Desteros Rache

'(67(5265$&+( 6HLWGUHL1lFKWHQVFKRQTXlOWHPLFKHLQVFKUHFNOLFKHU$OSWUDXP ,PPHUZLHGHUVDKLFKGDVVHOEH%LOG ,F...

Author: Dark Jason

15 downloads 157 Views 320KB 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

'(67(5265$&+( 6HLWGUHL1lFKWHQVFKRQTXlOWHPLFKHLQVFKUHFNOLFKHU$OSWUDXP ,PPHUZLHGHUVDKLFKGDVVHOEH%LOG ,FKODJJHIHVVHOWDXIHLQHPHWZDKIWKRKHQ6WHLQEORFNGHUHKHU HLQHP5LFKWEORFNlKQHOWH'LHKDUWHQ6WULFNHXPVFKQUWHQ PHLQHQ.|USHUXQGVHOEVWPHLQ+DOVZXUGHQLFKWYHUVFKRQW8P PLFKKHUXPODXHUWHGDV*UDXHQ(VVFKLHQLQGHUURWHQJORVHQGHQ /XIWIHVW]XVLW]HQIOVWHUWHZLVSHUWHIUHXWHVLFKXQGWULXPSKLHUWH GDGHU*HLVWHUMlJHUHQGOLFKEHVLHJWZDU 8QGQRFK]ZHL3HUVRQHQKDWWHQLKUHZDKUH)UHXGH $VPRGLQDXQG'HVWHURGHU'lPRQHQKHQNHU %HLGHVWDQGHQKLQWHUGHP6WHLQXQGUHLFKWHQVLFKGLH+lQGH ZREHLVLHIUHXGLJHUUHJWDXIPLFKKHUDEVFKDXWHQ 6LHKDWWHQJHZRQQHQVLHZDUHQGLH6LHJHU ,FKEHIDQGPLFKLQLKUHP5HLFKXQGNRQQWHPLFKDXVHLJHQHU .UDIWQLFKWEHIUHLHQ (VJHVFKDKQLFKWV,FKODJQXUGDXQGOLHPLFKYRQPHLQHQ )HLQGHQDQVWDUUHQ 7URW]GHPKDWWHLFK$QJVW 0HLQ8QWHUEHZXWVHLQVSOWHVLHKRFKVHW]WHGLH)XQNWLRQHQ GHU'UVHQLQ*DQJXQGOLHGHQ6FKZHLDXVDOOHQ3RUHQ VWU|PHQ,FKK|UWHPLFKVW|KQHQlFK]HQVFKZHUDWPHQZROOWH DXIVWHKHQGRFKHVJHODQJPLUQLFKW 0HLQ.|USHUVFKLHQPLW%OHLJHIOOW]XVHLQ 'DQQSUDNWLVFKRKQHhEHUJDQJHUZDFKWHLFKDXVGHP VFKOLPPHQ$OSWUDXP +DVWLJIXKULFKLP%HWWKRFKXQGVDKPLFKXP$OOHVZDUY|OOLJ QRUPDO'DV=LPPHUGHU:HFNHUDXIGHU1DFKWNRQVROHGHU 8PULGHU7UQLFKWVKDWWHVLFKYHUlQGHUW,FKVDLQPHLQHP%HWW XQGEHIDQGPLFKQLFKWLQHLQHUDQGHUHQ:HOW %HLGH+DQGIOlFKHQSUHWHLFKJHJHQPHLQH:DQJHQ =ZHL6WXQGHQQDFK0LWWHUQDFKW8QGZLHGHUGHUJOHLFKH7UDXP 'DVKDWWHGRFKHWZDV]XEHGHXWHQ ,FKVWDQGDXIJLQJLQGLH.FKHXQGIURUZHLOHVLP%HWW ZHVHQWOLFKZlUPHUJHZHVHQZDU=XGHPVFKZLW]WHLFK,QGHU .FKHWUDQNLFKHLQ*ODV0LQHUDOZDVVHU'DVVSOWHGHQIDGHQ *HVFKPDFNDXVPHLQHP0XQG :HOFKHLQH%HGHXWXQJNRQQWHGLHVHU7UDXPGHUVLFKLPPHU ZLHGHUKROWHIUPLFKKDEHQ"

,FK]HUPDUWHUWHPLUGHQ.RSIXQGLFKNDPDXFK]XHLQHP (UJHEQLV,FKZDUVLFKHUGD$VPRGLQDPLUGLH7UlXPHJHVFKLFNW KDWWH6LHZROOWHPLFKSV\FKLVFK]HUPUEHQPLFKIHUWLJPDFKHQ GDPLWGHU'lPRQHQKHQNHUOHLFKWHV6SLHOPLWPLUKDWWH6RMHGHQ IDOOVLQWHUSUHWLHUWHLFKGLHVHVFKUHFNOLFKHQ7UlXPH 1XULQGLHVHU1DFKWZDULFKHUZDFKW,QGHQEHLGHQ1lFKWHQ ]XYRUKDWWHLFKKLQWHUKHUWLHIXQGIHVWJHVFKODIHQDEHUGDZDUHQ GLH7UlXPHDXFKQLFKWVRVFKOLPPJHZHVHQ,FKKDWWHGDV*HIKO DOVZUGH$VPRGLQDGLH,QWHQVLWl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lPSIWHQSUDNWLVFKJHJHQ PHKUHUH3DUWHLHQ 'DJDEHVHLQPDO$VPRGLQDXQGLKUH*HKLOIHQXQG]XPDQGH UHQGLH0RUGOLJDGLHYRQ'U7RGDQJHIKUWZXUGH$EHUDXFK HLQHGULWWH*HIDKUNULVWDOOLVLHUWHVLFKODQJVDPKHUYRU 'DV(UEHGHVYHUVXQNHQHQ.RQWLQHQWV$WODQWLV 9RQ0\[LQKDWWHLFKHUIDKUHQGDHVH[LVWLHUWHhEHUDOODXIGHU :HOWYHUWHLOW$WODQWLVZDUHLQ.RQWLQHQWYROOHU5lWVHOXQG *HKHLPQLVVHJHZHVHQXQGQLFKWLPPHUZDUHQGLHVH'LQJHSRVL WLY]XEHXUWHLOHQ(VKDWWHLPDOWHQ$WODQWLV0DJLH*UDXHQXQG (QWVHW]HQJHJHEHQ1LFKWDOOHVZDUPLWGHUJHZDOWLJHQ)OXWXQWHU JHJDQJHQ 'DVMHGRFKZDUHQ6RUJHQGLHPLFKLP$XJHQEOLFNQLFKWVRVHKU EHUKUWHQ'DUXPNPPHUWHQVLFK0\[LQXQG.DUDGLH6FK|QH DXVGHP7RWHQUHLFK6LHJLQJHQGHQ6SXUHQGHVYHUVXQNHQHQ .RQWLQHQWVJHZLVVHQKDIWQDFK :LHGHUZDUHLQHKDOEH6WXQGHYHUJDQJHQ0LWWOHUZHLOHZXUGH

GLH0GLJNHLWVWlUNHUDOVPHLQH*HGDQNHQXQGPLUILHOHQODQJ VDPGLH$XJHQ]X 'LHVH1DFKWZDUZLHYHUKH[W ,FKKDWWHQXUZHQLJH0LQXWHQJHVFKODIHQDOVPLFKGDVKDUWH .OLQJHOQGHV7HOHIRQVZHFNWH %HJDQQ$VPRGLQDV3V\FKR7HUURUYRQQHXHP" $XFKGLH)DPLOLH&RQROO\VFKOLHIIHVW'DV+DXVHLQJURHU %XQJDORZLP/RQGRQHU6GHQZDUGXQNHO1XUYRUGHU(LQ JDQJVWUVSHQGHWHHLQHHLQVDPH/DPSHHLQZHQLJ/LFKW -RKQQ\GHUMQJVWH&RQROO\ZDUSO|W]OLFKYRQHLQHUVHOWVDPHQ 8QUXKHHUIOOW,QVHLQHP%HWWZlO]WHHUVLFKYRQHLQHU6HLWH]XU DQGHUHQVHXI]WHPDQFKPDOVFKZHUDXIXQGVWLHVRJDUGHQ7HGG\ ]X%RGHQGHUEHLP(LQVFKODIHQLPPHUQHEHQLKPOLHJHQPXWH (UEHPHUNWHHVJDUQLFKW6HLQH+lQGHVWUHLIWHQEHUGDV%HWW ODNHQPDQFKPDONUDOOWHQVLFKGLH)LQJHULQGHP6WRIIIHVWGDQQ ZLHGHU]XFNWHHUPLWGHQ%HLQHQXQGVWUDPSHOWHVLFKEOR 8QUXKHHUIOOWHGHQ6FKODIGHVNOHLQHQ-XQJHQ8QG8QUXKHODJ DXFKLQGHP.LQGHU]LPPHU (VVFKLHQDOVZUGHGHU2GHPGHV%|VHQEHUGDV%HWW VWUHLFKHQXQGGHQNOHLQHQ-XQJHQEHUKUHQ ,UJHQGZRODXHUWHGLH*HIDKUXQG-RKQQ\VSUWHLQVWLQNWLYGD HWZDVQLFKWVWLPPWH 2KQHhEHUJDQJZDFKWHHUDXI (UODJTXHULP%HWW|IIQHWHGLH$XJHQVHW]WHVLFKGDQQDXIXQG EOLFNWHYHUZLUUWXPVLFK $OOHVZDUQRUPDO -RKQQ\YHU]RJGDV*HVLFKW,PHUVWHQ0RPHQWVDKHVDXVDOV ZUGHHUDQIDQJHQ]XZHLQHQGDQQKDWWHHUVLFKZLHGHUJHIDQJHQ XQGEOLHEDXIUHFKWLP%HWWVLW]HQ 6HLQ%OLFNILHODXIGDV5HJDOPLWGHP6SLHO]HXJ'RUWVWDQGHQ VHLQH%DXNO|W]HGLH+RO]HLVHQEDKQGLH]DKOUHLFKHQ7HGG\VXQG 7LHUHXQGGLH6SLHOHIU.LQGHULP9RUVFKXODOWHU(UVDKDXFKGLH EXQWH7DSHWHXQGGLH/DPSHDQGHU'HFNHGLHHEHQVRIDUELJZDU ZLHGLH:DQGGHNRUDWLRQ -RKQQ\]LWWHUWHSO|W]OLFK(VZDUQLFKWGLH.lOWHGHQQGLH &RQROO\VOLHHQDXFKEHUGLH1DFKWGLH+HL]XQJLQVHLQHP

=LPPHUDQGDPLWVLFKGHU.OHLQHQLFKWHUNlOWHWH(VZDUHWZDV DQGHUHVGDVLKQIU|VWHOQOLH -RKQQ\ZROOWHQLFKWPHKULP%HWWOLHJHQEOHLEHQ(UVFKZDQJ VHLQH%HLQHEHUGLH.DQWHXQGUXWVFKWHPLWVHLQHQNOHLQHQ)HQ LQGLH3DQWRIIHOQ(UVWROSHUWHEHUGHQ7HGG\GHUQHEHQGHP%HWW ODJ-RKQQ\NPPHUWHVLFKQLFKWGDUXPZDVDXFKQLFKWQRUPDO ZDU6RQVWKlWWHHULKQDXIJHKREHQXQGLQV%HWWJHOHJW -RKQQ\JLQJ]XP)HQVWHU(UZDULQGHUOHW]WHQ=HLWJHZDFKVHQ XQGNRQQWHEHUHLWVEHUGLH)HQVWHUEDQNKLQDXVLQGHQ*DUWHQ VFKDXHQGHUYRPVLOEHUIDUEHQHQ0RQGOLFKWJHEDGHWZXUGH -RKQQ\VDKGLH%VFKHGHQ5DVHQXQGGLH7HUUDVVH(VZDUVHKU NDOWDXIGHQPHLVWHQ=ZHLJHQXQGDXFKDXIGHQ%OlWWHUQODJHLQH ZHLH5HLIVFKLFKW 2EZRKOLP*DUWHQQLFKWV%HVRQGHUHV]XVHKHQZDUEOLHE -RKQQ\GRFKDP)HQVWHU ,UJHQGHWZDVKLHOWLKQGRUWIHVW (UKDWWHVHLQHNOHLQHQ+lQGHDXIGLH%DQNJHOHJWXQGEOLFNWH GXUFKGLH6FKHLEHPLWGHQ]DKOUHLFKHQEXQWHQ$XINOHEHUQGLH EHNDQQWH)LJXUHQDXVGHU&RPLF6]HQH]HLJWHQ :DVJDEHVGRUW]XVHKHQ" (LQHQ6FKDWWHQ -DSO|W]OLFKVDKGHU.OHLQHHLQHQODQJHQ6FKDWWHQGHUQLFKW UXKLJZDUVRQGHUQGXUFKGHQ*DUWHQZDQGHUWHXQGVLFKLPPHU PHKUGHP)HQVWHUQlKHUWH -RKQQ\EHNDP$QJVW ª0XPP\©ZHLQWHHUXQGVHLQH$XJHQIOOWHQVLFKGDEHLPLW 7UlQHQª%LWWH0XPP\© 'RFK6KHLODK|UWHLKQQLFKW6LHXQGLKU0DQQODJHQLPWLHIVWHQ 6FKOXPPHU 'HU6FKDWWHQYHUVFKZDQG6WDWWGHVVHQVDKGHUNOHLQH-RKQQ\ HLQH*HVWDOWXPGLH+DXVHFNHELHJHQ,PNDOWHQ6WHUQHQOLFKW NRQQWHHUVLHVHKUGHXWOLFKHUNHQQHQ 7URW]GHU.lOWHKDWWHGHU)UHPGHQLFKWVEHUVHLQHQQDFNWHQ 2EHUN|USHUJH]RJHQ6HLQHPXVNXO|VH+DXWJOlQ]WHDOVZlUHVLH PLW)HWWHLQJHULHEHQZRUGHQ9RQVHLQHP.RSIVDK-RKQQ\DXFK QLFKWVGHQQHLQHEOXWURWH.DSX]HYHUEDUJLKQ'HU8QKHLPOLFKH WUXJHLQHHQJHODQJH+RVHGLHXQWHQLQGHQ6FKlIWHQHLQHV 6WLHIHOSDDUVHQGHWH'LH0HWDOOEHVFKOlJHDQVHLQHPEUHLWHQ*UWHO

JOlQ]WHQXQGLQGHUUHFKWHQ+DQGKLHOWGHUQlFKWOLFKH%HVXFKHU HLQ6FKZHUW 'DV6WHUQHQOLFKWVSLHJHOWHVLFKDXIGHUODQJHQ.OLQJHXQGZDUI LUJHQGZLHIDKOZLUNHQGH5HIOH[H (WZDIQI6FKULWWHYRUGHP)HQVWHUZDUGHU8QKHLPOLFKH6WH KHQJHEOLHEHQ1RFKZDQGWHHUGHPNOHLQHQ-RKQQ\VHLQHQEUHLWHQ 5FNHQ]XDEHUODQJVDPGUHKWHHUVLFKXP -RKQQ\VWDQGGDXQGVWDXQWH'LH$XJHQKDWWHHUZHLWDXIJHULV VHQVHLQH/LSSHQ]LWWHUWHQXQGNOHLQH7UlQHQUDQQHQDQVHLQHQ 3DXVEDFNHQHQWODQJ 'HUQlFKWOLFKH%HVXFKHUVDJWHNHLQHQ7RQ(UVWDQGQXUGD VFKDXWHDXIGDV)HQVWHUXQGVWDUUWH-RKQQ\DQ 'DQQJLQJHUHLQHQ6FKULWWQDFKYRUQZREHLHUGURKHQGVHLQ 6FKZHUWKRE ,QGLHVHP$XJHQEOLFN]XFNWH-RKQQ\]XVDPPHQ6HLQHNLQG OLFKH(ULQQHUXQJIXQNWLRQLHUWHZLHGHU6FKRQHLQPDOKDWWHGLHVHU 0DQQLP*DUWHQJHVWDQGHQXQGGHQ.OHLQHQW|WHQZROOHQ 6KHLODXQG%LOOKDWWHQ]ZDUPLWLKUHP6RKQQLHPHKUGDUEHU JHVSURFKHQXQGVHLQH(ULQQHUXQJGDUDQVRPLWYHUGUlQJWGRFK QXQNHKUWHVLHPLWDOOHU'HXWOLFKNHLW]XUFN -RKQQ\V$QJVWZXUGHULHVHQJUR3O|W]OLFKKLHOWLKQQLFKWVPHKU DQGHP)HQVWHUHUVWROSHUWH]XUFNILHOXQGEHJDQQ]XVFKUHLHQ 'DQQUDIIWHHUVLFKZLHGHUDXIXQGOLHI]XU7UZRHUGLH.OLQNH EHLPHUVWHQ*ULIIYHUIHKOWH ª0XPP\©VFKULHGHU.OHLQH -RKQQ\ZDUDXIGLH.QLHJHIDOOHQ(WZDVWDSVLJVWDQGHUZLHGHU DXIIDWHHUQHXWQDFKGHU.OLQNHXQGVFKDIIWHHVGLHVPDOGLH7U DXI]X]LHKHQ(UK|UWHZLHGLH6FKODI]LPPHUWUVHLQHU(OWHUQ HEHQIDOOVDXIJHVWRHQZXUGHXQGZROOWHLQGHQ)OXUUHQQHQ ,PVHOEHQ$XJHQEOLFN]HUVSOLWWHUWHGLH)HQVWHUVFKHLEHVHLQHV =LPPHUV 6KHLOD&RQROO\ZXUGH]XHUVWZDFK6LHVHW]WHVLFKUXFNDUWLJLP %HWWDXIXQGZDUILKUHP0DQQ%LOOGHUQHEHQLKUVFKOLHIHLQHQ NXU]HQ%OLFN]X ª+|UVWGXQLFKWV"©IUDJWHVLH %LOOEUXPPWHQXU

6KHLODVWLHLKUHQ0DQQJHJHQGLH6FKXOWHUXQGUWWHOWHLKQ ª%LOO-RKQQ\KDWJHVFKULHQ6WHKDXI© ª:DV"©0LWHLQHP6DW]IXKUGHU5HSRUWHULQGLH+|KH'HU 1DPHVHLQHV6RKQHVKDWWHLKQDXVGHPWLHIVWHQ6FKOXPPHUJH ULVVHQ6RIRUWZDUHUYROOGD 6KHLODVFKZDQJVFKRQGLH%HLQHDXVGHP%HWWXQG%LOOWDWHVLKU QDFK(UVFKOLHI]ZDUQLFKWVRQDKDQGHU7UZLHVHLQH)UDXDEHU WURW]GHPZDUHUHKHUGDDOVVLH %LOO]RJGLH7UDXI 'DV=LPPHUGHV.OHLQHQODJVFKUlJJHJHQEHU'HU5HSRUWHU NRQQWHHUNHQQHQGD-RKQQ\GLH7UJH|IIQHWKDWWH ª:DVLVWGHQQORV"©ULHIHUXQGPDFKWH/LFKW 'DVDKHUGLH+DQGGHV.OHLQHQZLHVLHXPGDV7UEODWWJULII XQGHUK|UWHGDV.OLUUHQHLQHU)HQVWHUVFKHLEH ª2*RWW©ULHI6KHLODKLQWHULKPXQGZROOWHVLFKDQLKUHP0DQQ YRUEHLGUlQJHQ 'DVZDUQLFKWPHKUQ|WLJ :LHHLQ7LJHUVWU]WH%LOO&RQROO\DXIGHQ)OXU(UZDUPLW]ZHL 6SUQJHQDQ-RKQQ\V7UXQGULVLHDXI 'DV(QWVHW]HQEDQQWHLKQDXIGHU6FKZHOOH 6HLQ6RKQZDUQLFKWPHKUDOOHLQ 'HVWHURGHU'lPRQHQKHQNHUEHIDQGVLFKEHLLKPXQGKDWWHLKQ PLWGHUOLQNHQ+DQGXPNODPPHUW'HU*ULIIZDUVRVWDUNGD VLFKGHU.OHLQHYRQDOOHLQGDUDXVQLFKWEHIUHLHQNRQQWH ,QGHUDQGHUHQ+DQGKLHOWGHU'lPRQHQKHQNHUVHLQ6FKZHUW XQGGLH6SLW]HZLHVDXI%LOO&RQROO\ 6KHLODVFKDXWHEHUGLH6FKXOWHULKUHV0DQQHV6LHVDKGLH6]HQH HEHQIDOOVXQGZXUGHYRQGHU$QJVWXPLKUHQ6RKQGXUFK JHVFKWWHOWª-RKQQ\©VFKULHVLHZlKUHQGVLFKLQLKUHQ6FKUHLGDV /DFKHQGHV+HQNHUVPLVFKWH 6KHLODZROOWHDQLKUHP0DQQYRUEHLGRFK%LOOUHDJLHUWHULFKWLJ XQGKLHOWVLHDQGHU6FKXOWHUIHVW(UNDQQWHVHLQH)UDX'LHZUGH VLFKDXIGHQ+HQNHUVWU]HQGHQQIU-RKQQ\WDWVLHDOOHV %LOOGUFNWHKDUW]XXQG]RJ6KHLOD]XUFN 'XPSIK|UWH%LOOGLH6WLPPHXQWHUGHU.DSX]Hª,FKKDEH LKQ,FKKDEHHXUHQ6RKQ8QGLFKZHUGHLKQW|WHQ©:LHGHU ODFKWHHU (UVWMHW]WJHODQJHV%LOO&RQROO\VLFK]XIDQJHQ(UZUJWHHLQ

SDDU:RUWHKHUYRUª:DUXP"©NHXFKWHHUª:DUXPZLOOVWGXGDV .LQGXPEULQJHQ":DVKDWHVGLUJHWDQ"© ª'DV.LQGQLFKWV$EHUHLQDQGHUHUGHQLFKKDEHQPX-RKQ 6LQFODLU,FKKDWWHLKQIDVWGRFKGXUFKHLQHQ7ULFNLVWHVLKP JHOXQJHQGHP5LFKWEORFNXQGGDPLWGHP6FKZHUW]XHQW NRPPHQ8QGGDVKLHULVWPHLQH5DFKH'HVWHURV5DFKH 0HUNWHXFKGDV© %LOOQLFNWH+LQWHUVLFKK|UWHHUGDV6FKOXFK]HQVHLQHU)UDX(U VDKQLFKWGD6KHLODDP7UUDKPHQ]XVDPPHQJHVXQNHQZDULP 0RPHQWKDWWHHUQXU$XJHQIUVHLQHQ6RKQXQGGHQ+HQNHU 'LH-DFNHGHV6FKODIDQ]XJVZDUYHUUXWVFKWVRGD-RKQQ\V+DOV IUHLODJ'DVNOHLQHJROGHQH.UHX]GDVDQHLQHUGQQHQ.HWWHKLQJ XQG-RKQQ\DOV7DOLVPDQGLHQWHVFKLPPHUWHLP/LFKWGHV /DPSHQVFKHLQV(VKDWWHGHQ.OHLQHQQLFKWJHVFKW]WQLFKWJHJHQ 'HVWHURGLHVHQJHZDOWWlWLJHQ'lPRQ (UZDUQXUPLWDQGHUHQ:DIIHQ]XEHVLHJHQ 'HU+HQNHU]RJVLFK]XUFN(UVFKOHLIWH-RKQQ\PLW]XP )HQVWHU'RUWZDUHULQGDV=LPPHUJHVWLHJHQGXUFKGDV)HQVWHU ZROOWHHUDXFKZLHGHUYHUVFKZLQGHQ %LOO&RQROO\XQWHUQDKPHLQHQOHW]WHQ9HUVXFKª*LELKQIUHL© IOHKWHHUª,FKELWWHGLFKGDUXP© *UROOHQGODFKWH'HVWHURª'XELWWHVWPLFK"© ª-D© ª8QGGLH*HJHQOHLVWXQJ"© ª,FKWXHZDVGXYHUODQJVW© ª$OOHV"© %LOO&RQROO\QLFNWH(UZDULQGLHVHP0RPHQW]XHLQHPDQGH UHQJHZRUGHQZDUQLFKWPHKUHUVHOEVW'DV6FKLFNVDOKDWWHKDUW XQGJUDXVDP]XJHVFKODJHQZROOWHLKPGDV/LHEVWHQHKPHQZDV HUQHEHQ6KHLODEHVDVHLQHQ6RKQ %LOOZXWHLQGLHVHQ$XJHQEOLFNHQQLFKWPHKUZDVHUWDW 'HVWHURZDUVWHKHQJHEOLHEHQª'HLQ$QJHERWLQWHUHVVLHUWPLFK© VDJWHHUª(VLVWZLUNOLFKDXHUJHZ|KQOLFKGDVPXPDQVFKRQ VDJHQ8QGLFKZHUGHPLFKDXFKNRPSURPLEHUHLW]HLJHQ© ª'DQQOlWGX-RKQQ\IUHL"© ª'DYRQKDEHLFKQLFKWVJHVDJW©'LHKDUWH$QWZRUW]HUVW|UWH %LOOV+RIIQXQJHQ ª5HGH©'HU5HSRUWHU]LWWHUWH(UZROOWHHQGOLFKZLVVHQZDVHU

WXQPXWHXP-RKQQ\IUHL]XEHNRPPHQ ª(VLVWVR©VDJWHGHU+HQNHUª,FKODVVHPLFKQLFKWJHUQDXV WULFNVHQ1RUPDOHUZHLVHZUGHLFKGHLQHQ6RKQW|WHQDEHULFK JHEHGLUQRFKHLQH&KDQFH,FKQHKPHGHLQHQ-RKQQ\PLWXQG ODVVHLKQIUHLZHQQGXPHLQH%HGLQJXQJHUIOOVW© ª:LHODXWHWVLH"©VFKULH%LOO ª7|WH-RKQ6LQFODLU© %LOO&RQROO\JODXEWHJHJHQHLQH0DXHUJHODXIHQ]XVHLQVROFKHLQ GXPSIHV*HIKOEHIDQGVLFKSO|W]OLFKLQVHLQHP.RSI 7|WH-RKQ6LQFODLUKDOOWHHVLQVHLQHP6FKlGHOQDFK7|WH-RKQ 6LQFODLU ª1XQ"©'HVWHURODFKWHª'XVDJVWMDJDUQLFKWV© %LOONRQQWHDXFKQLFKWUHGHQ,KPZDUVFKZLQGOLJJHZRUGHQ 'LHVH)RUGHUXQJZDUVRXQJHKHXHUGD%LOOVLHJDUQLFKWULFKWLJ HUIDWH (UVROOWHVHLQHQEHVWHQ)UHXQGXPEULQJHQ %LOO&RQROO\KDWWHHLQHQ%OLFNGHUDQHLQHQ*HLVWHVNUDQNHQHU LQQHUWHVRVWLHUWHHUGHQ+HQNHUDQ 'HVWHURZDUXQJHGXOGLJ(UKREGLHUHFKWH+DQGLQGHUHUGDV 6FKZHUWKLHOWXQGGUHKWHGLH.OLQJHVRGDVLHVLFKGLFKWDQGHU .HKOHGHV.OHLQHQEHIDQG ª'X]|JHUVW"©K|KQWHHUª6ROOLFKGHLQHQ6RKQ"© ª1HLQ©VFKULH%LOO ª'DQQWXVWGXHVDOVR":HQQ6LQFODLUWRWLVWEHNRPPVWGX GHLQHQ6RKQ]XUFN$EHUHUVWGDQQGHQQZLHLFKGLFKNHQQH ZUGHVWGXQLFKW]|JHUQPLFK]XKLQWHUJHKHQ© 'DVZDUHQKDUWH:RUWHGLH%LOO&RQROO\VHKUZRKOYHUVWDQG(U QLFNWHXQGVDJWHª-D'HVWHURLFKWX V,FKZHUGH-RKQ6LQFODLU W|WHQ© 6RJUDXVDPOHHUNDPEHLGHQGDV=LPPHUYRU 6KHLODKRFNWHDXIGHU%HWWNDQWH7UlQHQQDZDULKU*HVLFKW%LOO KDWWHLKUHLQH-DFNHEHUGLH6FKXOWHUQJHKlQJWVLHKDWWHHVJDU QLFKW]XU.HQQWQLVJHQRPPHQ6LHPXWHLPPHUGDUDQGHQNHQ ZLH'HVWHURDXVGHP)HQVWHUJHNOHWWHUWZDUXQGLKUHQNOHLQHQ

-RKQQ\PLWJHQRPPHQKDWWH'LHOHW]WHQ0LQXWHQ]lKOWHQZLUNOLFK ]XGHQVFKOLPPVWHQLQLKUHP/HEHQ 'HU5HSRUWHUVWDQGDP)HQVWHU(UVWDUUWHGXUFKGLH]HUEUR FKHQH6FKHLEHLQGHQ*DUWHQKLQDXVXQGPHUNWHQLFKWZLHGLH .lOWHLQGHQ5DXPGUDQJXQGGXUFKVHLQHQGQQHQ6FKODIDQ]XJ IXKU %LOOVWDUUWHLQV/HHUH 'RFKLQVHLQHP.RSIZLUEHOWHQGLH*HGDQNHQ'RUWPLVFKWHQ VLFK9HUJDQJHQKHLW*HJHQZDUWXQG=XNXQIW]XHLQHPIXULRVHQ .UHLVODXI (UKDWWHYHUVSURFKHQ-RKQ6LQFODLU]XW|WHQ6HLQHQEHVWHQ )UHXQG(LQHQ.DPHUDGHQZLHPDQLKQQXUHLQPDOLP/HEHQ ILQGHW -RKQ6LQFODLUVROOWHGXUFKVHLQH+DQGVWHUEHQ %LOOV*HGDQNHQJOLWWHQ]XUFNLQGLH9HUJDQJHQKHLW(UGDFKWH GDUDQZLHHU-RKQNHQQHQJHOHUQWKDWWHDQGLH]DKOUHLFKHQ $EHQWHXHUGLHVLHJHPHLQVDPHUOHEWXQGEHUVWDQGHQKDWWHQ :LHRIWKDWWHQVLHVLFKJHJHQVHLWLJGDV/HEHQJHUHWWHW %LOONRQQWHHVJDUQLFKWPHKU]lKOHQ 8QGMHW]WVROOWHU-RKQ6LQFODLUVHLQHQEHVWHQ)UHXQGW|WHQXP GDV/HEHQVHLQHV6RKQHV]XUHWWHQ%LOOV$XJHQZXUGHQIHXFKW(U DWPHWHVFKZHUXQGNHXFKHQG/LSSHQXQG0XQGZLQNHO]XFNWHQ ,QVHLQHP,QQHUQWREWHHLQH+|OOH 1HLQHUNRQQWHHVQLFKW(UEUDFKWHHVQLFKWIHUWLJ-RKQXP]X EULQJHQ'RFKZHQQHUHVQLFKWWDWGDQQJHVFKDKGDVZDVHEHQ VRVFKOLPPZDU'HVWHURGHU'lPRQHQKHQNHUZUGHQLFKW ]|JHUQGHQNOHLQHQ-RKQQ\]XW|WHQ 'DZDUHUHLVNDOW(UEDUPHQNDQQWH'HVWHURQLFKW8QG%LOO &RQROO\KDWWHGHP+HQNHUVHLQ:RUWJHJHEHQHV]XWXQ 6KHLODPHUNWHZDVLQLKUHP0DQQYRUJLQJXQGZHOFKHLQHQ .DPSIHUPLWVLFKVHOEVWDXVIRFKW6LHHUKREVLFKXQGVFKULWWDXI LKUHQ0DQQ]X(LQHJHEHXJWH*HVWDOW]LWWHUQGNDONZHLLP *HVLFKW+LQWHU%LOOEOLHEVLHVWHKHQXQGOHJWHLKPHLQH+DQGDXI GLH6FKXOWHU 'HU5HSRUWHU]XFNWH]XVDPPHQDOVHUGLH%HUKUXQJVSUWH /DQJVDPGUHKWHHUGHQ.RSI 6KHLODVDKLKQDQª(VZLUGVFKRQDOOHVZLHGHUJXWZHUGHQ© VDJWHVLHOHLVH

%LOOVFKWWHOWHGHQ.RSIª1HLQ6KHLOD1LFKWVZLUGJXWZHUGHQ ,FKZHLGDVLFKVSUHHV,FKELQGRFKDXIGLHVHQ+DQGHOHLQJH JDQJHQXQGPXPHLQ9HUVSUHFKHQKDOWHQ© ª'DQQZLOOVWGX-RKQW|WHQ"© ª6LHKVWGXHLQHQDQGHUHQ:HJGHLQHQ6RKQ]XUFN]XKROHQ"© ULHI%LOOYHU]ZHLIHOW 6KHLODVFKZLHJ %LOOEDOOWHGLH+lQGH]X)lXVWHQ(UZDULQQHUOLFKVR]HUULVVHQ GDHUDPOLHEVWHQGXUFKJHGUHKWKlWWH'HVWHURKDWWHVHLQHQ6RKQ PLWJHQRPPHQ2YHUGDPPWGLHDQGHUH6HLWHZXWHQXU]XJXW ZRGLH6FKZDFKVWHOOHQGHV7HDPVXP-RKQ6LQFODLUODJHQ(LQPDO KDWWHMDVRHWZDVSDVVLHUHQPVVHQ'HU.OHLQHZDU]ZDUGXUFK HLQ.UHX]JHVFKW]WJHZHVHQDEHUGDUEHUODFKWHQ'lPRQHQZLH 'HVWHURQXU'DPLWNRQQWHPDQVLHQLFKWDEVFKUHFNHQ :LHVROOWHHVZHLWHUJHKHQ" %LOO&RQROO\KDWWHZLUNOLFKNHLQH,GHH(UEOLFNWH6KHLODDQXQG VDKDQLKUHP*HVLFKWGDVLHDXFKQLFKWZXWHZLHHUUHDJLHUHQ VROOWH 0LWHLQHUVDQIWHQ*HVWHVWULFK%LOOEHUGDVODQJHEORQGH+DDU VHLQHU)UDXª(VWXWPLUOHLG©IOVWHUWHHUª(VWXWPLUXQHQGOLFK OHLG© 0HKUNRQQWHHUQLFKWKHUDXVEULQJHQ'DQQYHUOLHHUGDV =LPPHUJLQJLQGHQJURHQ:RKQUDXPXQGEOLHEQHEHQGHP 7HOHIRQDSSDUDWVWHKHQ /DQJHVWDUUWHHULKQDQ 6ROOWHHUVROOWHHUQLFKW"%LOO&RQROO\EHUOHJWHKLQXQGKHU 6HLQH+DQG]XFNWHYRUXPIDWHVFKRQGHQ+|UHUDOVVHLQH)LQJHU ZLHGHU]XUFNVFKQHOOWHQ (UWUDXWHVLFKQLFKW %LOO&RQROO\VWDQGYRUGHUVFKZHUVWHQ(QWVFKHLGXQJVHLQHV /HEHQV6FKZHLJOLW]HUWHDXIVHLQHU6WLUQ(VZDUGHU $QJVWVFKZHLXQGGLH1HUYHQEHODVWXQJTXlOWHLKQ (LQ$QUXIXQG-RKQZUGHNRPPHQ(UZUGHDEHUDXFKLQVHLQ 9HUGHUEHQODXIHQ $EUXSWZDQGWHVLFK%LOO&RQROO\XPXQGJLQJTXHUGXUFKGHQ 5DXP]XHLQHP6HNUHWlUGHULPPHUDEJHVFKORVVHQZDU%LOO VFKORLKQDXIXQG]RJGLH.ODSSHKHUXQWHU 'DV,QQHUHZDULQPHKUHUH)lFKHUXQWHUWHLOWLQGHQHQGHU

5HSRUWHU3DSLHUHXQG8QWHUODJHQYHUZDKUWH*DQ]UHFKWVEHIDQG VLFKHLQNOHLQHV)DFKGDVGXUFKHLQ6SH]LDOVFKORJHVLFKHUW ZXUGH8PHV]X|IIQHQPXWH%LOOHLQHQIODFKHQ6FKOVVHO QHKPHQ 'LH.ODSSHILHO 'DODJVLH 'LHDOWH/XJHUGLHHUVFKRQVHLWYLHOHQ-DKUHQEHVD6LHKDWWH LKQIUKHUDXIVHLQHQ5HSRUWDJHQRIWEHJOHLWHW'LH:DIIHZDU JHODGHQXQGDXVJH]HLFKQHWJHSIOHJW%LOOKDWWHVLHLQHLQ7XFK JHZLFNHOW-HW]WQDKPHUVLHKHUDXV 6HLQ*HVLFKWZDU]XU0DVNHHUVWDUUWDOVHUGLH3LVWROHLQGHU 5HFKWHQZRJ -DHUNRQQWHPLWLKUXPJHKHQ 'DQQVWDQGSO|W]OLFK6KHLODLQGHU7U 'LHEHLGHQ(KHOHXWHVDKHQVLFKDQ.HLQ:RUWZXUGHJHZHFK VHOWDEHU6KHLODODVLQGHQ$XJHQLKUHV0DQQHVGLHILQVWHUH (QWVFKORVVHQKHLW%LOODWPHWHQRFKHLQPDOWLHIGXUFKXQGJDEVLFK HLQHQ5XFN 'DQQJLQJHU]XP7HOHIRQ :LHYHUVWHLQHUWKRFNWHLFKKLQWHUGHP/HQNUDGGHV%HQWOH\%LOO &RQROO\KDWWHDQJHUXIHQXQGQRFKLPPHUKlPPHUWHQVHLQH :RUWHLQPHLQHP.RSI ª-RKQQ\LVWHQWIKUWZRUGHQ© (VZDUDOVKlWWHPLFKGHU6FKODJJHWURIIHQ$OVLFKK|UWHGD 'HVWHURGDKLQWHUVWHFNWHGDZDUPLUYLHONODUJHZRUGHQ0HLQH $OSWUlXPHZDUHQQXUHLQ$EOHQNXQJVPDQ|YHUJHZHVHQ'HVWHUR XQGGDPLWDXFK$VPRGLQDYHUIROJWHQJDQ]DQGHUH=LHOH9LHO YLHOVFKOLPPHUH6LHKDWWHQGRUW]XJHVFKODJHQZRLFKQLFKW PLWUHFKQHWH (LQ.LQG 0HLQ*RWWZDVNRQQWHGHUNOHLQH-RKQQ\GHQQGDIU"$EHU GDQDFKIUDJWHQLHPDQG %UXWDOJLQJHQXQVHUH*HJQHUYRU6LHQDKPHQDXIQLHPDQGHQ 5FNVLFKW0DFKWHQYRUQLFKWVKDOW:HGHUYRU)UDXHQ.LQGHUQ RGHU0lQQHUQ 9LHO]XVFKQHOOOLHIPLUGLH=HLWGDYRQ,FKPXWHPLFKEHHLOHQ

