Die Geheimnisse

(7$+RIIPDQQ 'LH*HKHLPQLVVH )RUWVHW]XQJGHV )UDJPHQWVDXVGHP/HEHQHLQHV 3KDQWDVWHQ ª'LH ,UUXQJHQ© 3')HGL...

Author: ETA Hoffmann

19 downloads 974 Views 526KB 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

(7$+RIIPDQQ

'LH*HKHLPQLVVH )RUWVHW]XQJGHV

)UDJPHQWVDXVGHP/HEHQHLQHV 3KDQWDVWHQ ª'LH ,UUXQJHQ©

3')HGLQ

E\=RREHVXFKHU

(7$+RIIPDQQ

+RIIPDQQZXUGHDPLQ.|QLJVEHUJJHERUHQ6HLQ 9DWHUZDU$GYRNDW1DFKGHP*\PQDVLXPLQ.|QLJVEHUJ VWXGLHUWHHUYRQ-XUD$OV5HIHUHQGDUDUEHLWHWHHU LQ*ORJDXXQGLQ%HUOLQ$EDUEHLWHWHHUDOV $VVHVVRULQ3RVHQZXUGHVWUDIYHUVHW]WQDFK3OR]NLQ3ROHQ (WZD]RJHUQDFK%HUOLQZRVLFKVHLQH%HJDEXQJDOV 0XVLNHU=HLFKQHUXQG6FKULIWVWHOOHUYROOHQGVHQWZLFNHOQ NRQQWH$EZDUHUZLHGHUDP.DPPHUJHULFKWLQ%HUOLQ DQJHVWHOOW+RIIPDQQVWDUEDPLQ%HUOLQ

0HUNZUGLJH.RUUHVSRQGHQ]GHV$XWRUVPLW YHUVFKLHGHQHQ3HUVRQHQ DOV(LQOHLWXQJ

0HLQ+HUU8QHUDFKWHWJHZLVVH6FKULIWVWHOOHUXQGVRJHQDQQWH 'LFKWHUZHJHQLKUHVQLFKWOHLFKW]XXQWHUGUFNHQGHQ+DQJHV]XU JUREHQ/JHXQGDQGHUHUGHUJHVXQGHVWHQ9HUQXQIWVFKlGOLFKHU 3KDQWDVWHUHLQLFKWLQGHPEHVWHQ5XIHVWHKHQVRKDEHLFKGRFK 6LHGHU6LHHLQ|IIHQWOLFKHV$PWEHNOHLGHQPLWKLQZLUNOLFKHWZDV VLQGDXVQDKPVZHLVHIUHLQHQZDFNHUQJXWPWLJHQ0DQQ JHKDOWHQ.DXPLQ%HUOLQDQJHNRPPHQPXWHLFKPLFKDEHU OHLGHUYRP*HJHQWHLOEHU]HXJHQ:RPLWKDEHLFKDOWHUVFKOLFKWHU HLQIDFKHU0DQQLFKUXKPYROOHQWODVVHQHU.DQ]OHLDVVLVWHQWLFK 0DQQYRQIHLQHP9HUVWDQGHKXPDQHQ6LWWHQJURHU :LVVHQVFKDIWLFK$XVEXQGYRQJXWHP+HU]HQXQGVFK|QHU 'HQNXQJVDUWZRPLWVDJHLFKKDEHLFKHVXP6LHYHUGLHQWGD 6LHPLFKGHPYHUHKUXQJVZUGLJHQ3XEOLNXPLQ%HUOLQ]XU6FKDX VWHOOHQXQGLQGHP7DVFKHQNDOHQGHUYRQGLHVHP-DKUQLFKWDOOHLQ DOOHVHU]l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± MDQXQGHQNHQ6LHLFKZHUGHGHQ 1DPHQGHU6FK|QVWHQJHUDGH]XKLQVFKUHLEHQGDPLW6LHLKQDXFK DXVVFKUHLHQN|QQHQLQ7DVFKHQEFKHUQXQG-RXUQDOHQ'DVODVVH LFKDEHUEOHLEHQVRQGHUQIUDJHEORLPDOOJHPHLQHQRE6LH YLHOOHLFKWPLWGHU9HUIJXQJMHQHV]\SULVFKHQ.ROOHJLXPV XQ]XIULHGHQVLQG"6HLQ6LHEHU]HXJWPHLQ+HUUGDEHL,KUHP XQQW]HQ7UHLEHQLQ6FKULIWVWHOOHUHLXQG0XVLNZHGHUGHU 3UlVLGHQWQRFKLUJHQGHLQ5DWGHVKLHVLJHQRGHULUJHQGHLQHV DQGHUQ3XSLOOHQ.ROOHJLL,KQHQGDV9HUWUDXHQJHVFKHQNWXQG6LH ]XP9RUPXQGHHLQHV]XP(QW]FNHQVFK|QHQJHLVWUHLFKHQ

)UDXHQ]LPPHUVEHVWHOOWKDEHQZUGHZLHHVMHQHVHKUZUGLJH .ROOHJLXPJHWDQKDW8QGEHUKDXSWZROOHQ6LHDXFKKLHULQGHU 6WDGWZDVYRUVWHOOHQ XQGP|JHQ6LHDXFKPDQFKHVJDQ]DUWLJ]X YHUIJHQYHUVWHKHQYHUP|JH,KUHV$PWVVRKDEHQ6LHVLFKGRFK GDUXPZDVLQ=\SHUQYHUIJWZRUGHQHEHQVRZHQLJ]X EHNPPHUQDOVXPPHLQHZlFKVHUQH)LQJHUXQGXPPHLQH 6SLW]HQKDXEHGLH6LHZDKUVFKHLQOLFKDXI+HUUQ :ROIV.XSIHUWDIHO EHWUDFKWHQPLWQHLGLVFKHQ%OLFNHQ'DQNHQ6LH*RWWPHLQ+HUU GD6LHQLFKWVRZLHLFKHLQWUHWHQZROOWHQLQGLH2WWRPDQLVFKH 3IRUWHJHUDGHDOVVLH]XJHVFKODJHQZXUGH:DKUVFKHLQOLFKKlWWHQ 6LHYHUP|JHGHVJHZ|KQOLFKHQ6FKULIWVWHOOHUYRUZLW]HVQLFKWGLH )LQJHUKLQHLQJHVWUHFNWVRQGHUQGLH1DVHXQGPWHQMHW]WVWDWW GD6LHDQGHUQKRQHWWHQ/HXWHQZlFKVHUQH1DVHQ]XGUHKHQ XQWHUQHKPHQVHOEVWHLQHGHUJOHLFKHQWUDJHQ'D6LHHLQHU ]LHUOLFKHQ0RUJHQNOHLGXQJYRQZHLHPPLW5RVDVFKOHLIHQ EHVHW]WHQ0XVVHOLQXQGHLQHU6SLW]HQKDXEHHLQHQ:DUVFKDXHU 6FKODIURFNXQGHLQURWHV.lSSFKHQYRU]LHKHQLVW6DFKHGHV *HVFKPDFNVXQGZLOOLFKQLFKWPLW,KQHQGDUEHUUHFKWHQ± 8QG ZLVVHQ6LHZRKOPHLQ+HUUGDPLU,KUHOHLFKWVLQQLJH $XVSODXGHUHLLP7DVFKHQNDOHQGHUJOHLFKQDFKGHPLQGHQ ,QWHOOLJHQ]EOlWWHUQXQWHUGHQDQJHNRPPHQHQ)UHPGHQPHLQ 1DPHJHVWDQGHQKDWWHGLHDOOHUJU|WHQ8QDQQHKPOLFKNHLWHQ ]X]RJ"'LH3ROL]HLKLHOWPLFKPXWHPLFKQDFK,KUHP*HZlVFKH RGHUYLHOPHKUGD6LHGLH*HKHLPQLVVHPHLQHV+HU]HQVNLQGHV DXVWURPSHWHWIUGHQMHQLJHQ)UHYOHUKDOWHQGHUGHQ PHORQHQOHLELFKWHQ$SROORLP7LHUJDUWHQXQGDXFKZRKODQGHUH 6WDWXHQYHUXQVWDOWHWKDWXQGHVNRVWHWHYLHO0KHPLFK]X UHFKWIHUWLJHQXQGGDU]XWXQGDLFKHLQHQWKXVLDVWLVFKHU .XQVWIUHXQGVHLXQGQLFKWVZHQLJHUDOVHLQYHUVWHOOWHU DEHUJOlXELVFKHU7UNH6LHVLQGVHOEVWHLQ5HFKWVNXQGLJHUXQG KDEHQQLFKWHLQPDOEHGDFKWGDPLFKGLHYHUZQVFKWH $SROORVQDVHKlWWHDOV6WDDWVYHUEUHFKHUQDFK6SDQGDXEULQJHQ RGHUPLUJDUHLQH7UDFKWGHUXQELOOLJVWHQ3UJHO]X]LHKHQN|QQHQ ZHQQQLFKWZDVOHW]WHUHVEHWULIIWYRQGHUJWLJHQ1DWXUPHLQ 5FNHQGXUFKHLQJHVFKLFNWDQJHOHJWHV%ROOZHUNDXIHZLJJHJHQ DOOH3UJHOEHZDKUWZlUH/HVHQ6LHLP]ZDQ]LJVWHQ7LWHOGHV =ZHLWHQ7HLOVYRPª$OOJHPHLQHQ/DQGUHFKW©GLH QDFK XQGVFKlPHQ6LHVLFKGDHLQYHUDEVFKLHGHWHU.DQ]OHLDVVLVWHQW DXV%UDQGHQEXUJ6LHGDUDQHULQQHUQPX.DXPGHU 8QWHUVXFKXQJXQG6WUDIHHQWURQQHQZXUGHLFKLQPHLQHU

:RKQXQJGLHPDQXQJOFNOLFKHUZHLVHHUIDKUHQDXIHLQHVROFK HQWVHW]OLFKH$UWEHVWUPWGDLFKZDKQVLQQLJZHUGHQ YHU]ZHLIHOQPVVHQZlUHLFKQLFKWHLQIHVWHUJHVHW]WHU0DQQXQG GXUFKPHLQHYLHOIDFKHQJHIDKUYROOHQ5HLVHQKLQOlQJOLFKJHZ|KQW DQEHGURKOLFKHV8QJHPDFK'DNDPHQ)UDXHQ]LPPHUXQG YHUODQJWHQJHZRKQWDOOHVSURPSWXQGZRKOIHLO]XKDEHQHEHQ GDKHUDEHUHLIULJHXQGVWHWLJH.lXIHULQQHQGHUSUlFKWLJHQ 0RGHZDUHQLQ$XNWLRQHQLKUH/DGHQUlXPHQGHU.DXIOHXWHLFK VROOHLKQHQDXIGHU6WHOOHWUNLVFKH6KDZOVGUXFNHQ$PlUJVWHQ XQWHULKQHQWULHEHV0DGHPRLVHOOH$PDOLH6LPVRQZHOFKHQLFKW QDFKOLHPLW%LWWHQXQG)OHKHQLFKP|JHLKUGRFKDXIGHQ %UXVWWHLOHLQHV6SHQ]HUVYRQURWHP.DVLPLUHLQKHEUlLVFKHV 6RQHWWGDVVLHVHOEVWJHGLFKWHWKLQVHW]HQPLW*ROGWLQNWXU $QGHUH/HXWHDXVGHQYHUVFKLHGHQVWHQ6WlQGHQZROOWHQEDOG PHLQH:DFKVILQJHUDQVFKDXHQEDOGPLWPHLQHP+DDU]RSI VSLHOHQEDOGPHLQHQ3DSDJHL*ULHFKLVFKVSUHFKHQK|UHQ

-XQJH+HUUHQPLW:HVSHQWDLOOHQWXUPKRKHQ+WHQ .RVDNHQKRVHQXQGJROGQHQ6SRUHQORUJQHWWLHUWHQXPKHUNXFNWHQ GXUFK)HUQJOlVHUDOVZROOWHQVLHGLH:lQGHGXUFKVFKDXHQ,FK ZHLZHQVLHVXFKWHQXQGPDQFKHKDWWHQDXFKGHVVHQJDUNHLQ +HKOVRQGHUQIUDJWHQNHFNHUXQYHUVFKlPWHUZHLVHJHUDGH]XQDFK GHUVFK|QHQ*ULHFKLQDOVVHLPHLQKLPPOLVFKHV)UVWHQNLQGHLQ ZXQGHUEDUHV1DWXUVSLHOGDVLFKGHUJDIIHQGHQ0HQJHDXVVWHOOH :LGHUOLFKJDUZLGHUOLFKHUVFKLHQHQPLUGLHVHMXQJHQ/HXWHDEHU QRFKYLHODEVFKHXOLFKHUZDUHVPLUZHQQPDQFKHVLFKPLU JHKHLPQLVYROOQDKWHQXQGP\VWLVFKH:RUWHVSUDFKHQYRQ 0DJQHWLVPXV6LGHULVPXVPDJLVFKHQ9HUNQSIXQJHQGXUFK 6\PSDWKLHXQG$QWLSDWKLHXQGVRZHLWHUXQGGDEHLZXQGHUOLFKH *HElUGHQXQG=HLFKHQPDFKWHQXPVLFKPLUDOV(LQJHZHLKWH]X ]HLJHQRELFKJOHLFKJDUQLFKWYHUVWDQGZDVVLHZROOWHQ/LHEHU ZDUHQPLUGLHZHOFKHJDQ]WUHXKHU]LJYHUODQJWHQLFKVROOHLKQHQ HLQELFKHQZDKUVDJHQDXVGHU+DQGRGHUDXVGHP.DIIHHJUXQGH ± (VZDUHLQKHLOORVHV7UHLEHQHLQZDKUHU7HXIHOVVDEEDWLQGHP +DXVH± (QGOLFKJHODQJHVPLUEHL1DFKWXQG1HEHOPLFK GDYRQ]XPDFKHQXQGHLQH:RKQXQJ]XEH]LHKHQGLHEHTXHPHU EHVVHUHLQJHULFKWHWLVWXQGDXFKGHQ:QVFKHQPHLQHU)UVWLQ PHKUHQWVSULFKW± HQWVSUHFKHQZUGHZROOWLFKVDJHQGHQQLFK EHILQGHPLFKMHW]WDOOHLQ± 0HLQMHW]LJHV/RJLVHUIlKUWQLHPDQG

XQGDPDOOHUZHQLJVWHQ6LHGDLFK,KQHQGXUFKDXVQLFKWV*XWHV ]XWUDXH

8QGZHULVWHLQ]LJXQGDOOHLQDQGHPJDQ]HQ6SHNWDNHOVFKXOGDOV 6LH":LHNRPPHQ6LHGD]XPLFKGHP3XEOLNXPVR]ZHLGHXWLJ GDU]XVWHOOHQGDLFKIUHLQHQXQKHLPOLFKHQ.DEEDOLVWHQJHOWHQ PXGHUPLWLUJHQGHLQHPJHKHLPQLVYROOHQ:HVHQLQVHOWVDPHU 9HUELQGXQJOHEW

(LQHKUOLFKHUYHUDEVFKLHGHWHU.DQ]OHLDVVLVWHQWVROOHLQ +H[HQPHLVWHUVHLQZHOFKHLQ8QVLQQ± :DVJHKW,KQHQPHLQ +HUUEHUKDXSWGDVPDJLVFKH9HUKlOWQLVDQLQGHPLFKPLW PHLQHP+HU]HQVNLQGHVWHKHPDJHVQXQZLUNOLFKVWDWWILQGHQRGHU QLFKW"± 0|JHQ6LH DXFK7DOHQWJHQXJEHVLW]HQ]XU1RWHLQH (U]lKOXQJRGHUHLQHQ5RPDQPLWDQJHVWUHQJWHU0KH ]XVDPPHQ]XGUHFKVHOQVRIHKOWHV,KQHQGRFKVRJlQ]OLFKDQ JHK|ULJHPWLHIHP9HUVWDQGHXQGVXEOLPHU:LVVHQVFKDIWXPDXFK QXUHLQH6LOEH]XYHUVWHKHQZHQQLFKPLFKKHUDEODVVHQVROOWH6LH EHUGLH*HKHLPQLVVHHLQHV%XQGHV]XEHOHKUHQGHUGHP(UVWHQ DOOHU0DJLHUGHPZHLVHQ=RURDVWHUVHOEVWQLFKWXQZUGLJ HUVFKHLQHQP|FKWH(VLVWQLFKWV/HLFKWHVPHLQ+HUUVRZLHLFK HLQ]XGULQJHQLQGLHWLHIVWHQ7LHIHQGHUJ|WWOLFKHQ.DEEDODDXV GHQHQVLFKVFKRQKLHQLHGHQHLQK|KHUHV6HLQHPSRUVFKZLQJWVR ZLHDXVGHU3XSSHVLFKGHUVFK|QH6FKPHWWHUOLQJHQWZLFNHOWXQG PXWLJIODWWHUQGHPSRUVWHLJW(VLVWDEHUPHLQHHUVWH3IOLFKW QLHPDQGHQPHLQHNDEEDOLVWLVFKHQ.HQQWQLVVHXQG9HUELQGXQJHQ ]XYHUUDWHQXQGGDKHUVFKZHLJHLFKDXFKJHJHQ6LHGDYRQVR GD6LHPLFKYRQQXQDQOHGLJOLFKIUHLQHQVFKOLFKWHQ YHUDEVFKLHGHWHQ.DQ]OHLDVVLVWHQWHQXQGZDFNHUQ9RUPXQGHLQHV OLHEHQVZUGLJHQYRUQHKPHQ)UDXHQ]LPPHUVKDOWHQPVVHQ6HKU XQOLHEXQGVFKPHU]KDIWZLUGHVPLUDXFKVHLQZHQQ6LHRGHU MHPDQGDQGHUVHUIDKUHQVROOWHGDLFKMHW]WLQGHU )ULHGULFKVVWUDHXQZHLWGHU:HLGHQGDPPHU%UFNH1U ² ZRKQH+DEHLFK,KQHQPHLQ+HUUJHEKUHQGYRUJHKDOWHQZLH 6LHVLFKZHQQDXFKQLFKWJHUDGHERVKDIWHUVRGRFK OHLFKWVLQQLJHUZHLVHYHUJDQJHQVRIJHLFKQXUQRFKGLH 9HUVLFKHUXQJKLQ]XGDLFKGDV*HJHQWHLOYRQ,KQHQELQQlPOLFK HLQEHVRQQHQHUJXWPWLJHUDOOHVZDV]XXQWHUQHKPHQYRUKHU ZRKOEHUOHJHQGHU0DQQ6LHVLQGGDKHUIUMHW]WYRUPHLQHU 5DFKHY|OOLJVLFKHUXQGGDVXPVRPHKUZHLOPLUHEHQNHLQH 0LWWHO]X*HERWHVWHKHQ:lUHLFKHLQ5H]HQVHQWVRZUGHLFK

,KUH6FKULIWHQZHLGOLFKKHUXQWHUKXQ]HQXQGGHP3XEOLNXPVRNODU GDUWXQZLHHV,KQHQDQDOOHQ(LJHQVFKDIWHQHLQHVJXWHQ 6FKULIWVWHOOHUVPDQJOHGDNHLQ/HVHUHWZDVYRQ,KQHQPHKU OHVHQNHLQ9HUOHJHUHVPHKUYHUOHJHQVROOWH$EHUGDZlU VGHQQ GRFKQ|WLJHUVW,KUH6FKULIWHQ]XOHVHQXQGGDYRUVROOPLFKGHU +LPPHOEHKWHQGDQLFKWVDOVEDUH8QJHUHLPWKHLWHQGLH JU|EVWHQ/JHQGDULQHQWKDOWHQVHLQVROOHQhEHUGHPZWHLFK DXFKQLFKWZLHLFKGLHHKUOLFKVWH7DXEHQVHHOHYRQGHU:HOW]X GHUJHK|ULJHQ0DVVHYRQ*DOOHNRPPHQVROOWHGLHMHGHUWFKWLJH 5H]HQVHQW]XP9HUEUDXFKVWHWVYRUUlWLJKDEHQPX± :lUHLFK ZLH6LHHVKDEHQGHP3XEOLNXPDQGHXWHQZROOHQZLUNOLFKHLQH$UW YRQ0DJXVVRVROOWHVIUHLOLFKDQGHUVVWHKHQPLWPHLQHU5DFKH 'DUXPIUMHW]W9HU]HLKXQJ9HUJHVVHQGHV]XWDJHJHI|UGHUWHQ 8QVLQQVEHUPLFKXQGPHLQH3IOHJHEHIRKOQH6ROOWHQ6LHVLFK DEHUXQWHUIDQJHQHWZDLQGHP NQIWLJHQ7DVFKHQNDOHQGHUDXFK QXUHLQ:|UWFKHQYRQGHP]XHUZlKQHQZDVVLFKZHLWHUPLWGHP %DURQ7KHRGRUYRQ 6XQGXQVEHJHEHQVRELQLFKIHVW HQWVFKORVVHQPLFKPDJLFKQXQVHLQZRLFKZLOODXJHQEOLFNOLFK XP]XVHW]HQLQGDVNOHLQHVSDQLVFKNRVWPLHUWH7HXIHOVSSSFKHQ GDVDXI,KUHP6FKUHLEWLVFKHVWHKWXQG,KQHQNRPPW,KQHQGHU *HGDQNH]XVFKUHLEHQQLFKWHLQHQ$XJHQEOLFN5XKH]XODVVHQ %DOGVSULQJHLFK,KQHQDXIGLH6FKXOWHUXQGVDXVHXQG]LVFKH ,KQHQLQGLH2KUHQGD6LHNHLQHV*HGDQNHQVPlFKWLJEOHLEHQ VHLHUDXFKQRFKVRHLQIlOWLJ%DOGVSULQJHLFKLQV7LQWHQIDXQG EHVSULW]HGDVIHUWLJH0DQXVNULSWVRGDGHUJHVFKLFNWHVWH6HW]HU QLFKWGHQJHVSUHQNHOWHQ0DUPRU]XHQW]LIIHUQYHUPDJ'DQQ VSDOWHLFKGLHDSSHWLWOLFKJHVSLW]WHQ)HGHUSRVHQZHUIH GDV )HGHUPHVVHULQGHP$XJHQEOLFNDOV6LHGDUQDFKJUHLIHQYRP 7LVFKHKHUDEVRGDGLH.OLQJHDEVSULQJWGDQQYHUVW|UHLFKGLH 3DSLHUHGXUFKHLQDQGHUEULQJHGLHPLWDOOHUOHL1RWL]HQ EHVFKULHEHQHQNOHLQHQ%OlWWFKHQLQJHK|ULJHQ/XIW]XJGDVLH ZLUGQXU GLH7UHJH|IIQHWOXVWLJHPSRUZLUEHOQGDQQNODSSHLFK GLHDXIJHVFKODJHQHQ%FKHU]XXQGUHLHDXVDQGHUQGLH KLQHLQJHOHJWHQ=HLFKHQKHUDXVGDQQ]LHKHLFK,KQHQGDV3DSLHU ZlKUHQG6LHVFKUHLEHQXQWHUGHP$UPHZHJVRGDHLQ VFKQ|GHU=LUNXPIOH[GLH+DQGVFKULIWYHUGLUEWGDQQVWOSHLFK VFKQHOOGDV*ODV:DVVHUXPDOV6LHHEHQWULQNHQZROOHQVRGD DOOHVXQWHU]XJHKHQGURKWLQGHU:DVVHUIOXWXQGDOOH,KUH ZlVVHULFKWHQ*HGDQNHQ]XUFNNHKUHQLQGDV(OHPHQWGHPVLH DQJHK|UHQ± *HQXJLFKZLOODOOPHLQH:HLVKHLWDXIELHWHQ6LHDOV

7HXIHOVSSSFKHQUHFKWVLQQUHLFK]XTXlOHQXQGGDQQZROOHQZLU VHKHQREHV,KQHQP|JOLFKVHLQZLUGQRFKPHKUDEHUZLW]LJHV =HXJ]XVFKUHLEHQDOVEHUHLWVJHVFKHKHQ± :LHJHVDJWLFKELQ HLQVWLOOHUJXWPWLJHUIULHGOLHEHQGHU.DQ]OHLDVVLVWHQWGHP VFKQ|GH7HXIHOVNQVWHIUHPGVLQGDEHU6LHZLVVHQPHLQ+HUU ZHQQNOHLQHQDFKKLQWHQ]XEHUGLH5HJHOKHUDXVJHIRUPWH /HXWHPLWODQJHQ=|SIHQLQ=RUQJHUDWHQVRLVWYRQ6FKRQXQJ QLFKWZHLWHUGLH5HGH1HKPHQ6LHPHLQHZRKOJHPHLQWH:DUQXQJ ZRKO]X+HU]HQXQGXQWHUODVVHQ6LHMHGHQIHUQHUHQ%HULFKWLQ 7DVFKHQEFKHUQVRQVWEOHLEWHVEHLP7HXIHOXQGVHLQHQ 6WUHLFKHQ $XVDOOHPPHLQ+HUUZHUGHQ6LHEULJHQVKLQOlQJOLFKHUVHKHQ KDEHQZLHJXWVRZLHYLHOEHVVHULFK6LHNHQQHDOV6LHPLFK $QJHQHKPNDQQMHW]WXQVHUHQlKHUH%HNDQQWVFKDIWQLFKWVHLQ GDUXPZROOHQZLUXQVVRUJIlOWLJYHUPHLGHQXQGHEHQGHVKDOE KDEHLFKDXFKDOOH$QVWDOWHQJHWURIIHQGD6LHPHLQH:RKQXQJ QLHPDOVHUIDKUHQZHUGHQ± $GLHXSRXUMDPDLV

1RFKHLQV± 1LFKWZDKUGLH1HXJLHUGHTXlOW6LH]XZLVVHQRE PHLQ+HU]HQVNLQGEHLPLULVWRGHUQLFKW"+DKDKDGDVJODXE LFK$EHUNHLQ-RWDHUIDKUHQ6LHGDYRQXQGGLHVHNOHLQH.UlQNXQJ VHLGLHHLQ]LJH6WUDIHIUGDVZDV6LHDQPLUEHJDQJHQ 0LWDOOHU$FKWXQJGLH,KQHQ PHLQ+HUUVRQVWJHEKUW]HLFKQH LFKPLFKDOV

%HUOLQGHQ0DL

,KUHQJDQ]HUJHEHQVWHQ ,UHQlXV6FKQVSHOSROG YRUPDOV.DQ]OHLDVVLVWHQW ]X%UDQGHQEXUJ

16$SURSRV± 6LHZLVVHQYHUPXWOLFKRGHUN|QQHQHVOHLFKW HUIDKUHQZRPDQMHW]WKLHUGHQUHLFKVWHQXQGJHVFKPDFNYROOVWHQ 'DPHQSXW]NDXIW:ROOHQ6LHPLUGDVQRFKKHXWHJHIlOOLJVWVDJHQ ODVVHQVRELQLFK]ZLVFKHQQHXQXQG]HKQ8KUDEHQGVLQPHLQHU :RKQXQJDQ]XWUHIIHQ

$GUHVVH 6U:RKOJHE+HUUQHWF(7$+RIIPDQQQ GHUPDOHQLP7LHUJDUWHQEHL.HPSIHU

:LUNOLFKHUKLHOWGHUDQGHQGLHVHV6FKUHLEHQJHULFKWHWXQGGHQ ZLUGHU.U]HKDOEHUPLW+IIEH]HLFKQHQZROOHQGDVVHOEHJHUDGH ]XU=HLWDOVHULQGHUVRJHQDQQWHQ6SDQLVFKHQ*HVHOOVFKDIWGLH VLFKEHNDQQWOLFKDOOHYLHU]HKQ7DJHEHL.HPSIHULP7LHUJDUWHQ YHUVDPPHOWXQGNHLQHDQGHUH7HQGHQ]KDWDOVDXIJXWHGHXWVFKH $UW0LWWDJ]XHVVHQ]X7LVFKHVD

