Desteros Rache

-2+16,1&/$,5'HVWHURV5DFKH *HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL...

16 downloads 507 Views 885KB 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

-2+16,1&/$,5'HVWHURV5DFKH

*HQHKPLJWH([NOXVLYDXVJDEHIU:HOWELOG9HUODJ*PE+$XJVEXUJ &RS\ULJKWE\%DVWHL9HUODJ%HUJLVFK*ODGEDFK 5HGDNWLRQ5DLQHU'HOIVXQG3HWHU7KDQQLVFK 7LWHOELOG9LFHQWH%DOOHVWDU1RUPD%DUFHORQD (LQEDQGJHVWDOWXQJ$UWV *UDIL[3HWHU+HOOHU$XJVEXUJ *HVDPWKHUVWHOOXQJ(EQHU8OP 3ULQWHGLQ*HUPDQ\

/LHEH/HVHULQOLHEHU/HVHU ,FKEHJUH6LH]XPQHXHQ%DQGGHU:(/7%,/'6DPPOHU(GLWLRQ -2+16,1&/$,5'LHVPDOKDEHLFKZLHGHUEHVRQGHUH+LJKOLJKWV GHU6HULHDXVJHZlKOWLQGHQHQ,KQHQEHNDQQWH)LJXUHQEHJHJQHQ XQGGD]XHLQHQ5RPDQDXVGHU7DVFKHQEXFK$XVJDEHLQGHP GLH+LQWHUJUQGHGHUDWODQWLVFKHQ3URWDJRQLVWHQGHU6LQFODLU 6HULHLQHLQHP9HUJDQJHQKHLWV$EHQWHXHUEHOHXFKWHWZHUGHQ 'HUHUVWH5RPDQWUlJWGHQ7LWHOª'HVWHURV5DFKH©'HVWHURGHU 'lPRQHQKHQNHUZLOOVLFKDQ-RKQ6LQFODLUUlFKHQZHLOGLHVHULKP LQGHU+|OOHHQWNRPPHQLVW(UHQWIKUWGHQNOHLQHQ-RKQQ\ &RQROO\XQGYHUODQJWYRQ%LOO&RQROO\GDGLHVHUVHLQHQ)UHXQG -RKQ6LQFODLUW|WHW'RFKGHQ)UHXQGHQJHOLQJWHVGHQ'lPRQHQ KHQNHUPLWHLQHU:DFKVSXSSH]XWlXVFKHQ9RU:XWKROW$VPRGLQD GHQJHVDPWHQ%XQJDORZGHU&RQROO\VLQV3DQGlPRQLXPRKQH]X DKQHQGDVLFK-RKQXQG6XNRLP+DXVYHUVWHFNWKDOWHQ *HPHLQVDPJHOLQJWHVLKQHQ-RKQQ\]XUHWWHQXQG-RKQYHU QLFKWHW'HVWHURGHUVLFKDOVGlPRQLVFKHU5RERWHUHQWSXSSWPLW GHVVHQHLJHQHP6FKZHUW'DQN-RKQV.UHX]NHKUHQVLHPLWVDPW GHP%XQJDORZXQG'HVWHURV6FKZHUWLQGLH*HJHQZDUW]XUFN ,QGHP5RPDQª'LH7HXIHOVXKU©ZLUG-RKQYRQHLQHUDOWHQ %HNDQQWHQ]XGHUHQ9HUOREXQJHLQJHODGHQ1DGLQH%HUJHUGLH 6FKDXVSLHOHULQ]XGHU-RKQHLQHEHVRQGHUH%H]LHKXQJKDWVFKHLQW QLFKWVRJOFNOLFK]XVHLQZLH-RKQHUZDUWHWKDW'DVKlQJWRIIHQ EDUPLWGHP+DXVLKUHV9HUOREWHQ]XVDPPHQLQGHPXQKHLP OLFKH'LQJHJHVFKHKHQXQG.LQGHU]XPRUGHQGHQ0RQVWHUQ ZHUGHQ$XFK1DGLQHV9HUOREWHUZLUGLKU2SIHU$OV-RKQKHUDXV ILQGHWGDHLQHGlPRQLVFKH6WDQGXKUIUGDVJDQ]H*HVFKHKHQ YHUDQWZRUWOLFKLVW]HUKDFNWHUVLHPLW'HVWHURV6FKZHUWXQG EHHQGHWGHQ6SXN 'HU7LWHOGHVGULWWHQ5RPDQVª$OSWUDXPLQ$WODQWLV©OlWVFKRQ DKQHQGDKLHUHLQLJH*HKHLPQLVVHXPGLH9HUJDQJHQKHLWGHU YLHOHQDWODQWLVFKHQ*HVWDOWHQGLHLQ]ZLVFKHQLQGHU6LQFODLU6HULH HLQH5ROOHVSLHOHQJHOIWHWZHUGHQ $OV-RKQ6LQFODLUXQG0\[LQLQGLH)DOOHHLQHV$WODQWHUVODXIHQ ZHUGHQVLHLQGLH9HUJDQJHQKHLWLQVDOWH$WODQWLVJHVFKOHXGHUW -RKQHUOHEWGHQ8QWHUJDQJGHV.RQWLQHQWVPLW'HU6FKZDU]H7RG KDWVHLQHQ.DPSIJHJHQ0\[LQJHZRQQHQXQGYHUVHQNWGHQ 0DJLHULQHLQHPJROGHQHQ6DUJLP0HHU.DUDV9DWHU'HOLRVEHU JLEWVHLQPDJLVFKHVJROGHQHV6FKZHUWXQGGHQ7UDQNGHV 9HUJHVVHQVDQVHLQH7RFKWHU.DUDEHYRUHUVWLUEW

'LH6NHOHWWGLHQHUGHV6FKZDU]HQ7RGVJHZLQQHQGLHhEHUPDFKW XQGWUHLEHQGLHHQGJOWLJH9HUQLFKWXQJYRQ$WODQWLVYRUDQ1XU GXUFKGDV(LQJUHLIHQGHV6HKHUVXQGPLW+LOIHHLQHU6FKHUEHGHV 6SLHJHOVGHV:LVVHQVJHOLQJW-RKQ6LQFODLULPOHW]WHQ$XJHQEOLFN GLH5FNNHKULQGLH*HJHQZDUW -RKQKDWMHW]WDPHLJHQHQ/HLEHUOHEWZLHGLHDOWH.XOWXUGHU $WODQWHUXQWHUJLQJXQGHULVWIURKGDHULQ]ZLVFKHQLQGHU *HJHQZDUWGHQ6FKZDU]HQ7RGYHUQLFKWHWKDW 'RFKGLH+|OOHLVWXQHUVFK|SIOLFKZHQQHVGDUXPJHKWQHXH JHIlKUOLFKH*HJQHUIUGLH0HQVFKHQKHUYRU]XEULQJHQ'HVKDOE ZHL-RKQ6LQFODLUDXFKGDVHLQ.DPSIJHJHQGLH0lFKWHGHU )LQVWHUQLVQLHHLQ(QGHILQGHQZLUG ,FKKRIIHGD6LHOLHEH/HVHULQQHQXQG/HVHUGLHKDUWHQ.lPSIH YRQ-RKQXQGVHLQHQ0LWVWUHLWHPDXFKZHLWHUKLQYHUIROJHQXQG ZQVFKH,KQHQZLHLPPHUVSDQQHQGHXQGJUXVHOLJH8QWHU KDOWXQJPLWPHLQHQ5RPDQHQ -DVRQ'DUN

'(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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|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$XJHQKLQWHUGHQ6FKOLW]HQIXQNHOWHQE|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|W]OLFKEHZHJWHQVLFKVHLQH/LSSHQª0XPP\'DGG\© VWDPPHOWHHUª,KULKU©HUVWUHFNWHVHLQHNOHLQHQ$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

',(7(8)(/68+5 $OVGDVHUVWH.LQGYHUVFKZDQGDKQWHQRFKQLHPDQGHWZDV%|VHV 'LH/HXWHLP'RUIZDUHQ]ZDULUULWLHUWGLH(OIWHUQGHU.OHLQHQDP %RGHQ]HUVW|UWDEHUPDQEHUXKLJWHVLFKQDFKHLQLJHQ:RFKHQ ZLHGHU 'DQQYHUVFKZDQGHQGLHEHLGHQQlFKVWHQ.LQGHU(LQ*H VFKZLVWHUSDDU8QGSO|W]OLFKZDUGLH+|OOHORV -HGHUYHUGlFKWLJWHMHGHQ0DQVFKDXWHVLFKVFKLHIDQGLH3ROL]HL HUPLWWHOWHLQGHQ:RKQXQJHQGXUFKVXFKWHGLH+lXVHUDEHUVLH IDQGQLFKWV 1LFKWGLHJHULQJVWH6SXUZDUYRQGHQGUHLYHUVFKZXQGHQHQ .LQGHUQ]XHQWGHFNHQ $XVGHPIHUQHQ/RQGRQUHLVWHQVRJDU%HDPWHYRQ6FRWODQG
-HW]WZXUGHQLFKWQXUGHU2UWJHPLHGHQVRQGHUQDXFKGHVVHQ %HZRKQHU1LHPDQGNDXIWHGHQ%DXHUQRGHU+DQGZHUNHUQDXV 0LOWRQEXUU\PHKUHWZDVDEPDQZROOWHPLWGHQ9HUIOXFKWHQ QLFKWV]XWXQKDEHQ ,Q0LOWRQEXUU\EUHLWHWHVLFKGLH$QJVWDXV(LQNOHLQHV :LUWVFKDIWVJHIJHEUDFK]XVDPPHQ'LH%DXHUQEOLHEHQDXILKUHQ :DUHQVLW]HQVLHNRQQWHQGLH:DUHQZHJZHUIHQZHLOLKQHQ NHLQHUPHKUHWZDVDEQDKP%LV]XUQlFKVWHQ6WDGWKDWWHVLFKGDV *HUFKWEDOGKHUXPJHVSURFKHQXQGGLH(LQZRKQHUDXV 0LOWRQEXUU\WUDIHQKLHUHEHQIDOOVDXIWDXEH2KUHQ 9RP%UJHUPHLVWHUZXUGHHLQH.ULVHQVLW]XQJHLQEHUXIHQ9LHU YHUWUDXHQVZUGLJH3HUVRQHQZXUGHQGD]XDXVHUZlKOW 'HU3IDUUHUGHU/HKUHUGHU$SRWKHNHUXQGGHU'RUISROL]LVW $OOHGLHVLFKLP:RKQ]LPPHUGHV%UJHUPHLVWHUVEHLJHVFKORVVH QHQ9RUKlQJHQYHUVDPPHOWKDWWHQZDUHQVLFKHLQLJGDHWZDV JHVFKHKHQPXWHhEHUGHP2UWODJHLQ6FKDWWHQHLQ)OXFKXQG GHUPXWHYRQLKPJHQRPPHQZHUGHQ $EHUZLH" 'LH0lQQHUGLVNXWLHUWHQKLQXQGKHU6LHNDPHQ]XNHLQHP (UJHEQLV6LHNDXWHQGDVQRFKPDOGXUFKZDVDXFKGLH%HDPWHQ YRQ6FRWODQG
6FKZHOOHGHV*RWWHVKDXVHV]XVHW]HQ+DEHLFKUHFKW"© ª-D©VWLPPWHGHU%UJHUPHLVWHU]XXQGGLHDQGHUHQGUHL 0lQQHUQLFNWHQ ª,FKKDEHDOVRLPPHUQDFKJH]lKOWXQGDXIJHVFKULHEHQZHULQ GLH.LUFKHJHNRPPHQLVW©UHGHWHGHU3IDUUHUZHLWHUª,KUVHLGIDVW LPPHUGDJHZHVHQDQGHUHLP'RUIDXFKDEHUHLQHQGHQKDEHLFK QLHLQPHLQHP*RWWHVKDXVJHVHKHQ© 1DFKGLHVHQ:RUWHQHQWVWDQGHLQH3DXVHGLHGHU3IDUUHUHUVW ZLUNHQOLH(UVDKGLHJHVSDQQWHQ%OLFNHGHUYLHU0lQQHUDXIVLFK JHULFKWHWXQGPHUNWHDXFKZLHQHUY|VGLH/HXWHJHZRUGHQ ZDUHQ 'HU$SRWKHNHUUXWVFKWHXQUXKLJDXIVHLQHP6WXKOKLQXQG KHU'HU3ROL]LVWNDXWHDQVHLQHQ6FKQXUUEDUWHQGHQGHU/HKUHU EOLQ]HOWHPLWGHQ$XJHQXQGGHU%UJHUPHLVWHUWUDQNKDVWLJVHLQ *ODVOHHU$OVHUHVDXIVHW]WHZDUVHLQH*HGXOGDP(QGHª6DJHQ 6LHHQGOLFKZHQ6LHPHLQHQ+HUU3IDUUHU© ª5LFN+ROORZD\© -HW]WZDUHVKHUDXV'HU3IDUUHUKRIIWHQXUGDGLH0lQQHU JHQJHQG&RXUDJHKDEHQZUGHQGHQ1DPHQIUVLFK]XEH KDOWHQ ª'HUDOWH+ROORZD\"©IOVWHUWHGHU%UJHUPHLVWHU ª-DGHU© ª$EHUGHUYHUNDXIWGRFKQXU3OXQGHU$OWH0|EHOXQGLUJHQG ZHOFKHQ'UHFN© ª,FKKDEHLKQQLHLQGHU.LUFKHJHVHKHQ©KLHOWGHU3IDUUHUHQW JHJHQª'DVNDQQYLHOH*UQGHKDEHQGLHY|OOLJKDUPORVVLQG RGHUDEHUHLQHQEHVWLPPWHQ© 'LH0lQQHUVDKHQVLFKDQ1LFKWQXUHLQHPOLHIHLQNDOWHU 6FKDXHUEHUGHQ5FNHQXQGGDV/LFKWGHU3HWUROHXPODPSHOLH LKUH*HVLFKWHU]XP7HLOLP+DOEGXQNHOQVRGDVLHHLQHQIUDW]HQ KDIWHQ$XVGUXFNDQQDKPHQ ,P2IHQNQDFNWHGDV+RO]DOVHVYRQGHQ)ODPPHQ]HUULVVHQ ZXUGH,UJHQGZRLQGHQ'DFKVSDUUHQYHUILQJVLFKGHU1DFKWZLQG XQGEOLHVGRUWVHLQHNODJHQGH0HORGLH ª5LFN+ROORZD\©PXUPHOWHGHU%UJHUPHLVWHUª:HUKlWWHGDV JHGDFKW© ª1RFKLVWQLFKWVEHZLHVHQ©ULHIGHU3IDUUHUVFKQHOOGHPGLHVH $QWZRUWQLFKWSDWHZHLOVLHGLH*HGDQNHQGHU0lQQHULQHLQH

5LFKWXQJWULHEGLHGHU3IDUUHUQLFKWZROOWHª,FKKDEHHVQXUDOV HLQH0|JOLFKNHLWDQJHGHXWHW© ª:DVZLVVHQZLUHLJHQWOLFKYRQLKP"©IUDJWHGHU$SRWKHNHUGHU ELVKHUDPVFKZHLJVDPVWHQJHZHVHQZDU ª-DZDVZLVVHQZLUYRQLKP"©ZLHGHUKROWHGHU%UJHUPHLVWHU ª6RYLHOZLHQLFKWV© 'LH0lQQHUVFKDXWHQVLFKDQ5DWORVH*HVLFKWHU6FKXOWHU ]XFNHQ%LVGHU%UJHUPHLVWHUGDV:RUWHUJULII,UJHQGZLHIKOWH HUVLFKGD]XYHUSIOLFKWHW ª(ULVWQLFKWLQ0LOWRQEXUU\JHERUHQ©VDJWHHUª9RU]HKQ-DKUHQ LVWHUKHUJH]RJHQ(UNDPPLWHLQHPDOWHQ:DJHQXQGKDWVHLQ *HVFKlIWHU|IIQHW©'HU%UJHUPHLVWHUZLHVDXIGHQ/HKUHUª6LH PWHQHVGRFKDPEHVWHQZLVVHQ6LHZRKQHQVFKOLHOLFKQXU GUHL+lXVHUZHLWHU© ª,FKKDEHPLFKQLHXPLKQJHNPPHUW(UOHEWDOOHLQKDWNHLQH )UDXNHLQH.LQGHU© %HLGHPOHW]WHQ:RUWVWRFNWHHUXQGVHQNWHGHQ.RSI ª:LHGHPDXFKVHL©VDJWHGHU3IDUUHUª,FKELQGDIUGDZLU LKQJHQDXEHREDFKWHQ9LHOOHLFKWIlOOWXQVHWZDVDQLKPDXI.DQQ MDVHLQGDHUVLFKYHUGlFKWLJPDFKW© 'LHDQGHUHQ0lQQHUZDUHQHEHQIDOOVGHU0HLQXQJ 0LWGLHVHP(UJHEQLVO|VWHQVLHLKUH=XVDPPHQNXQIWDXIXQG JLQJHQQDFK+DXVH ,KUHQ)UDXHQHU]lKOWHQVLHZLUNOLFKQLFKWVXQGGHU3IDUUHUEHWH WHLQGHU.LUFKHIUGLHYHUVFKZXQGHQHQ.LQGHU 5LFN+ROORZD\DKQWHYRQDOOHGHPQLFKWV$EHUGLH0lQQHU ZDUHQLPPHULQVHLQHU1lKH$XFKQDFKWV 6RYHUJLQJGHU:LQWHU 8QGHLQHV7DJHVNXU]YRUGHP2VWHUIHVWHQWGHFNWHGHU/HKUHU LP6WDOOGHV0DQQHVHLQHQDOWHQ.DUWRQ+ROORZD\KDWWHLKQHUVW HLQHQ7DJ]XYRUGRUWKLQJHVWHOOW 'HU/HKUHU|IIQHWHGHQ.DUWRQXQGZXUGHVWHLIYRU(QWVHW]HQ =XVDPPHQJHNQOOWODJGRUW.LQGHUNOHLGXQJ (VZDUHQJHQDXGLH6DFKHQGLHGLHGUHLYHUVFKZXQGHQHQ .LQGHUJHWUDJHQKDWWHQ

,UJHQGHWZDVEUDXWHVLFKJHJHQLKQ]XVDPPHQ'DVIKOWH5LFN +ROORZD\GDZDUHUVRJDUVLFKHU(UEHUOHJWHILHEHUKDIWZDVHU XQWHUQHKPHQVROOWH )OXFKW" 'DVNDPLQ)UDJHDEHUZHQQHUIORKGDQQPDFKWHHUVLFKHUVW UHFKWYHUGlFKWLJ$OVRLP'RUIEOHLEHQXQGDOOH6SXUHQYHU ZLVFKHQ:DVQDWUOLFKVFKZHUVHLQZUGH$EHUHUZROOWHHVYRU 2VWHUQQRFKJHVFKDIIWKDEHQ1XUPXWHHU]XVHKHQGDHU LUJHQGZLHDXVGHP+DXVNDPRKQHGDPDQLKQEHPHUNWH 6HLQ/DGHQODJ]ZDUIUGHQ9HUNDXIJQVWLJGLUHNWDQGHU +DXSWVWUDHDEHUKLHUNRQQWHPDQLKQDXFKLPPHUJOHLFKVHKHQ ZDVQDWUOLFKVFKOHFKWZDU $QGLHVHP7DJZDUHQQXU]ZHL.XQGHQLQVHLQHQ/DGHQ JHNRPPHQbOWHUH)UDXHQGLHLUJHQGHLQHQ.UDPNDXIWHQ1lK JDUQXQG.Q|SIH'DYRQNRQQWHPDQQLFKWUHLFKZHUGHQ$EHUHU ZROOWH*HOG *HOGXQG*ROG 8QGGDIUWDWHUDOOHV'HQ$QIDQJKDWWHHUJHPDFKW$OVVLFK GHU7HXIHOLKPRIIHQEDUWHKDWWHHUQLFKWHLQH6HNXQGHJH]|JHUW VLFKDXIGHQQ3DNWHLQ]XODVVHQ 6HHOHQVROOWHHULKPEHVRUJHQ 6HHOHQYRQMXQJHQ0HQVFKHQ(UVWGDQQNRQQWHVLFKGHU6DWDQ ZLHGHUIUHLHQWIDOWHQGHQQHUZDUHLQJHVSHUUWLQHLQWHXIOLVFKHV 8KUZHUNDXV6LOEHUXQGNRQQWHQLFKWKHUDXV 'HU7HXIHOLQHLQHU8KU 'DVZROOWH+ROORZD\QLFKWJODXEHQ%HVWLPPWZDUHVQLFKWGHU 7HXIHOVRQGHUQQXUHLQDQGHUHU'lPRQ$EHUGDVZROOWHHUQRFK KHUDXVILQGHQ ª(LQHQUHFKWVFK|QHQ$EHQGZQVFKHLFK0U+ROORZD\© $OVGHU.DXIPDQQGLH6WLPPHK|UWH]XFNWHHU]XVDPPHQXQG ZDQGWHVLFKKDVWLJXP 'HU3IDUUHUEHUTXHUWHGLH6WUDHXQGOIWHWHK|IOLFKVHLQHQ GXQNOHQ+XW +ROORZD\JULQVWH(UQLFNWHQXUXQGVDKGHP3IDUUHUQDFK $XFKHLQHUYRQGLHVHQ+HXFKOHUQGDFKWHHU$EHUHLQJHIlKU OLFKHUGDVVSUWH+ROORZD\ +DVWLJVFKORHUGLH7UXQGYHU]RJVLFKZLHGHULQVHLQHQ /DGHQZRDOOHVEHUHLQDQGHUVWDQGRGHUODJ'LHGXQNOHQ

+RO]UHJDOHDQGHQ:lQGHQTXROOHQIDVWEHU+ROORZD\KDWWH DOOHVKLQHLQJHVWRSIWZDVHUGHQ%DXHUQELOOLJRGHUXPVRQVW DEQHKPHQNRQQWH.|UEH)ODVFKHQ7LHJHO*HIlH.DQQHQ 3IDQQHQ7|SIHDOWH:DDJHQ6FK|SINHOOHQDOOHVZDUYRUKDQGHQ *HEUDXFKWQDWUOLFKXQGGHVKDOEELOOLJHU'LH/HXWHLP2UW KDWWHQRIWYRQGLHVHQSUHLVZHUWHQ$QJHERWHQ*HEUDXFKJHPDFKW $XFKGLH*DUWHQXQG$FNHUJHUlWHZXUGHQJHNDXIWGLHQRFK LQQHUKDOEGHV9HUNDXIVUDXPHVVWDQGHQ +ROORZD\ZRKQWHHLQH(WDJHK|KHU,QGUHLNOHLQHQZLQNOLJHQ 5lXPHQ$XFKGRUWVWDQGDOWHU3OXQGHUKHUXP'LHZHUWYROOHQ 6WFNHDOOHUGLQJVEHIDQGHQVLFKLQHLQHP1HEHQUDXPGHV/DGHQV 'RUWKRUWHWH+ROORZD\GLH*HJHQVWlQGHGLHHUYRQVHLQHQ 5DXE]JHQPLWJHEUDFKWKDWWH$OWH6FKUlQNHXQG.RPPRGHQGLH HULQ6FKO|VVHUQXQG%XUJHQJHVWRKOHQKDWWH (UDKQWHPLWGHPVLFKHUHQ*HVSUHLQHV*HVFKlIWVPDQQHVGD GLHVH'LQJHQRFKHLQPDOZHUWYROOZHUGHQZUGHQXQGZDUIVLH GHVKDOEQLFKWZHJ%HLHLQHU1DFKWXQG1HEHODNWLRQKDWWHHU DXFKGLH8KUHUEHXWHW6LHKDWWHYHUVWHFNWLQHLQHU0DXHUQLVFKH LP.HOOHUHLQHVDOWHQ*XWVKDXVHVJHVWDQGHQGDVZRKONHLQHP PHKUJHK|UWH'LH8KUZDUHLQHOHLFKWH%HXWHIU+ROORZD\JH ZHVHQ6LHJHILHOLKPDXVJH]HLFKQHWELVHUHLQHV7DJHVKHUDXVJH IXQGHQKDWWHZHOFKHV*HKHLPQLVGLH8KUEDUJ -DVLHZDUZLUNOLFKHLQH7HXIHOVXKU 5LFNKDWWHLKUJUDXHQKDIWHV3ULQ]LSHUNDQQWXQGVLFKGDQDFK JHULFKWHW$XFKMHW]WDOVHURIIL]LHOOGHQ/DGHQJHVFKORVVHQKDWWH EHWUDWHUGLH.DPPHU]QGHWH]ZHL.HU]HQDQXQGVWHOOWHVLHYRU GLH8KUXPVLHLQ5XKH]XEHWUDFKWHQ (LJHQWOLFKVDKVLHY|OOLJKDUPORVDXVPLWLKUHPJOlQ]HQGHQ =LIIHUEODWWGHPZDUPHQ%UDXQWRQGHV+RO]HVGHQEHLGHQVFKZH UHQ3HUSHQGLNHOQXQGGHP3HQGHOGD]ZLVFKHQ %HLGHVNRQQWHPDQQXUVHKHQZHQQPDQGLHVFKPDOH7ULP XQWHUHQ7HLOGHU8KUDXIVFKOR +ROORZD\ZXWHGDVLFKGHU'lPRQLUJHQGZDQQZLHGHU PHOGHQZUGH8QGGDQQPXWH5LFNUHDJLHUHQ (LQQHXHV2SIHU (UDWPHWHGXUFKGLH1DVHXQGVSUWHGHQ6WDXEGHUVLFKDXIVHL QHQ6FKOHLPKlXWHQIHVWJHVHW]WKDWWH,QGLHVHU1DFKWZROOWHHUGLH OHW]WHQ6SXUHQEHVHLWLJHQGLHDQGDVVFKUHFNOLFKH9HUEUHFKHQ

HULQQHUWHQ=ZLVFKHQ0LWWHUQDFKWXQG0RUJHQZDUGLHEHVWH=HLW XPVROFKH'LQJH]XHUOHGLJHQ %LVGDKLQMHGRFKZROOWHHUVFKODIHQ'DVKDWWHHULPPHUJHNRQQW GHQQ*HZLVVHQVELVVHEHODVWHWHQGHQMlKULJHQ0DQQQLFKWGHU HLQHHQWIHUQWHbKQOLFKNHLWPLWHLQHP%lUHQDXIZLHV,Q5LFN +ROORZD\V*HVLFKWZXFKHUWHHLQGXQNOHU%DUW'HU0DQQZDU EUHLWLQGHQ6FKXOWHUQKDWWHWURW]VHLQHUEUDXQHQ+DDUHKHOOH $XJHQXQGJLQJVWHWVHLQZHQLJJHEFNW'DVPXWHHULQGLHVHP +DXVDXFKGHQQGLH'HFNHQZDUHQQLFKWVHKUKRFK$OWH +RO]GLHOHQEHGHFNWHQGHQ)XERGHQ:HQQ+ROORZD\GDUEHU KLQZHJVFKULWWEHZHJWHQVLHVLFKXQGNQDUUWHQ 6HLQ%HWWVWDQGLQGHUNOHLQVWHQ.DPPHU(LQDOWHV)HOGEHWWPLW HLQHU0DWUDW]HGDUDXI)UNDOWH7DJHEHVDHUQRFKHLQH 6FKDIIHOOGHFNHGLHVFKRQZLGHUOLFKVWDQN 'DV)HQVWHULQGHU.DPPHUZDUQLFKWJU|HUDOV]ZHL 0HQVFKHQN|SIH%HYRUVLFK+ROORZD\KLQOHJWH|IIQHWHHUHVQRFK XQGVFKDXWHQDFKGUDXHQ +LQWHUGHP+DXVEHJDQQGHUYHUZLOGHUWH*DUWHQ(UZDUYRQ HLQHP=DXQXPJHEHQGHUDQHLQLJHQ6WHOOHQJURH/|FKHUXQG 5LVVH]HLJWH+ROORZD\GDFKWHJDUQLFKWGDUDQLKQ]XIOLFNHQ HEHQVRZHQLJZLHHUGDUDQGDFKWHGDV8QNUDXWDXVGHP*DUWHQ ]XVFKDIIHQ )ULKQUHLFKWHGDVXQGZDVGLH/HXWHVDJWHQGDVZDULKP VRZLHVRHJDO $QJH]RJHQOHJWHHUVLFKLQV%HWW1XUGLHDOWHQ6FKXKHVWUHLIWHHU YRQGHQ)HQ(LQH8KUGLHLKQZHFNWHEUDXFKWHHUQLFKW +ROORZD\ZXUGHDXFKVRZDFKHUKDWWHHLQHQLQQHUHQ:HFNHU GHULKQDXVGHP6FKODIVFKHXFKWH %DOGILHOHQLKPGLH$XJHQ]X6FKZHUHWLHIH$WHP]JHYHU ULHWHQZLHIHVWGHU0DQQVFKOLHI(UEHNDPQLFKWPLWZDV GUDXHQYRUVLFKJLQJ 'LHIQI0lQQHUKDWWHQUHDJLHUW 3IDUUHU%UJHUPHLVWHU$SRWKHNHU3ROL]LVWXQG/HKUHUKDWWHQ VLFKJHWURIIHQXPGHQ0DQQ]XEHVWUDIHQGHQVLHDOVGHQ0|UGHU DQVDKHQ 'HU3IDUUHUWUXJHLQHWZDVJU|HUHV+RO]NUHX]'LHDQGHUHQ 0lQQHUKDWWHQVLFKEHZDIIQHW6RJDUGHU$SRWKHNHUWUXJHLQ *HZHKU(UKDWWHQRFKQLHJHVFKRVVHQXQGZDUEOHLFK

1LHPDQGLP'RUIZXWHZDVGLH0lQQHUYRUKDWWHQ6LH VFKZLHJHQHLVHUQDOVVLHVLFKDXI6FKOHLFKZHJHQGHP+DXVQlKHU WHQXQGHVXPVWHOOWHQ=XYRUKDWWHQVLHVLFKVFKRQDEJHVSURFKHQ 'HU%UJHUPHLVWHUGHU3IDUUHUXQGGHU3ROL]LVWZROOWHQLQGDV +DXVHLQGULQJHQZlKUHQGGLHDQGHUHQGUDXHQ:DFKHKLHOWHQ 'HU/HKUHUDQGHU9RUGHUGHU$SRWKHNHUDQGHU5FNVHLWHGHV +DXVHV%HLGHZDUHQEHUHLWVRIRUW]XVFKLHHQZHQQGHU0|UGHU ]XIOFKWHQYHUVXFKWH 'HU3ROL]LVW|IIQHWHGLH7U'DV6FKOREHUHLWHWHLKPNHLQH 6FKZLHULJNHLWHQ$OVHUVWHUEHWUDWHUDXFKGDV*HVFKlIW'DV *HZHKUKLHOWHUVFKXEHUHLW,KPIROJWHGHU3IDUUHUXQGGHQ 6FKOXELOGHWHGHU%UJHUPHLVWHUGHUVLFKDXIVHLQH6FKURWIOLQWH YHUOLH (VZDUHLQHGXQNOHPRQGORVH1DFKW'HVKDOEGUDQJDXFK NDXP/LFKWLQGDV*HVFKlIWXQGHVZDUNHLQ:XQGHUGDGLH 0lQQHUGLHVLFKKLHUQLFKWDXVNDQQWHQLP'XQNHOQJHJHQ LUJHQGZHOFKH'LQJHOLHIHQGLHKHUXPVWDQGHQ %HYRUGHU3ROL]LVW/LFKWPDFKHQNRQQWHKDWWHGHU3IDUUHUVFKRQ HLQH6FKVVHOXPJHVWRHQ6LHILHOYRQLKUHP6WDQGSODW]XQG]HU EUDFKNOLUUHQG 'LH0lQQHU]XFNWHQ]XVDPPHQ:DUGDV*HUlXVFKJHK|UW ZRUGHQ"/DXVFKHQGEOLHEHQVLHVWHKHQ 1HLQQLFKWVUKUWHVLFK 6LHDWPHWHQDXI ª:LUPVVHQQDFKREHQ©ZLVSHUWHGHU3IDUUHUª'RUWVFKOlIWHU© ª$EHUQLFKWRKQH/LFKW©VDJWHGHU%UJHUPHLVWHU ª(LQHQ0RPHQWQRFK©IOVWHUWHGHUGULWWHLP%XQGH(U]Q GHWHGHQ'RFKWGHUWUDJEDUHQ3HWUROHXPODPSHDQGLHHUGDQQDQ VHLQHU*UWHOVFKQDOOHEHIHVWLJWH (LQZDUPHU6FKHLQKOOWHGLH0lQQHUHLQXQGOHXFKWHWHJHUDGH VRZHLWGDVLHLQ]ZHL6FKULWW(QWIHUQXQJDOOHVHUNHQQHQ NRQQWHQ :LFKWLJIUVLHZDUDOOHLQGLHVFKPDOHXQGVWHLOH7UHSSHGLHLP +LQWHUJUXQGGHV9HUNDXIVUDXPHVLQGLHREHUH(WDJHIKUWH 'DUEHUJDEHVQXUQRFKGDV'DFK 'LH0lQQHUZDUHQ]LHPOLFKRSWLPLVWLVFK6LHKDWWHQGDV *HUlXVFKGHU]HUEUHFKHQGHQ6FKVVHOVFKRQZLHGHUYHUJHVVHQ XQGUHFKQHWHQQLFKWPHKUGDPLWGDHVJHK|UWZRUGHQZDU

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|SIWXQGZROOWHQVLFK *HZLKHLWYHUVFKDIIHQ )U+ROORZD\JLQJHVXPVQDFNWH/HEHQ8QGGDVZROOWHHUVR WHXHUZLHP|JOLFKYHUNDXIHQ$OVHU]XP6FKUDQNJLQJZRHU VHLQH:DIIHDXIEHZDKUWHHLQEHOJLVFKHV6WXUPJHZHKUPLWDXI JHVHW]WHP%DMRQHWWGDFKWHHUIUHLQHQ0RPHQWDQGHQ7HXIHO 2EHULKPEHLVWHKHQZUGH" .DXPDXVGLHVHU6DFKHPXWHHUVLFKVHOEVWEHIUHLHQ'XUFKGDV )HQVWHUNOHWWHUQNRQQWHHUQLFKWGHU.HUOGDXQWHQLP*DUWHQKlWWH VRIRUW$ODUPJHVFKODJHQ %OLHEGLH7UHSSH 1DWUOLFKUHFKQHWHHUGDPLWGDDXFKZHOFKHLP+DXVZDUHQ DEHUGLHZROOWHHUYRQGHU7UHSSHSXW]HQIDOOVVLHHVZDJHQ VROOWHQ]XLKPKRFK]XNRPPHQ 'LH:DIIHZDUJHODGHQXQGEHIDQGVLFKDXVJH]HLFKQHWLQ6FKX 5LFN+ROORZD\NRQQWHVLFKDXIVLHYHUODVVHQ 'LH6FKXKH]RJHUQLFKWDQ(UZROOWHVLFKP|JOLFKVWODXWORV EHZHJHQ 9RUGHU7UEOLHEHUVWHKHQ+DUWXQGNDOWZDUVHLQ/lFKHOQGDV GLH0XQGZLQNHONHUEWH'LH+lQGHXPNODPPHUWHQGHQ6FKDIW GHV*HZHKUHVVRIHVWGDGLH.Q|FKHOZHLKHUYRUWUDWHQ'LH 6SLW]HGHV%DMRQHWWVVFKLPPHUWH

'LHOLQNH+DQGOHJWHGHU0DQQDXIGLHHLVHUQH.OLQNH-HW]WZDU HUIURKGDGLH7UQLFKWNQDUUWHZHQQHUVLHDXI]RJ%HYRUHU |IIQHWHKRUFKWHHUQRFKHLQPDO 'DZDUHQWDWVlFKOLFK*HUlXVFKHDXIGHU7UHSSH]XK|UHQ'DV +RO]NRQQWHPDQQLFKWEHUOLVWHQ(VNQDUUWHXQGNQGLJWHMHGHQ %HVXFKHUVRIRUWDQ 'LHZUGHQVLFKZXQGHUQ 0LWHLQHP5XFNUL5LFN+ROORZD\GLH7UDXIPDFKWHHLQHQ JURHQ6FKULWWXQGVWDQGDXIGHU6FKZHOOH (UVDKVLHVRIRUW'HU6FKHLQHLQHUNOHLQHQ/DPSHXPIORUWHGLH GUHL*HVWDOWHQGLHZLHDQJHZXU]HOWVWHKHQEOLHEHQDOVVLH5LFN +ROORZD\HUNDQQWHQ 6FKUlJQDFKXQWHQULFKWHWHHUGLH0QGXQJGHV*HZHKUHVXQG GLH6SLW]HGHV%DMRQHWWV6HLQH6WLPPHKDWWHHLQHQK|KQLVFKHQ .ODQJDOVHUIUDJWHª:DVYHUVFKDIIWPLUGHQQGLH(KUH,KUHV %HVXFKHV*HQWOHPHQ"© .HLQHUGHU0lQQHUZXWHVRVFKQHOOHLQH$QWZRUW+ROORZD\V $XIWDXFKHQKDWWHVLHY|OOLJEHUUDVFKW6LHKDWWHQJHGDFKWHU ZUGHLP%HWWOLHJHQXQGVFKODIHQHLQHIUZDKULUULJH$QQDKPH 5LFN+ROORZD\KDWWHGHQ6SLHHLQIDFKXPJHGUHKWMHW]WPXWHQ VLHLKP5HGHXQG$QWZRUWVWHKHQXQGQLFKWHULKQHQ 'HU%lUWLJHODFKWHUDXKª6LHKDQ©VDJWHHUª6RJDUGHU3IDUUHU EHILQGHWVLFKDXIYHUERWHQHQ:HJHQ© 'HU*HLVWOLFKHZXWHZDVHU]XWXQKDWWH=XGHPZDUHUGLUHNW DQJHVSURFKHQZRUGHQª(VVLQGNHLQHYHUERWHQHQ:HJH©HU ZLGHUWHHUVFKDUIXQGGUlQJWHVLFKDQGHP3ROL]LVWHQYRUEHL GDPLWHU+ROORZD\DQVFKDXHQNRQQWHª(VLVWGHU:HJGHU 9HUJHOWXQJ:LUZLVVHQGDGXHLQ6QGHUELVW© +ROORZD\V/DFKHQXQWHUEUDFKGLH5HGHGHV3IDUUHUVª(LQ 6QGHU©SUXVWHWHHUª*ODXEWLKUGHQQLKUVHLGKHLOLJ"© ª1HLQ1LHPDQGYRQXQVLVWKHLOLJXQGNDQQVLFKPLWGHP (EHQELOGGHV+HUUQYHUJOHLFKHQ:LUDOOHVLQG6QGHUDEHUZLU KDEHQQLFKWVROFKH6FKXOGDXIXQVJHODGHQZLHGX5LFN +ROORZD\© ª8QGZDVVROOLFKJHWDQKDEHQ"© ª:RVLQGGLH.LQGHU"©

5LFNJULQVWHVS|WWLVFKª:HOFKH.LQGHU"© 'LH*HVWDOWGHV3IDUUHUVVWUHFNWHVLFK6HLQ%OLFNZXUGHIODP PHQGª'XZDJVWHVPLULQV$QJHVLFKW]XOJHQ"+DVWGXQLFKW VHOEVWXQVFKXOGLJH*HVFK|SIHHQWIKUWXQGJHW|WHW":HOFKHU 6DWDQKDWGLFKGD]XYHUOHLWHW"5HGH© ª6DWDQLVWJXW©+ROORZD\ODFKWHZHLWHUª$EHULFKVHKHNHLQH .LQGHU7XWPLUOHLG,KUPWVLHVFKRQZRDQGHUVVXFKHQ8QG MHW]WZLOOLFKVFKODIHQ© ª1HLQ5LFN+ROORZD\© 1LFKWQXUGHUPXWPDOLFKH0|UGHUVRQGHUQDXFKGLHEHLGHQ %HJOHLWHUGHV3IDUUHUV]XFNWHQ]XVDPPHQ6HOWHQRGHUQRFKQLH KDWWHHUVRODXWJHVSURFKHQ 8QG+ROORZD\PHUNWHGDHVGHP*HLVWOLFKHQHUQVWZDU7LHIH )DOWHQKDWWHQVLFKLQVHLQ*HVLFKWJHJUDEHQ(UXPNODPPHUWHGDV .UHX]GDVYRUVHLQHU%UXVWKLQJPLWEHLGHQ+lQGHQ ª:HQQGXGHQ:HJQLFKWIUHLJLEVWYHUVXFKHQZLUHVPLW *HZDOW©VDJWHGHU*HLVWOLFKHª2EZRKOLFKGDJHJHQELQXQGHV PLUPHLQ*ODXEHYHUELHWHWDEHUZLGULJH8PVWlQGH]ZLQJHQ PLFK*HZDOWDQ]XZHQGHQZHQQGXQLFKWZLOOVW© 8P+ROORZD\V0XQGZLQNHO]XFNWHHVª,FKMDJHGLUHLQH.XJHO GXUFKGHQ6FKlGHO3IDIIHGDPHUNVWGXQLFKWVPHKU©(UVSLHDXV ª8QGLKUEHLGHQGDODWHXUH*HZHKUHIDOOHQ© 'HU3ROL]LVWXQGGHU%UJHUPHLVWHUVDKHQVLFKDQ6LHZDUHQ NHLQH+HOGHQVRQGHUQQRUPDOH0HQVFKHQXQGVLHKDWWHQ$QJVW 'RFKGHU0XWGHV*HLVWOLFKHQLPSRQLHUWHLKQHQVRGDVLHVLFK GHU$XIIRUGHUXQJZLGHUVHW]WHQ ª1HLQ©VDJWHGHU%UJHUPHLVWHUODXW ,QGHP$XJHQEOLFNJLQJGHU3IDUUHUYRU'LH$QWZRUWKDWWHZLH HLQ6WDUWVLJQDODXILKQJHZLUNW 5LFN+ROORZD\VDKHLQGDVHLQH$UJXPHQWHQLFKWEHU ]HXJWHQ(UJLQJHLQHQ6FKULWW]XUFNXQGVFKR 'HU6FKXGU|KQWHGXUFKGDV7UHSSHQKDXV(LQH0QGXQJV IODPPHOHXFKWHWHEOlXOLFKYRUGHP*HZHKUDXI$OOH$QZHVHQGHQ K|UWHQGHQGXPSIHQ(LQVFKODJGHU.XJHOXQGVDKHQZLHGHU 3IDUUHUQDFKKLQWHQNLSSWHGDEHLJHJHQGHQ'RUISROL]LVWHQILHO XQGGLHVHQIDVWXPUL 'HU%UJHUPHLVWHUKDQGHOWHLQVWLQNWLY 2KQH]XEHUOHJHQGUFNWHHUDE(VZDUHLQ5HIOH[GHULKQVR

KDQGHOQOLH'LH)OLQWHVWUHXWHVWDUNXQGZDULQLKUHU:LUNXQJ IUDSSLHUHQG $OVGHU%UJHUPHLVWHUDEGUFNWHGRQQHUWHGLH)OLQWHVRODXW DXIGDPDQGDV*HIKOKDEHQNRQQWHGDV+DXVZUGH]XVDP PHQEUHFKHQ +ROORZD\ZXUGHLQGLH.DPPHUJHVFKOHXGHUWXQGNUDFKWH VFKZHUDXIVHLQ%HWWZRHU6HNXQGHQVSlWHUVHLQ/HEHQDXV KDXFKWH 'HU%UJHUPHLVWHUDEHUEOHLFKLP*HVLFKWXQGPLW]LWWHUQGHQ .QLHQNPPHUWHVLFKXPGHQ3IDUUHU 1RFKOHEWHGHU*HLVWOLFKHDEHUHUPXWHGULQJHQGLQlU]WOLFKH %HKDQGOXQJ'LH*HZHKUNXJHOVWHFNWH]ZDULP.|USHUDEHUVLH ZDUQLFKWVRWLHIHLQJHGUXQJHQZHLOVLHJHQDXGLH0LWWHGHV (LFKHQNUHX]HVJHWURIIHQKDWWHXQGLKUVRPLWHLQZHQLJYRQLKUHU :XFKWJHQRPPHQZXUGH(LQURWHUQDVVHU)OHFNEUHLWHWHVLFKDXI GHPGXQNOHQ5RFNGHV3IDUUHUVDXVGHVVHQ*HVLFKWZHLXQG VFKPHU]YHU]HUUWZDU 9RQXQWHQK|UWHQVLH6FKULWWHXQGSROWHUQGH*HUlXVFKHª:DV LVWJHVFKHKHQ"©(VZDUGHU/HKUHUGHUGLHVULHI ª+ROGHQ$U]W©VFKULHGHU3ROL]LVWZlKUHQGVLFKGHU %UJHUPHLVWHUDXIGLH6WXIHJHVHW]WKDWWH,KPZDUKXQGHHOHQG ]XPXWH 'HU/HKUHUUDQQWHORV 'LHQlFKVWHQ0LQXWHQZROOWHQHLQIDFKQLFKWYRUEHLJHKHQ 8QKHLPOLFKODQJNDPHQVLHGHP3ROL]LVWHQYRUGHUHEHQIDOOVDXI GHU7UHSSHKRFNWHXQGGHQ.RSIGHV3IDUUHUVLQVHLQHQ6FKR JHEHWWHWKDWWH+RIIHQWOLFKEHUOHEWHGHU*HLVWOLFKH 'HU$SRWKHNHUHUVFKLHQ0LWWRQORVHU6WLPPHHUNOlUWHLKPGHU %UJHUPHLVWHUZDVVLFKDEJHVSLHOWKDWWH (QGOLFKWUDIGHU$U]WHLQ8QGPLWLKP]DKOUHLFKH(LQZRKQHU GLHYRQGHQ6FKVVHQDXIJHVFKUHFNWZRUGHQZDUHQ'HU3ROL]LVW VFKLFNWHVLHPLWEDUVFKHU6WLPPHZHJ 'HU'RNWRUNPPHUWHVLFKXPGHQ6FKZHUYHUOHW]WHQ(LQSDDU PDOVFKWWHOWHHUGHQ.RSI ª:DVLVWORV"© ª:HQQZLULKQUHWWHQZROOHQPXHULQHLQ.UDQNHQKDXV JHEUDFKWZHUGHQ,FKKRIIHQXUGDHUGHQ7UDQVSRUWLQGLH6WDGW EHUVWHKW/DVVHQ6LHPHLQH.XWVFKHDQVSDQQHQ©

6RIRUWUDQQWHGHU/HKUHUORV .HLQHUGHU0lQQHUEHDQWZRUWHWHGLH)UDJHQGLHJHVWHOOW ZXUGHQ$OOH]LWWHUWHQXPGHQ3IDUUHU ª8QGZDVLVWPLWLKP"©IUDJWHGHU$U]W(UKREGLH+DQGXQG GHXWHWHDXIGHQ7RWHQLQGHU.DPPHU ª,KPNDQQNHLQHUPHKUKHOIHQ©ZXUGHLKPJHDQWZRUWHW 'HU3ROL]LVWYHUVFKORGLH7U )QI0LQXWHQVSlWHUVWDQGGLH.XWVFKHIDKUEHUHLWYRUGHP +DXVZRDXFKVFKRQGHU(LQVDUJHUZDUWHWH(LQLJH+HOIHUWUDQV SRUWLHUWHQGHQVFKZHUYHUOHW]WHQ3IDUUHUXQWHU$XIVLFKWGHV$U]WHV EHKXWVDPQDFKXQWHQ'HU*HLVWOLFKHZDUEHL%HZXWVHLQ(U EOLFNWHLQGLHEHVRUJWHQ*HVLFKWHUGHU0lQQHUXQGYHUVXFKWH VRJDU]XOlFKHOQGRFKHVZXUGHQXUHLQH*ULPDVVH 9RUVLFKWLJOHJWHQVLHLKQLQGLH.XWVFKH6LHKDWWHHLQH 6SH]LDOIHGHUXQJGLHGLHVFKOLPPVWHQ6W|HGHU)DKUEDKQ HLQLJHUPDHQGlPSIWH'HU'RNWRUVHOEVWQDKPDXIGHP%RFN 3ODW]1HEHQLKPVDVHLQ*HKLOIHHLQEUHLWVFKXOWULJHUMXQJHU 0DQQGHUULFKWLJDQSDFNHQNRQQWH 'HU%UJHUPHLVWHUGUFNWHGHP$U]WGLH+DQGª%ULQJHQ6LH XQVHUHQ3IDUUHUGXUFK© ª,FKWXHPHLQ%HVWHV© 'LH.XWVFKHIXKUDQ6WDXEZDOOWHXQWHULKUHQ5lGHUQKRFK'HU %UJHUPHLVWHUVDKGHP*HIlKUWVRODQJHQDFKELVHVVHLQHQ %OLFNHQHQWVFKZXQGHQZDU 'DQQJLQJHU]XUFNLQV+DXVZRGLHDQGHUHQDXILKQZDU WHWHQ'HU3ROL]LVWKDWWHHVWDWVlFKOLFKJHVFKDIIWXQGGLH1HX JLHULJHQKLQDXVJHVFKLFNW1XUGHU6DUJPDFKHUXQGGHU7RWHQ JUlEHUZDUHQQRFKGD(LQODQJHUGUUHU0DQQGHULPPHUHLQHQ IOHFNLJHQ=\OLQGHUWUXJXQGPLWVHLQHQGQQHQ+lQJHEDFNHQ OHLGHQGDXVVDK ª.|QQHQZLU"©IUDJWHGHU%UJHUPHLVWHU 'LH0lQQHUQLFNWHQ ª8PZDVJHKWHVGHQQ"©'HU7RWHQJUlEHUKDWWHGLH)UDJH JHVWHOOW5DWORVVDKHUVLFKXP ª:LUVXFKHQGLH/HLFKHQGHUGUHLYHUVFKZXQGHQHQ.LQGHU© 1DWUOLFKZXWHGHU0DQQ%HVFKHLG(UZXUGHQRFKEODVVHU ª:RGHQQ"+LHULP+DXV"© ª-D©

ª2*RWWGDQQLVWMD© 'HU3ROL]LVWVFKQLWWLKPPLWHLQHUNQDSSHQ+DQGEHZHJXQJGDV :RUWDEª-DGX/HLFKHQKHQJVW(ULVWHVRGHUHUZDUHV5LFN +ROORZD\KDWVLHJHW|WHW© 'HU7RWHQJUlEHUYHUGUHKWHGLH$XJHQ)HKOWHQXUQRFKGDHU RKQPlFKWLJJHZRUGHQZlUH$XIMHGHQ)DOOEHWHLOLJWHHUVLFKDQ GHU6XFKH'LH0lQQHUILQJHQPLWGHP'DFKERGHQDQ1LFKWLP .HOOHUZLHHVYLHOOHLFKWQRUPDOJHZHVHQZlUH(LQHQLFKW]X HUNOlUHQGH)XUFKWKLHOWVLHGDYRQDE6LHVW|EHUWHQDOOHVGXUFK IDQGHQQLFKWVXQGGXUFKVXFKWHQGDV=LPPHUPLWGHP7RWHQ $XFKKLHUHQWGHFNWHQVLHNHLQH6SXUYRQGHQYHUVFKZXQGHQHQ .LQGHUQLQGHQXQWHUHQ5lXPHQHEHQIDOOVQLFKWXQGVREOLHEQXU QRFKGHU.HOOHU -HGHUWUXJHLQH/DPSH'HU3ROL]LVWJLQJYRU$XFKLKPZDU XQKHLPOLFK]XPXWH'LH/DPSHLQVHLQHU+DQG]LWWHUWH'HU 6FKHLQWDQ]WHKHNWLVFKEHUGLH:lQGH 6LHVWLHJHQKLQWHUHLQDQGHUGLHDXVJHWUHWHQH6WHLQWUHSSHKLQDE 1LHPDQGNRQQWHDXIUHFKWJHKHQ*HGXFNWJLQJHQVLHZHLWHUXQG GXUFKVW|EHUWHQGLH.HOOHUUlXPH (VZDUHQQXU%UHWWHUYHUVFKOlJH)HXFKWNODPPPLWVFKLPPHO EH]RJHQHQ:lQGHQ,QGHQ5lXPHQODJDOOHUOHL*HUPSHO$OWH 6lFNHZHJJHZRUIHQH.OHLGXQJVVWFNH%UHWWHU%RKOHQHLQSDDU :HUN]HXJHDOWH/DSSHQ 'LH.LQGHUIDQGHQVLHQLFKW 'HU%UJHUPHLVWHUGUHKWHVLFKXPª2EZLULKQXPVRQVWYHU GlFKWLJWKDEHQ"©IUDJWHHU +DVWLJVFKWWHOWHGHU/HKUHUGHQ.RSIª1HLQGDQQKlWWHHU QLFKWVRVFKOLPPUHDJLHUW© ª6WLPPWDXFKZLHGHU© ª1RFKPDOYRQYRUQ©VFKOXJGHU$SRWKHNHUYRUª'LH.LQGHU PVVHQGRFKLUJHQGZRVHLQ© ª(UN|QQWHVLHDXFKGUDXHQYHUVFKDUUWKDEHQ©'LHVH 9HUPXWXQJVSUDFKGHU7RWHQJUlEHUDXV 'LH0lQQHUVDKHQVLFKDQ(LQH6FKZHLJHSDXVHHQWVWDQG(LQ IURVWLJHV*HIKOKDWWHVLFKDOOHU0HQVFKHQEHPlFKWLJWª-DGDVLVW P|JOLFK©PXUPHOWHGHU3ROL]LVWª7URW]GHPELQLFKGDIUGDZLU KLHUQRFKZHLWHUVXFKHQ© 'LHDQGHUHQVWLPPWHQ]X

6RQDKPHQVLFKGLH0lQQHUQRFKHLQPDOGLH9HUVFKOlJHYRU %LVGHU/HKUHUHLQH(QWGHFNXQJPDFKWH,PJU|WHQ5DXPVWDQG HLQ6FKUDQNPLW]ZHL7UHQ'HU/HKUHUKDWWHVLHQRFKHLQPDODXI JH]RJHQXQGZDULQGDV0|EHOVWFNKLQHLQJHNOHWWHUW(UQDKPDQ GDHVGLFKWDQGHU0DXHUVWDQGNORSIWHJHJHQGLH5FNZDQG XQGZXQGHUWHVLFKVHKUGDHVKRKONODQJ 6RIRUWPDFKWHHUGLHDQGHUHQGDUDXIDXIPHUNVDP ª:LUPVVHQGHQ6FKUDQN]XU6HLWHUFNHQ©VFKOXJGHU %UJHUPHLVWHUYRU 'DVWDWHQGLH0lQQHUDXFK,QJHPHLQVDPHU$UEHLWVFKDIIWHQVLH HVXQGZDUHQEHUUDVFKWGDVLFKKLQWHUGHP6FKUDQNHLQHWU EUHLWHgIIQXQJEHIDQG 'DKLQWHUZDUHVGXQNHO 1LHPDQGVDJWHHWZDVGRFKMHGHUGHU$QZHVHQGHQDKQWHGD VLHGLFKWYRUGHU/|VXQJGHVJUDXHQYROOHQ5lWVHOVVWDQGHQ 'HU%UJHUPHLVWHUPDFKWHGHQ$QIDQJZHLOVLFKVHOEVWGHU 3ROL]LVWQLFKWWUDXWH(UJLQJDXIGLH.QLHQLHGHUXQGNURFKYRU 'LH/DPSHKLHOWHULQGHUUHFKWHQ+DQG6LH]LWWHUWHXQGGHU 6FKHLQZDUIJHVSHQVWLVFKH6FKDWWHQ 'HU%UJHUPHLVWHUOHXFKWHWHLQGDV9HUOLHV$OOHK|UWHQGHQ HUVWLFNWHQ6FKUHL ª:DVLVW"© 'HU%UJHUPHLVWHUJDENHLQH$QWZRUW(U]RJVLFKZLHGHU ]XUFN$OOHUGLQJVNUDW]WHHWZDVEHUGHQ%RGHQ 'LH0lQQHUVDKHQVLFKDQ)XUFKWVDPZDUHQLKUH%OLFNH'DQQ VDKMHGHUZDVGHU%UJHUPHLVWHUPLWGHUOLQNHQ+DQGDXVGHP /RFKJH]RJHQKDWWH (VZDUHLQ6DUJ (LQZHLHU.LQGHUVDUJ 6HNXQGHQODQJVSUDFKNHLQHUGHU0lQQHUHLQ:RUW$OOHZDUHQ YLHO]XHQWVHW]WXPVLFKDXVGUFNHQ]XN|QQHQ6LHVWDUUWHQGHQ 6DUJDQDOVZlUHHUHLQIUHPGHV/HEHZHVHQ 'HU%UJHUPHLVWHUEOLHEDXIGHP%RGHQKRFNHQ(UEOLFNWH]X GHQ0lQQHUQKRFK ª'DVLQGQRFK]ZHL©IOVWHUWHHUª(EHQIDOOVZHLH© ª'LH.LQGHU©KDXFKWHGHU/HKUHU

ª+ROVWGXVLHKHUYRU"©IUDJWHGHU$SRWKHNHU ª-D© 'LH$UEHLWYHUULFKWHWHQGHU%UJHUPHLVWHUXQGGHU3ROL]LVW 6FKRQEDOGVWDQGHQGLHGUHL6lUJHQHEHQHLQDQGHU'LH0lQQHU VWDUUWHQDXIGLH'HFNHO.HLQHUWUDXWHVLFKGDVLQGLH+DQG]X QHKPHQZDVJHVFKHKHQPXWH 'HU3ROL]LVWUlXVSHUWHVLFKª:LUZLUPVVHQGLH6lUJH|IIQHQ© 6HLQH6WLPPHNODQJGXPSI 1LFNHQ (VZDUHLQJHVSHQVWLVFKHV%LOG7DQ]HQGKXVFKWHGHU:LGHU VFKHLQGHU)ODPPHQEHUGLH:lQGHXQGVFKXIGRUWHLQEL]DUUHV 0XVWHU6HOEVWGLH/XIWVFKLHQVLFK]XYHUGLFKWHQZDUVFKZHUHU]X DWPHQXQGMHGHUVSUWHGDHLQXQVLFKWEDUHU*DVW]ZLVFKHQ LKQHQODXHUWH 'DV*UDXHQ ª'DQQZLOOLFKPDO©VDJWHGHU3ROL]LVWOHLVHEFNWHVLFKXQG PDFKWHVLFKDQGHQ9HUVFKOVVHQGHVHUVWHQ6DUJHV]XVFKDIIHQ(U O|VWHVLHKLHYWHGHQ'HFNHODEHUQRFKQLFKWDQVRQGHUQ|IIQHWH HUVWGLH9HUVFKOVVHGHUEHLGHQDQGHUHQ6lUJH ª6R©VDJWHHUªMHW]WN|QQHQZLUVLH|IIQHQ© 'HU%UJHUPHLVWHUGHU/HKUHUXQGGHU3ROL]LVWKDWWHQVLFK JHEFNW-HGHUIKOWHVLFKMHW]WYHUDQWZRUWOLFK6LHPXWHQHVWXQ HVIKUWHNHLQ:HJGDUDQYRUEHL ª-HW]W©IOVWHUWHGHU%UJHUPHLVWHU *HPHLQVDPKREHQVLHGLHVFKPDOHQ6DUJGHFNHOKRFKVRGDGLH NOHLQHQ6lUJHRIIHQYRULKQHQVWDQGHQXQGVLHKLQHLQVFKDXHQ NRQQWHQ 6LHKDWWHQPLWYLHOHPJHUHFKQHWPLWJUDXHQKDIWHQ%LOGHUQDEHU QLFKWPLWGHPZDVVLHQXQVDKHQ 'LH.LQGHUWUXJHQVFKZDU]H.XWWHQ,KUH.|USHUZDUHQQLFKW YHUZHVW'LH)LQJHUKDWWHQODQJH1lJHODOVZlUHQGLHVHLP6DUJ ZHLWHUJHZDFKVHQ $EHUGDVZDUQLFKWGDV6FKOLPPVWHVRQGHUQHVJDEHWZDVDQGH UHVHWZDVVR:DKQZLW]LJHVGDPDQHVNDXPJODXEHQNRQQWH 'LH.LQGHUKDWWHQNHLQH*HVLFKWHUPHKUVRQGHUQSXUH 7HXIHOVIUDW]HQ

ª2*RWW©VW|KQWHGHU%UJHUPHLVWHUXQGVFKOXJKDVWLJHLQ .UHX]]HLFKHQª'DVGDVGDUIGRFKQLFKWZDKUVHLQ©(U VFKOXFNWHXQGGUHKWHGHQ.RSIXPQLFKWPHKULQGLH*HVLFKWHU EOLFNHQ]XPVVHQ6LHVDKHQZLUNOLFKVFKHXOLFKDXV 'UHLPDOGLHGUHLHFNLJH)UDW]HGHV6DWDQVGLHEHLGHQ+|UQHUGLH DXVGHQVFKPDOHQ6WLUQHQZXFKVHQGDVJULQVHQGH0DXOOHLFKW JH|IIQHWGDPLWPDQGLH6WLIW]lKQHVHKHQNRQQWH -DGDVZDUGDVJHQDXH$EELOGGHV6DWDQV 'HU7HXIHOZDULQGLH.LQGHUJHIDKUHQRGHUKDWWHVLFKLKUH 6HHOHQJHKROW 'HP/HKUHUZXUGHHVVFKOHFKW(UZDQGWHVLFKDEXQGZUJWH %OHLFKWDXPHOWHHUDXVGHP9HUOLHVXQGEOLHELP*DQJVWHKHQZR HUVLFKVFKZHUDWPHQGJHJHQGLH:DQGOHKQWH(U]LWWHUWHVRGD VHLQH=lKQHZLOGDXIHLQDQGHUVFKOXJHQ6HLQH/LSSHQVWDPPHOWHQ *HEHWHLUJHQGZHOFKH:RUWHGLHLKPJHUDGHHLQILHOHQ (LQZDKUKDIWVFKOLPPHV%LOG 'HU3ROL]LVWKROWHLKQ]XUFN.UDPSIKDIWYHUPLHGGHU/HKUHU HVDXIGLH6lUJH]XVFKDXHQ ª:LUPVVHQHWZDVWXQ©VDJWHGHU%UJHUPHLVWHUª+LHUODVVHQ N|QQHQZLUVLHQLFKW© ª$EHUZDV"©IUDJWHGHU/HKUHU ª9LHOOHLFKWVLQGVLHJDUQLFKWWRW©YHUPXWHWHGHU/HLFKHQ EHVWDWWHU ª:LHVR"© 6FKDUIVDKHQGLHDQGHUHQLKQDQ ª,FKPHLQHHVN|QQWHVHLQQLFKWZDKU"© ª8QG"© ª'DQQGDQQPWHQZLUVLHHEHQW|WHQ© ª1HLQ©+DUWXQGVFKDUINODQJGLH$EOHKQXQJGHV%UJHU PHLVWHUVª'DVNRPPWQLFKWLQ)UDJH© ª:DVGHQQ"© ª:LUZHUGHQVLHEHJUDEHQ)UHXQGH6RZLHVLHVLQG,QLKUHQ 6lUJHQ:LUYHUVFKDUUHQVLHGLFKWDQGHU.VWHLQXQKHLOLJHU(UGH ZRYRUEHU]ZHLWDXVHQG-DKUHQGHUDOWH'UXLGHJHOHEWKDEHQ VROO1RFKKHXWHZLUGGLHVHU3ODW]JHPLHGHQ'DVROOHQVLHLKUH OHW]WH5XKHVWlWWHEHNRPPHQ© 'LHDQGHUHQVWLPPWHQ]X ª$EHUZLHPDFKHQZLUHV"©IUDJWHGHU/HKUHU

ª$XIMHGHQ)DOOVDJHQZLUGHQDQGHUHQQLFKWVGDYRQ1LHPDQG GDUIHWZDVYRQGLHVHQJUDXHQKDIWHQ9RUJlQJHQZLVVHQ:LU ZHUGHQVLHEHJUDEHQXQGQLFKWPHKUGDUEHUUHGHQ© 'LH0lQQHUQLFNWHQ ª$EHU]XHUVWPXLFKGDV+DXVYHUVLHJHOQGDQLHPDQGPHKU KLQHLQNDQQ©VDJWHGHU3ROL]LVW 'HU0HLQXQJZDUHQGLHDQGHUHQDXFK 'HU7RWHQJUlEHUYHUVFKORGLH6lUJHZLHGHU'LH0lQQHUYHUDE UHGHWHQVLFKIUGHQDQGHUHQ$EHQG'DQQZROOWHQVLH]XGHQ .OLSSHQ]LHKHQXQGGLHGUHL6lUJHGRUWYHUVFKDUUHQ(EHQIDOOV LKUHQ0|UGHU )UDJHQJLQJHQVLHDXVGHP:HJ6LHJDEHQQXU]XGD +ROORZD\GHU0|UGHUGHU.LQGHUJHZHVHQZDU0HKUQLFKW 'DQQNXU]QDFK0LWWHUQDFKWGHVQlFKVWHQ7DJHVGHU+LPPHO ZDUEHZ|ONWXQGNHLQ6WHUQOXJWHKHUYRUJLQJHQGLH0lQQHU LKUHUWUDXULJHQ3IOLFKWQDFK6LHKDWWHQGUHL6WXQGHQ]XYRUHUIDK UHQGDGHU3IDUUHUVHLQHQ9HUOHW]XQJHQHUOHJHQZDU$XFKHLQH VHKUGHSULPLHUHQGH1DFKULFKW 'HU7RWHQJUlEHUKDWWHVHLQHQ:DJHQ]XU9HUIJXQJJHVWHOOW(U KDWWHHLQHRIIHQH/DGHIOlFKHDXIGHUQLFKWQXUGLHGUHLZHLHQ 6lUJHVWDQGHQXQGVRUJIlOWLJDEJHGHFNWZDUHQVRQGHUQDXFKHLQH YLHUWH7RWHQNLVWHLQGHU5LFN+ROORZD\ODJ 0LWNQDUUHQGHQ5lGHUQIXKUGHU/HLFKHQZDJHQGXUFKGHQ2UW XQGQlKHUWHVLFKGHU.VWHZREHLHUGHQVFKPDOHQJHZXQGHQHQ :HJQDKPGHU]XGHQ.OLSSHQIKUWHZRDXFKGDVHLQVDPH+DXV VWDQGGDVLUJHQGHLQHPUHLFKHQ0DQQDXV/RQGRQJHK|UWH 'HUNDP]ZHLPDOLP-DKUKHUXQGIHLHUWHHLQUDXVFKHQGHV)HVW (UNPPHUWHVLFKQLFKWXPGHQYHUIOXFKWHQ2UWKLHOWGDVDOOHVIU 6SLQQHUHLXQG$EHUJODXEH 'RFKGLH(LQKHLPLVFKHQZXWHQHVEHVVHU 6FKZHLJHQGKREHQVLHGLH*UlEHUDXVZlKUHQGGHU:LQGGXUFK LKUH+DDUHIXKUXQGGDV/LHGYRQ7RGXQG9HUJlQJOLFKNHLWVDQJ .HLQ.UHX]VFKPFNWHGLH*UlEHUGHUGUHL.LQGHUXQGDXFKEHL +ROORZD\ZDUNHLQFKULVWOLFKHV6\PERO]XVHKHQ ,QXQKHLOLJHU(UGHZDUHQGLH/HLFKHQYHUVFKDUUWZRUGHQ6LH VROOWHQGRUWELVLQDOOH(ZLJNHLWOLHJHQEOHLEHQ 'DQQNDPGHU(UVWH:HOWNULHJ'LH0lQQHUZXUGHQHLQJH ]RJHQ,P-DKUHWDXFKWHSO|W]OLFKGHU0DQQDXV/RQGRQDXI

GHPGDV+DXVEHLGHQ.OLSSHQJHK|UWH(UHUIXKUGDLP'RUIHLQ +DXVOHHUVWDQG'HU0DQQNPPHUWHVLFKQLFKWXPGDV9HUERW VRQGHUQGUDQJLQGDV+DXVHLQ(UZDUVHKUDQJHWDQYRQGHQDOWHQ 0|EHOQXQGEHVRQGHUVGLH6WDQGXKUVWDFKLKPLQV$XJH 1LHPDQGKDWWHLKPJHVDJWZDVHVPLWGLHVHU8KUIUHLQH %HGHXWXQJKDWWHXQGZHOFKH9HUELQGXQJHV]ZLVFKHQ+ROORZD\ GHQGUHLWRWHQ.LQGHUQXQGGHU8KUJDE :RKHUVROOWHQGLH/HXWHGLHVDXFKZLVVHQ" 'HU.lXIHUDEHUQDKPDOOHVPLW'LH0|EHOXQGDXFKGLH8KU YHUVFKZDQGHQLQGHU9HUVHQNXQJ 'LH=HLWGHFNWHGHQ0DQWHOGHV9HUJHVVHQVEHUGLHVFKUHFN OLFKHQ9RUJlQJHXQGDXVGHP.ULHJNDPQXUGHU%UJHUPHLVWHU ]XUFN'LHDQGHUHQZDUHQLP)HOGJHEOLHEHQ 'HU%UJHUPHLVWHUJLQJQRFKHLQPDOYRUVHLQHP7RGHLQGDV +DXV(UIDQGHVKDOEDXVJHUlXPWYRUXQGHUVWDXIGHP 6WHUEHEHWWYHUWUDXWHHUVHLQHU)UDXXQGVHLQHQEHLGHQ.LQGHUQGDV VFKUHFNOLFKH*HKHLPQLVDQ(UEDWGHQ+HUUJRWWXP9HU]HLKXQJ GDQQVWDUEHU 'RFKGLH9HUELQGXQJ]ZLVFKHQGHU7HXIHOVXKUXQGGHQ7RWHQ ULQLH,P-DKUHHUVWVROOWHVLHDXIJUDXHQKDIWH$UWXQG:HLVH ZLHGHUDNWLYLHUWZHUGHQ 'XUFKGLH5XLQHSILIIGHU:LQGXQGIXKUPLUXQDQJHQHKPLQGHQ 1DFNHQ6FKXWWWUPWHVLFKYRUPHLQHQ)HQ]XHLQHPNOHLQHQ %HUJDXI9RUVSULQJHQGH0DXHUQXQGOHHUH)HQVWHUK|KOHQJDEHQ 'HFNXQJXQG6LFKWJOHLFK]HLWLJ 9RQGHP9DPSLUDEHUKDWWHLFKQRFKNHLQH6SXUJHVHKHQ$XFK 6XNRQLFKWGHUVLFKDQGHU6XFKHEHWHLOLJWH (LQ7HOHIRQDQUXIEHLP
KDWWHXQGVRJDUZLGHUVWDQGVIlKLJJHJHQ:DVVHUZDU 6RVDKGLH/DJHDXVDOV6XNRXQGLFKORVIXKUHQ'LH$UEHLW KDWWHQZLUXQVJHWHLOW:lKUHQGLFKYRQ:HVWHQKHULQGLH5XLQH HLQGUDQJKDWWH6XNRGHQ|VWOLFKHQ:HJJHQRPPHQ -HW]WVXFKWHQZLUXQVHUHQª)UHXQG©,FKVDK]ZDUYLHO6FKXWW XQGKRFKJHZDFKVHQHV8QNUDXWDEHUYRQGHP9DPSLUHQWGHFNWH LFKQLFKWV:HQQWDWVlFKOLFKHLQHUKLHUKHUXPJHLVWHUQVROOWHGDQQ KDWWHHUVLFKEHVWLPPWLP.HOOHUYHUVWHFNW'LH5lXPHZDUHQ VLFKHUOLFKQRFKQLFKW]XVDPPHQJHEURFKHQ ,FKVXFKWHGHQ(LQVWLHJXQGPXWHGDEHLEHUGHQ6FKXWWKJHO VWHLJHQ$OVLFKGLHK|FKVWH6WHOOHHUUHLFKWKDWWHXQGPLUHLQHQ 5XQGEOLFNHUODXEWHGDHQWGHFNWHLFKLKQ (UNURFK]ZLVFKHQ]ZHL0DXHUUHVWHQKLQGXUFKXQGYHUVXFKWH LPPHULQ'HFNXQJHLQHU:DQG]XEOHLEHQ6HLQ=LHOZDUHLQHVGHU JURHQ)HQVWHULPXQWHUHQ7HLO 0LFKEHPHUNWHHUQLFKWZHLOHUPLUGHQ5FNHQ]XZDQGWH6HLQ *HVLFKWNRQQWHLFKQLFKWVHKHQQXUGHQODQJHQVFKZDU]HQ 0DQWHOPLWGHPURWHQ)XWWHUGHUVLFKDXIEDXVFKWHDOVHLQ :LQGVWRLKQWUDI :LUNOLFKHLQ9DPSLU ,FKKHW]WHORV (UK|UWHPHLQH6FKULWWHNUHLVHOWHKHUXPXQGVWDUUWHLQGLH 0QGXQJGHU%HUHWWDGLHLFKQDWUOLFKJH]RJHQKDWWH,FKZHL QLFKWZDVPLFKGDYRQDEKLHOW]XVFKLHHQREZRKOVlPWOLFKH $Q]HLFKHQDXIHLQHQ%OXWVDXJHUKLQZLHVHQ'LHVFKZDU]HQ+DDUH GLH'UDFXODDXFKJHKDEWKDWWHGDVKDJHUH*HVLFKWGLHODQJHQ =lKQHGLHEOXWXQWHUODXIHQHQ$XJHQDOOHVZDUVRSHUIHNWGDHV PLUVFKRQ]XSHUIHNWYRUNDP 8QGGHVKDOE]|JHUWHLFK ª+HZDVLVWORV"©IUDJWHGHU0DQQPLW]LWWHUQGHU6WLPPHDOV LFKLKPGLH:DIIHQPQGXQJLQGHQ1DFNHQGUFNWH ,FKJDENHLQHQ$QWZRUWGHQQPLUZDUHWZDVDXIJHIDOOHQ0LW GHUOLQNHQ+DQGJULIILFKLQVHLQ+DDUXQGKLHOWLPQlFKVWHQ $XJHQEOLFNGLH3HUFNH]ZLVFKHQGHQ)LQJHUQ3O|W]OLFKZXUGH GHU0DQQURWVHQNWHGHQ.RSIXQGJULII]ZLVFKHQVHLQH/LSSHQ (UKROWHGDVNQVWOLFKH9DPSLUJHELKHUYRUXQGZDUIHV ZWHQGZHJª0DQQ©VDJWHHULPEUHLWHVWHQ(DVWHQG6ODQJ ªNDQQPDQVLFKKLHUGHQQNHLQHQ6SDHUODXEHQ"©

,FKOLHGLH%HUHWWDYHUVFKZLQGHQª6FKRQJXW0U9DPSLU© VDJWHLFK ª:DVVROOGDVEHUKDXSW"©IXKUHUPLFKDQZHLOHUZLHGHU0XW JHIDWKDWWHª:DVHUODXEHQ6LHVLFKHLJHQWOLFKPLFKKLHUPLWHLQHU :DIIH]XEHGURKHQ"© ,FK]HLJWHLKPPHLQHQ$XVZHLV ª3ROL]HL"©IUDJWHHU ª-D8QGZLUVLQGJHUXIHQZRUGHQZHLO6LHHLQH)UDXLQ,KUHU OlFKHUOLFKHQ9HUNOHLGXQJHUVFKUHFNWKDEHQ© (UZDQGVLFKYRU/DFKHQª'LHDOWH+H[HKDWWDWVlFKOLFKJH JODXEWHLQHQ9DPSLUYRUVLFK]XVHKHQ.ODVVHZLUNOLFK©(U NODWVFKWHLQEHLGH+lQGHª$OVREHVGLHVJlEH© ,FKKlWWHLKPMDHLQHDQGHUH$QWZRUWJHEHQN|QQHQOLHHV MHGRFKEOHLEHQ1LHPDQGYRQXQVKDWWHHWZDVGDYRQZHQQLFK LKPHU]lKOWHGDHVGRFK9DPSLUHJDE (LQHKDOEH6WXQGHVSlWHUZDUGLH6DFKHHUOHGLJW,FKNRQQWH GHP0DQQDXFKNHLQH9RUZUIHPDFKHQ6LFKDOV9DPSLU]XYHU NOHLGHQYHUVWLHQLFKWJHJHQGDV*HVHW] 6XNRXQGLFKIXKUHQZLHGHU]XUFN,Q]ZLVFKHQZDUEHLP
NHLWHQEHUHLWHWHDOVHLQ7HDPPLW1DGLQH%HUJHULQGHUZHLEOLFKHQ +DXSWUROOHHLQHQ)LOPGUHKHQZROOWH 'DPLWZDUEHU1DGLQH%HUJHUDOOHVJHVDJW6LHKDWWHHLQHQ H[RWLVFKHQ%HUXIXQGZDU)LOPVFKDXVSLHOHULQ=ZHLPDOKDWWHLFK PLWLKU]XWXQJHKDEW1DGLQHZDUHLQHWROOH)UDX%HLLKUKlWWH LFKZLUNOLFKQLFKW!1HLQVDJHQN|QQHQGRFKEHLPOHW]WHQ%DOO PLVFKWHQRFK-DQH&ROOLQVPLWXQGGLHZDFKWHPLW$UJXVDXJHQ EHUXQVGDPLWZLUMDNHLQH'XPPKHLWHQPDFKWHQ 1XQGHQQLFKZDUJHVSDQQWZDVGLHJXWH1DGLQHYRQPLU ZROOWH9RUVLFKWLJ|IIQHWHLFKGHQ%ULHIXQGPLUUXWVFKWHHLQH KDQGVFKULIWOLFKXQGDXI%WWHQSDSLHUJHVFKULHEHQH(LQODGXQJLQ GLH+lQGH /LHEHU-RKQ ,FKKRIIHGD'XPLUQLFKWE|VHELVWZHLOLFKVRODQJHQLFKWVPHKU YRQ PLUKDEHK|UHQODVVHQ$EHUGXZHLWMDVHOEVWZLHKHNWLVFKGDV )LOPJHVFKlIWLVW'DNRPPWGDV3ULYDWOHEHQKDOW]XNXU] ,FKZHUGHDPQlFKVWHQ:RFKHQHQGHGUHLLJ-DKUHDOWXQGKDEHYRU GLHVHQ*HEXUWVWDJPLW)UHXQGHQJUR]XIHLHUQ*OHLFK]HLWLJZLOOLFK PLFKDQGLHVHP7DJYHUOREHQ 0HLQ$XVHUZlKOWHUHULVW$QWLTXLWlWHQKlQGOHUEHVLW]WHLQDOWHV+DXV DQGHU.VWHYRQ:DOHV+LHUZROOHQZLUPHLQHQ*HEXUWVWDJXQG XQVHUH9HUOREXQJIHLHUQ'X-RKQELVWKHU]OLFKHLQJHODGHQXQGLFK KDEHVHKUGDGXNRPPVW$OOHVZHLWHUHPQGOLFK 'HLQH1DGLQH (VIROJWHQRFKHLQH7HOHIRQQXPPHUXQWHUGHU1DGLQH%HUJHU]X HUUHLFKHQZDU ,FKEHUOHJWH'LH(LQODGXQJZDU]LHPOLFKSO|W]OLFKJHNRPPHQ GHQQKHXWHKDWWHQZLUVFKRQ0LWWZRFK $OOHUGLQJVKDWWHLFKQLFKWVDP:RFKHQHQGHYRUXQGLFKKDWWH 1DGLQH]XGHPODQJHQLFKWPHKUJHVHKHQ,FKIUHXWHPLFKZLUN OLFKVLHZLHGHU]XVHKHQ 9HUOREHQZROOWHVLHVLFK,FKOlFKHOWHPGHXQGDXFKHWZDVYHU ORUHQ:LHGHUEHUNDPHQPLFKGLH(ULQQHUXQJHQDQXQVHUH EHLGHQJHPHLQVDPHUOHEWHQ)lOOH,FKVDKVLHQRFKJHQDXYRUPLU 0DOEORQGGDQQZLHGHUVFKZDU]1DGLQHZHFKVHOWHGLH+DDU IDUEHGDVZDUHLQNOHLQHU7LFNYRQLKU6HLWGHU%HJHJQXQJPLW

GHPXQKHLPOLFKHQ0|QFKKDWWHVLHVLFKJHVFKZRUHQQLHZLHGHU *UXVHOILOPH]XGUHKHQ'DVVFKLHQVLHDXFKGXUFKJHKDOWHQ]X KDEHQGHQQLFKKDWWHQLFKWVDQGHUHVPHKUJHK|UW$XIMHGHQ)DOO ZDULFKJHVSDQQWVLHZLHGHU]XVHKHQ 'HU7HOHIRQQXPPHUQDFK]XXUWHLOHQPXWHVLHVLFKEHUHLWVLQ :DOHVDXIKDOWHQ 'DV*HVSUlFKZUGHWHXHUZHUGHQDEHU1DGLQHZDUPLUGLHV ZHUW,FKULHIDQ (LQ+RWHOSRUWLHUPHOGHWHVLFK,FKVDJWHPHLQHQ1DPHQXQG EDW0LVV%HUJHUVSUHFKHQ]XGUIHQ 0DQYHUEDQGPLFKZHLWHU 'DQQK|UWHLFKLKUH6WLPPHª-RKQ©ULHIVLHª%LVWGXHVZLUN OLFK"2GHUKDWGHU.QDEHYRQGHU5H]HSWLRQGHQ1DPHQIDOVFK YHUVWDQGHQ"©,KUH6WLPPHNODQJIUHXGLJHUUHJW ª,FKELQHVLQGHU7DWGXJURHU6WDU©VDJWHLFKXQGK|UWHHLQ VLOEHUKHOOHV/DFKHQ ª'DQQKDVWGXPHLQH(LQODGXQJHUKDOWHQ"© ª6RHEHQ© ª8QG"© ,FKOLHVLHEHZXWHLQZHQLJ]DSSHOQXQGJDEHUVWPDONHLQH $QWZRUW ª-RKQELWWHVDJVFKRQ©GUlQJWHVLHª,FKVWHUEHKLHUIDVWYRU 6SDQQXQJ© ª$P:RFKHQHQGHKDEHLFKQLFKWVYRU8QGLFKKRIIHDXFKQLFKW GDHWZDVGD]ZLVFKHQNRPPW© 6LHXQWHUEUDFKPLFKª'DQQNRPPVWGX-RKQ"© ª:LHHVDXVVLHKWMD© (LQ-XEHOVFKUHLZDUGLH$QWZRUW ª8QGGXYHUOREVWGLFK"© ª-D-RKQ© ª:HULVWGHQQGHU*OFNOLFKH"© ª(VLVWHLQEHNDQQWHU$QWLTXLWlWHQKlQGOHUDXV/RQGRQXQG KHLW'RQ0LWFKHOO© ª.HQQHLFKQLFKW© ª'XLQWHUHVVLHUVWGLFKMDDXFKQLFKWIUDOWH0|EHO© ª1XQMD+DXSWVDFKHLKUYHUVWHKWHXFKJXW©VDJWHLFKXQG VSUWHHLQOHLFKWHV.UDW]HQLP+DOV ª-DGDVWXQZLU©

ª+|UVWGXGDQQPLWGHU)LOPHUHLDXI"©ZROOWHLFKZLVVHQ ª1HLQ'RQKDWQLFKWVGDJHJHQ© ª6RJDQ]EHJHLVWHUWNOLQJWGHLQH6WLPPHQLFKW©VDJWHLFKª+DVW GXLUJHQGHWZDV"© ª:LHVR"© ª,FKIUDJHQXU© (LQH3DXVHHQWVWDQGª9LHOOHLFKW-RKQ,FKELQPLUQLFKWVR VLFKHU(VN|QQWHVHLQ© ª6DJHV1DGLQH© ª8QVLQQ-RKQ$EHUZLUUHGHQGDUEHUGDVNDQQLFKGLUYHU VSUHFKHQ6LHK]XGDGXIUKEHLPLUELVWGDQQKDEHQZLUQRFK IUXQVHLQZHQLJ=HLW© ª2ND\LFKIDKUHLQGHU1DFKWORV'XPXWPLUQXUQRFKGLH JHQDXH$GUHVVHVDJHQ© 'HQ2UWNDQQWHLFKQLFKW(LQHVGHU]DKOUHLFKHQ'|UIHUGLHHV EHUDOOLQ:DOHVJDE(LQVDPDQGHU.VWHOLHJHQGXQGQRFK XUVSUQJOLFK ª'DV+DXVLVWDXIMHGHQ)DOOQLFKW]XEHUVHKHQ(VOLHJW]LHP OLFKQDKHDQGHQ.OLSSHQ5LFKWLJURPDQWLVFK© ª,FKELQJHVSDQQW©VDJWHLFK 'DVZDULFKZLUNOLFK8QGLFKGDFKWHDXFKQRFKODQJHEHUGDV *HVSUl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lGHQGDQQlFK]WHGDV

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lQGH]XP %HLVSLHO$EHU]ZLVFKHQGLHVHQDOWHQ0|EHOQNRQQWHVLHQLFKW OHEHQ'DIKOWHVLHVLFKHLQJHHQJW8QGLKU]XNQIWLJHU9HUOREWHU KDWWHGDV+DXVPLWDOOHQ'LQJHQYROOJHVWRSIW$QWLTXLWlWHQIU GLHHUQLFKWHLQPDOKDWWH]XEH]DKOHQEUDXFKHQZHLOGLH6DFKHQ LKPYHUHUEWZRUGHQZDUHQYRQHLQHPVHLQHU9RUIDKUHQPWWHU OLFKHUVHLWVGHUHEHQIDOOV$QWLTXLWlWHQKlQGOHUJHZHVHQZDU 'HUZDU|IWHULQGLHVH*HJHQGJHIDKUHQXQGKDWWHKLHU !DEJHUlXPWZLHPDQVRVFK|QVDJW 0RPHQWDQEHIDQGVLFK1DGLQH%HUJHUDOOHLQLQGHPGVWHUHQ +DXV,KU)DVW9HUOREWHUZDUZHJJHIDKUHQZHLOHUQRFKHWZDV EHVRUJHQZROOWH1DGLQHZROOWHQLFKWPLWIDKUHQ6LHKDWWHNHLQH /XVWKLQDXVLQGHQ)UKMDKUVUHJHQ]XODXIHQGHUDXVGHUGLFKWHQ JUDXHQ:RONHQGHFNHILHOXQGJHJHQGLH6FKHLEHQKlPPHUWH +LHUDQGHU.VWHZDUHVLPPHUZLQGLJ9RP0HHUKHUZKOWH VLFKGHU:LQGKHUDQVFKOHXGHUWHGDV:DVVHUYRUVLFKKHUXQG ZDUIHVJHJHQGLH)HOVHQ :DOHVHLQZLOGHVURPDQWLVFKHV/DQG 'DUDQPXWH1DGLQH%HUJHUGHQNHQDOVVLHVLFKDEZDQGWH6LH NRQQWHGDVDQGHQ6FKHLEHQKHUDEODXIHQGH:DVVHUQLFKWPHKU VHKHQXQGKRIIWHGD'RQEDOG]XUFNNHKUHQZUGH(VZDU QLFKWMHGHUPDQQV6DFKHDOOHLQLQVROFKHLQHP+DXV]XEOHLEHQ ,QGHQ.HOOHUKDWWHVLFK1DGLQHQRFKJDUQLFKWKLQHLQJHWUDXW 'DYRUIUFKWHWHVLHVLFK

3HUVRQDOZDUDXFKQLFKWGD(VZUGHHUVWVSlWHUHLQWUHIIHQ 'LHGXQNHOKDDULJH6FKDXVSLHOHULQ]QGHWHVLFKHLQH=LJDUHWWH DQXQGEOLHVGHQ5DXFKLQGHQ5DXPKLQHLQ(UZDUVRJUR JHQDXULFKWLJIUGLHDOWHQ0|EHO,Q]ZLVFKHQJDEHVLQGLHVHP *HPl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lQGQLVGDIUKDEHQ GDVLHVLFKLQGHP+DXVQLFKWZRKOIKOWH 'LHVHV*HPl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lKHGHU7UGLHRIIHQVWDQGXQGVLHK|UWH JHQDXGDV*HUlXVFK .LQGHUODFKHQ (VNDPYRQXQWHQ(QWZHGHUDXVGHU+DOOHRGHUDXVHLQHPGHU