LFKZROOWHPLW%LOOUHGHQLKQXQG6KHLODWU|VWHQIDOOVGDVEHU KDXSWMHPDQGNRQQWH$EHUGLH6WUDHQZDUHQUHJHOUHFKWH 5XWVFKEDKQHQ$XIGHQ+DXSWVWUDHQJLQJHVMDDEHUGLHDQGHUHQ KDWWHGHU)URVWLQHLQH(LVIOlFKHYHUZDQGHOW(LQSDDUPDOVDKLFK :DJHQGLHVLFKXPLKUHHLJHQH$FKVHJHGUHKWKDWWHQRGHUJHJHQ HLQHQ%DXPJHNUDFKWZDUHQ'HVKDOEIXKULFKVREHUDXVYRU VLFKWLJ 6RODQJVDPZDULFKGHQYHUGDPPWHQ:LQWHUOHLG0DQFKPDO VFKLHQHVPLUDOVZUGHQGLH%lXPHEHUKDXSWQLFKWPHKUJUQ -RKQQ\HQWIKUW (VJLQJPLUQLFKWDXVGHP.RSI,FKEDVWHOWH3OlQHYHUZDUIVLH ZLHGHUILQJYRQQHXHPDQHLQHZLJHV:HFKVHOVSLHOHLQ+LQXQG +HUGRFK]XHLQHP(UJHEQLVJHODQJWHLFKQLFKW,FKPXWHHUVW PLWGHQ&RQROO\VUHGHQ 'LHEHLGHQZRKQWHQ]LHPOLFKZHLWLP6GHQYRQ/RQGRQXQG LFKKDWWHHLQLJH0HLOHQ]XIDKUHQ0HLQ0XQGZDUWURFNHQGLH LQQHUH8KUYROODXIJHGUHKW 'LHEHLGHQ6FKHLQZHUIHUZDUIHQLKUH/LFKWIOXWYRUPLUDXIGLH 6WUDH,PKHOOHQ6FKHLQVDKLFKGDV(LVDXIGHU)DKUEDKQJOLW]HUQ %HVRQGHUVQDKHDQGHQ*HKVWHLJHQKDWWHVLFKGLHVSLHJHOQGH )OlFKHJHELOGHW :LHGHUHLQH.XUYH 9RUVLFKWLJIXKULFKLQVLHKLQHLQ,FKEHIDQGPLFKEHUHLWVLQHLQHU *HJHQGLQGHUHVVLFKORKQWH]XZRKQHQ5XKLJH6WUDHQDXFK WDJVEHUDOWHU%DXPEHVWDQGNHLQH,QGXVWULH 8QGGDQQVDKLFKLKQ 'HVWHUR (UVWDQGSO|W]OLFKYRUPLUDXIGHU6WUDHKDWWHVLFKDXVGHP 1LFKWVPDWHULDOLVLHUWXQGKREGURKHQGVHLQ6FKZHUW ,FKGDFKWHQLFKWPHKUDQGLH)DKUEDKQJOlWWHXQGWUDWYRU 6FKUHFNDXIGLH%UHPVH 'DVZDUPHLQ)HKOHU 'HUVFKZHUH%HQWOH\YHUORUGLH+DIWXQJXQGUXWVFKWHHLQ6WFN EHUGHQJODWWHQ$VSKDOW'DEHLJHULHWHUDXVGHUXUVSUQJOLFKHQ 5LFKWXQJZXUGHKHUXPJHGULIWHWXQGJOLWWLPVFKUlJHQ.XUVDXI GHQ6WUDHQUDQG]X 3O|W]OLFKVDKLFKGLH%lXPHEHUJUR 9HU]ZHLIHOWOHQNWHLFKGDJHJHQ8QGLFKKDWWHULHVLJHV*OFN

'RFKYRUGHQ%lXPHQEUDFKWHLFKGHQ:DJHQ]XP6WHKHQ 'HVWHURODXHUWHQRFKLPPHU $XFKDOVLFKGLH7UDXIVWLHEOLHEHUVWHKHQXQGZDUWHWHDE ,FKYHUOLHGHQ:DJHQKWHWHPLFKMHGRFKHLQHQVFKQHOOHQ 6FKULWWDXILKQ]X]XJHKHQGDLFKQLFKWDXIGLH1DVHIDOOHQZROOWH 1HEHQGHU7UEOLHELFKVWHKHQ ,FKJODXEWHQLFKWGDGHU+HQNHUHLQHQ.DPSIKDEHQZROOWHHU ZDUDXVHLQHPDQGHUHQ*UXQGHUVFKLHQHQ ª6LQFODLU©VDJWHHUGXPSIª1XQHUOHEVWGX'HVWHURV5DFKH© 9HUlFKWOLFKYHU]RJLFKGLH0XQGZLQNHOª6HLGLKUVFKRQVRZHLW JHVXQNHQGDLKUHXFKDQHLQHPXQVFKXOGLJHQ.LQGYHUJUHLIHQ PW"©K|KQWHLFKª,VWGDVHXUH'lPRQHQNUDIW"© ª:LUQHKPHQMHGH&KDQFHZDKUXPGLFK]XYHUQLFKWHQ-RKQ 6LQFODLU'XELVWXQVHU)HLQGXQGLFKZLOOQLFKWPHKUOlQJHU ZDUWHQ(VPXHLQH(QWVFKHLGXQJJHEHQ© ª:DVKDVWGXYRU"©ULHILFK 'HVWHURODFKWHQXU,FKVDKZLHVHLQH.DSX]H)DOWHQZDUI*HUQ KlWWHLFKJHZXWZDVVLFKXQWHUGHU.DSX]HYHUEDUJ9LHOOHLFKW ZXWHGDVQXU$VPRGLQD:DUHVHLQ0HQVFKHQVFKlGHOHLQ 'lPRQHQNRSINHLQH$KQXQJ %HYRULFKQRFKHLQHDQGHUH)UDJHVWHOOHQNRQQWHZDU'HVWHUR ZLHGHUYHUVFKZXQGHQ (LQOHW]WHV)OLPPHUQDXV ,FKJULQVWHELWWHU(UKDWWHPLUVHLQH0DFKW]HLJHQZROOHQ:LH VFKRQVRRIWGHQQHWZDVNRQQWHQGLH'lPRQHQQLHDEOHJHQ,KUH (LWHONHLW6LHZDUHQVHKUHLWHOZROOWHQLPPHUPLWLKUHQ6LHJHQ SURW]HQXQGHU]lKOHQZLHWROOVLHGRFKZDUHQXQGZDVVLHQRFK DOOHVYRUKDWWHQ,FKKDWWHLPPHUJHQDX]XJHK|UWZHQQVLHVLFK SURGX]LHUWHQXQGGDEHLZDUHVPLUVRPDQFKHV0DOJHOXQJHQVLH PLWLKUHQHLJHQHQ:DIIHQ]XVFKODJHQ$EHU'HVWHURKDWWHQLFKWV JHVDJW:HQLJVWHQVQLFKWVZDVPLUKlWWHZHLWHUKHOIHQN|QQHQ(U ZROOWHQXUEHZHLVHQGDHUQRFKGDZDUXQGNUlIWLJGLH.DUWHQ PLVFKWH ,FKVWLHJLQPHLQHQ:DJHQ+RIIHQWOLFKNRQQWHLFKEHLGLHVHU *OlWWHDQIDKUHQ9RUVLFKWLJGUHKWHLFKDP/HQNUDGJDEEHKXWVDP *DVMDGLH5HLIHQSDFNWHQZLHGHU ,FKNRQQWHGHQ%HQWOH\LQGLHULFKWLJH)DKUVSXUEULQJHQ 'HVWHURKDWWHGHQ-XQJHQ:RHULKQYHUVWHFNWHNRQQWHLFKQLFKW

HLQPDOUDWHQ:DKUVFKHLQOLFKLQLUJHQGHLQHU'LPHQVLRQGLHPDQ QRUPDOHUZHLVHQLFKWIDQG:HQLJVWHQVQLFKWPLWGHQ0LWWHOQGLH PLUDXJHQEOLFNOLFK]XU9HUIJXQJVWDQGHQ :LHPXWHHVQXULQ6KHLODXQG%LOODXVVHKHQ,FKZXWHJHQDX ZLHVHKUVLHDQGHP.LQGKLQJHQ%LOOZUGHGXUFKGUHKHQXQG 6KHLOD" ,FKVWRSSWHYRUGHP+DXV'HU%XQJDORZODJDXIHLQHPNQVW OLFKDQJHVFKWWHWHQ+JHO9RQGHU6WUDHKHUZDQGVLFKHLQ VFKPDOHU)DKUZHJDXIGDV+DXV]X(UIKUWHGXUFKHLQHQSUlFK WLJHQ*DUWHQGHUXPGLHVH=HLWMHGRFKOHHUXQGWRWDXVVDK 'LH&RQROO\VPXWHQPLFKJHVHKHQKDEHQGHQQGDV (LQIDKUWVWRUVFKZDQJDXIHLQHQHOHNWURQLVFKHQ.RQWDNWKLQ ]XUFN ,FKKDWWHIUHLH)DKUW $XFKDXIGHP:HJJOLW]HUWH(LV'LH%VFKHZDUHQYRQHLQHU VLOEHUIDUEHQHQ6FKLFKWEHU]RJHQHEHQVRZLHGDV*UDVXQGGLH 6WHLQHDQGHQ:HJUlQGHUQ 9RUGHUJURHQ*DUDJHVWRSSWHLFKPHLQHQ%HQWOH\(LQHQ 0RPHQW]|JHUWHLFKDXV]XVWHLJHQ:LHQHWWODFKHQGXQG OlUPHQGZDULFKVRQVWLPPHUHPSIDQJHQZRUGHQGRFKKHXWH ODVWHWHGDV6FKZHLJHQZLHHLQH:DQG (LQH*lQVHKDXWNURFKEHUPHLQHQ5FNHQ0DQNDQQGLHVHV *HIKOVFKOHFKWEHVFKUHLEHQYLHOOHLFKWLVWHV,KQHQDXFKPDOVR HUJDQJHQ0DQZHLGDQQQLFKWZDVPDQVDJHQVROO$XFKPLU NDPHVYRUDOVZlUHLFK]XPHUVWHQ0DOKLHU %HKXWVDPOLHLFKGLH:DJHQWU]XIDOOHQGUHKWHPLFKXPXQG JLQJDXIGLH+DXVWU]X0HLQH6FKULWWHZDUHQVWHLI8QWHUPHLQHQ )HQNQLUVFKWH6WUHXVDO] %LOOVWDQGYRUGHU7U(UWUXJQXUHLQH+RVHXQGHLQHQZHLW IDOOHQGHQ3XOORYHU ª.RPPUHLQ©VDJWHHU ,FKPDFKWHPLUVFKRQ9RUZUIHGDLFKLKQLPPHUZLHGHULQ GLH)lOOHPLWKLQHLQJH]RJHQKDWWHDEHU%LOOKDWWHHVMDQLFKWDQGHUV JHZROOW(UZDUNHLQ0HQVFKGHU]X+DXVHKRFNWHXQG!URVWHWH %LOOEUDXFKWHGLH%HZHJXQJ(UPXWHUDXVDXVVHLQHQYLHU :lQGHQ 6HLQ*HVLFKWZDUHLQH0DVNH7URW]GHPVDKLFKGDHUJHZHLQW KDWWH1XQSUlJWHHLQ6WFN(QWVFKORVVHQKHLWVHLQH=JH6HOWHQ

KDWWHLFKLKQVREOHLFKJHVHKHQ'HU5HSRUWHUVFKLHQLQGHQOHW]WHQ 0LQXWHQXP-DKUHJHDOWHUW]XVHLQ ª8QG6KHLOD"©IUDJWHLFK %LOOKREGLH6FKXOWHUQª6LHKlOWVLFKJXWILQGHLFK© ª'DVLVWYLHOZHUW© .HLQ:RUWYRQGHU(QWIKUXQJ$OOHVZDUVRXQZLUNOLFKVR XQJODXEKDIW:LUEHWUDWHQGHQ:RKQUDXP6KHLODVWDQGDP )HQVWHU$OVVLHXQVK|UWHGUHKWHVLHVLFKXP ,FKQLFNWHLKU]X,FKZROOWHLUJHQGHWZDVVDJHQDEHUYHUGDPPW QRFKPDOLFKEUDFKWHNHLQ:RUWEHUGLH/LSSHQ,FKIKOWHPLFK KLOIORVLQGLHVHU6LWXDWLRQ 6KHLODGHXWHWHDXIHLQHQ6HVVHO$XILKUHQ:DQJHQ]HLFKQHWHQ VLFKGLHQDVVHQ6SXUHQGHU7UlQHQDE'LH/LSSHQKDWWHVLHIHVW DXIHLQDQGHUJHSUHW6LHKDWWH0KHVLFK]XEHKHUUVFKHQ ,FKVHW]WHPLFK ª0|FKWHVWGXHWZDVWULQNHQ"©IUDJWH%LOO(UNDPGDEHLQDKHDQ PLFKKHUDQLFKURFKGDHUVFKRQHLQHQ:KLVN\JHWUXQNHQKDWWH ª-DDEHUNHLQHQ$ONRKRO© ª2ND\©%LOOJLQJ ,FKZDUPLW6KHLODDOOHLQ6LHWUXJHLQHQURWHQ+DXVPDQWHOEHU GHP1DFKWKHPG,KUH/LSSHQ]LWWHUWHQDOVVLHDQILQJ]XVSUHFKHQ $OVLFKLKULQGLH$XJHQVFKDXWHJODXEWHLFKHLQHQ$QIOXJYRQ 3DQLNXQG$QJVW]XHQWGHFNHQ8QGHLQ*HIKOGDVPDQPLW HLQHU:DUQXQJRGHUHLQHPEHVFKZ|UHQGHQ%OLFNEH]HLFKQHQ NRQQWH ª(VLVWVFKOLPP-RKQ©VDJWHVLHSO|W]OLFKPLWWRQORVHU6WLPPH ª'XJODXEVWJDUQLFKWZLH© ,FKQLFNWHQXU6SUHFKHQNRQQWHLFKQLFKWZHLOPLUHLQYHUIOXFK WHU.ORLQGHU.HKOHVD 'DZDUHQZLUGUHLHUZDFKVHQH0HQVFKHQ$XFK6KHLODKDWWH VFKRQLQOHEHQVJHIlKUOLFKHQ6LWXDWLRQHQJHVWHFNWGRFKLQGLHVHQ $XJHQEOLFNHQIKOWHQZLUXQVVRXQVDJEDUKLOIORV:LUZDUHQ QLFKWLQGHU/DJHHLQHQNODUHQ*HGDQNHQ]XIDVVHQ %LOONDP]XUFN(UUHLFKWHPLUHLQ*ODV:DVVHU=LJDUHWWHQKDWWH HUHEHQIDOOVPLWJHEUDFKW6HLQH+lQGH]LWWHUWHQDOVHUVLFKHLQ 6WlEFKHQDQ]QGHWH ,FKWUDQN %LOOEOLHEQHEHQGHP6HVVHOVWHKHQ6HLQ%OLFNZDULQXQHQGOLFKH

)HUQHQJHULFKWHWª$EHUGDVKDWWHPDOVRNRPPHQPVVHQ© HU]lKOWHHULP)OVWHUWRQª(VNRQQWHHLQIDFKQLFKWJXWJHKHQ,FK ZXWHGDVZLUNOLFK:LUKlWWHQEHVVHUDXILKQDFKWJHEHQVROOHQ ª'LHVHYHUIOXFKWH%UXW© %LOO&RQROO\HUJLQJVLFKLQ6HOEVWYRUZUIHQ,FKVSUDFKGDJHJHQ ª,KUNRQQWHWQLFKWVWXQ8QGIDOVFKLVWHVMHW]WQDFKHLQHP 6FKXOGLJHQ]XVXFKHQ© ª8QGZHQQ-RKQQ\WRWLVW"©(UIXKUKHUXPXQGVWDUUWHPLFK ZLOGDQ ª1RFKLVWQLFKWVEHZLHVHQ©HUNOlUWHLFKXQGEHULFKWHWHJOHLFK ]HLWLJZDVLFKDXIGHU)DKUWKLHUKHUHUOHEWKDWWH ª.ODUGLHVHU'HVWHURZROOWHVHLQHQ7ULXPSKDXVNRVWHQXQGXQV ]HLJHQZLHKLOIORVZLUVLQG(UKDWMDQLFKWHLQPDOXQUHFKWZLU N|QQHQQLFKWVWXQ(VLVW]XYLHOZDVGDDXIXQVHLQVWU|PWH©(U EUDFKDEXQGVWDPSIWHVHLQH=LJDUHWWHLP$VFKHUDXV ª:LHLVWHVSDVVLHUW"©HUNXQGLJWHLFKPLFKEHKXWVDP %LOOHU]lKOWHª$OVZLUZDFKZXUGHQZDUVFKRQDOOHVYRUEHL'D KDWWH'HVWHURVLFKGHQ.OHLQHQJHVFKQDSSW6LHVWDQGHQDXIGHU 6FKZHOOH]X-RKQQ\V=LPPHU(UKDWWHGHQ.OHLQHQXQGEHGURKWH LKQPLWVHLQHPYHUGDPPWHQ6FKZHUW:LUZDUHQVRKLOIORV© ª$XFK'lPRQHQKDEHQLKUH0RWLYH©VDJWHLFKª+DWHXFK 'HVWHUR%HGLQJXQJHQJHVWHOOW"© 1DFKPHLQHU)UDJHZXUGHHVVWLOO:LUK|UWHQQXUGDV7LFNHQ HLQHU8KU 6KHLODKDWWHGLH/LSSHQ]XVDPPHQJHSUHWXQGEOLFNWH]X %RGHQ$XFK%LOOZROOWHQLFKWVVDJHQ6HOEVWHLQ%OLQGHUKlWWH JHVHKHQGDGDHWZDVQLFKWVWLPPWH ,FKKDNWHQDFKª:DVLVWGHQQ"© ª1LFKWV©IOVWHUWH6KHLOD %LOOGHUQRFKLPPHUQHEHQPHLQHP6HVVHOVWDQGGUHKWHVLFKVR GDHULQPHLQHQ5FNHQJHODQJWH,FKPHUNWHQLFKWVXQGZXUGH Y|OOLJEHUUDVFKWDOVLFKSO|W]OLFKGHQNDOWHQ'UXFNGHU 0QGXQJLQPHLQHP1DFNHQVSUWH 'LH6WLPPHPHLQHV)UHXQGHVNODQJUDXKXQGVFKZHUDOVHU VDJWHª'RFK-RKQHUKDWHWZDVJHVDJW:HQQLFK-RKQQ\ZLHGHU VHKHQZLOOGDQQPXLFKGLFKW|WHQ©

,FKKLHOWGHQ$WHPDQ 1RFKQLFKWHLQPDOEHZXWDEHUGLHVHXQJHKHXUH)RUGHUXQJ UDXEWHPLUGLH/XIW,FKZXUGHLQQHUOLFK]X(LVKRFNWHDXI PHLQHP3ODW]XQGNRQQWHPLFKQLFKWUKUHQ 6KHLODVDPLUJHJHQEHU8QVHUH%OLFNHWUDIHQVLFK,QLKUHQ $XJHQODVLFKGLHXQJHKHXUH4XDOGLHVLHHPSIDQG(VZDUHLQH 6LWXDWLRQZLHVLHNHLQ5HJLVVHXUVLFKEHVVHUKlWWHDXVGHQNHQ N|QQHQ'DVWDQGPHLQEHVWHU)UHXQGKLQWHUPLUXQGGUFNWHPLU HLQHJHODGHQH:DIIHLQGHQ1DFNHQ 7|WHQ(UZROOWHPLFKW|WHQGDPLWVHLQ6RKQEHUOHEWH:HOFK HLQH+|OOHPXWHLQLKPWREHQ,FKVXFKWHQDFKHLQHP 9HUVWlQGQLV:LHKlWWHLFKDQVHLQHU6WHOOHJHKDQGHOW" .HLQH$QWZRUW,FKZXWHHVQLFKWXQG%LOOGUFNWHIHVWHU]X ª+DVWGXJHK|UWZDVLFKJHVDJWKDEH-RKQ"© ª-D© ª'LH:DIIHLVWJHODGHQ-RKQ,FKLFKZLOOHVQLFKWDEHUPHLQ -RKQQ\'XPXWYHUVWHKHQ-RKQ© ª9LHOOHLFKW© 6KHLODVWDQGDXI,KU*HVLFKWZDUQRFKEODVVHUJHZRUGHQGLH VFK|QHQ$XJHQQRFKJU|HU)DVWJUHLIEDUODJGLH$QJVW]ZLVFKHQ XQV(VZDUVRJHIlKUOLFKJOHLFK]HLWLJDXFKXQZLUNOLFKXQGJUDX VDP $PVFKOLPPVWHQZDU%LOO&RQROO\GUDQ(UDWPHWHVFKZHUXQG NHXFKHQGXQGVHLQ$WHPVWUHLIWHPHLQHQ1DFNHQ2EZRKOHUGLH 0QGXQJKDUWLQGDV)OHLVFKPHLQHV1DFNHQVSUHWHPHUNWHLFK GRFKZLHVHKUHU]LWWHUWH (UVWDQGYRUGHUVFKZHUVWHQ(QWVFKHLGXQJVHLQHV/HEHQV ,FKYHUVXFKWH]XUHGHQª:lUHHVQLFKWEHVVHU%LOOGDUEHU]X UHGHQ"© ª1HLQHVJLEWNHLQHDQGHUH/|VXQJ© ª8QGGX6KHLOD"© 6LHVHQNWHGHQ.RSIXQGVWDUUWH]X%RGHQ'LH(QWVFKHLGXQJ EHUOLHVLHLKUHP0DQQ :HOFKHLQ.DPSIPXWHLQGHP5HSRUWHUJHWREWKDEHQELVHU VLFK]XGHP(QWVFKOXGXUFKJHUXQJHQKDWWH(UZROOWHHLQHQ 0RUGEHJHKHQ0RUGDQVHLQHPEHVWHQ)UHXQG ª*ODXEVWGXGHQQGD'HVWHURGHQ.OHLQHQIUHLJLEWZHQQGX PLFKJHW|WHWKDVW"©

ª,FKPXPLFKDQMHGHQ6WURKKDOPNODPPHUQ© ª'HUZLUG]HUEUHFKHQ© %LOOVFKOXFNWHª-RKQLFKVDJHGLUYHUVXFKHQLFKWPLFKYRQ PHLQHP9RUKDEHQDE]XEULQJHQ,FKKDEHPLFKHQWVFKORVVHQDXI GLH%HGLQJXQJHQ'HVWHURVHLQ]XJHKHQ8QGLFKZHUGHVLHGXUFK IKUHQNRVWHHVZDVHVZROOH© ª'XKDVWHVGLUUHLIOLFKEHUOHJW"© ª8QGZLH,FKKDEHPLWPLUJHUXQJHQPLWPLUJHNlPSIW,FK KDEHJHEHWHWXQGJH]LWWHUWDEHULFKVHKHNHLQHDQGHUH 0|JOLFKNHLW-RKQGXELVWPHLQ)UHXQGXQGLFKZUGHZHUZHL ZDVIUGLFKJHEHQDEHUSO|W]OLFKLVWHLQH*UHQ]HDXIJHWDXFKW(V JLEWGDPHLQHQ6RKQ-RKQQ\HUEHGHXWHWPLUVRYLHO'DVGDV PXWGXGRFKYHUVWHKHQ© 'HU5HSRUWHUYHUVXFKWHVLFKPLWGLHVHQYHU]ZHLIHOWHQ:RUWHQ ]XHQWVFKXOGLJHQHUZXWHVHOEVWQLFKWREGDVZDVHUWDWULFKWLJ ZDU8QG)UHXQGHLFKYHUVWDQGLKQLFKYHUVWDQGLKQVRJDUJXW VHLQHLQQHUH$XIJHZKOWKHLWGLH4XlOHUHLHQPLWGHQHQHUVLFK KHUXPVFKOXJ ª:LHKlWWHVWGXGHQQDQPHLQHU6WHOOHJHKDQGHOW-RKQ"© ,FKEOLHELKPHLQLJH6HNXQGHQGLH$QWZRUWVFKXOGLJ:DVKlWWH LFKJHWDQ"'LH)UDJHVWHOOWHVLFKQLFKWIUPLFK,FKKDWWHNHLQ .LQGGDVPLUVRVHKUDP+HU]HQODJZLHHLQHP9DWHUGHU6RKQ $EHUZHQQLFK9DWHUJHZHVHQZlUHKlWWHLFKHVDXFKQLFKW JHZXW 8QGGDVVDJWHLFK%LOO ª-D-RKQHVLVWYHUGDPPWVFKZHU'XNHQQVWPLFKLFKKDEHHV PLUQLFKWOHLFKWJHPDFKWDEHULFKNDQQQLFKWDQGHUV6LHZHUGHQ -RKQQ\VLFKHUOLFKODXIHQODVVHQZHQQLFKLKQHQGHLQHQ.RSIJH OLHIHUWKDEH© %LOOVSUDFKPLWHLQHU6WLPPHGLHLKPXQGPLUIUHPGYRUNDP 6LHNODQJNUlFK]HQGNLHNVLJXQGNLSSWHIDVWEHU'HU5HSRUWHU VWDQGXQWHU6WURP6HLQH1HUYHQYLEULHUWHQ(UEHIDQGVLFKGLFKW YRUGHP3XQNWZRPDQGXUFKGUHKWH ,FKKWHWHPLFKDXFKQXUHLQHIDOVFKH%HZHJXQJ]XPDFKHQ LFKZDUEXFKVWlEOLFKHLQJHIURUHQ,FKDWPHWHOHLVHXQGNRQ]HQ WULHUW%LOOVROOWHNHLQH9HUDQODVVXQJVHKHQGHQ6WHFKHUGXUFK]X ]LHKHQ ª9LHOOHLFKWN|QQHQZLUJHPHLQVDPQDFKHLQHU/|VXQJVXFKHQ©

VFKOXJLFKYRU'DEHLEOLFNWHLFK6KHLODKRIIQXQJVYROODQGLHDXFK Y|OOLJHUOHGLJWZDU ª'XZLOOVWQXU=HLWJHZLQQHQ©VDJWHGHU5HSRUWHU ª1HLQ%LOOLFK© ª+|UDXI-RKQ/JPLFKQLFKWDQ:LHRIWKDEHQZLUGDV JOHLFKHLQDQGHUHQ6LWXDWLRQHQGXUFKH[HU]LHUW9HUGDPPWLFK NHQQHGLH6SLHOUHJHOQQXU]XJHQDX© 6KHLODJLQJDXILKUHQ0DQQ]Xª%LOO©VDJWHVLHª-RKQKDWXQWHU 8PVWlQGHQUHFKW:HQQZLUJHPHLQVDPGDUEHUQDFKGHQNHQ JLEWHVIU-RKQQ\YLHOOHLFKWHLQH&KDQFH© ª'LHW|WHQLKQGRFK© ª:HUJLEWGLUGHQQGLH*HZlKUGDVLH-RKQQ\QLFKWW|WHQ ZHQQ© ª6KHLOD©VFKULH%LOOVHLQH)UDXDQª6KHLODJHKKLQDXV9HUODVVH GHQ5DXP© %LOO&RQROO\NQLUVFKWHK|UEDUPLWGHQ=lKQHQ(U]LWWHUWHQRFK VWlUNHU,FKVXFKWHYHU]ZHLIHOWQDFKHLQHP$XVZHJDXVGLHVHP 'LOHPPD/HLGHUKDWWHLFKDP5FNHQNHLQH$XJHQ,FKZXWH QLFKWZLHXQGZR%LOOVWDQG$EHUHUEUDXFKWHQXUIDOVFK]X ]XFNHQXQGLFKZDUHUOHGLJW 0HLQ*RWW (LQ+LPPHOUHLFKIUHLQHQ(LQIDOO 6KHLODOLHVLFKQLFKWEHLUUHQ6LHJLQJZHLWHU,KU%OLFNIUDVLFK DQ%LOO&RQROO\IHVW ª'HLQH)UDXKDWUHFKW%LOO©VDJWHLFKNUlFK]HQGZlKUHQGLFK 0KHKDWWHGLH$QJVW]XXQWHUGUFNHQª6LHKDWZLUNOLFKUHFKW 'XVROOWHVWDXIVLH© ª+DOWGHLQHQ0XQG-RKQ©NUHLVFKWHHUª9HUGDPPWKDOWGHLQ ZLGHUOLFKHV0DXO©(UVDXJWHSIHLIHQGGLH/XIWHLQª,FKVFKLHH -RKQYHUGDPPWLFKVFKLHH,FKWX V© %LOO&RQROO\NUPPWHGHQ)LQJHUXQGEHYRULFKULFKWLJEHJULII SHLWVFKWHGHU6FKX -RKQQ\&RQROO\]LWWHUWHYRU$QJVW(UZXWHQLFKWZRHUVLFK EHIDQG0DQKDWWHLKQHLQIDFKPLWJHQRPPHQXQGMHW]WVDHUPLW JHNUHX]WHQ%HLQHQDXIHLQHUNUHLVUXQGHQ6WHLQSODWWHGLHLQHLQHU /DQGVFKDIWVWDQGGLHGHU.OHLQHQRFKQLHJHVHKHQKDWWH

(UVDKHLQHQ+LPPHOGHUIDVWVFKZDU]ZDUVLFKDEHULPPHU EHZHJWHZREHLHUHLQJUQHV*ORVHQDXVVWUDKOWHGDVVLFKODQJ VDPYRUWDVWHWHXQGZLHHLQJHZDOWLJHU6FKOHLHUQDFKXQWHQILHO ZREHLHVGHQ.OHLQHQHLQKOOWH -RKQQ\KRFNWHDXIGHU3ODWWHXQGULHEVLFKGLH$XJHQ(UZDUVR PGHXQGZROOWHVFKODIHQDEHUHUYHUPLWHVHLQ%HWW(UYHU]RJ GDV*HVLFKWVHLQHNOHLQHQ+lQGHIXKUHQWDSVLJEHUGLHJODWW SROLHUWH6WHLQSODWWHGLHPLW(LQVFKOVVHQYHUVHKHQZDUXQGHLQ 0XVWHU]HLJWHPLWGHPHUQLFKWVDQIDQJHQNRQQWH(UVDKQXUGD VLFKGLH6WULFKHLQGHU0LWWHGHV6WHLQHVLQHLQHPNOHLQHQ.UHLV WUDIHQLQGHPHLQHVFKUHFNOLFKH)UDW]HJHPDOWZDUGLHGDV *HVLFKWGHV7HXIHOV]HLJWH (LQGUHLHFNLJHV*HVLFKWDQGHQ6HLWHQEUHLWXQGXQWHQVSLW] ]XODXIHQG'HU0XQGZDUJH|IIQHW(LQEUHLWHV*ULQVHQYHU]HUUWH GDV*HVLFKWXQG-RKQQ\VDKDXFKGLHJHIlKUOLFKH=DKQUHLKHGLH GHQ0XQGHQWVWHOOWH 'LH=lKQHZDUHQKDUWVLHZLUNWHQZLHLQGHQ.LHIHUKLQHLQJH VFKODJHQXQGJOl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|W]OLFKZXUGHQVHLQH$XJHQIHXFKW(UPHUNWHLQVWLQNWLYGD GLHVNHLQ6SLHOPHKUZDUGDHUVLFKLUJHQGZREHIDQGZRHU

HLQHUIHLQGOLFKHQ8PZHOWJHJHQEHUVWDQGXQGVLFKQLFKWPHKULP 6FKXW]VHLQHV(OWHUQKDXVHVEHIDQG -RKQQ\ZDUYHU]ZHLIHOW :DVVROOWHHUWXQ" 1RFKHLQPDOXQWHUQDKPHUHLQHQ9HUVXFKNURFKLQGLHHQW JHJHQJHVHW]WH5LFKWXQJXQGZLHGHUZXUGHHUYRQGHU!:DQG DXIJHKDOWHQ(UNDPHLQIDFKQLFKWZHJ -RKQQ\&RQROO\EHZHJWHVLFKZLHGHU]XU0LWWHGHVNUHLVUXQGHQ 6WHLQHVKLQ 'RUWKRFNWHHUVLFKQLHGHUXQGEHJDQQ]XZHLQHQ ,FKK|UWHGHQ6FKXUHFKQHWHPLWGHP(LQVFKODJGHU.XJHOXQG GDPLWGDPHLQ/HEHQVIDGHQYRQHLQHP$XJHQEOLFN]XPDQGH UHQUHLHQZUGH 'DVJHVFKDKQLFKW 'DIUYHUQDKPLFK%LOOV6WLPPHª%LVWGXGHQQZDKQVLQQLJ 6KHLOD"*HKPLUDXVGHP:HJ© ª1HLQ© -HW]WKLHOWPLFKQLFKWVPHKU,FKKDWWHGLHhEHUUDVFKXQJYHUGDXW XQGIHGHUWHDXVGHP6HVVHO (LQH6HNXQGHEUDXFKWHLFKXPGLH6]HQHLQPLFKDXI]X QHKPHQ6KHLODNlPSIWHPLWLKUHP0DQQ6LHERJGHVVHQUHFKWHQ $UPQDFKREHQVRGDGLH0QGXQJGHU:DIIHJHJHQGLH 'HFNH]HLJWH 6KHLODZDUHVDOVRJHZHVHQGLHPLFKLPOHW]WHQ$XJHQEOLFNYRU GHPVLFKHUHQ7RGEHZDKUWKDWWH ,FKIODQNWHEHUGDV9RUGHUWHLOGHV6HVVHOVKLQZHJZXFKWHWH PLFKYRQGHU6HLWHKHUDXIGLHEHLGHQ]X 0HLQH+DQGNDQWHILHOQDFKXQWHQXQGWUDI%LOO&RQROO\VUHFKWH 6FKXOWHU(VZDUHLQKDUWHU6FKODJDEHULFKPXWHLQGLHVHQ $XJHQEOLFNHQVRKDQGHOQ :LHYRQVHOEVW|IIQHWHVLFKGLH)DXVWXQGGLH:DIIHUXWVFKWH%LOO DXVGHQ)LQJHUQ0LWHLQHPGXPSIHQ/DXWODQGHWHVLHDP%RGHQ 6RIRUWNLFNWHLFKVLHZHJ 'DQQQDKPLFKPLU%LOOYRU ª=XU6HLWH6KHLOD© 6LHJHKRUFKWHLQVWLQNWLYLFKVWDQGYRU%LOOXQGVDKVHLQHQ

VWLHUHQ%OLFN0HLQ)UHXQGKDWWHGHQ0XQGKDOEJH|IIQHWVHLQ UHFKWHU$UPKLQJDQVHLQHP.|USHUKHUDEDOVZUGHHUJDUQLFKW PHKUGD]XJHK|UHQ%LOO]LWWHUWH ª.|QQHQZLUXQVMHW]WXQWHUKDOWHQ"©IUDJWHLFK (UVFKWWHOWHGHQ.RSI'DQQJULIIHUDQ2EZRKOHUQXUHLQHQ $UPJHEUDXFKHQNRQQWHULVNLHUWHHUHV(UZROOWHPLFKPLWGHU OLQNHQ)DXVW]X%RGHQGUHVFKHQ ,FKXQWHUOLHIGHQ6FKODJXQGGDQQIROJWHPHLQ.RQWHU(VZDU HLQ+LHEGHULKQGXUFKVFKWWHOWHXQGVHLQHQ.RSILQGHQ1DFNHQ UL%LOOWDXPHOWH]XUFNVHLQH.QLHZXUGHQZHLFKGHU%OLFN VHLQHU$XJHQJODVLJXQGGDQQILHOHU]XVDPPHQDOVKlWWHLKP MHPDQGGLH%HLQHXQWHUGHP.|USHUZHJJHULVVHQ 4XHUEHUGHUJURHQ/HGHUFRXFKEOLHEHUOLHJHQ ,FKULHEPLUPHLQHUHFKWH+DQG'LH.Q|FKHOVFKPHU]WHQVR KDUWKDWWHLFK]XJHVFKODJHQ6RJDUGLH+DXWZDUDQHLQLJHQ6WHOOHQ DEJHVFKUIW2EHQLP6FKXOWHUJHOHQNVSUWHLFKHLQVFKPHU]KDIWHV =LHKHQ$EHULFKOHEWHXQGGDVDOOHLQ]lKOWH2EZRKOLFKGLHV DOOHLQ6KHLOD]XYHUGDQNHQKDWWH%LOOV)UDX ,FKVWHFNWHGLH/XJHUHLQXQGJLQJGDQQDXI6KHLOD]X 6LHVWDQGYRUGHP7LVFKXQGVDKDXVDOVZUGHVLHMHGHQ 0RPHQWXPNLSSHQ,KU*HVLFKWZDUQXUHLQHZlFKVHUQH0DVNH 6LHEHEWHDPJHVDPWHQ.|USHUXQGDXILKUHQ:DQJHQWDQ]WHQ KHNWLVFKHURWH)OHFNHQ %HKXWVDPOHJWHLFKHLQHQ$UPXPLKUH6FKXOWHUQ$OVVLHGLH %HUKUXQJVSUWHVDKVLHPLFKDQXQGHUZDFKWHZLHDXVHLQHP WLHIHQ6FKODIª-RKQ©IOVWHUWHVLH ª'DQNH6KHLOD©VDJWHLFKXQGNRQQWHQLFKWYHUPHLGHQGD PHLQH6WLPPHNUDW]WH ª:DVZDVKDVWGXPLW%LOOJHPDFKW"© ª(UVFKOlIWXQGZLUGEDOGZLHGHUYROOGDVHLQ1XUHLQH%HXOH EOHLEW]XUFN© ª(UHUZROOWHGLFKW|WHQ"© ª-D6KHLOD© ª0HLQ*RWW©6KHLODSUHWHLKUH+lQGHYRUGDV*HVLFKWXQG EHJDQQ]XVFKOXFK]HQª(UZROOWHGLFKXPEULQJHQGLFKVHLQHQ EHVWHQ)UHXQG,FKKDEHJHVHKHQZLHVHLQ)LQJHULFKNRQQWHHV QLFKW]XODVVHQ(UGXUIWHQLFKW]XP0|UGHUZHUGHQ,FKKDEH VHLQHQ$UP]XU6HLWHJHVFKODJHQ-RKQ©