0DQNDQQGHQNHQZLHVHKU+IIEHUUDVFKWZXUGHDOVHUVHLQHU *HZRKQKHLWQDFK]XHUVWGLH8QWHUVFKULIWOHVHQGGHQ1DPHQ 6FKQVSHOSROGIDQG(UYHUVFKODQJGLHHUVWHQ=HLOHQDOVHUDEHU GLHXQELOOLJH/lQJHGHVQRFKGD]XPLWVHOWVDPYHUVFKQ|UNHOWHQ %XFKVWDEHQJHVFKULHEHQHQ%ULHIHVJHZDKUWHXQG]XJOHLFKVLFK EHU]HXJWHGDVHLQ,QWHUHVVHLPPHUPHKUXQGPHKUXQG]XOHW]W YLHOOHLFKWDXIXQDQJHQHKPH:HLVHHUUHJWZHUGHQGUIWHKLHOWHU HVIUJHUDWHQHUGHQ%ULHI]XU=HLWXQJHOHVHQLQGLH7DVFKH]X VWHFNHQ:DUHVQXQE|VHV*HZLVVHQRGHUJHVSDQQWH1HXJLHUGH JHQXJDOOH)UHXQGHEHPHUNWHQDQ+II8QUXKHXQG=HUVWUHXXQJ NHLQ*HVSUlFKKLHOWHUIHVWHUOlFKHOWHJHGDQNHQORVZHQQGHU 3URIHVVRU %GLHOHXFKWHQGVWHQ:LW]ZRUWHKLQDXVVFKOHXGHUWHHU JDEYHUNHKUWH$QWZRUWHQNXU]HUZDUHLQPLVHUDEOHU.XPSDQ *OHLFKQDFKGHPGLH7DIHODXIJHKREHQVWU]WHVLFK+IILQGLH (LQVDPNHLWHLQHUHQWIHUQWHQ/DXEHXQG]RJGHQ%ULHIKHUYRUGHU LKPLQGHU7DVFKHEUDQQWH=ZDUZROOWHHVLKQZDVZHQLJHV YHUVFKQXSIHQVLFKYRQGHPZXQGHUOLFKHQ.DQ]OHLDVVLVWHQWHQ ,UHQlXV6FKQVSHOSROGVRVFKQ|GHXQGJU|EOLFKEHKDQGHOWMD UFNVLFKWVVHLQHU$XWRUVFKDIWVRVFKRQXQJVORVDEJHIHUWLJW]X VHKHQLQGHVVHQYHUJDHUGDVLP$XJHQEOLFNXQGKlWWHYRU )UHXGHQLQGLH/IWHVSULQJHQP|JHQXQGGDVDXV]ZHLHUOHL 8UVDFKHQ )UVHUVWHZROOWHHVLKPEHGQNHQDOVZHQQ6FKQVSHOSROGDOOHV 6FKLPSIHQVXQG6FKPlOHQVXQHUDFKWHWGHQ7ULHEQLFKW XQWHUGUFNHQN|QQHGHQIUDJPHQWDULVFKHQ%LRJUDSKHQQlKHU NHQQHQ]XOHUQHQLKQYLHOOHLFKWJDUHLQ]XZHLKHQLQGLHP\VWLVFKH 5RPDQWLNVHLQHU3IOHJHEHIRKOQHQ± -DJHZL± VRQVWKlWWH 6FKQVSHOSROGQLFKWLQGHU9HUZLUUXQJ6WUDHXQG1XPPHUVHLQHU :RKQXQJJHQDQQW EHLGHQIHLHUOLFKVWHQ3URWHVWDWLRQHQGDGHQ 2UWZRHUKLQJHIOFKWHWQLHPDQGDPZHQLJVWHQDEHU+II HUIDKUHQVROOH6RQVWKlWWHGLH1DFKIUDJHQDFKGHP'DPHQSXW] QLFKWYHUUDWHQGDVLHVHOEVWGDGDVDOOHUOLHEVWHKHUUOLFKH *HKHLPQLV+IIGXUIWHMDQXUKLQJHKHQ]ZLVFKHQQHXQXQG]HKQ

8KUXQGLPUHJHQ/HEHQNRQQWHVLFKGDVJHVWDOWHQZDVLKPQXU ]XJHNRPPHQZLHGXUFKWUlXPHULVFKH7UDGLWLRQ± :DVIUHLQH KLPPOLVFKH$XVVLFKWIUHLQHQVFKUHLEOXVWLJHQ$XWRU

'DQQPRFKWHDEHUDXFK]ZHLWHQV+IIGHVKDOELQGLH/IWH VSULQJHQZHLOHLQHEHVRQGHUH*XQVWGHV6FKLFNVDOVLKQDXVHLQHU JUlOLFKHQ9HUOHJHQKHLWUHLHQ]XZROOHQVFKLHQ9HUVSUHFKHQ PDFKW6FKXOGHQGDVLVWHLQDOWHVEHZlKUWHV6SULFKZRUW1XQ KDWWHDEHU+IILQGHP7DVFKHQNDOHQGHUYRQYHUVSURFKHQ IHUQHUHQ%HULFKWDE]XVWDWWHQEHUGHQ%DURQ7KHRGRUYRQ 6XQG EHUVHLQHJHKHLPQLVYROOHQ9HUKlOWQLVVHZHQQHUPHKUHUHV GDYRQZLVVH'LH=HLWNRPPWKHUDQGHU'UXFNHUUKUWGLH3UHVVH GHU=HLFKQHUVSLW]WGHQ&UD\RQGHU.XSIHUVWHFKHUEHUHLWHWGLH .XSIHUSODWWH+RFKO|EOLFKH.DOHQGHU'HSXWDWLRQIUDJWª:LHVWHKW HVPHLQ%HVWHUPLW,KUHPYHUVSURFKHQHQ%HULFKWIUXQVHUQ (LQWDXVHQGDFKWKXQGHUWXQG]ZHLXQG]ZDQ]LJHU"©8QG+II± ZHL QLFKWVZHLJDUQLFKWVGDGLH4XHOOHYHUVLHJWDXVGHULKPGLH ª,UUXQJHQ©]XVWU|PWHQ± 'LHOHW]WHQ7DJHGHV0DLVNRPPHQ KHUDQ+RFKO|EOLFKH.DOHQGHU'HSXWDWLRQHUNOlUWª%LV0LWWH -XQLXVLVWHVQRFK=HLWVRQVWHUVFKHLQHQ6LHDOVHLQHUGHULQGHQ :LQGKLQHLQHWZDVYHUVSULFKWXQGHVGDQQQLFKW]XKDOWHQ YHUPDJ©8QG+IIZHLLPPHUQRFKQLFKWVZHLDP 0DL PLWWDJVXPGUHL8KUQLFKWV± 'DHUKlOWHU6FKQVSHOSROGV YHUKlQJQLVYROOHQ%ULHIGHQ6FKOVVHO]XGHUIHVWYHUVFKORVVHQHQ 3IRUWHYRUGHUHUVWDQGJDQ]KRIIQXQJVORVXQGK|FKVWlUJHUOLFK GD]X± :HOFKHU$XWRUZLUGQLFKWJHUQHLQLJH6FKPlKXQJHQ HUGXOGHQZHQQLKPDXIGLHVH:HLVHDXVGHU1RWJHKROIHQZLUG (LQ8QJOFNNRPPWVHOWHQDOOHLQDEHUDXFKPLWGHP*OFNLVWHV VR'LH.RQVWHOODWLRQGHU%ULHIHVFKLHQHLQJHWUHWHQ]XVHLQGHQQ DOV+IIDXVGHP7LHUJDUWHQQDFK+DXVHNDPIDQGHUGHUHQ]ZHL DXIVHLQHP6FKUHLEWLVFKHGLHEHLGHDXVGHP0HFNOHQEXUJLVFKHQ NDPHQ'HUHUVWHGHQ+II|IIQHWHODXWHWHLQIROJHQGHU$UW ª(Z:RKOJHERUHQKDEHQPLUHLQHZDKUKDIWH)UHXGHGDGXUFK JHPDFKWGD6LHGLH7RUKHLWHQPHLQHV1HIIHQLQGHP GLHVMlKULJHQ%HUOLQLVFKHQ7DVFKHQNDOHQGHUDQGDV7DJHVOLFKW I|UGHUWHQ(UVWYRUHLQLJHQ7DJHQLVWPLU,KUH(U]lKOXQJ]X *HVLFKWJHNRPPHQ0HLQ1HIIHKDWWHGHQ7DVFKHQNDOHQGHUDXFK

JHOHVHQXQGODPHQWLHUWHXQGWREWHHQWVHW]OLFK.HKUHQ6LHVLFK DEHUHEHQVRZHQLJGDUDQDOVDQHWZDQLJH'URKXQJHQGLHHUZLGHU 6LHDXVVWRHQVROOWHVRQGHUQHUVWDWWHQ6LHJHWURVWGHQ YHUVSURFKQHQ%HULFKWLQVRIHUQHV,KQHQJHOLQJWPHKUYRQGHP IHUQHUHQ7UHLEHQPHLQHV1HIIHQXQGGHUZDKQVLQQLJHQ3ULQ]HVVLQ QHEVWLKUHPJHFNHQKDIWHQ9RUPXQGH]XHUIDKUHQ,FKIUPHLQ 7HLOP|FKWH,KQHQGD]XDOOHVP|JOLFKHVXSSHGLWLHUHQGHU-XQJH PHLQ1HIIHQlPOLFK ZLOOLQGHVVHQGXUFKDXVQLFKWUHFKWPLWGHU 6SUDFKHKHUDXVXQGEHLIROJHQGH%ULHIHPHLQHV1HIIHQXQGGHV +HUUQYRQ 7GHULKQEHREDFKWHWXQGPLUGDUEHUJHVFKULHEHQ KDWVLQGDOOHVZDVLFK]X,KUHP%HULFKWEHLWUDJHQNDQQ1RFK HLQPDO± NHKUHQ6LHVLFKDQQLFKWVVRQGHUQVFKUHLEHQ6LH± VFKUHLEHQ6LH± 9LHOOHLFKWVLQG6LHHVGHUPHLQHQDOEHUQHQ 1HIIHQQRFK]XU9HUQXQIWEULQJW0LWYRU]JOLFKHU+RFKDFKWXQJ HWFHWF

6WUHOLW]GHQ0DL

$FKDWLXVY)©

'HU]ZHLWH%ULHIKDWWHIROJHQGHQ,QKDOW ª0HLQ+HUU(LQYHUUlWHULVFKHU)UHXQGGHUJDU]XJHUQPHLQ 0HQWRUVHLQP|FKWHKDW,KQHQGLH$EHQWHXHUPLWJHWHLOWGLHLFK YRU HLQLJHQ-DKUHQLQ%HUOHEWHXQG6LHKDEHQVLFKXQWHUIDQJHQ PLFK]XP+HOGHQHLQHUXQJHUHLPWHQ(U]lKOXQJ]XPDFKHQGLH 6LHHLQ¾)UDJPHQWDXVGHP/HEHQHLQHV3KDQWDVWHQ½JHQDQQW± :lUHQ6LHPHKUDOVHLQRUGLQlUHU6FKULIWVWHOOHUGHUMHGHQ %URFNHQGHULKP]XJHZRUIHQZLUGEHJLHULJHUKDVFKWKlWWHQ6LH QXUHLQLJHQ6LQQIUGLHWLHIH5RPDQWLNGHV/HEHQVVRZUGHQ6LH 0lQQHUGHUHQJDQ]HV6HLQQLFKWVLVWDOVKRKH3RHVLHYRQ 3KDQWDVWHQ]XXQWHUVFKHLGHQZLVVHQ8QEHJUHLIOLFKLVWHVPLUZLH ,KQHQGHU,QKDOW GHV%ODWWHVGDVLFKLQGHUYHUKlQJQLVYROOHQ %ULHIWDVFKHIDQGVRJHQDXEHNDQQWJHZRUGHQLVW,FKZUGH6LH GDUEHUVRZLHEHUPDQFKHVDQGHUHGDV6LHGHP3XEOLNXP DXI]XWLVFKHQIUJXWIDQGHQVHKUHUQVWEHIUDJHQZHQQJHZLVVH JHKHLPQLVYROOH%H]LHKXQJHQJHZLVVHLQQHUH$QNOlQJHPLUQLFKW XQWHUVDJWHQHVPLWHLQHPVFKUHLEVHOLJHP$XWRUDXI]XQHKPHQ 9HUJHVVHQVHLGDKHUZDV6LHJHWDQVROOWHQ6LHDEHUNHFNJHQXJ VHLQHWZDYRQPHLQHPJHVWUHQJHQ+HUUQ0HQWRUXQWHUULFKWHW

IHUQHU%HULFKWHEHUPHLQ/HEHQ]XHUVWDWWHQVRZUGHLFK JHQ|WLJWVHLQHLQH*HQXJWXXQJYRQLKQHQ]XIRUGHUQZLHVLH 0lQQHUQYRQ(KUH]LHPWLQVRIHUQPLFKQlPOLFKQLFKWGLHZHLWH 5HLVHGLHLFKPRUJHQDQ]XWUHWHQJHGHQNHGDUDQKLQGHUW± hEULJHQV]HLFKQHLFKPLFKPLWYLHOHU$FKWXQJHWFHWF

6WUHOLW]GHQ0DL

7KHRGRU%DURQYRQ 6©

+IIKDWWHKHU]OLFKH)UHXGHEHUGHQ%ULHIGHV2QNHOVXQGODFKWH VHKUEHUGHQGHV1HIIHQ%HLGHEHVFKORHU]XEHDQWZRUWHQ VREDOGHU6FKQVSHOSROGVXQGVHLQHUVFK|QHQ3IOHJHEHIRKOQHQ %HNDQQWVFKDIWJHPDFKWKDEHQZUGH

6RZLHHVQXUQHXQ8KUJHVFKODJHQPDFKWHVLFK+IIDXIGHQ:HJ QDFKGHU)ULHGULFKVVWUDH'DV+HU]NORSIWHLKPYRU(UZDUWXQJ GHV$XHURUGHQWOLFKHQZDVVLFKQXQEHJHEHQZHUGHDOVHUGLH .OLQJHOGHV+DXVHVDQ]RJGHVVHQ1XPPHUHEHQGLHYRQ 6FKQVSHOSROGEH]HLFKQHWHZDU

$XIGLH)UDJHREKLHUGHU.DQ]OHLDVVLVWHQW6FKQVSHOSROGZRKQH HUZLGHUWHGDV+DXVPlGFKHQGDVGLH7UHJH|IIQHWª$OOHUGLQJV© XQGOHXFKWHWHLKPIUHXQGOLFKGLH7UHSSHKHUDXI ª+HUHLQ©ULHIHLQHEHNDQQWH6WLPPH DOV+IIOHLVHDQNORSIWH 'RFKVRZLHHUHLQWUDWLQGDV=LPPHUVWRFNWHQDOOHVHLQH3XOVH JHUDQQLKP]X(LVDOOHV%OXWLQGHQ$GHUQKLHOWHUNDXPVLFK DXIUHFKW± 1LFKWMHQHULKPZRKOYRQ$QVHKHQEHNDQQWH 6FKQVSHOSROGVRQGHUQHLQ0DQQLPZHLWHQ:DUVFKDXHU 6FKODIURFNHLQURWHV.lSSFKHQDXIGHP+DXSWDXVHLQHUODQJHQ WUNLVFKHQ3IHLIH5DXFKZRONHQYRUVLFKKHUEODVHQGYRQ*HVLFKW 6WHOOXQJ± QXQ± VHLQHLJHQHV(EHQELOGWUDWLKPHQWJHJHQXQG IUDJWHK|IOLFKZHQHUQRFKVRVSlW]XVSUHFKHQGLH(KUH± +II IDWHVLFKPLWDOOHU*HZDOWGHV*HLVWHV]XVDPPHQXQGVWDPPHOWH PKVDPREHUGDV9HUJQJHQKDEHGHQ+HUUQ .DQ]OHLDVVLVWHQWHQ6FKQVSHOSROGYRUVLFK]XVHKHQ"

ª$OOHUGLQJV©HUZLGHUWHGHU'RSSHOWJlQJHUOlFKHOQGLQGHPHUGLH 3IHLIHDXVNORSIWHXQGLQGHQ :LQNHOVWHOOWHªDOOHUGLQJVGHUELQ LFKXQGVHKUPWHLFKLUUHQZHQQ6LHQLFKWGHUMHQLJHZlUHQ GHVVHQ%HVXFKLFKKHXWHJHZlUWLJWH± 1LFKWZDKUPHLQ+HUU6LH

VLQG ±©(UQDQQWH+IIV1DPHQXQG&KDUDNWHUDXVIKUOLFK ª*RWW©VSUDFK+IIYRQ)LHEHUIURVWGXUFKVFKWWHOWª*RWWLP +LPPHOELV]XGLHVHP$XJHQEOLFNKDEHLFKPLFKVWHWVIUGHQ JHKDOWHQGHQ6LHVRHEHQ]XQHQQHQEHOLHEWHQXQGLFKYHUPXWH DXFKQRFKMHW]WGDLFKHVZLUNOLFKELQ± $EHUPHLQYHUHKUWHVWHU +HUU6FKQVSHOSROGHVLVWHLQJDUZDQNHOPWLJHV'LQJPLWGHP %HZXWVHLQGHU([LVWHQ]KLHQLHGHQ± 6LQG6LHPHLQ+HUU 6FKQVSHOSROGGHQQYRQ*UXQG,KUHU6HHOHDXVEHU]HXJWGD 6LHZLUNOLFKGHU+HUU6FKQVSHOSROGVLQGXQGNHLQDQGHUHU"1LFKW HWZD ±©ª+D©ULHIGHU'RSSHOWJlQJHUªLFKYHUVWHKH6LHZDUHQ DXIHLQHDQGHUH(UVFKHLQXQJJHIDW'RFKHUUHJHQLKUH%HGHQNHQ DXFKGLHPHLQLJHQLQVRIHUQDOVLFKEORH9HUPXWXQJHQQLFKWIU *HZLKHLWXQG6LHVRODQJHQLFKWIUGHQMHQLJHQKDOWHQNDQQGHU KLHUHUZDUWHWZXUGHELV6LHVLFKGXUFKGLHULFKWLJH%HDQWZRUWXQJ HLQHUHLQIDFKHQ)UDJHOHJLWLPLHUWKDEHQ*ODXEHQ6LHPHLQ ZHUWHVWHU+HUUZLUNOLFKDQGHQYRQGHUDQLPDOLVFKHQ*HVWDOWXQJLQ GHU.|USHUZHOWXQDEKlQJLJHQ.RQVHQVXVGHUSV\FKLVFKHQ.UlIWH LQGHP%HGLQJQLVGHUHUK|KWHQ7lWLJNHLWGHV=HUHEUDOV\VWHPV"© +IIVWXW]WHVHKUEHLGLHVHU)UDJHGHUHQ6LQQHUQLFKW]XIDVVHQ LPVWDQGHXQGHUZLGHUWHVLHGDQQYRQSXUHULQQHUHU$QJVW JHWULHEHQPLWHLQHPKHU]KDIWHQª-D©

ª2K©ULHIGHU'RSSHOWJlQJHUYROOHU)UHXGHªRPHLQ+HUU± VR VLQG6LHGHQQKLQOlQJOLFKOHJLWLPLHUW]XP(PSIDQJHGHV 9HUPlFKWQLVVHVHLQHUVHKUWHXHUQ3HUVRQGDVLFK,KQHQQXQ VRJOHLFKDXVKlQGLJHQZHUGH©± 'DPLW]RJGHU'RSSHOWJlQJHU HLQHNOHLQHKLPPHOEODXH%ULHIWDVFKHPLWJROGQHP6FKORLQGHP MHGRFKGDV6FKOVVHOFKHQEHILQGOLFKKHUYRU

+IIIKOWHVHLQ+HU]HUEHEHQDOVHUMHQHYHUKlQJQLVYROOHNOHLQH KLPPHOEODXH%ULHIWDVFKHHUNDQQWHGLHGHU%DURQ7KHRGRUYRQ 6 IDQGXQGZLHGHUYHUORU0LWDOOHU$UWLJNHLWQDKPHUGDV.OHLQRG GHP'RSSHOWJlQJHUDXVGHU+DQGXQGZROOWHVLFKK|IOLFKVW EHGDQNHQGRFKGDV8QKHLPOLFKHGHVJDQ]HQ$XIWULWWVGHUVFKDUIH OHXFKWHQGH%OLFNVHLQHV'RSSHOWJlQJHUVEUDFKWHLKQSO|W]OLFK GHUPDHQDXVDOOHU)DVVXQJGDHUJDUQLFKWPHKUZXWHZDVHU WDW

(LQVWDUNHV.OLQJHOQZHFNWHLKQDXVGHU%HWlXEXQJ(UZDU HV VHOEVWGHUGLH*ORFNHJH]RJHQDQGHU7UHGHV+DXVHV1U 'D EHVDQQHUVLFKHUVWJDQ]XQGVSUDFKEHJHLVWHUWª2ZHOFKHLQ KHUUOLFKHULQV,QQHUHJHSIODQ]WHU7ULHEGHU1DWXU(UIKUWPLFKLQ GHP$XJHQEOLFNDOVLFKPLFKSK\VLVFKXQGSV\FKLVFKHWZDV ZDFNHOLFKWIKOH]XPHLQHPKHU]JHOLHEWHP)UHXQGHGHP 'RNWRU + 0GHUPLUZLHHUVFKRQVRRIWJHWDQDXJHQEOLFNOLFK ZLHGHUDXIGLH%HLQHKHOIHQZLUG©+IIHU]lKOWHGHP'RNWRU 0 DXVIKUOLFKZDVVLFKVRHEHQHLQSDDU+lXVHUYRUZlUWVRGHU UFNZlUWV6FKDXHUOLFKHVXQG6FKUHFNKDIWHVPLWLKP]XJHWUDJHQ XQGEDWZHKPWLJLKPGRFKQXUJOHLFKHLQ0LWWHODXI]XVFKUHLEHQ GDVGHQ6FKUHFNQHEVWDOOHQE|VHQ)ROJHQW|WH'HU'RNWRU 0 VRQVWGRFKJHJHQ3DWLHQWHQHLQHUQVWHU0DQQODFKWHDEHUGHP EHVWU]WHQ+IIJHUDGH]XLQV*HVLFKWXQGPHLQWHEHLHLQHP VROFKHQ.UDQNKHLWVDQIDOOZLHLKQ+IIHUOLWWHQRGHUYLHOOHLFKWQRFK HUOHLGHVHLNHLQHDQGHUH$U]HQHLGLHQOLFKDOVHLQJHZLVVHU EUDXVHQGHUVFKlXPHQGHULQ)ODVFKHQKHUPHWLVFKYHUVFKORVVHQHU 7UDQNDXVGHPVLFKJDQ]DQGHUHVFKPXFNH*HLVWHUHQWZLFNHOWHQ DOV'RSSHOWJlQJHU6FKQVSHOSROGVXQGDQGHUHVZLUUHV=HXJ 9RUKHUPVVHDEHUGHU3DWLHQWHUNOHFNOLFKHVVHQ'DPLWQDKPGHU 'RNWRUVHLQHQ)UHXQG+IIEHLP$UPXQGIKUWHLKQLQHLQ =LPPHUZRPHKUHUHMRYLDOH/HXWHGLH VRHEHQYRQGHU :KLVWSDUWLHDXIJHVWDQGHQYHUVDPPHOWZDUHQXQGVLFKDOVEDOGPLW GHP'RNWRUXQGVHLQHP)UHXQGHDQGHQZRKOVHUYLHUWHQ7LVFK VHW]WHQ1LFKWODQJHGDXHUWHHVDXFKDOVGHURIIL]LHOOH7UDQNGHU GHP.UDQNKHLWV]XVWDQGH+IIVDEKHOIHQVROOWHKHUEHLNDP$OOH HUNOlUWHQGDVLHDXFKGDYRQJHQLHHQZROOWHQXPGHPDUPHQ +II0XW]XPDFKHQ'HUVFKOUIWHDEHUVRRKQHGHQPLQGHVWHQ (NHOXQG$EVFKHXPLWVROFKHU/HLFKWLJNHLWXQG/HEHQGLJNHLWPLW VROFKHP6WRL]LVPXVMDPLWVROFKHUKHURLVFKHU9HUVLFKHUXQJGHU 7UDQNVFKPHFNHOHLGOLFKGLH$U]HQHLKLQXQWHUGDDOOHEULJHQ VLFKK|FKOLFKGDUEHUYHUZXQGHQHQXQGHLQVWLPPLJGHP+IIGHU VLFKWOLFKPXQWUHUZXUGHHLQODQJHV/HEHQSURSKH]HLWHQ

0HUNZUGLJJHQXJZDUHVGD+IIVHKUUXKLJVFKOLHIXQGQLFKWV YRQDOOHPGHPWUlXPWHZDVLKPDP$EHQGH6HOWVDPHV EHJHJQHW(UPXWHGDVGHUKHLOEULQJHQGHQ:LUNXQJ]XVFKUHLEHQ GLHGHV'RNWRUVZRKOVFKPHFNHQGH0HGL]LQKHUYRUJHEUDFKW(UVW LP$XJHQEOLFNGHV(UZDFKHQVGXUFKIXKULKQZLHHLQ%OLW]GHU *HGDQNHDQGLHJHKHLPQLVYROOH%ULHIWDVFKH6FKQHOOVSUDQJHUDXI

IDWHLQGLH%XVHQWDVFKHGHV)UDFNVGHQHUJHVWHUQJHWUDJHQ XQG± IDQGZLUNOLFKGDVZXQGHUEDUHKLPPHOEODXH.OHLQRG0DQ NDQQGHQNHQPLWZHOFKHP*HIKO+IIGLH%ULHIWDVFKH|IIQHWH(U JHGDFKWHYLHOJHVFKLFNWHU]XYHUIDKUHQDOVGHU%DURQ7KHRGRU YRQ 6XQGZRKOKLQWHUGLH*HKHLPQLVVHGHV,QKDOWV]XNRPPHQ 'RFKZDUHEHQGLHVHU,QKDOWHLQJDQ]DQGHUHUDOVGDPDOVGDGHU %DURQ7KHRGRUYRQ 6GLH%ULHIWDVFKHDXIHLQHU%DQNLP 7LHUJDUWHQXQIHUQGHU6WDWXH$SROORVIDQG.HLQFKLUXUJLVFKHV 0HVVHUFKHQNHLQVWURKJHOEHV%DQGNHLQHIUHPGDUWLJH%OXPH NHLQ)OlVFKFKHQ5RVHQ|OQHLQQXUJDQ]NOHLQHVHKUGQQHPLW IHLQHU6FKULIWEHVFKULHEHQH%OlWWFKHQXQGVRQVWQLFKWVDQGHUV HQWKLHOWGLH%ULHIWDVFKHGLH+IIPLWGHUK|FKVWHQ6RUJOLFKNHLW GXUFKVXFKWH $XIGHPHUVWHQ%OlWWFKHQVWDQGHQLWDOLHQLVFKHYRQ]LHUOLFKHU ZHLEOLFKHU+DQGJHVFKULHEHQH9HUVHGLHLP'HXWVFKHQXQJHIlKU ODXWHWHQZLHIROJW ª0DJLVFKH%DQGHVFKOLQJHQVLFKGXUFKV/HEHQ :DVORVHVFKHLQWYHUZRUUHQIHVW]XKDOWHQ 6LH]X]HUUHLHQLVWGHV'lPRQVHLWOHV6WUHEHQ .ODUZLUGGHUK|KUHQ0lFKWHGXQNOHV:DOWHQ (QWVWUDKOW VGHU'LFKWXQJKHOOHP=DXEHUVSLHJHO ,Q)DUEXQG)RUPPXDOOHVVLFKJHVWDOWHQ 1LFKWVFKHXWGHU0DJXVHLQKHUPHWLVFK6LHJHO 'HULQQHUQ.UDIWZLOONKQOLFKHUYHUWUDXHQ ,KPVSULQJHQDXIGHU*HLVWHUSIRUWH5LHJHO %LVWGXGHU0DJXVGHUPLFKGXUIWHVFKDXHQ" 6FKZDQJPLUGHLQ*HLVWVLFKQDFKGXUFK+LPPHOVUlXPH" :ROOWVWGXLQKHLHU6HKQVXFKWPLFKHUIDVVHQ" 'XELVW V± IHVWEDQQWHQPLFKGLUVH7UlXPH (UNDQQWKDVWGXPHLQ/LHEHQGXPHLQ+DVVHQ 1DKZDULFKGLUDXIJLQJLFKGHLQHQ%OLFNHQ 'HU%DQQEHVWHKWGXNDQQVWYRQPLUQLFKWODVVHQ 'HLQLVWPHLQ6FKPHU]GHLQHLJHQPHLQ(QW]FNHQ 'XZLUVWGHP:RUWHOHLKQZDVLFKHPSIXQGHQ 9HUPDJGLH7RUKHLWZRKOGLFK]XEHUFNHQ" )KOWVLFKGHLQ*HLVWYRQVFKZDU]HU.XQVWJHEXQGHQ" +DWMHPDOVIDOVFKHV6SLHOZHUNGLFKEHWURJHQ" 1HLQZDVGHU*HLVWLP,QQHUQKDWHPSIDQJHQ 'DUINKQHPSRUDXVWLHIHP*UXQGHZRJHQ