5lXPHGLHVLFKGDUXPJUXSSLHUWHQ$EHUHVZDUHQNHLQH.LQGHU LP+DXVGHVKDOENRQQWHHVQLFKWVHLQGD.LQGHUVSUDFKHQ2GHU VROOWHQHWZDDXVGHPQDKHQ'RUIZHOFKHHLQJHWURIIHQVHLQ" 1DGLQH%HUJHUZROOWHUXIHQGRFKLUJHQGHLQ=ZDQJKLHOWVLH GDYRU]XUFN6WDWWGHVVHQQlKHUWHVLHVLFKGHURIIHQVWHKHQGHQ =LPPHUWUXPGHQ5DXP]XYHUODVVHQ6LHZROOWHKLQDXVLQGHQ EUHLWHQ.RUULGRUGHUGLH+DOOHLP4XDGUDWXPOLHI 1DGLQH%HUJHUVSLW]WHGLH2KUHQ :LHGHUGLH.LQGHUVWLPPHQ (VPXWHQVLFKHUOLFK]ZHLRGHUGUHLVHLQGLHPLWHLQDQGHUVSUD FKHQ$OOHUGLQJVNRQQWH1DGLQHQLFKWXQWHUVFKHLGHQREHV -XQJHQRGHU0lGFKHQVWLPPHQZDUHQ 6LHNODQJHQ]XJOHLFK 9RUGHUEUHLWHQ%UVWXQJEOLHEVLHVWHKHQOHJWHLKUH+lQGHDXI GHQODFNLHUWHQ+DULGODXIXQGVFKDXWHLQGLH7LHIH 9RQGHQ.LQGHUQVDKVLHQLFKWV $EHUVLHKDWWHGRFKLKUH6WLPPHQJHK|UW 1DGLQHV+HU]NORSIWHVFKQHOOHU6LHUDIIWHLKUHQ0XW]XVDPPHQ XQGULHIª+DOORGDXQWHQLVWGDMHPDQG"© .HLQH$QWZRUW 'LH)LOPVFKDXVSLHOHULQULHIQRFKHLQPDOXQGLQGHU+DOOHEOLHE HVLPPHUQRFKVWLOO 1DGLQHV%OLFNIODFNHUWH:DVVROOWHVLHWXQ"'DVLFKGRUW MHPDQGEHIDQGGDVKDWWHVLHVHKUGHXWOLFKJHK|UWDEHUZDUXP PHOGHWHVLFKGDQQNHLQHU" :HQQGRFKQXULKU)UHXQGGDJHZHVHQZlUH'RQ0LWFKHOO KlWWHEHVWLPPWHLQH$QWZRUWJHZXW$EHUGHUZDUXQWHUZHJV XQGZUGHHUVWVSlWHUHLQWUHIIHQ 'DV+DXVYHUODVVHQNRQQWHVLH]ZDUDEHUVLHZROOWHQLFKWGXUFK GLH'XQNHOKHLWXQGVLFKLUJHQGZRLQ0LOWRQEXUU\YHUNULHFKHQ :DVKlWWHVLHGHQ'RUIEHZRKQHUQDXFKHU]lKOHQVROOHQ"0DQ KlWWHVLHDXVJHODFKWGHQ%HULFKWIUHLQH)DUFHJHKDOWHQIUGLH :LFKWLJWXHUHLHLQHUEHUNDQGLGHOWHQ6FKDXVSLHOHULQ 6RlKQOLFKGDFKWHVLH$EHUKLHUREHQZROOWHVLHDXFKQLFKW EOHLEHQEHUZDQGVLFKVHOEVWXQGVFKULWWDXIGLHEUHLWH7UHSSH]X GLHLP%RJHQQDFKXQWHQIKUWH 'DV/LFKWEUDQQWH]ZDUDEHUGLHVH'LQJHJHILHOHQLKUQLFKW 1DGLQHV0HLQXQJQDFKZDUHVQLFKWKHOOJHQXJ'LHJURHQ

/HXFKWHUDQGHU'HFNHEUDQQWHQHLQIDFK]XPDWW 1DGLQHELVLFKDXIGLH/LSSHQ1XUNHLQH3DQLNVFKlUIWHVLH VLFKHLQGXKDVWVFKRQHLQLJHVHUOHEWXQGZLUVWGLFKGRFKGXUFK .LQGHUVWLPPHQQLFKWEDQJHPDFKHQODVVHQ 6FKULWWIU6FKULWWJLQJVLHGLH6WXIHQKLQXQWHU'HUGXQNHOURWH 7HSSLFKVFKOXFNWHMHGHV*HUlXVFKVRGDLKUH$QNXQIWJDUQLFKW EHPHUNWZHUGHQZUGH 1DGLQH%HUJHU]ZDQJVLFK]XU5XKH'LH$WPRVSKlUHGHV +DXVHVVROOWHQLFKWDXIVLHDEIlUEHQ $OVVLHGLH+lOIWHGHU7UHSSHKLQWHUVLFKJHODVVHQKDWWH]XFNWH VLHZLHGHU]XVDPPHQ $EHUPDOVK|UWHVLHGLH6WLPPHQ -HPDQGODFKWH $EHUHVZDUHLQUDXKHV/DFKHQGDVVRJDUQLFKW]XHLQHP.LQG SDVVHQZROOWH ,UJHQGZLHNODQJHVZLOGDEJHKDFNWXQGJHIlKUOLFK 1DGLQHV)XUFKWZXFKV $EHUVLHJLQJZHLWHU6WXIHIU6WXIHOLHVLHKLQWHUVLFKXQG DWPHWHDXIDOVVLHLQGHU+DOOHVWDQG,KUH%OLFNHVDXJWHQVLFKDQ GHUVFKZHUHQ(LQJDQJVWUIHVW 6LHZDUJHVFKORVVHQ +DWWHQGLH.LQGHUGLHVHQ:HJJHQRPPHQRGHUZDUHQVLHDXI HLQHPDQGHUHQLQGDV+DXVJHODQJW"9LHOOHLFKWGXUFKV)HQVWHUHLQ JHVWLHJHQ6LHUHFKQHWHPLWDOOHP 0HKUHUH7UHQ]ZHLJWHQDE,QGHU0LWWHGHU+DOOHODJHLQ JURHU7HSSLFK(LQ)OJHOVWDQGKLHUDQGHQ:lQGHQKLQJHQ JURHgOVFKLQNHQHLQZXFKWLJHU/VWHUGHUPLW*ODVSOlWWFKHQ EHUVlWZDU]RJXQZLOONUOLFKGLH$XIPHUNVDPNHLWGHU(LQ WUHWHQGHQDXIVLFK 8QWHUGHP/VWHUEOLHEGLH)UDXVWHKHQ ,UJHQGZLHSDWHVLHQLFKWVRUHFKWLQGLHVHV*HPlXHU1DGLQH WUXJHLQHOHJDQWHVZHLQURWHV.RVWPGHVVHQ5RFN]LHPOLFKHQJ JHVFKQLWWHQXQGJHVFKOLW]WZDU'DV.RVWPXQWHUVWULFKGHXWOLFK LKUHELHJVDPH)LJXU'DGHU5RFNQLFKW]XODQJZDUNDPHQDXFK GLHIDQWDVWLVFKJHZDFKVHQHQ%HLQH]XU*HOWXQJ'DVGXQNOH+DDU ILHODOV5LQJHOORFNHQIULVXUELVIDVWDXIGLH6FKXOWHUQXQGXP UDKPWHGDVDSDUWH*HVLFKWGHUEHNDQQWHQ)LOPVFKDXVSLHOHULQ :LHGHUK|UWH1DGLQHGLH6WLPPHQ

6LH]XFNWHKHUXP *HQDXJHJHQEHUZDUHQVLHDXIJHNOXQJHQZRGLH7UGHV =LPPHUVVSDOWEUHLWRIIHQVWDQG 'DPXWHQVLHVHLQ 1DGLQHIU|VWHOWHDOVLKUGLHVEHZXWZXUGHXQGVLHVFKUHFNWH DXIDOVVLHSO|W]OLFKGDV*HUlXVFKK|UWH 'LUHNWEHULKU 'HU.URQOHXFKWHUEHJDQQ]XVFKZDQNHQ1DGLQHZDUIHLQHQ %OLFNQDFKREHQVDKGDVLFKGLHNOHLQHQ*ODVSDLOOHWWHQEHZHJWHQ XQGJHJHQHLQDQGHUNOLUUWHQ 6LHYHUXUVDFKWHQGLHVHVHOWVDPH0XVLNGLH1DGLQHHLQH *lQVHKDXWEHUGHQ5FNHQMDJWH-HGHQ0RPHQWNRQQWHGHU /HXFKWHUIDOOHQXQG1DGLQHVDK]XGDVLHZHJNDP +DVWLJOLHIVLHDXIGLH7U]XKLQWHUGHUGLH6WLPPHQDXIJH NOXQJHQZDUHQ 9RUGHP5DXPEOLHEVLHVWHKHQ ,PVHOEHQ$XJHQEOLFNK|UWHGDV.OLUUHQDXI 1DGLQHILHOHLQ6WHLQYRP+HU]HQVLH]XFNWHMHGRFK]XVDPPHQ DOVVLHDEHUPDOVGLH6WLPPHYHUQDKP 8QGQXQNRQQWHVLHHWZDVYHUVWHKHQ ª:LUNRPPHQZLHGHUGHU7HXIHOOlWXQVZLUPVVHQLQGDV +DXVHVJHK|UWXQV©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lFKWLJHV6WFNGDVVHLQHQ3ODW]DQHLQHU:DQGVHLWHKDWWH

XQGDXIGDVLKU]XNQIWLJHU9HUOREWHUEHVRQGHUVVWRO]ZDU 'LH8KUEWHDXIVLHHLQHJHZLVVH)DV]LQDWLRQDXVGDVPXWH VRJDU1DGLQH%HUJHU]XJHEHQ 2KQHHVHLJHQWOLFK]XZROOHQVFKULWWVLHDXIGLH6WDQGXKU]X 'LHVH8KUZDU]LHPOLFKEUHLW%UHLWHUDOVGLHQRUPDOHQ8KUHQ XQGLQGHUXQWHUHQ+lOIWHOLHIVLHDXVHLQDQGHUVRGDGHU6RFNHO ZXFKWLJHUZDUDOVGDV2EHUWHLO0DQNRQQWHLKQDXFK DXIVFKOLHHQ1DGLQHVDKGLH7UXQGGHQLP6FKORVWHFNHQGHQ 6FKOVVHO,KUH+DQGZDUVFKRQXQWHUZHJVGRFKGDQQ]XFNWHVLH ZLHGHU]XUFN1HLQVLHWUDXWHVLFKQLFKWGLH7U]X|IIQHQ ,KU%OLFNZDQGHUWHK|KHUXQGEOLHEDXIGHP]LHPOLFKJURHQ =LIIHUEODWWKDIWHQ 'LHU|PLVFKHQ=LIIHUQZDUHQDXIGLHUXQGHOHLFKWEOlXOLFK VFKLPPHUQGH8QWHUODJHJHQLHWHWXQGVLHVDKDXFKGLHEHLGHQ =HLJHUYRQGHQHQVLFKGHUJU|HUHODQJVDPEHZHJWH 'LH6WDQGXKUJLQJJHQDXREZRKOVLHVFKRQVRDOWZDU(LQ 0HLVWHUVHLQHV)DFKVPXWHVLHDQJHIHUWLJWKDEHQ 'HU$QEOLFNGLHVHU8KUZHFNWHVHOWVDPH*HIKOHLQLKU'LHVHV ZLUNOLFKIDQWDVWLVFKH6FKPXFNVWFNVWLHVLHDEXQG]RJVLH JOHLFK]HLWLJDQ 6LHZXWHQLFKWZHVKDOEDEHUVLHKDWWHGDV*HIKOGDYRQGHU 8KUHLQH%HGURKXQJDXVJLQJ 'LH)LOPVFKDXVSLHOHULQIU|VWHOWH6LHVWDQGGDYRUZDJWHVLFK QLFKW]XUKUHQXQGKDWWHGLH.LQGHUY|OOLJYHUJHVVHQVRVHKUZDU VLHLQGHQ$QEOLFNYHUWLHIW 1DGLQHQDJWHDXIGHU/LSSH(LQ6FKDXHUULHVHOWHEHULKUHQ 5FNHQ6LHNRQQWHQLFKWVDJHQZRKHUGLHVHV*HIKOGHU %HGURKXQJNDPHVZDUHLQIDFKGD 9LHOOHLFKWJLQJLKUDXFKGHU6FKODJGHU8KUDXIGLH1HUYHQ *OHLFKPlLJEHZHJWHVLFKGDV3HQGHO 7DFNWDFNWDFN 8QGGHU0LQXWHQ]HLJHUZDQGHUWHZHLWHU'UHL0LQXWHQYRU ]ZHLXQG]ZDQ]LJ8KU1DGLQHGDFKWHDQLKUHQ)UHXQGGHUQRFK QLFKWGDZDUXQGXPGHQVLHVLFK6RUJHQPDFKWH :DUXPNDPHUQLFKW" ,KUH*HGDQNHQZXUGHQDEJHOHQNW'HQQDEHUPDOV]RJVLHGDV =LIIHUEODWWLQVHLQHQ%DQQ 'DVEOlXOLFKH6FKLPPHUQZDUGRFKQLFKWQRUPDOGHQQVLHKDWWH

GDV*HIKODOVZUGHVLFKLQQHUKDOEGHV=LIIHUEODWWHVHWZDV EHZHJHQ 1DGLQHVFKOXFNWH 'DZDUGRFKHWZDV ,PVHOEHQ$XJHQEOLFNVFKOXJGLH8KUDQ =HKQPDO 1DGLQH%HUJHUHUVFKUDN=HKQGXPSIH*ORFNHQVFKOlJHKDOOWHQ GXUFKGDV=LPPHUXQGMHGHQHLQ]HOQHQ6FKODJVFKLHQVLHN|USHU OLFK]XVSUHQHUGUDQJLKUGXUFKXQGGXUFK 'HUOHW]WH6FKODJ 'DJHVFKDKHV 8USO|W]OLFKYHUlQGHUWHVLFKGDV=LIIHUEODWW$XVGHP,QQHUQ VFKlOWHVLFKHLQHJUlOLFKH)UDW]HKHUYRU 'LH)UDW]HGHV7HXIHOV (VZDUZlUPHUJHZRUGHQ'HUOHW]WH6FKQHHWDXWHDXIGHQ%HUJHQ GDIUDEHUILHOGHU5HJHQYRP+LPPHODOVZUGHHUGRUWDXV .DQQHQJHJRVVHQ 'RQ0LWFKHOOIOXFKWH(UKDWWHYRUJHKDEWVFKRQOlQJVW]X+DXVH ]XVHLQDEHUGHU:HLQKlQGOHUKDWWHLKQDXIJHKDOWHQXQGLKQQRFK LQVHLQHQ.HOOHUJHIKUWZRHVHLQLJHHUOHVHQH.RVWEDUNHLWHQ]X SURELHUHQJDE 'RQKDWWHVLHSURELHUW(LJHQWOLFKVFKRQ]XYLHOHUKlWWHQLFKW PHKUIDKUHQGUIHQDEHUZLHVROOWHHUVRQVWDQVHLQ=LHOJHODQJHQ" $XHUGHPJDEHVKLHUNHLQH3ROL]HLGLHNRQWUROOLHUWH0DQEHIDQG VLFKMDQLFKWLQGHU*URVWDGW 0LWFKHOOOHQNWHVHLQHQNQDOOURWHQ-DJXDUGHQQRFKVLFKHUEHU GLH6WUDHQ(UVFKLHQGHUHLQ]LJH$XWRIDKUHUKLHULQGHU*HJHQG ]XVHLQGHQQQLHPDQGNDPLKPHQWJHJHQ 'LHVWDUNHQ+DORJHQOHXFKWHQZDUIHQLKUEUHLWHVKHOOHV %DQGDXIGLH)DKUEDKQ8Q]lKOLJH5HJHQWURSIHQJOLW]HUWHQ ZLH'LDPDQWHQDXIZHQQVLHYRQGHQ/LFKWVSHHUHQJHWURIIHQ ZXUGHQ 'RQ0LWFKHOOZDUIURKZHQQHUHQGOLFKLP%HWWODJ'LHOHW]WHQ 7DJHZDUHQDXIUHJHQGJHZHVHQXQGGHUIROJHQGHZUGHQRFK DXIUHJHQGHUZHUGHQ (UGDFKWHDQVHLQH)DVW9HUOREWH9RUHLQHPKDOEHQ-DKUKDWWHQ

VLHVLFKNHQQHQJHOHUQWEHLHLQHU)LOPSUHPLHUHDXIGLHLKQHLQ %HNDQQWHUJHVFKOHSSWKDWWH 6RIRUWZDUHUYRQ1DGLQH%HUJHUIDV]LQLHUWJHZHVHQ'LHVH)UDX VWHOOWHIULKQDOOHVLQGHQ6FKDWWHQ(UKDWWHVFKRQYLHOH0lGFKHQ JHKDEWYRP&DOOJLUOELV]XU0LOOLRQlUVWRFKWHUDEHUVRHWZDVZLH 1DGLQHZDUQRFKQLFKWGDEHLJHZHVHQ +LPPHOZDUGDVHLQH)UDX 8QGHUZDU1DGLQHDXFKV\PSDWKLVFKJHZHVHQ.HLQ:XQGHU GHQQGHUMlKULJH$QWLTXLWlWHQKlQGOHUZDUHLQJXWDXVVHKHQGHU 0DQQ'LH)UDXHQOLHIHQGHP6FKZDU]KDDULJHQUHJHOUHFKWQDFK HUKDWWHNHLQH0KHXQGZHQQHUVHLQ3OD\ER\OlFKHOQDXIVHW]WH GDQQZDUVFKRQPHLVWHQVDOOHVNODU 8QGMHW]WGLH9HUOREXQJ (LQWLHIHU(LQVFKQLWWLQVHLQHP/HEHQ(UPXWHVHLQH'HYLVH lQGHUQIUKHUKDWWHHUVFKQHOOPLWGHQ0lGFKHQJHVFKODIHQXQG MHW]WZDU1DGLQHGD 'RQZDUHKUOLFKJHJHQVLFKVHOEVW(UZXWHQLFKWREHULKUWUHX EOHLEHQZUGHLP0RPHQWMHGHQIDOOVNDPIULKQNHLQHDQGHUHLQ )UDJH 'LH6WUDHIKUWHEHUJDXI8QGQRFKLPPHUVFKWWHWHHVZLHDXV (LPHUQ%UDXQH)OXWHQVSOWHQGHP:DJHQHQWJHJHQ'HU5HJHQ KDWWHGLHOHKPLJHQ+lQJHDXVJHZDVFKHQGDV:DVVHUDXIGLH 6WUDHJHWUDJHQZRHVKLQDEJHZLUEHOWZXUGHXQGGHPHLQVDPHQ )DKUHUHQWJHJHQVFKlXPWH 'LH:LVFKHUIXKUHQLQGHUVWlUNVWHQ6WXIHEHUGLH6FKHLEH 7URW]GHPNRQQWHQVLHGLH:DVVHUPDVVHQNDXPVFKDIIHQ%DOG KDWWHGHU)DKUHUGLHK|FKVWH6WHOOHGHU6WUDHHUUHLFKW$QGHU OLQNHQ6HLWHJLQJHVLQGLH7LHIH'RUWZDUGLH6WUDHOHLGHU QLFKWEHVRQGHUVJXWDEJHVLFKHUWQXUHLQSDDU*UHQ]SIlKOHGDV ZDUDOOHV 'DV0HHUZLUNWHZLHHLQHZRJHQGHGXQNHOJUDXH)OlFKH1XU KLQXQGZLHGHUVFKlXPWHGHU.DPPHLQHU:HOOHDXIDQVRQVWHQ UROOWHQGLHJUDXHQ:HOOHQGHU.VWH]X 'LH&DUGLJDQ%D\ZDUIULKUH6WUPHXQG:LOGKHLWEHNDQQW =DKOUHLFKH6FKLIIHZDUHQEHUHLWVDQGHQ.OLSSHQ]HUVFKHOOW (LQHZHLWHUH.XUYH0LWFKHOOQDKPVLHYRUVLFKWLJGDGHU 6WUDHQEHODJPLWHLQHU6FKODPPVFKLFKWEHU]RJHQZDU(UZDU VRQVWHLQIORWWHUHU)DKUHUGRFKKLHUPXWHHUVLFKGHQ9HU

KlOWQLVVHQDQSDVVHQVRQVWODQGHWHHU]ZLVFKHQGHQ.OLSSHQ 9RULKPODJGDV'RUI (UDWPHWHDXIDOVHUGLH+lXVHUYRQ0LOWRQEXUU\VDK+LHUXQG GDEUDQQWHHLQHLQVDPHV/LFKW'LH%DXWHQYHUVFKZDQGHQLP JUDXHQGLFKWHQ5HJHQVFKOHLHU 0LWFKHOOKDWWHGDV'RUIVFKQHOOHUUHLFKWGXUFKIXKUHVXQGGLH YLHU5lGHUVFKOHXGHUWHQKRKH:DVVHUIRQWlQHQQDFKDOOHQ6HLWHQ ZHJZHQQVLHGXUFKGLHJURHQ3IW]HQUROOWHQ 0LWFKHOOZDUIURKHQGOLFKQDFK+DXVH]XNRPPHQ(UVFKOLG GHUWHI|UPOLFKPLWVHLQHP-DJXDULQGLH.XUYHQKLQHLQGDV $TXDSODQLQJPDFKWHVHLQHP:DJHQ]XVFKDIIHQGLH5HLIHQ UXWVFKWHQZLHDXI6FKPLHUVHLIHEHUGHQ%HODJ 'RQ0LWFKHOOEHXJWHVLFKDP/HQNUDGHWZDVYRUXQGVFKDXWH VFKUlJGXUFKGLHEUHLWH)URQWVFKHLEH(UVXFKWHVHLQ+DXVXQG ZROOWHVHKHQREKLQWHUGHQ)HQVWHUQQRFK/LFKWEUDQQWH 'HU5HJHQPDFKWHLKPHLQHQ6WULFKGXUFKGLH5HFKQXQJ'RQ 0LWFKHOOVDKQXUGLHJUDXH:DQG ,P.RIIHUUDXPUXPSHOWHQGLHIODFKHQ:HLQNLVWHQJHJHQHLQ DQGHUZHQQHUGLH.XUYHQQDKP$QGDV*HUlXVFKKDWWHHUVLFK LQ]ZLVFKHQJHZ|KQWXQGGLH)ODVFKHQZDUHQJXWYHUSDFNW 1RFK]ZHL.XUYHQGDQQKDWWHHUHVKLQWHUVLFK'LHHUVWH VFKDIIWHHUJXWJLQJGDQQLQGLH]ZHLWHKLQHLQIROJWHPLWVHLQHQ %OLFNHQGHQ/LFKWVSHHUHQGHU6FKHLQZHUIHUXQGULSO|W]OLFKGLH $XJHQZHLWDXIZlKUHQGHUJOHLFK]HLWLJDXIGLH%UHPVHWUDW 9RULKPDXIGHU6WUDHVWDQGHQGUHL.LQGHU 'DV/LFKWGHU6FKHLQZHUIHUKDWWHVLHJHWURIIHQXQG'RQ 0LWFKHOOVDKVLHWURW]GHV5HJHQV]LHPOLFKGHXWOLFK:LH 'HQNPlOHUVWDQGHQVLHQHEHQHLQDQGHUXQGZDQGWHQLKPGHQ 5FNHQ]X 1XUGUHL6FKULWWHYRQGHQ.LQGHUQHQWIHUQWEUDFKWHHUVHLQHQ -DJXDU]XP6WHKHQ 0LWFKHOOVFKOXFNWH(UZLVFKWHVLFKEHUGLH6WLUQXQGIKOWHGHQ NDOWHQ6FKZHL'DVZDUZLUNOLFKHLQ+DPPHU'UHL.LQGHUPLW WHQLPVWU|PHQGHQ5HJHQXQGQDKHEHLVHLQHP+DXV:RNDPHQ VLHKHU"8QGZDVVXFKWHQVLHLQGHU1DFKWDXIGHPHLQVDPHQ:HJ GD]XEHLVWU|PHQGHP5HJHQ" 'RQVFKWWHOWHGHQ.RSI'LH.LQGHUJLQJHQDXFKQLFKWZHJ REZRKOVLHGHQ:DJHQJHK|UWKDEHQPXWHQ

6LHEOLHEHQVWHKHQXQGUKUWHQVLFKQLFKW (UGUFNWHDXIGLH+XSH 'DV+RUQWXWHWHVHLQ6LJQDOKLQDXVLQGLH1DFKWDEHUGLH.LQGHU UHDJLHUWHQQLFKW ª9HUGDPPW©VFKLPSIWH0LWFKHOO(UKDWWHHLQJHVHKHQGDHUVR QLFKWZHLWHUNDP-HW]WPXWHHUGRFKWDWVlFKOLFKDXVVWHLJHQXQG ZXUGHQRFKNODWVFKQD 1RFKHLQPDOEHWlWLJWHHUGLH+XSH$OVVLFKZLHGHUXPQLFKWV WDWZDUHUHVOHLG 'RQ0LWFKHOOVWLHGLH)DKUHUWUDXIXQGVFKZDQJVHLQHQ .|USHUDXVGHP:DJHQ6RIRUWNODWVFKWHGDV:DVVHUDXIVHLQH %HLQHGRFK]XP*OFNKDWWHHUGHQ0DQWHOZlKUHQGGHU)DKUW DQJHODVVHQ(UVWHPPWHVLFKY|OOLJDXVGHP)DKU]HXJJLQJDQGHU ODQJHQ.KOHUVFKQDX]HHQWODQJVSUWHZLHGHU5HJHQLQVHLQ *HVLFKWIXKUXQGKDWWHJHUDGHGLH+lOIWHGHU6WUHFNH]ZLVFKHQ VLFKXQGGHQ.LQGHUQKLQWHUVLFKJHODVVHQDOVVLFKGLHGUHL XPGUHKWHQ 'HU6FKRFNWUDIGHQ0DQQY|OOLJXQYRUEHUHLWHW (UKDWWHHUZDUWHWQRUPDOH.LQGHUJHVLFKWHU]XVHKHQDEHUEHU GHQODQJHQVFKZDU]HQ8PKlQJHQ]HLFKQHWHQVLFKGUHL*HVLFKWHU DEGLHHVJDUQLFKWJHEHQGXUIWH (VZDUHQ7HXIHOVIUDW]HQ 1DGLQH%HUJHUNRQQWHHLQHQ6FKUHLQLFKWYHUPHLGHQ$XWRPDWLVFK GUDQJHUEHUGLH/LSSHQDOVVLHGLH)UDW]HDXIGHP=LIIHUEODWW DQVWDUUWH1DWUOLFKKDWWHVLHVFKRQ$EELOGXQJHQYRP7HXIHO JHVHKHQ'LHVHV*HVLFKWVDKQLFKWJDQ]VRDXV(VKDWWHHWZDV PHQVFKOLFKHUH=JHDQVLFKDXFKZHQQ+|UQHUDXVGHP6FKlGHO ZXFKVHQ'HU0XQGVWDQGRIIHQGLH$XJHQEOLFNWHQNDOWGLH 3XSLOOHQ]HLJWHQHLQHJHOEH)DUEHXQGDXVGHP*HVLFKWKDOOWHGHU IDVVXQJVORVHQ)LOPVFKDXVSLHOHULQHLQK|KQLVFKHV*HOlFKWHUHQW JHJHQ 1DGLQHVFKZDQNWH'LHVHV%LOGZDUVRVFKUHFNOLFKGDVLHHV NDXPIDVVHQNRQQWH6LHKDWWH$QJVWYRUGLHVHU)UDW]HGHUHQ /DFKHQSO|W]OLFKVWRSSWH 'DIUEHJDQQVLH]XUHGHQª'XELVWGHP7RGJHZHLKW1DGLQH %HUJHU0RUJHQXP0LWWHUQDFKWZHUGHLFKGHLQH7RGHVVWXQGH

HLQOlXWHQ8QGQLFKWQXUGXZLUVWVWHUEHQDOOHZHUGHQXPNRP PHQGHQQGLHVHV+DXVJHK|UWPLU0LUDOOHLQ© 0LWGLHVHQ:RUWHQYHUVFKZDQGGLH)UDW]HXQGGLHHQWVHW]WH 1DGLQHVWDUUWHDXIGLHY|OOLJQRUPDOH8KU6LHVWDQGGDXQG WLFNWHDOVZlUHQLFKWVJHVFKHKHQ 'LH6FKDXVSLHOHULQZDQNWH]XUFN(UVWDOVVLHGLH:DQGLP 5FNHQVSUWHEOLHEVLHVWHKHQ6LHNRQQWHVLFKNDXPDXIGHQ %HLQHQKDOWHQVRVHKU]LWWHUWHVLH 'DQQZDUIVLHVLFKSO|W]OLFKKHUXPXQGUDQQWHLQGLH+DOOHKLQ HLQZRHLQ]ZHLVLW]LJHV6RIDDXVGHU%LHGHUPHLHU=HLWVWDQG 1DGLQHZDUIVLFKKLQHLQXQGEHJDQQ]XVFKOXFK]HQ 6LHDKQWHQLFKWGDGDVHEHQ(UOHEWHQXUGHU$XIWDNW]XZHLWH UHQJUDXHQYROOHQ(UHLJQLVVHQVHLQVROOWH 'RQ0LWFKHOOZDJWHVLFKNHLQHQ6FKULWWZHLWHUYRU=XVHKUKDWWH LKQGHU$QEOLFNJHVFKRFNW(UVFKWWHOWHGHQ.RSIVSUWHSO|W] OLFKGHQ5HJHQQLFKWPHKUGHUDXILKQKHUXQWHUSUDVVHOWHHUVDK QXUQRFKGLHVFKUHFNOLFKHQ*HVLFKWHUGHUGUHL.LQGHU 6LHZDUHQJUDXHQKDIW 7HXIHOVIUDW]HQ 8QGVLHILQJHQDQ]XVSUHFKHQª:LUZDUQHQGLFK6WHUEOLFKHU© VDJWHQVLHDOOHGUHLDXIHLQPDOª'LHVHV+DXVJHK|UWQLFKWGLUVRQ GHUQXQV)OLHKVRODQJHGXHVQRFKNDQQVWVRQVWZLUVWGXHEHQVR VWHUEHQZLHGLHMXQJH)UDX'HLQH8KUOlXIWDE'RQ0LWFKHOO'HU )OXFKGHU9HUJDQJHQKHLWKDWGLFKHUUHLFKW9HUVFKZLQGHEHYRUHV ]XVSlWIUGLFKLVW'DV+DXVPXOHHUEOHLEHQHVJHK|UWXQV© 'LHGUHLKDWWHQVRODXWJHVSURFKHQGDVLHPLWLKUHQ6WLPPHQ GDV3UDVVHOQGHV5HJHQVEHUW|QWHQ8QG'RQ0LWFKHOOK|UWH JHQDX]X(UYHUVWDQG]ZDUMHGHV:RUWDEHUHUEHJULIIHVQLFKW :DVVROOWHQGLHVH$QGHXWXQJHQ" (UZROOWHQDFKIUDJHQ'DVZDUMHGRFKQLFKWPHKUP|JOLFK 3O|W]OLFKO|VWHQVLFKGLH.RQWXUHQGHUGUHL.LQGHUYRUVHLQHQ $XJHQDXIGDQQZDUHQVLHYHUVFKZXQGHQ $OVKlWWHVLHGHU(UGERGHQYHUVFKOXFNW 'RQ0LWFKHOOZLVFKWHVLFKEHUGLH6WLUQ(UVFKOHXGHUWHQXU :DVVHUDEPHKUQLFKW8QGMHW]WPHUNWHHUGDHUWURW]VHLQHV 0DQWHOVELVDXIGLH+DXWQDZDU(UVWDQGLPVWU|PHQGHQ5HJHQ

QHEHQVHLQHP:DJHQXQGVWDUUWHLQGLHJUDXH:DQG 1LFKWVYRQGHQ.LQGHUQ]XVHKHQQLFKWVPHKUYRQHLQHU :DUQXQJ]XK|UHQ :DUGDVDOOHVQXUHLQH7lXVFKXQJJHZHVHQ" 0LWFKHOOZXWHVHOEVWQLFKWZLHHULQVHLQHQ:DJHQJHNRPPHQ ZDU$XIMHGHQ)DOOIDQGHUVLFKUDXFKHQGKLQWHUGHP/HQNUDG ZLHGHUXQGVWDUUWHDXIGLH)URQWVFKHLEH 7DXVHQG*HGDQNHQJOHLFK]HLWLJZLUEHOWHQGXUFKVHLQHQ.RSI GRFKHVZDULKPQLFKWP|JOLFKVLH]XRUGQHQ 7LHIDWPHWHHUHLQ 'LH6FKHLEHQZDUHQEHVFKODJHQHUVWDUUWHLQV/HHUHXQGLUJHQG ZDQQVWDUWHWHHU $XWRPDWLVFKVWHXHUWHHUGHQ:HJ]XVHLQHP+DXVKRFK/LQNV ZRHV]XGHQ.OLSSHQJLQJVDKHUGLHNQRUULJHQ%lXPHGLHLKUH b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lUHHUQRFKDXVJHUXWVFKW GRFK'RQHUUHLFKWHGHQ(LQJDQJRKQH6FKDGHQ]XQHKPHQ +DVWLJVFKORHUDXI 7URSIQDVWDQGHULQGHU'LHOHXQGVFKWWHOWHVLFKZLHHLQ+XQG 6RIRUWK|UWHHUGDV6FKOXFK]HQ(WZDVYHUNUDPSIWHVLFKLQVHLQHP 0DJHQ(UKDWWHYRUJHKDEWVHLQHU)DVW9HUOREWHQQLFKWVYRQ VHLQHP(UOHEQLV]XEHULFKWHQGRFKVLHVFKLHQVFKRQDXFKHLQLJHV KLQWHUVLFK]XKDEHQGHQQVRYHU]ZHLIHOWKDWWHHU1DGLQHQRFKQLH HUOHEW6LHODJDXIGHP6RIDXQGZHLQWH 1HEHQLKUEOLHEHUVWHKHQ6LHKDWWHGHQ0DQQJDUQLFKWZDKU JHQRPPHQ(UVWDOVHUVLHEHUKUWHVFKUHFNWHVLHDXI 0LWFKHOOEHNDPHLQHQ6FKUHFN8QZLOONUOLFKSUDOOWHHU]XUFN

:DVZDUQXUJHVFKHKHQ"'LHYHUZHLQWHQ$XJHQGLH$QJVWDXI LKUHP*HVLFKWGDV=LWWHUQGHU/LSSHQHVZDUVFKUHFNOLFK (UVHW]WHVLFKQHEHQVLHXQGOHJWHHLQHQ$UPXPVLHª:DVLVW GHQQSDVVLHUW"©IUDJWHHU 1DGLQH]RJGLH1DVHKRFK'LH7UlQHQKDWWHQGXQNOH6SXUHQ DXILKUHQ:DQJHQKLQWHUODVVHQ6LHZLHVPLWGHP.RSI]XU7U KLQWHUGHUGLH8KUDXFKVWDQG ª'RQ©IOVWHUWHVLHZREHLLKUH6WLPPHNDXP]XYHUVWHKHQZDU ª'RQGDLQGHP=LPPHUGLH8KUVLH© ª:DVLVWGHQQPLWGHU8KU"© ª6LH]HLJWHLQ7HXIHOVJHVLFKW© 2EZRKO'RQ0LWFKHOOHLQHQJHOLQGHQ6FKUHFNEHNDPKDWWHHU VLFKGRFKVHKULQGHU*HZDOWXQGJDEPLWNHLQHP=XFNHQ]XYHU VWHKHQZLHVHKULKQGLH1DFKULFKWJHWURIIHQKDWWH6WDWWGHVVHQ ODFKWHHUDXIXQGHUZLGHUWHª:LHNDQQHLQH8KUHLQ*HVLFKW ]HLJHQ"© ª'XJODXEVWPLUQLFKW"© ª(VIlOOWPLU]XPLQGHVWVFKZHU© ª$EHUHVZDUVR:LUNOLFK,FKKDEHHVPLWGHQHLJHQHQ$XJHQ JHVHKHQXQGLFKKDEHDXFK.LQGHUVWLPPHQJHK|UW:LUNOLFKGLH 6WLPPHQYRQ.LQGHUQLQGHP5DXPZRGLH8KUVWHKW'RQGLH VHV+DXVLVWYHUIOXFKW,FKZLOOQLFKWPHKULQGLHVHP+DXVEOHLEHQ 'DEHNRPPHLFK$QJVW+LHUODXHUWHWZDVLFKVSUHHV© 'RQ0LWFKHOOVWULFKEHUGLH+DDUHVHLQHU)UHXQGLQª$EHUGDV LVWGRFK8QVLQQ1DGLQHGDV+DXVLVWY|OOLJQRUPDO© 1DGLQH%HUJHUULFKWHWHVLFKKDVWLJDXIª1HLQ©'LH$QWZRUWZDU HLQ.UHLVFKHQª1LFKWVLVWQRUPDO*DUQLFKWV,FKKDEHHVGRFK VHOEVWHUOHEW:LUNOLFK'DVLVWVFKOLPPDOOHVLVWVFKOLPPVHKU VFKOLPPVRJDU,FKZLOOKLHUUDXV© ª-HW]W"©IUDJWH'RQ0LWFKHOONKO ª-DQHLQLFK©6LHVFKOXJGLH+lQGHJHJHQHLQDQGHUXQG VFKWWHOWHGHQ.RSIª,FKZHL EHUKDXSWQLFKWVPHKU%LWWH'RQ YHUVWHKPLFKDEHUGDVLVWDOOHVVRVFKUHFNOLFKIUPLFK,FKKDEH GLUYRQYRUQKHUHLQJHVDJWGDLFKGLHVHV+DXVQLFKWPDJ(VLVW PLU]XGVWHUGLH$WPRVSKlUHVW|UWPLFKYHUVWHKVWGX"© ª1DWUOLFKGXEUDXFKVWKLHUMDDXFKQLFKW]XOHEHQ$EHULFK KDEHQXQPDOXQVHUH9HUOREXQJVIHLHUKLHUDQJHVHW]W:LUN|QQHQ MHW]WQLFKWDOOHVUFNJlQJLJPDFKHQ©

ª-DGXKDVWUHFKW© ª8QGZLHKDVWGXGLFKHQWVFKLHGHQ"©IUDJWH'RQ0LWFKHOO ª7XZDVGXZLOOVW© 0LWFKHOOOlFKHOWHDOVHUDXIVWDQG(UVWMHW]WVDK1DGLQHZLHQD HUZDUª$EHUZDVLVWGHQQPLWGLUSDVVLHUW'RQ"+DVWGXLP 5HJHQJHVWDQGHQ"© ª-DOHLGHULFKPXWHHLQHQ5HLIHQZHFKVHOQ7XWPLUOHLGGHV KDOEELQLFKDXFKVRVSlWJHNRPPHQ©(UKDWWHVLFKEOLW]VFKQHOO GLH$XVUHGH]XUHFKWJHOHJWZHLOHUVHLQH)UHXQGLQQLFKWQRFK ZHLWHUEHXQUXKLJHQZROOWH 1DGLQHOlFKHOWHNUDPSIKDIWª1XQMDGXPXWHVZLVVHQ$EHU GLHVH8KU"©6LHKREGLH6FKXOWHUQª,FKVFKHLQHGDV*UDXHQ LUJHQGZLHDQ]X]LHKHQ© ª:LHVR"© 1DGLQH]HUNQOOWHHLQ7DVFKHQWXFKª,FKKDEHGLUGRFKPDOYRQ GLHVHP)HVWHU]lKOWZRHLQ'U7RGGDV*UDXHQYHUEUHLWHWKDW 8QGDXFKYRQGHP0|QFK'DVZDUHQ'LQJHGLHPLWGHPQRU PDOHQ9HUVWDQGQLFKW]XHUNOlUHQVLQG© ª'DIUKDVWGXMDGHLQHQ-RKQ6LQFODLUDOV%HVFKW]HUHLQJH ODGHQ©PHLQWHGHU0DQQHWZDVVS|WWLVFK ª:DVVROOGDVKHLHQ"© ª1LFKWVQXUVR© ª(ULVWQLFKWPHLQ-RKQ6LQFODLU$EHUZHQQHUQLFKWJHZHVHQ ZlUHKlWWHVWGXPLFKQLFKWNHQQHQJHOHUQW(UKDWPLUGDV/HEHQ JHUHWWHW6RHWZDVYHUJLWPDQQLFKW© ª:LHVFK|QIULKQ© 1DGLQH%HUJHUKROWHWLHI/XIW6LHZROOWH]XHLQHUVFKDUIHQ (UZLGHUXQJDQVHW]HQEHUOHJWHHVVLFKMHGRFKDQGHUVXQGVDJWH QLFKWV6LHVFKOXFNWHGLH%HPHUNXQJKLQXQWHUXQGEOLFNWH]X %RGHQZlKUHQG'RQ0LWFKHOOLQGDV=LPPHUJLQJZRGLH8KU VWDQG 6LHVDKY|OOLJQRUPDODXV (UVFKDXWHVLFKVRUJIlOWLJXPNRQQWHDEHUQLFKWVHQWGHFNHQ ZDVLKQLUJHQGZLHJHVW|UWKlWWH 'DVVDJWHHUDXFK1DGLQH 6LHQLFNWHª,VWMDVFKRQJXW'RQ(QWVFKXOGLJHDEHULFKKDWWH HLQHQVFKOHFKWHQ7DJ© ª$PEHVWHQLVWHVZHQQGXGDUEHUVFKOlIVW0RUJHQVLHKWDOOHV

JDQ]DQGHUVDXV'DV:HWWHUVROODXFKEHVVHUZHUGHQZLHLFK JHK|UWKDEH©(UJLQJDXI1DGLQH]XXQGOHJWHHLQHQ$UPXPLKUH 6FKXOWHUQZREHLHUOlFKHOWHª'XZLUVWVHKHQPRUJHQVFKHLQWGLH 6RQQHXQGDOOHVLVWYHUJHVVHQ© 1DGLQHQLFNWHDXWRPDWLVFKZlKUHQGVLFKLKUH*HGDQNHQLQHLQH JDQ]DQGHUH5LFKWXQJEHZHJWHQ 6SlWHUODJVLHLP%HWWKDWWHGLH'HFNHELV]XP.LQQKRFKJH ]RJHQXQGODXVFKWHDXIGLHSUDVVHOQGHQ:DVVHUVWUDKOHQLQGHU 'XVFKHQHEHQDQ'RQQDKPQRFKNXU]HLQ%DG(UZDUELVDXIGLH +DXWGXUFKJHIURUHQ 1DGLQH%HUJHUDEHUZDUQXUIURKGDVLH-RKQ6LQFODLUDQJH UXIHQXQGGLHVHU]XJHVDJWKDWWH=XGHPGDFKWHVLHEHU'RQ 0LWFKHOOQDFK6HLQH5HDNWLRQYRUKLQKDWWHLKU]XGHQNHQJH JHEHQ2EHUZLUNOLFKGHUULFKWLJH3DUWQHUIUVLHZDU" $OVHULQV%HWWNDPXQGVHLQH+DQGLKUHQ.|USHUEHUKUWHGD UFNWHVLHYRQLKPZHJ ª%LWWH'RQKHXWHQLFKW© ª,VWVFKRQRND\©'HU$QWLTXLWlWHQKlQGOHUGUHKWHVLFKDXIGLH DQGHUH6HLWHXQGVFKOLHIVRIRUWHLQ 1DGLQH%HUJHUDEHUODJQRFKODQJHZDFKXQGODXVFKWHDXIMHGHV *HUlXVFK0DQFKPDOJODXEWHVLHVRJDUXQWHQLP+DXVKHOOH .LQGHUVWLPPHQ]XK|UHQ ,FKIXKUDXVGHP5HJHQLQVFK|QHUHV:HWWHUKLQHLQ$OVLFKGLH 3URYLQ]:DOHVHUUHLFKWHYHUVFKZDQGHQGLHGLFNHQ:RONHQYRP +LPPHOXQGHLQKHOOHV%ODXVFKLPPHUWHGXUFK 0HLQH/DXQHVWHLJHUWHVLFKXPHLQLJH3UR]HQWH ,FKZDUDOOHLQJHIDKUHQXQGKDWWHPLUGDIUHLQHQ7DJ8UODXE JHQRPPHQ-DQH&ROOLQVZXWH%HVFKHLGZHQLFKEHVXFKHQ ZROOWHXQGKDWWHGLH1DVHJHUPSIW ª'DZLUGGHU9HUOREWHDEHUVDXHUVHLQ©KDWWHVLHPLUDP7HOHIRQ JHVDJW ª:LHVR"(VZDUGRFKQLFKWV]ZLVFKHQXQV© ª+lWWHDEHUOHLFKWHWZDVZHUGHQN|QQHQ© ª1HLQGXKDVW]XJXWDXIJHSDW© 0LWHLQHPZWHQGHQ/DXWKDWWH-DQH&ROOLQVGHQ+|UHUDXIJH OHJW,FKZDUJHIDKUHQ

$XIGHUQRUPDOHQ.DUWHKDWWHLFKGHQ2UW0LOWRQEXUU\QLFKW JHIXQGHQ,FKPXWHHUVWDXIHLQHU6SH]LDONDUWHQDFKVFKDXHQXQG KDWWHGRUWIHVWJHVWHOOWGDGDV'RUILQGHU1lKHYRQ$EHUDHURQ ODJGHPQlFKVWJU|HUHQ2UW 'HQKDWWHLFKDXFKDXIHLQHUQRUPDOHQ.DUWHJHIXQGHQ1DFKWV KDWWHLFKORVIDKUHQZROOHQZDUDEHUQLFKWULFKWLJDXVGHP%HWW JHNRPPHQVRGDLFKHUVWLQGHQ0RUJHQVWXQGHQDXV/RQGRQ DEGDPSIWH )DVWHLQH6WXQGHGDXHUWHHVELVGHU5LHVHQPRORFKKLQWHUPLU ODJGRFKQXQIXKULFKEHUHLWVGXUFKGDVJUQH:DOHVPLWVHLQHQ ]DKOUHLFKHQ:lOGHUQ%HUJHQ+JHOQ%XUJHQXQGZLOGURPDQ WLVFKHQ6FKO|VVHUQ 'LH:DOLVHUZDUHQHLQ9|ONFKHQIUVLFK,FKKDWWHVLHEHUHLWVGHV |IWHUHQNHQQHQJHOHUQWZHLOPLFKJHIlKUOLFKH$EHQWHXHULQGLHVH *HJHQGIKUWHQ 'HU%HQWOH\OLHIJXW,FKZROOWHPLUVRVFKQHOONHLQHQQHXHQ :DJHQNDXIHQDXFKZHQQ%LOO&RQROO\LPPHUKHW]WHGDLFK PLFKGRFKNOHLQHUVHW]HQVROOWH,FKKDWWHPLFKDQGHQ6LOEHU JUDXHQJHZ|KQW0LUNDPHUVRYRUDOVZlUHHUHLQ6WFNYRQPLU 8QWHUZHJVKLHOWLFKDQHLQHP*DVWKRIDQXQGD]ZHLNOHLQH +DPPHONRWHOHWWV]X0LWWDJ6LHVFKPHFNWHQJXWXQGZDUHQDXV JH]HLFKQHWJHZU]W*HVlWWLJWIXKULFKZHLWHU (LQH6WXQGHVSlWHUHUUHLFKWHLFKGLHJU|HUH6WDGWIDQG +LQZHLVVFKLOGHUXQGIXKUVFKRQEDOGEHUGLHVFKPDOH6WUDHGLH QDFK0LOWRQEXUU\IKUWH ,FKNDPSUDNWLVFKDXVGHQ%HUJHQKLHUZDUHQQXUQRFKGLH $XVOlXIHU]XVHKHQ6DQIWH+JHODXIGHQHQQRFKGDVEUDXQH :LQWHUJUDV]XVHKHQZDUEHWWHWHQGLH6WUDHHLQ 9LHO9HUNHKUKHUUVFKWHQLFKW,FKZXUGHQXUHLQSDDUPDOEHU KROWYRQVFKQHOOHQ)OLW]HUQGHUHQ)DKUHUHVEHVRQGHUVJXWPHLQ WHQ'LHNRQQWHQUDVHQZLHVLHZROOWHQLFKOLHHVODQJVDPDQ JHKHQ 'DQQEHUKROWHPLFKHLQZHLHU7ULXPSKPLWRIIHQHP9HUGHFN 'DVZXUGHVRJDU]LHPOLFKNQDSSLFKPXWHELVDQGHQlXHUHQ 6WUDHQUDQGDXVZHLFKHQ 5RWEORQGH+DDUHIODWWHUWHQLP:LQGDQGHU6WLUQGXUFKHLQ %DQGJHKDOWHQ 'DVZDUHLQH)DKUHULQ

,FKKDWWHVLHQLFKWULFKWLJHUNHQQHQN|QQHQDOOHVZDU]XVFKQHOO JHJDQJHQ 'RFKLFKVDKVLHZLHGHU 6HKUVFKQHOOVFKRQXQGKLQWHUGHUQlFKVWHQ.XUYH'DKDWWHVLH LKUHQ)OLW]HUQlPOLFKLQGHQ*UDEHQJHVHW]WZREHLVLFKGHU .KOHUQRFKLP6WDFKHOGUDKW]DXQYHUIDQJHQKDWWH'LH)DKUHULQ NOHWWHUWHVRHEHQIOXFKHQGDXVGHP*UDEHQXQGUHLQLJWHVLFKGLH .OHLGXQJZlKUHQGHLQLJHDXIGHU:LHVHVWHKHQGH6FKDIHWHLO QDKPVORV]XVFKDXWHQ ,FKKLHOWXQGVWLHJDXV 'LH5RWEORQGHNDPDXIPLFK]X 6LHWUXJHLQHQVFKLFNHQKHOOEODXHQ+RVHQDQ]XJDXV&RUG %HLGHUZHLHQ%OXVHKDWWHVLHGLHGUHLREHUVWHQ.Q|SIHRIIHQ JHODVVHQXQGLQGHUOLQNHQ+DQGVFKOHQNHUWHVLHOlVVLJHLQH 6RQQHQEULOOH ª3HFK©VDJWHVLH ª1HLQ©HUZLGHUWHLFKª8QYHUP|JHQ© ª:LHPHLQHQ6LHGDV"© ª6LHKlWWHQDXIGLHVHQHQJHQ6WUDHQQLFKWVRUDVHQVROOHQ© ª6SDUHQ6LHVLFK,KUH%HOHKUXQJHQ:HQQ6LH.DYDOLHUVLQG VHKHQ6LH]XGD6LHPHLQHQ:DJHQZLHGHUIORWWNULHJHQ© ª,FKZLOOHVYHUVXFKHQ0LVV© ª0LWFKHOO0DULRQ0LWFKHOO© ª2K©VDJWHLFKQXU ª6LHNHQQHQPLFK"© ª1HLQ$EHUYRQ,KUHP%UXGHUKDEHLFKJHK|UW(UVROOVLFKMD KHXWHYHUOREHQ© ª.ODUGDZLOOLFKKLQ© ª'DKlWWHQZLUEHLGHGHQJOHLFKHQ:HJ© ª6R"© ª,FKELQHEHQIDOOVHLQJHODGHQZRUGHQXQGNRPPHH[WUDDXV /RQGRQ© ª:RKHUNHQQHQ6LHGHQQPHLQHQ%UXGHU"©IUDJWHVLHPLFK ª$XHUGHPZHLLFKQRFKQLFKW,KUHQ1DPHQ© ,FKVWHOOWHPLFKUDVFKYRU ª-RKQ6LQFODLU"1LHJHK|UWHKUOLFK'DEHLNHQQHLFKGLH %HNDQQWHQPHLQHV%UXGHUV]LHPOLFKJHQDX© ª,FKJHK|UH]XUDQGHUHQ6HLWH©

ª=X1DGLQH"'DQQVLQG6LHYRP)LOP©6RHWZDVZLH,QWHUHVVH EOLW]WHLQLKUHQ$XJHQDXI ª'DVQLFKW© 'DV,QWHUHVVHHUORVFK,FKKDWWHGLH)UDXVLHZDUVFKlW]XQJV ZHLVH0LWWH=ZDQ]LJVRIRUWULFKWLJHLQJHVWXIW'DVURWEORQGH *LUOJHK|UWH]XGHQ0HQVFKHQGHQHQDOOHVLQGHQ6FKRJHIDOOHQ ZDU6LHZDU]LHPOLFKDUURJDQWXQGGLH0lQQHUPXWHQVFKRQ HWZDV!%HVRQGHUHVVHLQZHQQVLHEHLLKUODQGHQZROOWHQ ª7URW]GHPN|QQWHQ6LHPDOQDFKPHLQHP:DJHQVFKDXHQ© VDJWHVLH ª-DQDWUOLFK© ,FKVSUDQJLQGHQ*UDEHQEFNWHPLFKXQGVDKGLH%HVFKHUXQJ 'DZDUQLFKWVPHKU]XPDFKHQ$OVLFKPLFKDXIULFKWHWHVWDQG 0DULRQ0LWFKHOODP5DQGXQGKDWWHEHLGH+lQGHLQGLH+IWHQ JHVWW]W ª8QG"© ª6LHZHUGHQQLFKWPHKUIDKUHQN|QQHQ© 6LHYHU]RJGDV*HVLFKWª:DUXPQLFKW"© ª:HLOGLH9RUGHUDFKVH,KUHV:DJHQVJHEURFKHQLVW'HQN|QQHQ 6LHDXIGHQ6FKURWWZHUIHQ© ª0LVWYHUGDPPWHU©'DVNODQJQLFKWJHUDGHODG\OLNH6LHZDUI PLULKUHQ:DJHQVFKOVVHO]Xª+ROHQ6LHZHQLJVWHQVQRFKPHLQ *HSlFNDXVGHP.RIIHUUDXP© ,FKWDWHV 6LHGDFKWHJDUQLFKWGDUDQPLUEHLP7UDJHQ]XKHOIHQ6RNOHW WHUWHLFKPLW]ZHLVFKZHUHQ.RIIHUQLQGHQ+lQGHQDXVGHP *UDEHQXQGYHUVWDXWHVLHLP%HQWOH\ ,FKVFKOXJGLH+DXEH]Xª:LUN|QQHQ0LVV0LWFKHOO© 6LHQLFNWHª*HK|UHQ6LH]XGHQNRQVHUYDWLYHQ7\SHQ"©IUDJWH VLHEHLP(LQVWHLJHQ ª:LHVR"© ª6ROFKHLQHQ:DJHQIlKUWGRFKNHLQ0DQQLQ,KUHP$OWHU'HU VHW]WDXI6SRUWOLFKNHLW© ª(VJLEW$XVQDKPHQ© ª'DVVHKHLFK©6LHVDKVLFKXP,FKKDWWH=HLWVLH]XEHWUDFKWHQ 0DULRQ0LWFKHOOKDWWHHLQVFKPDOHV3URILOPLW]DKOUHLFKHQ 6RPPHUVSURVVHQDXIGHQ:DQJHQGLHDEHUQLFKWVW|UWHQ'HU 0XQGKDWWHHLQHQOHLFKWDUURJDQWHQ=XJGLH+lQGHZDUHQ

VFKPDOVFKODQNXQGVHKUJHSIOHJW'HU/DFNVWLPPWHPLWGHP /LSSHQVWLIWEHUHLQ ª8QG7HOHIRQEHVLW]HQ6LHDXFK"© ª-DLFKPXHUUHLFKEDUVHLQ© ª:DVPDFKHQ6LHGHQQEHUXIOLFK"© ,FKOLHPLU=HLWPLWGHU$QWZRUWXQGVWDUWHWHHUVW:lKUHQGGHU %HQWOH\DQUROOWHVDJWHLFKª$FKQLFKWV%HVRQGHUHV,FKELQHLQ 9HUWUHWHU6LHZUGHQYLHOOHLFKW.OLQNHQSXW]HUVDJHQ© ª:LVVHQ6LHZDV0U6LQFODLU"© ª1HLQ© ª'DVJODXEHLFK,KQHQQLFKW© ª'DVEHUODVVHLFK,KQHQ©,FKOHQNWHGHQ%HQWOH\LQGLHQlFKVWH .XUYH ª$EHULFKILQGHQRFKKHUDXVZHUVLFKKLQWHUGLHVHU0DVNH YHUELUJW©NQGLJWHVLHPLUDQª6ROHLFKWJHEHLFKQLFKWDXI ,FKVFKlW]HVRJDUGD6LHHVIDXVWGLFNKLQWHUGHQ2KUHQKDEHQ© ,FKVFKHQNWHLKUHLQHQWZDIIQHQGHV/lFKHOQª7XQ6LHVLFK NHLQHQ=ZDQJDQ0LVV0LWFKHOO© 'DQQVDKLFK]XPHUVWHQ0DOGDV+DXV2EZRKOLFKHVQLFKW NDQQWHJDEHVNHLQHDQGHUH0|JOLFKNHLW(VPXWHHVHLQIDFKVHLQ (VVWDQGDXIGHU6SLW]HHLQHU)HOVZDQG7UXW]LJUHFNWHQVLFKGLH 0DXHUQLQGHQNODUHQ+LPPHO(VZDUJUDGOLQLJXQGRKQH 6FKQ|UNHOJHEDXWZHUGHQ.HLQHYHUVSLHOWHQ%DONRQHXQG(UNHU 'LHVHV+DXVSDWHVLFKGHUNOLPDWLVFKKDUWHQ8PJHEXQJDQ =ZHLDOWH(LFKHQElXPHVWDQGHQ]ZLVFKHQ+DXVXQG6FKOXFKW XQGEUHLWHWHQGLHbVWHZLHHLQ'DFKDXV'DZLUQLFKWGLHHUVWHQ *lVWHZDUHQHUNDQQWHLFKDQGHQDEJHVWHOOWHQ:DJHQYRU GHP+DXV ª*HIlOOWHV,KQHQ"©IUDJWHPLFK0DULRQ0LWFKHOO ª-D© ª0LUQLFKW© ª8QGZDUXPQLFKW"© ª,FKPDJGLHVHDOWHQ.lVWHQQLFKW6LHVLQGPXIILJXQGGXQNHO ,FKEUDXFKH6RQQH6DQG0HHU© ª:DVPDFKHQ6LHHLJHQWOLFKEHUXIOLFK"©MHW]WZDULFKQHXJLHULJ ª1LFKWV©DQWZRUWHWHVLHPLWHQWZDIIQHQGHU2IIHQKHLWª,FKOHEH VRLQGHQ7DJKLQHLQ© ª8QGGDVNDQQPDQ"©

ª6LFKHU(VLVWGRFKJHQJHQG*HOGYRUKDQGHQ(UEWHLOXQGVR ,FKOHEHYRQGHQ=LQVHQ,P:LQWHU*VWDDGRGHU6W0RULW]LP 6RPPHU,EL]DRGHUGLH%DKDPDV-HQDFKGHPZDVJHUDGH!LQLVW© ,FKOHQNWHGHQ:DJHQLQHLQH/FNH]ZLVFKHQ]ZHLGXQNHO EODXHQ0HUFHGHV&RXSpVª8QGVRHWZDVIOOW6LHDXV"© ª-D0DQJHZ|KQWVLFKGDUDQ© 'HU0HLQXQJZDULFKQLFKW%LVMHW]WKDWWHQZLUQLFKWVPLWEH NRPPHQGRFKDOVLFKGLH:DJHQWUDXIVWLHK|UWHQZLUVFKRQ GDV/DFKHQXQGGDV.OLUUHQGHU*OlVHU 6RIRUWKHOOWHVLFKGDV*HVLFKWPHLQHU%HLIDKUHULQDXIª'D VFKHLQWMDVFKRQZDVORV]XVHLQ© ª+|UWVLFKVRDQ© :lKUHQGLFKGLH7UDEVFKORVWUPWH0DULRQ0LWFKHOOEHUHLWV GLH6WXIHQKRFK ,FKJLQJODQJVDPHU 'DZXUGHGLH7UDXIJH]RJHQ(LQVFKZDU]KDDULJHU7\SLP ZHLHQ'LQQHUMDFNHWWKLHOWHLQH6HNWIODVFKHLQGHU+DQGDXV GHUHQgIIQXQJGHUKHOOH6FKDXPSHUOWH ª+L%UGHUFKHQ©ULHI0DULRQXQGGUFNWHGHP0DQQ]ZHL .VVHUHFKWVXQGOLQNVDXIGLH:DQJHQª,KUVHLGMDVFKRQVFKZHU LQ6WLPPXQJZLHLFKK|UH© ª-DGXELVWGLHOHW]WH© ª6KLWLFKKDEHGHQ:DJHQLQGHQ*UDEHQJHVHW]W© 'HU0DQQODFKWHª'DVJHVFKLHKWGLUUHFKW'XIlKUVWMDDXFK LPPHUZLHHLQH:LOGH© 0DULRQKREGLH6FKXOWHUQª,FKKDEHHEHQ7HPSHUDPHQW©'DQQ GHXWHWHVLHDXIPLFKª'DVLVWEULJHQV-RKQ6LQFODLU(UKDWPLFK DXIJHOHVHQ© 'LH$XJHQEUDXHQGHV0DQQHVUXFNWHQLQGLH+|KH)UHLQHQ ZLQ]LJHQ0RPHQWZXUGHVHLQ%OLFNVWDUUGDQQKDWWHHUVLFK ZLHGHULQGHU*HZDOWª6LHVLQGDOVR-RKQ6LQFODLU© ª-D© (UUHLFKWHPLUGLH+DQG6LHZDUNOHEULJYRP6HNW ª,VWHUZLUNOLFK9HUWUHWHU"©IUDJWH0DULRQ ,FKYHUVXFKWHHVQRFKPLWHLQHPEHVFKZ|UHQGHQ%OLFNKDWWH MHGRFKNHLQHQ(UIROJ ª4XDWVFK0DULRQ-RKQ6LQFODLULVW3ROL]LVW(ULVWHLQ 6FRWODQG
'DV*LUOJUXEGLH6FKQHLGH]lKQHLQGLH8QWHUOLSSH)OFKWLJH 5|WHKXVFKWHEHUGLH:DQJHQª+DEHLFKPLUGRFKJOHLFKJH GDFKW:LHHLQ.OLQNHQSXW]HUVLHKWHUQLFKWDXV© ª,FKKRIIH6LHYHU]HLKHQPLU©VDJWHLFKªDEHULFKP|FKWHQLFKW GDMHGHUKLHUPHLQHQ%HUXIHUIlKUW,FKELQSULYDWKLHUDXIGLHVHU 9HUOREXQJVIHLHU© ª:LUNOLFK"©IUDJWHGHU$QWLTXLWlWHQKlQGOHU ª-D0U0LWFKHOO© ª2ND\NRPPWUHLQ(VLVWJHQXJGD© ,FKEHWUDWGLH+DOOHGHV+DXVHV6LHZDUIHVWOLFKJHVFKPFNW ZRUGHQhEHUDOOKLQJHQ*LUODQGHQXQGDXFK%OXPHQIHKOWHQ QLFKW6RHEHQVHW]WHVLFKMHPDQGDQGHQ)OJHOXQGVSLHOWHGHQ $%%$6RQJ!6XSHU7URRSHU 8QJHIlKU]ZDQ]LJ3HUVRQHQZDUHQDQZHVHQG/HXWHYRP)LOP XQG%HNDQQWHGHV$QWLTXLWlWHQKlQGOHUV,FKZXUGHNHLQHPYRU JHVWHOOWXQGGDVZDUDXFKJXWVR 0DULRQKDWWHEHUHLWVHLQHQ%HNDQQWHQJHIXQGHQXQGZDULQGHV VHQ$UPHJHIOFKWHW(LQZHLEORQGHU3OD\ER\7\SPLWEUHLWHQ 6FKXOWHUQXQGHLQHU3RSSHU)ULVXU ,FKVXFKWH1DGLQH%HUJHU6RVHKULFKDXFKPHLQH$XJHQYHU GUHKWHLFKVDKVLHQLFKW'DIUIXKUMHPDQGHLQHQ:DJHQKHUDQ DXIGHPJHIOOWH6HNWJOlVHUVWDQGHQ,FKQDKPHLQ*ODVXQG ZROOWHHVDQGLH/LSSHQVHW]HQDOVLFKVFKUlJKLQWHUPLUHLQH 6WLPPHK|UWH ª:LOOVWGXDXIPLFKDQVWRHQ-RKQ"© ,FKGUHKWHPLFKXP 9RUPLUVWDQG1DGLQH%HUJHU ,FKKDWWHVLHODQJHQLFKWPHKUJHVHKHQQLFKWHLQPDODXIGHU /HLQZDQGZHLOPLUGLH=HLWQLFKWJHEOLHEHQZDUGRFKVLHKDWWH VLFKZLUNOLFKQLFKWYHUlQGHUW 8QGGDVVDJWHLFKLKUDXFK ª+|UDXIGX6FKPHLFKOHU© ,FKVWHOOWHPHLQ*ODVZHJ(VZDUGDV=HLFKHQIU1DGLQH6LH NWHPLFKDXIEHLGH:DQJHQ,FKVSUWHLKUHQJHVFKPHLGLJHQ .|USHUXQGVDKJOHLFK]HLWLJLKUHQ9HUOREWHQLP+LQWHUJUXQGGHV 5DXPHVVWHKHQYRQZRHUXQVDUJZ|KQLVFKEHREDFKWHWH

1DGLQHKLHOWPLFKOlQJHUIHVWDOVJHZ|KQOLFK'DIUIOVWHUWHVLH PLUHWZDVLQV2KU ª,FKPXGLFKVSUHFKHQ-RKQ8QEHGLQJW© ,FKVFKREVLHZHJOlFKHOWHVWUDKOHQGXQG]LVFKWHGDEHLGXUFK GLH=lKQHª3UREOHPH"© ª-D© ª3ULYDWH"© ª0HKUGLHLQGHLQHQ%HUHLFKIDOOHQ© 0HLQ*HIKO(VKDWWHPLFKQLFKWJHWURJHQ1DGLQHV6WLPPH KDWWHDP7HOHIRQEHGUFNWJHNOXQJHQ(VVFKLHQDOVRGRFKHWZDV GDKLQWHU]XVWHFNHQ ª7URW]GHPGXVLHKVWEH]DXEHUQGDXV1DGLQH©VDJWHLFKXQG LFKPHLQWHHVHKUOLFK 6LHWUXJHLQODFKVIDUEHQHVVFKXOWHUIUHLHV.OHLGGDVQXUYRQ ]ZHLGQQHQ7UlJHPJHKDOWHQZXUGH'LHVFKZDU]HQ+DDUHKDWWH VLH]XP7HLOKRFKJHVWHFNWDQGHQ6HLWHQILHOHQVLHZLHGHULQ .RUNHQ]LHKHUORFNHQKHUXQWHU'HQ+DOVVFKPFNWHHLQHVFKOLFKWH 3HUOHQNHWWH$QVRQVWHQWUXJVLHLP*HJHQVDW]]XHLQLJHQDQGHUHQ 'DPHQNDXP6FKPXFN 9RQ0DULRQ0LWFKHOOVDKLFKQLFKWVPHKU,FKQDKPDQGDVLH VLFKXP]RJ 1DGLQHKDNWHVLFKEHLPLUXQWHUª-HW]WPXWGXPLUDEHUHUVW HU]lKOHQZLHHVGLUHUJDQJHQLVW:DVJLEWHV1HXHV"© ª6HKUYLHO© ª8QG"© ª'U7RGLVWZLHGHUGD© (UVFKUHFNHQ]HLFKQHWHLKU*HVLFKWª'DVJLEWHVGRFKQLFKW© ª/HLGHU© ª8QG"+DWWHWLKUVFKRQ$XVHLQDQGHUVHW]XQJHQ"© ª0HKUDOVHLQPDO(ULVWGDEHLVLFKHLQHVFKODJNUlIWLJH7UXSSH DXI]XEDXHQGLHVLFKGLH0RUGOLJDQHQQW(VVLHKW]LHPOLFKEHO DXV1DGLQH$EHUGDYRQZROOHQZLUKHXWHQLFKWUHGHQ© 1DGLQHEOLFNWH]X%RGHQª1HLQVLFKHUQLFKW(VLVWMDDXFKHLQ WROOHU7DJ©6LHVFKOXFNWH ,FKOHJWH]ZHL)LQJHUXQWHULKU.LQQXQGKREGHQ.RSIOHLFKWDQ ª0lGFKHQZDVLVWORVPLWGLU"© 6LHVDKPLFKDXVIHXFKWHQ$XJHQDQª-RKQLFKJODXEHLFKKDEH YLHOHVIDOVFKJHPDFKW©

ª$FKGDVGDUIVWGXQLFKWVRHQJVHKHQ1DGLQH(VZDUYLHO OHLFKWHWZDVYLHOIUGLFK© ª.DQQVHLQ© ª:RWUHIIHQZLUXQV"© ª,QHLQHU9LHUWHOVWXQGHREHQLQHLQHP=LPPHU'LHIQIWH7U DXIGHUUHFKWHQ6HLWH'RUWKLQ]LHKHLFKPLFKLPPHU]XUFNZHQQ LFKDOOHLQVHLQZLOO© ª2ND\LFKELQSQNWOLFK©:LUWUHQQWHQXQVZLHGHU,FKQDKP HLQ*ODV6HNWXQGVDKPLFKXP'LHPHLVWHQNDQQWHLFKQLFKWDEHU PLUILHOHLQlOWHUHU0DQQDXIGHPHVlKQOLFKHUJLQJZLHPLU (UKDWWHVLFKLQHLQH(FNHJHVWHOOW(UWUXJHLQHQGXQNOHQ$Q]XJ GHVVHQ6FKQLWWVFKRQDXVGHU0RGHJHNRPPHQZDU (UEHWUDFKWHWHGLH*HVHOOVFKDIWWHLOVPLWNULWLVFKHQWHLOVPLW PGHQ$XJHQ ,FKEOLHEQHEHQLKPVWHKHQª6LHVFKHLQHQKLHUDXFKNDXPHLQHQ ]XNHQQHQ"©VSUDFKLFKLKQDQ ª-DGDVVWLPPW©'HU0DQQUFNWHDQVHLQHU%ULOOHª'DEHL VWDPPHLFKYRQKLHU,FKNRPPHDXV0LOWRQEXUU\XQGELQGHU %UJHUPHLVWHU0U0LWFKHOOKDWPLFKHLQJHODGHQ© ª,FKELQDXV/RQGRQ(LQ%HNDQQWHUGHU%UDXW© 'HU0DQQOlFKHOWHª6LHLVWHLQSDWHQWHV0lGFKHQZLUNOLFK 1LFKWHLQJHELOGHW© ª8QGGHU%UlXWLJDP"© ª1XQMDLFKZLOOQLFKWV6FKOHFKWHVVDJHQDEHUHULVW]LHPOLFK DUURJDQWGDVILQGHQZLULP'RUI(QWVFKXOGLJHQ6LHGDLFKPLFK QRFKQLFKWYRUJHVWHOOWKDEH0HLQ1DPHLVW3DWULFN.LERUDQ© ,FKVDJWHLKPDXFKPHLQHQ1DPHQYHUVFKZLHJDEHUGHQ%HUXI 'DQQHUVFKLHQ0DULRQ0LWFKHOOREHQDQGHU7UHSSH6HOEVWDXV GLHVHU(QWIHUQXQJNRQQWHPDQVHKHQGDVLHHLQHQ7UDXPDXV WUNLVIDUEHQHP7OODOV.OHLGWUXJ ª.LQGHU©ULHIVLHXQGLKUH6WLPPHEHUNODQJVHOEVWGHQ3DUW\ OlUPª.DQQPLUGHQQQLHPDQGKHOIHQ",FKEHNRPPHPHLQ.OHLG DP5FNHQQLFKW]X(LQ.XIUGHQGHUHVVFKDIIW© 'DVZDUHWZDVIUGHQEORQGKDDULJHQ3OD\ER\5FNVLFKWVORV UlXPWHHULP:HJHVWHKHQGH*lVWH]XU6HLWHXQGVSULQWHWHGLH 6WXIHQKRFK ª+L)UHGG\GXELVWZLHLPPHUGHU6FKQHOOVWH© ª.ODU%HLHLQHU)UDXZLHGLU©

0DULRQODFKWHKHOOª.RPPZLUJHKHQLQV=LPPHU© )UHGG\OHJWHVHLQHQ$UPXPVLHXQGGLHEHLGHQYHUVFKZDQGHQ XQWHUGHP%HLIDOOGHU*lVWH ,FKK|UWHZLHMHPDQGVDJWHª0DQQGLHJHKWDEHUVFKRQIUK DP7DJHUDQ© ª9LHOOHLFKWPXVLHZDVQDFKKROHQ"©'LHIUDJHQGH$QWZRUW VWDPPWHDXVHLQHP)UDXHQPXQG %UJHUPHLVWHU.LERUDQYHU]RJGDV*HVLFKWXQGZLVFKWHVLFK EHUGHQ0XQG ,FKPHUNWHVHLQH*HIKOVUHJXQJXQGIUDJWHª'DVKLHULVWQLFKW VR,KU)DOORGHU"© ª*DQ]XQGJDUQLFKW© ª6LQG6LHDOOHLQJHNRPPHQ"© (UQLFNWHª-DPHLQH)UDXOHEWQLFKWPHKU,FKELQVHLW]ZHL -DKUHQ:LWZHU© ª'DVWXWPLUOHLG© ª6FKRQJXW©'HU%UJHUPHLVWHUQDKPHLQHQ6FKOXFNª6LHKDWWH .UHEV9LHOOHLFKWKlWWHPDQVLHLQGHU*URVWDGWUHWWHQN|QQHQ DEHUKLHUDXIGHP/DQG"©(UVFKWWHOWHGHQ.RSIª'DLVWQLFKWV]X PDFKHQ,FKZROOWHHUVWPHLQHQ3RVWHQDXIJHEHQDEHUPDQKDW PLFKVRODQJHEHNQLHWELVLFKZHLWHUPDFKWH,VWJHZLVVHUPDHQ HLQHDOWH)DPLOLHQWUDGLWLRQ,FKKRIIHGDPHLQ6RKQDXFKPDO VRHLQVFKOlJW© ª'DQQKDWWH,KU9DWHUGDV$PWDXFK"©IUDJWHLFK ª8QGPHLQ*URYDWHU© ª$OOH$FKWXQJGDVILQGHWPDQVHOWHQ© ª:LVVHQ6LH0U6LQFODLULQ0LOWRQEXUU\LVWYLHOHVDQGHUV+LHU NPPHUQVLFKGLH/HXWHQLFKWXP3DUWHLHQ'LHZlKOHQLUJHQG HLQHQGHUGXPPJHQXJLVWGDV$PW]XEHUQHKPHQ'DVZDU HEHQGLH7UDJLNXQVHUHU)DPLOLH© ,FKPXWHODFKWHQ'HU%UJHUPHLVWHUVSUDFKPLWHLQHU /HLGHQVELWWHUPLHQH,UJHQGZLHJHILHOHUPLU ª6LHP|JHQ0U0LWFKHOOQLFKWVRUHFKW"©IUDJWHLFKLKQ ª:DVKHLWP|JHQ"0LW0LWFKHOOLVWHVNRPLVFK(UKDWVLFKLQV 1HVWJHVHW]W6HLQ*URYDWHUKDWVFKRQEHLXQVLP'RUI $QWLTXLWlWHQJHVDPPHOW© ª:LH"© ª-DGHUDOWH0LWFKHOOLVWEHUGDV/DQGJHIDKUHQXQGKDWVLFK

0|EHO]XVDPPHQJHKROW2EHUVLHJHVWRKOHQRGHUEH]DKOWKDW ZHLLFKQLFKW$XFKGLH6DFKHQYRQGHP0|UGHU5LFN+ROORZD\ KDWHUDQVLFKJHQRPPHQ7HLOHGDYRQVWHKHQMHW]WEHLVHLQHP (QNHOLP+DXV© ª6LHPHLQHQKLHU"© ª.ODU©'HU%UJHUPHLVWHUGHXWHWHDXIHLQHGHUYHUVFKORVVHQHQ 7UHQJHJHQEHUª'DKLQWHUILQGHQ6LHHLQHDOWH8KU'LHKDW VFKRQEHLGHP.LQGHUP|UGHUJHVWDQGHQ© ª(U]lKOHQ6LH© ª:LHVR"©'HU%UJHUPHLVWHUVDKPLFKVNHSWLVFKDQª6LHVLQG KLHUDXIHLQHU9HUOREXQJVIHLHUZROOHQVLFKDPVLHUHQXQGLFKVROO ,KQHQEOXWLJH*HVFKLFKWHQHU]lKOHQ"© ª-DELWWH© ª:HQQ6LHPHLQHQ,FKNHQQHGLH*HVFKLFKWHYRQPHLQHP *URYDWHU(UZDUQlPOLFKGDEHLDOVHVJHVFKDKJHK|UWHJH ZLVVHUPDHQ]XGHQ,QLWLDWRUHQ© 0U.LERUDQHU]lKOWHPLUZDVVLFKGDPDOV]XJHWUDJHQKDWWHXQG GDGLHGUHL.LQGHUVRZLHLKU0|UGHUKLHULQGHU1lKHGHV+DXVHV XQWHUXQKHLOLJHU'UXLGHQHUGHODJHQ ª:DV6LHELVMHW]WJHK|UWKDEHQ0U6LQFODLUVLQG7DWVDFKHQ'DV DQGHUHLVW6SHNXODWLRQ© ª=XP%HLVSLHO"© ª'DGLH.LQGHUKLHULQGLHVHP+DXVVSXNHQVROOHQ6HQVLEOH 0HQVFKHQVSUHQGDV© ª8QG0U0LWFKHOO"© .LERUDQZLQNWHDEª+DWPLWDOOGHPQLFKWVDP+XWGHQNHLFK 1HHGDVLVWHLQ*HVFKlIWVPDQQDEHU6LHPVVHQ,KUH%HNDQQWH IUDJHQ0LVV%HUJHUZLUGGDEHVWLPPWDQGHUVGHQNHQ© ,FKQLFNWHJHGDQNHQYHUORUHQª'DVJODXEHLFKDXFK©PXUPHOWH LFKXQGGDFKWHVFKDUIQDFK 1DGLQH%HUJHUZROOWHXQEHGLQJWPLWPLUUHGHQZLHVLHPLUYHU VLFKHUWHhEHUGDV7KHPDKDWWHVLHNHLQH$QGHXWXQJHQJHPDFKW DEHUHVVROOWHLQPHLQ0HWLHUIDOOHQ'HU%UJHUPHLVWHUHU]lKOWH PLUGDYRQGDHVLQGHP+DXVVSXNHQZUGH6WDQGHQGLH EHLGHQ$XVVDJHQLQHLQHPXQPLWWHOEDUHQ=XVDPPHQKDQJ" 8QZLOONUOLFKEOLFNWHLFK]XU'HFNH6LH]HLJWHHLQHPDWWZHLH )DUEH,FKVDKDXFKGLH]DKOUHLFKHQ6WXFNYHU]LHUXQJHQGLH EHUDOOYHUWHLOWZDUHQ

,FKZDUVRLQ*HGDQNHQYHUVXQNHQGDVLHGHUJHOOHQGH6FKUHL SO|W]OLFKKDUWGXUFKEUDFK -HGHU]XFNWH]XVDPPHQ $XFKLFK $XIHLQPDOZXUGHHVVWLOO'LH0HQVFKHQVWDQGHQVWDUUDXILKUHQ 3OlW]HQXQGODXVFKWHQREVLFKGHU6FKUHLZLHGHUKROHQZUGH(U ZDUQLFKWKLHUXQWHQDXIJHNOXQJHQVRQGHUQKDWWHVHLQH4XHOOH REHQDXIGHUHUVWHQ(WDJH %HYRUVLFKLUJHQGZHUUKUHQNRQQWHVWDUWHWHLFK'LHVPDOZDU LFKHVGHULP:HJHVWHKHQGH0HQVFKHQ]XU6HLWHGUFNWHXQGPLU VRIUHLH%DKQVFKDIIWH ,FKHUUHLFKWHGLHEUHLWH7UHSSHXQGMDJWHGLHHUVWHQ6WXIHQKRFK 'DQQVWRSSWHLFKZLHYRUHLQH:DQGJHODXIHQ $P(QGHGHU7UHSSHHUVFKLHQHLQH*HVWDOW(VZDUGHU ZHLEORQGH3OD\ER\PLWGHP0DULRQ0LWFKHOOYHUVFKZXQGHQ ZDU(UWRUNHOWH4XHULQVHLQHP+DOVVWHFNWHHLQ0HVVHU (LJHQWOLFKKlWWHGHU0DQQOlQJVWWRWVHLQPVVHQ ,FKZDUVRHLQLJHVJHZRKQWDEHUGLHVHU$QEOLFNJLQJPLUYHU GDPPWXQWHUGLH+DXW +HIWLJELLFKGLH=lKQH]XVDPPHQXQGVWDUUWHDXIGHQ0DQQ GHUZLHYRQHLQHPXQVLFKWEDUHQ%DQGJHKDOWHQDXIGHUREHUVWHQ 6WXIHVWHKHQJHEOLHEHQZDUXQGMHW]WVFKZDQNWH 'HQ6FKUHLYRUKLQKDWWHHLQH)UDXDXVJHVWRHQGDVZDUGHXW OLFK]XK|UHQJHZHVHQ $EHUMHW]WVFKULHQDQGHUH ,FKK|UWHGLHHQWVHW]WHQ5XIHKLQWHUPLU'LH0HQVFKHQXQWHQLQ GHU+DOOHKDWWHGDV(QWVHW]HQJHSDFNW ,FKYHUQDKPHLQHQGXPSIHQ$XIVFKODJ:DKUVFKHLQOLFKZDU MHPDQGGHU*lVWHLQ2KQPDFKWJHIDOOHQ ,FKMDJWHGLHUHVWOLFKHQ6WXIHQKRFK 'UHLODQJH6SUQJHEUDFKWHQPLFKDQPHLQ=LHOXQGLFKVWW]WH GHQ0DQQDEGHUPLUVRHEHQHQWJHJHQIDOOHQZROOWH ,PVHOEHQ$XJHQEOLFNEUDFKHQGHVVHQ$XJHQ'HUZHLEORQGH 3OD\ER\ZDUWRW ,FK]RJLKQLQGDVQlFKVWH=LPPHU (VZDUHLQDOV6DORQHLQJHULFKWHWHU5DXP'RUWOHJWHLFKLKQ

QHEHQGHP6RID]X%RGHQXQGEUHLWHWHHLQH'HFNHEHULKQDXV )U6HNXQGHQVFKORLFKGLH$XJHQXQGGDFKWHGDUEHUQDFK GDLFKZLHGHUPLWWHQLQHLQHP)DOOVWHFNWH1DGLQH%HUJHUKDWWH PLUZLUNOLFKQLFKWXPVRQVW%HVFKHLGJHJHEHQ 1XUZHUZDUGHU0|UGHU"2GHUKDWWHLFKHVKLHUYLHOOHLFKWPLW HLQHU0|UGHULQ]XWXQ" ,FKYHUOLHGHQ5DXPXQGOLHIEHUGHQ)OXU8QWHQLQGHU+DOOH VSUDFKHQDOOHGXUFKHLQDQGHUMHPDQGULHIQDFKGHU3ROL]HLLFK NPPHUWHPLFKQLFKWGDUXP )UPLFKZDU0DULRQ0LWFKHOOZLFKWLJHU ,FKIDQGVLHLQHLQHPGHU=LPPHU9|OOLJDSDWKLVFKKRFNWHVLH DXIGHP%HWWXQGPHUNWHQLFKWZLHLFKGLH7UDXIVWLHXQG QHEHQLKUVWHKHQEOLHE (UVWDOVLFKVLHEHUKUWH]XFNWHVLH]XVDPPHQ,KU.RSIIORJ KRFKVLHVDKPLFKLKU*HVLFKWYHU]HUUWHVLFKXQGZXUGH]XHLQHU *ULPDVVHGHV*UDXHQV ª1HLQ©VFKULHVLHª1LFKWLFKZLOOQLFKW© ,FKIDWHVLHKDUWDQª5HLHQ6LHVLFK]XVDPPHQ0LVV 0LWFKHOO© 'DZXUGHVLH]XU)XULH%HYRULFKHVYHUKLQGHUQNRQQWHVSUDQJ VLHDXIXQGZROOWHPLUPLWDOOHQ]HKQ)LQJHUQGXUFKV*HVLFKW IDKUHQ,KUH$XJHQOHXFKWHWHQZLOGVLHWREWHXQGVFKULH,FKKDWWH 0KHLKUH]XSDFNHQGHQ+lQGHDE]XZHKUHQXQGPXWH]XP $OOKHLOPLWWHOLQVROFKHQ6LWXDWLRQHQJUHLIHQ ,FKYHUSDWHLKUHLQHQ6FKODJLQV*HVLFKW (VNODWVFKWHODXWXQGVRIRUWZXUGHGLH)UDXUXKLJHU6LHVDFNWH ZLHGHU]XVDPPHQXQGVFKOXFK]WHª,FKZDUHVGRFKQLFKW© MDPPHUWHVLHZREHL7UlQHQEHULKUH:DQJHQOLHIHQª,FKKDEH LKQQLFKWJHW|WHW,FKZDUHVQLFKW© ,FKOLHVLHLQ5XKHVDKHLQHQ$VFKHQEHFKHUXQG]QGHWH PLUHLQH=LJDUHWWHDQ'LH)UDXPXWHVLFKHUVWEHUXKLJHQ VRQVWHUKLHOWLFKNHLQHNODUH$XVVDJH6LHVWDQGXQWHUHLQHP UHJHOUHFKWHQ6FKRFN ,FKKDWWHPLFKDXIGLH/HKQHGHV6RIDVJHVHW]WXQGVWDQGMHW]W DXIDOVLFKYRP*DQJKHU6FKULWWHK|UWH %HYRULFKDQGHU7UZDUVWDQG'RQ0LWFKHOOVFKRQDXIGHU 6FKZHOOH(UVFKDXWHPLFKDQXQGHUVDKYHUGDPPWEODDXV0LU JLQJHVVLFKHUOLFKQLFKWDQGHUV

ª:RLVWHU"©IUDJWHHUPLWNDXP]XYHUVWHKHQGHU6WLPPH ª,FKKDEHLKQLQHLQDQGHUHV=LPPHUJHOHJW© (UQLFNWH'DQQEOLFNWHHUDXIVHLQH6FKZHVWHUª+DWVLHLKQ HUPRUGHW"© ª.HLQH$KQXQJ© ª6RQVWZDUGRFKQLHPDQGREHQ© ª'DVVWLPPW© ª'DQQGDQQNRPPWQXUVLHDOV7lWHULQLQ)UDJH©(UODFKWH VFKULOOª,FKUHGHZLHHLQ3ROL]LVWQLFKWZDKU",VWGDVDXFK,KUH 0HLQXQJ6LQFODLU"© ª1LFKWXQEHGLQJW© ª6LHKDEHQHLQHDQGHUH(UNOlUXQJ"© ª1HLQGRFKLFKZUGHYRUVFKODJHQGDZLU]XHUVWHLQPDO,KUH 6FKZHVWHUUHGHQODVVHQZHQQVLHZLHGHU]XVLFKJHNRPPHQLVW© ª-DQDWUOLFK© ,FKGUFNWHGLH=LJDUHWWHDXV$POLHEVWHQZlUHHVPLUJHZHVHQ ZHQQLFKPLFKPLW0DULRQKlWWHDOOHLQXQWHUKDOWHQN|QQHQDEHU LFKNRQQWH'RQLQVHLQHPHLJHQHQ+DXVMDVFKOHFKWZHJVFKLFNHQ 0DULRQKREGHQ.RSI6LHVDKLKUHQ%UXGHUGHUDXIVLH]XHLOWH XQGVLHXPDUPWH ª'RQ©IOVWHUWHVLHª%LWWH'RQLFKZDUHVQLFKW'XPXWPLU JODXEHQ© ª,FKJODXEHGLUMD© ª2PHLQ*RWWLFKZHLQLFKWZDVLFKPDFKHQVROO(VHVZDU VRVFKUHFNOLFK© ª6LQG6LHLQGHU/DJHXQVGHQ9RUJDQJ]XHUNOlUHQ"©HUNXQ GLJWHLFKPLFKYRUVLFKWLJ ª.DXP6LHVHKHQGRFKZLHHVLKUJHKW©'LH$QWZRUWJDE'RQ 0LWFKHOO ª,FKKDWWH,KUH6FKZHVWHUJHIUDJW© ª:DVZROOHQ6LHZLVVHQ"©IUDJWHVLHRKQHPLFKGDEHLDQ]X VHKHQ ª:HQQ6LHVDJHQGD6LHHVQLFKWZDUHQGDQQPXHVHLQHQ DQGHUHQ7lWHUJHEHQ0LVV0LWFKHOO8QGYLHOOHLFKWKDEHQ6LHLKQ VRJDUJHVHKHQ6LHZlUHQDOVRHLQHZLFKWLJH=HXJLQ© ª1DWUOLFKGDVKDEHLFK© -HW]WZXUGHHVLQWHUHVVDQW 6WRFNHQGEHJDQQVLH]XHU]lKOHQª,FKLFKNDPPLWPHLQHP

.OHLGQLFKW]XUHFKWXQG)UHGG\ZROOWHPLUKHOIHQ(UNDPDXFK KRFKXQGLFKQXQMDLFKIUHXWHPLFKDXILKQ:LUZDUHQPDO ]XVDPPHQJHZHVHQ(UQDKPPLFKLQGLH$UPHNWHPLFKXQG VWDQGGDEHLPLWGHP5FNHQ]XU7U,FKNRQQWHDXIGLH7U VFKDXHQ8QGGDGDWDXFKWHGLHVH*HVWDOWDXI© ª:HOFKH*HVWDOW"© ª6LHZDUNOHLQ:LHHLQ.LQG$EHUVLHVLHKDWWHHLQ0HVVHU,FK VDKVLHDXFKLKU*HVLFKWGDVZLHGLH)UDW]HGHV7HXIHOVDXVVDK XQGVFKULH)UHGG\OLHPLFKORV(UGUHKWHVLFKXP'DVFKOHX GHUWHGLHNOHLQH*HVWDOWGDV0HVVHU©0DULRQV6WLPPHYHUVDJWH XQGHQGHWHLQHLQHP6FKOXFK]HQ 'RQ0LWFKHOOVWDUUWHPLFKDQª'DVUHLFKWMDZRKO0U6LQFODLU 2GHUPHLQHQ6LHQLFKW"© ,FKQLFNWHª)DVW0U0LWFKHOO© 'DV0lGFKHQHU]lKOWHZHLWHUª,FKVDKLKQIDOOHQK|UWHZLHGLH *HVWDOWODFKWHXQGGDQQYHUVFKZDQG$QVFKOLHHQGVFKULHLFKQXU QRFKZHLODOOHVVRVFKUHFNOLFKZDU© ª6LHKDEHQGLHVHQ5DXPQLFKWYHUODVVHQ"©IUDJWHLFK ª1HLQ© ª'DQQZLVVHQ6LHDXFKQLFKWZRGLH*HVWDOWKLQJHODXIHQLVW"© 6LHQLFNWH ,FKEOLFNWH'RQ0LWFKHOODQª+DEHQ6LHYLHOOHLFKWHLQH (UNOlUXQJIUGLHVHOWVDPHQ9RUJlQJH"© ª.HLQH© ª8QG6LHEULQJHQGLHVH*HVFKLFKWHQGLHPDQVLFKEHUGDV +DXVHU]lKOWQLFKWLQHLQHQXUVlFKOLFKHQ=XVDPPHQKDQJPLW GHP0RUG"© ª,FKZHLQLFKWVRUHFKW© ª$EHUEHUGLH*HVFKLFKWHQVLQG6LHLQIRUPLHUW"© ª*HZL© ª,KQHQLVWQLFKWVDXIJHIDOOHQ",FKPHLQH6LHEHVLW]HQGDV+DXV MDQLFKWHUVWVHLWJHVWHUQ© ª-DXQGQHLQ©JDEHU]Xª,P+DXVLVWPLUQLFKWVDXIJHIDOOHQ DEHUDXIGHU)DKUWKLHUKHULVWHWZDVSDVVLHUWIUGDVLFKNHLQH (UNOlUXQJILQGH(VZDUVFKRQQDFKGHP'RUIDOVLFKGUHL *HVWDOWHQPLWGHQ7HXIHOVJHVLFKWHUQDXIGHU6WUDHVDK6LHVDKHQ VRDXVZLHPHLQH6FKZHVWHUVLHEHVFKULHEHQKDW© ª8QGVLHKDEHQZLUNOLFKQLFKWVJHVDJW"©KDNWHLFKQDFK

