXWHWHHVNHLQHJU|HUHQ3UREOHPHGDV1HXQ6RQQHQ6\VWHP UDVFK]XILQGHQ'LH.OHLQJDOD[LVDQGHUHQ5DQGHVVWDQGZDUMDVFKRQEHNDQQW 'LH62/QDKPHUQHXW)DKUWDXI$WODQWULHEQLFKWQXUZHJHQGHUYHUPXWHWHQ *HIDKULQGHUGHU7UDQVPLWWHUJHVFKlGLJWHVWHFNWH]XU(LOH(UZROOWHDXFK NHLQHXQQ|WLJH=HLWYHUOLHUHQGHQQGDV/HEHQ3HUU\5KRGDQVGHUYRQ%8//2& HQWIKUWZRUGHQZDUVWDQGHEHQVRDXIGHP6SLHO'LH5HWWXQJVHLQHV)UHXQGHV KDWWHVFKOLHOLFKREHUVWH3ULRULWlW Ä2UWXQJPHOGHWHHLQH7HFKQLNHULQÄ0HKUHUHNDVWHQI|UPLJH5DXPVFKLIIHLP $QIOXJ(QWIHUQXQJQRFK/LFKWMDKUH Ä2KVWDXQWH*UDQHU,QGDFRFKHDÄ6LHVLQGQLFKWPHKUXQVLFKWEDU9LHOOHLFKW KlQJVWGDVGDPLW]XVDPPHQGDGLH8UYlWHULKUH0DQLSXODWLRQVVWUDKOXQJGHV DNWLYLHUWKDEHQ" $XVGHU6LFKWGHU62/OLHVLFKQLFKWIHVWVWHOOHQREHVVLFKEHLGHQ6FKLIIHQXP 7DUGHOOLDQHURGHU+XUR]RQVKDQGHOWH(VZDUDXFKY|OOLJJOHLFKJOWLJGHQQYRQ %HGHXWXQJZDUQXUZLHVLHVLFKYHUKDOWHQZUGHQ Ä'LHEHLGHQ3ODQHWHQGHV1HXQHU6\VWHPVVLQGHEHQIDOOVIHVWJHVWHOOWZRUGHQ PHOGHWHGLH2UWXQJV]HQWUDOH Ä'DVEHGHXWHWGDGLH8UYlWHU:RUWJHKDOWHQKDEHQVDJWH5RV\Ä(VEHGHXWHW DEHUDXFKGD$ODVNDEHVWLPPWLQK|FKVWHU1RWLVWGHQQGLH6RQQHQVWDWLRQ NDQQMHGHQ0RPHQWXQWHUJHKHQ Ä:RKHUQHKPHQ6LHHLJHQWOLFKGLH*HZLKHLWIUDJWH$WODQÄGDHUQRFKGRUW LVW".DQQHVLKQQLFKWZRDQGHUVKLQYHUVFKODJHQKDEHQ" Ä'DVLVWGHQNEDU*UDQHU,QGDFRFKHDGHUGLH9HUPXWXU7JDXIJHVWHOOWKDWWH GD6DHGHODHUHGHQ9HUVHW]XQJVSUR]HQLFKWPLWJHPDFKWKDWWHEHJUQGHWHGLH VHQ9HUGDFKWÄ0UV'HZLWWHXQGLFKVLQGHFKWH6RODQHU)UXQVZDUHVZHQLJ SUREOHPDWLVFKGHQYRP5HVWEHZXWVHLQGHU8UYlWHUJHIRUGHUWHQ%H]XJVSXQNWLQ XQVHUHU9RUVWHOOXQJ]XIRUPXOLHUHQ,FKPHLQHQDWUOLFKGLH62/1DFKDOOHP ZDVLFKEHU6DHGHODHUHZHLLVWHUHLQJHLVWLJHU(LQ]HOJlQJHU(UEHVLW]WLQ GLHVHP8QLYHUVXPNHLQHQIHVWHQ%H]XJVSXQNW(ULVWZLHLFKHLQPDOJHK|UW