9RUHLJQHP=DXEHUIKOWNHLQ0DJXV%DQJHQ :HLWIRUWYRQGLULQKHLPDWOLFKH=RQHQ 5HLWPLFKGLH+RIIQXQJJOKHQGHV9HUODQJHQ (LQKHKU*HVWLUQJODQ]YROOEHJLQQW V]XWKURQHQ (LQWHXUHV3IDQGVHOEVWKDVWGXHVEHVFKULHEHQ 1LPPHVYRQPLUGHQ$XJHQEOLFN]XORKQHQ $OVVHOEVWGXZDUVWPHLQ6HKQHQZDUVWPHLQ/LHEHQ 1XUIOFKW JHU%LOGHU=HLFKQXQJZLUVWGXILQGHQ 'RFKGDUIGLH3KDQWDVLHQLFKW)DUEHVFKRQHQ :DVGXHUVFKDXWGXPDJVWHVNHFNYHUNQGHQ©

+IIODVGLH9HUVHHLQLJHPDOVHKUDXIPHUNVDPGXUFKXQGHV ZROOWHLKPEHGQNHQGDVLHYRQQLHPDQGHQDQGHUVDOVYRQ 6FKQVSHOSROGVSIOHJHEHIRKOQHU*ULHFKLQYHUIDWXQGDQ QLHPDQGHQDQGHUVJHULFKWHWVHLQN|QQWHQDOVDQLKQVHOEVW± +lWWHGDFKWHHUGLH*XWHQXUQLFKW$XI XQG8QWHUVFKULIW YHUJHVVHQKlWWHVLHIHLQLQUHLQHUNODVVLVFKHU3URVDJHVSURFKHQ VWDWWLQP\VWLVFKYHUVFKOXQJHQHQGXQNOHQ9HUVHQVRZUGHDOOHV NODUXQGYHUVWlQGOLFKHUJHZRUGHQVHLQXQGLFKZWHJHQDX ZRUDQLFKZlUHDEHUQXQ± 6RZLHHVDEHUJHVFKLHKWGDHLQ JHIDWHU*HGDQNHHEHQLQGHP*UDGHLPPHUSODXVLEOHUZLUGDOV PDQLKQDXVDUEHLWHWVRNRQQWH+IIDXFKEDOGJDUQLFKWPHKU EHJUHLIHQZLHHUQXUHLQHQHLQ]LJHQ$XJHQEOLFNGDUDQ]ZHLIHOQ P|JHQGDHUVHOEVWLQGHQDUWLJHQ9HUVHQJHPHLQWXQGGDV *DQ]HIUQLFKWVDQGHUV]XQHKPHQVHLDOVGDVSRHWLVFKH%LOOHWW PLWWHOVWGHVVHQLKPGDVKLPPHOEODXH.OHLQRGEHUVHQGHWZRUGHQ 1LFKWVZDUJHZLVVHUDOVGDGLH8QEHNDQQWHYRQGHPJHLVWLJHQ 9HUNHKULQGHP+IIPLWLKUVWDQGDOVHUGDV)UDJPHQWDXVGHP /HEHQHLQHV3KDQWDVWHQDXIVFKULHE.XQGHHUKDOWHQVHLHV PLWWHOEDURGHUDXI P\VWLVFKH:HLVHXQPLWWHOEDUGXUFKHLJQH $QUHJXQJRGHUYLHOPHKUGXUFKGHQSV\FKLVFKHQ.RQVHQVXVYRQ GHPGHU'RSSHOWJlQJHUJHVSURFKHQ$XIZHOFKHDQGHUH:HLVH NRQQWHQQXQGLH9HUVHJHGHXWHWZHUGHQDOVGDGLH8QEHNDQQWH MHQHQJHLVWLJHQ9HUNHKUDPVDQWJHQXJJHIXQGHQGD+II IXUFKW XQGUFNVLFKWVORVLKQZLHGHUDQNQSIHQXQGGDLKPGD]X DOVYHUPLWWHOQGHV3ULQ]LSGLHKLPPHOEODXH%ULHIWDVFKHQHEVW,QKDOW GLHQHQVROOH (UU|WHQGPXWH+IIVLFKVHOEVWJHVWHKHQGDHUYRQMHKHULQ MHGHVZHLEOLFKH:HVHQPLW GHPHULQVROFKHQJHLVWLJHQ8PJDQJ JHUDWHQYHUOLHEWHUJHZHVHQDOVUHFKWXQGELOOLJMDGDGLHVHV

XQELOOLJH9HUOLHEWVHLQLPPHUK|KHUJHVWLHJHQMHOlQJHUHUGDV%LOG GHU6FK|QVWHQLQ+HU]XQG6LQQJHWUDJHQXQGMHPHKUHUVLFK EHPKWGLHVHV%LOGPLWWHOVWGHUEHVWHQ:RUWHGHUHOHJDQWHVWHQ .RQVWUXNWLRQHQZLHVLHQXUGLHGHXWVFKH6SUDFKHGDUELHWHWLQ GDVUHJH/HEHQWUHWHQ]XODVVHQ9RU]JOLFKLQ7UlXPHQIKOW+II VLFKVHKUYRQGLHVHUYHUOLHEWHQ.RPSOH[LRQDQJHJULIIHQXQGGLH HLJHQWOLFKH6HODGRQVQDWXU GLHHUGDQQDQQLPPWHQWVFKlGLJWLKQ UHLFKOLFKIUGHQJlQ]OLFKHQ0DQJHODQOLHEHVFKPDFKWHQGHQ LG\OOLVFKHQ6LWXDWLRQHQGHQHUVFKRQVHLWJHUDXPHU=HLWLP ZLUNOLFKHQ/HEHQYHUVSUWKDW(LQH)UDXPDJHVDEHUZRKO JOHLFKJOWLJDQVHKHQZLHHLQJHLVWLJHVZHLEOLFKHV:HVHQQDFK GHPDQGHUQLQGDVGHUVFKULIWVWHOOHULVFKH*HPDKOYHUOLHEW JHZHVHQJHVFKULHEHQJHGUXFNWXQGGDQQPLWEHKDJOLFKHU %HUXKLJXQJJHVWHOOWZLUGLQGHQ%FKHUVFKUDQN +IIODVGDV*HGLFKWGHU8QEHNDQQWHQQRFKHLQPDOLPPHUEHVVHU JHILHOHV LKPXQGEHLGHQ:RUWHQ ª$OVVHOEVWGXZDUVWPHLQ6HKQHQ ZDUVWPHLQ/LHEHQ©

NRQQWHHUVLFKQLFKWHQWKDOWHQODXWDXV]XUXIHQª2DOOLKUKRKHQ +LPPHOXQGZDVQRFKGUEHUKlWWHLFKGDVQXUJHZXWQXU JHDKQW©± 'HU*XWHEHGDFKWHQLFKWGDGLH*ULHFKLQQXU OHGLJOLFKGLH/LHEHXQG6HKQVXFKWPHLQHQNRQQWHGLHGHU7UDXP LQVHLQHPHLJQHQ,QQHUQHQW]QGHWXQGGLHHEHQGHVKDOEDXFK LKUH/LHEHXQG6HKQVXFKW]XQHQQHQ'DDEHUDXVIHUQHUHQ (QWZLFNHOXQJHQGHU$UWGHU*HGDQNHGHV6HOEVWLQ]ZHLGHXWLJH .RQIXVLRQJHUDWHQN|QQWHVRLVWGDYRQDE]XEUHFKHQ

+IIZDUQXQGDLKPGDVQ|WLJH0DWHULDOLQUHLFKOLFKHP0DHYRQ ]ZHL6HLWHQ]XJHNRPPHQIHVWHQWVFKORVVHQVHLQ9HUVSUHFKHQ]X HUIOOHQXQGEHDQWZRUWHWHDXIGHU6WHOOHGLHGUHLHUKDOWHQHQ %ULHIH(UVFKULHE]XY|UGHUVWDQ6FKQVSHOSROG ª0HLQYHUHKUWHU+HUU.DQ]OHLDVVLVWHQW8QHUDFKWHW6LHZLHHVGHU ,QKDOW,KUHVZHUWHQDQPLFKJHULFKWHWHQ%ULHIHVYRP G 0 NODUXQGGHXWOLFKGDUWXWHLQNOHLQHUXQJHVFKODFKWHU*URELDQ]X VHLQEHOLHEHQVRZLOOLFK,KQHQ GDVGRFKJHUQYHU]HLKHQGDHLQ 0DQQGHUVROFKHVFKQ|GH.XQVWWUHLEWZLH6LHJDUQLFKW

]XUHFKQXQJVIlKLJLVWQLHPDQGHQEHOHLGLJHQNDQQXQGHLJHQWOLFK DXVGHP/DQGHJHMDJWZHUGHQVROOWH± :DVLFKEHU6LH JHVFKULHEHQLVWZDKUVRZLHDOOH1DFKULFKWHQEHU6LHGLHLFKLQ GHU)RUWVHW]XQJGHU%HJHEHQKHLWHQGHV%DURQV7KHRGRUYRQ 6 GHP3XEOLNXPQRFKPLW]XWHLOHQLP%HJULIIVWHKHZDKUVHLQ ZHUGHQ'HQQ,KUHVOlFKHUOLFKHQ*ULPPVXQHUDFKWHWIROJWGLHVH )RUWVHW]XQJGLHLFKOlQJVWYHUVSURFKHQXQG]XGHUPLUGDVKRKH KHUUOLFKH:HVHQGDVVLFKZLHLFKZHL,KUHUDEHUZLW]LJHQ 9RUPXQGVFKDIWHQW]RJHQVHOEVWGLH0DWHULDOLHQJHOLHIHUWKDW±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|SIH0LW$FKWXQJHWF© $QGHQ%DURQ$FKDWLXVYRQ)

ª(Z+RFK XQG:RKOJHEGDQNHLFKDXIGDVYHUELQGOLFKVWHIUGLH PLUJWLJVWPLWJHWHLOWH,KUHQ+HUUQ1HIIHQGHQ+ %DURQ7KHRGRU YRQ 6EHWUHIIHQGH 1RWL]HQ,FKZHUGHGDYRQGHQJHZQVFKWHQ *HEUDXFKPDFKHQXQGZLOOKRIIHQGDGLHYRQ(Z+RFK XQG :RKOJHEGDYRQHUZDUWHWHKHLOEULQJHQGH:LUNXQJLQGHU7DW HUIROJHQP|JH0LWGHUYRU]JOLFKVWHQ+RFKDFKWXQJ© $QGHQ%DURQ7KHRGRUYRQ 6

ª0HLQ+HUU%DURQ,KU6FKUHLEHQYRP G 0LVWLQGHU7DWVR K|FKVWZXQGHUVHOWVDPGDLFKLQGHPHVPLU/lFKHOQDEQ|WLJWH HVHLQSDDUPDOGXUFKOHVHQPXWHXPNODUGDUEHU]XZHUGHQ ZDV6LHZROOHQ:DVLFK GDJHJHQZLOOZHLLFKVHKUEHVWLPPW

QlPOLFK,KUHIHUQHUHQ%HJHEHQKHLWHQLQVRIHUQVLHVLFKDXIGDV ZXQGHUEDUH:HVHQEH]LHKHQPLWGHPGHU8QJHVFKLFNGHV=XIDOOV 6LHLQ%HUKUXQJEUDFKWHDXIVFKUHLEHQXQGHLQUFNHQODVVHQLQ GHQ%HUOLQHU7DVFKHQNDOHQGHUIUGDVNQIWLJH-DKU(UIDKUHQ6LH GDVLHVHOEVWGLH6FK|QVWHPLFKGD]XDQJHUHJWXQGVHOEVWGLH GD]XQ|WLJHQ1DFKULFKWHQPLWJHWHLOWKDW(UIDKUHQ6LHGDLFK PLFKMHW]WLP%HVLW]GHUKLPPHOEODXHQ%ULHIWDVFKHXQGLKUHU *HKHLPQLVVHEHILQGH± :DKUVFKHLQOLFKZHUGHQ6LHPHLQ+HUU %DURQQLFKWVPHKUJHJHQPHLQ9RUKDEHQHLQ]XZHQGHQKDEHQ 6ROOWHGLHVGRFKGHU)DOOVHLQVRELQLFKHQWVFKORVVHQDXFKQLFKW GLHPLQGHVWH5FNVLFKWGDUDXI]XQHKPHQGDPLUGDV*HERWGHU KROGHQ8QEHNDQQWHQPHKUDOVDOOHVJLOWVRZLH,KQHQLQMHGHU$UW 5HGH]XVWHKHQhEULJHQV]HLFKQHLFKPLFKPLWYLHOHU$FKWXQJHWF HWF© 6SUDFK+IILQGLHVHPOHW]WHQ6FKUHLEHQYRQGHQ*HKHLPQLVVHQ GHUKLPPHOEODXHQ%ULHIWDVFKHVRPHLQWHHUDOOHUGLQJVGDV 0HVVHUFKHQGDVPDJLVFKH%DQGHWFXQGHVZDULKPLQGHP $XJHQEOLFNDOVKDEHHUVLHZLUNOLFKJHIXQGHQ/JHQZROOWHHU QLFKWDXFKHEHQVRZHQLJGHP%DURQ7KHRGRUYRQ 6YLHOOHLFKW HLQLJHQ5HVSHNWHLQIO|HQIUGHQ%HVLW]HUPDJLVFKHQ :HUN]HXJHV

6RZLHQXQGLHGUHL%ULHIHLQIU|KOLFKHP0XWHZHJJHVHQGHWZDUHQ QDFKGHU)ULHGULFKVVWUDHXQGQDFKGHU3RVWPDFKWHVLFK+II EHUGLH%OlWWOHLQKHUGLHHUYRQYHUVFKLHGHQHQ]XP7HLO]LHPOLFK XQOHVHUOLFKHQ+lQGHQEHVFKULHEHQIDQG(URUGQHWHGLHVH %OlWWOHLQYHUJOLFKVLHPLWGHQLKPYRQGHP%DURQ$FKDWLXVYRQ ) PLWJHWHLOWHQ1RWL]HQXQGEUDFKWHEHLGHV%OlWWOHLQXQG1RWL]HQ VRYLHOP|JOLFKLQ=XVDPPHQKDQJ)ROJHQGHVPDJDOV5HVXOWDW GLHVHU%HPKXQJHQJHOWHQ

(UVWHV%OlWWOHLQ

$XIGLHVHP%OlWWOHLQVWHKHQHLQLJHLWDOLHQLVFKH=HLOHQGLHRIIHQEDU YRQGHUVHOEHQ+DQGJHVFKULHEHQVLQGGLHGLHHUVWHUZlKQWHQ 9HUVH DXIJH]HLFKQHWKDWPLWKLQGHU%HVLW]HULQGHU%ULHIWDVFKH DQJHK|UHQ'LH:RUWHVFKHLQHQVLFKDXIMHQHVZXQGHUOLFKH (UHLJQLVLQ6FKQVSHOSROGV:RKQXQJ]XEH]LHKHQGDVEHLP 6FKOXVVHGHV)UDJPHQWVHU]lKOWZXUGHELOOLJJHKWDOVRGLHVHV %OlWWOHLQYRUDQGHP5HLKHQGHUEULJHQ 'LH=HLOHQODXWHQZLHIROJW

ª+LQZHJPLWDOOHP9HUWUDXHQPLWDOOHU+RIIQXQJ± 2&KDULWRQ PHLQHJHOLHEWH&KDULWRQZHOFKHLQVFKZDU]HU$EJUXQG GlPRQLVFKHU7FNHXQG$UJOLVWVWDQGKHXWHSO|W]OLFKRIIHQYRU PHLQHQ$XJHQ± 0HLQ0DJXVHULVWHLQ9HUUlWHUHLQ%|VHZLFKW QLFKWGHUGHPGLH3URSKH]HLXQJGHUJXWHQ0XWWHUJDOWQLFKWGHU IUGHQHUVLFKJHVFKLFNWDXV]XJHEHQXQGXQVDOOH]XWlXVFKHQ ZXWH'DQNGHUZHLVHQ$OWHQGLHLKQGXUFKVFKDXWHPLFK ZDUQWHNXU]HKHZLU3DWUDVYHUOLHHQPLFKVHOEVWGHQ7DOLVPDQ NHQQHQOHKUWHGHVVHQ%HVLW]PLUGLH*XQVWK|KHUHU0lFKWH YHUJ|QQWHXQGGHVVHQZXQGHUEDUH.UDIWPLUXQEHNDQQW JHEOLHEHQ:DVZlUHDXVPLUJHZRUGHQZHQQGLHVHU7DOLVPDQ PLUQLFKW*HZDOWJlEHEHUGHQ.OHLQHQXQGRIW]XP6FKLOGH GLHQWHDQGHPDOOHVHLQHKHLPWFNLVFKJHIKUWHQ6WUHLFKH DESUDOOHQ± ,FKKDWWHPLWPHLQHU0DULDGHQJHZ|KQOLFKHQ 6SD]LHUJDQJJHPDFKW$FK± LFKKRIIWHLKQ]XVHKHQGHUPHLQH %UXVWHQW]QGHWLQJOKHQGHU6HKQVXFKW± :LHLVWHUGDQQ YHUVFKZXQGHQDXIXQEHJUHLIOLFKH:HLVH"+DWHUGHQQPLFKQLFKW HUNDQQW"6SUDFKPHLQ*HLVWYHUJHEHQV]XLKP"+DWHUQLFKWGLH :RUWHJHOHVHQGLHLFKPLWPDJLVFKHP0HVVHUHLQVFKQLWWLQGHQ JHKHLPQLVYROOHQ%DXP"± $OVLFK]XUFNNHKUWHLQPHLQ=LPPHU YHUQDKPLFKHLQOHLVHVbFK]HQKLQWHUGHQ9RUKlQJHQPHLQHV %HWWHV,FKZXWHZDVJHVFKHKHQXQGPRFKWHJXWPWLJJHQXJ GHQ.OHLQHQQLFKWKHUDXVWUHLEHQDXVGHP%HWWHZHLOHUPRUJHQV EHU.ROLNJHNODJW1LFKWODQJHGDXHUWHHVDOVLFKGDLFKLQHLQ DQGHUHV=LPPHUJHWUHWHQHLQ*HUlXVFKXQGGDQQHLQODXWHV *HVSUlFKYHUQDKPLQGDVGHU0DJXVPLWHLQHP)UHPGHQJHUDWHQ

VFKLHQ'D]ZLVFKHQOlUPWHXQGVFKULH$SRNDWDVWRVVRJHZDOWLJ GDLFKZRKODKQHQNRQQWHHVPWH%HVRQGHUHVYRUJHKHQ ZLHZRKOPHLQ5LQJUXKLJEOLHE,FK|IIQHWHGLH7UH± R&KDULWRQ ± (UVHOEVW± 7KHRGRUVWDQGPLUYRU$XJHQ± 0HLQ0DJXVKOOWH VLFKHLQLQGLH%HWWGHFNHLFKZXWHGDLQGLHVHP$XJHQEOLFN LKPDOOH.UDIWJHEURFKHQ0LUEHEWHGDV+HU]YRU(QW]FNHQ± 6HOWVDPKlWWHHVYRUNRPPHQPVVHQGD7KHRGRULP%HJULII PLUHQWJHJHQ]XHLOHQDXIXQJHVFKLFNWH:HLVHKLQVWU]WHXQGGDQQ VLFKJDUSRVVLHUOLFKJHElUGHWH(VNDPHQPLU=ZHLIHODEHULQGHP LFKGHQ-QJOLQJEHWUDFKWHWHZDUHVPLUDOVVHLHUZHQQDXFK QLFKW7HRGRURV&DSLWDQDNLVHOEVWVRGRFKGHUDXVJULHFKLVFKHP IUVWOLFKHQ6WDPP(QWVSURVVHQHGHUEHVWLPPWPLFK]XEHIUHLHQ XQGGDQQ+|KHUHV]XEHJLQQHQ'LH6WXQGHVFKLHQJHNRPPHQ LFKIRUGHUWHLKQDXIGDV:HUN]XEHJLQQHQGDVFKLHQLKQHLQ 6FKDXHUDQ]XZDQGHOQ'RFKHUKROWHHUVLFKXQGHU]lKOWHYRQ VHLQHU +HUNXQIW2:RQQHR)UHXGHLFKKDWWHPLFKQLFKW JHWlXVFKWLFKGXUIWHNHLQ%HGHQNHQWUDJHQLKQ]XIDVVHQLQ PHLQH$UPHLKP]XVDJHQGDHVDQGHU=HLWVHLQH%HVWLPPXQJ ]XHUIOOHQGDNHLQ2SIHUJHVFKHXWZHUGHQPVVH'D± RDOOLKU +HLOLJHQGDZXUGHQGHV-QJOLQJV:DQJHQLPPHUEOlVVHUXQG EOlVVHUVHLQH1DVHVSLW]HUXQGVSLW]HUVHLQH$XJHQVWDUUHUXQG VWDUUHU± 6HLQ/HLEVFKRQGQQJHQXJVFKUXPSIWHLPPHUPHKU ]XVDPPHQ± 0LUZDU VDOVZUIHHUNHLQHQ6FKDWWHQPHKU *UlOLFKHV7UXJELOG9HUQLFKWHQZROOWHLFKGLHGlPRQLVFKH 7lXVFKXQJLFK]RJPHLQ0HVVHUDEHUPLW%OLW]VFKQHOOHZDUGHU :HFKVHOEDOJYHUVFKZXQGHQ± $SRNDWDVWRVVFKQDWWHUWHSILIIXQG ODFKWHKlPLVFKGHU0DJXVVSUDQJDXVGHP%HWWHZROOWHIRUW GXUFKGLH7UHLQGHPHUXQDXIK|UOLFKVFKULH¾%UDXW± %UDXW½ DEHULFKIDWHLKQVFKODQJGDV%DQGXPVHLQHQ+DOV(UVWU]WH QLHGHUXQGEDWLQGHQNOlJOLFKVWHQ-DPPHUW|QHQXP6FKRQXQJ ¾*UHJRURV6HOHVNHK½ULHI$SRNDWDVWRV¾GXELVWYHUOHVHQGX YHUGLHQVWNHLQ(UEDUPHQ½¾$FK*RWW½VFKULHGHU0DJXV¾ZDV 6HOHVNHKLFKELQMDQXUGHU.DQ]OHLDVVLVWHQW6FKQVSHOSROGDXV %UDQGHQEXUJ½± %HLGLHVHQIXUFKWEDUHQ=DXEHUQDPHQ± .DQ]OHLDVVLVWHQW± 6FKQVSHOSROG± %UDQGHQEXUJHUJULIIPLFK WLHIHV(QWVHW]HQLFKIKOWHGDLFKQRFKLQGHQ.HWWHQGHV GlPRQLVFKHQ$OWHQ± ,FKZDQNWHIRUWDXVGHP=LPPHU± :HLQH NODJHPLWPLURPHLQHJHOLHEWH&KDULWRQ± 1XU]XNODULVWHVPLU GDGDV7UXJELOGZDVGHU0DJXVPLUXQWHUVFKLHEHQZROOWHVLFK VFKRQIUKHUDOVVFKZDU]HU+DVHQIXLP7LHUJDUWHQ]HLJWHGD

LKPGHU0DJXVGLHKLPPHOEODXH%ULHIWDVFKHLQGLH+lQGHVSLHOWH GD± ,KUHZLJHQ0lFKWHVROOLFK5DXPJHEHQPHLQHP IXUFKWEDUHQ$UJZRKQ"± EULQJHLFKPLUGLHJDQ]H*HVWDOWGHV MXQJHQ0HQVFKHQLPOHW]WHQ$XJHQEOLFNYRU$XJHQ± HVODJHWZDV ZLHDXV.RUN*HIRUPWHVGDULQ± 0HLQ0DJXVLVWHUIDKUHQLQDOOHU NDEEDOLVWLVFKHU:LVVHQVFKDIWGHV2ULHQWVQLFKWVDOVHLQYRQLKP DXV.RUNJHVFKQLW]WHU7HUDSKLPLVWYLHOOHLFKWGLHVHUDQJHEOLFKH 7HRGRURVGHUQXUSHULRGLVFK]XOHEHQYHUPDJ'DKHUNDPHV GDDOVPHLQ0DJXVPLFKYHUORFNWKDWWHKLHKHUXQWHUGHP 9HUVSUHFKHQPLFKPHLQHP7HRGRURVLQGLH$UPH]XIKUHQGHU =DXEHUGHVKDOEPLODQJZHLOGHU7HUDSKLPGHQLFK]XU1DFKW]HLW K|FKVWHUElUPOLFKDXIGHP6RIDOLHJHQGLP:LUWVKDXVHIDQG JHUDGHDOOHULKPNQVWOLFKKLQHLQRSHULHUWHQ6LQQHEHUDXEWZDU 0HLQ7DOLVPDQZLUNWHLFKHUNDQQWHDXJHQEOLFNOLFKGHQVFKZDU]HQ +DVHQIXXQG]ZDQJLKQPLUVHOEVWZLHHVGLH.RQVWHOODWLRQQXQ HLQPDOZROOWHGLHKLPPHOEODXH%ULHIWDVFKHLQGLH+lQGH ]XUFN]XJHEHQ± %DOGPXVLFKDOOHVDXINOlUHQ© 'LHVHQ=HLOHQLVWDXVGHQ1RWL]HQGHV%DURQV$FKDWLXVYRQ ) QRFKPDQFKHVKLQ]X]XIJHQ

ª:REOHLEW©IUDJWH)UDXYRQ *GLHHOHJDQWH:LUWLQHLQHVQRFK HOHJDQWHUHQ7HHVªZREOHLEWXQVHUOLHEHU%DURQ"(VLVWHLQ KHUUOLFKHU-QJOLQJYROOHU9HUVWDQGKLQUHLHQGHU%LOGXQJXQG GDEHLYRQHLQHU3KDQWDVLHXQGHLQHPVHOWQHQ*HVFKPDFNLP $Q]XJHGDLFKLKQVFKPHU]OLFKYHUPLVVHLQPHLQHP=LUNHO©

,QGHP$XJHQEOLFNWUDWGHU%DURQ7KHRGRUYRQ 6GHUHEHQ JHPHLQWKLQHLQLQGHQ6DDOXQGHLQOHLVHVª$K©IOVWHUWHGXUFK GLH5HLKHGHU'DPHQ

0DQEHPHUNWHLQGHVVHQEDOGHLQHJlQ]OLFKHbQGHUXQJLQGHV %DURQVJDQ]HP:HVHQ)UVHUVWHILHODOOJHPHLQGLH 1DFKOlVVLJNHLWLP$Q]XJHDXIGLHEHLQDKHGLH*UHQ]HQGHV $QVWDQGHVEHUVFKULWW'HU%DURQKDWWHQlPOLFKGHQ)UDFNHLQ ,QWHUYDOOGHU.Q|SIHEHUVSULQJHQGVFKLHI]XJHNQ|SIWGLH %UXVWQDGHOVDXP]ZHL)LQJHUEUHLW]XWLHIDXIGHP-DERWVRZLH GLH/RUJQHWWHZHQLJVWHQVDQGHUWKDOE=ROO]XKRFKKLQJZDVDEHU GXUFKDXVXQYHU]HLKOLFKVFKLHQGHU/RFNHQZXUIGHV+DDUVZDU

GXUFKDXVQLFKWGHPlVWKHWLVFKHQ3ULQ]LSJHPlYLHOPHKUQDFK GHU5LFKWXQJZLHHVDXIGHP+DXSWHJHZDFKVHQDXIJHNlPPW 'LH'DPHQVFKDXWHQGHQ%DURQJDQ]YHUZXQGHUWDQGLH(OHJDQWV ZUGLJWHQLKQDEHUNHLQHV:RUWHVNHLQHV%OLFNHV'DVHUEDUPWH HQGOLFKGHQ*UDIHQYRQ ((UIKUWHJHVFKZLQGHGHQ%DURQLQHLQ DQGHUHVHQWOHJHQHV=LPPHUPDFKWHLKQDXIGLHJUREHQ9HUVW|H LQGHU.OHLGXQJGLHLKQXPDOOHQJXWHQ5XIKlWWHQEULQJHQ N|QQHQDXIPHUNVDPXQGKDOIDOOHVEHVVHURUGQHQLQGHPHU VHOEVWPLWWHOVWHLQHV 7DVFKHQNDPPVVLQQUHLFKXQGJHVFKLFNWGHQ 'LHQVWGHV+DDUNUlXVOHUVYHUVDK $OVGHU%DURQZLHGHULQGHQ6DDOWUDWOlFKHOWHQLKQGLH'DPHQ ZRKOJHIlOOLJDQGLH(OHJDQWVGUFNWHQLKPGLH+lQGHGLHJDQ]H *HVHOOVFKDIWZDUHUKHLWHUW