ª'RFK6LHZDUQWHQPLFK6LHVDJWHQGDPHLQH9HUOREWHXQG LFKGDV+DXVYHUODVVHQVROOWHQDEHULFKKDEHPLFKQLFKWGDUXP JHNPPHUW'DV+DXVZUGHDXHUGHPLKQHQJHK|UHQ:DV VROOWHLFKGHQQPDFKHQ"9HUVFKZLQGHQ",FKNRQQWHGLH3DUW\GRFK QLFKWDEVDJHQ©6HLQH6WLPPHNODQJDXIHLQPDOVFKULOO ª6LFKHU©JDELFK]Xª$EHUMHW]WPVVHQZLUUHDJLHUHQ© ª:ROOHQ6LHGLH3ROL]HLKROHQ"© ,FKOlFKHOWHVFKLHIª'LHLVWMDVFKRQKLHU,FKP|FKWHDXFKQLFKW GLH'RUISROL]LVWHQLQGHQ)DOOKLQHLQ]LHKHQGRFKLFKZHUGHGDIU VRUJHQGDGLH*lVWHDEUHLVHQ© 'RQ0LWFKHOOQLFNWHª'DVLVWDXFKLQPHLQHP6LQQH© ª.RPPHQ6LHZLUJHKHQQDFKXQWHQ© ª8QGZDVJHVFKLHKWPLWLKU"©(UGHXWHWHDXIVHLQH6FKZHVWHU 0DULRQVWDQGDXIª,FKJHKHPLW©VDJWHVLHª,QGLHVHP=LPPHU EOHLEHLFKDXINHLQHQ)DOO© 'DIUKDWWHLFKYROOVWHV9HUVWlQGQLV*HPHLQVDPYHUOLHHQZLU GHQ5DXP0DULRQZXUGHYRQLKUHP%UXGHUJHVWW]WDOVZLUEHU GHQ*DQJXQGDXIGLH7UHSSH]XVFKULWWHQ 'LH*lVWHVDKHQXQV6LHVWDQGHQLQGHU+DOOHZLHGLHgOJ|W]HQ :HQQJHVSURFKHQZXUGHGDQQQXUIOVWHUQG$OOHQVWDQGGLH $QJVWLQGHQ*HVLFKWHUQJHVFKULHEHQ$XVIODFNHUQGHQ$XJHQ EOLFNWHQVLHXQVHQWJHJHQDOVZLUGLH6WXIHQKLQDEVFKULWWHQ $XFK1DGLQH%HUJHUVDKLFK6LHVWDQG]LHPOLFKQDKGHU7UHSSH XQGVLHVDKDXVDOVZROOWHVLHHWZDVIUDJHQVLFKDEHUQLFKWWUDXWH ,FKOLHGLH*HVFKZLVWHUYRUJHKHQXQGEOLHEGLFKWEHLGHU7UHSSH VWHKHQ0DQVWDUUWHPLFKDQ(VVFKLHQVLFKKHUXPJHVSURFKHQ]X KDEHQGDLFKYRQGHU3ROL]HLZDUGDVIKOWHLFKLUJHQGZLH ª/DGLHVDQG*HQWOHPHQ©EHJDQQLFKPLWHLQHUNXU]HQ (UNOlUXQJª8QYRUKHUJHVHKHQH(UHLJQLVVH]ZLQJHQPLFKGD]X GLH)HLHUDXI]XO|VHQ,FKKRIIHLFKKDQGOHLQ,KUHP6LQQH© *HPXUPHOZXUGHODXW$OOHVSUDFKHQGXUFKHLQDQGHU,FKVDK VNHSWLVFKH%OLFNHXQGVWHOOWHPLFKRIIL]LHOOYRU$QGHU5HDNWLRQ PHUNWHLFKGDGLH$QZHVHQGHQ%HVFKHLGJHZXWKDWWHQ ª(VLVWZLUNOLFKEHVVHUZHQQ6LHIDKUHQ©JDELFKQRFKHLQPDO EHNDQQWª$OOHVZHLWHUHEHUODVVHQ6LHELWWHPLU© 'LH*lVWHZDUHQHUOHLFKWHUW6LHJLQJHQDXFKRKQH]XPXUUHQ QDKPHQLKUH0lQWHOXQGYHUVFKZDQGHQ 'UDXHQZDUHVZLQGLJJHZRUGHQ'LH%|HQIXKUHQGXUFKGLH

RIIHQH7ULQGHQ5DXPXQGEOLHVHQHLQLJHEUHQQHQGH.HU]HQDXV (UVWH0RWRUHQEUXPPWHQDXI'LH:DJHQIXKUHQDE.HLQHU YHUDEVFKLHGHWHVLFKQXUKLQXQGZLHGHUZXUGH1DGLQHHLQ EHGDXHUQGHU%OLFN]XJHZRUIHQ ,FKVFKORGLH7UXQGGUHKWHPLFKXP 1LFKWDOOHZDUHQJHJDQJHQ$XHUPLUEHIDQGHQVLFKQRFK 1DGLQH%HUJHUGLH*HVFKZLVWHU0LWFKHOOXQGGHU%UJHUPHLVWHU .LERUDQLP+DXV'HQVSUDFKLFKDQª0|FKWHQ6LHQLFKWDXFK JHKHQ+HUU%UJHUPHLVWHU"© ª1HLQLFKEOHLEH© ª+DEHQ6LHHLQHQ*UXQG"© ª9LHOOHLFKWNDQQLFKGDEHLPLWKHOIHQGDV5lWVHO]XO|VHQ 6FKOLHOLFKNHQQHLFKGLH9RUJHVFKLFKWH© :DVGHU%UJHUPHLVWHUGDVDJWHNODQJSODXVLEHO,FKZDUHLQ YHUVWDQGHQGDHUEOLHE 8QGGLH*HVFKZLVWHUVRZLH1DGLQH%HUJHU" 'LH)LOPVFKDXVSLHOHULQDKQWHPHLQH*HGDQNHQ6LHVFKWWHOWH GHQ.RSIª1HLQ-RKQLFKJHKHQLFKW© ,FKDWPHWHWLHIHLQª1DGLQHHVLVWEHVVHUZHQQGXGLFK]XUFN ]LHKVW*ODXEPLU© 6LHVFKWWHOWHGHQ.RSIª:RVROOWHLFKPLFKGHQQYHUNULHFKHQ"© ª$EHUKLHUEHILQGHVWGXGLFKLQ*HIDKU© ª,QGLHVHP+DXVIKOHLFKPLFKVLFKHUHUDOVLUJHQGZRDOOHLQGDV NDQQVWGXPLUJODXEHQ© ,FKNDQQWH1DGLQH%HUJHU6LHUHDJLHUWHVRlKQOLFKZLH-DQH &ROOLQV:HQQVLHVLFKHLQPDOHWZDVLQGHQ.RSIJHVHW]WKDWWH GDQQZDUVLHQLFKWGXUFK*HOGXQGJXWH:RUWHGDYRQDE]X EULQJHQ 'HVKDOEVWLPPWHLFK]Xª2ND\1DGLQHGXNDQQVWKLHUEOHLEHQ $EHUPDFKPLUELWWHNHLQH9RUZUIH© ª1HLQQHLQ© ª'DVJOHLFKHJLOWQDWUOLFKDXFKIUPLFK©VDJWH'RQ0LWFKHOO ª,FKODVVHPHLQH9HUOREWHQLFKWLP6WLFK© $XFKGDKDWWHLFKNHLQ*HJHQDUJXPHQW,FKZXWHDXFKZDV ZHLWHUNDP0DULRQJDEHVPLUGHXWOLFKJHQXJ]XYHUVWHKHQ ª$XFKPLFKZLUGPDQKLHUQLFKWDXVGHP+DXVEHNRPPHQ© HUNOlUWHVLHPLWIHVWHU6WLPPHª,FKEOHLEH© 0LWGLHVHU$QWZRUWKDWWHLFKJHUHFKQHW

ª'LH)UDJHLVWZLHZLUXQVYHUKDOWHQ©PHLQWH%UJHUPHLVWHU .LERUDQ ,FKVFKDXWHPLFKXP,QGHU+DOOHVDKHV]ZDUQLFKWDXVZLHDXI HLQHP6FKODFKWIHOGDEHUHVIHKOWHQLFKWPHKUYLHO(LQLJH*lVWH KDWWHQLQLKUHU$QJVWGLHYROOHQ7DEOHWWVXPJHVWRHQ'LH*OlVHU ZDUHQ]HUEURFKHQGLH*HWUlQNHDXVJHODXIHQ ª$PEHVWHQLVWZHQQZLU]XVDPPHQEOHLEHQ©VFKOXJLFKYRU ª8QG]ZDUKLHULQGHU+DOOHGDVLQGZLUDXFKVFKQHOODQGHU7U© ª'DQQVROOHQZLUZDUWHQELVHWZDVJHVFKLHKW"©KDNWHGHU %UJHUPHLVWHUQDFK ª(UVWHLQPDOMD,FKZHLQLFKWZRLFKGLH*HJQHUVXFKHQVROO© JDELFK]X ª9LHOOHLFKWZHLLFKHV-RKQ© 1DGLQH%HUJHUKDWWHGLH:RUWHJHVSURFKHQhEHUUDVFKWEOLFNWH LFKVLHDQ 6LHOlFKHOWHYHUOHJHQª,FKZROOWHGLUGRFKHWZDVHU]lKOHQELQ DEHUQLFKWGD]XJHNRPPHQZHLOGLHVHUVFKUHFNOLFKH0RUG SDVVLHUWLVW*HVWHUQZDULFKDOOHLQLP+DXV'RQZROOWHQRFK:HLQ KROHQXQGGDKDWWHLFKHLQXQKHLPOLFKHV(UOHEQLV© 1DGLQHEHULFKWHWHZDVYRUJHIDOOHQZDU,FKK|UWHVHKUDXI PHUNVDP]XXQGPLFKLQWHUHVVLHUWHEHVRQGHUVGLH8KUYRQGHU VLHJHVSURFKHQKDWWH 6LHVFKLHQ1DGLQHV(U]lKOXQJHQQDFK]XXUWHLOHQHLQZLFKWLJHV ,QGL]]XU/|VXQJGHV)DOOHV]XVHLQ ª:RVWHKWGLH8KU"© 1DGLQHGUHKWHVLFKKDOEXQGGHXWHWHDXIHLQHYHUVFKORVVHQH7U ª'DKLQWHU© %HYRULFKJLQJVDJWHGHU%UJHUPHLVWHUª'LHVH8KUKDW EULJHQVLQGHU:RKQXQJGHV.LQGHUP|UGHUVJHVWDQGHQ© 'DV]ZHLWOHW]WH:RUWEUDFKWHPLFKDXIHLQH,GHHª6DJHQ6LH 0U.LERUDQ,KU*URYDWHUZDUGRFK]XJHJHQDOVGHU.LQGHU P|UGHUJHIDWZXUGH© ª(UKDWLKQVRJDUHUVFKRVVHQ© ª2ND\DXFKGDV:LHKDEHQGLH.LQGHUHLJHQWOLFKDXVJHVHKHQ DOVVLHJHIXQGHQZXUGHQ":LVVHQ6LHGDVYLHOOHLFKW"© ª0HLQ9DWHUKDWHVPLUHU]lKOW6LHZDUHQY|OOLJQRUPDOELV DXIGHQ.RSI*HVLFKWHUKDWWHQVLHQLFKWPHKUVRQGHUQQXUQRFK 7HXIHOVIUDW]HQ©

$OVHUGDVVDJWHVFKULH0DULRQ0LWFKHOODXIXQGVWDUUWHLKQDXV VFKRFNJHZHLWHWHQ$XJHQDQ ª:DVKDWVLH"©IUDJWH.LERUDQ ª6ROFKHLQ.LQGKDWGHQ%ORQGHQJHW|WHW©DQWZRUWHWHLFK ª2*RWW©'HU%UJHUPHLVWHUZXUGHEOHLFKª'DQQGDQQJLEW HVVLHWDWVlFKOLFK'DQQVWLPPHQGLHDOWHQ*HVFKLFKWHQGLH EHVDJHQGDHVKLHUVSXNHQVROO© ª(VVLHKWVRDXV© ª8QGZLHZROOHQ6LH7RWHXPEULQJHQ"©IUDJWH'RQ0LWFKHOO ª(UVWHLQPDOPXLFKVLHKDEHQ©HUZLGHUWHLFKª,FKZHL VFKOLHOLFKQLFKWZRVLHVLFKDXIKDOWHQ© ª+LHULP+DXV©EHKDXSWHWH1DGLQH ª'DVVDJVWGXVR+DVWGX%HZHLVH"© ª'LH8KU© ,FKQLFNWHXQGOLHPLFKMHW]WQLFKWPHKUDXIKDOWHQVRQGHUQ JLQJDXIGLH7U]XKLQWHUGHUVLFKGLHJHKHLPQLVYROOH8KU EHIDQG'LHZROOWHLFKPLUDQVHKHQ ,QGHP5DXPURFKHVPXIILJ,FKPDFKWH/LFKWXQGVDKGLH8KU VRIRUW6LHVWDFKGLUHNWLQV$XJHPDQNRQQWHZLUNOLFKQLFKWDQLKU YRUEHLVFKDXHQ (LQHQ6FKULWWGDYRUEOLHELFKVWHKHQ'LH8KUVDKY|OOLJQRUPDO DXV(LQDOWHVHQJOLVFKHV6WDQGPRGHOOYLHOOHLFKW]ZHLKXQGHUW -DKUHDOWLFKELQGDNHLQ)DFKPDQQ0LUILHOZHLWHUKLQDXIGD GLHVHV6WFNQRFKVHKUJXWHUKDOWHQZDU(VZDUQLFKWUHVWDXULHUW ZRUGHQLFKVDKHVLQVHLQHP8U]XVWDQGYRUPLU 'DV7LFNHQZDUQLFKWEHUPlLJODXWXQGPLWHLQHP%OLFNDXI GDV=LIIHUEODWWVWHOOWHLFKIHVWGDGLH8KUGLHULFKWLJH=HLWDQ ]HLJWH$XIGLH0LQXWHJHQDX 1LHPDQGZDUPLULQGDV=LPPHUJHIROJW(LQHJHZLVVH6FKHX KLHOWGLH0HQVFKHQGDYRUDE6LHZDUHQLQGHURIIHQHQ7U VWHKHQJHEOLHEHQ $OOH]XFNWHQZLU]XVDPPHQDOVGLH8KUVFKOXJ $FKWPDO 9LHU6WXQGHQYRU0LWWHUQDFKW,UJHQGZLHNDPPLUGLHVHU%HJULII LQGHQ6LQQ ,FKZROOWHHWZDVDXVSURELHUHQXQGKROWHPHLQ.UHX]KHUYRU'LH DQGHUHQEHREDFKWHWHQVWDXQHQGZLHLFKGDV.UX]LIL[GHP =LIIHUEODWWQlKHUWHXQGSO|W]OLFKHWZDV6HOWVDPHVJHVFKDK

:LHYHUUFNWEHJDQQHQVLFKGLH=HLJHU]XGUHKHQ'DVDOWH+RO] lFK]WHXQGVW|KQWHDOVZlUH/HEHQLQLKP'LH8KUVFKOXJXQ XQWHUEURFKHQGLH*HZLFKWHVFKOHXGHUWHQKLQXQGKHUGLH 3HUSHQGLNHOVFKOXJHQHEHQIDOOVDXVXQGLFKWUDWVLFKHUKHLWVKDOEHU HLQHQ6FKULWW]XUFNXPQLFKWJHWURIIHQ]XZHUGHQ 6REDOGHLQHJHZLVVH(QWIHUQXQJ]ZLVFKHQGHU8KUXQGGHP .UHX]EHVWDQGOLHIHQGLH=HLJHUZLHGHUQRUPDO6LHSHQGHOWHQ VLFKVRJDUDXIGLHKHUUVFKHQGH=HLWHLQ (LQ3KlQRPHQZLUNOLFK ,FKGUHKWHPLFKXP $XVEODVVHQ*HVLFKWHUQVWDUUWHQPLFKGLH=XUFNJHEOLHEHQHQ DQ,QGHQ$XJHQODVLFKGLHXQDXVJHVSURFKHQH)UDJH ª7XWPLUOHLGDEHULFKZHLVHOEVWQLFKWDXVZHOFKHP*UXQGGLH 8KUVRUHDJLHUWH© ª'LHLVWGHP%|VHQJHZHLKW©VDJWH1DGLQH ª'DVEHIUFKWHLFKDXFK© ª0DQVROOWHVLHEHUGLH.OLSSHQZHUIHQ©VFKOXJGHU%UJHU PHLVWHUYRU 'LHVH,GHHZDUJDUQLFKWVRVFKOHFKW,FKQDKPPLUYRUPLFK QlKHUGDPLW]XEHIDVVHQ'RFK]XQlFKVWZROOWHLFKQRFKHLQLJH :DIIHQDXVGHP.RIIHUKROHQ ,FKYHUOLHGDV=LPPHUXQGVFKORGLH7UZREHLLFKHUNOlUWH ZDVLFKYRUKDWWH ª$EHUNRPPHQ6LHVFKQHOOZLHGHU©VDJWH0LWFKHOO ª1DWUOLFK© ,FKJLQJQDFKGUDXHQ(VZDULQ]ZLVFKHQGXQNHOJHZRUGHQ ,FKNRQQWHEHUGHQHWZDIQI]LJ
(VJHVFKDKEHZXWGHQQLFKZXUGHGDV*HIKOQLFKWORVGD PDQPLFKKHLPOLFKEHREDFKWHWH ,FKNRQQWHQLFKWV9HUGlFKWLJHVHQWGHFNHQDEHUGDV*HIKOGHU GURKHQGHQ*HIDKUEOLHE %HVRQGHUVLQWHUHVVLHUWHPLFKGHU%DXPGHUDPQlFKVWHQ]XU .OLSSHVWDQG(UKDWWHHLQHQJHZDOWLJHQ6WDPPXQGGDVGLFNH $VWZHUNZDULQGHUDXVODGHQGHQ.URQHLQHLQDQGHUJHIORFKWHQ 1RFKWUXJGHU%DXPNHLQH%OlWWHULFKNRQQWHGXUFKGDV$VWZHUN VFKDXHQXQGVDK$XVVFKQLWWHGHVJUDXHQGVWHUHQ+LPPHOV 'DQQVDKLFKGLH%HZHJXQJ(VZDUHLQKXVFKHQGHU6FKDWWHQ GLUHNWDP6WDPPXQGVRJXWZLHNDXP]XHUNHQQHQ $EHUHUZDUGDGDUDQJDEHVNHLQHQ=ZHLIHO ,FKGUFNWHGLH.RIIHUUDXPKDXEHZLHGHU]XXQGVWDUWHWH'HU %HZHJXQJZROOWHLFKDXIGHQ*UXQGJHKHQ 1DFKHWZD]HKQ6FKULWWHQEOLHELFKDEUXSWVWHKHQ-HW]WZDUHV NHLQ6FKDWWHQPHKUVRQGHUQHLQHNOHLQH*HVWDOW1LFKWJU|HUDOV GLHHLQHV.LQGHVXQGVLHVWDQGQHEHQGHP6WDPP8QG]ZDUVR GLFKWGDVLHIDVWGDPLWYHUVFKPRO] 'RFKHWZDVZDUDQGHUV:HQQDXFKYRQGHP.|USHUQLFKWYLHO ]XHUNHQQHQZDUVRVDKLFKGRFKGDVJOLW]HUQGH(WZDVGDVGLFKW EHUGHP+DOVVFKZHEWH(VZDUGHU.RSI 1HLQNHLQ.RSIVRQGHUQHLQH7HXIHOVIUDW]H ,FKUDQQWH8QGGDVZXUGHDXFKYRQGHPNOHLQHQDEHUJHIlKU OLFKHQ:HVHQHUNDQQWGHQQHVPDFKWHDXIGHP$EVDW]NHKUWXQG ZLVFKWHGDYRQ6RIRUWEHIDQGVLFKGHUGLFNH(LFKHQVWDPP ]ZLVFKHQLKPXQGPLU,FKNRQQWHHVQLFKWPHKUVHKHQ +HIWLJDWPHQGEOLHELFKVWHKHQhEHUPLUEHIDQGHQVLFKGLH NQRUULJHQbVWHXQG=ZHLJH 8QGGRUWODXHUWHDXFKGLH*HIDKU'DV:HVHQKDWWHQXUDOV /RFNYRJHOJHGLHQW ,FKPHUNWH]XVSlWLQZHOFKHLQHUDIILQLHUWH)DOOHLFKYROOKLQ HLQJHVWROSHUWZDUXQGZXUGHY|OOLJEHUUDVFKWDOVGHUZXFKWLJH .|USHUYRQREHQKHUDXIPLFKNQDOOWHXQGPLFKPLWVHLQHP *HZLFKW]X%RGHQUL (VEOLHEPLUNHLQH=HLWPHKUGLH$UPHQRFKDXV]XVWUHFNHQ0LW GHP.RSI]XHUVWEHUKUWHLFKGLH(UGHVDKHLQHQ%OLW]XQGKDWWH HUVWHLQPDO6HQGHSDXVH

'LH*HVFKZLVWHU0LWFKHOO1DGLQH%HUJHUXQGDXFKGHU %UJHUPHLVWHUVDKHQZLHVLFKGLH7UKLQWHUPLUVFKOR6LH EOLHEHQDOOHLQ]XUFN$OOHLQPLWLKUHQ*HGDQNHQXQG*HIKOHQ -HGHUVSUWHMHW]WGLH$QJVW $EHU1DGLQHPHUNWHQRFKHWZDVDQGHUHV6LHKDWWHJHQDXPLW EHNRPPHQZLHZHQLJVLFKLKU9HUOREWHUXPVLHJHNPPHUWKDWWH (UVRUJWHVLFKPHKUXPVHLQH6FKZHVWHU1DGLQHIKOWHVLFKYHU QDFKOlVVLJW8QGLKUZDUHQDXFKQLFKWGLH%OLFNHHQWJDQJHQGLH LKU0DULRQ0LWFKHOO]XJHZRUIHQKDWWH +lPLVFKWULXPSKLHUHQGDEVFKlW]HQG 1DGLQHGDFKWHGDUEHUQDFK9LHOOHLFKWKDWWHVLHZLUNOLFKQLFKW GLHULFKWLJH(QWVFKHLGXQJJHWURIIHQ'LHVHU'RQ0LWFKHOOZDU ]ZDUHLQJXWDXVVHKHQGHU0DQQGRFKZHULKQQlKHUNDQQWHGHU PXWHIHVWVWHOOHQGDPlQQOLFKHV$XVVHKHQQRFKODQJHNHLQHQ 0DQQDXVPDFKWH%HL'RQZDU]XYLHO)DVVDGH8QGGDVNDQQWH VLH]XU*HQJHYRQPDQFKHP6FKDXVSLHOHUNROOHJHQ =XGHPOLHIHQLKUH,QWHUHVVHQJHJHQVlW]OLFKHLQHHFKWH3DUWQHU VFKDIWZUGHHV]ZLVFKHQLKQHQEHLGHQZRKOQLHJHEHQ'DVVWDQG IU1DGLQHIHVW $XFKMHW]WKDWWHHUVHLQHQ$UPIUVRUJOLFKXPGLH6FKXOWHUQGHU 6FKZHVWHUJHOHJW6LFKHU0DULRQKDWWHHLQLJHVKLQWHUVLFKDEHUVLH PXWHHVLQ]ZLVFKHQYHUNUDIWHWKDEHQ (LQGLFNHU.ORZROOWHYRP0DJHQKHUKRFKVWHLJHQGRFK 1DGLQHVFKOXFNWHWDSIHU 0LWFKHOO]QGHWHVLFKHLQH=LJDUHWWHDQª$OVRLFKJODXEHQLFKW GDHUHVVFKDIIW©VDJWHHU ª8QGZDUXPQLFKW"©IUDJWH1DGLQHSDW]LJ 'RQOLHGHQ5DXFKGXUFKGLH1DVHDXVVWU|PHQª+DWHUYLHO OHLFKWGHQ0RUGYHUKLQGHUW"1HLQ2GHUKDWHUGLH*HJQHU JHVWHOOW"'XVLHKVWPHLQHOLHEH1DGLQHVRWROOLVWGHLQ6XSHUPDQQ 6LQFODLUDXFKQLFKW© )HVWEOLFNWH1DGLQH%HUJHULKUHQ9HUOREWHQDQª(UVWHQVELQLFK QLFKWPHKUGHLQHOLHEH1DGLQHXQG]ZHLWHQVLVW-RKQ6LQFODLUNHLQ 6XSHUPDQQ'ULWWHQVVLQGZLUQRFKQLFKWYHUOREW'LH9HUOREXQJ KlWWHMDHUVWQRFKVWDWWILQGHQVROOHQ© 0LWFKHOOV$XJHQEUDXHQ]RJHQVLFK]XVDPPHQª:DVVROOGDV GHQQKHLHQ"© ª'DLFKHVPLUQRFKEHUOHJHQZHUGH©

6HNXQGHQZDUGHU0DQQVSUDFKORV'DQQODFKWHHUODXWDXIª,VW GDVHLQHGHLQHU)LOPVWDUODXQHQ"© ª1HLQ'RQGDVLVWPHLQ(UQVW© 0DULRQODFKWHHEHQIDOOVª,FKKDEHGLUJOHLFKJHVDJWGDVLH QLFKWYLHOWDXJWDEHUGXZROOWHVWMDQLFKWDXIPLFKK|UHQ*HZDUQW KDEHLFKGLFKGHV|IWHUHQ© ª6HLUXKLJMHW]W© ª.LQGHUQXQVWUHLWHWHXFKGRFKQLFKW©PLVFKWHVLFK.LERUDQ GHU%UJHUPHLVWHUHLQªDOVZHQQZLUQLFKW6RUJHQJHQXJKlWWHQ 6LHZHUGHQHVVLFKEHVWLPPWQRFKEHUOHJHQ0LVV%HUJHU© ª1HLQ© ª.RPPW=HLWNRPPW5DW©VDJWH0LWFKHOOª,FKIUDJHPLFKQXU ZR6LQFODLUEOHLEW(ULVWMDODQJHJHQXJZHJ6FKOLHOLFKZROOWHHU QXUVHLQH6DFKHQDXVGHP.RIIHUUDXPKROHQ© ª9LHOOHLFKWKDWHU$QJVWEHNRPPHQ©YHUPXWHWH0DULRQ ª'XNDQQVWMDPDOQDFKVHKHQ©IRUGHUWH1DGLQHGLH)UDXDXI ª,FK":LHNlPHLFKGD]X"(ULVWVFKOLHOLFKGHLQ%HNDQQWHUGX KlOWVWGRFKVRYLHOYRQLKP© ª-DGDVKDOWHLFKDXFK©HUZLGHUWH1DGLQH2KQHVLFKXPGLH DQGHUHQ]XNPPHUQOLHIVLH]XU7UXQG]RJVLHDXI 'LH6FKDXVSLHOHULQEOLFNWHQDFKGUDXHQ6LHVDKGLHOHHUHQ 6WXIHQXQGGLHUHVWOLFKHQ:DJHQGLHQRFKYRUGHP+DXVSDUNWHQ 1XUYRQ-RKQ6LQFODLUVDKVLHQLFKWV 1DGLQHVFKOXFNWH3O|W]OLFKVFKOXJLKU+HU]VFKQHOOHU*HIORKHQ ZDU-RKQQLFKWHLQ0DQQZLHHUOLHIQLFKWZHJ'DHUMHGRFKQLFKW ]XVHKHQZDUNDP1DGLQHGHU*HGDQNHGDLKPHWZDVSDVVLHUW VHLQN|QQWH (LQH*lQVHKDXWNURFKEHULKUHQ5FNHQ$POLHEVWHQZlUHVLH QDFKGUDXHQJHODXIHQDEHUGRUWIKOWHVLHVLFKVFKXW]ORV 6LH]RJVLFKZLHGHU]XUFN ª1XQKDVWGXLKQJHVHKHQ"©0DULRQ0LWFKHOOV6WLPPHNODQJ ODXHUQGXQGVS|WWLVFK]XJOHLFK ª1HLQLFKKDEHLKQQLFKWJHVHKHQ© ª'DQQKDWHUZRKOGDV:HLWHJHVXFKW© ª6HLQ:DJHQVWHKWQRFKDXIGHP3DUNSODW]8QG]X)XZLUGHU MDQLFKWJHODXIHQVHLQ© ª:HUZHL© ª-HW]WK|UWDXIPLWGHP6WUHLW©PLVFKWHVLFK'RQ0LWFKHOOHLQ

ª,FKKDEHDXIMHGHQ)DOO+XQJHU© ª*HKHVVHQHVLVWJHQJHQGGD©PHLQWHVHLQH6FKZHVWHU 'DKDWWHVLHQLFKWJHORJHQ,QHLQHP1HEHQUDXPZDUHLQ%IHWW DXIJHEDXWZRUGHQ(LQOlQGOLFKGHIWLJHV 'HU0DQQ]RJGLH7UDXIXQGPDFKWH/LFKW (UZROOWHGHQ5DXPEHWUHWHQXQGKDWWHEHUHLWVHLQHQ)XYRU JHVHW]WDOVHU]XUFNSUDOOWHXQGHLQHQXQWHUGUFNWHQ6FKUHL DXVVWLH ª:DVLVW"©ULHIGHU%UJHUPHLVWHU (UZDUDOVHUVWHUEHL0LWFKHOOGLHDQGHUHQVWDQGHQ6HNXQGHQ VSlWHUQHEHQLKP -HW]WVDKHQVLHHVDOOH 'DV%IHWWZDUTXHU]XU7UDXIJHEDXWZRUGHQXQGQRFKDEJH GHFNW9RUGHQ7LVFKHQMHGRFKVWDQGHWZDVGDVEHUKDXSWQLFKWLQ GLHVHQ5DKPHQSDWH 'UHLZHLH.LQGHUVlUJH ª2QHLQ©VW|KQWH0DULRQ0LWFKHOOª'DVLVW:DKQVLQQGDVGDUI QLFKWVHLQ+DOWHPLFKELWWH'RQ© 6LHNLSSWHQDFKKLQWHQXQGLKU%UXGHUPXWHVLHWDWVlFKOLFK DXIIDQJHQ 1HEHQ1DGLQHVWDQGGHU%UJHUPHLVWHU(UKDWWHGLH+lQGH JHEDOOWXQGIOVWHUWHª'UHLZHLH6lUJH:LHGDPDOV$OOHVLVW ZLHGDPDOV© ª:DVLVWZLHGDPDOV"© ª,FKZHLHVYRQPHLQHP*URYDWHU'LHHUPRUGHWHQ.LQGHU VLQGLQGUHLZHLHQ6lUJHQEHVWDWWHWZRUGHQXQGMHW]WVWHKHQKLHU DXFKZHOFKH9LHOOHLFKWVLQGHVVRJDUGLHVHOEHQ© ª'LHPWHQGRFKOlQJVWYHUPRGHUWVHLQ© ª1RUPDOHUZHLVHMD$EHUZLVVHQ6LHZHOFKH.UlIWHKLHUPLW VSLHOHQ0LVV%HUJHU"© ª1HLQ© ª6HKHQ6LH© 'LH0LWFKHOOVVSUDFKHQQLFKW1XU'RQUlXVSHUWHVLFK%H PHUNXQJHQZDUHQLKPHEHQVRYHUJDQJHQZLHVHLQHU6FKZHVWHU $OOHZXWHQGDGLH*HIDKUQRFKOlQJVWQLFKWYRUEHLZDUGDVLH YLHOOHLFKWMHW]WHUVWULFKWLJDQIDQJHQZUGH

ª,FKUKUHGLH7RWHQNLVWHQQLFKWDQ©NUHLVFKWH0DULRQ ª'DVKDWDXFKQLHPDQGYRQGLUYHUODQJW©JDE'RQ]XUFN 0DULRQZDUQLFKW]XEUHPVHQª8QGEHUKDXSW©VDJWHVLH ª:DVVROOLFKKLHUQRFK"6RJDUGLHVHU6LQFODLULVWYHUVFKZXQGHQ ,FKKDXHDXFKDE0LFKKlOWKLHUQLFKWVPHKU,FKELQGRFKQLFKW YHUUFNWQRFKOlQJHULQGLHVHP+DXV]XEOHLEHQ(LQ7RWHUUHLFKW PLU,FKP|FKWHQLFKWDOVQlFKVWHGDOLHJHQ© 'DKDWWHVLHLP3ULQ]LSUHFKW$XFKGLHDQGHUHQGDFKWHQlKQ OLFKVLHVSUDFKHQHVQXUQLFKWDXV 0DULRQ0LWFKHOOGUHKWHVLFKDXIGHU6WHOOHVFKDXWHZLHGHULQGLH 'LHOHXQGVFKULH]XP]ZHLWHQPDO /DXWORVKDWWHVLFKKLQWHUGHP5FNHQGHUDQGHUHQHWZDVYHU lQGHUW6LHVDKHQHVDOVVLHLQGLH+DOOHEOLFNWHQ $QGHQVWUDWHJLVFKZLFKWLJHQ6WHOOHQVWDQGHQGLHGUHL.LQGHU PLWLKUHQ7HXIHOVIUDW]HQ 8QGDOOHGUHLKLHOWHQ0HVVHULQLKUHQ+lQGHQ /DQJHZDULFKQLFKWEHZXWORV,FK|IIQHWHGLH$XJHQXQG PHUNWHGDLFKJHVFKOHSSWZXUGH-HPDQGKDWWHPLFKXQWHUGHQ $FKVHOK|KOHQJHSDFNWXQGVFKOHLIWHPLFKEHUGHQ%RGHQHLQHP XQEHNDQQWHQ=LHOHQWJHJHQ0HLQH+DFNHQZKOWHQVLFKLQ GLH(UGHXQGKLQWHUOLHHQWLHIH5LQQHQGLHGHQJHQDXHQ:HJ PDUNLHUWHQ ,FKPHUNWHMHGH8QHEHQKHLWXQGVSUWHDXFKZLHXQUHJHOPlLJ GLH3HUVRQJLQJGLHPLFKVFKOHSSWH :RKLQ" 'DJDEHVDQVLFKQXUHLQH0|JOLFKNHLW$XIGLH.OLSSH]X +LQXQWHUVWU]HQXQGIHUWLJ ,FKVFKOXFNWHDOVPLUGLHVHU*HGDQNHNDPDEHUQRFKZDUHV QLFKWVRZHLW=XGHPZROOWHLFKJHUQVHKHQZHUPLFKGD DEVFKOHSSWH ,FKVFKLHOWHKRFK9LHOVHKHQNRQQWHLFKQLFKW(LQYHUVFKZRP PHQHUVFKHLQHQGHV*HVLFKWDXVGHPNQXUUHQGH/DXWHGUDQJHQ GLHDEHUPLWHLQHP6SUHFKHQRGHU$WPHQQLFKW]XYHUJOHLFKHQ ZDUHQ 2ND\PDFKWHQZLUGHP6SLHOHLQ(QGH,FKKDWWHQlPOLFKNHLQH /XVWPLWPLUZHLWHUKLQ0HKOVDFNVSLHOHQ]XODVVHQ

8USO|W]OLFKVWHPPWHLFKPHLQH)HKDUWLQGHQ%RGHQIDQGDQ HLQHPDXVGHU(UGHZDFKVHQGHQ6WHLQQRFK:LGHUVWDQGXQGZDUI PLFKQDFKYRUQ'DVJHVFKDKVRSO|W]OLFKGDGLH3UDQNHQDXV PHLQHQ$FKVHOK|KOHQUXWVFKWHQ ,FKVWDQG 8QGNDVVLHUWHHLQHQ7UHIIHU ,FKVDKQRFKGLH+DQGYRUPHLQHP*HVLFKWXQGKDWWHGDQDFK GDV*HIKOVlPWOLFKH=lKQHZUGHQPLULP0XQGGXUFKHLQ DQGHUSXU]HOQ0LWGHQ$UPHQUXGHUWHLFKZDUMHGRFKQLFKWLQGHU /DJHPHLQHQ6WXU]]XEUHPVHQ:LHGHUJLQJLFK]X%RGHQ 'LHVPDOMHGRFKILHOLFKDXIGHQ5FNHQ8QGZXUGHQLFKW EHZXWORVZDVHLQJURHU9RUWHLOZDU ,FKODJDXIGHP5FNHQNl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|UGHU -DGDVPXWHHUVHLQ5LFN+ROORZD\KDWWHHUJHKHLHQ'HU %UJHUPHLVWHUKDWWHHVPLUMDGHXWOLFK]XYHUVWHKHQJHJHEHQ6HLQ *URYDWHUKDWWHLKQHUVFKRVVHQQXQVWDQGHUYRUPLU 9RQGHQ7RWHQ]XUFNJHNHKUW ,FKKDWWHRIWJHQXJPLW=RPELHV]XWXQJHKDEW=ZDUIUFKWHWH LFKPLFKLPPHUQRFKYRULKQHQGRFKLFKJHULHWQLFKWLQ3DQLN RGHUYHUILHOLQZLOGHQ6FKUHFNHQLFKEOLHEJHODVVHQ 8QGDXFKGDVGXPSIH*HIKODXVPHLQHP.RSIYHUVFKZDQG ZLHGHU/DQJVDPNRQQWHLFKHLQHQNODUHQ*HGDQNHQIDVVHQ

ª:HQQGXGLFKHLQHQ6FKULWWDXIPLFK]XEHZHJVWVFKLHHLFK© 'HU=RPELHJUXQ]WHQXU (UVWLHUWHPLFKDQXQGEHVRQGHUVKDWWHHVLKPGDV.UHX]DQ JHWDQGDVLFK]XP*OFNQLFKWYHUORUHQKDWWH8QGHUVWMHW]W PHUNWHLFKZLHQDKHZLUGHQ.OLSSHQZDUHQ'DV5DXVFKHQGHU %UDQGXQJZDUODXWHUJHZRUGHQ/LQNVYRQPLUILHOQDFKHLQSDDU
ª:DUXPKDVWGXVLHJHW|WHW"© ª:HLOGHU7HXIHOHVVRZROOWH(UKDWPLFKDQJHVSURFKHQXQGLFK ELQ]XVHLQHP'LHQHUJHZRUGHQ© ª,VWHUGLUHUVFKLHQHQ"©IUDJWHLFK ª-D© ª:LH"© ª+DVWGXGLHDOWH8KUJHVHKHQ"'DULQVWHFNWGHU6DWDQ6LHLVW LKPJHZHLKWZRUGHQXQGGLHOlXWHWGLH7RGHVVWXQGHVHLQHU )HLQGHHLQ:HQQMHPDQGVWLUEWVFKOlJWVLH8QGVLHZLUGDXFK VFKODJHQZHQQLFKGLFKW|WH0DQQ© ª:DVLVWPLWGHQ.LQGHUQ"© ª6LHILQGHQNHLQH5XKH,FKKDEHVLHGDPDOVHQWIKUWXQGGHP 6DWDQJHRSIHUW6LHVLQGHLQ7HLOYRQLKPJHZRUGHQXQGVWHKHQ PLU]XU6HLWHZHQQ*HIDKUGURKW© ª6LQGVLHLP+DXV"© ª-DGDNDQQVWGXVLHILQGHQ%HLGHQDQGHUHQ$OOHYLHUGLH ]XUFNJHEOLHEHQVLQGZHUGHQVWHUEHQ'LH+|OOHZLUGLKUH )UHXGHKDEHQGHU6DWDQNDQQODFKHQ1LHPDQGKlOWGHQ7RGDXI DXFKGXQLFKW(LQHUPXWHVFKRQVHLQ/HEHQODVVHQ'XUFK=XIDOO KDWHUHLQ.LQGJHVHKHQ(VKDWVRIRUWVHLQ0HVVHUJHZRUIHQ© ,FKK|UWHGLH:RUWHXQGGDFKWHILHEHUKDIWQDFK'LHVHU=RPELH KDWWHPLFKLQHLQH)DOOHJHORFNW,FKZDUI|UPOLFKKLQHLQJHVWROSHUW XQGKDWWHPHLQH)UHXQGHDOOHLQJHODVVHQ6LHZDUHQGHQNOHLQHQ WHXIOLVFKHQ*HVFK|SIHQKLOIORVDXVJHOLHIHUWZUGHQVLFKJHJHQ GLHPLW0DJLHDXIJHODGHQHQ0RQVWHUQLFKWZHKUHQN|QQHQ $EHULFKNRQQWHHVREZRKOLFKHUVWGHQ8QWRWHQDXVGHP:HJ VFKDIIHQPXWH 1RFKKRFNWHLFKDXIGHP%RGHQXQGOLHGHQ=RPELHLQGLH :DIIHQPQGXQJVFKDXHQ(UUKUWHVLFKQLFKWVWLHUWHPLFKQXUDQ XQGWDWDXFKQLFKWVDOVLFKODQJVDPDXIVWDQG (VZDUQLFKWOHLFKWVLFK]XHUKHEHQXQGGDEHLGLH:DIIHVR]X KDOWHQZLH]XYRU'HVKDOEIRUGHUWHLFK+ROORZD\DXIª'UHKGLFK XP© (U]|JHUWHHLQHQ0RPHQWVWLHHLQXQZLOOLJHV.QXUUHQDXV JHKRUFKWHDEHU 8QGHUEHUUDVFKWHPLFK (UKLHEQRFKZlKUHQGHUVLFKGUHKWHPLWHLQHP)XLQGHQ %RGHQXQGVFKOHXGHUWHPLU'UHFNXQG6DQGLQV*HVLFKW

,QVWLQNWLYGUFNWHLFKDEDEHULFKZXWHJOHLFKGDLFKQLFKW JHWURIIHQKDWWH 'DIUWUDI+ROORZD\ (LQZXFKWLJHU7ULWWWUDIPHLQUHFKWHV+DQGJHOHQNXQGIHJWHPLU GLH:DIIHDXVGHQ)LQJHUQ 6LHODQGHWHLUJHQGZRKLQWHUPLUXQGLFKGUHKWHPLFKXPGLH HLJHQH$FKVHVRGDPLFKGHUQlFKVWH7ULWWGHUPHLQHP.RSI JHJROWHQKDWWHYHUIHKOWH ,FKSUDOOWHJHJHQ]ZHLJURH6WHLQHHWZDVNOLUUWHXQGDOVLFK PLFKLQGLH+|KHZXFKWHWHVSUWHLFKLP1DFNHQHLQHQNXU]HQ 5XFN ,PQlFKVWHQ$XJHQEOLFNILHOGDV.UHX]YRQPHLQHU%UXVWZHLO GLH.HWWHJHULVVHQZDU 'HQ*UXQGNRQQWHLFKVHKHQ 'DV.UHX]ZDUPLWVHLQHU6FKPDOVHLWHXQJOFNOLFK]ZLVFKHQGLH EHLGHQ6WHLQHJHUXWVFKW'HU=XIDOOKDWWHHVGLHHLQ]LJH/FNH ILQGHQODVVHQ%HLP+RFKNRPPHQZDUGDQQGLH.HWWH]HUULVVHQ 'DVNRQQWHHLQW|GOLFKHV3HFKIUPLFKZHUGHQGHQQZDIIHQORV VWDQGLFKQXQGHPJHIlKUOLFKHQ=RPELHJHJHQEHU ,FKVFKQHOOWHDXVPHLQHU+RFNVWHOOXQJKRFKXQGNRQQWHPLFK JHUDGHQRFK]XU6HLWHGUHKHQXPHLQHP+DPPHUVFKODJ]XHQW JHKHQ'LH)DXVWNUDFKWHGDIUDXIGHQ)HOVHQ %HLGHQPDFKWHHVQLFKWVDXV'HP6WHLQQLFKWXQGDXFKQLFKW GHU+DQGGHQQVLHZDURKQH/HEHQRKQH*HIKO 'DQQJULIILFKDQ ,FK]RJGHQ.RSI]ZLVFKHQGLH6FKXOWHUQGXFNWHPLFKXQG UDQQWHYRU 'HU=RPELHZDUHWZDVXQEHZHJOLFKNDPQLFKWVFKQHOOJHQXJ ZHJXQGLFKUDPPWHPHLQHQ6FKlGHOLQVHLQHQ/HLE *HPHLQVDPWDXPHOWHQZLU]XUFN:lKUHQGVLFKGHU8QWRWH DXIGHQ%HLQHQKLHOWVWROSHUWHLFKEHUVHLQH)HILHOKLQUROOWH PLFKVRIRUWKHUXPXQGIHGHUWHZLHGHUKRFK 'HU=RPELHJULIIQLFKWDQ'DIUEFNWHHUVLFKXQGZXFKWHWH HLQHQJHZDOWLJHQ6WHLQKRFK 'HUZDUVRVFKZHUGDVHOEVWGLHVHVXQWRWH0RQVWHU0KH KDWWHLKQLQGLH+|KH]XVWHPPHQ:DVHUPLWGLHVHP6WHLQ ZROOWHODJDXIGHU+DQG0LFK]HUVFKPHWWHUQ 6RZHLWOLHLFKHVQLFKWNRPPHQ0HLQ7ULWWLQGLH6HLWHZDUIGHQ

6HHOHQORVHQ]X%RGHQ(UUROOWHGHP$EJUXQGLPPHUQlKHU 1LFKWVDQGHUHVKDWWHLFKJHZROOW 0LWGHQEORHQ)lXVWHQNRQQWHLFKLKQQLFKWEHVLHJHQ(UZDUMD VFKRQWRW(VZUGHPLUQLFKWJHOLQJHQLKQQRFKHLQPDOXP]X EULQJHQ1LFKWDXIQRUPDOH$UWXQG:HLVH$EHUZHQQHUEHUGHQ $EJUXQGVWU]WHXQG]ZLVFKHQGLH.OLSSHQILHOKDWWHLFK=HLWDQ PHLQH:DIIHQ]XNRPPHQ%LV+ROORZD\ZLHGHUDXIWDXFKWHZDU DXFKLFKILW 6RPHLQH5HFKQXQJ ,FKNlPSIWH (LQZHLWHUHU+LHEWULHEGHQ8QWRWHQQRFKPHKU]XUFN 5FNZlUWVWRUNHOWHHUDXIGHQ.OLSSHQUDQG]X'HU:LQGSDFNWH XQVEHLGHXQGVFKWWHOWHXQVUHJHOUHFKWGXUFK 6FKRQMHW]WVFKPHU]WHQPLUPHLQH+lQGH,FKZUGHPLUDQ GLHVHUVHHOHQORVHQ0DVFKLQHGLH.QRFKHQDXIVFKODJHQGHVKDOE JULIILFK]XHLQHP+LOIVPLWWHO $XIGHU(UGHXQGLQXQPLWWHOEDUHU1l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lFKVWHU6FKODJJHJHQGHQ+DOV8QG ZLHGHUVSUDQJLFKDXILKQ]X ,FKVDKEHUHLWVGDV(QGHGHU6WUHFNH=ZHLK|FKVWHQVGUHL 6FKULWWHKLQWHULKPJLQJHVLQGLHJHIlKUOLFKH7LHIHQRFKHLQ+LHE GDQQNRQQWHLFKHVSDFNHQ ,FKJHULHWGDEHLLQHLQHVROFKH(XSKRULHGDLFKGLH9RUVLFKW YHUJD )URQWDOJLQJLFKPHLQHQ*HJQHUDQ 'DVUlFKWHVLFK

3O|W]OLFKVFKQHOOWHQGLH$UPHGHV=RPELHVYRUXQGHKHLFK PLFKYHUVDKXPNODPPHUWHQGLH+lQGHGHQ$VW,FKZDUQRFKLP YROOHQ/DXIXQGSUDOOWHJHJHQLKQ*OHLFK]HLWLJZLFKHU]XU6HLWH DXVXQGVWHOOWHPLUHLQ%HLQ ,FKVWROSHUWH 3O|W]OLFKZDUGHU$EJUXQGYRUPHLQHQ$XJHQ1RFKNRQQWHLFK PLFKIDQJHQPHUNWHZLHPLUGHU$VWDXVGHQ+lQGHQJHULVVHQ ZXUGHXQGGDQQEHNDPLFKGHQ+LHELQGHQ5FNHQ (VZDUHLQ+DPPHU ,FKZXUGHQDFKYRUQJHVFKOHXGHUWHLQHXUZHOWKDIWH.UDIWUL PLFKYRQGHQ%HLQHQLFKVDKGLH.DQWHHUKLHOWQRFKHLQHQ6WR XQGZXUGHEHUGLH)HOVOHLVWHKLQZHJNDWDSXOWLHUW ,QGDV5DXVFKHQGHU%UDQGXQJPLVFKWHVLFKGDV/DFKHQPHLQHV XQWRWHQ*HJQHUV 1LHPDQGZDJWHVLFK]XUKUHQ 'LH$QJVWIUDVLFKZLH6lXUHLQGLH+HU]HQGHUYLHU0HQVFKHQ -HGHUUHDJLHUWHDQGHUV :lKUHQGGHU%UJHUPHLVWHUXQG1DGLQH%HUJHUYRU6FKUHFNHQ QLFKWVVDJHQNRQQWHQ]LWWHUWH0DULRQ0LWFKHOODPJDQ]HQ/HLE 6LHKDWWHGLH$UPHKDOEHUKREHQXQGGLH+lQGH]X)lXVWHQ JHEDOOW,KUH$XJHQZDUHQZHLWDXIJHULVVHQGLH=lKQHNODSSHUWHQ DXIHLQDQGHUXQGPLWILHEULJHP%OLFNVWDUUWHVLHDXIGLHWHXIOLVFKH (UVFKHLQXQJDQGHU7U (LQ.LQGQXUGRFKPLWHLQHP0HVVHULQGHU+DQGXQGHLQHU 7HXIHOVIUDW]H 'RQ0LWFKHOOVDJWHQLFKWV(UNRQQWHQLFKWVSUHFKHQ=XVHKU KDWWHLKQGDV$XIWDXFKHQGHUGUHLWHXIOLVFKHQ.LQGHUJHVFKRFNW (UZDUZHLJHZRUGHQXQGGHUNDOWH6FKZHLODJDXIVHLQHU6WLUQ 'LH.LQGHUVWDUUWHQGLH0HQVFKHQQXUDQXQGGLH.OLQJHQGHU 0HVVHUZDUIHQEOLW]HQGH5HIOH[H ª:DVVROOHQZLUWXQ"©KDXFKWH0DULRQ ª1LFKWV©'LHVHWRQORVH$QWZRUWNDPYRQLKUHP%UXGHU(U KDWWHHLQHQ%OLFN]XU7UHSSHJHZRUIHQ'LHVHU)OXFKWZHJZDU HEHQIDOOVYHUVSHUUWZHLOGRUWDXFKHLQ.LQGVWDQG (VZUGHNHLQHQYRUEHLODVVHQ 8QGGDVGULWWHKDWWHVLFKYRUGHP)HQVWHUDXIJHEDXW

6LHWUXJHQVFKZDU]H*HZlQGHUGLHDOOHUGLQJVVFKPXW]LJXQG ]HUNQLWWHUWZLUNWHQ,KUH)LQJHUQlJHOZDUHQEHUGXUFKVFKQLWWOLFK ODQJ 6LHPXWHQLP*UDEZHLWHUJHZDFKVHQVHLQ %UJHUPHLVWHU.LERUDQIKOWHGLH)LQJHUGHU6FKDXVSLHOHULQDQ VHLQHU+DQG6LHZDUHQNDOW6lPWOLFKHV%OXWVFKLHQDXVLKQHQ JHZLFKHQ]XVHLQ ª:DVVROOHQZLUWXQ"©ZLVSHUWHVLH ª,FKZHLHVQLFKW© ª$EHUZLUN|QQHQXQVGRFKQLFKWVRRKQHZHLWHUHVW|WHQ ODVVHQ©VFKOXFK]WH1DGLQH ª1HLQ© ª8QGGLU'RQ")lOOWGLUQLFKWVHLQ"© $OVVLFKGHU$QWLTXLWlWHQKlQGOHUDQJHVSURFKHQIKOWHGUHKWHHU GHQ.RSIª1HLQYHUGDPPWPLUIlOOWQLFKWVHLQ+lWWHVWGHLQHQ 6LQFODLUIUDJHQN|QQHQDEHUGHUKDWVLFKMDDXVGHP6WDXE JHPDFKW© ª'XELVWJHPHLQ© 0LWFKHOOODFKWHQXU ª9LHOOHLFKWZHLLFKHWZDV©VDJWHGHU%UJHUPHLVWHUGHQQZLH DXFKGLHDQGHUHQKDWWHHUJHVHKHQGDVLFKGLHGUHLNOHLQHQ 0RQVWHUODQJVDPLQ%HZHJXQJVHW]WHQ ª8QGZDV"© ª:DUWHWHVDE© .LERUDQUDIIWHDOOVHLQHQ0XW]XVDPPHQXQGWUDWHLQHQ6FKULWW YRU(UKREGLH+DQGXQGULHIPLWODXWHU6WLPPHª+DOW© :DVQLHPDQGHUZDUWHWKDWWHJHVFKDK 'LHGUHL7HXIHOVNLQGHUVWRSSWHQ .LERUDQDWPHWHDXVGLHHUVWH+UGHKDWWHHUJHQRPPHQ(U VSUDFKGLHWHXIOLVFKHQNOHLQHQ*HVWDOWHQZHLWHUKLQGLUHNWDQª,FK ZHLZHULKUVHLG©VDJWHHUªDEHUDXFKLKUPWPHLQHQ1DPHQ NHQQHQZHQQLKUJHQDXEHUOHJW,FKKHLH.LERUDQ(ULQQHUW LKUHXFK"© 'LHNOHLQHQ0RQVWHU]HLJWHQNHLQH5HDNWLRQ 'HU%UJHUPHLVWHUEHXJWHVLFKYRU%HVFKZ|UHQGJOLWWVHLQ%OLFN LQGLH5XQGHª.LERUDQ©-HGHQ%XFKVWDEHQEHWRQWHHUª(ULQQHUW LKUHXFKQLFKW"'HQNW]XUFNDQHXUHQ7RG+ROORZD\KDWHXFK HUPRUGHW(XFKGUHL=ZHL0lGFKHQXQGHLQHQ-XQJHQ$EHUHV

JDE0lQQHULP'RUIGLHVLFK]XVDPPHQVFKORVVHQXPHXUHQ 7RG]XUlFKHQ'HU3IDUUHUGHU%UJHUPHLVWHUGHU3ROL]LVWGHU $SRWKHNHUXQGGHU/HKUHU6LHVFKORVVHQHLQ%QGQLVXPGHQ JHKHLPQLVYROOHQ0|UGHU]XILQGHQ8QGVLHKDEHQLKQDXFKJH IXQGHQ+ROORZD\NRQQWHQLFKWPHKUIOFKWHQ:LUVWHOOWHQLKQ XQGZLUNlPSIWHQJHJHQLKQ©'HU%UJHUPHLVWHUZDUVRLQ)DKUW GDHUVHLQHQ*URYDWHUPLWVLFKVHOEVWYHUZHFKVHOWHGDQQDEHU VFKZHQNWHHUZLHGHUXPª0HLQ*URYDWHUKDW+ROORZD\HUVFKRV VHQQDFKGHPHUGHQ3IDUUHUJHW|WHWKDWWH:LWLKUGDV"© .HLQH$QWZRUW .LERUDQVSUDFKZHLWHUª6LHKDEHQHXFKKLHUREHQEHJUDEHQ QHEHQGHP.LQGHUP|UGHU,KUVHLGMDQLFKWPHKUQRUPDOJHZHVHQ XQVHUH9RUIDKUHQPXWHQHVWXQZLUNOLFK© ª:LUZDUHQGHP7HXIHOJHZHLKW©=XPHUVWHQPDOVSUDFKHLQHV GHUNOHLQHQ0RQVWHU'LH6WLPPHGUDQJGXPSIXQWHUGLHVHU 7HXIHOVIUDW]HKHUYRUYRQGHUPDQQLFKWZXWHREVLHHLQH0DVNH ZDURGHUQLFKWª(VKDWWHNHLQHQ=ZHFNPHKUJHKDEW'LH$UEHLW GHLQHU9RUIDKUHQZDUY|OOLJXPVRQVWJHZHVHQ©HUNOlUWHPDQ GHP%UJHUPHLVWHU ª'DVN|QQWLKUQLFKWVRVHKHQ©.LERUDQYHUVXFKWHDOOHVXPGLH GUHL*HVFK|SIHDXI]XKDOWHQª6LHGDFKWHQGDPDOVQRFKGD VLHHXFKILQGHQN|QQWHQXQGVLHKRIIWHQGDLKUZHLWHUKLQDP /HEHQZlUHW© ª:LUOHEHQMDDXFK© ª:DVLVWGDVIUHLQ/HEHQ"6FKOLPPVHKUVFKOLPP©ULHIGHU %UJHUPHLVWHUGHQGUHL0RQVWHUQHQWJHJHQª,KUVHLGQLFKWHLQJH JDQJHQLQGDV3DUDGLHVLKUNHQQWQXUGHQ7HXIHODQGHQHXFK 5LFN+ROORZD\YHUNDXIWKDW1LHZHUGHWLKUHXUHQ)ULHGHQILQGHQ LKUZHUGHWLPPHUDOVUXKHORVH*HLVWHUKHUXPLUUHQDEHUGHU 6HHOHQIULHGHQEOHLEWHXFKYHUZHKUW8QGZDUXPZROOWLKUW|WHQ" :DVKDEHQGLH/HXWHHXFKKLHUJHWDQ"1LFKWVJDUQLFKWV© ª(VLVWXQVHU*HELHW© ª:LHVR"© ª'HLQH9RUIDKUHQKDEHQXQVLQGHUXQKHLOLJHQ(UGHYHUVFKDUUW GDVPXWGXGRFKZLVVHQ-DGLHVH(UGHZDUXQKHLOLJGHQQGLH 0DJLHHLQHVDOWHQ'UXLGHQZLUNWHQRFKQDFK:LUYHUIDXOWHQQLFKW ZLUVWDUEHQQLFKWZLUEOLHEHQLQXQVHUHQIHXFKWHQ*UlEHUQXQG ZDUWHWHQDEELVGLH=HLWJQVWLJZDU©

ª:HUIKUWHHXFK"©IUDJWH.LERUDQª'HU7HXIHO"© ª1HLQ5LFN+ROORZD\(ULVWXQVHU)KUHU© ª8QGZDUXPKDEWLKULKQQLFKWPLWJHEUDFKW"© 'DODFKWHQGLHGUHLNOHLQHQ0RQVWHUJOHLFK]HLWLJDEHUHVZDU NHLQIUHXQGOLFKHVKHOOHV/DFKHQVRQGHUQHLQE|VHVJUDXVDPHV ª+ROORZD\OlXIWGUDXHQKHUXPXQGVLFKHUWGRUWGDV+DXVDE(U NDQQJHQDXVHKHQZHUHVYHUODVVHQZLOO© 'LHVHGXUFKGLH%OXPHJHVSURFKHQH%HPHUNXQJYHUVWDQG .LERUDQVHKUZRKO(UVSUWHZLHHVNDOWVHLQHQ5FNHQKLQDEOLHI XQGHUGDFKWHGDEHLQLFKWVRVHKUDQVLFKVRQGHUQDQGHQ 2EHULQVSHNWRUDXV/RQGRQGHUGDV+DXVYHUODVVHQKDWWH ª:LUZLVVHQGDHLQHUIHKOW©HUKLHOWHUVRJOHLFKGLH%H VWlWLJXQJª(LQHUYRQHXFKKDWGDV+DXVYHUODVVHQZLUKDEHQLKQ JHVHKHQ8QGHUKDWXQVDXFKJHVHKHQ:LUORFNWHQLKQLQGLH )DOOHGDPLWVLFK5LFN+ROORZD\PLWLKPEHVFKlIWLJHQNDQQ'HQQ 5LFNZLOODXFKQLFKWGDKLHUMHPDQGKHUXPOlXIW$OOHVJHK|UW LKPDXFKGLH8KU© ª'LH8KU"© ª-DGLHEHVRQGHUV© .LERUDQEHJULIIGDHV]ZLVFKHQGHU8KUGHQ7HXIHOVNLQGHUQ XQGGLHVHP5LFN+ROORZD\HLQHXUVlFKOLFKH9HUELQGXQJJDE 'RFKGDVZDULP0RPHQWQLFKWVRZLFKWLJ9LHOZLFKWLJHUXQG DNXWHUHUVFKLHQLKPGHU)DOOGHV2EHULQVSHNWRUV]XVHLQ ª:REHILQGHWVLFKGHU0DQQMHW]WGHUYRUKLQGDV+DXVYHU ODVVHQKDW"© 'LHVH)UDJHSXWVFKWHGLH6SDQQXQJLQGHQ0HQVFKHQQRFK K|KHUDOV]XYRU -HGHUVWDUUWHGLHGUHLNOHLQHQ0RQVWHUDQGRFKGLHOLHHQVLFK PLWGHU$QWZRUW=HLW (LQHVHOWVDPH%HNOHPPXQJOHJWHVLFKEHUGHQ5DXP1DGLQH %HUJHUVSUWHZLHLKU+HU]REHQLP+DOVNORSIWH8QWHU 8PVWlQGHQHUIXKUVLHMHW]WYRQ-RKQ6LQFODLUV7RG'DVEUDFKWHVLH QDKHDQGHQ:DKQVLQQ $EHUDXFKGLH*HVFKZLVWHU0LWFKHOOVWDQGHQODXHUQGGD)UVLH JLQJHVHEHQIDOOVXPDOOHVRGHUQLFKWV ª+ROORZD\KDWLKQ© 'LH$QWZRUWZDUZLHHLQ3HLWVFKHQKLHEGHQQGLH0HQVFKHQ GXFNWHQVLFKI|UPOLFK]XVDPPHQ

'HUDXVGHP*UDEJHVWLHJHQH.LQGHUP|UGHUKDWWHVLFKGHV 2EHULQVSHNWRUVEHPlFKWLJW .LERUDQVW|KQWHDXIZlKUHQG'RQ0LWFKHOOVDJWHª,FKKDEHHV GRFKJOHLFKJHZXW© 1XU1DGLQHUHDJLHUWHRKQHlXHUH$Q]HLFKHQGRFKLQLKUHP ,QQHUQVDKHVDQGHUVDXV'RUWMDJWHQVLFKGLH*HGDQNHQ 'D]LWWHUWHVLH$EHUVLHGDFKWHDXFKDQGLH9HUJDQJHQKHLW$Q 'U7RGGHQ-RKQ6LQFODLUEHVLHJWKDWWHXQGDQGHQXQKHLPOLFKHQ 0|QFKGHUDXFKQLFKWVJHJHQGHQ*HLVWHUMlJHUKDWWHDXVULFKWHQ N|QQHQ 9LHOOHLFKWKDWWH-RKQGRFKHLQH&KDQFH 6LHEHWHWHGDUXPXQGIDOWHWHVRJDUGLH+lQGH'LH6WLPPHHLQHV 7HXIHOVNLQGVXQWHUEUDFKLKUHQ*HGDQNHQODXI ª+ROORZD\KDWHVEHUQRPPHQHXUHQ)UHXQG]XW|WHQ:LU KDEHQDQGHUH$XIJDEHQ:LUZHUGHQHXFKW|WHQ© 'DVKDWWH]ZDUMHGHUDQJHQRPPHQRGHUJHDKQWDEHUGDVVR GHXWOLFK]XK|UHQZDUIUGLH$QZHVHQGHQHLQUHJHOUHFKWHU 6FKRFN 8QGVLHZDUHQZDIIHQORVNRQQWHQVLFKQLFKWZHKUHQ 'DVZXUGHDXFKGHP%UJHUPHLVWHUNODU/DQJVDPWUDWHU ]XUFN(UZROOWHQLFKW]XQDKHVHLQGRFKGLH.LQGHU]RJHQGHQ .UHLVVRIRUWHQJHUYHUVSHUUWHQZHLWHUKLQGLH)OXFKWZHJH ª9HUGDPPW©NHXFKWH'RQ0LWFKHOOª'LHEULQJHQHVIHUWLJXQG PDFKHQXQVDOOH©:LOGVFKDXWHHUVLFKXPZlKUHQGVHLQH 6FKZHVWHUSO|W]OLFKGLH1HUYHQYHUORU ª,FKZLOODEHUQLFKWVWHUEHQ©NUHLVFKWHVLHª,FKZLOOQLFKW©6LH ULGLH$UPHKRFKEDOOWHGLH+lQGHXQGVWDPSIWHZLOGPLWGHP UHFKWHQ)XDXIVRGDGHU+RO]ERGHQYLEULHUWH ª:DVPDFKHQZLU"©IUDJWH1DGLQH%HUJHUGHQ%UJHUPHLVWHU PLW]LWWHUQGHU6WLPPH ª,FKZHLHVQLFKW© ª:LUPVVHQYRUEHL© ª*HQDXGDVPHLQHLFKDXFK©VDJWH'RQ0LWFKHOO(UKDWWHGLH JHIOVWHUWHQ:RUWHYHUQRPPHQXQGUHDJLHUWH 8USO|W]OLFKVWLHHUVLFKDE6HOWHQLQVHLQHP/HEHQZDUHUVR VFKQHOOJHUDQQW(UIORJI|UPOLFKDXIGLH7UHSSH]XXQGZROOWH QDFKREHQKLQHQWIOLHKHQ ª'RQ©NUHLVFKWH0DULRQª1LPPPLFKPLW©

'HU0DQQNPPHUWHVLFKQLFKWGDUXP 'LH6WXIHQ (UZDUIVHLQHQ.|USHUYRUQDKPGLHHUVWHQGUHLXQG 'DV7HXIHOVNLQGGDVLQ7UHSSHQQlKHJHODXHUWKDWWHUHDJLHUWH MHW]WHUVW (VGUHKWHVLFKKDOEKREGHQ$UPHWZDVIOLUUWHGXUFKGLH/XIW XQGWUDIPLWW|GOLFKHU3Ul]LVLRQGHQ5FNHQGHVIOLHKHQGHQ 0DQQHV =XHUVWVFKLHQHVDOVZUGH'RQ0LWFKHOOVHLQHQ/DXIQLFKW XQWHUEUHFKHQDOVZlUHJDUQLFKWVJHZHVHQGDQQDEHUVDFNWHHU SO|W]OLFK]XVDPPHQ,QHLQHUUHIOH[DUWLJHQ%HZHJXQJVWUHFNWHHU QRFKVHLQHQOLQNHQ$UPDXVXQGGLH+DQGNODWVFKWHDXIGHQ/DXI GHV*HOlQGHUV(UZROOWHVLFKGDUDQIHVWNODPPHUQIDQGMHGRFK QLFKWGLH.UDIWXQGYHUORUGHQ+DOW *OHLFK]HLWLJDXFKGDVhEHUJHZLFKW 'RQ0LWFKHOONLSSWHQDFKKLQWHQXQGUROOWHVLFKPHKUPDOVEHU VFKODJHQGXQGYRP*HOlFKWHUGHUGUHL7HXIHOVNLQGHUEHJOHLWHWGLH 7UHSSHKLQDE(WZDHLQ
,KUHGXPSIHQ6FKOlJHWULHEHQGHQ0HQVFKHQ$QJVWVFKDXHU EHUGHQ5FNHQ 7RWHQJHOlXW 'DV.LQG]|JHUWH 8QGGDUHDJLHUWH.LERUDQª6WRGLH7UDXI©]LVFKWHHU1DGLQH %HUJHU]X *OHLFK]HLWLJUDQQWHHUDXI0DULRQ0LWFKHOO]XHUUHLFKWHVLHXQG ULVLHYRQGHP7RWHQZHJ 'DIORJGDV0HVVHU 'RFK.LERUDQKDWWHVLFKLQVWLQNWLYJHGXFNW(UXQGGDV 0lGFKHQEHIDQGHQVLFKQLFKWPHKULQGHU)OXJEDKQGHU:DIIHVR GDGLH.OLQJHVLHYHUIHKOWHXQGLQGLHGULWWXQWHUVWH6WXIHKLHEZR VLHVWHFNHQEOLHE .LERUDQDEHU]HUUWHGLHVFKUHLHQGH0DULRQDXIGLH7U]XP 1HEHQ]LPPHU]X 6LHVWDQGZHLWRIIHQ 'RFKGDZDUQRFKGDVGULWWH.LQG(VZROOWHHEHQIDOOVVHLQ 0HVVHUVFKOHXGHUQ 1DGLQH%HUJHUEHUZDQGVLFKVHOEVW6LHKDWWHELVKHUQXU]X JHVFKDXWMHW]WDEHUVSUDQJVLHYRUHUUHLFKWHGHQLQGHU+DOOH VWHKHQGHQ)OJHOXQGVFKQDSSWHHLQH6HNWIODVFKHGLHLUJHQG MHPDQGYRQGHQ3DUW\JlVWHQGRUWDEJHVWHOOWKDWWH :XFKWLJVFKOHXGHUWHVLHGLH)ODVFKH 8QGWUDI 'DVJOlVHUQH:XUIJHVFKRKLHEJHJHQGHQ+LQWHUNRSIGHVWHXI OLVFKHQ.LQGHV'HU7UHIIHUVFKOHXGHUWHGDVNOHLQH0RQVWHUQDFK YRUQVRGDGHU%UJHUPHLVWHUXQG0DULRQ0LWFKHOO=HLWJHZDQ QHQ6LHNRQQWHQLQGDV=LPPHUIOFKWHQ 1DGLQH%HUJHUIROJWHLKQHQVRIRUW +DUWUDPPWHVLHGLH7U]XVDKGHQYRQLQQHQVWHFNHQGHQ 6FKOVVHOXQGVFKORDE ª*HVFKDIIW©NHXFKWHVLH,QLKUHQ$XJHQIODFNHUWHHU .LERUDQQLFNWHXQGOHKQWHVLFKJHJHQGLH:DQG6LHEHIDQGHQ VLFKGRUWZRGLHGUHLZHLHQ6lUJHVWDQGHQXQGGDV%IHWWDXI JHEDXWZDU8QGGHU5DXPKDWWHHLQ)HQVWHU (LQH)OXFKWFKDQFH 1DGLQHOLHIKLQ6LHGUHKWHDP*ULIIXQGVFKULHVFKOXFK]HQGXQG HQWWlXVFKWDXI

ª:DVLVWORV"© 1DGLQHLUUWHKHUXPª'HUYHUGDPPWH%JHONOHPPW© ª1HLQ©%UJHUPHLVWHU.LERUDQVFKORIU6HNXQGHQGLH$XJHQ 'DVZDUHLQH(QWWlXVFKXQJ 0DULRQ0LWFKHOOODFKWHNUHLVFKHQGDXI(VVFKLHQDOVKDEHVLH GHQ9HUVWDQGYHUORUHQ ª,FKKHOIH,KQHQ©VDJWHGHU%UJHUPHLVWHUXQGOLHI]XP)HQVWHU 1DGLQHWUDW]XU6HLWH $XFK.LERUDQVFKDIIWHHVQLFKWGHQ%JHOKHUXP]XUHLHQ ª'DQQPVVHQZLUHEHQGLH6FKHLEHHLQVFKODJHQ©VDJWHGLH 6FKDXVSLHOHULQ ª:RPLW"©.LERUDQVFKDXWHVLFKXP 0DULRQ0LWFKHOOKRFNWHLQHLQHU(FNH6LHZDULQVLFK]XVDP PHQJHVXQNHQXQGVWLHUWH]X%RGHQ1XUXQWHULKUHU:DQJHQKDXW ]XFNWHHVKLQXQGZLHGHU 1DGLQH%HUJHUKDWWHLKUHQHUVWHQ6FKUHFNHQEHUZXQGHQ6LH SDFNWHHLQHPLW6DODWJHIOOWH6FKVVHOXQGVFKOHXGHUWHVLHGHP )HQVWHUHQWJHJHQ .OLUUHQG]HUEUDFKGLH6FKHLEH .DOWH/XIWILHOLQGDV=LPPHU:LH0HVVHUKLQJHQQRFKGLH 6FKHUEHQVSLW]HQLP.LWW0LWGHP(OOERJHQVFKOXJ1DGLQHVLHDXV GHP5DKPHQZlKUHQGVLFKGHU%UJHUPHLVWHUXP0DULRQ 0LWFKHOONPPHUWHXQGVLHDXIGLH%HLQH]RJ 'DV*LUOOLHDOOHVZLOOHQORVPLWVLFKJHVFKHKHQ 1DGLQHZDUDP)HQVWHUVWHKHQJHEOLHEHQ6LHZROOWHVLFKJHUDGH KLQDXVOHKQHQDOVVLHSO|W]OLFKGLHNOHLQH*HVWDOWPLWGHU 7HXIHOVIUDW]HVDK 6LHVWDQGGLUHNWYRUGHP)HQVWHU 1DGLQH%HUJHUZDUXQIlKLJHWZDV]XVDJHQ,KUH*HVLFKWV]JH HUVWDUUWHQZlKUHQGGDVNOHLQH0RQVWHUODQJVDPVHLQHUHFKWH +DQGPLWGHP0HVVHUKREXQGHLQZLVVHQGHV*ULQVHQGLHEUHLWHQ /LSSHQNHUEWH ,FKILHO 9RUPLUEHIDQGVLFKGLHJQDGHQORVH7LHIH=XGHPKDWWHLFKGLH $XJHQZHLWDXIJHULVVHQVDKGHQ6FKDXPGHU%UDQGXQJXQGK|UWH GDV7RVHQGHU:HOOHQ

$OOGLHVH(LQGUFNHQDKPLFKLQ%UXFKWHLOHQYRQ6HNXQGHQ ZDKUEHYRULFKGHQJURHQ6FKODJYHUVSUWHGHUPHLQHQ.|USHU HUVFKWWHUWH ,FKZDUQLFKWXQWHQ]ZLVFKHQGLH.OLSSHQJHIDOOHQVRQGHUQ KDWWHXQYHUVFKlPWHV*OFNJHKDEW(LQ9RUVSUXQJGHUZLHHLQH 1DVHDXVGHU)HOVZDQGZXFKVKDWWHPLFKJHUHWWHW 9RUOlXILJMHGHQIDOOV ,FKODJVFKUlJDXIGHP)HOVHQGHUDQHLQLJHQ6WHOOHQPLW0RRV EHZDFKVHQZDUXQGDQDQGHUHQZLHGHUXPYRQ:LQGXQG5HJHQ DXVJHZDFKVHQHVEODQNHV*HVWHLQ]HLJWH0HLQH%HLQHEDXPHOWHQ EHUGHP$EJUXQGGRFK]XP*OFNODJLFKPLWGHPJU|WHQ7HLO GHV2EHUN|USHUVDXIGHU)HOVSODWWHXQGNRQQWHPLFKZHLWHU ]LHKHQ (VODJDXIGHU+DQGGDVLFKGHU=RPELHEHU]HXJHQZUGH ZDVPLWPLUJHVFKHKHQZDUXQGVLFKHUOLFKZUGHHUDXFKYHU VXFKHQPLFK]ZLVFKHQGLH.OLSSHQ]XVWU]HQ ,FKNURFKYRUGHQQLFKKDWWHJHVHKHQGDGLH)HOVQDVHSUDN WLVFKLQGLH:DQGKLQHLQZXFKVXQGGRUWHLQHZLQ]LJH+|KOH ELOGHWHZRLFKPLFK]ZDUQLFKWYHUNULHFKHQNRQQWHDEHUGXUFK DXVJHVFKW]WODJ 'LH+lOIWHPHLQHV.|USHUVZXUGHDXIMHGHQ)DOODEJHGHFNWDOV LFKPLFKVFKOLHOLFKKLQKRFNWHXQGPHLQHQ5FNHQJHJHQGLH UDXKH:DQGKLQWHUPLUSUHWH 1XUDOOPlKOLFKEHUXKLJWHVLFKPHLQDXIJHUHJWHU+HU]VFKODJ,FK DWPHWHZLHGHUWLHIHUGXUFKXQGZLVFKWHPLUPLWGHP-DFNHWWlUPHO GHQ6FKZHLYRQGHU6WLUQ 7LHIXQWHUPLUODJGDV0HHU(LQHGXQNOHZRJHQGH2EHUIOlFKH GLHHUVWDQGHQKHUYRUVSULQJHQGHQ)HOVHQJHEURFKHQXQGDXIJH VFKlXPWZXUGHVRGDGDV:DVVHULQODQJHQ)RQWlQHQKRFK VSULW]WHXQGDQGHU:DQGZLHGHUKHUDEOLHI (LQIHLQHU5HJHQDXV6WDXEXQGNOHLQHUHQ6WHLQHQZLVFKWHYRU PLULQGLH7LHIH)UPLFKHLQ=HLFKHQGDVLFKGHU=RPELHGLFKW DP5DQGDXIKLHOW :DVZUGHHUWXQ" ,FKUKUWHPLFKQLFKWZDJWHQLFKW]XDWPHQXQGK|UWHHLQ ZLOGHV.QXUUHQ 'DQQGLHUDXKH6WLPPHXQGGLHDEJHKDFNWNOLQJHQGHQ:RUWH GLHPLFKKDUWWUDIHQ

ª,FKZHLGDGXQLFKWJHIDOOHQELVW$EHULFKZHUGHGLFKKROHQ 0HQVFK© 'DVZDUHLQ9HUVSUHFKHQ 1XQMDVROOWHHUNRPPHQ0HLQHQ2SWLPLVPXVKDWWHLFKQLFKW YHUORUHQ9LHOOHLFKWGHVKDOEQLFKWZHLOLFKVRHEHQQXUPLWNQDS SHU1RWHLQHPIUFKWHUOLFKHQ7RGHQWJDQJHQZDU ,FKODXHUWH 8QGGHU8QWRWHNDP:LHGHUUXWVFKWH*HVWHLQDQPLUYRUEHL GLHVPDOHWZDVPHKU+ROORZD\ZUGH6FKZLHULJNHLWHQKDEHQ ZHQQHUGLH:DQGKHUXQWHUNOHWWHUWH ,FKK|UWHGDV6FKDUUHQXQG5XWVFKHQYHUQDKPHLQHQ)OXFK DEHUGHU.LQGHUP|UGHUGDFKWHQLFKWDQ$XIJDEH(UNOHWWHUWH ZHLWHU ,FKUFNWHHWZDVYRU 8QGQXQEHZDKUKHLWHWHVLFKGLH7KHVHGD=RPELHVQLFKW GHQNHQN|QQHQ(LQQRUPDOHU0HQVFKLQVHLQHU/DJHZlUHQLHVR QDFKXQWHQJHNOHWWHUWZLHGHU8QWRWH(UKDQJHOWHVLFKHLQIDFK ZHLWHUXQGLFKVDKSO|W]OLFKVHLQH)H :HQQGDVNHLQH&KDQFHZDU 8PHLQH:LQ]LJNHLWUXWVFKWHLFKZHLWHUYRUXQGVWUHFNWHODQJ VDPGLH$UPHDXV (VPXWHHLQIDFKNODSSHQ 'DQQJULIILFK]X 0HLQH+lQGHJOLFKHQSO|W]OLFK6FKUDXEVW|FNHQDOVVLHGLH *HOHQNHGHV=RPELHVXPNODPPHUWHQ (LQZLOGHU5XFNGHPHLQ)OXFKGHVXQWRWHQ0|UGHUVIROJWH XQGLFKOLHORV +ROORZD\KDWWHHVQLFKWJHVFKDIIWVLFKDQGHUJODWWHQ)HOVZDQG IHVW]XNUDOOHQ7URW]VHLQHUJHZDOWLJHQ.UlIWHZDULKPGLHVQLFKW JHOXQJHQ(UKDWWHGHQSK\VLNDOLVFKHQ*HVHW]HQQDFKJHEHQ PVVHQXQGZLUEHOWHDQPLUYRUEHLLQGLH7LHIH ,FKZDUIPLFKKDVWLJ]XUFNGHQQIDVWKlWWHPLFKGHU.|USHU QRFKJHVWUHLIWXQGPLWJHULVVHQVRDEHUUDXVFKWHHULQGLH7LHIH$OV LFKLKPQDFKVDKHUNDQQWHLFKWURW]GHUKHUUVFKHQGHQ'XQNHOKHLW GHQ.|USHUPLWGHQDXVJHEUHLWHWHQ$UPHQXQG%HLQHQ(UIORJ ZLHHLQ)DOOVFKLUPVSULQJHURKQH6FKLUP 'HU$XIVFKODJJLQJLP7RVHQGHU%UDQGXQJXQWHU(LQQRUPDOHU 0HQVFKZlUHWRWJHZHVHQQLFKWGLHVHU=RPELH(UZUGHEHU

OHEHQXQGZLHGHUNRPPHQ'DPLWPXWHLFKUHFKQHQ $EHUHUVWHLQPDOPXWHLFK]XVHKHQZLHGHUYRQGLHVHU )HOVQDVHGLHPLUGDV/HEHQJHUHWWHWKDWWHZHJ]XNRPPHQ:DV YRUKLQJXWJHZHVHQZDUHUZLHVVLFKQXQDOV+LQGHUQLV (VZUGHZLUNOLFKQLFKWHLQIDFKVHLQDQGHUJODWWHQ:DQGKRFK ]XNOHWWHUQ,FKVWUHFNWHPHLQH$UPHLQGLH+|KHWDVWHWHEHUGHQ )HOVXQGVXFKWHQDFKLUJHQGZHOFKHQ(LQNHUEXQJHQLP*HVWHLQ ZRLFKHLQLJHUPDHQ+DOWILQGHQNRQQWH /LQNVYRQPLULFKPXWHPLFKVFKRQZHLWVWUHFNHQH[LVWLHUWH HLQVFKPDOHU6SDOW1LFKWEUHLWHUDOVHLQH.LQGHUKDQG'RUWIDWH LFK]XIDQGGDGHQ+DOWHSXQNWXQGVXFKWHPLWPHLQHUUHFKWHQ +DQGQDFKZHLWHUHQ6WW]HQ'LHJDEHVDXFK ,FKZLOOQLFKWODQJHPHLQH.OHWWHUHLEHVFKUHLEHQDXIMHGHQ)DOO NDPLFKREHQDQ:LHGDVZXWHLFKVHOEVWQLFKW,FKODJKLQWHUKHU ]HUVFKXQGHQXQGY|OOLJHUVFK|SIWDXIGHP%DXFKXQGUDQJYHU ]ZHLIHOWQDFK$WHP 0HLQH/XQJHQVFKLHQHQ]XJHVWRSIW]XVHLQXQGHVGDXHUWHZLUN OLFK0LQXWHQELVLFKPLFKZLHGHUDXIGLH%HLQHTXlOHQNRQQWH 7URW]GHPWRUNHOWHLFKQRFKZLHHLQ%HWUXQNHQHUDEHUPHLQ *HKLUQDUEHLWHWHNODUXQGSUl]LVH 1RFKKDWWHLFKNHLQHQ*HJQHUHUOHGLJW :HGHUGLHGUHL7HXIHOVNLQGHUQRFKGHQ=RPELHGHUVLFKHUOLFK ]XUFNNRPPHQZUGH ,FKGDFKWHDXFKDQGLH0HQVFKHQGLHVLFKLQJURHU*HIDKU EHIDQGHQ+DWWHQVLHHVEHUVWDQGHQRGHUZDUHQLKQHQGLHWHXI OLVFKHQ*HVFK|SIH]XYRUJHNRPPHQ" ,FKZROOWHVFKRQORVUHQQHQDOVPLUHLQILHOGDLFKXQEHZDIIQHW ZDU'LHEHLGHQGLFKWQHEHQHLQDQGHUVWHKHQGHQ6WHLQHZDUHQ VFKQHOO]XILQGHQ 8QGLFKKDWWHDXFKVHKUEDOGPHLQ.UHX]ZLHGHU )HKOWHGLH%HUHWWD:RNRQQWHGLH3LVWROHQXUJHODQGHWVHLQ",FK YHUJHJHQZlUWLJWHPLUQRFKHLQPDOGLHJHIlKUOLFKH6LWXDWLRQXQG UHFKQHWHQDFK$QVFKOLHHQGJLQJLFKLQGLH5LFKWXQJLQGHULFK GLH:DIIHYHUPXWHWH )DVWZlUHLFKGDUEHUJHVWROSHUW $OVLFKGLH%HUHWWDLQPHLQHU+DQGVSUWHIKOWHLFKPLFKZRKO HU8QGQXQKLHOWPLFKQLFKWVPHKU

1DGLQH%HUJHU]XFNWH]XUFN2EZRKOVLHQLFKWVVDJWHZXWHGHU %UJHUPHLVWHUVRIRUWZHUGRUWYRUGHP)HQVWHUVWDQG(UVFKDXWH GLH6FKDXVSLHOHULQDQ 1DGLQHQLFNWH ª'DQQLVWHVDXV©IOVWHUWH.LERUDQ ª:HQQQXU-RKQ6LQFODLUKLHUZlUH©KDXFKWH1DGLQH ª(UN|QQWHXQVDXFKQLFKWPHKUKHOIHQ© 6LHIXKUKHUXPª'RFK0U.LERUDQ(UN|QQWHHV,FKNHQQHLKQ XQGYHUWUDXH© ª$EHU6LHKDEHQGRFKJHK|UWZDVGLHVHNOHLQHQ0RQVWHUXQV JHVDJWKDEHQ6LQFODLUZLUGDXI+ROORZD\JHWURIIHQVHLQ8QGZDV ZLOOHUJHJHQVROFKHLQH*HVWDOWDXVULFKWHQ"© ª:LH"© ª'DYRQVHKHLFKQLFKWV© 1DGLQHDWPHWHWLHIHLQ6LHNRQQWHGHQ%UJHUPHLVWHUYHUVWHKHQ DEHUVLHHULQQHUWHVLFKDXFKDQHLQH6LWXDWLRQDOV'U7RGVLHLQ VHLQHQ.ODXHQJHKDEWXQGVLHVRJXWZLHNHLQHQ$XVZHJPHKU JHVHKHQKDWWHZLHGDQQ-RKQ6LQFODLUDXIJHWDXFKWZDUXQGLKP LKUH%HIUHLXQJDXVGHQ+lQGHQGLHVHV6DWDQVJHODQJ 'DPDOVZDUHVMHGRFKQXUHLQ*HJQHUJHZHVHQ+LHUKDWWHQVLH HVPLWGUHLWHXIOLVFKHQ:HVHQ]XWXQ 'DVZDUVFKOLPPHU 6LHGDFKWHDQLKUHQ)DVW9HUOREWHQ(LQ0HVVHUKDWWHLKQJHW|WHW 1DWUOLFKHPSIDQG1DGLQH7UDXHUDEHUQLFKWVRVWDUNZLHHV HLJHQWOLFKGHU)DOOKlWWHVHLQPVVHQ,KUH%LQGXQJ]XHLQDQGHU ZDUGRFKQLFKWVRHQJJHZHVHQ 'XPSIH6FKOlJHJHJHQGLH7UXQWHUEUDFKHQGLH*HGDQNHQGHU 6FKDXVSLHOHULQ 1DGLQH]XFNWH]XVDPPHQ ª-HW]WYHUVXFKHQVLHHVVFKRQYRQ]ZHL6HLWHQ©VDJWHGHU %UJHUPHLVWHU,QVHLQHU6WLPPHVFKZDQJ3DQLNPLW ª6ROOHQZLUQLFKWGRFKDXVGHP)HQVWHUNOHWWHUQ"© +HIWLJVFKWWHOWH.LERUDQGHQ.RSIª1HLQLFKZLOOQLFKWLQHLQ 0HVVHUODXIHQ© ª$EHUZLUN|QQHQDXFKQLFKWGXUFKGLH7U© ª'DVVWLPPW© :LHGHUHU]LWWHUWHVLHXQWHUHLQHP$QVWXUP'LHEHLGHQ 0HQVFKHQVDQQHQILHEHUKDIWEHUHLQHQ$XVZHJQDFK0DQ

