Der Hexenjäger von Blackmoor

-2+16,1&/$,5'HU+H[HQMlJHUYRQ%ODFNPRRU *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKW...

Author: Dark Jason

24 downloads 152 Views 653KB Size Report

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

Report copyright / DMCA form

DOWNLOAD PDF

DOWNLOAD .DOCX DOWNLOAD .PPTX

-2+16,1&/$,5'HU+H[HQMlJHUYRQ%ODFNPRRU *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP

/LHEH/HVHULQOLHEHU/HVHU 0LWGLHVHP%DQGGHU:(/7%,/'6DPPOHU(GLWLRQ-2+1 6,1&/$,5EULQJHLFK,KQHQZLHGHUGUHLZLFKWLJH5RPDQH DXVPHLQHU-RKQ6LQFODLU6HULH'LHVPDOJLEWHVQLFKWQXUHLQ VFKDXULJHV:LHGHUVHKHQPLW-DQH&ROOLQV-RKQVHKHPDOLJHU *HIlKUWLQGLHMHW]WDXIGHU6HLWHGHV%|VHQVWHKWXQGPLWGHU 2EHUKH[H:LNNDLFKVWHOOH,KQHQDXFKHLQHQQHXHQK|OOLVFKHQ *HJQHUGHV*HLVWHUMlJHUVYRU ,QGHP5RPDQª'HV6DWDQV7lWRZLHUHU©KDWGHU'lPRQ $UNRQDGDVHLQHQHUVWHQ$XIWULWW(ULVWHLQ'LHQHUGHU *URHQ$OWHQGLHVFKRQPLWGHP'lPRQ%HOSKHJRULKUH 5FNNHKUDXIGLH(UGHYRUEHUHLWHWHQXQGJHULHWLP 0LWWHODOWHUPLWGHP7HXIHOLQ.RQIOLNWXQGPXWHGLH:HOW GHU6WHUEOLFKHQYHUODVVHQ-HW]WLVWHUZLHGHUGDGRFKQRFK KDWHUVHLQHYROOHQ.UlIWHQLFKW]XUFNJHZRQQHQ'DKHU PXHUVLFKHLQHQ:LUWVN|USHUVXFKHQXPVHLQH0DFKW VWHOOXQJ]XHUQHXHUQ$UNRQDGDKDWDXFKQRFKHLQH 5HFKQXQJRIIHQPLW0\[LQGHP0DJLHUYRQ$WODQWLV'LHVHU XQGVHLQH*HIlKUWLQ.DUDGLH6FK|QHDXVGHP7RWHQUHLFK KDEHQVLFK]XGHQ)ODPPHQGHQ6WHLQHQGHQIODPLQJVWRQHV ]XUFNJH]RJHQXQGKLHUILQGHWGLHQHXH$XVHLQDQGHU VHW]XQJ]ZLVFKHQ$UNRQDGDXQG0\[LQVWDWW8QGQDWUOLFK VLQG-RKQ6LQFODLUXQG6XNRPLWGDEHLXPGHPNOHLQHQ 0DJLHUJHJHQGHQ'lPRQ]XU6HLWH]XVWHKHQ 'LHEHLGHQIROJHQGHQ5RPDQHVLQGHLQZHLWHUHU=ZHLWHLOHU GHU6HULH,Qª'HU+H[HQZUJHUYRQ%ODFNPRRU©XQG ª:LNNDV5DFKH©VLQGGLH2EHUKH[H:LNNDXQG-DQH&ROOLQV GLHVHOEVW]XU+H[HZXUGHZLHGHUPLWYRQGHU3DUWLH1RFK LPPHUWUlXPW:LNNDGDYRQDOOH+H[HQGHU:HOWXQWHULKUHU )KUXQJ]XYHUHLQLJHQ6RUHLVWVLHPLW-DQHLQV%ODFNPRRU ZRYLHOHDOV5DEHQXQG.UlKHQYHUZDQGHOWH+H[HQOHEHQ RGHULP6XPSIDOV=RPELH+H[HQH[LVWLHUHQ*OHLFK]HLWLJ

NHKUWGHU+H[HQZUJHUYRQ%ODFNPRRU]XUFNGHUVFKRQ YRU-DKUKXQGHUWHQJHJHQGLH+H[HQNlPSIWHXQGGDEHL NHLQHQ8QWHUVFKLHGPDFKWHREGLHVHZLUNOLFKH+H[HQRGHU XQVFKXOGLJH)UDXHQZDUHQ(LQWHXIOLVFKHU)ROWHUNQHFKWLQ GHVVHQ)lQJH-DQH&ROOLQVJHUlW(UZLOO]XGHPGHQ+H[HQ VWHLQLQVHLQH)LQJHUNULHJHQPLWGHPHUGLH+H[HQYHUQLFK WHQNDQQXQGDOV:LNNDLQ.RQWDNWPLWGLHVHP+H[HQVWHLQ JHUlWHUOHEWVLHHLQHIXUFKWEDUHJUDXHQYROOH:DQGOXQJ /LHEH)UHXQGHXQG6LQFODLU)DQVLFKKRIIHPLWGLHVHQGUHL VSDQQHQGHQ*UXVHO$EHQWHXHUQZLHGHUHLQHJXWH$XVZDKO JHWURIIHQ]XKDEHQXP6LHVFKDXULJ]XXQWHUKDOWHQ$XIGLH :(/7%,/'6DPPOHU(GLWLRQ-2+16,1&/$,5ELQLFKZLUN OLFKVHKUVWRO]GHQQHVLVWHLQHHLQPDOLJH+DUGFRYHU(GLWLRQ GHUZLFKWLJVWHQ5RPDQHDXVGHU6HULHXQGJHK|UWLQV %FKHUUHJDOHLQHVMHGHQ6LQFODLU)DQV2IWZHUGHQPLUGLH %lQGHEHL$XWRJUDPPVWXQGHQ]XP6LJQLHUHQYRUJHOHJW XQGVLFKHUOLFKZHUGHQ,KUH)UHXQGH6LHXPGLHVHEHVRQGHUH 6LQFODLU6DPPOXQJEHQHLGHQ:HQQ6LH/XVWDXIQRFKPHKU $EHQWHXHUGHV*HLVWHUMlJHUV-RKQ6LQFODLUYHUVSUHQGDQQ ILQGHQ6LHPHLQHQHXHVWHQ5RPDQHUHJHOPlLJDOV+HIW URPDQXQG7DVFKHQEXFKEHL,KUHP=HLWVFKULIWHQXQG %DKQKRIVEXFKKlQGOHU -DVRQ'DUN

'(66$7$167b72:,(5(5 'HU7ULWWVSUHQJWHPLWXQJHKHXUHU:XFKWGLH7UDXVGHP 6FKORXQGVFKPHWWHUWHVLHJHJHQGLH:DQGYRQGHUVLH DESUDOOWHXQGYRQHLQHPKRFKJHVWHOOWHQ)XJHVWRSSWZXUGH *UDXHV'lPPHUOLFKWVLFNHUWHLQGHQ5DXPZRHLQ0DQQ YRP%RGHQKHULQGLH+|KHVFKRVHLQH'HFNH]XU6HLWH VFKOHXGHUWHXQG]XVHLQHP5HYROYHUJULII (VZDUHQ5HIOH[EHZHJXQJHQKXQGHUWPDOHLQJHEWXQG HLQVWXGLHUW'LH:DIIHGHXWHWHDXIGDV=LHOXQGGDPLWDXI HLQHQEUHLWVFKXOWULJHQ0DQQGHUDXIGHU6FKZHOOHVWDQG (UZDUZDIIHQORV 8QGHUWUXJQXUHLQHODQJH+RVHXQGHLQSDDU6FKXKH6HLQ 2EHUN|USHUZDUQDFNW 'HU0DQQPLWGHU:DIIHVFKRQLFKW(UZDUWHWHODXHUQG DEXQGVWW]WHVHLQUHFKWHV+DQGJHOHQN%LVKHUKDWWHHU NHLQHQ0RUGDXIVHLQHP.RQWRVWHKHQXQGIUGLH5DXE EHUIlOOHDXIGLHEHLGHQ%DQNHQZUGHPDQLKQQLFKW OHEHQVOlQJOLFKHLQEXFKWHQ=XGHPJODXEWHHUGDGHUDQGH UHNHLQ3ROL]LVWZDUGHQQGLH%XOOHQWUDWHQQLFKWPLWEORHP 2EHUN|USHUDXIVRQGHUQVWUPWHQLQLKUHU%HUXIVNOHLGXQJ KHUDQ ª%OHLEMDVWHKHQ©]LVFKWH=DFN,YDOª8QGUKUGLFKQLFKW YRP)OHFN,FKKDEHKLHUHLQHQ%XOOHQNLOOHUDXIGLFKJHULFK WHW(LQH.XJHOKDXWGLFKIULPPHUYRQGHQ%HLQHQ© 'HU$QN|PPOLQJUKUWHVLFKQLFKW(UEHZHJWHQLFKWHLQ PDOGLH$XJHQEUDXHQ%UHLWEHLQLJVWDQGHUGDVWDUUWHLQGDV =LPPHUXQGVFKLHQLQV/HHUH]XEOLFNHQ =DFN,YDOKXVFKWHHLQHQ6FKULWW]XU6HLWH'DQQEFNWHHU VLFKXQGUDIIWHPLWGHUIUHLHQ+DQGGHQ3ODVWLNVDFNLQGLH +|KH'DVZDUVHLQHZLFKWLJVWH%HXWH6LHVROOWHLKPIUGLH QlFKVWH=HLWHLQVRUJHQIUHLHV/HEHQYHUVFKDIIHQ 3IXQGZDUHQVFKOLHOLFKQLFKW]XYHUDFKWHQ7URW]GLHVHU%H ZHJXQJKDWWHHUGHQ(LQGULQJOLQJQLFKWDXVGHQ$XJHQ JHODVVHQ'LH0QGXQJ]LHOWHQDFKZLHYRUDXIGLHQDFNWH %UXVWXQGDOV,YDOJHQDXHUKLQVFKDXWHJODXEWHHULQGHUHQ 0LWWHHLQHQVHOWVDPHQ)OHFN]XHUNHQQHQ

(UGDFKWHQLFKWZHLWHUGDUEHUQDFK:LFKWLJHUZDUVHLQH )OXFKWGHQQHUKDWWHQLFKWGDPLWJHUHFKQHWGDPDQGDV 9HUVWHFNVRUDVFKHQWGHFNHQZUGH =DFN,YDOJHODQJHVGHQ%HXWHODQVHLQHP*ULIIHQGHXP GDV+DQGJHOHQN]XZLFNHOQ6RKDWWHHUHLQHQVLFKHUHQ+DOW XQGHUEHZHJWHEOLW]VFKQHOOGLH:DIIH ª/RVJHK]XU6HLWH© 'HUDQGHUHUKUWHVLFKQLFKW ª:HJYRQGHU7UYHUGDPPW© -HW]WHUVWJHKRUFKWHGHU(LQGULQJOLQJ(UZDQGWHVLFKQDFK UHFKWVPXWHGDQQVWHKHQEOHLEHQXQGVLFKXPGUHKHQ ª,FKPDFKHHVMHW]WZLHGLH%XOOHQ©IOVWHUWH=DFN,YDO ª(LQHQ6FKULWW]XUFNGLH$UPHKRFKXQGGDQQNDQQVWGX GLFKIDOOHQODVVHQ6WW]GLFKDQGHU:DQGDE© 'HU0DQQJHKRUFKWHhEHUKDXSWWDWHUDOOHVZDVLKP=DFN ,YDOEHIDKO %HLGHP%DQNUlXEHUYHUVFKZDQGDOOPlKOLFKGLH$QJVW(U VFKDOWVHLQHQXQJHEHWHQHQ%HVXFKHUVRJDULQQHUOLFKHLQHQ 7URWWHO:LHNDPGHU7\SEHUKDXSWDXIGLH,GHHHLQIDFKLQ GLHVHV9HUVWHFNHLQ]XGULQJHQ"9LHOOHLFKWVXFKWHHUVHOEVW HLQV $OV=DFNGDUDQGDFKWHEHJDQQHU]XNLFKHUQ-DVRPXWH HVVHLQ'DQDFKEHZHJWHHUVLFKPLWVFKOHLFKHQGHQ6FKULWWHQ DXIGHQ5FNHQGHV0DQQHV]X ,QGLH$XJHQGHV%DQNUlXEHUVWUDWHLQNDOWHV/HXFKWHQ :DVMHW]WNDPPXWHVHLQ'DUDQIKUWHNHLQ:HJYRUEHL (LQHQ6FKULWWKLQWHUGHP0DQQVWRSSWHHUXQGEHGHXWHWH LKPQRFKHLQPDOVLFKQLFKW]XUKUHQª:DVMHW]WIROJWZLUG ZDKUVFKHLQOLFKZHKWXQ0HLVWHUDEHUGXKDVWHVGLUVHOEVW ]X]XVFKUHLEHQ© :lKUHQGGLHVHU:RUWHKDWWHHUVHLQHQUHFKWHQ$UPDQJH KREHQXPPLWGHP:DIIHQODXI]X]XVFKODJHQ(UZROOWHGHQ DQGHUHQLQV5HLFKGHU7UlXPHVFKLFNHQ 'HU+LHENDP 6RJDUHLQSIHLIHQGHV*HUlXVFKZDU]XYHUQHKPHQ'DQDFK

HUIROJWHHLQGXPSIHU6FKODJDOVKlWWHMHPDQGPLWGHU+DQG LQHLQHZHLFKH.QHWPDVVHJHVFKODJHQ =DFN,YDOVSUDQJ]XUFN(UZROOWHVHKHQZLHGHUDQGHUH NLSSWH8QGHUULGLH$XJHQDXIDOVGDVQLFKWJHVFKDK 'HU.HUOPLWGHPEODQNHQ2EHUN|USHUEOLHEVWHKHQ7URW] GHVIUFKWHUOLFKHQ7UHIIHUV =DFN,YDOV*HVLFKWYHU]HUUWHVLFK8QJODXEHVWDKOVLFKLQ VHLQH$XJHQ(UVFKWWHOWHGHQ.RSIDOVKlWWHHUVHOEVWHLQHQ 6FKODJHUKDOWHQ'DVZDUGRFKQLFKWP|JOLFKGDVGXUIWHHV QLFKWJHEHQNRQQWHHLQIDFKQLFKWZDKUVHLQ ,YDOZDUGXUFKHLQDQGHU'HU.HUOYRULKPVWDQGZLHHLQ %DXP9RUJHEHXJWGLH+lQGHJHJHQGLH:DQGJHOHKQW GRFKHUILHOHLQIDFKQLFKWXP =DFNEHUOHJWHREHUHLQHQ]ZHLWHQ9HUVXFKZDJHQVROOWH (VJDEMD7\SHQGLHNRQQWHQXQKHLPOLFKYLHOHLQVWHFNHQ XQGQRFKEHYRUGHU*HGDQNHULFKWLJ*HVWDOWDQJHQRPPHQ KDWWHZDUIVLFK,YDOVFKRQYRUXQGKlPPHUWH]X 'LHVPDOYRQGHU6HLWH :LHGHUWUDIHUJHQDX $EHUPDOVKDWWHHUGDV*HIKOJHJHQHLQH:DQGDXV *XPPLJHVFKODJHQ]XKDEHQ'HU7\SZXUGH]ZDUGXUFK JHVFKWWHOWHUILHOMHGRFKQLFKWYRQGHQ%HLQHQ =DFNKlWWHYRU:XWKHXOHQN|QQHQ(UVWLHUWHDXIGHQ :DIIHQODXILQVHLQHP.RSIEHUVFKOXJHQVLFKGLH*HGDQ NHQXQGSO|W]OLFKZXUGHLKPNODUGDHUHVEHLGHP7\SHQ QLFKWPLWHLQHPQRUPDOHQ0HQVFKHQ]XWXQKDEHQNRQQWH 'DVZDUHLQ5RERWHURGHUHLQlKQOLFKHV*HVFK|SI0DQ K|UWHXQGODVMDVFKRQVRYLHOYRQHLQHU5RERW*HQHUDWLRQ 9LHOOHLFKWKDWWHHUKLHUHLQHQ6SH]LYRUVLFK 'HU%DQNUlXEHUKDWWHDQJHQRPPHQVLFKGHQ(LQGULQJOLQJ YRP+DOVVFKDIIHQ]XN|QQHQ1XQZDUGHUXPJHNHKUWH)DOO HLQJHWUHWHQ,YDOZDUGHU9HUOLHUHUGHU*HVFKRFNWH 8QGHUZROOWHZHJ 3O|W]OLFK]LWWHUWHQVHLQH.QLH(UPHUNWHHVDOVHUVLFK ]XUFN]RJ$XFKGLH+DQGPLWGHU:DIIHEOLHEQLFKWPHKU

UXKLJ,YDOHPSIDQGHVDOVHLQ:XQGHUGDVLFKGHU6FKX QRFKQLFKWJHO|VWKDWWHZHLOHUGRFKVREHEWH (UJLQJDXIGLH7U]X 'HUDQGHUHVWDQGZHLWHUKLQDQGHU:DQGRKQHVLFK]X UKUHQ6HLQHYRUJHVWUHFNWHQ+lQGHVFKLHQHQPLWLKUYHU ZDFKVHQ]XVHLQ:LHHVDXVVDKZUGHLKQQLHPDQGGD ZHJNULHJHQ 6HOEVWPLWHLQHU.XJHOQLFKW 5RERWHUNRQQWHPDQGDPLWQLFKWXPOHJHQ .DXPKDWWH=DFNGHQ5DXPYHUODVVHQDOVHUVLFKEHUGLH YHUEDUULNDGLHUWHQ7UHQlUJHUWH%HLVHLQHU$QNXQIWKDWWHHU GDV9HUVWHFNQRFKDOVLGHDOHPSIXQGHQQXQIKOWHHUVLFK ZLHLQHLQHU5DWWHQIDOOH(UPXWHGHQJOHLFKHQ:HJ]XUFN DXIGHPHUKLHUHLQJHGUXQJHQZDU hEHUGDV'DFK 'DVODJ]ZHL(WDJHQK|KHU(VZDUHLQ)ODFKGDFK(LQH URVWLJH)HXHUOHLWHUIKUWHYRQVHLQHU.DQWHDQGHU1RUGVHLWH ELV]XHLQHPDOWHQ6FKXSSHQKLQXQWHUGHQ,YDOVSULQJHQG HUUHLFKHQNRQQWH (UKDVWHWHGXUFKGDV7UHSSHQKDXVhEHUDOO]HLJWHVLFKGHU 9HUIDOO$XIGHQ6WXIHQDQGHQ:lQGHQXQGGLH'HFNHZDU PLW5LVVHQXQG6SDOWHQEHUVlW0DXHUZHUNODJKHUXPXQG ELOGHWH6WROSHUIDOOHQ ,QZHQLJHQ:RFKHQZROOWHQGLH$EULNRPPDQGRVGDV +DXVSODWWPDFKHQ(VZDUHLQPDOEHVHW]WJHZHVHQ3ROL]HL KDWWHHVUlXPHQPVVHQ ,QGHUOHW]WHQ(WDJHVWROSHUWHHUIDVWEHUGDV%HFNHQHLQHU 7RLOHWWH0DQKDWWHHVDXVHLQHUNOHLQHQ.DPPHUKHUDXVJH VFKOHXGHUWZLHDXFKGDVUXQGH+DQGZDVFKEHFNHQ 1RFKHLQ7UHSSHQDEVDW] =DFN,YDONHXFKWH(UZDUIPDQFKPDOHLQHQ%OLFN]XUFN GRFKGHUDQGHUHYHUIROJWHLKQQLFKW 'DVZDUJXW (UVDKGDV'DFK8QGJOHLFK]HLWLJDXFKGLH/HLWHUGLHELV ]XGHURIIHQHQ/XNHUHLFKWH0DQKDWWHGLH'HFNHNXU]HU

KDQGPLWHLQHU+DFNHHLQJHVFKODJHQXQGVRPLWHLQHgII QXQJJHVFKDIIHQ 'LH/HLWHUKLHOWVHLQ*HZLFKW0LWHLQHU+DQGQXUPXWH VLFKGHU%DQNUlXEHUIHVWKDOWHQGDHUPLWGHUDQGHUHQGLH ZHUWYROOH%HXWHDQVHLQHQ.|USHUSUHWH +DXSWVDFKHVLHHUZLVFKWHQLKQQLFKW:HQQHUGDVKLHU KLQWHUVLFKKDWWHNRQQWHHUDXIV/DQGIOLHKHQXQGVLFKLQ LUJHQGHLQHU+WWHIUHLQH:RFKHYHUVWHFNHQ 6HLQ.RSIVWLHGXUFKGLHgIIQXQJ(UVFKDXWHHUVWJDU QLFKWLQGLH5XQGH1XUZHJDXVGLHVHPYHUGDPPWHQ+DXV ZRLKPVHLQHU$QVLFKWQDFKGDV*UDXHQEHJHJQHWZDU (UNOHWWHUWHEHUGHQ5DQGZDUIVLFKHUVFK|SIW]X%RGHQ EOLHEIUHLQHQ0RPHQWOLHJHQXQGVWW]WHVLFKHUVWGDQQ KRFK 'DQQKREHUGHQ.RSI =DFN,YDOVDKGLHEHLGHQ6lXOHQVFKUlJYRUVLFK =XHUVWJODXEWHHUZHQLJVWHQVDQ6lXOHQELVHUVLHDOVGLH %HLQHHLQHV0DQQHVLGHQWLIL]LHUWH6HLQ%OLFNZDQGHUWH K|KHUHUVDKHLQHQQDFNWHQ2EHUN|USHUXQGDXFKHLQ*H VLFKWGDVHUVLFKQRFKYRU0LQXWHQJHQDXDQJHVFKDXWKDWWH (LQ(LVVSOLWWHUVFKLHQVLFKLQVHLQH%UXVW]XERKUHQ'HU 0DQQYRULKPZDUGHUVHOEHZLHDXVGHP=LPPHU :DKQVLQQLUUHYHUUFNW 'LHVH%HJULIIHVFKRVVHQGXUFK=DFN,YDOV.RSI'DVNRQQWH QLFKWP|JOLFKVHLQ(UKDWWHEHZXWDXI9HUIROJHUJHDFKWHW XQGNHLQHJHVHKHQ8QGMHW]WVWDQGHUYRULKP 6SXN"(LQH*HLVWHUHUVFKHLQXQJ"+DOOX]LQDWLRQ" ,YDONRQQWHHVQLFKWVDJHQ(UGDFKWHQLFKWPHKUDQVHLQHQ 5HYROYHUVRQGHUQEHZHJWHVLFK]XU6HLWHXPYRQGLHVHP VFKUHFNOLFKHQ.HUOZHJ]XNULHFKHQ 'HUOLH=DFNLQ5XKH 'HU7\SVWDQGEUHLWEHLQLJZLHHLQH*HVWDOWGLHLQVFKOLP PHU.lOWHHLQJHIURUHQZDU1LFKWVUKUWHVLFKEHLLKPQXU GHU:LQGVSLHOWHPLWGHP6WRIIGHU+RVHQEHLQH -HGHQIDOOVWUDIGHUDQGHUHNHLQHUOHL$QVWDOWHQ=DFN,YDO

DQ]XJUHLIHQXQGGDVHPSIDQGGHU%DQNUlXEHUDOVJQVWLJ hEHUGLHQlKHUHQ8PVWlQGHZROOWHHUHUVWJDUQLFKWQDFK GHQNHQ*UQGHKlWWHHUVRZLHVRQLFKWEHQHQQHQN|QQHQHU QDKPGLH*HVWDOWHLQIDFKKLQXQGNURFKYRUVLFKWLJ]XU6HLWH $XIGHP'DFKZDUHVGXQNHO'HU:LGHUVFKHLQKRKHU,Q GXVWULHOHXFKWHQUHLFKWHQLFKWHLQPDOPLWVHLQHQ$XVOlXIHUQ ELVDQGLHVHV*HElXGHVRGDGLHVHV+DXVGDFKZLHHLQH GVWHUH,QVHOZLUNWH =DFN,YDONURFKZHLWHU(UVHOEVWYHUXUVDFKWHNDXPHLQ *HUlXVFKGDIUGHU3ODVWLNVDFNPLWGHU%HXWHDOVHUEHU GDV'DFKVFKOHLIWH'HU%DQNUlXEHUEHREDFKWHWHGLH*HVWDOW PLWGHPQDFNWHQ2EHUN|USHUDXVGHQ$XJHQZLQNHOQ 1RFKLPPHUVWDQGVLHDXIGHP)OHFN6LHlKQHOWHWDW VlFKOLFKGHP.HUOGHQ=DFNLP+DXVJHVHKHQKDWWH 9LHOOHLFKWZDUHQGLHEHLGHQVRJDULGHQWLVFKREZRKOHU VLFKEHLDOOHU/LHEHQLFKWYRUVWHOOHQNRQQWHZLHGHU7\S DXVGHP=LPPHUDXIGDV'DFKJHODQJWVHLQVROOWH'D KlWWHHUVFKRQDQGHU+DXVZDQGKRFKNOHWWHUQPVVHQ $XFKGDVWUDXWH=DFNLKPPLWWOHUZHLOH]X:HQQMHPDQG VFKRQ6FKOlJHPLWHLQHP5HYROYHUODXIYHUWUXJZDU HLJHQWOLFKQLFKWVXQP|JOLFK (QGOLFKULVNLHUWHHVGHU%DQNUlXEHUXQGULFKWHWHVLFKDXI (VNRVWHWHLKQ1HUYHQGLH%HZHJXQJHQODQJVDPGXUFK ]XIKUHQXQGQLFKWV]XEHUVWU]HQ6HKUYRUVLFKWLJJLQJHU ]X:HUNHHUKREVLFKXQG]RJZLHGHUVHLQHQ5HYROYHUGHQ HUYRUKLQZHJJHVWHFNWKDWWH'LH0QGXQJULFKWHWHHUDXI GHQ0DQQ 'HUDQGHUHGUHKWHVLFKXP =DFNNPPHUWHVLFKQLFKWGDUXP6RODQJHLKPGHU.HUO YRP+DOVEOLHEXQGQLFKWDQJULIIZDULKPGDVHJDO'HU *DQJVWHUVFKOLFKUFNZlUWV(UKDWWHVLFKGLH6WHOOHPLW GHU)HXHUOHLWHUXQJHIlKUJHPHUNW'RUWZUGHHUZLHGHU QDFKXQWHQNOHWWHUQXQGVlPWOLFKH9RU]HLFKHQZLHVHQ GDUDXIKLQGDGHU7\SPLWGHPEORHQ2EHUN|USHU QLFKWVGDJHJHQKDWWH

=ZHL6FKULWWHZHLWOLHHU=DFNNRPPHQDOVHUGLHEHLGHQ :RUWHDXVVSUDFKª%OHLEVWHKHQ© =DFN,YDO]XFNWH]XVDPPHQDOVKlWWHHUHLQHQ6FKODJPLW GHU3HLWVFKHHUKDOWHQ,PHUVWHQ$XJHQEOLFNZROOWHHUHLQ IDFKZHJUHQQHQ/HLGHUZDUGLH(QWIHUQXQJ]XP'DFKUDQG ]XJURGHUDQGHUHKlWWHLKQVLFKHUOLFKHLQJHKROW 6RJHKRUFKWHHU $EHUHUKDWWHGHQ5HYROYHU'DUDXIYHUOLHHUVLFK (UZUGHVFKLHHQZHQQHUNHLQHDQGHUH0|JOLFKNHLW PHKUVDK'DVKDWWHHUVLFKIHVWYRUJHQRPPHQ 'HU%OLFNGHV0DQQHVEUDQQWHLQ,YDOV*HVLFKW'LH $XJHQVFKLHQHQ]X/DQ]HQ]XZHUGHQGLHLKQGXUFKERKUHQ ZROOWHQ'DQQVSUDFKGHU0DQQ6HLQH6WLPPHNODQJNDOW RKQH*HIKODOVHUVDJWHª'XKDVWNHLQH&KDQFHEHU KDXSWNHLQH© =DFNKROWHHLQSDDUPDOWLHI$WHPª:DVZLOOVWGXEHU KDXSW"©IOVWHUWHHUª9HUGDPPWODPLFKLQ5XKH© ª.RPPKHU© ª1HLQ© 'HUDQGHUHODFKWHOHLVH(VZDUHLQJHIlKUOLFKHV/DFKHQHV GXUFKGUDQJGLH6WLOOHXQGK|UWHVLFKJHVSHQVWLVFKDQ =DFN,YDONRQQWHQLFKWYHUPHLGHQGDLKPHLQH *lQVHKDXWEHUGHQ5FNHQNURFK(UIKOWHVRHWZDVZLH $QJVWYRUGHUHLJHQHQ&RXUDJHVHLQ0XQGEHZHJWHVLFK GLH/LSSHQKDWWHHU]XUFNJH]RJHQXQGHUPXWHPLWDQ VHKHQZLHVLFKGHUDQGHUHLQVHLQH5LFKWXQJZDQGWHXQGLQ %HZHJXQJVHW]WH ª,FKVFKLHHZHQQGXQLFKWVWHKHQEOHLEVW© 'HU0DQQPLWGHPEORHQ2EHUN|USHUNPPHUWHVLFK QLFKWGDUXP1LFKWVKLHOWLKQDXI ,YDOZDUVRNRQVWHUQLHUWGDHUHLQHQ6FKULWW]XUFNJLQJ DXFKQRFKHLQHQQlFKVWHQVRGDGLH'LVWDQ]]ZLVFKHQ LKQHQJOHLFKJUREOLHE'DQQMHGRFKEOLHEHUVWHKHQXQG ]LHOWHPLWVHLQHP5HYROYHUDXIGLHEUHLWHEORH%UXVW GHVDQGHUHQ

ª:HQQGXQRFKHLQHQ6FKULWWPDFKVWVFKLHHLFK©GURKWH HU6HLQH6WLPPHNODQJNUlFK]HQG(LQ%HZHLVGDHUVLFK QLFKWVLFKHUIKOWH ª'XNDQQVWHVYHUVXFKHQ© ª:LOOVWGXVWHUEHQ"© ª9HUVXFKHV© 'HU.HUOLVWOHEHQVPGHGDFKWH=DFN$EHUZDUHUGDV ZLUNOLFK"6HLQH6WLPPHKDWWHVRYHUGDPPWVLFKHUJHNOXQ JHQDOVZUGHLKPGDVDOOHVQLFKWVDXVPDFKHQ =DFNZXUGHQHUY|V (UVFKDXWHVLFKXPREZRKOHVQLFKWV]XVHKHQJDE(VZDU HLQIDFKGLH)ROJHVHLQHUEHUUHL]WHQ1HUYHQ 2ND\HUKDWWH%DQNHQDXVJHUDXEWDEHUHLQHQ0RUGKDWWH HUQRFKQLFKWDXIGHP*HZLVVHQGDVZDULKPLPPHU]X EULVDQWJHZHVHQ +LHUEOLHELKPZRKOQLFKWVDQGHUHVEULJ'LHVHQ.HUO PXWHHUPLWHLQHU.XJHOHUOHGLJHQ=XGHPJDEHVZHLWXQG EUHLWNHLQH=HXJHQ:HQQHUGHQ7\SHUVFKRVVHQKDWWHNRQQWH HUYHUVFKZLQGHQ (LQHOHW]WH:DUQXQJZROOWHHULKPQRFK]XUXIHQ ª*HKQLFKWPHKUZHLWHU© 'HUDQGHUHVFKWWHOWHQXUGHQ.RSI(UWDWJHQDXGDV *HJHQWHLO-HW]WJDEHVIU=DFN,YDONHLQ+DOWHQPHKU)U HLQHQ0RPHQWYHU]HUUWHQVLFKVHLQH*HVLFKWV]JHLQGHQ $XJHQIODPPWHHVDXIXQGHUGUFNWHDE 'LHQlFKVWHQ6HNXQGHQHUOHEWHHUZLHLP7UDXP(VZDU DOOHUGLQJVHLQE|VHUXQEHJUHLIOLFKHU7UDXPXQG]ZHL (UHLJQLVVHOLHIHQLQQHUKDOEYRQ6HNXQGHQEUXFKWHLOHQ]X VDPPHQ $OV=DFN,YDODEGUFNWHYHUlQGHUWHVLFKGLHEUHLWH%UXVW GHV.HUOVYRULKP$XFKEHLGLHVHP7\SZDU=DFNGHUVHOW VDPH)OHFNDXIGHP2EHUN|USHULQV$XJHJHVWRFKHQ'HU OHXFKWHWHDXIHLQPDOEODXDXI*HQDXDXIGLHVH6WHOOHKDWWHHU JH]LHOW(UWUDI 7URW]GHV.QDOOVYHUQDKP=DFN,YDOHLQKRKHVVLQJHQGHV

*HUlXVFKDOVGDV*HVFKRLQV=LHOVFKOXJ'HQDEJHSUDOOWHQ 4XHUVFKOlJHUNRQQWHHUQLFKWHUNHQQHQHUVDKQXUGDGHU DQGHUHQLFKW]X%RGHQILHOVRQGHUQDXIGHQ%HLQHQEOLHE (UVWDQGZLHHLQH(LQV 1XUGDV/HXFKWHQEOLHE(VYHUVWlUNWHVLFKVRJDUQRFKXQG =DFNV%OLFNZXUGHYRQGLHVHP)OHFNDXIGHU%UXVWPDJLVFK DQJH]RJHQ(UVFKDXWHVHKUJHQDXKLQXQGHUNDQQWHGLH 8PULVVHHLQHV*HVLFKWV 1HLQGDVZDUVFKRQHLQH)UDW]H:LGHUOLFKDQ]XVHKHQ $OOH%RVKHLWDXVVWU|PHQGGLHHVEHUKDXSWJDEXQG=DFN ZXUGHSO|W]OLFKNODUGDHUJHJHQGLHVHQ*HJQHUGHQNU ]HUHQ]LHKHQZUGH'HUZDUVHOEVWJHJHQ.XJHOQLPPXQ =DFNVSUWHGDVHLQH.QLHZHLFKZXUGHQ(UVDFNWHHLQ ZHQLJHLQ]LHOWHQRFKHLQPDOXQGVFKRDEHUPDOV :LHGHUWUDIHUJHQDX'DV*HVFKRKLHELQGDV=HQWUXP DEHUHV]HUVW|UWHQLFKWVRQGHUQMDJWHHEHQIDOOVDOV4XHU VFKOlJHUGDYRQ -HW]WGUHKWH=DFNGXUFK,QHLQHP$QIDOOYRQ5DVHUHL EHJDQQHU]XEUOOHQXQGVFKOHXGHUWHGHP.HUOGHQVHLQHU $QVLFKWQDFKZHUWORVJHZRUGHQHQ5HYROYHUHQWJHJHQ (UWUDIGLH6FKXOWHUJHQDXLQGHP$XJHQEOLFNDOVVLFKGHU DQGHUHLQ%HZHJXQJVHW]WH (UZROOWH=DFN,YDO :HU]ZHL5HYROYHUNXJHOQZLGHUVWDQGGHUNRQQWHDXFK QLFKWPLWEORHQ)lXVWHQEHVLHJWZHUGHQ'DVVWDQGIHVW)U =DFNJDOWHVQXQVHLQ/HEHQ]XUHWWHQDXFKGLH%HXWHZHQQ HVJLQJ1RFKUDQQWHGHUDQGHUHQLFKW=DFNPXWHHVHLQ IDFKSDFNHQ=XGHPKDWWHHUHLQHQ9RUVSUXQJXQGELV]XP 'DFKUDQGZDUHVQLFKWPHKUZHLW (UVWDUWHWH *URH6FKULWWHEUDFKWHQLKQYRUDQ(UOLHIIHGHUQG]XGHP YLEULHUWHGLH8QWHUODJHXQWHUVHLQHQ)HQ'LH)HXFKWLJNHLW ODJZLHHLQOHLFKWJOLWVFKLJHU6FKOHLHUDXIGHP'DFK $OOGDVVW|UWHGHQ0DQQQLFKW=DFN,YDOZROOWHQXUZHJ XQGGLHVHP6FKUHFNHQHQWIOLHKHQ

*HIlKUOLFKQDKHWDXFKWHGHU'DFKUDQGYRULKPDXI-HW]W PXWHHUVWRSSHQVRQVWZUGHHULQGLH7LHIHIDOOHQ ,YDOZDUIVHLQHQ.|USHU]XUFN(UKDWWH0KHPLWGHP *OHLFKJHZLFKWULGLH$UPHKRFKEUHLWHWHVHLQH%HLQHDXV XQGIDQGGLHHQWVSUHFKHQGH6WDQGIHVWLJNHLW (UKLHOWVLFK $EHUZRZDUGLH/HLWHU" 6HLQ%OLFNIORJQDFKUHFKWVXQGOLQNV'XUFKGLHKDVWLJH XQGEHUVWU]WH/DXIHUHLKDWWHHUGHQHLJHQWOLFKHQ =LHOSXQNWYHUSDWHUUHLFKWHGDQQGLH6WHOOHXQGZXQGHUWH VLFKHUVWMHW]WGDHUNHLQH6FKULWWHKLQWHUVLFKJHK|UWKDWWH ,QJHEFNWHU+DOWXQJGUHKWHHUGHQ.RSI7URW]GHU$QJVW ZDU=DFN,YDOQHXJLHULJJHQXJXPVHKHQ]XZROOHQZDV GHUDQGHUHWDWXQGZHVKDOEHULKQQLFKWYHUIROJWH 'HU0DQQPLWGHPEORHQ2EHUN|USHUKDWWHVLFKWDWVlFK OLFKQLFKWJHUKUW 'RFKHUUHDJLHUWH 9RQHLQHP$XJHQEOLFN]XPDQGHUHQVFKLHQVHLQH%UXVWLQ )ODPPHQJHKOOW]XVHLQ %ODXHV)HXHU =DFNULZHLWGLH$XJHQDXI(UJODXEWHYHUUFNW]XZHU GHQVFKWWHOWHGHQ.RSIXQGPHUNWHGDHUXQWHUHLQHP VFKUHFNOLFKHQ%DQQVWDQG(UVFKLHQLQQHUOLFK]XEUHQQHQ 'DVEODXH)HXHUGDVGHUDQGHUHDXVVWU|PWHHUIDWHLKQ :HQQDXFKQLFKWVLFKWEDU 1RFKQLFKWPXWHPDQVDJHQ (LQHQ/LGVFKODJVSlWHUYHUORU=DFN,YDOGHU%DQNUlXEHU IDVWGHQ9HUVWDQGDOVHUVDKZLHDXVVHLQHU.OHLGXQJNOHLQH )OlPPFKHQVFKOXJHQ (VZDUHQEOlXOLFKH)LQJHUGLHVLFKLQ]XFNHQGHU %HZHJXQJEHIDQGHQDXIMHGHP)OHFNHQGHV.|USHUVHLQHQ ZLOGHQ7DQ]DXIIKUWHQXQGLKQYRQ.RSIELV)XHLQ KOOWHQ =DFN,YDOYHUEUDQQWHLQHLQHPEODXHQ)HXHU (UVWMHW]WO|VWHVLFKGHU6FKUHL

'DV*HIKOGHV6FKPHU]HVGHUhEHUUDVFKXQJXQGGHV *UDXHQVYHUPLVFKWHQVLFKXQGGLHVHU6FKUHLMDJWHLQGHQ GXQNOHQ1DFKWKLPPHO:LHHLQH3XSSHVWDQGHUDP5DQG GHV'DFKHVKREGLHEHLGHQYRQZLQ]LJHQ)ODPPHQXP ORGHUWHQ$UPHXQGVDKVHLQH8PJHEXQJGXUFKGHQJORVHQGHQ 6FKOHLHUGHUDOOH3HUVSHNWLYHQYHU]HUUWH 'HP%DQNUlXEHUZXUGHLQGLHVHQ$XJHQEOLFNHQNODUGD HUVHLQ(QGHJHIXQGHQKDWWH (UVFKULH (VZDUHQZDKQVLQQLJH6FKUHLHZHLW]XK|UHQXQGHUZDUI VLFKLQZLOGHU3DQLNYRUZREHLHU]ZDQJVOlXILJLQV/HHUH WUDWGDHUGLFKWDP'DFKUDQGVWDQG 'DQQILHOHU (LQYRQNOHLQHQEODXHQ)ODPPHQHLQJHKOOWHU0HQVFK GHUQLFKWHLQPDOGLH+LW]HGHV)HXHUVJHVSUWKDWWHXQGDOV HU]X%RGHQVFKOXJVFKRQWRWZDU $XVYRUEHL (VJDENHLQHQOHEHQGHQ=DFN,YDOPHKU 'HP%DQNUlXEHUZDUEHLVHLQHPOHW]WHQhEHUIDOOHLQ 0LJHVFKLFNXQWHUODXIHQ(UKDWWHVHLQH)LQJHUDEGUFNH KLQWHUODVVHQ$OV9RUEHVWUDIWHUZDUHUQDWUOLFKUHJLVWULHUW XQGGLH3ROL]HLKDWWHNHLQH0KHKHUDXV]XILQGHQZHUIU GHQhEHUIDOOYHUDQWZRUWOLFKZDU 'LH)DKQGXQJOLHI 0DQKDWWH5RXWLQH(VZDUNHLQH*URIDKQGXQJVRQGHUQ HLQHVWLOOH6FKQHOOIDQGHQGLH9HUDQWZRUWOLFKHQKHUDXVLQ ZHOFKHU*HJHQGVLFK=DFN,YDOKHUXPWULHE (LQH3ROL]HLVWUHLIHHUNDQQWHLKQ/HLGHUVRVSlWGDVLHQLFKW PHKUHLQJUHLIHQNRQQWHDEHUVLHVFKOXJ$ODUP%DOGZDUGXUFK GLHZHLWHQ1DFKIRUVFKXQJHQ=DFN,YDOV9HUVWHFNEHNDQQW 'LH+lVFKHUVRUJWHQGDIUGDPDQGDV+DXVXPVWHOOWH XQGGHU5LQJZXUGHVHKUHQJJH]RJHQVRGD=DFN,YDO NHLQH&KDQFHPHKUKDWWHVLFKDE]XVHW]HQ

(UK|UWHQLFKWVHUVDKQLFKWV'LH3ROL]LVWHQJOLWWHQODXWORV QlKHU'HU(LQVDW]ZXUGH]HQWUDOJHOHLWHW =HKQ0lQQHUKLHOWHQGDVDOWH$EULKDXVXPVWHOOW6LHJULI IHQQRFKQLFKWHLQGHQQVLHZROOWHQGLH6DFKHP|JOLFKVW XQEOXWLJEHHQGHQ,YDOZUGHEHVWLPPWXPVLFKVFKLHHQ ZHQQHUVLFKLQGLH(QJHJHWULHEHQIKOWHXQG7RWHZROOWH PDQYHUPHLGHQ 'HU(LQVDW]OHLWHUZDUHLQ0DQQGHU3UD[LVXQGHLQHUPLW 1HUYHQª'HQPDFKHQZLUSV\FKLVFKIHUWLJ©KDWWHHUJHVDJW XQGVHLQ*HVLFKWYHU]RJVLFKGDEHLLQGLH%UHLWH(UKLH 1LFN3UHVWRQXQGJDOWDOV+DXGHJHQ ª6ROOHQZLUGLH%XGHVWUPHQ"©IUDJWHVHLQ$VVLVWHQW ª1RFKQLFKW© ª6LHJHEHQGDV.RPPDQGR"© ª.ODU©3UHVWRQJULQVWHª$XHUGHPLVW=DFNHLQDOWHU !)UHXQGYRQPLU'HUZLUGVLFKIUHXHQZHQQLFKQHEHQLKP VWHKH© ª'DVJODXEHLFKDXFK© 'LH%HDPWHQKDWWHQGLHXPOLHJHQGHQ'lFKHUQLFKWEHVHW]W %HLHLQHP0DQQZLH=DFN,YDOKLHOWHQVLHGDVQLFKWIUQ|WLJ $XHUGHPZDUHQHVNHLQH)ODFKGlFKHUDXHUGHP+DXV GDVYRQGHPIOFKWLJHQ%DQNUlXEHUEHVHW]WZDU 3UHVWRQVWDUUWHGXUFKGLH'XQNHOKHLW(VZDUXQDQJH QHKPHV$SULOZHWWHU1DNDOWQHEOLJUHJQHULVFK'DEOLHE PDQOLHEHU]X+DXVHDOVVLFKPLW7\SHQZLH,YDOKHUXP ]XVFKODJHQ 3UHVWRQVFKDXWHDXIVHLQH8KU(UQLFNWH-DGLH=HLWZDU JXW,QGHQ6WXQGHQQDFK0LWWHUQDFKWOLHGLH:DFKVDPNHLW HLQHV0HQVFKHQ]XPHLVWQDFKGDNRQQWHPDQZDVULVNLHUHQ hEHU:DONLHWDONLHLQIRUPLHUWHHUVHLQH0LWDUEHLWHUª,Q HLQHU0LQXWHJHEHLFKGHQ(LQVDW]EHIHKO© 'LH2ND\VHUIROJWHQSURPSW 1LFN3UHVWRQJULQVWH(UNRQQWHVLFKDXIVHLQH&UHZYHU ODVVHQ 'LH0LQXWHZDUQRFKQLFKWYHUVWULFKHQDOVVLFKVHLQ*HUlW

PHOGHWH(LQHUVHLQHU/HXWHEHULFKWHWHGDVLFKDXIGHP 'DFKHWZDVWDW ª:DVJHQDX"© ª.DQQLFKQLFKWVDJHQ6LU© ª$OOULJKW-LPLFKVFKDXHVHOEVWQDFK© 3UHVWRQJDEVHLQHP$VVLVWHQWHQ$QZHLVXQJGLH6WHOOXQJ ]XKDOWHQ'DQDFKYHUOLHHUVHLQH'HFNXQJXQGKXVFKWH JHGXFNW]XGHQ0lQQHUQLQYRUGHUVWHU/LQLH 6LHVDHQDPGLFKWHVWHQDP=LHOREMHNW ª+DEHQ6LHZDVHUNHQQHQN|QQHQ-LP"©IUDJWH1LFN 3UHVWRQ ª1HLQ6LUQLFKWPHKU© ª:DVZDUHVGHQQEHUKDXSW"© ª(LQ6FKDWWHQJODXEHLFK© ª*ODXEHQLVWQLFKWZLVVHQ© ª.ODU6LUDEHUGDZDUDXFKHLQH6WLPPHXQGHLQH]ZHLWH GLH© (UVSUDFKQLFKWPHKUZHLWHUGHQQDXIGHP'DFKZXUGH SO|W]OLFKJHVFKRVVHQ 1XUHLQ6FKXILHO ª'DVZDUHLQ5HYROYHU©VDJWH3UHVWRQGHUDOWH3UDNWLNHU (UODXVFKWHGHP(FKRQDFKGDVEHUGLH+DXVGlFKHUUROOWH XPLQGHU)HUQH]XYHUNOLQJHQ ª6ROOHQZLUVWUPHQ"© 3UHVWRQVFKWWHOWHGHQ.RSIXQGSHLOWH]XP'DFKUDQG KRFKª1LFKWVRKDVWLJPHLQ-XQJH© ª$EHU© ª(VLVWQXUHLQ6FKXJHIDOOHQ$XFKIUGHQPXHVHLQHQ *UXQGJHEHQ'D=DFN,YDOQLFKWDXIVLFKVHOEVWVFKLHW N|QQHQZLUGDPLWUHFKQHQGD]XPLQGHVWHLQ]ZHLWHU 0DQQGRUWREHQODXHUW8QGLFKZLOOQLFKWZLHHLQ+DOE EOLQGHULQGLH)DOOHUHQQHQ,VWGDVNODU"© ª6LFKHU© 'DV6SUHFKJHUlWPHOGHWHVLFKHUQHXW$XFKGLHDQGHUHQ ZDUWHWHQDXIGHQ(LQVDW]EHIHKOGRFK3UHVWRQKLHOWVLH]XUFN

8QGHLQ]ZHLWHU6FKXSHLWVFKWHDXI :LHGHU]XFNWHQGLH0lQQHU]XVDPPHQ-HW]WZROOWH 3UHVWRQQLFKWOlQJHUZDUWHQ(UJDEGHQ/HXWHQ$QZHLVXQJ VLFKEHUHLW]XKDOWHQ 'LH2ND\VNDPHQGXUFK(LQMHGHUGHUJQVWLJVWDQG VDKSO|W]OLFKGLH*HVWDOWGHV0DQQHVDP'DFKUDQG HUVFKHLQHQ 'DVZDU=DFN,YDO $OV6FKDWWHQUL]HLFKQHWHHUVLFKDE%HVVHU]XHUNHQQHQ ZDUGHU3ODVWLNVDFNPLWGHU%HXWHXQGHVVDKDXVDOVZROOWH ,YDOEHUGLH)HXHUOHLWHUDEVWHLJHQ ª'LH6XSSHYHUVDO]HQZLULKP©IOVWHUWH3UHVWRQXQGYHU ]RJVHLQ*HVLFKW]XHLQHP*ULQVHQ 'DQQJHVFKDKHV-HGHU%HDPWHZXUGHGDYRQQLFKWQXU EHUUDVFKWVRQGHUQDXFKVFKRFNLHUW =DFNVWDQGLQ)ODPPHQ 'DVJLQJEOLW]VFKQHOO,QQHUKDOEHLQHV$WHP]XJVXPWDQ] WHQEODXH)OlPPFKHQVHLQHQ.|USHUKOOWHQLKQHLQZLH HLQHQ0DQWHOZREHLVLFKGLH*HVWDOWGHXWOLFKDEKRE 'DQQHUNODQJHQGLH6FKUHLH *UDXHQKDIWPDUNHUVFKWWHUQGVFKUHFNOLFK.HLQHUGHU 3ROL]LVWHQKDWWHMHLQVHLQHP/HEHQHLQHQ0HQVFKHQVR VFKUHLHQJHK|UW 'LH/HXWHZDUHQJHEDQQW6LHNRQQWHQQLFKWVIUGHQ 0DQQWXQGHUDP'DFKUDQGHLQHQVRPDNDEUHQ7DQ]DXI IKUWH(VNDPZLHHVNRPPHQPXWH(LQIDOVFKHU7ULWWGHU 6FKULWWLQV/HHUHGDQQGHU)DOOQDFKXQWHQ (LQYRQ)ODPPHQ8PORGHUWHUMDJWHGHP+LQWHUKRIHQW JHJHQZRHUKDUWDXIVFKOXJ 'LH%HDPWHQK|UWHQGDV*HUlXVFK6LH]XFNWHQ]XVDPPHQ HVVFKQLWWLKQHQGXUFK0DUNXQG%HLQXQGLKUH%OLFNHULFK WHWHQVLFKDXIGHQ3XQNWZR=DFN,YDOODJ 'LH)ODPPHQZDUHQQLFKWHUORVFKHQ:LHZLQ]LJHEODXH =XQJHQKXVFKWHQVLHEHUVHLQHQ.|USHUXQGVLHZROOWHQ HLQIDFKQLFKWYHUO|VFKHQ'LH0lQQHUVWDQGHQVWDUWEHUHLW

(LQHUKDWWHVRJDUHLQH'HFNHEHVRUJWDEHU3UHVWRQKLHOWVLFK ]XUFN 1RUPDOHUZHLVHZlUHHUOlQJVWYRUJHVSUXQJHQXQGKlWWH HWZDVXQWHUQRPPHQDEHUGLHVHNOHLQHQ)ODPPHQZDUHQ LKPQLFKWJHKHXHU'DVNRQQWHNHLQQRUPDOHV)HXHUVHLQ QHLQHVVDKDQGHUVDXV 3UHVWRQKDWWHGLH9HUDQWZRUWXQJIUGHQ(LQVDW]XQGHU ZDUEHUHLWGLHVH9HUDQWZRUWXQJ]XEHUQHKPHQ9RUDOOHQ 'LQJHQZROOWHHUQLFKWGDV/HEHQVHLQHU0lQQHUDXIV6SLHO VHW]HQGHVKDOEQlKHUWHHUVLFKDOOHLQGHP0DQQ $OVHUVLFKQXUQRFKHLQHQ6FKULWWYRQLKPHQWIHUQWEHIDQG VWXW]WHHU 1RUPDOHUZHLVHKlWWHHU+LW]HVSUHQPVVHQ'LHVDOOHU GLQJVZDUQLFKWGHU)DOO1LFKWGLH6SXUHLQHVZlUPHQGHQ +DXFKVVWUHLIWHVHLQH+DXW 8QGGDVLUULWLHUWHLKQ 1LFN3UHVWRQGUHKWHVLFKXP(UZLQNWHGHP0DQQPLWGHU 'HFNHOLHVLHVLFKJHEHQXQGEUHLWHWHVLHEHUGHQDP %RGHQOLHJHQGHQ.|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

YRQQRUPDOHQ9HUEUHQQXQJHQ,P*HJHQWHLOGLH+DXWZDU JODWWJHEOLHEHQDOOHUGLQJVKDWWHVLFKLKUH)DUEHYHUlQGHUW 6LHVFKLPPHUWHLQHLQHPNDOWHQ%ODX (VZDUQLFKWGXQNHOXQGDXFKQLFKWKHOOEODXVRQGHUQHLQ =ZLVFKHQWRQ$XI3UHVWRQZLUNWHGDV*HVLFKWZLHHLQHDQJH VWULFKHQH0DVNHLQGHUGLH$XJHQZHLOHXFKWHWHQ 1LFN3UHVWRQVFKWWHOWHGHQ.RSI6RHWZDVKDWWHHUQRFK QLHLQVHLQHP/HEHQJHVHKHQ(UVFKOXFNWHHLQSDDUPDOXQG VSUWHZLHVLFK6FKZHLDXIVHLQHU6WLUQDXVEUHLWHWH,QHLQHU KLOIORVZLUNHQGHQ*HVWHKREHUGLH6FKXOWHUQ 'DVEHJULIIHUQLFKW 2EZRKOGHU7RWHVWDUNJHVFKUXPSIWZDUKDWWHVLFKGLH +DXWQXULQGHU)DUEHYHUlQGHUW 'LHDQGHUHQ%HDPWHQWUDWHQQlKHU$XFKVLHZDUHQVSUDFK ORVXQGVFKRFNLHUW(LQH(UNOlUXQJNRQQWHQLHPDQGJHEHQ ]XGHPIUDJWH3UHVWRQQLFKWGDQDFK 6HLQ%OLFNJOLWWDQGHUKLQWHUHQ:DQGGHV$EEUXFKKDXVHV LQGLH+|KH$OV=DFN,YDOQRFKJHOHEWKDWWHGDZDU]ZHL PDODXIGHP'DFKJHVFKRVVHQZRUGHQ *UXQGORVEDOOHUWHQLHPDQGLQGHU*HJHQGKHUXP:HOFKHQ *UXQGNRQQWHGHU%DQNUlXEHUJHKDEWKDEHQ" 'DVZXWH3UHVWRQQLFKW(UZROOWHHVMHGRFKKHUDXVILQGHQ XQGJDEGHQ%HIHKOGDV+DXV]XVWUPHQ=ZHL/HXWHEOLH EHQDOV:DFKHQEHLGHPHQWVWHOOWHQ7RWHQ]XUFN 'LH7UHQPXWHQHUVWDXIJHEURFKHQZHUGHQ'DVVFKDII WHQGLH3ROL]LVWHQPLWLKUHQb[WHQXQG%UHFKHLVHQXQGGLH 0lQQHUVWUPWHQGDV+DXVXQGGXUFKVXFKWHQHVYRP IHXFKWHQYRQ5DWWHQYHUVHXFKWHQ.HOOHUELVKRFK]XP'DFK 8QUDWIDQGHQVLH$EIDOO0OO+HUDXVJHULVVHQH7RLOHWWHQ DEHUNHLQHQ0HQVFKHQXQGNHLQDQGHUHV=LHODXIGDVGHU %DQNUlXEHUKlWWHVFKLHHQN|QQHQ 1LFN3UHVWRQZDUEHUIRUGHUW(UVWDQGDXIGHP'DFK ]QGHWHVLFKHLQ=LJDULOORDQXQGVDJWH]XVHLQHP$VVLVWHQ WHQª:LVVHQ6LHZDV-LP'DVLVWPLU]XKRFK© ª:LHVR"©

ª,FKYHUIROJHGHQ)DOOQLFKWPHKUZHLWHU6ROOVLFK6FRWODQG

ª0DFK VPLUGRFKQLFKWVRVFKZHU-RKQ$XFKLFKKDEH %HGUIQLVVH© ,FKQLFNWHKHIWLJª-HW]WLVWPLUDOOHVNODU'XZLOOVWQLFKW PHKUVRDOOHLQVHLQ© ª*HQDX-RKQ© ,FKVHQNWHGHQ.RSI'DVZDUHLQ3UREOHPIUGDVLFK NHLQH/|VXQJKDWWH*OHQGDV5HDNWLRQZDUIUPLFKYHU VWlQGOLFKDQGHUHUVHLWVNRQQWHLFKQLFKWDXVPHLQHU+DXW XQGGHU-REOLHPLUIUGLH/LHEHRIWNHLQH=HLW'DPLW PXWHLFKPLFKOHLGHUDEILQGHQ 6LHZHFKVHOWHGDV7KHPDªhEULJHQV-RKQGDLVWHLQ 6HUJHDQW3UHVWRQGHUXPGHLQHQ$QUXIELWWHW©6LHQDQQWH PLUGLH1XPPHUXQGLFKQRWLHUWHVLH ª:RUXPJHKWHV"©IUDJWHLFKGDQQ ª.HLQH$KQXQJZLUNOLFKQLFKW© ª:LUZHUGHQVHKHQ©,FKQDKPZLHGHU3ODW]ª%ULQJVWGX PLUHLQHQ.DIIHH"© 6LHQLFNWHGUHKWHVLFKVFKQHOOXPXQGJLQJKLQDXV,FK JODXEWHVRJDUVLHZHLQHQ]XVHKHQ :LHLFK'lPRQHQXQGDQGHUH:HVHQGHU)LQVWHUQLV]X EHNlPSIHQKDWWHGDVZXWHLFKDEHUEHLHQWWlXVFKWHQ )UDXHQZDULFKKLOIORV 0LWGLHVHP*HGDQNHQHUJULIILFKGHQ+|UHUWLSSWHGLHDXI JHVFKULHEHQH1XPPHUHLQ6FKQHOOZXUGHDEJHKREHQ 6HUJHDQW3UHVWRQZDUQLFKWDP$SSDUDWVRQGHUQHLQ .ROOHJH,FKVDJWHPHLQHQ1DPHQ'HU0DQQZXWH %HVFKHLGXQGYHUEDQGPLFKVRIRUWZHLWHU ª-DKLHU3UHVWRQ© ª6LQFODLU© 'HU6HUJHDQWODFKWHª6LQG6LHGHU*HLVWHUMlJHUYRQGHP PDQKLQXQGZLHGHUHWZDVK|UW"© ª'DKDEHQ6LHQLFKWXQUHFKW© ª$OOULJKW0LVWHU6LQFODLU,FKKDEHKLHUZDKUVFKHLQOLFK HLQHQ)DOOIU6LH© ª:RUXPJHKWHV"©

ª8PHLQHQ7RWHQ© ª:RNDQQLFKLKQILQGHQ"© ª,FKKDEHLKQLQHLQ6FKDXKDXVEULQJHQODVVHQ©(UIJWH GLH$GUHVVHKLQ]X ª'DVLVW]LHPOLFKZHLWLP1RUGHQ© ª:LUVLQGQXQPDOLQ,VOLQJWRQ.HQQHQ6LHGDV5R\DO)UHH +RVSLWDO"© ª-D© ª'DQQILQGHQ6LHDXFKGDV6FKDXKDXV(VOLHJW]ZLVFKHQ GHP.UDQNHQKDXVXQGGHU&DPGHQ3DVVDJHZRHVGLH ]DKOUHLFKHQ$QWLTXLWlWHQ/lGHQJLEW© ª2ND\LFKNRPPH© ª*XWLFKHUZDUWH6LH© (LJHQWOLFKKlWWHLFKQRFKHLQSDDU)UDJHQVWHOOHQPVVHQ DEHUGHU6HUJHDQWKDWWHPLUDP7HOHIRQHLQHQVHKUVDFKOLFKHQ (LQGUXFNJHPDFKW,FKJODXEWHQLFKWGDUDQGDHUHLQ 6SLQQHUZDU *OHQGDEUDFKWHGHQ.DIIHH'LH7DVVHMHW]WQLFKW]XOHHUHQ ZlUHVFKRQHLQHU0DMHVWlWVEHOHLGLJXQJJOHLFKJHNRPPHQ 'HVKDOEWUDQNLFKGLH7DVVHUDVFKOHHUZDVEHL*OHQGDZLH GHUXP0LELOOLJXQJDXVO|VWHXQGVLHYHU]RJGDV*HVLFKW ª7XWPLUOHLG*OHQGDDEHULFKKDEHHVVFKUHFNOLFKHLOLJ© ª'DVVHKHLFK© ,FKQDKPGHQOHW]WHQ6FKOXFNLP6WHKHQª,FKELQGDQQ ZHJ©HUNOlUWHLFKLKU ª8QGZRNDQQPDQGLFKHUUHLFKHQ"© ª$FKMDVWLPPW©,FKQDQQWHLKUGLH$GUHVVHª$XIMHGHQ )DOOEHU6HUJHDQW3UHVWRQ© ª*XWYLHO6SD© ª2EGDVHLQ6SDZLUGZHLLFKQLFKW© 0LQXWHQVSlWHUZKOWHLFKPLFKGXUFKGHQ/RQGRQHU 9HUNHKU(UZDUKHXWHEHVRQGHUVGLFKW,QGHQ1DFKULFKWHQ KDWWHLFKHUIDKUHQGDPDQPLWWHQLQ/RQGRQQRFKHLQH QLFKWHQWVFKlUIWH%RPEHDXVGHP=ZHLWHQ:HOWNULHJJHIXQ GHQKDWWH6WUDHQ]JHZDUHQJHVSHUUWZRUGHQGHU9HUNHKU

ZXUGHXPJHOHLWHWLFKEOLHEPHKUPDOVVWHFNHQXQGHUVWDXI GHU5RVHEHUU\$YHQXHJLQJHVEHVVHU $QVFKOLHHQGERJLFKLQNOHLQHUH6WUDHQDEXQGHUUHLFKWH EDOGGLH1RHO5RDGZRPLFKGHU6HUJHDQWHUZDUWHQZROOWH 0DQPHUNWHKLHUGLH1lKHGHVJHZDOWLJHQ$QWLN&HQWHUV )DVWLQMHGHP/DGHQZXUGHQDOWH'LQJHDQJHERWHQ2EHFKW RGHUQLFKWGDVZDJHLFKQLFKW]XVDJHQ 'DV/HLFKHQVFKDXKDXVODJLQHLQHPJUDXHQ*HElXGH 'DYRUSDUNWHHLQ6WUHLIHQZDJHQ+LQWHULKPJDEHVHLQH /FNHLQGLHLFKPHLQHQ%HQWOH\OHQNWH ,FKKDWWHNDXPDQJHKDOWHQDOVHLQEORQGKDDULJHU]LHPOLFK KRFKJHZDFKVHQHU0DQQGHQ:DJHQYHUOLHXQGDXIPLFK ]XNDPª,FKELQ6HUJHDQW3UHVWRQ©VDJWHHUXQGEHJUWH PLFKPLW+DQGVFKODJ ª-RKQ6LQFODLU© ª6FKRQDOOHUKDQGYRQ,KQHQJHK|UW©PHLQWHHUDOVZLU QHEHQHLQDQGHUGLH6WXIHQ]XU(LQJDQJVWUKRFKVFKULWWHQ XQGGHU6HUJHDQWNOLQJHOWH ª+RIIHQWOLFKQXU*XWHV© (UJULQVWHª,PPHU© (VZXUGHJH|IIQHW(LQEHEULOOWHV0lQQFKHQVFKDXWHXQV HQWJHJHQ(UWUXJHLQHQJUDXHQ.LWWHOXQGURFKQDFKLUJHQG ZHOFKHQ'HVLQIHNWLRQVPLWWHOQª'DVLQG6LHMD©VDJWHHUXQG OLHXQVHLQWUHWHQ 'LH+DOOHZDUNKO8QWHUGHU'HFNHEUDQQWHHLQH/DPSH 'LHVDKDXVZLHHLQKHOOHU.UHLV,KU/LFKWUHLFKWHY|OOLJDXV XPGLH+DOOHDXV]XOHXFKWHQ ,FKVDKPHKUHUH7UHQ6LHVDKHQDOOHJOHLFKDXV'DV+RO] ZDUGXQNHOEUDXQJHVWULFKHQ ª/LHJWGHU7RWHQRFKXQWHQ"©IUDJWH3UHVWRQ ª'HU%ODXH"© ª-D© ª.ODUGHQIDWGRFKNHLQHUDQ© ,FKZDUVWXW]LJJHZRUGHQ:DVKDWWHGHU.QDEHGDJHVDJW" 'HU%ODXH":LHNDPHUGHQQGDUDXI"

3UHVWRQVDKPLUDQGDLFKPLUEHUGLH$QWZRUW *HGDQNHQPDFKWH(UJULQVWHVFKLHIª6LHZHUGHQLKQJOHLFK VHKHQ6LU'DQQZLVVHQ6LHZHVKDOELFK6LHDQJHUXIHQ KDEH© ª%LQJHVSDQQW© 0LWHLQHP/LIWIXKUHQZLUQDFKXQWHQ(VZDUHLQ 7UDQVSRUWIDKUVWXKOEUHLWXQGJHUlXPLJ(UUXFNWHHLQSDDU PDOEHYRUHULP.HOOHUDQKLHOW $OVZLUDXVVWLHJHQIU|VWHOWHLFK+LHUXQWHQZDUHV]LHP OLFKNDOW:LUPXWHQXQVQDFKUHFKWVZHQGHQXQGVFKULWWHQ GXUFKHLQHQJHNDFKHOWHQ*DQJ 'HUNOHLQH0DQQLPJUDXHQ.LWWHOHLOWHYRUXQVKHU(U UHGHWHPLWVLFKVHOEVWHUUHLFKWHHLQHJURH7UGLHLQGHU REHUHQ+lOIWHHLQHQVFKPDOHQ*ODVHLQVDW]DXIZLHV|IIQHWH VLHJLQJHLQHQ6FKULWWXQGEHJDQQIUFKWHUOLFK]XVFKUHLHQ ,PQlFKVWHQ$XJHQEOLFNVWDQGHULQ)ODPPHQ 'LH)ULVXUGHVDOWHQ0DQQHVVDKDXVZLHGLHHLQHV3XQNHUV 9LHOOHLFKWZDUHUIUKHUPDOEORQGJHZHVHQMHW]WDOOHUGLQJV VFKLPPHUWHQVHLQH+DDUHLQHLQHPJHOEOLFKHQ)DUEWRQXQG VWDQGHQZLUUYRP.RSIDE 'DUXPNPPHUWHVLFKQLHPDQGXQGLKPVHOEVWZDUHV Y|OOLJHJDOZLHHLQ0HQVFKDXVVDK,KQLQWHUHVVLHUWHQ DQGHUH'LQJHEHLGHQ]ZHLEHLQLJHQ*HVFK|SIHQ 'HU0DQQOHEWHVFKRQVHLW-DKUHQLQ/RQGRQ(UZDUHLQ 1LHPDQG7DJVEHUVDKLKQNDXPMHPDQG:HQQHUVHLQ DOWHV+DXVERRWDQGHU7KHPVHYHUOLHJHVFKDKGLHVLQGHU 1DFKW 'DQQDOOHUGLQJVVXFKWHHU2SIHU 8QGHUKDWWHVLHJHIXQGHQ'LH=ZLOOLQJH%DVLOXQG /HVWHU%HDQ 1RUPDOH0HQVFKHQELVVLHLQGLH.ODXHQGLHVHV0DQQHV JHULHWHQ9RQGLHVHP=HLWSXQNWDQKDWWHVLFKLKU/HEHQ Y|OOLJYHUlQGHUW'HU$OWHEHVWLPPWHLKU6HLQHUVRUJWH

GDIUGDVLHVHLQHU.RQWUROOHQLFKWPHKUHQWZHLFKHQ NRQQWHQ 'DV9HUVWHFNZDUJXWJHZlKOW:HQLQWHUHVVLHUWHVFKRQGDV DOWH+DXVERRWDP8IHUGHU7KHPVH".HLQHQ(VVHLGHQQHLQ SDDU2EGDFKORVHZROOWHQKLHUEHUQDFKWHQ6LHZXUGHQVHKU VFKQHOOYHUVFKHXFKWGHQQGHU$OWHZDUUDELDW 6HOEVWDP7DJHKDWWHHUGLH/XNHQXQGNOHLQHQ)HQVWHU YHUKlQJWVRGDQXUJUDXHV'lPPHUOLFKWLQGLH.DMWHQ VLFNHUWH $XIGHP'HFNVDKHVVFKOLPPDXV(LQ:LUEHOVWXUPVFKLHQ GRUWJHZWHW]XKDEHQ9RP5XGHUKDXVVWDQGQXUHLQ7HLO HLQ0DVWZDUXPJHNQLFNW%RKOHQJHEURFKHQ ,Q2UGQXQJZDUQXUGHU6WHJ(UYHUEDQGGDV%RRWPLW GHP8IHU'HUDOWH0DQQKDWWHQDWUOLFKHLQHQ1DPHQGRFK GHUZDUQXUZHQLJHQ0HQVFKHQEHNDQQW$XFKGLH =ZLOOLQJHZXWHQQLFKWZHUHUWDWVlFKOLFKZDU'DVVSLHOWH DXFKNHLQH5ROOH,UJHQGZDQQHLQPDOZUGHQHVGLH 0HQVFKHQVRZLHVRHUIDKUHQVLHPXWHQHVVRJDUGDUDQ JODXEWHHUIHVW $XIVHLQbXHUHVOHJWHHUZLHJHVDJWNHLQHQ:HUW(UVFKLHQ QXUHLQHQDOWHQ$Q]XJ]XEHVLW]HQGHQQDOOHKDWWHQLKQ LPPHUQXULQGHUVFKZDU]HQ-DFNHXQGGHUGXQNOHQ+RVH JHVHKHQ'DUXQWHUWUXJHURIWVFKPXW]LJH+HPGHQDXV GHUHQ0DQVFKHWWHQVHLQH+lQGHZLHGLH.UDOOHQYRQ*HLHUQ KHUYRUOXJWHQZlKUHQGGLHGQQHQEHZHJOLFKHQ)LQJHUIDVW GHP9HUJOHLFKPLW6SLQQHQEHLQHQVWDQGKLHOWHQ (LQHQHUVWHQ(UIROJKDWWH*UHJJHUUXQJHQ'LH=ZLOOLQJH ZDUHQYRQLKPORVJHVFKLFNWZRUGHQ-HW]WZDUWHWHHUDXI LKUH5FNNHKU6LHPXWHQEDOGGDVHLQGHQQHUVWDQGPLW LKQHQLQHLQHUWHOHSDWKLVFKHQ9HUELQGXQJXQGZXWHGD GHU3ODQJHNODSSWKDWWH 'LH0DJLHGHV6WLIWVIXQNWLRQLHUWHQRFK 'HU6WLIWDOOHLQZDUGDV$XQG2 ,KQWUXJHULPPHULQGHU7DVFKHVHLQHVDOWHQDEJHWUDJHQHQ $Q]XJV'LHVHU6WLIWYHUOLHK0DFKWZDUPDJLVFKDXIJHODGHQ

XQGVWDPPWHDXVHLQHU=HLWGLHOlQJVWILQVWHUH9HUJDQJHQ KHLWZDU *UHJJNLFKHUWHDOVVHLQH+DQGLQGLH7DVFKHIXKUXQGGHQ NOHLQHQ6WLIWXPNODPPHUWHQ1LHPDQGZXWHGDHULKQ EHVD1LHPDQGDKQWHGDHVLKQEHUKDXSWQRFKJDEDEHU HUKDWWH1DFKIRUVFKXQJHQDQJHVWHOOWXQGLKQVFKOLHOLFK JHIXQGHQ 2GHUDXFKQLFKW 'HQQZLHHULQVHLQHQ%HVLW]JHODQJWZDUNRQQWHHUQLFKW VRUHFKWVDJHQ$XIMHGHQ)DOOZDUHVLQGHU1DFKWJHZHVHQ GDKDWWHHUGLH9HUlQGHUXQJYHUVSUW 1RFKGHXWOLFKHULQQHUWHHUVLFKDQGDVEODXH/LFKWGDVDXI GHP:DVVHUGHV)OXVVHVVFKZHEWHVLFKQlKHUWHXQGGDVDP 8IHUGPSHOQGH+DXVERRWHUIDWH 9RQGLHVHP0RPHQWDQZDUDOOHVDQGHUVJHZHVHQ6HLQ /HEHQKDWWHVLFKYHUlQGHUWXQG]ZDUVFKODJDUWLJ'HQQRFK IDQGVLFK*UHJJQLFKW]XUHFKW(UKDWWHNDXPHLQH(ULQ QHUXQJLUJHQGZLHMHGRFKZDULKPNODUJHZRUGHQGDHU HLQH'RSSHOH[LVWHQ]IKUWH,QVHLQHU%UXVWRGHULQVHLQHP .|USHUOHEWHQ]ZHL6HHOHQ 1XUZXWHHUYRQVHLQHQEHLGHQ/HEHQUHODWLYZHQLJ6HLQ (ULQQHUXQJVYHUP|JHQZDUMHZHLOVXPGLH+lOIWHJHNU]W ZRUGHQ 6HKUVHOWVDP $EHU*UHJJJHK|UWH]XGHQ7\SHQGLHVLFKPLWQHXHQ 6LWXDWLRQHQUDVFKDEIDQGHQ,UJHQGZLHJHILHOLKPGLH ([LVWHQ]VRJDUGHVKDOEOLHHUVLFKDXFKGXUFKHLQLJH 8QJHUHLPWKHLWHQQLFKWDXVGHU5XKHEULQJHQ(UIDWHHVDOV 6FKLFNVDODXIXQGVDKGLHVGXUFKDXVSRVLWLY %HVRQGHUVHLQH)lKLJNHLWZDUEHLLKPZLHGHUYROODXVJH EURFKHQ*HOHUQWKDWWHHULQVHLQHU-XJHQGHLJHQWOLFKQLFKWV ELVDXIHLQH6DFKH 'DV7lWRZLHUHQ 6FKRQDOV.LQGKDWWHHUVLFKGDIULQWHUHVVLHUWXQGEHUDOO VHLQH6SXUHQKLQWHUODVVHQ6SlWHUPDFKWHHUGLHVH%HJDEXQJ

GDQQ]XHLQHP%HUXIXQGNRQQWHGDYRQHLQLJHUPDHQOHEHQ 6FKOLHOLFKNDPHLQH=HLWZRGDV7lWRZLHUHQQLFKWPHKU !LQZDU'LH*HVFKlIWHJLQJHQVFKOHFKWHUXQG*UHJJPXWH VHLQHQ/DGHQVFKOLHHQ -DKUHYHUJLQJHQ0HKUVFKOHFKWDOVUHFKWKLHOWHUVLFKEHU :DVVHUYHUNURFKVLFKLQVHLQHP+DXVERRWGDVHUHLQPDOLP 6SLHOJHZRQQHQKDWWHXQGVWLHJDXFKQLFKWPHKULQV *HVFKlIWHLQDOVHVEHLJHZLVVHQ6FKLFKWHQZLHGHU0RGH ZDUWlWRZLHUWKHUXP]XODXIHQ %LV]XGHP=HLWSXQNWDOVHUGHQ6WLIWIDQG'DZDUHVEHU LKQJHNRPPHQXQG]HLWOLFKILHOGLHVHU)XQGJHQDXPLWGHP 6LFKWHQGHVEODXHQ/LFKWV]XVDPPHQGDVEHUGHU7KHPVH VFKZHEWH 'LHVHV/LFKWKDWWHEHLLKPZLHHLQH,QLWLDO]QGXQJ JHZLUNW3O|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lKWH 8QGJOHLFK]HLWLJEHJDQQGDV0HVVHU]XOHXFKWHQ1LFKW

GDV0HWDOODQGHU6SLW]HVRQGHUQGHU*ULIIGHV6WLIWV'LH HLQJHVFKRVVHQHQWUNLVIDUEHQHQ6FKOLHUHQEHUQDKPHQGDV .RPPDQGRXQGEHUGHFNWHQDOOHVDQGHUH (LQ=HLFKHQ" *UHJJVWDQGVWLOOGD(UZXWHGDHWZDVSDVVLHUWZDU0LW MHGHU)DVHUVHLQHV.|USHUVVSUWHHUGLHVXQGSO|W]OLFKKDWWH HUGDV*HIKODOVZUGHLKQGLH.UDIWZHJWUDJHQ (UVFKZHEWHLPOHHUHQ5DXP'LH,QQHQZlQGHGHV6FKLIIHV YHUVFKZDQGHQYRUVHLQHQ$XJHQHLQHY|OOLJDQGHUH8P JHEXQJHUVFKLHQ)ODPPHQ/LFKW.lOWH 'DQQGHU6FKUHL 0HLQ*RWWGDPLWKDWWHLFKQLFKWJHUHFKQHW 'HU$QJHVWHOOWHGHV6FKDXKDXVHVVWDQGQXU]ZHL6FKULWWH YRQPLUHQWIHUQW'LHNOHLQHQEODXHQ)ODPPHQIKUWHQZLH GQQHJHVSHQVWLVFKH)LQJHUHLQHQPDNDEUHQ7DQ]XPVHLQH *HVWDOWDXI6HLQH*HVLFKWV]JHNRQQWHLFKZLHGXUFKHLQHQ 6FKOHLHUHUNHQQHQ6LHZLUNWHQDXIHLQHVHOWVDPHXQGVHKU EODVVH:HLVHYHU]HUUW 1LFN3UHVWRQVDKLFKQHEHQPLU(UZDU]XVDPPHQJH]XFNW VFKWWHOWHGHQ.RSIXQGIOVWHUWHª:LHEHL=DFN,YDO 9HUGDPPWGLHJOHLFKHQ$Q]HLFKHQ$XFKHUKDWJHEUDQQW© 'LH:RUWHYHUVWDQGLFK]ZDUDEHULFKUHDJLHUWHQLFKWGDU DXI'HUEUHQQHQGH0DQQZDUMHW]WZLFKWLJHUGHQQLFK PXWHXQWHUDOOHQ8PVWlQGHQYHUVXFKHQLKQ]XUHWWHQ =ZDUZROOWHPLFK3UHVWRQDXIKDOWHQGRFKLFKVWU]WHYRU ULGLHPDJLVFKH.UHLGHDXVGHU7DVFKHXQG]HLFKQHWH JHGDQNHQVFKQHOOXPGHQEUHQQHQGHQ0DQQHLQHQ.UHLV ,QLKQKLQHLQOHJWHLFKPHLQ.UHX] *OHLFK]HLWLJDNWLYLHUWHLFKHVPLWGHP6SUXFKGHQPDQPLU EHLJHEUDFKWKDWWH ª7HUUDSHVWHPWHQHWR6DOXVKLHPDQHWR© =ZHL0DJLHQYHUHLQLJWHQVLFKGLHGHV.UHX]HVXQGGLHGHU PDJLVFKHQ.UHLGH

:XUGHQVLHDXFK9HUEQGHWH" $XIHLQPDOILHOHQGLH)ODPPHQ]XVDPPHQ6LHYHU VFKZDQGHQYRP.|USHUGHV0DQQHVZLHGLHDXVJHVFKDOWH WHQ*DVIODPPHQHLQHV+HUGHV1RUPDOVWDQGHUYRUXQV (UVFKDXWHXQVDQZLUEOLFNWHQLKPLQV*HVLFKWXQGZLU VDKHQVHLQHYHUlQGHUWH+DXW9HUEUDQQWZDUQLFKWV1XU KDWWHGLH+DXWHLQHQGXQNOHUHQ)DUEWRQDQJHQRPPHQ6LH VFKLPPHUWHEOlXOLFKXQGKDWWHHLQHQVWDUNHQWUNLVIDUEHQHQ 6WLFK 3UHVWRQZROOWHYRUODXIHQ(UZDUVFKRQIDVWDQPLUYRUEHL DOVLFKLKQ]XIDVVHQEHNDPXQG]XUFNULª1LFKW EHUKUHQ©ULHILFK (UEOLHEVWHKHQ6HLQ*HVLFKW]HLJWH)DVVXQJVORVLJNHLW ZlKUHQGLFKYRUVFKULWW %HKXWVDPQlKHUWHLFKPLFKGHPPDJLVFKHQ.UHLV(U EHVWDQGQRFKLPPHUGDV)HXHUKDWWHLKQQLFKWDXVO|VFKHQ N|QQHQ0HLQ.UHX]ODJLQGHU0LWWH$OVLFKPLWGHUDXVJH VWUHFNWHQ+DQGEHUGLH.UHLVJUHQ]HUHLFKWHHUIDWHGLH PDJLVFKH6WUDKOXQJPHLQH)LQJHU,FKVSUWHHLQ.ULEEHOQ ZLHEHLHLQHU*lQVHKDXW ,FKJULIIQDFKGHP.UHX]KROWHHVDXVGHP.UHLVKHUYRU XQGVSUDFKGHQ0DQQHUVWGDQDFKDQ ª.RPPHQ6LHYRU© (UEHZHJWHVLFKQLFKW ª1DORVPDFKHQ6LHVFKRQ,KQHQSDVVLHUWQLFKWV© (U|IIQHWHGHQ0XQG,FKUHFKQHWHGDPLWGDHUPLUHWZDV VDJHQZROOWHGRFKGDVZDUHLQ,UUWXP=ZLVFKHQVHLQHQ /LSSHQGUDQJQXUHLQ6HXI]HQKHUYRU,PQlFKVWHQ $XJHQEOLFNYHUGUHKWHHUGLH$XJHQXQGEUDFK]XVDPPHQ +DOELP.UHLVEOLHEHUOLHJHQ'LH%HLQHODJHQLP,QQHUQ GHU2EHUN|USHUDXHUKDOE 3UHVWRQXQGLFKVDKHQZLHVLFKVHLQH+DXWDXIVHOWVDPH :HLVHYHUlQGHUWH6LHZXUGHGXQNOHUGDV%ODXEOLHEQDKP MHGRFKHLQHQVWlKOHUQHQ)DUEWRQDQ 6HLQ.|USHUEHZHJWHVLFK

$OVZUGHHUYRQXQVLFKWEDUHQ+lQGHQEHUKUWVR NUPPWHHUVLFK(UZXUGHNOHLQHUXQG6HNXQGHQVSlWHU UKUWHHUVLFKQLFKWPHKU ,FKIDWHLKQDQ (UZDUNKO=ZDUQLFKWVWDUUGHQQRFKDXIVFKDXULJH$UW WHPSHULHUWVRGDLFKPLFKVFKWWHOWH(VZDUQXUHLQH 5RXWLQHNRQWUROOHGDLFKQDFKVHLQHP3XOVIKOWH'DV+HU] VFKOXJQLFKWPHKU 'HU0DQQZDUWRW /DQJVDPHUKRELFKPLFK1HEHQPLUVWDQGHLQIDVVXQJVOR VHU1LFN3UHVWRQª+DEHQ6LHHLQH(UNOlUXQJ6LU"©IUDJWHHU PLFKPLWHLQHU6WLPPHGLHYRU+HLVHUNHLWNDXP]XYHUVWH KHQZDU ª1HLQ©HUZLGHUWHLFKª7XWPLUOHLG,FKNDQQ,KQHQQRFK QLFKWVVDJHQ© ª'DVLVWDOOHVVRXQZDKUVFKHLQOLFK© ª'DVDJHQ6LHZDV$EHUEOHLEHQ6LHKLHU6HUJHDQW,FK ZHUGHPLUGLHVHQ%DQNUlXEHUPDODQVFKDXHQ© 3UHVWRQQLFNWH 0DQKDWWHGHQ.|USHUDXIHLQHQ7LVFKJHOHJWXQGPLW HLQHPJUDXHQ7XFK]XJHGHFNW1HEHQGHP+RO]WLVFKEOLHE LFKVWHKHQXQGUXQ]HOWHGLH6WLUQ%HLGLHVHP7XFKZDUPLU HWZDVDXIJHIDOOHQ1RUPDOHUZHLVH]HLFKQHQVLFKXQWHUGLH VHQ'HFNHQLPPHUGLH8PULVVHHLQHV.|USHUVDE'DVZDU KLHUQLFKWGHU)DOO +LHUSUlVHQWLHUWHVLFKGLH'HFNHHLQJHGUFNWDOVKlWWHMH PDQGHLQSDDUPDOPLWGHUIODFKHQ+DQGGDUDXIJHVFKODJHQ (LQVHOWVDPHV*HIKOHUIDWHPLFKDOVLFKPLWHLQHU+DQG HLQHQ'HFNHQ]LSIHOIDWHXQGGDV7XFKPLWHLQHPKHIWLJHQ 5XFN]XU6HLWHVFKOXJ ,FKVDKVHLQ*HVLFKW 2GHU]XPLQGHVWGDVZDVGDYRQEULJJHEOLHEHQZDU ,FKHUVWDUUWH(LQHGXQNOHOHLFKWJOlQ]HQGH0DVVHLQGHU )RUPHLQHV2YDOV 'HU5HVWHLQHV0HQVFKHQ

.HLQH$XJHQNHLQH1DVHNHLQ0XQGXQGNHLQH2KUHQ 'DVKDWWHPLUGHU6HUJHDQWVLFKHUOLFKQLFKW]HLJHQZROOHQ ,FKJODXEWHIHVWGDUDQGDGLH9HUZDQGOXQJHUVWLQGHQOHW] WHQ0LQXWHQRGHU6HNXQGHQHLQJHWUHWHQZDU +DUWPXWHLFKVFKOXFNHQ 'HUDQGHUH0DQQKDWWHSO|W]OLFKLQ)ODPPHQJHVWDQGHQ 'LHVHUKLHUGHU%DQNUlXEHUZDUYHUNRKOW:LHSDWHGDV DOOHV]XVDPPHQ":LHNRQQWHLFKGLH7HLOFKHQGHV0RVDLNV ]XVDPPHQVHW]HQ",UJHQGHLQ0RWLYPXWHHVJHEHQGHQQHV JHVFKDKQLFKWVRKQH*UXQGDXFKQLFKWEHLGlPRQLVFKHQ $NWLYLWlWHQ 0HLQH6RUJHQZXUGHQNHLQHVIDOOVJHULQJHU:LUKDWWHQHV KLHUPLWHLQHPXQKHLPOLFKHQ*HJQHU]XWXQGHUVLFK JHVFKLFNW]XUFNKLHOWXQGVHLQH)lGHQDXVHLQHUIUXQV XQHUUHLFKEDUHQ:HLVH]RJ $EHUZHUNRQQWHGDKLQWHUVWHFNHQ" ,FKKlWWHQDWUOLFKUDWHQN|QQHQ(VJDE]DKOUHLFKH'lPR QHQXQG)HLQGHGHV/LFKWVGLHJHUQVRHLQHQ$QVFKODJ SURYR]LHUWHQ$EHUJHUDWHQKDWWHLFKQLHJHUQLFKKLHOW PLFKOLHEHUDQ7DWVDFKHQ 1LFN3UHVWRQWUDWQlKHUª6LHKWYHUGDPPWPLHVDXVQLFKW ZDKU"©VDJWHHUOHLVH ª'DKDEHQ6LHUHFKW© ª8QG"© ª.HLQH$KQXQJ©HUZLGHUWHLFKZDKUKHLWVJHPlª,FK VWHKHHEHQIDOOVYRUHLQHP5lWVHO©1RFKHLQPDOKRELFKGLH 'HFNHDQª+DWHUVRDXVJHVHKHQ"© 1LFN3UHVWRQHUVFKUDN(UVFKOXFNWHGDEHL6HLQ*HVLFKW YHUVWHLQHUWHUHJHOUHFKWª1HLQQLH© ª'DQQLVWHVJHVFKHKHQDOVGHU$QJHVWHOOWHEUDQQWH© ª:LHVRNRQQWHGDVSDVVLHUHQ"© ª'DVZHUGHLFK]XNOlUHQYHUVXFKHQ©VDJWHLFKXQG QLFNWH )UPLFKZDUGHUDQGHUH7RWHYRQ,QWHUHVVH6RZLHHUDXV VDKKDWWHGLHVHU=DFN,YDODXVJHVHKHQ.RQQWHQZLUYLHO

OHLFKWGDYRQDXVJHKHQGDPLWGHPDQGHUHQGDVJOHLFKH ZLHPLW,YDOSDVVLHUHQZUGH" 1RFKLPPHUODJHUYHUNUPPWXQGUHJXQJVORV7UNLV IDUEHQVFKLPPHUWHVHLQH+DXW 1HEHQPLUVWDQG1LFN3UHVWRQª$XVGHPNULHJHQ6LH QLFKWVPHKUKHUDXV6LU© 'LHVH:RUWHZDUHQHLQ=HLFKHQ$OVKlWWHGHU7RWHVLH HEHQIDOOVJHK|UWXQGXPGHQ3ROL]LVWHQ]XZLGHUOHJHQ ]XFNWHQDXIHLQPDOVHLQH/LSSHQ=XHUVWZDUHVQXUHLQ OHLFKWHV=LWWHUQGDQQ|IIQHWHHUGHQ0XQGXQGDXFKGLH /LGHUNODSSWHQDXI (UVWDUUWHXQVDQ (VZDUHQ]ZHLEODXH.XJHOQGLHZLUVWDWWGHU$XJHQ VDKHQ$XVVHLQHP0XQGGUDQJSO|W]OLFKHLQH6WLPPH,FK KDWWHVLHQRFKQLHJHK|UWDFKWHWHMHGRFKDXIMHGHV:RUW ª+WHWHXFKYRU$UNRQDGD(ULVWQLFKWWRW(UNRPPW ]XUFN'HU0DJLHULVW]XPlFKWLJ(UZLUGVHLQH1DGHO IKUHQXQGHXFKGLH=HLFKHQHLQVWHFKHQHXFKDOOHQ© 1DFKGLHVHQ:RUWHQElXPWHVLFKGHU.|USHUQRFKHLQPDO LQGLH+|KHVRGDLFKHUVFKUHFNW]XU6HLWH]XFNWH'DQQILHO HU]XVDPPHQXQGEOLHEVWDUUOLHJHQ 'DVHQGJOWLJH$XV ,FKVFKWWHOWHPLFKGHQQLFKPXWHPLWDQVHKHQZLHVLFK GLH+DXWYHUlQGHUWH'DYHUVFKZDQGGLHEODXH)DUEHGDV 6FKZDU]H|OLJ*OlQ]HQGHHUJULIIGDYRQ%HVLW]XQGLFKVDK IDVWGHQJOHLFKHQ.|USHUYRUPLUZLHEHLGHU/HLFKHDXIGHP 7LVFK ª-HW]WLVWGHU*HLVWDXVVHLQHP.|USHUJHIDKUHQ©PXU PHOWHLFKZlKUHQGGHV$XIVWHKHQV 'HUEODJHZRUGHQH6HUJHDQWIUDJWHIOVWHUQGª:HOFKHU"© ª+DEHQ6LHGHQ1DPHQQLFKWJHK|UW"$UNRQDGD© ª'HQNHQQHLFKQLFKW6LH"© ª,FKDXFKQLFKW© 3UHVWRQVFKOXJVLFKJHJHQGLH6WLUQª9HUGDPPWQRFKPDO© ULHIHUª,QZHOFKHLQHP,UUHQKDXVELQLFKKLHUJHODQGHW"©

ª,QHLQHPJHIlKUOLFKHQ© ª-DGDVPHUNHLFK8QGZDVJHVFKLHKWPLWGHQ7RWHQ"© ª%HJUDEHQ6LHGLH0lQQHU(VLVWGDVEHVWH© ª8QGZDVWXQ6LH"© ,FKOlFKHOWHVFKLHIª+DEHQ6LHGHQ1DPHQ$UNRQDGDQLFKW JHK|UW"'HQZHUGHLFKVXFKHQ© ª:LHZROOHQ6LHGDVGHQQDQVWHOOHQ"© ª.HLQH$KQXQJDEHUHUZDUKLHUDXFKZHQQZLULKQQLFKW JHVHKHQKDEHQ6HLQJHIlKUOLFKHU*HLVWKDWGHQ5DXPXQG GLH7RWHQUHJHOUHFKWDXVJHIOOW=XGHPKDWHUVLFKJHPHOGHW 'HU$QJHVWHOOWHGHV/HLFKHQVFKDXKDXVHVVSUDFKPLWHLQHU IUHPGHQ6WLPPH© ª8QG6LHPHLQHQGDHVGLH6WLPPHGLHVHV$UNRQDGD JHZHVHQZDU"©KDNWH3UHVWRQQDFK ª*DQ]EHVWLPPW© ª,FKNRPPHGDQLFKWPLW(KUOLFKQLFKW©(UVFKWWHOWHGHQ .RSIª1XUJXWGDLFK6LHHLQJHVFKDOWHWKDEHVRNDQQLFK PLFKXPDQGHUH'LQJHNPPHUQ© ,FKQLFNWH ª+DEHQ6LHKLHUHLQ7HOHIRQLQGHU1lKH"©IUDJWHLFKLKQ ª-DNRPPHQ6LHPLW© ,QHLQHPNOHLQHQ%URIDQGLFKGHQ$SSDUDW6XNRV 1XPPHUNDQQWHLFKDXVZHQGLJ2EZRKOGHU,QVSHNWRU 8UODXEKDWWHZROOWHLFKLKQGDEHLKDEHQ 0DQFKPDOVWHKWDXFKPLUGDV*OFN]XU6HLWH6XNRZDU QLFKWQXULP+DXVHUKREDXFKVHOEVWDE ª5DWHPDOZHUGUDQLVW"©VDJWHLFK ,FKK|UWHVHLQHQ6FKUHLHUVFKUDN]XHUVWGDQQGU|KQWHPLU VHLQHZWHQGH6WLPPHLQV2KUª6DJEORGXZLOOVWPHLQH 5XKHVW|UHQ"© ª8QGZLH© ª:DVLVWGHQQORV"© ª9LHOOHLFKWGLH+|OOH©HUZLGHUWHLFKXQGPHLQWHHVQLFKW HLQPDOLP6FKHU]

(VZDUYROOEUDFKW'LH=HXJHQOHEWHQQLFKWPHKU*UHJJ DOLDV$UNRQDGDZDU]XIULHGHQ 8QGGLH8PJHEXQJ]HLJWHVLFKLKPYHUWUDXW3O|W]OLFKZDU ZLHGHUDOOHVYRUKDQGHQ'HUGVWHUH5DXPXQWHUGHP 6FKLIIGLH'HFNHQYRUGHQ)HQVWHUQLQGHU(FNHGHU7LVFK GLHEHLGHQ6WKOH(VZDUDOOHVQRFKGDQLFKWVKDWWHVLFK YHUlQGHUW 8QG*UHJJJDEHVHEHQIDOOV (LQDOWHU0DQQYROOHU+DXQG5DFKHLP+HU]HQPLWGLH VHQJHOEOLFKHQ+DDUHQJHEFNWGDVWHKHQGGHQ0XQGRIIHQ XQGSIHLIHQG$WHPKROHQGZREHLHUQRFKODFKWH (UKDWWHJHZRQQHQ 'LH6SXUHQZDUHQYHUZLVFKW 'DQQGUHKWHHUGHQ.RSIQDFKUHFKWVXQGVFKDXWHQDFK XQWHQDXIVHLQHUHFKWH+DQG 'LH)LQJHUXPNODPPHUWHQQRFKLPPHUGHQ6WLIW+DUW ODJHQVLHXPGHQ*ULIIGHUVHLQHWUNLVlKQOLFKH)DUEHYHU ORUHQKDWWHXQGZLHGHUY|OOLJQRUPDODXVVDK (UZDUVRQRUPDOZLH*UHJJ .HLQH6SXUYRQ$UNRQDGD 'HUDOWH0DQQOLHVLFKDXIHLQHQ6WXKOIDOOHQ'HQ 2EHUN|USHUEHXJWHHUYRUGHU.RSIPDFKWHGLHVH%HZHJXQJ ]ZDQJVOlXILJPLWXQGHUULFKWHWHVHLQHQ%OLFNVWDUUDXIGHQ 6WLIW ª'LU©IOVWHUWHHUªGLUKDEHLFKDOOHV]XYHUGDQNHQ1XU GLU© 1DFKGLHVHQ:RUWHQVFKZLHJHUODXVFKWHJOHLFK]HLWLJXQG VFKLHQDXIHLQH$QWZRUW]XKRIIHQ 'HU'ROFKEOLHEVWXPPXQGDXFKGHUVHOWVDPH*HLVWGHV $UNRQDGDPHOGHWHVLFKQLFKWPHKU (UKDWWHVHLQH3IOLFKWJHWDQ *UHJJDWPHWHWLHIGXUFK9|OOLJEHIUHLWIKOWHHUVLFKDOOHU GLQJVQLFKWGHQQGDJDEHVQRFKHLQ3UREOHP 'LH=ZLOOLQJH%DVLOXQG/HVWHU%HDQ (VZDUHQVHLQH9HUVXFKVNDQLQFKHQ(UKDWWHVLHDXVJH

VFKLFNWXPGDV*UDXHQ]XYHUEUHLWHQ6LHKDWWHQJHKRUFKW GRFKGDQQZDUHQVLHHQWGHFNWZRUGHQ (UVFKWWHOWHGHQ.RSI1HLQQLFKWVLHKDWWHPDQHQWGHFNW VRQGHUQLKUH2SIHU :REHIDQGHQVLFKGLH=ZLOOLQJHQXQ" (UVWDQGDXIXQGODXVFKWHLQGLH6WLOOH)ULKQMHGHQIDOOV ZDUHV6WLOOHGDHUQXUGLHDXVODXIHQGHQ:HOOHQJHJHQGLH %RUGZDQGNODWVFKHQK|UWH$QGHUH*HUlXVFKHZDUHQQLFKW ]XK|UHQ *UHJJ$UNRQDGDUHFNWHVLFK(UKlWWHJHUQJHZXWZDVHV JHQDXPLWVHLQHU'RSSHOH[LVWHQ]DXIVLFKKDWWH:LHZDUHV JHNRPPHQGDVLFKHLQVRVHOWVDPHV:HVHQIUVHLQH 3HUVRQLQWHUHVVLHUWH"(LQ:HVHQGDVDXVHLQHUIUHPGHQ 8PJHEXQJHLQHUDQGHUHQ=HLWNDPGLHVHKUVHKUODQJH ]XUFNODJ 3O|W]OLFKK|UWHHU6FKULWWH (VZDUHQPHKUHUH3HUVRQHQGLHGDEHUGHQ6WHJDXIVHLQ %RRW]XOLHIHQ 0LQGHVWHQV]ZHL 6ROOWHQGLH=ZLOOLQJHGHQ:HJ]XLKP]XUFNJHIXQGHQ KDEHQ"*UHJJVFKOLFK]XP$XVJDQJ(LQHQHXHVWDUNH7U KDWWHHUVHOEVWHLQJHEDXWXQGGLH|IIQHWHHUQXQ 6LHVFKZDQJODXWORV]XUFN0LWHLQHU+DQGKLHOWHUVHLQH 7lWRZLHUQDGHOXPNODPPHUW(UZXWHYRQ$UNRQDGDGD HUVLFKDXIGLH1DGHOYROOXQGJDQ]YHUODVVHQNRQQWH 8QWHU'HFNJDEHVHLQHQ*DQJ(VVWDQNQDFKgOXQGDEJH VWDQGHQHP:DVVHU $P(QGHGHV*DQJHVILHOYRQREHQKHUHLQKHOOHU)OHFN QDFKXQWHQ'RUWYHUZLVFKWHQGLH.RQWXUHQZXUGHQZHQLJ VSlWHUVFKlUIHUDOVHLQH*HVWDOWYRQ'HFNKHUQDFKXQWHQ NOHWWHUWH *UHJJYHU]RJGDVIDOWLJH*HVLFKW]XHLQHPEUHLWHQ *ULQVHQ(UKDWWHHLQHQGHU=ZLOOLQJHHUNDQQWZXWHMHGRFK QLFKWZHQHUYRUVLFKKDWWH'LH(QWIHUQXQJZDU]XJUR 'LHEHLGHQEHUUDJWHQLKQXP+DXSWHVOlQJH'HVKDOE

PXWHQVLHGLH.|SIHHLQ]LHKHQDOVVLHGXUFKGHQ*DQJ VFKULWWHQXPPLWGHQ+DDUHQQLFKWDQGHU'HFNHHQWODQJ]X VWUHLIHQ *UHJJKXVFKWHZLHGHU]XUFN(UHUZDUWHWHGLHEHLGHQLQ VHLQHU.DELQH+LQWHUHLQDQGHUWUDWHQGLH=ZLOOLQJHHLQ$OV GHUHUVWHVHLQHQ)XEHUGLH6FKZHOOHVHW]WHK|UWHHUEHUHLWV GDV6FKDEHQHLQHV=QGKRO]HVDXIHLQHU5HLEIOlFKH'LH )ODPPHIODFNHUWHDXIXQGIDQG1DKUXQJDP'RFKWHLQHU 3HWUROHXPODPSHGHUHQ)ODPPH*UHJJUDVFKK|KHUVWHOOWHVR GDHLQ7HLOGHV5DXPHVDXVJHOHXFKWHWZXUGH 'LH=ZLOOLQJHEOLHEHQQHEHQHLQDQGHUVWHKHQXQGEOLFNWHQ VLFKXP6LHKDWWHQKDUWHNDQWLJH*HVLFKWHU'LHGXQNHO EORQGHQ+DDUHZDUHQHLQZHQLJQDFKKLQWHQJHNlPPWVR GDGLHKRKHQ6WLUQHQQRFKPHKU]XU*HOWXQJNDPHQ )DUEORVZLUNWHQLKUH$XJHQZLH.Q|SIHWRWRKQHMHJ OLFKHV/HEHQGRFKQLFKWQXUGLHEHLGHQZXWHQGDVLFK GDVEOLW]VFKQHOOlQGHUQNRQQWH$XFK*UHJJZDUHVNODU 6FKOLHOLFKWUXJHUIUGLHEHLGHQGLH9HUDQWZRUWXQJ ª6HW]WHXFK©VDJWHHU 'LH=ZLOOLQJHJHKRUFKWHQZLOOLJ6LHQDKPHQDXIGHQEHL GHQ6WKOHQ3ODW]GUFNWHQLKUH5FNHQJHJHQGLH/HKQHQ XQGOHJWHQEHLGH+lQGHDXIGLH2EHUVFKHQNHO *UHJJEOLHEYRULKQHQVWHKHQ-HW]WIKOWHHUVLFKEHVVHU GHQQHUNRQQWHDXIVLHKLQDEVFKDXHQ6HLQH8QWHUOLSSHZDU YRUJHVFKREHQGLH$XJHQ]X6LFKHOQYHUHQJW ª,KUKDEWHVJHVFKDIIWQLFKW"© %HLGHQLFNWHQ *UHJJZDU]XIULHGHQ:HQQHUGDUDQGDFKWHZLHPlLJHU IUKHUJHZHVHQXQGZHOFKH0DFKWLKPMHW]WLQGLH+lQGH JHJHEHQZDUNRQQWHHUQXUQRFKEHUGDV*HVWHUQODFKHQ 6HLQ%OLFNZHFKVHOWH]ZLVFKHQGHQEHLGHQ(UPXWH JHQDXKLQVFKDXHQXPVLHXQWHUVFKHLGHQ]XN|QQHQ :HOFKHUZDUQXQ%DVLOXQGZHUZDU/HVWHU%HDQ" (VZDUVFKZHUGLHVIHVW]XVWHOOHQXQGHUPXWHIDVWUDWHQ /HVWHUKDWWHDQGHUUHFKWHQ8QWHUOLSSHHLQHNOHLQH1DUEH

6LHVFKLPPHUWHZHLOLFK1XUGDUDQNRQQWHPDQGLHEHLGHQ 0lQQHUXQWHUVFKHLGHQ ª:LHVHLGLKUHQWNRPPHQ"©ZROOWHHUZLVVHQ ª'XUFKGLH)HQVWHU© hEHU%DVLOV$QWZRUWZDU*UHJJEHUXKLJWª8QGPDQKDW HXFKZLUNOLFKQLFKWJHVHKHQ"©KDNWHHUVLFKHUKHLWVKDOEHU QRFKHLQPDOQDFKZREHLHUODXHUQGVWHKHQEOLHE ª1HLQ© ª'DVLVWJXWPHLQH)UHXQGHGDVLVWVRJDUVHKUJXW©(U QLFNWHKHIWLJ'DQQDWPHWHHUWLHIHLQXQG]RJEOLW]VFKQHOO GLH1DGHODXVGHU7DVFKHª8QGGRFKLVWXQVHLQ)HKOHU XQWHUODXIHQ©IOVWHUWHHUZlKUHQGHUVHLQHQ$UPYRUVFKRE XQGGLH6SLW]HGHU1DGHOJHJHQGHQ+DOVGHV/HVWHU%HDQ GUFNWHª(LQE|VHU)HKOHUVRJDU© *UHJJVFKWWHOWHGHQ.RSI'LH+DQGQDKPHUQLFKW ]XUFN(UVDKMHW]WDXVZLHHLQNOHLQHUDOWHUE|VHU7HXIHO GHVVHQ$XJHQKDHUIOOWOHXFKWHWHQ ª,KUZLWJHQDXGDLKUIUJU|HUH$XIJDEHQYRUEHUHLWHW ZHUGHQVROOW'DGUIHQZLUXQVNHLQH)HKOHUHUODXEHQ+DEW LKUGDVYHUVWDQGHQ"© ª-D© ª,KUVROOWHWEHQ'DVKDEWLKUJHWDQDEHUPDQGXUIWHHXFK QLFKWHUZLVFKHQ:LHNRQQWHGDVJHVFKHKHQ"© ª'DVZLVVHQZLUQLFKW©HUNOlUWH/HVWHU ª5HGHW© ª:LUNRQQWHQLKQW|WHQ'LH)ODPPHQKDEHQLKQYHUQLFK WHW'DQQZDUHQSO|W]OLFKGLH3ROL]LVWHQGD:LUKDWWHQVLH ]XYRUQLFKWJHVHKHQGDVZDUXQVHU3HFK©'LHVH:RUWH VSUDFK%DVLOXQGVHLQ=ZLOOLQJVEUXGHUQLFNWHKHIWLJ ª.|QQHQVLHXQVDXIGHU6SXUVHLQ"©*UHJJPXUPHOWHGLH :RUWH(UULFKWHWHVLHPHKUDQVLFKVHOEVWXQGOHJWHVHLQH 6WLUQGDEHLLQ)DOWHQ$QJVWYHUVSUWHHU]ZDUQLFKWGHQ QRFKHLQGUFNHQGHV*HIKO%LVKHUZDUDOOHVJODWWJHJDQJHQ XQGGLHVVROOWHVREOHLEHQ(UGXUIWHVLFKDXINHLQHUOHL ([SHULPHQWHHLQODVVHQ'HQ)HKOHUKDWWHHUDXVUDGLHUHQ

N|QQHQ'LH6SXUHQGLHDXILKQKLQJHGHXWHWKlWWHQZDUHQ JHO|VFKW 'DQNVHLQHU'RSSHOH[LVWHQ] $EHUPDQZXWHMHW]WYRQLKP'DVJHILHOLKPEHUKDXSW QLFKWGHQQGLHJURH$XIJDEHVROOWHHUVWQRFKLQ$QJULII JHQRPPHQZHUGHQ1XQJDOWHVGHQ=HLWSODQHLQ]XKDOWHQ ª=LHKWGLH+HPGHQDXV©EHIDKO*UHJJ 'LH=ZLOOLQJHVFKDXWHQLKQDQXQGQLFNWHQ6LHJHKRUFKWHQ ZLGHUVWDQGVORV1LHZlUHHVLKQHQHLQJHIDOOHQGLHVHP 0DQQ]XZLGHUVSUHFKHQGHQQVLHEHIDQGHQVLFKLQVHLQHU *HZDOW6LHNQ|SIWHQGLHNDULHUWHQ+HPGHQDXIXQGVWUHLI WHQVLHDE$FKWORVOLHHQVLHGHQ6WRIIQHEHQVLFK]X%RGHQ IODWWHUQ *UHJJQLFNWH]XIULHGHQ'DV/LFKWGHU/DPSHILHOVRGD HVGLH%UXVWGHU0lQQHUDQVWUDKOWH8QGHVEHOHXFKWHWHDXFK GDV:LFKWLJVWHGLHVHUEHLGHQ0lQQHU *UHJJV=HLFKHQ 2GHU$UNRQDGDV0DOH (VVSLHOWHNHLQH5ROOHGLHWlWRZLHUWH)UDW]HDXILKUHU%UXVW JDEGHQ0lQQHUQGLH.UDIWGLHVLHEUDXFKWHQXPGLH $XIJDEH]XHUIOOHQ *UHJJJLQJLQGLH.QLH(UYHU]RJVHLQHQ0XQGXQG VFKDXWHJHQDXQDFK'DEHLVFKWWHOWHHUGHQ.RSIGHQQ HWZDVJHILHOLKPQLFKWDQGLHVHQ0lQQHUQ ª,KUKDEWYHUORUHQ©VDJWHHUPLWOHLVHU6WLPPHª,KUKDEW HLQIDFK]XYLHOYHUORUHQ© ª:DV"© ª$Q.UDIWXQG(QHUJLH'DV=HLFKHQLVWEHLHXFK VFKZlFKHUJHZRUGHQ,FKPXHVVWlUNHQ© ª1HLQQLFKW©%DVLOZROOWHDXIEHJHKUHQGRFK*UHJJ VWRSSWHLKQPLWGHU1DGHOLQGHPHUVLHLKPJHQDXYRUGLH .HKOHKLHOW'HU0DQQUKUWHVLFKQLFKWPHKU ª-DLKUVHLGQLFKWPHKUVRVWDUNZLH]X%HJLQQ©IOVWHUWH GHU0DQQª,FKPXQDFKKHOIHQ%OHLEWUXKLJVLW]HQLKU EHLGHQGHQQMHW]WNRPPWHXUHJURH6WXQGH©

ª$EHUZLUN|QQHQLKQGRFKW|WHQ© ª1HLQ©*UHJJVFKWWHOWHGHQ.RSIXQGVFKDXWHDXIGLH 1DGHOGHUHQ6SLW]H]XJOKHQDQILQJª1HLQLKUVFKDIIWHV QLFKW© ª:LUKDEHQHVEHZLHVHQ:LU© ª(ULVWHLQDQGHUHUXQGJHIlKUOLFK© ª6DJXQVGHQ1DPHQ©VFKULHMHW]W/HVWHU ª*XWLKUVROOWLKQZLVVHQ©*UHJJDWPHWHQRFKHLQPDOWLHI GXUFKXQGPLWGHUIUHPGHQ6WLPPHGHV$UNRQDGDJDEHU GLH$QWZRUWLQGHU+DPLWVFKZDQJª(VLVW0\[LQGHU 0DJLHU© (VZDUEHGUFNHQG'DOLHIMHPDQGLQ/RQGRQXPKHUGHU 0HQVFKHQW|WHQRGHUDXIJUDXVDPH$UWXQG:HLVHLQVHLQHQ %DQQ]LHKHQZROOWHXQGHUWDWHVPLWHLQHUHLVNDOWHQ3Ul]LVLRQ 8QGPLW+LOIHGHU+|OOH $UNRQDGD :LUKDWWHQHLQH6SXUHLQHQ1DPHQ$UNRQDGDGHU0DJLHU (LQ:HVHQPLWHLQHU1DGHOPLWGHUHU=HLFKHQRGHU6\PEROH HLQULW]HQZROOWH ,QZDVHLQULW]HQ" ,Q%DXPULQGH",Q+DXW",Q+DXVZlQGH" :LUZXWHQHVQLFKW8QGZHQQLFKZLUVDJHGDQQPHLQH LFKDXFK6XNRPLWGHPLFKPLFKLQXQVHUHPJHPHLQVDPHQ %URJHWURIIHQKDWWH ª$UNRQDGDHLQ0DJLHU©PXUPHOWHLFKXQGVFKOXJ GDQQPLWGHUIODFKHQ+DQGDXIGHQ6FKUHLEWLVFKª'DZLU QLFKWZHLWHUZLVVHQN|QQWHXQVYLHOOHLFKWHLQDQGHUHU0DJLHU ZHLWHUKHOIHQ,FKGHQNHGDDQ0\[LQ:HQQHLQHU%HVFKHLG ZHLGDQQHU© ª+ROLKQGRFK©0HLQ)UHXQGJULQVWHHLQZHQLJVS|W WLVFKXQGGDV]XUHFKWGHQQZLUZXWHQQLFKWZRVLFK 0\[LQDXIKLHOW(UZDUPHLVWXQWHUZHJV=XVDPPHQPLW .DUDVHLQHU*HIlKUWLQ

ª6RQVWKDEHQZLUNHLQH6SXUHQQLFKW"© ,FKVFKWWHOWHGHQ.RSIª1HLQ6XNRQXUYHUEUDQQWH©,FK VWW]WHPHLQ.LQQLQGLH+DQGª,UJHQGZLHKDEHLFKGDV *HIKOGDGLHVH1DGHOGLHGHU6WHUEHQGHHUZlKQWHHLQH JDQ]EHVRQGHUHLVW© ª$UNRQDGDZLOOGDPLW=HLFKHQVHW]HQ"© ª*HQDX© ª8QGZRVHW]WPDQ=HLFKHQ"© ,FKVFKDXWH6XNRDQª,Q+RO]DXI:lQGHLQ%DXPULQGH PDQXQWHUVFKUHLEWDXI3DSLHU0DQ© ªNDQQDXFKZRDQGHUVVHLQ=HLFKHQKLQWHUODVVHQ©VDJWH PHLQ)UHXQGSO|W]OLFK ª:LHPHLQVWGXGDV"© (UOHJWHGLH6WLUQLQ)DOWHQª'HQNPDOQDFK-RKQ:HQQ LFKHLQH1DGHOKDEHXQGGXPLUGHLQH+DQGJLEVWLVWHV GRFKP|JOLFKGDLFKGLUPHLQ0RQRJUDPPLQGLH+DXW ULW]H© ,FKSILIIGXUFKGLH=lKQHª'XVSULFKVWYRQHLQHU 7lWRZLHUXQJ"© ª-D9RQHLQHPPDJLVFKHQ=HLFKHQHLQHP6LJLOO© 'DKDWWHPHLQ)UHXQGJDUQLFKWPDOXQUHFKW (LQHPDJLVFKH7lWRZLHUXQJNRQQWHGXUFKDXVGLH/|VXQJ VHLQXQGGDPLWZDUHVDXFKP|JOLFKDQGHUHLQHLQHQJHZLV VHQ%DQQ]X]LHKHQXQG=HLFKHQ]XVHW]HQ ª.HQQVWGXVROFKH7\SHQ"©IUDJWHPLFKGHU&KLQHVH ª1HLQ© ª:LHYLHOHZLUGHVGDYRQLQ/RQGRQJHEHQ"© ,FKODFKWHDXIª'DVJHKWVLFKHUOLFKLQGLH+XQGHUWH© ª'LHZLUIUDJHQPWHQ© ,FKZXUGHEODª+LPPHOGDVZLUGHLQH$UEHLW)UDJWVLFK QXUREZLUVRYLHO=HLWKDEHQ$EHU©LFKHUKREPHLQH 6WLPPHªDOOHVLVWMDLQXQVHUHP6WDDWJHRUGQHW(VLVWP|J OLFKGDVLFKGLH7lWRZLHUHUXQWHUHLQHP'DFKYHUEDQG ]XVDPPHQJHVFKORVVHQKDEHQ6RHWZDVJLEWHVIUYLHOH *UXSSHQ)U6lQJHU=DXEHUHUXQGVRZHLWHU©

6XNRVWDQGDXIXQGKROWHGLH7HOHIRQEFKHUKHUEHLª'DV NULHJHQZLUUDXV© )UXQVEHJDQQGLHJURH6XFKHUHL'DVKHLWVRJUR ZXUGHVLHQLFKWGHQQZLUIDQGHQVHKUVFKQHOOGDHV WDWVlFKOLFKVRHWZDVZLHHLQHQ'DFKYHUEDQGGHU7lWRZLHUHU JDE,Q(QJODQGH[LVWLHUWHQHEHQVHKUYLHOH&OXEV9HU HLQLJXQJHQXQG9HUHLQH ,FKULHIVRIRUWDQHUKLHOWDXFKHLQH9HUELQGXQJXQGHUNXQ GLJWHPLFKGDQDFKZLHYLHOH7lWRZLHUHUHVLQ/RQGRQJDE ª6LUGDVLVWHLQHVHKUVFKZLHULJH)UDJH©HUNOlUWHPLUGLH )UDXDP7HOHIRQª7lJOLFKNRPPHQQHXHKLQ]XDQGHUH YHUVFKZLQGHQZLHGHUGULWWHODVVHQVLFKEHUKDXSWQLFKW UHJLVWULHUHQ© ª,FKEUDXFKHQXUGLHXQJHIlKUH=DKO© ª'LHNDQQLFK,KQHQJHEHQ:HQQ6LHVLFKHLQHQ0RPHQW JHGXOGHQZUGHQ"© ª1DWUOLFK© ,FKKRFNWHDXIGHU6FKUHLEWLVFKNDQWHXQGZDUWHWH'DEHL VFKDXWHLFK]XP)HQVWHUKLQ(VZDUIUHXQGOLFKHUJHZRUGHQ :LQGKDWWHGLHGXQNOHQ:RONHQZHJJHWULHEHQ%ODXHU +LPPHOEHU/RQGRQ'HU)UKOLQJOLHVLFKQLFKWPHKU DXIKDOWHQXQGGDV:HWWHUVWHLJHUWHDXFKPHLQH/DXQHWURW] GHU%HGURKXQJGLHYRQ$UNRQDGDDXVJLQJXQGXQVLFKWEDU EHUXQVHUHQ.|SIHQVFKZHEWH ª6LQG6LHQRFKGUDQ6LU"© ª,PPHU© ª,FKKDEHMHW]WGLHXQJHIlKUH$Q]DKOGHU7lWRZLHUHUKHU DXVJHIXQGHQ(VVLQGHWZD© ª0HKUQLFKW"©IUDJWHLFKXQGGLHVH)UDJHZDUQLFKWHLQPDO VS|WWLVFKJHPHLQW ª1HLQ© ª'DQQKlWWHLFKQRFKHLQH)UDJH6LHKDEHQEHVWLPPWHLQH /LVWHGHU3HUVRQHQ.|QQWHQ6LHPDOQDFKVFKDXHQRE6LH HLQHQ0DQQPLWGHP1DPHQ$UNRQDGDILQGHQ"© ª'DVZLUGHWZDVGDXHUQ©