=XHUVWZXWHGHU*UDIYRQ (JDUQLFKWZDVHUDXVGHP%DURQ PDFKHQVROOWH6RVFKRQHQGDOVP|JOLFKKDWWHHULKQGLH EHJDQJHQHQ9HUVW|HPHUNHQODVVHQGDPLWLKQ6FKUHFNXQG 9HU]ZHLIOXQJQLFKW]HUVFKPHWWHUQVROOHDEHUJDQ]JOHLFKJOWLJ VWXPPXQGVWDUUZDUHUJHEOLHEHQ1XQZXWHDEHUEDOGGLH JDQ]H*HVHOOVFKDIWQLFKWZLHVLHPLWGHP%DURQEHUDWHQGHQQ HEHQVRJOHLFKJOWLJVWXPPXQGVWDUUVHW]WHHUVLFKKLQXQGJDE DXIDOOH)UDJHQGHUWHH XQGZRUWUHLFKHQ:LUWLQYHUNHKUWH ODNRQLVFKH$QWZRUWHQ0DQVFKWWHOWHXQPXWLJGHQ.RSIQXU VHFKV)UlXOHLQVVDKHQYHUVFKlPWHUU|WHQGYRUVLFKQLHGHUZHLO MHGHJODXEWHGHU%DURQVHLLQVLHYHUOLHEWXQGGHVKDOEVR ]HUVWUHXWXQGXQRUGHQWOLFKLP$Q]XJH+DWWHQVHOELJH)UlXOHLQV ZRKOGHQ6KDNHVSHDUHXQG]ZDUª:LHHVHXFKJHIlOOW©JHOHVHQ" 'ULWWHU$XI]XJ=ZHLWH6]HQH (EHQZDUQDFKGHPPDQGLH9RUWUHIIOLFKNHLWHQXQG+HUUOLFKNHLWHQ HLQHVQHXHQDEHUZLW]LJHQ%DOOHWWVJHK|ULJHQWZLFNHOWXQG JHUKPWHLQH6WLOOHHQWVWDQGHQDOVGHU%DURQZLHSO|W]OLFKDXV HLQHPWLHIHQ7UDXPHUZDFKHQGODXWULHI ª3XOYHU± 3XOYHULQGLH 2KUHQJHVWUHXWXQGGDQQDQJH]QGHW± HVLVWIUFKWHUOLFK± VFKUHFNOLFK± EDUEDULVFK©

0DQNDQQGHQNHQZLHDOOHJDQ]EHWURIIHQGHQ%DURQDQVFKDXWHQ ª2VDJHQ6LH©VSUDFKGLH:LUWLQªRVDJHQ6LHEHVWHU%DURQ JHZLKDWLUJHQGHWZDV,KUHWLHIVWH3KDQWDVLHDXIJHUHJW,KUH %UXVWLVW]HUULVVHQ,KUJDQ]HV,QQUHVYHUVW|UW"± :DVLVWHV

VSUHFKHQ6LH2KHVZLUGJHZLHWZDVK|FKVW,QWHUHVVDQWHV VHLQ"©± 'HU%DURQZDUKLQOlQJOLFKZDFKJHZRUGHQXP]XIKOHQ GDHUZLUNOLFKVHOEVWLQGLHVHP$XJHQEOLFNK|FKVWLQWHUHVVDQW VLFKJHElUGHQN|QQH(UKREGDKHUGLH$XJHQJHQ+LPPHOOHJWH GLH+DQGDXIGLH%UXVWXQGVSUDFKPLWEHZHJWHU6WLPPHª2 *QlGLJH/DVVHQ6LHPLFKGDVIUFKWHUOLFKH*HKHLPQLVWLHILQ PHLQHU%UXVWEHZDKUHQGDVNHLQH:RUWHNHQQHWVRQGHUQQXUGHQ WRGEULQJHQGHQ6FKPHU]©± $OOHPXWHQHUEHEHQYRUGLHVHQ VXEOLPHQ:RUWHQQXUGHU3URIHVVRU /OlFKHOWHVDUNDVWLVFKXQG± 'RFKVHLHVGHP$XWRUHUODXEWEHL*HOHJHQKHLWGHV3URIHVVRUV HLQLJH:RUWHHLQ]XVFKDOWHQEHUGLHVLQQUHLFKH2UJDQLVDWLRQ XQVHUHU7HHVZLHVLHZHQLJVWHQVLQGHU5HJHOVWDWWILQGHW'HU EXQWH)ORUVFK|QJHSXW]WHUDUWLJHU)UlXOHLQVXQG VFKZDOEJHVFKZHLIWHUVFKZDU]HURGHUEODXHU-QJOLQJHLVW JHZ|KQOLFKGXUFKVFKRVVHQPLW]ZHLRGHUGUHL'LFKWHUQXQG *HOHKUWHQXQGVRPDJGLHSK\VLVFKH0LVFKXQJGHV=LUNHOV YHUJOLFKHQZHUGHQPLWGHUSK\VLVFKHQ0LVFKXQJGHV7HHV 'LH6DFKHNRPPWVR]XVWHKHQ

7HHGLHKEVFKHQDUWLJHQ)UDXHQXQG)UlXOHLQVDOV *UXQGEDVLVXQGEHJHLVWHUQGHV$URPDGHV*DQ]HQ /DXHV:DVVHUHVNRFKWVHOWHQUHFKW GLH VFKZDOEJHVFKZHLIWHQ-QJOLQJH =XFNHUGLH ZLHVLHQlPOLFKVLFKJHVWDOWHQPVVHQ 'LFKWHU XPIUGHQ7HHEUDXFKEDU]X 5XPGLH HUVFKHLQHQ *HOHKUWHQ

)U=ZLHEDFN3XPSHUQLFNHOVFKQLWWHNXU]IUDOOHVZDVQXUYRQ ZHQLJHQJHOHJHQWOLFK]XJHELVVHQZLUGN|QQHQGLH/HXWHJHOWHQ GLHYRQGHQOHW]WHQ$YLVHQVSUHFKHQYRQGHP.LQGHGDV QDFKPLWWDJVLQGHUXQGGHU6WUDH]XP)HQVWHUKLQDXVJHVWU]W YRQGHPOHW]WHQ)HXHUXQGZLHGLH6FKODXFKVSULW]HQJXWH'LHQVWH JHWDQGLHLKUH5HGH JHZ|KQOLFKPLWª:LVVHQ6LHVFKRQ"© DQIDQJHQXQGVLFKEDOGHQWIHUQHQXPLPVHFKVWHQ=LPPHU KHLPOLFKHLQHQ=LJDUUR]XUDXFKHQ

$OVRGHU3URIHVVRU/OlFKHOWHVDUNDVWLVFKXQGPHLQWHGDGHU %DURQKHXWHYRU]JOLFKIULVFKDXVVlKHWURW]GHVWRGEULQJHQGHQ 6FKPHU]HVLP,QQHUQ

'HU%DURQRKQHDXIGDV]XPHUNHQZDVGHU3URIHVVRU JHVSURFKHQYHUVLFKHUWHGDLKPKHXWHQLFKWV$QJHQHKPHUHV JHVFKHKHQN|QQHDOVDXIHLQHQPLWKLVWRULVFKHU.HQQWQLVVRUHLFK DXVJHVWDWWHWHQ0DQQ]XWUHIIHQDOVGHU+HUU3URIHVVRUHVVHL

'DQQIUDJWHHUVHKUEHJLHULJREHVGHQQZDKUGDGLH7UNHQLP .ULHJHLKUH*HIDQJHQHQDXIGLHJUDXVDPVWH:HLVHXPV/HEHQ EUlFKWHQXQGREGLHVQLFKWJHJHQGDV9|ONHUUHFKWPHUNOLFK DQVWRH'HU3URIHVVRUPHLQWHGDHVVRJHQ$VLHQ]XPLWGHP 9|ONHUUHFKWLPPHUPLOLFKHUZHUGHXQGGDHVVRJDUVFKRQLQ .RQVWDQWLQRSHOYHUVWHFNWH/HXWHJHEHGLHNHLQ1DWXUUHFKW VWDWXLHUHQZROOWHQ:DVQXQGDV8PEULQJHQGHU*HIDQJHQHQ EHWUHIIHVRZlUHGDVZLHGHU.ULHJEHUKDXSWVFKZHUXQWHUHLQ 5HFKWVSULQ]LS]XEULQJHQXQGGLHVGDKHUGHPDOWHQ+XJR*URWLXV LQVHLQHP7DVFKHQEFKHOFKHQª'HMXUHEHOOLHWSDFLV©EHWLWHOW EOXWVDXHUJHZRUGHQ0DQN|QQHGDKHULQGLHVHU+LQVLFKWQLFKW VRZRKOYRQGHPZDVUHFKWDOVYRQGHPVSUHFKHQZDVVFK|Q XQGQW]OLFK6FK|QVHLMHQHV$EWXQGHUZHKUORVHQ*HIDQJHQHQ QLFKWDEHURIWQW]OLFK6HOEVWYRQGLHVHP1XW]HQKlWWHQDEHUGLH 7UNHQLQQHXHVWHU=HLWQLFKWSURILWLHUHQZROOHQPLW YHUVFKZHQGHULVFKHU%RQKRPLH3DUGRQJHJHEHQXQGVLFK JURPWLJPLW2KUDEVFKQHLGHQEHJQJW)l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lKHU DXVEHUGLHYHUVFKLHGHQHQ$UWHQGHV6SLHHQVJHGDFKWH UKPOLFKVWGHVKXPDQHQ'VFKLQJLVNKDQGHUGLH/HXWH]ZLVFKHQ ]ZHL%UHWWHUELQGHQXQGGXUFKVlJHQOLHXQGZROOWHHEHQ]XP ODQJVDPHQ%UDWHQXQG,QgO6LHGHQEHUJHKHQDOVSO|W]OLFK]X

VHLQHU9HUZXQGHUXQJGHU%DURQ7KHRGRUYRQ 6PLW]ZHL 6SUQJHQKLQDXVZDUGXUFKGLH7UH

8QWHUGHQYRQGHP%DURQ$FKDWLXVYRQ )EHUVHQGHWHQ3DSLHUHQ EHILQGHWVLFKHLQNOHLQHU=HWWHOZRUDXIYRQGHV%DURQV7KHRGRU YRQ 6+DQGGLH:RUWHVWHKHQ

ª2KLPPOLVFKHVVHVKROGHV:HVHQZHOFKH4XDOHQKDWGHU7RG KDWGLH+|OOHGLHLFKVLHJHQGHU+HOGQLFKWXPGLFKHUWUDJHQVROOWH 1HLQGXPXWPHLQZHUGHQXQGGURKWHPLUDXFKGHU PDUWHUYROOVWH8QWHUJDQJ± 21DWXUVHJUDXVDPH1DWXU ZDUXPKDVWGXQLFKWDOOHLQPHLQHQ*HLVWVRQGHUQDXFKPHLQHQ /HLEVR]DUWVRHPSILQGOLFKJHVFKDIIHQGDPLFKMHGHU)ORKVWLFK VFKPHU]W:DUXPDFKZDUXPNDQQLFKRKQHRKQPlFKWLJ]X ZHUGHQNHLQ%OXWVHKHQDPZHQLJVWHQGDVPHLQLJH©

=ZHLWHV%OlWWOHLQ

$XIGLHVHPVWHKHQDSKRULVWLVFKH%HPHUNXQJHQEHUGHV%DURQV 7KHRGRUYRQ 67XQXQG7UHLEHQGLHYRQLUJHQGMHPDQGHQGHU LKQJHQDXEHREDFKWHWHDXIJHVFKULHEHQXQG]XU0LWWHLOXQJDQ 6FKQVSHOSROGEHVWLPPW]XVHLQVFKHLQHQ'LH+DQGLVW IUHPGDUWLJXQGRIWVFKZHU]XHQW]LIIHUQ,QEHVVHUQ =XVDPPHQKDQJJHEUDFKWLVWIROJHQGHVGDUDXV]XEHULFKWHQ± -HQHU$EHQGEHL)UDXYRQ *KDWWHXQHUDFKWHWGLHDQIlQJOLFKH DOOJHPHLQHbXHUXQJGHV0LIDOOHQVXQKHLOEULQJHQGJHVFKLHQHQ GRFKIUGHQ%DURQGLHHUVSULHOLFKVWHQ)ROJHQ(LQEHVRQGHUHU *ODQ]XPIORLKQXQGHUNDPPHKULQGLH0RGHDOVMHPDOV(U EOLHELQVLFKJHNHKUW]HUVWUHXWIKUWHYHUZLUUWH5HGHQVHXI]WH VWDUUWHGLH/HXWHJHGDQNHQORVDQMDHUZDJWHVRJDUHLQLJHPDO GDV+DOVWXFKQDFKOlVVLJ]XNQSIHQXQGLPIODFKVIDUEQHQ 2EHUURFN]XHUVFKHLQHQGHQHUVLFKGDLKP)DUEHXQG)RUP VROFKHU.OHLGXQJDPEHVWHQ]XVWHKQVFKLHQHQDXVGUFNOLFKKDWWH PDFKHQODVVHQGHULQWHUHVVDQWHQ8QVFKLFNOLFKNHLWKDOEHU0DQ IDQGGDVDOOHVDOOHUOLHEVW]XP(QW]FNHQ-HGHMHGHUKDVFKWHQDFK GHP$XJHQEOLFNLKQXQWHUYLHU$XJHQDXV]XIUDJHQEHUVHLQ YRUJHEOLFKHV*HKHLPQLVXQGHVZDUHWZDVPHKUGDKLQWHUDOV EORH1HXJLHUGH0DQFKHV MXQJH0lGFKHQIUDJWHLQGHU hEHU]HXJXQJGDQLFKWVDQGHUVDOVGDV*HVWlQGQLVVHLQHU/LHEH EHUGHV%DURQV/LSSHQIOLHHQN|QQH$QGHUHGLHGLHVH hEHU]HXJXQJQLFKWKDWWHQGUDQJHQGHVKDOELQGHQ%DURQZHLOVLH ZRKOZXWHQGDHLQ0DQQGHUHLQHPMXQJHQ)UDXHQ]LPPHU LUJHQGHLQ*HKHLPQLVHQWGHFNWXQGVROOWHHVDXFKHLQVRUJOLFK]X YHUVFKZHLJHQGHU/LHEHVEXQGPLWHLQHUDQGHUQVHLQZHQLJVWHQV HLQHQ7HLOVHLQHV+HU]HQVPLWZHJVFKHQNWXQGGDGLH9HUWUDXWH JHZ|KQOLFKGHQ7HLOGHUIUGLH*OFNOLFKHEULJJHEOLHEHQQDFK XQGQDFKLQ$QVSUXFKQLPPWXQGZLUNOLFKJHZLQQW$OWH'DPHQ ZROOWHQGDV*HKHLPQLVZLVVHQXPQDFKKHUGLHJHELHWHQGH+HUULQ ]XVSLHOHQMXQJH0lQQHUDEHUZHLOVLHJDUQLFKWEHJUHLIHQ NRQQWHQZLHGHP%DURQXQGQLFKWLKQHQGDV$XHURUGHQWOLFKH EHJHJQHWXQGZHLOVLHJHUQZLVVHQZROOWHQZLHHVDQ]XIDQJHQ XPHEHQVRLQWHUHVVDQW]XHUVFKHLQHQDOVHU± -HGH0LWWHLOXQJ GHVVHQZDVVLFKLQ6FKQVSHOSROGV:RKQXQJDQMHQHP7DJH EHJHEHQZDUQDWUOLFKHUZHLVHXQP|JOLFK'HU%DURQPXWH VFKZHLJHQZHLO HUQLFKWV]XHQWGHFNHQKDWWHXQGHEHQGDKHUNDP HVGDHUEDOGVLFKVHOEVWHLQELOGHWHHUWUJHHLQ*HKHLPQLVLQ

VLFKGDVLKPVHOEVWHLQ*HKHLPQLV$QGUH/HXWHYRQHWZDV PHODQFKROLVFKHP7HPSHUDPHQWKlWWHVROFKHLQ*HGDQNH]XP :DKQVLQQWUHLEHQN|QQHQGHU%DURQEHIDQGVLFKDEHUVHKUZRKO GDEHLMDHUYHUJDGDUEHUGDVHLJHQWOLFKHQLFKWPLWWHLOEDUH *HKHLPQLVXQG6FKQVSHOSROGXQGGLHVFK|QH*ULHFKLQGD]X,Q GLHVHU=HLWJHODQJHVGHQQDXFKGHQ.QVWHQGHUNRNHWWLHUHQGHQ $PDOLH6LPVRQGHQ%DURQZLHGHUDQ VLFK]X]LHKHQ6HLQ +DXSWJHVFKlIWZDUVFKOHFKWH9HUVH]XGUHFKVHOQQRFK VFKOHFKWHUH0XVLNGD]X]XPDFKHQXQGGLHPLVHUDEOHQ (U]HXJQLVVHVHLQHUYHUVWHFNWHQ0XVHGHU%DQNLHUVWRFKWHU YRU]XSOlUUHQ(UZXUGHEHZXQGHUWXQGZDUGDKHULP+LPPHO'DV VROOWHDEHUQLFKWODQJHGDXHUQ (LQHV$EHQGVDOVHUDXVHLQHU$EHQGJHVHOOVFKDIWGLHHEHQEHL GHP%DQNLHU1DWKDQDHO6LPVRQVWDWWJHIXQGHQVSlWLQGHU1DFKW ]XUFNJHNHKUWVLFKHQWNOHLGHQOLHIDWHHULQGLH%UXVWWDVFKH GHV)UDFNVXPGLH%|UVHKHUDXV]XQHKPHQ0LWGHU%|UVH]RJHU DEHUHLQNOHLQHV=HWWHOFKHQKHUYRUDXIGHPGLH:RUWHVWDQGHQ

ª8QJOFNVHOLJHU9HUEOHQGHWHU.DQQVW'XVROHLFKWGLHYHUJHVVHQ GLH'HLQ/HEHQ'HLQDOOHVVHLQVROOWHPLWGHU'LFKK|KHUH0lFKWH YHUEDQGHQ]XPK|KHUHQ6HLQ"© (LQ HOHNWULVFKHU6FKODJGXUFKIXKUVHLQ,QQUHV± .HLQHDQGHUHDOV GLH*ULHFKLQKDWWHGLHVH:RUWHJHVFKULHEHQ'DV+LPPHOVELOG VWDQGLKPYRU$XJHQHUODJLQGHQ$UPHQGHU6FK|QVWHQHU IKOWHLKUH.VVHDXIVHLQHQ/LSSHQEUHQQHQ± ª+D©ULHIHU EHJHLVWHUWDXVªVLHOLHEWPLFKVLHNDQQPLFKQLFKWODVVHQ 9HUVFKZLQGHVFKQ|GHU7UXJ*HK]XUFNLQGHLQ1LFKWVNHFNH %DQNLHUVWRFKWHU+LQ]XLKUGHU*|WWOLFKHQGHUKRKHQKHKUHQ± KLQ]XLKUHQ)HQ]XVWU]HQXQG9HU]HLKXQJ]XHUULQJHQ©

'HU%DURQZROOWHIRUW GHU.DPPHUGLHQHUHULQQHUWHGDJHJHQRE HVQLFKWEHVVHUVHLQZUGHVFKODIHQ]XJHKHQGHU%DURQSDFNWH LKQDEHUEHLGHU*XUJHOIODPPWHLKQDQPLWJUlOLFKHP%OLFNXQG VSUDFKª9HUUlWHUZDVVSULFKVWGXYRQ6FKODIZHQQHLQJDQ]HU bWQDYRQ/LHEHVJOXWLP,QQHUQDXIJHORGHUW"©± 'DUDXINWHHU

ZlKUHQGLKQGHU.DPPHUGLHQHUYROOHQGVDXVNOHLGHWHXQWHU DOOHUOHLYHUZLUUWHQXQYHUVWlQGLJHQ5HGHQVDUWHQQRFKHLQLJHPDO GHQ=HWWHOGHUHUZXWHZDKUOLFKQLFKWZLHLQVHLQH5RFNWDVFKH JHNRPPHQOHJWHVLFKLQV%HWWHXQGYHUILHOEDOGLQVHQ 6FKOXPPHU

0DQNDQQGHQNHQPLWZHOFKHU+DVWHUDQGHUQ0RUJHQVQDFKGHP HUVLFKDXIGDVVFK|QVWHXQGJHVFKPDFNYROOVWHDQJHNOHLGHWQDFK GHU)ULHGULFKVVWUDHUDQQWH+RFKNORSIWHLKPGDV+HU]YRU (QW]FNHQDEHUQRFKK|KHUYRULQQHUHU$QJVWXQG %HNORPPHQKHLWDOVHUGLH.OLQJHOVFKQXUGHV+DXVHVIDVVHQ ZROOWH:HQQQXUQLFKWGLHYHUGDPPWHQ=XPXWXQJHQZlUHQ6R GDFKWHHUXQG]|JHUWHOlQJHUXQGOlQJHUYRUGHU7UHLQ VFKZHUHP.DPSIPLWVLFKVHOEVWEHJULIIHQELVHUDP(QGHLQ HLQHU$UWYHU]ZHLIHOWHQ0XWHVGLH.OLQJHOVWDUNDQ]RJ 0DQ|IIQHWHOHLVHVFKOLFKHUGLH7UHSSHKHUDXIODXVFKWHDQGHU ZRKOEHNDQQWHQ7UH'DVSUDFKGULQQHQHLQHJHOOHQGH VFKQDWWHUQGH6WLPPH

ª'HU+HHUIKUHUNRPPWJHZDSSQHWXQGJHUVWHWPLWGHP 6FKZHUWLQGHU+DQGXQGZLUGYROOEULQJHQZDVGXJHEHXWVW:LOO GLFKDEHUHLQPXWORVHU6FKZlFKOLQJWlXVFKHQVRVWRHLKPGHLQ 0HVVHULQGLH%UXVW©

'HU%DURQGUHKWHVLFKVHKUJHVFKZLQGXPVSUDQJHEHQVRVFKQHOO GLH7UHSSHKHUDEXQGOLHIZDVHUNRQQWHGLH)ULHGULFKVVWUDH KHUDE

8QWHUGHQ/LQGHQKDWWHVLFKHLQ+DXIH0HQVFKHQJHVDPPHOWGLH HLQHPMXQJHQ+XVDUHQRIIL]LHU]XVFKDXWHQGHUVHLQ ZLOGJHZRUGHQHV3IHUGQLFKWElQGLJHQ]XN|QQHQVFKLHQ'DV3IHUG VSUDQJElXPWHVLFKVRGDHVMHGHQ$XJHQEOLFNEHU]XVFKODJHQ GURKWH(VZDUJUDXOLFKDQ]XVHKQ$EHUIHVWZLHDQJHVFKPLHGHW VDGHU2IIL]LHU]ZDQJHQGOLFKGDV3IHUG]X]LHUOLFKHQ.XUEHWWHQ XQGULWWGDQQLPNXU]HQ7UDEHGDYRQ (LQODXWHVIUHXGLJHVª+DZHOFKHLQ0XWZHOFKH%HVRQQHQKHLW± RKHUUOLFK©GDVDXVGHP)HQVWHUGHVHUVWHQ6WRFNVHLQHV+DXVHV ]XNRPPHQVFKLHQ]RJGHV%DURQV%OLFNLQGLH+|KHXQGHU

JHZDKUWHHLQELOGVFK|QHV0lGFKHQGLHJDQ]HUU|WHWYRU$QJVW 7UlQHQLP$XJHGHPNKQHQ5HLWHUQDFKEOLFNWH ª,QGHU7DW©VSUDFKGHU%DURQ]XGHP5LWWPHLVWHUYRQ %GHU VLFKLQGHVVHQ]XLKPJHVHOOWKDWWHªGDVLVWHLQNKQHUPXWLJHU 5HLWHUGLH*HIDKUZDUJUR©

ª1LFKWVZHQLJHUDOVGDV©HUZLGHUWHGHU5LWWPHLVWHUOlFKHOQG ªQXUJHZ|KQOLFKH5HLWHUNQVWHKDWGHU+HUU/LHXWHQDQWKLHU SURGX]LHUW6HLQVFK|QHVNOXJHV3IHUGLVW]XJOHLFKHLQHVGHU IU|PPVWHQGLHLFKNHQQHDEHUGDEHLHLQYRUWUHIIOLFKHU .RP|GLDQWGHUHLQ]XJUHLIHQZHLLQGDV6SLHOGHV+HUUQ'LH JDQ]H.RP|GLHZXUGHDXIJHIKUWXPMHQHPKEVFKHQ0lGFKHQ GRUW$QJVWHLQ]XMDJHQGLHVLFKDXIO|VWLQVH%HZXQGHUXQJGHV KHUUOLFKHQNKQHQ3IHUGHElQGLJHUVGHPGDQQIRUWKLQHLQ7DQ] XQG± DXFKZRKOHLQYHUVWRKOQHU.XQLFKWDEJHVFKODJHQZLUG© 'HU%DURQHUNXQGLJWHVLFKDQJHOHJHQWOLFKVWREHVZRKOVFKZHU VHLGHUJOHLFKHQ.QVWH]XHUOHUQHQXQGJHVWDQGDOVGHU 5LWWPHLVWHUYHUVLFKHUWHGDGHU%DURQGDHUVFKRQVRQVWJDQ] SDVVDEHOUHLWHVHKUEDOGVROFKHV6SLHOVPlFKWLJZHUGHQZUGH ZLHJDQ]EHVRQGHUHJHKHLPQLVYROOH9HUELQGXQJHQLKPHV ZQVFKHQVZHUWPDFKWHQHLQHUJHZLVVHQ'DPHHEHQVR]X HUVFKHLQHQZLHGHU+XVDUHQOLHXWHQDQWMHQHP0lGFKHQ'HU 5LWWPHLVWHUGHQ6FKDONLP,QQHUQERWVLFKVHOEVW]XP/HKUHUXQG HLQVVHLQHU3IHUGHGDVVLFKDXFKUHFKWJXWDXIVROFKHV6SLHO YHUVWHKH]XU$XVIKUXQJGHV3ODQVDQ (VLVW]XPHUNHQGDMHQHU$XIWULWWLQGHP%DURQGLH,GHH HUZHFNWKDWWHVLFKGHU*ULHFKLQDXIHLQHJDQ]JHIDKUORVH:HLVH DOVHLQHQPXWLJHQ0DQQ]X]HLJHQGDPLWVLHQXUQLFKWPHKUQDFK VHLQHP0XWIUDJHGDVEULJHQHEVWGHQFKLPlULVFKHQ3OlQHQ ZHJHQ%HIUHLXQJGHUPLVHUDEOHQ*ULHFKHQZHUGHVRPHLQWH HU GDQQZRKOQDFKXQGQDFKLQ9HUJHVVHQKHLWJHUDWHQ 'LH6WXGLHQGHV%DURQVZDUHQYROOHQGHWVHOEVWDXIGHU6WUDH KDWWHHUVFKRQJHOXQJHQH9HUVXFKHJHPDFKWLQ*HJHQZDUWGHV 5LWWPHLVWHUV'DULWWHUHLQHV0RUJHQVRGHUYLHOPHKU0LWWDJV ZHQQGLH6WUDHQ DPOHEHQGLJVWHQVLQGGXUFKGLH )ULHGULFKVVWUDH± 2+LPPHOGLH*ULHFKLQVWDQGDP)HQVWHU 6FKQVSHOSROGQHEHQLKU'HU%DURQEHJDQQVHLQH.QVWHDEHU VHLHVQXQGDHUVLFKEHUQDKPLQGHP$XJHQEOLFNGHU