ª,FKZHL©VDJWHLFKOHLVHª8QGLFKP|FKWHGLUGDIUGDQNHQ© %HKXWVDPIKUWHLFK6KHLODDXIGHQ6HVVHO]XLQGHPLFKJH VHVVHQKDWWHXQGGHUEHLQDKH]XHLQHP7RGHVVWXKOIUPLFK JHZRUGHQZlUH :LHHLQH3XSSHEOLHEVLHLP6HVVHOVLW]HQOHJWHLKUH+lQGHLQ GHQ6FKRXQGVWDUUWHLQV/HHUH 6KHLODKDWWHHLQH+|OOHKLQWHUVLFKXQGVLHZUGHQRFKHLQH +|OOHYRUVLFKKDEHQ ,FKZXWHZRGLH*HWUlQNHVWDQGHQXQGVFKHQNWH6KHLODHLQHQ &RJQDFHLQª%LWWHWULQN© 6LHQDKPGDV*ODVLQEHLGH+lQGHXQGOHHUWHHVIDVWDXIHLQHQ =XJ'DEHLKROWHVLHWLHI$WHPGLH)OVVLJNHLWUDQQZLH)HXHU GXUFKLKUH.HKOHDEHUVLHEHOHEWH6KHLODDXFK/DQJVDPNHKUWH )DUEHLQLKU*HVLFKW]XUFN ,FKQDKPGDV*ODVDXVLKUHQ+lQGHQXQGVWHOOWHHVZHJ'DEHL ILHOPHLQ%OLFNDXIGLH:DQG'LFKWEHUHLQHP%LOGVDKLFKGDV (LQVFKXORFK'RUWKDWWHGLHYRQ%LOODEJHIHXHUWH.XJHOGLH 7DSHWH]HUULVVHQXQGHLQHILQJHUWLHIH6FKUDPPHKLQWHUODVVHQ ,FKVFKDXWHQDFK%LOO6HLQH+DOWXQJKDWWHVLFKQRFKQLFKWYHU lQGHUW1DFKZLHYRUODJHUVFKUlJEHUGHU&RXFKGDV*HVLFKW LP/HGHUSROVWHUYHUJUDEHQ ,FKEHUKUWHLKQDQGHU6FKXOWHU %LOOUHJWHVLFKQLFKW,FKKDWWH]LHPOLFKKDUW]XJHVFKODJHQ(V ZDUGXUFKDXVP|JOLFKGDHUQRFKHLQH6WXQGHLQVHLQHU %HZXWORVLJNHLWGDODJ%HLGH+lQGHOHJWHLFKXQWHUVHLQH$FKVHOQ XQGKLHYWHLKQDXIGHQ5FNHQ 6HLQ*HVLFKWZDUEODGLH:DQJHQHLQJHIDOOHQWLHIH5LQJHODJHQ XQWHUGHQJHVFKORVVHQHQ$XJHQ,FKKREVHLQH%HLQHDQXQGOHJWH VLHHEHQIDOOVDXIGLH&RXFK 'DQQJLQJLFKLQGLH.FKHIDQGHLQ7XFKXQGQlWHHVGXUFK 'DPLWNHKUWHLFKLQGHQ:RKQUDXP]XUFN 6KHLODKDWWHLKUHQ3ODW]JHZHFKVHOW6LHNQLHWHMHW]WQHEHQGHU &RXFKXQGEHUKUWHPLWEHLGHQ+lQGHQ%LOOV:DQJHQZlKUHQG VLHDXILKQHLQUHGHWH ª/DPLFKPDO©VDJWHLFKXQGVFKRE6KHLODHLQZHQLJ]XU6HLWH 0LWGHPIHXFKWHQ7XFKPXWHHVNODSSHQ,FKOHJWHHV%LOODXIGLH 6WLUQXQGWlWVFKHOWHJOHLFK]HLWLJVHLQH:DQJHQ6RKRIIWHLFKLKQ DXVGHU%HZXWORVLJNHLW]XKROHQ

=XHUVWKDWWHLFKNHLQHQ(UIROJ%LOOGDFKWHQLFKWGDUDQDXVGHU %HZXWORVLJNHLW]XHUZDFKHQ1XUGLH%HXOHDQVHLQHP.LQQ ZXUGHLPPHUGLFNHU 6FKOLHOLFK|IIQHWHHUGRFKGLH$XJHQ (VJHKWZRKOMHGHPVR:HQQHUDXVGHU%HZXWORVLJNHLW HUZDFKWVFKDXWHUHUVWHLQPDOGXPPDXVGHU:lVFKH%HL%LOOZDU HVQLFKWDQGHUV(UHUNDQQWHXQVJDUQLFKW ª+HDOWHU-XQJHZLUVLQGHV© %LOOVW|KQWH 6KHLODVWLHPLFKDQª:LOOVWGXLKPHWZDVVDJHQ",FKPHLQH GDHUGLFKDOVR© ª.HLQH$QJVW©EHUXKLJWHLFKVLHª,FKPDFKHLKPNHLQH 9RUZUIH(UZLUGVLHVLFKVHOEHUPDFKHQZHQQHU]XVLFKNRPPW XQGGLH(ULQQHUXQJZLHGHUGDLVW© 6KHLODQLFNWH ª$EHUGXNDQQVWHLQHQ:KLVN\KROHQ© 'DVWDWVLHDXFK%LOOV0XQGVWDQGKDOERIIHQ%HKXWVDPIO|WH LFKLKPHLQLJH7URSIHQHLQ$XWRPDWLVFKEHJDQQHU]XVFKOXFNHQ XQGQDFKHLQLJHQ6HNXQGHQKXVWHWHHU ª-RKQYHUGDPPW2KGXKDVW©(UNHXFKWHª'XKDVWHLQHQ 6FKODJZLHHLQ2FKVH© ,FKVHW]WHPLFK]XUFNXQGJULQVWHª'DVVFKLHQPLUDXFKQ|WLJ ]XVHLQPHLQ/LHEHU© ª:LHVR"© ª'HQNPDOQDFK© %LOOKDWWHQRFKHLQHQJODVLJHQ%OLFN:HQQHUVLFK]XKHIWLJ EHZHJWHYHU]RJHUGDV*HVLFKWª8QGZDVKDVWGXPLWPHLQHP $UPJHPDFKW"© ª'HUNRPPWZLHGHULQ2UGQXQJ© ª+RIIHQWOLFK© ,FKJDELKPDXFKGHQ5HVWGHV:KLVN\V%LOOWUDQNLKQGRFK SO|W]OLFKOLHHUGDV*ODVIDOOHQª-RKQQ\©ULHIHUª9HUGDPPWZR LVW-RKQQ\"© 6KHLODXQGLFKEOLFNWHQLKQVWXPPDQ %LOOVW|KQWHDXIª'DQQGDQQKDEWLKUHVQLFKWJHVFKDIIW"© ª1HLQ© ª$EHULFKR*RWW-RKQZDVZDULFKIUHLQ,GLRW:ROOWHLFK GLFKWDWVlFKOLFK"©

,FKQLFNWH %LOOZXUGHQRFKEODVVHU3O|W]OLFKNRQQWHHUPLUQLFKWPHKULQ GLH$XJHQVHKHQ(UEOLFNWH]X%RGHQLFKVDKZLHHUVFKOXFNWH XQG0KHKDWWHVHLQH%HKHUUVFKXQJ]XEHZDKUHQ,KPIHKOWHQ MHW]WHLQIDFKGLH:RUWHXQGLFKKDWWHJURHV9HUVWlQGQLV :LUOLHHQLKQLQ5XKH1DFKHLQHU:HLOHPHLQWHHUª'DGX QRFKGDELVWVDJWPLUGD© ª%HGDQNHGLFKEHL6KHLOD6LHKDWGHLQHQ$UP]XU6HLWHJHVFKOD JHQVRQVWOlJHLFKKLHUZLUNOLFKPLWHLQHP/RFKLP.RSIDXIGHP 7HSSLFK© ª:LHNDQQPDQQXUVRUHDJLHUHQ,FKLFKPXHLQHQY|OOLJHQ %ODFNRXWJHKDEWKDEHQ© ª,UJHQGZLHYHUVWHKHLFKGLFKVRJDU(VJLQJXP-RKQQ\© ª-D© 0HKUVDJWH%LOOQLFKW$EHULQGLHVHPHLQHQ:RUWODJDOOHVZDV HUDQ*HIKOHQDXV]XGUFNHQYHUPRFKWH'HSUHVVLRQ$QJVWXQG DXFK$XIJDEH 6HLQ%OLFNZDUOHHUGLH+lQGH]LWWHUWHQ%LOO&RQROO\ZDUHLQ JHEURFKHQHU0DQQ 8QGGDVNRQQWHQZLUQLFKWEUDXFKHQ'HQQLP*HJHQVDW]]X %LOO&RQROO\KDWWHLFKGHQNOHLQHQ-RKQQ\NHLQHVIDOOVDXIJHJHEHQ ,FKVXFKWHQDFKHLQHU0|JOLFKNHLWZLHZLULKQEHIUHLHQNRQQWHQ 'LH%HGLQJXQJHQZDUHQNODU 'HVWHURJDE-RKQQ\HUVWIUHLZHQQLFKWRWZDU ª+DW'HVWHURLUJHQGHWZDVJHVDJWZLHHUVLFKGLH6DFKHZHLWHU YRUVWHOOW"©IUDJWHLFK %LOOVFKWWHOWHGHQ.RSIª1HLQHUZLOOGLFKQXUWRWVHKHQ,FK QHKPHDQGDHUVLFKGDQQPHOGHW© -DGDVJODXEWHLFKDXFK8QGLFKGDFKWHYHU]ZHLIHOWEHUHLQH /|VXQJQDFKDEHUPLUILHONHLQHHLQ%LOOEUDXFKWHMDQLFKWQXU]X VDJHQGDHUPLFKXPJHEUDFKWKDWWHQHLQHUEUDXFKWH%HZHLVH HLQHQWRWHQ-RKQ6LQFODLU $QGHUHUVHLWVNRQQWHLFKHVQLFKW]XODVVHQGD-RKQQ\ZHLWHUKLQ LQGHQ.ODXHQGHU'lPRQHQEOLHE,FKPXWHHLQH/|VXQJILQGHQ ª,FKGDUIPDODQUXIHQ"© 6KHLODXQG%LOOQLFNWHQ6KHLODKDWWHVLFKQHEHQLKUHQ0DQQ JHVHW]W ,FKZlKOWH6XNRV7HOHIRQQXPPHU6HLQH6WLPPHNODQJQLFKW

JHUDGHIULVFKGRFKDOVHUK|UWHZHULKQVSUHFKHQZROOWHZDUHU VRIRUWYROOGDª:DVLVWJHVFKHKHQ-RKQ"© ª,FKELQEHLGHQ&RQROO\V'HVWHURKDWZLHGHU]XJHVFKODJHQ 'LHVPDOVFKOLPPHUDOV]XYRU©'DQDFKEHULFKWHWHLFKZDVJHVFKH KHQZDU1XUGD%LOOPLFKKDWWHXPEULQJHQZROOHQYHUVFKZLHJ LFK,FKZUGHHVNHLQHPVDJHQGDVZDUHLQH6DFKHGLHQXU 6KHLOD%LOOXQGPLFKHWZDVDQJLQJ 'HU&KLQHVHZXWHDXFKNHLQHQ5DW(UZDUVRJHVFKRFNWGD HUNDXPHLQHQQRUPDOHQ6DW]KHUYRUEUDFKWH(VZlUH]XYLHOYHU ODQJWJHZHVHQYRQLKPGLH/|VXQJ]XHUZDUWHQ ª6ROOLFKYRUEHLNRPPHQ"©IUDJWHHU ª1HLQ,FKZROOWHGLUQXU%HVFKHLGVDJHQGDPLWGXGLFKGDUDXI HLQVWHOOHQNDQQVW© ª:DVKDVWGXYRU"© ª,FKVXFKHQDFKHLQHU/|VXQJXQGZHUGHDXFK6LU-DPHVHLQ VFKDOWHQ,FKUXIHLKQVRIRUWDQ© 'DVWDWLFKDXFK%HL6LU-DPHV3RZHOOKDWWHLFKNHLQH *HZLVVHQVELVVHLKQDXVGHP%HWW]XKROHQ1LFKWHLQ:RUWGHV 9RUZXUIVK|UWHLFK6LU-DPHVZDUVRIRUWJDQ]2KU $XFKHU]HLJWHVLFKJHVFKRFNWDOVHUYRQGHUIXUFKWEDUHQ7DW YHUQDKP1DWUOLFKVLFKHUWHHUPLUMHGH8QWHUVWW]XQJ]XXQG DXFKHUIUDJWHQDFKPHLQHQ3OlQHQ ª7XWPLUOHLG6LUDEHULFKZHLQLFKWZLHLFKUHDJLHUHQVROO© ª'DQQODVVHQ6LHVLFKDXIMHGHQ)DOOHWZDVHLQIDOOHQ,FKELQLQ HLQHU6WXQGHLQPHLQHP%UR]XHUUHLFKHQ© ª'DQNH© ,FKOHJWHDXIXQGGLH5DWORVLJNHLWVWDQGDXIPHLQHP*HVLFKW JHVFKULHEHQ6HOWHQLQPHLQHP/HEHQKDWWHLFKPLFKVRVFKOHFKW JHIKOW8QGDXFKVRKLOIORV:LUNDQQWHQXQVHUH*HJQHUDEHUZLU GXUIWHQQLFKWHLQJUHLIHQZHLOXQVGLH+lQGHJHEXQGHQZDUHQ 9RQ%LOONRQQWHLFKNHLQH/|VXQJGHV3UREOHPVHUZDUWHQ6HLQH *HGDQNHQGUHKWHQVLFKXPHWZDVJDQ]DQGHUHV(U]LWWHUWHXP VHLQHQ-XQJHQZDUQHUYOLFKIHUWLJDP(QGH=XGHPGUFNWHLKQ QRFKGLH%HODVWXQJGDHUPLFKVHLQHQEHVWHQ)UHXQGKDWWH XPEULQJHQZROOHQ ,FKJDELKPGLH/XJHUZLHGHU %LOOVDKPLFKDXVJURHQ$XJHQDQª'XYHUWUDXVWPLU-RKQ"© ª:DUXPQLFKW"©

ª$EHULFKN|QQWHGRFKMHW]WGLH:DIIHQHKPHQXQGGLFKGDPLW HUVFKLHHQ© ,FKQLFNWHª6LFKHUGDVN|QQWHVWGX$EHUZUGHVWGXHVDXFK ZLUNOLFKWXQ"© 'DVHQNWH%LOOGHQ.RSIXQGVFKZLHJ(UEOLFNWHDXIGLH/XJHU JDEVLFKHLQHQ5XFNXQGVWHFNWHGLH3LVWROHZHJª1HLQ-RKQLFK ZUGHHVQLHPHKUWXQ© ,FKOlFKHOWHª'DVZDUPLUNODU© %LOOVWDQGDXIXQGUHLFKWHPLUGLH+DQG:LUVFKDXWHQXQVLQGLH $XJHQ:RUWHZDUHQLQGLHVHP)DOOEHUIOVVLJ,FKYHUVWDQGGHQ 5HSRUWHUDXFKVR 8QVHU+lQGHGUXFNZDUNUlIWLJ(UEHVLHJHOWHHLQH)UHXQGVFKDIW :LUZXWHQGDZLUXQVZLHGHUDXIHLQDQGHUYHUODVVHQNRQQWHQ 6KHLODHUVFKLHQ%HLGHVDKHQZLUGDV/lFKHOQDXILKUHP*HVLFKW 'DVHUVWHQDFKDOOGHQVFKUHFNOLFKHQ0LQXWHQGHU4XDO (LQSDDU0LQXWHQYHUVWULFKHQLQGHQHQMHGHUVHLQHQ*HGDQNHQ QDFKKLQJ $XFKLFK]HUPDUWHUWHPLUGHQ.RSIGRFKHVZROOWHPLUHLQIDFK NHLQH/|VXQJGHV3UREOHPVHLQIDOOHQ 'DQQZDUHV6KHLOD&RQROO\GLH%LOOXQGPLFKDXVXQVHUHQ *HGDQNHQUL ª,FKJODXEH-RKQLFKKDEHGLH/|VXQJ©VDJWHVLHVFKOLFKW %HLGHIXKUHQZLUKHUXPXQGVFKDXWHQ6KHLODDQ=XHUVWZDUHQ ZLUVSUDFKORVELV%LOOVDJWHª'XGXKDVWZDV"© ª(LQHQ/|VXQJVYHUVXFK© ª5DXVGDPLW6KHLOD%LWWH© ª1LFKWVRKDVWLJ©ZHKUWHGLHEORQGKDDULJH)UDXDEª(VLVWQXU HLQH%OLW]LGHHJHZHVHQ© ª%HVVHUDOVQLFKWV©VDJWHLFKVFKQHOO 6KHLODVDKPLFKDQ6LHZDULQGLHVHQ$XJHQEOLFNHQZLUNOLFK EHUVLFKVHOEVWKLQDXVJHZDFKVHQª'LH+DXSWUROOHLQPHLQHP /|VXQJVYRUVFKODJVSLHOVWGX-RKQ'HVWHURZLOOGHLQH/HLFKH VHKHQGDVNDQQHUDXFK:LUSUlVHQWLHUHQLKPGHLQH/HLFKH© ª$OVRGRFKW|WHQ"© ª1HLQ-RKQVRPHLQHLFKGDVQLFKW(UEHNRPPWHLQH/HLFKH SUlVHQWLHUWDEHUGXELVWHVQLFKW©

ª0RPHQWPDO©VDJWHLFKª/DPLFKQDFKGHQNHQ© 8QG%LOOPHLQWHª'DVJHKWQLFKW© ,FKZDQGHUWHLP5DXPDXIXQGDEª,FKZHLJHQDXZRUDXI GHLQH)UDXKLQDXVZLOO%LOO6LHP|FKWH'HVWHURWlXVFKHQ6LHZLOO LKPHLQH/HLFKHSUlVHQWLHUHQGLH]ZDUVRDXVVLHKWZLHLFKHVDEHU QLFKWLVW2GHU"© ª*HQDX-RKQ© ª(LQ%OXII©NHXFKWH%LOO 6KHLODXQGLFKQLFNWHQ ª2E'HVWHURGDUDXIUHLQIlOOW"©IUDJWHGHU5HSRUWHUVNHSWLVFK ª:HLWGXHLQHEHVVHUH/|VXQJ"© %LOOVFKWWHOWHGHQ.RSIª1HLQ6KHLODGLHZHLLFKDXFKQLFKW (VWXWPLUOHLG© ,FKGDFKWHVFKRQZHLWHUXQGPXUPHOWHª:LUN|QQWHQHLQH :DFKVILJXUQHKPHQ6LHYRQXQVHUHQ0DVNHQELOGQHUQVR]XUHFKW PDFKHQODVVHQGDGLHVHU7RWHZLHHLQHFKWHUZLUNW© ª8QGZLUZHUGHQ-RKQ6LQFODLUEHJUDEHQ©VDJWH6KHLOD ª:LH"©%LOOVFKDXWHVHLQH)UDXHUVWDXQWDQ ª:LUIKUHQHLQ%HJUlEQLVGXUFK:LUPDFKHQGHQ%OXIIHQW ZHGHUJDQ]RGHUJDUQLFKW© ª'D]XZLUGHVEHVWLPPWQLFKWNRPPHQ'HVWHURGXUFKVFKDXW GDV6SLHOVRIRUW© ª'DVPWHPDQDEZDUWHQ©KLHOWLFKHQWJHJHQ ª8QG-RKQQ\"©IUDJWH%LOOª,VWHXFKHLJHQWOLFKNODULQZHOFK HLQH*HIDKUZLUGHQ.OHLQHQEULQJHQ"© ,FKVFKWWHOWHGHQ.RSIª1HLQ%LOO-RKQQ\VWHFNWEHUHLWVLQ HLQHUXQJHKHXUHQ*HIDKU(VNDQQPHLQHV(UDFKWHQVQLFKWVFKOLP PHUIULKQZHUGHQ:LFKWLJLVWGD'HVWHURGHQ%OXIIVFKOXFNW XQGGXGHLQHQ6RKQ]XUFNHUKlOWVW© ª0LULVWQLFKWZRKOEHLGHU6DFKH©VW|KQWHGHU5HSRUWHU ,FKZDUDXIGHP:HJ]XP7HOHIRQXQGEOLHEMHW]WVWHKHQª1RFK NDQQVWGXHVGLUEHUOHJHQ%LOO:LUN|QQHQGHQ3ODQDXFKDE EODVHQGDQQ© ª1HLQ-RKQ,FKVWLPPH]X© ,FKQLFNWHXQGZlKOWHGLH1XPPHUPHLQHV&KHIV(VZDUQRFK NHLQH6WXQGHYHUJDQJHQXQGLFKHUZLVFKWH6LU-DPHV3RZHOO]X +DXVH ª+DEHQ6LHLQ]ZLVFKHQHLQHQ3ODQ"©IUDJWHHUVRIRUW

,FKEHMDKWHXQGEHULFKWHWH'DQDFKZDUHVHUVWHLQPDOVWLOO0DQ NRQQWHGLH*HGDQNHQGHV6XSHULQWHQGHQWHQI|UPOLFKK|UHQVR VHKUDUEHLWHWHHVLQVHLQHQ*HKLUQZLQGXQJHQ ª8QG6LHKDEHQHVVLFKJHQDXEHUOHJW"©HUNXQGLJWHHUVLFK]XP 6FKOX ª:DVKHLWEHUOHJW6LU6HOEVWYHUVWlQGOLFKKDEHQZLUXQV *HGDQNHQJHPDFKWDEHU6LHZLVVHQVHOEVWZLHVFKZHUHVLVWHLQH /|VXQJ]XILQGHQ8QVHU(LQIDOOVFKLHQPLUGHUEHVWH]XVHLQ:LU KDEHQQLFKWYLHO=HLWGLH0DQDKPHQHUVWYRQHLQHP&RPSXWHU DXI(UIROJVDXVVLFKWHQGXUFKUHFKQHQ]XODVVHQ:LUPVVHQ KDQGHOQ6LU© ª'DVVHKHLFKHLQ9HUDQODVVHQ6LHDOOHVZDVQ|WLJLVW-RKQ:LH JHVDJWEHLPLUKDEHQ6LH5FNHQGHFNXQJ,FKEHWHGDUXPGD ZLUGHQ.OHLQHQUHWWHQN|QQHQ© ª,FKDXFK6LULFKDXFK© 'HUJURH/HLFKHQZDJHQUROOWHVDQIWEHUGLH6WUDHQ,QGHQ 0RUJHQVWXQGHQZDUHVQRFKNlOWHUJHZRUGHQGLH7HPSHUDWXU VDQNVRWLHIGDIDVWGHU$WHPYRUGHQ/LSSHQ]X(LVJHIURU 'LH6WUDHQZDUHQVSLHJHOJODWWH)OlFKHQXQGGHU)DKUHUEH ZHJWHGHQVFKZHUHQVFKZDU]HQ:DJHQVRYRUVLFKWLJDOVEHVWQGH VHLQH/DGXQJDXV1LWURJO\]HULQ 0LW]ZHL/HXWHQZDUGDV)DKUHUKDXVEHVHW]W%HLGHNDQQWHQVLFK LQGHU*HJHQGQLFKWVRJXWDXV'HU%HLIDKUHUPXWHHUVWHLQSDDU PDOGHQ6WDGWSODQ]XU+LOIHQHKPHQXPVLFK]XUHFKW]XILQGHQ ª1lFKVWHOLQNVGDQQZLHGHUUHFKWV©VDJWHHU ª8QGGDQQ"© ª6LQGZLUGD© ª2ND\-LPGXELVWGHU%HVVHUH© 'LHEHLGHQ0lQQHUZDUHQ6FRWODQG
'RFKHWZDVZDUDQGHUVDOVEHLHLQHUQRUPDOHQ)XKUH'HU6DUJ ZDUEHVHW]W(LQ0DQQODJGDULQHLQ/HEHQGHU 'DGHU'HFNHOQLFKWJDQ]]XJHIDOOHQZDUXQGVSDOWEUHLWRIIHQ VWDQGEHNDPGHU0DQQLQVHLQHUPDNDEUHQ/LHJHVWDWWJHQJHQG /XIW7URW]GHPIOXFKWHHUGDV%ODXHYRP+LPPHOKHUXQWHU 6FKOLHOLFKKDWWHPDQLKQPLWWHQLQGHU1DFKWDXVGHP%HWW JHKROWLQHLQHQ6DUJJHVWHFNWXQGGD]XQRFKHLQH:DFKVSXSSHLQ GLH7RWHQNLVWHJHOHJWGLHDXILKPODJXQGODQJVDPOlVWLJZXUGH $XFK5RQ*DUUHWGHU0DVNHQELOGQHUZXWHQLFKWZDVORVZDU (UZDUQXU]XVWUHQJVWHP6WLOOVFKZHLJHQYHUSIOLFKWHWZRUGHQXQG IHUWLJ5RQKRIIWHQXUGDGLH)DKUWEDOGHLQ(QGHKDWWH ,QGHU7DWKDWWHQGLHEHLGHQ0lQQHULKU=LHOHUUHLFKW6LHVWRSS WHQYRUGHPHLVHUQHQ7RUKLQWHUGHPGHULQ6FKODQJHQOLQLHQ]XP +DXVIKUHQGH:HJEHJDQQ 'HU%HLIDKUHUVWLHJDXVDFKWHWHQLFKWPHKUDXIGDV*ODWWHLVXQG ZlUHIDVWJHIDOOHQ,POHW]WHQ$XJHQEOLFNIDQGHUDP'DFKGHV /HLFKHQZDJHQV+DOW 6HLQ)OXFKVWDPPWHDXVGHUWLHIVWHQ6HHPDQQVNLVWH$OVHU VFKHOOWHHUW|QWHDXJHQEOLFNOLFKGLH6WLPPHDXVGHU6SUHFKDQODJH ª:HULVWGD"© ª'HU/HLFKHQZDJHQ© ª0RPHQWLFK|IIQH© 7DWVlFKOLFKVFKZDQJGDV7RU]XUFN'HUZHLWHUH:HJZDU JHVWUHXWZRUGHQVRGDGHU:DJHQDXFKGLHNOHLQHQ6WHLJXQJHQ QHKPHQNRQQWHZRHUVRQVWVLFKHUOLFKDEJHUXWVFKWRGHUPLW GXUFKGUHKHQGHQ5HLIHQVWHKHQJHEOLHEHQZlUH 5RQ*DUUHWZXUGHLQVHLQHP6DUJQRFKHLQSDDUPDOKLQXQGKHU JHVFKDXNHOW6FKOLHOLFKVWRSSWHGHU:DJHQXQGGLHKLQWHUH .ODSSHZXUGHJH|IIQHW ª%DOGNRPPVWGXUDXV5RQQ\© ª+DOWHQ6LHGHQ0XQG©VDJWHGDHLQHDQGHUH6WLPPHVFKDUI 'DVZDU%LOO&RQROO\,KQKDWWHHVQLFKWPHKULP+DXVJHKDOWHQ (UZROOWH]XVHKHQZLHGLHEHLGHQ0lQQHUGHQ6DUJLQGHQ %XQJDORZWUXJHQ ª:LHVR0LVWHU"© ª'DVKLHULVWNHLQ6SDYHUGDPPW©]LVFKWH%LOOª$XFKZHQQHV ,KQHQVRYRUNRPPHQPDJ© ª6FKRQJXW5HJHQ6LHVLFKDE©VDJWH-LP

*HPHLQVDPPLWVHLQHP.ROOHJHQKLHYWHQVLHGHQVFKZHUHQ6DUJ YRQGHU)OlFKH%LOO&RQROO\ZLHVLKQHQGHQ:HJLQV+DXVZR 6KHLODXQGLFKEHUHLWVDXIGLH0lQQHUZDUWHWHQ ,Q%LOOV$UEHLWV]LPPHUVWHOOWHQVLHGHQ6DUJDE 6RIRUWZXUGHGHU'HFNHOLQGLH+|KHJHGUFNW0LWKRFKURWHP *HVLFKWHUVFKLHQ5RQ*DUUHWGHU0DVNHQELOGQHU6HLQ7RXSHWZDU YHUUXWVFKWGLHEODQNH.RSIKDXWOHXFKWHWH8QWHUDQGHUHQ 8PVWlQGHQKlWWHQZLUJHODFKWKHXWHMHGRFKQLFKW *DUUHW]RJVLFKVHLQ7RXSHW]XUHFKW'DEHLILHOVHLQ%OLFNDXI PLFKª'DVLVWGRFKEHVWLPPWGHLQH,GHHJHZHVHQ-RKQ"© ª)DVW© :LUNDQQWHQXQVVFKRQODQJH5RQJHK|UWHSUDNWLVFK]XP ,QYHQWDUGHV+DXVHV 'LHEHLGHQ/HLFKHQWUlJHUNDQQWHLFKDXFK,FKQDKPVLHPLU QRFKHLQPDOYRU ª:DV6LHKLHUJHWDQKDEHQYHUJHVVHQ6LHVRIRUWZLHGHU©HU NOlUWHLFKLKQHQHLQGULQJOLFKª%HKDQGHOQ6LHGDVVRZLHHLQ 6WDDWVJHKHLPQLV© 'LH.ROOHJHQZROOWHQHUVWJULQVHQGRFKDOVVLHPHLQHUQVWHV *HVLFKWVDKHQYHUJLQJLKQHQGLH5HDNWLRQ6LHQLFNWHQV\QFKURQ ª6ROOHQZLUZDUWHQ"© ª1HLQ6LHN|QQHQIDKUHQ© ª2ND\2EHULQVSHNWRU© 'LH/HLFKHQWUlJHUYHUVFKZDQGHQZLHGHUXQGLFKZDQGWHPLFK 5RQ*DUUHW]X 'HU0DVNHQELOGQHUKDWWHVLFKZLHGHUJHIDQJHQ(UZDUHLQHUGHU GQQVWHQ0HQVFKHQGLHLFKNDQQWH(UJHK|UWH]XGHQ/HXWHQGLH VLFKKLQWHUHLQHP/DWHUQHQSIDKODXV]LHKHQNRQQWHQ(UWUXJHLQHQ 3XOORYHUHLQHHQJH&RUGKRVHXQGUDXFKWH.HWWH$XFKMHW]W TXDOPWHHLQH=LJDUHWWH]ZLVFKHQVHLQHQODQJHQQLNRWLQJHOEHQ )LQJHUQ1LFKWVGHVWRWURW]ZDUHUDXIVHLQHP*HELHWHLQDEVROXWHU .|QQHU'HUEUDFKWHHVIHUWLJXQGPDFKWHDXVHLQHU2PDHLQ MXQJHV0lGFKHQ ,FKKDWWHPLFKXPJH]RJHQXQGWUXJ6DFKHQYRQ%LOOGLHPLU OHLGOLFKSDWHQ ª:HQQLFKPLUGLH6DFKHVRDQVHKHGDQQVROOLFKVLFKHUOLFK DXVGHU:DFKVSXSSHHLQHQJHZLVVHQ-RKQ6LQFODLUPDFKHQ RGHUQLFKW"©

ª-DGXELVW.ODVVH5RQQ\© 5RQQ\VWULFKEHUVHLQ7RXSHW/REK|UWHHUJHUQª1XQMD© VDJWHHUXQGVFKQLSSWH$VFKHDXIGHQ6DUJGHFNHOª'DQQZROOHQ ZLUXQVPDODQGLH$UEHLWPDFKHQ© 6HLQH8WHQVLOLHQKDWWHHUPLWJHEUDFKW6LHODJHQHEHQIDOOVLP 6DUJLQQHUQ *DUUHWSDFNWHVHLQHQ.DVWHQDXVXQGZLHVPLFKDQLQHLQHP 6HVVHO3ODW]]XQHKPHQ'DQQYHU]RJHUGDV*HVLFKW ª:DVLVW"©IUDJWHLFK ª'LHEHLGHQVW|UHQPLFK,FKELQVFKOLHOLFKHLQVHQVLEOHU .QVWOHU©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ª(VJLQJQLFKWDQGHUV©VDJWHLFK ª,KUQHKPWDEHUDXFKEHUKDXSWNHLQH5FNVLFKWDXIHLQHQVHQ VLEOHQ0HQVFKHQ© ª(VVLQGEHVRQGHUH8PVWlQGHHLQJHWUHWHQ'DV/HEHQHLQHV .LQGHVKlQJWYRQGHLQHU$UEHLWDE©

5RQ*DUUHWXQWHUEUDFKVHLQH7lWLJNHLWª:LUNOLFK"©KDNWHHU QDFKª2GHUVDJVWGXGDVQXUVR"© ª1HLQ5RQQ\© ª'DQQZLOOLFKPLFKQLFKWEHVFKZHUHQ©VDJWHHU (UKDWWHXQJHKHXHUJHVFKLFNWH+lQGH8QGHUVFKDIIWHHVWDW VlFKOLFKDXVGHU:DFKVSXSSHHLQ(EHQELOGYRQPLU]XPDFKHQ (UKlWWHZLUNOLFKDOVIUHLHU.QVWOHUPHKU*HOGYHUGLHQHQN|QQHQ DOVEHLXQVDEHUHUJLQJYRP
,FKQDKPHLQ.LVVHQKLHOWHVYRUGHQ/DXIGDPLWGHU6FKDOO JHGlPSIWZXUGH]LHOWHXQGIHXHUWH 'DV*HVFKRKLHEGXUFKGDV.LVVHQXQGNODWVFKWHJHJHQGHQ :DFKVVFKlGHOZRHUHLQHILQJHUWLHIH!:XQGHKLQWHUOLH6LHEH IDQGVLFKGLUHNWKLQWHUGHPOLQNHQ2KU :lKUHQG*DUUHWMDPPHUWHVDJWHLFKQXUª*LEPLUHLQZHQLJ %OXW5RQQ\© 6RHWZDVIKUWHHUDXFKPLWVLFKª$EHUODHVPLFKPDFKHQ© IOVWHUWHHUPLWHUVWLFNWNOLQJHQGHU6WLPPH (UWUlXIHOWHHLQZHQLJYRQGHU)OVVLJNHLWLQGLH:XQGHGLH GHPQRUPDOHQ0HQVFKHQEOXWWlXVFKHQGlKQOLFKVDK(LQHQ 8QWHUVFKLHGNRQQWHPDQZLUNOLFKQLFKWIHVWVWHOOHQ (LQIHLQHU)DGHQUDQQQRFKDQGHP:DFKVVFKlGHOHQWODQJXQG ILQJVLFKDP%HJLQQGHV+DOVHVLQHLQHPGLFNHQ7URSIHQ 'HUQDFKJHPDFKWH-RKQ6LQFODLUVDKZLUNOLFKPDNDEHUDXV'HU 0HLQXQJZDUHQDXFK6KHLODXQG%LOO +RIIHQWOLFKZUGH'HVWHURGHQ%OXIIDXFKVFKOXFNHQ ,FK]LWWHUWHLQQHUOLFKXQGHVZDUVFKZHUPHLQH1HUYHQXQWHU .RQWUROOH]XEHNRPPHQ ª:DVJHVFKLHKWMHW]WPLWLKP"©ZROOWHGHU0DVNHQELOGQHUZLVVHQ ª:LUOHJHQLKQLQGHQ6DUJ© ª$XFKGDVQRFK©7KHDWUDOLVFKUDQJHUGLH+lQGHXQGGUHKWH VLFKHLQPDOLP.UHLV 'LH7RWHQNLVWHVFKOHSSWHQ%LOOXQGLFKKHUEHL'HU6DUJZDU ZLUNOLFKVFKZHUXQGZLUKDWWHQ]XVFKOHSSHQ6FKOLHOLFKVWDQG HULP$UEHLWV]LPPHU ª,FKZUGHMDDXFKQRFK.HU]HQDXIVWHOOHQ©VFKOXJ5RQ *DUUHWYRU ª'DUDXIYHU]LFKWHQZLU©HUZLGHUWHLFK ,FKIDWHGLH3XSSHDQGHQ6FKXOWHUQXQG%LOOSDFNWHVLHDQGHQ )HQDQ'DQQOHJWHQZLUªPLFK©LQGHQ6DUJ 6KHLODNRQQWHGHQVRWlXVFKHQGHFKWHQ$QEOLFNQLFKWHUWUDJHQ XQGZDQGWHVLFKDE ,FKEOLHEDP)XHQGHVWHKHQXQGVFKDXWHPLFKDQ (VZDUVFKRQNRPLVFKXQGGDVPDNDEUH*HIKOGXUFKVWU|PWH DXFKPLFK(ULQQHUXQJHQZXUGHQZDFK0DQKDWWHPLFKPDO OHEHQGLJEHJUDEHQ6RNDPHVPLUMHW]WYRU ª%HJHLVWHUWVLHKVWGXQLFKWDXV©PHLQWH%LOO