ª,FKKDEH=HLW© (VGDXHUWHQLFKWVHKUODQJH'DIUZDUGDV(UJHEQLVGDQQ DXFKQHJDWLY(LQ7lWRZLHUHUPLWGHP1DPHQ$UNRQDGDZDU GHU)UDXQLFKWEHNDQQW ª'DVLVW3HFK©PXUPHOWHLFK 'LHIUHXQGOLFKH'DPHYHUVXFKWHPLFK]XWU|VWHQª:LVVHQ 6LH6LUHVLVWVR:LUKDEHQMDQLFKWDOOHHUIDW6LFKHUOLFK NDQQHVHLQHQ7lWRZLHUHUPLWGHP1DPHQ$UNRQDGDJHEHQ DEHUHULVWEHLXQVOHLGHUQLFKWUHJLVWULHUW© ª:RN|QQWHQZLULKQILQGHQZHQQHVLKQJLEW"© ª9LHOOHLFKWIUDJHQ6LHPDOLQGHQ+DIHQNQHLSHQQDFK$EHU DXFKLPYRUQHKPHQ/RQGRQHU:HVWHQGJLEWHV]DKOUHLFKH 7lWRZLHUHU,P$XJHQEOLFNLVWHVPRGHUQJHZRUGHQVLFKHLQ 0DODXIGHQ.|USHUULW]HQ]XODVVHQ©6LHNLFKHUWHSO|W]OLFK ª,FKKDEHDXFKHLQV© ª:R"© 'DV.LFKHUQZXUGHODXWHUª6LUGDVVDJHLFK,KQHQQLFKW 1HLQDXINHLQHQ)DOO© ª9LHOOHLFKWNRPPHLFKPDOYRUEHLXQGVXFKHHV©HUZLGHUWH LFKª:HQQLFK=HLWKDEH© ª6LHZUGHQVLFKZXQGHUQ© ª:LHVR"© ª0HLQ0DQQLVW%R[HU,FKWUDJHVHLQ%LOGLPPHUEHLPLU YHUVWHKHQ6LH6LU"© ª'DQQZLOOLFKQLFKWVJHVDJWKDEHQ8QGYLHOHQ'DQN QRFK© ª%LWWHVHKU© ,FKOHJWHDXIUXWVFKWHYRQGHU6FKUHLEWLVFKNDQWHKREGLH 6FKXOWHUQXQGVDJWHª3OHLWHDXIGHUJDQ]HQ/LQLH6LHNHQQW NHLQHQ7lWRZLHUHUQDPHQV$UNRQDGD© ª:DVQLFKWKHLHQPXGDHVLKQQLFKWJLEW©IJWH6XNR KLQ]X ª'DVVDJWHGLH/DG\DXFK© ª:DVWXQZLUDOVR"© ª+DIHQNQHLSHQKDWVLHJHVDJW'RUWPWHPDQXQVPHKU

VDJHQN|QQHQ:LUIUDJHQPDOGLH.ROOHJHQYRQGHU )DKQGXQJGLHVLFKGDDXVNHQQHQ6LHKDEHQVLFKHUOLFK 0DWHULDOXQGZHUGHQXQVZHLWHUKHOIHQN|QQHQ(VPX GRFK.QHLSHQJHEHQZRVLFKGLH7lWRZLHUHUWUHIIHQ'DVLVW ZLHEHLGHQ7DXEHQ]FKWHUQXQG%LQJRVSLHOHUQ© 6XNRQLFNWHª,FKEHZXQGHUHGHLQH$NWLYLWlWHQ© ª-DGDUDQLVWGHU)UKOLQJVFKXOGPHLQ/LHEHU1XUGHU )UKOLQJ© $UNRQDGD :HOFKHLQ1DPHZHOFKHLQH*HVWDOW:HOFKHLQH8P JHEXQJZHOFKHLQH9HUJDQJHQKHLW 8QHUIRUVFKWUlWVHOKDIWJHKHLPQLVYROOXQGHLQJHIDWLQ GHQ.UHLVODXIHLQHUQLFKWIDEDUHQ0DJLH $UNRQDGD -DKUWDXVHQGHKDWWHPDQQLFKWVYRQLKPJHK|UWZDUHUYHU VFKZXQGHQ]ZLVFKHQGHQ=HLWHQZHLOVHLQH:HOW]HUVW|UW ZRUGHQZDU $WODQWLVVWDUE$UNRQDGDJLQJPLW $EHUHUOHEWH1LFKWXPVRQVWKDWWHHUGHQXQKHLOYROOHQ *|WWHUQJHGLHQWZXWHXP]XJHKHQPLW%HJULIIHQZLH /HEHQ6WHUEHQ6FKZDU]HXQG:HLH0DJLH2IWKDWWHHU VHLQ=HLFKHQKLQWHUODVVHQGHQQZHUHLQPDOXQWHUVHLQHQ PDJLVFKHQ(LQIOXJHULHWNDPQLFKWPHKUGDYRQORV ,P0LWWHODOWHUGHU0HQVFKKHLWZDUHU]XUFNJHNHKUWKDWWH HLQNXU]HV*DVWVSLHODXIGHU(UGHJHJHEHQZDUMHGRFKPLW GHP7HXIHOLQ.RQIOLNWJHUDWHQXQGZLHGHUYHUVFKZXQGHQ 6HLQ*HLVWNHKUWHLQGLH'LPHQVLRQHQGHV6FKUHFNHQV ]XUFNZRHUVHKUODQJHZDUWHWHXQGQDFKHLQHUQHXHQ $QODXIP|JOLFKNHLWVXFKWH(UVHOEVWZDU!EHKLQGHUWGHQQ VHLQHYROOHQ.UlIWHKDWWHHUQLFKW]XUFNJHQRPPHQ(U PXWHVLFKVWHWVHLQHQ*DVWN|USHUVXFKHQGDPLWHUVHLQH ILQVWHUHQ3OlQHDXFKGXUFKIKUHQNRQQWH 8QGHUIDQGGHQ.|USHU

*UHJJGHU7lWRZLHUHUZDUJHQDXGHUULFKWLJH,KQNRQQWH HUOHLWHQXQGIUVHLQH3OlQHDXVQXW]HQ*UHJJJHKRUFKWH LKPGHQQHUVFKDOWHWHGHVVHQ:LOOHQDXV 8QG$UNRQDGDKDWWHPLWGHUQHXHQ=HLW*OFN$OVHUYRU HLQLJHQ-DKUKXQGHUWHQDXIGLH(UGH]XUFNJHNHKUWZDUGD KDWWHHVVHLQHQDOWHQ)HLQGQRFKQLFKWJHJHEHQ'DODJHU QRFKLQHLQHPWLHIHQPDJLVFKHQ6FKODIDP*UXQGHGHV 0HHUHV ,Q]ZLVFKHQMHGRFKZDUHUHUZDFKW8QGHUKDWWHVHLQH 6SXUHQKLQWHUODVVHQGHQQ0\[LQGHQ0DJLHUNRQQWHPDQ HLQIDFKQLFKWEHUVHKHQ=XGHPZDUHVLKPJHOXQJHQVLFK DXIHLQHDQGHUH6HLWH]XVWHOOHQ(UGLHQWHMHW]WGHQ.UlIWHQ GHV/LFKWVXQGGDVQDKPLKP$UNRQDGDEHO6LHZDUHQ VFKRQIUKHU5LYDOHQJHZHVHQ,QGHUKHXWLJHQ=HLW]lKOWH $UNRQDGDGHQ0DJLHUPLWGHUJUQOLFKVFKLOOHUQGHQ+DXW ]XVHLQHQ7RGIHLQGHQGLHHV]XYHUQLFKWHQJDOW (UKDWWHJHQJHQG,QIRUPDWLRQHQJHVDPPHOWXQGZXWH JHQDXGD0\[LQQLFKWDOOHLQVWDQG .DUDZDUEHLLKPGLH6FK|QHDXVGHP7RWHQUHLFKXQGGLH 7RFKWHUGHVJURHQ'HOLRVGHUHLQVWLQ$WODQWLVHLQ*HJQHU DOOHU6FKZDU]EOWHUJHZHVHQZDU 6LHPXWHHEHQIDOOVDXVJHVFKDOWHWZHUGHQZLHDXFKGLH 0HQVFKHQGLHVLFK]XGHQ)UHXQGHQGHVNOHLQHQ0DJLHUV ]lKOWHQ'DJDEHVHLQHQ0DQQQDPHQV-RKQ6LQFODLU(U QDQQWHVLFK*HLVWHUMlJHUZDUVHKUJHIlKUOLFKDEHUHEHQQXU HLQ0HQVFK 'DUEHUOlFKHOWH$UNRQDGDZHQQHUGDUDQGDFKWHZHOFKH 0DFKWHUEHVD0HQVFKHQNDPHQGDQLFKWPLW'LHWUlXP WHQK|FKVWHQVGDYRQHLQPDOVRPlFKWLJ]XVHLQZLHHUHV ZDU 'HVKDOEZDU$UNRQDGDMDVRRSWLPLVWLVFK 8QGGRFKOLHHUHLQHJHZLVVH9RUVLFKWZDOWHQ(UKDWWH YLHOEHU0\[LQJHK|UWNDQQWHMHGRFKQLFKWGHVVHQJHQDXH 6WlUNH'LUHNWZROOWHHUVLFKLKPQLFKWQlKHUQVRQGHUQEHU VHLQHQ0LWWHOVPDQQGHQHULQ*UHJJJHIXQGHQKDWWH

(UZDUHEHQIDOOVHLQ7lWRZLHUHUXQGGHP%|VHQVHKU]X JHWDQ%HLLKPKDWWHGHUPlFKWLJH$UNRQDGDOHLFKWHV6SLHO JHKDEW*UHJJEHIDQGVLFKYROOXQWHUVHLQHU.RQWUROOH $UNRQDGDKDWWHLKPGDV:LFKWLJVWHJHJHEHQGDVHU]XYHU JHEHQKDWWH 'HQPDJLVFKHQ6WLIW'LH1DGHOIUGLH+DXW'LHVHU6WLIW WUXJVHLQH+DQGVFKULIW(UJHK|UWHLKPZDUYRQVHLQHP *HLVWEHVHHOWXQGHUZUGHGDIUVRUJHQGDDOOHVNODSSWH :HQQ$UNRQDGDULFKWLJGDUEHUQDFKGDFKWHKDWWHHUDOOHQ *UXQGRSWLPLVWLVFKLQGLH=XNXQIW]XVFKDXHQZREHLHU KRIIWHGDHUEDOGHLQHQJURHQ6LHJHUULQJHQZUGH *DEHV0\[LQQLFKWPHKUZDUGLH%DKQIULKQIUHL *UHJJ$UNRQDGDVWDQGYRUGHQ=ZLOOLQJHQXQGVFKWWHOWH GHQKDJHUHQ6FKlGHO1HLQGDVSDWHLKPEHUKDXSWQLFKW 'LH7lWRZLHUXQJHQDXIGHQQDFNWHQ2EHUN|USHUQGHU EHLGHQZDUHQYHUEODW8PGHQJURHQ$XIWUDJMHGRFK HUIOOHQ]XN|QQHQPXWHQVLHVWDUNVHLQ6RVWDUNZLHQLH 6WlUNHUDOVDOOH*HJQHUPLWGHQHQVLHHV]ZDQJVOlXILJ]XWXQ EHNRPPHQZUGHQ ª-DDD©VDJWHHUXQGJLQJGDEHLYRUVLFKWLJLQGLH.QLH ZREHLVHLQHDOWHQ.QRFKHQKlOLFKNQDFNWHQª,FKPXHV WXQLKUVHLG]XVFKZDFK=XYLHO(QHUJLHKDEWLKUYHUORUHQ $XVGLHVHP*UXQGHZHUGHLFKHXFKZLHGHUDXIIULVFKHQXQG DXIIOOHQ©(UODFKWHGXPSIXQGVWULFKGDEHLPLWGHUIUHLHQ OLQNHQ+DQGEHUVHLQEODQNJHVFKHXHUWHV+RVHQEHLQ 'LH=ZLOOLQJHVDHQZLH]ZHL6WHLQILJXUHQYRULKP6LH ]XFNWHQPLWNHLQHU:LPSHU$XFKGDQQQLFKWDOVVLFK*UHJJ YRUEHXJWHGHQ$UPDXVVWUHFNWHXQGGLH6SLW]HGHU 7lWRZLHUQDGHOLQGLH1lKHGHU%UXVWYRQ%DVLO%HDQEUDFKWH 'HUVHQNWHVHLQHQ%OLFN9RQREHQKHUDEVWDUUWHHUDXIGLH .OLQJH6HLQ0XQG|IIQHWHVLFKHLQZHQLJ(LQ=LVFKHQZDU ]XK|UHQDOVHUVFKDUIGHQ$WHPDXVVWLHGHQQLP *HJHQVDW]]XPDQFKHQ=RPELHVDWPHWHHUHEHQVRZLHVHLQ

%UXGHU ª(VWXWJDUQLFKWZHK©KHFKHOWH*UHJJEHXJWHVLFKQRFK QlKHUZREHLVHLQVFKDUIJHVFKQLWWHQHV*HVLFKWYRP6FKHLQ GHU3HWUROHXPOHXFKWHHUKHOOWZXUGHXQGHLQHQU|WOLFKHQ $QVWULFKHUKLHOW$XFKGLHQDFKREHQVWHKHQGHQ+DDUH lQGHUWHQLKUH)DUEH6LHVDKHQDXVDOVKlWWHPDQVLHPLWYHU GQQWHP%OXWDQJHVWULFKHQ 1LHPDQGVSUDFKPHKU 'LH$WPRVSKlUHLQQHUKDOEGHVDOWHQ+DXVERRWHVKDWWHVLFK YHUGLFKWHW(LQXQVHOLJHU*HLVWVFKZHEWHLP5DXPXQGHU KLHOWDOOH$QZHVHQGHQLQVHLQHQ.ODXHQ 'DV,UGLVFKHZDUQXUQRFKHLQHlXHUH+OOH$UNRQDGD KDWWHGDV%RRWEHVHW]W 1XUVFKZDFKZDUHQGLHHUVWHQ7lWRZLHUXQJHQDXIGHQEHL GHQEORHQ2EHUN|USHUQ]XVHKHQ'DVMHGRFKZUGHVLFK EDOGlQGHUQGHQQ*UHJJVHW]WHVHLQH1DGHODQ (UVWDFKLQGLH+DXWXQGGDEHLJHQDXLQGLH5LQQH)U HLQHQZLQ]LJHQ0RPHQW]XFNWH%DVLO]XVDPPHQ(U]LWWHUWH GDQQKDWWHHUVLFKZLHGHUXQWHU.RQWUROOHVHLQH6FKXOWHUQ ILHOHQQDFKXQWHQXQGHUOLHDOOHVEHUVLFKHUJHKHQ *UHJJDWPHWHKHFKHOQG ª-D©KDXFKWHHUª-DGDVLVWRND\GDVLVWZXQGHUEDU:LU VFKDIIHQHV$UNRQDGDXQGLFKEULQJHQHXFKGDKLQZRZLU HXFKKDEHQZROOHQ,KUVROOWXQVYHUIDOOHQLKUZHUGHWXQV LPPHUJHKRUFKHQ© 8QGHU]HLFKQHWHZlKUHQGGLHVHU:RUWH7LHIVWDFKHULQ GLH+DXWZlKUHQGGHU*ULIIGHU1DGHOGDEHLDXIOHXFKWHWH VHLQH0DJLHDEJDEXQGVLHDXIGHQ.|USHUEHUWUXJ (LQ*HVLFKWHQWVWDQG(LQ=HUUELOGDEHUGLH=JHZLHVHQ WURW]GHPHLQHIUDSSLHUHQGHbKQOLFKNHLWPLWGHQHQGHV 7lWRZLHUHUV*UHJJDXI6LHZLUNWHQZLHHLQHKlOLFKH .DULNDWXUGRFKHVZUGHZRKONDXPMHPDQGJHEHQGHU EHUGLHVHV*HVLFKWODFKHQNRQQWH =XE|VDUWLJZDUHVDXIGLH%UXVWGHV0DQQHVJH]HLFKQHW ZRUGHQ

ª1D"©IOVWHUWH*UHJJKHLVHUª6SUVWGXHVVFKRQ" %HPHUNVWGXGLH0DJLHGHVDOWHQ$WODQWLV"© ª-D©lFK]WH%DVLO ª'DQQQLPPGDV©*UHJJVFKULHGLH:RUWH]RJGHQ6WLIW ]XUFNXQGGUFNWHLKQ]ZHLPDOYRU -HW]WKDWWHHUGLH$XJHQQDFKJH]RJHQ %DVLO%HDQEHJDQQ]XVFKUHLHQ(UVFKWWHOWHVLFK6FKPHU] XQG*UDXHQNDPHQEHULKQ3O|W]OLFK]HLJWHHU*HIKOH VHLQH+DXWQDKPHLQHEOlXOLFKH)DUEHDQGDQQVDFNWHHUDXI GHP6WXKO]XVDPPHQZlKUHQGVLFKGLH7lWRZLHUXQJ GHXWOLFKYRQVHLQHU%UXVWDEKRE6LHKDWWHMHW]WZLHGHUGLH ULFKWLJH6WlUNH *UHJJNRQQWH]XIULHGHQVHLQ]RJGLH1DGHO]XUFNXQG GUHKWHVHLQHUHFKWH+DQGVRGDHUVLFKGLH6SLW]HDQ VFKDXHQNRQQWH 'RUWVFKLPPHUWHHLQEODXHU7URSIHQ:lKUHQGGHV 7lWRZLHUYRUJDQJVZXUGHGLH)DUEHLQGLHIULVFKH:XQGH JHGUFNW:RKHUVLHNDPZDU*UHJJVFKOHLHUKDIW (UJ|QQWH%DVLO%HDQQRFKHLQHQNQDSSHQ%OLFN9LHOZDU PLWGHP0DQQQLFKWPHKUORVDEHUHUZUGHVLFKHUKROHQ GDVZDUVLFKHU1DFKHLQLJHQ0LQXWHQZDUHUZLHGHUVRILW GDHUPLWQHXHU.UDIWLQGHQ.DPSI]LHKHQNRQQWH 5XFNDUWLJGUHKWHGHUGHQ.RSIXP/HVWHU%HDQDQ]X EOLFNHQª$XFKGXELVWMHW]WGUDQ©IOVWHUWH*UHJJEHXJWH VLFKYRUXQG]LHOWHPLWGHU1DGHODXIGLH%UXVWGHV]ZHLWHQ 0DQQHVª.HLQHUEOHLEWYHUVFKRQW©]LVFKHOWHHUª.HLQHU 8QGLFKKRIIHGDLKUGLHDQGHUHQDXFKQLFKWYHUVFKRQW GHQQVLHPVVHQVWHUEHQ© ª-D©lFK]WH/HVWHUª6WHUEHQZLUZHUGHQLKQW|WHQ© 1DFKGLHVHQ:RUWHQZDU*UHJJDOLDV$UNRQDGDIHVW GDYRQEHU]HXJWGDGLH/HEHQVXKUGHV0DJLHUV0\[LQDOO PlKOLFKDEOLHI

(UVWUDVFKHOWHHVGDQQZXUGH3DSLHU]XU6HLWHJHGUFNWXQG LPQlFKVWHQ0RPHQWHUVFKLHQHLQHJLFKWNUXPPH+DQGGLH PLFKDQGLH.ODXHHLQHV=RPELHVHULQQHUWH (VZDUNHLQ=RPELHVRQGHUQHLQ0HQVFKGHQZLU VSUHFKHQZROOWHQ1XUKDWWHHUVLFKHLQHQEHVRQGHUHQ 3ODW]DXVJHVXFKW(UODJQlPOLFKDXIHLQHU3DUNEDQN 1DFK]ZHL3UJHOHLHQLQILQVWHUHQ+DIHQNQHLSHQXQGGUHL ZHLWHUHQ)UDJHVWXQGHQKDWWHQZLUGDVODXVFKLJH3OlW]FKHQ HQGOLFKJHIXQGHQ$XIGLHVHU%DQNQlFKWLJWH+XPS+X[OH\ HLQ.LQJXQWHUGHQ$UEHLWVVFKHXHQDEHUHLQ0DQQGHUDXV JH]HLFKQHWLQIRUPLHUWZDUXQGSUDNWLVFKEHUMHGHQLP +DIHQ%HVFKHLGZXWH :LUZROOWHQLKQQDFKGHQ7lWRZLHUHUQIUDJHQ 'LH)LQJHUZLQNWHQXQV]X:LUVDKHQGLHEUHLWHQ7UDXHU UlQGHUXQWHUGHQ1lJHOQXQGK|UWHQLPQlFKVWHQ$XJHQ EOLFNVHLQHNHKOLJH6WLPPHLUJHQGZRXQWHUGHP=HLWXQJV SDSLHUPLWGHPHUVLFK]XJHGHFNWKDWWHª:HUZDJWHVPLFK ]XVW|UHQ"© ª'LH3ROL]HL©HUZLGHUWHLFK ª%LQQLFKW]X+DXVH© ,FKOXSIWHGLH=HLWXQJDQª.XFNXFN©VDJWHLFKXQGIO|WHWH ]XGHPª'XPWHVWGHLQH0DXHUQVWDELOHUEDXHQ+XPS© +X[OH\YHU]RJGDV*HVLFKWª6LQFODLU©EUDFKWHHUPK VDPKHUYRUª'DQQLVWGLHVHU&KLQHVHDXFKQLFKWPHKUZHLW© ª,QGHU7DW©VDJWH6XNR -HW]WNDP+X[OH\LQGLH+|KHXQGVFKWWHOWHVHLQIDVW VFKXOWHUODQJHV+DDU:LUJLQJHQYRUVLFKWVKDOEHU]ZHL 6FKULWWHQDFKKLQWHQ:DVGDDXVGHQ=RWWHOQKHUDXVIORJ ZDUQLFKWJHUDGHDQJHQHKP8QWHUGHP%XVFKVDKHQZLUHLQ QRFKUHODWLYMXQJHV*HVLFKWPLWZDFKHQNODUHQ$XJHQ +X[OH\QLFNWHª:RPLWKDEHHXFKEHLGHYHUGLHQW"© ª:LUZROOHQQXUHWZDVYRQGLUZLVVHQ© ª.HLQH$KQXQJ© ª+XPSUHLGLFK]XVDPPHQ©VDJWHLFKª'XNHQQVWXQV XQGZHLWGDZLUQLFKWORFNHUODVVHQ©

ª-DGDVZHLLFK©(UQLFNWHEHWUEWª$EHULFKNHQQHQXQ PDONHLQH'lPRQHQ© ªhEHUGLHZROOHQZLUYRQGLUDXFKQLFKWVZLVVHQ©EH UXKLJWHLFKLKQ ª:XQGHUEDU'DQQNDQQLFKMDYHUVFKZLQGHQ©(U VFKZDQJVFKRQGLH%HLQHYRQGHU%DQNVWHPPWHVLFKKRFK GRFKHUEOLHELQ6XNRV*ULIIKlQJHQ0HLQ)UHXQGOlFKHOWH IUHXQGOLFKZlKUHQG+XPSGDV*HVLFKWYHU]RJDOVKlWWHHU (VVLJJHVFKOXFNW ,FKERKUWHGLH+lQGHLQGLH7DVFKHQª'XPDFKVWHUVWGLH JURH3ODWWHUZHQQZLUHVVDJHQ© ª,FKEHXJHPLFKGHU*HZDOW© ª2MH*HZDOWZHQQLFKGDVVFKRQK|UH1HLQPHLQ/LHEHU GDVLVWNHLQH*HZDOWGLHKDEHQZLUKLQWHUXQVDOVZLUXQV QDFKGLUGXUFKIUDJWHQ-HW]WNRPPPDO]XU6DFKH:RILQGHQ ZLUHLQHQ7lWRZLHUHUGHUVHKUJXWLVWDEHUQLFKWEHNDQQW ZHUGHQZLOO'DVKHLWHUKlOWVLFK]XUFN© +XPS+X[OH\VFKWWHOWHZLHGHUGHQ.RSIª$OVRGDPLW GUIHQ6LHPLUQLFKWNRPPHQ© ª:LHVR"© ª:DVKDEHLFKPLW7lWRZLHUHUQ]XWXQ"© ª'XNHQQVWGLFKDXV© (UZLQNWHDENOHWWHUWHDXIVHLQHQ!6FKODISODW]XQGVHW]WH VLFKDXIGLH/HKQHª'LH-XQJVGLHHXFKJHVDJWKDEHQZR LKUPLFKILQGHQN|QQWKDEHQPLFKEHUVFKlW]W© ª'XELVWGRFKKLHUGHU.LQJ+XPS© ª1HLQ© ª$OVRUDXVPLWGHU6SUDFKH:LUKDEHQQLFKWYLHO=HLW:LU ZROOHQZLVVHQZHUKLHUGHUJURH7lWRZLHUHULVWXQGZRHU OHEW© ª'DJLEWHVYLHOH© 6XNRQLFNWHª'DVZLVVHQZLU$EHUZLUPHLQHQHLQHQ EHVWLPPWHQGHUVLFK$UNRQDGDQHQQW© ª+l"© 6XNRZLHGHUKROWHGHQ1DPHQ

ª1R6LUGHQNHQQHLFKQLFKW.RPLVFKHU1DPH1DGHO :LOO\NHQQHLFKGDQQGHQEXQWHQ3DXODEHU$UNRQDGDKDEH LFKQLHJHK|UW© ª(VNDQQHLQ=ZHLWQDPHVHLQ© ª7URW]GHPQLHJHK|UW© ª'XKDVWQRFKJDUQLFKWULFKWLJEHUOHJW©KLHOWLFKLKPYRU ª'HQNQDFK+XPS© ª,KUPDFKWPLFKZDKQVUQQLJ0HQVFK© ª(VLVWLPPHUEHVVHUZHQQPDQ)UHXQGHEHLGHU3ROL]HL KDW© ª'DUDXINDQQLFKYHU]LFKWHQHKUOLFK© ª:UGHLFKQLFKWVRVHKHQ© (UZKOWHPLWEHLGHQ+lQGHQLQVHLQHQ+DDUHQKHUXP PXUPHOWHPHKUPDOVGHQ1DPHQXQGVFKWWHOWHGHQ.RSI ª,KUVHLGEHLPLUDXIGHPIDOVFKHQ(LPHUHKUOLFK© ª+DWVLFKLQOHW]WHU=HLWMHPDQGDXVGHP*HVFKlIW]XUFN JH]RJHQ"© ª'DJLEWHVYLHOH© ª,FKPHLQHHLQHQEHVRQGHUHQ(LQHQULFKWLJHQ.QVWOHU ZHQQGXYHUVWHKVW+XPS© -HW]WGDFKWHHUQDFKXQGVHQNWHGDEHLGHQ.RSI(U VFKDXWHDXIVHLQHVFKPXW]LJHQ7UHWHUXQGODFKWHSO|W]OLFK DXI ª,VWGLUGLH(UOHXFKWXQJJHNRPPHQ"©ZROOWHLFKZLVVHQ ª:DKUVFKHLQOLFK,FKZUGHYRUVFKODJHQGDLKUHXFKPDO XP*UHJJNPPHUW© ª:RKQWGHULQGHU1lKH"© ª(UKDWHLQDOWHV%RRW'DKDXVWHUVHLWHUVLFKDXVGHP *HVFKlIW]XUFNJH]RJHQKDW© ª,VWGDVZHLWYRQKLHU"© ª1HLQ*HKWGDKLQZRGLHDEJHZUDFNWHQ6FKLIIHOLHJHQ© ª'DYRQJLEWHVYLHOH:LHHUNHQQHQZLUGHQ.DKQ"© ª*DQ]HLQIDFK$Q'HFNLVWQLFKWVPHKUKHLO'DOLHJHQQXU QRFK7UPPHU© ª,FKGDQNHGLU©VDJWHLFKXQGVFKOXJLKPVRNUlIWLJDXI

GLH6FKXOWHUGD6WDXEDXVGHP6WRIIZDOOWHª'XKDVWXQV ZLUNOLFKHLQHQJURHQ'LHQVWHUZLHVHQ© ª$FKJHKW]XP7HXIHO© ª'DQQQHKPHQZLUGLFKPLW© 0LWGLHVHQ:RUWHQOLHHQZLULKQVWHKHQXQGJLQJHQ GDYRQ9RUEHLDQ5RKVWRIIODJHUQXQGJURHQ7DQNNHVVHOQ QlKHUWHQZLUXQVGHP3ODW]ZRGHU%HQWOH\VWDQG ª*ODXEVWGXLKP"©IUDJWH6XNR ª,FKPXMD© ª:LUN|QQWHQ]X)XGRUWKLQJHKHQ©VFKOXJPHLQ3DUWQHU YRU 'LH,GHHZDUQLFKWVFKOHFKW+LHUVWDQGXQVHU%HQWOH\ HLJHQWOLFKJDQ]JXW(UZXUGHYRQPHKUHUHQ7DQNODVW]JHQ JHGHFNW:HUNRQQWHVFKRQZLVVHQZLHHVZHLWHUXQWHQDXV VDK ª,FKQHKPHDEHUQRFKPHLQHQ%XPHUDQJPLW©VDJWHLFK XQG|IIQHWHEHUHLWVGLHKLQWHUH+DXEH ª*ODXEVWGXGDHVUXQGJHKW"© ª0|JOLFK©,FKVFKOXJGLH+DXEHZLHGHU]XXQGQLFNWH ª.RPPODXQVYHUVFKZLQGHQ© (VZDUHLQ:HJGHUXQVHLQHJHZLVVH7URVWORVLJNHLWERW :LUVDKHQNHLQHVFK|QH/DQGVFKDIW+LHUZXUGHJHDUEHLWHW RGHUVWDQGHQGLH5HVWHGLHQLFKWPHKUEHQ|WLJWZXUGHQ 'LH+DXVERRWHGDVZXWHLFKOLHJHQQLFKWGLUHNWDP8IHU GHU7KHPVHVRQGHUQLQNOHLQHQ6HLWHQNDQlOHQGLHYRP)OX KHUDE]ZHLJHQ'DXQV+XPSGHQ:HJEHVFKULHEHQKDWWH ZUGHQZLUGLH6WHOOHDXFKILQGHQ 'LH%RRWHODJHQQLFKWDOOHLP:DVVHUHLQLJHVWDQGHQDP 8IHU:LUVDKHQGLH/|FKHULP5XPSIXQGGHQ5RVW8P GLHVH.lKQHNPPHUWHVLFKQLHPDQG =XP:DVVHUZDUHVQLFKWZHLWHLQLJH6FKULWWHQXU'DV .ODWVFKHQGHU:HOOHQEHJOHLWHWHXQV0DQFKPDOOLHIHQZLU EHUIHXFKWH8IHUZLHVHQGDQQVDKHQZLUGLHHUVWHQ%RRWH 6LHVFKDXNHOWHQDXIGHQ:HOOHQ 'LHPHLVWHQZDUHQGXUFK6WHJHPLWGHP8IHUYHUEXQGHQ

%HLDQGHUHQ%RRWHQNRQQWHPDQGLUHNWYRQGHU%RUGZDQG DXIV7URFNHQHVSULQJHQ0HQVFKHQVDKHQZLUNDXPK|UWHQ DOOHUGLQJV.LQGHUJHVFKUHLXQGHQWGHFNWHQHLQPDOHLQH)UDX GLHDXIHLQHP+DXVERRWHLQHOlQJVEHUGDV'HFNJH VSDQQWH/HLQHPLW:lVFKHEHVWFNWH 'HQ)OXK|UWHQZLUQXU(LQHVFKPDOHPLW%lXPHQ EHZDFKVHQH,QVHOYHUZHKUWHXQVGHQ%OLFNGDUDXI 7URW]GHUYRP+LPPHOKHUDEVFKHLQHQGHQ)UKOLQJVVRQQH ZLUNWHGLH*HJHQGJUDXXQGPLHV(EHQVRVFKOLPPVDKHQ GLH%RRWHDXV0DQFKHZDUHQZLUNOLFKQXU:UDFNV :LUHUNDQQWHQGLHVGHVKDOEVRJXWZHLOZLUXQVGLFKWDP 8IHUDXIKLHOWHQ 6XNRHQWGHFNWHGHQ.DKQ]XHUVW(UVWUHFNWHVHLQH+DQG DXVXQG]HLJWHDXIHLQ%RRWDXIGHVVHQ'HFNZLUNOLFKDOOHV NUHX]XQGTXHUKHUXPODJª'DVPXGHU.DKQVHLQ© ,FKEOLHEVWHKHQ$XIGHP6FKLIIUKUWHVLFKQLFKWV(VVDK WRWDXVYHUODVVHQXQGYHUNRPPHQ(LQ6WHJYHUEDQGHVPLW GHP8IHUVRGDZLUHVWURFNHQHQ)XHVEHWUHWHQNRQQWHQ ª(UVFKHLQWQLFKWGD]XVHLQ©PXUPHOWHLFK ª:DUWHHVDE©6XNRVFKDXWHDXVOHLFKWYHUHQJWHQ$XJHQ ]XP.DKQKLQ(UDWPHWHQXUGXUFKGLH1DVHVHLQ%OLFNZDU ODXHUQGPLWGHU=XQJHQVSLW]HIXKUHUOHLFKWEHUGLH /LSSHQ ,FKNUDXVWHGLH6WLUQ ª+DVWGXZDV"© ª9LHOOHLFKWLVW*UHJJQLFKWDOOHLQ©YHUPXWHWHLFKª.DQQMD VHLQGDHU+HOIHUKDW© ª8QGZDVEHGHXWHWGDVIUXQV"© ª'DZLUPLWDOOHPUHFKQHQPVVHQ©HUZLGHUWHLFKª/RV LFKZLOOKLHUQLFKWIHVWZDFKVHQ© ,FKKDWWHHVZLUNOLFKHLOLJ'LH*HIDKUGLHXQVEHGURKWH ZDUPHKUDOVXQKHLPOLFK ,FKHUUHLFKWHDOVHUVWHUGHQ6WHJXQGVHW]WHPHLQHQ)XDXI GLH3ODQNHQ :HQQMHW]WMHPDQGYRP6FKLIIKHUVFKDXWHNRQQWHHUPLFK

GHXWOLFKVHKHQGHQQPHLQH8PULVVHKREHQVLFKNODUXQG VFKDUIYRPGXQNOHUHQ+RO]GHV6WHJVDE :LHDXIGHP3UlVHQWLHUWHOOHUNDPLFKPLUYRUXQGIKOWH PLFKDOVODQJVDPYRUDQJHKHQGH=LHOVFKHLEHYHUGDPPW QLFKWZRKO,FKVSUDQJDQ%RUGXQGZlUHIDVWEHUHLQHTXHU OLHJHQGH%RKOHJHVWROSHUWDEHUHVJLQJDOOHVJODWWXQGDXFK 6XNRKDWWHNHLQHUOHL6FKZLHULJNHLWHQDQ'HFN]XJHODQJHQ (UEOLHEQHEHQPLUVWHKHQXQGVFKDXWHVLFKXPª-HW]W PVVHQZLULKQQXUQRFKILQGHQ© ª(UVWHLQPDOGHQ1LHGHUJDQJ© ª6WLPPW© 'DV&KDRVDQ'HFNNRQQWHPDQZLUNOLFKDOVYROONRPPHQ EH]HLFKQHQ(VJHODQJXQVQLFKWHLQHQQRUPDOHQ6FKULWW]X WXQRKQHGDZLUEHULUJHQGHWZDVVWROSHUWHQ :HQQVLFKMHPDQGXQWHU'HFNDXIKLHOWZUGHHUXQVHUH 6FKULWWHK|UHQGLHDOVGXPSIHV(FKRQDFKXQWHQNODQJHQ 'DVJHILHOXQVEHUKDXSWQLFKW :REHIDQGVLFKGHU1LHGHUJDQJ" ,FKHQWGHFNWHLKQVFKOLHOLFK+LQWHUYHUJDPPHOWHQ]X VDPPHQJHUROOWHQXQGPLWJUQZHLHP6FKLPPHOEHGHFN WHQ7DXUROOHQEHIDQGVLFKGLH.ODSSHGLHGHQ(LQJDQJLQ GHQ%DXFKGHV6FKLIIHVELOGHWH 'DPXWHQZLUUXQWHU :lKUHQG6XNRVLHKRFKKLHYWHVWDQGLFKPLWJH]RJHQHU %HUHWWDQHEHQLKPXQG]LHOWHPLWGHU0QGXQJDXIGLH gIIQXQJ 'LH6FKDUQLHUHTXLHWVFKWHQXQGlFK]WHQDOVGHU,QVSHNWRU GLH.ODSSHQDFKREHQ]RJ6WDXEULHVHOWHLQGLH/XNHXQG HLQIHXFKWPXIILJHU*HUXFKVWU|PWHXQVHQWJHJHQ ª'DVFKHLQHQ/XPSHQ]XYHUJDPPHOQXQG]XYHUVFKLP PHOQ©VDJWHLFK'DVGXUFKGLH/XNHIDOOHQGH/LFKWUHLFKWHDXV XPHLQKHOOHUHV9LHUHFNDXIGHQ6FKLIIVERGHQ]X]HLFKQHQ ,FKJLQJLQGLH.QLHVWUHFNWHHLQ%HLQDXVXQGVWHOOWH GHQ$EVDW]DXIGLHREHUVWH6SURVVHGHUQDFKXQWHQ IKUHQGHQ/HLWHU

6LHKLHOWPHLQ*HZLFKWXQGLFKNRQQWHHVZDJHQLQGHQ 6FKLIIVEDXFK]XVWHLJHQ 6XNRZDUWHWHREHQXPPLU5FNHQGHFNXQJ]XJHEHQ$P /HLWHUHQGHODQGHWHLFKLQHLQHU:DVVHUSIW]HGLHVLFKLQ HLQHUNOHLQHQ0XOGHLP+RO]JHVDPPHOWKDWWH (LQVFKQHOOHU%OLFNQDFKYRUQ]HLJWHPLUGDLFKQLFKW HUZDUWHWZXUGH /LFKWVDKLFKQLFKW1DFKXQJHIlKU]ZHL
,FKKLHOWPHLQH7DVFKHQODPSHEHUHLW$EHUQLFKWQXUVLH DXFKGLH%HUHWWD 6XNRV:DIIHODJHEHQIDOOVLQVHLQHU5HFKWHQ(UWUDWEHUGLH 6FKZHOOHXQGZLUVFKDXWHQEHLGHLQHLQHQHKHPDOLJHQ /DJHUUDXPGHU]XP:RKQUDXPXPIXQNWLRQLHUWZRUGHQZDU 1XUVFKZDFKZDUHQGLH8PULVVH]ZHLHU6WKOH]XHUNHQ QHQ'DVJOHLFKHJDOWDXFKIUHLQHQ7LVFK*UDXH)OHFNHQ KREHQVLFKUHFKWVYRQXQVDQGHU:DQGDE 9HUKlQJWH)HQVWHURGHU/XNHQ 8QG0HQVFKHQ" $XVGHU'XQNHOKHLWYRUXQVK|UWHQZLUHLQHK|KQLVFKH 6WLPPHª.RPPWUXKLJQlKHUZLUKDEHQHXFKVFKRQHU ZDUWHW© 'DPLWKDWWHQZLUQLFKWJHUHFKQHWUHDJLHUWHQDEHUZLH DEJHVSURFKHQ %OLW]VFKQHOOKXVFKWH6XNRQDFKUHFKWVZHJLFKQDFKOLQNV 'LH0QGXQJHQGHU3LVWROHQ]LHOWHQLQGDVJUDXH'lPPHU KLQHLQZRZLUOHLGHUNHLQH=LHOHVDKHQ $EHUGLH6WLPPHEOLHE ª,FKELQ*UHJJGHV6DWDQV7lWRZLHUHU©K|UWHQZLUVLH ª8QGLFKZHUGHGDIUVRUJHQGDLKUGLH+|OOHHUOHEWXQG QLHPHKU]XUFNNHKUW© 9HUVSUHFKXQJHQGLHLFKNDQQWHXQGGHVKDOEDXFKQLFKWVR HUQVWQDKP ª=HLJGLFKZHQQGX0XWKDVW*UHJJ© ª6LFKHU© :LUZDUWHWHQ1RFKWDWVLFKQLFKWV$OOHVEOLHEGVWHU:LU VDKHQGHQ6SUHFKHUQLFKW(UPXWHPHLQHU$QVLFKWQDFK LUJHQGZRDP%RGHQNDXHUQGHQQLP'lPPHUOLFKWKREVLFK VHLQH*HVWDOWQLFKWDE ª6FKDXWJHQDX]X©YHUQDKPHQZLUZLHGHUGLH6WLPPHGHV 8QVLFKWEDUHQª,KUZROOWHWPLFKVHKHQXQGGDVN|QQWLKU MHW]W$XIJHSDW© :LUUHFKQHWHQGDPLWGDVLFKHLQH*HVWDOWDXVGHU 'XQNHOKHLWHUKHEHQZUGH

'LHVJHVFKDKQLFKW 6WDWWGHVVHQVDKHQZLUYRUXQVHLQHQVHOWVDPHQEODXHQ 6FKHLQGHUHLQHQ6WLFKLQV7UNLVKDWWH 'HU6FKHLQZDUHUVWQXUHLQVFKZDFKHV/HXFKWHQQLFKWYLHO JU|HUDOVHLQ5DGZREHLHVDQGHQ(QGHQIOLPPHUWH'RFK HUZXUGHYRQ6HNXQGH]X6HNXQGHJU|HUKDWWHSO|W]OLFK GLH+lOIWHGHV5DXPHVDXVJHIOOWXQGLKQDXIHLQHPHUN ZUGLJH$UWHUKHOOWGHQQZLUNRQQWHQHQGOLFKXQVHUHQ *HJQHUHUNHQQHQ (LQHQ*HJQHU" 1HLQGDVZDUQLFKWQXUHLQHUGDVZDUHQ]ZHL*HVWDOWHQ GLHGDYRUXQVVWDQGHQ 8QKHLPOLFKDQ]XVHKHQ%HLGHZLUNWHQVLHJHLVWHUKDIWXQG NRQQWHQHLQHP$QJVWHLQMDJHQ 'DZDUHLQPDOGHU$OWHGHUJHGXFNWGDVWDQGGHQ.RSI JHLHUDUWLJYRUJHUHFNW6HLQ*HVLFKWZDU]XHLQHPJUDXVDPHQ *ULQVHQYHU]RJHQ'LH+lQGHZDUHQJHNUPPWGLH)LQJHU ZLUNWHQZLHGLH.UDOOHQHLQHV9RJHOVVRPDJHUZDUHQVLH PLWVSLW]HQ1lJHOQXQGVLH]LWWHUWHQHEHQVRZLHGLH*HVWDOW GHV$OWHQ -DGDVZDUGHV6DWDQV7lWRZLHUHU 'LH]ZHLWH*HVWDOWHQWGHFNWHQZLUHEHQIDOOV6LHZDUQXU HLQ6FKHPHQXQGVFKZHEWHKLQWHULKP (LQ*HLVW" 9LHOOHLFKW(EHQIDOOVEOlXOLFKVFKLPPHUQGOHLFKWGXUFK VLFKWLJLQGHQ8PULVVHQHLQHUPHQVFKOLFKHQ*HVWDOWPLW HLQHP.RSIXQGODQJHQ+DDUHQ *UHJJXQG$UNRQDGD -DLFKZDUPLUSO|W]OLFKVLFKHUEHLGHYRUPLU]XVHKHQ :REHL*UHJJGXUFK$UNRQDGDJHVFKW]WZXUGH ,FKZROOWHPHLQ.UHX]KHUYRUKROHQ9LHOOHLFKWNRQQWHLFK GDPLWGLH0DJLHEHNlPSIHQXQGVWRSSHQ $EHUVRZHLWNDPHVQLFKW 3O|W]OLFKZDUGDV/LFKWGD :LHHLQHJHZDOWLJH'HFNHXQGEOLW]VFKQHOOZDUHVEHU

XQV(VHUIDWHXQVHUH.|USHU:LUZROOWHQZRKOEHLGHHWZDV GDJHJHQWXQVFKDIIWHQHVMHGRFKQLFKWXQGHUOHEWHQPLWZLH XQV.UlIWHDXVHLQHUXUDOWHQXQGXQKHLPOLFKHQ:HOW]X 6SLHOElOOHQGHJUDGLHUWHQ %DVLOXQG/HVWHU%HDQKDWWHQHLQHQNODUHQ$XIWUDJHUKDOWHQ 6LHVROOWHQ0\[LQGHQ0DJLHUYHUQLFKWHQ 'XUFKGLH.UDIWGHUQHXHVWHQ7lWRZLHUXQJIKOWHQVLHVLFK XQJHPHLQVWDUNDXIKDOWHQNRQQWHVLHQLFKWVPHKU 6LHGDFKWHQQLFKWPHKUPHQVFKOLFKGHQQLQLKQHQVWHFNWH GHU*HLVWHLQHUXUDOWHQ=HLWDOVHVQRFKNHLQH7HFKQLNQRFK NHLQH)OXJ]HXJHRGHU$XWRVJDE'DIUMHGRFKHWZDV DQGHUHV 6FKZDU]HU0DJLH 8QGGLHVHZDUVWDUN6LHVWHPPWHVLFKJHJHQGLH1DWXU JHVHW]HXQGKREZHQQVLHZROOWHGLHVH5HJHOQDXIXQGGLH EHLGHQ0lQQHUZDUHQGXUFKGLHVHQ*HLVWEHVHHOW (UVSRUQWHVLHDQXQGHUKDWWHLKQHQGDV=LHONODUHLQJH JHEHQ:lKUHQG*UHJJDOLDV$UNRQDGD]XUFNEOLHEJLQ JHQGLH=ZLOOLQJHLKUHQ:HJ 6LHNDQQWHQGDV=LHOXQGVLHZXWHQGDGHUXQKHLP OLFKHDEHUXQJHPHLQVWDUNH*HLVWVLHGRUWKLQVFKDIIHQ ZUGH 'DV=LHOZDUHQGLH)ODPPHQGHQ6WHLQH )ODPLQJ6WRQHV (LQ*HELHWLUJHQGZRLQ(QJODQG8UDOWJHKHLPQLVXP ZLWWHUW9LHOOHLFKWVRJDUXQKHLPOLFKHUDOVGLHEHNDQQWHQ 6WHLQHYRQ6WRQHKHQJH(LQJHEHWWHWYRQEHZDOGHWHQ+JHOQ VWDQGHQVLHDOVVWXPPH:lFKWHUHLQHU=HLWGLHOlQJVWYHU JDQJHQZDU $EHUGLH6WHLQHOHEWHQ6LHZDUHQPlFKWLJVLHJOLFKHQ HPSILQGOLFKHQ6HQVRUHQGLHPDJLVFKH6W|UXQJHQDXIILQJHQ

,KUH.UDIWJOLFKGHUHLQHUVSUXGHOQGHQXQGQLHYHUVLHJHQGHQ 4XHOOHXQGVLHJHK|UWHQ]XGHQHQGLHHEHQIDOOVDXVHLQHU DQGHUHQ=HLWVWDPPWHQ 0\[LQXQG.DUD 'LH)ODPPHQGHQ6WHLQHZDUHQLKU*HELHW,KUH+HLPDW XQGJOHLFK]HLWLJLKUH)RUVFKXQJVVWlWWH'LH6WHLQHVDJWHQ LKQHQRIWJHQXJZHQQ*HIDKULP9HU]XJZDU6LHZDUQWHQ YRUVFKOLPPHQ'LQJHQXQGVLHZDUHQJOHLFK]HLWLJGLH:HJ ZHLVHULQDQGHUH:HOWHQ 'HUNOHLQH0DJLHUXQGGLH6FK|QHDXVGHP7RWHQUHLFK KLHOWHQVLFKRIWEHLGHQIODPLQJVWRQHVDXI:HQQVLHLKU *HKHLPQLVHQWUlWVHOWHQKDWWHQVLHYLHOJHZRQQHQ %HLGH0\[LQXQG.DUDZXWHQYRQGHQ*URHQ$OWHQ 'LHVHQ8UJ|W]HQRGHU8UGlPRQHQGLHYRUbRQHQH[LVWLHUW KDWWHQXQGGDV*UDXHQYHUEUHLWHWHQ 6LHZROOWHQ]XUFNNHKUHQXQGGRUWDQVHW]HQZRVLHQDFK GHP8QWHUJDQJGHV.RQWLQHQWVJHVWRSSWZRUGHQZDUHQ (VJDE]DKOUHLFKH6WHOOHQDXIGHU:HOWGLHDXIGLH*URHQ $OWHQKLQGHXWHWHQPDQPXWHVLHQXUILQGHQ:REHLGLHVH 8UJ|W]HQVHOEVWRIW0HQVFKHQIDQGHQGLHVLFKLQLKUH 'LHQVWHVWHOOWHQ:LHYLHOH'LHQHUHVGDPDOVJHJHEHQKDWWH GLHGHQ*URHQ$OWHQ7ULEXW]ROOWHQZXWHVHOEVW0\[LQ QLFKWREZRKOHULQ$WODQWLVHEHQIDOOV]XGHQ6FKZDU]HQ 0DJLHUHQJHK|UWKDWWH 0\[LQXQG.DUDKDWWHQXQWHUGHQ0HQVFKHQ)UHXQGHGLH VLFKJHJHQGLHJHIlKUOLFKH0DJLHDXVGHU9HUJDQJHQKHLW VWHPPWHQ'DVWDQGHLQ0DQQZLH-RKQ6LQFODLUPLWDQGHU 6SLW]HGHQQRFKKDWWHHV0\[LQQLFKWVRJHUQZHQQHUVLFK XP)lOOHNPPHUWHGLHGLH*URHQ$OWHQEHUKUWHQ-RKQ KDWWHJHQXJPLWGHU+|OOHXQGGHUHQ$EJHVDQGWHQ]XWXQ 'LHDQGHUHQ'LQJHVROOWHHUUXKLJ0\[LQXQG.DUDEHU ODVVHQ ,P/DXIGHU=HLWZDUGHUNOHLQH0DJLHUZLHGHUHUVWDUNW(U VWDQGQLFKWPHKUKLQWHU.DUD]XUFNGLHEHLGHQHUJlQ]WHQ VLFKJURDUWLJ0\[LQEHKHUUVFKWHYRUDOOHQ'LQJHQZLHGHU

VHLQHJHLVWLJHQ.UlIWH6RZDUHQ7HOHSDWKLH7HOHNLQVHXQG 7HOHSRUWDWLRQNHLQ3UREOHPIULKQ $OOGLHVH.UlIWHDNWLYLHUWHHU]ZLVFKHQGHQ)ODPPHQGHQ 6WHLQHQZRHUVLFK]XPHLVWDXIKLHOW (VZDUHLQVRQGHUEDUHU3ODW](UODJLUJHQGZRLQ(QJODQG (LQHPDJLVFKH=RQHGLHYRQlXHUHQ(LQIOVVHQUHODWLY XQDEKlQJLJJHEOLHEHQZDUXQG0HQVFKHQHQWGHFNWHQVLH NDXP,UJHQGHWZDVOHLWHWHVLHLPPHUGDUDQYRUEHLVRGD .DUDXQG0\[LQXQJHVW|UWEOLHEHQ $QGLHVHP7DJHZDUGHUNOHLQH0DJLHUDOOHLQEHLGHQ 6WHLQHQ(UKDWWHVLFKEHU.DUDJHZXQGHUW'LH6FK|QHDXV GHP7RWHQUHLFKVSUWHEHUHLWVGLHJHVDPWH=HLWEHUHLQH JHZLVVH8QUXKHIUGLHVLHNHLQHUOHL(UNOlUXQJKDWWH 6LHZDUVFKOLHOLFKJHJDQJHQXQGKDWWH0\[LQDOOHLQ ]XUFNJHODVVHQ $XFKGHUNOHLQH0DJLHUPHUNWHGDHWZDVQLFKWVWLPPWH (UVWDQG]ZLVFKHQGHQ6WHLQHQXQGZLUNWHLQPLWWHQGHUKRFK DXIUDJHQGHQ)HOVNO|W]HIDVWZLQ]LJDEHUGDVWlXVFKWH 0\[LQZDUYRQGHU.|USHUJU|HKHUQLFKWVRJURZLHHLQ QRUPDOHU0HQVFKGRFKXQWHUVFKlW]HQGXUIWHPDQGHQ 0DJLHULQVHLQHPODQJHQ0DQWHOXQGGHUOHLFKWJUQOLFK VFKLPPHUQGHQ+DXWEHLOHLEHQLFKW (UNRQQWHNlPSIHQXQGKDWWHPDQFKPlFKWLJHQ'lPRQ GDV)UFKWHQJHOHKUW$QPlFKWLJH'lPRQHQGDFKWHHULQ GLHVHQ$XJHQEOLFNHQDXFK0\[LQZXQGHUWHVLFKGDUEHU GDHUVRVHOWVDPIKOWH(VZDUHQ=HLFKHQ9RUERWHQGD LUJHQGHWZDVLQGHU/XIWODJYRQGHPHUQLFKWV*HQDXHV VDJHQNRQQWH (UZROOWHHVQRFKQLFKWDOV*HIDKUEH]HLFKQHQDEHUGD H[LVWLHUWHQ.UlIWHGLHLKUH)KOHUDXVVWUHFNWHQXQGDXFKGLH )ODPPHQGHQ6WHLQHQLFKWYHUVFKRQWHQ 0\[LQGUHKWHVLFKXQGVFKDXWH]XP+LPPHO(UVDKGLH EODVVH$SULOVRQQHGHUHQ6WUDKOHQDXIGLHEHZDOGHWHQ+JHO LQGHUXQPLWWHOEDUHQ8PJHEXQJWXSIWHQ(UK|UWHGDV 0XUPHOQGHV%DFKVHLQHLQVJHVDPWVHKUIULHGOLFKH6WLP

PXQJXQGDXFKGDV=ZLWVFKHUQGHU9|JHOWUXJGD]XEHL 7URW]GHPWUDXWHHUGHU5XKHQLFKW (WZDVZDUGD (LQH*HIDKU 0\[LQVWDQGLPPHUDXIGHU/DXHU6HLQHDXVDOWHU=HLWVWDP PHQGHQPlFKWLJHQ*HJQHUVFKOLHIHQQLFKW'LHVHXQKHLPOLFK VWDUNH0DJLHKDWWHHEHQVREHUOHEWZLHHUXQGVLHZDUGDEHL VLFKDXIGHU(UGHHLQHQ6WW]SXQNWDXI]XEDXHQ :HQQVLHGDVVFKDIIWHPXWHQ+LQGHUQLVVHDXVGHP:HJ JHUlXPWZHUGHQ'LHVH+LQGHUQLVVHZDUHQQLFKWQXU 0HQVFKHQVRQGHUQDXFKDQGHUH'LQJH]XP%HLVSLHOGLH )ODPPHQGHQ6WHLQH =DKOUHLFKHPlFKWLJH'lPRQHQDXVGHUDOWHQ=HLWKlWWHQ YLHOGDIUJHJHEHQZHQQGLH6WHLQHQLFKWPHKUH[LVWLHUWHQ 'DVZXWHGHUNOHLQH0DJLHUXQGGHVKDOEZDUHUVR ZDFKVDP (VJHILHOLKPQLFKWGD.DUDYHUVFKZXQGHQZDU=X]ZHLW ZDUHQVLHPlFKWLJHUXQGHUYHUVXFKWHVLFK]XNRQ]HQWULH UHQXPPLWGHU6FK|QHQDXVGHP7RWHQUHLFKLQJHLVWLJHQ .RQWDNW]XWUHWHQ:HQQHULKUH*HGDQNHQHPSILQJNRQQWH VLHLKPDXIWHOHSDWKLVFKHP:HJHPLWWHLOHQZRVLHVLFK EHIDQG *HQDXLQGHU0LWWH]ZLVFKHQGHQ6WHLQHQVDQNGHUNOHLQH 0DJLHU]XVDPPHQ(UVHW]WHVLFKDXIGHQZHLFKHQ*UDV ERGHQVHLQHQ.RSIVHQNWHHUQDFKYRUQ(UVFKDOWHWHY|OOLJ DEXQGNRQ]HQWULHUWHVLFKDXI.DUD ,P1RUPDOIDOOZDUGLHVIULKQNHLQ3UREOHP'LHEHLGHQ VWDQGHQVWHWLJLQHLQHUJHZLVVHQ9HUELQGXQJ.DUDZUGH LKQK|UHQVLHPXWHLKQK|UHQDEHUVLHUKUWHVLFKQLFKW 0\[LQNDPQLFKWGXUFK (VZDUHLQHVFKOLPPH7DWVDFKHGLHHUQLFKWZHJOHXJQHQ NRQQWH,UJHQGZRJDEHVGDHLQH%DUULHUHGLHVHLQHQ*H GDQNHQIOXVWRSSWHRGHU]XUFNVFKOHXGHUWHZLHHLQ 6SLHJHOGDV/LFKWVRGDHUHLQIDFKNHLQH&KDQFHKDWWH .DUD]XHUUHLFKHQ

0DQNRQQWHGHQNOHLQHQ0DJLHUQLFKWDOVHLQl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lKHUQZUGHXQGVLFK ]ZDQJVOlXILJHUVWHLQPDOLUJHQGZRNRQ]HQWULHUHQPXWH 'DVNRQQWHGXUFKDXVGHUGLH)ODPPHQGHQ6WHLQHXPJH EHQGHGLFKWH:DOGVHLQ$XVGLHVHP*UXQGHZDUVLHLQLKQ HLQJHWDXFKWXQGEHZHJWHVLFKYRUVLFKWLJEHUGLHDXFK WDJVEHUGVWHUZLUNHQGHQVFKPDOHQ:LOGSIDGH+LQXQG ZLHGHUVFKLPPHUWHGLH6RQQHGXUFK'DQQZDUI.DUDHLQHQ %OLFNLQGLH+|KHVFKDXWHGXUFKGDV)LOLJUDQGHUbVWHXQG VDK]XP*UHLIHQQDKGLHGRFKVRZHLWYRQGHU(UGHHQW IHUQWHZHLH6FKHLEHGLHDPEODEODXHQ+LPPHOVFKZHEWH 6RQQHJLEW:lUPH6RQQHEHGHXWHW/HEHQ'RFKGDV VSUWH.DUDLQGLHVHQ$XJHQEOLFNHQQLFKW 6LHPHLQWHVRJDUHLQHJHZLVVH.lOWH]XHPSILQGHQGLH MHGRFKNHLQHQQRUPDOHQ8UVSUXQJKDWWH

$XIHLQHUNOHLQHQ/LFKWXQJEOLHEVLHVWHKHQ9RQKLHUDXV NRQQWHVLHGLH6WHLQHQLFKWPHKUVHKHQ=XGLFKWZDUGHU :DOGGHUGHQ$EKDQJEHGHFNWH .DUDVFKOHXGHUWHLKUEODXVFKZDU]HVODQJHV+DDU]XUFN 6LHEOLHEVWHKHQXQGOHJWHLKUHUHFKWH+DQGDXIGHQ*ULIIGHV 6FKZHUWVPLWGHUJROGHQHQ.OLQJH 'LHVH:DIIHZDUXQJHPHLQZLFKWLJIUVLH,KU9DWHUKDWWH VLHGHU6FK|QHQDXVGHP7RWHQUHLFKYHUHUEW.DUDNRQQWH PLWGHP6FKZHUWQLFKWQXUNlPSIHQHVGLHQWHJOHLFK]HLWLJ DOV.DWDO\VDWRUIUDQGHUH:HOWHQ8QGZHQQVLHMHW]WQRFK GHQ7UDQNGHV9HUJHVVHQVJHKDEWKlWWHZlUHVLH]XIULHGHQ JHZHVHQ$EHUGHQEHVDGHU6SXNXQGGHUZUGHLKQDXI NHLQHQ)DOOKHUDXVJHEHQ $XFKRKQH7UDQNZXWHVLFK.DUD]XZHKUHQ6LHKDWWH VLFKHEHQGDUDXIHLQJHVWHOOWXQGGDZDUHVEHVRQGHUVGDV 6FKZHUWPLWGHUJROGHQHQ.OLQJHGDVLKUJURH'LHQVWH HUZLHV $QJHVSDQQWZDULKUH+DOWXQJ1LFKWVUHJWHVLFKLQGHP VFKPDOHQ*HVLFKWPLWGHQKRFKVWHKHQGHQ:DQJHQNQRFKHQ 6LHJOLFKLQGLHVHQ$XJHQEOLFNHQHLQHPZLWWHUQGHQ :DOGZHVHQGDVVLFKDXIHLQHDOOPlKOLFKKHUDQVFKOHLFKHQGH *HIDKUHLQVWHOOHQZLOO 'LH6WLOOHILHOLKUDXI (LQH5XKHGLHHVHLJHQWOLFKQXULQGHU1DFKWJDE)UGHQ 7DJZDUVLHPHKUDOVXQJHZ|KQOLFKZREHLVLFK.DUDGHQ *UXQGZLUNOLFKQLFKWHUNOlUHQNRQQWH 1RFKQLFKW 6LHZDUDOOHUGLQJVVLFKHUGDHVPLWLKUHULQQHUHQ8QUXKH ]XVDPPHQKLQJGLHVLHVRSO|W]OLFKYHUVSUWHDOVVLHGDV *HELHWGHUPDJLVFKHQ6WHLQHRKQHJURH(UNOlUXQJYHUODV VHQKDWWH(VZDUQLFKWULFKWLJJHZHVHQGHQQ0\[LQPDFKWH VLFKVLFKHUOLFK*HGDQNHQ 6LHVSUWHHLQKHIWLJHV5DXVFKHQLP.RSIGDVVLFKDXIO|VWH XQGVLFKDOV]DKOUHLFKH6WLFKHYHUWHLOWH .DUDZDQNWH

)UHLQHQ0RPHQWQXUKDWWHVLHGLHVHQVHOWVDPHQ6FKPHU] JHVSUW6LHVWUHFNWHGHQ$UPDXVXQGKLHOWVLFKDQHLQHP %DXPDVWIHVWZREHLVLHGDUEHUQDFKGDFKWHZDVGLHVHV 3KlQRPHQ]XEHGHXWHQKDWWH ,KUILHOGLH/|VXQJQLFKWHLQ,KU*HKLUQZROOWHQLFKWPHKU DUEHLWHQ.DUDYHUVSUWHHLQHHLJHQDUWLJH/HHUH 'DQQJLQJHVYRUEHL 6LHVFKWWHOWHGHQ.RSIXQGVWHOOWHIHVWGDVLHQXQZLHGHU NODUGHQNHQNRQQWH$XFKGLH8PJHEXQJQDKPVLHEHVVHU DXI'LHVZDUZLFKWLJGHQQVLHEHPHUNWHGDVLFKGHU:DOG QRFKPHKUYHUGXQNHOWKDWWH 'DGLH6RQQHQRFKOlQJVWQLFKWYHUVXQNHQZDUPXWHGLHV HLQHQDQGHUHQ*UXQGKDEHQ.DUDVHKUPLWUDXLVFKEH JDQQQDFKGHP*UXQG]XIRUVFKHQ ,KUH%OLFNHHUWDVWHWHQXQGGXUFKVWUHLIWHQGLHQlKHUH8P JHEXQJXQGVLHVWHOOWHIHVWGDGLHVLHXPJHEHQGH'XQNHO KHLWQLFKWQRUPDOZDU 'DZDUHQ6FKDWWHQHQWVWDQGHQ6HOWVDPHODQJHGXQNOH 6FKDWWHQGLHQLFKWQXUEHUGHQ%RGHQKXVFKWHQVRQGHUQ DXFKDQGHQ6WlPPHQKRFKNOHWWHUWHQELVVLHGHQ:LUUZDUU DXV=ZHLJHQXQGbVWHQHUUHLFKWHQZRVLHDQHLQLJHQ6WHOOHQ GDV6RQQHQOLFKWYHUGXQNHOWHQ 'LH6FK|QHDXVGHP7RWHQUHLFKNRQ]HQWULHUWHVLFKDXIGLH 6FKDWWHQ1RUPDOZDUHQVLHQLFKW'LHVWDPPWHQZHGHUYRQ GHQ%lXPHQQRFKYRQLUJHQGZHOFKHQ%VFKHQ,KUH4XHOOH ODJZRDQGHUV /HLGHUEHIDQGVLFK.DUDQLFKWLQGHU/DJHGLHVH]X RUWHQ 8QGZDUHVQLFKWDXFKNlOWHUJHZRUGHQ" hEHULKUHQ5FNHQUDQQHLQH*lQVHKDXW'LH/LSSHQ]XFN WHQGHQQVLHVSUWHGLH.lOWHJHQDXXQGVLHZDUIHVWGDYRQ EHU]HXJWHVQLFKWPLWHLQHPQRUPDOHQ7HPSHUDWXUVWXU]]X WXQ]XKDEHQ 'DVWHFNWHHWZDVDQGHUHVKLQWHU .DUDZDUHLQHVHQVLEOH3HUVRQ6LHPHUNWH9HUlQGHUXQJHQ

GHUXQPLWWHOEDUHQ8PJHEXQJVHKUVFKQHOOXQGVLHVWUHFNWH ZLHHLQ,QVHNWLKUH)KOHUDXV :RKRFNWHQVLH" .DUDVFKOXFNWH,KUH+lQGHEHZHJWHQVLFK0DQFKPDO VFKORVVHQVLHVLFK]X)lXVWHQGLH)LQJHUQlJHOEHUKUWHQGDV )OHLVFKGHU+DQGEDOOHQXQGVLHVWDFKHQLQGLH+DXWZLH NOHLQH0HVVHU 'LH6FKDWWHQEHZHJWHQVLFKZLHGHU 3O|W]OLFKEHJDQQHQVLH]XWDQ]HQZDUIHQHLQ]XFNHQGHV 0XVWHUDXIGHQ%RGHQXQG.DUDGLHVHKUJHQDXVFKDXWH HUNDQQWHGDVLHQLFKWVFKZDU]ZDUHQVRQGHUQYLROHWW -DHLQH0LVFKXQJ]ZLVFKHQYLROHWWXQGEODX 6HOWVDPGLHVH)DUEH hEHULKUHQ.|USHUUDQQHVZHLWHUKLQNDOW6LHVWDQGLP :DOGXQGbVWHXQG=ZHLJHGHU%lXPHELOGHWHQHLQVFKW ]HQGHV'DFKEHULKU $EHUVFKW]WHHVWDWVlFKOLFK" 'DUDXIZROOWH.DUDVLFKQLFKWYHUODVVHQ(VNRQQWHDXFK HLQ*HIlQJQLVVHLQGDVVLHQLFKWPHKUIUHLODVVHQZUGH 'LHVHU:DOGZDUYRQLUJHQGHWZDVPDJLVFKEHHLQIOXWZRU GHQXQGDOVHLQ6FKDWWHQODQJVDPDXIVLH]XNURFKGDEOLHE VLHHLQIDFKVWHKHQ %LVGHU6FKDWWHQVLHEHUKUWH .DUDGXUFK]XFNWHHVDOVKDEHLKUMHPDQGHLQHQ6FKODJPLW GHU3HLWVFKHYHUVHW]W6LHVFKWWHOWHVLFKLKUH+DDUHEHJDQ QHQ]XNQLVWHUQXQGKDVWLJVSUDQJVLH]XUFN 'LH6FKDWWHQZDUHQJHIlKUOLFK 'XUFKGLH%HUKUXQJKDWWHGLH6FK|QHDXVGHP7RWHQUHLFK GHQ%HZHLVHUKDOWHQGDHVLQGLHVHP:DOGQLFKWPLWUHFK WHQ'LQJHQ]XJLQJ+LHUODXHUWHQDQGHUH.UlIWH*HJHQ NUlIWHXQGVLHKLHOWHQGDV*HELHWEHVHW]W .DUDZLFK]XUFN'DEHLZDUIVLHHLQHQ%OLFNEHUGLH 6FKXOWHU$XFKKLQWHUVLFKHQWGHFNWHVLHGLHODQJHQ)LQJHU GHUEODXYLROHWWHQ6FKDWWHQGLHLPPHUQlKHUNURFKHQXQGVLH XPIDQJHQZROOWHQ

.DUDVDKVLFKHLQJHNUHLVW $XINHLQHQ)DOOGXUIWHVLHQRFKOlQJHUDQGLHVHU6WHOOHYHU ZHLOHQ6LHPXWHVRUDVFKZLHP|JOLFKZHJXQGGDV6FKXW] JHELHWGHU)ODPPHQGHQ6WHLQHHUUHLFKHQ .DUDVWLHVLFKDE ,KU6SUXQJZDUJHZDOWLJVLHVFKQHOOWHEHUGHQYRULKU ]LWWHUQGHQ6FKDWWHQKLQZHJXQGEHIDQGVLFKQRFKLQGHU /XIWDOVVLHEHUHLWVGHQ6FKODJYHUVSUWH +HIWLJZDUHUJHIKUWZRUGHQ.DUDVFKULHREZRKOVLHHV QLFKWZROOWH,KU*HVLFKWYHU]HUUWHVLFKGDEHLVLHIKOWHIU GHQ%UXFKWHLOHLQHU6HNXQGHGHQ6FKDWWHQZLHHLQHJLHULJH +DQGGHULKUHQ.|USHUVWUHLIWH 'DQQKDWWHVLHHVJHVFKDIIW 0LWEHLGHQ)HQHUUHLFKWHVLHGHQ%RGHQXQGGLH 6FKPHU]HQYHUJLQJHQ(LQZHQLJUXWVFKWHVLHQRFKYRUKLHOW VLFKDQHLQHPWLHIKlQJHQGHQ$VWIHVWXQG]RJVLFKDQ GLHVHPZLHGHULQGLH+|KH (QGOLFKVWDQGVLHXQGKDWWHGLH6FKDWWHQKLQWHUVLFK JHODVVHQ .DUDEOLHEVWHKHQXQG]RJLKU6FKZHUW 'LH6FK|QHDXVGHP7RWHQUHLFKZROOWHNlPSIHQ2EZRKO VLHZXWHGDLKUH&KDQFHQQLFKWJXWVWDQGHQGHQQJHJHQ GLH6FKDWWHQZUGHVLHNDXPEHVWHKHQN|QQHQ:LHVROOWHVLH HLQHQ*HJQHUYHUQLFKWHQGHUVLFKQLFKWN|USHUOLFK]HLJWH" $EHU.DUDZROOWHQLFKWDXIJHEHQ8QGHLQH)OXFKWZlUH ZLHHLQH.DSLWXODWLRQJHZHVHQ 6LHVXFKWHGLH6FKDWWHQ 0RPHQWDQHQWGHFNWHVLHLKUH*HJQHUQLFKW6LHKLHOWHQVLFK LUJHQGZRYHUERUJHQJXWJHGHFNWGXUFKGLFKWZDFKVHQGHV 8QWHUKRO] 'DQQKXVFKWHGHUHUVWHKHUDQ (UZDUVFKQHOOPLWQRUPDOHQ%OLFNHQNDXP]XYHUIROJHQ XQGHUZDUVRUDVFKEHL.DUDGDHVLKUNDXPJHODQJLKQ DE]XZHKUHQ7URW]GHPULVLHLKU6FKZHUWLQGLH+|KHXQG IKUWHHLQHQ6WUHLFKGHUHLQHQ+DOEERJHQYRQREHQQDFK

XQWHQVFKQLWWPLWGHUVSLW]HQ.OLQJHGHQ6FKDWWHQEHUKUWH XQGLKQGXUFKWUHQQWH ,QGHU7DWZXUGHHUJHWHLOWXQG.DUDGLHVFKRQOlFKHOQ ZROOWHXQWHUGUFNWHLKU7ULXPSKJHIKOGHQQVLHVSUWHGHQ MlKHQ6FKPHU]GHUVLHXUSO|W]OLFKSDFNWH 'DVLHGHQ%OLFNGDEHLJHVHQNWKLHOWNRQQWHVLHJHQDX HUNHQQHQZDVJHVFKHKHQZDU 'HU6FKDWWHQJULIIGDV6FKZHUWDQ (UZDUQLFKWZHLWHUJHZDQGHUWVRQGHUQYRQGHU.OLQJH DXIJHVDXJWZRUGHQ,KUJROGHQHU6FKLPPHUYHUlQGHUWHVLFK SO|W]OLFKZXUGHGXQNHOXQG]HLJWHHLQWLHIHV%ODX9LROHWW 'DVEUDFKWHGLH6FK|QHDXVGHP7RWHQUHLFKY|OOLJDXVGHU )DVVXQJ'DVKDWWHVLHQRFKQLHHUOHEW%LVKHUZDUHVGHU JROGHQHQ.OLQJHJHOXQJHQDOOHQ*HIDKUHQ]XWURW]HQQXQ DEHUZXUGHGDV6FKZHUWVHOEVWLQ0LWOHLGHQVFKDIWJH]RJHQ XQGHVJLQJDXIGLHDQJUHLIHQGH6FKZDU]H0DJLHHLQ $OV.DUDVLFKYRQGHPHUVWHQ6FKUHFNHQHUKROWKDWWHXQG PLWGHU6FKZHUWVSLW]HHLQH)XUFKHLQGHQ:DOGERGHQ]RJ GDPHUNWHVLHZLHZHLFKGDV0HWDOOJHZRUGHQZDU (VKDWWHVLFKWDWVlFKOLFKYHUlQGHUW .DUDVFKOXFNWH6LHWDXPHOWH]XUFNXQGZDUIVLFKGDQQ KHUXPXP]XIOLHKHQ .DUDKLHOWHVLQGLHVHP:DOGQLFKWPHKUDXV(UZDULKU XQKHLPOLFKJHZRUGHQ,QLKPVWHFNWHQ.UlIWHGHQHQVLH DXFKPLWGHP6FKZHUWQLFKWVHQWJHJHQVHW]HQNRQQWHXQG VLHUDQQWHZHJDOVZlUHQ)XULHQKLQWHULKUKHU .DUDIORKQLFKWDOOHLQDXV)XUFKW6LHGDFKWHDQGLH )ODPPHQGHQ6WHLQHGHQQVLHKDWWHSO|W]OLFKGDV*HIKOGD GLHVHU$QJULIIQLFKWQXULKUJDOWVRQGHUQDXFKGHQ6WHLQHQ 6LHZDULQGLH$XVOlXIHUGHU$WWDFNHKLQHLQJHUDWHQXQG PXWHQXQ]XVHKHQZLHVLHGDZLHGHUKHUDXVNDP 'DVZDUQHQGH*HIKOKDWWHVFKRQVHLQH5LFKWLJNHLW JHKDEW'LHDQGHUHQ.UlIWHODXHUWHQQLFKWQXUVLHVFKOXJHQ EHUHLWV]X:lKUHQGVLHUDQQWHZDUHQLKUH*HGDQNHQQLFKW QXUEHLGHUVLHEHGURKHQGHQ*HIDKUVRQGHUQDXFKEHLLKUHP

3DUWQHU0\[LQGHQVLHDOOHLQEHLGHQIODPLQJVWRQHV]XUFN JHODVVHQKDWWH :HQQLKUH*HJQHUDQJULIIHQZROOWHQVLHQLFKWQXUHLQHQ YHUQLFKWHQVRQGHUQEHLGH .RQQWHVLFK0\[LQZHKUHQ" .DUDEHVFKOHXQLJWHLKUH6FKULWWH(VZDUIUVLHQLFKWHLQ IDFKGXUFKGHQGLFKWHQ:DOG]XODXIHQ6LHPXWHRIWJHQXJ WLHIKlQJHQGHQ=ZHLJHQbVWHQRGHUJDQ]HQ%lXPHQDXV ZHLFKHQOLHIHLQHQ=LFN]DFNNXUVZREHLLKUH)HPDQFK PDOWLHILPZHLFKHQ%RGHQYHUVDQNHQ 'LH$QJVWVWDFKHOWH.DUDDQ 6RHWZDVZDULKUVHOWHQSDVVLHUW6LHKDWWHGHQ.RSILQGHQ 1DFNHQJHZRUIHQVFKDXWHLQGLH+|KHXQGVDKEHUVLFK GDV1HW]GHU=ZHLJHKLQWHUGHPGLH6RQQHDOVJOKHQGHU %DOOVWDQG 'LHVHVVFKZDU]HYRUGHU6RQQHVWHKHQGH0XVWHUDXV =ZHLJHQEHJDQQ]XWDQ]HQ(VEHZHJWHVLFKLP5K\WKPXV LKUHU6FKULWWHZLVFKWHHLQPDOQDFKOLQNVGDQQQDFKUHFKWV XQGKREXQGVHQNWHVLFK .DUDV%HLQHEHKLHOWHQGDV7HPSREHL]XGHPVHQNWHVLFK GDV*HOlQGHMHW]WVRGDVLH0KHKDWWHEHUKDXSWDXIGHQ )HQ]XEOHLEHQXQGVLHKDWWHGDV3HFKLQHLQXQWHUDOWHP /DXEYHUVWHFNWHV/RFK]XWUHWHQ 'LHVHQ)HKOWULWWNRQQWHVLHQLFKWDXVJOHLFKHQ,KUHHLJHQH *HVFKZLQGLJNHLWVFKOHXGHUWHVLHQDFKYRUQXQG]X%RGHQ -HW]WHUZLHVVLFKGDV6FKZHUWDOVKLQGHUOLFK6LHNDQWHWHHV QRFKKHUXPGLH6SLW]HUDVWHGHP%RGHQHQWJHJHQGUDQJ HLQGRFKDOV6WW]HZDUHVWURW]GHPQLFKW]XJHEUDXFKHQ .DUDVWU]WH]XU6HLWHXQGEOLHEOLHJHQ 6LHZDUHUVFK|SIW8QWHUVLFKIKOWHVLHGHQNKOHQ*UXQG (LQH:RKOWDWZLHVLH]XJHEHQPXWHXQGVLHZDUVRZHLW GDVLHHLQIDFKOLHJHQEOHLEHQZROOWH 'DVJHVWDWWHWHPDQLKUQLFKWGHQQGLH6FKDWWHQZDUHQGD 8QGZLH .DUDKDWWHNDXPGHQ.RSIHLQZHQLJ]XU6HLWHJHGUHKW

XQGDQJHKREHQDOVVLHYRQGHQODQJHQGVWHUHQ$UPHQ HUUHLFKWZXUGH3O|W]OLFKYHUGXQNHOWHVLFKLKU*HVLFKWVIHOG 6LHZlO]WHVLFKDXIGHQ5FNHQXQGVDKVLFKHLQJHKOOW -HW]WNRQQWHVLHVLFKQLFKWPHKUEHZHJHQ6WHLIODJGLH 6FK|QHDXVGHP7RWHQUHLFKDXIGHP%RGHQ6LHHUOHEWHHLQH +|OOHREZRKOVLHNHLQH6FKPHU]HQYHUVSUWHDEHULKUH *HGDQNHQZDUHQQDFKZLHYRUNODU 1RFKLPPHUKLHOWVLHGHQ6FKZHUWJULIIIHVW'XUFKGLH 'UHKXQJKDWWHVLFKGLH:DIIHYHUNDQWHW=XP*ULIIKLQ ELOGHWH.DUDV$UPHLQHVFKLHIH(EHQH/lQJVWZDULKU%OLFN IHOGQLFKWPHKUNODU*HWUEWGXUFKGHQYLROHWWHQ6FKHLQVDK VLHGLH%lXPHQXUQRFKYHUVFKZRPPHQ9HUJHEOLFKYHU VXFKWHVLHLKUH.UlIWH]XPRELOLVLHUHQ9LHOOHLFKWKlWWHLKU JHUDGHMHW]WGHU7UDQNGHV9HUJHVVHQVKHOIHQN|QQHQGHQ DOOHUGLQJVEHVDVLHQLFKW :HUZDUGHU*HJQHU" 7URW]GHUPDJLVFKHQ/lKPXQJGLH.DUDXPIDQJHQKLHOW PXWHVLHGDUDQGHQNHQXQGVLHHULQQHUWHVLFKZLHGHUDQ GHQ6SXNGHQQHUVWDQGHEHQIDOOVQLFKWDXILKUHU6HLWH +DWWHHUYLHOOHLFKWGLH6FKDWWHQJHVFKLFNW"2GHUZDUHUHV VHOEVWGHUVLFKLKUQlKHUWH" 1HLQGLH6FKDWWHQGHV6SXNVZDUHQGXQNOHU6LHYHUPLW WHOWHQHLQHQQRFKJHIlKUOLFKHUHQ(LQGUXFNDEHUHVWlXVFKWH 'LHDQGHUH.UDIWGLHVLHKLHUXPIDQJHQKLHOWZDUHEHQVR VFKOLPP 'DQQVDKVLHGLH%HZHJXQJ 9RULKUJHQDX]ZLVFKHQ]ZHLGLFNHQ%lXPHQGHUHQ $VWZHUNLQHLQDQGHUEHUJLQJ]LWWHUWHHWZDV 'HU*HJQHU 9LHOOHLFKWGRFKGHU6SXN" (LQ,UUWXP'DVWDQGHLQDQGHUHUXQG.DUDV$XJHQZXU GHQZHLWYRU(QWVHW]HQ

'HU.RQWDNW]X.DUDZDUDEJHULVVHQ 0\[LQNRQQWHHVGUHKHQXQGZHQGHQQDFK(UNOlUXQJHQ XQG$XVUHGHQVXFKHQGRFKHVEOLHEHLQHXQXPVW|OLFKH 7DWVDFKH(UKDWWHNHLQHUOHL9HUELQGXQJPHKU]XVHLQHU 3DUWQHULQ 6FKOX (VJDE]ZHL0|JOLFKNHLWHQIUGHQNOHLQHQ0DJLHU(U NRQQWHJHKHQXQG.DUDVXFKHQGDQQPXWHHUGDVXQ PLWWHOEDUH*HELHWGHUIODPLQJVWRQHVYHUODVVHQ'RFKGDV ZROOWHHUQLFKWGHQQZHQQHVHLQH5HWWXQJJDERGHUJHEHQ NRQQWHGDQQZDKUVFKHLQOLFKQXUGXUFKGLH)ODPPHQGHQ 6WHLQHhEHUVLHZROOWHHU.RQWDNWDXIQHKPHQ %LVKHUZDUHVVRJHZHVHQGDHV.DUD]XPHLVWJHODQJGLH 6WHLQH]XDNWLYLHUHQ:HQQVLHLKU6FKZHUWXQGGLH6WHLQH HLQH'UHLHFN9HUELQGXQJHLQJLQJHQZXUGHHLQPDJLVFKHV .UDIWIHOGKHUDXIEHVFKZRUHQGDVYRQGHQ6FKZDU]EOWHUQ JHIUFKWHWZXUGH $EHU0\[LQVWDQGDOOHLQ $EHUPDOVYHUVXFKWHHU.RQWDNW]X.DUDKHU]XVWHOOHQ(U NRQ]HQWULHUWHVLFKDXIVLH6HLQ*HVLFKWVFKLHQGDEHLHLQ]X IULHUHQ0\[LQVDPPHOWHVHLQH3DUD.UlIWHOLHLKQHQIUHLHQ /DXIXQGVXFKWHGLH9HUELQGXQJ.DUDPXWHVLFKUKUHQ 8QGZHQQHVQXUHLQZLQ]LJHU.RQWDNWZDU 'DH[LVWLHUWHHLQH0DXHU (LQHPDJLVFKH6SHUUHGLH0\[LQQLFKWEHUZDQG6LH UHIOHNWLHUWHVHLQH.UlIWH]XVWDUNVFKOHXGHUWHVLHDXILKQ ]XUFNVRGDLKPGHU.RQWDNWPLWGHU6FK|QHQDXVGHP 7RWHQUHLFKYHUVDJWEOLHE 'HUNOHLQH0DJLHUlFK]WH 'DHUQLFKWZXWHZRVLFK.DUDEHIDQGNRQQWHHUVLFK DXFKQLFKW]XLKUWHOHSRUWLHUHQ$XVGLHVHP*UXQGHZDUHV ]ZHFNORVZHLWHUKLQVHLQH.UlIWH]XPRELOLVLHUHQHUZUGH LPPHUQXULQV/HHUHVWRHQ 0\[LQVVFKPDOH6FKXOWHUQVDQNHQQRFKPHKU]XVDPPHQ )UHLQHQ0RPHQWZLUNWHHVVRDOVN|QQHHUVLFKQLFKWPHKU

DXIGHQ)HQKDOWHQGDQQJLQJHLQ5XFNGXUFKVHLQH *HVWDOW 1HLQHUZUGHHVZHLWHUYHUVXFKHQ6RVFKQHOOJDEHUQLFKW DXI 6HLQH*HGDQNHQVWRFNWHQ3O|W]OLFKGDFKWHHUQLFKWPHKU DQVHLQ9RUKDEHQGHQQHWZDVJHVFKDKXPLKQKHUXP 'LH6WHLQHPHOGHWHQVLFK 6LHKDWWHQLKUHQ1DPHQIODPLQJVWRQHVZHJHQLKUHUIODP PHQGHQURWHQ)DUEHHUKDOWHQGRFKLQGHPQlFKVWHQ $XJHQEOLFNVWUDIWHQVLHGLHVHQ%HJULII/JHQ 'LH6WHLQHYHUlQGHUWHQVLFKQLFKW]XURWHQ)HXHUVlXOHQ EOLHEHQDXFKQLFKWJUDXVRQGHUQQDKPHQHLQHDQGHUH)DUEH DQ$XVGHQ7LHIHQGHV*HVWHLQVGUDQJHWZDVKHUYRUXQGHU UHLFKWHGLH2EHUIOlFKHGHUYLHUQDFKREHQVWRHQGHQ%O|FNH 0\[LQVWDQGZLHIHVWJHQDJHOWDXIGHP)OHFN(UNRQQWH VLFKGLH9HUlQGHUXQJGHU6WHLQHQLFKWHUNOlUHQXQGZDU =XVFKDXHUEHLHLQHPXQKHLPOLFKHQ3UR]H (WZDV'XQNOHVZDULP,QQHUQGHU6WHLQHDXIJHIODPPW(V EUHLWHWHVLFKZLHHLQ7XFKDXVXQGHVGUDQJJOHLFK]HLWLJVR ZHLWYRUGDHVDXFKDQGHU2EHUIOlFKH]XVHKHQZDU 1HLQGDVZDUNHLQURWHV6FKLPPHUQNHLQJHKHLPQLVYROOHV *OKHQZLHVRQVWVRQGHUQHLQHNDOWHYLROHWWH)DUEHGLH HLQHQVHOWVDPHQ6WLFKLQV%ODXHKDWWH 0\[LQZDUIDV]LQLHUWXQGJOHLFK]HLWLJHUUHJW6RHWZDV KDWWHHUQRFKQLHHUOHEW(UKlWWHHVNDXPIUP|JOLFKJHKDO WHQGDVLFKGLH6WHLQHQLFKWLQVHLQHP6LQQHYHUlQGHUWHQ 6LHVWDQGHQJHJHQLKQ ,QGHU)DUELQWHQVLWlWZDUGLHVHV%ODXV]XYHUJOHLFKHQPLW GHP5RWGDVVLHDQVRQVWHQ]HLJWHQ8QGVLHVDQGWHQPDJL VFKH6WUDKOHQDXV8QVLFKWEDUH:HOOHQOLHIHQYRQLKQHQDXV XP0\[LQ]XHUUHLFKHQ6LHWDVWHWHQVLFKYRUEHUKUWHQLKQ GUDQJHQLQVHLQHQ.|USHUXQGYHUVXFKWHQ0\[LQV*HLVW]X EHHLQIOXVVHQ )UHPGH*HGDQNHQVFKZLUUWHQLQVHLQHP.RSIKHUXP 8QGHULGHQWLIL]LHUWHVLHWURW]GHVJHZDOWLJHQ'XUFK

HLQDQGHUV'LHVH*HGDQNHQVWDPPWHQQLFKWYRQGLHVHU :HOWDXFKQLFKWDXVGLHVHU=HLWVRQGHUQDXVHLQHUGLH ZHLW]XUFNODJ $WODQWLV :LHGHUJULIIGHUXQKHLPOLFKH=DXEHUGLHVHVOlQJVWYHU VXQNHQHQ.RQWLQHQWVKDUWLQGLH*HJHQZDUWKLQHLQXPGDV *UDXHQ]XHUZHFNHQ'LH9HUJDQJHQKHLWZROOWHDXIHUVWHKHQ VLHNURFKGXUFKGLH6WHLQHKHUDQXQGEHQXW]WHGLHVHDOV .DWDO\VDWRU $OVRPXWHQGLH)ODPPHQGHQ6WHLQHDXV$WODQWLVVWDP PHQ'DQQZDUHQVLHHLQ5HVWGLHVHUJHIlKUOLFKHQ=HLWGLH IU]DKOUHLFKH0HQVFKHQLPGXQNHOQODJ 0\[LQVFKDXWH]X )DVVXQJVORVZLHHUVLFKVHOEVWHLQJHVWDQGXQGHUVDKGD GLHYLHU6WHLQHGXUFKVLFKWLJZXUGHQREZRKOGDVNDOWHEODXH /LFKWLQLKUHP,QQHUQEOLHE (LQNDXP]XHUNOlUHQGHU9RUJDQJ'LH6WHLQHHULQQHUWHQ 0\[LQMHW]WDQJOlVHUQH'HQNPlOHU 'HUNOHLQH0DJLHUJLQJ]XUFN(UVHW]WHQXU]ZHLNOHLQH 6FKULWWH]LWWHUWHGDEHLXQGEOLHEVFKOLHOLFKVRVWHKHQGDHU DOOHYLHU6WHLQHEHREDFKWHQNRQQWH :LHEODXOHXFKWHQGHJOlVHUQHNDOWH6WHPSHOVDKHQVLHDXV 8QKHLPOLFKH:lFKWHUGLHHLQTXDGUDWLVFKDQJHOHJWHV*HELHW DEJUHQ]WHQXQGEHVWUDKOWHQ 9RQGHQ8QWHUNDQWHQGHU6WHLQHDXVOLHIHQEUHLWH6WUHLIHQ DXIHLQDQGHU]XXQGWUDIHQVLFKLQGHU0LWWHGHV3ODW]HVZR VLHHLQ=HQWUXPGHU0DJLHELOGHWHQ 'LHHUVWH3KDVHZDUHUUHLFKW 1XQIROJWHGHU]ZHLWH7HLO 0\[LQZROOWHVHLQHQ$XJHQQLFKWWUDXHQDOVHULQQHUKDOE GHVGXUFKVLFKWLJHQ*HVWHLQV%HZHJXQJHQVDK=XHUVW JODXEWHHUDQVFKOLHUHQI|UPLJH(LQVFKOVVHDEHUHUZXUGH VHKUVFKQHOOHLQHV%HVVHUHQEHOHKUWGHQQGLHDQJHEOLFKHQ (LQVFKOVVHQDKPHQ*HVWDOWDQ 8QGHVZDUHQ0HQVFKHQGLHLQGHQ6WHLQHQVWDQGHQ=ZHL

8QEHNDQQWHGLHMHGRFKJOHLFKDXVVDKHQVRGD0\[LQDQ =ZLOOLQJHGDFKWH 8QG]ZHLZHLWHUH0lQQHUKLHOWHQVLFKLQGHQ6WHLQHQDXI 'LHNDQQWHGHUNOHLQH0DJLHUVHKUJXW -RKQ6LQFODLUXQG6XNR $XFKZLUKDWWHQXQVJHJHQGLHVHIUHPGHXQKHLPOLFKH 0DJLHQLFKWZHKUHQN|QQHQ'DV%RRWYHUVFKZDPPYRU XQVHUHQ$XJHQ:LUVDKHQNHLQHLQQHUHQ%RUGZlQGHPHKU K|UWHQQLFKWGDV.ODWVFKHQGHV:DVVHUVXQGDXFK*UHJJ YHUVFKZDQG=HLWXQG5DXPQDKPHQXQVDXI$QGHUH 'LPHQVLRQHQZXUGHQIUXQVGHU$XIHQWKDOWVRUW ,FKILHOLQHLQHQ6FKDFKW (UZDUYRQHLQHPWLHIHQ%ODXHUIOOWVRGDLFKGDV*HIKO KDWWHPLFKLQHLQHPJHZDOWLJHQ7LQWHQID]XEHILQGHQ'HU 6FKDFKWVFKLHQERGHQORV]XVHLQGHQQLFKILHOXQGILHO NRQQWHQLFKWVGDJHJHQWXQXQGPLFKQLFKWHLQPDOEHZHJHQ 'DVDQGHUHZDUVWlUNHU =X%HJLQQKLHOWPLFKGDVKHLH*HIKOGHU$QJVWLQGHQ .ODXHQ(LQHVFKOLPPH6DFKHGHQQPDQJODXEWEHLVROFKHQ *HOHJHQKHLWHQLPPHUGDVOHW]WH6WQGOHLQKDEHJHVFKODJHQ :HQQGLHVHV*HIKOYRUEHLLVWXQGGLH5HLVHZHLWHUJHKW NDQQPDQVLFKDXIVLHNRQ]HQWULHUHQVRJHVSHQVWLVFKXQG XQKHLPOLFKVLFKGLHVDXFKDQK|UW ,FKNRQ]HQWULHUWHPLFK 'DLFKVRHWZDVZLHHLQH'LPHQVLRQVUHLVHXQWHUQDKP ZDUPLUOlQJVWNODUJHZRUGHQ1XUGDV=LHONDQQWHLFKQLFKW VROOWHHVDEHUVHKUEDOGHUNHQQHQGHQQLFKVSUWHQLFKWQXU :LGHUVWDQGXQWHUPHLQHQ)HQDXFKGLH8PJHEXQJYHU lQGHUWHVLFK 6LHZXUGHKHOOHU 'DV%ODXEOLHE]ZDUQDFKZLHYRUGRFKPHLQ%OLFN|IIQHWH VLFKXQGLFKVFKDXWHLQHLQ*HELHWKLQHLQGDVLFKNDQQWH (VZDUGDV4XDGUDWGHUIODPLQJVWRQHV

,PHUVWHQ$XJHQEOLFNKlWWHLFKODFKHQN|QQHQGHQQKLHU IKOWHLFKPLFKVLFKHU'DV4XDGUDW]ZLVFKHQGHQ6WHLQHQ JDEPLUHLQ*HIKOGHU*HERUJHQKHLWZDVLPQlFKVWHQ 0RPHQWUDGLNDO]HUVW|UWZXUGH $OVLFKGLH+DQGDXVVWUHFNWHIKOWHLFK:LGHUVWDQGDQ PHLQHQ)LQJHUQXQGVWHOOWHIHVWGDLFKHLQ*HIDQJHQHUZDU $EHUZR" ,FKVFKDXWHQDFKYRUQVDKHLQHQEODXHQ6FKHLQDXIGHP %RGHQIOLPPHUQGHUVLFKPLWDQGHUHQ6WUDKOHQWUDIEHYRUHU DXIVHLQHLJHQWOLFKHV=LHOKLQZHLWHUZDQGHUWH 8QGGDVZDUGLHYLHUHFNLJH6WHLQVlXOHPLUJHQDXJHJHQ EHU 6LHVDKVHOWVDPDXV,FKKDWWHVLHJU|HULQ(ULQQHUXQJ DXFKQLFKWVRVFKDUINRQWXLHUWhEHUGLHVHV3KlQRPHQ GDFKWHLFKQDFKXQGJHODQJWH]XGHP6FKOXGDLFKVHOEVW GLH:HOWZLHGXUFKHLQH/LQVHEHWUDFKWHWH'HPQDFKPXWH GHU6WHLQVHLQHQ=XVWDQGYHUlQGHUWKDEHQ %HVWDQGHUMHW]WDXV*ODV" $WPHQNRQQWHLFKLFKK|UWHDXFKPHLQHQ+HU]VFKODJDOV GXPSIHV.ORSIHQ2UJDQLVFKZDUDOVRDOOHVRND\GHVKDOE NRQQWHLFKPLFKDXFKDXIGLH8PJHEXQJNRQ]HQWULHUHQ 'HUPLUJHJHQEHUVWHKHQGH6WHLQZDUHEHQIDOOVEHVHW]W 6XNRKDWWHLFKHUZDUWHWMHGRFKVDKLFKHLQHDQGHUH3HUVRQ LQQHUKDOEGHV6WHLQV (LQHQ0DQQXQJHIlKUVRJURZLHLFK7URW]GHVHLQJH HQJWHQ6LFKWIHOGHVILHOPLUDXIGDGHU0DQQPLWEORHP 2EHUN|USHUXPKHUOLHIMHGRFKDXIVHLQHU%UXVWHWZDVHLQ JHEUDQQWKDWWH (LQH7lWRZLHUXQJ *HQDXGDVZDUHV 'LHVHU0HQVFKZDUWlWRZLHUWZRUGHQ'DKDWWHLFKEHUHLWV GHQ%HZHLVGHU9HUELQGXQJ]X*UHJJXQG$UNRQDGD 6LHXQGGLH)ODPPHQGHQ6WHLQHKLQJHQLUJHQGZLH]XVDP PHQ0HLQ%OLFNZDQGHUWHQDFKUHFKWV]XGHP]ZHLWHQYRU PLUVWHKHQGHQ6WHLQ(UZDUHEHQIDOOVQLFKWOHHU,QLKP

EHIDQGVLFKJHQDXGDV$EELOGGHV0DQQHVGHQLFK]XHUVW JHVHKHQKDWWH (LQ=ZLOOLQJVSDDU 6RJHQDXOLHIHQPHLQHHUVWHQ(LQGUFNHDE6FKRQGHV |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lQGHJHVSUHL]W :DUHUPDFKWORV" ,QGLHVHU+DOWXQJKDWWHLFKLKQEHUHLWV|IWHUJHVHKHQ:HQQ LFKLKQPLUDOOHUGLQJVMHW]WDQVFKDXWHXQGHUOHEWHGDQLFKWV JHVFKDKPXWHLFK]XGHUhEHU]HXJXQJJHODQJHQGD 0\[LQPLWGLHVHU0DJLHQLFKWIHUWLJZXUGH 0HLQH+RIIQXQJHQVHW]WHLFKDXI.DUD'LHDOOHUGLQJVZDU EHUKDXSWQLFKW]XVHKHQ6ROOWHVLHDXVJHVFKDOWHWZRUGHQ VHLQ"+DWWHHVVLHEHUHLWVHUZLVFKW" ,FKZXWHHVQLFKWPLUEOLHEQXUGLH+RIIQXQJGLHVHV *HIlQJQLVZLHGHUYHUODVVHQ]XN|QQHQ'HVKDOEVWUHFNWHLFK PHLQH$UPHDXVDEHUGHU:LGHUVWDQGZDUHLQIDFK]XJUR ,FKNDPQLFKWKLQGXUFK 'LH6WHLQHZDUHQIU6XNRXQGPLFK]X*HIlQJQLVVHQ JHZRUGHQ)UGLHDQGHUHQEHLGHQDOOHUGLQJVQLFKWGHQQVLH NRQQWHQY|OOLJQRUPDODXVGHQ6WHLQHQKHUYRUWUHWHQ

:LH7lQ]HUEHZHJWHQVLHVLFK=XHUVWGUHKWHQVLHLKUH 6FKXOWHUQYRU'LHVJHVFKDKJHVFKPHLGLJ]XYHUJOHLFKHQPLW GHQ%HZHJXQJHQHLQHU6FKODQJH*OHLFK]HLWLJVHW]WHGHU HUVWHVHLQUHFKWHV%HLQYRUXQGNRQQWHGHPYHUlQGHUWHQ 6WHLQHQWVWHLJHQ 'DUDQKLQGHUWHLKQQLHPDQG'D0\[LQHEHQIDOOV]X VFKDXWHEHZLHVPLUGDHUZLUNOLFKPDFKWORVZDU'HU NOHLQH0DJLHUPXWHDXIVHLQHPXUHLJHQVWHQ*HELHWHLQH 1LHGHUODJHHLQVWHFNHQ %LVKHUZDUHQGLHIODPLQJVWRQHVHLQ5HIXJLXP:HLHU 0DJLHJHZHVHQ1XQDEHU]HUVW|UWHMHPDQGGLHVHQ1LPEXV GHJUDGLHUWHGHQHLJHQWOLFKHQ+HUUVFKHU]XP6WDWLVWHQXQG LFKNRQQWHPLUXQJHIlKUYRUVWHOOHQZLHHVLP,QQHUQGHV NOHLQHQ0DJLHUVDXVVDK 'HU7lWRZLHUWHVWLHJDXVGHP6WHLQ =ZHL6FKULWWHGDYRUEOLHEHUVWHKHQGUHKWHGHQ.RSIXQG VFKDXWHDXIVHLQHQ3DUWQHURGHU%UXGHUGHUHEHQIDOOV $QVWDOWHQWUDIGDV*HIlQJQLV]XYHUODVVHQ $XFKLKPEHUHLWHWHGLHVNHLQHUOHL6FKZLHULJNHLWHQ(UVWLHJ DXVGHP6WHLQDOVZlUHHUEHUKDXSWQLFKWYRUKDQGHQXQG ZDQGWHVLFKQDFKOLQNVVHLQHP%UXGHU]X 'LHEHLGHQVFKDXWHQHLQDQGHUDQ :LUDEHUPXWHQ]XVHKHQ ,FKDKQWHGD$UNRQDGDRGHU*UHJJGLHEHLGHQQLFKWXP VRQVWKHUJHVFKDIIWKDWWH6LHKDWWHQHLQH$XIJDEH]XHUIOOHQ XQGLFKGDFKWHPLW6FKUHFNHQGDUDQGDHVVLFKOHW]WHQGOLFK XPGLH9HUQLFKWXQJGHUIODPLQJVWRQHVKDQGHOQNRQQWH 8QGGDPLWDXFKXPGDVHQGJOWLJH$XVVFKDOWHQYRQ 0\[LQXQG.DUD (LQVFKOLPPHU*HGDQNHGHQLFKPRPHQWDQQLFKWZHLWHU VSLQQHQZROOWH,FKIUDJWHPLFKILHEHUKDIWREZLUNOLFKGLHVHU JHKHLPQLVYROOH$UNRQDGDGDKLQWHUVWHFNWH (LQH$QWZRUWNRQQWHLFKPLUVHOEVWJHEHQ0HKUDOVHLQ 5DWHQZDUHVDEHUQLFKW 7DWVDFKHEOLHEGDZLUJHIDQJHQZDUHQ

6XNRXQGLFKVWHFNWHQLQGHQ6WHLQHQXQGVDKHQNHLQH 0|JOLFKNHLWVLH]XYHUODVVHQ :HQQPDQYRQDXHQKLQVFKDXWHXQGPHLQH%HZHJXQJHQ YHUIROJWHPXWHHLQ%HWUDFKWHUXQVIU7LHUHLQHLQHP.lILJ KDOWHQ ,FKVXFKWHQDFKHLQHUSRU|VHQ6WHOOHLP*HVWHLQGRFK PHLQH+lQGHJOLWWHQQXUEHUJODWWH:lQGH6FKZDFKVWHOOHQ JDEHVQLFKW :DVNRQQWHPLUKHOIHQ" 0HLQH:DIIHQKDWWHPDQPLUJHODVVHQ,FKGDFKWHQDWUOLFK DQGDV.UHX]GUHKWHPLFKHLQZHQLJXQGKROWHHVKHUYRU :HQQLFKHVDNWLYLHUWHZUGHHVGDQQGHQ6WHLQVSUHQJHQ RGHUGLH0DJLHDXIKHEHQ" ª7HUUDSHVWHPWHQHWR6DOXVKLHPDQHWR© 'LH:RUWHIORVVHQEHUPHLQH/LSSHQXQGLFKVDKDXFKGLH 5HDNWLRQ (LQ6WURPGHU.UDIWIXKUDXVGHP.UHX](UHQWOXGVLFKLQ JUQOLFKEODXVFKLPPHUQGHQ%OLW]HQXQGYRQPHLQHU+DQG DXVMDJWHQVLHLQGLHYHUVFKLHGHQVWHQ6WHOOHQGHU6WHLQZDQG .ODSSWHHV" 0HLQ+HU]VFKODJWURPPHOWH,FKKDWWHSO|W]OLFKGDV *HIKOHVWURW]DOOHP]XVFKDIIHQGHQQHLQ.QLUVFKHQGUDQJ DQPHLQH2KUHQ 0HLQH+RIIQXQJNHKUWHVLFKLPQlFKVWHQ$XJHQEOLFN JHQDXLQV*HJHQWHLOXP 1LFKWGHU6WHLQZXUGHDXIJHULVVHQRGHU]HUVW|UWQHLQHLQH DQGHUH9HUlQGHUXQJEHJDQQ ,QPHLQHP*HIlQJQLVYHUlQGHUWHQVLFKGLH6WHOOHQGLHYRQ GHQ6WUDKOHQJHWURIIHQZRUGHQZDUHQ =ZHL0DJLHQZDUHQDXIHLQDQGHUJHSUDOOW%HLGHXQJHPHLQ VWDUN:LH6lXUHXQG/DXJH %HLGLHVHQEHLGHQVRJHJHQVlW]OLFKHQ&KHPLNDOLHQELOGHQ VLFK6DO]H+LHUMHGRFKHQWVWDQGHQNHLQH6DO]HLPGLUHNWHQ 6LQQHVRQGHUQODQJHVFKDUIH.ULVWDOOHGHUHQ:XFKVQLFKW ]XVWRSSHQZDU

,FKEHJULIIVFKQHOO 'XUFKPHLQH$NWLYLWl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lK OLFKDXVGHP:DOGO|VWHXQGYRQHLQHPEODXHQ/LFKWVFKHLQ XPJHEHQZDU 'LHVHVWUNLVIDUEHQH6FKLPPHUQKXVFKWHEHUGHQ%RGHQ (VNURFKDQ%lXPHQ6WUlXFKHUQXQG8QWHUKRO]KRFKGHFNWH DOOHVDEXQGZXUGHJU|HUMHQlKHUGLH*HVWDOWNDP 6LHVFKULWWODXWORV (VZDUNHLQ*HUlXVFK]XK|UHQ6LHYHUEUHLWHWHHLQH $WPRVSKlUHGHU%HNOHPPXQJXQGHWZDVYRQHLQHPXQ KHLPOLFKHQ(UEHGDVVLHDXVGHU9HUJDQJHQKHLWPLWLQGLH *HJHQZDUWJHEUDFKWKDWWH (VWUDI.DUDZLHHLQ%OLW]VWUDKO3O|W]OLFKZXWHVLH%H VFKHLGGDZDULKUNODUZHUGLHVH*HVWDOWZDU (LQ'lPRQ $UNRQDGD ,KU+HU]UDVWHSO|W]OLFK6HOEVWLKU9DWHU'HOLRVGHU VLFKPLWGHQ.UlIWHQ:HLHUXQG6FKZDU]HU0DJLHDXV NDQQWHKDWWHYRU$UNRQDGDLPPHUJHZDUQW8QGQLFKW QXUGDV.DUDHULQQHUWHVLFKGDHUDXFKVHLQH$QJVW ]XJHJHEHQKDWWH

1LHKDWWHHUGLHVHQ'lPRQEHVLHJHQN|QQHQGHQQ $UNRQDGDZDULQ$WODQWLVHLQILQVWHUHU0DJLHUJHZHVHQGHU VHLQH6WlUNHDXIDQGHUHEHUWUDJHQNRQQWH 'HQQHUEHVDGHQPDJLVFKHQ6WLIW (LQHJHIUFKWHWH:DIIH1LFKWDOOHLQZHJHQVHLQHUVFKDUIHQ XQGlXHUVWVSLW]HQ1DGHOQHLQGLHVHV:HUN]HXJKDWWHGLH .UDIWHLQHUXQKHLPOLFKHQ:HOWXQGHVNRQQWHZHQQ $UNRQDGDHLQPDOGLH7lWRZLHUXQJHQEHL0HQVFKHQYRU JHQRPPHQKDWWHGLHVH0HQVFKHQYHUlQGHUQ'XUFKGLH 7lWRZLHUXQJZXUGHQVLH]XDQGHUHQ:HVHQ]X5RERWHUQ]X 3XSSHQGLHYRQLKUHP0HLVWHUJHOHQNWZXUGHQ 'DVZDULQGHU9HUJDQJHQKHLWVRJHZHVHQXQGHVKDWWH VLFKLQGHU*HJHQZDUWVLFKHUOLFKQLFKWJHlQGHUW 0LWMHGHPODXWORVHQ6FKULWWGHU$UNRQDGDQlKHUDQ.DUD KHUDQEUDFKWHVWHLJHUWHVLFKGLH$QJVWGHU6FK|QHQDXVGHP 7RWHQUHLFK$XIVLHNURFKGDVODXWORVH*UDXHQ]XGDV*HVWDOW DQJHQRPPHQKDWWH$UNRQDGDEHIDQGVLFKLP=HQWUXPGHV EOlXOLFKHQ6FKHLQV6HLQH*HVWDOWKREVLFKGHXWOLFKDEVRJDU GLH8PULVVHWUDWHQVFKDUIXQGNODUKHUYRU(UZDUHLQ :HVHQPLWPHQVFKOLFKHU*HVWDOW,QGHPWUNLVIDUEHQHQ /LFKWVFKLHQHUDXI]XJHKHQGHQQHVXPJDELKQZLHHLQ VFKW]HQGHU0DQWHO $XIGHU.|SHUIOlFKHNRQQWH.DUDNDXP.RQWXUHQVHKHQ (VJDE]ZDUZHOFKHGRFKGLHYHUVFKZDPPHQ]XPHLVWDOV ZUGHMHPDQGPLWHLQHPJURHQ5DGLHUJXPPLEHUGLH *HVWDOWVWUHLFKHQ 8QGHUYHUlQGHUWHVLFKSO|W]OLFK %HYRU.DUDHVULFKWLJHUIDWHZDUGHU6SXNDXV$WODQWLV YHUJDQJHQ 6WDWWGHVVHQNDPHLQDQGHUHUDXIVLH]X (LQDOWHU0DQQPLWZLUUHP+DDUVFKRSI(UJLQJJHEFNW KLHOWGHQ.RSIYRUJHEHXJWXQGKDWWHGHQUHFKWHQ$UPDXV JHVWUHFNW6HLQHODQJHQNQRFKLJHQ)LQJHUXPNODPPHUWHQ GHQ*ULIIHLQHV6WLIWHV $OV.DUDGLHVHQ6WLIWVDKGDEHJDQQLKU$WHP]XVWRFNHQ

GHQQHVZDUJHQDXGLH1DGHOYRQGHULKU9DWHUGDPDOVLQ $WODQWLVVFKRQEHULFKWHWKDWWH 6LHKDWWHVLHQLHJHVHKHQ+HXWHZXUGHVLHLKU]XPHUVWHQ PDOSUlVHQWLHUWXQGVLHNRQQWHVLFKYRUVWHOOHQZDVGHU DQGHUHPLWGHU1DGHOXQG]ZDQJVOlXILJDXFKPLWLKUYRU KDWWH $XFKGHUDOWH0DQQZXUGHYRQGHPVHOWVDPHQEODXHQ /LFKWXPJHEHQ(VZLUNWHZLHHLQH:RONHGLHVHLQH)LJXU XPVFKPHLFKHOWHZlKUHQGHU6FKULWWIU6FKULWWDXI.DUD]X WUDWXQGVLHDXVVHLQHQNDOWHQ$XJHQIL[LHUWH(UVXFKWHMHGHQ =ROOLKUHV.|USHUVDEVHLQH$XJHQJOLFKHQ6HQVRUHQ$OVHU QLFNWHEHZHJWHQVLFKGLHQDFKREHQVWHKHQGHQ+DDUHZLH HLQ+DKQHQNDPP -DHUNRQQWH]XIULHGHQVHLQ .DUDODJEHZHJXQJVORV'LH6FKDWWHQKLHOWHQVLHZLH )HVVHOQ6LHVDKNHLQH&KDQFHGHP8QKHLO]XHQWULQQHQ YHUGUHKWHGLH$XJHQXQGZDUIHLQHQYHU]ZHLIHOWHQ%OLFN DXIGLH6FKZHUWNOLQJHGLHQDFKZLHYRUVFKUlJLP%RGHQ VWHFNWH 6HOWVDPIDKOVDKGLHJROGHQH.OLQJHDXV6LHKDWWHVLFK]X .DUDV6FKUHFNHQYHUlQGHUWXQGZLUNWHQXQZLHHLQOHLFKW JHERJHQHV6WDKOEDQGGDVGLH9HUELQGXQJ]ZLVFKHQ(UGH XQG+DQGGDUVWHOOWH 9RULKUEOLHEGHU$OWHVWHKHQ(UEOLFNWHDXVVHLQHQNDOWHQ $XJHQDXIVLHQLHGHUXQGIOVWHUWHª,FKELQ*UHJJ© .DUDNRQQWHPLWGLHVHP1DPHQQLFKWVDQIDQJHQ'HQQRFK ZXQGHUWHVLHVLFKª1LFKW$UNRQDGD"© ª$XFKGDV© ª,FKYHUVWHKHQLFKW© ª'DVEUDXFKVWGXDXFKQLFKW0lGFKHQ,FKXQGPHLQHEHL GHQ+HOIHUKDEHQYRQ$UNRQDGDGHQ$XIWUDJHUKDOWHQHXFK DXV]XVFKDOWHQ)UDOOH=HLWHQ]XYHUQLFKWHQHXFKKLQHLQ]X VWRHQLQGDVDEVROXWH1LFKWVLQGLH8QHQGOLFKNHLWGHU GlPRQLVFKHQ'LPHQVLRQZRLKUDOV6FKZDU]EOWHUEHU HXHUYRUKHULJHV/HEHQQDFKGHQNHQN|QQW(XUH.|USHUZHU

GHQYHUQLFKWHW'LHVH1DGHOKLHU©VHLQH+DQG]XFNWHSO|W] OLFKYRUXQG.DUDVDKGLH6SLW]HGLFKWYRULKUHQ$XJHQ ªPDFKWHVP|JOLFK'LHPDJLVFKH1DGHOGHV$UNRQDGDDXV HLQHUIHUQHQ=HLWVWDPPHQGDEHUYRQVHLQHU:LUNXQJKDWVLH QLFKWVYHUORUHQ© :HQQ.DUDJHNRQQWKlWWHVLHKlWWHLKPGHQ6WLIWDXVGHU +DQGJHVFKODJHQ 6RDEHUPXWHVLHPLWDQVHKHQZLHGLHIUHLH+DQGGHV $OWHQYRUVFKRGHQ6WRIILKUHUGXQNOHQ%OXVHIDWHXQG GDQQPLWGHU1DGHOJHGDQNHQVFKQHOO]XVWDFK (UKDWWHHVVRUDIILQLHUWDQJHVWHOOWGDLP6WRIIHLQHJURH /FNHNODIIWHDOVHULKQZLHGHUIDOOHQOLH .DUDVFKlPWHVLFKYRUGHPJLHULJHQ%OLFNHQGHVDOWHQ 0DQQHV'DV/HXFKWHQLQVHLQHQ$XJHQVDJWHLKUJHQXJ XQGVLHSUHWHVRKDUWGLHYROOHQ/LSSHQDXIHLQDQGHUGDVLH EODYRU%OXWOHHUHZLUNWHQ ª'XKDVWHLQHQVFK|QHQ.|USHU©IOVWHUWHGHU$OWHª(LQHQ ZLUNOLFKVFK|QHQ.|USHU,FKKDEHVFKRQYLHOHLQPHLQHP /HEHQJHVHKHQ'LHYRQ)UDXHQXQGGLHYRQ0lQQHUQ 'HLQHUJHK|UW]XU6SLW]HQNODVVHXQGHVVROOHLQH(KUHIU LKQVHLQZHQQLFKLKPGDV=HLFKHQGHV$UNRQDGDHLQULW]H© 1DFKGLHVHQ:RUWHQYHUlQGHUWH*UHJJ$UNRQDGDVHLQH 6WHOOXQJHLQZHQLJXQGVWW]WHVLFKPLWGHUOLQNHQ+DQG QHEHQGHP.|USHUGHU)UDXDE 'LHDQGHUHVHQNWHHUHEHQIDOOVOLHGLH6SLW]HGHUJHIlKUOL FKHQ1DGHOQRFKIUGLH/lQJHHLQHV/LGVFKODJVEHUGHP ZHLVFKLPPHUQGHQ'HNROOHWHVFKZHEHQXQGVWDFKLQGLH +DXWKLQHLQ 0\[LQIKOWHVLFKOHHUDXVJHEUDQQW(UIKOWHVLFKZLH HLQH+OOHGHUPDQGLH/XIWHQWQRPPHQKDWWH6HLQH (QHUJLHZDUZHJYHUVFKZXQGHQGHQQGLHPDJLVFKHQ 6WHLQHVWDQGHQQLFKWPHKUDXIVHLQHU6HLWH6LHJHKRUFKWHQ LKPQLFKW