%HJHLVWHUXQJRGHUGDGDV3IHUGJHUDGHQLFKWDXIJHOHJWZDU]X VROFKHU6SLHOHUHLJHQXJ± HKHHUVLFK VYHUVDKIORJGHU%DURQ KHUDEDXIV6WUDHQSIODVWHUXQGUXKLJEOLHEGDV5RVWHKHQ GUHKWHVHLWZlUWVGHQ.RSIXQGVFKDXWHGHQ*HIDOOQHQDQPLW NOXJHQ$XJHQ'LH/HXWHVSUDQJHQKHUEHLXPGHQ%DURQGHULQ WLHIHU2KQPDFKWGDODJDXI]XKHEHQXQGLQV+DXV]XWUDJHQ(LQ DOWHU5HJLPHQWVFKLUXUJXVGHUHEHQYRUEHUJLQJGUlQJWHVLFK DEHUGXUFKV9RONVFKDXWHGHP%DURQLQV*HVLFKWIDWHVHLQHQ 3XOVEHIKOWHLKQDPJDQ]HQ/HLEHXQGEUDFKGDQQORVª$OOH WDXVHQG(OHPHQWHPHLQ+HUUZDVWUHLEHQ6LHIU1DUUHQVWUHLFKH 6LHVLQGMDJDUQLFKWRKQPlFKWLJ,KQHQIHKOWMDQLFKWGDV DOOHUPLQGHVWHVHW]HQ6LHVLFKGRFKQXUZLHGHUJHWURVWDXI©± :WHQGULVLFKGHU%DURQYRQGHQ/HXWHQORVVFKZDQJVLFKDXIV 3IHUGXQGULWWGDYRQXQWHUGHPVFKDOOHQGHQ+RKQJHOlFKWHUGHV YHUVDPPHOWHQ9RONVEHJOHLWHWYRQPXQWHUHQ6WUDHQEXEHQGLH MDXFK]HQGQHEHQLKPKHU.XULHUOLHIHQ± 'XUFKDXVKDWWHHVGHP %DURQQLFKWJHOLQJHQZROOHQVLFKGHU$QJHEHWHWHQDOVHLQNKQHU PXWLJHU0DQQ]X ]HLJHQVHOEVWGDVOHW]WH0LWWHOGDVGLH 9HU]ZHLIOXQJLKPHLQJDEGLHYHUVWHOOWH2KQPDFKWQlPOLFKVFKOXJ IHKOGXUFKGLHKHLOORVH'D]ZLVFKHQNXQIWGHVJHUDGHQNHLQH 6FKRQXQJNHQQHQGHQ&KLUXUJXV 6RZHLWGDV%OlWWOHLQ,QGHQ1RWL]HQGHV%DURQV$FKDWLXVYRQ ) KDWVLFKQLFKWVJHIXQGHQZDVPLWGHP9RUKHUJHKHQGHQLQ 9HUELQGXQJ]XEULQJHQJHZHVHQZlUH

'ULWWHV%OlWWOHLQ

9LHU%OlWWOHLQN|QQHQKLHUVFKLFNOLFK]XVDPPHQJH]RJHQZHUGHQLQ HLQHVGDVLHGLHIRUWODXIHQGH(U]lKOXQJHLQHVXQGGHVVHOEHQ (UHLJQLVVHVHQWKDOWHQ'LH6FKULIWVFKHLQWYRQGHP .DQ]OHLDVVLVWHQWHQ6FKQVSHOSROGVHOEVWKHU]XUKUHQ

'HU%DURQ7KHRGRUYRQ 6VFKOLHILQGHUWUEHQUHJQLFKWHQ %DUWKRORPlXVQDFKWVRHUVWDXQOLFKIHVWGDLKQVHOEVWGDV*HKHXO GHV6WXUPZLQGHVGDV.ODSSHUQXQG.OLUUHQ GHVDXIJHVSUXQJHQHQ )HQVWHUIOJHOVQLFKW]XZHFNHQYHUPRFKWH3O|W]OLFKILQJHUDEHU DQGLH1DVH]X]LHKHQDOVYHUVSUHHULUJHQGHLQHQ*HUXFK'DQQ OLVSHOWHHUNDXPYHUQHKPOLFKª2KPLUJLEGLHVHVFK|QHQ %OXPHQGXPHLQHVH/LHEH©XQGVFKOXJGLH$XJHQDXI *UHQ]HQORVVFKLHQVHLQ(UVWDXQHQDOVHUGDV=LPPHUEOHQGHQG HUOHXFKWHWGLFKWYRU$XJHQDEHUHLQHQJURHQGXIWHQGHQ %OXPHQVWUDXHUEOLFNWH'LHVHU%OXPHQVWUDXZDUDEHUDQGHP 5RFNEHIHVWLJWGHQHLQDOWHU0DQQDQJH]RJHQZHOFKHQHLQ YHUOHXPGHULVFKHU6FKULIWVWHOOHUDOVYHUZDFKVHQNUXPPEHLQLFKW JURWHVNLQVHLQHPJDQ]HQ:HVHQJHVFKLOGHUWKDW*XWLVWHVDEHU GDEHVDJWHU6FKULIWVWHOOHUGHQ0DQQKDW]HLFKQHQODVVHQXQGGD GLH=HLFKQXQJ]XP6SUHFKHQlKQOLFKJHUDWHQLVW-HGHUNDQQVLFK GDKHUEHU]HXJHQGDMHQH6FKLOGHUXQJJlQ]OLFKJHJHQGLH :DKUKHLWDQVW|Wª8PWDXVHQG*RWWHVZLOOHQ©ULHIGHU%DURQ JDQ]HUVFKURFNHQª+HUU.DQ]OHLDVVLVWHQW6FKQVSHOSROGZR NRPPHQ6LHKLHUKHU]XGLHVHU6WXQGH"©

ª(UODXEHQ6LH©VSUDFK6FKQVSHOSROGQDFKGHPHUGHQ )HQVWHUIOJHOEHIHVWLJWXQGVLFKQLHGHUJHODVVHQKDWWHDXIGHQ /HKQVHVVHOGHQHUGLFKWDQV%HWWHJHUFNWªHUODXEHQ6LH YHUHKUWHVWHU+HUU%DURQGDLFK,KQHQPHLQHQ%HVXFKDEVWDWWH =ZDULVWGLH6WXQGHXQJHZ|KQOLFKLQGHVVHQJHUDGHGLHHLQ]LJHLQ GHULFKPLFKRKQH$XIVHKQ]XHUUHJHQ]X,KQHQEHJHEHQ NRQQWHXP6LHLQ*HKHLPQLVVHHLQ]XZHLKHQYRQGHQHQ,KU /LHEHVJOFNDEKlQJW© ª6SUHFKHQ6LH©HUZLGHUWHGHU%DURQGHUVLFKMHW]WHUVWJDQ] HUPXQWHUWªVSUHFKHQ6LHEHVWHU6FKQVSHOSROGYLHOOHLFKWJHOLQJW HV,KQHQPLFKDXVGHUVFKUHFNOLFKHQ7URVWORVLJNHLW]XUHLHQLQ GHULFKPLFKEHILQGH26FKQVSHOSROG©

ª,FKZHL©IXKU6FKQVSHOSROGIRUWªLFKZHLZHUWHVWHU+HUU %DURQZDV6LHVDJHQZROOHQXQGZLOOQLFKWYHUKHKOHQGD JHZLVVHDOEHUQH6WUHLFKH]XP%HLVSLHOGHU6WXU]YRP3IHUGH ±© ª2KRKRK©VHXI]WHGHU%DURQXQGYHUEDUJVLFKLQGLH .RSINLVVHQ

ª1XQQXQ©VSUDFK6FKQVSHOSROGZHLWHUªLFKZLOOGLHVH PLW|QHQGH6DLWHQLFKWZHLWHUEHUKUHQVRQGHUQQXULP DOOJHPHLQHQEHPHUNHQGD,KUJDQ]HV%HWUDJHQXQG7UHLEHQ ZHUWHVWHU%DURQYRQGHP$XJHQEOLFNDQDOV6LHPHLQ0QGHO JHVFKDXWXQGVLFKLQVLHYHUOLHEWKDWWHQYRQGHU$UWZDUGDDOOH PHLQH%HPKXQJHQ,KUH9HUELQGXQJPLWGHU6FK|QVWHQ]XVWDQGH ]XEULQJHQVFKHLWHUQPXWHQ%HVVHULVWHVGDKHU6LHPLWGHP ZDV]XWXQYHUWUDXWHU]XPDFKHQGLHVVHW]WDEHUYRUDXVGDLFK ,KQHQEHUPHLQHXQGPHLQHV0QGHOV9HUKlOWQLVVHPHKUVDJH DOVHVJHZLVVHU.RQVWHOODWLRQHQKDOEHUHLJHQWOLFKUDWVDPVHLQ GUIWH9HUQHKPHQ6LHDOVR± ,FKIDQJHZLHGLH.OXJKHLWMHGHP LQDOOHQ9HUKlOWQLVVHQGHV/HEHQVJHEHXWYRQPLUVHOEVWDQ$OOH /HXWHGHQHQLFKLQGLH1lKHNRPPHVSUHFKHQLFKVHLHLQ NXULRVHU0DQQPLWGHPHVQLFKWUHFKWULFKWLJRKQHGDGLHVH /HXWHVHOEVWZLVVHQZDVVLHGDPLWPHLQHQ$OOHQH[]HQWULVFKHQ 0lQQHUQGDVKHLWVROFKHQGLHDXVGHPHQJHJH]RJHQHQ.UHLVH GHVJHZ|KQOLFKHQ7UHLEHQVKLQDXVVSULQJHQGHQHQGLH DEJHVFKORVVHQH:LVVHQVFKDIWQLFKWJHQJWGLH6WRIIXQG1DKUXQJ K|KHUHU:HLVKHLWQLFKWLQ%FKHUQVRQGHUQGLH3URSKHWHQVHOEVW DXIVXFKHQLQIHUQHQ/DQGHQJHKWHVDEHUVRXQGDXFKPLU (UIDKUHQ6LHEHVWHU+HUU%DURQ± DEHU6LHVFKODIHQ©± ª1HLQ QHLQ©ZLPPHUWHGHU%DURQXQWHUGHP.LVVHQKHUYRUªLFKNDQQ PLFKQXUQRFKQLFKWJDQ]YRQGHPXQJOFNVHOLJHQ6WXU]HUKROHQ HU]lKOWQXU 6FKQVSHOSROGFKHQ© ª(UIDKUHQ6LHDOVR©IXKU6FKQVSHOSROGIRUWªGDLFKQDFKGHP LFK.DQ]OHLDVVLVWHQWJHZRUGHQPLFKPLW0DFKWKLQJH]RJHQIKOWH ]XGHU:LVVHQVFKDIWDOOHU:LVVHQVFKDIWHQGLHQXUHLQIODFKHU DEJHVWXPSIWHU=HLWJHLVWYHUZRUIHQQXUHLQXQZLVVHQGHU7RUIU GXPPHVDEJHVFKPDFNWHV=HXJHUNOlUHQNDQQ,FKPHLQHGLH J|WWOLFKH.DEEDOD± ,KQHQPHKUYRQGLHVHU:LVVHQVFKDIWXQGYRQ GHU$UW]XVDJHQZLHHVPLUJHODQJHLQ]XGULQJHQLQLKUH7LHIHQ GDVYHUORKQWQLFKWGHU0KHGD6LHGHQ7HXIHOZDVGDYRQ YHUVWHKHQXQGYRUVFKQ|GHUXQZHLVHU/DQJHZHLOHEDOGIHVW

HLQVFKODIHQZUGHQ(VJHQJW]XVDJHQGDHLQ.DEEDOLVW XQP|JOLFKDXIGLH'DXHUPLW0XWXQG/LHEH.DQ]OHLDVVLVWHQW EOHLEHQNDQQ(VZDUGLHKHLOLJHJ|WWOLFKH.DEEDODGLHPLFK IRUWWULHEDXVGHU.DQ]HOHLIRUWWULHEDXVGHPOLHEHQ%UDQGHQEXUJ LQIHUQH/lQGHUZRLFKGLH3URSKHWHQIDQGGLHPLFKDQQDKPHQ DOVZLEHJLHULJHQJHOHKULJHQ6FKOHU± 0DQPXGLH$VFKHGHU 9lWHUHKUHQ± 0HLQ9DWHUGHU.QRSIPDFKHU6FKQVSHOSROGZDU HLQ]LHPOLFKHU.DEEDOLVWXQGGLH)UXFKWYLHOMlKULJHU%HPKXQJHQ HLQ7DOLVPDQGHQLFKDXVPHLQHV9DWHUV(UEVFKDIWPLWQDKPDXI PHLQHU5HLVHXQGGHUPLUJXWH'LHQVWHJHOHLVWHWKDW(VEHVWHKW GLHVHU7DOLVPDQLQHLQHP]LHPOLFKJHDUEHLWHWHQ+RVHQNQRSIGHQ PDQDXIGHU+HU]JUXEH WUDJHQPXXQG± 'RFK6LHK|UHQPLFK QLFKW%DURQ"©± ª$OOHUGLQJV©VSUDFKGHU%DURQQRFKLPPHULQ GHQ.LVVHQªDEHU,KUHU]lKOWHQWVHW]OLFKZHLWOlXIWLJ 6FKQVSHOSROGXQGQRFKKDEW,KUJDUQLFKWVYRUJHEUDFKWZDV PLFKWU|VWHQN|QQWH© 'DVZUGHVFKRQNRPPHQYHUVLFKHUWH6FKQVSHOSROGXQGIXKU GDQQZHLWHUIRUW

ª,FKGXUFKUHLVWHGLH7UNHL*ULHFKHQODQG$UDELHQbJ\SWHQXQG DQGHUH/lQGHUZRVLFKGHQ.XQGLJHQGLH6FKDFKWHQWLHIHU :HLVKHLW|IIQHQXQGNHKUWHHQGOLFKQDFKGHPLFK GUHLKXQGHUWXQGGUHLXQGGUHLLJ-DKUHDXIGHU5HLVH]XJHEUDFKW QDFK3DWUDV]XUFN(VEHJDEVLFKGDLFKLQGHU*HJHQGYRQ 3DWUDVEHLHLQHP+DXVHYRUEHUJLQJZHOFKHVZLHLFKZXWHYRQ HLQHPDXVIUVWOLFKHP6WDPPHQWVSURVVHQHQ*ULHFKHQEHZRKQW ZXUGH0DQULHIPLUQDFK¾*UHJRURV 6HOHVNHKWUHWHKLQHLQGX NRPPVW]XUUHFKWHQ6WXQGH½,FKGUHKWHPLFKXPHUEOLFNWHLQGHU 7UHLQHDOWH)UDXGHUHQ*HVLFKWXQG*HVWDOW6LHZHUWHVWHU+HUU %DURQXQGDQGHUHNQVWOHULVFKH/HXWHDQGLH6LE\OOHQGHV $OWHUWXPVHULQQHUWKlWWH(VZDU$SRQRPHULDGLHZHLVH)UDXPLW GHULFKVRQVWLQ3DWUDV8PJDQJJHSIORJHQXQGGLHPHLQH .HQQWQLVVHXQJHPHLQEHUHLFKHUWKDWWH:RKOZXWHLFKQXQGD $SRQRPHULD+HEDPPHQGLHQVWHYHUULFKWHQVROOWHZDVHLJHQWOLFK LKU%HUXIZDULQ3DWUDV,FKWUDWKLQHLQGLH)UVWLQODJLQ .LQGHVQ|WHQXQGEDOGZDUHLQOLHEOLFKHV:XQGHUYRQ0lJGOHLQ JHERUHQ¾*UHJRURV6HOHVNHK½VSUDFK$SRQRPHULDIHLHUOLFK ¾EHWUDFKWHGLHVHV.LQGDXIPHUNVDPXQGEHULFKWHZDVGX HUVFKDXW½,FKWDWGDVLFKILJLHUWHPHLQHQJDQ]HQ6LQQDOOPHLQH *HGDQNHQDXIGDVNOHLQH:HVHQ'DHQW]QGHWHVLFKEHUGHP

+DXSWHGHV.LQGHVHLQEOHQGHQGHU6WUDKOHQVFKLPPHULQGLHVHP 6FKLPPHUZXUGHDEHUHLQEOXWLJHV6FKZHUWXQGGDQQHLQHPLW /RUEHHUQXQG3DOPHQXPZXQGHQH.URQHVLFKWEDU± ,FK YHUNQGHWHGDV'DULHI$SRQRPHULDEHJHLVWHUW¾+HLO+HLOGHU HGOHQ)UVWHQWRFKWHU½± 'LH)UVWLQODJZLHLP6FKOXPPHUGRFK EDOGOHXFKWHWHQLKUH$XJHQDXIVLHHUKREVLFKIULVFKXQGPXQWHU DOOH-XJHQGEOWHLPKROGHQ$QWOLW]DXVGHP%HWWHNQLHWHQLHGHU YRUGHP%LOGQLVGHVKHLOLJHQ -RKDQQHVGDVEHUHLQHPNOHLQHQ $OWDULP=LPPHUDQJHEUDFKWXQGEHWHWHGHQYHUNOlUWHQ%OLFN HPSRUJHULFKWHW¾-D½VSUDFKVLHGDQQLP,QQHUVWHQEHZHJW¾MD PHLQH7UlXPHZHUGHQZDKU± 7HRGRURV&DSLWDQDNL± GDVEOXWLJH 6FKZHUWHVJHK|UWGLUDEHUGLHSDOPHQ XQGORUEHHUXPZXQGHQH .URQHHPSIlQJVWGXDXVGHU+DQGGLHVHU-XQJIUDX*UHJRURV 6HOHVNHK$SRQRPHULD0HLQHQ*HPDKO± DOOLKU+HLOLJHQYLHOOHLFKW LVWHUVFKRQQLFKWPHKU± PLFKZLUGEDOGHLQIUKHU7RGKLQUDIIHQ 'DQQVROOWLKUGLHWUHXHQ(OWHUQGLHVHV.LQGHVVHLQ± *UHJRURV 6HOHVNHKLFKNHQQHGHLQH:HLVKHLWGLH0LWWHOGLHGLU]X*HERWH VWHKHQGXZLUVWLKQDXIILQGHQGHQGHUGDVEOXWLJH6FKZHUWWUlJW LKPZLUVWGXGLH)UVWHQWRFKWHULQGLH$UPHIKUHQZHQQGLH 0RUJHQU|WHDXIVWHLJWZHQQGLHHUVWHQ6WUDKOHQJOKHQG DXIIOLPPHUQXQGYRQLKQHQ]XP/HEHQHQW]QGHWGDVJHEHXJWH 9RONVLFKDXIULFKWHW½± $OVLFKQDFK]Z|OI-DKUHQZLHGHUQDFK 3DWUDVNDPZDUHQEHLGHJHVWRUEHQGHU)UVWXQGVHLQH *HPDKOLQ%HL$SRQRPHULDIDQGLFKGLH7RFKWHUGLHQXQPHKU XQVHU.LQGZRUGHQ:LUJLQJHQQDFK=\SHUQXQGIDQGHQGHQGHQ ZLUVXFKWHQGHQZLUVXFKHQPXWHQXPGHQUHLFKHQ6FKDW]GDV %HVLW]WXPGHUMXQJHQ)UVWLQLQ(PSIDQJ]XQHKPHQLQGHP YHUIDOOQHQ6FKOR]X%DVVDHKHPDOV3DSKRV± +LHUILHOHVPLU HLQGDV+RURVNRSGHUMXQJHQ)UVWLQ]XVWHOOHQ,FKEUDFKWH KHUDXVGDLKUKRKHV*OFNHLQ7KURQEHVWLPPWGXUFKGLH 9HUELQGXQJPLWHLQHP)UVWHQDEHU]XJOHLFKHU=HLWJHZDKUWHLFK GLH=HLFKHQEOXWLJHQ0RUGHVJUDXHQYROOHU8QWDWHQHQWVHW]OLFKHU 7RGHVNlPSIH PLFKVHOEVWGDULQYHUIORFKWHQXQGLQGHP $XJHQEOLFNGHVK|FKVWHQ*ODQ]HVGHU)UVWLQDUPYHUODVVHQ HOHQGDOOHUPHLQHU:LVVHQVFKDIWPHLQHUNDEEDOLVWLVFKHQ.UDIW EHUDXEW'RFKVFKLHQHVDOVZHQQGHU.DEEDODHVYHUJ|QQWVHLQ N|QQWHVHOEVWGLH0DFKWGHU*HVWLUQH]XEHVLHJHQXQG]ZDU GXUFKGLHNQVWOLFKH(QW]ZHLXQJGHULQHLQDQGHUZLUNHQGHQ3ULQ]LSH XQG(LQVFKDIIXQJHLQHVGULWWHQ]XU/|VXQJGHV.QRWHQV'LHV OHW]WHZDUQXQPHLQH6DFKHZHQQLFKGDV8QJOFNGDVPLU

GURKWHLQGHP6FKLFNVDOPHLQHU3IOHJHWRFKWHUYRQPLUDEZHQGHQ XQGUXKLJXQGJOFNOLFKEOHLEHQZROOWHELVDQPHLQ/HEHQVHQGH± ,FKIRUVFKWHXQGIRUVFKWHZLHGDVGULWWH3ULQ]LS]XHU]HXJHQ,FK EHUHLWHWHHLQHQ7HUDSKLP± 6LHZLVVHQ+HUU%DURQGDGLH .DEEDOLVWHQGDPLWHLQNQVWOLFKHV%LOGQLVEH]HLFKQHQGDVLQGHP HVJHKHLPH.UlIWHGHU*HLVWHUZHOWZHFNWGXUFKVFKHLQEDUHV /HEHQWlXVFKW(VZDUHLQKEVFKHU-QJOLQJGHQLFKDXV7RQ JHELOGHWXQGGHPLFKGHQ1DPHQ7KHRGRUJHJHEHQ'LHMXQJH )UVWLQIUHXWHVLFKEHUVHLQDUWLJHV:HVHQXQGVHLQHQ9HUVWDQG VRZLHVLHLKQDEHUEHUKUWH]HUILHOHULQ6WDXEXQGLFKJHZDKUWH ]XPHUVWHQPDOGDGHP)UVWHQNLQGHJHZLVVHPDJLVFKH.UlIWH LQZRKQHQPVVHQGLHPHLQHPNDEEDOLVWLVFKHQ6FKDUIEOLFN HQWJDQJHQ0LWHLQHP7HUDSKLPZDUGDKHUQLFKWVDXV]XULFKWHQ XQGHVEOLHEQLFKWVEULJDOVHLQHQ0HQVFKHQ]XILQGHQGHUGXUFK PDJLVFKH2SHUDWLRQHQJHVFKLFNWJHPDFKWZHUGHQNRQQWHMHQH (QW]ZHLXQJ]XEHZLUNHQXQGLQGLH6WHOOHGHVXQKHLOEULQJHQGHQ 7HRGRURV&DSLWDQDNL]XWUHWHQ± 0HLQ)UHXQGGHU3URSKHW6LIXU KDOIPLUDXVGHU9HUOHJHQKHLW(UVDJWHPLUGDVHFKV-DKUHYRU GHU*HEXUWGHU)UVWHQWRFKWHUHLQH%DURQHVVHYRQ 6LP 0HFNOHQEXUJ6WUHOLW]VFKHQGLHGLH7RFKWHUHLQHUJULHFKLVFKHQ )UVWLQDXV=\SHUQVHLHLQHQ6RKQJHERUHQ ±© ª:DV"©ULHIGHU%DURQLQGHPHU DXVGHQ.LVVHQKHUDXVIXKUXQG GHQ.DQ]OHLDVVLVWHQWHQDQEOLFNWHPLWEOLW]HQGHQ$XJHQªZDV± ZLH"± 6FKQVSHOSROGFKHQ6LHVSUHFKHQMDYRQPHLQHU0XWWHU± VRVROOWHHVGRFKZDKUVHLQ"©

ª6HKQ6LHZRKO©VSUDFK6FKQVSHOSROGLQGHPHUDUJOLVWLJ VFKPXQ]HOWHªVHKQ6LHZRKOZHUWJHVFKlW]WHVWHU+HUU%DURQQXQ NRPPWGDV,QWHUHVVDQWHQlPOLFK,KUHHLJHQHZHUWH3HUVRQ© 'DQQIXKUHUIRUWª$OVRGHU3URSKHW6LIXUHQWGHFNWHPLUGLH ([LVWHQ]HLQHVDFKW]HKQMlKULJHQVHKUKEVFKHQXQGDQJHQHKPHQ PHFNOHQEXUJVFKHQ%DURQVGHUZHQLJVWHQVYRQPWWHUOLFKHU6HLWH DXVJULHFKLVFKHPIUVWOLFKHQ6WDPPHQWVSURVVHQEHLGHVVHQ *HEXUWDOOH*HEUlXFKHQDFKJULHFKLVFKHU$UWEHREDFKWHWZRUGHQ XQGGHULQGHU7DXIHGHQ1DPHQ7KHRGRUHUKDOWHQ'LHVHU%DURQ YHUVLFKHUWHGHU3URSKHWZUGH XQJHPHLQJHVFKLFNW]XGHP ZLUNOLFKOHEHQGLJHQ7HUDSKLPWDXJHQPLWWHOVWGHVVHQGDV +RURVNRS]XYHUQLFKWHQXQGGHQ)UVWHQ7HRGRURV&DSLWDQDNL VDPWVHLQHPEOXWLJHQ6FKZHUWLQHZLJH9HUJHVVHQKHLW]X EHJUDEHQ'HU3URSKHWVFKQLW]WHKLHUDXIHLQNOHLQHV0lQQOHLQDXV

.RUNKRO]VWULFKHVPLW)DUEHQDQNOHLGHWHHVDXIHLQH:HLVHGLH PLUVHKUSRVVLHUOLFKYRUNDPXQGYHUVLFKHUWHGDGLHV0lQQFKHQ HEHQGHU%DURQ7KHRGRUYRQ 6VHLZLHZRKOLQYHUMQJWHP 0DVWDEH,FKPXGHQQDXFKJHVWHKHQGDDOVLFK6LHPHLQ ZHUWJHVFKlW]WHU+HUU%DURQ]XPHUVWHQPDO]XVHKHQGDV*OFN KDWWHPLUJOHLFKGDV.RUNPlQQFKHQYRU$XJHQVWDQGHVJLEW QLFKWV7lXVFKHQGHUHV'HUVHOEHKROGHVFKZlUPHULVFKH%OLFNGHU ,KUH$XJHQEHVHHOW ±©± ª)LQGHQ6LHDXFKGLH6FKZlUPHUHLLQ PHLQHP%OLFNGLHGHQWLHIHQ*HQLXVYHUNQGHW"©6RXQWHUEUDFK GHU%DURQGHQ.DQ]OHLDVVLVWHQWHQLQGHPHUGLH$XJHQJUlOLFK YHUGUHKWH ª$OOHUGLQJV©VSUDFK6FKQVSHOSROGZHLWHUªDOOHUGLQJV)HUQHU GLHVHOEH1DUUKHLWLPJDQ]HQ:HVHQXQG%HWUDJHQ© ª6LQG6LHGHV7HXIHOV©VFKULHGHU%DURQHU]UQW

ª%LWWHVHKU©IXKU6FKQVSHOSROGIRUWªELWWHVHKULFKPHLQHEOR MHQHVQlUULVFKH:HVHQZRGXUFKVLFKHPLQHQWH*HQLHV H[]HQWULVFKH.|SIHYRQJHZ|KQOLFKHQYHUQQIWLJHQ0HQVFKHQ XQWHUVFKHLGHQ(VNOHEWPLU]XPHLQHU)UHXGH DXFKHWZDVYRQ MHQHP:HVHQDQXQGLFKZUGHQRFKKHIWLJHUDXVVFKUHLWHQZHQQ PLFKQLFKWPHLQ+DDU]RSIGDUDQKLQGHUWH:LUEHLGHGHU3URSKHW XQGLFKPXWHQKHU]OLFKEHUGDVNOHLQH3SSFKHQODFKHQGHQQ HVNDPXQVEHLGHQXQJHPHLQDOEHUQYRULQGHVVHQZXUGHLFKVHKU EDOGYRQGHU5LFKWLJNHLWGHUNDEEDOLVWLVFKHQXQGDVWURORJLVFKHQ %HREDFKWXQJHQGLHGHUZHLVH6LIXUDQJHVWHOOWKDWWHDXIGDV LQQLJVWHEHU]HXJW1LFKWLQ6WDXE]HUILHOGDV3SSFKHQDOVGLH )UVWLQHVEHUKUWHVRQGHUQVSUDQJIUHXGLJDXILKUHP 6FKRH XPKHU6LHJHZDQQHVVHKUOLHEXQGQDQQWHHVLKUHQVFK|QHQ 7HRGRURV$SRQRPHULDKHJWHGDJHJHQGHQWLHIVWHQ$EVFKHX JHJHQGDVNOHLQH'LQJZDUPHLQHPJDQ]HQ7XQXQG7UHLEHQLQ MHGHU5FNVLFKWHQWJHJHQXQGZLGHUVHW]WHVLFKGHU5HLVHQDFK 'HXWVFKODQG GLHLFKYLHU-DKUHGDUDXIPLWLKUXQGGHU)UVWLQ XQWHUQHKPHQZROOWHLQGHUJHKHLPHQ$EVLFKW6LH ZHUWJHVFKlW]WHVWHU+HUU%DURQDXI]XVXFKHQXQG]XPHLQHPXQG ,KUHP%HVWHQNRVWHHVZDVHVZROOH,KUH9HUELQGXQJPLWGHU )UVWLQ]XVWDQGH]XEULQJHQ$SRQRPHULDZDUIWFNLVFKHUZHLVH GDV.RUNSSSFKHQDOVRLQJHZLVVHU$UW6LHVHOEVWPHLQ+HUU %DURQLQV)HXHU'XUFKGLHVH8QYRUVLFKWLJNHLWJHULHWVLHDEHU JDQ]LQPHLQH0DFKWLFKZXWHVLHPLUYRP+DOVH]XVFKDIIHQ±

0LWPHLQHU)UVWLQXQGGHPUHLFKHQ6FKDW]GHULKU(LJHQWXPXQG DXFKLQJHZLVVHU$UWGDVPHLQLJHYHUOLHLFK=\SHUQXQGJLQJ QDFK3DWUDVZRLFKYRQGHPSUHXLVFKHQ.RQVXO+HUUQ$QGUHDV &RQGRJXULPLW)UHXQGVFKDIWXQG*WHDXIJHQRPPHQZXUGH2 KlWWHLFKQLPPHUPHKUGLHVHQ2UWEHUKUW± +LHUZDUHVZRGLH )UVWLQPLWGHU.UDIWHLQHV7DOLVPDQVEHNDQQWZXUGHGHUHLQ XUDOWHV(UEVWFNGHU)DPLOLHVLFKLQLKUHP%HVLW]EHILQGHW(LQ DOWHV:HLEVDKLFKYRQLKUJHKHQ±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lQGHGLH6LH]XIlOOLJJHIXQGHQ]XKDEHQJODXEWHQ:LUZDUHQ ,KQHQRIWQDKH6LHJHZDKUWHQXQVQLFKW± ,FKOLHGLH$Q]HLJHLQ GLH=HLWXQJHQHLQUFNHQ6LHPHUNWHQQLFKWGDUDXI:lUHQ6LHQXU QDFK3DWUDVJHNRPPHQDOOHVZlUHJXWJHJDQJHQ$EHU± ZHUGHQ 6LHQLFKWJULPPLJZHUWJHVFKlW]WHVWHU+HUU%DURQ± ,KU VRQGHUEDUHV%HQHKPHQ,KUHIDEHOKDIWHQLFKP|FKWHEHLQDKH VDJHQDOEHUQHQ6WUHLFKHZDUHQVFKXOGGDUDQGDPHLQH ZRKOEHUHFKQHWVWHQ%HPKXQJHQYHUHLWHOWZHUGHQPXWHQ± 6FKRQJOHLFKDOVZLU6LHLP:LUWVKDXVHLQGHU1DFKWWUDIHQ± ,KU =XVWDQG± GHUVFKQDUFKHQGH,WDOLHQHU± /HLFKWZXUGHHVGHU )UVWLQZLHGHULQGHQ%HVLW]GHU%ULHIWDVFKHXQGGHVGDULQ HQWKDOWHQHQPDJLVFKHQ6SLHO]HXJHV]XNRPPHQGDV,KQHQJDU QW]OLFKKlWWHZHUGHQN|QQHQXQGVRGHQ=DXEHUNQRWHQ]X O|VHQGHQLFKJHVFKU]W,QGHP0RPHQW ±©± ª6FKZHLJHQ6LH© XQWHUEUDFKGHU%DURQGHQ.DQ]OHLDVVLVWHQWHQPLWNOlJOLFKHU 6WLPPHªVFKZHLJHQ6LHWHXUHU)UHXQGYRQMHQHUXQJOFNVHOLJHQ 1DFKW LFKZDUHUPGHWYRQGHU5HLVHQDFK3DWUDVXQGGD ±©± ª,FKZHLDOOHV©VSUDFKGHU.DQ]OHLDVVLVWHQWª$OVRLQGHP 0RPHQWKLHOWVLHGLH)UVWLQIUGDV7UXJELOGGDVVLHGHQ +DVHQIXDXVGHP7LHUJDUWHQ]XQHQQHQSIOHJWH'RFKHVLVWQRFK QLFKWDOOHVYHUORUHQXQGLFKKDEH6LHGHVKDOELQPHLQH *HKHLPQLVVHHLQJHZHLKWGDPLW6LHVLFKOHLGHQGYHUKDOWHQXQG

PLFKRKQH:LGHUVWUHEHQVFKDOWHQODVVHQVROOHQ± 1RFKKDEHLFK YHUJHVVHQ,KQHQ]XVDJHQGDVLFKDXIGHU5HLVHKLHKHUGHU 3DSDJHL]XXQVIDQGPLWGHP6LH VLFKOHW]WKLQEHLPLUXQWHUUHGHW KDEHQ,FKZHLGDGLHVHU9RJHODXFKPLUIHLQGOLFK HQWJHJHQZLUNW+WHQ6LHVLFKYRULKPHVLVWLFKDKQHHVGLH DOWH$SRQRPHULD± -HW]WLVWHLQJQVWLJHU0RPHQWHLQJHWUHWHQ 'LH%DUWKRORPlXVQDFKWKDWDXI6LHYHUHKUWHVWHU+HUU%DURQHLQH JDQ]EHVRQGHUHJHKHLPQLVYROOH%H]LHKXQJ:LUZROOHQVRJOHLFK GLH2SHUDWLRQEHJLQQHQGLH]XP=LHOHIKUHQNDQQ©

'DPLWO|VFKWH6FKQVSHOSROGVlPWOLFKH.HU]HQDXVGLHHU DQJH]QGHW]RJHLQHQNOHLQHQOHXFKWHQGHQ0HWDOOVSLHJHOKHUYRU XQGIOVWHUWHGHP%DURQ]XHUP|JHPLW8QWHUGUFNXQJDOOHU EULJHQ*HGDQNHQXQG9RUVWHOOXQJHQGHQOLHEHQGHQ6LQQJDQ]DXI GLHJULHFKLVFKH)UVWLQILJLHUHQXQGIHVWLQGHQ6SLHJHO KLQHLQEOLFNHQ'HU%DURQWDWHVXQGR+LPPHOGLH*HVWDOWGHU *ULHFKLQWUDWKHUYRUDXVGHP6SLHJHOLP+LPPHOVJODQ] EHULUGLVFKHU6FK|QKHLW6LHEUHLWHWHGLHELVDQGLH6FKXOWHUQ EORHQEOHQGHQGHQ/LOLHQDUPHDXVDOVZROOHVLHGLH*HOLHEWHQ XPIDQJHQ1lKHUXQGQlKHUVFKZHEWHVLHGHU%DURQIKOWHGHQ VHQ+DXFKLKUHV$WHPVDXIVHLQHQ:DQJHQ± ª2(QW]FNHQ± R 6HOLJNHLW©ULHIGHU%DURQJDQ]DXHUVLFKªMDKROGHV DQJHEHWHWHV:HVHQMDLFKELQGHLQ)UVW7HRGRURVXQGNHLQ VFKQ|GHV7UXJELOGDXV.RUNKRO]± .RPPLQPHLQH$UPHVH %UDXWLFKODVVHGLFKQLPPHU©'DPLWZROOWHGHU%DURQGLH*HVWDOW HUIDVVHQ,P$XJHQEOLFNYHUVFKZDQGDEHUDOOHVLQGLFNH )LQVWHUQLVXQG6FKQVSHOSROGULHI]RUQLJª.QREODXFKLQGHLQH $XJHQGXYHUGDPPWHU+DVHQIX± 'HLQH9RUVFKQHOOLJNHLWKDW VFKRQZLHGHUDOOHVYHUGRUEHQ© $XFKGLHVHP%OlWWOHLQLVWDXVGHQ1RWL]HQGHV$FKDWLXVYRQ ) QLFKWVZHLWHUKLQ]X]XIJHQ

9LHUWHV%OlWWOHLQ

'LHVHV%ODWWLVWDXJHQVFKHLQOLFKQLFKWVDQGHUVDOVHLQ%LOOHWWGDV GHU%DURQ7KHRGRUYRQ 6DQGHQ.DQ]OHLDVVLVWHQWHQ 6FKQVSHOSROGJHVFKULHEHQ0DQEHPHUNWQRFKVHKUGHXWOLFKGLH .QLIIHXQGGLH6WHOOHZRGDV6LHJHOJHVHVVHQ(VODXWHWZLHIROJW ª0HLQKRFKYHUHKUWHVWHU+HUU.DQ]OHLDVVLVWHQW*HUQZLOOLFK,KQHQ GLHEHJDQJHQHQ)HKOHUHLQJHVWHKHQXQGVLHKHU]LQQLJOLFKEHUHXHQ $EHUEHGHQNHQ6LHWHXUHU6FKQVSHOSROGGDHLQ-QJOLQJGHU VRZLHLFKYRQIHXULJHUVFKZlUPHULVFKHU1DWXULVWXQGGDEHLYRP JDQ]HQVHQ:DKQVLQQGHUJOKHQGVWHQ/LHEHEHIDQJHQZRKO QLFKWLPVWDQGHVHLQNDQQPLW%HVRQQHQKHLW]XKDQGHOQ]XPDO ZHQQ=DXEHUHLLP6SLHOHGLHLKQJDUVWLJQHFNW8QGELQ LFKGHQQ QLFKWKDUWJHQXJEHVWUDIWZRUGHQGDIUGDLFKDXV 8QYRUVLFKWLJNHLWDXV8QNXQGHIHKOWH"± 6HLWGHP YHUKlQJQLVYROOHQ)DOOYRP3IHUGHKLQLFKDXFKDXVGHU0RGH JHIDOOHQ:HLGHU+LPPHODXIZHOFKH$UWGDVIDWDOH(UHLJQLVLQ JDQ]%EHNDQQWZXUGHhEHUDOOZRLFKPLFKEOLFNHQODVVH HUNXQGLJWPDQVLFKPLWYHUK|KQHQGHU7HLOQDKPHREPHLQE|VHU 6WXU]NHLQHEOH)ROJHQJHKDEWXQGKlOWVLFKNDXP]XUFNPLU LQV*HVLFKW]XODFKHQ± (VJLEWNHLQJU|HUHV8QJOFNDOV OlFKHUOLFK]XZHUGHQGHU/lFKHUOLFKNHLWIROJWDOOHPDOZHQQGLH /DFKHUHUPGHWY|OOLJH%HGHXWXQJVORVLJNHLW'LHVLVWOHLGHUPHLQ )DOOLQGHQEULOODQWVWHQ=LUNHOQZHQQLFK]XHUVFKHLQHQJHGHQNH DOVVLHJHQGHU+HOGGHV7DJHVDFKWHWQLHPDQGPHLQHUZLOO QLHPDQGPHKUPHLQ*HKHLPQLVHUIDKUHQXQGVHOEVWGLH ERUQLHUWHVWHQ)UlXOHLQVHUKHEHQVLFKEHUPLFKXQGUPSIHQGLH 1DVHHEHQLQGHP$XJHQEOLFNZHQQLFKJDQ]J|WWOLFKELQ,FK ZHLGDPLFKHLQQHXHULPSRVDQWNKQHU6FKQLWWHLQHV)UDFNV UHWWHQN|QQWHKDEHVFKRQQDFK/RQGRQXQG3DULVJHVFKULHEHQ XQGZHUGHGDV.OHLGZlKOHQZHOFKHVPLUDPWROOVWHQDP EL]DUUVWHQVFKHLQWDEHUNDQQPLUGDVHLQ*OFNDXIGLH'DXHU YHUVFKDIIHQ"± 1HLQVLHPXLFKJHZLQQHQGLHDOOPHLQ/HEHQLVW XQGPHLQH+RIIQXQJ2*RWWZDVIUlJWHLQ+HU]YROO/LHEHQDFK QHXP|GLVFKHQ)UDFNVXQGGHUJOHLFKHQ± -DHVJLEW+|KHUHVLQ GHU1DWXUDOVGLH7HHVGHUHOHJDQWHQ:HOW± 6LHLVWUHLFKVFK|Q YRQIUHPGHUKRKHU$ENXQIW± 6FKQVSHOSROGLFKEHVFKZ|UH6LH

ELHWHQ6LH,KUHJDQ]H:LVVHQVFKDIWDOO,KUHJHKHLPQLVYROOHQ .QVWH DXIPDFKHQ6LHJXWZDVLFKYHUGDUEVWHOOHQ6LHGHQ± RKLFKP|FKWHPHLQH.KQKHLWPHLQH$XVJHODVVHQKHLW YHUZQVFKHQ± MDVWHOOHQ6LHGHQ=DXEHUZLHGHUKHUGHQLFK YHUGDUE,FKJHEHPLFKJDQ]LQ,KUH0DFKWLFKWXHDOOHVZDV6LH JHELHWHQ± %HGHQNHQ6LHGDYRQPHLQHU9HUELQGXQJPLWGHU )UVWLQDXFK,KU:RKOXQG:HKDEKlQJW6FKQVSHOSROG± WHXUHU 6FKQVSHOSROGRSHULHUHQ6LHVHKU± $QWZRUWXPWU|VWHQGH $QWZRUWIOHKWPLWKHLHP9HUODQJHQ

,KULQQLJVWHUJHEHQVWHU7KHRGRU%DURQYRQ 6©

$XIGHU5FNVHLWHGHV%ODWWVVWHKW6FKQVSHOSROGV$QWZRUW ª+RFKJHERUQHU+HUU%DURQ'LH6WHUQHVLQG,KQHQJQVWLJ 8QHUDFKWHW,KUHUXQJHKHXHUHQ8QYRUVLFKWLJNHLWGLHXQVEHLGH KlWWHYHUGHUEHQN|QQHQLVWGLHNDEEDOLVWLVFKH2SHUDWLRQGHQQRFK NHLQHVZHJHVJDQ]PLOXQJHQZLHZRKOHVMHW]WQRFKPHKU=HLW XQG0KHNRVWHWGHQ=DXEHU]XYROOEULQJHQDOVHVVRQVWGHU)DOO JHZHVHQVHLQZUGH'HU3DSDJHLZDUQRFKLQPDJLVFKHP UHJXQJVORVHP6FKODIHUVWDUUW0HLQH0QGHOEHIDQGVLFKHEHQIDOOV QRFKLQGHP=XVWDQGHGHUPHLQ:HUNZDU6LHNODJWHPLUMHGRFK GDEDOGQDFKGHPVLHLKU,GROGHQ)UVWHQ7HRGRU&DSLWDQDNLLP K|FKVWHQ(QW]FNHQGHU/LHEH]XXPDUPHQYHUPHLQWGHUNRUNHQH +DVHQIXWlSSLVFKGD]ZLVFKHQJHIDKUHQVHLXQGEDWPLFKLKQZR P|JOLFKEHL*HOHJHQKHLWQLHGHU]XVWRHQZHQQVLHHVQLFKWOLHEHU VHOEVWWXQRGHULKPZHQLJVWHQVPLWGHPPDJLVFKHQ0HVVHUGLH 3XOVDGHUDXIVFKQHLGHQVROOHGDPLWGLH/HXWHGLHHUVRODQJH DUJOLVWLJJHWlXVFKWHQGOLFK]XGHUhEHU]HXJXQJNlPHQGDQXU ZHLHVNDOWHV%OXWLQLKPIOLHH'HVVHQXQHUDFKWHWPHLQ KRFKYHUHKUWHVWHU+HUU%DURQN|QQHQ6LHVLFKVRJXWDOVYHUOREW DQVHKQPLWGHU)UVWLQ1XUPVVHQ6LHMHW]WDXIGDVVRUJOLFKVWH ,KU%HWUDJHQGDUQDFKHLQULFKWHQGD6LHQLFKWZLHGHUDXIVQHXH DOOHVYHUGHUEHQGHQQVRQVWLVWGHU=DXEHUXQZLHGHUEULQJOLFK ]HUVW|UW)UVHUVWHODXIHQ6LHQLFKWKXQGHUWPDOGHV7DJHVEHL PHLQHQ)HQVWHUQYRUEHU$XHUGHPGDHVVLFKVFKRQDQXQG IUVLFKVHOEVWVHKUDOEHUQDXVQLPPWZLUGDXFKGDGXUFKGLH

)UVWLQLPPHUPHKULQLKUHUYRUJHIDWHQ0HLQXQJEHVWlUNWGD 6LHEORHLQNRUNQHU± DXVGHP7LHUJDUWHQVLQG(VNRPPW EHUKDXSWGDUDXIDQGD6LHGLH)UVWLQMHW]WQLHPDOVDQGHUV HUEOLFNHQDOVLQHLQHPJHZLVVHQWUlXPHULVFKHQ=XVWDQGHLQGHQ 6LHWUJWPLFKQLFKWPHLQH:LVVHQVFKDIWLQMHGHU1DFKW]XU 0LWWHUQDFKWVVWXQGHIDOOHQZHUGHQ'D]XJHK|UWDEHUGD6LH MHGHQ$EHQGDXIGHP3XQNW]HKQ8KUVLFKLQV%HWWHOHJHQXQG EHUKDXSWHLQVWLOOHVQFKWHUQHVDEJHVFKLHGHQHV/HEHQIKUHQ )UKPRUJHQVXPIQIRGHUVSlWHVWHQVVHFKV8KUVWHKHQ6LHDXI XQGPDFKHQHUODXEWHVGDV:HWWHUHLQHQ6SD]LHUJDQJQDFKGHP 7LHUJDUWHQ6LHWXQJXWZHQQ6LHELV]XU6WDWXHGHV$SROOR ZDQGHUQ'RUWGUIHQ6LHVLFKRKQH6FKDGHQHWZDVWROOJHElUGHQ XQGYHUOLHEWHZDKQVLQQLJH9HUVHVRJDU,KUHHLJQHQODXW GHNODPLHUHQLQVRIHUQVLHVLFKDXI,KUH/LHEH]XU)UVWLQEH]LHKHQ ]XUFNJHNHKUW6LHKDEHQGXUFKDXVQRFKQLFKWVJHQRVVHQ HUODXEHLFK,KQHQHLQH7DVVH.DIIHH]XWULQNHQMHGRFKRKQH =XFNHUXQGRKQH5XP8P]HKQ8KUGUIHQ6LHHLQ6FKQLWWFKHQ ZHVWIlOLVFKHQ6FKLQNHQRGHUHLQSDDU6FKHLEHQ6DODPLQHEVW HLQHP*ODVH-RVWLVFKHQ%LHUV]XVLFKQHKPHQ3XQNWHLQ8KU VHW]HQ6LHVLFKDOOHLQHLQ,KUHP=LPPHU]X7LVFKHXQGHVVHQ HLQHQ7HOOHU.UlXWHUVXSSHGDQQHWZDVJHNRFKWHV5LQGIOHLVFKPLW HLQHUPLWWHOPlLJHQVDXHUQ*XUNHXQGJHOVWHW V,KQHQ GXUFKDXV QDFK%UDWHQVRZHFKVHOQ6LHJHVFKLFNWPLWJHEUDWHQHQ7DXEHQ XQG%UDWKHFKWHQZR]X6LHGRFKEHLOHLEHQLFKWHWZDVWDUN JHZU]WHQ6DODWVRQGHUQK|FKVWHQVHWZDV3IODXPHQPXV JHQLHHQGUIHQ'D]XWULQNHQ6LHHLQHKDOEH)ODVFKHGHVGQQHQ ZHLHQ:HLQHVZHOFKHUVFKRQDQXQGYRUVLFKVHOEVWGLHJHK|ULJH %HLPLVFKXQJYRQ:DVVHUKDW6LHEHNRPPHQGHQLQDOOHQ :HLQKlXVHUQGHV2UWV:DV,KUH%HVFKlIWLJXQJEHWULIIWVR YHUPHLGHQ6LHDOOHVZDV6LHHUKLW]HQN|QQWH/HVHQ6LH /DIRQWDLQLVFKH5RPDQH,IIODQGVFKH .RP|GLHQ9HUVH GLFKWHULVFKHU)UDXHQZLHVLHLQDOOHQQHXHQ7DVFKHQEFKHUQXQG 5RPDQHQVWHKHQRGHUZDVDPEHVWHQLVWPDFKHQ6LHVHOEVW 9HUVH'HQQGLHSV\FKLVFKH4XDOGLH6LHGDEHLHPSILQGHQRKQH MHPDOVLQ%HJHLVWHUXQJ]XJHUDWHQKLOIWHUVWDXQOLFK]XP=ZHFN $PPHKUVWHQZDUQHLFK6LHIU]ZHL'LQJH7ULQNHQ6LHXQWHU NHLQHU%HGLQJXQJDXFKQXUHLQHLQ]LJHV*ODV&KDPSDJQHUXQG PDFKHQ6LHNHLQHP)UDXHQ]LPPHUGHQ+RI-HGHUYHUOLHEWH%OLFN MHGHVVH:RUWRGHUJDUHLQ+DQGNXLVWHLQHVFKQ|GH8QWUHXH GLH]XU6WHOOHDXIHLQH,KQHQVHKUXQDQJHQHKPH$UWJHUJW

ZHUGHQZLUGXPZRP|JOLFK6LHLP*HOHLVH]XHUKDOWHQ0HLGHQ 6LHYRU]JOLFKGDV6LPVRQVFKH+DXV$PDOLD6LPVRQGLH,KQHQ VFKRQZHLVPDFKHQZROOWHLFKVHLHLQ-XGHDXV6P\UQDXQGGLH )UVWLQVHLPHLQHZDKQVLQQLJH7RFKWHUVXFKW6LHLQLKUH1HW]H]X ]LHKQ6LHZLVVHQYLHOOHLFKWQLFKWGD1DWKDQDHO6LPVRQVHOEVW GDVLVWZRIUPLFKGLHVDXEHUH7RFKWHUDXVJDE"1lPOLFKHLQ -XGHXQHUDFKWHWHU6FKLQNHQIULWXQG6FKODFNZXUVW(ULVWDXFK LP.RPSORWWPLW GHU7RFKWHUPDFKWHUHVDEHU]XDUJVRVROOLKP GHU'lPRQZlKUHQGHULW]XUXIHQ¾*LIWLQGHLQH6SHLVH YHUUXFKWHU0DXVFKHO½XQGHULVWYHUORUHQ9HUPHLGHQ6LHDXFK GDV5HLWHQ6LHKDEHQVFKRQ]ZHLPDO8QJOFNJHKDEWPLW3IHUGHQ %HIROJHQ6LHPHLQKRFKYHUHKUWHVWHU+HUU%DURQDOOHGLHVH 9RUVFKULIWHQJHQDXVRZHUGHQ6LHVHKUEDOGYRQPLU:HLWHUHV YHUQHKPHQ 0LWGHUYRU]JOLFKVWHQHWF©

$XVGHQ1RWL]HQGHV%DURQV$FKDWLXVYRQ)VLQGKLHUIROJHQGH NXU]H%HPHUNXQJHQPLW]XWHLOHQ ª1HLQHVLVW GXUFKDXVQLFKW]XHUJUQGHQZDVLQGLHVHQMXQJHQ 0HQVFKHQLQ'HLQHQ1HIIHQ7KHRGRUJHIDKUHQVHLQPX(ULVW EODZLHGHU7RGYHUVW|UWLQVHLQHPJDQ]HQ:HVHQNXU]HLQ JDQ]DQGHUHUZRUGHQDOVHUVRQVWZDU± 8P]HKQ8KUPRUJHQV EHVXFKWHLFKLKQIUFKWHQGHUZHUGHQRFKLQGHQ)HGHUQOLHJHQ 6WDWWGHVVHQIDQGLFKLKQZLHHUHEHQIUKVWFNWH8QGUDWH ZRULQVHLQ)UKVWFNEHVWDQGHQ± 1HLQGDV]XUDWHQLVW XQP|JOLFK± $XIHLQHP7HOOHUODJHQHLQSDDUGQQH6FKHLEFKHQ 6DODPLZXUVWXQGGDQHEHQVWDQGHLQPlLJHV*ODVZRULQ± %UDXQELHUSHUOWH± (ULQQHUH'LFKGHV$EVFKHXVGHQVRQVW 7KHRGRUJHJHQ.QREODXFKKHJWH± ,VWMHPDOVHLQ7URSIHQ%LHU EHUVHLQH/LSSHQJHJOLWWHQ"± ,FKEH]HXJWHLKPPHLQH 9HUZXQGHUXQJEHUGDVKHUUOLFKHSSLJH)UKVWFNGDV HLQ]XQHKPHQHULP%HJULIIVWHKH'DVFKZDW]WHHUYLHOYHUZLUUWHV =HXJGXUFKHLQDQGHUYRQQRWZHQGLJHUVWUHQJHU'LlW± YRQ.DIIHH RKQH=XFNHUXQG5XPYRQ.UlXWHUVXSSHQYRQVDXUHQ*XUNHQ %UDWKHFKWHQPLW3IODXPHQPXVXQGZlULFKWHP:HLQ'LH %UDWKHFKWHPLW3IODXPHQPXVWULHEHQLKP7UlQHQLQGLH$XJHQ±

(UVFKLHQPHLQHQ%HVXFKJDUQLFKWJHUQ]XVHKHQGHVKDOEYHUOLH LFKLKQEDOG© ª.UDQNLVW'HLQ1HIIHQLFKWNUDQNQLFKWLPPLQGHVWHQDEHUYRQ VHOWVDPHQ(LQELOGXQJHQEHIDQJHQ8QHUDFKWHWHUQXQQLFKWGLH PLQGHVWHQ6SXUHQJHLVWLJHU=HUUWWXQJ]HLJWVRPHLQWGHU 'RNWRU +GHQQRFKGDHUDQHLQHU0DQLDRFFXOWDOHLGHQN|QQH GLHHEHQGDV(LJHQWPOLFKHKDWGDVLHDXINHLQH:HLVHZHGHULQ SK\VLVFKHUQRFKSV\FKLVFKHU+LQVLFKWYHUVSUWZHUGHQNDQQXQG VRHLQHP)HLQGHJOHLFKWGHUJDUQLFKWDQ]XJUHLIHQLVWZHLOHUVLFK QLUJHQGV]HLJW(VZlUHVFKDGHXP'HLQHQ1HIIHQ© ª:DVLVWGHQQGDV"6ROOLFKGHQQDEHUJOlXELVFKHUZHLVHDQ +H[HQNQVWHJODXEHQ"± 'XZHLWLFKELQYRQMHKHUJHVXQGHQ IHVWHQ*HPWVXQGQLFKWVZHQLJHUDOV]XU6FKZlUPHUHLJHQHLJW JHZHVHQGRFKZDVPDQPLWHLJQHQ2KUHQK|UWPLWHLJQHQ $XJHQVLHKWGDVNDQQPDQVLFKGRFKPLWGHPEHVWHQ:LOOHQQLFKW DEVWUHLWHQ± 0LWGHUJU|WHQ0KHKDWWHLFK'HLQHQ1HIIHQ EHUUHGHWPLWPLU]XP6RXSHUEHLGHU)UDXYRQ *]XJHKHQ'DV ELOGKEVFKH)UlXOHLQYRQ 7ZDUGRUWLPYROOHQ*ODQ]HGHVEHDX MRXUJHSXW]WZLHHLQ(QJHO6LHUHGHWHIUHXQGOLFKXQGDQPXWLJ ZLHVLHLVWGHQGVWHUQLQVLFKJHNHKUWHQ9HWWHUDQXQGLFK JHZDKUWHPLWZHOFKHU*HZDOW7KHRGRUVLFK]ZDQJQLFKWGHQ %OLFNUXKHQ]XODVVHQDXIGHUVFK|QHQ*HVWDOW6ROOWHUHLQH W\UDQQLVFKH*HOLHEWHKDEHQGLHLKQGHVSRWLVLHUW"6RGDFKWLFK =HKQ8KUZDUHVJHUDGHDOVPDQVLFK]X7LVFKH]XVHW]HQLP %HJULIIVWDQG7KHRGRUZROOWHGXUFKDXVIRUWGRFKLQGHPLFKPLFK PLWLKPKHUXP]DQNWHWUDWGDV)UlXOHLQYRQ 7KHUDQ¾:LH 9HWWHU6LHZHUGHQPLFKGRFK]X7LVFKHIKUHQ"½6RVSUDFKVLH PLWQDLYHU/XVWLJNHLWXQGKLQJVLFKRKQHZHLWHUH8PVWlQGHLQ VHLQHQ$UP,FKVDGHP3DDUJHJHQEHUXQGEHPHUNWH]X PHLQHU)UHXGHZLH7KHRGRUEHLGHUVFK|QHQ1DFKEDULQLPPHU PHKUXQGPHKUDXIWDXWH(UWUDQNUDVFKKLQWHUHLQDQGHUHLQLJH *OlVHU&KDPSDJQHUXQGLPPHUIHXULJHUZXUGHQVHLQH%OLFNH LPPHUPHKUYHUVFKZDQGGLH7RGHVEOHLFKHYRQVHLQHQ:DQJHQ 0DQKREGLH7DIHODXIGDIDWH7KHRGRUGLH+DQGGHUUHL]HQGHQ &RXVLQHXQGGUFNWHVLH]lUWOLFKDQVHLQH/LSSHQ'RFKLQGHP