,FKKREGLH6FKXOWHUQª:HULVWGDVVFKRQEHLP$QEOLFNVHLQHU HLJHQHQ/HLFKH© ª'DKDVWGXUHFKW© ª'DQQZlUHPHLQH$UEHLWMDZRKOJHWDQ©PHLQWH5RQ*DUUHW ª8QGLFKNDQQJHKHQ© ª1RFKQLFKWPHLQ/LHEHU©VDJWHLFK ª:LHVR"© ª'XPXWQRFKHLQLJH6WXQGHQKLHUEOHLEHQ:LUZHUGHQGLFK LUJHQGZDQQKHLPOLFKDXVGHP+DXVVFKDIIHQ'DVLVWDOOHVPLW6LU -DPHV3RZHOODEJHVSURFKHQZRUGHQ© ª$OVR©(UKROWHWLHI/XIWXQG|IIQHWHGHQ0XQG ª5HJGLFKDE0UV&RQROO\ZLUGGLUVLFKHUOLFKHLQJXWHV )UKVWFNEHUHLWHQ©,FKNQLII6KHLODHLQ$XJH]X ª1DWUOLFK0U*DUUHWNRPPHQ6LH© 'LHEHLGHQYHUVFKZDQGHQLQGHU.FKH ª'HULVWDEHUDXFKQLFKWJDQ]HFKW©PHLQWH%LOO ,FKJULQVWHª1HHDEHUNRFKHQNDQQHUJXW(UZLUGVLFKPLW 6KHLODDXVJH]HLFKQHWYHUVWHKHQXQGVLHEHVWLPPWHLQZHQLJYRQ LKUHQ6RUJHQDEOHQNHQ© ª'DVKRIIHLFK8QGGX-RKQ"© ,FKQDKPGLH%HUHWWDDEXQGDXFKGDV.UHX](UVWGDQQJDE LFKHLQH$QWZRUWª,FKYHUVWHFNHPLFKEHLGLULP+DXV'DPLWHV HFKWHUDXVVLHKWKDEHLFK.UHX]XQG%HUHWWDDEJHOHJW© %LOOQLFNWHª:LUKDEHQXQWHUGHU.HOOHUWUHSSHHLQ9HUOLHV'DPLW PWHVWGXGLFK]XIULHGHQJHEHQ© ,FKZDUHLQYHUVWDQGHQXQGGHU5HSRUWHUIKUWHPLFKKLQ(U VFKORHLQHNOHLQH+RO]WUDXI,FKOHXFKWHWHPLWGHU%OHLVWLIWODPSH LQGDV9HUVWHFN (VZDUZLUNOLFKZLQ]LJDEHUHVUHLFKWHDXV$QVSUFKHNRQQWH LFKQLFKWVWHOOHQ :LUUHLFKWHQXQVQRFKHLQPDOGLH+lQGH %LOOPHLQWHª8QGGLH6DFKHLVWYHUJHVVHQ"© ª-D%LOO:LUUHGHQQLFKWPHKUGDUEHU© 'HU5HSRUWHUZXWHGDLFKPHLQ:RUWQRFKQLHJHEURFKHQ KDWWH

-RKQQ\&RQROO\KRFNWHQRFKLPPHUDXIGHUUXQGHQ3ODWWH(U KDWWHPHKUHUH0DOHYHUVXFKWYRQGLHVHPGlPRQLVFKHQ$OWDU KHUXQWHU]XVWHLJHQHVZDULKPQLHJHOXQJHQ ,PPHUZLHGHUZDUHUYRQGHUXQVLFKWEDUHQ%DUULHUHDXIJHKDOWHQ ZRUGHQ 'LH/XIWXPLKQKHUXPEOLHEQLFKWUXKLJ6LHZDOOWHDXIXQG QLHGHUGDEHLZXUGHVLH]XHLQHP]lKIOVVLJHQ1HEHODXVGHP VLFKODQJVDP*HVWDOWHQVFKlOWHQ 6FKUHFNOLFKH*HVFK|SIHGLHDQ*UDXVDPNHLWXQG$EQRUPLWlW QLFKW]XEHUELHWHQZDUHQ -RKQQ\VDKVFKODQJHQN|SILJH0RQVWUHQVFKOHLPLJH*KRXOV 9DPSLUHPLWPHKUHUHQ.|SIHQ:HUZ|OIH6NHOHWWH*HULSSHXQG ULHVLJH:UPHUGLH0HQVFKHQDUPHKDWWHQ (UVDKVLHXQGHUEHPHUNWHZLHVLHQDFKLKPJULIIHQGRFKDXFK IUVLHJDEHVGLHXQVLFKWEDUH:DQG -HGHU$QJULIISUDOOWHDE -RKQQ\&RQROO\VFKLHQDXIHLQHU,QVHOLQPLWWHQGHV'lPRQHQ UHLFKHV]XVLW]HQ 'DGLH0RQVWHULQLKUHUJHEDOOWHQ.UDIWXQG0DVVHDXIWUDWHQ YHUORUHQVLHDOOPlKOLFKGHQ6FKUHFNHQ-RKQQ\QDKPVLH]ZDU ZDKUDEHUHUEOLFNWHKLQGXUFK 6HLQH*HGDQNHQGUHKWHQVLFKXPHWZDVY|OOLJDQGHUHV (UGDFKWHDQVHLQH(OWHUQDQGDV6SLHO]HXJGDVVFK|QH+DXV XQGHUIOFKWHWHLQVHLQH7UlXPH0DQFKPDOVSUDFKHUDXFKGLH 1DPHQVHLQHU(OWHUQDXVGDQQULHIHUQDFKGHP9DWHUXQGGHU 0XWWHUGRFKHLQH$QWZRUWHUKLHOWHUQLFKW 8QGGDVVWLPPWHLKQVRWUDXULJ (UKRFNWHDXIGHUUXQGHQ3ODWWHZDUWHWHXQGKRIIWHGDUDXIGD EDOGVHLQ'DGG\RGHUVHLQH0XPP\HUVFKLHQXPLKQ]XUFN ]XKROHQ 'RFKGLHZDUHQZHLWZHJ 9LHO]XZHLW )UXQVDOOHEHJDQQQXQGDVJURH:DUWHQ:lKUHQG6KHLODLQGHU .FKHHLQHUVWHV)UKVWFNYRUEHUHLWHWHXQGGDEHLPLWGHP 0DVNHQELOGQHUEHUGLH9RU]JHGHV(VVHQVVSUDFKZREHLVLH YRQLKUHQHLJHQWOLFKHQ6RUJHQDEJHOHQNWZXUGHKRFNWHLKU0DQQ

%LOOLQGHPJURHQ:RKQUDXPXQGZDUWHWHDXI'HVWHUR 'UDXHQZXUGHHVODQJVDPKHOO)DVWVFKFKWHUQNURFKGDVHUVWH *UDXLP2VWHQEHUGHQ+RUL]RQWXQGYHUWULHEGLHODQJHQ 6FKDWWHQGHU1DFKW%LOOKDWWHVLFKHLQHQVWDUNHQ0RNNDNRFKHQ ODVVHQGLH7DVVHQHEHQVLFKDXIGHQ7LVFKJHVWHOOWXQGEOLFNWHDXV GHP)HQVWHULQGHQ*DUWHQZRHVKHOOHUZXUGH 'LH%lXPHXQG6WUlXFKHUZDUHQPLWHLQHUGLFNHQ(LVNUXVWH EHU]RJHQ6LHVDKHQDXVDOVKlWWHPDQVLHPLWHLQHU6FKLFKWDXV 3XGHU]XFNHUEHVWlXEW %LOOIKOWHWURW]GHV.DIIHHVGLH0GLJNHLWXQGGDQQNRQQWHHU GLH$XJHQQLFKWPHKUDXIKDOWHQ 'HU5HSRUWHUVFKOLHIHLQ (UVFKUHFNWHDXIDOV6KHLODLKQDQVWLHXQGLKPGDV)UKVWFN EUDFKWH(LHU.DIIHH2UDQJHQVDIW6FKLQNHQ%XWWHUXQG7RDVW ª,FKKDEHNHLQHQ+XQJHU©VDJWH%LOO ª'XPXWHWZDVHVVHQ© ª:RLVWGHU0DVNHQELOGQHU"© 6KHLODVWHOOWHGDV7DEOHWWDEª,FKKDEHLKQLQHLQHVGHU *lVWH]LPPHUJHVFKLFNWGRUWLVWHUDPEHVWHQDXIJHKREHQ©HU ZLGHUWHVLHª(UKDWVLFKKLQJHOHJW© %LOOQLFNWHª'DVLVWJXW'HVWHUREUDXFKWLKQQLFKW]XVHKHQ ZHQQHUNRPPW© ª*ODXEVWGXGHQQGDUDQ"© ª6LFKHU© ª,FKQLFKW© %LOOVWDQGDXIXQGQDKPVHLQH)UDXLQGLH$UPHª'XPXWGHQ 0XWQLFKWVLQNHQODVVHQ:LUVFKDIIHQHV6KHLOD:LUNRPPHQKLHU UDXVGDVYHUVSUHFKHLFKGLU© ª,FKZHLQLFKWVRUHFKW©IOVWHUWHGLHEORQGKDDULJH)UDXXQG SUHWHVLFKHQJHUDQLKUHQ0DQQ6KHLODKDWWHVLFKXPJH]RJHQ XQGWUXJHLQHQGLFNHQ3XOORYHUXQGHLQH&RUGKRVH%HLGHVIDUE OLFKDXIHLQDQGHUDEJHVWLPPW6LHO|VWHVLFKDXV%LOOV*ULIIXQG GHXWHWHDXIGDV7DEOHWWª'XPXWZDVHVVHQ%LOO© ª,FKZHUGHHVYHUVXFKHQ© :lKUHQG%LOOGHQ2UDQJHQVDIWWUDQNVFKRE6KHLODGDVJURH )HQVWHUDXI)ULVFKH/XIWVWU|PWHLQGHQ5DXPXQGYHUWULHEGLH GLFNHQ5DXFKVFKZDGHQ $XFK%LOODWPHWHWLHIGLHIULVFKH/XIWHLQ(UVWDQGVRJDUDXIXQG

VFKDXWHDXIGLHJURH7HUUDVVH(LQHJOLW]HUQGH(LVVFKLFKWODJDXI GHQ)OLHVHQ ª(VZLUG=HLWGDHVZlUPHUZLUG©PXUPHOWH6KHLODª6ROOWH DOOHVJXWDXVJHKHQZHUGHLFKGHQ)UKOLQJGRSSHOWJHQLHHQ $EHUZDKUVFKHLQOLFKKDEHQZLU© ª6SULFKMHW]WQLFKWZHLWHU© ª'XVHW]WYLHO+RIIQXQJLQGHQ%OXIIRGHU"© ª$OOHV'DUOLQJ© ª'DQQZQVFKHLFKXQVQXUGDDOOHVNODSSW0DQFKPDOKDEH LFKHLQHIXUFKWEDUH$QJVW© ª'HVWHURPXVLFKPHOGHQ© ª-DVLFKHU©6KHLODJLQJZLHGHUXQGEHJDQQHEHQIDOOV]XHVVHQ 'LHEHLGHQ0HQVFKHQVDKHQEHUQlFKWLJWDXV%LOOKDWWHVLFKQLFKW UDVLHUWGLH(UVFK|SIXQJZDULQVHLQHP*HVLFKW]XOHVHQ'XQNOH %DUWVFKDWWHQEHGHFNWHQVHLQH:DQJHQGLH5LQJHXQWHUGHQ$XJHQ KDWWHQVLFKQRFKWLHIHULQGLH+DXWJHJUDEHQ (UDXQGWUDQNDEHUHUKDWWHNHLQHQ*HQX(UWDWDOOHVDXWR PDWLVFK,PPHUZLHGHUEOLFNWHHU]XP)HQVWHU%LOOQDKPDQGD 'HVWHURGXUFKGHQ*DUWHQNRPPHQZUGH $OOHVEOLHEUXKLJ1XUGHU7DJVFKULWWLPPHUZHLWHUIRUW(UKDWWH QLFKWQXU+HOOLJNHLWPLWJHEUDFKWVRQGHUQDXFKOHLFKWHQ1HEHO GHUGXUFKGHQ*DUWHQNURFKXQGZLHHLQ*HVSHQVWGLH%VFKHXQG %lXPHXPNODPPHUWH 6KHLODKDWWHVLFKHWZDVIULVFKJHPDFKWXQGDXIGLHEODVVHQ :DQJHQHLQZHQLJ5RXJHJHOHJW ª:LOOVWGXQLFKWGXVFKHQ"©IUDJWHVLH%LOO 'HUVFKWWHOWHGHQ.RSIª,FKNDQQHVQLFKWULVNLHUHQ 6FKOLHOLFKHUVFKHLQW'HVWHURZHQQLFKXQWHUGHU%UDXVHVWHKH© ª0|JOLFK© %LOOVFKREGHQ7HOOHU]XU6HLWHXQGJULIIZLHGHU]XU=LJDUHWWH(V ZDUVHOWVDPVWLOOLP+DXV(VIHKOWHGDVKHOOH.LQGHUODFKHQGDV 5XIHQQDFK'DGG\XQG0XPP\XQGGDVNOHLQH&KDRVGDV -RKQQ\LPPHUYHUDQVWDOWHWHZHQQHUPLWVHLQHQ3UREOHPHQQLFKW ZHLWHUZXWH 6KHLODXQG%LOOVDHQVLFKVFKZHLJHQGJHJHQEHU-HGHUGDFKWH ZRKOGDVJOHLFKHDEHUQLHPDQGZDJWHHVVHLQH*HGDQNHQDXV]X VSUHFKHQ ª,FKUlXPHGDQQDE©VDJWH6KHLOD

%LOOVWHOOWH7HOOHUXQG7DVVHQDXIGDV7DEOHWWXQG6KHLODWUXJHV LQGLH.FKH $OOHLQEOLHEGHU5HSRUWHU]XUFN 0LQXWHQYHUJLQJHQLQGHQHQHUVHLQHQVFKZHUHQ*HGDQNHQ QDFKKLQJ8QGSO|W]OLFKZDUHVLKPDOVZlUHHUQLFKWPHKUDOOHLQ (LQH*lQVHKDXWNURFKYRQVHLQHP1DFNHQKHUEHUGHQ5FNHQ XQGOLHLKQIU|VWHOQ/DQJVDPGUHKWHVLFK%LOO&RQROO\XP 'DVWDQGHU'HVWHURGHU'lPRQHQKHQNHU (UZDUDOOHLQ .HLQH6SXUYRQ-RKQQ\%LOOJDEHVHLQHQVFKPHU]KDIWHQ6WLFKLQ GHU%UXVWDOVHUGLHVIHVWVWHOOWH)U]ZHL6HNXQGHQVFKORHUGLH $XJHQ6HLQ+HU]VFKODJKDWWHVLFKEHVFKOHXQLJW'LH(QWWlX VFKXQJZDULKPGHXWOLFKDQ]XPHUNHQ 'HU'lPRQHQKHQNHUVDKDXVZLHLPPHU'XQNHOURWH.DSX]H QDFNWHU2EHUN|USHU6WLHIHOGDV6FKZHUWLQGHU6FKHLGH +LQWHUGHU0DVNHJOLW]HUWHQVHLQH$XJHQ6LHIOOWHQGLH6FKOLW]H Y|OOLJDXV%LOONDPGLHVHU%OLFNPHWDOOHQYRUQLFKWHFKWVRNDOW JUDXVDPXQGEUXWDO 'HU5HSRUWHUPXWHVLFKEHKHUUVFKHQXPQLFKWDXI]XVSULQJHQ XQGLKPGDV7XFKYRP6FKlGHO]XUHLHQ 8P'HVWHURV.|USHUKHUXPIOLPPHUWHGLH/XIW/DQJVDPHU ORVFKGDV)OLPPHUQXQG%LOO&RQROO\VDKGLH*HVWDOWGHV+HQNHUV NODUXQGGHXWOLFKYRUVLFK 9LHOH)UDJHQTXlOWHQLKQSO|W]OLFKDEHUHUEUDFKWHHVQLFKW IHUWLJDXFKQXUHLQH]XVWHOOHQ:LH]XJHVFKQUWZDUDXIHLQPDO VHLQH.HKOH%LOOPXWHVLFKHUVWIUHLUlXVSHUQ (UEOLFNWHDQ'HVWHURYRUEHLXQGVDK6KHLODLP7UDXVVFKQLWW DXIWDXFKHQ%LOOZDUILKUHLQHQZDUQHQGHQ%OLFN]XGHQ6KHLOD YHUVWDQG6LH]RJVLFK]XUFN ª+DVWGXHVJHWDQ"©IUDJWH'HVWHUR ª:RLVWPHLQ6RKQ"©%LOOZXQGHUWHVLFKSO|W]OLFKGDHUGRFK UHGHQNRQQWH ª,FKKDEHGLFK]XHUVWHWZDVJHIUDJW© ª-DLFKKDEHHVJHWDQ© (LQJUROOHQGHV/DFKHQGUDQJXQWHUGHU.DSX]HKHUYRUª:RLVW GLH/HLFKH",FKZLOOVLHVHKHQ©

ª(UVWP|FKWHLFKPHLQHQ6RKQKDEHQ© ª+LHUVWHOOHLFKGLH%HGLQJXQJHQ© ª'DQQKDVWGXGLFKQLFKWDQGLH$EPDFKXQJHQJHKDOWHQ 'HVWHUR©VFKULHGHU5HSRUWHUª,FKDEHUKDEHPHLQHQEHVWHQ )UHXQGXPJHEUDFKWKDEHGLUYHUWUDXWDEHUGXVSLHOVWIDOVFK© ª=HLJHPLUGLH/HLFKH© 'HU'lPRQHQKHQNHUOLHVLFKDXINHLQH'LVNXVVLRQHLQ%LOO VWHOOWHIHVWGDHUDPNU]HUHQ+HEHOVDXQGVLFKOHLGHUIJHQ PXWH'HVWHURZROOWHHVVR 'HU5HSRUWHUVWDQGDXI ª$EHUNHLQH7ULFNV©ZDUQWH'HVWHURXQGOLHVHLQHEHKDQG VFKXKWH+DQGDXIGHQ6FKZHUWJULIINODWVFKHQ'HU5LQJPLWGHP $EELOGGHU7HXIHOVWRFKWHUOHXFKWHWHZLHHLQ3DQDO ª1HLQHVLVWDOOHVLQ2UGQXQJ© %LOO&RQROO\JLQJDQ'HVWHUR YRUEHLXQGHUVSUWHN|USHUOLFKGLH$XUDGHV%|VHQGLHGLHVHU YHUIOXFKWH'lPRQDXVVWUDKOWH %LOOVFKWWHOWHVLFK (UYHUOLHGHQ:RKQUDXPZlKUHQGGHU'lPRQHQKHQNHU LPPHUKLQWHULKPEOLHEXQGDXFKVHLQH+DQGQLFKWYRP*ULIIGHU :DIIHQDKP (UDFKWHWHDXI%LOOV%HZHJXQJHQXQGZDUEHUHLWVRIRUW]XW|WHQ VROOHLKPLUJHQGHWZDVQLFKWSDVVHQ 6LHEHWUDWHQGLH'LHOH %LOO]lKOWHGLH7UHQ /LQNVODJHQ-RKQQ\V=LPPHUXQGGLH*lVWHUlXPH+RIIHQWOLFK OLHVLFKMHW]WGLHVHU*DUUHWQLFKWEOLFNHQ'HU5HSRUWHUZDQGWH VLFKQDFKUHFKWVZRVHLQ$UEHLWV]LPPHUODJXQGGHU!7RWHDXIJH EDKUWZRUGHQZDU %LOOEHWHWHXQG]LWWHUWH6HLQH/LSSHQEHZHJWHQVLFKNHLQ/DXW GUDQJMHGRFKKHUYRU1LHPDQGNRQQWHLKPMHW]WKHOIHQ'LHVHQ :HJPXWHHUDOOHLQJHKHQ 9RUGHU7UEOLHEHUVWHKHQ(UKDWWHSO|W]OLFK$QJVWVLH]X |IIQHQ'DQQVSUWHHUGLH%HUKUXQJGHV'lPRQVLQVHLQHP 5FNHQXQGVRIRUW]RJHLQNDOWHV*HIKOVHLQHQ5FNHQKLQDXI GDVVLFKLP1DFNHQYHUGLFKWHWH ªgIIQH© %LOOVFKOXFNWH(UZLQNHOWHGHQUHFKWHQ$UPDQKREGLH+DQG XQGOHJWHVLHDXIGLH.OLQNH

-HW]WNDPHVGDUDXIDQ:UGH'HVWHURGHQ%OXIIVFKOXFNHQ"(U PXWHHV ª0DFKVFKRQ©]LVFKWH'HVWHURª2GHUZLOOVWGXGHLQHQHLJHQHQ 6RKQXPEULQJHQ"© %LOO&RQROO\ULWWGHU7HXIHO(UGUHKWHVLFKKDOEXPXQGVDJWH ª$XFKIUPLFKLVWHVVFKZHUGLH/HLFKHPHLQHV)UHXQGHV]X VHKHQXQGGDEHL]XZLVVHQGDLFKGHU0|UGHUELQ© ª'HLQH6DFKH© ª8QGZDVVROOLFKGHU3ROL]HLVDJHQ"© $XIGLHVH)UDJHJDE'HVWHURNHLQH$QWZRUW'DIUK|UWH%LOOHLQ VFKOHLIHQGHV*HUlXVFK(UNRQQWHVLFKGHQNHQZDVGDVZDUXQG HUKLHOWLPQlFKVWHQ$XJHQEOLFNGLH%HVWlWLJXQJDOVHUGDVNDOWH 0HWDOOGHU6FKZHUWNOLQJHLQVHLQHP1DFNHQVSUWH ª2ND\RND\LFKGUFNHGLH7UDXI©NHXFKWHGHU5HSRUWHU(U ZROOWHQLFKWVWHUEHQ %LOOEHWUDWGDV=LPPHU(UKDWWHGDV/LFKWEUHQQHQODVVHQXQG HVILHODXIGHQGXQNOHQ6DUJGHUPLWWHQLP5DXPVWDQG (LQ0DQQODJLQGHURIIHQHQ7RWHQNLVWH -RKQ6LQFODLU 'HVWHUREHIDQGVLFKQRFKLPPHUHLQHQ6FKULWWKLQWHU%LOO &RQROO\(UVFKDXWHEHUGHVVHQ.RSIKLQZHJXQGHUVDKGHQ 7RWHQLP6DUJOLHJHQ %LOOV+HU]VFKLHQVLFKYHUJU|HUW]XKDEHQVRKDUWNORSIWHHV XQGLQVHLQHQ2KUHQGU|KQWHHVZLH+DPPHUVFKOlJH(UKDWWH $QJVWJURH$QJVWVRJDUXQGZXWHQLFKWZDVHUWXQVROOWH ª'DGDVLVWHU© ª,FKVHKHLKQ©'HVWHURWUDWLQWHUHVVLHUWQlKHUXQGVFKDXWHLQ GHQRIIHQHQ6DUJ 6LHKDWWHQGLH:DFKVILJXUVRKLQJHOHJWGDJHQDXQRFKGDV (LQVFKXORFK]XVHKHQZDUDXVGHPGDV%OXWUDQQ %LOOKDWWHGLH+lQGHLQHLQDQGHUJHNUDPSIW6HLQ$WHPJLQJ VWRZHLVH1HUY|VKXVFKWHVHLQH=XQJHEHUGLH/LSSHQ:UGH 'HVWHURGHQ%OXIIVFKOXFNHQ" (VNDPGDUDXIDQ9LHOOHLFKWJDEHUVLFKPLWHLQHU6LFKWNRQWUROOH ]XIULHGHQ :HQQQLFKWGDQQ 'HVWHURKREGHQ.RSIHUGUHKWHLKQVRGDHU%LOO&RQROO\ DQVFKDXHQNRQQWH

6HNXQGHQYHUJLQJHQ1LHPDQGVSUDFKHLQ:RUW%LOOJHODQJHV VRJDUGHP%OLFNGHVDQGHUHQVWDQG]XKDOWHQXQGHUEHZXQGHUWH VLFKVHOEVWLQGLHVHP$XJHQEOLFN ª+DVWGXLKQHUVFKRVVHQ"© 'HU5HSRUWHUQLFNWH6SUHFKHQNRQQWHHUDXIHLQPDOQLFKWPHKU 'HVWHURVFKLHQGHQ%OXII]XVFKOXFNHQ ª'DVKlWWHLFKQLFKWJHGDFKW©'HU+HQNHUODFKWHXQGVFKDXWH GDQQDXIGDV.UHX]XQGGLH3LVWROHGLH%LOODXIHLQHQNOHLQHQ 1HEHQWLVFKJHOHJWKDWWH ª1XQMD©VDJWH'HVWHURXQGKLHOWVHLQ6FKZHUWVRGDHVEHU GHP7RWHQVFKZHEWHª,FKN|QQWHVLFKHUJHKHQXQGQRFKHLQPDO ]XVWRHQ© %LOOV+HU]NORSIWHZLHGHUVFKQHOOHUDEHUHUKDWWHVLFKXQJH KHXHULQGHU*HZDOW ª:HQQGXZLOOVW©VDJWHHUOlVVLJ ª1HLQXQGLFKKDEHDXFKHLQHQ*UXQG© ª:RLVWPHLQ6RKQ"©IUDJWH%LOO ª'HQZLOOVWGX]XUFNKDEHQQLFKWZDKU"© ª6RZDUHVDXVJHPDFKW© ª1LFKWVZDUDXVJHPDFKW0HQVFK*DUQLFKWV'XNDQQVWGHLQHQ 6RKQVHKHQGDJHJHQKDEHLFKMDQLFKWV,FKEULQJHGLFKVRJDU]X LKP,FKEULQJHDOOHV]XLKP6LQFODLUHLQJHVFKORVVHQ$VPRGLQD KDWDOOHVYRUEHUHLWHW6LHHUZDUWHWHXFK© ª:LHLFKYHUVWHKH© %LOOEUDFKDEGHQQSO|W]OLFKKDWWHHUGDV*HIKODOVZUGHHU YRP%RGHQDEKHEHQ(VZXUGHGXQNOHU,PVHOEHQ$XJHQEOLFN VWUDKOWHGDV.UHX]DXI(VZDUQXUHLQNXU]HV=XFNHQGDQQILHOHQ GLH6WUDKOHQZLHGHULQHLQDQGHU %LOOVSUWHGHQ6FKZLQGHO$XFK6KHLODGLHVLFKLQGHU.FKH DXIKLHOWPHUNWHLKQ,KUZDUDOVKlWWHQLKUXQVLFKWEDUH+lQGH HLQHQJHZDOWLJHQ6WRJHJHEHQ 6LHWDXPHOWHTXHUGXUFKGHQ5DXP 'DQQZDUDOOHVYRUEHL $XFKIU%LOO&RQROO\(UGUHKWHGHQ.RSIXQGEOLFNWHDXVGHP )HQVWHU.HLQ7DJPHKUVRQGHUQ %LOOVFKOXFNWHXQGHLQVFKUHFNOLFKHU9HUGDFKWNHLPWHODQJVDP LQLKPDXI

6XNRIDQGNHLQH5XKH0HLQ$QUXIKDWWHLKQDXIJHVFKUHFNWXQG LUJHQGZLHDXVGHP7ULWWJHEUDFKW(VSDWHLKPQLFKWLQGHU :RKQXQJKHUXP]XVLW]HQXQGQLFKWV]XWXQHUZDUHLQDNWLYHU 0HQVFKXQGQXU=XVFKDXHUEHLHLQHP6SLHO]XVHLQKDWWH6XNR QRFKQLHJHIDOOHQ $XFK6KDRVHLQH)UHXQGLQPHUNWHGDPLWLKUHP3DUWQHU HWZDVQLFKWVWLPPWH ª:DVKDVWGXGHQQ"©6XNRKDWWHDXFKVLHQHUY|VJHPDFKW(U GHUVRQVWGLH5XKHLQ3HUVRQZDUGUHKWHLUJHQGZLHGXUFK'DV SDWHEHUKDXSWQLFKW]XLKP ª:DVLVWGHQQQXUORV"©ZROOWH6KDRZLVVHQ ª'HVWHURLVWDXIJHWDXFKW© ª'DVZHLLFKEHUHLWV© ª8QGPHKUZHLLFKDXFKQLFKW© ª+DW-RKQQLFKWVJHVDJW"© ª1HLQ$XHUGHPNDQQLFKLKQQLFKWHUUHLFKHQ,FKKDEHHLQ SDDUPDOYHUVXFKWEHLGHQ&RQROO\VDQ]XUXIHQDEHUGDPHOGHW VLFKQLHPDQG'LHKDEHQGHQ+|UHUQHEHQGHQ$SSDUDWJHOHJW RGHUZDVZHLLFK6KDRGDVWLPPWHLQLJHVQLFKW© 6KDRQLFNWHZREHLLKUHODQJHQVFKZDU]HQ+DDUHZLHHLQ 9RUKDQJEHULKU*HVLFKWVWULFKHQ$EHUVLHNRQQWHMDDXFKQLFKWV WXQ6XNRZDUQLFKW]XEHUXKLJHQ ª5XIHGRFKEHLP
:WHQGZDUI6XNRGHQ+|UHUDXIGLH*DEHOª'DVVFKOlJWGHP )DGHQ%RGHQDXV©VFKLPSIWHHUªZDVGLHVLFKDOOHVHLQELOGHQ 'LHEHKDQGHOQPLFKZLHHLQHQNOHLQHQ-XQJHQDOVZUGHLFK EHUKDXSWQLFKWPHKUGD]XJHK|UHQ6RJHKWHVQLFKW© ª9LHOOHLFKWVROOWHQZLUZLUNOLFKUXKLJVHLQ©PHLQWH6KDR 6XNRVFKDXWHVHLQH)UHXQGLQDQª1HLQZLUIDKUHQ=LHKGLU HWZDVEHU:LUPVVHQ]XGHQ&RQROO\V,FKZLOOHQGOLFKZLVVHQ ZDVGDDOOHVOlXIW© ª0HLQHWZHJHQ©%HJHLVWHUWZDU6KDRYRQGLHVHP9RUVFKODJ QLFKW6LHKDWWHHLQXQEHVWLPPWHV*HIKOGDVLFKEHULKUHQ .|SIHQHWZDV6FKOLPPHV]XVDPPHQEUDXWH6LHEHWUDWGDV 6FKODI]LPPHUXQG]RJGLH.OHLGXQJEHUGLHDPEHVWHQIUGLHVH :LWWHUXQJZDUZHQQPDQDXIGHP5FNVLW]HLQHV0RWRUUDGV KRFNWH 'LFNHZlUPHQGH/HGHUNOHLGXQJ 'DV+DDUVWHFNWHVLHKRFKGDPLWGLHVFKZDU]H)OXWDXFKXQWHU GHQ+HOPSDWH6XNR]RJVLFKHEHQIDOOVXP6KDRZROOWHLKPHLQ SDDU)UDJHQVWHOOHQOLHHVMHGRFKEOHLEHQDOVVLHLQGDV*HVLFKW LKUHV)UHXQGHVVFKDXWH(VZLUNWHYHUVFKORVVHQ6XNRZDUUHJHO UHFKWZWHQGXQGVDXHU ª:DKUVFKHLQOLFKNDQQ-RKQJDUQLFKWVGDIU©VDJWH6KDRª'DV ZLUG6LU-DPHVJHZHVHQVHLQ© ª1HKPHLFKDXFKDQ© 6KDRZDUIHUWLJ6LHKROWHQXUQRFKGHQVLJQDOURWHQ+HOPYRP 6FKUDQN%HLGHZXWHQGDHVNHLQH)UHXGHZDUEHLGLHVHP :HWWHUXQGGHQJODWWHQ6WUDHQ]XIDKUHQDEHUVLHKDWWHQLQ GLHVHP)DOONHLQHDQGHUH:DKO 'HU/LIWEUDFKWHVLHQDFKXQWHQ ,QGHUJURHQ7LHIJDUDJHZDUHVNDOW(VKHUUVFKWHDXFK%HWULHE GHQQ]DKOUHLFKH0LHWHUIXKUHQ]XP'LHQVW'UDXHQZDUHVIDVW VFKRQKHOODOOHKRIIWHQGDHVWDJVEHUWDXHQZUGH 6XNRNLFNWHGLHVFKZHUH+DUOH\YRP6WlQGHUXQGVWDUWHWH'DV VDWWH'U|KQHQGHV0RWRUVUROOWHGXUFKGLHXQWHULUGLVFKH*DUDJH HLQHGLFNH:RONHGUDQJDXVGHP$XVSXII 6KDRQDKPDXIGHP5FNVLW]3ODW]ZlKUHQG6XNRGLHVFKZHUH 0DVFKLQHDXVGHU3DUNWDVFKHOHQNWH6LHIXKUHQKLQWHUHLQHPNOHL QHQ*ROIKHUGHUYRULKQHQGLH$XIIDKUWDQVWHXHUWH (LVLJH.lOWHVFKOXJLKQHQVFKRQEDOGJHJHQGLH*HVLFKWHU(V

ZDU]ZDUQLFKWPHKUYLHO+DXW]XVHKHQDEHUDXIGHQVFKPDOHQ 6WHOOHQVSUWHQVLHGRFKGLHHLVLJH7HPSHUDWXU 'LH6WUDHQJOlQ]WHQQLFKWPHKUVRJODWW'DIUZDUHQVLH IHXFKWGHQQGDV6WUHXVDO]KDWWHHLQHQJURHQ7HLOGHV(LVHVWDXHQ ODVVHQ=ZLVFKHQGHP(LVVFKLOOHUWHQ]DKOUHLFKH3IW]HQ 6XNRIXKUYRUVLFKWLJ,PPHUZLHGHUPXWHVLHPLW*ODWWHLVIDOOHQ UHFKQHQ6LHJHULHWHQOHLGHULQGHQ%HUXIVYHUNHKU'LHNDOWHQ 0RWRUHQSURGX]LHUWHQJHVXQGKHLWVJHIlKUGHQGH$EJDVIDKQHQGLH ZLHODQJH6FKOHLHULQGHU/XIWKLQJHQ 6XNRVXFKWHVHLQHQ:HJ]ZLVFKHQGHQ:DJHQXQGKRIIWHVR VFKQHOOHUYRUDQ]XNRPPHQ (UNRQQWHQLFKWQXUVFKQHOOIDKUHQVRQGHUQDXFKVLFKHU6KDR KDWWHVLFKDQLKPIHVWJHNODPPHUWXQGDOVVLH]ZDQ]LJ0LQXWHQ VSlWHUGLH&KHOVHD%ULGJHEHUTXHUWHQPXWH6XNRGDUDQGHQ NHQGDVLHYRUNXU]HPQRFKLQGLHVHU*HJHQG&KPDOGDV 0RQVWHUDXV$WODQWLVJHW|WHWKDWWHQ'LH&RQROO\VZRKQWHQQRFK ZHLWHUVGOLFK'RUWZXUGHEHVWLPPWQLFKWVRIUKJHVWUHXWXQG 6XNRVROOWHUHFKWEHKDOWHQ2IWJHQXJODJQRFKHLQHGQQH (LVVFKLFKWDXIGHU6WUDH 'HU&KLQHVHEHQ|WLJWHVHLQHYROOH.RQ]HQWUDWLRQXPGLHVFKZH UH0DVFKLQHVLFKHUOHQNHQ]XN|QQHQ$OVHUVFKOLHOLFKGRUWHLQ ERJZRGLH&RQROO\VZRKQWHQVFKZLW]WHHUWURW]GHU.lOWHXQWHU VHLQHU/HGHUNOHLGXQJ $EHUVLHKDWWHQHVJHVFKDIIW 'LH6WUDHODJY|OOLJUXKLJYRULKQHQ1LFKWVUKUWHVLFKQLFKWV ZLHVGDUDXIKLQGDKLHUHWZDV6FKOLPPHVSDVVLHUWZDUGDVPDQ PLWGlPRQLVFKHQ$NWLYLWlWHQLQHLQHQXQPLWWHOEDUHQ=XVDPPHQ KDQJEULQJHQNRQQWH 6XNRIXKUDXIGHQVFKPDOHQ*HKVWHLJXQGVWHOOWHGLH+DUOH\ QHEHQGHU*UXQGVWFNVPDXHUDE %HLGHHQWOHGLJWHQVLFKLKUHU+HOPH6KDRVWHOOWHVLFKDXIGLH =HKHQVSLW]HQXPHLQHQ%OLFNEHUGLH0DXHUZHUIHQ]XN|QQHQ 6XNRJLQJELV]XP7RUYRU(UNRQQWHGXUFKGLH6WDQJHQ VFKDXHQDXIGHQHQHEHQIDOOVHLQH(LVVFKLFKWJOLW]HUWH 1LFKWV]XVHKHQ 6WLOOXQGUXKLJODJGHU*DUWHQYRULKQHQ'LH%lXPHXQG 6WUlXFKHUZDUHQPLWHLQHUGLFNHQ5HLIVFKLFKWEHGHFNWVRGDGHU JURH*DUWHQHLQQDKH]XPDOHULVFKHV%LOGERW

ª$OOHVQRUPDO©PXUPHOWH6KDRª6ROOHQZLUVFKHOOHQ"© 'DVZDUGLH)UDJHGLHGHU&KLQHVHVRUDVFKQLFKWEHDQWZRUWHQ NRQQWH9LHOOHLFKWZDUHQVLHZLUNOLFKQLFKWZLOONRPPHQ8QWHU 8PVWlQGHQVSLHOWHVLFKMHGRFKKLQWHUGHQ0DXHUQGHV%XQJDORZV HLQ'UDPDDEEHLGHPVLHKHOIHQPXWHQ 6XNRKDWWHVLFKPLWVHLQHQ:DIIHQHLQJHGHFNW8QWHUDQGHUHP PLWGHP6WDE (UZDUHLQ(UEHGHVJURHQ%XGGKDXQGGXUFKLKQZDUHVLKP P|JOLFKIUIQI6HNXQGHQGLH=HLWDQ]XKDOWHQZHQQPDQHLQ EHVWLPPWHV:RUWULHI (VJLQJXP'HVWHURGDVZXWH6XNR8QGHUZXWHDXFKZLH JHIlKUOLFKGLHVHU'lPRQHQKHQNHUZDU 6XNRVHW]WHVLFKEHUDOOH%HGHQNHQKLQZHJXQGZROOWHNOLQ JHOQ6HLQ=HLJHILQJHUODJQRFKQLFKWDXIGHPLQGHU0DXHUHLQ JHODVVHQHQ.QRSIDOVHVJHVFKDK 3O|W]OLFKZDUGHUJHVDPWH%XQJDORZLQHLQHU|WOLFKVFKLPPHUQ GH:RONHJHKOOWXQGLPQlFKVWHQ$XJHQEOLFNO|VWHHUVLFKYRU GHQ$XJHQGHUEHLGHQ0HQVFKHQDXI 6KDRXQG6XNRZDUHQVSUDFKORV%HLGHVWDUUWHQGRUWKLQZRGHU %XQJDORZJHVWDQGHQKDWWH-HW]WEHIDQGVLFKGRUWQLFKWVPHKUQXU HLQHIUHLH)OlFKH 'DV+DXVKDWWHVLFKYRQHLQHU6HNXQGHDXIGLHDQGHUHDXIJHO|VW 8QZDKUVFKHLQOLFKHLQPDJLVFKHV3KlQRPHQ ª'DVZDU'HVWHURV:HUN©IOVWHUWHGHU&KLQHVHª(UKDWGDV +DXVGXUFK6FKZDU]H0DJLHLQHLQHDQGHUH'LPHQVLRQRGHULQ HLQHDQGHUH=HLWYHUVHW]W8QKHLPOLFK© 6KDRVDJWHJDUQLFKWV6LHQLFNWHQXU 6XNRZLVFKWHVLFKEHUGLH6WLUQ'DQQKREHUGLH6FKXOWHUQ(V ZDUHLQHKLOIORVH*HVWHGLHGDVDXVGUFNWHZDVHULP$XJHQEOLFN HPSIDQG(UZXWHZLUNOLFKQLFKWZHLWHU 1LHPDQGDXHULKQHQVFKLHQHWZDVEHPHUNW]XKDEHQ -HGHQIDOOVJDEHVNHLQH5HDNWLRQHQDXIGLHVHVPDJLVFKH3KlQR PHQ(LQHUVHLWVYHUVWlQGOLFKGHQQGLHQlFKVWHQ1DFKEDUQODJHQ HLQIDFK]XZHLWHQWIHUQW :HUKLHUVHLQ+DXVEDXWHEHVDQRFKHLQJURHV*UXQGVWFN )DVWDOOH%HVLW]HUKDWWHQHVHLQJH]lXQW