8QGGHQQRFKJDEHVIULKQHLQH+RIIQXQJ -RKQ6LQFODLUXQG6XNR(UVDKVLHYRUVLFK$OVQRUPDOH 0HQVFKHQ*HIDQJHQLQGHQ6WHLQHQXQGVLFKHUHUDOVLP EHVWHQ*HIlQJQLVGHUJDQ]HQ:HOW 6LHNDPHQQLFKWPHKUUDXV 'DIUGLHDQGHUHQ%HLQDKHOlVVLJZLUNWHHVDXIGHQ NOHLQHQ0DJLHUZLHVLH$UPHXQG%HLQHEHZHJWHQXP LKUH*HIlQJQLVVHPLWGHQJOlVHUQZLUNHQGHQ0DXHUQ]X YHUODVVHQ $XFK-RKQ6LQFODLUXQG6XNRYHUVXFKWHQHV%HLGHJDEHQ VLFKJURH0KHGRFKXPVRQVW6LHNRQQWHQGLH6WHLQHHLQ IDFKQLFKWYHUODVVHQ (LQJHVFKORVVHQ 0\[LQZXWHGDHUQLFKWDXI+LOIHUHFKQHQNRQQWH(U PXWHVLFKDOOHLQJHJHQGLHEHLGHQ0lQQHUYHUWHLGLJHQ6LH JOLFKHQVLFKZLHHLQ(LGHPDQGHUHQXQGDXILKUHQQDFNWHQ 2EHUN|USHUQOHXFKWHWHMHZHLOVHLQ=HLFKHQ 'DV*HVLFKWZDUHLQJHEUDQQWHLQWlWRZLHUWXQGVRIUDW]HQ KDIWVDKQXUHLQHUDXV $UNRQDGD -HW]WGD0\[LQGLH0lQQHUDXVGHU1lKHVDKHUNDQQWHHU GHQ'lPRQ6HLQ*HVLFKWJHK|UWH]XGHQ'LQJHQGLHVHOEVW HLQHP0DJLHUZLH0\[LQ$OSWUlXPHYHUXUVDFKWHQ(UVFKW WHOWHVLFKZLHHLQ0HQVFKGHU)LHEHUKDW6HLQH$XJHQJOK WHQGLH*HIDKUZXFKVPLWMHGHP6FKULWWGHQGLHEHLGHQ ]XUFNOHJWHQGHQQVLHKDWWHQVLFKLKQDOV=LHODXVJHVXFKW 1RFKZDUHQVLHQLFKWVRQDKHGDIU0\[LQDNXWH /HEHQVJHIDKUEHVWDQG(UNRQQWHVLFKZHLWHUKLQDXI-RKQ 6LQFODLUXQGGHVVHQ)UHXQG6XNRNRQ]HQWULHUHQ -RKQYHUVXFKWHHVPLWGHP.UHX]$QGHQ%HZHJXQJHQ VHLQHV0XQGHVHUNDQQWH0\[LQGDHUGLHPDJLVFKH)RUPHO ULHIXPGLH.UlIWHGHV.UHX]HV]XDNWLYLHUHQ 'DVVLOEULJJUQH/HXFKWHQGHV.UHX]HVJLQJLQQHUKDOEGHV *HVWHLQVXQWHU'DZXUGHQ%OLW]HDXVJHVFKLFNWGLHZXFKWLJ LQGLH,QQHQZlQGHKLHEHQ

'LHPDJLVFKHQ(QWODGXQJHQVSUHQJWHQVLHQLFKW0\[LQ VWHOOWHGLHVPLW(QWVHW]HQIHVW'LHEHLGHQVWDUNHQIUHPGHQ 0DJLHQSUDOOWHQDXIHLQDQGHUZREHLVLHVLFKQLFKWDXIKREHQ VRQGHUQHWZDV1HXHV6FKUHFNOLFKHVELOGHWHQGDV0\[LQ QLFKWJHQDXHUNHQQHQNRQQWH-HGHQIDOOVZDUGLHlXHUH +OOHGHV6WHLQVLQGHP-RKQ6LQFODLUVWHFNWHQLFKWPHKUVR GXUFKVLFKWLJZLHGDV*HIlQJQLVGHV&KLQHVHQ6XNR(LQ PLOFKLJHU6FKOHLHUVFKLHQVLFKYRUGDV*ODVDQGHU,QQHQ ZDQGJHOHJW]XKDEHQXQG0\[LQVWHOOWHPLW(QWVHW]HQIHVW GDVLFKGRUW.ULVWDOOHDXVEUHLWHWHQXQGGDV,QQHUHGHV 6WHLQVVHKUVFKQHOODXVIOOHQZUGHQ -RKQZDUYHUORUHQ .DUDZDUYHUVFKZXQGHQ6XNRJHIDQJHQ-RKQ6LQFODLUDXI GHP:HJLQHLQHQVFKUHFNOLFKHQ7RGXQGHU0\[LQZDUVR JXWZLHZHKUORV (VZDUYHUGDPPWYLHOZDV0\[LQLQGHQOHW]WHQ6WXQGHQ ]XYHUNUDIWHQKDWWH )UVHLQH)UHXQGHNRQQWHHUQLFKWVWXQHUPXWH]XVHKHQ GDHUVLFKGLH=ZLOOLQJHYRP+DOVKLHOW 6LHVDKHQQLFKWQXUJHIlKUOLFKDXVVLHZDUHQHVDXFK1XU DOOPlKOLFKQlKHUWHQVLHVLFKGXUFKPDHQGHQDXIGHP %RGHQOLHJHQGHQEODXHQ6FKHLQXQGOLHHQVLFK=HLW 6WDUUZDUHQLKUH*HVLFKWHU'LH$XJHQZLUNWHQOHEORVZLH 6WHLQH'LH%FNHIURVWLJ8QWHUGHU+DXWDQGHQ2EHUDUPHQ VSLHOWHQ0XVNHOQ(LQ%HZHLVGDIUGDGLH0lQQHUDXFK PLWN|USHUOLFKHU.UDIWDXVJHVWDWWHWZDUHQQLFKWQXUPLW PDJLVFKHU 6LHKDWWHQVLFKOLQNVXQGUHFKWVYRQ0\[LQDXIJHEDXWXP LKQ]ZLVFKHQVLFK]XKDEHQ-HQlKHUVLHNDPHQXPVR VWlUNHUVSUWHGHUNOHLQH0DJLHULKUH.UDIW 6LHJLQJYRQGHQ)UDW]HQDXILKUHQ2EHUN|USHUQDXV $UNRQDGDKDWWHGRUWVHLQ=HLFKHQKLQWHUODVVHQHVLQGLH +DXWKLQHLQJHlW]WXQGHUZUGHGLHVH0HQVFKHQIULPPHU XQGHZLJXQWHUVHLQHU.RQWUROOHKDOWHQ 0LWQRUPDOHQ:DIIHQNRQQWH0\[LQVLHQLFKWEHNlPSIHQ

(UPXWHHVPLW0DJLHYHUVXFKHQXQGGD]XEUDXFKWHHU VHLQHDOWHQZLHGHUHUVWDUNWHQ.UlIWH .DXPKDWWHHUVLFKDXIGLHEHLGHQNRQ]HQWULHUWDOVGHU HUVWH$QJULIIHUIROJWH'DV/HXFKWHQDXIGHU%UXVWGHV%DVLO %HDQQDKPIUHLQHQ0RPHQW]XEHYRUGHU6WUDKOLQ 0\[LQV5LFKWXQJ]LHOWH 'HUNOHLQH0DJLHUZDUVFKQHOOHU 6HLQ.|USHUO|VWHVLFKQRFKLQGHUVHOEHQ6HNXQGHDXIXQG HQWVWDQGDQDQGHUHU6WHOOHQHX 'HU6WUDKOYHUIHKOWH0\[LQ(UMDJWHDQHLQHP)HOVHQYRU EHLWUDIZHLWHUKLQWHQHLQHQ%DXPXQGVRUJWHGDIUGDGDV *HZlFKV]XHLQHUVFKZDU]HQNOXPSLJHQ0DVVHZXUGH 0\[LQVWDQGLQ'HFNXQJHLQHV6WHLQV(UKDWWHVLFKQDWU OLFKQLFKWDXIJHO|VWDXFKZHQQHVVRDXVJHVHKHQKDWWHDEHU GLH7HOHSRUWDWLRQJLQJVRUDVDQWYRUVLFKGDHLQ%HWUDFKWHU WDWVlFKOLFKGDV*HIKOKDEHQNRQQWH +LQWHUGHPKRKHQ6WHLQZDUWHWH0\[LQDE (UNRQQWHKLQGXUFKVFKDXHQVDKVHLQH*HJQHUVHOWVDPYHU ]HUUWXQGVSUWHGLH$XVVWUDKOXQJGHV6WHLQV'DVZDUHLQH 0DJLHGLHLKPEHUKDXSWQLFKWEHKDJWHXQGHUKDWWHGDV VHOEH*HIKOZLHGDPDOVLQ$WODQWLVDOVHU$UNRQDGDJHJHQ EHUJHVWDQGHQKDWWH =XHLQHUGLUHNWHQ$XVHLQDQGHUVHW]XQJZDUHVQLHJHNRP PHQ$UNRQDGDKDWWHHLQDQGHUHV*HELHWEHVHW]WXQGEHLGH VWDQGHQVFKOLHOLFKDXIGHUVFKZDU]PDJLVFKHQ6HLWH +LHUMHGRFKXQGDXIGHU(UGHVDKHQGLH9HUKlOWQLVVHY|OOLJ DQGHUVDXV0\[LQKDWWHGLH6HLWHJHZHFKVHOW$UNRQDGD ZXWHGDVXQGZROOWHLKQYHUQLFKWHQ $OOHUGLQJVKDWWHHUVHLQH'LHQHUYRUJHVFKLFNW :LHGHUKXVFKWH0\[LQGDYRQDOVHUHLQHQ6WUDKODXIVLFK ]XUDVHQVDK'LHVPDOKLHEGHU6WUDKOLQGHQEOlXOLFKOHXFK WHQGHQ6WHLQXQGZXUGHYRQLKPDEVRUELHUW 'HPQlFKVWHQXQGEHUQlFKVWHQ$QJULIINRQQWHHUHEHQ IDOOVHQWZLVFKHQLQGHPHUVLFKZHJWHOHSRUWLHUWH 0\[LQIKOWHVLFKQLFKWPHKUVRGHSULPLHUWZLH]X%HJLQQ

(UKDWWH(UIROJHHUUXQJHQVHLQHQ*HJQHUQZDUHVQLFKW JHOXQJHQLKQLQGLH)DOOH]XORFNHQXQG]XYHUQLFKWHQ 9LHOOHLFKWNRQQWHHUMHW]W]XP*HJHQDQJULIIEHUJHKHQ 'HUNOHLQH0DJLHUOLHVLFKDXIGLH.QLHIDOOHQ(LQ=LWWHUQ GXUFKOLHIVHLQH*HVWDOWHUVFKLHQLQGHQQlFKVWHQ6HNXQGHQ HLQDQGHUHU]XZHUGHQ 6RZLHMHW]WKDWWHHUVLFKVHLWODQJHPQLFKWDQJHVWUHQJW,Q VHLQHP.|USHUVSDOWHWHQVLFK.UlIWHDEGLHLPDOWHQ$WODQWLV JHERUHQZDUHQGDQDFKLQGHU9HUVHQNXQJVFKOXPPHUWHQ XQGMHW]WZLHGHUKHUYRUJHKROWZXUGHQ 0\[LQZXUGH]XHLQHUPDJLVFKHQ%RPEH 8QGVLHVFKOXJLQGDV4XDGUDWGHU)ODPPHQGHQ6WHLQHHLQ 3O|W]OLFKZXUGHGHUEODXH6FKHLQGXUFK%OLW]HJHVSDOWHQ$Q GHQYHUVFKLHGHQVWHQ6WHOOHQULHUDXIXQG]ZLVFKHQGHQ 6WHLQHQVRZLHEHUGHQ.|SIHQGHUEHLGHQ%UGHUWREWHHLQ ODXWORVHUHUEDUPXQJVORVJHIKUWHU.DPSI]ZHLHUXUDOWHU 0DJLHQ 0\[LQJDEQLFKWDXI$OV%QGHOPDJLVFKHU(QHUJLH KRFNWHHUDXIGHP%RGHQVWUHQJWHVLFKDQ'LH:HOOHQOLHIHQ LQDOOH5LFKWXQJHQGDYRQVXFKWHQWDVWHWHQGHQQ0\[LQ ZROOWHDXFK$UNRQDGDKDEHQ 8QGHUIDQG.RQWDNW (LQJHGDQNOLFKHU6FKUHLHUUHLFKWHLKQ 1LFKW$UNRQDGDKDWWHLKQJHUXIHQ -HPDQGDQGHUV .DUD ,PQlFKVWHQ0RPHQWZDU0\[LQYHUVFKZXQGHQ ,FKDEHUNlPSIWHLQQHUKDOEPHLQHV*HIlQJQLVVHVXPV QDFNWH/HEHQ 0HLQ.UHX]KDWWHLFKDNWLYLHUWHVKDWWHDXFKUHDJLHUWDEHU VROOWHGLHVHV:LVVHQXPGDV*HKHLPQLVGHV.UHX]HVMHW]W]X HLQHP%XPHUDQJIUPLFKZHUGHQ" :DVPLW0\[LQXQGGHQ=ZLOOLQJHQJHVFKDKVDKLFK

QLFKWZHLOLFKYLHO]XVHKUPLWPLUVHOEVWEHVFKlIWLJWZDU 'LHVHOWVDPHQ.ULVWDOOHZXFKVHQYRQLQQHQDXIPLFK]X 6LHHULQQHUWHQPLFKDQJUQEODXVFKLPPHUQGHODQJH 6FKZHUWHUXQGVLHZXUGHQYRQ6HNXQGH]X6HNXQGHJU|HU 'HU6WHLQZDU]ZDUKRFKVHLQH%UHLWHMHGRFKOLHHLQLJHV ]XZQVFKHQEULJ9LHO3ODW]]XP$XVZHLFKHQKDWWHLFK QLFKW,FKZXWHQLFKWZDVJHVFKDKZHQQPLFKGLHVH .ULVWDOOHEHUKUWHQGRFKLFKZROOWHHVQLFKWGDUDXIDQNRP PHQODVVHQ 'LH6LFKWQDFKGUDXHQZDUPLUYHUVSHUUWGDGLHlXHUH +OOHHLQHVWDUNH7UEXQJDQJHQRPPHQKDWWH'HVKDOE NRQQWHLFKDXFKQLFKWVHKHQZDV6XNRWULHE 'HPHUVWHQVSLW]HQ.ULVWDOODUPZLFKLFKDXV,FKGUHKWH PLFK]XU6HLWHXQGHUZXFKVDQPLUYRUEHL*OHLFK]HLWLJ NQLVWHUWHXQGNQDFNWHHVXQWHUPHLQHQ)HQ'RUWZDUGHU 6WUDKODXVGHP.UHX]HEHQIDOOVKLQJHIDKUHQXQGKDWWHGLH 8PJHEXQJYHUlQGHUW $OVLFKHLQHQ%OLFNQDFKXQWHQZDUIXQGGDEHLKHIWLJ HUVFKUDNZHLOPHLQH)HDXIHLQPDOQLFKWPHKU]XHQW GHFNHQZDUHQK|UWHLFKSO|W]OLFKGLH*HUlXVFKHEHU PHLQHP.RSI $QJVWVFKRLQPLUKRFK :HQQGHU6WHLQYRQLQQHQLPPHUPHKU]XZXFKVZUGH LFKLUJHQGZDQQQLFKWPHKUDWPHQN|QQHQZDVELVKHU LPPHUQRFKJHNODSSWKDWWH 'HU6WHLQZUGHPLFKQLFKWQXUHUGUFNHQLFKZUGH DXFKHOHQGLJHUVWLFNHQ 1RFKNRQQWHLFKPLFKEHZHJHQXQGYHUVXFKWHDOOHVXP GLHVHPJUDXVDPHQ*HIlQJQLV]XHQWULQQHQ -HW]W]lKOWHMHGH6HNXQGH ,FK]RJPHLQHQ'ROFKDXVGHU6FKHLGH'LH.OLQJHZDU VHKUVSLW]]XGHPEHLGVHLWLJJHVFKOLIIHQ9LHOOHLFKWZUGHHV PLUPLWLKUJHOLQJHQGDV*HVWHLQDXI]XKDFNHQ :HLWNRQQWHLFKQLFKWDXVKROHQGHQQLFKVSUWHHLQHQ 'UXFNGHUVLFKVHKUVFKQHOOYHUVWlUNWH

$XVGLHVHP*UXQGHPXWHLFKHLQHNUXPPH+DOWXQJHLQ QHKPHQ6RVWDQGLFKKDOEJHEFNWGDXQGKDWWHPHLQHQ .|USHUQDFKUHFKWVJHGUlQJW 0LWGHP'ROFKKDFNWHLFK]X :HQQMHPDQGPLWVHLQHP3LFNHOLQ(LVVFKOlJWHQWVWHKHQ lKQOLFKH*HUlXVFKHZLHLFKVLHK|UWH,PPHUZLHGHU UDPPWHLFKGLH6SLW]HYRUGUFNWHVLHJHJHQGDVJOlVHUQ ZLUNHQGH*HVWHLQXQGYHUVXFKWHVRHLQH/FNH]XVFKDIIHQ 'HU'ROFKYHUERJVLFKQLFKWGDV6LOEHUZDUKDUWJHQXJ DEHULFKHU]LHOWHDXFKNHLQHQ(UIROJ 'LH:DQGKLHOW 'DNRQQWHLFK]XVWRHQVRRIWLFKZROOWHQLFKWVKDOIPLU JHJHQGLHVHYHUIOXFKWHQ:lQGH(VZDU]XP9HU]ZHLIHOQ 1XU.UDW]HUULW]WHLFKKLQHLQ 8QGGLH.ULVWDOOHZXFKVHQZHLWHU 9RQLQQHQGUDQJHQLPPHUPHKUNULVWDOOHQH$UPHJHJHQ PLFKYRU6LHHQWVWDQGHQDQGHQYLHU:lQGHQXQGYHUVXFK WHQHLQH9HUELQGXQJ]XVFKDIIHQ ,FKVWHFNWHGHQ'ROFKZLHGHUZHJ1HLQVRVFKDIIWHLFKHV QLFKW0LWWOHUZHLOHZDUPLUGHU6FKZHLDXVJHEURFKHQ 0HLQ$WHPJLQJNHXFKHQG9HU]HUUWZDUPHLQ*HVLFKW 'LH$QJVWQDKP]X 7URW]GLHVHV*HIlQJQLVVHVEHPHUNWHLFKGDGUDXHQ HEHQIDOOVHLQH$XVHLQDQGHUVHW]XQJWREWH ,FKVFKDXWHGXUFKHLQHIUHLH)OlFKHLP*HVWHLQXQGVDKGDV $XI]XFNHQGHU%OLW]H'DZXUGHKHLJHNlPSIW0DJLVFKH (QWODGXQJHQIDQGHQVWDWW+LQXQGZLHGHUKXVFKWHMHPDQG YRUEHL$QKDQGGHV6FKDWWHQVJODXEWHLFK0\[LQGHQNOHLQHQ 0DJLHU]XHUNHQQHQ(UKDWWHVHLQH.UlIWH]XUFNHUKDOWHQ XQGJLQJJHJHQGLHEHLGHQWlWRZLHUWHQ*HJQHUYRU 0LUQXW]WHGDVQLFKWV,FKVDLQPHLQHP*HIlQJQLVGDV ]ZDUYRQGHQ%OLW]HQJHWURIIHQZXUGHDEHUKLHOW (VZDQNWHQLFKWHLQPDOGLH:lQGHYHUVFKPRUWHQQLFKW XQGIUPLFKZXUGHGLH=HLWLPPHUNQDSSHU 6ROOWH$UNRQDGDHVWDWVlFKOLFKVFKDIIHQ"

:LHGHUGDFKWHLFKDQGDV.UHX]+LPPHOHVZDUHLQH VWDUNH:DIIH,FKKDWWHHVVFKRQRIWJHQXJHLQJHVHW]WDXFK DNWLYLHUWXQGHVKDWWHPLUJHKROIHQ :LHVRKLHUQLFKW" 'LHYLHU%XFKVWDEHQDQGHQ6HLWHQUKUWHQVLFKQLFKW'LH ,QVLJQLHQGHU(U]HQJHOEOLHEHQVWXPP*HJHQGLHVH0DJLH NDPHQDXFKVLHQLFKWDQ ,Q]ZLVFKHQZDUGDV,QQHUHGHV6WHLQVVFKRQVRZHLW]XJH ZDFKVHQGDLFKPLFKNDXPQRFKEHZHJHQNRQQWH'LH /XIWZXUGHPLWMHGHU6HNXQGHNQDSSHU,FKOHKQWHPLFK QDFKKLQWHQKDWWHGHQ0XQGZHLWDXIJHULVVHQPHLQ*HVLFKW ZDUYHU]HUUWXQGLFKPHUNWHSO|W]OLFKGLH(UVFKWWHUXQJHQ GLHGHQ6WHLQWUDIHQ (VZDUHQGLH%OLW]HGLH0\[LQDEVDQGWH(UYHUVXFKWHPLW VHLQHU0DJLHGLH6WHLQH]X]HUVW|UHQ (WZDV8QJODXEOLFKHVGHQQVLHZDUHQVFKOLHOLFKGDV 5HIXJLXPIULKQXQG.DUD 'LH(UVFKWWHUXQJHQSIODQ]WHQVLFKIRUW,FKEHNDPVLH HEHQIDOOV]XVSUHQ0DQFKPDOKDWWHLFKGDV*HIKODOV ZUGHQGLH6WHLQHDQIDQJHQ]XVFKZDQNHQ9LHOOHLFKW NLSSWHQVLHDXFKXQGGDQQ 1HLQLFKGXUIWHPLFKQLFKWDXIJHEHQ1RFKOHEWHLFKXQG GHVKDOEZROOWHLFKQLFKWDQGHUHQPHLQH%HIUHLXQJEHU ODVVHQVRODQJHQRFKHLQ)XQNHQ(QHUJLHLQPLUVWHFNWH (LQHDOWHQLFKWFKULVWOLFKH0\WKRORJLHZDUGLH%DVLVDXV GHUGLHVH0DJLHHQWVWDQGHQZDU0LWGHP.UHX]GLUHNW NRQQWHLFKVLHQLFKWEHNlPSIHQ$EHULQLKPZDUHQ=HLFKHQ HLQJUDYLHUWGLHPLWGHUFKULVWOLFKHQ0\WKRORJLHQXUEHGLQJW ]XWXQKDWWHQ ,FKZXWHGDGLHDOWHQbJ\SWHUHLQLJHVYRQGHUDWODQ WLVFKHQ0DJLHXQEHZXWEHUQRPPHQKDWWHQ=XGHP GDFKWHLFKDQHLQHQ)DOOGHUVLFKLQGHU9LDPDOD6FKOXFKW ]XJHWUDJHQKDWWHDOVPLUGDV$OOVHKHQGH$XJHJHKROIHQ KDWWH .RQQWHHVPLFKDXFKKLHUUHWWHQ"

(VZDUPKVDPIUPLFKGLHPDJLVFKH.UHLGHDXVGHU 7DVFKH]XKROHQ,FKWUXJVLH]XP*OFNLPPHUEHLPLU EUDFKWHDXFKGHQ$UPKRFKXQGVWUHFNWHGLH+DQGYRUXP PLWGHU.UHLGHDQGLH,QQHQZlQGHGHV6WHLQVGDV=HLFKHQ]X PDOHQ 0HLQH+DQG]LWWHUWH'DV$OOVHKHQGH$XJHZROOWHQLFKWVR UHFKWJHOLQJHQPLUIHKOWHGLH/XIWXQGGLHQ|WLJH.RQ]HQ WUDWLRQDEHULFKGXUIWHMHW]WQLFKWDXIJHEHQ 0LW]LWWULJHU+DQG]HLFKQHWHLFKHVPLW+LOIHGHUPDJLVFKHQ .UHLGHDXIGLH,QQHQZDQGGHV6WHLQV 'LHVHV$OOVHKHQGH$XJHGDVVSlWHUYRQGHUFKULVWOLFKHQ 0\WKRORJLHEHUQRPPHQZXUGHEHGHXWHWHGDV/HEHQ 0HKUZROOWHLFKQLFKW :LHGHUQDKPLFKPHLQ.UHX] .HXFKHQGGUDQJGHU$NWLYLHUXQJVVSUXFKEHUPHLQH /LSSHQ,FKPXWHGDEHL3DXVHQHLQOHJHQ 'LH&KDQFHQVWDQGHQ]X 'DV.UHX]ZUGHUHDJLHUHQXQGGHQ.ULVWDOOLVLHUXQJV SUR]HLP6WHLQLQQHUQQRFKEHVFKOHXQLJHQ$EHU :HLWHUGDFKWHLFKQLFKWVRQGHUQVFKDXWH]X %OLW]HXPJDEHQPLFK /DXWORVH([SORVLRQHQIDQGHQVWDWW'DV.UHX]NlPSIWH JHJHQGLHDQGHUH0DJLHHVVWUDKOWHDEIDQGVHLQH=LHOHXQG HVZDUDXFKGDV$OOVHKHQGH$XJHGDEHL .RQWDNW 'LH%UFNHVWDQG 'LHVPDOEOHQGHWHPLFKGDV5RW(VIOOWHGDV'UHLHFNXP GDV$OOVHKHQGH$XJHY|OOLJDXVZlKUHQGGDV$XJHVHOEVW GLHVHOEH)DUEHDQJHQRPPHQKDWWHZLHGLHEULJH8P JHEXQJ (LQ7UNLVELVLQV%ODXKLQHLQJHKHQGHV9LROHWW.DXP]X EHVFKUHLEHQZDUGLHVHU)DUEZLUUZDUU ,PQlFKVWHQ$XJHQEOLFNZDULFKQLFKWPHKU+HUUPHLQHU 6LQQH$QGHUH.UlIWHEHUQDKPHQGLH.RQWUROOH6LHPDFK WHQPLWPLUZDVVLHZROOWHQ,FKZXUGHJHVFKWWHOWVSUWH

6WLFKHGXUFKPHLQHQ.|USHUWDQ]HQGHU'UXFNO|VWHVLFK XQGLUJHQGHWZDVH[SORGLHUWHXPPLFKKHUXPZREHLLFK QLFKWZXWHZDVHVZDU ,FKXPNODPPHUWHPHLQ.UHX]ZLHHLQHQ5HWWXQJVEDONHQ %HLGH+lQGHKDWWHLFKXPGLHVHVZHUWYROOH.OHLQRGJH VFKOXQJHQZlKUHQGVLFKXPPLFKKHUXPDOOHVYHU lQGHUWH :LHGDPDOVLQGHU7RGHVVFKOXFKWKDWWHVLFKDXFKKLHUHLQH PDJLVFKH%UFNHJHELOGHW8QGVLHZXUGHQLFKWQXUVWlUNHU VLHZDUDXFKVWlUNHUDOVGHUYHUlQGHUWH6WHLQ ,FKNDPIUHL 'DEHLNRQQWHLFKLP*HJHQVDW]]XGHQ=ZLOOLQJHQQLFKW QRUPDOJHKHQ1HLQPLFKSDFNWHHLQHQLFKWHUNOlUEDUH.UDIW XQGGUFNWHPLFKQDFKYRUQ*OHLFK]HLWLJZXUGHQPHLQH )HOHLFKWDQJHKREHQXQGLPQlFKVWHQ$XJHQEOLFNVFKOHX GHUWHHVPLFKQDFKGUDXHQ :LHHLQ6WXQWPDQGLH6FKHLEHHLQHV)HQVWHUVGXUFKEULFKW VRlKQOLFKZXUGHLFKDXVGHP,QQHUQGHV6WHLQVNDWDSXOWLHUW ,FKYHUQDKPHLQJHZDOWLJHV.QLUVFKHQK|UWHGDVVSOLWWHUQGH XQGNQDFNHQGH*HUlXVFKDOVGLH8PJHEXQJ]HUEUDFK0LU IORJHQGLH%URFNHQEXFKVWlEOLFKXPGLH2KUHQXQGLP Ql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hEHUPLUVDKLFKGHQ

+LPPHO.ODUXQGVDXEHU1LFKWGXUFKLUJHQGZHOFKHV*ODV JHEURFKHQ 0HLQ*RWWLFKOHEWH ,FKNRQQWHZLHGHUDWPHQPLFKIUHLEHZHJHQXQGDXFK NlPSIHQ*HUDGHGHUOHW]WH*HGDQNHJDEPLUGHQQ|WLJHQ 0XWPLFKZLHGHUDXIGLH)H]XHUKHEHQ 'XUFKGLH0DJLHGHV.UHX]HVKDWWHLFKPHLQ*HIlQJQLV ]HUVW|UW=XVDPPHQPLWHLQHUDQGHUHQZDUVLHGRSSHOWVR VWDUNJHZRUGHQVRGDLKQHQDXFK0DXHUQQLFKWZLGHU VWHKHQNRQQWHQ ,FKKDWWHHVJHVFKDIIW )DVWZlUHLFKQRFKHLQJHVDFNWGHQQHLQ6FKZlFKHDQIDOO SDFNWHPLFK$XIJHEHQZROOWHLFKQLFKWQLFKWMHW]WGDGLH *HIDKUQRFKOlQJVWQLFKWJHEDQQWZDU %HLP]ZHLWHQ$QODXINODSSWHHVULFKWLJ,FKVWDQGZLHGHU IHVWDXIGHQ%HLQHQXQGGUHKWHPLFKXP ,FKEHIDQGPLFKJHQDX]ZLVFKHQGHQ)ODPPHQGHQ 6WHLQHQ'UHL6WHLQHZDUHQOHHU6LHOHXFKWHWHQQDFKZLHYRU LQGLHVHUVHOWVDPHQWUNLVDUWLJHQ)DUEH'LH0DJLHGDV DQGHUH)UHPGHVWHFNWHQDFKZLHYRULQLKQHQXQGLFKVWHOO WHIHVWGDHLQ6WHLQQRFKLPPHUEHVHW]WZDU 6XNRKDWWHVLFKQLFKWEHIUHLHQN|QQHQ (UZLQNWHPLU]X,FKOLHI]XLKPNRQQWHVRJDUVHLQ *HVLFKWVHKHQXQGHUNDQQWHGDULQGHQHUVFKUHFNWHQXQG ZDUQHQGHQ$XVGUXFN *OHLFK]HLWLJK|UWHLFKKLQWHUPLUGXPSIH6FKULWWH ,FKIXKUKHUXPXQGVDKHLQHQGHU%UGHUDXIPLFK]X KHW]HQ (UNDPVFKUlJYRQGHU6HLWH$XIVHLQHU%UXVWOHXFKWHWHGLH KlOLFKH)UDW]HGLHLPQlFKVWHQ0RPHQW]XH[SORGLHUHQ VFKLHQDOVVLHLKUHQJUQEODXHQPDJLVFKHQ6WUDKODXV VFKLFNWHXPPLFK]XYHUQLFKWHQ :HJWDXFKHQNRQQWHLFKQLFKWPHKU0LUEOLHEQXUQRFKGLH &KDQFHGHQ6WUDKOPLWPHLQHP.UHX]DE]XZHKUHQ 'DVULLFKLQGLH+|KH

7UHIIHU (UVFKWWHOWHPLFKGXUFK)UHLQHPLUVFKUHFNOLFKODQJ HUVFKHLQHQGH=HLWVSDQQHJODXEWHLFKLQHLQ6WURPIHOGJH UDWHQ]XVHLQGDVPHLQHQ.|USHUDXIO|VWH+lWWHLFKPHLQ .UHX]QLFKWJHKDEWGDVQRFKLPPHUHLQ%ROOZHUNJHJHQGLH .UlIWHGHUDQGHUHQ0DJLHELOGHWHZlUHDOOHVYHUORUHQJH ZHVHQ 6RDEHUEOLHELFKVWHKHQ %UHLWEHLQLJKDWWHLFKPLFKDXIJHEDXW,FKZROOWHGHP $QVWXUPWURW]HQXQGGHUPDJLVFKEHHLQIOXWH0HQVFKJULII PLFKDQ ,QGLHVHP$XJHQEOLFNZXFKWHWHLFKPHLQHUHFKWH)DXVWYRU XQGGDPLWDXFKGDV.UHX]LQPHLQHU+DQG %HLGHVWUDI ,FKK|UWHHLQHQ6FKUHL(LQ+LW]HVFKOHLHUIXKUEHUPHLQHQ +DQGUFNHQ)UPLFKHLQ=HLFKHQGDLFKLQV=HQWUXP JHWURIIHQKDWWHXQGLFKVDKZLHPHLQ*HJQHU]XHLQHPZLU EHOQGHQ.UHLVHOZXUGH 'LH)UDW]HDXIVHLQHU%UXVWOHXFKWHWHDXI6LHVSUKWH JOHLFK]HLWLJ%HJLQQGHU$XIO|VXQJ'DV.UHX]ZDUVWlUNHU JHZHVHQ %DVLO%HDQWDXPHOWH]XUFN(UEHZHJWHVHLQH%HLQH UK\WKPLVFKQDFKKLQWHQ,FKZROOWHLKQQLFKWLQ5XKHODVVHQ YHUIROJWHLKQXQGKlPPHUWHQRFKHLQPDO]X (UQDKPGHQ+LHEYROO'DEHLZXUGHHUVRZHLW]XUFNJH VFKOHXGHUWGDHUJHQDXJHJHQGHQ6WHLQNUDFKWHLQGHP PHLQ)UHXQG6XNRJHIDQJHQZXUGH 3O|W]OLFKSDVVLHUWHHWZDV8QIDEDUHV 'LH0DJLHHUORVFK 'HU6WHLQLQGHP6XNRVWDQGZXUGHELQQHQHLQHU 6HNXQGHEODVVHUYHUORUGLHJUQEODXH)DUEHLFKVDKGDV QDWUOLFKH*UDXKHUYRUWUHWHQXQGHQWGHFNWHQRFKPHKU 'HQURVDIDUEHQHQ6WUHLIHQGHUYRQXQWHQQDFKREHQZDQ GHUWHXQGGHQ6WHLQEOLW]VFKQHOOLQVHLQHQ%HVLW]QDKP )ODPLQJVWRQHV

6LHKDWWHQHLQLJH=HLWGLHVHQ1DPHQQLFKWYHUGLHQWJHKDEW 1XQEHZLHVHQVLHZR]XVLHZLUNOLFKJHVFKDIIHQZDUHQXQG HVUHDJLHUWHQLFKWQXUHLQHUVRQGHUQDOOHYLHU 5RWOHXFKWHWHQVLH(LQHJUHOOH)DUEHEOHQGHWHXQV 'LH)ODPPHQGHQ6WHLQH +LHU]HLJWHQVLHZR]XVLHIlKLJZDUHQ0LUNDPHVYRUDOV ZUGHQVLHVRJDUPLWHLQHUGRSSHOWHQ,QWHQVLWlWOHXFKWHQ XPDOOGDVJXW]XPDFKHQZDVVLHYHUSDW]WKDWWHQ 0HLQH$XJHQVWUDKOWHQ (LQ/lFKHOQODJSO|W]OLFKDXIPHLQHQ/LSSHQ-DLFK NRQQWHZLHGHUOlFKHOQ,QGHQOHW]WHQ6WXQGHQKDWWHLFKHV EXFKVWlEOLFKYHUOHUQW (VZDUHQ6WHLQH6FKZHUH%URFNHQZDKUVFKHLQOLFKDXVGHU 8U]HLWXQG6WHLQHVROOWHQVLHEOHLEHQ6LHEUDXFKWHQNHLQ /HEHZHVHQLQLKUHP,QQHUQ (UVWUHFKWNHLQHQ0HQVFKHQ 6XNRPHUNWHHEHQIDOOVGLH9HUlQGHUXQJ,FKVDKGDVLFK PHLQ3DUWQHUEHZHJWHXQGSO|W]OLFKJLQJHUYRU .DXPZROOWHLFKPHLQHQ$XJHQWUDXHQDOVGHU,QVSHNWRU GLHVHQYHUGDPPWHQ6WHLQYHUOLH ª*HVFKDIIW©VDJWHHUQXUZlKUHQGVHLQH$XJHQOHXFK WHWHQ )UDJHQVWHOOWHQZLUEHLGHQLFKW'D]XZDUQLFKWGLH=HLW GHQQZLUKDWWHQQDFKZLHYRUHLQHQ*HJQHU (LQHUMHGRFKYHUJLQJ (VZDUGHUJHJHQGHQLFKJHNlPSIWKDWWH(UZDUYROOLQ GLHVHYHUlQGHUWH/DJHKLQHLQJHUDWHQXQGZXUGHMHW]WYRQ GHQZDKUHQ.UlIWHQGHU6WHLQHHUIDW 6LHYHUQLFKWHWHQLKQ 'LHVJHVFKDKDXIHLQHVFKUHFNOLFKH$UWXQG:HLVH2EZRKO ZLUNHLQH+LW]HVSUWHQPHUNWHVLHGHUDQGHUHGHQQHUO|VWH VLFKDXI9RUXQVHUHQ$XJHQ]RJVLFKVHLQH*HVWDOW]XVDP PHQZXUGHGXQNHOIDVWVFKZDU]XQGHULQQHUWH]XP6FKOX DQGDVZDVLFKLP6FKDXKDXVGHV3ROL]HLUHYLHUVJHVHKHQ KDWWH

6XNRXQGLFKVFKDXWHQXQVDQ ª'DVZDU VGDQQZRKO©IOVWHUWH6XNR ª(VJLEWQRFKHLQHQ]ZHLWHQ©,FKGlPSIWHPLWGLHVHU $QWZRUWVHLQHQ2SWLPLVPXVHLQZHQLJ ª8QGDXFK0\[LQ© ª6RZLH.DUD©IJWHLFKKLQ]X ª:HLWGXZRVLHVLQG"© ,FKVFKWWHOWHGHQ.RSI ª0\[LQKDWJHNlPSIWZLHHLQ%HUVHUNHU©HUNOlUWH6XNR ª,FKNRQQWHLKP]XVFKDXHQNRQQWHMHGRFKPHLQYHUIOXFKWHV *HIlQJQLVQLFKWYHUODVVHQ© ª:RLVWHUGHQQKLQ"© ª:HLLFKQLFKW(UZDUHLQIDFKZHJ9HUVWHKVWGX" 9HUVFKZXQGHQ© ª.DUDKDEHLFKELVKHUQLFKWJHVHKHQ©IJWHLFKKLQ]XXQG ]RJHLQQDFKGHQNOLFKHV*HVLFKWª2E0\[LQ]XLKUZROOWH"© ª'DVQHKPHLFKDQ© ª'DQQVXFKHQZLUVLHGRFK© .DXPKDWWHLFKGHQ9RUVFKODJDXVJHVSURFKHQDOVLFK ]ZLVFKHQGHQ6WHLQHQXQGQDKHDP%DFKHLQH%HZHJXQJ ZDKUQDKP 'DZDUMHPDQG ,FKPDFKWH6XNRGDUDXIDXIPHUNVDPXQGEHLGHKXVFKWHQ ZLUDXIGLH6WHOOH]X :LUZDUHQVFKQHOOMHGRFKQLFKWVFKQHOOJHQXJ'HUDQGHUH KDWWHXQVNRPPHQVHKHQ :LHHLQ,UUZLVFKKXVFKWHHUZHJ)UHLQHQZLQ]LJHQ 0RPHQWVDKHQZLUVHLQHQQDFNWHQ2EHUN|USHUXQGZXWHQ QXQGDZLUHVEHLLKPPLWGHP]ZHLWHQ7lWRZLHUWHQ]XWXQ KDWWHQ :LHLFKLKQHLQVFKlW]WHZUGHHUYHUVXFKHQGLH6FKDUWH ZLHGHUDXV]XZHW]HQ ª'XUHFKWVLFKOLQNV©ULHI6XNR 6RUDVFKHVJLQJGUDQJHQZLULQGHQ:DOGHLQXQGK|UWHQ EHLGHGHQZLOGHQ6FKUHL

(UZDUYRUXQVDXIJHNOXQJHQ:LUKREHQXQVHUH.|SIH XQGVDKHQEHUGHQ%lXPHQHLQEODXHV/LFKWVFKLPPHUQ ª'DVLQGVLH©VFKULH6XNR 'HU6WLFKZDUJUDXVDP *UHJJ$UNRQDGDGDFKWHEHUKDXSWQLFKWGDUDQGLH 6WHOOHGLHHUWlWRZLHUHQZROOWH]XYHUHLVHQ(UNDQQWHEHL .DUDNHLQHQ3DUGRQ)ULKQ]lKOWHDOOHLQGHU(UIROJ ª'XZLUVWHLQH'LHQHULQGHV$UNRQDGD©]LVFKWHHUª(V JLEWNHLQHQ$XVZHJPHKU,FKEUHQQHGLUVHLQ=HLFKHQ HLQ© 6HLQH$XJHQOHXFKWHWHQZLOGGLH)LQJHUGHUUHFKWHQ+DQG XPNODPPHUWHQGHQ*ULIIGHUPDJLVFKHQ1DGHOXQGHUVWDFK GDPLW]X :LHWRWODJ.DUDYRULKP1RFKLPPHUXPNODPPHUWHVLH GHQ6FKZHUWJULIIDEHUGLH:DIIHNRQQWHLKULQGLHVHU 6LWXDWLRQQLFKWKHOIHQ1LHPDQGNRQQWHHV ª$XIGLFKKDW$UNRQDGDJHZDUWHW©VDJWH*UHJJYROOHU hEHU]HXJXQJª6RHWZDVZROOWHLFKVFKRQLPPHUKDEHQ© %HLGLHVHP6DW]ZHFKVHOWHHUGLH6WLPPHXQG.DUDZXUGH NODUGDQLFKW*UHJJ]XLKUJHVSURFKHQKDWWHVRQGHUQGHU DQGHUH7HLOVHLQHU([LVWHQ]$UNRQDGD (VZDUVHOWVDP6LHQDKPDOOHVZDKUZDVXPVLHKHUXP YRUJLQJ8QGGRFKNRQQWHVLHVLFKQLFKWEHZHJHQXQGZDU GLHVHP8QKROGKLOIORVDXVJHOLHIHUW (UEHZHJWHVHLQH1DGHOPLWGHQJHVFKLFNWHQ+lQGHQHLQHV ZDKUHQ.QVWOHUV'LHVHOWVDPJHIRUPWH6SLW]HVWDFKLQGLH +DXW:RVLHLKUHQ:HJEHUHLWVJHIXQGHQKDWWHKLQWHUOLHVLH HLQEODXHV=HLFKHQHLQJHGUFNWLQGLH+DXWDXVGHUDOOHU GLQJVQLFKWHLQ7URSIHQ%OXWVWU|PWH 'LH8PULVVHGHV*HVLFKWVKDWWH*UHJJIHUWLJJH]HLFKQHW(U PXWHQXUQRFK$XJHQ0XQGXQG1DVHVFKDIIHQ =LHPOLFKZHLWKDWWHHUVLFKYRUJHEHXJW6HLQ0XQGVWDQG RIIHQ$XIVHLQHUYRUJHVFKREHQHQ8QWHUOLSSHKDWWHVLFK

6SHLFKHOJHVDPPHOWGHUPDQFKPDOQDFKXQWHQWURSIWH ZREHLHU.DUDV.LQQXQG+DOVQlWH 6LHUHFKQHWHQLFKWPHKUPLW+LOIH.DUDKDWWHVLFKLQLKU 6FKLFNVDOHUJHEHQ0\[LQPXWHHEHQIDOOVDXVJHVFKDOWHW ZRUGHQVHLQVRQVWZlUHHUOlQJVWHUVFKLHQHQ:DKUVFKHLQ OLFKZDULKPGDVJOHLFKH6FKLFNVDOVFKRQYRUKHUZLGHU IDKUHQ (LQH1LHGHUODJHDXIGHUJDQ]HQ/LQLH 'DPLWKlWWH.DUDQLFKWJHUHFKQHW1LFKWGLH*URHQ$OWHQ KDWWHQVLHJHVFKDIIWVRQGHUQGLHVHUDOWH0DQQGHVVHQ *HVLFKWGLFKWEHULKUVFKZHEWH (UZUGHVLH]XHLQHU'LHQHULQHLQHVILQVWHUHQ0DJLHU PDFKHQXQGVLHZUGHDOOGDVEHNlPSIHQZDVLKU]XYRU KHLOLJJHZHVHQZDU $XFKGLH)UHXQGH -RKQ6LQFODLU6XNR:HQQ0\[LQOHEWHVLFKHUOLFKDXFK LKQ ª%DOG©HUNOlUWH*UHJJPLWUDXKHU6WLPPHªLVWGDV*HVLFKW IHUWLJ©(UIJWHHLQ]XIULHGHQHV1LFNHQKLQ]X ª6RZHLWNRPPWHVQLFKW©VDJWHSO|W]OLFKHLQH6WLPPH GLFKWKLQWHULKP 0LWHLQHPEHUUDVFKWHQ6FKUHLIXKU*UHJJLQGLH+|KH(U ZLUEHOWHKHUXPXQGVDK0\[LQGHQ0DJLHUYRUVLFK :lUHHV.DUDP|JOLFKJHZHVHQ]XVSUHFKHQVLHKlWWHGHQ 1DPHQGHVNOHLQHQ0DJLHUVJHVFKULHQ6RDEHUODJVLHDXI GHP:DOGERGHQKLHOWLKU6FKZHUWXQGVWDUUWHDQ*UHJJYRU EHLXPHLQHQ$XVVFKQLWWGHU*HVWDOWGHVNOHLQHQ0DJLHUV]X HUNHQQHQ (UZDUQLFKWYHUQLFKWHWQLFKWWRWHUOHEWHXQGHUZUGHVLH UHWWHQ$EHUUHLFKWHVHLQH.UDIWDXVXPJHJHQ$UNRQDGD]X EHVWHKHQ .DUDEHIUFKWHWHGDV*HJHQWHLO,KUH$QJVWZXFKVQRFK GHQQGLHXP0\[LQNDPKLQ]X

ª'XELVWQLFKWHUOHGLJW©VWHOOWH*UHJJQLFNHQGIHVW ª1HLQGHLQH'LHQHUZDUHQ]XVFKZDFK$UNRQDGD© *UHJJODFKWHª$UNRQDGDVDJVWGX"© ª-DELVWGXGDVQLFKW"© ª'RFKGDVELQLFK©*UHJJQLFNWH 0\[LQV*HVLFKWEOLHEXQEHZHJWDOVHUVHLQHQ)HLQG DQVFKDXWH(UIKOWHVLFKZLHGHUXPHLQHODQJH=HLWVSDQQH ]XUFNYHUVHW]W8PPHKUDOV-DKUH(VVSLHOWHMHW]W NHLQH5ROOHREVLHVLFKLQ$WODQWLVJHJHQEHUVWDQGHQRGHU KLHU )HLQGHZDUHQVLHVRZLHVR ª'XKDVWHLQH:DQGOXQJGXUFKJHPDFKW©'LHWLHIHOHLFKW JUROOHQGH6WLPPHGHV0DJLHUV$UNRQDGDGUDQJDXVGHP 0XQGGHV$OWHQª'DPLWKlWWHLFKQLHJHUHFKQHW© ª-DLFKVDKHLQGDHVNHLQHQ6LQQKDWGLH0HQVFKHQ]X EHNlPSIHQ$OVPDQPLFKDXVPHLQHPWLHIHQ6FKODIKROWH GHQLFKGHP6FKZDU]HQ7RG]XYHUGDQNHQKDWWHZXUGHPLU NODUGDLFKPLFKHQWVFKHLGHQPXWH,FKKDEHPLFKHQW VFKLHGHQ© ª*HJHQXQVQLFKW"© ª-DJHJHQHXFK,FKVDKHLQGDGHU6FKZDU]H7RGQXU (OHQGEHUGLH0HQVFKKHLWJHEUDFKWKDW$WODQWLVLVWQLFKW XPVRQVWXQWHUJHJDQJHQ(VJDEGDPDOVHLQIDFK]XYLHOHYRQ GHLQHUXQGVHLQHU6RUWHGLHPLW.UlIWHQJHVSLHOWKDEHQGLH VLHOLHEHUKlWWHQLQ5XKHODVVHQVROOHQ9LHOOHLFKWZUGHHV VRQVWQRFKKHXWHGLHVHQ.RQWLQHQWJHEHQ1XQGLH=HLWHQ KDEHQVLFKJHlQGHUW,FKZHLDXFKGDYLHOHEHUOHEW KDEHQGRFKLFKZHUGHDOOHVWXQGDPLWVLHQLFKWGDIRUW IDKUHQN|QQHQZRVLHHLQPDODXIJHK|UWKDEHQ+DVWGX PLFKYHUVWDQGHQ"© ª'XKDVWODXWJHQXJJHVSURFKHQ© ª'DQQULFKWHGLFKGDQDFK$UNRQDGD© ª:LUVLQGDOVR)HLQGH"© ª1DWUOLFK=XGHPKDVWGXYHUVXFKW.DUDLQGHLQHQ%DQQ ]X]LHKHQ'DVNDQQLFKQLFKW]XODVVHQ6LHJHK|UW]XPLUVLH

VWHKWDXIPHLQHU6HLWHXQGKLOIWPLULP.DPSIJHJHQ .UHDWXUHQZLHGLFK© 'HUDOWH*UHJJ|IIQHWHGHQ0XQG(UODFKWHPLWGHU 6WLPPHGHV$UNRQDGDª'HQNOLHEHU]XUFN0\[LQ'XKDVW HVGDPDOVVFKRQQLFKWJHVFKDIIWXQGGXZLUVWHVDXFKKHXWH QLFKWVFKDIIHQGDVVFKZ|UHLFKGLU:LUKDWWHQXQVHUH*H ELHWHDEJHVWHFNW1LHPDQGNDPGHPDQGHUHQLQGLH4XHUH :LOOVWGXGLFKQLFKWDXFKKHXWHGDUDQKDOWHQ"© ª:REHLGXHLQHVYHUJLW©JDE0\[LQ]XU$QWZRUW ª(ULQQHUHGLFKGDUDQGDGXPLFKDQJHJULIIHQKDVW'X ZROOWHVW.DUDXQGPLFKYHUQLFKWHQGLH6WHLQHXQVHU 5HIXJLXP]HUVW|UHQ(VLVWGLUQLFKWJHOXQJHQ© ª$EHUHVZLUGPLUJHOLQJHQ©]LVFKWH*UHJJª'DPDOV KDEHQZLUXQVQLFKWJHJHQEHUJHVWDQGHQ(VPXWHQHUVW -DKUHYHUJHKHQXPGDVQDFK]XKROHQ,FKZHUGH GDIUVRUJHQGDGXHVQLFKWVFKDIIVW0\[LQ1LHXQGQLP PHU'XKDVWGLFKHQWVFKLHGHQLFKHEHQIDOOV:LUVLQG 7RGIHLQGH0HUNHGLUGDV,FKODVVHPLUPHLQHQ3ODQQLFKW ]HUVW|UHQ/DQJHJHQXJKDEHLFKQDFKHLQHPHQWVSUHFKHQ GHQ.|USHUJHVXFKW,QGLHVHPKLHULQ*UHJJKDEHLFKLKQ JHIXQGHQ(UIKUWGLH1DGHOJHVFKLFNWXQGZLUGPLU]DKO UHLFKH'LHQHUEULQJHQ© 0\[LQZXWHJHQDXGD$UNRQDGDNHLQ6SUFKHNORSIHU ZDU6FKRQLQYHUJDQJHQHQ=HLWHQKDWWHHUGXUFK7DWHQ EHZLHVHQZLHVHKUHUVHLQ*HELHWEHKHUUVFKWHhEHUHLQHQ *HJHQ]DXEHUKDWWH0\[LQGDPDOVQLFKWQDFKJHGDFKWVLH KDWWHQMDHLQHQ%XUJIULHGHQJHVFKORVVHQXQGNHLQHUNDP GHPDQGHUHQLQGLH4XHUH1XQDEHUPXWHHUVLFKGDPLW DEILQGHQGDVLH)HLQGHZDUHQ(LQHUQXUZUGHEHUOHEHQ bKQOLFKH*HGDQNHQKDWWHDXFK*UHJJ (UJLQJVRJDUHLQHQ6FKULWW]XUFNXQGYHUZDQGHOWHVLFK GDEHLLQQHUKDOEHLQHV6HNXQGHQEUXFKWHLOV 0\[LQVFKDXWHQXULQGDVEODXHWUNLVIDUEHQVFKLP PHUQGH/LFKWXQGUHDJLHUWHHEHQIDOOV %HYRUVLFKVHLQ*HJQHUYHUVDKGUDQJDXV0\[LQV0XQG

HLQJHZDOWLJHU6FKUHL'DQQVSUDQJHUYRUKXVFKWHDQ $UNRQDGDYRUEHLXQGKLHOWHLQHQ$XJHQEOLFNVSlWHU.DUDV 6FKZHUWLQGHUUHFKWHQ+DQG ª-HW]WVWHOOGLFK©VFKULHHU 'LH:lOGHUXPGDV*HELHWGHUIODPLQJVWRQHVZDUHQ]LHP OLFKGLFKW(LQH2ULHQWLHUXQJILHOXQVDXFKEHL7DJHVOLFKW VFKZHU :LUPXWHQXQVGXUFKGLHLQWDNWH1DWXUNlPSIHQHLQHQ DQGHUHQ:HJJDEHVQLFKW 6XNRJLQJYRU*HWUHQQWKDWWHQZLUXQVQLFKWPHKU(V ODXHUWHQQRFK*HIDKUHQXQGGHQHQZROOWHQZLUXQVJHPHLQ VDPHQWJHJHQVWHPPHQ$OV(LQ]HOSHUVRQHQZDUHQZLU]ZDU HEHQIDOOVQLFKWVFKZDFKGHQQRFKQLFKWVWDUNJHQXJXPGLH DQGHUH6HLWH]XVWRSSHQ 'LHDWODQWLVFKH0DJLHLVWXQJHKHXHUJHIlKUOLFKGDV ZXWHQZLUQLFKWHUVWVHLWKHXWH 2EZRKOZLUHVHLOLJKDWWHQOLHHQZLUXQV=HLW'DQQEOLH EHQZLUVWHKHQXQGODXVFKWHQ'LH.DPSIJHUlXVFKHZLHGHU KROWHQVLFKEHVWLPPW-HW]WZRZLUQlKHUDP6FKDXSODW] ZDUHQZUGHQZLUVLHDXFKGHXWOLFKHUK|UHQZHQQVLHDXI NODQJHQ 'RFKZLUK|UWHQQLFKWV $XFKYRQGHP7lWRZLHUWHQVDKHQXQGYHUQDKPHQZLU QLFKWV:HQQHUZHLWHUIORKPXWHHUVLFKODXWORVZLHHLQH 6FKODQJHEHZHJHQVRQVWKlUWHQZLUHWZDVJHK|UW 'HU:DOGZDUPLUXQKHLPOLFK'LH=ZHLJHEHUXQVHUHQ .|SIHQ]HLJWHQHLQYLHOIlOWLJHV0XVWHU0DQFKH%DXP NURQHQZDUHQPLWHLQDQGHUYHUZDFKVHQ(VVLFNHUWHQLFKW VHKUYLHO/LFKWGXUFK1XUDEXQG]XVDKHQZLUKHOOHUH ,QVHOQ 8QGK|UWHQGDV.QDFNHQ hEHUXQV 1DFKUHFKWVXQGOLQNVIHJWHQZLUZHJ,FKODQGHWHLP

8QWHUKRO]XQGKDWWH3HFKGDGLH=ZHLJH'RUQHQKDWWHQVR GDLFKPLFKPLWPHLQHU.OHLGXQJGDULQYHUILQJ 6XNRHUJLQJHVEHVVHU(UNRQQWHVLFKJXWDEUROOHQDXHU GHPZDQGWHVLFKGHU7lWRZLHUWHQLFKWLKP]XVRQGHUQPLU ,FKKDWWH0KHPLFK]XEHIUHLHQUHFKQHWHPLWGHP 6FKOLPPVWHQDOV6XNRVHLQH.UlIWHHLQVHW]WH 'HUUHFKWH)XGHV&KLQHVHQVFKQHOOWHKRFKXQGHUWUDI GHQ1DFNHQGHV7lWRZLHUWHQ 'LHVHU.UDIWKDWWHHUQLFKWVHQWJHJHQ]XVHW]HQ'HU7UHIIHU ZXFKWHWHLKQQDFKYRUQ $XIGHQ%HLQHQNRQQWHHUVLFKQLFKWKDOWHQHUNUDFKWH]X %RGHQZROOWHVLFKZLHGHUKHUXPGUHKHQGDZDU6XNR EHUHLWVEHULKPGUHKWHLKQDXIGHQ5FNHQKLHOWGLH %HUHWWDLQGHU+DQGXQGIHXHUWHJHQDXLQGDV0DODXIGHU %UXVWGHV7lWRZLHUWHQ ,FKK|UWHGDVKHOOH6LQJHQDOV6XNRV6LOEHUJHVFKRYRQGHU %UXVWDESUDOOWH,FKYHUQDKPDXFKGDV/DFKHQXQVHUHV *HJQHUVXQGNRQQWHHUNHQQHQGDVLFKGLH)UDW]H]ZDUYHU IlUEWHDEHUQLFKWYHUEODWH 6XNRVSUDQJ]XUFN 'DEHL]RJHUGLH'lPRQHQSHLWVFKHVFKOXJHLQPDOHLQHQ .UHLVEHUGHQ%RGHQXQGGLHGUHL5LHPHQUXWVFKWHQ KHUYRU ,FKZDULQ]ZLVFKHQVRZHLWGDLFKDQPHLQH:DIIHQ KHUDQNRQQWH(LQ5LVLNRZROOWHLFKQLFKWPHKUHLQJHKHQ GHVKDOEVFKOHXGHUWHLFKGHQ%XPHUDQJ (UZDUVFKQHOOHUDOVGLH5LHPHQGHU3HLWVFKHXQGHUWUDI GHQ7lWRZLHUWHQYROO 3O|W]OLFKNLSSWHVHLQ.RSIZHJ (VKDWWHLKQLQGHU'UHKXQJHUZLVFKWVRGDGHU6FKlGHO ]XUUHFKWHQGHU7RUVRDEHU]XUOLQNHQ6HLWHILHO%HLGHVEOLHE DXIGHP:DOGERGHQOLHJHQ 8QGEHLGHVYHUlQGHUWHVLFK 'LH0DJLHGHV%XPHUDQJVVRUJWHGDIU:LHGHUZXUGHDXV GHP0HQVFKHQHLQHVFKZDU]H0DVVHXQGZLUZDQGWHQXQVDE

(LQHQ*URWHLOGHU*HIDKUKDWWHQZLUEHUHLQLJHQN|QQHQ GDV)LQDOHVWDQGXQVQRFKEHYRU 0\[LQNlPSIWHPLW.DUDV6FKZHUW =XPHUVWHQPDOVHLWGLHEHLGHQVLFKNDQQWHQJHVFKDKGLHV 6LHKDWWHQVLFKVRQVWLPPHUDXILKUHXQWHUVFKLHGOLFKHQ :DIIHQYHUODVVHQQXQDEHUPXWH0\[LQVHLQHQ*HJQHUPLW GHUJROGHQHQ.OLQJHDWWDFNLHUHQ(LQH.OLQJHGLHHEHQIDOOV GDV(UEHGHVYHUVXQNHQHQ.RQWLQHQWVLQVLFKWUXJXQGDOV HLQHEHVRQGHUH:DIIHIUGLH%HNlPSIXQJGlPRQLVFKHU :HVHQJDOW $UNRQDGDVHOEVWWDWQLFKWVXPGHQNOHLQHQ0DJLHU]X VWRSSHQ(UKDWWHZRKOJHVHKHQGDVLFK0\[LQEHZDIIQHW KDWWHDEHUHVLQWHUHVVLHUWHLKQQLFKW 6HLQH*HVWDOWKOOWHHULQGLHEODXH:RONHHLQGLHKRFKVWLHJ XQGVRJDUGLH.URQHQGHU%lXPHQHUUHLFKWH 0\[LQVDKVHLQHQ*HJQHUQLFKW $UNRQDGDKLHOWVLFKLQQHUKDOEGHVVHOWVDPHQ6FKOHLHUVYHU VWHFNW(LQHQ6FKOHLHUGHQHUDXFKVFKRQLPDOWHQ$WODQWLV JHWUDJHQKDWWHGHQQGDIUZDUHUEHUKPWJHZHVHQ ª=HLJGLFK$UNRQDGD©IRUGHUWHGHU0DJLHUª/RVNRPP DXVGHLQHP9HUVWHFNGDPLWZLUNlPSIHQN|QQHQ© 'HU'lPRQGDFKWHEHUKDXSWQLFKWGDUDQ0\[LQV $XIIRUGHUXQJ)ROJH]XOHLVWHQ(UVSLHOWHVHLQHLJHQHV6SLHO XQGHVJHODQJLKPGLH:RONHQRFKZHLWHUDXV]XEUHLWHQVR GDVLH0\[LQHUIDWH 'HUNOHLQH0DJLHUEOLHEVWHKHQ 0LWGHP6FKZHUWLQGHUUHFKWHQ+DQGVWHOOWHHUVLFK VHLQHP)HLQGZREHLHUGHVVHQ*HGDQNHQVSUWHGLH GXUFKGLH:RONHLQVHLQ*HKLUQGUDQJHQª$WODQWLVLVW ZHLW0\[LQLFKDEHUELQQDKH6HKUQDKHVRJDUXQG DXFKGXZLUVWHVVSUHQ© .DXPZDUHQGLH:RUWHYHUNOXQJHQDOVHVLP=HQWUXPGHU EODXHQ:RONHDXIOHXFKWHWH

$UNRQDGDV)UDW]HHQWVWDQG (LQZLGHUOLFKHVHLQYHU]HUUWHVJUDXVDPHV+|OOHQJHVLFKW 0LWVFKDUIHQ)DOWHQ5XQ]HOQXQG/LQLHQGLHZLHIHVWJH EUDQQWLQGHU)UDW]HVWDQGHQ 'DV*HVLFKW]HLJWHNHLQHQRUPDOH*U|H(VZDUEHUJUR IOlFKLJXQGJOHLFK]HLWLJWLHIXPZLUEHOWYRQGHQ6FKDWWHQ GHUEODXHQELVWUNLVIDUEHQHQ=HQWUXPVZRONH :LH6SLUDOQHEHOXPNUHLVWHQGLH6FKDUWHQGDV*HVLFKW6LH YHU]HUUWHQHV]RJHQHVLQGLH/lQJHGDQQLQGLH%UHLWHVR GDHVLPPHUDQGHUH)RUPHQDQQDKP 0\[LQZROOWHQLFKWPHKUZDUWHQ(VZDUGLHUHLQH7RGHV YHUDFKWXQJPLWGHUHUYRUVWUPWHXQGVLFKLQGLHYHU GDPPWH:RONHKLQHLQZDUIZREHLHUDXIGDV=HQWUXP]LHOWH (UPXWHGDV*HVLFKW]HUVW|UHQ 0\[LQJODXEWHVLFKLQHLQHPWLHIHQ6FKDFKW]XEHILQGHQ (WZDVSUHWHVHLQHQ.|USHU]XVDPPHQXQGLPQlFKVWHQ $XJHQEOLFNUDPPWHHUPLWYROOHU:XFKWGLHJROGHQH.OLQJH QDFKYRUQ (UWUDI (LQ6FKUHL *UHOOPDUNHUVFKWWHUQG'LHVHV*HUlXVFKWULHEGHQNOHL QHQ0DJLHU]XUFN6HLQH$XJHQOHXFKWHWHQ+DWWHHUHV JHVFKDIIW":DUHVLKPJHOXQJHQ$UNRQDGDEHUHLWVPLWGHP HUVWHQ6WUHLFK]XYHUQLFKWHQ" )DVWZROOWHHUHVQLFKWJODXEHQDOVHULQQHUKDOEGHVEODXHQ =HQWUXPVHLQH%HZHJXQJZDKUQDKP -HPDQGWDXFKWHKHUYRU $UNRQDGD" 1HLQ*UHJJZDUHV 'RFKZLHVDKHUDXV" 1LFKW$UNRQDGDKDWWHGLH6FKZHUWNOLQJHHUZLVFKWVRQGHUQ *UHJJ9ROOLQV6FKZDU]HZDUVLHJHVWRHQXQG0\[LQVDK DXIGHUUHFKWHQ%UXVWVHLWHGHV7lWRZLHUHUVHLQHQGXQNOHQ )OHFN %OXW

*UHJJKDWWHGLH$UPHKDOEHUKREHQ$XIVHLQHP*HVLFKW VSLHJHOWHQVLFK6FKPHU]XQG6FKUHFNHQZLGHU'HU0XQG VWDQGRIIHQGLH$XJHQZDUHQZHLWDXIJHULVVHQXQGKLQWHU LKPHUNODQJGDV/DFKHQGHV'lPRQV$UNRQDGD ª'XZROOWHVWPLFKHUZLVFKHQ0\[LQ©ULHIHUODXWKDOVLQ GDV/DFKHQKLQHLQª'XKDVWGLUGHQ)DOVFKHQDXVJHVXFKW ,FKELQYRQGLUQLFKW]XW|WHQ,FKZDUHVLQ$WODQWLVQLFKW XQGZHUGHHVDXFKMHW]WQLFKWVHLQ'XNDQQVW]XVFKODJHQ ZDQQLPPHUGXZLOOVWDEHUPLFKSDFNVWGXQLFKW(LQ:HVHQ ZLH$UNRQDGDLVWXQVWHUEOLFK0\[LQGDVVROOWHVWGXGLU PHUNHQ© 9HU]ZHLIHOWYHUVXFKWHGHUNOHLQH0DJLHUGHQEODXHQ :LUEHOPLWVHLQHQ%OLFNHQ]XGXUFKGULQJHQ(UZROOWHHLQ =LHOKDEHQHLQHQ3XQNWGHQHUDQJUHLIHQNRQQWHDEHUHUVDK QXUGLH:LUEHO$UNRQDGDVHOEVWKLHOWVLFK]XUFN *UHJJWDXPHOWHZHLWHU7RWZDUHUQLFKW(UZROOWHNlPS IHQKREHLQH+DQGXQGSUHWHVLHDXIVHLQH9HUOHW]XQJ(UVW MHW]WHQWGHFNWH0\[LQLQGHUDQGHUHQ+DQGGHV0HQVFKHQ GHQ6WLIW(UJHK|UWH$UNRQDGDGDVZXWH0\[LQHEHQIDOOV XQGHUVSUDQJYRUXPGLHPDJLVFKH1DGHODQVLFK]XUHLHQ ,PVHOEHQ$XJHQEOLFNZDUIVLFKGHUVFKZHUYHUOHW]WH*UHJJ ]XUFN0\[LQJULIILQV/HHUHDEHUHUKlWWHGHQDQGHUHQ DXFKVRQLFKWHUZLVFKWGHQQGLH.UDIWGHVDOWHQ0DJLHUVDXV $WODQWLVULLKQLQGHQNUHLVHOQGHQEODXHQ:LUEHOKLQHLQ *UHJJZXUGHYHUVFKOXFNW 0\[LQVDKLKQQLFKWPHKU(UVFKDXWHQXULQGHQ6WUXGHO KLQHLQXQGK|UWHGLHIUFKWHUOLFKHQ6FKUHLH'HUNOHLQH 0DJLHUHUOHEWHZDV$UNRQDGDPLWGHPDQVWHOOWHGHULKP QLFKWPHKUJHKRUFKWHRGHUVHLQHUQLFKWZUGLJZDU (UYHUQLFKWHWH(WZDVDQGHUHVNRQQWHQGLH6FKUHLHQLFKW]X EHGHXWHQKDEHQGDVZDU0\[LQNODU 6HNXQGHQVSlWHUVDKHUVHLQH$QQDKPHEHVWlWLJW:lKUHQG HUQRFKLPPHUXQVFKOVVLJLQGHQUDVHQGHQ:LUEHOVWDUUWH VDQNGLH*HVFKZLQGLJNHLWGDIUMHGRFKEHJDQQHV]X EURGHOQXQG]XNRFKHQ%ODXHU'DPSIZ|ONWH0\[LQHQW

JHJHQXQGLPQlFKVWHQ$XJHQEOLFNIORJHLQGXQNOHU *HJHQVWDQGDXVGHPVLFKEHZHJHQGHQ6FKDFKW(LQ 0HQVFK 2GHUGDVZDVYRQGHP0HQVFKHQEULJJHEOLHEHQZDU 'DHVVLFKGDEHLXP*UHJJKDQGHOWHRGHUYLHOPHKUJHKDQ GHOWKDWWHNRQQWH0\[LQQRFKDQGHP5HVWGHUVHOWVDPHQ KHOOHQ+DDUHHUNHQQHQDOOHVDQGHUHZDUQXUPHKUHLQ VFKZDU]HU.OXPSHQ$UNRQDGDKDWWHVLFKVFKUHFNOLFK JHUlFKW )DVWZlUH0\[LQQRFKJHWURIIHQZRUGHQ'LH0DVVHYHU IHKOWHLKQQXUNQDSSSUDOOWHKLQWHULKP]X%RGHQXQGDOV VLFK0\[LQXPGUHKWHGDYHUVFKZDQGDXFKGDVEODXH/LFKW ,PVHOEHQ$XJHQEOLFNEHWUDWHQ]ZHL]LHPOLFKDEJHKHW]W ZLUNHQGH0lQQHUGLHNOHLQH:DOGOLFKWXQJ 'LH0lQQHUZDUHQZLU 2EZRKOZLUXQVEHHLOWKDWWHQZDUHVXQP|JOLFKJHZHVHQ VFKQHOOHU]XVHLQ $OVZLU0\[LQHUNDQQWHQYHUVFKZDQGGDV/LFKW(VJLQJ VRVFKQHOOGDPDQHVNDXPPLWGHQ%OLFNHQYHUIROJHQ NRQQWH$OVZUGHHVLQGHU(UGHYHUVLFNHUQXQGJOHLFK ]HLWLJHQWJHJHQJHVHW]WQDFKREHQVWLHEHQ$XIMHGHQ)DOOZDU YRQGHPEODXHQ/LFKWLP1XQLFKWVPHKUYRUKDQGHQ$EHU GLH%lXPHPLWLKUHQIULVFKHUEOKWHQ=ZHLJHQVRZLHGDV *UDVZDUHQYHUEUDQQW ª0\[LQ©VSUDFKLFKGHQ)UHXQGDQGHUQLFKWK|UWHVRQ GHUQQHEHQVHLQHU.DUDNQLHWHXQGDXIVLHVFKDXWH $XFKZLUULVNLHUWHQHLQHQ%OLFN .DUDOlFKHOWH:LUVFKDXWHQDXILKUHEORH%UXVW.HLQ =HLFKHQ]XVHKHQVLHVDKY|OOLJQRUPDODXV0LW$UNRQDGDV 9HUVFKZLQGHQZDUDXFKGLHVHU%DQQJHEURFKHQ ª,FKJODXEH)UHXQGGDLFKGLHVPDO*OFNKDWWH©VDJWH .DUDZlKUHQGZLULKUDXIGLH%HLQHKDOIHQ ª'DVNDQQVWGXODXWVDJHQ©HUZLGHUWHLFKª*OFNLVWJDU

NHLQ$XVGUXFN$EHUPDFKGLUQLFKWVGUDXVHVNRPPHQ DXFKEHVVHUH=HLWHQ© 'HU6FKHU]NDPZHGHUEHL.DUDQRFKEHL0\[LQDQ'HU 0DJLHUVFKDXWH]LHPOLFKGHSULPLHUWª,FKKlWWHQLHJHGDFKW GDHUEHUOHEWH©PXUPHOWHHUª$EHUZLUPVVHQXQV GDPLWDEILQGHQ© ª:LHJHIlKUOLFKLVWHU"©ZROOWH6XNRZLVVHQ 0\[LQODFKWHDXIª6RJHIlKUOLFKGDHUGLH6WHLQHXQWHU VHLQH.RQWUROOHEULQJHQNDQQ5HLFKWGDV"© 8QGREGDVUHLFKWH:LUKDWWHQVFKOLHOLFKHUOHEWZDV JHVFKHKHQNRQQWHZHQQVRHWZDVHLQWUDW ,FKDWPHWHWLHIHLQ ª6DJMHW]WQLFKWV-RKQ©PXUPHOWH0\[LQª,FKNDQQNHLQHQ 7URVWJHEUDXFKHQXQGZUGHVRZLHVRQLFKWDXILKQK|UHQ $EHUGLH3UREOHPHZHUGHQIU.DUDXQGPLFKQLFKWZHQLJHU 'DVLVWZLHEHL6XNRXQGGLU© 'DKDWWH0\[LQUHFKW9HUGDPPWUHFKWVRJDUZLHLFK PHLQH

'(5+(;(1-b*(5921%/$&.0225 ª.RPPHQ6LH0U6LQFODLUNRPPHQ6LHPLW1XUNHLQH $QJVWLFKELQEHL,KQHQ©'HU0DQQVSUDFKGLH:RUWH IOVWHUQGXQGJHKHW]W(UVHOEVWVFKLHQLQ3DQLNJHUDWHQ ]XVHLQREZRKOHVNHLQHQ*UXQGGDIUJDE ,QGHU'XQNHOKHLWDKQWHLFKGLH%HZHJXQJPHKUDOVLFKVLH VDKXQGLFKVSUWH%DUURZV IHXFKWH+DQGIOlFKHDQPHLQHP UHFKWHQ*HOHQN 1DFKHLQSDDUNXU]HQ6FKULWWHQEOLHEHUVWHKHQ,FKVWRSSWH HEHQIDOOVXQGK|UWHLKQWDVWHQ:HQLJVSlWHUTXLHWVFKWHHLQH 7Uª%DOGLVWHVVRZHLW0U6LQFODLU©VDJWHHUª6LHEUDXFKHQ QLFKWPHKUODQJH]XZDUWHQ*DQ]EHVWLPPWQLFKW© 'LH'XQNHONDPPHUMHGHQIDOOVKDWWHQZLUKLQWHUXQV'DV *HUlXVFKGHUVLFK|IIQHQGHQ7UEHZLHVPLUGLHV(VZXUGH KHOOHU'DVJHVFKDKODQJVDPZLHLP.LQRXQGLQHLQHPNOHL QHQ.LQRVDDOEHIDQGHQZLUXQVLQGHU7DW ,FKVDKQHEHQPLUHLQHQ3URMHNWRUDXIHLQHP7LVFKVWHKHQ LKPJHJHQEHUGLHGD]XJHK|ULJH/HLQZDQG6LHZDUDXV GHPVFKZDU]HQ+RO]NDVWHQQDFKREHQJHVFKREHQZRUGHQ XQGGHU3URMHNWRUDXIVLHHLQJHVWHOOWVRGDGLH)LOPYRU IKUXQJEHJLQQHQNRQQWH 9LHU6WKOHKDWWHGHU0DQQDXIJHEDXWª:ROOHQ6LHVLFK VHW]HQ0U6LQFODLU"© ª-DJHUQ© ª6XFKHQ6LHHVVLFKDXV1RFKKDEHQ6LHGLHIUHLH$XV ZDKO©(UODFKWHEHUVHLQHQHLJHQHQ6FKHU] 'HU6WXKODXIGHPLFKPLFKQLHGHUOLHZDFNHOWHHLQ ZHQLJ 'U%DUURZVGHUKLQWHUPLUDP3URMHNWRUKDQWLHUWHJDOWDOV HLQH[]HOOHQWHU:LVVHQVFKDIWOHU(UZDU2UQLWKRORJH9RJHO NXQGOHU(LQ0HQVFKGHUGLH1DWXUXQGGLHLQLKUOHEHQGHQ 7LHUHJHQDXEHREDFKWHWHXQGVWXGLHUWH 0DQHUNDQQWHLKQDOV.DSD]LWlWDQXQGYRUDOOHQ'LQJHQ GLHKHLPLVFKHQ0RRUHXQG:lOGHUZDUHQVHLQH6SH]LDOLWlW ,FKKDWWHLKQHUVWYRUHLQHU9LHUWHOVWXQGHNHQQHQJHOHUQW 6LU-DPHVPHLQ&KHIKDWWHJHPHLQWLFKVROOHPLUGHQ

.QDEHQGRFKPDODQVHKHQXQGPLUHLQHQ)LOPYRUIKUHQ ODVVHQ'HVKDOEZDULFKKLHU 8PZHOFKHQ)LOPHVVLFKKDQGHOWHZXWHLFKQLFKW -HGHQIDOOVPXWHHUHWZDVPLWPHLQHP-RE]XWXQKDEHQ ,FKYHUVFKUlQNWHGLH$UPHYRUGHU%UXVWXQGZDUWHWHDE +LQWHUPLUKDQWLHUWH'U%DUURZV(UVSUDFKPLWVLFKVHOEVW ,FKGUHKWHPLFKDXIGHP6WXKO %DUURZVVDKPLFKQLFKW=XVHKUZDUHUPLWGHP)LOP DSSDUDWEHVFKlIWLJW'LHVHU3URMHNWRUJHK|UWHQRFK]XUDOWHQ 6RUWHGDOLHIZHQLJDXWRPDWLVFKGLH9RUEHUHLWXQJVDUEHLWHQ PXWHQPLWGHU+DQGHUOHGLJWZHUGHQ ª%LQJOHLFKVRZHLW©VDJWHHUªELQJOHLFKVRZHLW6LH ZHUGHQVWDXQHQ0U6LQFODLU© ª'DVWXLFKMHW]WVFKRQ© (UODFKWHPHFNHUQG 'U%DUURZVZDUHLQVHOWVDPHU9RJHO:HULKQVRDQVDK KlWWHLKQZLUNOLFKQLFKWIUGDVKDOWHQN|QQHQZDVHUWDW VlFKOLFKZDU'HU:LVVHQVFKDIWOHUUHLFKWHPLUNQDSSEHU GLH6FKXOWHU(UKDWWHZHLHV+DDUXQGHLQ.QHEHOEDUWXP ZXFKHUWHVHLQ.LQQ'LH*HVLFKWVKDXWZDUVRQQHQEUDXQHLQ =HLFKHQGDHUVLFKRIWLQGHUIUHLHQ1DWXUDXIKLHOW'HU $Q]XJPLWGHQ]XODQJHQ+RVHQEHLQHQKDWWHHLQHXQGHIL QLHUEDUH)DUEHXQGGLHVFKPDOHQ+lQGHEHIDQGHQVLFKLQ VWlQGLJHU%HZHJXQJ ª+DMHW]WKDEHLFKHV©OREWHHUVLFKVHOEVWXQGQLFNWH EHLIlOOLJª'LH)LOPYRUIKUXQJNDQQEHJLQQHQ6LQG6LH EHUHLW0U6LQFODLU"© ª6FKRQVHLWHLQLJHU=HLW© ª'DQQJHEHQ6LHDFKW© 1DFKVHLQHQ:RUWHQK|UWHLFKGDV%UXPPHQGHV3URMHN WRUV$XIGHU/HLQZDQGHUVFKLHQHLQ9LHUHFNGXUFKGDV 6WUHLIHQ]XFNWHQZHQLJVSlWHUHLQH=DKOHQUHLKHGLHUFN ZlUWVJH]lKOWZXUGH 9LHUGUHL]ZHLHLQV 'HU6WDUW

(LQH/DQGVFKDIWHUVFKLHQ:HLWEUDXQJUQ,FKVDKHLQHQ 6XPSILQGHU)HUQH]DKOUHLFKH:lOGHUXQGSO|W]OLFKHLQHQ DXIVWHLJHQGHQ9RJHOVFKZDUP'LH.DPHUDIXKUKHUDQXQG ]HLJWHHLQLJH7LHUHLQ*URDXIQDKPH ,FKK|UWHDXFKGHQ1DPHQGHU9|JHOKDEHLKQDEHULQ ]ZLVFKHQYHUJHVVHQ 9LHO/DQGVFKDIW]HLJWHGHU)LOP(LQHWURW]GHVKHOOHQ7DJHV GVWHUH/DQGVFKDIW,UJHQGZLHEHGUFNHQGXQGEHNOHP PHQG0DQFKPDOYRQ1HEHOVFKZDGHQGXUFKZHKWGDQQ EOlXOLFKVFKLPPHUQGXQGPLWGHQ*HULSSHQDEJHVWRUEHQHU %lXPHGXUFKVHW]W 'HU%RGHQZDUVXPSILJ(UVFKLPPHUWHGXQNHOJOlQ]WHDQ HLQLJHQ6WHOOHQDOVKlWWHPDQLKQPLWgOEHUJRVVHQXQG VFKOLHOLFKHUNDQQWHLFKLP+LQWHUJUXQGHLQ*HPlXHU ª6HKHQ6LHGLH%XUJ"©IOVWHUWH'U%DUURZV ª-D© ª'DVLVW6FKOR%ODFNPRRU© ª8QG"© ª.HQQHQ6LHHVQLFKW"© ª1HLQLFKZDUQRFKQLHGRUW© ª'DQQJHEHQ6LHJXWDFKW©(UVHQNWHVHLQH6WLPPHª8P GLHVHVXUDOWH*HPlXHUUDQNWVLFKQlPOLFKHLQ*HKHLPQLV© IXKUHUIRUWª(LQVFKUHFNOLFKHV*HKHLPQLV,FKKDEHGDYRQ JHK|UWDEHULFKZROOWHHVQLHVRUHFKWJODXEHQELVLFKHVPLW HLJHQHQ$XJHQVDKREZRKOLFKHLJHQWOLFKQLFKWVJHVHKHQ KDEHHUVWDXIGHP)LOPZLH6LHJOHLFKHUNHQQHQN|QQHQ 0U6LQFODLU'HVKDOEJHEHQ6LHDFKW© :lKUHQGVHLQHU:RUWHZDUGLH.DPHUDLPPHUQlKHUDXI GDVJHKHLPQLVYROOH6FKOR]XJHIDKUHQ ,FKNDQQWHDOWH6FKO|VVHUXQG%XUJHQ]XU*HQJHKDWWH PLFKEHUHLWVLQ]DKOUHLFKHQYRQLKQHQKHUXPJHWULHEHQXQG HUNDQQWHVRIRUWGDGLHVHV6FKORQLFKWPHKUEHZRKQWZDU 0DQNRQQWHLQGHQ)UDJPHQWHQXQG5HVWHQGHU%XUJQLFKW KDXVHQ'DVZDUHQQXUQRFK5XLQHQ 9RUGHP6FKORODJGHU6XPSI(UIKUWHELVLQGHQ:DOG

KLQHLQZRGLH%lXPHNHLQH%OlWWHUPHKU]HLJWHQVRQGHUQ LKUHNDKOHQbVWHZLH7RWHQDUPHLQGHQ+LPPHOUHFNWHQ(LQ %UDQGVFKLHQJHZWHWXQGGHQJU|WHQ7HLOYHUQLFKWHW]X KDEHQ ,FKK|UWHZLHGHUGLH6WLPPHGHV2UQLWKRORJHQ ª*OHLFKLVWHVVRZHLW0U6LQFODLU%LVKHUOlXIWQRFKDOOHV QRUPDO$XI%ODFNPRRU&DVWOHXQGLQGHUQlKHUHQ8P JHEXQJVLHKWHVZLUNOLFKVRDXVZLHDXIGHP)LOP]XHUNHQ QHQLVW(LQHULFKWLJH6FKDXHUNXOLVVH3DVVHQ6LHDXI6HKHQ 6LHGLH%HZHJXQJGRUW"© ,FKEHXJWHPLFKYRUXQGVFKDXWHJHQDXHUKLQ -DGDVDKLFKHLQH%HZHJXQJ6LHJHK|UWHHLJHQWOLFKQLFKW GRUWKLQQLFKWLQGHQ)LOPGHQQZDVPHLQHQ$XJHQSUlVHQ WLHUWZXUGHZDUHLQH'RSSHOEHOLFKWXQJ (VJOLFKQLFKWQXUHLQHUHVZDUHLQH'RSSHOEHOLFKWXQJ =ZHL)LOPHEHUHLQDQGHUZREHLGHUHUVWHPLWGHP]ZHL WHQQLFKWVJHPHLQKDWWH 'HUHUVWHGRPLQLHUWH,FKPXWHPLFKNRQ]HQWULHUHQXP GHQ]ZHLWHQHUNHQQHQ]XN|QQHQGHUVLFKZLHHLQ+DXFK EHUGHQHUVWHQJHOHJWKDWWH ,P]ZHLWHQVSLHOWHQ3HUVRQHQPLW :HQLJVWHQVVDKLFKHLQ0lGFKHQ :LHHLQ6FKDWWHQKXVFKWHHVEHUGLH/HLQZDQG*HVSHQ VWLVFKVDKGLHVDXVDOVHVEHUGHP6XPSIVFKZHEWHRGHU GXUFKGLH1HEHOVFKOHLHUKXVFKWHDOVZROOWHHVVLFKPLWLKQHQ YHUHLQLJHQ 'DV0lGFKHQQlKHUWHVLFK(VVFKLHQGLUHNWDXIGLH .DPHUD]X]XODXIHQXQGGHQ$QRUGQXQJHQHLQHV5HJLVVHXUV ]XJHKRUFKHQ ,FKK|UWHGLH6WLPPHGHV:LVVHQVFKDIWOHUVNPPHUWH PLFKDEHUQLFKWGDUXPZDVHUVDJWHGHQQGHU)LOPKDWWH PLFKLQVHLQHQ%DQQJH]RJHQ 8QGGDV0lGFKHQUDQQWHHVKXVFKWHEHUGDV0RRU'LH .OHLGXQJEHVWDQGQXUPHKUDXV)HW]HQ6LHIODWWHUWHZLHGLH 5HVWHHLQHU)DKQHXPLKUHQ.|USHU

'DV+DDUZDUGXQNHO:LHDXIJHEOlKWZXUGHHVKLQWHULKU KHUJHVFKOHLIW,FKVDKGDVYHU]HUUWH*HVLFKWXQGHUNDQQWH GDGDV0lGFKHQ$QJVWKDWWH :RYRU":HUKHW]WHHV",FKZXWHGLH$QWZRUWQLFKWGHQQ LFKVDKNHLQHQ)HLQGLQGHU1lKH ª6HKHQ6LHGDV0lGFKHQ0U6LQFODLU"© ª1DWUOLFK© ª(VJHK|UWEHUKDXSWQLFKWDXIGHQ)LOP©IOVWHUWH %DUURZVªhEHUKDXSWQLFKW,FKZHLQLFKWZRHVKHUJH NRPPHQLVW,FKKDEHHVEHLGHQ$XIQDKPHQQLFKWJHVHKHQ (UVWDOVLFKGHQ)LOPDEVSLHOWHWDXFKWHHVDXIGHP6WUHLIHQ DXI© ª:DVJHVFKLHKWMHW]W"© ª:DUWHQ6LHHVDE0U6LQFODLU(WZDV6FKUHFNOLFKHVJODX EHQ6LHPLU6LHPVVHQDEHUVWDUNH1HUYHQKDEHQ© ª'LHKDEHLFK© 'DQDFKYHUVWXPPWHXQVHU'LDORJGHQQEHLGHNRQ]HQ WULHUWHQZLHXQVZLHGHUDXIGDV*HVFKHKHQ 'DV0lGFKHQUDQQWHQRFKLPPHU-HGRFKQLFKWPHKUPLW GHU/HLFKWLJNHLWZLH]X%HJLQQ'LHODQJH)OXFKWKDWWH.UDIW JHNRVWHWGDV*HVLFKW]HLJWHGHXWOLFKGLH6SXUHQGHU$Q VWUHQJXQJXQGHUVWH(UVFK|SIXQJ'LHVZDUGHXWOLFKEHLGHQ *URDXIQlKPHQ]XVHKHQ'LH$UPHVFKOHQNHUWHQYRQHLQHU 6HLWH]XUDQGHUHQ6LHVFKLHQHQEHUKDXSWQLFKW]XGHP .|USHU]XJHK|UHQXQGDXFKGLH%HLQHKDWWHQHVVFKZHU ZHLWHULQ%HZHJXQJ]XEOHLEHQ=XGHPERWGHU%RGHQQLFKW JHQJHQG:LGHUVWDQG(UZDUZHLFKXQG]lKXQGHV VFKLHQDOVZROOWHHUMHGHQ6FKULWWGHV0lGFKHQVYHUKLQGHUQ /DQJHNRQQWHGLH.OHLQHQLFKWGXUFKKDOWHQ0LUILHOMHW]W HUVWLKUH.OHLGXQJDXI6LHZDUY|OOLJXQPRGHUQXQGSDWH QLFKWLQGLHKHXWLJH=HLW2EZRKOGHU)OFKWOLQJQXU)HW]HQ DP/HLEWUXJHUNDQQWHLFKGDVRHWZDVHLQPDOLQGHU 9HUJDQJHQKHLWPRGHUQJHZHVHQZDUDEHUQLFKWLQGHU *HJHQZDUW ª*OHLFKSDVVLHUWHV©IOVWHUWH'U%DUURZV

ª:DV"© ª:HUGHQ6LHVFKRQVHKHQ0U6LQFODLU*HEHQ6LHJHQDX DFKWXQGHUVFKUHFNHQ6LHQLFKW,FKKDEHQlPOLFKPLWGHU .DPHUDHLQHQ6FKZHQNJHPDFKWZLH6LHHUNHQQHQN|QQHQ© 'HU6FKZHQNHUIROJWH,FKVDKSO|W]OLFKUHFKWVDP%LOGUDQG HLQHXQKHLPOLFKH*HVWDOW :LHDXVGHP1LFKWVHUVFKLHQVLH6LHVWDQGSO|W]OLFKGD XQGHULQQHUWHDQHLQ'HQNPDO,FKKDWWHVLHQLFKWHUZDUWHW XQGWURW]GHU9RUZDUQXQJZDULFKEHUUDVFKW 'LH*HVWDOWVFKLHQDXVGHP6XPSIJHVWLHJHQ]XVHLQ6LH WUXJHLQHQODQJHQ0DQWHOGHUEUlXQOLFKZDUXQGHLQHQ 6FKXOWHUEHUZXUIKDWWHZLHHUPDOLQGHUIUKHUHQ=HLW PRGHUQJHZHVHQZDU'HU0DQQKDWWHHLQKDUWHV*HVLFKW VHLQ+DDUHLQHQEORQGJUDXHQ7RQXQGYRQGHQJHVSUHL]WHQ )LQJHUQVHLQHUOLQNHQ+DQGWURSIWH6FKODPP]X%RGHQ ,QGHUUHFKWHQDEHUKLHOWHUHLQH3HLWVFKH ,PHUVWHQ$XJHQEOLFNGXUFK]XFNWHHVPLFKZLHHLQ 6WURPVWR'DVGXUIWHGRFKQLFKWZDKUVHLQ'LH3HLWVFKH GLHHUKLHOWJOLFK6XNRV'lPRQHQSHLWVFKHIDVWDXIV+DDU 2GHUZDUGDVGLH'lPRQHQSHLWVFKH" 6LHKDWWHHLQHQGXQNOHQ*ULIIXQGGUHL5LHPHQGLHHLQH VFKODQJHQDUWLJH9HUOlQJHUXQJELOGHWHQ'LH5LHPHQVHOEVW JOlQ]WHQKHOODOVZlUHQVLHPLWHLQHU6LOEHUVFKLFKWEHU JRVVHQZRUGHQ 8QGGDV0lGFKHQUDQQWHJHQDXDXIGHQ8QKHLPOLFKHQ]X 'LH)OFKWHQGHVDKLKQQLFKWVLHKDWWHGHQ.RSIJHVHQNW XQGVFKDXWH]X%RGHQ$OVVLHLKQVFKOLHOLFKKREXQGGHQ 0DQQDQVFKDXWHYHU]HUUWHVLFKLKU*HVLFKW6LHVWRSSWHUL GLH$UPHKRFKXQGLFKJODXEWHGHQ6FKUHLK|UHQ]X N|QQHQGHUDXVLKUHPZHLWJH|IIQHWHQ0XQGGUDQJ 'HQQRFKZDUHVHLQVWXPPHU6FKUHL(LQ(QWVHW]HQGDV VLFKIUHLH%DKQYHUVFKDIIWH 6LHWDXPHOWHQRFKHLQLJH6FKULWWHDXIGHQ0DQQ]XEHYRU HVLKUJHODQJGHQ/DXIDE]XVWRSSHQ ª8QGMHW]WJHEHQ6LHJHQDXDFKW©IOVWHUWH'U%DUURZV

ª3DVVHQ6LHJHQDXDXI0U6LQFODLU*OHLFKHUOHEHQ6LHHLQHQ IXUFKWEDUHQ9RUJDQJGDVNDQQLFK,KQHQVDJHQ© ,FKJDENHLQH$QWZRUWVRQGHUQNRQ]HQWULHUWHPHLQHQ %OLFNVWDUUDXIGLH/HLQZDQGZRGDV*HVFKHKHQLQHLQHU JHVSHQVWLVFKHQ/DXWORVLJNHLWDEOLHI 'HU0DQQVFKOXJ]X (UKDWWHVHLQHQ$UPVFKRQ]XYRUHLQZHQLJHUKREHQXQG EHZHJWHHLJHQWOLFKQXUNXU]VHLQ+DQGJHOHQN 'DVUHLFKWH 3O|W]OLFKZLUEHOWHQGLHGUHL5LHPHQGXUFKGLH/XIWXQG IDQGHQPLWHLQHUEHNOHPPHQGHQ=LHOVWUHELJNHLWGDV=LHO 6LHZLFNHOWHQVLFKXPGHQ.|USHUGHV0lGFKHQV (VKLQJIHVW(LQ5XFNJLQJGXUFKGLH*HVWDOWXQGLFKVDK ZLHHVIDVW]X%RGHQJHIDOOHQZlUH$EHUGLHGUHL5LHPHQ KLHOWHQGDV0lGFKHQIHVWVRGDHVLQHLQHU6FKUlJODJH EOLHE 'DQQJHVFKDKGDV6FKUHFNOLFKH(LQXQKHLPOLFKHUODXW ORVHU0RUGOLHIYRUPHLQHQ$XJHQDEGHQQGLH3HLWVFKH HQWIDOWHWHHLQHP|UGHULVFKH.UDIW6LH]HUVW|UWHGDV 0lGFKHQ $QGHQGUHL6WHOOHQZRHVJHWURIIHQZRUGHQZDUEHJDQ QHQVLFKGLH5LHPHQLQGHQ.|USHUKLQHLQ]XIUHVVHQXQG JOHLFK]HLWLJ]XFNWHQGLHHUVWHQ)ODPPHQDXI (VZDUHQUHJHOUHFKWH)ODPPHQULQJHGLHVLFKLQGLH+DXW GHUMXQJHQ)UDXHLQEUDQQWHQXQGHLQ)HXHUHQWIDFKWHQGDV VLFKEOLW]VFKQHOODXVEUHLWHWH $XIHLQPDOZDUGLH)UDXQXUQRFKHLQ)ODPPHQEQGHO :LHVLOEHUQH6FKODQJHQ]XFNWHQGLHGUHL5LHPHQGHU 3HLWVFKH]XUFNXQGGHUVWXPPH0|UGHUUROOWHVLHPLWHLQHU URXWLQLHUWZLUNHQGHQ%HZHJXQJZLHGHUDXI'DQDFK VFKDXWHHU]XZLHVHLQ2SIHUYHUEUDQQWH (VZDUHLQHVFKOLPPH6]HQH9LHOOHLFKWGHVKDOEVR VFKOLPPZHLONHLQ/DXW]XYHUQHKPHQZDU:HQQLFKHLQHQ 6FKUHLJHK|UWKlWWHHLQHQ5XIGLH%LWWHXP+LOIH'RFK GDVDOOHVJHVFKDKQLFKW

'HU)LOPEOLHEVWXPP ,FKKDWWHGLH+lQGHJHEDOOWXQGIKOWHDXIPHLQHQ+DQG IOlFKHQGLH)HXFKWLJNHLW1DWUOLFKZDULFKYLHOJHZRKQW DEHUGLHVHV0lGFKHQVRVWHUEHQ]XVHKHQXQGQLFKWHLQ JUHLIHQ]XN|QQHQGDV]HUUWHVFKRQDQGHQ1HUYHQ 6LHYHUEUDQQWH (LQHU|WOLFKVFKLPPHUQGH$VFKHEOLHE]XUFNGLHVLFKZLH HLQIHLQHU6FKOHLHUEHUGLH.QRFKHQOHJWHGLHGHP)HXHU ZLGHUVWDQGHQKDWWHQ ,PQlFKVWHQ$XJHQEOLFNVDKLFKDXFKGDYRQQLFKWVPHKU XQGGHU0DQQPLWGHU3HLWVFKHZDUHEHQIDOOVYHUVFKZXQ GHQ(LQHQRUPDOH/DQGVFKDIWODJYRUXQV )DVWEHUGHXWOLFKYHUQDKPLFKGDV6XUUHQGHV3URMHNWRUV GDVGDQQDEHUYRQGHU6WLPPHGHV2UQLWKRORJHQEHUW|QW ZXUGH ª1XQ0U6LQFODLUKDEHLFK]XYLHOYHUVSURFKHQ"© ,FKVWDUUWHDXIGLH/HLQZDQGZRGDVOHW]WH%LOGSO|W]OLFK ]XVDPPHQVDFNWH ª1HLQ©VDJWHLFKªGDVKDEHQ6LHQLFKW© 'U%DUURZVVFKDOWHWHGDV/LFKWHLQ ,FKEOLHEQRFKIUHLQH:HLOHVWDUUDXIGHP6WXKOVLW]HQ 1LFKWQXUPHLQH+DQGIOlFKHQZDUHQVFKZHLIHXFKWJH ZRUGHQDXFKDXIPHLQHU6WLUQNOHEWHGLH6FKLFKW,FK ZLVFKWHVLHPLWGHP+DQGUFNHQZHJ %DUURZVNDP]XPLU(UJLQJODQJVDPHLQZHQLJVFKZHU IlOOLJ$OVLFKPHLQHQ.RSIGUHKWHVDKLFKGDHUGHQ%OLFN ]X%RGHQJHVHQNWKDWWH5HFKWVQHEHQPLUOLHHUVLFKQLHGHU XQGKREGLH6FKXOWHUQª*ODXEHQ6LHPLU0U6LQFODLULFK KDEHIUGLHVHV3KlQRPHQNHLQH(UNOlUXQJ'DVLVWDOOHVVR VHOWVDP© ,FKUXQ]HOWHGLH6WLUQª(VVDKPLUQDFKHLQHU'RSSHO EHOLFKWXQJDXV© ª.ODUGDUDQKDEHLFKDXFKJHGDFKW$EHUZLHZDUGDV

P|JOLFK"(VZDUQLHPDQGLQGHU1lKHGHUHLQHQZHLWHUHQ )LOPJHGUHKWKlWWH1HLQGDV3KlQRPHQLVWIUPLFKXQHU NOlUOLFKZHQQLFKHKUOLFKVHLQVROO2GHUN|QQHQ6LHHWZDV GD]XVDJHQ"© ª1RFKQLFKW© ª'LHEHLGHQ3HUVRQHQSDVVHQHLQIDFKQLFKWDXIGHQ)LOP© VDJWHHUXQGVWDQGDXIª,FKKROHHLQHQ6FKOXFN]XWULQNHQ© $XWRPDWLVFKQLFNWHLFKZlKUHQGLFKPLFKZHLWHUKLQ PHLQHQ*HGDQNHQKLQJDE :DVLFKLQGHQOHW]WHQ0LQXWHQHUOHEWKDWWHZDUZLUNOLFK XQHUNOlUOLFKXQGSKlQRPHQDO2ND\HLQ6WUHLIHQZDULQGHU -HW]W]HLWGHU*HJHQZDUWJHGUHKWZRUGHQ:LHNRQQWHHV DEHUP|JOLFKVHLQGDVLFKQRFKHLQ]ZHLWHU)LOP]HLJWH" 'DVVROOWHYHUVWHKHQZHUZROOWHLFKNRQQWHPLUGDUDXI NHLQHQ5HLPPDFKHQ :LHDOVRZDUHV]XHUNOlUHQ",FKJLQJHUVWHLQPDOGDYRQ DXVGDLFKDXIGHU/HLQZDQG6]HQHQJHVHKHQKDWWHGLH VLFKLQGHUIHUQHQ9HUJDQJHQKHLWDEVSLHOWHQ'RUWPXWH GLHVHU9RUIDOOJHVFKHKHQVHLQZHQLJVWHQVGHXWHWHGLH .OHLGXQJGHU0HQVFKHQGDUDXIKLQ ,FKK|UWHGLH6FKULWWHGHV:LVVHQVFKDIWOHUV(UNHKUWH ]XUFNVHW]WHVLFKZLHGHUQHEHQPLFKXQGVFKHQNWH6DIWLQ ]ZHL*OlVHUHLQ(LQVUHLFKWHHUPLUPLWGHQ:RUWHQª+DEHQ 6LHVLFKVFKRQHLQH/|VXQJEHUOHJW0U6LQFODLU"© ª7XWPLUOHLG© (UQLFNWHEHYRUHUWUDQNª-DHVLVWXQHUNOlUOLFK,FKVSUDFK PLWHLQHP.ROOHJHQEHUGLHVHV3KlQRPHQ'HUZXWHVLFK DXFKNHLQHQ5DWVFKOXJPLUVFKOLHOLFKYRUPLFKHLQPDOPLW 6LU-DPHV3RZHOOLQ9HUELQGXQJ]XVHW]HQ'DVKDEHLFK JHWDQ© ,FKQLFNWHª:RKDEHQ6LHGLHVH$XIQDKPHQHLJHQWOLFK JHGUHKW"©ZROOWHLFKZLVVHQ ª,Q0LWWHOHQJODQG© ª+DWWHQ6LHHLQHQ*UXQG"© ª.ODU'RUWLVWGLH1DWXUQRFKHLQLJHUPDHQLQ2UGQXQJ

,FKEHVFKlIWLJHPLFKPLWGHU2UQLWKRORJLHZLH6LHMDZLVVHQ *HUDGHLP)UKMDKUJLEWHVLQWHUHVVDQWH'LQJH]XEHRE DFKWHQ ª'DVKDEHLFKJHVHKHQ©HUZLGHUWHLFKGRSSHOVLQQLJ ª1XUNHLQHDOOPlKOLFKHUEOKHQGH1DWXUVRQGHUQHLQHQ JUDXVDPHQ0RUG©VDJWHGHU:LVVHQVFKDIWOHU ,FKWUDQNHLQHQ6FKOXFN1RFKLPPHUGDFKWHLFKEHUGDV 3KlQRPHQQDFK'HXWOLFKVDKLFKGHQ0DQQPLWGHU 3HLWVFKHYRUPLU'HU.OHLGXQJQDFKJHK|UWHHULQHLQHDQ GHUH=HLW,QGLH=HLWGHV+H[HQZDKQVVRMHGHQIDOOVPXWH LFKGLH6]HQHGHXWHQ ª,FKKDEHNHLQH(UNOlUXQJ©JDE'U%DUURZVHKUOLFK]X ª(VLVWYRQPLUQLFKWVJHWUNWZRUGHQXQGDXFKHLQH 'RSSHOEHOLFKWXQJNDQQLFKPLUQLFKWYRUVWHOOHQREZRKOHV VRHWZDVbKQOLFKHVMDZDU© ª:LVVHQ6LHHWZDVEHUGLH*HJHQG"©IUDJWHLFK ª0HLQHQ6LH%ODFNPRRU"© ª-D© (UZLQNWHDEª'DIUDJHQ6LHPLFKZDV(VLVWJUDXHQKDIW %ODFNPRRUNDQQPDQPLWQRUPDOHQ0DVWlEHQEHUKDXSW QLFKWPHVVHQ'DVLVWZLUNOLFKNHLQH*HJHQGXP8UODXE]X PDFKHQ'DZLUGPDQVFKZHUPWLJZHQQPDQGRUWQLFKW JHERUHQLVW$QGHUVYHUKlOWHVVLFKEHLPLU,FKOLHEHGDV 0RRUVHLQHIHXFKWH)OlFKHGLHQRFKVRXQEHUKUWLVW+LHU N|QQHQVLFKGLH9|JHOXQG,QVHNWHQIUHLHQWIDOWHQVLHEUDX FKHQNHLQH$QJVWYRUGHQ0HQVFKHQ]XKDEHQGLHLKUHQ /HEHQVUDXPWURFNHQOHJHQZROOHQ© ª*HVFKLHKWGDVQLFKW"© ª1HLQ'DIUKDEHQGLH1DWXUVFKW]HUJHVRUJW%ODFNPRRU VROOHUKDOWHQEOHLEHQ© ª8QGZHPJHK|UWGDV6FKOR"© ª$FK6LHPHLQHQGHQDOWHQKDOE]HUVW|UWHQ%DX"©'U %DUURZVODFKWHª-DGDVLVWDXFKVRHLQH*HVFKLFKWH9LHO OHLFKWZUGHHVKHXWHQRFKVWHKHQZLHHVIUKHUHLQPDO JHZHVHQLVWDEHUGDQQKDWHLQ%UDQGDOOHVYHUQLFKWHW

'HVKDOEVWHKHQQXUQRFKGLHUXJHVFKZlU]WHQ$XHQ PDXHUQ=XGHPSDVVHQVLHLUJHQGZLHLQGLH*HJHQG© ª:DUHQ6LHVFKRQPDOGULQ"© ª-DGDVZDULFKLQGHU7DW8QJHPWOLFKNDQQLFK,KQHQ VDJHQ5LFKWLJXQJHPWOLFK'HU:LQGSIHLIWXPGLHNDKOHQ 0DXHUUHVWH'DLVWQLFKWVZDVHLQHQKlOW,FKELQHLQPDOLQ GLH.HOOHUKLQDEJHVWLHJHQ6FKOLPPNDQQLFK,KQHQVDJHQ 8QKHLPOLFKH*HZ|OEHPDQFKPDOVRJDUHLQJHVWU]W© ª-HW]WEUDXFKWHLFKQXUQRFKGLHJHQDXH/DJH©VDJWHLFK ª:ROOHQ6LHKLQ"©hEHUUDVFKWVFKDXWHPLFK'U%DUURZV DQ ,FKODFKWHª:DVGDFKWHQ6LHGHQQ"(UVWHUZHFNHQ6LHPHLQH 1HXJLHUGDQQZXQGHUQ6LHVLFK1HLQGLHVHP3KlQRPHQ JHKHLFKDXIGHQ*UXQGGDUDXIN|QQHQ6LHVLFKYHUODVVHQ© (UJULQVWHYHUVFKPLW]Wª(LJHQWOLFKKDWWHLFKQLFKWVDQGHUHV YRQ,KQHQHUZDUWHWDEHUQDFKGHP)LOPZDULFKPLUQLFKW PHKUVRVLFKHUZLVVHQ6LH(UZDUYHUGDPPWXQKHLPOLFK© ª'DVN|QQHQ6LHODXWVDJHQ© 3O|W]OLFKVFKOXFNWHHUPLWGHQ)LQJHUQDOVKlWWHHUHLQHQ EHVRQGHUVJXWHQ(LQIDOOª'DLVWQRFKHWZDV,FKEHVLW]HYRQ GHU*HJHQGDXVJH]HLFKQHWHV.DUWHQPDWHULDO:HQQLFK ,KQHQGDPLWEHKLOIOLFKVHLQNDQQVDJHQ6LHHV© ª'DVZlUHJXW© 'U%DUURZVVWDQGDXIª.RPPHQ6LH0U6LQFODLULFK ZHUGHVHKHQZDVVLFKPDFKHQOlW© :LUYHUOLHHQGHQ9RUIKUUDXPJLQJHQGXUFKGLHILQVWHUH 'XQNHONDPPHUXQGJHODQJWHQLQGDVPLW)DFKEFKHUQYROO JHVWRSIWH$UEHLWV]LPPHUGHV2UQLWKRORJHQ 'HU6FKUHLEWLVFKVWDQGYRUGHP)HQVWHU'U%DUURZV EFNWHVLFKXQGVXFKWHLQHLQHUGHU]DKOUHLFKHQ6FKXEODGHQ KHUXP6FKOLHOLFKIDQGHUGDVZDVHUVXFKWH'DV.DUWHQ PDWHULDOEHIDQGVLFKLQHLQHU.ODUVLFKWPDSSHGLHHUPLU UHLFKWH ª6RGDILQGHQ6LHDOOHV©(UVFKDXWH]XPLUKRFKª:DQQ ZROOHQ6LHORV"©

ª6RVFKQHOOZLHP|JOLFK*LEWHVLQGHU1lKHDXFKHLQ 'RUI"© ª-D%ODFNPRRU(LQ2UWZLHDP(QGHGHU:HOW'LH 0HQVFKHQVLQGVHKUHLJHQNDQQLFK,KQHQVDJHQ,FKELQ VFKRQPHKUDOVHLQ'XW]HQG0DOGDJHZHVHQDEHU.RQWDNWH KDEHLFK]XU%HY|ONHUXQJELVKHUQLFKWNQSIHQN|QQHQ'LH /HXWHVLQGPHKUDOVNRPLVFK© ª:LUZHUGHQVHKHQ© ª8QGQRFKHLQV©VDJWHGHU0DQQZREHLHUZDUQHQG VHLQHQUHFKWHQ=HLJHILQJHUKREª:HQQ6LHVFKRQGRUWVLQG WXQ6LHPLUHLQHQ*HIDOOHQYHUWUHLEHQ6LHPLUELWWHQLFKWGLH 9|JHO© ª.HLQH6RUJHLFKZHUGHVFKRQDFKWJHEHQ© 'U%DUURZVEUDFKWHPLFKQRFKELV]XU7U(UUHGHWH XQXQWHUEURFKHQGLHVPDODOOHUGLQJVYRQVHLQHQ9|JHOQXQG GDYRQZLHZHUWYROOVLHIUGLH1DWXUZDUHQ $P:DJHQYHUDEVFKLHGHWHLFKPLFKYRQLKPª:HQQ6LH (UIROJKDEHQ0U6LQFODLUODVVHQ6LHHVPLFKZLVVHQ© ,FKQLFNWHª6LHZHUGHQGHUHUVWHVHLQ'RNWRU© ª'DQNHXQGYLHO*OFN© 'DVNRQQWHLFKZLUNOLFKEUDXFKHQ'HU%HQWOH\ZUGHPDO ZLHGHUHLQHNOHLQH5HLVHPDFKHQPVVHQ(VWDWGHPDOWHQ 6FKlW]FKHQJDQ]JXWPDODXVJHIDKUHQ]XZHUGHQ $OOHLQZROOWHLFKQLFKWLQGLH*HJHQG6XNRPXWHPLW'HU )UHXQGHPSILQJPLFKLP%URDXFKJOHLFKPLWGHU)UDJH ZLHHVGHQQJHZHVHQVHL ,FKKRFNWHPLFKDXIGLH.DQWHPHLQHV6FKUHLEWLVFKHVª:LU ZHUGHQLQV0RRUIDKUHQ© ª,VWZDVGUDQ"© ª+|FKVWZDKUVFKHLQOLFK©HUZLGHUWHLFKXQGJULII]XP 7HOHIRQXPPHLQHQ&KHI]XLQIRUPLHUHQ

'HU:DJHQZDUNOHLQXQGIUGLH6FKODJO|FKHUGHU :HJVWUHFNHYLHO]XKDUWJHIHGHUWDEHUGDVVW|UWHGLHEHLGHQ 3HUVRQHQGLHLQLKPVDHQQLFKW 6LHPXWHQGLH6WUHFNHIDKUHQGHQQVLHKDWWHQHLQHZLFK WLJH$XIJDEH]XHUOHGLJHQ (VZDUHQ]ZHL)UDXHQGLHLQGHP6SLWILUHKRFNWHQ(UZDU GXQNHOZLHGLH/DQGVFKDIWGLHVLHXPJDE0DQKlWWH PHLQHQN|QQHQHLQHJHZDOWLJH'HFNHZlUHEHUGDV0RRU JHKlQJWZRUGHQGLHQXUHLQ/RFKKDWWHGXUFKGDVEOHLFK XQGIDKOHLQIDVWYROOHU0RQGVFKLPPHUWH 1DWUOLFKKlWWHQVLHDXFKDXIHLQHDQGHUH$UWXQG:HLVHDQ LKU=LHOJHODQJHQN|QQHQDEHUGDVZROOWHQVLHQLFKW6LH JDEHQVLFKEHZXWKDUPORV 'DEHLZDUHQVLHEUDQGJHIlKUOLFK $OV7|FKWHUGHU+|OOHRGHU6NODYLQQHQGHV6DWDQVNRQQWH PDQGLHEHLGHQEH]HLFKQHQ )UDXHQGHUHQ6FK|QKHLWHLQHQ0DQQEOHQGHQXQGLKQ JOHLFK]HLWLJYHUQLFKWHQNRQQWH 8QGVLHKLHOWHQ]XVDPPHQZLH3HFKXQG6FKZHIHOGHQQ GLHHLQHZDUGLH'LHQHULQGHUDQGHUHQ :LNNDXQG-DQH&ROOLQV ,QGHU7DWZDUHQVLHHVGLHGXUFKGLHHLQVDPH*HJHQG IXKUHQXP]XLKUHP=LHO]XJHODQJHQ(VODJPLWWHQLP 0RRUQLFKWPHKUDOO]XZHLWHQWIHUQWXQGLQGLHVHU1DFKW ZROOWHQVLHGDV5lWVHOO|VHQGHVVHQWZHJHQVLHKLHUZDUHQ 'LH)UDXDXIGHP%HLIDKUHUVLW]VDGRUWZLHHLQH6WDWXH ,KUODQJHVVFKZDU]HV+DDUILHO]XEHLGHQ6HLWHQGHV.RSIHV ELVDXIGLH6FKXOWHUQXQG]HLJWHHLQHQ0LWWHOVFKHLWHOGHU HLQH]LHPOLFKKRKH6WLUQIUHLJDE'LHERW3ODW]JHQXJIU ]ZHLNOHLQH6FKODQJHQGLHEHLEHVWLPPWHQ*HOHJHQKHLWHQ DXVGHU6WLUQZXFKVHQXQGVLFKLQK|OOLVFKJHIlKUOLFKH :DIIHQYHUZDQGHOQNRQQWHQ 'LHVH6FKODQJHQYHUEDQGHQ:LNNDPLWGHP7HXIHOGHVVHQ 'LHQHULQVLHZDU*OHLFK]HLWLJZDUVLHDEHUDXFKGLH.|QLJLQ GHU+H[HQ6LHZDUGLHVWlUNVWHXQGPlFKWLJVWHXQWHULKQHQ

XQGVLHZROOWHGDVlPWOLFKH+H[HQDXIGHU(UGHQXULKU JHKRUFKWHQ8QWHULKUHU)KUXQJPXWHQVLH]XVDPPHQ JHIDWZHUGHQGDPLWPDQGHP7HXIHOHLQHQJQVWLJHQ 6WDUWSODW]JDE 1HEHQ:LNNDVD-DQH&ROOLQVGLHGDV/HQNUDGPLWEHLGHQ +lQGHQIHVWKLHOWGDPLWHVLKUEHLGHQ8QHEHQKHLWHQGHV %RGHQVQLFKWDXVGHQ+lQGHQWDQ]WH -DQHHKHPDOLJH'HWHNWLYLQVWDQGYROOXQGJDQ]XQWHU GHP%DQQGHU2EHUKH[H:LNND6LHZDULKUK|ULJVLHZUGH DOOHVWXQZDVVLHYHUODQJWHXQGVLHKDWWHHVVFKRQJHWDQ $QLKUIUKHUHV/HEHQGDFKWHVLHQLFKWPHKUVLHKDWWHHV NXU]HUKDQGYHUGUlQJW)UVLH]lKOWHQQXUGLH*HJHQZDUW XQGGLH.UlIWHGLHVLHMHW]WEHVD 1DWUOLFKVFKORVLH:LNNDLQGHQ.UHLVODXIGHU'DQNEDU NHLWPLWHLQ6LHKDWWHVLFKLKUHUDQJHQRPPHQDOVGHU*HLVW GHVWRWHQ5LSSHUVLQ-DQHV.|USHUJHIDKUHQZDU (UKRFNWHQRFKLPPHUGDULQXQGYHUVWlUNWHGDV%|VH -DQH&ROOLQVZDUHLQHJHOHKULJH6FKOHULQJHZHVHQ6R KDWWHVLHVLFKYRQ:LNNDLQPDQFKHV*HKHLPQLVGHU+H[HQ NXQVWHLQZHLKHQODVVHQXQGZHQGHWHLKU:LVVHQDXFKDQ 6LHNRQQWHQXUSO|W]OLFK]XVFKODJHQXQGHEHQVRVFKQHOO ZLHGHUYHUVFKZLQGHQ$EHUDXFKKDUPORVJDEHQVLHVLFK JHUQZLHMHW]WGDVLHGXUFKGLHHLQVDPH0RRUODQGVFKDIW IXKUHQXQGHLQHQUHJHOUHFKWlQJVWOLFKHQ(LQGUXFNHU ZHFNWHQ 'HU:HJZDUGXUFKNHLQH/HLWSODQNHJHVLFKHUW(VJDE DXFKNHLQHQ0LWWHOVWUHLIHQ *HVSHQVWLVFKVDKGLH/DQGVFKDIWDXV=XEHLGHQ6HLWHQGHV 3IDGHVEUHLWHWHVLFKGDV0RRUDXV(LQVHKUIODFKHV0RRU RKQHLUJHQGZHOFKH%DXPJHULSSHVRQGHUQQXUPLWKDUWHP ]lKHP*UDVEHZDFKVHQGDVPDQFKJHIlKUOLFKH7PSHO O|FKHUYHUEDUJ :LHLQGHQ1lFKWHQEOLFKZHQQGLH7HPSHUDWXUJHVXQ NHQZDUELOGHWHQVLFKEHUGHP0RRUODQJH'XQVWVFKOHLHU /DXWORVVWULFKHQVLHDXIGHU)OlFKHHQWODQJHULQQHUWHQDQ