$XJHQEOLFNJDEHVHLQHQ.ODWVFKGDGHUJDQ]H6DDOZLGHUKDOOWH XQG7KHRGRUIXKUHQWVHW]W]XUFNSUDOOHQGQDFKVHLQHU%DFNHGLH NLUVFKURWZDUXQGDXIJHVFKZROOHQVFKLHQ'DQQUDQQWHHUZLH XQVLQQLJ]XP6DDOKHUDXV$OOHZDUHQVHKUHUVFKURFNHQ YRU]JOLFKGLHVFK|QH&RXVLQHPHKUDEHUEHU7KHRGRUV (QWVHW]HQXQGSO|W]OLFKH)OXFKWDOVEHUGLH2KUIHLJHGLHHUYRQ XQVLFKWEDUHU+DQGHUKDOWHQ$XIGLHVHQWROOHQ*HLVWHUVSXN VFKLHQHQQXUZHQLJHZDV]XJHEHQXQHUDFKWHWLFKPLFKYRQ HLQHPIDWDOHQILHEHUKDIWHQ)U|VWHOQGXUFKEHEWIKOWH© ª7KHRGRUKDWVLFKHLQJHVFKORVVHQHUZLOOGXUFKDXVQLHPDQGHQ VSUHFKHQ'HU$U]WEHVXFKWLKQ© ª6ROOWHPDQHVJODXEHQZDVHLQHDOWHUQGH.RNHWWHYHUPDJ"± $PDOLH6LPVRQHLQH3HUVRQGLHPLULQGHQ*UXQGGHU6HHOH ]XZLGHULVWKDW6FKORXQG5LHJHOGXUFKGUXQJHQ6LHLVWLQ %HJOHLWXQJHLQHU)UHXQGLQEHL7KHRGRUJHZHVHQXQGKDWLKQ EHUUHGHWQDFKGHP7LHUJDUWHQ]XIDKUHQ(UKDW]X0LWWDJ JHJHVVHQEHLGHP%DQNLHUXQGVROOEHLYRU]JOLFKHU/DXQH JHZHVHQVHLQDXFK*HGLFKWHYRUJHOHVHQKDEHQZRGXUFKDOOH *lVWHYHUVFKHXFKWZRUGHQVLQGVRGDHU]XOHW]WPLWGHU UHL]HQGHQ$PDOLHDOOHLQJHEOLHEHQLVW© ª(VLVW]XDUJHVLVW]XDUJPLUJHKW VLP.RSIKHUXPZLHLQ HLQHU0KOHLFKVWHKHQLFKWPHKUIHVWDXIGHQ)HQPLFKWUHLEW HLQWROOHU6FKZLQGHO± *HVWHUQZHUGLFKHLQJHODGHQYRQGHP %DQNLHU1DWKDQDHO6LPVRQ]XP6RXSHU,FKJHKHKLQZHLOLFK 7KHRGRUGRUWYHUPXWH(ULVWZLUNOLFKGDHOHJDQWHUGDVKHLW QlUULVFKHUIDEHOKDIWHUJHNOHLGHWDOVMHPDOVXQGJHElUGHWVLFKDOV $PDOLHQVHQWVFKLHGHQHQ/LHEKDEHU$PDOLHKDWGLHYHUEOKWHQ 5HL]HWFKWLJDXIJHIULVFKWVLHVLHKWEHLGHP/LFKWHUJODQ] RUGHQWOLFKKEVFKXQGMXQJDXVVRGDLFKVLHGHVKDOEKlWWH]XP )HQVWHUKHUDXVZHUIHQP|JHQ7KHRGRUGUFNWNWLKUGLH +lQGH$PDOLHZLUIWVLHJUHLFKH%OLFNHXPKHU1DFKGHU7DIHO ZLVVHQEHLGHJHVFKLFNWVLFKLQHLQ.DELQHWW]XHQWIHUQHQ,FK

YHUIROJHVLHVFKDXHGXUFKGLHKDOEJH|IIQHWH7UHGDVFKOLHWGHU 6FKOLQJHOGDVIDWDOH-XGHQNLQGIHXULJLQVHLQH$UPH'DJHKWHV DEHUDXFK± .ODWVFK± .ODWVFK± .ODWVFKXQGHVUHJQHW2KUIHLJHQ YRQXQVLFKWEDUHU+DQG]XJHWHLOW7KHRGRUWDXPHOWKDOEVLQQORV GXUFKGHQ6DDO± .ODWVFK± .ODWVFKJHKWHVLPPHUIRUWXQGDOVHU VFKRQRKQH+XWDXIGHU6WUDHHQWIOLHKWK|UWPDQHVQRFK QDFKKDOOHQ.ODWVFK± .ODWVFK± .ODWVFK± $PDOLH6LPVRQOLHJWLQ WLHIHU2KQPDFKW± 'LH6SXUGHVWLHIHQ(QWVHW]HQVOLHJWDXIGHQ OHLFKHQEODVVHQ*HVLFKWHUQGHU*lVWH± .HLQHUYHUPDJHLQH6LOEH ODXWZHUGHQ]XODVVHQEHUGDVZDVJHVFKHKHQ± 0DQJHKWLQ WLHIHP6FKZHLJHQYHUVW|UWDXVHLQDQGHU ±© ª7KHRGRUZROOWHPLFKQLFKWVSUHFKHQHUVFKLFNWHPLUHLQHQ NOHLQHQ=HWWHOKHUDXVKLHULVWHU¾6LHVHKHQPLFKXPJDUQWYRQ E|VHQXQKHLPOLFKHQ0lFKWHQ,FKELQGHU9HU]ZHLIOXQJQDKH,FK PXPLFKORVUHLHQLFKPXIRUW,FKZLOO]XUFNQDFK 0HFNOHQEXUJ9HUODVVHQ6LHPLFKQLFKW1LFKWZDKUZLUUHLVHQ ]XVDPPHQ"± :HQQ V,KQHQUHFKWLVWLQGUHL7DJHQ½ ,FKZHUGHGLHQ|WLJHQ$QVWDOWHQ]XU5HLVHPDFKHQXQG'LUZLOO V GHU+LPPHO'HLQHQ1HIIHQDOOHPWROOHQ6SXNHQWUFNWIULVFKXQG JHVXQGLQGLH$UPH]XUFNIKUHQ© (VNDQQVFKLFNOLFKKLHUQRFKHLQNOHLQHV%OlWWFKHQDXVGHU %ULHIWDVFKHHLQJHIJWZHUGHQZDKUVFKHLQOLFKLVWHVGLH$EVFKULIW HLQHV%LOOHWWVGDV6FKQVSHOSROGDQGHQ%DURQVFKULHE ª6REHIROJHQ6LH+RFKJHERUQHUGLH9RUVFKULIWHQGLHLFK,KQHQ JDEXPGLH+DQGGHU)UVWLQ]XHUULQJHQ"± +lWWHLFKJODXEHQ N|QQHQGD6LHVROHLFKWVLQQLJZlUHQDOV6LHHVZLUNOLFKVLQG QLPPHUPHKUKlWWHLFKDXI6LHQXULPJHULQJVWHQJHUHFKQHW 2IIHQEDUKDWVLFKGHU3URSKHW6LIXUYHUJXFNW'RFKDXFKHLQ:RUW GHV7URVWHV± 'DHLJHQWOLFKQXUGLHE|VHQ5lQNHGHVDOWHQ-XGHQ XQGVHLQHU7RFKWHUDQ,KUHP+DXSWYHUJHKHQVFKXOGVLQGXQG6LH

QLFKWDXVHLJQHUIUHLHU:LOOHQVEHVWLPPXQJKDQGHOWHQVRKlOWGHU =DXEHUQRFKIHVWXQGHVNDQQDOOHVLQV*HOHLVHJHEUDFKWZHUGHQ ZHQQ6LHYRQQXQDQJHQDXGLH,KQHQJHJHEHQHQ9RUVFKULIWHQ EHIROJHQXQGYRU]JOLFKGDV6LPVRQVFKH+DXVJlQ]OLFKPHLGHQ 1HKPHQ6LHVLFKLQDFKWIUGHQ%DQNLHUHUWUHLEWJHZLVVH .QVWHGLH]ZDUQXUWDOPXGLVFKJHQDQQW]XZHUGHQYHUGLHQHQ HLQHHKUOLFKH&KULVWHQVHHOHDEHUGRFKLQV9HUGHUEHQVWU]HQ N|QQHQ0LWGHUYRU]JOLFKVWHQ+RFKDFKWXQJKDEHLFKGLH(KUH HWF $VWDULRWVRJOHLFK]XU%HVWHOOXQJEHUJHEHQ ©

)QIWHV%OlWWOHLQ

'LHVHV%OlWWOHLQLVWYRQGHU+DQGGHU)UVWLQ

ª:DVLVWHVPLWGHPVHOWVDPHQ=XVWDQGHGHUPLFKVHLWHLQLJHQ 7DJHQHUJULIIHQ":DVEHJDEVLFKLQMHQHU1DFKWDOVLFKSO|W]OLFK PHLQHP6HOEVWHQWUFNWPLUQXUHLQQDPHQORVHU6FKPHU]VFKLHQ GHQLFKGRFKZLHGHUZLHKHLH,QEUXQVWGHU/LHEHHPSIDQG"$OOH PHLQH*HGDQNHQIOLHJHQLKP]XGHUPHLQH6HKQVXFKWLVWPHLQ HLQ]LJHV+RIIHQXQGGRFK± ZHOFKH*HZDOWKlOWPLFKIHVWZHOFKH XQVLFKWEDUH$UPHXPVFKOLQJHQPLFKZLHLP(QW]FNHQGHV JOKHQGVWHQ9HUODQJHQV"8QGQLFKWORVZLQGHQNDQQLFKPLFKXQG HVLVWDOVRELFKQXUOHEHQN|QQWHLQGLHVHU*HZDOWGLHPHLQ ,QQUHVYHU]HKUWZLHDXIJHORGHUWHV)HXHUDEHUGLHVH)ODPPHQ VLQG*HIKOH:QVFKHGLHLFKQLFKW]XQHQQHQYHUPDJ± $SRNDWDVWRVLVWWUDXULJOlWGLH)LWWLFKHKlQJHQXQGEOLFNWPLFK RIWDQPLW$XJHQLQGHQHQVLFKWLHIHV0LWOHLGHQWLHIHU*UDP DEVSLHJHOW'HU0DJXVLVWGDJHJHQEHVRQGHUVPXQWHUMD]XZHLOHQ NHFNXQGEHUPWLJXQGNDXPYHUPDJLFKLQPHLQHU 7URVWORVLJNHLWLKQLQVHLQH6FKUDQNHQ]XUFN]XZHLVHQ± 1HLQ GLHVHVDUPH+HU]HVEULFKWZHQQGLHVHUHQWVHW]OLFKH=XVWDQG QLFKWEDOGHQGHW± 8QGKLHULQGLHVHQ0DXHUQIHUQYRQGHUVHQ +HLPDW ,FKZHLQWHLFKNODJWHODXW0DULDYHUJRPLWPLU7UlQHQRKQH GDVLHPHLQH4XDOYHUVWDQGGDVFKWWHOWH$SRNDWDVWRVGLH )OJHOZLHHUHVODQJHQLFKWJHWDQXQGVSUDFK¾%DOG± EDOG± *HGXOG± GHU.DPSIEHJLQQW ±½'DV6SUHFKHQVFKLHQLKPVHKU VFKZHU]XZHUGHQ(UIODWWHUWHKHUDQDQGHQ6FKUDQNLQGHPZLH LFKZHLPHLQ0DJXVHLQHKHUPHWLVFKYHUVFKORVVHQH.DSVHO DXIEHZDKUWGLHVHLQZXQGHUEDUVWHV*HKHLPQLVHQWKlOW$QGDV 6FKORGLHVHV6FKUDQNVVFKOXJ$SRNDWDVWRVVRVWDUNPLWGHP 6FKQDEHOGDHVLQZHQGLJ]XGU|KQHQ]XNOLUUHQXQGNOLQJHQ EHJDQQ'HU0DJXVWUDWKLQHLQXQGVFKLHQDOVHUGDV%HJLQQHQ GHV3DSDJHLHVJHZDKUWHKHIWLJ]XHUVFKUHFNHQ$SRNDWDVWRV HUKREHLQVROFKHVGXUFKGULQJHQGHVHQWVHW]OLFKHV*HVFKUHLZLHLFK HVQRFKQLHPDOVYRQLKPJHK|UWKDEHUDXVFKWHPLWGHQ)OJHOQ XQGIORJHQGOLFKGHP0DJXVJHUDGH]XLQV*HVLFKW'HU0DJXV UHWWHWHVLFKZLHJHZ|KQOLFKLQV%HWWHXQG]RJGLH'HFNHEHU $SRNDWDVWRVVSUDFK¾1RFKQLFKW=HLW± DEHUEDOG7HRGRURV ±½

1HLQLFKELQQLFKWJDQ]YHUODVVHQ$SRNDWDVWRVLVWHVGHUPLFK EHVFKW]W± 0DULDGDVDUPH.LQGZDUKHIWLJHUVFKURFNHQXQG PHLQWHGDVZlUHQMDDOOHVXQKHLPOLFKH'LQJHXQGLKUJUDXWH± ,FKHULQQHUWHVLHDQGLH-RKDQQLVQDFKWGDZXUGHVLHZLHGHU IUHXQGOLFKXQGEOLHEDXIPHLQ)OHKHQELVVSlWLQGLH1DFKWKLQHLQ $XFKLFKHUKHLWHUWHPLFKZLUVSLHOWHQZLUVDQJHQZLUVFKHU]WHQ ZLUODFKWHQ6HOEVWGDV6SLHO]HXJDXVGHU%ULHIWDVFKH%DQGXQG %OXPHPXWHXQV]XPDQFKHP(UJ|W]HQGLHQHQ$FK± QXU]X NXU]GDXHUWHGLH)UHXGH0HLQ0DJXVVWUHFNWHVHLQ+DXSWHPSRU XQGLQGHPLFKEHUVHLQSRVVLHUOLFKHV$QVHKQHUKDWWHZLHGHUGLH 6SLW]HQKDXEHDXIJHVHW]W LQHLQODXWHV*HOlFKWHUDXVEUHFKHQ ZROOWHYHUILHOLFKGDGHU0DJXVPLFKPLWVHLQHQIUFKWHUOLFKHQ $XJHQDQVWDUUWHZLHGHUXPLQMHQHQKHLOORVHQ=XVWDQGXQGHV ZDUPLUDOVZHQQLFKLUJHQGMHPDQGHQRKUIHLJWH6HKUGHXWOLFK JHZDKUWHLFKGDLFKZLUNOLFKPLWGHUUHFKWHQ+DQGXQDXIK|UOLFK LQGLH/XIWKLQHLQVFKOXJXQGYHUQDKPHEHQVRGHXWOLFKGDV .ODWVFKHQGHU2KUIHLJHQ± +DXQGJHZLLVWGLH$UJOLVWXQG %RVKHLWPHLQHV0DJXVDQDOOHPVFKXOG ± ¾'HU7DOLVPDQZLUGZLUNHQ½UXIWLQGLHVHP$XJHQEOLFN $SRNDWDVWRV± )UHXGLJHV+RIIHQOHXFKWHWLQPLUDXI± 2 7HRGRURV©

$XVPHKUHUHQ1RWL]HQGHV%DURQV$FKDWLXVYRQ )ZLUGIROJHQGHV LP=XVDPPHQKDQJHEHLJHEUDFKW

,VWZDV7ROOHVJHVFKHKHQVRIROJWDOOHPDOGDVQRFK7ROOHUH 7KHRGRU KDWWHVLFKYRQVHLQHP6FKPHU]VHLQHU9HU]ZHLIOXQJVR ]LHPOLFKHUKROWXQGGHUMRYLDOH5LWWPHLVWHUYRQ %YHUPRFKWHVR YLHOEHULKQGDHUQLFKWDOOHLQXQHUDFKWHWHUQDFK0HFNOHQEXUJ UHLVHQZROOHQLQ%HUOLQEOLHEVRQGHUQDXFKYRQVHLQHUVWUHQJHQ 'LlW PHUNOLFKQDFKOLH,QGLH6WHOOHGHU6DODPLWUDWHLQWFKWLJHU LWDOLHQLVFKHU6DODWXQGHLQZRKOEHUHLWHWHV%HHIVWHDNLQGLH6WHOOH GHV-RVWLVFKHQ%LHUVHLQJXWHV*ODV3RUWZHLQRGHU0DGHUD'DGHU $SSHWLWVLFKGDUDXIXPHLQ8KUQRFKQLFKWHLQJHVWHOOWVRZXUGH ]ZHL6WQGFKHQVSlWHULQGHU-DJRUVFKHQ5HVWDXUDWLRQQLFKWHEHQ JDU]XPlLJJHJHVVHQXQGHEHQVRJHWUXQNHQ'DVHLQ]LJHZDV GHU5LWWPHLVWHUELOOLJWHZDUHQGLHIUKHQ6SD]LHUJlQJHQDFKGHP 7LHUJDUWHQGLHHULQGHVVHQLQ6SD]LHUULWWHYHUZDQGHOWZQVFKWH

'HV%DURQVVHOWVDPHU=XVWDQGVFKLHQLKPQlPOLFKYRQHLQHU WLHIHQ+\SRFKRQGULHKHU]XUKUHQXQGGDV5HLWHQKLHOWGHU 5LWWPHLVWHUIUGDVEHVWH0LWWHOGDJHJHQVRZLHEHUKDXSWIUHLQ 8QLYHUVDOPLWWHOJHJHQ%HVFKZHUGHQGHUYHUVFKLHGHQVWHQ$UW=XP 5HLWHQZROOWHVLFKGHU%DURQGHV]ZLHIDFKHQ8QJOFNVGDVHUVHLW NXU]HU=HLWHUOHEWXQG6FKQVSHOSROGV:DUQXQJHLQJHGHQN GXUFKDXVQLFKWHQWVFKOLHHQ± 9RQGHP%DURQNRQQWHPDQDEHU ZRKOPLW5HFKWEHKDXSWHQGDGHU+LPPHOLKPHEHQQLFKWGHQ IHVWHVWHQ&KDUDNWHUYHUOLHKHQXQGGDHUHLQVFKZDFKHV5RKU GHPDQGULQJHQGHQ6WXUPHVLFKEHXJHQPXWHXPQLFKW]X ]HUEUHFKHQ6RJHVFKDKHVGHQQDXFKGDHUDOVHUHLQPDOLQ GHU-DJRUVFKHQ5HVWDXUDWLRQPLWGHP5LWWPHLVWHUYRQ %JHJHVVHQ XQGGLHVHUQXQHLQSDDUJHVDWWHOWH3IHUGHYRUIKUHQODVVHQVLFK EHUUHGHQOLHGDVHLQH]XEHVWHLJHQXQGPLWGHP5LWWPHLVWHU QDFK&KDUORWWHQEXUJ]XUHLWHQ2KQHGHQPLQGHVWHQ8QIDOOJLQJ DOOHVJOFNOLFKYRQVWDWWHQ'HU5LWWPHLVWHUNRQQWHQLFKWDXIK|UHQ GHQ%DURQDOVGHQ]LHUOLFKVWHQJHVFKLFNWHVWHQ5HLWHU]XUKPHQ XQGGLHVHUIUHXWHVLFKJDQ]XQJHPHLQGDPDQDXFKQXQGLHVHP 9RU]XJGHQLKP1DWXUXQG.XQVWJHJHEHQ*HUHFKWLJNHLW ZLGHUIDKUHQODVVH'LH)UHXQGHWUDQNHQJDQ]JHPWOLFKEHLGHU 0DGDPH3DXOLZRKOEHUHLWHWHQ.DIIHHXQGVFKZDQJHQVLFKGDQQ JHWURVWZLHGHUDXIGLH3IHUGH:RKOQDWUOLFKZDUHVGDGHU 5LWWPHLVWHUVLFKPKWHGLHHLJHQWOLFKH8UVDFKHYRQ7KHRGRUV VHOWVDPHP%HWUDJHQYRQVHLQHUGXUFKDXVYHUlQGHUWHQ /HEHQVZHLVH]XHUIDKUHQXQGHEHQVRQDWUOLFKGD7KHRGRULKP GDUEHUQLFKWV5HFKWHVVDJHQNRQQWHXQGGXUIWH1XUGDUEHUOLH GHU%DURQVLFKDXVGDDQHLQHPJURHQ8QJHPDFKDQHLQHU 4XDOGLHHUOHLGHQPVVHHUPHLQWHZRKOGLHLKPYRQ XQVLFKWEDUHU+DQG]XJHWHLOWHQ2KUIHLJHQ QLHPDQGDQGHUVVFKXOG VHLDOVGHUDOWH1DWKDQDHO6LPVRQXQGVHLQHHUREHUXQJVVFKWLJH 7RFKWHU'HU5LWWPHLVWHUGHPEHLGH9DWHUXQG7RFKWHUOlQJVW JDQ]XQDXVVWHKOLFKZDUHQEHJDQQZDFNHUDXIGHQDOWHQ-XGHQ]X VFKLPSIHQRKQH]XZLVVHQZDVHUGHQQGHP%DURQ$UJHV DQJHWDQXQGDXFKGHU%DURQ HUKLW]WHVLFKLPPHUPHKUVRGDHU ]XOHW]WGHP%DQNLHUDOOHVZDVHUHUOLWWHQLQGLH6FKXKHVFKRE XQGIUFKWHUOLFKH5DFKHEHVFKOR6RJDQ]*ULPPXQG=RUQNDP GHU%DURQLQGLH1lKHGHV6LPVRQVFKHQ/DQGKDXVHV± 'LH )UHXQGHKDWWHQQlPOLFKGHQ:HJEHUGHV+RIMlJHUV%HVLW]XQJ HLQJHVFKODJHQXQGULWWHQGLH6WUDHQHEHQGHQ/DQGKlXVHUQ KHUDE'DHUEOLFNWHGHU%DURQLPRIIQHQ9HVWLEOHGHV/DQGKDXVHV

HLQH7DIHODQGHU1DWKDQDHO6LPVRQPLWVHLQHU7RFKWHUXQG PHKUHUHQ*lVWHQEHLP'HVVHUWHLQHVUHLFKHQ0LWWDJVPDKOVVD 6FKRQZDUGLH'lPPHUXQJVWDUNHLQJHEURFKHQXQGHVZXUGHQ HEHQ/LFKWHUJHEUDFKW'DNDPGHP%DURQHLQJURHU*HGDQNH ª7XHPLU©VSUDFKHUOHLVH]XP5LWWPHLVWHUªWXPLUGHQ*HIDOOHQ XQGUHLWHHLQPDOODQJVDPYRUZlUWVLFKZLOOKLHUPLWHLQHPPDO DOOHQE|VHQ6WUHLFKHQGHVDUJOLVWLJHQ-XGHQXQGVHLQHU DEHUZLW]LJHQ7RFKWHUHLQ(QGHPDFKHQ©± ª1XUNHLQGXPPHV =HXJOLHEHU%UXGHUGDVGLFKZLHGHUEODPLHUWYRUGHQ/HXWHQ© ZDUQWHGHU5LWWPHLVWHUXQGULWWZLH7KHRGRUJHZQVFKWODQJVDP GLH6WUDHKHUDE 1XQQlKHUWHVLFKGHU%DURQOHLVHJDQ]OHLVH GHP*LWWHU(LQEHUKlQJHQGHU%DXPYHUVWHFNWHLKQGDLKQ QLHPDQGDXVGHP+DXVHJHZDKUHQNRQQWH+LQHLQULHIHUPLW HLQHU6WLPPHGHUHUVRYLHO7LHIGU|KQHQGHV6FKDXHUOLFK *HVSHQVWLVFKHVJDEDOVQXULQVHLQHQ.UlIWHQVWDQGª1DWKDQDHO 6LPVRQ± 1DWKDQDHO6LPVRQ± IULWGXPLWGHLQHU)DPLOLH"*LIWLQ GHLQH6SHLVHYHUUXFKWHU0DXVFKHOHVLVWGHLQE|VHU'lPRQGHU GLUUXIW©± 'LHVH:RUWHJHVSURFKHQZROOWHGHU%DURQVFKQHOO KLQHLQVSULQJHQLQV*HEVFKXQGVRZDKUKDIWJHLVWHUDUWLJ YHUVFKZXQGHQVHLQ'RFKGHU+LPPHOKDWWHHLQHQDQGHUQ $XVJDQJGHV$EHQWHXHUVEHVFKORVVHQ3O|W]OLFKVWlWLVFK JHZRUGHQERFNWHXQGElXPWHVLFKGDV3IHUGXQGDOOHV0KHQ GHV%DURQVHVDXVGHU6WHOOH]XEULQJHQEOLHEJDQ]YHUJHEHQV 1DWKDQDHO6LPVRQKDWWHYRUMlKHP6FKUHFN0HVVHUXQG*DEHO IDOOHQODVVHQ± GLHJDQ]H*HVHOOVFKDIWVFKLHQHUVWDUUWGHUGDV*ODV DQGHQ0XQGJHEUDFKWKLHOWHVIHVWRKQH]XWULQNHQGHUHLQ 6WFN.XFKHQLQGHU.HKOHYHUJDGDV6FKOXFNHQ$OVQXQDEHU GDV7UDSSHOQXQG6FKQDXIHQXQG:LHKHUQGHV3IHUGHV YHUQRPPHQZXUGHVSUDQJDOOHVDXIYRP7LVFKHXQGUDQQWH VFKQHOODQV*LWWHUª(LHLVLQG6LHHV+HUU%DURQ"± (LVFK|QHQ JXWHQ$EHQGOLHEHU+HUU%DURQ± ZROOHQ6LHQLFKWOLHEHU DEVWHLJHQYRUWUHIIOLFKVWHU'lPRQ©6RVFKULHDOOHV GXUFKHLQDQGHUXQGGDVXQPlLJVWH*HOlFKWHUHUVFKDOOWHGDV MHPDOVJHK|UWZRUGHQZlKUHQGGHU%DURQJDQ]:XWXQG 9HU]ZHLIOXQJVLFKYHUJHEHQVDETXlOWHXPVLFK]XUHWWHQDXV GLHVHU7UDXIHYRQ9HUK|KQXQJXQGW|WHQGHP6SRWW'HU 5LWWPHLVWHUGHUGHQ/lUPYHUQDKPXQGVRJOHLFKHLQQHXHV 0DOKHXUVHLQHV)UHXQGHVYHUPXWHWHNDP]XUFN6RZLHGDV3IHUG GHV%DURQVLKQDQVLFKWLJZXUGHZDUHVDOVVHLSO|W]OLFKGHU =DXEHUJHO|VWYRQGHPHVIHVWJHEDQQWGHQQVRJOHLFKIORJHVPLW

GHP%DURQGHP/HLS]LJHU7RUH]XXQG]ZDULQNHLQHVZHJHV ZLOGHPVRQGHUQJDQ]DQVWlQGLJHP*DORSSGHU5LWWPHLVWHU YHUOLHGHQ)UHXQGQLFKWVRQGHUQJDORSSLHUWHLKPWUHXOLFK]XU 6HLWH