ª:DVVROOHQZLUWXQ"©IUDJWH6KDRª:LUN|QQHQGRFKKLHUQLFKW VWHKHQEOHLEHQ© 6XNRZDULKUHU0HLQXQJª:LUVHKHQXQVGDV+DXV8QVLQQ GHQ3ODW]HLQPDODQ© ª$EHUGXKDVWNHLQHQ6FKOVVHO© ª0DXHUQZDUHQIUPLFKQRFKQLHHLQ+LQGHUQLV©6XNRKDWWH GLH:RUWHNDXPDXVJHVSURFKHQDOVHUVLFKVFKRQGDUDQPDFKWH GDV+LQGHUQLV]XEHUNOHWWHUQ (LQ6SUXQJHLQ.OLPP]XJXQGHUEHIDQGVLFKREHQ'RUWOHJWH HUVLFKIODFKDXIGLH.URQHXQGOLHHLQHQ$UPQDFKXQWHQ EDXPHOQ 6KDRIDWHVHLQH+DQG0LWHLQHP5XFN]RJ6XNRVHLQH )UHXQGLQDXIGLH0DXHU *HPHLQVDPVSUDQJHQVLHLQGHQ*DUWHQ 'LH(UGHZDUNQRFKHQKDUWJHIURUHQ6XNRVDKGD%LOOGLH:HJH JHVWUHXWKDWWHWURW]GHPQDKPHQGLHEHLGHQGHQNU]HUHQ:HJ XQGOLHIHQTXHUGXUFKGDV*HOlQGH 'HU$WHPGDPSIWHYRULKUHQ/LSSHQ(LQHIDKOH0RUJHQVRQQH NURFKODQJVDPEHUGHQ+LPPHO6LHVDKDXVZLHHLQYHUZDVFKH QHU%DOOLKUH6WUDKOHQZlUPWHQQRFKQLFKW 'HUVLOEHUJUDXH%HQWOH\VWDQGGRUWZRVLFKQRUPDOHUZHLVHGLH *DUDJHEHIDQG(UZLUNWHZLHHLQ)UHPGN|USHU6FKHLEHQXQG /DFNZDUHQPLWHLQHUGQQHQ(LVVFKLFKWEHGHFNW 6XNRNRQQWHQXUGHQ.RSIVFKWWHOQ $P5DQGZRVRQVWGHU%XQJDORZJHVWDQGHQKDWWHEOLHEHU VWHKHQ6KDRWUDWQHEHQLKQXQGKDNWHVLFKEHLLKUHP)UHXQG XQWHU6LHIURUSO|W]OLFK'DVDOOHUGLQJVPDFKWHQLFKWQXUGLH.lOWH VRQGHUQDXFKGLHXQKHLPOLFKH$WPRVSKlUHGLHEHLGHVSUWHQ (LQ5HVW6FKZDU]HU0DJLHZDU]XUFNJHEOLHEHQ ª:DVN|QQHQZLUWXQ"©IUDJWH6KDR 'DZXWHDXFK6XNRNHLQH$QWZRUWª1LFKWVLFKZHLPLU HKUOLFKJHVDJWNHLQHQ5DWPHKU© ª6FKDGHGD0\[LQQLFKWKLHULVW'HUZWHVLFKHUOLFKHLQH /|VXQJ© ª0|JOLFK©PHLQWH6XNR(UZDUPLWVHLQHQ*HGDQNHQZR DQGHUV(UIUDJWHVLFKLQZHOFKHLQH'LPHQVLRQGDVGlPRQLVFKH 6FKLFNVDOGLH0HQVFKHQLQGHP+DXVYHUVFKODJHQKDWWH

,FKIKOWHPLFKZLHHLQ*HIDQJHQHULQGHPNOHLQHQ.DEXII6WHKHQ NRQQWHLFKQLFKW6REDOGLFKPLFKDXIULFKWHWHVWLHLFKPLWGHP .RSIJHJHQGLH6FKUlJH$OVREOLHEPLUQXUQRFKGLHVHYHU GDPPWH+RFNVWHOOXQJ =XGHPIKOWHLFKPLFKQDFNWZHLOLFKPHLQH%HUHWWDYHUPLWH XQGYRUDOOHQ'LQJHQPHLQ.UHX]GDVPLUVFKRQLQVHKUVFKZLH ULJHQ6LWXDWLRQHQJHKROIHQKDWWH,FKJDEHVHLJHQWOLFKQLHDXVGHU +DQGDEHUEHLGLHVHPJURHQ%OXIIZDUPLUQLFKWVDQGHUHVEULJ JHEOLHEHQ +RIIHQWOLFKPDFKWHXQV'HVWHURNHLQHQ6WULFKGXUFKGLH 5HFKQXQJ:HQQHUHWZDVPHUNWHXQGGXUFKGUHKWHGDQQJDEHV 7RWH'DQQZXUGH'HVWHUR]XUUHLHQGHQ%HVWLH ,FKNDQQWHLKQ 'LH=HLWYHUJLQJXQGLFKKRUFKWHDXIGLH*HUlXVFKHLQQHUKDOE GHV+DXVHV 'DZDUQLFKWV]XK|UHQGHVKDOEGUFNWHLFKGLHOHLFKWH7UDXI GLHGLH1LVFKHYHUVFKOR0LWGHPDQJHZLQNHOWHQ$UPVWLHLFK GDEHLJHJHQHLQHQDXIJHVWHOOWHQ.ODSSVWXKOXQGKlWWHLKQIDVW XPJHZRUIHQ,P1DFKJUHLIHQHUZLVFKWHLFKLKQXQGGUFNWHLKQ ZLHGHULQGLH5XKHVWHOOXQJ 6SDOWEUHLW|IIQHWHLFKGLH7UXQGEUDFKWHPHLQ2KUGLFKWDQGLH VFKPDOHgIIQXQJ 1LFKWV]XK|UHQ 6RODQJVDPZXUGHHVPLULQPHLQHU/DJHXQEHTXHP,FKKlWWH PLFKJHUQKLQJHVWHOOWDEHUGDZDUQLFKWV]XPDFKHQ,FKPXWH VFKRQVRDXVKDUUHQELVVLFKHWZDVWDW 8QGHVSDVVLHUWHZDV ,FKJODXEWH6WLPPHQ]XK|UHQ:HQQMDGDQQPXWHHLQ%H VXFKHUJHNRPPHQVHLQ ,FKNDQQWHQXUHLQHQGHUHWZDVYRQGHQ&RQROO\VZROOWH 'HVWHUR 8QGLFKZDUPLUVLFKHUGDHUMHW]WGXUFKGDV+DXVJLQJGHQQ LFKNRQQWHGLH6FKULWWHYRQPLQGHVWHQV]ZHL0HQVFKHQDXV PDFKHQ (UXQG%LOO 2*RWWZLHVROOWHGDVQRFKDOOHVHQGHQ"6LHVFKULWWHQGXUFKGHQ )OXUXQGQlKHUWHQVLFK%LOOV$UEHLWV]LPPHUZRPHLQH!/HLFKH DXIEHZDKUWZXUGH

,QGHQQlFKVWHQ6HNXQGHQPXWHHVVLFKKHUDXVVWHOOHQREXQVHU %OXIIJHNODSSWKDWWH ,FKILHEHUWHLQQHUOLFK =XJHUQZlUHLFKGDEHLJHZHVHQDEHUHVJLQJQLFKWLFKPXWH KLHULQPHLQHP9HUVWHFNKRFNHQEOHLEHQXPGHQJURHQ3ODQ QLFKW]XJHIlKUGHQ (VZXUGHZLHGHUUXKLJ ,FKKDWWHGLHVFKPDOH7UZHLWDXIJHVWRHQVRGDLFKP|J OLFKVWK|UHQNRQQWHZDVJHVSURFKHQZXUGH ,P*HJHQVDW]]XPLUPXWH%LOOGLH7U]XP$UEHLWV]LPPHU JHVFKORVVHQKDEHQGHQQLFKYHUQDKPQLFKWV (VEOLHEDOOHVUXKLJ 9RU$XIUHJXQJVWDQGPLUGHU6FKZHLDXIGHU6WLUQ0HLQH .OHLGXQJNOHEWHDP.|USHUPLWGHU=XQJHIXKULFKPLUEHUGLH /LSSHQ'HU+HU]VFKODJKDWWHVLFKYHUGRSSHOW 6FKOXFNWH'HVWHURGHQ%OXII" 'DVZDUGLHJURH)UDJH'DUDXIDOOHLQNDPHVDQ (QGORVGHKQWHVLFKGLH=HLW,FKZXUGHLPPHUQHUY|VHUZHLO VLFKEHUPLUQLFKWVWDW =XUXKLJEOLHEHV 'DQQMHGRFKJHVFKDKHWZDVZRPLWLFKQLHLP/HEHQJHUHFKQHW KDWWH3O|W]OLFKHUIDWHPLFKHLQ6FKZLQGHO,FKNRQQWHPLFKLQ PHLQHU+RFNVWHOOXQJQLFKWPHKUKDOWHQXQGZXUGH]XUFNJH ZRUIHQGDEHLILHOLFK]X%RGHQXQGEOLHEOLHJHQGHQQGHU 6FKZLQGHOZDUQLFKWYRUEHL(UNDPZLHHLQ6WXUPZLQGPHLQ .RSIVFKLHQDQ]XVFKZHOOHQXQGVHNXQGHQODQJKDWWHLFKHLQHQ Y|OOLJHQ%ODFNRXW,FKZXWHQLFKWPHKUZRLFKPLFKEHIDQG 3O|W]OLFKZDULFKZLHGHUGD +DVWLJULFKWHWHLFKPLFKDXIGDFKWHQLFKWPHKUDQGLHQLHGULJH 'HFNHXQGVWLHPLUSURPSWGHQ.RSIZREHLHLQ)OXFKEHU PHLQH/LSSHQVSUDQJ ,FKNURFK]XU7U 1RFKLPPHUKLHOWPLFKGHU6FKZLQGHOXPNODPPHUW,FKKDWWH 0KHPHLQ*OHLFKJHZLFKW]XILQGHQXQGGDFKWHGDUEHUQDFK ZDVLQGHQOHW]WHQ6HNXQGHQJHVFKHKHQZDU 'LH7UVWDQGQRFKRIIHQ ,FKVWUHFNWHPHLQHQ.RSIGXUFKGHQ6SDOWXQGPHUNWHVRIRUW GDVLFKHLQLJHVYHUlQGHUWKDWWH

'DZDUQLFKWPHKUGLHNDOWH.HOOHUOXIWVRQGHUQHLQHQDFK3HVW XQG6FKZHIHOVWLQNHQGHGLFNH%UKHGLHPLFKXPJDE,FKK|UWH *HUlXVFKH6XPPHQ%UDXVHQHQWIHUQWH6FKUHLH.LFKHUQJUl OLFKHV/DFKHQXQGWULXPSKLHUHQGHV+HXOHQ (LQVFKUHFNOLFKHU9HUGDFKWNHLPWHLQPLUKRFKHLQ9HUGDFKWGHU LPPHUPHKU]XU*HZLKHLWZXUGH 'HVWHURKDWWHGDV+DXVLQHLQHDQGHUH'LPHQVLRQHQWIKUW:LU KDWWHQXQVDOOHYHUUHFKQHWHUZDUQRFKVFKODXHUDOVZLUDQJH QRPPHQKDWWHQ 8QGPLUZDUNODUGDXQVHU%OXIIEDOGSODW]HQZUGHZLHHLQH 6HLIHQEODVH 1RFKHLQPDOHUIDWH%LOO&RQROO\HLQNXU]HU7DXPHOGDQQZDU DOOHVZLHGHUQRUPDO 'HU5HSRUWHUEOLFNWHVLFKXP (UEHIDQGVLFKQRFKLPPHULPVHOEHQ=LPPHU'DVWDQGGHU 6DUJGHUVDKGLH5HJDOHVHLQHQ6FKUHLEWLVFKGLHEHLGHQ/HGHU VHVVHOXQGHUVDK'HVWHUR 1RUPDO"1HLQEHVWLPPWQLFKWGHQQGUDXHQEURGHOWHXQG ORGHUWHGLH+|OOH %LOO&RQROO\ZXUGHYRU6FKUHFNNDONZHLDOVHUHLQHQ%OLFN GXUFKGDV)HQVWHUZDUI5RWYLROHWWHGVWHUH1HEHOGLHDXIXQG DEZDOOWHQ(LQHJUDXHQKDIWHJHIlKUOLFKH'VWHUQLVLQGHUGHU 6FKUHFNHQDXIVHLQH2SIHUODXHUWH 0RQVWHU7HXIHOVJHVFK|SIHDEDUWLJHGlPRQLVFKH.UHDWXUHQ KHXOWHQXQGWDQ]WHQXPGDV+DXVIKUWHQEL]DUUH9HUUHQNXQJHQ GXUFKXQGGURKWHQPLWLKUHQWHQWDNHODUWLJHQ$UPHQZREHLVLH ZLH*HLVWHUDQGHU$XHQKDXWGHU6FKHLEHQHQWODQJVWULFKHQ %LOOVFKWWHOWHVLFK(UZXWHMHW]WJHQDXGDHUVLFKLQHLQHP 3DQGlPRQLXPEHIDQGZR+HXOHQXQG=lKQHNQLUVFKHQKHUUVFK WHYLHOOHLFKWLP5HLFKGHU$VPRGLQD8QGWURW]GHPKLHOWHUVLFK LQVHLQHQHLJHQHQYLHU:lQGHQDXI6FKZDU]H0DJLHKDWWHHVP|J OLFKJHPDFKWGDGDV+DXVPLWVDPW,QKDOWLQGLHDQGHUH:HOW JHVFKDIIWZRUGHQZDU 'DVKLHGDQLFKWQXU%LOOVLFKLQHLQHUDQGHUHQ'LPHQVLRQ EHIDQGVRQGHUQDXFK6KHLODXQGGLHVHU0DVNHQELOGQHUGHUQRFK LP+DXVJHZDUWHWKDWWH

$OOHVFKZHEWHQVLHLQK|FKVWHU*HIDKUDXFK-RKQ6LQFODLUGHU ZDIIHQORVLP.HOOHUKRFNWH 8QG%LOO&RQROO\ZDUNODUGDGHU%OXIIVFKRQVHKUEDOGSODW]HQ ZUGH 1XUZDVJHVFKDKGDQQ" 'HU5HSRUWHUZXWHHVQLFKWDEHUHUJODXEWHIHVWGDUDQGDVLFK GLH*HJHQVHLWHGLH&KDQFHQLFKWHQWJHKHQODVVHQZUGHGLH +lOIWHGHV6LQFODLU7HDPVDXV]XVFKDOWHQ %LOOVhEHUOHJXQJHQZXUGHQGXUFKVFKQHOOH6FKULWWHDXIGHP )OXUXQWHUEURFKHQ 'RUWNDPMHPDQG $XFK'HVWHURKDWWHGLH7ULWWHJHK|UW(LQJURHU6FKULWWEUDFKWH LKQLQGHQWRWHQ:LQNHOKLQWHUGHU7UGLHLQGLHVHP0RPHQWYRQ 6KHLODDXIJHVWRHQZXUGH 6LHWUDWEHUGLH6FKZHOOHXQGZXUGHYRQGHUEOLW]HQGHQ 6FKZHUWNOLQJHJHVWRSSWGLHVLFKSO|W]OLFKYRULKUHQ+DOVOHJWH 6KHLODEOLHEDEUXSWVWHKHQ ,KU*HVLFKWZDUJHU|WHWWLHIDWPHWHVLHHLQXQGVLHVFKLHOWH]XU 6HLWHZREHLLKU%OLFNGLHXQKHLPOLFKH*HVWDOWGHV+HQNHUVWUDI 6KHLODHUVFKUDN %LOOILHEHUWHXPVHLQH)UDX:HQQVLHMHW]WHLQHXQEHGDFKWH %HZHJXQJPDFKWHZDUHVDXV $EHU6KHLODULVLFK]XVDPPHQVLHGDFKWHDQLKUHQ6RKQGHQ VLHXQEHGLQJWUHWWHQZROOWH ª:DUXPEHGURKVWGXVLH"©IUDJWH%LOOPLWNUDW]HQGHU6WLPPH ª6LHNDQQGLUQLFKWVWXQ© 'HVWHURVFKLHQHLQJHVHKHQ]XKDEHQGD%LOOUHFKWKDWWH(UOLH GLH.OLQJHVLQNHQ 6KHLODDWPHWHDXI6LHKDWWHGLH+lQGHJHEDOOWVSUWHGLH )LQJHUQlJHOLQLKUHP)OHLVFKXQGVDK%LOODQ'HU5HSRUWHUYHU VWDQGGHQIUDJHQGHQ%OLFNXQGKREGLH6FKXOWHUQ ª*HQDXNDQQLFKGLUDXFKQLFKWHUNOlUHQZDVJHVFKHKHQLVW© VDJWHHUª:LUPVVHQHVKDOWKLQQHKPHQ© ª0DQKDWXQVHQWIKUWQLFKW"© ª-D© ª$EHUZDUXP":LUKDEHQGRFKDOOHVJHWDQZDVGLHVHU'lPRQ YRQXQVYHUODQJWKDW-RKQLVWWRW© 6KHLODVSLHOWHLKUH5ROOHDXVJH ]HLFKQHWXQG%LOOEHZXQGHUWHVLHLQVJHKHLP

ª-D-RKQLVWWRW,FKKDEHPLFKDQGLH$EPDFKXQJHQJHKDOWHQ DEHU'HVWHURQLFKW© 'HU+HQNHUODFKWHJUROOHQGª$OOHVROOWLKUVWHUEHQ©]LVFKWHHU ª$OOH© ª8QGXQG-RKQQ\"©KDXFKWH6KHLOD ª$XFKGHU© ,PHUVWHQ$XJHQEOLFNVDKHVVRDXVDOVZROOWHVLFK6KHLODDXI GHQ+HQNHUVWU]HQ6LHKDWWHVLFKVFKRQDXIGLH=HKHQJHVWHOOW LKU*HVLFKWYHUNDQWHWHUHJHOUHFKWGRFKHLQ5XILKUHV0DQQHVKLHOW 6KHLOD]XUFN ª1LFKW© 6LHEOLHEVWHKHQ $EHULQLKUHQ$XJHQIODPPWHHWZDVDXIGDVHVZRKOQXUEHL HLQHU0XWWHUJLEWGLHEHUHLWLVWXPLKU.LQG]XNlPSIHQXQGLKU HLJHQHV/HEHQ]XJHEHQ ª'DIUKDEHQZLU-RKQ6LQFODLUQLFKWJHW|WHW©VDJWHGHU5HSRU WHUUDXK ª+DXSWVDFKHHULVWWRW©HUZLGHUWH'HVWHUR0LWGHU6FKZHUW VSLW]HGHXWHWHHUDXIGHQ6DUJª6FKDIIWLKQDXVGHP5DXP© ª8QGZRKLQ"©IUDJWH%LOO ª,QV:RKQ]LPPHU'RUWZHUGHQZLUXQVYHUVDPPHOQXQGGRUW ZHUGHWLKUDXFKVWHUEHQ© =ZHL6HNXQGHQUKUWHVLFK%LOO&RQROO\QLFKWHUDWPHWHQXU GXUFKGLH1DVHHLQ'LHOHW]WHQ:RUWHKDWWHQYHUGDPPWKDUWXQG HQGJOWLJJHNOXQJHQ 8QG%LOOVDKDXFKNHLQH)OXFKWFKDQFH'UDXHQODXHUWHGDV 8QKHLOHUNRQQWHVLFKQLFKWHLQIDFKDXVGHP)HQVWHUZHUIHQXQG IOLHKHQ6KHLODXQGHUPXWHQGHQJUDXVDPHQ7DWVDFKHQLQV$XJH VHKHQ ª%HHLOWHXFK©EHIDKO'HVWHUR(UPDFKWHHLQHEOLW]VFKQHOOH %HZHJXQJXQGGLH.OLQJHZLVFKWHGLFKWDQ6KHLODV*HVLFKWYRU EHLGDVLHVRJDUGHQ/XIW]XJVSUWH ª.RPP©VDJWH%LOO 6WHLIEHLQLJVHW]WHVLFK6KHLOD&RQROO\LQ%HZHJXQJ6LHVFKULWW XPGHQ6DUJKHUXPXPDQGHVVHQ)XHQGH]XJHODQJHQ%LOO KLHYWHGHQREHUHQ7HLOGHU7RWHQNLVWHKRFK ª7UDJWLKQKLQDXV©EHIDKO'HVWHUR 'LHEHLGHQJHKRUFKWHQ2EZRKOGHU6DUJVHKUVFKZHUZDU

EUDFK6KHLODQLFKW]XVDPPHQ1HLQGLHVH%O|HZROOWHVLHVLFK QLFKWJHEHQ'LHDQGHUHQVROOWHQQLFKWWULXPSKLHUHQ,KUUHLFKWHHV VFKRQGDPDQVLHVRJHGHPWLJWKDWWH 'DEHLZDUDOOHVZLHQRUPDO6LHEHIDQGHQVLFKLQLKUHPHLJHQHQ +DXVGRFKGXUFK6FKZDU]H0DJLHZDUGHU%XQJDORZPLWVDPW ,QKDOWLQHLQHDQGHUH'LPHQVLRQJHVFKOHXGHUWZRUGHQ 'DVZDUYHUUFNWGDVZDULUUH 6LHJLQJHQEHUGHQ)OXU'HVWHUREOLHELPPHUGLFKKLQWHULKQHQ XQGEHREDFKWHWHVLHJHQDX,KPHQWJLQJNHLQHLKUHU%HZHJXQJHQ GLH$XJHQKLQWHUGHQ6FKOLW]HQIXQNHOWHQE|VDUWLJXQGZLOG 'LH7U]XP:RKQ]LPPHUZDUQLFKWJDQ]JHVFKORVVHQ%LOO NRQQWHVLHPLWGHP(OOERJHQDXIVWRHQ /DQJVDPVFKZDQJVLHQDFKLQQHQ %LOOZROOWHZHLWHUJHKHQDOV6KHLODJHOOHQGDXIVFKULHXQGGDEHL GHQ6DUJIDOOHQOLH +DUWUDPPWHHUDXIGLH(UGH %LOOZDUEHUUDVFKW(UVFKDXWH6KHLODDQGLHVREODJHZRUGHQ ZDUXQGDQLKPYRUEHLVWDUUWH $XFK%LOOOLHGHQ6DUJIDOOHQ:DV6KHLODVDKPXWHVFKUHFNOLFK VHLQ(UGUHKWHVLFKXP 'DWUDIDXFKLKQGHU6FKRFN 0LWWHQLP:RKQUDXPVWDQGHLQHUXQGHVWHLQHUQH3ODWWH8QG DXILKUKRFNWHHLQ-XQJH -RKQQ\&RQROO\ *RWWVHL'DQNHUOHEWZDU%LOOVHUVWHU*HGDQNH,KPLVWQLFKWV JHVFKHKHQ 8QG-RKQQ\VFKDXWHDXVJURHQ$XJHQVHLQH(OWHUQDQ 3O|W]OLFKEHZHJWHQVLFKVHLQH/LSSHQª0XPP\'DGG\© VWDPPHOWHHUª,KULKU©HUVWUHFNWHVHLQHNOHLQHQ$UPHDXV 'DVJHQDXZDUGHU3XQNWZR6KHLODVLFKQLFKWPHKUKDOWHQ NRQQWH2KQHDXI'HVWHURXQGGHVVHQ6FKZHUW]XDFKWHQZDUIVLH VLFKQDFKYRUQXQGGDPLWDXIGHQUXQGHQ$OWDUVWHLQZRLKU6RKQ KRFNWHXQGHLQ%LOGGHV-DPPHUVDEJDE 6HOEVW'HVWHURUHDJLHUWHQLFKWVFKQHOOJHQXJ6KHLODZLVFKWHDQ LKPYRUEHLVWLHDXFK%LOODXVGHP:HJXQGSUDOOWHZLHYRU HLQH:DQGJHODXIHQ]XUFN

,KU6FKUHL]LWWHUWHGXUFKGHQ:RKQUDXPVLHULEHLGH$UPH KRFKGLHIDKULJH%HZHJXQJHQGXUFKIKUWHQXQGGDQQNLSSWHVLH VWHLIZLHHLQ%UHWWQDFKKLQWHQ %LOOUHDJLHUWHVFKQHOO %HYRU6KHLOD]X%RGHQIDOOHQNRQQWHEUHLWHWHHUVHLQH$UPHDXV XQGILQJVLHDXI =LWWHUQGODJVLHLQHLQHUVFKUlJHQ+DOWXQJZlKUHQGLKUH/LSSHQ NDXPYHUVWlQGOLFKH:RUWHPXUPHOWHQ ª%LVWGXRND\'DUOLQJ"©IOVWHUWH%LOOª,VWDOOHVLQ2UGQXQJ" %LWWHJLE$QWZRUW©'LH6RUJHXP6KHLODPDFKWHLKQIHUWLJGHQQ HUJODXEWHGDUDQGDVHLQH)UDXHLQHQPDJLVFKHQ6FKODJHUKDOWHQ KDWWH 6KHLODULFKWHWHVLFKZLHGHUDXIXQG%LOOKDOILKUGDEHLª-DLFK ELQRND\© 'HU5HSRUWHUZDUEHUXKLJW7URW]GHPKLHOWHU6KHLODQRFKIHVW (UIKOWHZLHVLH]LWWHUWH-HGHUYRQLKQHQVWDQGXQWHUHLQHP XQJHKHXUHQ6WUH 'HVWHURWUDWYRU8QGZLHGHUK|UWHQVLHVHLQ/DFKHQª*ODXEWLKU GHQQLP(UQVWGDLFKHXFKVRRKQHZHLWHUHVDQGHQ-XQJHQKHU DQODVVH"1HLQGDVVFKDIIHQXULFK©$OVZlUHEHUKDXSWQLFKWV JHZHVHQVFKULWWHUGXUFKGLHPDJLVFKH6SHUUHXQGEHWUDWGLH NUHLVUXQGH6FKHLEH -RKQQ\GUHKWHGHQ.RSIVWDUUWHHUVWDXQW]X'HVWHURKRFK(U EHJULIIQRFKQLFKWVRQGHUQVDKQXUZLHVLFKGHU+HQNHUEFNWH XQGPLWGHUEHKDQGVFKXKWHQ/LQNHQGHQ.OHLQHQKRFKKRE ª'DVHKWLKULKQ©JUROOWHHU (VZDUHLQVFKDXULJHV%LOGHLQH4XlOHUHLIUGLHHQWVHW]WHQ (OWHUQZLHGLHVHUVFKUHFNOLFKH'lPRQLQGHUUHFKWHQ+DQGVHLQ 6FKZHUWKLHOWXQGLQGHUOLQNHQGDV.LQG 1HLQGLHVHU+HQNHUNDQQWHNHLQ3DUGRQ -RKQQ\EHJDQQ]XZHLQHQ'LH/DXWHVFKQLWWHQGHQEHLGHQ (OWHUQGXUFKV+HU] %LOOZDUYRU:XWRKQPlFKWLJHP=RUQXQG(QWVHW]HQNDONZHL LP*HVLFKW(UKDWWHGLH+lQGH]X)lXVWHQJHEDOOWPDQFKPDO WDQ]WHQYRUVHLQHQ$XJHQURWH5LQJH 6KHLODZXQGHUWHVLFKVHOEVWGDVLHQRFKQLFKW]XVDPPHQJH EURFKHQZDU'LHVHV%LOGZDUVRVFKOLPPVRVFKDXULJGDHVEHU LKUHQRUPDOHQ.UlIWHJLQJ

6LHKDWWHQEHLGHRIWJHQXJPLW'lPRQHQ]XWXQ6FKOLHOLFKZDU 6KHLODV9DWHUDXIPDNDEUH:HLVHXPV/HEHQJHNRPPHQXQGZDU QDFKVHLQHP7RGQRFKHUZDFKW6LHZXWHQDOVRGDGLHVH:HVHQ NHLQHQ6SDPDFKWHQXQGNHLQ3DUGRQJDEHQ 'DZDUHQVLHHLVNDOW 6KHLODKDWWHQXU$QJVWGD'HVWHURLKUHQ6RKQIDOOHQOLH'DV WDWHUQLFKW(UEFNWHVLFKXQGVHW]WHGHQNOHLQHQ-RKQQ\ZLHGHU DXIGLH6WHLQSODWWH 'DQQYHUOLHHUVLH 9RUGHQEHLGHQGLFKWEHLHLQDQGHUVWHKHQGHQ(OWHUQEOLHEHU VWHKHQ0LWGHP'DXPHQGHXWHWHHUEHUGLH6FKXOWHUª$XI GLHVHU3ODWWH©YHUVSUDFKHUªZHUGHWDXFKLKUHXUHQ7RGILQGHQ 'XUFKPHLQ6FKZHUWVWLUEWQLFKWQXUGDV.LQGVRQGHUQDXFKGLH EHLGHQ(OWHUQ'HQNWLPPHUGDUDQ©(UGUHKWHVLFKKDOEª8QG MHW]WVWHOOWGHQ6DUJLQGHQ5DXPGDPLW$VPRGLQDLKQVHKHQ NDQQ© =XPHUVWHQPDOVHLWODQJHU=HLWHUZlKQWHHUGLHVHQ1DPHQ ZLHGHU%LOOKDWWHJHQDXKLQJHK|UW'LH7HXIHOVWRFKWHUZUGHDOVR DXFKQRFKHUVFKHLQHQ .HLQ:XQGHUGHQQZRVLFK'HVWHURDXIKLHOWGDZDUVLHPHLVW QLFKWZHLW ª.RPP6KHLOD©IOVWHUWHGHU5HSRUWHU (UEFNWHVLFKDOVHUVWHUEHYRUHUVHLQHU)UDXPLWHLQHP .RSIQLFNHQ]XYHUVWHKHQJDEGDVJOHLFKH]XWXQ 'HU6DUJPLWGHU!/HLFKHVWDQGQRFKKDOELP)OXU6KHLODXQG %LOOWUXJHQLKQLQGHQ:RKQUDXPGHUVRDXVVDKDOVZUGHGDV +DXVQRFKDXIGHU(UGHVWHKHQ %LVDXIGLHUXQGH6WHLQSODWWHKDWWHVLFKQLFKWVYHUlQGHUW 6LHVWHOOWHQGHQ6DUJQHEHQGLH3ODWWHDXIGHU-RKQQ\KRFNWH XQGVHLQHQ(OWHUQ]XVFKDXWH 6KHLODNRQQWHGHQ%OLFNQLFKWHUWUDJHQ6LHVWUHFNWHGHQ$UP DXVXPLKUHQ6RKQ]XEHUKUHQ]XFNWHDEHU]XUFNDOVLKUH )LQJHUJHJHQGDVXQVLFKWEDUHPDJLVFKH)HOGVWLHHQ 'DZDUNHLQ'XUFKNRPPHQ ª*LEHVDXI©IOVWHUWH%LOO 'HVWHURKDWWHGLH:RUWHWURW]GHPJHK|UWª-DGHLQ0DQQKDW UHFKWGXVFKDIIVWHVQLFKWGHQPDJLVFKHQ5LQJ]XGXUFKEUHFKHQ 'DVNDQQQLHPDQG©

9LHOOHLFKW-RKQ6LQFODLUGDFKWH%LOO(UKDWWHRIWDQVHLQHQ)UHXQG JHGDFKW -RKQKRFNWHQRFKLPPHULP.HOOHU:DIIHQORVDOOHLQJHODVVHQ :UGHHUPHUNHQZDVVLFKEHULKPDEVSLHOWH"8QGZHQQMDZDV NRQQWHHUXQWHUQHKPHQ" 'LHVH)UDJHTXlOWHGHQ5HSRUWHUHEHQIDOOV6LHEHZLHVDEHUDXFK GDHUPLWGHP/HEHQQRFKQLFKWDEJHVFKORVVHQKDWWH6RODQJH -RKQXQGHUQRFKH[LVWLHUWHQZDUQLFKWDOOHVYHUORUHQ 'DQQGDFKWHHUDQ$VPRGLQD:HQQVLHGLH/HLFKHVDKXQGIHVW VWHOOHQVROOWHGDPDQVLHUHLQJHOHJWKDWWH:LHZUGHVLHGDVDXI QHKPHQ":UGHVLHDOOH5HJLVWHU]LHKHQXQGGLH0HQVFKHQ VFKODJDUWLJYHUQLFKWHQ" 'DVZDUHQHUQVWH)UDJHQDQGLH%LOO&RQROO\PLW6FKDXGHUQ GDFKWH 'HVWHUR]HLJWHZLHGHUDXIGHQ5HSRUWHUª'XZLUVWVWHUEHQXQG QHEHQGHLQHP)UHXQG-RKQ6LQFODLUOLHJHQ'HQQGDV*UDELQGHU +|OOHZDUWHWQRFKDXIHXFK© %LOOK|UWHJDUQLFKWKLQ8QGDXFK6KHLODZDUDEJHOHQNW GHQQGLFKWQHEHQGHP)HQVWHUZRKLQWHUGHU6FKHLEHGLH 1HEHOZDOOWHQXQGVLFK]DKOUHLFKH8QJHWPHWXPPHOWHQ HUVFKLHQHLQH*HVWDOW (LQH)UDX 6LHKDWWHODQJHVURWHV+DDUGDVLKUZHLWELVEHUGLH6FKXOWHUQ IOR$XVGHUJODWWHQ6WLUQZXFKVHQ]ZHLJHNUPPWH7HXIHOV K|UQHU=ZLVFKHQGHQEHLGHQVFKDXNHOWHDQHLQHU.HWWHEHIHVWLJW HLQNOHLQHUJHOEHU7RWHQNRSI =ZHLVFKPDOH6FKDOVOLHIHQTXHUEHUGHQ2EHUN|USHUGHU)UDX XQGEHGHFNWHQGLH%UVWH$QGHQ$UPHQWUXJVLHJROGHQH5HLIHQ XQGGHU%OLFNDXVGHQ$XJHQZDUJUDXVDPXQGNDOW 6RVFKDXWHQXUHLQH $VPRGLQDGLH7RFKWHUGHV7HXIHOV hEHUPLUWDWVLFKHWZDV ,FKVDKHVQLFKWDEHULFKK|UWHHVXQGLFKLGHQWLIL]LHUWHDXFKGLH *HUlXVFKH6FKULWWHHLQH6WLPPHGLHEHIDKO 'HVWHUR 'HU'lPRQHQKHQNHUKDWWHZLHGHUGDV.RPPDQGREHUQRP

PHQ:DUDXFKQLFKWDQGHUV]XHUZDUWHQJHZHVHQ(UEHIDKOLQ GLHVHP5HLFK ,FKKDWWHGDV5LVLNRDXIPLFKJHQRPPHQXQGZDUELV]XU 7UHSSHYRUJHODXIHQ$QGHUXQWHUVWHQ6WXIHEOLHELFKVWHKHQXQG VSLW]WHGLH2KUHQ 1XQK|UWHLFKHVGHXWOLFKHU'LH6FKULWWHQlKHUWHQVLFKGHP :RKQUDXPVLHZDUHQDXFKQLFKWPHKUVROHLFKWVRQGHUQVFKZHU IlOOLJ ,PQlFKVWHQ$XJHQEOLFNYHUQDKPLFKHLQHQ6FKUHLXQGHWZDV SROWHUWH]X%RGHQ 8QZLOONUOLFK]XFNWHLFK]XVDPPHQ'DPLWKDWWHLFKZLUNOLFK QLFKWJHUHFKQHW:DUGDVVFKRQGDV(QGH"%UDFKWH'HVWHURPHLQH )UHXQGHYLHOOHLFKWMHW]WXP" $OOHLQGHU*HGDQNHGDUDQWULHEPLUGDV%OXWLQGHQ.RSI=ZHL 6HNXQGHQVSlWHUZDULFKZLHGHUEHUXKLJWGDK|UWHLFKGLH 6WLPPHQPHLQHU)UHXQGHREZRKOLFKQLFKWYHUVWDQGZDVVLH VDJWHQ 6LHJLQJHQPLW'HVWHUR 8QGLFKKRFNWHKLHUXQWHQ 3O|W]OLFKVWHOOWHVLFKPLUGLH)UDJHRELFKZLUNOLFKKLHUZHLWHU KLQVLW]HQEOHLEHQVROOWH:DUHVQLFKWEHVVHUZHQQLFKQDFKREHQ VFKOLFKXQG]XUHWWHQYHUVXFKWHZDVQRFK]XUHWWHQZDU" ,FKELQ]ZDUNHLQ0HQVFKYRQEHUHLOWHQ(QWVFKOVVHQDEHU ZHQQLFKPLFKHLQPDOGDPLWDEJHIXQGHQKDWWHGDQQIKUWHLFK HLQH$XIJDEHDXFKVRIRUWGXUFK .HLQODQJHV=|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lXPH