*HLVWHUXQGGUHKWHQVLFK]XPDNDEUHQ7lQ]HQZHQQGHU :LQG]ZLVFKHQVLHIXKUXQGVLHEHZHJWH 'LHVFKDXULJH6]HQHULHGLHGHQPHLVWHQ0HQVFKHQ)XUFKW HLQJHIO|WKlWWHOLHGLHEHLGHQ+H[HQNDOW6LHIUFKWHWHQ VLFKGDYRUQLFKWLKUH*HGDQNHQGUHKWHQVLFKXPJDQ] DQGHUH'LQJH 8PGHQ7RGLKUHU$UWJHQRVVLQQHQ /lQJHUNRQQWH:LNNDHVDXINHLQHQ)DOOKLQQHKPHQGD +H[HQJHW|WHWZXUGHQ,UJHQGMHPDQGPDFKWH-DJGDXIGLH 7HXIHOVGLHQHULQQHQXQGHUWDWGLHVPLWHLQHUQDKH]XJUDX VDPHQ3HUIHNWLRQ(UW|WHWHHLVNDOW:LNNDKDWWHZlKUHQG HLQHUPDJLVFKHQ%HVFKZ|UXQJGLH7RGHVVFKUHLHLKUHU)UHXQ GLQQHQYHUQRPPHQ 8QGQLFKWQXUHLQPDO ,QGHQ1lFKWHQKDWWHVLHGLH6FKUHLHLPPHUZLHGHUJHK|UW :LNNDZDUZLOGJHZRUGHQVLHKDWWHDOOH.UlIWHHLQJHVHW]W XP]XHUIDKUHQZRKHUGLH6FKUHLHNDPHQGHQQVLHZXWH JHQDXGDGLHMHQLJHQGLHJHVFKULHQKDWWHQQLFKWPHKU OHEWHQ 'HU7RGJULIIQDFKLKQHQ 8QGGDQQZDUHVVRZHLW(LQHV1DFKWVDOVVLHGLH6FKUHLH DEHUPDOVYHUQDKPEHVFKZRUVLHGDVPDJLVFKH+H[HQGUHL HFN'LHVPDOKDWWHVLH(UIROJ'DV'UHLHFN]HLJWHLKUZRVLH GHQhEHOWlWHUILQGHQNRQQWH $OOHUGLQJVZXWHVLHQLFKWZHUHUZDU6LHKDWWH]XHUVWDQ LKUHQ(U]IHLQG-RKQ6LQFODLUJHGDFKWGRFKGHUNRQQWHHV QLFKWVHLQ (LQDQGHUHUW|WHWHLKUH6FKZHVWHUQ (UPXWHVHKUVWDUNVHLQGHQQ:LNNDNDQQWHGLH.UDIWGHU +H[HQ6LHOLHHQVLFKQLFKWVRHLQIDFKXQWHUNULHJHQ$XFK VLHNDQQWHQHLQHQJHIlKUOLFKHQ=DXEHUPLWGHPVLHLKUH *HJQHUDXVVFKDOWHWHQ %LVDXIV%OXWTXlOWHGHUDQGHUHVLHXQG:LNNDKDWWHVLFK YRUJHQRPPHQLKQVRJUDXVDP]XYHUQLFKWHQGDHVIUDOOH DQGHUHQGLHLKPIROJHQZROOWHQHLQH/HKUHZDU

6LHOLHVLFKVRHWZDVQLFKWJHIDOOHQ %ODFNPRRU 'HU1DPHKDWWHLQQHUKDOEGHV+H[HQGUHLHFNVJH]LWWHUW,Q EOXWURWHU6FKULIWVRJDU1DWUOLFKKDWWHVLFK:LNNDJHQDX HUNXQGLJWZDVHVPLW%ODFNPRRUDXIVLFKKDWWHXQGVLHIDQG KHUDXVGDGLHVHV*HELHWLQ0LWWHOHQJODQGODJXQGELVDXI ZHQLJH'|UIHUY|OOLJDXVJHVWRUEHQZDU 'LHDOWH5XLQHGHV6FKORVVHV%ODFNPRRUZDUQRFKYRUKDQ GHQ,KUHJHVFKZlU]WHQ0DXHUQVWDQGHQLP6XPSIJHELHW XQGYRQLKQHQJLQJGDV*UDXHQDXV :LNNDKDWWHGDUDXIYHU]LFKWHWGLUHNWLQGDV=HQWUXP]X VSULQJHQ6LHZROOWHDEZDUWHQEHREDFKWHQODXHUQGHQQ YLHOOHLFKWOLHIGHUDQGHUHVHOEVWLQGLH)DOOH 1RFKZDUQLFKWV]XVHKHQ'VWHUODJGLHIODFKH/DQG VFKDIWYRULKQHQ9RP+LPPHOVFKLHQGHU0RQGHLQSDDU 6WHUQHIXQNHOWHQZLHYHUJHVVHQH'LDPDQWHQGLH1HEHO VFKOHLHUGUHKWHQVLFKPDQFKPDOEHUGHP:HJXQGYHU ILQJHQVLFKLQGHQHLQJHVFKDOWHWHQ/LFKWVWUDKOHQGHUEHLGHQ 6FKHLQZHUIHU :LNNDXQG-DQHKDWWHQVLFKHQWVFKORVVHQ]XPDOWHQ6FKOR ]XIDKUHQ'LH=XIDKUWEHVWDQGQRFKLPPHU'RUWZROOWHQVLH GDQQDXIGHQDQGHUHQODXHUQ8QGZHQQHUHUVFKLHQVROOWH HUVHLQEODXHV:XQGHUHUOHEHQ 'HU7RGZDULKPVLFKHU ª'XPXWDFKWJHEHQ-DQHZLUPVVHQEDOGGLHVFKPDOH $E]ZHLJXQJHUUHLFKHQ© ª'LH]XP6FKORIXKUW"© ª-D© ª:HUGHQZLULKQGRUWILQGHQ"© ª,FKKRIIHHVGHQQLFKZLOOLKQYHUQLFKWHQ©:lKUHQGGLHVHU :RUWHVSUKWHQ)XQNHQYRQGHQ/LSSHQGHU+H[H ª:HUNDQQHVQXUVHLQ"© ª'DVZXWHQLFKWHLQPDOGHU7HXIHO©HUZLGHUWH:LNND ª-HPDQGGHUXQVKDVVHQPX9LHOOHLFKWHLQ+H[HQW|WHUDXV GHU9HUJDQJHQKHLW0|JOLFKLVWDOOHV©

-DQHQLFNWH$XFKVLHKDWWHZlKUHQGLKUHU=HLWEHL:LNND JHOHUQW]XKDVVHQ)UKHUKDWWHVLHGHQ*HVFK|SIHQGHU )LQVWHUQLVGHQ.DPSIDQJHVDJWGRFKGDV]lKOWHQLFKWPHKU -HW]WZDUHQGLH6FKZDU]EOWHULKUH)UHXQGHXQGVLHKDWH QXQGLHMHQLJHQGLHVLHEHNlPSIWHQ $XFK-RKQ6LQFODLUJHK|UWHGD]X ,UJHQGZDQQHLQPDOZROOWHVLHLKQW|WHQ $OVVLHDQGHQ*HLVWHUMlJHUGDFKWHYHU]RJVLFKLKU*HVLFKW 'DV/lFKHOQZLUNWHE|VHXQGJHPHLQ ª:DVKDVWGX"©IUDJWH:LNND ª,FKGDFKWHDQ6LQFODLU© ª8QG"© ª(UPXDXFKLUJHQGZDQQYHUVFKZLQGHQ7URW]DOOHP ZLUG6LQFODLU]XPlFKWLJZHLOZLUHVQLFKWVFKDIIHQXQV]X RUJDQLVLHUHQ© ª-DGDVVWLPPW© 1DFKGLHVHQ:RUWHQVFKOLHIGLH8QWHUKDOWXQJHLQ%HLGH ZXWHQGDGHUNOHLQH2UW%ODFNPRRUH[LVWLHUWH'RUWDEHU ZROOWHQVLHQLFKWKLQVRQGHUQGLUHNWLQV=HQWUXP 0LWLKUHPVLFKHUHQ,QVWLQNWKDWWH:LNNDHUNDQQWGDGLH DOWHDXVJHEUDQQWH%XUJHLQHEHVRQGHUH5ROOHVSLHOWH,KU PDJLVFKHV+H[HQGUHLHFNKDWWHDXIVLHKLQJHZLHVHQ,QGHP *HPlXHUYLHOOHLFKWDXFKLQGHQQRFKYRUKDQGHQHQGVWHUHQ *HZ|OEHQPXWHVLFKLUJHQGHWZDVWXQ(LQHVWDUNH0DJLH KDWWHVLFKGRUWHLQJHQLVWHWXQGVLHZROOWH:LNNDEHNlPSIHQ 'HUNOHLQH:DJHQVFKDXNHOWHZHLWHUXQGHUUHLFKWHGLH $E]ZHLJXQJGLH]XU%XUJIKUWH -DQH&ROOLQVOHQNWHGHQ:DJHQKLQHLQ ,PDXIXQGQLHGHUWDQ]HQGHQ/LFKWGHVKHOOHQ6FKHLQ ZHUIHUWHSSLFKVVDKVLH6WUlXFKHUXQGKRKHV*UDVGDVGXUFK GLHVWHWLJHQ%HUKUXQJHQGHV/LFKWVZLHPLW/HEHQHUIOOW ZLUNWH hEHUDOOVFKLHQHQJHKHLPQLVYROOH*HLVWHUXQG'lPRQHQ]X ODXHUQGLHQXUGDUDXIDXVZDUHQDQGHUHLQ)DOOHQ]X ORFNHQ'LH8PJHEXQJEHUHLWHWHGHQEHLGHQ+H[HQNHLQH

6RUJHQ'HU:HJZDUYLHOVFKOLPPHU1LFKWQXU6FKODJO|FKHU PDFKWHQLKQHQ]XVFKDIIHQGHU8QWHUJUXQGVHOEVWZDU JOLWVFKLJXQGIHXFKWPDQFKPDOVHKUWLHIVRGDGLH5HLIHQ 0KHKDWWHQVLFKZLHGHUIUHL]XZKOHQZHQQVLHHLQPDOIU NXU]H=HLWVWHFNHQEOLHEHQ ,UJHQGZLHVFKDIIWHHV-DQHGHQQRFKGHQ:DJHQDXIGHU %DKQ]XKDOWHQ6LHZDUHLQHURXWLQLHUWH$XWRIDKUHULQ 8QGGDQQVDKHQVLHLKU=LHO 'LHXQKHLPOLFKH6FKORUXLQHODJYRULKQHQ 'DGHU0RQGGLUHNWEHULKU]XVWHKHQVFKLHQKREHQVLFK GLH8PULVVHGHUDXVJHEUDQQWHQ5XLQHVFKDUIDE 6LHHQWGHFNWHQDEHUDXFKGLHGXQNOHDQPDQFKHQ6WHOOHQ JHKHLPQLVYROOVFKLPPHUQGH)OlFKHGLHYRUGHP6FKORODJ (VZDUGDV0RRUGHU6XPSIGHUDOOHVIUDZDVVLFKLQVHLQH 1lKHZDJWH:HUHLQPDOLQLKPVWHFNWHZDUIUDOOH=HLWHQ YHUORUHQ ,PHUVWHQ0RPHQWVDKHVVRDXVDOVZUGHGHUVFKPDOH 3IDGPLWWHQGXUFKGHQVFKZDU]HQWFNLVFKHQ6XPSIYHU ODXIHQ(LQ,UUWXPZLHGLHEHLGHQ+H[HQEHUXKLJWIHVWVWHOO WHQ'HU:HJEHVFKULHEHLQHQ%RJHQXQGZXUGHVRJDU]X HLQHP'DPPDOVHUDP5DQGGHV0RRUVHQWODQJOLHI'HQ 'DPPKDWWHQ0HQVFKHQDQJHOHJW'LHVFKPXW]LJHQ5HLIHQ GHV6SLWILUHUXPSHOWHQEHU%RKOHQ :DUHQVLHYRUKLQQRFK!JHNURFKHQVRNRQQWHQVLHMHW]WGLH *HVFKZLQGLJNHLWHUK|KHQ6LHQlKHUWHQVLFKGHP=LHOLPPHU VFKQHOOHU 'LH%RKOHQYHUVFKZDQGHQ(VZDUVRDOVZUGHGHU:DJHQ EHUHLQHIHXFKWH:LHVHIDKUHQEHUGHU1HEHOVFKOHLHU WDQ]WHQ 'LHDOWH5XLQHERWHLQVFKDXULJHV%LOG%HLP1lKHU NRPPHQHUNDQQWHQEHLGHGDGLHVFKZDU]HQ0DXHUQHLQHQ VHOWVDPHQ*ODQ]KDWWHQDOVZlUHQGLH6WHLQHPLWgOHLQJH ULHEHQZRUGHQ'LH5XLQHKDWWHVRNRQQWHPDQIDVWVDJHQ GLH)RUPHLQHU3\UDPLGH*DQ]REHQUDJWHHLQ7XUPPLW HLQHU=LQQHDXIGHU.URQHKHUYRU(UZDUJU|HUDOVGLH

DQGHUHQNOHLQHQ7UPHGLHLQHLQHUVHOWVDPVWXIHQI|UPLJHQ $QRUGQXQJDQEHLGHQ6HLWHQLQGLH+|KHZXFKVHQ(LQH ZLUNOLFKDXHUJHZ|KQOLFKH%XUJ(LQ*HPlXHUXPGDVVLFK ]DKOUHLFKH*HKHLPQLVVHXQG/HJHQGHQUDQNWHQGHQQGLHVHU 3ODW]GDVZXWHQ:LNNDXQG-DQHZDUDOVVFKZDU] PDJLVFKHU2UWODQJH=HLWYHUUXIHQJHZHVHQ $OVHLQH:RONHYRUGHQ0RQGWULHEZXUGHHVQRFKGXQN OHU-HW]WEUDXFKWHQVLHZLUNOLFKGLH6FKHLQZHUIHUXPVLFK RULHQWLHUHQ]XN|QQHQ 'DQQVWRSSWHQVLH :LNNDQLFNWHª/RVZLUZROOHQQLFKWPHKUOlQJHUZDUWHQ VRQGHUQXQVGLH%XUJHLQPDOJHQDXDQVHKHQ© 'LH)UDXHQYHUOLHHQGHQ:DJHQXQGGUFNWHQGLH7UHQ VDFKWLQV6FKOR =XEHLGHQ6HLWHQGHV6SLWILUHEOLHEHQVLHVWHKHQXPDOOGLH VLHXPJHEHQGHQ6WU|PXQJHQHUVWHLQPDOLQVLFKDXI]XQHK PHQ'HU:LQGNDPYRQYRUQIXKULQLKUH+DDUH 6WXPPVFKDXWHQVLHDXIGDV6FKOR-DQHXQG:LNNDVDKHQ QLFKWDXVZLH+H[HQ6LHZDUHQGXQNHODEHUQRUPDOJHNOHL GHWWUXJHQODQJH+RVHQXQG3XOORYHU ª,FKVSUHHV©VDJWH:LNNDQDFKHLQHU:HLOHª+LHUODXHUW HWZDV© -DQHGUHKWHGHQ.RSIhEHUGDV'DFKGHV6SLWILUHKLQZHJ EOLFNWHVLHLKUH/HKUHULQDQª:HUODXHUW"© ª'HUDQGHUH© ª.DQQVWGXKHUDXVILQGHQZHUHULVW"© :LNNDVFKWWHOWHGHQ.RSIª1HLQDEHUHULVWKLHU,FK VSUHVHLQH$XVVWUDKOXQJXQGVLHZHLVWDXIGDV6FKORKLQ© ª'DQQODXQVJHKHQ© :LNNDNPPHUWHVLFKQLFKWXP-DQHV$XIIRUGHUXQJ6LH KRESO|W]OLFKGHQOLQNHQ$UPXQGVWUHFNWHLKUHQ=HLJHILQJHU DXV'DEHLGHXWHWHVLHLQGLH'XQVWVFKZDGHQKLQHLQª'D REHQEUHQQWHLQ/LFKW©IOVWHUWHVLHª6FKDXJHQDXKLQ-DQH GLFKWXQWHUGHPK|FKVWHQ7XUP© -DQHJLQJHLQHQ6FKULWWYRU%HVVHUNRQQWHVLHGDGXUFKDXFK

QLFKWVHKHQVWHOOWHMHGRFKIHVWGDVLFK:LNNDQLFKWWlXVFK WH,QQHUKDOEGHU5XLQHVFKLPPHUWHWDWVlFKOLFK/LFKW(V IODFNHUWHU|WOLFKJHOEXQGZDUGXUFKGLH)HQVWHU|IIQXQJ VFKDUIDEJHJUHQ]W 6WLOOHXPJDEGLHEHLGHQ+H[HQ6HOEVWGLH*HUlXVFKHGHV 6XPSIVVFKLHQHQHLQJHVFKODIHQ]XVHLQ(VZDUHLQH *lQVHKDXW5XKH1XUGLH'XQVWVFKOHLHUZHKWHQODXWORV EHUGHQ6XPSIXQGVWUHLFKHOWHQGLHDOWHQ0DXHUQGHU 5XLQH ª:LUZHUGHQQDFKVHKHQ©VDJWH:LNNDPLWJHGHKQWHU 6WLPPHª:LUZHUGHQJHQDXQDFKVFKDXHQGDUDXINDQQVWGX GLFKYHUODVVHQ:HQQHUVLFKGRUWREHQDXIKlOWSDFNHQZLU LKQ© 'LHVH6lW]HZDUHQIUGLHEHLGHQ+H[HQGDV6WDUWVLJQDO 6LHJLQJHQORVXQGKDWWHQ]XHUVW0KHLKUH)HDXVGHP ZHLFKHQ%RGHQ]X]LHKHQGHUGLH%HLQHIHVWKDOWHQZROOWH 6LHQDKPHQEHZXWHLQHQQRUPDOHQ:HJOLHHQLKUH +H[HQNUlIWHUXKHQXQGEHWUDWHQKLQWHUHLQDQGHUGDVDOWH XQKHLPOLFKH*HPlXHUYRQ6FKOR%ODFNPRRU 1DFKHLQHUZDKUHQ+RUURUIDKUWKDWWHQZLU%ODFNPRRU HUUHLFKW :LUZDUHQ]ZDUQLFKWGLUHNWGXUFKGDV0RRUJHIDKUHQ VRQGHUQKDWWHQHVQXUDP5DQGHJHVWUHLIWGRFKGDVZDVZLU LQGHU'lPPHUXQJJHVHKHQKDWWHQUHLFKWHDXVXPHLQHQ HLJHQWOLFKIU|KOLFKHQ0HQVFKHQWUEVLQQLJZHUGHQ]XODVVHQ 'LHVH*HJHQGZDUHLQIDFKXQKHLPOLFK 6LHKlWWHHLQHYRU]JOLFKH.XOLVVHIUHLQHQ*UXVHOILOPDE JHJHEHQ'DEUDXFKWHPDQEHUKDXSWQLFKWV]XYHUlQGHUQ 8QGHWZDVVWDFKXQVEHVRQGHUVLQV$XJH (VZDUHQGLHVFKZDU]HQ9|JHOGLHXQVIDVWELVLQGHQ2UW EHJOHLWHWHQ5DEHQXQG.UlKHQGLHPLWWUlJHZLUNHQGHQ )OJHOVFKOlJHQEHUXQVHUHQ:DJHQKLQZHJKXVFKWHQXQG PDQFKPDOVRJDUYRUGHU)URQWVFKHLEHGHVODQJVDPIDKUHQ

GHQ%HQWOH\IODWWHUWHQXQGLQGDV,QQHUHVWDUUWHQDOVZROOWHQ VLHXQVK\SQRWLVLHUHQ 'LH9|JHOIORJHQWDWVlFKOLFKQXUPLWELV%ODFNPRRUGDQQ YHUVFKZDQGHQVLHLQGHU:HLWHGHVJUDXHQ+LPPHOVGHU EHUGHU0RRUODQGVFKDIWODJ %ODFNPRRU 'U%DUURZVKDWWHZLUNOLFKQLFKW]XYLHOYHUVSURFKHQ 'DVZDUNHLQQRUPDOHV'RUI%ODFNPRRUNRQQWHPDQDOV HLQH$QVDPPOXQJYRQ+lXVHUQEH]HLFKQHQEHUGHU LUJHQGZLHQRFKGHQ+DXFKGHV0LWWHODOWHUVODJ,FKIUDJWH PLFKREHVKLHUEHUKDXSW6WURPJDE(LQH)HUQVHKDQWHQQH HQWGHFNWHLFKDXINHLQHP'DFK ª'DVLVWQRFKVFKOLPPHUDOVLQ'DUWPRRU©PXUPHOWH 6XNRGHUGDVEHUKPWH=XFKWKDXVHEHQVRZLHLFKNDQQWH 8QGGDPLWKDWWH6XNRHLQZDKUHV:RUWJHVSURFKHQ1XU JXWGDZLUQRFKDQGHUOHW]WHQ7DQNVWHOOH6SULWDXIJHQRP PHQKDWWHQGHQQHLQH=DSIVlXOHJDEHVKLHUQLFKWGDIU HLQHQEUHLWHQ:HJGHUQLFKWHLQPDO3IODVWHUDXIZLHV ,P:LQWHUXQGEHL5HJHQZXUGHHUVLFKHUOLFK]XHLQHUHLQ ]LJHQ6FKODPPEDKQ 0HQVFKHQVDKHQZLUQLFKW 8QGGLHVREZRKOGDV:HWWHUVLFKHLJHQWOLFKYRQVHLQHU JXWHQ6HLWH]HLJWH=ZDUHWZDVDSULONKODQVRQVWHQMHGRFK QLFKWVRGDHV/HXWHYRQGHU6WUDHIHUQKLHOW ª(LQ*HLVWHUGRUI©VSUDFK6XNRGDVDXVZDVLFKGDFKWH ,FKVFKZLHJ1DFKHLQHP3DUNSODW]EUDXFKWHLFKQLFKW ODQJH]XVXFKHQ,FKVWHOOWHGHQ:DJHQYRUHLQHPDOWHQ 6FKXSSHQDEOLHGHQ0RWRUDXVODXIHQXQGGUFNWHGLH 7UDXI $XFK6XNRYHUOLHGHQ%HQWOH\ (UVWMHW]WDOVZLULP)UHLHQVWDQGHQPHUNWHQZLUZHOFK HLQHVHOWVDPH/XIWXQVXPJDE6LHZDUPLWGHUHLQHU *URVWDGWQLFKW]XYHUJOHLFKHQDXFKQLFKWPLWQRUPDOHU /DQGOXIW'LH/XIWKLHUURFKIDXOXQGPRGULJ 'HU6XPSIVWUDKOWHVLHDE,KPPXWHVLH7ULEXW]ROOHQ(LQ

NKOHU:LQGILHOLQGHQ2UW,FKVFKDXWHQDFK:HVWHQKDWWH EHUHLQH:LHVHKLQZHJIUHLH6LFKWXQGVDKLQGHU)HUQHGLH 8PULVVHHLQHU%XUJ ª'DLVWGDV6FKOR©VDJWHLFK]X6XNR 0HLQ3DUWQHUGUHKWHVLFKXPª6LHKW]LHPOLFKEHGURKOLFK DXV©EHPHUNWHHU ª'DVVFKHLQWHVDXFK]XVHLQ©HUZLGHUWHLFKVWHPPWHGLH +lQGHLQGLH+IWHQXQGULVNLHUWHQRFKHLQHQ5XQGEOLFN 'DV'RUIEOLHEPHQVFKHQOHHU.HLQH6SXUYRQ/HEHQ1LFKW PDOHLQVWUHXQHQGHU.|WHUOLHIXPKHU(VZDUNDXP]XIDV VHQXQGLFKVFKWWHOWHGHQ.RSI,FKIKOWHPLFKZLHLQHLQH DQGHUH'LPHQVLRQYHUVFKODJHQ ª'DQQODXQVPDOJHKHQ©VDJWH6XNRVHW]WHVHLQHQ)X YRUXQGEOLHEVRIRUWVWHKHQZHLOHUPHLQHQHUVWDXQWHQ%OLFN EHPHUNWH ª:DVLVWORV-RKQ"© ,FKVFKWWHOWHGHQ.RSIª(LJHQWOLFKQLFKWVQXUGHLQH 6WLPPH6LHNOLQJWVHKUVHOWVDP© ª:LHGHQQ"© ª,UJHQGZLHKDOOHQG© 6XNRVFKWWHOWHGHQ.RSIª'XPXWGLFKLUUHQ$OWHU ZLUNOLFK© ª9LHOOHLFKW©,FKKREGLH6FKXOWHUQ6XNRV:RUWHKDWWHQ PLFKQLFKWEHU]HXJW,FKZDUQDFKZLHYRUGHU$QVLFKWGD VHLQH6WLPPHNHLQHQQRUPDOHQ.ODQJPHKUKDWWH 1HEHQHLQDQGHUVFKULWWHQZLUGLH6WUDHKLQDE$OV6WUDH ZLOOLFKGHQ:HJPDOEH]HLFKQHQGHU]XEHLGHQ6HLWHQYRQ VHKUDOWHQ+lXVHUQJHVlXPWZXUGH 6LHDOOHPDFKWHQHLQHQVHKUEDXIlOOLJHQ(LQGUXFNDXIXQV 'LH)HQVWHUZDUHQ]XP7HLOVHKUVFKPDO ,FKWUDWDQHLQH+DXVZDQGKHUDQXQGZLVFKWHPLWGHP +DQGUFNHQHLQZHQLJ6FKPXW]YRQGHU6FKHLEH'DEHL HUNDQQWHLFKGDHVVLFKXPVHKUGLFNHV)HQVWHUJODVKDQGHO WHGDVDXHUGHPQLFKWVHKUJODWWZDUVRQGHUQOHLFKWZHOOLJ ZLHLFKVHOEVWPLWGHPEORHQ$XJHHUNHQQHQNRQQWH

6ROFKH6FKHLEHQVWHOOWHPDQKHXWHQLFKWPHKUKHU ª6LHKVWGXZDV"©6XNRZDUGLFKWKLQWHUPLFKJHWUHWHQXQG KDWWHGLH)UDJHJHVWHOOW ª-DHLQH:RKQXQJVHLQULFKWXQJ(LQHQ7LVFKHLQ%HWW 6WKOHQRFKHLQ%HWWHLQHQDOWHQ6FKUDQN© ª.HLQH/DPSH"© ª'RFK'DVKHLWQHLQ.HLQHHOHNWULVFKH0HKUHLQH.HU]H XQGDXFKNHLQH3HWUROHXPOHXFKWH©,FKULFKWHWHPLFKZLHGHU DXIª9HUGDPPW6XNRGDVYHUVWHKHLFKQLFKW'LHVHUNRPL VFKH2UWLVWQLFKWQXUVHOWVDPVRQGHUQDXFKXQKHLPOLFK .DQQVWGXGLUHLQHQ5HLPGDUDXIPDFKHQ"© ª1RFKQLFKW© ª,FKDXFKQLFKW©/HLFKWVWLHLFKPHLQHQ3DUWQHUDQª/D XQVZHLWHUJHKHQ© ª'HQNDQGLH*DVWKlXVHU©VDJWH6XNRª'DKDEHQZLU LPPHU,QIRUPDWLRQHQHUKDOWHQ© ª'DKLQZROOWHLFK© 6XNRKlWWHQLFKWLQGHU0HKU]DKO]XVSUHFKHQEUDXFKHQ GHQQ*DVWKlXVHUVDKHQZLUQLFKWhEHUKDXSWJDEHVNHLQH HLQ]LJH.QHLSHRGHU3LQWHMHGHQIDOOVZLHVQLFKWVGDUDXIKLQ XQGZLUHQWGHFNWHQDXFKNHLQHGLHVEH]JOLFKHQ6FKLOGHU (LQ*HElXGHEHVWDQGDXVVWlUNHUHQ+RO]ERKOHQDOVGLH DQGHUHQHVHUUHJWHXQVHUH$XIPHUNVDPNHLW=ZHL/DWHUQHQ VFKDXNHOWHQEHUGHU%RJHQWU'LHDOWHQ6FKDUQLHUHEHZHJ WHQVLFKNQDUUHQGLP:LQGXQGGLH*HUlXVFKHK|UWHQVLFK DQDOVZUGHQ]DKOUHLFKH*HLVWHUXQWHUXQVlJOLFKHQ4XDOHQ OHLGHQXQGVW|KQHQ 0LWGHUOLQNHQ+DQGVWLH6XNRGLH7UDXI:LUJHODQJWHQ LQGDVZDVPDQPLW0KHXQG1RWDOVHLQHQ6FKDQNUDXP EH]HLFKQHQNRQQWH'HU%RGHQEHVWDQGDXVIHVWJHVWDPSIWHU (UGH5RKH6FKHPHOXQG7LVFKHVDKHQZLUHEHQVRZLHGLH ODQJHQ%lQNHDQGHQ:lQGHQXQGGLHEHLGHQJURHQ +RO]IlVVHUDXIGHUSULPLWLYHQ7KHNH:DKUVFKHLQOLFKHQW KLHOWHQVLH%LHURGHUlKQOLFKHV*HWUXQNHQDOOHUGLQJVZXUGH HVQLFKWDXV*OlVHUQVRQGHUQDXV7RQNUJHQGLHKLQWHUGHU

7KHNHDQ]DKOUHLFKHQNOHLQHQ+RO]VWlEHQPLWGHQ+HQNHOQ KLQJHQ 0LWWHQLP5DXPEOLHEHQZLUVWHKHQ6XNRVFKWWHOWHGHQ .RSIEHYRUHUIUDJWHª:RWULQNWPDQGHQQKHXW]XWDJHQRFK DXV7RQJHIlHQ"© ª+LHUGDVVLHKVWGXMD© 0HLQ)UHXQGYHU]RJGLH0XQGZLQNHOª,FKZHLQLFKWVR UHFKW-RKQDEHUPLWWOHUZHLOHKDEHLFKGDV*HIKOLQHLQHU DQGHUHQ=HLW]XVHLQ© :DV6XNRGDDXVJHVSURFKHQKDWWHZDUSKDQWDVWLVFKDEHU QLFKWXQJODXEZUGLJGHQQLFKNRQQWHPLUJXWYRUVWHOOHQ GDZLUHLQH=HLWEDUULHUHEHUVFKULWWHQKDWWHQRKQHHV]X PHUNHQ 8QGJHUDGHGDVPDFKWHPLFKVWXW]LJ :LHZDUHVP|JOLFKGDZLULQHLQHUDQGHUHQ=HLWJH ODQGHWZDUHQRKQHHV]XPHUNHQ" 8QGZHUWUXJGLH9HUDQWZRUWXQJGDIU" ª'XVDJVWMDQLFKWV-RKQ+DWHVGLUGLH6SUDFKHYHU VFKODJHQ"© ª(LQZHQLJVFKRQ©JDELFK]Xª$EHUGHLQH,GHHLVWQLFKW VFKOHFKW(VSDWHLJHQWOLFKDOOHV'LH+lXVHUGLH(LQULFK WXQJGHU:RKQXQJHQEHUKDXSWGDVJDQ]H.OLPD,FK ZHUGHGDV*HIKOQLFKWORVGDZLUXQVLQHLQHP'RUIEH ILQGHQGDVVFKRQLPDXVODXIHQGHQ0LWWHODOWHUH[LVWLHUWKDW 0HLQOLHEHU)UHXQGZHQQGDVZDKULVW© ª:RVWHFNHQGDQQGLH0HQVFKHQ"©IUDJWH6XNRGD]ZL VFKHQXQGZDUWHWHDXIHLQH$QWZRUW 'LHNRQQWHLFKLKPOHLGHUQLFKWJHEHQ ª:LUPVVHQVLHVXFKHQ© ª)DOOVVLHQLFKWGDV'RUIYHUODVVHQKDEHQRGHUYRQGHU3HVW GDKLQJHUDIIWZRUGHQVLQG© ª-HW]WVLHKVWGXDEHUYHUGDPPWVFKZDU]PHLQ/LHEHU© ª1HLQLFKVHKHHVUHDOLVWLVFK©HUZLGHUWHLFKXQGJLQJDQ GHPSULPLWLYHQ7UHVHQYRUEHL$OVLFKGDKLQWHUVFKDXWHVDK LFKGLHGXUFKHLQHQ9RUKDQJDEJHGHFNWH7UXQGVRJDU

)XVSXUHQDXIGHP%RGHQ(UZDUPLW6lJHPHKOEHVWUHXW 'LH)HKDWWHQ$EGUFNHKLQWHUODVVHQ6RDXVJHVWRUEHQ VFKLHQGDV'RUIDOVRGRFKQLFKW]XVHLQ ,FKVFKREGHQ9RUKDQJ]XU6HLWHXQGJHODQJWHLQHLQH .DPPHU'VWHUZDUHVPHLQH1DVHQDKPHLQHQW\SLVFKHQ *HUXFKDXI(VURFKQDFK6SHFNXQG6FKLQNHQ +LHUZXUGHJHUlXFKHUW *OHLFK]HLWLJK|UWHLFKGLH/DXWH'DV)LHSHQXQG.UHLVFKHQ YRQ5DWWHQ,FKJLQJHLQHQ6FKULWWNRQQWHHWZDVEHVVHU VHKHQXQGHUNDQQWHGDVLFKGLHDXIJHKlQJWHQ6FKLQNHQ XQG:UVWHEHZHJWHQ6LHSHQGHOWHQKLQXQGKHU9RQDOOHLQ WDWHQVLHGDVQLFKW6FKXOGGDUDQWUXJHQGLH5DWWHQGLHVLFK ZLH)OHGHUPlXVHDQHLQHU'HFNHDQGHQ6FKLQNHQXQG :XUVWVWFNHQIHVWJHNODPPHUWKDWWHQ 'DGLH7LHUHEHLLKUHU0DKO]HLWJHVW|UWZXUGHQUHDJLHUWHQ VLHVRHUUHJW%HLGLHVHP:LUWKlWWHLFKNHLQ0HQEHVWHOOW GDVZDUVLFKHU 5FNZlUWVJHKHQGYHUOLHLFKGLH.DPPHUZLHGHU ª,FKKDEHVLHVFKRQJHK|UW©VDJWH6XNRª5DWWHQ'DQQ IUDJHLFKPLFKQXUREGLH0HQVFKHQLKU'RUIGHQ5DWWHQ EHUODVVHQKDEHQ© ª/DXQVZHLWHUVXFKHQ©,FKVWLHPLWGHP)XJHJHQ HLQHQ6FKHPHO ª+DVWGXGLH+RIIQXQJQRFKLPPHUQLFKWDXIJHJHEHQ"© ª1HLQXQGLFKZLOOGDV'RUIGXUFKVXFKHQVRODQJHHVQRFK KHOOLVW© ª2ND\© ,FKWUDWKLQDXV:HQQDOOHVVWLPPWHZDUHQZLUPLWGHP %HQWOH\WDWVlFKOLFKLQGLH9HUJDQJHQKHLWJHIDKUHQRKQHHV ]XPHUNHQ 6XNRPHLQWHª(LJHQWOLFKPWHQZLUMHGHV+DXVGXUFK NlPPHQXQGEHLGHQJU|HUHQDQIDQJHQ+DVWGXZDVGD JHJHQ"© ª1HLQ© 'DV6FKLFNVDOZROOWHHVDQGHUV:LUEUDXFKWHQXQVGHU

0KHQLFKW]XXQWHU]LHKHQGHQQHWZDVOHQNWHXQVDE 6WLPPHQ 1LFKWODXWDEHUVLHGXUFKEUDFKHQGLHJHLVWHUKDIWH6WLOOH GLHEHUGHP2UWODJ ª'DVLVWKLQWHUGHP*DVWKDXV©IOVWHUWHLFK 6XNRJLQJVFKRQYRU1HEHQGHP+DXVIKUWHHLQVFKPD OHU7UDPSHOSIDGDQGHU:DQGHQWODQJ(UHQGHWHDXIHLQHU :LHVHGLHYRQHLQHPPHKUPDOV]XVDPPHQJHEURFKHQHQ +RO]]DXQXPIULHGHWZDUEHUGHVVHQ7UPPHUQZLUVWHL JHQPXWHQXQGGDQQHQWGHFNWHQZLUHLQVFKUlJVWHKHQGHV JURHV*HElXGHDXV+RO] (VKDWWHHLQVSLW]HV'DFKDXVGHPGLFKWXQWHUGHP*LHEHO GHU*DOJHQHLQHV)ODVFKHQ]XJHVKHUYRUUDJWH (UZLUNWHDXIXQVZLHGDV*HUVWHLQHV+HQNHUVGHQQHV EDXPHOWHHLQHVRUJIlOWLJJHNQSIWH6FKOLQJHQDFKXQWHQXQG ZXUGHOHLFKWYRP:LQGEHZHJW 'DV+DXVVDKDXVZLHHLQH6FKHXQHXQGKDWWHHLQHJURH 'RSSHOWUGLHQLFKWY|OOLJJHVFKORVVHQZDUVRGDZLU KLQWHULKUGLH6WLPPHQYHUQHKPHQNRQQWHQ 1RFKLPPHUZDUHQGLH:RUWHQLFKW]XYHUVWHKHQ(UVWDOV ZLUXQVPLWVDFKWHQ6FKULWWHQQlKHUWHQK|UWHQZLUZLH MHPDQGGDV:RUW+H[HVDJWH *OHLFK]HLWLJIORJHQHLQLJHVFKZDU]H9|JHOLQGHQJUDX HQ+LPPHO'LH7LHUHKDWWHQDXIGHP'DFKEDONHQJH KRFNW,UJHQGHLQ(UHLJQLVKDWWHVLHDXIJHVFKUHFNW'HU 6FKZDUPVWREGDYRQ%HLGHVFKDXWHQZLULKPIUHLQHQ 0RPHQWQDFK 6FKQHOOXQGODXWORVEHUZDQGHQZLUGHQ5HVWGHU6WUHFNH VWDQGHQDQGHU'RSSHOWUXQGSHLOWHQGXUFKGHQ6SDOWLQ GDV,QQHUHGHU6FKHXQH (VZDU]XGVWHUXPYLHOHUNHQQHQ]XN|QQHQ:LUVDKHQ MHGRFKGLH5FNHQ]DKOUHLFKHU0lQQHUXQG)UDXHQ6LHKDW WHQGLH.|SIHYRUJHUHFNWXQGVFKDXWHQDXILUJHQGHWZDVGDV ZLUELVKHUQRFKQLFKWVHKHQNRQQWHQ :DUHVGLH+H[H"

1XUHLQZHQLJEUDXFKWHQZLUGHQ6SDOW]XYHUJU|HUQXP XQVKLQGXUFKVFKLHEHQ]XN|QQHQ 0LWNOHLQHQ6FKULWWHQGUDQJHQZLULQGLH6FKHXQHHLQXQG ZXUGHQQLFKWEHPHUNW 'LHYHUVDPPHOWHQ0HQVFKHQKDWWHQQXU$XJHQIUGLH 9RUJlQJHGLHVLFKZHLWHULP+LQWHUJUXQGDEVSLHOWHQ (LQHQZHLWHUHQ%HZHLVGDIUGDZLUXQVLQHLQHUDQGHUHQ =HLWEHIDQGHQHUKLHOWHQZLUDOVZLUHLQHQ0DQQVSUHFKHQ K|UWHQ(UUHGHWHLQHLQHP(QJOLVFKGDVKHXW]XWDJHQLH PDQGPHKUVSUDFKJHVWHO]WXQGPLWVHOWVDPHQ%HWRQXQJHQ ª*LEHV]X+H[HGD,KUHVZDUWGLHXQVGLH)HOGHUXQG GDV*HWLHUYHUQLFKWHWKDEW© ª1HLQQHLQ©K|UWHQZLUYRP%RGHQKHUGLH$QWZRUWª,KU N|QQWPLFKIROWHUQXQGJHLHOQYRQPLUZHUGHWLKUNHLQ *HVWlQGQLVHUSUHVVHQ© ª'DQQZROOW,KUVWHUEHQ"© ª9HUVXFKWHVQXULKU1DUUHQ9HUVXFKWQXUPLFKXP]X EULQJHQ,KUZHUGHWVHKHQZDV,KUGDYRQKDEW,FKIUFKWH PLFKDXFKQLFKWYRU0DVRQ&RUGWODQGGHP+H[HQZUJHU ,FKZHUGH© :LUDFKWHWHQQLFKWPHKUDXIGLHZHLWHUHQ:RUWHGHQQ EHLGHVDKHQZLUHLQGDHVIUXQV=HLWZXUGHHLQ]XJUHLIHQ (LQH*DVVHIDQGHQZLUQLFKWGLHMHGRFKZUGHQZLUXQV VFKRQVFKDIIHQ6XNRXQGLFKVWDUWHWHQ]XUVHOEHQ=HLW8QG ZLUWHLOWHQDXFKGLHJOHLFKHQ6W|HDXVGLHHLQLJH*DIIHUYRQ GHQ%HLQHQKROWHQVRGDZLUXQV%DKQEUHFKHQXQGIUHLH 6LFKWKDWWHQ -HW]WVDKLFKDXFKGHQ6SUHFKHU (UZDUHLQ+QHYRQ.HUOKDWWHURVWURWHV+DDUXQGHLQH %XOOHQJHVWDOW(UKLHOWPLWEHLGHQ+lQGHQGHQODQJHQ*ULII HLQHU0LVWJDEHOXPNODPPHUWGHUHQURVWLJH=LQNHQGLFKW EHUHLQHUIDVWQDFNWHQDP%RGHQOLHJHQGHQlOWHUHQ)UDX VFKZHEWHQ 1DWUOLFKZDUXQVHU:HJQLFKWVRHLQIDFK(VJDEHLQLJH GLHVLFKJHJHQXQVHUH$WWDFNHQZHKUWHQXQVDXFKIHVWKDOWHQ

ZROOWHQ'RFKZLUNRQQWHQNHLQH5FNVLFKWQHKPHQZHQQ ZLUGDV/HEHQGHU)UDXUHWWHQZROOWHQ 6XNRWDWVLFKEHVRQGHUVKHUYRU(UVFKOHXGHUWHPDQFKPDO GUHL*HJQHUDXIHLQPDO]XU6HLWHXQGZlUHYRUPLUDP 6FKDXSODW]GHV*HVFKHKHQVJHZHVHQ 'DQQDEHUYHUlQGHUWHVLFKGLH6]HQH 'DV*HVLFKWGHVURWKDDULJHQ0DQQHVYHU]HUUWHVLFKSO|W] OLFK(VZXUGH]XHLQHU*ULPDVVHGHU:XW1DFNWHU+D VSUKWHDXVVHLQHQ$XJHQHUVFKULHXQVLUJHQGHWZDV]X EUOOWHHLQIDFKKLQHLQLQGDV&KDRV'LH)UDXDP%RGHQYHU VXFKWHQRFKVLFK]XU6HLWH]XUROOHQXQGSO|W]OLFKZLUNWHVLH VHOWVDPGXUFKVLFKWLJ :LHDOOHDQGHUHQDXFK ,PVHOEHQ$XJHQEOLFNVWLHGHU5RWKDDULJH]X'LH]ZHFN HQWIUHPGHWH0LVWJDEHOWUDIYROO ,FKVDKQRFKGDVVFKUHFNOLFK%LOGYRUPHLQHQ$XJHQJODXEWH GDV6SULW]HQGHV%OXWHV]XVHKHQGLHNOHLQHQURWHQ)RQWlQHQ GRFKGDZDUQLFKWV 1XUGHU$XISUDOO 8QGGHUKDWWHVLFKJHZDVFKHQ,FKNQDOOWHIURQWDOJHJHQ HLQHQDEJHVWHOOWHQ7UDNWRUZREHLPHLQH6WLUQQLFKWYHU VFKRQWZXUGH)UHLQHQ0RPHQWVDKLFK6WHUQHXQGLFK WDXPHOWH]XUFNXQGK|UWH6XNRIOXFKHQ $XFKHUODJDP%RGHQ(LQGLH'HFNHVWW]HQGHU3IRVWHQ ZDULKPLP:HJJHZHVHQ 6XNRVDGDKLHOWVLFKGLH6FKXOWHUXQGVFKWWHOWHGHQ .RSI'DQQJULQVWHHUWLSSWHJHJHQVHLQH6WLUQXQGVDJWH ª,FKZXWHJDUQLFKWGDVLHLPDXVJHKHQGHQ0LWWHODOWHU VFKRQ7UHFNHUJHIDKUHQVLQG© ,FKULHEPHLQHDOOPlKOLFKDQZDFKVHQGH%HXOHª'DVZDU PLUELVKHUDXFKXQEHNDQQW© ª8QGMHW]W"© (LQHJXWH)UDJHZLHLFK]XJHEHQPXWH$EHUDXFKHLQH

YHUGDPPWVFKZHUHGHQQHVZDUQLFKWOHLFKWGLH$QWZRUW]X JHEHQ:DVVROOWHQZLUWXQ":LUZDUHQSO|W]OLFKDXVGHU9HU JDQJHQKHLWKHUDXVXQGZLHGHULQGLH*HJHQZDUWJHVFKOHX GHUWZRUGHQ (VZDUIUKHU$EHQGXQGGLH'lPPHUXQJHUUHLFKWHDOO PlKOLFKGDVNOHLQH'RUI%ODFNPRRU ,FKVWUHFNWH6XNRPHLQH+DQGKLQXQGKDOILKPDXIGLH )Hª'DVYHUVWHKHZHUZLOO©IOVWHUWHHUªLFKMHGHQIDOOV QLFKW© ª8QGLFKDXFKQLFKW©JDELFK]X 'HU7UHFNHUZDUQLFKWGHUHLQ]LJH*HJHQVWDQGGHULQGHU 6FKHXQHDXIEHZDKUWZXUGH:LUVDKHQQRFKHLQHQ]ZHLWHQ HUNDQQWHQHLQH(JJHXQGUHFKWVYRQGHU7UHLQHQJURHQ 0lKGUHVFKHU 0HLQ3DUWQHUQDKPGLHJDQ]H6DFKHPLW+XPRUª,FKELQ PDOJHVSDQQWREGLHLPPHUQRFKNHLQHOHNWULVFKHV/LFKW KDEHQ-RKQ/RVODXQVQDFKVFKDXHQ© 'DVWDWHQZLUXQGYHUOLHHQVRUDVFKGLH6FKHXQH9RULKU EHIDQGVLFKNHLQH:LHVHPHKUVRQGHUQHLQIUHLHU3ODW]:LU VFKDXWHQDQGHU7RUVHLWHGHV*HElXGHVKRFK 'DKDWWHVLFKVFKRQHLQLJHVYHUlQGHUW'LH6FKHXQHVDK MHW]WZHVHQWOLFKVWDELOHUDXV1XUGHUDOWH*DOJHQKLQJQDFK ZLHYRUXQWHUGHP'DFKILUVW ª+HZDVPDFKHQ6LHGHQQKLHU"© +LQWHUPLUHUNODQJHLQHNUDW]LJH6WLPPHXQGDOVZLUXQV XPGUHKWHQVDKHQZLUHLQHQDOWHQ0DQQGHUDXIGHU 6FKZHOOHHLQHURIIHQVWHKHQGHQ+LQWHUWUVWDQG:LH]XP +RKQKLHOWHULQGHUUHFKWHQ+DQGHLQH0LVWJDEHO ª:LUZROOWHQXQVKLHUPDOXPVFKDXHQ©HUNOlUWHLFKLP 1lKHUNRPPHQ 'LH$XJHQXQWHUVHLQHQZHLJUDXHQ%UDXHQ]RJHQVLFK ]XVDPPHQª6FKQIIOHUDXVGHU6WDGWZLH"© ª+DEHQ6LHKLHUHWZDV]XYHUEHUJHQ"© (LQH$QWZRUWDXIGLH)UDJHHUKLHOWHQZLUQLFKWGHQQGHU $OWHYHUVFKZDQGXQGWDXFKWHLQGDV,QQHUHGHV+DXVHV

ZREHLZLUQRFKVHLQH6WLPPHK|UWHQ(UULHIQDFKHLQHP 0DQQQDPHQV5RGQH\ :LUZDUHQLQ]ZLVFKHQHLQSDDU6FKULWWHYRUJHJDQJHQDOV 5RGQH\HUVFKLHQ(UKLHOW]ZDUNHLQH0LVWJDEHOLQGHU+DQG GRFKXQEHZDIIQHWZDUHUQLFKW5RGQH\WUXJHLQ*HZHKU XQGHUVDKYHUGDPPWHQWVFKORVVHQDXV:LUKDWWHQGDV*H IKODOVZROOWHHUGLH:DIIHEHQXW]HQ :DUHV=XIDOOGDHUU|WOLFKVFKLPPHUQGHV+DDUKDWWH"(V OHXFKWHWHLQGHUVHOEHQ)DUEHZLHGDVGHV0DQQHVGHQLFKDOV GHQ0|UGHUGHU)UDXJHVHKHQKDWWH ª:RNRPPHQ6LHKHU"©IUDJWHHUXQV ª$XVGHP6WDOO©HUZLGHUWHLFKZDKUKHLWVJHPl 5RGQH\VWDQGNXU]YRUGHU([SORVLRQ'LHVH$QWZRUWKDWWH LKQVDXHUJHVWLPPWª9RQPHLQHP9DWHUKDEHLFKJHK|UW GDLKU]ZHL6FKQIIOHUVHLG:DVKDEWLKUKLHU]XVXFKHQ"© ª:RN|QQHQZLULQ5XKHUHGHQ"©IUDJWHLFK ª6DJWPLUDOOHV© ª*LEWHVKLHUHLQHQ3ROL]LVWHQ"©ZROOWHLFKZLVVHQ ª1HLQVRHWZDVHUOHGLJHQZLUDOOHLQ© 'DVVDKPLUDOOHVJDUQLFKWJXWDXV,FKVFKDXWHHLQLJHQ 5DEHQQDFKGLHLQGLH/IWHVWLHJHQXQGGDEHLNUlFK]WHQVR GDLFKGDV*HIKOKDWWHVLHZUGHQXQVDXVODFKHQ ª:HULVWGDQQYHUDQWZRUWOLFKIUDOOHVKLHU"©HUNXQGLJWH LFKPLFKª(LQHUPXGRFKGDV6DJHQKDEHQ© 'HU5RWKDDULJHQLFNWHª'DVVWLPPW'DVLVW&RUGWODQG© ,FKYHUNQLIIPLUHLQHQEHUUDVFKWHQ3ILII'HQ1DPHQ &RUGWODQGKDWWHLFKYRUNXU]HPHUVWJHK|UW'LH)UDXKDWWH LKQJHQDQQW-DVLHKDWWHGHQ1DPHQ&RUGWODQGDXVJHVSUR FKHQ'DVZDULQGHU9HUJDQJHQKHLWJHZHVHQXQGQXQK|UWH LFKLKQZLHGHU =XIDOO" :DKUVFKHLQOLFKQLFKW'HU1DPHKDWWHVLFKLQQHUKDOEGHV 'RUIHVJHKDOWHQ:HUKLHUHLQPDOZRKQWHJLQJQLFKWZHJ 'LH)DPLOLHQSIODQ]WHQVLFKIRUWXQGEHLLKQHQVSLHOWH=HLW NHLQH5ROOHGLH1DPHQEOLHEHQHEHQ

ª:RNDQQLFKLKQVSUHFKHQ"© ª1LUJHQGZR©'HU5RWKDDULJHVFKWWHOWHGHQ.RSI ª&RUGWODQGKDWQLFKWIUMHGHQKHUJHODXIHQHQ6WUROFK=HLW ,KUVHLG6WUROFKHXQG/XPSHQSDFN,FKZHUGHHXFKVFKRQ ]HLJHQZRHVODQJJHKW$XVGHP6FKXSSHQVHLGLKUJHNRP PHQQLFKW"'DZHUGHWLKUDXFKZLHGHUKLQHLQJHKHQ,FK VSHUUHHXFKVRODQJHHLQELVLKUPLUJHVDJWKDEWZDVLKU ZLUNOLFKLQXQVHUHP'RUIZROOW:HQQQLFKWZHUIHQZLU HXFKLQGHQ6XPSI© ª5HL]HQG©VDJWH6XNR ª:LH"© ª,FKVDJWHUHL]HQGPHLQNOHLQHUURWHU7HXIHO© 'HU.HUOKROWHWLHI/XIW6HLQ9DWHUGHU]XUFNJHNRPPHQ ZDUILQJDXFKQRFKDQ]XVFKUHLHQª/DGLUGDVQLFKWJHIDO OHQ5RGQH\DXINHLQHQ)DOO© 5RGQH\VFKWWHOWHGHQ.RSI(UVWUPWHGUHL6FKULWWHYRU XQGJHQDXGDVKDWWH6XNRJHZROOW 0LWGHU)XVSLW]HNLFNWHHUYRUVLFKLQGHQ%RGHQ,P Ql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

:LUEHWUDWHQHLQHJURH.FKH'HU%RGHQZDUPLWURWHQ )OLHVHQEHGHFNW,FKGUFNWHLKQDXIHLQH%DQNXQGEHIDKO LKPGRUWVLW]HQ]XEOHLEHQ (UVFKDXWHPLFKZWHQGDQXQGKDWWHGLH+lQGH]X )lXVWHQJHEDOOW ª%HJUHQ6LH,KUH*lVWHLPPHUVR"©HUNXQGLJWHLFKPLFK ª,KUVHLG6FKQIIOHU1LHPDQGKDWHXFKJHVHKHQZLHLKU DXIGHQ+RIJHNRPPHQVHLG© ª'DVVWLPPWDOOHUGLQJV1XUP|FKWHQZLUJHUQPLWGLHVHP &RUGWODQGVSUHFKHQ:RILQGHQZLULKQ"© ª,QGHU3ROL]HLVWDWLRQ© ª,VWHU3ROL]LVW"© ª$XFK(ULVWDOOHVZHQQ6LHYHUVWHKHQ%UJHUPHLVWHU 3ROL]LVW9HUZDOWHU© ª8QGZRVWHKWGDV+DXV"© ª$XIGHU+DXSWVWUDH© ª'DQQZROOHQZLUPDO©VDJWHLFKGUHKWHDEEOLHEDEHU SO|W]OLFKZLHGHUVWHKHQª(LQH)UDJHKlWWHLFKQRFK+DEHQ 6LHVFKRQPDOHWZDVYRQ+H[HQJHK|UWRGHUHLQHP0DVRQ &RUGWODQG"© 'D]XFNWHGHU$OWH]XVDPPHQ6HLQH$XJHQYHUHQJWHQ VLFK(UEHXJWHVLFKYRUXQGIOVWHUWHª:DVZLVVHQ6LHYRQ 0DVRQ&RUGWODQG"© ª/HLGHUQLFKWJHQXJDEHUHVKDWLKQJHJHEHQQLFKWZDKU"© ª-DHUZDUHLQEHUKPWHU0DQQ© ª(LQ+H[HQMlJHU"© ª$XFK© ª:LHODQJHLVWHUVFKRQWRW"© ª(UVWDUEYRU-DKUKXQGHUWHQ)UXQVDEHUOHEWHUZHLWHU ,FKZLOOHXFKHLQHQ5DWJHEHQ9HUVFKZLQGHWKLHUDXV %ODFNPRRU(VLVWEHVVHUIUHXFK:LUZROOHQNHLQH)UHPGHQ KLHU© ª.DQQLFKPLUYRUVWHOOHQ©,FKQLFNWHGHP$OWHQ]XXQG VDJWHª%LVVSlWHUGDQQ© (UVWDUUWHXQVQDFKDOVZLUGDV+DXVYHUOLHHQ:LUOLHHQ

GHQ$OWHQVLW]HQXQGVFKDXWHQ]XGDZLUGHQ+RIYHU OLHHQEHYRU5RGQH\ZLHGHU]XVLFKNDP :LUIDQGHQHLQHQ:HJ(UZDUQLFKWJHSIODVWHUW:LUVDKHQ GLH6SXUHQGHU7UHFNHUUHLIHQGLHVLFKWLHILQGDV(UGUHLFK JHJUDEHQKDWWHQª(LQVHOWVDPHU2UW©EHPHUNWH6XNR ª:LUNOLFKGLUHNW]XP:RKOIKOHQ© ª9RU%ODFNPRRUXQGVHLQHQ%HZRKQHUQKDWPLFKVFKRQ 'U%DUURZVJHZDUQW©VDJWHLFK ª:HLHUPHKU"© ª*ODXEHLFKQLFKW,FKVFKlW]HMHGRFKGDGLH9HUJDQJHQ KHLWXQGGLH*HJHQZDUWLQHLQHPXUVlFKOLFKHQ=XVDPPHQ KDQJVWHKHQ© :lKUHQGZLUUHGHWHQXQGZHLWHUJLQJHQZDUXQVJDUQLFKW DXIJHIDOOHQGDZLUGLHEUHLWH6WUDHHUUHLFKWKDWWHQZR XQVHU%HQWOH\SDUNWH'HU6LOEHUJUDXHVWDQGQRFKLPPHU GRUWZRZLULKQDEJHVWHOOWKDWWHQ(UZDUYRQGHU9HU JDQJHQKHLWZLHGHUPLWKLQEHULQGLH*HJHQZDUWJHQRP PHQZRUGHQ ª8QGQLFKWHLQPDOJHDOWHUW©VDJWHLFKDOVLFKDXIGHQ :DJHQ]HLJWHGHUYRQHLQLJHQ+DOEZFKVLJHQEHVWDXQW ZXUGH $OVZLUGHQ%HQWOH\HUUHLFKWHQZLFKHQGLH-XJHQGOLFKHQ VFKHX]XUFN 'HU$OWHKDWWHYRQHLQHU3ROL]HLVWDWLRQJHVSURFKHQ:LU IDQGHQVLH'DV+DXVJOLFKHLQHU%DUDFNH'LH6FKHLEHQGHU )HQVWHUZDUHQLQGHUXQWHUHQ+lOIWHEHUVWULFKHQZRUGHQVR GDQLHPDQGLQGDV+DXVKLQHLQVFKDXHQNRQQWH =XU7UIKUWHHLQH7UHSSHKRFK6XNRNORSIWHDQ(LQH .OLQJHONRQQWHQZLUQLFKWILQGHQ (VGDXHUWHHLQH:HLOHELVZLU6FKULWWHK|UWHQGLHVLFKGHU 7UQlKHUWHQ(LQH6WLPPHIUDJWHª:DVLVWGHQQ"© ª:LUPVVHQPLW,KQHQUHGHQ0U&RUGWODQG© ª:HUVLQG6LH"© ª:LUNRPPHQDXV/RQGRQ© ª'DQQIDKUHQ6LHZLHGHUGRUWKLQ]XUFN©

+LPPHOZDUHQGLH/HXWHYHUVWRFNWª1HLQGDVZHUGHQ ZLUQLFKWWXQ©HUNOlUWHLFKLKPª(UVWZLOOLFKPLW,KQHQ VSUHFKHQXQGHVZlUHEHVVHUZHQQ6LHXQV|IIQHWHQ© ª:RUEHUZROOHQ6LHUHGHQ"© ª'DVVDJHQZLU,KQHQQRFK© ª0RPHQW© ,FKKREGLH6FKXOWHUQXQGZDUI6XNRHLQHQ%OLFNXQWHU KRFKJH]RJHQHQ$XJHQEUDXHQ]X:DKUVFKHLQOLFKZXUGHQ ZLUMHW]WDXVLUJHQGHLQHP/RFKEHREDFKWHWXQGIUYHUWUDX HQVZUGLJEHIXQGHQGHQQLP6FKOREHZHJWHVLFKHLQ 6FKOVVHO ª.RPPHQ6LHUHLQ© :LUWUDWHQEHUGLH6FKZHOOHXQGVDKHQ&RUGWODQG(U PDFKWHHLQHQYHUQQIWLJHQ(LQGUXFN,UJHQGZLHKDWWHLFK GDV*HIKOHLQHP:DLGPDQQJHJHQEHU]XVWHKHQ6RMHGHQ IDOOVVDKHUDXIGHQHUVWHQ%OLFNDXV=XGHPWUXJHUHLQH JUQH.OXIWDOOHUGLQJVDXVZHWWHUIHVWHP.RUG'DV$OWHUGHV 0DQQHVVFKlW]WHLFKDXI-DKUH'LH+DXWZDUVRQQHQ EUDXQXQGZHUWHUJHJHUEWXQGDXIVHLQHU2EHUOLSSHZXFKV HLQ6FKQlX]HU6HLQHNUlIWLJHQ+lQGHKDWWHHUEHUHLQDQGHU JHOHJW ª:DVZROOHQ6LHDOVR"© ª.|QQHQZLUGDVQLFKWLP+DXVEHVSUHFKHQ"© ª1HLQLFKKDEHNHLQH=HLW© ª6LHVROOWHQ6LHVLFKDEHUQHKPHQ0U&RUGWODQG© ª:HUNDQQPLFKGD]X]ZLQJHQ"© ª1LHPDQGQXUZlUHGLHVLQ,KUHPHLJHQHQ,QWHUHVVH:LU VLQGVFKOLHOLFKQLFKW]XP6SDKHUJHNRPPHQ© ª'DQQJHK|UW,KQHQGHU6FKOLWWHQ"© ª:HQQ6LHGHQ%HQWOH\PHLQHQKDEHQ6LHUHFKW© &RUGWODQG]RJGLH$XJHQEUDXHQ]XVDPPHQ6HLQ0XQG ZXUGHVFKPDOª:DVZROOHQ6LHEHLXQV"/DQGNDXIHQ" 9HUVXFKHQKLHU:HHNHQG+lXVHUKLQ]XVHW]HQ"1HLQPHLQ /LHEHUGDPLWZHUGHQ6LHKLHUNHLQ*OFNKDEHQ:HQQ6LH GHVZHJHQPLWPLUVSUHFKHQZROOWHQ©

ª'DVLVWQLFKWGHU*UXQG©XQWHUEUDFKLFKLKQ -HW]WZDUHUNRQVWHUQLHUWª:HOFKHUGDQQ]XP7HXIHO"© ª8PGHQ7HXIHONDQQHVJHKHQ:LUP|FKWHQPLW,KQHQ EHUHLQHQJHZLVVHQ0DVRQ&RUGWODQGXQGEHU+H[HQ VRZLHGHUHQ9HUIROJXQJUHGHQ'DVLVWDOOHV© 'HU0DQQYRUXQV]XFNWH]XVDPPHQª0DVRQ&RUGW ODQG"©IOVWHUWHHUª9HUGDPPWZDVVROOGDV"© ª3ROL]HL©VDJWHLFKXQG]HLJWHLKPPHLQH0DUNH6XNR ZLHVVLFKHEHQIDOOVDXV &RUGWODQGVWDUUWHDXIGLH/HJLWLPDWLRQHQXQGQLFNWH ª6FRWODQG
6WDUQPEDXPGHU)DPLOLHUHLFKWZHLW]XUFN0DVRQ&RUGW ODQGZDUHLQEHUKPWHU0DQQ(LQ$U]WHLQ:LVVHQVFKDIWOHU GHULQVHLQHU%XUJ([SHULPHQWHGXUFKJHIKUWKDW(UKDW ]DKOUHLFKH0HQVFKHQJHKHLOWXQGGLH/HXWHVFKDXWHQPLW (KUIXUFKW]XLKPDXI© ª+DWHUDXFKJHW|WHW"©IUDJWHLFK ª:LHNRPPHQ6LHGDUDXI"© ª9LHOOHLFKW+H[HQ© $OVLFKGDV:RUWHUZlKQWH]XFNWHQGLH$XJHQGHV 0DQQHVª.|QQHQ6LHGDVJHQDXHUHUNOlUHQ"© ª6LFKHU,FKKDEHJHK|UWGD,KU$KQKHUUHLQ+H[HQMlJHU JHZHVHQVHLQVROO(UZDU]XGHPPLWHLQHUGUHLVFKZlQ]LJHQ 3HLWVFKHEHZDIIQHW0LWGLHVHU:DIIHMDJWHHUGLH+H[HQXQG EUDFKWHVLHXP,VWHVVRJHZHVHQ"© ª6LHVLQGJXWLQIRUPLHUW-DHUKDW+H[HQJHMDJWXQGGDEHL JURH(UIROJHHU]LHOW© ª,QGHU9HUJDQJHQKHLW"© ª6LFKHU© ,FKOlFKHOWHª8QGZLHVWHKWHVPLWGHU*HJHQZDUW"© ª:LHVR"© ª-DJGHUGDDXFKQRFK+H[HQ"© &RUGWODQG|IIQHWHGHQ0XQGXQGOLHHLQPHFNHUQGHV /DFKHQK|UHQª6LHVLQGOXVWLJ:LHNRPPHQ6LHGHQQGDU DXI"0HLQ$KQKHUULVWOlQJVWJHVWRUEHQ©:LHGHUODFKWHHU (VNODQJHEHQVRXQHFKWZLHEHLPHUVWHQPDO ª*HQDXGDV0U&RUGWODQGEH]ZHLIHOQZLU© (UVSLHOWHGHQ(UVWDXQWHQª:LHVRGHQQ",FKNDQQ,KQHQ YHUVLFKHUQGD0DVRQ&RUGWODQGLP6XPSIYHUVXQNHQLVW (UNDQQJDUQLFKWPHKUOHEHQ2GHUKDEHQ6LHVFKRQHUOHEW GDGLH7RWHQDXVHLQHP6XPSI]XUFNJHNHKUWVLQG"© ª'DVKDEHQZLULQGHU7DW© &RUGWODQGVFKWWHOWHGHQ.RSI6HLQ*HVLFKWQDKPHLQHQ XQJOlXELJHQ$XVGUXFNDQ,KPZDUDQ]XPHUNHQGDLKQ PHLQH$QWZRUWLUULWLHUWHª6LHPHLQHQGDVLP6FKHU]QLFKW"© ª1HLQLP(UQVW©

ª7XWPLUOHLGDEHUGDVEHJUHLIHLFKQLFKW,FKZRKQHVHLW PHLQHU*HEXUWKLHUXQGELQPLWGHP6XPSIDXIJHZDFKVHQ DEHUGDVZDV6LHEHKDXSWHQKDEHLFKQRFKQLFKWHUOHEW© ª:DU,KU$KQKHUUHLQKRFKJHZDFKVHQHU0DQQPLWEORQG JUDXHQ+DDUHQRGHUZDUHUHVQLFKW"© ª(UZDUHV© ª'DQQKDEHLFKLKQJHVHKHQ©HUNOlUWHLFKª8QGLFKVDK QRFKPHKU(UMDJWHHLQH+H[H© ª:RKDEHQ6LHHVGHQQJHVHKHQ"© ª,P6XPSI© ª6LHLUUHQVLFK0U6LQFODLU©(UVFKWWHOWHGHQ.RSI ª0DVRQ&RUGWODQGLVWWRW%HJUHLIHQ6LHGDVHQGOLFK8QG MHW]WPVVHQ6LHPLFKHQWVFKXOGLJHQLFKKDEHQRFK]XWXQ© ª'DUIPDQIUDJHQZDV"© 'HU0DQQVFKDXWH6XNRDQª1HLQGDVGDUIPDQQLFKW,FK JHEH,KQHQHLQHQJXWHQ5DW9HUVFKZLQGHQ6LH$XFKZHQQ 6LHYRQ6FRWODQG
ª:LUVHKHQXQVQRFK©VDJWHLFK]XP$EVFKLHGXQG|IIQHWH GLH7U hEHUUDVFKWEOLHELFKDXIGHU6FKZHOOHVWHKHQ9RUGHP +DXVKDWWHQVLFK]DKOUHLFKH0HQVFKHQYHUVDPPHOW0lQQHU XQG)UDXHQ6LHWUXJHQ:DIIHQXQGJURH.UHX]HLQLKUHQ +lQGHQ'LH*HVLFKWHUZLUNWHQVWDUU(QWVFKORVVHQKHLWVSLH JHOWHVLFKLQLKUHQ=JHQ'LHPHQVFKOLFKH0DXHUPDFKWH HLQHQNDOWHQDEZHLVHQGHQ(LQGUXFNDXIXQV ª:DVVROOGHQQGDV"©IUDJWHLFK &RUGWODQGZDUQHEHQXQVVWHKHQJHEOLHEHQª(VVLQG 0HQVFKHQDXVGHP2UW©HUZLGHUWHHU ª'DVVHKHLFK8QG"© ª6LHZDUWHQDXIPLFK© ª:DVKDEHQ6LHYRU"© &RUGWODQGGUlQJWHVLFKDQXQVYRUEHL(UOLHIGLH7UHSSH KLQDE8QWHQGUHKWHHUVLFKQRFKHLQPDOXPª)DKUHQ6LH© ]LVFKWHHUXQV]Xª)DKUHQ6LHVFKQHOO© 'DQQZLQNWHHUVHLQHQ/HXWHQ'LHVHW]WHQVLFKVRIRUWLQ %HZHJXQJXQGIROJWHQLKP )UXQVKDWWHQVLHNHLQHQ%OLFNPHKU :LUVFKDXWHQLKQHQQDFK$XFKGHQ$OWHQGHUXQVPLWGHU 0LVWJDEHOEHGURKWKDWWHHQWGHFNWHQZLU]ZLVFKHQLKQHQ 6HLQHQ6RKQHEHQIDOOV 6LHYHUOLHHQ%ODFNPRRULQGLH5LFKWXQJDXVGHUZLU JHNRPPHQZDUHQ,KU=LHOZDUGHU6XPSIRGHUDXFKGLH 6FKORUXLQH ª*HKHQZLUKLQWHUKHU"©IUDJWH6XNR ª6SlWHU© ª:DVKDVWGXYRU"© ,FKGHXWHWHEHUPHLQH6FKXOWHUª'DV+DXVLQWHUHVVLHUW PLFK,FKZHLQLFKWZDVGRUWYHUERUJHQLVWDEHULFKKDEH VRGDVGXPSIH*HIKOGDZLUDXIHWZDVVWRHQZHUGHQ© ª:LUKDEHQNHLQHQ'XUFKVXFKXQJVEHIHKO©JDEPHLQ )UHXQG]XEHGHQNHQ ª6LFKHU1XUVFKDXGLUGLH7UDQ6LHVWHKWRIIHQ©

'DJULQVWH6XNRª$OWHV6FKOLW]RKU© 'LH'LHOHNDQQWHQZLULQ]ZLVFKHQ&RUGWODQGKDWWHVLFK UXVWLNDOHLQJHULFKWHW'LH0|EHOZDUHQGXQNHOVLHEHVWDQ GHQDXVJHEHL]WHU(LFKH ª'XUFKVXFKHQZLU]XHUVWGHQ.HOOHU©VFKOXJLFKYRU ª0LUHJDOZRZLUDQIDQJHQ©HUZLGHUWH6XNRVFKXOWHU ]XFNHQG .HOOHUEHQDXIPLFKLPPHUHLQHPDJLVFKH$Q]LHKXQJV NUDIWDXV:LHRIWKDWWHQZLUHUOHEWGDLP.HOOHULUJHQG HWZDVYHUERUJHQZXUGH9LHOOHLFKWDXFKKLHU 'LH.HOOHUWUZDUDEJHVFKORVVHQ ª0LVW©6XNRVDJWHGLHVXQGOHJWHVHLQ2KUJHJHQGDV +RO](UKDWWHPLUGDEHLGDV*HVLFKW]XJHZDQGWXQGLFK VDKGDPHLQ3DUWQHUGLH6WLUQUXQ]HOWH ª+DVWGXZDV"© ª6HOWVDPLFKK|UHVRNRPLVFKH*HUlXVFKH© ª0RPHQW©$XFKLFKSUHWHPHLQ2KUJHJHQGDV+RO] ODXVFKWHXQGVWHOOWHIHVWGDVLFK6XNRQLFKWJHWlXVFKWKDWWH 'DZDUHQWDWVlFKOLFKXQGHILQLHUEDUH/DXWH]XK|UHQ :LUNRQQWHQVLHQLFKWLGHQWLIL]LHUHQ$XIMHGHQ)DOOEH VWlUNWHQVLHXQVLQGHP:XQVFKHLQPDOQDFK]XVFKDXHQXQG GHU6DFKHDXIGHQ*UXQG]XJHKHQ 0HLQ)UHXQGVFKLHOWHEHUHLWVDXIGDV6FKORª(VGUIWH NHLQHJURHQ3UREOHPHEHUHLWHQ©VDJWHHU ª9HUVXFKHQZLUHV© 6XNRKROWHVHLQNOHLQHV%HVWHFNKHUYRU-HGHU(LQEUHFKHU KlWWHJOlQ]HQGH$XJHQEHNRPPHQZLUDEHUVHW]WHQGLHVHV !:HUN]HXJQXULQ1RWIlOOHQRGHUEHLEHVRQGHUHQ$QOlVVHQ HLQ 8QGGLHVHU$QODKLHUZDUHLQEHVRQGHUHU 6XNRV+lQGH]LWWHUWHQQLFKWDOVHUVLFKDQGLH$UEHLW PDFKWH(LQSDDUPDOGUHKWHHUGDV:XQGHUZHUNGHU)HLQ PHFKDQLNXQGKDWWHGLH7UGDQQRIIHQ:LUYHUQDKPHQ EHLGHGDV=XUFNVFKQDSSHQGHV6FKORVVHV ,FKGUFNWHGLH.OLQNHQDFKXQWHQXQG]RJGLH7UODQJ

VDPDXI6LHZDUJXWJH|OW/DXWORVVFKZDQJVLHXQVHQW JHJHQ :LUVFKDXWHQLQHLQHQGXQNOHQ.HOOHU9RUXQVODJHLQH 7UHSSHDXV6WHLQ)DVWQRUPDO)HXFKWXQGPXIILJZDUGHU *HUXFK'LH:lQGHJOlQ]WHQQDGDVVDKHQZLULP6FKHLQ GHU%HOHXFKWXQJ%HLGLHVHU0RRUJHJHQGZDUHVNHLQ:XQGHU 0LWYRUVLFKWLJHQ6FKULWWHQEHZHJWHQZLUXQVEHUGLH 6WXIHQQDFKXQWHQ$P*HOlQGHUKLHOWHQZLUXQVIHVW ODXVFKWHQGDEHLXQGZXQGHUWHQXQVGDGLH*HUlXVFKHVLFK QLFKWZLHGHUKROWHQ (VEOLHEVWLOO ,FKYHUVXFKWHGLH$WPRVSKlUHGHV.HOOHUVLQPLFKDXI]X QHKPHQ.DPVLHPLUXQKHLPOLFKYRU":DUVLHDQGHUVDOVEHL QRUPDOHQ5lXPHQ",FKZXWHHVQLFKWHVZDUQWHPLFKDXFK QLFKWVYRUHLQHULUJHQGZRLPWRWHQ:LQNHOODXHUQGHQ *HIDKU $QGDV(QGHGHU7UHSSHVFKORVLFKHLQ*DQJDQ'UHL 7UHQVWDQGHQ]XU$XVZDKO]ZHLDXIGHUUHFKWHQHLQHDXI GHUOLQNHQ6HLWH8QGKLQWHULKUK|UWHQZLUGLH*HUlXVFKH 6LHZDUHQVHOWVDPNUlFK]HQGXQGJOHLFK]HLWLJDJJUHVVLY 'D]ZLVFKHQYHUQDKPHQZLUHLQ)ODWWHUQYRQ)OJHOQ ZHQLJVWHQVK|UWHHVVLFKVRDQ 6XNRXQGLFK]|JHUWHQNHLQH6HNXQGHOlQJHU0HLQ)UHXQG VWDQGDOVHUVWHUDQGHU7UGUFNWHGLH.OLQNHQDFKXQWHQ XQG|IIQHWH ,FKKDWWHPHLQH%HUHWWDJH]RJHQ6LFKHUZDUVLFKHU 6HKHQNRQQWHQZLUNDXPHWZDV'DVGXUFKGLHRIIHQH7U IDOOHQGH.HOOHUOLFKWUHLFKWHQLFKWDXVXPGHQJHVDPWHQ 5DXPYRUXQVDXV]XOHXFKWHQ'HUZXUGHHUVWKHOODOV6XNR HLQHQ6FKDOWHUIDQGXQGLKQKHUXPGUHKWH 8QVHUH$XJHQZXUGHQJUR0LWYLHOHPKDWWHQZLUJHUHFK QHWQXUQLFKWPLWHLQHPJURHQELV]XU'HFNHUHLFKHQGHQ .lILJLQGHP]DKOUHLFKH9|JHOIODWWHUWHQ

%LQJ&RUGWODQGKDWWHGLH6SLW]HEHUQRPPHQ'LHDQGHUHQ IROJWHQLKPPLW]ZHL6FKULWWHQ$EVWDQG6LHKDWWHQ=ZHLHU UHLKHQJHELOGHWXQGVLHVSUDFKHQNHLQHLQ]LJHV:RUWPLWHLQ DQGHU$OOHVZDUVFKRQJHVDJWZRUGHQ-HGHUKDWWHVHLQH $XIJDEH]XHUIOOHQQLHPDQGZUGHVLFKGUFNHQ'DV VFKULHEHQGLH*HVHW]HGHV'RUIHVXQGGHU9HUJDQJHQKHLW YRU 'HQQGLH9HUJDQJHQKHLWKDWWHVLHZLHGHUHLQJHKROW*HQDX GDVZDUHVZRPLWGLH0lQQHUXQG)UDXHQIHUWLJZHUGHQ PXWHQ'HQQVLHZXWHQYRQGHP6FKLFNVDOGDVEHU LKQHQVFKZHEWH(LQMHGHUYRQLKQHQZDULQ%ODFNPRRU JHERUHQZRUGHQGDV'RUIZDUIUVLHHLQHHFKWH+HLPDW DEHUDXFKGLHVFKDXULJH8PJHEXQJGHU6XPSIGDVJHIlKU OLFKH0RRU ,P*HJHQVDW]]X]DKOUHLFKHQDQGHUHQ0HQVFKHQOLHEWHQ VLHHV6LHNRQQWHQVLFKQLFKWVDQGHUHVPHKUYRUVWHOOHQXQG VLHNDQQWHQGHVVHQ*HKHLPQLVVH 'DV0RRUQDKPXQGJDE(VZDUIUVLHGHU/HEHQVUDXP XQGVLHZXWHQYRQVHLQHPJHKHLPQLVYROOHQ,QKDOWGHU QLFKWQXUDXV:DVVHU6FKODPPRGHU(UGHEHVWDQG 'DV0RRUYHUEDUJGDV*UDXHQ 8QGVLHZDUHQEHUHLWHVZLHGHUKHUYRU]XKROHQ1RFKLQ GLHVHU1DFKWZROOWHQVLHHVZDJHQ(UKDWWHVLFKEHUHLWVJH ]HLJWVHLQ*HLVWZDUXQWHUZHJVJHZHVHQXQGKDWWHGRUW ZHLWHUJHPDFKWZRHUYRUODQJHUODQJHU=HLWDXIJHK|UW KDWWH (UKDWWHQLFKWDOOHJHVFKDIIW=DKOUHLFKH+H[HQOHEWHQQRFK VLHH[LVWLHUWHQZHLWHUKDWWHQVLFKQXUYHUZDQGHOW'DV ZXWHQGLH0HQVFKHQXQGHUZXWHHVDXFK (LQJHIlKUOLFKHVPDJLVFKHV.UDIWIHOGKDWWHVLFKEHUGHQ 6XPSIGLHDOWH5XLQHXQGGDV'RUIJHOHJW(LQ.UDIWIHOGGDV DQ]HLJWHGDGLH=HLWUHLIZDU 5HLIIULKQIU0DVRQ&RUGWODQG -HGHUZXWHYRQLKP6HLQH*HVFKLFKWHZDUPLW%OXWJH VFKULHEHQ'DV'RUIOHEWHYRQLKPXQGDXFKVHLQ1DFK

IROJHUZDUGD(UKDWWHGLH)KUXQJEHUQRPPHQXQG QLHPDQGPDFKWHVLH%LQJ&RUGWODQGVWUHLWLJ 'DV'RUIODJKLQWHULKQHQ9RUVLFKVDKHQVLHGHQ6XPSI 8QKHLPOLFKZLUNWHHULQGHU'XQNHOKHLW(LQHVFKZDU]H OHLFKWJOlQ]HQGH)OlFKHGLHQLHUXKLJODJVRQGHUQVLFKEH ZHJWHXQGYRQHLQHPJHLVWHUKDIWHQ/HEHQHUIOOW]XVHLQ VFKLHQ 6LHJDE*HUlXVFKHYRQVLFK7LHILQGHU(UGHHQWZLFNHOWHQ VLFK*DVH6LHVDPPHOWHQVLFKGUlQJWHQQDFKREHQHUUHLFK WHQGLH2EHUIOlFKHXQG]HUSODW]WHQGRUW 6LHZDUHQRIWNRSIJURXQGGLHEHLP=HUSODW]HQHQW VWHKHQGHQ*HUlXVFKHZHKWHQEHUGDVIODFKH0RRU /DQJHJUDXH6FKOHLHUWULHEHQEHUGLH)OlFKH8QKHLP OLFKHQ*HVWDOWHQJOHLFKGLHYRP:LQGEHZHJWXQGLQYHU VFKLHGHQH5LFKWXQJHQJHZHKWZXUGHQREZRKOHVVFKLHQDOV ZUGHQVLHPLWLKUHQXQWHUHQ(QGHQDQGHU2EHUIOlFKH GLUHNWIHVWNOHEHQ 'DV0RRUDWPHWHGDV0RRUOHEWH(VVWHFNWHYROOHU *HKHLPQLVVHXQGHVYHUEDUJXQWHUVHLQHU6FKLFKWQLFKWQXU )lXOQLVXQG9HUZHVXQJ (WZDVZDUGDGDVOHEWH 'LH0lQQHUXQG)UDXHQJLQJHQVFKZHLJHQG'LH.|SIH KDWWHQVLHJHVHQNW1XULKUH6FKULWWHZDUHQ]XK|UHQXQGGDV 6FKPDW]HQGHVRIWZHLFKHQ%RGHQVZHQQVLHGLH)H KREHQ ,QGHUOHW]WHQ=HLWZDUQLHPDQGPHKUDXVLKUHQ5HLKHQLP 6XPSIYHUVXQNHQ6LHDOOHNDQQWHQGDV0RRU(VJHK|UWH]X LKQHQXQGHVZDUJHZLVVHUPDHQLKU/HEHQVUDXP 6LHKDWWHQGDPLWEHJRQQHQHLQHQ7HLOGHU)OlFKHDXV]X WURFNQHQXQG]XNXOWLYLHUHQZHLOVLHODQGZLUWVFKDIWOLFKH (U]HXJQLVVHDQEDXHQZROOWHQ,PQlFKVWHQ-DKUZROOWHQVLH HUQWHQ /LQNVYRQLKQHQVWDQGJURXQGZXFKWLJGLHDOWH%XUJ UXLQH6LHVDKXQKHLPOLFKXQGGURKHQGDXV+LQWHUHLQHP )HQVWHUVFKLPPHUWHHVKHOO

(VZDUGDVHZLJH/LFKW'DVVROOWHLPPHUEUHQQHQVR ODQJH0DVRQ&RUGWODQGQRFKH[LVWLHUWH :lKUHQGGHU7HLO.XOWLYLHUXQJGHV0RRUHVKDWWHQGLH %HZRKQHUYRQ%ODFNPRRU:HJHDQJHOHJW.HLQ)UHPGHU NDQQWHVLH'LHVH3IDGHZDUHQQXULKQHQEHNDQQW 'HUDQGHU6SLW]HJHKHQGH%LQJ&RUGWODQGVFKZHQNWHHLQ XQGEHWUDWGHQEUHLWHVWHQ3IDGGHUMHW]WGXUFKGLHDQJHOHJ WHQ)HOGHUIKUWHJHUDGHZHJVDXIGLHGVWHUH)OlFKH]X ,UJHQGZREHUGHP0RRUEOLW]WHHVKLQXQGZLHGHUDXI .OHLQHJHOEH3XQNWHGLHLQHLQHP=LFN]DFN)OXJHWZD PDQQVKRFKEHUGLHVFKZDU]H)OlFKHZLVFKWHQ ,UUOLFKWHU (QWVWDQGHQGXUFKDEJHVWRUEHQHV+RO]GDVZHJHQVHLQHV *HKDOWHVDQ3KRVSKRUKLQXQGZLHGHUVROHXFKWHWH 0DQVDJWHGHQ,UUOLFKWHUQYLHOHVQDFK6LHVROOWHQGLH *HLVWHUGHU7RWHQVHLQGLHLP0RRUYHUVXQNHQZDUHQXQG NHLQH5XKHIDQGHQ'DUDQJODXEWHQGLH0HQVFKHQDXV %ODFNPRRUQLFKW6LHJODXEWHQQXUDQHLQHQ*HLVWDQGHP YRQ0DVRQ&RUGWODQG 6HLQ1DFKNRPPHDQGHU6SLW]HVFKULWW]JLJHUDXV(U ZROOWHQLFKWPHKUOlQJHUZDUWHQ:HQQ]XYLHO=HLWYHUJLQJ NRQQWHQVLFKGLH*HJHQNUlIWHIRUPLHUHQZDVKHXWHQLFKW JXWZDU 0DQFKPDOVFKDOOWHLKQHQGDVZLOGH.UlFK]HQGHU5DEHQ XQG.UlKHQHQWJHJHQ$JJUHVVLYK|UWHHVVLFKDQ'LH9|JHO VFKLHQHQYHUUFNW]XZHUGHQ+LQXQGZLHGHUKXVFKWHQVLH LP*OHLWIOXJGLFKWEHUGLH.|SIHGHU0HQVFKHQKLQZHJ 1HLQGLH9HUJDQJHQKHLWZDUQLFKWWRW,PPHUZLHGHUZXU GHQGLH0HQVFKHQDQVLHHULQQHUW :HLWKDWWHQVLHQLFKWPHKU]XODXIHQ$OV%LQJ&RUGWODQG VWHKHQEOLHEXQGVHLQHUHFKWH+DQGKREYHUKDUUWHQDXFKGLH DQGHUHQ6LHEHIDQGHQVLFKMHW]WDP5DQGGHV0RRUHVJHQDX DP(QGHGHUNXOWLYLHUWHQ)OlFKHGLHEUHLWJHQXJZDUGDPLW GLH0HQVFKHQDXVGHP'RUIHLQHQ+DOENUHLVKLQWHULKUHP $QIKUHUELOGHQNRQQWHQ

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lXVFKWHQGLH'LVWDQ]HQ %UDQQWHGDV/LFKWREHQLP7XUPMHW]WQLFKWVWlUNHU"-DVLH KDWWHQGDV*HIKODOVZlUHGLH)ODPPHGXUFKLUJHQGHLQ (UHLJQLVVWlUNHUHQWIDFKWZRUGHQXQGZUGHQXQGHQ JHVDPWHQ5DXPDXVIOOHQ $XFK%LQJ&RUGWODQGVFKDXWHKLQ6HLQH$XJHQYHUHQJWHQ VLFKOHLFKWGLH/LSSHQ]XFNWHQ (VZDUVRZHLW (UGUHKWHGHQ.RSIXQGULFKWHWHVHLQHQ%OLFNDXIGDVYRU LKPOLHJHQGH0RRU 6FKZDU]JOlQ]WHGLH)OlFKH8QKHLPOLFKVFKLPPHUQGIDVW JODWW1XUGHU:LQGGHUEHUVLHVWULFKNlPPWHGDVPDQFK PDOKRKH*UDVXQGVSLHOWHPLWGHP:DVVHUGHUNOHLQHQ KHLPWFNLVFKHQ7PSHOGLH]XJHIlKUOLFKHQ)DOOHQIUGHQ MHQLJHQZHUGHQNRQQWHQGHUGDV0RRUQLFKWNDQQWH %HYRU&RUGWODQGVSUDFKGUHKWHHUVLFK]XGHQDQGHUHQ XP(UEOLFNWHLQGLHHUZDUWXQJVYROOHQ*HVLFKWHUXQGVSU WHZLHGHUHLQPDOGLH/DVWGHU9HUDQWZRUWXQJGLHDXIVHLQHQ 6FKXOWHUQODJ$EHUHUZDUHVQLFKWDQGHUVJHZRKQWGHQQHU KDWWH=HLWJHQXJJHKDEWVLFKGDUDXIYRU]XEHUHLWHQ %LQJKREVHLQH6WLPPHª1HKPWGLH.UHX]H©ULHIHU

ª5LFKWHWVLHDXI/DWVLHDXIGDV0RRUGHXWHQXQGJHEWLKP VRHLQ=HLFKHQGDPLWHUZHLGDVHLQH6WXQGHJHNRPPHQ LVW(UVROOZLVVHQGDZLULKQHUZDUWHQXQGLKP]XU6HLWH VWHKHQ6HLQ*HLVWKDWEHUHLWVHLQLJH+H[HQJHW|WHWDEHUHV ZDUHQ]XZHQLJ'LH9HUJDQJHQKHLWKDWXQVHLQJHKROWZLU ZROOHQVLHYROOHQGHQ© 1LHPDQGZLGHUVSUDFKLKP(LQMHGHUZXWHZDVGLH 6WXQGHJHVFKODJHQKDWWH (LQ'RUIZDUYRQVHLQHU*HVFKLFKWHHLQJHKROWZRUGHQXQG GLH0HQVFKHQZDUHQGDUDXIYRUEHUHLWHWGHQ6FKUHFNHQGHU YHUJDQJHQHQ-DKUKXQGHUWHIRUW]XIKUHQ 6LHZROOWHQGLH5HVWHYHUQLFKWHQ 2IWEHKDXSWHWHPDQGD+H[HQDXIJHZLVVH$UWXQG :HLVHXQVWHUEOLFKVHLHQ 'DVZUGHQGLH0HQVFKHQZLGHUOHJHQ %LQJ&RUGWODQGGUHKWHVLFKZLHGHUXP(VZDUY|OOLJGXQ NHOJHZRUGHQ%OHLFKVWDQGGHU0RQGDP+LPPHO(LQHIDVW UXQGH6FKHLEHGLHZLHHLQJHOEHVJURHV*ORW]DXJHDOOHV EHREDFKWHWHXQGPLWHLQHPIDKOHQ6FKOHLHUXPJDE (UVDKGDV*HPlXHUGDVHLQVDPH/LFKWDEHUQLFKWGHQ IODFKHQ:DJHQGHULP6FKDWWHQGHU5XLQHSDUNWH 6RGDFKWHHLQMHGHUGDNHLQH*HIDKUGURKHQZUGH =XHUVWKRE%LQJ&RUGWODQGGLH$UPHGDQQVWUHFNWHHUVLH DXVVRGDVHLQHJHVSUHL]WHQ+lQGHEHUXQGDXIGDVYRU LKPOLHJHQGH0RRUGHXWHWHQ,QVHLQH$XJHQWUDWHLQKDUWHU *ODQ] 'HU:LQGEUDFKWHGHQ*HUXFKYRQ0RRUXQG)lXOQLVPLW GLH/XIWVFKPHFNWHZLHEUDFNLJHV:DVVHUGDV6XPSIJUDV UDVFKHOWH:DVVHUEHZHJWHVLFK]XNOHLQHQ:HOOHQXQGGLH GXQNOHQ:RONHQKRFKEHULKPDP+LPPHOVDKHQDXVZLH HLQHYHUlQJVWLJWH+HUGHYRQ6FKDIHQ (LQHXQKHLPOLFKH1DFKWLQGHUGLHODQJHQ'XQVWVFKOHLHU LKUHQODXWORVHQ5HLJHQWDQ]WHQ ª,FKUXIHGLFK0DVRQ&RUGWODQGLFKUXIHGLFK(UKHEH GLFKDXVGHQ8UWLHIHQGHV6XPSIHVXPGDV]XYROOHQGHQ

ZDVGXEHJRQQHQKDVW7|WHGLH+H[HQW|WHGLH%UXWGHV 6DWDQVQLPPGHLQH3HLWVFKHXQGYHUQLFKWHVLH0DVRQ &RUGWODQG+H[HQZUJHUZLUKDEHQGLFKQLFKWYHUJHVVHQ XQGGHLQ$QGHQNHQLQ(KUHQJHKDOWHQ-HGHUZXWHGDGLH =HLWGHU+H[HQHUQHXWDQEUHFKHQZUGH1XQLVWVLHGD6LH KDEHQVLFKZLHGHUYHUVDPPHOW,FKVDKGLH=HLFKHQGHQQ GLHVFKZDU]HQ7RWHQY|JHOVDPPHOWHQVLFK.RPPXQG]HU VW|UHVLH:LUDOOHGLHZLUKLHUYHUVDPPHOWVLQGVWHKHQGLU EHL,P1DPHQGHU,QTXLVLWLRQVWHLJHDXVGHLQHPJURHQ IHXFKWHQ*UDEXQGHUK|UHXQVHUH%LWWHQ© 1DFKGLHVHQ:RUWHQHPSIDQGHQDOOHGLH6WLOOHQXQGRSSHOW VWDUN'LH0lQQHUXQG)UDXHQVFKDXWHQDQLKUHP$QIKUHU YRUEHLDXIGHQVFKZDU]HQ|OLJJOlQ]HQGHQ6XPSIZRVLFK GDV/LFKWGHV0RQGHVSO|W]OLFKZLHHLQJHKHLPQLVYROOHU )OHFNDE]HLFKQHWH 'DVZDUGLH6WHOOH 'XUFKGDVIDKOHEODVVH/LFKWZXUGHVLHDXVJHOHXFKWHW'HU 8PNUHLVZLUNWHZLHYHUEUDQQW'RUWZXFKVNHLQ+DOP.HLQ 6WUDXFKVWUHFNWHVHLQHNDKOHQDEJHVWRUEHQHQ$UPHLQGLH +|KH 9HUEUDQQWH(UGH $EHUNHLQHWRWH(UGH 'HQQVLHEHJDQQVLFKSO|W]OLFK]XEHZHJHQ 'DV8QKHLOQDKPVHLQHQ/DXI 'LHEHLGHQ+H[HQEHWUDWHQGHQDOWHQ7XUP =XHUVWVFKREVLFK:LNNDGXUFKGHQRIIHQHQ(LQJDQJ 2EZRKOGHU1DFKWZLQGQLFKWVWDUNZHKWHIDQGHUJHQJHQG RIIHQH5LW]HQXQG6SDOWHQLP0DXHUZHUNXPKLQGXUFK SIHLIHQ]XN|QQHQ'HVKDOEYHUXUVDFKWHGHUPDQFKPDOGLH VHOWVDPKRKONOLQJHQGHQ/DXWH :LNNDXQG-DQHOLHHQVLFKYRQGHQ*HUlXVFKHQQLFKWLUUL WLHUHQ:DV0HQVFKHQ)XUFKWHLQIO|WHZDULKQHQHJDO6LH GDFKWHQQXUDQGHQ(UIROJ

'HU%UDQGKDWWHGDPDOVVFKZHUJHZWHWhEHUDOOLQGHQ 0DXHUQZDUHQ/|FKHUHQWVWDQGHQJURHRIIHQH6WHOOHQGXUFK GLHGDV0RQGOLFKWVLFNHUWH0DQFKH6WHOOHQVFKLPPHUWHQDOV ZlUHQVLHPLWHLQHPVLOEHUQHQ6WDXEHLQJHSXGHUWZRUGHQ 8PLQGHQ7XUP]XJHODQJHQPXWHQVLHHLQH7UHSSH KRFKVWHLJHQ%HLGHZXWHQQLFKWREGLH6WXIHQQRFKVRZHLW LQ2UGQXQJZDUHQXPVLHXQJHIlKUGHWKLQDXI]XJHKHQ$XV GLHVHP*UXQG]|JHUWH:LNNDXQGJULII]XHLQHU+H[HQOLVW ª%OHLEGXKLHU©VDJWHVLH]X-DQHZREHLLKUH$XJHQSO|W] OLFKJUQVFKLOOHUWHQ,PQlFKVWHQ$XJHQEOLFNVSUHL]WHVLH GLH+lQGHGUFNWHGLH)LQJHUVSLW]HQJHJHQHLQDQGHU ZlKUHQGEHULKUH/LSSHQHLQPDJLVFKHU6SUXFKNDP ª+H[HQNUlIWHGLHPLFKODEHQVROOHQPLFKDXFKZHJKLHU WUDJHQ© )UGHQ%UXFKWHLOHLQHU6HNXQGHJOKWHHVJUQURWLQQHU KDOEGHU5XLQHDXI(LQ.RPHWHQWVWDQGXQGLQVHLQHP ,QQHUQIXKUGLH*HVWDOWGHU:LNNDGHP=LHOHQWJHJHQ 8QGGLHYHUlQGHUWHVLFKGDEHL-DQH&ROOLQVVFKDXWHLKU QDFK'LH+DDUHGHU2EHUKH[HVFKLHQHQSO|W]OLFKPLW (OHNWUL]LWlWDQJHIOOW]XVHLQ:LH6FKODQJHQVWHOOWHQVLHVLFK KRFKNQLVWHUWHQVSUKWHQXQGLPQlFKVWHQ$XJHQEOLFN ZDU:LNNDYHUVFKZXQGHQ =XUFNEOLHE-DQH&ROOLQV 'DVJUQURWH*OKHQZDUHUORVFKHQVRGDVLFKGLHHKH PDOLJH'HWHNWLYLQLP'XQNHOQZLHGHUIDQG :LHGHUHLQPDOEHZXQGHUWHVLHGLH2EHUKH[H:LNND6LH EHVD.UlIWHGLHVLHVLFKJHUQJHZQVFKWKlWWHDEHUVLHZDU QRFKLPPHU/HKUOLQJXQGPXWHHUVWHLQPDODEZDUWHQELV :LNNDVLHY|OOLJHLQZHLKWH 9RQLKUZDUZHGHUHWZDV]XVHKHQQRFK]XK|UHQ6LH PXWHVLFKGRUWREHQLP7XUPY|OOLJODXWORVEHZHJHQXQG DXFK-DQH&ROOLQVEHJDQQPLWGHU:DQGHUVFKDIW 'LFKWYRUHLQHUgIIQXQJLQGHU0DXHUEOLHEVLHVWHKHQ EHXJWHLKUHQ2EHUN|USHUQDFKYRUQXQGVFKDXWHGXUFKGLH RIIHQH6WHOOHEHUGDVGVWHUH0RRU

(LQHXQKHLPOLFKH)OlFKHVDKVLHEHUGLHKLQXQGZLHGHU GDVJHLVWHUKDIWH$XIEOLW]HQGHU,UUOLFKWHU]XFNWH$XILQGHU 1lKHOLHJHQGHQ*UDVLQVHOQZXFKVHQZHQLJH%lXPH6LH UHFNWHQLKUHNDKOHQbVWHNUXPPXQGVFKLHILQGLH+|KHDOV ZROOWHQVLHYHUVXFKHQPLWGHQ(QGHQQDFKWLHIVFKZHEHQGHQ 1HEHOVFKOHLHUQ]XJUHLIHQXQGVLHIHVW]XKDOWHQ -DQHZROOWHVLFKZLHGHU]XUFN]LHKHQDOVVLHUHFKWVGHV JURHV0RRUHVHLQH%HZHJXQJZDKUQDKP 'RUWZDUHWZDV 6RIRUWVWDQG-DQHXQWHU6SDQQXQJ6LHKDWWHGDVXQ EHVWLPPWH*HIKOHLQHUVLFKQlKHUQGHQ*HIDKUXQGVR VFKDXWHVLHZHLWHU]XZLHVLFKGLH6DFKHHQWZLFNHOQZUGH 'LH*HIDKUZDU]ZDU]XORNDOLVLHUHQGHQQRFKNRQQWH-DQH QLFKWHUNHQQHQXPZDVHVVLFKJHQDXKDQGHOWH-DQHKDWWH GDV*HIKODXIHLQHEUHLWHNRPSDNWH0DVVH]XEOLFNHQGLH VLFKQXUODQJVDPEHZHJWHXQGHLQHPJURHQ:XUPJOLFK (LQH0HQVFKHQVFKODQJH" ,KUVFKDUIHU9HUVWDQGGHQVLHDOV'HWHNWLYLQJHEUDXFKW KDWWHZDUDXFKLQLKUHP]ZHLWHQ/HEHQQLFKWYHUORUHQJH JDQJHQ,QVWLQNWLYVWXIWHVLHGLH0HQVFKHQDOV)HLQGHHLQ 'LHKDWWHQLUJHQGHWZDVYRUGDVLKUH.UHLVHVW|UHQVROOWH GHQQZHUEHZHJWHVLFKVFKRQEHL'XQNHOKHLWRKQH*UXQG GXUFKGDV0RRU" 1LHPDQG )DOOV:LNNDGLH*HIDKUQRFKQLFKWJHRUWHWKDWWHPXWHVLH JHZDUQWZHUGHQ -DQHZROOWHPLWLKULQ.RQWDNWWUHWHQGDEHPHUNWHVLHGD GLHVQLFKWPHKUQ|WLJZDU:LNNDJDEEHUHLWVLKU=HLFKHQ 'HUNRPHWHQDUWLJH6WUDKOZDUZLHGHUGDIDXFKWHGLHVPDO QDFKXQWHQXQG-DQH&ROOLQVJODXEWHSO|W]OLFKZLHXQWHU HLQHPEXQWHQ*HZHEHJHIDQJHQ]XVHLQ (LQHQ$XJHQEOLFNVSlWHUZDUDOOHVDQGHUV'DVWDQGVLH :LNNDJHJHQEHUXQGEHLGHEHIDQGHQVLFKLQQHUKDOEGHV DOWHQ0LWWHOWXUPHVGLFKWDQHLQHP)HQVWHU ª*HIDKU©]LVFKWH-DQHª,FKKDEHJHVHKHQZLHVLHDXI

WDXFKWHQ0HQVFKHQQlKHUQVLFKGHP6XPSI6LFKHUOLFKGLH %HZRKQHUGHVQDKHQ'RUIHV6LHZHUGHQ© :LNNDZLQNWHOlVVLJDEª1LFKWVZHUGHQVLHJDUQLFKWV6LH N|QQHQJHJHQXQVQLFKWEHVWHKHQ:HQQZLUGDV*HKHLPQLV GHU5XLQHHQWGHFNWKDEHQXQGGDV/LFKWO|VFKHQGDQQ© ª:DVLVWGDQQ"©IUDJWH-DQH :LNNDVFKWWHOWHGHQ.RSI6LHVWDQGSO|W]OLFKVWHLIZLH HLQH)LJXUDXIGHP)OHFN'LH+lQGHKDWWHVLHJHVSUHL]WGHQ 0XQGKDOEJH|IIQHWXQGVLHJOLFKHLQHP(PSIlQJHUGHU 6LJQDOHDXIIDQJHQZROOWH 'LH6FKODQJHQULQJHOWHQSO|W]OLFKDXVLKUHU6WLUQ:LGHU OLFKHJLIWJUQHILQJHUGLFNH7LHUHGLHLKUHNOHLQHQ0lXOHU DXIULVVHQXQGGLHJHVSDOWHQHQGQQHQ=XQJHQKHUYRU VFKQHOOHQOLHHQ -DQHYHUVSUWHDXIHLQPDOVRHWZDVZLH)XUFKW1LFKWYRU :LNNDVRQGHUQYRUGHU6LWXDWLRQ6RHWZDVKDWWHVLHQRFK QLHHUOHEW6LHKDWWH:LNNDELVKHULPPHUDOVHLQHEHUOHJHQH 3HUVRQJHNDQQWQXQDEHU]HLJWHVLHVLFKYRQHLQHUDQGHUHQ 6HLWH $XILKUHQ*HVLFKWV]JHQVSLHJHOWHVLFKGDVZLGHUZDVVLH HPSIDQG+D8QJODXEH:XW)HLQGVFKDIW ª:DVKDVWGX"©-DQH&ROOLQVIUDJWHHVOHLVH6LHWUDXWHVLFK QLFKWLKUH+HUULQPLWHLQHUODXWHQ6WLPPH]XVW|UHQ ª(ULVWLQGHU1lKH© ª:HU"© :LNNDIXKUKHUXP-HW]WVFKLHQLKU%OLFN)ODPPHQ]XZHU IHQª:HUVFKRQ]XP6DWDQ"-RKQ6LQFODLU,FKVSUHLKQ© IOVWHUWHVLHUDXKª,FKVSUHGLHVH$XUDGLHYRQVHLQHPYHU GDPPWHQ.UHX]DXVJHKW'DVLVWHV© 'LH:RUWHWUDIHQ-DQH&ROOLQVKDUW -RKQ6LQFODLUGHU*HLVWHUMlJHULQGHU1lKH $OOPlKOLFKNODQJ:LNNDV(UUHJXQJDE$XFKGLH6FKODQJHQ ZXUGHQUXKLJHU6LHVFKDXWHQQDFKZLHYRUDXVGHU6WLUQ DEHUVLHEHZHJWHQVLFKQLFKWPHKUVRQGHUQEOLHEHQNOHLQH JHIlKUOLFKH:lFKWHU

ª6ROOHQZLUXQVXP6LQFODLUNPPHUQ"©IUDJWH-DQHXQG LKUH$XJHQILQJHQDQ]XJOlQ]HQ ª1HLQQRFKQLFKW© ª$EHUHU© ªLVWQRFKZHLW©YROOHQGHWH:LNNDª,FKVSUHGDHU NHLQH$KQXQJKDWLQZHOFKHLQ.DUXVVHOOGHV6FKUHFNHQVHU HLQVWHLJHQZLUG1RFKVLQGGLH3OlW]HQLFKWYHUWHLOW,FK MHGRFKZHUGHGDIUVRUJHQGDVFKRQEDOGMHGHUVHLQHQ6LW] KDW.RPPPLW© 6LHZDUHQLP7XUPMHGRFKQLFKWGRUWZRVLHGDV/LFKW KDWWHQVFKLPPHUQVHKHQ 8UQGLHVHQ5DXP]XHUUHLFKHQPXWHQVLHHLQ6WFNQDFK XQWHQJHKHQ'LH6WXIHQGHUDOWHQ:HQGHOWUHSSHJOlQ]WHQ HEHQVRVFKZDU]ZLHGLH)OlFKHGHV0RRUV,QGHU'XQNHOKHLW ZDUHQGLH5LVVHXQG6SDOWHQPHKU]XDKQHQGHQQGXUFKGLH VFKLHVFKDUWHQDUWLJHQgIIQXQJHQLQGHU7XUPZDQGVLFNHUWH QXUZHQLJ/LFKW 8PLQGDV7XUP]LPPHU]XJHODQJHQLQGHPGDV/LFKW EUDQQWHPXWHVLHEHULP:HJHOLHJHQGH6WHLQHNOHWWHUQ EHYRUVLHGLHgIIQXQJHUUHLFKWHQ(LQH7UZDUQLFKWPHKU YRUKDQGHQ,UJHQGHLQH*HZDOWKDWWHVLH]HUVW|UWRGHUKHU DXVJHEURFKHQ 'DV/LFKWVWUDKOWHGXUFKGHQ(LQJDQJ-HW]WHUVWZDU]X VHKHQGDHVGRFKHLQHQDQGHUHQ)DUEWRQDXIZLHVDOVDXV GHU)HUQHDQ]XQHKPHQZDU=ZDUOHXFKWHWHHVU|WOLFKHV ZDUMHGRFKDXFKHLQWUNLVIDUEHQHV6WUDKOHQGDULQ]XHUNHQ QHQ:LNND]|JHUWHSO|W]OLFKGHQ5DXP]XEHWUHWHQ -DQHGLHGLFKWKLQWHULKUVWDQGOHJWHHLQH+DQGDXILKUH 6FKXOWHUª:DVLVWPLWGLU"©IUDJWHVLH ª'LH6DFKHJHIlOOWPLUQLFKW© ª,VWHVGDV/LFKW"©ZLVSHUWH-DQH ª*HQDX,FKKDEHGDPLWJHUHFKQHWGDHVY|OOLJQRUPDO OHXFKWHW'DVLVWQLFKWGHU)DOO0LUJHIlOOWGHU6FKLPPHU QLFKW© ª:DVKDWHU]XEHGHXWHQ"©

ª(VLVWZDKUVFKHLQOLFKGHU+H[HQVWHLQ© -DQH&ROOLQVNRQQWHPLWGLHVHU$QWZRUWQLFKWVDQIDQJHQ 6LHZDUQRFK]XIULVFKLQGLHVHP*HVFKlIWNDQQWHOlQJVW QLFKWDOOH*HKHLPQLVVHVLHPLWGHP+H[HQGDVHLQ]XVDP PHQKLQJHQ'DVZDU:LNNDNODUXQGVLHJDEHLQH(U NOlUXQJDE ª(VJLEWHLQHQ6WHLQGHUDXVHLQHUOlQJVWYHUVXQNHQHQ=HLW VWDPPW(LQJURHU0DJLHUVROOLKQDQJHIHUWLJWKDEHQ'HU 6WHLQKDW]DKOUHLFKH+H[HQYHUQLFKWHW(UZLUNWQXUDXI +H[HQXQGHLQHMHGH+H[HWUDFKWHWGDQDFKLKQ]XYHUQLFK WHQ'RFKQLHPDQGKDWLKQELVKHUJHIXQGHQ(UEOLHELP 'XQNHOGHU=HLWHQYHUVFKROOHQ0DQVSULFKWGDYRQGDHV LKQEHUHLWVEHLGHQ.HOWHQJHJHEHQKDEHQVROO'UXLGHQ 3ULHVWHUEHGLHQWHQVLFKGHV6WHLQVGHU'XQNOH*UDOZLUG HEHQIDOOVPLWLKPLQ9HUELQGXQJJHEUDFKWXQGJURH +H[HQMlJHUVFK|SIWHQDXVLKP.UDIW:LHVRLFKLKQKLHU ILQGHZHLLFKQLFKWDEHUZLUPVVHQDXIGHU+XWVHLQ© ª.DQQXQVGHU6WHLQYHUQLFKWHQ"©ZROOWH-DQH&ROOLQV ZLVVHQ ª-DGDVNDQQHU© 1RFKQLHKDWWH-DQH:LNNDVRUHGHQK|UHQ:LHVLHGLH :RUWHVSUDFKJDEVLH]XGDGLHVHU6WHLQHLQHJURH0DFKW DXVEWH(LQH0DJLHJHJHQGLHGHU+H[HQ -DQH&ROOLQVZDUQHXJLHULJ'HVKDOEIUDJWHVLHPLWOHLVHU 6WLPPHª.DQQLFKLKQVHKHQ"© ª:LUEHLGHZHUGHQLKQVHKHQ©.DXPKDWWH:LNNDGLH :RUWHDXVJHVSURFKHQDOVVLHHLQHQ6FKULWWYRUJLQJXQGGDV DOWH7XUP]LPPHUEHWUDW6LHGUHKWHVLFK]XU6HLWHVFKXI 3ODW]IU-DQH&ROOLQVXQGGLHVHGUFNWHVLFKDQLKUHU 0HLVWHULQYRUEHL (VZDUVHOWVDPIUVLHYRUHLQHP6WHLQ]XVWHKHQGHUVLH EHLGHYHUQLFKWHQNRQQWH%LVKHUKDWWHVLH:LNNDLPPHUYHU WUDXW8QWHULKUHP6FKXW]NRQQWHLKUQLFKWVSDVVLHUHQ1XQ MHGRFKGDFKWHVLHDQGHUVGDUEHUXQGVRHWZDVZLH 7RGHVDKQXQJHQEHUILHOHQVLH

'HU6WHLQODJLQHLQHU6FKDOH6LHVHOEVWZXFKVDXVHLQHP VWHLQHUQHQ6WlQGHUKHUYRUGHUZLHHLQ$UPLQGLH+|KH UDJWH'RFKQLFKWHLQH+DQG|IIQHWHVLFKDQVHLQHP(QGH VRQGHUQGLH6FKDOHGLHGHQ+H[HQVWHLQDXIJHQRPPHQKDWWH ª6LHKVWGXLKQ"©IUDJWH:LNND -DQHQLFNWHQXU6LHVDKLKQQLFKWQXUVLHVSUWHDXFKGLH .UDIW'HU6WHLQVFKLHQHLQ0DJQHW]XVHLQGHVVHQ6WUDKOHQ LQLKUHQ.|USHUGUDQJHQXQGDQGHQ.UlIWHQ]HKUHQZROOWHQ =XGHPIKOWH-DQHVLHDXILKUHU+DXWGLHVLFK]XVDPPHQ]RJ XQGEHUGLHHLQQLHJHNDQQWHU6FKDXGHUOLHI 'HU6WHLQVHOEVWVDKKDUPORVDXV'DVZDUHUVLFKHUOLFK DXFKIUGHQGHULKQDXIQDKPXQGNHLQH+H[HZDU(UKDWWH HLQHRYDOH)RUPZDUJODWWXQGKROWHVHLQH/HXFKWNUDIWDXV VHLQHP,QQHUQXQGGHQZLH$GHUQGXUFKHLQDQGHUIOLHHQGHQ (LQVFKOVVHQGLHQLHUXKLJZDUHQVRQGHUQ]LWWHUWHQDOV ZlUHQVLHPLWHLQHU)OVVLJNHLWJHIOOW 5RWOHXFKWHWHGHU6WHLQDXHQLQQHQMHGRFKHUNDQQWH-DQH GLHJUQH.UDIWYRQGHU:LNNDJHVSURFKHQKDWWH ª'DQQLVWHVGRFKNHLQH.HU]H©PXUPHOWH-DQH ª1HLQDOOHVLVWDQGHUV© 'LH$QWZRUWLKUHU0HLVWHULQHUVFKUHFNWH-DQH%LVKHUKDWWH :LNNDLPPHUHLQHQ$XVZHJJHZXWGLHVPDOMHGRFKVFKLHQ VLHPDFKWORV]XVHLQ'HQQRFKYHUVXFKWHVLHHV ,KU.|USHUVSDQQWHVLFK'LHUHFKWH6FKXOWHUKREVLHLQGLH +|KHGHQ$UPVWUHFNWHVLHDXV'DXPHQXQG=HLJHILQJHU ZLHVHQDXIGHQ6WHLQ'LH6FKODQJHQVWDFKHQZHLWHUDXVLKUHU 6WLUQKHUYRU]XFNWHQXQGZDQGHQVLFKHUUHJWXQGLPQlFK VWHQ$XJHQEOLFNSDVVLHUWHHV 'LHEHLGHQ6FKODQJHQZLVFKWHQDXVGHU6WLUQXQGEH ZHJWHQVLFKEOLW]VFKQHOODXIGHQ+H[HQVWHLQ]X9HUVWlUNW ZXUGHGLHVH0DJLHGXUFKGLHEHLGHQ6WUDKOHQGLHSO|W]OLFK DXV:LNNDV)LQJHUQVFKRVVHQXQGLQV=HQWUXPGHV6WHLQV KLHEHQ =XHUVWHUZLVFKWHHVGLH6FKODQJHQ.DXPKDWWHQVLHGHQ 6WHLQEHUKUWDOVVLHGLHVFKUHFNOLFKH0DJLH]XVSUHQEH

NDPHQ-DQHK|UWHQXUHLQNXU]HV=LVFKHQ]XYHUJOHLFKHQ PLWGHP*HUlXVFKZHQQHLQ:DVVHUWURSIHQDXIHLQHKHLH +HUGSODWWHIlOOWGDQQZDUHQGLH6FKODQJHQQLFKWPHKU]X VHKHQ1XUQRFKYHUNRKOWHUVFKZDU]HU6WDXEZHKWHGXUFK GLH/XIWXQGULHVHOWH]X%RGHQ :LNNDV$WWDFNHZXUGHIUVLH]XHLQHP%XPHUDQJ.DXP KDWWHQGLH6WUDKOHQ.RQWDNWPLWGHP+H[HQVWHLQUHDJLHUWH GHUZLHHLQ6SLHJHOXQGVFKOHXGHUWHVLH]XUFN 9HUVWlUNWDOOHUGLQJV 'LH2EHUKH[HZXUGHYRQGHU.UDIWGHV6WHLQVYROOJHWURI IHQ9RU-DQHVHQWVHW]WDXIJHULVVHQHQ$XJHQZXUGHVLHLQGLH +|KHJHVFKOHXGHUWEHUVFKOXJVLFKLQGHU/XIWVFKULHMDP PHUWHXQGEUOOWHLKUHJHVDPWH3HLQKLQDXV 6HNXQGHQODQJVFKZHEWHVLHLQGHU/XIW'HU]XUFNVFKLH HQGH6WHLQVFKLHQVLH]XWUDJHQZlKUHQGVLHPLW$UPHQ XQG%HLQHQZLOGXPVLFKVFKOXJ 'DEHLYHUlQGHUWHVLFKGLH+DXW -DQH&ROOLQVVDKPLW6FKUHFNHQZLH:LNNDV+DXWYHU EUDQQWH%LVKHUKDWWHVLHHLQHKHOOHIDVWVFKRQZHLH+DXW JHKDEWGDVlQGHUWHVLFKQXQ $XI*HVLFKW$UPHQXQG+lQGHQEUHLWHWHQVLFKVFKZDU]H )OHFNHQDXVGLHLPPHUJU|HUZXUGHQXQGGLH+DXW VFKOLHOLFKY|OOLJ]HUVW|UWHQ 'DQQILHO:LNND 6FKZHUNUDFKWHVLH]X%RGHQ0LWGHP5FNHQ]XHUVW VFKOXJVLHDXI 'LH(UVFKWWHUXQJGXUFKWRVWHLKUHQ.|USHU6LHElXPWH VLFKQRFKHLQPDODXIEHYRUVLHHQGJOWLJ]XVDPPHQEUDFK XQGVWDUUOLHJHQEOLHE :DUVLHWRW" -DQH&ROOLQVGDFKWHPLW6FKUHFNHQGDUDQ1HLQGDVGXUIWH QLFKWVHLQ:LNNDZDUVRVWDUN6LHEHVDLPPHQVH+H[HQ NUlIWH6LHNRQQWHQLFKWVRHLQIDFKVWHUEHQ'HU6DWDQKDWWH LKU.UDIWJHJHEHQXQG-DQHVFKDXWHGHQJHIlKUOLFKHQ +H[HQVWHLQPLWZXWHUIOOWHP%OLFNDQ