PWHHLQHQ*HJHQVWDQGKDEHQPLWGHPPDQVLFKYHUWHLGLJHQ NDQQGDFKWH1DGLQH,KUH%OLFNHLUUWHQGXUFKGHQ5DXPIORJHQ DXFKEHUGDV.DOWH%IHWWGDVQXU]XP7HLODEJHGHFNWZDUXQG SO|W]OLFKZXUGHQLKUH$XJHQJUR ª:DVLVW"©IUDJWHGHU%UJHUPHLVWHU $QVWHOOHHLQHU$QWZRUWGHXWHWH1DGLQHDXIHLQHQ*HJHQVWDQG GHUGLFKWQHEHQGHP6WDQJHQEURWODJ(LQ0HVVHU ª,FKQHKPHHV©VDJWHVLHPLWNDXP]XYHUVWHKHQGHU6WLPPH ª8QGGDQQNOHWWHUHLFKGXUFKGDV)HQVWHU© ª1HLQGLHVLQGVWlUNHU© ª'DQQVFKODJHQ6LHGRFKHWZDVDQGHUHVYRUYHUGDPPW© ª,FKZHLQLFKWV© ª'HVKDOEQHKPHLFKGDV0HVVHU©1DGLQH%HUJHUOLHVLFKQLFKW EHLUUHQ6LHJULII]X ,KUH)LQJHUXPNODPPHUWHQGHQEUDXQHQ+RO]JULII7LHIVDXJWH VLHGLH/XIWHLQ6LHKDWWHVLFKHQWVFKORVVHQ]X]XVFKODJHQXQGVLH ZUGHVLFKGXUFKQLFKWVGDYRQDEKDOWHQODVVHQª:HQQLFKGLHVHV :HVHQHUOHGLJWKDEHN|QQHQ6LHPLWGHP0lGFKHQIROJHQ©VDJWH VLHNUl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lJHJHJHQGLH7UEHVWlUN WHQVLHZLHGHULQLKUHP9RUKDEHQ 6LHGXUIWHMHW]WQLFKWPHKU]|JHUQ$XFKZHQQGLH7UQRFKVR VWDELOZDULUJHQGZDQQZUGHVLHEUHFKHQ8QGGLHVHNOHLQHQ 0RQVWHUKDWWHQPHKU.UDIWDOVQRUPDOH.LQGHUGDYRQZDUGLH )LOPVFKDXVSLHOHULQIHVWEHU]HXJW

6LHEHXJWHVLFKYRU ,KU%OLFNZLQNHOZXUGHMHW]WEHVVHU1DGLQHYHUGUHKWHGLH $XJHQVRGDVLHHWZDV]XU6HLWHVFKLHOHQNRQQWH (UVWQDFKOLQNVGDQQQDFKUHFKWV 1LFKWV]XVHKHQ ª:DVLVW"©]LVFKWH.LERUDQKLQWHULKU ª(VVFKHLQWQLFKWPHKUGD]XVHLQ© ª:LUNOLFK"©+RIIQXQJNODQJLQGHU)UDJHPLW ª0DOVHKHQ©1DGLQH%HUJHUULVNLHUWHHWZDV6LHNOHWWHUWHDXIGLH KRKH)HQVWHUEDQNXQGGXFNWHVLFKGDPLWVLHYRQGHQUHVWOLFKHQ 6FKHUEHQVSOLWWHUQQLFKWJHWURIIHQZXUGH 'DQQKROWHVLHQRFKHLQPDOWLHI/XIWVWLHVLFKDEXQGVSUDQJ QDFKGUDXHQ 6LHNDPJXWDXINQLFNWHQLFKWPLWGHP)XXPXQGOLHI]ZHL 6FKULWWHYRUXPVLFKUDVFKXP]XGUHKHQ 'DV*HVFK|SINDPDXVGHP6FKDWWHQGHU+DXVZDQG1DGLQH VDKGLHKXVFKHQGH%HZHJXQJXQGQDKPDXFKGDV%OLW]HQGHU JHIlKUOLFKHQ0HVVHUNOLQJHZDKU :DKOORVVWLHVLHHLQSDDUPDO]X 6LHVSUWH:LGHUVWDQGVDKGDVYHU]HUUWH*HVLFKWGLFKWYRUVLFK GLH)DXVWPLWGHP0HVVHU]XFNWH]XUFNVSUWHGHQEUHQQHQGHQ 6FKPHU]DQGHU6FKXOWHUJOHLFKGDUDXIDXFKDQGHU+IWHXQG ZXWHGDVLHJHWURIIHQZDU 'LHVH(UNHQQWQLVOlKPWHLKUH5HDNWLRQHQ1DGLQHOLHI]XUFN VWROSHUWHXQGILHO *UlOLFKODFKWHGDV*HVFK|SIDXI 1DGLQHODJDP%RGHQVDKGDVNOHLQH0RQVWHUEHUVLFKGDVLKU SO|W]OLFKVHKUJURYRUNDP $XIGHUWHXIOLVFKHQ)UDW]HVSLHJHOWHVLFK7ULXPSKZLGHUGLH $XJHQVFKLPPHUWHQU|WOLFKXQGUROOWHQLQGHQ+|KOHQ 1DGLQHV%OLFNLUUWHDEVWUHLIWHGDV)HQVWHUVLHVDKGRUWGHQ %UJHUPHLVWHUGHVVHQ*HVWDOWVLFKYRUGHU+HOOLJNHLWDEKRE6LH ZROOWHVFKUHLHQGRFKNHLQ/DXWGUDQJDXVLKUHP0XQG 'DVWHXIOLVFKH*HVFK|SIYRULKUOHEWHREZRKOVLHHVHLQSDDUPDO JHWURIIHQKDWWH 6RZDUHVQLFKW]XW|WHQ 'DZDUIVLFKGDV0RQVWHUQDFKYRUQVWLHZXFKWLJ]X

,PVHOEHQ0RPHQWNUDFKWHHLQ6FKX 'DVKHOOHSHLWVFKHQGH*HUlXVFKUROOWHEHUGDV3ODWHDX'LH %HZHJXQJGHVWHXIOLVFKHQ.LQGHVZXUGHJHVWRSSWGHU(LQVFKODJ GHV*HVFKRVVHVWULHEHV]XU6HLWHXQGGDVNOHLQH0RQVWHUSUDOOWH QHEHQ1DGLQH%HUJHU]X%RGHQ 6FKUHLHQGEOLHEHVOLHJHQ (LQH*HVWDOWKHW]WHKHUDQ 'DVZDULFK ,FKKDWWHGHQ6FKUHLGHV%UJHUPHLVWHUVJHK|UWXQGZDUVFKRQ DXIGHP:HJ]XP(LQJDQJJHZHVNHQDOVHVPLFKKHUXPJHULVVHQ KDWWH,FKKDWWHGLH6]HQHQXUVFKDWWHQKDIWHUNDQQWDEHUVRIRUW PHLQHULFKWLJHQ6FKOVVHGDUDXVJH]RJHQ 'HU6FKXKDWWH1DGLQH%HUJHUGDV/HEHQJHUHWWHW ,FKOLHI]XLKU 6LHODJDP%RGHQKDWWHVLFK]XVDPPHQJHUROOWXQGVFKOXFK]WH ,KUH6FKXOWHUQEHEWHQZLHLP.DPSIKLHOWVLHGDV0HVVHUPLWGHU ODQJHQ.OLQJHIHVWGDVLFKLKUYRUVLFKWLJDXVGHU+DQGZDQG ,FKVFKOHXGHUWHHVZHJ (UVWGDQQVDKLFKQDFKGHP7HXIHOVNLQG 0HLQH6LOEHUNXJHOKDWWHHVLQGHQ.RSIJHWURIIHQ1LFKWVZDU GDYRQEULJJHEOLHEHQQXUQRFKGHQ5XPSIVDKLFKGHUMHW]WDEHU LQGDV6WDGLXPGHU9HUZHVXQJEHUJLQJXQGODQJVDPYHUIDXOWH ª1DGLQH©IOVWHUWHLFKª$OOHVRND\"© 6LH|IIQHWHGLH$XJHQXQGULFKWHWHVLFKDXIª-RKQ©KDXFKWHVLH XQGEOLFNWHPLFKDQDOVN|QQWHVLHHVJDUQLFKWEHJUHLIHQGDLFK HVZDUXQGGDQQULHIVLHZLHGHUDEHUGLHVPDOVWlUNHU ª-RKQ© (VZDUHLQ6FKUHLHLQ5XIGHU9HU]ZHLIOXQJXQGGHU (UOHLFKWHUXQJ6LHZDUILKUH$UPHKRFKXPNODPPHUWHPHLQHQ 1DFNHQXQGSUHWHVLFKHQJDQPLFK ª0U6LQFODLU© 'HUQlFKVWH5XIULPLFKDXVPHLQHUPRPHQWDQHQ/HWKDUJLH ,FKVWLH1DGLQHYRQPLUGUHKWHPLFKXQGVDKGHQ0DQQDP )HQVWHU%UJHUPHLVWHU.LERUDQZLQNWHGDQQYHUVFKZDQGHUPLW HLQHPJURWHVNZLUNHQGHQ6SUXQJXQGLFKVDKHLQHQDQGHUHQ 6FKDWWHQHLQHQZHVHQWOLFKNOHLQHUHQ 'DV7HXIHOVNLQG ,FKUDQQWHORV

'LH=HLWHUVWGHQQRUPDOHQ:HJ]XQHKPHQXQGGXUFKGHQ (LQJDQJGDV+DXV]XEHWUHWHQQDKPLFKPLUQLFKW,FKKlWWHZHUW YROOH6HNXQGHQYHUORUHQ 0HLQ=LHOZDUGDV)HQVWHU ,FKSUDOOWHIDVWJHJHQGLH0DXHUQVRYLHO0KHEHUHLWHWHHVPLU GHQHLJHQHQ6FKZXQJ]XEUHPVHQ'LH%HUHWWDVWHFNWHLFKLQGHQ +RVHQEXQGPHLQH$UPHIORJHQKRFKXQGHVJHODQJPLUGHQ 5DQGGHU)HQVWHUEDQN]XXPNODPPHUQ +DVWLJ]RJLFKPLFKKRFK (LQ.OLPP]XJUHLFKWH,FKKRFNWHJHNUPPWDXIGHU%DQNXQG EOLFNWHLQV=LPPHU 'RUWZDUGLH+|OOHORV 'HQWHXIOLVFKHQ:HVHQPXWHHVJHOXQJHQVHLQGLH7UHLQ]X WUHWHQ6LHODJDXIGHP%RGHQEHLGH0RQVWHUEHIDQGHQVLFKLP 5DXPXQGDWWDFNLHUWHQ0DULRQ0LWFKHOOXQGGHQ%UJHUPHLVWHU 9RQ'RQ0LWFKHOOVDKLFKQLFKWV 'DV0lGFKHQEHIDQGVLFKLQJU|HUHU*HIDKUZlKUHQGVLFK .LERUDQ]XUFNJH]RJHQXQGGHQODQJHQ7LVFK]ZLVFKHQVLFKXQG HLQHVGHU*HVFK|SIHJHEUDFKWKDWWH 0LW6FKZXQJVSUDQJLFKLQGHQ5DXP *HQDXLQGHP$XJHQEOLFNGUHKWHVLFKGDV*HVFK|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|WLJHQ(UIROJ'LH6FKVVHOQXQG6FKDOHQPDFKWHQVLFK VHOEVWlQGLJVLHUXWVFKWHQGHPNOHLQHQ0RQVWHUHQWJHJHQXQGGHU 7LVFKNLSSWHXP

'DV7HXIHOVNLQGZXUGHXQWHUGHP7LVFKEHJUDEHQ ª9RUVLFKW©VFKULHGHU%UJHUPHLVWHU ,FKVSUDQJ]XU6HLWHXQGZLUEHOWHJOHLFK]HLWLJKHUXP 'DV]ZHLWH:HVHQKDWWHGHQ$UPEHUHLWVHUKREHQXPGDV 0HVVHU]XVFKOHXGHUQ ,FKZDUVFKQHOOHU 9RUGHP/DXIGHU%HUHWWDEOLW]WHHVDXI'DV:HVHQNDPQLFKW PHKUGD]XVHLQ0HVVHU]XZHUIHQGHQQGDVJHZHLKWH 6LOEHUJHVFKRZDUIHV]XUFNELVHVYRUGHU:DQGDXIJHKDOWHQ ZXUGH 1RFKHLQ*HJQHU -HW]WHUVWEHPHUNWHLFKZHOFKHLQH.UDIWLQGHQNOHLQHQDEHU JHIlKUOLFKHQ:HVHQVWHFNWH(VKLHYWHGHQVFKZHUHQ7LVFKKRFK XQGZROOWHLKQPLUHQWJHJHQNLSSHQ ,FKNDPQLFKWVFKQHOOJHQXJZHJVRGDGLH.DQWHEHUPHLQ 6FKLHQEHLQVFKUDPPWH (VWDWYHUIOXFKWZHKXQGLFKYHU]RJGDV*HVLFKW 'DVNOHLQH0RQVWHUMHGRFKJULIIQLFKWDQVRQGHUQOLHIDXIGDV )HQVWHU]X 'LFKWGDYRUVHW]WHHV]XHLQHP6SUXQJDQ0LWHLQHP6DW] ZROOWHHVVLFKGXUFKGLH6FKHLEHVFKQHOOHQ 'DJHJHQKDWWHLFKHWZDV 0HLQ6FKXNUDFKWH ,QGHU/XIWZXUGHGDVGULWWH7HXIHOVNLQGKHUXPJHZLUEHOW NQDOOWHJHJHQGLHLQQHUH)HQVWHUEDQNXQGUXWVFKWHPLWGHU+lOIWH GHV2EHUN|USHUVEHUGLH%UVWXQJ 6REOLHEHVOLHJHQ 8QGVRYHUJLQJHVDXFK 'DV7HXIHOVJHVLFKW]HUILHOXQGGHU.|USHUJLQJEHULQGDV 6WDGLXPGHU9HUZHVXQJ :LHEHLGHQEHLGHQDQGHUHQ ,FKVWHFNWHGLH:DIIHZHJXQGQLFNWHGHP%UJHUPHLVWHU]X ª'LH*HIDKULVWYRUEHL©VDJWHLFK ª-D©IOVWHUWHHU 0HKUNRQQWHHUQLFKWVDJHQ,FKDEHUZLHVLKQDQVLFKXP 1DGLQH%HUJHU]XNPPHUQª+ROHQ6LHVLHKHU© (UQLFNWHXQGYHUVFKZDQGGXUFKGLH7U(UOLHVLHRIIHQXQG LFKNRQQWHLQGLH+DOOHVFKDXHQ

'RUWVDKLFK'RQ0LWFKHOO (UODJGLFKWYRUGHU7UHSSHXQGIUPLFKVWDQGIHVWGDLKP NHLQ$U]WGHU:HOWPHKUKHOIHQNRQQWH 'LHVHWHXIOLVFKHQ:HVHQKDWWHQVLFKHLQ]ZHLWHV2SIHUJHKROW ,FKJLQJ]X0DULRQ0LWFKHOO6LHKDWWHVLFKZlKUHQGGHUJHVDP WHQ=HLWQLFKWJHUKUWVRQGHUQDXIGHP%RGHQJHVHVVHQXQGVLFK PLWGHP5FNHQDQGLH:DQGJHOHKQW 'HQ.RSIKLHOWVLHJHVHQNW0LUVFKZDQWH%|VHVDOVLFKVDFKWLKU .LQQDQKRE :LOOHQORVOLHVLHHVJHVFKHKHQ ,FKVDKDXFKGHQ*UXQG 'DV0l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|KH GHU+IWHJHWURIIHQZRUGHQ ,FKGLULJLHUWH0DULRQ]XHLQHP6WXKODXIGHQVLHVLFKDSDWKLVFK QLHGHUOLH 'DQQNPPHUWHLFKPLFKXP1DGLQH'LH:XQGHQZDUHQQLFKW VFKOLPPVLHVFKPHU]WHQQXUZUGHQMHGRFKVFKQHOOYHUKHLOHQ 6LFKHUOLFKJDEHVLQGLHVHP+DXVHLQHQ9HUEDQGVNDVWHQ'HU %UJHUPHLVWHUZROOWHREHQLP%DGQDFKVHKHQ ª'XKDVWHVDOVRGRFKQRFKJHVFKDIIW©IOVWHUWH1DGLQHZREHL VLHLPPHUZLHGHUYRQ:HLQNUlPSIHQJHVFKWWHOWZXUGH ª-DQDWUOLFK© ª$EHUGLHDQGHUHQKDEHQQLFKWGDUDQJHJODXEW1XULFK© :DVVROOWHLFKGD]XVDJHQ",FKKDWWHMDVHOEVWQLFKWPHKUGDPLW JHUHFKQHWQDFKGHPZDVDOOHVJHVFKHKHQZDU$EHUGDVNRQQWH LFKLKUQLFKWVDJHQXQGPHLQWHGHVKDOEª1DMDLUJHQGZLHSDFNH LFKHVLPPHUNOHLQH1DGLQH©

ª,FKZHL-RKQLFKZHL©%HYRULFKPLFKYHUVDKSUHWHVLH LKUH/LSSHQDXIPHLQHQ0XQGXQGVFKRELKUHNOHLQH=XQJHQ VSLW]H]ZLVFKHQPHLQH=lKQH 'HU.XVDJWHDOOHV (LQ5lXVSHUQOLHXQVDXVHLQDQGHUIDKUHQ'HU%UJHUPHLVWHU VWDQGPLWGHU+DXVDSRWKHNHEHUHLWª1LFKWGDLFKXQEHGLQJW VW|UHQZLOODEHUHVLVWZLFKWLJ© ,FKODFKWHª6FKRQJXW© (VVWHOOWHVLFKKHUDXVGD.LERUDQHLQHQ.XUVXVDOV6DQLWlWHU PLWJHPDFKWKDWWH(UYHUVWDQGHWZDVYRQGHU(UVWHQ+LOIHXQG YHUEDQG1DGLQHV:XQGHQIDFKPlQQLVFK ,FKVDKPLFKXP (VZDUHLQVFKDXULJHV%LOGGDVGLHVH+DOOHERW9RUDOOHQ'LQJHQ PLWGHP7RWHQDQGHU7UHSSH8QGLQGHUREHUHQ(WDJHODJQRFK HLQH]ZHLWH/HLFKH 6LHDE]XWUDQVSRUWLHUHQZDU6DFKHGHU3ROL]HL1XUZROOWHLFKVLH QRFKQLFKWHLQVFKDOWHQGHQQGHU)DOOZDUQRFKQLFKWEHHQGHW'DV VDJWHLFKDXFKGHQEHLGHQ ª'DQQGDQQPVVHQZLUGDPLWUHFKQHQGD5LFN+ROORZD\ KLHUKHU]XUFNNHKUW"©IUDJWHGHU%UJHUPHLVWHU ,FKQLFNWH ª8QG"© ,FKOlFKHOWHVFKZDFKª(LQHHUNDQQWH*HIDKULVWQXUKDOEVR VFKOLPP©HUNOlUWHLFKª,FKZHUGHKLHUDXI+ROORZD\ZDUWHQ© ª:LH"© ª,FKVHW]HPLFKKLHULQGLH+DOOH© ª$EHUVFKDIIHQ6LHGDVGHQQ"© ª8QGREHUGDVVFKDIIW©HUZLGHUWH1DGLQH%HUJHUZREHLLKUH $XJHQEOLW]WHQª'DNHQQHQ6LH-RKQ6LQFODLUDEHUVFKOHFKW 0U.LERUDQ+DWHUXQVQLFKWDXFKDXVGHU.OHPPHJHKROIHQ"© ª:DUMDQXUHLQH)UDJH(QWVFKXOGLJXQJ© ,FKZLQNWHDE ª'DLVWQRFKHWZDV©VDJWHPLUGHU%UJHUPHLVWHUª'LHVH6WDQG XKUPXPLW+ROORZD\LQHLQHPXQPLWWHOEDUHQ=XVDPPHQKDQJ VWHKHQ,FKZHLQLFKWZLHLFKHVDXVGUFNHQVROODEHUGLH8KU VFKHLQWIULKQHLQH$UW6HHOH]XVHLQ© ,FKIXKUPLWGHP=HLJHILQJHUEHULQHLQHQ1DVHQUFNHQª'DV ZDUJDUQLFKWVFKOHFKW+HUU%UJHUPHLVWHU8QGVLFKHUOLFKKDEHQ

6LH]LHPOLFKJHQDXGHQ.HUQGHV3UREOHPVJHWURIIHQ-DHLQH$UW 6HHOH6RN|QQWHPDQHVVHKHQ©,FK|IIQHWHGLH=LPPHUWUXQG VFKDXWHDXIGLH8KU6LHVWDQGY|OOLJQRUPDODQGHU:DQG ª:UGHQ6LHPLUKHOIHQGDV'LQJLQGLH+DOOH]XVFKOHSSHQ"© .LERUDQQLFNWH 'LH8KUZDUVFKZHU'RFKLQJHPHLQVDPHU$UEHLWJHODQJHV XQVVLHLQGLH+DOOH]XYHUIUDFKWHQ ,FKJLQJQRFKHLQPDOQDFKGUDXHQ|IIQHWHGLH.RIIHUUDXP KDXEHXQGQDKPHLQHEHVWLPPWH:DIIHKHUYRU 'HVWHURV6FKZHUW ,PKDUWHQ.DPSIKDWWHLFKHVGHP'lPRQHQKHQNHUDEJHQRP PHQ1XQJHK|UWHHVPLU,FKKDWWHHVLQHLQHUZHLFKHQ /HGHUVFKHLGHVWHFNHQ'LHOLHLFKOLHJHQXQGQDKPQXUGDV 6FKZHUW $XIGHP:HJLQV+DXVEHVDKLFKPLUGLH.OLQJH 6LHVFKLPPHUWHEOlXOLFKXQGZDUIDQWDVWLVFKJHVFKOLIIHQ'LHVHV 6FKZHUWZDUZLUNOLFKHWZDV%HVRQGHUHV,FKNRQQWHVWRO]GDUDXI VHLQHVLQGHQ+lQGHQ]XKDOWHQ9RUNQDSSHLQHU:RFKHKDWWHLFK HVEHNRPPHQXQGZROOWHHVQXQ]XPHUVWHQ0DOHLQVHW]HQ 'HU%UJHUPHLVWHUXQG1DGLQH%HUJHUVDKHQPLFKEHUUDVFKW DQDOVLFKPLWGLHVHU:DIIH]XUFNNHKUWH ª:DVZROOHQ6LHGHQQGDPLW"©IUDJWH.LERUDQ 0HLQH$QWZRUWNODQJGLSORPDWLVFKª/DVVHQ6LHVLFKEHU UDVFKHQ+HUU%UJHUPHLVWHU© 'LH(LQJDQJVWUEHIDQGVLFKPLUGLUHNWJHJHQEHU,FKVDDXI HLQHP6WXKOXQGZDUWHWH +LQWHUPLUVWDQGGLH8KU'DV6FKZHUWKDWWHLFKEHUPHLQH .QLHJHOHJWGDV.UHX]KLQJRIIHQYRUPHLQHU%UXVW 6RHUZDUWHWHLFKGHQ=RPELH 1DGLQH%HUJHUGHQ%UJHUPHLVWHUXQG0DULRQ0LWFKHOOKDWWH LFKQDFKREHQJHVFKLFNW6LHVROOWHQHUVWZLHGHULQGLH+DOOH NRPPHQZHQQDOOHVYRUEHLZDU 'LH=HLWNDQQODQJZHUGHQZHQQPDQGDKRFNWXQGZDUWHW +LQWHUPLUYHUQDKPLFKGDV7LFNHQGHU8KU,P$QIDQJKDWWHHV PLFKHLQZHQLJEHXQUXKLJWMHW]WZDULFKGDUDQJHZ|KQW (LQSDDUPDOVFKRQKDWWHLFKQDFKJHUHFKQHWZLHODQJHHVZRKO

GDXHUQZUGHELVGHU=RPELHNDP:HQQHUDQGHU)HOVZDQG KRFKNOHWWHUQZROOWHNRQQWHLFKKLHUZDUWHQELVLFK6FKLPPHO DQJHVHW]WKDWWH6LFKHUOLFKJDEHVQRFKHLQHQDQGHUHQ:HJGHULQ :DVVHUK|KH]ZLVFKHQGLH)HOVHQVFKQLWWXQGGDQQ]XHLQHP EHJHKEDUHQ3IDGZXUGH 1HEHQPLUVWDQGHLQH)ODVFKHPLW0LQHUDOZDVVHU+LQXQG ZLHGHUQDKPLFKHLQHQ6FKOXFN /lQJVWKDWWHGLH8KUHOIPDOJHVFKODJHQXQGLFKIUDJWHPLFKRE +ROORZD\EHUKDXSWQRFKYRU0LWWHUQDFKWHLQWUHIIHQZUGH 'DV/LFKWEUDQQWHMHGHQIDOOVVRZXUGHLKPGHU:HJJHZLHVHQ )DVWYLHUXQG]ZDQ]LJ8KU 1XUQRFKGUHL0LQXWHQIHKOWHQ 0HLQHLQQHUH6SDQQXQJZXFKV,FKDKQWHGDGHU8QWRWHEDOG HLQWUHIIHQZUGH'DVKDWWHLFKJHZLVVHUPDHQLP*HIKOVSUWH HVLQGHQ)LQJHUVSLW]HQ 'UHL0LQXWHQN|QQHQVLFKJDQ]VFK|QLQGLH/lQJH]LHKHQGDQQ DEHUZDUHVVRZHLW 0LWWHUQDFKW )UHLQHQ0RPHQWK|UWHGDV7LFN7DFNGHU8KUDXI'DQDFK EHJDQQVLH]XVFKODJHQ=Z|OIPDO 8QGPLWGHPOHW]WHQ6FKODJZXUGHGLH(LQJDQJVWUPLW 9HKHPHQ]DXIJHWUHWHQ 'HU=RPELHZDUGD ,FKEOLHEQLFKWVLW]HQVRQGHUQVWDQGDXI 'LH7UIHJWHELV]XU:DQGXQGZXUGHYRQGRUWZLHGHU]XUFN JHVFKOHXGHUW+LQWHUGHP5FNHQGHV=RPELHVNQDOOWHVLHLQV 6FKOR%UHLWZXFKWLJXQGJHIlKUOLFKVWDQG5LFN+ROORZD\GD $EHUZLHVDKHUDXV 'HU6WXU]PXWHLKPHLQLJH.QRFKHQJHEURFKHQKDEHQ(LQH 6FKXOWHUVDVFKLHIHLQ$UPVWDQGVFKUlJDEGHU.RSIZDUDQGHU UHFKWHQ6HLWHJHVSOLWWHUW $EHUHUVSUWHNHLQH6FKPHU]HQHUOHEWHZHLWHUXQGZROOWH PLFKW|WHQ /DQJVDPNDPHUQlKHU ,FKWUDW]XU6HLWHXQGVWLHGHQ6WXKOZHJGHUPLFKMHW]WLQ PHLQHU%HZHJXQJVIUHLKHLWVW|UWH0LWEHLGHQ+lQGHQKLHOWLFK

GHQ6FKZHUWJULIIIHVW,FKZUGHGLH:DIIH]XPHUVWHQ0DOHLQ VHW]HQDEHUQLFKWJHJHQ5LFN+ROORZD\ 0HLQ3ODQVDKDQGHUVDXV )QI6FKULWWHZDUHUQRFKYRQPLUHQWIHUQWDOVLFKPLWXQJH KHXUHU:XFKW]XVFKOXJ 6HLWOLFKKlPPHUWHLFKGLH.OLQJHJHJHQGLHDOWH6WDQGXKU(V NOLPSHUWHVSOLWWHUWH+RO]EUDFKGDV3HQGHOIORJYRQHLQHU6HLWH ]XUDQGHUHQXQGPLWGHQ*HZLFKWHQZDUHVGDVJOHLFKH6SLHO +ROORZD\DEHUVFKULH 6HLQ/DXIZXUGHSO|W]OLFKJHEUHPVWHUNQLFNWHVHLWOLFKHLQXQG KDWWH0KHVLFKDXIGHQ%HLQHQ]XKDOWHQ 'HU]ZHLWH6FKODJ 'LHVPDOWUDILFKGLH8KUYRQYRUQ'LHVFKDUIH.OLQJHVlJWHLQ GDV+RO]VFKOLW]WHHVDXIXQGLFKYHUQDKPHLQHQJHOOHQGHQ 6FKUHL +ROORZD\]XFNWH]XVDPPHQ(UVFKWWHOWHVLFKZLHLP)LHEHU XQGDOVLFKPLWGHPGULWWHQ+LHEGLH8KUIDVWLQGHU0LWWHDXVHLQ DQGHUVFKOXJILHOHU]X%RGHQXQGZlO]WHVLFKVFKUHLHQGXPGLH HLJHQH$FKVH (VVWLPPWH =ZLVFKHQGHU8KUXQG5LFN+ROORZD\EHVWDQGHLQHPDJLVFKH 9HUELQGXQJGLHLFKMHW]WVWXIHQZHLVH]HUVW|UWH 'UHL6FKOlJHKDWWHQJHUHLFKWGHU8QWRWHODJDP%RGHQ$EHULFK ZROOWHPHKU 'HUYLHUWH6FKODJVROOWHDOOHVNODUPDFKHQ :HLWKROWHLFKDXV8QGGLHVPDO]LHOWHLFKDXIGDV+HU]GHU8KU GDV=LIIHUEODWW 'HVWHURV6FKZHUWKLHEHVLQ]ZHL7HLOH(VJDEHUVWHLQHQ VLQJHQGHQ7RQGHUGDQQLQHLQJHZDOWLJHV.UHLVFKHQEHUJLQJ GDVVLFKZLHGHUlQGHUWHXQG]XHLQHP)DXFKHQZXUGH 3O|W]OLFKTXROO5DXFKDXVGHU6FKQLWWVWHOOHGHUURWJHIlUEWZDU XQGDXVGHPVLFKHLQH7HXIHOVIUDW]HPDWHULDOLVLHUWHLQGLHLFKGHQ QlFKVWHQ6FKODJVHW]WH 'DV6FKZHUW]HUWHLOWHGHQ5DXFKDEHUHU]HUIDVHUWHDXFKVRXQG LFKK|UWHQLFKWQXUIHUQH6FKUHLHGLHDXVLUJHQGHLQHUDQGHUHQ 'LPHQVLRQ]XNRPPHQVFKLHQHQVRQGHUQYHUQDKPDXFKGLH ODXWHQ7RGHVUXIHGHV=RPELHV 5LFN+ROORZD\VWDUE

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lQGLJZDU ,KQWURPPHOWHLFKDXVGHP%HWW (LQHKDOEH6WXQGHVSlWHUZDUGDQQDOOHVJHNOlUW'LH7RWHQ ZXUGHQZHJJHVFKDIIW 1DGLQH%HUJHUZHLQWHDOVPDQ'RQ0LWFKHOOLQGHQ=LQNVDUJ OHJWHXQGLKQKLQDXVWUXJ6HLQH6FKZHVWHUVDVFKRQLQHLQHP .DVWHQZDJHQ6LHVSUDFKPLWVLFKVHOEVW9LHOOHLFKWKDWWHVLH*OFN XQGZUGHEHLHQWVSUHFKHQGHU%HKDQGOXQJJHVXQGXQGDXVGHU $QVWDOWHQWODVVHQ :LUPXWHQXQVQRFKOlQJHUH=HLWLQGHP+DXVDXIKDOWHQ (VJDOW]DKOUHLFKH)UDJHQ]XNOlUHQXQGVRJDUGHU&RPPLV VLRQHUSHUV|QOLFKWUDIHLQ0LWLKPUHGHWHLFKODQJHXQWHUYLHU $XJHQ :LUWUHQQWHQXQVLQEHLGHUVHLWLJHP(LQYHUQHKPHQ (VZXUGHVFKRQKHOODOVZLUGDV+DXVDXIGHQ.OLSSHQ YHUOLHHQ1DGLQHJLQJQHEHQPLU ª'XNDQQVWPLWPLUIDKUHQ©VFKOXJLFKYRU ª*HUQ© :LUYHUDEVFKLHGHWHQXQVYRQGHP%UJHUPHLVWHUGHUGLHVHQ 7DJZRKOQLHYHUJHVVHQZUGH ª:LOOVWGXGLUHNWQDFK/RQGRQ"©IUDJWH1DGLQHYLHOVSlWHUDOV ZLUGXUFKGLHKJHOLJH/DQGVFKDIWYRQ:DOHVUROOWHQ ª1HLQLFKNDQQQRFKHLQHQ7DJDXVVFKODIHQ:LHVR"© 6LHOlFKHOWHHWZDVYHUNUDPSIWª:HLOHVQLFKWZHLWYRQKLHUHLQ QHWWHVNOHLQHV+RWHOJLEWGHVVHQ%HVLW]HULFKJXWNHQQH:LUKDEHQ

GRUWPDOHLQHQ)HUQVHKILOPJHGUHKWXQGGLH$EHQGHIHXFKW IU|KOLFKLQGHU+RWHOEDUYHUEUDFKW© 1DWUOLFKHULQQHUWHVLFKGHU%HVLW]HUDQ1DGLQH%HUJHU:LU HUKLHOWHQDXFKHLQ=LPPHU ,FKEOLFNWHEHUUDVFKWDXIGDV)UDQ]|VLVFKH%HWW ª8QGGDVROOHQZLUVFKODIHQ"©IUDJWHLFKPLWHWZDVNUDW]LJHU 6WLPPH 1DGLQHQLFNWHPLU]Xª:DUXPQLFKW"© -D)UHXQGHZDUXPHLJHQWOLFKQLFKW"6FKOLHOLFKELQLFKDXFK QXUHLQ0DQQXQGZHU1DGLQH%HUJHUNHQQWGHUNDQQPHLQH $QWZRUWVHKUJXWYHUVWHKHQ

$/375$80,1$7/$17,6 (UIORJEHUGDV/DQGGHVVHQ:HLWHLQGDV$OOKLQHLQ]XVWRHQ VFKLHQXQGLUJHQGZRPLWGHPVHLGLJVFKLPPHUQGHQ+LPPHO]X HLQHU(LQKHLWYHUVFKPRO] (UOLHEWHGLHVHV/DQGPLWDOOVHLQHQ(EHQHQ6WlGWHQ7HPSHOQ 3DOlVWHQXQG0HQVFKHQ (UZDUKLHUHQWVWDQGHQNDQQWHGLH0DJLHZXWHYRQ*XWXQG %|VHYRQ)UHXGHXQG/HLGYRQ:HLVHQXQG3URSKHWHQYRQ 'lPRQHQXQGE|VHQ*HLVWHUQ 8QGGRFKXPZHKWH7UDXHUVHLQ+HU]GHQQGDV/DQGZDUGHP 7RGJHZHLKW(UDOV+WHUZXWHHV'HQQLKPZDUGHU%OLFNLQGLH =XNXQIWJHVWDWWHWZRUGHQ,QHLQHGVWHUHJUDXHQYROOH=XNXQIW LQGHUVLFKGLH0HQVFKHQQLFKWGHP*XWHQKDWWHQ]XZHQGHQ N|QQHQGHQQVLHODFKWHQEHUGLH:HLVVDJXQJHQGHU3URSKHWHQ XQGGHU$OWHQ6LHJDEHQVLFKVWDWWGHVVHQGHP/DVWHUKLQEHWHWHQ *|W]HQDQIKUWHQILQVWHUH%HVFKZ|UXQJHQGXUFKXQGVSLHOWHQ PLWGHP*UDXHQ 6LHZUGHQGDIUEHQ$XIHLQHVFKOLPPH$UWXQG:HLVH GHQQGLH+HLOLJHQ.UlIWHOLHHQVLFKQLFKWYHUVSRWWHQ 6FKRQMHW]WUXPRUWHHVLQGHQ9XONDQHQHLQHVFKUHFNOLFKH)OXW GLHDOOHVYHUVFKOLQJHQZUGHZDUDQJHVDJWZRUGHQ'DVVWRO]H $WODQWLVGDV$WODQGHP6RKQGHV=HXVJHZHLKWZDUZUGH XQWHUJHKHQ 1RFKHLQPDOIORJHUVHLQH5XQGHVFKDXWHQLHGHUDXIGLHZHLWHQ IUXFKWEDUHQ7lOHUXQGVDKGLH.HJHOGHUJHIlKUOLFKHQ9XONDQHGLH EDOG7RGXQG9HUGHUEHQDXVVSHLHQZUGHQ 'DQQJDEHVNHLQH5HWWXQJPHKUGLH+|OOHZUGHODFKHQXQG WDXVHQG'lPRQHQULHEHQVLFKGLH+lQGH6LHKDWWHQGHQJHZDOWL JHQ.DPSIJHZRQQHQZHLOGLH0HQVFKHQ]XDUURJDQWJHZHVHQ ZDUHQ 9LHOOHLFKWNRQQWHQVLFKHLQLJHYRQLKQHQUHWWHQ9LHOOHLFKWDXFK QLFKW6LHZUGHQVLFKPLWDQGHUHQ9|ONHUQYHUPLVFKHQXQG LUJHQGZDQQLQ7DXVHQGHQYRQ-DKUHQGLH(ULQQHUXQJDQGDVHLQVW VRVWRO]H5HLFKZLHGHUILQGHQ (UIORJZHLWHUXQGDXIVHLQHPW|QHUQVFKLPPHUQGHQ*HVLFKW EUHLWHWHVLFKGHU6FKPHU]DXV9LHOOHLFKWZDUHVGDVOHW]WH0DOGD HUVRIOLHJHQNRQQWHGDHUVHLQH)UHXQGHWUDIGLHDOOHVYHUVXFKW KDWWHQGHQ8QWHUJDQJDXI]XKDOWHQDEHU]XVSlWJHNRPPHQ ZDUHQ

'HUODXH$EHQGZLQGHUIDWHLKQXQGWUXJLKQK|KHUZRGLH /XIWNlOWHUZDUXQGGHU%OLFNQRFKZHLWHUVFKZHLIHQNRQQWH%LV KLQ]XP0HHUGDVYRUGHP.RQWLQHQWVRKDUPORVJHJHQGHQ ZHLHQ6WUDQGVSOWHXQGGRFK]XHLQHPJHIlKUOLFKHQ5DXEWLHU ZHUGHQNRQQWHZHQQGHU:LQGGLH:HOOHQ]XJOlVHUQHQ%HUJHQ DXIWUPWHXQGPLWXQJHKHXUHU:XFKWJHJHQGHQ6WUDQGZDUI 7UlQHQIORVVHQDXVVHLQHQ$XJHQZHQQHUDQ$WODQWLVGDFKWH 'HQQGDQQZDUDXFKVHLQH=HLWYRUEHL(UZUGH]ZDUEHUOHEHQ DEHUHLQJHKHQLQHLQ=ZLVFKHQUHLFKZRHUVHOEVWNHLQH$XIJDEH PHKUEHVDXQGDQGHUHQ*HVHW]HQXQWHUOLHJHQZUGH $WODQWLV 'X/DQGLP0HHUGDV(UEHGHVJURHQ=HXV$WODQJHZHLKW GHP6WHUEHQQDKGHQ7RGYRU$XJHQ (UIORJZHLWHUXQGVDKWLHIXQWHUVLFKGLHHUVWHQ$XVOlXIHUGHV +RKHQ*HELUJHV(VWUHQQWHGLHVHVJHZDOWLJH5HLFKZDUGLH *UHQ]H]ZLVFKHQ*XWXQG%|VH -HQVHLWVGHU+RKHQ%HUJHKDXVWHGDV%|VH'RUWEURGHOWHGLH +|OOHGDODXHUWHQGLH)HLQGHGLHHVLPPHUEHUIDOODUWLJVFKDII WHQLQGHQDQGHUHQ7HLOGHV5HLFKHVHLQ]XGULQJHQXQGLKQ]X XQWHUZDQGHUQhEHUDOOKDWWHQVLHVFKRQLKUH6WW]SXQNWHXQG EHUHLWHWHQGHQ1LHGHUJDQJGLHVHVVWRO]HQ5HLFKHVYRU 1DFKWVZHQQEODXVFKZDU]GLH'XQNHOKHLWEHUGHP.RQWLQHQW ODJZDUHQVLHXQWHUZHJV'DQQVFKLFNWHQVLHLKUH6SLRQHXQG 'LHQHUDXVLKUH0RQVWHUXQG'lPRQHQXPGLH*HUHFKWHQGLH *XWHQGLH:HLHQ0DJLHU]XW|WHQRGHUXP]XGUHKHQ 1XUZHQLJHEOLHEHQVWDQGKDIW9LHOHVWDUEHQDXIJUDXHQYROOH$UW XQG:HLVHXQGZHQQDP0RUJHQGLH6RQQHGLH1DFKWYHUWULHE GDQQOHXFKWHWHPDQFKPDOVHLQ.RQWHUIHLDQGHQ:lQGHQGHU +lXVHUXQG7HPSHO (LQJHIlKUOLFKHV%LOG(LQH0DOHUHLGHV6FKUHFNHQVGHQQHUZDU GHUMHQLJHGHUEHUGDV'lPRQHQUHLFKLQGLHVHP/DQGKHUUVFKWH 6HLQVFKZDU]HU7RWHQVFKlGHOJOlQ]WHDOVZlUHHUPLW7LHUIHWWHLQ JHULHEHQZRUGHQ1XUVHLQH$XJHQZDUHQKHOO 1RFKQLHZDULKPHLQ*HUHFKWHUHQWNRPPHQ'HQQHUZDULQ VHLQHU*UDXVDPNHLWHLQPDOLJ8QGVHLQH$QKlQJHUGLHJHZDOWLJH 'LHQHUXQG'lPRQHQVFKDUJHKRUFKWHQLKPEOLQG (UZDULKU0HLVWHUHUZDUGHU6FKZDU]H7RG

(UIORJZHLWHU1LFKWHLQHQ%OLFNZDUIHULQGLH7lOHUGLHKLHUVFKRQ GVWHUXQGGURKHQGDXVVDKHQ,QPDQFKHQJOKWHHLQURWHV/LFKW GDVGLHVFKPDOHQ3IDGHXQG:HJHGLHGLH7lOHUGXUFK]RJHQZLH PLW%OXWDXVIOOWH (UZXWHGDVHLQH0LVVLRQJHIlKUOLFKZDUDEHUHUZXWHDXFK GDHUQLFKWDQGHUVNRQQWH(VZUGHLKPQLFKWPHKUJHOLQJHQ GHQ8QWHUJDQJ]XYHUKLQGHUQDEHUYLHOOHLFKWNRQQWHHUDOV%LWW VWHOOHUDXIWUHWHQXQGYHUVXFKHQHLQHGHU3DUWHLHQ]XU0lLJXQJ ]X]ZLQJHQ 'HQQDXFKGLH'lPRQHQZDUHQVLFKQLFKWHLQLJ6LHKDWWHQVLFK LQ]ZHL3DUWHLHQJHVSDOWHQ 'LHHLQHGLHGHP6FKZDU]HQ7RGJHKRUFKWHZROOWHGLHWRWDOH 9HUQLFKWXQJ'LHDQGHUHMHGRFKDQJHIKUWYRQ0\[LQGHP 0DJLHUZROOWHQXUGLH8QWHUMRFKXQJGHU0HQVFKHQ %HLGHVZDUVHKUVFKOLPPDEHU0\[LQZDUGDVNOHLQHUHhEHO 6RZHLWGDFKWHGHU%RWHXQGGHVKDOEZDUHUXQWHUZHJVXPQRFK HLQPDOPLW0\[LQ]XVSUHFKHQ 'LH:HLVHQKDWWHQLKQJHVFKLFNWGHQQHUZDULKU)UHXQG6LH YHUOLHHQVLFKDXIVHLQH+LOIHGRFKZDVKDWWHHUIUVLHWXQ N|QQHQ"'HU(LVHUQH(QJHONRQQWHQLFKWPHKULQGDV5lGHUZHUN GHU9HUQLFKWXQJHLQJUHLIHQXQGHV]XP6WLOOVWDQGEULQJHQ $WODQWLVZDUYHUORUHQ8QGGHU(LVHUQH(QJHOYHUVXFKWH]X UHWWHQZDVQRFK]XUHWWHQZDU ,Q]ZLVFKHQKDWWHHUGDV*HELHWHUUHLFKWLQGHP0\[LQGHU 0DJLHUUHJLHUWH$XFKHUKDWWHVHLQH'LHQHU]XU9HUIJXQJ (VZDUHQGLHVFKZDU]HQ9DPSLUH%OXWVDXJHQGH0RQVWHUGLH MHGHQDQILHOHQGHUHVZDJWHGLH*UHQ]HQLKUHV5HLFKHV]XEHU VFKUHLWHQ 'HU(LVHUQH(QJHOKDWWHNHLQH$QJVW$OV)KUHUGHU 9RJHOPHQVFKHQJDOWHUQDKH]XDOVXQEHVLHJEDUXQGDQLKPZU GHQVLFKDXFKGLHVFKZDU]HQ9DPSLUHHLQHV0\[LQGLH=lKQH DXVEHLHQ 'DNDPHQVLHVFKRQ 'HU(LVHUQH(QJHOVDKZHLWYRUDXVGLHZLQ]LJHQGXQNOHQ 3XQNWHGLHDXVGHQJHKHLPQLVYROOHQ7lOHUQKRFKVWLHJHQVLFKLQ GHQODQJVDPJUDXIlUEHQGHQ+LPPHOVFKUDXEWHQXQGLKU=LHO DQYLVLHUWHQ /lQJVWZXWHQVLH%HVFKHLGGDMHPDQGHVJHZDJWKDWWHGLH

*UHQ]H]XEHUIOLHJHQ'LHVHV/DQGKDWWHXQ]lKOLJH$XJHQXQG 2KUHQ 6LHZUGHQLKQ]XW|WHQYHUVXFKHQ 'RFKGHU(LVHUQH(QJHONDQQWHNHLQH$QJVW(UZDUHLQ0DQQ GHV)ULHGHQV8QGVROOWHQVLHLKQGHQQRFKDQJUHLIHQZUGHVHLQ 6FKZHUWHLQHEOXWLJH(UQWH]ZLVFKHQGHQVFKZDU]HQ9DPSLUHQ KDOWHQ (U]lKOWH =HKQZDUHQHV 0\[LQJLQJLPPHUDXI6LFKHUKHLWZHQQHUVHLQH/XIWWUXSSHQ LQV*HIHFKWVFKLFNWH 8QGVLHZDUHQVFKQHOO,P'LUHNWIOXJVWHXHUWHQVLHDXIGHQ (LVHUQHQ(QJHO]X -HW]WVDKHUVLHJHQDXHU 5LHVLJH)OHGHUPlXVHPLWVHOWVDPJURHQ.|SIHQGLHPDQFKPDO VRJDUPHQVFKOLFKH*HVLFKWHUDXIZLHVHQ8QGDQLKUHU6SLW]HIORJ HLQEHVRQGHUVSUl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|UW(UNDQQWH GLH.UDIWGLHLQGLHVHP%RWVFKDIWHUGHV)ULHGHQVVWHFNWH0LW HLQHP6FKZHUWVWUHLFKNRQQWHHUJOHLFKPHKUHUHYRQLKQHQW|WHQ *RUDQYHUKDUUWH 'HQDQGHUHQHUJLQJHVHEHQVR$XFKVLHEOLHEHQLQGHU/XIW VWHKHQXQGQXW]WHQJHVFKLFNWGHQDEHQGOLFKHQ$XIZLQGGHUDXV GHQ7lOHUQELV]XLKQHQGUDQJ (LQH=HLWODQJVSUDFKQLHPDQGELVGHU(LVHUQH(QJHOVDJWH ª/DWPLFKGXUFKLFKPX]XLKP©

*RUDQHQWEO|WH]ZHLVWDUNHXQGVHKUVSLW]H9DPSLU]lKQHª=X ZHPZLOOVWGX"© ª=X0\[LQ© ª(UZLUGGLFKQLFKWHPSIDQJHQ© ª'DVVROOHUPLUVHOEVWVDJHQ© *RUDQODFKWHNUlFK]HQGª1HLQLFKZHLHVHUZLOOGLFKQLFKW VHKHQ(QJHO9HUVFKZLQGH© 'HU%RWVFKDIWHUGHV)ULHGHQVKDWWHJHZXWGDHV6FKZLHULJ NHLWHQJHEHQZUGHDEHUVLHVFKUHFNWHQLKQQLFKW(UHQWJHJQHWH ª'XZHLWJHQDXGDLFKQLFKWJHUQ]XU:DIIHJUHLIHGRFKZHQQ GDQQW|WHLFKDXFK'HQNGDUDQ© *RUDQEHUOHJWH(UNDQQWHGLH6WlUNHGHV(LVHUQHQ(QJHOVGHU YRQGHQ*|WWHUQVHOEVWHUVFKDIIHQZDUXQGXQWHULKUHP6FKXW] VWDQGELVLQDOOH(ZLJNHLWHQ=XGHPNRQQWHHUHLQHQ.DPSIZLUN OLFKQLFKWULVNLHUHQHUGXUIWHNHLQHQ9DPSLUYHUOLHUHQGHQQLQGHU $XVHLQDQGHUVHW]XQJJHJHQGHQ6FKZDU]HQ7RGEUDXFKWHHUMHGHQ YRQLKQHQ (UEHVFKORGHVKDOEDXIHOHJDQWH$UWXQG:HLVHHLQHQ 5FN]LHKHU]XPDFKHQª:DVZLOOVWGXYRQ0\[LQ"© ª'DVVDJHLFKGLUQLFKW*RUDQ© ª$EHULFKN|QQWHHLQ)UVSUHFKHUIUGLFKVHLQ:HUZHLRE 0\[LQGLFKHPSIDQJHQZLUG© 'HU(LVHUQH(QJHOODFKWHª$XIGLHVH$UWXQG:HLVHNDQQVWGX PLFKQLFKWEHUOLVWHQ%ULQJPLFKHQGOLFK]XGHLQHP)KUHU© *RUDQ]|JHUWHQRFKHLQH:HLOHVFKOLHOLFKVWLPPWHHU]X ª-DLFKZHUGHGLFKKLQEULQJHQ©VDJWHHUª$EHUQXUGLHVHVHLQH 0DO© ª(LQ]ZHLWHV0DOZLUGHVQLFKWPHKUJHEHQ© *RUDQV*HVLFKWYHU]HUUWHVLFK'LHODQJHQVSLW]HQ=lKQH ZXUGHQVLFKWEDU ª:LHPHLQVWGXGDV"© ª6RZLHLFKHVJHVDJWKDEH(VJLEWNHLQ]ZHLWHV0DOPHKUIU GLFK*RUDQ© (VZDUHQKDUWH:RUWH*RUDQKlWWHVLHQLHDN]HSWLHUWDEHUHU NDQQWHGHQ5XIGHV(LVHUQHQ(QJHOVHEHQ]XJXWª)ROJHPLU© VDJWHHUXQGPDFKWHNHKUW 'DEHLEUHLWHWHHUDEHUPDOVVHLQHJHZDOWLJHQ6FKZLQJHQDXVGLH GLH)DUEHGHU1DFKWGHU'XQNHOKHLWDXIZLHVHQ/DXWORVVHJHOWHHU

YRUDQXQGGHU(LVHUQH(QJHOVFKORVLFKLKPDQ'LHEULJHQ 9DPSLUHELOGHWHQGLH1DFKKXW'DEHLOLHHQVLHLKUHQ!*DVWIU NHLQHQ0RPHQWDXVGHQ$XJHQ 6LHEHKLHOWHQGLHXUVSUQJOLFKH+|KHQLFKWEHLVRQGHUQJOLWWHQ LQHLQHQ6LQNIOXJ'LH6FKOXFKWHQXQG7lOHUZXUGHQVFKQHOO JU|HU6LHZLUNWHQZLHJHIlKUOLFKH6FKOQGHLQGHQHQDOOH 6FKUHFNHQGHU9HUGDPPQLVODXHUWHQ )U0HQVFKHQZDUHQVLHW|GOLFKYHUKlQJQLVYROOXQGVHOEVWGLH :HLVHQGHU0DJLHWUDXWHQVLFKQLFKWLQGLHVHV5HLFKZRGDV%|VH 7UXPSIZDUXQGGLH+|OOHLKUH3IRUWHQ|IIQHWH 0DQFKH9XONDQHGHXWHWHQQRFKDXIHLQHUHJH7lWLJNHLWKLQ$XV LKUHQ.HJHOQVWLHJHQ5DXFKIDKQHQKRFKXQGWLHILQLKUHP,QQHUQ K|UWHQGHU(LVHUQH(QJHOXQGGLH9DPSLUHHLQGXPSIHV*UROOHQ XQG5XPRUHQ $XFKVLHZUGHQLKU)HXHUXQGGLHJOKHQGH/DYDJHJHQGHQ +LPPHOVSHLHQZHQQGDVVWRO]H$WODQWLVYHUVDQN'HU(LVHUQH (QJHOGDFKWHPLW:HKPXWGDUDQ (UZXWHDXFKZR0\[LQKDXVWH,QHLQHUJHZDOWLJHQ+|KOH GLHVFKRQPHKUHLQHP)HOVHQGRPJOLFKXQGGLHQXUHLQHQHLQ]L JHQ(LQJDQJDXVGHU/XIWKDWWH (LQH.UDWHU|IIQXQJGLHZLHHLQ.DPLQZLUNWHXQGGLHDXFKJXW ]XYHUWHLGLJHQZDU %LVKHUDOOHUGLQJVKDWWHQGLH9DPSLUHQRFKQLFKWXPLKUH ([LVWHQ]NlPSIHQPVVHQGHQQGHU6FKZDU]H7RGXQGVHLQH 9DVDOOHQKDWWHQVLFKLPPHU]XUFNJHKDOWHQ6LHZDUHQLQLKUHP 5HLFKJHEOLHEHQXQGKDWWHQVLFKPHKUDXIGHQ8QWHUJDQJGHU ,QVHONRQ]HQWULHUWGHQQGHU6FKZDU]H7RGZROOWGDV&KDRV (UIKOWHVLFKHUVWZRKOZHQQ3DQLN$QJVWXQG(QWVHW]HQKHUU VFKWHQXQGHLQH:HOWGHP%|VHQJHZHLKWZDU (LQEHVRQGHUVKRKHU%HUJVWDFKGHP(LVHUQHQ(QJHOLQV$XJH (UZXWHGDHUGHQ(LQJDQJ]X0\[LQV5HLFKGDUVWHOOWH 'HU%HUJOLHIDQVHLQHU6SLW]HZLHHLQH7XOSH]XGHUHQ(LQVWLHJ RIIHQZDU *RUDQIORJLKQDQ (LQJHZDOWLJHU6FKDWWHQVHJHOWHODXWORVDXIGLH.UDWHU|IIQXQJ]X XQGXPNUHLVWHVLHHLQPDO'DEHLVWLHHUHLQHQJHOOHQGHQ5XIDXV GHULQGLHgIIQXQJKLQHLQVFKDOOWHXQGDOVVFKDXULJHV(FKRZHLWHU JHOHLWHWZXUGH

1LHPDQGKLHOWLKQDXIDOVHUVHLQHJHZDOWLJHQ)OJHODQOHJWH XQGLQGLHgIIQXQJHLQWDXFKWH 'HU(LVHUQH(QJHOIROJWH 'XQNHOKHLW 8QGQRFKGXQNOHUH6FKDWWHQGLHDQGHQIHOVLJHQ:lQGHQ ODXHUWHQXQGPLWJOKHQGHQ$XJHQDXIGHQ(LQGULQJOLQJVWDUUWHQ (VZDUHQHEHQIDOOV:lFKWHUGLHGDV5HLFKGHV0DJLHUVEHZDFKWHQ GDPLWVLFKNHLQ8QEHIXJWHU(LQWULWWYHUVFKDIIWH 6WHLOJLQJHVLQGLH7LHIH'HU(LQVWLHJYHUVFKZDQGKLQWHULKQHQ ]XHLQHPZLQ]LJHQ3XQNWXQGGLH$QN|PPOLQJHIORJHQGHP GVWHUHQ*ORVHQHQWJHJHQGDVYRP%RGHQKHU]XLKQHQKHUDXI OHXFKWHWHLKQHQVRJDUHQWJHJHQ]XNRPPHQVFKLHQXQGLKUH *HVLFKWHUPLWHLQHPGXQNHOURWHQ6FKHLQEHUZDUI ,KU=LHO 3O|W]OLFK]LVFKWHQVLHLQGLHJHZDOWLJH+|KOHGLHVLFKZHLWYRU LKQHQDXIWDWXQGLQGHU0\[LQVHLQ+DXSWTXDUWLHUKDWWH (VJDEQRFK]DKOUHLFKHNOHLQHUH+|KOHQLQGLHVHP%HUJ'RUW VROOWHQXQWHUDQGHUHPGLH)ROWHUNDPPHUQVHLQZRPHKUDOVHLQ PDOGLH6FKUHLHGHU*HNQHFKWHWHQGXUFKGLH+|KOHKDOOWHQ6HKU RIWKROWHQVLFKGLHVFKZDU]HQ9DPSLUH0HQVFKHQXPVLHDXV]X IUDJHQ:XWHQVLHGDQQJHQXJEHUOLH0\[LQGLH%HGDXHUQV ZHUWHQVHLQHQ9DPSLUHQGLHLKQHQGDV%OXWELVDXIGHQOHW]WHQ 7URSIHQDXVVDXJWHQ (UZXWHVFKRQOlQJVW%HVFKHLGZHOFKHU*DVWGD]XLKPNDP (VKDWWHVLFKKHUXPJHVSURFKHQ]XGHPEHIDQGVLFKGHU0DJLHU PLW*RUDQLPGLUHNWHQ.RQWDNW 0\[LQZDUWHWHVFKRQ :HQQPDQVHLQH.|USHUJU|HEHWUDFKWHWHXQGGDUDQGDFKWH GDHUHLQ0DJLHUVHLQVROOWHGDQQNRQQWHPDQQXUGHQ.RSI VFKWWHOQ'LHVHVNOHLQHJUQH0lQQFKHQHQWVSUDFKQlPOLFKQLFKW GHQODQGOlXILJHQ9RUVWHOOXQJHQHLQHV0DJLHUV(UVFKLHQYHU ZDFKVHQ]XVHLQZDUHKHUHLQHWUDXULJH*HVWDOWXQGZLUNWHVRJDU VFKPDOXQG]HUEUHFKOLFK6HLQH+DXWVFKLOOHUWHJUQGLHNOHLQHQ $XJHQODJHQWLHILQGHQ+|KOHQXQGGDV*HVLFKWZLUNWHLUJHQG ZLHVFKXSSLJZHQQPDQHVYRQQDKHPEHWUDFKWHWH6HLQH .|USHUIRUPZDUPHQVFKOLFKJDQ]LP*HJHQVDW]]XGHUGHV 6FKZDU]HQ7RGVGHUGLH)RUPHLQHVJHZDOWLJHQ6NHOHWWHVKDWWH XQGDOOHLQGXUFKVHLQ$XVVHKHQ$QJVWXQG6FKUHFNHQYHUEUHLWHWH

'DHUHVQRFKQLFKWJHVFKDIIWKDWWH0\[LQ]XEHVLHJHQEHZLHV ZLHVWDUNDXFKGHUNOHLQH0DJLHUZDU$XIVHLQH$UWXQG:HLVH ZDUHUHLQPDOLJXQGHUZXWHVHLQH.UlIWHJXWHLQ]XWHLOHQ 1DWUOLFKEHIDQGHUVLFKQLFKWDOOHLQLQGHU+|KOH(UZDUXP JHEHQYRQVHLQHQ'LHQHUQ'LHVFKZDU]HQ9DPSLUHKDWWHQVLFK EHUDOOJXWYHUWHLOW0DQFKHKLQJHQDXFKDQGHQ:lQGHQXQG ZHQQVLHVLFKDEVWLHHQXQGGDEHLGLH)OJHODXVEUHLWHWHQHU W|QWHMHGHVPDOHLQJHZDOWLJHV5DXVFKHQ 'LHPHLVWHQYRQLKQHQKDWWHQLKUH0lXOHUZHLWDXIJHULVVHQXQG GLHJHIlKUOLFKHQ=lKQHJHEOHFNW$XVLKUHQNOHLQHQ$XJHQ EHWUDFKWHWHQVLHGHQ(LVHUQHQ(QJHOYROOHU*LHU $EHUVLHZDJWHQQLFKWLKQDQ]XJUHLIHQ0\[LQKDWWHQRFK NHLQHQ%HIHKOGD]XJHJHEHQ 'HU0DJLHUOLHVHLQH%OLFNHEHUGLHHKHUQH*HVWDOWGHV(QJHOV ZDQGHUQ 'LHVHU%RWHVDKDXVZLHHLQH6WDWXH0DQNRQQWHPHLQHQHU ZlUHDXV.XSIHUGHQQVRVFKLPPHUWHVHLQH+DXWhEHUJURYRQ *HVWDOWVWDQGHUDXIUHFKWYRUGHP0DJLHUXQGOLHNHLQHQ%OLFN YRQ0\[LQVNOHLQHU*HVWDOW 6HLQHUHFKWH+DQGODJDXIGHP*ULIIGHQ6FKZHUWVHLQ=HLFKHQ GDHUJHZLOOWZDU*HZDOWPLW*HZDOW]XEHDQWZRUWHQ:HQQVLH LKQDQJUHLIHQVROOWHQGDQQZUGHHUVFKUHFNOLFKXQWHUGHQ 9DPSLUHQDXIUlXPHQZLHHUHVVFKRQHLQPDOJHWDQKDWWHDOV 0\[LQLKQLQVHLQH*HZDOWEULQJHQZROOWH $EHUGDVZDUVFKRQODQJHKHU6HLWGLHVHU=HLWUHVSHNWLHUWHQ VLFKGLHEHLGHQXQG0\[LQKDWWHQLHPHKUGHQ9HUVXFKXQWHU QRPPHQGHQ(LVHUQHQ(QJHOVHOEVW]XW|WHQ(UYROOIKUWHYLHO PHKUGLH3ROLWLNGHUIHLQHQ1DGHOVWLFKH6FKRQPDQFKHU9RJHO PHQVFKZDUYRQGHQVFKZDU]HQ9DPSLUHQELVDXIGHQOHW]WHQ %OXWVWURSIHQDXVJHVDXJWZRUGHQ (QGOLFKEHTXHPWHVLFK0\[LQ]XVSUHFKHQª:DVZLOOVWGXYRQ PLU":HVKDOEELVWGXKHUJHNRPPHQ"© 'DV*HVLFKWGHV(QJHOVEOLHEXQEHZHJWDOVHUVHLQHQ0XQG|II QHWHª,FKZLOOPLWGLUVSUHFKHQ0\[LQ© ª8QGZRUEHU"© ªhEHUGLH=XNXQIW,FKZLOOQLFKWGDGLHVH,QVHOXQWHUJHKW'X XQGLFKZLUN|QQHQHVYHUKLQGHUQ© 'HU0DJLHUODFKWH(VZDUHLQKlPLVFKHV*HOlFKWHUXQGZXUGH

YRQGHQUDXKHQ)HOVZlQGHQ]XUFNJHZRUIHQª:DVVROOWHPLFK GD]XYHUDQODVVHQPLFKDXIGHLQH6HLWH]XVWHOOHQ© ª'HU6FKZDU]H7RG© ª:LHVR"© ª,VWHUQLFKWDXFKGHLQ)HLQG0\[LQ"© ª'DVVWLPPW$EHULFKELQQLFKWVRGXPPXQGYHUEQGHPLFK PLWGLU(QJHOGHQQGDVZlUHVHKUVFKOLPP'XVWHKVWDXIGHU DQGHUHQ6HLWHZlKUHQGGHU6FKZDU]H7RGHLQ6FKZDU]EOWHULVW ZLHDXFKLFK:HQQHVXQVJHOlQJHLKQ]XEHVLHJHQZUGHVWGX QLFKWHKHUUXKHQELVDXFKLFKJHW|WHWZlUH'DVLVWHVGRFKZDV GXZLOOVW(QJHO,FKGXUFKVFKDXHGHLQHQ3ODQVHKUZRKO'X PXWPLFKQXUQLFKWIUGXPPKDOWHQ© ª,FKZHUGHPLFKKWHQ© ª0LUDOOHUGLQJVNDPHVVRYRU© 'HU(LVHUQH(QJHOVFKWWHOWHGHQ.RSIª:DUXPZLOOVWGXGLHVHQ .RQWLQHQW]HUVW|UHQ"(UVROOOHEHQHUVROOJHGHLKHQXQGGLH 0HQVFKHQVROOHQVLFKHQWZLFNHOQN|QQHQ$WODQWLVGDUIQLFKW XQWHUJHKHQ0HLQH7UlXPHPHLQH9LVLRQHQVROOHQNHLQH:DKUKHLW ZHUGHQLFKZLOODOOHVWXQXPGLHV]XYHUKLQGHUQ© ª'XLUUVW,FKZLOOGLH=HUVW|UXQJQLFKW© ª$EHUGLH8QWHUMRFKXQJ© ª,FKZLOOQXUGHU.|QLJLQGLHVHP/DQGVHLQ© ª8QGGDPLWGDVJHOLQJWVWU]WGXHLQHQJDQ]HQ.RQWLQHQWLQ GDV9HUGHUEHQ© ª'HU6FKZDU]H7RGNDQQLKQPLUDXFKNDPSIORVEHUODVVHQ© HUZLGHUWH0\[LQ ª'XZHLWVHOEVWGDHUVRHWZDVQLHPDOVWXQZUGH© ª'HVKDOEELQLFKGRFKQLFKWVFKXOGZHQQ$WODQWLVVWLUEW,FK ZHUGHEHUOHEHQ©VDJWH0\[LQ ª%LVWGXGLUVLFKHU"© ª9|OOLJ© 'HU(LVHUQH(QJHOQLFNWHª1XQJXW©VDJWHHUª8QGZDQQZLUG HV]XP.DPSINRPPHQ"© ª,FKZHLHVQRFKQLFKWGHQQLFKKDEH=HLW© ª+DVWGXGLH9RU]HLFKHQQLFKWYHUQRPPHQ"+|UVWGXQLFKWZLH HVLP6FKRGHU(UGHJUROOWXQGGRQQHUW"'HU6FKZDU]H7RGKDW EHUHLWVGLH.UlIWHGHU7LHIHPRELOLVLHUW6LHZHUGHQGLFKXQGGHLQH 9DPSLUHYHUQLFKWHQ0\[LQ(ULVWVWlUNHUDOVGX'LH*URHQ

$OWHQKDEHQJHZXWZHQVLHGDHUVFKXIHQ8QGHULVWVRDOWZLH GLH:HOWYLHOOHLFKWQRFKlOWHU© ª'DVVFKUHFNWPLFKQLFKW© ª'DQQJLEWHVNHLQH/|VXQJ© ª'RFK©0\[LQOlFKHOWHª'HQ.DPSI© ª'DVLVWNHLQ$XVZHJ0DJLHU.DPSIZHQQLFKGDVK|UH.DQQ PDQGHQQQLFKWLQ)ULHGHQOHEHQ"© 0\[LQWUDWSO|W]OLFKHLQHQ6FKULWWYRUª9HUODVVHPHLQH+|KOH© ]LVFKWHHUª*HKWMHW]WLFKZLOOGLFKQLFKWPHKUKLHUVHKHQ'X VROOVWYHUVFKZLQGHQ© ª+DVWGXGLUGHLQH:RUWHJXWEHUOHJW"© ª-DGHQQLFKJHEHGLUQXUHLQPDOHLQH&KDQFHYRQKLHUOHEHQG ZHJ]XNRPPHQ© ª,FKODVVHPLUQLFKWGURKHQ© (LQ/lFKHOQVSLHOWHXP0\[LQV/LSSHQDOVHUGLHUHFKWH+DQG KRE6HLQHODQJHQVSLQQHQDUWLJZLUNHQGHQ)LQJHUVFKORVVHQVLFK 'DV=HLFKHQIU]ZHLVHLQHU9DPSLUH 3O|W]OLFKVWU]WHQVLHVLFKDXIGHQ%HVXFKHU 8QGQXQ]HLJWHGHU(LVHUQH(QJHOZDVLQLKPVWHFNWH(UUL VHLQ6FKZHUWKHUYRUOLHGLHEHLGHQ9DPSLUHKHUDQNRPPHQXQG GDVLHGLFKWQHEHQHLQDQGHUIORJHQWUHQQWHHULKQHQPLWHLQHP 6WUHLFKEHLGH.|SIHDE 6LHNODWVFKWHQ]X%RGHQ'LH.|USHUIODWWHUWHQQRFKHLQ6WFN ZHLWHUGDQQILHOHQDXFKVLHXQGZXUGHQHEHQVR]X6WDXEZLHGLH .|SIHGHU9DPSLUH 0\[LQODFKWH'HU7RGVHLQHUEHLGHQ'LHQHUVFKLHQLKPQLFKWV DXV]XPDFKHQª,FKVHKHVHKUZRKOGDGXGLH.XQVWGHV 6FKZHUWIKUHQVQRFKEHKHUUVFKWDEHUDXFKGDVZLUGGLUQLFKWV QXW]HQ0HLQH9DPSLUHZHUGHQGHLQH9RJHOPHQVFKHQYHUQLFKWHQ 'LHVH:DUQXQJZROOWHLFKGLUQRFKPLWDXIGHQ:HJJHEHQ8QG MHW]WYHUVFKZLQGH,FKJHEHGLUJUR]JLJHUZHLVHGLH=HLW© 'HU(LVHUQH(QJHOPDFKWHNHKUW(UZDUINHLQHQ%OLFNPHKU ]XUFNDOVHUGLH)OJHODXVEUHLWHWHXQGKLQHLQLQGHQ6FKDFKW VWLHGHUVLFKYRULKPDXIWDW (U]LVFKWHKRFKXQGQLHPDQGZDJWHHVLKQDQ]XJUHLIHQ 'DQQKDWWHGHU(LVHUQH(QJHOGLH+|KOHYHUODVVHQ'HU NDPLQlKQOLFKH)HOVVSLHLKQI|UPOLFKDXV (VZDULQ]ZLVFKHQIDVWGXQNHOJHZRUGHQ1XUZHLWLQGHU

)HPHZRGDV0HHUZLHHLQ7HSSLFKODJJOKWHGHU+LPPHOQRFK LPOHW]WHQ5RWGHUXQWHUJHKHQGHQ6RQQH 5RWZLHGDV%OXWGDVEDOGYHUJRVVHQZHUGHQVROOWH'HU(LVHUQH (QJHOZHLQWH(UZHLQWHXPGLH0HQVFKKHLWXQGXPVHLQH+HLPDW $WODQWLVGLHGHP8QWHUJDQJJHZHLKWZDU ,FKKDWWHHLQYHUGDPPWXQJXWHV*HIKO 9RUPLUODJGHUVWRFNGXQNOH)OXULQGHPGLH7UHSSHNDXPQRFK ]XDKQHQZDU+LQWHUPLUEHIDQGVLFKGLHJHVFKORVVHQH7UGLH PLUGHQ5FN]XJYHUVSHUUWH ,FKZROOWHLQGLHHUVWH(WDJH 1DWUOLFKKlWWHLFKPHLQHNOHLQH/DPSHHLQVFKDOWHQN|QQHQ GRFKLFKZROOWHNHLQ=LHOELHWHQGHQQGDLUJHQGHWZDVQLFKW VWLPPWHVSUWHLFKJHQDX ,FKPHUNWHHVPLWMHGHU)DVHUPHLQHV1HUYHQNRVWPVGDHWZDV LQGHU/XIWODJ'DZDUGLHVHXQEHVWLPPWH'URKXQJGLHQLFKW DXV]XORWHQGH*HIDKUHQTXHOOH(LQ)U|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

'HU+LHEJHJHQPHLQHQ.RSIZDUQLFKWYRQVFKOHFKWHQ(OWHUQ 8QGGDQQVFKOXJLFKQRFKPLWGHP.RSIJHJHQGLH:DQG 'DVPDFKWHPLFKZWHQG ,FKULGHQ$UPKRFK*HQDXLQGHP0RPHQWDOVGHUQlFKVWH 6FKODJIROJWH8QGGLHVPDOKDWWHLFK*OFN,FKHUZLVFKWHGLH +DQGPHLQHV*HJQHUVKLHOWVLHIHVWXQGZXFKWHWHJOHLFK]HLWLJHLQ %HLQYRU ,FKWUDILKQJXW 6FKOHLIHQGH6FKULWWHXQGGDV%HPKHQVLFKNUDPSIKDIWDXI GHQ%HLQHQ]XKDOWHQYHUULHWHQPLUGDGHU7\SHLQHQ$EIOXJ PDFKWH,FKJHZDQQ=HLWXQGNRQQWHPLFKKRFKVWHPPHQ ,P*HJHQVDW]]XPLUVFKLHQHULP'XQNHOQJXWVHKHQ]X N|QQHQ+lWWHLFKPHLQHQ.RSIQLFKWJHVFKW]WJHKDEWGDVYROOH 3IXQGKlWWHPLFK]X%RGHQJHZXFKWHW6RNODWVFKWHHVDQPHLQHP DQJHZLQNHOWHQ$UPDE ,FKZXUGHVDXHU 0HLQH)DXVWWUDIDXVJH]HLFKQHWXQGKROWHLKQIDVWYRQGHQ %HLQHQ,FKYHUQDKPHLQHQHUVWLFNWHQ$XIVFKUHLXQGGDQQHLQHQ GXPSIHQ)DOO$QVFKHLQHQGNRQQWHGHU%XUVFKHGRFKQLFKWVRYLHO HUWUDJHQ $XIMHGHQ)DOOJLQJHU]X%RGHQ 'LHVPDOVFKDOWHWHLFKGLH/DPSHHLQ'LH:DQGDOV'HFNXQJLP 5FNHQVWDQGLFKOHLFKWYRUQEHUJHEHXJWGDXQGKLHOWGLH %OHLVWLIWODPSHLQGHU]LWWHUQGHQ5HFKWHQ 'DV/LFKWWUDIGHQ.HUO (LQGXQNHOKDDULJHU7\SGHUHLQH/HGHUMDFNHWUXJXQGHLQHHQJH -HDQV'DPLWKlWWHLFKZLUNOLFKQLFKWJHUHFKQHW'HQ6FKOlJHU NRQQWHLKPVHOEVWHLQ+DOEEOLQGHUDQVHKHQ6RHEHQZLVFKWHHU VLFKEHUGHQ0XQGXQGZROOWHZLHGHUDQJUHLIHQ ,FKVFKDOWHWHGLH/DPSHDXVXQGWUDWKDVWLJ]XU6HLWH'HU.HUO UDQQWHDQPLUYRUEHLXQGGDFKWHQLFKWPHKUDQGLH:DQG (LQ$XISUDOOXQGHLQXQGHILQLHUEDUHU/DXWEHZLHVHQGDHUHV JHVFKDIIWKDWWH 'DQQSDFNWHLFKVHLQH+DDUHGUHKWHGHQ.RSI]XU6HLWHXQG VFKOXJPLWGHU+DQGNDQWH]X 'HU.QDEHZXUGHVFKODII,FKOLHLKQ]X%RGHQJOHLWHQZRHU VHLQHQ6FKODIIDQG 7LHIDWPHWHLFKDXV9HUGDPPWQRFKPDOGDKDWWHPLFKPHLQ

*HIKODOVRGRFKQLFKWEHWURJHQ$EHU]XZHPJHK|UWHGLHVHU %XUVFKH"=XGHQHQLPHUVWHQ6WRFN" 'DVZROOWHLFKQLFKWJODXEHQ,FKPXWHDQ0\[LQV:RUWH GHQNHQGHUPLUJHVDJWKDWWHª'LHVHGUHLVLQG0lQQHUGHV )ULHGHQVLFKKDEHHVJHVSUW© hEHUKDXSWZDUGLHJDQ]H$QJHOHJHQKHLWVHKUP\VWHUL|V0\[LQ KDWWHPLFKEHVXFKWXQGVHKUJHKHLPQLVYROOJHWDQ(UEHULFKWHWH PLUGDHVGUHL0HQVFKHQJlEHGLHVFKRQHLQPDOLQ$WODQWLV JHOHEWKlWWHQ6LHZDUHQVHKUVFKZHUKHUDXV]XILQGHQJHZHVHQ DEHU0\[LQKDWWHHVJHVFKDIIW8QGGLHVH0HQVFKHQZUGHQVLFK DXFKZLHGHUHULQQHUQN|QQHQPDFKWHHUPLUNODU,FKVROOWHGRFK PDOPLWLKQHQUHGHQ(UVHOEVWZROOWHHVQLFKWZHLOHU]XEHNDQQW XQGEHUFKWLJWZDULFKVROOWHQXUYRUIKOHQXQGHYHQWXHOOKHU DXVILQGHQREVLFKGLHVHGUHL0HQVFKHQIUHLQH=XVDPPHQDUEHLW HLJQHWHQ :DVWDWPDQQLFKWDOOHVIUHLQHQ)UHXQG"=XGHPKDWWHLFKPLU VFKRQYLHOH1lFKWHXPGLH2KUHQJHVFKODJHQGDHVDXIGLHHLQH PHKURGHUZHQLJHUDXFKQLFKWDQNDP ,FKVDJWHDOVR]X 0\[LQIKUWHPLFK]XGLHVHPJHKHLPQLVYROOHQ+DXVGDVPDO HLQH/RJHEHKHUEHUJWKDWWH$EHUGLH)UHLPDXUHUZDUHQDXVJH ]RJHQ9HUVWlQGOLFKGHQQZLHGDV+DXVYRQDXHQDXVVDKZDUHV VLFKHUOLFKDXFKYRQLQQHQXQGDXFKLFKKlWWHPLWPHLQHQ )UHXQGHQKLHUQLFKWJHUQ9HUVDPPOXQJHQDEJHKDOWHQ 0HKUZXWHLFKQLFKW,FKVROOWHGDQQQXUQRFKGLH7UHSSHKRFK JHKHQXQGQDFKVFKDXHQKDWWH0\[LQJHVDJWXQGJHOlFKHOW 7HLOHLQVGHV3ODQVJHVWDOWHWHVLFKDOVHLQZHQLJVFKZLHULJ$EHU GHUbUJHUODJYRUPHLQHQ)HQGDVGXPPH*HIKOZDUYHU VFKZXQGHQXQGLFKNRQQWHHQGOLFKPHLQHHLJHQWOLFKH$XIJDEHLQ $QJULIIQHKPHQ'DV+DXVZDU]ZDUVFKRQHLQLJH-DKUHDOWDEHU QRFKLQ2UGQXQJ,FKEUDXFKWHNHLQH$QJVW]XKDEHQGLH6WXIHQ KRFK]XVWHLJHQ ,FKEOLHEWURW]GHPYRUVLFKWLJ$XIGHPHUVWHQ$EVDW]OHJWHLFK HLQHNXU]H3DXVHHLQ =XK|UHQZDUQLFKWV.HLQ*HUlXVFKGUDQJDXVGHPHUVWHQ 6WRFNDQPHLQH2KUHQ 'DVZXQGHUWHPLFK:HQQGRUWHLQH9HUVDPPOXQJVWDWWIDQG KlWWHLFKHLJHQWOLFK6WLPPHQYHUQHKPHQPVVHQ

$OVDOOHVUXKLJEOLHEJLQJLFKZHLWHU9RUVLFKWLJ+LQXQGZLH GHU]HUWUDWLFKZLQ]LJH6WHLQHPLWPHLQHQ6RKOHQZDVMHGHVPDO HLQ.QLUVFKHQKHUYRUULHI 6FKOLHOLFKVWDQGLFKYRUHLQHU7U)UHLQH:RKQXQJVWUZDU VLH]LHPOLFKEUHLW,QGHUREHUHQ+lOIWHVWHFNWHGXQNOHV*ODVLQ HLQHP5DKPHQ1LHPDQGNRQQWHLQGDV=LPPHURGHUGLH :RKQXQJKLQHLQVHKHQ (LJHQWOLFKVHOWVDPHVVHLGHQQGLH,QKDEHUKDWWHQHWZDV]XYHU EHUJHQ8QGGDVVFKLHQPLUVR ,FKSURELHUWHGLH.OLQNH 'LH7UVFKZDQJDXI/DXWORV'LH$QJHOQZDUHQJXWJH|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|IIQHWH (UVWQXUHLQHQ6SDOWGDQQVWLHLFKVLHUXFNDUWLJDXI =XQlFKVWJHVFKDKQLFKWV,FKVDKDXFKQLFKWYLHO'XUFKGLH )HQVWHUGUDQJNHLQ)HW]HQ/LFKWGHQQVLHZDUHQPLWVFKZDU]HQ 9RUKlQJHQDEJHGLFKWHW $EHULQGHP5DXPVDHQ0HQVFKHQ ,FKVDKVLH]ZDUQLFKWDEHUVRHWZDVVSUWPDQ0HQVFKHQ VWU|PHQHLQHQFKDUDNWHULVWLVFKHQ*HUXFKDXV 6WRFNVWHLIEOLHELFKVWHKHQODXVFKWHDXI$WHP]JHRGHU :RUWIHW]HQGRFKGLHDQGHUHQEOLHEHQVWXPP 9LHOOHLFKW]ZHL6HNXQGHQEOLHELFKVRVWHKHQ 'DQQJHVFKDKHV

'LHhEHUUDVFKXQJWUDIPLFKYRQHLQHP$XJHQEOLFN]XPDQGH UHQ1LHKlWWHLFKGDPLWJHUHFKQHWGHVKDOEUHDJLHUWHLFKDXFK QLFKWXQGEOLHEQXU=XVFKDXHU %ODXHVNDOWHV/LFKWVWUDKOWHDXI $QGUHL6WHOOHQJOHLFK]HLWLJZDUHV]XVHKHQ,FKK|UWHHLQOHLVHV =LVFKHQGDQQIODPPWHHVUHFKWVOLQNVXQGYRUPLUEOlXOLFKDXI /LFKW )UHLQHQ0RPHQWVFKORLFKJHEOHQGHWGLH$XJHQZHLOGRFK DOOHV]XSO|W]OLFKJHNRPPHQZDU'DQQDEHUVDKLFKVLHDOVLFKGLH $XJHQZLHGHU|IIQHWH (VZDUHQGUHL*HVWDOWHQ 6LHKRFNWHQLQKRFKOHKQLJHQ6WKOHQXQGKDWWHQPLULKUH *HVLFKWHU]XJHGUHKW'LH0lQQHUWUXJHQODQJH.XWWHQ6RZRKOVLH DOVDXFKGLH3HUVRQHQVHOEVWZDUHQYRQGHPJUHOOHQEODXHQ /LFKWVFKHLQHLQJHKOOWGHUVLFKEODXPLKUH.|USHUJHOHJWKDWWH 6HNXQGHQ]RJHQVLFKZLH*XPPLKLQXQGLFKQDKP (LQ]HOKHLWHQZDKU(LQJUHLIHQNRQQWHLFKQLFKWGD]XEDQQWHPLFK GHUXQKHLPOLFKH9RUJDQJ]XVHKUDXIGHU6WHOOH 'DV/LFKWZDUIUGLH0lQQHUJHIlKUOLFKhEHUGHXWOLFKEHNDP LFKPLWZLHGLH*HVWDOWHQYRQGLHVHPEODEODXHQ6FKHLQEXFK VWlEOLFK]HUVW|UWZXUGHQ $XIHLQPDOILHOLKQHQGDV)OHLVFKYRQGHQ.QRFKHQ,FKVDK GHXWOLFKGDVLFKGLH+DXWDXIO|VWHHUVWODSSLJKHUXQWHUILHOXQG GDQQYHUVFKZDQGDOVKlWWHHVVLHQLHJHJHEHQ 'DV/LFKW]HUVW|UWHGLHGUHL (VZLUNWHZLHHLQH6lXUHXQGZHQLJVSlWHUVDKLFKGHQ(UIROJ 9RUPLUVDHQGUHL6NHOHWWH 6LHKRFNWHQQRFKLPPHULQLKUHQKRKHQ/HKQVWKOHQGLHGHQ $QJULIIDXVGHP8QVLFKWEDUHQJXWEHUVWDQGHQKDWWHQ6LHUKU WHQVLFKQLFKWGLHYROOVWlQGLJNDKOHQ7RWHQVFKlGHOZDUHQPLU ]XJHZDQGWXQGOHHUH$XJHQK|KOHQJORW]WHQPLFKDQ $XV ,FKZDULQHLQH9HUVDPPOXQJJHSODW]WXQGGLH0lQQHUKDWWHQ HQWVSUHFKHQGUHDJLHUW 0XWHLFKPLU9RUZUIHPDFKHQ" -DLFKKlWWHYRUVLFKWLJHUVHLQPVVHQ6RDEHUZDUHV]XVSlW GLHDQGHUHQKDWWHQPLFKEHUUXPSHOW8QGLFKZDUPLWPHLQHP /DWHLQVR]LHPOLFKDP(QGH

,QQHUOLFKVFKLPSIWHLFKDXI0\[LQ(UKlWWHPLFKZDUQHQ PVVHQ-HW]WHUIXKUHQZLUYLHOOHLFKWJDUQLFKWV ,FKGUHKWHPLFKXP'DLFKQRFKLPPHU]LHPOLFKGLFKWDQGHU :DQGVWDQGZDUHVOHLFKWIUPLFKGHQ/LFKWVFKDOWHU]XILQGHQ ,FKNLSSWHLKQXP (LQHZHLH.XJHODQGHU'HFNHZXUGHJHOE'DV/LFKWZDU LQWHQVLYJHQXJXPDOOHVLP=LPPHUHUNHQQHQ]XN|QQHQ 'DVWDQGHQGLHGUHL6WKOHPLWGHQ6NHOHWWHQ,FKVDKHLQHDOWH .RPPRGHXQGHLQHQVFKZDU]HQ7HSSLFK 'LHVHU7HSSLFKLQWHUHVVLHUWHPLFKGHQQPLWZHLHQ/LQLHQZDU LQLKQHLQ8PULJH]HLFKQHWEHLGHPPDQJXWHUNHQQHQNRQQWH GDHVVLFKXPHLQ/DQGKDQGHOWH 1XUXPZHOFKHV" ,FKWUDWQlKHUDQGHQ7HSSLFKKHUDQXQGVFKDXWHQDFK'LHVHV /DQGRGHUGLHVHQ.RQWLQHQWKDWWHLFKDXINHLQHPPRGHUQHQ$WODV JHVHKHQ$EHULQDOWHQ%FKHUQZDUHUPLUVFKRQXQWHUGLH$XJHQ JHNRPPHQ6RVDKHLJHQWOLFKQXUHLQH/DQGPDVVHDXV $WODQWLV -DLFKVDKGLH8PULVVHGHVYHUVXQNHQHQ.RQWLQHQWVYRUPLU XQGGDVJDEPLUHLQZHLWHUHV5lWVHODXI (LQVZDUNODU'LHVHGUHL6NHOHWWHVWDQGHQLQHLQHPXQPLWWHOED UHQ=XVDPPHQKDQJPLW$WODQWLV1lKHUH$XVNQIWHGDUEHU ZUGHPLUZRKO0\[LQJHEHQN|QQHQ ,FKVFKDXWHPLUGLH.QRFKHQPlQQHUDQ6LHVDKHQVFKDXULJDXV ZLHVLHLQLKUHQ6WKOHQKRFNWHQXQGGLHIOHLVFKORVHQ)LQJHUXP GLH/HKQHQJHNUDOOWKDWWHQ'DVNDOWH/LFKWKDWWHGLH0HQVFKHQ ]HUVW|UW:DUXPQXU":HLOLFKGDV=LPPHUEHWUHWHQKDWWH" ,FKKREGLH6FKXOWHUQXQGGUHKWHPLFKUDVFKXPDOVLFKYRQ GUDXHQ6FKULWWHK|UWH 'DNDPMHPDQGGLH7UHSSHKRFK 6RIRUWZDULFKDQGHU7UXQGEDXWHPLFKGRUWLPWRWHQ:LQNHO DXI)DOOVHVHLQ)HLQGZDUGDQQZUGHHUVLFKZXQGHUQ 9RUGHU7UYHUVWXPPWHQGLH6FKULWWH'HU(LQGULQJOLQJVFKLHQ ]X]|JHUQ'DQQGUFNWHHUGLH7UYRUVLFKWLJDXI ,FKVDKHLQH+DQGGLHOHLFKWJUQOLFKVFKLPPHUWHXQGPLUVHKU EHNDQQWYRUNDP ª'XNDQQVWUHLQNRPPHQ0\[LQ©VDJWHLFKXQGOLHPHLQH 3LVWROHVLQNHQGLHLFKVLFKHUKHLWVKDOEHUJH]RJHQKDWWH

0\[LQEHWUDWGHQ5DXPVFKDXWHDXIGLH%HUHWWDXQGGDQQPLFK DQª+DVWGXVLHEHQXW]W"© ª1HLQ© ª:LHVRVLQGHVGDQQ6NHOHWWHGLHLQGHQ6WKOHQKRFNHQ"© ,FKVWHFNWHGLH:DIIHZHJª'DVIUDJVWGXPLFKPHLQ/LHEHU"'X PWHVWGRFKZLVVHQZDVPLWGLHVHQ0lQQHUQGDORVLVW(ULQQHUH GLFKPDOJHQDX© 0\[LQKREQXUGLH6FKXOWHUQª,FKNDQQPLUQLFKWYRUVWHOOHQ GDVLH]X© ª$FKK|UDXI©XQWHUEUDFKLFKLKQª6LHZDUHQQRFKY|OOLJQRU PDODOVLFKGDV=LPPHUEHWUDW'DQQMHGRFKVWUDKOWHHLQEODXHV /LFKWDXILKU)OHLVFKILHOYRP.|USHUXQGHVKRFNWHQQXUQRFKGLH .QRFKHQPlQQHUYRUPLU© 0\[LQJLQJDXIGLHGUHL]X(UVDJWHQLFKWV]XPLUVRQGHUQ EHWUDFKWHWHQXUGLH6NHOHWWH'DEHLEHWUDWHUDXFKGHQ7HSSLFKXQG VWHOOWHVLFKPLWWHQLQGHQ8PULGHV.RQWLQHQWV ª,FKZHLQLFKWZDVSDVVLHUWLVW©PXUPHOWHHUª,UJHQGHLQHDOWH .UDIWLVWIUHLJHZRUGHQGLHVLHYHUQLFKWHWKDW© ª6RVFKODXELQLFKDXFK©HUZLGHUWHLFKVDUNDVWLVFKª.DQQVWGX PLUQLFKWPHKUEHUGLH9RUJHVFKLFKWHGLHVHU0lQQHUEHULFKWHQ"© ª'DVLVWQLFKWOHLFKW© ª9HUVXFKHHVWURW]GHP© 0\[LQZDQGWHVLFKXP(UVDKVHKUQDFKGHQNOLFKDXVª,FKZHL QLFKWZLHYLHOHGHQ8QWHUJDQJYRQ$WODQWLVEHUOHEWKDEHQDEHU HVPVVHQHLQLJHKXQGHUWJHZHVHQVHLQ,KU%OXWKDWVLFKPLWGHP GHUIUHPGHQ5DVVHQYHUPLVFKWXQGGRFKLVWGDVDOWH(UEHQLH XQWHUJHJDQJHQ(VJHULHW]ZDULQ9HUJHVVHQKHLWZDUYHUVFKWWHW DEHUPDQKDWVLFKZLHGHUGDUDQHULQQHUW-HQHGLHGDV%OXWLQVLFK WUDJHQVXFKHQQXQQDFK*OHLFKJHVLQQWHQXPVLFKPLWLKQHQ]X YHUEQGHQ+LHUKDWWHQVLFKZHOFKHJHIXQGHQ$OOHUGLQJVZHL LFKQLFKWDXVZHOFKHP*UXQGHVLHXPJHEUDFKWZXUGHQ© ª:HVKDOEVROOWHLFKEHUKDXSWPLWLKQHQUHGHQ"©HUNXQGLJWH LFKPLFK 0\[LQOlFKHOWHª(ULQQHUVWGXGLFK-RKQ6LQFODLU"(ULQQHUVWGX GLFKGDUDQDOV6XNRXQGGXLP0LWWHOPHHUQDFKPLUJHWDXFKWVHLG XQGGHQJROGHQHQ6DUJJHIXQGHQKDEW"© ,FKQLFNWH ª'DPDOVELQLFKDXVHLQHP]HKQWDXVHQGMlKULJHQ6FKODIHUZHFNW