QLFKWQXUGLH:DVFKNFKHRGHUGHQ5DXPPLWGHUJURHQ 7LVFKWHQQLVSODWWHXQGGHQ)OLSSHU$SSDUDWHQ%LOOKDWWHKLHUDXFK VHLQ$UFKLYXQGHLQ]ZHLWHV$UEHLWV]LPPHUHLQJHULFKWHW 'DVEHWUDWLFK /LFKWZDJWHLFKQLFKWDQ]XVFKDOWHQDEHULFKVDKDXFKVRZDV ORVZDU 'UDXHQKDWWHVLFKGLH:HOWYHUlQGHUW 1RUPDOHUZHLVHKlWWHGXUFKGDV)HQVWHU7DJHVOLFKWIDOOHQ PVVHQLFKDEHUVDKQXUHLQYLROHWWURWHV*ORVHQXQG:DOOHQKLQWHU GHU6FKHLEHZDVPLUHQGJOWLJEHZLHVZRZLUVWHFNWHQ ,QHLQHUDQGHUHQ'LPHQVLRQLP3DQGlPRQLXP +LQWHUGHU7UVFKZHOOHEOLHELFKVWHKHQ,FKVDKQLFKWQXUGLH 1HEHOKLQWHUGHU6FKHLEHVRQGHUQDXFKGLHJUDXVDPHQ *HVFK|SIHGLHVLFKGDULQWXPPHOWHQXQGZRKOIKOWHQ 'lPRQHQZLGHUOLFKH.UHDWXUHQGLHGHQ0HQVFKHQRIWLQLKUHQ $OSWUlXPHQHUVFKLHQHQ ,FKVFKOXFNWHKDUW 'HU:HJQDFKGUDXHQZDUPLUYHUVSHUUW $QHLQH)OXFKWNRQQWHLFKQLFKWGHQNHQ1HLQ%LOO6KHLODXQG LFKPXWHQHVKLHULP+DXVDXVNlPSIHQ 2EZRKOPLFKGLH8PJHEXQJEHXQUXKLJWHEHWUDWLFKGRFKGHQ 5DXPXQGGXUFKVXFKWHLKQQDFK:DIIHQ ,FKIDQGYLHO $OWHV$UFKLYPDWHULDO%LOGElQGH,OOXVWULHUWH%HULFKWHEHU%LOOV 5HLVHQXQG$EHQWHXHUDEHUNHLQH:DIIHGLHLFKJHJHQ'lPRQHQ KlWWHHLQVHW]HQN|QQHQ (VKDOIDOOHVQLFKWVLFKPXWHGLHVFKZLHULJHUH0|JOLFKNHLWLQ .DXIQHKPHQXQG]XVHKHQGDLFKZLHGHUDQPHLQ.UHX]XQG PHLQH%HUHWWDJHODQJWH9LHOOHLFKWNDPLFKVRGLFKWDQ'HVWHUR KHUDQGDLFKLKQPLWGHP.UHX]]HUVW|UHQNRQQWH 'DVZlUHQDWUOLFKHLQHJXWH6DFKH,FKZDUGDYRQEHU]HXJW GDPHLQ.UHX]DXFK'HVWHURYHUQLFKWHWHGHQQVRJDUGHQ 6FKZDU]HQ7RGKDWWHHVJHVFKDIIW ,FKGUHKWHPLFKXPXQGZROOWHGHQ5DXPZLHGHUYHUODVVHQ 6FKRQYRUGHU6FKZHOOHVWLHJPLUGHU*HUXFKYRQ)lXOQLVXQG 9HUZHVXQJLQGLH1DVH,FKEOLHEVWHKHQXQG|IIQHWHZHLWGLH $XJHQEHYRULFKGLH/DPSHDQNQLSVWHXQGGHQIHLQHQ6WUDKODXI GLH7U]XZDQGHUQOLH

'RUWVWDQGHU(LQ*KRXO (UVWDQNVRZLGHUOLFK0RFKWHGHU7HXIHOZLVVHQZLHHUGHQ:HJ LQGLHVHV+DXVJHIXQGHQKDWWH:DKUVFKHLQOLFKVWDQGLUJHQGZR HLQ)HQVWHURIIHQ *HUDGH*KRXOVJHK|UHQ]XPHLQHQEHVRQGHUHQ/LHEOLQJHQ(V VLQGGLHHNOLJVWHQDOOHU'lPRQHQ(UVWYRUNXU]HPKDWWHLFKPLFK QRFK]XVDPPHQPLW.RPPLVVDU0DOOPDQQPLWLKQHQKHUXP JHVFKODJHQ $EHUGDKDWWHLFK:DIIHQ -HW]WQLFKW 'DVVFKLHQGHU*KRXO]XZLVVHQGHQQHUIUHXWHVLFKXPVRPHKU XQGPDFKWHGLHVDXFKGHXWOLFK 6HLQHSOXPSHVFKOHLPLJH*HVWDOWEHIDQGVLFKLQGDXHUQGHU %HZHJXQJ,QGLHVHQ'LPHQVLRQHQ]HLJWHQVLFK*KRXOVLPPHULQ LKUHQXUVSUQJOLFKHQ)RUPHQGDEUDXFKWHQVLHNHLQH5FNVLFKW DXI0HQVFKHQQHKPHQ,QGHUQRUPDOHQ:HOWXQGGDVKDWWHLFK GHV|IWHUHQHUOHEWYHUZDQGHOWHQVLHVLFK 'DNRQQWHQVLHVRJDUGLH*HVWDOWHLQHV0HQVFKHQDQQHKPHQ (LQ*HVLFKWNRQQWHLFKEHLGHP*KRXONDXPHUNHQQHQ$OOHV ZDEHUWHXQGYHUVFKZDPPDXFKLPPHUZLHGHUEHYRUHVVLFKQHX ELOGHWH 'LH)DUEHNRQQWHLFKQLFKWJHQDXHUNHQQHQQDKPMHGRFKDQ GDGHU*KRXOZLHVRRIWJHOEOLFKJUQVFKLPPHUWH (UEHZHJWHVLFKDXIPLFK]X ,FKGDFKWHGDUDQGLHgIIQXQJGXUFKGLHHUJHNRPPHQZDU]X VFKOLHHQGHQQLFKZROOWHQLFKWGDVLFKQRFKPHKU0RQVWHUYRQ GUDXHQLQGDV+DXVYHULUUWHQ 0LWHLQHUJHZHLKWHQ6LOEHUNXJHOKlWWHLFKLKQHUOHGLJHQN|QQHQ (VZlUHNHLQ3UREOHPJHZHVHQDEHULFKZDUZDIIHQORVXQG PHLQH&KDQFHQVDQNHQGHVKDOE 'HU*KRXODEHUIUHXWHVLFK(UVWLHGDEHLHLQ6FKOUIHQDXVGDV PLUHLQH*lQVHKDXWEHUGHQ5FNHQMDJWH=LHPOLFKVFKQHOO EHZHJWHHUVLFKDXIPLFK]X/DQJHZRKOZDULKPQLFKWVROFKHLQH VLFKHUH%HXWHEHUGHQ:HJJHODXIHQ,FKOLHLKPVHLQHQ6SD GRFKDOVHUVLFKODQJPDFKWHXQGHLQHQ$UPWHOHVNRSDUWLJDXVIXKU XPPLFK]XSDFNHQVSUDQJLFKPLWHLQHP6DW]DXIGHQDOWHQDXV UDQJLHUWHQ6FKUHLEWLVFKXQGGHU*KRXOJULIILQV/HHUH 0LWHLQHPZHLWHQ6SUXQJVHW]WHLFKEHUGHQ*KRXOKLQZHJ

XQGODQGHWHGLFKWYRUGHU7U(LQHQ$WHP]XJVSlWHUKDWWHLFK GHQ.HOOHUUDXPYHUODVVHQXQGZDQGWHPLFKQDFKOLQNVZRGHU *DQJZHLWHUOLHIXQGVLFKQRFKZHLWHUH5lXPHEHIDQGHQ (LQH7UVWDQGRIIHQ%LOOKDWWHVLHJUQJHVWULFKHQZHLOVLFK GDKLQWHUGLH*DUWHQJHUlWHEHIDQGHQ ,FKKXVFKWHLQGHQ5DXPXQGVDKGDVRIIHQH)HQVWHU 'RUWZDUGHU*KRXODOVRGXUFKGLHVFKUlJHgIIQXQJJHVFKOSIW (UKDWWHHVQLFKWPHKUDXVKDOWHQN|QQHQVHLQH*LHUZDUXQHUVlWW OLFKJHZHVHQXQGGHVKDOEKDWWHHUGLHVHQ:HJGXUFKGHQVFKPD OHQ)HQVWHUVSDOWJHZlKOW $QGHUH.UHDWXUHQZDUHQ]XP*OFNQLFKWLQGDV+DXVJHODQJW 8PHLQHPZHLWHUHQ(LQGULQJHQYRU]XEHXJHQVFKORLFKGDV )HQVWHU,P5DXPZDUHVKHOOJHQXJXPGLHKLHUDXIEHZDKUWHQ *HJHQVWlQGHHUNHQQHQ]XN|QQHQ 'DVWDQGGHU5DVHQPlKHUQHEHQGHP6DDWJXWLFKVDK+DUNHQ 6SDWHQ6FKDXIHOQHLQHQODQJHQ:DVVHUVFKODXFKXQGQRFKYLHOHU OHLGDVPDQIUGLH.XOWLYLHUXQJHLQHV*DUWHQVYRQGHU*U|H ZLHLKQGLH&RQROO\VEHVDHQEHQ|WLJW )DVWDOOH*HUlWHOLHHQVLFKDXFKDOV:DIIHEHQXW]HQ ,FKHQWVFKLHGPLFKIUHLQH0LVWRGHUDXFK/DXEJDEHO'LH =LQNHQJOlQ]WHQLQGHUXQWHUHQ+lOIWHVRVHKUZDUHQVLHEHUHLWV DEJHVFKDEW ,FKURFKGHQ*KRXO 'LUHNWQHEHQGHU7UEDXWHLFKPLFKDXIXQGKLHOWGLH*DEHO VWREHUHLWLQGHU+DQG 'HU*KRXONDPQlKHUVHLQ*HUXFKZXUGHLQWHQVLYHU 'DQQVFKRELFKGDVVFKOHLPLJH:HVHQGXUFKGLHgIIQXQJXQG LFKK|UWHGDV6FKOUIHQXQG6FKPDW]HQGDVHVYRQVLFKJDEZHLO HVVHKUHUUHJWZDU 'HU*KRXOVDKPLFKQRFKQLFKW ,FKOLHLKQSDVVLHUHQXQGKDQGHOWHGDQQ :XFKWLJVWLHLFKGLH=LQNHQGHU*DEHOLQGLHTXDOOLJH0DVVH ,FKK|UWHHLQHQEHUUDVFKWNOLQJHQGHQTXLHNHQGHQ/DXWXQG ZXFKWHWHGLH*DEHOKRFK 'HU*KRXO]DSSHOWHDQGHQ=LQNHQ+LPPHOLFKKlWWHQLFKW JHGDFKWGDHUVRVFKZHUZDU'LFNH7URSIHQILHOHQYRQVHLQHP .|USHUXQGNODWVFKWHQ]X%RGHQ ,FKZXFKWHWHLKQKRFK

'HU*KRXONUHLVFKWH8QGYHUGDPPWQRFKPDOHVZDU0XVLNLQ PHLQHQ2KUHQ'LHVHV8QWLHUPXWHYHUQLFKWHWZHUGHQEHYRUHV 0HQVFKHQDQILHO ,FKGUHKWHPLFKKDOEXPGLHHLJHQH$FKVH'XUFKGLHVHQ 6FKZXQJUXWVFKWHGHU*KRXOYRQGHU*DEHO 9ROONODWVFKWHHUJHJHQGLH.HOOHUZDQG ,PHUVWHQ0RPHQWVDKHVDXVDOVZROOWHHUVLFKGDUDQIHVWKDOWHQ GRFKHUIDQGQLFKWVZRQDFKHUJUHLIHQNRQQWH:LHHLQGLFNHU 6FKOHLPUXWVFKWHGHUZLGHUOLFKH'lPRQDQGHU:DQGHQWODQJ]X %RGHQXQGEOLHEGRUWOLHJHQ 7RWZDUHUQLFKW'LH=LQNHQKDWWHQ]ZDU/|FKHUJHULVVHQDEHU GLHVFKORVVHQVLFKVHKUUDVFKZLHGHUVRGDPDQGDYRQQLFKWV PHKUVHKHQNRQQWH 'DVZlUHJHVFKDIIW ,FKYHUOLHGHQ.HOOHUXQG]RJGLH7UKLQWHUPLU]X(LQHQ 6FKOVVHOIDQGLFKDXFKXQGGUHKWHLKQKHUXP-HW]WZUGHHVGHU *KRXOVFKZHUKDEHQGHQ.HOOHU]XYHUODVVHQGRFKZLHLFKLKQ NDQQWHVFKDIIWHHUDXFKGDV7UXQG%RGHQVFKORVVHQQlPOLFK QLFKWIXJHQGLFKW9LHOOHLFKWTXlOWHVLFKGHU*KRXOGXUFKGLHVHQ =ZLVFKHQUDXP ,FKKDWWHHLQLJHVDQ=HLWYHUORUHQ0HLQH*HGDQNHQNUHLVWHQXP 6KHLODXQG%LOO:LHPRFKWHHVGHQEHLGHQLQ]ZLVFKHQHUJDQJHQ VHLQ" /HEWHQVLHQRFKKDWWHQVLHDOOHVEHUVWDQGHQ" 8QGZLHUHDJLHUWH'HVWHURZHQQLFKDXIWDXFKWH" $OOHV)UDJHQDXIGLHPLUGLHQlFKVWHQ0LQXWHQHLQH$QWZRUW JHEHQVROOWHQ 'LHVPDOOLHILFKVFKQHOOHUDXIGLH7UHSSH]X$OOHUGLQJVEH PKWHLFKPLFKVRZHQLJ*HUlXVFKHZLHP|JOLFK]XYHUXUVDFKHQ +DOOHQGH6FKULWWHZXUGHQREHQEHVWLPPWJHK|UW 'LH6WXIHQQDKPLFKDXI=HKHQVSLW]HQ'DQQVWDQGLFKYRUGHU .HOOHUWU 0HLQH*HGDQNHQZDQGHUWHQLQHLQHDQGHUH5LFKWXQJ +LPPHOZLHRIWZDULFKGLHVHQ:HJVFKRQJHJDQJHQKDWWH%LHU XQG6HNWUDXIJHKROWDEHUGDZDUDOOHVVRY|OOLJQRUPDOJHZHVHQ GDVDPDQREHQLP:RKQ]LPPHUEHLVDPPHQWUDQNHWZDV ODFKWHIHLHUWH $XFKGLHVPDOEHIDQGLFKPLFKLP+DXVGHU&RQROO\V$EHU

MHW]WZDUDOOHVDQGHUV(LQVFKOLPPHV6FKLFNVDOKDWWHXQVLQHLQH IUHPGH'LPHQVLRQJHVFKOHXGHUWLQGDV3DQGlPRQLXPZR +HXOHQXQG=lKQHNQLUVFKHQEHKHLPDWHWZDUHQ 6FKOLPPGDUDQ]XGHQNHQGDPDQXQWHU8PVWlQGHQEHU KDXSWQLFKWPHKU]XUFNNDP ,FKVFKWWHOWHGLHWUEHQ*HGDQNHQDEOHJWHPHLQH+DQGDXI GLH.OLQNHXQG|IIQHWHYRUVLFKWLJGLH.HOOHUWU =XP*OFNZDUHQGLH7UDQJHOQJXWJH|OW1DKH]XODXWORV VFKZDQJVLHDXI ,FKEHIDQGPLFKDPDQGHUHQ(QGHGHVODQJHQ*DQJVXQGZDUI HUVWHLQPDOHLQHQ%OLFNGXUFKGHQ7UVSDOW $OOHVOHHU 1LFKWHLQHQ=LSIHONRQQWHLFKYRQ%LOOXQG6KHLODVHKHQ *QVWLJHUKlWWHLFKHVJDUQLFKWWUHIIHQN|QQHQ$EHUPDOV KXVFKWHLFKDXI=HKHQVSLW]HQZHLWHUXQGHUUHLFKWHVFKRQEDOGGLH 7UGHV$UEHLWV]LPPHUV 2EZRKOLFKDXIGHP*DQJ]LHPOLFKGHFNXQJVXQGZDIIHQORV VWDQGOHJWHLFKHUVWHLQ2KUJHJHQGLH7UXQGODXVFKWH'ULQQHQ WDWVLFKQLFKWV,FKK|UWHNHLQH6WLPPHQULVNLHUWHHVXQG|IIQHWH GLH7U (LQHQ/LGVFKODJVSlWHUVWDQGLFKLP=LPPHU (VZDUOHHU 'DVKHLWGLH0|EHOVWDQGHQQRFKGRUWDEHUGHQ6DUJVDKLFK QLFKWPHKU 'DVZDUZLUNOLFKHLQ+DPPHU $EHUZHU]XP+HQNHUKDWWHLKQZHJJHVFKDIIW"8QGZDUXP YRUDOOHQ'LQJHQ" ,P0RPHQWZDUGLH)UDJHXQZLFKWLJGHQQLFKKDWWHHWZDV DQGHUHVHQWGHFNW 'HQ6DUJKDWWHLUJHQGMHPDQGPLWJHQRPPHQDEHUPHLQH %HUHWWDXQGDXFKGDV.UHX]ODJHQQRFKDQLKUHP3ODW]'LHEHLGHQ ZLFKWLJHQ'LQJHZDUHQYHUJHVVHQZRUGHQ =XPHUVWHQPDOVHLWODQJHU=HLWNRQQWHLFKZLHGHUOlFKHOQ,FK KlQJWHPLUGLH.HWWHXPGHQ+DOVXQGIKOWHGLHEHUXKLJHQGH 6FKZHUHGHV.UHX]HV -HW]WJLQJHVPLUZLHGHUEHVVHU 'LH%HUHWWDVWHFNWHLFK]XUFNLQV+ROVWHU1RFKHLQVFKQHOOHU %OLFNDOOHVZDUNODULFKNRQQWHEHUXKLJWGHQ5DXPYHUODVVHQ

.DXPKDWWHLFKGLH7UDXIJHVWRHQDOVLFK6WLPPHQK|UWH 6LHNODQJHQGRUWDXIZRGHU:RKQUDXPODJ$OVRPXWHQVLFK PHLQH)UHXQGHGDDXIKDOWHQ$EHUQLFKWQXUVLHGHQQDXFKHLQH ]ZHLWHZHLEOLFKH6WLPPHYHUQDKPLFK 6LHJHK|UWH$VPRGLQD 6KHLODXQG%LOO]XFNWHQXQWHUGHPHUEDUPXQJVORVHQ%OLFNGHU 7HXIHOVWRFKWHU]XVDPPHQ1RFKQLHLQLKUHP/HEHQKDWWHQVLH VROFKJQDGHQORVHXQGNDOWH$XJHQJHVHKHQ6LHKDWWHQGDV*HIKO ELVDXIGHQ*UXQGLKUHU6HHOHGXUFKOHXFKWHW]XZHUGHQ 'LHVH)UDXVWUDKOWHHLQH.lOWHXQG*UDXVDPNHLWDXVGLHVFKRQ EDOGN|USHUOLFKIKOEDUZDUXQGGLUHNWZHKWDW 8QZLOONUOLFKWDVWHWH6KHLODQDFK%LOOV+DQG6LHVXFKWH6FKXW] GHU$QEOLFNKDWWHVLH]XWLHIVWJHWURIIHQ 'DVDOVRZDUVLHGLH7RFKWHUGHV6DWDQVGHUDXFK'U7RGXQG GLH0RUGOLJDJHKRUFKWHQ 6KHLODIKOWHVLFKSO|W]OLFKVRZLQ]LJVRYHUORUHQXQGNOHLQ6LH PHUNWHZHOFKHLQH0DFKWYRQGLHVHU)UDXPLWGHQODQJHQURWHQ +DDUHQDXVJLQJXQGVLHNRQQWHVLFKJXWYRUVWHOOHQGDGLH .UHDWXUHQGHU+|OOHYRULKUGLHQHUWHQ :LHDXFK'HVWHUR (UGHXWHWHHLQHOLQNLVFKH9HUEHXJXQJDQXQGVSUDFK]XLKU ª:LHGXHVEHIRKOHQKDVW+HUULQ'DLVWGLH/HLFKHGHV0DQQHV GHQGXVRKDW-RKQ6LQFODLULVWWRW© 'LHOHW]WHQ:RUWHVSUDFK 'HVWHURPLWHLQHUJHZDOWLJHQ*HQXJWXXQJ $VPRGLQDWDWDOVKlWWHVLHGLH6lW]HNDXP]XU.HQQWQLVJHQRP PHQ6LHVWDUUWHQXU%LOOXQG6KHLODDQ 'HU5HSRUWHUEHNDPIHXFKWH+lQGH(LQ=HLFKHQZHOFKHLQH $QJVWHUKDWWH:HQQHUGDUDQGDFKWHGDDOOHVDXIHLQHP%OXII DXIJHEDXWZDUXQGGLHVH'lPRQLQGDV6SLHOGXUFKVFKDXWHGDQQ %LOOGDFKWHQLFKWPHKUZHLWHUHUKlWWHVLFKDPOLHEVWHQLQHLQ 0DXVHORFKYHUNURFKHQ $EHUYLHOOHLFKWZXWHVLHVFKRQDOOHV8QWHU8PVWlQGHQVSLHOWH VLHQXUPLWLKQHQ =ZHL6FKULWWHYRU6KHLODXQG%LOOEOLHEVLHVWHKHQ'HQ6DUJXQG DXFK-RKQQ\EHGDFKWHVLHPLWNHLQHP%OLFN(UVFKLHQVLHEHU KDXSWQLFKW]XLQWHUHVVLHUHQ

%LOOPXWHVLFKEHKHUUVFKHQXPQLFKWODXWPLWGHQ=lKQHQ]X NODSSHUQRGHU]X]LWWHUQ6RJURZDUHQVHLQH$QJVWXQGVHLQH %HIUFKWXQJHQJHZRUGHQ ª'LH&RQROO\V©VDJWH$VPRGLQD,KUH/LSSHQYHU]RJHQVLFK GDEHLª-RKQ6LQFODLUV)UHXQGH:LHVFK|QGDLFKHXFKDOOHLQ PHLQHP5HLFKEHJUHQNDQQ© %LOOEHUVSUDQJVHLQHQHLJHQHQ6FKDWWHQDOVHUVDJWHª-DZLU VLQG6LQFODLUV)UHXQGHXQGHULVWWRW,FKKDEHLKQXPJHEUDFKW© ª1DXQG"© ª'DQQZHLWGXDXFKGDGXHVMHW]WELVWGLHVLFKDQGHQ]ZHL WHQ7HLOGHU$EPDFKXQJKDOWHQPX© ª$QZHOFKHQ]ZHLWHQ7HLO"© ª7XGRFKQLFKWVR©]LVFKWH%LOO ª1HLQLFKZHLYRQQLFKWV2GHUKDEHQZLUEHLGHPLWHLQDQGHU JHUHGHW",FKNDQQPLFKQLFKWHULQQHUQ© ª0LW'HVWHURKDEHQZLUJHVSURFKHQ© $VPRGLQDZDQGWHLKUHQ.RSIª'DVLVWHWZDVDQGHUHV'DQQ PX'HVWHURDXFKGLHZHLWHUHQ9HUKDQGOXQJHQIKUHQ:HQGH GLFKDQLKQ%LOO&RQROO\)UDJHLKQREHUEHUHLWLVWDXIGHLQH :QVFKHHLQ]XJHKHQ:HQQMDGDQQLVWHVJXW:HQQQHLQNDQQ LFKQLFKWVGDUDQlQGHUQ'HVWHURKDWDXFKVHLQHQ6WRO]© 'DVZDUNODUJHQXJJHVDJWZRUGHQ'LH7HXIHOVWRFKWHUKDWWH GHP+HQNHUGHQ6FKZDU]HQ3HWHU]XJHVFKREHQ%LOONRQQWHQXQ PLWLKPYHUKDQGHOQ $EHUGHVVHQ$QWZRUWNDQQWHHU 7URW]GHPXQWHUQDKPHUQRFKHLQHQ9HUVXFKª:DVLVW'HVWHUR" +lOWVWGXGLFKDQXQVHUH$EPDFKXQJXQGZLUVWGXPHLQHQ6RKQ IUHLJHEHQGHQQLFKKDEH-RKQ6LQFODLUJHW|WHW© 'HVWHURVFKWWHOWHGHQ.RSIª1HLQ©JUROOWHHUGDQQXQWHUVHL QHU0DVNHª,KUZHUGHWDOOHVWHUEHQ8QGGDVLVWDXFKLP6LQQH $VPRGLQDVGHQQLKUKDEWXQVVFKRQ]XYLHO6FKDGHQ]XJHIJW -RKQ6LQFODLULVWWRWLKUZHUGHWLKPIROJHQ© ª%LVWGXVLFKHUGDGLHVHU*HLVWHUMlJHUQLFKWPHKUOHEW"©IUDJWH GLH7HXIHOVWRFKWHU ª-DGHQQGDOLHJWHU©'HVWHURGHXWHWHDXIGHQRIIHQHQ6DUJ ª1DWUOLFKGDOLHJWHU©ZLHGHUKROWH$VPRGLQDVS|WWLVFK6LH EOLHEGLFKWYRUGHP6DUJVWHKHQXQGEFNWHVLFK 6KHLODXQG%LOOZDUIHQVLFKHLQHQUDVFKHQ%OLFN]X

-HGHUYRQLKQHQGDFKWHGDVJOHLFKH-HW]WLVWHVDXV ª(LQVHKUVFK|QHU7RWHU©PXUPHOWH$VPRGLQDªHLQHZLUNOLFK DXHUJHZ|KQOLFKH/HLFKH©6LHQLFNWHDQHUNHQQHQGª)DQWDVWLVFK ,FKKlWWHPLFKDXFKJHIUHXWQXU©6LHULFKWHWHVLFKZLHGHUDXI XQGVFKDXWHGLH&RQROO\VDQª+DEHQ6LHPLUHLJHQWOLFKQLFKWV ]XVDJHQ"© %LOOSUHWHGLH/LSSHQ]XVDPPHQ6KHLODEOLFNWH]X%RGHQ .HLQHUJDEHLQH$QWZRUW 8QG$VPRGLQDIXKUPLWlW]HQGHU6WLPPHIRUWª:LUNOLFKHLQ VFK|QHV6WFN$UEHLW-RKQ6LQFODLUOLHJWKLHUHUVLHKWJXWDXVIDVW ]XJXWIUPHLQHQ*HVFKPDFN© $VPRGLQDYHUVWDQGHVVLFKSUlFKWLJDXIGLH0HQVFKHQHLQ]X VWHOOHQ'HVKDOEUHGHWHVLHDXFKVRKlPLVFKXQGEHUOHJHQ ª'HVWHURLVWHLQ9ROOLGLRWGHUQLFKWGHQNHQNDQQ,KQNRQQWHW LKUWlXVFKHQPLFKQLFKW1LHPDOVLP/HEHQKDVWGXGHLQHQ )UHXQG-RKQ6LQFODLUHUVFKRVVHQ©SHLWVFKWHGLH6WLPPHGHU 7HXIHOVWRFKWHUXQGIXKU%LOO&RQROO\ZLHHLQ(LVKDXFKLQV*HVLFKW ª'LHVHU0HQVFKLP6DUJLVWQLHXQGQLPPHUGHU*HLVWHUMlJHU-RKQ 6LQFODLU© +DUWH:RUWHGLHLKUH:LUNXQJQLFKWYHUIHKOWHQ 'HVWHUR]XFNWH]XVDPPHQ(UZDUDOVHLQ]LJHUEHUUDVFKW 6KHLODXQG%LOOKDWWHQVFKRQ]XYRUHUNDQQWZDVDXIVLHEHLGH ]XNDP ª:DVVDJVWGXGD"©IUDJWHHU ª'DVLVWQLFKW-RKQ6LQFODLU© 'HVWHURVWDQGHLQLJH6HNXQGHQUHJORVGDª:RKHUZLOOVWGXGDV ZLVVHQ"© ª:HLOLFKHVVHKH© ª$EHU© $VPRGLQDVFKQLWWLKUHP3DODGLQPLWHLQHUNQDSSHQ+DQG EHZHJXQJGDV:RUWDEª.HLQ$EHU'HVWHUR'XKDVWGLFKUHLQ OHJHQODVVHQ0DQKDWGLFKJHQDUUW6HLQXUIURKGDHVPLU HLQJHIDOOHQLVWGLHVHV+DXVLQHLQHVPHLQHU5HLFKH]XVFKDIIHQGX KlWWHVWYHUVDJW© ª:HQQHVQLFKW-RKQ6LQFODLULVWEULQJHLFKDOOHGUHLXP8QG GDV.LQG]XHUVW©

$VPRGLQDODFKWHZlKUHQG6KHLODXQG%LOO]XVDPPHQ]XFNWHQ ª*LEPLUGHLQ6FKZHUW©YHUODQJWHGLH7HXIHOVWRFKWHU ª:LOOVWGXVLHW|WHQ"© ª*LEVFKRQKHU© 'HVWHUR]RJGLH.OLQJHDXVGHU6FKHLGHXQGEHUUHLFKWHVLH VHLQHU+HUULQ )UHLQHQ0RPHQWVWUHFNWH$VPRGLQDGHQ$UPDXVXQGOLHGLH .OLQJH]ZLVFKHQ6KHLODXQG%LOOSHQGHOQ(VVDKDXFKDXVDOV ZROOWHVLH]XVWRHQGDQQMHGRFKEHUOHJWHVLHHVVLFKDQGHUVXQG VDJWH]XLKUHP'LHQHUª*LEJHQDXDFKWZDVLFKMHW]WPDFKH 'DQQVDJHPLUPDOZDVGXYRQVROFKHLQHU/HLFKHKlOWVW© $VPRGLQDKLHOWGDV6FKZHUWPLWEHLGHQ+lQGHQXPNODPPHUW XQGKREHVEHULKUHQ.RSI 'DQQVFKOXJVLH]X 6KHLOD]XFNWH]XVDPPHQDOVGLH.OLQJHQDFKXQWHQIXKUXQGLQ GLH!/HLFKHKDFNWH 'HUHLQH6FKODJUHLFKWH'LH.OLQJHZDUVRVFKDUIGDVLHGLH !/HLFKHLQ]ZHL+lOIWHQWHLOWH6LHVSDOWHWHGLH:DFKVILJXUYRQ REHQQDFKXQWHQIHW]WHVLHDXI ª8QG"©VFKULH$VPRGLQDª6LHKVWGX%OXW'HVWHUR"6LHKVWGX HLQHQ7URSIHQ%OXW"©6LHODFKWHJHOOHQGª1LFKWVVLHKVWGXQLFKWV 'LHKDEHQGLFKUHLQJHOHJW'DVKLHULVWQLFKW-RKQ6LQFODLUGDVLVW HLQHYHUGDPPWH3XSSHGLHPDQXQVXQWHUVFKLHEHQZROOWHPHKU QLFKW© $VPRGLQDZHFKVHOWHGDV6FKZHUWLQGLHOLQNH+DQGXQGJULII PLWGHU5HFKWHQLQGHQ6DUJZREHLVLHHLQH+lOIWHGHU:DFKVILJXU DXVGHU7RWHQNLVWHKROWHKRFKKREVLHHLQPDOXPLKUHQ.RSI VFKZHQNWHXQGVLHGDQQYROOHU:XWJHJHQHLQHQDOWHQ6FKUDQN VFKOHXGHUWHGHVVHQ7UXQWHUGHP$XISUDOOHUEHEWHXQGHU ]LWWHUWH 'HVWHURGHU'lPRQHUNHUNHUVWLHHLQHQ/DXWDXVGHUNDXP ]XEHVFKUHLEHQZDU(UZXUGHWLHILQVHLQHP,QQHUQJHERUHQZDU ZLHGDV*UROOHQHLQHV'RQQHUVGDQQZDQGWHHUVLFKGHQEHLGHQ &RQROO\V]XXQG|IIQHWHVHLQH+lQGH (UZROOWHVLHPLWGHQEORHQ)LQJHUQHUZUJHQ %OLW]VFKQHOOVWHOOWHVLFK%LOOYRUVHLQH)UDXXQGKREGLH)lXVWH ,PVHOEHQ0RPHQWILQJGHUNOHLQH-RKQQ\DQ]XZHLQHQXQG $VPRGLQDULHIª6FKOXODLKQ©

'HVWHURV+lQGHVDQNHQKHUDE6SUXQJEHUHLWEOLHEHUVWHKHQ ª'XEHNRPPVWQRFKGHLQHQ6SD©YHUVSUDFKGLH7HXIHOV WRFKWHUª'DVYHUVSUHFKHLFKGLUDEHUHUVWHLQPDOKDEHLFKHLQSDDU )UDJHQDQGLHVHEHLGHQ2EHUVFKODXHQKLHU©,KUH$XJHQYHUHQJWHQ VLFKQRFKPHKUGLH6WLPPHVFKLHQJDQ]WLHIDXVGHU.HKOH]X GULQJHQDOVVLHVDJWHª%LVKHUZDUYLHOHVQXU6SD,KUKDEWHXUHQ 6SDJHKDEWXQGZLUDXFK'RFKQXQZLUGHVHUQVW'DLKUKLHU QLFKWPHKUOHEHQGZHJNRPPWVWHKWIHVW'RFKHVOLHJWDQHXFKRE LKUXQGHXHU6RKQHLQHQJQlGLJHQ7RGKDEWRGHUQLFKW'HVKDOE IUDJHLFKHXFKHLQV:RLVW-RKQ6LQFODLU"© 6LHKDWWHGLH)UDJHJHVWHOOW 6KHLODXQG%LOOZXWHQEHLGHGDVRHWZDVDXIVLH]XNRPPHQ ZUGH8QDEKlQJLJYRQHLQDQGHUKDWWHQVLHEHUOHJWZLHVLHVLFK DXVGHU$IIlUH]LHKHQNRQQWHQGRFKVLHZDUHQ]XNHLQHP (UJHEQLVJHODQJW,KUH+LUQHVFKLHQHQHLQJHURVWHW]XVHLQGHU 'HQNDSSDUDWZDUY|OOLJGXUFKHLQDQGHUHLQHQNODUHQORJLVFKHQ *HGDQNHQNRQQWHQVLHNDXPIDVVHQ'DIUZDUGLH6LWXDWLRQ]X VFKUHFNOLFK 8QGGRFK]|JHUWHQVLHPLWGHU$QWZRUW 6KHLODEHJDQQ]XVFKOXFK]HQ%LOOPHUNWHZLHLKPGHU6FKZHL DXVDOOHQ3RUHQEUDFK(UGDFKWHDQGDV9HUVSUHFKHQGDVHU-RKQ 6LQFODLUJHJHEHQKDWWH:HQQHULKQMHW]WKHUHLQULGDQQZDUDOOHV DXV'DQQVWDUEDXFK-RKQ ª1XQ"© %LOO|IIQHWHGHQ0XQGIRUPXOLHUWHGLH:RUWHXQGVLHILHOHQLKP YHUGDPPWVFKZHU ª,FKLFKZHLHVQLFKW© $VPRGLQDKREQXUGLHGQQHQ$XJHQEUDXHQDQVRQVWHQ]HLJWH VLFKDXILKUHP*HVLFKWNHLQH5HDNWLRQª'XZHLWHVQLFKW"©K|KQ WHVLH ª1HLQ© ª9LHOOHLFKWGHLQH)UDX©6LHVFKRE%LOO]XU6HLWHGDPLWVLH6KHLOD DQVFKDXHQNRQQWHª6DJGXHV© 6KHLODVFKWWHOWHGHQ.RSI ª'XZHLWHVDXFKQLFKW"© ª1HLQ©

ª2GHUGRFK"© ª1HLQLFKKDEHNHLQH$KQXQJZRVLFK-RKQ6LQFODLUDXIKlOW :LUNOLFKQLFKW© %LOOIUDJWHVLFKZLHVHLQH)UDXGLHVHU1HUYHQEHODVWXQJEHU KDXSWQRFKVWDQGKLHOW%HLGHZXWHQVLHMDZR-RKQVWHFNWHDEHU VLHORJHQ$VPRGLQDHWZDVYRU ª'DKDEHLFKZRKO3HFKJHKDEW©VDJWHGLH7HXIHOVWRFKWHU ª:LUNOLFKLKUZLWHVQLFKW$EHUHVN|QQWHGRFKVHLQGDHVHXFK ZLHGHUHLQIlOOWRGHUQLFKW"© 6KHLODXQG%LOOVFKWWHOWHQGLH.|SIH ª$OVRQLFKW"+P©$VPRGLQDEHUOHJWHZHQLJVWHQVWDWVLHVR $EHU%LOOJODXEWHJDQ]VLFKHUGDGLH7HXIHOVWRFKWHUKLHUQXUHLQH JURH6FKDXDE]RJ6LHKLHOWEHVWLPPWQRFKHLQLJH.DUWHQLQGHU +LQWHUKDQG%LOOVROOWHVLFKQLFKWJHWlXVFKWKDEHQ ª,KUZLWHVDOVRQLFKW'DQQPWH'HVWHURHXHU*HGlFKWQLV HLQZHQLJDXIIULVFKHQ©6LHZDQGWHVLFKQDFKGLHVHQ:RUWHQUXFN DUWLJXPXQGGHXWHWHDXIGHQNOHLQHQ-RKQQ\ª3DFNLKQGLUXQG VFKODJHLKPGHQ.RSIDE© 6XNRXQGVHLQH)UHXQGLQ6KDRVWDQGHQQRFKLPPHUDXIGHP *UXQGVWFN6LHKLHOWHQVLFKGRUWDXIZRYRUZHQLJHQ0LQXWHQ QRFKHLQ+DXVJHVWDQGHQKDWWH -HW]WZDUHVYHUVFKZXQGHQ 8QEHJUHLIOLFK 1LHPDQGYRQLKQHQVSUDFKHLQ:RUW-HGHUPXWHGLH7DWVDFKH HUVWHLQPDOYHUGDXHQ$QGHQ*HVLFKWHUQGHUEHLGHQVDKPDQZLH UDWORV6KDRXQG6XNRZDUHQ ª:DVVROOHQZLUWXQ"©IUDJWHGLH&KLQHVLQ 6XNRKREQXUGLH6FKXOWHUQ'DQQEHJDQQHUGLH)OlFKHDE]X JHKHQZR]XYRUGDV+DXVJHVWDQGHQKDWWH(UVFKULWWJHQDXGLH 0DHDEZR]XYRUGHU.HOOHUJHZHVHQZDU $XFKKLHUZDUQLFKWV]XVHKHQ (LQIDFKZHJYHUVFKZXQGHQ0DQVDKNHLQH/HLWXQJHQPHKU NHLQH0DXHUQNHLQ)XQGDPHQWGLH6FKZDU]H0DJLHKDWWHHV P|JOLFKJHPDFKW(LQHVFKOLPPH7DWVDFKH $OVHUZLHGHU]X6KDR]XUFNNHKUWHGDZDUHUJHQDXVRVFKODX ZLH]XYRU