KDEHHLQNRVPLVFKHU0HQVFKLPZDKUVWHQ6LQQGHV:RUWHV:RKLQKlWWHLKQGHU :XQVFKWUDQVPLWWHUYHUVFKODJHQVROOHQ" 'HU6ROJHERUHQHHUKLHOWNHLQH$QWZRUWGHQQLPVHOEHQ0RPHQWZXUGHGLH %HVDW]XQJLQLKUHU$XIPHUNVDPNHLWDXIHLQDQGHUHV3UREOHPJHOHQNW'LH .DVWHQVFKLIIHJULIIHQDQ(VZDUHQLQVJHVDPWVLHEHQ5DXPVFKLIIHGLHGLH62/ XQWHU%HVFKQDKPHQ 6(1(&$OLHIHUWHHLQHEOLW]VFKQHOOH3URJQRVH'DQDFKZUGHQGLH 6FKXW]VFKLUPHGHU62/QXUEHJUHQ]WH=HLWGHPZWHQGHQ)HXHUVWDQGKDOWHQ Ä*LEWHVNHLQH9HUVWlQGLJXQJVP|JOLFKNHLWPLWGLHVHQ/HXWHQ"IUDJWH$WODQ Ä1HLQ'LHNOHLQH2UWXQJVWHFKQLNHULQVFKWWHOWHGHQ.RSIÄ:LUZLVVHQQLFKW HLQPDOREVLHHLQ9HUIDKUHQYHUZHQGHQGDVXQVHUHP1RUPDORGHU+\SHUIXQN JOHLFKNRPPW:LUKDEHQQLFKWVLQGLHVHU5LFKWXQJEHREDFKWHW'LH7ZLQ]ZHUJH

XQGGLH+XUR]RQVYHUZHQGHQHLQJlQ]OLFKDQGHUHV0LWWHO]XU,QIRUPDWLRQVEHU WUDJXQJGHVVHQWHFKQLVFKHV3ULQ]LSXQVXQEHNDQQWLVW 'LH$WWDFNHQGHU.DVWHQUDXPVFKLIIHZXUGHQLPPHUKHIWLJHU'LH(PRWLRQDXWHQ KDWWHQDOOH+lQGHYROO]XWXQXPLKUHQ$QJULIIHQDXV]XZHLFKHQ'DGXUFKJLQ JHQZLHGHUZHUWYROOH6HNXQGHQYHUORUHQ 5RV\'HZLWWHWUDW]X$WODQÄ9LHOOHLFKWJLEWHVHLQHEHVVHUH0|JOLFKNHLWXPGHQ .DVWHQVFKLIIHQDXV]XZHLFKHQ5LQJVXPGDV6\VWHPGHUQHXQ6RQQHQJLEWHVHL QH.XJHO]RQHGLH=RQHGHUDEVROXWHQ9HUQLFKWXQJJHQDQQWZLUG7DUGHOOLDQHU XQG+XUR]RQVPHLGHQVLHZLHGLH3HVW)U0HQVFKHQLVWVLHMHGRFKZLUNXQJVORV ,FKJODXEHQLFKWGDPDQXQVGRUWKLQIROJHQZUGH 6LHHUJlQ]WHQRFKGLH6FKlW]ZHUWHGHU'LFNHGLHVHU=RQH'DGLH.ULHJVZXWGHU 7ZLQ]ZHUJHQRFKQLFKWQDFKJHODVVHQKDWWHYHUPXWHWHVLHGDGHU5HVSHNWYRU GHU=RQHGHUDEVROXWHQ9HUQLFKWXQJHEHQIDOOVQRFKDQKLHOWREZRKOGLH YHUXUVDFKHQGHQ$QODJHQLQHLQHUGHUQHXQ6RQQHQDEJHVFKDOWHWVHLQPXWHQ $WODQJDEHQWVSUHFKHQGH$QZHLVXQJHQ'LH62/VHW]WHVLFKPLWHLQHU .XU]HWDSSHGXUFKGHQ/LQHDUUDXPDE$OVVLHZLHGHULQV(LQVWHLQ8QLYHUVXP]X UFNNHKUWHVWDQGVLHLQXQPLWWHOEDUHU1lKHHLQHUGHU6RQQHQ $WODQ]HLJWHDXIGHQ%LOGVFKLUPDXIGHPGHUJOHLHQGH)HXHUEDOODEJHELOGHW ZDUÄ,QZHOFKHU6RQQHVROO$ODVNDGHQQVWHFNHQ" 5RV\VDJWHLKPGDHVGDIUNHLQHQ+LQZHLVJDE Ä,QGLHVHUQLFKWHUNOlUWH*XFN\Ä7URW]GHUEHUODJHUQGHQ+\SHU6WUDKOXQJ VSUHLFKNHLQH0HQWDOLPSXOVH 'LH.DVWHQVFKLIIHZXUGHQHUQHXWJHRUWHW6LHKLHOWHQVLFKDEHULQHLQHU'LVWDQ] DXVGHUVLHGDV)HXHUQLFKWZLUNXQJVYROOIRUWVHW]HQNRQQWHQ'LH$QJVWYRUGHU =RQHGHUDEVROXWHQ9HUQLFKWXQJKLHOWGLH%HVDW]XQJWDWVlFKOLFK]XUFN 'LH62/VHW]WHLKUHQ)OXJIRUWXPLQGLH1lKHGHUQlFKVWHQ6RQQH]XJHODQJHQ $XFKGDVFKWWHOWH*XFN\QXUPLWGHP.RSIÄ9LHOOHLFKWEHUGHFNWGLH(LJHQ VWUDKOXQJGHU6RQQHGLH0HQWDOLPSXOVH$ODVNDVYHUPXWHWHGHU0DXVELEHU (WZDV5HVLJQDWLRQVFKZDQJLQVHLQHU6WLPPHPLWÄ,FKKROHPLU)HOOPHU/OR\G ]X+LOIH9LHOOHLFKWVFKDIIHQZLUHVJHPHLQVDP :lKUHQGGHU62/GDV6\VWHPZHLWHUXPUXQGHWHIROJWHQGLH.DVWHQVFKLIIHLQ VWlQGLJJOHLFKHU'LVWDQ]'DGLH7DUGHOOLDQHURGHU+XUR]RQVVLFKQRFKLPPHU QLFKWLQGLH=RQHZDJWHQZDUIU5RV\XQG,QGDFRFKHDHLQ=HLFKHQGD7HLOH GHU6RQQHQVWDWLRQ]XPLQGHVWQRFKDUEHLWHWHQ$QGHUHPXWHQDXVJHIDOOHQVHLQ ZLHGLHIHKOHQGH8QVLFKWEDUNHLWYRQ7DUGHOOXQG5R]RQEHZLHV(VJDEDOVR QRFK+RIIQXQJGHQ7UDQVPLWWHUJHVFKlGLJWHQDXVVHLQHP*HIlQJQLV]X EHIUHLHQ 0LWGHQK|FKVWP|JOLFKHQ*HVFKZLQGLJNHLWVZHUWHQZXUGHGDVJDQ]H6\VWHP DEJHIORJHQ'LH2UWXQJVDQODJHQOLHIHQ]XVlW]OLFKDXI+RFKWRXUHQ0DQ YHUVXFKWHDXIMHGHHUGHQNOLFKH:HLVHGLH6RQQH]XILQGHQLQGHUGLH6WDWLRQGHU 8UYlWHUZDU $OVDXFKGLHQHXQWHXQGOHW]WH6RQQHDXVXQPLWWHOEDUHU1lKHXQWHUVXFKWZRUGHQ ZDUJDE*XFN\DXI(UZDWVFKHOWHPLWVRUJHQYROOHU0LHQHGXUFKGLH=HQWUDOH $XFKGLHJHPHLQVDPHQ9HUVXFKHPLWGHP2UWHUXQG7HOHSDWKHQ)HOOPHU/OR\G