6LHKDWHLKQVRVWDUNZLHVLHVHOWHQHWZDVLQLKUHP/HEHQ JHKDWKDWWH 'DQQEOLFNWHVLHDXI:LNND %HZHJXQJVORVODJLKUHJURH0HLVWHULQXQGLKUJURHV 9RUELOG]XLKUHQ)HQ'DUKUWHVLFKQLFKWV9HUEUDQQW VFKZDU]XQGGQQVDKGLH+DXWDXV:HLJOlQ]WHQGLH $XJHQZlKUHQGGLH3XSLOOHQLKUHQGXQNOHQ$XVGUXFNEH KDOWHQKDWWHQ'LH)LQJHUZDUHQ]XVFKZDU]HQGQQHQ .UDOOHQJHZRUGHQ]XYHUJOHLFKHQPLWGHQ)HQYRQ +KQHUQ/LSSHQKDWWH:LNNDHEHQIDOOVQLFKWPHKU'LH XQKHLPOLFKH.UDIWGHV6WHLQVKDWWHVLHZHJJHlW]W /DJZLUNOLFKHLQH7RWHYRULKU" -DQHZROOWHHVQLFKWJODXEHQ6LHKDWWHDXFKNHLQH=HLW PHKUZHLWHUGDUEHUQDFK]XGHQNHQGHQQVHOWVDPH(U HLJQLVVHQDKPHQSO|W]OLFKLKUHQ/DXI ,QLKUHP.RSIVSUWHVLHHLQNXU]HV6WHFKHQGDQQYHU VFKZDQGGLH8PJHEXQJYRULKUHQ$XJHQXQGHLQHY|OOLJ DQGHUHHUVFKLHQ (LQHDQGHUH8PJHEXQJHLQHDQGHUH=HLW -DQH&ROOLQVXQGGLHOHEORVDP%RGHQOLHJHQG:LNND EHIDQGHQVLFKLQGHU9HUJDQJHQKHLW (VZDUHQVFKZDU]H9|JHODXIGLHZLUVWDUUWHQ 5DEHQ.UlKHQGLHPLWKHIWLJHQ)OJHOVFKOlJHQLP.lILJ KHUXPIODWWHUWHQXQGVLFKQLFKWEHIUHLHQNRQQWHQZHLOVLFKLQ GHQ5lXPHQ]ZLVFKHQGHQ6WlEHQHLQIHLQHV0DVFKHQGUDKW JLWWHUVSDQQWH0DQFKPDOZXFKWHWHQGLH7LHUHGDJHJHQ 'DEHLYHUORUHQVLH)HGHUQGLH]X%RGHQVHJHOWHQ 0LWDOOHPKDWWHQZLUJHUHFKQHWGDPLWDOOHUGLQJVQLFKW0LW ]|JHUQGHQ6FKULWWHQEHWUDWHQZLUGHQ.HOOHUUDXPXQGEOLFN WHQXQVVFKHXXP6XNRHUJLQJHVQLFKWDQGHUVDOVPLU9RQ VHLQHP*HVLFKWODVLFKDEGDHUNHLQH(UNOlUXQJZXWH (WZDHLQHQ

ZRUGHQ:LOGIODWWHUWHQVLHXPKHU'LH6FKQlEHOKDWWHQVLH ZHLWDXIJHULVVHQ$XVLKUHQ0lXOHUQGUDQJHQNUlFK]HQGH 6FKUHLH8QGVLHVFKDXWHQXQVGDEHLLPPHUDQVRGDZLU IDVWGDV*HIKOKDWWHQGDVLHXQVHWZDVVDJHQZROOWHQ ª'DVEHJUHLIHLFKQLFKW©VDJWH6XNRª+DEHQZLUHVKLHU PLWHLQHP9RJHOVDPPOHU]XWXQ",FKGDFKWHLPPHUGDIU ZlUHGHLQ)UHXQG'U%DUURZV]XVWlQGLJ© ª$QVFKHLQHQGQLFKWQXU©JDELFK]XUFNXQGEHZHJWH PLFKQDFKOLQNV,FKJHULHWWLHIHULQGHQ.HOOHUXQGHQW GHFNWHQRFKPHKUHUHGLHVHU.lILJH'LHDQGHUHQDOOHUGLQJV ZDUHQOHHU 6XNRKDWWHGLH9|JHOJH]lKOWª(VVLQGJHQDXIQI©VDJWH HUª$EHU.UlKHQXQG5DEHQNDQQLFKQLFKWVRJHQDXDXV HLQDQGHUKDOWHQ'XYLHOOHLFKW-RKQ"© ª1HLQ'DVVSLHOWDXFKNHLQH5ROOH© ,FKNHKUWHZLHGHU]X6XNR]XUFNXQGVFKDXWHPLUGLH 9|JHODQ ª'LHVLQGGRFKQLFKWQRUPDO©XUWHLOWHPHLQ3DUWQHU ª6LHKVWGX8QWHUVFKLHGH]XDQGHUHQ"© ª'DVQLFKWDEHULUJHQGHWZDVPVVHQVLHDQVLFKKDEHQ ZHQQPDQVLHVFKRQIlQJWXQGHLQVSHUUW© ª6LFKHU©VDJWHLFKXQGJULIIXQWHUPHLQ+HPGZRLFKGDV .UHX]LPPHUYHUERUJHQKDEH,FKVWUHLIWHPLUGLH.HWWHEHU GHQ.RSIEHKLHOWVLHHEHQVRLQGHU+DQGZLHGDV.UHX] 9RUVLFKWLJQlKHUWHLFKPLFKGHP6FKXW]JLWWHUGHV.lILJV ,UJHQGZLHVFKLHQHQGLH7LHUHHWZDV]XZLWWHUQRGHU]X VSUHQ6LHZXUGHQQRFKZLOGHUXQGDXIJHUHJWHU9LHU IORJHQ]XUFNXQGQXUHLQ9RJHONUDOOWHVLFKDP0DVFKHQ GUDKWIHVW 'HQZROOWHLFK (UKDFNWHQDFKPLU6HLQ6FKQDEHOZDU]LHPOLFKVSLW] :HQQHUPLFKGDPLWHUZLVFKWHZUGHHVZHKWXQ'HU+LHE NRQQWHUHFKWVFKPHU]KDIWH:XQGHQKLQWHUODVVHQ 8QGQRFKHWZDVVWHOOWHLFKIHVW 0HLQ.UHX]UHDJLHUWHDXIGLHXQPLWWHOEDUH1lKHGHU

9|JHOhEHUGLH6LOEHUOHJLHUXQJKLQZHJVFKLHQHLQIHLQHU 6FKOHLHU]XODXIHQGHUXQWHQEHJDQQVLFKVHKUUDVFKDXV EUHLWHWHXQGDXFKGLH(QGHQHUUHLFKWH ,FKZDUIGDV.UHX]6FKUlJKDWWHLFKGHQ:XUIDQJHVHW]W GDPLWLFKPLWLUJHQGHLQHU(FNHGXUFKHLQ/RFKLP*LWWHUWUDI XPGHQ9RJHO]XEHUKUHQ 'DVJHODQJPLU (LQZWHQGHV.UlFK]HQK|UWHLFK3O|W]OLFKZXUGHGHU 9RJHO]XUFNJHZRUIHQ(UIODWWHUWHQRFKHLQPDOPLWVHLQHQ )OJHOQXQGSODW]WHVFKOLHOLFKYRUXQVHUHQ$XJHQDXVHLQ DQGHU .QRFKHQWHLOH)HGHUQXQG)OHLVFKVWFNHZLUEHOWHQGXUFK GLH/XIW6LHZDUHQMHGRFKPRUVFKXQGDOW%HYRUVLHGHQ %RGHQEHUKUWHQZDUHQVLHVFKRQ]X6WDXEJHZRUGHQ ,FKZLFKZLHGHU]XUFN(LQHUVWDXQWHU6XNRQLFNWHPLU]X ª$OOHUKDQG-RKQ©VDJWHHUª'DVKDEHQZLUVHLWGHQ6WULJHQ QLFKWPHKUHUOHEW9|JHOGLHVLFKLQ6WDXEDXIO|VHQ,FKIUDJH PLFKQXULQZDVZLUGDKLQHLQJHUDWHQVLQG2EDOOH9|JHO GLHXQVXQWHUZHJVXQGLP'RUIEHJHJQHWVLQGVRUHDJLHUHQ ZHQQGXVLHPLWGHP.UHX]DWWDFNLHUVW"© ª'DVIUDJHLFKPLFKDOOHUGLQJVDXFK©'DEHLVFKDXWHLFK GLHYLHUUHVWOLFKHQDQ 'DV6FKLFNVDOLKUHV$UWJHQRVVHQKDWWHVLHQLFKWNDOWJH ODVVHQ6LHJDEHQVLFKYHUUFNWDXIJHUHJWIODWWHUWHQGXUFK GHQJURHQ.lILJVWLHHQJHJHQGDV*LWWHUZXUGHQ]XUFN JHVFKOHXGHUWXQGVFKULHQXQVDXVLKUHQJH|IIQHWHQ 6FKQlEHOQDQ ª,FKN|QQWHHVPDOPLWGHU'lPRQHQSHLWVFKHYHUVXFKHQ© VFKOXJ6XNRYRUXQGOHJWHVHLQH+lQGHEHUHLWVDXIGHQ*ULII ,QGLHVHP$XJHQEOLFNJHVFKDKHV:LUZXUGHQGDYRQ ZLUNOLFKEXFKVWlEOLFKEHUUROOWGHQQSO|W]OLFKOLHIHLQ =LWWHUQGXUFKGHQ%RGHQ:LHHLQNXU]HU(UGVWRHUVFKLHQHV PLU'HU.lILJYRUXQVZDFNHOWHGDQQK|UWHQZLHHLQ )DXFKHQXQGYRUXQVHUHQ$XJHQH[SORGLHUWHQGLHQlFKVWHQ YLHU9|JHO

6FKZHIHOUDXFKZ|ONWHXQGSXIIWHLQGLH+|KHQDKPXQV GLH6LFKWXQGZLUK|UWHQHLQVFKULOOHV/DFKHQ :HQLJVSlWHUZDUGLH6LFKWZLHGHUNODU1XUQRFKOHW]WH 6FKOHLHUWULHEHQGXUFKGHQ.lILJ :LUNRQQWHQHUNHQQHQGDGLH9|JHOYHUVFKZXQGHQ ZDUHQ6WDWWGHVVHQVWDUUWHQXQVYLHUJUlOLFKH+H[HQDQ XQGNUHLVFKWHQXPGLH:HWWH ,P6XPSIWDWVLFKHWZDV *HZDOWLJH.UlIWHKDWWHQGHQ5XIGHV0DQQHVYHUQRPPHQ XQGWLHILQGHU(UGHZXUGHQVLHDXVLKUHP6FKODIJHZHFNW :DVGDV0RRUELVKHUPLWVHLQHQ]lKHQ.UDOOHQIHVWJH KDOWHQKDWWHGUlQJWHQXQDQGLH2EHUIOlFKH 'HU+H[HQZUJHUHUZDFKWH 6WLOOHODJEHUGHP6XPSI$XFKGLH0HQVFKHQUHGHWHQ QLFKWPHKUVLHVWDUUWHQJHEDQQWDXIGHQKHOOVFKLPPHUQGHQ .UHLVDXV0RQGOLFKWZRGHU+H[HQZUJHUHQWVWHLJHQ PXWH (LQMHGHUPHUNWHGDV=LWWHUQ7LHIXQWHULKQHQZDUHV HQWVWDQGHQ(VSIODQ]WHVLFKQLFKWQXULQGHU%UHLWHIRUW VRQGHUQDXFKLQGHU+|KHXQGHUIDWHGLH.|USHUGHU :DUWHQGHQ 'DJHJHQNRQQWHQLHPDQGHWZDVWXQ'LH0HQVFKHQJHULH WHQLQGLH9LEUDWLRQHQGRFKVLHDWPHWHQVFKRQQDFKZHQLJHQ 6HNXQGHQDXIDOVQLFKWVPHKUGDYRQ]XVSUHQZDU (LQHWUJHULVFKH5XKHYRUGHP6WXUPKDWWHHLQJHVHW]W 8QGGLHVHU6WXUPEHJDQQPLW1HEHO (VZDUQLFKWGHUVFKOHLHUDUWLJH'XQVWGHUVRZLHVRVFKRQ EHUGHP0RRUKLQJVRQGHUQHLQDQGHUHVQHXHV*HEUlX GDVDXVGHQXQHUJUQGOLFKHQ7LHIHQVWLHJVHLQHQ:HJGXUFK 6SDOWHQXQG5LVVHIDQGXQGGDQQDOVEOHLFKH$UPHDQGLH 2EHUIOlFKHNURFK ,Q6SLUDOIRUPGUHKWHVLFKGHU1HEHODXVGHP6XPSIEOLHE QRFK]LHPOLFKGQQZXUGHYRP:LQGHUIDWXQG]HUIDVHUW

'DIUEHZHJWHVLFKGHU%RGHQ=XHUVWZDUIHUNOHLQH:HOOHQ 3O|W]OLFKVWLHJ*DVKRFKIOOWH%ODVHQDXVGLHDOVGLH 6SDQQXQJ]XJURZXUGHPLWVDWWHQ/DXWHQ]HUSODW]WHQ .OHLQH7URSIHQVSULW]WHQGDEHLLQGLH+|KHEHYRUVLHZLHGHU DOVVFKPXW]LJHU5HJHQ]XUFNILHOHQ 'HU6XPSIEHJDQQ]XVFKPDW]HQ (VZDUHQZLGHUOLFKH/DXWH6LHK|UWHQVLFKDQDOVZUGH HLQ8QJHKHXHU6XSSHVFKOUIHQ'DV0RRUZDUI]XGHP :HOOHQ(UVWNUHLVI|UPLJHGDQQZXUGHGLH8QWHUODJH EHZHJWZLH]LWWHUQGHU6FKODPPXQGJOHLFK]HLWLJLQGLH7LHIH JH]HUUWVRGDHLQ7ULFKWHUHQWVWDQG(LQ6WUXGHOKDWWHVLFK JHELOGHW %LQJ&RUGWODQGVDKVLFKDP=LHOVHLQHU:QVFKH(UZDU LP*HLVWHRIWJHQXJGLH%HVFKZ|UXQJGXUFKJHJDQJHQXQG VRlKQOLFKKDWWHHUVLHVLFKYRUJHVWHOOW-DGDVZDUGHU $EODXIGHQHUVLFKLPPHUHUWUlXPWKDWWH :DQQWDXFKWH0DVRQ&RUGWODQGDXIVHLQJURHUEHUKP WHUYRQLKPVRYHUHKUWHU$KQKHUU" (UZDUWHWH]LWWHUQGDXILKQ6HLQ*HLVWKDWWHEHUHLWVLQHLQ VDPHQ1lFKWHQLP0RRUKHUXPJHVSXNWQXQVROOWHVHLQ .|USHUIROJHQGHUYRUODQJHU=HLWLP0RRUYHUVXQNHQZDU HEHQVRZLH]DKOUHLFKH+H[HQ'HQQXQWHUGHUGXQNHOVFKLP PHUQGHQ)OlFKHODJQRFKHLQDOWHU+H[HQ)ULHGKRIZDVQXU ZHQLJHZXWHQ 0DVRQ&RUGWODQGNDP =XHUVWZDUHVQXUHLQH+DQGGLHDXVGHP7ULFKWHUUDJWH .HLQHVNHOHWWLHUWH.ODXHVRQGHUQ)LQJHUGLHQRFKPLW+DXW EHU]RJHQZDUHQXQGVLFKEHZHJHQNRQQWHQ.OXPSLJHU 'UHFNUROOWHYRQLKQHQ]XUFNXQGDXFKEHUGHQMHW]WGHU +DQGIROJHQGHQ$UPGHPVRIRUWGLH6FKXOWHUKLQWHUKHUJH VFKREHQZXUGH 'LH=XVFKDXHUZXUGHQXQUXKLJ *DUPDQFKHUEHNUHX]LJWHVLFK+DUWXQGSIHLIHQGZXUGH GHU$WHPDXVJHVWRHQ$QGHUHZLHGHUXPKLHOWHQGLH/XIW DQVRVHKUSDFNWHVLHGDV*HVFKHKHQ

6LHZDUHQIDV]LQLHUWJHEDQQWXQGJOHLFK]HLWLJDXFKDEJH VWRHQGHQQVLHNRQQWHQQLFKWIDVVHQZDVVLHPLWHLJHQHQ $XJHQVDKHQ 0DVRQ&RUGWODQGNHKUWH]XUFN(UEHZHJWHVLFKQLFKW PHKUEHUOLHVLFKJDQ]GHQQLFKW]XHUNOlUHQGHQ.UlIWHQ GLHLKQDXVGHP6XPSILQGLH+|KHVFKREHQ (LQXQKHLPOLFKHV%LOGERWVLFKGHQZDUWHQGHQ0HQVFKHQ -HGHULP'RUIKDWWHYRQGHP+H[HQZUJHUXQGVHLQHQ7DWHQ JHK|UW-HGHUILHEHUWHLKPHQWJHJHQ'RFKQXQDOVHVVRZHLW ZDUZXUGHQGLH0HQVFKHQYRQ$QJVWJHSDFNW6LHEHNDPHQ )XUFKWYRUGHUHLJHQHQ&RXUDJH6LHGXUIWHQQLFKWGDUEHU QDFKGHQNHQZDVGDVZDUGDVGDDXVGHP0RRUVWLHJGHQQ GLHVHU0DQQZDUVHLWODQJHU=HLWWRW 8QGGHQQRFKOHEWHHU6LHVDKHQHVVHLQHP*HVLFKWDQ (UWUXJHLQHQDOWHQ0DQWHOPLW6FKXOWHUEHUZXUI)DVW UHLFKWHHUELV]XP%RGHQXQGDP+DOVZDUHUKRFKJH VFKORVVHQVRGDQLFKW]XHUNHQQHQZDUZHOFKH.OHLGXQJ &RUGWODQGXQWHUGHP0DQWHOWUXJ'DV*HVLFKWZDUKDUWXQG NDQWLJGLH$XJHQODJHQZLH]ZHL6WHLQHLQGHQ+|KOHQLKU %OLFNJOLFKGHPJHIKOORVHQ6WDUUHQHLQHU6FKODQJH:LH HLQH.HUEHZDUGHU0XQGLQGDV*HVLFKWKLQHLQJHVFKQLW]W ZlKUHQGGLHGXQNOHQ$XJHQEUDXHQGLFKWEHUGHU1DVHQ ZXU]HO]XVDPPHQZXFKVHQ 'DV+DDUILHOEHUGLH2KUHQXQGOHW]WH6FKODPPUHVWH UDQQHQDQLKPKHUDEIDQGHQLKUHQ:HJDXFKEHUGDV *HVLFKWXQGOLHIHQDP0DQWHOQDFKXQWHQ 8QGQRFKHWZDVVDKHQGLH0HQVFKHQ(LJHQWOLFKGDV :LFKWLJVWH'LH:DIIHGLH&RUGWODQGVREHUKPWJHPDFKW KDWWH 6HLQH3HLWVFKH $OOHLQLKUHWZHJHQZXUGHHUGHU+H[HQZUJHUJHQDQQW 0LWGLHVHU3HLWVFKHKDWWHHUGLH+H[HQJHW|WHWVWUDQJXOLHUW HUZUJWXQGHUKDWWHVLHDXFKPLWLQVHLQPRUDVWLJHV*UDE JHQRPPHQ 1XQVWLHJHUZLHGHUKHUYRU

(VZDUGLHHUVWHKHIWLJH5HDNWLRQGLHGLHZDUWHQGHQ 'RUIEHZRKQHUYRQLKPVDKHQ(UEHZHJWHVHLQHQUHFKWHQ $UPXQG]HLJWHVHLQH:DIIHGHQVWDXQHQGHQ=XVFKDXHUQ 'UHLODQJH5LHPHQZDUHQDQGHP]LHPOLFKNXU]HQXQG OHLFKW]XIKUHQGHQ*ULIIDQJHEUDFKWXQGGLHIlFKHUWHGHU +H[HQZUJHUPLWJH]LHOWHP6FKZXQJDXVHLQDQGHU 'LH5LHPHQEUHLWHWHQVLFKDXVXQGEOLHEHQDXIGHU)OlFKH YRUGHQ)HQGHV+H[HQZUJHUVOLHJHQ 'HXWOLFKKREHQVLHVLFKYRPGXQNOHUHQ8QWHUJUXQGGHV 0RRUHVDEXQGMHGHU=XVFKDXHUVDKGDVKHOOH6FKLPPHUQ GHUGUHL3HLWVFKHQULHPHQ 8QJHZ|KQOLFKKHOOOHXFKWHWHQVLHDEHU%LQJ&RUGWODQG NDQQWHGHQ*UXQG(LQIHLQHV/l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lQ]HQLQQHUKDOEGHUGUHL5LHPHQ 6LHOHXFKWHWHQVLOEULJDOVZlUHQVLHWDWVlFKOLFKPLWGLHVHP 0DWHULDOJHIOOW'LH/HJHQGHEHVDJWHGDHVVRDXFKZDU 'LH3HLWVFKHQULHPHQHQWKLHOWHQ(LQVFKOVVHGHVJHZHLKWHQ 0HWDOOV(VZDUHQ6LOEHUIlGHQGLHPDQPLWGHP/HGHU PDWHULDOYHUNQSIWKDWWH (LQ3KlQRPHQZDUGLHVH:DIIHGHUHQGUHL5LHPHQMHW]W ZLHGLH.|USHUYRQ6FKODQJHQ]XFNWHQDOVVLH]XUFNJH ]RJHQZXUGHQ'LHVJHVFKDKPLWHLQHUNDXPHUNHQQEDUHQ

+DQGEHZHJXQJ'HU+H[HQZUJHUQDKPJOHLFK]HLWLJ VHLQHQUHFKWHQ$UPLQGLH+|KHGUHKWHLKQXQGGLHVHU SO|W]OLFKHQ%HZHJXQJIROJWHQDXFKGLHGUHL5LHPHQ =ZHLYRQLKQHQMDJWHQPLWHLQHPSIHLIHQGHQ*HUlXVFK GLFKWEHUGLH.|SIHGHUZDUWHQGHQ0HQVFKHQKLQZHJ HLQHUMHGRFKOHJWHVLFKJHGDQNHQVFKQHOO]ZHLPDOXPGHQ +DOVGHV%LQJ&RUGWODQGXQGVFKQUWHGHP0DQQGLH /XIWDE &RUGWODQGVWDQGGDZLHDQJHQDJHOW0LWGLHVHU$NWLRQ KDWWHHUQLFKWJHUHFKQHW(UVFKDXWHDXVZHLWDXIJHULVVHQHQ $XJHQGHP+H[HQZUJHUHQWJHJHQGHUVLFKVHKUODQJVDP LQ%HZHJXQJVHW]WHXQGEHUGDV0RRUJLQJRKQHHLQ]X VLQNHQ 'DEHLVDKHVVRDXVDOVZUGHHUVLFKDP+DOVGHV0DQQHV DOOPlKOLFKKHUDQ]LHKHQ 'LH0HQVFKHQZDUHQHQWVHW]W.HLQHUZDJWHDOOHUGLQJV HLQ]XJUHLIHQ6LHDOOHKDWWHQYRU0DVRQ&RUGWODQGHLQH VFKUHFNOLFKH$QJVWXQGQXUGDV.HXFKHQVHLQHV1DFK NRPPHQVGXUFKEUDFKGLH6WLOOH &RUGWODQGEOLHEGLFKWYRU%LQJVWHKHQ'HUVFKZDQNWH EHUHLWV6HLQ*HVLFKWKDWWHVLFKYHUIlUEWGHU0XQGVWDQG RIIHQGLH=XQJHVFKDXWHKHUYRU 'HU+H[HQZUJHUEHJDQQ]XVSUHFKHQ=XPHUVWHQPDO K|UWHQGLH0HQVFKHQGLH6WLPPHHLQHV0DQQHVGHUVFKRQ VRODQJHWRWZDUXQGGHQQRFKDXIVFKUHFNOLFKH$UWXQG :HLVHOHEWH ª'HUDOWH)OXFKZXUGHJHO|VFKWGLH=HLWGHV+H[HQ ZUJHUVLVWDQJHEURFKHQ%LVKHULUUWHQXUPHLQ*HLVWEHU GDV0RRU9HUJDQJHQKHLWXQG*HJHQZDUWYHUPLVFKWHQVLFK ,FKNRQQWHGLH9HUJDQJHQKHLWOHEHQGLJHUKDOWHQXQGPLWLKU LQGLH*HJHQZDUWHLQGULQJHQ'RFKLPPHUZLHGHUYHU VFKZDQGGLH9HUJDQJHQKHLWWDXFKWHLQGDV'XQNHOGHU =HLWHQKLQDEVRGDLFKQXUYRQGHQ(ULQQHUXQJHQOHEWH 'LHVH=HLWLVWQXQYRUEHL,FKELQ]XUFNJHNHKUWXQGLFK ZHLGDHVQRFKYLHO]XWXQJLEW'LH+H[HQVLQGQLFKWYHU

VFKZXQGHQLP*HJHQWHLOVLHNHKUHQ]XUFN,FKDEHUZHUGH VLHHUEDUPXQJVORVEHNlPSIHQ6LHVROOHQVFKUHFNOLFKH7RGH VWHUEHQGHQQVLHDOOHVLQGPHLQH7RGIHLQGH,FKVSUWHGD GHU+H[HQVWHLQPLWQHXHP/HEHQHUIOOWZXUGH6HLQH 6WUDKOHQKDEHQPLFKJHWURIIHQXQGZLHGHUHUZHFNW0DVRQ &RUGWODQGNDPIUHLXQGHUZLUGGDEHJLQQHQZRHUDXI JHK|UWKDW$EHUGHU6XPSIZLOOHLQ2SIHU,FKELQLKPHQW ULVVHQZRUGHQGHVKDOEPXLFKIUDXVJOHLFKHQGH*HUHFK WLJNHLWVRUJHQGDPLWGLH*HLVWHUGHUWLHIHQ(UGHEHUXKLJW ZHUGHQ,FKKDEHGLH-DKUKXQGHUWHLP6XPSIJHOHJHQ'X %LQJ&RUGWODQGZLUVWPLFKQXQDEO|VHQ© (UKDWWHGLH:RUWHQRFKQLFKWULFKWLJDXVJHVSURFKHQDOVHU EHUHLWVUHDJLHUWH (LQHNXU]H'UHKXQJEHQ|WLJWHHUQXUVRGDGHU*H IDQJHQHPLWGHP5FNHQ]XP6XPSIVWDQG%LQJNRQQWH VLFKVHOEVWQLFKWPHKUDXIGHQ%HLQHQKDOWHQZXUGHQXUYRQ GHP5LHPHQDQHLQHP=XVDPPHQEUXFKJHKLQGHUWXQGHV ZDUIUDJOLFKREHUEHUKDXSWQRFKOHEWH )UVHLQ(QGHVRUJWHGHU+H[HQZUJHU 0LWHLQHUHQWJHJHQJHVHW]WHQ'UHKXQJO|VWHHUGHQ'UXFN XQGJDEVHLQHP1DFKNRPPHQHLQHQKDUWHQ6WRJHJHQGLH %UXVW ,QHLQHU5HIOH[EHZHJXQJULGLHVHUQRFKVHLQH$UPHKRFK ZROOWH+DOWILQGHQ'DZDUMHGRFKQLFKWVPHKUXQGHUILHO PLWGHP5FNHQ]XHUVWLQGHQ6XPSI $OVHUDXISUDOOWHNODWVFKWHHV:DVVHUVSULW]WHLQGLH+|KH XQGVFKLPPHUWHVLOEHUIDUEHQLP0RQGOLFKW 'HU+H[HQZUJHUVWUHFNWHVHLQHQ$UPDXVZlKUHQGHU GHP0RRU]XULHIª1LPPLKQKLQDOV*HJHQRSIHU0LFKKDVW GXIUHLJHODVVHQ(UZLUGGLUDQPHLQHU6WHOOHGLHQHQ© ,QGLHVHQ$XJHQEOLFNHQKlWWHQRFKGLH&KDQFHEHVWDQGHQ %LQJ&RUGWODQGGHQJLHULJHQ.ODXHQGHV6XPSIHV]XHQW UHLHQ1LHPDQGMHGRFKWUDXWHVLFK 'LH0HQVFKHQVWDQGHQVFKUHFNHQVVWDUUGDXQGVFKDXWHQ ]XZLHHLQHUYRQLKQHQLP0RRUYHUVDQN

'HU6XPSIZDUJLHULJ(UZROOWHVHLQ2SIHU(UULDOOHVDQ VLFKZDVHUEHNRPPHQNRQQWH2EWRWHREOHEHQGH'LQJH HVZDULKPHJDO'DUHDJLHUWHHUZLHHLQJHIUlLJHV8QJH KHXHUXQGHUJDEIUHLZLOOLJQLFKWVPHKUKHU 'DV0RRUVSLHOWHPLWGHP.|USHU)U6HNXQGHQKDWWH MHGHUGHU=XVFKDXHUGDV*HIKO%LQJN|QQWHHVQRFKHLQPDO VFKDIIHQZHLOVLFKVHLQ.|USHUDXIULFKWHWHGRFKHVZDUHLQH WUJHULVFKH+RIIQXQJ,PQlFKVWHQ$XJHQEOLFNILHOHU ZLHGHU]XUFNXQGGLHJLHULJHQ)LQJHUGHV6XPSIHVOLHHQ LKQQLFKWORV 6WFNIU6WFN]RJHQVLHLKQLQGLH7LHIH 6FKRQZDUHQGLH%HLQHQLFKWPHKU]XVHKHQXQGYRQGHU 5XLQHKHUWULHEHQODQJH1HEHOVFKOHLHUKHUDQDOVZROOWHQVLH GHQ7RGGHV0HQVFKHQJQlGLJYHUGHFNHQ 'HU6XPSIVFKPDW]WHXQGVFKOUIWH)UGLH0HQVFKHQ K|UWHQVLFKGLH*HUlXVFKHZLHWULXPSKLHUHQGH/DXWHDQ'HU +H[HQZUJHUKDWWHGHQ$XVWDXVFKJHZROOWGHU6XPSI QDKPLKQDQ *QDGHQORV]RJHU%LQJ&RUGWODQGLQGLH7LHIH (LQH)UDXEHJDQQELWWHUOLFK]XZHLQHQ6FKHXHDEHUDXFK YRUZXUIVYROOH%OLFNHZXUGHQLKU]XJHZRUIHQGHQQNHLQHU ZROOWHGDGLHJUDXHQKDIWH6WLPPXQJJHVW|UWZXUGH9LHO OHLFKWIKOWHVLFKGDQQDXFKGHU+H[HQZUJHUQLFKWPHKU ZRKOXQGGUHKWHGXUFK 'DVJHVFKDKQLFKW6WXPPXQGVWHLIEOLHEHUVWHKHQ$XV VHLQHQOHEORVHQ$XJHQVFKDXWHHU]XZLHGDV0RRUVHLQ 2SIHULQGLH7LHIH]RJ%LVIDVW]XP.LQQVWHFNWH%LQJEHUHLWV LQGHU]lKHQ0DVVH1XUQRFKVHLQ*HVLFKWZDU]XVHKHQ 'DV0RQGOLFKWILHOGDUDXIOLHGLHYHU]HUUWHQ=JHGHXWOLFK HUNHQQHQXQGHLQMHGHUVDKGDGHU0DQQSO|W]OLFKGHQ 0XQGDXIUL 'DQQK|UWHQVLHGHQ6FKUHL (UKDOOWHEHUGDVIODFKH0RRU0DUNHUVFKWWHUQGJHOOHQG XQGYROOHU7RGHVDQJVWDXVJHVWRHQZDUHUIUGLH0HQVFKHQ GHUDNXVWLVFKH%HZHLVGDVLHHLQHQ)HKOHUEHJDQJHQKDW

WHQ6LHKlWWHQ0DVRQ&RUGWODQGUXKHQODVVHQVROOHQ1XQ ZDUHV]XVSlW(LQ:HVHQZLHHUNDQQWHNHLQH'DQNEDUNHLW (VHUIOOWHQXUGLHGXQNOHQ*HVHW]H6FKZDU]HU0DJLH 8QGGLHZXUGHQHUIOOW 'HU6FKUHLHUVWLFNWHLQHLQHP5|FKHOQDOVGHU]lKH 6FKODPPEHUGLH/LSSHQGHV0DQQHVLQGHVVHQ0XQG GUDQJ 6HNXQGHQVSlWHUYHUVFKZDQGDXFKGHU.RSI 5XKLJIDVWKDUPORVODJGLHVFKZDU]H)OlFKHYRUGHQ 0HQVFKHQXQGQLFKWVZLHVGDUDXIKLQZHOFKHLQJUDXHQ YROOHV(UHLJQLVKLHUYRU6HNXQGHQVWDWWJHIXQGHQKDWWH 'DIUOHEWH0DVRQ&RUGWODQG(UGUHKWHVLFKXP'LHGUHL DXIGHP%RGHQOLHJHQGHQ5LHPHQGHU3HLWVFKHPDFKWHQ GLHVH%HZHJXQJPLW&RUGWODQGVWRSSWHDOVHUPLWGHP 5FNHQ]XP6XPSIVWDQG'LH0HQVFKHQDXV%ODFNPRRU KDWWHHUMHW]WYRUVLFKXQGHUVFKDXWHVLHDQ -HGHUHLQ]HOQHKDWWHGDV*HIKODOVZUGHGHU%OLFNGHV +H[HQZUJHUVQXULKQWUHIIHQ*DUPDQFKHUZDUGDEHLGHU XQWHUGLHVHP%OLFN]XVDPPHQ]XFNWH ª,KUKDEWPLFKJHKROWXQGLFKZHUGHHXFKQLFKWHQWWlX VFKHQ©VDJWHHUPLWWLHIHUHLQZHQLJNUlFK]HQGHU6WLPPH ª6FKRQGDPDOVKDEHLFKDOOHQ+H[HQGHQ7RGJHVFKZRUHQ XQGGLHVHQ6FKZXUYHUJDLFKQLH,FKZHUGHLKQKDOWHQXQG HLQO|VHQ'LHVHV'RUIXQGDOOVHLQH0HQVFKHQJHK|UHQYRQ QXQDQPLU(EHQVRZLHGLH%XUJ,FKKDEHJHVHKHQDOVLFK DXVGHP0RRUVWLHJZDVPLWLKUJHVFKHKHQLVW1XUQRFK 5XLQHQVLQGEULJDEHUGDVZLUGVLFKlQGHUQGHQQGHU +H[HQVWHLQKDWDOOHVEHUVWDQGHQ(UZLUGDXFKZHLWHUKLQ PHLQHVWlUNVWH:DIIHVHLQ'LHVHU+H[HQVWHLQNDQQGLH .UlIWHPDQLSXOLHUHQXQGLFKZHUGHLKQPLUKROHQ© 1DFKGLHVHQ:RUWHQVFKZHLIWHVHLQ%OLFNLQGLH5XQGH(V ZDUQLHPDQGGDGHU&RUGWODQGZLGHUVSUDFK'LH0HQVFKHQ KDWWHQHLQHYLHO]XJURH$QJVWYRUGLHVHU*HVWDOW 3O|W]OLFKODFKWHHUª:LHLFKVHKHKDEWLKU.UHX]HPLWJH EUDFKW'LHVLQGQLFKWPHKUQ|WLJ,FKKDEHVLHIUKHU

JHEUDXFKWDEHUKHXW]XWDJHQLFKW,FKNRPPHRKQHGLH .UHX]HDXVGHQQGHU+H[HQVWHLQZLUGPHLQH.UDIWHUQHX HUQGDVNDQQLFKHXFKYHUVSUHFKHQ8QGLFKKDEHGLH 3HLWVFKH6LHLVWDPZLFKWLJVWHQIUPLFK©(UOHJWHHLQH NXU]H6SUHFKSDXVHHLQEHYRUHUEHIDKOª1HKPWGLH.UHX]H XQGZHUIWVLHLQGHQ6XPSI/RVPDFKWVFKRQLFKZLOOVLH QLFKWPHKUVHKHQ© 'LH0HQVFKHQ]|JHUWHQQRFK6LHVFKDXWHQVLFKDQ-HGHU ZDUWHWHGDUDXIGDVHLQ1DFKEDUGHQHUVWHQ6FKULWWWDW GRFKHVZDUQLHPDQGGDGHUGHQ$QIDQJPDFKHQZROOWH ª=HLJWLKU8QJHKRUVDP"©VFKULHGHU+H[HQZUJHUª0X LFKHUVW*HZDOWDQZHQGHQ"©=XU8QWHUPDXHUXQJVHLQHU :RUWHKREHUGHQ$UPXQGOLHGLHGUHL3HLWVFKHQULHPHQ EHUGLH.|SIHGHUYHUVDPPHOWHQ'RUIEHZRKQHUKLQZHJ SIHLIHQ 'LH/HXWHEHHLOWHQVLFKSO|W]OLFK'DEHLVWDQGHQVLHVLFK JHJHQVHLWLJLP:HJDOVVLHVLFK]XEHZHJHQEHJDQQHQ-HGHU ZROOWHGHUHUVWHVHLQGHUVHLQ.UHX]GHP6XPSIEHUJDE 6LHVFKOHXGHUWHQVLHDXIGLHVFKZDU]H)OlFKHGLHVLHVFKPDW ]HQGDQVLFKQDKPXQGLQGLH7LHIH]HUUWH 0DVRQ&RUGWODQGVFKDXWH]XXQGZDU]XIULHGHQ(UGRNX PHQWLHUWHGLHVGXUFKHLQ1LFNHQª6RLVWHVJXW©HUNOlUWHHU ª6RZROOWHLFKHVKDEHQGHQQLFKKDEHMHW]WGLH)KUXQJ EHUQRPPHQ,FKELQHXHU+HUU'DV'RUIXQGVHLQH 0HQVFKHQJHK|UHQPLUZLHHVYRUODQJHU=HLWVFKRQHLQPDO ZDU9HUVWDQGHQ"© .HLQHUGHU'RUIEHZRKQHUZXWHZLHHVYRUODQJHU=HLW DXVJHVHKHQKDWWH(VJDEZRKO$XI]HLFKQXQJHQDEHUEHU (LQ]HOKHLWHQZDUQLFKWEHULFKWHWZRUGHQ 'RFKDOOHQZDUNODUGDQXQDQGHUH=HLWHQDQEUDFKHQ XQGYLHOHPDFKWHQVLFKEHUHLWV9RUZUIH6LHKlWWHQDOOHVVR ODVVHQXQGQLFKWDXI%LQJ&RUGWODQGK|UHQVROOHQ -HW]WZDUHV]XVSlW 0DVRQ&RUGWODQGKDWWHGDV.RPPDQGREHUQRPPHQ XQGHUZUGHHVVLFKQLFKWPHKUDXVGHQ+lQGHQQHKPHQ

ODVVHQ'LHVHUOHEHQGH7RWHUHJLHUWHPLWHLVHUQHU6WUHQJHXQG PLWVHLQHU3HLWVFKHGLHHUJQDGHQORVHLQVHW]WH ª,FKZLOOGHQ6WHLQ©HUNOlUWHHUª'HQ+H[HQVWHLQ:LW LKUZDVHUEHGHXWHW"© 'LH0HQVFKHQVFKWWHOWHQGLH.|SIH 'DODFKWHGHU+H[HQZUJHUª6HLGIURKGDLKUHVQLFKW ZLW6HLGQXUIURK0DVRQ&RUGWODQGLVWZLHGHUGD8QGHU ZLUGVHLQHEOXWLJHQ=HLFKHQVHW]HQ© 1DFKGLHVHQ:RUWHQGUHKWHVLFKGHU+H[HQZUJHUXPXQG YHUVFKZDQG:LHHLQ*HLVWVFKULWWHUGDYRQ4XHUEHUGDV 0RRUJLQJHUXQGVHLQ=LHOZDUGLHDOWH5XLQHLQGHUVLFK HLQLJHVYHUlQGHUWKDWWH 9LHU+H[HQEHIDQGHQVLFKLP.lILJ 9RQHLQHP$XJHQEOLFN]XPDQGHUHQKDWWHQVLFKGLH9|JHO LQGLHVHNUHLVFKHQGHQ:HLEHUYHUZDQGHOW 6LHZDUHQZLGHUOLFKXUDOWXQGKlOLFK,FKKDWWHGDV *HIKO0HQVFKHQYRUPLU]XVHKHQGLHHLQPDOYRUODQJHU =HLWJHOHEWKDWWHQ )XULHQKDIWEHQDKPHQVLHVLFK6LHWDQ]WHQVLHNUHLVFKWHQ VLHVFKULHQXQGVLHZDUIHQVLFKPDFKWYROOJHJHQGDV*LWWHU ]ZLVFKHQGHQ6WlEHQXPHV]XVSUHQJHQ ,KUH0lXOHUKDWWHQVLHZHLWDXIJHULVVHQ:LUNRQQWHQLQGLH 5DFKHQVFKDXHQGLHVHOWVDPJUDXDXVVDKHQ'LH+lQGH ZDUHQ.UDOOHQGLH*HVLFKWHUHLQJHIDOOHQNQRFKLJGLH+DDUH JUDXXQGVWUlKQLJXQGDQLKUHQPDJHUHQ.|USHUQWUXJHQ VLHQXU/XPSHQ :RGXUFKGLH9HUZDQGOXQJDXVJHO|VWZRUGHQZDUZXWHQ ZLUQLFKW6SlWHUHUIXKUHQZLUGDHLQPDJLVFKHU 1HEHQHIIHNWHLQJHWUHWHQZDUDOVGHU+H[HQZUJHUDXVGHP 6XPSIVWLHJ 1RFKDEHUZDUHQZLUUDWORVGRFKZLUVDKHQGDGDV 0DVFKHQGUDKWJLWWHUGHP$QVWXUPGHU+H[HQQLFKWPHKU ODQJHVWDQGKDOWHQZUGH%HUHLWVMHW]WERJHVVLFKJHIlKUOLFK

GXUFK(VZDUQXUHLQH)UDJHGHU=HLWELVHVHQGJOWLJUL 6RDXVJHPHUJHOWXQGPDJHUGLH.|USHUGHUYLHU+H[HQ DXFKZDUHQVLHYHUIJWHQEHUHQRUPH.UDIWXQGVLHVFKDII WHQHVWDWVlFKOLFKGHQQSO|W]OLFKULDQHLQHP6WDEGDV *LWWHUHQW]ZHL 'LHJU|WHGHU+H[HQKDWWHVLFKGDJHJHQJHZRUIHQXQG VLFKIUHLH%DKQYHUVFKDIIW6LHJULIIDQ $XVJHUHFKQHWPLFKKDWWHVLHVLFKIULKUH$WWDFNHDXVJH VXFKW0LWYRUJHVWUHFNWHQ$UPHQYHU]HUUWHP*HVLFKWXQG .UDOOHQKlQGHQMDJWHVLHDXIPLFK]XXQGVDKHUVWLPOHW]WHQ 0RPHQWGDLFKPHLQJHZHLKWHV6LOEHUNUHX]KRFKJHULVVHQ KDWWH 'DV.UHX]ZDUVFKRQLQIUKHUHU=HLWIUHFKWH+H[HQHLQ *UDXHQJHZHVHQ(LQ0LWWHOGHU9HUQLFKWXQJ'DZLUHV KLHUPLWHLQHUHFKWHQ+H[H]XWXQKDWWHQ]HLJWHVLFKZHQLJH 6HNXQGHQVSlWHU6LHZROOWHQRFKDXVZHLFKHQKDWWHMHGRFK ]XYLHO6FKZXQJXQGUXWVFKWH]XGHPDXVVRGDVLHSUDN WLVFKLQGDV.UHX]KLQHLQILHO ,KU7RGHVVFKUHL]LWWHUWHGXUFKGHQ.HOOHU 3O|W]OLFKZXUGHVLH]XHLQHP.UHLVHO9RUPHLQHQ)HQ GUHKWHVLHVLFKZREHLLFKLKUHQ.|USHUNDXPQRFKVDKZHLO HUYRQHLQHU5DXFKZRONHHLQJHKOOWZXUGH6LHVWDQNZLGHU OLFKXQGGLH5HVWHGHU+H[HVDQNHQVFKOLHOLFK]XVDPPHQ $XIGHP%RGHQEOLHEHQ$VFKHXQG.QRFKHQOLHJHQ ,FKZDUIHLQHQ%OLFNQDFKOLQNV6XNRZDUZHLW]XUFNJH ZLFKHQZHLOHU3ODW]EUDXFKWHXPVHLQH3HLWVFKH]X]LHKHQ 'DVKDWWHHUEHUHLWVJHWDQXQGDXFKHLQPDOHLQHQ.UHLVEHU GHQ%RGHQJHVFKODJHQVRGDGLHGUHL5LHPHQKHUDXVIDOOHQ NRQQWHQ 'HU,QVSHNWRUOlFKHOWHNDOW(UNRQQWHPLWGHU3HLWVFKH IDQWDVWLVFKXPJHKHQZDUHLQ0HLVWHUVHLQHV)DFKVXQGHU ZUGHGHQGUHL+H[HQNHLQH&KDQFHODVVHQ $XFKVLHPHUNWHQZDVPLWGLHVHU:DIIHORVZDU6LHKLHO WHQVLFK]XUFN'DQQ]LVFKWHQVLHVLFK:RUWH]XGLH6XNR XQGLFKQXUPLW0KHYHUVWDQGHQ

ª6FKDXWDQVFKDXWDQ6FKZHVWHUQHUKDWDXFKHLQH 3HLWVFKH:LHXQVHU)UHXQG0DVRQ&RUGWODQG© ª$EHUHULVWHVQLFKW© ª1HLQHUVLHKWVRIUHPGDXV© ª8QGVHLQH$XJHQVLQGVHOWVDP© 'LH+H[HQXQWHUKLHOWHQVLFKZlKUHQGVLH6XNRXQGDXFK PLFKGDEHLDQVFKDXWHQ ª-HW]WSDWDXI©ULHI6XNR(UVFKOXJVRGDGLHGUHL 5LHPHQDXVHLQDQGHUIlFKHUWHQ 1DFKUHFKWVNRQQWHQGLH+H[HQQLFKWZHJ'DVWDQGLFK XQGODXHUWHDXIVLH6LHZROOWHQXQWHUGHQ6FKOlJHQKLQZHJ WDXFKHQZDVLKQHQ]XHUVWDXFKJHODQJGDQQDEHUILHOHQGLH 5LHPHQ]XUFNXQGVLHNODWVFKWHQDXILKUHPDJHUHQGXUFK JHERJHQHQ5FNHQ =ZHL+H[HQHUZLVFKWHHV$OVGLH5LHPHQDXILKUHNUXP PHQ5FNHQGURVFKHQEHJDQQHQGLH)XULHQVFKUHFNOLFK]X VFKUHLHQ'LHGULWWHKlWWHPLFKIDVWHUUHLFKWZHQQ6XNRQLFKW GDV.XQVWVWFNIHUWLJJHEUDFKWKlWWHGHQ5LHPHQQRFKHLQ PDOGXUFKHLQH'UHKXQJHLQHDQGHUH5LFKWXQJ]XJHEHQ (UWUDIGLH+H[HLQ+|KHGHU:DGHXQGGLH5LHPHQ XPZLFNHOWHVLH $OV6XNRDQGHU3HLWVFKH]RJGDZXUGHEHUHLWVGDV%HLQ GHU+H[HGXUFKWUHQQW,FKVDKQRFKLKUJUDXHQKDIWYHU]HUU WHV*HVLFKWEHYRUDXVGHP.|USHUGHU5DXFKTXROOXQGVLH HLQKOOWHZLHDXFKLKUHEHLGHQ6FKZHVWHUQ $OOHGUHL+H[HQYHUJLQJHQ 'HUHQGJOWLJH7RGKDWWHQDFKLKQHQJHJULIIHQXQGVLH JQDGHQORVDQVLFKJHULVVHQ 7LHIDWPHWHLFKGXUFKZlKUHQG6XNRGLH3HLWVFKHVLQNHQ OLH (UJULQVWHPLFKDQª'DVZDUHQVLHDOVR© ª-DGDVZDUHQVLH©HUZLGHUWHLFKXQGKREGLH6FKXOWHUQ ª:HLWGXHLJHQWOLFKZLHYLHOH9|JHOXQVXQWHUZHJVEHJHJ QHWVLQG$OWHU"© ª,FKKDEHVLHQLFKWJH]lKOW©

ª:HQQZLULPVFKOLPPVWHQ)DOOGDPLWUHFKQHQGDMHGHU 9RJHOHLQH+H[HLVWKDEHQZLUYHUGDPPWYLHO$UEHLWYRU XQVZREHLLFKGDYRQDXVJHKHGDHVQLFKWLPPHUVRJODWW ODXIHQZLUGZLHMHW]W© ª+DVWGX*UQGH"© ª6LFKHU'HQNPDOQDFK©,FKEHJDQQPLWHLQHU:DQGHUXQJ GXUFKGDV9HUOLHVZlKUHQGLFKVSUDFKª'DIDKUHQZLULQHLQ 'RUIXQGZHUGHQSO|W]OLFKLQGLH9HUJDQJHQKHLWNDWDSXO WLHUW'DVLVWGRFKQRUPDOHUZHLVHQLFKWGULQGLHVHUVHOWVDPH XQHUNOlUOLFKH:HFKVHOGHU=HLWHQ1RFKHWZDVNRPPWKLQ]X 'HUJHKHLPQLVYROOH+H[HQZUJHUYRQGHPZLUJHK|UW KDEHQ0DVRQ&RUGWODQG+DVWGXLKQELVKHUJHVHKHQ"© ª1HLQ© ª(UZLUGDEHUHUVFKHLQHQGHVVHQELQLFKJDQ]VLFKHU6XNR ODGLUJHVDJWVHLQZLUVWHKHQHUVWDP$QIDQJ'HUJURH +RUURUIROJWQRFKGDVNDQQLFKGLUIOVWHUQ© ª/DXQVZDVWXQ© ª7ROOZLHDUEHLWVZWLJGXKHXWHZLHGHUELVW© ª-DLQGHU1DFKWZHUGHLFKLPPHUPXQWHU© ª'DIUDJHLFKPDO6KDR© ª/LHEHUQLFKW:HQQVLHGLH:DKUKHLWVDJWZUGHVWGXQXU YRU1HLGHUEODVVHQXQGGLFKLQHLQH(FNHVHW]HQXQG ZHLQHQ© ª6WUXQ]JHKLQGLH+WWH©HUZLGHUWHLFKXQGYHUOLHGHQ .HOOHUUDXP%LVKHUKDWWHQZLUQXUGLHVHQHLQHQGXUFKVXFKW :DVGHU.HOOHUVRQVWQRFKYHUEDUJZXWHQZLUQLFKWKRII WHQMHGRFK6SXUHQ]XILQGHQGLHXQWHU8PVWlQGHQDXI 0DVRQ&RUGWODQGKLQGHXWHWHQ9LHOOHLFKWKDWWH%LQJVHLQ 1DFKNRPPH8QWHUODJHQYHUZDKUW :LUWHLOWHQXQVGLH$XIJDEHGRFKZLUKDWWHQEHLGH3HFK (LQY|OOLJQRUPDOHU.HOOHUODJYRUPLU+LHUZXUGHQDOOWlJ OLFKH'LQJHDXIEHZDKUW.RQVHUYHQ:HLQ%LHUXQGDONRKRO IUHLH*HWUlQNH$XFKHLQH.KOWUXKHHQWGHFNWHLFKKREGHQ 'HFNHODQXQGIDQGVLHJXWPLW/HEHQVPLWWHOQJHIOOW $XIGHP)OXUWUDILFKPLW6XNRZLHGHU]XVDPPHQGHVVHQ

6FKXOWHU]XFNHQPLUEHZLHVGDDXFKHUQLFKWVHQWGHFNW KDWWH ª/DXQVQRFKHLQPDOLQGHU:RKQXQJQDFKVHKHQ©VDJWH LFK ª:DVPDFKWGLFKHLJHQWOLFKVRVLFKHUKLHUHWZDV]XILQGHQ"© ª:HQQLFKPLFKVFKRQPLWHLQHP)DOOEHVFKlIWLJHP|FKWH LFKVRYLHOH,QIRUPDWLRQHQEHULKQVDPPHOQZLHHVHEHQ JHKW'DVLVWDOOHV© ª8QGGLHILQGHVWGXKLHULP+DXV"© ª'DVKRIIHLFK© :LUVWDQGHQLQ]ZLVFKHQLQGHU'LHOHLQGHUZLUPLW &RUGWODQGJHVHVVHQKDWWHQ'DQQJLQJHQZLULQGDV$UEHLWV ]LPPHU 9RUGHP)HQVWHUVDKHQZLUHLQHQDOWHQ6FKUHLEWLVFKPLW JURHU3ODWWHDXIGHUHLQLJH8QWHUODJHQDXVJHEUHLWHWZDUHQ 'LH%FKHULQGHQ5HJDOHQLQWHUHVVLHUWHQXQVZHQLJHUGHU 6FKUHLEWLVFKPLWGHQ8QWHUODJHQZDUHLQ]LJXQGDOOHLQ ZLFKWLJIUXQV ,QWHUHVVDQWXQGEHGHXWVDPZDUGDVDXIJHVFKODJHQH%XFK (LQDOWHU:lO]HULQVHLQHQ$XVPDHQZHLWEHUGLHHLQHV QRUPDOHQ%XFKHVKLQDXVJHKHQG,FKVFKDXWHDXIGLH6HLWH EOlWWHUWHGDQQ]XUFNXQGIDQGHLQHQ+LQZHLVDXIGHU HUVWHQ6HLWHGDHVVLFKEHLGHP%XFKXPHLQDOWHV .LUFKHQUHJLVWHUKDQGHOWH ªEHHQGHW©ODVLFKGLH=DKOODXWYRUZlKUHQG6XNR GLH6FKUHLEWLVFKOHXFKWHVRKLQVWHOOWHGDLKU/LFKWGLUHNWDXI GLH6HLWHQILHO ,FKEHGDQNWHPLFKPLWHLQHP.RSIQLFNHQ 9LHOJHKROIHQKDWWHGDV=XUHFKWUFNHQGHU/LFKWTXHOOH QLFKWGHQQGLH6FKULIWDXIGHQ6HLWHQZDUPHKUDOVEODXQG PLWGHPEORHQ$XJHNDXP]XHUNHQQHQ 0DQPXWHVFKRQHLQH/XSH]X+LOIHQHKPHQGLHPHLQ )UHXQGXQWHUHLQHPVFKPDOHQ+HIWHUIDQG ª1LPPGLHXQGIKOHGLFKZLH6KHUORFN+ROPHV©VDJWHHU DOVHUPLUGDV*ODVUHLFKWH

=XQlFKVWHLQPDOQDKPLFK3ODW]'DQQEOlWWHUWHLFKHLQLJH 6HLWHQ]XUFNXQGIDQGDOVhEHUVFKULIWHLQHQEHNDQQWHQ 1DPHQ 0DVRQ&RUGWODQG 7URW]/XSHZDUQLFKWVHKUYLHO]XHUNHQQHQ'LH6FKULIW NRQQWHPDQDOVQLFKWOHVEDUEH]HLFKQHQ=DKOUHLFKH %XFKVWDEHQZDUHQYHUZLVFKWPDQFKH:RUWHIHKOWHQVRGD GLH/HVHUHLPHKUHLQHP5DWHVSLHOJOLFK ,FKEOlWWHUWHZHLWHUXQGIDQGEHUDOOGDVJOHLFKH ª1LFKWV]XHUNHQQHQ"©IUDJWH6XNRGHUPLUEHUGLH UHFKWH6FKXOWHUVFKDXWH ª)DVWQLFKWV©VFKZlFKWHLFKDE ª=XGHPLQHLQHPVHKUDOWHQ(QJOLVFKJHVFKULHEHQ©VDJWH PHLQ)UHXQGª'DNDQQLFKVRZLHVRQLFKWYLHOOHVHQ© ª'XVROOWHVWGLFKPHKUPLW6KDNHVSHDUHEHVFKlIWLJHQ© VWLFKHOWHLFK ª.ODUZHQQPLUGHU-REXQG6KDR=HLWGD]XODVVHQ© ª6KDR]XPLQGHVW© ª+DVWGXHLQH$KQXQJ© ,FKOLHPLFKQLFKWPHKUVW|UHQXQGODVZHLWHU+LQXQG ZLHGHUZDUHQ6lW]HYRUKDQGHQGDQQIHKOWHQZLHGHUZHOFKH XQGGDVJURH5DWHVSLHOEHJDQQYRQYRUQ $OVLFKGDV%XFKYRUVLFKWLJ]XVDPPHQNODSSWHZDULFK QLFKWYLHOVFKODXHU ª:DVNRQQWHVWGXGHQQHQW]LIIHUQ"©IUDJWH6XNRPLFK ª1XQMDLFKKDEHHWZDVEHUHLQHQ+H[HQVWHLQJHOHVHQ GHUDQJHEOLFKQRFKH[LVWLHUHQVROO© ª(LQH:DIIH"© ª*HZLVVHUPDHQDEHUJHJHQ+H[HQ,UJHQGZLHPX 0DVRQ&RUGWODQGPLWGLHVHPJHKHLPQLVYROOHQ6WHLQHLQH 9HUELQGXQJHLQJHJDQJHQVHLQ6RODQJHHVGHQ6WHLQJLEWVR ODQJHZLUGDXFKGHU+H[HQZUJHUH[LVWLHUHQGDVPHLQHLFK ]XPLQGHVWDXVGHU1LHGHUVFKULIWKHUDXVJHOHVHQ]XKDEHQ© ª:RPDQGLHVHQ6WHLQILQGHWVWDQGQLFKW]XIlOOLJGRUW]X OHVHQ"©ZROOWH6XNRZLVVHQ

ª1HLQ© ª'DVKHLWZLUPWHQLKQVXFKHQ© ,FKVWDQGDXIª6RLVWHVPHLQ)UHXQG©,FKWUDWDQGDV %FKHUUHJDOXQGOLHPHLQH%OLFNHEHUGLH5FNHQGHUGRUW DXIJHUHLKWHQ%FKHUJOHLWHQª=XHUVWKDWWHLFKMD%HGHQNHQ %LQJ&RUGWODQGHLQIDFKODXIHQ]XODVVHQ-HW]WDOOHUGLQJV PHLQHLFKGDZLUXQVGDPLWHLQHQ*HIDOOHQJHWDQKDEHQ© ª6RQVWKlWWHQZLUGLH,QIRUPDWLRQEHUGHQ+H[HQVWHLQ QLFKW©IROJHUWH6XNR ª6HKUULFKWLJ© ª&RUGWODQGZLUGXQVEHVWLPPWPHKUVDJHQN|QQHQ'HU .HUOZROOWHQXUQLFKW© ,FKQDKPHLQ%XFKDXVGHU5HLKHKHUYRUXQGVFKOXJHVDXI (VEHVFKlIWLJWHVLFKPLWGHU*HVFKLFKWHGHU,QTXLVLWLRQ6HLQ ,QKDOWZDUGXUFK%LOGHUDXIJHORFNHUWZRUGHQ:DVGLHDOWHQ DEJHELOGHWHQ+RO]VFKQLWWHDQJUDXHQYROOHQ)ROWHUPHWKRGHQ ]HLJWHQZDUVFKRQVHKUVFKOLPP,FKEHNDPHLQH*lQVH KDXWZHQQLFKGDUDQGDFKWHGDVLFKVRHWZDVZLHGHUKROHQ N|QQWHRGHUZLUHVLQGHU9HUJDQJHQKHLWPLWHUOHEWHQIDOOV ZLUZLHGHULQHLQHQ=HLWVSUXQJKLQHLQJHULHWHQ (VZDUPHKU=XIDOOGDLFKHLQ.DSLWHODXIVFKOXJGDVVLFK GLUHNWPLWGHP'RUI%ODFNPRRUEHVFKlIWLJWH'HU/HJHQGH QDFKVROOWHHVKLHUEHVRQGHUVYLHOH+H[HQJHJHEHQKDEHQ 0DQKDWWHIUVLHVRJDUHLQHQHLJHQHQ)ULHGKRIDQJHOHJWGHQ GDV0RRUDOOHUGLQJVLP/DXIHGHU=HLWYHUVFKOXQJHQKDWWH 8QGQRFKHWZDVILHOPLUDXI'LH+H[HQZDUWHWHQDXI LUJHQGHLQ(UHLJQLV(VZXUGHLPPHUYRQHLQHU.|QLJLQ JHVSURFKHQGLHHLQPDOHUVFKHLQHQVROOWH (LQH.|QLJLQ" ,FKEHULFKWHW6XNRGDYRQ (UKDWWHGHQJOHLFKHQ*HGDQNHQZLHLFKª2EGDPLWYLHO OHLFKW:LNNDJHPHLQWLVW"© ª'LHKlWWHXQV]XXQVHUHP*OFNQRFKJHIHKOW8QGZHQQ VLHGDLVWNDQQDXFK-DQH&ROOLQVQLFKWZHLWVHLQ6FKOLHOLFK KlQJWVLHZLHHLQH.OHWWHDQLKU©

ª,FKDQGHLQHU6WHOOHZUGHPLW:LNNDV(UVFKHLQHQUHFK QHQ=XYLHOVSULFKWGDIU-RKQ'LH]DKOUHLFKHQ+H[HQGHU 6WHLQGHU+H[HQZUJHUGDVLVWGRFKHLQUHJHOUHFKWHV .DUXVVHOO0LFKZUGHHVVHKUZXQGHUQZHQQ:LNNDGD QLFKWDXIVSULQJHQZROOWH6FKOLHOLFKVXFKWVLHLKUH$UW JHQRVVLQQHQ© 'DKDWWHPHLQ)UHXQGUHFKW :LUVSUDFKHQQRFKGDUEHUREZLUGDV+DXVZHLWHUKLQ GXUFKVXFKHQVROOWHQDOVGHU,QVSHNWRUSO|W]OLFKVHLQHQ =HLJHILQJHUDXIGLH/LSSHQOHJWH ,FKVFKDXWHLKQDQª:DVKDVWGX"© ª'DVWLPPWZDVQLFKW© ª8QGZDV"© 6XNRKREGLH6FKXOWHUQ*HQDXNRQQWHHUQXUVHLQ*HIKO DXFKQLFKWHUNOlUHQMHGHQIDOOVKDWWHLKQHWZDVJHVW|UWª(V ZDUQLFKWLP+DXVVRQGHUQGUDXHQXQGKDWVLFKDQJHK|UW DOVZUGHMHPDQGXPGDV*UXQGVWFNVFKOHLFKHQ© ª6FKULWWH"© ª.DQQVHLQ© ª/DXQVQDFKVHKHQ©:LUJLQJHQ]XU7UXQGKDWWHQVLH QRFKQLFKWHUUHLFKWDOVLFKHEHQIDOOVHWZDVYHUQDKP 'DVNDPYRQREHQ ª$XIGHP'DFK©VDJWH6XNRLQGHUVHOEHQ6HNXQGHULGLH 7UDXIVWUPWHQDFKGUDXHQXQGHLOWHGLH6WXIHQGHU 7UHSSHKLQXQWHU,FKIROJWHLKPVHKUVFKQHOO1HEHQHLQDQGHU EOLHEHQZLUVWHKHQOHJWHQGLH.|SIHLQGHQ1DFNHQXQG EOLFNWHQDQGHU+DXVZDQGKRFKXPGDV'DFKVHKHQ]X N|QQHQ(VZDUPLWGXQNOHQ3IDQQHQJHGHFNW'DVNRQQWHQ ZLUWURW]GHUPLHVHQ/LFKWYHUKlOWQLVVHHUNHQQHQ8QGQRFK HWZDVHUNDQQWHQZLU (VZDUHLQH*HVWDOWGLHVLFKDXIGHPVFKUlJHQ'DFKIHVWDQ GLH3IDQQHQJHNODPPHUWKDWWH (LQH)UDXXQG+H[H

:LUKlWWHQHLJHQWOLFKQLFKWEHUUDVFKWVHLQGUIHQ'HQQRFK WUDIXQVGHU$QEOLFN 'XUFKGDV$XIWDXFKHQGLHVHU3HUVRQKDWWHQZLUGHQHQG JOWLJHQ%HZHLVGDIUGDVLFKQRFKPHKU+H[HQLQ %ODFNPRRUKHUXPWULHEHQDOVGLHGLHZLUHUOHGLJWKDWWHQ (VZDUHLQIDFKHLQH(UNOlUXQJGDIU]XILQGHQZLHVLHDXI GDV'DFKJHODQJWZDU:HQQVLHWDWVlFKOLFKLQGHU*HVWDOW HLQHV9RJHOVHLQ=ZLVFKHQOHEHQIKUWHPXWHVLHVLFKDXI GHP'DFKVLW]HQGYHUZDQGHOWKDEHQ 6LHKDWWHXQVHEHQIDOOVJHVHKHQGDVLHLQHLQHU6FKUlJODJH KLQJXQGQDFKXQWHQVFKDXWHZREHLVLHGHQ.RSIVWDUN GUHKHQPXWH 6LHIDXFKWHDOVVLHXQVVDKXQGNOHWWHUWHK|KHU'DEHL ZDQGVLHVLFKZLHHLQH6FKODQJH'HU)LUVWZDULKU=LHO 1XUPLW0KHHUUHLFKWHVLHLKQUXWVFKWH]ZLVFKHQGXUFK HLQSDDUPDODEXQGEOLHEVFKOLHOLFKKRFNHQZREHLVLHHLQHQ $UPLQGLH/XIWUHFNWHGLH+DQG]XU)DXVWEDOOWHXQGHLQ PHFNHUQGHV*HOlFKWHUDXVLKUHP0XQGGUDQJ ª'LHVFKHLQWVLFKGDREHQ]LHPOLFKZRKO]XIKOHQ©EH PHUNWH6XNRª6ROOHQZLUVLHUXQWHUKROHQ"© ª'XNDQQVWVLHMDIUDJHQ© ª:LW]EROG©HUZLGHUWHGHU,QVSHNWRUXQGJULII]XVHLQHU %HUHWWD ,FKVDKGLHVOHJWHPHLQH+DQGDXIVHLQHQ$UPXQGVFKW WHOWHGHQ.RSIª1HLQODPDO$OWHU:LUZROOHQPDOVHKHQ ZDVVLHQRFKDOOHVYRUKDW'LHVLW]WMDQLFKWRKQH*UXQGGD REHQ© 'DVVWLPPWHLQGHU7DW3O|W]OLFKYHUZDQGHOWHVLFKGDV *HOlFKWHULQHLQZLOGHV+HXOHQ:LQGNDPDXIZXUGH]XP 6WXUPVFKWWHOWHXQVGXUFKXQGHUIDWHDXFKGLH+H[HDXI GHP'DFK (VZDUZLHLP6FKDXHUPlUFKHQ)HKOWHQXUQRFKGHU%HVHQ VWLHODXIGHPGLH+H[HULWW'HU6WXUPZLQGWUXJVLHDEHU DXFKVRIRUW(USDFNWHPLWVHLQHQXQVLFKWEDUHQ+lQGHQ]X ZHKWHXQWHULKUH.OHLGXQJXQGVFKOHXGHUWHVLHKRFKLQGLH

/XIWVRGDVLFKGLHDOWHQ/XPSHQEDOORQDUWLJDXIEOlKWHQ 'DQQZDUVLHYHUVFKZXQGHQ :LUVWDQGHQYRUGHP+DXVXQGVFKDXWHQ]LHPOLFKEHOlP PHUWDXVGHU:lVFKH ª,FKKlWWHVLHGRFKUXQWHUVFKLHHQVROOHQ©VDJWH6XNRXQG EOLFNWHPLFKYRUZXUIVYROODQ ª'XNULHJVWQRFKGHLQH&KDQFHQ:DKUVFKHLQOLFKIUKHU DOVGLUOLHEVHLQZLUG© $P+DXVKLHOWXQVMHW]WQLFKWVPHKU:LUZROOWHQXQV XQEHGLQJWLQ%ODFNPRRUXPVFKDXHQ:LUZDUHQVLFKHUGD QRFKPHKU+H[HQH[LVWLHUWHQ 8QVHUH%OLFNHJOLWWHQQDFKOLQNV'RUWODJGDV0RRUXQGLQ GLHVH5LFKWXQJZDUHQGLH0HQVFKHQJHJDQJHQ%LQJ &RUGWODQGDQLKUHU6SLW]H6LFKHUOLFKKDWWHQVLHGHQ+H[HQ ZUJHUWUHIIHQZROOHQ 2EGDVWDWVlFKOLFKGHU)DOOZDUZUGHQZLUVHKUVFKQHOOLQ (UIDKUXQJEULQJHQGHQQGLH0HQVFKHQNDPHQ]XUFN 'LHVPDOJLQJHQVLHQLFKWVRJHVLWWHWQHEHQHLQDQGHU6LH UHGHWHQGUlQJWHQVLFKLQPHKUHUHQ5HLKHQZREHLXQVDXI ILHOGDVLHLKUHJURHQ.UHX]HQLFKWPHKUWUXJHQ ,Q'HFNXQJGHV+DXVVFKDWWHQV]RJHQZLUXQV]XUFN'HU 2UWODJZLHDXVJHVWRUEHQGD6WLPPHQXQG*HUlXVFKH K|UWHQZLUQXUYRQGHQDXVGHP0RRU]XUFNNHKUHQGHQ 0HQVFKHQ $OVGLHHUVWHQGDV+DXVIDVWHUUHLFKWKDWWHQILHO6XNRDXI GDVLFK%LQJ&RUGWODQGQLFKWPHKUEHLLKQHQEHIDQG,FK VDKHVHEHQIDOOVXQGK|UWH6XNRVHUVWDXQWHV)OVWHUQ ª9HUGDPPW-RKQGHULVWQLFKWPHKUGDEHL© *HUDGHPLW&RUGWODQGKDWWHQZLUUHGHQZROOHQ-HW]WPX WHQZLUPLWHLQHPDQGHUHQVSUHFKHQ,FKSLFNWHPLU5RGQH\ KHUDXVGHU]LHPOLFKDQGHU6SLW]HGLHVHU3UR]HVVLRQVFKULWW 'HQ.RSIKLHOWHUJHVHQNWGLH+lQGHKDWWHHU]X)lXVWHQ JHEDOOW(UPDFKWHDXIPLFKHLQHQZWHQGHQ(LQGUXFN +HIWLJVFKUDNGHU0DQQ]XVDPPHQDOV6XNRXQGLFK SO|W]OLFKYRULKPVWDQGHQXQGLKPGHQ:HJYHUVSHUUWHQ

,FKEHVFKORVHLQHhEHUUDVFKXQJDXV]XQXW]HQXQGIUDJWH ª:RVWHFNW%LQJ&RUGWODQG"© (LQH$QWZRUWHUKLHOWHQZLUQLFKW6WDWWGHVVHQKROWH 5RGQH\ODXW/XIWZlKUHQGVLFKGLHDQGHUHQKLQWHULKPYHU VDPPHOWHQ,KUH+DOWXQJNRQQWHPDQGXUFKDXVDOVIHLQGOLFK EH]HLFKQHQ ª6LHVLQGMDLPPHUQRFKKLHU©]LVFKWHHUGXUFKGLH]XVDP PHQJHELVVHQHQ=lKQH ª.ODUXQGZLUZHUGHQDXFKEOHLEHQ6LHKDEHQPLUQRFK NHLQH$QWZRUWDXIPHLQH)UDJHJHJHEHQ,FKZLOOZLVVHQZR VLFK,KU$QIKUHU%LQJ&RUGWODQGEHILQGHW"© ª'HU6XPSIKDWLKQJHIUHVVHQ©K|UWHLFKDXVGHP+LQWHU JUXQGHLQHGXPSIH6WLPPHXQGUHFNWHGHQ.RSIXPGHQ 6SUHFKHUVHKHQ]XN|QQHQ(UEOLHEMHGRFKLQGHU)LQVWHUQLV YHUERUJHQ'DNRQQWHMHGHU0DQQGHUKLQWHU5RGQH\VWDQG VHLQHQ.RPPHQWDUJHJHEHQKDEHQ ª6WLPPWGDV"©IUDJWHLFK 5RGQH\KREGHQ.RSIXQGUHFNWHPLUVHLQNDQWLJHV.LQQ HQWJHJHQª-DHVVWLPPW© ª8QGZLHLVWGDVSDVVLHUW"© 'DJULQVWHHUNDOWª(UKDWVLFKJHRSIHUW'HU6XPSIJDE HLQHQIUHL$EHUGDV*OHLFKJHZLFKWPXJHZDKUWEOHLEHQ 'HVKDOEVWDUEXQVHUDOWHU)UHXQG%LQJ© ,FKKROWHWLHI/XIWª6LQG6LHVLFKHLJHQWOLFKGDUEHULP NODUHQZDV6LHGDHEHQJHVDJWKDEHQ"© ª1DWUOLFK© ª1HLQDQVFKHLQHQGQLFKW(LQ0HQVFKKDWVHLQ/HEHQ YHUORUHQXQG6LHVSUHFKHQGDUEHUDOVVHLHVHWZDVY|OOLJ 1RUPDOHV© (UKREGLH6FKXOWHUQª'LH=HLWHQKDEHQVLFKJHlQGHUW© IOVWHUWHHUª,Q%ODFNPRRUZLUGHVEDOGUXQGJHKHQ:LU KDEHQZLHGHUHLQHQ%HVFKW]HUGHUPLWGHU+H[HQSODJHDXI UlXPHQZLUG0DVRQ&RUGWODQGLVW]XUFNJHNHKUW:LU KDEHQLKQDXVGHP6XPSIJHKROWXQGHUZLUGGDIUVRUJHQ GDHVEDOGNHLQH+H[HQPHKUJLEW©

ª:REHILQGHWHUVLFK"© ª6LHJODXEHQGRFKQLFKWGDLFK,KQHQGDVYHUUDWHQ ZHUGH1HLQ0LVWHU6LHPVVHQLKQVFKRQVHOEVWVXFKHQ 8QGZHQQ6LHLKQJHIXQGHQKDEHQVHLHQ6LHQXUUHFKW IUHXQGOLFK]XLKPGHQQGHU6XPSILVWJURXQGWLHI© ª'DVZlUH0RUGDQ]ZHL3ROL]HLEHDPWHQ©PLVFKWHVLFK PHLQ)UHXQG6XNRLQGDV*HVSUlFKHLQ ª%XOOHQ]lKOHQKLHUQLFKWV©YHUQDKPHQZLUDEHUPDOVGLH 6WLPPHGHV6SUHFKHUVGHQZLUQLFKWLGHQWLIL]LHUHQNRQQWHQ $QGHUHQLFNWHQEHVWlWLJHQG,FKEUDXFKWHQXULQGLHILQVWH UHQ*HVLFKWHU]XVFKDXHQXP]XZLVVHQGDPDQKLHU WDWVlFKOLFKQLFKWYLHOYRQ3ROL]LVWHQKLHOW 5RGQH\JULQVWHª6LHVHKHQDOVRGD6LHDXIYHUGDPPW YHUORUHQHP3RVWHQVWHKHQ+DXHQ6LHOLHEHUDE+LHUKDOWHQ DOOH]XVDPPHQGDVNDQQLFK,KQHQVDJHQ2E%XOOHRGHU QLFKWGDV0RRUPDFKWNHLQHQ8QWHUVFKLHG© ª:RILQGHQZLUGHQ+H[HQZUJHU"©,FKOLHPLFKYRQ GHP*HUHGHQLFKWEHLUUHQ ª.HLQ.RPPHQWDU%XOOH8QGMHW]WJHKWXQVDXVGHP:HJ VRQVWQHKPHQZLUQlPOLFKDQGDLKUGLH+H[HQVHLG© ª-DORVPDFKHQZLUVLHIHUWLJ© 'LH0lQQHUVFKULHQZlKUHQGGLH)UDXHQVWLOOEOLHEHQXQG LQHLQHY|OOLJSDVVLYH5ROOHKLQHLQVFKOSIWHQGHQQVLHKLHO WHQGLHPlQQOLFKHQ3HUVRQHQQLFKW]XUFN ,P1XZXUGHHVJHIlKUOLFKXQGZLUPXWHQXQVHWZDV HLQIDOOHQODVVHQ=XP*OFNVWUPWHQVLHQLFKWDOOHVDPWDXI XQVORVVRQGHUQQXUGLHHUVWHQYLHU 6XNRSDFNWHVLFK5RGQH\6FKRQHLQPDOKDWWHHUGXUFK PHLQHQ)UHXQGHLQH1LHGHUODJHKLQQHKPHQPVVHQMHW]W HUOLWWHUGLH]ZHLWH ,FKVDKDXVGHQ$XJHQZLQNHOQZLHHV6XNRJHODQJLKQDQ VLFKKHUDQ]X]LHKHQXQGLQGLH+|KH]XZXFKWHQ5RGQH\ ]DSSHOWHXQGVFKULHGDQQVFKOHXGHUWHLKQ6XNRJHJHQGLH DQVWUPHQGHQ'RUIEHZRKQHUXQGVWLIWHWHGXUFKGLHVH $NWLRQGDVUHLQVWH&KDRV

3O|W]OLFKILHOHQPHKUHUH0HQVFKHQEHUHLQDQGHU6LH ZXWHQQLFKWPHKUZDVVLHWXQVROOWHQXQGYHUORUHQGHQ hEHUEOLFN:LUHUKLHOWHQHLQH$WHPSDXVHGHQQDXFKLFK KDWWHPLFKLQ]ZLVFKHQPHLQHU*HJQHUPLW]ZHLJH]LHOWHQ $NWLRQHQHQWOHGLJW 6LHODJHQDP%RGHQXQGGLH1DFKUFNHQGHQZDUHQEHU VLHJHVWROSHUW8QVEOLHEHQ]ZHL0|JOLFKNHLWHQ:LUNRQQWHQ HVKDUWPDFKHQRGHUXQV]XUFN]LHKHQ :LUHQWVFKLHGHQXQVIUGLHOHW]WHUH$OWHUQDWLYHGHQQZLU KDWWHQ0HQVFKHQYRUXQVNHLQHGlPRQLVFKHQ*HVFK|SIH XQGGDUDXIPXWHQZLU5FNVLFKWQHKPHQ ,FKZLQNWH6XNR]X (VZDUHLQJHRUGQHWHU5FN]XJLQGHPZLULQGHQ2UWKLQ HLQOLHIHQXQGGLHVFKUHLHQGHQ'RUIEHZRKQHUKLQWHUXQV OLHHQ6LHQDKPHQQRFKQLFKWVRIRUWGLH9HUIROJXQJDXI VRQGHUQEOLHEHQHUVWHLQPDO]XUFNZDKUVFKHLQOLFKXP HLQHQ3ODQDXV]XKHFNHQ 1DFKHWZDKXQGHUW
'LH.DW]HNDPQlKHU/DXWORVVFKOLFKVLHGHU.|USHUSDWH VLFKGHQ%HZHJXQJHQDQ 3O|W]OLFKEOLHEVLHVWHKHQ *OHLFK]HLWLJULVLHLKU0DXODXIIDXFKWHXQGPDFKWHHLQHQ %XFNHO 6LHZLWWHUWHGLH*HIDKU :LUDEHUVDKHQVLH +H[HQZRKLQZLUVFKDXWHQ$XIGHQ'lFKHUQLQGHQ :RKQXQJHQGHQ+lXVHUQ )XULHQ:HLEHUZLOGXQGJUDXVDPZlKUHQGLQGHU *DVWVWXEHHLQHVFKULOOH6WLPPHVFKULHª.RPPW]XP +H[HQPDKO:LUKDEHQ]ZHLJHIXQGHQ© -DQH&ROOLQVZDUYHU]ZHLIHOW =XPHUVWHQPDOLQLKUHP+H[HQGDVHLQVSUWHVLHHLQH VFKUHFNOLFKH$QJVW 6LHVDK:LNNDLKUH0HLVWHULQXQG/HKUHULQYRUVLFKDP %RGHQOLHJHQVFKDXWHLQGDV*HVLFKWGDVEHUKDXSWNHLQH bKQOLFKNHLWPHKUPLWGHPYRQIUKHUKDWWHXQGVDKGLH YHUEUDQQWHVFKZDU]H+DXWXQGGLHJHVSHQVWLVFKZLUNHQGHQ ZHLHQ$XJHQ 'DQQJOLWWLKU%OLFNDXIGHQ+H[HQVWHLQ:LNNDKDWWHHV YHUVXFKWXQGVHLQH.UDIWXQWHUVFKlW]W -DQHILHODXIGLH.QLH:DVXPVLHKHUXPJHVFKDKXQGVLFK DOOHVYHUlQGHUWKDWWHEHPHUNWHVLHQLFKWVLHZROOWHQXUHQG OLFKZLVVHQRE:LNNDQRFKOHEWH 0LWEHLGHQ+lQGHQIDWHVLHQDFKGHU+H[H-DQHVFKWWHO WHVLHVFKULHXQGMDPPHUWH ª*LE$QWZRUW:LNND:DFKDXI'XNDQQVWQLFKWYHUQLFK WHWVHLQ'XPXWOHEHQ'HU6DWDQKDWGLUQLFKWXPVRQVW VHLQH.UDIWHLQJHKDXFKWYHUIOXFKWQRFKPDO© :LNNDUKUWHVLFKQLFKW6LHODJVWHLIZLHHLQ%UHWWDXIGHP %RGHQXQG-DQH&ROOLQVYHUJLQJIDVWYRU:XWXQG+LOIORVLJ NHLW6LHKREGHQ.RSI

'DZHLWHWHQVLFKLKUH$XJHQ(UVWMHW]WVWHOOWHVLHIHVWGD VLHVLFKLQHLQHUDQGHUHQ8PJHEXQJEHIDQG=ZDUQRFKLP 7XUP]LPPHUDEHUGHU+H[HQVWHLQZDUDXIHLQPDOYHU VFKZXQGHQREZRKOVLHLKQGRFKYRU6HNXQGHQQRFKJH VHKHQKDWWH 'LHHKHPDOLJH'HWHNWLYLQEHJULIIQLFKWV6LHDKQWHQLFKW HLQPDOGDVLHHLQH=HLWUHLVHXQWHUQRPPHQKDWWHEH]LH KXQJVZHLVHLQHLQHQ=HLWHQZHFKVHOKLQHLQJHUDWHQZDUIU VLHZDUDOOHVXQHUNOlUOLFK1XU:LNNDODJQDFKZLHYRUPLW YHUEUDQQWHP*HVLFKWDXIGHP%RGHQ (LQHVHOWVDPH(LQULFKWXQJXPJDEVLH'DVDKVLHHLQSUlFK WLJHV%HWWPLWHLQHPKRKHQ+LPPHOGDUEHU(LQ6FKUDQN VWDQGLQGHU1lKHXQGHLQH:DVFKJHOHJHQKHLWJDEHVHEHQ IDOOV7HSSLFKHEHGHFNWHQGHQ%RGHQHLQHVSDQLVFKH8P NOHLGHZDQGZDUDXVHLQDQGHUJH]RJHQZRUGHQXQGQHEHQ GHP%HWWVWDQGHQ]ZHL6WKOH -DQH&ROOLQVK|UWHDXFK6WLPPHQ'DGLH7UQLFKWJH VFKORVVHQZDUGUDQJHQVLHGXUFKGHQ7XUPQDFKREHQ(LQ 0DQQIKUWHGDV.RPPDQGR6LHYHUVWDQGHLQ]HOQH:RUWH XQGK|UWH%HJULIIHZLH+H[HQ]DXEHU+H[HQSODJHXQGGHQ %HJULII)ROWHU 'D]XFNWH-DQH]XVDPPHQ )ROWHU1DWUOLFK6LHKDWWHRIWJHQXJGDUEHUJHOHVHQ0DQ KDWWHGLH+H[HQGDPDOVJHIROWHUW]X7RGHJHTXlOWHLQLJHQ VRJDUGLH+DXWDEJH]RJHQXQGVLHGDQQDXIGHP6FKHLWHU KDXIHQYHUEUDQQW $VFKHZDU]XUFNJHEOLHEHQ 1XU$VFKH -DQHVFKOXFNWH6LHIKOWHVLFKDXIHLQPDOKLOIORV:LNNDODJ UHJXQJVORVYRULKU6LHNRQQWHLKUQLFKWPHKUEHLVWHKHQMHW]W PXWHVLFK-DQHDOOHLQKHOIHQ ,KUH%OLFNHLUUWHQGXUFKGDV7XUP]LPPHU5HFKWVXQGOLQNV GHV%HWWHVEUDQQWHQ]ZHL.HU]HQ'LH)ODPPHQZDUHQGXUFK *ODVEHKlOWHUJHVFKW]WGLH]XP*URWHLOGHQ6FKHLQGlPSIWHQ VRGDGDV=LPPHUHLQHIDVWJHPWOLFKH%HOHXFKWXQJKDWWH

'DVDOOHVLQWHUHVVLHUWH-DQH&ROOLQVQLFKW6LHZROOWHQXU UDXVDXVGLHVHP7XUPGHUIUVLHHLQ*HIlQJQLVZDU 8QGGLH6WLPPHQZXUGHQODXWHU-HW]WYHUQDKPVLHDXFK VFKRQGLH6FKULWWHGLHVLFKGHP=LPPHUQlKHUWHQ 6LHNRQQWHQLFKWXQWHUVFKHLGHQXPZLHYLHOH0lQQHUHV VLFKKDQGHOWH0LQGHVWHQVDEHU]ZHL :RKLQ" (VJDEQXUHLQH&KDQFH-DQH&ROOLQVPXWHVLFKXQG :LNNDLQGLHVHP=LPPHUYHUVWHFNHQ'HU6FKUDQNNDP QLFKWLQ)UDJH6LFKHUOLFKZUGHGHUMHQLJHGHUGHQ5DXPEH WUDWXP]XVFKODIHQGLH7UHQ|IIQHQXQGVHLQH.OHLGXQJV VWFNHLQGHQ6FKUDQNKlQJHQ $OVRZRDQGHUV 'DV%HWWVWDFKLKULQV$XJH(VZDU]LHPOLFKKRFK'D NRQQWHPDQVFKRQKLQXQWHUNULHFKHQ(VZDUZLUNOLFKGLH HLQ]LJHVLFKELHWHQGH&KDQFH -DQHQXW]WHVLHVRIRUW:LNNDOLHVLHGDEHLQLFKWLP6WLFK 1LFKWVRODQJHVLHQLFKWZXWHREGLH2EHUKH[HWRWRGHU OHEHQGLJZDU-DQHKXVFKWHXP:LNNDKHUXPZDUWHWHDP .RSIHQGHHLQHQ0RPHQWDEXQGEFNWHVLFKGDQQXPLKUH +lQGHXQWHUGLH6FKXOWHUGHU2EHUKH[H]XVFKLHEHQ6R]RJ XQG]HUUWHVLH:LNNDLQ5LFKWXQJ%HWW 8QWHUJURHQ0KHQXQGDXFKXQWHU=HLWGUXFNJHODQJHV LKUGLH0HLVWHULQXQWHUGDV%HWW]XVFKLHEHQ'DQQZXUGHHV =HLWIUVLHHEHQIDOOV]XYHUVFKZLQGHQ 6RJHOHQNLJZLHHLQH$UWLVWLQYHUVFKZDQG-DQH&ROOLQV XQWHUGHP%HWWXQGEOLHEGLFKWQHEHQ:LNNDOLHJHQ -HW]WZDUWHWHVLHDE (LQZHQLJYHUlQGHUWHVLHLKUH3RVLWLRQQRFKGDVLHXQWHU GDV)XHQGHGHV%HWWHVKLQZHJVFKDXHQZROOWHGHQQLQGHU 9HUOlQJHUXQJGHVVHQEHIDQGVLFKGLH7U6RNRQQWHVLH HUNHQQHQZHUHLQWUDW 'LH0lQQHUKDWWHQGLH7UHUUHLFKW1RFKVWDQGHQVLH GUDXHQ(LQHWLHIH6WLPPHVDJWHª,KUN|QQWHUVWHLQPDOYHU VFKZLQGHQ:HQQLFKHXFKEUDXFKHKROHLFKHXFK©

ª*LEWHVNHLQH+H[HQMDJGPHKU6LU"© 'DVPHFNHUQGH/DFKHQOLHDEHUPDOVGLH$QJVWDEHUDXFK :XWLQ-DQH&ROOLQVDXIVWHLJHQª6LFKHUZLUGHVGLHJHEHQ 8QGZHQQLFK/XVWKDEHDXFKLQGHU1DFKW© ª,FKZWHHLQHNOHLQH+H[HGLHLFK(XFKVFKLFNHQN|QQ WH6LU© ª6R"© ª-DVLHLVWVLHE]HKQVWDPPWDXVGHU1lKHXQGPDFKWGLH %XUVFKHQYHUUFNW6LHKDWHLQHQ.|USHUGHU© ª0RUJHQ)UHXQGHPRUJHQZHUGHLFKPLUGDV.LQGHLQ PDOYRUQHKPHQ© ª$EHUJHEWDFKW6LU6LHLVWZLOG© ª'LH)ROWHUKDWQRFKMHGHJH]lKPW=XGHPKDEHLFKGHQ +H[HQVWHLQJHIXQGHQGHUJLEWPLU0DFKW© ª-D6LU© (VZDUHQGLHOHW]WHQ:RUWHGLHGLHEHLGHQ0lQQHUVSUD FKHQ'DQDFKZXUGHGLH7UDXIJHVWRHQXQGHLQHUEHWUDW GHQ5DXP -DQH&ROOLQVKLHOWGHQ$WHPDQ9LHONRQQWHVLHYRQLKP QLFKWVHKHQ6HLQEUDXQHU0DQWHOUHLFKWH]XZHLWQDFKXQWHQ (UYHUGHFNWHGLH%HLQNOHLGHUXQGILHOPLWVHLQHP6DXPELV DXIGLH6FKXKH 'HU0DQQGUHKWHVLFKXPXQGVFKORGLH7U7LHIDWPHWH HUGXUFKKXVWHWHEHZHJWHVHLQH$UPHXQGVFKlOWHVLFKDXV GHP0DQWHO(UOLHLKQEHUGHP$UPKlQJHQDOVHU]X GHP.OHLGHUVFKUDQNVFKULWWXQGGLHEHLGHQ7UHQDXI]RJ -DQHGUHKWHVLFKXQWHUGHP%HWW6LHZROOWHDOOHVJHQDX YHUIROJHQXQGVDKZLHGHU0DQQVHLQHQ0DQWHOLQGHQ 6FKUDQNKlQJWH$OVHUGLH7UVFKOR]XFNWHHUSO|W]OLFK ]XVDPPHQ 'LHXQWHUGHP%HWWOLHJHQGH-DQH&ROOLQVHUNDQQWHGD VHLQH%HLQKDOWXQJVWHLIZXUGH (LQH:HLOHJHVFKDKQLFKWV%LVSO|W]OLFKGLH6WLPPHGHV 0DQQHVORVGU|KQWH ª+LHUVWLQNWHVQDFK+H[H©

'DZXWH-DQH%HVFKHLG-HW]WPXWHVLHKDQGHOQVRQVW ZDUVLHYHUORUHQ ª:DFKH© $OVGHU0DQQGDVEUOOWHUROOWH-DQHEHUHLWVDQGHUDQGH UHQ6HLWHXQWHUGHP%HWWKHUYRUVSUDQJDXIGLH)HVDK GHQ+H[HQZUJHUXQGDXFKGHVVHQ3HLWVFKHGLHHUJH]RJHQ KDWWH'LHGUHL5LHPHQVFKLPPHUWHQVLOEHUIDUEHQ 'LHHKHPDOLJH'HWHNWLYLQZDUIUGHQ%UXFKWHLOHLQHU 6HNXQGHDEJHOHQNW 'LH$XJHQZXUGHQVWDUUGDV+H[HQEOXWLQLKUHQ$GHUQ VFKLHQ]XJHIULHUHQ ,QGLHVHP$XJHQEOLFNUDPPWHQGLHEHLGHQ:DFKWSRVWHQ GLH7UGHV7XUP]LPPHUVDXI 0LWVFKXEHUHLWHQ0XVNHWHQVWUPWHQVLHLQGHQ5DXP XQG-DQHEOLFNWHJHQDXLQGLH0QGXQJHQGHU:DIIHQ ZlKUHQGGHU+H[HQZUJHUDQILQJ]XODFKHQ -DQH&ROOLQVGUHKWHGHQ.RSI)XUFKWVWDQGDXILKUHP *HVLFKW]XOHVHQZlKUHQGGDV/DFKHQGHV0DQQHVYHU VWXPPWHXQGHUPLWK|KQLVFKHU6WLPPHIUDJWHª:HQKDEHQ ZLUGHQQGDHLQJHIDQJHQ",VWGDVGLHNOHLQH+H[HYRQGHU GXPLUHU]lKOWKDVW"© ª1HLQ6LU©(LQHUGHUEHLGHQ:DFKWSRVWHQVFKWWHOWHGHQ .RSI ª1DMDLFKZHUGHVFKRQVHKHQZDVLFKGDJHIDQJHQKDEH© (UODFKWHZLHGHUXQGVFKZDQJVHLQH3HLWVFKH -DQHJODXEWHGDDOOHVDXVZlUHDEHUHUZROOWHLKUQXU $QJVWHLQMDJHQ'LHGUHL5LHPHQZLVFKWHQEHULKUHQ.RSI XQGNODWVFKWHQJHJHQGLH'HFNHZlKUHQG-DQH]XVDPPHQ ]XFNWHXQGVLFK]XUOLQNHQ6HLWHKLQGUHKWHELVVLHJHJHQGLH 0QGXQJHQGHU0XVNHWHQVWLH ª$QJVWQLFKWZDKU"©K|KQWHGHU+H[HQZUJHUª'XKDVW $QJVW"© -DQHSUHWHGLH/LSSHQ]XVDPPHQ6LHVWDQGGDXQG ]LWWHUWH6HOEVWLQGLHVHQVFKUHFNOLFKHQ6HNXQGHQGDFKWHVLH QLFKWLP7UDXPGDUDQ:LNND]XYHUUDWHQ8QGGLH0lQQHU

PDFKWHQVLFKDXFKQLFKWGLH0KHGHQ5DXPZHLWHU]X GXUFKVXFKHQ 0DVRQ&RUGWODQGQLFNWHª-D©VDJWHHUXQGJULQVWHEUHLW ªVRHLQH+H[HKDEHPLUVFKRQLPPHUJHZQVFKW(LQH+H[H PLWEORQGHQ+DDUHQ'LHPHLVWHQYRQLKQHQVLQGVFKZDU] KDDULJ$EHUGDVPDFKWQLFKWV,FKK|UHDXFKDQGHUHJHUQ VFKUHLHQ:LHELVWGXEHUKDXSWLQPHLQ6FKORJHNRPPHQ :HLE"© ª,FKLFK© ª5HGH© ª'DV7RUZDURIIHQ'LH:DFKHQKDEHQQLFKWKLQJHVHKHQ GDELQLFKKLQHLQJHJDQJHQ©-DQHKDWWHVLFKEHLGHU$QWZRUW EOLW]VFKQHOODXIGLH=HLWLQGHUVLHVLFKQXQEHIDQGXPJH VWHOOW6LHHU]lKOWQDWUOLFKQLFKWVYRQGHP+H[HQVWHLQXQG GHVVHQVFKUHFNOLFKHU:LUNXQJ &RUGWODQGQLFNWHª6RZDUGDVDOVR1XQMDMHW]WELVWGX KLHUXQGZLUVWPLUDXFKQLFKWPHKUHQWNRPPHQGDIUVRUJH LFKVFKRQ©(UKREVHLQHQUHFKWHQ$UPOHLFKWDQVRGD-DQH &ROOLQVGLHGUHL5LHPHQGHU3HLWVFKHVHKHQNRQQWH ª,FKVWHOOHGLUMHW]WHLQH)UDJHGLHLFKJHUQYRQGLUEHDQW ZRUWHWKlWWH/JHQKDWNHLQHQ6LQQGDVVDJHLFKGLUYRUKHU ,FKILQGHGLH:DKUKHLWVRZLHVRKHUDXV%LVWGXHLQH+H[H RGHUELVWGXHVQLFKW"© -DQHVFKDXWHGHP0DQQLQV*HVLFKW.DOWZDUHQLKUH $XJHQ1LFKWVLQLKUHP*HVLFKWUHJWHVLFK'LHEHLGHQXQWHU GHQ*ODVGHFNHOQEUHQQHQGHQ.HU]HQZDUIHQHLQHQJHOE URWHQ6FKOHLHUEHULKUH+DXW ª-D©HUZLGHUWHVLHPLWNODUHU6WLPPHªLFKELQHLQH+H[H© &RUGWODQGXQGGLHEHLGHQPLW0XVNHWHQEHZDIIQHWHQ $XISDVVHUULVVHQYRU6WDXQHQGLH$XJHQDXIª'XJLEVWHV ]X"©IUDJWHGHU+H[HQZUJHUOHLVHXQGODXHUQG ª:HVKDOEVROOWHLFKHVDEVWUHLWHQ",FKELQHLQH+H[H© &RUGWODQGQLFNWHª'DVLVWJXW©IOVWHUWHHUªGDVLVWVRJDU VHKUJXW©(UVFKOXJPLWGHU3HLWVFKHDXIGDV%HWWª'DQQ ZHUGHLFKGRFKQLFKWVFKODIHQJHKHQGHQQGDVDQGHUH

9HUJQJHQILQGHWLQGHU)ROWHUNDPPHUVWDWW,FKKDEHGLUMD VFKRQJHVDJWGDLFK+H[HQQLFKWPDJ,FKW|WHVLHGRFK YRUKHUPVVHQVLHDOOH+|OOHQHUOHEHQGDNDQQLKQHQDXFK GHU6DWDQNHLQHQ6FKXW]JHEHQ© ª$VPRGLVZLUGPLFKUlFKHQ© &RUGWODQGODFKWHDOVHUGLHVH:RUWHYHUQDKPª'HU 7HXIHO©VFKULHHUª,FKZHLLKUDOOHYHUODWHXFKDXIGHQ 7HXIHO,KUKXOGLJWLKPLKUEHWHWLKQDQ$EHUWlXVFKWHXFK QLFKWYHUIOXFKWH+H[HQEUXW'HU7HXIHOKLOIWQLFKWLPPHU ,FKKDEHLKQVFKRQPHKUDOVHLQPDODXVJHWULHEHQGDUDXI NDQQVWGXGLFKYHUODVVHQ8QGEHLGLUNOHLQH+H[HZLUGHV PLUHLQEHVRQGHUHV9HUJQJHQVHLQGLFKDXIGLH6WUHFNEDQN ]XVSDQQHQRGHUGHLQHQ.|USHUDXIGDV5DG]XELQGHQXP GLFKPLWJOKHQGHQ=DQJHQ]XTXlOHQ©(UUHGHWHVLFKVHOEVW LQ5DJHZREHLVHLQH$XJHQHLQJHIlKUOLFKHV/HXFKWHQ]HLJ WHQ'DQQZHFKVHOWHHUGDV7KHPDª:LHKHLWGXHLJHQWOLFK" 6DJPLUGHLQHQ1DPHQ© ª-DQH© ª$KDGLH+H[H-DQH:LHVFK|Q©(UODFKWHZLHGHUª(LQH -DQHKDWWHLFKODQJHQLFKWPHKULQGHU)ROWHUNDPPHU©+HIWLJ QLFNWHHUGHQEHLGHQ:DFKWSRVWHQ]Xª6FKDIIWVLHQDFK XQWHQ© $XIGLHVHQ%HIHKOKDWWHQGLH0lQQHUVFKRQJHZDUWHW %HYRU-DQHVLFKYHUVDKXPNODPPHUWHQVLHGLH+lQGHGHU VWDUNHQXQGNDPSIHUSUREWHQ+DQGODQJHU 'LH0lQQHUZXWHQZLHVLHPLWLKUHQ2SIHUQXP]XJHKHQ KDWWHQ6LHNDQQWHQGLHHLVHQKDUWHQ*ULIIHXQG7ULFNVDXV GHQHQVLFKGLH)UDXHQQLFKWPHKUEHIUHLHQNRQQWHQ -DQH&ROOLQVZDU]ZDUNHLQHYROODXVJHELOGHWH+H[HDOOHU GLQJVYHUIJWHVLHEHUHLQLJHPDJLVFKH)lKLJNHLWHQZLHVLH VFKRQPHKUHUH0DOHXQWHU%HZHLVJHVWHOOWKDWWH$XFKKLHU ZROOWHVLHGLHVH)lKLJNHLWHQHLQVHW]HQGRFKGDEHVWDQG SO|W]OLFKHLQH%DUULHUHHLQ+LQGHUQLV-DQHJHODQJHVQLFKW ,KU=DXEHUYHUSXIIWH:DKUVFKHLQOLFKZHLO:LNNDQLFKW PHKUDQLKUHU6HLWHVWDQG

'LHHKHPDOLJ'HWHNWLYLQZXUGHKLQDXVJHVFKDIIWXQGGHU +H[HQZUJHU|IIQHWHGHQ6FKUDQNXPVHLQHQ0DQWHOZLH GHUKHUYRU]XKROHQª(VLVWNDOWLP)ROWHUNHOOHU©PXUPHOWH HUª8QGIULHUHQZLOOLFKQLFKW©(UZDUIVLFKGDV.OHLGXQJV VWFNEHUXQGYHUOLHGDV7XUP]LPPHURKQHHVQRFKHLQ PDO]XGXUFKVXFKHQ 6RZXUGH:LNNDQLFKWHQWGHFNW ,Q]ZLVFKHQVFKOHLIWHQGLHEHLGHQ0lQQHU-DQH&ROOLQVGLH ODQJH:HQGHOWUHSSHKLQXQWHU$XFKKLHUQDKPHQVLHNHLQH 5FNVLFKW(VZDULKQHQHJDORELKU2SIHUVWROSHUWHRGHU JHJHQGLHUDXKHQ:lQGHVFKOXJ'RFKGDVZDUQXUHLQ 9RUVSLHO'LHULFKWLJHQ4XDOHQZUGHQHUVWQRFKNRPPHQ 6SlWHULQGHU)ROWHUNDPPHU ,P6FKORZDUHVUXKLJ 0DQKDWWHQLFKWDOOH/LFKWHUJHO|VFKW,QPDQFKHQ1LVFKHQ VDK-DQH&ROOLQVEUHQQHQGH.HU]HQGHUHQIODFNHUQGHU 6FKHLQDXFKEHUGLH6WXIHQILHOXQGVLHHUKHOOWH 6LHKDWWHHLQHQ]LHPOLFKZHLWHQ:HJYRUVLFKGHQQGLH :HQGHOWUHSSHIKUWHYRQGHUK|FKVWHQ6WHOOHGHV6FKORVVHV DXVELVWLHILQGLH9HUOLHVHKLQHLQ 6LHHQGHWHHUVWYRUHLQHUDOWHQ+RO]WUGLHPLWHLQHP .HWWHQVFKORJHVLFKHUWZDU :lKUHQGHLQHUGHU%HZDFKHUGLH7UDXIVFKORKLHOWGHU DQGHUH-DQH&ROOLQVLQ6FKDFK(UULFKWHWHGLH0QGXQJVHL QHU0XVNHWHDXIGLHEORQGKDDULJH)UDXGLHDEHUPDOVYHU VXFKWHLKUH.UlIWHHLQ]XVHW]HQ6LHNRQ]HQWULHUWHVLFKDXI GDV*HZHKU9LHOOHLFKWNRQQWHVLHHVXQEUDXFKEDUPDFKHQ ]XGHPZQVFKWHVLHVLFKGDGHU0DQQYRULKULQ)ODPPHQ DXIJLQJ %HLGHVJHVFKDKQLFKW'LH+H[HQNUlIWHGLHVLHHLQPDOVR LQWHQVLYJHJHQ*OHQGD3HUNLQVHLQJHVHW]WKDWWHSUDOOWHQEHL LKUHQ%HZDFKHUQDE(VJDEGDHLQ8PIHOGGDV-DQH&ROOLQV VW|UWH:DKUVFKHLQOLFKKLQJGLHVPLWGHPJHKHLPQLVYROOHQ +H[HQVWHLQ]XVDPPHQGHQVLHMDJHVHKHQKDWWHXQGGHUVR SO|W]OLFKYHUVFKZXQGHQZDU

(QGOLFKZDUGLH7URIIHQ6LHVFKULHXQGNQDUUWHLQGHQ $QJHOQDOVGHU%HZDFKHUVLHDXI]RJ0LWGHU.DQWHVFKDEWH VLHEHUGHQ%RGHQGDQQNRQQWH-DQHLQGDV9HUOLHVVFKDXHQ GDVYRQHLQHPIODFNHUQGHQ/LFKWVFKHLQHUKHOOWZXUGH (VZDUGHU:LGHUVFKHLQGHU)DFNHOQGHUJHLVWHUKDIWEHU GLHGLFNHQ0DXHUQVWULFK$OV-DQHEHUGLH6FKZHOOH JHVFKREHQZXUGHIDQGVLHVLFK]XQlFKVWLQHLQHP*DQJPLW QLHGULJHU'HFNHZLHGHU 6LHQDKPHLQHQW\SLVFKHQ*HUXFKZDKU(VURFKQDFK%OXW QDFK7RGXQG9HUJlQJOLFKNHLW'XQNOH)OHFNHQDQGHQ :lQGHQ]HXJWHQGDYRQGDKLHUVFKOLPPH'LQJHJHVFKH KHQZDUHQXQGHVZDUDXFKQLFKWVWLOOGHQQ-DQHYHUQDKP GDV:LPPHUQGHU*HIDQJHQHQ 'LH/DXWHYHUVWlUNWHQVLFKMHWLHIHUVLHLQGHQXQKHLP OLFKHQ.HOOHUKLQHLQVFKULWW6LHZXUGHQYRQGHQNDKOHQ 6WHLQZlQGHQ]XUFNJHZRUIHQHLQYHU]ZHLIHOWHV+HXOHQ XQG-DPPHUQYHUORUHQHU0HQVFKHQRGHU+H[HQGLHVLFKHU OLFKVFKRQJHIROWHUWZRUGHQZDUHQRGHULP6FKDQGWXUP JHKXQJHUWKDWWHQXQGQXQDXILKUH+LQULFKWXQJZDUWHWHQ hEHUDOOVWHFNWHQGLH3HFKIDFNHOQ6LHJHK|UWHQ]XGLHVHU XQKHLPOLFKHQ6]HQHULHZLHGLHGLFNHQ0DXHUQXQGGVWHUHQ *HZ|OEHKLQWHUGHQHQDOOH6FKUHLHHUVWLFNWHQ 'LHEHLGHQ:DFKWSRVWHQKLHOWHQ-DQHOLQNVXQGUHFKWVXP NODPPHUW(VKDWWHNHLQHQ6LQQZHQQVLH:LGHUVWDQGOHLVWHWH GHQQDXFKGDQQZUGHVLHZHLWHUJHVFKOHLIWZHUGHQ 1XQVDKVLHGLHHUVWHQ9HUOLHVH$XVLKQHQGUDQJHQGLH 6FKUHLH 'LH%HZDFKHUEOLHEHQH[WUDVWHKHQGDPLW-DQHDXFKHLQHQ %OLFNKLQHLQZHUIHQNRQQWH :LH7LHUHZDUHQGLH)UDXHQHLQJHVSHUUW6LHODJHQDXI 6WURKZDUHQJH]HLFKQHWYHUOHW]WXQGQXUQRFKGHPlXHUHQ (UVFKHLQXQJVELOGQDFK0HQVFKHQ $QVRQVWHQKDWWHPDQVLH]HUEURFKHQ ª6RZLUVWGXDXFKEDOGDXVVHKHQ©VDJWHHLQHUGHU $XISDVVHUXQGODFKWHODXW

-DQHVFKWWHOWHVLFK(LQH)UDXZDUDQGDV*LWWHUKHUDQJH NURFKHQXQGNODPPHUWHLKUHDXIJHVFKUIWHQEOXWLJHQ +lQGHXPGLH*LWWHUVWlEHGHV9HUOLHVHV ª'XELVWVFK|Q0lGFKHQ©NUlFK]WHVLHª'XELVWVHKU VFK|Q,FKZDUHVDXFKHLQPDO'DQQILHOLFKGHQ)ROWHU NQHFKWHQLQGLH.ODXHQ-HW]WVLHKVWGXZDVVLHDXVPLU JHPDFKWKDEHQVFK|QHV0lGFKHQ:DUWHDEHVGDXHUWQLFKW PHKUODQJHGDQQVLHKVWGXVRDXVZLHLFK'DVNDQQLFKGLU VDJHQ© (LQHUGHU%HZDFKHUWUDW]X8QGVHLQ)XWUDIJHQDXGLH 6WHOOH]ZLVFKHQ]ZHL6WlEHQ 'DVVFKUHFNOLFKJH]HLFKQHWH*HVLFKWYHUVFKZDQGHEHQVR ZLHGLHEHLGHQ+lQGH ª:HLWHU© -DQHZXUGHIRUWJH]HUUWXQGJHODQJWHWLHIHULQGLHXQKHLP OLFKHQ*HZ|OEH'LH6FKULWWHGHU:DFKWSRVWHQKDOOWHQYRQ GHQ:lQGHQ]XUFNXQG-DQHVDKDXFKGDV=LHOGDVVLH DQYLVLHUWHQ (VZDUHLQHJURH7U6LHOLHIREHQ]XHLQHP+DOENUHLV]X VDPPHQ2KQHGDHVLKUJHVDJWZRUGHQZDUZXWH-DQH &ROOLQVGDKLQWHUGHU7UGLH)ROWHUNDPPHUODJ ,KUH7RGHVNDPPHU ª)ROWHUNQHFKW©EUOOWHHLQHUGHU0lQQHUª)ROWHUNQHFKW NRPPKHU:LUKDEHQ1DFKVFKXE©(UODFKWHODXW $XVGHQ6FKDWWHQGHV*HZ|OEHVO|VWHVLFKHLQH*HVWDOW6LH ZDU]XHUVWQLFKWJHQDX]XHUNHQQHQMHGRFKNRQQWHPDQGHQ $QN|PPOLQJDOVHLQHQ=ZHUJEH]HLFKQHQ$OVHUQlKHUNDP HUNDQQWH-DQHGDGHU)ROWHUNQHFKWNOHLQXQGYHUZDFKVHQ ZDU(UKDWWHHLQHQ%XFNHO6HLQNUXPPHU2EHUN|USHUZDU PLW)HOOHQEHGHFNWGLHLQ+|KHGHU+IWHYRQHLQHPVWDUNHQ *UWHOJHKDOWHQZXUGHQ,QGHP*UWHOVWHFNWHQPHKUHUH ODQJH0HVVHUXQGHLQH3HLWVFKH ª:LUEULQJHQGLU1DFKVFKXE)ROWHUNQHFKW©VDJWHHLQHU YRQ-DQHV%HZDFKHUQXQGJULQVWHEUHLW 'HU9HUZDFKVHQHODFKWHª)UVRHLQHQVFK|QHQ1DFKVFKXE

NDQQPDQPLFKLQGHU1DFKWUXKLJZHFNHQ©(UWUDWQDKHDQ -DQHKHUDQXQGNQLIILKULQV)OHLVFKª*XW©OREWHHUªVHKUJXW (LQHVFK|QH+H[HPDOZLHGHUHLQHVHKUVFK|QH© -DQHURFKGHQ6FKQDSVDWHPGHV:LGHUOLQJVGHUVLFKQXQ XPZDQGWH )DFNHOQEUDQQWHQDXFKLQGHP9HUOLHVGHU4XDOHQGDV JU|HUDOVGLHDQGHUHQZDU ª5HLQPLWGLU©ODFKWHQ-DQHV%HZDFKHUXQGVWLHHQVLHYRU 'LH&ROOLQVWDXPHOWHEHUGLH6FKZHOOH 'HU6FKODJLQGHQ5FNHQWULHEVLHLQGLH.DPPHUGLHHLQH JHZ|OEWH'HFNHDXIZLHVXQGGHUHQ0LWWHOSXQNWGDV5DGDXV VWDUNHP+RO]ZDUDXIGHPGLH+H[HQIHVWJHEXQGHQZXUGHQ 1HEHQGHP5DGODJHQGLH6WULFNH6LH]HLJWHQ]XP7HLO %OXWVSXUHQ9LHUODQJH)DFNHOQLQHLVHUQHQ+DOWHUQVRUJWHQ GDIUGDGLH.DPPHUJHQJHQGDXVJHOHXFKWHWZXUGH -DQH&ROOLQVNRQQWHMHGHV,QVWUXPHQWHUNHQQHQ 'HU)ROWHUNQHFKWEHJDQQ]XNLFKHUQEHYRUHUVDJWHª,FK ZHUGHQXUQRFKGLH.RKOHDQJOKHQ:DUWHWHLQHQ$XJHQ EOLFN©(UJULII]XHLQHP%ODVHEDOJXQGWUDWGLFKWDQGDV %HFNHQZRGLH.RKOHQRFKQLFKWY|OOLJHUORVFKHQZDU 'HU9HUZDFKVHQHSXPSWH/XIWKLQHLQXQGGLH6WFNH QDKPHQHLQHDQGHUH)DUEHDQ 6LHJOKWHQDXIXQGZLUNWHQZLHJHIlKUOLFKH$XJHQ $QGHQ:lQGHQKLQJHQGLH0DUWHUZHUN]HXJH(VZDUHQ VFKUHFNOLFKH'LQJHGDUXQWHU/DQ]HQ0HVVHU=DQJHQODQJH 1lJHODOOHVIDQGPDQGRUWXPHLQHQ0HQVFKHQ]XTXlOHQ -DQHVDKDXFKK|O]HUQH)XXQG+DQGTXHWVFKHUKLQ]X NDPGLHJURH6WUHFNEDQNDQGHU:DQGXQGHLQ%UHWWPLW DXIJHVWHOOWHQ1lJHOQ(LQVFKDXULJHV6DPPHOVXULXPJH IlKUOLFKXQGJUDXVDP$EHUPDQKDWWHVLFK]XGLHVHU=HLW GLHVHU'LQJHEHGLHQWXP+H[HQJHVWlQGLJ]XPDFKHQ 1HEHQGHQYRQGHU'HFNHKHUXQWHUKlQJHQGHQ(LVHQ NHWWHQPXWHVLFK-DQHDXIVWHOOHQXQGGXUIWHVLFKQLFKW UKUHQZlKUHQGGLH0QGXQJHQGHU0XVNHWHQDXIVLH JHULFKWHWZDUHQ

'HU)ROWHUNQHFKWQLFNWH]XIULHGHQª'LH.RKOHJOLPPW© PHOGHWHHUª:LUN|QQHQDQIDQJHQ© ª1HLQZLUZDUWHQDXIGHQ+HUUQ© ª$KKKHUNRPPWVHOEVW©'HU9HUZDFKVHQHNLFKHUWHª,FK KDWWHHVPLUVFKRQJHGDFKW6FK|QH+H[HQEHUOlWHUPLU OHLGHUQLFKWVRIRUW(UZLOOVHOEVW© ª+DOWGHLQHQ0XQG© 'HU)ROWHUNQHFKWYHUEHXJWHVLFKVS|WWLVFKª%LQMDVFKRQ VWLOONHLQH6RUJH© 'DHUNODQJHQ6FKULWWH6LHKlPPHUWHQGUDXHQDXIGHP 6WHLQERGHQZXUGHQUDVFKODXWHUXQGZHQLJVSlWHUEHWUDW GHU+H[HQZUJHUGLH.DPPHUGHU4XDOHQ (UEOLHEGLFKWKLQWHUGHU6FKZHOOHVWHKHQVFKDXWHDXIGDV .RKOHQEHFNHQXQGQLFNWH]XIULHGHQª*XW©OREWHHUVHLQHQ )ROWHUNQHFKWªMHW]WEUDXFKHLFKQXUQRFK)HXHU© ª:ROOWLKUJOKHQGH=DQJHQQHKPHQ+HUU"© ª1DWUOLFK© ª-DMD+HUU,FKIDFKHGLH)ODPPHQVFKQHOODQ'LUZHUGHW ]XIULHGHQVHLQ© 0DVRQ&RUGWODQGNRQQWHVLFKDXIVHLQHQ0DQQYHUODVVHQ (UZDQGWHVLFKGHQEHLGHQDQGHUHQ.HUOHQ]XGLH-DQHQDFK XQWHQJHVFKOHSSWKDWWHQ ª)OHFKWHWVLHDXIGDV5DG©EHIDKOHU 'LHEHLGHQUHDJLHUWHQVRIRUW-DQHNDPQLFKWGD]XVLFK]X ZHKUHQ(VKlWWH]XGHPNHLQHQ6LQQJHKDEW6LHPDFKWHVLFK QXUVWHLIDEHUGDUEHUODFKWHQGLH0lQQHUVRHWZDVKDWWHQ VLHLP*ULIIXQGVLHGUFNWHQ-DQHPLWGHP5FNHQDXIGDV JURH+RO]UDG $OVVLHXQWHULKUHP5FNHQGHQKDUWHQ:LGHUVWDQGVSUWH GDVFKOXFK]WHVLH]XPHUVWHQPDODXI'LHVH%HUKUXQJZDU HWZDVGDVVLHVW|UWHXQGVLHVDKZLHVLFKGHU+H[HQZUJHU EFNWHXPGLH6WULFNHDXI]XKHEHQGLHHUGLFKWYRULKUHQ $XJHQEDXPHOQOLH (UODFKWª'LH6WULFNHKDEHQVFKRQYLHOHUOHEWXQGJHVHKHQ $EHUVLHZHUGHQKDOWHQGDVNDQQLFKGLUYHUVSUHFKHQ©(U