ª2EZLU6LU-DPHVLQIRUPLHUHQ"©IUDJWHGLH&KLQHVLQ ª-DGDVZHUGHQZLU©HUZLGHUWH6XNRª1XUZLUGHUXQVDXFK QLFKWKHOIHQN|QQHQ© ª:HUGDQQ"© 'LH)UDJHZDUJXWXQG6XNRKDWWHZlKUHQGVHLQHV*DQJVDXFK VFKRQGDUEHUQDFKJHGDFKWª(VJlEHXQWHU8PVWlQGHQMHPDQ GHQGHUGDVN|QQWH©PXUPHOWHHU ª8QG"© 6XNRGUHKWHVLFKXPXQGVFKDXWH6KDRDQª0\[LQ© 6KDRQLFNWHVRIRUWª-DGDVVWLPPW©'DQQZXUGHLKU*HVLFKW HUQVWª$EHUZHLWGXZRHUVLFKDXIKlOW"© ª1HLQGDVLVWMDGDV6FKOLPPH$OV&KPDOHUOHGLJWZXUGHYHU VFKZDQGHUZLHGHUYRQGHU%LOGIOlFKH(UZLUGVLFKPLW.DUDZHL WHUKLQDXIGHU6XFKHQDFKGHQhEHUUHVWHQGHUYHUVXQNHQHQ6WDGW $WODQWLVEHJHEHQ(VJLEWDXFKNHLQH0|JOLFKNHLWLKQDQ]XUXIHQ© ª9LHOOHLFKWPHUNWHUHVYRQDOOHLQ© ª'DVJODXEHLFKQLFKW'LHVH6DFKHKLHUKDWQLFKWVPLW$WODQWLV ]XWXQ$XHUGHPNDQQ0\[LQQLFKWEHUDOOVHLQ1HLQZLU VWHKHQYRUHLQHP5lWVHOGDPLWPVVHQZLUXQVDEILQGHQ© 'LHEHLGHQVFKZLHJHQ 0LWWOHUZHLOHZDUHVKHOOJHZRUGHQ(LQSDDU9|JHO]ZLWVFKHU WHQ6LH]RJHQLKUH.UHLVHGXUFKGLHNODUH:LQWHUOXIWXQGKSIWHQ YRQ%DXP]X%DXP6XNRGHUGLHNOHLQHQ7LHUHEHREDFKWHWHILHO DXIGDVLHGHQ3ODW]ZRGHU%XQJDORZJHVWDQGHQKDWWHQLH EHUIORJHQ6LHJOLWWHQLPPHUGDUDQYRUEHL 'DVPDFKWH6XNRQDFKGHQNOLFKXQGHUVSUDFKGDUEHUPLW VHLQHU)UHXQGLQ ª.DQQVWGXGLUGHQ*UXQGGHQNHQ"©IUDJWH6KDR 6XNRZLHJWHGHQ.RSIª8QWHU8PVWlQGHQ,FKNDQQQDWUOLFK QXUUDWHQDEHUGLH$XUDGHU6FKZDU]HQ0DJLHLVWQRFKQLFKW YHUVFKZXQGHQ6LHEHVWHKWZHLWHUKLQ]ZLVFKHQGLHVHUXQGGHU DQGHUHQ'LPHQVLRQ© ª'XGHQNVWHVJLEWGDHLQH9HUELQGXQJ© ª0|JOLFK© ª8QG"©6KDRIUDJWHEHZXWGHQQVLHVDK6XNRVQDFKGHQNOLFKHV *HVLFKW'HU&KLQHVHEHUOHJWHVFKDUI ª:HQQGLHVH9HUELQGXQJWDWVlFKOLFKQRFKH[LVWLHUWPWHHV GRFKP|JOLFKVHLQVLH]XDNWLYLHUHQ©PHLQWH6XNR

ª'DVVWLPPW© ª/HLGHUZHLLFKQLFKWZLH© ª9LHOOHLFKWPLWGHP6WDE"© 6XNRVFKWWHOWHGHQ.RSIª1HLQGHU6WDEZUGHVLHK|FKVWHQV ]HUVW|UHQZHLOHUHLQH:DIIHGHUDQGHUHQ6HLWHLVW8QGGLH 'lPRQHQSHLWVFKHLVWGDIUQLFKWJHHLJQHW9HUGDPPWLFKZHL ZLUNOLFKQLFKWPHKUZHLWHU© 6LHVWDQGHQDP5DQGGHU*UXEHXQGEOLFNWHQKLQHLQ8QGMHGHU YRQLKQHQJODXEWHGDV)OLPPHUQ]XVHKHQGDVEHUGHP%RGHQ ODJ6XNRIDWHHLQHQ(QWVFKOX ª,FKVSULQJHUHLQ©VDJWHHU ª1HLQGDVLVWJHIlKUOLFK© ª'XNDQQVWMDKLHUZDUWHQ©%HYRU6KDRQRFKLUJHQGHLQHQ (LQZDQGHUKHEHQNRQQWHVWLH6XNRVLFKVFKRQDE)HGHUQGNDP HUXQWHQDXIXQGVRIRUWVSUWHHUGHQ+DXFKGHV%|VHQ )UHPGH*HGDQNHQVWU|PWHQDXILKQHLQ(UPHUNWHMHW]WGHXW OLFKGDHVHLQH9HUELQGXQJ]ZLVFKHQGHQ'LPHQVLRQHQJDE6LH ZDUQRFKQLFKWDEJHULVVHQ 9RUVLFKWLJGXUFKPDGHU&KLQHVHGLH%DXJUXEH-HPHKUHU]XU 0LWWHKLQNDPXPVRVWlUNHUZXUGHGLH9HUELQGXQJ6XNRUHFK QHWHQDFKOLHGHQ*UXQGULYRUVHLQHPJHLVWLJHQ$XJHYRUEHL ]LHKHQXQGNDP]XGHP(UJHEQLVGDHUVLFKXQJHIlKUGRUW EHILQGHQPXWHZRVRQVWGHUJURH:RKQUDXP]XILQGHQZDU +LHUNRQ]HQWULHUWHVLFKGLH0DJLH 8QGVLHZXUGHVRJDUVWlUNHU 6XNRVSUWHGHQ.RSIVFKPHU].UlIWHKDWWHQVLFKKLHUYHUGLFK WHWGLHLQLKUHU6WlUNHNDXPPHEDUZDUHQ6LH]RJHQXQG]HUUWHQ DQLKPYHUVXFKWHQLQVHLQHQ.RSIHLQ]XGULQJHQVHLQH*HGDQNHQ ]X]HUVWUHXHQXQG6XNRKDWWH0KHVLFKDXIGLH*HJHQZDUW]X NRQ]HQWULHUHQ 6KDRULHIVHLQHQ1DPHQ 6LHKRFNWHDP5DQGGHU*UXEHXQGKDWWH$QJVWGHQQDXFKVLH VSUWHGDHWZDVQLFKWVWLPPWH ª6XNR©ULHIVLHª%LWWHNRPP]XUFN(VKDWGRFKNHLQHQ =ZHFNZDVGXGDPDFKVW© 'HU&KLQHVHK|UWHQLFKW(UNRQQWHQLFKWVK|UHQGHQQGDZDUHQ SO|W]OLFKGLHIUHPGHQ6WLPPHQLQVHLQHP+LUQ 6XNRODXVFKWH

:RUWHNRQQWHHUQLFKWYHUVWHKHQDEHUHUXQWHUVFKLHGGRFKGD HVVLFKEHLGHQ6WLPPHQXPHLQHQ0DQQXQGXPHLQH)UDX KDQGHOWH 6LHUHGHWHQPLWHLQDQGHUXQGZDUHQXQHQGOLFKZHLWYRQ6XNR HQWIHUQWDEHUJOHLFK]HLWLJLUJHQGZLHQDK (LQ3KlQRPHQ ª6XNR©:LHGHUULHI6KDRXQGGHU&KLQHVHK|UWHGLH6WLPPH VHLQHU)UHXQGLQZLHGXUFKHLQHQ)LOWHU 8QHQGOLFKODQJVDPZDQGWHHUGHQ.RSI6KDRVDKYRQLKUHP 3ODW]GD6XNRMHGHVHLQHU%HZHJXQJHQ0KHEHUHLWHWH6LH ILHOHQLKPXQJHKHXHUVFKZHU (UVWDUUWH6KDRDQ 'LHVFKZDU]KDDULJH)UDXHUVFKUDN6XNRV*HVLFKWZDUJHU|WHW 6RJDU6FKZHLJOLW]HUWHDXIVHLQHU+DXW(UVFKLHQHQWUFNW]X VHLQXQGIUHPGHQ6WLPPHQ]XODXVFKHQGLHLQLUJHQGHLQHU VSKlUHQKDIWHQ)HUQHDXINODQJHQXQGDQ6XNRV2KUHQGUDQJHQ ª.RPPUDXV© 'XPSIHUUHLFKWHQGLH:RUWH6XNRV2KUHQ(UUHDJLHUWHQLFKW 'LHDQGHUH.UDIWZXUGHVWlUNHU6LHYHUGLFKWHWHVLFK]XHLQHP UHJHOUHFKWHQ6RJGHU6XNRLPPHUPHKUSDFNWHXQGLQQHUKDOE VHLQHV.|USHUVZLH(OHNWUL]LWlWZKOWH 'DV)UHPGHEHUZRJ 3O|W]OLFKYHUVFKZDPPHQYRU6XNRGLH8PULVVHGHU%DXJUXEH 'LHOHKPLJHQ:lQGHO|VWHQVLFKDXIZXUGHQ]XQHEHOKDIWHQ *HELOGHQXQGGDEHLZDUHV6XNRGHVVHQ.|USHUSO|W]OLFKLQGLH DQGHUH'LPHQVLRQJHULVVHQZXUGH 6KDRNRQQWHGLHVJHQDXEHREDFKWHQ,KUHHLJHQH+LOIORVLJNHLW PDFKWHVLHVWXPP 'LH&KLQHVLQPXWHPLWDQVHKHQZLHVLFK6XNRYRULKUHQ $XJHQODQJVDPDXIO|VWHXQGYHUVFKZDQG $VPRGLQDV0DJLHKDWWHDXFKLKQJHWURIIHQ 'LH7HXIHOVWRFKWHUZDUI'HVWHURGDV6FKZHUW]XXQGGHU 'lPRQHQKHQNHUILQJGLH.OLQJHJHVFKLFNWDXI0LWGHUUHFKWHQ +DQGXPIDWHHUGHQ*ULIIPLWGHU/LQNHQKREHU-RKQQ\&RQROO\ KRFKGHUDQILQJ]XZHLQHQXQGYHU]ZHLIHOWVHLQHNOHLQHQ$UPH DXVVWUHFNWHXQGQDFKVHLQHQ(OWHUQJUHLIHQZROOWH

6KHLODXQG%LOOZDUHQZLHEHWlXEW%HLGHJODXEWHQVLFKYHUK|UW ]XKDEHQ :LHNRQQWHMHPDQGQXUVREUXWDOJHPHLQXQGZLGHUOLFKVHLQ XQGHLQNOHLQHVXQVFKXOGLJHV.LQGXPEULQJHQ'DVJLQJHLQIDFK QLFKWLQLKUH.|SIHKLQHLQ 'RFKVLHEUDXFKWHQVLFKQXU'HVWHURDQ]XVFKDXHQXP]X VHKHQGDGLHVNHLQHOHHUH'URKXQJZDU 'HU'lPRQHQKHQNHUKDWWHGDV6FKZHUW]XP6FKODJHUKREHQ 'LH6SLW]HEHIDQGVLFKHWZDHLQH$UPOlQJHYRP.|USHUGHV .LQGHVHQWIHUQW(LQNXU]HU6WRZUGHJHQJHQ ,Q6KHLODV.RSIZLUEHOWHQGLH*HGDQNHQ(VKHUUVFKWHHLQY|O OLJHV'XUFKHLQDQGHU'LH)UDXNRQQWHGDV*UDXHQNDXPQRFK HUWUDJHQ6LHZROOWHRKQPlFKWLJZHUGHQDQGHUHUVHLWVVDKVLHLKU .LQGGDVVRQDKXQGGRFKVRZHLWHQWIHUQWZDU 0HLQ*RWW $XFK%LOO&RQROO\ZDUHLQY|OOLJ)UHPGHUJHZRUGHQ6HLQ *HVLFKWKDWWHVLFKYHU]HUUW(UVDKDQGHUVDXVYRPEODQNHQ (QWVHW]HQJH]HLFKQHW+DOERIIHQVWDQGVHLQ0XQG6SHLFKHOTXROO KHUYRUXQGOLHIDP.LQQHQWODQJ %LOOPHUNWHHVQLFKW 'DIUK|UWHHUGLH6WLPPHGHU7HXIHOVWRFKWHUGLHVLFKIUGHQ EUXWDOHQ%HIHKOYHUDQWZRUWOLFK]HLJWH ª,FKKDEHPHLQHQUHFKWHQ$UPHUKREHQ%LOO&RQROO\:HQQLFK LKQKHUXQWHUQHKPHLVWGDVIU'HVWHURGDV=HLFKHQGHLQ.LQG]X W|WHQ$OVRQRFKHLQPDO:REHILQGHWVLFK-RKQ6LQFODLU"© ª+LHU©SHLWVFKWHHLQHNDOWH6WLPPH 8QGPLWGLHVHP:RUWEHWUDWLFKGHQ5DXP ,FKKlWWHJHUQVFKRQIUKHUHLQJHJULIIHQZDUDEHUQLFKWUDVFK JHQXJZHJJHNRPPHQXQGKDWWHGHVKDOEEXFKVWlEOLFKELV]XP OHW]WHQ0RPHQWZDUWHQPVVHQ6RDEHUZDUHVPLUJHOXQJHQ XQJHVHKHQELVDQGLH7U]XJHODQJHQ 'LHhEHUUDVFKXQJZDUSHUIHNW :LHgOJ|W]HQVWDQGHQGLH+DXSWDNWHXUHKHUXP6RJDU $VPRGLQDKDWWHLFKPLWPHLQHP$XIWDXFKHQJHVFKRFNW8QG 'HVWHUROLHYRU6FKUHFNGHQNOHLQHQ-RKQQ\ORVGHU]XP*OFN VRDXIGLHUXQGH3ODWWHILHOGDHUVLFKQLFKWZHKWDW

,QGHUUHFKWHQ+DQGKLHOWLFKGLH%HUHWWDGDV.UHX]ODJYRU PHLQHU%UXVWXQGVFKW]WHPLFKLQGLHVHQ$XJHQEOLFNHQYRU HLQHPGlPRQLVFKHQ$QJULII ,QGLHVHU:HOWNRQQWHLFKPLFKDXIGDV.UX]LIL[YHUODVVHQGHQQ KLHUNRQ]HQWULHUWHVLFKGDV%|VHDQVLFK,QGLHVHQ'LPHQVLRQHQ KDWWHQYRUXQVDJEDUHQ=HLWHQGLH.lPSIH]ZLVFKHQ*XWXQG%|VH VWDWWJHIXQGHQKLHUKDWWHGHU7RGUHLFKH(UQWHJHKDOWHQXQGHV ZDUHQ*XWXQG%|VHHQWVWDQGHQ 'HUhEHUOLHIHUXQJQDFKZDUHQGLHDEWUQQLJHQ(QJHO/X]LIHU DQLKUHU6SLW]HLQGLH+|OOHJHVFKOHXGHUWZRUGHQXQGGDPHLQ .UHX]GLH,QVLJQLHQGHUYLHU+DXSWHU]HQJHOWUXJJDOWDXFKLQ GLHVHU'LPHQVLRQLKUH0DJLH :DVEHLIUHPGHQ0\WKHQQLFKWLPPHUGHU)DOOZDUGHQQVLH ZDUHQQDFKGHUJURHQ$XVHLQDQGHUVHW]XQJHQWVWDQGHQ0DQ NRQQWHVLHDOVJHIlKUOLFKH6SOLWWHUJUXSSHQEH]HLFKQHQ 1XQDEHUVWDQGLFKDEHUPDOVGHP8UE|VHQJHJHQEHUPDQL IHVWLHUWLQ$VPRGLQDGHU7RFKWHUGHV7HXIHOVGHVHKHPDOLJHQ (U]HQJHOV/X]LIHUMHW]W+HUUVFKHUGHU+|OOH 'LHEHLGHQ&RQROO\VVWDUUWHQPLFKDQDOVZlUHLFKHLQ*HLVW)U VLHPXWHPHLQ$XIWDXFKHQDXFKXQJHKHXHUEHUUDVFKHQG JHNRPPHQVHLQ,QLKUHQ$XJHQODVLFK8QJODXEHQXQG1LFKW EHJUHLIHQDEHUDXFKZLHGHUHLQHZLQ]LJH6SXU+RIIQXQJ 1RFKZDUQLFKWVHQWVFKLHGHQDEHUQDFKZLHYRUVWDQGHQ XQVHUH&KDQFHQYHUGDPPWVFKOHFKW :LUZDUHQ]XGULWWJHJHQ]ZHL*HJQHUDEHU$VPRGLQDNRQQWH PDQEHUKDXSWQLFKWDXVUHFKQHQGD]XZDUVLHYLHO]XPlFKWLJ 6LHEHKHUUVFKWHGLH0DJLHSHUIHNWXQGNRQQWHXQVPHKU 6FKZLHULJNHLWHQEHUHLWHQDOVXQVDOOHQOLHEZDU $VPRGLQDILQJVLFKDXFKDOVHUVWHª,FKZXWHGDGXQLFKWWRW ELVW*HLVWHUMlJHUREZRKOGHU%OXIIVRJXWZDUGD'HVWHURGDUDXI KHUHLQILHODEHUGDVLVWNHLQH.XQVW©VFKZlFKWHVLHDEª0LFK MHGHQIDOOVNRQQWHWLKUQLFKWEOXIIHQ© ª'DVKDEHLFKPLUJHGDFKW©VDJWHLFK ª'XKDVWGLFKLP+DXVYHUVWHFNW"© ª-D© ª8QGGXELVWEHZDIIQHW$XFKHLQ)HKOHUGLUGLH:DIIHQVR]X ODVVHQGDGXVLHQHKPHQNRQQWHVW,FKKDEHPLFKGDOHLGHUDXI HLQHQ)DOVFKHQYHUODVVHQ©

ª:DVKDVWGXMHW]WYRU"©IUDJWHLFKZlKUHQGLFK'HVWHURQLFKW DXVGHQ$XJHQOLH ª:HLWGXZRGXGLFKEHILQGHVW"©DQWZRUWHWH$VPRGLQDPLW HLQHU*HJHQIUDJH ª,QGHLQHP5HLFK© ª,FKEHVLW]HYLHOH5HLFKH'HQNQXUDQGLH6FKlGHOZHOWZRZLU GLFKIDVWJHKDEWKlWWHQ$EHUGXELVWGRUWZRGXYRUNXU]HP VFKRQPDOZDUVW'HLQ*UDEZDUWHWQRFKDXIGLFK© ª0WHLFKGD]XQLFKWHUVWZLHGHUGLH.DPPHUQGHU7DXVHQG 4XDOHQGXUFKTXHUHQ"© ª1HLQGLH3UREHKDVWGXEHVWDQGHQ/HLGHUELVWGXXQVLPOHW] WHQ$XJHQEOLFNHQWZLVFKWGHQQGLHVHU=ZHUJ0\[LQKDWLQGLH $XVHLQDQGHUVHW]XQJHLQJHJULIIHQ'DVZLUGKHXWHQLFKWSDVVLH UHQ,FKKDEHGLHVHV5HLFKGXUFKHLQHVWDUNH0DJLHDEJHVFKLUPW GLHQLHPDQGGXUFKEUHFKHQNDQQZHQQLFKHVQLFKWZLOO© ª'HLQ*UDEJHIlOOWPLUQLFKW©IOVWHUWHLFKNDOW ª:LHZLOOVWGXGHQQEHUOHEHQ"© ª,QGHPLFKNlPSIH,FKELQMDQLFKWRKQH*UXQGKLHU,FKZLOO 'HVWHUR© 'LH7HXIHOVWRFKWHUODFKWHª'HVWHURZLOOVWGX"1DUU-RKQ 6LQFODLUPHKUVDJHLFKQLFKWGD]X'HVWHURZLUGGLFKW|WHQ6HLQ 6FKZHUWLVWVWlUNHU© ª,FKODVVHHVGDUDXIDQNRPPHQ© $XFKGHU'lPRQHQKHQNHUKDWWHPHLQH:RUWHJHK|UWª'XZLOOVW PLWPLUNlPSIHQ*HLVWHUMlJHU":RPLWGHQQ"© ,FKGUHKWHPLFKKDOEª0HLQ.UHX]ZLUGGLFKYHUQLFKWHQ 'HVWHUR6RZLHHVDXFKGHQ6FKZDU]HQ7RGYHUQLFKWHWKDW9LHU (U]HQJHOKDEHQLKUH=HLFKHQKLQWHUODVVHQGXUFKLKUH0DJLHZLUG GHLQXQVHOLJHU.|USHU]HUVW|UW© 'HVWHUR]XFNWH]XVDPPHQ'LHVH:RUWHKDWWHQLKQJHWURIIHQ DEHUQLFKW$VPRGLQD 6LHVSUDFKPLFKDQª.ODUNDQQVWGXJHJHQ'HVWHURDQWUHWHQ -RKQ6LQFODLUDEHURKQHGHLQ.UHX]XQGRKQH:DIIHQ0LWEORHQ )lXVWHQZLUVWGXLKPJHJHQEHUVWHKHQ'DQQVWHOOWHVVLFKKHUDXV ZHUGHU6WlUNHUHLVW© 'LHVH:RUWHEHZLHVHQPLUGD$VPRGLQD$QJVWXPLKUHQ 'lPRQHQKHQNHUKDWWH6LHWUDXWHLKP]ZDUYLHO]XDEHUQLFKW VRYLHOGDHUPLFKEHVLHJHQNRQQWH$XFKVLHIUFKWHWHVLFKYRU

PHLQHP.UHX]'DJHJHQKDWWHVLHQRFKNHLQ0LWWHOJHIXQGHQ,FK ZDUYHUVXFKWGLH.HWWHEHUGHQ.RSI]XVWUHLIHQXQG$VPRGLQD GDV.UHX]HQWJHJHQ]XVFKOHXGHUQDEHUGDQQZlUHQXQWHU 8PVWlQGHQ%LOOXQG6KHLODVFKXW]ORVJHZHVHQGHQQHVZDUQLFKW VLFKHUREGDV.UHX]$VPRGLQDYROOVWlQGLJDXVVFKDOWHQNRQQWH 6LHNDQQWHVLFKHUOLFKJHQJHQG7ULFNVXPHLQHPVFKQHOOHQ7UHIIHU ]XHQWJHKHQ ª,FKWUHWHWURW]GHPJHJHQLKQDQ©VDJWHLFKIHVW ª%LVWGXZDKQVLQQLJ-RKQ"©VFKULH%LOO&RQROO\ª'XNDQQVW GRFKQLFKWZDIIHQORV© ª'RFKLFKNDQQ©XQWHUEUDFKLFKLKQ ª'DQQZHJPLWGHP.UHX]©]LVFKWH$VPRGLQD ª1HLQVROHLFKWPDFKHLFKHVGLUQLFKW(UVWOlWGXGHQ.OHLQHQ IUHL© 'LH7HXIHOVWRFKWHU]|JHUWH,FKZXWHGDLFKYRQLKUYLHOYHU ODQJWH'HQQZHQQVLH-RKQQ\IUHLOLHJDEVLHGDPLWLKUHQOHW]WHQ 7UXPSIDXVGHU+DQG ª'HVWHUR© 'HU+HQNHUZDUYRQLKUDQJHUXIHQZRUGHQXQGZXWHZDVHU ]XWXQKDWWH (LQHVFKQHOOH%HZHJXQJXQGSO|W]OLFK]HLJWHGLH.OLQJHZLHGHU DXIGHQ-XQJHQ 9HUGDPPWGLHKDWWHQPLFKUHLQJHOHJW 6KHLODVFKULHDXI6LHKDWWHLQGHQOHW]WHQ0LQXWHQHLQHUHODWLYH 5XKHJHQRVVHQGRFKQXQVDKVLH-RKQQ\ZLHGHULP0LWWHOSXQNW GHVP|UGHULVFKHQ6SLHOV ,FKVWUHLIWHGLH.HWWHEHUPHLQHQ.RSI,QGLHVHP0RPHQW EHUVFKZHPPWHPLFKGLH:XWLFKVFKOHXGHUWHGDV.UHX]DXI $VPRGLQD]XXQGVDKGLHODXWORVH([SORVLRQ+HOOHUDOVWDXVHQG 6RQQHQVWUDKOWHVLHDXIEOHQGHWHXQVGDQQZDUDOOHVYRUEHL /DQJVDP|IIQHWHLFKGLH$XJHQ 'LH6]HQHKDWWHVLFKQXUZHQLJYHUlQGHUW$VPRGLQDVWDQG QLFKWPHKUDQLKUHP3ODW]GDIUZDUMHGRFKGHUPDJLVFKH5LQJ XPGLHUXQGH6WHLQSODWWH]HUVW|UW 0HLQ.UHX]ODJGDQHEHQ %OLW]VFKQHOOEFNWHLFKPLFKXPHVZLHGHUDQPLFK]XQHKPHQ DOVVLFK%LOO&RQROO\DXIPLFKZDUI ª1LFKW©

'HP$QSUDOONRQQWHLFKQLFKWVWDQGKDOWHQXQGILHO]X%RGHQ %LOOKDWWHLPDOOHUOHW]WHQ$XJHQEOLFNUHDJLHUW+lWWHLFKGDV .UHX]JHQRPPHQZlUHHVXPPHLQ3DWHQNLQGJHVFKHKHQJH ZHVHQ'HVWHURKLHOWGHP.OHLQHQGDV6FKZHUWDQGLH.HKOH ª'LH)LQJHUZHJ©VFKULHHLQHVFKDUIHZHLEOLFKH6WLPPH ,FKGUHKWHPLFKDP%RGHQ 'LH7HXIHOVWRFKWHUZDUZLHGHUGD 8QGVLHKDWWHVLFKSUlSDULHUW0HLQH$XJHQZHLWHWHQVLFKHQW VHW]W6KHLODVWLHHLQHQHUVWLFNWNOLQJHQGHQ5XIDXVGHQQZLH DXFKLFKVDKVLHGLHJUQHQPDQQVKRKHQ6FKODQJHQGLHVLFKDXI JHULFKWHWKDWWHQXQGGLH7HXIHOVWRFKWHUZLHHLQ6FKLOGVFKW]WHQ 6LHEHIDQGHQVLFKQLFKWZHLWYRQGHQ&RQROO\VHQWIHUQWXQGQHLJ WHQVRJDULKUH.|SIHGHQEHLGHQHQWJHJHQXPVRIRUW]XEHLHQ]X N|QQHQZHQQLKUH+HUULQHVEHIDKO ª5KUGDV.UHX]QLFKWDQ©EHIDKOGLH7HXIHOVWRFKWHU ,FKKWHWHPLFKZLUNOLFKGDYRUHVLQGLH+DQG]XQHKPHQGHQQ QXQKDWWHPDQPLFKYRQ]ZHL6HLWHQXQWHU.RQWUROOH(LQPDO 'HVWHURGHU'lPRQHQKHQNHUGHUVLFKGHQ.OHLQHQDOV*HLVHO JHQRPPHQKDWWHXQG]XPDQGHUHQ$VPRGLQDPLWLKUHQ6FKODQJHQ GLHDXILKUHQ%HIHKOKLQJHKRUFKWHQ 'DVHULQQHUWHPLFKZLHGHUDQ$SHSGLH+|OOHQVFKODQJHLQGLH VLFK$VPRGLQDHLQPDOYHUZDQGHOWKDWWH'DPDOVKDWWHVLHPLU]X YHUVWHKHQJHJHEHQGDVLHXQGGLH6FKODQJHHLQH3HUVRQZlUHQ ,FKKRFNWHQRFKLPPHUDP%RGHQKREEHLGH$UPHKDOELQGLH +|KHXQGGUHKWHGLH)OlFKHQQDFKDXHQ$XFKGLH%HUHWWDKDWWH LFK]XU6HLWHJHOHJW ª(VLVWJXW©VSUDFKLFKGLH7HXIHOVWRFKWHUDQª,FKNRPPH GHLQHQ%HIHKOHQQDFK© ª'DQQVWHKDXI© ,FKEHZHJWHPLFKEHZXWODQJVDPGHQQLFKZROOWH6HNXQGHQ KHUDXVVFKLQGHQ +RIIHQWOLFKJHODQJHVPLUQRFKHLQHQ$XVZHJ]XILQGHQ(V NDPMHW]WDOOHVDXIPLFKDOOHLQDQ6KHLODXQG%LOOZDUHQDXVGHP 5HQQHQ,FKZROOWH'HVWHURHQGJOWLJYHUQLFKWHQXQGGDEHLQRFK GHQNOHLQHQ-RKQQ\UHWWHQ (LQHIDVWXQO|VEDUH$XIJDEHXQGWLHILQPHLQHP,QQHUQPDFKWH VLFKGLH$QJVWEUHLWHVQLFKW]XVFKDIIHQ $VPRGLQDWUDWHLQHQ6FKULWWYRU'LH+lOIWHGHU6FKODQJHQ

ZDQGWHQVLFKGDEHLYRQLKUDEXQGXPULQJWHQGLH&RQROO\V'LH DQGHUHQJOLWWHQDQLKUHP.|USHUKRFKZREHLVLHVLFKXPGHQ +DOV*HOHQNH$UPH%HLQHXQG+IWHQGUHKWHQ $VPRGLQDVFKLHQVLFKVHKUZRKO]XIKOHQ'DVVDKLFKLKUHP *HVLFKWDQ ª*HUQKlWWHLFKGLFKSHUV|QOLFKJHW|WHW©VDJWHVLHª$EHULFK KDEH'HVWHURVFKRQGDPDOVYHUVSURFKHQGDLKPGLHJURH $XIJDEH]XIlOOWGLFKHQGJOWLJ]XU+|OOH]XVFKLFNHQ'XVROOVW GXUFKVHLQH+DQGXQGGXUFKVHLQ6FKZHUWVWHUEHQ-RKQ6LQFODLU 6RZLOOLFKHVKDEHQ© 'LH:RUWHEHHLQGUXFNWHQPLFKQLFKWVRQGHUOLFK,FKKDWWHMD GDPLWJHUHFKQHWXQGVRJDURIWJHQXJJHKRIIWGDHV]XHLQHU (QWVFKHLGXQJ]ZLVFKHQPLUXQG'HVWHURNRPPHQZUGH $OOHUGLQJVXQWHUDQGHUHQ%HGLQJXQJHQGDELQLFKHKUOLFKJHQXJ GLHV]X]XJHEHQ:lKUHQGZLUNlPSIWHQZUGHGHUNOHLQH -RKQQ\]ZLVFKHQXQVOLHJHQ *DEHVHWZDV6FKOLPPHUHV" ,FKZDQGWHGHQ%OLFNQDFKUHFKWV %UHLWEHLQLJKDWWHVLFKGHU'lPRQHQKHQNHUDXIGHU6WHLQSODWWH DXIJHEDXW'DV6FKZHUWKLHOWHUMHW]WZDDJHUHFKWHVELOGHWHPLW VHLQHP*UWHOHLQH/LQLH (LQHK|OOLVFKH.OLQJHIUZDKU,UJHQGZLHHULQQHUWHVLHPLFKDQ HLQH:DIIHGLH7RNDWDGHU6DPXUDLGHV6DWDQVWUXJ$XFKHU NRQQWHGLH.OLQJHPHLVWHUOLFKIKUHQZDUGDULQHLQ.|QQHUHUVWHQ 5DQJHVZLHHEHQ'HVWHUR ª*HK]XLKP(UHUZDUWHWGLFKXQGLFKZLOOHQGOLFKGHQJURHQ .DPSIVHKHQ©EHIDKOGLH7HXIHOVWRFKWHU ,FKQLFNWH 6LHVDJWHQRFKHWZDVDEHUGDVJDOWQLFKWPLUVRQGHUQGHQ 6FKODQJHQGLHVLHEHVFKW]WHQ$XIHLQHQ]LVFKHQGHQ%HIHKOKLQ O|VWHQVLHVLFKYRUPHLQHQ$XJHQDXI %HYRULFKGLHZHQLJHQ6FKULWWHYRUJLQJZDUILFK%LOOXQG6KHLOD QRFKHLQHQ%OLFN]X ,KUH*HVLFKWHUZLUNWHQZLU0DVNHQ)URVWVFKLHQDXILKUHU+DXW ]XOLHJHQ.HLQ0XVNHOUHJWHVLFK :LHPXWHHVLQLKQHQDXVVHKHQ"6LHKDWWHQVLFKDQGHQ+lQGHQ JHIDWMHGHUEHUKUWHVRGHQDQGHUHQXQGJDELKPYLHOOHLFKWHLQ ZHQLJ6LFKHUKHLWRGHU9HUWUDXHQ

:LHJHUQKlWWHLFKLKQHQJHVDJWGDDOOHVQXUHLQ7UDXPZDU DXVGHPVLHEDOGDXIZDFKHQZUGHQDEHUGDVNRQQWHLFKQLFKW ,FKKlWWHOJHQPVVHQ 'DQQJLQJLFKGLHHUVWHQ6FKULWWHYRU 'HVWHUR]HLJWHVLFKVFKRQVHKUXQJHGXOGLJ(UZLSSWHDXIGHQ )XEDOOHQGLH$XJHQLQGHQ6FKOLW]HQOHXFKWHWHQ8QUXKLJ EHZHJWHHUGHQ.RSIVRGDVHLQH.DSX]H)DOWHQZDUI ,FKKlWWHJHUQJHZXWZHOFKHLQ*HVLFKWVLFKKLQWHUGHP6WRII YHUEDUJ:LHVDK'HVWHURDXV":HOFKHLQHJUDXVDPHhEHU UDVFKXQJZUGHHUPLUELHWHQ" 6LFKHUOLFKZXWHQQXUZHQLJHZDVVLFKKLQWHUGHUVFKDUODFK URWHQ.DSX]HYHUEDUJXQGXQWHUGHQZHQLJHQEHIDQGVLFK EHVWLPPW$VPRGLQD,FKDEHUZDUIHVWHQWVFKORVVHQHVKHXWHQRFK KHUDXV]XILQGHQ,FKZROOWHHVVHKHQ 'DQQEHUKUWHLFKPLWPHLQHU+RVHGHQ6WHLQ'HVWHURVRZLHVR VFKRQJU|HUXQGEUHLWHUDOVLFKZLUNWHMHW]WZRHUHUK|KWVWDQG ZLHHLQ5LHVH 0DQNRQQWHVFKRQ$QJVWEHNRPPHQ 0HLQ+HU]NORSIWHVFKQHOOHU,QPHLQHQ+DQGIOlFKHQKDWWHVLFK 6FKZHLJHVDPPHOW,FKlUJHUWHPLFKGDUEHUGDLFKPLFKKDWWH DXVGHP6SLHOEOXIIHQODVVHQ'LHVHUK|OOLVFKH3RNHUZDUQLFKW]X PHLQHQ*XQVWHQHQWVFKLHGHQZRUGHQ ª.RPPVFKRQ*HLVWHUMlJHU© ª1XUNHLQH(LOH©0HLQ%OLFNJOLWWWLHIHU,FKVDKGHQ.OHLQHQGHU PLUDXVJURHQ$XJHQHQWJHJHQVDKXQGMHW]WGLH/LSSHQ]XHLQHP /lFKHOQYHU]RJ 'HU$QEOLFNVFKQLWWPLULQV+HU]XQGKLQWHUOLHGRUWHLQH VFKPHU]HQGH:XQGH :DVNRQQWHHLQNOHLQHV.LQGGDIUGDHVHLQH$XVHLQDQGHU VHW]XQJ]ZLVFKHQ*XWXQG%|VHJDE"-RKQQ\ZDULQGLH*HIDKU JHUDWHQ]ZLVFKHQGHQ6WHLQHQ]HUULHEHQ]XZHUGHQ 'DVPXWHPDQJDQ]NODUVHKHQ 8QGGDVZROOWHLFKDXIJDUNHLQHQ)DOO,FKZROOWH-RKQQ\QLFKW LQPHLQHU1lKHKDEHQZHQQLFKJHJHQGHQ'lPRQHQKHQNHU HLQHQ.DPSIDXI/HEHQXQG7RGDXVIRFKW (UPXWHZHJ