KDWWHQNHLQ(UJHEQLVJHEUDFKW $WODQZDUUDWORV,QGLHVHP$XJHQEOLFNJDEHQGLH.DVWHQVFKLIIHLKU:DUWHQDXI (LQVYRQLKQHQVWLHLQGLH=RQHGHUDEVROXWHQ9HUQLFKWXQJXQGVWHOOWHVFKRQ VHKUEDOGIHVWGDGLHVHQLFKWPHKUH[LVWLHUWH'DGLH62/NDXP)DKUWGUDXI KDWWHJHULHWVLHVFKQHOOHUQHXWXQWHU%HVFK$WODQZROOWHMHW]WZRHUGLH *HVFKLFKWHGHUEHLGHQPDQLSXOLHUWHQ9|ONHUNDQQWHNHLQHVIDOOV]X *HJHQVFKOlJHQDXVKROHQ 'LH2UWXQJV]HQWUDOHPHOGHWHHLQHQ]ZHLWHQ9HUEDQGYRQ.DVWHQVFKLIIHQGHU VLFKDXV5LFKWXQJ7DUGHOOQlKHUWH'LH/DJHVSLW]WHVLFKLQXQJHPHLQNXU]HU=HLW ]X Ä$EGUHKHQXQGZHJYRQKLHUEHIDKO$WODQ Ä:DUWHQ6LHQRFKHLQHQ0RPHQW$WODQ'HU.DW]HU%MR%UHLVNROOZDULQGLH .RPPDQGR]HQWUDOHJHNRPPHQ'HUURWEUDXQJHIOHFNWH.|USHUGHVDXIGHU62/ JHERUHQHQ0XWDQWHQJOLWWJHVFKPHLGLJXQGJHUlXVFKORVDXIGHQ$UNRQLGHQ]X,Q VHLQHQKHOOJUQHQ$XJHQPLWGHQOlQJOLFKHQ3XSLOOHQODJHLQVHOWVDPHV/HXFK WHQ,P8QWHUVFKLHG]XGHQWHUUDQLVFKHQ7HOHSDWKHQXQG]X*XFN\VSLHOWHVLFK GLH:DKUQHKPXQJYRQ0HQWDOLPSXOVHQEHL%MR%UHLVNROODXIHLQHUDQGHUHQ (EHQHDEGLHVHOEVWGHQDOWHQ0XWDQWHQ5lWVHODXIJDE 'HU.DW]HUEDXWHVLFKYRU$WODQDXIXQG]HLJWHPLWVHLQHUYRQVDQIWHP)ODXP EHGHFNWHQ+DQGDXIGHQ+DXSWVFKLUPDXIGHPGUHL6RQQHQGHV1HXQHU6\VWHPV ]XVHKHQZDUHQ6HLQHNDW]HQJOHLFKHQ2KUHQULFKWHWHQVLFKVWHLODXI Ä6LHZLVVHQ$WODQGDLFKELVZHLOHQGLH6WLPPHQGHV8QLYHUVXPVK|UH'LHVH 6RQQHVDJWPLUGDHLQ)UHPGN|USHULQLKULVW *XFN\WUDW]XGHP62/0XWDQWHQÄ6SUVWGXGLH*HGDQNHQ$ODVNDV" %MR%UHLVNROOVFKWWHOWHGHQ.RSIÄ1HLQDEHUGLH6RQQHVDJWGDLQLKUHP ,QQHUQQRFKMHPDQGOHEW Ä'DVPX$ODVNDVHLQ5RV\'HZLWWHZDUlXHUVWHUUHJWÄ(LQDQGHUHV:HVHQ JLEWHVGRUWQLFKWPHKU $WODQUHDJLHUWHVFKQHOO(UEHIDKOGHU)HXHUOHLW]HQWUDOHPLW'HIHQVLYIHXHUGLH .DVWHQVFKLIIHDXI]XKDOWHQ'DQQQDKPGLH62/GLUHNWHQ.XUVDXIGLHYRQ%UHLV NROOEH]HLFKQHWH6RQQH (UZLQNWH*XFN\]XVLFKXQGEOLFNWHLKQQDFKGHQNOLFKDQÄ:LOOVWGXHVZLUNOLFK ZDJHQGDKLQHLQ]XVSULQJHQ" 'HU0DXVELEHUZLUNWHVHKUHUQVWXQGNRQ]HQWULHUWÄ,FKPWHXQJHIlKUZLVVHQ ZRGLHJHVXFKWH6WDWLRQLVW%OLQGLQHLQH6RQQH]XVSULQJHQLVWHLQ]XJURHV 5LVLNR/DGLH62/VRQDKZLHP|JOLFKDQGLH6RQQH UDQ 'LHHQWVSUHFKHQGHQ$QZHLVXQJHQJLQJHQDQGLH(PRWLRQDXWHQ(UQHXW EHVFKOHXQLJWHGDV+DQWHOUDXPVFKLII$WODQKRIIWHGDHUGLHOlVWLJHQ9HUIROJHU LQGHUXQPLWWHOEDUHQ1lKHGHU6RQQHDXFKEHVVHU]XUFNKDOWHQNRQQWH(UZXWH ]ZDUQLFKWVEHUGLH.DVWHQVFKLIIHDEHUGLH6RONRQQWHWLHILQGLH.RURQDHLQHU 6RQQHHLQGULQJHQ Ä'HU)UHPGN|USHUEHILQGHWVLFKH[DNWLQGHU0LWWHGLHVHV6WHUQVVDJWH%MR %UHLVNROOÄ,FKVSUHMHW]WDXFK$ODVNDV,PSXOVH(ULVWLQK|FKVWHU*HIDKU ÄgIIQHGHLQHQ*HGDQNHQVFKLUP%MREDWGHU0DXVELEHUÄ,FKEUDXFKHGLH

=LHONRRUGLQDWHQIUGHQ6SUXQJ 'LH2KUHQGHV.DW]HUVULFKWHWHQVLFKVWHLODXIZDVVHLQ8QEHKDJHQEHUGLHVH )RUGHUXQJDXVGUFNWH6HLQHSHUV|QOLFKHQ*HGDQNHQXQG*HIKOHJDEHUQXUZL GHUZLOOLJSUHLV1DFKHLQLJHP=|JHUQQLFNWHHU ,Q]ZLVFKHQKDWWHGLH62/GLHXQPLWWHOEDUH1lKHGHU6RQQHHUUHLFKW'LH 6FKXW]VFKLUPHZXUGHQ]XKXQGHUW3UR]HQWPLW(QHUJLHYHUVRUJWXPGHP $QVWXUPGHU$XVOlXIHUGHU6RQQHVWDQG]XKDOWHQ=X$WODQV(UOHLFKWHUXQJ EOLHEHQGLH9HUIROJHUWDWVlFKOLFK]XUFN *XFN\KDWWHDOVZHLWHUH9RUVLFKWVPDQDKPHIUVHLQJHZDJWHV9RUKDEHQVHLQHQ .DPSIDQ]XJDQJHOHJW'HU0DXVELEHUZLUNWHVRHUQVWXQGLQVLFKJHNHKUWZLH PDQLKQQRFKQLHHUOHEWKDWWH(UKREVHLQ+lQGFKHQXQGWHOHSRUWLHUWH 'LHVHQJHQGH+LW]HZHFNWH$ODVND6DHGHODHUH6HLQ.RSIVFKPHU]WHXQGDOVHU GLH6FKlGHOGHFNHEHWDVWHWHVSUWHHU%OXWDQVHLQHQ)LQJHUQ'DV&DSSLQ)UDJ PHQWKDWWHVLFKHWZDVEHUXKLJWVRGDHU]XPLQGHVWIU0RPHQWHZLHGHUNODU GHQNHQNRQQWH 'XPSIHV*UROOHQODJLQGHU/XIW(VNDPYRQDOOHQ6HLWHQ$ODVNDULVHLQH .RPELQDWLRQYROOHQGVDXIXPGHU+LW]H]XEHJHJQHQ'DQQWDXPHOWHHUZHLWHU (UIUDJWHVLFKZDUXPHUQLFKWHLQIDFKDXIJDE6HLQ/HEHQGDVHULQHLQHU XQJHZROOWHQ6\PELRVHPLWGLHVHP2UJDQNOXPSHQLQVHLQHP*HVLFKWYHUEULQJHQ PXWHZDUNHLQ/HEHQLPHLJHQWOLFKHQPHQVFKOLFKHQ6LQQ:DUGLH(UO|VXQJ YRQGLHVHQ4XDOHQYRP,VROLHUWVHLQYRP$QGHUVVHLQQLFKWGLHEHVWH/|VXQJLQ GLHVHU/DJH"*DEHVEHUKDXSWQRFKHLQHDQGHUH/|VXQJ" 9RUVHLQHQ)HQELOGHWHVLFKLP%RGHQHLQKDQGEUHLWHU5L*OKHQGH+LW]H VWU|PWHGDUDXVKHUYRU$ODVNDVHW]WHPLWHLQHP6SUXQJGDUEHUKLQZHJXQG UDQQWHZHLWHU'DZDUHWZDVLQVHLQHP,QQHUQGDVLKQQRFKLPPHUKRIIHQOLH GDVLKQELV]XPOHW]WHQ0RPHQWYRUDQWULHE 3O|W]OLFKSDFNWHLKQHLQH5LHVHQIDXVWXQGVFKOHXGHUWHLKQ]X%RGHQ'LH NQVWOLFKHQ*UDYLWDWLRQVZHUWHGHU6WDWLRQEHJDQQHQVLFK]XYHUlQGHUQ$XIDOOHQ YLHUHQNURFKHUZHLWHUELVHUHLQH=RQHHUUHLFKWHLQGHUQRFKQRUPDOH 6FKZHUNUDIWKHUUVFKWH:lKUHQGHUVLFKDXIULFKWHWHVSUWHHUHUQHXWHLQHQ ]XQHKPHQGHQ'UXFNGHV&DSSLQ)UDJPHQWV(UHUUHLFKWHHLQHQ3XQNWDQGHP VLFK]ZHL*lQJHNUHX]WHQ (UQHXWYHUlQGHUWHVLFKGLH6FKZHUNUDIW$ODVNDZXUGH]XU6HLWHJHULVVHQXQG SUDOOWHJHJHQHLQH:DQG6HLQ$UPVFKPHU]WHXQWHUGHPKHIWLJHQ$XISUDOO 3O|W]OLFKYHUZDQGHOWHVLFKGDV*UROOHQLQHLQHQWRVHQGHQ2UNDQ+HIWLJHU /XIW]XJSHLWVFKWHGXUFKGHQ*DQJXQGULGHQ7UDQVPLWWHUJHVFKlGLJWHQPLW'DV OHW]WH/LFKWGHU6RQQHQVWDWLRQHUORVFK $ODVNDNUPPWHVLFKDXIGHP%RGHQ]XVDPPHQXQGZDUWHWHDXIGDV(QGH $XWRPDWLVFKVFKO|VVHQVLFKVHLQH$XJHQ Ä+DOWHGXUFKIOVWHUWHHLQHVDQIWHZHLEOLFKH6WLPPHZLHDXVZHLWHU)HUQH .\WRPD" 0KVDP|IIQHWH$ODVNDVHLQH$XJHQ5LQJVXPZDUHVY|OOLJGXQNHO3O|W]OLFK ZDUGDHLQ/LFKW(LQH+DQGODPSHLQZHQLJHQ6FKULWWHQ(QWIHUQXQJ Ä0DQQKDEHLFK UXPVXFKHQPVVHQ6DHGHODHUHHUNDQQWHGLH6WLPPHGHV

0DXVELEHUV*XFN\Ä$OOHVYROOHULUUHIKUHQGHU6WUDKOXQJHQ0DQNDQQMDNDXP QRFKWHOHSRUWLHUHQ ,FKWUlXPHGDFKWHGHU7UDQVPLWWHUJHVFKlGLJWH 'DSDFNWHLKQHLQHNOHLQH+DQGIHVWDP2EHUDUP Ä.RPPVDJWH*XFN\Ä$XIGHU62/ZDUWHWPDQDXIXQV'DV8QLYHUVXP EUDXFKWGLFKQRFK8QGLFKXQGHLQSDDUDQGHUHDXFK (1'(