QDKPVLH]ZLVFKHQEHLGH+lQGHXQG]RJKHIWLJGDUDQ ª-HW]W©]LVFKWHHU 'LHVHU%HIHKOJDOWGHQEHLGHQ%HZDFKHUQ 6LHKDWWHQLKUH*HZHKUHDEJHVWHOOWXQGVWU]WHQVLFKDXI GLHZHKUORVH-DQH&ROOLQV ,PQlFKVWHQ$XJHQEOLFNEHZLHVHQVLHZLHJHIlKUOLFKXQG URXWLQLHUWVLHZDUHQ(VGDXHUWHQXU6HNXQGHQELVVLHHV JHVFKDIIWXQGGLH6WULFNHXPGHQ.|USHUGHU+H[HJHGUHKW KDWWHQ 9HU]ZHLIHOWElXPWHVLFK-DQHLQGHQ)HVVHOQDXI,KU*H VLFKWYHU]HUUWHVLFK6LHVFKULHXQGIOXFKWH9RUDOOHQ'LQJHQ LKU)OXFKHQPDFKWHGHQ$QZHVHQGHQNODUGDVLHWDWVlFK OLFKPLWGHP7HXIHOLP%XQGHVWHFNWH ª6DWDQ©EUOOWHVLHGDHVODXWGXUFKGLHXQKHLPOLFKH )ROWHUNDPPHUKDOOWHª6DWDQKLOIPLU.RPPPLU]X+LOIH ,FKELWWHGLFKGDUXP6DWDQ© $XFKGHU+H[HQZUJHUKDWWHGLH:RUWHJHK|UW ª1HLQ©KLHOWHUGDJHJHQXQGVFKWWHOWHGHQ.RSIª1HLQ YHUGDPPWGHU6DWDQZLUGGLUQLFKWKHOIHQQLHPDOV© -DQHVSLHLKQDQ &RUGWODQGVFKOXJ]X+DUWZXUGH-DQHJHWURIIHQ'HQ.RSI NRQQWHVLHQRFKEHZHJHQ6LHVFKWWHOWHLKQZLOGZlKUHQG VLHVFKULHª'LH+|OOHZLUGHXFKEHVLHJHQLKUYHUGDPPWHQ )ROWHUNQHFKWH© ª'LH+|OOHKDWXQVQRFKQLHEHVLHJWREZRKOPDQHVXQV LPPHUYHUVSUDFK©ODFKWHGHU+H[HQZUJHUª'XDEHUZLUVW XQVDOOGDVVDJHQZDVZLUZLVVHQZROOHQ'LH6WUHFNEDQN XQGGLHJOKHQGHQ=DQJHQKDEHQELVKHUQRFKMHGHQ]XP 5HGHQJHEUDFKW© ª,KUZHUGHWPLFKQLFKWW|WHQ©VFKULH-DQH&ROOLQVª,KU VFKDIIWHVQLFKW,KUN|QQWHVQLFKW© 0DVRQ&RUGWODQGOLHVLFKQLFKWEHLUUHQ(UKREGHQ$UP XQGOLHLKQUDVFKZLHGHUIDOOHQª)ROWHUNQHFKW©VFKULHHU ª)DQJHQGOLFKDQLFKZLOOVLHNUHLVFKHQK|UHQ©

:DVKDWWHQGLHYHUGDPPWHQ)XULHQGDJHVDJW"+H[HQPDKO" :LUJODXEWHQXQVYHUK|UW]XKDEHQ6XNRZDUHEHQIDOOV VSUDFKORVXQGVFKDXWHPLFKDQ +LQWHUGHQHUOHXFKWHWHQ6FKHLEHQVDKHQZLUGLH+H[HQ6LH WDQ]WHQHLQHQZLOGHQ5HLJHQVFKULHQGDEHLODFKWHQXQG NUHLVFKWHQ0DQFKPDOWUDWHQVLHDXFKDQGDV)HQVWHUSUH WHQLKUH*HVLFKWHUJHJHQGLH6FKHLEHQXQGGUFNWHQVLH GDUDQSODWWVRGDVLHVFKZDPPLJXQGZLHDXVJHODXIHQ ZLUNWHQ 9RQGHQ(LQZRKQHUQKDWWHQZLUQRFKQLFKWVJHVHKHQ6LH KLHOWHQVLFK]XUFNDEHUVLHPXWHQLQ]ZLVFKHQHUIDKUHQ KDEHQGDGLH+H[HQLKUHQ2UWEHVHW]WKLHOWHQ ,FKIUDJWHPLFKZRKHUVLHNDPHQ hEHUKDXSWZDUGLHVHUYHUGDPPWH)DOOPHKUDOVUlWVHOKDIW :LUZDUHQEODXlXJLJLQLKQKLQHLQJHVWROSHUWXQGPXWHQ GLH6XSSHQXQDXVO|IIHOQ 3O|W]OLFKK|UWHQZLUHLQJHZDOWLJHV.UDFKHQ=XHUVW ZXWHQZHGHU6XNRQRFKLFKZRHVKHUJHNRPPHQZDU :LUOLHIHQHLQ6WFN]XUFNGUHKWHQXQVXQGVDKHQSO|W]OLFK GHQ.LUFKWXUPDXIGHVVHQ6SLW]HHWZDVVFKZDQNWH (VZDUGDV.UHX] -HPDQGKDWWHHVPLWHLQHPJOKHQGHQ/DVVRHLQJHIDQJHQ 0HKUHUH+H[HQVFKZHEWHQLQGHU/XIWKLHOWHQGDV/DVVRDQ HLQHP(QGHXPNODPPHUWXQGVHW]WHQDOOLKUH.UlIWHHLQ 'DV.UHX]KLHOWQLFKWPHKUODQJHVWDQG (VVFKZDQNWHQRFKVWlUNHUGDQQYHUORUHVGHQ+DOWXQG NLSSWHXP:LUVDKHQHVYHUVFKZLQGHQ0LWLKPZDUHQDXFK HLQLJH6WHLQHDXVGHP7XUPJHULVVHQZRUGHQGLHHEHQVR GXPSIDXIVFKOXJHQZLHGDVJURH.UHX]DXV(LVHQ ,QGHU/XIWVFKZHEHQGVWLPPWHQGLH+H[HQHLQLUUHV 7ULXPSKJHKHXODQXQGLQIDXFKHQGHQ:LQGVW|HQMDJWHQ VLHGHP(UGERGHQHQWJHJHQ ª6LHQHKPHQGDV'RUILQ%HVLW]©VDJWH6XNRª6LHZROOHQ HVGHP+H[HQZUJHUKHLP]DKOHQ© ª-DQDWUOLFK'DEHLIUDJHLFKPLFKQXUZLHVLH9HU

JDQJHQKHLWXQG*HJHQZDUWPLWHLQDQGHUPLVFKHQN|QQHQ"© ª'XUFKLKQ© ª0|JOLFK© ª:HQQZLULKQILQGHQ©VSDQQ6XNRGHQ)DGHQZHLWHU ªN|QQWHQZLUGHP6SXNHLQ(QGHEHUHLWHQ(UZLUG$PRN ODXIHQXQGGDEHL8QVFKXOGLJHLQGHQYHUGDPPWHQ6WUXGHO PLWKLQHLQ]LHKHQ,FKJODXEHNDXPGDGLHQRUPDOHQ 0HQVFKHQJURH&KDQFHQKDEHQ© 'DKDWWHPHLQ)UHXQGGHQ1DJHODXIGHQ.RSIJHWURIIHQ :HQQGLH%HZRKQHUYRQ%ODFNPRRU]ZLVFKHQGLH0KO VWHLQHGHUVLFKEHNlPSIHQGHQ3DUWHLHQJHULHWHQVDKHVIU VLHE|VHDXV ª:LUPVVHQ&RUGWODQGKDEHQ©HUNOlUWHLFK ª8QGZRZLOOVWGXLKQILQGHQ"© ª,QGHU5XLQH© ª'DPLWOlWGXGDV'RUIRKQH6FKXW]© ª6WLPPWDXFKZLHGHU© ª(VJlEHQDWUOLFKHLQH/|VXQJ©VDJWH6XNRQDFKHLQHU :HLOH 7LHIDWPHWHLFKHLQª,FKZHL$OWHUZDVGXVDJHQZLOOVW :LUPWHQXQVWUHQQHQ© ª'DUDXIZROOWHLFKKLQDXV(LQHUEOHLEWKLHUZlKUHQGGHU DQGHUHVLFKDXIGLH6XFKHQDFKGHP+H[HQZUJHUEHJLEW© ª8QGZHUZLUGGDVVHLQ"© ª/RVHQZLU© (VZDUYHUUFNW'DVWDQGHQZLULQPLWWHQHLQHVYRQ+H[HQ EHUIDOOHQHQ'RUIHVXQGORVWHQGDUXPZHUHWZDVJHJHQ ZHQXQWHUQDKP'HUKHOOH:DKQVLQQ 6XNRKLHOWEHUHLWVHLQH0Q]HLQGHU+DQGª=DKO"©IUDJWH HUPLFK ª-D© 0HLQ)UHXQGZDUIGLH0Q]HLQGLH/XIWVFKDXWHLKUQDFK ILQJVLHDXIVFKORGLH+DQGXQGVWUHFNWHPLUGLH)DXVWHQW JHJHQ ªgIIQH©

ª:HQQGLH=DKOREHQOLHJWJHKVWGX"© ª6RLVWHV© 6XNR|IIQHWHGLH)DXVW:LUEHLGHVWDUUWHQDXIGLH0Q]H XQGVDKHQGLH=DKO ª0LVW©PXUPHOWHPHLQ3DUWQHUª,FKZlUHJHUQHJHJDQ JHQ6RDEHUNDQQLFKGLUQXUYLHO*OFNZQVFKHQ© ª'DQNHGDVNDQQLFKEUDXFKHQ© ª9LHOOHLFKWLVWHVEHVVHUZHQQLFKPLFKXPGLH0HKU]DKO GHU+H[HQNPPHUH,FKKDEHGLH'lPRQHQSHLWVFKHXQG EUDXFKHNHLQH0XQLWLRQ]XYHUVFKZHQGHQ,FKNDQQPLU QlPOLFKQLFKWYRUVWHOOHQGDVLHGHU3HLWVFKHHWZDVHQW JHJHQ]XVHW]HQKDEHQ© ª'DVVWLPPWDOOHUGLQJV©,FKJDE6XNRQRFKHLQHQ6FKODJ DXIGLH6FKXOWHUGDQDFKPDFKWHLFKPLFKDXIGHQ:HJ 6HOWVDPHUZHLVHJULIIHQPLFKNHLQH+H[HQDQDOVLFKLQGLH HQJHQ*DVVHQ]ZLVFKHQGHQ+lXVHUQHLQWDXFKWH'HQ*UXQG ZXWHLFKQLFKW,FKNRQQWHQXUUDWHQ:DKUVFKHLQOLFKZROO WHQVLHZDUWHQELVVLFKGLH0HQVFKHQLP'RUIYHUVDPPHOW KDWWHQ $XINOHLQHQ8PZHJHQOLHILFKGHQ:HJ]XUFNGHQZLU JHNRPPHQZDUHQ(VKDOIDOOHVQLFKWVLFKPXWHGXUFKGDV 0RRUGHQQLUJHQGZLHKDWWHLFKGDV*HIKOGDGLH5XLQH GHV6FKORVVHVLQGLHVHP)DOOHLQHJURH5ROOHVSLHOWH %LVKHUKDWWHLFKGHQ+H[HQZUJHUQLFKWJHVHKHQ$XFKDOV LFKGLH+lXVHUHQGOLFKKLQWHUPLUJHODVVHQKDWWHZDUYRQ LKPQLFKWV]XHQWGHFNHQ'DIUK|UWHLFKGLH6WLPPHQGHU (LQZRKQHU$P5DQGGHV'RUIHVKDWWHQVLFKGLH0HQVFKHQ YHUVDPPHOW 6LHUHGHWHQKHIWLJPLWHLQDQGHU,FKZROOWHJHUQZLVVHQXP ZHOFKH7KHPHQVLFKGLH*HVSUlFKHGUHKWHQXQGQlKHUWH PLFKGHQ/HXWHQLQ'HFNXQJHLQHV6FKXSSHQV ª'LH+H[HQVLQGGD)UHXQGH6LHZDUHQVFKRQLPPHUGD XQGKDEHQXQVEHREDFKWHW© ª$OV9|JHO©VDJWHHLQDQGHUHU ª*HQDX©

ª8QGMHW]W"© ª:LUPVVHQVLHYHUQLFKWHQ©HUNOlUWHGHUHUVWH6SUHFKHU ª'DVZLUGXQVGRFKZRKOJHOLQJHQ© ª'XKDVW+XPRU© ª+DEHLFKDXFK2GHUKDEWLKUYHUJHVVHQGDZLU0DVRQ &RUGWODQGDXIXQVHUHU6HLWHKDEHQ"(ULVWGRFKGHUJURH 0HLVWHUHUKDWXQVGLH.UDIWJHJHEHQXQGHUZLUGGDIU VRUJHQGDDOOHVLQGLHULFKWLJHQ%DKQHQJHOHQNWZLUG© ª:RVWHFNWHUGHQQ"© -HW]WVSLW]WHLFKGLH2KUHQ9LHOOHLFKWNRQQWHLFKPHKU HUIDKUHQ ª(UZLUGGHQ+H[HQVWHLQKROHQ8QGZHQQHUGDPLW ]XUFNNRPPWKDEHQGLHYHUGDPPWHQ)XULHQNHLQH&KDQFH PHKU© ª'DVKRIIHQZLU© ª9HUODWHXFKGUDXI© ª6ROOHQZLUKLHUDXILKQZDUWHQ"©PLVFKWHVLFKHLQH)UDX PLW]LWWHUQGHU6WLPPHHLQ ª(LJHQWOLFKQLFKW© ª$EHUZHQQZLULQV'RUIJHKHQGDQQEHUIDOOHQXQVGLH +H[HQXQGW|WHQXQV:LUKDEHQ.LQGHUGDEHL1XUHLQLJH GLHNOHLQVWHQVLQG]XUFNJHEOLHEHQ© ª'DVLVWZLUNOLFKHLQ3UREOHP©'LH0HQVFKHQGLVNXWLHUWHQ KLQXQGKHU,FKNRQQWHQLFKWVRODQJHZDUWHQELVVLHHLQH (QWVFKHLGXQJJHWURIIHQKDWWHQGHQQLFKZROOWH]XU6FKOR UXLQH 0HLQHP)UHXQGGUFNWHLFKGLH'DXPHQGDHUPLWGHQ +H[HQXQGDXFKGHQ%HZRKQHUQIHUWLJZUGH:HQQVLH HWZDVHUUHLFKHQZROOWHQPXWHQVLHVLFK]XVDPPHQWXQ 'DV0RRUVDKLFKYRUPLU(VZDUJHIlKUOLFKWFNLVFKXQG XQKHLPOLFK:HUHVQLFKWNDQQWHXQGYRP:HJDENDPZDU UHWWXQJVORVYHUORUHQ ,FKVXFKWHQDFK+LQZHLVVFKLOGHUQGLHPLU]HLJWHQZRHV YLHOOHLFKWHLQHQ3IDGGXUFKGDV0RRUJDE(VZDUUHLQHU 2SWLPLVPXVLFKVDKQlPOLFKQLFKWV'LH(LQZRKQHUKDWWHQ

HVQLFKWQ|WLJVRHWZDVDXI]XVWHOOHQ6LHNDQQWHQGHQ6XPSI VFKOLHOLFKXQG)UHPGHZROOWHQVLHVRZLHVRQLFKWKDEHQ ,FKOLHIZHLWHU9RUEHLDQ%lXPHQ%VFKHQXQG6WUlX FKHUQ'DEHLVWHOOWHLFKIHVWGDGHU%RGHQXQWHUPHLQHQ )HQZHLFKHUZXUGH6FKZDPPLJHU=lKHU0DQFKPDO KDWWHLFK0KHPHLQH)HZLHGHUQHUYRU]X]LHKHQ 1HLQGLHVHQ:HJNRQQWHLFKQLFKWQHKPHQ(UZUGHPLFK GLUHNWLQV9HUGHUEHQIKUHQ (LQHVHOWVDPH6WLOOHXPJDEPLFKGLHVRSDUDGR[HVNOLQJW WURW]GHPHLQH*HUlXVFKNXOLVVHKDWWH(VZDUGDVHZLJH 6FKPDW]HQGDVJHKHLPQLVYROOH*OXFNVHQXQGORFNHQGH 5DVFKHOQGHV6XPSIJUDVHVGDVGLH2SIHULQV0RRUKROHQ ZROOWH ,FKJDEMHW]WJHQDXDFKWZRKLQLFKPHLQH6FKULWWHVHW]WH /HLGHUWUXJLFKNHLQHVWDUNH/DPSHEHLPLUXQGGLH%OHLVWLIW OHXFKWHZROOWHLFKVFKRQHQ6FKUlJEHUPLUVWDQGGHU0RQG 6HLQ/LFKWZDUIHLQHQIDKOHQ7HSSLFKDXIGHQ6XPSIVRGD LFKPLFKZHQLJVWHQVHLQLJHUPDHQRULHQWLHUHQNRQQWH ,FKVDKGLHDEJHVWRUEHQHQYHUNUSSHOWHQ%lXPHPDQFK PDOZLH6FKHUHQVFKQLWWHEHUGHUVFKZDU]HQ)OlFKH VFKZHEHQXQGPLUZHKWHGHUIDXOLJH*HUXFKHQWJHJHQ GHUHEHQIDOOVVRW\SLVFKIUGDV0RRURGHUGHQ6XPSILVW 'LH%HZRKQHUYRQ%ODFNPRRUZDUHQDXVGHP6XPSI JHNRPPHQ(VPXWHGHPQDFKHLQHQ:HJJHEHQ ,FKZROOWHLKQILQGHQ 8QGLFKIDQGLKQ (VZDUZLUNOLFK*OFNGDLFKVRVFKQHOODXILKQVWLH GHQQXQWHUPHLQHPUHFKWHQ)XK|UWHLFKNHLQNODWVFKHQGHV RGHUVFKPDW]HQGHV*HUlXVFKPHKUVRQGHUQQXQHLQKRKO XQGGXPSINOLQJHQGHV ,FKZDUDXIHLQH%RKOHJHWUHWHQ 8QGZRVLFKHLQHEHIDQGPXWHQDXFKQRFKZHLWHUHLQGHU 1lKHVHLQ(VVWLPPWH$OVLFKZHLWHUJLQJGDPHUNWHLFKGHQ :LGHUVWDQGXQGZDUVLFKHUHLQHQGHU:HJHGXUFKGDV0RRU JHIXQGHQ]XKDEHQ

,FKEUDXFKWHNHLQH)XUFKWPHKU]XKDEHQHLQ]XVLQNHQGHU %RKOHQZHJZDUZLUNOLFKJXWDQJHOHJWZRUGHQXQGHUOHLFK WHUWHPLUPHLQHQ0DUVFKGXUFKGDVXQEHNDQQWH*HOlQGH VHKU 7URW]GHPVFKZDQNWHGHU:HJ0DQFKPDOKDWWHLFKGDV *HIKODXIHLQHUDXV+RO]XQG6WULFNHQJHIHUWLJWHQ%UFNH EHUHLQH6FKOXFKW]XODXIHQ:HQQLFKQDFKUHFKWVXQGOLQNV EOLFNWHVDKLFKQXUGLHVFKZDU]EUDXQHVXPSILJH)OlFKH 0DQFKPDOEHZHJWHVLHVLFK+LQXQGZLHGHUVWLHJHQ 6XPSIJDVEODVHQDQGLH2EHUIOlFKH 7LHUHOHEWHQHEHQIDOOVLP6XPSI+LQXQGZLHGHUK|UWHLFK GDV4XDNHQGHU)U|VFKHXQGPDQFKPDOHLQHQVHOWVDPHQ 6FKUHLGHUVLFKZLHGHUHLQHV0HQVFKHQDQK|UWHMHGRFKYRQ HLQHP7LHUVWDPPWH *HLVWHUKDIWWDQ]WHQGLH1HEHOVWUHLIHQEHUGLH)OlFKH+LQ XQGZLHGHUZXUGHQVLHVRGLFKWGDVLHPLUGHQ%OLFNDXI GLH5XLQHQDKPHQ6LHODJGRFKZHLWHUHQWIHUQWDOVLFKDQJH QRPPHQKDWWH,QGHU'XQNHOKHLWWlXVFKWHQGLH'LVWDQ]HQ VHKU'DJODXEWHPDQHWZDVQDKH]XVHKHQZDVLQ:LUNOLFK NHLW]LHPOLFKZHLWHQWIHUQWLVW6RHUJLQJHVPLUPLWGHU 5XLQH 3O|W]OLFKEOLHELFKVWHKHQ,FKKDWWHPHLQHQ%OLFNPDOZLH GHUDXIGDV6FKORJHULFKWHWXQGLFKZDUMHW]WVLFKHUGDHV VLFKYHUlQGHUWKDWWH(VVDKSO|W]OLFKDQGHUVDXVQLFKWPHKU VR]HUIDOOHQ'DJDEHVNHLQH/FNHQPHKU]ZLVFKHQGHQ 0DXHUQIHVWXQGVWDUUKREHQVLHVLFKYRP(UGERGHQDE 8QGHVVFKLPPHUWHQ/LFKWHU:LHNDQWLJH$XJHQJOKWHQ VLHKLQWHUGHQgIIQXQJHQLQGHQ7UPHQXQG=LQQHQ,FKVDK )DFNHOVFKHLQXQGJODXEWHVRJDU6WLPPHQ]XYHUQHKPHQ :DVZDUJHVFKHKHQ" (LQH(UNOlUXQJGDIU]XJHEHQZDUQLFKWHLQIDFKGHQ QRFKYHUVXFKWHLFKHV :LUZDUHQVFKOLHOLFKDXFKEHLXQVHUHU$QNXQIWLQGHU 9HUJDQJHQKHLWJHODQGHW:HVKDOEVROOWHGDVQLFKWHUQHXW SDVVLHUWVHLQ"

9LHOOHLFKWVDKLFKGDV6FKORMHW]WVRZLHHVHLQPDOLQGHU 9HUJDQJHQKHLWJHZHVHQZDU'DPLWPXWHLFKUHFKQHQ $EHUPDOVKDWWHHLQ:HFKVHOGHU=HLWHQVWDWWJHIXQGHQ,FK ZDUZLHGHUKLQHLQJHUDWHQHUOHEWHGLH9HUJDQJHQKHLWXQG JOHLFK]HLWLJGLH*HJHQZDUW 8QZDKUVFKHLQOLFKVRHWZDV 'DVPXPDQVLFKPDOYRUVWHOOHQ=XP*UHLIHQQDKHXQG GLFKWYRUPLUODJGLH9HUJDQJHQKHLWZlKUHQGLFKPLFKLQ GHU*HJHQZDUWEHZHJWHVRKRIIWHLFKZHQLJVWHQV :DUGDV6FLHQFH)LFWLRQ" -DXQGQHLQ,FKJODXEWHHKHUDQ6FKZDU]H0DJLHGHQQVLH ZDULQGHU/DJHGLH*HVHW]HGHUQRUPDOHQ3K\VLNDXI]X KHEHQ6FKRQGHV|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lFKH'DUKUWH XQGEHZHJWHVLFKQLFKWV*ODWWODJVLHYRUPHLQHQ$XJHQ QXUGHUOHLFKWH1DFKWZLQGNlPPWHKLQXQGZLHGHUGDV *UDV ,FKVDKNHLQH6SXUYRQ0DVRQ&RUGWODQGGHP+H[HQ ZUJHU:RNRQQWHHUVLFKYHUERUJHQKDOWHQ" :DKUVFKHLQOLFKLQQHUKDOEGHV6FKORVVHV2GHUDEHULP 'RUI 'DV6FKOREWHDXIPLFKHLQHPDJLVFKH$Q]LHKXQJVNUDIW

DXV,FKZROOWHXQGPXWHHVEHWUHWHQ$EHUZDKUVFKHLQOLFK ZUGHLFKZLHGHULQGHU9HUJDQJHQKHLWODQGHQ (VZDUPLUHJDO $OOPHLQHJXWHQ9RUVlW]HZXUGHQGXUFKGLHZHLWHUHQ (UHLJQLVVHEHUGHQ+DXIHQJHZRUIHQGHQQHWZDVJHVFKDK ZRPLWLFKQLHJHUHFKQHWKDWWH $XVGHPREHUVWHQ7XUPGHV6FKORVVHVVFKOXJHQXUSO|W] OLFKODQJH)ODPPHQ]XQJHQ 'LH%XUJEUDQQWH :LNNDGLH2EHUKH[HZDUYRQGHQ]XUFNJHZRUIHQHQ6WUDKOHQ GHV+H[HQVWHLQVYROOJHWURIIHQZRUGHQ6LHGLH0lFKWLJH NRQQWHNHLQHQ*HJHQ]DXEHUDXIEDXHQXQGGDEHLKDWWHVLH QRFK*OFNLP8QJOFNGHQQVLHKDWWHGHQ6WHLQQLFKWEHUKUW :lUHGLHVJHVFKHKHQJlEHHVNHLQH:LNNDPHKU 'DVZXWHVLHXQGGHVKDOEZDUVLHIURKQRFKDP/HEHQ ]XVHLQZHQQDXFKXQWHUYHUlQGHUWHQ%HGLQJXQJHQ'LHV DOOHUGLQJVPHUNWHVLHQLFKWVRIRUWDOVZLHGHU/HEHQLQLKUHQ +H[HQN|USHUJHULHW (VEHJDQQPLWHLQHP=XFNHQGHU$UPH'DQQVFKOXJHQ GLH)LQJHUDXIGHQ%RGHQ6LHNUDOOWHQVLFKLQGHP7HSSLFK IHVWXQGDXVGHPRIIHQHQ0XQGLQGHPYHUEUDQQWHQ *HVLFKWGHU+H[HO|VWHVLFKHLQ6W|KQHQ :LNNDHUZDFKWH6LHKDWWH]ZDUQLFKWVYHUJHVVHQGLHOHW] WHQ(UHLJQLVVHVWDQGHQQRFKNODUYRULKUHQ$XJHQDEHUVLH ZXWHLP$XJHQEOLFNQLFKWZRVLHVLFKEHIDQG $OVVLHGHQ.RSIKREVWLHVLHPLWGHUYHUEUDQQWHQ6WLUQ JHJHQGDV8QWHUWHLOGHV%HWWV (UVWMHW]WVWHOOWH:LNNDIHVWGDVLHVLFKQLFKWVRIUHLEH ZHJHQNRQQWHZLHVLHJHUQJHZROOWKlWWHDEHUUHFKWVXQG OLQNVVSUWHVLHNHLQHQ:LGHUVWDQG'RUWZDUDOOHVIUHL :LNNDNRQQWHVLFKGLH5LFKWXQJDXVVXFKHQLQGHUVLH XQWHUGHP%HWWKHUYRUNULHFKHQZROOWHXQGVLHHQWVFKLHG VLFKIUGLHYRQLKUDXVJHVHKHQOLQNH6HLWH

6LHUROOWHVLFKEHUGHQ7HSSLFKXQGGUFNWHVLFKDXFKDQ GHQRIIHQHQ6FKUDQNWUHQYRUEHL(QGOLFKKDWWHVLHGHQ 3ODW]GHQVLHEHQ|WLJWHXPDXIGLH%HLQH]XJHODQJHQ 'DEHLILHOLKU%OLFN]XPHUVWHQPDOLQGHQDQGHU,QQHQWU GHV6FKUDQNHVDQJHEUDFKWHQ6SLHJHO 6LHVDKVLFK 6HOWHQLQLKUHU([LVWHQ]ZDU:LNNDVREHUUDVFKWJHZHVHQ ZLHLQGLHVHQ$XJHQEOLFNHQ1LFKWPHKUGDV*HVLFKWPLWGHQ EHLGHQ6FKODQJHQDQGHU6WLUQVWDUUWHLKUHQWJHJHQXQGDXFK QLFKWGLHZHLH+DXW ,KU*HVLFKWZDUVFKZDU]YHUEUDQQWYHUNRKOW 'HU+H[HQVWHLQKDWWHVLHJH]HLFKQHW :HLVFKLPPHUWHQLKUH$XJlSIHOZlKUHQGGLH3XSLOOHQ QDFKZLHYRUGXQNHOZDUHQXQGDOVVLHGLH+lQGHKREGD VDKVLHGLHODQJHQYHUEUDQQWHQ.UDOOHQGLHHLQPDOLKUH )LQJHUJHZHVHQZDUHQ )UHLQHQ0RPHQWZLUNWHHVVRDOVZROOWH:LNNDDQIDQJHQ ]XZHLQHQ(VZDUNHLQH7UDXHUGLHVLHGXUFKIOXWHWHVRQ GHUQGLHUHLQH:XWXQGGHUNDOWH+D +DDXILKUH)HLQGH+DDXIGHQ+H[HQVWHLQ+DDXIGHQ YHUIOXFKWHQ+H[HQZUJHU 8QGVLHHULQQHUWHVLFKDQ-DQH&ROOLQVª9HUGDPPW© IOVWHUWHVLHª9HUGDPPWZHVKDOEKDVWGXPLUQLFKWJH KROIHQGXYHUIOXFKWHV5DWWHQELHVW":RVWHFNVWGXEHU KDXSW"-DQH©6LHVFKULHGHQ1DPHQXQGGUHKWHVLFKXP (LQH$QWZRUWHUKLHOWVLHQLFKW'DV=LPPHUZDUOHHU.HLQH 6SXUYRQ-DQH&ROOLQV'DIUVDKVLHGDGLH7URIIHQVWDQG =ZDUQXUHLQHQ6SDOWDEHUGDVUHLFKWHLKU ª1HLQ©IOVWHUWHVLHª1HLQQRFKKDEWLKUPLFKQLFKW LKU/XPSHQKXQGH,FKOHEHXQGLFKZHUGHNlPSIHQGDUDXI N|QQWLKUHXFKYHUODVVHQ,FKYHUQLFKWHHXFK,FKUDGLHUH HXFKDXV,KUVROOWGLHHFKWH:LNNDNHQQHQOHUQHQ0HLQH 5DFKHZLUGIUFKWHUOLFKVHLQ© 6LHEHJDQQVFKULOO]XODFKHQXQGLKUH%OLFNHJOLWWHQEHU GLH(LQULFKWXQJGHV=LPPHUV

ª$OOHVLVWVRSUlFKWLJ©IOVWHUWHVLHª6RKHUUOLFKVR ZXQGHUEDU,KUKDEWYLHO*HOGKLQHLQJHVWHFNWDEHUHVZLUG HXFKQLFKWVQXW]HQ,FKOHEHQRFKXQGLFKZHUGHHXFK ]HLJHQZLHVHKULFKOHEH© 1DFKGHPOHW]WHQ:RUWGUHKWHVLHVLFKXPVWUHFNWHLKUHQ $UPDXVXQGIHJWHGLHHUVWH.HU]HDXIGDV%HWW'DV*ODV]HU EUDFKQLFKWDEHUGHU=\OLQGHUUXWVFKWHDXVGHU)DVVXQJVR GDVLFKGLHQLFKWHUORVFKHQH)ODPPHEHUGDV%HWWWDVWHQ NRQQWHXQGDXJHQEOLFNOLFK1DKUXQJIDQG'LHWURFNHQH 'HFNHZDULGHDOGDIU$OVGLHHUVWHQ)HXHU]XQJHQKRFK OHFNWHQWUDWHLQXQKHLPOLFKHU*ODQ]LQGLHGXQNOHQ$XJHQ GHV+H[HQ0RQVWHUV:LNNDKDWWHQRFKQLFKWJHQXJ'XUFK GHQ+LW]HVFKOHLHUOLHIVLHXPGDV%HWWKHUXPQDKPGLH ]ZHLWH.HU]HXQGVFKOHXGHUWHVLHDQGHUDQGHUHQ6HLWH]X %RGHQ'DQDFK|IIQHWHVLHKDVWLJ]ZHL/XNHQIHQVWHU'LH VFKZHUHQ5LHJHOOLHHQVLFKOHLFKW]XUFNVFKLHEHQ 'DGXUFKHQWVWDQG'XUFK]XJ 1DFKZHQLJHQ6FKULWWHQHUUHLFKWHVLHGLH7UVWLHVLHDXI XQGEOLHEYRUGHU:HQGHOWUHSSHVWHKHQ 1RFKKDWWHQLHPDQGEHPHUNWGDVLFK)HXHULQQHUKDOE GHVK|FKVWHQ7XUP]LPPHUVDXVEUHLWHWH$XHUGHP )DXFKHQGHU)ODPPHQZDUQLFKWV]XK|UHQ:LNNDEHIUFK WHWHJOHLFK]HLWLJGDVLFKGDV)HXHUQXULQQHUKDOEGHV7XUP ]LPPHUVKLHOWXQGGLHVWDUNHQ6WHLQPDXHUQGLH)ODPPHQ DEKDOWHQZUGHQ'DJHJHQZROOWHVLHHWZDVXQWHUQHKPHQ XQGLQGHU1lKHVDKVLHDXFKHLQHQ%HKlOWHUPLWGXQNOHPgO 6LHODFKWHJLUUHQGDXIUROOWHLKQELVGLFKWDQGLH7UXQG NLSSWHLKQGRUWXP 'DVgOOLHIDXV6LHKDWWHGHQ%HKlOWHUVRJHGUHKWGDGLH GLFNHEUHQQEDUH)OVVLJNHLWVLFKLQ5LFKWXQJ%UDQGKHUG EHZHJWH ,P7XUP]LPPHUEUDQQWHIDVWDOOHV'DV%HWWGLHVSDQLVFKH :DQGGHU6FKUDQNXQGQDWUOLFKGLHLQLKPKlQJHQGHQ .OHLGXQJVVWFNH*HUDGHVLHJDEHQGHQ)ODPPHQGLH Q|WLJH1DKUXQJ

8QGQXQQRFKGDVgO 9RQGHU+LW]HGDPSIWHHVEHUHLWV:LNNDOLHVLFKQRFKHLQ ZHQLJ=HLW6LHVDKZLHHVDXFKGLH6WXIHQGHU7UHSSHKLQ XQWHUIORXQGLKUH$XJHQOHXFKWHWHQQRFKVWlUNHU 'LHVHVYHUGDPPWH6FKORZUGHEUHQQHQ'DIUZROOWH VLHVRUJHQ 'DQQUDQQWHVLHORV 0LWJHVFKPHLGLJHQ%HZHJXQJHQQDKPVLHGLHHUVWHQ 7UHSSHQDEVlW]HDXIGHQHQLKUQLHPDQGEHJHJQHWH6R NRQQWHVLHRKQH6FKZLHULJNHLWHQZHLWHUODXIHQ 8QHQGOLFKODQJHUVFKLHQLKUGLH7UHSSH8QGZlKUHQGVLH OLHIGDFKWHVLHDXFKDQ-DQH&ROOLQV /HEWHVLHQRFK" :LNNDZROOWHHVZLVVHQEOLHEVWHKHQXQGNRQ]HQWULHUWH LKUH.UlIWHDXIGLHHKHPDOLJH'HWHNWLYLQ -D-DQHZDUQLFKWYHUQLFKWHW$EHUPDQKDWWHVLHYHU VFKOHSSW-DQHVWHFNWHLP)ROWHUNHOOHUGHU%XUJ (LQ6FKUHLGUDQJDXV:LNNDV.HKOH,KUH:XWNDQQWHNHLQH *UHQ]HQPHKU6LHGDFKWHDQGDV)HXHUEHUVLFKVFKDXWH KRFK]XGHQGVWHUHQ:RONHQVDKXQGURFKGHQZLGHUOL FKHQ4XDOPGHUHQVFKZDU]H:RONHQDOOPlKOLFKQDFKXQWHQ WULHEHQ -DQHLQ*HIDKU :LNNDIKOWHGLH6ROLGDULWlWPLWLKUHU6FKOHULQXQGVLH ZROOWHVLHDXVGHP)ROWHUNHOOHUKROHQ 'DK|UWHVLHGLH6FKUHLH 'DV)HXHUZDUHQWGHFNWZRUGHQ,UJHQGZRLP6FKOR VFKOXJHQ7UHQ6LHK|UWH6FKULWWHDXIGHPQlFKVWHQ 7UHSSHQDEVDW]XQGVLHEDXWHVLFKDQGHUREHUVWHQ6WXIHDXI 'UHL0lQQHUUDQQWHQKRFK6LHZDUHQEHZDIIQHW 8QGVLHOLHIHQLQ:LNNDV)DOOH 'DV$XVVHKHQKDWWHLKUGHU+H[HQVWHLQJHQRPPHQQLFKW DEHUGLHPDJLVFKH.UDIW 8QGGLHVSLHOWHVLHDXV :LNNDOLHEWHGDV)HXHU6LHEHKHUUVFKWHHVVRJDUXQG

NRQQWHHVDXFKSURGX]LHUHQ'DVZXUGHGHQGUHL0lQQHUQ LQGHQQlFKVWHQ6HNXQGHQGUDVWLVFKYRUJHIKUW 3O|W]OLFKZXUGHDXVGHU+H[HHLQIODPPHQGHU.RPHWGHU DXIVLH]XUDVWH]ZLVFKHQVLHIXKUXQGVLHLP1XLQ%UDQG VWHFNWH :LNNDV5DFKHZDUIUFKWHUOLFK 'LH0lQQHUUROOWHQGLH7UHSSHQVWXIHQKLQDEXQGLKUH 6FKUHLHZDUHQ0XVLNLQGHQ2KUHQGHU2EHUKH[H6LHZDU GXUFKQLFKWVPHKUDXI]XKDOWHQ+XVFKWHZHLWHUQDFKXQWHQ 'XUFK%DQQVSUFKH]DXEHUWHVLHLQGHU/XIWVWHKHQEOHLEHQGH )HXHUVSLUDOHQGLHGLHMHQLJHQHUIDWHQGLHVLFKLKQHQLQGHQ :HJVWHOOWHQXQGDXFKZHLWHUH7HLOHGHV6FKORVVHVLQ%UDQG VHW]WHQ'HU+RO]ERGHQEUDQQWHDQHLQLJHQ6WHOOHQXQG ZHQLJVSlWHUIORJHQHUVWHEUHQQHQGH0|EHOVWFNHGXUFK GLH/XIW 'LHVFKZDU]JHIlUEWH:LNNDZDULQLKUHP(OHPHQW,QGLH VHQ$XJHQEOLFNHQEHZLHVVLHZHOFKH.UlIWHLQLKUVWHFNWHQ ,P6FKORJDEHVHLQH3DQLN 'LH%HZRKQHUZDUHQDXIJHVFKHXFKWZRUGHQYHUVXFKWHQ GDV)HXHU]XO|VFKHQDEHUGDVVFKDIIWHQVLHQLFKW'LH )ODPPHQKDWWHQVLFKVFKRQ]XZHLWDXVJHEUHLWHW )U:LNNDZDUGHU.HOOHUZLFKWLJ ,Q:LQGHVHLOHJHODQJWHVLHLQGLH7LHIH0DQFKPDOEHUKUWH VLHGLH6WXIHQQLFKWGDQQIORJVLHGLFKWEHUVLHKLQZHJHLQ JHKOOWLQHLQHQURWJUQHQ)HXHUPDQWHOXQGODQGHWH VFKOLHOLFKLQGHQ*HZ|OEHQ 'RUWHUPRUGHWHVLH]ZHL:lFKWHUDXIVFKUHFNOLFKH$UWXQG :HLVHXQGYHUVFKDIIWHVLFKIUHLHQ:HJ 6LHK|UWHGDV:LPPHUQGHUJHIDQJHQHQ+H[HQLQGHQ 9HUOLHVHQGHU*lQJH'DUXPNPPHUWHVLHVLFKQLFKW 6LHZROOWH-DQH 8QGVLHK|UWHGHQ6FKUHL *HOOHQGJUDXHQKDIW7URW]GHUGLFNHQ0DXHUQ]XYHU QHKPHQ(UZDUKLQWHUGHUJURHQ7UDXIJHNOXQJHQGLH VLFKYRU:LNNDEHIDQG

'LH7UZDUQLFKWYHUULHJHOW=XVLFKHUIKOWHQVLFKGLH )ROWHUNQHFKWH :LNNDULVLHDXI (LQHQ/LGVFKODJVSlWHUVWDQGVLHLQGHU)ROWHUNDPPHU

:,..$65$&+( +H[HQZRKLQ6XNRDXFKVFKDXWH 6LHKLHOWHQGHQ2UW%ODFNPRRUEHVHW]WXQGZDUHQLQLKQ HLQJHIDOOHQZLHJLHULJH5DXEWLHUH,QGHQ+lXVHUQKRFNWHQ VLHDXIGHQ'lFKHUQVLHODXHUWHQLQHQJHQ*DVVHQLQ 6FKXSSHQDXI6SHLFKHUQXQGHUIOOWHQGLHILQVWHUH1DFKW PLWLKUHPJUHOOHQ*HOlFKWHU 8QG6XNRVWDQGDOOHLQ 6HLQ)UHXQG-RKQ6LQFODLUKDWWHLKQYHUODVVHQ(UZDU JHJDQJHQXPGHQ]XVXFKHQGHUK|FKVWZDKUVFKHLQOLFKGLH 9HUDQWZRUWXQJIUGHQ+RUURUWUXJ 0DVRQ&RUGWODQGGHQ+H[HQZUJHU 1RFKZDUGHU2UWYHUODVVHQ'DVKHLWGLHHLJHQWOLFKHQ %HZRKQHUKDWWHQLKQQLFKWZLHGHULQ%HVLW]JHQRPPHQ :DKUVFKHLQOLFKZDUWHWHQVLHYRUGHP'RUIHLQJDQJQDFK GHPVLHLP6XPSIJHZHVHQZDUHQXQGLKUH%HVFKZ|UXQJ GXUFKJHIKUWKDWWHQ 'HU,QVSHNWRUVWDQGLP6FKHLWHOSXQNWHLQHU.XUYHGLHGLH 'RUIVWUDHGXUFKVFKQLWW'HVKDOENRQQWHHUGHQHLJHQWOLFKHQ (LQJDQJQLFKWVRUHFKWXQWHU.RQWUROOHKDOWHQ(UKDWWHVLFK WURW]GHPHLQHQJQVWLJHQ3ODW]DXVJHVXFKWGHQQ6XNR EHIDQGVLFK]LHPOLFKLP0LWWHOSXQNWGHV'RUIHV *HQDXDQGLHVHU6WHOOHODJGDVHLQ]LJH*DVWKDXVYRQ %ODFNPRRU=XU=HLWZDUHVYRQNUHLVFKHQGHQ+H[HQEHVHW]W GLH6XNRVFKRQDQJHGURKWKDWWHQLKQXQG-RKQ]XW|WHQ 1RFKVDKGHU&KLQHVHGHU6DFKHJHODVVHQHQWJHJHQ]XFNWH DEHU]XVDPPHQDOVVLFKYRP'DFKHLQHV+DXVHVSO|W]OLFK HLQH)XULHO|VWHGLHHLQJHKOOWLQHLQHQJUQIODPPLJHQ 6FKZHLIGXUFKGLH/XIWUDVWHXQGGLFKWEHUGHQ.RSIGHV ,QVSHNWRUVKLQZHJIXKU 'DEHLJULIIVLH]XHLQHU+LQWHUOLVWGHQQDXVLKUHQ)LQJHUQ ]XFNWHQIHXULJH5LQJHDXI6XNR]X 6LHZDUHQ]XP*OFNQLFKWEHVRQGHUVVFKQHOOVRGDGHU &KLQHVH$EZHKUPDQDKPHQHUJUHLIHQNRQQWH 6HLQH'lPRQHQSHLWVFKHKDWWHHUQLFKWQXUJH]RJHQ VRQGHUQDXFKGLHGUHL5LHPHQDXVJHIDKUHQ

$XVGHP+DQGJHOHQNVFKOXJHU]X'LH5LHPHQZLUEHOWHQ LQGLH+|KHXQGWUDIHQGLH5LQJH 6LHYHUSXIIWHQZLUNXQJVORV 'LH+H[HMDJWHZHLWHUXQGKRFNWHVLFKDXIHLQHP'DFKILUVW QLHGHUZREHLVLHGRUWPLWGHU'XQNHOKHLWYHUVFKPRO] 6XNRNUDXVWHGLH6WLUQ6RKDUPORVZLHVLFKGLH)XULHQ QRFKYRU0LQXWHQJHJHEHQKDWWHQZDUHQVLHQLFKWDEHUHU ZXQGHUWHVLFKWURW]GHPZHVKDOEVLHQLFKWNRQ]HQWULHUWHU DQJULIIHQ 'DIUPXWHHV*UQGHJHEHQ :HQQ6XNRJHQDXHUGDUEHUQDFKGDFKWHJHODQJWHHU]X GHP(UJHEQLVGDGLH+H[HQDXILUJHQGHWZDVODXHUWHQ 9LHOOHLFKWEUDXFKWHQVLHHLQHJHZLVVH=QGXQJXPLKUHQ $QJULIIVWDUWHQ]XN|QQHQ:DVGDVVHLQNRQQWHGDUEHU ]HUEUDFKVLFKGHU,QVSHNWRUYHUJHEOLFKGHQ.RSI 6LHKDWWHQMHGHQIDOOVGDIUJHVRUJWGDGDVHLQ]LJHFKULVW OLFKH=HLFKHQGHV'RUIHV]HUVW|UWZXUGH0LWJOKHQGHQ /DVVRVZDUGDVJURH.UHX]DXIGHP.LUFKWXUPYRQLKQHQ KHUDEJHKROWZRUGHQ(VODJMHW]WLUJHQGZRDP%RGHQ ,P0RPHQWKHUUVFKWH5XKH6HOEVWGLH+H[HQZHLEHULQGHU *DVWVWlWWHYHUKLHOWHQVLFKVWLOOVRGD6XNRVLFKDXIDQGHUH *HUlXVFKHNRQ]HQWULHUHQNRQQWH :HQQVLFKGLH'RUIEHZRKQHUQlKHUWHQPXWHHULKUH 6FKULWWHK|UHQN|QQHQGLHGD]DKOUHLFKZDUHQXQGQLFKW ODXWORVPDUVFKLHUHQNRQQWHQ$EHUHVEOLHEVWLOO'LH/HXWH YHUKLHOWHQVLFKVHOWVDPUXKLJ $XIGHU6WUDHZROOWH6XNRQLFKWOlQJHUVWHKHQEOHLEHQ 'HU9HUJOHLFKPLWHLQHU=LHOVFKHLEHILHOLKPHLQGHVKDOE ZDQGWHHUVLFKGHP(LQJDQJGHU*DVWZLUWVFKDIW]XXP GXUFKGLH6FKHLEHQGLHGRUWDQZHVHQGHQ+H[HQ]XEHRE DFKWHQ 6LHKDWWHQHVVLFK!JHPWOLFKJHPDFKW :LHGLH9DQGDOHQZDUHQVLHLQGHQ6FKDQNUDXPHLQJHIDO OHQ7LVFKHXQG6WKOHODJHQNUHX]XQGTXHUGXUFKHLQDQGHU 'D]ZLVFKHQ]HUVSOLWWHUWH*OlVHUXQG]HUEURFKHQH)ODVFKHQ

(LQ&KDRVVLFKHUOLFK$PVFKOLPPVWHQMHGRFKZDUHQGLH +H[HQ0DQNRQQWHVLHNDXPEHVFKUHLEHQMHGHVDKLUJHQG ZLHDQGHUVDXVREZRKOVLHVLFKLP3ULQ]LSJOLFKHQ 'LH+H[HQVWDPPWHQDXVHLQHUDQGHUHQ=HLW$XVODXIHQ GHV0LWWHODOWHUVFKlW]WH6XNR6LHKDWWHQEHUOHEHQN|QQHQ ZHLOHVLKQHQJHOXQJHQZDUVLFKLQ5DEHQXQG.UlKHQ]X YHUZDQGHOQLQ7LHUHGLHHLQIDFKQLFKWVWDUEHQXQGDXIHLQ JURHV(UHLJQLVZDUWHWHQ 'DVZDUQXQHLQJHWUHWHQ 'HU+H[HQZUJHUHLQDOWHU)HLQGZDU]XUFNJHNHKUWXQG KDWWHGLH+H[HQYRUJHIXQGHQGLHhEHUOHEHQGHQYRQGDPDOV LQLKUHU8UJHVWDOW'LHVHQ*UXQGEHJULII6XNRQLFKWVRUHFKW :HVKDOEKDWWHQVLFKGLH9|JHOZLHGHULQ+H[HQYHUZDQGHOW" 6LHKlWWHQHVVRQVWYLHOEHVVHUKDEHQN|QQHQXQGZlUHQ QLFKWLQGLH.ODXHQGHV+H[HQMlJHUVJHUDWHQ 'HQ&KLQHVHQULWWLQGLHVHP$XJHQEOLFNGHU7HXIHO 9LHOOHLFKWZUGHQLKPGLH)XULHQVHOEVW$QWZRUWJHEHQ(U ZDQGWHVLFK]ZHL6FKULWWHQDFKOLQNVVWDQGYRUGHU(LQ JDQJVWUXQGZXFKWHWHVLHPLWHLQHPKHIWLJHQ)XWULWWDXI 'LHVJHVFKDKVREHUUDVFKHQGGDVHOEVWGLH+H[HQ]X VDPPHQ]XFNWHQGHQQPLWGHPDXIGHU7UVFKZHOOHVWHKHQ GHQ6XNRKDWWHQVLHQLFKWJHUHFKQHW=HKQ)XULHQKDWWHQVLFK YHUVDPPHOW6LHDOOHZDQGWHQLKUH%OLFNHGHU7U]X 8QGZDVIU%OLFNH .DOWKLQWHUOLVWLJWFNLVFKODXHUQGXQGIHLQGVHOLJ$EHU DXFKJLHULJXQGKDHUIOOW*OHLFK]HLWLJDEVFKlW]HQGGHQQ GLH+H[HQVDKHQLQ6XNRGDV2SIHU 'HU&KLQHVHKDWWHVLFKEUHLWEHLQLJDXIJHEDXW'LH'lPR QHQSHLWVFKHKLHOWHULQGHUUHFKWHQ+DQGLQGHUOLQNHQGLH %HUHWWD'DV0DJD]LQZDUPLWJHZHLKWHQ6LOEHUNXJHOQJH ODGHQ]ZHL(UVDW]PDJD]LQHEHVDGHU,QVSHNWRUHEHQIDOOV (UZDUDOVRJHUVWHWZHQQHVKDUWDXIKDUWJHKHQVROOWH %OHLFKHPDQFKPDOJUQZLH6FKLPPHOVFKLPPHUQGH *HVLFKWHUPLWWRWHQOHHUHQ$XJHQVWDUUWHQ6XNRDQ/XPSHQ WUXJHQGLH+H[HQ'LHPHLVWHQYRQLKQHQZDUHQDOWH)UDXHQ

PLWVWUlKQLJHQ+DDUHQLQGHQHQ/lXVHXQG)O|KHLKUH +HLPDWJHIXQGHQKDWWHQ 'XUFK]DKOUHLFKH/|FKHULQGHU.OHLGXQJVFKLPPHUWHGLH ZHONH+DXWLQHLQHPJUDXHQ7RQ6XNRVDKDXFK:XQGHQ GLHYRQ)ROWHULQVWUXPHQWHQLQGHU9HUJDQJHQKHLWJHULVVHQ ZRUGHQZDUHQ ,QVJHVDPWERWHQGLH+H[HQHLQHQVFKHXOLFKHQ$QEOLFN 1XUZHQLJHMQJHUHEHIDQGHQVLFKXQWHULKQHQ(LQHKRFNWH DXIGHU7KHNH,KU+DDUZDUHKHPDOVURWJHZHVHQMHW]WEHU ZRJGHU*UDXVFKLPPHU]XGHPZDUHVY|OOLJYHUILO]W 6LHUXWVFKWHKHUXQWHUª:DVZLOOVWGXKLHU0DQQ"©IUDJWH VLHXQGVFKOHXGHUWHLKU+DDU]XUFN'DEHLZXUGHGDV JHVDPWH*HVLFKWIUHLXQG6XNRVDKQHEHQGHPOLQNHQ2KU GLHRIIHQH:XQGHGLHZRKOHLQ6FKODJPLWGHU3HLWVFKHRGHU HLQHJOKHQGH=DQJHQEDFNHKLQWHUODVVHQKDWWH ª:DVZLUGKLHUJHVSLHOW"© ª:R"© ª)UDJQLFKWVRGXPP©HUZLGHUWH6XNRª+LHUQDWUOLFK 6DJWPLUDXVZHOFKHP*UXQGLKUHXFKKLHUYHUVDPPHOW KDEW© 'LH+H[HNLFKHUWHODXWª:LUKDEHQXQVKLHUYHUVDPPHOW XP0HQVFKHQ]XW|WHQ:LUEHUHLWHQHLQ+H[HQPDKOYRU 8QGPLWGLUZROOHQZLUGHQ$QIDQJPDFKHQ© 6XNRKDWWHIUGLHVH:RUWHQXUHLQVS|WWLVFKHV/lFKHOQ EULJª0|JOLFK©JDEHUOlVVLJ]XUFNª$EHULKUZHUGHW HXFKZXQGHUQLFKELQQlPOLFKXQYHUGDXOLFK$XHUGHP KDOWHLFKKLHU'LQJHLQGHQ+lQGHQGLHHXFKHFKWH 6FKZLHULJNHLWHQEHUHLWHQN|QQHQ:HUYRQHXFKP|FKWH GHQQHLQPDOPLWGHU'lPRQHQSHLWVFKHRGHUHLQHUJHZHLK WHQ6LOEHUNXJHO%HNDQQWVFKDIWPDFKHQZLH"© 6XNRV:RUWHYHUIHKOWHQLKUH:LUNXQJQLFKW'LH 6SUHFKHULQ]RJVLFK]XUFN (LQHDQGHUHGLHDXIHLQHPXPJHNLSSWHQ7LVFKKRFNWH VDJWHª(UEOXIIW&ODUDHUEOXIIW© 'DEHZLHV6XNRGDV*HJHQWHLO(UNRQQWHDXFKPLWOLQNV

VFKLHHQ=ZDUQLFKWVRJXWZLHPLWGHUUHFKWHQ+DQGDEHU XPGHQ.|USHUGHU+H[H]XWUHIIHQUHLFKWHHVDOOHPDO )DVWEHGlFKWLJKREHUGHQ$UPOLHGLHZLGHUOLFKHKl OLFKH8QWRWHIUHLQHQNXU]HQ0RPHQWLQGLH0QGXQJ VFKDXHQXQGGUFNWHDE .DXPPHEDUZDUGLH=HLWVSDQQHLQGHUGLH+H[HLQGDV IDKOH0QGXQJVOLFKWVWLHUWH'DHVZLHGHU]XVDPPHQILHO VDKVLHQLFKWPHKUGHQQGLHJHZHLKWH6LOEHUNXJHOVD 'LHDQGHUHQ)XULHQPXWHQPLWHUOHEHQZLHLKUH+H[HQ VFKZHVWHUYHUJLQJ'LH.XJHOVFKLHQGHQPDJHUHQ.|USHU DXVHLQDQGHUUHLHQ]XZROOHQGLHVDOOHUGLQJVJHVFKDKQLFKW 6WDWWGHVVHQSXIIWHHLQH5DXFKZRONHKRFKGLHZLGHUOLFK QDFK6FKZHIHOVWDQNXQGDXVGHU+|OOHVHOEVW]XNRPPHQ VFKLHQ9RQGHU+H[HEOLHEQLFKWVPHKU]XUFN 9LHOOHLFKWHLQ5HVWYRQ6WDXE$XIGHQMHGRFKDFKWHWH QLHPDQG ª'DVZDU VGDQQ©VDJWH6XNRXQGVFKZHQNWHGLH%HUHWWD LP+DOENUHLVª+DEWLKUDXFK/XVWPHLQH3HLWVFKHDXV]X SURELHUHQ"©(UEHZHJWHORFNHUGHQUHFKWHQ$UPJULQVWH GDEHLXQGEOLFNWHLQGLHVWDUUHQ9LVDJHQGHU+H[HQ ª'XKDVWVLHJHW|WHW©VDJWHGLH6SUHFKHULQ ª6HKUULFKWLJ© ª:LUN|QQWHQGLFK© ª1LFKWVRJURH5HGHQ$OVQlFKVWHZHUGHLFKPLUGLFK YRUQHKPHQ8QGDXFKGDV6SXFNHQYRQ)HXHUULQJHQZLUG HXFKQLFKWYLHOQXW]HQ,FKELQLPPHUVFKQHOOHU©'DPLW EHUWULHE6XNR]ZDUGRFKHUJODXEWHLQVHLQHU)RUVFKKHLWGLH JURH&KDQFH]XVHKHQ7DWVlFKOLFKJULIIHQGLH+H[HQQLFKW DQ6WDWWGHVVHQZXUGH6XNRQXUDQJHVWDUUW ª:HUELVWGX"©IUDJWHMHPDQGDXVGHP+LQWHUJUXQGª%LVW GXDXFKHLQ+H[HQMlJHU"© ª1HLQPLW0DVRQ&RUGWODQGKDEHLFKQLFKWVJHPHLQGDV N|QQWLKUPLUJODXEHQ$EHULFKELQHWZDVbKQOLFKHV'LU N|QQWPLFKHLQHQ*HLVWHUMlJHUQHQQHQ,FKMDJHQLFKWQXU +H[HQVRQGHUQDXFKDQGHUH'lPRQHQ8QGGDULQKDEHLFK

LQ]ZLVFKHQ5RXWLQH=XGHPELQLFKHVKLHUGHUGLH)UDJHQ VWHOOWXQGLKUKDEWPHLQHHUVWHQRFKQLFKWEHDQWZRUWHW$OVR QRFKHLQPDO:DVVXFKWLKUKLHU"$XIZHQZDUWHWLKU"© %LVKHUKDWWHQGLHGlPRQLVFKHQ:HVHQ]LHPOLFKVWHLI GDJHVHVVHQ1XQJHULHWHQVLHLQHLQHJHZLVVH8QUXKHXQG EHZHJWHQVLFKDXILKUHQ3OlW]HQKLQXQGKHU ª/DQJHZDUWHLFKQLFKWPHKU©GURKWH6XNR (UHUKLHOWHLQH$QWZRUW:LHGHUZDUHVGLH5RWKDDULJHGLH VLHLKPJDEª:LUZDUWHQDXIXQVHUH.|QLJLQ© 6XNRKDWWHHLQHQEHVWLPPWHQ9HUGDFKW7URW]GHPIUDJWHHU ª:HULVWHV"© ª:LNND© -HW]WZDUGHU1DPHKHUDXV,QGHQ$XJHQGHV&KLQHVHQ EOLW]WHHV9HUGDPPWDOVRGRFK :LHGHU:LNND ª:LHVR":HVKDOEZDUWHWLKUDXIVLH"© ª,KU5XIHUUHLFKWHXQV8QGVLHGLH.|QLJLQKDWQRFKHLQH DOWH5HFKQXQJPLWGHP+H[HQZUJHU]XEHJOHLFKHQ6LH ZXWHGDHUDXIHUVWHKHQZUGHGHQQHUKDWGHQ+H[HQ VWHLQ6LHZLOOLKQYHUQLFKWHQXQGGXUFKGDVPDJLVFKH .UDIWIHOGGHV6WHLQVVLQGZLUZLHGHU]XGHPJHZRUGHQZDV ZLUHLJHQWOLFKZDUHQ=XHFKWHQ+H[HQ$OV9|JHOKDEHQZLU GLHOHW]WHQ-DKUKXQGHUWHJHOHEWQXQDEHUIKUHQZLUXQVHU DOWHV/HEHQZHLWHUXQGDXFKZLUZHUGHQXQVUlFKHQ'HU 6WHLQPXYHUQLFKWHWZHUGHQ*HJHQZDUWXQG9HUJDQJHQ KHLWVROOHQVLFKQLFKWPHKUNUHX]HQ1XUQRFKGLH*HJHQ ZDUW]lKOWGDVLVWHV© 6XNRZXUGHHLQLJHVNODU1LFKWGHU+H[HQZUJHUWUXJGLH GLUHNWH6FKXOGDP:HFKVHOQGHU=HLWHQVRQGHUQGHU +H[HQVWHLQ(UKDWWHGLH=XVWDQGVHEHQHQGXUFKHLQDQGHU JHEUDFKW .DXP]XIDVVHQ ª:RLVWGHU6WHLQ"©ZROOWH6XNRZLVVHQ ª'DVZLVVHQZLUQLFKW©ZXUGHLKPJHDQWZRUWHW 'HU,QVSHNWRUKREGLH6FKXOWHUQXQGJULQVWHYHUlFKWOLFK

ª,KUZROOWPLUGRFKQLFKWHU]lKOHQGDLKUNHLQH$KQXQJ GDYRQKDEWZRGHU+H[HQVWHLQVWHFNW8PLKQGUHKWVLFK VFKOLHOLFKDOOHV© ª)UDJGRFK:LNND©]LVFKWHHLQHDOWH9HWWHOXQGEOLHVHLQH JUQOLFKH:RONHDXVLKUHP0XQG ª'DVZHUGHLFKDXFK©HUZLGHUWH6XNR 'LHVH$QWZRUWO|VWHEHLGHQDQGHUHQHLQ/DFKHQDXV ª:LNNDZLOOVWGXIUDJHQ":XQGHUEDUGDQQKDWVLHHLQHQ GHQVLHYHUQLFKWHQNDQQGXNRPLVFKHU*HLVWHUMlJHU© 0LWHLQHU)UDJHXQWHUEUDFK6XNRGLH+H[Hª:RKlOWVLFK :LNNDDXI"© ª'DVZLVVHQZLUQLFKW© 'LHVPDOKDWWHQVLHGLH:DKUKHLWJHVDJW'DYRQZDU6XNR EHU]HXJWGHQQVRQVWKlWWHQVLHQLFKWVRODQJHDXIVLH JHZDUWHWª1XQMD©VDJWHHUXQGQLFNWHª,FKZHUGHVLHZRKO VXFKHQXQGLFKELQJHVSDQQWZDVLKUVDJWZHQQVLH]X PHLQHQ)HQOLHJW© ª1LHZLUGGDVJHVFKHKHQQLH©$OOH+H[HQNUHLVFKWHQORV 3O|W]OLFKZDUGHU6FKDQNUDXPYRQHLQHPZLOGHQ/lUP HUIOOWXPGHQ6XNRVLFKQLFKWZHLWHUNPPHUWH 5FNZlUWVJHKHQGYHUOLHHUGLH*DVWVWlWWH'HU/lUPKLQ WHULKPZXUGHVFKZlFKHUXQGSO|W]OLFKK|UWHHUHLQDQGHUHV *HUlXVFK (LQKRKHVVFKULOOHV6FKUHLHQ 6XNR]XFNWH]XVDPPHQ 6RMDPPHUWHQXUHLQ.LQG 'DV0RRUODJKLQWHUPLU ,FKKDWWHHVWDWVlFKOLFKJHVFKDIIWHVUHODWLYWURFNHQHQ )XHV]XGXUFKTXHUHQZREHLLFKHLQIDFK*OFNJHKDEW KDWWHGDLFKDXIHLQHQ:HJJHWURIIHQZDU 8QGQXQVWDQGLFKYRUGHPEUHQQHQGHQ6FKOR $EHUGDVZDUQLFKWDOOHV'LHVHV6FKORREZRKO]XP *UHLIHQQDKHEHIDQGVLFKQLFKWLQPHLQHU=HLWVRQGHUQLQ

GHU9HUJDQJHQKHLWZlKUHQGLFKPLFKLQGHU*HJHQZDUW DXIKLHOW 8QEHJUHLIOLFKGHQQRFKHLQH7DWVDFKH ,FKVWDQGGDXQGVFKDXWHLQGLH9HUJDQJHQKHLWKLQHLQ K|UWHJHOOHQGH6FKUHLHVDKGLH)ODPPHQGLHZLHODQJHJLH ULJH)LQJHUDXVGHQ/XNHQXQG)HQVWHUQOHFNWHQXQGDOV 6FKDWWHQULVVHHUNDQQWHLFKGLHLQ3DQLNYHUVHW]WHQ0HQVFKHQ KLQWHUGHQ9RUKlQJHQDXV)HXHU'LH%HZRKQHUGHU%XUJ KHW]WHQKLQXQGKHU,FKK|UWHNHLQH6FKUHLHXQGKlWWH HLJHQWOLFKGLH+LW]HVSUHQPVVHQGDLFKPLFKGHU%XUJ ]LHPOLFKZHLWJHQlKHUWKDWWH'DVMHGRFKZDUQLFKWGHU)DOO 9RUPLUOLHIGDV*HVFKHKHQLQHLQHUXQKHLPOLFKZLUNHQGHQ /DXWORVLJNHLWDE =XGHPKDWWHVLFKGDV)HXHUPLWHLQHUNDXPPHEDUHQ 5DVDQ]DXVJHEUHLWHW'LH0HQVFKHQZDUHQYRQGHQ)ODPPHQ Y|OOLJEHUUDVFKWZRUGHQXQGLFKVDKVLHVRJDUDOVEUHQQHQGH )DFNHOQDXIGHQ=LQQHQGHU7UPHVWHKHQ(LQLJHVWU]WHQVLFK QDFKXQWHQZHLOVLHHVHLQIDFKQLFKWPHKUDXVKDOWHQNRQQWHQ :DVVFKRQ+XQGHUWHYRQ-DKUHQ]XUFNODJHUOHEWHLFK QXQPLWHLJHQHQ$XJHQ (LQ*HVFKHKHQGDVODQJH]XUFNODJHUOHEWHLFKQXQXQG NRQQWHHVHLQIDFKQLFKWIDVVHQ 1XUZRVWHFNWHGHU+H[HQZUJHU" ,FKVDKLKQQLFKWLFKK|UWHDXFKVHLQH5XIHQLFKWXQG GDFKWHGDUEHUQDFKRELFKYLHOOHLFKWQLFKWVHOEVWLQGLH 9HUJDQJHQKHLWKLQHLQWDXFKHQVROOWH $EHUNRQQWHLFKHWZDVlQGHUQ" 1HLQZDVJHVFKHKHQZDUGDVNRQQWHLFKQLFKWPHKUUFN JlQJLJPDFKHQXQGVREOLHELFKZHLWHUKLQHLQ]XPLQGHVW lXHUOLFKXQEHWHLOLJWHU=XVFKDXHU 'DV6FKORH[SORGLHUWHQLFKWJHUDGHDEHULFKVDKZLHGLH =HUVW|UXQJDQGHQ=LQQHQEHJDQQ'RUWZXUGHQJHZDOWLJH 6WFNHKHUDXVJHULVVHQ6LHILHOHQLQGLH7LHIHYRQ5DXFK VFKZDGHQEHJOHLWHWNUDFKWHQ]X%RGHQXQGGXUFKGLHHQW VWDQGHQHQ/FNHQSILIIGHU:LQG

'DQQVDKLFK7LHUHZHJUHQQHQ3IHUGHVWREHQLQZLOGHU 3DQLNGDYRQ,KUH+XIHWURPPHOWHQHLQGXPSIHV(FKRGDV VHOEVWGDV%UDXVHQGHU)ODPPHQEHUW|QWH 0HQVFKHQIORKHQ 6LHUDQQWHQDXVGHP6FKOR,KUHQ:HJQDKPHQVLHLQ ZLOGHU3DQLNKDWWHQDOOHVYHUJHVVHQXQGGLH6|OGQHURGHU 6ROGDWHQMDJWHQGLUHNWDXIPLFK]XZREHLLFKGDV*HIKO KDEHQNRQQWHMHW]WZUGHQVLHPLFKEHUUHQQHQ,FKGXFNWH PLFKVFKRQ]XVDPPHQDOVLFKVLHDXIHLQPDOQLFKWPHKUVDK 6LHYHUVFKZDQGHQYRUPHLQHQ$XJHQO|VWHQVLFKDXIXQG PLUZXUGHNODUGDVLHGLH*UHQ]H]ZLVFKHQGHQEHLGHQ =HLWHQHUUHLFKWKDWWHQ 3KlQRPHQDO ,FKIUDJWHPLFKQXUZHVKDOEGHU+H[HQZUJHUQLFKWHLQ JULII:LUKDWWHQVRYLHOYRQLKPXQGVHLQHU3HLWVFKHJHK|UW (UKlWWHVLHGRFKHLJHQWOLFKHLQVHW]HQN|QQHQGRFKGDVJH VFKDKQLFKW'LH*HVWDOWGLHLFKDXIGHP)LOPGHV9RJHO NXQGOHUVJHVHKHQKDWWHEOLHEYHUVFKZXQGHQ 'DIUVDKLFKHLQHDQGHUH 1HLQ]ZHL ,FKWUDXWHPHLQHQ$XJHQQLFKW$OVLFKVLHHUNDQQWHKlWWH LFKVFKUHLHQN|QQHQGRFKPLUEOLHEGHU6FKUHLLP+DOVH VWHFNHQ ,QGHU9HUJDQJHQKHLWVDKLFK]ZHL*HVFK|SIHDXVGHU *HJHQZDUW :LNNDXQG-DQH&ROOLQV 8USO|W]OLFKVWDQG:LNNDLQGHUXQKHLPOLFKHQ)ROWHU NDPPHUZlKUHQGEHULKUGLH)ODPPHQLPPHUPHKU 1DKUXQJIDQGHQGLH6FKUHLHGHU0HQVFKHQJHOOWHQXQGVLFK GDV)HXHUZHLWHUDXVEUHLWHWH :LNNDKDWWHGDIUNHLQHQ%OLFNPHKU6LHVFKDXWHQDFK YRUQVDKZDVYRULKUHQ$XJHQDEOLHIXQGGDVZDU JUDXVDPJHQXJ

2KQHVLHEHIDQGHQVLFKQRFKIQI0HQVFKHQLQGHU )ROWHUNDPPHU=ZHL6ROGDWHQGHU+H[HQZUJHUHLQYHU ZDFKVHQHU)ROWHUNQHFKWXQG-DQH&ROOLQV ,KUJLQJHVGUHFNLJ 8QGLKUH6FKUHLZDUHQHVGLHGLH6WLOOHGXUFKVFKQLWWHQ -DQHEHIDQGVLFKLQHLQHUEHGDXHUQVZHUWHQ/DJH0DQKDWWH VLHDXIHLQ)ROWHUUDGJHVSDQQW ,KU5FNHQZDUGXUFKJHERJHQ$UPHXQG%HLQHODQJ JHVWUHFNW9RQ6WULFNHQZXUGHVLHJHKDOWHQZlKUHQGGHU )ROWHUNQHFKWDQHLQHU.XUEHOVWDQGVLHPLWGHUUHFKWHQ+DQG XPNODPPHUWKLHOWXQGGDV5DGMHZHLOVXPHLQZLQ]LJHV 6WFNZHLWHUGUHKWH 'HU+H[HQZUJHUVWDQGQHEHQGHUPLW6WULFNHQ]XVlW]OLFK JHIHVVHOWHQ-DQH&ROOLQVXQGKLHOWHLQHJOKHQGH=DQJHLQ GHU+DQGPLWGHUHQ%DFNHQHU-DQH&ROOLQVPDOWUlWLHUHQ ZROOWH 8QGHUKDWWHHVEHUHLWVJHWDQ 'LH2EHUKH[HVDKGHXWOLFKGLH%UDQGIOHFNHQDXIGHU+DXW GHUHKHPDOLJHQ'HWHNWLYLQ6RJDU5DXFKVWLHJQRFKLQGLH +|KH :LNNDV$XIWUHWHQKDWWHGLHDQGHUHQY|OOLJEHUUDVFKW6LH ZXWHQSO|W]OLFKQLFKWPHKUZDVVLHWXQVROOWHQ,KUH%OLFNH ULFKWHWHQVLFKDXIHLQH*HVWDOWGLHHLQHPJUlOLFKHQ $OSWUDXPHQWVSUXQJHQVHLQNRQQWH 6LHKDWWHVLFKGHQ:HJLQGHQ)ROWHUNHOOHUUHJHOUHFKWIUHL JHNlPSIW0lQQHUGLHVLHDXIKDOWHQZROOWHQOHEWHQQLFKW PHKUGHQQLP*HJHQVDW]]XLKUHPbXHUHQKDWWHVLFKDQ GHQ+H[HQNUlIWHQQLFKWVJHlQGHUW 'LHVHW]WHVLHYROOHLQ -HW]WVWDQGVLHLQGHU)ROWHUNDPPHUZlKUHQGREHQGLH )ODPPHQDXVGHP6FKORVFKOXJHQXQGVLHZXWHGLHhEHU UDVFKXQJDXILKUHU6HLWH ª:LNND© 'HU6FKUHLGUDQJDXVGHP0XQGGHUDQV5DGJHIHVVHOWHQ -DQH&ROOLQV(VZDUHLQH(UO|VXQJXQGGLHHKHPDOLJH

'HWHNWLYLQVFKOXFK]WHEHIUHLWDXI6LHZDU:LNNDV6FKOHULQ XQGZXWHJHQDXGDQXUVLHLKUKHOIHQNRQQWH 'LH2EHUKH[HKDWWHVLFKYRUJHQRPPHQVFKUHFNOLFKH 5DFKH]XEHQ1LHPDQGDXHU-DQHVROOWHGHQ.HOOHUOHEHQG YHUODVVHQGDIUZUGHVLHVRUJHQ 8QGVLHEHJDQQ =XHUVWHUZLVFKWHHVGLH6ROGDWHQ$OV:LNNDSO|W]OLFK =HLFKHQLQGLH/XIWPDOWHZDUHVIUGLHEHLGHQYLHO]XVSlW QRFK]XUHDJLHUHQ6LHVDKHQQRFKGDVURWH)OLPPHUQXPGLH VFKZDU]HQ)LQJHUGHU+H[HXQGLPQlFKVWHQ$XJHQEOLFN KOOWHQGLHIODPPHQGHQ.UHLVHVLHHLQ ,KUH6FKUHLHKDOOWHQVFKDXULJGXUFKGDV9HUOLHV 8QGVLHZDUHQ0XVLNLQ:LNNDVYHUEUDQQWHQ2KUHQ (UVWMHW]WHUZDFKWHGHU+H[HQZUJHUDXVVHLQHU(UVWDU UXQJ(UVHOEVWJULIIQRFKQLFKWDQVRQGHUQVFKLFNWHGHQ )ROWHUNQHFKWYRUª'DSDFNVLHGLU%UHQQHLKUGDV=HLFKHQ HLQ© 'HU9HUZDFKVHQHIXKUKHUXP6HOEVW:LNNDZDUYRQ VHLQHU6FKQHOOLJNHLWEHUUDVFKW ,QGHUUHFKWHQ+DQGKLHOWHUGLHQRFKJOKHQGH=DQJHXQG :LNNDVWHOOWHIHVWGDGLHVHUKHLPWFNLVFKH=ZHUJEHU JURH+lQGHKDWWHGDHUGLH=DQJHPLWQXUHLQHU+DQGIHVW KDOWHQNRQQWH (UVSUDQJDXI:LNND]X 'DEHLVFKULHHUVHLQH$XJHQOHXFKWHWHQXQGHUZROOWHGHU 2EHUKH[HGLH=DQJHLQV*HVLFKWGUFNHQ :LNNDZLFKJHVFKPHLGLJDXV'LFKWDQLKUHP*HVLFKWYRU EHLIXKUGLHJOKHQGH=DQJHXQGLPQlFKVWHQ$XJHQEOLFN PXWHGHU=ZHUJHUOHEHQZDVHVKLHVLFKPLWHLQHUJHIlKU OLFKHQ+H[HDQ]XOHJHQ (VKRELKQLQGLH+|KH (UYHUVSUWHHLQHQ6FKODJ8QVLFKWEDUH+lQGHULVVHQLKQ YRP%RGHQKRFK'LHVHQ.UlIWHQKDWWHHUQLFKWVHQWJHJHQ ]XVHW]HQVLHVFKOHXGHUWHQLKQDXIGLH:DQG]XZRHVHLQHQ GXPSIHQ/DXWJDEDOVHUGDJHJHQNUDFKWH

:LNNDODFKWHXQGNRQ]HQWULHUWHVLFKZHLWHUDXILKQ'HU =ZHUJODJMHW]WDP%RGHQ'LHUHFKWH+DQGKLHOWQDFKZLH YRUGLH=DQJHPLWGHQJOKHQGHQ%DFNHQGHU$UPZDUDXV JHVWUHFNW ª)ROWHUHGLFKVHOEVW©EUOOWHGLH2EHUKH[HXQGVFKOXJGHQ )ROWHUNQHFKWLQLKUHQ%DQQ 6LHPDFKWHHVKDUWXQGGHU9HUZDFKVHQHNRQQWHQLFKWV GDJHJHQWXQ(UZROOWHHVQLFKWDEHUVHLQ$UPZXUGHYRQ HLQHU.UDIWGHUHUQLFKWVHQWJHJHQVHW]HQNRQQWHDOOPlKOLFK LQGLH+|KHJHOHQNWGDEHLJHGUHKWVRGDGLHJOKHQGHQ %DFNHQMHW]WDXIVHLQ*HVLFKW]HLJWHQ 1XUQRFK6HNXQGHQZUGHHVGDXHUQGDQQPXWHHUGDV YHUVSUHQZDVHUHLJHQWOLFK-DQH&ROOLQV]XJHGDFKWKDWWH 'HU9HUZDFKVHQHVFKULH(UNRQQWHHVQLFKWIDVVHQHLQ 2SIHUVHLQHUHLJHQHQ)ROWHUOXVW]XZHUGHQXQGHUVSUWH EHUHLWVGLH+LW]HGHVKHLHQ0HWDOOVGDVVLFKLPPHUPHKU VHLQHUZHLWDXIJHULVVHQHQ0XQGK|KOHQlKHUWH :LNNDZDQGWHVLFKGHPQHXHQ*HJQHU]X 'LHOHW]WHQGUHLKDWWHVLHLQQHUKDOEYRQ6HNXQGHQDXV VFKDOWHQN|QQHQ(VZDUDOOHVVRJHODXIHQZLHVLHHVKDEHQ ZROOWHQXQVWDQGGHUKlUWHVWHXQGJHIlKUOLFKVWHYRULKU 0DVRQ&RUGWODQG 8QGGHUKDWWHGLH3HLWVFKH ,Q]ZLVFKHQWULHEHQGLHHUVWHQ5DXFKZRONHQGXUFKGLH RIIHQH7ULQGDV,QQHUHGHU)ROWHUNDPPHU$XFK&RUGWODQG PXWHEHPHUNWKDEHQZDVJHVFKHKHQZDUXQGHUZDUIU HLQHNXU]H=HLWVSDQQHLUULWLHUW'DVUHLFKWH:LNNDDXVXP -DQH&ROOLQVYRP5DG]XO|VHQ6LHULGLHVWDUNHQ6WULFNH HQW]ZHLGLHNDXPDP%RGHQODJHQDOVHLQIUFKWHUOLFKHU 6FKUHLGXUFKGLH)ROWHUNDPPHUJHOOWH 'HU)ROWHUNQHFKWKDWWHLKQDXVJHVWRHQ $XFKHLQ=LVFKHQZDU]XK|UHQDEHUNHLQHUVFKDXWHKLQ :LNNDZXWHGDVLHJHZRQQHQKDWWHVLHPXWHQXUQRFK 0DVRQ&RUGWODQGSDFNHQ -DQHUXWVFKWHYRP5DG$XIGHUVFKPXW]LJHQIHXFKWHQ

(UGHEOLHEVLHOLHJHQVW|KQWHXQGKDWWHHVVFKZHUVLFKDXI ]XVWW]HQ :LNNDNPPHUWHVLFKQLFKWXPVLH'HU+H[HQZUJHUZDU IUVLHZLFKWLJHUª.RPPGRFK©ORFNWHVLHª.RPPKHU]X PLUZHQQGXHWZDVZLOOVW,FKHPSIDQJHGLFKVFKRQVRZLH HVVLFKJHK|UWGDUDXINDQQVWGXGLFKYHUODVVHQ© &RUGWODQGJDENHLQH$QWZRUW(UVFKDXWHQXUNXU]]XU 7UZRGLH5DXFKZRONHQLPPHUGLFNHUZXUGHQ=XGHP JHOOWHQGLH6FKUHLHGHULQGHQDQGHUHQ9HUOLHVHQJHIDQJHQHQ +H[HQGXUFKGLHXQWHUHQ*HZ|OEHGHV6FKORVVHV3DQLNXQG *UDXHQZDUHQDOV*lVWHDXIGLHVHV6FKORLP0RRUJH NRPPHQ ª:HUELVWGX"©VFKULHHU:LNNDDQª9HUIOXFKWH+H[HVDJ GHLQHQ1DPHQGDPLWLFKZHLZHQLFKW|WHQZHUGH© ª,FKKHLH:LNND© ª'DQQVWLUE:LNND©&RUGWODQGVFKOXJ]X(UZDUHLQ 0HLVWHUVHLQHV)DFKVDEHUDXFK:LNNDUHDJLHUWH6LHZROOWH YRQGHU3HLWVFKHQLFKWJHWURIIHQZHUGHQZLFKDXVXQG EHZHJWHVLFKDXIGLH:DQG]XZR]DKOUHLFKH:DIIHQKLQJHQ 3O|W]OLFKKLHOWVLHHLQHODQJHOHLFKWDQJHURVWHWH/DQ]HLQ GHQ+lQGHQGUHKWHVLFKXQGGLH6SLW]HZLHVDXIGHQ +H[HQZUJHUGHUEHUHLWV]XP]ZHLWHQPDO]XGURVFK :LNNDULGLH/DQ]HKRFK 8QGGLH:DIIHUHWWHWHVLHGHQQGLH3HLWVFKHZLFNHOWHVLFK XPGDV(LVHQ 'LH2EHUKH[HEHJDQQJHOOHQG]XODFKHQ-HW]WKDWWHVLHGHQ +H[HQZUJHUGDZRVLHLKQKDEHQZROOWH 0LWHLQHPSO|W]OLFKHQ5XFNULVLHLKQLQLKUH1lKHGRFK VLHZDU]XHLIULJGHQQLQVHLQHU3DQLNUL&RUGWODQGVHLQHQ UHFKWHQ)XKRFKXQGWDWGDPLWJHQDXGDV5LFKWLJH (UGUFNWHLKQLQGHQ/HLEGHU+H[H .|USHUOLFKHU.UDIWKDWWH:LNNDQLFKWVHQWJHJHQ]XVHW]HQ 6LHIORJ]XUFNNUDFKWHPLWGHP5FNHQJHJHQGLH:DQG XQGYHUORUIUHLQHQ0RPHQWGLHhEHUVLFKW*OHLFK]HLWLJ PDFKWHVLHVLFK9RUZUIHLKUHXUHLJHQVWHQ+H[HQNUlIWH

QLFKWHLQJHVHW]W]XKDEHQ-HW]WYHUORUVLH]XYLHO=HLWGHQQ &RUGWODQGJHODQJHVGXUFKHLQH'UHKXQJGLH3HLWVFKHYRQ GHU/DQ]H]XO|VHQXQGVRKDWWHHUVHLQH:DIIHZLHGHU 8QGGDQQWDWHUHWZDVZRPLW:LNNDQLFKWJHUHFKQHWKDWWH (UPDFKWHDXIGHP$EVDW]NHKUWXQGIORKDXVGHU)ROWHU NDPPHU'DEHLKDWWHHU*OFNGDGHUGXUFKGLHRIIHQH7U KHUHLQTXHOOHQGHGLFNH5DXFKLKQVFKW]WHXQG:LNNDHLQHQ *URWHLOGHU6LFKWQDKP 0DVRQ&RUGWODQGNRQQWHIOLHKHQ :LNNDVSUDQJDXIGLH%HLQH6LHZROOWHQDWUOLFKGLH 9HUIROJXQJDXIQHKPHQGDFKWHGDQQDOOHUGLQJVDQ-DQH &ROOLQVXQGVRUJWHGDIUGDGLHHEHQIDOOVDXIVWDQG ª.RPPPLW©EUOOWHVLH -DQHZDU]XJHVFKZlFKW:LNNDVFKOHXGHUWHGLH/DQ]H ZHJXQGVWW]WHLKUH6FKOHULQGDPLWVLHJHPHLQVDPGDV EUHQQHQGH6FKORYHUODVVHQNRQQWHQ :HQLJVSlWHULUUWHQVLHGXUFKGLH*lQJH8QG:LNNDQDKP VLFKVRJDUQRFKGLH=HLWGLHVFKZHUHQ5LHJHODXHUKDOEGHU 9HUOLHVWUHQ]X|IIQHQGDPLWLKUH$UWJHQRVVLQQHQDXVGHQ *HIlQJQLVVHQHEHQIDOOVIOLHKHQNRQQWHQ 9RQ0DVRQ&RUGWODQGVDKHQVLHQLFKWV6LHZXWHQDXFK QLFKWREHUGDV6FKOREHUHLWVYHUODVVHQKDWWH9LHOOHLFKWZDU HUJHIORKHQYLHOOHLFKWKLHOWHUVLFKLUJHQGZRYHUVWHFNW 1LHPDQGNRQQWHHVVDJHQ 6LHUDQQWHQGLH7UHSSHKRFK +LQWHUVLFKK|UWHQVLHGDV+HXOHQXQG6FKUHLHQGHUEHIUHL WHQ+H[HQ'HU5DXFKZXUGHLPPHUGLFNHU0DQFKPDO NRQQWHQVLHGLH+DQGQLFKWYRU$XJHQVHKHQ +LQXQGZLHGHUKXVFKWHQIOLHKHQGH*HVWDOWHQZLH *HVSHQVWHUGXUFKGHQGXQNOHQ9RUKDQJ $P(QGHGHU7UHSSHUL:LNNDGLH7UDXI(QGOLFK NRQQWHQVLHGLHXQWHULUGLVFKHQ*HZ|OEHYHUODVVHQXQGVLH ZDQGWHQVLFKVRIRUWGHP$XVJDQJ]X 'DVDKHQVLH0DVRQ&RUGWODQG)UHLQHQ0RPHQW WDXFKWHHUDXIVHLQH3HLWVFKHGDEHLVFKZLQJHQG

ª+H[HQZUJHU©EUOOWH:LNND &RUGWODQGEOLHEVWHKHQVDKGLHEHLGHQ+H[HQVFKOXJQDFK LKQHQXQGWDXFKWHZHJ 'DQQVFKOXFNWHLKQGHU5DXFKYRUKDQJ ,PQlFKVWHQ$XJHQEOLFNVSUWHQVLHGLHNDOWH/XIWGLHYRQ GUDXHQLQGDV6FKORGUDQJ6LHEHIDQGHQVLFKLQGHU1lKH GHV$XVJDQJVXQGVWUPWHQLQV)UHLH %HLGHKDWWHQ*OFNGDVLHYRQGHQ)ODPPHQQLFKWHUIDW ZXUGHQ$QGHUHQHUJLQJHVVFKOHFKWHU6LHZDUHQ]XEUHQ QHQGHQ%QGHOQJHZRUGHQXQGDXFK&RUGWODQGKDWWHGLH hEHUVLFKWYHUORUHQ(UUDQQWHLQZLOGHU3DQLNJHQDXDXIGDV 0RRU]X ª(UZLUGYHUVLQNHQ©VFKULH:LNNDª(UZLUGYHUVLQNHQ ©'LHQlFKVWHQ:RUWHZXUGHQLKUYRQGHQ]HUVW|UWHQ /LSSHQJHULVVHQGHQQGDV6FKOREUDFK]XVDPPHQ (LQGRQQHUQGHV*HW|VHHLQ.UDFKHQXQG%HUVWHQ =DKOUHLFKH0HQVFKHQZXUGHQXQWHUGHQKHUDEIDOOHQGHQ 7UPPHUQEHJUDEHQXQGGLHEHIUHLWHQ+H[HQHUZLVFKWHHV ]XP7HLODXFK $QGHUHZLHGHUXPVFKDIIWHQHV6LHUDQQWHQLQGHQ6XPSI KLQHLQXQGYHUVDQNHQHEHQVRZLH0DVRQ&RUGWODQG 'DV0RRUIUDDOOH2EHVGlPRQLVFKH:HVHQRGHU 0HQVFKHQZDUHQGDPDFKWHHVNHLQHQ8QWHUVFKLHG 'HQ+H[HQVWHLQMHGRFKKDWWHQLHPDQGJHIXQGHQ(U NRQQWHGLH=HLWHQEHUGDXHUQ :LNNDXQG-DQH&ROOLQV *HDKQWKDWWHLFKHVMDGRFKLFKZDUWURW]GHPEHUUDVFKW 9RUDOOHQ'LQJHQZHJHQ:LNND,FKVDKVLHDOVYHUEUDQQWHV VFKZDU]HV:HVHQGDVVLFKGHXWOLFKYRUGHQWDQ]HQGHQ )ODPPHQDEKRE8QGLFKVDKGHQLQZLOGHU3DQLNGDYRQ ODXIHQGHQ+H[HQZUJHU0DVRQ&RUGWODQGGHUNXU]HUKDQG LQGHQ6XPSIKLQHLQOLHI $XFKDQGHUH+H[HQIORKHQLQV0RRU(VZDUHQVFKUHFN

OLFKH*HVWDOWHQXQWHULKQHQDXVJHPHUJHOWYRQGHU)ROWHU JH]HLFKQHW6LHYHUVFKZDQGHQZLH6FKHPHQ(QWIHUQWQXU K|UWHLFKLKUH6FKUHLHGLHSO|W]OLFKYHUVWXPPWHQVRZLH DXFKGDV)HXHUQLFKWPHKU]XVHKHQZDU ,FKVSUWHNXU]HLQHQVHOWVDPHQ6FKZLQGHOGDQQZDUHU YRUEHLXQGLFKVDKGDV6FKORVRZLHHVVLFKPLULQGHU *HJHQZDUWSUlVHQWLHUWH$OVDXVJHEUDQQWH5XLQH :LHHVGD]XJHNRPPHQZDUKDWWHLFKHUOHEWQXQPXWH LFKPLFKGHQ7DWVDFKHQVWHOOHQ 1RFKLPPHUZDULFKYRQGHQ9RUJlQJHQVHKUEHHLQGUXFNW 2EZRKOLFKLQGHU*HJHQZDUWVWDQGXQGGLH(UHLJQLVVHGHU 9HUJDQJHQKHLWDXVJHO|VFKWZDUHQNDPLFKQLFKWGDUEHU KLQZHJ,FKKDWWH-DQHXQG:LNNDLQGHU9HUJDQJHQKHLW JHVHKHQDEHUZLHVDKGLH2EHUKH[HDXV 8QJODXEOLFKVRHWZDV9HUEUDQQWIDVWYHUQLFKWHWXQGGDV NRQQWHHLQIDFKQLFKWLQGHU9HUJDQJHQKHLWJHVFKHKHQVHLQ 'LHVHU9RUJDQJPXWHVHLQHQ3ODW]LQGHU-HW]W]HLWJHKDEW KDEHQ 'DUEHUGDFKWHLFKQDFKVXFKWHQDFK/|VXQJHQJHODQJWH DEHU]XNHLQHP(UJHEQLV 3O|W]OLFKILHOPLUHWZDVDXI ,FKEHPHUNWHHLQHQGXQNOHQ*HJHQVWDQGGHUYRUGHU %XUJUXLQHVWDQGXQGHLJHQWOLFKGRUWJDUQLFKWKLQJHK|UWH (VZDUHLQ$XWR :HJHQGHU'XQNHOKHLWNRQQWHLFKGLH0DUNHQLFKWJHQDX HUNHQQHQXQGPXWHHUVWQlKHUKHUDQXP]XVHKHQGDHV VLFKEHLGHP:DJHQXPHLQHQlOWHUHQ7ULXPSK6SLWILUHKDQ GHOWH :HPJHK|UWHGDV$XWR" 'DUEHUQDFK]XGHQNHQZDUPLJGRFKGDV9RUKDQGHQ VHLQZDUIUPLFKHLQH:DUQXQJ1LHPDQGIXKUHLQHQ :DJHQLUJHQGZRKLQXQGVWHOOWHLKQGRUWHLQIDFKDE,FK NRQQWHDOVRGDYRQDXVJHKHQGDVLFKGHU)DKUHUQRFK LUJHQGZRLQGHU1lKHEHIDQGIDOOVHUQLFKWHLQ2SIHUGHV 6XPSIVJHZRUGHQZDU

,FKSDVVLHUWHGHQ:DJHQXQGEHIDQGPLFK]LHPOLFKQDKH GHU%XUJUXLQH9RQGHQ(UHLJQLVVHQGLHLFKDOV=XVFKDXHU HUOHEWKDWWHPHUNWHLFKQXQQLFKWVPHKU(VURFKQLFKWYHU EUDQQWLFKVDKNHLQH/HLFKHQNHLQHQ+H[HQMlJHUXQGDXFK NHLQH+H[HQ 1XUHWZDVQRFK 2EHQLPK|FKVWHQ7XUPXQGGDEHLGLFKWXQWHUGHU=LQQH EUDQQWHHLQHLQVDPHV/LFKW 'DVPXWHHWZDV]XEHGHXWHQKDEHQ'DZROOWHLFKKLQ GDUDQNRQQWHPLFKQLHPDQGKLQGHUQ (VJDEQRFKHLQ7RURGHUHLQHQRIIHQHQ'XUFKJDQJ6R JHODQJWHLFKLQGDV,QQHUHGHU]HUVW|UWHQ5XLQHGUFNWH PLFKHQJLQGHQ6FKDWWHQHLQHU0DXHUEOLHEVWHKHQXQG ODXVFKWH ,FKZROOWHHUVWHLQPDOGLH$WPRVSKlUHLQPLFKDXIQHKPHQ KHUXPKRUFKHQREVLFKLUJHQGHWZDVWDWXPDQVFKOLHHQG GLHULFKWLJHQ6FKOVVH]LHKHQ]XN|QQHQ $XIOHLVHQ6RKOHQEHZHJWHLFKPLFKDQVFKOLHHQGZHLWHU ,FKHQWGHFNWHHLQH7UHSSHGLHZHQLJVWHQVDQLKUHP%HJLQQ QRFK]LHPOLFKVWDELODXVVDK ,FKSHLOWHKRFK 9RUPLUYHUVFKZDQGHQGLH6WXIHQLQGHU'XQNHOKHLW1XU GLHHUVWHQNRQQWHLFKQRFKYHUIROJHQGDQDFKZDU6FKOX 'HQ.RSIOHJWHLFKVFKLHIXPLQGLH+|KH]XEOLFNHQ,FK VDKQLFKWVQXUGLHZDWWLJH'XQNHOKHLWXQGKLQXQGZLHGHU ZHQQLFKGXUFKHLQ/RFKLQGHU0DXHUSHLOWHGHQGVWHUHQ +LPPHOGHUDQHLQLJHQ6WHOOHQHLQHQIDKOHQ6FKHLQGXUFK GDV/LFKWGHV0RQGHVDQJHQRPPHQKDWWH $XFKDQGHQ0RRUJHUXFKKDWWHLFKPLFKJHZ|KQW(U PDFKWHPLUQLFKWVPHKUDXVLUJHQGZLHJHK|UWHGHUIDXOLJH QDFK0RGHUXQG7RGULHFKHQGH*HVWDQN]XGLHVHU5XLQH6LH ZDUMDVHOEVWHLQ6WFN9HUJlQJOLFKNHLW)UGLH(ZLJNHLWLVW QLFKWVJHEDXW 1RFKHLQPDOSHLOWHLFKGLH/DJH'DQDFKZDULFKPLU VLFKHU

:HQQLFKGLHYRUPLUOLHJHQGH7UHSSHQDKPXQGVLHELV]X LKUHP(QGHGXUFKVFKULWWZUGHLFKGDV=LPPHURGHUGHQ 5DXPHUUHLFKHQZRGDV/LFKWEUDQQWH ,FKZXUGHHLQIDFKGDV*HIKOQLFKWORVPLFKQLFKWDOOHLQLQ GHU%XUJUXLQH]XEHILQGHQ(LQHQ%HZHLVGDIUKDWWHLFK QLFKWGRFKDOOHLQGDV*HIKOUHLFKWHDXVXPGLHNOHLQH /DPSHVWHFNHQ]XODVVHQGDPLWPLFKLKU6FKHLQQLFKWYHU ULHW ,P)LQVWHUQQDKPLFKGLH7UHSSHLQ$QJULII,FKKLHOWPLFK GLFKWDQGHU$XHQPDXHUWDVWHWHPLWGHU+DQGGDUEHUXQG VWW]WHPLFKDEGHQQGLH6WXIHQZDUHQQLHJOHLFKEUHLW 0DQFKPDOYHUHQJWHQVLHVLFKRGHUZDUHQQXUQRFK]XU +lOIWHYRUKDQGHQ :HQGHOWUHSSHQKLQDXI]XJHKHQLVWNHLQ9HUJQJHQ ,UJHQGZDQQYHUOLHUWPDQEHLGLHVHQODQJHQ7UHSSHQGLH hEHUVLFKW'DZHLPDQGDQQQLFKWLQZHOFKHLQHP 6WRFNZHUNPDQVLFKEHILQGHWLQZHOFKHU+|KHXQGZDVXP HLQHQKHUXPJHVFKLHKW +LQ]XNDPQRFKGDLFKQLFKWVVHKHQNRQQWH=ZDUZLH VHQGLHGLFNHQ0DXHUQKLQXQGZLHGHUgIIQXQJHQDXIGLH DOOHUGLQJVQLFKWJU|HUZDUHQDOV/XNHQXQGHQWVSUHFKHQG VFKPDOZDUHQGLHJUDXHQ6WUHLIHQGLHYRQGUDXHQKHUHLQ ILHOHQ 9LHOOHLFKWKDWWHLFKGLH+lOIWHGHU6WUHFNHKLQWHUPLFK JHEUDFKWYLHOOHLFKWDXFKQLFKWMHGHQIDOOVK|UWHLFKEHUPLU XQGJDUQLFKWPDOZHLWHQWIHUQW]LVFKHOQGH*HUlXVFKH ,FKEOLHEVWHKHQXQGNRQ]HQWULHUWHPLFK :DUHQHV6WLPPHQ" $OVLFKJHQDXHUKLQK|UWHZXUGHPLUNODUGDGRUWZRGLH *HUlXVFKHDXINODQJHQMHPDQGIOVWHUWH 6RIRUWGDFKWHLFKDQGHQ:DJHQGHUYRUGHU%XUJVWDQG 6SUDFKGDMHPDQGPLWVLFKVHOEVW" 'DVJLEWHVQDWUOLFK+LHUDEHUJODXEWHLFKQLFKWGDUDQ XQGJHODQJWH]XGHUhEHU]HXJXQJGDHV]XPLQGHVW]ZHL 3HUVRQHQZDUHQGLHGDPLWHLQDQGHUUHGHWHQ

:HUNRQQWHGDVVHLQ" $OV3ROL]HLEHDPWHUPXPDQHLQHJHZLVVH3RUWLRQ 1HXJLHUGHEHVLW]HQDOV*HLVWHUMlJHUHUVWUHFKW:HQQLFK PLFKHLQHV)DOOHVDQQDKPZXUGHHVLPPHUEUHQ]OLJGHV KDOEZROOWHLFKGHU6DFKHPLWGHQIOVWHUQGHQ6WLPPHQDXFK DXIGHQ*UXQGJHKHQ$OOHUGLQJVVROOWHPDQPLFKQLFKW]X IUKHQWGHFNHQ $XVGLHVHP*UXQGHYHUVXFKWHLFKGLHQlFKVWHQ$EVlW]H QRFKOHLVHU]XEHUZLQGHQ 1XUPLWGHQ=HKHQVSLW]HQWUDWLFKDXIXQGHUUHLFKWH EHUHLWVQDFKVLHEHQ6WXIHQHLQH3ODWWIRUPLQQHUKDOEGHV 7XUPVGLHQRFKYROOVWlQGLJHUKDOWHQZDU /LQNVYRQLKUZRVLFKIUKHUHLQPDOHLQH7UEHIXQGHQ KDWWHH[LVWLHUWHMHW]WQXUQRFKHLQRIIHQHU'XUFKJDQJHLQ ZLHDXVGHU0DXHUKHUDXVJHEURFKHQHV/RFK :DUHQGLH6WLPPHQYRQGRUWDXIJHNOXQJHQ" ,P0RPHQWK|UWHLFKQLFKWV0LUNDPHVYRUZLHGLH EHUKPWH5XKHYRUGHP6WXUP,FKZDUDXIGHU+XWGHQQ LFKZROOWHPLFKQLFKWEHUUDVFKHQODVVHQGHVKDOEYHU]LFK WHWHLFKDXFKEHLPHLQHQZHLWHUHQ6FKULWWHQDXIGLH/DPSH ,FKKlWWHHLQ]XJXWHV=LHODEJHJHEHQ ª'DNRPPWMHPDQG© 'HXWOLFKKDWWHLFKGLH:RUWHYHUVWDQGHQDXFKZHQQVLH PHKU]LVFKHQGDXVJHVSURFKHQZDUHQ ª:LOOVWGXLKQSDFNHQ"© ª0DOVHKHQ© ª6HLDEHUYRUVLFKWLJ© ,FK]XFNWH]XVDPPHQ%LVKHUKDWWHLFKPLFKDXIGLH 6WLPPHQNRQ]HQWULHUWXQG]ZDUQXUDXIGLH6lW]H1XQ DEHUVWHOOWHLFKIHVWGDHV]ZHL)UDXHQZDUHQGLHGDPLW HLQDQGHUVSUDFKHQ )UDXHQGLHPDQDXFKDOV+H[HQEH]HLFKQHQNRQQWH :LNNDXQG-DQH 6LHKLHULP6FKORLFKHEHQIDOOVGDVNRQQWHQLFKWJXW JHKHQ'DNRQQWHHLQHJURH$XVHLQDQGHUVHW]XQJQLFKWDXV

EOHLEHQ6LHKDWWHQPLFKJHK|UWDOOHUGLQJVJODXEWHLFKQLFKW GDVLHZXWHQZHUVLFKLKQHQGDQlKHUWH ª-DQHYHUGDPPWLFKVSUHVHLQH$XVVWUDKOXQJ'DV *HIKOKDWPLUGHU+H[HQVWHLQQLFKWQHKPHQN|QQHQ'DLVW MHPDQGGHQZLUNHQQHQ-RKQ6LQFODLU© 'LHVHKUVHQVLWLYYHUDQODJWH:LNNDKDWWHPLFKDOVRMHW]W HUNDQQWXQGHVLKUHU6FKOHULQPLWJHWHLOW 0LWGHUHQ%HKHUUVFKXQJZDUHVYRUEHL,FKK|UWH-DQHIOXFKHQ DOVZlUHVLHEHLHLQHP6HHPDQQLQGLH/HKUHJHJDQJHQ 1RFKNRQQWHLFKGLHEHLGHQQLFKWVHKHQXQGZHFKVHOWH VLFKHUKHLWVKDOEHUPHLQH6WHOOXQJ,FKKXVFKWH]XU6HLWHZDU GDEHLHWZDV]XHLIULJXQGVWLHJHJHQHLQHQLP:HJOLHJHQ GHQ6WHLQ'HUUROOWH]XU6HLWH 9HUGDPPWMHW]WZXWHQGLHEHLGHQZRLFKPLFKEHIDQG ,FKJLQJLQGLH+RFNHXQGPDFKWHPLFKNOHLQ0HLQ.UHX] KLHOWLFKJULIIEHUHLWGHQQGDYRUGDVZXWHLFKVHKUJHQDX KDWWHQ:LNNDXQG-DQH$QJVW 'DV.UHX]NRQQWHVLHYHUQLFKWHQZHQQVLHLQVHLQHXQPLWWHO EDUH1lKHJHULHWHQ ,FKGDFKWHGDUEHUQDFKRELFKHVDNWLYLHUHQVROOWH:HQQ LFKGLH)RUPHOULHIZXUGHGDV.UHX]]XHLQHP%DQQHU ZREHLLFKGDPLWUHFKQHQNRQQWHGDHVDXFKGHQ+H[HQGLH .UDIWQDKP$OOHUGLQJVGDFKWHLFKZLHGHUDQ-DQH 6LHVWDQGDXIGHUJHJQHULVFKHQ6HLWHZDUHLQH)HLQGLQ GHQQRFKEUDFKWHLFKHVQLFKWIHUWLJVLH]XYHUQLFKWHQ,FK ]|JHUWHHLQIDFKGDYRUVLHGLUHNWDQ]XJHKHQ(LQHQ*UXQG GDIUJDEHVQDWUOLFK,FKKDWWHODQJH=HLWPLWLKUVHKUHQJ ]XVDPPHQJHDUEHLWHWZLUZDUHQJXWH)UHXQGHJHZHVHQXQG KDWWHQPDQFKLQWLPH6WXQGHPLWHLQDQGHUYHUEUDFKW6R HWZDVYHUEDQGGDJDEHV(ULQQHUXQJHQGLHPDQQLFKWHLQ IDFKEHLVHLWHVFKLHEHQNRQQWH 6FKOHLFKHQGH6FKULWWHHQWIHUQWHQVLFKYRQPLU ª6SlWHU©K|UWHLFKGDVYHUZHKHQGH)OVWHUQGHU:LNND ª6SlWHUGDVDQGHUHLVWZLFKWLJHU© 'DQQZXUGHHVVWLOO

,FKK|UWHZHGHUHWZDVYRQ:LNNDQRFKYRQ-DQH&ROOLQV 6LHOLHHQPLFKDOOHLQLQGHU5XLQH]XUFN :DVZDUGHQQZLFKWLJHU" ,FKNRQQWHQXUUDWHQXQGGDFKWHGDUDQGDHVHLJHQWOLFK QXUHLQH/|VXQJJDE 'HU+H[HQZUJHU :DKUVFKHLQOLFKWULHEHUVLFKLQGHU1lKHKHUXP9LHOOHLFKW LQGHU5XLQH5HFKQHQPXWHPDQPLWDOOHP ,FKGUFNWHPLFKLQGLH+|KHXQGVFKDOWHWHPHLQH/DPSH DQZREHLLFKGHQUHFKWHQ$UPVHLWOLFKYRQPHLQHP.|USHU DEJHVWUHFNWKLHOWVRGDLFKNHLQGLUHNWHV=LHOERW 'HU6WUDKOVWDFKLQHLQHQ]HUVW|UWHQ5DXPKLQHLQGHUPLW 6FKXWWEHUVlWZDUXQGHLQH'HFNHKDWWHYRQGHUVLFKQXU QRFKHWZDGLH+lOIWHGRUWEHIDQGZRVLHKLQJHK|UWH$OOHV DQGHUHODJDXIGHP%RGHQZDUKHUDXVJHEURFKHQZRUGHQ ,FKVFKULWWYRUVWLHJEHUGHQ6FKXWWPHUNWHGHQNKOHQ :LQGGHUGXUFKGLH'HFNHIXKU6WDXEKRFKZLUEHOWHXQG LFKVDKGLH6SXUHQDXIGHP%RGHQ 6LHOHXFKWHWHLKQDQ 'DVZDUHQGHXWOLFKH$EGUFNHGLHYRQ)UDXHQVFKXKHQ VWDPPWHQ6HKUJHQDXVWDFKHQVLHDE'HUEULJH6WDXEKDWWH VLHQRFKQLFKWZLHGHU]XGHFNHQN|QQHQ ,FKYHUIROJWHGLH6SXUHQJHODQJWHDQHLQH:DQGHQWGHFNWH GRUWGDVJURH/RFKXQGVFKDXWHKLQGXUFK 'LHVPDOWUDIPLFKGHU:LQGYROOGHQQLFKNRQQWHYRQGLH VHU6WHOOHDXVGLUHNWLQV)UHLHVFKDXHQ0HLQ%OLFNIORJQDFK XQWHQXQGZHLWEHUGDV0RRUKLQZHJGDVHLQHQXQKHLP OLFKHQ(LQGUXFNDXIPLFKPDFKWH'XUFKGLHEHUGHU VFKZDU]HQ)OlFKHWDQ]HQGHQ,UUOLFKWHUZLUNWHHVJHLVWHUKDIW XQGJHIlKUOLFKXQGZHQQGHU:LQGGDVEUDNLJH:DVVHUGHU WFNLVFKHQ7PSHOEHZHJWHKXVFKWHKLQXQGZLHGHUHLQ /LFKWUHIOH[EHUGLH:HOOHQNlPPH 9RQ:LNNDXQG-DQHHQWGHFNWHLFKQLFKWV6LHNRQQWHQ GDQNLKUHU+H[HQNXQVWDXFKHLQHQ7XUPLQGLHVHU+|KHYHU ODVVHQRKQHGDLKQHQHWZDVSDVVLHUWH

,FK]RJPLFKZLHGHU]XUFN1RFKLPPHUKDWWHLFKGHQ 5DXPQLFKWEHVLFKWLJWLQGHPGDVVHOWVDPH/LFKWIODFNHUWH 'DVZROOWHLFKVRUDVFKZLHP|JOLFKQDFKKROHQ 'DGLHDQGHUHQVRZLHVRYRQPHLQHP(LQGULQJHQHUIDKUHQ KDWWHQEUDXFKWHLFKQLFKWGDUDXI]XDFKWHQEHVRQGHUVOHLVH ]XVHLQXQGNRQQWHPLFKVRQRUPDOEHZHJHQZLHHVPHLQH 8PZHOW]XOLH %HLHLQHP%OLFNDXVGHP)HQVWHUZDUPLUDXIJHIDOOHQGD LFKPLFKEHUHLWV]LHPOLFKKRFKEHIDQG)DVWVFKRQVRZHLW ZLHGLH6SLW]HQGHUDQGHUHQ7UPHUHLFKWHQ /DQJHZDULFKQLFKWPHKUXQWHUZHJVGDQQKDWWHLFKGDV 7XUP]LPPHUHUUHLFKWLQGHPGDV/LFKWOHXFKWHWH (OHNWULVFKHV/LFKWNRQQWHHVQLFKWVHLQGDVZDUPLUNODU,FK KDWWHPLW.HU]HQVFKHLQRGHUlKQOLFKHPJHUHFKQHWXQGSHLOWH ]XQlFKVWHLQPDOYRUVLFKWLJXPGLH(FNHGHU7U|IIQXQJ 'DV.UHX]KDWWHLFKMHW]WDXHQYRUPHLQH%UXVWJHKlQJW GLH%HUHWWDVWHFNWHJULIIEHUHLWLQGHU+DOIWHU ,FKVDKGDGHU5DXPOHHUZDU8QGY|OOLJDXVJHEUDQQW (VJDEDXFKNHLQHhEHUUHVWHGHV)HXHUVPHKUNHLQH$VFKH NHLQHYHUNRKOWHQ+RO]WHLOH'LH=HLWKDWWHDOOHVYHUPRGHUQ XQGYHUURWWHQODVVHQ1XUGLHLQQHQJHVFKZlU]WHQ0DXHUQ HULQQHUWHQQRFKDQGHQ%UDQG 1DWUOLFKILHOPHLQ%OLFNDXFKDXIGLH/LFKWTXHOOH(VZDU ZHGHUHLQH.HU]HQRFKHLQDQGHUHUEUHQQHQGHU*HJHQVWDQG VRQGHUQXQGGDVEHUUDVFKWHPLFKZLUNOLFKHLQ6WHLQ -DZRKOHLQVHOWVDPHU6WHLQGHUHLQHRYDOH)RUP]HLJWH XQGDXFKUHODWLYGLFNZDUZREHLHUHWZDGLH*U|HHLQHU +DQGDXIZLHV(UODJLQHLQHUIODFKHQ6FKDOHGLHGHQ$E VFKOXHLQHV6WlQGHUVELOGHWH'HUZLHGHUXPUDJWHYRP %RGHQKRFK 'HU+H[HQVWHLQ (LQHDQGHUH0|JOLFKNHLWJDEHVIUPLFKHLQIDFKQLFKW,FK KDWWHLKQJHIXQGHQ 7LHIDWPHWHLFKGXUFK9RQLKPDOVRJLQJGLHUlWVHOKDIWH 0DJLHDXVGLHXQVVRJURH6RUJHQEHUHLWHWKDWWH

9RUVLFKWLJVFKULWWLFKQlKHU 'HU+H[HQVWHLQZDUHWZDV%HVRQGHUHV(UOHXFKWHWHURW JHOEZLHHLQ)HXHU,FKVDKDOOHUGLQJVDXFKGLHVHOWVDPHQ (QWVFKOVVHLQQHUKDOEGHV*HIJHV6LHKDWWHQDQGHUH )DUEHQ*UQXQGEOlXOLFKPDQFKPDODXFKWUNLV ,FKNRQQWHPLUQRFKNHLQNODUHV%LOGEHUGHQ6WHLQ PDFKHQIKOWHDXFKQLFKWVDQGHUVMHGRFKPHLQ.UHX] 'DV.UHX]YHUORUVHLQHVLOEHUQH)DUEH'DIUELOGHWHVLFK HLQJLIWJUQHU6FKLPPHUXP]LWWHUWHGLH.RQWXUHQXQGLFK EHNDPGDV*HIKODOVZlUHGDV.UHX]DXIHLQPDOZHUWORV JHZRUGHQ 0LUUDQQHLQH*lQVHKDXWEHUGHQ5FNHQ'LHhEHU UDVFKXQJZDUZLUNOLFKJHOXQJHQXQGPLUZXUGHNODUGDLQ GHP+H[HQVWHLQHLQHXQJHKHXUH0DFKWVWHFNHQPXWH %HZHLVGDIUZDUGLH=HLWYHUVFKLHEXQJGLHVHV9HUPLVFKHQ YRQ*HJHQZDUWXQG9HUJDQJHQKHLW6RHWZDVZDUNDXP EHJUHLIOLFK 7LHIDWPHWHLFKDXV*HJHQ'lPRQHQXQG:HVHQlKQOLFKHU $UWZUGHHUVLFKHUOLFKDQNlPSIHQDEHULFKZDUNHLQ'lPRQ GHVKDOEZROOWHLFKYHUVXFKHQLKQDQPLFK]XQHKPHQ ,FKWDVWHWHPLFK6FKULWWIU6FKULWWYRU8QWHUPHLQHQ )HQNQLUVFKWHGHU6WDXE-HPHKULFKPLFKGHP6WHLQ QlKHUWHXPVRLQWHQVLYHUOHXFKWHWHPHLQ.UHX] 'LHEHLGHQ0DJLHQVWDQGHQVLFKQLFKWIHLQGOLFKJHJHQEHU 'LHHLQHEHHLQIOXWHGLHDQGHUHQXUVWlUNHU 1RFKHLQHQ6FKULWWEHIDQGLFKPLFKYRQPHLQHP=LHOHQW IHUQWVWUHFNWHEHUHLWVGHQ$UPDXVXPGHQ6WHLQDQPLFK]X QHKPHQDOVLFKKLQWHUPLUHLQHVFKDUIHIOVWHUQGH6WLPPH YHUQDKP ª/DLKQOLHJHQ© (VZDUHLQH.LQGHUVWLPPHGHUHQ6FKUHLHQGDEHUGLH 6WUDHJHKDOOWZDU6XNRKDWWHVLFKQLFKWJHWlXVFKW,QGLHVHQ 0RPHQWHQNRQQWHQLKPVlPWOLFKH+H[HQLQ%ODFNPRRU

JHVWRKOHQEOHLEHQ)ULKQJLQJHVGDUXPGDV.LQG]XUHW WHQGDVVLFKHUOLFKLQGLH.ODXHQGHU%HVWLHQJHUDWHQZDU 8QGGLHZUGHQNHLQH*QDGHNHQQHQ 'LH+H[HQKLHOWHQMHGHV+DXVLP2UWEHVHW]W6XNRPXWH UDWHQZRGHU6FKUHLDXIJHNOXQJHQZDU-HGHQIDOOVDXIGHU JHJHQEHUOLHJHQGHQ6HLWHGHU6WUDHZRQXUKLQWHU ZHQLJHQ+DXVIHQVWHUQ/LFKWEUDQQWH'LHPHLVWHQ*HElXGH ODJHQLP'XQNHOQ ª1HLLQQQ,FKZLOOQLFKW/DWPLFKORV© 6XNRVWRSSWHPLWWHQLP/DXIDOVHUGHQHUQHXWHQ +LOIHVFKUHLGHV.LQGHVYHUQDKP -HW]WZDUHUVLFKHUHUJHZRUGHQ6FKDUIZDQGWHHUVLFKQDFK UHFKWV,QGHQHUVWHQEHLGHQ+lXVHUQJHQDXYRULKPPXWH VLFKGDV'UDPDDEVSLHOHQ%HLHLQHP+DXVVWDQGGLH(LQ JDQJVWURIIHQ'D6XNRGHQ6FKUHLVHKUGHXWOLFKJHK|UW KDWWHQDKPHUDQGDHVGDV+DXVZDULQGDVHUKLQHLQ PXWH 0LWHLQHPJHZDOWLJHQ)XWULWWVWLHHUGLH7UJDQ] DXI6LHIORJJHJHQGLH:DQGZLHGHU]XUFNDEHUGD ZDU6XNREHUHLWVLQGHQNOHLQHQ)OXUJHKXVFKWXQG VFKDXWHVLFKXP (VZDUHLQlOWHUHV*HElXGH8QWHQEHIDQGVLFKQXUGLH JURH.FKHZLHHUPLWHLQHPVLFKHUHQ%OLFNIHVWVWHOOHQ NRQQWH'DV:HLQHQDEHUHUNODQJDXIGHUHUVWHQ(WDJH 'HU,QVSHNWRUMDJWHGLH6WXIHQGHUHQJHQ7UHSSHKRFK 6HLQH6RKOHQKLQWHUOLHHQEHLMHGHP6FKULWWGXPSIH*H UlXVFKHDXIGHP%RKOHQKRO]'DYHUQDKPHUHLQHVFKULOOH 6WLPPH ª+H[HQNLQG+H[HQNLQG:LUZHUGHQGLFK]XHLQHP +H[HQNLQGPDFKHQ©VFKULOOWHGLH6WLPPH 6XNRZLUEHOWHKHUXPVSUDQJLQHLQHQVFKPDOHQVFKUlJHQ 5DXPKLQHLQXQGVDJWHª'DVJODXEHLFKZRKONDXP© =ZHLDOWHZLGHUOLFKH+H[HQZHLEHUIXKUHQKHUXP6LH KDWWHQQHEHQHLQHP%HWWJHVWDQGHQDXIGHPHLQHWZD IQIMlKULJHV0lGFKHQPLWYHUZHLQWHQ$XJHQXQGZDFKV