ª2GDLFKQLHJHERUHQZlUHRGDLFKQLPPHUGLHVHQ7DJHUOHEW KlWWH©ULHIGHU%DURQWUDJLVFKDOVEHLGHHUXQGGHU5LWWPHLVWHU DEJHVWLHJHQZDUHQYRUVHLQHU:RKQXQJ± ª'HU7HXIHO©VSUDFK HUGDQQLQGHPHUVLFKPLWJHEHOOWHU)DXVWYRUGLH6WLUQHVFKOXJ ªGHU7HXIHOKROHGDV5HLWHQXQGDOOH3IHUGHGD]X± 'LHlUJVWH 6FKPDFKGLHKDELFKKHXWHGDYRQHUOHEW©± ª6LHKVWGX©VSUDFK GHU5LWWPHLVWHUVHKUUXKLJXQGJHODVVHQªVLHKVWGXQXQZRKO OLHEHU%UXGHUGDVFKLHEVWGXZLHGHUHWZDVDXIV5HLWHQXQGDXI GDVHGOH*HVFKOHFKWGHU3IHUGHZDVJDQ]DOOHLQGHLQH6FKXOGLVW )UDJWHVWGXPLFKHUVWREPHLQ*DXOVLFKDXIGlPRQLVFKH 9HUVFKZ|UXQJHQYHUVWHKHLFKKlWWH¾1HLQ½JHDQWZRUWHWXQGGHU JDQ]H6SDZlUHXQWHUEOLHEHQ©6FKUHFNOLFKHU$UJZRKQNDPLQ GHV%DURQV6HHOHDXFKJHJHQ6FKQVSHOSROGGHQQ]XVHLQHP (QWVHW]HQKDWWHHULKQXQWHU6LPVRQV*lVWHQEHPHUNW ª+HUU%DURQ'HUJHVWULJH$XIWULWWYRUPHLQHP*DUWHQKDXVHZDU EORDEVFKHXOLFKXQGOlFKHUOLFKGD]X1LHPDQGNDQQVLFKIKOHQ EHOHLGLJWXQGQXU6LHKDWJHWURIIHQHLQ8QJOFNXQGHLQ6SRWW 'RFKPVVHQZLUEHLGHLFKXQGPHLQH7RFKWHU6LHELWWHQNQIWLJ ]XYHUPHLGHQXQVHU+DXV6HKUEDOG]LHKHLFKQDFKGHU6WDGW XQGZHQQ6LHZHUWHVWHU+HUU%DURQYLHOOHLFKWZLHGHU*HVFKlIWH PDFKHQZROOHQLQJXWHQ3DSLHUHQELWWHLFKQLFKWYRUEHL]XJHKHQ PHLQ&RPSWRLU,FKHPSIHKOHPLFK6LHJDQ]HUJHEHQVWHWF

%HUOLQGHQ ²

1DWKDQDHO6LPVRQ IUPLFKXQGPHLQH7RFKWHU

$PDOLH6LPVRQ©

6HFKVWHV%OlWWOHLQ

$XFKKLHUVLQGGUHL%OlWWFKHQJHVFKLFNWLQHLQHV ]XVDPPHQ]X]LHKHQGDVLHLQJHZLVVHU$UWGHQ6FKOXGHU $EHQWHXHUELOGHQGLHVLFKPLWGHP%DURQ7KHRGRUYRQ 6XQGGHU VFK|QHQ*ULHFKLQEHJDEHQ$XIGHPHUVWHQVWHKHQZLHGHUXP :RUWHGLHYRQGHP.DQ]OHLDVVLVWHQWHQ6FKQVSHOSROGDQGHQ %DURQJHULFKWHWVLQG1lPOLFK ª+RFKJHERUQHU+HUU%DURQ(QGOLFKGHQGXQNOHQ0lFKWHQ'DQN NDQQLFK6LHJlQ]OLFKDXV,KUHU7URVWORVLJNHLWUHLHQXQG,KQHQ ]XPYRUDXVGDV*HOLQJHQHLQHV=DXEHUVYHUNQGHQGHU,KU*OFN EHIHVWLJWXQGGDVPHLQLJH6FKRQKDEHLFKHVJHVDJWGLH6WHUQH VLQG,KQHQJQVWLJZDVDQGHUQ]XPK|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± ,QGHUNQIWLJHQbTXLQRNWLDOQDFKWGDVKHLWLQ GHU1DFKWYRQKHXWH]XPRUJHQZLUGGHU=DXEHUYROOHQGHWGHU GLH)UVWLQDXIHZLJDQ6LHIHVVHOWVRGDVLHQLPPHUYRQ,KQHQ ODVVHQNDQQ$XIGHQ6FKODJ]Z|OI8KUILQGHQ6LHVLFKLQ JULHFKLVFKHU.OHLGXQJHLQLP7LHUJDUWHQEHLGHU6WDWXHGHV $SROORXQGHVZLUGHLQ%XQGJHIHLHUWZHUGHQGHQLQZHQLJHQ 7DJHQGDUDXIGLHIHVWOLFKHQ*HEUlXFKHGHUJULHFKLVFKHQ.LUFKH KHLOLJHQVROOHQ± (VLVWQ|WLJGD6LHVLFKEHLGHU=HUHPRQLHLP 7LHUJDUWHQJDQ]OHLGHQGYHUKDOWHQXQGEORPHLQHQ:LQNHQ IROJHQ$OVRGLHVH1DFKW3XQNW]Z|OI8KULQJULHFKLVFKHU.OHLGXQJ VHKHLFK6LHZLHGHU 0LWGHUYRU]JOLFKVWHQHWF

$VWDULRW]XU%HVWHOOXQJJHJHEHQ ©

'DV]ZHLWH%ODWWLVWYRQHLQHUVHKUIHLQHQGRFKOHVHUOLFKHQ+DQG JHVFKULHEHQGLHVRQVWLQDOOHQ%OlWWHUQQLFKWYRUNRPPWXQG HQWKlOWIROJHQGH]XVDPPHQKlQJHQGH(U]lKOXQJ ª$XIGHUVHOEHQ%DQNLP7LHUJDUWHQXQIHUQGHU6WDWXHGHV$SROOR ZRHUGLHYHUKlQJQLVYROOH%ULHIWDVFKHJHIXQGHQVDGHU%DURQ 7KHRGRUYRQ 6LQHLQHQ0DQWHOJHKOOWGHQJULHFKLVFKHQ7XUEDQ DXIGHP.RSIH9RQGHU6WDGWKHUW|QWHQGLH*ORFNHQKHUEHU 'LH0LWWHUQDFKWVVWXQGHVFKOXJ(LQUDXKHU+HUEVWZLQGVWULFKGXUFK %DXPXQG*HEVFKGLH1DFKWY|JHOVFKZDQJHQVLFKNUHLVFKHQG GXUFKGLHVDXVHQGHQ/IWHLPPHUVFKZlU]HUZXUGHGLH )LQVWHUQLVXQGZHQQGLH0RQGHVVLFKHODXI$XJHQEOLFNHGLH :RONHQGXUFKVFKQLWWXQGLKUH6WUDKOHQKLQDEZDUILQGHQ:DOGGD ZDUHVDOVKSIWHQLQGHQ*lQJHQVHOWVDPH6SXNJHVWDOWHQDXI XQGDEXQGWULHEHQLKUXQKHLPOLFK:HVHQPLWWROOHP6SLHOXQG IOVWHUQGHP*HLVWHUJHVSUlFK'HQ%DURQZDQGHOWHLQGHUWLHIHQ (LQVDPNHLWGHU1DFKWHLQ*UDXHQDQ¾6REHJLQQW½VSUDFKHU ¾GDV)HVWGHU/LHEHGDVGLUYHUVSURFKHQ"± 2DOOLKU0lFKWHGHV +LPPHOVKlWWHLFKQXUPHLQH-DJGIODVFKHPLW-DPDLNDUXPJHIOOW XQGGHPJULHFKLVFKHQ.RVWPXQEHVFKDGHWXPPHLQHQ+DOV JHKlQJWZLHHLQIUHLZLOOLJHU-lJHULFKQlKPHHLQHQ6FKOXFNXQG ± ½'D]RJHQSO|W]OLFKXQVLFKWEDUH+lQGHGHP%DURQGHQ0DQWHO YRQGHQ6FKXOWHUQKHUDE(QWVHW]WVSUDQJHUDXIXQGZROOWH IOLHKHQGRFKHLQKHUUOLFKHUPHORGLVFKHU/DXWJLQJGXUFKGHQ :DOGHLQIHUQHV(FKRDQWZRUWHWHGHU1DFKWZLQGVlXVHOWHPLOGHU VLHJHQGEUDFKGHU0RQGGXUFKGLH:RONHQXQGLQVHLQHP 6FKLPPHUJHZDKUWHGHU%DURQHLQHKRKHKHUUOLFKHLQ6FKOHLHU JHKOOWH*HVWDOW¾7HRGRURV½KDXFKWHVLHOHLVHLQGHPVLHGHQ 6FKOHLHU]XUFNVFKOXJ2(QW]FNHQGHV+LPPHOV'HU%DURQ HUNDQQWHGLH)UVWLQLQGHUUHLFKVWHQJULHFKLVFKHQ7UDFKWHLQ IXQNHOQGHV'LDGHPLQGHPVFKZDU]HQ DXIJHQHVWHOWHQ+DDU± ¾7HRGRURV½VSUDFKGLH)UVWLQPLWGHP7RQGHULQQLJVWHQ/LHEH ¾7HRGRURVPHLQ7HRGRURVMDLFKKDEHGLFKJHIXQGHQ± LFKELQ GHLQ± HPSIDQJHGLHVHQ5LQJ ±½,QGHP$XJHQEOLFNZDUHVDOV KDOOHHLQ'RQQHUVFKODJGXUFKGHQ:DOGXQGHLQHKRKH PDMHVWlWLVFKH)UDXPLWHUQVWHPJHELHWHQGHP$QWOLW]VWDQG SO|W]OLFK]ZLVFKHQGHP%DURQXQGGHU)UVWLQ¾$SRQRPHULD½

VFKULHGLH)UVWLQDXIZLHLQGHP6FKUHFNGHVIUHXGLJVWHQ (UZDFKHQVDXVILQVWUHP7UDXPXQGZDUIVLFKDQGLH%UXVWGHU $OWHQGLH PLWIXUFKWEDUHP%OLFNGHQ%DURQGXUFKERKUWH'HQ HLQHQ$UPXPGLH)UVWLQJHVFKOXQJHQGHQDQGHUQKRFKLQGLH /IWHHPSRUJHVWUHFNWVSUDFKGLH$OWHQXQPLWIHLHUOLFKHPGDV ,QQHUVWHGXUFKGULQJHQGHQ7RQ¾9HUQLFKWHWLVWGHUK|OOLVFKH =DXEHUGHVVFKZDU]HQ'lPRQV± HUOLHJWLQVFKPDFKYROOHQ %DQGHQGXELVWIUHLKRKH)UVWLQ± RGXPHLQVHV +LPPHOVNLQG± 6FKDXDXIVFKDXHGHLQHQ7HRGRURV½± (LQ EOHQGHQGHU*ODQ]JLQJDXILQLKPVWDQGHLQHKRKH+HOGHQJHVWDOW DXIPXWLJHP6WUHLWURLQGHQ+lQGHQHLQIODWWHUQGHV3DQLHUDXI GHVVHQHLQHU6HLWHHLQURWHVPLW6WUDKOHQXPJHEHQHV.UHX]DXI GHUDQGHUQHLQDXVGHU$VFKHVWHLJHQGHU3K|QL[DEJHELOGHW ± ±© 'LH(U]lKOXQJEULFKWKLHUDERKQHHWZDV:HLWHUHVYRQGHP%DURQ 7KHRGRUYRQ 6XQGGHP.DQ]OHLDVVLVWHQWHQ6FKQVSHOSROG]X HUZlKQHQ$XIGHPGULWWHQXQGOHW]WHQ%OlWWFKHQVWHKHQQXU ZHQLJH:RUWHYRQGHU+DQGGHU)UVWLQ ª2DOOLKU+HLOLJHQDOOLKUHZLJHQ0lFKWHGHV+LPPHOVDQGHQ 5DQGGHV$EJUXQGVKDWWHPLFKGHUERVKDIWH0DJXVYHUORFNW VFKZLQGHOQGZROOWHLFK KLQDEVWU]HQGDEUDFKGHU=DXEHUGXUFK GLFKR$SRQRPHULDPHLQH]ZHLWH0XWWHU± +DLFKELQIUHL± IUHL ]HUULVVHQVLQGDOOH%DQGH± (ULVWPHLQ6NODYHGHQLFK]HUWUHWHQ N|QQWHHPSIlQGLFKQLFKW0LWOHLGPLWVHLQHP(OHQG± *URPWLJ ZLOOLFKLKPVHLQPDJLVFKHV6SLHO]HXJODVVHQ± 7HRGRURVLFK KDEHGLFKJHVFKDXWLQGHP6SLHJHODXVGHPPLUGLHKHUUOLFKVWH =XNXQIWHQWJHJHQVWUDKOWH± -D LFKLFKZLQGHGLH3DOPHQXQG /RUEHHUHQGLHGHLQH.URQHVFKPFNHQVROOHQ± 2KKDOWGLFK PHLQ+HU]± VSULQJHQLFKWYRUQDPHQORVHQ(QW]FNHQGXVWDUNH %UXVW1HLQ± JHUQZLOOLFKKDUUHQLQGLHVHQ0DXHUQELVGHU $XJHQEOLFNJHNRPPHQELV7HRGRURVPLUUXIW± $SRQRPHULDLVWMD EHLPLUXQGGHU0DJXVEH]ZXQJHQ© 'LFKWDQGHQ5DQGGLHVHV%OlWWOHLQVKDW6FKQVSHOSROG JHVFKULHEHQª,FKHUJHEHPLFKLQPHLQ6FKLFNVDOGDVGXUFKGLH +XOGGHU)UVWLQQRFKOHLGLJOLFKJHQXJLVW+DWVLHPLUGRFK PHLQHQ+DDU]RSIJHODVVHQXQGPDQFKHVDQGHUHKEVFKH 6SLHO]HXJGD]X*RWWZHLDEHUZLHHVPLUNQIWLJLQ

*ULHFKHQODQGHUJHKHQZLUG± ,FKEHGLH6FKXOGPHLQHU7RUKHLW GHQQXQHUDFKWHWDOOHUPHLQHUNDEEDOLVWLVFKHQ:LVVHQVFKDIWVDK LFKGRFKQLFKWHLQGDHLQSKDQWDVWLVFKHU(OHJDQW]XP+|KHUHQ HEHQVRZHQLJ]XEUDXFKHQLVWDOVHLQ.RUNVW|SVHOXQGGDGHU 7HUDSKLPGHV3URSKHWHQ6LIXUHLJHQWOLFKHLQYLHOJHVFKHXWHUHV 0lQQOHLQZDUDOVGHU+HUU%DURQ7KHRGRUYRQ 6XQGDOVRDXFK YLHOHKHUDOVGLHVHUGHU)UVWLQIULKUHQJHOLHEWHQ7HRGRURV &DSLWDQDNLJHOWHQNRQQWH© (VN|QQHQQRFKHLQLJH1RWL]HQGHV%DURQV$FKDWLXVYRQ )IROJHQ ª'LH*HVFKLFKWHKDWJURHV$XIVHKHQLQ%JHPDFKW± *DQ] GXUFKQlWYRQ.lOWHHUVWDUUWNDPJOHLFKQDFK0LWWHUQDFKW'HLQ 1HIIH]X.HPSIHUV± 'XZHLWGDVRHLQ/XVWRUWLP7LHUJDUWHQ EHQDQQWZLUG± LQVHOWVDPHUWUNLVFKHURGHUZLHPDQPHLQHQ ZLOOQHXJULHFKLVFKHU7UDFKWXQGEDWGDPDQLKP7HHPLW5XP RGHU3XQVFKEHUHLWHQP|JHZHQQHUQLFKWVWHUEHQVROOH'DV JHVFKDK%DOGDEHUILQJHUDQYHUZLUUWH5HGHQ]XIKUHQVRGD .HPSIHUGHQ%DURQGHQHU]XP*OFNNDQQWHGDHURIWPDOV GUDXHQJHJHVVHQIUKHIWLJHUNUDQNWKDOWHQPXWHXQGLKQ]X :DJHQQDFKGHU6WDGWLQVHLQH:RKQXQJVFKDIIHQOLH'LHJDQ]H 6WDGWJODXEWHUVHLZDKQVLQQLJJHZRUGHQXQGZLOOVFKRQLQ PDQFKHP6WUHLFKGHQHUYRUKHUDXVODXIHQODVVHQGLH6SXU GLHVHV:DKQVLQQVILQGHQ1DFKGHU9HUVLFKHUXQJGHUbU]WHOHLGHW HUDEHUEORDQHLQHPVHKUKHIWLJHQ)LHEHU)UHLOLFKVLQGVHLQH 3KDQWDVLHQYRQGHUZXQGHUOLFKVWHQ$UW(UVSULFKWYRQ NDEEDOLVWLVFKHQ.DQ]OHLDVVLVWHQWHQGLHLKQYHUKH[WKDEHQYRQ JULHFKLVFKHQ3ULQ]HVVLQQHQPDJLVFKHQ%ULHIWDVFKHQVLE\OOLVFKHQ 3DSDJHLHQGXUFKHLQDQGHU9RU]JOLFKNRPPWHUDEHUQLFKWYRQ GHU,GHHDEGDHUPLWHLQHU(Q]XVHYHUPlKOWJHZHVHQXQGLKU XQWUHXJHZRUGHQZHVKDOEVLHLKPQXQDXV5DFKHGDV%OXW DXVVDXJHVRGDLKQQLFKWVUHWWHQN|QQHXQGHUEDOGVWHUEHQ PVVH© ª± /DPHLQ)UHXQGQXUDOOH%HVRUJQLVVHIDKUHQ'HLQ1HIIHLVW LQGHUYROOVWHQ%HVVHUXQJ,PPHUPHKUYHUOLHUHQVLFKGLH VFKZDU]HQ*HGDQNHQXQGHUQLPPWVFKRQDQDOOHP$QWHLOZDV

GDV/HEHQ6FK|QHVXQG+HUUOLFKHVIULKQKDW6RIUHXWHHUVLFK JHVWHUQJDQ]HUVWDXQOLFKEHUGLH)RUPHLQHVQHXPRGLVFKHQ+XWV GHQGHU*UDIYRQ (WUXJZHOFKHULKQJHVWHUQEHVXFKWHVRGDHU LP%HWWHVHOEVWGHQ+XWDXIVHW]WHXQGVLFKGHQ6SLHJHOEULQJHQ OLH± (ULWDXFKVFKRQ+DPPHONRWHOHWWVXQGPDFKW9HUVH± 6SlWHVWHQVLQYLHU:RFKHQEULQJHLFK'LU'HLQHQ1HIIHQQDFK 0HFNOHQEXUJLQ%HUOLQGDUIHUQLFKWEOHLEHQGHQQZLHJHVDJW VHLQH*HVFKLFKWHQKDEHQ]XJURHV$XIVHKQJHPDFKWXQGHU ZUGHVRZLHHUVLFKQXU]HLJWHDXIVQHXHGDV*HVSUlFKGHV 7DJHVZHUGHQHWF© ª$OVRQDFK]ZHLMlKULJHU$EZHVHQKHLWLVW'HLQ1HIIHJOFNOLFK ]XUFNJHNHKUW"± 2EHUZRKOZLUNOLFKLQ*ULHFKHQODQGJHZHVHQ LVW± ,FKJODXEHHVQLFKWGHQQGDHUVRJHKHLPQLVYROOWXWPLW VHLQHU5HLVHGDHUEHLMHGHU*HOHJHQKHLWVDJW¾-DZHQQPDQ QLFKW LQ0RUHD± LQ=\SHUQXQGVRZHLWHUZDU½'DVLVWPLUJHUDGH HLQ%HZHLVGDJHJHQ/HLGWXWHVPLUGD'HLQ1HIIHZDUHU ZLUNOLFKLQ*ULHFKHQODQGQLFKW$QWL]\UDEHVXFKWKDWXQGHEHQVR HLQQlUULVFKHU3KDQWDVWJHEOLHEHQLVWDOVHUHVVRQVWZDU± $SURSRV± ,FKVFKLFNH'LUGHQ¾%HUOLQHU7DVFKHQNDOHQGHU½YRQ LQZHOFKHPXQWHUGHP7LWHO¾'LH,UUXQJHQ)UDJPHQWDXV GHP/HEHQHLQHV3KDQWDVWHQ½HLQ7HLOGHU$EHQWHXHU'HLQHV 1HIIHQDEJHGUXFNWVWHKW'DV*HGUXFNWHPDFKWDXI7KHRGRUHLQHQ HUVWDXQOLFKHQ(LQGUXFNYLHOOHLFKWHUVFKDXWHUVHLQHNXUL|VH *HVWDOWLP6SLHJHOXQGVFKlPWXQGEHVVHUWVLFK± *XWZlU V ZHQQDXFKGLHQHXHQ$EHQWHXHUELV]XP=HLWSXQNWDOVHU%HUOLQ YHUOLHDEJHGUXFNWZHUGHQN|QQWHQHWF©

1DFKWUDJ

(VZLUGGHPJHQHLJWHQ/HVHUQLFKWXQDQJHQHKPVHLQ QDFKWUlJOLFK]XHUIDKUHQGDGHU%RWHGHQ+IIPLWGHP%LOOHWW DQGHQ+HUUQ.DQ]OHLDVVLVWHQWHQ6FKQVSHOSROGJHVFKLFNWKDWWH GLHVHV%LOOHWWXQHU|IIQHW]XUFNEUDFKWHXQGEHULFKWHWHGDQDFK GHU$XVVDJHGHV+DXVZLUWVGRUWGHUEH]HLFKQHWH0DQQ QLFKW ZRKQHXQGDXFKQLHPDOVJHZRKQWKDEH*HZLLVWHVDOVRGD GLH)UVWLQLKUHP0DJXVGLH$XVKlQGLJXQJGHV9HUPlFKWQLVVHVDQ +IIDXIJHWUDJHQKDWWHGDHUGLHLKPDXIHUOHJWH3IOLFKWHUIOOHQ PXWHXQGGDHUYRQVHLQHU$UJOLVWXQG7FNHQLFKWDEODVVHQG HUVWHLQHQVHKUJUREHQ%ULHIVFKULHEXQGGDQQGHQJXWHQ+II GXUFKHLQDEVFKHXOLFKHV*DXNHOVSLHODXIVFKQ|GH:HLVH P\VWLIL]LHUWH

'DMHQHU=HLWSXQNWGHQGLH9LVLRQLP7LHUJDUWHQGHU)UVWLQ DQGHXWHWHJHNRPPHQGDZLUNOLFKGLH)DKQHPLWGHPURWHQ .UHX]XQGGHP3K|QL[IODWWHUWXQGGDGLH)UVWLQLQ*HIROJH GHVVHQ]XUFNJHNHKUWLVWLQLKU9DWHUODQGGDVDOOHVHUJLEWVLFK DXVGHQDQ+IIJHULFKWHWHQ9HUVHQ%HVDJWH9HUVHVLQGGHP+II GHVKDOEEHVRQGHUVHLQOLHEHVXQGZHUWHV$QGHQNHQYRQHLQHU XQYHUJOHLFKOLFKHQ3HUVRQZHLOHUGDULQPLWWHOVWDOOHUOHLSRHWLVFKHQ 5HGHQVDUWHQDOVHLQ0DJXVEHKDQGHOWZLUGXQGQRFKGD]XDOVHLQ JXWHUZHOFKHUPLWVFKQ|GHQ7HXIHOVNQVWHQQLFKWV]XWXQKDEHQ PDJ6ROFKHVLVWLKPQRFKJDUQLFKWJHVFKHKHQ ± :XQGHUEDUHQGOLFKPDJHVDXFKVHLQGDGDVZDVLPYRULJHQ -DKU DXVGHU/XIWJHJULIIHQHOHHUH)DEHOVFKLHQ$QGHXWXQJ LQV%ODXHKLQHLQLQGLHVHP-DKU LQGHQ(UHLJQLVVHQGHV 7DJHVHLQH%DVLVJHIXQGHQ :HUZHLZHOFKHLQ7HRGRURVLQGLHVHP$XJHQEOLFNGLH.UHX] XQG3K|QL[IDKQHVFKZLQJW

6HKUVFKDGHLVWHVGDLQGHQ)UDJPHQWHQGXUFKDXVQLUJHQGVGHU 1DPHGHUMXQJHQJULHFKLVFKHQ)UVWLQYRUNRPPWGHVKDOEKDWLKQ DXFK+IIQLHPDOVHUIDKUHQXQGEORGDGXUFKLVWHUDEJHKDOWHQ ZRUGHQVLFKLP)UHPGHQ%XUHDXQDFKGHUYRUQHKPHQ JULHFKLVFKHQ'DPH]XHUNXQGLJHQGLH]X(QGH0DL%HUOLQ YHUODVVHQ

6RYLHOLVWJHZLGDGLH'DPHQLFKWGLH0DGDPH%XEOLQDVHLQ NDQQGLH1DSROLGL5RPDQLDEHODJHUWKDWGHQQGLH%UDXWGHV )UVWHQ7HRGRURVLVWYRQ9DWHUODQGVOLHEHHQWEUDQQWDEHUNHLQH +HURLQHZLHHVVLFKDXVLKUHQ9HUVHQKLQOlQJOLFKHUJLEW

6ROOWHMHPDQGYRQGHQJHQHLJWHQ/HVHUQ1lKHUHVYRQGHU XQEHNDQQWHQ)UVWLQXQGGHPZXQGHUOLFKHQ.DQ]OHLDVVLVWHQWHQ 6FKQVSHOSROGHUIDKUHQVRELWWHW+IIGHPWLJOLFKHVLKPGXUFK GLH*WH(LQHU+RFKO|EOLFKHQ.DOHQGHU'HSXWDWLRQIUHXQGOLFKVW PLWWHLOHQ]XZROOHQ *HVFKULHEHQLP-XQLXV

Die Stadt ohne Geheimnisse

Die Stadt ohne Geheimnisse

Die letzten Geheimnisse

Die letzten Geheimnisse

Die Geheimnisse der Sexmassage

Die Geheimnisse der Sexmassage

Die Geheimnisse des Nachtpalais

Die Geheimnisse des Nachtpalais

Die Geheimnisse Von Jerusalem

Die Geheimnisse Von Jerusalem

Die Stadt ohne Geheimnisse

Die Stadt ohne Geheimnisse

Die Geheimnisse Meiner Vergangenheit

Die Geheimnisse Meiner Vergangenheit

Die Geheimnisse der Tinkerfarm

Die Geheimnisse der Tinkerfarm

Die Geheimnisse meiner Vergangenheit

Die Geheimnisse meiner Vergangenheit

Die Geheimnisse von Jerusalem

Die Geheimnisse von Jerusalem

Geheimnisse

Die Geheimnisse von Orz-Otan

Die Geheimnisse von Orz-Otan

Die Geheimnisse von Orz-Otan

Die Geheimnisse von Orz-Otan

Die Geheimnisse der biblischen Schöpfungsgeschichte

Die Geheimnisse der biblischen Schöpfungsgeschichte

Die Geheimnisse von Orz-Otan

Die Geheimnisse von Orz-Otan

Die Kronos Geheimnisse Das Kabinett der Wunder

Die Kronos Geheimnisse Das Kabinett der Wunder

Hector und die Geheimnisse der Liebe

Hector und die Geheimnisse der Liebe

Hector und die Geheimnisse der Liebe

Hector und die Geheimnisse der Liebe

Die Welt der Primzahlen: Geheimnisse und Rekorde

Die Welt der Primzahlen: Geheimnisse und Rekorde

Die 11 Geheimnisse des IKEA Erfolgs German

Die 11 Geheimnisse des IKEA Erfolgs German

Tödliche Geheimnisse

Tödliche Geheimnisse

Die 11 Geheimnisse des IKEA-Erfolgs

Die 11 Geheimnisse des IKEA-Erfolgs

Die Kronos Geheimnisse Das Kabinett der Wunder

Die Kronos Geheimnisse Das Kabinett der Wunder

Hector und die Geheimnisse der Liebe

Hector und die Geheimnisse der Liebe

Hector und die Geheimnisse der Liebe

Hector und die Geheimnisse der Liebe

Verschwörungen, Verschwörungstheorien und die Geheimnisse des 11.9

Verschwörungen, Verschwörungstheorien und die Geheimnisse des 11.9

Die Geheimnisse des Nicholas Flamel - Die mächtige Zauberin

Die Geheimnisse des Nicholas Flamel - Die mächtige Zauberin

Komet der Geheimnisse

Komet der Geheimnisse

Zeit der Geheimnisse

Zeit der Geheimnisse

Zeit der Geheimnisse

Zeit der Geheimnisse

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