,FKUHDJLHUWHJHGDQNHQVFKQHOO%HYRU'HVWHURDXFKQXUHWZDV XQWHUQHKPHQNRQQWHVFKQHOOWHPHLQUHFKWHU$UPYRUHLQEOLW] VFKQHOOHU*ULIIXQGLFKKDWWH-RKQQ\JHSDFNWXQG]XPLUKHUDQ JH]RJHQ 6RIRUWZDUILFKPLFK]XUFN ,FKK|UWHHLQ3IHLIHQXQGUHJLVWULHUWHGD'HVWHURGHUEUXWDOH 6FKOlFKWHUWDWVlFKOLFK]XJHVFKODJHQKDWWH(UKDWWHGDV.LQGW|WHQ ZROOHQGRFKGLH.OLQJHYHUIHKOWHXQVVLUUWHPLWGHU6SLW]HEHU GLH6WHLQSODWWHXQGOLHHLQHQ)XQNHQERJHQHQWVWHKHQ $OV'HVWHURGDV6FKZHUWZLHGHUDQKREGUFNWHLFKGHPEHU UDVFKWHQ%LOOVHLQHQ-XQJHQLQGHQ$UP ª+DOWLKQIHVW©VDJWHLFKQXUXQGZDQGWHPLFKVRIRUWZLHGHU XPGHQQLFKUHFKQHWHPLWHLQHUZHLWHUHQ$NWLRQGHV+HQNHUV 'RFKGHUZDUDXIGHU3ODWWHVWHKHQJHEOLHEHQ *OFNJHKDEW $XFK$VPRGLQDJULIIQLFKWHLQ6LHVDJWHQXUª$XFKGDVZLUG GLUQLFKWVKHOIHQ© 1HLQEHVWLPPWQLFKW$EHUGLHVH$NWLRQKDWWHVRHWZDVZLHGHQ 0XWXQGGHQ7URW]LQPLUKRFKJHSHLWVFKWREZRKOPHLQ/HEHQ ZHLWHUKLQDQHLQHPVHLGHQHQ)DGHQKLQJ ,FKJLQJZLHGHUYRU8QGGLHVPDOEHWUDWLFKRKQH]X]|JHUQGLH UXQGH6WHLQSODWWHGLHDOV.DPSISODW]GLHQWH 6RIRUWJLQJ'HVWHUR]XUFNXQGQDKPHLQH.DPSIKDOWXQJHLQ 'HQOLQNHQ$UPKDWWHHUHWZDV]XUFNJHQRPPHQLQGHU UHFKWHQ+DQGKLHOWHUGDV6FKZHUW:HQQPDQGLHP|UGHULVFKH .OLQJHDXVGHU1lKHVDKGDQQHUNDQQWHPDQHUVWZLHVFKDUIVLH GRFKDQEHLGHQ6HLWHQJHVFKOLIIHQZDU 'LH]HUKLHEDOOHV $XFKPLFK 1RFK]|JHUWHGHU'lPRQHQKHQNHU,FKHUNDQQWHVFKRQVHKU EDOGGHQ*UXQG (UZDUWHWHDXIGDV6LJQDO 'DVJDE$VPRGLQD ª)DQJDQ©VFKULHVLH

6KDRKDWWHHVDP5DQGGHU*UXEHQLFKWODQJHDXVJHKDOWHQ.DXP ZDU6XNRYHUVFKZXQGHQGDUDQQWHVLH]XUFN6LHOLHITXHUGXUFK GHQ*DUWHQGLH$QJVWVFKWWHOWHVLHXQGDXFKGLH%HIUFKWXQJ GDDOOHV]XVSlWZDU 'HU:HJNDPLKUDXIHLQPDOGRSSHOWVRODQJYRUXQGDOVVLH VFKOLHOLFKJHJHQGDV7RUILHOKDWWHVLHNDXPQRFKGLH.UDIWGDU EHU]XNOHWWHUQ'DVPXWHVLHMHGRFKZHLOHVVLFKDXFKYRQ LQQHQOHLGHUQLFKW|IIQHQOLH 6LHNHXFKWH6KDRZXWHZLUNOLFKQLFKWZDVVLHQRFKXQWHU QHKPHQVROOWHGHVKDOEZROOWHVLH6LU-DPHV3RZHOODQUXIHQ9LHO OHLFKWZXWHGHUHLQHQ5DW =ZHL0LQXWHQYHUJLQJHQ'DQQZDUHQ6KDRV.UlIWHVRZHLW ]XUFNJHNHKUWGDVLHHVULVNLHUHQNRQQWH6LHNOHWWHUWHDP7RU KRFK=ZHLPDOUXWVFKWHVLHDQGHQJODWWHQ6WDQJHQDEHUVWEHLP GULWWHQ$QODXIJHODQJHVLKUGDV+LQGHUQLV]XEHUZLQGHQ $OVVLHDXIGHUDQGHUHQ6HLWH]X%RGHQVSUDQJNRQQWHVLHGHQ 6SUXQJQLFKWPHKUDEIDQJHQXQGILHOKLQ 6RIRUWNlPSIWHVLHVLFKZLHGHUKRFK 6KDRWDXPHOWHEHUGHQ*HKVWHLJXQGGDFKWHQLFKWPHKUDQGLH *OlWWH:LHGHUILHOVLH 7UlQHQGHU:XWWUDWHQLQLKUH$XJHQ:HLWHUREHQLQGHU6WUDJH VDKVLHHLQHQGXQNOHQ:DJHQIDKUHQ 6LHDEHUZROOWH]XHLQHP7HOHIRQ 6KDRUDQQWHGLH9LOOHQVWUDHHQWODQJ'DEHLDFKWHWHVLHVHKUDXI GLH(LVIHOGHUGHQQHLQ$XVUXWVFKHUKDWWHLKUJHUDGHQRFKJHIHKOW :RVWDQGGLHQlFKVWH=HOOH" 6KDRHUUHLFKWHGDV(QGHGHU6WUDH6LHEOLHEDQHLQHU.UHX]XQJ VWHKHQ%OLFNWHQDFKUHFKWVXQGQDFKOLQNV (LQH=HOOHVDKVLH]ZDUQLFKWDEHUHLQDOWHV+DXVGDVNHLQHQ JURHQ9RUJDUWHQKDWWHGHQVLHHUVWGXUFKTXHUHQPXWH(UZDU DXFKQLFKWGXUFKHLQ7RUDEJHVLFKHUW 'LH&KLQHVLQOLHITXHUEHUGLH6WUDHHUUHLFKWHGDV+DXVVDK GDV.OLQJHOEUHWWXQGVFKHOOWH6WXUP 6LHKDWWHGHQ.QRSIJHGUFNWGHU]XU(UGJHVFKR:RKQXQJ JHK|UWH'DV*HUlXVFKKDOOWHELVDQLKUH2KUHQ -HPDQGGUFNWHGLH+DXVWUDXIXQG6KDRWDXPHOWHLQGHQ )OXU$XVHLQHU7UZDUHQ]ZHLlOWHUH/HXWHJHWUHWHQGLH6KDR EHUUDVFKWDQVFKDXWHQ

'LH&KLQHVLQKREGHQ.RSIª%LWWH©NHXFKWHVLHª.DQQNDQQ LFKEHL,KQHQWHOHIRQLHUHQ"© 'HU0DQQKDQGHOWHVFKQHOOXQGJDEGHQ:HJIUHL 9RQGHU:RKQXQJVHLQULFKWXQJEHPHUNWH6KDRQLFKWVVLHVDK QXUGDV7HOHIRQLP)OXU6LHULGHQ+|UHUYRQGHU*DEHOXQG ZlKOWHPLW]LWWHUQGHQ)LQJHUQGLH1XPPHUGHV
VFKDUIHQEHLHQGHQ6FKPHU]ZDKUDOVPLUGLH6SLW]HGLH+DXW HLQULW]WH 6WRFNVWHLIEOLHELFKVWHKHQ 8QWHUGHU0DVNHVFKDOOWHPLUGDV/DFKHQGHV'lPRQVHQWJHJHQ -HW]WKDWWHHUPLFKGDZRHUPLFKKLQKDEHQZROOWH,FKZDU ZDIIHQXQGZHKUORVXQGVSUHL]WHPHLQH$UPHYRP.|USHU +LPPHOZDUGDVHLQ*HIKO ,FKEHNDPGDV=LWWHUQLQGHQ.QLHQPHLQ0DJHQUHYROWLHUWHGLH JURH$QJVWEHUVFKZHPPWHPLFK :LHDXVZHLWHU)HUQHYHUQDKPLFK6KHLODVDQJVWHUIOOWHQ5XI XQGDXVGHQ$XJHQZLQNHOQVDKLFK$VPRGLQDZLHVLHVLFK]XU 6HLWHEHZHJWHXQGGDQQVWHKHQEOLHEXPEHVVHUVHKHQ]XN|QQHQ ,FKVWHFNWHLQGHU)DOOH0HLQ/HEHQODJLQGHU+DQGGLHVHVJUDX VDPHQ'lPRQV (UEUDXFKWHQXU]X]XVWRHQXQGGLH.OLQJHZUGHPLFKGXUFK ERKUHQ (VIlOOWPLUVFKZHUPHLQH*HIKOH]XEHVFKUHLEHQGLHPLFK GDPDOVHUJULIIHQKDWWHQ$EHUHLQVZDUEHVRQGHUVVWDUNDXV JHSUlJW 'LH7RGHVDQJVW (LQH:XQGHKDWWHPLUGLH6SLW]HVFKRQ]XJHIJW,FKPHUNWH ZLHGDV%OXWGDUDXVKHUYRUUDQQXQGDQPHLQHU+DXWHQWODQJOLHI EHYRUGDV+HPGHVDXIVDXJWH ª,FKKDEHLKQ©WULXPSKLHUWHGHU'lPRQHQKHQNHUXQGODFKWH DEHUPDOVJUROOHQGDXI ª-DGDVVHKHLFK©$VPRGLQDJLQJQRFKHLQHQZHLWHUHQ6FKULWW ]XU6HLWHXPPLFKEHVVHUDQVFKDXHQ]XN|QQHQ6LHQLFNWHª'DV KDEHLFKPLULPPHUJHZQVFKW:LHJHKWHVGHQQHLQHP *HLVWHUMlJHUZHQQHUDXIGHU6FKZHOOH]XP7RGVWHKW"© ,FKJDENHLQH$QWZRUW'DIUUDQQPLUGHU6FKZHLLQ6WU|PHQ EHUGDV*HVLFKW$VPRGLQDNRQQWHHUNHQQHQGDHVPLUYHU GDPPWPLHVJLQJ ª6DJGRFKZDV'XELVWGRFKVRQVWLPPHUVRHLQJURHU+HOG© YHUK|KQWHVLHPLFK 0HLQH.HKOHZDU]XWURFNHQ'LH$QJVWKDWWHVLHUHJHOUHFKW ]XJHVFKQUW :DVLFKKLHUGXUFKPDFKWHZDUHQVFKOLPPH'LQJHZLHLFKVLH VRQVWQXULQ$OSWUlXPHQHUOHEWH

ª:LOOVWGXLKQGXUFKERKUHQ"©IUDJWHGHU'lPRQHQKHQNHU 'DEHLGUHKWHHUGHQ.RSIXP$VPRGLQDDQVHKHQ]XN|QQHQ ª,FKEHUOHJHQRFK© ª'XELVWGLH+HUULQ,FKEHUODVVHGLUGLH:DKO© 'LHEHLGHQUHGHWHQPLWHLQDQGHU$XFK%LOOXQG6KHLODK|UWHQGLH :RUWH'HU5HSRUWHUKDWWHVLFKLQ]ZLVFKHQZLHGHUHLQZHQLJ JHIDQJHQXQGGDV(QWVHW]HQGHUOHW]WHQ0LQXWHQEHUZXQGHQ(U KDWWHGHQ.OHLQHQ6KHLODLQGLH$UPHJHGUFNWGLHLKUHQ-XQJHQ IHVWXPNODPPHUWKLHOW %LOO&RQROO\KDWWHHLQH,GHH (UNRQQWHVHLQH%OLFNHHLQIDFKQLFKWYRQGHP.UHX]O|VHQGDV GLFKWYRUGHPNUHLVUXQGHQ$OWDUDXIGHP%RGHQODJXQGHLQHQ VFKZDFKHQ*ODQ]DEVWUDKOWH6ROOWHHUGDV.UHX]QHKPHQ" $VPRGLQDZDUDEJHOHQNW'HVWHURHEHQIDOOV6ROFKHLQH&KDQFH HUKLHOWHUYLHOOHLFKWQLHPHKU %LOOEHZHJWHVLFKEHKXWVDPYRU 6KHLODPHUNWHGLHV6LHHUVFKUDNDOVVLHVDKZDVLKU0DQQYRU KDWWHGRFKVLHVDJWHQLFKWVXQGKLHOWHLVHUQGHQ0XQG %LOO&RQROO\NRQQWHVLFKZHLWHUYRUEHZHJHQZlKUHQG $VPRGLQDXQG'HVWHUREHUPLFKYHUKDQGHOWHQ 'DV.UHX] (VVFKLHQ%LOODQ]XODFKHQLKQ]XORFNHQXQGHUPXWHHVEH VLW]HQ ª6HLYRUVLFKWLJ©6KHLODV:DUQXQJZDUNDXP]XK|UHQ %LOOQLFNWHQXUNQDSS(UNRQQWHQLFKWWDWHQORVPLWDQVHKHQZLH VHLQEHVWHU)UHXQGXPJHEUDFKWZHUGHQVROOWH =XP*OFNDFKWHWHQLHPDQGDXILKQGHQQGLHEHLGHQZDUHQPLW PLUEHVFKlIWLJW ª'HQNDQPHLQ9HUVSUHFKHQ©VDJWHGLH7HXIHOVWRFKWHUSO|W]OLFK ª,FKJHEHGLUGLH&KDQFH-RKQ6LQFODLU]XW|WHQ'XKDVWVLHQXQ 1LPPVLHHQGOLFKZDKU© 'LHVH:RUWHZDUHQGDV7RGHVXUWHLOXQGVLHIHVWLJWHQLQPLU HLQHQYHU]ZHLIHOWHQ(QWVFKOX,FKVHW]WHLQGLHVHQ$XJHQEOLFNHQ DOOHVDXIHLQH.DUWH %OLW]VFKQHOOOLHLFKPLFKQDFKKLQWHQIDOOHQXQGJOHLFK]HLWLJLQ GLH.QLH'DVJLQJVRUDVFKGD'HVWHURQLFKWPHKUGD]XNDP PLUGLH.OLQJHLQGLH%UXVW]XVWRHQ ,FKZDUYHUVFKZXQGHQ

7URW]GHPVWLHHUGDV6FKZHUWQDFKYRUQGRFKHVIXKUEHU PHLQHQ.RSIKLQZHJ $XVGHU+RFNHZXFKWHWHLFKPHLQHQ.|USHUDXIGHQ'lPRQHQ KHQNHU]X'LH$UPHDXVJHVWUHFNWJHODQJHVPLUPLWGHQ+lQGHQ 'HVWHURV.Q|FKHO]XXPNODPPHUQ +DUWSDFNWHLFK]XXQGULJOHLFK]HLWLJDQVHLQHQ%HLQHQ 'HU'l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lKHUWGDHVVLHHUVWHLQPDODXVGHP*HVFKHKHQUL $VPRGLQDKHXOWHZLHHLQH)XULHXQGVDK%LOO&RQROO\DXIVLFK ]XNRPPHQ 'HU5HSRUWHUKDWWHMHW]WHLQHQ3XQNWHUUHLFKWZRLKPDOOHVHJDO ZDU(UZROOWHGLH7HXIHOVWRFKWHUYHUQLFKWHQ ,FKNlPSIWHLQ]ZLVFKHQJHJHQ'HVWHUR'HU'lPRQHQKHQNHU KDWWHVLFKZLHGHUJHIDQJHQ (UVSUDQJDXIGLH%HLQHXQGWUDWZLHHLQ3IHUGDXV 'DPLWKDWWHLFKZLHGHUQLFKWJHUHFKQHW1LFKWVFKQHOOJHQXJ NDPLFKZHJXQGGHU7ULWWVFKOHXGHUWHPLFK]XUFNDXIGLH3ODWWH ª$KKK©VFKULH'HVWHURWULXPSKLHUHQGXQGVSUDQJDXIPLFK]X ZREHLHUVHLQJHZDOWLJHV6FKZHUWKRFKEHUGHQ.RSIVFKZDQJ XPHVDXIPLFKQLHGHUVDXVHQ]XODVVHQ ,FKUROOWHZHJ 0HLQHQ.|USHUZXFKWHWHLFKXPGLHHLJHQH$FKVHGHU+LHE YHUIHKOWHPLFKXQGWUDIGDIUJHQDXLQGHU0LWWHGHU6WHLQSODWWH GLH7HXIHOVIUDW]H

'LHVPDOZXUGHQJUHOOURWH)XQNHQKRFKJHVFKOHXGHUWGLHPLU JHJHQGDV*HVLFKWVSULW]WHQ %LV]XP5DQGGHU3ODWWHUROOWHLFKXQGNDPZLHGHUDXIGLH %HLQH 'HVWHURKROWH]XHLQHP5XQGVFKODJDXV'HUKlWWHPLFKEXFK VWlEOLFKJHWHLOW :LHGHUIORJLFK]XU6HLWH 'DV6FKZHUWSILIIDQPLUYRUEHLXQG'HVWHURKDWWH0KH VHLQHQHLJHQHQ6FKZXQJDE]XIDQJHQ (UQHXWKROWHHUDXV 'DMHGRFKJHVFKDKHWZDVZRPLWLFKQLFKWPHKUJHUHFKQHWKDWWH *HQDXEHUGHU7HXIHOVIUDW]HEHJDQQGLH/XIW]XIOLPPHUQZXUGH ]XHLQHUURWHQ6lXOHDXVGHUVLFKHLQH*HVWDOWVFKlOWH 6XNR 8QGHUKLHOWGHQ6WDELQGHUUHFKWHQ+DQG ,P%UXFKWHLOHLQHU6HNXQGHHUNDQQWHLFKPHLQH&KDQFHGLHGHU &KLQHVHPLUERW (LQHQ+HU]VFKODJVSlWHUKDWWHHUVLFKYROOHQGVPDWHULDOLVLHUW ,FKVSUDQJDXILKQ]XSUDOOWHJHJHQLKQXQGULLKPGHQ6WDEDXV GHU+DQGZlKUHQGLFKLKQVHOEVWYRQGHUUXQGHQ3ODWWHIHJWH 'HVWHURNDP (UKHFKWHWHPLWJH]FNWHP6FKZHUWDXIPLFK]XZROOWHDOOHV NODUPDFKHQDOVLFKGHQ6WDEHLQVHW]WH ,FKVFKULHGDVEHZXWH:RUW ª7RSDU© 8QGGDV(UEH%XGGKDVUHDJLHUWH 3O|W]OLFKHUVWDUUWHQVlPWOLFKH$NWHXUHLQGHQ%HZHJXQJHQQXU LFKQLFKWXQGLFKQXW]WHGLHHLQPDOLJH&KDQFHGLHVLFKPLUERW ,FKVSUDQJDXI'HVWHUR]XSDFNWHVHLQHQUHFKWHQ$UPZXFKWHWH LKQKHUXPXQGULLKPGDV6FKZHUWDXVGHU)DXVW -HW]WKDWWHLFKGLH:DIIH ,PQlFKVWHQ$XJHQEOLFNZDUHQGLHIQI6HNXQGHQYRUEHL 'HVWHUREHZHJWHVLFKZLHGHU

'HVHLQHQ)UHXGGHVDQGHUHQ/HLGGDVVDJWVFKRQHLQDOWHV 6SULFKZRUW8QGVRlKQOLFKPXWHHV%LOO&RQROO\HUJHKHQDOVHU VLFKDXIUDIIWHXQG$VPRGLQDPLWGHP.UHX]DWWDFNLHUHQZROOWH 6LHVWDQGLQPLWWHQHLQHU/LFKWZRONHXQGKDWWHGLH$UPHKRFK JHULVVHQ (LQNXU]HVDEJHKDFNWHV*HOlFKWHUGUDQJDXVLKUHP0XQGVLH VHW]WHGDEHLDOOLKUH)lKLJNHLWHQHLQXPGLHPDJLVFKH:RONH]X YHUQLFKWHQ 'DVJHODQJLKUMHGRFKQLFKW 'LH.UDIWGHV.UHX]HVVFKLHQVWlUNHU]XVHLQDOV$VPRGLQD6LH GUDQJLQLKUHQ.|USHUXQGZROOWHLKQ]HUVW|UHQ ,Q%LOOORGHUWHHLQHZLOGH)UHXGHKRFK3O|W]OLFKZXWHHUGDHU HVSDFNHQNRQQWH -DHUNRQQWHVLHYHUQLFKWHQ 8QGHUZDUIVLFKDXIGLH7HXIHOVWRFKWHU'DV.UHX]JDELKPGLH .UDIWXQGGHQ0XWGD]X %LOOZDUVRLQVHLQH$XIJDEHYHUWLHIWGDHUGLH8PJHEXQJ YHUJD(UVDKQLFKWZLH6XNRHUVFKLHQK|UWHDEHUGHQ5XIXQG HUVWDUUWH +DOEVFKZHEHQGKLQJGHU5HSRUWHULQGHU/XIWGHQOLQNHQ$UP ]XUFNJHERJHQGHQUHFKWHQDXVJHVWUHFNW $XFK$VPRGLQDEHZHJWHVLFKQLFKW6LHZDUHEHQIDOOVYRQGHP %DQQJHWURIIHQZRUGHQ 'RFKHLQHPPDFKWHHUQLFKWVDXV 8USO|W]OLFKHUVFKLHQHLQHGXQNOH*HVWDOWPHKUHLQ6FKDWWHQGHU $VPRGLQDHLQKOOWHXQGVLHPLWVHLQHPHLJHQHQ.|USHUVFKW]WH 'HU6SXN 'DZDUGLH=HLWXP %LOOILHOQDFKYRP(UVDKQLFKWPHKU$VPRGLQDVRQGHUQGHQ 6SXNGHUGLHJHVFKZlFKWH7HXIHOVWRFKWHUXPIDWKLHOWXQGVLH JHJHQGHQ5HSRUWHUDEGHFNWH %LOO&RQROO\ZROOWHPLWGHP.UHX]]XVFKODJHQGDKDWWHHUNHLQ =LHOPHKU 'HU6SXNXQG$VPRGLQDZDUHQYHUVFKZXQGHQ

'HVWHURVDKPLFKDQXQGHUVWDUUWHDXIGLH:DIIHGLHLFKLQGHU +DQGKLHOW 6HLQ6FKZHUW ,FKODFKWHª6R'lPRQHQKHQNHUMHW]WZHUGHQZLUVHKHQZHU GHUEHVVHUHYRQXQVEHLGHQLVW'XZROOWHVWPLFKW|WHQGRFKQXQ ELQLFKDQGHU5HLKH,FKEULQJHGLFKXP© ,FKPHUNWHGDLKQPHLQH:RUWHJHWURIIHQKDWWHQ6RHWZDVZDU QRFKQLHYRUJHNRPPHQGDHLQ0HQVFKLKQEHGURKWH(VZDUIDOO VHLQH9RUVWHOOXQJHQY|OOLJGXUFKHLQDQGHUGDVNRQQWH'HVWHUR QLFKWYHUNUDIWHQ 'DQQVFKOXJLFK]X ,FKZXQGHUWHPLFKGDEHLZLHJODWWXQGHOHJDQWLFKGLHODQJH .OLQJHIKUHQNRQQWHDOVZlUHVLHH[WUDIUPLFKJHVFKPLHGHW ZRUGHQ(VZDUHLQJXWHV*HIKOXQG'HVWHURNDPQLFKWVR VFKQHOOZHJ(UKDWWHPLFKJOHLFK]HLWLJDQJUHLIHQZROOHQ0LWGHP UHFKWHQ$UPVFKOXJHUQDFKPLUXQGKLHEJHQDXLQPHLQHQ 6FKZHUWKLHEKLQHLQ 'LH6FKQHLGHWUHQQWHVHLQH+DQGYRP$UP ,FKVDKZLHGLH+DQGLQGHU/XIWVFKZHEWHDEHUQLFKW]X%RGHQ ILHO(VZDUGLHDQGHUGHU5LQJPLW$VPRGLQDV.RQWHUIHLVD 'DQQMHGRFKZXUGHPHLQ%OLFNDEJHOHQNWXQGLFKNRQQWHPLFK QLFKWPHKUXPGLH+DQGNPPHUQ =XHUVWKDWWHLFKJHGDFKWGDGLH6FKQLWWVWHOOHJODWWJHZHVHQ ZlUHGRFKGDXQWHUODJLFKHLQHP,UUWXP .HLQ%OXWGUDQJDXVGHU:XQGH .HLQH6HKQHQZDUHQ]XHUNHQQHQ .HLQH$GHUQNHLQH.QRFKHQ 'DIUHWZDVDQGHUHV.DEHO -DZRKOLFKVDKHOHNWULVFKH'UlKWHXQG.DEHODXVGHP $UPVWXPSIUDJHQ (LQLUUHU*HGDQNHVFKRPLUGXUFKGHQ.RSI6ROOWH'HVWHUR YLHOOHLFKWNHLQ0HQVFKXQGDXFKNHLQ'lPRQVHLQVRQGHUQ HLQ 0DQQGDVZlUHMDXQJHKHXHU -HW]WZROOWHLFKHVJHQDXZLVVHQ1RFKQLHKDWWHLFKVHLQ*HVLFKW JHVHKHQ,PPHUKDWWHHUHVYRUPHLQHQ%OLFNHQYHUERUJHQ'LH =HLWZDUQXQYRUEHL :LHODQJHKDWWHLFKGDUDXIJHZDUWHW'HVWHURIHUWLJ]XPDFKHQ

(UUHDJLHUWHDXFKOlQJVWQLFKWPHKUVRZLHIUKHU6HLQH %HZHJXQJHQZDUHQWUlJHJHZRUGHQPGHVFKODII (UGHFNWHNDXPQRFKVHLQHQ.|USHU ,FKVSUDQJYRU 9RQREHQQDFKXQWHQKLHELFKPLWPHLQHPHUEHXWHWHQ6FKZHUW ]XXQGVFKOXJLKQTXHULQGLH%UXVW 'LH+DXWULDXIHLQEUHLWHU6SDOWHQWVWDQG$EHUZDUHVEHU KDXSW+DXWRGHUEHVWDQGVLHDXVLUJHQGHLQHPDQGHUHQNQVW OLFKHQ=HXJ".HLQ%OXWTXROODXVGHU:XQGH,FKVDKHWZDVLQ VHLQHP,QQHUQEOLQNHQGRFKHVEOLHEPLUQLFKWGLH=HLWJHQDXHU QDFK]XVHKHQGHQQLFKDWWDFNLHUWHLKQZHLWHU 'HUQlFKVWH+LHE 'LHVPDO]LHOWHLFKQDFKVHLQHP.RSI'HVWHURZROOWH]ZDU]XU 6HLWHDXVZHLFKHQGRFKHUZDU]XODQJVDP0LWGHUVFKDUIHQ 6FKZHUWVSLW]HWHLOWHLFKGHQ6WRIIGHU.DSX]H 1DFK]ZHL6HLWHQILHOHUZHJ 0HLQH$XJHQZXUGHQJUR =XPHUVWHQPDOVHLWLFK'HVWHURNDQQWHVDKLFKVHLQ*HVLFKW (LQ*HVLFKW"1HLQGDVZDUNHLQ*HVLFKW'DVZDUHLQYLHUHFNLJHU .DVWHQlKQOLFKZLHEHLHLQHP5RERWHU8QGQLFKWQXUlKQOLFK 'LHVHU'lPRQHQKHQNHUZDUHLQ5RERWHU $QGLHVHU7DWVDFKHELNHLQH0DXVGHQ)DGHQDE 'HVWHURKDWWHHLQHQPHWDOOHQHQ6FKlGHO-HW]WZXWHLFKDXFK ZHVKDOEGLH$XJHQLPPHUVRVHOWVDPJHJOlQ]WKDWWHQ$XFKVLH ZDUHQNQVWOLFKXQGKDWWHQGHQPHWDOOLVFKHQ*ODQ] 'LHVH(UNHQQWQLVVFKRFNWHPLFKXQGOLHPLFK]|JHUQQRFKHLQ PDO]X]XVFKODJHQ 0HLQ%OLFNJOLWWYRQVHLQHP*HVLFKWZHJWDVWHWHVLFKDEZlUWV XQGEOLHEGRUWKDIWHQZRGDV6FKZHUWGLHJURH:XQGHJHULVVHQ KDWWH ,FKVFKDXWHLQGDV,QQHUHGHV'lPRQHQKHQNHUVXQGVDKDXFK KLHUNHLQH2UJDQHVRQGHUQHOHNWULVFKH%DXWHLOHXQG]DKOUHLFKH IHLQH'UlKWH :LHGHUKLHELFK]X 'LHVPDOZXFKWHWHLFKGDVJHZDOWLJH6FKZHUWJHJHQGHQ.RSI GHV'lPRQHQKHQNHUV

(VJDEHLQNOLUUHQGHV*HUlXVFKGRFKGLH.OLQJHVFKDIIWHHVXQG GUDQJLQGHQYLHUHFNLJHQ6FKlGHOHLQ6LHKLHEHLQHQNODIIHQGHQ 6SDOWLQGHQ.RSI 3O|W]OLFKEOLW]WHVFKPRUWHXQG]XFNWHHV'HU6FKODJPXWH ZRKOLUJHQGHLQHQ.XU]VFKOXDXVJHO|VWKDEHQGHQQGLH%H ZHJXQJHQGHV'lPRQHQKHQNHUVJHULHWHQDXHU.RQWUROOH (UULVHLQHQJHVXQGHQ$UPKRFKWDQ]WHKLQXQGKHUZXUGH KHUXPJHZRUIHQYROOIKUWHXQJHOHQNH%HZHJXQJHQVHLQH$XJHQ YHUORUHQDQ*ODQ]XQGHLQHJHZDOWLJH.UDIWGUFNWHQVLHDXVGHU 0HWDOOIDVVXQJVRGDVLHYRUVSUDQJHQ 'HVWHUROLHILQPHLQHQQlFKVWHQ+LHE 'HUWUHQQWHHLQHQ$UPDE ,FKVFKOXJZLHHLQ%HUVHUNHUDXIGHQ5RERWHUHLQ]HUVW|UWHLQ ZLOGHU:XWGLHVHVGlPRQLVFKWHFKQLVFKH*HELOGHGDVPLFKDOO GLH-DKUHEHUVRJHTXlOWKDWWH ,FKVFKOXJZHLWHU 'DEHLEHPHUNWHLFKJDUQLFKWGDPHLQH)UHXQGHGLHUXQGH $OWDUSODWWHXPVWDQGHQ 6KHLODGLHGHQNOHLQHQ-RKQQ\DXIGHP$UPWUXJ6XNR%LOO VLHVWDQGHQXQGVWDXQWHQ ,FKVFKOXJZHLWHU=HUKLHEGLHVHQYHUGDPPWHQ5RERWHUVWDQG LQPLWWHQEOlXOLFKVFKLPPHUQGHUXQG]XFNHQGHU%OLW]HXQG GURVFKPLWGHP6FKZHUWDXILKQHLQ %LVSO|W]OLFKHWZDV*OlQ]HQGHVDQPLUYRUEHLIORJXQGJHQDXLQ GHU0LWWHGHU3ODWWHOLHJHQEOLHEZRGLH7HXIHOVIUDW]H]XVHKHQ ZDU 'DV.UHX] (LQHQ/LGVFKODJVSlWHUHUIROJWHGLHPDJLVFKH5HDNWLRQ 'LH7HXIHOVIUDW]HZXUGHYRQGHU0DJLHGHV.UHX]HV]HUVW|UW (LQJUlOLFKHU6FKUHLGUDQJDXVGHP6WHLQGUDXHQYRUGHQ )HQVWHUQYHUlQGHUWHVLFKGLH:HOWGLHVFKUHFNOLFKHQ*HVWDOWHQ ]HUSODW]WHQDOVZlUHHLQH%RPEH]ZLVFKHQLKQHQGHWRQLHUWXQG GDV%DQG]ZLVFKHQGHQ'LPHQVLRQHQUL 8QGLPQlFKVWHQ$XJHQEOLFNYHUVDQNXPXQVDOOHQKHUXPGLH :HOW

ª:LOONRPPHQLQGHU+HLPDW©K|UWHLFK%LOOVDJHQXQGVDK PLFKXP :LUVWDQGHQPLWWHQLP:RKQUDXP0HLQH)UHXQGHXPPLFK KHUXPDEHULFKQLFKWPHKUDXIGHU3ODWWH9RQGUDXHQVFKLHQ HLQHEODVVH0RUJHQVRQQHGXUFKGLH6FKHLEHQXQGOLHXQVPLWGHQ $XJHQEOLQ]HOQ1XUGHU6DUJPLWGHU]HUVW|UWHQ:DFKVSXSSHZDU DOVPDNDEUH(ULQQHUXQJYRUKDQGHQ 6KHLODVSUDFKGDVDXVZDVZLUDOOHGDFKWHQª*HUHWWHW )UHXQGH©VDJWHVLHXQGZDUIVLFK%LOOLQGLH$UPH'HUNOHLQH -RKQQ\EHIDQGVLFK]ZLVFKHQLKQHQ (VZDUDOVRGRFKNHLQ7UDXPJHZHVHQ'HVWHURH[LVWLHUWHQLFKW PHKUXQGLFKKDWWHHLQHZHLWHUH:DIIHGD]XEHNRPPHQ :HQQGDVNHLQ*UXQG]XU)UHXGHZDU 9LHOOHLFKWHLQNOHLQHU(UVDW]IUGHQYHUORUHQHQ%XPHUDQJGHU VLFKQRFKLPPHULQGHQ+lQGHQYRQ'U7RGEHIDQG 3O|W]OLFKVWDQGMHPDQGLQGHU7UGHUVLFKY|OOLJYHUVFKODIHQ GLH$XJHQULHE 5RQ*DUUHWGHU0DVNHQELOGQHU$QGHQKDWWHQZLUEHUKDXSW QLFKWPHKUJHGDFKW ª:DULUJHQGHWZDV"©IUDJWHHU ª1HLQ©HUZLGHUWH%LOOªDOOHVQRUPDO© ª'DQQLVWHVMDJXW© 5RQ*DUUHWZUGHZRKOVHLQJDQ]HV/HEHQGDUEHUQDFK GHQNHQZDUXPZLUODFKWHQ 'DQQEHJDQQHQQDWUOLFKGLHJURHQ'LVNXVVLRQHQ-HGHU HU]lKOWHXQGEHULFKWHWH:LUJUDWXOLHUWHQXQVJHJHQVHLWLJ ZDUHQLUJHQGZLHDXVJHODVVHQXQGYRUDOOHQ'LQJHQIURKGD ZLUQRFKOHEWHQ ª1RFKHLQPDOP|FKWHLFKGDVDXFKQLFKWHUOHEHQ©VW|KQWH 6KHLODZlKUHQGLKUH$XJHQLQ)UHXGHQWUlQHQVFKZDPPHQ 'DZDUHQZLULKUHU0HLQXQJ %LOOKDWWHHLQH)ODVFKH6HNWDXVGHP.HOOHUJHKROW'RUWZDU ZLHGHUDOOHVQRUPDO ª.LQGHUGDUDXIPVVHQZLUDQVWRHQ©VDJWHHUXQGOLHGHQ .RUNHQDXVGHUgIIQXQJNQDOOHQ :LUSURVWHWHQXQV]X

.DXPKDWWHQZLUGHQHUVWHQ6FKOXFNJHQRPPHQDOVHV6WXUP NOLQJHOWH%LOOOLHI]XU7U'RUWEHIDQGVLFKHLQNOHLQHU0RQLWRU (LQHHLQJHEDXWH.DPHUDLP7RUQDKPMHGHQ%HVXFKHUDXIGHU GDYRUVWDQG ª'LH3ROL]HL©ULHI%LOOª8QGDXFK6KDR© (U|IIQHWH 6KDRZDUDOVHUVWHLP+DXV6LHOLHIVRJDUGHQ3ROL]LVWHQGDYRQ GLH]LHPOLFKYHUOHJHQKHUXPVWDQGHQ ª'XOHEVW©ULHIGLH&KLQHVLQ6XNR]XXQGZDUIVLFKLQGHVVHQ $UPH 'HU6WUHLIHQIKUHUIUDJWHQDFKGHP%HVLW]HUGHV+DXVHV$OV %LOOVLFKPHOGHWHVDJWHHUª(QWVFKXOGLJHQ6LH6LUDEHUGLHVH )UDXGRUWHU]lKOWHGDKLHUHLQ+DXVYHUVFKZXQGHQZlUH 6WLPPWGDV"© %LOOJULQVWHª6HKHQ6LHHWZDV"© ª1HLQ© ª1DELWWH© 'HU%HDPWHZXUGHVDXHUª:HQQGDVHLQHEHZXWH)DOVFK PHOGXQJZDUGDQQN|QQHQ6LHHWZDV© ª'LH9HUDQWZRUWXQJEHUQHKPHLFK©VDJWHLFKXQG]HLJWH PHLQHQ$XVZHLV 'LH%HDPWHQ]RJHQDE6LHKLHOWHQXQVZDKUVFKHLQOLFKIUWRWDO EHUJHVFKQDSSW :LUDEHUOHHUWHQDXFKQRFKHLQH]ZHLWH)ODVFKH8QGGLHVR ILQGHLFKKDWWHQZLUXQVUHGOLFKYHUGLHQW

Desteros Rache

Desteros Rache

Desteros Rache

Desteros Söhne

Rache

Rache

Rache

Rache

Sundige Rache

Hannibals Rache

Undines Rache

Ryshads Rache

Wikkas Rache

Lebensziel Rache

Wikkas Rache

Sündige Rache

Die Rache

Die Rache

Isards Rache

Die Rache

Ryshads Rache

Eiskalte Rache

Die Rache

Die Rache

Medusas Rache

Undines Rache

Suendige Rache

Orbanaschols Rache

Sündige Rache

Zombie-Rache

Desteros Rache

Desteros Rache

Desteros Rache

Desteros Rache

Desteros Söhne

Rache

Rache

Rache

Rache

Sundige Rache

Hannibals Rache

Undines Rache

Ryshads Rache

Wikkas Rache

Lebensziel Rache

Wikkas Rache

Sündige Rache

Die Rache

Die Rache

Isards Rache

Die Rache

Ryshads Rache

Eiskalte Rache

Die Rache

Die Rache

Medusas Rache

Undines Rache

Suendige Rache

Orbanaschols Rache

Sündige Rache

Zombie-Rache

Recommend Documents