EOHLFKHP*HVLFKWODJ'LH$UPHKLHOWHVDXVJHVWUHFNW(V ZDUHLQHKLOIORVH*HVWHGLH6XNRUKUWH *OHLFK]HLWLJZXFKVVHLQ=RUQDXIGLHGlPRQLVFKHQ:HLEHU ª:HJGD©SHLWVFKWHVHLQH6WLPPH 6LHNPPHUWHQVLFKQLFKWGDUXP.LFKHUQGQlKHUWHQVLH VLFKGHP,QVSHNWRUYRQ]ZHL6HLWHQª'XNRPPVWDXFK GUDQ©IOVWHUWHGLHUHFKWHª:LUZHUGHQGLFKHEHQIDOOVYHU KH[HQGXZLUVWNHLQH&KDQFHKDEHQ)UHPGHUhEHUKDXSW NHLQH© 6XNRIHXHUWH ª8DDKKK©6RK|UWHVLFKGHUEHUUDVFKWH7RGHVVFKUHL GHU+H[HDQDOVGLH.XJHOVLHW|WHWH$XVGHP.|USHUZXUGH HLQHJUQH:RONHGLHVLFKVWLQNHQGDXVEUHLWHWH 'LH]ZHLWH+H[HEHJULIIQXQGDLKUKLHUMHPDQGJHJHQ EHUVWDQGGHPVLHQLFKWGDV:DVVHUUHLFKHQNRQQWH 'HVKDOEZROOWHVLHVLFKDQ6XNRYRUEHLGUFNHQXQGDXVGHP =LPPHUIOLHKHQ 'HU&KLQHVHOLHVLHELVDXIVHLQH+|KHNRPPHQ'DQQ VFKOXJHUPLWGHU3HLWVFKH]X 'UHL5LHPHQWUDIHQ 'LH+H[HHUKLHOWHLQHQ6FKODJGHUVLHQLFKWQXUGXUFK VFKWWHOWHVRQGHUQDXFKDXVGHP=LPPHULQGHQ)OXUKLQ HLQVFKOHXGHUWHZRVLH]XVDPPHQEUDFKXQGVLFKXPGLH HLJHQH$FKVHUROOWH 6FKRQMHW]WEHIDQGVLHVLFKLQGHU$XIO|VXQJ,KU+HXOHQ YHUVWXPPWHVFKQHOOXQG6XNRNPPHUWHVLFKQLFKWZHLWHU XPVLHVRQGHUQXPGDVNOHLQH0lGFKHQ (VKDWWHEUDXQHV+DDU*URH$XJHQVFKDXWHQGHQ &KLQHVHQlQJVWOLFKDQ 1HEHQGHP%HWWNQLHWH6XNRQLHGHUª'XEUDXFKVWNHLQH $QJVW]XKDEHQ.OHLQHLFKELQMHW]WEHLGLU© ª,FKKDEHDEHU$QJVW© 0LWGHPDQJHZLQNHOWHQ=HLJHILQJHUZLVFKWHLKU6XNRGLH 7UlQHQWURSIHQYRQGHU:DQJHª1HLQPHLQ6FKDW]'LUWXW MHW]WQLHPDQGPHKUHWZDV©

ª:RKHUNRPPVWGX"©IUDJWHVLHª'XJHK|UVWQLFKWLQV 'RUI© ª1HLQLFKELQYRQZHLWKHUJHNRPPHQ© ª$EHUGXVLHKVWVRNRPLVFKDXV© ª'DVNRPPWGLUQXUVRYRU© ª'HLQH$XJHQVLQGDQGHUV© 'DODFKWH6XNRª.ODUPHLQ6FKDW]1LFKWMHGHUNDQQVR VFK|QH$XJHQKDEHQZLHGX:LHKHLWGXHLJHQWOLFK"© ª6XVDQ© ª8QGZRVLQGGHLQH(OWHUQ"© ª7RW© 6XNRVFKOXFNWHª:RKQVWGXDOOHLQKLHU"© ª%HLPHLQHQ*URHOWHUQ© (U]RJ6XVDQKRFKXQGIUDJWHª.DQQVWGXODXIHQ"© ª.ODU,FKELQVFKRQJUR© ª2KHQWVFKXOGLJH© 6XVDQWUXJHLQEODXHV.OHLG6|FNFKHQXQG6FKXKH6LH OHJWHGHQ.RSILQGHQ1DFNHQXQGVFKDXWH6XNRLQV*HVLFKW ª:LHKHLWGXHLJHQWOLFK0LVWHU"© ª1HQQHPLFK6XNR© ª'DVLVWDEHUHLQNRPLVFKHU1DPH© 6XNRQDKPGLH+DQGGHU.OHLQHQª:LHVR"*HIlOOWHUGLU QLFKW"© 6XVDQQLFNWHHLIULJª'DVVFKRQNODUDEHULFKKDEHLKQ QRFKQLHYRUKHUJHK|UW1HQQWPDQEHLHXFK]X+DXVHGLH -XQJHQVR"© ª0DQFKPDO© ,Q]ZLVFKHQKDWWHQ6XNRXQG6XVDQGDV=LPPHUYHUODVVHQ EHIDQGHQVLFKLP)OXUXQGVWDQGHQDP5DQGGHU7UHSSH :lKUHQG6XNRQRFKODXVFKWHVFKDXWHGDV.LQGDXIGLH hEHUUHVWHGHU+H[H (LQSDDU.OHLGXQJVIHW]HQODJHQDXIGHQ%RKOHQPHKUQLFKW 6XNRGUFNWHGHQ.RSIGHV0lGFKHQVKHUXPVRGDHV QDFKYRUQXQGQLFKW]XUFNVFKDXWHª.RPPMHW]W6XVDQ ZLUZROOHQQDFKGUDXHQJHKHQ©

6LHQLFNWHª6LQGQRFKPHKUYRQGLHVHQ+H[HQGD"© ª/HLGHU© ª+DVWGXNHLQH$QJVW"© 6XNROlFKHOWHª,FKKDEH$QJVW© ª7ROOGDGXVRHWZDVVDJVW© 6LHVFKULWWHQJHPHLQVDPGLH6WXIHQKLQDEXQG6XNR IKOWH6XVDQVNOHLQH+DQGLQGHUVHLQHQ :HQLJVSlWHUVWDQGHQVLHDXIGHU6WUDH6FKRQLP+DXV KDWWHGHU,QVSHNWRUGDV6FKUHLHQGHU+H[HQYHUQRPPHQ6LH ZDUHQZLHZLOGUHDJLHUWHQZLHDXIJHGUHKWKHXOWHQMDXOWHQ XQGIORJHQGXUFKGLH/XIWHLQJHKOOWLQNRPHWHQDUWLJH 6WUHLIHQ 6XNRGUFNWH6XVDQJHJHQGLH+DXVZDQGDOV]ZHLNUHL VFKHQGH)XULHQLQ.RSIK|KHEHUGLH6WUDHKXVFKWHQXQG VFKOLHOLFKDXIHLQHP+DXVGDFK]XU5XKHNDPHQ (WZDVKDWWHVLHDXIJHVFKUHFNW$OOHUGLQJVZXWHGHU &KLQHVHQLFKWZDVHVJHZHVHQZDU'DEHLEUDXFKWHHUQLFKW ODQJH]XUDWHQGHQQDOVHUHLQHQ%OLFNQDFKUHFKWVZDUIVDK HUGLH%HZRKQHUYRQ%ODFNPRRU ,QHLQHUODQJHQ5HLKHVFKULWWHQVLHGLH6WUDHKLQXQWHU 0DQFKHJLQJHQ]XGULWWQHEHQHLQDQGHUDQGHUHZLHGHUXP ]X]ZHLWXQGGLHPHLVWHQ0lQQHUZDUHQEHZDIIQHW6LH OLHHQ)UDXXQG.LQGHULQGHU0LWWHJHKHQZREHLVLHGLHVH PLWGHQ*HZHKUHQRGHU6FKODJZDIIHQ]XVFKW]HQYHU VXFKWHQ2EVLHGDPLWDOOHUGLQJVJHJHQGLH+H[HQHWZDVDXV ULFKWHQNRQQWHQZDUPHKUDOVIUDJOLFK6XNRNRQQWHHVQLFKW JODXEHQ ª'DVLQGDXFKPHLQH*URHOWHUQEHL©VDJWH6XVDQPLW OHLVHU6WLPPHXQGO|VWHLKUH+DQG6LHUDQQWHZHJ'HU ,QVSHNWRUKDWWHVLHUDVFKZLHGHUHLQJHKROWXQGKLHOWVLHIHVW ª,FKZLOODEHU© ª.ODU6XVDQDEHUZLUJHKHQJHPHLQVDPKLQ©EHUXKLJWH GHU&KLQHVHVLH $XFKVLHZDUHQHQWGHFNWZRUGHQ=ZHL0lQQHUDQGHU 6SLW]HO|VWHQVLFKYRQGHQDQGHUHQXQGUDQQWHQDXI6XNR

XQGGDV0lGFKHQ]X'LHEHLGHQZDUHQPLW*HZHKUHQ EHZDIIQHW6XNRHUNDQQWHGHQURWKDDULJHQ5RGQH\ZLHGHU GHVVHQ*HVLFKWHLQHQYHU]HUUWHQ$XVGUXFNDQJHQRPPHQ KDWWH ª:HQQGXGDV.LQGQLFKWORVOlWSXPSHLFKGLUGHQ%DOJ PLW%OHLYROO©(UZDUVWHKHQJHEOLHEHQXQG]LHOWHDXIGHQ ,QVSHNWRU 6XNRKREHLQHQ$UPª$XJHQEOLFN©VDJWHHUª,FKZLOOGDV .LQGQLFKWHQWIKUHQLFK© ª(UKDWPLFKJHUHWWHW5RG© 'HU5RWKDDULJH]XFNWH]XVDPPHQ6HLQ%OLFNZXUGHXQ VLFKHUXQGHUZXWHQLFKWZDVHUHUZLGHUQVROOWH 6XNRQLFNWHª(VVWLPPWWDWVlFKOLFKZDV6XVDQJHVDJWKDW =ZHL+H[HQNRQQWHLFKHUOHGLJHQ© ª6XVDQ©(LQ6FKUHLJHOOWHSO|W]OLFKEHUGLH6WUDHª0HLQ *RWW6XVDQ© 'HU,QVSHNWRUKREGHQ%OLFN(LQlOWHUHU0DQQOLHIDXIVLH ]XXQGZLQNWHPLWEHLGHQ$UPHQ ª*URYDWHU©VFKULHGDV0lGFKHQ-HW]WZDUHVQLFKWPHKU ]XKDOWHQXQGZDUIVLFKLQGLH$UPHGHV0DQQHV ª+DWHUGLUQLFKWVJHWDQ"©IUDJWHGHU$OWHXQGVWUHLFKHOWH LKU+DDUª+DWHUGLUQLFKWVJHWDQ"© ª1HLQ*URYDWHUHU© 6XNRVFKWWHOWHGHQ.RSIEHYRUHUDQ5RGQH\JHZDQGW VDJWHª:DQQEHJUHLIHQ6LHHQGOLFKGDPHLQ)UHXQGXQG LFKDXI,KUHU6HLWHVWHKHQXQGZLUQXUKLHUVLQGXPGLH +H[HQ]XYHUQLFKWHQ"*HKWGDVLQ,KUHQ6FKlGHOQLFKWUHLQ"© ª+DOWGHLQ0DXO0HQVFK© -HW]WWUDWHQDXFKGLHDQGHUHQQlKHU6XNRVDKVLFKYRQ PHKUHUHQ*HZHKUPQGXQJHQEHGURKWNPPHUWHVLFK DOOHUGLQJVQLFKWGDUXP'LH+H[HQZDUHQIULKQZLFKWLJHU 6LHEHREDFKWHWHQQXU+LQWHUGHQ)HQVWHUQKRFNWHQGLH*H VWDOWHQXQGVFKDXWHQDXVJLHULJHQ$XJHQDXIGLH0HQVFKHQ $XFKYRQGHQ'lFKHUQEOLFNWHQVLHKHUDE 'LH)DOOHZDUVRDXIJHEDXWGDLKUNHLQ0HQVFKPHKUHQW

ULQQHQNRQQWH6HOEVWDP(QGHGHU6WUDHVWDQGHQGLH+H[HQ XQGKLHOWHQ:DFKH 'LHZUGHQNHLQHQPHKUUDXVODVVHQ )U6XNRZDUMHW]WZLFKWLJGDHUPLWGHQ'RUIEHZRKQHUQ JHPHLQVDPDUEHLWHWH6LHPXWHQVLFK]XVDPPHQWXQXQG GXUIWHQQLFKWJHJHQHLQDQGHUNlPSIHQ 'HU,QVSHNWRUKRIIWHGDGLHVH'LFNVFKlGHOGLHDOWHQ9RU XUWHLOHHQGOLFKEHU%RUGZHUIHQZUGHQ $XIGHQ+H[HQZUJHU0DVRQ&RUGWODQGNRQQWHQVLHVLFK QLFKWYHUODVVHQ'HUKDWWHVLFKELVKHUQLFKWEOLFNHQODVVHQ EHIDQGVLFKZDKUVFKHLQOLFKQRFKLQGHU5XLQHXQGZDUGRUW PLW-RKQ6LQFODLU]XVDPPHQJHWURIIHQ 'LHNOHLQH6XVDQKDWWHVFKQHOOJHUHGHW,KUH6WLPPHZDU ODXWJHZHVHQXQGIDVWDOOHKDWWHQGLH:RUWHYHUQRPPHQ 6XNREHPHUNWHZLHVLFKGLHDQJHVSDQQWHQ*HVLFKWHUDOO PlKOLFKHQW]HUUWHQ 'LH%HZRKQHUYRQ%ODFNPRRUKDWWHQVLFKZLHGHUEHUXKLJW $XFK5RGQH\GHU+LW]NRSIVHQNWHGHQ:DIIHQODXI ª'DVZXUGHDXFK=HLW©VDJWH6XNR2KQHDXIGHQ 5RWKDDULJHQZHLWHU]XDFKWHQEHJDEHUVLFK]XGHQDQGHUHQ XQGEDXWHVLFKQHEHQ6XVDQXQGLKUHP*URYDWHUDXI ª'DUILFKMHW]WHLQPDOIUZHQLJH0LQXWHQXP*HK|U ELWWHQ"©IUDJWHHUODXWXQGGHXWOLFK 'LH6WLPPHQYHUVWXPPWHQ6XNRVDKGLHHUZDUWXQJV YROOHQ%OLFNHGHU0HQVFKHQDXIVLFKJHULFKWHWKROWHQRFK HLQPDOWLHI/XIWXQGEHJDQQPLWVHLQHP%HULFKW(UHU]lKOWH YRQGHPZDVHUELVKHUHUIDKUHQKDWWH(UPDFKWHGHQ 0HQVFKHQNODUGDDOOH]XVDPPHQLQHLQHUYHUGDPPWHQ )DOOHVWHFNWHQXQGGDLKQHQDXFKGHU+H[HQZUJHUQLFKW PHKUKHOIHQNRQQWH-HW]WQLFKWPHKU ª$EHUZDVVROOHQZLUGHQQPDFKHQ"©VFKULHHLQH)UDXPLW YHU]ZHLIHOWHU6WLPPH ª9RUDOOHQ'LQJHQQLFKWLQ3DQLNJHUDWHQ©VDJWH6XNR UXKLJ ª'DVVLQGZLUVFKRQ©

ª:LUKlWWHQGLH.UHX]HQLFKWZHJZHUIHQVROOHQ©VDJWHHLQ DQGHUHUXQGHUQWHWHHLQEHVWlWLJHQGHV1LFNHQ ª(VLVWQLFKW]XlQGHUQ©VDJWH6XNRª$XFKDXIGHU.LUFKH EHILQGHWVLFKNHLQ.UHX]PHKU'LH+H[HQKDEHQHVDEJHULV VHQ$EHU©VRIXKUHUIRUWªGLH.LUFKHLVWQRFKLPPHUGHU VLFKHUVWH3ODW]DQGHPZLUXQVDXIKDOWHQN|QQHQPHLQH LFK© ª-DGDVVWLPPW© $OOHDQGHUHQQLFNWHQHEHQIDOOV ª*LEWHVGRUWQRFKJHZHLKWH'LQJH"©ZROOWH6XNRZLVVHQ ª'DVPWHHV© 'HU,QVSHNWRUZXQGHUWHVLFKXQGVFKDXWHLQGLH5XQGH ª,VWGHQQNHLQ3IDUUHUKLHU"© ª1HLQGHUEHILQGHWVLFKEHL9HUZDQGWHQ© 6XNRODFKWHDXIDOVHUGLH$QWZRUWYHUQDKPª'LH+H[HQ KDEHQVLFKGHQ=HLWSXQNWVHKUJXWDXVJHVXFKWZLUNOLFK© ª:LUNRPPHQWURW]GHPUHLQ©VDJWH5RGQH\ ª6LFKHU© ª$EHUZHVKDOEJUHLIHQGLHYHUIOXFKWHQ+H[HQQLFKWDQ"© ULHIHLQlOWHUHU0DQQXQGVFKDXWH6XNRVRVFKDUILQV*HVLFKW DOVZROOWHHULKPVFKRQYRUKHUGLH$QWZRUWYRQGHQ/LSSHQ DEOHVHQ ª:HLOVLHQRFKDXILKUH$QIKUHULQZDUWHQ'DVLVW:LNND GLH2EHUKH[H:HQQGLHHUVWLP'RUILVWJLEWHVNHLQHQ 3DUGRQPHKU1LHPDQGZHLZDQQVLHNRPPWGHVKDOE PVVHQZLUXQVEHHLOHQGDPLWZLUYRULKUHP(UVFKHLQHQLQ GHU.LUFKHVLQG© 'DVVDKMHGHUHLQ6XNRHUQWHWHNHLQHQ:LGHUVSUXFKXQG 5RGQH\EHUQDKPGLH)KUXQJ 6XNRKDWWHJHVHKHQZLHGDV.UHX]YRQGHU.LUFKHJHULVVHQ ZRUGHQZDU(UZXWHXQJHIlKUZRGDV*RWWHVKDXVODJ XQGVLHJLQJHQMHW]WGHQNU]HVWHQ:HJ'LH0HQVFKHQ VWDPSIWHQGXUFK*lUWHQXQGNOHWWHUWHQEHU=lXQHGHQQVLH ZROOWHQVRUDVFKZLHP|JOLFKGHQ6FKOXSIZLQNHOHUUHLFKHQ 'LH+H[HQEHJOHLWHWHQVLH

'LHVHGlPRQLVFKHQ)XULHQEOLHEHQVWHWVDQLKUHU6HLWH $XHUGHPKRFNWHQVLHDXFKQDKHGHU.LUFKH=ZHLVDHQLQ GHQ$VWJDEHOQHLQHV%DXPHVXQGODFKWHQVFKULOOZlKUHQG JUQHU4XDOPDXVLKUHQRIIHQHQ0lXOHUQGUDQJ 6XNRKDWWHVHLQH%OLFNHEHUDOO(UVFKULWWDQGHU6SLW]H VFKDXWHQDFKYRUQQDFKOLQNVXQGUHFKWV(UVDKMHGH+H[H XQGDXFKGLHEHLGHQLP*HlVWGHUDOWHQ8OPH %LVKHUZDUDOOHVJODWWYHUODXIHQ'LH0HQVFKHQKDWWHQVLFK JXWXQWHU.RQWUROOHGHQQRFKZXQGHUWHVLFK6XNRGDHV QRFKNHLQH=ZLVFKHQIlOOHJHJHEHQKDWWH(UNRQQWHDQGHQ *HVLFKWHUQXQG+DOWXQJHQGHU'RUIEHZRKQHUHUNHQQHQ ZLHVHKUVLHXQWHU'UXFNVWDQGHQXQGLUJHQGZLHPXWHVLFK GLHVHU6WUHHLQPDO/XIWYHUVFKDIIHQ %HL5RGQH\ILQJHVDQ 'DHUVWHKHQJHEOLHEHQZDUEHPHUNWH6XNRHUVWDOVHUDQ LKPYRUEHLJHODXIHQZDU'HU&KLQHVHKDWWHVRIRUWHLQHE|VH $KQXQJGUHKWHVLFKXPXQGVDKQRFKZLHGHU5RWKDDULJH VHLQ*HZHKUKRFKULXQGDXIGLH+H[HQLQGHU8OPH]LHOWH ª9HUGDPPWHV3DFN©EUOOWH5RGQH\,QVHLQHODXWH6WLPPH KLQHLQNUDFKWHGHU6FKX 'D5RGQH\QLFKWQXUVFKLHHQVRQGHUQDXFKWUHIIHQ NRQQWHVDKHQ6XNRXQGGLHDQGHUHQLPQlFKVWHQ0RPHQW 'DV*HVFKRWUDIGLH+H[HLQGLH%UXVW'LH:XFKWGHV 7UHIIHUVWULHEVLHDXVGHP*HlVWGHV%DXPHVXQGVLHILHO QDFKXQWHQZRVLHGXPSI]X%RGHQNODWVFKWH ª6RHUJHKWHVHXFKDOOHQ6R©5RGQH\YHUVWXPPWH GHQQGLH+H[HVWDQGDXI ª'X1DUU©VFKULHVLHª'X© 'DIHXHUWH6XNR (UWUDIVLHVLFKHU(LQVWLQNHQGHU4XDOPVFKZDGHQZDU DOOHVZDVYRQLKUEULJEOLHE'RFKGLHHLJHQWOLFKH*HIDKU GURKWHYRQGHU]ZHLWHQQRFKDXIGHP%DXPVLW]HQGHQ +H[H 'LHJULII5RGQH\DQ 6LHVFKULHHLQH=DXEHUIRUPHOGLHQLHPDQGYHUVWDQGGRFK

5RGQH\EHNDPGDV*UDXHQ]XVSUHQ(LQHQZLQ]LJHQ 0RPHQWVSlWHUSXIIWHHWZDVYRUVHLQHP*HVLFKWDXIXQGHU VSUWHGLH=lKQHXQG.UDOOHQHLQHU5DWWHGLHVLFKEHLLKP IHVWJHELVVHQKDWWH 5RGQH\VFKULHZLHHLQ:DKQVLQQLJHUXQGWDXPHOWH]XUFN 'DV*HZHKUOLHHUIDOOHQXQGYHUVXFKWHPLWEHLGHQ +lQGHQGLH5DWWHYRQVHLQHP*HVLFKW]XUHLHQ (VJHODQJLKPQLFKW ,QVHLQHP6FKUHLJLQJGDV.ODWVFKHQGHU'lPRQHQSHLWVFKH XQWHU6XNRKDWWH]XJHVFKODJHQ(UZDUGDEHLLQGLH+|KH JHVSUXQJHQXQGGLH5LHPHQGHU3HLWVFKHNODWVFKWHQJHJHQ GLH%HLQHGHUDXIGHP%DXPKRFNHQGHQ+H[H 6FKUHLHQGXQGPLWDXVJHEUHLWHWHQ$UPHQILHOVLHQDFK XQWHQ9RU6XNRV)HQEOLHEVLHOLHJHQXQGVWDUEHLQHQ TXDOYROOHQ'lPRQHQWRG 6RIRUWNUHLVHOWHGHU,QVSHNWRUKHUXPXPQDFKGHPURWKDD ULJHQ0DQQ]XVHKHQ (UODJDP%RGHQ'LH5DWWHJDEHVQLFKWPHKU6LHKDWWHVLFK HEHQIDOOVDXIJHO|VW 6XNRNQLHWHQHEHQ5RGQH\QLHGHUZlKUHQGGLHDQGHUHQ HLQHQ.UHLVXPGLHEHLGHQELOGHWHQ 'HQ0DQQKDWWHHVVFKZHUHUZLVFKW(UEOXWHWHVWDUNXQG VW|KQWHYRU6FKPHU]HQ ª5HLHQ6LHVLFK]XVDPPHQ©IXKU6XNRLKQDQª6LHKDEHQ 0LVWJHEDXWXQGPVVHQGDIUEHQ©(UGUHKWHGHQ.RSI ª7UlJWHLQHU]XIlOOLJHLQHQ9HUEDQGVNDVWHQEHLVLFK"© .RSIVFKWWHOQ ª9LHOOHLFKWLVWHLQHULQGHU6DNULVWHLGHU.LUFKH©VDJWH 5RGQH\V9DWHUPLW]LWWHUQGHU6WLPPH ª*XWVHKHQZLUQDFK©6XNRZLHV]ZHLNUlIWLJH0lQQHU DQGHQ9HUOHW]WHQLQGDV*RWWHVKDXV]XWUDJHQ :HQLJVSlWHUHQWGHFNWHQVLHGDV.UHX]GDVYRP'DFKGHU .LUFKHJHULVVHQZRUGHQZDU(VZDUDXIGHPZHLFKHQ%RGHQ JHODQGHWXQGWLHIHLQJHVDFNW'DEHLVWDQGHVVFKUlJ (LQHUKDWWHGDVJURH3RUWDOVFKRQJH|IIQHW1DFKHLQDQGHU

GUlQJWHQGLH0HQVFKHQVFKXW]VXFKHQGLQGDV*RWWHVKDXV 6XNREOLHEQRFKVWHKHQ(UZDUWHWHDEELVDOOHGULQQHQ ZDUHQ ,QVHLQHP*HVLFKWUHJWHVLFKNHLQ0XVNHO6HLQEHVRUJWHU %OLFNMHGRFKVSUDFK%lQGH ,FKKDWWHGLH6WLPPHQRFKQLHJHK|UWZDUDOOHUGLQJVVLFKHU GHQ+H[HQZUJHULQPHLQHP5FNHQ]XKDEHQ .HLQJXWHV*HIKOREZRKOHVLQPHLQHU+DQG]XFNWHXQG LFKGHQ6WHLQOLHEHQGJHUQDQPLFKJHQRPPHQKlWWH 1HLQHVZDUEHVVHUZHQQLFKJHKRUFKWHREZRKOHVPLU YHUGDPPWVFKZHUILHOGRFKLFKZXWHQLFKWZHOFKH7ULFNV GHUKLQWHUPLU6WHKHQGHQRFKLQGHU+LQWHUKDQGKLHOW /DQJVDPVHKUODQJVDPGUHKWHLFKPLFK,FKZROOWHLKP ]HLJHQGDLFKNHLQHQ*UXQGVDKLKQDQ]XJUHLIHQ 'DQQVWDUUWHQZLUXQVDQ 'HU6WHLQJDEJHQJHQG/LFKWDEVRGDZLUXQVJHJHQ VHLWLJPXVWHUQNRQQWHQ ,FKKDWWHLKQVFKRQHLQPDOJHVHKHQHUPLFKVLFKHUOLFK QLFKW(UVDKJHQDXVRDXVZLHDXIGHPVHOWVDPHQ)LOPGHQ 'U%DUURZVPLUYRUJHIKUWKDWWH ª0DVRQ&RUGWODQGGHU+H[HQZUJHU"©IUDJWHLFKWURW] GHP ª6HKUULFKWLJ© ª,FKELQ-RKQ6LQFODLU© ª.HQQHLFKQLFKW© ª,FKOHEHLQGLHVHU=HLW0DQQHQQWPLFKGHQ*HLVWHUMlJHU ,FKMDJH'lPRQHQ8QWHUDQGHUHPDXFK+H[HQ© (UK|UWHPHLQH:RUWHXQGVFKZLHJ]XQlFKVWVRGDLFK =HLWXQG0XHKDWWHLKQ]XEHWUDFKWHQ (UWUXJGLHJOHLFKH.OHLGXQJZLHDXIGHP)LOP(LQHQ ODQJHQ0DQWHOPLW6FKXOWHUEHUZXUI6HLQ+DDUZDUIDKO EORQGGDV*HVLFKWVHKUKDUWXQGK|O]HUQJHVFKQLWWHQXQGHU KLHOWHLQH:DIIHLQGHU+DQGGLH6XNRV3HLWVFKHlKQHOWH

$XFKVLHKDWWHHLQHQUHODWLYNXU]HQ*ULIIXQGGLHGUHLJH IORFKWHQHQ6FKQUHGLHGDUDQEHIHVWLJWZDUHQVFKLPPHUWHQ VLOEHUIDUEHQ )UPLFKHLJHQWOLFKHLQ%HZHLVGDLFKHVQLFKWPLWHLQHP 6FKZDU]EOWHU]XWXQKDWWH ª'XMDJVW+H[HQ"©IUDJWHHUPLFKXQGYHU]RJGLH 0XQGZLQNHOª,FKZUGHLFKGLUQLFKWUDWHQGHQQHVLVW PHLQH6DFKH,FKELQGHU+H[HQZUJHUXQGZHUGHVLHYHU QLFKWHQ© ª:HVKDOEKDVWGXGDVQLFKWLQGHU9HUJDQJHQKHLWJHWDQ"© ª'DZDULFKQLFKWVWDUNJHQXJ© ª+HXWHGHQQ"© ª-DLFKKDEHODQJHJHQXJLP0RRUJHOHJHQXQG.UlIWH VDPPHOQN|QQHQ'HQQLFKZDUWHWHGDUDXIGDGHU6WHLQ ZLHGHUHUVFKHLQWXQGGLH0HQVFKHQLQPHLQHP6LQQHEHHLQ IOXW'DVKDWHUJHWDQGHQQVLHKDEHQPLFKDXVGHP6XPSI JHKROW© 6HLQH$QJDEHQVWLPPWHQ'DUDQJDEHVQLFKWV]XUWWHOQ ª:HOFKH%HZDQGWQLVKDWHVPLWGHP6WHLQ"©ZROOWHLFK ZLVVHQª:RKHUVWDPPWHUZRLVWVHLQH+HLPDW"© 'DVWUHFNWHGHU+H[HQZUJHUVHLQHQIUHLHQ$UPDXVª(U LVWJHKHLPQLVYROOXQGDOW© ª'DVNDQQLFKPLUGHQNHQ6WDPPWHUYLHOOHLFKWDXVGHP /DQGH$LERQ"© *HQDXPLWGLHVHU)UDJHKDWWHLFKLQV6FKZDU]HJHWURIIHQ 'DVK|O]HUQZLUNHQGH*HVLFKWGHV+H[HQZUJHUV]HLJWHVR HWZDVZLH5HJXQJª'XNHQQVWGDV/DQG"© ª-DLFKKDEHGDYRQJHK|UW© 'HU+H[HQZUJHUQLFNWHª$EHUKLHULVWQLFKW$LERQ© VDJWHHUªXQGGHU6WHLQLVWWURW]GHPGD© ª'XZLUVWLKQJHKROWKDEHQ© ª1HLQGDVKDEHLFKQLFKW(LQDQGHUHUKDWLKQIUPLFK EHVRUJWGHQQLFKJDELKPGHQ$XIWUDJ© ª:DUHV%LQJ&RUGWODQG"© ª-DHUZDUHV©

ª,FKKDWWHHVPLUVFKRQJHGDFKW'XKDVW%LQJ&RUGWODQG EHHLQIOXW8QGGHU6WHLQYHUVFKLHEWGLH=HLWHQ,VWHV QLFKWVR"© ª5LFKWLJ*HLVWHUMlJHU© ª0DFKWHUGLFKGHQQXQEHVLHJEDU"© 'HU+H[HQZUJHUVFKDXWH]XHUVWPLFKDQXQGEOLFNWH GDQDFKDXIVHLQH3HLWVFKHª,FKKRIIHHV]XPLQGHVW:HQQ LFKLKQKDEHNDQQLFKGRUWDQIDQJHQZRLFKYRUODQJHU=HLW DXIJHK|UWKDEH$OVGDV6FKOREUDQQWHPXWHLFKIOLHKHQ 'HU6XPSIKDWPLFKYHUVFKOXFNWGDV6FKOREUDQQWHDXV XQGGLH0HQVFKHQGLHLQLKPZRKQWHQIORKHQHEHQIDOOVLQV 0RRU$EHUDXFKYLHOH+H[HQ(LQLJHYRQLKQHQKDEHQVLFK QLFKWPHKUUHFKW]HLWLJJHQXJYHUZDQGHOQN|QQHQ6LHIORKHQ LQLKUHUPHQVFKOLFKHQ*HVWDOW'HU6XPSIIUDVLHHEHQVR ZLHPLFKDEHULFKZHLGDVLHQLFKWWRWVLQG6LHZHUGHQ ]XUFNNHKUHQGHQQGLH0RRUOHLFKHQGHUOHEHQGHQ+H[HQ JLHUHQQDFK5DFKH8QGVLHWXQVLFKPLWGHQHQ]XVDPPHQ GLHLP'RUIEHUHLWVZDUWHQVRGDVLHHLQHXQVFKODJEDUH $UPHHELOGHQ© ª0XLFKGDPLWUHFKQHQGDVLHDXVGHP0RRUVWHLJHQ XQGDOVOHEHQGH7RWHXPKHUVSXNHQ"© ª-DGDVPXWGX*HLVWHUMlJHU© ª:DQQ"© ª9LHOOHLFKWVFKRQLQGLHVHU1DFKW$OOH=HLFKHQGHXWHQGDU DXIKLQ$EHUGLHVZLUGDXFKGLH1DFKWGHU5DFKHXQGGHU 9HUJHOWXQJ0HLQH5DFKH,FKUlXPHIUFKWHUOLFKXQWHUGHQ +H[HQDXIGDUDXINDQQVWGXGLFKYHUODVVHQ1LFKWXPVRQVW KDEHLFKVRODQJHZDUWHQPVVHQ© ª7UDXVWGXGLU]XHVPLWDOOHQ+H[HQDXI]XQHKPHQ"© HUNXQGLJWHLFKPLFKVS|WWLVFK ª:lUHLFKVRQVW]XUFNJHNRPPHQ"© ª6LFKHUDEHUGDLVWQRFKMHPDQGGHUGLUJHIlKUOLFKZHUGHQ N|QQWH(LQHVHKUVWDUNH+H[H6LHLVWGLH.|QLJLQXQGVLH K|UWDXIGHQ1DPHQ:LNND'XZLUVWVLHNHQQHQGHQQDOV GHU6WHLQGLH=HLWHQGXUFKHLQDQGHUEUDFKWHHUOHEWHLFKPLW

ZLHGDV6FKOREUDQQWH'DKDEHLFKGLFKVRZLH:LNNDLQGHU 9HUJDQJHQKHLWJHVHKHQ,FKVDKHXFKDXVGHP6FKORLQGDV 0RRUIOFKWHQ:LNNDODXHUWHQXUGDUDXIGLUGHQ*DUDXV]X PDFKHQ6LHZLOOGLFKHEHQVRYHUQLFKWHQZLHGXVLH,FKZHL QLFKWZHULQGLHVHP.DPSI6LHJHUEOHLEHQZLUG© 'HU+H[HQZUJHUODFKWHª,FKQDWUOLFK0HLQHU3HLWVFKH HQWJHKWQLHPDQG=XGHPZHUGHLFKGHQ6WHLQDQPLFK QHKPHQXQGDXFKHUZLUGIUGLH9HUQLFKWXQJYRQ:LNND XQGLKUHQ+HOIHUVKHOIHUQVRUJHQ© 7URW]VHLQHUJURHQ:RUWH]ZHLIHOWHLFKDQLKP(UZDUHLQ +H[HQMlJHUMHPDQGGHULQGHU9HUJDQJHQKHLWJQDGHQORV 0HQVFKHQJHW|WHWKDWWH(VKDWWHLKQQLFKWJHNPPHUWRE VLHVFKXOGLJRGHUXQVFKXOGLJZDUHQ6REDOGHLQH)UDXRGHU HLQ0lGFKHQGHQXQ]LHUWZXUGHQKDWWHHUVLFKGHU3HUVRQ !DQJHQRPPHQ 8QGPLUILHOQRFKHWZDVHLQ,FKGDFKWHDQGLH%HZRKQHU DXV%ODFNPRRU6LHZDUHQ]XP6XPSIJHJDQJHQXQGKDWWHQ GHQ+H[HQZUJHUDXVGHP]lKHQ6FKODPPJHKROW'RFKHU KDWWHLKQHQEHIRKOHQGLHFKULVWOLFKHQ6\PEROHLQGHQ6XPSI ]XZHUIHQ (UNRQQWHDOVRQLFKWDXIPHLQHU6HLWHVWHKHQZHQLJVWHQV QLFKWVRZLHLFKHVJHUQJHZROOWKlWWH ª:LNNDZDUWHWVFKRQDXIGLFK©IXKULFKIRUWª6LHEHIDQG VLFKKLHULP6FKORLFKKDEHVLHJHVHKHQXQGVLHLVWQLFKW RKQH9HUVWlUNXQJJHNRPPHQ,KUHEHVWH6FKOHULQEHILQGHW VLFKEHLLKU-DQH&ROOLQV'XZLUVWDXFKJHJHQVLHNlPSIHQ PVVHQ© ª,FKIUFKWHPLFKYRUNHLQHU+H[H©(UWUDWQRFKHLQHQ 6FKULWWQlKHUª8QGMHW]WZLOOLFKGHQ6WHLQ© 6ROOWHLFKLKPGHQ+H[HQVWHLQEHUODVVHQ",FKZXWHHV QRFKLPPHUQLFKW ª*HKZHJ©]LVFKWHHU %OLW]VFKQHOOHQWVFKORLFKPLFKª1HLQ©VDJWHLFKPLW KDUWHU6WLPPHª,FKZHUGHGHQ6WHLQDQPLFKQHKPHQ© 6HLQ*HVLFKWYHU]RJVLFKXQJOlXELJGDQQEUHLWHWHVLFK

HWZDVZLHHLQ/lFKHOQDXIVHLQHQ/LSSHQDXVª'DVKDVWGX GRFKQLFKWLP(UQVWJHPHLQW"© ª6LFKHULVWHVPLUHUQVW© ª'DQQZHUGHQZLUXPGHQ6WHLQNlPSIHQXQGLFKZHUGH GLFKW|WHQ©HUZLGHUWHHU 'DV0RRUODJVWLOO1LFKWVUHJWHVLFK'RFKGLH5XKHXQG 6WLOOHZDUHQWUJHULVFK'LH6FKZlU]HGHU)OlFKHYHUEDUJGLH XQKHLPOLFKHQ'LQJHGLHQRFKWLHILQLKUUXKWHQ :lUHGLH2EHUIOlFKH]X*ODVJHZRUGHQXQGKlWWHPDQ KLQGXUFKVFKDXHQN|QQHQZlUHGHP%HWUDFKWHUGDV*UDXHQ JHNRPPHQ'HQQWLHILP6XPSIODXHUWHQLFKWQXUHWZDVGD EHZHJWHVLFKDXFKZDV (VZDUHQGLH+H[HQGLHYRUODQJHU=HLWDOVGDV6FKORLQ )ODPPHQVWDQGLQGHQ6XPSIJHIOFKWHWXQGYRQLKP JHIUHVVHQZRUGHQZDUHQ $XIGHU/DXHUKDWWHQVLHJHOHJHQXQGJHZDUWHWELVGLH=HLW UHLIZDU1XQEUDFKLKUH6WXQGHDQ 'LH0RRUJUlEHU|IIQHWHQVLFK ,UJHQGZDQQKDWWHVLHLKUJHZRKQWHV/HEHQHLQIDFKVDWW6LH ZROOWHDXVVWHLJHQXQGGHPYHUGDPPWHQ$OOWDJHQWIOLHKHQ .HLQHQ6WUHPHKULP%URNHLQHQbUJHUNHLQH+HW]H NHLQHQHLGLVFKHQ.ROOHJLQQHQGLHVLHWURW]GHPPLWIDOVFKHU )UHXQGOLFKNHLWEHUKlXIWHQXQGQLFKWPHKUGDVHZLJH /lFKHOQDXIGHP*HVLFKWGDVHEHQ]XHLQHU&KHIVHNUHWlULQ JHK|UWHREHVLKUQXQVFKOHFKWJLQJRGHUQLFKW /\GLD%DUURZVPDFKWH6FKOX .QDOODXI)DOOVSUDFKVLHGLH.QGLJXQJDXV'DPLWEHU UDVFKWHVLHDOOHLQGHU)LUPD0DQYHUVXFKWHPLW(QJHOV JHGXOGVLH]XEHUUHGHQGRFK/\GLDKDWWHGLH1DVHYROO6LH ZROOWHHLQIDFKQLFKWPHKU9LHOOHLFKWVSlWHUPDODEHULQGHQ IROJHQGHQ]ZHL-DKUHQZUGHVLHHLQH$XVVWHLJHULQVHLQ

,UJHQGZLHLPSRQLHUWHHVLKUZLHLKU2QNHOGHUEHNDQQWH :LVVHQVFKDIWOHUHVJHVFKDIIWKDWWHVHLQHQ8QL6FKUHLEWLVFK ]XXPJHKHQ(UNRQ]HQWULHUWHVLFKQXUQRFKDXIGLH1DWXU IXKUZRFKHQODQJLQGLH(LQVDPNHLWXQGIKUWHGRUWVHLQH %HREDFKWXQJHQGXUFK ,KPZROOWHVLFK/\GLDDQVFKOLHHQ 6HLWGHP7RGLKUHU(OWHUQKDWWHVLHHLJHQWOLFKQXUPLWGHP 2QNHO9HUELQGXQJJHKDEW(VZDUGHUHLQ]LJH9HUZDQGWH GHULKUEHUKDXSWQDKHVWDQGXQGGLHEHLGHQNDPHQDXFK SUlFKWLJPLWHLQDQGHUDXVREZRKOVLHVLFKVRZHQLJVDKHQ /\GLDLQWHUHVVLHUWHVLFKIUGLH$UEHLWLKUHV2QNHOV6LH VFKULHEHQVLFKODQJH%ULHIH9RUDOOHQ'LQJHQ'U%DUURZVEH ULFKWHWHYRQVHLQHQJURHQ(UIROJHQXQGDXFKODQJZLHULJHQ %HREDFKWXQJHQLQGHQHQJOLVFKHQ0RRUXQG6XPSI JHJHQGHQ $XVGLHVHP*UXQGHZDU/\GLDLPPHUGDUEHULQIRUPLHUW ZRVLFKGHU2UQLWKRORJHDXIKLHOW 6LHKDWWHLQLKUHQ%ULHIHQGLH$EVLFKWHLQHU.QGLJXQJGHV |IWHUHQDQNOLQJHQODVVHQXQG'U%DUURZVKDWWHLKUGDUDXI KLQDXFKRIWJHQXJJHUDWHQGLH%URFNHQKLQ]XVFKPHLHQ XQGHLQ$XVVWHLJHUOHEHQ]XIKUHQ *HUDGHGLHVHU5DWKDWWHGD]XEHLJHWUDJHQGD/\GLDLQ LKUHP(QWVFKOXJHIHVWLJWZXUGH$OOHUGLQJVKDWWHVLHLKUHP 2QNHOQLFKW%HVFKHLGJHJHEHQDOVHVZLUNOLFKVRZHLWZDU 6LHZROOWHLKQEHUUDVFKHQ $XVGHPOHW]WHQ%ULHIZXWHVLHGD'U%DUURZVVLFKGLH QlFKVWHQ:RFKHQLQ0LWWHOHQJODQGDXIKDOWHQZROOWH'RUW ZDUGDV%ODFNPRRUHLQHXQKHLPOLFKH*HJHQGDEHUHLQ 3DUDGLHVIU9|JHO8QGPDQFKHYRQLKQHQZDUHQVHKU VHOWHQXQGLQDQGHUHQ*HJHQGHQOlQJVWDXVJHVWRUEHQ'DIU KDWWHGHU0HQVFKPLWVHLQHU8PZHOWYHUVFKPXW]XQJJH VRUJW ,KU2QNHOZUGHVLFKHUOLFKQLFKWVGDJHJHQKDEHQZHQQ VLHHLQSDDU7DJHEHLLKPEOLHEXQGLKQXQWHUVWW]WH(UKDWWH VLFKLPPHUJHIUHXWZHQQHUVHLQH1LFKWHVDKXQGHUZUGH

VLFKDXFKIUHXHQZHQQVLHVRSO|W]OLFKYRULKPVWDQGGDV ZDUVLFKHU 'HVKDOEKDWWHVLHLKPDXFKNHLQHQ%HVFKHLGJHJHEHQXQG ZDUHLQIDFKORVJHIDKUHQ ,KUHQ$XVWLQ$OOHJURKDWWHVLHYHUNDXIWXQGVLFKHLQHQ *HOlQGHZDJHQ]XJHOHJW(VZDUHLQ'DLKDWVX:LOGFDWHLQ NOHLQHU-DSDQHUPLW3ODQHQYHUGHFN$OV6RQGHUDQIHUWLJXQJ ZDUHQ]ZHLIHVWH7UHQHLQJHEDXWZRUGHQGLHVHQ$XIVFKODJ KDWWHVLHJHUQEH]DKOW8QGVLHNDPDXFKVHKUJXWPLWGHP :DJHQ]XUHFKW $XIGHQ6WUDHQZDUHQLKUGLHQRUPDOHQ)DKU]HXJHQDWU OLFKEHUOHJHQDEHULQGHU6XPSIXQG0RRUJHJHQGZUGH GHU:LOGFDWVHLQH4XDOLWlWHQVFKRQEHZHLVHQ 6LHOHEWHQLFKWLQ/RQGRQVRQGHUQLQ0DQFKHVWHUXQG KDWWHYRQGLHVHU6WDGWDXVNHLQHQVHKUZHLWHQ:HJXPLKU =LHO]XHUUHLFKHQ 6HKURIW]XFNWHHLQ/lFKHOQXPLKUH0XQGZLQNHOZHQQ VLHGDUDQGDFKWHZLHLKU2QNHOZRKOVWDXQHQZUGH %HVWLPPWEHNDPHUVHLQHQ0XQGQLFKWPHKU]XGHQQZHU IXKUVFKRQIUHLZLOOLJLQHLQH6XPSIJHJHQGLQGHUHVNHLQHQ .RPIRUWJDE" 'LHMlKULJH/\GLD%DUURZVKDWWHVLFKPLW/HEHQVPLWWHOQ HLQJHGHFNWVRGDVLHLQGHQHUVWHQ7DJHQEHVWLPPWQLFKW]X KXQJHUQEUDXFKWH6SlWHUZROOWHVLHGDQQLQGHUQlFKVWHQ JU|HUHQ2UWVFKDIWHWZDVNDXIHQGHQQLQ%ODFNPRRUVHOEVW VROOWHQ+XQGXQG.DW]HEHJUDEHQVHLQZLHLKU2QNHO VFKULHE (LQHVHKUJXWH.DUWHKDWWHVLHVLFKHEHQIDOOVJHNDXIW6LHODJ QHEHQLKUDXIGHP%HLIDKUHUVLW]+LQXQGZLHGHUKLHOW/\GLD DQXQGZDUIHLQHQ%OLFNGDUDXI0LW%HIULHGLJXQJVWHOOWHVLH MHGHVPDOIHVWGDVLHVLFKQLFKWYHUIDKUHQKDWWHXQGGLH +RIIQXQJLKUHQ=LHORUWSQNWOLFKXQGVLFKHU]XHUUHLFKHQ ZXFKV (VZDUHLQH/DQGVFKDIWGLHLKUHQEHVRQGHUHQ5HL]KDWWH 0HODQFKROLHDXVVWU|PHQGXQGJOHLFK]HLWLJLQYROOHU%OWH

VWHKHQGGHQQGHU)UKOLQJJLQJDXFKDQGHQ6PSIHQXQG 0RRUHQQLFKWYRUEHL 1RFKIXKUVLHGXUFKNXOWLYLHUWHV*HOlQGHVDK%DXHUQK|IH :HLGHQ)HOGHUXQG0HQVFKHQGLHDXILKUHP/DQGDUEHLWH WHQ(LQZHQLJYRUZXUIVYROOGDFKWHVLHGDUDQGDVLHLKUHQ 2QNHOQLFKWYRUKHULQIRUPLHUWKDWWH'DVKlWWHVLHDQVLFKWXQ VROOHQGHQQVLHZXWHQLHZRPLWHUJHUDGHEHVFKlIWLJWZDU =XGHPKRIIWHVLHGDHUVLFKQLFKWVFKRQQDFK/RQGRQDEJH VHW]WKDWWHXPVHLQH)RUVFKXQJHQDXV]XZHUWHQ'DV VFKOHFKWH*HZLVVHQQDJWHLQLKUXQGHVZXUGHLPPHU VWlUNHUZlKUHQGVLHZHLWHULQGHQDOOPlKOLFKYHUVFKZLQ GHQGHQ7DJKLQHLQIXKUXQG]XVFKDXWHZLHGLH6RQQHDP +RUL]RQWODQJVDPYHUVFKZDQGZREHLVLHGLHVLHXPJHEHQ GHQ:RONHQGXQNHOURWIlUEWH (VZDUHLQHUGHUSUDFKWYROOVWHQ6RQQHQXQWHUJlQJHGLH /\GLDMHHUOHEWKDWWH 'LHVHV1DWXUVFKDXVSLHOOHQNWHVLHYRQGHQHLJHQWOLFKHQ 3UREOHPHQDE6LHNRQQWHLKUHQ%OLFNQLFKWPHKUYRP +LPPHOO|VHQ]XGHPKDWWHVLHGDV*HIKOJHQDXKLQHLQ]X IDKUHQ /\GLD%DUURZVKDWWH]ZDUDOOHVJXWEHUHFKQHWGHQQRFK QLFKWJXWJHQXJ'LH=HLW]HUUDQQLKUQlPOLFKXQWHUGHQ )LQJHUQ6LHKDWWHYRUJHKDEWLKU=LHOQRFKYRUGHUHLQEUH FKHQGHQ'XQNHOKHLW]XHUUHLFKHQDEHUGDVZDUQLFKWPHKU P|JOLFK:HQQVLHLQ%ODFNPRRUHLQWUDIXQGVLFKDXIGLH 6XFKHQDFKLKUHP2QNHOPDFKWHZUGHHVOlQJVWGXQNHO VHLQ /\GLDZDUHLQKEVFKHV0lGFKHQ'DVODQJHEUDXQH+DDU KDWWHVLHYRQLKUHU0XWWHUJHHUEW,KU*HVLFKW]HLJWHHLQHQ ZHLFKHQ=XJ'LH/LSSHQZDUHQYROOXQGUHLIXQGLKUH $XJHQEOLFNWHQVWHWVKHOOZDFK'LHVHUMXQJHQ)UDXNRQQWH PDQVROHLFKWNHLQ;IUHLQ8YRUPDFKHQ =XGHPYHUVSUWHVLH+XQJHU=ZDUKDWWHVLH/HEHQVPLWWHO PLWJHQRPPHQGRFKVLHZROOWHGLH.RQVHUYHQQLFKW|IIQHQ 6LHKRIIWHDXIHLQHQ*DVWKRIZRVLHDQKDOWHQNRQQWHXP

HLQHNXU]H3DXVHHLQ]XOHJHQ'LHNOHLQH5DVWDQGHUOHW]WHQ 7DQNVWHOOHKDWWHLKUQLFKWJHUHLFKW'LHODQJH6WUHFNHPLWGHP XQJHZRKQWHQ:DJHQ]XIDKUHQZDUGRFKDQVWUHQJHQGHU JHZHVHQDOVVLHYHUPXWHWKDWWH $OVVLHLQGHQQlFKVWHQ2UWHLQIXKUVHQNWHVLHGLH *HVFKZLQGLJNHLW,KUH%OLFNHJOLWWHQUHFKWVXQGOLQNVGHU 6WUDHDQGHQ)DVVDGHQGHUNOHLQHQ+lXVHUHQWODQJXQGVLH VDKDXFKEDOGHLQ6FKLOGGDVDXIHLQ*DVWKDXVKLQZLHV'LH OHW]WHQ6WUDKOHQGHUXQWHUJHKHQGHQ6RQQHILHOHQDXIGDV QHEHQHLQHP)HQVWHUKlQJHQGHQ2YDOGRFK/\GLDNRQQWH GHQ1DPHQGDUDXIQLFKWHUNHQQHQ 6LHKLHOWWURW]GHP $OVVLHDXVVWLHJEOLHEHQHLQLJHMXQJH0lQQHUVWHKHQXQG QLFNWHQEHZXQGHUQG/\GLDWUXJHLQH]LHPOLFKHQJH+RVH GLHLKUH)LJXUJHQDXQDFK]HLFKQHWH'LH%OXVHZDUODQJXQG ZHL6LHKDWWHHLQHQZHLWJHVFKZXQJHQHQ6FKDONUDJHQ 'DUEHUKDWWHVLHHLQHJUQHGQQH-DFNHJHVWUHLIWGLH]ZHL JHOEH4XHUVWUHLIHQLQ6FKXOWHUK|KHDXIZLHV $OVVLHGLH7UDXIVWLHXQGHLQWUDWGUHKWHQVLFKLKU SURPSW]DKOUHLFKH.|SIH]XXQGLQGLH%OLFNHGHUPlQQ OLFKHQ*lVWHWUDWHLQHJHZLVVHhEHUUDVFKXQJ(LQLJH'RUI EHZRKQHUKDWWHQVLFKYHUVDPPHOWXPHLQHQ)HLHUDEHQG VFKOXFN]XQHKPHQ6LHZDUHQIDVWNRQVWHUQLHUWDOVVLHGLH )UDXVDKHQGLHLKQHQHLQHQIU|KOLFKHQJXWHQ$EHQG ZQVFKWH 6HOEVWGHU:LUWHUZLGHUWHGHQ*UXQLFKW:LHGLHDQGHUHQ VFKDXWHDXFKHUVSUDFKORV]XZLHVLFK/\GLDHLQHQ7LVFKDP )HQVWHUDXVVXFKWHXQGDQLKP3ODW]QDKP 'XUFKGLH6FKHLEHILHOHLQ5HVWOLFKWGHUYHUVLQNHQGHQ 6RQQHXQGPDOWHHLQHQEUHLWHQ6WUHLIHQDXIGHQUXQGHQ 7LVFK ª+HEHGLHQHGLH/DG\PDO©VDJWHHLQ0DQQDQGHU7KHNH XQGQLFNWH/\GLDJULQVHQG]X(UVDKDXVZLHGHUJURH 'RUI&DVDQRYDGRFKGLHMXQJH)UDXQDKPLKQEHUKDXSW QLFKW]XU.HQQWQLV

6LHEHVWHOOWHVLFKHLQ$OHXQGHWZDV]XHVVHQ6FKLQNHQ (LHUGD]X.DUWRIIHOQGDVKDWWHGHU:LUWDQ]XELHWHQ/DQJH EUDXFKWHVLHQLFKW]XZDUWHQ'DV*HULFKWGDPSIWHQRFKLQ GHU3IDQQH6LHHUKLHOWHLQHQJURHQ7HOOHUXQGEHJDQQ]X HVVHQ+LQXQGZLHGHUWUDQNVLHYRQGHPGXQNOHQ%LHU'LH *lVWHKDWWHQVLFKLQ]ZLVFKHQDQGLH$QZHVHQKHLWGHU)UDX JHZ|KQWXQGJLQJHQLKUHPEOLFKHQ'RUINODWVFKQDFK /\GLDD]LHPOLFKVFKQHOO6LHVFKDIIWHGLH3RUWLRQDEHU QLFKW$OVVLHGHQ7HOOHU]XU6HLWHVFKREWUDWGHU:LUWDQ LKUHQ7LVFK(UZROOWHZLVVHQREHVQLFKWJHVFKPHFNWKDEH ª'RFKGRFKDEHUHVZDU]XYLHO© ª6LHNRPPHQDXVGHU6WDGWQLFKW"© ª6LHKWPDQGDV"© ª.ODU0L'DVPHUNWPDQDXFK+LHUHVVHQGLH/HXWH JU|HUH3RUWLRQHQ0XZRKOLUJHQGZLHPLWGHU$UEHLW ]XVDPPHQKlQJHQ© ª.DQQVHLQ©HUZLGHUWH/\GLDXQGVFKDXWH]XZLHGHU:LUW GHQ7HOOHUXQGGLH3IDQQHKRFKQDKPª(LQH)UDJHKlWWHLFK QRFK6DJHQ6LHPDOLVWHVHLJHQWOLFKZHLWELV%ODFNPRRU"© )DVWZlUHGHP0DQQGDV*HVFKLUUYRP8QWHUDUPJH UXWVFKWª:LH"©IUDJWHHUª6LHZROOHQQDFK%ODFNPRRU"© ª-D,VWGDVVRXQJHZ|KQOLFK"© ª8QGZLH0L%ODFNPRRUOLHJWGRFKDP(QGHGHU:HOW :LUKLHUVLQGVR]XVDJHQGLHOHW]WH%DVWLRQGHU=LYLOLVDWLRQ 'DKLQWHULVWQXU6XPSIXQG0RRU$OOHVYHUGDPPWPHQ VFKHQIHLQGOLFK© ª$EHUQLFKWRKQH5HL]© ª'DVVDJHQ6LH© ª,FKZHUGHHVPLUDXIMHGHQ)DOODQVHKHQ© 'HU:LUWOHJWHVHLQHEUHLWH6WLUQLQ)DOWHQª6LHZHUGHQHV YRUGHU'XQNHOKHLWQLFKWPHKUVFKDIIHQ0L,FKZHLQLFKW REVLHVFKRQLP)LQVWHUQGXUFKHLQ0RRUJHIDKUHQVLQG(LQ 9HUJQJHQLVWGDVQLFKWNDQQLFK,KQHQVDJHQ© ª'DJLEWHVGRFKHLQH6WUDH©ZDUI/\GLDHLQ ª.ODUJLEWHVGLH'DVKHLW6WUDHN|QQHQ6LHGD]XQLFKW

VDJHQ,VWPHKUHLQPDWVFKLJHU)HOGZHJ©(UVFKDXWH]XU7U KLQª:DVKDEHQ6LHEHUKDXSWIUHLQHQ:DJHQ"© ª(LQHQ:LOGFDW© ª.HQQHLFKQLFKW© ª,VWHLQ*HOlQGHZDJHQ©ULHIMHPDQGYRQGHU7KHNHKHU GHQQGRUWK|UWHQGLH0lQQHUGHQ'LDORJGHUEHLGHQPLW ª1DMD©VDJWHGHU:LUWªGDPLWNRPPHQ6LHYLHOOHLFKW GXUFK%OHLEWLPPHUQRFKGLH)LQVWHUQLV© /\GLDOlFKHOWHª'DV$XWRKDW6FKHLQZHUIHU© ª'LHQXW]HQ,KQHQQLFKWYLHOhEHUQDFKWHQ6LHOLHEHUKLHU XQGIDKUHQ6LHHUVWPRUJHQQDFK%ODFNPRRU'DVLVWVLFKHU OLFKEHVVHU© ª'DQNHIUGHQ5DWDEHULFKZHUGHPLFKVFKRQ]XUHFKW ILQGHQ'LHIQI]HKQ0HLOHQSDFNHLFKQRFK© ª:LH6LHZROOHQ0L6DJHQ6LHKLQWHUKHUQXUQLFKWGD LFK6LHQLFKWJHZDUQWKlWWH© ª:LHYLHOKDEHLFK]X]DKOHQ"© 'HU:LUWQDQQWHGHQ%HWUDJ /\GLD%DUURZVOHJWHQRFKHLQ7ULQNJHOGKLQ]Xª)U,KUH :DUQXQJHQ0LVWHU© ª2KGDVZlUHDEHUQLFKWQ|WLJJHZHVHQ©'HU:LUWVDKVR DXVDOVZROOWHHUQRFKHWZDVVDJHQYHUNQLIIVLFKGLH %HPHUNXQJMHGRFK(UKDWWHLQ]ZLVFKHQIHVWJHVWHOOWGDHU GLH)UDXGRFKQLFKWXPVWLPPHQNRQQWH'LHKDWWHHLQHQ 'LFNNRSI /\GLD%DUURZVYHUOLHGLH*DVWVWlWWHXQGVDKVFKRQGLH ODQJHQ6FKDWWHQGHU'lPPHUXQJGLHGHP2UWHLQHQY|OOLJ DQGHUHQ$QVWULFKJDEHQ /\GLDVWDUWHWH6LHVFKDOWHWHGDV/LFKWHLQXQGHLQLJH 0LQXWHQVSlWHUDOVVLHGDV'RUIKLQWHUVLFKJHODVVHQKDWWH WDQ]WHQGLHKHOOHQ6FKHLQZHUIHUEHUHLQHQ:HJGHULPPHU PHKU6XPSIFKDUDNWHUDQQDKPDOOHUGLQJVQRFKJXW]X EHIDKUHQZDU6LHZDUYRQGHUQRUPDOHQ6WUDHDEJHERJHQ ZHLOVLHHLQHP+LQZHLVVFKLOGQDFK%ODFNPRRUJHIROJWZDU 2EZRKOVLHVLFKLQGHU*DVWVWXEHQRFK]LHPOLFKRSWL

PLVWLVFKJH]HLJWKDWWHEOLHEHLQXQUXKLJHV*HIKO'LH :DUQXQJHQGHV:LUWVZDUHQQLFKWZLUNXQJVORVYHUSXIIW XQGGLH*HJHQGWUXJ]XGHP6FKXOGGDUDQGDVLHLPPHU ZLHGHUGDUDQGHQNHQPXWH -HPHKUGLH'XQNHOKHLW]XQDKPXPVRZHQLJHUVDK/\GLD YRQGHU/DQGVFKDIW 'DZDUHQSO|W]OLFKJHZDOWLJH6FKDWWHQGLHDOOHVXP DUPWHQ9RQGHQ%lXPHQRGHU%VFKHQGLHDXIGHP0RRU ZXFKVHQZDUQLFKWVPHKU]XVHKHQGDIUHQWGHFNWHVLH DQGHUH'LQJH7DQ]HQGH*HVWDOWHQGLHDXVVDKHQZLH 0HQVFKHQXQGVLFKHUVWEHLQlKHUHP+LQVHKHQDXIO|VWHQVR GD/\GLDHUNDQQWHGDHVQXU1HEHOVFKZDGHQZDUHQGLH ODXWORVEHUGDV0RRUVWULFKHQ /\GLDZDUHLQH)UDXGLHHLQHQ6LQQIUGLH5HDOLWlWHQGHV /HEHQVEHVD'DVPXWHVLHJDQ]HLQIDFKEHLLKUHP-RE 8QKHLPOLFKH'LQJHZDUHQLKUIUHPG6LHJODXEWHQLFKWDQ *HLVWHUQLFKWDQ'lPRQHQXQGDXFKQLFKWDQGLH,QWHU SUHWDWLRQGHU,UUOLFKWHUGDHVGLH*HLVWHUGHULP0RRUYHU VXQNHQHQ7RWHQZDUHQDEHUVLHVDKGLH/LFKWHUGLHKLQXQG ZLHGHUEHUGLHGXQNOH)OlFKHWDQ]WHQ :LHNOHLQH5DNHWHQHUVFKLHQHQVLHLKUGLHLP1LFKWVVWDU WHWHQXQGHLQHQ=LFN]DFN.XUVQDKPHQEHYRUVLHZLHGHU HUO|VFKWHQ ,QGLHVHU*HJHQGDOVRIKOWHVLFKLKU2QNHOZRKO'DYRQ KDWWHHULQVHLQHQ%ULHIHQLPPHUJHVFKZlUPW%HJUHLIHQ NRQQWH/\GLDGDVQLFKWVRUHFKWUHGHWHVLFKDOOHUGLQJVHLQGD ZRKODOOHVQXU*HZRKQKHLWVVDFKHZDU:HQQVLHVLFKOlQJHU LP0RRUDXIKLHOWZUGHVLHVLFKHUOLFK*HIDOOHQGDUDQILQGHQ 'HU:DJHQVSLHOWHJXWPLW/\GLDKDWWHVLFKDQGLHXQJH ZRKQWH6FKDOWXQJJHZ|KQWVRGDVLHDOOH+LQGHUQLVVHGLH VLFKLKULQGHQ:HJVWHOOWHQPLW%UDYRXUQDKP :LHHLQHGXQNOH6FKODQJHULQJHOWHVLFKGHU:HJGXUFKGHQ 6XPSI0DQFKPDOZDUHU]XJHZDFKVHQGDQQZLHGHUXP KDWWHPDQLKQGXUFK%RKOHQYHUVWlUNWVRGDGHU:DJHQ QLFKWHLQVDFNWH

,Q]ZLVFKHQ]HLJWHVLFKDXFKGHU0RQG 5HFKWVYRQ/\GLD%DUURZVOHXFKWHWHHUDP)LUPDPHQW'HU (UGWUDEDQWHULQQHUWHVLHDQHLQHIODFKH=LWURQHQVFKHLEHGLH MHPDQGPLWHLQHPJURHQ3LQVHODQGHQ+LPPHOJHPDOW KDWWH 8QGQRFKHWZDVVDKVLHZHQQVLHLQ5LFKWXQJGHV0RQGHV VFKDXWH'DYRUMHGRFKLQ6XPSIK|KHVWDQGHLQH5XLQH 6LHHULQQHUWHVLFKGDLKU2QNHOGDYRQHLQPDOJHVFKULHEHQ KDWWH(VZDUHLQDOWHV6FKORYRU-DKUKXQGHUWHQVFKRQDXV JHEUDQQWXQGHVKDWWHPDOHLQHP+H[HQMlJHUJHK|UW 6RVFKULHEHVGLH*HVFKLFKWH 8QGGLH*HVFKLFKWHVFKULHEZHLWHUGDLQGLHVHU*HJHQG XQJHKHXHUOLFKH%OXWWDWHQJHVFKHKHQZDUHQ'HU+H[HQMlJHU ZDUEHNDQQWIUVHLQHJUDXVDPHQ)ROWHUPHWKRGHQGRFKHU W|WHWH]XPHLVWPLWVHLQHU3HLWVFKH,KUKDWWHQGLH+H[HQ QLFKWVHQWJHJHQ]XVHW]HQJHKDEW:LHYLHOHXQVFKXOGLJH 2SIHUHUGDPLWXPJHEUDFKWKDWWHGDUDQZROOWH/\GLDHUVW JDUQLFKWGHQNHQ1RFKKHXWHVSUDFKHQGLH0HQVFKHQYRQ GHPJHKHLPQLVYROOHQ+H[HQZUJHUXQGVLHUHGHWHQDXFK YRQVHLQHU5FNNHKUGHQQDQJHEOLFKVROOWHHUJDUQLFKWULFK WLJXPJHNRPPHQVHLQ'DVZXWHVLHYRQLKUHP2QNHO 6FKDXHUPlUFKHQ:HUJODXEWHVFKRQGDUDQ"/\GLD%DUURZV MHGHQIDOOVQLFKW8QGDXFKQLFKWLKU2QNHO6RQVWKlWWHHUHV QLFKWVRODQJHLP0RRUDXVJHKDOWHQ 6LFKHUGLH6WLPPXQJZDUXQKHLPOLFKXQGZHQQPDQVLFK VRJDQ]LQGLHKHUUVFKHQGH$WPRVSKlUHKLQHLQYHUVHW]WH NRQQWHQHLQHPVFKRQVHOWVDPH*HGDQNHQGXUFKGHQ.RSI VFKLHHQ /\GLDKDWWHNHLQH=HLWGDIU6LHPXWH]XVHKUDXIGLH 6WUHFNHDFKWHQGHQQVLHZROOWHNHLQHVIDOOVLQ*HIDKUJHUDWHQ YRP:HJDE]XNRPPHQXQGUHFKWVRGHUOLQNVLPWLHIHQ 6FKODPP]XODQGHQGHQQGDUDXVKlWWHVLHVLFKDXFKPLW LKUHP*HOlQGHZDJHQNDXPEHIUHLHQN|QQHQ +RIIHQWOLFKEHIDQGVLFKLKU2QNHOLQ%ODFNPRRU(UNRQQWH PDQFKPDOVHKUVHOWVDPVHLQ:HQQHVLKQSDFNWHYHU]LFK

WHWHHUDXIMHJOLFKH=LYLOLVDWLRQEHUQDFKWHWHLP0RRUXQG JLQJY|OOLJLQVHLQHU$UEHLWDXI 'LH6WUHFNHZXUGHVFKOHFKWHU(VJDE]DKOUHLFKH:HOOHQLP %RGHQEHUGLHGHU:LOGFDWVFKDXNHOWH+LQXQGZLHGHU NUDW]WHQGLH=ZHLJHDQGHQ:HJKHUDQZDFKVHQGHU%VFKH EHUGLH.DURVVHULHGHV*HOlQGHZDJHQV$XFKSHLWVFKWHQVLH JHJHQGLH)URQWVFKHLEHGLHGLHVH6FKOlJHDOOHUGLQJVDXV KLHOW 'DV0RRUODJVFKZHLJHQG-HW]WZDUGHU0RQGYROODXIJH JDQJHQ(UVFKLFNWHVHLQIDKOHV/LFKWDXIGLH(UGHXQGGHU VLOEULJH6FKHLQJOLWWODXWORVLQMHGH6SDOWHRGHU5LQQHGHV 0RRUV $QGHQIDXOLJHQ*HUXFKKDWWHVLFK/\GLDLQ]ZLVFKHQJH Z|KQW(UJHK|UWHHEHQGD]X *HLVWHUKDIWWDQ]WHQXQGEHZHJWHQVLFKGLH1HEHOVFKZDGHQ LQQHUKDOEGHV/LFKWWHSSLFKV'HU:LQGWULHEVLHYRQEHLGHQ 6HLWHQDXIGHQ:HJIRUPWHVLH]X)LJXUHQXPVLHGDQQ]X IODWWHUKDIWHQ*HELOGHQZLHGHUDXVHLQDQGHU]XWUHLEHQ 'LH)DKUWLP0HLOHQ7HPSRZDUDQVWUHQJHQG 1DFKHLQHUZHLWJHVFKZXQJHQHQ5HFKWVNXUYHKDWWHGLH MXQJH)UDXGDV*HIKOGLUHNWLQGDVVFKZDU]H0RRUKLQHLQ ]XIDKUHQ=XHUVWEHNDPVLH$QJVWVLHJODXEWHGDUDQGDGLH 5lGHUHVQLFKWSDFNHQZUGHQ'RFKZHQQVLHHLQPDO VWHFNHQEOLHEXQGYRUVLFKWLJPLWGHP*DVVSLHOWHNDPVLH LPPHUZLHGHUIUHL %LVVLHGHQ6FKODJJHJHQGLH.KOHUKDXEHVSUWH'HU :DJHQZXUGHGXUFKJHUWWHOW/\GLDZDULUJHQGZRJHJHQ JHIDKUHQKDWWHDOOHUGLQJVQLFKWJHVHKHQXPZDVHVVLFK GDEHLKDQGHOWHGHQQLKU%OLFNZDUIUHLQH6HNXQGHDE JHVFKZHLIW -HW]WGXUFKIXKUVLHGHUKHLH6FKUHFNXQGVLHWUDWDXWR PDWLVFKDXIGDV%UHPVSHGDO 'HU:DJHQVWDQG =XGHPKDWWHVLFK/\GLDVRHUVFKUHFNWGDVLHGHQ0RWRU DEZUJWH.HLQ*HUlXVFKXQWHUEUDFKPHKUGLH6WLOOH

'LH5XKHZDULKUXQKHLPOLFK /\GLDEOLHEVWHLIXQGVWDUUVLW]HQREZRKOVLHDPOLHEVWHQ GHQ=QGVFKOVVHOZLHGHUKHUXPJHGUHKWKlWWHXPGHQ 0RWRU]XVWDUWHQ6LHNRQQWHHVHLQIDFKQLFKWGHQQVLH ZROOWHZLVVHQZDVGDJHJHQGDV9RUGHUWHLOGHV:DJHQV JHVFKODJHQZDU ,KUH+lQGHODJHQDP/HQNUDG6LHVSUWHGHQ6FKZHLDXI LKUHQ+DQGIOlFKHQ,P*HJHQVDW]GD]XZXUGHLKU0XQG SXOYHUWURFNHQ'HU6SHLFKHOVFKLHQ]X6WDXE]XZHUGHQ (LQSDDUPDOKXVWHWHVLH 'DV$XWRZXUGHYRQGHQ'XQVWVFKOHLHUQXPZHKW6LH HULQQHUWHQ/\GLD%DUURZVDQODQJH)DKQHQGLHXQVLFKWEDUH +lQGHODXWORVYRUDQVFKREHQXQGGLHDXFKWUlJHEHUGHQ VWHKHQGHQ:DJHQVWULFKHQ'HU%OLFNGHU)DKUHULQZDUVWDUU QDFKYRUQJHULFKWHW6LHYHUVXFKWHEHUGLH.KOHUKDXEH]X VFKDXHQXQGGLH8UVDFKHIUGHQ=XVDPPHQVWR]XILQGHQ /HLGHUZDULKU%OLFNZLQNHO]XXQJQVWLJVRGDVLHVLFKDXI VHXI]HQG]XUFNOHKQWH %LVKHUKDWWHLKUGLH)DKUWLQGHQ6XPSIQLFKWVDXVJHPDFKW 1XQDEHUVSUWHVLHGLH)XUFKW6LHWUDXWHVLFKQLFKWGHQ :DJHQ]XYHUODVVHQREZRKOHVQLFKWOHEHQVJHIlKUOLFKZDU GHQQGLH%RKOHQKDWWHQHLQHJHQJHQGH%UHLWH 6FKOLHOLFKJDEVLHVLFKHLQHQ5XFNXQG|IIQHWHGLH7UDQ GHU)DKUHUVHLWH6LHVSUWHGLHNKOH/XIWGLHLQGDV,QQHUH GHV:DJHQVGUDQJ$XFKGLH1HEHOVFKOHLHUIDQGHQLKUHQ :HJXQGOHJWHQVLFKZLHIHXFKWH7FKHUDXILKUH+DXW 'LHMXQJH)UDXDWPHWHWLHIGXUFK6LHGUHKWHVLFKQDFK UHFKWVVFKZDQJGLH%HLQHDXVGHP:LOGFDWIKOWHXQWHUGHQ 6RKOHQGHU6FKXKHGHQZHLFKHQ%RGHQXQGKDWWHIUHLQHQ 0RPHQW$QJVWHLQ]XVLQNHQ'LH$QJVWYHUJLQJDOVVLHIHVW VWHOOWHGDGHU8QWHUJUXQGVLHWUXJ /\GLDJLQJHLQSDDU6FKULWWHYRU 6LHKDWWHGLH.KOHUVFKQDX]HVFKQHOOHUUHLFKWVFKDXWH QDFKOLQNVXQGZROOWHVHKHQJHJHQZDVVLHGDJHIDKUHQZDU DOVVLHSO|W]OLFKHWZDVK|UWH

*HVDQJ =XHUVWJODXEWHVLHDQHLQHQ,UUWXP:HUVFKOLFKKLHUQDFKWV GXUFKGHQ6XPSIXQGVDQJHLQ/LHG"'DVPXWHHLQH 7lXVFKXQJVHLQ6LHODXVFKWHDEHUZHLWHUXQGK|UWHWDWVlFK OLFK6WLPPHQGLHVLFK]XHLQHP6LQJVDQJYHUHLQLJWHQ (VZDUNHLQQRUPDOHV6LQJHQ(WZDVlKQOLFKHVKDWWHVLH PDOLQHLQHP)LOPJHK|UWGHULQHLQHP6SXNVFKORVSLHOWH 'RUWKDWWHHV*HLVWHUJHJHEHQGLHHEHQIDOOVJHVXQJHQ KDWWHQ +LHUZDUHVJOHLFK 6LHVFKDXWHLQGLH5LFKWXQJDXVGHUVLHGLH/DXWHYHU QRPPHQKDWWH 9LHOVDKVLHQLFKW7UlJHZDOOWHGHU1HEHO(UVFKLHQPLW VHLQHQ(QGHQDQGHUVFKZDU]HQ)OlFKHIHVW]XNOHEHQ /\GLDVFKOXFNWH 1RFKLPPHUVSUWHVLHGHQ6FKZHLDXIGHU6WLUQ,KU $WHPJLQJKHIWLJ8QGGDQQVDKVLHSO|W]OLFKGLH%HZHJXQJ =XHUVWGDFKWHVLHHVZlUHQGLH1HEHOVFKOHLHUGRFKZHQLJ VSlWHUZXUGHVLHHLQHVEHVVHUHQEHOHKUWGHQQVLHYHUQDKP DXFKZLHGHUGLH6WLPPHQ *HLVWHUKDIWXQKHLPOLFKGUDQJHQVLHGXUFKGLH6WLOOHXQG ZXUGHQ]XP7HLOYRP1HEHOYHUVFKOXFNW7URW]GHPNRQQWH /\GLDHLQLJH:RUWHYHUVWHKHQ ª'LH*UlEHUKDEHQVLFKJH|IIQHW'LH=HLWGHU+H[HQLVWGD -DKUKXQGHUWHVLQGYHUJDQJHQGRFKGLH7RWHQNRQQWHQQLFKW UXKHQ© ªQLFKWUXKHQQLFKWUXKHQ© /\GLD%DUURZVJODXEWHYHUUFNW]XZHUGHQ'DVZDU :DKQVLQQZDVVLHGDHUOHEWH6LHVFKWWHOWHGHQ.RSIWUDW QRFKHLQHQ6FKULWWYRUELVVLHGLFKWDP5DQGGHU6WUDH VWDQGXQGULGLH$XJHQZHLWDXIXPEHVVHUVHKHQ]X N|QQHQ 6LHNDPHQDXVGHP1HEHO 8QGVLHVFKZHEWHQEHUGHP0RRU 8QKHLPOLFKH*HVWDOWHQHLQJHKOOWLQGXQNOH6lFNHRGHU

.XWWHQGLH*HVLFKWHUJHLVWHUKDIWEODXQWHUGHP2YDOGHU .DSX]HQ /HEHQGH7RWH =RPELH+H[HQ :LHIHVWJHQDJHOWVWDQGGLHMXQJH)UDXDXIGHP)OHFN,KU 0XQGEHZHJWHVLFKRKQHGDHLQ:RUWEHULKUH/LSSHQ GUDQJ'HU$WHPJLQJNHXFKHQGVLHJLQJZLHGHU]XUFN =DXGHUQGlQJVWOLFKXQG]|JHUQG 'DEHLVDKVLHQLFKWGDVLFKXQWHUGHP)DKU]HXJHWZDV EHZHJWH(LQH+DQGNURFKKHUYRUXQGQlKHUWHVLFKODQJVDP /\GLDVUHFKWHP)XNQ|FKHO )UGHQYHUOHW]WHQ5RGQH\ZDUJHVRUJWZRUGHQ6XNRKDWWH LQ]ZLVFKHQDXFKGHVVHQ1DFKQDPHQHUIDKUHQ 6SLNHUKLHHU5RGQH\6SLNHU (UODJDXIHLQHU.LUFKHQEDQNXQG]ZHL)UDXHQNPPHU WHQVLFKXPLKQ,QGHUDQGLH.LUFKHJUHQ]HQGHQ6DNULVWHL KDWWHQVLHWDWVl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

lQJVWLJWHU6FKDIH(LQMHGHUVFKDXWHGHQDQGHUHQIUDJHQGDQ DOVN|QQWHHUDXVGHP*HVLFKWVHLQHV1DFKEDUQGLH$QWZRUW DXIHLQH)UDJHHUKDOWHQGLHDOOH9HUVDPPHOWHQDPPHLVWHQ EHVFKlIWLJWH .|QQHQZLUHVVFKDIIHQ" 'DVVWDQGZLHHLQJURHV)UDJH]HLFKHQEHULKQHQ .RQQWHQVLHHVWDWVlFKOLFKVFKDIIHQ" 6XNRZDUQLFKWJHIUDJWZRUGHQ.HLQHUWUDXWHVLFKPDQ ZDUILKPQXU%OLFNH]X 'HU,QVSHNWRUZDQGHUWHGXUFKGDV.LUFKHQVFKLII(ULQVSL ]LHUWHHVVXFKWHQDFK9HUVWHFNHQXQGEHWUDWDXFKGLHNOHLQH 6DNULVWHLZRGDV/LFKWEUDQQWH (LQHQZHLWHUHQ5DXPJDEHVKLHUQLFKW'HU3IDUUHU ZRKQWH]ZDUQDKHGHU.LUFKHHVH[LVWLHUWHDOOHUGLQJVNHLQH 9HUELQGXQJ]XVHLQHP+DXV6XNRVFKREHLQHQVFKPDOHQ +RO]WLVFK]XU6HLWHXQGEOLHEYRUHLQHPKRKHQ6DNULVWHL IHQVWHUVWHKHQ'XUFKGLH6FKHLEHVFKDXWHHUQDFK GUDXHQLQGLH'XQNHOKHLW(UK|UWHVLH]ZDUQLFKWHUVDK VLHMHGRFK +LQXQGZLHGHUKXVFKWHQVLHDP)HQVWHUYRUEHL'D JOLFKHQVLHIHXULJHQ.RPHWHQZHQQVLHLKUH+H[HQNUlIWH DXVVSLHOWHQXQGVLHZDUHQZLHGHULP1XYHUVFKZXQGHQ 1RFKNRQQWH6XNRGLH.LUFKHPLWHLQHU)HVWXQJYHUJOHL FKHQ(UIUDJWHVLFKGHQQRFKZLHODQJHVLHKDOWHQZUGH$OV HUKLQWHUVLFK6FKULWWHYHUQDKPGUHKWHHUVLFKXP 'HUDOWH6SLNHUWUDWDXILKQ]X(LQNOHLQHU0HQVFKMHGRFK YROOHU(QHUJLHª1XQZLHVLHKWHVDXV"© 6XNRVFKDXWHGHQ$OWHQDQª(VJHKW© ª:LUVLW]HQWLHIGULQQLFKW"© ª1RFKWLHIHU© 6SLNHUQLFNWHª(VLVWGHUYHUGDPPWH)OXFKGHUEHU %ODFNPRRUOLHJW'LHJDQ]H*HJHQGLVWYHUVHXFKW*UDXHQ KDIWGDVN|QQHQ6LHPLUJODXEHQ:LUZHUGHQGLH9HU JDQJHQKHLWHLQIDFKQLFKWORV'DV(UEHGHV+H[HQMlJHUV YHUIROJWXQV©

ª:REHL6LHVLFKQLFKWGDJHJHQJHZHKUWKDEHQ©VWHOOWH 6XNRIHVW 6SLNHUVFKDXWHLKQDQ1DFKHLQHU:HLOHQLFNWHHUª-D6LU GDVVWLPPW:LUKDEHQXQVQLFKWGDJHJHQJHZHKUW© ª8QGZHVKDOEQLFKW"© 6SLNHUKREGLH6FKXOWHUQª.HLQH$KQXQJ:LUKDEHQHV HLQIDFKKLQJHQRPPHQ(VKDWXQVJHWURIIHQXQGGDPLW ILQGHQZLUXQVDE+LHUJHKHQGLH8KUHQHEHQDQGHUVDOV EHL,KQHQLQGHU6WDGW6LU:LUOHEHQQLFKWQXULQGHU 1DWXUVRQGHUQDXFKPLWGHU1DWXU8QG]ZDUPLWDOOHQ .RQVHTXHQ]HQ'DV0RRUZLVVHQ6LHYHUELUJWVHLQHVFKDX ULJHQ*HKHLPQLVVH8QWHUGHUGXQNOHQ2EHUIOlFKHLVWGDV *UDXHQ]X+DXVH'DODXHUWHVGDZLOOHVDQGLH2EHU IOlFKH© ª:DVODXHUWGD"© 6SLNHUJDENHLQH$QWZRUW6WDWWGHVVHQEFNWHHUVLFKXQG |IIQHWHHLQH6FKUDQNWU(UKROWHHLQH)ODVFKHPLW0HZHLQ XQG]ZHL*OlVHUKHUYRUª(LQHQ6FKOXFNN|QQHQZLUYHUWUD JHQ©HUNOlUWHHUXQGVWHOOWHGLH)ODVFKHDXIGHQ7LVFKGHQ 6XNR]XU6HLWHJHVFKREHQKDWWH ª)UPLFKQLFKW© ª8QGLFK"© ª6LFKHUWULQNHQ6LHQXU© 6SLNHU]RJGHQ.RUNHQDXVGHUgIIQXQJXQGVFKHQNWHGDV *ODVIDVWELV]XP5DQGYROO(UQDKPHLQHQWLHIHQ6FKOXFN $XIVHLQHP*HVLFKWJLQJGDEHLGLH6RQQHDXIª'DVWDWJXW© IOVWHUWHHUDOVHUGDV*ODVDEVHW]WH ª6DJHQ6LHPLUZDVLP0RRUODXHUW©YHUODQJWH6XNR ª,FKZHLHVVHOEVWQLFKWJHQDX©HUNOlUWHGHU$OWHª$EHU PDQVSULFKWGDYRQJHKHLPQLVYROOHQ=RPELH+H[HQGLHJDU QLFKWWRWVLQGVRQGHUQHLJHQWOLFKQXUVFKODIHQ© ª6LHVROOHQZDFKZHUGHQ"© ª-D,QHLQHUDOWHQ&KURQLNKDEHLFKPDOIROJHQGHQ6DW] JHOHVHQ)OLHKZHQQVLFKGLH*UlEHU|IIQHQ'DPLWVR JODXEHLFKVLQGGLH*UlEHULP0RRUJHPHLQW©

ª:LUNOLFK"© ª-D6LU© 6XNRWUDWZLHGHUDQGDV)HQVWHUXQGVFKDXWHKLQDXV9RQ =RPELH+H[HQKDWWHGHU0DQQJHVSURFKHQ9RQ:HVHQGLH YRU-DKUKXQGHUWHQLP0RRUYHUVXQNHQZDUHQXQGGDUDXI ODXHUWHQZLHGHUGHP6XPSIHQWVWHLJHQ]XN|QQHQ 9HUGDPPWZHQQGDVVWLPPWHGDQQYHUJU|HUWHVLFKGLH *HIDKUGDV*UDXHQZXFKVZXUGHVRLPPHQVJURGD 6XNRNDXPHLQH&KDQFHVDKQRFKHWZDV]XUHWWHQ:HQQ VLFKGLH=RPELHVPLWGHQ]XUFNYHUZDQGHOWHQ+H[HQLP 'RUI]XVDPPHQWDWHQNRQQWHGLHV]XHLQHP&KDRVIKUHQ LQGHPGLH0HQVFKHQXQWHUJLQJHQ 6FKDUIGUHKWHHUVLFKXP 'HU$OWHVWDQGPLWGHP:HLQJODVLQGHU+DQGGDXQG VFKDXWHLKQDQª8QG6LHVLQGVLFKVLFKHU"©IUDJWH6XNR ª-D© ª.|QQHQ6LHPLWHLQHUXQJHIlKUHQ=DKOGLHQHQ"©ZROOWH 6XNRZLVVHQ ª7XWPLUOHLG1LHPDQGZHLZLHYLHOH+H[HQLP0RRU YHUVXQNHQVLQG$XHUGHPLVWHVVHKUODQJHKHUPVVHQ6LH ZLVVHQXQGGLH$QJDEHQGDUEHUVLQGQXUXQYROOVWlQGLJ© ª:HVKDOEZXUGH%LQJ&RUGWODQGJHW|WHW"© ª(UZROOWHHVVR© ª0DVRQ"© ª-D© 6XNRUXQ]HOWHGLH6WLUQª6LHKDEHQDOOHPLWJHPDFKW 9HUGDPPWVFKlPHQ6LHVLFKHLJHQWOLFKQLFKW",KUVHLGIU GHQ7RGGLHVHV0DQQHVYHUDQWZRUWOLFK© 6SLNHUOHHUWHVHLQ*ODVXQGYHUWHLGLJWHVLFKª:DVKlWWHQ ZLUGHQQWXQVROOHQ":lUHGDVQLFKWJHVFKHKHQZlUHQZLU MDQRFKVFKXW]ORVHU6RN|QQHQZLUZHQLJVWHQVDXI0DVRQ &RUGWODQGYHUWUDXHQ© ª/DFKKDIW©HUNOlUWH6XNRª:RLVWHUGHQQHXHU0DVRQ &RUGWODQG"1LUJHQGZR(UOlWVLFKMDQLFKWEOLFNHQ,KQ N|QQWLKUDEVFKUHLEHQ:HQQLKUMHPDQGHPYHUWUDXHQZROOW

GDQQYHUWUDXWHXFKHXUHU.UDIWXQGYLHOOHLFKWDXFK-RKQ 6LQFODLUXQGPLU© ª.|QQHQ6LHHVGHQQVFKDIIHQ6LU"© ª,FKZHLHVQLFKW0U6SLNHU:LUZHUGHQDEHUDOOHVWXQ XPGLH*HIDKUDE]XZHQGHQ© ª'DQQKHOIHLFK,KQHQ© ª:HQQHVGHQ+H[HQDOOHUGLQJVJHOLQJWGLH.LUFKH]XVWU PHQVLQGZLUYHUORUHQ© 'LH:RUWHVFKRFNWHQGHQ0DQQ(UVHQNWHGHQ%OLFN DWPHWHWLHIHLQXQGKREGLH6FKXOWHUQª:DKUVFKHLQOLFKVROO HVVRVHLQ'LH9HUJDQJHQKHLWKROWXQVHLQGHU)OXFKLVWQLFKW ]XVWRSSHQ© ª(UVWHLQPDODEZDUWHQ©HUNOlUWH6XNRXQGGHXWHWHDXIGLH 7Uª:LUJHKHQZLHGHU]XGHQDQGHUHQ© ª(LQH)UDJHKlWWHLFKQRFK© ª%LWWH© ª'LH6DFKHPLWGHU5DWWHYRUKLQ'DVNDQQGRFKMHGHPYRQ XQVSDVVLHUHQQLFKWZDKU"© ª6FKRQZHQQZLUQLFKWDFKWJHEHQ'LH+H[HQEHVLW]HQ .UDIW0DJLVFKH.UDIWPHLQHWZHJHQDXFK=DXEHUNUDIW6R LVWGDVQXQPDO+LHUZHUGHQVFKDXULJH0lUFKHQOHLGHU]X HLQHUWUDXULJHQ7DWVDFKH0U6SLNHU©HUNOlUWH6XNR 'HU$OWHVFKWWHOWHVLFK6XNRVDKGLH*lQVHKDXWDXI VHLQHP*HVLFKWª9LHOOHLFKWKDOWHQVLHGLHGLFNHQ0DXHUQGHU .LUFKHWURW]GHPDE©IOVWHUWHHU ª-DYLHOOHLFKW© ª:ROOHQ6LHGHQDQGHUHQGDVJOHLFKHVDJHQZLHPLU"© 'HU&KLQHVHVFKWWHOWHGHQ.RSIª1HLQ0U6SLNHU'D EUDXFKHQ6LHNHLQH6RUJH]XKDEHQ© (UDWPHWHEHUXKLJWDXVXQGVFKOXJHLQ.UHX]]HLFKHQGDQQ JLQJHUZLHGHUPLW6XNR]XUFNLQGLH.LUFKH 'DV,QQHUHGHV.LUFKHQVFKLIIHVERWHLQGVWHUHV%LOG'D NHLQH/DPSHQEUDQQWHQZDUHQGLH*HVWDOWHQQXUVFKHPHQ KDIW]XHUNHQQHQ'LH)UDXHQVDHQLQGHQ%lQNHQLKUH 5FNHQZDUHQJHEHXJWGLH+lQGHKDWWHQVLH]XP*HEHW

LQHLQDQGHUYHUNUDPSIW0DQFKH/LSSHQ]XFNWHQ'LH)UDXHQ EHWHWHQOHLVH 1LHPDQGVROOWHVLHK|UHQQXUHLQ]LVFKHQGHV)OVWHUQ ZHKWHGXUFKGDV.LUFKHQVFKLII %LVDXIGHQ9HUOHW]WHQVWDQGHQDOOH0lQQHUDXHUKDOEGHU %lQNH,KUH%OLFNHULFKWHWHQVLFKDXIGLH6HLWHQZlQGHGHU .LUFKHZRVLFKGLH)HQVWHUEHIDQGHQ +LQGXUFKVFKDXHQNRQQWHPDQQLFKW'DV*ODVZDUGXQNHO ]XP7HLODXFKEXQWHLQJHIlUEW-HGHV)HQVWHUZDUHLQNOHLQHV 0RVDLNHLQ.XQVWZHUN'RFKQLHPDQGKDWWHHLQHQ%OLFN GDIU 6XNRXQG6SLNHUZXUGHQEHREDFKWHWDOVVLHGXUFKGLH .LUFKHOLHIHQ1XULKUH6FKULWWHZDUHQ]XK|UHQ6LHZXUGHQ YRQGHQNDKOHQ:lQGHQDOV(FKR]XUFNJHZRUIHQ 'HU,QVSHNWRUZROOWHVLFKGHQ9HUOHW]WHQDQVFKDXHQ 1HEHQLKPNQLHWHHUQLHGHU 5RGQH\ODJDXIHLQHU%DQN(UZDUEHL%HZXWVHLQKDWWH MHGRFK6FKPHU]HQGHQQVHLQ*HVLFKWZDUYHU]RJHQ$Q HLQHU+lOIWHZDUHUYHUSIODVWHUWXQGYHUEXQGHQ 6XNRQLFNWHLKP]Xª:LHJHKWHV,KQHQ"©IUDJWHHU ª0LHV© ª(VNRPPWVFKRQZLHGHULQ2UGQXQJ© ª9HUGDPPWZHQQLFKGLHVH+H[HQZHLEHUHUZLVFKHZHUGH LFK© ªJDUQLFKWVWXQ©VDJWH6XNRª6LHVLQGYHUOHW]WhEHU ODVVHQ6LHDOOHVDQGHUHXQV© ª$EHULFKNDQQGRFKNlPSIHQ© ª:RPLW"© ª$FKYHUGDPPW6LHKDEHQMDUHFKW:RPLWNDQQLFKVFKRQ JHJHQGLH%UXWDQJHKHQ"0LWQLFKWVYHUIOXFKWPLWJDU QLFKWV©(UVFKLFNWHQRFKHLQHQ)OXFKKLQWHUKHU ª6LHEHILQGHQVLFKLQHLQHU.LUFKH5RGQH\©HUNOlUWH6XNR ª'DVROOWHQ6LHGDV)OXFKHQODVVHQ ª-DVFKRQJXW© 'HU,QVSHNWRUVWDQGZLHGHUDXI'LHDQGHUHQKDWWHQLKQ

XPNUHLVWXQG6XNRVFKDXWHLQGLHlQJVWOLFKHQXQGIUDJHQ GHQ*HVLFKWHUGHU'RUIEHZRKQHU ª,FKNDQQHXFKNHLQH3DWHQWO|VXQJDQELHWHQ©HUNOlUWHHU HKUOLFKª:LUPVVHQDEZDUWHQ© ª$XIZDV"©IUDJWHMHPDQGODXWª'DUDXIGDVLHXQVDOOH XPEULQJHQ"© ª%HWHQ6LHGDHVQLFKWVRZHLWNRPPW© ª8QGZDVWXQ6LH"6LHVLQGGRFKGHUHLQ]LJHGHUGLHHQW VSUHFKHQGHQ:DIIHQKDW6LHPVVHQVLHHLQVHW]HQ6LH© ª,FKZHUGHHLQHQ%OLFNQDFKGUDXHQZHUIHQ©HUZLGHUWH GHU,QVSHNWRU ª6LHZROOHQ"© ª1XUVFKDXHQ6LU%LWWHODVVHQ6LHPLFKGXUFK©6XNR GUlQJWHVLFKDQGHQ/HXWHQYRUEHLZDQGWHVLFKQDFKOLQNV XQGJLQJLQ5LFKWXQJ7U6HLQ*HVLFKWZDUXQEHZHJW(U ZXWHVHOEVWZHOFKHLQHVFKZHUH$XIJDEHHUGDEHUQRP PHQKDWWH:HQQHUQLFKWDFKWJDEXQGHLQH+H[HLQGLH .LUFKHHLQGUDQJZUGHQDQGHUHIROJHQ %HYRUHUGLH7U|IIQHWHEHGHXWHWHHUGHQDQGHUHQ]X UFN]XEOHLEHQ'DVWDWHQVLHQXUXQJHUQGRFKGHU,QVSHNWRU OLHNHLQHUOHL3URWHVWH]X(UOHJWHVHLQH+DQGDXIGLH.OLQNH GUFNWHVLHQDFKXQWHQXQG]RJGLH7UYRUVLFKWLJDXI .KOH/XIWWUDILKQXQGHUVFKDXWHGLUHNWLQGLH'XQNHO KHLWKLQHLQ+H[HQNRQQWHHUQRFKQLFKWVHKHQZHGHUDOV 9|JHOQRFKLQQRUPDOHU*HVWDOW9RUGHU.LUFKHODXHUWHHLQH QDKH]XWUJHULVFKH5XKHGLHVLFKDEHUVHKUVFKQHOOLQHLQ &KDRVYHUZDQGHOQNRQQWH 6XNRYHUJU|HUWHGHQ6SDOW-HW]WNRQQWHHUPHKUHUNHQ QHQ(UVDKZLHGHUGLH%lXPHXQGSO|W]OLFKO|VWHVLFKDXV GHP6FKDWWHQHLQHV%DXPVWDPPHVHLQH*HVWDOW6LHKXVFKWH TXHUEHUGHQ.LUFKHQYRUSODW]6XNRKlWWHMHW]WGLH&KDQFH JHKDEWGLH+H[H]XYHUQLFKWHQ(UOLHHVEOHLEHQGHQQ GLHVH*HVWDOWZDUQXUGHU$QIDQJ$QGHUHIROJWHQXQGJH ULHWHQGDEHLLQHLQHUHJHOUHFKWH5DVHUHL 1LFKWVKLHOWVLHPHKU

6LHVSUDQJHQYRQGHQbVWHQMDJWHQUDNHWHQJOHLFKGXUFK GLH/XIWVWLHHQHLQJHOOHQGHVJHLIHUQGHV*HOlFKWHUDXV XQG6XNRKDWWHDXIHLQPDOHLQHQVFKUHFNOLFKHQ9HUGDFKWGHU VLFKZHQLJVSlWHUVFKRQEHVWlWLJWH )UGLH+H[HQZDUGLH6WXQGHGHU:DKUKHLWJHNRPPHQ 3O|W]OLFKVWLPPWHQVLHHLQXQKHLPOLFKHV*HVFKUHLDQ =XHUVWNRQQWH6XNRQLFKWVYHUVWHKHQGDQQDEHUNULVWDO OLVLHUWHVLFKHLQHLQ]LJHV:RUWDXVGHP6FKUHLHQKHUYRU :LNND 6LHZDUGDXQGVDPPHOWHLKUH'LHQHULQQHQ 5DVFK]RJVLFKGHU&KLQHVH]XUFN(UUDPPWHGLH7U]X $OVHUVLFKXPGUHKWHXQGGLHDQGHUHQ0HQVFKHQDQVFKDXWH ZDUVHLQ*HVLFKWPLWGHPHLQHV=RPELHV]XYHUJOHLFKHQ 6REOHLFK (VZDUPLUNODUJHZHVHQGDGHU+H[HQZUJHUXPGHQ 6WHLQNlPSIHQZUGH6FKOLHOLFKKDWWHHU]XODQJHDXILKQ JHZDUWHWXQGHUVHW]WHGLH:DIIHHLQGLHHUDPEHVWHQ EHKHUUVFKWH 6HLQH3HLWVFKH $XVGHP+DQGJHOHQNVFKOXJHU]X'LHGUHL5LHPHQSILI IHQYRQXQWHQQDFKREHQDXIPLFK]X*OHLFK]HLWLJVWUHFNWH HUVHLQHQUHFKWHQ$UPXQGHUHUZLVFKWHPLFKDXFK =ZDUQDKPLFKGHQ.RSIQRFK]XU6HLWHZHLOLFKPHLQ *HVLFKWVFKW]HQZROOWHGRFKHLQlXHUHU5LHPHQNODWVFKWH WURW]GHPJHJHQPHLQHOLQNH:DQJH(VZDUHLQ]LHKHQGHU GXUFKPHLQHQ.RSI]XFNHQGHU6FKPHU]XQGLFKVSUWHGD GLH+DXWDXISODW]WH ,FKPXWH]XUFNZHLFKHQ 'HU+H[HQZUJHUODFKWH(UVDKVLFKEHUHLWVDXIGHU 6LHJHUVWUDHXQGHUVFKOXJZLHGHU]X 'LHVPDOYLHOKlUWHUXQGZXFKWLJHU,FKDOOHUGLQJVZDUDXI GLHVHQ6FKODJYRUEHUHLWHWWDXFKWH]XU6HLWHXQGGLHVPDO IHKOWHQGLHGUHL5LHPHQ6LHKLHEHQPLWHLQHPNODWVFKHQGHQ

/DXWJHJHQGLH:DQG,FKZROOWHQRFK]XVFKQDSSHQGRFK GHU+H[HQZUJHU]RJGLH5LHPHQVRUDVFK]XUFNGDLFK LQV/HHUHJULII 0HLQH:DIIHVHW]WHLFKEHZXWQLFKWHLQ0DVRQ&RUGWODQG NRQQWHLFK]ZDUDOVPHLQHQ)HLQGEH]HLFKQHQJOHLFK]HLWLJ DEHUZDUHUHLQ*HJQHUGHU+H[HQ'LHVZLHGHUXPJDEXQV HLQHJHPHLQVDPH3ODWWIRUPXQGVRZROOWHLFKGDHUDP /HEHQEOLHE 'DV.UHX]KDOIPLULP0RPHQWDXFKQLFKW6HLQH.UlIWH ZDUHQGXUFKGLHGHV6WHLQVQHXWUDOLVLHUWZRUGHQ $OV0DVRQ&RUGWODQGVDKGDLFKJHJHQGLH:DQGJH NUDFKWZDUYHUJDHUPLFKXQGVSUDQJYRUXPPLWGHU IUHLHQ+DQGGHQ6WHLQDQVLFK]XQHKPHQ =XPlFKWLJZROOWHLFKLKQDXFKQLFKWZHUGHQODVVHQ 6HLQHQ6SUXQJVDKLFKYRUDXVXQGUHDJLHUWHHQWVSUHFKHQG $OVHUVLFKLQ%HZHJXQJEHIDQGVWLHDXFKLFKPLFKDE 8QGLFKVHW]WHYLHO.UDIWKLQWHUPHLQHQ6SUXQJ0DQKlWWH PHLQH$NWLRQVFKRQILOPHQN|QQHQVRJXWJHODQJVLHPLU 'LFKWDQGHU6FKDOHYRUEHLZLVFKWHLFKXQGSUDOOWHJHQDXLQ GHP$XJHQEOLFNJHJHQGHQ+H[HQZUJHUDOVHUGLH+DQG QDFKGHP6WHLQDXVVWUHFNWH (UEHNDPLKQQLFKWVHLQH)LQJHUUXWVFKWHQDELFKK|UWH QRFKGHQZWHQGHQ6FKUHLGDQQILHOHQZLUEHLGHQDFK KLQWHQXQGNQDOOWHQ]X%RGHQZREHLLFKHLQHQ9RUWHLOKDWWH GHQQPHLQ*HJQHUNDPXQWHUPLU]XOLHJHQ (LQHUVWHU3OXVSXQNW 0LWGHU)DXVWVFKOXJLFK]X ,FKK|UWHLKQNQXUUHQDOVPHLQ7UHIIHULQVHLQHP*HVLFKW ODQGHWH ,KPDEHUJHODQJHVVHLQH.QLHDQ]X]LHKHQXQGVLHPLULQ GHQ/HLE]XVWRHQ3O|W]OLFKZXUGHPLUGLH/XIWJHQRP PHQ,FKNRQQWHGHQ*ULIIQLFKWPHKUKDOWHQORFNHUWHLKQ ]ZDQJVOlXILJXQGVFKWWHOWHGHQ.RSIDOVLFKQDFKKLQWHQ JHGUFNWZXUGH :LHJXWHUVHLQH3HLWVFKHEHKHUUVFKWHEHPHUNWHLFKLP

QlFKVWHQ$XJHQEOLFNDOVGLHGUHL5LHPHQNXU]JHVFKODJHQ DXIPHLQHQ+DOV]XMDJWHQ 'LHVPDOKDWWHHU*OFN 6RVFKQHOOZLHVLHVLFKXPPHLQH.HKOHZLFNHOWHQNRQQWH LFKQLFKWUHDJLHUHQ,P1XZXUGHPLUGLH/XIWDEJHVFKQUW &RUGWODQGVSUDQJLQGLH+|KHOLHGHQ*ULIIQLFKWORVXQG ZROOWHPLFKDXIGLH%HLQH]LHKHQ ,FKIROJWHGHU%HZHJXQJGHQQZHQQLFKQDFKJDEZUGH HVLKPQLFKWVROHLFKWJHOLQJHQPLFK]XHUZUJHQ7URW]GHP EHIDQGLFKPLFKLQHLQHUYHUIOXFKWHQ/DJH 'HU.HUOEHKHUUVFKWHVHLQH3HLWVFKHPHLVWHUKDIWXQGDOV OHEHQGHU7RWHUEHVDHUGLH.UDIWGHU+|OOH(UZROOWHPLFK ]XVLFKKHUDQ]LHKHQ'DVOLHLFKDXFK]XVWROSHUWHGDEHL XQGKREJOHLFK]HLWLJPHLQH$UPHXPGLH5LHPHQGLHXP PHLQH.HKOHODJHQ]XO|VHQ 6LHVFKQUWHQYHUGDPPWWLHILQV)OHLVFK/XIWNULHJWHLFK NHLQHPHKU(VZDUHLQYHU]ZHLIHOWHV5LQJHQXQGDOVLFK JHJHQGHQ+H[HQZUJHUSUDOOWHGDKDWWHLFKHUVWHLQHQ 5LHPHQJHO|VW:LUWDXPHOWHQEHLGH]XUFN0HLQ*HJQHU VWLHPLWGHP5FNHQJHJHQGLH:DQGXQGDXFKVHLQ.RSI SUDOOWHGDJHJHQ ,FKUDPPWHGDV.QLHKRFK (VZDUHLQ9ROOWUHIIHU(LQHQ6FKUHLK|UWHLFKQLFKW'LHVHU 8QWRWHVWHFNWHDOOHVZHJ'HUJHO|VWH5LHPHQEDXPHOWHDQ PHLQHUUHFKWHQ6FKXOWHUQDFKXQWHQXQGZlKUHQG&RUGWODQG IUHLQHQ0RPHQWPLWVLFKVHOEVWEHVFKlIWLJWZDUYHUVXFKWH LFKGLHEHLGHQDQGHUHQ:UJHVFKQUH]XO|VHQ (VZXUGHDOOPlKOLFK=HLWGDLFKZLHGHU/XIWEHNDP GHQQGLH5LHPHQGUFNWHQWLHILQPHLQ)OHLVFKDP+DOVXQG VSHUUWHQPLUMHJOLFKH=XIXKUYRQ6DXHUVWRIIDE ,FK]HUUWHVRKHIWLJGDPLUHWZDVJHODQJZRPLWLFK HLJHQWOLFKQLFKWJHUHFKQHWKDWWH'XUFKGHQSO|W]OLFKHQ5XFN ULLFKGHP+H[HQZUJHUGLH3HLWVFKHDXVGHQ)LQJHUQXQG EHYRUPHLQ*HJQHUHVULFKWLJEHJULIIOLHILFKVFKRQ]XUFN XQGGDPLWDXVVHLQHU5HLFKZHLWH

-HW]WNRQQWHLFKGLH5LHPHQYRQGHU.HKOHO|VHQ (QGOLFK/XIW ,FKVDXJWHVLHWLHILQPHLQH/XQJHQIOJHOXQGVDKPLFK VRIRUWZLHGHULQ*HIDKUGHQQGHUDQGHUHJULIIHUQHXWDQ $XIJHEHQNRQQWHHUQLFKW(LQZLOGHU)OXFKHQWUDQJVLFK VHLQHU.HKOHDOVHUVLFKDXIPLFKVWU]WH1XUPLFKGHQ )HLQGVDKHUGHQ6WHLQKDWWHHU]XP*OFNYHUJHVVHQ -HW]WDOOHUGLQJVKDWWHLFKGLH3HLWVFKH8QGLFKNRQQWHPLW VRHLQHU:DIIHXPJHKHQVFKOLHOLFKKDWWHLFKODQJHJHQXJ PLWGHU'lPRQHQSHLWVFKHJHEW 'LHVPDOVFKOXJLFK 'HQGUHL5LHPHQNRQQWHHUQLFKWPHKUDXVZHLFKHQ &RUGWODQGVWROSHUWHGLUHNWKLQHLQ(UZXUGHHUIDWXQGKHU XPJHVFKOHXGHUWZREHLHUJHJHQGLHLQGHU0LWWHGHV 7XUP]LPPHUVVWHKHQGH6FKDOHSUDOOWHXQGEOLW]VFKQHOOQRFK QDFKGHP6WHLQJULII ,FK]RJ :LHGHUIDWHHULQV/HHUHGHQQGHUSO|W]OLFKH5XFNVFKOHX GHUWHLKQKHUXP(UNRQQWHVLFKQLFKWPHKUDXIGHQ%HLQHQ KDOWHQILHO]X%RGHQYROOIKUWHHLQH5ROOHXQGIHVVHOWHVLFK GXUFKGLH%HZHJXQJQRFKPHKU =XVSlWEHPHUNWHLFKGDHVHLQ7ULFNJHZHVHQZDU6HLQ OLQNHU$UPJHULHWJHIlKUOLFKQDKHDQPHLQHQ)XNQ|FKHO 'LH+DQGJULIIVRIRUW]X.DXPVSUWHLFKGHQ'UXFNDOVLFK EHUHLWVYRQGHQ%HLQHQJHKROWZXUGH,FKZlUHYHUGDPPW KDUWDXIGHQ5FNHQJHIDOOHQ,POHW]WHQ$XJHQEOLFNOLHLFK GHQ*ULIIGHU3HLWVFKHORVKDWWHGLHUHFKWH+DQGIUHLXQG VWW]WHPLFKDP5DQGGHU6FKDOHDE 6RKLHOWLFKPLFKHLQLJHUPDHQXQGK|UWH0DVRQ &RUGODQGODFKHQ%HLP.DPSIJLQJHVQXUXPGHQ6WHLQ 8QGSO|W]OLFKZlKUHQGLFKQRFKLQGHU6FKUlJODJHKLQJ KDWWHLFKHLQHSKDQWDVWLVFKH,GHH,FKZXFKWHWHPLFKZLHGHU KRFKVFKQDSSWHPLUGHQ6WHLQWRUNHOWHHLQSDDU6FKULWWHYRU XQGVFKOHXGHUWHGHQ+H[HQVWHLQVRZHLWHVJLQJDXVGHP )HQVWHULQGLH6FKZlU]HGHU1DFKW

)UHLQHQ0RPHQWNRQQWHLFKVHLQHQ:HJQRFKYHUIROJHQ ,FKVDKHLQJUQHV/HXFKWHQGDVYHUVFKZDQGDOVGHU6WHLQ DXVPHLQHP%OLFNIHOGJHULHW -HW]WZUGHHVVLFK]HLJHQZLHGHU+H[HQZUJHUUHD JLHUWH =XQlFKVWHLQPDOEOLHEHUOLHJHQ(UKDWWHVLFKDXVGHU 3HLWVFKHJHZLFNHOWKLHOWVLHZLHGHUIHVWVWDUUWHPLFKDQXQG HUKREVLFKODQJVDPDXIGLH)H6HLQH%HZHJXQJHQZLUN WHQHFNLJ (UVFKDXWH]XP)HQVWHUGUHKWHGHQ.RSIXQGVWLHUWHPLFK DXVIDVWIDUEORVHQ$XJHQDQª9HUGDPPW©NHXFKWHHUªZDV KDVWGXJHWDQGX,GLRW"'X0LVWNHUO© ª(ULVWZHJ©VDJWHLFK ª-D©VFKULHHUª'HU6WHLQLVWZHJ'DV0RRUKDWLKQGDV 0RRUZLUGLKQEHKDOWHQDEHUGDPLWLVWGLH*HIDKUQLFKW JHEDQQW'XZLUVWHUIDKUHQGDHVHLQ)HKOHUJHZHVHQLVW 'HU+H[HQVWHLQVROOWHPLUGLH.UDIWJHEHQHUKlWWHHV JHVFKDIIWHU© ª1HLQ©HUZLGHUWHLFKKDUWª'XZlUVWPLU]XPlFKWLJ JHZRUGHQ+H[HQZUJHU'XOHEVWQLFKWPHKULPDXVJHKHQ GHQ0LWWHODOWHUVRQGHUQLQHLQHUDQGHUHQ=HLW© ª'DVVSLHOWNHLQH5ROOH©0DVRQ&RUGWODQG]LWWHUWHYRU :XW'LHVEHUWUXJVLFKDXIVHLQH3HLWVFKHVRGDVLFKGHUHQ 5LHPHQEHZHJWHQZLHGUHL6FKODQJHQ ª:HUGHGLUHQGOLFKGDUEHUNODUGDGXQLFKWLQGLHVH=HLW JHK|UVW©KLHOWLFKLKPZLHGHUHQWJHJHQª'XELVWHLQ5HOLNW DXVGHP0LWWHODOWHU'XPXWZLHGHULQGHLQ*UDE,FK ZHUGHPLWGHQ+H[HQDOOHLQIHUWLJ© ª'DQQVFKDXGRFKKLQDXV©VFKULHHUª/RVJHKDQGDV )HQVWHUXQGEOLFNLQGHQ6XPSI'DQQNDQQVWGXJHQDX HUNHQQHQZDVGXDQJHULFKWHWKDVW*HLVWHUMlJHU© =XHUVWZROOWHLFKQLFKW$EHUGHU7RQVHLQHU6WLPPHZDUVR GUlQJHQGJHZHVHQGDHVPLUUDWVDPHUVFKLHQGHU$XI IRUGHUXQJ]XIROJHQ9LHOOHLFKWKDWWHGHU6WHLQZLUNOLFK HWZDVEHZLUNW

,FKOLHI]XP)HQVWHUXQGPXWHPLFKHWZDVUHFNHQXP GHQ6XPSIHUNHQQHQ]XN|QQHQ 6FKZDU]KDWWHLFKGLH)OlFKHLQ(ULQQHUXQJ6FKZDU]XQG YRQ'XQVWVFKOHLHUQXPZHKW'DVZDUQLFKWPHKUGHU)DOO 'DVJHVDPWH0RRUVFKLPPHUWHLQHLQHPJUQHQ7RQ 8QGQLFKWQXUGDV$XFKGLH2EHUIOlFKHKDWWHVLFKYHU lQGHUW6LHZDUQLFKWPHKUGVWHUXQGVFKODPPLJVRQGHUQ VFKLHQDXVJUQHP5DXFKJODV]XEHVWHKHQGDVHLQHQ%OLFN LQGLHXQHUJUQGOLFKHQ7LHIHQGHV6XPSIVIUHLJDE 6HNXQGHQODQJZDULFKUHJHOUHFKWVSUDFKORV'DPLWKlWWH LFKQLFKWJHUHFKQHW:DUHVGRFKHLQ)HKOHUYRQPLUJH ZHVHQGHQ+H[HQVWHLQDXVGHP)HQVWHU]XVFKOHXGHUQ" +LQWHUPLUK|UWHLFK&RUGWODQGV6FKULWWHXQGYHUQDKP DXFKVHLQH6WLPPHGLHHLQHGVWHUH3URSKH]HLXQJDXV VSUDFK ª)OLHKZHQQVLFKGLH*UlEHU|IIQHQ6RVWHKWHVJHVFKULH EHQXQGGLH*UlEHUKDEHQVLFKJH|IIQHW*HLVWHUMlJHU6FKDX JDQ]JHQDXKLQ© 'DVWDWLFKNRQQWHMHGRFKQLFKWVHUNHQQHQVRQGHUQVDK QXUGLHZHLWHJUQH)OlFKH ª,FKVHKHQLFKWV© ª-DZHUHVQLFKWVHKHQZLOOGHUOlWHVDXFK©HUZLGHUWH GHU+H[HQZUJHURUDNHOKDIW ,P8PGUHKHQIUDJWHLFKª:HVKDOEJHKHQZLUQLFKWKLQ XQWHUXQGVFKDXHQXQVGLH6DFKHPDODXVGHU1lKHDQ"© 6HLQH$XJHQYHUHLVWHQ9LHOOHLFKWVROOWHHV(UVWDXQHQDXV GUFNHQLFKZXWHHVQLFKWª'XZLOOVWGLFKGHQ+H[HQ VWHOOHQGHQOHEHQGHQ7RWHQ"© ª'DVKDWWHLFKYRU© 'DODFKWHHUUDXKª:HLWGXHLJHQWOLFKYRQZDVGLHVLFK HUQlKUHQ*HLVWHUMlJHU"'DVVLQGGLHVFKOLPPVWHQ+H[HQ GLHHVMHLQGLHVHU*HJHQGJHJHEHQKDW6LHHUQlKUHQVLFK YRQ© ª,FKNDQQHVPLUGHQNHQ'XEUDXFKVWQLFKWPHKUZHLWHU ]XUHGHQ©

ª8QGGHQQRFKZLOOVWGXLQGHQ6XPSI"© ª-D© ª*XWGDQQJHK© ª%OHLEVWGXKLHUREHQ"© ª1HLQLFKZHUGHGLFKEHJOHLWHQDEHUPHLQH$XIJDEHOLHJW LP'RUIQLFKWQXULP6XPSI,FKKDWWHPLWGHP+H[HQVWHLQ HLQHQPDJLVFKHQ5LHJHOYRUVFKLHEHQZROOHQ'DVLVWPLU QLFKWJHOXQJHQZHLOGXHVYHUKLQGHUWKDVW'LH)ROJHQPXW GXWUDJHQXQGLFKVFKDXH]XZHQQGLFKGLH+H[HQTXDOYROO W|WHQ© ª0HLQHWZHJHQ©,FKQLFNWHXQGYHU]RJGLH/LSSHQ]X HLQHP*ULQVHQ2KQHPLFKQRFKZHLWHUXPLKQ]XNP PHUQYHUOLHLFKGDV7XUP]LPPHUXQGZDQGWHPLFKGHU 7UHSSH]X 2EHUPLUIROJWHRGHUQLFKWZDUPLUHJDO,FKZUGHPLFK GHQ=RPELH+H[HQVWHOOHQ 'HU:HJQDFKXQWHQHUVFKLHQPLUYHUGDPPWODQJ9LHO OHLFKWDXFKGHVKDOEZHLOLFKHVVRHLOLJKDWWH0LWWOHUZHLOH KDWWHQVLFKGLH)ROJHZLUNXQJHQGHV.DPSIHVDEJHVFKZlFKW ,FKNRQQWHZLHGHUQRUPDOGXUFKDWPHQ$XFKGDV%UHQQHQ DQPHLQHU.HKOHOLHQDFK 8QWHUZHJVKLHOWLFK$XVVFKDXQDFKPHLQHQEHLGHQEH VRQGHUHQ)UHXQGLQQHQ:LNNDXQG-DQH&ROOLQV 9RQLKQHQVDKLFKQLFKWV2EVLHVLFKHEHQIDOOVLP0RRU DXIKLHOWHQXQGGDUDXIZDUWHWHQGDGLH+H[HQ]XUFNNHKU WHQ" $OOHVZDUP|JOLFKGHVKDOEEHVFKORLFKGRSSHOWDXIGHU +XW]XVHLQ 'HUJUQH6FKLPPHUUHLFKWHELVDQGLHDOWH5XLQH(UEHU GHFNWHGLH6WHLQHXQGGLH]HUEURFKHQHQ*HPlXHUPLWHLQHP JHLVWHUKDIWIDKOHQ6FKHLQXQGKDWWHGHQGHV0RQGHVOlQJVW ]XUFNJHGUlQJW$OVLFKQDFKREHQVFKDXWHKDWWHLFKGDV *HIKOGDVRJDUGHU(UGWUDEDQWHLQHDQGHUH)DUEHDQJH QRPPHQKDWWH $XFKHUVFKLPPHUWHJUQ