ZRUGHQXQGLFKKDEHGLUHLQHQ6SLHJHOJHJHEHQ© ª-DGHQ6SLHJHOPLWGHPLFKGDV'lPRQHQDXJHGHV6FKZDU]HQ 7RGHV]HUVW|UWKDEH© ª*HQDX'HU6SLHJHOLVWGDQQJHVFKPRO]HQDEHUHUZDUDXFK QXUHLQ7HLOVWFN,FKKlWWHJHUQGHQJURHQ6SLHJHO(VLVWGHU 6SLHJHOGHU:HLVKHLWXQGGLH:HLVHQKDEHQLKQJHVFKDIIHQ(ULVW DXIJHODGHQPLW:HLHU0DJLH0DQVDJWZHULKQEHVLW]WGHP N|QQWHQGLH0lFKWHGHU)LQVWHUQLVQLFKWVDQKDEHQ© ª(UZLUG]HUVW|UWVHLQ©VDJWHLFK ª0|JOLFK'RFKGXUFKGLHIODPLQJVWRQHVKDEHLFKGLH 0|JOLFKNHLWHUKDOWHQLQGLH9HUJDQJHQKHLW]XUHLVHQ© ª0RPHQW©PXUPHOWHLFKª'XZLOOVWZLHGHULQGDV$WODQWLVGHU $QWLNH"© ª-DXQG]ZDUNXU]YRUVHLQHP8QWHUJDQJ© 'DVZDUHLQ'LQJ,FKVFKOXFNWHGHQQGDUDQKDWWHLFKVFKZHU]X YHUGDXHQ ª'DEHLZROOWHLFKYRQGLHVHQGUHLHQZLVVHQZRVLFKGHU6SLHJHO EHILQGHW:HQQVLHDXIGHUDQGHUHQ6HLWHDXIGHUGHV*XWHQVWDQ GHQKlWWHQVLHHVPLUVDJHQN|QQHQ,FKZlUHQDFK$WODQWLVJHUHLVW XQGKlWWHLKQDXVGHU9HUJDQJHQKHLWJHKROW© ª'XRGHULFK"© 0\[LQOlFKHOWHª,FKKlWWHGLFKQDWUOLFKJHEHWHQPLWPLU]X UHLVHQ-RKQ6LQFODLU© ,FKVFKDXWH0\[LQDQ+DUPORVVDKGHUNOHLQH0DJLHUDXVXQG HUPDFKWHPLUDXFKQLFKWGHQ(LQGUXFNDOVZUGHHUIDOVFKVSLH OHQ$EHUGLHVH)RUGHUXQJRGHU%LWWHZDUVRXQJHKHXHUOLFKGD LFKPHKUPDOVVFKOXFNHQPXWH ª'XYHUODQJVWDOOHUKDQG©VDJWHLFKXQGPHLQH6WLPPHNUDW]WH HLQZHQLJGDEHL ª(VZDUQXUHLQ9RUVFKODJ'XKlWWHVWQLFKW]X]XVWLPPHQ EUDXFKHQ© ,FKZLQNWHDEª8QVLQQ'XZHLWJHQDXGDLFKDOOHVYHU VXFKHQZHUGHXPGHQ0lFKWHQGHU)LQVWHUQLV]XVFKDGHQ8QG LFKZHLDXFKGD$WODQWLV (UEHH[LVWLHUW,FKGHQNHGDEHLDQ GHQ*LJDQWYRQ$WODQWLVGHUYRQGHP(LVHUQHQ(QJHOEHVLHJW ZRUGHQLVW© ª,KQZUGHVWGXHEHQIDOOVLQ$WODQWLVWUHIIHQ©EHULFKWHWHPLU 0\[LQªGHQQHUKDWEHUOHEW©

ª8QG"© ª8QWHU8PVWlQGHQZlUHHUGLUEHLGHLQHU6XFKHEHKLOIOLFKGHQQ HUVWDQGGDPDOVDXIGHU*HJHQVHLWH© ª0RPHQWPDO©ULHILFKZHLOHVª.OLFN©LQPHLQHP*HKLUQ JHPDFKWKDWWHª*HJHQVHLWH'XELVWGDQQMDDXFKPHLQ)HLQG ZHQQLFKLQGLH9HUJDQJHQKHLWUHLVH© ª6FKRQP|JOLFK© ,FKOlFKHOWHQLFKWJHUDGHIUHXQGOLFKª6FKRQP|JOLFKLVWJXW'X ZHLWJHQDXGDZLULQ$WODQWLVDXIYHUVFKLHGHQHQ6HLWHQVWHKHQ ZUGHQ'DQQNlPHQRFKHWZDVKLQ]X'HU6FKZDU]H7RG© 0\[LQQLFNWH ,FKKDWWHGHQ6FKZDU]HQ7RGYHUQLFKWHW0LW+LOIHPHLQHV %XPHUDQJV9HUHLQWPLWGHQ.UlIWHQGHV.UHX]HVZDUPLUGLHV JHOXQJHQ'LHVH.UDIWKDWWHDXVJHUHLFKWXPVHOEVWHLQHQ 6XSHUGlPRQZLHGHQ6FKZDU]HQ7RG]XYHUQLFKWHQ,FKZDU GDPDOVKHLOIURKJHZHVHQGRFKMHW]WVDKHVVRDXVDOVZUGHLFK LKPLQGHU9HUJDQJHQKHLWDEHUPDOVEHJHJQHQ 0\[LQYHUVXFKWHPLUGLH6DFKHVFKPDFNKDIW]XPDFKHQª(VLVW MDVR©VDJWHHUª'HU6FKZDU]H7RGNDQQGLFKQLFKWVFKUHFNHQGX KDVWLKQHLQPDOEHVLHJW© ª'XZDUVWGRFKVHOEVWGDEHL'HLQHJHVDPWH6WUHLWPDFKWLVW GUDXIJHJDQJHQ8QGZLHODQJHKDEHLFKJHEUDXFKWXPGLHVHQ 'lPRQDXV]XVFKDOWHQ(VZDUHLQYHUGDPPWKDUWHU6WUDXJH ZHVHQ8QGMHW]WVROOLFKZLHGHUJHJHQLKQDQWUHWHQ© ª'DVLVWMDQLFKWVLFKHU=XGHPN|QQWHVWGXYLHOOHLFKWPHKUEHU VHLQH(QWVWHKXQJHUIDKUHQ© ª,VWGDVEHUKDXSWZLFKWLJ"© ª,FKPHLQHVFKRQ-RKQ6LQFODLU'HQQGLH:HVHQGLHGHQ 6FKZDU]HQ7RGHUVFKDIIHQKDEHQJUHLIHQDXFKLQXQVHU/HEHQHLQ (VVLQG8U]HLWGlPRQHQPDQVSULFKWDXFKYRQGHQ*URHQ$OWHQ GLHQRFKYRU$WODQWLVZDUHQXQGGHUHQ0DFKWVRXQYRUVWHOO EDUJUDXVDPJHZHVHQLVWGDPDQJDUQLFKWZDJWGDUEHU]X VSUHFKHQ© ª(LJHQWOLFKUHLFKHQPLU*HJQHUZLH'U7RGXQGVHLQHYHU GDPPWH0RUGOLJD© ª'XPXWHVZLVVHQ-RKQ© ª%LVKHULVWMDQRFKDOOHV7KHRULH)HVWVWHKWQXUGDGXGHQ 6SLHJHOKDEHQP|FKWHVW'DVNDQQLFKYHUGDPPWJXWYHUVWHKHQ

XQGLFKZHUGHGLFKDXFKLQGHLQHP%HPKHQXQWHUVWW]HQ$EHU ZLUVROOWHQXQVXPGHQ.QDEHQNPPHUQGHUPLUDQGLH:lVFKH ZROOWH© ª,FKKDEHLKQJHVHKHQ©HUNOlUWH0\[LQª(UOLHJWQRFKLP 7UHSSHQKDXVXQGVFKOlIW© ª*ODXEVWGXGDHUGD]XJHK|UW"©IUDJWHLFK 0\[LQKREGLH6FKXOWHUQª$XIPLFKPDFKWHHUQLFKWGHQ (LQGUXFN© 'DJDELFKGHP0DJLHUUHFKW'LHVHU%XUVFKHGDZDU]ZDUQLFKW JHUDGHKDUPORVDEHUPDJLVFKH)lKLJNHLWHQEHVDGHUEHVWLPPW QLFKW,FKVFKlW]WHLKQHKHUDOVHLQHQ6FKOlJHUHLQGHUIUHLQSDDU 3IXQGQRWHQJHPLHWHWZRUGHQZDUXPGHQDQGHUHQXQOLHEVDPH %HVXFKHUYRP+DOV]XKDOWHQ ,FKZDQGWHPLFKGHU7U]X%HYRULFKGHQ5DXPYHUOLHILHO PLUQRFKZDVHLQª:HPJHK|UWGLHVHU%DXHLJHQWOLFK"© 0\[LQVFKWWHOWHGHQ.RSIª,FKZHLQLFKW(UVWHKWVHLWHLQLJHQ 0RQDWHQOHHU© ª'DQQZXQGHUWHVPLFKGDHUQRFKQLFKWEHVHW]WZRUGHQLVW© HQWJHJQHWHLFK,P)OXUIDQGLFKHLQHQ/LFKWVFKDOWHUXQGGUHKWH LKQKHUXP(VZXUGHKHOO 8QWHQIDQGHQZLUGHQ.HUOGHUHWZDVYRQPLUJHZROOWKDWWH(U VFKOLHIQRFKLPPHU (VJLEW0HWKRGHQZLHPDQHLQHQ%HZXWORVHQVFKQHOODXVGHQ 7UlXPHQKROW,FKGUHKWHLKQ]XU6HLWHXQGVDKGLH%HXOHDQGHU 6WLUQ6LHZDUVFKRQ]XHLQHP+RUQJHZRUGHQ /HLFKWWlWVFKHOWHLFKGLH:DQJHQGHV0DQQHV 0\[LQ|IIQHWHGLH+DXVWUVFKDXWHQDFKGUDXHQEOLHEHLQLJH 6HNXQGHQLQGHU+DOWXQJVWHKHQXQGZDQGWHVLFKZLHGHUXP ª'LH/XIWLVWUHLQ©EHULFKWHWHHUª.HLQH)HLQGHLQGHU1lKH© ª8QGGRFKPVVHQZHOFKHGDVHLQ©KLHOWLFKLKPHQWJHJHQ ª:HUVROOWHVRQVWGDV)HXHUJHVFKLFNWKDEHQ"© ª'DVVWLPPW9LHOOHLFKWKDEHQVLHVLFKDXFKVHOEVWYHUQLFKWHWDOV VLHPHUNWHQGDHLQ8QEHIXJWHUGHQ5DXPEHWUDW:LUPVVHQ DOOHVLQ%HWUDFKW]LHKHQ© 0\[LQVWHOOWHGDZLUNOLFKHLQHDEHQWHXHUOLFKH+\SRWKHVHDXI ,FKJODXEWHQLFKWGDUDQGHQQVROHLFKWYHUQLFKWHWPDQVLFKQLFKW 6FKOLHOLFKKDWWHLFKHVEHLGHQGUHLHQPLWQRUPDOHQ0HQVFKHQ]X WXQJHKDEWQLFKWPLW'lPRQHQRGHU7HXIHOVGLHQHUQ

9LHOOHLFKWZUGHXQVMDGHUQRFK%HZXWORVH$XVNXQIWJHEHQ N|QQHQ (UVW|KQWH 'LHVHV9RU]HLFKHQNDQQWHLFK(VZDUGLHHUVWH6WXIH]XP (UZDFKHQ$OVHUGLH$XJHQDXIVFKOXJWUDIVHLQ%OLFNQLFKWGLH 'HFNHVRQGHUQPHLQ*HVLFKW 'HU0DQQHUVFKUDN ,FKJULQVWHª*XWJHVFKODIHQPHLQ/LHEHU"© (UYHU]RJGDV*HVLFKWª0HLQH*WHKDEHQ6LHYLHOOHLFKWHLQHQ 6FKODJ© ª'DVZDUQLFKWLFKVRQGHUQGLH:DQG:DVZLHGHUXPEHZHLVW GDPDQIULHGOLFKH%UJHUQLFKWLP'XQNHOQDQJUHLIHQVROO 0DQFKPDOJHKWGDVLQV$XJH8QGGDPLW6LHVHKHQPLWZHP6LH HV]XWXQKDEHQKLHUPHLQ$XVZHLV© ,FKPXWHLKPGDV'RNXPHQWGLFKWYRUGLH$XJHQKDOWHQ GDPLWHUHVOHVHQNRQQWH 'HU0DQQVFKOXFNWHª(LQ%XOOH© ª1XURKQH+|UQHU©HUZLGHUWHLFKXQGVDK]XZLHHUVLFK DXIULFKWHWH6HLQ*HVLFKWZDUEOHLFKXQGGLH%HXOHDQVHLQHU 6WLUQZXFKVQRFKLPPHU$OVHUPLWVHLQHQ)LQJHUQGDUEHUIXKU ]XFNWHHU]XVDPPHQ ª(VLVWZRKONODUGDLFKHLQLJHVYRQ,KQHQZLVVHQZLOO©VDJWH LFKª:HUKDW6LHEHDXIWUDJWPLFKKLHUDE]XIDQJHQ"© ª'LHGUHL© ª'DVKDWWHQZLUXQVVFKRQJHGDFKW8QGZDUXP"© ª)UDJHQ6LHGLHGRFKGDREHQ© ª'DVJHKWOHLGHUQLFKW'HVKDOEKDOWHQZLUXQVMDDQ6LH© ª6KLW,FKZROOWHPLUQXUHLQSDDU3IXQGYHUGLHQHQ:DUHLQH OHLFKWH$UEHLW)QI]LJ3IXQGVLQGHLQH0DVVH.LHV8QGGLH VDJWHQPLUHVZUGHVRZLHVRNHLQHUNRPPHQ'LHKDEHQPLFKLQ HLQHU.QHLSHDQJHVSURFKHQ© ª8QGZLHKLHHQVLH"© ª'DVZHLLFKGRFKQLFKW*ODXEHQ6LHGHQQGLHVWHOOHQVLFK QRFKJURYRU"© ª$EHU6LHKDEHQHLQHQ1DPHQ© ª-D%HQ7ULJJHU© ª)HLQ%HQ8QGPDQKDW,KQHQZLUNOLFKQLFKWJHVDJWZDV 6LH]XWXQKDEHQ"©

ª1XQMDLFKVROOWHHEHQGDIUVRUJHQGDGLH*HQWOHPHQQLFKW JHVW|UWZHUGHQ8QGLQGHQ.HOOHUGXUIWHDXFKNHLQHU© ª6LHZDUHQQLFKWXQWHQ"©IUDJWHLFK ª'DVZDOWH+XJR1HLQOHEHQVPGHELQLFKQLFKW8QGDXFK QLFKWYRUEHVWUDIW© $OVLFKLKQ]ZHLIHOQGDQVFKDXWHVFKZlFKWHHUDEª:HQLJVWHQV NDXP$EHUHVOLHJWQLFKWVDQ© 0\[LQXQGLFKWDXVFKWHQHLQHQ%OLFN%HLGHKDWWHQZLUZRKOGHQ JOHLFKHQ*HGDQNHQ'HU0DJLHUQLFNWH ª2ND\©VDJWHLFKª,KU1DPHLVWPLUEHNDQQW'HVKDOEZLOOLFK JUR]JLJVHLQXQG6LHODXIHQODVVHQ$EHUNUHX]HQ6LHQLFKWQRFK HLQPDOLQJHZDOWWlWLJHU:HLVHXQVHUHQ:HJ+DEHQZLUXQVYHU VWDQGHQ0HLVWHU"© ª.ODUGRFK© ,FKUHLFKWHLKPPHLQH+DQGXQGKDOILKPDXIGLH%HLQH 6FKZDQNHQGVWDQGHUGD'HU%OLFNZDUQRFKLPPHUOHLFKWJODVLJ 'DQQYHUVFKZDQGHU0\[LQXQGLFKEOLHEHQ]XUFN ª'HU.HOOHUVFKHLQWQRFKLQWHUHVVDQWHU]XVHLQ©EHPHUNWHLFK ª6HKHQZLULKQXQVPDODQ© 0\[LQKDWWHQLFKWVGDJHJHQ 'LH.HOOHUWUIDQGHQZLUKLQWHUGHU7UHSSHZRHVDXFK]XP+RI JLQJ'HQKDWWHQZLUXQVVFKRQYRUKHUDQJHVHKHQ(LQPLW8QUDW EHUODGHQHV*HYLHUWPHKUQLFKW 'LH7UZDUYHUVFKORVVHQ8QGVLHVDKDXFK]LHPOLFKVWDELODXV 'DKLHUGDV/LFKWYRP)OXUPHKUDOVEHVFKHLGHQZDUOHXFKWHWHLFK PLWPHLQHUNOHLQHQ/DPSHGHQ5DKPHQDE ª'LHVH7UKDEHQVLHQDFKWUlJOLFKHLQJHEDXW©HUNOlUWHLFK 0\[LQ6LHZUGHVRQVWQLFKWVRIHVWLP5DKPHQVLW]HQ©,FKSUR ELHUWHGLH.OLQNH(VZDUDEJHVFKORVVHQ ª$XIEUHFKHQ©VDJWHGHU0DJLHU ª6FKDIIVWGXGDVQLFKW"©IUDJWHLFK 0\[LQKREGLH6FKXOWHUQª'XWUDXVWPLUMDDOOHUKDQG]X©(U NRQ]HQWULHUWHVLFK )UZHQLJH$XJHQEOLFNHVDKLFKHLQHQKHOOHQ6FKOHLHUGHUVLFK DXIGDV7UEODWWOHJWH'DQQJDEHVHLQVFKQDFNHQGHV*HUlXVFK PLWGHPGDV6FKOR]XUFNVFKZDQJXQGGLH7UZDURIIHQ ,FKQLFNWH0\[LQ]XXQGPHLQWHª:HUVDJWHVGHQQ"'XELVWIDVW ZLHGHUGHU$OWH©

'HUNOHLQH0DJLHUVFKWWHOWHGHQ.RSIª1HLQQRFKODQJHQLFKW 'XKlWWHVWPLFKLQ$WODQWLVHUOHEHQVROOHQ©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hEHUVHLQH6FKXOWHUKLQZHJVFKDXWHLFK DXIHLQH7UHSSHGLHLQGHQ.HOOHUIKUWH1RUPDOHUZHLVHKlWWH PDQHLQHQIHXFKWHQSHQHWUDQWHQ*HUXFKHUZDUWHQN|QQHQGRFK GDVZDUKLHUQLFKWGHU)DOO'LH/XIWURFKLUJHQGZLHVDXEHUXQG VRJDUDQGHUVDOVZlUHQLUJHQGZHOFKH6WRIIHYHUEUDQQWZRUGHQ GHUHQ5HVWHMHW]WQRFKGDV.HOOHUYHUOLHVVFKZlQJHUWHQ ,FKZDUPLUSO|W]OLFKVLFKHUGDXQVHWZDVDQGHUHVHUZDUWHQ ZUGHDOVHLQDOWHU.RKOHQEXQNHU0\[LQJLQJYRU (VJDEKLHUDXFK/LFKWXQGVRNRQQWHQZLURKQH%HIUFKWXQJHQ GLH]ZDUEXFNOLJHQDEHUVDXEHUHQ6WHLQVWXIHQKLQXQWHUVFKUHLWHQ 8QWHQPDFKWHGHU*DQJHLQHQ.QLFN.XU]YRUHLQHUHKHPDOV ZHLHQ0DXHUERJHUQDFKUHFKWVDEXQGDOVZLUXPGLH(FNH JLQJHQGDVDKHQZLUGLH6FKULIWDXIGHP%RGHQ :LUEOLHEHQVWHKHQ,FKEFNWHPLFKXPGLH%XFKVWDEHQEHVVHU HQW]LIIHUQ]XN|QQHQ+DOEODXWPXUPHOWHLFKGHQ7H[W ª:HQQGXDOV)UHXQGNRPPVWZHUGHQZLUGLFKDXFKDOV)UHXQG HPSIDQJHQ.RPPVWGXDOV)HLQGVRZLUGGLFKXQVHUH.UDIWYHU QLFKWHQ© ,FKVFKDXWH0\[LQDQª:DVKlOWVWGXGDYRQ"© ª(VLVWGLH:DUQXQJGHU:HLVHQ© ª'LHDXV$WODQWLV"© ª-D© ,FKVFKDXWHEHUGLHJHVFKULHEHQH:DUQXQJKLQZHJDXIGLH VFKZDU]H7U:DVODJGDKLQWHU"

ª:LUZHUGHQHVZDJHQ©VDJWHLFKPDFKWHHLQHQJURHQ6FKULWW ZHLOLFKQLFKWLQGDV*HVFKULHEHQHKLQHLQWUHWHQZROOWHXQGOHJWH PHLQH+DQGDXIGHQUXQGHQJROGHQVFKLPPHUQGHQ.QDXI ,FKGUHKWHLKQKHUXP 'LH7UZDURIIHQ $OVHUVWHUEHWUDWLFKGHQGDKLQWHUOLHJHQGHQ5DXP8QGGDPLW EHJDQQIUPLFKHLQ$EHQWHXHUZLHHVIDQWDVWLVFKHUXQGUlWVHO KDIWHUQLFKWVHLQNRQQWH :LHGHUVDKLFKGLHVHVNDOWHEODXH/LFKW(VIOOWHGHQ.HOOHUUDXP Y|OOLJDXVXQGLFKVXFKWHDXWRPDWLVFKGLH4XHOOHIDQGVLH DEHUQLFKW 'DV/LFKWZDUEHUDOO(VVWUDKOWHYRQGHU'HFNHDXVGHP %RGHQDXVGHQ:lQGHQ 0DJLVFKHV/LFKW 6WKOHZLHLFKVLHDXFKREHQLQGHP=LPPHUJHVHKHQKDWWH VWDQGHQHEHQIDOOVKLHUXQWHQ6LHJUXSSLHUWHQVLFKXPHLQH)LJXU GLHGLH5DXPPLWWHHLQQDKP (LQH)LJXUGLHLFKEHUHLWVHLQPDOJHVHKHQXQGDXFKHUOHEWKDWWH (VZDUGHU(LVHUQH(QJHO 8QZLOONUOLFKEOLHELFKVWHKHQ,FKKDWWHPLFKEHLXQVHUHP HUVWHQ=XVDPPHQWUHIIHQJHIUDJWZRGHU(LVHUQH(QJHOZRKOKHU NDP6ROOWHLFKKLHUVHLQ=XKDXVHJHIXQGHQKDEHQ" 'DUEHUNRQQWHPLUVLFKHUOLFK0\[LQQlKHU$XVNXQIWJHEHQ ,FKGUHKWHPLFK]XLKPXP 6HLQHP*HVLFKWZDUDQ]XVHKHQGDHUVLFKQLFKWVHKUZRKOLQ VHLQHU5ROOHIKOWH(UVDJWHDXFKQLFKWV ª:DVLVW"©IUDJWHLFKLKQ ª1LFKWV© ª,FKKlWWHJHUQHLQH(UNOlUXQJYRQGLU'XNHQQVWGHQ(LVHUQHQ (QJHOGRFK© ª-DGDVVWLPPW© ª8QGZLHVRILQGHQZLULKQMHW]WKLHU",VWHVEHUKDXSWGHUHFKWH (QJHO"© 0\[LQVFKWWHOWHGHQ.RSIª(VLVWHLQH1DFKELOGXQJ©(UNDP MHW]WODQJVDPYRUª'HUHFKWH(QJHOVLHKW]ZDUHEHQVRDXVDEHUHU VFKZHEW]ZLVFKHQGHQ=HLWHQ9LHOOHLFKWKDWPDQLKPKLHUHLQHQ

+RUWDXIGHU(UGHJHVFKDIIHQLQGHQHUVLFKLPPHUZLHGHU ]XUFN]LHKHQNRQQWH© ª8QGZDUXPVLQGGDQQGLHGUHLJHVWRUEHQ"©IUDJWHLFK ª.HLQH$KQXQJ©0\[LQKREEHLGH+lQGHGDQQGHXWHWHHUDXI GLH6WKOHª)lOOWGLUQLFKWVDXI-RKQ6LQFODLU"© ª1HLQ© ª=lKOPDOQDFK© 'DVWDWLFK8QGLFKNDPDXIGLH=DKOYLHUª9HUGDPPWGDVVLQG YLHU6WKOH© ª5LFKWLJ8QGYLHU:HLVHZDUHQHVGLHGDPDOVYHUVXFKWHQGHQ 8QWHUJDQJ]XYHUKLQGHUQ© ª'LH)UDJHLVW:RVWHFNWGHUYLHUWH"© ª*HQDX© 0\[LQZDU]LHPOLFKHLQVLOELJ,UJHQGHWZDVYHUVFKZLHJHUPLU GDVPHUNWHLFKLKPDQ(UKDWWHQRFKHLQHQ7UXPSILQGHU +LQWHUKDQGZROOWHDEHUQLFKWGDPLWUDXVUFNHQ ,FKGUHKWHPLFKXPXQGJLQJDXILKQ]Xª5HGH0\[LQZDV ZHLWGX"© ª1LFKWV© ª+|UDXILFKNHQQHGLFKDOOPlKOLFK'XZHLWPHKUDOVGX ]XJHEHQZLOOVW© ª-DGHUYLHUWH©0\[LQQLFNWHª(ULVWXQVHU3UREOHP8QGHU ZLUGGLHDQGHUHQGUHLDXFKXPJHEUDFKWKDEHQ© ª0RPHQW0RPHQW©VDJWHLFKª,FKGHQNHGDVZlUHQ:HLVH JHZHVHQGLH$WODQWLVYRUGHP8QWHUJDQJKDWWHQUHWWHQZROOHQ 'DNDQQGRFKQLFKWHLQIDFK© ª$XFKLQ$WODQWLVKDWHV9HUUlWHUJHJHEHQ-RKQ6LQFODLU8QG GLHVHUYLHUWHZDUHLQ9HUUlWHU© ª'XNHQQVWGLFKMDVHKUJXWDXV© ª6FKOLHOLFKZDULFKGDEHL© ª8QGZRVWHFNWGHU.HUOMHW]W"© 0\[LQVFKDXWHVLFKXP(UEHZHJWHGDEHLQXUGLH$XJHQDEHU LFKYHUVWDQG 'LHVHUYLHUWHXQWHU8PVWlQGHQGHU0|UGHUGHUGUHL0lQQHU REHQPXWHVLFKKLHULUJHQGZRYHUEHUJHQ 'DVZDUYHUGDPPWKDUW (LQHNDOWH+DQGVFKLHQEHUPHLQHQ5FNHQ]XVWUHLFKHQ 8QZLOONUOLFKZDUILFKHLQHQ%OLFN]XU7UXQGVDKZLHVLH

]XNQDOOWH(VJLQJVRVFKQHOOGDLFKQLFKWUDVFKJHQXJUHDJLHUHQ NRQQWH,FKZDUIPLFK]ZDUQRFKJHJHQVLHDEHUGDZDUVLHVFKRQ ]XJHIDOOHQ,FKSUHOOWHPLUQXUGLH6FKXOWHU 8QGGDQQK|UWHQZLUGDV/DFKHQ 6FKDXULJNODQJHVKLQWHUGHU7UDXIXQGKDOOWHGXUFKGHQ OHHUHQ.HOOHUª*HIDQJHQ©NUHLVFKWHHLQH6WLPPHª,KUVHLGJH IDQJHQ,KUZHUGHW$WODQWLVHUOHEHQ© ,FKELVRKDUWDXIPHLQH=lKQHGDLFKVFKRQGDV.QLUVFKHQ K|UWH:LUKDWWHQJHVFKODIHQXQGKlWWHQQRFKYRUVLFKWLJHUVHLQ VROOHQ-HW]WZDUHV]XVSlWXPVLFK9RUZUIH]XPDFKHQ'LH DQGHUH6HLWHKDWWHXQVUHLQJHOHJW ª'HVKDOE]|JHUWHLFK©HUNOlUWH0\[LQª,FKVSUWHGDLUJHQG HWZDVQLFKWVWLPPWH© $XIGHP.HOOHUJDQJK|UWHQZLUVFKQHOOH6FKULWWH'HUYLHUWH YHUOLHGHQ.HOOHU ª+lWWHVWGXPLFKQLFKWYRUKHUZDUQHQN|QQHQ"©0HLQH6WLPPH NODQJYRUZXUIVYROO ª,FKNRQQWHHVMDVHOEVWQLFKWIDVVHQ:LUPVVHQXQVHEHQGDPLW DEILQGHQ© 'DKDWWHGHUNOHLQH0DJLHUOHLGHUHLQZDKUHV:RUWJHVSURFKHQ $EHULFKlUJHUWHPLFK 1RFKJHVFKDKQLFKWV,FKJLQJQlKHUDQGHQ(QJHOKHUDQ (UVDKWDWVlFKOLFKVRDXVZLHGHUHFKWHQXUZDUGLHVHUDXV6WHLQ (UIKOWHVLFKZDUPDQ $OVZUGH%OXWGXUFKGHQ6WHLQIOLHHQ 0HLQHHUVWH(UUHJXQJKDWWHVLFKJHOHJW,FKGDFKWHZLHGHUNODU XQGORJLVFK$QJVWHPSIDQGLFKQLFKW:LUZUGHQHVVLFKHUOLFK VFKDIIHQHLQH7UDXI]XEUHFKHQDXFKZHQQVLHPDJLVFKYHU VLHJHOWZDU6FKOLHOLFKEHVDLFKQRFKPHLQ.UHX] 8QGGDVZROOWHLFKHLQVHW]HQ 'RFKGD]XNDPHVQLFKWPHKU1RFKEHYRULFKGHQ9RUVDW]LQ GLH7DWXPVHW]HQNRQQWHQDKPGDV/LFKWHLQHLQWHQVLYHUH)DUEH DQ'DV%ODXNULVWDOOLVLHUWHVLFKYLHOVWlUNHUKHUYRUXQGZXUGH]X HLQHPUHJHOUHFKWHQ/LFKWWHSSLFKGHUVLFKEHUXQVOHJWH ,FKVSUWHGHQXQJHKHXUHQ$QSUDOOGHUVWDUNHQIUHPGHQ0DJLH *OHLFK]HLWLJK|UWHLFKPLFKVFKUHLHQGDDXFKPHLQ.UHX]JHWURI IHQZRUGHQZDU(VHUKLW]WHVLFKVWDUN 0\[LQZXUGHHEHQIDOOVEHUUDVFKW(UWDXPHOWHZLHHLQ

%HWUXQNHQHUGXUFKGHQ5DXPPLWGHPHEHQIDOOVHLQH9HU lQGHUXQJYRUVLFKJLQJ(UZXUGHNOHLQHU 'LH:lQGHVFKLHQHQ]XVDPPHQ]XZDFKVHQ*HZDOWLJH.UlIWH NRPSULPLHUWHQGDV/LFKW]XHLQHU'LFKWHGLHXQVZLHHLQ *HIlQJQLVXPJDE 0DQSUHWHPLFKKLQHLQ 3O|W]OLFKVDKLFKQXUQRFKGDV/LFKWXQGGLFKWYRUPLUGHQ (QJHOGHUODQJVDPDXVHLQDQGHUEUDFK 0\[LQVFKULHPLWODXWHU6WLPPHª'DVLVWGDV(QGHGHU(UEHQ $WODQWLVZLUGHQGJOWLJVWHUEHQ©'DQQJLQJVHLQ6FKUHLLQHLQHP JXUJHOQGHQ*HUlXVFKXQWHU 8QGGHU(QJHOZHLQWHEOXWLJH7UlQHQDOVHU6WFNIU6WFN ]HUILHO ,FKDEHUZXUGHYRQHLQHUJHZDOWLJHQ.UDIWJHSDFNWXQGQDFK YRUQJHZRUIHQ'DEHLYHUORULFKGHQ%RGHQXQWHUGHQ)HQ VFKZHEWHEHUGHU(UGHXQGZXUGHKLQHLQJHULVVHQLQGDV5DXP =HLWJHIJH ,FK-RKQ6LQFODLUZXUGH]XHLQHP6SLHOEDOOGHU.UlIWH 0HLQ(UZDFKHQZDUQRUPDOXQGQLFKWPLW6FKPHU]HQRGHU DQGHUHQXQDQJHQHKPHQ'LQJHQYHUEXQGHQ 3O|W]OLFKZDULFKGD 8QGLFKEHIDQGPLFK]HKQWDXVHQG-DKUHLQGHU9HUJDQJHQKHLW 'DVZDUPHLQHUVWHUXQGDXFKULFKWLJHU*HGDQNH,FKZDUDOV 0DQQDXVGHU=XNXQIWLQGDVDOWH$WODQWLVJHNRPPHQXPGHQ 8QWHUJDQJGLHVHVVDJHQXPZREHQHQ.RQWLQHQWVPLW]XHUOHEHQ (UVWDQGZLHGHULQHLQHP.HOOHU'LHVPDOMHGRFKQLFKWLQY|O OLJHU'XQNHOKHLWVRQGHUQLQPLWWHQHLQHVKHOOHQ/LFKWJLWWHUVGDV GXUFKHLQVFKPDOHV)HQVWHUILHO (VZDUDOVR7DJ$OVXQVHUH5HLVHEHJRQQHQKDWWHZDUHV ILQVWHUH1DFKWJHZHVHQ 1XQMDGLH=HLWLVWVRZLHVRUHODWLYGDVKDEHLFKRIWJHQXJHUIDK UHQPVVHQ6FKRQPDQFKH'LPHQVLRQVXQG=HLWVSUQJHZDUHQ PLUYHUJ|QQWJHZHVHQ,FKKDWWHPLFKLQ]ZLVFKHQGDUDQJHZ|KQW XQGDXFKLPPHUGDV%HVWHDXVGHPJHPDFKWZDVGLHDQGHUH=HLW PLUERW+LHUZROOWHLFKHVQLFKWDQGHUVKDOWHQ ,FKJLQJYRUXQGEOLHEXQWHUGHPNOHLQHQ)HQVWHUVWHKHQ'DEHL

OHJWHLFKPHLQHQ.RSILQGHQ1DFNHQXQGVFKLHOWHQDFKREHQ 9LHOOHLFKWNRQQWHLFKHWZDVHUNHQQHQ ,FKVDKDXFKHWZDV %HLQH 'DV+DXVPXWHDQHLQHUEHOHEWHQ6WUDHOLHJHQGHQQ]DKO UHLFKH0HQVFKHQVSD]LHUWHQDQGHP.HOOHUIHQVWHUYRUEHL)DVWDOOH WUXJHQ5LHPHQVDQGDOHQ9RQYLHOHQ3DVVDQWHQZDUHQQXUGLH )H]XVHKHQGHQQODQJHPHLVWVDQGIDUEHQH*HZlQGHUILHOHQ ELVDXIGLH.Q|FKHO6DKLFKPHKU%HLQVRJHULHWHQJOHLFK]HLWLJ :DIIHQLQPHLQ%OLFNIHOGGLHVLFKHUOLFKYRQ6ROGDWHQJHWUDJHQ ZXUGHQ 'DVNRQQWHMDKHLWHUZHUGHQ,FKGXUIWHQLFKWGDPLWUHFKQHQ GDGLH6ROGDWHQPHLQH)UHXQGHZDUHQ(EHQVRZHQLJZLH0\[LQ GHU0DJLHU:RHUVWHFNWHZXWHLFKQLFKWHUZDUZLHGHUGHU 0\[LQDXV$WODQWLVXQGZUGHDOOVHLQHVFKZDU]PDJLVFKHQ.UlIWH HLQVHW]HQXPVHLQH)HLQGH]XYHUQLFKWHQ $XFKPLFK :HQQLFKGDUDQGDFKWHEHUNDPPLFKGRFKHLQYHUGDPPWVHOW VDPHV*HIKO9LHOOHLFKWNRQQWHLFK0\[LQDXVGHP:HJJHKHQ XQGQDWUOLFKDXFKGHP6FKZDU]HQ7RG (UZDUGHUJU|WHEHNDQQWH8QEHNDQQWHLQPHLQHU5HFKQXQJ 'LHVHU6XSHUGlPRQZUGHQLFKW]|JHUQPLFK]XW|WHQIDOOVLFK LKPYRUGLH6HQVHOLHI 'DEHLKDWWHLFKLKQVFKRQXPJHEUDFKWXQGMHW]WEHIDQGLFK PLFKZLHGHUXP]HKQWDXVHQG-DKUHLQGLH9HUJDQJHQKHLWYHUVHW]W (LQ:DKQVLQQZLUNOLFK ,FKZROOWHHUVWHLQPDOQLFKWLQVRJURHQ'LPHQVLRQHQGHQNHQ VRQGHUQDXIGHP7HSSLFKEOHLEHQ,QPHLQHP)DOOHKLHGDVUDXV DXVGLHVHP.HOOHU (UZDUDXVXQJHKHXHUJURHQ4XDGHUQHUULFKWHW,FKKDWWHPLFK VFKRQLP,QQHUQHLQHUlJ\SWLVFKHQ3\UDPLGHKHUXPJHWULHEHQ XQGJODXEWHGRUWlKQOLFKH6WHLQHJHVHKHQ]XKDEHQ (LQH7UIDQGLFKDXFK 6LHEHVWDQGDXV+RO],FKVDKHLQHQ5LHJHOGHU]XUFNJH VFKREHQZDUKRELKQDQXQGNRQQWHGHQ.HOOHUYHUODVVHQ 9RUPLUWDWVLFKHLQ*DQJDXI,FKPXWHPLFKQDFKOLQNV ZHQGHQGHQQUHFKWVHQGHWHGHU*DQJYRUHLQHU0DXHU(UZDU ]LHPOLFKEUHLW:HQQLFKPLFKLQGLH0LWWHVWHOOWHXQGPHLQH$UPH

DXVEUHLWHWHNRQQWHLFKGLH6WHLQHQLFKWHLQPDOPLWGHQ )LQJHUVSLW]HQEHUKUHQ $XFKGLHQDFKREHQIKUHQGH7UHSSHZLHVVHKUEUHLWH6WXIHQ DXIGLHPDQEHTXHPKRFKVFKUHLWHQNRQQWH $OOHVOLHIJXW 8QDQJHIRFKWHQEHUZDQGLFKGLH7UHSSHXQGJHODQJWHDQHLQHQ 9RUKDQJGHUGRUWDQVWHOOHHLQHU7UDQJHEUDFKWZRUGHQZDU %HYRULFKLKQ]XU6HLWHVFKREXQGGHQ.HOOHUGDPLWYHUOLHK|UWH LFKGDV*UROOHQ (VNODQJWLHIXQWHUGHU(UGHDXI)UHLQHQ6HNXQGHQEUXFKWHLO KDWWHLFKGDV*HIKODOVZUGHGLH7UHSSH]LWWHUQ $WODQWLVVWDQGGLFKWYRUGHP8QWHUJDQJ,FKHUOHEWHGLHHUVWHQ $Q]HLFKHQPLW 9LHOOHLFKWZUGHHVGHQPRUJLJHQ7DJQLFKWPHKUJHEHQ :HUZXWHGDVVFKRQ" 'DV=LWWHUQK|UWHDXI)UPLFKHLQ6LJQDOGDLFKZHLWHUJHKHQ NRQQWH,FKZROOWHLQGLHVHP+DXVZLUNOLFKQLFKWIHVWURVWHQ +LQWHUGHP9RUKDQJODJHLQH+DOOH'HPQDFKPXWHGDV+DXV ]LHPOLFKJURVHLQ,FKK|UWH6WLPPHQVDKDEHUNHLQH0HQVFKHQ 'DIUMHGRFKUXQGH6lXOHQGLHGLFKWXQWHUGHU+DOOHQGHFNHLQ HLQHP6WHLQTXDGUDWHQGHWHQGDPLWVLHHLQHQEHVVHUHQ+DOWKDWWHQ 9RUVLFKWLJEHWUDWLFKGLH+DOOH'HU%RGHQEHVWDQGHEHQIDOOVDXV 6WHLQ*URH5HFKWHFNHGLHU|WOLFKEUDXQVFKLPPHUWHQXQGLP IDUEOLFKHQ.RQWUDVW]XGHQ6lXOHQVWDQGHQ ,FKNDPPLUPLWPHLQHUPRGHUQHQ.OHLGXQJLQGLHVHU+DOOH ]LHPOLFKGHSOD]LHUWYRUXQGPXWHXQZLOONUOLFKDQPHLQH 6FKXO]HLWGHQNHQZRGLH/HKUHUYHUVXFKWKDWWHQXQVP|JOLFKVW YLHOEHUGDV/HEHQGHUDOWHQ*ULHFKHQHLQ]XSDXNHQ 'DPDOVKDEHLFKRIWJHVFKODIHQXQGPDQFKHVQLFKWPLWEHNRP PHQ$EHUGLHVH%DXZHLVHKLHUHULQQHUWHPLFKIDWDODQGLH *ULHFKHQXQGPLUNDPGHU9HUGDFKWGDHLQ9RONYRPDQGHUHQ JHOHUQWKDWWH$XFK(OHPHQWHGHUPLQRLVFKHQ.XOWXUGHVDOWHQ .UHWDZDUHQYRUKDQGHQGHQQLFKVDKDQ]ZHL:DQGPDOHUHLHQ HLQHQJURHQ6WLHULP.DPSIJHJHQ]ZHL0HQVFKHQ 'DQQK|UWHLFK6FKULWWH6LHXQWHUEUDFKHQPHLQH*HGDQNHQ6R UDVFKZLHP|JOLFKKXVFKWHLFKKLQWHUHLQHGHU6lXOHQXQGYHUEDUJ PLFKGRUW.HLQH6HNXQGH]XIUKGHQQ]ZHL0lQQHUHUVFKLHQHQ GLHLP*HVSUlFKYHUWLHIWZDUHQ

'LH0lQQHUZDUHQQRFKMQJHUWUXJHQVLOEHUQH+HOPHXQG KDWWHQHLQHVWDUNJHEUlXQWH+DXW,KUH2EHUN|USHUZDUHQYRQ HLQHP(LVHQSDQ]HUEHGHFNWGHUGLH$UPHIUHLOLHXQGDQGHU 7DLOOHHQGHWH,QGHQ6FKHLGHQVWHFNWHQ.XU]VFKZHUWHU ,FKYHUVWDQGGLH6SUDFKH$XFKHLQ3KlQRPHQEHUGDVLFK QLFKWQDFKGHQNHQZROOWHXQGHVHLQIDFKKLQQDKP'LHEHLGHQ XQWHUKLHOWHQVLFKEHUGHQEHYRUVWHKHQGHQ$QJULIIGHU'lPRQHQ ZDUHQDOOHUGLQJVJXWHQ0XWHVGLH$WWDFNHVWRSSHQ]XN|QQHQ %DOGZXUGHQLKUH6WLPPHQOHLVHU'DQQYHUOLHHQVLHGLH+DOOH ,FKZDUWHWHQRFKHLQH:HLOHEHYRULFKPLFKDXVPHLQHU 'HFNXQJKHUYRUWUDXWH /HHUZDUGLH+DOOH'LH0lQQHUKDWWHQVLFKYRQPLUDXVJH VHKHQQDFKUHFKWVHQWIHUQW'HQ:HJZROOWHLFKDXFKQHKPHQ(U IKUWHPLFKVLFKHUOLFK]XP$XVJDQJ 6HKUUDVFKOLHILFKGXUFKGLH+DOOH'DEHLYHUPLHGLFKHVPLW GHQ+DFNHQDXI]XWUHWHQ,FKKXVFKWHDXI=HKHQVSLW]HQYRUDQ 8QDQJHIRFKWHQHUUHLFKWHLFKGHQ$XVJDQJ (UERWHLQSUlFKWLJHV%LOG(LQJURHV7RUVWDQGZHLWRIIHQXQG LFKNRQQWHLQV)UHLHVFKDXHQZRVLFK]DKOUHLFKH0HQVFKHQDXI KLHOWHQ-DVROFKHLQHQ3ODW]ZLHLFKLKQKLHUVDKGHQJDEHVDXFK LQPHLQHU=HLW (VZDUHLQ0DUNWSODW] $OOHUGLQJVZXUGHNHLQ0DUNWDEJHKDOWHQ=DKOUHLFKH0HQVFKHQ VWDQGHQLQ*UXSSHQEHLVDPPHQXQGXQWHUKLHOWHQVLFK0DQFKH ZDUIHQEHVRUJWH%OLFNH]XP+LPPHOGHUPLWWOHUZHLOHVHLQH)DUEH JHZHFKVHOWXQGHLQGVWHUHV*UDXDQJHQRPPHQKDWWH 6FKRQGLHHUVWHQ$Q]HLFKHQHLQHUGURKHQGHQ.DWDVWURSKH" 'DVNRQQWHDXFKGLH$EHQGGlPPHUXQJVHLQGLHVLFKODQJVDP DXVEUHLWHWH,QGHU+DOOHGXUIWHLFKQLFKWOlQJHUEOHLEHQVRQGHUQ PXWHKLQDXV,FKEHUZDQGGLHOHW]WHQ
OLFKHV%LOGHLJHQWOLFKZHQQQLFKWGDV*HIKOGHU'URKXQJXQG GHV8QKHLPOLFKHQJHZHVHQZlUHGDVEHUGHP/DQGODJ /DQGZDUJXW,FKZXWHQLFKWHLQPDOZHOFKH$XVPDHGHU .RQWLQHQWKDWWHXQGZLHGLH6WDGWKLHLQGHULFKPLFKEHIDQG ,FKQDKPMHGRFKDQLQGLH+DXSWVWDGWJHUDWHQ]XVHLQ =XHUVWZXUGHLFKQLFKWEHPHUNW%LV]ZHLLQODQJH*HZlQGHU JHKOOWH)UDXHQSO|W]OLFKVWHKHQEOLHEHQXQGPLFKDXVGXQNOHQ $XJHQDQVFKDXWHQ,PQlFKVWHQ0RPHQWYHU]HUUWHQVLFKLKUH IHLQJHVFKQLWWHQHQ*HVLFKWHUXQGVLHVWLHHQODXWH:DUQVFKUHLH DXV 'LHPDFKWHQGLH.ULHJHUPRELO %HYRULFKPLFKYHUVDKNUHLVWHQVLHPLFKHLQ'LHQRUPDOHQ 0HQVFKHQIORKHQYRUPLUVLHZROOWHQPLWPLURGHUHLQHP6SLRQ QLFKWV]XWXQKDEHQ,FKVWDQGSUDNWLVFKZLHDXIHLQHUNOHLQHQ ,QVHO 'LH.ULHJHUVWDUUWHQPLFKDQ 8QZLOONUOLFKZDUPHLQH5HFKWH]XP*ULIIGHU%HUHWWDJH]XFNW ,FK]RJVLHMHGRFKQLFKWKHUYRUZHLOPLFKVRQVWIQI/DQ]HQ GXUFKERKUWKlWWHQGLHGLH0lQQHUDXIPLFKULFKWHWHQ 6RDEHUKRELFKGLH+lQGHXQGKRIIWHGDUDXIGDGLHVHV =HLFKHQDXFKYHUVWDQGHQZXUGH 9RP0DUNWSODW]IKUWHQVWHUQI|UPLJGLH6WUDHQDE,FKVDK DXFK]ZHL%UFNHQGLHPLWLKUHQJHERJHQHQ6WHLQJHOlQGHUQEHU .DQlOHIKUWHQ'LH+lXVHUGLHGHQ0DUNWSODW]XPJDEHQZDUHQ DOOHVDPWSUlFKWLJDQ]XVHKHQ0LWLPSRQLHUHQGHQ)DVVDGHQXQG ZXFKWLJHQDXI6lXOHQVWHKHQGHQ9RUEDXWHQ 0DQUKUWHPLFKQLFKWDQVRQGHUQZDUWHWHGDUDXIGDLFKGLH ,QLWLDWLYHHUJULII$EHUGHQ*HIDOOHQZROOWHLFKPHLQHQ*HJQHUQ QLFKWWXQ8QGHVZDUDXFKQLFKWQ|WLJGHQQGDV*HUlXVFKNODS SHUQGHU3IHUGHKXIHXQG3HLWVFKHQNQDOOHQVFKUHFNWHXQVEHLGH DXI 'DVDKLFKVFKRQGLHEHLGHQ6FKLPPHOGLHDXIGHQ0DUNWSODW] VSUHQJWHQXQGGLH.|SIHKHUXPZDUIHQVRGDGHU6FKDXPYRQ LKUHQ0lXOHUQZHJJHJHQGLH)ODQNHQVSUKWHZRHUDOVODQJHU 6WUHLIHQKlQJHQEOLHE 'LH3IHUGHPXWHQHLQH.XWVFKH]LHKHQGHUHQ)OlFKHPLWHLQHU JROGHQVFKLPPHUQGHQ6WRIIKDXEHEHGHFNWZDUGLHYRQ]ZHL 'LHQHUQ]XUFNJHNODSSWZXUGHDOVGLH3IHUGHDQKLHOWHQ

0LUZDUNODUGDLUJHQGHLQKRKHV7LHUHLQJHWURIIHQVHLQPXWH XQGLFKZDUJHVSDQQW]XHUIDKUHQZLHGLHVH3HUVRQUHDJLHUWH ZHQQVLHPLFKHQWGHFNWH (UVWHLQPDOVWLHJVLHDXVGHU.XWVFKH (VZDUHLQ0DQQ$XFKVHLQH+DXWZDUVWDUNJHEUlXQWXQGVHLQ VFKORKZHLHV+DDUKLQJLKPELVDXIEHLGH6FKXOWHUQ'HU.RSI ]HLJWHHLQHVFKPDOH)RUPGLH:DQJHQILHOHQHWZDVHLQGLH$XJHQ EOLFNWHQVFKDUIXQGGLH1DVHVSUDQJKHUYRUZLHGHU6FKQDEHO HLQHV$GOHUV'HU0DQQWUXJHLQVFKDUODFKURWHV*HZDQGGDVHLQH 6FKXOWHUIUHLOLH(UKDWWHNDXPGHQ%RGHQEHUKUWDOVLKQMHPDQG DQVSUDFKXQGGDEHLDXIPLFKXQGGLHPLFKXPVWHKHQGHQ.ULHJHU GHXWHWH 'HU:HLKDDULJHQLFNWHVFKDXWHHEHQIDOOV]XXQVXQGOlFKHOWH 'DQQVFKULWWHUDXIXQV]X ,FKKDWWHLKQOlFKHOQJHVHKHQXQGGLHVHV/lFKHOQPDFKWHLKQ PLUV\PSDWKLVFK,FKJODXEWHQLFKWGDUDQGDHUPLUIHLQGOLFK JHVRQQHQZDUEHVFKORDEHUDXIGHU+XW]XVHLQ 'HU0DQQKREHLQPDOGLHUHFKWH+DQG(UJDEGHQ.ULHJHUQGLH PLFKXPVWDQGHQGDPLWHLQ=HLFKHQXQGGLH0lQQHUWUDWHQ UHVSHNWYROO]XU6HLWH =ZHL6FKULWWHYRUPLUEOLHEGHU:HLKDDULJHVWHKHQ6FKDUI PXVWHUWHHUPLFK ,FKOLHVHLQHQSUIHQGHQ%OLFNEHUPLFKHUJHKHQVFKDXWH VHOEVWLQGLHNKOHQIRUVFKHQGHQ$XJHQHQWGHFNWHMHGRFKNHLQHQ $UJZRKQGDULQVRQGHUQHLQHQ:LOONRPPHQVJUXGHUPLUVFKRQ EDOGEHVWlWLJWZHUGHQVROOWH 'HU:HLKDDULJHUHLFKWHPLUGLH+DQGª,FKKHLH'HOLRV©VDJWH HUPLWVHLQHUZDUPHQYROOW|QHQGHQ6WLPPHªXQGEHJUHGLFK LQHLQHU6WDGWGLHGHP7RGJHZHLKWLVW)UHPGHU© $XFKLFKVWHOOWHPLFKYRUXQGGHU:HLKDDULJHQLFNWHOHLFKWDOV KlWWHHUPHLQHQ1DPHQVFKRQLUJHQGZDQQHLQPDOJHK|UWDEHU GDVZDUZRKOVFKOHFKWP|JOLFK ª:RNRPPVWGXKHU"©IUDJWHHUPLFK %HLHLQHP0DQQZLHLKPKDWWHHVNHLQHQ6LQQQDFK$XVUHGHQ ]XVXFKHQGHVKDOEVDJWHLFKDXFKGLH:DKUKHLW ª,FKNRPPHDXVGHU=XNXQIW'HOLRV(LQXQJHZLVVHV6FKLFNVDO KDWPLFKLQGLHVH=HLWYHUVFKODJHQ© ª'DQQELVWGXNHLQ0HQVFKYRQGHQ6WHUQHQ"©

ª1HLQGDVELQLFKQLFKW© ª,FKKDWWHHVPLUJHGDFKW'LH8QEHNDQQWHQYRQGHQ6WHUQHQ VHKHQDQGHUVDXV$EHUGXZLUVWKXQJULJXQGGXUVWLJVHLQ .RPPLXQGWULQNPLWPLU:LUZHUGHQGDEHLUHGHQN|QQHQ© ª,FKGDQNHGLU©HUZLGHUWHLFKVFKOLFKW :LHGHUQLFNWHHUXQGLFKVDKGDVIHLQH/lFKHOQGDVVLFKLQVHLQH 0XQGZLQNHOVWDKO0LWHLQHUZHLWDXVODGHQGHQ$UPEHZHJXQJ GHXWHWHHUKRFK]XP+LPPHOª/DXQVGLHOHW]WH.UDIWGHU ZlUPHQGHQ6RQQHQXW]HQEHYRUGLH)LQVWHUQLVEHUGLH6WDGW IlOOWXQGGHU6FKZDU]H7RGVHLQH'lPRQHQVFKLFNW:LUZHUGHQ XQWHUGHP+LPPHOYRQ$WODQWLVXQVHUH6SHLVHQXQGXQVHUHQ 7UDQN]XXQVQHKPHQ©(UJLQJYRUXQGVWHXHUWHGHQ%UXQQHQDQ DXIGHVVHQ5DQGZLU3ODW]QDKPHQ 'HU:HLKDDULJHEUDXFKWHVHOEVWQLFKWV]XWXQ(LQDQGHUHU NODWVFKWHIULKQLQGLH+lQGH-XQJH0lGFKHQHUVFKLHQHQEUDFK WHQ]XHUVW:DVVHUZRPLWZLUXQVHUH+lQGHZDVFKHQNRQQWHQ XQGGDQQ:HLQ(UZXUGHLQ7RQNUJHQVHUYLHUWVFKPHFNWH KDU]LJXQGO|VFKWHGHQ'XUVW :LUWUDQNHQZlKUHQGGLH.ULHJHUHLQHQ.UHLVXPGHQ%UXQQHQ JHELOGHWKDWWHQXQGXQVEHZDFKWHQ 'LH0lGFKHQVHUYLHUWHQDXFKGLH6SHLVHQ'DWWHOQ:HLQ WUDXEHQ)HLJHQ$SIHOVLQHQSUlFKWLJXQGJXWJHZDFKVHQZLHLFK VLHVHOWHQLQPHLQHU=HLWJHVHKHQKDWWH'D]XJDEHVSIDQQ NXFKHQlKQOLFKH*HELOGHGLHPLW)OHLVFKJHIOOWXQGJXWJHZU]W ZDUHQ :LUDHQXQGWUDQNHQ ,FKKDWWHZLUNOLFK+XQJHUXQGVSUDFKZlKUHQGGHV(VVHQVNHLQ HLQ]LJHV:RUW 6FKOLHOLFKIKOWHDXFKLFKGLH0GLJNHLW1RFKVFKLHQGLH 6RQQHZDUPGD]XGHUYROOH0DJHQGDV3OlWVFKHUQGHV:DVVHUV GLHVHGUHL'LQJHJDEHQPLUGDV*HIKOHLQHUZRKOLJHQ(QW VSDQQXQJ )UDJHQGVFKDXWHPLFK'HOLRVDQª:HQQLFKGLFKVHKHGDQQ GHQNHLFKDQHLQHQ.lPSIHUGHV/LFKWV+DEHLFKUHFKW"© ª-D'HOLRVGDVKDVWGX,FKELQLQPHLQHU=HLWHLQ0DJLHU GHV*XWHQZHQQLFKGDVVDJHQGDUIXQGLFKHQWGHFNHDXFKLQ PHLQHU=HLWLPPHUPHKU9HUELQGXQJHQGLHQDFK$WODQWLV IKUHQ'LHVH,QVHOYHUVLQNWGDJLEWHVNHLQHQ$XVZHJDEHUHV

KDEHQVLFKYLHOHUHWWHQN|QQHQGDVZHLLFKLQ]ZLVFKHQ© 'HOLRVQLFNWHOlFKHOQGª0LUZLUGHVQLFKWYHUJ|QQWVHLQGHQQ ZHQQ$WODQWLVYHUVLQNWZHUGHDXFKLFKVWHUEHQ,FKKRIIHQXUGD PHLQ.LQGGDV(UEHZHLWHUWUDJHQZLUG© ª'DVJODXEHLFKXQGZQVFKHHVGLU©HUZLGHUWHLFK ª'DQNH©(UVFKDXWHLQGLH)HUQHXQGDXFKLFKVDKGLH *HELUJVNHWWHGLHVLFKVFKHPHQKDIWZHLWKLQWHUGHU6WDGWYRQGHU IUHLHQ(EHQHDEKREª'RUWZRGLH%HUJHGDV/DQGWHLOHQVLQGVLH ]X+DXVH'RUWOHEHQGLH'lPRQHQXQVHUH)HLQGH8QGZLUKLHU VLQGGLHHUVWH6WDGWGLHVLHDQJUHLIHQZHUGHQ1DFKWIU1DFKW IDOOHQVLHHLQGLH9DVDOOHQGHV6FKZDU]HQ7RGVHEHQVRZLHGLH 9DPSLUHGHV0\[LQ8QGGHU(LVHUQH(QJHOVFKDIIWHVQLFKWPHKU VLFKGXUFK]XVHW]HQ© ª,FKNHQQHLKQ© 'HOLRVEOLFNWHPLFKEHUUDVFKWDQª'XKDVWLKQJHVHKHQ-RKQ 6LQFODLU"© ª-DDEHULQPHLQHU=HLW© (LQ$XIVHXI]HQGUDQJDXVGHP0XQGGHVZHLKDDULJHQ 0DQQHVª'DQQKDWDXFKHUEHUOHEW©PXUPHOWHHUª-DGLH6WHUQH VWHKHQGRFKQLFKWVRXQJQVWLJ$WODQWLVZLUGYHUVLQNHQDEHU QLFKWDOOHNRPPHQXP© ª:DUXPIOLHKWLKUQLFKW"©IUDJWHLFK ª:RKLQ"© ª$XIGDV0HHU© ª$XFKGRUWZUGHXQVGDV6FKLFNVDOHUHLOHQ'HU8QWHUJDQJLVW YRUEHVWLPPW'LH0HQVFKHQKDEHQHVQLFKWDQGHUVJHZROOW6LH KDEHQQLFKWDXIGLH:HLVHQXQG3URSKHWHQJHK|UW1XQLVWHV]X VSlW© ª%LVWGXHLQ:HLVHURGHUHLQ3URSKHW"©ZROOWHLFKZLVVHQ ª(LQ3URSKHW© ,FKQLFNWHª$XFKGLH:HLVHQZHUGHQEHUOHEHQ9LHUVLQGHV GRFKHLQHUYRQLKQHQLVWHLQ9HUUlWHU(UVWHKWLQGHQ'LHQVWHQ GHUHUGLH$WODQWLVYHUQLFKWHWKDEHQ(ULVWHLQ'lPRQRGHU SDNWLHUWPLWLKQHQ,KPYHUGDQNHLFKHVGDLFKKLHUELQ© 'HOLRVVFKDXWHPLFKJURDQª:HULVWHV"6DJHVPLU© ª,FKZHLHVQLFKW© ª$EHUGXZHLWGDHUHLQ9HUUlWHULVW© ª'DVVFKRQ'HOLRV'RFKLFKKDEHLKQQLFKWJHVHKHQ©'DQQ

EHULFKWHWHLFKZDV0\[LQXQGPLUZLGHUIDKUHQZDU8QGLFK HU]lKOWHDXFKGDLFKPLWJHKROIHQKDWWH0\[LQZLHGHU]X HUZHFNHQXQGGDHUGHQ6SLHJHOKDEHQZROOWH ,FKUHGHWHPLFKLQHLQHQUHJHOUHFKWHQ5DXVFKKLQHLQXQG'HOLRV K|UWHPLUIDV]LQLHUW]X0HLQH:RUWHPXWHQDXFKIULKQY|OOLJ QHXH3HUVSHNWLYHQHU|IIQHQYRUDOOHQ'LQJHQEHU0\[LQV5ROOH NDPHUDXVGHP6WDXQHQQLFKWKHUDXVXQGHUZXQGHUWHVLFKQRFK PHKUGDLFKGHQ6FKZDU]HQ7RGYHUQLFKWHWKDWWH ª'DQQELVWGXHLQ*URHUHLQ0lFKWLJHU©VDJWHHUZREHL (KUIXUFKWLQVHLQHU6WLPPHPLWVFKZDQJ ª1HLQGDVJODXEHLFKQLFKW,FKKDEHELVKHULPPHU*OFN JHKDEWGDVLVWHV© ª(LQ0DQQZLHGXVWHKWXQWHUGHP6FKXW]GHU*|WWHU©HUNOlUWH HUPLUª(UZLUGLPPHUXQWHULKUHP6FKXW]VWHKHQ$EHUGDHV HLQHQ9HUUlWHUJLEWEHXQUXKLJWPLFKVHKUZHLOLFKNHLQH=HLW PHKUKDEHLKQ]XEHUIKUHQ'RFKGXKDVWYRQPHKUHUHQ JHVSURFKHQGLHVLFKDXFKQRFKUHWWHQ.HQQVWGXZHOFKH"© ª-D0\[LQGHUMD]XPHLQHU=HLWJHOlXWHUWLVWKDWVLFKDXIGLH 6XFKHEHJHEHQ(UZLOOGLH0HQVFKHQILQGHQGLHQRFKDXV $WODQWLVVWDPPHQZlKUHQGGHU9HUUlWHUVLHW|WHQP|FKWHGDPLW QLFKWVYRQGHPDOWHQ(UEH]XUFNEOHLEW8QG0\[LQKDW$WODQWHU JHIXQGHQ=ZHL(LQHQ.ULHJHUGHUDOOHUGLQJVJHVWRUEHQLVW+DUR ZDUVHLQ1DPH© ,FKEHPHUNWHZLH'HOLRV]XVDPPHQ]XFNWHDEHUQLFKWVZHLWHU VDJWHª8QGHLQ0lGFKHQ©IXKULFKIRUWª(VKDWVLFK0\[LQDQ JHVFKORVVHQXQGLVWHLQHUlWVHOKDIWH(UVFKHLQXQJ(VIKUWGDV 6FKZHUWZLHHLQ.ULHJHUXQGLKUH6HHOHNDQQGHQ.|USHUYHU ODVVHQ© ª6DJPLUGHQ1DPHQ©IRUGHUWH'HOLRVPLFKDXI ª.DUD©HUZLGHUWHLFKª'DV0lGFKHQKHLW.DUD© )UHLQHQ0RPHQWYHUVFKOHLHUWHVLFKVHLQ%OLFNXQGHUOHKQWH VLFKQDFKKLQWHQVRGDLFKEHIUFKWHWHHUZUGHLQGHQ%UXQQHQ VWU]HQ'RFKHUILQJVLFKVFKQHOO ª.DUD©PXUPHOWHHUXQGVFKDXWHPLFKGDEHLDQª:HLWGXZHU .DUDLVW"© (LQ9HUGDFKWNDPPLUDEHULFKZROOWHYRQGHP:HLKDDULJHQ GLH*HZLKHLWEHNRPPHQª1HLQ© ª.DUDLVWPHLQH7RFKWHU©

'HU9HUGDFKWKDWWHVLFKEHVWlWLJW1HEHQPLUVDWDWVlFKOLFK .DUDV9DWHUYRQGHPVLHVRYLHOEHULFKWHWKDWWH6LHZDUVWRO]DXI LKQJHZHVHQXQGPLUNODQJHQQRFKLKUH:RUWHLQGHQ2KUHQ QDFK6LHHU]lKOWHGDLKUGHU9DWHUGDV6FKZHUWPLWGHUJROGHQHQ .OLQJHYHUHUEWKDWWHEHYRUHUHQGJOWLJVWDUE'DVPXWHGLFKW YRUGHP8QWHUJDQJGLHVHV5HLFKHVJHZHVHQVHLQXQGDOVLFK HLQHQ%OLFN]XP+LPPHOZDUIUDQQPLUHLQH*lQVHKDXWEHUGHQ 5FNHQ (VZXUGHODQJVDPGXQNHO,QGHU)HPHZRGLH%HUJHODJHQ JOKWHGHU+LPPHOLPEOXWLJHQ5RW 'HOLRVKDWWHVLFKYRUQEHUJHEHXJWXQGVHLQ*HVLFKWLQGHQ +lQGHQYHUJUDEHQ)ULKQPXWHHVHEHQIDOOVHLQHhEHUUDVFKXQJ JHZHVHQVHLQZLHIUPLFKGHQQGDPLWKDWWHHUQLFKWJHUHFKQHW ª.DUD©IOVWHUWHHUªPHLQH7RFKWHU6LHKDWGDV(UEHDQJHQRP PHQXQGVLHZLUGHVIRUWIKUHQ© ª'DVNDQQLFKGLUYHUVSUHFKHQ©HUZLGHUWHLFK (UKREGHQ.RSIXQGVFKDXWHPLFKDQª'XNHQQVWVLHGX NHQQVWGDV6FKZHUWQLFKWZDKU"© ª-D© ª,VWHVGDV"© 0LWHLQHP5XFNVFKOXJGHUDOWH0DQQVHLQ*HZDQG]XU6HLWH XQGGDVDKLFKGLH:DIIHPLWGHUJROGHQHQ.OLQJHª,VWVLHGDV -RKQ6LQFODLU",VWHVGDV6FKZHUWGDV]HKQWDXVHQG-DKUHVSlWHU PHLQH.DUDWUDJHQZLUGXPGHP%|VHQ]XWURW]HQ"© ª-D©HUZLGHUWHLFKUDXKªHVLVWGLH:DIIHGLHGX.DUDJHJHEHQ XQGGLHGHU6HKHUGLUEHUODVVHQKDW© ª'XNHQQVWLKQ"© ,FKQLFNWHXQGEHULFKWHWHZLHLFKDQPHLQHQ%XPHUDQJJHODQJW ZDU ª,UJHQGZRVFKOLHWVLFKGHU.UHLVLPPHU©PXUPHOWH'HOLRV ª'DUDQN|QQHQDXFK]HKQWDXVHQG-DKUHQLFKWVlQGHUQ*ODXEHV PLU-RKQ6LQFODLU6RZLUGHVLPPHUVHLQ©'DQQZHFKVHOWHHUGDV 7KHPDREZRKOPLFKGLH3HUVRQGHV6HKHUVEUHQQHQGLQWHUHVVLHUW KlWWHª:DU.DUDDOOHLQLQGHLQHU=HLW"© ª=XHUVWQLFKW,FKVDJWHMDHLQElUWLJHU.ULHJHUQDPHQV+DUR ZDUEHLLKU'RFKHULVWLP.DPSIJHVWRUEHQ7RGHVHQJHOKDEHQ LKQJHW|WHWGLHYRQGHU7HXIHOVWRFKWHUDXVJHVFKLFNWZXUGHQ© ª:HULVWGDV"©

,FKHU]lKOWHLKPYRQ$VPRGLQDGRFKGDPLWNRQQWHHUQLFKWV DQIDQJHQ(UGDFKWHQXUQRFKDQVHLQH7RFKWHU9HUVWlQGOLFKª:R LVWVLHMHW]W"©IUDJWHLFKLKQ ª$XVJHULWWHQ6LHZROOWHQRFKGLH6RQQHJHQLHHQGHQQEDOGLVW HVYRUEHLXQGHLJHQWOLFKPWHVLHVFKRQ]XUFNVHLQ+DUR EHJOHLWHWVLHHUEHVFKW]WVLHDEHUGXPHLQ)UHXQGZLUVWPLFKLQ PHLQ+DXVEHJOHLWHQXQGGRUWVRODQJHDOVZLOONRPPHQHU*DVW EOHLEHQZLHHVGLUJHIlOOW© ª,FKGDQNHGLUVHKUIUGLHVH(LQODGXQJ©HUZLGHUWHLFKªDEHU LFKNDQQGHLQH*DVWIUHXQGVFKDIWNDXPLQ$QVSUXFKQHKPHQ© 'HOLRV]HLJWHVLFKYHUZXQGHUWª:DUXPQLFKW-RKQ"'XELVW IUHPGKLHU'XNHQQVWNHLQHQ© ª,FKKDEHDQGHUH$XIJDEHQ]XHUIOOHQ©HUZLGHUWHLFKª,FK P|FKWHGLFKDXINHLQHQ)DOONUlQNHQ© ª1HLQQHLQLFKYHUVWHKHGLFK(LQ0DQQPXLPPHUVHLQHQ :HJJHKHQ$EHUZHQQLFKIUDJHQGDUIXPZHOFKH$XIJDEHQHV VLFKKDQGHOWZUGHVWGXPLUHLQH$QWZRUWJHZlKUHQ"© 3XKZDUGDVHLQHJHVFKUDXEWH$XVGUXFNVZHLVH$EHUVRUHGHWH PDQHEHQLQGLHVHU=HLWª,FKP|FKWHGHQ6SLHJHOKDEHQ8QG]ZDU GHQJDQ]HQ0LWHLQHP7HLOGDYRQKDEHLFKGDV'lPRQHQDXJHHLQ PDO]HUVW|UHQN|QQHQGDVGHU6FKZDU]H7RG0\[LQDEQDKP© ª,FKZHL©OlFKHOWH'HOLRVª'HU6FKZDU]H7RGKDWGLHVJHWDQ :LUKDEHQHVPLWEHNRPPHQ6HLWGLHVHU=HLWLVWVHLQH0DFKWQRFK JHZDFKVHQ(UZLOOGLH=HUVW|UXQJGDVUHLQH&KDRVXQGQLFKWV KlOWLKQDXIVHLQHP:HJHDXI© ª.HQQVWGXGHQ2UWZRVLFKGHU6SLHJHOEHILQGHW"©ZROOWHLFK ZLVVHQ ª-DXQGQHLQ,UJHQGZRLP5HLFKGHV6FKZDU]HQ7RGV©(U VWUHFNWHGHQ$UPDXVXQGGHXWHWHGRUWKLQZRVLFKGDV*HELUJH EHIDQGª'LHVHV/DQGVRVFK|QXQGIUXFKWEDUHVDXFKLVWEHKHU EHUJWMHGRFKLQVHLQHQ%HUJHQGHQ+RUWGHU'lPRQHQ8QGGD NDQQPDQDXFKGHQ6FKZDU]HQ7RGILQGHQXQGVRPLWGHQ 6SLHJHO© :DVPLU'HOLRVGDVDJWHNODQJQLFKWJHUDGHHUPXWLJHQGIU PLFK:HQQGHU6FKZDU]H7RGWDWVlFKOLFKGHQ6SLHJHOEHVD GDQQZXWHHULKQDXFK]XVFKW]HQ ,FKZDQGWHPLFKDQ'HOLRVª:HLWGXJHQDXZDQQGHU .RQWLQHQWYHUVLQNW"©

ª1HLQ-RKQ6LQFODLU'DVNDQQKHXWHVHLQGDVNDQQHUVWPRUJHQ SDVVLHUHQRGHUDXFKEHUPRUJHQ$EHUGLH6WXQGHGHV 8QWHUJDQJVLVWQDKHJODXEHPLU'HU6FKZDU]H7RGZLUGPLW 0\[LQQRFKXPGLH0DFKWNlPSIHQPVVHQ0\[LQZLUGYHU OLHUHQXQG© (UVSUDFKSO|W]OLFKQLFKWPHKUZHLWHUXQGGDVKDWWHDXFK VHLQHQ*UXQG'DV5RWGHV+LPPHOVHUVWQXULQGHU)HUQH]X VHKHQJHZHVHQKDWWHVLFKDXVJHEUHLWHW:LHHLQ7HSSLFKODJHV EHUGHP/DQGHLQJHKHLPQLVYROOHV/HXFKWHQGDVVHLQHQ :LGHUVFKHLQDXFKJHJHQGLH6WDGWDEVWUDKOWHLQGHUZLUXQV EHIDQGHQ ª'HU$QIDQJYRP(QGH©PXUPHOWH'HOLRV ,FKVFKDXWHLKQDQª:LOOVWGXGDPLWVDJHQGD$WODQWLVLQ GLHVHP$XJHQEOLFNDP(QGHVWHKW"© ª-DXQGQHLQ(VJHKWQLFKWVRVFKQHOOPHLQ)UHXQG$WODQWLV ZLUG7HLOIU7HLOYHUVLQNHQXQGDXVHLQDQGHUEUHFKHQ$EHUVLHWXQ DOOHVXPGLHV]XEHVFKOHXQLJHQ6SUVWGXQLFKWGHQ:LQGPHLQ )UHXQG"© -DLFKVSUWHLKQ(UKHXOWHPLWHLQHPVHOWVDPNODJHQGHQ7RQ GXUFKGLH*DVVHQXQG6WUDHQ ª'DVLVWGHU:LQGGHV7RGHV©IOVWHUWH'HOLRVª(UEHJOHLWHW XQVHUH)HLQGHNQGLJWVLHDQ.RPPLQV+DXV-RKQ6LQFODLU'HU 6FKZDU]H7RGZLUGVHLQH7UXSSHQVFKLFNHQ© 'HOLRV]HUUWHPLFKDP$UPGRFKLFKEOLHEVWHKHQVFKWWHOWH GHQ.RSIª(UVWPDOVHKHQZHOFKH7UXSSHQHUVFKLFNW:DVVLQG GDVIUZHOFKH"© ª6FKZDU]H6NHOHWWHGLHDXI)OXJHFKVHQUHLWHQ©'HOLRV VFKOXFNWHEHYRUHUIOVWHUWHª0HLQH*WH.DUDVLHLVWQRFKQLFKW ]XUFN,FKPDFKHPLU6RUJHQ© ª+DURZLUGVFKRQDXIVLHDFKWJHEHQ©EHUXKLJWHLFKGHQ ZHLKDDULJHQ0DQQ ,FKVHOEVWVFKDXWHPLFKDXIGHP0DUNWSODW]XP(UKDWWHVLFK ZLUNOLFKJHOHHUW1XUQRFKGLH6ROGDWHQZDUWHWHQ6LHKDWWHQGLH %OLFNHQDFKREHQJHULFKWHWGHQQYRQGRUWZUGHGLH*HIDKU NRPPHQ ª*LEPLUHLQ6FKZHUW©YHUODQJWHLFK 'LH+DQGGHV$OWHQ]XFNWH]XVHLQHU:DIIHGLHHLQPDO.DUDV (UEWHLOZHUGHQVROOWH,FKVFKWWHOWHGHQ.RSIª1HLQQLFKWGDV

6FKZHUWPLWGHUJROGHQHQ.OLQJH,UJHQGHLQDQGHUHV0DFK VFKQHOO'HOLRVVLHNRPPHQEHUHLWV© ,FKKDWWHGLH)HLQGHJHVHKHQ(UVWZDUHQHVQXUGXQNOH3XQNWH DP5RWGHV+LPPHOVGDQQDEHUZXUGHQVLHUDVHQGVFKQHOO JU|HU,FKLGHQWLIL]LHUWHVLHWDWVlFKOLFKDOV)OXJHFKVHQVRZLH 'HOLRVHVPLUJHVDJWKDWWH 8PPLFKKHUXPEHJDQQHLQKHNWLVFKHV7UHLEHQ$XVGHQ +DXVHLQJlQJHQVFKREHQGLH%HZRKQHUVHOWVDPH*HUlWH6LH VWDQGHQDXI/DIHWWHQDQGHQHQVLFKUHFKWVXQGOLQNV+RO]UlGHU GUHKWHQGLHEHUGDVKROSULJH3IODVWHUZDO]WHQ -HW]WVDKLFKGLH:DIIHQQlKHU(VZDUHQJURHEHZHJOLFKHXQG VFKRQJHVSDQQWH$UPEUVWHGHUHQ6HKQHQGXUFK%RO]HQJHKDOWHQ ZXUGHQ3IHLOHZDUHQHEHQIDOOVDXIJHOHJWDEHUEHVRQGHUH3IHLOH GHQQVLHKDWWHQNXQVWYROOJHVFKPLHGHWHVLOEHUQH6SLW]HQ'LH 0HQVFKHQYRQ$WODQWLVZXWHQJHQDXZLHVLHVLFKJHJHQLKUH )HLQGH]XYHUWHLGLJHQKDWWHQ $EHUUHLFKWHQVLHDXV" ,FK]lKOWHVHFKV*HVFKW]H9LHO]XZHQLJIUGLHVHP|UGHULVFKH $WWDFNHGHQQGLH*HJQHUZDUHQVLFKHUOLFKPHKUDOV]HKQPDOVR VWDUN 'HOLRVVWDQGDXIGHU7UHSSHYRUVHLQHP+DXVZlKUHQGLUJHQG ZRHLQH$ODUPJORFNHJHVFKODJHQZXUGH :HLWHUH.ULHJHUHUVFKLHQHQ6LHZDUHQPLW6FKZHUWHUQXQG /DQ]HQEHZDIIQHWXQGZUGHQVLFKWRGHVPXWLJGHQ'lPRQHQ HQWJHJHQVWHPPHQ$XFKLFKZROOWHQLFKWXQWlWLJ]XVHKHQXQG EHVRUJWHPLUHLQ6FKZHUW,FKQDKPHVNXU]HUKDQGHLQHP 6ROGDWHQDEGHU]ZHLGDYRQWUXJ ª'DQNH)UHXQG©ULHILFKXQGPDFKWHPLFKNDPSIEHUHLW (LQH*lQVHKDXWULHVHOWHEHUPHLQHQ5FNHQDOVLFKGLHDQJUHL IHQGHQ*HVWDOWHQVDK 'LH6NHOHWWHZDUHQZLUNOLFKSHFKVFKZDU]QXULKUH$XJHQJOK WHQ8QGGLHJUDXVDPHQ*HVWDOWHQKRFNWHQDXIGHQJUQVFKXS SLJHQ)OXJWLHUHQZRVLHVLFKPLWGHQ%HLQHQIHVWNODPPHUWHQXQG LKUHIODPPHQGHQ3HLWVFKHQVFKZDQJHQ ,QGHU7DWHVZDUHQIHXULJH3HLWVFKHQPLWGHQHQVLHLQGHQ .DPSI]RJHQ ,FKKLHOWGHQ$WHPDQ-HW]WKlWWHLFKPLU'HVWHURV6FKZHUW JHZQVFKWDEHUHVPXWHDXFKDQGHUVJHKHQ=XVlW]OLFKEHVD

LFKQRFKPHLQ.UHX]XQGGLH%HUHWWDVRZLH(UVDW]PXQLWLRQ 'DV.UX]LIL[KlQJWHLFKRIIHQYRUPHLQH%UXVWGDUDXIKRIIHQG GDHVHLQHQPDJLVFKHQ6FKXW]VFKLUPXPPLFKHUULFKWHQZUGH 'LH.ULHJHUZDUWHWHQUXKLJDE6LHNDQQWHQGLHVHhEHUIlOOH ZRKO6LHKRFNWHQKLQWHULKUHQJURHQ$UPEUVWHQXQGOLHHQGLH JHIlKUOLFKHQ0RQVWHUDXI6FKXZHLWHKHUDQNRPPHQ ,PPHUGXQNOHUZXUGHHV ,FKNDPPLUYRUDOVZUGHLFKLQPLWWHQHLQHUURWHQ:RONH VWHKHQGLHDOOHV]HUGUFNWH 'DQQVFKOLHIGHU:LQGHLQ )UHLQHQ0RPHQWZXUGHHVIDVWWRWHQVWLOO$XFKGLH*ORFNHZDU YHUVWXPPW1XUGDV$WPHQGHU0lQQHUZDU]XK|UHQ$XFKLFK VSUWHGHQ6FKZHLDXIPHLQHP.|USHUPHLQ+HU]VFKOXJ VFKQHOOHUDOVJHZ|KQOLFK(LQHVWDUNH(UUHJXQJKLHOWPLFKJH SDFNW :UGHLFKGLHVHQ.DPSIKLHUEHUVWHKHQ":UGHLFKLUJHQG ZDQQZLHGHULQPHLQH=HLW]XUFNNHKUHQN|QQHQRGHUNDPLFK KLHULQGHU9HUJDQJHQKHLWXP" 'DVZDUGLH)UDJHGLHLQGHQQlFKVWHQ0LQXWHQLKUH$QWZRUW ILQGHQZUGH 3O|W]OLFKIlFKHUWHQGLH$QJUHLIHUDXVHLQDQGHU'LFKWEHUGHU 6WDGWEUHLWHWHQGLH+RUURU:HVHQGHQ5LQJDXVXQGGDQQVWU] WHQGLHHUVWHQ)OXJHFKVHQQDFKXQWHQ 'HU.DPSIEHJDQQ -HPDQGVFKULHHLQHQ%HIHKO (UJDOWGHQ0lQQHUQDQGHQ:DIIHQ6RIRUWZXUGHQGLH%RO]HQ DQGHQ$UPEUVWHQ]XUFNJHOHJWXQGLPQlFKVWHQ$XJHQEOLFN ]LVFKWHQGLHHUVWHQ3IHLOHLQGHQEOXWURWHQ+LPPHOXQGGDPLWGHU :RJHGHU$QJUHLIHUHQWJHJHQ 7UHIIHU 9RQIQI3IHLOHQWUDIHQYLHUYROOLQV=LHO'LH6ROGDWHQZDUHQ VFKRQJXW ,FKVDKDXFKGLH:LUNXQJ'LH6LOEHUVSLW]HQKLHEHQLQGLH VFKXSSLJHQ.|USHUGHU)OXJHFKVHQRGHUWUDIHQGLHVFKZDU]HQ 6NHOHWWH6FKDXULJHVJHVFKDK'LH(FKVHQULVVHQLKUH0lXOHUDXI GLH)OXJEHZHJXQJHQZXUGHQJHVWRSSWXQGVLHVHOEVWIORJHQDXV

HLQDQGHU6LHO|VWHQVLFKLQSHVWJUQH:RONHQDXIZlKUHQGGLH VFKZDU]HQ6NHOHWWHEXFKVWlEOLFKDXVHLQDQGHUJHULVVHQZXUGHQ GLH.QRFKHQQDFKDOOHQ6HLWHQGDYRQIORJHQXQGDXFKGLHIHXULJHQ 3HLWVFKHQYHUO|VFKWHQ )LHEHUKDIWOXGHQGLH6ROGDWHQGLH:DIIHQQDFK'DVNRVWHWH=HLW VRGDGLH]ZHLWH:RJHGHU$QJUHLIHUEXFKVWlEOLFKZLH6WHLQH YRP+LPPHOILHOEHUGLH'lFKHUGHUQLHGULJHQ+lXVHUKLQ ZHJVHJHOWHXQG.XUVDXIGHQ0DUNWSODW]QDKP9LHOHIORJHQEHU GHQ3ODW]KLQZHJ,KUH=LHOHZDUHQDQGHUH2UWHGHU6WDGW 7RGHVPXWLJVWHPPWHQVLFKGLH6ROGDWHQGHQ$QJUHLIHUQHQW JHJHQ6LHVFKOHXGHUWHQLKUH/DQ]HQWUDIHQDXFKPDQFKPDODEHU DQGHUHZLHGHUXPZXUGHQYRQGHQODQGHQGHQ8QWLHUHQEXFK VWlEOLFKYRQGHQ%HLQHQJHULVVHQ 'DQQZLUEHOWHQGLHHUVWHQ3HLWVFKHQ (VZXUGHJUDXVDP,FKK|UWHGDV6FKUHLHQGHU*HWURIIHQHQXQG VDKZLHVLHXQWHUIHXULJHQ+LHEHQ]XVDPPHQVDQNHQ 3O|W]OLFKWDXFKWHGLFKWYRUPLUHLQHVGLHVHUP|UGHULVFKHQ 8QJHKHXHUDXI ,FK]XFNWH]XU6HLWHHQWJLQJGHPHUVWHQ+LHEVRGDGLH 3HLWVFKHQHEHQPLU]X%RGHQNODWVFKWHXQGGRUWHLQHIHXULJH6SXU KLQWHUOLH'DV6NHOHWWKROWH]XP]ZHLWHQPDODXV 'DVFKOXJLFKPLWGHP6FKZHUW]X%HYRUPLFKGLH3HLWVFKH WUHIIHQNRQQWHKDWWHLFKHLQHQ+HOIHUGHV6FKZDU]HQ7RGVLQ]ZHL 7HLOHJHVFKODJHQ5HFKWVXQGOLQNVGHV)OXJXQJHKHXHUVNLSSWHQ VLH]X%RGHQ 0LWHLQHP]ZHLWHQZWHQGHQ6WUHLFKKDFNWHLFKGHU(FKVHGHQ 6FKlGHODXI*UQHV%OXWIORDXVGHU:XQGH ,FKK|UWHGLH6FKUHLHGHUWDSIHUHQ6ROGDWHQ9LHOHQZDUHVQLFKW JHOXQJHQGLH$UPEUVWHHLQ]ZHLWHV0DOVFKXIHUWLJ]XPDFKHQ 'LH)OXJHFKVHQKDWWHQVLHNXU]HUKDQGXPJHULVVHQ $EHUHLQHUKDWWHHVJHVFKDIIW(UOHJWHVRHEHQHLQHQQHXHQ3IHLO DXIXQGVSDQQWHGLH6HKQH1HEHQLKPODJHLQ.|FKHULQGHP QRFKZHLWHUH3IHLOHVWHFNWHQ 'HU0DQQVDKQLFKWGDVLFKHLQHVGHU)OXJXQJHKHXHUGUHKWH XQGVHLQHQ5FNHQDQYLVLHUWH'DVVFKZDU]H6NHOHWWKDWWHEHUHLWV GLHIHXULJH3HLWVFKH]XP6FKODJHUKREHQDOVLFKUHDJLHUWH %OLW]VFKQHOOVFKZHQNWHLFKGLH%HUHWWDKHUXPXQGIHXHUWH 'HUSHLWVFKHQGH.QDOOEHUW|QWHGLH.DPSIJHUlXVFKH(LQSDDU

6ROGDWHQVWDQGHQHUVWDUUW6LHKDWWHQGHQ0QGXQJVEOLW]JHVHKHQ XQGEHNDPHQPLWZLHGLH.XJHOLQGLH)OXJHFKVHHLQVFKOXJXQG VLH]HUVW|UWH$XFKGDVVFKZDU]H+RUURU:HVHQEOLHEQLFKWYHU VFKRQW(VZXUGH]X4XDOPXQG6WDXE ª6FKLHYHUGDPPW©EUOOWHLFKGHP.ULHJHU]X (UO|VWHGHQ%RO]HQ 8QGGHU3IHLOWUDI -HW]WDEHUKDWWHQGLH$QJUHLIHUJHVHKHQZHPVLHGHQ7RGLKUHV $UWJHQRVVHQ]XYHUGDQNHQKDWWHQ *OHLFKGUHLVWU]WHQVLFKDXIPLFK ,FKKHW]WH]XUFNVSUDQJEHUDP%RGHQOLHJHQGH6ROGDWHQXQG GUHKWHPLFKDQGHU+DXVZDQGXPVRGDLFKVLHLP5FNHQKDWWH 6FKZHUWRGHU3LVWROH" ,FKQDKPGLH%HUHWWD 8QGYHUGDPPWVFKLHHQNRQQWHLFK 'UHLPDOGUFNWHLFKDE $OOHGUHLJHZHLKWHQ6LOEHUJHVFKRVVHKLHEHQLQGLH.|USHUGHU VFKXSSLJHQ)OXJHFKVHQPLWGHQZHLWDXIJHULVVHQHQ0lXOHUQLQ GHQHQGLHVSLW]H=lKQHEOLW]WHQ 3O|W]OLFKZDULFKHLQJHKOOWLQHLQHVWLQNHQGH6FKZHIHOZRONH GLHGLHVHGUHL)OXJHFKVHQDEVRQGHUWHQEHYRUVLHIULPPHUYHU JLQJHQ,FKKHW]WH]XU6HLWHXQGVDKPLFKJOHLFKHLQHPYLHUWHQ $QJUHLIHUJHJHQEHUGHUVFKRQPLWGHUIHXULJHQ3HLWVFKH ]XVFKOXJ ,FKSDULHUWHPLWGHP6FKZHUW 'LH3HLWVFKHZLFNHOWHVLFKXPGLH.OLQJHXQG]HUVW|UWHVLH$XI HLQPDOKLHOWLFKQXUQRFKGHQ*ULIILQGHU+DQG 'DV6NHOHWWODFKWHVFKDXULJDXIDOVVHLQ)OXJWLHU]XU/DQGXQJ DQVHW]WH 0LW7RGHVYHUDFKWXQJZDUILFKPLFKJHJHQGDV+RUURUZHVHQ %HYRUPLFKGLH3HLWVFKHWUHIIHQNRQQWHKDWWHLFKGDV6NHOHWWYRP 5FNHQGHU)OXJHFKVHJHVFKOHXGHUWXQGLKPGLH3HLWVFKHHQW ULVVHQ'DPLWVFKOXJLFKDXIPHLQHQ*HJQHUHLQ'DV6NHOHWW ZXUGH]HUVW|UW -HW]WKDWWHLFKZLHGHUHLQH:DIIH,P=LFN]DFNUDQQWHLFKEHU GHQ0DUNWSODW]]XPHLQHPQHXHQ=LHO(VZDUHLQHGHU $UPEUVWHQHEHQGHUGLH.|FKHUPLWGHQ6LOEHUVSLW]HQSIHLOHQ ODJHQ6ROFKHLQHQ.|FKHUZROOWHLFKXQEHGLQJWKDEHQ

(LQ*HJQHUVFKLHQPHLQH$EVLFKWJHDKQW]XKDEHQ9RQGHU 6HLWHKHUIORJHUDXIPLFK]X'DV6NHOHWWDXIGHP5FNHQGHU VFKXSSLJHQ(FKVHVWLHNUlFK]HQGH/DXWHDXVXQGVFKZDQJVHLQH )ODPPHQSHLWVFKH 'LHOHW]WHQ
0HQVFKHQ.DPSIJHUlXVFKHXQGGDVW|GOLFKH.ODWVFKHQGHU 3HLWVFKHQ 'LH$QJUHLIHUZDUHQLQGLH*DVVHQXQG6WUDHQGHU6WDGWHLQ JHGUXQJHQXQGW|WHWHQGRUWMHGHQGHULKQHQEHUGHQ:HJOLHI 'DVZDUGHU$QIDQJYRP(QGH'HU8QWHUJDQJHLQHV .RQWLQHQWVZDUHLQJHOlXWHWZRUGHQ 'DQQVDKLFKLKQ 6HLQ$QEOLFNYHUVHW]WHPLUHLQHQUHJHOUHFKWHQ6FKRFN ,FKKDWWHGLH6lXOHXQGGDPLW'HOLRVQRFKQLFKWHUUHLFKWDOV VHLQH*HVWDOWDP+LPPHOHUVFKLHQ (LQJHZDOWLJHV6NHOHWWPLWULHVLJHQKHOOHQZHLOHXFKWHQGHQ $XJHQXQGHLQHUJURHQ6HQVHLQGHU5HFKWHQ 'HU6FKZDU]H7RG 6HNXQGHQODQJZDULFKIDV]LQLHUW 8QGDXFKJHVFKRFNW'LHVHV%LOGJUXEVLFKWLHILQPHLQ *HGlFKWQLVHLQ'DGHQNWPDQPDQKlWWHHLQHQ*HJQHUJHW|WHW XQGGDQQVLHKWPDQLKQSO|W]OLFK :DKUJHZRUGHQGXUFKHLQH=HLWUHLVH +DWWHHUPLFKDXFKJHVHKHQ"0DQNRQQWHHVDQQHKPHQGHQQ ZLHHUDXVVHLQHQZHLHQ$XJHQK|KOHQEHUGLH6WDGWKLQ ZHJVWDUUWHZLUNWHHVVRDOVZUGHHUMHGHQHLQ]HOQHQJHQDX HUNHQQHQ .DOWULHVHOWHHVEHUPHLQHQ5FNHQXQGLFKZDUIHLQHQ%OLFN DXIPHLQ.UHX]GDVHLQHQPDWWHQ*ODQ]DXVVWUDKOWH$QVRQVWHQ ZDUHVQLFKWDNWLYJHZRUGHQ,FKZDUGDUDXIJHVSDQQWZLHHV UHDJLHUHQZUGHZHQQHV]XHLQHPGLUHNWHQ.RQWDNWPLWGHP 6FKZDU]HQ7RGNDP 8QYHUOHW]WHUUHLFKWHLFKGHQ:HLVHQ'HOLRV(UZDUDXHUPLU GHUOHW]WHGHUVLFKQRFKLP)UHLHQDXIKLHOW6HLQ*HVLFKW]XFNWH,Q VHLQHQ$XJHQVFKLPPHUWHQ7UlQHQDOVHULQGDV&KDRVVFKDXWH GDVGHQ0DUNWSODW]EHUGHFNWH $QHLQLJHQ6WHOOHQIODFNHUWHQ%UlQGH'LH)ODPPHQSHLWVFKHQ KDWWHQGLH%OXPHQLQ%UDQGJHVHW]WGLHPLWNQLVWHUQGHQ *HUlXVFKHQYHUEUDQQWHQ ª'DVLVWGHLQ7RG$WODQWLV©PXUPHOWHGHU3URSKHWXQGGUHKWH VLFKGDQQXP

*HEHXJWVFKULWWHULQV+DXV,FKIROJWHLKPZREHLLFKDEXQG]X HLQHQ%OLFNEHUGLH6FKXOWHU]XUFNZDUI6RHEHQODQGHWHQGUHL QHXH)HLQGH'LH6NHOHWWHVWLHJHQYRQLKUHQYRUVLQWIOXWOLFKHQ 7LHUHQXQGVFKOXJHQPLWGHQ3HLWVFKHQXPVLFK 'HOLRVVFKORGLH7U6FKZHUDWPHQGOHKQWHHUVLFKJHJHQGDV +RO]XQGVWDUUWHDXIGLHJROGHQH.OLQJHZlKUHQGLFKPLUGLH EHLGHQ.|FKHUEHUGLH6FKXOWHUQKlQJWH ª:LUVFKDIIHQHVQLFKW©VDJWHHUª(VLVWDXVGLHhEHUPDFKWGHU DQGHUHQZLUGXQV]HUPDOPHQ© ,FKVFKOXFNWHHLQH$QWZRUWKHUXQWHU:DVKlWWHLFKLKPDXFK VDJHQVROOHQ"(UNDQQWHVLFKLQ$WODQWLVXQGLQGLHVHU6WDGWEHVVHU DXVDOVLFK1LFKWQXUZLUKDWWHQXQVLQGLH+DOOHJHUHWWHW$XFK DQGHUH.ULHJHUVXFKWHQKLHU6FKXW] 'LHPHLVWHQZDUHQYHUOHW]W6LHKRFNWHQDXIGHP%RGHQRGHU ODJHQXQGHUWUXJHQLKUH6FKPHU]HQVWXPPXQGJHGXOGLJ,FKVDK 6WHUEHQGHXPGLHVLFK)UDXHQLQODQJHQ*HZlQGHUQNPPHUWHQ XQGLQLKUHUOHW]WHQ6WXQGHEHLVWDQGHQ (VJDE7UlQHQXQG/HLG'LHMHQLJHQGLHQRFKNlPSIHQNRQQWHQ YHUVDPPHOWHQVLFKXP'HOLRVXQGPLFK (VZDUHQZHQLJHJHQXJ 6HFKV.lPSIHU]lKOWHLFK 0LFKWUDIHQ%OLFNHGHU+RFKDFKWXQJ'LHPHLVWHQKDWWHQPLWEH NRPPHQZLHLFKXQWHUGHQ6NHOHWWHQDXIJHUlXPWKDWWHDEHUHV ZDUMDJDUQLFKWPHLQ9HUGLHQVWJHZHVHQVRQGHUQGDVPHLQHU %HUHWWD'LHPRGHUQH7HFKQLNZDULQGLHVHP)DOOHGHU0DJLH EHUOHJHQJHZHVHQ 'DUDXIVSUDFKLFK'HOLRVDQ (UQLFNWHª,FKZHLZRUDXIGXKLQDXVZLOOVW-RKQ6LQFODLU:LU 3URSKHWHQXQG:HLVHQEHKHUUVFKHQGLH0DJLHDEHUGLHDQGHUH 6HLWHLVWVRVWDUNGDZLUPLWXQVHUHUQLFKWGDJHJHQDQNRPPHQ 'HU6FKZDU]H7RGKDWVLFKGDUDXIHLQJHVWHOOWQDFKGHPZLULKP HLQLJH9HUOXVWH]XIJWHQ+DVWGXLKQDP+LPPHOJHVHKHQ"© ª1DWUOLFK© ª'DVLVWGDV=HLFKHQGHV6LHJHV(UHUVFKHLQWLPPHUZHQQVHLQH 9DVDOOHQHVJHVFKDIIWKDEHQ© ª+DEHQVLHHVGHQQ"©IUDJWHLFK 'HOLRVVFKDXWHPLFKDQª:HUZLOOVLFKLKQHQQRFKHQWJHJHQ VWHOOHQPHLQ)UHXQG"©(UVWUHFNWHGHQ$UPDXVXQGPDFKWHHLQH

NUHLVHQGH+DQGEHZHJXQJª6FKDXGLFKHLQPDOXP:LHYLHOH 0lQQHUVLHKVWGXGLHLQGHU/DJHVLQGHLQ6FKZHUW]XIKUHQ"© 'DKDWWHHUUHFKW(VJDEZLUNOLFKQLFKWYLHOH 'HOLRVOLHPLFKDOOHLQ(UJLQJ]XGHQ9HUOHW]WHQXQG 6WHUEHQGHQXPLKQHQ7URVW]XVSHQGHQ ,FKZDQGWHPLFKDQHLQHQEUHLWVFKXOWULJHQ6ROGDWHQGHVVHQ 6WLUQEOXWYHUVFKPLHUWZDULQGHVVHQ$XJHQDEHUQRFKGHU .DPSIHVZLOOHEOLW]WH ª:DVN|QQHQZLUWXQ"© ª:LUPVVHQDEZDUWHQ© ª$XFKGX"© ª-DLFKHUOHEHHVQLFKW]XPHUVWHQPDO'LHhEHUIlOOHJHVFKHKHQ RIWJHQXJ8QGMHGHVPDOZHUGHQWDSIHUH0lQQHUYRQXQVJHW|WHW :HQQHVVRZHLWLVW]LHKHQVLFKGLH9DVDOOHQGHV6FKZDU]HQ7RGV ZLHGHU]XUFNZLHGXMDJHVHKHQKDVW© ª+DEHQVLHVLFKZLUNOLFK]XUFNJH]RJHQ"© ª9LHOOHLFKW© ª'DVVFKHLQWPLUQLFKWVR© ª-DGLHVPDOLVWHVEHVRQGHUVVFKOLPP© (UVSUDFKVRPRQRWRQ9HUGDPPWLFKNRQQWHQLFKWPHKULQGHU +DOOHVWHKHQXQGZDUWHQ'HVKDOEIUDJWHLFKLKQREHUEHUHLWZDU PLWPLU]XNlPSIHQ (UQLFNWH ,FKUHLFKWHLKPGLH+DQGXQGHUIXKUGDHU.DQGRUKLH(U VWDQGDOOHLQDXIGHU:HOW6HLQ%UXGHUVHLQHEHLGHQ6FKZHVWHUQ XQGDXFKVHLQH(OWHUQZDUHQYRQGHQGlPRQLVFKHQ:HVHQJHW|WHW ZRUGHQDOVVLHVLFKEHLHLQHP$QJULIIGUDXHQYRUGHU6WDGW EHIDQGHQ ª'DQQZHUGHQZLUXQVDXIGHQ:HJPDFKHQ©VDJWHLFK]X .DQGRUª,FKNDQQQLFKWKLHUEOHLEHQ© 'HOLRVKDWWHPHLQHOHW]WHQ:RUWHJHK|UWª:RZLOOVWGXGHQQ KLQ-RKQ6LQFODLU"© ª,FKPXVHKHQZLHYLHOHQRFKLQGHU6WDGWVLQG8QGYLHOOHLFKW EHNRPPHQZLU+LOIH© ª'HQNVWGXDQ0\[LQ"© ª1HLQDQGHQQLFKW$EHUJLEWHVQLFKWGHQ(LVHUQHQ(QJHOGHU VLFKJHJHQGDV%|VHVWHPPW"© ª-DHUXQGVHLQH9RJHOPHQVFKHQ$EHUDXFKVLHVLQGHLQIDFK]X

VFKZDFK6LHPVVHQVLFKQLFKWQXUJHJHQGLHVFKZDU]HQ6NHOHWWH HUZHKUHQVRQGHUQDXFKJHJHQ0\[LQV9DPSLUH9LHOHYRQLKQHQ KDEHQEHUHLWVLKU/HEHQODVVHQPVVHQ(VZLUGNDXPQRFK ZHOFKHJHEHQ'XNDQQVWOHLGHUQLFKWDXIVLHKRIIHQ© 'DVZDUDOOHUGLQJVVFKOHFKW7URW]GHPJDELFKQLFKWDXIª,FK ZLOOZHLWHUPDFKHQ8QG.DQGRUJHKWPLWPLU© 'HOLRVQLFNWHª9LHOOHLFKWN|QQWLKUGLHVHV+DXVYHUWHLGLJHQ *HKWDXIV'DFKGRUWVWHKWQRFKHLQHJURH$UPEUXVW3IHLOHKDEW LKUMD(UZQVFKHHXFKYLHO*OFN0|JHQHXFKGLH*|WWHU EHVFKW]HQ©(UOHJWHMHGHPYRQXQVHLQH+DQGDXIGHQ.RSI XQGLFKKDWWHSO|W]OLFKGDV*HIKODOVVROOWHLFKLKQQLHZLHGHU VHKHQ $XFK'HOLRVGDFKWHlKQOLFK,FKVDKHVVHLQHP%OLFNDQ 5XFNDUWLJZDQGWHLFKPLFKDE'LHVHQ0DQQZUGHLFKQLHYHU JHVVHQ(UZDUHLQHXQJHPHLQVWDUNH3HUV|QOLFKNHLW0DQWUDI VHOWHQVROFKH0HQVFKHQDEHUHVJDEVLHLPPHUZLHGHUXQGGHV KDOEEHVWDQGIUGLH0HQVFKKHLWDXFKQRFK+RIIQXQJ .DQGRUIKUWH 7URW]VHLQHU*U|HOLHIHUOHLFKWILJYRUDQ,FKVDKGDV6SLHO VHLQHU0XVNHOQXQGDKQWHGDKHUZHOFKH.UDIWLQGLHVHPNDPSI HUSUREWHQ.ULHJHUVWHFNWH ,UJHQGZLHHULQQHUWHHUPLFKDQ6XNR0HLQ*RWWZLHPRFKWHHV PHLQHQ)UHXQGHQHUJHKHQ" =HKQWDXVHQG-DKUHZDUHQZLUYRUHLQDQGHUJHWUHQQW:UGHLFK LKQ-DQH6KHLODRGHU%LOOZLHGHUVHKHQ"'LHVH*HGDQNHQEHU ILHOHQPLFKPLWHLQHUSO|W]OLFKHQ:XFKWGLHPLFKIDVWWUEVLQQLJ PDFKWH'RFKZDVVROOWHHV,FKOHEWHLQGHU$WODQWLV*HJHQZDUW XQGPXWHPLFKDXFKDXIGLHNRQ]HQWULHUHQ :LUYHUVFKZDQGHQLP+LQWHUJUXQGGHU+DOOH+LHUZDUHV OHHUHU'LH6lXOHQVWDQGHQGLFKWHUXQGLFKVDKDXFK6LW] JHOHJHQKHLWHQ6WKOHGLHLQ)RUPHLQHU6FKDOHJHDUEHLWHWZDUHQ OXGHQ]XP9HUZHLOHQHLQ=ZLVFKHQLKQHQVWDQGHLQQLHGULJHU 6WHLQWLVFKDXIGHQMHPDQGHLQHSUDOOJHIOOWH2EVWVFKDOHJHVWHOOW KDWWH (VJDEDXFKHLQH7UHSSH 6LHZDUVHKUEUHLWXQGIKUWHLQGLH+|KHZRVLHDEHUPDOVLQ HLQH+DOOHPQGHWHYRQGHUPHKUHUH*HPlFKHUDE]ZHLJWHQ ª+LHUOHEW'HOLRV©HUNOlUWH.DQGRUPLU

(UKLHOWVLFKQLFKWDXIVRQGHUQJLQJZHLWHU/HLGHUJDEHVKLHU NHLQH)HQVWHUGLHEHIDQGHQVLFKDXIGHUDQGHUHQ6HLWHGHV *HElXGHVLFKNRQQWHK|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|VFKWWHOWHPLFKUHJHOUHFKWGXUFKXQG OLHPHLQH.OHLGXQJIODWWHUQ ,PHUVWHQ0RPHQWZDULFK]XEHUUDVFKWXPEHUKDXSWHWZDV VDJHQ]XN|QQHQ0HLQHQ$XJHQERWVLFKHLQVFKDXULJVFK|QHV %LOGZLHHVVLFKGHUSHUIHNWHVWH0DOHUQLFKWEHVVHUKlWWHDXV GHQNHQN|QQHQ :LUVWDQGHQVR]LHPOLFKDXIGHPK|FKVWHQ*HElXGHXQGGLH 6WDGWODJXQV]X)HQ 6LHEUDQQWH hEHUDOOORGHUWHQ)HXHUGLHLKUHQEOXWURWHQ6FKHLQLQGLH*DVVHQ XQG6WUDHQZDUIHQXQGVLHGDPLWDXVIOOWHQ'HU6FKHLQYHU PLVFKWHVLFKPLWGHPGHV+LPPHOVVRGDHVDXVVDKDOVEH IlQGHQZLUXQVXQWHUHLQHUJHZDOWLJHQ*ORFNH /DQJVDPGUHKWHLFKPLFKXP :HLWKLQWHQZRGLH%HUJHODJHQZDUHLQ9XONDQDXVJHEURFKHQ 7RQQHQZHLVHVFKOHXGHUWHHUVHLQHJOKHQGH/DYDLQGHQHEHQIDOOV GVWHUURWHQ+LPPHOKLQHLQ6LHVWLHJVHKUKRFKELVGLH(UG DQ]LHKXQJZLUNWHXQGGLH/DYDDOVIHXULJHQ5HJHQ]X%RGHQ KROWHZRVLHODQJVDPHUNDOWHWH ,FKZDUJHEDQQWXQGIDV]LQLHUWDEHULFKPXWHDQPHLQHHLJHQW

OLFKH$XIJDEHGHQNHQXQGGLHZDUVFKZHUJHQXJ 'LH6FKUHLHGHU0HQVFKHQKROWHQPLFKZLHGHULQGLH :LUNOLFKNHLW]XUFN,FKOLHIELVDQGHQ5DQGGHVJURHQYLHU HFNLJHQ)ODFKGDFKVVFKDXWHQDFKXQWHQXQGVDKGLHVFKZDU]HQ 6NHOHWWHGLHDXILKUHQIOLHJHQGHQ(FKVHQKRFNWHQXQGGLH 0HQVFKHQPLWIHXULJHQ3HLWVFKHQEHUGLH6WUDHQMDJWHQ (UVWH+lXVHUILHOHQ]XVDPPHQ,KUH0DXHUQNRQQWHQGHU.UDIW GHU(FKVHQQLFKWVWDQGKDOWHQ 'DV,QIHUQREHJDQQ .DQGRUZLQNWHPLU]XXQGVFKULHPHLQHQ1DPHQ,FKGUHKWH PLFKXPXQGVDKLKQYRUGHU$UPEUXVWKRFNHQ(LQHQ3IHLOKDWWH HUEHUHLWVDXIJHOHJW(VZDUHLQZHVHQWOLFKOlQJHUHUXQGGLFNHUHU 3IHLO$XFKGLH6SLW]HZDUJU|HUXQGGHU6SHHUERO]HQHEHQIDOOV ª'DPLWNDQQLFKHLQHQ'UDFKHQYRP+LPPHOKROHQ©HUNOlUWH .DQGRU 'DGLH$UPEUXVWDXI5lGHUQOLHIOLHVLHVLFKDXFKEHZHJHQ $EHUHVPXWHQVFKRQ]ZHL0lQQHUNUlIWLJPLWDQSDFNHQXPGDV 'LQJYRQGHU6WHOOH]XEHZHJHQ:LUVFKDXWHQLQGHQ+LPPHO ZlKUHQGGLHVFKZHUH$UPEUXVWVFKXEHUHLWDXIGHU/DIHWWHYRU XQVVWDQG 'HU+LPPHOZDUOHHU 1RFKVDKLFKNHLQHVGLHVHUNOHLQHQ8QJHKHXHUDXVGHPWLHIHQ 5RWDXIWDXFKHQ'HQ/XIWDQJULIIKDWWHQVLHKLQWHUVLFKMHW]WZWH WHQVLHLQGHQ6WUDHQXQG*DVVHQ ª+LHUREHQVWHKHQZLUIDOVFK©VDJWHLFKª:LUPWHQZLHGHU QDFKXQWHQXQGGHQ0HQVFKHQ]X+LOIHHLOHQ©,FKKDWWHGLH:RUWH NDXPDXVJHVSURFKHQDOVLFKHLQHV%HVVHUHQEHOHKUWZXUGH *HQDXYRUXQVHUVFKLHQHLQH)OXJHFKVH:LHHLQ+XEVFKUDXEHU DXVPHLQHU=HLWZDUVLHYRQXQWHQDXVGHU*DVVHKRFKJHVWLHJHQ :LUK|UWHQGDVKHIWLJH6FKODJHQGHU)OJHOXQGZDUIHQXQVHLQHQ %OLFNGHV(LQYHUVWlQGQLVVHV]X :LUOLHHQGLH(FKVHIOLHJHQXQGVDKHQDXFKGDVVFKZDU]H 6NHOHWWDXIGHP5FNHQ 'DQQULHI.DQGRUª+H.QRFKHQPDQQ© 'DV6NHOHWWKDWWHVHLQH6WLPPHYHUQRPPHQXQG]XFNWHKHUXP ,QGHP$XJHQEOLFNO|VWH.DQGRUGHQ%RO]HQZlKUHQGLFKLKP HLQHQQHXHQ3IHLOUHLFKWHXQGHEHQIDOOVPLWDQVDKZLHGLH(FKVH JHWURIIHQZXUGH'HU3IHLOKLHEPLWYHUKHHUHQGHU:XFKWLQVLH

KLQHLQ)DVWELV]XU+lOIWHVWHFNWHHULQLKUHU+DQNHXQGULVLH I|UPOLFKDXVHLQDQGHU'LH(FKVH]HUSODW]WHLQHLQHU5DXFKZRONH GDV6NHOHWWPLWLKU'LHJOKHQGH3HLWVFKHEHUVFKOXJVLFKQRFK HLQSDDUPDOLQGHU/XIWXQGYHUO|VFKWHGDQQ .DQGRUJULQVWHKDUW ,FKNQLIIHLQ$XJH]X :LUKDWWHQZLHGHUHLQHQ*HJQHUHUOHGLJW:DKUVFKHLQOLFKZDU PDQMHW]WDXIPHUNVDPJHZRUGHQ,FKKDWWHPLFKQLFKWJHWlXVFKW GHQQGUHLDQGHUH(FKVHQVWLHJHQLQGHQEOXWURWHQ+LPPHOXQG VXFKWHQVLFKXQVDOVLKU=LHODXV :LUSDFNWHQJHPHLQVDPDQXQGGUHKWHQGLHVFKZHUH$UPEUXVW 'LHHUVWH(FKVHIORJJHQDXLQGLH)OXJEDKQGHV3IHLOV6LH ZROOWHQRFKDXVZHLFKHQZDUDEHU]XVFKZHUIlOOLJXQGGDV*H VFKRPLWGHU6LOEHUVSLW]HZXFKWHWHLQLKUHQ+DOV %HYRUZLUMHGRFKHLQHQZHLWHUHQ3IHLODXIOHJHQNRQQWHQZDUHQ GLHEHLGHQDQGHUHQ9LHFKHUVFKRQKHUDQ :WHQGVFKOXJHQGLH6NHOHWWHPLWGHQ3HLWVFKHQQDFKXQV ,FKVFKOHXGHUWHLKQHQHLQHQ3IHLODXVPHLQHP.|FKHUHQWJHJHQ GHUMHGRFKYHUIHKOWH .DQGRUKDWWHVHLQ6FKZHUWJH]RJHQ/DXWVFKUHLHQGUDQQWHHU GHP8QJHKHXHUHQWJHJHQZREHLHUVHLQH:DIIHZLOGEHUGHQ .RSIVFKZDQJ,FKNRQQWHPLFKQLFKWPHKUXPLKQNPPHUQ GHQQGLHGULWWH(FKVHZDUVFKRQYHUGDPPWQDK 0LUEOLHEQXUQRFKGLH%HUHWWD0LWHLQHPJHZDOWLJHQ6SUXQJ KHFKWHWHLFKEHUGLH$UPEUXVWKLQZHJNDPJXWDXIUROOWHPLFK DEXQGGDQQKHUXP ,P/LHJHQVFKRLFK 'LH(FKVHKDWWHLKU0DXODXIJHULVVHQXQGGDVJHZHLKWH 6LOEHUJHVFKRYHUVFKZDQGGDULQ (FKVHXQG6NHOHWWZXUGHQ]HUVW|UW ,FKNDPZLHGHUDXIGLH)HXQGK|UWHHLQHQYHU]ZHLIHOWHQ +LOIHVFKUHL.DQGRUKDWWHLKQDXVJHVWRHQ(UPXWHVLFKQLFKW QXUJHJHQHLQHQ*HJQHUYHUWHLGLJHQVRQGHUQJHJHQ]ZHL'LH YLHUWH(FKVHKDWWHLFKQLFKWJHVHKHQ8QG.DQGRUZDUDUJLQ %HGUlQJQLVJHUDWHQ'LHEHLGHQ)OXJWLHUHKDWWHQLKQELVGLFKWDQ GHQ5DQGGHV'DFKHV]XUFNJHGUlQJW ,FKHLOWHLKP]X+LOIH (LQH(FKVHO|VWHVLFKVRIRUWYRQLKP'DV6NHOHWWULVLHKHUXP

XQGVWLHHLQHQZLOGHQ6FKUHLDXV+RFKVFKZDQJHVGLH3HLWVFKH (LQVHLWOLFKHU+HFKWVSUXQJEUDFKWHPLFKDXVGHPXQPLWWHOEDUHQ *HIDKUHQEHUHLFKDEHUGDPLWKDWWHLFKQLFKWJHZRQQHQGHQQGLH YHUGDPPWH(FKVHNUHLVHOWHVRIRUWKHUXPXQG|IIQHWHLKU0DXO ,FKVHW]WHHLQH.XJHOKLQHLQ ,QGLHVHP0RPHQWVSUDQJGDV6NHOHWWYRP5FNHQGHV7LHUHV XQGNDPDXIPLFK]X:lKUHQGGLH(FKVHLQJUQJHOEHQ 5DXFKVFKZDGHQYHUJLQJZROOWHGDV6NHOHWWPLFKPLWGHU )ODPPHQSHLWVFKHW|WHQ (VNDPDXVGHQ6FKZDGHQKHUDXVXQGPHLQJHZRUIHQHU3IHLO MDJWHLKP]ZLVFKHQGLH.QRFKHQZRHUVWHFNHQEOLHEXQGVLFK QRFKYHUNDQWHWH 'DV6NHOHWWYHUJLQJ 8QG.DQGRU" ,FKK|UWHLKQVFKUHLHQ(UODJDXIGHP%RGHQKDWWHVHLQ6FKZHUW YHUORUHQXQGQRFKHKHLFKHLQJUHLIHQNRQQWHWUDILKQHLQGHU+LHE PLWGHU3HLWVFKH (VZDUGDV(QGHGHVWDSIHUHQ.ULHJHUV 3O|W]OLFKKOOWHLKQGDV)HXHUHLQ)ODPPHQ]XFNWHQDQVHLQHP .|USHUKRFKGLH(FKVHSDFNWHPLWLKUHQ*UHLINODXHQ]XXQG]RJ LKQLQGLH+|KH6RVFKQHOOZLHP|JOLFKVWLHVLHLQGHQEOXWURWHQ +LPPHO,FKVFKOHXGHUWHLKUQRFKHLQHQ3IHLOQDFKGHUVLHMHGRFK YHUIHKOWH $OOHLQVWDQGLFKDXIGHP'DFKXQGPDFKWHPLUGLHVFKZHUVWHQ 9RUZUIHGHQQLFKKDWWH.DQGRUGD]XEHUUHGHWJHPHLQVDPPLW PLUGHQ.DPSIDXI]XQHKPHQ -HW]WZDUHUWRW 8QGLFKOHEWH 1XUZLHODQJHQRFK" 'LH*HJQHUZXWHQGDLFKPLFKDXIGHP'DFKEHIDQG6LH ZUGHQPLFKMDJHQELVDXFKPLFKGDV6FKLFNVDOWUDIGDV.DQGRU HUOLWWHQKDWWH6ROOWHLFKIOLHKHQ" =XVSlW 6LHNDPHQVFKRQ 8QGVLHIORJHQLQJHVFKORVVHQHU)RUPDWLRQKHUDQ6LHEHQDFKW QHXQ*HJQHU]lKOWHLFK=XYLHOH :HOFKHQ$XVZHJJDEHV",QQHUKDOEYRQ6HNXQGHQPXWHLFK PLFKHQWVFKHLGHQPHKU=HLWEOLHEPLUQLFKW

,FKVDKGLH/XNHLP'DFKGXUFKGLHZLUJHNRPPHQZDUHQ .ODUVLHZDUHLQ$XVZHJDEHUZHQQLFKGXUFKVLHKLQXQWHUUDQQ WHZUGHQPLUGLH(FKVHQPLWGHQ6NHOHWWHQIROJHQXQGGDVKlWWH YHUKHHUHQGH)ROJHQIUGLH0HQVFKHQLP,QQHUQGHV+DXVHV JHKDEW 1HLQLFKEOLHE ,FKNRQQWHGLHDQGHUHQQLFKWGHUW|GOLFKHQ*HIDKUDXVVHW]HQ,Q ILHEHUKDIWHU+DVWOXGLFKPHLQH%HUHWWDQDFK'DV0DJD]LQZDU ZLHGHUJHIOOWDEHUHLQZHLWHUHVKDWWHLFKQLFKWPHKU 'RFKLFKZDUIHVWHQWVFKORVVHQPHLQ/HEHQVRWHXHUZLHP|J OLFK]XYHUNDXIHQ 0LW3IHLOHQXQG.XJHOQ +LQWHUGHU$UPEUXVWJLQJLFKLQ'HFNXQJ,FKKDWWHJHQDXJH VHKHQZLHPDQHLQHQ3IHLODXIOHJWH 'DVWDWLFKVSDQQWHKHEHOWHGHQ%RO]HQIHVWXQGOHJWHGLHQlFK VWHQ3IHLOHJULIIEHUHLW(EHQVRPHLQH%HUHWWD 8QGVLHNDPHQ $XVGHPGVWHUHQ5RWGHV+LPPHOVVWLHHQVLHKHUYRUHLQH JHZDOWLJH:RONHHLQHJHEDOOWH0DFKWYRQ)HLQGHQGLHPLFKEHU UXPSHOQXQGW|WHQZROOWH *HIlKUOLFKZDUHQVLHDQ]XVHKHQ0HLQ+HU]VFKOXJVFKQHOOHU LFKYHUVSUWHGDV=LWWHUQLQGHQ.QLHQ 9HUGDPPWLFKKDWWH$QJVW0HLQ0XQGZDUWURFNHQGHU 6FKZHLIORPLULQGLH$XJHQ,FKZLVFKWHLKQZHJ (LQJHVSHQVWLVFKHV%LOGEHNDPLFK]XVHKHQGHQQHVWDQ]WH QRFKGHU:LGHUVFKHLQGHU)ODPPHQEHUGHQ+LPPHO=DKOUHLFKH +lXVHUEUDQQWHQGLH'lPRQHQKDWWHQNHLQ(UEDUPHQJHNDQQW $XV5LFKWXQJ:HVWHQVWLHHQZHLWHUHYLHU)OXJXQJHKHXHU]X GHQHUVWHQQHXQ-HW]WZDUHQHVGUHL]HKQ :LHYLHOHNRQQWHLFKPLWLQGLH+|OOHQHKPHQ"=HKQRGHUQXU (LQHQ",FKNQLUVFKWHPLWGHQ=lKQHQVDKGLHIHXULJHQ3HLWVFKHQ ZLHVLHYRQGHQ6NHOHWWHQLQZLOGHU9RUIUHXGHJHVFKZXQJHQ ZXUGHQXQGPHLQ0DJHQYHUNUDPSIWHVLFK 5XKLJKlPPHUWHLFKPLUHLQ9HUGDPPWEOHLEHUXKLJ 6LHKDWWHQHVQXUPLWHLQHP*HJQHU]XWXQ'HVKDOEZDUHQVLH QLFKWVRYRUVLFKWLJ6LHWUDXWHQVLFKDXFKQLFKWDXVHLQDQGHU VRQGHUQEOLHEHQGLFKW]XVDPPHQVRGLFKWGDLFKGHQHUVWHQ 6FKXULVNLHUHQNRQQWH

,FKO|VWHGHQ%RO]HQ 'HU3IHLOVFKQHOOWHYRQGHU6HKQHXQGKLHEZXFKWLJLQGDV=LHO 'LH%HVWLHZXUGHPLWWHQLP)OXJJHVWRSSWDOVKlWWHVLHHLQHQ XQJHKHXUHQ6FKODJHUKDOWHQ6LHGUHKWHVLFKXPLKUH$FKVH ZLUEHOWHPLWGHQ)OJHOQXQGJHULHWGDEHLGHQ1DFKIROJHQGHQLQ GLH4XHUH ,P$XJHQEOLFNKHUUVFKWHHLQ'XUFKHLQDQGHU ,FKQXW]WHGLH*XQVWGHU6HNXQGHOHJWHHLQHQZHLWHUHQ3IHLODXI GLH6HKQHXQG]RJDE $EHUPDOVVLUUWHHULQV=LHO'HU7UHIIHU]HUVW|UWHGLH(FKVH'LH +DXWSODW]WHXQGLFKOlFKHOWHJULPPLJ 'RFKGDVYHUJLQJPLUDOVGLHQlFKVWHQ$QJUHLIHUGHQ'DFKUDQG HUUHLFKWKDWWHQ (VJHODQJPLUQLFKWPHKUHLQHQZHLWHUHQ3IHLODXIGLH6HKQH]X VSDQQHQGHQQQXQZDUHQVLHGD 8QGVLHNDPHQZLHHLQ6WXUPZLQG $EHUDXFKGLH3IHLOH ,FKK|UWHGDV6LUUHQYHUPHLQWHVRJDUGHQ/XIW]XJ]XVSUHQ XQGVDKZLHGLH3IHLOHLQGLH.|USHUGHU)OXJHFKVHQKLHEHQXQG VLHUHLKHQZHLVH]HUVW|UWHQ *HVWDOWHQKXVFKWHQDQPLUYRUEHL6LHZDUHQPLW6FKZHUWHUQ EHZDIIQHWXQGVWU]WHQVLFKWRGHVPXWLJDXILKUH*HJQHU ,FKDWPHWHDXI 'HOLRVKDWWHUHDJLHUWXQGVHLQH.lPSIHUJHVFKLFNW0DFKWXQG NUDIWYROOWUDWHQVLHPLU]XU6HLWHXQGXQWHUVWW]WHQPLFKLQ PHLQHPYHU]ZHLIHOWHQ.DPSIJHJHQGLHGlPRQLVFKHQ.UlIWH ,FKZROOWHDXFKQLFKWOlQJHUKLQWHUGHUJURHQ$UPEUXVW KRFNHQEOHLEHQVSUDQJDXIXQGMHPDQGZDUIPLUHLQ6FKZHUW]X GDVLFKJHVFKLFNWDXIILQJ 9RUPLUZXUGHHLQ6ROGDWYRQGHU3HLWVFKHJHWURIIHQ,QVHLQHU 9HU]ZHLIOXQJVWU]WHHUVLFKYRP'DFK,FKDEHUVSUDQJYROOHU :XWEHUGHQ.RSIGHU%HVWLHKLQZHJXQGKLHEGDV6NHOHWWLQ ]ZHL7HLOH 'DQQNUHLVHOWHLFKKHUXPKLHEHLQHPZHLWHUHQ0RQVWHUGHQ 6FKlGHODEXQGHQWJLQJGXUFKHLQEOLW]VFKQHOOHV'XFNHQHLQHP 6FKODJPLWGHU)ODPPHQSHLWVFKH +HLVWULFKHVEHUPHLQHQ5FNHQ ,FKNlPSIWHZHLWHUIKUWHGDV6FKZHUWDOVKlWWHLFKQLHHWZDV

DQGHUHVJHWDQ.UDOOHQ]HUIHW]WHQPHLQH.OHLGXQJULVVHQEOXWLJH 6WUHLIHQLQPHLQH+DXWDEHULFKPHUNWHHVQLFKW=XVHKUNRQ]HQ WULHUWHLFKPLFKDXIGHQP|UGHULVFKHQ.DPSIJHJHQGLHGlPR QLVFKHQ$OSWUDXPZHVHQ (LQPDOPXWHLFKVFKLHHQ 'DPLWUHWWHWHLFKHLQHP6ROGDWHQGDV/HEHQ'LH.XJHOVWLHGLH (FKVHXQGGDV6NHOHWWYRP'DFKZRVLHYHUJLQJHQ 'DQQZDUDOOHVYRUEHL 9RQHLQHU6HNXQGH]XUDQGHUHQHUKREHQVLFKGLHYLHUh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|USHUZDUHQYHUEUDQQW'LHDQGHUHQKDWWHQPHKURGHUPLQ GHUVFKZHUH9HUOHW]XQJHQHUOLWWHQZLHDXFKLFK (VZXUGHVWLOO (LQHVHOWVDPHMDXQKHLPOLFKH5XKHOHJWHVLFKEHUGLH6WDGW 'LHEHUKPWH5XKHYRUGHP6WXUP0LWMHGHU)DVHUPHLQHV .|USHUVVSUWHLFKGDHWZDVJHVFKHKHQZUGH,FK]LWWHUWH LQQHUOLFKZDUWHWHDXIGHQ$XJHQEOLFNREZRKOHUIUPLFKOHEHQV JHIlKUOLFKZHUGHQNRQQWHDEHUGDUDQGDFKWHLFKMHW]WQLFKW $QYLHOHQ6WHOOHQLQGHU6WDGWIODFNHUWHQGLH%UlQGH(LQGXPS IHV*UROOHQHUW|QWHDOV+lXVHUHLQVWU]WHQ'HU$QIDQJYRP(QGH KDWWHEHJRQQHQ$WODQWLVGLHVHUPlFKWLJH.RQWLQHQWODJLP 6WHUEHQXQGZUGHVLFKQLFKWHLQPDOPHKUDXIElXPHQN|QQHQ 8QGLFK*HLVWHUMlJHU-RKQ6LQFODLUVWDQGDOVHLQ0HQVFKDXVGHU =XNXQIWDXIGHP'DFKHLQHV+DXVHVLQPLWWHQGHU$WODQWHUXQG

PXWHGHQ8QWHUJDQJPLWDQVHKHQZREHLLFKXQWHU8PVWlQGHQ VHOEVWQRFKKLQHLQJHULVVHQZXUGHGHQQGHUW|GOLFKH6WUXGHO PDFKWHYRUQLFKWVXQGQLHPDQGHP+DOW 'LH6ROGDWHQVSUDFKHQQXUIOVWHUQGPLWHLQDQGHU6LHVFKDXWHQ DXILKUH:DIIHQYRQGHUHQ.OLQJHQQRFKGDVJUQH%OXWGHU (FKVHQPRQVWHUWURSIWH6LHZXWHQQLFKWZDVVLHMHW]WQRFKXQWHU QHKPHQVROOWHQ =ZHLZDUHQGDIUVLFK]XUFN]X]LHKHQ6LHPXWHQQXUQRFK GHQGULWWHQXQGDXFKPLFKEHU]HXJHQ 6RZHLWVROOWHHVQLFKWNRPPHQGHQQSO|W]OLFKHUIROJWHGHU $QJULII6RVWDUNXQGVRVFKZHUGDGDVZDVLFKELVKHUHUOHEW KDWWHQXU9RUJHSOlQNHOJHZHVHQZDU (UNDPYRQGHQ%HUJHQ 'RUWYHUGVWHUWHVLFKGHU+LPPHO(LQGXQNOHUJHZDOWLJHU 6FKDWWHQOHJWHVLFKEHUGDVJOKHQGURWH)LUPDPHQW(LQ 6FKDWWHQZLHLFKLKQQRFKQLHJHVHKHQKDWWH 8QZLOONUOLFKJLQJLFK]XUFNXQGKRELQHLQHUIDVWKLOIORVHQ *HVWHEHLGH+lQGH ª'HU'UDFKHNRPPW©VFKULHMHPDQGª'HU7RGHVGUDFKH© -DHVZDUHLQ'UDFKHDEHUVRJURXQGJHZDOWLJGDLFKYRU 6FKUHFNGLH/XIWDQKLHOW 8QGHUZDUQLFKWDOOHLQ $XIVHLQHPULHVLJHQ5FNHQVWDQGKRFKDXIJHULFKWHWXQGGLH EODQNH6HQVHLQGHU+DQGHLQ'lPRQ 'HU6FKZDU]H7RG 'DVDOVRZDUGDV(QGH 'HU6FKZDU]H7RGNDP(UYHUOLHVHLQHQGlPRQLVFKHQ2UWLQ GHQGVWHUHQ%HUJHQXPGHQ8QWHUJDQJGHVJURHQ.RQWLQHQWV ]XYROOHQGHQ(UNDPQLFKWDOOHLQ +XQGHUWHYRQ+HOIHUQEHJOHLWHWHQLKQ'LHVFKZDU]HQ6NHOHWWH KRFNWHQDXILKUHQ(FKVHQXQGEHZHJWHQGLHIODPPHQGHQ 3HLWVFKHQ (VZDUHLQJUDQGLRVHV%LOG$QJHIOOWPLWPDNDEUHU6FK|QKHLW DEHUDXFKPLWQLFKWIDVVEDUHP(QWVHW]HQ -HPDQG]HUUWHPLFKDP$UP ,FKHUZDFKWHZLHDXVHLQHU7UDQFHXQGGUHKWHPLFKXP

ª:HJZLUPVVHQIOLHKHQ©KHUUVFKWHPLFKHLQ.ULHJHUDQª:LU YHUVWHFNHQXQVGDQQZLUGPDQXQVYLHOOHLFKWQLFKWILQGHQ© ,FKVFKWWHOWHGHQ.RSI ª'XNRPPVWQLFKWPLW"© ª,FKEOHLEH©HUZLGHUWHLFKIHVW (UVWDUUWHPLFKDQZLHHLQHQ*HLVW'DQQIORKDXFKGLHVHU .ULHJHU%HYRUHULP(LQVWLHJYHUVFKZDQGULHIHUQRFKª:LUYHU VWHFNHQXQVLP.HOOHUGHV+DXVHV© ,FKDEHUEOLHEVWHKHQ *HIKOHZDOOWHQZLHVWXUPJHSHLWVFKWH:RJHQLQPHLQHP,QQHUQ KRFKXQGEHUVFKZHPPWHQPLFK 'HU6FKZDU]H7RG ,FKVDKPLFKDP6GSROVWHKHQ,QHLQHP.UDWHUVDKPHLQH )UHXQGHGLHEHZHJXQJVXQIlKLJGDVWDQGHQXQGDXIGHP )ULHGKRIDP(QGHGHU:HOWLKUHOHW]WH5XKHVWlWWHILQGHQVROOWHQ XQGLFKVDKPLFKGHQ:HJKLQDXIJHKHQGHU]XP*LSIHOGHV %HUJHVIKUWHZRGHU6FKZDU]H7RGDXIPLFKZDUWHWH ,FKKDWWHGHQ%XPHUDQJXQGPHLQ.UHX] ,FKVWDQGLKPJHJHQEHU 'HU.DPSIEHJDQQ 'LH+RUURU5HLWHUJULIIHQPLWHLQPHLQ.UHX]VFKOHXGHUWH VLHLQGLH8QHQGOLFKNHLWGHU'LPHQVLRQHQ]XUFNXQGGHU PDJLVFKH%XPHUDQJDXVGHQOHW]WHQ6HLWHQGHV%XFKVGHU JUDXVDPHQ7UlXPHJHELOGHWGLHPLUGHU6HKHUEHUODVVHQ KDWWH]HUVW|UWHGHQ6FKZDU]HQ7RG'HU%XPHUDQJKLHELKP GHQ6FKlGHODE -DVRZDUHVGDPDOV ,FKHULQQHUWHPLFKQRFKVHKUJXWGDUDQZLHLFKGHQ6FKZDU]HQ 7RGYHUQLFKWHWH (LQHQHXH*HJQHULQNDP $VPRGLQDGLH7HXIHOVWRFKWHU8QGVLHVRUJWHGDIUGD'U7RG ZLHGHUHUZHFNWZXUGHXQGVHLQH0RUGOLJDJUQGHQNRQQWH'HU 6FKZDU]H7RGJHULHWLQ9HUJHVVHQKHLWELVMHW]W 1XQVDKLFKLKQYRUPLU,QVHLQHUJHVDPWHQ*U|HVHLQHU %UXWDOLWlWXQGDOOVHLQHU*UDXVDPNHLWGHQQHUZROOWHGHQ.RQ WLQHQW$WODQWLV]HUVW|UHQZROOWHGDV&KDRVXQGDOOHVYHUQLFKWHQ ZDVLKPQLFKWSDWH +LQWHULKPVFKLHQHQ)DFNHOQDP+LPPHO]XH[SORGLHUHQDEHU

LFKZXWHGDHV9XONDQHZDUHQGLHLKUHJOKHQGHQ/DYDVWU|PH LQGHQ+LPPHOVFKOHXGHUWHQ 'HU8QWHUJDQJZDUQLFKWPHKUDXI]XKDOWHQ *U|HUXQGJU|HUZXUGHGLH)LJXU'HU6FKZDU]H7RGXQGVHLQ 'UDFKHZXFKVHQ]XHLQHULPPHQVHQ'URKXQJDQ ,FKNDPHLQIDFKQLFKWZHJ,FKPXWHVWHKHQEOHLEHQXQGGHQ 'UDFKHQDQVWDUUHQ (UKREVLFKWURW]VHLQHU6FKZlU]HVHKUGHXWOLFKYRPGVWHUHQ 5RWGHV+LPPHOVDE:HQQHUVHLQ0DXO|IIQHWHNDPPLUGHU 5DFKHQJURZLHHLQ+DXVYRU 'HU6FKZDU]H7RGKDWWHVLFK]XHLQHUJHZDOWLJHQ*U|HDXIJH ULFKWHWVRGDPDQGDV*HIKOKDEHQNRQQWHHUZUGHPLWVHLQHP NDKOHQ6FKlGHOJHJHQGDV)LUPDPHQWVWRHQ8QGHUVFKZDQJ VHLQHJHZDOWLJH6HQVHPLWGHUHUEOXWLJH(UQWHKDOWHQZROOWH ,FKVDKZLHGLH.OLQJHEOLW]WHXQGJODXEWHDXFKGDV3IHLIHQ]X K|UHQZHQQVLHGLH/XIWGXUFKVFKQLWW 'HU$OSWUDXPLQ$WODQWLV +LHUXQGMHW]WHUOHEWHLFKLKQDPHLJHQHQ/HLEH 8QGLFKIUDJWHPLFKZDVGLHVH%HVWLHZHLWHUYRUKDWWH:ROOWHVLH PLWGHU6HQVHGLH6WDGWYHUQLFKWHQVLHLQ7UPPHUVFKODJHQ" 9LHOOHLFKWGRFKGHU/RUGGHU)LQVWHUQLVKDWWHHUVWQRFKHWZDV DQGHUHV]XWXQ/DXWXQGGHXWOLFKNQGLJWHHUVHLQ.RPPHQDQ ª,FKZHUGHHXFKYHUQLFKWHQ©EUOOWHHUPLWGRQQHUQGHU 6WHQWRUVWLPPHª'HQQLFKELQGHU+HUUVFKHUGHU:HOWHQGHU .|QLJGHU)LQVWHUQLVXQGLFKOHJHGLHVHV/DQGLQ6FKXWWXQG $VFKHGDPLWHVYRP0HHUJHIUHVVHQZHUGHQXQGXQWHUJHKHQ NDQQ:HQQGLH9XONDQHPLUJHKRUFKHQXQGLKUHQW|GOLFKHQ$WHP DXVVSHLHQZHQQ3DQLN$QJVWXQG(QWVHW]HQEHUGLH0HQVFKHQ NRPPHQZHQQVLHGHQ7RGHVGUDFKHQVHKHQGDQQLVWLKUH=HLW UHLIGDQQLVWGHU8QWHUJDQJIU$WODQWLVGD© 'LHOHW]WHQ:RUWHJUROOWHQZLHHLQ'RQQHUEHUGDV/DQGZR GLH+lXVHUYRP6FKDOOHU]LWWHUWHQXQGGLH0DXHUQDQILQJHQ]X ZDQNHQ$XFKLFKVSUWHGDV9LEULHUHQXQWHUPHLQHQ)HQDEHU LFKVWDQGVWXPPGDXQGNRQQWHPLFKQLFKWUKUHQ *HEDQQWVFKDXWHLFKLKPHQWJHJHQ (UZDUGDHUKDWWHGLH6WDGWHUUHLFKWXQGEHJDQQPLWGHU 9HUQLFKWXQJGHV.RQWLQHQWV

$EHUPDOVGU|KQWHGDVJHZDOWLJHXUZHOWKDIWH%UOOHQEHUGDV /DQGXQGOLHGLH0HQVFKHQYROOHU3DQLNXQG(QWVHW]HQIOFKWHQ :HUVLFKMHW]WQRFKDXIGHU6WUDHEHIDQGYHUNURFKVLFKLPWLHI VWHQ.HOOHUXQG]LWWHUWHXPVHLQ/HEHQ 'DVZDUDXFKQ|WLJ 1LFKWQXUGDV%UOOHQHUNODQJVRQGHUQHVJHVFKDKDXFKQRFK HWZDVDQGHUHV 'HU'UDFKHEOLHVHLQHJHZDOWLJH)HXHUZRONHDXV6LHVWREDXV VHLQHP0DXOHLQHULHVLJH)ODPPHQZDQGGLHLQLKUHUYROOHQ %UHLWHJHJHQGLHHUVWHQ+lXVHUIDXFKWHXQGPLWGlPRQLVFKHU +LW]HGDV*HVWHLQ]XP6FKPHO]HQEUDFKWH 2EZRKOLFKQLFKWGLUHNWEHWURIIHQZDUWUDIHQPLFKGLH $XVOlXIHUGLHVHU*OXWZHOOH ,FKZDQNWH]XUFNXQGKDWWHGDV*HIKOPHLQH+DXWZUGH ODQJVDPZHJVFKPHO]HQ'HU'UDFKHIORJZHLWHU /DQJVDPHUMHW]WVHLQHJHZDOWLJHQ6FKZLQJHQEHZHJWHQVLFK ZLHLPPRGHUQHQ=HLWOXSHQWHPSRDXIXQGQLHGHU'LH+LW]HZDU VRVWDUNGDVLHDQGHUH*HElXGHLQ%UDQGVHW]WHZRGDV)HXHU QRFKJDUQLFKWKLQJHNRPPHQZDU 'DQQVFKOXJGLH]ZHLWH:HOOHDXVGHP0DXOGHV7RGHV GUDFKHQV )DXFKHQGEUDQGHWHGLH/RKHLQGLH+|KHEHUVFKZHPPWHPLW LKUHUJHZDOWLJHQYHUQLFKWHQGHQ.UDIWGLH6WDGWXQGLFKK|UWHGLH SDQLVFKHQ6FKUHLHGHUHLQJHVFKORVVHQHQ0HQVFKHQ ,FKKDWWHPLFK]X%RGHQJHZRUIHQXQGVFKW]WHPHLQH+DXW 'LH*OXWZHOOHVWULFKEHUPLFKKLQZHJ 6ROOWHLFKGRFKLQGHQ.HOOHUIOLHKHQ"-HW]WZDUHV]XVSlWGHQQ EHLGHUGULWWHQ)ODPPHQZDQGZUGHGDV+DXVVLFKHUOLFKHLQ VWU]HQ 0HLQ*RWWLFKODJDXIGHP'DFKXQG]LWWHUWH$OVLFKGHQ.RSI KREWUDIPLFKEHUHLWVGHU6FKDWWHQGHV'UDFKHQV6RQDKHZDUHU VFKRQXQGHUZUGHLQGHQQlFKVWHQ6HNXQGHQHLQHZHLWHUH )HXHUVEUXQVWDXVVHLQHP0DXOVWRHQ +XQGHUWHYRQ6NHOHWWHQXPNUHLVWHQGDV5LHVHQWLHURGHUVWU] WHQPLWLKUHQ)OXJHFKVHQLQGLH6WUDHQGHUEUHQQHQGHQ6WDGWZR VLHLPPHUQRFK%HXWHIDQGHQ 'HU6FKZDU]H7RGDEHUGHU,QLWLDWRUGLHVHV*UDXHQVKRFNWHDXI VHLQHP'UDFKHQXQGVFKDXWH]X

'DKDWWHQVLHPLFKVFKRQ ,FK]XFNWH]XVDPPHQXQGVFKULHXQZLOONUOLFKDXIDOVLFKGHQ KDUWHQ*ULIILP1DFNHQVSUWHXQGKRFKJH]RJHQZXUGH-HW]WZDU DOOHVDXV 5DVHQGVFKQHOOIORJGDV8QJHKHXHUPLWPLULQGLH+|KH'HU :LQGVWULFKEHUPHLQ*HVLFKW]HUUWHDQPHLQHU.OHLGXQJXQG OLH7UlQHQLQPHLQH$XJHQVFKLHHQ ,FKKDWWHGLHIUFKWHUOLFKH$QJVWGDGDV8QJHKHXHUEHUPLU PLFKLQGDV0DXOGHV'UDFKHQVFKOHXGHUQZUGHXQGVRHLQHQ 7RGZROOWHLFKQLFKWVWHUEHQ 'DQQOLHEHUDEVWU]HQ ,FKILQJHUWHQDFKPHLQHU%HUHWWDDOVLFKGLH6WLPPHK|UWH ª:LOOVWGXGHLQHQ/HEHQVUHWWHUW|WHQ-RKQ6LQFODLU"© 'LHVH:RUWHWUDIHQPLFKZLHHLQ3HLWVFKHQVFKODJ.DOWULHVHOWHHV PLUGHQ5FNHQKLQXQWHU'DQQZDUHVNHLQHVGLHVHU8QJHKHXHU GDVPLFKYRP'DFKJHKROWKDWWH" (VEOLHENHLQH=HLWPHKUGDLFKPLUZHLWHUH*HGDQNHQGDUEHU PDFKWHGHQQGLHGULWWH)ODPPHQZDQGIDXFKWHKHUDQ 8QGVLHEHUVFKZHPPWHGLH6WDGWZLHHLQHULHVLJH:HOOH7URW] PHLQHU/DJHJHODQJHVPLUHLQHQ%OLFNLQGLH7LHIH]XZHUIHQ 'RUWXQWHQORGHUWHGLH+|OOH 'LHJHVDPWH6WDGWVFKLHQ]XEUHQQHQhEHUDOOZDEHUWHXQG OHXFKWHWHGDV)HXHUH[SORGLHUWHQ+lXVHUZXUGHQ7RQQHQYRQ *HVWHLQLQGLH+|KHJHVFKOHXGHUWDOVGLH6WDGWODQJVDPVWDUE $WODQWLVZXUGHYHUQLFKWHW ,FKVFKlPWHPLFKPHLQHU7UlQHQQLFKWGHQQLQGHP]XVDP PHQEUHFKHQGHQ+lXVHUPHHUZXWHLFK)UHXQGHGLHQXQHLQ VFKUHFNOLFKHV6FKLFNVDOHUOLWWHQ 'HUURWH+LPPHOOHXFKWHWHMHW]WKHOOHULP:LGHUVFKHLQGHU )ODPPHQGLHZLHHLQJHIUlLJHV5DXEWLHUDOOHVLQVLFKKLQHLQ VFKODQJHQZDVVLHEHNRPPHQNRQQWHQ 'HU6FKZDU]H7RGKDWWHVHLQ9HUVSUHFKHQZDKUJHPDFKW :LUDEHUIORJHQGDYRQGHQIHUQHQ%HUJHQHQWJHJHQZHJYRP &KDRVYRP2UWGHU7UlQHQXQGGHV7RGHV 0HLQH/DJHZDUEHVFKHLGHQ0HLQ/HEHQVUHWWHUKLHOWPLFK PLWHLQHU+DQGRGHU.ODXHDP.UDJHQIHVWXQGLFKZXWHQLFKW HLQPDOZHUHUZDUREZRKOLFKHLQHQ9HUGDFKWKDWWH ª:HUELVWGX"©VFKULHLFKJHJHQGHQ)OXJZLQGDQGHUPLUGLH

:RUWHYRQGHQ/LSSHQUL7URW]GHPKDWWHPLFKGHU5HWWHUYHU VWDQGHQ ª'HU(LVHUQH(QJHO© :LHLFKHVPLUJHGDFKWKDWWH'HU(LVHUQH(QJHO(UZDUGHU +WHUGHU8QWHUGUFNWHQGRFKDXFKHUKDWWHGHQ8QWHUJDQJ QLFKWDXIKDOWHQN|QQHQ(UKLHOWVLFK]ZLVFKHQGHQ=HLWHQ XQG'LPHQVLRQHQDXI(LQPDOKDWWHHUHLQJHJULIIHQDOV 0\[LQ6XNRXQGLFKGHP*LJDQWYRP$WODQWLV3DUROLELHWHQ ZROOWHQ 'DKDWWHLFKLKQJHVHKHQLQPHLQHU=HLWDEHUMHW]WHUOHEWHLFK LKQ]HKQWDXVHQG-DKUH]XYRU /LHEHU+LPPHOPDQGXUIWHJDUQLFKWGDUEHUQDFKGHQNHQ ,FKIKOWHPLFKQXQZHVHQWOLFKVLFKHUHUXQGJODXEWHSO|W]OLFK HVDXFKVFKDIIHQ]XN|QQHQ 'RFKPHLQH+RIIQXQJVDQNJOHLFKZLHGHULQVLFK]XVDPPHQ GHQQZLUZXUGHQYRQGHU6HLWHKHUDQJHJULIIHQ 'LHVFKZDU]HQ6NHOHWWHNDPHQ ,UJHQGZLHPXWHQVLHXQVHUH)OXFKWEHPHUNWKDEHQXQGVLH ZROOWHQGDIUVRUJHQGDLKQHQQLHPDQGHQWNDP ,FKVFKULHPHLQHP/HEHQVUHWWHUHLQH:DUQXQJ]X ª.HLQH$QJVW©K|UWHLFKVHLQHDQJHQHKPH6WLPPHª:LU ZHUGHQHVVFKRQVFKDIIHQ© :HQQHUGDVVDJWH (LQ5XFNJLQJSO|W]OLFKGXUFKPHLQHQ.|USHU)UHLQHQZLQ ]LJHQ$XJHQEOLFNKDWWHLFK$QJVWDE]XVWU]HQGRFKGDZXUGH PHLQ)DOOJHEUHPVW 'HU(LVHUQH(QJHOKDWWHQXUVHLQHQ$UPDXVJHVWUHFNW(UKLHOW PLFKQRFKLPPHUJXWIHVWLFKEHIDQGPLFKGLUHNWXQWHULKPXQG IORJSDUDOOHOPLWLKPZHLWHU *HQDXLQGHQ3XONGHU$QJUHLIHUKLQHLQ 'DVZDUHQJHIlKUOLFKH+RUURUZHVHQGLHLQZLOGHU9RUIUHXGH LKUH3HLWVFKHQVFKZDQJHQ $EHUDXFKGHU(QJHOUHDJLHUWH 6HLQH%HZHJXQJHQPHUNWHLFKGDUDQGDHUQLFKWPHKUVRJH UDGHXQGUXKLJIORJ'HUVFKZHUH.|USHUVFKDXNHOWHYRQHLQHU 6HLWHDXIGLHDQGHUH 'DQQKDWWHHUVHLQ6FKZHUWJH]RJHQ 8QGGLHVH:DIIHNDQQWHLFKHEHQIDOOV,FKKDWWHVLHLQ$NWLRQ

JHVHKHQDOVGHU(LVHUQH(QJHOGHQ*LJDQWYRQ$WODQWLVGDPLW EXFKVWlEOLFK]HUVFKODJHQKDWWH 'LHVHV6FKZHUWYRQGHU+DQGHLQHV0HLVWHUVJHIKUWZUGH XQWHUGHQ*HJQHUQDXIUlXPHQ 8QGGLHIORJHQKHUDQ -HW]WNDPHQPLUGLHYHUGDPPWHQ(FKVHQZLHGHUXQJHKHXHU JURYRUREZRKOVLHLP9HUJOHLFK]XGHP7RGHVGUDFKHQQXU ZLQ]LJJHZHVHQZDUHQ'LH0lXOHUKDWWHQVLHDXIJHULVVHQLFKVDK GLHVSLW]HQ=lKQHGHQHQVFKRQPDQFKWDSIHUHU.ULHJHU]XP 2SIHUJHIDOOHQZDU 6ROOWHLFKVFKLHHQ" 1HLQLFKWDWHVQLFKW'HU(LVHUQH(QJHONlPSIWHIUGUHL,FK EHNDPNDXPPLWZLHHUILJKWHWHGHQQLFKZXUGHQXUGXUFK JHVFKWWHOWXQGIORJGDEHLYRQHLQHU6HLWH]XUDQGHUHQ 'LHJURH.OLQJHEOLW]WHYRUPHLQHQ$XJHQDXI'HU(LVHUQH (QJHOWUDIVHLQH*HJQHU]HUKLHEVLHEXFKVWlEOLFKLQGHU/XIWVR GDGLH6WFNH]X%RGHQILHOHQ $XFKGLH6NHOHWWHYHUORUHQLKUHXQVHOLJH([LVWHQ] ,KUH.QRFKHQZLUEHOWHQXPXQVKHUXPNODSSHUWHQJHJHQHLQ DQGHUXQGILHOHQHEHQVRGHU(UGHHQWJHJHQZLHGLHIHXULJHQ 3HLWVFKHQGLHVLFKLP)DOOGUHKWHQXQGIUPLFKDXVVDKHQZLH EUHQQHQGH:UPHU :LUZDUHQGXUFK 'HU(LVHUQH(QJHOJLQJLQHLQHQ6LQNIOXJEHUXQGZHQLJ VSlWHUVSUWHLFKZLHGHUIHVWHQ%RGHQXQWHUGHQ)HQ ,FKDWPHWHDXI 'HU(QJHOVWHFNWHVHLQ6FKZHUWZHJª,FKZHLGDGXHLQ 0DQQDXVGHU=XNXQIWELVW©VDJWHHUXQGUHLFKWHPLUGLH+DQG ,FKQDKPVLHJHUQ6LHIKOWHVLFKLUJHQGZLHNKOXQGVWHLQHUQ DQXQGWURW]GHPOHEHQGLJ :HUZDUGHU(LVHUQH(QJHO":HOFKHLQ*HKHLPQLVXPJDELKQ" %HVWDQGVHLQ.|USHUZLUNOLFKDXV0HWDOO" ,FKZROOWHLKQQLFKWIUDJHQ:HQQGLH=HLWUHLIZDUZUGHHUPLU VLFKHUOLFKVHOEVWDQWZRUWHQ:LHDXFKHUZDUILFKHEHQIDOOVHLQHQ %OLFNLQGHQ+LPPHO (LQSDDU*HJQHUIORJHQQRFKGXUFKGLH/IWH'LH)ODPPHQ SHLWVFKHQGHU.Q|FKHUQHQZLUNWHQGDEHLZLHHLQE|VHV2PHQ 8QGGLH6WDGW"

:LUZDUHQZHLWZHJYRQLKUDEHUQLFKWVRZHLWDOVGDZLUVLH QLFKWKlWWHQVHKHQN|QQHQ (LQHHLQ]LJH)ODPPHQK|OOHLQGHUDXIHLQH([SORVLRQGLHDQGH UHIROJWH(LQVFKDXULJHU:LGHUVFKHLQDP+LPPHOGHUGDV'UDPD ZLGHUVSLHJHOWHGDVLQGHU6WDGWDEOLHI8QGKlWWHGHU(LVHUQH (QJHOPLFKQLFKWJHUHWWHWGDQQZlUHDXFKLFKLQGHU)ODPPHQ K|OOHYHUORUHQJHZHVHQ 1DFKWUlJOLFKQRFKUDQQPLUHLQ6FKDXHUEHUGHQ5FNHQ$EHU GLH)ODPPHQZXUGHQNOHLQHUGDVVDKLFKJHQDX'HU6FKZDU]H 7RGKDWWHVHLQH$XIJDEHYROOEUDFKWHUZDUZHLWHUJH]RJHQ2KQH PLFKHQWGHFNW]XKDEHQ 'DVZDUHVZDVZLHGHU+RIIQXQJLQPLUZDFKVHQOLH 9LHOOHLFKWNRQQWHLFKGLHVHU+|OOHGRFKQRFKHQWULQQHQ'HQQGD GLHVKLHUQXUHLQHYRUOlXILJH5HWWXQJZDUVWDQGIHVW ª,FKVHKHGLUDQGDGXYLHOH)UDJHQKDVW©VDJWHGHU(LVHUQH (QJHO]XPLU ,FKQLFNWHª-DGLHKDEHLFKLQGHU7DW© ª6WHOOHVLH(LQHQ0RPHQWKDEHQZLU=HLW© ª,FKZXQGHUHPLFKGDGXDOOHLQJHNRPPHQELVW:REHILQGHQ VLFKGHLQH9RJHOPHQVFKHQ"©9RQLKQHQZXWHLFKGHQQ0\[LQ KDWWHPLUGDYRQEHULFKWHW ª6LHVLQGIDVWDOOHXPJHNRPPHQ©HUNOlUWHHUPLUPLWGXPSIHU 6WLPPHª'HU.DPSIKDWQLFKWHUVWMHW]WEHJRQQHQVRQGHUQVFKRQ YLHOIUKHU:LUKDEHQJHJHQGLHVFKZDU]HQ6NHOHWWHJHNlPSIW XQGDXFKJHJHQGLH9DPSLUH0\[LQV/HW]WHUHVLQGJHIORKHQDOV GLH6NHOHWWHVLHPLWLKUHQ)ODPPHQSHLWVFKHQDQJULIIHQ$EHU PHLQH9RJHOPHQVFKHQVWHOOWHQVLFK6LHNRQQWHQQLFKWJHZLQQHQ ]XGHPZDULFKQLFKWLQGHU1lKHXQGGLH*HJQHUEHIDQGHQVLFK LQGHULQhEHU]DKO©(UGHXWHWH]XP+LPPHO ª6FKDXGRFKQDFKREHQGDIOLHJHQVLHQRFKLPPHU6LHVXFKHQ JHQDXQDFKXQGEHKDOWHQGLH(UGHLP$XJH$XFKZLUVLQGQRFK QLFKWJHUHWWHW:HQQVLHHLQHQ0HQVFKHQHQWGHFNHQGDQQVWU]HQ VLHVLFKDXILKQXQGW|WHQLKQ© ,QGLHVHQHLQIDFKJHVSURFKHQHQ:RUWHQODJGLHJHVDPWH *UDXVDPNHLW]XGHUGHU6FKZDU]H7RGXQGVHLQHVFKDXULJHQ 'LHQHUIlKLJZDUHQ ª8QGZDVPDFKHQZLU"©IUDJWHLFK ª,FKQHKPHGLFKPLW]XPLU©

ª1HLQLFKP|FKWH]X0\[LQ© ª8QGGDQQ"© ,FKKREGLH6FKXOWHUQª(UVROOPLUHQGOLFKVDJHQZRLFKGHQ 6SLHJHOILQGHQNDQQ© 'HU(LVHUQH(QJHOODFKWHª'DEUDXFKVWGXQLFKWODQJH]X VXFKHQ,FKNDQQGLUVDJHQZRHUVLFKEHILQGHW© ª8QG"© ª'HU6FKZDU]H7RGKDWLKQ© ,FKVFKWWHOWHGHQ.RSIª1HLQ0\[LQKDWLKQGHP6FKZDU]HQ 7RGJHVWRKOHQ0LWGLHVHP6SLHJHONDQQPDQGDV'lPRQHQDXJH ]HUVW|UHQGXUFKGDVGHU6FKZDU]H7RGDOOHVVLHKW© ª:RKHUZHLWGXGDV"© ª:HLOLFKGDV'lPRQHQDXJHYHUQLFKWHWKDEH$OOHUGLQJVLQ HLQHUDQGHUHQ=HLW© ª'DQQZLUVWGXLQGLHVHU=HLWQLFKWHUIROJUHLFKVHLQ©HUNOlUWH GHU(LVHUQH(QJHO ,FKQLFNWHª/HLGHU7URW]GHPKRIIHLFKDQ,QIRUPDWLRQHQKHU DQ]XNRPPHQ© 0HLQVWDUNHU)UHXQGOlFKHOWHª-D-RKQ6LQFODLULFKNDQQGLFK YHUVWHKHQ© ª'DQQZLUVWGXPLFKXQWHUVWW]HQ"© (UQLFNWHª$EHUZLUPVVHQLQGLH%HUJHZRGDV*UDXHQ]X +DXVHLVWXQGGHU6FKUHFNHQVHLQH*HEXUWVWlWWHKDW,FKKRIIHXQG ZQVFKHGLUGDGXHVGXUFKVWHKVW© ª'DVLVWDXFKPHLQ:XQVFK©HUZLGHUWHLFK,FKZDUIQRFKHLQHQ %OLFN]XUFNDXIGLH6WDGW 'RUWZDUHQGLH)ODPPHQLQHLQDQGHUJHVXQNHQ$PGXQNOHQ +LPPHOOHXFKWHWHQXUQRFKGHUOHW]WH:LGHUVFKHLQ0HLQ*RWW ZLHPRFKWHHVGRUWMHW]WDXVVHKHQ" ,FKVFKOXFNWHZHQQLFKGDUDQGDFKWH +DWWHQ'HOLRVXQGVHLQHWDSIHUHQ.ULHJHUEHUOHEW"'LH &KDQFHQVWDQGHQVFKOHFKWREZRKOVLHLQGHQ.HOOHUQ6FKXW] JHIXQGHQKDWWHQ ª.RPP©VDJWHGHU(LVHUQH(QJHOªGDQQODXQVQLFKWOlQJHU ZDUWHQPHLQ)UHXQG© 'DPLWZDULFKHLQYHUVWDQGHQ$QGDV)OLHJHQKDWWHLFKPLFK LQ]ZLVFKHQJHZ|KQW (UIDWHPLFKXQWHUXQGKREPLWPLUYRP%RGHQDE6HQNUHFKW

VWLHJHQZLULQGLH+|KHXPGDQQLQHLQHQ*OHLWIOXJEHU]XJHKHQ GHUXQV]XP=LHOEULQJHQVROOWH 6RJHIl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|W]OLFKGHP(UGERGHQ HQWJHJHQ:LH5DXEWLHUHGLHHLQH%HXWHHQWGHFNWKDWWHQ :DVKDWWHQVLHGDJHVHKHQ" ,FKKLHOWGHQ$WHPDQ ª6FKQHOOHU©VFKULHLFKGHQQLPVHOEHQ0RPHQWKDWWHLFK 6FKUHLHYHUQRPPHQ (VZDU]XGXQNHOXPHWZDVHUNHQQHQ]XN|QQHQDEHULFK QDKPVWDUNDQGDGRUWXQWHUXQVMHPDQGXPVHLQ/HEHQ NlPSIWH,FKLGHQWLIL]LHUWHDXFKGLH6WLPPHHLQHU)UDX :LUVFKRVVHQI|UPOLFKYRUDQXQGZDUHQGD =XKDUWVHW]WHGHU(LVHUQH(QJHOGLH/DQGXQJDQ,FKNRQQWH PLFKQLFKWUHFKW]HLWLJIDQJHQXQGILHOKLQQDFKGHPLFKHLQLJH WRUNHOQGH6FKULWWHJHODXIHQZDU 6WDXEGUDQJLQPHLQHQ0XQG$QHLQHPJURHQ6WHLQSUHOOWHLFK PLUGHQUHFKWHQ(OOERJHQDEHULFKNDPDXIGLH%HLQH 8QGGDQQVDKLFKGLH6]HQH'LH)ODPPHQSHLWVFKHQJDEHQLKUH PDNDEUH%HOHXFKWXQJDE (LQ3IHUGODJWRWDXIGHP%RGHQ 'HU5HLWHUZHKUWHVLFKYHU]ZHLIHOWJHJHQGUHL6NHOHWWHGLHLKQ HLQJHNUHLVWKDWWHQXQGGHQ5LQJLPPHUHQJHU]RJHQ 'LHEHLGHQDQGHUHQ.QRFKHQPlQQHUNPPHUWHQVLFKXPHLQH )UDXGHUHQ6FKUHLHLFKJHK|UWKDWWH6LHKDWWHQVLHELVGLFKWKLQWHU GDVWRWH3IHUGJHWULHEHQXQGZDUHQVFKRQVRQDKHGDGLH 3HLWVFKHQVLHYHUQLFKWHQNRQQWHQ

'LH6NHOHWWHVFKOXJHQ]ZDU]XDEHUVLHWUDIHQEHZXWQRFK QLFKWVLHZROOWHQGHU)UDX$QJVWHLQMDJHQ ,QGHPDXIXQGDEIODFNHUQGHQ6FKHLQHUNDQQWHLFKGLH3HUVRQ (VZDU.DUD'HOLRV 7RFKWHU )UHLQH6HNXQGHZDULFKQLFKWIlKLJ]XUHDJLHUHQ+DWWHPLU 'HOLRVQLFKWYRQVHLQHU7RFKWHUHU]lKOWGDHUVLFK6RUJHQXPVLH PDFKWHZHLOVLHDXVJHULWWHQZDU" 'DQQPXWHGHUDQGHUH.lPSIHU+DURVHLQGHU.ULHJHUGHU HEHQIDOOVODQJHJHVFKODIHQKDWWHXQGHUVWLQGHU1HX]HLWGXUFK HLQHQYRQ$VPRGLQDV7RGHVHQJHOQHUPRUGHWZRUGHQZDU ,FK]RJGLH%HUHWWD )U.DUDZUGHLFK]ZHL.XJHOQRSIHUQGDVVWDQGIHVW 'HU(LVHUQH(QJHONPPHUWHVLFKLQ]ZLVFKHQXPGLHGUHLDQGH UHQ6NHOHWWH 'LHZDUHQYRQLKUHQ)OXJUHLWWLHUHQDEJHVWLHJHQXQGDWWDFNLHUWHQ GHQVFKZDU]ElUWLJHQ+QHQGHPHVELVKHUJHOXQJHQZDULKUHQ $QJULIIHQ]XHQWJHKHQ$EHUVLHVSLHOWHQQXUPLWLKPGDVZDU NODU 8QGGDQQNDPGHU(QJHO =XHUVWQDKPHUVLFKGLH)OXJWLHUHYRU$OV]ZHLLKQDQJUHLIHQ ZROOWHQKLHEHULKQHQPLW]ZHLJHZDOWLJHQ6WUHLFKHQGLH6FKlGHO DE'DVGULWWH7LHUVSLHWHHUHLQIDFKDXI (LQJUQHU6WUDKOVSULW]WHIRQWlQHQDUWLJDXVGHU:XQGHXQG VHQNWHVLFKZLHHLQ5HJHQEHUGLH6NHOHWWH (UVWMHW]WPHUNWHQVLHZHOFKHLQH*HIDKULKQHQGURKWH6LH GUHKWHQVLFKXP 'DZDUHVVFKRQ]XVSlW 'HU(LVHUQH(QJHOVFKOXJ]X 6HLQHUVWHU6WUHLFK]HUKLHEJOHLFK]ZHL6NHOHWWH'LH.QRFKHQ IORJHQVSULW]HQQDFKDOOHQ6HLWHQGDYRQXQGGLH)ODPPHQ SHLWVFKHQYHUORVFKHQ'DVGULWWH6NHOHWWVFKDIIWHHVXQGGURVFK VHLQHJHIlKUOLFKH:DIIHJHJHQGHQ(LVHUQHQ(QJHO (LQHQ0HQVFKHQKlWWHGLH)ODPPHQSHLWVFKHVLFKHUOLFKJHW|WHW 'RFKQLFKWGHQ(LVHUQHQ(QJHO'LH6FKQXUJOLWW]ZDUEHUVHLQHQ .|USHUGRFKVLHNRQQWHLKPNHLQH9HUOHW]XQJHQ]XIJHQ'HU (QJHOZDUQLFKWPHQVFKOLFK

6HLQ6FKZHUWMHGRFKYHUQLFKWHWHGDV6NHOHWW1XU.QRFKHQ WUPPHUEOLHEHQYRQGHP:HVHQEULJ $XFKLFKKDWWHQLFKWWDWHQORV]XJHVHKHQZLHGLHVFKZDU] KDDULJH.DUDJHW|WHWZHUGHQVROOWH ,FKNDPEHUGLHEHLGHQ6NHOHWWHZLHHLQUlFKHQGHU*RWW8QG LFKEUDXFKWHQLFKWHLQPDOPLWGHU%HUHWWD]XVFKLHHQXQGNRQQWH PLUGHVKDOEGLH.XJHOQVSDUHQGHQQLFKVFKDIIHHVQDKHDQGLH EHLGHQ.QRFKHQPlQQHUKHUDQ]XNRPPHQ ,FKQDKPGDV.UHX] 9ROOHU:XWVFKOHXGHUWHLFKGDVJHZHLKWH.UX]LIL[GHP6NHOHWW ]ZLVFKHQGLH.QRFKHQGDVGHP0lGFKHQDPQl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lFKHOWH.DUD]XXQGVWHFNWHPHLQ.UHX]ZLHGHUZHJ'DQQ ZDUILFKHLQHQ%OLFNDXI+DUR (UVDDP%RGHQXQGDWPHWHVFKZHU'HU.DPSIKDWWHLKQDQJH VWUHQJW9RU+DURVWDQGGHU(LVHUQH(QJHO6HLQJHZDOWLJHV 6FKZHUWKLHOWHUQRFKLPPHULQGHUUHFKWHQ+DQG +DUREHGDQNWHVLFK'DQQVWDQGHUDXIXQGZDUIVLFK.DUDLQGLH $UPH :LUOLHHQGLHEHLGHQLQ5XKH6FKOLHOLFKWUHQQWHQVLHVLFKYRQ HLQDQGHUXQG.DUDWUDWDXIPLFK]X ª,FKGDQNHGLU)UHPGHU©VDJWHVLHIHVWXQGVFKDXWHPLFKDXV LKUHQGXQNOHQ$XJHQDQ ,FKZLQNWHDEª1LFKWGHU5HGHZHUW(XUH)HLQGHVLQGDXFK PHLQH)HLQGH©$EHUZLHVRELQLFKIUGLFKHLQ)UHPGHU"ZROOWH

LFKVFKRQIUDJHQGRFKLPOHW]WHQ0RPHQWILHOPLUHLQGDPLFK .DUDMDJDUQLFKWNHQQHQNRQQWH6LHKDWWHPLFKMDHUVW]HKQWDX VHQG-DKUHVSlWHUNHQQHQJHOHUQWQDFKLKUHU:DQGHUXQJGXUFK GDV7RWHQUHLFKXQGQDFKGHPDXFK+DURDXVVHLQHPPDJLVFKHQ 6FKODIHUZHFNWZRUGHQZDU ª'XELVW.DUDQLFKW"©IUDJWHLFKVWDWWGHVVHQ ª-D©6LHZDUEHUUDVFKWª:RKHUNHQQVWGXPLFK"© ª'DVLVWHLQHODQJH*HVFKLFKWH,FKNHQQHDXFKGHLQHQ9DWHUGHU PLUYRQGLUXQG+DURHU]lKOWKDW© ,KUH$XJHQZXUGHQJURª:LHJHKWHVLKP"+DWHUGDV,QIHUQR EHUVWDQGHQ"© ,FKKREGLH6FKXOWHUQª,FKZHLHVQLFKW.DUD$OVGHU 6FKZDU]H7RGGLH6WDGWDQJULIIVLQGZLUJHIORKHQ0HKUNDQQLFK GLUQLFKWVDJHQ'HLQ9DWHUKDWVHKUWDSIHUJHNlPSIWHUXQGVHLQH 6ROGDWHQKDEHQVLFKGHQ)HLQGHQHQWJHJHQJHVWHPPWDEHUREHV UHLFKWH",FKZHLHVQLFKW© .DUDVHQNWHGHQ.RSIª'DQQLVWHUWRW©VDJWHVLHOHLVH ª'DVNDQQLFKZLUNOLFKQLFKWEHVWlWLJHQ9LHOOHLFKWKDEHQVLH DXFKEHUOHEW,FKZHLQXUGDVLHLQGHQ.HOOHUJHKHQZROOWHQ XPGHU)HXHUVEUXQVW]XHQWNRPPHQ© .DUDVFKDXWH+DURDQª:LUPVVHQLQGLH6WDGW©VDJWHVLH ª.RPPLFKPXZLVVHQRE9DWHUQRFKOHEW© +DURQLFNWH'DQQEOLFNWHHUXQVDQª8QGLKU":DVZROOWLKU MHW]WPDFKHQ"© 'HU(LVHUQH(QJHODQWZRUWHWHª:LUPVVHQZHLWHUXQGZHUGHQ YHUVXFKHQGD*UDXHQ]XVWRSSHQ© ª,FKZQVFKHHXFKYLHO*OFN© :LUUHLFKWHQXQVGLH+lQGH,FKVFKDXWH.DUDEHVRQGHUVODQJH DQ(VZDUHLQVHOWVDPHV*HIKOHLQHU)UDXGLH+DQG]XJHEHQ GLHLFKHLJHQWOLFKHUVW]HKQWDXVHQG-DKUHVSlWHUNHQQHQJHOHUQW KDWWH ª9LHO*OFN©VDJWHQEHLGH :LUEHGDQNWHQXQV'DVNRQQWHQZLUZLUNOLFKEUDXFKHQ 'DQDFKJLQJHQZLULQYHUVFKLHGHQH5LFKWXQJHQGDYRQ

6LHJLQJHQ+DQGLQ+DQG 8QGVLHJLQJHQVFKZHLJHQGEHUGLHZHLWH(EHQHGLHYRUGHU JURHQ6WDGWODJ 6LHVDKHQGHQ)HXHUVFKHLQDP+LPPHOXQGIU|VWHOWHQEHLGH,Q LKUHQ+HU]HQZKOWHGLH7UDXHUGHQQLKUH+HLPDWZDUGHPHQG JOWLJHQ7RGXQGGHU9HUQLFKWXQJSUHLVJHJHEHQ .DUDVFKULWWOLQNVQHEHQ+DURGHULKUH+DQGXPIDWKLHOW,Q GHU5HFKWHQKLHOWHUVHLQ6FKZHUWGHVVHQ6SLW]H]X%RGHQZLHV *UQHV'lPRQHQEOXWOLHIDQGHUODQJHQ.OLQJHHQWODQJXQG KLQWHUOLHGLFNH7URSIHQDXIGHU(UGH 'HU+LPPHOZDUIDVWOHHU1XUQRFKZHLWYRULKQHQXQGMHQVHLWV GHU6WDGWJOKWHQKLQXQGZLHGHUGLHIHXULJHQ3HLWVFKHQDXI $PVFKOLPPVWHQZDUGLH6WLOOH6LHOLHYLHOOHLFKWHWZDVYRQ GHP+DXFKGHV7RGHVDKQHQGHUEHUGHU6WDGWZHKWHXQGLQGHU GLHOHW]WHQ%UlQGH]XVDPPHQILHOHQ 'HU6FKZDU]H7RGXQGVHLQH9DVDOOHQKDWWHQLKUH6SXUHQKLQ WHUODVVHQ6LHZUGHQLPPHUEOHLEHQ .DUD]LWWHUWH'DVQLFKWQXUZHJHQGHU.KOHGLHGLH1DFKW JHEUDFKWKDWWH6LHZDUDXFKLQQHUOLFK]XHUUHJWQHUYOLFKDXI JHSXWVFKWXPGLH$QVSDQQXQJVRRKQHZHLWHUHVZHJVWHFNHQ ]XN|QQHQ .DUDWUXJHLQODQJHVKHOOEODXHV*HZDQGXQGGDUEHUHLQHQ 6FKXOWHUPDQWHOGHUGXUFKJROGHQH6SDQJHQDQGHQ6HLWHQIHVW JHKDOWHQZXUGH:HQQGHU:LQGLKQHQHQWJHJHQNDPGDQQ ZHKWHGHU0DQWHOZLHHLQH)DKQHKLQWHUGHPVFKZDU]KDDULJHQ 0lGFKHQDXI +DURZDUZLHHLQ.ULHJHUJHNOHLGHW6HLQGXQNOHU%DUWJDELKP HLQILQVWHUHV$XVVHKHQ'HU2EHUN|USHUZDUPLWHLQHP /HGHUSDQ]HUEHGHFNWGHUGLH$UPHIUHLOLH8PGLH+IWHQWUXJ HUHLQHQ/HQGHQVFKXU]PLW6FKZHUWJHKlQJH 6WXPPVFKULWWHQGLHEHLGHQLKUHP=LHOHQWJHJHQ1LFKW]X VFKQHOOXQGQLFKW]XODQJVDPDEHUGLHVH*DQJDUWNRQQWHQVLH ODQJHGXUFKKDOWHQ8QGHVZDUHUVWHLQH6WXQGHYHUJDQJHQDOV VLHGLHHUVWHQ$XVPDHGHV&KDRVVDKHQ *HIDOOHQH.ULHJHUODJHQLQPLWWHQGHU(EHQH6LHPXWHQVFKRQ OlQJHUWRWVHLQGHQQGHU:LQGKDWWHQLKUH.|USHUPLWIHLQHP 6DQGXQG6WDXEEHGHFNW ª6FKDXQLFKWKLQ©VDJWH+DURO|VWHVHLQH+DQGDXVGHUGHV

0l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|UW,QHLQHUXQJH KHXUHQ+LW]HHLQIDFKYHUEUDQQWXQGJHVFKPRO]HQ ª*URHU$WODQ©IOVWHUWHGDV0lGFKHQXQGEOLHEVWHKHQ $XFK+DURYHUKLHOWLQGHU%HZHJXQJ %HLGHVWDUUWHQPLWDXVJURHQ$XJHQDXIGDVJHZDOWLJH&KDRV 'LHYHUEUDQQWHXQGHLQJHVWU]WH0DXHUYHUZHKUWHLKQHQGHQ %OLFNLQGLH6WDGWQLFKWPHKU $EHUZDUHVQRFKHLQH6WDGW" :RVWDQGHQGDQQGLH+lXVHU"$OOGLHSUlFKWLJHQ%DXWHQDQ GHUHQ(UULFKWXQJ.DUDV9DWHUPLWEHWHLOLJWJHZHVHQZDU"(VJDE VLHQLFKWPHKU1XUQRFK6FKXWWXQG$VFKH+LHUXQGGDUDJWHQ HLQSDDU)UDJPHQWHDXVGHQ7UPPHUQKHUYRUGDVZDUDOOHV 6LHPHUNWHQEHLGHZLHGHU%RGHQXQWHULKQHQDUEHLWHWHZLHHU ]LWWHUWHXQGYLEULHUWH 'HU8QWHUJDQJGHV.RQWLQHQWVZDUQLFKWPHKUDXI]XKDOWHQ(U JLQJZHLWHUELV]XPELWWHUHQ(QGH ª.RPP©VDJWH+DURXQGVFKREGDV0lGFKHQYRU .DUDQLFNWHZlKUHQGGLH7UlQHQDXVLKUHQ$XJHQUDQQHQDOV VLHGDV(OHQGVDK 'LH0HQVFKHQKDWWHQVLFKZLUNOLFKELV]XPOHW]WHQ$WHP]XJ YHUWHLGLJWDEHUHVKDWWHQLFKWVJHQXW]W6LHVDKHQGLH7RWHQGLHLQ GHQ7UPPHUQODJHQ9LHOHZDUHQDXFKEHUKDXSWQLFKWPHKU]X HUNHQQHQ'DV)HXHUKDWWH]XVFKOLPPJHZWHW $EHUQLFKWDOOHKDWWHQLKU/HEHQYHUORUHQ(VJDEQRFKZHOFKH GLHGLH.DWDVWURSKHEHUVWDQGHQKDWWHQ.DUDXQG+DURZXUGHQ DXIPDNDEUH:HLVHGDUDQHULQQHUW 6LHKDWWHQGLH6WDGWQRFKQLFKWHUUHLFKWDOVVLHGDV.ODJHOLHG