ª'XNDQQVWMHW]WLQGHQ6XPSIKLQHLQJHKHQ©HUNOlUWHPLU GHU+H[HQZUJHU ª8P]XYHUVLQNHQZLH"© ª(VJLEWHLQHQ3IDG© ª:R"© ,QVHLQHP*HVLFKWUKUWHVLFKQLFKWV(UVWDQGGDXQGGHU :LQGVSLHOWHPLWVHLQHPKDOEODQJHQ+DDU,QGHUUHFKWHQ +DQGKLHOWHUQDFKZLHYRUGLH3HLWVFKH'LHGUHL5LHPHQ EHUKUWHQPLWLKUHQ6SLW]HQGHQZHLFKHQ%RGHQ0DVRQ &RUGWODQGJDEHLQXQKHLPOLFKHV%LOGDE(LQHJHVSHQVWLVFKH *HVWDOWDXVHLQHUOlQJVWYHUJHVVHQHQ=HLW(UZDU]XUFN JHNHKUWDEHUHUSDWHQLFKWLQXQVHUH:HOW'LHZDULQ ]ZLVFKHQHLQHDQGHUHJHZRUGHQXQGGDVPXWHHU NDSLHUHQ ª,FKZHUGHLKQGLU]HLJHQ©HUNOlUWHHUª'XNDQQVWGHQ :HJJHKHQXQGJOHLFKVHKHQ.RPPPLW© 2KQHVLFKXPPHLQH5HDNWLRQ]XNPPHUQJLQJHUDQPLU YRUEHLXQGGDPLWDXFKYRU(UVFKDXWHQLFKW]XUFNLFKDEHU IROJWHLKPZHLOLFKYLHO]XQHXJLHULJZDU 'HU%RGHQZXUGHLPPHUZHLFKHUVRGDLFKDOOPlKOLFK GDV*HIKOKDWWHDXIHLQHPVFKZDQNHQGHQ%UHWW]XJHKHQ :ROOWHGHU+H[HQZUJHUPLFKYLHOOHLFKWUHLQOHJHQ" ,FKEOLHEVWHKHQ (UEHPHUNWHHVXQGVFKDXWHVLFKXPª:HVKDOEJHKVWGX QLFKWZHLWHU"©IUDJWHHU ª)KUVWGXPLFKLQV9HUGHUEHQ"© 'DODFKWHHUODXWª9HUGLHQWKlWWHVWGXHV*HLVWHUMlJHU $EHUGDVKDEHLFKQLFKWQ|WLJ'XZLUVWVRZLHVRGHLQ/HEHQ YHUOLHUHQGHQQGLH=RPELH+H[HQZDUWHQQXUDXIGLFK© ª:RLVWGHU:HJ"© ª:LUVLQGJOHLFKGDQXUHLQSDDU6FKULWWHQRFK'DQQODVVH LFKGLFKDOOHLQ© 0LUNDPHVVRYRUDOVKlWWHHULQGHQOHW]WHQ0LQXWHQVHLQH 0HLQXQJJHlQGHUW(UVFKLHQPLFKORVZHUGHQ]XZROOHQ XQGLFKIUDJWHPLFKREHVZLUNOLFKULFKWLJZDUZHQQLFK

MHW]WDOOHLQLQGDV0RRUKLQHLQVFKULWWRGHURELFKQLFKWOLHEHU ZDUWHQVROOWH ª'D©'HU+H[HQZUJHUVWUHFNWHVHLQHQ$UPDXVXQGGHX WHWHPLWGHP=HLJHILQJHUVFKUlJQDFKXQWHQª'XNDQQVW JHQDXVHKHQZRGHU:HJDQIlQJW*LEDEHUDFKWHUZLUGDQ HLQLJHQ6WHOOHQVHKUVFKPDO'DPXWGXDXISDVVHQ© ª'DQNH©,FKVFKDXWHEHUGHQ6XPSI(VZDUHLQVHOW VDPHV%LOG'LHGXQNOH)OlFKHVFKLHQ]XJUQHP*ODV JHVFKPRO]HQ]XVHLQXQGZDUOHLFKWGXUFKVLFKWLJ 9RQ=RPELH+H[HQZDUGLH5HGHJHZHVHQ1RFKVDKLFK VLHQLFKWXQGNRQQWHDXFKNHLQH%HZHJXQJXQWHUGHU 2EHUIOlFKHHUNHQQHQGLHDXIVLHKLQJHGHXWHWKlWWH ª:LOOVWGXQLFKWJHKHQ"©IUDJWHPLFKGHU+H[HQZUJHU ª,FKGHQNHQRFKGDUEHUQDFKREHVZLUNOLFKEHVVHULVW ZHQQLFKLQGHQ6XPSIODXIHRGHURELFKGLFKQLFKWOLHEHULQ GHQ2UWEHJOHLWH© ª$QJVW"©6HLQH6WLPPHNODQJK|KQLVFK ,FKVWDQGGDVFKDXWHDXIGHQ1HEHOGHUHEHQIDOOVHLQH JUQOLFKH)lUEXQJDQJHQRPPHQKDWWHXQGVFKWWHOWHGHQ .RSIª1HLQLFKKDEHNHLQH$QJVW© ª:HVKDOEJHKVWGXGDQQQLFKW"© ,FKZROOWHLKPGLH$QWZRUWJHEHQNDPOHLGHUQLFKWPHKU GD]X(WZDVJHVFKDKGDVPHLQHQ9RUVDW]QLFKW]XJHKHQ EHUGHQ+DXIHQZDUI ,FKK|UWHJHOOHQGH+LOIHVFKUHLH 6FKDXULJNODQJHQVLHEHUGHQ6XPSIXQGPLUZXUGHNODU GDVLFKHLQ0HQVFKLQK|FKVWHU1RWEHIDQG (LVHQKDUWJULIIGLH+DQG]X /\GLD%DUURZKDWWHQLFKWVJHK|UWXQGQLFKWVJHVHKHQ 'HVKDOEWUDIVLHGLHhEHUUDVFKXQJVRVFKOLPP6LHVFKULH DXIDOVVLFKGLHNDOWH.ODXHXPLKU+RVHQEHLQVSDQQWHXQG HLVHUQIHVWKLHOW 1RFKKDWWH/\GLDQLFKWJHVHKHQZDVVLHGDIHVWKLHOW

,QVWLQNWLYMHGRFKZROOWHVLHGLHVHP*ULIIHQWIOLHKHQXQGZDUI LKUHQ2EHUN|USHUQDFKYRUQ (VZDUJHQDXGLHIDOVFKH5HDNWLRQ 'LHXQWHUGHP:DJHQODXHUQGH*HVWDOWKDWWHDXIVRHWZDV QXUJHZDUWHW:lKUHQGVLFKGLH)UDXQDFKYRUQZDUI]RJ GLH.ODXHVLHQDFKKLQWHQ/\GLDUXGHUWHQRFKPLWGHQ $UPHQLQGHU/XIWDOVVLHVLFKEHUHLWVDXIGHP:HJQDFK XQWHQEHIDQGXQGLPQlFKVWHQ$XJHQEOLFNDXIGHQZHLFKHQ 8QWHUJUXQGNODWVFKWH3O|W]OLFKK|UWHVLHDXFKGDV6FKPDW]HQ GHV:DVVHUV(LQ$UPZDUZHLWYRUJHVWUHFNWXQGGLHIODFKH +DQGKLHELQHLQVLFKQDKHDP:HJUDQGEHILQGOLFKHV :DVVHUORFKVRGDGLH)OVVLJNHLWLQGLH+|KHVSULW]WH'LH $QJVW]XYHUVLQNHQZDUVFKUHFNOLFK/\GLDEHJULIILP 0RPHQWQLFKWGDVLHVLFKQRFKDXIGHP:HJEHIDQGXQG VLHNURFK]XUFNZREHLVLHGHU*HVWDOWXQWHUGHP:DJHQ GDPLWQRFKHQWJHJHQNDP (UVWDOVVLHPHUNWHGDGDMHPDQGZDUGHULKUHQ.Q|FKHO PLWKDUWHP*ULIIXPNODPPHUWKLHOWZDUIVLHVLFKKHUXP -HW]WNRQQWHVLHXQWHUGHQ:DJHQVFKDXHQ ,PHUVWHQ0RPHQWZROOWHVLHQLFKWJODXEHQZDVVLFKLKUHQ $XJHQERW(VZDUXQIDEDUHLQIDFKJUDXHQKDIWDEHUVLH NRQQWHGLH5HDOLWlWQLFKWOHXJQHQ /\GLDVDKGLH+DQGXQGGDKLQWHUZLHHLQH)UDW]HDXV HLQHPVFKUHFNOLFKHQ)LOPGDV*HVLFKW %OHLFKYHU]HUUWPLWVWUlKQLJHQ+DDUHQXQGIDVWOHHUHQ $XJHQK|KOHQ (LQH=RPELH+H[H -HW]WULVLHLKU0DXODXI(LQJXUJHOQGHU/DXWGUDQJGHP 0lGFKHQHQWJHJHQ -HW]WZXWHVLHZHUGDJHJHQLKUHQ:DJHQJHODXIHQZDU 8QGVLHGDFKWHDXFKDQGLHDQGHUHQ*HVWDOWHQGLHIDVW VFKZHUHORVEHUGLHGXQNOH0RRUIOlFKHVFKZHEWHQ :LHGHUK|UWHVLHGHQ6LQJVDQJ (UNODQJMHW]WKLQWHULKUDXI(VZDUGHU*HVDQJOHEHQGHU /HLFKHQ0HORGLHQGLHDXVGHP7RWHQUHLFKVWDPPWHQXQG

/\GLDYHUJLQJIDVWYRU$QJVWXQG*UDXHQ ª.RPPKHUPHLQ7lXEFKHQ©NLFKHUWHGLH*HVWDOWYRULKU ª.RPPKHU$XIVRHWZDVZLHGLFKKDEHLFKJHZDUWHW© (VZDUHQGLHVH:RUWHGLH/\GLDZLHGHU.UDIWJDEHQ6LH ZLQNHOWHGDVIUHLH%HLQDQXQGWUDWZXFKWLJ]XZREHLLKU .|USHUQRFKLQGLH+|KHVFKQHOOWH =XP*OFNKDWWHGHU:LOGFDWJHQJHQG%RGHQIUHLKHLW /\GLDKDWWHDOVR3ODW]XQGVLHWUDIGDVYRQLKUDQYLVLHUWH =LHO 6LHK|UWHQRFKGDV.ODWVFKHQWUDWQRFKHLQPDO]XXQG VRIRUWO|VWHVLFKGHU'UXFNYRQLKUHP.Q|FKHO )UHL 5DVFK]RJGLHMXQJH)UDXEHLGH%HLQHDQXQGHQWIHUQWHVLFK NULHFKHQGDXVGHUXQPLWWHOEDUHQ*HIDKUHQ]RQHXQGDXIGHQ :HJUDQG]X .XU]EHYRUVLHLKQHUUHLFKWHGUHKWHVLHVLFKXQGJHODQJWH PLWHLQHP6FKZXQJDXIGLH)H:HQQHVQRFKHLQH&KDQFH JDE]XIOLHKHQGDQQMHW]WXQGQLFKW]X)XVRQGHUQPLW LKUHP:DJHQ $OVVLHHLQVWHLJHQZROOWHZDUIVLHHLQHQ%OLFNYRULKUH)H 'LHXQKHLPOLFKH+RUURU*HVWDOWNURFKXQWHUGHP:LOGFDW KHUYRU0LWGHP2EHUN|USHUKDWWHVLHHVIDVWJHVFKDIIWXQG VLHVFKREVLFKLPPHUZHLWHUDXVGHU'HFNXQJ ª%HVWLH©EUOOWH/\GLD6LHVSUDQJEHUGLH]XVFKQDSSHQGH +DQGXQGGHQVLFKDOOPlKOLFKDXIULFKWHQGHQ2EHUN|USHU KLQZHJLQGHQ:DJHQKLQHLQ6FKZHUILHOVLHDXIGHQ6LW] 'HU=QGVFKOVVHOVWHFNWH/\GLDKRIIWHGDLKUQLFKWGDV JOHLFKHZLGHUIXKUZLHPDQFKHQ6FKDXVSLHOHULQQHQLQ *UXVHOILOPHQ 'RFKLKU:DJHQVSUDQJDQ6HKUZLOOLJNDPGHU0RWRUGHV 'DLKDWVX.XSSOXQJ*DQJ*DV $QIDKUHQ ,QGLHVHP$XJHQEOLFNULFKWHWHVLFKGDVVFKUHFNOLFKH:HVHQ DQGHU)DKUHUWUDXI'LH*HVWDOWHUVFKLHQZLHHLQ*HLVW +lQGHGUFNWHQJHJHQGLH6FKHLEHQGD]ZLVFKHQ]HLFKQHWH

VLFKGLHVFKUHFNOLFKH)UDW]HDEGRFKVLHYHUVFKZDQGDOVGHU :DJHQDQIXKU 'LH5lGHUVFKOHXGHUWHQ'UHFN*UDVXQG6FKODPPKRFK XQG]XU6HLWHVLHZKOWHQVLFKYRUXQGDXVJHUHFKQHWMHW]W PXWHZLHGHUHLQ*HIKOGHU3DQLN/\GLDEHUIDOOHQGHQQ HVJHODQJLKUNDXPPLWLKUHQVFKZHLIHXFKWHQ+lQGHQGDV /HQNUDG]XKDOWHQ(VVFKOXJYRQHLQHU6HLWHDXIGLHDQGHUH (LQPDOIXKUGHU:DJHQQDFKUHFKWVGDQQZLHGHUQDFKOLQNV /\GLD%DUURZVEHNDPGDV)DKU]HXJHQGOLFKZLHGHUXQWHU .RQWUROOH 'LH/LFKWHUGHUEHLGHQ6FKHLQZHUIHUWDQ]WHQDXIXQGQLH GHUMHGH%RGHQZHOOH]HLFKQHWHQVLHQDFK/\GLDVDKGLH8P JHEXQJQXUYHUVFKZRPPHQGXUFKHLQHQ7UlQHQYRUKDQJ (WZDVILHOLKUWURW]GHPDXI 'DV0RRUKDWWHVLFKYHUlQGHUW:DUHVYRUKLQQRFK VFKZDU]ZLH7HHUJHZHVHQVRVFKLPPHUWHHVMHW]WLQHLQHP VHOWVDPGXQNOHQ*UQGDVWURW]GHPGXUFKVLFKWLJZLH*ODV ZLUNWH 6LHKDWWHDOOHUGLQJVNHLQH=HLWXQGDXFKQLFKWGLH1HUYHQ XPUHFKWVXQGOLQNVLQGDV0RRU]XVFKDXHQ/\GLDZROOWH QXUVRUDVFKZLHP|JOLFKZHJ (VNRQQWHQLFKWPHKUDOO]XZHLWELV%ODFNPRRUVHLQ'RUW KRIIWHVLH6FKXW]XQG6LFKHUKHLW]XILQGHQ (VZDULKUDXFKJHOXQJHQGHQ:LOGFDWZLHGHUEHVVHU XQWHU.RQWUROOH]XEHNRPPHQ6LHKDWWHVLFKDXIGHP6LW]VR ZHLWHVJLQJYRUJHEHXJWXQGVWDUUWHGXUFKGLH6FKHLEHDXI GHQKSIHQGHQ/LFKWWHSSLFK %LVGLHVHUXQWHUEURFKHQZXUGH 'HUJHOOHQGH$QJVWVFKUHLGHU)UDXYHUKDOOWHLP:DJHQ$OV VFKDXULJHV(FKRNODQJHUDQLKUH2KUHQ6LHO|VWHGLH+lQGH YRP/HQNUDGXQGVFKOXJVLHYRUV*HVLFKW /\GLD%DUURZVNRQQWHHLQIDFKQLFKWPHKU:DVVLHGDLP /LFKWGHU6FKHLQZHUIHUJHVHKHQKDWWHZDUQLFKWQXUHLQH *HVWDOWVRQGHUQHLQKDOEHV'XW]HQG 6LHVWDQGHQYRULKUXQGMHGHYRQLKQHQVDKHEHQVR

VFKUHFNOLFKDXVZLHGLHGLH]XHUVWDXVGHP6XPSIJH NURFKHQZDU 9LHOOHLFKWZlUHGHU:LOGFDWQRFKLQGHQ3XONKLQHLQJH IDKUHQGRFKHLQ/RFKLP%RGHQYHUVHW]WHGDV)DKU]HXJLQ HLQHQ/LQNVGUDOO 'HU:LOGFDWIXKUZHLWHUJHULHWDQGHQ5DQGGHV:HJHV XQGGDUEHUKLQDXV 3O|W]OLFKVWHFNWHQGLHEHLGHQ9RUGHUUlGHULP6XPSI6LH GUHKWHQVLFKQRFKZLUEHOWHQGHQ]lKHQ6FKODPPKRFKELV HVHLQHQ5XFNJDEXQGGHU:LOGFDWLQ+|KHGHU6WRVWDQJHQ HLQVDFNWH -HW]WKLQJ/\GLD%DUURZVHQGJOWLJIHVW 6LHVDGDSUHWHGLH+lQGHZHLWHUKLQJHJHQLKU*HVLFKW XPQLFKWVVHKHQ]XPVVHQ$XVGLHVHP$OSWUDXPNRQQWH VLHQLFKWHUZDFKHQZHLOVLHVLFKLQGHU5HDOLWlWEHIDQG 'LH=RPELH+H[HQZROOWHQLKU2SIHUXQGVLHZUGHQHV VLFKKROHQ /\GLDHUZDFKWHDXVLKUHPWUDQFHlKQOLFKHQ=XVWDQGDOV )lXVWHJHJHQGHQ:DJHQKlPPHUWHQ'LH6FKOlJHGU|KQWHQ GXPSIJHJHQGLH7U 'LHMXQJH)UDXOLHGLH+lQGHVLQNHQ,KUH$UPHILHOHQ QDFKXQWHQGLH)LQJHUNODWVFKWHQDXIGHQ/HQNUDGULQJ 'RFKDOOGDVLQWHUHVVLHUWHVLHQLFKWGHQQVLHVDKGLHXQKHLP OLFKHQ*HVWDOWHQGLUHNWDQGHU:DJHQWU6LHGUFNWHQVLFK GDJHJHQGLHHLQHVFKREGLHDQGHUH]XU6HLWHMHGHZROOWHDOV HUVWHDQGDV2SIHU (UVWMHW]WVDK/\GLDGDGLHVH*HVFK|SIHNHLQH.OHLGXQJ WUXJHQ:DVVLHDOVVDFNlKQOLFKH*HZlQGHUDQJHVHKHQKDWWH ZDU]lKHU6FKODPPGHUDOOPlKOLFKDQLKUHQ2EHUN|USHUQ HQWODQJ]X%RGHQUDQQXQGGRUW/DFKHQELOGHWH (VZDUQXUHLQH)UDJHGHU=HLWELVGLH6XPSIZHVHQGLH 7UDXIJHULVVHQKDWWHQ6RODQJHZROOWH/\GLDQLFKWZDUWHQ 6LHEHXJWHVLFKQDFKUHFKWVKROWHQRFKHLQPDOVFKOXFK]HQG /XIWIDWHQDFKGHP,QQHQULHJHOGHU7UO|VWHLKQDXVGHU 6SHUUHXQGUDPPWHGLH7UDXI

6LHKDWWHPLWHLQHPJHZLVVHQhEHUUDVFKXQJVHIIHNWJH UHFKQHW8QGGHUJHODQJLKUDXFK 'XUFKGLH:XFKWZXUGHQYRQGHQVHFKV*HVWDOWHQGUHL HUZLVFKWXQG]XUFNJHWULHEHQ=XGHPILHOHQVLHQLFKWQXU ]X%RGHQVRQGHUQDXFKJHJHQLKUH$UWJHQRVVHQEUDFKWHQ GLHVHDXVGHP*OHLFKJHZLFKW /\GLDKDWWH/XIW 'HU:DJHQQXW]WHLKUQLFKWV(UZUGHLQGHQQlFKVWHQ 0LQXWHQYRP6XPSIYHUVFKOXQJHQZHUGHQ-HW]WNRQQWHVLH QXUQRFK]X)XZHLWHUZREHLVLHKRIIWHGDVLHVFKQHOOHU ZDUDOVLKUH*HJQHU'LHEHZHJWHQVLFKVHKUODQJVDPIDVWLP =HLWOXSHQWHPSR 6LHILHODXIGLH.QLHDOVVLHGHQ:DJHQYHUOLHGDVLHLKUHQ HLJHQHQ6FKZXQJQLFKWPHKUULFKWLJDEIDQJHQNRQQWH$EHU VLHVWHPPWHVLFKVRIRUWZLHGHULQGLH+|KHVWDQGDXIGHQ )HQXQGZDQGWHVLFKQDFKOLQNVXPGHQ9HUIROJHUQ]X HQWIOLHKHQ 8QGVLHUDQQWH 1RFKQLHLQLKUHP/HEHQKDWWHVLHHLQHVRJURH$QJVWYHU VSUW6LHZROOWHZHJGHP*UDXHQHQWULQQHQGRFKDXIGHP ZHLFKHQ%RGHQZDUHVVHKUVFKZHU (LQLJH=RPELH+H[HQJULIIHQQDFKLKU6LHKDWWHQVLFKKDOE DXIJHULFKWHWLKUH$UPHDXVJHVWUHFNWXQGGLH+lQGHJH VSUHL]W(VVDKVFKDXULJDXVZLHVLFKGLH)LQJHUEHZHJWHQ XQGDXVGHQDXIJHULVVHQHQ0lXOHUQGHUKHXOHQGH7RWHQ JHVDQJGUDQJ /\GLDVFKOXJ+DNHQ 'DVJHVFKDKQLFKWHLQPDOEHZXWDEHUGHUhEHUOHEHQV ZLOOHWULHEVLHGD]X6LHGXUIWHGHQ+lVFKHUQDXINHLQHQ)DOO LQGLH.ODXHQJHUDWHQGDQQZDUVLHHQGJOWLJYHUORUHQ (LQH+DQGNODWVFKWHJHJHQLKUHQ2EHUVFKHQNHO'LH)LQJHU NUPPWHQVLFKXQGVLHVSUWHIUHLQHQ0RPHQWGHQKDUWHQ 'UXFNLQLKUHP)OHLVFKULVLFKDEHUORVXQGMDJWHZHLWHU ,KU$WHPUDVVHOWHGLHJDQ]H8PJHEXQJWDQ]WHYRULKUHQ $XJHQZLHHLQYHUZDVFKHQHVJUQHV0HHU'RFKHVJHODQJ

LKUWDWVlFKOLFKGLHXQKHLPOLFKHQ*HVWDOWHQKLQWHUVLFK]X ODVVHQ .RQQWHVLHKRIIHQ" /\GLDJDEQLFKWDXI6LHUDQQWHZHLWHUIRUGHUWHVLFKVHOEVW XQGKROWHDOOHVDXVLKUHP.|USHUKHUDXV(VZDUNHLQOHLFK WHV/DXIHQ'HU%RGHQHUZLHVVLFKDOV]XZHLFKXQGQDFK JLHELJ6LHKDWWH0KHGLH%HLQHLPPHUZLHGHUDQ]XKHEHQ XQGVFKRQVHKUEDOGNOHEWHQ*UDVXQG6FKODPPXQWHULKUHQ 6RKOHQ 6LHUXWVFKWHPHKUPDOVDXVGHQQGLH%HVFKDIIHQKHLWGHV 8QWHUJUXQGVZHFKVHOWHVWHWLJ0DQFKPDOZDUHUVRJDU VHLILJ 'HQ.RSIKDWWHVLHPDOLQGHQ1DFNHQJHZRUIHQPDOQDFK YRUQJHEHXJWZlKUHQGGHUVFKDXULJH*HVDQJKLQWHULKUDOO PlKOLFKDENODQJZHLOGLH'LVWDQ]]XGHQ9HUIROJHUQYRQ 6HNXQGH]X6HNXQGHJU|HUZXUGH /HLGHUlQGHUWHVLFKGHU:HJ(VEOLHEQLFKWEHLGHUDQIlQJ OLFKHQ%UHLWH(UZXUGHSO|W]OLFKHQJHUXQGJOHLFK]HLWLJ JODWWZHLOGLH$XVOlXIHUHLQHV7PSHOVVLFKELVDXIGHQ3IDG DXVEUHLWHWHQ 'DVZXUGH/\GLD]XP9HUKlQJQLV 6LHVDKGLHVH:DVVHUODFKHQLFKWQXU]XVSlWVLHVDKVLH EHUKDXSWQLFKW8QGPLWGHPUHFKWHQ)XWUDWVLHYROO KLQHLQ 'DV$XVUXWVFKHQZDUHLQHQRUPDOH)ROJHGDYRQ(UVWDOV VLHPLWGHP5FNHQ]XHUVWDXIGHQZHLFKHQ8QWHUJUXQGILHO GUDQJHLQ6FKUHLDXVLKUHP0XQG 'DQQEOLHEVLHHLQIDFKOLHJHQ /\GLDZDU]XHUVFK|SIWXPVLFKZLHGHUDXIGLH%HLQH TXlOHQ]XN|QQHQ6LHZROOWHQLFKWPHKUVSUWHGLH.KOH GHV:DVVHUVGLHVLHEHUVFKZHPPWHXQGDXILKUHUKHLHQ +DXWJXWWDW(LJHQWOLFKKlWWHVLHVROLHJHQEOHLEHQN|QQHQ ZlKUHQGVLFKLKUH%UXVWXQWHUGHQVFKZHUHQ$WHP]JHQ KREXQGVHQNWHXQGVLHLKUHQ0DJHQVSUWHGHUDOOPlKOLFK LQGLH.HKOH]XZDQGHUQVFKLHQ

'LHhEHONHLWZDUHLQ%HZHLVGHUY|OOLJHQ(UVFK|SIXQJ $XFKZHQQVLHHVJHZROOWKlWWHVLHKlWWHHVQLFKWJHVFKDIIW VLFKZLHGHU]XHUKHEHQ 'HU*HVDQJZDUQWHVLH 6LHYHUQDKPLKQXQGHUZXUGHODXWHU)UVLHHLQ=HLFKHQ GDVLHQLFKWPHKUOLHJHQEOHLEHQGXUIWHGHQQGDQQZUGHQ GLHYHUIOXFKWHQ6XPSIKH[HQVLHVFKQDSSHQ /\GLD%DUURZVUROOWHVLFKDXIGLH6HLWH'DEHLZLQNHOWHVLH LKUHQ$UPDQXPVLFKLQGLH+|KH]XVWHPPHQDEHUVLH EUDFKZLHGHU]XVDPPHQ 6LHVFKDXWHGHQ:HJ]XUFN *UQHLQJHIlUEWH1HEHOVFKZDGHQWULHEHQYRP0RRUKHU EHUGHQ3IDG*HLVWHUKDIWXPVFKPHLFKHOWHQVLHGLHXQKHLP OLFKHQ+H[HQGLHVLFKLKUQlKHUWHQ 6LHJLQJHQZLH*HVWDOWHQGLHGXUFKGQQH)lGHQJHKDOWHQ XQGXQUHJHOPlLJJH]RJHQZXUGHQ$XFKVFKOHXGHUWHQVLH GLH%HLQHVHOWVDPYRUXQGPLWGHQ)XVSLW]HQNLFNWHQVLH 6FKODPPLQGLH+|KH /\GLDEHJDQQ]XZHLQHQ,KU*HVLFKWZDUPLWGHP 6FKPXW]GHV0RRUVEHGHFNW7UlQHQIORVVHQDXVLKUHQ $XJHQXQG]HLFKQHWHQ6SXUHQLQGLHEUDXQH6FKLFKWDXIGHU +DXW /\GLDNURFK]XUFN
ª%LWWHNRPPHQ6LHKRFK©'HU0DQQVWUHFNWHLKUGLH+DQG HQWJHJHQGLH/\GLDGDQNEDUHUJULII:HQQVLHHLQHUDXVGHP 6XPSIXQGYRQGHQ%HVWLHQZHJKROHQNRQQWHGDQQHU :lKUHQGVLHVLFKHUKREVFKDXWHVLHGHQ5HWWHUDQ(UWUXJ PRGHUQH.OHLGXQJGRFKGHUVHOWVDPH6FKHLQDXVGHP0RRU OLHDXFKVLHJUQDXVVHKHQ:DV/\GLDDOOHUGLQJVDXIILHOZDU GHU6FKODPPGHUDQGHQ.OHLGXQJVVWFNHQQDFKXQWHQUDQQ ª:HUVLQG6LH"©IUDJWH/\GLDª.RPPHQ6LHDXV %ODFNPRRU"© ª-DPHLQ1DPHLVW%LQJ&RUGWODQG© ª6LHVLQG"©,KUH$XJHQZXUGHQJURXQG/\GLDPXWH VFKOXFNHQª0HLQ2QNHOKDWYRQ,KQHQJHVFKULHEHQ0HLQ *RWWGDLFK6LHKLHUWUHIIH6LHKDWGHU+LPPHOJHVFKLFNW ©/\GLDNRQQWHQLFKWPHKUXQGZDUIVLFKJHJHQGLH%UXVW GHV0DQQHV'HVKDOEVDKVLHQLFKWZLHVLFKGHVVHQ*HVLFKW ]XHLQHPE|VDUWLJHQ*ULQVHQYHU]RJ (UVWDOVVLHGLHNDOWHQ+lQGHDQLKUHP+DOVVSUWHXQGGLH IROJHQGHQ:RUWHK|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

]XFNWHHLQ,UUOLFKWVHOWVDPYHUVFKZRPPHQGXUFKGHQ'XQVW 2IWJHQXJOLHILFKDQGHQGLFKWELVDQGHQ3IDGKHUDQ ZDFKVHQGHQ%lXPHQYRUEHL0DQFKPDOVWUHLIWHQPLFKGLH =ZHLJHXQGZHQQVLH]XZHLWZXFKVHQEUDFKLFKGLHVH EUDXQHQWRWHQ$UPHHLQIDFKDE $XIHLQPDOZXUGHGHU8QWHUJUXQGEHVVHU,FKVDQNQLFKW PHKUJDQ]ELV]XGHQ.Q|FKHOQHLQXQGVWHOOWHPLW)UHXGH IHVWGDLFKDXIHLQHQHWZDVEUHLWHUHQ:HJJHVWRHQZDU :LHYLHOH0LQXWHQLFKXQWHUZHJVZDUZXWHLFKQLFKW]X VDJHQ'LH=HLWLQWHUHVVLHUWHPLFKQLFKW,FKKRIIWHQXU VFKQHOOJHQXJDP2UWGHV*HVFKHKHQV]XVHLQGHQQHLQ 0HQVFKZDULQ*HIDKU :RKLQMHW]W" 0LUVWDQGHQ]ZHL6HLWHQ]XU$XVZDKO =XHUVWVFKDXWHLFKQDFKOLQNVXQGLFKVDKWDWVlFKOLFKHLQH %HZHJXQJ6FKZHUQXU]XHUNHQQHQIDVWHLQH)DWD 0RUJDQD'DVDOOHUGLQJVZROOWHLFKJHQDXZLVVHQXQGOLHI GLHVPDOVFKQHOOHUORV 'HU:HJOLHHV]XLFKNRQQWHHVPLUOHLVWHQZDUDEHU QDFKZLHYRUYRQGLHVHPVHOWVDPJUQHQOHLFKWGXUFKVLFKWL JHQ6XPSIXPJHEHQXQGZHQQLFKHLQHQ%OLFNKLQHLQZDUI NRQQWHLFKDOOGDVHUNHQQHQZDVGDV0RRUHLQPDOYHU VFKOXQJHQKDWWH 'DZDUHQ3IODQ]HQ]XVHKHQbVWH=ZHLJHGDQQTXDOOHQ DUWLJH=XVDPPHQEDOOXQJHQLUJHQGZHOFKHU$OJHQRGHU WDQJlKQOLFKHU*HZlFKVH6RJDU$EIDOOZDUYRUKDQGHQ 0RGHUQGHU0OOGHQLUJHQGZHOFKH8PZHOWVQGHUNXU]HU KDQGLQGHQ6XPSIJHZRUIHQKDWWHQ 'DV0RRUZUGHLKQNRQVHUYLHUHQ -HZHLWHULFKOLHIXPVREHVVHUNRQQWHLFKHWZDVVHKHQXQG DXFKK|UHQ(LQVHOWVDPHU6LQJVDQJVFKDOOWHPLUHQWJHJHQ (VK|UWHVLFKDQZLHGDV/HLHUQHLQHV7RWHQOLHGHVXQGSO|W] OLFKVFKlOWHQVLFKYRUPLUDXVGHQJUQHQ'XQVWVWUHLIHQ XQKHLPOLFKDQ]XVHKHQGH*HVWDOWHQ )OLHKZHQQVLFKGLH*UlEHU|IIQHQ'DVKDWWHPDQPLU

JHVDJW0LWGHQ*UlEHUQPXWHGHU6XPSIJHPHLQWVHLQ XQGHUKDWWHVLFKJH|IIQHWXPGLHVFKUHFNOLFKHQ*HVWDOWHQ]X HQWODVVHQGHQHQLFKQXQHQWJHJHQJLQJ $EHULFKVDKQRFKPHKU /LQNVYRQPLUXQGQLFKWVRZHLWHQWIHUQWZLHGLH*HVWDOWHQ K|UWHLFKGLHGXPSINOLQJHQGHQ6FKUHLH,FKVDKDXFKGLH KHIWLJHQ%HZHJXQJHQGLHGDUDXIVFKOLHHQOLHHQGDVLFK MHPDQGJHJHQHLQHQDQGHUHQZHKUWH 6RIRUWZXWHLFK%HVFKHLG +LHUNlPSIWHGLH3HUVRQGLHVRJHOOHQGXP+LOIHJHVFKULHQ KDWWH8QGVLHZDUQRFKDP/HEHQ $EHUVLHEHIDQGVLFKQLFKWPHKUDXIGHP:HJVRQGHUQ DEVHLWVYRQLKPVFKRQLP6XPSI 8QGGDNRQQWHLFKQLFKWKLQ ,FKQDKPMHW]WNHLQH5FNVLFKWPHKU6ROOWHQGLHDQGHUHQ PLFKVHKHQGDV/HEHQGHVQRUPDOHQ0HQVFKHQZDUZLFKWL JHU0HLQH%HUHWWDVFKLHQQXULQGLH+DQG]XIOLHJHQXQGLFK EUDXFKWHQXUZHQLJH6FKULWWHXPGHQ6FKDXSODW]GHV *HVFKHKHQV]XHUUHLFKHQ$P:HJUDQGEOLHELFKVWHKHQ9RQ GHUOLQNHQ6HLWHKHUQlKHUWHQVLFKGLH+H[HQ=RPELHVXQG HWZD]ZHLELVGUHL

ª:DVLVWORV"© ,UJHQGMHPDQGKDWWHGLH)UDJHJHVWHOOWXQG6XNRDQWZRU WHWHª6LHLVWGD© ª:HU"© ª'LHVH:LNND©ULHIGHUDOWH6SLNHU 6XNRQLFNWHª-DJHQDX:LNNDLVWGD8QGVLHZLUG9HU VWlUNXQJPLWJHEUDFKWKDEHQ© ª0HLQ*RWWZDVWXQZLUMHW]W"©(LQH)UDXULHIHVYROOHU 3DQLN,KUH6WLPPHKDOOWHGXUFKGLH.LUFKH 'DNRQQWHLKU6XNRDXFKNHLQH$QWZRUWJHEHQDEHUHU KDWWHHWZDVJHVHKHQEHUGDVHUQDFKGHQNHQZROOWH8P VLFKGDYRQ]XEHU]HXJHQ|IIQHWHHUGLH7UDEHUPDOVXQG SHLOWHQDFKGUDXHQ :LNNDVWDQGQRFKLPPHUDXIGHP9RUSODW]6LHODFKWHODXW XQGULHIPLWJHOOHQGHU6WLPPHª.RPPWDOOHKHU]XPLU (XUH=HLWLVWDQJHEURFKHQ'LH5DFKHGHU+H[HQZLUGVLFK HUIOOHQ© $OVGLH:RUWHYHUNODQJHQKDWWH6XNRJHVHKHQZDVHU VHKHQZROOWH'LHVH:LNNDVDKQLFKWPHKUVRDXVZLHGLHYRQ IUKHU6LHKDWWHVLFKDXIVFKDXULJH:HLVHYHUlQGHUW:DV 6XNRGDJHVHKHQKDWWHZDUHLQJUlOLFKHVYHUEUDQQWHV 0RQVWHUGDVWURW]GHPOHEWH (U]RJVLFKZLHGHU]XUFNXQGVFKDXWHVHLQH6FKW]OLQJH DQª6LHVDPPHOQVLFK©HUNOlUWHHU ª+DEHQZLUQRFKHLQH)ULVW"© ª-D© ª:LHODQJH"© 6XNRKREGLH6FKXOWHUQ)U'lPRQHQRGHU:HVHQGHU )LQVWHUQLVVSLHOWHGLH=HLWHLQHJHULQJH5ROOH2IWQDKPHQVLH VLFKEHZXWYLHO=HLWXPGDV*UDXHQGHU0HQVFKHQ]XYHU OlQJHUQ 6XNRVWHFNWHLQHLQHP=ZLHVSDOW:HQQHUKLHULQGHU .LUFKHEOLHEEHUOLHHUGHQ+H[HQGLH,QLWLDWLYH*LQJHU DEHUKLQDXVZDUHQGLH0HQVFKHQVFKXW]ORV :DVVROOWHHUWXQ"

(LQH$QWZRUWNRQQWHLKPQLHPDQGJHEHQGHVKDOEPXWH HUVLFKJDQ]DOOHLQHQWVFKHLGHQ 'DVWDWHUDXFKª,FKZHUGHMHW]WKLQDXVJHKHQ©HUNOlUWHHU GHQDQGHUHQPLWODXWHU6WLPPHª8QGLFKYHUVXFKHGHP 6SXNHLQ(QGH]XEHUHLWHQ-HGH+H[HGLHLFKHUOHGLJHNDQQ HXFKQLFKWPHKUVFKDGHQ© ª8QGZHQQ6LHHVQLFKWVFKDIIHQ"© ª'DUDQZROOHQZLUQLFKWGHQNHQ©HUZLGHUWHGHU ,QVSHNWRU ª-D6LHQLFKWDEHUZLU© ª:HQQLFKKLHUEOHLEHXQGGLH+H[HQNRQ]HQWULHUWDQJUHL IHQQXW]HLFKHXFKHEHQVRYLHOZLHGUDXHQ'LH&KDQFHQ VWHKHQDOVRJOHLFK© ª'DQQEOHLEGRFKKLHUYHUGDPPW© ª1HLQ©HUZLGHUWH6XNRª'UDXHQNDQQLFK(LJHQLQLWLD WLYHHQWZLFNHOQ+LHUPXLFK]XYLHO5FNVLFKWQHKPHQ© ª'HUZLOOXQVYHUUHFNHQODVVHQ©VFKULHMHPDQGXQGGLHVHU 6DW]ZLUNWHZLHHLQH,QLWLDO]QGXQJ3O|W]OLFKKDWWH6XNR DOOHJHJHQVLFK-HW]WPXWHHUUDXVZROOWHHUQLFKWGHQY|OOLJ GXUFKJHGUHKWHQ0HQVFKHQLQGLH+lQGHIDOOHQ %HYRUGLHHUVWHQLKQSDFNHQNRQQWHQKDWWH6XNREHUHLWV GLH7UDXIJH]RJHQXQGVLFKYHUGUFNW5DVFKUDPPWHHUVLH ZLHGHUKLQWHUVLFK]XXQGVWHOOWH]XIULHGHQIHVWGDPDQ LKPQLFKWIROJWH'DVWUDXWHQVLFKGLH0HQVFKHQZRKOQLFKW (VZDUDXFKEHVVHUVR 1XUVDK6XNRGLH+H[HQQLFKW'DVEHUUDVFKWHLKQZLUN OLFK(UKDWWHGDPLWJHUHFKQHWVLHYRUGHU.LUFKHYHUVDPPHOW ]XVHKHQZHLOVLFKGDULQMDGLH0HQVFKHQEHIDQGHQ 2IIHQEDUKDWWHQVLHHVVLFKDQGHUVEHUOHJWGHQQZHGHUDXI GHQ%lXPHQKRFNWHQVLHQRFKODXHUWHQVLHLQLUJHQGZHOFKHQ QDKHOLHJHQGHQ9HUVWHFNHQ $EHUVLHKDWWHQGDV'RUIQLFKWYHUODVVHQ6XNRK|UWHGHXW OLFKLKU6FKUHLHQXQG.UHLVFKHQ 'HU:LQGZHKWHHVYRP'RUIKHU]XLKPKHUEHUXQG ZHQQHUGHQ.RSIKREXPEHUGLH'lFKHU]XEOLFNHQGDQQ

VDKHUKLQXQGZLHGHUGLHUDVFKYRUEHLKXVFKHQGHQ6WUHLIHQ ZHQQGLH+H[HQGDQNLKUHU.UlIWHGXUFKGLH/IWHMDJWHQ :LNNDXQG-DQHKDWWHQVLFKHEHQIDOOVYHUIOFKWLJW:HQQ 6XNRDQ:LNNDGDFKWHVDKHUZLHGHUGDVYHUEUDQQWH(WZDV YRUVLFK6LHKDWWHPLWGHUIUKHUHQ+H[HNDXPHWZDV JHPHLQ:DVPXWHQXUJHVFKHKHQVHLQGDVRHWZDVHLQ WUHWHQNRQQWH" :DU:LNNDYLHOOHLFKWDXI-RKQ6LQFODLUJHWURIIHQXQGKDWWH GLHVHUVLHPLWGHP.UHX]DWWDFNLHUW" $EHUGDV.UHX]KlWWHVLHQLFKWPHKUDP/HEHQJHODVVHQ VRQGHUQ]HUVW|UWGHVVHQZDU6XNRVLFKHU'HVKDOEPXWHHV HLQHDQGHUH0DJLHJHZHVHQVHLQGLHGLH2EHUKH[HGHUDUW YHUXQVWDOWHWKDWWH 'HU+H[HQZUJHU )U6XNRNDPNHLQDQGHUHULQ)UDJH(UKDWWHLKQELVKHU QRFKQLFKWJHVHKHQ'LH0HQVFKHQZDUWHWHQ]ZDUDXILKQ GRFKDQVFKHLQHQGZROOWHHUQLFKW]XLKQHQVWRHQ 'HU,QVSHNWRUEHVFKORVLFKYRQGHU.LUFKH]XHQWIHUQHQ (UZROOWHGRUWKLQZRVLFKDXFKGLH+H[HQEHIDQGHQGDQQ YHUVlXPWHHUNHLQHVIDOOVGDV)LQDOH 6XNRZDUVHKUJHVSDQQWDOVHUVLFK]ZLVFKHQGHQDOWHQ +lXVHUQKLQGXUFKVFKOlQJHOWHEHU:LHVHQJLQJ=lXQH EHUNOHWWHUWHXQGVLFKVRVHLQHP=LHOQlKHUWH ,PPHUZDUHUZDFKVDPVWHWVDXIGHU+XW'LH+H[HQ]HLJ WHQIULKQNHLQ,QWHUHVVH(UVDKVLHVHOEVWDXFKQLFKW6LH PXWHQVLFKGRUWYHUVDPPHOWKDEHQZRVLFK:LNNDXQG -DQH&ROOLQVEHIDQGHQ -HPHKUVLFKGHU,QVSHNWRUGHU+DXSWVWUDHQlKHUWHXPVR YRUVLFKWLJHUZXUGHHU'DV.UHLVFKHQXQG6FKUHLHQGHU +H[HQKDWWHVLFKJHVWHLJHUW:HQQ6XNRQDFKREHQVFKDXWH VDKHUZLHVLHLKUHQZLOGHQ5HLJHQWDQ]WHQ:LH,UUZLVFKH MDJWHQVLHGXUFKGLH/IWHZDUHQNDXP]XYHUIROJHQXQG LKUH6FKUHLHJHOOWHQVSLW]DQ6XNRV2KUHQ $QGHU:DQGHLQHVVFKXSSHQDUWLJHQ$QEDXVGUFNWHVLFK 6XNRZHLWHU

$OVHUIUHLHQ%OLFNDXIGLH6WUDHKDWWHEOLHEHUVWHKHQ 'DVDKHUVLH 6LHKDWWHQVLFKWDWVlFKOLFKDXIGHU+DXSWVWUDHYHUVDP PHOW.HLQHGHU+H[HQKRFNWHPHKUDXIGHP'DFKLUJHQG HLQHV+DXVHVVLHEHIDQGHQVLFKDXIGHU+DXSWVWUDHXQG YHUGHFNWHQ6XNRGHQ%OLFNDXILKUH.|QLJLQ8PVLHXP :LNNDKDWWHQGLH+H[HQHLQHQ.UHLVJHELOGHW 6XNRGHUXQZLOONUOLFKGHQ$WHPDQJHKDOWHQKDWWHYHU VXFKWHVLH]X]lKOHQ *HQDXVFKDIIWHHUHVQLFKW*XW]ZDQ]LJVFKLHQHQHVLKP DOOHUGLQJV]XVHLQ'DVZDUHQHQWVFKLHGHQ]XYLHOH*HJQHU 6LHUHGHWHQGXUFKHLQDQGHU,KUH6WLPPHQJHOOWHQEHU VFKOXJHQVLFKPDQFKPDOMHGHZROOWHGHU.|QLJLQHWZDV VDJHQ.XU]GDQDFKHQWVWDQGHLQH/FNHLP+H[HQSXONXQG 6XNRNRQQWH:LNNDVHKHQ (UKDWWHVLH]ZDUVFKRQHLQPDOJHVHKHQQXQDEHUVDKHUVLH GHXWOLFKHU(UYHUVHW]WHLKPHLQHQ6FKRFN'DVZDUHLQH Y|OOLJYHUEUDQQWH2EHUKH[HGLHYRPbXHUOLFKHQKHUZHQLJ PLWGHU]XWXQKDWWHGLH6XNRYRQIUKHUKHUNDQQWH (UVDKDXFK-DQH&ROOLQV 6LHZDUQRUPDO8QGVLHKLHOWVLFKDQ:LNNDV6HLWHVFKULH GLHEULJHQ+H[HQDQXQGZROOWHIU2UGQXQJVRUJHQ 1RFKZDUHQGLHZLGHUOLFKHQ*HVWDOWHQPLWVLFKVHOEVW EHVFKlIWLJW$XI6XNRDFKWHWHQVLHQLFKW:DKUVFKHLQOLFK ZXWHQVLHEHUKDXSWQLFKWGDVLHVFKRQEHREDFKWHW ZXUGHQ'HU&KLQHVHMHGRFKZROOWHGLH*XQVWGHU6WXQGH QXW]HQXPVLFKHLQHQEHVVHUHQ6LFKWSODW]]XYHUVFKDIIHQ )ULKQZDUHVNHLQ3UREOHPDXIGDV6FKXSSHQGDFK]X VWHLJHQGDHUHLQHNOHLQH/HLWHUHQWGHFNWHGLHDQGHU 6FKXSSHQZDQGOHKQWHXQGVRVWDELODXVVDKXP6XNRV *HZLFKW]XWUDJHQ *HVFKPHLGLJNOHWWHUWHHUGLH6SURVVHQKRFKXQGHUUHLFKWH ZHQLJVSlWHUGDV6FKXSSHQGDFK'RUWOHJWHHUVLFKIODFKKLQ XQGNURFKODQJVDPZHLWHU(UZDQGWHVLFKQDFKUHFKWVGHP 5DQG]XGHU]XU6WUDH]HLJWH

)ODFKEOLHEHUOLHJHQVFKREGHQ.RSIHLQZHQLJYRUXQG VFKDXWHDXIGLH6WUDH 'LH+H[HQVWDQGHQYRUXQGXQWHULKPZLHDXIGHP 3UlVHQWLHUWHOOHU:HQQHVKDUWDXIKDUWJLQJNRQQWHHUGLH %HUHWWDQHKPHQXQGHLQLJHYRQLKQHQHUOHGLJHQ 1RFKLPPHUUHGHWHQVLHELV-DQH&ROOLQVVLHVWDFKGXUFK LKUEORQGHV+DDUGHXWOLFKYRQGHQDQGHUHQDEVLFKKHU XPGUHKWHGHQ$UPDXVVWUHFNWHXQG]XPDQGHUHQ(QGHGHU 6WUDHGHXWHWH ª'DNRPPWHU© 3O|W]OLFKZDUEHLGHQ+H[HQMHJOLFKHU6WUHLWYHUJHVVHQ6LH VFKDXWHQQXULQGLHYRQ-DQHDQJH]HLJWH5LFKWXQJXQGDXFK 6XNREHXJWHVLFKHLQZHQLJZHLWHUYRUXQGGUHKWHGHQ.RSI QDFKOLQNVXPDOOHVHUNHQQHQ]XN|QQHQ =ZDUVWDQGGHU0RQGDP+LPPHOVHLQ/LFKWMHGRFK UHLFKWHNDXPDXVXPHWZDVJHQDXHUNHQQHQ]XN|QQHQ 6XNRPXWHVFKRQVHKUVFKDUIKLQVFKDXHQ(LQH*HVWDOW NDPKHUDQVFKULWWLQGDV'RUIKLQHLQ8QGVLHKLHOWHWZDVLQ GHU+DQG (LQH3HLWVFKH 'LHGUHL5LHPHQVFKLPPHUWHQ6LHZLHVHQQDFKXQWHQ0LW LKUHQ6SLW]HQKLQWHUOLHHQVLH6SXUHQLP6WDXEGHU6WUDH :LNNDVSUDFKGDVDXVZDVDOOHDQGHUHQGDFKWHQª'HU +H[HQZUJHUNRPPW© (VZDUHLQ=RPELH 6LHKDWWHQ%LQJ&RUGWODQGGHP6XPSIJHRSIHUW'HU MHGRFKZROOWHLKQQLFKWKDEHQVSLHLKQZLHGHUDXVXQGOLH LKQDOVJUDXHQYROOHV0RQVWHU]XUFNNHKUHQ $OVOHEHQGHQ7RWHQ ,FKVDKLKQHUVDKPLFK $EHULFKNRQQWHQLFKWDQLKQKHUDQ'LH'LVWDQ]ZDUHLQ IDFK]XJUR:HQQLFKDXILKQ]XJLQJZUGHPLFKGHU 6XPSIIHVWKDOWHQXQGLQGLH7LHIH]HUUHQ

=XGHPNDPHQGLH=RPELH+H[HQLPPHUQlKHU,FKK|UWH LKUHQ*HVDQJGHUVLFKDOOPlKOLFKVWHLJHUWH ,FKVDKDXFKGLH)UDX 6HOEVWDXIGLHVH(QWIHUQXQJKLQNRQQWHLFKGLH7RGHVDQJVW HUNHQQHQGLHLKU*HVLFKWJH]HLFKQHWKDWWH,UJHQGZLHKDWWH VLHHVJHVFKDIIWGHQ.RSI]XGUHKHQ6LHVWDUUWHLQPHLQH 5LFKWXQJDEHUREVLHPLFKZDKUQDKPZXWHLFKQLFKW ª%ULQJVLHKHU©VFKULHLFK&RUGWODQG]X ª1LH© ª,FK]HUVFKLHHGLUGHQ6FKlGHO,QPHLQHU:DIIHVWHFNHQ JHZHLKWH6LOEHUNXJHOQ'LHW|WHQDXFKGLFK8QKROG© )UHLQHQ0RPHQW]|JHUWHHU,FKGXUIWHKLHUNHLQHZHLWHU =HLWPHKUYHUOLHUHQGHQQGHU6XPSIZDUJLHULJZLHHLQDXV JHKXQJHUWHV8QJHKHXHU(UIUDDOOHV ª*XW©DQWZRUWHWH&RUGWODQGª,FKODVVHVLHORV'XVROOVW GHLQHQ:LOOHQKDEHQ© ,QGHQQlFKVWHQ$XJHQEOLFNHQHUOHEWHLFKZHOFKHLQH.UDIW LQGHP0RQVWHUVWHFNWH6HLQH3UDQNHQXPIDWHQGLH+IWHQ GHU)UDXXQGGDQQ]RJHUGLH3HUVRQGLHIDVWELV]XGHQ .QLHQLP6FKODPPVWHFNWHPLWHLQHUVRVSLHOHULVFKDQ PXWHQGHQ/HLFKWLJNHLWDXVGHP0RRUGLHPLFKHUVFKUHFNWH ,FKNDQQWHGLH.UlIWHGHV6XPSIHVZXWHJHQDXZLH JLHULJHUZDUXQGGDHVSUDNWLVFKXQP|JOLFKZDULKPHLQ 2SIHU]XHQWUHLHQ 'HU=RPELH%LQJ&RUGWODQGVFKDIIWHHVQDKH]XRKQH $QVWUHQJXQJ'DEHLZDQGWHHUVLFKXP1XUHLQPDOGUHKWH LFKIUHLQHQZLQ]LJHQ0RPHQWGHQ.RSI]XU6HLWHZHLOLFK QDFKGHQXQKHLPOLFKHQ=RPELH+H[HQVHKHQZROOWHGLH VLFKPHLQHP6WDQGRUWVWHWLJQlKHUWHQ :LHZHLWVLHQRFKYRQPLUHQWIHUQWZDUHQNRQQWHLFK VFKOHFKWVFKlW]HQGDGLHJUQVFKLPPHUQGHQ1HEHO VFKZDGHQPHLQH6LFKWZHLWHOHLGHUYHUULQJHUWHQDEHUVHKU YLHOQlKHUGXUIWHLFKGLHVH%HVWLHQQLFKWKHUDQNRPPHQODVVHQ 'DQQK|UWHLFKGHQ6FKUHL(UVFKUHFNWHPLFKDXI%LQJ &RUGWODQGKDWWHLKQDXVJHVWRHQ

(UZXFKWHWHGDEHLVHLQ2SIHULQGLH+|KHYRQGHUHQ )HQGHU6FKODPPWURSIWH6RJDUGDV*HVLFKWGHV8QWRWHQ YHU]HUUWHVLFKXQGLFKZXWHZDVHUZROOWH(UZUGHPLU GLH)UDXHQWJHJHQVFKOHXGHUQ ,FKVWHPPWHPLFKPLWGHQ+DFNHQHLQ:HQQGHU$QSUDOO HUIROJWHZROOWHLFKLKPZHQLJVWHQV:LGHUVWDQGHQWJHJHQ VHW]HQ %LQJ&RUGWODQGOHJWHPLFKUHLQ (UVFKOHXGHUWHGHQ.|USHUGHU)UDXQLFKWDXIPLFK]X VRQGHUQZHVHQWOLFKK|KHUXQGVFKUlJDQPLUYRUEHL6LH ZUGHXQGGDVZDUVHLQH$EVLFKWDXIGHUDQGHUHQ6HLWHGHV :HJVLP6XPSIDXINODWVFKHQXQGGRUWYHUVLQNHQ 'LH$NWLRQZXUGHYRQVHLQHPVFKUHFNOLFKHQ/DFKHQ EHJOHLWHW(UIKOWHVLFKDXIGHU6LHJHUVWUDHGRFKLFKK|UWH VHLQ/DFKHQQLFKWXQGDFKWHWHDXFKQLFKWDXIGLHDQGHUHQ 1XUGLH)UDX]lKOWH $OVVLHGXUFKGLH/XIWIORJVWDUWHWHLFK'DEHLOLHILFK]ZHL 6FKULWWHDXIGLH=RPELH+H[HQ]XXQGVWLHPLFKVRZXFK WLJXQGNUDIWYROODEZLHHVGHU%RGHQ]XOLH0HLQH$UPH VFKQHOOWHQLQGLH+|KHLFKOLHGLH%HUHWWDIDOOHQXQGPHLQH +lQGHZDUHQ]X*UHLINODXHQJH|IIQHW (VZDUHLQ=XIDOOGDLFKGLH)UDXHUZLVFKWH1RUPDOHU ZHLVHZlUHVLHEHUPHLQHDXVJHVWUHFNWHQ$UPHKLQZHJ JHIORJHQGRFKHLQHVLKUHU%HLQHILHOQDFKXQWHQXQGLFK EHNDPHLQHQ)XVRZLHHLQHQ.Q|FKHO]XIDVVHQ (LVHUQKLHOWLFKIHVW 'LH)UDXNODWVFKWHLQGHQ6FKODPP ,FKK|UWHGDV.ODWVFKHQXQGKDWWHVFKRQ$QJVWGDGLH )UDXGHQQRFKYHUVLQNHQZUGH 'DQQDEHUVDKLFKGDVLHQLFKWLP6XPSIJHODQGHWZDU ,FKKDWWHVLHWDWVlFKOLFKUHWWHQN|QQHQ,FK]HUUWHQRFKDQLKU GDPLWVLHY|OOLJDXIV7URFNHQHJHULHWXQGGUHKWHPLFKGDQQ XPZHLOLFKGHQ:XWVFKUHLGHV=RPELHVGHXWOLFKYHUQDKP %LQJ&RUGWODQGKDWWHQRFKQLFKWDXIJHJHEHQ(UVDQNQLFKW LP0RRUHLQ'LH0DJLHKLHOWLKQDXIGHU2EHUIOlFKHXQGHU

ZDO]WHGXUFKGHQJUQOLFKVFKLOOHUQGHQ6XPSIZREHLHUIDVW ELV]XGHQ.QLHQLQGHU%UKHVWHFNWH ,FKVXFKWHPHLQH%HUHWWDIDQGVLHHLQ6WFNHQWIHUQW VWROSHUWHDXIGLH:DIIH]XXQGQDKPVLHDQPLFK 6RHEHQKDWWHGHU=RPELHGHQ:HJUDQGHUUHLFKW ,FKVFKR =ZHLJHZHLKWH6LOEHUNXJHOQMDJWHLFKLKPHQWJHJHQ%HLGH VFKOXJHQLQVHLQH%UXVW6LHWULHEHQGHQ8QKROG]XUFN(U ULVHLQH$UPHKRFKWDXPHOWHQDFKKLQWHQXQGVWLH/DXWH DXVGLHHLQH0LVFKXQJDXV*UXQ]HQXQG6FKUHLHQZDUHQ 'DQQILHOHU 0LWGHP5FNHQ]XHUVWNODWVFKWHHULQGLHJUQH%UKH =XQlFKVWVDKHVVRDXVDOVZROOWHHUVLFKQRFKHLQPDOHU KHEHQ(UEUDFKWHGHQ2EHUN|USHUDXFKLQGLH+|KHGDQQ MHGRFKVDFNWHHU]XVDPPHQXQGGHU]lKH6FKODPP]RJLKQ LQGLH7LHIH (VJDENHLQHQ%LQJ&RUGWODQGPHKU 'DIUDEHUGLH+H[HQ ,FKIXKUKHUXP 'HU6FKDWWHQHUVFKLHQGLFKWYRUPLU(UILHOJHJHQPLFK (VZDUGLHHUVWH+H[HGLHPLFKHUUHLFKWKDWWHXQGPLFK XPEULQJHQZROOWH,FKGUFNWHDE 'LH6LOEHUNXJHOEOLHELQGHPDXVJHPHUJHOWHQ.|USHU VWHFNHQ'LH+H[HHUKLHOWHLQHQ'UDOOQDFKOLQNVXQGILHO]XU 6HLWH0LWHLQHP)XWULWWUROOWHLFKGHQ.|USHUYRP:HJ 'DQQK|UWHLFKGLHJHOOHQGHQ6FKUHLH'UHL+H[HQKDWWHQ VLFKDXIGLH)UDXJHVWU]W]ZHLDQGHUHEHIDQGHQVLFK ]ZLVFKHQPLUXQGGHP2SIHU8PGLH)UHPGH]XUHWWHQ PXWHLFKHUVWGLHDQGHUHQDXVVFKDOWHQ =RPELHVVLQGLQGHU5HJHOGXPP6LHN|QQHQQLFKW GHQNHQ'LHDXVGHP0RRUJHVWLHJHQHQ+H[HQPDFKWHQGD NHLQH$XVQDKPH6LHZDUHQQXUDXI$QJULIIJHGULOOWDXI 9HUQLFKWXQJSURJUDPPLHUW6LHDKQWHQQLFKWGDHVHWZDV JDEGDVVLHYHUQLFKWHQNRQQWH *HZHLKWH.XJHOQ]XP%HLVSLHO

'LHVHW]WHLFKHLQ 0HLQH%HUHWWDVSLHGLH9HUQLFKWXQJ:LH3XSSHQZXUGHQ GLH+H[HQ]XU6HLWHJHVWRHQDOVGLH.XJHOQLKUHJUlOLFKHQ .|SIHWUDIHQXQGVLH]HUVW|UWHQ )UPLFKZDUGHU:HJ]XGHU)UDXIUHL(VZXUGHDXFK K|FKVWH=HLWGHQQGLHGUHL+H[HQ=RPELHVNQLHWHQQHEHQ LKUXQGHLQHKLHOWGLH$UPHGHU)UDXIHVWGLH]ZHLWHGLH %HLQHZlKUHQGGLHGULWWHLKUH=lKQHLQGHQ+DOVGHU)UDX KDFNHQZROOWH 'LHVHV7HXIHOVZHLEHUZLVFKWHLFK]XHUVW0HLQH.XJHO IHJWHVLH]XU6HLWHXQGEHLGHQDQGHUHQEHLGHQYHUZHQGHWH LFKPHLQHQ'ROFK ,FKNDPEHUVLHZLHHLQ*HZLWWHU (LQHZROOWHPLFKQRFKSDFNHQ(VJHODQJLKUDXFKLKUH .ODXHQLQPHLQH.OHLGXQJ]XVFKODJHQXQGPLFKIHVW]X KDOWHQGRFKLFKKLHOWGHQ'ROFKLQPHLQHUUHFKWHQ+DQGXQG IXKUKHUXP (VZDUHLQHEOLW]VFKQHOOH'UHKXQJ9RUGHU:DIIHQVSLW]H WDXFKWHGDV*HVLFKWGHU=RPELH+H[HDXIHLQHQ*HGDQNHQ EOLW]VSlWHUZDUHVYHUVFKZXQGHQ 'DVDQGHUH:HVHQZXUGHYRQGHUMXQJHQ)UDXVHOEVW]XU 6HLWHJHVFKOHXGHUW6LHKDWWHLKUH$QJVWXQGLKUH/HWKDUJLH EHUZXQGHQXQGGUFNWHGHQ.|USHUYRQVLFKZHJ (UILHOPLUJHQDXLQV0HVVHU :HQLJVSlWHUVFKOHXGHUWHLFKGLHhEHUUHVWHGHU=RPELH +H[HQ]XUFNLQGHQ6XPSI6LHVROOWHQGRUWEOHLEHQZRVLH KHUJHNRPPHQZDUHQ 6FKZHUDWPHQGEOLHELFKVWHKHQ'LHOHW]WHQ$NWLRQHQ ZDUHQYHUGDPPWDQPHLQH.UDIWJHJDQJHQDXFKVFKPHU] WHQPLUGLH$UPHLQ+|KHGHU6FKXOWHUQGHQQHVZDUQLFKW HLQIDFKJHZHVHQGLH)UDXDXI]XIDQJHQ-HW]WKDWWHLFKVLH HQGOLFKDXVGHQ.ODXHQGHU+H[HQEHIUHLW 'LH8QEHNDQQWHODJDP%RGHQKDWWHVLFKDXILKUH+lQGH JHVWW]WXQGVFKDXWHPLFKDQª6LQGVLQGZLUJHUHWWHW"© K|UWHLFKLKUHNUlFK]HQGH6WLPPH

,FKQLFNWHQXU 'DQDFKKDOILFKLKUKRFK'LHVPDOILHOVLHLQPHLQH$UPH ,FKVSUWHLKU=LWWHUQ6LHKDWWHXQJHPHLQYLHOGXUFKJH PDFKW'HVKDOEZDULKUH5HDNWLRQYHUVWlQGOLFK ,FKZlUHJHUQOlQJHUVWHKHQJHEOLHEHQGRFKGLH=HLW GUlQJWH,FKPXWHXQEHGLQJWQDFK%ODFNPRRUGHQQQRFK EHIDQGHQVLFK:LNND-DQH&ROOLQVXQG]DKOUHLFKHDQGHUH +H[HQZHLEHUDXIIUHLHP)X=XGHPGDFKWHLFKDQ6XNR GHULP2UWY|OOLJDOOHLQDXIVLFKJHVWHOOWGLH6WHOOXQJKLHOW ª:HUZHUVLQG6LH"©IUDJWHPLFKGLH)UDX ª0HLQ1DPHLVW-RKQ6LQFODLU© ,FKZDUEHUUDVFKWZLHVHKUVLHQDFKGLHVHU$QWZRUW ]XVDPPHQ]XFNWH6LHGUFNWHVLFKVRJDUYRQPLUZHJXQG IOVWHUWHª6LHVLQGGHU*HLVWHUMlJHU"© ª-D© ª0HLQ*RWW©7LHIDWPHWHVLHGXUFKª:HQQGDVNHLQ =XIDOORGHUHLQH)JXQJGHV6FKLFNVDOVLVW© ,FKYHUVWDQGQRFKLPPHUQLFKWª:LHPHLQHQ6LHGDV"© 6LHVFKOXFNWHHLQSDDUPDOª:LVVHQ6LHZLHLFKKHLH"© 'DQQODFKWHVLHª1HLQGDVN|QQHQ6LHMDQLFKW,FKELQ/\GLD %DUURZV'U%DUURZVLVWPHLQ2QNHO© -HW]WZDULFKGHUhEHUUDVFKWHª'DVJLEWHVGRFKQLFKW© IOVWHUWHHU ª'RFKHVVWLPPW0U6LQFODLU,FKELQ'U%DUURZV1LFKWH XQGLFKZROOWHPHLQHQ2QNHOPLWPHLQHP%HVXFKEHU UDVFKHQ© ª$EHUHULVWQLFKWKLHU© ª'DVKDEHLFKQLFKWJHZXW©VDJWHVLHª(VVROOWHGRFKHLQH hEHUUDVFKXQJZHUGHQ© ,FKQLFNWHª-DGDVLVWHVDXFK7URW]GHPZLUPVVHQKLHU MHW]WYHUVFKZLQGHQXQGQDFK%ODFNPRRUGHQQGHU)DOOLVW OlQJVWQLFKWEHHQGHW© ª,FKJHKHPLW© :DVVROOWHLFKGDVDJHQ"6LHZlUHKLHUYLHOOHLFKWVLFKHUHU JHZHVHQ'RFKZHUNRQQWHGDVPLW%HVWLPPWKHLWVDJHQ

'HVKDOEQLFNWHLFKXQGVDJWHª,VWVFKRQUHFKWLFKQHKPH6LH PLWQDFK%ODFNPRRU© :LUJLQJHQ,FKKDWWHHV]LHPOLFKHLOLJGRFK/\GLDKLHOW PLFKSO|W]OLFKIHVWª'DVHKHQ6LHGRFK© ,FKVFKDXWHQDFKUHFKWVGHQQGRUWKDWWHVLHKLQJHGHXWHW 'RUWVFKZDPPGLH/HLFKHYRQ%LQJ&RUGWODQGGLFKWXQWHU GHU2EHUIOlFKHVFKLHQ]XP*UHLIHQQDKHXQGGHQQRFKZHLW HQWIHUQW(UODJDXIGHP%DXFKXQGGHU6XPSI]RJLKQ LPPHUZLHGHULQGLH7LHIH(UKROWHLKQZLHGHU]XUFN ª6FKDXHQ6LHQLFKW]XU6HLWH/\GLDVRQGHUQQDFKYRUQ© VDJWHLFKª'DVLVWMHW]WZLFKWLJHU© 6LHEHJULIIGHQ'RSSHOVLQQGHU:RUWHª+DEHQZLUGHQQ QRFKHLQH=XNXQIW0U6LQFODLU"© ª'DVKRIIHLFKGRFKVHKU© 6XNRIKOWHVLFKZLHLQHLQHP:HVWHUQ=ZHLIHLQGOLFKH 3DUWHLHQODXHUWHQDXIHLQDQGHUZREHLGLHHLQH3DUWHL]DKOHQ PlLJLQGHUhEHU]DKOZDU'HU+H[HQZUJHUVWDQGDOOHLQ (UKDWWHQXUVHLQH3HLWVFKHZlKUHQGVLFKDXIGHUDQGHUHQ 6HLWH-DQH&ROOLQV:LNNDXQGXQJHIlKU]ZDQ]LJLKUHU 'LHQHULQQHQDXIKLHOWHQ =ZLVFKHQLKQHQZDUGLH6WUDHOHHU6XNRNRQQWHDOOHVJXW EHREDFKWHQGHQQGHU0RQGZDUVRHEHQKLQWHUHLQHUGLFNHQ :RONHKHUYRUJHNURFKHQXQGZDUIVHLQ/LFKWJHQDXDXIGHQ NOHLQHQ2UW%ODFNPRRU 'HU+H[HQZUJHUVFKULWWZHLWHU(UOLHVLFKQLFKWEHLUUHQ 0DQFKPDOVFKLHQHV6XNRDOVZUGHHUDQ)lGHQKlQJHQ GLHMHPDQG]RJVRJOHLFKPlLJZDUHQVHLQH6FKULWWH 6WLOOHKDWWHVLFKEHUGLH6]HQHJHOHJW1LHPDQGVSUDFKHLQ :RUW$OOHVZLUNWHZLHHLQJHIURUHQ 'LH+H[HQEUXWKLHOWVLFKHUVWDXQOLFKHUZHLVH]XUFN 6LHKDWWHQLKUH6WHOOXQJYHUlQGHUW:LNNDXQG-DQHVWDQ GHQMHW]WDQGHU6SLW]H+LQWHUGHQEHLGHQHWZD]ZHL 6FKULWWHHQWIHUQWKDWWHVLFKLKUH*HIROJVFKDIWDXIJHEDXW*XW

XQGJHUQ]ZDQ]LJ+H[HQGLHGLHJHVDPWH%UHLWHGHU6WUDH HLQQDKPHQ 'LHZLGHUOLFKVWHQXQGVFKUHFNOLFKVWHQ*HVWDOWHQEHIDQGHQ VLFKXQWHULKQHQ$OWH9HWWHOQXQG:HLEHUGLHDQ 0lUFKHQILJXUHQHULQQHUWHQ0DQFKHPLW+|FNHUDQGHUHPLW NXU]HQ+DDUHQXQGYHUVFKUXPSHOWHQ*HVLFKWHUQDXVGHQHQ QXUGLH1DVHQODQJXQGVSLW]KHUYRUVWDQGHQ,KUH+lQGH EHIDQGHQVLFKLQGDXHUQGHU%HZHJXQJVLHZDUHQXQUXKLJ 0DQFKPDOGUDQJHQDXFK/DXWHDXVLKUHQ0lXOHUQGDQQ ZXUGHHVZLHGHUVWLOOVRGD6XNRGLH6FKULWWHGHV +H[HQZUJHUVK|UHQNRQQWH ª+DOW©:LNNDV6WLPPHXQWHUEUDFKGLH6WLOOHª.HLQHQ 6FKULWWZHLWHU0DVRQ&RUGWODQG© :DV6XNRQLFKWIUP|JOLFKJHKDOWHQKDWWHWUDWHLQ'HU +H[HQZUJHUEOLHEVWHKHQ 1XU:LNNDUHJWHVLFK(LQHQKDOEHQ6FKULWWJLQJVLHYRU XQGVFKOHXGHUWHLKUH+DDUIOXWQDFKKLQWHQª,FKZXQGHUH PLFK0DVRQ&RUGWODQGGDGXHVWDWVlFKOLFKZDJVWLQ GLHVHQ2UWXQGGDPLW]XPLU]XNRPPHQ:LUVLQGLQGHU hEHU]DKO© ª'DVZDULPPHUVR© ª6ROOLFKGHLQHQ:RUWHQHQWQHKPHQGDGXGRUWZHLWHU PDFKHQZLOOVWZRGXDXIJHK|UWKDVW"© ª'DVNDQQVWGX© :LNNDODFKWHVFKULOODXIª1LHZLUGGLHVJHVFKHKHQ©VFKULH VLHª1LH'LH=HLWHQKDEHQVLFKJHlQGHUW$XFKIUGLFK 0DVRQ&RUGWODQG'LHVLVWQLFKWPHKUGDV0LWWHODOWHU9LHOHV LVWYHUJDQJHQDEHUZLU+H[HQKDEHQEHUOHEW:LUZHUGHQ LPPHUEHUOHEHQGHQQGLH.UDIWGHU+|OOHGLH0DFKWGHV 7HXIHOVVWHKWKLQWHUXQV'HVKDOEZLUVWGXKLHUGHLQ(QGH ILQGHQ+H[HQZUJHU=XGHPVWHKWQRFKHLQH5HFKQXQJ ]ZLVFKHQXQVRIIHQ'LUYHUGDQNHLFKPHLQ$XVVHKHQ© &RUGWODQGVFKWWHOWHGHQ.RSIª1HLQQLFKWPLU(VZDU GHU+H[HQVWHLQ'XKlWWHVWQLFKWYHUVXFKHQVROOHQLKQ GLU]XQHKPHQ:DVDXVGHP/DQGH$LERQVWDPPWLVWIU

+H[HQW|GOLFK:HLWGXGDVQLFKW:LNND"© ª-DLFKKDEHHVJHPHUNW'RFKDXFKGHU6WHLQZLUGGLU QLFKWVQW]HQ,FKZHUGHVLHJHQ© ª,FKKDEHGHQ6WHLQQLFKW© 0LWGLHVHU$QWZRUWKDWWH:LNNDQLFKWJHUHFKQHW8QGDXFK -DQH&ROOLQVQLFKW6XNRK|UWHZLHGLHEHLGHQPLWHLQDQGHU IOVWHUWHQ/HLGHUNRQQWHHUQLFKWVYHUVWHKHQ ª'XKDVWLKQQLFKW"©IUDJWH:LNNDQDFKGHPVLHVLFK 0DVRQ&RUGWODQGZLHGHU]XJHZDQGWKDWWH ª6RLVWHV© ª:HUEHVLW]WLKQGDQQ"© ª6LQFODLU©]LVFKWH-DQH&ROOLQVª9HUGDPPWHUZLUGGHQ +H[HQVWHLQKDEHQ© ª$XFKHLQ,UUUXP©NOlUWHGHU+H[HQZUJHUVLHDXIª-RKQ 6LQFODLUEHVLW]WGHQ6WHLQHEHQVRZHQLJZLHLFK(UKDWLKQ ]ZDUEHUKUWGDQQDEHUEHJLQJHUHLQHQJURHQ)HKOHU(U VFKOHXGHUWHGHQ+H[HQVWHLQDXVGHP)HQVWHULQGHQ6XPSI ZRHUXQWHUJHWDXFKWLVW© ª8QG6LQFODLU"©NHLIWH:LNND ª,FKZHLQLFKWZDVPLWLKPJHVFKHKHQLVW$OVLFKLKQ ]XPOHW]WHQPDOVDKZROOWHHULQGHQ6XPSIGHQQGRUWKDW VLFKHWZDVJHWDQ'LHXUDOWHQ+H[HQVLQGZLHGHUDXIHUVWDQ GHQ6LHNRQQWHQGLHVGXUFKGLH+LOIHGHV6WHLQVVFKDIIHQ(U EULQJWQLFKWQXUGLH=HLWHQGXUFKHLQDQGHUVRQGHUQDXFKGLH 0DJLHQ,QGLHVHP)DOOKDWHUVLFKQLFKWJHJHQGLH+H[HQ =RPELHVJHVWHOOW© ª'DQQVWHFNW6LQFODLULP6XPSI"© ª-D:DKUVFKHLQOLFKKDEHQLKQGLH+H[HQ=RPELHVJHW|WHW $EHUGDVLQWHUHVVLHUWPLFKQLFKW,FKZHUGHPLUGHQ6WHLQ KROHQ,UJHQGZLHJHODQJWHUVFKRQLQPHLQH+lQGHGDUDXI NDQQVWGXGLFKYHUODVVHQ:LNND© ª'DVJODXEHLFKQLFKW©HUNOlUWHGLH2EHUKH[HHLVNDOW ª1HLQVRHLQIDFKZHUGHQZLUHVGLUQLFKWPDFKHQ'HU6WHLQ LVWXQGEOHLEWIUGLFKWDEX(UGDUIQLFKWLQDQGHUH+lQGH IDOOHQGDIUZHUGHQZLUVRUJHQ©6LHKREGHQUHFKWHQ$UP

XQGVFKQLSSWHPLWGHQYHUEUDQQWHQ)LQJHUQª-HW]W]HLJPDO ZDVGXNDQQVW0DVRQ&RUGWODQG© 'LHVHV)LQJHUVFKQLSSHQZDUIU]ZHL+H[HQHLQ=HLFKHQ %OLW]VFKQHOOO|VWHQVLHVLFKDXVGHP3XONZXUGHQHLQJHKOOW LQHLQHQJUQHQ6FKOHLHUXQGMDJWHQNUHLVFKHQGEHUGLH 6WUDH ,KU=LHOZDU0DVRQ&RUGWODQG 'HUZDUWHWHHLVNDOWDE0DVRQ&RUGWODQGUHDJLHUWHJHQDX LQGHP$XJHQEOLFNGHUIULKQDPJQVWLJVWHQZDU .XU]EHYRUGLHEHLGHQ+H[HQLKQHUUHLFKWHQZLUEHOWH SO|W]OLFKGLH3HLWVFKHGXUFKGLH/XIW(LQMHGHUK|UWHGDV .ODWVFKHQGHU5LHPHQDOVVLHWUDIHQXQGGDQQZXUGHGLH 6LFKWYRQGHQJUQJHOEHQVWLQNHQGHQ:RONHQYHUGHFNWGLH GHQ6FKDXSODW]GHV*HVFKHKHQVXPJDEHQ $XVGHP5DXFKHUNODQJHQGLH6FKUHLH 6FKULOOHJHOOHQGH7RGHVUXIHGHQQGLH+H[HQZDUHQGHU 0DJLHGHU3HLWVFKHQLFKWJHZDFKVHQ $OVVLFKGLH:RONHQYHU]RJHQODJHQYRUGHQ)HQGHV +H[HQZUJHUVQXUQRFK5HVWH 6XNRQLFNWHDQHUNHQQHQG:DV&RUGWODQGJHOHLVWHWHKDWWH ZDUQLFKWVFKOHFKW'DVNRQQWHGHU,QVSHNWRUVHOEVWJXWEH XUWHLOHQVFKOLHOLFKEHVDHUHLQHlKQOLFKH3HLWVFKHXQGZDU HEHQIDOOV]XHLQHP0HLVWHULQLKUHU+DQGKDEXQJJHZRUGHQ &RUGWODQGODFKWHODXWXQGWULXPSKLHUHQGª,FKKDEHQLFKWV YHUJHVVHQ:LNND*DUQLFKWV© 6LHZLQNWHDEª%LOGHGLUGDUDXIQLFKWVHLQ(VZDUQXUHLQ NOHLQHU7HVW$XIGLHEHLGHQ+H[HQGLHQHULQQHQNDQQLFKYHU ]LFKWHQ,FKZROOWHQXUPHKUEHUGLH0DJLHGHU3HLWVFKH ZLVVHQ© ª:HLWGXHVMHW]W"© ª6LFKHU© ª8QGQXQNRPPVWGXVHOEVWZLH"© ª1HLQ©:LNNDZROOWHVLFKDXVVFKWWHQYRU/DFKHQª,FK NlPSIHQXUJHJHQJURH*HJQHUXQGZHQQHVVLFKQLFKW YHUPHLGHQOlW%HLGLUWULIIWQLFKWVYRQEHLGHQ]X,FKZHUGH

PHLQH0DJLHHLQVHW]HQXPGLFK]XYHUQLFKWHQ© ª'DQQNRPPWKHU©VFKULH0DVRQ&RUGWODQGXQG VFKZDQJGURKHQGGLH3HLWVFKHª/RVYHUGDPPW© 6XNRHUNDQQWHGDVLFKGLH/DJH]XVSLW]WH(UZROOWHHLQ JUHLIHQXQGHVJDEYHUVFKLHGHQH0|JOLFKNHLWHQ(UKlWWHGLH +H[HQYRQVHLQHP6WDQGRUWDXVPLWGHU%HUHWWDEHVFKLHHQ N|QQHQ(LQLJHZlUHQXQWHUGHQJHZHLKWHQ*HVFKRVVHQYHU JDQJHQDEHUGDPLWKDWWHHU:LNNDQRFKQLFKW6LH]HLJWHVLFK JHJHQ6LOEHUJHVFKRVVHZLGHUVWDQGVIlKLJ 6XNRKlWWHDXFKVHLQHQ6WDEHLQVHW]HQN|QQHQ:HQQHU GDV:RUW!7RSDUULHIEOLHEGLH=HLWIUIQI6HNXQGHQ VWHKHQ8QGQLFKWQXUGDV'LHVLFKLQ5XIZHLWHEHILQGOLFKHQ :HVHQNRQQWHQQLFKWPHKUDJLHUHQVLHYHUILHOHQLQHLQH 6WDUUH1XUGHU5XIHUVHOEVWEHZHJWHVLFK(UUHLFKHQNRQQWH 6XNRGDPLWDEHUQLFKWYLHOGHQQHUGXUIWHVHLQHQ*HJQHU ZlKUHQGGLHVHU=HLWVSDQQHQLFKWW|WHQVRQVWZlUHGLH 0DJLHGHV6WDEVDXIJHKREHQ 1RFKHLQHGULWWH0|JOLFKNHLWEOLHELKP6LFKDQGLH6HLWH GHV+H[HQZUJHUV]XVWHOOHQ 'DVJHILHOGHP,QVSHNWRU]ZDUQLFKWEHVRQGHUVDEHUGLHVH $OWHUQDWLYHZDUQRFKLPPHUGLHEHVWHYRQDOOHQ 'HVKDOEEOLHEHUQLFKWPHKUDXIVHLQHP3ODW]KRFNHQVRQ GHUQGUHKWHVHLQHQ2EHUN|USHUQDFKOLQNVXQGUREEWHZLH HLQ5HNUXWEHUGDVIODFKH'DFKDXIGHQ+H[HQZUJHU]X 9RP(QGHGHV6FKXSSHQVKDWWHHUHVQLFKWPHKUZHLW$OV 6XNRGLH6WHOOHHUUHLFKWHEOLHEHUIUHLQHQ0RPHQWOLHJHQ EHYRUHUGHQ.RSIKREEHUGHQ'DFKUDQGSHLOWHXQGDXI GLH6WUDHKLQXQWHUVDK 0DVRQ&RUGWODQGKDWWHVLFKEUHLWEHLQLJDXIJHEDXW0LWGHU UHFKWHQ+DQGXPNODPPHUWHHUGLH3HLWVFKH6HLQH$XJHQ OHXFKWHWHQLQHLQHPXQKHLPOLFKHQ)HXHUGHU0XQGZDU ]XVDPPHQJHSUHWGDV*HVLFKWVFKLPPHUWHLQHLQHPNDONL JHQ)DUEWRQ ª:DVLVW"©VFKULH&RUGWODQGª)UFKWHWLKUHXFKLKUYHU GDPPWHQ+H[HQZHLEHU"©

(UUHL]WHVLHQRFKPHKUZROOWHVLHZDKUVFKHLQOLFK]X 8QYRUVLFKWLJNHLWHQYHUOHLWHQ 'DVZDUJHQDXGHU0RPHQWLQGHP6XNRVLFKHUKRE 6HLQH*HVWDOW]HLFKQHWHVLFKNODUXQGGHXWOLFKDXIGHP 6FKXSSHQGDFKDEEHYRUHULQGLH7LHIHVSUDQJ 1LFKW0DVRQ&RUGWODQGHQWGHFNWHLKQ]XHUVWVRQGHUQ -DQH&ROOLQV,KUH6WLPPHK|UWH6XNRJHQDXXQWHUGHQDQGH UHQKHUDXVª9HUGDPPWGHU&KLQHVH© 'DOLHI6XNRVFKRQDXIGHQEHUUDVFKWHQ&RUGWODQG]XGHU VLFKJHJHQLKQZDQGWHXQGVHLQH3HLWVFKHKRE ª1LFKW©VFKULHGHU,QVSHNWRUª:LUZHUGHQXQVJHPHLQ VDPJHJHQGLH%UXWVWHOOHQ© ª/RVMHW]W©:LNNDV%HIHKOPDFKWHGLHEHLGHQXQJOHLFKHQ 3HUVRQHQLQGHQQlFKVWHQ6HNXQGHQ]X3DUWQHUQ$OV6XNR XQG&RUGWODQGVLFKGHQ+H[HQ]XZDQGWHQKDWWHQGLHVH EHUHLWVUHDJLHUWXQGHLQHQXQKHLPOLFKHQ=DXEHUHQWIDFKW 'HQ5DWWHQ]DXEHU ,FKKDWWHHVYHUVWlQGOLFKHUZHLVHVHKUHLOLJ$EHUDXFK/\GLD %DUURZVZROOWHVRUDVFKZLHP|JOLFKGHP6XPSIHQWIOLHKHQ 'RFKEHLGHU)OXFKWYRUGHQ=RPELH+H[HQKDWWHVLHVLFK Y|OOLJYHUDXVJDEWVRGDLFKJH]ZXQJHQZDUVLHRIWPDOV]X VWW]HQXQGVLHNXU]HUKDQGKLQWHUPLUKHU]XVFKOHLIHQ (VZDUHLQHYHUGDPPWH/DJH0LU]HUUDQQHQGLH0LQXWHQ ]ZLVFKHQGHQ)LQJHUQ$OOHLQZlUHLFKVFKRQOlQJVWLQ %ODFNPRRUJHZHVHQDEHULFKPXWHDXI/\GLD%DUURZV 5FNVLFKWQHKPHQ 8QGZHLWHUJLQJHV 5HFKWVYRQXQVODJGLHDXVJHEUDQQWH5XLQH:LUKDWWHQVLH VFKRQIDVWSDVVLHUW(VZDUDOVRQLFKWPHKUVRZHLWELV]X XQVHUHP=LHO ,FKVSRUQWH/\GLDDQª%LWWHKDOWHQ6LHGXUFK0lGFKHQ *HEHQ6LHXP+LPPHOVZLOOHQQLFKWDXI0DFKHQ6LHQLFKW VFKODSS,FKIOHKH6LHDQ©

ª,FKYHUVXFKHHV0U6LQFODLULFK©6LHVFKWWHOWHGHQ .RSIXQGEHJDQQ]XZHLQHQZDKUVFKHLQOLFKDXFKYRU (UVFK|SIXQJ 0LUEOLHEQRFKHLQH0|JOLFKNHLW,FKIDWH/\GLDXQWHU EFNWHPLFKXQGKLHYWHVLHDXIPHLQH6FKXOWHUZREHLLFKLKU *HZLFKWP|JOLFKVWJOHLFKPlLJYHUWHLOWH -HW]WNDPLFKEHVVHUYRUDQXQGDXFKGHU%RGHQZXUGH XQWHUPHLQHQ)HQIHVWHU)UPLFKHLQ%HZHLVGDLFKGHQ 0RRUSIDGEDOGKLQWHUPLUJHODVVHQKDWWH ,FKDWPHWHDXI :HQLJVSlWHUVDKLFKVFKRQGDV'RUI 'XQNHOKREHQVLFKGLH8PULVVHGHU+lXVHUYRUGHP0RQG OLFKWDE'HU2UW%ODFNPRRUZLUNWHZLHGLHJHVSHQVWLVFKH 6LOKRXHWWHHLQHV+RUURUILOPV 8QGGHQ+RUURUZUGHLFKHUOHEHQ ,FKK|UWHEHUHLWVGLHNUHLVFKHQGHQ6WLPPHQXQGDXFKGLH HLQHV0DQQHV (VZDU0DVRQ&RUGWODQGGHU+H[HQZUJHU,Q%ODFNPRRU VFKLHQGDV)LQDOHEHYRU]XVWHKHQ ,FKEOLHEVWHKHQXQGOLHGLH)UDXYRQPHLQHU6FKXOWHU JOHLWHQª6XFKHQ6LHVLFKHLQ9HUVWHFN©IOVWHUWHLFKLKU]X ªXQGUKUHQ6LHVLFKHUVWZHQQDOOHVYRUEHLLVW.ODU"© 6LHQLFNWHXQGVFKDXWHPLFKDQª$EHUZDVWXQ6LH"© ,FKJULQVWHELVVLJª'DVPHLQH/LHEHZHUGHQ6LHJOHLFK HUOHEHQ© 'LHVFKZDU]YHUEUDQQWH*HVWDOWGHU:LNNDVFKLHQHUVWDUUW XQGDP%RGHQIHVWJHZDFKVHQ]XVHLQ6LHKDWWHGHQOLQNHQ $UPHUKREHQGLH+lQGHJHVSUHL]WXQGDXVLKUHQ)LQJHUQ ]XFNWHQQLFKWQXU%OLW]HHVWDQ]WHQDXFK]DKOUHLFKHNOHLQH :RONHQKHUYRU*OHLFK]HLWLJVFKULHVLHPHKUHUHDEJHKDFNW NOLQJHQGH=DXEHUIRUPHOQXQGDXVGHQ:RONHQZXUGHQ QRFKLQGHU/XIWJHIlKUOLFKH5DWWHQGLHVLFKPLWWHQLP 6SUXQJEHIDQGHQXQGLKUH.|USHUYRUZXFKWHWHQ

'LFKWYRU6XNRXQGGHP+H[HQZUJHUSUDOOWHQVLH]X %RGHQ(VZDUHQVLFKHUOLFK]HKQ7LHUHIOLQNXQGVFKQHOOGLH VRIRUWZLOGLKUH*HJQHUDQJULIIHQ 'LHHUVWHQVSUDQJHQKRFKXQGGDV/DFKHQGHU+H[HQ EHJOHLWHWHGLHVHQ$QJULII $XVGHQ$XJHQZLQNHOQEHPHUNWH6XNRZLHGHU+H[HQ ZUJHUVHLQH3HLWVFKHVFKZDQJ(UVFKOXJ]LHOVLFKHU]X'HU ,QVSHNWRUYHUQDKPGDV.ODWVFKHQZHQQGLH5DWWHQN|USHU JHWURIIHQZXUGHQNRQQWHDEHUQLFKWVHKHQZDVJHQDX JHVFKDKGHQQHUPXWHVLFKVHOEVWXPGLHVHZWHQGHQ %LHVWHUNPPHUQ :LHJHIlKUOLFKVLHZDUHQKDWWHHUEHL5RGQH\6SLNHU HUOHEW=XQlFKVWHLQPDOZLFKHUQDFKOLQNVDXVXPVLFK 3ODW]]XYHUVFKDIIHQ 6RIRUWIROJWHQLKPGUHL7LHUHGLHVLFK6XNRDOOHUGLQJVPLW JH]LHOWHQ7ULWWHQYRP/HLEHKLHOW =ZHLHUZLVFKWHHUGDVGULWWHVSUDQJLKQDQ 0LWGHU3HLWVFKHVFKOXJGHU,QVSHNWRU]XXQGWUDIGDV%LHVW LQGHU'UHKXQJ 'LH5DWWHVFKULHQLFKWHLQPDO6LHO|VWHVLFKDXINDXPGD GLH3HLWVFKHVLHEHUKUWKDWWH 'LHYRQVHLQHQ7ULWWHQJHWURIIHQHQ7LHUHUlXPWHHUDXIGLH JOHLFKH$UWXQG:HLVHDXVGHP:HJ'DQDFKZROOWHHU VHLQHQXQIUHLZLOOLJHQ3DUWQHUXQWHUVWW]HQ(VZDUQLFKW PHKUQ|WLJ'HU+H[HQZUJHUJDEHLQH'HPRQVWUDWLRQVHL QHV.|QQHQV(UKDWWHVLFKKLQJHKRFNWXQGVFKOXJLQGLHVHU 6WHOOXQJPLWGHU3HLWVFKH]X ,PPHUZLHGHUWUDIHUGLH.|USHU-HGHVPDOZHQQGLH 3HLWVFKH.RQWDNWKDWWHEOLW]WHQGLH5LHPHQIUGHQ%UXFKWHLO HLQHU6HNXQGHDXI'DQQVWUDKOWHQVLHLKUH0DJLHDE &RUGWODQGODFKWHGDEHLXQGKDWWHELVDXI]ZHL5DWWHQDOOH HUOHGLJW'LHOHW]WHQEHLGHQHUZLVFKWH6XNRPLWQXUHLQHP JH]LHOWHQ6FKODJ6LHYHUJLQJHQXQG0DVRQ&RUGWODQG VFKDXWHGHQ,QVSHNWRUILQVWHUDQª'XKlWWHVWVLHPLU ODVVHQVROOHQ©

ª'DNRPPHQQRFKJHQXJ©HUZLGHUWH6XNRGUHKWHVLFK XPXQGVROOWHUHFKWEHKDOWHQ 'LH+H[HQZDUHQYHUVFKZXQGHQ 1LFKWHLQPDO:LNNDXQG-DQH&ROOLQVZDUHQQRFK]X VHKHQ,QGHU=HLWDOV6XNRXQG&RUGWODQGGDPLWEHVFKlIWLJW JHZHVHQZDUHQGLH5DWWHQ]XYHUQLFKWHQKDWWHQVLHGDV :HLWHJHVXFKW :DUHQVLHZLUNOLFKJHIORKHQ" ª6ROHLFKWJHEHQGLHQLFKWDXI©VDJWH&RUGWODQGXQG VSUDFK6XNRGDPLWDXVGHU6HHOH 6LHZDUHQQRFKGD1XUKRFNWHQVLHMHW]WLQ'HFNXQJHQ $XIGHQ'lFKHUQXQGLQGHQ+lXVHUQKDWWHQVLH3ODW] JHIXQGHQXQGYHUVXFKWHQYRQGRUWDXVLKUHQ=DXEHUDQ]X EULQJHQ $XIHLQPDOZDUGDV)HXHUGD 6XNRNDQQWH:LNNDODQJHJHQXJXP]XZLVVHQGDVLH JHUQPLWGHP)HXHUVSLHOWH:HQQGLHVH)ODPPHQULQJHDXI VLH]XZLUEHOWHQGDQQJLQJGDVDXILKUH,QLWLDWLYH]XUFN 8QGVLHZDUHQVFKQHOO =XGHPNDPHQVLHQLFKWDXVHLQHU5LFKWXQJVRQGHUQYRQ EHUDOOKHU6XNRXQGVHLQ.DPSIJHIlKUWHNRQQWHQJDUQLFKW VRVFKQHOOVFKDXHQGHQQLPPHUPHKU5LQJHHUVFKLHQHQ ª:HJ©VFKULHGHU,QVSHNWRU (UVHOEVWUDQQWHORVRKQHVLFKXPGHQDQGHUHQ]XNP PHUQ*HGXFNWKHW]WHHUEHUGLH6WUDHVDKHLQHRIIHQH7U XQGKXVFKWHGXUFKGHQ(LQJDQJLQHLQ+DXV 'HU&KLQHVHZDUQLFKWLQHLQHP)OXUJHODQGHWVRQGHUQ GLUHNWLQHLQH.FKH6RIRUWZDQGWHVLFK6XNRGHP)HQVWHU ]XGUFNWHVLFKGDEHLDQGLH:DQGXQGSHLOWHQDFKGUDXHQ $XIJURWHVNH$UWZDUGLH6WUDHHUKHOOW'LH)HXHUULQJH JDEHQJHQJHQG/LFKWDEZlKUHQGVLHVLFKZLH.UHLVHO GUHKWHQXQGGDEHLZHLWHUKXVFKWHQ &RUGWODQGNRQQWH6XNRQLFKWHQWGHFNHQ'HU%OLFNZLQNHO ZDU]XVFKOHFKW6XNRJLQJHWZDVYRUXQGVDKGHQ+H[HQ ZUJHUDXIGHUJHJHQEHUOLHJHQGHQ6HLWH

(UKDWWH]XODQJHJHZDUWHWXQGQLFKWLQHLQHP+DXV6FKXW] ILQGHQN|QQHQ0LWGHP5FNHQOHKQWHHUDQHLQHU:DQG ]ZLVFKHQ]ZHL)HQVWHUQXQGNlPSIWHXPVHLQH([LVWHQ]'LH 3HLWVFKHVROOWHVHLQ/HEHQUHWWHQ'HQNXU]HQ6WLHOKLHOWHU MHW]WPLWEHLGHQ+lQGHQXQGVHLQH$UPHZDUHQLQGDXHUQ GHU%HZHJXQJ(UVFKOXJUHFKWVXQGOLQNV]LHOWHDXIGLH JHIlKUOLFKHQ)HXHUNUHLVHXQGHVJHODQJLKPHLQLJHYRQ LKQHQ]XHUZLVFKHQ (VZDUHLQPDJLVFKHV)HXHUHEHQVRPDJLVFKZLHGLH 3HLWVFKH1XUVWHFNWHLQLKUHLQHVWlUNHUH.UDIWXQGHV JHODQJLKUGLH)ODPPHQULQJH]X]HUVW|UHQZHQQVLHYRQ GHQ5LHPHQEHUKUWZXUGHQ'DQQVWDQGHQMHZHLOVNOHLQH :RONHQLQGHU/XIWGLHDEHUVHKUVFKQHOO]HUIDVHUWHQ 6XNRZXWHMHGRFKQLFKWRE&RUGWODQGHVVFKDIIHQNRQQWH GHQQGLH5LQJHZXUGHQLPPHU]DKOUHLFKHU(UVDKDXFKGLH +H[HQ6LHKDWWHHVQLFKWPHKULQLKUHQ9HUVWHFNHQJHKDOWHQ -HW]WMDJWHQVLHZLHGHUGXUFKGLH/IWHDQJHWULHEHQYRQGHQ VFKULOOHQ6FKUHLHQLKUHU0HLVWHULQ:LNND (LQ6FKUHLZDUEHVRQGHUVODXW'HUNRQQWHQLFKWGUDXHQ DXIJHNOXQJHQVHLQ]XGHPK|UWH6XNRLKQLQVHLQHP 5FNHQ (UNUHLVHOWHKHUXP (VZDUHQ]ZHL+H[HQGLHLQGDV+DXVXQGDXFKLQGLH .FKHJHKXVFKWZDUHQ6FKULOOODFKHQGH)XULHQGLHLKUH $UPHDXVEUHLWHWHQXQGEHUGHQ&KLQHVHQKHUIDOOHQZROO WHQ6LHQDKPHQLKQLQGLH=DQJH$XVLKUHQ)LQJHUQ]XFNWHQ )HXHUEOLW]H 6XNRJLQJJHGDQNHQVFKQHOO]X%RGHQ'LHJHIlKUOLFKHQ %OLW]HYHUIHKOWHQLKQ6LHKLHEHQJHJHQGLH6FKHLEHGLH]HU VSOLWWHUWHGDQQVWDQGGHU,QVSHNWRUZLHGHUXQGVFKZDQJ GLH3HLWVFKH 'XUFKGLH)OLHKNUDIWVWHOOWHQVLFKGLHGUHL5LHPHQZDDJH UHFKWXQGGDVWULXPSKLHUHQGH.UHLVFKHQGHUHUVWHQ+H[H ZXUGH]XHLQHPZLGHUOLFKHQ+HXOHQDOVVLHJHWURIIHQXQG YHUQLFKWHWZXUGHQ9RU6XNRV$XJHQSODW]WHVLHDXVHLQDQ

GHUZlKUHQGVLFKGHU&KLQHVHGLH]ZHLWH+H[HPLWHLQHP JH]LHOWHQ6FKXYRP/HLEKLHOW 6LHZLUEHOWHKRFKELV]XU'HFNHSUDOOWHGDJHJHQXQG ZXUGHDXVHLQDQGHUJHULVVHQGDQQULHVHOWHGHUJUDXH6WDXE ]X%RGHQ =ZHLZHQLJHU 'DK|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ª'XZROOWHVWGLH9HU JDQJHQKHLWZLHGHUDXIOHEHQODVVHQ'XZROOWHVWVRZHLWHU PDFKHQZLHYRU+XQGHUWHQYRQ-DKUHQ1XQDEHUKDWVLFK GDV%ODWWJHZHQGHW-HW]WELQLFKHVGLHGLUGLH=lKQH]HLJW

,FKZHUGHPLFKIXUFKWEDUUlFKHQGDUDXINDQQVWGXGLFKYHU ODVVHQ3DFNWLKQ© 'HU%HIHKOJDOWGHQVLHXPULQJHQGHQ+H[HQ'LHVHKREHQ GHQPLWJOKHQGHQ)HXHUULQJHQJHIHVVHOWHQ+H[HQZUJHULQ GLH+|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lJH-HGHQHLQ]HOQHQ EHJOHLWHWHVLHPLWHLQHP6FKUHL 'HU+H[HQZUJHUVFKULHQLFKW.HLQ/DXWGUDQJEHUVHLQH ]XVDPPHQJHSUHWHQ/LSSHQREZRKOHUGLH6FKPHU]HQYHU VSUHQPXWH :LNNDZDUDEJHOHQNW 9RUVLFKWLJ|IIQHWH6XNRGLH7U(UVFKXIHLQHQ6SDOWGHU EUHLWJHQXJZDUXPLKQKLQGXUFK]XODVVHQ :LHHLQ6FKODQJHQPHQVFKVFKDIIWH6XNRGLH/FNHVSUWH GHQNKOHQ:LQGLQVHLQHP*HVLFKWXQGVWDUWHWH :LHGHUKDWWHHU3HFK

*HQDXLQGLHVHP$XJHQEOLFNGUHKWHVLFK-DQH&ROOLQVXP 6LHVFKDXWHLQVHLQH5LFKWXQJVDK6XNRXQGVWLHHLQHQ JHOOHQGHQ:DUQVFKUHLDXVEHYRUVLHLKPHQWJHJHQMDJWH EHUHLWGHQ&KLQHVHQ]XYHUQLFKWHQ ,QGLHVHP0RPHQWJULIILFKHLQ ,FKKDWWHGLH6WLPPHQJHK|UW=XOHW]WKDWWHPLUGDV .ODWVFKHQGHU3HLWVFKHQVFKOlJHGHQ:HJJHZLHVHQXQGLFK HUNDQQWHLQZHOFKHLQHU/DJHVLFKGHU+H[HQZUJHUEHIDQG :LNNDQDKPIXUFKWEDUH5DFKH 'LHVHVYHUEUDQQWH+H[HQZHVHQVWDQGQHEHQGHUKRFKJH KREHQHQ*HVWDOWXQGVFKOXJHUEDUPXQJVORVDXIVLHHLQ 0LWGHP+H[HQVWHLQKlWWHLFKHVYLHOOHLFKWJHVFKDIIW'RFK GHQKDWWHLFKQLFKW 'DIUGDV.UHX] 8QGLFKULHIGHQ6SUXFKXPHV]XDNWLYLHUHQ ª7HUUDSHVWHPWHQHWR6DOXVKLHPDQHWR©6RULHILFKPLW HLQHUZDKUHQ6WHQWRUVWLPPHXQGKLHOWPHLQ.UHX]PLW EHLGHQ+lQGHQXPNODPPHUWZlKUHQGLFKVHOEVWPLWWHQDXI GHU6WUDHVWDQG 'LHJHEDOOWH.UDIWGLHGHU3URSKHW+HVHNLHOLQGDV.UHX] KLQHLQJHOHJWKDWWHJHODQJWH]XUYROOHQ(QWIDOWXQJ9RQ HLQHP$XJHQEOLFN]XPDQGHUHQVDKLFKNHLQH)ODPPHQ ULQJHPHKUGHQQGLHKHOOHQMHW]WZLHGHUVLOEULJJOlQ]HQGHQ 6WUDKOHQGHV.UHX]HVEUHLWHWHQVLFKDXVXQGVLHVSRQQHQHLQ JHZDOWLJHV1HW]EHUGHQNOHLQHQ2UW%ODFNPRRU(LQ1HW] DXV:HLHU0DJLHLQGHPGLHDQGHUHGLH6FKZDU]H0DJLH XQWHUOHJHQZDU 'LH6LFKWZDUWURW]GHPNODU,FKVWDQGGDXQGNRQQWHDOOHV EHREDFKWHQ:LHDXIHLQHUJURHQ/HLQZDQGOLHIGLH6]HQH YRUPHLQHQ$XJHQDEXQGLFKHUOHEWHGHQ1LHGHUJDQJGHU P|UGHULVFKHQ+H[HQNXOWXUPLW 'LHPHLVWHQYRQLKQHQYHUVXFKWHQQRFK]XIOLHKHQ6LH MDJWHQLQGLH/XIWELVVLHLKUH*UHQ]HQDXIW|GOLFKH$UWXQG

:HLVHHUNHQQHQPXWHQ$OVVLHJHJHQGLHDQGHUH0DJLH VWLHHQGDH[SORGLHUWHQVLHZXUGHQ]X6WDXEXQGULHVHOWHQ ]X%RGHQ ,FKHUOHEWHHLQHVHOWHQJHNDQQWH*HQXJWXXQJ'LHVPDO NRQQWHLFKGDV.UHX]YROODNWLYLHUHQXQGQLFKWVDEHUDXFK JDUQLFKWVZLUNWHVLFKDOVVW|UHQGHU)DNWRUDXV :LNNDYHUORULKUH'LHQHULQQHQ 6LHVHOEVWEHJULIIHVQLFKW$OVGDV/LFKWDXIVWUDKOWHKDWWH VLHLKUHQUHFKWHQ$UPHUKREHQ'LHYHUEUDQQWHQ)LQJHUXP NODPPHUWHQGHQ3HLWVFKHQVWLHOGRFKVLHVFKOXJQLFKWPHKU ]X'LH:DIIHVFKLHQLQGHU/XIWKlQJHQ]XEOHLEHQ ª6LQFODLU©KHXOWHVLHDXIXQGYHUOLHVFKQHOOZLHHLQ 6FKDWWHQLKUHQ3ODW] $XFK6XNRKDWWHJHVWRSSWDOVHUPLFKVDK(UVFKDXWHQDFK UHFKWVVDKPLFKPLWGHP.UHX]XQGGDVJDE-DQH&ROOLQV *HOHJHQKHLWDXILKQ]X]XVWU]HQ 6LHNRQQWHNlPSIHQGDVKDWWHVLHEHUHLWVDOV'HWHNWLYLQ EHZLHVHQXQGVLHWUDWLP6SUXQJ]X 'HU$XISUDOOUL6XNRYRQGHQ%HLQHQ(UNLSSWHZHJZLH HLQJHIlOOWHU%DXPZlKUHQGVLFK-DQH&ROOLQVEHULKQZDUI EOLW]VFKQHOOQDFKVHLQHU%HUHWWDJULIIXQGGHP&KLQHVHQGLH 0QGXQJJHJHQGLH6FKOlIHSUHWH 'DVJHVFKDK]XGHP=HLWSXQNWDOVGLHYLHU+H[HQGLH 0DVRQ&RUGWODQGKLHOWHQYHUJLQJHQ6LHO|VWHQVLFKDXI 6WDXEEOLHE]XUFNGHU+H[HQZUJHUKDWWHNHLQHQ+DOW PHKUXQGSUDOOWHHEHQIDOOV]X%RGHQ .HLQ)ODPPHQULQJXPVFKQUWHPHKUVHLQHQ.|USHU'LH 0DJLHGHV.UHX]HVKDWWHVLHJHO|VFKW :LNND-DQH6XNRXQGLFKZDUHQ]XUFNJHEOLHEHQ8QG GLHVHEHLGHQOHW]WHQ+H[HQNRQQWHQXQWHUGHUPDJLVFKHQ *ORFNHQXUGHVKDOEH[LVWLHUHQZHLO:LNNDHLQHQ*HJHQ ]DXEHUDXIUHFKWHUKLHOW 6LHXQG-DQH&ROOLQVEHIDQGHQVLFKZLHDXI,QVHOQGHQQ XPLKUHQ.|USHU]XFNWHVRSDUDGR[HVVLFKDQK|UWHHLQ VFKZDU]HV/LFKW

-DHVZDUGXQNHOXQGHV]HLFKQHWHGLH.RQWXUHQGHU EHLGHQ+H[HQJHQDXQDFK ,FKVDKZLHVHKUVLHVLFKDQVWUHQJWHQXPLKUHQ *HJHQ]DXEHU]XHUKDOWHQ,KUH*HVLFKWHUZDUHQYHU]HUUW$P VFKOLPPVWHQVDKGLHYHUEUDQQWH+DXWGHU:LNNDDXVXQG LKU*HVLFKWHULQQHUWHPLFKDQHLQ3X]]OHGDVDXVZHQLJHQ VFKZDU]HQODSSHQDUWLJHQ7HLOHQ]XVDPPHQJHVHW]WZRUGHQ ZDU ª:LUIGHLQYHUGDPPWHV.UHX]ZHJ©EUOOWH-DQHPLWVLFK EHUVFKODJHQGHU6WLPPHª6RQVWLVWHUWRW© ,FK]|JHUWH 6LHKDWWHPLUGDV*HVLFKW]XJHGUHKW,FKHUNDQQWHDOOGHQ $EVFKHXGHQVLHPLUJHJHQEHUHPSIDQG ª/RVGX+XQG©NUHLVFKWHVLH -DVLHZUGHHVWXQ6LHZUGHPHLQHQ)UHXQG6XNR HUVFKLHHQ,QGLHVHP0RPHQWKDWWHVLHWURW]DOOHPGLH EHVVHUHQ.DUWHQ ª6FKLHHQGOLFK©VFKULH:LNND ª'DQQVHLGLKUHUOHGLJW©EUOOWHLFKGDJHJHQ 1RFK]|JHUWH-DQH6LHZDUKLQXQGKHUJHULVVHQ,FK NRQQWHVLHYHUVWHKHQ(VZDUXQJHKHXHUVFKZHUVLFK]X HQWVFKHLGHQ 'RFK:LNNDGUlQJWHª7XHV:LUKDEHQDXFKGHQDQGHUHQ JHVFKDIIWGDQQZHUGHQZLUGHQYHUIOXFKWHQ&KLQHVHQ© 'DWDWLFKHWZDVGDVHLJHQWOLFK:DKQVLQQZDU,FKJDE PHLQHVWlUNVWH:DIIHDXVGHU+DQGXQGVFKOHXGHUWHGDV .UHX]DXI-DQH&ROOLQV]XZHLOLFKPLWHLQHUEHVWLPPWHQ 5HDNWLRQEHLLKUUHFKQHWH 'LH5HFKQXQJJLQJDXI -HGHU0HQVFKMHGH.UHDWXUZDUVLHDXFKQRFKVRDQJH VSDQQWUHDJLHUWDXILUJHQGHLQH$UWXQG:HLVHZHQQHLQ DQGHUHV(UHLJQLVXUSO|W]OLFKHLQWULWW 'DVZDUEHL-DQHQLFKWDQGHUV6LHJHKRUFKWHHLQIDFKLKUHQ 5HIOH[HQXQG]XFNWH]XU6HLWHZREHLVLFKGLH0QGXQJYRQ 6XNRV.RSIO|VWHXQGSO|W]OLFKHLQ6FKXGRQQHUWH

'LHJHZHLKWH6LOEHUNXJHOKLHELQGHQ%RGHQZlKUHQGLFK PLFKPLWJHZDOWLJHQ6lW]HQDXIGHP:HJ]X-DQH&ROOLQV EHIDQG 0LWGHU%HUHWWD -DQHNUHLVHOWHKHUXP 1RFKLPPHUKLHOWVLHGLH:DIIH)UGHQ%UXFKWHLOHLQHU 6HNXQGHVDKLFKEHLGHEHUGHXWOLFK*URNULVWDOOLVLHUWHQVLH VLFKKHUYRU-HW]WNDPHVGDUDXIDQZHUVFKQHOOHUVFKR ,FKIHXHUWH -DLFKVFKRDXI-DQH&ROOLQVXQGK|UWHLPVHOEHQ0RPHQW GDV)DXFKHQDOV-DQHYRQHLQHP6RJJHSDFNWXQGDXVGHU *HIDKUHQ]RQHJHULVVHQZXUGH 0HLQH.XJHOSILIILQV/HHUH 6LHNRQQWH-DQHQLFKWPHKUWUHIIHQXQGDXFKJHJHQ:LNND EUDXFKWHLFKQLFKWDQ]XJHKHQGHQQVLHKDWWHHEHQIDOOVGDV :HLWHJHVXFKWXQG%ODFNPRRUYHUODVVHQ 'DLFKQLFKWJHWUlXPWKDWWHEHZLHVPLUGLH%HUHWWDGLH HLQHQ6FKULWWYRQGHPEHZXWORVHQ6XNRHQWIHUQWPLWWHQDXI GHU6WUDHODJ8QGDXFKGLH]LWWHUQGH6WLPPHGHUMXQJHQ )UDXEHZLHVPLUGLHVGHQQ/\GLD%DUURZVIUDJWHª,VWMHW]W DOOHVYRUEHL"© ª-D©VDJWHLFKXQGOlFKHOWHªGDVLVWHV© $XFKGHU+H[HQZUJHUKDWWHHVQLFKWEHUVWDQGHQ:LNNDV 5DFKHWUDILKQ]XP6FKOXGRFK'LH3HLWVFKHQKLHEHKDWWHQ LKQHQGJOWLJJHW|WHWVRGDYRQ0DVRQ&RUGWODQGQXU EUDXQHU6WDXE]XUFNEOLHE 8QGHLQVNHOHWWLHUWHUEOHLFKHU6FKlGHO $OV6XNRZLHGHU]XVLFKJHNRPPHQZDUXQGHUVHLQHQ %UXPPVFKlGHOPLW:DVVHUHLQZHQLJJHNKOWKDWWHPDFKWH HUPLU9RUZUIHZHJHQGHV+H[HQVWHLQV ª'XKlWWHVWLKQQLFKWDXVGHP7XUPZHUIHQVROOHQ-RKQ© VDJWHHUª:LUKDEHQHLQHJURH&KDQFHYHUSDW© ,FKVFKDXWHDXIGDV0RRUGDVZLHGHUVFKZDU]XQGJH

KHLPQLVYROOYRUPLUODJª9LHOOHLFKW6XNR0|JOLFKHUZHLVH KDEHLFKDXFKULFKWLJJHKDQGHOW:HUNDQQGDVZLVVHQ"© ª,FKKDEHGDV*HIKOGDZLUHVVSlWHUQRFKHUIDKUHQZHU GHQ'LHVHU6XPSIXQGGHU+H[HQVWHLQZHUGHQXQVQLFKW ]XPOHW]WHQPDOEHVFKlIWLJWKDEHQ6RXQGMHW]WZLOOLFKQDFK +DXVH9RQ%ODFNPRRUGHQ+H[HQXQGGHQ0HQVFKHQKLHU KDEHLFKQlPOLFKGLH1DVHYROO© 'DVNRQQWH6XNRNHLQHUYHUGHQNHQ (1'(

Der Hexenwürger von Blackmoor

Der Hexenwürger von Blackmoor

Der Pilot von der Donau

Der Pilot von der Donau

Der Unheimliche von der Themse

Der Unheimliche von der Themse

Der Unheimliche von der Themse

Der Unheimliche von der Themse

Der Schuss von der Kanzel

Der Schuss von der Kanzel

Der Schuß von der Kanzel

Der Schuß von der Kanzel

Von der Popularitaet der Poesie

Von der Popularitaet der Poesie

Der Unheimliche von der Themse

Der Unheimliche von der Themse

Der Schuß von der Kanzel

Der Schuß von der Kanzel

Der Vampier von Sussex

Der Vampier von Sussex

Der Vampir von Sussex

Der Vampir von Sussex

Der Vampir von Sussex

Der Vampir von Sussex

Der Medicus von Saragossa

Der Medicus von Saragossa

Der Sturz von Hyperion

Der Sturz von Hyperion

Der Protektor von Calderon

Der Protektor von Calderon

Der Gejagte von Santanz

Der Gejagte von Santanz

Der Schwertkaempfer von Scorpio

Der Schwertkaempfer von Scorpio

Der Trompeter von Saekkingen

Der Trompeter von Saekkingen

Der Wettermacher von Teneriffa

Der Wettermacher von Teneriffa

Abschied von der Unsterblichkei

Abschied von der Unsterblichkei

Der Pirat von Magellan

Der Pirat von Magellan

Der Wanderer von Deverry

Der Wanderer von Deverry

Der Quell von Shiuan

Der Quell von Shiuan

Von der Straße

Der Henker von Sloughar

Der Henker von Sloughar

Der Tyrann von Venedig

Der Tyrann von Venedig

Der Schwertkämpfer von Scorpio

Der Schwertkämpfer von Scorpio

Der Blaue von Somor

Der Blaue von Somor

Der Geächtete von GOR

Der Geächtete von GOR

Der Gorim von Aquamarin

Der Gorim von Aquamarin

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