K|UWHQGDVEHUGLH]HUVW|UWHQ+lXVHUXQG*HElXGHZHKWH -HPDQGVDQJHVPLWYRQ7UDXULJNHLWHUIOOWHU6WLPPH6RVFKOLPP XQGVRHUQVWGDVLFK.DUDGLH2KUHQ]XKLHOW (VZDUGDV/LHGYRP7RGYRP8QWHUJDQJYRQGHU9HUQLFKWXQJ $WODQWLV 6WHUEHOLHG 6HOEVW+DURGHPNDPSIHUSUREWHQ.ULHJHUUDQQHLQ6FKDXHU EHUGHQ5FNHQ%HLGHNRQQWHQGLH3HUVRQQLFKWVHKHQGLHGDV .ODJHOLHGDQJHVWLPPWKDWWHDEHUVLHPXWHLUJHQGZR]ZLVFKHQ GHQ5XLQHQGHU6WDGWVLW]HQ 'HUVWDUNH%UDQGJHUXFKOLHLKUH$XJHQWUlQHQ'LHXPKHUIOLH JHQGH$VFKHZDUQRFKZDUPXQGGLFNH5DXFKVFKZDGHQWULHEHQ ZLH/HLFKHQWFKHUEHUGLHVWHUEHQGH6WDGW ,UJHQGZRK|UWHQVLHGDV6W|KQHQXQG:LPPHUQGHU9HUOHW]WHQ 6LHNRQQWHQQLFKWKHOIHQGHQQVLHZXWHQQLFKWZRVLHDQIDQJHQ VROOWHQ 'HU6FKZDU]H7RGZDUQLFKW]XVHKHQ6HLQ'UDFKHKDWWHLKQ ZHLWHUJHWUDJHQKLQDXVDXIGDV/DQGZHLWLQGLH)HUQHXPDOOHV /HEHQ]XYHUQLFKWHQ .DUDXQG+DURVWLHJHQEHUGLH7UPPHUXQGNOHWWHUWHQGXUFK 5XLQHQ'DZDUNHLQ+DXVPHKUVWHKHQJHEOLHEHQGLH6WDGWJOLFK HLQHU2DVHGHV6FKUHFNHQV ,UJHQGZDQQHUUHLFKWHQVLHDXFKGHQ0DUNWSODW]8PGHQ%UXQ QHQKHUXPODJHQGLHWRWHQ.ULHJHU(LQLJHZDUHQYRQGHQKHUDE VWU]HQGHQ6WHLQHQHUVFKODJHQZRUGHQDQGHUHKDWWHGDV)HXHU JHW|WHW 'HU%UXQQHQJDENHLQ:DVVHUPHKU6WHLQHXQG6FKXWWZDUHQLQ LKQJHIDOOHQ$XFKGLH%OXPHQKDWWHGLH*OXWYHUQLFKWHW0DQFKH 6WHLQHZDUHQXQWHUGHUHQRUPHQ+LW]HHLQZLUNXQJ]XVFKLPPHUQ GHQ.ULVWDOOHQ]XVDPPHQJHVFKPRO]HQXQGGLHGHQ0DUNWSODW] XPJHEHQGHQ+lXVHUELOGHWHQHLQHLQ]LJHV7UPPHUPHHU .DUDEOLHEVWHKHQXQGGUHKWHVLFKXP 6LHZXWHJHQDXZRLKU9DWHUKDXVJHVWDQGHQKDWWH'DVJDEHV QLFKWPHKU (VZDULQHLQDQGHUJHIDOOHQZLHHLQ.DUWHQKDXV1XUQRFK]ZHL 0DXHUQVWDQGHQ$XFKYRQLKQHQZDUGLH+lOIWHDXVHLQDQGHUJH EURFKHQ)UDJPHQWHXQG6WFNHUDJWHQEHUGLH7UPPHUKLQDXV 'LH6lXOHQZDUHQ]HUVSOLWWHUWDOVKlWWHGLH)DXVWHLQHV5LHVHQ JHJHQVLHJHVFKODJHQ

ª9DWHU©PXUPHOWH.DUDXQGLKUH/LSSHQ]LWWHUWHQ 6LHVSUWH+DURV+DQG ª/DXQVZHLWHUJHKHQ©VDJWHHUª9LHOOHLFKWZHUGHQZLUGHLQHQ 9DWHUILQGHQ'HUIUHPGH0DQQKDWGDYRQJHUHGHWGDHULQ GHQ.HOOHUZROOWH9LHOOHLFKWN|QQHQZLULKQGRUWVHKHQXQG DXFKVSUHFKHQ© ª'XPDFKVWPLU0XW© ª,FKPHLQWHHVDXFKVRZLHLFKHVVDJWH© ª'DQQJODXEVWGXGD9DWHUQRFKOHEW"© ª-D.DUDGDUDQJODXEHLFK:LUPVVHQLKQQXUILQGHQ8QG ZLUGUIHQNHLQH=HLWYHUOLHUHQGHQQGDVZDVZLUKLHUVHKHQZDU QRFKQLFKWGDV(QGH© .DUDQLFNWH 6LHZXWHGDGHU6FKZDU]H7RGQRFKHLQPDO]XUFNNRPPHQ ZUGHXPGHP/DQGGHQ5HVW]XJHEHQXQGHVHQGJOWLJ]XYHU QLFKWHQ (UKDWHGLHVHQ.RQWLQHQWZHLOHULKQQLFKWVRXQWHUMRFKHQ NRQQWHZLHHUHVVLFKYRUJHVWHOOWKDWWH 'HVKDOEKDWWHHU$WODQWLVYHUQLFKWHW .DUDXQG+DURNOHWWHUWHQEHUGLH7UPPHUGHV+DXVHVGDV HLQPDOGLH+HLPDWGHV0lGFKHQVJHZHVHQZDU6LHZDUKLHUDXI JHZDFKVHQJOFNOLFKXQG]XIULHGHQGHQQVLHVWDQGXQWHUGHP 6FKXW]LKUHV9DWHUVGHULQ$WODQWLV]XGHQ3URSKHWHQ]lKOWHXQG HLQVHKUJHDFKWHWHU0DQQZDU (VJHVWDOWHWHVLFKDOVVFKZLHULJEHUKDXSWHLQH/FNH]XILQGHQ 'LH6WHLQHODJHQNUHX]XQGTXHUVRJDUGLHJURHQ7UHSSHQZDUHQ ]HUEURFKHQXQGYHUVSHUUWHQDOVZXFKWLJH7UPPHUGHQ:HJ +DUREOLHEVWHKHQXQGVFKDXWHVLFKXP ª:DVVXFKVWGX"©IUDJWH.DUD ª'HQ(LQVWLHJ]XP.HOOHU© ª'HUPXKLHU©.DUDVSUDFKQLFKWPHKUZHLWHU6LHVDKVHOEVW GLH7UPPHUXQGGHQ6FKXWW $EHU+DUROLHVLFKQLFKWEHLUUHQ0LW.DUDV+LOIHJHODQJHVLKP VFKOLHOLFKGLH6WHOOH]XILQGHQZRVLFKGHU(LQVWLHJEHIDQG1XU ODJHQGRUW]ZHLJURH6WHLQHGLHDEHU]XP*OFNEHLLKUHP)DOO ]HUEURFKHQZDUHQ 9LHU+lOIWHQPXWHQVLHZHJVFKDIIHQ8QWHULKQHQEHIDQGVLFK GHU(LQVWLHJ]XGHQ.HOOHUJHZ|OEHQ

.DUDXQG+DURVFKDXWHQVLFKDQª6FKDIIHQZLUHVGHQQ"© IUDJWHGDV0lGFKHQ ª:LUPVVHQHVYHUVXFKHQ©'HU.ULHJHUVFKDXWHDXIVHLQ 6FKZHUW(UPDGLHODQJH.OLQJHPLWVHLQHQ%OLFNHQXQGQLFNWH ª(VPWHJHKHQ©VDJWHHU ª:DV"© ª:HQQLFKGLH.OLQJHDOV+HEHOEHQXW]HN|QQWHQZLUHV VFKDIIHQ© .DUDDWPHWHDXI 'HUElUWLJH+QHPDFKWHVLFKDQGLH$UEHLW(UNOHPPWHGLH 6SLW]HVHLQHU:DIIHXQWHUHLQHQ)HOVHQXQGKRIIWHGDGLH.OLQJH GHP'UXFNVWDQGKLHOW$QJHEOLFKVROOWHVLHDXVGHPDOOHUEHVWHQ 6WDKOJHVFKPLHGHWZRUGHQVHLQ +DURVHW]WHVHLQHJHVDPWH.UDIWHLQ(UXPIDWHGHQ*ULIIPLW EHLGHQ+lQGHQXQGGUFNWHJHJHQGDV*HZLFKWGHV6WHLQV (LQKlOLFKHV.QLUVFKHQHUW|QWHDQVRQVWHQJHVFKDKQLFKWV ª(ULVW]XVFKZHU©IOVWHUWH.DUDHUVWLFNW +DURJDEQLFKWDXI8QGEHLVHLQHP]ZHLWHQ9HUVXFKKDWWHHU *OFN'HU6WHLQEHZHJWHVLFK'HU.ULHJHUGUFNWHQRFKZHLWHU OLH.DUDGDQQGHQ*ULIIKDOWHQSDFNWHGHQ6WHLQDQVHLQHU 2EHUVHLWHPLWEHLGHQ+lQGHQXQGZXFKWHWHLKQ]XU6HLWH (UILHO +DURDWPHWHDXI 'LHQlFKVWHQEHLGHQ6WHLQHVFKDIIWHHUHEHQIDOOVZHJ%HLP YLHUWHQDOOHUGLQJVEUDFKGLH.OLQJHLQGHU0LWWHGXUFK6ROFKHLQHU VWDUNHQ%HODVWXQJNRQQWHVLHGRFKQLFKWVWDQGKDOWHQ 'DV6FKZHUW]HUVSUDQJPLWHLQHPVLQJHQGHQ*HUlXVFK'LHHLQH +lOIWHGHU.OLQJHVFKRLQGLH+|KHZREHLVLHIDVWQRFKGDV *HVLFKWGHV0lGFKHQVJHVWUHLIWKlWWH.DUDNRQQWHVLFKLPOHW]WHQ $XJHQEOLFNZHJGXFNHQ +DURDEHUKLHOWQXUQRFKGHQ*ULIILQGHU+DQG(UVFKOHXGHUWH LKQZWHQGZHJ 1RFKODJGHU(LQVWLHJQLFKWIUHL6FKXWW$VFKHXQGNOHLQHUH 6WHLQHKDWWHQHLQH6FKLFKWJHELOGHW6LHZDUVRGLFKWGDQLFKWHLQ PDOGLH$EGUFNHGHU6WHLQSODWWH]XVHKHQZDUHQ0LWGHP)X UlXPWHQ.DUDXQG+DURGHQ6WDXE]XU6HLWH 6LHVDKHQDXFKGHQHLVHUQHQ5LQJDQGHPPDQGLH3ODWWHKRFK KLHYHQNRQQWH

+DURDWPHWHVFKZHU(LQSDDUPDOVDXJWHHUWLHIGLH/XIWHLQXQG VWLHVLHZLHGHUDXV ª,FKZHUGHHVYHUVXFKHQ©VDJWHHUEFNWHVLFKXQGXPIDWH GHQ5LQJPLWEHLGHQ+lQGHQ 'DQQ]RJHU .DUDVWDQGGDQHEHQXQGEHREDFKWHWHLKUHQ*HIlKUWHQ6LHVDK GDVJHZDOWLJH6SLHOVHLQHU0XVNHOQDQGHQ$UPHQXQG%HLQHQ 'LH6WUlQJHWUDWHQGLFNZLH)LQJHUKHUYRU+DURV0XQGZDUKDOE JH|IIQHWHUKLHOWGHQ$WHPDQXQGVFKDIIWHHV .QLUVFKHQGEHZHJWHVLFKGLHVFKZHUHTXDGUDWLVFKH6WHLQSODWWH 6LHZXUGHYRQ+DUR6WFNIU6WFNLQGLH+|KHJHZXFKWHW (LQNOHLQHU6SDOWHQWVWDQGGHUODQJVDPJU|HUZXUGH /LFKWVFKHLQGUDQJKHUYRU .DUDV+HU]EHJDQQ]XNORSIHQ'LHVHU6FKHLQEHZLHVLKUGD VLFKGRUWXQWHQLP.HOOHU0HQVFKHQDXIKLHOWHQ ,KU9DOWHUYLHOOHLFKW 0LWHLQHP.UDFKILHOGLH6WHLQSODWWHDQGHUJHJHQEHUOLHJHQGHQ 6HLWH]X%RGHQXQGEOLHEGRUWOLHJHQ 6WDXEZDOOWHKRFKHUYHUQHEHOWHVHNXQGHQODQJGLH6LFKWDXIGLH gIIQXQJ.DUDZROOWHQLFKWVRODQJHZDUWHQELVHUVLFKJHOHJW KDWWH6LHILHODXIGLH.QLHQLHGHUEHXJWHVLFKYRUXQGVFKDXWHLQ GLH7LHIH 'DV/LFKWVWDPPWHYRQgOODPSHQGLHLQGHU7LHIHGHV.HOOHUV DXIGHP%RGHQVWDQGHQXQGLKUHQ6FKHLQQDFKREHQVFKLFNWHQ 'LH)ODPPHQEHZHJWHQVLFKXQGPDOWHQ6FKDWWHQDXI.DUDVXQG DXFKDXI+DURV*HVLFKW'HU.ULHJHUKDWWHVLFKQHEHQGDV 0lGFKHQJHNQLHWXQGVFKDXWHMHW]WHEHQIDOOVLQGHQ.HOOHU ª,FKVHKHLKQQLFKW©VDJWH.DUDOHLVH ª:LUPVVHQKLQXQWHU'HU.HOOHULVWJUR©HUZLGHUWH+DUR(U PDGLH(QWIHUQXQJ 6LHEHWUXJGLH'LVWDQ]YRQ]ZHLHUZDFKVHQHQ0HQVFKHQ ª,FKVSULQJH©VDJWHHU %HYRU.DUDZLGHUVSUHFKHQNRQQWHKDWWHVLFK+DURVFKRQ DEJHVWRHQ(UPDFKWHGDVDXVJH]HLFKQHWNUPPWHVHLQHQ .|USHULQGHU/XIW]XVDPPHQXQGSUDOOWHDXIGHQIHVWJHVWDPSI WHQ/HKPERGHQGHVQXUVSlUOLFKHUKHOOWHQ.HOOHUV (UVFKDXWH]X.DUDKRFKª-HW]WGX©ULHIHU 'DV0lGFKHQVWLHVLFKDE

+DUROLHI.DUDHLQHQ6FKULWWHQWJHJHQXQGILQJVLHDXI7URW]GHP VFKWWHOWHLKQGHU$XISUDOOVRVWDUNGDHUUFNOLQJV]X%RGHQ VWU]WHVLFKDEHUQLFKWVEUDFKRGHUSUHOOWH 5DVFKVWDQGHQGLHEHLGHQZLHGHUDXIGHQ)HQ 6LHVFKDXWHQVLFKXP'DV.HOOHUYHUOLHVZDUQLFKWVHKUJUR(LQ YLHUHFNLJHU5DXPGHQZXFKWLJH4XDGHUVWHLQHDQGHQ6HLWHQ LPPHUNKOKLHOWHQ $QHLQHU6HLWHEHIDQGVLFKHLQ'XUFKODGHUHWZDGLH%UHLWH HLQHU7UDXIZLHV ª'RUWKLQHLQ©+DURVWUHFNWHGHQ$UPDXV .DUDZROOWHYRUJHKHQGRFKGHU.ULHJHUKLHOWVLH]XUFN ª:DUWHQLFKWVRVFKQHOO:HUZHLZDVXQVGDHUZDUWHW© ª)HLQGH"© ª9LHOOHLFKW© 'DV0lGFKHQ]XFNWH]XVDPPHQ,QLKUHPHLJHQHQ+DXVIUFK WHWHVLHVLFKVRHWZDVZDUQRFKQLHYRUJHNRPPHQ+DURZDU ZDIIHQORVDEHUHUKDWWHNHLQH$QJVW6HLQHZXFKWLJH*HVWDOW IOOWHGHQ'XUFKODIDVWY|OOLJDXVDOVHUDXIGHU6FKZHOOHVWHKHQ EOLHEXQGLQGHQGDKLQWHUOLHJHQGHQ5DXPVFKDXWH ª:DVVLHKVWGX"©IOVWHUWH.DUD $QVWDWWHLQH$QWZRUW]XJHEHQWUDW+DURHLQHQ6FKULWWYRUXQG PDFKWHGHQ:HJIUHL .DUDJLQJ 8QGVLHVDKLKUHQ9DWHU (UODJDXIHLQHP/DJHUKDWWHGHQ.RSI]XU6HLWHJHGUHKWXQG VFKDXWHVLHDXVVWHUEHQGHQ$XJHQDQ :LUIORJHQZLHGHU 7LHIKLQHLQVWLHHQZLULQGDV/DQGGHUPlFKWLJHQ*HLVWHUXQG 'lPRQHQ8QWHUXQVEHIDQGHQVLFKGLH%HUJHXQGQLFKWVHOWHQ VFKDXWHLFKLQGLHGVWHUJOKHQGHQ.UDWHUGHU9XONDQHGLH MHGRFK]XU5XKHJHNRPPHQZDUHQ .HLQ%HUJVSLHPHKUGLHJOKHQGH/DYDDXV(VNRNHOWHXQGEUR GHOWH]ZDUQRFKEHUDOODEHUGLHJHIlKUOLFKHQ0DVVHQYHUKLHOWHQ VLFKUXKLJ(LQH5XKHYRUGHP6WXUP(VVFKLHQDOVZUGHQVLH ]XPOHW]WHQ0DO$WHPKROHQXPGDQQPLWLKUHUJHEDOOWHQ.UDIW GLHHQGJOWLJH/DZLQHGHU9HUQLFKWXQJLQV5ROOHQ]XEULQJHQ

'XQNHOKHLWODJLQGHQ]DKOUHLFKHQ6FKOXFKWHQXQG7lOHUQ 0DQFKHZDUHQVHKUHQJVRGDVLHVFKRQ&DQ\RQVJOLFKHQZLH LFKVLHLQGHQ6WDDWHQJHVHKHQKDWWH ,QGHQ6FKOXFKWHQZDUHVQLFKWUXKLJ'DODXHUWHGDV%|VH 0RQVWHU'lPRQHQ*HVFK|SIHGHU1DFKW 0DQFKPDOK|UWHLFKGLH6FKUHLHGDV5XIHQXQGDXFKGDV JHIlKUOLFKH/DFKHQ6LHZXWHQDQVFKHLQHQGZHUEHUGLH7lOHU IORJDEHUVLHZDJWHQHVQLFKWXQVDQ]XJUHLIHQ ,FKNDPPLULPPHUNOHLQHUXQGZLQ]LJHUYRU)DVWJODXEWHLFK QXUQRFKHLQ6DQGNRUQLQGLHVHPP|UGHULVFKHQ*HWULHEH]XVHLQ $EHUNRQQWHHLQ6DQGNRUQHVPDWWVHW]HQ" 0HLQH+RIIQXQJVFKZDQG ,FKKDWWHGHQ(LVHUQHQ(QJHOQLFKWJHIUDJWZDVGDV=LHOXQVHUHU 5HLVHZDU'DVZUGHLFKVFKRQIUKJHQXJHUIDKUHQ (LQPDOVWLHJHOEHUJLIWLJHU%URGHPDXVHLQHU6FKOXFKWXQGLFK VDKHLQHJUlOLFKH)UDW]HLQQHUKDOEGHV5DXFKVDXIWDXFKHQ(LQH JLHULJH)DXVW|IIQHWHVLFKXPXQV]XSDFNHQ'HU(LVHUQH(QJHO ZDUVFKQHOOHUXQGIORJLQGLH+|KH :HLWHUH=HLWYHUJLQJ,FKZXWHQLFKWZLHYLHOH0LQXWHQHV ZDUHQGHQQGDV*HIKOIU=HLWKDWWHLFKLQQHUKDOEGLHVHV/DQGHV UHVWORVYHUORUHQ 'DQQlQGHUWHVLFKGLH/DQGVFKDIWXQWHUXQV.DXPQRFK 6FKOXFKWHQRGHU7lOHUGDIUHLQHZHLWH+RFKHEHQHPHLVWNDKO XQGQXUKLQXQGZLHGHUYRQWXUPDUWLJHQ)HOVHQLQLKUHU 0RQRWRQLHXQWHUEURFKHQ 1lKHUWHQZLUXQVGHP=LHO" ,FKKRIIWHHVVWDUNGHQQODQJVDPEHJDQQHQPHLQH*OLHGHUHLQ ]XVFKODIHQ,FKIKOWHPLFKVRXQEHZHJOLFKXQWHUGHP$UPGHV (LVHUQHQ(QJHOV 3O|W]OLFKlQGHUWHGHU(QJHOGLH5LFKWXQJ(UIORJQDFKUHFKWV ,FKZXWHQLFKWREHV:HVWHQ2VWHQ1RUGHQRGHU6GHQZDU 'LH2ULHQWLHUXQJKDWWHLFKYROOHQGVYHUORUHQ :LUVFKZHEWHQQRFKK|KHU'LHURWH/DYDJOXWGHV+LPPHOVODJ KLQWHUXQVLFKVFKDXWHDXIHLQGXQNHOEODXHV)LUPDPHQWYRUGHP VLFKJHZDOWLJH)HOVHQDEKREHQ 1LFKWHLQPDOLP+LPDOD\DKDWWHLFKVROFKH)HOVIRUPDWLRQHQ JHVHKHQGDJHJHQZLUNWHQDXFKGLH'RORPLWHQZLHNOHLQH 6SLHO]HXJH

(LQZDKUHV:XQGHUGHU1DWXUGDVLFKPLWJURHP6WDXQHQXQG $QGDFKWEHWUDFKWHWH :LUVWLHJHQVRKRFKGDLFKGLH%HIUFKWXQJKDWWHGHQ+LPPHO ]XEHUKUHQGHQQGHU(LVHUQH(QJHOYLVLHUWHGLH6SLW]HGHVK|FK VWHQ)HOVHQWXUPVDQ 6HFKV7UPHZDUHQHV8QEH]ZLQJEDULUJHQGZLHNDOWOHXFK WHQGHLQJODWWHV*HVWHLQ'DNDPQLHPDQGKLQDXIGLHVHU+RUW ZDUDXVJH]HLFKQHW]XYHUWHLGLJHQ $OVZLUQlKHUNDPHQGDVDKLFKGDGHU7XUPDQVHLQHU6SLW]H QLFKWJODWWZDUVRQGHUQJURH+|KOHQDXIZLHVGLHZLHULHVLJH 7RUHZLUNWHQ'UHL]lKOWHLFK ,QGDVPLWWOHUH7RUIORJHQZLUKLQHLQXQGVWRSSWHQ 'HU(LVHUQH(QJHOOLHPLFK]X%RGHQJOHLWHQ.OHLQXQGZLQ]LJ NDPLFKPLUYRUDOVLFKPLFKVWDXQHQGXPVFKDXWH ,FKVWDQGDXIHLQHUJHZDOWLJHQ)HOVSODWWHGLHVSLHJHOJODWW JHVFKOLIIHQZDU6LHVFKLHQDXVHLQHPHLQ]LJHQ%ORFNKHUJHVWHOOW]X VHLQDXFKZLHGHUHWZDVZDVPLFKZXQGHUWH8QGZLUZDUHQ QLFKWDOOHLQ 8QWHUGHU'HFNHGLHVHUWXUPKRKHQ)HOVHQK|KOHNOHEWHQ1HVWHU 6RVDKHQVLHEHLPHUVWHQ%HWUDFKWHQDXVELVLFKIHVWVWHOOWHGDHV JHZDOWLJH+lQJHPDWWHQZDUHQGLHYRQUXQGHQ/LFKWTXHOOHQ DQJHVWUDKOWZXUGHQ'LHVHEHIDQGHQVLFKLQGHQ)HOVZlQGHQXQG JOLFKHQXQVHUHQ3XQNWVWUDKOHUQGRFKLKU/LFKWZDUZHVHQWOLFK ZHLFKHUDOVGDVGDVLFKDXVPHLQHU=HLWNDQQWH 'LH+lQJHPDWWHQZDUHQEHVHW]W 'RUWUXKWHQGLH9RJHOPHQVFKHQGLH:HVHQGHVVHQ.|QLJGHU (LVHUQH(QJHOZDU 8QGVLHNDPHQ 8QZLOONUOLFKKLHOWLFKGHQ$WHPDQ6RHWZDVKDWWHLFKQRFKQLH JHVHKHQGDVJDEHVQXULQDOWHQ0lUFKHQRGHU/HJHQGHQGRFK EHIDQGLFKPLFKQLFKWLQHLQHP/DQGXPGDVVLFKVHOEVW]DKO UHLFKH/HJHQGHQUDQNWHQ" ,Q$WODQWLVPXWHLFKPLWDOOHPUHFKQHQ=ZHL:HOWHQWUDIHQ VLFKKLHU(LQHJXWHXQGHLQHVFKOHFKWH 'LH9RJHOPHQVFKHQVFKZHEWHQGHU(UGHHQWJHJHQ'LHVH *HVFK|SIHIDV]LQLHUWHQPLFK,KU.|USHUZDU]ZDUPHQVFKOLFK ZDUDEHUYRQVFKLOOHUQGHQ)HGHUQEHGHFNWGLHLQDOOHQ)DUEHQGHV 6SHNWUXPVOHXFKWHWHQ

'LH.|SIHZDUHQPHQVFKOLFK )HLQJHVFKQLWWHQH*HVLFKWHU]HLFKQHWHQVLHDXV,FKHUNDQQWH DXFKGLH6FKZLQJHQDXIGHQ5FNHQGLHVHU+DOEPHQVFKHQXQG ODQJH+DDUHXPVFKPHLFKHOWHQGLH*HVLFKWHU )QIPlQQOLFKH9RJHOPHQVFKHQ]lKOWHLFKXQG]ZHLZHLEOLFKH /HW]WHUHZLHVHQDXFKIUDXOLFKH)RUPHQDXIQXUZXUGHHEHQDOOHV YRQ)HGHUQEHGHFNW ,FKVWDXQWH 'LH9RJHOPHQVFKHQQDKPHQYRUGHP(LVHUQHQ(QJHO$XI VWHOOXQJ8QGZLHGHUXPYHUVWDQGLFKLKUH6SUDFKH ª:LUVLQGGLHOHW]WHQ©K|UWHLFKHLQHQPlQQOLFKHQ9RJHOPHQVFK VDJHQªGLHDQGHUHQVLQGJHW|WHWZRUGHQ© ª9RQZHP"© ª9RQGHQ6NHOHWWHQ,KUHQ)ODPPHQSHLWVFKHQNRQQWHQZLU QLFKWVHQWJHJHQVHW]HQ6LHZDUHQJHIlKUOLFKHUDOVXQVHUH3IHLOH 8QGGHQ5HVWEHVRUJWHQGLHVFKZDU]HQ9DPSLUH© ª:DVLVWPLW0\[LQ"© ª(ULVWYRP6FKZDU]HQ7RGEHUZlOWLJWZRUGHQ,FKKDEHJH VHKHQZLHVLHHLQHQJROGHQHQ6DUJKHUEHLVFKDIIWHQLQGHQHU JHOHJWZHUGHQVROO© 'HUJROGHQH6DUJ 'DKDWWHLFKZLHGHUGLH9HUELQGXQJ]XU*HJHQZDUW6XNRXQG LFKKDWWHQ0\[LQGDPDOVDXVHLQHPJROGHQHQ6DUJEHIUHLWGHU ]HKQWDXVHQG-DKUHDXIGHP*UXQGGHV0HHUHVJHVWDQGHQKDWWH +LHUOLHIGHU.UHLVDOVRZLHGHU]XVDPPHQ ª'XEULQJVWHLQHQ*DVWPLW(LVHUQHU(QJHO"©IUDJWHGHUPlQQ OLFKH9RJHOPHQVFK ª-DHLQHQ)UHXQG'DVLVW-RKQ6LQFODLU(UVWDPPWDXVGHU =XNXQIWXQGHULVWHLQ)HLQGDOOHU'lPRQHQ© 'HU9RJHOPHQVFKVFKDXWHPLFKDQ(UKDWWHGXQNOH$XJHQXQG HLQVFKPDOHV*HVLFKWª6HLZLOONRPPHQ0HQVFKDXVGHU =XNXQIW©VDJWHHUVFKOLFKW ,FKYHUEHXJWHPLFK:DVVROOWHLFKDQGHUHVWXQ",FKEUDFKWHMD NDXPPHLQH*HGDQNHQULFKWLJ]XVDPPHQ(VZDULQGHUOHW]WHQ =HLWHLQIDFK]XYLHOJHVFKHKHQ $XFKGLHDQGHUHQOlFKHOWHQPLU]XXQGLFKPXHKUOLFKJH VWHKHQLFKIKOWHPLFKZRKOKLHUXQWHUGLHVHQVHOWVDPHQ:HVHQ GLHVRNHLQH)HLQGVHOLJNHLW]HLJWHQ

ª:DVZLOOXQVHU)UHXQG"©IUDJWHGHU9RJHOPHQVFK ª(UKDWGHQ6FKZDU]HQ7RGYHUQLFKWHW© hEHUUDVFKXQJXQG+RFKDFKWXQJ]HLFKQHWHVLFKDXIGHPIHLQJH VFKQLWWHQHQ*HVLFKWDE$XFKGLHDQGHUHQZDUHQHUVWDXQW6LH ZXUGHQVRJDUXQJHGXOGLJXQGVSUDFKHQGXUFKHLQDQGHU 'HU(LVHUQH(QJHOVWRSSWHLKUH5HGHPLWHLQHUNQDSSHQ %HZHJXQJVHLQHUUHFKWHQ+DQGª1LFKWVRZLHLKUYLHOOHLFKW GHQNW-RKQ6LQFODLUKDWGHQ6FKZDU]HQ7RGLQVHLQHU=HLWLQGHU =XNXQIWJHW|WHW'DVZROOWHLFKVDJHQ© ª8QGZDVZLOOHUMHW]W"© ª(UP|FKWHGHQ6SLHJHOKROHQ© 'LH9RJHOPHQVFKHQVFKZLHJHQ%HWURIIHQKHLW]HLFKQHWHVLFKLQ LKUHQ*HVLFKWHUQDE ª$EHUGDVLVWXQP|JOLFK©VDJWHGHU6SUHFKHU ª:HUGHQ6FKZDU]HQ7RGYHUQLFKWHWKDWGHUVROOWHHV]XPLQGHVW YHUVXFKHQ©VDJWHGHU(LVHUQH(QJHO6HLQH:RUWHWUDIHQDXI IUXFKWEDUHQ%RGHQ'LH9RJHOPHQVFKHQEHJDQQHQ]XEHUOHJHQ ª:HLHUGHQQZRVLFKGHU6SLHJHOEHILQGHW"© ª1HLQ© ª'DQQPXHUGLH+|OOHGXUFKTXHUHQ© 'DVZDUHQMDEHGUFNHQGH$XVVLFKWHQ 'RFKGHU(LVHUQH(QJHOZXWHHLQH$QWZRUWª9LHOOHLFKWN|QQHQ ZLULKPKHOIHQ© ª:LUVLQGQXUQRFKZHQLJHXQVHUH.UlIWHVLQG]XVFKZDFK© ODXWHWHGLH$QWZRUW ª,KUVROOWQLFKWNlPSIHQVRQGHUQLKQGRUWKLQEULQJHQZRVLFK GHU6SLHJHOEHILQGHW© ª$EHUGLH:HOWGHV6FKZDU]HQ7RGVLVWJUR© ª'DVVWLPPW©HQWJHJQHWHGHU(LVHUQH(QJHOª1XUZHLLFK YLHOOHLFKWZRVLFKGHU6SLHJHOEHILQGHQN|QQWH© ª'X"© ª-D(VJLEWHLQH0|JOLFKNHLW:HQQDXFKQXUHLQHJHULQJH,P 7DOGHUVFKZHLJHQGHQ6WHLQHN|QQWHVLFKGHU6SLHJHOEHILQGHQ© ª'RUWLVWGDV=HQWUXP©KLHOWPDQLKPHQWJHJHQ ª-RKQ6LQFODLUZHLVLFK]XZHKUHQ© ,FKKDWWHODQJHJHQXJ]XJHK|UWXQGZROOWHHQGOLFKDXFKPDO HWZDVVDJHQª:DVNDQQPLFKLQGLHVHP7DOHUZDUWHQ"© ª'HU+|OOHQVXPSI(ULVWGLH%UXWXQG*HEXUWVVWlWWHGHU

0RQVWHUXQG'lPRQHQ'HU6FKZDU]H7RGKROWVLFKGRUWVHLQHQ 1DFKVFKXE'LHVHV7DOLVWYHUIOXFKWNHLQ0HQVFKGHU:HLHQ 0DJLHKDWHVMHPDOVEHWUHWHQ9LHOHKDEHQHVYHUVXFKWGRFKGHU 6XPSIKDWVLHJHIUHVVHQ6HOEVWGLH3URSKHWHQVFKDIIWHQHVQLFKW ,FKZHLHVYRQ'HOLRVGHUDOVHLQ]LJHUHQWNRPPHQLVWZHLOLFK LKPJHKROIHQKDEH,FKULLKQDXVGHQ.ODXHQGHU0RQVWHU'HU PXWLJH0DQQZROOWHVLFKGHP6FKZDU]HQ7RGGLUHNWHQWJHJHQ VWHOOHQ8QGDXHUGHPVROOGHU6FKZDU]H7RGLQGLHVHP6XPSI JHERUHQVHLQ© ª:DV"© 'HU(LVHUQH(QJHOQLFNWHª-DPHLQ)UHXQG'HU6XPSILVWGLH *HEXUWVVWlWWHGHV6FKZDU]HQ7RGVVRVFKUHLEHQHVGLH]DKOUHLFKHQ 6DJHQXQG/HJHQGHQ© ª$EHUZHUKDWGLHVYHUDQODW"© ª(VJLEW0lFKWHJHJHQGLHGXRGHULFKQLFKWDQNRPPHQ6LH VLQGVRDOWZLHGLH:HOW6LHKHUUVFKWHQVFKRQDOVQRFKNHLQ/HEHQ DXIGHU(UGHZDU(VVLQG*HLVWHUQLFKWVWRIIOLFKH([LVWHQ]HQGLH MHGRFKKLQXQGZLHGHU*HVWDOWDQJHQRPPHQKDEHQ:HQQGDV JHVFKDKGDQQZDUHQGLH*HVWDOWHQVRVFKUHFNOLFKGDGHU %HWUDFKWHUGHP:DKQVLQQQDKHNDP8QGGHVKDOEHUVFKXIHQ GLHVH8UJ|WWHUGHU6FKZDU]HQ0DJLH'LHQHUGLHLKUH$XIJDEH EHUQDKPHQ'HU6FKZDU]H7RGJHK|UWHGD]X8QGGLH*|WWHU KDWWHQHLQHQ1DPHQ©'HU(LVHUQH(QJHOVFKDXWHPLFKDQ ª.HQQVWGXLKQ-RKQ6LQFODLU"© ,FKQLFNWHXQGUlXVSHUWHPLUGHQ+DOVIUHLEHYRULFKVSUHFKHQ NRQQWHª'LH*URHQ$OWHQ© ª-DGLH*URHQ$OWHQ© (VZDUDOOHVHLQ.UHLVODXI,FKZXWHYRQLKUHU([LVWHQ]$XI PHLQHQJHIlKUOLFKHQ:HJHQKDWWHLFKLQGHUOHW]WHQ=HLWVFKRQGHV |IWHUHQYRQLKQHQJHK|UW$OSWUDXPZHVHQJHIDOOHQH*|WWHUGLH ]XEHVFKZ|UHQHLQHP7RGHVXUWHLOJOHLFKNDP8QGVLHKDWWHQGHQ 6FKZDU]HQ7RGHUVFKDIIHQ $EHUQLFKWQXULKQZLHLFKGHQ(UNOlUXQJHQGHV(LVHUQHQ (QJHOVHQWQRPPHQKDWWH ,FKVSUDFKLKQGDUDXIDQ 'HU(LVHUQH(QJHOZLUNWHVHKUQDFKGHQNOLFKEHYRUHUPLUHLQH $QWZRUWJDE ª'LH*URHQ$OWHQ©PXUPHOWHHUªVLQGHLQHH[LVWLHUHQGH

/HJHQGH6LHVLQGDOOXPIDVVHQGXQGXQEHJUHLIOLFKGHQQVLHVLQG GDVDEVROXW%|VHEHUKDXSW© ª8QG$VPRGLV"©ZDUILFKHLQ 'HU(QJHOOlFKHOWHVS|WWLVFK ª:HULVWVFKRQ$VPRGLVZHQQPDQLKQPLWGHQ*URHQ$OWHQ YHUJOHLFKW© %HLGLHVHUIUDJHQGHQ$QWZRUWOLHIPLUHLQ6FKDXHUEHUGHQ 5FNHQ,FKVFKORIU6HNXQGHQGLH$XJHQ $VPRGLV %LVKHUKDWWHLFKLKQIUGHQ*U|WHQJHKDOWHQ:DUHUYLHOOHLFKW DXFKQXUHLQHYRUJHVFKREHQH)LJXU"6WHFNWHQKLQWHULKPJDQ] DQGHUH.UlIWH"0lFKWHYRQGHQHQLFKQLFKWHLQPDO]XWUlXPHQ ZDJWH":HQQGDVVWLPPWHXQGLFK%HZHLVHIDQGGDQQJDEHQ VLHPHLQHP/HEHQJDQ]DQGHUH'LPHQVLRQHQ'DJHJHQZDUHQ 'U7RGXQGVHLQH0RUGOLJDGLUHNWHLQOlFKHUOLFKHV*HVSDQQ 'HU(LVHUQH(QJHODKQWHZDVLQPLUYRUJLQJXQGYHUVXFKWH PLFK]XWU|VWHQª0DFKHGLUGDUEHUNHLQH*HGDQNHQ©VDJWH HUªGLH*URHQ$OWHQUXKHQXQGEHWHGDVLHDXFKZHLWHUKLQ VFKODIHQZHUGHQ(UVWZHQQDOOLKUH'LHQHUYHUVFKZXQGHQVLQG GDQQJUHLIHQVLHVHOEVWLQGHQ.UHLVODXIGHU:HOWHLQ© ,FKQLFNWH /HJHQGH:DKUKHLW:LUNOLFKNHLW'LHVH%HJULIIHPLVFKWHQVLFK LQPHLQHP.RSI]XHLQHPIXULRVHQ:LUEHO,FKNDPPLUQRFK NOHLQHUXQGZLQ]LJHUYRUDOVLFKRKQHKLQVFKRQZDU :LHVROOWHGDVQRFKDOOHVHQGHQ" ª8QGJLEWHVJHJHQVLHGHQQNHLQH:DIIH"©ULHILFKYHU]ZHLIHOW ª,FKNHQQHNHLQH©K|UWHLFKGLH$QWZRUW ª:HLGHU6HKHUQLFKWV"© ª9LHOOHLFKW© ª8QG"+DVWGXPLWLKPGDUEHUJHVSURFKHQ"'XNHQQVWLKQ GRFK+DVWLKQJHVHKHQ© ª$XFKHUVDJWQLFKWV(UKlOWDOOHVXQWHU9HUVFKOXGHQQGLH :DKUKHLWLVW]XVFKUHFNOLFK© ª.DQQLFKVLHLUJHQGZRILQGHQ",VWVLHQLHGHUJHVFKULHEHQ ZRUGHQ"© ª,P%XFKGHUJUDXVDPHQ7UlXPHVWHKWHV]XOHVHQ$EHUGX ZLUVWHVQLFKWEHNRPPHQZHLOGHLQ*HKLUQVLFKZHLJHUQZLUG GDV8QJODXEOLFKH]XIDVVHQ©

'HU(QJHOVSUDFKYRP%XFKGHUJUDXVDPHQ7UlXPH:LHGHUHLQ %HJULIIGHQLFKVHKUJXWNDQQWH,FKKDWWHHVVFKRQJHVHKHQGHQQ DXVGHQIUPLFKDOOHLQEHVWLPPWHQOHW]WHQ6HLWHQZDUGHUVLOEHU QH%XPHUDQJHQWVWDQGHQ*HUQKlWWHLFKGDV%XFKLPPHLQHP %HVLW]JHZXW(VZDUPLUQLFKWYHUJ|QQWJHZHVHQ1XQHUIXKU LFKGHQ*UXQG'DIUKDWWHLFKHUVW]HKQWDXVHQG-DKUHLQGLH 9HUJDQJHQKHLWUHLVHQPVVHQ :HOFKHLQH9HUELQGXQJ,FKNDPPLUYRUZLHHLQJHVFKORVVHQLQ GHPJHZDOWLJHQ.UHLVODXIGHU:HOW $QIDQJXQG(QGH$OSKDXQG2PHJD6ROOWHLFKMHDOOHVEH JUHLIHQOHUQHQ" ª'XGHQNVW]XYLHOQDFK©K|UWHLFKGLH6WLPPHGHV(LVHUQHQ (QJHOVª.RQ]HQWULHUHGLFKOLHEHUDXIGLH=XNXQIWDXIGHLQH $XIJDEHKLHUDXIGHPVWHUEHQGHQ.RQWLQHQW© ,FKQLFNWHª1DWUOLFKYHU]HLKDEHULFKPXWHGDVHUVWDOOHV VFKOXFNHQ© ª,FKNDQQGLFKYHUVWHKHQ© ª8QGZLHVROOHVMHW]WZHLWHUJHKHQ"©IUDJWHLFK ª:LUZHUGHQGLFKLQGDV7DOGHUVFKZHLJHQGHQ6WHLQHEH JOHLWHQ©HUNOlUWHPLUGHU(LVHUQH(QJHOª,FKKRIIHGDGXHV VFKDIIVWQRFKYRUGHP8QWHUJDQJ© ,FKQLFNWH0HKUZDUQLFKW]XVDJHQ$EHUDXFKGDV*HK|UWH PDFKWHPLFKXQUXKLJJHQXJ0LW]LWWHUWHQVFKRQGLH.QLHZHQQ LFKQXUGDUDQGDFKWHGLHVHQ+|OOHQVXPSIGXUFKTXHUHQ]X PVVHQ :DUGHU6FKZDU]H7RGWDWVlFKOLFKGRUWJHERUHQ"2GHUZDUGHU 6XPSIQXUGLH*HEXUWVVWlWWHGHU0RQVWHU" ,FKZXWHHVQLFKWXQGYHUOLHPLFKY|OOLJDXIPHLQHQ)UHXQG XQG5HWWHUGHQ(LVHUQHQ(QJHO /HLFKWZLH)HGHUQVRVWLHHQVLFKGLH9RJHOPHQVFKHQYRP %RGHQDEXQGVFKZDQJHQVLFKLQGLH/XIW6LHJOLWWHQGHP $XVJDQJ]XXQGZXUGHQYRP'XQNHOGHU1DFKWYHUVFKOXFNW (UVWMHW]WVDKLFKGDDXFKVLHEHZDIIQHWZDUHQ6LHWUXJHQPLW 3IHLOHQJHIOOWH.|FKHUDXILKUHQ5FNHQXQGGLHGD]XJHK|ULJHQ %|JHQVSDQQWHQVLFKXPLKUH6FKXOWHUQ ª.RPP©VDJWHGHU(LVHUQH(QJHOQXUXQGIDWHPLFKEHLGHU +DQG:LHGHUZXUGHLFKKRFKJHKREHQ 'XUFKGDVJURH7RUVFKZHEWHQZLUKLQDXVLQGLH1DFKW(U

KDWWHPLFKZLHGHUXQWHUVHLQHQ$UPJHNOHPPWXQGLFKNDPPLU ZLHHLQOHEHQGHV3DNHWYRU .DXPKDWWHQZLUGLH+|KOHYHUODVVHQDOVHLQGXPSIHV*UROOHQ EHUGLH(EHQHUROOWH (UVFKUHFNWVWLHJVHOEVWGHU(LVHUQH(QJHOK|KHUGUHKWHVLFKXP XQGZLHDXFKLFKVDKHUGDGLH6WHLQHGLHVHULHVHQKDIWHQ *HELOGHOHLFKWVFKZDQNWHQ $WODQWLVEHEWH 'HU$QIDQJYRP(QGHZDUQDKHGDVVSUWHQDXFKGLH 9RJHOPHQVFKHQ ,FKEHZXQGHUWHVLH6LHZXWHQGDVLHGHP8QWHUJDQJQLFKW PHKUHQWJHKHQNRQQWHQGDVLHVWHUEHQZUGHQXQGWURW]GHP KDOIHQVLHPLU6RHWZDVIDQGPDQQLFKWRIWVLHZDUIHQLKU/HEHQ LQGLH:DDJVFKDOH ª)OLHJHQZLU©ULHIGHU(LVHUQH(QJHOª9LHOOHLFKWVHKHQZLUGLH )HOVHQQLHPHKUZLHGHU.RPPW)UHXQGH© 8QVHU)OXJZXUGHVFKQHOOHUQRFKVFKQHOOHUDOV]XYRU'LH(EHQH JOLWWXQWHUXQVKLQZHJXQGZLUQlKHUWHQXQVGHQ%HUJHQMHW]WYRQ GHUDQGHUHQ6HLWH 6LHODJHQQLFKWPHKUVWLOO :LHHLQ)HXHUZHUNVSUKWHHVDXVHLQHP9XONDQNUDWHU *OKHQGH/DYDEURFNHQKLPPHODQJHVFKOHXGHUWYRQHLQHP PlFKWLJHQ'RQQHUQEHJOHLWHW8QGSO|W]OLFKYHUVFKZDQGGLH +lOIWHGHV%HUJHV(UEUDFKDXVHLQDQGHUDOVKlWWHMHPDQGGD JHJHQJHVFKODJHQ 'HU8QWHUJDQJEHJDQQ :LHGHUIlUEWHVLFKGHU+LPPHOEOXWURWXQGZLUMDJWHQGHP ,QIHUQRHQWJHJHQ:UGHHVPLUQRFKJHOLQJHQGHQ6SLHJHO]X HUEHXWHQ":HQQMDKDWWHLFKYLHOJHZRQQHQDEHUGDQQZDULFK QRFKLPPHUQLFKWLQPHLQHU=HLW]XUFN 8QGZREHIDQGVLFK0\[LQ" :DVZDUPLWVHLQHP.|USHUJHVFKHKHQDOVHULQGLH 9HUJDQJHQKHLWJHVFKOHXGHUWZRUGHQZDUXQGVLFKVHOEVWGRUW JHVHKHQKDWWH"2GHUZDUVHLQ.|USHUDXIJHO|VWZRUGHQVRGD QXUQRFKHLQHUEHVWDQG" $XIGLHVH)UDJHZUGHLFKZRKOQLHHLQH$QWZRUWHUKDOWHQ 'LH(EHQHYHUVFKZDQG6FKRQODJHQXQWHUXQVGLHWLHIHQ7lOHU XQGILQVWHUHQ6FKOXFKWHQ&DQ\RQVGVWHUXQGGURKHQG

(LQH%UXWVWlWWHGHV6FKUHFNHQV %HLHQGHU5DXFKWULHEPDQFKPDOXPXQVHUH.|USHU'LH 9RJHOPHQVFKHQIORJHQSDUDOOHO]XGHP(LVHUQHQ(QJHOXQGPLU 6LHOLHHQLKQNHLQHQ0RPHQWDXVGHQ$XJHQ :LUJOLWWHQEHUHLQHNRFKHQGH+|OOH0DQFKPDOK|UWHLFKVHOW VDPH*HUlXVFKHDXVGHQ&DQ\RQV6FKPDW]HQ:UJHQXQG 6FKUHLHQ (VZXUGHLPPHUVFKOLPPHU :HLWHUYRUXQVVFKRDEHUPDOVHLQH/DYDIRQWlQHLQGHQ +LPPHO,FKZROOWHVLHQRFKEHREDFKWHQZDVMHGRFKQLFKWPHKU P|JOLFKZDUZHLOGHU(LVHUQH(QJHOLQHLQHQ6LQNIOXJILHOXQGLQ GHQ&DQ\RQKLQHLQVWLH (VZDUHLQULHVLJHVJHZDOWLJHV/RFKGHVVHQ(QGHLFKQLFKWHLQ PDOHUDKQHQNRQQWH $EHUHVZDUXQVHU=LHO ª'HU+|OOHQVXPSI©YHUQDKPLFKGLH6WLPPHGHV(LVHUQHQ (QJHOVª+LHUZHUGHLFKGLFKDEVHW]HQ+LHU© ,PVHOEHQ$XJHQEOLFNK|UWHQZLUGHQ:DUQVFKUHLHLQHV 9RJHOPHQVFKHQ=XVSlW 'LHDQGHUHQZDUHQVFKQHOOHU 6FKDWWHQO|VWHQVLFKYRQGHQ6FKOXFKWZlQGHQ6FKDWWHQPLW NOHLQHQJOKHQGHQ$XJHQ 'LHVFKZDU]HQ9DPSLUH (LQ6WRVFKLHQGXUFKGHQ.|USHUGHV0lGFKHQV]XJHKHQDOVHV VHLQHQ9DWHUHUNDQQWH.DUDVWHOOWHVLFKDXIGLH=HKHQVSLW]HQXQG SUHWHGLHUHFKWH+DQGJHJHQGHQ0XQGXPHLQHQ6FKUHL]X XQWHUGUFNHQ ,KU9DWHUZUGHQLFKWPHKUODQJHOHEHQ(UODJEHUHLWVLP 6WHUEHQGDVNRQQWHMHGHUHUNHQQHQ 8QGVLHVDKGDV%OXWGDVDXVVHLQHQ:XQGHQOLHI(VUDQQDXV GHU%UXVWZXQGHXQGKDWWHGDV/DNHQEHQHW]WDXIGHP'HOLRVODJ (LQHUZDUQRFKEHLLKP'HUDOWH'LHQHUHEHQIDOOVGHP6WHUEHQ QDKH(UKDWWHGHQhEHUIDOODXFKEHUVWDQGHQDEHULQVHLQHQ $XJHQVWDQGNHLQ*OFNVJHIKOGDUEHU]XOHVHQVRQGHUQQXU 7UDXHUXQG9HU]ZHLIOXQJ ª.RPP.DUD©VDJWHHUXQGVWUHFNWHVHLQH$UPHDXV

'DV0lGFKHQQLFNWH.DUDOLHVLFKYRQGHP'LHQHUIKUHQXQG ELVGLFKWYRUGLH/LHJHVWDWWLKUHV9DWHUVEULQJHQ'RUWJLQJVLHLQ GLH.QLHXQGVFKDXWHLQGDVYRP7RGJH]HLFKQHWH*HVLFKW ª9DWHU©IOVWHUWH.DUD6LHKDWWH0KHGLH7UlQHQ]XXQWHU GUFNHQ,P+LQWHUJUXQGVWDQG+DURGHU.ULHJHU(UZROOWH 7RFKWHUXQG9DWHUQLFKWVW|UHQ ª'DGXJHNRPPHQELVW©IOVWHUWHGHUDOWH0DQQª1DFKDOO GHP*UDXHQXQG6WHUEHQ© ª:LUKDWWHQ*OFN9DWHU'HU(LVHUQH(QJHOXQGHLQEORQG KDDULJHU0DQQKDEHQXQVJHUHWWHW© 3O|W]OLFKEOLW]WHHVLQGHQ$XJHQGHV$OWHQDXIª'XKDVWGHQ 0DQQDXVGHU=XNXQIWJHVHKHQ"© ª-DVRJDUPLWLKPJHVSURFKHQ© ª'DVLVWJXW.DUD'DVLVWVHKUJXW'DQQKDWHUHVEHUVWDQGHQ (ULVWQLFKWYRQGHQ)HLQGHQJHW|WHWZRUGHQ0HLQH*HEHWHKDEHQ DOVRGRFKHWZDVJHQXW]W©'HOLRVVFKOXFNWHXQGVHLQH/LSSHQ ]LWWHUWHQVWDUN ª'XGDUIVWMHW]WQLFKWGDUDQGHQNHQ9DWHU©VDJWH.DUDª'X PXWDQGLFKGHQNHQXQGDXFKGDUDQZLHHVZHLWHUJHKW© ª'DJLEWHVNHLQH=XNXQIWPHKU,FKELQHLQYHUORUHQHU0DQQ PHLQH7RFKWHU© ª$EHU9DWHU© 0LWHLQHP5XFNVFKOXJ'HOLRVGDV/DNHQ]XUFN'LH%HZHJXQJ ZDU$QWZRUWJHQXJ .DUDHUVWDUUWH6LHVDKGLHVFKUHFNOLFKH:XQGHXQGZXWHGD LKU9DWHUUHFKWKDWWH(VZDUEHUKDXSWHLQ:XQGHUGDHUQRFK OHEWH$EHUVRZDU'HOLRV(UJDEQLHDXINlPSIWHJHJHQ 'lPRQHQXQGDXFKJHJHQGHQ7RGDQ ª9HU]HLKPLU9DWHU,FKZXWHQLFKW© ª6FKRQJXWPHLQH7RFKWHU6FKRQJXW$EHUGXKDVWJHVHKHQ GDPLUQLFKWPHKUYLHO=HLWEOHLEW'LHZHQLJHQ0LQXWHQELV]X PHLQHP(QGHZROOHQZLUQXW]HQ© ª-D9DWHU©.DUDQLFNWH 'HU6WHUEHQGHEHJDQQª'XZHLWGDLFKLQGLHVHPVFK|QHQ /DQGHLQ3URSKHWZDU,FKKDEH9RUDXVVDJXQJHQJHPDFKWLFK KDEHPLFKJHJHQHLQH+HUUVFKDIWGHU'lPRQHQJHVWHPPW(V KDWWHNHLQHQ=ZHFN'LHDQGHUH6HLWHZDUVWlUNHU,FKYHUORUQLFKW QXUGHLQH0XWWHUVRQGHUQPXWHDXFKPLWDQVHKHQZLH$WODQWLV

LPPHUPHKUGHP8QWHUJDQJHQWJHJHQWULHE0LWPHLQHUVFKZD FKHQ0DJLHNDPLFKJHJHQGLHGHV6FKZDU]HQ7RGVQLFKWDQ(U EOLHEGHU6LHJHU'LHVHV5HLFKWUHLEWLPPHUPHKUGHP8QWHUJDQJ HQWJHJHQXQGGXPHUNVWHVQXQVHOEVW,QGHLQHU.LQGKHLWKDEH LFKGLFKGDVQLFKWVSUHQODVVHQGXVROOWHVWIUHLXQGIU|KOLFKDXI ZDFKVHQMHW]WDEHUPXWGXGHU:DKUKHLWLQV$XJHVHKHQXQG GLHLVWHEHQVFKOLPPJHQXJ'XKDVW+DURNHQQHQXQGOLHEHQ JHOHUQWHUKDWGLFKGLH.XQVWGHV.DPSIHVJHOHKUWGXNDQQVWPLW HLQHP6FKZHUWHEHQVRXPJHKHQZLHPLWHLQHP%RJHQRGHUGHU /DQ]H'XELVWPHKUDOVHLQ(UVDW]IUPLFKZHLOHVGHLQHU0XWWHU QLFKWYHUJ|QQWJHZHVHQZDUPLUHLQHQ6RKQ]XJHElUHQ© ª9DWHUELWWHVSULFKQLFKWVR©IOVWHUWHGDV0lGFKHQXQG XPIDWHGLH+lQGHGHVDOWHQ0DQQHV ª,FKPXVRDQIDQJHQGDPLWGXGDVDQGHUHYHUVWHKVWPHLQH OLHEH.DUD'HQQLFKKDEHGLUHLQ(UEHKLQWHUODVVHQ(LQ(UEHGDV HLJHQWOLFKPHLQHP6RKQJHK|UHQVROOWHGDVLFKQXQDEHULQGHLQH +lQGHOHJHOLHEVWH.DUD(VLVWQLFKWYLHODEHUHVLVWXQJHKHXHU ZHUWYROOXQGGXZLUVWQDFKPHLQHP7RGQRFKRIWDQPLFKGHQ NHQZHQQGXGDV6FKZHUWLQGLH+DQGQLPPVW© .DUD]XFNWH]XUFNª'XZLOOVWPLUGDVJROGHQH6FKZHUW"© ª-DZHUVROOWHHVVRQVWEHNRPPHQ"© ª$EHUGDVNDQQLFKQLFKWDQQHKPHQ,FKELQQLFKWZUGLJ 'HUDOWH0DQQOlFKHOWHª'RFK.DUDGXELVWZUGLJ'XELVWGLH HLQ]LJHGHULFKGDV6FKZHUWDQYHUWUDXHQNDQQZHLOGXGLH.XQVW GHV)HFKWHQVEHKHUUVFKVW(VLVWHLQHEHVRQGHUH:DIIHGHUHQ *HKHLPQLVVHGXDOOHUGLQJVVHOEVWKHUDXVILQGHQPXWZHLOPLU QLFKWPHKUGLH=HLWGD]XEOHLEW:HQQLFKQLFKWPHKUELQ ZLUVWGXVLHDQGLFKQHKPHQXQGPHLQHQ.DPSIZHLWHUIKUHQ DXFKLQGHU=XNXQIW© ª$EHUHVJLEWNHLQH=XNXQIWPHKUIUPLFK©ULHIGDV0lGFKHQ YHU]ZHLIHOWª$WODQWLVLVWGHP7RGJHZHLKW© -HW]WOlFKHOWH'HOLRVª'RFKHVJLEWHLQH=XNXQIW)UGLFKXQG IU+DUR,FKKDEHGDIUJHVRUJW©'HOLRVVDKGDVXQJOlXELJH *HVLFKWVHLQHU7RFKWHUXQGEHKLHOWVHLQZLVVHQGHV/lFKHOQEHL(U ZLQNWHDXFK+DURDQVHLQ6WHUEHEHWWGDPLWHUMHGHV:RUWK|UWH GDVQXQJHVSURFKHQZXUGH $XFKGHU.ULHJHUJLQJLQGLH.QLH:lKUHQG.DUDQDFKVHLQHU +DQGIDWH

ª:LHLKUZLWKDEHLFKPLFKMDKUHODQJPLWPHLQHQ)RUVFKXQJHQ EHVFKlIWLJW,FKKDEHYHUVXFKWWLHILQGDV*HELHWGHU:HLHQ 0DJLHHLQ]XGULQJHQXQGLFKKDEHDXFK(UIROJHHU]LHOWZLHLKU VLFKHUOLFKZLW,FKELQ]ZDUNHLQJURHU0DJLHUJHZRUGHQGHP HVP|JOLFKZDUGLH=HUVW|UXQJGHV/DQGHVGXUFKGLH'lPRQHQ DXI]XKDOWHQDEHUGLHZHLVHQ*|WWHUKDEHQPHLQ)OHKHQHUK|UW 0DQJDEPLUGLH.UDIWXQGGDV:LVVHQGHQ7UDQNGHV9HUJHVVHQV KHU]XVWHOOHQ,FKKDEHLKQJHEUDXWXQGVRUJIlOWLJYHUZDKUW:HU LKQWULQNWGHULVWWRWXQGGRFKQLFKWWRW(UEHUOHEWGLH=HLWHQ XQGQXUVRN|QQWLKUEHLGH+DURXQGGXGHQ8QWHUJDQJGLHVHV 5HLFKHVEHUVWHKHQ1HKPWGHQ7UDQNWULQNWHWZDVGDYRQXQG LKUZHUGHWLUJHQGZDQQZHQQGLH=HLWUHLILVWHUZDFKHQ'DV NDQQLFKGLU7RFKWHUDOV(UEHPLWJHEHQ(VLVWZHQLJJHQXJ,FK KlWWHGLUJHUQPHKUPLWDXIGHQ:HJJHJHEHQDEHUHVZDUPLU QLFKWYHUJ|QQW9LHOOHLFKWKDEHLFKDXFKYHUVDJWZHUZLOOGDVQRFK VRJHQDXZLVVHQ"©'HU6WHUEHQGHKREGLH+DQGXQGZLQNWH VHLQHP'LHQHUª%LWWHKROHGHQ7UDQN© 'HU'LHQHUYHUEHXJWHVLFKXQGJLQJZlKUHQG.DUDXQG+DUR ]XUFNEOLHEHQ 6LHZDUHQVWXPP 'DEHLKl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lQGHQKLHOWHU GDVEOlXOLFKVFKLPPHUQGH*ODVJHIlXPIDWLQGHPGLH )OVVLJNHLWVFKZDSSWH 'HU7UDQNGHV9HUJHVVHQV $OVGHU'LHQHUGLH)ODVFKHGHP6WHUEHQGHQEHUUHLFKHQZROOWH ZLQNWHGLHVHUDEª1HLQQLFKWLFKEHNRPPHLKQVRQGHUQPHLQH 7RFKWHU©

'HUDOWH'LHQHUYHUEHXJWHVLFKXQGJDE.DUDGLHNOHLQH)ODVFKH GLHVLHEHKXWVDPHQWJHJHQQDKP ª8QGQRFKHWZDV©VDJWHGHU6WHUEHQGHª*HKYRUVLFKWLJPLW GLHVHP7UDQNXP1LPPQLH]XYLHOGHQQHULVWHQGOLFK,FKVHOEVW ZHLQLFKWPHKUZLHLFKLKQKHUJHVWHOOWKDEH'LHDOWHQ*|WWHU KDEHQPLUGLH(ULQQHUXQJGDUDQJHQRPPHQ1XUDOVLFKLKQ ]XEHUHLWHWHJDEHQVLHPLUGLHNODUHQ*HGDQNHQ© .DUDVDKDXFKGHQNOHLQHQ*ODVVW|SVHOGHUGLHgIIQXQJ YHUVFKOR ª+WHLKQZLHGHLQHQ$XJDSIHO©IOVWHUWH'HOLRVª*LEDXILKQ DFKWXQGYHUOLHUHLKQQLH© ª-D9DWHU©.DUDVFKOXFNWH ª8QGMHW]WJLEPLUGHLQH+DQG8QGDXFKGX+DUR,FKZLOO VSUHQZHQQLFKPHLQHOHW]WH5HLVHDQWUHWH© 'LHEHLGHQMXQJHQ0HQVFKHQNDPHQGHP:XQVFKGHVZHLVHQ DOWHQ0DQQHVQDFK 8QGEHLGHZXQGHUWHQVLFKZLHIHVWGHU*ULIIGHV6WHUEHQGHQ QRFKZDU1RFKHLQPDOZXUGHQVHLQH$XJHQNODUQRFKHLQPDO KREHLQJHZDOWLJHU$WHP]XJVHLQH%UXVWXQGHLQ/lFKHOQYHU NOlUWHVHLQ*HVLFKW ª,FKLFKGDQNHHXFK©IOVWHUWH'HOLRVª'DV(UEHYHUZDKUWHV JXW6HLGLQHXUHP/HEHQLPPHUDXIGHU6HLWHGHV/LFKWV %HNlPSIWGDV%|VHZRHVHXFKDXFKEHJHJQHW(VLVWVFKOLPPGLH DQGHUHQZROOHQGDV&KDRVGDV*UDXHQ1LFKWQXUKLHULQ$WODQWLV GDVZLUGEHUDOOVRVHLQLQGHU=XNXQIWXQGDXFK© 'HOLRVVSUDFKQLFKWPHKUZHLWHU3O|W]OLFKElXPWHVLFKVHLQ .|USHUDXIVHLQ*HVLFKWYHU]HUUWHVLFKGHU0XQGEOLHEKDOERIIHQ GDQQEUDFKHQVHLQH$XJHQ 'HOLRVGHU3URSKHWGHU:HLVHZDUQLFKWPHKU 6HNXQGHQODQJVDHQ.DUDXQG+DURXQEHZHJOLFK'DQQZDUHV PLWGHU%HKHUUVFKXQJGHV0lGFKHQVYRUEHL.DUDNRQQWHHLQIDFK QLFKWPHKU6LHZDUIVLFKEHUGHQ.|USHULKUHV9DWHUVXQG VFKOXFK]WHKHPPXQJVORVZlKUHQGGHUDOWH'LHQHUVHLQH7UlQHQ HEHQIDOOVQLFKW]XUFNKDOWHQNRQQWH$XFKPLWVHLQHU%HKHUU VFKXQJZDUHVYRUEHL 1XU+DURVDVWXPPGDQHEHQ(UKRFNWHDXIGHP%RGHQXQEH ZHJOLFKZLHHLQ'HQNPDO6HLQH*HVLFKWV]JHZDUHQYHUNDQWHW KDUWXQGVFKDUIVSUDQJHQGLH:DQJHQNQRFKHQKHUYRUGLH/LSSHQ

KDWWHHU]XVDPPHQJHSUHW(UVDJWHQLFKWVVRQGHUQEHUOLH.DUD DOOHLQLKUHP6FKPHU](UWDWQXUHLQVXQGGUFNWHGHP7RWHQGLH $XJHQ]X :LHYLHO=HLWYHUJDQJHQZDUZXWHQLHPDQG,UJHQGZDQQ VW|KQWHGHUDOWH'LHQHUJUlOLFKDXI +DURKREGHQ.RSI(UVDKZLHGHU0DQQZDQNWHEOHLFKZDU XQGVHLQH+lQGHJHJHQGLH%UXVWJHSUHWKLHOW0LW]LWWHUQGHQ .QLHQZDQNWHHU]XUFNXQGILHOKLQ 6RIRUWZDU+DUREHLLKP (UVFKDXWHDXIHLQHQ7RWHQ $XFKGHU'LHQHUZROOWHQLFKWPHKUOHEHQ6HLQ+HU]KDWWHGHQ %HIHKOYHUQRPPHQXQGDXIJHK|UW]XVFKODJHQ .DUDXQG+DUREOLHEHQDOV/HEHQGH]XUFN,KQHQNDPHVYRU DOVZlUHQVLHGLHHLQ]LJHQ0HQVFKHQLQGHU6WDGWGLHQXUQRFKDXV 7UPPHUQXQG5XLQHQEHVWDQG +DURWUDWDXI.DUD]XXQGOHJWHLKUHLQH+DQGDXIGLH6FKXOWHU ª.RPP©VDJWHHUªZLUPVVHQMHW]WJHKHQ© .DUDVFKDXWHDXIª:RKLQ"© ª,UJHQGZRKLQ© ª8QGGDQQ"© ª:LUZHUGHQHLQ9HUVWHFNILQGHQXQGGRUWGHQ7UDQNGHV 9HUJHVVHQV]XXQVQHKPHQ© ª1HLQLFKZLOOQLFKWPHKUOHEHQ©VFKULHGDV0lGFKHQª,FKZLOO HLQIDFKQLFKW0HLQ9DWHULVWWRWLFKZLOODXFKQLFKWPHKUVHLQ,FK NDQQGLHVHQ7UDQNQLFKW]XPLUQHKPHQ© ª:LOOVWGXZLUNOLFKGHLQHP9DWHUGHQDOOHUOHW]WHQ:XQVFK DEVFKODJHQ"©IUDJWH+DUR 'DVHQNWH.DUDGHQ.RSIª1HLQDEHULFKZLOO©6LHKRELQ HLQHUKLOIORVHQ*HVWHGLH6FKXOWHUQª(VWXWPLUOHLGLFKZDUHLQ ZHQLJGXUFKHLQDQGHU%LWWHYHU]HLK© 3O|W]OLFK]XFNWH+DUR]XVDPPHQ $XFK.DUDKDWWHVHLQH5HDNWLRQEHPHUNWª:DVLVW"©IOVWHUWH VLH ª,FKK|UHHWZDV© ª8QGZDV"© ª6LHNRPPHQ]XUFN© ª'HU6FKZDU]H7RG"©KDXFKWHGDV0lGFKHQlQJVWOLFK ª-D.DUD(UXQGVHLQHVFKUHFNOLFKHQ9DVDOOHQNHKUHQXP6LH

ZHUGHQGLH6WDGWZHLWHUKLQKHLPVXFKHQ9LHOOHLFKWZROOHQVLH hEHUOHEHQGHDXIVSUHQ0HUNVWGXQLFKWV"© .DUDNRQ]HQWULHUWHVLFK-DMHW]WVSUWHVLHHVDXFK'HU%RGHQ XQWHULKQHQ]LWWHUWH(LQ9LEULHUHQGDVVRJDUGLH0DXHUQHUIDWH ª'LH(UGHZLUGVLFKDXIWXQXQGXQVYHUVFKOLQJHQ©SURSKH]HLWH +DUR ª$EHUZDVN|QQHQZLUWXQ"©.DUDZDUY|OOLJGXUFKHLQDQGHU 6LHKDWWHGHQ7RGLKUHV9DWHUVQRFKQLFKWYHUNUDIWHW ª1LFKWV© 'LHEHLGHQEOLHEHQVWHKHQXQGODXVFKWHQ 'DV*UROOHQZXUGHODXWHU 'HU6FKZDU]H7RGXQGVHLQH9DVDOOHQQlKHUWHQVLFKGHU6WDGW 9LHOOHLFKWZDUHQVLHVFKRQGD ª(VJLEWGRFKHLQHQ*HKHLPDXVJDQJ©VDJWHGHU.ULHJHU ª-D© ª'HQPVVHQZLUQHKPHQ© ª(UIKUWQXULQGLH*URWWHZR9DWHUDUEHLWHWH© ª'DQQYHUEHUJHQZLUXQVGRUW© ,PQlFKVWHQ$XJHQEOLFNZXUGHGHQEHLGHQGLH*HIDKULQGHU VLHVFKZHEWHQGUDVWLVFKYRU$XJHQJHIKUW(LQH)ODPPHQVlXOH IDXFKWHGXUFKGLHgIIQXQJIUDVLFKJLHULJLQGDV9LHUHFNKLQHLQ XQGEHUKUWHVRJDUGHQ%RGHQ 6LHZDUVRKHLGDHLQLJH6WHLQHDQILQJHQ]XVFKPHO]HQ .DUDVFKULHDOVVLHYRP*OXWKDXFKGHU+|OOHJHWURIIHQZXUGH +DURSDFNWHVLHXQGULVLHKLQWHUVLFK'DQQUDQQWHHUPLWLKUORV .DUDJHODQJHVQRFKGDV6FKZHUWPLWGHUJROGHQHQ.OLQJHDQVLFK ]XQHKPHQXQGDOVGLHQlFKVWH)HXHUVlXOHLQGHQ.HOOHUIDXFKWH ZDUHQVLHEHUHLWVYHUVFKZXQGHQ .DUDXQG+DURIORKHQ =ZHLYRQGHQZHQLJHQGLHGHQ8QWHUJDQJHLQHVJDQ]HQ .RQWLQHQWVEHUOHEHQVROOWHQXPLKUH$XIJDEHLQGHUIHUQHQ =XNXQIWZDKU]XQHKPHQ +DURVFKDIIWHHVQLFKW =HKQWDXVHQG-DKUHVSlWHUW|WHWHLKQHLQ3IHLO.DUDDEHUZXUGH GLH6FK|QHDXVGHP7RWHQUHLFK

6LHZDUHQVFKQHOOXQGXQJHPHLQZHQGLJ 'LHHUVWHQ9RJHOPHQVFKHQVFKDIIWHQHVQLFKWDXV]XZHLFKHQ 3O|W]OLFKZXUGHQVLHYRQGHQ9DPSLUHQJHSDFNWXQGKHUXPJH ULVVHQXQGVFKRQNODQJHQGLH6FKUHLHDXI ª6LHVDXJHQLKQHQGDV%OXWDXV©ULHIGHU(LVHUQH(QJHOXQG]RJ VHLQ6FKZHUW $XFKZLUZXUGHQDWWDFNLHUW(LQEHVRQGHUVJURHV([HPSODU ZLVFKWHDXIXQV]XGRFKGHU(LVHUQH(QJHO]HUWHLOWHHVPLWHLQHP 6FKZHUWKLHELQ]ZHL+lOIWHQ ,FKNDPPLUVRVFKUHFNOLFKKLOIORVYRUNRQQWHQLFKWLQGHQ .DPSIHLQJUHLIHQXQGVFKULHGHP(QJHO]XGDHUPLFKDEVHW]HQ VROOWH(UUHDJLHUWHULFKWLJ 3O|W]OLFKVFKRVVHQZLUDXIGHQ%RGHQ]X 'HP6XPSI 'DQQOLHHUPLFKHLQIDFKIDOOHQ,FKNDQQWHGDV6SLHO,FKUROOWH PHLQHQ.|USHU]XVDPPHQXQGNDPJXWDXI (LQSDDU6FKULWWHOLHILFKZHLWHUPHUNWHDOOHUGLQJVMHW]WVFKRQ ZLH]lKGLH0DVVHXQWHUPLUZDU =lKXQGVFKZDU] 6LHHULQQHUWHPLFKDQQRFKQLFKWJHKlUWHWHQ7HHU'DV=HXJ ]HUUWHDQPHLQHQ6FKXKHQZROOWHVLHQLFKWPHKUORVODVVHQXQG LFKKDWWH0KHPLFKZHLWHU]XEHZHJHQ 6HKHQNRQQWHLFKQLFKWYLHO'LHVH6FKOXFKWODJLQIDVWDEVROXWHU 'XQNHOKHLW1XUKLQXQGZLHGHUJODXEWHLFKDQGHQ:lQGHQHLQ GVWHUHV*ORVHQ]XVHKHQ +RFKEHUPLUZXUGHJHNlPSIW (VZDUHLQ.DPSIDXI%LHJHQXQG%UHFKHQXP$OOHVRGHU 1LFKWVDXI/HEHQXQG7RG :HQQLFKGHQ.RSILQGHQ1DFNHQOHJWHVDKLFKGHQHWZDV KHOOHUHQ$XVVFKQLWWGHV+LPPHOV'DYRUKREHQVLFKGLH*HVWDOWHQ GHUJHJQHULVFKHQ3DUWHLHQDE 9RUDOOHQ'LQJHQILHOPLUGHU(LVHUQH(QJHODXI(UGXUFKEUDFK PLWVHLQHP6FKZHUWGLH5HLKHQGHU$QJUHLIHUUlXPWHIUFKWHUOLFK XQWHULKQHQDXIXQGLFKYHUQDKPGLH7RGHVVFKUHLHGHUVWHUEHQ GHQ9DPSLUH'DQQZLUEHOWHHWZDVDXIPLFK]XXQGNODWVFKWH GLFKWQHEHQPLUDXIGHQ*UXQGGHU6FKOXFKW (LQ7RWHU $EHUHLQ9RJHOPHQVFK

,FKVFKDXGHUWHXQGZXUGHYRQGHU$VFKHJHWURIIHQGLHDXVGHU +|KHQLHGHUUHJQHWH 9LHOOHLFKWKDWWHQGLH9DPSLUHDXFKJHZXWGDVLFKDXIGHP *UXQGGHU6FKOXFKWHLQZHLWHUHV2SIHUEHIDQG$XIMHGHQ)DOO JULIIHQPLFKJOHLFK]ZHLYRQLKQHQDQ 0\[LQV9DVDOOHQ,FKNDQQWHVLH6LHKDWWHQPLFKPDOLP.DPSI JHJHQGHQ6FKZDU]HQ7RGXQWHUVWW]WGRFKQXQZDUHQVLHPHLQH 7RGIHLQGH ,FK]RJGLH%HUHWWD 'LHVH:HVHQZDUHQQXUPLWHLQHPVFKQHOOHQ6FKX]XW|WHQDXI HLQHQODQJHQ.DPSINRQQWHLFKPLFKQLFKWHLQODVVHQ 'LHURWJOKHQGHQ$XJHQIXKUHQ=LFN]DFNDOVVLHDXIPLFK ]XIORJHQ(VZDUQLFKWOHLFKWHLQHQJH]LHOWHQ7UHIIHU]XODQGHQ 'DQQZDUGHUHUVWHGD ,FKK|UWHGDVNUlFK]HQGH)DXFKHQXQGLPQlFKVWHQ$XJHQEOLFN KDFNWHQ.UDOOHQLQPHLQH6FKXOWHUQ3O|W]OLFK|IIQHWHVLFKGLFKW YRUPHLQHP*HVLFKWGDVZLGHUOLFKH0DXOGHU5LHVHQIOHGHUPDXV XQGJDEHLQH5HLKHYRQ=l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lJHUDOVGHU0DQQGHULQPLWWHQHLQHU IHLQGOLFKHQ8PZHOWGHP%|VHQWURW]WH $EHUQRFKKDWWHLFKQLFKWJHZRQQHQVRQGHUQQXUHLQHQNOHLQHQ

7HLOVLHJHUUXQJHQ'LH9DPSLUHZDUHQLP9HUJOHLFK]XP 6FKZDU]HQ7RGQXUOlFKHUOLFKH*HVFK|SIH ,FKVFKDXWHZLHGHUQDFKREHQ (VZDUUXKLJJHZRUGHQ .HLQ.DPSIPHKUQLFKWV $XIHLQPDONDPPLU]X%HZXWVHLQZLHDOOHLQLFKGRFKZDU ,FKEHIDQGPLFKDXIHLQHPVWHUEHQGHQ.RQWLQHQW]HKQWDXVHQG -DKUHLQGLH9HUJDQJHQKHLW]XUFNYHUVHW]WXQGLQHLQHUPHQVFKHQ IHLQGOLFKHQ8PZHOWGLHYRQPlFKWLJHQ'lPRQHQEHKHUUVFKW ZXUGH $OV0HQVFKLPVFKZDU]HQ+|OOHQVXPSI (LQH9RUVWHOOXQJGLHPLUVFKRQ$QJVWHLQMDJHQNRQQWHGRFK GDPLWZDUPLUQLFKWJHKROIHQ,FKVFKWWHOWHGLHWUEHQ*HGDQNHQ DEXQGGDFKWHDQPHLQHZHLWHUH$XIJDEH,FKPXWHGHQ6SLHJHO ILQGHQXQGLKQPLWLQPHLQH=HLWQHKPHQZHQQGDVP|JOLFKZDU 'HQQGXUFKVHLQH.UDIWZUGHHVPLUJHOLQJHQDXFKLQGHU *HJHQZDUWVWDUNHGlPRQLVFKH)HLQGH]XYHUQLFKWHQ (LQHQOHW]WHQ%OLFNZDUILFK]XP+LPPHO(UZDUOHHU'LH 9RJHOPHQVFKHQXQGVFKZDU]HQ9DPSLUHJDEHVQLFKWPHKU :DUHQDOOHWRW" 'HU*HGDQNHGDUDQOLHGDV*UDXHQLQPLUKRFKVWHLJHQ%LVKHU KDWWHPLUGHU(LVHUQH(QJHOJHKROIHQGRFKQXQ ,FKVWDQGDOOHLQXQGPHUNWHZLHVLFKGHU8QWHUJDQJGLHVHV .RQWLQHQWVLPPHUZHLWHUDXVEUHLWHWH ,QGHQ)HOVHQUXPRUWHHVDXFKGHU6XPSIERGHQXQWHUPLU ]LWWHUWHXQGWLHILQGHU(UGHNODQJHLQZWHQGHV*UROOHQDXI(LQ (UGEHEHQNQGLJWHVLFKDQ ,FKVFKDXWHPLFKXP 1LFKWV1XUGLHYHUGDPPWH'XQNHOKHLWGLHNHLQ6FKLPPHU /LFKWGXUFKGUDQJ+LHUNDPLFKQLFKWZHLWHU,FKPXWHGRFK LUJHQGHWZDVVHKHQN|QQHQ 'DILHOPLUPHLQHNOHLQH7DVFKHQODPSHHLQ,PPHUWUXJLFK GLH%OHLVWLIWODPSHEHLPLUVFKRQRIWKDWWHVLHPLUJXWH'LHQVWH HUZLHVHQDEHUQLHZDULFKVRIURKEHUGLH/DPSHJHZHVHQZLHLQ GLHVHP$XJHQEOLFN5DVFKKROWHLFKVLHKHUYRUXQGNQLSVWHVLHDQ 9LHO/LFKWJDEVLHQLFKWQXUHLQHQIHLQHQGQQHQ6WUDKOGHU VHLQHQ:HJVXFKWHXQGHLQHQ3XQNWDXIGHQ%RGHQPDOWH -HW]WHUVWVDKLFKGHQ6XPSILQVHLQHUXUVSUQJOLFKHQ

%HVFKDIIHQKHLW(UZDUZLUNOLFKSHFKVFKZDU],FKOLHGLH/DPSH ZDQGHUQVRGDLFKHLQHQJU|HUHQ$XVVFKQLWW]XVHKHQEHNDP 'LH2EHUIOlFKHZDUQLFKWJODWWVRQGHUQXQHEHQ$XFKZDUIVLH %ODVHQGLHPLWZLGHUOLFKHQ/DXWHQ]HUSODW]WHQZHQQVLHHUVWHLQ PDOHLQHJHZLVVH*U|HHUUHLFKWKDWWHQ 0LWGHUIUHLHQ+DQGIKOWHLFKGHQ8QWHUJUXQGDEXQGVWHOOWH IHVWGDLFKPHLQH)LQJHUKLQHLQWDXFKHQNRQQWHVRVFKZDPPLJ ZDUGLH0DVVHJHIRUPW ,FKULFKWHWHPLFKZLHGHUDXI 'HU6WUDKOWUDIEHLGLHVHU%HZHJXQJGLH.|USHUGHUEHLGHQ 9RJHOPHQVFKHQ 5HJXQJVORVODJHQVLHDXIGHP]lKHQ8QWHUJUXQG 1HLQGRFKQLFKWUHJXQJVORV6LHEHZHJWHQVLFK$EHUGDVJH VFKDKQLFKWDXVHLJHQHP$QWULHEVRQGHUQZHLOVLFKLQQHUKDOEGHV 6XPSIHVHWZDVWDW9RQXQWHQGUFNWHQULHVLJH.UlIWHVRGDGLH 0DVVHLQV6FKZDQNHQJHULHWXQGQRFKJU|HUH%ODVHQZDUIDXV GHQHQIDXOLJULHFKHQGH'lPSIHVWLHJHQZHQQVLH]HUSODW]WHQ :DVJLQJXQWHUGHU2EHUIOlFKHYRU"(LQH*lQVHKDXWULHVHOWH EHUPHLQHQ5FNHQXQGDOVVLFKGHU*UXQGXQWHUPHLQHQ)HQ HEHQIDOOVEHZHJWHJLQJLFK]XU6HLWH'DEHLPXWHLFKEHLGH)H DXVGHU]lKHQ0DVVHKHUDXV]LHKHQ (LQHEHVRQGHUVJURH%ODVHHQWVWDQGYRUPLU,FKULFKWHWHGHQ /DPSHQVWUDKODXILKUH+DXWVDKZLHVLH]LWWHUWHXQGGDQQ]HU SODW]WH$EHUGDVZDUQLFKWDOOHV(LQXQKHLPOLFKHUJUDXHQKDIWHU 9RUJDQJOLHIYRUPHLQHQ$XJHQDE(LQH+DQGHUVFKLHQ (LQHZLGHUOLFKHVFKOHLPLJH.ODXHGLHVLFKDXVGHQ7LHIHQGHV +|OOHQVXPSIVKHUYRUZKOWHZREHLGLHVWXPPHODUWLJHQ)LQJHU HLQH)DXVWELOGHWHQ ,FKVFKOXFNWH 'LHVH+DQGZDUJUDXHQYROO8QGVLHJHK|UWHGDVVDKLFKPLW (QWVHW]HQHLQHP*KRXO .HLQDQGHUHUVDKVRDXVZLHGLHVHUZLGHUOLFKH'lPRQGHUMHW]W JDQ]DXVGHP6XPSIVWLHJXPVLFKGLH/HLFKHQ]XKROHQGLHQRFK DXIGHU2EHUIOlFKHODJHQ ,QPLUVWLHJHQ(NHOXQG:XWKRFK6FKRQ|IWHUKDWWHLFKJHJHQ *KRXOVJHNlPSIWDEHULQPHLQHU=HLW'DHVVLHKLHULQ$WODQWLV DXFKJDEGDPLWKDWWHLFKQLFKWJHUHFKQHW8PVRJU|HUZDUGLH hEHUUDVFKXQJ

(UNURFKZHLWHU 'LHVHU*KRXOZDUJU|HUDOVGLHGLHLFKNDQQWH(UKDWWHPLQ GHVWHQVPHLQH/lQJHGLHDQGHUHQlKQHOWHQPHKU=ZHUJHQZHLO VLHVLFKDXFKLPPHUYHUlQGHUWHQPDONOHLQHUZXUGHQRGHULQGLH %UHLWHOLHIHQ 'LHVHUKDWWHQXUHLQ$XJH )DKOJHOEVFKLPPHUWHHVLQVHLQHPGXQNOHQIODVFKHQI|UPLJHQ .RSI$OVKlWWHMHPDQGHLQ(LDXILKQJHZRUIHQ ,FKQDKPGLH6LOEHUNXJHOYLVLHUWHGDV$XJHDQXQGVFKR 'LH.XJHOWUDIJHQDXLQGDV=HQWUXP 'DV*HELOGHVSULW]WHDXVHLQDQGHUGHU*KRXOKHXOWHZLHHLQ KXQJULJHU:ROIXQGZXUGH]XHLQHUVFKOHLPLJHQJDOOHUWDUWLJHQ 0DVVHGLHVLFKODQJVDPDXIO|VWH 'DVZDUJHVFKDIIW ,FKZLVFKWHPLUGHQ6FKZHLYRQGHU6WLUQ'LHVHU+|OOHQVXPSI EDUJZLUNOLFKDOOHUOHLhEHUUDVFKXQJHQXQGLFKZDUJHVSDQQWZDV GDQRFKDXIPLFKODXHUWH 1XU*KRXOV"2GHUKDWWHQVLFKDXFKDQGHUHGlPRQLVFKH /HEHZHVHQGRUWYHUNURFKHQ" 'LHEHOULHFKHQGH/DFKHEUHLWHWHVLFKDXVEHYRUVLHODQJVDPLP 6XPSIYHUVLFNHUWHXQGHLQVPLWGHU]lKHQGXQNOHQ0DVVHZXUGH ,FKNRQQWHKLHUQLFKWVWHKHQEOHLEHQVRQGHUQPXWH]XVHKHQ GDLFKDQPHLQ=LHOJHODQJWH 'DVKLHLP.ODUWH[W'XUFKTXHUXQJGHV6XPSIV .HLQHDQJHQHKPH9RUVWHOOXQJGRFKLFKKDWWHNHLQHDQGHUH :DKO,FKPXWHKLQGXUFK 1XUPLWGHP.UHX]DOVPDJLVFKHQ6FKXW]PDFKWHLFKPLFKDXI GHQ:HJ(VZXUGHHLQH4XlOHUHL-HGHU6FKULWWNRVWHWHPLFK 0KHQ-HZHLWHULFKYRUGUDQJXPVR]lKHUZXUGHGLH0DVVH 0DQFKPDOVFKLHQHVPLUDOVZUGHVLHPLFKEHUKDXSWQLFKW PHKUORVODVVHQVRZLGHUOLFKNOHEHQGKLQJVLHDQPHLQHQ6RKOHQ XQG]RJODQJH)lGHQZHQQLFKGDV%HLQZLHGHUKRE 'LHVH*HJHQGZDUZLUNOLFKYRP7HXIHOHUVFKDIIHQZRUGHQ HLQ7XPPHOSODW]GHV6DWDQVDXIGHPVHLQH8QKROGHIUHLH %DKQKDWWHQ ,FKZXUGHQLFKWDQJHJULIIHQ=XP*OFNGHQQGHUUHLQH:HJ ZDUIUPLFK+RUURUJHQXJ 9HUJHEOLFKVXFKWHLFKQDFKHLQHP3IDG1XUKLQXQGZLHGHU

VFKDOWHWHLFKGLH/DPSHHLQGHQQLFKZROOWHGLH%DWWHULHVFKRQHQ :HQQVLHDXVILHONRQQWHLFKHLQSDFNHQ $XFK0\[LQV9DPSLUH]HLJWHQVLFKQLFKW'HU(LVHUQH(QJHO PXWHIXUFKWEDUXQWHULKQHQDXIJHUlXPWKDEHQ 'LHKlWWHQPLUDXFKQRFK]XPHLQHP*OFNJHIHKOW*OFNKDWWH LFKELVMHW]WMDJHKDEWGRFKGDVYHUOLHPLFKLPQlFKVWHQ $XJHQEOLFN=XIlOOLJVFKDOWHWHLFKGLH/DPSHHLQIROJWHGHP 6WUDKOPLWGHQ$XJHQXQGVDKYRUPLUHLQHEUHLWHGXQNOH :DVVHUIOlFKHDXIGHUVLFKGHU/LFKWVFKHLQVSLHJHOWH ,FKEOLHEVWHKHQ 9HUGDPPWGDVZDUGDV(QGH'DNDPLFKRKQH+LOIHQLFKW UEHU,FKJLQJ]XU6HLWHOLHGHQ6WUDKOZDQGHUQGRFKZRKLQLFK DXFKVFKDXWHQXUGLHVHVSHFKVFKZDU]H:DVVHU :LHZROOWHLFKHVEHUTXHUHQ" 'DHUKLHOWLFK+LOIH 1LFKWDXVGHU/XIWYRP(LVHUQHQ(QJHOVRQGHUQDXVGHP :DVVHU'LHJODWWH)OlFKHJHULHWSO|W]OLFKLQ%HZHJXQJ:HOOHQ HQWVWDQGHQXQGEUHLWHWHQVLFKDXVZREHLVLHJURH.UHLVH]RJHQ XQGLUJHQGZRYHUOLHIHQ ,PQlFKVWHQ$XJHQEOLFNVDKLFKGHQ*UXQGGLHVHU%HZHJXQJ +lQGHHUVFKLHQHQ %OHLFKHNQRFKLJH+lQGHWDXFKWHQDXVGHPVFKZDU]HQ:DVVHU DXIZXUGHQJHNLSSWXQGELOGHWHQHLQH/DXIIOlFKHEHUGLHLFK JHKHQNRQQWH ,FKVFKWWHOWHGHQ.RSI7UlXPWHLFKRGHUJDEHVGLHVHV%LOG WDWVlFKOLFK" 1HLQHVZDUNHLQH(LQELOGXQJ'LH+lQGHH[LVWLHUWHQ,PPHU ]ZHLHUVFKLHQHQQHEHQHLQDQGHUXQGIRUGHUWHQPLFKDXIEHUVLH ]XVWHLJHQXQGDXIGLHVH$UWXQG:HLVHGLH:DVVHUIOlFKHKLQWHU PLFK]XEULQJHQ 6ROOWHLFKHVZDJHQ" ,QPHLQHU=HLWZlUHLFKYLHOOHLFKWXPJHNHKUWXQGKlWWHQDFK HLQHUDQGHUHQ/|VXQJJHVXFKWDEHUKLHUEOLHEPLUNHLQHDQGHUH :DKO,FKPXWHGDVXQJHZ|KQOLFKH$QJHERWDQQHKPHQ /DQJVDPJLQJLFKYRUXQGZDJWHGDQQGHQHUVWHQ6FKULWWDXIHLQ +lQGHSDDU 6LHKLHOWHQ0HLQ*HZLFKWGUFNWHVLHQLFKWXQWHU:DVVHU VRQGHUQVLHEOLHEHQXQEHZHJOLFKXQGIHVW

6HNXQGHQODQJNDPPLUGHU*HGDQNHGDGLHVH+lQGHQXU ]X]XJUHLIHQEUDXFKWHQGDQQKDWWHQVLHPLFKHQGJOWLJ'RFKGDV JHVFKDKQLFKW,FKNRQQWHZHLWHUJHKHQ 6FKULWWIU6FKULWWWDVWHWHLFKPLFKEHUGLHª%UFNH©'DEHLZDU HVJDUQLFKWVRHLQIDFKGDV*OHLFKJHZLFKW]XKDOWHQ,FKKDWWHGLH %HUHWWDZHJJHVWHFNWKLHOWGLH$UPHDXVJHEUHLWHWXQGGLHNOHLQH /DPSHNOHPPWH]ZLVFKHQPHLQHQ=lKQHQ 6REDODQFLHUWHLFKYRUDQ 6FKULWWIU6FKULWWOHJWHLFK]XUFN8QGGLH.ODXHQUKUWHQVLFK QLFKW6LHELOGHWHQZHLWHUKLQHLQHQ6WHJEHUGHQLFKXQEHVFKDGHW JHKHQNRQQWHYRUDXVJHVHW]WLFKEHZDKUWHGDV*OHLFKJHZLFKW :LHHLQ$UWLVWDXIGHP+RFKVHLONDPLFKPLUYRU0HLQH$QJVW KDWWHLFKYHUJHVVHQXQGNRQ]HQWULHUWHPLFKQXUDXIGLHYRUPLU OLHJHQGH$XIJDEH,FKPXWHXQEHVFKDGHWGLHVHVUlWVHOKDIWH :DVVHUEHUTXHUHQXPDQPHLQ=LHO]XJHODQJHQ 9LHOOHLFKWIDQGLFKKLQWHUGHP:DVVHUGHQ6SLHJHO,UJHQGZR PXWHHUGRFKVHLQ (LQGXPSIHV'RQQHUQGUDQJXUSO|W]OLFKDQPHLQH2KUHQ 'DUDXIZDULFKQLFKWYRUEHUHLWHWJHZHVHQXQGVFKUHFNWH]XVDP PHQ)DVWKlWWHLFKGDV*OHLFKJHZLFKWYHUORUHQNRQQWHPLFKDEHU VRHEHQQRFKIDQJHQ,UJHQGZDVKDWWHVLFKDXVGHU)HOVZDQG JHO|VWXQGNODWVFKWHLQV:DVVHU :HOOHQVFKZDSSWHQEHUGLH+lQGHQlWHQPHLQH+RVHQEHLQH XQGPDFKWHQGLH8QWHUODJHVHKUJOLWVFKLJ ,FKEHUZDQGDXFKGLHVHV+LQGHUQLV 'DQQJHVFKDKHV 8USO|W]OLFKVFKQDSSWHQGLH+lQGH]X:LH6WDKOVSDQJHQ XPNODPPHUWHQVLHPHLQH)H )UGHQ%UXFKWHLOHLQHU6HNXQGHVWDQGLFKVWRFNVWHLI'DQQ VSUWHLFKGHQ5XFN 8QGGHUULPLFKXP 5DVHQGVFKQHOONDPGLH:DVVHUIOlFKHDXIPLFK]X,FKKDWWH QRFKGLH*HLVWHVJHJHQZDUWXQGULGLH/DPSH]ZLVFKHQGHQ =lKQHQKHUYRUDOVLFKGDQQLQGLHVFKZDU]H%UKHILHOXQGVLH EHUPLU]XVDPPHQVFKZDSSWH 6RIRUWWDXFKWHLFKXQWHU'DV:DVVHUZLUNWHZLHHLQH'XVFKH PHLQNODUHU9HUVWDQGEHJDQQZLHGHU]XDUEHLWHQLFKUROOWHPLFK XQWHU:DVVHUKHUXPZROOWHZLHGHUKRFKDOVVLFKSO|W]OLFK

HWZDVXPPHLQH)HOHJWHXQGPLWDOOHU*HZDOWGDUDQ]RJ 'LHVPDOZDUHQHVNHLQH+lQGH'DVPHUNWHLFKDOVLFKPHLQHQ .|USHU]XVDPPHQNUPPWHXQGQDFKGHQ'LQJHUQJULII (VZDUHQVFKODQJHQDUWLJH*HZlFKVHXQGVLHKDWWHQUHJHOUHFKWH .QRWHQXPPHLQH%HLQHJHZXQGHQ ,FKVFKZDQJPHLQHQ2EHUN|USHUZLHGHUKRFK'DEHLEHUKUWHQ PHLQH)LQJHUGLHVHZLGHUOLFKHQ/LDQHQGLHPLFKXPVFKOXQJHQ KLHOWHQ6LHZDUHQWURW]LKUHUUDXKHQ2EHUIOlFKHJOLWVFKLJXQG DXFKVWDELO'LHNRQQWHLFKXQP|JOLFKEUHFKHQ $OVLFKJODXEWHPLWGHP.RSIEHUGLH:DVVHUIOlFKH]XVWRHQ GDSDFNWHHVPLFKZLHGHU'LH/LDQHQVHW]WHQDOOLKUH.UDIWHLQXQG ]RJHQPLFKLQGLH7LHIH =XP*OFNKDWWHLFK]XYRUWLHIHLQJHDWPHW(LQSDDU6HNXQGHQ *HZLQQ ,FKUXGHUWHPLWGHQ$UPHQYHUILQJPLFKLQGLHVHPYHUGDPPWHQ 1HW]YRQOHEHQGHQ/LDQHQVSUWHVLH]ZLVFKHQPHLQHQ)LQJHUQ XQGIKOWHDXFKLKUHNOHLQHQ.|SIH -DVLHKDWWHQ.XJHON|SIH(VZDUHQDOVR/HEHZHVHQNHLQH 3IODQ]HQ 6FKRQNODWVFKWHQVLHDXIPHLQH6FKXOWHUQVLHZROOWHQPLFK ZLUNOLFKZLHHLQ1HW]XPVSDQQHQ 8QGPLUZXUGHGLH/XIWNQDSS ,FKVFKOXJLQZLOGHU3DQLNXPPLFKGRFKMHPHKULFKPLFK DQVWUHQJWHXPVRVWlUNHU]RJHQGLHDQGHUHQ]X(VZDUGLH+|OOH 6FKRQSODW]WHQHUVWHIDUELJH.UHLVHYRUPHLQHQ$XJHQDXIGHU $QIDQJYRP(QGH,FKYHUVFKOXFNWH/XIWVWLHVLHDXVXQGGLH %ODVHQSHUOWHQGHU2EHUIOlFKHHQWJHJHQ 'HU.DPSIZXUGHHLQVHLWLJHU0HLQH%HZHJXQJHQHUODKPWHQ (VZDUDE]XVHKHQZDQQVLHHQGJOWLJDXIK|UWHQ'DQQKDWWH $WODQWLVGHUYHUVXQNHQH.RQWLQHQWPLFKJHVFKDIIW 8QGLFKZUGHPHLQ*UDELQGHU9HUJDQJHQKHLWILQGHQ$EHU GDQQKlWWHHVGRFKEHUKDXSWNHLQHQ-RKQ6LQFODLUJHEHQN|QQHQ RGHU" 'LHVH*HGDQNHQZLUEHOWHQGXUFKPHLQHQ.RSIPDFKWHQPLFK IDVWZDKQVLQQLJXQGLUJHQGZLHJHODQJHVPLUQRFKHLQPDOVlPW OLFKH.UlIWH]XPRELOLVLHUHQ

*LEQLFKWDXI-RKQ (LQHLQQHUH6WLPPHVFKULHHV8QGYHUGDPPWLFKJDEQLFKWDXI ,FKNlPSIWH 1RFKHLQPDOZDUILFKDOOHVZDVLQPHLQHP.|SHUVWHFNWHLQGLH :DDJVFKDOHZXFKWHWHPLFKKRFKXQGWURW]GHUPHLQH)H XPNODPPHUQGHQ/LDQHQJHODQJHVPLUPLFKDXVGHP:DVVHU]X ZXFKWHQ,FKKDWWHGLHDQGHUHQEHUUDVFKWPHLQ.RSIWDXFKWHDXI XQGLFK|IIQHWHZHLWGHQ0XQG /XIW+HUUOLFKH/XIW ,FKVDXJWHVLHHLQNHXFKWHVSXFNWHZUJWHXQGLFKZXWHGD GLH*HIDKUQRFKOlQJVWQLFKWYRUEHLZDU =ZHLGUHL6HNXQGHQYLHOOHLFKWKDWWHLFK5XKHGDQQ]HUUWHQGLH /LDQHQZLHGHUDQPHLQHQ.Q|FKHOQ,FKVFKZDPPGDJHJHQDQ PHLQH$UPHSHLWVFKWHQGDV:DVVHUZKOWHQHVDXI%ODVLJHU 6FKDXPELOGHWHVLFKDXIGHU2EHUIOlFKHXQGVSUKWHPLULQGLH $XJHQXQGGRFKNRQQWHLFKJHJHQGLH.UDIWGHUDQGHUHQQLFKWV DXVULFKWHQ 6LHZDUHQVWlUNHU ,FKPHUNWHZLHVLFKGLHVHVFKODQJHQlKQOLFKHQ/LDQHQXP PHLQH:DGHQNUDOOWHQXQGMHW]WNRQQWHLFKLKQHQDXFKQLFKWPHKU ZLGHUVWHKHQ6LH]HUUWHQPLFK]XUFN ,POHW]WHQ$XJHQEOLFNMHGRFKHUNDQQWHLFKGHQULHVLJHQ6FKDWWHQ EHUPLU 'DQQZXUGHLFKYRQGHUHUEDUPXQJVORVHQ.UDIWLQGLH7LHIH JH]HUUWLQGDV'XQNHOGHV6HHV(LQ]ZHLWHVPDOZUGHPLUGLH VSHNWDNXOlUH5HWWXQJVDNWLRQQLFKWJHOLQJHQGDVZDUPLUNODU 6LHNDPHQYRQDOOHQ6HLWHQ,FKKDWWHNDXP3ODW]PLFK]XEH ZHJHQ0LUIHKOWHHLQ0HVVHU'RFKZRKHUQHKPHQ"'HUVLOEHUQH 'ROFKEHIDQGVLFKLQ/RQGRQ 'DJHVFKDKGDV:XQGHUGHQQHLQDQGHUHV:RUWILHOPLUIUGLH IROJHQGHQ(UHLJQLVVHQLFKWHLQ 5HFKWVQHEHQPLUZXUGHGDV:DVVHU]XHLQHPJHZDOWLJHQ 6WUXGHODXIJHZKOW3O|W]OLFKO|VWHVLFKGLHW|GOLFKH8PNODP PHUXQJ,FKNRQQWHPHLQH%HLQHZLHGHUEHZHJHQXQGHWZDV ]HUUWHDQPHLQHQ$UPHQ 'DQQULPLFKPHLQ5HWWHUDXVGHP:DVVHU ,FKNRQQWHHVQRFKJDUQLFKWULFKWLJJODXEHQDOVLFKZLHGHUGLH 2EHUIOlFKHGXUFKVWLH

8QGLFKEHNDP/XIW 'LHVHKHUUOLFKHIULVFKHZXQGHUEDUH/XIWGLHLQPHLQHVFKPHU ]HQGHQ/XQJHQGUDQJ,FKVSLH:DVVHUHUEUDFKPLFKZUJWHXQG NHXFKWHDEHULFKOHEWH 'DVZDUGLH+DXSWVDFKH /HEHQ0HLQ*RWWZLHVFK|QHVGRFKZDU 3O|W]OLFKVSUWHLFKZLHGHUIHVWHUHQ%RGHQXQWHUGHQ)HQXQG K|UWHHLQHPLUEHNDQQWH6WLPPH ª'DVZDUZLUNOLFK5HWWXQJLQOHW]WHU0LQXWH© 'HU(LVHUQH(QJHOKDWWHJHVSURFKHQ8QGHUZDUDXFKPHLQ 5HWWHUJHZHVHQ ,FKNRQQWHPLFKQLFKWDXIGHQ%HLQHQKDOWHQWDXPHOWHXQGILHO DXIGHQ5FNHQ$UPHXQG%HLQHEUHLWHWHLFKDXVXPPLFKHUVW HLQPDO]XHUKROHQ 'HU(LVHUQH(QJHOEOLHEYRUPLUVWHKHQ,FKVFKDXWH]XLKP KRFKVDKGDV*OlQ]HQVHLQHU+DXWXQGLFKEHWUDFKWHWHLKQLQ GLHVHP$XJHQEOLFNZLUNOLFKDOV6FKXW]HQJHO (UKDWWHPLFKDEHUPDOVJHUHWWHW ,FKZROOWHLKPGDQNHQZDUDEHUGD]XQLFKWIlKLJ,FKEUDFKWH NHLQ:RUWEHUGLH/LSSHQ1XUHLQKHLVHUHV.UlFK]HQHQWUDQJ VLFKPHLQHUPDOWUlWLHUWHQ.HKOH 'DVZDUVFKOLPP :LHODQJHLFKDXIGHP%RGHQJHOHJHQKDWWHZXWHLFKQLFKW]X VDJHQ:DUHQHV0LQXWHQRGHU6WXQGHQ" ª,FKKlWWHGLFKZDUQHQVROOHQ©VDJWHGHU(LVHUQH(QJHOªDEHU LFKKDEHQLFKWPHKUGDUDQJHGDFKW'LHVHU6XPSIVWHFNWYROOHU +HLPWFNHXQGLFKPXWHPLFKDXFKXPPHLQH)UHXQGH NPPHUQ© ,FKVHW]WHPLFKDXIXQGZLQNWHPGHDEª:DVUHGHVWGXGD© VDJWHLFKª'XKDVWZLHGHUPHLQ/HEHQJHUHWWHWLFKZHUGHLPPHU XQGHZLJLQGHLQHU6FKXOGVWHKHQ© ª,FKKlWWHGLFKQLFKWDOOHLQODVVHQVROOHQ©HUZLGHUWHHU VFKOLFKW ª:DVLVWPLWGHQ9RJHOPHQVFKHQ"©IUDJWHLFK 'DVHQNWHGHU(LVHUQH(QJHOGHQ.RSIXQGHUZLGHUWHª(VJLEW VLHQLFKWPHKU6LHVLQGDOOHXPJHNRPPHQ'LHVFKZDU]HQ 9DPSLUHKDEHQVLHYHUQLFKWHW© 'LH1DFKULFKWVFKRFNWHPLFK,FKPXWHKDUWVFKOXFNHQGHQQ

LFKZXWHZDVHVIUGHQ(LVHUQHQ(QJHOEHGHXWHWHRKQHVHLQH )UHXQGHGD]XVWHKHQ 7UDIPLFKGLH6FKXOG" (UVFKLHQPHLQH*HGDQNHQ]XHUUDWHQGHQQHUVDJWHª:LU KDEHQQLFKWVPDFKHQN|QQHQGHQQHVPXWHVRVHLQ$WODQWLV ZLUGVWHUEHQ0HQVFKHQXQG7LHUHYHUOLHUHQLKU/HEHQDXFK PHLQH)UHXQGHVLQGGDEHL© ª$EHUGXEOHLEVWEULJ© ª-D-RKQ6LQFODLU,FKEOHLEHEULJ8QGIUPLFKZLUGHV=HLW ,FKKDEHJHVHKHQGDGHU6FKZDU]H7RG]XUFNNHKUW(UZLOOKLHU LQVHLQHP5HLFKGHQOHW]WHQ7HLOGHU9HUQLFKWXQJEHJLQQHQ,FK PXPLFKYRQGLUYHUDEVFKLHGHQXQGNDQQGLFKDXFKQLFKWPHKU UHWWHQ'HQZHLWHUHQ:HJPXWGXDOOHLQJHKHQDXIPLFKZDUWHW GLHJOlVHUQH.XSSHOLP,PSHULXPGHU*|WWHU© )DV]LQLHUWVFKDXWHLFK]X'HU(LVHUQH(QJHOEUHLWHWHVHLQH 6FKZLQJHQDXVXQGKREGLH+DQG'DQQIORJHUGDYRQ9RQ)HUQH K|UWHLFKQRFKHLQPDOVHLQH6WLPPH ª/HEHZRKO-RKQ6LQFODLUXQGDOOHVDOOHV*XWHIUGLFKXQG GHLQH3DUWQHU© $XFKLFKZLQNWHLKPQDFKGRFKPHLQH+DQGZDU]XNUDIWORV 6LHILHOZLHGHUKHUXQWHU 'HU(LVHUQH(QJHOIORJGDYRQ)UPLFKHQWVFKZDQGPLWLKP HLQH+RIIQXQJ $OOHLQLQGHU:HOWGHV6FKUHFNHQV 6RVDKPHLQH/DJHDXV8PJHEHQYRQ)HLQGHQGLHVLFKQRFK YHUERUJHQKLHOWHQXQGEHVWLPPWEDOGDXIWDXFKHQZUGHQ ,FKKDWWHQLFKWVYHUORUHQ:HGHUGLH%HUHWWDQRFKPHLQHNOHLQH /DPSH/HW]WH+RIIQXQJVVFKLPPHU ,FKVWDQGDXI %UHLWEHLQLJPXWHLFKPLFKKLQVWHOOHQZHLOPHLQHHLJHQH 6FKZlFKHQRFK]XJURZDU9RUPHLQHQ$XJHQGUHKWHVLFKDOOHV GHU%RGHQGLH:lQGHGHU6FKOXFKWPHLQJDQ]HU.RSIZDU GXUFKHLQDQGHU8QGLQPHLQHQ.QLHQIKOWHLFKNHLQH.UDIW PHKUVRQGHUQJODXEWH3XGGLQJGDULQ]XKDEHQ 7URSIQDZDULFKJHVFKZlFKWXQGDQJHVFKODJHQ8QGVRVROOWH LFKPLFKZHLWHUKLQGXUFKHLQHIHLQGOLFKH8PZHOWNlPSIHQ"(LQH

IDVWXQP|JOLFKH$XIJDEHDEHULFKKDWWHNHLQHDQGHUH:DKO ,FKPXWHGHQ:HJJHKHQGHQLFKHLQPDOHLQJHVFKODJHQKDWWH (LQ=XUFNJDEHVQLFKW 8QGVRPDUVFKLHUWHLFKORV=XHUVWPLWYHUGDPPWZHLFKHQ .QLHQDEHUGDVK|UWHDXIMHPHKU(QWIHUQXQJLFK]XUFNOHJWH 0HLQH.RQVWLWXWLRQXQG.RQGLWLRQPDFKWHQVLFKEH]DKOW$OOH (QHUJLHQNHKUWHQ]XUFNLFKIKOWHPLFKZLHGHUEHVVHU 'HU%RGHQZDUQLFKWPHKUVXPSILJDXFKHLQHhEHUUDVFKXQJ GLHLFKGHP(LVHUQHQ(QJHO]XYHUGDQNHQKDWWHGHQQHUKDWWHPLW PLUGLHVHQWFNLVFKHQ+|OOHQVXPSIEHUIORJHQ ,FKJLQJEHU)HOVHQ hEHU/DYDJHVWHLQ 9RUKLQZDUPLUVFKRQGHU*HUXFKDXIJHIDOOHQGRFKQXQNQLSVWH LFKGLH/DPSHDQXQGEOLFNWHJHQDXHUKLQ $XVGHP%RGHQGHUPLW]DKOUHLFKHQ6SDOWHQXQG5LVVHQGXUFK VHW]WZDUNURFKHQGQQH5DXFKVFKZDGHQGHUHQ*HVWDQNPHLQH 6FKOHLPKlXWHUHL]WH ,FKKXVWHWH 'LH/DPSHIKUWHLFKLP.UHLVXQGVDKLQGHPIHLQHQ /LFKWVWUDKOGLH5DXFKVFKZDGHQZDOOHQ 6LHKDWWHQVLFKYHUGLFKWHW -HZHLWHULFKYRUDQJLQJXPVRVWlUNHUZXUGHGHU5DXFK%DOG KOOWHHUPLFKHLQZLHHLQ1HEHOXQGLFKNRQQWHQLFKWVPHKU VHKHQDXFKZHQQLFKGLHNOHLQH/DPSHHLQJHVFKDOWHWKLHOW 'HU:HJZXUGHQRFKXQHEHQHU$XFKIKUWHHULQGLH+|KHXQG WLHIXQWHUPLULP6FKRGHU(UGHYHUQDKPLFKZLHGHUGDV *UROOHQ ,UJHQGZLHNDPPLUGDVDOOHVKLHUEHNDQQWYRU+DWWHLFKGDV QLFKWVFKRQHLQPDOJHVHKHQ" :HLWGDFKWHLFK]XUFNXQGPLUILHOZLHGHUGHU)DOOGHV 'lPRQHQDXJHVHLQ $OVLFKPLWGHP6SLHJHOGDV$XJH]HUVW|UWHKDWWHLFKGDQLFKWLQ HLQHQHEHORGHUUDXFKXPZDOOWH6FKOXFKWJHVFKDXW"6ROOWHGDV YLHOOHLFKWGLHVH6FKOXFKWJHZHVHQVHLQ" 0LUNDPHVIDVWVRYRU$EHULFKZROOWHPHLQH*HGDQNHQQLFKW PLW(UHLJQLVVHQDXVGHU9HUJDQJHQKHLWTXlOHQVRQGHUQDQGLH =XNXQIWGHQNHQ8QGGLHVDKWUEHJHQXJDXV *UDXQLFKWVDOVJUDX

'HU5DXFKTXROODXVGHQ6SDOWHQXQG5LVVHQXPZDOOWHPLFK ZLHHLQ0DQWHOXQGLFKJLQJZHLWHU 6FKULWWIU6FKULWW %LVLFKDEUXSWVWHKHQEOLHE $XVGHP4XDOPVFKlOWHVLFKHWZDVKHUDXVGDVHLQHP 0HQVFKHQZDKUOLFK$QJVWPDFKHQNRQQWH (LQULHVLJHUURWJOKHQGHU7RWHQVFKlGHO'DV6\PEROGHV 6FKZDU]HQ7RGV hEHUUDVFKWEOLHELFKVWHKHQEOLFNWHJHQDXKLQXQGVDKGDGHU 7RWHQVFKlGHODOV(LQJDQJLQHLQHJHZDOWLJH*URWWHRGHU+|KOH GLHQWH,FKZDUSO|W]OLFKVLFKHUGDV+DXSWTXDUWLHUGHVJHZDOWLJHQ 'lPRQVYRUPLU]XVHKHQ (LQZHQLJ]LWWHUWHQPLUQRFKGLH.QLH0LUZDUKHLJHZRUGHQ 6FKZHLSHUOWHDXIPHLQHU6WLUQGHQLFKPLWGHP+DQGUFNHQ DEZLVFKWH 'HU6FKlGHOVFKLHQ]XORFNHQ .RPPKHUNRPPUHLQ6LQFODLU:LUHUZDUWHQGLFK6ROFKHXQG lKQOLFKH*HGDQNHQNUHLVWHQLQPHLQHP*HKLUQ :DVEOLHEPLUDQGHUHVEULJ",FKJLQJ1DKPDOOPHLQHQ0XW ]XVDPPHQXQGVFKULWWDXIGDVZHLWDXIJHULVVHQH0DXOGHVJH ZDOWLJHQ6FKlGHOV]X -HQlKHULFKNDPXPVRGHXWOLFKHUVFKlOWHHUVLFKKHUYRUGHQQ GHU1HEHOYHUVFKZDQG(UZHKWHNXU]HUKDQGDQGHP6FKlGHO YRUEHLDOVZUGHGHU:LQGLKQZHJEODVHQ 'DQQVWDQGLFKLP(LQJDQJ 8QHQGOLFKKRFKNDPHUPLUYRU(LQJHZDOWLJHU5DFKHQWLHIXQG VFKZDU]ZLHGLH+|OOH 1XUDXHQOHXFKWHWHHUURWXQGLFKJLQJZHLWHU0LW]LWWHUQGHQ .QLHQXQGNORSIHQGHP+HU]HQ -HW]WVDKLFKNHLQHQ+LPPHOPHKUXQGDXFKGLH'HFNHZDU QLFKW]XHUNHQQHQVLHYHUZLVFKWHLUJHQGZRPLWGHU6FKZlU]H $EHUHVZXUGHKHOO 5|WOLFKKHOO -HZHLWHULFKJLQJXPVRPHKUNRQQWHLFKHUNHQQHQ,FK ZXQGHUWHPLFKQXUGDVLFKNHLQH*HJQHUQ]HLJWHQGHQQLFKZDU VLFKHUGDVLHLP+LQWHUJUXQGODXHUWHQXQGQXUDXIHLQH JQVWLJH&KDQFHZDUWHWHQPLFKDQ]XJUHLIHQ 6FKXWWXQGNOHLQH6WHLQHNQLUVFKWHQXQWHUPHLQHQ6RKOHQDOVLFK

LPPHUWLHIHULQGLH+|KOHHLQGUDQJ,FKZDQGWHPHLQHQ.RSIQDFK UHFKWVXQGVFKDXWHDXFKOLQNVDXIGLH:DQG 6LHZDUHQEHLGHJURESRULJ,QGHQ3RUHQVFKLHQHQ7DXVHQGHYRQ NOHLQHQ/DPSHQ]XVLW]HQGLHSO|W]OLFKDXIJOKWHQXQGHLQU|W OLFKHV/LFKWDEVWUDKOWHQ,FKK|UWHDXFKHWZDVDQGHUHV 6WLPPHQ )OVWHUQGJHLVWHUKDIW ª:LOONRPPHQ-RKQ6LQFODLU©UDXQWHQGLH6WLPPHQª:LOO NRPPHQLP5HLFKGHV7RGHV© *HVFKRFNWEOLHELFKVWHKHQ 8QGGDJHVFKDKHV &KPDONDP &KPDO"1HLQGDVNRQQWHQLFKWVHLQ,FKKDWWHVHOEVWHUOHEWZLH GLHVHVJHZDOWLJH8QJHKHXHUYRP(LVHUQHQ(QJHOJHW|WHWZRUGHQ ZDU'DPDOVKDWWHQZLUHVLP+RFKODQGYRQ3HUXJHIXQGHQ(V ZDUDXVHLQHP)HOVHQJHNRPPHQ 8QGMHW]W" $EHUZDUHVQLFKWVRGDHVPHKUHUHGLHVHU8QJHKHXHUJDE"6R XQGQLFKWDQGHUVPXWHHVVHLQ 8QG&KPDOEUDFKDXVGHP)HOVHQ:LHVFKRQHLQPDOLQPHLQHU =HLWGDZDULFKMHGRFKPLWPHLQHP3DUWQHU6XNR]XVDPPHQ JHZHVHQ+LHUVWDQGLFKDOOHLQ 'DV5HLHQXQG%HUVWHQGHU)HOVHQGHUP|UGHULVFKH.UDFKGDV 'RQQHUQGDV3ODW]HQGHU6WHLQHLFKHUOHEWHHLQHZDKUH+|OOH (LQ)XULRVRDXV*HZDOW.UDIWXQG0DJLH $XVGHP%HUJEUDFKGDV8QJHKHXHUKHUYRUULHVLJLQVHLQHQ $XVPDHQ,FKVDKGHQXQKHLPOLFKHQ6FKlGHOGDVVSLW]H+RUQ GDUDXIGDVJHERJHQLQGLH+|KHVWDQGXQGXQJHPHLQJHIlKUOLFK ZDU 0LW.XJHOQZDU&KPDOQLFKW]XVWRSSHQK|FKVWHQVPLWGHP 6FKZHUWGHV(LVHUQHQ(QJHOV$EHUGHUZDUZHLW $OOGLHVH(LQGUFNHGLHLFKMHW]WVFKLOGHUHVSLHOWHQVLFKWDWVlFK OLFKLQQHUKDOEYRQ6HNXQGHQDE(LQH=HLWVSDQQHLQGHULFK]X VHKHQPXWHGDLFKPLFKDEVHW]WH 'DV8QJHKHXHUZUGHPLFK]HUVWDPSIHQ ,FKUDQQWH

,UJHQGZRKLQ(JDOZRLFKZROOWHQXUGLHVHPJUlOLFKHQ $OSWUDXPJHVFK|SIHQWNRPPHQ'DEHLVWROSHUWHLFKILHOKLQ UDIIWHPLFKZLHGHUDXIZDQNWHZHLWHUNlPSIWHPLFKYRUDQXQG YHUQDKPKLQWHUPLUGDV6WDPSIHQGHU)HGDVZLOGH6FKQDXEHQ XQGJUROOHQGH)DXFKHQGHV0RQVWHUV 'DQQSUDOOWHLFKJHJHQHLQHULVVLJH:DQGZXUGH]XUFN JHVFKOHXGHUWXQGGUHKWHPLFKXP 'DVKDXVKRKHJUQVFKXSSLJHZLGHUOLFKH8QJHKHXHUUDVWHDQ PLUYRUEHL,QSDQLVFKHU)OXFKWMDJWHHVGDYRQGHP(LQJDQJGHU +|KOH]X :DUXP" 'DQQVDKLFKGHQ*UXQG $XVGHPJHZDOWLJHQ/RFKLQGHU)HOVZDQGVWU|PWHHLQ /DYDVWURP*OXWKHLGDPSIHQG]LVFKHQGHLQHNRFKHQGH EURGHOQGH+|OOHGLHVLFKDXVGHUgIIQXQJZlO]WHXQGDOV VWUDHQEUHLWH0DVVHUDVFKEHUGHQ%RGHQNURFK ,P1XZXUGHGLH/XIWNRFKHQGKHL,FKNRQQWHVLHNDXP DWPHQNHXFKWHXQGZUJWH (VZDUDXV]XUHFKQHQZDQQGLH/DYDPLFKHUUHLFKWKDWWH =XUFNNRQQWHLFKQLFKWPHKUGHU:HJZDUPLUYHUVSHUUW 0LUEOLHEGLH)OXFKWQDFKYRUQDOVHLQ]LJH&KDQFH ,FKUDQQWHZHLWHU,PPHUDQGHU)HOVZDQGHQWODQJGLHDXFK]X NRFKHQVFKLHQGHQQDXVGHQ6SDOWHQGUDQJEHUHLWVGHUKHLH DWHPUDXEHQGH'DPSIXQG4XDOP $WODQWLVJLQJXQWHU'LH.UlIWHLP,QQHUQGHU(UGHZDUHQPREL OLVLHUWZRUGHQ*HELUJHZUGHQHLQVWU]HQ9XONDQHVWLHHQLKUH W|GOLFKH*OXWDXVXQGGLH:HOOHQGHV0HHUHVWXUPKRFKXQG JHIUlLJZLHHLQ5DXEWLHUZUGHQDOOHVYHUVFKOLQJHQ 8QGLFKEHIDQGPLFKDOOHLQLQGLHVHP+H[HQNHVVHOYRQ/DYD )HXHUXQG&KDRV 'LHURWH*OXWHUKHOOWH]XP*OFNGLHEHUJURH)HOVHQK|KOH :LHGHU3HVWKDXFKGHU+|OOHWUDIHVPHLQHQ1DFNHQDOVLFKXP PHLQ/HEHQUDQQWH 8QGGLH/DYDZDO]WHZHLWHU6LHEHUVFKZHPPWHDOOHV$OVLFK HLQPDOHLQHQ%OLFN]XUFNZDUIGDVDKLFKVLHKHUDQUROOHQ (LQH]LVFKHQGHVSUKHQGHNRFKHQGKHLHW|GOLFKH0DVVHGLH DXFKPLFKYHUQLFKWHQZROOWH ,FKWDXPHOWHQXUQRFKDEHULFKJDEQLFKWDXI0HLQH%HLQH

DUEHLWHWHQZLH$XWRPDWHQXQGDOVLFKGDV.QDFNHQXQG .QLUVFKHQK|UWHGDJODXEWHLFKGDDOOHVYRUEHLVHL 9RUPLU|IIQHWHVLFKGLH(UGH (LQXQJHKHXHUEUHLWHU5LHQWVWDQGYLHOEUHLWHUDOVGDLFKLKQ EHUVSULQJHQNRQQWH %OLHEPLUHLQH:DKO" 1HLQLFKNRQQWHQLFKWDQGHUV ,FKQDKPHLQHQJHZDOWLJHQ$QODXIKROWHQRFKHLQPDODOOHV DXVPHLQHP.|USHUKHUDXVUDQQWHDXIGHQ6SDOW]XXQG VWLHPLFKDE 3O|W]OLFKVFKLHQMHPDQGGLH=HLWDQJHKDOWHQ]XKDEHQ0LUNDP HVVRYRUDOVZUGHGLHDQGHUH6HLWHGHU6FKOXFKWEHUKDXSWQLFKW QlKHUNRPPHQ ,FKJDEPLULQGHU/XIWQRFKHLQPDO6FKZXQJXQGNQDOOWHDXI GHUJHJHQEHUOLHJHQGHQ6HLWHJHJHQGLH:DQG 6RIRUWUXWVFKWHLFKZLHGHUDEXQGHVEHVWDQGGLH*HIDKUGDLFK LQGHUJlKQHQGHQ7LHIHYHUVFKZDQG 0HLQH+lQGHVXFKWHQWDVWHWHQEHUGDV*HVWHLQLFKIDQG5LVVH XQGGDPLWDXFK+DOW 9HUELVVHQNlPSIHQG]RJLFKPLFKKRFK +LQWHUPLUWREWHGLH+|OOH$OVLFKZLHGHUDXIGHQ%HLQHQZDU XQGVRIRUWQDFKYRUQWDXPHOWHKDWWHGLHJOKHQGH/DYDGLH )HOVVSDOWHHUUHLFKW6LHUDVWHLQGLH7LHIH'LHNRFKHQGHQ0DVVHQ ILHOHQKLQDE0DQFKH6SULW]HUZXUGHQDXFKEHUGHQ6SDOW JHVFKOHXGHUWVRGDLFKLQ*HIDKUJHULHWYRQLKQHQHUIDW]X ZHUGHQ ,FKUDQQWHORV 8QGLUJHQGZRYRUPLUGUDQJIULVFKH/XIWLQGDVYHUGDPPWH *HZ|OEHXQGWUDIPHLQ*HVLFKW +RIIQXQJ ,FKVWROSHUWHYRUDQ0HLQH%HLQHVSUWHLFKHEHQVRZHQLJZLH GLH)H1XUZHJ )UHXQGHLFKVFKDIIWHHV3O|W]OLFKODJGLH+|OOHKLQWHUPLUXQG LFKMDJWHGXUFKGHQ$XVJDQJ :RLFKPLFKEHIDQGZXWHLFKQLFKWDEHUGHUIULVFKH:LQGWUDI PHLQ*HVLFKWXQGDOVLFKPLFKQDFKOLQNVGUHKWHGDVDKLFK JOLW]HUQGH:HOOHQNlPPHDXIHLQHUGXQNOHQZRJHQGHQ0DVVH ,FKKDWWHGDV0HHUHUUHLFKW

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lPSIW'HU6FKZDU]H 7RGJHZDQQDEHUHUZDUWURW]VHLQHU*U|HQLFKWVRVWDUNGDHU GHQJUQHQ0DJLHUEHVLHJHQNRQQWH(UKDWWH0\[LQQLFKWW|WHQ VRQGHUQQXUYHUEDQQHQN|QQHQ 'LH6NHOHWWHIORJHQZHLWEHUGDV0HHUKLQDXVXQGVHQNWHQ GDQQLKUHQ)OXJGHU2EHUIOlFKHHQWJHJHQ 6LHZDUHLQHJHZDOWLJHGXQNOHZRJHQGH)OlFKHDXIGHUKLQ XQGZLHGHUKHOOH6FKDXPNlPPHJOLW]HUWHQ,FKVSUWHDXFKGHQ :LQGGHUPLULQV*HVLFKWIXKU (UNDPYRP0HHUKHUXQGEUDFKWHGHQVDO]LJHQ*HUXFKGHV :DVVHUVPLW$EHULFKGDFKWHDXFKGDUDQGDGHU:LQG]XP 2UNDQZHUGHQNRQQWHGLH6HHHLQHNRFKHQGH+|OOHGDPLWVLHGHQ .RQWLQHQWYHUVFKODQJ *HVSHQVWLVFKOHXFKWHWHKLQWHUPLUGHU+LPPHO'LH9XONDQH VFKOHXGHUWHQZHLWHUKLQLKUH/DYDEHUJHDXV'HU%RGHQ]LWWHUWH XQGGHU*OXWKDXFKKHLHU*HVWHLQVPDVVHQXPZHKWHPLFK $WODQWLVYHUZDQGHOWHVLFKODQJVDPDEHUVLFKHULQHLQH+|OOH ,FKVFKDXWHZHLWHUEHUGDV0HHUXQGVDKZLHGLHIOLHJHQGHQ 6NHOHWWHYHUVFKZDQGHQ

,FKNDQQWHLKU=LHO (VZDUHLQH+|KOHDXIGHP0HHUHVJUXQG'RUWZUGHQVLHGHQ 6DUJYHUVWHFNHQXQGGDZUGHLKQQLHPDQGILQGHQELV]HKQ WDXVHQG-DKUHVSlWHU]ZHL0lQQHUNDPHQ ,FKVFKWWHOWHGHQ.RSI,PPHUZLHGHUPXWHLFKGDUDQGHQNHQ 'LHVHUJHZDOWLJH.UHLVODXIZDU]XQHXIUPLFKGHQQLFKKDWWH ]XHUVWGDV(QGHHUOHEWXQGQXQVDKLFKGHQ$QIDQJ (LQ:DKQVLQQ 8QGLFKPXWHZHLWHUKLQDXIGLHVHP.RQWLQHQWEOHLEHQ,FK VXFKWHPLWPHLQHQ%OLFNHQGLHQlKHUH8PJHEXQJDE /LQNVYRQPLUEHIDQGVLFKGDV0HHUKLQWHUPLUNRFKWHQGLH KHLHQ/DYDVWU|PH'RUWNRQQWHLFKDOVRDXFKQLFKWKLQ:DVWXQ" *HUDGHDXV ,FKOLHIHLQIDFKGHU1DVHQDFKXQGZROOWH]XVHKHQGDLFK LUJHQGHLQ9HUVWHFNIDQGLQGDVLFKPLFKYHUNULHFKHQNRQQWH %HVVHUZlUHQDWUOLFKQRFKGHU6SLHJHOJHZHVHQ $EHUGDVZDUZRKOHLQH,OOXVLRQ 0LUILHODXFKZLHGHUGDV8QJHKHXHUHLQ%HVWLPPWZDUHVQLFKW GDVHLQ]LJHGDVKLHUODXHUWH,FKPXWHGDPLWUHFKQHQGDQRFK DQGHUHHUVFKLHQHQ /DQJVDPJLQJLFKZHLWHU 'DVHLJHQWOLFKH=HQWUXPGHV9XONDQDXVEUXFKVKDWWHLFKKLQWHU PLUJHODVVHQ,FKZDUJHVSDQQWLQZHOFKHV*HELHWLFKMHW]WJH UDWHQZUGH ,FKZDUDXIHLQHU+RFKHEHQHJHODQGHW-HGHQIDOOVVFKLHQPLUGDV VR:lKUHQGPHLQHU)OXFKWPXWHLFKRKQHHVJUREHPHUNW]X KDEHQ]LHPOLFKKRFKJHODXIHQVHLQ 8QWHUPHLQHQ)HQEHIDQGVLFKQRFKLPPHUGDVGXQNOHJURE SRULJH*HVWHLQ,FKZLOOHVJDUQLFKWEHVWUHLWHQDXFKGDEURGHOWH XQGNRFKWHHV'LH/DYDPDVVHQGLH*OXWGLH+LW]HGDVDOOHVKDWWH GLHQDWUOLFKHQ)RUPHQGHU)HOVHQ]HUVW|UW 6LHZUGHQEDOGEUHFKHQ 3O|W]OLFKIXKUPLUHLQJHZDOWLJHU:LQGVWRLQV*HVLFKW(U EUDFKWHPLFKQLFKWQXULQV:DQNHQVRQGHUQWUXJDXFK]DKOUHLFKH $VFKHWHLOFKHQXQGZLQ]LJH6WHLQHPLWVLFK%HLGHVSUDVVHOWHJHJHQ PHLQH*HVLFKWVKDXW0LWGHP+DQGUFNHQZLVFKWHLFKHVZHJ -HW]WVDKLFKZDKUVFKHLQOLFKZLHHLQ1HJHUDXV (LQNXU]HU%OLFNEHUGLH6FKXOWHUOLHPLFK]XVDPPHQ]XFNHQ

'HU6FKZDU]H7RGNHKUWH]XUFN ,FKNRQQWHJHQDXLQGHQ(LQVFKQLWW]ZLVFKHQ]ZHL%HUJHQ VFKDXHQXQGVDKGLHJHZDOWLJH*HVWDOWDP+LPPHO (LQZHQLJPXOPLJZXUGHPLUVFKRQZHQQLFKGDUDQGDFKWH ZDVGLHVHU'lPRQQRFKYRUKDWWH(UKRFNWHQRFKLPPHUDXI VHLQHP'UDFKHQXQGZXUGHZHLWHUKLQYRQGHQVFKZDU]HQ 6NHOHWWHQEHJOHLWHW $EHUDXFKYRQGHUDQGHUHQ6HLWHIORJHQVLHKHUDQ (VZDUHQGLHYLHUGLH0\[LQLP0HHUYHUVHQNWKDWWHQ6LH VWLHJHQDXVGHQ)OXWHQJHZDQQHQVFKQHOODQ+|KHXQGQDKPHQ .XUVDXIGLH/DQGPDVVH 'DYHUQDKPLFKEHUPLUVFKULOOHXQGDXFKNUlFK]HQGH6FKUHLH 5DVFKKRELFKGHQ.RSI 6FKDWWHQZLVFKWHQGXUFKGLH'XQNHOKHLW6FKZDU]HJURH *HELOGHPLWJHZDOWLJHQ)OJHOQ 0\[LQV9DPSLUH 6LHZDUHQQLFKWDOOHYHUQLFKWHWZRUGHQ0DQFKHNlPSIWHQ ZHLWHU,FKKDWWHNHLQH/XVWYRQLKQHQDWWDFNLHUW]XZHUGHQ VRQGHUQVXFKWH'HFNXQJKLQWHUHLQHPJURHQ)HOVHQ 'LH9DPSLUHLQWHUHVVLHUWHQVLFKDXFKQLFKWIUPLFK,KU=LHO ZDUHQGLH6NHOHWWH 8QGGLH9DPSLUHEHIDQGHQVLFKLQGHUhEHU]DKO ,FKYHUOLHPHLQ9HUVWHFNZLHGHUGHQQGHQ.DPSI]ZLVFKHQ GHQ%HVWLHQZROOWHLFKPLUQLFKWHQWJHKHQODVVHQREZRKOLFK VHOEVWJHQXJDQGHUH6RUJHQKDWWH 'LH9DPSLUHZDUHQVFKQHOO 'LH6NHOHWWHEHPHUNWHQVLHHUVWDOVHVIDVW]XVSlWZDU6LHEH IDQGHQVLFKQRFKEHUGHP:DVVHUDEHUEHUHLWVGLFKWYRUGHU .VWH'RUWWUDIHQVLHDXFK]XVDPPHQ :LH5DXEWLHUHVWU]WHQVLFKGLH9DPSLUHDXILKUH%HXWH(LQ P|UGHULVFKHU.DPSIEHJDQQ(LQH$XVHLQDQGHUVHW]XQJEHLGHU NHLQHUGHQDQGHUHQVFKRQWH 'LH3HLWVFKHQ]RJHQIHXULJH%DKQHQGXUFKGLH/XIWDOVGLH .Q|FKHUQHQGDPLW]XVFKOXJHQ$XIHLQPDOEUDQQWHQ]ZHL 9DPSLUHOLFKWHUORK,KUH6FKZLQJHQKDWWHQ)HXHUJHIDQJHQ0LW LUUHQ6FKUHLHQVWU]WHQGLHEOXWVDXJHQGHQ:HVHQLQV0HHUZRGLH )ODPPHQYHUORVFKHQ 'DQQHUZLVFKWHHVGDVHUVWH6NHOHWW(VZXUGHYRQVHLQHP

)OXJWLHUJHULVVHQXQGLQGLH7LHIHJHVFKOHXGHUW:LH:|OIHILHOHQ GLH%OXWVDXJHUEHUGLH(FKVHQKHUXQG]HUULVVHQVLH %DOGZDUQXUQRFKHLQ6NHOHWWEULJ(VIORJDXIGLH.VWH]X IORKYRUGHQ9DPSLUHQGRFKGLH(FKVHZDUHLQIDFK]XXQEHZHJ OLFKVLHNRQQWHGLHVFKQHOOHQ%OXWVDXJHUQLFKWDEKlQJHQ 'LH)OHGHUPlXVHXQWHUIORJHQLKUHQ)HLQGXQGVWLHHQGDQQ SIHLOVFKQHOOKRFK 'DV6NHOHWWYHUORUGLHJOKHQGH3HLWVFKHZXUGHYRQGHU(FKVH JHULVVHQXQG]HUVW|UW 'DV7LHU]HUVFKHOOWHLUJHQGZR]ZLVFKHQGHQ)HOVHQ 0\[LQV9DPSLUHZDUHQ6LHJHUJHEOLHEHQhEHUGHP:DVVHU VDPPHOWHQVLHVLFK ,FKVDKHLQEHVRQGHUVJURHV([HPSODUGDVGHU$QIKUHUZDU $XFKLKQKDWWHLFKVFKRQHLQPDOJHVHKHQREZRKOHULQGHU *HJHQZDUWQLFKWPHKUH[LVWLHUWH ,FKHULQQHUWHPLFKQRFKDQGHQ1DPHQ *RUDQKLHHUXQGHUKDWWHPLFKEHVXFKWDOVLFKLP.UDQNHQ KDXVODJXQG0\[LQYRQ$VPRGLQDHQWIKUWZRUGHQZDU'DPDOV ZROOWHHUPLFKGD]XEULQJHQGHPNOHLQHQ0DJLHU]XKHOIHQ(U KDWWHHVDXFKJHVFKDIIWPXWHDOOHUGLQJVVHLQ/HEHQODVVHQDOV $VPRGLQDV7RGHVHQJHODXIWDXFKWHQXQGLKQHUOHGLJWHQ +LHUOHEWHHUQRFK 0LWWOHUZHLOHKDWWHLFKPLFKDQGLHVH7DWVDFKHQJHZ|KQWRKQH QRFKODQJHGDUEHUQDFK]XGHQNHQ ,FKEHKLHOWGLH)OHGHUPlXVHZHLWHUKLQLP$XJHXQG]lKOWHVLH DXFK(VZDUHQ]Z|OI 6LHIORJHQMHW]WDXIV0HHUKLQDXVXQGNUHLVWHQEHUGHU6WHOOH ZR0\[LQYHUVXQNHQZDU$QVFKHLQHQGZROOWHQVLHLKPKHOIHQ ZXWHQDEHUQLFKWZLHVLHHVVFKDIIHQVROOWHQ 8QGGHU6FKZDU]H7RGNDPQlKHU :LHHLQH'URKXQJUFNWHHUKHUDQ(UEUDFKWHGDV*UDXHQPLW GHQ$WHPGHV7RGHVXQGZUGHQLFKWPHKU]XVWRSSHQVHLQ,FK PXWHZHJ 9HUGDPPWZHQQLFKQXUZWHZRGLHVHU6SLHJHOVWHFNWH" 1LHPDQGJDEPLUHLQHQ+LQZHLVXQGDXFKYRP(LVHUQHQ(QJHO KDWWHLFKNHLQHQ7LSHUKDOWHQ (VEOLHEPLUQLFKWVDQGHUHVEULJDOVZHLWHU]XODXIHQ ,UJHQGZRKLQYLHOOHLFKWKDWWHLFK*OFNXQGWUDIGXUFK=XIDOODXI

GHQ6SLHJHO:HQQQLFKWGDQQZUGHQPLFKGLH(UGXQG:DVVHU PDVVHQZRKOIULPPHUEHJUDEHQXQGHLQHQ-RKQ6LQFODLUKDWWH HVJHJHEHQ ,FKNOHWWHUWHHLQHQ+DQJKRFKZHLOVLFKYRUPLU]ZLVFKHQ]ZHL VSLW]HQ)HOVHQHLQH0XOGHDEPDOWH:HQQLFKVLHHUUHLFKWHKDWWH LFKEHVWLPPWHLQHQEHVVHUHQhEHUEOLFN 'LH.OHWWHUHLZXUGH]XHLQHUUHJHOUHFKWHQ4XDO%LVLFKPHLQ =LHOHUUHLFKWHZDULFKPHKUHUH0DOHDEJHUXWVFKWXQGKDWWH ZLHGHUHLQHQQHXHQ$QODXIQHKPHQPVVHQ 6FKOLHOLFKVWDQGLFKGRUW 8QWHUPLUEHIDQGVLFKHLQJHZDOWLJHU.UDWHU 6RWLHIGDLFKGHQ*UXQGNDXPHUNHQQHQNRQQWH$EHULFKVDK GRUWHWZDVEOLW]HQ (WZDV+HOOHV 6ROOWHGDVGHU6SLHJHOVHLQ" ,FKVFKDXWH]XUFN 0HLQ*RWWGHU6FKZDU]H7RGZDUVFKRQYHUGDPPWQDKH 6LFKHUOLFKKDWWHHUGLH]HUVW|UWH6WDGWEHUHLWVGDV]ZHLWH0DOEHU IORJHQXQGVLHHQGJOWLJYHUQLFKWHW,FKGDFKWHDQPHLQH)UHXQGH GLHLFKGRUW]XUFNJHODVVHQKDWWH 2EVLHQRFKOHEWHQ" ,FKKlWWHOLHEHUGLHQlKHUH8PJHEXQJLP$XJHEHKDOWHQVROOHQ VRDEHUZXUGHLFKEHUUDVFKW 8USO|W]OLFKZDUHQGLH6FKDWWHQGDXQGLPQlFKVWHQ$XJHQEOLFN NUHLVWHQPLFKGLH9DPSLUHHLQ ,FK]RJGLH%HUHWWD 2EZRKOLFKNHLQH&KDQFHKDWWH]XEHUOHEHQZROOWHLFKPLFKVR WHXHUZLHP|JOLFKYHUNDXIHQXQGHLQLJHYRQLKQHQYHUQLFKWHQ .DOWOLHIHVPHLQHQ1DFNHQKLQDEGHQQLFKZXWHHLQLJHGHU EOXWVDXJHQGHQ%HVWLHQLQPHLQHP5FNHQ 6LHJULIIHQQLFKWDQ'LH9DPSLUHEOLHEHQUXKLJ 6LHKDWWHQVLFKLQGHPUDXKHQ*HVWHLQIHVWJHNODPPHUWRGHU VWDQGHQDXIGHP%RGHQ 'LHZROOWHLUJHQGZDVYRQPLU ,FKZDUWHWHDXIHLQH5HDNWLRQXQGVHQNWHGLH0QGXQJGHU %HUHWWDXPNHLQHQ'HXW

'DQQVSUDFK*RUDQª'XELVWXQVHU)HLQG©VWHOOWHHUIHVWZREHL LFKPLFKQLFKWGDUEHUZXQGHUWHGDHUPLWPHQVFKOLFKHU 6WLPPHVSUDFKGDVKDWWHLFKVFKRQPDOHUOHEW$OOHUGLQJVLQGHU =XNXQIW ª8QGGXELVW*RUDQ©VDJWHLFK (U]HLJWHVLFKEHUUDVFKWª'XNHQQVWPLFK"© ª-D© ª:RKHU"© 7URW]PHLQHUHUQVWHQ/DJHPXWHLFKODFKHQª:HLOGXHVJH ZHVHQELVWGHUPLFKXP+LOIHJHEHWHQKDW©HUNOlUWHLFKLKP (UVWLHHLQHQ=LVFKODXWDXVXQGEHZHJWHVHLQH6FKZLQJHQ 'LHVH$QWZRUWVFKLHQLKPQLFKW]XSDVVHQ6LHLUULWLHUWHLKQGLUHNW ª:LHNDQQVWGXHVZDJHQVRHWZDV]XEHKDXSWHQ"©KLHOWHUPLU YRU ª:HLOHVVWLPPW© ª8QGZDQQVROOLFKGLFKXP+LOIHJHEHWHQKDEHQ"© ª'XZHLWZRKHULFKNRPPH"© ª1HLQDEHUGXELVWXQVHU)HLQG© ª9HUJLGDVHLQPDO'XKDVWPLFKLQGHU=XNXQIWXP+LOIHJH EHWHQDOV0\[LQYRQHLQHU'lPRQHQIUVWLQHQWIKUWXQGJHIDQJHQ JHQRPPHQZRUGHQZDU'DELVWGX]XPLUJHNRPPHQXQGKDVW PLFKDQJHIOHKW0\[LQ]XUFN]XKROHQ©9RQVHLQHP7RGHU]lKOWH LFKLKPQLFKWV ª'XOJVW© ª:DUXPVROOWHLFKOJHQ":DVKDEHLFK]XYHUOLHUHQ"© ª0\[LQLVWLQGHU7LHIHGHV0HHUHVYHUVHQNWZRUGHQ(UKDW VHLQHOHW]WH5XKHVWlWWHQDKHGHU/HLFKHQVWDGWJHIXQGHQXQGGX ZLOOVWPLUVDJHQGDGLHVQLFKWVWLPPW"© ª'DVKDEHLFKQLFKWEHKDXSWHW,FKVDJHQXUGD0\[LQQLFKW IULPPHUWRWLVWGHQQLFKKDEHLKQJHUHWWHW© 'DODFKWH*RUDQª6FKRQZLHGHUGX,FKJODXEHGLUQLFKW 0HQVFK'XZLOOVWGLFKQXUUHWWHQ© :LHVROOWHLFK*RUDQEHJUHLIOLFKPDFKHQGDLFKGLH:DKUKHLW VSUDFK"9HUGDPPWHVZDUXQP|JOLFK ª:LHKDVWGXLKQJHUHWWHW"©ZROOWHHUYRQPLUZLVVHQ ,FKHU]lKOWHLKPGLH*HVFKLFKWH ª'XELVWKLQXQWHUJHWDXFKWXQGKDVWGHQ6DUJJH|IIQHW"© ª-DPLWHLQHP)UHXQG©

*RUDQZXUGHXQVLFKHU0HLQH:RUWHVFKLHQHQGRFKHLQHQ JHZLVVHQ(LQGUXFNEHLLKPKLQWHUODVVHQ]XKDEHQZHQQHUHV DXFKQLFKW]XJHEHQZROOWHDEHULFKPHUNWHHVDQVHLQHQ 5HDNWLRQHQhEHUKDXSWSDWHLFKGHQ9DPSLUHQQLFKWLQV%LOG6LH NRQQWHQPLWPHLQHU3HUVRQQLFKWVDQIDQJHQ,FKJHK|UWHQLFKW]X GHQ9DVDOOHQGHV6FKZDU]HQ7RGHVVRQGHUQEHNlPSIWHLKQ 'DPLWPWHLFKHLJHQWOLFKDXILKUHU6HLWHVWHKHQ1XUZDULFK DXFKHLQ)UHXQGGHV(LVHUQHQ(QJHOVGHUZLHGHUXPHLQ)HLQGGHU 9DPSLUHZDU 'LH*HVFKLFKWHZDU]XYHU]ZLFNWXPUDVFKHLQH(UNOlUXQJ]X ILQGHQ ª%LVWGX]XHLQHU(QWVFKHLGXQJJHNRPPHQ"©IUDJWHLFKLKQ ª-D© -HW]WZDULFKZLUNOLFKJHVSDQQW:UGH*RUDQPHLQH(UNOlUXQ JHQDN]HSWLHUHQ" ª:HVKDOEELVWGXJHNRPPHQ"©IUDJWHHUZHLWHU ,FKQDQQWHLKPGHQ*UXQG 'HU9DPSLUZDUHUVWDXQWª'XZLOOVWGHQ6SLHJHOILQGHQ"©6HLQ KlOLFKHV*HVLFKWYHU]HUUWHVLFKQRFKPHKUXQGVHLQHNOHLQHQ $XJHQOHXFKWHWHQLQWHQVLYHU ª'DVKDWWHLFKYRU©HUZLGHUWHLFKNKO ª$EHUGDVJHKWQLFKW(UJHK|UWGHP6FKZDU]HQ7RG*HJHQLKQ NRPPVWGXQLFKWDQ© ª,FKKDEHLKQVFKRQHLQPDOJHW|WHW©EHKDXSWHWHLFKIRUVFK *RUDQODFKWHª'DQQNDQQVWGXLKQMHW]WQLFKWW|WHQ-RKQ 6LQFODLU© ª'DVKDEHLFKDXFKQLFKWJHVDJW,FKZLOOQXUGHQ6SLHJHO 'HLQHQ:RUWHQHQWQHKPHLFKGDGXZHLWZRHUVLFKEHILQGHW 2GHULUUHLFKPLFKGD"© ª'XLUUVWGLFKQLFKW© ª'DQQ]HLJPLUGHQ2UW© ª1HLQRKQH*HJHQOHLVWXQJZHUGHLFKGLFKQLFKW]XGHP6SLHJHO KLQIKUHQ© ,FKKREGLH6FKXOWHUQª:DVVROOLFKWXQ"© 'DODFKWHGHU9DPSLU'DV/DFKHQZDUQWHPLFKZHLOHVKLQWHU KlOWLJXQGJHPHLQNODQJª'XEUDXFKVWQLFKWYLHO]XWXQDEHUGD GX0\[LQVFKRQHLQPDOHUZHFNWKDVWZLHGXHEHQVDJWHVWNDQQVW GXHVMHW]WDXFKYHUVXFKHQ©

'DVKDWWHPLUQRFKJHIHKOW:LHVROOWHLFKLKPQXUEHJUHLIOLFK PDFKHQGDVRHWZDVQLFKWP|JOLFKZDU(VPXWHQHUVWGLH]HKQ WDXVHQG-DKUHYHUVWUHLFKHQXP0\[LQDXVVHLQHPPDJLVFKHQ 6FKODI]XKROHQ(VZDUHLQIDFKQLFKWGULQGDLFKLKQMHW]W HUZHFNWH=XGHPIHKOWHQPLUGLHWHFKQLVFKHQ0LWWHO,FKNRQQWH QLFKWHLQIDFKLQGLH7LHIHWDXFKHQGHQ6DUJ|IIQHQXQG0\[LQKHU YRUKROHQ'DVDOOHVEHJULIIHQ*RUDQXQGVHLQH$UWJHQRVVHQEHU KDXSWQLFKW ,FKZROOWHHVLKQHQDXFKQLFKWDXIGLH1DVHELQGHQGHQQPLU ZDUSO|W]OLFKHLQHLUUH,GHHJHNRPPHQ,FKVWLPPWH]X ª'XZLOOVWHVWDWVlFKOLFKYHUVXFKHQ"©IUDJWH*RUDQ ª-D© ª'XZHLWZLHVFKZHUHVLVW© ,FKQLFNWHª$EHUHVJLEWHLQH&KDQFHGDLFKHVWURW]GHP VFKDIIHQNDQQ© ª:HOFKH"© -HW]WNDPHVGDUDXIDQREHUGHQ%OXIIZLUNOLFKVFKOXFNWH,FK VWDUWHWHGHQ9HUVXFKª8P0\[LQDXVVHLQHP6FKODI]XKROHQ EUDXFKHLFKGHQ6SLHJHO© 0HLQH:RUWHYHUWURSIWHQ*RUDQ]HLJWHNHLQH5HDNWLRQ +DWWHLFKPLWGHP%OXIIEHU]RJHQ" ª'DVJODXEHLFKGLUQLFKW©DQWZRUWHWHHUQDFKHLQHU:HLOH ª1HLQGXZLOOVWPLFKUHLQOHJHQ© ª,FKKDEH0\[LQGDPDOVDXFKPLW+LOIHHLQHV6SLHJHOWHLOV HUZHFNW©HUNOlUWHLFKLKPIUHFKOJHQGª'XNDQQVWHVPLUJODX EHQRGHUQLFKW(UVWHKWGLUIUHL:HQQGXZLOOVWGD0\[LQDXV VHLQHP*HIlQJQLVEHIUHLWZLUGGDQQ]HLJHPLUGHQ:HJZLHLFK DQGHQ6SLHJHONRPPH© *RUDQNUHLVFKWHDXI(UEUHLWHWHVHLQH6FKZLQJHQDXVXQGHUKRE VLFKLQGLH/XIWª'XZLOOVWXQVUHLQOHJHQ© ªhEHUOHJHQLFKW]XODQJH©ULHILFKLKP]X,FKGUHKWHPLFKXP XQGNPPHUWHPLFKGDEHLQLFKWXPGLH%OXWVDXJHUVRQGHUQKRE GHQ$UPª'DVHKW(XUH)HLQGHVLQGGD8QGRKQH0\[LQVHLG LKUYHUGDPPWKLOIORVLVWHVQLFKWVR"© *HEOXIIWKDWWHLFKQLFKW6RZDUGHU6FKZDU]H7RGRKQHHV]X ZROOHQHLQ%HVFKOHXQLJHUIU*RUDQV(QWVFKHLGXQJ6HLQH*HVWDOW VFKLHQGHQJHVDPWHQ+LPPHOHOHLQ]XQHKPHQVRZXFKWLJXQG JHZDOWLJZLUNWHVLH8QG+XQGHUWHYRQ6NHOHWWHQEHJOHLWHWHQLKQ

XQGVFKW]WHQVHLQH)ODQNHQ6HLQHULHVLJH6HQVHOHXFKWHWHIDKO ZLHHLQJURHU+DOEPRQG(UUFNWHLPPHUQlKHUXQGPLWLKP NDPGDV*UDXHQGHQQ]DKOUHLFKH9XONDQHVSUKWHQLKUHQKHLHQ P|UGHULVFKHQ5HJHQLQGHQQDFKWGXQNOHQ+LPPHOXQGEHU ]RJHQLKQPLWHLQHUEOXWURWHQ)DUEH 'DV%LOGZDUJHZDOWLJ.HLQ0DOHUKlWWHHVVROHEHQVHFKWGDU VWHOOHQN|QQHQ ª(VZLUG=HLW©HULQQHUWHLFK*RUDQ ª-D©NUHLVFKWHHUªLFKZHL© ª:RDOVRLVWGHU6SLHJHO"© ª,P.UDWHU© ª'DQQQLFKWVZLHORV©VDJWHLFK ,PQl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

/XIW'LH5lQGHUGHV.UDWHUVZDUHQQRFKZDUP(UVWYRUNXU]HP PXWHHLQ$XVEUXFKVWDWWJHIXQGHQKDEHQ$QHLQLJHQ6WHOOHQ JOKWHGDV*HVWHLQVRJDUXQGGLHVFKDUIHQ'lPSIHUDXEWHQPLU GHQ$WHP =XUFNEOLHEGHU.UDWHUHLQJDQJGHUVFKRQEDOGHLQVPLWGHU 'XQNHOKHLWZXUGH :LUDEHUIORJHQGHP+HOOHQHQWJHJHQ$XIGHP*UXQGGHV JHZDOWLJHQ.UDWHUVZDUHVOlQJVWQLFKWVRGXQNHOZLHDQVHLQHU gIIQXQJ,UJHQGHWZDVYHUEUHLWHWHGRUWVHLQHQ6FKHLQ 9LHOOHLFKWGHU6SLHJHO" ,FKUHFKQHWHVWDUNGDPLWXQGLFKVDKPLFKQLFKWJHWlXVFKW %HYRUZLUODQGHWHQIORJHQZLUEHUGHQ6SLHJHOKLQZHJDOOHU GLQJV]LHPOLFKVFKQHOOVRGDLFKLKQQLFKWJHQDXHUNHQQHQ NRQQWH'DQQJOLWWHQGLH%OXWVDXJHUPLWPLU]X%RGHQXQG OLHHQPLFKORV ,FKVWDQG 6RIRUWOLHHQPLFKGLH9DPSLUHORV(UOHLFKWHUWDWPHWHLFKDXI XQGVFKDXWHPLFKXP =XHUVWILHOPLUDXIGDQLFKWDOOH9DPSLUHPLWLQGHQ.UDWHU JHIORJHQZDUHQ(LQLJHKLHOWHQVLFKZRKOQRFKDOV:DFKHREHQDP .UDWHUUDQGDXI 0LW*RUDQ]lKOWHLFKDFKW $EHUGLHLQWHUHVVLHUWHQPLFKLP$XJHQEOLFNQLFKW9LHOZLFK WLJHUZDUGHU6SLHJHO (QGOLFKVDKLFKLKQ (UVWDQGDXIHLQHPZXFKWLJHQ6WHLQTXDGHUXQGHVZDUNHLQ QRUPDOHU6SLHJHOZLHLFKLKQVFKRQ]X+XQGHUWHQJHVHKHQKDWWH 9RUPLUEHIDQGVLFKHLQJOlQ]HQGHU*OREXV(UVWDQGLQHLQHU 6FKDOHXQGZDUDXFKQLFKWDXVHLQHP6WFN]XVDPPHQJHVHW]W ZRUGHQVRQGHUQDXV]DKOUHLFKHQ(LQ]HOWHLOHQ.OHLQH)UDJPHQWH ODJHQGLFKWDQGLFKW6LHKDWWHQGLH)RUPYRQ5KRPEHQXQG ELOGHWHQHLQYHUZLUUHQGHV0XVWHU:HQQLFKLQGHQ6SLHJHO KLQHLQVFKDXWHVDKLFKPLFKYHU]HUUW 9RUVLFKWLJXPUXQGHWHLFKGHQ6SLHJHO:HUPRFKWHLKQKLHUKHU JHVWHOOWKDEHQ"(LQHVHOWHQJHNDQQWH)DV]LQDWLRQHUIDWHPLFKDOV LFKPLFKGDULQEHWUDFKWHWH,FKVSUWHLQVWLQNWLYGDGLHVHU 6SLHJHOHLQH,QVHOGHV*XWHQLQHLQHP5HLFKZDUGDVYRQ'lPR QHQEHKHUUVFKWZXUGHGHQQLFKKDWWHNHLQH$QJVWYRULKP

3O|W]OLFKZHLWHWHQVLFKPHLQH$XJHQ'HU%OLFNZDUDXIHLQH EHVWLPPWH6WHOOHJHIDOOHQ 'RUWIHKOWHHLQH6FKHUEH 8QGZLHGHUZXUGHLFKGDUDQHULQQHUWGDLFKGDV'lPRQHQ DXJH]HUVW|UWKDWWH 'DPDOVKDWWHPLU0\[LQHLQH6FKHUEHGHV6SLHJHOVEHUUHLFKW $QGLH)RUPNRQQWHLFKPLFKJHQDXHULQQHUQ+lWWHLFKGLH 6FKHUEHMHW]WQRFKJHKDEWVRKlWWHLFKVLHVLFKHUOLFKLQGLH VSLHJHOORVH6WHOOHHLQIJHQN|QQHQ ,FKZXQGHUWHPLFKVFKRQQLFKWPHKUVRQGHUQQDKPDOOHVVR KLQZLHHVZDU 8QGQRFKHWZDVVDKLFKGDVPLFKLQK|FKVWHV(UVWDXQHQYHU VHW]WH0HLQ%OLFNILHO]XIlOOLJGDUDXIDOVLFK]XUFNJLQJXQGHULQ GLH5XQGHVFKZHLIWH ,FKVDKHLQHQ6WHLQ 1XQHLQ6WHLQLVWQLFKWV%HVRQGHUHVDXFKQLFKWDXIGHP*UXQG HLQHV.UDWHUVDEHUGLHVHU6WHLQKLHUKDWWHHVPLUDQJHWDQ,FK NDQQWHLKQNDQQWHVHLQH)RUPVHLQH%HVFKDIIHQKHLWVHLQ$XV VHKHQHLQIDFKDOOHV 'HU6WHLQJHK|UWH]XGHU9LHUHUJUXSSHGLHHLQ(UEHGHVDOWHQ $WODQWLVZDU *HQDXHUJHVDJW,FKVWDQGLQPLWWHQGHUIODPLQJVWRQHV 'DVZDUZLUNOLFKHLQHhEHUUDVFKXQJGHQQDXFKGLHDQGHUHQ GUHLHQWGHFNWHLFK 'LHVHU3ODW]GHULQGHU*HJHQZDUWGHV|IWHUHQYRQ0\[LQXQG .DUDIUHTXHQWLHUWZXUGHVWDPPWHWDWVlFKOLFKDXVGHU9HUJDQJHQ KHLW0DQVROOWHHVNDXPIUP|JOLFKKDOWHQ ,FKEHNDP]LWWULJH.QLHDOVPLUGDVDOOHVEHZXWZXUGH +LPPHOZDVZDULQGHQOHW]WHQ6WXQGHQQLFKWDOOHVDXIPLFKHLQ JHVWU]W8QGMHW]WQRFKGLH6WHLQH8QJODXEOLFK 8QGSO|W]OLFKIKOWHLFKPLFKZLHGHUZRKOHU$OOGLH'HSUHV VLRQHQGLH$QJVWGLHPLFKHUIOOWKDWWHQYHUIORJHQ9LHOOHLFKW NRQQWHLFKHVWURW]DOOHU:LGHUVWlQGHVFKDIIHQ ª:DVLVW"6FKOlIVWGXHLQ"©*RUDQV6WLPPHULPLFKDXVPHLQHQ *HGDQNHQ ª1HLQ©HUZLGHUWHLFKªLFKGHQNHQXUQDFK© ª8QGZRUEHU"'XKDVWGRFKGHQ6SLHJHO1LPPLKQXQGGDQQ HUZHFNH0\[LQ©

ª1DWUOLFK©,FKVWHFNWHGLH:DIIHZHJJLQJDXIGHQNXJHO UXQGHQ6SLHJHO]XXQGOHJWHPHLQH+lQGHDXIGLH)OlFKH ,QGHU1lKHGHV6SLHJHOVZDUGLH/XIWLUJHQGZLHDQGHUV5HLQHU XQGNODUHUEHVVHU]XDWPHQ'HU6SLHJHOVHOEVWZDUDXFKQLFKW NKORGHUNDOW'LH.XJHOIKOWHVLFKZDUPDQ]XGHPVFKLHQVLH XQWHUPHLQHQWDVWHQGHQ+lQGHQ]XOHEHQ $EHUVLHZDUVFKZHU,FKNRQQWHVLHQLFKWYRQGHU6WHOOHEH ZHJHQ0LUNDPHVYRUDOVZlUHVLHPLW(LVHQJHIOOW ,FKGUHKWHGHQ.RSIª(VWXWPLUOHLG©ZDQGWHLFKPLFKDQGLH 9DPSLUHª,FKNDQQLKQQLFKWDQKHEHQ© *RUDQ]LVFKWHHLQHQ)OXFK)UHLQHQ0RPHQWZXWHHUQLFKW ZDVHUWXQVROOWH 1RFKHLQPDOVWDUWHWHLFKGHQ9HUVXFKSUHWHPLFKHQJDQGLH .XJHOXQGXPIDWHVLH 'DK|UWHLFKGLHJHLVWHUKDIWHQ6WLPPHQ6LHNODQJHQLQPHLQHP .RSIDXIª.HLQH$QJVW-RKQ6LQFODLU'XEUDXFKVWLKQQLFKW]X EHZHJHQDEHUGXJHK|UVW]XGHQZHQLJHQGLHLKQDQIDVVHQ N|QQHQ'LHVHU6SLHJHOVWHKWXQWHUGHP6FKXW]GHV6HKHUV(UKDW LKQLQ$WODQWLVDOVVHLQ(UEHKLQWHUODVVHQ© ,FK]XFNWH]XVDPPHQ 'HU6HKHU :DVKDWWHHUGDPLW]XWXQ":UGHHUVLFKZLHGHU]HLJHQZUGH HUPLUYLHOOHLFKWVRJDUKHOIHQ" 0HLQ+HU]NORSIWHVFKQHOOHU,FKVDJWHGHQ9DPSLUHQQLFKWVYRQ GHQ6WLPPHQXQGDOV]ZHLYRQLKQHQDXI*RUDQV%HIHKOKLQ QlKHUNDPHQWUDWLFK]XU6HLWH 'LH%OXWVDXJHUZROOWHQYHUVXFKHQGLHJOlQ]HQGH.XJHODQ]X KHEHQ6LHKDWWHQHVVLFKZLUNOLFKIHVWYRUJHQRPPHQYLHOOHLFKW UHFKQHWHQVLHDXFKPLWHLQHU*HIDKUDEHUQLFKWPLWVROFKHLQHU 5HDNWLRQ.DXPEHUKUWHQVLHGLH.XJHODOVSO|W]OLFKHLQ IDKOZHLHU%OLW]DXIVWUDKOWHGLHEHLGHQHLQKOOWHXQGVLHLQQHU KDOEYRQ6HNXQGHQ]X$VFKHZHUGHQOLHGLHODQJVDP]X%RGHQ ULHVHOWH *RUDQGUHKWHGXUFKª'DVKDVWGXQLFKWXPVRQVWJHPDFKW 0HQVFK©EUOOWHHUXQGJDEVHLQHQ9DPSLUHQHLQ=HLFKHQ :LHGHUVWU]WHQVLHVLFKDXIPLFK 8QGGLHVPDOZDUHVHUQVW 0LWHLQHUJODWWHQ%HZHJXQJ]RJLFKGLH%HUHWWD6LHVSUDQJPLU

IDVWYRQVHOEVWLQGLHUHFKWH+DQG:LHYLHOH.XJHOQLFKQRFK EHVDZXWHLFKQLFKW,FKKDWWHQLFKWGLH=HLWJHKDEWVLHQDFK ]X]lKOHQ (LQ6FKX 'HU9DPSLUUHFKWVYRQPLUEHNDPGLH.XJHOLQGLH%UXVWVFKULH DXIIODWWHUWHPLWGHQ)OJHOQXQGYHUJLQJ 6RIRUWVFKZHQNWHLFKGLH:DIIHXQGHUOHGLJWHHLQHQ]ZHLWHQ %OXWVDXJHUGHULP)DOOHQQRFKGHQ6SLHJHOEHUKUWHXQGLQHLQHP %OLW]]X$VFKH]HUILHO 'DQQ]RJHQVLFKGLHDQGHUHQ]XUFN 6LHZDUHQXQVLFKHUJHZRUGHQZLHDXFK*RUDQ-HW]WKDWWHHU VFKRQYLHU*HWUHXHYHUORUHQXQGGDVSDWHLKPEHUKDXSWQLFKW (UZDUHLQIDFK]XXQYRUVLFKWLJJHZHVHQHUKlWWHEHVVHUDEZDUWHQ VROOHQ ª1RFKMHPDQG"©IUDJWHLFK .HLQH$QWZRUW ,FKJDEPLFKVLFKHUGHQQGLHDQGHUHQNRQQWHQMDQLFKWZLVVHQ GDLFKPLWPHLQHU0XQLWLRQKDXVKDOWHQPXWH 'RFKGDQQJHVFKDKHWZDVZDVPHLQH3OlQHY|OOLJEHUGHQ +DXIHQZDUI'HU6FKZDU]H7RGJULIIHLQ 1RFKHUVFKLHQHUQLFKWSHUV|QOLFKVRQGHUQGLHYLHU9DPSLUH GLHDOV:lFKWHU]XUFNJHEOLHEHQZDUHQIORJHQLP6WXU]IOXJLQ GHQ.UDWHUGHV9XONDQV 6LHNUHLVFKWHQXQGVFKULHQZDUQWHQGLHDQGHUHQXQGKXVFKWHQ GLFKWEHUPHLQHQ.RSIKLQZHJVRGDLFKPLFKXQZLOONUOLFK GXFNWH *RUDQZDUGHUHUVWHGHUKRFKVWLHJ3O|W]OLFKZDULFKYHUJHVVHQ XQGDXFKGHU6SLHJHOLQWHUHVVLHUWHVLHQLFKWPHKU'LH%OXWVDXJHU YHUVXFKWHQQXUQRFKLKUQDFNWHV/HEHQ]XUHWWHQ 6LH]LVFKWHQLQGLH+|KH ,FKVWDQGDOOHLQEOLHEQHEHQGHU.XJHOVWHKHQXQGYHUIROJWHPLW PHLQHQ%OLFNHQLKUHQ)OXJ(VZDUVFKRQ]XVSlW 'LH9DPSLUHKDWWHQGHQ5DQGGHV.UDWHUVQRFKQLFKWHUUHLFKW DOVGLH6NHOHWWHDXIWDXFKWHQ8QGGLHVPDOEHIDQGHQVLHVLFKLQGHU hEHU]DKO'UHLPDOVRYLHOH6NHOHWWHZLH9DPSLUH 9LHONRQQWHLFKQLFKWHUNHQQHQGDIUZDUHV]XGXQNHO$EHU LFKVDKGLHIHXULJHQ3HLWVFKHQXQGGLH]LVFKWHQZLH5DNHWHQ GXUFKGLH/XIWXQGWUDIHQ

,FKK|UWH6FKUHLH$XFK6NHOHWWHYHUORUHQLKU/HEHQ'HUZLOGH .DPSIQlKHUWHVLFKGHP+|KHSXQNW 8QGGLH9DPSLUHYHUORUHQ 3O|W]OLFKJHOOWHHLQVRODXWHU6FKUHLDXIGDHUVRJDUELVDQ PHLQH2KUHQGUDQJ 'HQKDWWH*RUDQDXVJHVWRHQ ,FKVDKLKQGHQQGDV/LFKWGHU)ODPPHQSHLWVFKHQUHLFKWHDXV XPVHLQHJHZDOWLJHQ6FKZLQJHQ]XHUNHQQHQ(UIORJLQGHQ +LPPHOKLQHLQVFKULHVHLQH:XWXQGDXFKVHLQH3DQLNKLQDXV XQGZDUYHUVFKZXQGHQ (VUHJQHWH$VFKH.QRFKHQXQG3HLWVFKHQGLHXQWHUZHJV MHGRFKYHUORVFKHQ ,FKPXWHGHQ.RSIHLQ]LHKHQXQG]XU6HLWHJHKHQXPYRQ GLHVHPPDNDEUHQ5HJHQQLFKWJHWURIIHQ]XZHUGHQ $XFKGLH.XJHOZXUGHJHWURIIHQ'RFKVREDOG7HLOHVLHEH UKUWHQO|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lQJHQXPJHEHQZDU:LHVLHGRUWKLQ JHNRPPHQZDUHQGDVZXWHLFKQLFKW %HVWLPPWGXUFK0DJLH :XWHQGLH6NHOHWWHGDLFKPLFKQRFKDXIGHP*UXQGGHV .UDWHUVEHIDQG" ,FKKRIIWHQLFKW$XIMHGHQ)DOOPDFKWHQVLHNHLQHUOHL$QVWDOWHQ QDFK]XVFKDXHQ 6LHEOLHEHQDQGHUgIIQXQJ]RJHQGRUWLKUH%DKQHQVRGDGLH )ODPPHQSHLWVFKHQSUDNWLVFKLQHLQDQGHUEHUOLHIHQXQGHLQHQ HLQ]LJHQ.UHLVELOGHWHQ :DVZUGHQGLHVH6NHOHWWHXQWHUQHKPHQ" 6HNXQGHQYHUJLQJHQ

,PPHUPHKUGLHVHU0RQVWHUIORJHQKHUEHLKLHOWHQVLFKDEHU EHUGHQDQGHUHQXQGIORJHQGRUWLKUH.UHLVH 8QGGDQQHUVFKLHQHU 'HU6FKZDU]H7RG =XHUVWVDKLFKQXUHLQHQ6FKDWWHQGHUDOOHVYHUGXQNHOWH'DV PXWHQGLH)OJHOGHV'UDFKHQVVHLQXQGLPQlFKVWHQ $XJHQEOLFNVDKLFKLKQVHOEVW *OHLFK]HLWLJ]LWWHUWHGLH(UGH'LHHUVWHQ/DYDEURFNHQILHOHQDXV GHQ:lQGHQXQGNODWVFKWHQ]X%RGHQ ,FKKLHOWGHQ$WHPDQ 'HXWOLFKZDUGLH6NHOHWWIUDW]HGHV6FKZDU]HQ7RGHV]XHU NHQQHQGHQQVHLQH6HQVHOHXFKWHWHDXIXQGZDUILKUHQIDKOHQ 6FKHLQDXIGDVKlOLFKH+RUURU*HVLFKW ,FKVDKGLHZLH)HXHUUlGHUURWLHUHQGHQ$XJHQGLHHLQPDOGLH )DUEHURWHLQDQGHUHV0DOGLH)DUEHZHL]HLJWHQ6FKDXULJXQG PDNDEHUZDUHUDQ]XVHKHQXQGLFKGDFKWHGDUEHUQDFKZLHRIW LFKLKPVFKRQJHJHQEHUJHVWDQGHQKDWWH 'DQQODFKWHHU $XFKGLHVHV/DFKHQNDQQWHLFK6FKRQRIWJHQXJZDUHVLQGHU 9HUJDQJHQKHLWDQPHLQH2KUHQJHGUXQJHQ(VVFKDOOWHPLUHQWJH JHQ]HUUWHDQPHLQHQ7URPPHOIHOOHQXQGZXUGH]XHLQHUIXULRVHQ 0HORGLHGHV6FKUHFNHQV 'HU6FKZDU]H7RGZXWHGDMHPDQGKLHUXQWHQVWHFNWH,KP NRQQWHPDQQLFKWVYRUPDFKHQ ª0HQVFK©EUOOWHHUª9HUQLFKWHQZHUGHLFKGLFK$XFKZHQQ GXGLFKLQGHU1lKHGHV6SLHJHOVEHILQGHVWGHUGXUFKGHQ $XVEUXFKIUHLJHOHJWZRUGHQLVWVRHQWNRPPVWGXPLUGRFKQLFKW 1XUQRFKZHQLJ=HLWEOHLEWGLHVHP/DQGGDQQJHKWHVXQWHU'DV 0HHUZLUGDOOHVYHUVFKOLQJHQGLH6WlGWHEUHFKHQ]XVDPPHQGLH .RQWLQHQWHXQG/lQGHUYHUVFKZLQGHQ8QGLFKGHU6FKZDU]H 7RGKDEHGDIUJHVRUJW3DFNWLKQ© 'LHVHU%HIHKOJDOWGHQVFKZDU]HQ6NHOHWWHQ'DUDXIKDWWHQVLH JHZDUWHW 6LHNLSSWHQLKUH5HLWWLHUHXQGVWU]WHQVLFKPLWHLQHPZDKQ VLQQLJHQ7HPSRDXIPLFK]X

=HKQ*HJQHU]lKOWHLFK 1HLQGDVNRQQWHLFKQLFKWVFKDIIHQREZRKOLFKGDV.UHX] EHVDGDVSO|W]OLFKHLQHQVHOWVDPHQ*ODQ]DXVVWUDKOWH(VVFKLHQ ]XZDFKVHQDEHUGDVZDUZRKOHLQH7lXVFKXQJZHLOVLFKGLH KHOOH$XUDXPGDV.UX]LIL[JHOHJWKDWWH 8QGGXUFKGDV.UHX]VSUDFKMHPDQG]XPLU ª.RPP]XU.XJHO©K|UWHLFKGLHIOVWHUQGH6WLPPH ,FKZDUIPLFKKHUXPXQGOLHIGLHEHLGHQ6FKULWWH ,PVHOEHQ0RPHQW]XFNWHHLQ6WUDKOYRQPHLQHP.UHX]DXV XQGKLHELQGLHVSLHJHOQGH.XJHOZRHUHLQHKHOOH%UFNHELOGHWH $EHUQRFKPHKUJHVFKDK 'LH6WHLQHUHDJLHUWHQ -HW]WEHZLHVHQVLHZDUXPVLHGHQ1DPHQIODPLQJVWRQHV WUXJHQ6LHIODPPWHQJOXWURWDXI8QGLQPLWWHQGHV4XDGUDWV EHIDQGVLFKGLH.XJHOGLHSO|W]OLFKHLQ*HVLFKW]HLJWH ,FKGDFKWHQLFKWPHKUDQGLHJHIl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|FKHUQHQZXUGHQYRQLKUHQ PDNDEUHQ5HLWWLHUHQJHULVVHQXQG]HUILHOHQZLHDXFKGLH(FKVHQ ]X$VFKHGHUHQJUDXHU5HJHQDXIGHQ.UDWHUJUXQGQLHGHU ULHVHOWH ,FKYHUQDKPGDV7REHQGHV6FKZDU]HQ7RGV(UEUOOWHPLW 6WHQWRUVWLPPHXQGYHUQDKPJOHLFK]HLWLJGLH6WLPPHLQPHLQHP *HKLUQ ª*UHLIHGLH.XJHOVFKQHOO© 'DVWDWLFK

$XIHLQPDOIDQGHQPHLQH+lQGHNHLQHQ:LGHUVWDQGPHKU,FK JOLWWLQGLH.XJHOKLQHLQXQGVLHVFKORVLFKXPPLFK,FKEHJDE PLFKY|OOLJLQGHQ6FKXW]GHV6HKHUV 'DNUDFKWHHV 'HU6FKZDU]H7RGKDWWHLQVHLQHU:XWVlPWOLFKH.UlIWHPREL OLVLHUWGLHMHW]WGLH(UGHDXIZKOWHQXQGGLH%HUJH]XP ([SORGLHUHQEUDFKWHQ'DVHUVWH.UDFKHQK|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lPWOLFKH9XONDQHEUDFKHQDXVHLQDQGHU6RZHLW GDV$XJHUHLFKWHQXUHLQHHLQ]LJHIODPPHQGHXQGORGHUQGH +|OOH +LHUNRQQWHQLHPDQGEHUOHEHQ 8QGEHUDOOHPOHXFKWHWHGDV*HVLFKWGHV6FKZDU]HQ7RGV GLHVHJUDXVDPH)UDW]HLQGHUGHU0XQGZHLWRIIHQVWDQGXQGHLQ ODXWORVHV*HOlFKWHUDXVVWLH +LHUKDWWHHUJHZRQQHQ $WODQWLVYHUVDQNHVVWDUE $EHULQGHU*HJHQZDUWGDKDWWHLFKLKQEHVLHJW8QGGDVJDE PLULPPHUZLHGHUGLH.UDIW ,PQlFKVWHQ$XJHQEOLFNYHUEODWHGDV%LOG,FKK|UWHQRFKHLQH 6WLPPHGLHVDJWHª/HEHZRKO-RKQ6LQFODLU© 'DQQZDUDOOHVDQGHUV .KOH/XIWGUDQJLQPHLQH/XQJHQhEHUUDVFKWULFKWHWHLFK PLFKDXI,FKEHIDQGPLFKGRUWZRGHU9HUUlWHU0\[LQXQGPLFK HLQJHVFKORVVHQKDWWH 1XUYRQ0\[LQVDKLFKQLFKWV1XUGLHOHHUHQ6WKOH$EHULFK K|UWHVHLQH6WLPPH

ª:LUVLQGZLHGHU]XUFN-RKQ%LVVSlWHULFKPXPLFKXP .DUDNPPHUQ© :HJZDUHU ,FKDEHUPDFKWHPLFKGDUDQGLHVHQ.HOOHU]XYHUODVVHQ'LH7U ZDUNHLQ+LQGHUQLVXQGDOVLFKDXIGLH8KUVFKDXWHVWHOOWHLFK IHVWGDQLFKWHLQPDOHLQH6WXQGHYHUJDQJHQZDU ,FKIDQGPHLQHQ%HQWOH\GRUWZRLFKLKQDEJHVWHOOWKDWWHVHW]WH PLFKLQGHQ:DJHQXQG]QGHWHPLUHLQH=LJDUHWWHDQ:lKUHQG LFKUDXFKWHGDFKWHLFKQDFK +DWWHLFKGDV$EHQWHXHUZLUNOLFKHUOHEW" -DLFKEUDXFKWHPLUQXUPHLQH.OHLGXQJDQ]XVFKDXHQ'HU $OSWUDXPLQ$WODQWLVZDU:LUNOLFKNHLWJHZHVHQ ,QGHU7LHIJDUDJHWUDILFK6XNRXQG6KDR'LHEHLGHQNDPHQYRQ HLQHUNOHLQHQ)HLHU]XUFNGLHHLQHUYRQ6XNRV]DKOUHLFKHQ &RXVLQVJHJHEHQKDWWH hEHUUDVFKWEOLHEHQVLHVWHKHQ ª:RNRPPVWGXGHQQKHU"©IUDJWHQVLHZLHDXVHLQHP0XQGH 0HLQ*ULQVHQILHOHWZDVYHU]HUUWDXVª'LUHNWDXV$WODQWLV© HUZLGHUWHLFKZDKUKHLWVJHPl 'DGLHEHLGHQPLFKQDFKGLHVHU$QWZRUWIUJHLVWHVJHVW|UW KLHOWHQNRQQWHLFKLKQHQQLFKWHLQPDOYHUEHOQ (1'(

Desteros Rache

Desteros Rache

Desteros Rache

Desteros Söhne

Rache

Rache

Rache

Rache

Sundige Rache

Hannibals Rache

Hannibals Rache

Undines Rache

Ryshads Rache

Wikkas Rache

Lebensziel Rache

Lebensziel Rache

Wikkas Rache

Sündige Rache

Die Rache

Die Rache

Isards Rache

Ryshads Rache

Die Rache

Eiskalte Rache

Die Rache

Die Rache

Medusas Rache

Undines Rache

Suendige Rache

Orbanaschols Rache

Orbanaschols Rache

Sündige Rache

Zombie-Rache

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